Sponsoren und Partner - Internationale Kurzfilmtage

Transcription

Sponsoren und Partner - Internationale Kurzfilmtage
Idee: Kultur mal anders
Die NRW.BANK unterstützt die Internationalen Kurzfilmtage Oberhausen. Die Kurzfilmtage
verknüpfen kreative Ideen mit dem bewährten Spektrum der kurzen Form. Sie machen
den Vorfilm zum eigenständigen Format. Die NRW.BANK schlägt die Brücke
zwischen unternehmerischen Ideen in NRW und den bewährten Produkten einer Bank. Wir machen NRW zum modernen Industrieund Dienstleistungsstandort. So fördern wir Kultur: anders.
www.nrwbank.de
GET
THE
TOUCH.
L^ghdg\Zc[“gY^ZOj\VWZ
HiVYiheVg`VhhZ
DWZg]VjhZc
;V^g#BZchX]a^X]#CV]#
9^Z 6iigV`i^k^i~i Z^cZg HiVYi l^gY VjX] Vc ^]gZc `jaijgZaaZc 6c\ZWdiZc \ZbZhhZc# @jchi jcY @jaijg \Z]ŽgZc ojg AZWZch"
fjVa^i~i jcY \ZWZc l^X]i^\Z >bejahZ [“g Y^Z eZghŽca^X]Z :cil^X`ajc\ YZg BZchX]Zc# 9Zh]VaW jciZghi“ioZc l^g Vah >]gZ
HeVg`VhhZ `jaijgZaaZ Egd_Z`iZ ^c DWZg]VjhZc/ kdb 6jhhiZaajc\hdgi <VhdbZiZg “WZg Y^Z @jgo[^abiV\Z! Y^Z Aj^hZ"6aWZgio"
=VaaZ W^h ]^c oj :^cg^X]ijc\Zc l^Z YZg HiVYiW^Wa^di]Z`! YZg Bjh^`hX]jaZ dYZg YZb I]ZViZg DWZg]VjhZc# L^g g^X]iZc jch
cVX]YZc7ZY“g[c^hhZcYZgBZchX]ZcjcYijcY^ZhVjhzWZgoZj\jc\#<ZhiZgc#=ZjiZ#Bdg\Zc#
siic
u
m vis on
te l
e
gossip auf
*%$)$
12 Regie-Meisterwerke
des asiatischen Kinos
als exklusive Kollektion
&(;)$*(*,%$(&/#%,)
Samurai
Fiction
Audition
Die Intro-Edition-Asien-Sammlerbox mit
den Filmen 1–12 ist ab 04. Juni erhältlich.
Und weil es so schön ist, machen wir weiter:
Die Intro Edition Asien II mit weiteren
12 Regie-Meisterwerken erscheint ab
dem 04. Juni auf DVD. Mit jeweils
16-seitigem Booklet. Alle Titel sind
auch einzeln erhältlich
I’m a Cyborg,
but that’s OK
www.intro.de/editionasien | www.rapideyemovies.de/editionasien
...
und viele
andere!
foto: markus palzer
%FOLFO
'IMFO
8JTTFO
)zSFOXBTFT[VTFIFOHJCU
%FVUTDIMBOESBEJP,VMUVSJTUEBT3BEJPGFVJMMFUPO
GS%FVUTDIMBOE)zSFOTVOE8JTTFOTXFSUFT
CFS,VOTUVOE,VMUVS1PMJUJLVOE(FTDIJDIUF
8JSUTDIBGUVOE8JTTFOTDIBGU
*N.JUUFMQVOLUTUFIUEJF4FOEVOH¸3BEJPGFVJMMFUPO·
NJUBLUVFMMFO5IFNFOVOE,SJUJLFO,VMUVSOBDI
SJDIUFO#VDICFTQSFDIVOHFO7FSBOTUBMUVOHTUJQQT
VOEWJFMUIFNBUJTDIBVGCFSFJUFUFS.VTJL
*O0CFSIBVTFOBVG6,8
89,3
8FJUFSF*OGPSNBUJPOFO
)zSFSTFSWJDF PEFSXXXESBEJPEF
NJUUXPDIT…VOE
3BEJPGFVJMMFUPO
,SJUJL¬'JMNEFS8PDIF
TPOOUBHT…
3BEJPGFVJMMFUPO
,JOPVOE'JMN
,VMUVSJTUCFSBMM ˆ
Weinen mit Rufus Wainwright Raven mit Airen Klagen mit Mitch Winehouse Trinken mit John Niven
www.musikexpress.de
Mai 2010
Amerikas
kühlste Band
wird kuschelig
Die
meist überschätzten Bands
der Musikgeschichte *
*Sie sind unfassbar wichtig,
unfassbar stilprägend,
unfassbar einflussreich.
Und unfassbar überbewertet.
JEDEN MONAT NEU. MIT CD.
Ausstellung
21 April — 24 Mai 2010
www.emaf.de
Förderer
Kulturpartner
Medienpartner
www.monde-diplomatique.de
)PLYIL^\ZZ[NLUPLLU^^^[HSRPUNHSJVOVSJVT
:@GBliqk`k\cXl]eX_d\`e[\i;\lkjZ_\e9`Yc`fk_\b
?€Zb\i#JXY`e\&@e^\e_fm\e#DXi`kX&Ilgi\Z_k#JljXee\I\[Xbk`fe
BXkXcf^[\i,-%@ek\ieXk`feXc\eBliq]`cdkX^\FY\i_Xlj\e)0%+%$+%,%)'('
?\iXlj^\Y\i`e<[`kfi
@ek\ieXk`feXc\Bliq]`cdkX^\FY\i_Xlj\e^>dY?
>i`ccfjkiX\*+
;$+-'+,FY\i_Xlj\e
=fe"+0$)'/$/),)-,)
=Xo"+0$)'/$/),,+(*
`e]f7bliq]`cdkX^\%[\
nnn%bliq]`cdkX^\%[\
M\icX^GlYc`j_\iBXicDXi`XCXl]\e#FY\i_Xlj\e
@J9E10./$*$/.+-/$),)$.
I\[Xbk`fe<[`kfi`Xc9fXi[JXY`e\?€Zb\iC\`kle^ #DXi`kX@e^\e_fm\e#
JljXee\Ilgi\Z_k
|Y\ij\kqle^KiXejcXk`fe>•cƒ`e<i\ekfb#K`dfk_pAfe\j#DXjZ_XIf_e\i#
8eaXJZ_lck\
Bfii\bkliGiff]I\X[`e^9\kk`eX8ick#=iXeb9fie
CXpflkCXpflk\i^fž8iY\`kj^\d\`ejZ_X]k]•i=fkf^iX]`\#Bfddle`bXk`fe#
DXib\k`e^#Dlck`d\[`X#Dlj`b$le[M`[\fgif[lbk`fe
JXkqJ\kk`e^9\ee`e^#>clk_GXike\i
;ilZbGi`ek\[YpN8Q$;ilZb#;l`jYli^
M\iki`\Y;`jki`Ylk\[Yp@ek\ieXk`feXc\Bliq]`cdkX^\FY\i_Xlj\e^>dY?
Ÿ@ek\ieXk`feXc\Bliq]`cdkX^\FY\i_Xlj\e^>dY?)'('"8lkfi\e
M\iXeknfikc`Z_ ]•i [`\ ;liZ_]•_ile^ [\i ,-% @ek\ieXk`feXc\e Bliq]`cdkX^\
FY\i_Xlj\e`jk[`\@ek\ieXk`feXc\Bliq]`cdkX^\FY\i_Xlj\e^>dY?%Ki€^\i
le[?Xlgk]i[\i\i[\iBliq]`cdkX^\j`e[[`\JkX[kFY\i_Xlj\ele[[\iD`e`j$
k\igi€j`[\ek[\jCXe[\jEfi[i_\`e$N\jk]Xc\e%K_\@ek\ieXk`feXc\Bliq]`cdkX^\
FY\i_Xlj\e^>dY?`ji\jgfej`Yc\]fik_\dXeX^\d\ekXe[fi^Xe`jXk`fef]k_\,-k_
@ek\ieXk`feXcJ_fik=`cd=\jk`mXcFY\i_Xlj\e%K_\:`kpf]FY\i_Xlj\eY\Xijk_\dX`e
]`eXeZ`Xci\jgfej`Y`c`kp]fik_\=\jk`mXckf^\k_\in`k_k_\D`e`jk\iGi\j`[\ekf]Efik_
I_`e\$N\jkg_Xc`X%
EXZ_[ilZbXlZ_Xljql^jn\`j\ elid`kjZ_i`]kc`Z_\i>\e\_d`^le^[\i?\iXlj$
^\Y\i`eYqn%[\i8lkfi\e%I\gi`ekj`eZc%\oZ\igkj fecpYpni`kk\eg\id`jj`fef]k_\
\[`kfii\%Xlk_fij%
, - % @ e k \ i e X k ` f e X c \ B l i q ] ` c d k X ^ \
, - k _ @ e k \ i e X k ` f e X c J _ f i k = ` c d =\ j k ` m X c
F Y \ i _ X l j \ e )0% + % Æ + % , % )' ( '
=\ j k ` m X c b X k X c f ^ =\ j k ` m X c : X k X c f ^ l \
@ e _ X c k j m \ i q \ ` Z _ e ` j : f e k \ e k j
Jgfejfi\ele[GXike\iJgfejfijXe[GXike\ij
+
@ejk`klk`fe\cc\GXike\i@ejk`klk`feXcGXike\ij
,
@e]fidXk`fe\e@e]fidXk`fe
-
>ilnfik\Nfi[jf]N\cZfd\
/
Gi\`j\#M`[\fC`YiXip#8iZ_`m#M\ic\`_8nXi[j#M`[\fC`YiXip#8iZ_`m\#=`cd;`jki`Ylk`fe
()
;Xeb8Zbefnc\[^\d\ekj
(*
AlipjAli`\j
(+
Q\`kgcXeK`d\kXYc\
(-
N\kkY\n\iY\:fdg\k`k`fej
@ek\ieXk`feXc\iN\kkY\n\iY@ek\ieXk`feXc:fdg\k`k`fe
)(
;\lkjZ_\iN\kkY\n\iY>\idXe:fdg\k`k`fe
+(
EIN$N\kkY\n\iYEIN:fdg\k`k`fe
,(
B`e[\i$le[Al^\e[b`ef:_`c[i\eËjXe[Pflk_:`e\dX
,,
DlM`$Gi\`jDlM`8nXi[
.(
DlM`@ek\ieXk`feXc
.,
K_\dXK_\d\
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/$(0(/ /*
Gif]`c\Gif]`c\j
EfNXm\
((*
8d`k;lkkX ()*
>lemfiE\cjfe ()0
=i\[Nfi[\e (*+
Gi\`jki€^\iXe[\i\i=\jk`mXcj8nXi[N`ee`e^=`cdjf]Fk_\i=\jk`mXcj (+'
Gf[`ld (++
JZi\\e`e^j (,,
8ljjk\ccle^ÙFY\i_Xlj\e%8l\eXej`Z_k\eÈ<o_`Y`k`feÙFY\i_Xlj\e%<ok\i`fiM`\njÈ (/*
I\^`jk\i@e[\o\j (/-
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
*
J g f e j f i\ e l e [ G X i k e \ i J g f e j f i j X e [ G X i k e \ i j
;`\Bliq]`cdkX^\Y\[Xeb\ej`Z_Y\``_i\eJgfejfi\ele[GXike\ie]•i[`\kXkbi€]k`^\Lek\ijk•kqle^le[^lk\QljXdd\eXiY\`k%
K_\=\jk`mXck_Xebj`kjjgfejfijXe[gXike\ij]fik_\`i\e\i^\k`ZXe[\oZ\cc\ekZffg\iXk`fej%
Ki€^\i?Xlgk]i[\i\iJlggfik\[n`k_]le[j]ifd
=i[\i\iJlggfik\ij
?XlgkjgfejfiDX`eJgfejfi
?Xlgkjgfejfi[\jB`e[\i$le[Al^\e[b`efj
DX`eJgfejfif]k_\:_`c[i\eËjXe[Pflk_:`e\dX
Jgfejfi\eJgfejfij
®
FILM & TV
D\[`\egXike\iD\[`XGXike\ij
GXike\i[\jDlM`GXike\ijf]k_\DlM`
GXike\iGXike\ij
+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
=\jk`mXcgXike\iGXike\ijf]k_\]\jk`mXc
c e j k ` k l k ` f e \ c c \ GX i k e \ i c e j k ` k l k ` f e X c G X i k e \ i j
8id\e`\e8id\e`X
8ljkiXc`\e8ljkiXc`X
9\c^`\e9\c^`ld
9fje`\ele[?\iq\^fn`eX
9fje`XXe[?\iq\^fm`eX
9iXj`c`\e9iXq`c
8id\e`XeEXk`feXc=`cd:\eki\#<i`nXe2EG8B:\ek\i]fi<og\i`$
Kfb`f2 @dX^\ =fild# Kfb`f2 AXgXe =fle[Xk`fe# Kfb`f2 BXnX^lZ_`
d\ekXc 8ik# <i`nXe2 J?8ID# <i`nXe2 P\i\mXe JkXk\ @ejk`klk\ f]
8ikJZ_ffcf]NXj\[XLe`m\ij`kp#JX`kXdX2BfY\8ikM`ccX^\:\e$
K_\Xki\Xe[:`e\dXkf^iXg_p#<i`nXe
k\i2BfY\;\j`^eLe`m\ij`kp$;\gXikd\ekf]M`jlXc:fddle`ZX$
EXk`feXc=`cdXe[Jfle[8iZ_`m\#:XeY\iiX
k`fe;\j`^e2Bpfkf:`e\dX2BpfkfJkl[\ek=`cd=\jk`mXc2Bpfkf
:@E<D8K<B$:`e„dXk_…hl\IfpXc\[\9\c^`hl\#9i•jj\c
Le`m\ij`kp f] 8ik Xe[ ;\j`^e2 D@8:8 $ Dfm`e^ @dX^\ 8iZ_`m\
>f\k_\$@ejk`klkJXiXa\mf2Bi`k\i`fe8ik?flj\:`e\dX#JXiXa\mf
f]:fek\dgfiXip8ik#Kfb`f2E`ggfe<e^`e\\i`e^:fcc\^\#Kfb`f2
FjXbX J\`b\` Le`m\ij`kp# Bpfkf2 G`X =`cd =\jk`mXc# Kfb`f2 GcXe\k
8eZ`e\#I`f[\AXe\`if28jjfZ`Xƒf:lckliXcB`ef]fildÆ=\jk`mXc
Nfic[# FjXbX2 J\`Xe Le`m\ij`kp f] 8ik Xe[ ;\j`^e# Bpfkf2 J\`bX
@ek\ieXZ`feXc[\:likXjD\kiX^\ej[\JfGXlcf2:\ekif:lckliXc
Le`m\ij`k€k#Bpfkf2JB@G:@KPM`jlXcGcXqX#Kfb`f2Kfbpf<`qf9i`^%2
9iXj`c$8c\dXe_X# I\Z`]\2 >\e\iXcbfejlcXk [\i 9le[\ji\glYc`b
Kfbpf M`[\f =\jk`mXc2 Kfbpf Qfb\` Le`m\ij`kp Æ ;\gXikd\ek f]
;\lkjZ_cXe[`eI\Z`]\2AXe\cX@ek\ieXZ`feXc[\:`e\dX[fI\Z`]\
;\j`^e2Le`AXgXe=`cd#Kfb`f2M`[\f8ik:\ek\i#Kfb`f2PXdX^XkX
9lc^Xi`\e9lc^Xi`X
EXk`feXc 8ZX[\dp ]fi K_\Xki\ =`cd 8ikj E8K=8 # Jf]`X2
@ek\ieXk`feXc;fZld\ekXip=`cd=\jk`mXc#Kfb`f
MI:_`eXGI:_`eX
;€e\dXib;\edXib
;\lkjZ_cXe[>\idXep
?fe^Bfe^8ikj:\eki\
@ek\im\ek`feM`[„f>@M #Dfeki\Xc2EXk`feXc=`cd9fXi[f]:XeX[X#
;Xejb=`cd`ejk`klk#Bfg\e_X^\e2=`cdbfekXbkEfi[#Bfg\e_X^\e
Dfeki\Xc2MkXg\#Kfifekf2Kfifekf@ek\ieXk`feXc=`cd=\jk`mXc2M`[\f
*jXk#DX`eq28>Bliq]`cd#;i\j[\e28ij\eXc$@ejk`klk]•i=`cdle[
Flk ;`jki`Ylk`fe# MXeZflm\i2 M`[„f^iXg_\# Dfeki\Xc2 M`[\fgffc#
EXk`feXc=`cd:\ek\i#Jf]`X2E\n9lc^Xi`XeLe`m\ij`kp#Jf]`X
BXeX[X:XeX[X
N`ee`g\^
M`[\fblejk#9\ic`e28k\c`\ijle[N\ibjk€kk\eJkXib#9\ic`e29Xl_Xlj$
Le`m\ij`k€k N\`dXi2 9\i^`jZ_\ Le`m\ij`k€k# Nlgg\ikXc2 9fkjZ_X]k
[\j Be`^i\`Z_j [\i E`\[\icXe[\# 9\ic`e2 9fkjZ_X]k mfe BXeX[X#
BlYX:lYX
C\kkcXe[CXkm`X
C`YXefeC\YXefe
Yli^2=`cdY•ifj[\iC€e[\i2=`cddlj\ld;•jj\c[fi]2=`cdk_\Xk\i
C`kXl\eC`k_lXe`X
D\o`bfD\o`Zf
JkX[k2@ejk`klkfD\o`ZXef[\:`e\dXkf^iX]ˆX@D:@E< #D\o`bf$
JkX[k2CXYfiXkfi`f8ik\8cXd\[X#D\o`bf$JkX[k2Dlj\fKXdXpf#
9\ic`e2@ejk`klk]•iq\`kYXj`\ik\D\[`\e[\iLe`m\ij`k€k[\iB•ejk\#
9\ic`e2 @ek\ieXk`feXc\ =`cdjZ_lc\ Bce2 BlcklijZ_fZb# FY\i_Xlj\e2
D\o`bf$JkX[k
E\lj\\cXe[E\nQ\XcXe[
E`\[\icXe[\
K_\E\k_\icXe[j
=`cd8^\ekli# ?XdYli^2 C8> CfbXc\ D\[`\eXiY\`k EIN2 DXZifd\[`X
Bce2 D\[`\eq\ekild FY\i_Xlj\e2 Il_i$Le`m\ij`k€k 9fZ_ld2 JkX[k
Efin\^\eEfinXp
{jk\ii\`Z_8ljki`X
KXcc`ee
8M$Xibb`#?\cj`eb`2KXdg\i\=`cd=\jk`mXc#K_\=`ee`j_=`cd=fle$
@kXc`\e@kXcp
AXgXe
8^†eZ`X[X:likXD\kiX^\d#M`cX[f:fe[\2=\jk`mXc@ek\ieXZ`feXc
8ik;fb=\jk#DfjbXl2:`e\]Xekfd#DfjbXl2;fb]`cdjkl[`fj#Jk%G\k\ij$
Yli^2=cX_\ik`XeX#G\id2>Xc\i`\I\^`eX#DfjbXl2?_\i\I\^`\blij\#
[lZflikd„kiX^\#:c\idfek$=\iiXe[2>XldfekGXk_„8iZ_`m\j#JX`ek$
DfjbXl2Blcklid`e`jk\i`ldIljjcXe[2Gif8ik\=fle[Xk`fe#Jk%G\k\ij$
>i\\b=`cd:\eki\#8k_\e
Yli^2Jk%G\k\ijYli^JkXk\:`e\dXKMLe`m\ij`kp2M>@B#DfjbXl
JZ_n\[\eJn\[\e
8e`dXk\Gifa\Zkj#Cfe[fe28lifiX#Efin`Z_2K_\9i`k`j_:fleZ`@
Æ=`cdC`k\iXkli\;\gXikd\ek#Cfe[fe29=@EXk`feXc8iZ_`m\#
=fildC\ek\e^#AXbXikX
;<=:#K\_\iXe2@iXe`XePfle^:`e\dXJfZ`\kp#K\_\iXe
=`cd]fid$K_\8ik=`cdM`[\f8iZ_`m\#JkfZb_fcd2Jm\ejbX
=`cd`ejk`klk\k#JkfZb_fcd
JZ_n\`qJn`kq\icXe[
8ik9Xj\c2@ek\ieXk`feXc\Bliq]`cdkX^\N`ek\ik_li2Jfcfk_lie\i
=`cdkX^\2 Jn`jj =`cdj# Q•i`Z_2 m`[\fXik%Z_# Qf]`e^\e2 Q•iZ_\i
=`cdK\c\m`j`fe@ejk`klk\f]@e[`X#Gle\#EXk`feXc=`cd8iZ_`m\
f]@e[`X#Gle\
@jiX\c
@ek\ieXk`feXc8ZX[\dpf]8ikÆGXc\jk`e\#IXdXccX_
Xe`d„\#GXi`j2:`e„dXk_…hl\=iXeƒX`j\#GXi`j2=\jk`mXc`ek\ieXk`feXc
Cfe[fe2CLO#Cfe[fe
@e[fe\j`\e@e[fe\j`X
@iXe
@jcXe[@Z\cXe[
8bX[\d`\[\iY`c[\e[\eB•ejk\N`\e28ljki`Xe=`cd:fdd`jj`fe#
[\:likXjD\kiX^\ejM`cX[f:fe[\
IljjcXe[Iljj`X
Fl\e2C`^_k:fe\#GXi`j2CfYjk\i=`cdj#GXi`j2Le`]iXeZ\=`cd#GXi`j
@e[`\e@e[`X
Bfik]`cd]\jk`mXc\e# >i`djkX[2 Efijb=`cd`ejk`klkk#Fjcf
ld#N`\e2j`ogXZb]`cd#N`\e2Le`m\ij`k€kN`\e2M`\eeXc\#N`\e
GXc€jk`e\ej`jZ_\>\Y`\k\
GXc\jk`e`Xek\ii`kfi`\j
Gfikl^Xc
[Xk`fe#?\cj`eb`
8IK<# JkiXYli^2 :E: $ :\eki\ eXk`feXc [l Z`e„dX \k [\ cÊ`dX^\
<P<=`cd@ejk`kllkE\[\icXe[#8djk\i[Xd2>f\k_\$@ejk`klkIfk$
k\i[Xd2?fccXe[=`cdGifdfk`fe#8djk\i[Xd2E\k_\icXe[jD\[`X
N`\e2=`cdXiZ_`m8ljki`X#CXo\eYli^2{jk\ii\`Z_`jZ_\j=`cddlj\$
FY\i_Xlj\e2 KDF# FY\i_Xlj\e2 Le`m\ij`k€k ql Bce2 Le`m\ij`k€k
GX[\iYfie
:\ek\i]fi:fek\dgfiXip8ikj#KXcc`ee2<jkfe`Xe=`cd=fle[Xk`fe#
E\nQ\XcXe[=`cd:fdd`jj`fe#N\cc`e^kfe
8ik@ejk`klk\#8djk\i[Xd2Ifkk\i[Xd@ek\ieXk`feXc=`cd=\jk`mXc
Blejk_fZ_jZ_lc\]•iD\[`\eBce2Blejk_fZ_jZ_lc\BXjj\c2Bliq$
>i`\Z_\ecXe[>i\\Z\
>ifYi`kXee`\e
>i\Xk9i`kX`e
:\ekif [\ :XgXZ`kXZ`e :`e\dXkf^i}]`ZX# D\o`bf$JkX[k2 =\jk`mXc
]•iY`c[\e[\B•ejk\9iXlejZ_n\`^2?fZ_jZ_lc\]•iY`c[\e[\B•ejk\
?XdYli^2?fZ_jZ_lc\]•i=\iej\_\ele[=`cd#D•eZ_\e2?fZ_jZ_lc\
=iXebi\`Z_=iXeZ\
M`ce`lj8ZX[\dpf]=`e\8ikj#M`ce`lj
[\iE`\[\icXe[\#;•jj\c[fi]2>f\k_\$@ejk`klk#D•eZ_\e2?fZ_jZ_lc\
]•i=`cdle[=\iej\_\eÙBfeiX[Nfc]É#Gfkj[Xd2@dX^\Dfm\d\ek#
=`eecXe[=`ecXe[
8C98# 9\`ilk2 8j_bXc 8cnXe# 9\`ilk2 9\`ilk 8ik :\ek\i2 >f\k_\
@ek\ieXZ`feXc[\:`e\[\Dfi\c`X2>f\k_\@ejk`klkD\o`bfD\o`bf$
9\ki`\Y\ ?% G\jZ_# FY\i_Xlj\e2 >\e\iXcbfejlcXk [\j Be`^i\`Z_j
<jkcXe[<jkfe`X
CXkm`Xe:\eki\]fi:fek\dgfiXip8ik#I`^X2EXk`feXc=`cd:\ek\i
@ejk`klkC`YXefe9\`ilk2E„~9\piflk_#9\`ilk
FY\i_Xlj\e2 <d\b B`e[\i^Xik\e# FY\i_Xlj\e2 =? 9`\c\]\c[2 =?
;fikdle[2 =? Bce2 =`cdXbX[\d`\ 9X[\e$N•ikk\dY\i^# Cl[n`^j$
<@:KM#?XmXeeX
f]CXkm`X#I`^X
9\ic`e2 9le[\jXiZ_`m$=`cdXiZ_`m# 9\ic`e2 ;\lkjZ_\ =`cd$ le[ =\ie$
j\_XbX[\d`\# 9\ic`e2 ;\lkjZ_\ B`e\dXk_\b# 9\ic`e2 ;ilZbcl]k#
K_\:XeX[X:fleZ`c]fik_\8ikj#FkkXnX2:=D;:#Kfifekf2>iflg\
?fZ_jZ_lc\[\iB•ejk\#Q•i`Z_
JgXe`\eJgX`e
K_X`cXe[
Le^Xie?le^Xip
8cZ`e\#8cZXcX[\?\eXi\j2CÊ8ck\ieXk`mX#9XiZ\cfeX2FME@#9XiZ\cfeX
K_X`=`cd=fle[Xk`fe#9Xe^bfb
8ZX[\dp f] ;iXdX Xe[ =`cd# 9l[Xg\jk2 Df_fcp$EX^p Le`m\ij`$
:\ek\i]fi@Z\cXe[`Z8ik#I\pbaXm`b2@Z\cXe[8ZX[\dpf]k_\8ikj#
kpf]8ikXe[;\j`^e9l[Xg\jk2?le^Xi`Xe=`cdn\\b#9l[Xg\jk2
I\pbaXm`b2@Z\cXe[`Z=`cd=le[#I\pbaXm`b
DX^pXi=`cdle`#9l[Xg\jk
:\ek\i]fi:fek\dgfiXip8ik#K\c8m`m2?XËD`[iXj_X:fcc\^\#K\c8m`m2
LJ8
:Xc8ikj#MXc\eZ`X2:ffg\iLe`fe#E\nPfib2<c\Zkife`Z8ikj@ek\i$
K_\@jiX\c`:\eki\]fi;`^`kXc8ik#?fcfe
d`o# E\n Pfib2 <o`k8ik# E\n Pfib2 =`cddXb\iËj :ffg# E\n Pfib2
:`e\k\ZX[`9fcf^eX$8iZ_`m`f=`cd2Dlj\fEXq`feXc\[\c:`e\dX#
>f\k_\@ejk`klkCfj8e^\c\j2DfD8#E\nPfib2JXe=iXeZ`jZf8ik
Kli`e
@ej`klk\2JXe=iXeZ`jZf:`e\dXk_\hl\2JZ_ffcf]k_\8ikj@ejk`$
8ik:fcc\^\f]E`_feLe`m\ij`kp#Kfb`f28jbXikjgXZ\b`dliX #
klk\#:_`ZX^f2Le`m\ij`kpf]@cc`ef`jXk:_`ZX^f2M`[\f;XkX9Xeb#
Kfb`f2<`^X$9`$>XbbfK_\=`cdJZ_ffcf]Kfbpf 2=`e[\ij9lif#
:_`ZX^f2N_`ke\pDlj\ld#E\nPfib
Bpfkf2 @8D8J# >`]l2 @:: EKK @ek\i :fddle`ZXk`fe :\ek\i #
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
,
@e]fidXk`fe\e@e]fidXk`fe
=\jk`mXcfik\{]]ele^jq\`k\e=\jk`mXcM\el\jFg\e`e^?flij =\jk`mXcK\Xd=\jk`mXcK\Xd
C`Z_kYli^=`cdgXcXjk
)0%+%$+%,%mfe0%''$)+%''L_i8gi`c)0kfDXp+]ifd0Xdkf()gd
;`\9\jlZ_\id•jj\e[Xj(/%C\Y\ejaX_imfcc\e[\k_XY\e%;XmfeXlj^\efd$
d\e j`e[ [Xj B`e[\i$ le[ Al^\e[b`ef le[ Xlj[i•Zbc`Z_ ^\b\eeq\`Z_e\k\
Gif^iXdd\%8ccgXkifejdljk_Xm\Xd`e`dldX^\f](/%K_`j[f\jefkXggcpkf
k_\:_`c[i\eÊjXe[Pflk_:`e\dXXe[jg\Z`XccpdXib\[gif^iXdd\j%
<cj€jj\iJki%)-
=\jk`mXcc\`kle^le[>\jZ_€]kj]•_ile^=\jk`mXc;`i\ZkfiXe[DXeX^`e^;`i\Zkfi
CXij?\ei`b>Xjj
@ek\ieXk`feXc\iN\kkY\n\iY@ek\ieXk`feXc:fdg\k`k`fe
?`cb\;f\i`e^
D`kXiY\`k8jj`jkXek1<mX?\^^\
8ljnX_cbfdd`jj`fe J\c\Zk`fe :fdd`kk\\1 DX[\c\`e\ 9\iejkfi]]# :_i`jk`Xe\
9•Z_e\i#?`cb\;f\i`e^#CXij?\ei`b>Xjj#8e^\cX?XXi[k#FcX]Dcc\i#?\iY\ik
>€jk\Y•if>l\jkF]]`Z\
JZ_nXiq\#I\`e_Xi[N%Nfc]
9\iXk\i8[m`j\ij1K_fdXj9\Xi[#8e[i„j;\e\^i`#>i`[k_`pX>Xn\\nfe^#BXk_p
)0%+%$(%,%mfe0%''$))%''L_i#)%,%le[*%,%mfe0%''$)'%''L_i#
+%,%mfe0%''$(/%*'L_i8gi`c)0kfDXp(]ifd0Xdkf('gd#DXp)Xe[*]ifd >\i`kq#?X]`q#J_X`?\i\[`X#Apfk`D`jkip#EXbXqXnX8b`#9\k_J}=i\`i\#;Xm`[
0Xdkf/gd#DXp+]ifd0Xdkf-%*'gd
K\_#:_Xc`[XLXYldile^a`k#Nfe^KlZb:_\fe^#Q_fl=\`
=`eXeq\e:Xj_;\jb
)0%+%mfe0%''$(/%''L_i#*'%+%$*%,%mfe0%''$(0%''L_i#+%,%mfe0%''$(.%'' ;\lkjZ_\iN\kkY\n\iY&EIN$N\kkY\n\iY>\idXe:fdg\k`k`fe&EIN:fdg\k`k`fe
L_i8gi`c)0]ifd0Xdkf-gd#8gi`c*'kfDXp*]ifd0Xdkf.gd#DXp+]ifd0 :Xijk\eJg`Z_\i
Xdkf,gd
D`kXiY\`k8jj`jkXek1:fejkXeq\9\ijZ_lZb
Gi\jj\Y•ifGi\jjF]]`Z\
8ljnX_cbfdd`jj`fe J\c\Zk`fe:fdd`kk\\1 DX[\c\`e\ 9\iejkfi]]# CXij ?\ei`b
)0%+%$+%,%mfe('%''$(/%''L_i8gi`c)0kfDXp+]ifd('Xdkf-gd
>Xjj#:fie\c`XBcXl#?\iY\ikJZ_nXiq\#:Xijk\eJg`Z_\i#I\`e_Xi[N%Nfc]
Fi^Xe`jXk`fejY•ifFi^Xe`jXk`feF]]`Z\
)0%+%mfe('%''$(/%''L_i#*'%+%$*%,%mfe('%''$)'%''L_i#
B`e[\i$le[Al^\e[]`cdn\kkY\n\iY:_`c[i\eËjXe[Pflk_=`cd:fdg\k`k`fe
+%,%mfe('%''$(/%''L_i8gi`c)0]ifd('Xdkf-gd#8gi`c*'kfDXp*]ifd EX[`e\9i\l\i
('Xdkf/gd#DXp+]ifd('Xdkf-gd
D`kXiY\`k8jj`jkXek1CXliXD\ib\e
<cj€jj\iJki%)(
JZ_lcXbhl`j\JZ_ffcZfekXZkj18eaXJZ_d`[#8^\ekliJ\_Jk\ieZ_\e
8ljnX_cbfdd`jj`feJ\c\Zk`fe:fdd`kk\\1EX[`e\9i\l\i#:_i`jk`Xe<oe\i#JXiX
Gf[`ld
CXlbe\i#Jk\g_XeC\`e\e#G\kiXIfZb\e]\cc\i#?\iY\ikJZ_nXiq\
*'%+%$+%,%mfe('%''$()%''L_i8gi`c*'kfDXp+]ifd('Xdkf()effe
DlM`(+"1EX[`e\9i\l\i#A\jj`ZXDXejk\kk\e
KiX`c\i[\jB`e[\i$le[Al^\e[]`cdn\kkY\n\iYjKiX`c\i:_`c[i\eÊjXe[Pflk_=`cd
G\k`k:X]„le[Xe[Gi\jj\]€Z_\i9fo\j
:fdg\k`k`feJXiXCXlbe\i#JZ_•c\i[\i>ile[jZ_lc\9ljZ__Xlj\ele[[\i8ee\$
)0%+%mfe('%''$(/%''L_i#*'%+%$*%,%mfe('%''$)'%''L_i#
=iXeb$I\XcjZ_lc\#FY\i_Xlj\e
+%,%mfe('%''$(/%''L_i#8gi`c)0]ifd('Xdkf-gd#8gi`c*'kfDXp*]ifd
('Xdkf/gd#DXp+]ifd('Xdkf-gd
DlM`$Gif^iXdd\DlM`Gif^iXdd\j
<cj€jj\iJki%(.
A\jj`ZXDXejk\kk\e
8ljnX_cbfdd`jj`fe J\c\Zk`fe :fdd`kk\\1 ?Xej$:_i`jk`Xe >i`dd# 8c\oXe[iX
M`[\fC`YiXiple[Xe[@ek\ie\k$:X]„
?\jj\#A\jj`ZXDXejk\kk\e
)0%+%mfe0%''$(/%''L_i#*'%+%$*%,%mfe0%''$)(%*'L_i#+%,%mfe0%''$(/%''L_i 9\iXk\i8[m`j\ij1JXj_XE`ofe#DXibGpkc`b
8gi`c)0]ifd0Xdkf-gd#8gi`c*'kfDXp*]ifd0Xdkf0%*'gd#DXp+]ifd0Xd
kf-gd
K_\dXK_\d\
Cl`j\$8cY\ikq$?Xcc\#;•gg\cjki%(
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/=ifdk_\;\\g1K_\>i\Xk
<og\i`d\ek(/0/$(0(/
Bfg`\em\inXckle^Gi`ek8[d`e`jkiXk`fe
BliXkfi\e:liXkfij1<i`Z[\Blpg\i#DXi`XeeC\n`ejbp
('%''$()%*'L_ile[(+%''$(0%''L_i('Xdkf()%*'gdXe[)gdkf.gd
Fi^Xe`jXk`fejc\`kle^?\X[f]Fi^Xe`jXk`fe1Bi`jk`eX?\ejZ_\c
Bliq]`cdkX^\$M`ccX#>i`ccfjki%*+
D`kXiY\`k8jj`jkXekj1:_i`jk`Xe\8k_d\i#@i`j?XYc„
=\jk`mXc:X]„&=\jk`mXc9Xi
Gif]`c\Gif]`c\j
:X]„1)0%+%mfe()%''$(/%''L_i#*'%+%$*%,%mfe()%''$)'%*'L_i#
8d`k;lkkX1BliXkfi:liXkfiDXiZ\cJZ_n`\i`e
+%,%mfe()%''$(/%''L_i8gi`c)0]ifd()effekf-gd#8gi`c*'kfDXp*]ifd >lemfiE\cjfe1BliXkfi\e:liXkfij8eeX$BXi`eCXijjfe#>lemfiE\cjfe
()effekf/%*'gd#DXp+]ifd()gdkf-gd
EfNXm\1BliXkfi:liXkfi:_i`jk`Xe?cc\i
9Xi1*'%+%$*%,%XY)*%''L_i#+%,%XY))L_i8gi`c*'kfDXp*]ifd((gd#DXp+ =i\[Nfi[\e1BliXkfi:liXkfiFcX]Dcc\i
]ifd('gd
=XYi`bB(+#Cfk_i`e^\iJki%-+
C\`kle^ Gif]`c\ ?\X[j f] Gif]`c\j1 ?`cb\ ;f\i`e^# CXij ?\ei`b >Xjj# Bi`jk`eX
?\ejZ_\c#:Xijk\eJg`Z_\i
KXjZ_\eb`ef:`e\dX$`e$X$9fo
)0%+%#(.%''$)(%''L_i#*'%+%$+%,%(.%''$))%''L_i
Gf[`ld
8gi`c)0]ifd,gdkf0gd#8gi`c*'kfDXp+]ifd,gdkf('gd
Df[\iXk`fele[Bfeq\gk`feGi\j\ekXk`feXe[:feZ\gk`fe
CXij?\ei`b>Xjj#D`b\Jg\ic`e^\i#@XeN_`k\
Gf\kipJcXd
(%,%#(0%''L_id`kNfc]^Xe^?f^\bXdg#)'%*'L_iBliq]`cd$GXk\e$JcXd
JZi\\e`e^jJZi\\e`e^j
DXp(]ifd.gdn`k_Nfc]^Xe^?f^\bXdg#]ifd/%*'gdJ_fik=`cdGXkifeJcXd Bi`jk`eX?\ejZ_\c
Q\ekild8ck\eY\i^#JZ_cfjj\i\`#?XejXjki%)'
D`kXiY\`k8jj`jkXekj1:_i`jk`Xe\8k_d\i#@i`j?XYc„
M`[\fC`YiXip
EXkXjZ_X=iXeb\eY\i^
D`kXiY\`k8jj`jkXekj1GXjZXc9fm„\#D`Z_X\cXKXjZ_\b#D`i`XdK`dd\idXee
I\[Xbk`fe[\jDXibkbXkXcf^jDXib\k:XkXcf^l\<[`kfi`Xc9fXi[
J`eX;fY\ijk\`e#K_fdXj;fY\ijk\`e#>•cƒ`e<i\ekfb#:Xijk\eJg`Z_\i
- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
>€jk\Y•if>l\jkF]]`Z\
E`Zfc\I\YdXee#@i`e`CXjXi`[`j
D`kXiY\`k8jj`jkXekj1
Alc`X8iefc[#9XiYXiX9iqfqbX#8c\oXe[\i:_i`jk`Xe#;fi`Xe;fY\ijk\`e#J`eX
;fY\ijk\`e# JXjZ_X <ZbXik# AXe`e\ =`Zb\i# IfeaX C\Y\[X# JXYi`e DÊ9Xi\b#
9\eaXd`eIX`k_#C`jXAf_e]•i;\jk`eXk`feEIN
=fe"+0$)'/$/),*'-(&*',0#=Xo"+0$)'/$/),,+(*
^l\jkf]]`Z\7bliq]`cdkX^\%[\
Fi^Xe`jXk`fejY•ifFi^Xe`jXk`feF]]`Z\
8c\oXe[iX?\jj\
D`kXiY\`k8jj`jkXek1:_i`jk`e\Jlkfi`j
=fe"+0$)'/$/),)0),#=Xo"+0$)'/$/),,+(*#_\jj\7bliq]`cdkX^\%[\
BXl]d€ee`jZ_\C\`kle^:fdd\iZ`XcDXeX^\d\ek
G\kiXJgi\e^\i
D`kXiY\`k8jj`jkXek1G\kiXFbfcfn`kq
=fe"+0$)'/$/),)/,/#=Xo"+0$)'/$/),,+(*#jgi\e^\i7bliq]`cdkX^\%[\
Gi\jj\Y•ifGi\jjF]]`Z\
JXY`e\E`\nXc[X
D`kXiY\`k8jj`jkXek1MXe\jjX>i`\Y
=fe"+0$)'/$/),*'.*#=Xo"+0$)'/$/),,+(*#e`\nXc[X7bliq]`cdkX^\%[\
{]]\ekc`Z_b\`kjXiY\`kGlYc`ZI\cXk`fej
@i`j>Xj\eq\i
D`kXiY\`k8jj`jkXek1AXe`eX?f]]d\`jk\i
=fe"+0$)'/$/),)-**#=Xo"+0$)'/$/),,+(*#^Xj\eq\i7bliq]`cdkX^\%[\
Jgfejfi`e^&8eq\`^\eJgfejfij&8[m\ik`j`e^
DXiZljJZ_•kk\
D`kXiY\`k8jj`jkXekj1Jm\eaX9\[eXiZqpb#8eaXB\`\eYli^
=fkf^iX][\iBliq]`cdkX^\=\jk`mXcG_fkf^iXg_\i
;Xe`\c>Xj\eq\i
=fe"+0$(.0$('-///-#nnn%[Xe`\c^Xj\eq\i%Zfd
D`kXiY\`k8jj`jkXek1AXbfY?f]dXee
K\Z_e`jZ_\iC\`k\i[\iBliq]`cdkX^\K\Z_e`ZXcJlg\im`jfi#=\jk`mXc
Mfcb\iBjk\i
D`kXiY\`k 8jj`jkXekj1 KfY`Xj ;`\e\i# Fc`m\i ?•kk\e# CXij Bcfjk\idXee# =i\\b
N\`k\i`e^
Gifa\bk`feGifa\Zk`fe
>•ek_\i9\i\ej#D\eef;\eb\eX#Kli^Xp>\iYX^X#DXi`X>f`e[X#Lij>•ek_\i#
;`ib?XljdXee#JljXee\D\`\i#K\cb\I\\Zb#:_i`jk`XeJZ_e#G\k\iJgi\e^\i#
:_i`jk`XeQX^c\i
<`ejgi\Z_\e#J`dlckXe[fcd\kjZ_\eMf`Z\$Fm\ij#J`dlckXe\fljKiXejcXk`fe
G\k\i>%;`id\`\i#EX[`e\;e`b\#>•cƒ`e<i\ekfb#>XYp>\_c\e#8cY\ik?XXj#
A\jj`ZXDXejk\kk\e#DXi`XK\i\jXDXik`e\q
9\ki\lle^[\iAlipjAlipJ\Zi\kXip
K`a\eFcZXp
Df[\iXk`fe\eGi\j\ekXk`fej
DX[\c\`e\ 9\iejkfi]]# :_i`jk`Xe\ 9•Z_e\i# ?Xej$:_i`jk`Xe >i`dd# :fie\c`X
BcXl# A\jj`ZX DXejk\kk\e# FcX] Dcc\i# ;`XeX Il[fcg_# ?\iY\ik JZ_nXiq\#
:Xijk\eJg`Z_\i#I\`e_Xi[N%Nfc]
Df[\iXk`fe8YjZ_cljjm\iXejkXckle^Gi\j\ekXk`fe:cfj`e^:\i\dfep
G\k\i>%;`id\`\i
Dlj`b$Gif^iXddDlj`ZGif^iXdd\
<i]]ele^Fg\e`e^#)0%+%1;A>i`ddf
9Xi*'%+%1Df^lc1AXekife`oJZ_lck\le[I\Xim`\nIX[`f;AJ\kj
9Xi(%,%1Kfcflj\CfnKiXo;AJ\kle[ClZXj:iffeC`m\
9Xi)%,%1EfNXm\E`^_kd`k?\eipb>\i`Zb\le[Fc`m\iK\g\c;AJ\kj
9Xi*%,%19`kjÊeG`\Z\jE`^_kd`kJkldd]`cd$;AjIfb`ele[jX[%jX[%ZXcqfe\
8YjZ_cljjgXikp:cfj`e^GXikp#+%,%1CXij?\ei`b>Xjjle[[%\%i%
9ffb`e^
;\kc\]N\`ei`Z_
;\bfiXk`fe;\ZfiXk`fe
=?;fikdle[
?\`[` =iXeb\# EX[\^\ >XjjdXee# I`\Zb\ AXnXe[f# 9i`kkX E\d\Z# BXk_i`e
IlkjZ_dXee#D`cXJZ_XZ_efn`kjZ_#DX^[Xc\eXJ\diXl
Y\ki\lk[liZ_jlg\im`j\[YpGif]%Fm`jN\e[\
=X_i[`\ejkJ_lkkc\J\im`Z\
Jm\e9\i^\i#8e[i\Xj=iXeb#:_i`jkfg_\iG`e[\ij#D`Z_X\cGi\ljj\i#8e[i\Xj
KXjZ_\eb`ef:`e\dX$`e$X$9fo
Mf^\c
9ilef=`fi\kk`DXihl\q8iZ_`k\bk\e#9\ic`e
Bfg`\em\inXckle^#M\ijXe[#QfccGi`ek8[d`e`jkiXk`fe#J_`gg`e^#:ljkfdj
=\jk`mXc:X]„
:XicX>`\i`Z_#?\`[`I_i
8igX[;fYi`YXeK\Xd
Bfg`\e\`e^XY\Gi`ekI\^`jkiXk`fe19XiYXiXJZ_lcq#JXe[iXLiYXe
=fe"+0$)'/$/),)+-*
B\pM`jlXcj
@[\\le[>\jkXckle^:feZ\gkXe[;\j`^e
C`Z_kYli^=`cdgXcXjk
9FIFJ#Nlgg\ikXc
A•i^\eG\jZ_
K_\Xk\ic\`k\i`e[\jC`Z_kYli^=`cdgXcXjkj;`i\Zkfif]k_\C`Z_kYli^=`cdgXcXjk
G\kiXIfZb\e]\cc\i
D`kXiY\`k8jj`jkXekj1:cXl[`X9Xc[\Xl#JXYi`eX:XeeXifqqf#8eeX$C\eX
:\c\ekXef#DXel\cJkif_d#KXeaXQXi\dYX
=fe"+0$)'/$/)+)0(*&)0))
KiX`c\i[\i,-%@ek\ieXk`feXc\eBliq]`cdkX^\FY\i_Xlj\e
DXkkljZ_bX&?Xi`e^&:ldd`e^
JkXe[Y`c[\i=i\\q\=iXd\j
Mfcb\iBjk\i
<;MBffi[`eXk`fe<;G:ffi[`eXk`fe
K_fdXj;fY\ijk\`e
BXik\em\ibXl]K`Zb\kF]]`Z\
BXicX$8c\jjXe[iX9i\eX$:liqX[f#;fiX:\c\ekXef#K`eX<Y\ck#D\cXe`\=i`kjZ_#
>\jZ_\ A\ifd`e# MXe\jjX Bfie\c`lj# ;Xe`a\cX DXib\q# ;`eX_ Fp\YX[\# K`eX N\Yj`k\CXpflk
9FIFJ@ek\iXbk`m#Nlgg\ikXc
Dfi`kqmfdJZ_\`[k
N\Yj`k\Gif^iXdd`\ile^N\Yj`k\Gif^iXdd`e^
DfJ:?111Q#Dfe`bXJZ_nXiq#<jj\e
GcXkqXen\`j\iLj_\ij
J\eX8k`b#<[eX9\Zb\i#J\YXjk`eX>`ZXcfe\#CXiXBldg]\#A\jj`ZXD\il^l# N\Yd`jki\jj
D`Z_\c E`\e\iqX# <i`Z_ GXee`\i# IfY`e I`e^# K\^`jk JZ_Xl\eYli^# D\c`jjX EX[`e\9i\l\i#@i`j>Xj\eq\i
D`kXiY\`k8jj`jkXek1AXe`eX?f]]d\`jk\i
K_\`\e#D\jlkLclfZXbc`#JXYi`eXN`Z_\ik#Jf]`XNi\[\#Kl^YXP`cdXq
K\Z_e`jZ_\i C\`k\i [\j C`Z_kYli^=`cdgXcXjkjK\Z_e`ZXcJlg\im`jfi#C`Z_kYli^
=`cdgXcXjk
FjbXiJZ_nXY
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
.
> i l  n f i k [ \ j F Y \ i Y • i ^ \ i d \ ` j k \ i j [ \ i J k X [ k F Y \ i _ X l j \ e
8>i\\k`e^]ifdk_\Cfi[DXpfif]k_\:`kpf]FY\i_Xlj\e
ÙIl_i)'('È`jk\`e\`eq`^Xik`^\jBlckli\i\`^e`j#[`\\`edXc`^\:_XeZ\]•i
lej\i\ I\^`fe# `_i\ ^Xeq\ blckli\cc\ BiX]k# `_i\ \efid\ jZ_g]\i`jZ_\
M`\c]Xck#`_i\\`eq`^Xik`^\NXe[cle^j$le[?Xe[cle^j]€_`^b\`kqlY\n\`j\e%
@e[\iJgXik\Ù=`cdÈdfY`c`j`\i\e[`\@ek\ieXk`feXc\eBliq]`cdkX^\FY\i_Xlj\e
AX_i]•iAX_i[`\=`cdjZ_X]]\e[\eXlj[\iI\^`fele[[\i^Xeq\eN\ckÆj\`k
d\_iXcj\`e\d_XcY\eAX_i_le[\ik%
FY\i_Xlj\e`jk[XY\`e`Z_keli[\iFik[\iGi€j\ekXk`fe%;`\@ek\ieXk`feXc\e
Bliq]`cdkX^\j`e[jk\kjXlZ_glcj`\i\e[\Hl\cc\e\l\i@ejg`iXk`fe%
<j^\_kY\`[`\j\dkiX[`k`fe\cc\e=`cd]\jk`mXce`Z_kelild[`\Y\n\^k\e
le[ Y\n\^\e[\e 9`c[\i% <j ^\_k [Xi•Y\i _`eXlj ld [`\ lek\ijZ_`\[c`Z_\e
<ekn`Zbcle^\e`ee\i_XcY[\iJgXik\ÙBliq]`cdÈ%
;`\@ek\ieXk`feXc\eBliq]`cdkX^\_XY\e(0,+i\^`feXcle[XeXcf^Y\^fee\e# ÈIl_i)'('É`jXle`hl\ZlckliXc_Xgg\e`e^1XelegXiXcc\c\[Z_XeZ\]fiflii\^`fe
_\lk\ j`e[ j`\ c€e^jk `d [`^`kXc\e# ^cfYXc\e Q\`kXck\i d`k j\`e\e qX_ccfj\e kf[\dfejkiXk\`kj\ek`i\ZlckliXc\e\i^p#`kj\efidfljZi\Xk`m\[`m\ij`kpXe[`kj
\oZ\gk`feXcZXgXZ`kp]fiZ_Xe^\Xe[XZk`fe%
k_\dXk`jZ_$k\Z_e`jZ_\eD^c`Z_b\`k\eXe^\bfdd\e%
@ek_\È]`cdÉZXk\^fip#k_\@ek\ieXk`feXcJ_fik=`cd
8l] [\e Gf[`\e n`i[ e`Z_k eli •Y\i Bliq]`cd\
=\jk`mXc FY\i_Xlj\e _Xj dfY`c`j\[ ]`cddXb\ij ]ifd
[`jblk`\ik# [fik ^\_k \j XlZ_ ld :_XeZ\e le[
k_`ji\^`feXe[k_ifl^_flkk_\nfic[p\Xilgfep\Xi
I`j`b\e]•i[Xj^\jXdk\>\ei\#Y`j_`eql[\e\j$
$]fidfi\k_Xe_Xc]XZ\eklip%
j\ek`\cc\e =iX^\e1 Ù?Xk [\i Bliq]`cd Qlble]k6È
9lkFY\i_Xlj\e`j]Xidfi\k_XealjkXm\el\]fi
Ù?XY\e=`cd]\jk`mXcj`dQ\`kXck\iY\n\^k\i#n\ck$
gi\j\ek`e^ ]`cdj1 k_\ @ek\ieXk`feXc J_fik =`cd =\jk`mXc
ldjgXee\e[\i @ek\ie\kgcXkk]fid\e efZ_ |Y\i$
_XjXcjfXcnXpjY\\eXm`YiXekjfliZ\f]e\n`ejg`iX$
c\Y\ejZ_XeZ\e le[ \`e\ ;Xj\`ejY\i\Z_k`^le^6È
k`fe%
;Xjj`e[=iX^\e#Xl][`\`dd\in`\[\i8eknfik\e
K_`jkiX[`k`feXc]`cd]\jk`mXc[f\jefk]fZljjfc\cp
^\]le[\en\i[\ed•jj\e#XlZ_`eFY\i_Xlj\e%
fek_\dfm`e^Æ`eYfk_j\ej\jf]k_\nfi[Æ`dX^\#Ylk
<`ejfi\efdd`\ik\j=`cd]\jk`mXcn`\[`\@ek\i$
Xcjf\e^X^\jn`k_k_\^i\XkmXi`\kpf][\m\cfgd\ekj
eXk`feXc\e Bliq]`cdkX^\ FY\i_Xlj\e `jk f_e\
n`k_`ek_\]`\c[f]Èj_fik]`cdÉ%
qX_ci\`Z_\ le[ qlm\ic€jj`^\ Jgfejfi\e e`Z_k Xl]
K_\@ek\ieXk`feXcJ_fik=`cd=\jk`mXcY\^Xe`e(0,+Xj
[`\C\`enXe[qlYi`e^\e#\ijki\Z_k`en`ikjZ_X]kc`Z_
Xi\^`feXc#XeXcf^\m\ek2kf[Xp#`k_Xjcfe^\jkXYc`j_\[X
jZ_n`\i`^\e Q\`k\e% ;X_\i ^`ck d\`e lej\i ;Xeb
gcXZ\`ek_\[`^`kXc#^cfYXc\iXn`k_`kjZflekc\jjk_\dXk`Z
Xcc[\e\e#[`\d`k`_i\idXk\i`\cc\ele[d\[`Xc\e
Xe[k\Z_e`ZXcgfjj`Y`c`k`\j%
Lek\ijk•kqle^[X]•ijfi^\e#[XjjXlZ_`dBlckli$
@e k_\ =\jk`mXc gf[`ld [`jZljj`fej# `k `j efk aljk
_XlgkjkX[kaX_i[`\,-%@ek\ieXk`feXc\eBliq]`cdkX^\
j_fik]`cdjk_XkXi\[\YXk\[#YlkXcjfk_\Z_XeZ\jXe[
FY\i_Xlj\ejkXkk]`e[\e%
i`jbj ]fi k_\ \ek`i\ ^\ei\# `eZcl[`e^ k_\ \jj\ek`Xc
N`i]i\l\elej•Y\ia\[\e>XjkÆ\`e\I\`j\eXZ_
hl\jk`fej1È;f\jj_fik]`cd_Xm\X]lkli\6ÉÈ;f]`cd
FY\i_Xlj\ecf_ekj`Z_`dd\i
]\jk`mXcj_Xm\XZ_XeZ\kfjlim`m\Xe[XiX`jfe[ˆki\`ek_\\iXf]_`^_$gfn\i^cfYXc
@ek\ie\kgcXk]fidj6ÉK_\j\Xi\hl\jk`fejk_XkZfejkXekcpe\\[kfY\Xejn\i\[#`e
FY\i_Xlj\eXjn\cc%
8 gi\jk`^`flj ]`cd ]\jk`mXc jlZ_ Xj k_\ @ek\ieXk`feXc J_fik =`cd =\jk`mXc
FY\i_Xlj\eZXeefkY\glkfek_\jZi\\en`k_flkdXepi\c`XYc\jgfejfij#gXik`ZlcXicp
`ek`d\jf]\Zfefd`Z[`]]`Zlckp%=fik_`ji\Xjfe#dpXe[fli k_Xebj^fkfXcck_fj\
n_f_Xm\^`m\ek_\`idXk\i`XcXe[d\[`Xjlggfikkf\ejli\k_Xkk_\,-k_@ek\ieX$
k`feXcJ_fik=`cd=\jk`mXcFY\i_Xlj\eZXekXb\gcXZ\feZ\dfi\#`ek_\p\Xik_\
Il_iXi\X`jk_\:lckliXc:Xg`kXcf]<lifg\%
N\Xi\_Xggpkfn\cZfd\\m\ipj`e^c\^l\jk$Xki`gkfFY\i_Xlj\e`jXcnXpj
nfik_n_`c\
BcXljN\_c`e^
FY\iY•i^\id\`jk\i[\iJkX[kFY\i_Xlj\e
Cfi[DXpfif]k_\:`kpf]FY\i_Xlj\e
/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
> i l  n f i k [ \ j J k X X k j j \ b i\ k € i j ] • i B l c k l i [ \ j C X e [ \ j E f i [ i _ \ ` e $
N\jk]Xc\e
8 N f i [ f ] N\ c Z f d \ ] i f d k _ \ J k X k \ J \ Z i \ k X i p ] f i : l c k l i \ f ] k _ \ C X e [
f ] E f i k _ I _ ` e \ $ N\ j k g _ X c ` X
@d m\i^Xe^\e\e AX_i ]iX^k\ =\jk`mXcc\`k\i CXij ?\ei`b >Xjj `e j\`e\i
< i]]ele^ji\[\Xcc\ek_XcY\eeXZ_[\iÙQlble]kmfe=`cd]\jk`mXcjÈ%Ql[`\j\d
K_\dX_Xkk\mfi\`e\dAX_iXlZ_[Xj=`cddX^Xq`eJZ_e`kkm`\c\^\n`Z_k`^\
Jk`dd\e[\i<lifg€`jZ_\e=\jk`mXcjq\e\m\ijXdd\ck%CXij?\ei`b>Xjj_Xk
[XiXl] Xl]d\ibjXd ^\dXZ_k# [Xjj =`cd]\jk`mXcj _\lk\ f]kdXcj [\i \`eq`^\
M\in\ikle^jfik ]•i =`cd\ j`e[% FY^c\`Z_ \j [`\ 9\[\lkle^ [\i =\jk`mXcj
jk\`^\ik#`jk[`\j\<ekn`Zbcle^]•i=`cd\dXZ_\iY\[if_c`Z_%<`e\Bfej\hl\eq
beek\ j\`e# [Xjj =\jk`mXcj# [`\ aX n`\ FY\i_Xlj\e qn\`]\ccfj XlZ_ DXib\e
j`e[#`_i\Gif^iXdd\m`\cd\_im\idXibk\ele[Xl]I\`j\ejZ_`Zb\e%
LeY`cc[if_kqliQ\`kmfe^XeqXe[\i\iJ\`k\%;\ee=\jk`mXcjÆfYjkXk`fe€i
f[\iXcjIfX[j_fn$YiXlZ_\eJkXe[fik\#8Yjg`\cfik\%N`\j\cYjkm\ijk€e[c`Z_
^\_\e n`i [Xmfe Xlj# [Xjj [`\j\ Fik\# `e [\i I\^\c Gif^iXddb`efj# Xcj
N`ikjZ_X]kjlek\ie\_d\e ]lebk`fe`\i\e le[ `_i =fikY\jk\_\e Xlj \`^\e\i
BiX]k Y\jki\`k\e bee\e% Gif^iXddb`efj# [`\ j`Z_ •Y\i [`\ AX_i\ \`e\e
]\jk\e GcXkq e\Y\e [\e Dlck`gc\o\e \ib€dg]k
_XY\e#jk\_\e_\lk\mfi[\i?\iXlj]fi[\ile^[\i
;`^`kXc`j`\ile^% Gfc`k`b\i le[ M\ic\`_\i _XY\e Æ
k\`cn\`j\Y`jcXe^elik_\fi\k`jZ_ÆY\^i`]]\e#[Xjj
[\i[`^`kXc\ÙIfcc$flkÈe`Z_kql\`e\i|Y\ic\Y\ej$
]iX^\ ]•i [`\ ]`eXeqjZ_n€Z_jk\e B`efj n\i[\e
[Xi]%Kifkqm`\c\i;`jbljj`fe\ele[M\i_Xe[cle^\e
bfeek\dXej`Z_Y`j_\iXl]b\`e^\d\`ejZ_X]kc`Z_\j
=`eXeq`\ile^jdf[\cc\`e`^\e%@dd\i_`e]Xe^\eele
\`eq\ce\C€e[\iXe#]`eXeq`\cc\I\jjfliZ\e]•i[`\
;`^`kXc`j`\ile^ qli M\i]•^le^ ql jk\cc\e# [Xilek\i
Efi[i_\`e$N\jk]Xc\e%8cc\`e#\j]\_ck\`e]c€Z_\e$
[\Zb\e[\jDf[\cc#Y\`[\dXcc\d`kkle19le[#==8#
M\ic\`_\i#B`efY\ki\`Y\ile[C€e[\i%;XY\`^\_k\j
ldm`\c1<`eleY\qX_cYXi\jJk•Zbblckli\cc\@e]iX$
jkilbkli$[\eee`Z_kjn\e`^\ij`e[B`efj#[`\\j
ql\i_Xck\ele[qljk€ib\e^`ck%
8Y\iXlZ_=\jk`mXcjj`e[\`en`Z_k`^\i9\jkXe[k\`c
[`\j\iÙblckli\cc\e@e]iXjkilbkliÈ%J`\_XlZ_\e[\e
8Yjg`\cfik\e >\`jk \`e le[ j`e[ Æ n`\ `d =Xcc [\i
@ek\ieXk`feXc\e Bliq]`cdkX^\ Æ \`e _\iXljiX^\e[\j blckli\cc\j<i\`^e`j ]•i
[`\ JkX[k FY\i_Xlj\e le[ [`\ I\^`fe% J\`k AX_iq\_ek\e jZ_i\`Yk le[
Y\jZ_i\`Yk FY\i_Xlj\e Xcj Ùn`c[\i Bliq]`cdbfek`e\ekÈ Q`kXk Gif^iXdd$
]cp\i Bliq]`cd^\jZ_`Z_k\# jk\cck Y\\`e[ilZb\e[ leY\\`e[ilZbk mfe Df[\e
gfc`k`jZ_\le[b•ejkc\i`jZ_\=iX^\eqli;`jgfj`k`fe#q\`^k[\e`ek\ieXk`feXc\e
Bliq]`cdlek\ijZ_`\[c`Z_jk\i8ljgi€^le^%Ql[\d_XkFY\i_Xlj\e[`\Y\jfe[\i\
<`^ele^ [\j Bliq]`cdj ]•i \`e ale^\j GlYc`bld ]i•_ \ibXeek le[ [XiXlj `e$
qn`jZ_\e\`em`\cY\XZ_k\k\jle[_\imfiiX^\e[\jB`e[\i$le[Al^\e[gif^iXdd
\ekn`Zb\ck%
;`\@ek\ieXk`feXc\eBliq]`cdkX^\FY\i_Xlj\e$[XjY\n\`jk`_i\Gif^iXd$
d`\ile^•Y\im`\c\AX_i\$il_\ej`Z_e`Z_kXljXl]`_i\dÙDXib\eeXd\eÈ#[Xj
d^\jfYc\`Y\e%@Z_n•ejZ_\Xcc\e9\jlZ_\iele[9\k\`c`^k\e•Y\iiXjZ_\e[\
<ek[\Zble^\e#Y\i\`Z_\ie[\9\^\^ele^\ele[e\l\@dglcj\%
@e _`j fg\e`e^ jg\\Z_ cXjk p\Xi# =\jk`mXc ;`i\Zkfi CXij ?\ei`b >Xjj \ogcfi\[ k_\
hl\jk`fef]k_\È]lkli\f]]`cd]\jk`mXcjÉ%8p\XiX^f#k_\]`cddX^Xq`e\JZ_e`kkXcjf
^Xk_\i\[dXep`dgfikXekfg`e`fejfek_`jkfg`Z]ifdk_\<lifg\Xe]\jk`mXcjZ\e\%
CXij?\ei`b>Xjjgf`ek\[flkk_Xk#k_\j\[Xpj#]`cd]\jk`mXcjXi\f]k\ek_\fecpgcXZ\
n_\i\]`cdjXi\gi\j\ek\[%8ck_fl^_k_`jki\e[Xl^d\ekjk_\`dgfikXeZ\f]]\jk`mXcj#
`ki\gi\j\ekjX[Xe^\i]fi]`cddXb\ij%Fe\Zfej\hl\eZ\Zflc[Y\k_Xk]\jk`mXcj#
n_`Z_#c`b\FY\i_Xlj\e#Xi\YiXe[eXd\jXjn\cc#n`ccdXib\kk_\`igif^iXdd\j
Xe[j\e[k_\dfekflidlZ_dfi\%
8kgi\j\ek#k_\i\Xi\kiflYc\jcffd`e^]ifdXZfdgc\k\cp[`]]\i\ekj`[\%=fi]\j$
k`mXcj$n_\k_\ijkXk`feXipfiXjifX[j_fnj$e\\[cfZXk`fej#m\el\j%N\kXb\`k
\ek`i\cp]fi^iXek\[k_Xkk_\j\cfZXk`fej#dfjkcpXik$
_flj\ Z`e\dXj# ]leZk`fe Xj Ylj`e\jj\j Xe[ ZXe ]`$
eXeZ\ k_\`i \o`jk\eZ\ le[\i k_\`i fne jk\Xd%
8ik_flj\Z`e\dXj#n_`Z_fm\ik_\p\Xij_Xm\ZXim\[
k_\dj\cm\jflkXe\jkXYc`j_\[gcXZ\Xcfe^j`[\k_\dlck`$
gc\o\j# Xi\ efn ]XZ`e^ k_\ Z_Xcc\e^\ f] [`^`k`jXk`fe%
G fc`k`Z`XejXe[[`jki`Ylkfij_Xm\i\Xc`j\[Æjfd\k`d\j
fecp `e k_\fip Æ k_Xk k_\ [`^`kXc Èifcc$flkÉ dljk efk
Y\Zfd\ X jlim`mXc `jjl\ ]fi k_\ ]`eXeZ`Xccp n\Xb\jk
Z`e\dXj%;\jg`k\dXep[`jZljj`fejXe[e\^fk`Xk`fej#
efX^i\\d\ek_Xjjf]XiY\\ei\XZ_\[feXZfddfe
]`eXeZ`e^ df[\c% 8k c\Xjk jfd\ >\idXe C€e[\i Xi\
jkXik`e^kfgifm`[\]`eXeZ`Xci\jfliZ\j]fi[`^`k`jXk`fe#
`eZcl[`e^ Efik_ I_`e\$N\jkg_Xc`X% 9lk k_\i\ `j ef
le`m\ijXc df[\c k_Xk Xcc ZXe af`e `e1 k_\ >\idXe
=\[\iXc>fm\ied\ek#k_\>\idXe=\[\iXc=`cd9fXi[#
[`jki`Ylkfij#Z`e\dXfg\iXkfijXe[C€e[\i%P\kk_\i\
`jdlZ_XkjkXb\1Xgi`Z\c\jjg`\Z\f]ZlckliXc`e]iX$
jkilZkli\ Æ ]fi k_Xk `j n_Xk Z`e\dXj Xi\# Xe[ k_\p
e\\[kfY\gi\j\im\[Xe[jki\e^k_\e\[%
9lk ]\jk`mXcj Xi\ Xcjf Xe `dgfikXek gXik f] k_`j ZlckliXc `e]iXjkilZkli\% K_\p
Yi`e^m`kXc`kpkfk_\m\el\jXe[k_\pXi\$Xj`ek_\ZXj\f]k_\@ek\ieXk`feXcJ_fik
=`cd=\jk`mXc$XeflkjkXe[`e^ZlckliXc\m\ek]fik_\Z`kpf]FY\i_Xlj\eXe[k_\
i\^`fe%=fi[\ZX[\j#FY\i_Xlj\e#XjXÈn`c[Zfek`e\ekf]j_fik]`cdÉhlfk\]ifd
k_\gif^iXdd\YifZ_li\ #_XjY\\edXb`e^Xe[[\jZi`Y`e^j_fik]`cd_`jkfip#kXZb$
c`e^ gfc`k`ZXc Xe[ Xik`jk`Z `jjl\j `e X dXee\i k_Xk `j `dgi\jj`m\cp le`dgi\jj\[ Yp
]Xj_`fe# Xe[ jZi\\e`e^ `ek\ieXk`feXc j_fik ]`cdj f] X m\ip n`[\ mXi`\kp% Dfi\fm\i#
\Xicpfe#FY\i_Xlj\ei\Xc`j\[k_Xkj_fik]`cd`jgXik`ZlcXicpjl`k\[kfpfle^Xl[`$
\eZ\jXe[_Xjj`eZ\[\m\cfg\[XdlZ_i\jg\Zk\[Xe[flkjkXe[`e^gif^iXdd\]fi
Z_`c[i\eXe[pfle^g\fgc\%
K_\@ek\ieXk`feXcJ_fik=`cd=\jk`mXcFY\i_Xlj\eÆXj`jgifm\eYp`kjgif^iXdd\j
fm\idXepp\XijÆ[f\jefki\cpfe`kjYiXe[eXd\#Xe[k_XkËj_fn`kj_flc[jkXp%@
n`j_Xccm`j`kfijXe[gXik`Z`gXekjjligi`j`e^[`jZfm\i`\j#\ei`Z_`e^\eZflek\ijXe[
e\n`dglcj\j%
?Xej$?\`ei`Z_>ifjj\$9ifZb_f]]
JkXXkjj\bi\k€i]•iBlckli[\jCXe[\jEfi[i_\`e$N\jk]Xc\e
JkXk\J\Zi\kXip]fi:lckli\f]k_\CXe[f]Efik_I_`e\$N\jkg_Xc`X
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
0
>ilnfi k[\j9\Xl] kiX^k\e[\i9le[\ji\^`\ile^
] • i B l c k l i l e [ D \ [ ` \ e 8 N f i [ f ] N \ c Z f d \ ] i f d k _ \ =\ [ \ i X c > f m \ i e d \ e k : f d d ` j j ` f e \ i
]fi:lckliXcXe[D\[`X8]]X`ij
;XjIl_i^\Y`\kjk\_k`dBlckli_XlgkjkX[kaX_i`dQ\ekild[\jblckli\cc\e@ek\$
i\jj\j`e<lifgX%;Xd`kY`\k\kj`Z_XlZ_]•i[`\@ek\ieXk`feXc\eBliq]`cdkX^\
FY\i_Xlj\e [`\ :_XeZ\# [\e Bliq]`cd `e j\`e\e m`\c]€ck`^jk\e <ijZ_\`ele^j$
]fid\e \`e\d efZ_ ^i\i\e GlYc`bld ql \ijZ_c`\\e% @Z_ Y`e d`i j`Z_\i#
[Xjj [`\ Bliq]`cdkX^\ [`\j\ >\c\^\e_\`k elkq\e le[ [\e f_e\_`e jZ_fe
Y\\`e[ilZb\e[\eGlYc`bldjqljgilZ_efZ_\`edXcjk\`^\ien\i[\e%;fZ_[`\
9\jlZ_\iqX_c\e j`e[ eli \`e K\`c [\j <i]fc^j% M\ijZ_`\[\e\ N\kkY\n\iY\
jfn`\\`eld]Xe^i\`Z_\jGif^iXddXljNfibj_fgjle[Gf[`ldj[`jbljj`fe\e
q`\_\eAX_i]•iAX_id\_iXcjkXlj\e[=XZ_Y\jlZ_\ieXZ_FY\i_Xlj\e%N\i
_`\i_\ibfddk#jlZ_ke`Z_keli[`\Lek\i_Xckle^#jfe[\iemfiXcc\dXlZ_[`\
8lj\`eXe[\ij\kqle^Æb•ejkc\i`jZ_#`e_Xckc`Z_le[gfc`k`jZ_%FY\i_Xlj\ejk\_k
`ek\ieXk`feXc]•i[\e<`^\ej`eele[[`\b•ejkc\i`jZ_\=i\`_\`k[\j>\ei\j2\j
`jk^\iX[\ql\`eÙ9Xpi\lk_[\jBliq]`cdjÈ%;Xild_Xk[\i9le[`dm\i^Xe^\e\e
AX_i[`\=i[\ile^[`\j\j_\iXljiX^\e[\e=\jk`mXcjld\`e;i`kk\c\i__k%
;`\<i__le^[\i=i[\ile^]•i[XjFY\i_Xlj\e\i
=\jk`mXc`jka\[fZ_eli\`e9Xljk\`e[\iBliq]`cd]i$
[\ile^ [\i 9le[\ji\^`\ile^% ;Xj =`cd]i[\ile^j$
^\j\kq# [Xj `d m\i^Xe^\e\e AX_i m\iXYjZ_`\[\k
nli[\# Y\jZ_i\`k\k ^Xeq e\l\ N\^\% Qld \`e\e
n\i[\eB`efjlek\ijk•kqk#[`\Bliq]`cd\i\^\cd€`^
XcjMfi]`cd\`e`_iGif^iXdde\_d\e#qldXe[\i\e
bee\e M\ic\`_\i `d IX_d\e [\i 8YjXkq]i[\ile^
D`kk\cjg\q`\cc]•i[`\M\idXibkle^mfeBliq]`cd\e
Y\XekiX^\e%;`\I\jfeXeq`jk\idlk`^\e[le[`Z_Y`e
qlm\ij`Z_kc`Z_#[Xjj\`e\I\eX`jjXeZ\[\jBliq]`cdj
XcjMfi]`cd`dB`efd^c`Z_`jk%
8cc\e9\jlZ_\ie[\i,-%@ek\ieXk`feXc\eBliq]`cd$
kX^\ FY\i_Xlj\e n•ejZ_\ `Z_ ^lk\ >\jgi€Z_\ le[
Y\jfe[\i\ =`cd\ic\Ye`jj\ jfn`\ [\e M\iXejkXck\ie
\`e\e\i]fc^i\`Z_\eM\icXl]%
J`eZ\`kjj\c\Zk`feXjÈ:lckliXc:Xg`kXcÉ]fi)'('#k_\Il_ii\^`fe_XjY\\eXkk_\
Z\eki\ f] ZlckliXc `ek\i\jk `e <lifg\% K_`j `j Xcjf X Z_XeZ\ ]fi k_\ @ek\ieXk`feXc
J_fik=`cd=\jk`mXcFY\i_Xlj\ekfXkkiXZkXe\m\ecXi^\iXl[`\eZ\]fij_fik]`cd`eXcc
`kjmXi`\kpf]]fidj%@Xdjli\k_Xkk_\J_fik=`cd=\jk`mXcn`cclj\k_`jfggfikle`kpXe[
k_Xkk_\Xci\X[p`dgi\jj`m\Xl[`\eZ\eldY\ijn`cci`j\jk`cc]lik_\i%9lkk_\eldY\i
f]m`j`kfij`jfecpXgXikf]k_\=\jk`mXcËjjlZZ\jj%<m\ipp\Xi#mXi`fljZfdg\k`k`fej
Xe[Xn`[\$iXe^`e^gif^iXdd\f]nfibj_fgjXe[gf[`ld[`jZljj`fejXkkiXZkdfi\
k_XeXk_fljXe[jg\Z`Xc`jk^l\jkjkfFY\i_Xlj\e%K_fj\n_fZfd\_\i\Xi\efk
aljkcffb`e^kfY\\ek\ikX`e\[#YlkXYfm\XcckfY\Z_Xcc\e^\[$Xik`jk`ZXccp#k_\dXk`ZXccp
Xe[ gfc`k`ZXccp% FY\i_Xlj\e _Xj Xe `ek\ieXk`feXc i\glkXk`fe ]fi i\gi\j\ek`e^ k_\
`e[`m`[lXc`kpXe[Xik`jk`Z]i\\[fdf]k_`j^\ei\2`kZflc[Y\ZXcc\[k_\È9Xpi\lk_f]
k_\j_fik]`cdÉ%K_Xk`jn_pk_\>\idXe=\[\iXc>fm\ied\ekcXjkp\Xi`eZi\Xj\[`kj
]`eXeZ`Xcjlggfik]fik_`jflkjkXe[`e^]\jk`mXcYpXk_`i[%
9lk `eZi\Xj`e^ jlggfik ]fi k_\ FY\i_Xlj\e =\jk`mXc `j fecp fe\ ]XZ\k f] k_\
^fm\ied\ekËjYXZb`e^]fij_fik]`cd%K_\=`cdGifdf$
k`fe 8Zk k_Xk nXj gXjj\[ cXjk p\Xi jki`b\j flk `e
Zfdgc\k\cpe\n[`i\Zk`fej%Fek_\fe\_Xe[#jlggfik
n`cc Y\ ^`m\e kf Z`e\dXj k_Xk i\^lcXicp j_fn j_fik
]`cdj `e k_\`i jlggfik`e^ gif^iXdd\2 fe k_\ fk_\i#
[`jki`Ylkfij ZXe Xggcp ]fi ]le[j jg\Z`]`ZXccp ]fi k_\
dXib\k`e^f]j_fik]`cdjXjgXikf]jXc\jjlggfik%K_\
i\jgfej\_XjY\\e\eZfliX^`e^#Xe[@XdZfe]`[\ekk_Xk
Xi\eX`jjXeZ\f]j_fik]`cd`ejlggfik`e^gif^iXdd\j`e
Z`e\dXj`jgfjj`Yc\%
@_fg\Xccm`j`kfijkfk_\,-k_@ek\ieXk`feXcJ_fik
=`cd=\jk`mXcFY\i_Xlj\e_Xm\^ff[[`jZljj`fejXe[
jg\Z`Xc ]`cd \og\i`\eZ\j# Xe[ n`j_ k_\ fi^Xe`j\ij
\m\ipjlZZ\jj%
9\ie[E\ldXee#D[9
JkXXkjd`e`jk\iY\`[\i9le[\jbXeqc\i`e
;\i9\Xl]kiX^k\[\i9le[\ji\^`\ile^]•iBlcklile[D\[`\e
D`e`jk\if]JkXk\`ek_\=\[\iXc:_XeZ\cc\ip
Xe[:fdd`jj`fe\i]fi:lckliXcXe[D\[`X8]]X`ij
(' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
N X i l d F Y \ i _ X l j \ e6 N _ p F Y \ i _ X l j \ e6
;`\JkXk`fed`kEXd\eÙ8iY\`kjXdkÈnXiXl]\`edXcm\ijZ_nle[\e%;`\JkX$ K_\Yljjkfgn`k_k_\eXd\ÈAfY:\eki\Éjl[[\ecpmXe`j_\[%K_\jkfg#n_`Z_@^fgXjk
k`fe#[`\`Z_qn\`dXck€^c`Z_Xl][\dN\^qn`jZ_\eNf_ele^le[9•ifgXjj`\i\# kn`Z\X[Xpfek_\nXp]ifd_fd\kff]]`Z\#`jefnZXcc\[È=`i\JkXk`feÉ%GifYXYcpk_\
_\`keleÙ=\l\inXZ_\È%NX_ijZ_\`ec`Z_gXjjk\[\ie\l\EXd\eÙ8^\ekli]•i e\neXd\#È8^\eZp]fiNfibÉ#[`[eËk]`kfek_\j`^eXe[ÈAfY:\eki\É[`[eËk]`kfli
8iY\`kÈe`Z_kXl][XjJZ_`c[le[Ù8iY\`kjXdkÈe`Z_kd\_i`e[`\Q\`k%Qn\`dXc k`d\j%@ek_`jnXp#@Xd]XZ\[kn`Z\X[Xpn`k_k_\jfZ`Xci\Xc`kp`en_`Z_@nfib#
k€^c`Z_n\i[\`Z_jfXl][`\jfq`Xc\I\Xc`k€k#`e[\i`Z_XiY\`k\#^\jkf\e#n\`c Y\ZXlj\@`emfclekXi`cpcffbdfi\Zcfj\cpXkk_\g\fgc\n_f^\kfefif]]k_\Ylj
`Z_[`\C\lk\#[`\_`\i`e[\e9lj\`e$f[\iXljjk\`^\e#len`ccb•ic`Z_^\eXl\i _\i\%Kn`Z\X[Xp#k_\Ylj`jk_\jgXZ\`en_`Z_Z`iZldjkXeZ\jZfe]ifekd\n`k_k_\
Y\kiXZ_k\%Qn\`dXck€^c`Z_`jk[\i9lj[\iIXld#`e[\dd`i[`\M\i_€cke`jj\ hl\jk`fei\^Xi[`e^]fin_fdXe[_fnn\ilek_`j]\jk`mXc#Xe[n_pn\[f`k`e
[`\=iX^\jk\cc\e#]•in\ele[n`\n`i[`\j\j=\jk`mXcdXZ_\ele[nXild`e FY\i_Xlj\e%
8jf]k_`jp\Xi#n_Xk`jdfi\#@efcfe^\ic`m\Xe[nfib`eÈFY\i_Xlj\eÉ#Ylk`e
FY\i_Xlj\e%
J\`k[`\j\dAX_ic\Y\le[XiY\`k\`Z_XlZ_e`Z_kd\_i`eÙFY\i_Xlj\eÈ# Xe È\og\i`\eZ\ Xi\XÉ% K_\ Il_i Xi\X _Xj Y\\e [\ZcXi\[ k_`j p\XiËj È<lifg\Xe
jfe[\ie `e \`e\d Ù<ic\Ye`jXi\XcÈ% ;Xj Il_i^\Y`\k nli[\ ]•i [Xj cXl]\e[\ :Xg`kXcf]:lckli\É%K_\dfkkf`jÉ:_Xe^\k_ifl^_Zlckli\É%8kk_\jXd\k`d\#k_\
AX_i qli ÙBlckli_XlgkjkX[k <lifgXjÈ \ibc€ik% ;Xj C\`kY`c[ _\`k ÙNXe[\c Z`kpf]FY\i_Xlj\e`jdXb`e^_\X[c`e\jdfi\n`k_`kjYl[^\k[\]`Z`kk_Xen`k_`kj
[liZ_BlckliÈ%Ql^c\`Z_dXZ_k[`\JkX[kFY\i_Xlj\ed`k[\iM\ijZ_lc[le^ ZlckliXcX]]X`ij%@knXjk_\]`ijkZ`kp`ek_\n_fc\jkXk\kf_Xm\[\Ykj\oZ\\[`e^`kj
`_i\j?Xlj_Xck\jd\_iJZ_cX^q\`c\eXcjd`k`_i\eblckli\cc\eEXZ_i`Z_k\e%J`\ Xjj\kj%8Z`kp`en_`Z_glYc`Zjn`dd`e^gffcjXe[b`e[\i^Xik\ejXi\k_i\Xk\e\[
nXicXe[\jn\`k[`\\ijk\JkX[k#`e[\i[`\JZ_lc[\e[XjM\id^\e•Y\ijk`\^\e% n`k_Zcfjli\`jef\XjpgcXZ\]fiZi\Xk`e^Xgfj`k`m\i\jgfej\kfZlckliXc\og\e[`kli\%
<`e\JkX[k#`e[\iJZ_n`ddY€[\ile[B`e[\i^€ik\emfi[\iJZ_c`\le^jk\_\e# Mf`Z\jXi\_\Xi[[\ZcXi`e^Xepgifdfk`fef]Zlckli\kfY\flk[Xk\[%Efk]Xi]ifd
`jk b\`e Ld]\c[# `e [\d gfj`k`m\ I\jfeXeq ]•i BlckliXlj^XY\e c\`Z_k ql FY\i_Xlj\e#k_\Xlk_fi`k`\j`ek_\Z`kpf]Jfc`e^\e_Xm\Xci\X[pXY[`ZXk\[k_\`i
\iq\l^\e `jk% <j n\i[\e Jk`dd\e cXlk# [`\ a\[\ =i[\ile^ mfe Blckli ]•i i\jgfej`Y`c`kpXe[Xi\c\kk`e^Z`k`q\ejmfk\fek_\@ek\ie\kfek_\gi`fi`k`\jf]k_\
•Y\i_fck\ibc€i\e%Len\`kmfeFY\i_Xlj\e_XY\e[`\M\iXeknfikc`Z_\e[\i dle`Z`gXc Yl[^\k% G\i_Xgj k_\i\ nfeËk Y\ Xep Zlckli\ k_\i\ `e k_\ ]lkli\% @k ef
JkX[kJfc`e^\eY\i\`kj`_i\M\iXeknfikle^XY^\ki\k\ele[cXjj\e•Y\i[`\ cfe^\i _Xj X dXafi`kp% @k `j k_\i\]fi\ YXi\cp jligi`j`e^ k_Xk ÈIL?I%)'('É j\\dj
dfi\c`b\XY`^gfglcXi]\jk`mXck_XeXeXkk\dgkkf^`m\
Gi`fi`k€k\e[\jjk€[k`jZ_\e?Xlj_Xckj`d@ek\ie\k
k_\ Il_i Xi\X Xe Xik`jk`Z gif]`c\% K_\ Il_i Xi\X n`cc
XYjk`dd\e%Blcklin`i[\j[fikb•e]k`^m`\cc\`Z_k
Z\c\YiXk\`kjcXjkjlgg\ifek_\8+'dfkfinXp#n_`Z_
e`Z_kd\_i^\Y\e%J`\_Xkb\`e\D\_i_\`kd\_i%<j
n`ccY\Zcfj\[kfkiX]]`Z]fiX[Xpk_`jjldd\ijfk_Xk
`jk[X_\ibXldm\inle[\ic`Z_#[XjjÙIL?I%)'('È
Xe XYflk -'$b`cfd\ki\$cfe^ YXehl\k`e^ kXYc\ ZXe Y\
d\_iXcj\`e^if\jMfcbj]\jk\ijZ_\`ek[\eeXcj
j\klg%
M\ijlZ_#[XjIl_i^\Y`\kb•ejkc\i`jZ_qlgif]`c`\$
FY\i_Xlj\e`jefkXYfli^\f`jZ`kp%:lckli\_\i\nXj
i\e%8l][\i8lkfYX_e8+'#[`\`e[`\j\dJfdd\i
XcnXpjXefk_\ijfikf]nfibXe[c\jj\Xjpkfgifdfk\
]•i\`e\eKX^^\jg\iikn\i[\en`i[#ld[fik\`e\
Xe[aljk`]p%N_\e#Xkk_\jkXikf]k_\(0,'jÆk\c\m`j`fe
b`cfd\k\icXe^\KX]\cXl]qlYXl\e#]\`\ik[XjIl_i$
nXjjk`ccYXi\cpbefneÆXeÈ\[lZXk`feXc]`cd]\jk`mXcÉ
^\Y`\kj\`ec\kqk\j8Y\e[dX_c%
jkXik\[kfY\_\c[_\i\#k_\dX`eXjg`iXk`fenXjkflj\X
FY\i_Xlj\e `jk b\`e\ JkX[k [\j 9•i^\ikldj%
Zfdgc\k\cpefe$Yfli^\f`jb`e[f]Xikkf]lc]`cXjfZ`Xc
Blckli nXi _`\i `dd\i \`e Xe[\i\j Jk•Zb 8iY\`k
kXjb1kfc\Xie]ifdk_\gXjkXe[kliek_\>\idXej`ekf
le[n\e`^\ij\cYjkm\ijk€e[c`Z_qlm\id`kk\ce%8cj
Y\kk\ig\fgc\%K_\gif^iXdd\jn\i\\m\ekXb\e`ekf
dXe8e]Xe^[\i(0,'\iAX_i\Æ[Xj=\iej\_\enXi
k_\d`e\jkfi\XZ_g\fgc\%K_\j\[Xpj#dfjkg\fgc\`e
efZ_ bXld Y\bXeek Æ _`\i Y\^Xee ÙBlckli]`cd$
FY\i_Xlj\egi\]\ikfjg\e[k_\`i\m\e`e^j`e]ifekf]
kX^\È XYql_Xck\e# jf mfi Xcc\d `e [\i ?f]]ele^#
k_\ k\c\m`j`fe Xe[ [feËk \m\e c\Xm\ k_\`i _flj\j%
d`k\`e\i^Xeqle[^XileY•i^\ic`Z_\eBlejk\`e\e
<dg`i`ZXc jkl[`\j j_fn k_Xk k_\i\ `j X Zfej`[\iXYc\
jfq`Xc\e8l]kiX^ql\i]•cc\e1Xlj[\iM\i^Xe^\e$
gifYc\di\^Xi[`e^[\dXe[]fiZlckli\`e^\e\iXc#_\i\
_\`k ql c\ie\e le[ Xlj [\e ;\lkjZ_\e Y\jj\i\
D\ejZ_\eqldXZ_\e%DXe^`e^d`k[\eGif^iXd$
ŸMfcb\i?XikdXee&[[g&Bliq]`cdkX^\ Xe[\cj\n_\i\%@kXcdfjkj\\djXj`]Zlckli\`jcfj`e^`kj
gfn\ikfgifdfk\jfZ`XcZf_\i\eZ\%
d\ejf^Xilek\iKX^\#ld[`\C\lk\ql\ii\`Z_\e%
?\lk\j`kq\e[`\d\`jk\eFY\i_Xlj\e\iXY\e[jc`\Y\imfid=\iej\_\ile[ Jfd\fe\i\Z\ekcpXjb\[d\#n`k_Xg`kp`e^cffb#n_\k_\i`knXjeËk[\gi\jj`e^kf
^\_\e^Xie`Z_kd\_iXlj[\d?Xlj%?\lk\Y\c\^\e\dg`i`jZ_\Jkl[`\e\`e fi^Xe`j\X]`cd]\jk`mXc`eFY\i_Xlj\e#n_\i\`k_XjX_Xi[k`d\^X`e`e^k_\i\Zf^$
\i_\Yc`Z_\jEXZ_]iX^\gifYc\dmfeBlckli^\e\i\cc#_`\ile[Xe[\ijnf%=Xjk e`k`fe`kXci\X[p_Xj`ek\ieXk`feXccp$`eXZ`kpn_\i\fc[g\fgc\flkeldY\ik_\
pfle^#n_fXi\dfm`e^XnXpY\ZXlj\k_\p_Xm\YXi\cpXepfggfikle`k`\j]fikiX`e`e^
j`\_k\jjfXlj#Xcjm\ic`\i\Blckli[\iq\`k`_i\jfq`Xc\e9`e[le^jbi€]k\%
E\lc`Z_]iX^k\d`Z_a\dXe[d`kc\`[`^\e9c`Zbj#fY\je`Z_kkifjkcfjj\`#`e finfib%DpXejn\i`jk_Xkk_`j]\jk`mXc_XjkfkXb\gcXZ\_\i\Xe[efn_\i\\cj\Æ
FY\i_Xlj\e \`e =`cd]\jk`mXc ql fi^Xe`j`\i\e# [Xj \j jZ_n\i _Xk# _`\i \`e\ Xe[ aljk k_\ nXp `k `j% K_`j cfZXk`fe# n_\i\ k_\ Z_Xcc\e^\j Xi\ dfi\ m`j`Yc\ Xe[
8e\ib\eele^ql\icXe^\e#[`\`_d`ek\ieXk`feXcqlk\`cn`i[#`e\`e\iJkX[k#`e g\i_Xgj\m\edfi\YilkXck_Xe\cj\n_\i\#`j\oXZkcpk_\i`^_kgcXZ\]fik_`jnfib%
[\i[`\8ck\e`e[\i|Y\iqX_cj`e[^\^\e•Y\i[\eAle^\e#[`\n\^q`\_\e#n\`c K_\[\dXe[]fi^lXiXek\\jf]k_\Zfek`el\[\o`jk\eZ\f]ZlckliXc`ejk`klk`fejn`cc
j`\_`\ibXld8ljY`c[le^j$le[8iY\`kjXe^\Yfk\]`e[\e%@Z_Xeknfik\[\d _\cgaljkXjc`kkc\Xjk_\[\dXe[]fik_\`iXYfc`k`fe%N\n`cc\`k_\iY\XYc\kf^`m\
=iX^\e[\e#^\eXl_`\ile[e`i^\e[nfjfejkd•jj\[`\j\j=\jk`mXcjkXkk]`e[\e Zlckli\Xe\nYXj`j`eFY\i_Xlj\efiefk%K_`jZ`kpn`cc\`k_\ii\Zf^e`q\k_`j]\jk`mXc
Æle[jf#n`\\j`jk%>\eXl_`\i#nf[`\?\iXlj]fi[\ile^\ej`Z_kYXi\iqlKX^\ Xj`kj]lkli\#fi_Xm\efe\%N_\i\k_\i\`jefdfe\p#k_\fecpk_`e^k_Xk_\cgj`j
ki\k\e#m`\cc\`Z_kXlZ_YilkXc\iXcjXe[\ijnf#`jk[\iFik]•i[`\j\8iY\`k%;`\ `[\Xj%
=fi[\ile^eXZ_9\jkXe[j^XiXek`\emfeblckli\cc\e@ejk`klk`fe\en`i[\Y\ejf @j_flc[c`b\kfk_Xeb\m\ipYf[pn_f_XjdX[\k_`j]\jk`mXcgfjj`Yc\Xe[_\cgj
n\e`^ n\`k\i _\c]\e n`\ [`\ =fi[\ile^ eXZ_ [\i\e 8YjZ_X]]le^% <ekn\[\i kfb\\g`k^f`e^%
n\i[\en`i`eFY\i_Xlj\eBlcklie\lY\^i•e[\ebee\ef[\i^Xie`Z_k%<ek$
n\[\in`i[[`\j\JkX[k[`\j\j=\jk`mXcXcjj\`e\Qlble]k\ib\ee\ef[\ib\`e\ ;i%CXij?\ei`b>Xjj
=\jk`mXcc\`k\i
_XY\e%Nfb\`e>\c[`jk#_\c]\eeli@[\\e%
@Z_[Xeb\Xcc\e#[`\[`\j\j=\jk`mXc\id^c`Z_k_XY\ele[[X]•ijfi^\e#\j @ek\ieXk`feXc\Bliq]`cdkX^\FY\i_Xlj\e
=\jk`mXc;`i\Zkfi
ql\i_Xck\e%
@ek\ieXk`feXcJ_fik=`cd=\jk`mXcFY\i_Xlj\e
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
((
G i\ ` j \ 8n X i [ j
;`\@ek\ieXk`feXc\Alipm\i^`Yk]fc^\e[\Gi\`j\1
$[\e>if\eGi\`j[\iJkX[kFY\i_Xlj\e#[fk`\ikd`kE.%,''#
$qn\`?Xlgkgi\`j\#[fk`\ikd`ka\n\`cjE*%,''#
$[\e8IK<$Gi\`j]•i\`e\e\lifg€`jZ_\eBliq]`cd#[fk`\ikd`kE)%,''%
;`\Alip[\jD`e`jk\igi€j`[\ek\e[\jCXe[\jEfi[i_\`e$N\jk]Xc\em\i^`Yk
\`e\eGi\`j#[fk`\ikd`kE,%'''%
;`\Alip[\i=@GI<J:@Alip[\i@ek\ieXk`feXc\e=`cdbi`k`b m\i^`Yk\`e\eGi\`j%
;`\{bld\e`jZ_\Alipm\i^`Yk\`e\eGi\`j#[fk`\ikd`kE(%,''%
;`\B`ef$Alipm\i^`Yk\`e\eGi\`j#m\iYle[\ed`k\`e\i8ebXl]jfgk`fe[liZ_
[`\Bliq=`cd8^\ekli?XdYli^]•i[`\gi€d`\ik\8iY\`k%
;`\ @ek\ieXk`feXc\e Bliq]`cdkX^\ FY\i_Xlj\e m\i^\Y\e \`e\e Gi\`j# [fk`\ik
d`kE,''%
;`\Alip[\j;\lkjZ_\eN\kkY\n\iYjm\i^`Yk]fc^\e[\Gi\`j\1
$[\eGi\`j]•i[\eY\jk\e9\`kiX^[\j;\lkjZ_\eN\kkY\n\iYj#[fk`\ikd`k
E,%'''#
$[\e *jXk$=i[\igi\`j# [fk`\ik d`k E )%,'' ]•i \`e\e 9\`kiX^# [\i j`Z_
[liZ_\`e\e\l\J`Z_kn\`j\Xljq\`Z_e\k%;\iGi\`jld]Xjjk[Xi•Y\i_`eXlj[Xj
8e^\Yfk#[\eXlj^\q\`Z_e\k\e9\`kiX^ql\in\iY\ele[`d*jXk$Gif^iXddql
gi€j\ek`\i\e%
;`\Alip[\jEIN$N\kkY\n\iYjm\i^`Yk]fc^\e[\Gi\`j\1
$[\e\ijk\eGi\`j[\jEIN$N\kkY\n\iYj#[fk`\ikd`kE(%'''#
$[\eqn\`k\eGi\`j[\jEIN$N\kkY\n\iYj#[fk`\ikd`kE,''%
;`\Gi\`j\n\i[\emfe[\iEIN%98EB^\jk`]k\k%
Qn\` FY\i_Xlj\e\i B`e[\i$ le[ Al^\e[alipj m\i^\Y\e `d @ek\ieXk`feXc\e
B`e[\i$ le[ Al^\e[]`cdn\kkY\n\iY a\ \`e\e Gi\`j ]•i [\e Y\jk\e 9\`kiX^#
[fk`\ikd`ka\n\`cjE(%'''%
;`\DlM`$Alipm\i^`Yk]fc^\e[\Gi\`j\]•i[XjY\jk\[\lkjZ_\Dlj`bm`[\f1
$[\e(%Gi\`j#[fk`\ikd`kE)%,''#
$[\e)%Gi\`j#[fk`\ikd`kE(%,''#
$[\e*%Gi\`j#[fk`\ikd`kE(%'''%
;\iDlM`$Fec`e\GlYc`bldjgi\`j`jk[fk`\ikd`kE,''%
Gi\`j\le[Gi€d`\ej`e[]•i[`\I\^`jj\li\Y\jk`ddk%
K_\@ek\ieXk`feXcAlipn`ccXnXi[k_\]fccfn`e^gi`q\j1
$k_\>iXe[Gi`q\f]k_\:`kpf]FY\i_Xlj\eE.#,'' #
$knfGi`eZ`gXcGi`q\jE*#,''\XZ_ #
$k_\8IK<Gi`q\]fiX<lifg\Xej_fik]`cdE)#,'' %
K_\Alipf]k_\D`e`jk\iGi\j`[\ekf]Efik_I_`e\$N\jkg_Xc`Xn`ccXnXi[Xgi`q\
E,#''' %
K_\Alipf]k_\=@GI<J:@Alipf]@ek\ieXk`feXc=`cd:i`k`Zj n`ccXnXi[Xgi`q\%
K_\<Zld\e`ZXcAlipn`ccXnXi[Xgi`q\E(#,'' %
K_\:`e\dXAlipn`ccXnXi[Xgi`q\`eZfee\Zk`fen`k_XYlp`e^fgk`fefek_\XnXi[\[
nfibYpk_\Bliq=`cd8^\ekli?XdYli^%
K_\@ek\ieXk`feXcJ_fik=`cd=\jk`mXcFY\i_Xlj\en`ccXnXi[Xgi`q\E,'' %
K_\Alipf]k_\>\idXe:fdg\k`k`fen`ccXnXi[k_\]fccfn`e^gi`q\j1
$k_\gi`q\]fik_\Y\jkZfeki`Ylk`fekfk_\>\idXe:fdg\k`k`feE,#''' #
$k_\*jXk$Gifdfk`feXc$8nXi[E)#,'' ]fiXnfibn`k_XgXik`ZlcXicp`eefmXk`m\
XggifXZ_%K_`jXnXi[`eZcl[\jXefgk`fe]fi*jXkkfgliZ_Xj\k_\n`ee`e^k`kc\
Xe[YifX[ZXjk`kfe*jXk%
K_\Alipf]k_\EIN:fdg\k`k`fen`ccXnXi[k_\]fccfn`e^gi`q\j1
$k_\]`ijkgi`q\f]k_\EIN:fdg\k`k`feE(#''' #
$k_\j\Zfe[gi`q\f]k_\EIN:fdg\k`k`feE,'' %
K_\gi`q\jXi\`e[fn\[Ypk_\EIN%98EB%
KnfZ_`c[i\eXe[pflk_ali`\j]ifdFY\i_Xlj\en`ccXnXi[fe\gi`q\\XZ_]fik_\
Y\jkZfeki`Ylk`fekfk_\:_`c[i\eËjXe[Pflk_=`cd:fdg\k`k`feE(#'''\XZ_ %
K_\DlM`Alipn`ccXnXi[k_\]fccfn`e^gi`q\j]fik_\Y\jk>\idXedlj`Zm`[\f1
$k_\(jkGi`q\E)#,'' #
$k_\)e[Gi`q\E(#,'' #
$k_\*i[Gi`q\E(#''' %
K_\DlM`Fec`e\8l[`\eZ\8nXi[XdflekjkfE,''%
K_\XnXi[jXe[gi\d`ldjn`ccY\^`m\ekfk_\]`cd[`i\Zkfij%
M`[\fC`YiXipM`[\fC`YiXip
;`\ M`[\f C`YiXip Y\]`e[\k j`Z_ `e [\i Cl`j\$8cY\ikq$?Xcc\ `e ]lc€l]`^\i
E€_\qld=\jk`mXcb`ef%?`\ijk\_\eXcc\\`e^\i\`Z_k\eJ`Z_kle^jbfg`\eqli
`e[`m`[l\cc\eJ`Z_kle^qliM\i]•^le^%;`\M`[\fC`YiXip^`YkXbbi\[`k`\ik\e
=XZ_c\lk\e [`\ D^c`Z_b\`k# Xlj [\e •Y\i ,%+'' \`e^\jXe[k\e =`cd\e le[
M`[\fj#\ekjgi\Z_\e[[\ejg\q`]`jZ_\e8e]fi[\ile^\emfeJ\e[\ie#=\jk`mXcj#
M\ic\`_\iel%€%#qlj`Z_k\ele[Xe_Xe[[\iBfekXbkX[i\jj\e[\jBXkXcf^\j]•i
`_i\8iY\`kXljqljlZ_\e%;\kX`cc`\ik\JlZ_d^c`Z_b\`k\e[\i:;$IFD\ic\`Z_k\ie
[`\I\Z_\iZ_\%
BfekXbkZfekXZk1?`cb\;f\i`e^#[f\i`e^7bliq]`cdkX^\%[\
K_\M`[\fC`YiXipZXeY\]fle[Xkk_\Cl`j\$8cY\ikq$?Xcc\`enXcb`e^[`jkXeZ\kf
k_\ =\jk`mXc Z`e\dX% ?\i\# Xcc jlYd`kk\[ gi\m`\n Zfg`\j Xi\ dX[\ XmX`cXYc\ ]fi
`e[`m`[lXc m`\n`e^% K_\ M`[\f C`YiXip f]]\ij XZZi\[`k\[ \og\ikj Xe[ `e[ljkip
i\gi\j\ekXk`m\jk_\fggfikle`kpkfj\c\Zk]ifddfi\k_Xe,#+'']`cdjXe[m`[\fj
XZZfi[`e^kfk_\jg\Z`]`Z[\dXe[jXe[j\c\Zk`feZi`k\i`Xf]KMZ_Xee\cj#[`jki`Ylkfij
Xe[]\jk`mXcj\kZ%Yplj`e^k_\ZfekXZkX[[i\jj\j`efliZXkXcf^l\%;\kX`c\[j\XiZ_
fgk`fejfek_\:;$IFD]XZ`c`kXk\k_\i\j\XiZ_%
8iZ_`m8iZ_`m\
J\`k<e[\[\i(0,'\iAX_i\bXl]\e[`\Bliq]`cdkX^\=`cdbfg`\eXlj[\eN\kk$
Y\n\iY\eXe%@e]•e]AX_iq\_ek\e`jk\`e\`eq`^Xik`^\iJZ_Xkqmfe[\iq\`k•Y\i
(%.,'K`k\ced`k•Y\i)%+''Bfg`\e\ekjkXe[\e%;`\9\jkXe[j\ijZ_c`\le^•Y\i
\`e\;Xk\eYXebld]Xjjk[\eEXZ_n\`j[\jk\Z_e`jZ_\eQljkXe[j[\iBfg`\e#
[`\E\^Xk`mcX^\#I\Z_k\le[J\ble[€idXk\i`Xc%@edXeZ_\e=€cc\eY\j`kq\e[`\
Bliq]`cdkX^\[`\\`eq`^efZ_mfi_Xe[\e\Bfg`\\`e\j=`cd\j%
BfekXbkZfekXZk1:Xijk\eJg`Z_\i#jg`Z_\i7bliq]`cdkX^\%[\
J`eZ\k_\\e[f]k_\(0,'jk_\=\jk`mXc_XjY\\eYlp`e^gi`ekj]ifdk_\Zfdg\$
k`k`fegif^iXdd\j%;li`e^]`m\[\ZX[\jk_`j_Xjc\[kfXle`hl\ki\Xjli\_fc[`e^dfi\
k_Xe(#.,'k`kc\jn`k_dfi\k_Xe)#+''Zfg`\j%K_\`em\ekfip`e]fidf]X[XkXYXj\
ZfekX`ej`e]fidXk`fefek_\k\Z_e`ZXcZfe[`k`fef]k_\gi`ekj#k_\j`klXk`fei\^Xi[`e^
e\^Xk`m\j#Zfgpi`^_kjXe[j\Zfe[XipdXk\i`Xc%@ek_\ZXj\f]jfd\nfibjk_\=\jk`mXc
fnejk_\fecpjlim`m`e^]`cdgi`ek%
M\ic\`_=`cd;`jki`Ylk`fe
A€_ic`Z_\in\`k\ie[`\Bliq]`cdkX^\`_ie`Z_k$^\n\iYc`Z_\jM\ic\`_gif^iXdd
ldile[,'e\l\K`k\cXlj[\eN\kkY\n\iY\e[\ja\n\`c`^\e=\jk`mXcj%D`kk$
c\in\`c\ `jk\jB`efj#Dlj\\e#Blckli\`ei`Z_kle^\e#>f\k_\$@ejk`klk\ele[
Xe[\i\e Jg`\cjk€kk\e Xlj Xcc\i N\ck jfd`k d^c`Z_# Xl] \`e\ 8ljnX_c mfe
ile[/''Bliq]`cd\eqlql^i\`]\e%<jbee\e\`eq\ce\K`k\cf[\i`e[`m`[l\cc
^\jkXck\k\Gif^iXdd\Xlj^\c`\_\en\i[\e#Y\`[\i\eQljXdd\ejk\ccle^[`\
Bliq]`cdkX^\^\ie\Y\_`c]c`Z_j`e[%
BfekXbkZfekXZk18c\oXe[iX?\jj\#_\jj\7bliq]`cdkX^\%[\
<m\ip p\Xi# k_\ J_fik =`cd =\jk`mXc X[[j Xifle[ ,' e\n k`kc\j ]ifd k_\ Zfdg\$
k`k`fejXk\XZ_i\jg\Zk`m\]\jk`mXckf`kjefe$Zfdd\iZ`Xc[`jki`Ylk`fegif^iXdd\%
:`e\dXj# dlj\ldj# ZlckliXc `ejk`klk`fej# >f\k_\ @ejk`klk\j Xe[ fk_\i m\el\j
k_ifl^_flkk_\nfic[efn_Xm\XZZ\jjkfXiXe^\f]Xifle[/''j_fik]`cdj%J`e^c\
]`cdjfi`e[`m`[lXccpZfdg`c\[gif^iXdd\jZXeY\Yfiifn\[2k_\J_fik=`cd=\jk`mXc
n`ccY\^cX[kf_\cgn`k_jlZ_Zfdg`cXk`fej%
() J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
;Xeb8Zbefnc\[^\d\ekj
AlkkX8cY\ik#9\ic`e
G\k\i8e[\ij#Af_Xee\jYli^
8cmXif8iifYX#9XiZ\cfeX
JXe[iX8ijcXe`Xe#9\`ilk
Bf]`8j`_\e\#Bce
;Xm`[8k]`\c[#:XeY\iiX
Il[fc][\9X\p#JXe=iXeZ`jZf
:iX`^9Xc[n`e#JXe=iXeZ`jZf
EXmfk9Xie\X#A\iljXc\d
K_fdXj9\Xi[#E\nPfib
8e`kX9\Zb\ij#=iXeb]lik&D%
8^e…j9\ikfcX#JX`ek$Fl\e
BXkaX9`ied\`\i#JkiXYli^
@e\j9fe^Xikq#;•jj\c[fi]
:_i`jk`Xe9fifj#Nlgg\ikXc
=Xd`c`\9i`\[\e#FY\i_Xlj\e
Mfcb\i9lZ_cf_#FY\i_Xlj\e
<d`c`\:Xlhlp#GXi`j
A\k:_i`jk`XXej\#Ifkk\i[Xd
>XYi`\cc\:cX\j#9i•jj\c
@e^\:cXjj\e#DX`eq
8e[i„j;\e\^i`#9l\efj8`i\j
<cc\e;`\[\i`Z_#FY\i_Xlj\e
Lk\;`c^\i#Bce
9ipfep;`ofe#Cfe[fe
DXi`\$Cl`j\;kk#FY\i_Xlj\e
J\i^`f<[\cjqk\`e#K\c8m`m
=\c`o<`Z_#;•jj\c[fi]
9\ie_Xi[<cj\dXee#FY\i_Xlj\e
8e[i\X<iejk#Bce
IXcg_<l\#9\ic`e
:_i`jk`Xe<oe\i#I\djZ_\`[
Q_fl=\`#?Xeefm\i
9\ie[=\j\c#9fee
BXk_Xi`eX=`Z_ke\i#9\ic`e
Bc\Y\iD\e[feƒX=`c_f#I\Z`]\
9XiYXiX=`jZ_\i$I`kkd\p\i#D•ejk\i
;Xm`[=`j_\i#K\c8m`m
8e[i\Xj=fZb#JkfZb_fcd
8Z_`d=fijk#DX`eq
I\`e_Xi[=i`e[#FY\i_Xlj\e
8di`k>Xe^Xi#DldYX`
>i`[k_`pX>Xn\\nfe^#9Xe^bfb
BXk_p>\i`kq#JXe=iXeZ`jZf
>\p\$Affe^B`d#J\flc
ClZX>`lc`Xe`#Kli`e
IfkiXlk>i\le\#9\ic`e
D`Z_X\c>ifjZ_\b#FY\i_Xlj\e
8ee\kk\>ifjZ_b\#9\ic`e
;`ib>i•e\nXc[#FY\i_Xlj\e
IXcg_>•k_#Bce
DXi`X>lk_f]]#FY\i_Xlj\e
A`e^?XXj\#Bfg\e_X^\e
9XiYXiX?€Y\#JkiXYli^
?X]`q#AXbXikX
9Xie\p?Xe\eY\i^#FY\i_Xlj\e
;Xe`\c?€e`#Q•i`Z_
Dfe`bX?Xej\e#FY\i_Xlj\e
J`^i’e?Xi[X[fkkˆi#I\pbaXm`b
G\k\i?Xj\eY\i^#9fee
Ifj`\?Xpj#9i`jYXe\
B\ajX?\[jkid#JkfZb_fcd
:_Xicfkk\?\`[i`Z_#FY\i_Xlj\e
Ai[`j?\`qdXee#>ic`kq
E\cjfe?\ei`Zbj#Dfeki\Xc
J_X`?\i\[`X#DldYX`
>`j\cX?f_cn\`e#FY\i_Xlj\e
G\k\imXe?ff]#Ifkk\i[Xd
8c\oXe[\i?finXk_#N`\e
J\YXjk`Xe?lY\i#D\o`bf$JkX[k
8^le^?laXke`bXa\eefe^#9Xe[le^
Clbi\q`XAfZ_`dj\e#9\ic`e
:_i`jkfg_BX`j\i#FY\i_Xlj\e
K_`cfBX`j\i#FY\i_Xlj\e
BXki`e\B``c^XXi[#Bfg\e_X^\e
Nfc]^Xe^BeXl]]#9\ic`e
DXik`eBf\iY\i#9\ic`e
JXY`e\B_eZb\#Nlgg\ikXc
?Xikn`^BfdgX#FY\i_Xlj\e
8e^\c`bXBi•^\i$C\`e\i#9\ic`e
?\cdlkBilkjZ_#Bce
DXic\\eCXY`ak#8djk\i[Xd
DXibCX[X^\#9\ic`e
:fee`\CXd#?fe^bfe^
EfiY\ikCXdd\ik#9\ic`e
<i`ZCXe^\#GXi`j
B\ccpCXe^^Xi[#FkkXnX
8eeX$BXi`eCXijjfe#JkfZb_fcd
<i`ZC\Ifp#9f`j$[Ê8iZp
A\jj\C\ie\i#Cfj8e^\c\j
JXjZ_XC`\Y\idXee#N`kk\e
IfjjC`gdXe#Cfj8e^\c\j
:_i`jk`XeC•]]\#D•eZ_\e
DXik`eDX_e#I\Z`]\
DXkk_`XjDX_i#CXo\eYli^
Ifc]DX`YXld#FY\i_Xlj\e
?\c^XDXio#8djk\i[Xd
9aµieD\c_lj#9\ic`e
8e[i\XD\e\^_\cc`#9fcf^eX
;Xe`\cXD`Z_\c#Dfi\c`X
Apfk`D`jkip#Af_Xee\jYli^
>XYi`\cXDfeifp#9\ic`e
Fc^XDpXje`bfmX#DfjbXl
=fcZfE€k_\i#D\o`bf$JkX[k
EXbXqXnX8b`#Bce
C`j\E\cc\dXee#9\ic`e
JXj_XE`ofe#Cfe[fe
KfileeEp\e#Fjcf
MXjj`c`jXFi\jkfmX#DfjbXl
:_i`jkfg_Fjk\e[fi]#I\Z`]\
?Xej$AfXZ_`dFkkf#9\ic`e
:Xifc`e\GXkk\#9f`j$[Ê8iZp
A•i^\eG\jZ_#FY\i_Xlj\e
9aXib`G\kilijjfe#I\pbaXm`b
Iljl[XeG`im\c`#K`]c`j
I`ZXi[fGi\kk`#=fikXc\qX
M`ZkfiAXeGifbfma\m#DfjbXl
DXibGpkc`b#Cfe[fe
@ddfHl\eq\c#I_\`eY\i^
BXk_Xi`eXHl`ek#<jj\e
A\[IXg]f^\c#E\nPfib
9i`^`[I\X^Xe#:_`ZX^f
A\ee`]\iI\\[\i#:_`ZX^f
G\kiXIfZb\e]\cc\i#FY\i_Xlj\e
<c`]Ife^\e$BXpeXbƒ`#8djk\i[Xd
:cXl[`XIfk_#9\ic`e
9\k_J}=i\`i\#JfGXlcf
Lci`b\JZ_Xlq#9\ic`e
J`^i`[JZ_\i\i#=iXeb]lik&D%
Ilk_JZ_`]]\i#;•jj\c[fi]
I\^`eXJZ_cX^e`kn\`k#N`\e
?XikdlkJZ_d`[k#FY\i_Xlj\e
:_i`jk`XeJZ_f\e#8ejYXZ_
;Xe`\cJZ_iXeq#FY\i_Xlj\e
I•[`^\iJZ_ldXee#FY\i_Xlj\e
Jk\]XeD%J\p[\c#9\ic`e
>l[ileJfdd\i#;l`jYli^
?XafJfdd\ij#FY\i_Xlj\e
D`b\Jg\ic`e^\i#Cfe[fe
:_i`jkfg_JkXib#9\ic`e
Fc^XJkfiZ_Xb#DfjbXl
Iljj\ccJkfi\i#9i`jYXe\
:XjgXiJkiXZb\#9\ic`e
<Y\i_Xi[Jki\`\i#<jj\e
EX[`dKXY\k#GXi`j
KXeXbXPlb`#Pfbf_XdX
;Xm`[K\_#J`e^Xgli
<iƒXeK\cc`#FY\i_Xlj\e
8e[i\XjK_\`e#;•jj\c[fi]
>XipK_fdXj#Cfe[fe
:_i`jk`e\Kf_d\#9\`ilk
DXiZKfjZXef#Cfj8e^\c\j
8gfjkfcfjKjXcXjkiXj#FY\i_Xlj\e
Hl\ek`eKliefli#:XeY\iiX
:_Xc`[XLXYldile^a`k#9Xe^bfb
Jk\]XeLe^cXlY\#DX`eq
D`Z_X\cLiYXe#FY\i_Xlj\e
?XejM\e_l`q\e#Ifkk\i[Xd
AXe`e\M\iY\\k\e#FY\i_Xlj\e
BXijk\eM`jXi`lj#=iXeb]lik&D%
:_i`jk`e\Mf^k#FY\i_Xlj\e
:_i`jkf]N\_d\`\i#I\pbaXm`b
?\cdlkN\`ei\`Z_#FY\i_Xlj\e
Fm`jN\e[\#;fikdle[
9€iY\cN\ie\i$D\ik`ej#FY\i_Xlj\e
:%:XpN\je`^b#9X[JZ_nXikXl
8e[i\XjN`c`eb#<jj\e
BXki`eN`ccdXee#9\ic`e
B`ijk\eN`ek\i#MXc\eZ`X
9XiYXiXN`ek\i$I`\jk\i\i#FY\i_Xlj\e
<c^`eNfc]#Nlgg\ikXc
KlZbZ_\fe^Nfe^#J\cXe^fi
E`bfcXljNfjkip#CXo\eYli^
8biXdQXXkXi`#9\`ilk
=cfi`XeQ`dd\i#9\ic`e
FcX]Q`dd\idXee#9\ic`e
:_i`jk`XeQnXi^#9\ic`e
;Xj=\jk`mXc[XebkXcc\eB`efj#[`\lej\i\e=\jk`mXckiX`c\i^\q\`^k_XY\e%K_\]\jk`mXck_XebjXccZ`e\dXjk_Xk_Xm\j_fnefli=\jk`mXckiX`c\i%
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(*
AlipjAli`\j
Alip[\j`ek\ieXk`feXc\eN\kkY\n\iYj@ek\ieXk`feXcAlip
DXiXDXkkljZ_bX#{jk\ii\`Z_8ljki`X
DXiXDXkkljZ_bX#^\Yfi\e(0,0`eJf]`X#9lc^Xi`\e#c\YkXcj=`cdi\^`jj\li`e
le[G\i]fidXeZ\$B•ejkc\i`e`eN`\e%J`\jkl[`\ik\<k_efcf^`\le[JgiXZ_$
n`jj\ejZ_X]k\e`eN`\ele[dXZ_k\(00'`_i\e8YjZ_cljjXe[\i?fZ_jZ_lc\
]•i8e^\nXe[k\BlejkN`\eY\`Gif]%DXi`XCXjje`^%(00+$)''(nXij`\Xcj
Gif]\jjfi`e]•i=i\`\BlejkXe[\i?9B9iXlejZ_n\`^k€k`^%KliYfbfcfiXkli#
Fe\$NfdXe$J_fnj#qX_ci\`Z_\=`cd\%DXiX`jkXlZ_Y\bXeekXcjD`d`D`elj#
DX[Xd\G`e^Gfe^#DX_XkdX>fY`#IXdj\j@@%
DXiXDXkkljZ_bX#Yfie(0,0`eJf]`X#9lc^Xi`X#`jXM`\eeX$
YXj\[]`cd[`i\ZkfiXe[g\i]fidXeZ\Xik`jk%J_\jkl[`\[
\k_efcf^pXe[c`e^l`jk`Zj`eM`\eeXXe[`e(00'^iX[l$
Xk\[Xkk_\Le`m\ij`kp]fi8ggc`\[8ikjM`\eeXle[\iGif]%
DXi`XCXjje`^%=ifd(00+$)''(j_\nXjGif]\jjfi]fi=`e\
8ikjXk?9B9iXlejZ_n\`^%KliYfbfcfiXkli#fe\$nfdXe
j_fnj#mXi`flj]`cdj%DXiX`jXcjfbefneXjD`d`D`elj#
DX[Xd\G`e^Gfe^#DX_XkdX>fY`#Xe[IXdj\j@@%
DXi`XGXcc`\i#JgXe`\eJgX`e
DXi`XGXcc`\inXi>i•e[\i`ele[mfe(00'$0,C\`k\i`e[\iÙKi`dXiXe8ikj
Gifdfk`feÈ%8l\i[\dgif[lq`\ik\le[c\`k\k\j`\[Xj`ek\ieXk`feXc\Jpd$
gfj`ld]•i\c\bkife`jZ_\BlejkÙ:`Y\iiˆXÈ`e9`cYXfle[nXiD`k^c`\[[\j
9\`iXkjjfn`\M`[\fblejkbliXkfi`e]•iÙ8iZf<c\Zkie`ZXÈ%J\`k(00,XiY\`$
k\kj`\Y\`D\kifgfc`j#\`e\inZ_\ekc`Z_\eJ\e[le^qlBlejkle[q\`k^\$
ejj`jZ_\iBlcklimfeK\c\m`jˆfe<jgXŒfcX#qle€Z_jkXcj9\iXk\i`e#j\`k(000
Xcj`e_Xckc`Z_\Bffi[`eXkfi`ele[j\`k)''/Xcj:_\]i\[Xbk\li`e%
<cc\eGXl#MI:_`eXGI:_`eX
<cc\eGXlY\^XeeXcjXlkf[`[Xbk`jZ_\M`[\fb•ejkc\i`ele[`jk`e[\i?fe^bfe^\i
Blejkjq\e\`em`\c\eIfcc\egi€j\ek#l%X%Xcj=`cd\dXZ_\i`e#BlejkbliXkfi`e#
Blejkbi`k`b\i`ele[DKM$I\^`jj\li`e%GXl#[`\\`^\ekc`Z_Xlj^\Y`c[\k\Iek$
^\ek\Z_e`b\i`e`jk#nXiD`kY\^i•e[\i`e[\iD\[`\eblejk^ilgg\ÙM`[\fkX^\È
le[[\j`ek\ieXk`feXc\e=\jk`mXcj]•ie\l\D\[`\eblejkÙD`ZifnXm\È%J`\`jk
9\iXk\i`e]•im\ijZ_`\[\e\Dlj\\e`e?fe^bfe^le[lek\ii`Z_k\k\l%X%Xe
[\i ?fe^ Bfe^ 8ZX[\dp f] G\i]fid`e^ 8ikj le[ [\i C`e^eXd$Le`m\ij`k€k%
D`k`_i\de\l^\^i•e[\k\eLek\ie\_d\eÙ@ek\i$8Zk8ikjÈ`jkj`\XcjBlejk$
Y\iXk\i`ek€k`^%
DXi`XGXcc`\i]fle[\[Xe[[`i\Zk\[ÈKi`dXiXe8ikjGif$
dfk`feÈ]ifd(00'$0,%J_\Xcjfgif[lZ\[Xe[[`i\Zk\[
È:`Y\iiˆXÈ Æ @ek\ieXk`feXc Jpdgfj`ld fe <c\Zkife`Z
8ik`e9`cYXf#Xe[nXjXe8[m`jfip9fXi[d\dY\iXe[
m`[\fXikZliXkfi]fiÈ8iZf<c\Zkie`ZfÈ%J`eZ\(00,#
j_\ _Xj nfib\[ Xk D\kifgfc`j# X n\\bcp gif^iXdd\
feXikZfek\dgfiXipZlckli\YifX[ZXjkfeK\c\m`j`e
<jgXŒfcX#XjX[m`jfi#j`eZ\(000XjXZfek\ekZffi[`eXkfi
Xe[j`eZ\)''/Xj\[`kfi$`e$Z_`\]%
?Xm`e^ jkXik\[ Xj X j\c]$kXl^_k m`[\f Xik`jk# <cc\e GXl
kXb\jdXepifc\j`ek_\?fe^Bfe^XikjZ\e\#]fi\oXdgc\
XjXe`e[\g\e[\ekZ`e\dXkf^iXg_\i#XikZliXkfi#XikZi`k`Z
Xe[DKM[`i\Zkfi%8]lcc$k`d\iX[`f^iXg_\iYpgif]\jj`fe#
GXlZf$]fle[\[k_\d\[`XXik^iflgÈM`[\fkX^\ÉXe[k_\
ÈD`ZifnXm\É @ek\ieXk`feXc E\n D\[`X 8ik =\jk`mXc% J_\
X[m`j\jmXi`flj?fe^Bfe^dlj\ldjXe[_Xjc\Zkli\[
Xdfe^fk_\ijXkk_\?fe^Bfe^8ZX[\dpf]G\i]fid`e^
8ikjXe[C`e^eXdLe`m\ij`kp%J_\nfibjXjXeXikZfejlc$
kXekn`k__\ie\ncp]fle[\[ZfdgXepÈ@ek\i$8Zk8ikjÉ%
8[XdGl^_#>ifYi`kXee`\e>i\Xk9i`kX`e
8[XdGl^_`jk]i\`\iBliXkfiXljEfin`Z_#>ifYi`kXee`\e%9`j)''0nXi\i
C\`k\imfeÙ8LIFI8È#\`e\d=\jk`mXc`eEfin`Z_d`kJZ_n\iglebkB•ejkc\i$
]`cd%8bkl\ccXiY\`k\k\il%X%XeGifa\bk\ed`kÙK_\9XiY`ZXeÈ#Cfe[fele[
Ù8`[ 8Y\kÈ# :XdYi`[^\% 8[Xd _Xk qX_ci\`Z_\ 8ik`b\c `e M\ik`^f# JZ_e`kk
le[Xe[\i\eGlYc`bXk`fe\em\i]]\ekc`Z_k#nXi?\iXlj^\Y\i[\ia€_ic`Z_\e
8LIFI8$GlYc`bXk`fejfn`\[\i[Xql^\_i`^\e;M;$<[`k`fele[`jkXl]m`\$
c\e=\jk`mXcjXcjMfikiX^\e[\ile[Gif^iXddbliXkfik€k`^%
8[XdGl^_`jXe`e[\g\e[\ekZliXkfiYXj\[`eEfin`Z_#
LB%Lek`c)''0#_\[`i\Zk\[È8LIFI8È#X]\jk`mXcn_`Z_
]fZlj\[feXik`jkjËdfm`e^`dX^\%?\`jZlii\ekcpnfib$
`e^fegifa\Zkjn`k_ÈK_\9XiY`ZXeÈ#Cfe[feXe[È8`[
8Y\kÈ:XdYi`[^\#Xdfe^jkfk_\ij%8[Xd_XjZfeki`Ylk\[
Xik`Zc\jkfM\ik`^f#JZ_e`kkXe[fk_\iglYc`ZXk`fej#kfk_\
XeelXc8LIFI8glYc`ZXk`fe#n_`Z__\\[`k\[Xcfe^j`[\
`kj;M;\[`k`fe#Xe[_XjXcjf[\c`m\i\[kXcbjXe[ZliXk\[
gif^iXdd\j]fimXi`flj]\jk`mXcjnfic[n`[\%
=i\[Nfi[\e#LJ8
=i\[ Nfi[\e# ^\Yfi\e (0+-# jkl[`\ik\ \e^c`jZ_\ C`k\iXkli le[ =`cd% J\`k
D`kk\[\i(0.'\iAX_i\[i\_k\i<og\i`d\ekXc]`cd\%J\`e\=`cd\nXi\eXl][\i
N_`ke\p9`\eeXc\)'')#E\nPfib#`dDfD8#E\nPfib#`d:\eki\Gfdg`[fl#
G Xi`j#Xl][\d?fe^Bfe^@ek\ieXk`feXc=`cd]\jk`mXcle[qX_ci\`Z_\eXe[\i\e
<og\i`d\ekXc]`cd$M\iXejkXckle^\eqlj\_\e%Nfi[\ej=`cd\YXj`\i\eXl]j\`$
e\d@ek\i\jj\Xe[\i`ek\id`kk`\i\e[\eGifa\bk`feXcjHl\cc\[\ilijgi•e^$
c`Z_\eBiX]k[\jB`efj%Nfi[\ec\Ykle[XiY\`k\k`e[\iE€_\mfeNXj_`e^kfe
;%:%
(+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
=i\[ Nfi[\e# Yfie `e (0+-# jkl[`\[ <e^c`j_ c`k\iXkli\
Xe[]`cddXb`e^%?\_XjY\\edXb`e^\og\i`d\ekXc]`cd
j`eZ\k_\d`[(0.'Ëj%?`j]`cdj_Xm\Y\\ej_fne`ek_\
)'')N_`ke\p9`\ee`Xc#DfD8#E\nPfib#:\eki\Gfd$
g`[fl#GXi`j#?fe^Bfe^@ek\ieXk`feXc=`cd=\jk`mXcXe[
eld\iflj fk_\i \og\i`d\ekXc ]`cd m\el\j% Nfi[\eËj
]`cdj [\m\cfg flk f] _`j `ek\i\jk `e `ek\id`kk\ek gif$
a\Zk`fe Xj k_\ jfliZ\ f] Z`e\dXËj gi`dfi[`Xc gfn\ij%
Nfi[\ec`m\jXe[nfibjflkj`[\f]NXj_`e^kfe#;%:%
Alip[\j;\lkjZ_\eN\kkY\n\iYjAlipf]k_\>\idXe:fdg\k`k`fe
Q•c`8cX[Xï^
(0-/nli[\Q•c`8cX[Xï^`dFjk\e[\iK•ib\`^\Yfi\e%(0.*bXd\i
eXZ_;\lkjZ_cXe[%<ijkl[`\ik\I\^`\Xe[\iB?DBcele[^i•e$
[\k\[`\=`cd\dXZ_\i$@e`k`Xk`m\Ùale^\j\lifg€`jZ_\jb`efÈa\b %
)'') ]\`\ik\ Q•c` 8cX[Xï^ d`k [\d 9fo\i[iXdX <c\]Xek\e_\iq j\`e
B`ef[\Y•k% <i [i\_k\ qn\` KXkfik$=fc^\e le[ [\e ;fbld\ekXi]`cd
;`\ K•ib\e bfdd\e% J\`e m`\c[`jblk`\ik\j ;iXdX Nlk \i_`\ck [\e
8[fc]$>i`dd\Gi\`j%>\d\`ejXdd`kj\`e\i=iXl=\f8cX[X^ï^i•e$
[\k\\i)'',[`\Gif[lbk`fej]`idXÙ@e[\g\e[\ek8ik`jkjÈ#[`\=\f
8cX[X^jB`ef[\Y•k;`\=i\d[\gif[lq`\ik\%
Q•c`8cX[Xï^nXjYfie`e<Xjk\ieKlib\p`e(0-/%@e(0.*_\ZXd\
kf>\idXep%?\jkl[`\[[`i\Zk`e^Xkk_\8ZX[\dpf]D\[`X8ikj
:fcf^e\Xe[]fle[\[k_\]`cddXb\ijË`e`k`Xk`m\Èale^\j\lifg€$
`jZ_\jb`efÈa\b %@e)'')Q•c`8cX[Xï^dX[\_`j]`cd[\Ylkn`k_
<c\]Xek\e_\iq#XYfo\i[iXdX%?\[`i\Zk\[knf\g`jf[\jf]k_\
>\idXeKMZi`d\j\i`\jKXkfikXe[k_\[fZld\ekXip;`\K•ib\e
bfdd\e%?\nXj_fefli\[n`k_k_\8[fc]>i`dd\8nXi[]fi_`j
dlZ_[`jZljj\[[iXdXNlk%Kf^\k_\in`k__`jn`]\=\f8cX[Xï^#
_\ ]fle[\[ k_\ gif[lZk`fe ZfdgXep È@e[\g\e[\ek 8ik`jkjÉ `e
)'',# k_\ ZfdgXep k_Xk gif[lZ\[ =\f 8cX[X^ïËj Z`e\dX [\Ylk
;`\=i\d[\%
:_i`jk`e\;fcc_f]\i
:_i`jk`e\;fcc_f]\ijkl[`\ik\K_\Xk\in`jj\ejZ_X]kle[GlYc`q`jk`b`e
N`\ele[c\`k\k\mfe(00*$0.[XjN`\e\iGif^iXddb`ef=`cdZXj`ef%
Mfe(00.$)''*nXij`\:f$@ek\e[Xek`e[\iÙ;`X^feXc\Æ=\jk`mXc[\j
jk\ii\`Z_`jZ_\e=`cdjÈ`e>iXq%)''*•Y\ieX_dj`\[`\Bfeq\gk`fe
le[j\`k)''+[`\C\`kle^[\jÙ:ifjj`e^<lifg\È$=`cd]\jk`mXcC`eq#
[Xjj`Z_[\dale^\e8lkfi\eb`efXlj<lifgXn`[d\k%;fcc_f]\i`jk
D`k^c`\[mfe[`m\ij\e=`cd`ejk`klk`fe\e#=`cdbfdd`jj`fe\ele[`e$
k\ieXk`feXc\e=\jk`mXcalipj%)''.\i_`\ckj`\[\eN•i[`^le^jgi\`j
]•i=`cdblejk[\iI\glYc`b{jk\ii\`Z_%
:_i`jk`e\;fcc_f]\ijkl[`\[k_\Xki\Xe[aflieXc`jd`eM`\eeXXe[
dXeX^\[k_\M`\eeXXik_flj\Z`e\dX=`cdZXj`ef]ifd(00*$0.%
=ifd(00.$)''*j_\nXjXik`jk`ZXe[dXeX^`e^Zf$[`i\Zkfif]k_\
È;`X^feXc\É#k_\eXk`feXc8ljki`Xe]`cd]\jk`mXc`e>iXq%@e)''*
j_\ ZfeZ\gklXc`j\[ k_\ È:ifjj`e^ <lifg\É =`cd]\jk`mXc C`eq#
[\[`ZXk\[kfk_\pfle^<lifg\XeXlk\li]`cd#Xe[kffbfm\i`kj
dXeX^\d\ek`e)''+%;fcc_f]\i`jXd\dY\if]mXi`flj]`cd`e$
jk`klk`fej#Zfdd`jj`fejXe[`ek\ieXk`feXc]\jk`mXcali`\j%@e)''.#
j_\nXj_fefi\[n`k_k_\ÈN•i[`^le^jgi\`j]•i=`cdblejk#Ék_\
Z`e\dXk`ZXikXnXi[f]k_\I\glYc`Zf]8ljki`X%
>XYi`\cc\JZ_lckq
>XYi`\cc\ JZ_lckq nli[\ (0-( ^\Yfi\e% J`\ XYjfcm`\ik\ \`e Jkl[`ld
[\iGfc`k`b$#JgiXZ_\en`jj\ejZ_X]kle[8e^c`jk`ble[XiY\`k\k_\lk\
Xcj =`cd$ le[ D\[`\e]XZ_aflieXc`jk`e% @_i\ M\i]]\ekc`Z_le^\e \i$
jZ_`\e\e`e`ek\ieXk`feXc\e=XZ_Y•Z_\ie#l%X%`e[\i:fem\ijXk`fej
n`k_=`cddXb\ij$J\i`\[\iLe`m\ij`kpGi\jjD`jj`jj`gg`%(00+$00nXi
j`\XcjBfii\jgfe[\ek`e[\i=`cdq\`kjZ_i`]kDfm`e^G`Zkli\j`eCfe$
[fek€k`^%J\`k(00+XiY\`k\kj`\XcjI\jjfikc\`k\i`eD\[`\ele[=`cd
]•i[`\=XZ_q\`kjZ_i`]kD<;@89@Q`eN`\ele[j\`k(000Xcj8lkfi`e
]•i[`\=`cdi\[Xbk`fe[\iKX^\jq\`kle^;`\N\ck%
>XYi`\cc\JZ_lckqnXjYfie`e(0-(%J_\^iX[lXk\[`egfc`k`ZXc
jZ`\eZ\j#c`e^l`jk`ZjXe[<e^c`j_jkl[`\j%Kf[Xpj_\nfibjXj
X aflieXc`jk jg\Z`Xc`j\[ `e ]`cd Xe[ d\[`X% ?\i glYc`ZXk`fej
Xgg\Xi\[ `e `ek\ieXk`feXc i\]\i\eZ\ Yffbj# \%^% `e k_\ j\i`\j
:fem\ijXk`fej n`k_ =`cddXb\ij Yp k_\ Le`m\ij`kp Gi\jj f]
D
`jj`jj`gg`%=ifd(00+$00j_\nfib\[XjXZfii\jgfe[\ekn`k_
k_\ Dfm`e^G`Zkli\j DX^Xq`e\ `e Cfe[fe% J`eZ\ (00+ j_\ _Xj
Y\\enfib`e^Xjd\[`XXe[]`cd\[`kfin`k_k_\kiX[\dX^Xq`e\
D<;@89@Q`eM`\eeXXe[j`eZ\(000XjXeXlk_fi]fik_\]`cdj\Zk`fe
f]k_\[X`cpe\njgXg\i;`\N\ck%
Alip[\jEIN$N\kkY\n\iYjAlipf]k_\Efik_I_`e\$N\jkg_Xc`X:fdg\k`k`fe
>XY`?`e[\iY\i^\i9fZ_ld#Lk\DX[\iC\m\iblj\e#;`ibJk\`eb•_c\iBce
Alip[\jD`e`jk\igi€j`[\ek\e[\jCXe[\jEfi[i_\`e$N\jk]Xc\eAlipf]k_\D`e`jk\iGi\j`[\ekf]Efik_
I_`e\$N\jkg_Xc`X
9XiYXiX<e^\cYXZ_Bce#:_i`jk`Xe\?\ln`eb\c9`\c\]\c[#E`bfcXaE`b`k`eBce#Lci`b\Jgi\e^\iBfejkXeq#Jk\]XeN\jk\in\cc\#Bce
Alip[\i@ek\ieXk`feXc\e=`cdbi`k`b=@GI<J:@ Alipf]k_\@ek\ieXk`feXc=\[\iXk`fef]=`cd:i`k`Zj=@GI<J:@
:cXl[`XC\ejj\e9\ic`e#;\lkjZ_cXe[#>q[\FeXiXe@jkXeYlc#K•ib\`#AfeXk_XeIfj\eYXld:_`ZX^f#LJ8
{bld\e`jZ_\Alip<Zld\e`ZXcAlip
9i`^`kk\8]]fck\i9`\c#JZ_n\`q#8Z_`d=fijkDX`eq#9\ieX[\kk\D\`\iQ•i`Z_#JZ_n\`q#<Y\i_Xi[Jki\`\i<jj\e
B`efAlip:`e\dXAlip
8c\oXe[iX>iXdXkb\?XdYli^#Ai^AXZfYBX`j\ijcXlk\ie#GXlcD•cc\iI\^\ejYli^
Alipj[\jB`e[\i$le[Al^\e[]`cdn\kkY\n\iYjAli`\jf]k_\:_`c[i\eËjXe[Pflk_=`cd:fdg\k`k`fe
8_j\e8bbXpX('AX_i\#JXiX_9fm\eb\ib0AX_i\#DXim`eBc\`e\$Mf^\cgfk_0AX_i\#GXlcXC`dY\i^0AX_i\#C\eXJcXm`b0AX_i\
9Xikfjq:qXaX(.AX_i\#:_XekXc?\Zb\e(.AX_i\#AXjd`eC`\j\dXeej(-AX_i\#;\c`XGfik_(-AX_i\#B`iXN\`]\eYXZ_(-AX_i\
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(,
Q\ ` k g c X e K ` d \ k X Y c \
C`Z_kYli^
>cfi`X
Jlej\k
JkXi
8e[\i\Fik\
('1''$))1''8ljjk\ccle^J%(/*
=XYi`bB(+
Cfk_i`e^\iJki%-+
(.1''$)(1''KXjZ_\eb`ef
=i`\[\ejgcXkq
;fee\ijkX^)0%8gi`c)'('K_lij[Xp#8gi`c)0#)'('
('1*'
(.1''
(01''
B`e[\i^Xik\egif^iXdd
XY*AX_i\e J%-,
<i]]ele^
B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY()AX_i\e J%,,
Gi\`jki€^\iXe[\i\i=\jk`mXcj J%(+'
=i\`kX^*'%8gi`c)'('=i`[Xp#8gi`c*'#)'('
/1*'
('1*'
()1*'
(+1*'
(.1''
)'1''
))1*'
B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY-AX_i\e J%,
=ifdk_\;\\g(1J\ejXk`fe
9\n\^le^#;`d\ej`feQ\`k#
Gi€j\eq[\i8Yj\eqJ%//
@ek\ieXk`feXc\i
N\kkY\n\iY(
J%)(
DlM`@ek\ieXk`feXc
J%.,
@ek\ieXk`feXc\i
N\kkY\n\iY)
J%)*
Gif]`c18d`k;lkkX)
J%()-
B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY/AX_i\e J%,/
Gif]`c1EfNXm\(
J%((0
Gif]`c18d`k;lkkX(
J%(),
Gif]`c1EfNXm\)
J%()'
=ifdk_\;\\g)1
C\jDpjk…i\j[ld„kX
J%0'
N`\[\i_fcle^
@ek\ieXk`feXc\i
N\kkY\n\iY(
B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY(+AX_i\e J%,0
JZi\\e`e^1D@8:8ÆDfm`e^ @dX^\8iZ_`m\f]
:fek\dgfiXip8ikJ%(,,
JZi\\e`e^1m`[\fXik%Z_
J%(,-
JZi\\e`e^1E\k_\icXe[j
Fg\eJZi\\e`e^
D\[`X8ik@ejk`klk\ÆDfek\$ m`[\f&K`d\9Xj\[8ikjJ%(,/ JXdjkX^(%DX`)'('JXkli[Xp#DXp(#)'('
('1*'
()1*'
(+1*'
(.1''
(01''
)'1''
))1*'
N`\[\i_fcle^B`e[\i$le[ N`\[\i_fcle^
N`\[\i_fcle^B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
@ek\ieXk`feXc\i
Al^\e[]`cdn\kkY\n\iY
XY-AX_i\e N\kkY\n\iY)
XY/AX_i\e `d8ejZ_cljjÙCXlk\B`e[\iÈ
J%-,
;\lkjZ_\iN\kkY\n\iY( =ifdk_\;\\g*1
JZi\\e`e^1<c\Zkife`Z8ikj N`\[\i_fcle^B`e[\i$le[
J%+(
=XiY\le[JZ_nXiqn\`
@ek\id`oJ%(-(
Al^\e[]`cdn\kkY\n\iY
J%0*
XY()AX_i\e @ek\ieXk`feXc\i
EIN$N\kkY\n\iY(
JZi\\e`e^1:XeX[`Xe=`cddX$ N\kkY\n\iY*J%),
J%,(
b\ij;`jki`Ylk`fe:\eki\J%(-) ;\lkjZ_\iN\kkY\n\iY) Gif]`c1=i\[Nfi[\e(
N`\[\i_fcle^B`e[\i$le[
J%+*
J%(*-
Al^\e[]`cdn\kkY\n\iY
XY(+AX_i\e @ek\ieXk`feXc\i
=ifdk_\;\\g+1
JZi\\e`e^1j`ogXZb]`cd
N\kkY\n\iY+J%)-
(%DX`1KX^[\i8iY\`kJ%0- J%(-,
DlM`$Gi\`j
N`\[\i_fcle^
JZi\\e`e^18ij\eXcÆ@ejk`klk J%.)
@ek\ieXk`feXc\iN\kkY\n\iY* ]•i=`cdle[M`[\fblejkJ%(-. ('1''$()1''Gf[`ld(J%(+,
=\jk`mXcJgXZ\
<cj€jj\iJki%(.
('1''$))1''8ljjk\ccle^J%(/*
=XYi`bB(+
Cfk_i`e^\iJki%-+
(.1''$))1''KXjZ_\eb`ef
=i`\[\ejgcXkq
)(1''=`cd^\]cXZb\i
;ilZbcl]k
8d=i[\iklid).
XY)*1''=\jk`mXc9Xi
=XYi`bB(+
('1''$()1''Gf[`ld)J%(+=\jk`mXcJgXZ\
<cj€jj\iJki%(.
('1''$))1''8ljjk\ccle^J%(/*
=XYi`bB(+
Cfk_i`e^\iJki%-+
(.1''$))1''KXjZ_\eb`ef
=i`\[\ejgcXkq
(/1''>\jgi€Z_19\[`e^le^j$
cfj\j>ile[\`ebfdd\e
=i`\[\ejgcXkqY\`I\^\e`d
=\jk`mXcJgXZ\
Gf\kipJcXd
Q\ekild8ck\eY\i^
?XejXjki%)'
XY)*1''=\jk`mXc9Xi
=XYi`bB(+
;`\B`efjC`Z_kYli^#>cfi`X#Jlej\k#JkXile[Jkl[`fY\]`e[\ej`Z_`dC`Z_kYli^=`cdgXcXjk#<cj€jj\iJkiX\)-#+-'+,FY\i_Xlj\e
(- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
C`Z_kYli^
>cfi`X
JfeekX^)%DX`)'('Jle[Xp#DXp)#)'('
('1*'
()1*'
(+1*'
(.1''
)'1''
))1*'
B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY*AX_i\e J%-'
;\lkjZ_\iN\kkY\n\iY*
J%+,
@ek\ieXk`feXc\i
N\kkY\n\iY,
J%)/
;\lkjZ_\iN\kkY\n\iY+
J%+-
@ek\ieXk`feXc\i
N\kkY\n\iY-J%*'
=ifdk_\;\\g-1N`kq^`Yk
=i\`_\`kle[=i\`_\`k^`Yk
N`kqJ%('(
Jlej\k
N`\[\i_fcle^
@ek\ieXk`feXc\i
N\kkY\n\iY+
=ifdk_\;\\g,18cc\j
JZi\\e`e^1MkXg\
j\_\e#Xcc\j_i\e1\`e
J%(-/
GXefiXdXJ%0/
EIN$N\kkY\n\iY)
JZi\\e`e^1@dX^\
J%,)
Dfm\d\ekJ%(.(
N`\[\i_fcle^
JZi\\e`e^1CLO
@ek\ieXk`feXc\iN\kkY\n\iY, J%(.)
Gif]`c1>lemfiE\cjfe(
JZi\\e`e^1?fe^Bfe^8ikj
J%(*(
:\eki\J%(.*
N`\[\i_fcle^
JZi\\e`e^18ik9Xj\c
@ek\ieXk`feXc\iN\kkY\n\iY- J%(.+
DfekX^*%DX`)'('Dfe[Xp#DXp*#)'('
/1*'
('1*'
()1*'
(+1*'
(.1''
)'1''
))1*'
N`\[\i_fcle^B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY/AX_i\e N`\[\i_fcle^B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY('AX_i\e Gif]`c1=i\[Nfi[\e)
J%(*.
@ek\ieXk`feXc\i
N\kkY\n\iY.J%*(
Gif]`c1>lemfiE\cjfe)
J%(*)
@ek\ieXk`feXc\i
N\kkY\n\iY/J%**
Gif]`c1EfNXm\+
J%())
N`\[\i_fcle^B`e[\i$le[ Al^\e[]`cdn\kkY\n\iY
XY-AX_i\e N`\[\i_fcle^B`e[\i$le[ Al^\e[]`cdn\kkY\n\iY
XY(-AX_i\e =ifdk_\;\\g.1DXiZ\ce\ JZi\\e`e^1=`cd]fid
mXjgXj XlZ`e„dXJ%('* J%(.-
Gif]`c1EfNXm\*
JZi\\e`e^1C`^_k:fe\
J%()(
J%(./
N`\[\i_fcle^
JZi\\e`e^1M`[\f;XkX9Xeb
@ek\ieXk`feXc\iN\kkY\n\iY. J%(/'
=ifdk_\;\\g/18kkiXbk`feN`\[\i_fcle^DlM`
;`jkilbk`feJ%(',
@ek\ieXk`feXc
N`\[\i_fcle^
N`\[\i_fcle^DlM`$Gi\`j
@ek\ieXk`feXc\iN\kkY\n\iY/ JkXi
8e[\i\Fik\
B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY('AX_i\e J%-)
B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY(-AX_i\e J%-*
Al^\e[gif^iXdd
DlM`(+"J%-,
('1''$()1''Gf[`ld-J%(,(
=\jk`mXcJgXZ\
<cj€jj\iJki%(.
('1''$))1''8ljjk\ccle^J%(/*
=XYi`bB(+
Cfk_i`e^\iJki%-+
(+1''=`cd^\]cXZb\i
;ilZbcl]k
8d=i[\iklid).
(.1''$))1''KXjZ_\eb`ef
=i`\[\ejgcXkq
('1''$()1''Gf[`ld+J%(+0
=\jk`mXcJgXZ\
<cj€jj\iJki%(.
('1''$))1''8ljjk\ccle^J%(/*
=XYi`bB(+#Cfk_i`e^\iJki%-+
(+1*'Nfibj_fg1Dfe\pD\
=\jk`mXcJgXZ\
(.1''$))1''KXjZ_\eb`ef
=i`\[\ejgcXkq
XY)*1''=\jk`mXc9Xi
=XYi`bB(+
))1''Gf[`ld*J%(+/
=XYi`bB(+
XY)*1''=\jk`mXc9Xi
=XYi`bB(+
;`\ejkX^#+%DX`)'('Kl\j[Xp#DXp+#)'('
/1*'
('1*'
()1*'
(+1*'
(.1''
(01''
N`\[\i_fcle^B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY-AX_i\e N`\[\i_fcle^B`e[\i$le[
Al^\e[]`cdn\kkY\n\iY
XY()AX_i\e @ek\ieXk`feXc\i
N\kkY\n\iY0J%*+
@ek\ieXk`feXc\i
N\kkY\n\iY('J%*-
=ifdk_\;\\g('1
Gif^iXdd4GlYc`bldJ%('0
Gi\`jm\ic\`_le^
N`\[\i_fcle^B`e[\i$le[ Al^\e[]`cdn\kkY\n\iY
XY/AX_i\e N`\[\i_fcle^B`e[\i$le[ Al^\e[]`cdn\kkY\n\iY
XY(+AX_i\e =ifdk_\;\\g01I€ld\ J%('.
N`\[\i_fcle^
@ek\ieXk`feXc\iN\kkY\n\iY0
N`\[\i_fcle^
@ek\ieXk`feXc\iN\kkY\n\iY(' ('1''$()1''Gf[`ld,J%(,'
=\jk`mXcJgXZ\
<cj€jj\iJki%(.
('1''$))1''8ljjk\ccle^J%(/*
=XYi`bB(+#Cfk_i`e^\iJki%-+
(.1''$))1''KXjZ_\eb`ef
=i`\[\ejgcXkq
))1''
=\jk`mXc9Xi
=XYi`bB(+
K_\Z`e\dXjC`Z_kYli^#>cfi`X#Jlej\k#JkXiXe[Jkl[`fXi\cfZXk\[XkC`Z_kYli^=`cdgXcXjk#<cj€jj\iJkiX\)-#+-'+,FY\i_Xlj\e
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(.
@ek\ieXk`feXc\iN\kkY\n\iY
@ek\ieXk`feXc:fdg\k`k`fe
QX_c\ele[K\e[\eq\eKi\e[jXe[=`^li\j
)(
Gif^iXddGif^iXdd\(
)(
Gif^iXddGif^iXdd\)
)*
Gif^iXddGif^iXdd\*
),
Gif^iXddGif^iXdd\+
)-
Gif^iXddGif^iXdd\,
)/
Gif^iXddGif^iXdd\-
*'
Gif^iXddGif^iXdd\.
*(
Gif^iXddGif^iXdd\/ **
Gif^iXddGif^iXdd\0
*+
Gif^iXddGif^iXdd\('
*-
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(0
@ek\ieXk`feXc\iN\kkY\n\iY
Q X _ c \ e l e [ K\ e [ \ e q \ e Ki \ e [ j X e [ = ` ^ l i \ j
+%)(- 9\`ki€^\ nli[\e qld @ek\ieXk`feXc\e N\kkY\n\iY [\i Bliq]`cdkX^\
\`e^\i\`Z_k% ;`\ <`ei\`Z_le^\ebXd\eXlj/-C€e[\ie%8lj[`\j\iM`\cqX_c
nli[\e-+9\`ki€^\Xlj*-C€e[\ie]•i[\e@ek\ieXk`feXc\eN\kkY\n\iYXlj$
^\n€_ck#[Xilek\iqn\`[\lkjZ_\Gif[lbk`fe\e%
Jg`kq\ei\`k\ij`e[`e[`\j\dAX_i[`\LJ8d`ke\le9\`ki€^\e#^\]fc^kmfe
>ifYi`kXee`\ed`kXZ_kle[[\eE`\[\icXe[\ed`k]•e]=`cd\e%
;`\ Bliq]`cdkX^\ q\`^\e `e [`\j\d AX_i )- =\jk`mXc$N\ckgi\d`\i\e le[
q\_e`ek\ieXk`feXc\=\jk`mXcgi\d`\i\e#[`\•Yi`^\e9\`ki€^\n\i[\e\ijkdXcj
`e;\lkjZ_cXe[qlj\_\ej\`e%
)+9\`ki€^\j`e[b•iq\iXcjq\_eD`elk\e#*'[Xl\ieqn`jZ_\eq\_ele[)'
D`elk\e#le[q\_e9\`ki€^\j`e[)'D`elk\ef[\ic€e^\i%
+#)(-]`cdj_Xm\Y\\ejlYd`kk\[]fik_\@ek\ieXk`feXc:fdg\k`k`fef]k_`jp\XiËj
@ek\ieXk`feXcJ_fik=`cd=\jk`mXcFY\i_Xlj\e%<eki`\jZXd\]ifd/-[`]]\i\ekZfle$
ki`\j% =ifd k_`j cXi^\ eldY\i# -+ ]`cdj ]ifd *- Zfleki`\j n\i\ j\c\Zk\[ ]fi k_\
@ek\ieXk`feXc:fdg\k`k`fe#`eZcl[`e^knf>\idXegif[lZk`fej%
K_\LJ8n`k_e`e\]`cdj_Xm\kXb\ek_\c\X[]fccfn\[Yp>i\Xk9i`kX`en`k_\`^_k
Xe[k_\E\k_\icXe[jn`k_]`m\]`cdj%
K_\i\n`ccY\)-]\jk`mXcnfic[gi\d`\i\jXe[k\e`ek\ieXk`feXcgi\d`\i\j%8cck_\
fk_\i]`cdjn`ccY\j_fne]fik_\]`ijkk`d\`e>\idXep%
)+ ]`cdj Xi\ c\jj k_Xe k\e d`elk\j# *' Zfeki`Ylk`fej Xi\ Y\kn\\e k\e Xe[ )'
d`elk\j#Xe[k\e]`cdjXi\)'d`elk\jficfe^\i%
8ljnX_cbfdd`jj`feJ\c\Zk`fe:fdd`kk\\
DX[\c\`e\9\iejkfi]]#:_i`jk`Xe\9•Z_e\i#?`cb\;f\i`e^#CXij?\ei`b>Xjj#8e^\cX?XXi[k#FcX]Dcc\i#I\`e_Xi[N%Nfc]
Gif^iXdd(
=i\`kX^*'%+%('#(+1*'L_i#C`Z_kYli^
Jfd\k`d\%Jfd\n_\i\%@i^\e[nXee%@i^\e[nf%
@ek%M\iki`\Y>iflg\@ek\im\ek`fe
EliNfik\lek\iYi\Z_\e[`\Jk`cc\#Xcc\Xe[\i\e>\i€ljZ_\j`e[m\ijklddk%
N€i\`Z_jk`cc#n•i[\`Z_e`Z_kj_i\e%8Y\in\ee`Z_jk`ccn€i\#n•i[\e[`\
Xe[\i\e >\i€ljZ_\ mfe e\l\d Y\^`ee\e% Fecp nfi[j Yi\Xb k_\ j`c\eZ\# Xcc
fk_\ijfle[j_Xm\Z\Xj\[%@]@n\i\j`c\ek#@Ê[_\Xiefk_`e^%9lk`]@n\i\j`c\ek#k_\
fk_\ijfle[jnflc[jkXikX^X`e%
M`[„f
9`f$&=`cdf^iX]`\M`[\fb•ejkc\i`ele[8lkfi`e2j`\jkl[`\ik\=`cdle[;`^`kXc\D\[`\e`eK\c8m`mle[E\n
BXeX[X)''0
.Ê#9\kXJG#=XiY\#\e^c`jZ_
\`eM`[\fmfeQf_XiB]`i
Pfible[j\`k)''/Jkl[`f8ikjXe[\i:feZfi[`XLe`m\ij`kp`eDfeki\Xc2`ek\ieXk`feXc\8ljjk\ccle^j$le[
;\lkjZ_\=\jk`mXcgi\d`\i\
=\jk`mXcY\k\`c`^le^\e2)'')LiYXeJ_`]k2)''*Glj_g\2)'',K_Xk;Xp2)''.Jk`cc%
BfekXbk>iflg\@ek\im\ek`feM`[„f#C`c`XeXEle\q#BXeX[X#=fe"($,(+$).(,,'-#<$DX`c^`m7m`[\fkife%ZX#
nnn%^`m`[\f%fi^
=`cdXjXg`\e\`efdôXd\e`e`ebô\=`cdXYflkXeLebefne8ik`jk=`cd•Y\i\`e\
leY\bXeek\B•ejkc\i`e
C`kXl\e)''0
((Ê#(-dd#=XiY\#c`kXl`jZ_&\e^c`jZ_
I\^`\CXliX>XiYk`\eð\
<`e\B•ejkc\i`e_Xk\`ejZ_c\Z_k\j>\n`jj\e#n\`cj`\e`Z_kY\i•_dk`jk#le[
Y\jZ_c`\k#XeNXcc]X_ikjfik\e`eC`kXl\e9l\qlkle%8eXik`jk]\\cj^l`ckp
XYflkY\`e^XelebefneXik`jkXe[[\Z`[\jkfkiXm\ckfgcXZ\jf]g`c^i`dX^\`e
C`k_lXe`Xkf[fg\eXeZ\%
BXd\iXM`c`ljDXõZ`lcjb`j
9`f$&=`cdf^iX]`\^\Yfi\e`e(0.*`eM`cb`aX2c\Ykle[XiY\`k\k`eM`ce`lj2)'''D8`eK\ok`cblejkXe[\i
JZ_e`kkCXliX>XiYk`\eð\#M`c`lj
BlejkXbX[\d`\M`ce`lj2)'',9c`e[D\jjX^\j2)''-K_i\\f]Lj2)''.?fd\M\ij`fe%:`iZc\jn`k_D\cf[pKf
DXõZ`lcjb`j
C\kXJhl`ii\cNXe[\i2)''/K_\9i\d\eKfneDlj`Z`Xej%
Dlj`b8ieXl[D\k_`m`\i
BfekXbkCXliX>XiYk`\eð\#C`kXl\e#<$DX`ccXliX.*ck7pX_ff%Zfd
Gif[lbk`feCXliX>XiYk`\eð\
=\jk`mXc$N\ckgi\d`\i\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
)(
@ek\ieXk`feXc:fdg\k`k`fe
=cp`ek_\Jbp=c`\^\Xd?`dd\c
>ifYi`kXee`\e)'('
,Ê#9\kXJG#=XiY\#\e^c`jZ_
I\^`\#BXd\iX#JZ_e`kk#8e`dXk`fe
M\iXE\lYXl\i
Dlj`bG_`c`gDlccfp
Gif[lbk`feM\iXE\lYXl\i
=\jk`mXc$N\ckgi\d`\i\
ÙE\_d\en`iXe#\`e\=c`\^\`jk`e\`eJg`ee\ee\kq^\iXk\ele[[`\Jg`ee\
_Xkj`\Xlj^\jXl^k%;Xj`jk\`e\le`m\ij\cc\KXkjXZ_\le[\`e\jfcZ_\KXkjX$
Z_\bXeedXee`Z_km\i^\jj\e%Jfcck\\`e\jfcZ_\KXkjXZ_\`eM\i^\jj\e_\`k
^\iXk\e# n€i\ [`\j \`e JZ_Xe[]c\Zb `d Le`m\ijld% M\ijk\_\e J`\ d`Z_6È
@jXXZ 9Xj_\m`j J`e^\i ÈC\k lj jXp X ]cp _Xj ]Xcc\e `ekf X jg`[\in\Y Xe[ k_\
jg`[\i_XjjlZZ\[`k[ip%K_`j`jX]XZkf]k_\le`m\ij\Xe[jlZ_X]XZkZXeefkY\
]fi^fkk\e% @] jlZ_ X ]XZk j_flc[ Y\ ]fi^fkk\e# `k nflc[ Zi\Xk\ X Yc\d`j_ `e k_\
le`m\ij\%;fpflle[\ijkXe[d\fiefk6É@jXXZ9Xj_\m`jJ`e^\i
9`f$&=`cdf^iX]`\^\Yfi\e`eGiX^2leXY_€e^`^\=`cd\dXZ_\i`ele[B•ejkc\i`e2Blejkjkl[`ld`eGiX^#
;•jj\c[fi]le[Jklkk^Xik2=`cdjkl[`ld`eCfe[fe2C\_ik€k`^b\`kXe[`m\ij\e=`cd_fZ_jZ_lc\e`e<lifgX2
=`cdXljnX_c1(0//GXjj`e^fe2(00*C`m\K%M%2(00,K_\CX[pf]k_\CXb\`eFY\i_Xlj\e(00- 2(00.K_\
;iX^feXe[k_\=cp2(000CXCleX`eFY\i_Xlj\e)''' 2)''(NffccpNfc]`eFY\i_Xlj\e)''* 2)'')
?ffb\[2)'',NffccpKfneÆNffccp?\X[`eFY\i_Xlj\e)''- %
BfekXbkM\iXE\lYXl\i#>ifYi`kXee`\e#<$DX`c\%e\lYXl\im\iX7_fkdX`c%Zfd#nnn%m\iXe\lYXl\i%Zfd
K_`j@j8cXjbX;Xj`jk8cXjbX
jZ_n\[`jZ_&\e^c`jZ_d`k\e^c%LK
<`e\>ilgg\mfeD\ejZ_\e`jkeXZ_8cXjbX^\qf^\e%J`\j`e[Xl][\iJlZ_\
eXZ_ \`e\i __\i\e <Y\e\ mfe =i\`_\`k% 8 ^iflg f] g\fgc\ _Xm\ dfm\[ kf
8cXjbX%K_\pXi\j\XiZ_`e^]fiX_`^_\ic\m\cf]]i\\[fd%
I\^`\>le`ccX?\`cYfie#D‚ik\e
k\kXcj:_fi\f^iX]`ele[G\i]fidXeZ\b•ejkc\i`e%
E`cjjfe
9`f^iX]`\D%E`cjjfe^\Yfi\e(0-)`eJZ_n\[\e2K€k`^b\`kXcjI\^`jj\li]•iBliq]`cd\le[BXd\iXdXee
;i\_YlZ_>le`ccX?\`cYfie
]•iJg`\c$#;fbld\ekXi$le[Bliq]`d\%
BXd\iX#JZ_e`kkD‚ik\eE`cjjfe
^\d\`ejXd\=`cdf^iX]`\)''*I\n`e[2)'',Jgfikjkl^Xe#)''.?lidXe^i%
Dlj`bB`d?`fik_fp
BfekXbkJm\ejbX=`cd`ejk`klk\k#8e[i\Xj=fZb#JZ_n\[\e#=fe"+-$/$--,((*-#<$DX`cXe[i\Xj%]fZb7j]`%j\#
JZ_n\[\e)''0
((Ê#*,dd#=XiY\
9`f^iX]`\>%?\`cYfie^\Yfi\e(0-+`eJZ_n\[\e2Jkl[`ldXe[\iKXeq_fZ_jZ_lc\JkfZb_fcd2j`\XiY\`Æ
@ek%M\iki`\YJm\ejbX=`cd`ejk`klk\k nnn%j]`%[\
;\lkjZ_\=\jk`mXcgi\d`\i\
K\ii\j[\gfdd\j[\k\ii\GfkXkfGfkXkfBXikf]]\ceBXikf]]\ce
+Ê#;M#=XiY\#jkldd
<`e=`cd\jjXp•Y\i[`\BXikf]]\c\iek\`d9\bXXKXc%8Z`e\dXk`Z\jjXpfek_\
gfkXkf_Xim\jk`e9\bXXmXcc\p%
\`eM`[\fmfeQ`X[8ekXi
)'')Xcj=fkf^iX]le[=`cd\dXZ_\ik€k`^2\inXi8ik`jk$`e$I\j`[\eZ\XdGXcX`j[\Kfbpf`eGXi`jle[Xe
Gif[lbk`feQ`X[8ekXi
[\i<Zfc\EXk`feXc\Jlg„i`\li\[\j9\Xlo$8ikj`eGXi`j2=`cdXljnX_c1)''*KfbpfKfe`^_k2)''+CË@jcXd\k
C`YXefe)''0
9`f$&=`cdf^iX]`\c\Ykle[XiY\`k\k`dC`YXefele[`e=iXebi\`Z_2)''(8YjZ_cljj`e8^iXik\Z_e`b2j\`k
cXcX‹Z`k„2N82KXdYfliif2)'',C\YXefeXe[@kjGXike\ij2)''-JX]\Jfle[2KXebPfl2)''.DXiZ_\Klihl\2
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
D[Xi[XiX2K_\Ifc\f]<lifg\%
BfekXbkQ`X[8ekXi#C`YXefe#=fe"0-($*$)).,.+#<$DX`cq`X[XekXi7_fkdX`c%Zfd
I`j\8l]jk\`^\e
<`e>\jgi€Z_qn`jZ_\e\`e\dB•ejkc\ile[j\`e\i=Xd`c`\%8Zfem\ijXk`fe
Y\kn\\eXeXik`jkXe[_`j]Xd`cp%
K_X`cXe[)''0
/Ê#;M#=XiY\
k_X`d`k\e^c%Lek\ik`k\ce
9`f$&=`cdf^iX]`\ I\^`jj\li`e# ;i\_YlZ_Xlkfi`e le[ JZ_Xljg`\c\i`e2 9`fcf^`\jkl[`ld Xe [\i JkXe]fi[
Le`m\ij`kp#LJ82=`cdjkl[`ldXe[\iEPLK`jZ_JZ_ffcf]k_\8ikj#LJ82)''.K_\JkX^\2)''/8eXkfdp2=Xcc2
I\^`\#;i\_YlZ_#BXd\iX#JZ_e`kk )''0@eJgXZ\%
M`jiXM`Z_`k$MX[XbXe
BfekXbk?`[[\eIffjk\i=`cdj#LJ8#=fe"($*('$00'00,/#<$DX`c_`[[\eiffjk\i]`cdj7^dX`c%Zfd
Dlj`bB\m`eJ_`\c[j
@ek%M\iki`\Y?`[[\eIffjk\i=`cdj
;\lkjZ_\=\jk`mXcgi\d`\i\
)) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
@ek\ieXk`feXc\iN\kkY\n\iY
G\fgc\ÊjI\glYc`Zf]QffMfcbji\glYc`bQff
/Ê#9\kXJG#=XiY\#f_e\K\ok
<`e=`cd•Y\i[`\N\ck[\iK`\i\eXZ_[\dIfdXemfe>\fi^\Fin\cc%8=`cd
XYflkk_\nfic[f]Xe`dXcjYXj\[fek_\efm\cYp>\fi^\Fin\cc%
I\^`\#;i\_YlZ_JleOle
)'',8YjZ_cljj`e>iX]`b[\j`^eXe[\iBlejk_fZ_jZ_lc\`eG\b`e^2>i•e[\ile[C\`k\i[\jÈ/8e`dXk`fe
BXd\iXOl:_fe^
Jkl[`fÉ`eG\b`e^2)''+Lkfg`X`ek_\;Xp2)'',:_`e\j\Nfi[jNXi2C`\f]DX^`Z`Xe2)''-J_fZbf]K`d\`e
JZ_e`kkJleOle#Ol:_fe^
FY\i_Xlj\e)''. 2C`\2Dpk_fj2)''.I\hl`\d`eFY\i_Xlj\e)''/ 2)''/?\if\jEfCfe^\i2:fXcJg\cc`e
8e`dXk`feJleOle#Ol:_fe^#Q_l
FY\i_Xlj\e)''0 %
MI:_`eX)''0
9`f$&=`cdf^iX]`\^\Yfi\e(0/'`e=lo`e#:_`eX2c\Ykle[XiY\`k\k`eG\b`e^2)''(8YjZ_cljj`eBlejkle[
<ipX#E`lJ_\eJ`
BfekXbk/8e`dXk`feJkl[`f#JleOle#Mfcbji\glYc`b:_`eX#=fe"/-$'('$-+*-(,*0#
Dlj`bA`eJ_Xe
<$DX`c^*-)'',7(-*%Zfd
Gif[lbk`fe/8e`dXk`feJkl[`f
;\lkjZ_\=\jk`mXcgi\d`\i\
Dli`n`\ðqXNXccXe[Kfn\iDXl\ile[Klid
@jiX\c&E`\[\icXe[\&Gfc\e)''0
(-Ê#?;:8D#=XiY\#
_\Yi€`jZ_&gfce`jZ_d`k\e^c%LK
I\^`\#;i\_YlZ_#JZ_e`kkPX\c
9XikXeX
Al[\eb\_i\eeXZ_<lifgXqli•Zb%J`\]fc^\e[\d8l]il]Xlj[\d=`cdDXip
BfjqdXip# a•[`jZ_\j C\Y\e `e Gfc\e n`\[\iqlY\c\Y\e% ;\i =`cd lek\ijlZ_k
gfc`k`jZ_\GifgX^Xe[X]`cd\Xe[]fc^k[\d`ej>\^\ek\`cm\ib\_ik\e<k_fj[\i
q`fe`jk`jZ_\e9\n\^le^%A\njXi\i\klie`e^kf<lifg\#]fccfn`e^k_\ZXccj\ek`e
k_\]`cdDXipBfjqdXipkfi\c`m\A\n`j_c`]\`eGfcXe[%K_\]`cd\ogcfi\jgfc`k`ZXc
gifgX^Xe[X]`cdjXe[]fccfnjXi\m\ij\lj\f]k_\Q`fe`jkdfm\d\ek\k_fj%
BXd\iXLi`8Zb\idXee
9`f$&=`cdf^iX]`\^\Yfi\e(0.'`eB]XiP\_\qb\c#@jiX\c2Dlck`d\[`Xb•ejkc\i`e2c\Yk`eK\c8m`mle[8dj$
Dlj`b;Xe`\cD\`i
k\i[Xd2j`\jkl[`\ik\Xe[\i9\qXc\c8bX[\d`\]•iBlejkle[;\j`^e`eA\iljXc\d#[\iJZ_ffcf]M`jlXc
@ek%M\iki`\Y8ee\k>\c`eb>Xcc\ip
8ikj`eE\nPfible[[\iI`abjXbX[\d`\mXeY\\c[\e[\blejk\e`e8djk\i[Xd2K\`ceX_d\Xe`ek\ieXk`f$
eXc\e>ilgg\eXljjk\ccle^\ele[9`\eeXc\el%X%`dG%J%(`eE\nPfible[Xe[\i[fZld\ekX()`eBXjj\c2
=\jk`mXc$N\ckgi\d`\i\
)''(Ki\dYc`e^K`d\2)'')CfnI\c`\]2)''*B`e^jf]k_\?`cc2N_\e8[Xi<ek\ij29c`dg2)''+Pfl:flc[9\
ClZbp`eFY\i_Xlj\e)'', 2)''.DXipBfjqdXip`eFY\i_Xlj\e)''/ %
BfekXbk8ee\k>\c`eb>Xcc\ip#8djk\i[Xd#=fe"*($)'$**')'--#<$DX`c`e]f7Xee\k^\c`eb%Zfd#
nnn%Xee\k^\c`eb%Zfd
Gif^iXdd)
=i\`kX^*'%+%('#)'1''L_i#C`Z_kYli^
;\edibXe;Xib@jcXe[;•jk\i\@ej\c
Gif[lbk`feIfpXc:fcc\^\f]8ik
;\edibXe`jk\`e=`cd•Y\i[Xj<inXZ_j\en\i[\ele[M\ikiXl\ejYi•Z_\
`e [\i B`e[_\`k% ;`\ >\jZ_`Z_k\ Y\n\^k j`Z_ qn`jZ_\e qn\` N\ck\e1 \`e\i
^iXl\e#\_\ii\Xc`jk`jZ_\ele[\`e\i]XiY\e]if_\e#]XekXjk`jZ_\eN\ck%;\e
dibX e `j X ]`cd XYflk ^ifn`e^ lg Xe[ XYflk Z_`c[_ff[ Y\kiXpXcj% K_\ jkfip
ZifjjZlkjY\kn\\eknfnfic[jÆX^i\pjZXc\Xe[dfi\i\Xc`jk`Zfe\Xe[X]XekXjk`ZXc
Xjn\ccXjZfcfli]lcfe\%
;\lkjZ_\=\jk`mXcgi\d`\i\
`eJkfZb_fcd2)''08YjZ_cljjXdIfpXc:fcc\^\f]8ik`eCfe[fe2)''.?\iiGfkXk`jfZ_;[\e2)''/K_\
>ifYi`kXee`\e)''0
0Ê*'È#?;:8D#=XiY\
jZ_n\[`jZ_d`k\e^c%Lek\ik`k\ce
\`eM`[\fmfeAejD\cc^i\e
9`f$&=`cdf^iX]`\^\Yfi\e(0.-2=`cd\dXZ_\i#@ccljkiXkfile[8lkfimfeB`e[\iY•Z_\ie2c\Ykle[XiY\`k\k
Jefn^cfY\%
BfekXbkIfpXc:fcc\^\f]8ik#AXe\:fcc`e^#>ifYi`kXee`\e#=fe"++$)'$.,0'+,()#
<$DX`caXe\%Zfcc`e^7iZX%XZ%lb#nnn%iZX%XZ%lb
Cld`bbfK_\C`kkc\Jefn8e`dXcBc\`e\jJZ_e\\k`\i
=`eecXe[)''0
(0Ê#;`^`9\kX#=XiY\
]`ee`jZ_d`k\e^c%Lek\ik`k\ce
<j`jke`Z_k]XcjZ_#j`Z_eXZ_C`\Y\qlj\_e\e%%%dXejfcck\eliXdi`Z_k`^\e
Fik[XeXZ_jlZ_\e%@kËjefknife^kfcfe^]ficfm\%%%pflaljke\\[kfcffb]fi`k
`ek_\i`^_kgcXZ\%
9`f$&=`cdf^iX]`\ ^\Yfi\e (0/'2 j\`k )'', jkl[`\ik j`\ =`cdi\^`\ le[ ;fbld\ekXi]`cd Xe [\i 8Xckf$
I\^`\#;i\_YlZ_D``XK\imf
Le`m\ij`k€k]•iBlejk#N`ikjZ_X]kle[K\Z_e`b`e?\cj`eb`2)'',?pca\%
BXd\iXG€`m`B\kkle\e
BfekXbk8XckfLe`m\ij`kpJZ_ffcf]8ikXe[;\j`^e#=`cd=\jk`mXcF]]`Z\#JXXiXKf`mXe\e#=`eecXe[#
JZ_e`kkFbblEllk`cX`e\e
=fe"*,/$,'$**(..,+#<$DX`c]f]]`Z\7kX`b%]`#nnn%kX`b%]`&\cf
8e`dXk`fe8d`C`e[_fcd
Gif[lbk`fe8XckfLe`m\ij`kp
JZ_ffcf]8ikXe[;\j`^e
;\lkjZ_\=\jk`mXcgi\d`\i\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
)*
@ek\ieXk`feXc:fdg\k`k`fe
M`\nJ`Z_kn\`j\
Gif[lbk`feEXpffeI_\\
<`e\]`bk`m\>\jZ_`Z_k\#XY\ij\_ii\Xc]•i\`ebc\`e\jD€[Z_\e#[Xj^cXlYk#
j\`e\ Dlkk\i c`\Y\ \j e`Z_k d\_i# [X j`\ \j m\icXjj\e _Xk% <`e\ nX_i\
>\jZ_`Z_k\Xlj[\iG\ijg\bk`m\\`e\jB`e[\j%8]`Zk`k`fljjkfip#YlkXcjfk_\
i\Xc`kpf]Xc`kkc\^`icn_fk_`ebjk_Xk_\idfk_\i_Xjc\]k_\iY\_`e[Y\ZXlj\j_\
[f\jeËkcfm\_\iXepdfi\%8kil\jkfip]ifdXZ_`c[Ëjgf`ekf]m`\n%
;\lkjZ_\=\jk`mXcgi\d`\i\
8e`dXk`feXe[\i?fe^`bLe`m\ij`k€k`eJ\flc2)''08I\m\i`\%
J•[bfi\X)''0
-Ê#;`^`9\kX#=XiY\#f_e\K\ok
\`eM`[\fmfeEXpffeI_\\
9`f$&=`cdf^iX]`\ ^\Yfi\e(0/-`eG\eejpcmXe`X#LJ82 (000 Ldql^ eXZ_ J•[bfi\X2 )''0 8YjZ_cljj `e
BfekXbkEXpffeI_\\#J•[bfi\X#=fe"/)$('$-)0,./.'#<$DX`ceXpffe()()7_fkdX`c%Zfd
@ebKljZ_\
L^Xe[X)''0
),Ê#;M#=XiY\#f_e\K\ok
I\^`\#;i\_YlZ_#BXd\iXG\k\i
Klb\`Dl_ldlqX
JZ_e`kk8c`
Gif[lbk`fe?pYi`[:feZ\gkj
;`\ `ee\i\ N\ck \`e\i Q\_ea€_i`^\e# [`\ j`Z_ Jk•Zb ]•i Jk•Zb \`e\ \`^\e\
I\Xc`k€k \ijZ_X]]k% D`k_`c]\ gXg`\i\e\i JZ_Xkk\eY`c[\i le[ [iXdXk`jZ_\i
C`Z_k$le[JZ_Xkk\e\]]\bk\`ejq\e`\ikj`\`_i\J\_ej•Z_k\le[`_i\IXZ_\Xe
[\i8l\en\ck%K_\`ee\infic[f]Xk\e$p\Xi$fc[^`icn_fjcfncpZi\Xk\jXefk_\i
i\Xc`kplj`e^gXg\ij`c_fl\kk\j]fiXgi`mXk\g\i]fidXeZ\f][iXdXk`Zc`^_kXe[
[Xibk_ifl^_n_`Z_j_\jkX^\j_\icfe^`e^Xe[i\m\e^\fek_\nfic[flkj`[\%
9`f^iX]`\ ^\Yfi\e (0/,2 Xl]^\nXZ_j\e `e DXj`e[`# L^Xe[X2 @e[ljki`\[\j`^e$ le[ Blejkjkl[`ld Xe [\i
DXb\i\i\Le`m\ij`kp`eBXdgXcX2j\`k)''-]i\`jZ_X]]\e[\iB•ejkc\ile[=`cd\dXZ_\i2@eb`jkj\`eM`[\f[\Y•k%
;\lkjZ_\=\jk`mXcgi\d`\i\
BfekXbk?pYi`[:feZ\gkj#G\k\iKlb\`Dl_ldlqX#L^Xe[X#=fe"),-$.(*($-'..'#
<$DX`cg\k\i%dl_ldlqX7^dX`c%Zfd
<c\Zki`ZC`^_kNfe[\icXe[C`Z_k\]]\bk\
>ifYi`kXee`\e)''0
()Ê#?;:8D#=XiY\#\e^c`jZ_
<`e\dfY`c\;`jZfm\ijgi`Z_k[`i[`\EXZ_k[\`e\jC\Y\ej%8dfY`c\[`jZf
gifd`j`e^kf^`m\pflk_\e`^_kf]pflic`]\%
9`f$&=`cdf^iX]`\^\Yfi\e(0.,`eCle[#JZ_n\[\e2c\Yk`eCfe[fe2=`cdjkl[`ldXdCfe[fe:fcc\^\f]Gi`ek`e^2
I\^`\#;i\_YlZ_#JZ_e`kkJljXeeX D8`e=i\`\iBlejkle[Bi\Xk`m\dJZ_i\`Y\eXd>fc[jd`k_j:fcc\^\#Le`m\ij`kpf]Cfe[fe2)''-E`^_kGiXZk`Z\
NXcc`e
`eFY\i_Xlj\e)''. 2)''.<[[`\GifZkfi`eFY\i_Xlj\e)''/ 2)''0DXib\i`eFY\i_Xlj\e)''0 %
BXd\iX8e[i„[\JflqX
BfekXbkJljXeeXNXcc`e#>ifYi`kXee`\e#=fe"++$.0$+-,(./)-#<$DX`cZfekXZk7jljXeeXnXcc`e%Zfd#
Dlj`bD`bb\c?%<i`bj\e
nnn%jljXeeXnXcc`e%Zfd
Gif[lbk`feJljXeeXNXcc`e
=\jk`mXc$N\ckgi\d`\i\
IXpÊj9`i[jIXpjM^\c
LJ8)'('
.Ê#(-dd#=XiY\#\e^c`jZ_
\`e=`cdmfe;\YfiX_JkiXkdXe
Gif[lbk`feGpk_X^fiXj
=\jk`mXc$N\ckgi\d`\i\
IXpCfn[\e_€ck.)^if\IXlYm^\c#]•e]?`ijZ_\le[\`eNXccXYpXej\`e\d
Nf_ej`kq`eEfik_ldY\icXe[#<e^cXe[%@eqnc]AX_i\e_Xkk\\iq\_eKX^\]i\`
le[ c`\Yk [Xj# nXj \i klk% ;\i =`cd `jk \`e\ bc\`e\ ?fddX^\ Xe j\`e\ dXc
\`^\ej`ee`^\#dXcbfd`jZ_\IXlYmf^\cd\eX^\i`\%IXpCfn[\eb\\gj.)cXi^\
Y`i[jf]gi\p#]`m\[\\iXe[XnXccXYpXk_`jgcXZ\`eEfik_ldY\icXe[#<e^cXe[%?\Ëj
_X[k\e[Xpjf]]`ekn\cm\p\XijXe[cfm\jn_Xk_\[f\j%K_\]`cd`jXc`kkc\_fdX^\
kf_`jmXi`fljcpjklYYfieXe[Zfd`ZiXgkfid\eX^\i`\%
9`f$&=`cdf^iX]`\leXY_€e^`^\=`cd\$le[M`[\fdXZ_\i`e2c\Yk`e:_`ZX^f2(00->i•e[le^[\iGif[lbk`fej$
]`idXÙGpk_X^fiXjÉ2=\jk`mXc$le[8ljjk\ccle^jY\k\`c`^le^\en\ckn\`k#l%X%`dDfD8#`d:\eki\Gfdg`[fl
le[Y\`dJle[XeZ\=\jk`mXc2qliq\`kc\_ikj`\Xe[\iLe`m\ij`kpf]@cc`ef`j`e:_`ZX^f2=`cdXljnX_c1)'')@e
Fi[\iEfkKf9\?\i\2)''*<e\i^p:flekip2)''+B`e^jf]k_\Jbp2)'',?fnXdfe^k_\=ifq\eNfi[j2)''-@k
N`cc ;`\ flk `e k_\ D`e[2 )''. K_\ DX^`Z`XeËj ?flj\2 )''/ K_\ D\dfip2 )''0 FË\i k_\ CXe[2 )'(' J_i`dg
:_`Zb\e=`j_2==2Blp\e[XEËBlYm`eX%
BfekXbkGpk_X^fiXj#;\YfiX_JkiXkdXe#LJ8#=fe"($*()$)+*()).#<$DX`c[\ckX7gpk_X^fiXj]`cd%Zfd#
nnn%gpk_X^fiXj]`cd%Zfd
)+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
@ek\ieXk`feXc\iN\kkY\n\iY
Gif^iXdd*
JXdjkX^(%,%('#(+1*'L_i#C`Z_kYli^
N`e^j]fi;f^j=c•^\c]•i?le[\
E`\[\icXe[\)''0
(0Ê#;M:8D#=XiY\le[j&n
ild€e`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_:õXc`e;Xe
BXd\iXM`ZkfiM\cZlc\jZl#DXi`lj
N`e^j ]fi ;f^j `jk [Xj <i^\Ye`j \`e\j [i\`a€_i`^\e Gifa\bkj `e \`e\d ild€$
e`jZ_\e ?fZ_j`Z_\i_\`kj^\]€e^e`j% <j `jk \`e <jjXp •Y\i [`\ D^c`Z_b\`k mfe
JgiXZ_\# JZ_lc[ le[ M\iXeknfikle^ ql bfddle`q`\i\e le[ ^c\`Z_q\`k`^ ql
m\iY\i^\e%K_\]fccfnlgf]Xk_i\\p\Xijgifa\Zkn`k_`edXk\j]ifdX_`^_j\Zli`kp
gi`jfe`eIfdXe`X#N`e^j]fi;f^j`jXe\jjXpXYflkcXe^lX^\Xe[`kjZXgXZ`kpkfj`dlc$
kXe\fljcpZfddle`ZXk\Xe[_`[\`jjl\jZfee\Zk\[kf^l`ckXe[i\jgfej`Y`c`kp%
@XZfY
9`f$&=`cdf^iX]`\^\Yfi\e`eIld€e`\e2c\Yk`e8djk\i[Xd2(0.0D8`eBlejk^\jZ_`Z_k\le[Blejkk_\fi`\Xe
JZ_e`kkE\`c:fckf]\Xel
[\iLe`m\ij`k€k[\iB•ejk\9lbXi\jk2qX_ci\`Z_\Jk`g\e[`\e#`ek\ieXk`feXc\8ljk\ccle^j$le[=\jk`mXcY\k\`c`^le$
Gif[lbk`fe?Xe[d`cb\[M`j`fej
^\e2(00*;iXZlcXcXe[*2(00+K_\:Xjkc\2)'''I82)''(CfjkKfpj2)''*jfep&nd]&gg2)'',GXj[\[\lo 2Alb\Yfo
=\jk`mXc$N\ckgi\d`\i\
BfekXbk?Xe[d`cb\[M`j`fej#:õXc`e;Xe#E`\[\icXe[\#=fe"*($-$+)*'-'0.#<$DX`c_Xe[d`cb\[%m`j`fej7^dX`c%Zfd
]fik_\CXk\E`^_kJli]\i2JXdgc\:`kp2)''-Ki`g`eFY\i_Xlj\e)''. 2)''/K_\GXki`fk2(.%()%-,%
Gifdfk`feXcM`[\fN\iY\m`[\f
I\^`\GlYc`ZDfm\d\ekFd\i
Q\_ele`]fid`\ik\D`k^c`\[\imfeGlYc`ZDfm\d\ekj`e[Y\`>ilgg\eXbk`fe\e
Xej`\Y\ejpdYfc_X]k\eFik\e`e@jiX\cqlj\_\e%K\ele`]fid\[d\dY\ijf]
GlYc`ZDfm\d\ekXi\j\\e`ej\m\e`Zfe`Zj`k\j`e@jiX\c#g\i]fid`e^[`]]\i\ek^iflg
XZk`m`k`\j%
Bi`\^\i#;XeXPX_Xcfd`
9`f^iX]`\)''-^i•e[\k\eFd\iBi`\^\ile[;XeXPX_fcfd`[`\`jiX\c`jZ_\G\i]fidXeZ\$>ilgg\GlYc`Z
BXd\iX8j`Fi\e
Dfm\d\ek# [`\ [`\ gfc`k`jZ_\e le[ €jk_\k`jZ_\e D^c`Z_b\`k\e \`e\i >ilgg\ ^\d\`ejXd X^`\i\e[\i
JZ_e`kkG\k\i>fi
D\ejZ_\eXljcfk\k%GlYc`ZDfm\d\ekfg\i`\ik`d]]\ekc`Z_\eIXld#XeXcpj`\ikle[`ejq\e`\ik]]\ekc`Z_\
Dlj`bPXe`m=i`[\c
:_fi\f^iX]`\e%
Gif[lbk`feGlYc`ZDfm\d\ek
BfekXbkGlYc`ZDfm\d\ek#Fd\iBi`\^\i#@jiX\c#=fe"0.)$,+$,,*,)**#
@jiX\c)''/
0Ê#;M:8D#=XiY\#f_e\K\ok
<$DX`cglYc`Z%dfm\d\ek7^dX`c%Zfd#nnn%glYc`Zdfm\d\ek%fi^
=\jk`mXc$N\ckgi\d`\i\
=cX^DflekX`e=cX^^\eY\i^
/Ê*'È#?;:8D#=XiY\#f_e\K\ok
@eE`Zfj`X#[\i^\k\`ck\e?XlgkjkX[kQpg\iej#n`i[\`e\QlijZ_Xljk\ccle^mfe
EXk`feXc`jdlj Y`j ql `_i\i c\kqk\e Bfej\hl\eq ]fik^\]•_ik% @e E`Zfj`X# k_\
[`m`[\[ZXg`kXcf]:pgilj#X[`jgcXpf]eXk`feXc`jd`jkXb\ekf`kjcf^`ZXcZfeZclj`fe%
\`eM`[\fmfeAf_eJd`k_
9`f$&=`cdf^iX]`\^\Yfi\e(0,)`eCfe[fe2=`cdjkl[`ldXdIfpXc:fcc\^\f]8ik2j\`k(0.)_Xk\i•Y\i+'
Gif[lbk`feAf_eJd`k_
=`cd\#M`[\fjle[@ejkXccXk`fe\ei\Xc`j`\ik2I\kifjg\bk`m\ej\`e\jN\ibjl%X%Xl][\iM\e\[`^9`\eeXc\#`e
>ifYi`kXee`\e)'('
KXdg\i\#LggjXcXle[`eFY\i_Xlj\e)'') 2qliq\`k`jk\iGif]\jjfi]•i9`c[\e[\BlejkXe[\iLe`m\ij`kp
=\jk`mXc$N\ckgi\d`\i\
f]<XjkCfe[fe2=`cdXljnX_c1(0.,8jjfZ`Xk`fej2(0/-Fd2(0/,$/.K_\9cXZbKfn\i2(00-9c`^_k`eFY\i_Xl$
j\e(00. 2(000I\^i\jj`fe`eFY\i_Xlj\e)''' 2K_\NXjk\CXe[2)''(CfjkJfle[:f$I\^`\ 2)''($'*
Nfijk:Xj\JZ\eXi`f2?fk\c;`Xi`\jJ\i`\Xljj`\Y\eM`[\fj 2)''+K_ifn`e^Jkfe\j`eFY\i_Xlj\e)'', 2
)''.;`ikpG`Zkli\j%
BfekXbkAf_eJd`k_#>ifYi`kXee`\e#=fe"++$)'$.)+()-)+#<$DX`c`e]f7af_ejd`k_]`cdj%Zfd#
nnn%af_ejd`k_]`cdj%Zfd
CXji\d\jXjK_\I\d`kkXeZ\j8ljcXe[j•Y\in\`jle^\e
AlXe:XiiXjZXc
;`\JXcmX[fi`Xe\i`e8e^\c`kXXiY\`k\k`e[\eLJ8XcjGlkq]iXl%;Xj`\[Xd`k
e`Z_k^\el^m\i[`\ek#ldXlZ_`_i\=Xd`c`\`e<cJXcmX[fiqllek\ijk•kq\e#
jXdd\ck j`\ ]•i [`\ dfeXkc`Z_\e |Y\in\`jle^\e =cXjZ_\e le[ ;fj\e%
8e^\c`kX]ifdJXcmX[finfibjXjXZc\Xe\i`ek_\LJ8%8jk_`jafY[f\jeËk\Xie_\i
\efl^_kfjlggfik_\i]Xd`cp`e<cJXcmX[fi#j_\XcjfZfcc\ZkjYfkkc\jXe[ZXejkf
Y\XYc\kfj\e[_\idfek_cpi\d`kkXeZ\j%
8e`dXk`fe8iklif8ikXc
9`f$&=`cdf^iX]`\ ^\Yfi\e(0.0`eMXccX[fc`[2Jfq`fcf^`\jkl[`ld Xe [\i Le`m\ij`k€k `e JXcXdXeZX le[
Gif[lbk`feKiXgg\iAf_e
8YjZ_cljj`d=XZ_Y\i\`Z_JZ_e`kkXe[\iJZ_lc\]•i=`cdle[Xl[`fm`jl\cc\D\[`\eDX[i`[<:8D2D`kY\$
<cJXcmX[fi&JgXe`\e)''0
+Ê#;`^`9\kX#=XiY\
jgXe`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_#BXd\iX#JZ_e`kk
^i•e[\i[\iGif[lbk`fej]`idXÙKiXgg\iAf_eÉ2)''.>iXe[dfk_\iN`ee`e^JZffg2)''/CXefZ_\g`ekXYX
;\lkjZ_\=\jk`mXcgi\d`\i\
Y`\e2)''0(,&'*&'0K_\CXjkF]]\ej`m\2=`cd\ `e QljXdd\eXiY\`k d`k 8iklif 8ikXc1 )''/CX Yfc`kX1 k_\
J_fik2CXYfc`kX1Kil\?`jkfip2)''0N_XkN\;`[Kfdfiifn2J’Y\k\Xhlˆpg\[Xc\X%
BfekXbkKiXgg\iAf_e#DXi`XCl`jXDXiZ`\c#JgXe`\e#=fe"*+$0($+*++*)-#<$DX`cdXiZ`\cdc7kiXgg\iaf_e%\j#
nnn%kiXgg\iaf_e%\j
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
),
@ek\ieXk`feXc:fdg\k`k`fe
@ejkilZk`fe@ejkilbk`fe
BXd\iXJXcBiffe\eY\i^
@ejkilZk`fe Y\]Xjjk j`Z_ d`k [\i e`\[\ic€e[`jZ_\e D`c`k€i`ek\im\ek`fe `e
@e[fe\j`\eeXZ_[\d<e[\[\jQn\`k\eN\ckbi`\^j#[`\\lg_\d`jk`jZ_Xcj
ÙGfc`q\`Xbk`feÈY\q\`Z_e\knli[\%;\i=`cd_`ek\i]iX^k[`\Ifcc\mfe@e[`$
m`[l\e`e^i\i\egfc`k`jZ_\eQljXdd\e_€e^\e%@ejkilZk`fekXgj`ekfk_\
\g`jf[\f]k_\;lkZ_d`c`kXip`ek\im\ek`fe`e@e[fe\j`XX]k\ik_\\e[f]Nfic[NXi
@@#\lg_\d`jk`ZXccpZXcc\[XÈgfc`Z\XZk`feÉ%K_\]`cdhl\jk`fejk_\gfj`k`fef]`e$
[`m`[lXcj`eXcXi^\igfc`k`ZXc]iXd\nfib%
Gif[lbk`feN\e[\c`\emXeFc[\eYfi^_
9`f$&=`cdf^iX]`\c\Yk`eIfkk\i[Xd2Jkl[`ldXd>fc[jd`k_j:fcc\^\#Le`m\ij`kpf]Cfe[fe2`_i\@ejkXc$
E`\[\icXe[\)''0
*(Ê#?;:8D#=XiY\
e`\[\ic€e[`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_#JZ_e`kk
N\e[\c`\emXeFc[\eYfi^_
cXk`fe\e# ;`X$Gifa\bk`fe\e le[ M`[\fj Y\jZ_€]k`^\e j`Z_ mfin`\^\e[ d`k jfq`Xc\e 9\q`\_le^\e le[
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
>\jk\e`d]]\ekc`Z_\eIXldjfn`\[\i=iX^d\ek`\ile^mfeN`ibc`Z_b\`kjY`c[\ie2Y`j<e[\)''0>Xjk$
gif]\jjli]•iBlejkle[Bfddle`bXk`m\GiXo`jXe[\iLe`m\ij`k€k]•i8e^\nXe[k\Blejk`eN`\e2)''-
DXli`kjJZi`gk2)''-$'/Jfle[KiXZbJkX^\2)''/Ef=Xcj\<Z_f\j2C\Zkli\&8l[`\eZ\&:Xd\iX2DXli`kj=`cd%
BfekXbkN\e[\c`\emXeFc[\eYfi^_#E`\[\icXe[\#=fe"*($-$(0/+)).(#<$DX`cnmXef7oj+Xcc%ec
KiXejd`jj`fe]fiP\Xi'|Y\ikiX^le^]•i[XjAX_i'
<`e\mfeq\i]Xcc\e[\e9Xln\ib\e\dg]Xe^\e\IX[`f•Y\ikiX^le^n`ibkn`\
\`e Il] ql [\e NX]]\e% ;`\ 9Xlk\e Y\]i\`\e j`Z_ mfe `_i\e d\ejZ_c`Z_\e
M\in\e[le^jqn\Zb\e le[ \ek]Xck\e `_i nX_i\j Gfk\eq`Xc% <ek]\jj\ck\ Bf$
cfjj\k•id\ej`Z_ele•Y\iCXe[le[NXjj\iXl]#m\i€e[\iele[m\iYi\`k\e
[`\lijgi•e^c`Z_\|Y\ikiX^le^%8iX[`fYifX[ZXjki\Z\`m\[Yp[\ZXp`e^Yl`c[$
`e^jXZkjXjXZXcckfXidjkf]i\\k_\dj\cm\j]ifdk_\`i_ldXelj\jXe[XZ_`\m\
k_\`ikil\gfk\ek`Xc%<dXeZ`gXk`e^dXddfk_j#k_\pn`ccefn_lcbXZifjjj\XXe[
\Xik_#dlkXk`e^Xe[[`jj\d`eXk`e^k_\fi`^`eXcYifX[ZXjk%
>ifYi`kXee`\e)''0
()Ê#;M#=XiY\#\e^c`jZ_
\`eM`[\fmfe<d`cpDZD\_\e#
>\f]]i\pJXlke\i
Gif[lbk`fe<d`cpDZD\_\e#
>\f]]i\pJXlke\i
=\jk`mXc$N\ckgi\d`\i\
9`f^iX]`\<%DZD\_\ec\Ykle[XiY\`k\kXcj]i\`jZ_X]]\e[\B•ejkc\i`ele[8lkfi`e`eCfe[fe2qliq\`kGifdfk`fe
Xd>fc[jd`k_j:fcc\^\#Le`m\ij`kpf]Cfe[feqldK_\dXB`efle[j\`e\9\q`\_le^qliq\`k^\ejj`jZ_\eBlejk%
9`f^iX]`\>%JXlke\iXiY\`k\k`eCfe[feXcjBXd\iXdXeele[=`cd\dXZ_\i%
^\d\`ejXd\9`f$&=`cdf^iX]`\>i•e[le^[\iGif[lbk`fej]`idXÙDXq`Y\cGif[lZk`fejÉ2)''/GXiRX[Tfopjd
BfekXbk<d`cpDZD\_\e#>\f]]i\pJXlke\i#>ifYi`kXee`\e#=fe"++$.$0/,*'(.)-#
<$DX`c\d`cp%d%d%7^dX`c%Zfd
Gif^iXdd+
JXdjkX^(%,%('#)'1''L_i#C`Z_kYli^
*/#,
JZ_e`kk9f^ljkXnX=li^X
;\i(,$a€_i`^\DXi`ljqc\Yk`e[¡q#`jk\`e=Xe[\i=lYXccdXeejZ_X]kN`[q\n
le[jg`\ckj\cY\i=lYXcc%8l\i[\dYfok\ile[_XkjZ_fe\`e`^\N\kkb€dg]\
^\nfee\e%<in`\^kn\e`^\iXcj+'B`cf%@jk\iefZ_\`eB`e[f[\ijZ_fe\i$
nXZ_j\e6N`\jZ_n\in`\^k[Xj6(,$p\Xi$fc[DXi`ljqc`m\j`e[¡q#`jX]Xef]
k_\]ffkYXcck\XdN`[q\nXe[gcXpj]ffkYXcckff%9\j`[\j#_\kiX`ejYfo`e^Xe[_Xj
Xci\X[pnfeZfdg\k`k`fej%?\n\`^_jle[\i+'b`cfj%@j_\jk`ccXZ_`c[fiXci\X[p
XeX[lck6?fn_\Xm`cpn\`^_jk_Xkhl\jk`fe6
Gif[lbk`feGNJ=KM`K
9`f$&=`cdf^iX]`\=`cd\dXZ_\i#=fkf^iX]le[8lkfimfeDlj`bm`[\fj#;fbld\ekXi$le[Jg`\c]`cd\e2jkl[`\ik
Gfc\e)''0
('Ê#;`^`9\kX#=XiY\
gfce`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_>iq\^fiq;ô\Yfnjb`
BXd\iXPfi`=XY`Xe
I\^`\Xe[\i=`cdjZ_lc\GNJ=KM`K`e[¡q2)''/DXki`o2NpjgX2)''08cc`e2)'('%%%Q`\d`Xc\bbXY\[q`\%%%
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
BfekXbkGNJ=KM`K=`cd_fZ_jZ_lc\f[¡q#8e[iq\a9\[eXi\b#Gfc\e#=fe"+/$+)$-*+,/)'#
<$DX`cjnq]`cd7]`cdjZ_ffc%cf[q%gc#nnn%]`cdjZ_ffc%cf[q%gc
?Xe[JfXg?Xe[j\`]\
(-Ê#?;:8D#=XiY\#f_e\K\ok
<`e\il_`^\#XY\iXlZ_Y\leil_`^\e[\>\jZ_`Z_k\•Y\i\`e\eAle^\e#[\i`e
[`\GlY\ik€kbfddk%8hl`\k#YlkXcjf[`jhl`\k`e^jkfipXYflkXYfpn_fi\XZ_\j
glY\ikp%
I\^`\FpXdXB\`
9`f$&=`cdf^iX]`\^\Yfi\e(0./`eKfb`f2)'',8YjZ_cljjXe[\iKfbpf$Qfb\`$Le`m\ij`k€k#)''+K_\K_Xn2
AXgXe)''/
Gif[lbk`feFpXdXB\`
)'',J_`ejXkjl$j_`kjl2)''-Plb`$Z_Xe%
BfekXbkFpXdXB\`#AXgXe#=fe"/($*$*./)-'',#<$DX`c`bliX(b^7pX_ff%Zf%ag
;\lkjZ_\=\jk`mXcgi\d`\i\
)- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
@ek\ieXk`feXc\iN\kkY\n\iY
>l`kXi?\if\j>`kXii\e_\c[\e
9\c^`\e)''0
(.Ê#*,dd#=XiY\
]iXeqj`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_E`ZfcXj9ilp\cc\
BXd\iXAlXe:_i`jkfYXc=fek\j
JXc`eXj
JZ_e`kkAlc`\EXXj
Dlj`b=c\oXCpe[f#9XdY`BiXd\i#
@f`ZY%f%
Gif[lbk`fe8dY`XeZ\j%%%XjYc
=XY`\e `jk c\`[\ejZ_X]kc`Z_\i >`kXii`jk \`e\i leY\[\lk\e[\e IfZbYXe[%
9\ikiXe[#j\`e€ck\i\i9il[\i#\`ej\_i^lk\i>`kXii`jk#lek\ijk•kqk=XY`\ej
C\`[\ejZ_X]k%ClZ#JkXdd^`kXii`jk[\i9Xe[#`jk=XY`\ejY\jk\i=i\le[%8cj
[\i9Xe[c\X[\iDXkk_`\l[`\9Xe[Xl]cjkle[d`k9\ikiXe[\`ee\l\jDlj`b$
gifa\bkjkXik\k#`jk=XY`\e_`e$le[_\i^\i`jj\eqn`jZ_\ej\`e\d9il[\ile[
j\`e\dY\jk\e=i\le[%=XY`\e#XgXjj`feXk\^l`kXi`jk#XZZfdgXe`\jXd`efiifZb
YXe[%9\ikiXe[#_`jfc[\iYifk_\i#Xm\ip^ff[^l`kXi`jk#jlggfikj=XY`\eËjgXjj`fe%
ClZ#k_\YXe[Ëji\^lcXi^l`kXi`jk#`j=XY`\eËjY\jk]i`\e[%N_\eDXkk_`\l#k_\YXe[
c\X[\i#[\Z`[\jkfYi\Xblgk_\YXe[Xe[kXb\j9\ikiXe[n`k__`dkfjkXikXe\n
dlj`Zgifa\Zk#=XY`\e]\\cjkfieY\kn\\e_`jYifk_\iXe[_`jY\jk]i`\e[%
9`f$&=`cdf^iX]`\8lkfile[I\^`jj\li2(00-8YjZ_cljj`eBlejkle[Bfddle`bXk`fejn`jj\ejZ_X]kXe
[\iLe`m\ij`k„[\C`…^\2)''.I\kfli%
;\lkjZ_\=\jk`mXcgi\d`\i\
BfekXbk8dY`XeZ\j%%%XjYc#K_`\iipQXdgXilkk`#9\c^`\e#=fe"*)$/($.*0.)'#<$DX`c`e]f%XdY`XeZ\j7jbpe\k%Y\
K_\J_lk[fne;`\Jk`ccc\^le^
>ifYi`kXee`\e)''0
('Ê#;`^`9\kX#=XiY\#\e^c`jZ_
I\^`\#Dlj`b8[XdJkX]]fi[
;i\_YlZ_8cXe9`jj\kk
8cXe9`jj\kk\i`ee\ikj`Z_[XiXe#n`\\jnXi#`eled`kk\cYXi\iE€_\\`e\i
g\kifZ_\d`jZ_\e 8ecX^\ Xl]qlnXZ_j\e le[ Xe [`\ <ogcfj`fe# [`\ j\`e\e
MXk\i\ekjk\cck\%8cXe9`jj\kki\ZXccjk_\\og\i`\eZ\f]^ifn`e^lge\okkfX
g\kifZ_\d`ZXcgcXekXe[k_\_Xiifn`e^\og\i`\eZ\f]Xe\ogcfj`fek_Xk[\]fid\[
_`j]Xk_\i%
JZ_e`kkC\f9il^\j#8[XdJkX]]fi[# 9`f$&=`cdf^iX]`\=`cd\dXZ_\i#Bfdgfe`jkle[Dlj`b\i2=`cd$le[=fkf^iX]`\jkl[`ldXe[\i<[`eYli^_
G\k\i>\iXi[
EXg`\iLe`m\ij`kp2D`k^i•e[\i[\i9Xe[PËXcc@j=XekXjp@jcXe[le[Bfdgfe`jk[`m\ij\iJfle[kiXZbj2)''.
BXd\iXC\f9il^\j
fi^Xe`j`\ik\\i[XjÙN`ek\iËjCfm\=\jk`mXcÉ`e=Xcb`ib2)'',>iXe^\dflk_18GfikiX`k:f$I\^`\ %
Gif[lbk`fe8ZZ`[\ekXcD\[`X
BfekXbk8ZZ`[\ekXcD\[`X#8e[i\n>i\\e#>ifYi`kXee`\e#=fe"++$./)$/0(/(,)#<$DX`cXe[p7XZZ`[\ekXc%km#
nnn%XZZ`[\ekXc%km
;\lkjZ_\=\jk`mXcgi\d`\i\
;fgfce`k\cÊep\mfqdfq_efjk`gpXkXZ_bXK_\8[[`k`feXc:XgXY`c`k`\jf]k_\Jeflk
Nfql\`eI•jj\cjfejkefZ_^lk`jk
IljjcXe[)''0
,Ê*'È#9\kXJG#=XiY\#jkldd
<`eJZ_n\`eZ_\ed`k\`e\djfcXe^\eI•jj\c#[Xjj\j\`e\e9Xccfe[Xi•Y\i$
jk•cg\ebXee%8jdXccg`^n`k_Xjeflkjfcfe^`kZXeglccXYXccffefm\i`k%
9`f$&=`cdf^iX]`\ ^\Yfi\e (0,/ `e DfjbXl2 B•ejkc\i# BXi`bXkli`jk# 8e`dXkfi le[ =`cd\dXZ_\i2 =fkf^iX]`\$
I\^`\#;i\_YlZ_@mXeDXo`dfm
jkl[`ldle[Jkl[`ldXd:\ekiXcG_pj`ZXc$K\Z_e`ZXc@ejk`klk\Kj=K@ #DfjbXl2(0/)$/-K€k`^b\`k]•i[Xj@ejk`klk
8e`dXk`feIfdXe<]i\dfm
]•iN\ckiXld]fijZ_le^[\iIljj`jZ_\e8bX[\d`\[\iN`jj\ejZ_X]k\e2(0/-$//Gfjk^iX[l`\ik\ejkl[`ld`e
Gif[lbk`feDXjk\i=`cdJkl[`f
=`cdi\^`\ le[ ;i\_YlZ_2 j\`k )'') C\_iY\Xl]kiX^k\i ]•i =`cdi\^`\ Xd >\iXjj`dfn$@ejk`klk ]•i B`e\dXkf$
^iXg_`\M>@B #DfjbXl2=`cdXljnX_c1(0/0=ifdC\]kkfI`^_k2(00',&+Gi\`j[\i=@GI<J:@`eFY\i_Xlj\e(00( 2
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
(00)9fc\if2)''(ClYX2)''+N`e[Xcfe^k_\:fXjk2)'',Kfee\ccX^\2)''.IX`e[fne]ifdXYfm\%
BfekXbkDXjk\i=`cdJkl[`f#EXkXc`\MfifY`\mX#IljjcXe[#=fe".$+00$),,0-/+#<$DX`ceXkXc`\Vm07dX`c%il#
nnn%dXjk\i]`cd%il
Mff[ff
Gfikl^Xc)'('
*(Ê#*,dd#=XiY\
gfikl^`\j`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_#JZ_e`kkJXe[if
8^l`cXi
BXd\iXIl`OXm`\i
Gif[lbk`feFJfd\X=’i`X
JpdgXk_`\dX^`\YXj`\ikXl]qn\`>ile[j€kq\e%;\i\ijk\`jk[Xj8eXcf^`\^\j\kq
le[ Y\jX^k# [Xjj v_ec`Z_\j v_ec`Z_\j_\imfiYi`e^kle[[`\N`ible^`_i\iLi$
jXZ_\€_e\ck%;\iqn\`k\>ile[jXkq#[Xj>\j\kq[\jBfekXbkj#Y\jX^k#[XjjXcc\j#
nXj d`k\`eXe[\i `e BfekXbk ^\ki\k\e `jk# [Xi•Y\i _`eXlj le[ jf^Xi efZ_ Xlj
\`e\i;`jkXeq_\iXljXl]\`eXe[\ii\X^`\ik%DX^`Z`jYXj\[lgfeknfgi`eZ`gc\j%K_\
]`ijk`jZXcc\[k_\cXnf]j`d`cXi`kpk_XkjXpjÈc`b\k_`e^jgif[lZ\c`b\k_`e^j#ÉXe[k_XkXe
\]]\Zki\j\dYc\j`kjZXlj\%K_\j\Zfe[#k_\cXnf]ZfekX^`fefiZfekXZk#jXpjk_XkXcc
k_`e^j_Xm`e^Y\\e`eZfekXZkn`k_\XZ_fk_\iZfek`el\kfi\XZklgfe\XZ_fk_\i%
9`f$&=`cdf^iX]`\^\Yfi\e(0.+`eGfikl^Xc2=`cdjkl[`ldXe[\i<jZfcXJlg\i`fi[\K\Xkif\:`e\dX`e
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
8dX[fiX2(00/>i•e[le^[\iGif[lbk`fej]`idXÙFJfd\X=’i`XÉ2j\`e\=`cd\eX_d\eXe`ek\ieXk`feXc\e
=\jk`mXcjk\`c2(00/<jkflg\ikf2)'''J\ddfm`d\ekf2)''(:figf\d\`f2)'')I\dX`ej2)'',8j\ig\ek\2
)''.8ihl`mf2)''/8qfeX%
BfekXbkFJfd\X=’i`X#=XY`\ee\DXik`efk#Gfikl^Xc#=fe"*,($)($*,/),(/#<$DX`c]d7fjfd\X]li`X%Zfd#
nnn%fjfd\X]li`X%Zfd
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
).
@ek\ieXk`feXc:fdg\k`k`fe
Gif^iXdd,
JfeekX^)%,%('#(+1*'L_i#C`Z_kYli^
C`]\f]@d`kXk`fe
Dlj`b?\Xk_Zc`]]9cX`i
<`e N`\[\ij\_\e d`k [\i JZ_c•jj\cjq\e\ Xlj ;fl^cXj J`ibj D\cf[iXdX
@d`kXk`fef]C`]\JfcXe^\\jD\ejZ_\e^`Yk mfe(0,0#`e[\iJXiX_AXe\#[`\
`_i\ ^\d`jZ_k$\k_e`jZ_\ ?\ible]k m\ic\l^e\k le[ j`Z_ Xcj N\`\ Xlj^`Yk#
qldc\kqk\eDXcmfe`_i\ijZ_nXiq\eDlkk\iY\jlZ_kn`i[%8i\m`j`kXk`fef]
k_\g`mfkXcjZ\e\]ifd;fl^cXjJ`ibËj(0,0d\cf[iXdX@d`kXk`fef]C`]\#`en_`Z_
JXiX_AXe\#n_f_XjXYXe[fe\[_\id`o\[iXZ\YXZb^ifle[kfgXjjXjXn_`k\#`j
m`j`k\[]fik_\cXjkk`d\Yp_\iYcXZbdfk_\i%
Gif[lbk`feD`e^Nfe^
9`f$&=`cdf^iX]`\^\Yfi\e(0.(`eJ`e^Xgli2c\Ykle[XiY\`k\k`e9\ic`e2(00,;`gcfd`e9`c[\e[\iBlejkXe[\i
J`e^Xgli)''0
+Ê#;`^`9\kX#=XiY\#\e^c`jZ_
I\^`\D`e^Nfe^
BXd\iX;Xeep>f_
JZ_e`kkB\ek:_Xe
EXepXe^8bX[\d`\`eJ`e^Xgli2(000D=8Xe[\iJcX[\JZ_ffcf]8ik`eCfe[fe2[`m\ij\C\_iXl]ki€^\j\`k)''-
;\lkjZ_\=\jk`mXcgi\d`\i\
l%X%Xe[\iL[B9\ic`e2j\`e=`cdC`]\f]@d`kXk`fem\ikiXkJ`e^XgliXl][\i,*%@ek\ieXk%BlejkXljjk\ccle^[\i
9`\eeXc\M\e\[`^2=`cdXljnX_c1)''*&'+N_f[lee`k62)'',=fliDXcXpJkfi`\j2)''.C\ie\;\lkjZ_d`kG\kiXMfe
BXek2)''/8e^jk<jj\e&<Xk=\Xi2)''0@eCfm\]fik_\Dff[2)'('C`]\;\Xk_`eM\e`Z\2;\mfgXik`i\%;fdXe`%
BfekXbkD`e^Nfe^#;\lkjZ_cXe[#<$DX`cd`e^nfe^7Y\ic`e%Zfd#nnn%d`e^nfe^%fi^
9fn\ij:Xm\
Gif[lbk`feC\\CpeZ_#C\\8ee\
(//,\ek[\Zbk\eqn\`Ale^\e`e\`e\i?_c\`e[\iE€_\mfeCfj8e^\c\j
8ik\]Xbk\[\i:_ldXj_$@e[`Xe\i%;`\`e[\i?_c\^\]le[\e\e>\^\ejk€e[\
^\ck\eXcj[`\^ik\JXddcle^i\c`^`j\i`e[`Xe`jZ_\iFYa\bk\#[`\a\`e[\e
M\i\`e`^k\eJkXXk\e\ek[\Zbknli[\%@e(//,#knfYfpj[`jZfm\i\[XZXm\f]
:_ldXj_@e[`XeXik`]XZkj`eXjdXcckfneflkj`[\Cfj8e^\c\j%K_\`k\dj]fle[`e
k_\ZXm\Xi\Y\c`\m\[kfY\k_\cXi^\jkZfcc\Zk`fef]eXk`m\i\c`^`fljfYa\Zkj\m\i
]fle[`ek_\Le`k\[JkXk\j%
JZ_d`kk
^\d\`ejXd\9`f$&=`cdf^iX]`\G\i]fidXeZ\$B•ejkc\ile[=`cd\dXZ_\i#[`\j\`k)'',XlZ_^\d\`ejXd\
LJ8)''/
()Ê#;`^`9\kX#=XiY\le[j&n#
\e^c`jZ_
\`e=`cdmfeC\\CpeZ_#C\\8ee\
JZ_d`kk
Gifa\bk\i\Xc`j`\i\e2C\\8ee\JZ_d`kklek\ii`Z_k\kI\^`\Xd:Xc`]fie`X@ejk`klk\]fik_\8ikj#MXc\eZ`X#:82
;\lkjZ_\=\jk`mXcgi\d`\i\
)'',KiXejgfj`k`fef]k_\>i\XkM\jj\cj2)''.K_\NXj_%
BfekXbkC\\CpeZ_#LJ8#=fe"($--($),+*+//#<$DX`ccpeZ_c\\7_fkdX`c%Zfd
I\ZfejkilZk`e^;Xdfe8cYXie`eB`ej_XjX
I\^`\#;i\_YlZ_#JZ_e`kkA\Xee\
<`e€ck\i\iDXee]`e[\k`e\`e\i[\lkjZ_\eQ\`kle^\`e=fkf#[Xj[\eGfgjkXi
;Xdfe 8cYXie Y\`d Dlj`q`\i\e `e B`ej_XjX q\`^k% QljXdd\e d`k \`e\d
=i\le[m\ijlZ_k\ij`Z_Xe\`e\iEXZ_`ejq\e`\ile^[`\j\j=fkfj%8e\c[\icp
dXe Zfd\j XZifjj X g`Zkli\ `e X >\idXe e\njgXg\i# j_fn`e^ gfgjkXi ;Xdfe
8cYXieg\i]fid`e^dlj`Z`eB`ej_XjX%Kf^\k_\in`k_X]i`\e[#_\ki`\jkfi\$jkX^\
k_\g`Zkli\%
=Xljk
9`f$&=`cdf^iX]`\^\Yfi\e(0-/`eN`\jYX[\e2(00*$0/Blejkjkl[`ldXe[\i?=9B?XdYli^2qX_ci\`Z_\
;\lkjZ_cXe[)'('
('Ê#?;:8D#=XiY\
]iXeqj`jZ_&\e^c`jZ_&[\lkjZ_d`k
\e^c%Lek\ik`k\ce
BXd\iXK_fdXjFjnXc[
Jk`g\e[`\ele[`ek\ieXk`feXc\8ljjk\ccle^\e2=`cdXljnX_c1(00+KXlY\ekX^`eFY\i_Xlj\e(00, 2(00/
Gif[lbk`fe>Xc\i`\D\p\iI`\^^\i
If[\f`eFY\i_Xlj\e(00/ 2(000KO$Cffg2)'''DpGi`mXk\JXk\cc`k\2)''*@ek\im`\n2Jfejkn\in`\[l2
=\jk`mXc$N\ckgi\d`\i\
BfekXbk>Xc\i`\D\p\iI`\^^\i#:Xd`ccXN\^\e\i#;\lkjZ_cXe[#=fe"+0$*'$*(,--,/'
)''+K_\DXej`fe2)'',@M2)''-I„g\k\iXcYXe\^iX2<oZlj\D\9ifk_\i`eFY\i_Xlj\e)''. %
<$DX`c`e]f7d\p\i$i`\^^\i%[\
(0/.$(00*
JZ_n\[\e)'('
((Ê#?;:8D#=XiY\
jZ_n\[`jZ_d`k\e^c%Lek\ik`k\ce
N`i _XY\e j`\Y\e AX_i\ [XiXe ^\XiY\`k\k% D\`e\ Dlkk\i le[ `Z_% Ld [`\
g\i]\bk\ 8l]eX_d\ mfe d`i ql dXZ_\e% N\ n\i\ Xk `k ]fi j\m\e p\Xij% Dp
dfk_\iXe[@%KfkXb\k_\g\i]\Zk`dX^\f]d\%
9`f$&=`cdf^iX]`\^\Yfi\e(0.-`eJZ_n\[\e28ljY`c[le^Xd@ejk`klk]•i=fkf^iX]`\Xe[\iLe`m\ij`k€k
I\^`\#;i\_YlZ_#JZ_e`kk
>k\Yfi^le[XdBfejk]XZbLe`m\ij`kp:fcc\^\f]8ikj#:iX]kjXe[;\j`^e#JkfZb_fcd2=`cdXljnX_c1)''*
DXi`lj;pYnX[9iXe[il[
C`]k#)'',8eeX#)''.8cmX`eFY\i_Xlj\e)''/ %
BXd\iXE`eX;pYnX[
BfekXbkJbf^\eGif[lbk`fe?9#DXi`lj;pYnX[9iXe[il[#JZ_n\[\e#=fe"+-$.'$.))*-(*#
Dlj`bAXe8cm\idXib
<$DX`cdXi`lj7jbf^\egif[lbk`fe%j\
Gif[lbk`feJbf^\eGif[lbk`fe?9
;\lkjZ_\=\jk`mXcgi\d`\i\
)/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
@ek\ieXk`feXc\iN\kkY\n\iY
I\jkXliXk`\nX^\ej;`e`e^:XijJg\`j\nX^\e
8i`Xee\Fck_XXi
<`e\?fddX^\XeJg\`j\nX^\e`ek\i`\lijXlj[\e(0-'\ile[(0.'\iAX_i\e
le[Xe[\eJg\`j\nX^\eXej`Z_%<`e9`jkifd`k]`o\iDYc`\ile^le[Y\\e^k\d
IXldifcck[liZ_[XjCXe[%8ki`Ylk\kfk_\`ek\i`fijf][`e`e^ZXij#[Xk`e^]ifd
k_\(0-'jXe[(0.'j#Xe[kfk_\[`e`e^ZXi`kj\c]%8Y`jkifn`k_]`o\[g`\Z\jf]]lie`kli\
Xe[c`d`k\[d\Xjli\d\ekjdfm`e^k_ifl^_k_\cXe[jZXg\%
Dlj`b=\jk\i
9`f$&=`cdf^iX]`\ ^\Yfi\e (0.'2 Jkl[`ld [\i DXc\i\` Xe [\i BlejkXbX[\d`\ mfe ;\e ?XX^2 j\`k (00*
E`\[\icXe[\)'('
(,Ê*'È#*,dd#=XiY\#f_e\K\ok
I\^`\#;i\_YlZ_#BXd\iX#JZ_e`kk
@ek%M\iki`\Y=`cdYXeb
[i\_k j`\ Bliq]`cd\ le[ M`[\fj2 K\`ceX_d\ Xe qX_ci\`Z_\e `ek\ieXk`feXc\e =\jk`mXcj2 )''/ 9`ee\e$
m\iYc`am\e2=`cd\`eQljXdd\eXiY\`kd`kDXiafc`aemXe[\iD\`a1(00*9fj2Q`\bk\Y\[2(00-:_`e\\j:`iZlj2
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
9\i\e2($'mffi[\nfcm\e2(00/I\`e:cXl[\2@mXe[\jg`kjYf\]2(000N_XkËj8cck_\:fddfk`fe2)'''
Eff`kd\X_jcXg\e2)'')Jflm\e`il`k8]i`bX2:Xm`X[`jZf2)'',<c\]Xek\e9ffkj2)''.KEFI`ajn`ab(00/%
BfekXbk=`cdYXeb#DXikXAlib`\n`Zq#E`\[\icXe[\#=fe"*($)'$-(),(/+#<$DX`c`e]f7]`cdYXeb%ec#
nnn%]`cdYXeb%ec
@8dJXXika`\9XXikdXe@Z_Y`eJXXika`\9XXikdXe
J•[X]i`bX)''0
(/Ê#;M#=XiY\le[j&n
\e^c`jZ_#o_fjX#]iXeqj`jZ_d`k
\e^c%Lek\ik`k\ce
\`eM`[\fmfeEfYlep\C\m`e
Gif[lbk`feEfYlep\C\m`e
=\jk`mXc$N\ckgi\d`\i\
;`\_`jkfi`jZ_\G\ijfe[\iJXXika`\9XXikdXe#XlZ_XcjÙ?fkk\ekfkk\e$M\eljÈ
Y\bXeek#n`i[_`\i`e\`e\d^€eqc`Z_Xe[\i\eC`Z_k^\q\`^k%8ejkXkkj`\n`\`d
<lifgX[\j(/%AX_i_le[\ikjXcjn`jj\ejZ_X]kc`Z_\Bli`fj`k€kqlY\_Xe[\ce#
]€e^k[`\j\i=`cd`_iGi`mXkc\Y\e\`ele[jk\cck`_i\@[\ek`k€kXcj=iXl`e[\e
Mfi[\i^ile[%K_\_`jkfi`ZXc]`^li\f]JXXika`\9XXikdXe#XcjfbefneXjk_\ÈM\elj
?fkk\ekfkÉ`jj_fne`eXkfkXccp[`]]\i\ekc`^_k%@ejk\X[f]ki\Xk`e^_\iXjX]i\Xbf]
jZ`\eZ\Xjj_\nXj`e(/k_Z\eklip#k_`j]`cdZXgkli\jk_\g\ijfeXcXjg\Zkf]_\ic`]\
Xe[Yi`e^jkfk_\]fi\_\i`[\ek`kpXjXnfdXe%
9`f$&=`cdf^iX]`\Jkl[`ldXe[\iLe`m\ij`kpf]k_\N`knXk\ijiXe[`eAf_Xee\jYli^#=XZ_Y\i\`Z_=`cd
Xe[K\c\m`j`fe2`_i\=`cd\Y\jZ_€]k`^\ej`Z_d`kj•[X]i`bXe`jZ_\i>\jZ_`Z_k\#EXk`feXc`k€kle[@[\ek`k€k2
)''/Jkfe\jXe[;i\X[j2K_pd\j`j%
BfekXbkEfYlep\C\m`e#J•[X]i`bX#=fe").$(($++''+/,#<$DX`cefYlep\%c\m`e7n`kj%XZ%qX
Dfefcf^
0Ê#;M:8D#=XiY\#\e^c`jZ_
%%%bfddk_\i\`e#`Z_n\i[\\lZ_\knXj\ibc€i\e#\knXjeli•Y\i\lZ_le[
[\eIXld#`e[\d`_i\lZ_Y\]`e[\k%%%%%%Zfd\`e#@Ëd^f`e^kf\ogcX`eX]\n
k_`e^j#aljkXYflkpflXe[k_\jgXZ\pflËi\`e%%%
\`eM`[\fmfeCXli\Giflmfjk
9`f$&=`cdf^iX]`\ ^\Yfi\e (0./ `e C`cc\# =iXebi\`Z_2 B•ejkc\i`e le[ =`cd\dXZ_\i`e2 c\Yk le[ XiY\`k\k `e
Gif[lbk`feCXli\Giflmfjk
Cfe[fe2)'')8YjZ_cljjXd:\ekiXcJk%DXik`ej:fcc\^\f]8ikj2D=8Xd>fc[jd`k_j:fcc\^\#Le`m\ij`kpf]
>ifYi`kXee`\e)''0
Cfe[fe2j\`k)''*C\`k\i`emfeÙkXeb%kmÉ#\`e\iFec`e\$Blejk^Xc\i`\]•iY\n\^k\9`c[\i2)''08Yjfcm\ek`e[\j
;\lkjZ_\=\jk`mXcgi\d`\i\
CLO8ik`jk\8jjfZ`\kk\Gif^iXdd\2=`cdXljnX_c1)'')<mX+*P\XijFc[2)''*AljkD\Xe[Pfl2)''-8YjkiXZk`fej
Hlfk`[`\ee\j2)''.Fnk2)''/Pfl8i\k_\FecpFe\2Jkfe^Jfip2)''09liifnD\2)'('@k#?\Xk#?`k%
BfekXbkCXli\Giflmfjk#>ifYi`kXee`\e#=fe"++$.$0*)'+.*,'#<$DX`cgiflmfjkXe[jfej7^dX`c%Zfd#
nnn%cXli\giflmfjk%Zfd
?`cXi`fljQldKfkcXZ_\e
)(Ê#?;:8D#=XiY\#\e^c`jZ_
ÙDXeZ_\;`e^\j`e[\`e]XZ_e`Z_kcljk`^%Jf^Xi`Z_n\`[Xj%ÈIfjpIfj\e
ÈJfd\k_`e^jXi\aljkefk]leep%<m\e@befnk_Xk%ÉIfjpIfj\e
I\^`\#;i\_YlZ_If\\Ifj\e
(0/+Jkl[`ld[\iG_`cfjfg_`\le[M\i^c\`Z_\e[\eC`k\iXklin`jj\ejZ_X]kXe[\iLe`m\ij`k€kmfeK\c8m`m2
BXd\iX8me\iJ_X_X]
(0/09=8Xe[\iJZ_ffcf]M`jlXc8ikj#E\nPfib2(00(D=8Xd?lek\i:fcc\^\#E\nPfib2c\_ikBlejkle[
@jiX\c)'('
9`f$&=`cdf^iX]`\ ^\Yfi\e (0-* `e I\_fmfk# @jiX\c2 `jiX\c`jZ_\ le[ Xd\i`bXe`jZ_\JkXXkjY•i^\ijZ_X]k2
JZ_e`kk8jX]JXYXe
Blejk^\jZ_`Z_k\Xd?XËD`[iXj_X9\`k9\ic:fcc\^\JZ_ffcf]8ik le[Xe[\i9\qXc\c$Blejk_fZ_jZ_lc\#
Dlj`b?`cXi`flj9Xe[
A\iljXc\d2=`cdXljnX_c1(00+;i%:ifjj#8;`Xcf^l\2)'',KnfNfd\eXe[XDXe`eFY\i_Xlj\e)''- 2
Gif[lbk`feIf\\Ifj\e
)''.:fe]\jj`fej:fd`e^Jffe`eFY\i_Xlj\e)''/ 2@NXj:Xcc\[Ble\p$C\d\c2)''/K_\:fe]\jj`fejf]
If\\Ifj\e2>X^^`e^;li`e^:fe]\jj`fe1EXd\jXe[8idj%
=\jk`mXc$N\ckgi\d`\i\
BfekXbkIf\\Ifj\e#@jiX\c#=fe"0.)$0$.+*00+.#<$DX`cX^ifj\e7e\km`j`fe%e\k%`c
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
)0
@ek\ieXk`feXc:fdg\k`k`fe
Gif^iXdd-
JfeekX^)%,%('#)'1''L_i#C`Z_kYli^
:`jfef^c`jg`i`k`K_\i\8i\Jg`i`kj?`\i^`Yk\j>\`jk\i
8e`dXk`fe8cm`j\I\eq`e`
<`e\]i\`\#m`jl\cc\@ek\igi\kXk`fe[\jKiXldjmfe:Xic>ljkXmAle^%;\iKiXld
Y\^`eekd`k\`e\dY\bXeek\e8iZ_\kpglj1[Xj\`^\e\?\`d#[\ilejXcc\em\i$
kiXlk\jk\ Fik# Xcj le\i]fijZ_k\ <`e_\`k% ;Xee Y\ki`kk Ale^ \`e\ I\`_\ ^\$
_\`d\iI€ld\%8]i\\m`jlXc`ek\igi\kXk`fef]:Xic>ljkXmAle^Ëj[i\Xd%K_\[i\Xd
jkXikjf]]n`k_Xhl`k\ZfddfeXiZ_\kpg\1fe\Ëjfne_fd\#k_\dfjk]Xd`c`XigcXZ\
]fi\XZ_f]lj#XjXele\ogcfi\[\ek`kp%K_\eAle^\ek\ijXj\i`\jf]j\Zi\kiffdj%
JZ_e`kk9\e\[\kkfCXe]iXeZf
9`f$&=`cdf^iX]`\^\Yfi\e(0.(`e9fcf^eX#@kXc`\e2(00(;`gcfd`e8e^\nXe[k\iBlejkXe[\ijkXXkc`Z_\e
Dlj`b9cXb\&\&\&\
Blejk_fZ_jZ_lc\`e9fcf^eX2(00($0.Jkl[`ld;%8%D%J%#=XZ_Y\i\`Z_Blejk#Dlj`ble[G\i]fidXeZ\Xe[\i
@kXc`\e)''0
-Ê#;`^`9\kX#=XiY\
`kXc`\e`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_#BXd\iX#
Gif[lbk`feFg`]`Z`f:`Zcfg\
Le`m\ij`k€k`e9fcf^eX2qX_ci\`Z_\=\jk`mXck\`ceX_d\e#<`eq\c$le[>ilgg\eXljjk\ccle^\e2)'''@cm`k\ccf
[Ëfif2)''(Gf\k:_`c[i\e28kk_\9XiY\iËj2K_\:pZcfgj2)'')HlfmX[`j62M`kkfi`X\8eXkfc`X2J\YXjk`Xef2
=\jk`mXc$N\ckgi\d`\i\
KXiZ`j`f2)''*>iXe[\XeXiZX`eFY\i_Xlj\e)''+ 2)''+L%J%F%$Le`[\ek`]`\[JlYd\i^\[FYa\Zkj%
BfekXbkFg`]`Z`f:`Zcfg\#@kXc`\e#=fe"*0$,($,/.-.'.#<$DX`cfg`]`Z`f%Z`Zcfg\7^dX`c%Zfd#
nnn%fg`]`Z`fZ`Zcfg\%Zfd
efe$8ipXee`Z_kXi`jZ_
LJ8)''0
()Ê#(-dd#=XiY\#jkldd
\`e=`cdmfe8YiX_XdIXm\kk
Gif[lbk`fe8YiX_XdIXm\kk
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
<`e8ik`b\c`e[\iE\nPfibK`d\j[\Zbk\b•iqc`Z_Xl]#[Xjj[`\M\inXckle^
[\i:fcldY`XLe`m\ij`k€k#EP:#n€_i\e[[\i(0*'\ile[(0+'\iAX_i\[`\
<`ejk\ccle^a•[`jZ_\i#Xlj<lifgX^\]cf_\e\iviqk\Y\jZ_i€ebk\#`e[\dj`\
[`\QX_c[\iÙE`Z_kXi`\iÈ`dG\ijfeXc[iXjk`jZ_j\ebk\%8i\Z\ekXik`Zc\`e
k_\E\nPfibK`d\ji\m\Xc\[k_Xk[li`e^k_\(0*'jXe[(0+'j#X[d`e`jkiXkfijXk
:fcldY`XLe`m\ij`kp#EP:#i\jki`Zk\[k_\_`i`e^f]i\]l^\\A\n`j_d\[`ZXc[fZkfij
Ypj\m\i\cpc`d`k`e^k_\eldY\if]Èefe$8ipXejÉfek_\`ijkX]]%
9`f$&=`cdf^iX]`\^\Yfi\e(0+.`eGfc\e2Xl]^\nXZ_j\e`e@jiX\c2(0,,<d`^iXk`fe`e[`\LJ82D=8`e=`cd$
i\^`\le[=fkf^iX]`\2j\`k*'AX_i\e[i\_k\i=`cd\#[`\n\ckn\`k`eDlj\\ele[Xl]=\jk`mXcj^\q\`^kn\i[\e#
l%X%`dDfD8#E\nPfib2C\_iXl]kiX^]•i=`cdle[=fkf^iX]`\Xd?Xdgj_`i\:fcc\^\`e8d_\ijk2=`cdXlj$
nX_c1(0//K_\9XcZfep2(000K_\DXiZ_`eFY\i_Xlj\e)''' 2)'')=liipÊj>`]k2)''*K_\M`j`k2Jle[XpGXg\i2
)'',CleZ_n`k_=\cX2)''-Efik_J`[\&Jflk_J`[\2)''.@a`d\GXik@@2Kq`gfiX_2)''0Ki\gZ_\j%
BfekXbk8YiX_XdIXm\kk#LJ8#=fe"($+(*$,/--,//#<$DX`cXiXm\kk7_Xdgj_`i\%\[l
BliXj_`XkfM\jk`^\f]C`]\C\Y\ejjgli\e
AXgXe)''0
()Ê#;M#=XiY\
aXgXe`jZ_d`k\e^c%Lek\ik`k\ce
\`eM`[\fmfeJXkXb\DXb`
Gif[lbk`feJXkXb\DXb`
D\`e\>if\ck\ie_XY\e[Xj?Xljm\icXjj\e#`e[\dj`\j\`kAX_i\ec\Yk\e%;Xj
Xck\ ?Xlj Y`i^k d\`e\ B`e[_\`kj\i`ee\ile^\e le[ [`\ C\Y\ej\i`ee\ile^\e
d
\`e\i>if\ck\ie%Dp^iXe[gXi\ekj_Xm\c\]kk_\_flj\n_\i\k_\pc`m\[]fi
p\Xij% K_\ fc[ _flj\ ZfekX`ej dp Z_`c[_ff[ d\dfi`\j Xe[ dp ^iXe[gXi\ekjË
d\dfi`\jf]c`]\%
9`f$&=`cdf^iX]`\^\Yfi\e(0/'`e?fbbX`[f2c\Yk`eJXggfif28YjZ_cljjXe[\i?fbbX`[fLe`m\ij`k€k`e
JXggfif2=`cdXljnX_c1)''(Lkjlil2)'')GcXpn`k_XGXg\i9Xccffe2)''*89c`eb2)'',@ek\imXc2)''.8
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
KXg\I\Zfi[\i2:Xkfgki`ZC`^_k2)''/>\k:cfj\i%
BfekXbkJXkXb\DXb`#AXgXe#<$DX`cjXkdXb`7dX`c%^ff%e\%ag#_kkg1&&gXib(%nXbnXb%Zfd&ujXkXb\dXb`
Y$jkXi#lekkYXiY$jkXi#leb`ccXYc\
{jk\ii\`Z_)''0
.Ê#9\kXJG#=XiY\#[\lkjZ_
\`eM`[\fmfeJXY`e\DXik\
@ek%M\iki`\Yj`ogXZb]`cd
;\lkjZ_\=\jk`mXcgi\d`\i\
Y$jkXi#lekkYXic€jjk\`e\=`^lijgi`Z_nikc`Z_[liZ_[\e=`cdYi\Z_\e%;`\
<iq€_cle^Y\n\^kj`Z_mfe[\i]`bk`feXc\e<Y\e\[\j]`cd`jZ_\eIXldj`e
[\e i\Xc\e IXld le[ \iq\l^k jfd`k \`e\ JZ_c\`]\ Xlj =`bk`feXc`k€k le[
C`k\iXc`k€k%Y$JkXi#leb`ccXYc\`jk_\Zfdg\cc`e^`ek\ia\Zk`fedX[\YpXZ_XiXZk\i
k_ifl^_flkk_\]`cd%K_\jkfipdfm\j]ifdk_\]`Zk`feXcc\m\cf]]`cd`ZjgXZ\`ekf
i\XcjgXZ\#gif[lZ`e^Xcffgf]]`Zk`feXc`kpXe[c`k\iXc`kp%
9`f$&=`cdf^iX]`\^\Yfi\e(0-.`e=\c[b`iZ_2M`[\fb•ejkc\i`e#G\i]fid\i`e#Dlj`b\i`e2j\`k(00'[`m\ij\
Jk`g\e[`\e#l%X%(0008k\c`\ijk`g\e[`ld:_`ZX^fmfd9le[\jbXeqc\iXdk$Blejkj\bk`fe{jk\ii\`Z_2=`cd$
XljnX_c1(00*<`e\=iXlXcc\`eËql_XljË2<o\iZ`j\`eGXk`\eZ\2(00-$0/`Z_XiY\`k\2(00/D\K_`e^ÆPfl;f^2
(000@Z_dZ_k\^\ie\\`edXc\`e\e?fiifi]`cddXZ_\e2)''*Jk\nXi[\jj\e:c`g2)''-?\c\e8&9"[Xj
D\\i2)''.=`eXc\2)''08i`X[\DljkXe^%
BfekXbkj`ogXZb]`cd#>\iXc[N\Y\i#{jk\ii\`Z_#=fe"+*$($,)-'00'#<$DX`cf]]`Z\7j`ogXZb]`cd%Zfd#
nnn%j`ogXZb]`cd%Zfd
*' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
@ek\ieXk`feXc\iN\kkY\n\iY
I\e[\q$mflj~Jk\ccX$GcX^\I\e[\qmflj`eJk\ccX$GcX^\
=iXebi\`Z_)''0
(/Ê#*,dd#=XiY\#]iXeqj`jZ_
I\^`\#;i\_YlZ_J_Xc`dXiGi\ljj
BXd\iX<c`eB`ijZ_]`eb
JZ_e`kk8ekf`e\JZXeeXg`\^f
Gif[lbk`fe<ZZ\=`cdj
<_i\eXdkc`Z_\ ]•_i\e [`\ 9\\i[`^le^ leY\bXeek\i f[\i m\i^\jj\e\i
M\ijkfiY\e\i [liZ_% Jk\ccX$GcX^\% 8d JkiXe[ bc`e^\ck \`e K\c\]fe `e \`e\i
K\c\]feq\cc\%<`eale^\jGXXi#[Xj^\iX[\mfiY\`^\_k#e`ddk[\e?i\iXY%
<`e\Dlkk\idZ_k\`_i\KfZ_k\ijgi\Z_\e%Mfclek\\ij_fc[d\dfi`Xcj\im`Z\j
]filebefnefi]fi^fkk\e[\Z\Xj\[%Jk\ccX$GcX^\%Fek_\Y\XZ_#Xk\c\g_fe\`eX
Yffk_`ji`e^`e^%8pfle^Zflgc\jkifcc`e^Ypg`Zbjlgk_\i\Z\`m\i%8dfk_\inXekj
kfkXcbkf_\i[Xl^_k\i%
9`f$&=`cdf^iX]`\ ^\Yfi\e (0/' `e GXi`j2 M`[\fb•ejkc\i`e2 (00/$)''' Jkl[`ld [\i DXc\i\` Xd 8jYlip
;\lkjZ_\=\jk`mXcgi\d`\i\
:fcc\^\`eN`cdfi\#LJ82)''($'+9\jlZ_[\j@ejk`klk@ek\ieXk`feXc[\cË@dX^\\k[lJfe`eJk%Hl\ek`e#
=iXebi\`Z_2)''+$'-Blejk$le[=`cdjkl[`ldXdC\=i\jefp#Jkl[`fEXk`feXc[\j8ikj:fek\dgfiX`ej`e
C`cc\2=`cdXljnX_c1)''*CX;„d†cli\2)''+D\mf`Z`2)'',J\lc~j\lc2)''.CË\jZXc\%
BfekXbk<ZZ\=`cdj#:Xd`cc\>\eXl[#=iXebi\`Z_#=fe"**$($+..').)*#<$DX`cZ%^\eXl[7^dX`c%Zfd
8de\j`X8de\j`\
;Xm`[G\XiZ\#DXoGild
@ejg`i`\ikmfe[\emcc`^lek\ijZ_`\[c`Z_\eGcfkj\`e\iEXZ_d`kkX^jj\i`\le[
?`kZ_ZfZbj I\Y\ZZX# Y\^`eek 8de\j`X d`k [\i <ek[\Zble^ lej\i\i ?\c[`e#
[XjjG`\iZ\9ifjeXe`_i<_\dXee`jk%<i^`Yk`_i\`e?Xe[p#[Xd`kj`\j`Z_Xe
`_i\M\i^Xe^\e_\`k\i`ee\ik%@ejg`i\[Ypk_\lec`b\cpgcfkjf]X]k\ieffeKMXe[
?
`kZ_ZfZbËjI\Y\ZZX#8de\j`Xfg\ejn`k_fli_\if`e\[`jZfm\i`e^k_Xk_\i_ljYXe[
`jG`\iZ\9ifjeXe#n_f^`m\j_\iXdfY`c\g_fe\jfk_Xkj_\n`cci\d\dY\i_\igXjk%
JZ_e`kkDXoGild#8c`jkX`iB\ii
9`f$&=`cdf^iX]`\ ^\Yfi\e`eJXe=iXeZ`jZf2j\`k(0.0c\Ykle[XiY\`k\kj`\Xcj=`cd\dXZ_\i`e#M`[\f$
@ek%M\iki`\Y8e`dXk\Gifa\Zkj
b•ejkc\i`e# BliXkfi`e le[ ;fq\ek`e `e Cfe[fe2 =`cdXljnX_c1 (00( K_\ :`kX[\c2 (00) KXcc 9l`c[`e^j2 (00-
>ifYi`kXee`\e)''0
.Ê*'È#?;:8D#=XiY\#\e^c`jZ_
I\^`\#;i\_YlZ_:fi[\c`XJnXee
BXd\iX:fi[\c`XJnXdd#@Xe9flie#
;\j\ikIfj\2)'')G\i]`[`X`eFY\i_Xlj\e)'') 2)''*JZ\e\j]ifd=i\\[fe`X2)''/;\c`i`X2K`ej\c2?fd\2
=\jk`mXc$N\ckgi\d`\i\
:`kp2J_X[fnj2Nfe[\ijf]k_\Nfic[2E`^_k2C`^_kj%
BfekXbk8e`dXk\Gifa\Zkj#AXZhl`;Xm`\j#>ifYi`kXee`\e#=fe"++$)'$.+'.*0++#
<$DX`c[`jki`Ylk`fe7Xe`dXk\gifa\Zkj%fi^#nnn%Xe`dXk\gifa\Zkj%fi^
:_XgX9l[[pBldg\c
9iXj`c`\e)''0
(,Ê#*,dd#=XiY\
gfikl^`\j`jZ_d`k\e^c%Lek\ik`k\ce
N\`c \i [\e 9\jlZ_ j\`e\i KfZ_k\i \inXik\k# lek\iYi`Z_k [\i KX^\c_e\i
8eke`f#[\ia\[\eKX^XdJkiX\eiXe[Xl]\`e\eAfYnXik\k#j\`e\Iflk`e\%
<og\Zk`e^_`j[Xl^_k\iËjm`j`k#8eke`f#X[Xpnfib\inX`k`e^]fiafYjYpXifX[
j`[\\XZ_Xe[\m\ip[Xp#jb`gj_`jnfibiflk`e\%
I\^`\K_`X^fI`ZXik\
9`f$&=`cdf^iX]`\ ^\Yfi\e (0/- `e >lXilc_fj2 Jkl[`ld Xe [\i =le[Xƒf 8idXe[f ÝcmXi\j G\ek\X[f
;i\_YlZ_C`dXI`Zfj
=88G `eJfGXlcf2K€k`^b\`kXcj=`cd\dXZ_\i#BXd\iXXjj`jk\ek#=fkf^iX]le[>X]]\i2)''.K_\CleZ_
BXd\iXI\eXkf:f\c_f
Gi\k\e[@k¡jX;`ee\i 2)''/=\jk`mXcf]%%%
JZ_e`kk>XYi`\cD\`i\cc\jG`ekf
BfekXbk=le[Xƒf8idXe[fÝcmXi\jG\ek\X[f=88G #=fe",,$(($*--).*))#<$DX`c]`cdfk\ZX7]XXg%Yi#
Gif[lbk`fe=le[Xƒf8idXe[f
nnn%]XXg%Yi
ÝcmXi\jG\ek\X[f=88G
;\lkjZ_\=\jk`mXcgi\d`\i\
Gif^iXdd.
DfekX^*%,%('#(+1*'L_i#C`Z_kYli^
J\Zfe[:flj`ejFeZ\I\dfm\[<ek]\iek\:flj`e\e
LJ8)''0
('Ê*'È#?;:8D#=XiY\#\e^c`jZ_
I\^`\#;i\_YlZ_<c`qX?`kkdXe
8l] \`e\i I\`j\ d`k [\i =Xd`c`\ m\icXjj\e [`\ Y\`[\e :flj`e\e Af$Af le[
EXfd`Xl][\iJlZ_\eXZ_C`dfeX[\le[Jg`\cbXik\ed`kk\e`e[\iEXZ_k`_i
Dfk\cq`dd\i%FeX]Xd`cpifX[ki`g#k_\knfZflj`ejAf$AfXe[EXfd`c\Xm\k_\`i
dfk\ciffd`ek_\d`[[c\f]k_\e`^_k`ej\XiZ_f]jf[XXe[gcXp`e^ZXi[j%
BXd\iX>\fi^\Jl
9`f$&=`cdf^iX]`\^\Yfi\e`e9iffbcpe2c\Yk`eE\nPfible[Cfj8e^\c\j2D=8`e=`cdi\^`\Xd:Xc`]fie`X
JZ_e`kkJZfkk:ldd`e^j
@ejk`klk\f]k_\8ikj#MXc\eZ`X#LJ82)''/8Cld`\i\2)''0Ki`Zbjk\i%
@ek%M\iki`\Y<c`qX?`kkdXe
BfekXbk<c`qX?`kkdXe#LJ8#<$DX`c\c`qX%_`kkdXe7^dX`c%Zfd
=\jk`mXc$N\ckgi\d`\i\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
*(
@ek\ieXk`feXc:fdg\k`k`fe
J\m\eJfe^j8YflkK_le[\iJ`\Y\eJfe^j•Y\i>\n`kk\i
BXd\iX#JZ_e`kkD`b\Fc\e`Zb
<`e\ ale^\ =iXl d`k Y\d\ib\ejn\ik Xd•jXek\e 9\n€ck`^le^jjkiXk\^`\e
]`e[\k[`\C\`Z_\\`e\iK\\eX^\i`e`dNXc[%<`e\[lebc\Bfd[`\•Y\i\`e\
Dlkk\i#\`e\KfZ_k\i#\`e\C•^e\i`ele[`_i\K_\iXg\lk`e%8pfle^nfdXe
n`k_i\dXibXYcp_`cXi`fljZfg`e^jb`ccj]`e[jk_\[\X[Yf[pf]Xk\\eX^\^`ic`ek_\
nff[j%8[XibZfd\[pXYflkXdfk_\i#X[Xl^_k\i#Xc`XiXe[_\ik_\iXg`jk%
Dlj`b:Xj\p:ffg\i#M`XKXe`X
9`f$&=`cdf^iX]`\^\Yfi\e(0.(`eF_`f2c\Ykle[XiY\`k\kXcj=`cd\dXZ_\i`ele[B•ejkc\i`e`e@e[`XeX#LJ82
Gif[lbk`feA\ee`]\iI\\[\i#D`b\
(00-D=8XdJZ_ffcf]k_\8ik@ejk`klk\f]:_`ZX^f2`_i\M`[\f`ejkXccXk`fe\eY\jZ_€]k`^\ej`Z_f]kdXcjd`k
Fc\e`Zb
K_\d\en`\8[fc\jq\eq#J\olXc`k€k#KiXldXkXle[[\dQl]€cc`^\e2`_i\N\ib\nli[\en\ckn\`k^\q\`^k2M`$
=\jk`mXc$N\ckgi\d`\i\
)''*K`epGcXjk`ZIX`eYfn2)''+G`ebXe[J`cm\i2)''.Jk`]]2)''/8ZZ`[\ekjXk?fd\Xe[?fnK_\p?Xgg\e%
LJ8)'('
)'Ê*'È#;`^`9\kX#=XiY\#\e^c`jZ_
I\^`\#;i\_YlZ_A\ee`]\iI\\[\i
[\fXljnX_c1(00-;\m`c@ej`[\2(00.CXnf];\j`i\2)''(8Iffdn`k_k_\NXccj9cXjk\[kfJ_i\[jXe[=Xcc`e^2
BfekXbkA\ee`]\iI\\[\i#LJ8#=fe"($*()$+0/0+0*#<$DX`ck_\a\ee`]\ii\\[\i7^dX`c%Zfd
>`ic]i`\e[j=i\le[`ee\e
Dlj`b>f^`;qf[qlXj_m`c`
ÙJ`\ _XY\e [`\j\e le^cXlYc`Z_\e Cffb% Gligc\ ?Xq\% J`\ nXi\e ql^c\`Z_
jZ_Xi]le[lejZ_Xi]%;\iI•Zbgifa\bk`fej$Cffb%J`\nXi\eXccql\ekjZ_cfj$
j\e# gjpZ_fcf^`jZ_ ^\_pgk# b•ejkc`Z_ [\]`e`\ik# aXgXe`jZ_\ @d`kXk\% K`d\j
JhlXi\:lk$lg%ÈI`Z_Xi[Gi`Z\ÈK_\p_Xm\k_Xk`dgfjj`Yc\cffb%Gligc\?Xq\%
K_\pn\i\`eXe[flkf]]fZljXkk_\jXd\k`d\%K_\i\Xi$jZi\\e$gifa\Zk`fecffb%
K_\pn\i\fm\icp[\k\id`e\[#gjpZ_fcf^`ZXccp_pg\[lg#Xik`]`Z`Xccp[\]`e\[#AXgX$
e\j\]Xb\%K`d\jJhlXi\:lk$lg%ÉI`Z_Xi[Gi`Z\
@ek%M\iki`\YJXY`eXDXi`XmXe[\i
9`f$&=`cdf^iX]`\J%D%mXe[\iC`e[\ec\Ykle[XiY\`k\k`e9\ic`ele[8djk\i[Xd2[`m\ij\Dlj`bm`[\fj#
C`e[\e
l%X%]•iJk\i\fKfkXc28ljnX_c1(00)C\Y\ejc€e^c`Z_2(00,D\^X]c`kkZ_\e2(00-;XZkpcfIfZbJk\i\fKfkXc 2(000
=\jk`mXc$N\ckgi\d`\i\
9`f$&=`cdf^iX]`\ E% Pl\e )''* 98 `e M`jlXc Xe[ <em`ifed\ekXc Jkl[`\j Xe [\i ?XimXi[ Le`m\ij`kp#
E`\[\icXe[\)''0
(,Ê*'È#;M#=XiY\#\e^c`jZ_
I\^`\#;i\_YlZ_#BXd\iXJXY`eX
DXi`XmXe[\iC`e[\e#E`eXPl\e
JZ_e`kkJXY`eXDXi`XmXe[\iC`e[\e
9\Xlkp$:Xj\Jk\i\fKfkXc 2)'''MXc`ld2)'')JXY`_X2)''.G\i]\ZkcpPfl2)''0<\ec\g\cka\Yil`e\jl`b\i%
9fjkfe2)'('C\_iXl]kiX^Xe[\iBfe`ebc`ab\8ZX[\d`\mXe9\\c[\e[\Blejk\e`e;\e?XX^2)''-Jle^2
8c`Z\2KfdXj2;fe2:c\Xe2)''.I`dYXl[2)''0AfXe2N_`k\9c`e[e\jj%
BfekXbkJXY`eXDXi`XmXe[\iC`e[\e#E`\[\icXe[\#=fe"**($)'$,).'+'(#<$DX`cK8K87^do%c`
:_\\j\B€j\
0Ê#;M#=XiY\#f_e\K\ok
<`e i€kj\c_X]k\i# j\ej`Yc\i B€j\ n`i[ m\i_\ok# Xcj \i \`e ]i\`jZ_X]]\e[\j
FiXb\c Xl]jlZ_k% 8 dpjk\i`flj Xe[ j\ej`k`m\ Z_\\j\ ]Xccj le[\i Xe \m`c jg\cc
n_\e`kZXccjlgfeX]i\\cXeZ\fiXZc\%
\`eM`[\fmfeJ`^^X9ai^
9`f$&=`cdf^iX]`\^\Yfi\e(0..`eI\pbaXm`b2c\Ykle[XiY\`k\k`e>cXj^fnle[I\pbaXm`b2)''(98`e=i\`\i
J`^li[Xi[kk`i
BlejkXe[\iBlejkXbX[\d`\`eI\pbaXm`b2)''+D=8Xe[\i>cXj^fnJZ_ffcf]8ik#>cXj^fn#JZ_fkkcXe[2
@jcXe[)''0
@ek%M\iki`\Y>Xc\i`\8[c\i
G\i]fidXeZ\j#<`eq\c$le[>ilgg\eXljjk\ccle^\en\ckn\`k2M`[\fXljnX_c1)''-:_f`i2K_\i\@jXGXikpXk
GXiXZ`[\GXibKfe`^_k2Jcligfg_fY`X2)''.GXiX[foGXiX[\2)''/Glcg`kGXcXZ\%
;\lkjZ_\=\jk`mXcgi\d`\i\
BfekXbk>Xc\i`\8[c\i#JXjb`X;Xdj#;\lkjZ_cXe[#=fe"+0$-0$+*',*0-)#<$DX`cdX`c7^Xc\i`\X[c\i%Zfd#
nnn%^Xc\i`\X[c\i%Zfd
Ql\`^ele^;\[`ZXk`fe
;\lkjZ_cXe[)'('
)+Ê#;`^`9\kX#=XiY\
[\lkjZ_d`k\e^c%Lek\ik`k\ce
Ql\`^ele^Y\jZ_i\`Yk[`\>i\eq\eqn`jZ_\e[\d8e[\i\ele[[\d@Z_#[\d
`ee\i\eB\iele[[\iFY\i]c€Z_\#[\iIfcc\le[[\i\`^\e\e@[\ek`k€k%
;\[`ZXk`fe[\jZi`Y\jk_\Yfi[\ijY\kn\\ek_\Fk_\iXe[k_\J\c]#k_\`ee\iZfi\
Xe[k_\jli]XZ\#ifc\jXe[fe\Ëjfne`[\ek`kp%
I\^`\#;i\_YlZ_#BXd\iX
9`f$&=`cdf^iX]`\=`cd\dXZ_\i`ej\`k)''*2qX_ci\`Z_\`ek\ieXk`feXc\=\jk`mXck\`ceX_d\ele[Gi\`j\2j\`k
AXeX;\Ylj
)''+Jkl[`ldXe[\iB?DBce2)''.C\fe`\JX`ek2)''0>i\^fi8c\o`j%
Dlj`bAl[`k_Efi[YifZb
BfekXbkB?DBce#Lk\;`c^\i#;\lkjZ_cXe[#=fe"+0$))($)'(/0**'#<$DX`c[`c^\i7b_d%[\#nnn%b_d%[\
;Xijk\cc\i`eAlc`X>`cc\
Gif[lbk`feB?DBce
=\jk`mXc$N\ckgi\d`\i\
*) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
@ek\ieXk`feXc\iN\kkY\n\iY
Gif^iXdd/
DfekX^*%,%('#)'1''L_i#C`Z_kYli^
=lfi`[Xc^i\^^\Flkj`[\k_\?\i[=\ie[\i?\i[\
JZ_e`kkDXkk\f>Xi`^c`f
<`eJZ_X]_`ik\le[\`eXck\i9\i^YXl\i]•_i\e\`e]i\`\jle[leXY_€e^`^\j
C\Y\e `d `kXc`\e`jZ_\e G`\dfek% ;\i =`cd \ek]•_ik `e [`\ N\ck ]\ieXY [\i
df[\ie\eQ`m`c`jXk`fele[q\`^k#n`\dXe`e\`e\ileY\i•_ik\eCXe[jZ_X]k
\`e^c•Zbc`Z_\jle[\i]•cck\jC\Y\e]•_i\ebXee%8j_\g_\i[Xe[Xefc[]Xid\i
c`m\X]i\\Xe[`e[\g\e[\ekc`]\`ek_\@kXc`XedflekX`ej%K_\]`cdkXb\jljkfX
nfic[]XiXnXp]ifddf[\ieZ`m`c`jXk`feXe[j_fnjlj_fnkfc`m\X_XggpXe[
]lc]`cc\[c`]\`eXelekflZ_\[cXe[jZXg\%
Dlj`b>XYi`\cBiXd\i9XcX[i`
9`f$&=`cdf^iX]`\^\Yfi\e`e8[c`^\ejn`c2c\Yk`eClq\ie2)''.$('Jkl[`ld[\iM`jl\cc\eBfddle`bXk`fe
JZ_n\`q)''0
(+Ê*'È#9\kXJG#=XiY\
`kXc`\e`jZ_d`k[k%&\e^c%Lek\ik`k\ce
I\^`\DXkk\f>Xi`^c`f
BXd\iXK`dfeJZ_€gg`
Gif[lbk`fe?JCL
d`kJZ_n\iglebkM`[\fXe[\i?JCLClq\ie2)''.9fY2)''.B`iZ_klid[\eb\e2)''/KX^ki€ld\i2JfeekX^`jk
Il_\kX^2Q\`ki\`j\[liZ_>\[Xeb\en\ck\e%
;\lkjZ_\=\jk`mXcgi\d`\i\
BfekXbk?JCL#<[`k_=c•Zb`^\i#JZ_n\`q#=fe"+($+($))/0(''#<$DX`c\[`k_%]cl\Zb`^\i7_jcl%Z_#nnn%_jcl%Z_
:XkZ_`e^=Xe^\e
=`eecXe[)''0
()Ê#9\kXJG#=XiY\le[j&n
]`ee`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#BXd\iX?XeeXc\\eX?Xlil
;`\XiY\`kjcfj\J€^\n\ibjXiY\`k\i`eBXXi`eXXlj=`eecXe[^\_keXZ_8i^\e$
k`e`\e#ld[fikqlXiY\`k\e%<`eg\ijec`Z_\iBfdd\ekXiqliXbkl\cc\e<ek$
n`Zbcle^ `e [\i ?fcqm\iXiY\`kle^j`e[ljki`\% Le\dgcfp\[ jXnd`cc nfib\i
BXXi`eX]ifd=`ecXe[kiXm\cjkf8i^\ek`eXkfnfibk_\i\%8g\ijfeXcjkXk\d\ekfe
k_\fe^f`e^kiXej]fidXk`fef]k_\]fi\jk`e[ljkip%
;i\_YlZ_?XeeXc\\eX?Xlil#KXeaX 9`f$&=`cdf^iX]`\ ^\Yfi\e (0/*2 )''. 8YjZ_cljj Xe [\i KKMF# [\d D\[`X 8ik ;\gXik\d\ek [\i
?\`e€e\e
Gfcpk\Z_e`jZ_\e?fZ_jZ_lc\`eKXdg\i\2qliq\`kjkl[`\ikj`\;i\_YlZ_Xe[\i?fZ_jZ_lc\]•iBlejkle[
JZ_e`kk8e[i\XQXgXkX>`iXl
;\j`^e?\cj`eb`2=`cdXljnX_c1)''-@caX\`mf`2BXkfXmX`jll[\jkXcp_p\jk`2)''.AfjBXX[le`eFY\i_Xlj\e
Gif[lbk`fe?XeeXc\\eX?Xlil
)''/ 2)''/JfK_\i\8i\EfGf\dj:fd`e^kfD\2)''0M`Xcc`j\kfkk\k%
BfekXbk?XeeXc\\eX?Xlil#=`eecXe[#=fe"*,/$,'$*.+'-,,#<$DX`c__Xlil7^dX`c%Zfd#
;\lkjZ_\=\jk`mXcgi\d`\i\
_kkg1&&XYflkZXkZ_`e^%nfi[gi\jj%Zfd
<of[lj
BXjXZ_jkXe&;\lkjZ_cXe[)''0
((Ê#?;M#=XiY\le[j&n
f_e\K\ok
I\^`\#;i\_YlZ_#JZ_e`kk8cdX^lc
D\ec`YXp\mX
<of[ljY\q`\_kj`Z_Xl][\e8ljql^`e[\i_\Yi€`jZ_\e9`Y\c%?\lk\Y\fYXZ_k\
le[\ic\Y\`Z_[\eblckli\cc\e<of[ljj\cY\i%Lej\i\KiX[`k`fe\ej`e[m\icfi\e
le[ n`i Y\]`e[\e lej Xcc\ Xl] \`e\d blckli\cc\e <of[lj `e \`e\ e\l\ N\ck%
<of[lji\]\ijkfk_\\of[lj`ek_\?\Yi\n9`Yc\%Kf[Xp#@j\\Xe[\og\i`\eZ\ZlckliXc
\of[ljdpj\c]%FlikiX[`k`fejXi\`eil`ejXe[n\Xi\XccfeXZlckliXc\of[ljkfX
e\nnfic[%
BXd\iX<ib\YlcXe9\bklifm#8cdX^lc 9`f$&=`cdf^iX]`\^\Yfi\e(0-0`eBXjXZ_jkXe2c\Yk`e9\ic`ele[8cdXkp#BXjXZ_jkXe2(0/.$0)D=8Xe[\i
D\ec`YXp\mX
Le`m\ij`k€k ]•i Blejk le[ K_\Xk\i `e 8cdXkp2 =`cdXljnX_c1 )''* Jk\gg\e 9Xifhl\2 )''+ Fe k_\ IfX[2
Dlj`bFD=F
A`_X[2)'',@E\m\i=fi^\kK_`jFe\:_Xee\c2)''.8jk_\F`c9liej2?\X[Z_Xi^\`eFY\i_Xlj\e)''/ 2
Gif[lbk`fe8cdX
)''/B`jj`e^Kfk\dj%
BfekXbk8cdX#;\lkjZ_cXe[#=fe"+0$(.-$-*'*-++*#<$DX`cXcdX^lc)7^dX`c%Zfd
N\ck$=\jk`mXcgi\d`\i\
K_\8i^\ek`e\:fjjXZbj=iX^d\ekj]ifdX=X[`e^Ki`Y\ ;`\Xi^\ek`e`jZ_\eBfjXb\e
=iX^d\ek\\`e\ilek\i^\_\e[\eJg\q`\j
BXd\iXIlY\e>lqdXe
>\[i\_k`e[\iefi[Xi^\ek`e`jZ_\eGifm`eqJXckX#q\`^k[`\j\iBliq]`cd\`e
]iX^d\ekXi`jZ_\jGfiki€k[\iXck\ie[\eJXck\Œfj#[`\Y\`[\e;i\_XiY\`k\e
qld?fccpnff[$8Y\ek\l\i]`cdKXiXj9lcYXmfe(0-(d`kn`ibk\e%J_fk`ek_\
efik_\ie8i^\ek`e\gifm`eZ\f]JXckX#k_`jj_fik`jX]iX^d\ek\[gfikiX`kf]k_\
X^`e^JXck\Œfjn_fgXik`Z`gXk\[`ek_\]`cd`e^f]k_\?fccpnff[X[m\ekli\]`cd
KXiXj9lcYX`e(0-(%
Gif[lbk`fe=\[\i`ZfN`e[_Xlj\e
9`f$&=`cdf^iX]`\ qliq\`k lek\ii`Z_k\k \i =`cd ?`jkfip Xd :Xc`]fie`X :fcc\^\ f] k_\ 8ikj# FXbcXe[&JXe
LJ8&8i^\ek`e`\e)''0
0Ê#;M#=XiY\#
jgXe`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#JZ_e`kk=\[\i`ZfN`e[_Xlj\e
=iXeZ`jZf#LJ82)''0:lXe[f\cgl\Ycf]l\?fccpnff[%
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
BfekXbk=\[\i`ZfN`e[_Xlj\e#=fe($,('$,0.'(0(#<$DX`c]an)'*(7epl%\[l
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
**
@ek\ieXk`feXc:fdg\k`k`fe
J`Y\i`XJ`Y`i`\e
8ljkiXc`\e)''0
)*Ê*'ÊÊ#?;:8D#=XiY\le[j&n
\e^c`jZ_
I\^`\#;i\_YlZ_#BXd\iX#JZ_e`kk
8e[i\nKXpcfi
J`Y\i`X`jk[`\<i`ee\ile^Xe\`e\I\`j\le[\`e\ele^c•Zbj\c`^\e=`cd[i\_
`e IljjcXe[j Xibk`jZ_\d Efi[\e# \iq€_ck `e _le[\ik\e mfe eXZ_Y\XiY\`$
k\k\e=fkfj#Xlj[\iQ\`kbliqeXZ_>cXjefjkle[G\i\jkif`bX%J`Y\i`X`jX
d\df`i f] X aflie\p Xe[ Xe `cc$]Xk\[ ]`cd j_ffk `e Iljj`XÊj 8iZk`Z efik_# kfc[
k_ifl^_i\$nfib`e^_le[i\[jf]g_fkf^iXg_jkXb\ej_fikcpX]k\ik_\i\]fidjf]
^cXjefjkXe[g\i\jkif`bX%
Dlj`bGXlc?\Xcp
9`f$&=`cdf^iX]`\ c\Yk le[ XiY\`k\k `e Jp[e\p Xcj =fkf^iX] le[ =`cd\dXZ_\i2 j\`e\ 8e`dXk`fej$ le[
Gif[lbk`feJ`Y\i`X]`cdj
;fbld\ekXi]`cd\nli[\eXl]`ek\ieXk`feXc\e=\jk`mXcj^\q\`^k2qliq\`kXiY\`k\k\iXcj;fq\ek]•iD\[`\e$
=\jk`mXc$N\ckgi\d`\i\
f]k_\Dlddp2(00.O\eXÆ>`icjAljkNXeeX?Xm\=le2)'')BXYYXic`2)''/JkX`ec\jj%
blejkXe[\iLe`m\ij`kpf]K\Z_efcf^p`eJp[e\p2(00*?\Xikf]G\Xic2(00+:feZi\k\=c\j_2(00-K_\:lij\
BfekXbkJ`Y\i`X#8e[i\nKXpcfi#8ljkiXc`\e#=fe"-($)$0,0(***(#X^k-(7fgklje\k%Zfd%Xl#
nnn%j`Y\i`Xk_\dfm`\%Zfd
M`cXp;`jjfclk`fe8l]cjle^
;`\N\ckmfe^\jk\ie%<`e\N\ckY\jZ_Xlc`Z_\iKX^\le[lem\ijZ_cfjj\e\i
K•i\e% <`e\ N\ck# [`\ Xe ?f]]ele^ le[ >c•Zb ^cXlYk\% <e[\k% D`k `_i m\i$
jZ_n`e[\k [\i JZ_Xkk\e d\`e\i >ifdlkk\i% K_\ nfic[ f] p\jk\i[Xp% K_\
nfic[f]cXqp[XpjXe[lecfZb\[[ffij%K_\nfic[k_XkY\c`\m\[`e_fg\Xe[_Xg$
g`e\jj%<e[j%N`k_`k[`jXgg\Xijk_\j_X[fnf]dp^iXe[dfk_\i%
@e[`\e)''0
(*Ê#*,dd#=XiY\#f_e\K\ok
I\^`\Ld\j_BlcbXie`
;i\_YlZ_JXk`9_XpX\
JZ_e`kkLanXcX8^XnXe\
9`f$&=`cdf^iX]`\^\Yfi\e(0.-28YjZ_cljj\`e\jN`ikjZ_X]kj$le[AliXjkl[`ldj2\iXiY\`k\k\XcjI\^`\$
BXd\iX;\\glJLee`
Xjj`jk\ekl%X%d`kJld`kiX9_Xm\le[Jle`cJlbk_XebXi2)'',8YjZ_cljj`eI\^`\Xd=K@@`eGle\2)'',
Gif[lbk`fe=`cdXe[K\c\m`j`fe
>`ie`2)''/MXcl2K_i\\f]Lj2)''0>XXil[%
@ejk`klk\f]@e[`X=K@@
BfekXbk=`cdXe[K\c\m`j`fe@ejk`klk\f]@e[`X=K@@#:_Xe[iXj_\bXiAfj_`#=fe"0($0/$0'*/0.(,#
<$DX`c]k`]if7pX_ff%Zf%`e#nnn%]k``e[`X%Zfd
;\lkjZ_\=\jk`mXcgi\d`\i\
Gif^iXdd0
;`\ejkX^+%,%('#()1*'L_i#C`Z_kYli^
Fc\^
BXd\iXDX`kDõX\b`m`
),AX_i\eXZ_j\`e\i<ekcXjjle^Xlj[\iJfna\kXid\\Y\^`Ykj`Z_\`e\_\$
dXc`^\iJfc[XkXl]\`e\i`kl\cc\I\`j\ql\`e\d\ek]\iek\e;fi]]i`\[_f]#ld
j`Z_mfehl€c\e[\e<i`ee\ile^\eXe\`e\ekiX^`jZ_\eLe]Xcc`e[\i8id\\ql
Y\]i\`\e%),p\XijX]k\i_`j[`jZ_Xi^\]ifdk_\Jfm`\kXidp#X]fid\ijfc[`\i
\dYXibjfeXi`klXcaflie\pkfX]XiXnXpm`ccX^\^iXm\pXi[kf]i\\_`dj\c]]ifd
_Xlek`e^d\dfi`\ji\cXk\[kfXkiX^`ZXZZ`[\ek`ek_\Xidp%
JZ_e`kkAXXbFcc`ef
9`f$&=`cdf^iX]`\^\Yfi\e(0-(`eKXikl#<jkcXe[2(0/,$0(Jkl[`ld[\iDXc\i\`Xe[\i<jke`jZ_\eBlejk$
Dlj`bD`_b\cBc\`j
XbX[\d`\`eKXcc`ee2(000Jk`g\e[`ld[\j:_`ZX^f8ik`jk@ek\ieXk`feXcGif^iXd#LJ82qX_ci\`Z_\G\i]fi$
Gif[lbk`fe8cc]`cd
dXeZ\j#GlYc`bXk`fe\e#8ljjk\ccle^\en\ckn\`k2qliq\`k`jk\iC\_iY\Xl]kiX^k\iXe[\i<jke`jZ_\eBlejk$
<jkcXe[)'('
)(Ê#*,dd#=XiY\
iljj`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_AXXeKffd`b
XbX[\d`\2 =`cdXljnX_c1 (00/ @jX aX gf\^2 )''( AXXe `e FY\i_Xlj\e )'') 2 )''* C``eX `e FY\i_Xlj\e
N\ck$=\jk`mXcgi\d`\i\
)''+ 2)''.8idlcXl[`eFY\i_Xlj\e)''/ %
BfekXbk8cc]`cd#@mf=\ck#<jkcXe[#=fe"*.)$-.)$0'.'#<$DX`cXcc]`cd7Xcc]`cd%\\#nnn%Xcc]`cd%\\
8kk\ek`feMfij`Z_k
;`\j\jM`[\fgi€j\ek`\ikqn\`J`Z_kn\`j\eXl]\`eFYa\bk%K_`jm`[\fgi\j\ekj
knfgf`ekjf]m`\nfefe\fYa\Zk%
IljjcXe[)''0
(Ê#;M#=XiY\#jkldd
9`f$&=`cdf^iX]`\^\Yfi\e(0/'`eJXdXiX#IljjcXe[2(00-$)''(Jkl[`ld[\iDXc\i\`Xe[\iBlejkXbX[\$
\`eM`[\fmfeMcX[`d`iCf^lkfm
d`\mfeJXdXiX2)'')$'-Jkl[`ld[\iG€[X^f^`ble[=i\`\eBlejkXe[\iJkXXkc`Z_\eG€[X^f^`jZ_\e
Gif[lbk`feMcX[`d`iCf^lkfm
Le`m\ij`k€kJXdXiX2)'',Jk`g\e[`Xk[\jJklkk^Xik\iBlejkm\i\`ej\%M%2=`cdXljnX_c1)'',Kn`c`^_k2K_\
<g`jf[\2K_\GXib2)''.K_\IlY`bËj:lY\2)''/K_\K_fljXe[jf]8YjkiXZk;iXn`e^jDX[\YpC`^_k2)''0
N\ck$=\jk`mXcgi\d`\i\
9\_`e[XNXcc%
BfekXbkMcX[`d`iCf^lkfm#IljjcXe[#=fe".$/+-$**+/)(/#<$DX`ccf^lkfm7jXdXiXXik%il
*+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
@ek\ieXk`feXc\iN\kkY\n\iY
Jle[XpJfeekX^
AXgXe)''0
(*Ê#;M:8D#=XiY\
aXgXe`jZ_d`k\e^c%Lek\ik`k\ce
<`ejfee`^\iKX^%=•e]G\ijfe\em\iYi`e^\e\`e\e^XeqefidXc\eJfeekX^%
<`eYc\e[\e[\iKX^Æn`\`dd\i%8jleep[Xp%=`m\g\fgc\jg\e[`e^XljlXc
Jle[Xp%8[Xqqc`e^[Xp#XjXcnXpj%
9`f$&=`cdf^iX]`\^\Yfi\e(0..`eA\feal#J•[bfi\X2c\Yk`eBpfkf#AXgXe28YjZ_cljj`e=`cdXe[\i?XepXe^
\`eM`[\fmfeB`d;fe^$_le
Le`m\ij`k€k`eJ\flc2qliq\`kjkl[`\ik\iXe[\iBpfkf$Le`m\ij`k€k]•iBlejkle[;\j`^e2)''*FjkXc`e[X2)''+
Gif[lbk`feBpfkfLe`m\ij`kpf]8ik
8ifkX@jcXe[2)''0Di%JXbliX`XkXK`Zb\k:flek\i2)'('Pfbf%
Xe[;\j`^e
BfekXbkBpfkfLe`m\ij`kpf]8ikXe[;\j`^e#AXgXe#=fe"/($.,$.0(0*,*
N\ck$=\jk`mXcgi\d`\i\
KiXm\cc`e^=`\c[jMfiY\`q`\_\e[\=\c[\i
Efin\^\e)''0
0Ê#*,dd#=XiY\#f_e\K\ok
I\^`\#JZ_e`kk@e^\iC`j\?Xej\e
BXd\iX@e^\iC`j\?Xej\e#?`c[\
DXcd\#>i\^Gfg\
@ek%M\iki`\YEfijb]`cd`ejk`klkk
;\i=`cdbfeq\eki`\ikj`Z_Xl]G_€efd\e\#[`\[liZ_\`e\ve[\ile^[\iG\i$
jg\bk`m\\ekjk\_\e#le[jf\`e\eFikle[j\`e\>\f^iX]`\e\l[\]`e`\i\e%
<`e\BXd\iXnli[\bfg]•Y\iXl]\`e\iJZ_`\e\[liZ_m\ijZ_`\[\e\Kfgf^iX$
]`\ele[Fik\[\iBfcX$?XcY`ej\cY\n\^k%K_\]`cd]fZlj\jfegXik`ZlcXig_\$
efd\eXfZZli`e^k_ifl^_XZ_Xe^\f]g\ijg\Zk`m\XjXnXpf]i\[\]`e`e^XgcXZ\
Xe[ `kj ^\f^iXg_p% K_\ ZXd\iX nXj dfm\[ lgj`[\$[fneXcfe^XkiXZb#k_ifl^_
[`]]\i\ekkfgf^iXg_`\jXe[cfZXk`fej`ek_\BfcXG\e`ejlcX%
9`f$&=`cdf^iX]`\^\Yfi\e`eEfin\^\e28ljY`c[le^Xe[\iLe`m\ij`kpf]<XjkCfe[fe#XdJk%DXik`eËj:fc$
;\lkjZ_\=\jk`mXcgi\d`\i\
c\^\f]8ik`eCfe[fele[XdJXe=iXeZ`jZf8ik@ejk`klk\2`_i\N\ib\nli[\el%X%`e[\iKXk\Df[\ie#Cfe[fe
le[`d:\eki\Gfdg`[fl#GXi`jXlj^\jk\cck2=`cdXljnX_c1(00*KXcb`e^kfXJkfe\2(00,JkXk`Z2(00/?lj2)''(
Ki`gkpZ_2)''+8[i`]k2?\i\8]k\i2)''-Gifo`d`kp2:Xjk`e^k_\J_X[fnj2)''0GXiXccXo%
BfekXbkEfijb]`cd`ejk`klkk#Kfi`cJ`dfej\e#Efin\^\e#=fe"+.$))$+.+,''#<$DX`ckfi`c%j`dfej\e7e]`%ef#
nnn%e]`%ef
Jki\pd`=cfn=c`\\e
\`eM`[\fmfeDXiˆX;XcY\i^
Jki\pd` `jk \`e Xl] dXel\cc\e K\Z_e`b\e YXj`\i\e[\j <og\i`d\ek1 =XiY\#
=fid#K\okli#[`\9\n\^le^`dIXldle[[XjN\Z_j\cjg`\cqn`jZ_\eKfele[
9`c[%=cfn`jXe\og\i`d\ekYXj\[fedXelXck\Z_e`hl\j1Zfcfli#]fid#k\okli\#
dfm\d\ek`ejgXZ\Xe[k_\`ek\igcXpY\kn\\ejfle[Xe[`dX^\%
@ek%M\iki`\YDXiˆX;XcY\i^
9`f$&=`cdf^iX]`\ ^\Yfi\e (0/*2 )''0 98 Xe [\i BlejkXbX[\d`\ `e I\pbaXm`b2 `ek\ieXk`feXc\ 8ljjk\c$
@jcXe[)'('
0Ê*'ÊÊ#?;M#=XiY\#f_e\K\ok
cle^j$ le[ =\jk`mXcY\k\`c`^le^\e2 )''. 8 A\k f] NXk\i2 C\`i dpe[YXe[2 )''/ Jle[cXl^2 . _i`e^`i2 Mfi2
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
Kf^jki\`kX2BfccXf^9ipeaX2)''08e[c`k2JZfkcXe[2;liXk`fe%
BfekXbkDXiˆX;XcY\i^#@jcXe[#=fe"*,+$--'')**#<$DX`cdXaX[Xc7_fkdX`c%Zfd
K_\;Xibe\jjf];Xp;lebc\KX^\
AXpIfj\eYcXkk
<`e ^\]•_cmfcc\i ;fbld\ekXi]`cd •Y\i J\cYjkdfi[ jfn`\ ;\gi\jj`fe\e#
Jk\iYc`Z_b\`kle[@jfcXk`fe%<`e\I\`_\mfe9\^\Y\e_\`k\em\in\`jkXl][`\
m\ijZ_`\[\e\e D^c`Z_b\`k\e# J\cYjkdfi[ nX_iqle\_d\e# ql gcXe\e le[
Xljql]•_i\e%8cpi`ZXc[fZld\ekXipk_Xk\ogcfi\jjl`Z`[\Xjn\ccXj[\gi\jj`fe#
dfikXc`kpXe[`jfcXk`fe%8j\i`\jf]Xe\Z[fk\jjl^^\jkjk_\mXi`fljnXpjjl`Z`[\
ZXeY\g\iZ\`m\[#Zfek\dgcXk\[#Xe[\eXZk\[%
Dlj`b<i`Z@XeNXcb\i
9`f$&=`cdf^iX]`\q€_ckql[\en`Z_k`^jk\e=fle[$=ffkX^\$=`cd\dXZ_\ie[\iN\ck2j\`e\N\ib\nli[\e
Gif[lbk`feAXpIfj\eYcXkk
n\ckn\`kgi€d`\ik2Jk`g\e[`Xk[\i>l^^\e_\`dle[[\iIfZb\]\cc\i=fle[Xk`fe2j\`k(0/,lek\ii`Z_k\k\i
LJ8)''0
)-Ê#9\kXJG#=XiY\le[j&n
\e^c`jZ_
I\^`\#;i\_YlZ_#JZ_e`kk
Xe[`m\ij\eLe`m\ij`k€k\ele[Blejk`ejk`klk\e2=`cdXljnX_c1(00/?ldXeI\dX`ej`eFY\i_Xlj\e(00/ 2
;\lkjZ_\=\jk`mXcgi\d`\i\
)''(E`e\C`m\jK_\<k\ieXcDfd\ekf]Efn `eFY\i_Xlj\e)''( 2)'')GiXp\i2)''*=i`\e[>ff[2)'',
@Ëd:_Xic`\:_Xgc`e2)''-8]iX`[Jf2@AljkNXek\[Kf9\Jfd\Yf[p`eFY\i_Xlj\e)''. %
BfekXbkAXpIfj\eYcXkk#LJ8#=fe"($+(,$-+(/))'#<$DX`caXpi7aXpifj\eYcXkk]`cdj%Zfd#
nnn%aXpifj\eYcXkk]`cdj%Zfd
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
*,
@ek\ieXk`feXc:fdg\k`k`fe
Gif^iXdd('
;`\ejkX^+%,%('#(+1*'L_i#C`Z_kYli^
;\]`e`k`m\cpLe]`e`j_\[;\]`e`k`mlemfcc\e[\k
Dfc[Xn`\e)''0
(+Ê*'È#9\kXJG#=XiY\
ild€e`jZ_#iljj`jZ_#\e^c`jZ_d`k
\e^c%Lek\ik`k\ce
<`e\J\i`\mfe<i\`^e`jj\e\iq€_ck[`\le^cXlYc`Z_\>\jZ_`Z_k\[\j\ijk\e
@e[\g\e[\ek$Jg`\c]`cdjXljDfc[Xn`\ele[n`\\`ele\inXik\k\iLdjkXe[
Xcc\j€e[\ik\%8Z_ifefcf^pf]\m\ekjk\ccjk_\`eZi\[`Yc\jkfipf]k_\]`ijk`e[\$
g\e[\ek]\Xkli\]`cd]ifdDfc[fmXXe[_fnXele\og\Zk\[Z`iZldjkXeZ\Z_Xe^\[
\m\ipk_`e^%
I\^`\#;i\_YlZ_GXm\c9iX`cX
9`f$&=`cdf^iX]`\^\Yfi\e(0.(`e:_`ôjeXïl#Dfc[Xn`\e2c\Ykle[XiY\`k\kXcjB•ejkc\ile[=`cd\dXZ_\i`e
BXd\iXM\XZ\XjcXm:\YfkXi`#KfdX
9\ic`ele[:_`ôjeXïl2qX_ci\`Z_\=\jk`mXck\`ceX_d\e#<`eq\c$le[>ilgg\eXljjk\ccle^\el%X%`e[\iKXk\
9Xhl\e`
Df[\ieCfe[fe2=`cdXljnX_c1(00-Le[\#le[\#le[\mX2(00/J_fikZlkkfk_\Dffe2)'''?Xe[dX[\Jfe^2
JZ_e`kk;\e`j9Xik\e\m
)''(Cfl[jg\Xb\i2)'')J_f\j]fi<lifg\2(',&.2)''+C\:X[\Xl2)'',9XifejË?`cc2)''-<lifc`e\j:Xk\i`e^
Gif[lbk`feGXm\c9iX`cX
fi?fd\j`Zb:l`j`e\2)''.Gclj_Nfe[\i%
BfekXbkGXm\c9iX`cX#Dfc[Xn`\e#=fe"*.*$./')$/./+#<$DX`cgXm\cYiX`cX7^dX`c%Zfd
N\ck$=\jk`mXcgi\d`\i\
J_`]k\[?fi`qfeM\ijZ_fY\e\i?fi`qfek
LJ8)''0
-Ê*'È#?;:8D#=XiY\#f_e\K\ok
I\^`\#BXd\iX#JZ_e`kkJ\fle^_f
:_f
Dlj`bJk\g_\eM`k`\ccf
@ek%M\iki`\YDfek\m`[\f
<`e\Xlj\`e\djZ_nXeb\e[\e9ffkXl]^\efdd\e\@ej\c$le[9\i^cXe[jZ_X]k
n`i[mfen`gg\e[\eBXd\iXY\n\^le^\e[liZ_[ile^\e%9\`[\dM\ijlZ_#j`Z_
•Y\i[\eY\n\^\e[\e?fi`qfek_`en\^qlj\kq\e#jgc`kk\k:_f[Xj9`c[`e9€e$
[\iXl]#mfe[\e\ea\[\j\`e\Xe[\i\J`Z_k[\iJq\e\Y`\k\k%8cXe[jZXg\f]
dflekX`eflj`jcXe[j#i\Zfi[\[]ifdXnXm\$kfjj\[YfXk#`j`e]lj\[n`k_k_\YfYY`e^
dfk`fejf]k_\ZXd\iX%@eXe\]]fikkffm\ii`[\k_\j_`]k`e^_fi`qfe#:_fjgc`kjk_\
`dX^\`ekfYXe[j#\XZ_j_fn`e^[`]]\i\ekmXekX^\jfek_\jZ\e\%
9`f$&=`cdf^iX]`\ ^\Yfi\e (0,0 `e GljXe# J•[bfi\X2 c\Yk `e E\n Pfib2 D8 `e M`[\fblejk Xe [\i E\n Pfib
N\ck$=\jk`mXcgi\d`\i\
Le`m\ij`kp2(00/Jk`g\e[`ld[\iIfZb\]\cc\i=fle[Xk`fe]•iD\[`\eblejk2j\`e\N\ib\nli[\en\ckn\`kXlj^\$
q\`Z_e\kle[`e[`\jk€e[`^\JXddcle^[\jDfD8E\nPfibXl]^\efdd\e2=`cdXljnX_c1(00)K_\9`^Jc\\g2
(00,=finXi[#9XZb#J`[\#=finXi[8^X`e`eFY\i_Xlj\e(00- 2(00.@[\ek`ZXcK`d\2I\m2)'''C`e\XiKiXZb`e^2)''*
?fi`qfekXcJ`c\eZ\2)''.@C\]kDpJ`c\ek?flj\2)''/9lkk\i]cp2)''09lfp2Lei\e[\i\[#D\[`XF]]c`e\%
BfekXbkDfek\m`[\f#Afb\9Xcc`ek`ae#E`\[\icXe[\#=fe"*($)'$-)*.('(#<$DX`cafb\7e`db%ec
DX[Xd\C`kkc\9fp
JZ_n\[\e)''0
)/Ê#?;M#=XiY\#\e^c`jZ_
I\^`\#;i\_YlZ_#BXd\iX#JZ_e`kk
DX^elj9€ik‚j
Dlj`b;i€g\e_le[
Gif[lbk`feDX^elj9€ik‚j
DX[Xd\C`kkc\9fpXeXcpj`\ik[`\_`jkfi`jZ_\eC`e`\ele[N`\[\i_fcle^\e`e
[\iC\Y\ej^\jZ_`Z_k\mfe:_f`<le$_\\DX[Xd\:_f` le[`ek\igi\k`\ik[`\
>\e\Xcf^`\[\iDfejk\imfe>f[q`ccX•Y\iGlc^XjXi`ql>Xc^Xd\k_Xcj\`e\
J\i`\Y\nljjk\iJkXk\d\ekjql8kfdnX]]\e%DX[Xd\C`kkc\9fp\oXd`e\jk_\
_`jkfi`ZXcc`e\jXe[k_\Z`iZc\jf]i\g\k`k`fe`ek_\c`]\jkfipf]:_f`<le$_\\DX[Xd\
:_f` Xe[ `ek\igi\kj k_\ ^\e\Xcf^p f] dfejk\ij ]ifd >f[q`ccX# m`X Glc^XjXi` kf
>Xc^Xd\k_XjXj\i`\jf][\c`Y\iXk\d\jjX^\jXYflkXkfd`Zn\Xgfej%
9`f$&=`cdf^iX]`\^\Yfi\e(0-)2B•ejkc\i#8lkfi#BliXkfi2c\Ykle[XiY\`k\k`eJkfZb_fcd2j\`k(0/0=\jk`mXc$
;\lkjZ_\=\jk`mXcgi\d`\i\
le[8ljjk\ccle^jY\k\`c`^le^\en\ckn\`k2j\`k)''/C\_ik€k`^b\`kXdBfejk]XZbLe`m\ij`kp:fcc\^\f]8ikj#
:iX]kjXe[;\j`^e#JkfZb_fcd2=`cdXljnX_c1(00/8eeX#N_\i\@jGXlc`eXKf[Xp62)''*JXk\cc`k\j2N_f@j<mX
Hl`ekXj62)'',N_f@j;`d`ki`j?flc`XiXb`j62)''-<mX$C\eXJXpj2)''.Bld`bf#Af_ee`\NXcb\iK_\:lk\%
BfekXbkDX^elj9€ik‚j#JZ_n\[\e#=fe"+-$.'$+)+'*,,#<$DX`cdX^elj%YXikXj7jn`ge\k%j\#
nnn%dX^eljYXikXj%j\
;`jZi\gXeZp8E\n8cc8ifle[C\Xg=finXi[J`klXk`fe@j<d\i^`e^ ;`jbi\gXeq
<`ee\l\ild]Xjj\e[\i<ekn`Zbcle^jjgile^q\`Z_e\kj`Z_XY
Gif[lbk`fe;Xm`[Bfi[Xejbp>Xcc\ip
;`\j\i=`cdYXj`\ikXl]9`c[\ieXlj\`e\dGifgX^Xe[X]`cdle[q\`^k8kfd$
YfdY\ek\jkj#[`\`e[\e(0-'\iAX_i\emfe:_`eX[liZ_^\]•_iknli[\e%;`\
;`jZi\gXeZp$J\i`\lek\ijlZ_k#nXjgXjj`\ik#n\eeÙZ`e„dX[`jZi\gXekÈ`e
[`\KXkld^\j\kqkn`i[%N`k_`dX^\jkXb\e]ifdXgifgX^Xe[X]`cd#k_\]`cd
gi\j\ekj elZc\Xi k\jkj dX[\ Yp :_`eX `e k_\ (0-'j% K_\;`jZi\gXeZp j\i`\j \o$
gcfi\jn_Xk_Xgg\ej`]ÈZ`e„dX[`jZi\gXekÉ`jglk`ekfgiXZk`Z\%
N\ck$=\jk`mXcgi\d`\i\
`eDlj\\en\ckn\`k^\q\`^k#l%X`dDfD8E\nPfib#[\iKXk\Df[\ie#Cfe[fe#[\dCflmi\#GXi`j2qliq\`kc\_ik
LJ8)''0
0Ê*'È#;`^`9\kX#=XiY\#\e^c`jZ_
I\^`\#JZ_e`kkN`cc`Xd<%Afe\j
;i\_YlZ_@j`[fi\@jfl
9`f$&=`cdf^iX]`\^\Yfi\e(0-)`e:Xekfe#F_`f2c\Yk`eCfj8e^\c\j2j\`e\N\ib\nli[\eXl]=`cd]\jk`mXcjle[
\i=`cd?`jkfipXd8ik:\ek\i:fcc\^\f];\j`^e`eGXjX[\eX2=`cdXljnX_c1(00/K_\=Xccf]:fddle`jd8jJ\\e
`e>XpGfief^iXg_p2)''+@j@kI\XccpJfJkiXe^\62)'',DXej]`\c[(0-)2)''-8ccDXc\DXj_Lg2)''.K\Xiffd2
)''/8Kil\:ifjjJ\Zk`fe2)''.$'0;`jZi\gXeZp$J\i`\2)''0B`cc\[2)'(':flg[ËykXk%
BfekXbk;Xm`[Bfi[Xejbp>Xcc\ip#D\c`jjXKfcXi#LJ8#=fe"($*('$,,/*'*'#<$DX`c`e]f7[Xm`[bfi[Xejbp^Xcc\ip%Zfd
*- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
@ek\ieXk`feXc\iN\kkY\n\iY
;`jjfeXek
BXd\iXJ„YXjk`\eBf\gg\c
@e ;`jjfeXek ]`cdk DXefe [\ 9f\i [`\ K€eq\i`e :pek_`X Cf\d`a# n€_i\e[
[`\j\ql<l^…e\PjXÎ\jJfeXk\e]•iM`fc`e\Jfcf`dgifm`j`\ik%<`eJk•Zb#[Xj
`e Cf\d`a c\Y_X]k\ <i`ee\ile^\e n\Zbk% @e ;`jjfeXek# DXefe [\ 9f\i ]`cdj
[XeZ\i:pek_`XCf\d`an_`c\k_\cXkk\i`dgifm`j\jkf<l^…e\PjXÎ\ËjJfeXkXj]fi
M`fc`eJfcfÆXg`\Z\k_Xk_fc[jm`m`[d\dfi`\j]fiCf\d`a%
JZ_e`kk=X`ilq#DXefe[\9f\i
9`f$&=`cdf^iX]`\^\Yfi\e(0--`eBf[X`bXeXc#@e[`\e2c\Ykle[XiY\`k\k`e9i•jj\c2Jkl[`ldXe[\i8bX$
9\c^`\e)'('
((Ê#;`^`9\kX#=XiY\#f_e\K\ok
I\^`\DXefe[\9f\i
Dlj`b<l^…e\PjXÎ\#>\fi^\mXe;Xd [\d`\mXe9\\c[\e[\Blejk\e#Ifkk\i[Xd#le[Xe[\iI`abjXbX[\d`\mXe9\\c[\e[\Blejk\e`e8djk\i$
Gif[lbk`fe8l^ljk\Fikj
[Xd2qliq\`klek\ii`Z_k\kj`\Xe[\iBfe`ebc`ab\8ZX[\d`\mffiJZ_fe\Blejk\e`e>\ek2=`cdXljnX_c1
(00-CXli`\e#dXXik(00-2)''(K_`ik\\e<clj`m\Dfd\ekjflkf]Fe\J\Zfe[2)''*Jpcm`XBi`jk\c$GXi`j2)'',
;\lkjZ_\=\jk`mXcgi\d`\i\
I\jfeXk`e^Jli]XZ\j2)''-Gi\jkf#G\i]\ZkJfle[2)''/8kk`ZX2KnfK`d\j+Ê**È`eFY\i_Xlj\e)''/ %
BfekXbk8l^ljk\Fikj#DXi`\Cf^`\#9\c^`\e#=fe"*)$)$,,''*-0#<$DX`cdXi`\7Xl^ljk\fikj%Y\#
nnn%Xl^ljk\fikj%Y\
:`e\dXB`ef
BXd\iX8e[i„?XccXb#C\Xe[if
8l][\dCXe[`eD`eXj>\iX`j_XkXcc\jj\`e\^Xeq\`^\e\Q\`k%<`e\JkiX\e$
cXk\ie\# [\i I\^\e# [`\ Ale^\e# [`\ Xl] [\i JkiX\ =lYXcc jg`\c\e# \`e
JkXZ_\c[iX_kqXle% @e k_\ Zflekipj`[\ f] D`eXj >\iX`j k_`e^j _Xm\ k_\`i fne
gXik`ZlcXik`d\%8jki\\kcXdg#k_\iX`e#k_\Yfpjn_fgcXpjfZZ\i`ek_\jki\\kj#X
YXiY\[n`i\]\eZ\%
8iX^f
9`f$&=`cdf^iX]`\^\Yfi\e(0-'`e9\cf?fi`qfek\#9iXj`c`\e2j\`e\M`[\fj#@ejkXccXk`fe\ele[G\i]fidXeZ\j
Dlj`bJk\g_\eM`k`\ccf
nli[\e`eDlj\\en`\[\dDfD8#E\nPfib#le[[\d:\eki\Gfdg`[fl#GXi`j#^\q\`^k2=`cdXljnX_c1(00'
Gif[lbk`feKi\d:_`Z
K_`jE\imfljK_`e^2(00*AXeXlYX2(00,@eki`^l\G\fgc\2)''*E\gkle\Êj:_f`Z\2)''+;\c`ZX[\qX[fXdfi%
9iXj`c`\e)''0
(*Ê#?;:8D#=XiY\#f_e\K\ok
I\^`\#JZ_e`kk<[\iJXekfj
BfekXbkKi\d:_`Z#8e[i„?XccXb#9iXj`c`\e#=fe,,$*($*)*+-+/'#<$DX`cXe[i\7ki\dZ_`Z%Zfd#
;\lkjZ_\=\jk`mXcgi\d`\i\
nnn%ki\dZ_`Z%Zfd
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
*.
; \ l k j Z _ \ i N\ k k Y \ n \ i Y
>\idXe:fdg\k`k`fe
QX_c\ele[K\e[\eq\eKi\e[jXe[=`^li\j
+(
Gif^iXddGif^iXdd\(
+(
Gif^iXddGif^iXdd\)
+*
Gif^iXddGif^iXdd\*
+,
Gif^iXddGif^iXdd\+
+-
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
*0
; \ l k j Z _ \ i N\ k k Y \ n \ i Y
Q X _ c \ e l e [ K\ e [ \ e q \ e Ki \ e [ j X e [ = ` ^ l i \ j
(%'0'9\`ki€^\nli[\eqld;\lkjZ_\eN\kkY\n\iY[\iBliq]`cdkX^\\`e^\i\`Z_k
)''01(%(*'=`cd\ %0.[`\j\i=`cd\\ii\`Z_k\elej•Y\i[`\`ek\ieXk`feXc\
<`ei\`Z_gcXkk]fidI\\cgfik%)/9\`ki€^\nli[\e]•i[\e;\lkjZ_\eN\kkY\$
n\iY Xlj^\n€_ck% ;Xilek\i Y\]`e[\e j`Z_ m`\i *,$dd$=`cd\# qn\` (-$dd$
=`cd\le[))M`[\fgif[lbk`fe\e%(.[\i))M`[\fXiY\`k\ej`e[[`^`kXc\=fi$
dXk\%
;`\Blejk_fZ_jZ_lc\]•iD\[`\eBce`jkd`kqn\`8iY\`k\em\iki\k\e%;`\
Le`m\ij`k€k[\iB•ejk\9\ic`e#[`\;\lkjZ_\=`cd$le[=\iej\_XbX[\d`\9\ic`e#
[`\ ?fZ_jZ_lc\ ]•i Y`c[\e[\ B•ejk\ ?XdYli^# [`\ ?fZ_jZ_lc\ ]•i Y`c[\e[\
>\jkXckle^F]]\eYXZ_#[`\?fZ_jZ_lc\]•i=\iej\_\ele[=`cdD•eZ_\e#[`\
?fZ_jZ_lc\]•i=`cdle[=\iej\_\eGfkj[Xdle[[`\?fZ_jZ_lc\]•iY`c[\e[\
B•ejk\JXXiYi•Zb\ejk\cc\ea\\`e\8iY\`k%>\f^iXg_`jZ_bfeq\eki`\ikj`Z_
[`\ 8ljnX_c [\lkjZ_\i =`cd\ Xl] 9\ic`e d`k \c] Gif[lbk`fe\e% Efi[i_\`e$
N\jk]Xc\e#E`\[\ijXZ_j\ele[?XdYli^j`e[d`ka\[i\`Gif[lbk`fe\em\iki\k\e%
<c] 9\`ki€^\ j`e[ b•iq\i Xcj q\_e D`elk\e# (* 9\`ki€^\ [Xl\ie qn`jZ_\e
q\_ele[)'D`elk\e#le[m`\i_XY\e\`e\CXl]q\`kmfe•Y\i)'D`elk\e%
;`\ Bliq]`cdkX^\ q\`^\e `e [`\j\d AX_i (- =\jk`mXc$N\ckgi\d`\i\e# le[
j\Z_j9\`ki€^\n\i[\e\ijkdXcj`e;\lkjZ_cXe[qlj\_\ej\`e%
K_\i\n\i\(#'0'\eki`\j]fik_\>\idXe:fdg\k`k`feXkk_\=\jk`mXc)''01(#(*'
]`cdj %0.f]k_\j\]`cdji\XZ_\[ljm`Xk_\`ek\ieXk`feXcjlYd`jj`fegcXk]fidI\\c$
gfik%=ifdk_`jcXi^\eldY\i#)/nfibjn\i\Z_fj\e]fik_\>\idXe:fdg\k`k`fe%
K_\j\`eZcl[\]fli*,dd]`cdj#knf(-dd]`cdjXe[))m`[\fgif[lZk`fej%(.f]
k_\j\))m`[\fnfibjXi\[`^`kXc]fidXkj%
K_\8ZX[\dpf]D\[`X8ikj:fcf^e\`ji\gi\j\ek\[n`k_knfgif[lZk`fej%K_\
9\ic`eLe`m\ij`kpf]k_\8ikj#k_\>\idXe=`cdXe[K\c\m`j`fe8ZX[\dp9\ic`e#k_\
Le`m\ij`kpf]=`e\8ikjf]?XdYli^#k_\8ZX[\dpf];\j`^e`eF]]\eYXZ_#k_\Le`$
m\ij`kpf]K\c\m`j`feXe[=`cdDle`Z_#k_\=`cdXe[K\c\m`j`fe8ZX[\dpGfkj[Xd
Xe[k_\Le`m\ij`kpf]=`e\8ikjJXXiYi•Zb\eXi\i\gi\j\ek\[n`k_\XZ_fe\gif[lZk`fe%
>\f^iXg_`ZXccpj\\e#k_\j\c\Zk`fef]>\idXe]`cdj`jZfeZ\ekiXk\[fe9\ic`e\c\m\e
gif[lZk`fej %Efik_I_`e\$N\jkg_Xc`X#Cfn\iJXofepXe[?XdYli^Xi\i\gi\j\ek\[
n`k_k_i\\gif[lZk`fej\XZ_%
<c\m\ef]k_\]`cdjXi\j_fik\ik_Xek\ed`elk\j#(*ile]fiY\kn\\ek\eXe[)'
d`elk\j#Xe[]flicXjkcfe^\ik_Xe)'d`elk\j%
K_`jp\Xi#k_\J_fik=`cd=\jk`mXcn`ccY\j_fn`e^(-]\jk`mXcnfic[gi\d`\i\j#Xe[
j`o]`cdjn`ccY\jZi\\e\[]fik_\]`ijkk`d\`e>\idXep%
8ljnX_cbfdd`jj`feJ\c\Zk`fe:fdd`kk\\
DX[\c\`e\9\iejkfi]]#CXij?\ei`b>Xjj#:fie\c`XBcXl#?\iY\ikJZ_nXiq\#:Xijk\eJg`Z_\i#I\`e_Xi[N%Nfc]
Gif^iXdd(
JXdjkX^(%,%('#()1*'L_i#C`Z_kYli^
8d\i`bX
;Xijk\cc\i<im`e9XaiXdfm`Z#GXijX
;i\`Xljc€e[`jZ_\Ale^j]i`jk\e`_i;Xj\`eqljXdd\e`e\`e\dD•eZ_e\i
Mfifik%J`\jg`\c\e=lYXcc#]X_i\e`e[`\;`jZff[\i`e[\eGl]]Æ\`e^Xeq
efidXc\i8cckX^ale^\i<inXZ_j\e\i\Y\e%;`\Ki`jk\jj\le[[`\>\]•_c\[\i
C\\i\le[[\iM\icXjj\e_\`kY\_\iijZ_\e[XY\`Xcc\j%K_i\\]fi\`^epfle^$
jk\ij\b\flkk_\`ic`m`e^`eXDle`Z_jlYliY%K_\pgcXp]ffkYXcc#[i`m\kfk_\[`jZf
fikfk_\Yifk_\c$k_\dle[Xe\\m\ip[Xpiflk`e\f]pfle^X[lckj[fd`eXk\[Yp
[i\Xi`e\jjXjn\ccXj]\\c`e^jf]\dgk`e\jjXe[cfe\c`e\jj%
=XiaXd#?fj_dXee>_Xi`Y
9`f$&=`cdf^iX]`\^\Yfi\e(0/)`eI`^X#C\kkcXe[2j\`k)'')Jkl[`ldXe[\i?==D•eZ_\e2)''*KXibfnjb`a
;\lkjZ_cXe[)'('
)*Ê#;`^`9\kX#j&n#[\lkjZ_
I\^`\#;i\_YlZ_<c[Xi>i`^fi`Xe
BXd\iX=\c`oIX`kqmfe=i\ekq
JZ_e`kkLci`b\KfikfiX
Gif[lbk`feNXcb\i"Nfid=`cd#?== le[@Z_2)''-:Xccj_fg2)''/9Xjj`feX8dfifjX%
D•eZ_\e
BfekXbkNXcb\i"Nfid=`cd#G_`c`gNfid#;\lkjZ_cXe[#=fe"+0$/0$(),'0-,*'#<$DX`c`e]f7n)$]`cd%[\#
nnn%n)$]`cd%[\
=\jk`mXc$N\ckgi\d`\i\
?\ccf>ff[Yp\
;\lkjZ_cXe[)''0
(,Ê#;`^`9\kX#=XiY\
\e^c`jZ_d`k[k%Lek\ik`k\ce
Qnc] bliq\ Jq\e\e# [`\ Xe m\ijZ_`\[\e\e Fik\e `e [\i JkX[k Lk`ZX `e
LgjkXk\ E\n Pfib d`k CX`\e[Xijk\cc\ie ^\[i\_k nli[\e% Kn\cm\ j_fik
\g`jf[\j]`cd\[Xk[`]]\i\ekcfZXk`fej`ek_\Z`kpf]Lk`ZX`eLgjkXk\E\nPfib
]\Xkli`e^cXpXZkfij%
I\^`\#;i\_YlZ_#BXd\iX#JZ_e`kk 9`f$&=`cdf^iX]`\^\Yfi\e(0.+`e?\`[\cY\i^2(00+$00Jkl[`ld[\i=i\`\eBlejkXe[\i9Xl_Xlj$Le`m\i$
C\fe`\N\Y\i
j`k€kN\`dXi2(00.>Xjkjkl[`ldXe[\iBlejkXbX[\d`\BXicjil_\2)'''>Xjkjkl[`ldXe[\iJZ_ffcf]8ik
Dlj`b?Xc\p9feXil%X%
`e :_`ZX^f2 )''($'+ Jkl[`\e^Xe^$Bffi[`eXkfi`e Xe [\i 9Xl_Xlj$Le`m\ij`k€k N\`dXi2 qX_ci\`Z_\ `ek\i$
;Xijk\cc\i9i`XeDZ:lkZ_\fe#
eXk`feXc\ 8ljjk\ccle^\e2 )''+ Fm\i2 )'', 8i\ Pfl Cfe\jfd\2 )''. JZ_fe `dd\i jf ^\dXZ_k2 )''/
;feXc[9%A\]]i\p#JXccp:_nXq`bl%X% M\iY\jj\ile^jmfijZ_cX^2)''0JkX`inXpkf%
Gif[lbk`feC\fe`\N\Y\i
BfekXbkC\fe`\N\Y\i#;\lkjZ_cXe[#=fe"+0$.)($+.'..-)#<$DX`cc\fe`\7c\fe`\n\Y\i%e\k
;\lkjZ_\=\jk`mXcgi\d`\i\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
+(
>\idXe:fdg\k`k`fe
>\jXe^[\iA•e^c`e^\
Dlj`bBXic_\`eqJkfZb_Xlj\e
J\cYjkm\ijlZ_mfeGfc`q`jk\ed`k\`e\i<c\bkif`dglcjnX]]\#[\dKXj\i#n€_$
i\e[\`e\if]]`q`\cc\eJZ_lcle^%;\icXe^jXd\M\icljk[\jIXldkfej^c\`k\k
`eB%?%JkfZb_Xlj\ej>\jXe^[\iA•e^c`e^\•Y\ile[]•_ikqle\_d\e[`e
[Xj@ee\i\[\jJZ_d\iq\j[\iGifYXe[\e%Gfc`Z\f]]`Z\ij\og\i`d\ekfek_\d$
j\cm\j n`k_ Xe \c\Zkifj_fZb n\Xgfe# X kXj\i# [li`e^ Xe f]]`Z`Xc kiX`e`e^% K_\
^iX[lXccfjjf]k_\XdY`\ekjfle[^`m\jnXpkfB%?%JkfZb_Xlj\eËj>\jXe^[\i
A•e^c`e^\Xe[jcfncpc\X[j`ekfk_\jlYa\ZkjË`ee\ii\Xcdf]gX`e%
Gif[lbk`fe8e[i\\Bfigpj#DXiblj
^\d\`ejXd\ 9`f$&=`cdf^iX]`\ (0-- le[ (0-* `e 9i\d\e ^\Yfi\e2 c\Y\e le[ XiY\`k\e `e 9i\d\e le[
;\lkjZ_cXe[)''0
(+Ê*'È#9\kXJG#=XiY\
[\lkjZ_
I\^`\#;i\_YlZ_#BXd\iX#JZ_e`kk
8e[i\\Bfigpj#DXibljC]]c\i
C]]c\i
9\ic`e2=`cdXljnX_c1(000;`^^`e^;\\g2)''(9cfZb2)''+K_\ElZc\Xi=ffkYXcc2)''-=•i\`eC\Y\eeXZ_
[\dKf[2)''.<li\B`e[\in\i[\ejfn`\n`i`eFY\i_Xlj\e)''/ %
;\lkjZ_\=\jk`mXcgi\d`\i\
BfekXbkDXibljC]]c\i#;\lkjZ_cXe[#=fe"+0$+)($,,.0+.-#<$DX`c_Ycf\]]c\i7pX_ff%[\
DXpY\J`Xd
K_\pZXccd\X[i\Xd\i#n\ccdXpY\@Xd%&9lk@befnk_Xk@ÊdYlie`eÊkfj\\
&K_fj\]XiXnXpgcXZ\jn`k_k_\jkiXe^\$jfle[`eÊeXd\j&:Xcc`eÊ#ZXcc`eÊ
d\%
;\lkjZ_cXe[)''0
()Ê*'È#9\kXJG#=XiY\
\e^c`jZ_
^\d\`ejXd\9`f$&=`cdf^iX]`\(0--le[(0-(^\Yfi\e2jkl[`\ik\e`e[\i=`cd$le[M`[\fbcXjj\[\i?9B
\`eM`[\fmfe:_i`jkfg_>`iXi[\k#
9iXlejZ_n\`^2j\`k(000b•ejkc\i`jZ_\QljXdd\eXiY\`k2^\d\`ejXd\=`cd\`eFY\i_Xlj\e1(000G_f\e`o
DXkk_`XjD•cc\i
KXg\j2)'')DXelXc2)''*D`iifi2)''-Bi`jkXcc2)''0:feki\$afli%
Gif[lbk`fe:_i`jkfg_>`iXi[\k#
BfekXbkDXkk_`XjD•cc\i#;\lkjZ_cXe[#=fe"+0$,)($(./*-.#<$DX`cdl\cc\i%]`cd7k$fec`e\%[\
DXkk_`XjD•cc\i
=\jk`mXc$N\ckgi\d`\i\
?` A
Gif[lbk`feL[B9\ic`e#>l`ccXld\
@i^\e[nfXl\i_XcYmfeIXldle[Q\`k#a\ej\`kj[\iNfik\#Y\^\^e\en`i
lej# Y\i•_i\e n`i lej% ;fZ_ [`\ e\l\e J\`k\e# [`\ n`i Xl]jZ_cX^\e# j`e[
e`Z_kc\\i%@e\`e\icXe^\eEXZ_k`d?\iYjk)''._Xc]`Z_d\`e\i=i\le[`e#
lej\i\eJf_eqliN\ckqlYi`e^\e%Jfd\n_\i\flkj`[\f]jgXZ\Xe[k`d\#Y\$
pfe[nfi[j#n\d\\k#n\kflZ_%<m\ipk_`e^[`jXgg\Xij%@kXccjkXikjX^X`e%9lkk_\
e\ngX^\jn\klieXi\efkYcXeb%Fe\cfe^e`^_k`ek_\Xlkldef])''.#@Xjj`jk\[
dp^`ic]i`\e[^`m`e^Y`ik_kfflijfe%
:X`cc\Xl
9`f$&=`cdf^iX]`\^\Yfi\e(0./`e=iXebi\`Z_2^iX[l`\ik\Xe[\i@:8DEXek\j2Jkl[`ldXe[\iL[B9\ic`e2
;\lkjZ_cXe[)''0
-Ê#(-dd#j&n#jkldd
\`e=`cdmfe>l`ccXld\:X`cc\Xl
;Xijk\cc\i?XeeXJcXb#AfeXk_Xe
:X`cc\Xl
)''0E`ZXGi\`jki€^\i2K\`ceX_d\Xe`ek\ieXk`feXc\e=\jk`mXcj2c\Ykle[XiY\`k\k`e9\ic`e2=`cdXljnX_c1)''.
;\lkjZ_\=\jk`mXcgi\d`\i\
9c`kqbi`\^`eFY\i_Xlj\e)''/ 2)''/K_ifl^_2)''0LeelX^\V[\jg\k`k\j_`jkf`i\j[lk\dgj*%
BfekXbk >l`ccXld\ :X`cc\Xl# ;\lkjZ_cXe[# =fe "+0$(.-$)(, *-) +)# <$DX`c ^VZX`cc\Xl7_fkdX`c%Zfd#
nnn%^l`ccXld\ZX`cc\Xl%Zfd
;XjQ`dd\iK_\Iffd
JZ_e`kk#8e`dXk`feJXeZ_`iZ_`d\^
8Yjli[\<i\`^e`jj\f_e\9\ql^qlii\Xc\eN\ckd`k`_i\defidXc\e8YcXl]
[\iQ\`k%;Xj8l^\jZ_\`ek[Xj\`eq`^I\Xc\qlj\`e#[Xj[liZ_[XjJZ_c•jj\c$
cfZ_`ejQ`dd\iYc`Zbk#n`\`e\`e\eKiXld%8Yjli[fZZli\eZ\jn`k_flki\]\i$
\eZ\kfk_\i\Xcnfic[Xe[`kjljlXcZflij\f]k`d\%Fecpk_\\p\j\\djkfY\i\Xc
^Xq`e^k_ifl^_k_\b\p_fc\`ekfXiffdXj`]`ekfX[i\Xd%
MXeZ_`eaXm
9`f^iX]`\^\Yfi\e`eLcXe$9Xkfi#Dfe^fc\`2jkl[`\ik\qle€Z_jk9\ki`\Yjn`ikjZ_X]kle[XiY\`k\k\Xcj
Dlj`bJ\YXjk`XeMfckq
@dgfikdXeX^\i`e]•i\`eDf[\lek\ie\_d\e2j\`k)''/D\[`X8ikXe[;\j`^e$Jkl[`ldXe[\i?9BJXXi2
;Xijk\cc\iF[feZ_`d\^MXeZ_`eaXm
;XjQ`dd\i`jk`_i\ijk\iBliq]`cd%
Gif[lbk`fe?9BJXXiYi•Zb\e#
BfekXbk?9BJXXiYi•Zb\e#AXeKi\kjZ_fb#;\lkjZ_cXe[#=fe"+0$-/($0)-,)(,0#<$DX`caXe7aXele[Y\e%[\#
JXeZ_`iZ_`d\^MXeZ_`eaXm
nnn%_YbjXXi%[\
;\lkjZ_cXe[)'('
+Ê*'È#;`^`9\kX#j&n#f_e\K\ok
I\^`\#;i\_YlZ_#BXd\iX#
=\jk`mXc$N\ckgi\d`\i\
+) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
; \ l k j Z _ \ i N\ k k Y \ n \ i Y
Ble^9Xf?l_eBle^9Xf:_`Zb\e
;\lkjZ_cXe[)'('
(*Ê#;`^`9\kX#=XiY\
[\lkjZ_&dXe[Xi`ed`k[k%LK
I\^`\#JZ_e`kk9`e:_l\e:_f`
;i\_YlZ_9`e:_l\e:_f`#
;\i ale^\ Z_`e\j`jZ_\ BfZ_ Q_Xe^ N\` bfddk eXZ_ ;\lkjZ_cXe[# ld `e
\`e\d bc\`e\e Z_`e\j`jZ_\e I\jkXliXek `e ?Xeefm\i ql XiY\`k\e% JZ_e\cc
n`i[ `_d bcXi# [Xjj dXe `e ;\lkjZ_cXe[ ^Xeq Xe[\ij ÙZ_`e\j`jZ_È bfZ_k%
Pfle^:_`e\j\ZffbQ_Xe^N\`Zfd\jkf>\idXepkfnfib`eXjdXcc#:_`e\j\
i\jkXliXek`e?Xeefm\i%?\hl`Zbcpi\Xc`j\jk_XkÈ:_`e\j\ÉZffb`e^d\Xejjfd\$
k_`e^Zfdgc\k\cp[`]]\i\ek`e>\idXep%
Fc`m`\i:fcfe`
9`f$&=`cdf^iX]`\^\Yfi\e(0-.`e?fe^bfe^2(00)$00Jkl[`ld[\i9`c[\e[\eBlejkXe[\iL[B9\ic`e2
BXd\iXGXlcC\pkfe
(00-8ljkXljZ_jkl[`ldXdIfpXc:fcc\^\f]8ik`eCfe[fe2(000$)''*Jkl[`ld[\jEXiiXk`m\ele[<o$
;Xijk\cc\iB\m`e:_\e#=Xe^Pl#
g\i`d\ek\cc\e=`cdjXe[\iL[B9\ic`e2=`cd\`eFY\i_Xlj\e1)''(@dI\`j[\iQ\`Z_\e2)'')Fc[:_f`Ëj=`cd2
Al[`k_J\`k_\i
)''*Jg`\cq\l^2)''-CfjkGifg\ikp?fe^Bfe^%
Gif[lbk`fe9`e:_l\e:_f`
BfekXbk9`e:_l\e:_f`#;\lkjZ_cXe[#=fe"+0$*'$++*'/'*-#<$DX`cY`eZ_l\e7^ff^c\dX`c%Zfd
=\jk`mXc$N\ckgi\d`\i\
Gif^iXdd)
JXdjkX^(%,%('#(.1''L_i#C`Z_kYli^
EXZ_BcXiX8]k\iBcXiX
;\lkjZ_cXe[)'('
(,Ê#;`^`9\kX#=XiY\
\e^c`jZ_&[\lkjZ_d`k\e^c%LK
I\^`\#;i\_YlZ_Jk\]Xe
IfY\ikjZ_\`ek`ej\`e\dale^\eC\Y\e\`en\e`^fi`\ek`\ile^jcfjle[m\i$
lej`Z_\ik%<`ejZ_e\iDXee#[\e\ib\ee\ec\iek#^`Yk`_d]•i\`e\eDfd\ek
?Xck#[fZ_^\iX[\[Xjm\ilej`Z_\ikIfY\ikefZ_d\_i%IfY\ikj\\djkfY\X
c`kkc\[`jfi`\ek\[Xe[`ej\Zli\%8Y\Xlk`]lcdXejlggfikj_`d]fiXn_`c\#n_`Z_
lej\kkc\jIfY\ik\m\edfi\%
9lkqd•_c\e
9`f$&=`cdf^iX]`\JZ_Xljg`\cjkl[`ldXdBfej\imXkfi`ld`eN`\e2j\`k)''.I\^`\jkl[`ldXe[\i?==
BXd\iX>`c9Xikq
Gfkj[Xd2=`cdXljnX_c1)''-JkX[k#CXe[#=cljj2)''.Dlkk\ile[B`e[2)''/D\`ec`eb\i#c`eb\iGcXkq`jk]i\`2
JZ_e`kkDXaXK\eejk\[k
)''/AfeXj>\YlikjkX^%
;Xijk\cc\iNfc]iXdJZ_fic\dd\i#
BfekXbk?==Gfkj[Xd#:i`jk`eXDXio#;\lkjZ_cXe[#=fe"+0$**($-)'),-+#<$DX`c[`jki`Ylk`fe7_]]$gfkj[Xd%[\#
8k_XeXj`fjBXiXe`bfcXj
nnn%_]]$gfkj[Xd%[\
Gif[lbk`fe?==Gfkj[Xd
I\ZfejkilZk`e^;Xdfe8cYXie`eB`ej_XjX
=Xljk
<`e€ck\i\iDXee]`e[\k`e\`e\i[\lkjZ_\eQ\`kle^\`e=fkf#[Xj[\eGfgjkXi
;Xdfe 8cYXie Y\`d Dlj`q`\i\e `e B`ej_XjX q\`^k% QljXdd\e d`k \`e\d
=i\le[m\ijlZ_k\ij`Z_Xe\`e\iEXZ_`ejq\e`\ile^[`\j\j=fkfj%8e\c[\icp
dXe Zfd\j XZifjj X g`Zkli\ `e X >\idXe e\njgXg\i# j_fn`e^ gfgjkXi ;Xdfe
8cYXieg\i]fid`e^dlj`Z`eB`ej_XjX%Kf^\k_\in`k_X]i`\e[#_\ki`\jkfi\$jkX^\
k_\g`Zkli\%
BXd\iXK_fdXjFjnXc[
9`f$&=`cdf^iX]`\^\Yfi\e(0-/`eN`\jYX[\e2(00*$0/Blejkjkl[`ldXe[\i?=9B?XdYli^2qX_ci\`Z_\
;\lkjZ_cXe[)'('
('Ê#?;:8D#=XiY\
]iq%&\e^c%&[k%d`k\e^c%LK
I\^`\#;i\_YlZ_#JZ_e`kkA\Xee\
Gif[lbk`fe>Xc\i`\D\p\iI`\^^\i
Jk`g\e[`\ele[`ek\ieXk`feXc\8ljjk\ccle^\e2=`cdXljnX_c1(00+KXlY\ekX^`eFY\i_Xlj\e(00, 2(00/
If[\f`eFY\i_Xlj\e(00/ 2(000KO$Cffg2)'''DpGi`mXk\JXk\cc`k\2)''*@ek\im`\n2Jfejkn\in`\[l2
=\jk`mXc$N\ckgi\d`\i\
)''+K_\DXej`fe2)'',@M2)''-I„g\k\iXcYXe\^iX2<oZlj\D\9ifk_\i`eFY\i_Xlj\e)''. %
BfekXbk>Xc\i`\D\p\iI`\^^\i#:Xd`ccXN\^\e\i#;\lkjZ_cXe[#=fe"+0$*'$*(,--,/'#
<$DX`c`e]f7d\p\i$i`\^^\i%[\
pflXe[d\
+Ê#;M#=XiY\#\e^c`jZ_
<`e\ =iXl c€l]k m`\i AX_iq\_ek\ Xl] [`\ BXd\iX `_i\j DXee\j ql% <`e\
C`\Y\j^\jZ_`Z_k\Xl]JZ_dXc]`cd%8nfdXe_XjY\\edfm`e^kfnXi[j_\i_lj$
YXe[ËjZXd\iX]fi]fli[\ZX[\j%8cfm\jkfipfeeXiifn$^Xl^\]`cd%
I\^`\#;i\_YlZ_#JZ_e`kk#Dlj`b
9`f$&=`cdf^iX]`\^\Yfi\e(0/'`e=i\`Yli^2)''*$'+Jkl[`ld[\iMfcbjble[\Xe[\i=i\`\eLe`m\ij`k€k
;\lkjZ_cXe[)''0
BXijk\eBiXlj\
?XdYli^2j\`k)''+Jkl[`ldXe[\i?=9B?XdYli^2=`cdXljnX_c1)''.8=le[Xd\ekXcI`^_k2)''/;`\Q\`k#
BXd\iX?XejBiXlj\
[`\\jYiXlZ_k%
;Xijk\cc\i`ee\e8ee\c`j\BiXlj\#
BfekXbkBXijk\eBiXlj\#;\lkjZ_cXe[#=fe"+0$+'$(///.,'0#<$DX`cbXijk\e7nfibjZ`k\[%[\#
C\eX?Xikle^
nnn%nfibjZ`k\[%[\
Gif[lbk`fe?=9B?XdYli^#BXijk\e
BiXlj\
;\lkjZ_\=\jk`mXcgi\d`\i\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
+*
>\idXe:fdg\k`k`fe
Bfg]•Y\i`d>\€jk?Xe^`e^lgj`[\[fne`ek_\9iXeZ_\j
;\lkjZ_cXe[)''0
(+Ê#(-dd#=XiY\le[j&n
jkldd
\`e=`cdmfeLk\8liXe[
@Z_Y\jkXle\[`\M\inXe[cle^mfeFik\ele[>\]•_c\e#\inXZ_j\e`ed`kk\e
mfe B`e[_\`kjjk`ddle^\e# n€_i\e[ `Z_ 9`c[\i Xlj [\i Q\`k qn`jZ_\e [\d
Kf[d\`e\iDlkk\ile[d\`e\jMXk\ijY\kiXZ_k\%@X[d`i\k_\kiXej]fidXk`fe
f]gcXZ\jXe[]\\c`e^j#XeX[lck`ek_\d`[jkf]Z_`c[_ff[j\ek`d\ekj#n_`c\cffb$
`e^Xkg`Zkli\jk_Xkn\i\kXb\eY\kn\\edpdfk_\iËjXe[dp]Xk_\iËj[\Xk_%
Gif[lbk`feLk\8liXe[=`cdgif[lb$ 9`f$&=`cdf^iX]`\^\Yfi\e(0,.`e=iXeb]lik&D%2Xl]^\nXZ_j\e`e9\ic`e2(0.0$/,Jkl[`ldXe[\i[]]Y2j\`k
k`fe
(0/(bliXkfi`jZ_\K€k`^b\`k2j\`k(0/,]i\`\=`cdXiY\`k2j\`k(0/0C\_ik€k`^b\`k\el%X%Xe[\i?=9B?XdYli^
;\lkjZ_\=\jk`mXcgi\d`\i\
9\ic`e2)''*=X[\ejg`\c\)`eFY\i_Xlj\e)''+ 2)'',@e[`X2)''/@e[`\<i[\^\YXlk2)''/8NXcb&@dGXib
le[[\i[]]Y2=`cdXljnX_c1(0//$0*;\k\c"Ae2(00,DXi`Xle[[`\N\ck2(00/K\iq\e2)''(=`cddlj\ld
&Qlfq`eFY\i_Xlj\e)''0 %
BfekXbkLk\8liXe[=`cdgif[lbk`fe#;\lkjZ_cXe[#=fe"+0$*'$-0(-../#<$DX`clXliXe[7k$fec`e\%[\
JZ_cX]\e[\=•Z_j`eJc\\g`e^=fo
;\lkjZ_cXe[)''0
(,Ê#;`^`9\kX#=XiY\
[\lkjZ_d`k\e^c%Lek\ik`k\ce
\`eM`[\fmfeLk\Jki\i
<`e\=iXlc`\jk;XjD€[Z_\ed`k[\eJZ_n\]\c_cq\ie%;XY\`m\ib\_ikj`Z_
[`\>\jZ_`Z_k\`e\`e\i8ikNXZ_kiXldqljkXe[`e\`e[iXdXk`jZ_\jDXjjX$
b\i%8nfdXe`ji\X[`e^K_\C`kkc\DXkZ_>`ic%@eX[Xp[i\Xd$c`b\jkXk\#k_\jkfip
kliej`ekfX[iXdXk`ZdXjjXZi\%
9`f$&=`cdf^iX]`\^\Yfi\e(0.-`eEfi[_fie2(00+$0-8ljY`c[le^qli9Xlq\`Z_e\i`e2(00/$)'')Jkl[`ld
Jfle[;\j`^eDXe]i\[Dm`„9XlZ_\ Xe[\i8ik<Q<ejZ_\[\#E`\[\icXe[\2)'')98`eD\[`\eblejk2)'')$',Jkl[`ldXe[\i?9B9iXlejZ_n\`^2
Gif[lbk`feLk\Jki\i
)'',;`gcfd`e=i\`\iBlejk#9\i\`Z_<og\i`d\ekXc]`cd2)'',$'-D\`jk\ijZ_•c\i`eY\`Gif]%9`i^`k?\`eXe
[\i?9B9iXlejZ_n\`^2c\Ykle[XiY\`k\k`e9\ic`e2)'')8jg\i^f2)''*DXki`afjZ_bX2)''+?\`[\eijc\`e`e
FY\i_Xlj\e)'', #)'',;Xld\eclkjZ_\i`e`eFY\i_Xlj\e)''- #)''-Cfi\c\p%
BfekXbkLk\Jki\i#;\lkjZ_cXe[#=fe"+0$*'$,*/(/*()2<$DX`clk\ej`eX7n\Y%[\#nnn%lk\jkif\i%[\
QX^i\YKiXdJkXk`fe
;\lkjZ_cXe[)''0
.Ê*'È#?;M#=XiY\le[j&n
f_e\K\ok
\`eM`[\fmfeA•i^\eI\Yc\
Gif[lbk`feA•i^\eI\Yc\
=\jk`mXc$N\ckgi\d`\i\
NXild\knXj^\jZ_`\_kle[j`Z_lej\i\Jgli\eXeN\^^XY\cle^\ebi\lq\e#
n\` e`\dXe[% J`Z_\i Yc\`Yk \j ]•i `dd\i m\icfi\e# n\ee \j e`Z_k Xl]$
^\jZ_i`\Y\e n`i[% <`edXc `e >Xe^ ^\j\kqk# bXee dXe [\d Gifq\jj [\i
>\jZ_`Z_kjjZ_i\`Yle^eliXl]m\ijZ_cle^\e\eG]X[\e]fc^\e%EfYf[pbefnj
n_pk_`e^j_Xgg\eXe[n_pfligXk_jZifjjXkY`]liZXk`fej%K_\pËccZ\ikX`ecpY\
cfjk]fi\m\i`]efYf[pni`k\jk_\d[fne%FeZ\j\k`edfk`fe#k_\gifZ\jjf]_`jkf$
i`f^iXg_pZXefecpY\]fccfn\[fed\Xe[\i`e^gXk_j%
9`f$&=`cdf^iX]`\^\Yfi\e(0,-`e;•jj\c[fi]2(0.0$/0D`k^c`\[[\j=`cdbfcc\bk`mjÙJZ_d\cq[X_`eÉ2j\`k
(00)QljXdd\eXiY\`kd`k[\dBcXe^b•ejkc\iK_fdXjBe\i28ljjk\ccle^\el%X%`dDfD8#E\nPfib#`d
8l[`kfi`ld[\jCflmi\#GXi`jle[`d=`cddlj\ld8djk\i[Xd2=`cdXljnX_c1(00*<`eY\n€_ik\iGXike\i
`eFY\i_Xlj\e(00* 2(00,@ejkXY`c\DXk\i`\2(0008jq\e[\ek2)''+8ibk`j2)''-PXdXefk\C`^_kYcXjk%
BfekXbkA•i^\eI\Yc\#;\lkjZ_cXe[#=fe"+0$))/$+.,+/0#<$DX`ca%i\Yc\7n\Y%[\#nnn%]`cdXcZ_\d`jk%[\
Ql\`^ele^;\[`ZXk`fe
;\lkjZ_cXe[)'('
)+Ê#;`^`9\kX#=XiY\
[\lkjZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_#BXd\iX
Ql\`^ele^ Y\jZ_i\`Yk [`\ >i\eq\e qn`jZ_\e [\d 8e[\i\e le[ [\d @Z_#
[\d`ee\i\eB\iele[[\iFY\i]c€Z_\#[\iIfcc\le[[\i\`^\e\e@[\ek`k€k%
;\[`ZXk`fe[\jZi`Y\jk_\Yfi[\ijY\kn\\ek_\Fk_\iXe[k_\J\c]#k_\`ee\iZfi\
Xe[k_\jli]XZ\#ifc\jXe[fe\Ëjfne`[\ek`kp%
9`f$&=`cdf^iX]`\=`cd\dXZ_\i`ej\`k)''*2qX_ci\`Z_\`ek\ieXk`feXc\=\jk`mXck\`ceX_d\ele[Gi\`j\2j\`k
AXeX;\Ylj
)''+Jkl[`ldXe[\iB?DBce2)''.C\fe`\JX`ek2)''0>i\^fi8c\o`j%
Dlj`bAl[`k_Efi[YifZb
BfekXbkB?DBce#Lk\;`c^\i#;\lkjZ_cXe[#=fe"+0$))($)'(/0**'#<$DX`c[`c^\i7b_d%[\#nnn%b_d%[\
;Xijk\cc\i`eAlc`X>`cc\
Gif[lbk`feB?DBce
=\jk`mXc$N\ckgi\d`\i\
++ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
; \ l k j Z _ \ i N\ k k Y \ n \ i Y
Gif^iXdd*
JfeekX^)%,%('#()1*'L_i#C`Z_kYli^
;`\BcXgg\K_\:cXg
;\lkjZ_cXe[)'('
('Ê#;`^`9\kX#=XiY\
[\lkjZ_
<`e=`cdn`i[^\[i\_kle[[`\BcXgg\^\jZ_cX^\e#`i^\e[nf`dkiXejj`cmX$
e`jZ_\eE`i^\e[nf%8]`cd`jj_fkXe[XZcXgg\iYfXi[j_lk#jfd\n_\i\`eKiXej$
jpcmXe`X%
9`f$&=`cdf^iX]`\^\Yfi\e(0.'`eEfnpKXi^#Gfc\e2(0/0$(00)Jkl[`ldXe[\iJkXXkc`Z_\eK_\Xk\i_fZ_$
I\^`\#;i\_YlZ_JkXe`jcXnDlZ_X
jZ_lc\Cl[n`bJfcjb``eBiXbXl2(00,$)'''Jkl[`ld[\i=`cd$le[=\iej\_i\^`\Xe[\i?==ÙBfeiX[Nfc]È
BXd\iXG`fkiIfjfcfnjb`
`eGfkj[Xd2qX_ci\`Z_\=\jk`mXck\`ceX_d\e#Jk`g\e[`\ele[C\_iXl]ki€^\2=`cdXljnX_c1)'''<`eNle[\i
JZ_e`kkDXiZf9Xld_f]
`eFY\i_Xlj\e)''' 2)''($')8YjfclkNXi_fcX2)''*$'+;`\D`kk\2)''-9lj`e\jjdXe2)''.$'/?fg\%
;Xijk\cc\iJkXe`jcXnDlZ_X
BfekXbkJkXe`jcXnDlZ_X#;\lkjZ_cXe[#=fe"+0$*'$//0).+-)#<$DX`cjk%dlZ_X7k$fec`e\%[\
Gif[lbk`feJkXe`jcXnDlZ_X
=\jk`mXc$N\ckgi\d`\i\
Bfbfe:fZffe
;\lkjZ_cXe[)''0
.Ê#*,dd#=XiY\#[\lkjZ_
<`eK\\eX^\ic€jjkj`Z_[`\?XXi\jZ_e\`[\e%8k\\eX^\i`j_Xm`e^_`j_X`i
Zlk%
9`f$&=`cdf^iX]`\K%Bc\`e\ik^\Yfi\e(0/'`e9\ic`e2j\`k)''+I\^`\jkl[`ldXe[\i[]]Y2j\`k)'',D`k$
I\^`\K`ccBc\`e\ik#Kfd8b`ec\d`el
^c`\[ Y\`d =`cd\dXZ_\im\iYle[ ÙJZ_Xkk\ebXek\È2 qX_ci\`Z_\ `ek\ieXk`feXc\ =\jk`mXck\`ceX_d\e2 =`c$
;i\_YlZ_#JZ_e`kkK`ccBc\`e\ik
dXljnX_c1)''*O\ifo&LM2)''.?le[\]lkk\i2)''/:fnYfp2)''0CXe^\EXZ_k%
BXd\iXKfd8b`ec\d`el
9`f^iX]`\K%8b`ec\d`el^\Yfi\e(0/(`e?fcY´b#;€e\dXible[Xl]^\nXZ_j\e`e@bfif[l#E`^\i`X2)''($')
Dlj`b:feiX[Fc\Xb
Jkl[`ld[\i;fbld\ekXi]fkf^iX]`\Xe[\i=fkfblejkjZ_lc\=XkXdfi^XeXBfg\e_X^\e2j\`k)''+BXd\iX$
;Xijk\cc\iAlc`ljBleq\#:_Xicfkk\
Jkl[`ldXe[\i[]]Y%
Ne\e[k
BfekXbk[]]Y#;\lkjZ_cXe[#=fe"+0$*'$),.,0(,*#<$DX`cjZ_pd`b7[]]Y%[\#nnn%[]]Y%[\
Gif[lbk`fe[]]Y
9\ejY\i^J\gk\dY\i)''0
Jgi\Z_\i`eDXi`feB\ccdXee
8l]\`e\d9\i^Y\`Bcejk\_k\`e<`e]Xd`c`\e_Xlj#\`e\JkXk`fe%;`\<i[$
Y\n\^le^n`i[•Y\inXZ_kle[Xl]^\q\`Z_e\k%@dB\cc\i\`e8iZ_`m#,+AX_i\
c`\^\e`dIXld%<`e\D\jjl_ik`Zbk[liZ_[`\Xck\eIf_i\%8[\kXZ_\[_flj\
feXdflekX`eYp:fcf^e\#XjkXk`fe%K_\\Xik_Ëjdfm\d\ek`jdfe`kfi\[Xe[
i\Zfi[\[%8eXiZ_`m\`ek_\YXj\d\ek#,+p\Xijjkfi\[XnXp`ek_`jiffd%8[`Xc
^Xl^\k`Zb`e^k_ifl^_k_\fc[klY\j%
Gif[lbk`feB?DBce
9`f$&=`cdf^iX]`\ ;`gcfd`e=`cdle[D\[`\e2j\`k)''/D`k^c`\[Y\`È;fbld\ekXi`jZ_8iY\`k\e\%M%É#
=\jk`mXc$N\ckgi\d`\i\
G`\Z\#)''.BcXe^big\ij\hl\eq\e2)''/L_c\e]cl^%
;\lkjZ_cXe[)'('
((Ê*'ÊÊ#?;:8D#=XiY\
[\lkjZ_d`k\e^c%Lek\ik`k\ce
\`eM`[\fmfeC\X?XikcXlY
qliq\`kGfjk^iX[l`\ik\ejkl[`ldXe[\iB?DBce2=`cdXljnX_c1)''+9fZZ\$*-,;XpjXP\Xi2)''-Lek`kc\[
BfekXbkB?DBce#Lk\;`c^\i#;\lkjZ_cXe[#=fe"+0$))($)'(/0**'#<$DX`c[`c^\i7b_d%[\#nnn%b_d%[\
Gi\[`^\iGi\XZ_\ij
/Ê#?;:8D#=XiY\
<c\^`\ •Y\i M\ib•e[\i __\i\i NX_i_\`k\e% <c\^p XYflk _\iXc[j f] _`^_\i
kilk_j%
f_e\K\ok
9`f$&=`cdf^iX]`\^\Yfi\e(0,+`eN`\jYX[\e2(0.,$/'Blejkjkl[`ld`e?XdYli^2j\`k(0.)=`cd\#DXc\i\`#
;\lkjZ_cXe[)''0
;i\_Y•Z_\i# =`cddlj`b\e# =fkfj2 j\`k (0/, [`m\ij\ C\_ik€k`^b\`k\e2 j\`k (00( Gif]\jjfi Xe [\i =`cd$
I\^`\#;i\_YlZ_#BXd\iX#Dlj`b#
XbX[\d`\ 9X[\e$N•ikk\dY\i^2 =`cd\ `e FY\i_Xlj\e1 (0/0 ;\i N\^ qli 9Xljk\cc\2 (00) J`cm\jk\i2 )'''
8e`dXk`feAfZ_\eBl_e
E\lc`Z_)2)'')E\lc`Z_*2)''*E\lc`Z_+2)'',JfeekX^(2)''/<o`k%
JZ_e`kkFcX]D\ckq\i
BfekXbkAfZ_\eBl_e#;\lkjZ_cXe[#=fe"+0$.(+($0)-(/*#<$DX`cafZ_\e%bl_e7^do%Zfd#nnn%afZ_\ebl_e%[\
Gif[lbk`feAfZ_\eBl_e
=\jk`mXc$N\ckgi\d`\i\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
+,
>\idXe:fdg\k`k`fe
>\jkli\jf]Gfn\i>\jk\e[\iDXZ_k
BXd\iX8c\oXe[ilGXlc`
<`e |Y\iYc`Zb •Y\i >\jk\e# [`\ mfe m\ijZ_`\[\e\e dXZ_k[\dfejki`\i\e[\e
G\ijfe\en`\\knXJkXXkjfY\i_€lgk\ieXlj^\]•_ikn\i[\e%;XjM`[\fm\id`kk\ck
\`e\ebi`k`jZ_\e9c`ZbXl][`\j\G\ijfe\ele[jk\cck`_i\>\jk\e`e8Yn\j\e_\`k
[\iD\ejZ_\edXjj\e`e=iX^\%8jlim\pf]^\jkli\jdX[\Ypg\ijfejn_f[\dfe$
jkiXk\k_\`igfn\iXj]fi\oXdgc\_\X[jf]jkXk\%K_`jm`[\fgifm`[\jXZi`k`ZXcm`\nfe
k_\j\g\ijfejXe[hl\jk`fejk_\`i^\jkli\j`ek_\XYjZ\eZ\f]Zifn[j%
Gif[lbk`feJm\kcXeX@mXefmX
9`f$&=`cdf^iX]`\^\Yfi\e(0/)`eDfjbXl#IljjcXe[2)'''$'-Jkl[`ldDXc\i\`le[GcXbXk$;\j`^eXe[\i
=\jk`mXc$N\ckgi\d`\i\
L[B9\ic`e2c\Ykle[XiY\`k\k`e9\ic`e2)''.?Xccf:fii`e2@ej`[\2CX[j2)''/=\$DXc\2G\fgc\:_`j`e\l2)''0:i`j`j%
;\lkjZ_cXe[)''0
('Ê#;M#=XiY\#jkldd
I\^`\#JZ_e`kk#;Xijk\cc\i`e
Jm\kcXeX@mXefmX
JkXXkc`Z_\eLe`m\ij`k€k]•iBlejkJli`bfm`eDfjbXl2j\`k)''.Jkl[`ld[\iM`jlXc:lckli\Jkl[`\jXe[\i
BfekXbkJm\kcXeX@mXefmX#;\lkjZ_cXe[#=fe"+0$(,.$.*/$(/,$)/2<$DX`cm`XVefmX7^do%[\
Y`c[JKI@:?<]iXd\C@E<J
;i\_YlZ_>\[`Z_k\ McX[fBi`jkc
M`jl\cc\I\]c\o`fe\e•Y\i9\n\^le^#Q\`k#KiXldle[>\[€Z_ke`j%<i`ee\ile^
le[ DXc\i\` cXjj\e \`e dXee`^]Xck`^\j GXc`dgj\jk \ekjk\_\e% <j `jk e`Z_k
Xl]cjYXi n`\ \`e Bi\lqnfiki€kj\c# XY\i c\jYXi n`\ \`e\ le\e[c`Z_\ >\$
jZ_`Z_k\ •Y\i JZ_e_\`k le[ JZ_i\Zb\e% M`jlXc i\]c\Zk`fej fe dfm\d\ek#
k`d\#[i\Xdj#Xe[i\d\dYiXeZ\%D\dfi`\jXe[gX`ek`e^Zi\Xk\XdXe`]fc[gXc$
`dgj\jk%EfkkfY\jfcm\[c`b\XZifjjnfi[glqqc\#YlkkfY\i\X[XjXe\m\i$\e[`e^
jkfipXYflkY\XlkpXe[k\iifi%
8e`dXk`fe>XYi`\c\JZ_nXib
9`f$&=`cdf^iX]`\^\Yfi\e(0,(2(0.)$/,Gif^iXdddXZ_\ile[C\`k\i[\j=`cdXiZ_`mj`dBfddleXc\eB`ef
Dlj`b=i`kq?Xlj\i#E`ZfcXjC\ej
[\j;\lkjZ_\e=`cddlj\ldj`e=iXeb]lik&D%2I\^`\Xjj`jk\ekle[I\j\XiZ_\iY\`DXoFg_•cj2`ek\ieXk`feXc\
Gif[lbk`fejkiXe[]`cd
=\jk`mXck\`ceX_d\e2=`cdXljnX_c1(0/-9•Z_\i2(0/0M`mXZ\2(00(;\iBf]]\i`eFY\i_Xlj\e(00) 2(00+;`\
=\jk`mXc$N\ckgi\d`\i\
BfekXbkjkiXe[]`cd#;\lkjZ_cXe[#=fe"+0$-0$0-*(.))'#<$DX`ci\`]Xik_7jkiXe[]`cd%Zfd#nnn%jkiXe[]`cd%Zfd
;\lkjZ_cXe[)''0
*'Ê#*,dd#=XiY\le[j&n
[\lkjZ_
I\^`\#BXd\iX#JZ_e`kk
;`\k\iI\`]Xik_
;•e\2)'')N`\n\i[\`Z_;\dfbiXk62)''-?`c[\YiXe[c`\[2Efm\dY\i2Alc`2)''/G„kX`eXcjDXc\i%
&%%%]c•jj`^\jgXg`\i&%%%c`hl`[gXg\i
D`k[\d:lkk\ijZ_e\`[\`Z_Y\n\^k\^\f^iX]`jZ_\&^\fcf^`jZ_\?_\ec`e`\e
`e=fkfY•Z_\i%A\[\9\n\^le^[\i_\iXlj^\jZ_e`kk\e\eDXjb\en\`jk`e[`\
Qlble]kle[`e[`\M\i^Xe^\e_\`k^c\`Z_q\`k`^#n€_i\e[j`Z_[`\]fkf^iX]`jZ_\
>\^\enXikm\i]c•jj`^k%@Z_]fc^k\d`k[\dD\jj\i[\dJZ_Xkk\ed\`e\i?Xe[%
N`k_XZlkk\ibe`]\@ZlkXe`dXk\[^\f^iXg_`ZXc&^\fcf^`ZXcZfekflic`e\j`ekfg_fkf$
Yffbj%<XZ_dfm\d\ekf]k_\ZlkflkdXjbjgf`ekjXkYfk_#k_\]lkli\Xe[k_\gXjk
n_`c\k_\g_fkf^iXg_`Zgi\j\ek`j[`jjfcm`e^%@]fccfn\[k_\j_X[fnf]dp_Xe[n`k_
k_\be`]\%
;\lkjZ_cXe[)'('
+Ê#?;M#=XiY\
f_e\K\ok
\`eM`[\fmfeD`Z_\cBc]bfie
Gif[lbk`feD`Z_\cBc]bfie
=\jk`mXc$N\ckgi\d`\i\
9`f$&=`cdf^iX]`\ ^\Yfi\e (0-. `e :lo_Xm\e2 (00'$0. Jkl[`ld Xe [\i ?]> F]]\eYXZ_2 M`[\fj `e FY\i$
_Xlj\e(00/$)''01(00/JkXi<jZXcXkfiJ\ejfiXdX 2(000=lebpG\fgc\9cXq\ 2)'''NXcb`e^9XZb?fd\
:fdd\iZ`Xc 9i\Xblg 2 )'') 9\kkp =fi[ 8ck\i <^f Xcc\ qlj% d`k Fc`m\i ?ljX`e 2 )''( N_\i\ k_\ IXYY`k
Jc\\gjJ\ejfiXdX qlj%d`k8eeX9\i^\i 2)''**#+/ö&D`e%2)'',^\_kËjefZ_IfdXe=c•^\c 2)''-;Xj
<c\e[[\i8e^\jk\cck\e2)''0e%e%
BfekXbkD`Z_\cBc]bfie#;\lkjZ_cXe[#=fe"+0$-0$)-+'/-*)#<$DX`cbfie(07^do%e\k
Gif^iXdd+
JfeekX^)%,%('#(.1''L_i#C`Z_kYli^
8iefjKfecXYfi8iefÊjJfle[cXY
;\lkjZ_cXe[)''0
/Ê*'È#*,dd#=XiY\
f_e\K\ok
\`e=`cdmfe:_i`jkfg_AXe\kqbf
Gif[lbk`fe:_i`jkfg_AXe\kqbf#
:`e\M`jX
8iefj KfecXYfi ^i\`]k `e 9`c[$ le[ Kfe€jk_\k`b Xl] [`\ C\`kdXo`d\e [\i
Dlj`hl\ :feZi…k\ qli•Zb% @e[\d [`\ =`cd$Kfe \iq\l^\e[\e 8ggXiXkli\e
qld\`^\ekc`Z_\e>\^\ejkXe[[\j=`cdjn\i[\e#jZ_c`\kj`Z_[\iBi\`jmfe
Gif[lbk`fej$le[I\q\gk`fej€jk_\k`b%8iefÊjJfle[cXY[iXnjfek_\^l`[`e^
dXo`df]Dlj`hl\:feZi…k\Xjkf`dX^\Xe[jfle[X\jk_\k`Zj%8jk_\]`cd$jfle[
^\e\iXk`e^XggXiXklj\jY\Zfd\k_\XZklXcjlYa\Zkjf]k_\]`cd#k_\X\jk_\k`Zjf]
gif[lZk`feXe[f]i\Z\gk`feZfdgc\k\k_\Z`iZc\%
9`f$&=`cdf^iX]`\^\Yfi\e`eBXkkfn`kq#Gfc\e2Blejkjkl[`ldd`kJZ_n\iglebk=`cdXe[\i?9B9iXle$
;\lkjZ_\=\jk`mXcgi\d`\i\
jZ_n\`^le[Xe[\iEPL#E\nPfib2j\`k(0.0=`cd\dXZ_\iqX_ci\`Z_\iBliq]`cd\2=`cdXljnX_c1(00,J`jfd2
)'')K_\:fcfi=lip2)''+8o\`eFY\i_Xlj\e)''+ 2)''.CXY`c\Qfe\`eFY\i_Xlj\e)''. %
BfekXbk:_i`jkfg_AXe\kqbf#;\lkjZ_cXe[#=fe"+0$(.'$0*/0***#<$DX`cZadfm`\j7k$fec`e\%[\
+- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
; \ l k j Z _ \ i N\ k k Y \ n \ i Y
:pZc\
\`eM`[\fmfeMfcb\iJZ_i\`e\i
I€ld\`egldg\e[\dC`Z_k#`di_pk_d`jZ_\e@ek\imXcc\i_\cckmfeCXdg\ele[
C\lZ_ki\bcXd\e f[\i lei\^\cd€`^ [liZ_qlZbk mfe 9c`kqc`Z_k\ie% D\ejZ_\e
nXik\e[#\inXik\e[#j`ee`\i\e[#ld_\ijlZ_\e[#Y\leil_`^k%Iffdj`ccld`eXk\[
YpfjZ`ccXk`e^c`^_k#c`^_k\e\[lg`ei_pk_d`Z`ek\imXcjYpcXdgjXe[e\fej`^ejfi
`ii\^lcXi]cXj_\jf]c`^_k%G\fgc\Xi\nX`k`e^#XnX`k`e^#gfe[\i`e^#j\XiZ_`e^#nfiip`e^%
Gif[lbk`feMfcb\iJZ_i\`e\i
9`f$&=`cdf^iX]`\^\Yfi\e(0,.`e@j`e^\if[\2(0..$/*Jkl[`ldXe[\i?9B9iXlejZ_n\`^2j\`k(0//M`[\f$
;\lkjZ_cXe[)'('
+Ê*'È#9\kXJG#=XiY\le[j&n
f_e\K\ok
XiY\`k\e2 j\`k (00) Mfiki€^\# J\d`eXi\# Nfibj_fgj le[ C\_iXl]ki€^\2 =`cd\ `e FY\i_Xlj\e1 (00-$0.
=\jk`mXc$N\ckgi\d`\i\
J\\jXn2)'''IXZb2)''+:flek\i2)''-IX[Xi2)''-:\cc2)''0>i`[%
BfekXbkMfcb\iJZ_i\`e\i#;\lkjZ_cXe[=fe"+0$,(($,+))'0'#<$DX`cdX`c7mfcb\ijZ_i\`e\i%[\#
nnn%mfcb\ijZ_i\`e\i%[\
@Z__XY\8e^jk@?Xm\=\Xi
I\^`\#;i\_YlZ_#8e`dXk`fe
@Z__XY\\`e\GXekfg_fY`\18e^jkmfiXcc\d%@Z__XY\8e^jkmfi9i`\]\e%@Z_
_XY\8e^jkmfi]Xlc\dFYjk%@Z__XY\8e^jkmfiJZ_c•jj\ce%@Z__XY\8e^jk
mfi[\i<`j\eYX_e%%%%Le[[l#nfmfi_Xjk[l8e^jk6@jl]]\i]ifdgXekfg_f$
Y`X#k_\]\Xif]\m\ipk_`e^%@ËdX]iX`[f]c\kk\ij%@ËdX]iX`[f]ifkk\e]il`k%@ËdX]iX`[
f]b\pj%@ËdX]iX`[f]kiX`ej%%%%8e[pfl#n_XkXi\pflX]iX`[f]6
N`ek\ij\d\jk\i)''0&('&
9`f$&=`cdf^iX]`\^\Yfi\e(0-(`eGfc\e2Y`c[\e[\B•ejkc\i`e#]i\`\8lkfi`e#I\^`jj\li`ele[Gif[lq\ek`e2
DXi`fcX9i`ccfnjbX
(0/+$0(Jkl[`ld[\i=i\`\eBlejkXe[\i?=9B?XdYli^2j\`k(0//=`cd\2j\`k(00(8l]ki`kk\#G\i]fidXeZ\j
Dlj`b=\c`oBlY`e
le[XeXiZ_`jk`jZ_\K_\Xk\ij_fnj2C\_iXl]ki€^\Xem\ijZ_`\[\e\e ?fZ_jZ_lc\e2=`cd\`eFY\i_Xlj\e1
;\lkjZ_cXe[)''0
(,Ê*'È#9\kXJG#=XiY\
[\lkjZ_d`k\e^c%Lek\ik`k\ce
JZ_e`kkDXi`fcX9i`ccfnjbX
(00'>iXYfnjb`#?Xlj[\jC\Y\ej2(00.;`\:feki$:fekiXj2(000Dfi^\eik\2)''*8cc\N\ck`jk8e^jk=\c`o
Gif[lbk`fe?]>F]]\eYXZ_
BlY`e 2)'',DXkb`NXe[Xcb`=\c`oBlY`e 2)''-K_\CX[pDffeKliejJlcbpM\iefe9liej 2JZ_nXiq\
?Xe[2)''.?fe[8\ifY`Z%
=\jk`mXc$N\ckgi\d`\i\
BfekXbk?]>F]]\eYXZ_#DXi`fcX9i`ccfnjbX#;\lkjZ_cXe[#=fe"+0$(-'$/'/(.(0#<$DX`cdXi`fcX%`ek\igfc7^do%[\
?€ejZ_\ebc\`e
;\lkjZ_cXe[)''0
.Ê*'È#?;:8D#=XiY\#[\lkjZ_
I\^`\#;i\_YlZ_:fi`eeXJZ_e`kk
BXd\iXAljkpeX=\`Z_k
Gif[lbk`fe:fi`eeXJZ_e`kk
;\i=`cdkXlZ_k`em\ijZ_`\[\e\<gfZ_\e\`ele[jZ_X]]k\`e\d€iZ_\e_X]k\
8kdfjg_€i\%<`eJk`ccc\Y\en`i[`e\`e\e8l\eiXldm\icX^\ik#[\jj\edf[\ie\
8iZ_`k\bklid`k_fcq€_ec`Z_\i8l\em\ibc\`[le^Xe\`e\eY\_X^c`Z_\e@ee\e$
iXld [\j (0% AX_i_le[\ikj \i`ee\ik% K_\ ]`cd gcle^\j `ekf [`]]\i\ek \gfZ_j#
Zi\Xk`e^X]X`ipkXc\$c`b\Xkdfjg_\i\%8jk`ccc`]\`jkiXejgfik\[`ekfXe\ok\i`fin_fj\
df[\ieXiZ_`k\Zkli\Xe[nff[c`b\j`[`e^\mfb\jXZfjp(0k_Z\eklip`ek\i`fi%
9`f$&=`cdf^iX]`\^\Yfi\e(0-+`e;l`jYli^2c\Yk`e9iXlejZ_n\`^2(0/0$0-Blejk$le[=`cdjkl[`ldXe
[\i?]>F]]\eYXZ_le[Xe[\iBlejkXbX[\d`\`e;•jj\c[fi]2Gif]\jjli]•i=`cdle[M`[\fXe[\i?9B
9iXlejZ_n\`^2=`cd\`eFY\i_Xlj\e1(000IXljXljj\`e\eBc\`[\ie2)''(;XjjZ_cX]\e[\D€[Z_\e2)''*
C`m`e^X9\Xlk`]lcC`]\2)''-FeZ\LgfeXK`d\%
BfekXbk:fi`eeXJZ_e`kk#;\lkjZ_cXe[#=fe"+0$(.,$(-.*+..#<$DX`cZfi`eeXjZ_e`kk7^do%[\
J_X[fnj`ej`[\JZ_Xkk\eYfo
I\^`\DfXeXMfejkX[c
J`\YXlkj`Z_\`e\9fo%Le^\nfcckn`i[[`\j\9foqldQl]clZ_kjfik[\j\`^\e\e
JZ_Xkk\ej%;`\=`^lidXZ_kj`Z_Xl][`\JlZ_\eXZ_`_dle[kXlZ_k`e\`e\
Xe[\i\N\ck\`e%J_\`jYl`c[`e^XYfo%@eX[m\ik\ekcp#k_\YfoY\Zfd\jXgcXZ\
f] i\]l^\ ]fi _\i fne j_X[fn% J\XiZ_`e^ ]fi _\i j_X[fn# j_\ gcle^\j `ekf
Xefk_\infic[%
Dlj`bFkkff]Bfii`[fi
9`f^iX]`\ ^\Yfi\e (0/) `e I\lkk\# {jk\ii\`Z_2 )''( 8YjZ_cljj \`e\i ]fkf^iX]`jZ_\e 8ljY`c[le^2 )'')
Gif[lbk`feDfXeXMfejkX[c
Jkl[`ld Xe [\i =i\`\e BlejkjZ_lc\ 9\ic`e2 )''+$'0 Jkl[`ld Xe [\i L[B 9\ic`e2 8e`dXk`fe\e ]•i m\i$
;\lkjZ_cXe[)''0
-Ê#;`^`9\kX#j&n
\e^c`jZ_
jZ_`\[\e\K_\Xk\igifa\bk\2J_X[fnj`ej`[\`jk`_i\ijk\i=`cd%
=\jk`mXc$N\ckgi\d`\i\
BfekXbkDfXeXMfejkX[c#;\lkjZ_cXe[#=fe"+0$(.-$)+(.//-(#<$DX`cdfXeX%mfejkX[c7^do%[\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
+.
>\idXe:fdg\k`k`fe
<jn`i[\`edXc^\n\j\ej\`eFe\;XpKf[XpN`cc9\FeZ\
BXd\iXKfY`XjK\dg\c#KXeaX?€i`e^
@e\`e\ibc\`e\eB`iZ_\`e?XcY\ijkX[k`eFjk[\lkjZ_cXe[jg`\ck\`e\Fi^\c
[XjJk•ZbFi^Xe)&8JCJG[\j8mXek^Xi[\$Bfdgfe`jk\eAf_e:X^\jfcXe^$
jXd n`\ d^c`Z_ $ f_e\ Lek\iYi\Z_le^# KX^ le[ EXZ_k le[ Y`j qld AX_i
)-+'%@eXjdXccZ_liZ_`ek_\<Xjk>\idXekfnef]?XcY\ijkX[k#Xefi^Xe`j
gcXp`e^k_\g`\Z\Fi^Xe)&8JCJGYpXmXek$^Xi[\Zfdgfj\iAf_e:X^\XjjcfnXj
gfjj`Yc\$n`k_flk`ek\iilgk`fe#[XpXe[e`^_k#lek`ck_\p\Xi)-+'%
JZ_e`kkLn\NifY\c
9`f$&=`cdf^iX]`\^\Yfi\e(0.0`eK`d`jfXiX#Ild€e`\e2(00'<d`^iXk`feeXZ_;\lkjZ_cXe[2]i\`\I\[Xb$
;Xijk\cc\iDXi^fk;Xee\eY\i^#
k\li`e Y\` IX[`f le[ KM2 j\`k )''' Jkl[`ld Xe [\i ?== D•eZ_\e2 c\Yk `e ;XZ_Xl2 =`cdXljnX_c1 )''+
;\lkjZ_cXe[)''0
)/Ê#*,dd#=XiY\le[j&n#
[\lkjZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_8eZXCõXqõXi\jZl
IX`e\iF%E\l^\YXl\i
9lZli\jk`$9\ic`e2)'',JXcdX`eqn\`N\ck\e2)''*$'.;Xj>\_\`de`jmfe;\mX%
Gif[lbk`feBcffj:f%D\[`\e
BfekXbkBcffj:f%D\[`\e#Jk\]XeBcffj#;\lkjZ_cXe[#=fe"+0$*'$+.*.$)0/'#
<$DX`cjk\]Xe%bcffj7bcffjle[Zf%[\#nnn%bcffjle[Zf%[\
>ifle[:fekifc
;\lkjZ_cXe[)''0
()Ê*'È#;`^`9\kX#=XiY\
Yfje`jZ_&[\lkjZ_d`k\e^c%&[k%
Lek\ik`k\ce
Mfiq\_eAX_i\e[i\_k\[\iXlj9fje`\ejkXdd\e[\8lkfi\`e\;fbld\ekX$
k`fe•Y\i[`\Xe^\Yc`Z_\eM\iYi\Z_\ej\`e\jMXk\ij%Ele]•^k\i\`e\e•Y\i$
iXjZ_\e[\e<g`cf^Xe%K\ep\XijX^f#k_\Xlk_fi]ifd9fje`XdX[\X[fZld\e$
kXipXYflk_`j]Xk_\iËjXcc\^\[Zi`d\j%Efn_\X[[jXjligi`j`e^\g`cf^l\%
9`f$&=`cdf^iX]`\^\Yfi\e(0.,`eJXiXa\mf2)''+;`gcfdle[)''.8l]YXljkl[`ldXe[\i?=9B?XdYli^2
I\^`\#;i\_YlZ_8[eXeJf]k`¡Z
c\Ykle[XiY\`k\k`e?XdYli^2=`cdXljnX_c1(000Jfle[jf2)'')E\dXgifYc\dX&<j^`Ykb\`eGifYc\d`e
BXd\iXC`cc`K_Xc^fkk
FY\i_Xlj\e)'') 2)''.ClbÆFe`feÆQn`\Y\c%
;Xijk\cc\i<jdXJlc\adXe#8[eXe
BfekXbk8[eXeJf]k`¡Z#;\lkjZ_cXe[#=fe"+0$(.0$,)')+**#<$DX`cX[eXe7b`efcfd%Zfd#
Jf]k`¡Z
nnn%b`efcfd%Zfd
Gif[lbk`fe8[eXeJf]k`¡Z
+/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
E I N$N\ k k Y \ n \ i Y
EIN:fdg\k`k`fe
QX_c\ele[K\e[\eq\eKi\e[jXe[=`^li\j
,(
Gif^iXddGif^iXdd\(
,(
Gif^iXddGif^iXdd\)
,)
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
+0
E I N $N\ k k Y \ n \ i Y
Q X _ c \ e l e [ K\ e [ \ e q \ e Ki \ e [ j X e [ = ` ^ l i \ j
Mfe[\e(%'0'9\`ki€^\e#[`\qld;\lkjZ_\eN\kkY\n\iY[\iBliq]`cdkX^\
\`e^\i\`Z_k nli[\e# bXd\e )*' Xlj Efi[i_\`e$N\jk]Xc\e% J`\Y\e 9\`ki€^\
nli[\e ]•i [\e EIN$N\kkY\n\iY Xlj^\n€_ck% ;Xilek\i Y\]`e[\e j`Z_ m`\i
*,$dd$=`cd\ le[ [i\` M`[\fgif[lbk`fe\e% 8cc\ M`[\fXiY\`k\e j`e[ [`^`kXc\
=fidXk\%
;`\Blejk_fZ_jZ_lc\]•iD\[`\eBce`jkd`km`\i8iY\`k\em\iki\k\e#[`\
`]j$`ek\ieXk`feXc\]`cdjZ_lc\bce$jk\cck\`e\e=`cd`eBfgif[lbk`fed`k
[\i=XZ__fZ_jZ_lc\;fikdle[ %Qn\`n\`k\i\8iY\`k\ej`e[]i\`gif[lq`\ik%
B\`e9\`kiX^`jkb•iq\iXcjq\_eD`elk\e#qn\`9\`ki€^\[Xl\ieqn`jZ_\e
q\_ele[)'D`elk\ele[]•e]_XY\e\`e\CXl]q\`kmfe•Y\i)'D`elk\e%
;`\Bliq]`cdkX^\q\`^\e`e[`\j\dGif^iXdd[i\`=\jk`mXc$N\ckgi\d`\i\e#
\`e9\`kiX^n`i[\ijkdXcj`e;\lkjZ_cXe[qlj\_\ej\`e%
8dfe^k_\(#'0'\eki`\j]fik_\>\idXe:fdg\k`k`feXkk_\=\jk`mXck_\i\n\i\
)*']`cdjZfd`e^]ifdEfik_I_`e\$N\jkg_Xc`X%J\m\enfibjn\i\Z_fj\e]fik_\
EIN:fdg\k`k`fe%K_\j\`eZcl[\]fli*,dd]`cdjXe[k_i\\m`[\fgif[lZk`fej%8cc
k_i\\m`[\fnfibjXi\[`^`kXc]fidXkj%
K_\8ZX[\dpf]D\[`X8ikj:fcf^e\`ji\gi\j\ek\[n`k_]flinfibj#fe\]`cd`j
Zfd`e^ ]ifd k_\ `]j Æ `ek\ieXk`feXc\ ]`cdjZ_lc\ bce `e Zfgif[lZk`fe n`k_ k_\
Le`m\ij`kpf]8ggc`\[JZ`\eZ\;fikdle[ %Knfdfi\nfibj_Xm\Y\\egif[lZ\[
`e[\g\e[\ekcp%
Efe\f]k_\]`cdj`jj_fik\ik_Xek\ed`elk\j#knfile]fiY\kn\\ek\eXe[)'
d`elk\j#Xe[]`m\cXjkcfe^\ik_Xe)'d`elk\j%
K_`jp\Xi#k_\J_fik=`cd=\jk`mXcn`ccY\j_fn`e^k_i\\]\jk`mXcnfic[gi\d`\i\j
n`k_`ek_`jgif^iXdd\Xe[fe\]`cdn`ccY\jZi\\e\[]fik_\]`ijkk`d\`e>\idXep%
8ljnX_cbfdd`jj`feJ\c\Zk`fe:fdd`kk\\
DX[\c\`e\9\iejkfi]]#CXij?\ei`b>Xjj#:fie\c`XBcXl#?\iY\ikJZ_nXiq\#:Xijk\eJg`Z_\i#I\`e_Xi[N%Nfc]
Gif^iXdd(
JXdjkX^(%,%('#(+1*'L_i#>cfi`X
C\^\e[\eC\^\e[j
;\lkjZ_cXe[)''0
)0Ê#?;:8D#=XiY\
[\lkjZ_d`k\e^c%Lek\ik`k\ce
I\^`\8e^„c`hl\;lYf`j
;i\_YlZ_8e^„c`hl\;lYf`j#?fc^\i
9`jcXe^m\ic`\][XjC\Y\e`eC\m\iblj\eil_`^le[XiY\`kjXd%;fZ_XlZ_mfi
[\eKfi\e[\iJkX[kdXZ_\e[`\^cfYXc\e9\[if_le^\ele[M\i€e[\ile^\e
e`Z_k ?Xck% $ <`e df[\ie\i <og\i`d\ekXc$N\jk\ie `e C\m\iblj\e% C`]\ `e
C\m\iblj\e_XjY\\ehl`\kXe[`e[ljki`fljjf]Xi%9lk^cfYXck_i\XkjXe[Z_Xe^\j
[feËkjkfgXkk_`jZ`kpËj^Xk\j\`k_\i%$8df[\ie\og\i`d\ekXcN\jk\iej\k`ek_\Z`kp
f]C\m\iblj\e%
C`eb
9`f$&=`cdf^iX]`\^\Yfi\e(0.-`e;flX`#=iXebi\`Z_2(00+$0.Jkl[`ld[\iG_`cfjfg_`\`eC`cc\#=iXebi\`Z_2
BXd\iXMfcb\iJXkk\c
(00.$00 Jkl[`ld [\i G_`cfjfg_`\ `e 9\ic`e2 )''*$'0 Jkl[`ld [\i D\[`\eblejk Xe [\i B?D Bce2 =`cd$
Gif[lbk`feB?DBce
XljnX_c1)''+/kf,2)''-Leil_\2)''.8l]]fi[\ile^%
BfekXbkB?DBce#Lk\;`c^\i#;\lkjZ_cXe[#=fe"+0$))($)'(/0**'#<$DX`c[`c^\i7b_d%[\#nnn%b_d%[\
=\jk`mXc$N\ckgi\d`\i\
;i`m`e^ycf[`\
;\lkjZ_cXe[)''0
(/Ê*'È#*,dd#=XiY\
\e^c`jZ_&[\lkjZ_
I\^`\#;i\_YlZ_CXij?\ee`e^
BXd\iX:Xifc9liXe[kmfeBXd\b\
JZ_e`kkAXemfeI`djZ_X
;\iale^\J\k$Ilee\iK`d]€_ik[\e]iXeqj`jZ_\e=`cdjkXiycf[`\9flZ_\q
qld =cl^_X]\e% ;`\ d\cXeZ_fc`jZ_\ 8kdfjg_€i\ Xl] [\i =X_ik [liZ_ [`\
EXZ_kle[[`\Jfe^j`dIX[`f]•_i\eqlle\inXik\k\iE€_\le[]•i\`e\e
Dfd\ekjZ_\`ekXcc\jd^c`Z_%Pfle^j\kilee\iK`d[i`m\jk_\=i\eZ_jkXi
ycf[`\9flZ_\qkfk_\X`igfik%K_\d\cXeZ_fc`ZXkdfjg_\i\f]k_\`ikiXm\ck_ifl^_
k_\e`^_kXe[k_\jfe^jfek_\iX[`fZi\Xk\Xele\og\Zk\[`ek`dXZpXe[]fiX
dfd\ek\m\ipk_`e^j\\djgfjj`Yc\%
;Xijk\cc\iycf[`\9flZ_\q#KfiY\e
9`f$&=`cdf^iX]`\^\Yfi\e(0.-2Jkl[`ldXe[\iB?DBce2[XmficXe^a€_i`^\K€k`^b\`kXcjI\^`\Xjj`jk\ek
9\e[`^
le[Jbi`gk&:fek`el`kp2qX_ci\`Z_\`ek\ieXk`feXc\=\jk`mXck\`ceX_d\ele[8ljq\`Z_ele^\e2=`cdXljnX_c1
Gif[lbk`feB?DBce#:_i`jk`Xe
(00-9\kkq\`k2(00/>`icPflGlkD\2)''+Bfjcfbjb`2)'',Nife^J`[\2)''-J\Zli`kp%
M\ee\]if_e\
BfekXbkB?DBce#Lk\;`c^\i#;\lkjZ_cXe[#=fe"+0$))($)'(/0**'#<$DX`c[`c^\i7b_d%[\#nnn%b_d%[\
D`cckfne#DfekXeX
;\lkjZ_cXe[)''0
*+Ê#*,dd#=XiY\
f_e\K\ok
D`cckfne#DfekXeX`jk\`e\c\^`jZ_\iJki\`]ql^[liZ_\`e\^iXe[`fj\#XY\i
XlZ_eXiY\e•Y\ij€k\CXe[jZ_X]k%D`cckfne#DfekXeX`jXe\c\^`XZ\oZlij`fe
k_ifl^_XdX^e`]`Z\ek#YlkXcjf[\\gcpjZXii\[cXe[jZXg\%
9`f$&=`cdf^iX]`\^\Yfi\e(0++`e>lY\e2=`cdjkl[`ldXe[\iBlejkXbX[\d`\;•jj\c[fi]#D\`jk\ijZ_•c\i2
I\^`\#BXd\iXIX`e\iBfd\ij
=`cd$ le[ BXd\iXgifa\bk\ `e <ZlX[fi# <lifgX# @e[`\e# AXgXe# A\d\e le[ LJ82 =`cdj\d`eXi\ `e 9\ic`e#
JZ_e`kk9\ikJZ_d`[k
;•jj\c[fi]#D•ejk\i#Gfkj[Xdle[N`\e2=`cd\`eFY\i_Xlj\e1(0./$/'Q`^\le\i`e;l`jYli^#)''+Efd\
KfeD`Z_\cBc]bfie
IfX[Jpjk\d#)''-BfY\2)''/DXËi`Y%
Gif[lbk`feBcffj:f%D\[`\e#
BfekXbkIX`e\iBfd\ij=`cd#;\lkjZ_cXe[#=fe"+0$)'/$..0+*/#<$DX`ci%bfd\ij7k$fec`e\%[\#
IX`e\iBfd\ij=`cd
nnn%Yi\Xk_c\jj$]`cdj%Zfd
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
,(
EIN:fdg\k`k`fe
Gif^iXdd)
JfeekX^)%,%('#(+1*'L_i#>cfi`X
;`\=iXlXdD\\iK_\NfdXeYpk_\J\X
;\lkjZ_cXe[)'('
*'Ê#?;:8D#=XiY\#
[k%&\e^c%&]c€d&]iXeq%d`k\e^c%LK
I\^`\#;i\_YlZ_IfjX?XeeX_Q`\^c\i
BXd\iXE`\cj9fcYi`eb\i
;Xijk\cc\iA\eepJZ_`cp#
?Xee\cfi\?f^\i#K`YfMXe[\Yfii\
DXic\e\n`i[n\^\e\`e\j9lie$flk$Jpe[ifdjmfe`_i\dAfYXcj8ck\eg]c\^\i`e
Y\licXlYk%@_iC\Y\e^\i€kXl]\`e\i=\i`\ei\`j\`e9\c^`\e`dd\id\_iXlj
[\e=l^\e%J`\[i`]k\k`e\`e\=XekXj`\n\ckXYle[j`\_kj`Z_d`k`_i\dC\Y\e
le[[\ijpdY`fk`jZ_\e9\q`\_le^ql`_i\iDlkk\ibfe]ifek`\ik%Jl]]\i`e^]ifd
XYlieflk#DXic\e\#X^\i`Xki`Zelij\#`j^`m\eXc\Xm\f]XYj\eZ\%FeX_fc`[Xpki`g
kf9\c^`ld#_\ic`]\`jdfi\Xe[dfi\^f`e^f]]k_\iX`cj%J_\jgXZ\jflk`ekfX
nfic[f]dXb\$Y\c`\m\Xe[_Xjkf]XZ\_\ic`]\Xjn\ccXjk_\jpdY`fk`Zi\cXk`fe$
j_`gn`k__\idfk_\i%
Gif[lbk`feB?DBce#
9`f$&=`cdf^iX]`\^\Yfi\e(0/)`e?XdYli^2j\`k)''*=`cdjkl[`ldXe[\iB?DBce2qX_ci\`Z_\`ek\i$
Xl^\ejZ_\`e]`cdgif[lbk`fe
eXk`feXc\=\jk`mXck\`ceX_d\e2)''-:`^Xi\kkXdfeXdfli$GfikiX`kd\`e\jMXk\ij`eFY\i_Xlj\e)''. 2
=\jk`mXc$N\ckgi\d`\i\
BfekXbkB?DBce#Lk\;`c^\i#;\lkjZ_cXe[#=fe"+0$))($)'(/0**'#<$DX`c[`c^\i7b_d%[\#nnn%b_d%[\
)''/M\ikiXlk\=i\d[\`eFY\i_Xlj\e)''0 %
N\cc\ei\`k\iNXm\I`[\ij
;\lkjZ_cXe[)''0
('Ê#*,dd#j&n#[\lkjZ_
I\^`\#;i\_YlZ_DXiblj
D`jZ_bfnjb`#BX`DXi`XJk\`eb•_c\i
BXd\iXBXG\JZ_d`[k
JZ_e`kkDXiZ\c9\cc\[`e
;`\Y\`[\ecXe^q\`kXiY\`kjcfj\e=i\le[\D`b\le[8c]i\[n\i[\emfe`_i\d
Bldg\cIXjkfXcjÙ<`jm\ib€l]\iXdJkiXe[Èi\bilk`\ik%J`\jfcc\eBfebli$
i\ek\ej\`e#[fZ_jZ_feYXc[]•_ik[`\Ùlej`Z_kYXi\?Xe[[\jDXibk\jÈ[`\
Y\`[\e n`\[\i qljXdd\e% Cfe^$k\id le\dgcfp\[ Yl[[`\j D`b\ Xe[ 8c]i\[
_Xm\Y\\ei\Zil`k\[Ypk_\`ifc[]i`\e[IXjkfkfnfibXjÈ`Z\$Zi\Xdj\cc\ijfek_\
Y\XZ_É%K_\pËi\jlggfj\[kfY\Zfdg\k`kfij#YlkjffeÈk_\`em`j`Yc\_Xe[f]k_\
dXib\kÉYi`e^jk_\dkf^\k_\iX^X`e%
;Xijk\cc\iA\ej:cX\e#B%D%
9`f$&=`cdf^iX]`\D%D`jZ_bfnjb`^\Yfi\e(0--`eBce2Jkl[`ld[\iJgiXZ_n`jj\ejZ_X]k`e9\ic`e2j\`k
Jk\`eb•_c\i#D%D`jZ_bfnjb`#IX`e\i
(00'8lkfi#I\^`jj\lile[Gif[lq\ekqX_ci\`Z_\iBliq]`cd\#)'''&'(Jkl[`ldXe[\i`]jBce2)''(N\jk\e[
Be\gg\i^\j#?XiipN\`
:f$I\^`\ %
Gif[lbk`feN\jk\e[]`cd\
9`f$&=`cdf^iX]`\B%D%Jk\`eb•_c\i^\Yfi\e(0-.`eBce2Jkl[`ld[\iv^pgkfcf^`\le[8]i`bXe`jk`b`e
Bce28lkfile[I\^`jj\liqX_ci\`Z_\iBliq]`cd\2)''(N\jk\e[:f$I\^`\ %
=\jk`mXc$N\ckgi\d`\i\
BfekXbkN\jk\e[]`cd\#;\lkjZ_cXe[#=fe"+0$))($.),'0*#<$DX`c`e]f7n\jk\e[]`cd\%[\#nnn%n\jk\e[]`cd\%[\
?\`djg`\c?fd\>Xd\
JZ_e`kk8e[i\XjD\ee
8e[i\XjMfjj\e`jkC\_i\i%Le[?ffc`^Xe%8cj\`ee\l\iJZ_•c\ij\`e;fgg\c$
c\Y\e Y\[if_k# Y\^`eek \`e Qn\`bXdg]# [\i `_e `dd\i n\`k\i `e [`\ <e^\
ki\`Yk%8d<e[\jk\_\ej`Z_[`\Y\`[\eXl][\dBXdg]gcXkq^\^\e•Y\i%Le[
Mfjj\ejZ_c€^kql%8e[i\XjMfjj\e`jXk\XZ_\i%8e[X_ffc`^Xe%N_\eXe\n
jkl[\ekk_i\Xk\ej_`j[flYc\c`]\#Xfe\$kf$fe\YXkkc\jkXikjf]]#`en_`Z_Mfjj\e
`jdfi\Xe[dfi\[i`m\e`ekfXZfie\i%=`eXccp#k_\knff]k_\d]XZ\\XZ_fk_\i
fek_\YXkkc\^ifle[%8e[Mfjj\ejki`b\jflk%
Dlj`bA\ej>ikjZ_\cd`kK_fdXj
9`f$&=`cdf^iX]`\I\^`jj\li`e#8lkfi`e#=fkf^iX]`ele[I\[Xbk\li`e2>\`jk\jn`jj\ejZ_X]kc`Z_\jJkl[`ldXe
D\_c_fie
[\i?ldYfc[k$Le`m\ij`k€k9\ic`e2)''-$'0Jkl[`ld[\i=`cdi\^`\Xe[\i`]jBce2)'('<=8DXjk\iZcXjjIl_i2
;\lkjZ_cXe[)''0
)(Ê*'È#*,dd#=XiY\#[\lkjZ_
I\^`\9f^[XeXM\iXCfi\eq
;i\_YlZ_I\e„JZ_ldXZ_\i
BXd\iXG\k\iJZ_•kk\d\p\i
;Xijk\cc\iNfkXeN`cb\D_i`e^#BX` )'',C`\Y\q\`k2)''-KiXej`kCfi\c\p2)''.I\Xc`j`\ile^2)''/MfcX2@dM\i_i2%%%[XbXeedXea\kqkjgXq`\i\e
DXc`eX#@jXY\cJZ_fje`^
^\_\e2)''08@IGFIK2¡/0le[;lle[@Z_%
Gif[lbk`fe`]jBce`eBffg\iXk`fe
BfekXbk`]jBce#Dfe`bX9i\d\e#;\lkjZ_cXe[#=fe"+0$)(($0)'(//)-#<$DX`cYi\d\e7]`cdjZ_lc\%[\#
d`k=?;fikdle[
nnn%]`cdjZ_lc\%[\
?fc[`e^Jk`cc
;\lkjZ_cXe[)'('
)-Ê*'È#?;:8D#=XiY\
\e^c`jZ_d`k[k%Lek\ik`k\ce
I\^`\#JZ_e`kk=cfi`XeI`\^\c
BXd\iXClZ`Xef:\im`f
Dlj`bJ\k=`i\kf=cXd\j#G:
AXe`jc\Ykj\`k)'AX_i\eXdD\\i%BXld\`e\i[\iXe[\i\e8enf_e\i_Xk
j`\a\ql>\j`Z_kY\bfdd\e%AXe`j`jkj\`k`_i\d))%C\Y\ejaX_i^\c€_dk
le[Xej9\kk^\]\jj\ck%@_iQl^Xe^qliN\ck`jk\`e\|Y\inXZ_le^jbXd\iX#
[`\d`k`_i\dCXgkfgm\iYle[\e`jk%AXe`j_Xjc`m\[Ypk_\j\Xj`[\]fifm\i)'
p\Xij%8cdfjkeffe\f]k_\fk_\ii\j`[\ekj_Xj\m\ij\\e_\i]XZ\%AXe`jnXj
gXiXcpj\[ Xk k_\ X^\ f] )) Xe[ _Xj \m\i j`eZ\ Y\\e Zfe]`e\[ kf _\i Y\[% J_\
nXkZ_\jk_\nfic[m`XXjlim\`ccXeZ\ZXd\iXZfee\Zk\[kf_\icXgkfg%
J\YXjk`Xe9fifnjb`
9`f$&=`cdf^iX]`\^\Yfi\e(0./`e9\ic`e2j\`k)'')Jkl[`ld[\iGfc`k`bn`jj\ejZ_X]k\eXe[\i=L9\ic`e2
Gif[lbk`feB?DBce
)''*$'0Jkl[`ld=`cd&=\iej\_\eXe[\iB?DBce2qX_ci\`Z_\`ek\ieXk`feXc\=\jk`mXck\`ceX_d\e2)'',
;\lkjZ_\=\jk`mXcgi\d`\i\
BfekXbkB?DBce#Lk\;`c^\i#;\lkjZ_cXe[#=fe"+0$))($)'(/0**'#<$DX`c[`c^\i7b_d%[\#nnn%b_d%[\%
=Xb\@kK`ccPflDXb\@k2)''.Lkfg`\ (/2)''.?`dd\cXl]<i[\e%
,) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
B`e[\i$le[Al^\e[b`ef
: _ ` c [ i \ e j X e [ Pf l k _ : ` e \ d X
N\kkY\n\iY:fdg\k`k`fe
,,
QX_c\ele[K\e[\eq\eÆKi\e[jXe[=`^li\j
,,
Gif^iXddXY()AX_i\eGif^iXdd\]ifd()p\XijfenXi[
,,
Gif^iXddXY-AX_i\eGif^iXdd\]ifd-p\XijfenXi[ ,-
Gif^iXddXY/AX_i\eGif^iXdd\]ifd/p\XijfenXi[
,/
Gif^iXddXY(+AX_i\eGif^iXdd\]ifd(+p\XijfenXi[
,0
Gif^iXddXY*AX_i\eGif^iXdd\]ifd*p\XijfenXi[
-'
Gif^iXddXY('AX_i\eGif^iXdd\]ifd('p\XijfenXi[
-)
Gif^iXddXY(-AX_i\eGif^iXdd\]ifd(-p\XijfenXi[
-*
Jfe[\im\iXejkXckle^Jg\Z`Xc
B`e[\i^Xik\egif^iXddXY*AX_i\e JZi\\e`e^B`e[\i^Xik\eGif^iXdd\]ifd*p\XijfenXi[
-,
CXlk\B`e[\i
-,
Al^\e[gif^iXddDlM`(+"Pflk_Gif^iXdd\DlM`(+"
-,
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
,*
B`e[\i$le[Al^\e[]`cdn\kkY\n\iY
Q X _ c \ e l e [ K\ e [ \ e q \ e Æ * * % B ` e [ \ i $ l e [ A l ^ \ e [ ] ` c d n \ k k Y \ n \ i Y Ki \ e [ j X e [ = ` ^ l i \ j Æ * * i [ : _ ` c [ i \ e Ê j X e [ Pf l k _ = ` c d : f d g \ k ` k ` f e
8lj•Y\i,''<`ei\`Z_le^\e#[`\]•i[\e9\i\`Z_B`e[\ile[Al^\e[i\c\mXek
nXi\e#nli[\e`e[`\j\dAX_i*.Gif[lbk`fe\eXlj(.C€e[\ieXlj^\n€_ck#
[`\i\gi€j\ekXk`m]•i<ekn`Zbcle^\ele[JZ_n\iglebk\`dXbkl\cc\eB`e[\i$
le[Al^\e[bliq]`cdj`e[%;\lkjZ_cXe[d`kj\Z_j le[>ifYi`kXee`\ed`k
]•e] 9\`ki€^\ej`e[Xd_€l]`^jk\e`e[\eGif^iXdd\em\iki\k\ele[j\kq\e
[Xd`k\`e\K\e[\eq]fik#[`\j`Z_`e[\ec\kqk\eAX_i\eXlj^\gi€^k_Xk%8lZ_
[`\E`\[\icXe[\le[[`\jbXe[`eXm`jZ_\eC€e[\iq\`^\ej`Z_n\`k\i_`ej\_i
gi€j\ek`e[\iGif[lbk`femfeB`e[\i$le[Al^\e[bliq]`cd\e#XlZ_n\ee[`\
<`ei\`Z_le^\eXljJZ_n\[\ele[;€e\dXibi•Zbc€l]`^j`e[%@ek\i\jjXek\@d$
glcj\bfdd\e`e[`\j\dAX_iXlZ_Xlj[\dXj`Xk`jZ_\ele[fjk\lifg€`jZ_\e
IXld% ;\i Ki\e[ ql \`e\d _f_\e Gif[lbk`fejXl]bfdd\e `d Al^\e[]`cd$
Y\i\`Z_j\kqkj`Z_jfnf_cY\`[\e<`ei\`Z_le^\eXcjXlZ_`e[\i8ljnX_c]fik%
<ie\lk _XY\e n`i \`e Gif^iXdd XY (- qljXdd\e^\jk\cck# [Xj j`Z_ Xe [\i
JZ_e`kkjk\cc\mfeAl^\e[$qlÙ<inXZ_j\e\e]`cdÈY\n\^k%Kifkq[\jn\`k\i\e
I•Zb^Xe^j`d9\i\`Z_[\jbcXjj`jZ_\eB`e[\i]`cdj]i\l\en`ilej#[XjjXlZ_
`d**%AX_i[\jB`e[\i$le[Al^\e[b`efjn`\[\i]•ia\[\8ck\ij^ilgg\Æmfe
[\i >ile[jZ_lc\ Y`j ql [\e n\`k\i]•_i\e[\e JZ_lc\e Æ \`e jgXee\e[\j
Gif^iXddd`kXl\i^\n_ec`Z_\e=`cd\e^\q\`^kn\i[\ebXee%
>\eXllek\i[`\Clg\^\efdd\en\i[\e[`\=`cd\mfe[\eB`e[\iele[
Al^\e[c`Z_\e [\i B`e[\i$ le[ Al^\e[alip% @e [`\j\d AX_i _XY\e n`i `e
lej\i\e GXike\ijZ_lc\e# [\i 8ee\ =iXeb$I\XcjZ_lc\ le[ [\i >ile[jZ_lc\
9ljZ__Xlj\e#ale^\=`cdbi`k`b\i]•i[`\j\8l]^XY\^\]le[\e%
8lZ_[`\^Xeqbc\`e\e=`cd]i\le[\bee\ej`Z_•Y\i[`\=fikj\kqle^[\j
B`e[\i^Xik\egif^iXddj `e Bffg\iXk`fe d`k [\d B`e[\i^Xik\e <d\b le[
[\d @ek\^iXk`fejiXk [\i JkX[k FY\i_Xlj\e ]i\l\e# [\i \`e `ek\i\jjXek\j
IX_d\egif^iXdd ]•i [`\ B`e[\i^Xik\emfijk\ccle^ Xd )0% 8gi`c ^\jkXck\e
n`i[%
@e QljXdd\eXiY\`k d`k [\i 9?=$98EB$Jk`]kle^ gi€j\ek`\i\e n`i Xl\i$
[\d [Xj Dlj`bgifa\bk ÙCXlk\ B`e[\iÈ% B`e[\i [\j f]]\e\e >XeqkX^\j [\i
Cl`j\ejZ_lc\ `e FY\i_Xlj\e \iXiY\`k\e d`k [\d Bfdgfe`jk\e ;Xm`[ GXlc
>iX_XdBc€e^\le[>\i€ljZ_\qlJkldd]`cd\ele[gi€j\ek`\i\e[`\<i^\Ye`jj\
n€_i\e[[\j=\jk`mXcnfZ_\e\e[\j%
K_`jp\Xi#flkf]k_\fm\i,''\eki`\jk_Xkn\i\i\c\mXek]fik_\j\Zk`fe:_`c[i\e
Xe[Pflk_#*.gif[lZk`fej]ifd(.Zfleki`\jn\i\j\c\Zk\[k_XkXi\i\gi\j\ekXk`m\
f] k_\ [\m\cfgd\ekj Xe[ ]fZlj\j `e Zfek\dgfiXip ]`cd ]fi Z_`c[i\e Xe[ pfle^
g\fgc\%>\idXepn`k_j`o]`cdj Xe[>i\Xk9i`kX`en`k_]`m\]`cdj Xi\k_\Zfleki`\j
dfjk]i\hl\ekcp]\Xkli\[`ek_\gif^iXdd\jZfek`el`e^Xki\e[k_Xk_Xj\d\i^\[
`ek_\gXjk]\np\Xij%K_\E\k_\icXe[jXe[k_\JZXe[`eXm`XeZfleki`\jXcjfZfek`el\
kfY\m\ipgifd`e\ek`ek_\gif[lZk`fef]]`cdj]fiZ_`c[i\eXe[pfle^g\fgc\#\m\e
k_fl^_\eki`\j]ifdJn\[\eXe[;\edXibXi\Y\Zfd`e^]\n\i%K_`jp\Xi#k_\i\Xi\
Xcjf`ek\i\jk`e^`dglcj\jZfd`e^]ifdk_\8j`XeXe[\Xjk\ie<lifg\Xei\^`fej%
K_\ki\e[kfnXi[jXcXi^\gif[lZk`fef]]`cdj`ek_\pflk_]`cdj\Zkfi_XjZfek`el\[
Yfk_ `e k_\ \eki`\j Xe[ `e k_\ j\c\Zk`fe% N\ _Xm\ feZ\ dfi\ glk kf^\k_\i X
g if^iXdd\]fi(-$p\Xi$fc[jXe[fm\ik_Xk`jXkk_\Yfi[\iY\kn\\epflk_]`cdXe[
ÈX[lck]`cdÉ%;\jg`k\k_\]lik_\i]Xcc$f]]`ek_\Xi\Xf]ZcXjj`ZZ_`c[i\eËj]`cdj#n\Xi\
[\c`^_k\[k_Xk`ek_`j#k_\**i[p\Xif]k_\:_`c[i\eËjXe[Pflk_:`e\dX#n\ZXe
X^X`ej_fnXe\oZ`k`e^gif^iXdd\n`k_\oZ\gk`feXc]`cdj]fi\m\ipX^\^iflgÆ
]ifdgi`dXipjZ_ffclgkf_`^_jZ_ffc%
K_\]`cdjn`ccY\jZilk`e`q\[Ypk_\Z_`c[i\eXe[pfle^g\fgc\fek_\:_`c[i\e
Xe[Pflk_ali`\j%K_`jp\Xi#n\]fle[pfle^]`cdZi`k`Zj]ifdk_\8ee\=iXebI\Xc$
jZ_lc\Xe[k_\9ljZ__Xlj\eGi`dXipJZ_ffc#fligXike\ijZ_ffcj#n_fn\i\i\X[p
kfkXb\fek_`jkXjb%
M\ippfle^]`cd]XejZXeXcjfcffb]finXi[kfk_\Zfek`elXk`fef]k_\b`e[\i^Xik\e
gif^iXdd\`eZffg\iXk`fen`k_k_\<d\bb`e[\i^Xik\eXe[k_\@ek\^iXk`fe:fleZ`c
f]k_\:`kpf]FY\i_Xlj\e#n_`Z_n`ccglkfeXe`ek\i\jk`e^]i`e^\gif^iXdd\]fi
k_\b`e[\i^Xik\egi\j\ekXk`fefe8gi`c)0%
@e gXike\ij_`g n`k_ k_\ 9?=$98EB =fle[Xk`fe# n\ n`cc Xcjf Y\ gi\j\ek`e^ k_\
dlj`Zgifa\ZkÈCXlk\B`e[\iÉ%N`k_k_\_\cgf]k_\Zfdgfj\i;Xm`[GXlc>iX_Xd#
Z_`c[i\e]ifdk_\Cl`j\ejZ_lc\`eFY\i_Xlj\en`cc[\m`j\jfle[jXe[ef`j\jkfXZ$
ZfdgXepj`c\ek]`cdjXe[gi\j\ekk_\i\jlckjfek_\n\\b\e[f]k_\=\jk`mXc%
8ljnX_cbfdd`jj`feJ\c\Zk`feZfdd`kk\\
EX[`e\9i\l\i#:_i`jk`Xe<oe\i#JXiXCXlbe\i#Jk\g_XeC\`e\e#G\kiXIfZb\e]\cc\i#?\iY\ikJZ_nXiq\
Gif^iXddXY()
;fee\ijkX^)0%+%('#('1*'L_i#>cfi`X
^\\`^e\k]•iAl^\e[c`Z_\XY()AX_i\e.%le[/%BcXjj\ i\Zfdd\e[\[]fik\\eX^\ij]ifd()p\XijfenXi[]fidj.Xe[/
D`okXg\
Je\cc`e
9\e_ikj`Z_[`\(0.'\i$AX_i\$JZ_XccgcXkk\ej\`e\jMXk\ijXele[e`ddk
d`k \`e\d Xck\e BXjj\kk\ei\bfi[\i D`okXg\j Xl]% <`e\ BXjj\kk\ jk\cck \i
qljXdd\e#ld[XjEXZ_YXid€[Z_\eC`cpqlY\\`e[ilZb\e%9\ejg\e[j_`j
k`d\c`jk\e`e^kf_`j[X[Ëjfc[(0.'jm`epcXe[dXb`e^d`okXg\jfeXefc[kXg\
i\Zfi[\i%?\dXb\jXkXg\kfkipXe[nffk_\^`ice\ok[ffi#C`cp%
BXd\iXFcc`\;fne\p
9`f$&=`cdf^iX]`\^\Yfi\e(0/-2jkl[`\ik\;i\_YlZ_Xe[\i9flie\dflk_Le`m\ij`kp#;fij\k2i\Xc`j`\ik\
;Xijk\cc\i9`ccD`ce\i#:_Xicfkk\
qX_ci\`Z_\Bliq]`cd\#Dlj`bm`[\fjle[N\iY\]`cd\2D`k^c`\[[\j;`i\ZkfiËj>l`c[f]>i\Xk9i`kX`e2)''/
9\Xldfek
GXki`Zb%
JZ_e`kkAf_e?fccfnXp
BfekXbkClkD\[X#>ifYi`kXee`\e#=fe"++$)'/$0-0*)*-#<$DX`cclb\7clk`d\[`X%Zfd#nnn%clk`d\[`X%Zfd
>ifYi`kXee`\e)''0
)Ê*'È#*,dd#=XiY\#\e^c`jZ_
I\^`\#;i\_YlZ_#Dlj`bClb\
Gif[lbk`feClkD\[X
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
,,
: _ ` c [ i \ e Ëj X e [ Pf l k _ = ` c d : f d g \ k ` k ` f e
JXckM`e\^XiJXcq<jj`^
8l][\dN\^mfe[\iJZ_lc\eXZ_?Xlj\n`i[=iXeb`\mfeDXo^\g`\jXZbk%
8cj j`\ ql_Xlj\ Xebfddk# jk\cck j`\ ]\jk# [Xjj j`Z_ `_i C\Y\e ]•i `dd\i
m\i€e[\ik_Xk%=iXeb`\`jYlcc`\[YpDXofe_\inXp_fd\]ifdjZ_ffc%N_\ej_\
Xii`m\j_fd\#j_\]`e[j_\ic`]\_XjZ_Xe^\[]fi\m\i%
E\lj\\cXe[)''0
((Ê#?;#=XiY\#\e^c`jZ_
I\^`\#;i\_YlZ_BXipe:_`c[j
BXd\iXAf_eKffe
9`f^iX]`\8lkfi`e#=`cdgif[lq\ek`e#I\^`jj\li`e2JXckM`e\^Xi`jk`_i\ijk\i=`cd%
JZ_e`kkGXlcDXon\cc
BfekXbk9\ccXGif[lZk`fejC`d`k\[#C\\cXD\efe#E\lj\\cXe[#=fe"-+$)($*-.)''#<$DX`cc\\cX7Y\ccX]`cdj%Zf%eq
;Xijk\cc\iFi`fi`N_Xi\iXl$I\n`i`#
C`Xd9lic`e^
Gif[lbk`fe9\ccXGif[lZk`fej
C`d`k\[
;\lkjZ_\=\jk`mXcgi\d`\i\
8eeX
;`\qnc]a€_i`^\8eeXc\Ykd`k`_i\i^\jZ_`\[\e\eDlkk\i`e\`e\dbc\`e\e
=`jZ_\i[fi]%Kn\cm\$p\Xi$fc[8eeXc`m\j`eXjdXcc]`j_`e^m`ccX^\n`k__\i[`mfiZ\[
dfk_\i%
;€e\dXib)''0
*,Ê#*,dd#=XiY\
[€e`jZ_d`k\e^c%Lek\ik`k\ce
9`f$&=`cdf^iX]`\ ^\Yfi\e (0.. `e I\pbaXm`b# @jcXe[2 (00+ >i•e[le^jd`k^c`\[ [\i =`cdfi^Xe`jXk`fe
I\^`\#;i\_YlZ_I’eXiI’eXijjfe
ä_}Xbm`bdpe[X^\i`e2(00-C\`k\i[\jI\pbaXm`bBliq]`cd]\jk`mXcj2jkl[`\ikI\^`\Xe;\e;Xejb\=`cd$
BXd\iXJfg_`XFcjjfe
jbfc\Bfg\e_X^\e2]•iK_\CXjk=XidnXi\i]•i\`e\eFjZXiefd`e`\ik2c\Ykle[XiY\`k\k`eBfg\e_X^\e2
JZ_e`kkAXZfYJZ_lcj`e^\i
)''+K_\CXjk=Xid2)''/)9`i[j%
;Xijk\cc\iDXi`\?Xdd\i9f[X#
BfekXbk;\e;Xejb\=`cdjbfc\Bfg\e_X^\e#<c`qXY\k_Ifj\e#;€e\dXib#=fe"+,$*)$-/-+''#
;Xe`\cJkXdg\#G\ki`e\8^^\i
<$DX`c\ci7]`cdjbfc\e%[b
Gif[lbk`fe;\e;Xejb\=`cdjbfc\
;\lkjZ_\=\jk`mXcgi\d`\i\
AXZZfÊj=`cdAXZZfj=`cd
AXZZf [if_k qn`jZ_\e j\`e\e jk€e[`^ jki\`k\e[\e <ck\ie Xl]^\i`\Y\e ql
n\i[\e%Elij\`e\c\Y_X]k\=XekXj`\_€ck`_eXl]i\Z_k%AXZZf`j`e[Xe^\if]
Y\`e^dXe^c\[Y\kn\\e_`jgXi\ekjn_fXi\ZfejkXekcp]`^_k`e^%Fecp_`jc`m\cp
`dX^`eXk`feb\\gjAXZZf^f`e^%
E`\[\icXe[\)''0
(.Ê*'È#*,dd#=XiY\
e`\[\ic€e[`jZ_d`k\e^c%LK
I\^`\;XXe9Xbb\i
9`f$&=`cdf^iX]`\^\Yfi\e(0.02)''0Jkl[`\eXYjZ_cljjXe[\iE\[\icXe[j\=`cd\eK\c\m`j`\8ZX[\d`\#
;i\_YlZ_;XXe9Xbb\i#JXddp
8djk\i[Xd2AXZZfÊj=`cd`jkj\`e8YjZ_cljj]`cd2)'',)d`e('j\Z2)''.K_\:cfl[]XZkfip2)''/?fd\%
I\peX\ik
BfekXbkE\[\icXe[j\=`cd\eK\c\m`j`\8ZX[\d`\#E`\[\icXe[\#=fe"*($)'$,)..*0)#<$DX`cd%jc\n\7X_b%ec#
BXd\iXIfYY`\mXe9iljj\c
nnn%]`cdXZX[\d`\%ec
JZ_e`kkD`Z_\cc\?f]Xd
Dlj`bDXkk_`ajmXe[\iM\\i
Gif[lbk`feE\[\icXe[j\=`cd\e
K\c\m`j`\8ZX[\d`\
Gif^iXddXY-
=i\`kX^*'%+%('#/1*'L_i#C`Z_kYli^
^\\`^e\k]•iB`e[\iXY-AX_i\e(%le[)%BcXjj\ i\Zfdd\e[\[]fiZ_`c[i\e]ifd-p\XijfenXi[]fidj(Xe[)
>ifjj\Gc€e\9`^GcXej
JZ_n\`q)''/
+Ê#*,dd#=XiY\#f_e\K\ok
KifkqXlj^\gi€^k\e<i]`e[\i^\`jk\j\in\`jkj`Z_[\i9Xl\`e\j8g]\cXlkfdXk\e
Xcj Y\jfe[\i\ ?\iXlj]fi[\ile^% =fi Xcc k_\ [`jk`eZk `em\ek`m\ kXc\ek# k_\
ZfejkilZk`fef]XeXggc\m\e[`e^dXZ_`e\gifm\jhl`k\XZ_Xcc\e^\%
I\^`\#;i\_YlZ_#BXd\iX#
9`f$&=`cdf^iX]`\^\Yfi\e(0/+28e`dXk`fejjkl[`ldXe[\i?JCLClq\ie2)''-DX_cq\`k2)'('E`[jZ_f
JZ_e`kk#8e`dXk`fe@id^Xi[
n`[i
NXck_\ik
BfekXbk?JCLClq\ie#>\i[>fZb\cc#=fe"+($+(+($))/.0/+#<$DX`c^\i[%^fZb\cc7_jcl%Z_
Dlj`bI\`dXiNXck_\ik
Gif[lbk`fe?JCLClq\ie
,- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
B`e[\i$le[Al^\e[]`cdn\kkY\n\iY
8eeXCfm\ejk\`e
]iXeqj`jZ_d`k\e^c%Lek\ik`k\ce
<`eD€[Z_\e%<`e\8Y]fc^\mfeI`klXc\e%<`e\\`^\e\N\ck%<`eAle^\Y\fYXZ_k\k
j`\%8c`kkc\^`ic%8jlZZ\jj`fef]i`klXcj%8nfic[f]`kjfne%8Yfp`jnXkZ_`e^
_\i%
I\^`\#;i\_YlZ_GXlc`e\9li\Xl
le[I\^`jj\li`e]•i=`cdle[K_\Xk\i28eeXCfm\ejk\`e`jk`_i\ijk\i=`cd%
BXd\iXA\XeGXlc8^fjk`e`
BfekXbkMl[\]XZ\#=iXeƒf`jG`\ii\:cXm\c#=iXebi\`Z_#=fe"**$(+-$*-+(/0#<$DX`cml[\]XZ\7ml[\]XZ\%Zfd#
JZ_e`kkDXk_`\l;\ZXic`
nnn%ml[\]XZ\%Zfd
=iXebi\`Z_)''/
/Ê*'ÊÊ#*,dd#=XiY\
9`f^iX]`\JZ_Xljg`\cjkl[`ldXdEXk`feXcJlg\i`fi;iXdX:fej\imXkfip`eGXi`j2JZ_Xljg`\c\i`e#8lkfi`e
;Xijk\cc\i`eQf…BiXnZqpb
Gif[lbk`feMl[\]XZ\
;feb\p
,Ê*'ÊÊ#;`^`9\kX#=XiY\
;feb\p`jkj\`e\ejZ_c\Z_kY\qX_ck\eAfYXdJkiXe[c\`[%;feb\p`jk`i\[f]_`j
d`d`eldnX^\afYXkk_\Y\XZ_%
\e^c`jZ_
9`f$&=`cdf^iX]`\)''.8YjZ_cljj[\j8e`dXk`fejjkl[`ldjXd;leCXf^_X`i\@ejk`klk\f]8ik#;\j`^eXe[
@icXe[)''0
K\Z_efcf^p`e;lYc`e2j\`k)''.I\^`jj\li`eY\`9Xic\p=`cdj2)''.DXidXcX[\2)''/:fcfli:fekXd`eXk`fe%
\`eM`[\fmfeCfl`j\9X^eXcc
BfekXbk9Xic\p=`cdj#E`Xd_FË;fef^_l\#@icXe[#=fe"*,*$($)(+,0+'#<$DX`c`e]f7YXic\p]`cdj%e\k
Gif[lbk`fe9Xic\p=`cdj
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
JkifdjgXi\eJXm`e^<e\i^p
)Ê*'#;`^`9\kX#=XiY\
B`e[\i•Y\ic\^\e#n`\dXeJkifdjgXi\ebXee%:_`c[i\ek_`ebf]nXpjkfjXm\
\c\Zki`Z`kp%
[\lkjZ_d`k\e^c%Lek\ik`k\ce
9`f^iX]`\ B% L_c`^ ^\Yfi\e(0.'2j\`k(00';fbld\ekXi]`cd\i`e2(00($0/Jkl[`ldle[Gifdfk`fe[\i
;\lkjZ_cXe[)''0
>\f^iX]`\Xe[\iI_\`e`jZ_\e=i`\[i`Z_$N`c_\cdj$Le`m\ij`k€k9fee2j\`k(00,Gif[lbk`femfeJXZ_ki`Zb$
I\^`\#;i\_YlZ_#BXd\iX#8e`dX$
8e`dXk`fej]`cd\e2j\`k)''+;fq\ek`emfeJXZ_ki`Zb$Nfibj_fgj%
k`feBpe\L_c`^#E`bfcXlj?`cc\YiXe[
9`f^iX]`\ E% ?`cc\YiXe[ ^\Yfi\e (0-. `e Bce2 (00)$00 8iZ_`k\bklijkl[`ld Xe [\i =? Bce2 (00'$0-
JZ_e`kkBpe\L_c`^#E`bfcXlj
D`kXiY\`kY\`Jg`\c]`d\emfe?\ccdlk_:fjkXi[2j\`k)''*;fq\ek]•iKi`Zb]`cdnfibj_fgj%
?`cc\YiXe[#:Xifc`e\9\i^\i#?Xi[p
^\d\`ejXd\ 9`f$&=`cdf^iX]`\ j\`k (00, ^\d\`ejXd\ Ki`Zb]`cd\# l% X% ]•i [`\ J\e[le^ d`k [\i DXlj2
?f]]dXee
)''*>i•e[le^[\iKi`Zb]`cdn\ibjkXkke`bp$Y`c[\i2=`cdXljnX_c1)''->i•e2)''.Blejk_XljBXee\e2)''/
Dlj`bKfY`Xj9\Zb\i
QlZb\iY\i^@@2=\c[]fijZ_le^2)'('NXj[Xc\Yk%
;Xijk\cc\i:cXiX#CfkkX#=cfi`Xe
BfekXbke`bp$Y`c[\i#Bpe\L_c`^#;\lkjZ_cXe[#=fe"+0$))*-$0)0(//,#<$DX`cbfekXbk7e`bp$Y`c[\i%[\#
Gif[lbk`fee`bp$Y`c[\i
nnn%e`bp$Y`c[\i%[\
K_\I`^_k?Xe[;`\i\Z_k\?Xe[
K_X`cXe[)''0
Ef`m\ijk\Zbk`dd\ij\`e\i\Z_k\?Xe[%Ef`XcnXpj_`[\j_`ji`^_k_Xe[%
.Ê#;M#=XiY\
9`f$&=`cdf^iX]`\^\Yfi\e`eEXbfieiXZ_Xj`dX#K_X`cXe[2@ek\i`fi;\j`^eJkl[`ldXe[\iBXj\dYle[`k
k_X`d`k\e^c%Lek\ik`k\ce
Le`m\ij`k€k `e 9Xe^bfb2 =`cdjkl[`ld Xe [\i Ile^j`k Le`m\ij`k€k `e 9Xe^bfb2 8ik ;`i\Zkfi qX_ci\`Z_\i
I\^`\#;i\_YlZ_E`k`qNfe^k_\[
BfekXbkK_\9Xe[`kj#K_X`cXe[#=fe"--$)$.*'',,,#<$DX`cgif[lZ\i7k_\$YXe[`kj%Zfd#nnn%k_\$YXe[`kj%Zfd
Bliq]`cd\2j\`k)''/D`k^c`\[[\iGif[lbk`fej]`idXK_\9Xe[`kj2XiY\`k\kXcj]i\`\iI\^`jj\li2)''/Jld$Yp\$[\\%
BXd\iXGiXgfg\;lXe^g`blc
JZ_e`kkN`nXkJi`jXbkiXblc
Dlj`bN`c[Xk?\Xik
;Xijk\cc\iJlkkie\gX`pBlebX\n#
GiXjXkkK_fe^$XiXd
Gif[lbk`feK_\9Xe[`kj
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
,.
: _ ` c [ i \ e Ëj X e [ Pf l k _ = ` c d : f d g \ k ` k ` f e
:_\iipfek_\:Xb\:_\iipXl][\iKfik\
?p\Y`eC\\
:_\iip_Xk>\YlikjkX^le[]i\lkj`Z_[XiXl]#[\eKX^d`k`_i\i=Xd`c`\ql
m\iYi`e^\e%8Y\iXcc\j`e[m`\cqlj\_id`kj`Z_j\cYjkY\jZ_€]k`^kle[d\ib\e
\je`Z_k%A\bc\`e\i:_\iipj`Z_]•_ck#[\jkfbc\`e\in`i[j`\XlZ_$n`i[j`\
^Xeqm\ijZ_n`e[\e6@kËj:_\iipËjY`ik_[XpXe[j_\Ëj\oZ`k\[XYflkjg\e[`e^`k
n`k__\i]Xd`cp#Ylkk_\pËi\XcckffZXl^_klg`ek_\`ifnenfic[jkfi\Xc`j\%K_\
jdXcc\i:_\iip]\\cj#k_\jdXcc\ij_\^\kj$n`ccj_\[`jXgg\XiXckf^\k_\i6
BXd\iX=\c`oN`\[\dXee
9`f^iX]`\^\Yfi\e`eJ\flc#Bfi\X2Jkl[`\eXYjZ_cljj`e9`c[\e[\iBlejkle[;\j`^eXe[\iJffbdple^
JZ_e`kkAl[`k_8cc\e
=iXl\ele`m\ij`k€k`eJ\flc#`e@ccljkiXk`fele[8e`dXk`feXe[\iB`e^jkfeLe`m\ij`kp`eCfe[fele[Jkl$
Dlj`bAfeFgjkX[
[`ld[\i8e`dXk`fe;`i\Zk`feXe[\iEXk`feXc=`cdXe[K\c\m`j`feJZ_ffc`e9\XZfej]`\c[#<e^cXe[2I\^`\
>ifYi`kXee`\e)''0
/Ê#;`^`9\kX#=XiY\
\e^c`jZ_
I\^`\#;i\_YlZ_#8e`dXk`fe
Gif[lbk`feEXk`feXc=`cdXe[
le[8e`dXk`feY\`qX_ci\`Z_\e=`cdgifa\bk\e2)''.Jg`i`kf]Gif^i\jj29`ccËj8]k\ieffe2=ifq\e%
K\c\m`j`feJZ_ffc
BfekXbk EXk`feXc =`cd Xe[ K\c\m`j`fe JZ_ffc# >ifYi`kXee`\e# <$DX`c c\\%_p\Y`e7^dX`c%Zfd#
nnn%_p\Y`ec\\%Ycf^jgfk%Zfd
;\lkjZ_\=\jk`mXcgi\d`\i\
Gif^iXddXY/
=i\`kX^*'%+%('#('1*'L_i#>cfi`X
^\\`^e\k]•iB`e[\iXY/AX_i\e*%le[+%BcXjj\ i\Zfdd\e[\[]fiZ_`c[i\e]ifd/p\XijfenXi[]fidj*Xe[+
;\iBc\`e\le[[Xj9`\jkK_\C`kkc\9fpXe[k_\9\Xjk
.Ê#;`^`9\kX#=XiY\
N\ee\`e\Dlkk\ij`Z_`e\`e9`\jkm\inXe[\ck#n`i[m`\c\jXe[\ij%%%N_\eX
dfk_\ikliej`ekfXY\Xjk#Xcfkf]k_`e^jZ_Xe^\%%%
[\lkjZ_d`k\e^c%Lek\ik`k\ce
9`f^iX]`\L%?\`[jZ_kk\i;\j`^ejkl[`ldXe[\iJZ_lc\]•i>\jkXckle^`eBce28e`dXk`fejjkl[`ldXe
;\lkjZ_cXe[)''0
[\iCpZ„\k\Z_e`hl\[\j8ikj\kD„k`\ij`eClo\dYli^2c\Ykle[XiY\`k\kXcj]i\`\i;\j`^e\ile[@ccljkiXkfi
I\^`\Ln\?\`[jZ_kk\i#Af_Xee\j
`e9\ic`e2;\iBc\`e\le[[Xj9`\jk`jkj\`e\ijk\i=`cd%
N\`cXe[#
9`f^iX]`\A%N\`cXe[^\Yfi\e(0..`e=i\`Yli^2(00/$)''*Jkl[`ldXe[\i=`cdXbX[\d`\Cl[n`^jYli^2
;i\_YlZ_DXiZljJXl\idXee
I\^`jj\liqX_ci\`Z_\i=`cd\le[;fq\ek]•i8e`dXk`feXe[\i=`cdXbX[\d`\Cl[n`^jYli^2=`cdXljnX_c1
8e`dXk`feG_`c`gIl[fcg_#
(000;XeXZ_2)'''?\jj`AXd\j2)''*8ee`\9ff2)'',Fc`Ëj:_XeZ\%
A%JZ_`\_jc#?l^f?\ieXe[\q
BfekXbkJkl[`fJf`#JXYi`eXJZ_d`[#;\lkjZ_cXe[#=fe"+0$.(+($0.+*-.'#<$DX`cZfekXZk7jkl[`fjf`%[\#
Dlj`b8e[p>ifcc
nnn%jkl[`fjf`%[\
Gif[lbk`feJkl[`fJf`
LcpYbX9l[[p9l[[_XÊjJd`c\9l[[_XjC€Z_\ce
JZ_e`kkJ\i^\aBi`mfjl[fm
>fdYfc\Yk`e\`e\dbc\`e\e;fi]`e9liaXk`\eXdL]\i[\j9X`bXcj\\j%<i`jk
Xcc\`eql?Xlj\le[e\Y\e[\d9l[[_XXl][\d?XljXckXic`\^\e9feYfej%
KiXlk\ij`Z_n`ibc`Z_#\`e9feYfeqlbcXl\e68cj\ieXZ_[\eJ•`^b\`k\e
^i\`]k#_ik\igckqc`Z_\`e\Jk`dd\%%%>fdYfc`m\j`eXk`epm`ccX^\fek_\
YXebjf]CXb\9X`bXc`e9lipXk`X%?\`jXcfe\Xk_fd\Xe[k_\i\Xi\jfd\jn\\kj
e\okkf9l[[_Xfek_\]Xd`cpj_i`e\%;f\j_\[Xi\kfjk\Xcfe\f]k_\^ff[`\j69lk
k_\e#aljkXj>fdYfi\XZ_\j]fik_\jn\\kj#_\_\XijXmf`Z\¿
Dlj`b9Xkklmj_`e9Xc[XeZ\i\e
9`f^iX]`\^\Yfi\e(0--`eIljjcXe[2(0//8YjZ_cljj[\jBlejkjkl[`ldjXe[\iJk%G\k\ijYli^JkXk\K_\Xki\
Dfe^fc\`&IljjcXe[)''/
)'Ê#;M#=XiY\#
YlipXkd`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_9X`i;pj_\efm
BXd\iX8c\bj\aJki\cfm
Gif[lbk`feÙ>\j\iÈ:`e\dX$Jkl[`f
8ikj8ZX[\dp2(00*N`ikjZ_X]kjjkl[`ldXe[\iGc\b_XefmIljj`Xe8ZX[\dp`eDfjbXl2(0/0$0,JZ_Xljg`\c\i
Xd9lipXkI\glYc`Z;iXdXK_\Xki\2=`cd$le[K_\Xk\ii\^`jj\li2LcpYbX9l[[p`jkj\`e\ijk\i=`cd%
BfekXbkÙ>\j\iÈ:`e\dX$Jkl[`f#IljjcXe[#=fe".$*'()$+--+*-#<$DX`c^\j\i$jkl[`f7pXe[\o%il
K_\J`o;fccXi=`]kpDXe;\ij\Z_j;fccXi]•e]q`^DXee
E\lj\\cXe[)''0
(+Ê*'È#*,dd#=XiY\
\e^c`jZ_
I\^`\#;i\_YlZ_DXib8cY`jkfe#
Cfl`jJlk_\icXe[
BXd\iXJ`dfe9Xld]`\c[
Dlj`b:feeXe?fj]fi[
@ek%M\iki`\YE\nQ\XcXe[=`cd
K_\J`o;fccXi=`]kpDXe_Xe[\ckmfe8e[p#\`e\d]liZ_kcfj\e8Z_ka€_i`^\e#
[\i`ej\`e\eJlg\i_\c[\e]XekXj`\e[Xebj\`e\iJlg\ibi€]k\[\eJZ_lc_f]$
i•g\ce GXifc` Y`\k\e bXee% ;fZ_ Xcj 8e[p vi^\i d`k [\d JZ_lc[`i\bkfi
Y\bfddk#j`\_k\i\`e#[Xjj\ij`Z_[\iN`ibc`Z_b\`kjk\cc\edljj#ldj`Z_le[
j\`e\\`eq`^\=i\le[`eDXipqli\kk\e%K_\J`o;fccXi=`]kpDXe]fccfnj8e[p#X
^lkjp\`^_kp\Xifc[Yfpn_fc`m\j`eXdXb\$Y\c`\m\jlg\i_\ifnfic[n_\i\_`j
`dX^`eXk`feXccfnj_`dkfg\i]fid\okiXfi[`eXipg_pj`ZXc]\Xkj#kf[\Xcn`k_gcXp$
^ifle[Ylcc`\j%9lkn_\e8e[p^\kj`ekiflYc\n`k_k_\_\X[dXjk\i#_\i\Xc`j\jk_Xk
kfjXm\_`dj\c]Xe[_`jfecp]i`\e[DXip#_\dljk]XZ\lgkfk_\i\Xcnfic[%
9`f^iX]`\ D% 8cY`jkfe ^\Yfi\e(0.)2=`cdjkl[`ld2_XkXcjI\^`jj\li#BXd\iXdXeele[Gif[lq\ek]•i[Xj
=\iej\_\e^\XiY\`k\kle[d\_i\i\Bliq]`cd\i\Xc`j`\ik2`ek\ieXk`feXc\=\jk`mXck\`ceX_d\ele[Gi\`j\%
9`f^iX]`\C%Jlk_\icXe[^\Yfi\e(0.'2JZ_Xljg`\cjkl[`ld2j\`k)'')D`kXiY\`kY\`qX_ci\`Z_\e=`cd$le[
=\iej\_gif[lbk`fe\e2@ek\ieXk`feXc\=\jk`mXck\`ceX_d\ele[Gi\`j\%
^\d\`ejXd\=`cdf^iX]`\)''.Ile%
BfekXbkE\nQ\XcXe[=`cd#Alc`\kk\M\Y\i#E\lj\\cXe[#=fe"-+$+$*/).-/-#<$DX`calc`\kk\7eq]`cd%Zf%eq#
nnn%eq]`cd%Zf%eq
,/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
B`e[\i$le[Al^\e[]`cdn\kkY\n\iY
$jkfg#gfZ\clajkfg#k_\b`jjjkfgg#[\ibljj
C`kXl\e)''0
EXZ_\`e\dC`\[mfeFc^X8i\]a\mX%9Xj\[feXjfe^YpFc^X8i\]a\mX%
)Ê*'È#9\kXJG#j&n#f_e\K\ok
9`f$&=`cdf^iX]`\^\Yfi\e`eM`ce`lj#C`kXl\e2Jkl[`ld[\i8e`dXk`feXe[\iBlejk_fZ_jZ_lc\`eM`ce`lj2
j\`e\Bliq]`cd\n\i[\eXl]`ek\ieXk`feXc\e=\jk`mXcj^\q\`^k2)''0K_\Klcc\:likX`eqljXdd\ed`k@eeX
I\^`\#;i\_YlZ_#JZ_e`kk#
J_`c`eX %
8e`dXk`fe;Xi`ljAXilj\m`Z`lj
BfekXbkM`ce`lj8ZX[\dpf]=`e\8ikj#8cmp[XjClbpj#C`kXl\e#=fe"*.'$,$)(',+*'#
Dlj`bM`bkfiD`e`fkXj#@eeXJ_`c`eX
<$DX`cXcmp[Xj%clbpj7m[X%ck#nnn%m[X%ck
Gif[lbk`feM`ce`lj8ZX[\dpf]=`e\
8ikj
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
Afe^\ejq`aen\N\8i\9fpjN`ij`e[Ale^\e
JZ_e`kk8o\cJbfm[XcIf\cf]j
A`dle[JXdj`e[Y\jk\=i\le[\%J`\b\ee\ej`Z_jZ_fej\`k<n`^b\`k\ele[
m\iYi`e^\e `_i\ KX^\ [Xd`k# [`\ EXZ_YXie ql e\im\e# 9ffk ql ]X_i\e le[
=ijZ_\ql]Xe^\e%8Y\iYXc[n`i[A`d#[\i€ck\i\[\iY\`[\e#[Xj;fi]m\icXjj\e#
ldqlin\`k\i]•_i\e[\eJZ_lc\ql^\_\ele[JXdYc\`Ykqli•Zb%A`dXe[JXdXi\
Y\jk]i`\e[j%K_\pËm\befne\XZ_fk_\i]fi\m\iXe[jg\e[k_\`i[Xpjg\jk\i`e^
k_\`ie\`^_Yflij#YfXk`e^Xe[ZXkZ_`e^]if^j%9lkjffe#A`d#k_\fc[\if]k_\gX`i#
n`ccc\Xm\k_\m`ccX^\kf^fkfj\Zfe[XipjZ_ffcXe[JXdn`ccjkXpY\_`e[%
Dlj`bCfkk\mXe;`aZb
9`f^iX]`\^\Yfi\e(0.0`eKXejXe`X2I\^`jj\limfeN\iY\$le[;fbld\ekXi]`cd\ejfn`\=\iej\_j\i`\e2
E`\[\icXe[\)''0
(.Ê*'È#;`^`9\kX#=XiY\
e`\[\ic€e[`jZ_
I\^`\#;i\_YlZ_KfdXjBXXe
BXd\iX8X^\?fccXe[\i
8e`dXk`feJXe[\i9ifln\i
`ek\ieXk`feXc\=\jk`mXck\`ceX_d\e2)''+8djk\i[Xd$Bfjfmf2)''.;i\Xd:`kp$@iXh2D\Xen_`c\`e<lifg\%
;Xijk\cc\iA`dJkllidXee#JXd
BfekXbk(''?XcXc#>`ajB\iYfjZ_#E`\[\icXe[\#=fe"*($)'$-).,)./#<$DX`c^`ajb\iYfjZ_7(''gifZ\ek_XcXc%ec#
JZ_flk\i\e
nnn%(''gifZ\ek_XcXc%ec
Gif[lbk`fe(''?XcXc
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
Gif^iXddXY(+
=i\`kX^*'%+%('#('1*'L_i#JkXi
^\\`^e\k]•iAl^\e[c`Z_\XY(+AX_i\e0%le[('%BcXjj\ i\Zfdd\e[\[]fik\\eX^\ij]ifd(+p\XijfenXi[]fidj0Xe[('
GcXeb
E`\[\icXe[\)''0
(,Ê#;`^`9\kX#=XiY\
_fcc€e[`jZ_&XiXY`jZ_d`k\e^c%LK
I\^`\9`ccpGfcj
;i\_YlZ_9`ccpGfcj#
;\i(,$a€_i`^\e`\[\ic€e[`jZ_\DXiifbXe\iEXjj`d`jkJbXk\i#fYnf_c\i
n\`# [Xjj dXe mfe DXifbbXe\ie \`^\ekc`Z_ \inXik\k# [Xjj j`\ =lYXcc
jg`\c\ef[\ib`ZbYfo\e%EXjj`dn`ccGif]`jbXk\in\i[\ele[e`ddkXeN\kk$
Y\n\iY\e k\`c% (,$p\Xi$fc[ ;lkZ_$DfifZZXe EXjj`d `j X jbXk\YfXi[\i# \m\e
k_fl^__\`jn\ccXnXi\k_XkDfifZZXejXi\jlggfj\[kfc`b\jfZZ\ifib`ZbYfo`e^%
EXjj`dnXekjkfY\Zfd\Xgif]\jj`feXcjbXk\iXe[gXik`Z`gXk\j`eZfdg\k`k`fej%
C`\[\n`aK_\`j\ej
9`f$&=`cdf^iX]`\^\Yfi\e(0..`eGi\kfi`X#J•[X]i`bX2)''-Jkl[`\eXYjZ_cljj`eM`jl\cc\iBfddle`bXk`fe
BXd\iX;Xe`\c9flhl\k
Xe[\i?f^\jZ_ffcmffi[\BlejkLki\Z_k2N\iY\]`cdi\^`jj\li2)''+?fkf]Efk2)'',Dp?flj\2)''.
JZ_e`kk>fm\ikAXej\#9i`Xe<ek
Kfbb\cfj_\%
;Xijk\cc\iEXjj`d>lXddXq
BfekXbk?XqXqX_G`Zkli\j#C`\[\n`aK_\`j\ej#>ifYi`kXee`\e#=fe"*($)'$+))-+))#
Gif[lbk`fe?XqXqX_G`Zkli\j
<$DX`cc`\[\n`a7_XqXqX_%Zfd#nnn%_XqXqX_g`Zkli\j%Zfd
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
K\idjf]:fe]\jj`feJfcc`Z_f[\ijfcc`Z_e`Z_k6
J•[bfi\X)''0
/Ê#?;#=XiY\
bfi\Xe`jZ_d`k\e^c%Lek\ik`k\ce
;`\ D`kk\cjkl]\ejZ_•c\i`e 8ild m\ic`\Yk j`Z_ `e \`e\e FY\ijkl]\ejZ_•c\i%
J`\n\`e`Z_k#fYj`\\j`_djX^\ejfccf[\ie`Z_k%D`[[c\jZ_ffcjkl[\ek
8ild]Xccj`ecfm\n`k_Xj\e`fijkl[\ek%J_\`jefkjli\n_\k_\ifiefkkfk\cc
_`d%
I\^`\#;i\_YlZ_#JZ_e`kk;X\$pfe^ 9`f^iX]`\^\Yfi\e(0..`eJfbZ_f#J•[bfi\X2)''*8YjZ_cljj[\j=`cdjkl[`ldjXe[\iAffe^$8e^
<fd
Le`m\ij`k€k`eJ\flc2K\idjf]:fe]\jj`fe`jkj\`e\ijk\i=`cd%
BXd\iXPfle^$jl9X\
BfekXbk8dlj\#P\le?\\:_Xe^#J•[bfi\X#=fe/)$)$.+.0()/#<$DX`cXdlj\]`cd7^dX`c%Zfd
;Xijk\cc\i8i\ld:_X
Gif[lbk`fe8dlj\
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
,0
: _ ` c [ i \ e Ëj X e [ Pf l k _ = ` c d : f d g \ k ` k ` f e
=`m\D`c\jflk=•e]D\`c\eiXlj
(/Ê#*,dd#=XiY\#\e^c`jZ_
:Xjjn`i[d`k`_i\e:flj`e\e`e[`\=\i`\e^\jZ_`Zbk#[Xd`kj`\e`Z_kd\_i
Xe[`\GifYc\d\ql?Xlj\[\ebk%:Xjj`jj\ekXnXpfeX_fc`[Xpn`k__\iZflj`ej
`ek_\_fg\k_Xkj_\ZXe]fi^\kXYflkk_\gifYc\djYXZb_fd\%
I\^`\#;i\_YlZ_8e[i\n?X`^_
9`f^iX]`\^\Yfi\e(0.*`e?Xiif^Xk\#>ifYi`kXee`\e2:lkk\iY\`qX_ci\`Z_\e=`cdgifa\bk\e28lkfile[
>ifYi`kXee`\e)''0
BXd\iXDXkpXj<i[\cp
I\^`jj\li2`ek\ieXk`feXc\=\jk`mXck\`ceX_d\e2)''*F`c2)'',:X_l\e^X9CM;2DXib`e^j2)''/>i\\bG\k\%
JZ_e`kkC\XDfi\d\ek
BfekXbkK_\9li\Xl=`cd:fdgXep#Ki`jkXe>fc`^_\i#>ifYi`kXee`\e#=fe"++$)$'.'**',,,#
Dlj`bAXd\j<[nXi[9Xib\i
<$DX`ck^7k_\Yli\Xl%Zf%lb#nnn%Xe[i\n_X`^_]`cd%Zfd
;Xijk\cc\i`e;XbfkX9cl\I`Z_Xi[j
Gif[lbk`feK_\9li\Xl=`cd
:fdgXep
Jc‚jjbXdg\eK_\=`^_k;\iBXdg]
.Ê#*,dd#=XiY\
DX[j_€kk\[`\NX_i_\`kjX^\ejfcc\e%<i`jke€dc`Z_\`ejZ_c\Z_k\iB€dg]\i%
DX[jj_flc[_Xm\kfc[k_\kilk_%8ZklXccp#_\`jk\ii`Yc\Xk]`^_k`e^%
efin\^`jZ_d`k\e^c%Lek\ik`k\ce
9`f$&=`cdf^iX]`\ B\`f^\Yfi\e(0/) le[;X^^\Yfi\e(0/- wjk\`e_XY\ed\_i\i\#qldK\`cgi\`j$
I\^`\#;i\_YlZ_#JZ_e`kkB\`f
BfekXbkEfijb=`cd@ejk`kllk#Kfi`cJ`dfej\e#Efin\^\e#=fe"+.$))$+.+,.+&''#<$DX`ckj7e]`%ef#nnn%e]`%ef
Efin\^\e)''0
^\biek\Bliq]`cd\^\dXZ_k2=`cdXljnX_c1)''+JfcXiGc\olj2)''-JZpqfipb%
wjk\`e#;X^wjk\`e
BXd\iX8jb`c[M`b<[mXi[j\e
Dlj`bJcXjd‚cjbclYY\e
;Xijk\cc\i@jXbIfXc[bmXd?Xej\e$
Bife\#8[k_\9\c\^l#Af_Xee\j
>i\m\DljbXk#8c\bjXe[\iJbf]k\iµ[
@ek%M\iki`\YEfijb=`cd@ejk`kllk
<e`
;\lkjZ_cXe[)''0
)+Ê*'È#?;#=XiY\
[\lkjZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_@e^fDfe`kfi
BXd\iX=i`\[i`Z_>\fi^JZ_e`^
JZ_e`kk?lpe_$KiXe^CXd#
;`\kX]]\#jgiXZ_^\nXe[k\(*$a€_i`^\<e`c`\Yk[`\=XekXj`\le[kifkqkd`k
`_i\egf\k`jZ_$]i\Z_\eKX^ki€ld\e[\d\dfk`feXc\eMXblldqn`jZ_\e`_i\e
<ck\ie%8d>\YlikjkX^`_i\iDlkk\in`i[<e`j`ee\i\N\ck\ijZ_•kk\ik%8cjf
ki`]]k<e`\`e\<ekjZ_\`[le^%Kfl^_#\cfhl\ek(*$p\Xi$fc[<e`cfm\jkf]XekXj`j\
Xe[YiXm\jk_\\dfk`feXcmXZlldk_Xk`j_\igXi\ekjËi\cXk`fej_`gn`k__\iYfc[Xe[
gf\k`ZXc[Xp[i\Xdj%9lkfe_\idfk_\iËjY`ik_[Xp#<e`Ëj`ee\infic[`j[`jkliY\[%Jf
<e`dXb\jX[\Z`j`fe%
@e^fDfe`kfi
9`f$&=`cdf^iX]`\^\Yfi\e(0/'`e9fee2)'')$',Jkl[`ldE\l\B•ejkc\i`jZ_\D\[`\eXe[\i?9BJXXi2
Dlj`bDXi\b>fc[fnjb`
)'',$'0Jkl[`ld8l[`fm`jl\cc\D\[`\e#=`cd$le[=\iej\_i\^`\Xe[\iB?DBce2j\`k)''/]i\`\i8lkfi#
;Xijk\cc\i:Xifc`emfe[\i>if\Y\e# I\^`jj\lile[:lkk\i2j\`k)'('n`jj\ejZ_X]kc%?`c]jbiX]kXe[\iB?DBce2>\j\ccjZ_X]k\i[\iKfgfc`D\[`X2
DXi^Xi`kX9if`Z_l%X%
)''.Lek\e2)''09fk\ejkf]]\%
Gif[lbk`feB?DBce
BfekXbkB?DBce#Lk\;`c^\i#;\lkjZ_cXe[#=fe"+0$))($)'(/0**'#<$DX`c[`c^\i7b_d%[\#nnn%b_d%[\
Gif^iXddXY*
JfeekX^)%,%('#('1*'L_i#C`Z_kYli^
^\\`^e\k]•iB`e[\iXY*AX_i\ei\Zfdd\e[\[]fiZ_`c[i\e]ifd*p\XijfenXi[
k_\jfle[f]Z_`c[_ff[[\ibcXe^[\ib`e[_\`k
N`\\`eB`e[j\`e\Ld^\Yle^nX_ie`ddk%?fnXZ_`c[g\iZ\`m\j`kjjliifle$
[`e^j%
;\lkjZ_cXe[)'('
)Ê#;M#[\lkjZ_
9`f$&=`cdf^iX]`\^\Yfi\e(0/(`e=i\`Yli^2Xlkf[`[Xbk`jZ_\=`cd\dXZ_\i`e2)'('>i•e[le^[\iGif[lb$
\`e=`cdmfeJk\]Xe`\=`\j
k`fej]`idX=ifdJZiXkZ_$=i\`\jNfikle[D\[`\eblejk2)''.9lYYc\j2)''/Q\`k[\iQn\`]\c2Nfikcfj2)''0
;Xijk\cc\i`eCXiX?lY\i
Kfe^l\;ildKXcb`e^2I\]iXd`e^%
Gif[lbk`fe=ifdJZiXkZ_D\[`\e$
BfekXbk=ifdJZiXkZ_D\[`\eblejk#Jk\]Xe`\=`\j#;\lkjZ_cXe[#=fe"+0$.--*$-'.(--#
blejk
<$DX`cjZiXkZ_]`cd7n\Y%[\
=\jk`mXc$N\ckgi\d`\i\
-' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
B`e[\i$le[Al^\e[]`cdn\kkY\n\iY
Dle^^\%E`[jZ_fn`[iDle^^\%Efk8^X`eDle^^\%E`Z_kjZ_fen`\[\i
JZ_n\`q)'('
-Ê*'È#;`^`9\kX#=XiY\
jZ_n\`q\i[\lkjZ_
I\^`\#;i\_YlZ_#BXd\iX#
JZ_cX]nXe[\cebXeej\_i^\]€_ic`Z_j\`e#Y\jfe[\ijn\eeqn\`Dlid\ck`\i\
le[\`e@^\cm\ijlZ_\e#`_i\jZ_cX]\e[\=i\le[`eqli\kk\e%Jc\\gnXcb`e^ZXe
Y\\oki\d\cp[Xe^\iflj#\jg\Z`Xccpn_\eknfdXidfkjXe[X_\[^\_f^kipkf
jXm\k_\`i[i\Xd`e^]i`\e[%
9`f$&=`cdf^iX]`\:%Ik_c`e^\Yfi\e(0/,2)'''$('Jkl[`ld;\j`^ele[BlejkXe[\i?JCLClq\ie2)''.
8e`dXk`fe:cXl[`XIk_c`e#@id^Xi[ N_XkËjE\ok^\d\`ejXdd`k8[i`Xe=c•Zb`^\i 2)''/D\Xe[DpDfejk\i%
NXck_\ik#8[i`Xe=c•Zb`^\i
9`f$&=`cdf^iX]`\@%NXck_\ik^\Yfi\e(0/+2)''*$('Jkl[`ld;\j`^ele[BlejkXe[\i?JCLClq\ie2)''-
JZ_e`kkDXi`eXIfjj\k
DX_cq\`k2)''.JkijcYijc2)''/>if\Gc€e\`eFY\i_Xlj\e)'(' %
Dlj`bDXi`fJZ_\cY\ik#8e[`
9`f$&=`cdf^iX]`\8%=c•Zb`^\i^\Yfi\e(0/)2)''+$('Jkl[`ld;\j`^ele[BlejkXe[\i?JCLClq\ie2
>i\eXZ_\i#KfdKX]\c
)''.J_`k?Xgg\ej2N_XkËjE\ok^\d\`ejXdd`k:cXl[`XIk_c`e #)''/J`^eXc`j%
Gif[lbk`fe?JCLClq\ie
BfekXbk?JCLClq\ie#AfZ_\e<_dXee#JZ_n\`q#=fe"+($+($))/-0'-#<$DX`cafZ_\e%\_dXee7_jcl%Z_
;\lkjZ_\=\jk`mXcgi\d`\i\
G`gle^\ie\1?`kk\YXie\kK_\Kn\\kc`e^j1K_\=fle[c`e^;`\B•b\e1;Xj=`e[\cb`e[
;€e\dXib)''0
,Ê*'È#*,dd#=XiY\
[€e`jZ_d`k\e^c%Lek\ik`k\ce
J`cc\le[JXo\#qn\`^\iX[\]c•^^\^\nfi[\e\B•b\e#c\Y\e`e\`e\dNXc[
mfcc\i|Y\iiXjZ_le^\e%J`cc\Xe[JXo\#knfZ_`ZbjYXi\cpflkf]k_\]c\[^c`e^
jkXk\#c`m\`eX]fi\jk]lccf]jligi`j\j%
9`f^iX]`\^\Yfi\e(0-'2(0/,Jkl[`ldXe[\i;\kApjb\BlejkXbX[\d``ewi_lj2I\^`jj\li`ele[Gif[lb$
I\^`\Kfe\KXi[`e^
k`fejdXeX^\i`e2j\`k(00,;fq\ek`e]•i8e`dXk`feXe[\i;\e;Xejb\=`cdjbfc\`eBfg\e_X^\e2G`gle^\ie\
;i\_YlZ_8e[\ijJgXii`e^#AXe
`jk`_i\ijk\i=`cd%
M`\ik_#AfeXjNX^e\i#Kfe\KXi[`e^
BfekXbk;\k;Xejb\=`cd`ejk`klk#8ee\DXi`\B•ijk\`e#;€e\dXib#=fe"+,$**.+$*-'0#<$DX`cblijk\`e7[]`%[b#
BXd\iX8e[\ijJgXii`e^#AXeM`\ik_ nnn%[]`%[b
8e`dXk`fe8e[\ijE\ajld#:Xifc`e\
?\ei`hl\j$E`\cj\e#8ee\Cfl`j\
CXl^\j\e
@ek%M\iki`\Y;\k;Xejb\
=`cd`ejk`klk
;\lkjZ_\=\jk`mXcgi\d`\i\
?fgg\Aldg?•g]\e
Efin\^\e)''/
?•g]d`kAf`ek_\aldg`e^
(Ê*'È#;`^`9\kX#=XiY\#
9`f$&=`cdf^iX]`\^\Yfi\e(0.+2XiY\`k\kj\`k(00.XeJg`\c$le[;fbld\ekXi]`cd\e]•i[\eefin\^`jZ_\e
f_e\K\ok
=\iej\_j\e[\iEIB2`ek\ieXk`feXc\Gi\`j\2)'',,d\eefd,c‚k\i%
BfekXbkEIB#?\^\Fdi\#Efin\^\e#=fe"+.$))$0(*.-.-,2<$DX`c_\^\%fdi\7eib%ef2nnn%eibjlg\i%ef
I\^`\#;i\_YlZ_Pe^m`c[Jm\=c`bb\
BXd\iX#JZ_e`kk#8e`dXk`fe#
Dlj`b8e[i\XjGXc\fcf^fj
;Xijk\cc\i`eC`mXG\ij\e=ic`Z_
Gif[lbk`feEIB
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
M\d9c[\i6N_fÊj9c\\[`e^6N\iYclk\k[X6
JZ_n\[\e)'('
+Ê#*,dd#=XiY\#
jZ_n\[`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\A\jj`ZXCXli„e
;i\_YlZ_Jk`eXN`ij„e
Gif[lbk`fe=`cdK\ZbeXieX=`Zk`fe89
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
M\d 9c[\i6 `jk \`e\ mfe XZ_k >\jZ_`Z_k\e •Y\i C`kkc\ K\[[p le[ `_i\
=i\le[\le[\iq€_ck[Xmfe#n`\j`\JgX_XY\e#jg`\c\e#d`k\`eXe[\iYXc^\e
le[ bel[[\ce% ;`\ c`\Y\ejn\ik\e >\jZ_`Z_k\e d`k ^lk\d <e[\ ]•i lej\i\
^XeqBc\`e\e_Xe[\ce[Xmfe#j`Z_qlm\icXl]\e#Jg`\c\ql^\n`ee\e#j`Z_ql
m\ic\kq\ele[Xe[\ijqlj\`e%N_fÊjYc\\[`e^`jfe\f]\`^_kjkfi`\jXYflkC`kkc\
K\[[pXe[_\i]i`\e[j_Xm`e^]le#gcXp`e^^Xd\j#kljjc`e^Xe[Zl[[c`e^n`k_\XZ_
fk_\i%Jkfi`\jXYflk^\kk`e^cfjk#n`ee`e^^Xd\j#_lik`e^pflij\c]#Xe[Y\`e^[`]$
]\i\ek%<e[\Xi`e^jkfi`\jn`k__Xggp\e[`e^j]fiflijdXcc\jkZ_`c[i\e%
9`f$&=`cdf^iX]`\^\Yfi\e(0-.2Jkl[`ldXe[\i=`cdK\ZbeXieX`eJkfZb_fcd2;\j`^ele[8e`dXk`feY\`
[`m\ij\e=`cd\e2(00+Jfc\ejMXkk\e2)''+@_lml[\kg‚le^Xi%
BfekXbkJm\ejbX=`cd`ejk`klk\k#8e[i\Xj=fZb#JZ_n\[\e#=fe"+-$/$--,((*-2<$DX`cXe[i\Xj%]fZb7j]`%j\#
nnn%j]`%j\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
-(
: _ ` c [ i \ e Ëj X e [ Pf l k _ = ` c d : f d g \ k ` k ` f e
=cµak\cµjN_`jkc\c\jj
I\^`\#;i\_YlZ_J`i`D\cZ_`fi
@e\`e\i]XiY\e]if_\ele[c\Y\e[`^\eJkX[kbee\eXcc\D\ejZ_\ele[K`\i\
g]\`]\e$Y`jXl]\`e\e1\`ebc\`e\iMf^\ceXd\ejN_`jkc\c\jj%@eXZfcfli]lc
Xe[m`YiXekkfne#Xcck_\g\fgc\Xe[Xe`dXcjZXen_`jkc\$n`k_fe\\oZ\gk`fe1X
jdXccY`i[ZXcc\[N_`jkc\c\jj%
Dlj`bKXe\iX;Xnb`ej
9`f$&=`cdf^iX]`\^\Yfi\e(0.(2(000Jkl[`\eXYjZ_cljj8e`dXk`feXdIfpXc:fcc\^\f]8ik`eCfe[fe2(00,
8e`dXk`feJ`i`D\cZ_`fi#8Xife
Jkl[`\eXYjZ_cljj >iX]`b[\j`^e Xe [\i ;XedXibj ;\j`^ejbfc\ `e Bfg\e_X^\e2 (00( Jkl[`\eXYjZ_cljj
CXdg\ik#:_i`jkfg_\iNi`^_k#
Blejk^\jZ_`Z_k\ Xe [\i BµY\e_Xmej Le`m\ij`k\k2 `ek\ieXk`feXc gi\`j^\biek\ Bliq]`cd\2 =`cdXljnX_c1
IXZ_`ekXGcXkkj#?p\Y`eC\\
(000GXjjgfik2)'')K_\;f^N_fNXjX:Xk`ej`[\%
@ek%M\iki`\Y;\k;Xejb\
BfekXbk;\k;Xejb\=`cd`ejk`klk#8ee\DXi`\B•ijk\`e#;€e\dXib#=fe"+,$**.+*-'0#<$DX`cblijk\`e7[]`%[b#
=`cd`ejk`klk
nnn%[]`%[b
Gif^iXddXY('
;€e\dXib)''0
,Ê#*,dd#=XiY\#f_e\K\ok
JfeekX^)%,%('#()1*'L_i#JkXi
^\\`^e\k]•iAl^\e[c`Z_\XY('AX_i\e,%le[-%BcXjj\ i\Zfdd\e[\[]fik\\eX^\ij]ifd('p\XijfenXi[]fidj,Xe[-
clqXclcYcl\c`^_kYcXl\jc`Z_k
JZ_e`kk:†jXi>XiZ`X
Ld`le[IXpki\]]\ej`Z_Xl][\d;XZ_#ldj`Z_qlm\iXYjZ_`\[\e%J`\j`e[
Y\`[\(*%<`ej\cYjk^\YXjk\ck\i;iXZ_\`jkqld8YjZ_`\[j]cl^Y\i\`k#XY\i
[\iN`e[n\_ke`Z_k%QljXdd\eil]\ej`\eXZ_[\dN`e[%Gckqc`Z_j\_\e
j`\\knXj`e[\iJfee\$[\iN`e[`jkqldJg`\c\e^\bfdd\e%Ld`Xe[IXp
d\\kfek_\iff]kfgkfjXp^ff[Yp\%K_\pXi\Yfk_(*%8_Xe[dX[\b`k\`ji\X[p
]fiX]Xi\n\cc]c`^_k#Ylkk_\i\`jefn`e[%Kf^\k_\ik_\pZXcclgfek_\n`e[kf
Zfd\%Jl[[\ecp#k_\pj\\jfd\k_`e^`ek_\jle$k_\n`e[_XjZfd\kfgcXp%
Dlj`b<ie\jkf>XiZ`X
9`f$&=`cdf^iX]`\I\^`jj\liqX_ci\`Z_\iBliq$#<og\i`d\ekXc$le[N\iY\]`cd\jfn`\mfe;fbld\ekXk`fe\e
D\o`bf)'('
(,Ê#*,dd#=XiY\
jgXe`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_Fj`i`jClZ`Xef
BXd\iXGXYcfI\p\j
Gif[lbk`feFj`i`jClZ`Xef
le[Dlj`bm`[\fj2=`cdXljnX_c1)'',<C[fd`e`f[\C2)''-?fcfmfilj2)''.?fcfc`lb`2)''/EXkliXiliXc%
BfekXbkOfZ_`g`cc`=`cdj#Fj`i`jClZ`Xef#D\o`bf#=fe",)$,,$+'.+*')/#<$DX`cfj`i`j%ble[Xc`e`7^dX`c%Zfd
;\lkjZ_\=\jk`mXcgi\d`\i\
Dlj\eK_\Dflj\;`\DXlj
BXd\iX8[XdG_`c`g
C`\Y\# =\`^_\`k le[ <`]\ijlZ_k $ [Xild ^\_k \j `e [\i >\jZ_`Z_k\ •Y\i [`\
q\_ea€_i`^\ C`m# [`\ mfe `_i\d D`kjZ_•c\i D`b\ \`e\ DXlj qld >\YlikjkX^
Y\bfddk% C`m le[ D`b\ ^\_\e d`k\`eXe[\i% 8cj XY\i C`mj Y\` Xcc\e j\_i
Y\c`\Yk\=i\le[`eXe]€e^k#`e[\iJZ_lc\d`kD`b\ql]c`ik\e#n`i[C`mq`\dc`Z_
\`]\ij•Z_k`^%Cfm\#ZfnXi[`Z\#Xe[a\Xcfljpc`\Xkk_\Zfi\f]k_`jjkfipXYflkk\e$
p\Xi$fc[C`m#n_fi\Z\`m\jXdflj\XjXY`ik_[Xpgi\j\ek]ifd_\iZcXjjdXk\#D`b\%
K_\pjkXik[Xk`e^%?fn\m\i#n_\eC`mËj]i`\e[#XgfglcXi^`ic#jkXikj]c`ik`e^n`k_D`b\
XkjZ_ffc#C`mY\Zfd\j\oZ\\[`e^cpa\Xcflj%
JZ_e`kk8ee\?fmX[=`jZ_\i
9`f^iX]`\^\Yfi\e(0.+`e?µij_fcd#;€e\dXib2(000$)'')I\^`\jkl[`ldXe[\i=`cd_^jbfcXe[\i>k\$
Gif[lbk`fe:fjdf=`cd8&J
Yfi^j le`m\ij`k\k2 I\^`jj\li`e le[ ;i\_YlZ_Xlkfi`e qX_ci\`Z_\i ;fbld\ekXi$ le[ Jg`\c]`cd\2 =`cd$
;€e\dXib)''0
(*Ê#*,dd#=XiY\
[€e`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\G`cDXi`X>leeXijjfe
;i\_YlZ_G`cDXi`X>leeXijjfe#
IldDXcdifj
XljnX_c1)''(KXcXe^aXbk\e2)'')M`jfd[XejXi2)''+8cck`[g‚\ek`j[X^%
BfekXbk:fjdf=`cd8&J#;€e\dXib#=fe"+,$*,*/$.)''#<$DX`cZfjdf7Zfjdf%[b#nnn%Zfjdf%[b
D\ic\%
I\^`\?`ckCfZ_k\e
;`\\c]a€_i`^\D\ic\dXZ_k^\ie\?fcqjblcgkli\e%J`\_Xk[`\j\C\`[\ejZ_X]k
jZ_fed`ke\leAX_i\e\ek[\Zbk%@e[`\j\d;fbld\ekXi]`cdY\bfddkj`\
`_i\e\ijk\ei`Z_k`^\e8l]kiX^%<c\m\e$p\Xi$fc[D\ic\cfm\jkfjZlcgkli\nff[%
J_\[\m\cfg\[k_`jgXjj`fen_\ej_\nXjfecpe`e\p\Xijfc[%@ek_`j[fZld\e$
kXip#D\ic\^\kj_\i]`ijkf]]`Z`XcXjj`^ed\ek%
BXd\iXA\]MXe;\eCXe^\eY\i^_
9`f$&=`cdf^iX]`\^\Yfi\e(0-)`eD\\i#9\c^`\e2G€[X^f^`b$le[I\^`\jkl[`ld`e9i•jj\c2`e[\e(00'\i
JZ_e`kk#Dlj`b?\k;`^`kXXc>\n\c[
AX_i\eK€k`^b\`kXcjI\^`\Xjj`jk\ek`e#Gif[lq\ek`ele[:lkk\i`e2j\`k(000c\Ykj`\`e[\eE`\[\icXe[\e2
Gif[lbk`feBIF
K€k`^b\`k]•i[Xje`\[\ic€e[`jZ_\=\iej\_\e#l%X%i\Xc`j`\ik\j`\\`e\I\`_\mfe;fbld\ekXi]`cd\e]•i
E`\[\icXe[\)''0
(.Ê*'È#;`^`9\kX#=XiY\
e`\[\ic€e[`jZ_d`k\e^c%LK
B`e[\i2)''/=`ilq\`eFY\i_Xlj\e)''0 2>ifn`e^2DpDfk_\i$Dp=Xk_\i%
;\lkjZ_\=\jk`mXcgi\d`\i\
BfekXbkBIF#DXic`\j;\ibj\e#E`\[\icXe[\#=fe"*($*,$-.(**.,#<$DX`ca\l^[7bif%ec
-) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
B`e[\i$le[Al^\e[]`cdn\kkY\n\iY
IXcg_
8ljkiXc`\e)''0
('Ê*'È#;`^`9\kX#=XiY\#\e^c`jZ_
I\^`\;\YfiX_DX`cdXe
;`\q\_ea€_i`^\DX[[`\YiXlZ_kd\_iXcj`_i\Ki€ld\mfeBXiXk\B`[#ld[`\
JZ_lc\ql•Y\ijk\_\e%J`\YiXlZ_k\`e\e=i\le[%=fik\e$p\Xi$fc[DX[[`\`k
n`cc kXb\ dfi\ k_Xe aljk [i\Xd`e^ XYflk k_\ BXiXk\ B`[ kf jlim`m\ jZ_ffc% J_\
e\\[jX]i`\e[%
;i\_YlZ_;\YfiX_DX`cdXe#NXpe\ 9`f^iX]`\ ^\Yfi\e (0.) `e 8ljkiXc`\e2 \`e\ [\i \i]fc^i\`Z_jk\e le[ Y\bXeek\jk\e JZ_Xljg`\c\i`ee\e
9cX`i
8ljkiXc`\ej2j`\^\nXeeqX_i\`Z_\JZ_Xljg`\cgi\`j\2IXcg_`jk`_iI\^`\[\Y•k%
BXd\iX9fee`\<cc`fk
BfekXbk>fXcgfjkG`Zkli\j#A\jj`\DXe^ld#>ifYi`kXee`\e#=fe"++)$.,/$,*)*'#
JZ_e`kk;i\nK_fdgjfe
<$DX`ca\jj7^fXcgfjk]`cd%Zfd#nnn%^fXcgfjkg`Zkli\j%Zfd
Dlj`b9Xj`c?f^`fj
Gif[lbk`fe>fXcgfjkG`Zkli\j
;\lkjZ_\=\jk`mXcgi\d`\i\
;\]XekXjk`jb\*K_\=XekXjk`Z*;`\]XekXjk`jZ_\e*
I\^`\<jY\eKµee\j\e
;\i e\lea€_i`^\ :Xjg\i \iq€_ck mfe j\`e\d MXk\i# [\i kX^j•Y\i `e [\i
9•i^\iY\iXkle^jjk\cc\ XiY\`k\k% EXZ_kj m\inXe[\ck \i j`Z_ `e [\e Jlg\i$
_\c[\eJg`[\idXe%E`e\$p\Xi$fc[:Xjg\ik\ccjk_\jkfipf]_`j[X[#n_fj\[Xp$
k`d\afY`jXkk_\:`k`q\eËj8[m`Z\9li\Xl%9pe`^_k#_\kiXej]fidj`ekfk_\jlg\i$
_\ifJg`[\idXe%
;i\_YlZ_AXe<c_µa#<jY\e
9`f$&=`cdf^iX]`\^\Yfi\e(0.-`eJZ_n\[\e2)''-8YjZ_cljj[\jI\^`\jkl[`ldj2I\^`\Xjj`jk\ekY\`Jg`\c$
Kµee\j\e
]`cd\e#I\^`jj\liqX_ci\`Z_\iN\iY\$le[Dlj`b]`cd\2)''-C`cc\DXe[%
BXd\iXJ\YXjk`XeN`ek\iµ
BfekXbk;\k;Xejb\=`cd`ejk`klk#8ee\DXi`\B•ijk\`e#;€e\dXib#=fe"+,$**.+$*-'0#<$DX`cblijk\`e7[]`%[b#
JZ_e`kkJµi\eFkkfj\e
nnn%[]`%[b
;€e\dXib)''0
(*Ê*'È#;`^`9\kX#=XiY\
[€e`jZ_d`k\e^c%Lek\ik`k\ce
Dlj`bAf_Xee\jJk\`eiXp#A\jg\i
D\Z_c\eYli^
@ek%M\iki`\Y;\k;Xejb\
=`cd`ejk`klk
=\jk`mXc$N\ckgi\d`\i\
Gif^iXddXY(-
JfeekX^')%',%('#(+1*'L_i#JkXi
^\\`^e\k]•iAl^\e[c`Z_\XY(-AX_i\ei\Zfdd\e[\[]fik\\eX^\ij]ifd(-p\XijfenXi[
J`[\YpJ`[\J\`k\XeJ\`k\
('Ê#;`^`9\kX#=XiY\#\e^c`jZ_
BXe`eZ_\e_•g]\e%=`jZ_\]c`\^\e%<`eAle^\le[\`eD€[Z_\ejZ_Xl\eql#
J\`k\XeJ\`k\#XY\i[fZ_Xcc\`e%IXYY`kj_fg%=`j_]cp%8_flj\kiXm\cj%8YfpXe[
X^`icnXkZ_#j`[\Ypj`[\#kf^\k_\ip\kXcfe\%
I\^`\#JZ_e`kk
9`f^iX]`\^\Yfi\e(0./`e8[\cX`[\#8ljkiXc`\e2Jkl[`ldXe[\iM`Zkfi`Xe:fcc\^\f]k_\8ikj=`cdXe[
8ljkiXc`\e)''0
EXjj`\dMXcXdXe\j_
K\c\m`j`feJZ_ffc`eD\cYflie\2`ek\ieXk`feXc\=\jk`mXck\`ceX_d\e2=`cdXljnX_c1)''*C`kkc\Ef\cNXekjKf
BXd\iXK`dD\k_\iXcc#
=cp2)''+Dp9\`a`e^=i`\e[2)'',K_\9l`c[`e^j8i\KXcb`e^2)''.CXb\Kpii\ccFYj\imXk`fejXe[?XcclZ`eXk`fej%
EXjj`\dMXcXdXe\j_
BfekXbkGXZfG`Zkli\j#J\c\eXKXe#8ljkiXc`\e#=fe"-(*$0+(0$'*0*#<$DX`cj\c\eX7gXZfg`Zkli\j%Zfd#
;Xijk\cc\iJ`dfe9Xiip#Bi`jk`eX
nnn%gXZfg`Zkli\j%Zfd
9i\n
Gif[lbk`feGXZfG`Zkli\j
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
EXZ_BcXiX8]k\iBcXiX
;\lkjZ_cXe[)'('
(,Ê#;`^`9\kX#=XiY\
\e^c`jZ_&[\lkjZ_d`k\e^c%LK
I\^`\#;i\_YlZ_Jk\]Xe
IfY\ik jZ_\`ek `e j\`e\d ale^\e C\Y\e \`e n\e`^ fi`\ek`\ile^jcfj le[
m\ilej`Z_\ik%<`ejZ_e\iDXee#[\e\ib\ee\ec\iek#^`Yk`_d]•i\`e\eDf$
d\ek?Xck#[fZ_^\iX[\[Xjm\ilej`Z_\ikIfY\ikefZ_d\_i%IfY\ikj\\djkf
Y\Xc`kkc\[`jfi`\ek\[Xe[`ej\Zli\%8Y\Xlk`]lcdXejlggfikj_`d]fiXn_`c\#
n_`Z_lej\kkc\jIfY\ik\m\edfi\%
9lkqd•_c\e
9`f$&=`cdf^iX]`\JZ_Xljg`\cjkl[`ldXdBfej\imXkfi`ld`eN`\e2j\`k)''.I\^`\jkl[`ldXe[\i?==
BXd\iX>`c9Xikq
Gfkj[Xd`eGfkj[Xd2=`cdXljnX_c1)''-JkX[k#CXe[#=cljj2)''.Dlkk\ile[B`e[2)''/D\`ec`eb\i#c`eb\i
JZ_e`kkDXaXK\eejk\[k
GcXkq`jk]i\`2)''/AfeXj>\YlikjkX^%
;Xijk\cc\iNfc]iXdJZ_fic\dd\i#
BfekXbk?==Gfkj[Xd#:_i`jk`eXDXio#;\lkjZ_cXe[#=fe"+0$**($-)'),-+#
8k_XeXj`fjBXiXe`bfcXj
<$DX`c[`jki`Ylk`fe7_]]$gfkj[Xd%Zfd#nnn%_]]$gfkj[Xd
Gif[lbk`fe?==Gfkj[Xd
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
-*
: _ ` c [ i \ e Ëj X e [ Pf l k _ : ` e \ d X
vc€bl`jbXXpjk€m€ejll_leN_`jg\i`e^`eX=i`\e[ÊjDflk_
I\^`\#;i\_YlZ_?XeeXc\\eX?Xlil
AXglle[8ekk`j`e[Y\jk\=i\le[\%@e\`e\ijbXe[`eXm`jZ_\eJfdd\ieXZ_k
jgi•_\ej`\\`e>iX]]`k`Xl][XjJZ_Xl]\ejk\i\`e\jCX[\ej`e`_i\d?\`dXk$
[fi]le[b•jj\ej`Z_Xd<e[\%AXglXe[8ekk`Xi\Y\jk]i`\e[j%FeXJZXe[`eXm`Xe
jldd\ie`^_k#k_\pXi\gX`ek`e^X^iX]]`k`feXj_fgn`e[fn`ek_\`i_fd\m`ccX^\
Xe[\e[lgb`jj`e^%
BXd\iXAXe$E`ZcXjAXejjfe
9`f$&=`cdf^iX]`\^\Yfi\e(0/*2Jkl[`\eXYjZ_cljjXe[\iJZ_ffcf]8ikXe[D\[`XXe[\iKXdg\i\Le`$
JZ_e`kkDXibljC\gg€c€
m\ij`kpf]8ggc`\[JZ`\eZ\j#=`eecXe[2qX_ci\`Z_\gi\`j^\biek\Bliq]`cd\le[`ek\ieXk`feXc\=\jk`mXck\`c$
Dlj`bCXli`Nlfc`f
eX_d\el%X%`e:Xee\j2qliq\`kjkl[`\ikj`\;i\_YlZ_Xe[\i?fZ_jZ_lc\]•iBlejkle[;\j`^e`e?\cj`eb`2
=`eecXe[)''0
((Ê*'È#*,dd#=XiY\
]`ee`jZ_d`k\e^c%Lek\ik`k\ce
;Xijk\cc\i8eeXBlljXdf#8ekk`
=`cdXljnX_c1)'',BXkfXmX`jll[\kXcp_p\jk`2)''-@caX\`mf`2)''.AfjbXX[le`eFY\i_Xlj\e)''/ 2)''/
?X`bbXcX
JfK_\i\8i\EfGf\dj:fd`e^kfD\2)''0M`Xcc`j\kfkk\k%
@ek%M\iki`\YK_\=`ee`j_=`cd
BfekXbkK_\=`ee`j_=`cd=fle[Xk`fe#DXiaXGXccXjjXcf#=`eecXe[#=fe"*,/$0$-))'*''#
=fle[Xk`fe
<$DX`cdXiaX%gXccXjjXcf7j\j%]`
D€[Z_\enXi^\jk\ieP\jk\i[XpX>`ic
JXcq\i
@dD€[Z_\e_Xlj1GXgX#DXdX#9il[\i_\iq#Xcc\j`kq\ej`\XdK`jZ_%?\lk\
n`i[[\i<iejk]Xcc^\gifYk%Dfi^\e`jk\jjfn\`k]•iJf]`X%J`\ki`]]kXl][\d
Al^\e[Xdk`_i\<ck\ieqld\ijk\eDXcn`\[\i#j\`kj`\mfeql_Xlj\XY^\$
_Xl\e`jk%8kk_\^`icjËi\]l^\1dld#[X[#[\XiYifk_\i#k_\pXi\Xccj`kk`e^Xkk_\
kXYc\%Kf[Xp#`kËjk_\i\_\XijXc]fik_\i\Xck_`e^%Kfdfiifn#k_`e^jn`cc^\kj\i`flj%
Jf]`X`jd\\k`e^_\igXi\ekj]fik_\]`ijkk`d\Xkk_\pflk_n\c]Xi\j\im`Z\j`eZ\
j_\iXeXnXp]ifd_fd\%
BXd\iXDXibljBcfk_
9`f$&=`cdf^iX]`\j\`k)''.I\^`\jkl[`ldXe[\i?==Gfkj[Xd`eGfkj[Xd2)''*$'.Jkl[`ld;\j`^ele[
JZ_e`kk;`XeXQfcfkXifmX
BlejkXe[\i?JCLClq\ie2=`cdXljnX_c1)''-Mf`Z\j`eKiXej`k2QnXe^j_\`iXk$m\ijk\Zbk\I\Xc`k€k2)''/@Zb
;\lkjZ_cXe[)''0
(/Ê#;`^`9\kX#=XiY\
[\lkjZ_d`k\e^c%Lek\ik`k\ce
I\^`\?XeeXJXcq\i
;i\_YlZ_BXk_Xi`eX9iXl\i#?XeeX
8e`dXk`feDXel\cXN\`jj
_XYja\j\_e2)''0;Xjmfe]i•_\i%
Dlj`b>f\bƒ\8^\q^cl
BfekXbk?==Gfkj[Xd#:_i`jk`eXDXio#;\lkjZ_cXe[#=fe"+0$**($-)'),-+#
Gif[lbk`fe?==Gfkj[Xd
<$DX`c[`jki`Ylk`fe7_]]$gfkj[Xd%Zfd#nnn%_]]$gfkj[Xd
=\jk`mXc$N\ckgi\d`\i\
B`[jD`^_k=cpB`e[\ibee\e]c`\^\e
\e^c`jZ_
<`e ale^\j# fY[XZ_cfj\j D€[Z_\e bfddk `ej ?\`d% <`e lebfem\ek`fe\cc\i
le[Y\i•_i\e[\i=`cd•Y\iB`e[\i`e<XjkCfe[fe%8pfle^_fd\c\jj^`ic`j
kXb\e`ekfZXi\%8ef]]Y\XkXe[kflZ_`e^]`cdXYflk<XjkCfe[feb`[j%
I\^`\#;i\_YlZ_8c\oKXpcfi
Jflk_XdgkfeLe`m\ij`kp2K\`ceX_d\Xd9\ic`eXc\KXc\ek:Xdglj)'('2B`[jD`^_k=cp`jkj\`e\ijk\i=`cd%
BXd\iXC`XdCXe[fc`#KfYp>fidXe
BfekXbk?j`ep`C`l#>fYi`kXee`\e#=fe"++$.0,'$(**(.*#<$DX`c_j`ep`%c`l7dXZ%Zfd
>ifYi`kXee`\e)''0
-Ê*'È#;`^`9\kX#=XiY\
9`f^iX]`\ ^\Yfi\e`e>ifYi`kXee`\e28lkfile[I\^`jj\li2Jkl[`ld[\i8iZ_€fcf^`\le[=`cdXe[\i
JZ_e`kkJk%Af_eFÊIfib\
Dlj`b8cXd`e9_l`pX
;Xijk\cc\i;Xe`\cc\ClZXj
Gif[lbk`fe?j`ep`C`l
@ek\ieXk`feXc\=\jk`mXcgi\d`\i\
Yif
I\^`\#;i\_YlZ_:_i`j;le[fe
J`dfej9il[\iDXibc\`[\kXd=iX^`c\O$Jpe[ifd%J`dfe^cXlYk#[XjjXcc\`e
[`\BiXeb_\`kj\`e\j9il[\ij[XiXejZ_lc[`jk#[Xjj\ie`Z_kjfc\Y\ebXee
n`\ Xcc\ Xe[\i\e K\\eX^\i% J`dfeËj Yifk_\i DXib jl]]\ij ]ifd =iX^`c\ O
Jpe[ifd\%J`dfeY\c`\m\j_`j]X`cli\kfc\X[XefidXcX[fc\jZ\ekc`]\`jjfc\cp[l\
kf_`jYifk_\iËj[`jXY`c`kp%
BXd\iXAljk`e9ifne
9`f^iX]`\^\Yfi\e`e>ifYi`kXee`\e28lkfile[I\^`jj\li2Yif`jkj\`e\ijk\i=`cd%
JZ_e`kkG_`c`gG\iip
BfekXbk:_i`j;le[fe#>fYi`kXee`\e#=fe"++$(.).$0.,,,/#<$DX`cZ_i`j00,[le[fe7_fkdX`c%Zfd
>ifYi`kXee`\e)''0
(/Ê#?;#=XiY\
\e^c`jZ_
Dlj`bDXkk_\nJcXk\i
;Xijk\cc\iJ\XeM\i\p#D`Z_X\c
;Xm`j#<cc`\GXjb\cc
Gif[lbk`fe:_i`j;le[fe
=\jk`mXc$N\ckgi\d`\i\
-+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
B`e[\i$le[Al^\e[b`ef
Jfe[\im\iXejkXckle^B`e[\i^Xik\egif^iXdd
;fee\ijkX^)0%+%#('1*'L_i#C`Z_kYli^
^\\`^e\k]•iB`e[\iXY*AX_i\ei\Zfdd\e[\[]fiZ_`c[i\e]ifd*p\XijfenXi[
G`gle^\ie\1?`kk\YXie\kK_\Kn\\kc`e^j1K_\=fle[c`e^;`\B•b\e1;Xj=`e[\cb`e[
Dle^^\%E`[jZ_fn`[iDle^^\%Efk8^X`eDle^^\%E`Z_kjZ_fen`\[\i
=cµak\cµjN_`jkc\c\jj
N\`k\i\@e]fidXk`fe\eql[\e=`cd\e`dÙGif^iXddXY*ÈXYJ\`k\-'%
=lik_\i]`cd`e]fidXk`fe`ek_\ÙGif^iXddXY*È]ifdgX^\-'fenXi[%
Jfe[\im\iXejkXckle^ÙCXlk\B`e[\iÈ
JXdjkX^(%,%('#((1*'L_i#C`Z_kYli^
KnfEXl^_kp9fpjQn\`bc\`e\E`Z_kjelkq\
>ifYi`kXee`\e(0'0
I\^`\;Xm`[8pcZfkk
((,d#-Ê#j&n#
Gif[lbk`fe:cXi\[fe=`cdj
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
8dfli\lo[\cX]\dd\~YXiY\M\ic`\Yk`e[`\Y€ik`^\=iXl
=iXebi\`Z_(0'0
I\^`\DXoC`e[e\i
()'d#-Ê#j&n
Gif[lbk`feGXk_…]i…i\j
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
MfpX^\jliAlg`k\iI\`j\qldAlg`k\i
=iXebi\`Z_(0'0
I\^`\J\^le[f[\:_fde
(/'d#('Ê#=XiY\
8iZ_`m:`e\k\ZX[`9fcf^eX
;Xeb
N`iY\[Xeb\elejY\`[\e8iZ_`m\e#[`\lej`_i\Bfg`\e]•i[`\j\jGif^iXdd
qliM\i]•^le^^\jk\cck_XY\ejfn`\Y\`[\i9?=$98EB$Jk`]kle^%F_e\[\i\e
Lek\ijk•kqle^_€kk\[`\j\jGif^iXdde`Z_ki\Xc`j`\ikn\i[\ebee\e%
K_Xebj
N\k_Xebk_\XiZ_`m\jk_Xk_Xm\dX[\k_\`iZfg`\jXmX`cXYc\kfY\jZi\\e\[`ek_`j
gif^iXdd\Xjn\ccXjk_\9?=$98EB=fle[Xk`fe%N`k_flkk_\`ijlggfikn\nflc[eËk
_Xm\Y\\eXYc\kfi\Xc`j\k_`jgif^iXdd\%
Al^\e[gif^iXddDlM`(+"
JfeekX^)%,%('#(.1''L_i#JkXi
^\\`^e\k]•iAl^\e[c`Z_\XY(+AX_i\ei\Zfdd\e[\[]fik\\eX^\ij]ifd(+p\XijfenXi[
K_`jKffJ_XccGXjjFb>f
LJ8)''0
BfekXbkQff=`cd#LJ8#<$DX`c`e]f7qff]`cd%e\k#nnn%qff]`cd%e\k
+Ë#;M#=XiY\
I\^`\AXd\j=ifjk
CXY\c<D@
Gif[lbk`feQff=`cd
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
-,
: _ ` c [ i \ e Ëj X e [ Pf l k _ : ` e \ d X
('(P\X_j
LJ8)''0
BfekXbkIpXeAle\cc#LJ8#<$DX`cipXe7ale\cc%e\k#nnn%jlg\iYXie%Zfd
)Ë#;M#=XiY\
I\^`\IpXeAle\cc#G_`cc`gE`\d\p\i
Gif[lbk`fe;flYc\Ki`gc\
;`m`e\j?Xe[kXjZ_\Jk\i\fKfkXc
;\lkjZ_cXe[)''0
BfekXbkC`e[X?fie#;\lkjZ_cXe[#<$DX`c_fie%c`e[X7^do%[\
)Ë*'ËË#9\kXJG#=XiY\
I\^`\C`e[X?fie
CXY\c;`jZf9
Gif[lbk`feC`e[X?fie
N\>fkK`d\DfiXpDZCXi\e
>ifYi`kXee`\e)''0
BfekXbk9XikPXk\j#>ifYi`kXee`\e#<$DX`cYXik7Yc`eb`eb%Zf%lb#nnn%Yc`eb`eb%Zf%lb
+Ë#;M#=XiY\
I\^`\;Xm`[N`cjfe
CXY\cCXj_I\Zfi[j
Gif[lbk`fe9XikPXk\j
D\c\d\d\c\d\b}ml?l^fKfooo]\Xk%McX[`d`i,(/
KjZ_\Z_`jZ_\I\glYc`b)''0
BfekXbk;XnjfeGif[lZk`fe#KjZ_\Z_`\e#<$DX`c[Xnjfe7[Xnjfe%Zq#nnn%[Xnjfe%Zq
+Ë*'È#;M#=XiY\
I\^`\AXeQXa`Z\b
CXY\c9`^^9fjj
Gif[lbk`fe;XnjfeGif[lZk`fe
N\Fnek_\JbpD/*
>ifYi`kXee`\e)''0
BfekXbk;XoEfidXe#>ifYi`kXee`\e#<$DX`c[Xo7[XoefidXe%Zfd#nnn%[XoefidXe%Zfd
,Ë#;M#=XiY\
I\^`\;XoEfidXe
CXY\cDlk\
Gif[lbk`fe;XoEfidXe
-- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
B`e[\i$le[Al^\e[b`ef
>i`e[`eÊEfYf[p9\Xkjk_\;ild
E`\[\icXe[\)'('
BfekXbk(''?XcXc#E`\[\icXe[\#nnn%(''gifZ\ek_XcXc%ec
*Ë#;`^`9\kX#=XiY\
I\^`\If^`\imXe[\iQnXX^
CXY\cJXkXeÊj:`iZlj
Gif[lbk`fe(''?XcXc
Jpe\jk_\j`X
>ifYi`kXee`\e)''0
BfekXbk:fcfe\c9c`dg#>ifYi`kXee`\e#<$DX`c`e]f7Zfcfe\cYc`dg%Zfd#nnn%Zfcfe\cYc`dg%Zfd
+Ë#;M#=XiY\
I\^`\K\ii`K`d\cp
Gif[lbk`fe:fcfe\c9c`dg
Fm\ij`q\[FDF
>ifYi`kXee`\e)''0
BfekXbkCfI\Zfi[`e^j#>ifYi`kXee`\e#<$DX`c`e]f7_lY(''%Zfd#nnn%c$f$X$]%Zfd
+Ë#;M#=XiY\
I\^`\DXk`c[XKi`jkiXd
CXY\cCfI\Zfi[`e^j
Gif[lbk`feDXk`c[XKi`jkiXd
;`\J\`k\ec\_e\C\eXJkf\_i]Xbkfi
;\lkjZ_cXe[)'('
BfekXbkGXggjXkk#;\lkjZ_cXe[#<$DX`cgXggjXkk7i`j\lg%e\k
,Ë#;M#=XiY\
\`eM`[\fmfeGXggjXkk
Gif[lbk`feGXggjXkk
JkiXnY\iipJn`e^:fc[gcXp
>ifYi`kXee`\e&LJ8)''0
BfekXbk9cXZb;f^=`cdj#>ifYi`kXee`\e#<$DX`cZfekXZklj7YcXZb[f^]`cdj%e\k#nnn%YcXZb[f^]`cdj%e\k
+Ë*'ËË#;M#=XiY\
I\^`\J_pefcX
CXY\c<D@
Gif[lbk`fe9cXZb;f^=`cdj#
K_\;`i\Zkfij9li\Xl
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
-.
: _ ` c [ i \ e Ëj X e [ Pf l k _ : ` e \ d X
C`]\^l`[\GXggbXd\iX[\e
;\lkjZ_cXe[)''0
BfekXbk>`kk`B`kk`#;\lkjZ_cXe[#<$DX`c^`kk`b`kk`7^`kk`b`kk`%Zfd#nnn%^`kk`b`kk`%Zfd
*Ê*'È#?;#=XiY\
I\^`\#;i\_YlZ_>`kk`B`kk`
JZ_e`kk#8e`dXk`feMfe?\iq\e
Gif[lbk`fe>`kk`B`kk`
Jkpcf>fi`ccXq
>ifYi`kXee`\e)'('
BfekXbk?J@Gif[lZk`fej#>ifYi`kXee`\e#<DX`cY\k_7_j`cfe[fe%Zf%lb#nnn%_j`cfe[fe%Zf%lb
,Ë#;M#=XiY\
I\^`\AXd`\?\nc\kk
CXY\c<D@
Gif[lbk`fe?J@Gif[lZk`fej#
QfdY`\=c\j_<Xk\ij
-/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
DlM`DlM`
QX_c\ele[K\e[\eq\eÆ()%DlM`$Gi\`jKi\e[jXe[=`^li\jÆ()k_DlM`8nXi[
.(
DlM`$Alip
.)
DlM`$Gi\`jDlM`8nXi[
.)
DXo;Xo1DlM`@ek\ieXk`feXc
.,
DlM`@ek\ieXk`feXc
.-
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
-0
D l M ` $ G i\ ` j
Q X _ c \ e l e [ K\ e [ \ e q \ e Æ ( ) % D l M ` $ G i \ ` j Ki \ e [ j X e [ = ` ^ l i \ j Æ ( ) k _ D l M ` 8n X i [
Qnc] [\lkjZ_\ Dlj`bm`[\fj [\i Gif[lbk`fejg_Xj\ )''0&)'(' nli[\e Xlj
(.'<`ei\`Z_le^\e]•i[`\Gi\`j\`e?_\mfe`)%,''#(%,''le[(%'''efd`$
e`\ik%
;XjI\^c\d\ek[\jGi\`j\jj`\_kl%X%mfi#[XjjI\^`\f[\iGif[lbk`fe`e
;\lkjZ_cXe[Xej€jj`^j\`ed•jj\e%;XjDlj`bjk•Zbdljjb€l]c`Z_\in\iYYXi
f[\i `d @ek\ie\k ]]\ekc`Z_ ql^€e^c`Z_ j\`e% <`e\ `ek\ieXk`feXc\ Alip
Y\jk`ddk n€_i\e[ [\j =\jk`mXcj ^\d\`ejXd [`\ >\n`ee\i lek\i [\e qnc]
efd`e`\ik\e8iY\`k\e%
@d Mfi]\c[ [\j =\jk`mXcj Yfk\e [`\ Bliq]`cdkX^\ `e QljXdd\eXiY\`k d`k
@ekif#kXg\%km#Ypk\%]dle[*jXkmfd(%8gi`cY`jqld(%DX`[`\D^c`Z_b\`kql
\`e\dFec`e\$Mfk`e^]•i[\eDlM`$GlYc`bldjgi\`j%;Xj>\n`ee\im`[\f\i_€ck
\`eGi\`j^\c[mfe`,''%;`\Gi\`j\j`e[XljjZ_c`\c`Z_[\eI\^`jj\li\emfi$
Y\_Xck\e%
;XjDlj`bm`[\fq\`^kj`Z_n\`k\i_`e\og\i`d\ek`\i]i\l[`^le[b•ejkc\i`jZ_
Xlkfefd%
;`\Bliq]`cdkX^\bXl]\e[`\efd`e`\ik\e8iY\`k\e]•i`_i8iZ_`mXe%;\i$
q\`kbee\e[`\DlM`$Ifcc\e[\i=\jk`mXcaX_i\(000Y`j)''0]•i[\ee`Z_k^\$
n\iYc`Z_\eM\ic\`_`d=fidXk9\kXJG&G8CXlj^\c`\_\en\i[\ele[]`e[\e`_i
n\ckn\`k\jGlYc`bld%
N`i[Xeb\e1
*jXk
Ypk\%]d
@ekif
kXg\%km
Xcc\e\`ei\`Z_\e[\eGcXkk\ecXY\cjGif[lbk`fej]`id\e
Kn\cm\>\idXedlj`Zm`[\fj]ifdk_\gif[lZk`feg\i`f[)''0&)'('n\i\efd`$
eXk\[]ifdXdfe^(.'\eki`\j]fik_\gi`q\jnfik_`)#,''#(#,''Xe[(#'''%
K_\ilc\jf]k_\Zfdg\k`k`fejk`glcXk\#Xdfe^fk_\ik_`e^j#k_Xkk_\m`[\fdljk
Y\[`i\Zk\[figif[lZ\[`e>\idXep%K_\g`\Z\f]dlj`ZdljkY\XmX`cXYc\]figli$
Z_Xj\fiY\glYc`ZcpXZZ\jj`Yc\fek_\@ek\ie\k%8e`ek\ieXk`feXcalipZ_ffj\jk_\
n`ee\ij]ifdXdfe^k_\kn\cm\efd`eXk\[nfibj[li`e^k_\]\jk`mXc%@ek_\ile$lg
kfk_\]\jk`mXc#k_\J_fik=`cd=\jk`mXc#`eZffg\iXk`fen`k_@ekif#kXg\%km#Ypk\%]d
Xe[*jXk#f]]\i\[k_\Z_XeZ\kfmfk\fec`e\]fik_\DlM`8l[`\eZ\8nXi[]ifd(
8gi`ckf(DXp%K_\n`ee`e^m`[\fn`cci\Z\`m\gi`q\dfe\pf]`,''%K_\gi`q\jXi\
i\j\im\[jfc\cp]fik_\[`i\Zkfij%
Dlj`ZZc`gjjk`ccjkXe[]fiXik`jk`ZXlkfefdp#Xe[\og\i`d\ek%
K_\ J_fik =`cd =\jk`mXc gliZ_Xj\j k_\ efd`eXk\[ nfibj ]fi `kj XiZ_`m\% 8k
gi\j\ek#k_\DlM`]`cdifccj]ifdk_\p\Xij(000kf)''0ZXeY\Yfiifn\[]fiefe$
Zfdd\iZ`Xc[`jki`Ylk`fe`ek_\]fidXk9\kXJG&G8CXe[i\XZ_Xnfic[n`[\Xl[`\eZ\%
N\k_Xeb1
*jXk
Ypk\%]d
@ekif
kXg\%km
Xcci\Zfi[cXY\cjgif[lZk`feZfdgXe`\jk_Xk_Xm\\ek\i\[
8ljnX_cbfdd`jj`feJ\c\Zk`fe:fdd`kk\\
?Xej$:_i`jk`Xe>i`dd#8c\oXe[iX?\jj\le[A\jj`ZXDXejk\kk\e
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
.(
D l M ` 8n X i [
D l M ` $A l i p
C`cc\m€e
C`cc\m€e nli[\ (0-, `e JZ_n\[\e ^\Yfi\e% <i jkl[`\ik\ Gfc`k`b le[ =`cd$
k_\fi`\ `e @icXe[ le[ nXi >i•e[le^jd`k^c`\[ [\i >ilgg\ I\Z_\eq\ekild
(00.$)''/ %?\lk\c\Ykle[XiY\`k\k\i`e9\ic`e`d9\i\`Z_Gif[lbk`fele[
JZi\\e`e^ mfe Bliq$ le[ <og\i`d\ekXc]`cd\e% J\`e\ =`cd\# G\i]fidXeZ\j
le[@ejkXccXk`fe\en\i[\eXl]`ek\ieXk`feXc\e8ljjk\ccle^\ele[=\jk`mXcj
^\q\`^k% =`cd\ `e FY\i_Xlj\e1 @9D )'') # K\jcX )''* # K\iiX @eZf^e`kX
)''/ %
C`cc\m€enXjYfie`eJn\[\e`e(0-,%?\jkl[`\[gfc`k`Zj
Xe[ ]`cd k_\fip `e @i\cXe[ Xe[ nXj X Zf$]fle[\i Xe[
d\dY\i f] k_\ ^iflg I\Z_\eq\ekild (00.Æ)''/ %
Kf[Xp#_\c`m\jXe[nfibj`e9\ic`en_\i\_\gif[lZ\j
Xe[ jZi\\ej j_fik Xe[ \og\i`d\ekXc ]`cdj% ?`j ]`cdj#
g\i]fidXeZ\jXe[`ejkXccXk`fejXi\[`jgcXp\[Xk`ek\i$
eXk`feXc\o_`Y`k`fejXe[]\jk`mXcj%=`cdj`eFY\i_Xlj\e1
@9D)'') #K\jcX)''* #K\iiX@eZf^e`kX)''/ %
:Xi`e\c\DXc\k
:Xi`e\ c\ DXc\k `jk j\`k )''( b•ejkc\i`jZ_\ Gif^iXddm\iXeknfikc`Z_\ ]•i
[Xj :\eki\ [ËXik eld„i`hl\# C\ :lY\# @jjp$c\j$Dflc`e\Xlo% J\`k )'')
bliXk`\ik j`\ `ek\ieXk`feXc\ 8ljjk\ccle^\e l% X% ÙD`_X` >i\ZlÈ# ÙGc\`oÈ#
ÙJ\d`Zfe[lZkfiÈ#Ù:fi`e\Jk•Y`È#Ù;\]Xjk\eÈ #8&M$le[KXeqg\i]fidXeZ\j#
Bfe]\i\eq\ele[M`[\fgif^iXdd\%J\`k)''-`jkj`\Xcj]i\`\BliXkfi`e]•i[`\
GXi`j\i>Xc\i`\DX^[X;Xepjq#]•i[`\;M;$<[`k`feKXc\ekjjfn`\]•i`ek\i$
eXk`feXc\=\jk`mXcjk€k`^le[nXiD`k^c`\[qX_ci\`Z_\iAlipj%
J`eZ\)''(:Xi`e\c\DXc\k`j`eZ_Xi^\f]k_\Xik`jk`Z
gif^iXdd\f]k_\:\eki\[ËXikeld„i`hl\#C\:lY\#
@jjp$c\j$Dflc`e\Xlo% J`eZ\ )'') j_\ _Xj ZliXk\[ `e$
k\ieXk`feXc\o_`Y`k`fejXdfe^fk_\ijÈD`_X`>i\ZlÉ#
ÈGc\`oÉ#ÈJ\d`Zfe[lZkfiÉ#È:fi`e\Jk•Y`É#È;\]Xjk\eÉ #
8&MXe[[XeZ\g\i]fidXeZ\j#Zfe]\i\eZ\jXe[m`[\f
gif^iXdd\j%J`eZ\)''-j_\`jXe`e[\g\e[\ekZliXkfi
]fik_\GXi`jYXj\[^Xcc\ipDX^[X;Xepjq#]fik_\;M;
\[`k`feKXc\ekjXjn\ccXj]fi`ek\ieXk`feXc]\jk`mXcj%J_\
XcjfnXjXd\dY\if]eld\ifljali`\j%
<i`ZG]\`cnli[\(0-0`e9\i^`jZ_>cX[YXZ_^\Yfi\e%<iXiY\`k\k\]•im`\c\
KM$=fidXk\le[^`ckXl]^ile[j\`e\i=8Q$8ik`b\cXcjÙ\`e\i[\in`Z_k`^jk\e
Dlj`bbi`k`b\i ;\lkjZ_cXe[jÈ IfZbf JZ_Xdfe` % @e j\`e\d 9cf^ ;Xj Gfg$
KX^\YlZ_m\iY`e[\k\idXcXl]jXk`i`jZ_\#dXcjlii\Xc\N\`j\Xbkl\cc\Gfg$
9\kiXZ_kle^\ed`kJ\`k\e_`\Y\eXl][\e_`\j`^\e8cckX^%Jf\Y\e\ijZ_`\e
j\`e9lZ_Bfdd#n`in\i]\e\`eJZ_cX^q\l^`e[\eJZ_e\\%
<i`Z G]\`c nXj Yfie `e 9\i^`jZ_ >cX[YXZ_ `e (0-0% ?\
nfib\[]fimXi`fljKM]fidXkjXe[`jZfej`[\i\[Èfe\f]
>\idXepËj dfjk `dgfikXek dlj`Z Zi`k`ZjÉ IfZbf
J Z_Xdfe` Y\ZXlj\f]_`jXik`Zc\j`ek_\^\idXee\njgX$
g\i=8Q%@e_`jYcf^;XjGfg$KX^\YlZ__\ZfdY`e\jkfg`$
ZXcd\[`kXk`fejfegfgn`k_j`[\Ycfnjfe>\idXe[X`cp
iflk`e\ `e Xe jXk`i`ZXc# Xk k`d\j jlii\Xc nXp% ?`j Yffb
Bfdd# n`i n\i]\e \`e JZ_cX^q\l^ `e [\e JZ_e\\ C\kËj
K_ifnk_\;ildB`k`ek_\Jefn _XjaljkY\\eglYc`j_\[%
<i`ZG]\`c
DlM`$Gi\`j
JXdjkX^(%,%('#))1*'L_i#C`Z_kYli^
8e[\i\C\lk\DXcXbf]]BfnXcjb`
;\lkjZ_cXe[)''0
9`f$&=`cdf^iX]`\^\Yfi\e(0+'`eCXe[j_lk2Jkl[`ld[\iBlejk^\jZ_`Z_k\le[G_`cfjfg_`\2qX_ci\`Z_\#
*Ë*'ËË#;M#=XiY\
qldK\`cgi\`j^\biek\Bliq$le[Jg`\c]`cd\2=`cdXljnX_c1(0-,Bc\`e\=ifek2(0--=c`gg\i&JkiXk\^\e2;l\cc2
?\eb\iKfd2?XljXdD\\i2(0-.+/Jkle[\eY`j8ZXglcZfXcc\`eFY\i_Xlj\e)''* 2(0./8dfi\%
I\^`\#;i\_YlZ_BcXljC\db\
BfekXbkBcXljC\db\=`cdgif[lbk`fe#DXcXbf]]BfnXcjb`#<$DX`cbfnXcjb`7dXcXbf]]bfnXcjb`%[\
BXd\iX9\ie[=`\[c\i#Cfk_Xi<c`Xj
Jk`Zb\cYilZbj
JZ_e`kkL[X`K>)'''
CXY\c;XjBfnXcjb`Bfd`k\\
Gif[lbk`feBcXljC\db\
=`cdgif[lbk`fe
9`kYp9`k:fd]fik=`k
;\lkjZ_cXe[)''0
9`f^iX]`\=\c`o?•]]\cdXee^\Yfi\e(0/*`eD`e[\e&N\jk]Xc\e2j\`k)''/Jkl[`ld[\i=fkf^iX]`\le[
,Ë#?;#=XiY\
D\[`\eXe[\i=XZ__fZ_jZ_lc\9`\c\]\c[%
\`eM`[\fmfe=\c`o?•]]\cdXee#
=XZ__fZ_jZ_lc\9`\c\]\c[%
G_`c`g=ifn\`e
9`kYp9`k`jk`_i\ijk\i^\d\`ejXd\i=`cd%
CXY\cKfbpf;XneI\Zfi[j
BfekXbkEXZ_k\lc\Gif[lZk`fej#=\c`o?•]]\cdXee#<$DX`c]\c`o,/7^do%[\
9`f^iX]`\G_`c`g=ifn\`e^\Yfi\e(0/*`e8cYjkX[k2j\`k)''/Jkl[`ld[\i=fkf^iX]`\le[D\[`\eXe[\i
Gif[lbk`feEXZ_k\lc\Gif[lZk`fej
. ) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
D l M ` $ G i\ ` j
:Xd\c=cp`e^Cfklj
;\lkjZ_cXe[)''0
9`f$&=`cdf^iX]`\ ^\Yfi\e `e 8ebXiX2 Jkl[`ld [\i Bfddle`bXk`fe le[ D\[`\e2 c\Yk le[ XiY\`k\k `e
)Ë*'ËË#;M#=XiY\le[j&n
9\ic`e2 qX_ci\`Z_\ `ek\ieXk`feXc\ =\jk`mXck\`ceX_d\e2 =`cdXljnX_c1 )''/ 8peXe`e @ƒ`e[\b` :X[`cXi2 )''/
;\p`2)''/9\e^`;e•òj2)''0Jfejlq>\c`g>\ƒ`Z`%
\`eM`[\fmfe{q^•iIXdXqXe
BfekXbk{q^•iIXdXqXe#<$DX`cm`[\fcf^fj7_fkdX`c%Zfd#nnn%m`d\f%Zfd&m`[\fcf^fj
CXY\cNXigI\Zfi[j
Gif[lbk`fe{q^•iIXdXqXe
;`\J\`k\ec\_e\C\eXJkf\_i]Xbkfi
;\lkjZ_cXe[)'('
9`f$&=`cdf^iX]`\)''.^\^i•e[\k\jB•ejkc\i$Bfcc\bk`m2)''/D\[`Xjgi\\GXggjXkk2)''0EXkfJldd`k2
,Ë#;M#=XiY\
/:\ek%
BfekXbk<$DX`cgXggjXkk7i`j\lg%e\k
\`eM`[\fmfeGXggjXkk
Gif[lbk`feGXggjXkk
?p9fCKMfeJgXi
;\lkjZ_cXe[)''0
9`f^iX]`\c\Ykle[XiY\`k\k`e9\ic`e%
,Ë*'ËË#;M#=XiY\
BfekXbk:_i`jkfg_\iDXihl\q#<$DX`cZ_i`jkfg_\idXihl\qq7^ff^c\dX`c%Zfd
\`eM`[\fmfe:_i`jkfg_\iDXihl\q
CXY\c@kXc`ZI\Zfi[`e^j
Gif[lbk`fe:_i`jkfg_\iDXihl\q
C`]\^l`[\GXggbXd\iX[\e
;\lkjZ_cXe[)''0
9`f^iX]`\>`kk`M\iX<e^\c_Xi[k le[B`kk`:fejkXeq\>lkkdXee nli[\eY\`[\(0/*^\Yfi\e2>`kk`jkl[`$
*Ë*'ËË#?;#=XiY\
\ik\8ikj#Dlj`ZXe[<ek\ikX`ed\ekDXeX^\d\ekXdC`m\igffc@ejk`klk\]fiG\i]fid`e^8ikj2j\`k)''.`jk
j`\ ]i\`\ Gif[lbk`fejXjj`jk\ek`e2 B`kk` jkl[`\ik j\`k )''- Gif[lbk`fe le[ D\[`\en`ikjZ_X]k Xe [\i ?==
I\^`\#;i\_YlZ_>`kk`B`kk`
D•eZ_\e2j`\nXiXcjGif[lbk`fejc\`k\i`e]•i[`m\ij\Bliq]`cdgifa\bk\m\iXeknfikc`Z_2)''0^i•e[\k\e
BXd\iXK_fijk\e?Xidj
Y\`[\[`\Gif[lbk`fej]`idX>`kk`B`kk`%
JZ_e`kk#8e`dXk`feMfe?\iq\e
BfekXbk>`kk`B`kk`#:fejkXeq\>lkkdXee#<$DX`cb`kk`7^`kk`b`kk`%[\#nnn%^`kk`b`kk`%Zfd
Gif[lbk`fe>`kk`B`kk`
C`^_ke`e^Jki`b\j=\c`oBlY`e
;\lkjZ_cXe[)''0
9`f$&=`cdf^iX]`\ ^\Yfi\e (0.* `e ?XdYli^2 I\^`jj\li le[ Gif[lbk`fejc\`k\i mfe qX_ci\`Z_\e Dlj`b$
+Ë#;M#=XiY\le[j&n
m`[\fj#CfZXk`fejZflk#Gif[lbk`fejc\`k\i]•iB`ef[fbld\ekXi]`cd\2<ekn`Zbcle^le[Ldj\kqle^\`^\e\i
I\^`\#JZ_e`kkJeb\?\c[
JgXiifn%
;i\_YlZ_Jeb\?\c[#=\c`oBlY`e
BfekXbkJeb\?\c[#<$DX`cdX`c7_\c[]`cd%Zfd#nnn%_\c[]`cd%Zfd
=`cdgifa\bk\2=`cdXljnX_c1)'',GXg`ccfe[\el`k2)''-9\ic`e=\m\i2)''.N`\e2)''/Efbklie2)''0>f>f2
BXd\iX9\kk`eX?\iqe\i
8e`dXk`feGXlc`e\8ckdXee
CXY\cIXld]•iGifa\bk`fe
Gif[lbk`feJeb\?\c[
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
.*
D l M ` 8n X i [
FgXhl\?`c[li>l[eX[kk`i
;\lkjZ_cXe[)''0
9`f$&=`cdf^iX]`\ ^\Yfi\e (0.+ `e CXe[Xl2 (00/$)''* Jkl[`ld [\i D\[`\e^\jkXckle^ Xe [\i 9Xl_Xlj
+Ë#;M#=XiY\
Le`m\ij`k€k N\`dXi2 )''+$'. Gfjk^iX[l`\ik\ejkl[`ld 8l[`fm`jl\cc\ D\[`\e Xe [\i B?D Bce2
D`kY\^i•e[\i[\i=`cdgif[lbk`feBXc`Y\i(-2=`cdXljnX_c1(000Cfm\9\Xk2)'')G\ig\e[`ZlcXi&M\Zkfi`e
\`eM`[\fmfeDXibljNXdYj^Xejj
FY\i_Xlj\e)''* 2)''*IX[`f9cXZbflkK%IXldjZ_d`\i\ 2)''+C`^_ke`e^9fckjXe[DXe?Xe[j?pd`\Êj
CXY\cKflZ_
9Xj\d\ek `eFY\i_Xlj\e)'', 2)'',9pPfliJ`[\2)''-N_XkÊjk_\Lj\AXd`\C`[\cc 2)''/N_\i\`ek_`j
Gif[lbk`feBXc`Y\i(-
Nfic[K_\Efkn`jk `eFY\i_Xlj\e)''/ %
BfekXbkBXc`Y\i(-#DXibljNXdYj^Xejj#<$DX`cdXiblj7bXc`Y\i(-%Zfd#nnn%bXc`Y\i(-%Zfd
Gfj`k`fe\e;`\>fc[\e\eQ`kife\e
;\lkjZ_cXe[)''0
9`f^iX]`\^\Yfi\e(0-*`eK`dd\e[fi]\iJkiXe[2j\`k(0//J€e^\i[\i9Xe[;`\>fc[\e\eQ`kife\e28lkfi
,Ë#;M#j&n
le[I\^`jj\liqX_ci\`Z_\iK_\Xk\ijk•Zb\2JZ_Xljg`\c\i2Xl\i[\d?ijg`\c$#Dlj`b$le[=`cdgif[lq\ek2
BliXkfi[\iÙ8ik^\e[XÈ%
I\^`\#;i\_YlZ_JZ_fijZ_BXd\ile BfekXbk9lYXZbKfeki€^\i#K_fijk\eJ\`]#=fe"+0$+'$+*(*/--)#<$DX`ck_fijk\e7YlYXZb%[\#
BXd\iXBXk_i`eBifkk\ek_Xc\i#
nnn%YlYXZb%[\#nnn%jZ_fijZ_bXd\ile%[\
AfJZ_iXdd
JZ_e`kkBXk_i`eBifkk\ek_Xc\i
CXY\c9lYXZb
Gif[lbk`fe9lYXZb
IljkpEX`cjDf[\iXk
;\lkjZ_cXe[)''0
9`f^iX]`\`ek\ieXk`feXcY\bXeek\j;\j`^ebfcc\bk`m2(000Xcjm\bkfifi`\ek`\ik\j;\j`^e$9•if`e9\ic`e^\$
+Ë*'È#?;#=XiY\
^i•e[\k#`eqn`jZ_\eXl]Dlck`d\[`X$<Y\e\k€k`^2•Y\i[`\CXe[\j^i\eq\e_`eXljY\bXeek\Dlj`b$M`jlXc$
`j`\ile^\ele[C`m\$@ejkXccXk`fe\e%
\`eM`[\fmfeG]X[]`e[\i\`
BfekXbkG]X[]`e[\i\`#<$DX`cq\ck7g]X[]`e[\i\`%Zfd#nnn%g]X[]`e[\i\`%Zfd
CXY\c9G`kZ_:fekifc
Gif[lbk`feG]X[]`e[\i\`
J\i\e`kpM\iefeXe[9liej
;\lkjZ_cXe[)''0
9`f$&=`cdf^iX]`\^\Yfi\e(0/+2)'',$'0Jkl[`ld[\i@ccljkiXk`fele[8e`dXk`feXe[\i?]>F]]\eYXZ_2
*Ë#9\kXJG#j&n
j\`k)''0Jkl[`ldXe[\iBlejk_fZ_jZ_lc\9\ic`eN\`\ej\\2`ek\ieXk`feXc\=\jk`mXck\`ceX_d\e2)''-
\`eM`[\fmfe9\e\[`bkIl^Xi
BfekXbk9\e\[`bkIl^Xi#<$DX`c9\e\%Il^Xi7^do%[\#nnn%Y\e\[`bkil^Xi%Zfd
B`Zb`kc`b\MXi`X2)''.K_\CX[pDffeKliejJlcbp2:fcc\Zk`fe2)''/DXZ_kgifY\2)''0FiZ_\jk\i)28^fe`\%
CXY\c>X^Xi`eI\Zfi[j
Gif[lbk`fe9\e\[`bkIl^Xi
lV'/$(]lkli\gXjkg\i]\Zkgk%* XcmXefkf]\Xk%8ee\$AXd\j:_Xkfe
;\lkjZ_cXe[)''0
9`f$&=`cdf^iX]`\:%E`ZfcX`^\Yfi\e(0-,`e:_\de`kq2CXe[jZ_X]kjXiZ_`k\bk29`c[b•ejkc\ile[Dlj`b\i
*Ë*'ËË#;`^`9\kX#=XiY\
`d 9\i\`Z_ [\i \c\bkife`jZ_\e Dlj`b2 Xcj Dlj`b\i `jk \i lek\i [\e Gj\l[fepd\e efkf le[ XcmX efkf
I\^`\:Xijk\eE`ZfcX`#J`dfeDXp\i
Xl[`fm`jl\cc\I€ld\2)''+d-i\2)''-JgiXp2)''.=X[\j%
Y\bXeek2qX_ci\`Z_\Gi\`j\le[8ljjk\ccle^\en\ckn\`k2c\Ykle[XiY\`k\k`e9\ic`e2)'')=i\hl\eq\eR_qT
;i\_YlZ_:Xijk\eE`ZfcX`#e`Yf
9`f^iX]`\J`dfeDXp\i(00/Æ)''*Jkl[`ldD\[`\e$;\j`^eXe[\i=?DX`eq2;`gcfd[\j`^e\i2)'''Æ')
BXd\iXK\kjlpXJ_`fkX
9\n\^kY`c[^\jkXck\iY\`[Xjn\ib=iXeb]lik2`jkj\`k[\i>i•e[le^)''.?\X[f];\j`^ele[Gifbli`jkmfe
JZ_e`kk;Xm`[=XYiX
8:?K=I8EB=LIK[`^`kXcjfclk`fej#Xlj[\ijg€k\i[`\=`idXm`jlXcZXk\i`e^^\^i•e[\knli[\%
8e`dXk`feJk\]]\eIk_`e^\i
BfekXbkJkl[`f:Xijk\eE`ZfcX`#=fe"+0$*'$).0'/+0/#<$DX`cefkf7^do%[\#nnn%XcmXefkf%Zfd
CXY\ciXjk\i$efkfe
Gif[lbk`feJkl[`f:Xijk\eE`ZfcX`
.+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
DlM`@ek\ieXk`feXc
DlM`@ek\ieXk`feXc
=i\`kX^*'%+%('#(.1''L_i#C`Z_kYli^
DlM`@ek\ieXk`feXc
mfeDXo;Xo
)0AX_i\eXZ_[\dLJ$JkXikXd(%8l^ljk(0/(q\`^kDKM#[\iJ\e[\i#[\ijpefepd
]•i[`\9c•k\q\`k[\jDlj`bm`[\fjjk\_k#b\`e\:c`gjd\_i%8e[`\Jk\cc\\`e\igif$
^iXdd`\ik\eKM$8ljnX_ckiXk[Xj]i\`Xen€_cYXi\@ek\ie\k#eXd\ekc`Z_PflKlY\
le[M`d\f%<`e_\id`k[\ee\l\eGcXkk]fid\e^`e^[`\[`^`kXc\<mfclk`fe1A\[\i
bXeej`Z__\lk\\`e\?;$BXd\iX]•in\e`^>\c[bXl]\e#\i^f=`cd\[i\_\e#le[
gif[lq`\ikn`i[e`Z_kd\_i]•ii\Z_\e$le[bfjk\e`ek\ej`m\9`c[jZ_`id[`X^feXc\e#
jfe[\ie]•iq`^Xi\kk\ejZ_XZ_k\c^if\D`e`$9`c[jZ_`id]\ejk\ile[JZi\\ej%
;`\Q\`k\e[\iGfjkbfefd`\_\iijZ_\eXcjfXlZ_[fik#nfefZ_mfiq\_e
AX_i\e_le[\ikkXlj\e[\<lifjf[\i;fccXij`e`dd\iXl]n\e[`^\i\eGif[lb$
k`fe\e m\iYiXeek nli[\e Æ [`\j\ k\li\e Gif[lbk`fe\e ^`Yk \j qnXi `dd\i
efZ_# XY\i c\`jk\e kle j`\ j`Z_ _\lk\ elid\_i [`\ qn\`# [i\` m\iYc`\Y\e\e
n`ibc`Z_\e Jlg\ijkXij% 8e `_i\ Jk\cc\ kiXk\e `d Y\jk\e =Xcc\ iX[`bXc\ 8lj$
\`eXe[\ij\kqle^\ed`k[\ee\l\eGif[lbk`fejY\[`e^le^\e%
8lZ_`eJg\oY\jZ_€]k`^\en`ileji\^\cd€`^`e[\iI\`_\ÙN`Z_k`^\Dlj`b$
m`[\fjÈd`k:c`gj#n\cZ_\[`\9\[`e^le^\e[\j[`^`kXc\eQ\`kXck\ijjg`\^\cele[
Dlj`bXl]`eefmXk`m\N\`j\`ccljki`\i\e%EXZ_\kc`Z_\e=fc^\e[\iJ\i`\bfdd\`Z_
ql[\dj\cY\eJZ_cljjn`\eXZ_[\iJ`Z_kle^Xcc\iDlj`bm`[\fj#[`\`eFY\i_Xlj\e
`dIX_d\e[\jDlM`@ek\ieXk`feXc$Gif^iXddjcXl]\e1<ekjZ_\`[\e[`jk[`\^cXj$
bcXi\#`e\`e\dJXkqbfddle`q`\iYXi\@[\\Æle[`d@[\Xc]Xcci\]c\bk`\ik[\i:c`g
Dlj`b#<ekjk\_le^jq\`kle[Gif[lbk`fejY\[`e^le^\e%
N€_i\e[\`e\CX[p>X>X[XjM`[\fql`_i\dXbkl\cc\e?`kK\c\g_fe\`jkc\`[\iY\`
[\eFY\i_Xlj\e\iBliq]`cdkX^\ee`Z_kqlj\_\e j\cYjki\]c\o`m\DXk\i`XcjZ_cXZ_k\e
b€dg]kle[`e`_i\e:c`gjGfg#>i\enX_e#JZ_c\`Z_n\iYle^le[=Xj_`feqljXd$
d\e[\ebk#bfddk[XjY\jk\M`[\f#[Xj[`\j\jAX_i`dDlM`@ek\ieXk`feXc$Gif^iXdd
qlj\_\e`jk#XljjZ_c`\c`Z_d`keXZbk\iKpgf^iX]`\Xlj%;Xjmfe8ieXl[=c\li\ek$
;`[`\i^\[i\_k\M`[\fqlj\`e\dJfe^=iXeZ\:lckli\\i`ee\ik`ej\`e\iM\ic`\Yk_\`k
`e[`\9lZ_jkXY\en`\XlZ_`ej\`e\ibfeq\gkl\cc\eJki\e^\XeY\i•_dk\Mfijg€ee\
ql=`cd\eA\Xe$ClZ>f[Xi[j#\knXXeG`\iifkc\]flf[\i;„k\Zk`m\#`e[\e\e[\i
QljZ_Xl\id`kdf[\ie`jk`jZ_\dD`e`dXc`jdljbfe]ifek`\ikn`i[%@e=c\li\ek$;`[`\ij
M`[\f_i\en`i[\eJ€e^\i#le[n`ij\_\eJZ_c•jj\cnfik\j\`e\j^\jgifZ_\e&^\$
jle^\e\eK\ok\jn`\ÙD8IOÈ#Ù8GF:8CPGJ<EFNÈf[\iÙG<K8@EÈ`en\`\iKpgf
Xl]jZ_nXiq\d>ile[%;XjM`[\fql=iXeZ\:lckli\`jk[\iY\jk\9\n\`j]•i[\ee`Z_k
`dd\i#XY\i\Y\e`dd\in`\[\i^•ck`^\eJXkq1Ù=fid]fccfnj]leZk`feÈ%N`\[Xk\[
n`ibk[X^\^\e[\i`dAX_i)''0\ekjkXe[\e\:c`gFekfk_\E\okFe\]•iAXp$Q18lZ_
_`\i^`Yk\jgfgblckli\cc\Hl\iY\q•^\Æqlj\_\e`jk\knX\`eI\gc`bXmfe;Xd`\e
?`ijkj;`XdXek\ejZ_€[\cÆ#[fZ_m\i_Xiik[\i8ik$:c`g`e\`e\iXd<e[\q`\ccfj\e
M\ibe•g]le^mfeDlj`ble[m`jl\cc\e8lj[ilZbj]fid\e%
N`\n\`k[XjDlj`bm`[\f_\lkqlkX^\^\_\ebXee#n\cZ_\iKXYlYi•Z_\\j]€_`^
`jkle[n`\ql^c\`Z_f_e\[\e<`ejXkqmfeBXg`kXc\`e\^ikd^c`Z_\8ljjX^\
\iq`\ckn\i[\ebXee#Y\n\`jk[Xj`eFY\i_Xlj\ecXl]\e[\M`[\fqlO`lO`ljJfe^
;\Xi>f[#@?Xk\Dpj\c]%Ù>\]`cdk`e\`e\iil_\e[\e<`ejk\ccle^#n\cZ_\`ddf[\i$
e`jk`jZ_\e B`ef \`edXc [`\ =lebk`fe _Xkk\# >\^\Y\e\j qld @bfe`jZ_\e Xl]ql$
n\ik\e#n`i[_`\i[\i[iXjk`jZ_\8bk[\j|Y\i^\Y\ej^\q\`^kÈ#jZ_i\`YkK`d
Jk•kk^\e`e[\iXbkl\cc\e8lj^XY\mfeJg\o%;\iQljZ_Xl\ijZ_Xlk8e^\cX:\f#
D`k^c`\[mfeO`lO`l#[XY\`ql#n`\j`\j`Z_\`eldjXe[\i\DXc[\e=`e^\i`e[\e
Dle[jk\Zbk#ldj`Z_Ylc`d`jZ_Xljqlbfkq\eÆn€_i\e[#[`i\bke\Y\e`_ij`kq\e[#
AXd`\Jk\nXik#[\iBfg][\i9Xe[#\`e\KX]\cJZ_fbfcX[\m\ijg\`jk%N\ee[`\=iX^\
XcjfcXlk\k1ÙNXjbXeeDlj`bm`[\f6È#[Xee^\Y\e:c`gjn`\[`\qlO`lO`lf[\i
=c\li\ek$;`[`\i[`\\`eq`^\^•ck`^\8eknfik1Xcc\j%DXedljjeli\knXjqljX^\e
_XY\e#dXedljj\jbcXijX^\ele[#mfiXcc\ddljjdXe\jj`Z_kiXl\e%
DXo;Xo
DXo;Xo#^\Yfi\e(0-0#`jkGlYc`q`jk#>iX]`b\ile[=fkf^iX]%;\i:_\]i\[Xbk\li[\i
Jg\onXiqlmfi8ik;`i\Zkfi[\i9\ic`e\i>iX]`bX^\ekliD`eljle[?\iXlj^\Y\i
[\i@ek\im`\n$Q\`kjZ_i`]k8c\ik%GlYc`bXk`fe\e1*'>\jgi€Z_\#GXc\idfÆCXZ`kk~\
cXdlj`Z~#@em`j`Yc\I\glYc`ZÆK_\Jfe^jk_Xk@e]cl\eZ\[9fY;pcXe%
Kn\ekp$e`e\p\XijX]k\i`kjLJcXleZ_fe(8l^ljk(0/(#DKM#k_\jkXk`fejpefep$
dflj n`k_ k_\ ^fc[\e X^\ f] k_\ dlj`Z m`[\f# `j ef cfe^\i j_fn`e^ Zc`gj% 8
gif^iXdd\[KMj\c\Zk`fe_XjY\\ei\gcXZ\[Ypk_\@ek\ie\kn`k_`kj]i\\cpj\c\ZkXYc\
gcXk]fidj#`egXik`ZlcXiPflKlY\Xe[M`d\f%8cfe^n`k_k_\j\e\ngcXk]fidjZXd\
k_\[`^`kXc\mfclk`fe1k_\j\[Xpj#\m\ipfe\ZXeYlpXe?;ZXd\iXZ_\XgcpXe[k_lj
dXb\ ]`cdj2 Xe[ Zc`gj Xi\ ef cfe^\i gif[lZ\[ ]fi :GL$`ek\ej`m\ Xe[ \og\ej`m\
jZi\\e[`X^feXcj#Ylk]fiZ`^Xi\kk\$gXZb$j`q\[d`e`n`e[fnjXe[jZi\\ej%
K_\gfjk$\Zfefd`Z\iXk_ljXcjfgi\mX`cj`eXeXi\Xn_\i\#aljkk\ep\XijX^f#
_le[i\[jf]k_fljXe[jf]\lifjfi[fccXijn\i\jk`ccY\`e^k_ifne`ekfdfi\Xe[
dfi\ \okiXmX^Xek gif[lZk`fej Æ k_\i\ jk`cc Xi\ jlZ_ \og\ej`m\ gif[lZk`fej# Ylk
fecpk_\knffik_i\\i\Xcjlg\ijkXijk_XkXi\c\]kjk`ccdXb\k_\d%K_\p_Xm\Y\\e
i\gcXZ\[ `e k_\ Y\jk ZXj\j Yp iX[`ZXc Xkk\dgkj kf Zfd\ kf k\idj n`k_ k_\ e\n
Zfe[`k`fejf]gif[lZk`fe%
@ek_\j\i`\jÈ@dgfikXekDlj`ZM`[\fjÉ`eJg\o#n\Xcjfi\^lcXicpkXb\XcffbXk
Zc`gjk_Xki\]c\Zkk_\Zfe[`k`fejf]k_\[`^`kXc\iXXe[`ccljkiXk\dlj`Z`eXe`eefmX$
k`m\nXp%8]k\idXep`ejkXcd\ekjf]k_\j\i`\j#@_Xm\Zfd\kfk_\jXd\ZfeZclj`fe
XjX]k\im`\n`e^Xcck_\dlj`Zm`[\fjk_Xkn`ccY\j_fne`eFY\i_Xlj\eXjgXikf]
k_\DlM`@ek\ieXk`feXcgif^iXdd\1n_Xk`j`dgfikXek`jXZipjkXc$Zc\Xi`[\Xk_Xk`j
Zfddle`ZXYc\`efe\j\ek\eZ\ÆXe[#`[\Xccp#k_\Zc`gi\]c\Zkjk_\dlj`Z#`kjg\i`f[
f]fi`^`eXe[`kjgif[lZk`fe%
N_`c\CX[p>X>Xk_\m`[\f]fi_\iZlii\ek_`kK\c\g_fe\`jle]fikleXk\cpefkkf
Y\j\\eXkk_\J_fik=`cd=\jk`mXcFY\i_Xlj\e ]`^_kjj\c]$i\]c\o`m\dXk\i`\cYXkkc\j
Xe[ZfdY`e\jgfg#d\^XcfdXe`X#jlii\gk`k`fljX[m\ik`j`e^Xe[]Xj_`fe`e_\iZc`gj#
k_\Y\jkm`[\fkfY\j\\ek_`jp\Xi`ek_\DlM`@ek\ieXk`feXcgif^iXdd\dXeX^\j
n`k_aljkeXb\[kpgf^iXg_p%@e`kj`e]XklXk`fen`k_c\kk\ijXe[`kjZfeZ\gklXci`^fli#
k_\m`[\f]`cd\[Yp8ieXl[=c\li\ek$;`[`\i]fi_`jjfe^=iXeZ\:lckli\i\ZXccj]X$
dfljfg\e`e^Zi\[`kjkf]`cdjYpA\Xe$ClZ>f[Xi[#]fi\oXdgc\G`\iifkc\]flXe[
;„k\Zk`m\#`en_`Z_m`\n\ijXi\Zfe]ifek\[Ypdf[\ie`jkd`e`dXc`jd%@e=c\li\ek$
;`[`\iËjm`[\fn\_\Xik_\j`e^\i#Xe[n\j\\b\pnfi[j]ifd_`jjgfb\e&jle^cpi`Zj
jlZ_XjÈD8IOÉ#È8GF:8CPGJ<EFNÉfiÈG<K8@EÉXjn_`k\kpgf^iXg_pX^X`ejkX
YcXZbYXZb^ifle[%K_\m`[\f]fi=iXeZ\:lckli\`jk_\Y\jk[\dfejkiXk`fef]k_\
mXc`[`kpf]k_\efkXcnXpj#Ylkm\ipf]k\e#kil\j\ek\eZ\1È=fid]fccfnj]leZk`feÉ%
?fn[Xk\[k_\Zc`gFekfk_\E\okFe\]fiAXp$Q#dX[\`e)''0#Xgg\Xij`eZfd$
gXi`jfe1_\i\#kff#k_\i\Xi\gfg$ZlckliXcZifjj$i\]\i\eZ\jÆ]fi\oXdgc\#fe\j\\j
Xi\gc`ZXf];Xd`\e?`ijkËj[`Xdfe[jblccÆYlkk_\XikZc`gi\dX`ejn`k_`eXZfdY`$
eXk`fef]dlj`ZXe[m`jlXc]fidjf]\ogi\jj`fek_Xk`jlck`dXk\cpX`dc\jj%
K_\m`[\fkfO`lO`lËjjfe^;\Xi>f[#@?Xk\Dpj\c]#n_`Z_n`ccY\j_fne`eFY\i$
_Xlj\e#j_fnj_fn]Xidlj`Zm`[\fjZXe^fkf[Xp#n_XkkXYffjk_\pXi\ZXgXYc\f]
Yi\Xb`e^Xe[_fnXm\ipgfn\i]lcjkXk\d\ekZXeY\dX[\n`k_flkk_\lj\f]ZXg`$
kXc%È?\i\#]`cd\[`eXZXcdj_fkk_Xk`edf[\ie`jkZ`e\dXfeZ\_X[k_\]leZk`fef]
\c\mXk`e^fYa\Zkjkf`Zfe`ZjkXklj#k_\[iXjk`ZXZkf]mfd`k`e^`jj_fne#ÉK`dJk•kk^\e
ni`k\j`ek_\Zlii\ek`jjl\f]Jg\o%M`\n\ijnXkZ_8e^\cX:\f#Xd\dY\if]O`lO`l#
Xjj_\i\g\Xk\[cpjk`Zbj_\i]`e^\i`e_\idflk_kfYlc`d`ZXccpk_ifnlgÆn_`c\
AXd`\Jk\nXik#k_\c\X[\if]k_\YXe[#j`kje\okkf_\i\Xk`e^XYcfZbf]Z_fZfcXk\%
Jf`]k_\hl\jk`fe`j1ÈN_Xk`jdlj`Zm`[\fZXgXYc\f]6É#Zc`gjc`b\k_fj\]fiO`lO`l
fi=c\li\ek$;`[`\i^`m\k_\fecpmXc`[Xejn\i1\m\ipk_`e^%Pflfecpe\\[kf_Xm\
jfd\k_`e^kfjXp#kfjXp`kZc\XicpXe[#XYfm\Xcc#kf_Xm\k_\ZfliX^\%
DXo;Xo#Yfie`e(0-0#`jXaflieXc`jk#Xlk_fi#^iXg_`Z[\j`^e\iXe[g_fkf^iXg_\i%
Gi`fikf_`jk`d\XjZ_`\]\[`kfif]k_\dX^Xq`e\Jg\o_\nXjXik[`i\Zkfin`k_k_\
9\ic`e$YXj\[^iXg_`Z[\j`^eX^\eZpD`eljXe[\[`kfif]k_\`ek\im`\ndX^Xq`e\
8c\ik%GlYc`ZXk`fej1*'>\jgi€Z_\#GXc\idfÆCXZ`kk~\cXdlj`Z~#@em`j`Yc\I\glYc`Z
ÆK_\Jfe^jk_Xk@e]cl\eZ\[9fY;pcXe%
8ljnX_cbfdd`jj`feJ\c\Zk`fe:fdd`kk\\
?Xej$:_i`jk`Xe>i`dd#8c\oXe[iX?\jj\#A\jj`ZXDXejk\kk\e
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
.,
DlM`@ek\ieXk`feXc
=lik_\i:fdgc`ZXk`fejAXim`j:fZb\i
>ifYi`kXee`\e&=iXebi\`Z_)''0
*Ë*'ËË#;`^`9\kX#=XiY\
I\^`\Jk„g_Xe`\[`>`ljkf
CXY\cIfl^_KiX[\
Gif[lbk`feGXik`qXe
Jk„g_Xe`\[`>`ljkfc€jjk[\e\_\dXc`^\eGlcg$J€e^\i`dn\`\e;\bfiXl]
[`m\ij\N`[\ijk€e[\ki\]]\ele[]Xck\k`_eXlZ_^c\`Z_\`edXcqljXdd\e%
Le[AXim`j:fZb\ijg`\ck^\bfeekd`kÆ\i`jkle[Yc\`Yk\Y\e\`e\Z_k\i
G\i]fid\i%Jk„g_Xe`\[`>`ljkf_Xjk_\]fid\iGlcgj`e^\i]XZ\mXi`fljfYjkX$
Zc\jn`k_`eXn_`k\[„Zfi]fc[`e^_`dlgXcfe^k_\nXp%8e[AXim`j:fZb\ijb`cc$
]lccpgcXpjXcfe^Æ_\`jXe[n`cci\dX`eXkil\g\i]fid\i%
JkiXnY\iipJn`e^:fc[gcXp
>ifYi`kXee`\e&LJ8)''0
+Ë*'ËË#;M#=XiY\
I\^`\J_pefcX
CXY\c<D@
Gif[lbk`fe9cXZb;f^=`cdj#
Ù<`e:fc[gcXp:c`g]•ijB`efÈcXlk\k\[\ile^\n_ec`Z_\8l]kiX^XeJ_pefcX%
;`\ ]`e[`^\ ÙJlg\i_\c[ XbX :_i`j DXik`e i\kk\k D€[Z_\eÈ$Jkfip \i\`^e\k
j`Z_`dm\iYc•]]\e[\en`\_Xe[^\dXZ_k\e8e`dXk`fejbfjdfj[\jB•ejkc\i$
bfcc\bk`mj%È8:fc[gcXpZc`g]fik_\Z`e\dXÉÆJ_pefcX_XjY\\eZ_Xi^\[n`k_Xe
leljlXckXjb%K_`jZc\m\iÈjlg\i_\ifXbX:_i`jDXik`ejXm\j^`icÉjkfiple]fc[j`e
k_\Xik`jkjËZfcc\Zk`m\ËjjkXikc`e^Xe[_Xe[$dX[\Xe`dXk\[le`m\ij\%
K_\;`i\Zkfij9li\Xl
;`\Jcfn?\Xck_
LJ8)''0
*Ê*'È#9\kXJG#=XiY\
I\^`\Af_e=Xd`^c`\kk`
CXY\c:`kpjcXe^
Gif[lbk`fe?\Xck_
;`\Xd\i`bXe`jZ_\Ef`j\IfZb$=fidXk`fe?\Xck_`jkd\_i>\jXdkblejkn\ib
Xcj 9Xe[2 \`e\ Df[\bfcc\bk`fe le[ [`\ @ek\ie\k KM$J_fn Ù?<8CK?m`j`feÈ
j`e[`eGcXele^%9Xe[d`k^c`\[Af_e=Xd`^c`\kk`\ijZ_X]]k]•i;`\Jcfn[Xj
X[€hlXk\ fi^`Xjk`jZ_\ Jq\eXi`f% K_\ 8d\i`ZXe ef`j\ ifZb ^iflg ?\Xck_ `j
iXk_\iXjpek_\j`jf]k_\Xikjk_XeXYXe[%8]Xj_`fec`e\Xe[k_\`ek\ie\kj_fn
È?<8CK?m`j`feÉXi\Y\`e^gcXee\[%9Xe[d\dY\iAf_e=Xd`^c`\kk`_XjZi\Xk\[k_\
Xggifgi`Xk\fi^`Xjk`ZjZ\eXi`f]fi;`\Jcfn%
N`c[Ycff[K_\G`ebIffd
LJ8)''0
+Ë#;`^`9\kX#j&n
I\^`\;Xm`[Afe\j
Gif[lbk`fe;Xm`[Afe\j
;\i[i`kk\K\`c\`e\imfeHl\\iq`e\jle[mfe[\iJXe=iXeZ`jZf?fdfZfi\$
Dlj`bjq\e\ [\i ]i•_\e (00'\i `ejg`i`\ik\e Ki`cf^`\ Xe`d`\ik\i Bliq]`cd\%
;\i^\jXdk\=`cdYXj`\ikXl]XY]fkf^iX]`\ik\ele[[`^`kXcXe`d`\ik\e=fkf$
bfg`\e% <j _Xe[\ck j`Z_ ld N`c[Ycff[j <lifgX$;\Y•k% K_\k_`i[g`\Z\`eX
ki`cf^pf]Xe`dXk\[j_fikj`ejg`i\[Yphl\\iq`e\jXe[k_\JXe=iXeZ`jZf_fdf$
Zfi\dlj`ZjZ\e\f]k_\\Xicp(00'j%@k`jZfejkilZk\[\ek`i\cpf]o\ifo\ji\$g_f$
kf^iXg_\[Xe[Xe`dXk\[[`^`kXccp%K_`j`jN`c[9cff[j<lifg\Xe[\Ylk%
GXiX[`j\:`iZljDXjj`m\8kkXZb
>ifYi`kXee`\e)''0
,Ë*'ËË#;M#=XiY\
I\^`\KfYp;p\
CXY\c<D@
Gif[lbk`fe9cXZb;f^=`cdj
;`\.*$a€_i`^\Gfief[Xijk\cc\i`e>\fi^`eXJg\cm`e\iq€_ck\Y\ejff]]\e_\iq`^
n`\Z_XidXekmfe`_i\i8iY\`k%N`ij\_\e8ljjZ_e`kk\XljK_\;\m`c`eD`jj
Afe\j# \`e\d GfiefbcXjj`b\i [\i (0.'\i AX_i\% <`e jZ_e\j le[ Y\\`e$
[ilZb\e[\j ?pYi`[ Xlj Dlj`bm`[\f le[ ;fbld\ekXi]`cd% .*$p\Xi$fc[ gfie
XZki\jj>\fi^`eXJg\cm`e`jXjZXe[`[cpXjZ_Xid`e^cpkXcb`e^XYflk_\infib%N\
Xi\j_fneje`gg\kj]ifdK_\;\m`c`eD`jjAfe\j#X(0.'ËjgfieZcXjj`Z%8Y\Xlk`]lc
Xe[`dgi\jj`m\dlj`Z$Zc`g$[fZld\ekXip_pYi`[%
.- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
DlM`@ek\ieXk`feXc
8lkldeJkfip=`i\b`k\j
8ljkiXc`\e)''0
*Ë*'È#;M#=XiY\
I\^`\PXee`Bife\eY\i^#ClZ`e[X
JZ_i\`Y\i
CXY\cJglebI\Zfi[j
Gif[lbk`fePXee`Bife\eY\i^#
J\ck\ebXd\eJZ_lclk\ej`c`\ejfj`eec`Z_[X_\i%Bi\`[\le[KX]\cY`c[\e[`\
9Xj`j]•i[`\Bi\`[\Xe`dXk`feqldd\cXeZ_fc`jZ_\eJfle[kiXZb[\i8ljkiX$
c`\i=`i\b`k\j%Ile[qn\`kXlj\e[Q\`Z_ele^\e`ccljki`\i\eQ\iYi\Z_c`Z_b\`k
le[8edlk%FecpiXi\cp_Xm\jZ_ffck_`e^jY\\ej_fne`ejlZ_Xj\ejlfljnXp%
:_XcbXe[YcXZbYfXi[Zi\Xk\k_\YXj`jf]XZ_XcbXe`dXk`fekfk_\d\cXeZ_fc`Z
jfle[kiXZb f] k_\ 8ljkiXc`X$YXj\[ =`i\b`kj% 8Yflk knf k_fljXe[ jb\kZ_\j `cclj$
kiXk\]iX^`c`kpXe[^iXZ\%
ClZ`e[XJZ_i\`Y\i
Ki\XkD\C`b\PfliDfk_\iK_\;\X[N\Xk_\i
>ifYi`kXee`\e)''0
+Ë*'ËË#9\kXJG#=XiY\
I\^`\AfeXk_Xe>cXq\i
CXY\cJfep
Gif[lbk`fe8ZX[\dp=`cdj
AfeXk_Xe>cXq\ib\_ikd`k\`e\d^eX[\ecfj\eN\jk\ie$J_fn[fne]•iK_\
;\X[N\Xk_\iqli•Zb1N_`k\Jki`g\jJ€e^\iAXZbN_`k\le[K_\B`ccjJ€e^\$
i`e8c`jfeDfjj_Xikc`\]\iej`Z_\`eYXiYXi`jZ_\j;l\cc%D\_i^\ifZbk_Xk
N\jk\iee`\%AfeXk_Xe>cXq\i`jYXZbn`k_Xd\iZ`c\jjN\jk\iej_fn[fne]fi
K_\;\X[N\Xk_\i1N_`k\Jki`g\jj`e^\i AXZb N_`k\ Xe[ K_\ B`ccjj`e^\i8c`jfe
Dfjj_Xik\e^X^\`eXYXiYXi`Z[l\c%N\jk\ie_Xje\m\iifZb\[dfi\%
Jpe\jk_\j`X
>ifYi`kXee`\e)''0
+Ë#;M#=XiY\
I\^`\K\ii`K`d\cp
Gif[lbk`fe:fcfe\c9c`dg
;Xj I\^`\[lf K\ii` K`dc\p c€jjk qn\` Zc\m\i\ 9i•[\i `_i\ \`^\e\e Jfle[$
\og\i`d\ek\qldK_\dXJpe€jk_\j`\dXZ_\e%@dBi\`j[\i=Xd`c`\n\i[\e
[`\bcXe^c`Z_\e=€_`^b\`k\emfeFYjkle[>\d•j\\i]fijZ_k%D\_iBliq]`cd
XcjDlj`bm`[\f#jlii\Xcle[jZ_i€^%;`i\Zk`e^[lfK\ii`K`dc\p_Xm\knfYiX`ep
Yifk_\ij \og\i`d\ek n`k_ jfle[ kf k_\ kfg`Z f] jpe\jk_\j`X% N`k_`e k_\ ]Xd`cp
Z`iZc\k_\jfle[gfk\ek`Xcf]]il`kXe[m\^\kXYc\`jY\`e^\ogcfi\[%Dfi\Xj_fik
]`cdk_XeXdlj`ZZc`g#jlii\XcXe[n\`i[%
JFCFF@FF
AXgXe)''0
)Ë*'ËË#;M#=XiY\
I\^`\J_fa`>fkf
CXY\cK_i`ccAfZb\p
;`\>\jZ_`Z_k\\`e\jD€[Z_\ej#Xl][\i\eJZ_lck\ie[Xj<iY\[\iD\ejZ_$
_\`kjZ_n\icXjk\kÆqljZ_n\i%;`\Dlj`bjkXddkmfe[\iaXgXe`jZ_\e\o$
g\i`d\ek\cc\eGfjkIfZb$=fidXk`feFF@FF%K_\jkfipf]X^`icZXiip`e^k_\
_\XmpYli[\ef]dXeb`e[Ëjc\^XZpfe_\ij_flc[\ijÆkff_\XmpXYli[\e%K_\
dlj`Z`j]ifdk_\AXgXe\j\\og\i`d\ekXcgfjkifZb^iflgFF@FF%
Gif[lbk`feJ_fa`>fkf
=iXeZ\Zlckli\8ieXl[=c\li\ek$;`[`\i
=iXebi\`Z_)''0
*Ë*'È#;M#j&n
I\^`\8ieXl[=c\li\ek$;`[`\i
CXY\c:fcldY`X&Jfep
Gif[lbk`feCXDlj`hl\[l=`cd
Dlj`b\i 8ieXl[ =c\li\ek$;`[`\i [liZ_c€l]k `e [`\j\i \`e]XZ_\e n`\ \]]\b$
k`m\e M`[\fXiY\`k [`m\ij\ JkXk`fe\e [\i ]iXeqj`jZ_\e Blckli le[ i€ldk
Xl]%D`kBc`jZ_\\jle[JZ_\`e_\`c`^b\`k\e%Nfi•Y\idXejgi`Z_kle[nfi•Y\i
e`Z_k%Df[\ie\i:_XejfeXk`kjY\jk%@ek_`jj`dgc\Xe[\]]\Zk`m\m`[\fnfib#
dlj`Z`Xe8ieXl[=c\li\ek$;`[`\igXjj\jk_ifl^_mXi`fljg\i`f[jf]=i\eZ_Zlc$
kli\Xe[Zc\Xejlg%?\[f\jXnXpn`k_Zc`Z_„jXe[_pgfZi`jp%N`k_n_Xkfe\`jkf
kXcbXYflkXe[n_Xkefk%Df[\ieZ_XejfeXk`kjY\jk%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
..
DlM`@ek\ieXk`feXc
K_`jKffJ_XccGXjjFb>f
Fb >f j`e[ \ie\lk ]•i \`e\ |Y\iiXjZ_le^ ^lk% ;`\ @[\\ `jk Y\bXeek1 \`e\
B\kk\ei\Xbk`fe Xl]\`eXe[\i]fc^\e[\i <c\d\ek\# [\i Y\i•_dk\ ;fd`ef$
\]]\bk~cX=`jZ_c`le[N\`jj%;fZ_FB>fn€i\ee`Z_kFB>f#n\eej`\e`Z_k
XlZ__`\i8l\i^\n_ec`Z_\jqlY`\k\e_€kk\e%%%FB>fXi\X^X`e^ff[]fiX
jligi`j\%K_\`[\X`jn\cc$befne1k_\Z_X`ei\XZk`fef]Xj\i`\jf]\c\d\ekj#k_\
]Xdflj;fd`ef\]]\Zk~cX=`jZ_c`Xe[N\`jj%9lkFB>fnflc[eËkY\FB>f`]k_\p
_X[eËkjfd\k_`e^jg\Z`Xc`ejkfi\¿
LJ8)''0
+Ë#;M#=XiY\
I\^`\AXd\j=ifjk
CXY\c<D@
Gif[lbk`feQff=`cd
9cfe[\=`i\K_\?`Zb\pLe[\infic[
Af\ MXe_flkk\^\d dXZ_k `e j\`e\d Dlj`bm`[\f$;\Y•k 8ec\`_\e Y\`d
?fiifi^\ei\% <`e n\ck\eki•Zbk\i <i\d`k \ijZ_X]]k Xbi`Y`jZ_ j\`e\ \`^\e\
=iXeb\ejk\`ejZ_\ N\ck2 Xlj =c\`jZ_# BefZ_\e le[ ?Xlk% >c•Zbc`Z_ n`i[ \i
e`Z_k%;\i:c`gcjk\`dE\kq_\]k`^\I\Xbk`fe\eXlj%@e_`jdlj`ZZc`g[\Ylk#
Af\MXe_flkk\^\dYfiifnj]ifdk_\_fiifi^\ei\%8elenfic[cp#jgXZ\[flk_\id`k
d\k`ZlcfljcpZi\Xk\jX=iXeb\ejk\`ele`m\ij\f]_`jfneÆf]]c\j_#Yfe\jXe[jb`e%
9lk_\nfeËk]`e[_Xgg`e\jj%K_`jZc`gZXlj\[jkife^i\XZk`fejfek_\N\Y%
9\c^`\e)''0
+Ë#;M#=XiY\
I\^`\Af\MXe_flkk\^\d
CXY\cE8@M<
Gif[lbk`fe<G@;<D@:9M98
JX`jfedlkXek\B`b`]il`k
=iXebi\`Z_)''0
+Ë*'ËË#;`^`9\kX#=XiY\
I\^`\A`ddp8l[f`e;\cg_`e\
:_Xlm\k
CXY\c8jkiXcJf[XI\Zfi[j
<`e\Y`qXii\Bi\Xkli`iik\`ejXdle[Xcc\`e[liZ_[XjLe`m\ijld%J`\[liZ_$
c\Yk d\ibn•i[`^\ D\kXdfig_fj\e le[ c€jjk \`e\e jfe[\iYXi\e GcXe\k\e
\ekjk\_\e% <`e\ Xe`d`\ik\ I\`j\ qld j\_i jg\q`\cc\e Jfle[kiXZb mfe
B`b`]il`k%8n\`i[Y\XjknXe[\ijXcfe\k_ifl^_k_\le`m\ij\%@kle[\i^f\jf[[
d\kXdfig_fj\j Xe[ n`cc ZXlj\ k_\ Zi\Xk`fe f] X jkiXe^\ gcXe\k% 8e Xe`dXk\[
aflie\pkfk_\m\ipjg\Z`Xcjfle[kiXZbf]B`b`]il`k%
Gif[lbk`feC\jKif`jFlij
>i`e[`eÊEfYf[p9\Xkjk_\;ild
E`\[\icXe[\)'('
*Ë#;`^`9\kX#=XiY\
I\^`\If^`\imXe[\iQnXX^
CXY\cJXkXeÊj:`iZljI\Zfi[
Gif[lbk`fe(''?XcXc
<j `jk e`Z_k Xcc\j [`^`kXc# nXj ^c€eqk% ;`\ jZ_\`eYXi Zfdglk\i^\e\i`\ik\
8e`dXk`fe \in\`jk j`Z_ Xcj _Xe[^\dXZ_k% If^`\i mXe [\i QnXX^ _Xk ]•i
EfYf[p9\XkjK_\;ild•Y\i+%'''JkXe[Y`c[\iYlek\i?fcqbckqZ_\eql
\`e\diXjXek\eKXYc\XlXe`d`\ik%Efk\m\ipk_`e^k_Xk^c`kk\ij`j[`^`kXc%K_`j
XggXi\ekcpZfdglk\i$^\e\iXk\[Xe`dXk`fekliejflkXj_Xe[$dX[\%=fiEfYf[p
9\Xkjk_\;ild#If^`\imXe[\iQnXX^_XjZi\Xk\[XeXe`dXk\[#[peXd`ZkXYc\Xl
YXj\[fefm\i+#'''jk`ccjf]Zfcfli\[nff[\eYcfZbj%
N\NXekNXiK_\j\E\nGli`kXej
>ifYi`kXee`\e)''0
.Ë#9\kXJG#=XiY\
I\^`\;Xe`\c8jb`cc
CXY\c;fd`efI\Zfi[j
Gif[lbk`feIfbb`k
;`\Yi`k`jZ_\@e[`\]fidXk`feK_\j\E\nGli`kXejc€[kqlibi`\^\i`jZ_\e=fi$
dXk`fe% <Y\ejf \e\i^\k`jZ_ n`\ q`\c^\i`Z_k\k n\i[\e [`\ 9Xe[d`k^c`\[\i
lek\iI\^`jj\li;Xe`\c8jb`ccqlGifa\bk`c\e#[`\[liZ_[`\<c\d\ek\^c\`k\e%
Dlj`ble[9`c[`eYilkXcjZ_e\iJpdY`fj\%K_\9i`k`j_`e[\g\e[\ekYXe[K_\j\
E\nGli`kXejZXccjkfZi\Xk\dXik`Xc]fidXk`fej%8j\e\i^\k`ZXccpXjkXi^\k$fi`\ek\[
k_\ YXe[ d\dY\ij# le[\i k_\ [`i\Zkfi ;Xe`c\ 8jb`cc# klie `ekf d`jj`c\j ^c`[`e^
k_ifl^_k_\\c\d\ekj%Dlj`ZXe[`dX^\`eXm`fc\ekcpY\Xlk`]lcjpdY`fj`j%
./ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
DlM`@ek\ieXk`feXc
K_\Le[\igXjj8>iXm\N`k_EfEXd\
>ifYi`kXee`\e)''0
*Ë*'È#;M#=XiY\
I\^`\8elgXDX[Xn\cX
CXY\cEfGX`e`eGfg&9`^Cfm\
<`eBcXm`\iXdNXc[\jiXe[%QldkiXld_X]k\eJk•Zb[\i9i`k\e8>iXm\N`k_
Ef EXd\ q\iYiZb\ck le[ q\i]Xj\ik [Xj @ejkild\ek eXZ_ le[ eXZ_% J`ee$
c`Z_\iM\i]Xcc`eJkfgDfk`fe%8g`Xeffek_\\[^\f]Xnff[%Kfk_\[i\Xdc`b\
g`\Z\f]k_\9i`k`j_8>iXm\N`k_EfEXd\k_\`ejkild\ek`j^iX[lXccpZildYc`e^
XnXpXe[]iXp`e^flk%J\ejlflj[\ZXp`ejkfgdfk`fe%
Gif[lbk`fe8>iXm\N`k_EfEXd\
;\Xi>f[#@?Xk\Dpj\c]O`lO`l
LJ8)'('
*Ë#;M#=XiY\
I\^`\AXd`\Jk\nXik
CXY\cB`ccIfZbJkXij
?`\i_XkdXeXe[\i8l]i`Z_k`^b\`k[`\j\jM`[\fj_\]k`^qljZ_clZb\e1;`\
Xd\i`bXe`jZ_\=fidXk`feO`lO`ljg`\ckj`Z_j\cYjk`d\n`^\eBi\`jcXl]mfe
=i\jj\ele[<iYi\Z_\eÆ\`e]XZ_#jZ_fele^jcfjle[\]]\bk`m%Pfln`cc]`e[
k_`jZc`gËj]iXebe\jj_Xi[kfjnXccfn1k_\8d\i`ZXeYXe[O`lO`lgcXpk_\dj\cm\j
`eXe\k\ieXcZpZc\f]\Xk`e^Xe[mfd`kk`e^Æj`dgc\#YclekXe[\]]`Z`\ek%
Gif[lbk`feO`lO`l
Le+,kfli[\:_\m\lZ\Z`eÊ\jkgXjle[`jhl\ :_\m\l
=iXebi\`Z_)''0
-Ë#;`^`9\kX#=XiY\
I\^`\=iXeb9\XlmX`j
CXY\cJ$JI\Zfi[j
<`e =fle[ =ffkX^\$Gifa\bk `e QljXdd\eXiY\`k d`k [\e Dlj`b\ie [\i ]iXeq$
j`jZ_\e9Xe[:_\m\l%Qli8$le[9$J\`k\dfek`\ik=iXeb9\XlmX`jj\`eDXk\i`Xc
ql\`e\dn`c[\eKi`g%8]fle[]ffkX^\gifa\Zk`eZfccXYfiXk`fen`k_k_\dlj`Z`Xej
f]k_\=i\eZ_^iflg:_\m\l%Kfk_\8Xe[9j`[\=iXeb9\XlmX`jXjj\dYc\j_`j
dXk\i`Xc`ekfXn`c[ki`g%
Gif[lbk`feI\[JkXi:`e\dX
JZ`jjfiC`Xij
LJ8)'('
,Ë#;M#=XiY\
I\^`\8e[`9ilek\c
CXY\cDlk\
<c\^`jZ_\i ?fiifi$JZ` =` mfe 8e[` 9ilek\c% C`Xij$J€e^\i 8e^lj 8e[i\n
\inXZ_kXcjJZ_`]]Yi•Z_`^\i`e\`e\dJZ_cXlZ_YffkXl][\df]]\e\eD\\i%
Le[[\i8cgkiXldbXeeY\^`ee\e¿<c\^`XZ_fiifi$jZ`$]`Yp8e[`9ilek\c%C`Xij
j`e^\i8e^lj8e[i\nnXb\jlgj_`gni\Zb\[`eXilYY\i[`e^_pfek_\fg\ej\X%
K_\e`^_kdXi\dXpjkXik¿
Gif[lbk`feK_\;`i\Zkfij9li\Xl
Fekfk_\E\okFe\AXp$Q]\Xk%Jn`qq9\Xkq
LJ8)''0
+Ë#;M#j&n
I\^`\JXd9ifne
CXY\cNXie\iDlj`Z
Gif[lbk`fe=cpee7;E8
<`e\8eknfikXl][\e<oq\jj^€e^`^\i?`g?fg$M`[\fj%JXd9ifnebi\`\ik
]•iAXp$Q\`e9`c[\ile`m\ijld`ejZ_nXiq&n\`ÆXYjkiXbk#\`e]XZ_le[bcXl$
jkifg_fY`jZ_% ;`\ M\in\e[le^ fbblck`jk`jZ_\i JpdYfc\ XcXid`\ik\ M\i$
jZ_nile^jk_\fi\k`b\i`dE\kq%8i\jgfej\kfk_\\oZ\jj\jf]Zfem\ek`feXc
_`g_fgZc`gj%=fiAXp$QJXd9ifne_XjZi\Xk\[Xg`Zkfi`XcYcXZbXe[n_`k\le`$
m\ij\ÆXYjkiXZk#j`dgc\Xe[ZcXljkifg_fY`Z%K_\lj\f]fZZlckjpdYfcjXcXid\[
Zfejg`iXZpk_\fi`jkjfek_\N\Y%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
.0
K_\dXK_\d\
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/$(0(/
<i`Z[\Blpg\ile[Xe[DXi`XeeC\n`ejbp1MfdD\\i\j^ile[=ifdk_\;\\g /*
DXi`XeeC\n`ejbp1GiXbk`jZ_\?`en\`j\qldGif^iXddGiXZk`ZXcEfk\jfek_\Gif^iXdd\ /;XebK_Xebj /.
Gif^iXdd(1J\ejXk`fe9\n\^le^#;`d\ej`feQ\`k#Gi€j\eq[\i8Yj\eq //
Gif^iXdd\(1J\ejXk`fef]Dfk`fe#;`d\ej`fef]K`d\#Gi\j\eZ\f]8Yj\eZ\
Gif^iXdd)1C\jDpjk…i\j[ld„kX 0'
Gif^iXdd\)1Dpjk\i`\jf]k_\D\kX
Gif^iXdd*1=XiY\le[JZ_nXiqn\` 0*
Gif^iXdd\*1:fcfliXe[9cXZbXe[N_`k\
Gif^iXdd+1(%DX`1KX^[\i8iY\`k 0Gif^iXdd\+1(jkDXp1CXYfli;Xp
Gif^iXdd,18cc\jj\_\e#Xcc\j_i\e1\`eGXefiXdX 0/
Gif^iXdd\,1JfDlZ_kfJ\\#JfDlZ_kf?\Xi1XGXefiXdX
Gif^iXdd-1N`kq^`Yk=i\`_\`kle[=i\`_\`k^`YkN`kq ('(
Gif^iXdd\-1N`k9i`e^j=i\\[fdXe[=i\\[fd9i`e^jN`k
Gif^iXdd.1DXiZ\ce\ mXjgXj XlZ`e„dX ('*
Gif^iXdd\.1DXiZ\cXkk_\Dfk`feG`Zkli\j
Gif^iXdd/18kkiXbk`fe;`jkilbk`fe (',
Gif^iXdd\/18:`e\dXf];`jkilZk`fe
Gif^iXdd01I€ld\ ('.
Gif^iXdd\01JgXZ\j
Gif^iXdd('1Gif^iXdd4GlYc`bld ('0
Gif^iXdd\('1Gif^iXdd\48l[`\eZ\
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
0,
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
Mf d D \ \ i \ j ^ i l e [ =i f d k _ \ ; \ \ g
qljXdd\e^\jk\cckle[gi€j\ek`\ikmfe<i`Z[\Blpg\ile[DXi`XeeC\n`ejbp ZliXk\[Xe[gi\j\ek\[Yp<i`Z[\Blpg\iXe[DXi`XeeC\n`ejbp
;XjB`efXlj[\iQ\`kmfi[\d<ijk\eN\ckbi`\^`jknX_i_X]k`^\`em\ijZ_fc$
c\e\iBfek`e\ek%M\ijZ_fcc\ele[#qllej\i\i^if\e=i\l[\#^c•Zbc`Z_\in\`j\
n`\[\i\ek[\Zbk%EXk•ic`Z_nXilej\`e`^\jKi\`Y^lk#nXi\elej\`e`^\EXd\e
Y\bXeek1 Cld`…i\ le[ D„c`…j# =\l`ccX[\ le[ >i`]]`k_# DXo C`e[\i le[ 8jkX
E`\cj\e¿Le[jfejk6N\e`^¿Le[[Xi•Y\i_`eXlj6?Xlgkj€Z_c`Z_=`cd\#[`\
[XjÙ^if\B`efÈm\i_\`\e#[XjÙnX_i\B`efÈ#[XjB`ef[\i(0)'\iAX_i\%
CXe^]`cd\n`\:XY`i`Xf[\i9`ik_f]XEXk`fele[@ekfc\iXeZ\¿8Y\i[\i^Xeq\
I\jk6¿;\iI\jknXiJZ_n\`^\e%
;\i^Xeq\I\`Z_kldle[[`\M`\c]Xck[\jB`efjmfi[\dB`efj`e[lejY`j
qld<e[\[\i(0/'\iAX_i\^\n`jj\idX\em\iYfi^\e^\Yc`\Y\e%;fZ_[Xeb
[\j<e^X^\d\ekjm\ijZ_`\[\e\iB`e\dXk_\b\ele[[\iI\Z_\iZ_\XiY\`kmfe
?`jkfi`b\iej`e[[`\`dD\\i\j^ile[m\i^iXY\e\eJZ_€kq\Jk•Zb]•iJk•Zb
n`\[\iqlkX^\^\ki\k\ele[Xe[`\FY\i]c€Z_\qli•Zb^\b\_ik%=`cd\#[`\j\`k
]Xjk \`e\d AX_i_le[\ik e`Z_k d\_i mfi^\]•_ik f[\i Xe^\jZ_Xlk nli[\e%
A\kqkYc\`YkeliefZ_\`e\jqlkle1j`\\`e\dGlYc`bldmfiql]•_i\e#j`\mfe
\`e\dGlYc`bld\ek[\Zb\eqlcXjj\e
?`\ijk\cckj`Z_\`e\=iX^\1NXildnXi[`\j\jB`ef\`^\ekc`Z_m\ijZ_fcc\e6
M\ijZ_fcc\enXi\j^\eXl^\efdd\ee`\#[\ee[`\E`kiXkbfg`\enXi\eaX`e
[\e8iZ_`m\e^\jkXg\ck%8cc\i[`e^j`elebfej\im`\ik\dle[lei\jkXli`\ik\d
QljkXe[% E`\dXe[ jZ_`\e ql X_e\e# n`\ m`\c\ le[ n\cZ_\ =`cd\ [fik •Y\i$
_XlgkcX^\ik\e%
=`cd_`jkfi`b\i[\imfi_\i`^\e>\e\iXk`feeXeek\enf_cEXd\en`\:Xg\ccXe`#
G\ii\kf[\iJ\^le[f[\:_fde%@_i\]\_c\e[\9\^\`jk\ile^]•i[XjMfibi`\^j$
b`ef_`\ckj`\a\[fZ_[XmfeXY#\`e\e^\eXl\i\e9c`Zb[XiXl]qln\i]\e%=•i
[`\j\?`jkfi`b\iY\^Xee[XjB`efn`ibc`Z_\ijkeXZ_[\d<ijk\eN\ckbi`\^%
F[\i#ld\jd`k[\eNfik\e>\fi^\jJX[flcjqljX^\e#`e[\dDfd\ek#`e
[\dÙ[XjB`efqliBlejkÈnli[\%
;`\j\j ;\j`ek\i\jj\ c€jjk j`Z_ eli d`k \`e\d blckli\cc\e D\Z_Xe`jdlj
\ibc€i\e#[\i_€l]`^Y\[`e^k#[Xjj\`e\e\l\>\e\iXk`fe[Xjblckli\cc\<iY\
`_i\iMfi^€e^\iXYc\_ek#Xcjf[Xj<iY\`_i\i<ck\ie%Jf`jk\j#n\eeXlZ_e`Z_k
Xbq\gkXY\c#[fZ_qld`e[\jkm\ijk€e[c`Z_#[Xjj[`\Bi`k`b\ile[K_\fi\k`b\i
[\i(0)'\iAX_i\#mcc`^]Xjq`e`\ikle[Y\^\`jk\ikmfd[XdXcjjf^cXeqmfcc\e
Jkldd]`cd#[XjB`efmfi`_i\iQ\`k#n\cZ_\jj`\bXldf[\i^Xie`Z_kbXeek\e#
n\`k^\_\e[ XYc\_ek\e% QnXi Y\nX_ik\e Y\`jg`\cjn\`j\ [`\ Jlii\Xc`jk\e [`\
=fikj\kqle^j]`cd\=\l`ccX[\jmfi[\dM\i^\jj\e#[fZ_^c\`Z_q\`k`^c`\\ej`\
j\`e\ jg€k\i\e N\ib\ [\i M\i^\jj\e_\`k Xe_\`d ]Xcc\e% ;`\j\j B`ef nli[\
gXljZ_XcXcjÙgi`d`k`mÈXY^\jk\dg\ck%Le[lek\i[`\j\i9\q\`Z_ele^c\Yk\e
[`\ \ijk\e Y\`[\e AX_iq\_ek\ [\i =`cd^\jZ_`Z_k\ Y`j ql `_i\i N`\[\i\ek$
[\Zble^<e[\[\i(0/'\iAX_i\]fik%J\`k[\dq`\_kdXe\jmfi#[`\j\jB`ef
XcjÙ[XjB`ef[\i8e]Xe^jaX_i\ÈqlY\q\`Z_e\e%
<`e\ =fc^\ [`\j\j ;\j`ek\i\jj\j# n\ee e`Z_k ^Xi [\i >\i`e^jZ_€kqle^
^\^\e•Y\i[\e=`cd\e[\i8e]Xe^jaX_i\`jk`_i\M\ieXZ_c€jj`^le^[liZ_[`\
8iZ_`m\# nXj [\e DXk\i`XcqljkXe[ Xe^\_k% ;`\ =`cd\# fY Y\jZ_€[`^k f[\i
leY\jZ_€[`^k#m\^\k`\ik\e`e`_i\e;fj\e[X_`ele[_Xiik\e`_i\j\e[^•ck`^\e
Q\i]Xccj%JfnXi\jXlZ_#Xcj\`e\imfelej<e[\[\i(0/'\iAX_i\n€_i\e[
j\`e\iK€k`^b\`k]•i[XjE\[\icXe[j=`cddlj\ld=fc^\e[\j]\jkjk\cck\1;\i
^\jXdk\9\jkXe[[\i(0)'\iAX_i\nXijfi^]€ck`^bfej\im`\ikle[m\iq\`Z_e\k#
[`\ld]Xe^i\`Z_\JXddcle^Xlj[\emfiXe^\_\e[\eAX_iq\_ek\e_`e^\^\e#
[`\ ^\iX[\ [\e I\`Z_kld [`\j\j =`cddlj\ldj XljdXZ_k# nXi e`Z_k
m\iq\`Z_e\k#e`Z_kbfej\im`\ikle[e`Z_ki\jkXli`\iknfi[\e%Jfn`ibkj`Z_Xcjf
\`e\ blckli\cc\ >\^\Y\e_\`k Xl] [`\ GiXo`j f[\i m`\cd\_i [`\ 8Yn\j\e_\`k
[\ij\cY\eXlj%
=•i[Xj;\j`ek\i\jj\[\iEXZ_bi`\^j^\e\iXk`feXdMfibi`\^jb`ef^`Yk\j
XY\i \`e\ m`\c n\j\ekc`Z_\i\ <ibc€ile^% ;Xj B`ef [\i 8e]Xe^jaX_i\ _Xk
e€dc`Z_j\_in\e`^d`k[\dB`ef[\i(0)'\iAX_i\qlkleÆle[d`k[\d#nXj
j`Z_ `e jg€k\i\e AX_iq\_ek\e d`k [\i <`e]•_ile^ [\j Kfe]`cdj [XiXlj \ek$
n`Zb\ck\%;\i<ijk\N\ckbi`\^dXib`\ik_`\i\`e\en`ibc`Z_\e<`ejZ_e`kk%;Xj
EXZ_bi`\^jb`ef nXi# le[ [Xj ^Xck XlZ_ ]•i Xe[\i\ 9\i\`Z_\# d`k [\d
Mfibi`\^jb`ef e`Z_k d\_i ql m\i^c\`Z_\e% <j _Xe[\ck j`Z_ _`\i ld qn\`
:`e\dX ]ifd k_\ \iX Y\]fi\ k_\ =`ijk Nfic[ NXi `j kilcp X d`jj`e^ Zfek`e\ek%
D`jj`e^Ylk#]fikleXk\cp]filj#]fle[feZ\dfi\%F]Zflij\#n\be\njfd\i\d$
eXekjXe[f[[eXd\j_\i\Xe[k_\i\1Cld`„i\Xe[D„c`…j#=\l`ccX[\Xe[>i`]]`k_#
DXo C`e[\i Xe[ 8jkX E`\cj\e %%% 8e[ fk_\in`j\6 M\ip c`kkc\ %%% 8e[ Y\j`[\j k_Xk6
DX`ecp]`cdjk_Xk_\iXc[\[È^iXe[Z`e\dXÉ#Èkil\Z`e\dXÉ#k_\Z`e\dXf]k_\(0)'j%
=\Xkli\]`cdjjlZ_Xj:XY`i`Xfi9`ik_f]XEXk`feXe[@ekfc\iXeZ\%%%9lkXcck_\i\jk6
%%%K_\i\jknXjj`c\eZ\%
K_\\ek`i\i`Z_e\jjXe[[`m\ij`kpf]k_`jÈZ`e\dXY\]fi\Z`e\dXÉnXj`eXnXp
_`[[\e]ifdljlek`ck_\\e[f]k_\(0/'j%9lkk_Xebjkfk_\\]]fikjf]mXi`flj]`cd
XiZ_`m\jXe[i\j\XiZ_Yp_`jkfi`Xej#k_\ki\Xjli\jZfeZ\Xc\[`ek_\[\gk_j_Xm\
i\$\d\i^\[ Xe[ Zfd\ kf k_\ jli]XZ\ c`kkc\ Yp c`kkc\1 ]`cdj k_Xk _Xm\ efk Y\\e
jZi\\e\[fij\\e]fiXcdfjkXZ\eklip%Efn#k_\i\`jfecpfe\k_`e^kfY\[fe\1
j_fnk_\dkfXeXl[`\eZ\Xe[Xccfnk_\dkfY\[`jZfm\i\[
?\i\# k_\ hl\jk`fe Zflc[ Y\ Xjb\[1 N_p [`[ k_`j Z`e\dX [`jXgg\Xi6 @k e\m\i
i\Xccp[`[[`jXgg\Xi`ek_\kil\jkj\ej\#Y\ZXlj\k_\e`kiXk\Zfg`\jn\i\jkXZb\[
e\Xkcp`ek_\XiZ_`m\j%9lkk_\pn\i\legi\j\im\[Xe[lei\jkfi\[%Effe\j\\d\[
kf_Xm\Xep`[\X_fndXep]`cdjn\i\jkfi\[k_\i\#fin_Xkk_\pn\i\%
=`cd _`jkfi`Xej f] k_\ cXjk ^\e\iXk`fe [`[ d\ek`fe eXd\j jlZ_ Xj :Xg\ccXe`#
G\ii\kXe[J\^le[f[\:_fde#Ylkk_\pn\i\efk\ek_lj`Xjk`Z\efl^_XYflkgi\$
nXiZ`e\dXkfkXb\XZcfj\icffb%=fik_\j\_`jkfi`Xej#Z`e\dXi\Xccp[`[eËkY\^`e
lek`c X]k\i k_\ =`ijk Nfic[ NXi# Xk k_\ dfd\ek n_\e# Xj >\fi^\j JX[flc jX`[#
È:`e\dXY\ZXd\XeXik]fid%É
K_`jcXZbf]`ek\i\jkZXeY\\ogcX`e\[fecpYpXZlckliXcd\Z_Xe`jdk_Xkf]k\e
c\X[jkfXe\n^\e\iXk`fei\a\Zk`e^k_\ZlckliXcc\^XZpf]`kjgi\[\Z\jjfij#k_Xkf]
`kjgXi\ekj%Jf`k`jXkc\Xjkle[\ijkXe[XYc\#k_fl^_efkXZZ\gkXYc\#k_Xkk_\Zi`k`Zj
Xe[k_\fi`jkjf]k_\(0)'j#Zfdgc\k\cp[Xqqc\[Xe[\oZ`k\[Ypk_\^cfi`\jf]k_\
j`c\ek ]`cd f] k_\`i fne \iX# cXi^\cp i\a\Zk\[ Z`e\dX ]ifd k_\ gi\Z\[`e^ \gfZ_#
n_`Z_k_\pYXi\cpbe\n#`]XkXcc%<m\ek_fl^_k_\jlii\Xc`jkj#]fi\oXdgc\#jXm\[k_\
j\i`Xc]`cdjYp=\l`ccX[\]ifdfYc`m`fe#k_\pXccfn\[_`jcXk\infibjkfY\]fi^fkk\e%K_`j
Z`e\dXnXjj`dgcpcXY\cc\[XjÈgi`d`k`m\É%8e[k_\]`ijkknf[\ZX[\jf]]`cd_`jkfip
_X[kfc`m\n`k_k_`j[\jZi`gk`felek`ck_\`ii\[`jZfm\ipXkk_\\e[f]k_\(0/'j%
J`eZ\ k_\e# g\fgc\ _Xm\ gi\]\ii\[ kf ZXcc k_`j Z`e\dX Èk_\ Z`e\dX f] k_\ \Xicp
p\XijÉ%
Fe\Zfej\hl\eZ\f]k_`jcXZbf]`ek\i\jk`e#`]efkZfek\dgk]fi#k_\j\]`cdj]ifd
k_\\Xicpp\Xij`jk_\e\^c\Zkf]k_\`idXk\i`XcZfe[`k`feYpXiZ_`m\j%K_\]`cdj#
n_\k_\i[XdX^\[file[XdX^\[#m\^\kXk\[`ek_\`iZXj\jaljknX`k`e^kf]XccXgXik
Zfdgc\k\cp%8e[k_`jnXj_fnk_`e^jjkff[Xkk_\\e[f]k_\(0/'j#n_\efe\f]lj
i\Xc`j\[# n_`c\ nfib`e^ ]fi k_\ E\k_\icXe[j =`cd Dlj\ld# k_Xk k_\ \ek`i\ jkfZb
]ifdk_\(0)'jnXjZXi\]lccpgi\j\im\[Xe[ZXkXcf^l\[#n_`c\k_\cXi^\Zfcc\Zk`fe
]ifdk_\gi\m`flj[\ZX[\j#n_`Z_`jk_\kil\ki\Xjli\f]k_`jdlj\ld#nXjefk
ZXkXcf^l\[#efkgi\j\im\[Xe[efki\jkfi\[%K_Xk`j_fnXZlckliXcg_\efd\efe
kiXejcXk\j`ekfgiXZk`Z\#fiiXk_\ik_\XYj\eZ\f]fe\%
K_\i\ `j# _fn\m\i# X jk`cc dfi\ `dgfikXek \ogcXeXk`fe ]fi k_\ gfjk$nXi ^\e\$
iXk`feËjcXZbf]`ek\i\jk`egi\$nXiZ`e\dX%K_\]`cdjf]k_\\Xicpp\Xij_X[m\ip
c`kkc\kf[fn`k_k_fj\f]k_\(0)'jÆXe[n`k_n_XknXjkf\mfcm\]ifdk_\d`ecXk\i
[\ZX[\j X]k\i k_\ `ekif[lZk`fe f] jfle[% K_\ =`ijk Nfic[ NXi dXibj X [\Z`j`m\
Yi\Xb_\i\%Gfjk$nXiZ`e\dX#c`b\dXepfk_\i]`\c[j#Zflc[efkY\ZfdgXi\[n`k_
gi\$nXi Z`e\dX% K_\p n\i\ knf [`]]\i\ek kpg\j f] j`c\ek ]`cd% 9\]fi\ k_\ nXi#
Xepk_`e^jk`ccj\\d\[gfjj`Yc\`e]`cdXe[Z`e\dX%8]k\ik_\nXi#Z`e\dXle[\in\ek
XgifZ\jjf]jkXe[Xi[`jXk`fe%Fe\dX`eZXlj\f]k_`jnXjle[flYk\[cpk_\iX[`ZXc
Z_Xe^\j`ek_\]`cd`e[ljkip%N_`c\k_\gi\$nXi\iXnXjZ_XiXZk\i`j\[YpXm`iklXc
dfefgfcpYp=i\eZ_]`cdgif[lZ\ij#k_\Z\eki\f]gif[lZk`fej_`]k\[X]k\ik_\nXi1
?fccpnff[Y\ZXd\k_\_lYf]^cfYXc]`cdgif[lZk`fe%
@eYi`\]1X]k\ik_\nXi#n\Xi\`eXe\n\iX%?\i\#`kZXeY\j\\e#Xj`efk_\iXi\Xj#
k_Xkk_\(0k_Z\eklipcXjk\[lek`c(0(+#Xjjl^^\jk\[`ek_\k_\fipglk]finXi[Yp
k_\<e^c`j__`jkfi`Xe<i`Z?fYjYXnd%
K_\Z`e\dXf]k_\\Xicpp\Xijjk`cc]fidjXgXikf]k_\Zfek`el`kpf]k_\(0k_
Z\eklip%8ck_fl^_`k`jXdXjjd\[`ld#Xd\[`ldf]k_\)'k_Z\eklip#`k`eXnXp
jpek_\j`j\jXe[jlddXi`j\jk_\gi\Z\[`e^Z\eklip%8e[`k[f\jjf`eXjg\ZkXZlcXi
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
0.
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
m \ijZ_`\[\e\<ijZ_\`ele^j]fid\e[\jJkldd]`cdj%Mfi[\dBi`\^jZ_\`ek`e
=`cd le[ B`ef efZ_ Xcc\j d^c`Z_% EXZ_ [\d Bi`\^ \i]€_ik [Xj B`ef \`e\
JkXe[Xi[`j`\ile^%<`e\?XlgklijXZ_\_`\i]•i`jkqn\`]\cjf_e\[\iLdYilZ_
`e[\i=`cd`e[ljki`\%@jk[`\Mfibi`\^jq\`kefZ_mfdHlXj`dfefgfc[\i]iXe$
qj`jZ_\e=`cdgif[lbk`fe^\b\eeq\`Z_e\k#jfm\icX^\ikj`Z_[`\Gif[lbk`fe
eXZ_[\dBi`\^1?fccpnff[n`i[qldQ\ekild[\in\ckn\`k\e=`cdgif[lbk`fe%
Bliq ^\jX^k1 EXZ_ [\d Bi`\^ Y\]`e[\e n`i lej `e \`e\i e\l\e viX% ?`\i
q\`^k j`Z_# n`\ n`\[\ild XlZ_ `e Xe[\i\e QljXdd\e_€e^\e# [Xjj [Xj (0%
AX_i_le[\ikY`j(0(+Xe[Xl\ik\#n`\\j[`\K_\j\[\j\e^c`jZ_\e?`jkfi`b\ij
<i`Z?fYjYXndY\jX^k%
;XjB`ef[\i8e]Xe^jaX_i\jk\_k`e[\iBfek`el`k€k[\j(0%AX_i_le[\ikj%
FYnf_c\j\`eDXjj\ed\[`ld`jk#\`eD\[`ld[\j)'%AX_i_le[\ikj#jpek_\k`$
j`\ikle[i\j•d`\ik\j]•ij`Z_^\efdd\e^\n`jj\idX\e[Xjmfi_\i^\_\e[\
AX_i_le[\ik% Le[ [Xj klk \j Xl] jg\bkXblc€i\ N\`j\# \`e\d ^ifXik`^\e
8YjZ_cljj]\l\in\ib ^c\`Z_2 \`e ^cfii\`Z_\i le[ \e[^•ck`^\i 6 8YjZ_`\[%
E`Z_keliqX_ci\`Z_\gfglc€i\K_\d\e[\j(0%AX_i_le[\ikj#jfe[\ie[\jj\e
^\jXdk\vjk_\k`ble[D\ekXc`k€k]`e[\ej`Z_`ebfeq\eki`\ik\i=fid`e[`\j\e
=`cdgif[lbk`fe\en`\[\i%;`\J\_ejlZ_keXZ_<ofk`b#[\i?Xe^qld<bc\bk`$
q`jdlj# [Xj 9\[•i]e`j ql dfiXc`j`\i\e# ^\gXXik d`k \`e\d \Y\ejf ^if\e
9\[•i]e`jeXZ_Q\ijki\lle^#\`e\^\e\i\cc\E\l^`\iXl][`\N\ckjfn`\j`\`jk
[\eb\en`ieliXe[`\N\ckXljjk\ccle^\e #[`\I\`j\c\`[\ejZ_X]kle[K\Z_e`b$
Y\^\`jk\ile^¿[`\jj`e[eli\`e`^\[\ikpg`jZ_\eK_\d\e]•i[`\j\jd`k[\i
9\cc\<gfZ_\Xlj^\_\e[\AX_i_le[\ik%
NXj[`\j\jB`efmfiXcc\db\eeq\`Z_e\kle[\j^ile[c\^\e[mfdB`ef[\i
(0)'\iAX_i\lek\ijZ_\`[\k#`jk[`\KXkjXZ_\#[Xjj\jj`Z_ld\`eB`ef[\j
bliq\e=`cdj_Xe[\ck%J\cYjkXcjÆ`ejY\jfe[\i\eXZ_[\e(0('\iAX_i\eÆ[\i
CXe^]`cd`e<ijZ_\`ele^ki`kk#Yc\`Yk[`\j\jB`ef[fZ_`dN\j\ekc`Z_\e[\e
=`cd\emfebliq\i;Xl\iki\l%<j_Xe[\ckj`Z_ld[\eMfic€l]\i[\j>\ei\j
ÙBliq]`cdÈ Æ ql j\`e\i Q\`k [Xj i\`Z_jk\# m`\c]€ck`^jk\ le[ \i]fc^i\`Z_jk\
>\ei\•Y\i_Xlgk%C\kqk\e[c`Z_`jk[`\jXlZ_\`eBXg`k\c`e[\i>\jZ_`Z_k\[\i
FY\i_Xlj\e\iBliq]`cdkX^\%
Lek\i[\ibliq\e;Xl\i#[`\nf_c^\d\ibk\ijk`dEXZ__`e\`eXcjJZ_n€Z_\
f[\i DXe^\c Y\kiXZ_k\k nli[\ Æ [X_\i XlZ_ [`\ 9\q\`Z_ele^ Ùgi`d`k`mÈ $#
jZ_\`ek[\i]i•_\=`cd•Y\i_Xlgke`Z_k^\c`kk\eql_XY\e%>Xeq`d>\^\ek\`c#
j`\jZ_\`ekn\e`^\i\`ek\Z_e`jZ_\iQnXe^Xcjj\`e\9\jk`ddle^^\n\j\eql
j\`e% ;`\ B•iq\ [\i =`cd\ \ekjgi`Z_k ^\eXl [\d Q\`k^\`jk# j\`e\i vjk_\k`b
le[j\`e\iD\ekXc`k€k%DXem\i^\^\en€ik`^\j`Z_#[Xjj[`\bliq\=fidXlZ_
`e[\iC`k\iXkliXcc^\^\en€ik`^le[j\_iY\c`\Yk`jk#n`\\j\knX[Xj>\ei\
[\iÙEfm\cc\Èq\`^k%@eM\i^\jj\e_\`k^\iXk\e`jkXcc\i[`e^j[`\^if\9c•k\
[\j<`eXbk\ij`dK_\Xk\iY\i\`Z_%Bc\`e\Cljkjg`\c\le[Jb\kZ_\Y\c\Y\e[`\
I\ml\ele[[`\MXi`\k„mfijk\ccle^\e%@e[\iDlj`b`jk[`\jXlZ_[`\^if\
Q\`k[\j:_Xejfej1[`\bliq\=fidgXi\oZ\cc\eZ\%Mfe[\iC`k\iXkli•Y\i[`\
[Xijk\cc\e[\e B•ejk\ Y`j `e [\e 9\i\`Z_ [\j M`jl\cc\e1 ;`\ bliq\ =fid `jk
Xcc^\^\en€ik`^# `e [\i _f_\e Blejk n`\ `e [\i Gfglc€iblejk% GcXbXk\ le[
:fd`Zj#N`kqY`c[\if[\iGfjkbXik\e1J`\n\i[\e`e\efid\eD\e^\egif[lq`\ik
le[\i]i\l\ej`Z_`e[\eAX_i\emfi[\i<`e]•_ile^[\jB`e\dXkf^iXg_\e#[\ej`\
`e[\e\ijk\eAX_i\ej\`e\j;Xj\`ejY\^c\`k\e#^ik\i9\c`\Yk_\`k%E`Z_kql
m\i^\jj\e#[Xjj[`\d\`jk\eIfdXe\i\`Z_`ccljki`\iknXi\e%Bliqle[Y•e[`^
n`i[ [`\ @ccljkiXk`fe Xcj m`jl\cc\ =fid 9\jkXe[k\`c le[ Bfdd\ekXi \`e\i
c€e^\i\e<iq€_cle^1[\jIfdXej%
Le[jfcck\\j\i]fi[\ic`Z_j\`e#Xlj]•_ic`Z_\iqln\i[\e#ldY\`jg`\cjn\`j\
XejgilZ_jmfcc\i\>\jZ_`Z_k\eql\iq€_c\e#Xcj[`\j`ebliq\i=fidd^c`Z_
n€i\#n`i[jZ_c`Z_kj\^d\ek`\ik%;\iIfdXen`i[\`e]XZ_kX^k€^c`Z_Xcj=fik$
j\kqle^jifdXem\i]]\ekc`Z_k%Jf^XiXl][\i\_\iXejgilZ_jmfcc\i\ec`k\iX$
i`jZ_\e <Y\e\ `jk \j [liZ_Xlj •Yc`Z_# N\ib\ mfe Jk\e[_Xc# ;ldXj# 9XcqXZ
f[\i;`Zb\ejXcjk€^c`Z_\=fikj\kqle^jifdXe\qlm\i]]\ekc`Z_\e%
;\iB`e\dXkf^iXg_m\in\ik\k`e[\e\ijk\eAX_i\ej\`e\j;Xj\`ejXcc[`\j\
=fid\e le[ JkiXk\^`\e% ;\i =fikj\kqle^j]`cd `jk _`\i eli \`e 9\`jg`\c mfe
m`\c\e%<`e>\ei\#[XjmfiXcc\deXZ_[\e(0('\iAX_i\egfglc€in`i[#XY\i
jZ_fe\`e`^\AX_i\mfi_\i\o`jk`\ik#n`\\knX[`\Y\i•_dk\J\i`\M`\j\kdfik
[\EJA„jlj:_i`jk#[`\[\dGlYc`bld`e<g`jf[\emfi^\]•_iknli[\¿
<`e\bc\`e\9\d\ible^XdIXe[\%
@e [\i =`cd^\jZ_`Z_k\ cXe^\ Q\`k dXi^`eXc`j`\ik# `jk [`\ bliq\ =fid# [\i
Bliq]`cd#d`k[\i<`e]•_ile^[\j=\iej\_\ejY`jqllej\i\e_\lk`^\e>\g]cf$
^\e_\`k\ePflKlY\:f Æn`\[\iÆql\`e\idX^\Yc`Z_\eI\Xc`k€k^\nfi[\e#
dXee\i# c`b\ X dX^e`]`Z\ek Zcfj`e^ [`jgcXp f] ]`i\nfibj1 X ^cfi`flj Xe[ ]`eXc 6 ]Xi\n\cc%K_\j\]`cdjgfikiXp`eZfeZ\ekiXk\[]fidefkfecpXeldY\if]gfglcXi
k_\d\jf]k_\(0k_Z\eklip#YlkXcjf`kj\ek`i\X\jk_\k`ZjXe[d\ekXc`kp%K_\cfe^`e^
]fik_\\ofk`Z#k_\gi\[`c\Zk`fe]fi\Zc\Zk`Z`jd#k_\e\\[kfdfiXc`j\Zflgc\[n`k_
Xe\hlXccp^i\Xke\\[]fi[`m\ij`fe#X^\e\iXcZli`fj`kpXYflkk_\nfic[Xj`k`jfe\
fecp_Xjkfk_`ebf]k_\nfic[\ogfj`k`fej #k_\gXjj`fe]fikiXm\cXe[\ek_lj`Xjd
]fik\Z_efcf^p%%%k_\j\Xi\aljkjfd\f]k_\k_\d\jZ_XiXZk\i`jk`Zf]k_\Z\eklip
k_Xk\e[\[n`k_k_`jÈ9\cc\<gfZ_\É%
N_Xkgi`dXi`cpZ_XiXZk\i`j\jk_`jZ`e\dXXe[j\kj`k]le[Xd\ekXccpXgXik]ifd
k_\Z`e\dXf]k_\(0)'j`jk_Xk`k`jXZ`e\dXf]k_\j_fik]`cd%<m\en_\eÆ\jg\Z`Xccp
X]k\i(0)'Æ]\Xkli\]`cdjXgg\Xi\[fek_\jZ\e\#k_`jZ`e\dXi\dX`e\[cfpXcdX`ecp
kf]`cdjf]j_fik[liXk`fe%K_\j\n\i\k_\gi\[\Z\jjfijf]k_\^\ei\f]Èj_fik]`cdÉ
Æn_`Z_#Xkk_\k`d\#nXjk_\i`Z_\jk#dfjk[`m\ij\Xe[dfjkjlZZ\jj]lc^\ei\f]Xcc%8cc
`eXcc#k_`j`jXcjfXZ_Xgk\i`ek_\_`jkfipf]k_\J_fik=`cd=\jk`mXc`eFY\i_Xlj\e%
<Xicp]`cdjj\\dkf_Xm\jl]]\i\[ef[`jX[mXekX^\]ifdk_\`ij_fik[liXk`fe#
n_`Z_#`kj_flc[Y\efk\[#nXjj\\eXjXn\Xbe\jjfi[\]`Z`kfecp`ei\kifjg\Zk
c\X[`e^kfk_\cXY\cf]Ègi`d`k`m\É %Fek_\ZfekiXip#]Xi]ifdY\`e^k_\i\jlckf]
k\Z_e`ZXce\Z\jj`kp#k_\`ic\e^k_j\\djkfY\Xcdfjkgi\[\jk`e\[%K_\Yi\m`kpf]k_\
]`cdj Zf_\i\j gi\Z`j\cp n`k_ k_\ q\`k^\`jk# k_\ X\jk_\k`Zj Xe[ d\ekXc`kp f] k_\
k`d\j%@kj_flc[Y\i\d\dY\i\[k_Xkj_fik]fidjn\i\Xcjffde`gi\j\ekXe[m\ip
gfglcXi`ec`k\iXkli\#]fi\oXdgc\#XjZXeY\j\\e`ek_\^\ei\f]k_\Èefm\ccXÉ%
N_Xk_Xj#_fn\m\i#Y\\e]fi^fkk\e`jk_\Yli^\fe`e^f]k_\fe\$XZkgcXp`ek_\]`\c[
f]k_\Xki\%J_fikZfd\[`\jXe[jb\kZ_\jfeZ\]`cc\[i\ml\jXe[mXi`\kpj_fnj%@e
dlj`Z#k_`jnXjXcjfk_\^fc[\e\iXf]k_\Z_Xejfe1k_\j_fik]fidgXi\oZ\cc\eZ\%
=ifdc`k\iXkli\Xe[k_\g\i]fid`e^Xikjkfk_\]`\c[f]m`jlXcXik1j_fik]fidjn\i\
\m\ipn_\i\ kf Y\ ]fle[# `e È_`^_É Xik Xe[ `e gfglcXi Xik% Gfjk\ij Xe[ Zfd`Zj#
ZXikffej fi gfjkZXi[j1 Xcc n\i\ gif[lZ\[ `e _l^\ Xdflekj Xe[ \eafp\[ ^i\Xk
gfglcXi`kp `e k_\ p\Xij Y\]fi\ k_\ Xii`mXc f] Z`e\dXkf^iXg_\ij# Xe[ n\ek fe kf
XZZfdgXepk_\`i]`ijkp\Xijf]\o`jk\eZ\%Efkkf]fi^\kk_Xkdfjkefm\cjn\i\i`Z_cp
`ccljkiXk\[1`ccljkiXk`feXjXj_fikm`jlXc]fidY\ZXd\XgXikf]Xe[Zfdd\ekXipfe
Xcfe^\ikpg\f]eXiiXk`m\#k_\efm\c%
8e[ `] k_\ e\\[ nXj ]\ck kf ^f `ekf ^i\Xk\i [\kX`c Æ ]fi \oXdgc\# kf k\cc dfi\
\cXYfiXk\jkfi`\jk_XenXjgfjj`Yc\`ej_fik]fidÆk_`e^jn\i\j`dgcp[`m`[\[lg%
8efm\cnXjglYc`j_\[[X`cp`ej\i`Xc`j\[]fid%<m\eXkXdfi\jfg_`jk`ZXk\[c`k\iXip
c\m\c#`knXjm\ipZfddfekfglYc`j_nfibjYpJk\e[_Xc#;ldXj#9XcqXZfi;`Zb\ej
`e[X`cp`ejkXcd\ekj%
@ek_\]`ijkp\Xijf]k_\`i\o`jk\eZ\#Z`e\dXkf^iXg_\ijlj\[Xccf]k_\j\]fidj
Xe[ jkiXk\^`\j% J\i`Xc ]`cdj Xi\ aljk fe\ f] dXep \oXdgc\j% K_`j `j X ^\ei\ k_Xk
Y\ZXd\gfglcXigXik`ZlcXicpX]k\i(0)'#Ylk\o`jk\[j\m\iXcp\Xij\Xic`\i#jlZ_Xj
k_\]Xdfljj\i`\jM`\j\kdfik[\EJA„jlj:_i`jk#n_`Z_nXjgi\j\ek\[kfk_\glYc`Z
`e\g`jf[\j%%%
8j_fiki\dXib`egXjj`e^%
8]k\iY\`e^dXi^`eXc`j\[]fidfjkf]]`cd_`jkfip#]ifdk_\Xii`mXcf]k\c\m`j`fe
kffligi\j\ek$[XpgiXZk`Z\jPflKlY\:f% k_\j_fik]fid#j_fik]`cd#_XjX^X`e Y\Zfd\Xj`^e`]`ZXeki\Xc`kp#fi\m\eXjpjk\df]i\]\i\eZ\`ek_\d\[`X]`\c[%K_\
jXd\^f\j]fik_\j_fik#X[[`k`m\]fidf]k_\k\c\m`j`fej\i`\j%
Jf#kfZfd\YXZbkfflifi`^`eXchl\jk`fe#[fn\i\Xccp_Xm\ZXlj\kfY\jli$
gi`j\[k_XkZ`e\dX\og\ikjXe[efidXcm`\n\ij`ek_\(0)'jn\i\efkZXgXYc\Xep
dfi\ f]Xggi\Z`Xk`e^k_\j\]`cdj#c\kXcfe\f]le[\ijkXe[`e^k_\d68]k\ik_\nXi#
Z`e\dXY\ZXd\jkXe[Xi[`j\[kfjlZ_Xe\ok\ekk_Xk]\Xkli\]`cdj#`%\%#]`Zk`fe]`cdj#
Y\ZXd\k_\efid%=ifdk_\efe#È^f`e^kfk_\Z`e\dXÉd\Xek1nXkZ_`e^X]\Xkli\
]`cd%
K_`j`jm\ip[`]]\i\ek]ifdk_\Z`e\dXkf^iXg_`Z\og\i`\eZ\`ek_\\Xicpp\Xij%
<m\e`]]`Zk`fegcXp\[XcXi^\ifc\#`knXjefkk_\ek_\efid%Dfi\fm\iÆXe[k_`j`j
k_\ZilZ`Xcgf`ekÆXZ`e\dXgif^iXdd\XcnXpjf]]\i\[Xcfkf]mXi`\kp%MXi`\kpXe[
[`m\ij`kpilc\[k_\[Xp%@knXjXZ`e\dXf]XkkiXZk`fej#Xj>Xl[i\XlckXe[>lee`e^
ZXcc\[k_\gif[lZk`fejf]k_\]`ijk[\ZX[\Ægi`eZ`gXccp]X`i^ifle[Xe[kiXm\cc`e^
Z`e\dXÆYlkXYfm\XccXZ`e\dXf][`m\ij`kpXe[[`m\ij`fe%
K_\Zfdg`cXk`fef]XmXi`\[gif^iXdd\nXjf]^i\Xk`dgfikXeZ\%9\ZXlj\k_\
]`cdjn\i\j_fik#k_\p_X[kfY\jb`c]lccpZfdY`e\[Xe[dXkZ_\[n`k_\XZ_fk_\i%@e
0/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
n\eee`Z_kjf^Xiqld9\ql^jjpjk\d`dD\[`\eY\i\`Z_%;Xj^`ck•Yi`^\ejXlZ_
]•i[`\bliq\#X[[`k`m\=fid[\i=\iej\_j\i`\%
DljjdXej`Z_Xcjfn`ibc`Z_nle[\ie#le[[Xd`kbfdd\en`iXl]lej\i\
8e]Xe^j]iX^\qli•Zb#[Xjjjfnf_c:`e\g_`c\XcjXlZ_\`e]XZ_\QljZ_Xl\i`e
[\e(0)'\iAX_i\ee`Z_kd\_i `e[\iCX^\j`e[#[`\j\=`cd\qljZ_€kq\e#
^\jZ_n\`^\ [\ee ql m\ijk\_\e6 EXZ_ [\d Bi`\^ n`i[ [Xj B`ef kXkj€Z_c`Z_
[\iXikjkXe[Xi[`j`\ik#[Xjj[\iCXe^]`cd#[%_%[\iJg`\c]`cd#qliEfidn`i[%
Ù@ejB`ef^\_\eÈY\[\lk\kmfe[XXe1\`e\eJg`\c]`cdXejZ_Xl\e%
>Xeq Xe[\ij [Xj b`e\dXkf^iXg_`jZ_\ <ic\Ye`j [\i 8e]Xe^jaX_i\% 8lZ_
n\ee j`\ \`e\ n`Z_k`^\ Ifcc\ jg`\ck# `jk [`\ =`bk`fe [XdXcj e`Z_k [`\ Efid%
8l\i[\dÆle[[Xj`jk\ekjZ_\`[\e[ÆY`\k\k\`eB`efgif^iXdd`dd\im`\c
8Yn\Z_jcle^%8Yn\Z_jcle^le[M`\c]Xckj`e[dX^\Y\e[%<j_Xe[\ckj`Z_ld
\`eB`ef[\i8kkiXbk`fe\e#n`\>Xl[i\Xlckle[>lee`e^[`\Gif[lbk`fe\e[\j
\ijk\eAX_iq\_ekj#`ejY\jfe[\i\[XjIldd\cgcXkq$le[NXe[\ib`efeXeek\e#
XY\imfiXcc\dld\`eB`ef[\iM`\c]Xckle[[\iQ\ijki\lle^%
;`\ QljXdd\ejk\ccle^ \`e\j XYn\Z_jcle^ji\`Z_\e Gif^iXddj `jk [Xj
Xcc\in`Z_k`^jk\%;X[`\=`cd\bliqj`e[#dljjdXej`\^\jZ_`ZbkbfdY`e`\i\e#
\`e\eXl][\eXe[\i\eXYjk`dd\e%Bliq1<j\ekn`Zb\ckj`Z_\`e\nX_i\Blejk
[\iGif^iXdd^\jkXckle^%
8lZ__`\iÆle[[Xj`jkn`\[\ild\`e\9\^c\`k\ijZ_\`ele^[\ibliq\e=fidÆ
\ekjgi\Z_\e [`\ Blejk [\i :fccX^\# [\i DfekX^\# [\j Ù8cc\ic\`È le[ [\j
ÙGXkZ_nfibÈ[liZ_Xlj[\dQ\`k^\`jk%;`\M`\c]Xck^XiXek`\ikQ\ijki\lle^%
Bliq]`cd\Xcjf#[`\Y\`[\eBliq]`cdkX^\e`eFY\i_Xlj\e^lkXl]^\_fY\e
j`e[%8Y\i[XjXlZ_Xlj\`e\dn\`k\i\e>ile[1`_i\iÙ\og\i`d\ek\cc\eÈJ\`k\
n\^\e%?`\i_XY\en`i\jd`kB`efqlkle#[Xjj`Z_j\cYjk\i]`e[\k#[Xj^\iX[\
[XjB`ef\i]`e[\kE`Z_keli#n\ee\j`dnX_ijk\eJ`ee\[\jNfik\jldKi`Zb$
]`cd\ ^\_k Æ n`\ Y\` [\e =`cd\e J\^le[f [\ :_fdej f[\i <d`c\ :f_cj Æ#
jfe[\ieY\`Xcc\d#nXj[XjBXd\iXfYa\bk`m`ej9`c[j\kqk%;`\j\=i\l[\Xe[\i
<ek[\Zble^[\iN\ck#Xe=`bk`fele[E`Z_k]`bk`fe#`jkjg•iYXile[dXZ_k\`e\e
^if\eK\`c[\jM\i^e•^\ej[\i_\lk`^\eQljZ_Xl\iXlj%?`\iY\^\^e\en`i
e`Z_k\knX\`e\dn\ck]i\d[\eB`ef#jfe[\ie\`e\dale^\ele[e\l^`\i`^\e
B`ef#Y\iXljZ_kmfe[\eD^c`Z_b\`k\e#[`\[\i8l]eX_d\$le[Gifa\bk`fej$
XggXiXkle[[Xj`eJq\e\^\j\kqk\Y\n\^k\9`c[qlY`\k\e_XY\e%
EfZ_jZ_\`ekXcc\jd^c`Z_Æjfnf_c`ee\i_XcY[\i>\ei\jXcjXlZ_`e[\i
?\iXe^\_\ejn\`j\Xe[`\j\cY\e%8lZ_n\eej`Z_[\i]i•_\=`cdXl]q\`k^\$
ejj`jZ_\ ;Xijk\ccle^jb•ejk\ jk•kqk# j`Z_ mfe `_e\e `ejg`i`\i\e c€jjk le[
i\`Z_c`Z_Xlj[\dkiX[`k`fe\cc\ele[\kXYc`\ik\e<iY\[\j(0%AX_i_le[\ikj
jZ_g]k#jfY\\`e[ilZbk[fZ_j\`e^Xeqe\l\i9c`Zb#aX[`\Lem\i]ifi\e_\`k#
d`k[\iB`ef^Xeq\`e]XZ_gif[lq`\ikn`i[%
@dM\i^c\`Z_[Xql\ijZ_\`ek[Xj^if\Jkldd]`cdb`ef[\i(0)'\iAX_i\
^\iX[\qlm\iXidk2Xcc[`\D^c`Z_b\`k\ele[e\l\eN\^\#[`\[XjB`ef[\i
8e]Xe^jaX_i\\ek[\Zbk_Xkk\¿m\i[i€e^kle[m\i^\jj\e%9\`[\eJg`\c]`cd\e
[\iJkldd]`cd€iX_XY\en`i\jd`k\`e\djkXe[Xi[`j`\ik\eB`efqlkle%8lj
[\i8eXiZ_`\le[[\iM`\c]Xck`jk[Xj^\nfi[\e#nXj`e[\i=\iej\_YiXeZ_\
_\lkqlkX^\XcjÙ=fidXkÈY\q\`Z_e\kn`i[%
fk_\infi[j#Xm\i`kXYc\Xikf]gif^iXdd\[\j`^e\mfcm\[%
8e[_\i\ÆXe[k_`j#X^X`e#`jXZfeZfd`kXekg_\efd\efef]k_\j_fik]fidÆk_`j
Xikf]ZfccX^\#dfekX^\#f]gfkgflii`#f]gXkZ_nfib#XZZfi[\[n\ccn`k_k_\jg`i`kf]
k_\k`d\j%;`m\ij`kp`jX^lXiXek\\f][`m\ij`fe%
Jf#j_fik]`cdjk_XkXi\`e^ff[_Xe[jXkk_\J_fik=`cd=\jk`mXc`eFY\i_Xlj\e%
9lkXcjf]fiXefk_\ii\Xjfe1Y\ZXlj\f]k_\`iÈ\og\i`d\ekXcÉXjg\Zk%?\i\#n\_Xm\
kf[fn`k_XZ`e\dXk_Xk`em\ekj`kj\c]#k_Xk`j`em\ek`e^Z`e\dXEfkfecpn_\ek_\p
Xi\#`ek_\kil\jkj\ej\f]k_\nfi[#ki`Zb]`cdjÆXj`jk_\ZXj\n`k_k_\]`cdjf]
J\^le[f[\:_fdefi<d`c\:f_c$#Ylkn`k_\m\ipk_`e^i\e[\i\[m`j`Yc\Ypk_\
ZXd\iXc\ej%K_`j[\c`^_k`e[`jZfm\i`e^k_\nfic[#`e]`Zk`feXe[efe$]`Zk`fe#ZXeY\
]\ck#Xe[Zfejk`klk\jXcXi^\gXikf]k_\\eafpd\ekf]kf[XpËjm`\n\ij%K_`j`jefk
eX`m\Z`e\dX#YlkZ`e\dXk_Xk`j]i\j_Xe[Zli`flj1`e\Yi`Xk\[#jfkfjg\Xb#Ypk_\
gfjj`Y`c`k`\jf]]\i\[Yfk_Ypk_\XggXiXklj\j]fii\Zfi[`e^Xe[gifa\Zk`e^#Xe[Yp
k_\dfm`e^g`Zkli\glk`eX[iXdXk`ZZfek\ok%
8epk_`e^jk`ccj\\djgfjj`Yc\ÆYfk_n`k_`ek_\^\ei\Xe[`ek_\XggifXZ_\jkf
`k%<m\e`]\Xicp]`cdj[i\nfeXe[n\i\`ejg`i\[YpZfek\dgfiXipg\i]fid`e^Xikj#
Xe[dX[\]i\\lj\f]k_\kiX[`k`feXcXe[\jkXYc`j_\[c\^XZpf]k_\(0k_Z\eklip#
k_\`iZfdgc\k\cpe\nflkcffb#Xe[`e[\\[k_\`ejfc\eZ\n`k_n_`Z_Z`e\dXnXj
dX[\Xe[gif[lZ\[#i\dX`e`dgi\jj`m\%
K_\^i\Xkj`c\ek$]`cdZ`e\dXf]k_\(0)'jj\\djXcdfjk`dgfm\i`j_\[`eZfd$
gXi`jfe#n`k_Xcck_\gfjj`Y`c`k`\jXe[e\n[`i\Zk`fejk_Xk_X[Y\\e[`jZfm\i\[Yp
k_\Z`e\dXf]k_\\Xicpp\Xiji\gi\jj\[Xe[]fi^fkk\e%K_\]`cdjf]k_\j`c\ek$]`cd
\iXi\]c\ZkXjkXe[Xi[`jXk`fef]Z`e\dX%=ifdk_\XeXiZ_pXe[[`m\ij`kpXifj\k_Xk
n_`Z_#`ek_\k\c\m`j`fe`e[ljkip#`jkf[XpZXcc\[È]fidXkÉ%
DXi`XeeC\n`ejbp
DXi`Xee C\n`ejbp gifdfm`\ik\ •Y\i aXgXe`jZ_\ 8mXek^Xi[\ le[ c\`k\k `e
9fcf^eXj\`k)''+[XjGifa\bkÙ8?le[i\[P\Xij8^fÈ%J`\bliXk`\ik=\jk`mXcj
le[8ljjk\ccle^\e#i\jkXli`\ik=`cd\l%X%mfe<ccXDX`ccXik le[c\_ikXe[\i
Le`m\ij`k€kQ•i`Z_%
DXi`XeeC\n`ejbp\Xie\[_\i[fZkfiXk\n`k_X[`jj\ikXk`fefek_\AXgXe\j\XmXek$
^Xi[\Xe[_XjY\\e[`i\Zkfif]k_\gifa\ZkÈ8?le[i\[P\Xij8^fÉ`e9fcf^eXj`eZ\
)''+%J_\ZliXk\j]\jk`mXcjXe[\o_`Y`k`fej#i\jkfi\j]`cdjYp<ccXDX`ccXikXe[fk_$
\ij Xe[k\XZ_\jXkk_\Le`m\ij`kpf]Qli`Z_%
=`cdjq\e\Xlj=`cdjk`cc]ifdD`kZ_\ccXe[B\epfe..)J\[^n`ZbËj9`fjZfg\J_fn]ifekXkG\e[c\Ylip
NXb\j#=fkfG_fkf19i`k`j_=`cd@ejk`klk\
<i`Z[\Blpg\i
<i`Z[\Blpg\i`jk<og\i`d\ekXc]`cd\ile[8lkfi%<i\ekn`Zb\ckXe`ejg`i`\$ <i`Z[\Blpg\i`jXe\og\i`d\ekXc]`cd[`i\ZkfiXe[ni`k\i%?\Zi\Xk\[Xikg\i]fi$
i\e[\eFik\eBlejkg\i]fidXeZ\jd`k]i•_\e=`cd\e`eBfdY`eXk`fed`kDlj`b dXeZ\jf]\Xicp]`cdjn`k_`e`ejg`i`e^\em`ifed\ekj@dX^`eX`i\j\eZfek\ok\ Xe[
`eZfdY`eXk`fen`k_nfibjf]dlj`Z%
@dX^`eX`i\j\eZfek\ok\ %
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
00
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
GiXbk`jZ_\?`en\`j\qldGif^iXddGiXZk`ZXcEfk\jfek_\Gif^iXdd\
mfeDXi`XeeC\n`ejbp
N`\m`\c\ =`cd\ j`e[ n\ckn\`k qn`jZ_\e (/0/ le[ (0(/ \ekjkXe[\e6 <`e`^\
q\_ekXlj\e[%N`\m`\c\[Xmfe_XY\e[`\Q\`kj\`k`_i\i<ekjk\_le^^Xeqf[\i
k\`cn\`j\•Y\ijkXe[\e6<`e`^\kXlj\e[%N`\m`\c[Xmfeq\`^\en`i`eFY\i_Xl$
j\e6<knX_le[\ik%NXild[`\j\le[e`Z_kXe[\i\le[nXildjf^ilgg`\ik
le[e`Z_kXe[\ij6
<`e=\jk`mXcgif^iXddi\jlck`\ik\`e\ij\`kjXlji\Xc\e9\[`e^le^\eÆ>\c[#
Q\`kle[Mfi]•_iq\`kj`e[Y\jZ_i€ebk$#Xe[\i\ij\`kjXlj\`e\icXe^\eB\kk\mfe
<ekjZ_\`[le^\e [\i BliXkfi\e% J\_i ]i•_ dljjk\e K`k\c le[ Lek\ik`k\c ]\jk$
^\c\^k n\i[\e% ;\e Q\`kiX_d\e mfe (/0/$(0(/ n€_ck\e n`i jf ^ifq•^`^# ld
m`\c\ D^c`Z_b\`k\e f]]\e ql _Xck\e% Bfebi\k _XY\e n`i `_e [Xee d`k =`cd\e
mfin`\^\e[Xlj[\eAX_i\e(0',$('^\]•cck#[Xn`i[`\j\Q\`k]•i[`\`ek\i\j$
jXek\jk\#\og\i`d\ek\ccjk\_Xck\e%<`e\q\`kc`Z_Yi\`k\i\Jki\lle^_€kk\ql\`e\i
Jkilbkli[\jM\i^c\`Z_jmfeMfi_\ile[EXZ__\i^\]•_ikle[`dX^`e€i\[`XZ_if$
e\<ekn`Zbcle^jc`e`\e^\qf^\e#le[[Xjnfcck\en`im\id\`[\e%@e[\ibfdgXbk\e
8ljnX_cn`i[#_f]]\en`i#[`\jpeZ_ife\M`\c]Xcki`Z_k`^nX_ie\_dYXi%
<`e\qn\`k\9\jZ_i€eble^1N`i_XY\e]XjkXljeX_djcfj\lifg€`jZ_\#Y\$
q`\_le^jn\`j\]iXeqj`jZ_\K`k\cgif^iXdd`\ik#[`\j`dJ`ee\\`e\i>\^\e$
]`cd^\jZ_`Z_k\qliXckY\bXeek\e#n\cZ_\mfe[\eXd\i`bXe`jZ_\eG`fe`\i\e
[\iDfekX^\#Gfik\ile[>i`]]`k_#_Xe[\ck%KXkj€Z_c`Z_nXi[`\]iXeqj`jZ_\
=`cd`e[ljki`\Y`jqld<ijk\eN\ckbi`\^Xl][\e=`cdd€ibk\en\ckn\`k]•_i\e[%
;Xj_Xkk\^lk\>i•e[\1^lk\=`cd\%
=•i[`\Gif^iXdd^\jkXckle^le[$XljnX_cXlj[\d>\n`iimfe?le[\ik\e
mfe=`cd\e_XY\en`i\`e\€_ec`Z_\D\k_f[\^\n€_ck#n`\j`\;fc]Jk\ieY\i^\i
`dMfinfikj\`e\jnle[\iYXi\e9lZ_\jGXefiXdXf[\i8ej`Z_k\emfd(0%AX_i$
_le[\ik(0*/ mfijk\cck%<j_Xe[\c\j`Z_ld\`e\eM\ijlZ_#[XjÙ>\j`Z_k[\i
M\i^Xe^\e_\`kÈqlY\kiXZ_k\ele[\`eq\ce\Q•^\eXZ_qlq\`Z_\e#Ùi\`eg_pj`f$
^efd`jZ_#Xefi[e\e[#Y\jZ_i\`Y\e[È#e`Z_kbi`k`jZ_#e`Z_k\ibc€i\e[%Jk\ie$
Y\i^\ieXeek\j\`eMfi^\_\eXlZ_Ùbfe]`^liXk`mÈ#[\ee[liZ_[`\NX_c#BfdY`$
eXk`fele[8efi[ele^mfeQ`kXk\e#`elej\i\d=Xcc\[\i=`cd\#]•^\j`Z_[Xj
>\n`iiÙ`eGXik`\en\e`^jk\ejÈql\`e\ic\j\ic`Z_\eJZ_i`]k#[`\n`iÙY\kiXZ_$
k\ele[ql\ekq`]]\iem\ijlZ_\eÈ#[\eeQ`kXk\=`cd\ j\`\eÙ[`\JZ_i`]k[\i
Q\`kj\cYjkÈ(%N`i_XY\em\ijlZ_k#`e[\eGif^iXdd\e\`e`^\]fidXc\le[k_\$
dXk`jZ_\Q•^\[\i\efid\e]`cd`jZ_\eGif[lbk`femfi(0(+eXZ_qlq\`Z_e\e%
;`\j\Gif[lbk`feXcj>Xeq\j`jkXefepd#j\i`\cc#f_e\JkXij#f_e\D\`jk\i$
n\ib\% B\`e Bliq]`cd [`\j\i AX_i\\ek_€ckmfccjk€e[`^j\`e\\`^\e\9\[\l$
kle^#[\ee\`en\j\ekc`Z_\iK\`c[Xmfec`\^k`e[\i=lebk`fe#[`\`_d`d>\$
jXdkgif^iXdd\`e\iB`efmfijk\ccle^qlbfddk%A\[\i=`cd[`\j\iAX_i\nXi
Xcj9ilZ_k\`c\`e\jGif^iXddjmfe\knXqnc]jf^\eXeek\eJq\e\ef[\i9`c$
[\iebfeq`g`\ik#le[e`Z_kXcjXlkfefd\i=`cd%<`eb`e\dXkf^iXg_`jZ_\j9`c[
_Xk \`e\ ^\ei\jg\q`]`jZ_\ KfeXc`k€k2 \j `jk e`Z_k bfdgc\o% ;`\ Bfdgc\o`k€k
[ `\j\iB`e\dXkf^iXg_`\n`i[eli`e[\i>\ei\bfdY`eXk`fe`e\`e\iB`efmfijk\c$
cle^ ]XjjYXi% M\idlkc`Z_ `jk [`\ `e_€i\ek\ Lemfccjk€e[`^b\`k [\j \`eq\ce\e
9`c[\j le[ [`\ M\in\Z_jcle^ d`k \`e\d =`cd \`e >ile[# n\j_XcY [`\ ]i•_\
B
`e\dXkf^iXg_`\^\e\i\cclek\ijZ_€kqkf[\iXlZ_d`jjm\ijkXe[\en`i[%
N`i j`e[ ^c•Zbc`Z_# [`\j\ =`cd\ Xl] [\e @ek\ieXk`feXc\e Bliq]`cdkX^\e
FY\i_Xlj\eqlgi€j\ek`\i\e2[\i=\jk`mXcbfek\okle[[Xj`ek\i\jj`\ik\Gl$
Yc`bldj`e[^lk\9\[`e^le^\e%N`i\inXik\e\knXjmfe[\iDXbif$Gif^iXd$
d`\ile^# [\d BfekiXjk [\i _\lk\ ]Xjk XljjZ_c`\c`Z_ [`^`kXc\e Gif[lbk`fe
le[[\e=`cd\emfemfi_le[\ikAX_i\e#[`\\`e[\lk`^eli`e^if\i;liZ_$
c`Z_kgifa\bk`feXY*,dd]lebk`fe`\i\e%F_e\[`\C\Y\ej^i\jk\cc\ej`Z_
`_i\•Y\iiXjZ_\e[\eHlXc`k€k\e#`_i\jkXle\ejn\ik\JZ_e_\`kle[;`i\bk$
_\`k#e`Z_k\`e%
Ù;`\\`eq`^\nX_i\I\`j\#[\i\`eq`^\Ale^Yilee\en€i\]•ilej#n\een`i
e`Z_ke\l\CXe[jZ_X]k\eXl]jlZ_k\e#jfe[\ieXe[\i\8l^\e_€kk\e#ld[`\
N\ckd`k[\e8l^\e\`e\jXe[\i\eqlY\kiXZ_k\e%%%È)Gifljk ;`\j\=`cd\
j`e[e`Z_k]•ilej\i\8l^\eY\jk`ddk^\n\j\e%J`\qlj\_\e#m\i€e[\ikle$
j\iJ\_\e%
?fn dXep ]`cdj n\i\ dX[\ nfic[n`[\ Y\kn\\e (/0/ le[ (0(/6 J\m\iXc k\e
k_fljXe[%?fndXepf]k_\j\_Xm\jlim`m\[j`eZ\k_\k`d\f]k_\`idXb`e^\ek`i\cp
fi`egXik6J\m\iXck_fljXe[%?fndXepf]k_\dXi\n\j_fn`e^`eFY\i_Xlj\e6
8Yflkfe\_le[i\[%N_pk_\j\]`cdjXe[efkfk_\ij#Xe[n_p^iflg\[Xjk_\pXi\
Xe[efk[`]]\i\ekcp6
8]\jk`mXcgif^iXdd\i\jlckjfek_\fe\_Xe[]ifdi\XcZfe[`k`fejÆdfe\p#k`d\
Xe[k`d\]fijZi\\e`e^Xjn\ccXi\c`d`k\[ÆXe[fek_\fk_\i]ifdXcfe^j\i`\jf]
[\Z`j`fejkXb\eYpk_\ZliXkfij%K`kc\Xe[jlYk`kc\_Xm\kfY\[\Z`[\[lgfecfe^`e
X[mXeZ\% N\ Z_fj\ k_\ YifX[ g\i`f[ ]ifd (/0/$(0(/ kf fg\e lg X n`[\ iXe^\ f]
gfjj`Y`c`k`\j%:feZi\k\cp#n\k_\e]`cc\[`kn`k_]`cdjk_Xkn\i\dfjkcpdX[\`ek_\
p\Xij(0',$('#Xjn\]\ckk_`jg\i`f[nXjk_\dfjk`ek\i\jk`e^Xe[\og\i`d\ekXc%8
n`[\ijZfg\nflc[_Xm\c\[kfXZfdgXiXk`m\jkilZkli\f]ÈY\]fi\ÉXe[ÈX]k\iÉXe[
[iXne`dX^`eXip[`XZ_ife`Zc`e\jf]\mfclk`fe#jfd\k_`e^n\nXek\[kfXmf`[%K_`j
ZfdgXZkj\c\Zk`fen`cc#n\_fg\#dXb\k_\jpeZ_ife`Z[`m\ij`kpZc\Xicpg\iZ\gk`Yc\%
8j\Zfe[i\jki`Zk`fe1n\_Xm\kXb\eXcdfjkfecp<lifg\Xefi=i\eZ_]`cdj`eX
Y`[kfZi\Xk\X_`jkfipf]]`cdk_XkZflek\iYXcXeZ\jk_\]Xd`c`Xife\[\Xc`e^n`k_
k_\8d\i`ZXeg`fe\\ijf]\[`k`e^k\Z_e`hl\#Gfik\iXe[>i`]]`k_%K_\=i\eZ_]`cd
`e[ljkipnXj#`e]XZk#k_\nfic[c\X[\ife]`cddXib\kjlglek`ck_\=`ijkNfic[NXi%
K_`j_X[^ff[i\Xjfej1^ff[]`cdj%
@e[\j`^e`e^Xe[j\c\Zk`e^fligif^iXdd\]ifdk_\aldYc\f]_le[i\[jf]]`cdj#
n\_Xm\Z_fj\eXj`d`cXid\k_f[kfk_Xkflkc`e\[Yp;fc]Jk\ieY\i^\i`ek_\gi\]XZ\
kf_`jnfe[\i]lcYffbGXefiXdXfiM`\njf]k_\(0k_:\eklip(0*/ %K_`j`jXeXkk\dgk
kfcffbXkk_\È]XZ\f]k_\gXjkÉXe[kiXZ\`e[`m`[lXc]\Xkli\j`eXÈgli\cpg_pj`f^ef$
d`Z#ZcXjj`]`ZXkfip#[\jZi`gk`m\ÉnXp#efkZi`k`ZXccpfi\ogc`ZXk`m\cp%Jk\ieY\i^\iXcjf
ZXcc\[_`jd\k_f[ÈZfe]`^liXk`m\É#]fik_\j\c\Zk`fe#ZfdY`eXk`feXe[XiiXe^\d\ekf]
hlfk\jfi#`efliZXj\#f]]`cdjZXlj\jk_\aldYc\ÈXkc\Xjk`egXikjÉkf]fidc\^`Yc\
ni`k`e^k_Xkn\È\oXd`e\Xe[kipkf[\Z`g_\iÉ#j`eZ\hlfk\j]`cdj Xi\Èk_\ni`k`e^f]
k`d\`kj\c]É%(@efligif^iXdd\j#n\_Xm\ki`\[kfkiXZ\jfd\f]k_\]fidXcXe[k_\$
dXk`Z]\Xkli\jf]k_\\efidflj]`cdgif[lZk`feY\]fi\(0(+%
8jXn_fc\#k_`jgif[lZk`fe`jXefepdflj#j\i`Xc#n`k_flkjkXij#n`k_flkdXjk\i$
g`\Z\j%Efj_fik]`cdf]k_\j\p\XijZfekX`ej`kjfne\ek`i\d\Xe`e^#]fiXe`dgfikXek
gXikf]k_`jd\Xe`e^nXj`e_\i\ek`ek_\]leZk`fek_Xkk_\]`cdkffb`ek_\fm\iXcc
gif^iXdd\f]XZ`e\dXgi\j\ekXk`fe%<m\ip]`cdf]k_\j\p\XijnXjZfeZ\`m\[XjgXik
f]Xgif^iXdd\f]jfd\kn\cm\jf$ZXcc\[jZ\e\jfig`Zkli\jXe[efkXjXeXlkf$
efdflj]`cd%8Z`e\dXkf^iXg_`ZjZ\e\_XjX^\ei\$jg\Z`]`ZkfeXc`kp2`k`jefkZfdgc\o%
K_\Zfdgc\o`kpf]k_`jZ`e\dXkf^iXg_pfecpY\Zfd\jg\iZ\gk`Yc\n`k_`ek_\ZfdY`$
eXk`fef]^\ei\j`eXZ`e\dXgi\j\ekXk`fe%K_\`e_\i\ek`eZfdgc\k\e\jjf]k_\j`e^c\
jZ\e\jXe[k_\`iY\`e^Zfe]lj\[n`k_]`cdjXjn\befnk_\dkf[XpdXpY\fe\i\Xjfe
n_p\XicpZ`e\dXkf^iXg_p`j^\e\iXccple[\i\jk`dXk\[fi\m\ed`jle[\ijkff[%
N\Xi\[\c`^_k\[kfgi\j\ekk_\j\]`cdjXkk_\@ek\ieXk`feXcJ_fik=`cd=\jk`mXc
FY\i_Xlj\e2k_\]\jk`mXcZfek\okXe[k_\`ek\i\jk\[Xl[`\eZ\gifm`[\^ff[Zfe[`k`fej%
N\\og\Zkjfd\k_`e^kfXi`j\]ifdk_\dXZif$gif^iXdd`e^#]ifdk_\ZfekiXjkY\kn\\e
k_\Xcdfjk\oZclj`m\cp[`^`kXcgif[lZk`fejf]k_\gi\j\ek[XpXe[k_\]`cdjf]_le[i\[
p\XijX^f#n_`Z_Zc\Xicpfecp]leZk`fe`eXcXi^\*,ddgifa\Zk`fe%K_\`ijligi`j`e^
hlXc`k`\j#k_\`iXjkfe`j_`e^Y\XlkpXe[[`i\Zke\jj#[fefkY\Zfd\dXe`]\jk`]k_\pXi\
efkj_fnec`]\$j`q\[%
ÈK_\fecpkil\aflie\p#k_\fecp]flekX`ef]pflk_]filjnflc[Y\`]n\[`[eËk
m`j`ke\ncXe[jZXg\j#Ylk_X[[`]]\i\ek\p\jkfm`\nk_\nfic[n`k_k_\\p\jf]
Xefk_\i¿%É)Gifljk K_\j\]`cdjn\i\efkd\Xek]fifli\p\j%Kfj\\k_\dZ_Xe^\j
flinXpf]j\\`e^%
(M^c%;fc]Jk\ieY\i^\i#GXefiXdXf[\i8ej`Z_k\emfd(0%AX_i_le[\ik#(0*/
(;fc]Jk\ieY\i^\i#GXefiXdXf[\i8ej`Z_k\emfd(0%AX_i_le[\ik#(0*/
)M^c%DXiZ\cGifljk#8l][\iJlZ_\eXZ_[\im\icfi\e\eQ\`k1;`\>\]Xe^\e\#(0)*#BXg%@@
)DXiZ\cGifljk#ÁcXi\Z_\iZ_\[lk\dgjg\i[l1CXGi`jfee`…i\#(0)*#:_Xg%@@
('' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
N`i[Xeb\eXcc\eY\k\`c`^k\eD\ejZ_\ele[8iZ_`m\e]•i[`\D`kXiY\`k#?`c]\
le[ Lek\ijk•kqle^% F_e\ j`\ _€kk\ [`\j\j bfdgc`q`\ik\ Lek\i]Xe^\e e`Z_k
i\Xc`j`\ikn\i[\ebee\e%8cc\Gif[lbk`fe\emfe>Xldfekle[GXk_„]i…i\j
n\i[\ed`k]i\le[c`Z_\i<icXlYe`jmfe>XldfekGXk_„8iZ_`m\j^\q\`^k%
N\nflc[c`b\kfk_XebXcck_\g\fgc\Xe[XiZ_`m\j`emfcm\[]fik_\`infib#_\cgXe[
jlggfik%N`k_flkk_\d#k_`jZfdgc`ZXk\[gifa\Zknflc[efk_Xm\Y\\eXYc\kfY\
i\Xc`j\[%8ccgif[lZk`fejYp>XldfekXe[k_\GXk_„]i…i\jXi\j_fnen`k_k_\b`e[
g\id`jj`fef]>XldfekGXk_„8iZ_`m\j%
8cc\Gif^iXdd\n\i[\e[liZ_[\eG`Xe`jk\e;feXc[Jfj`eY\^c\`k\k%
;feXc[Jfj`e`jkXcjG`Xe`jk]•i[XjDfD8#[`\=`cdJfZ`\kpf]C`eZfce:\ek\i#
[`\9iffbcpe8ZX[\dpf]Dlj`Zle[[XjDlj\ldf]k_\Dfm`e^@dX^\`eE\n
Pfibk€k`^le[nXiY\`J\d`eXi\e[\j9\ic`e\i=`cddlj\ldjjfn`\`e?XimXi[
le[PXc\ql>Xjk%<ijg`\ck\m`\c\AX_i\Xd9ifX[nXple[bfdgfe`\ik\Dlj`b]•i
m`\c\^if\=`cd]\jk`mXcjn`\\knXÙC\>`ifeXk\[\c:`e\dXDlkfÈ`eGfi[\efe\
le[ Ù:`e\dX I`kifmXkfÈ `e 9fcf^eX% <i ^`Yk Jfe^ni`k`e^$ le[ =`cddlj`b$
Nfibj_fgjXeJZ_lc\ele[:fcc\^\j`e[\eLJ8%
8ccgif^iXdd\jXi\XZZfdgXe`\[Ypk_\g`Xe`jk;feXc[Jfj`e%
;feXc[Jfj`e_XjY\\ei\j`[\ekg`Xe`jkXkDfD8#k_\=`cdJfZ`\kpf]C`eZfce:\ek\i#
k_\9iffbcpe8ZX[\dpf]Dlj`ZXe[E\nPfibËjDlj\ldf]k_\Dfm`e^@dX^\Xe[
_Xj Y\\e X ^l\jk Xk j\d`eXij Xk k_\ 9\ic`e =`cddlj\ld# ?XimXi[# Xe[ PXc\% ?\
gcXp\[fe9ifX[nXp]fidXepp\XijXe[_XjZi\Xk\[dlj`Z]fijZi\\e`e^jXkdXep
dXafi]`cd]\jk`mXcjXj]fi\oXdgc\ÈC\>`ifeXk\[\c:`e\dXDlkfÉ`eGfi[\efe\#
Xe[È:`e\dXI`kifmXkfÉ`e9fcf^eX%?\k\XZ_\jjfe^ni`k`e^Xe[]`cddlj`Znfib$
j_fgjXkjZ_ffcjXe[Zfcc\^\jXccfm\ik_\LJ%
;Xeb
N`i[Xeb\eXcc\e8iZ_`m\e#[`\lej`_i\Bfg`\e]•i[`\j\jGif^iXddqliM\i$
]•^le^ ^\jk\cck _XY\e% 8l\i[\d dZ_k\e n`i lej ^Xeq _\iqc`Z_ Y\` Xcc\e
9\k\`c`^k\e]•i`_i<e^X^\d\ekle[`_i\?`c]\Y\[Xeb\e%F_e\[`\j\Lek\i$
jk•kqle^_€kk\[`\j\jGif^iXdde`Z_ki\Xc`j`\ikn\i[\ebee\e%
K_Xebj
N\nflc[c`b\kfk_XebXccXiZ_`m\jk_Xk_Xm\dX[\k_\`iZfg`\jXmX`cXYc\kfY\
jZi\\e\[ `e k_`j gif^iXdd\% Dfi\fm\i# n\ nflc[ Xcjf c`b\ kf k_Xeb \m\ipfe\
`emfcm\[]fik_\`iZfdd`kd\ekXe[_\cg%N`k_flkk_\`ijlggfikn\nflc[eËk_Xm\
Y\\eXYc\kfi\Xc`j\k_`jgif^iXdd\%
9i`k`j_=`cd@ejk`klk\ÆEXk`feXc8iZ_`m\
<P<=`cd@ejk`kllkE\[\icXe[
9le[\jXiZ_`m$=`cdXiZ_`m
=`cdXiZ_`m8ljki`X
:E:Æ:\eki\eXk`feXc[lZ`e„dX\k[\cÊ`dX^\Xe`d„\
>XldfekGXk_„8iZ_`m\j
:@E<D8K<BÆ:`e„dXk_…hl\IfpXc\[\9\c^`hl\
CfYjk\i=`cdj
:`e„dXk_…hl\=iXeƒX`j\
Dlj\fEXq`feXc\[\c:`e\dX
:`e\k\ZX[`9fcf^eX
EXk`feXc=`cdXe[Jfle[8iZ_`m\
;\lkjZ_\B`e\dXk_\b
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
('(
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
Gif^iXdd(
J\ejXk`fe9\n\^le^#;`d\ej`feQ\`k#Gi€j\eq[\i8Yj\eq
J\ejXk`fef]Dfk`fe#;`d\ej`fef]K`d\#Gi\j\eZ\f]8Yj\eZ\
=i\`kX^*'%+%('#()1*'L_i#C`Z_kYli^
=`cd\Xlj[\d\ijk\eAX_iq\_ek[\j)'%AX_i_le[\ikj]•_i\e`e\`e[i•Zbc`Z_\i
BcXi_\`kmfi#nfild\jY\`[\iB`e\dXkf^iXg_`\^\_k#`dn\j\ekc`Z_\eld[`\
J\ejXk`fe[\i9\n\^le^#[`\;`d\ej`fe[\iQ\`kle[[`\Gi€j\eqmfe8Yj\eq%
GXefiXdXjZ_n\eb le[ GXefiXdX]X_ik m\i€e[\ie [liZ_ 9\n\^le^ [\i
BXd\iX bfek`el`\ic`Z_ [Xj 9`c[]\c[ `d bfek`el`\ic`Z_\e CXl] [\i Q\`k% @e [\e
KiXej]fidXk`fe\e#\`e\iLek\iXYk\`cle^[\iKi`Zb$Jq\e\e#]`e[\e`e\`e\d]`o\e
9`c[]\c[ M\i€e[\ile^\e jkXkk% ;`\ Ki`Zbj dXZ_\e [`\j\ 9\n\^le^\e `d 9`c[
leXY_€e^`^ mfe [\i I\Xcq\`k le[ `d \`e]XZ_jk\e =Xcc ^\^\ec€l]`^# n`\ [\i
Jgile^mfd9Xcbfele[n`\[\iqli•Zb`eBi`Bi`\`ckXe^f%
Bfe^il\eq d`k I\Xcq\`k f[\i Bfek`el`k€k f[\i ;`jbfek`el`k€k j`e[ gli\
Q\`kjkilbkli\e#\`e\mfe`_e\e`jk`ea\[\d=`cddfd\ekqnXe^jc€l]`^^\^\Y\e%
Qlj€kqc`Z_qliq\`kc`Z_\eGif^i\jj`febee\e<dgXk_`\#8ek`q`gXk`fele[BXljXc$
Y\q`\_le^\emfi$le[i•Zb^i\`]\e[\`ek\ie\Q\`kc€l]\`ejkXcc`\i\e1<iq€_cq\`k%
@e=`cd\emfemfi_le[\ikAX_i\ej\_\en`im\i^Xe^\e\>\^\enXik%;XdXcj
nXi\e[`\]iXeqj`jZ_\I\mfclk`fele[EXgfc\femfi_le[\ikAX_i\e#le[[Xmfe
^`Yk\jb\`e\=`cdXl]eX_d\e%<j^`Yk@ejq\e`\ile^\e#\`e\d\_if[\in\e`^\i
m\i^\^\en€ik`^k\M\i^Xe^\e_\`k%;Xjj`\_k(0'*le[(0'0#elij\Z_jAX_i\
jg€k\i#^XeqXe[\ijXlj%?`jkfi`jZ_`jki\cXk`m%
=`cdj]ifdk_\]`ijk[\ZX[\f]k_\)'k_Z\eklip[\dfejkiXk\n`k_`dgi\jj`m\ZcXi`kp
n_XkZ`e\dXkf^iXg_p`jXYflk1k_\j\ejXk`fef]dfk`fe#k_\[`d\ej`fef]k`d\Xe[
k_\gi\j\eZ\f]XYj\eZ\%
9p dfm`e^ k_\ ZXd\iX# gXe j_fkj Xe[ gXefiXd`Z kiXZb`e^ j_fkj Zfek`elXccp
Z_Xe^\k_\]`\c[f]m`\n`ek_\Zfek`elXc]cfnf]k`d\%@ekiXej]fidXk`fej#XjlY$
j\Zk`fe f] k_\ ki`Zb jZ\e\j# Z_Xe^\j kXb\ gcXZ\ n`k_`e X ]`o\[]`\c[ f] m`\n% K_\
ki`ZbjdXb\k_\j\dfm\d\ekj`ek_\g`Zkli\`e[\g\e[\ekf]i\Xc$k`d\Xe[#`ek_\
j`dgc\jkZXj\j#i\m\ij\k_\dc`b\k_\aldg]ifdXYXcZfepXe[YXZb`eBi`Bi`\`c
kXe^f%
:fe^il\eZ\ n`k_ i\Xc$k`d\ fi Zfek`el`kp fi [`jZfek`el`kp Xi\ gli\ k\dgfiXc
jkilZkli\j2fe\f]k_\d`je\Z\jjXi`cpgi\j\ek`e\m\ipdfd\ekf]]`cd%@eX[[`k`fe
kfk_\k\dgfiXcgif^i\jj`fe#\dgXk_p#Xek`Z`gXk`feXe[ZXljXci\cXk`fejZXe\jkXY$
c`j_`ek\ieXck\dgfiXc]cfnjk_Xkcffb]finXi[jfiYXZbnXi[j1eXiiXk`m\k`d\%
@e]`cdj]ifdX_le[i\[p\XijX^f#n\j\\gXjkgi\j\eZ\%8kk_\k`d\#k_\=i\eZ_
I\mfclk`feXe[EXgfc\fe_X[fZZlii\[X_le[i\[p\XijX^f#Xe[k_\i\`jef]`cd
]ffkX^\f]k_\j\%K_\i\Xi\\eXZkd\ekj#Xdfi\fic\jjgi\j\ek`]`\[gXjk%K_`jcffbj
m\ip[`]]\i\ek`e(0'*Xe[(0'0#aljkj`op\XijcXk\i%È?`jkfi`ZXcÉ`jXi\cXk`m\k\id%
JXXiYi•Zb\e
;`\JkiX\#[XjQl]€cc`^\%;`\Jq\e\enli[\enf_cn€_i\e[\`e\j>Xjkjg`\cj
mfe \`e\d NXe[\ib`e\dXkf^iXg_\e$9\ki\`Y\i ^\]`cdk le[ jf]fik ]•i [Xj
cfbXc\ GlYc`bld `ej Gif^iXdd ^\j\kqk% <`e\ >\c\^\e_\`k# j`Z_ j\cY\i `d
=`cdqlj\_\e%
;\lkjZ_cXe[(0'+
('(d#,Ê*'È#*,dd#j&n
8iZ_`m9i`k`j_=`cd@ejk`klk\
K_\ jki\\k# k_\ iXe[fd `dX^\% GifYXYcp ]`cd\[ Yp k_\
fg\iXkfif]XkiXm\cc`e^Z`e\dXkf^iXg_[li`e^X^l\jk
g\i]fidXeZ\Xe[glk`ek_\gif^iXdd\`dd\[`Xk\cp]fi
k_\cfZXcXl[`\eZ\%K_\Z_XeZ\kfj\\fe\j\c]`eX]`cd%
;Xej\jj\ig\ek`e\jJ\ig\ek`e\;XeZ\j
=iXebi\`Z_&LJ8ld(/0-$0/
-'d#*Ê#*,dd#=XiY\
Qn\` @d`kXkfi`ee\e mfe Cf‹\ =lcc\i# [`\ XY (/0) `e GXi`j d`k `_i\i G\i]fi$ Knf`d`kXkfijf]Cf‹\=lcc\i#n_fZXlj\[Xj\ejXk`fe
dXeZ\ mfe =XiYc`Z_k$Gifa\bk`fe\e Xl] Y\n\^k\e Jkf]]YX_e\e ]•i =lifi\ ]ifd (/0) `e GXi`j n`k_ _\i g\i]fidXeZ\ `emfcm`e^
Zfcfli$c`^_kgifa\Zk`fejfedfm`e^Zcfk_%
jfi^k\e%
8iZ_`m:`e\k\ZX[`9fcf^eX
MfpX^\\eJl`jj\ÆCÊ<e^X[`eKi`gkfJn`kq\icXe[ÆK_\<e^X[`e\
EXkli$8l]eX_d\%D`k[\iBXd\iXXl]\`e\dÙG_XekfdI`[\È%LeXl]_ic`Z_ Fg\eX`ijZ\e\%FeXÈg_Xekfdi`[\Én`k_k_\ZXd\iX%
bfddkE\l\j`ejY\n\^k\9`c[%<`eKlee\cdXZ_k[`\<`j\eYX_e]X_ikqld E\n\c\d\ekjZfejkXekcp\ek\ik_\dfm`e^g`Zkli\%8
klee\c kliej k_\ kiX`e i`[\ `ekf X jg\ZkXZc\ f] c`^_k
C`Z_k$le[JZ_Xkk\ejg`\c%
Xe[j_X[\%
=iXebi\`Z_(0',
0,d#,Ê#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
Bi`Bi`\`ckXe^fBi`Bi`C\Xiejk_\KXe^f
MfdI`mXc\en`\\`eBi\`j\cY\jZ_c\le`^k#q\ikXeqk[XjBfd`b\i$GXXiBi`Bi`
le[C\X[Xjdfe[€e\J\kk`e^\`e\j;`mX$=`cdj#Y`j`_e\e[`\N\ck`eiXjXek\e
Ile[ld$I\`jZ_n\ebj m\i^\_k le[ [\i Jgile^ `ej NXjj\i ^c\`Z_ n`\[\i#
i•Zbn€ikjXY^\jg`\ck#Xl][\e9Xcbfe]•_ik%
@kXc`\e(0(*
('/d#-Ê#*,dd#=XiY\
Gif[lbk`fe:`e\j
8iZ_`m:`e\k\ZX[`9fcf^eX
JgleXifle[c`b\XkfgYpXi`mXc#k_\knfZfd\[`XejBi`Bi`
Xe[C\Xk_ifnk_\]Xj_`feXYc\j\kk`e^f]X[`mX]`cd`ekf
Z_Xfjn`k_k_\`i[XeZ`e^#lek`ck_\nfic[Yclij`eiXg`[Xcc$
Xifle[jn`j_gXej#Xe[Xaldg`ekfk_\nXk\i#`dd\[`Xk\cp
gcXp\[YXZbnXi[jX^X`e#c\X[jYXZbkfk_\YXcZfep%
;Xej\jj\ig\ek`e\j
Bi`Bi`\`ckXe^f
C\If`[\j[fccXij
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
(') J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
C\If`[\j[fccXijK_\;fccXiB`e^
=iXebi\`Z_(0',
*,d#)Ê#*,dd#=XiY\
Ki`Zb$Jq\e\1 ;`\ •Y\iiXjZ_\e[\e KiXej]fidXk`fe\e `d 9`c[ bfdd\e Xd Ki`Zb jZ\e\1 k_\ jligi`j`e^ kiXej]fidXk`fej `e k_\
jk€ibjk\eqliN`ible^#n\ee[`\BXd\iXe`Z_kY\n\^kn`i[%
g`Zkli\dXb\k_\jkife^\jk`dgXZkn_\ek_\ZXd\iX
`jefkdfm\[%
I\^`\J\^le[f[\:_fde
Gif[lbk`feGXk_„
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
9Xk\Xlojlic\E`c9fXkjfek_\E`c\
=iXebi\`Z_(0',
*'d#)Ê#*,dd#j&n
Gif[lbk`feGXk_„
Qn\`<`ejk\ccle^\e#qn\`D^c`Z_b\`k\e19\n\^le^[\j9`c[\jf[\i9\n\^le^ Knf j_fkj# knf gfjj`Y`c`k`\j1 dfm`e^ k_\ `dX^\ fi
`d9`c[%Qld\ijk\eDXc\`eD\[`ld]•i[XjjZ_e\JZ_Xljg`\c[\iY\n\^k\e dfm\d\ek`ek_\`dX^\%=fik_\]`ijkk`d\#Xd\[`ld
kfj_fnk_\Y\Xlk`]lcjg\ZkXZc\f]k_\dfm`e^jX`cj#`e
J\^\c#`eI\Xcq\`k#mfeb\`e\iDfekX^\^\jkik%
i\Xc$k`d\#le[`jkliY\[YpXepZlkj%
8iZ_`m9i`k`j_=`cd@ejk`klk\
Dfej`\li\kDX[Xd\jfekgi\jj„j@eX?liipKf:XkZ_k_\KiX`e
=iXebi\`Z_(0'(
*'d#)Ê#*,dd#j&n
Gif[lbk`feGXk_„
DX[Xd\ le[ Dfej`\li bfdd\e Y\`d <`c\e[$j`Z_$qld$8lj^\_\e$bc\`[\e N_`c\_Xjk`cpZ_Xe^`e^Zcfk_\jkf^fflk#DX[Xd\Xe[
e`Z_kmfd=c\Zb#n\`c[\iJkfgki`ZbQ\`kjk•Zbc\`e\c`[`\ikle[AXZb\ql?fj\ Dfej`\li ZXeËk ^\k fe k_\`i nXp Y\ZXlj\ k_\ jkfg
ki`Zb Zlkj flk ]iX^d\ekj f] k`d\ Xe[ kliej aXZb\kj
dXZ_k%
`ekfgXekj%
8iZ_`m:E:$8==
C\G\e[lK_\8kk\dgk\[Jl`Z`[\
=iXebi\`Z_(0'(''d#-Ê#*,dd#j&n
Gif[lbk`feGXk_„
;`\I\kkle^[\jXdJki`ZbqXgg\ce[\eJ\cYjkdi[\ijn`i[?`\iXiZ_`\jkl]\
ld?`\iXiZ_`\jkl]\eXZ_fY\e[\c\^`\ik#Y`j\ie`Z_kd\_iqXgg\ck%(0'.
jZ_€kqk\[`\?XdYli^\iC\_i\ibfdd`jj`fe[`\?€e^\q\`kXl]Ùnf_c•Y\i
)'D`elk\eÈle[]Xe[[\e=`cdÙjZ_i\Zbc`Z_#n`[\ic`Z_È
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
K_\i\jZl\f]k_\nflc[$Y\jl`Z`[\m`Zk`dkn`kZ_`e^Xk
k_\\e[f]Xifg\`j[\c\^Xk\[lgk_\_`\iXiZ_plek`c
_\ jkfgj kn`kZ_`e^% @e (0'. k_\ ?XdYli^ K\XZ_\ijË
:fdd`jj`fe\jk`dXk\[k_\[liXk`fef]k_\_Xe^`e^Xk
ÈgifYXYcp dfi\ k_Xe )' d`elk\jÉ Xe[ k_fl^_k k_\
]`cdÈ_fii`Yc\#[`j^ljk`e^É
C\jKif`jG_Xj\j[\cXcle\K_\K_i\\G_Xj\jf]k_\Dffe
=iXebi\`Z_(0',
;i\`Jq\e\e\`e\i<_\f[\i)'AX_i\`e[i\`D`elk\e%
,-d#*Ê#*,dd#=XiY\
K_i\\jZ\e\j]ifdXdXii`X^\#fi)'p\Xij`ek_i\\
d`elk\j%
Gif[lbk`feGXk_„
8iZ_`m=`cdXiZ_`m8ljki`X
RKlcg\eTRKlc`gjT
=iXebi\`Z_ld(0('$(+
)'d#(Ê#*,dd#=XiY\
@dQ\`kiX]]\i^\iXk\e[`\nle[\ijZ_ebfcfi`\ik\eKlcg\e\`e\j9flhl\kj`e @e ]Xjk dfk`fe# k_\ Y\Xlk`]lccp Zfcfli\[ klc`gj `e X
c\`j\9\n\^le^\e%
Yflhl\kXi\j\k`e^\ekc\dfk`fe%
Gi`mXkjXddcle^
9Xk\Xlojlic\E`c
C\G\e[l
C\jKif`jG_Xj\j[\cXcle\
=fkfG_fkf19i`k`j_=`cd@ejk`klk\
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1=`cdXiZ_`m8ljki`X
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
('*
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
DXi`\8ekf`e\kk\
Gif[lbk`feGXk_„
@dGXk_„bXkXcf^j`e[[`\]\_c\e[\eQn`jZ_\ek`k\c[\i\i_Xck\e\eBfg`\[`\j\i
Ù?`jkfi`jZ_\eJq\e\`e09`c[\ieÈXe^\^\Y\e1Ù(%=\jk`dKi`Xefe)%D\el\kk
*%@dY`jj`d=i\`\e+%9c`e[\Bl_,%>XcXek\jJk\cc[`Z_\`e-%;`\I\mfclk`fe%
9Xjk`cc\jklid.%;Xj>\]€e^e`j;lK\dgc\/%Mfi[\dKi`YleXc0%;XjJZ_X]fkk%È(
8iZ_`m:`e\k\ZX[`9fcf^eX
(M^c%?\ei`9fljhl\k1:XkXcf^l\GXk_„(/0-~(0'-(00- #J%//-
=iXebi\`Z_(0'*
(,*d#/Ê#*,dd#=XiY\
K_\d`jj`e^`ek\ik`kc\j]ifdk_`jÈ?`jkfi`ZXcJZ\e\`e0
G`Zkli\jÉ ZXe Y\ cffb\[ lg `e k_\ GXk_„ :XkXcf^l\1
È(%=\jk`mXc`eKi`Xefe)%D\el\k*%CleZ_fek_\>iXjj
+%9c`e[dXeËj9cl]],%Cfm\I\e[\qmflj-%K_\I\mfcl$
k`fe%KXb`e^k_\9Xjk`cc\.%K_\K\dgc\Gi`jfe/%9\]fi\
k_\:flik0%K_\JZX]]fc[%É(
(?\ei`9fljhl\k1:XkXcf^l\GXk_„(/0-~(0'-(00- #g%//-
CXDfik[l;lZ[Ê<e^_`\eK_\;\Xk_f]k_\;lb\f]<e^_`\e
J\Z_jAX_i\jg€k\i\iq`\ck\`eI\^`jj\liBXd\iX$I\Xc`k€k]•i\`e\e_`jkf$
i`jZ_\eJkf]]%J`\^]i`\[BiXZXl\i_€kk\[\iJZ_`dd\i[\jBXc\jZ_\e$C\[\ij
jf^lk^\]Xcc\en`\lej%;XjÙ[f^`ek\i\jkÈ`jk_`jkfi`jZ_2\jnXi\`eDfgj
eXd\ejDf_`cf]]%
=iXebi\`Z_(0'0
).,d#(,Ê#*,dd#j&n
I\^`\8cY\ik:Xg\ccXe`
Gif[lbk`feGXk_„
J`op\XijcXk\i#X[`i\ZkfiXZ_`\m\jZXd\iX$i\Xc`kp]fi
_`jkfi`ZXc dXk\i`Xc% J`\^]i`\[ BiXZXl\i nflc[ _Xm\
c`b\[k_\j_`dd\if]k_\c\Xk_\i`ek_\YXiflZ_\Xj
dlZ_Xjn\[f%K_\È[f^`ek\i\jkÉ`j_`jkfi`ZXccpm\i`$
]`\[2`knXjXgl^[f^ZXcc\[Df_`cf]]%
8iZ_`m:`e„dXk_…hl\=iXeƒX`j\
Gif^iXdd)
C\jDpjk…i\j[ld„kXDpjk\i`\jf]k_\D\kX
8bifYXk`ee\e# Bi`d`j# NXjj\i]€cc\# K€eq\# =XiY\e# Gfc`q`jk\e# GXcd\e le[
eXZbk\=iXl\eÆj€dkc`Z_\Lek\i_Xckle^jn\ik\n\i[\e\ek[\Zbkle[Y\elkqk#
qldMfik\`c[\jGlYc`bldj#qllej\i\dMfik\`c%Le[qllej\i\d]Xjjle^jcfj
jkXle\e[\eM\i^e•^\eÆ_`\i\`e\^\^c•Zbk\M\i]`cdle^[\jGXiX[fofej[\j
Bi\k\ij<g`d\e`[\j•Y\i[`\c•^\e[\eBi\k\iXeqlki\]]\e#e\`e#[Xj_€kk\`Z_
Y\`Xcc\iC`\Y\e`Z_k\inXik\k%
J\cYjki\]c\o`m[`\DXZ_`eXk`fe\e[\i=`bk`feXl]ql[\Zb\ele[[\i@cclj`fe
[`\Cl]kXYql[i\_\e`jk\`e>ile[m\i]X_i\e[\iBfd`ble[[Xild\`e<m\i^i\\e
`dJfik`d\ek%CXe^c\Y`^\iXcjXe^\efdd\enXiXlZ_[`\CfbXcXl]eX_d\2j`\
Yfk[\dGlYc`bld[`\D^c`Z_b\`k#j`Z_j\cY\iXl][\iC\`enXe[qlj\_\e#le[
lej# n`\ [`\ JZ_XlYl[\e le[ ]\jk\e B`efj Xlj^\j\_\e _XY\e# nf [Xj G`Xef
jkXe[le[nf[\i>\e\iXkfile[[\iI\bcXd\Xlj_Xe^%
@d Bfek`elld mfe [fbld\ekXi`jZ_\i 8l]eX_d\# N`ibc`Z_b\`kjjZ_\`e le[
BXikfeblc`jj\m\ic`\]\e[`\>i\eq\ee`Z_k`[\ek`jZ_ql_\lk\%;`\`ejq\e`\ik\
8bklXc`k€k`jkb\`eK€ljZ_le^jm\ijlZ_#jfe[\ie\`e\=fikj\kqle^[\i8bklXc`$
k€k\e$9\i`Z_k\ijkXkkle^[liZ_NXZ_j]`^li\e`dGXefgk`bldle[^\dXck\le[
^\q\`Z_e\k\9\i`Z_k\`e[\e@ccljki`\ik\e%Lem\i€e[\ikj\`k(0',Y`j_\lk\
_`e^\^\e `jk [\i <]]\bk# [Xjj# nf `dd\i \`e\ =iXl f_e\ Bc\`[\i \ijZ_\`ek#
j`Z_\`e=c\ZbmfeE`Z_k]`bk`fe`d=`cdY`c[XljYi\`k\k%
=i\`kX^*'%+%('#)'1''L_i#>cfi`X
=\dXc\XZifYXkj#[\k\Zk`m\jkfi`\j#nXk\i]Xccj#[XeZ\j#Zfcflij#gfc`Z\d\e#gXcdj
Xe[eXb\[nfd\eÆk_\\ek`i\^Xdlkf]\ek\ikX`ed\ekXe[jg\ZkXZc\`j[`jZfm\i\[
Xe[\ogcf`k\[kfk_\Xl[`\eZ\Ëj#kffli#X[mXekX^\%8e[kfflif]k\ejg\\Z_c\jjXe[
Xjkfe`j_\[gc\Xjli\Æ@nflc[e\m\i`edpn`c[\jk[i\Xdj_Xm\\og\Zk\[kf]`e[X
jlZZ\jj]lc]`cdm\ij`fe_\i\fek_\gXiX[fof]k_\:i\kXe<g`d\e`[\jXYflkk_\
cp`e^:i\kXej%
J\c]$i\]\i\ek`Xccp\ogfj`e^k_\d\Z_Xe`jdjf]]`Zk`feXe[kXb`e^k_\n`e[flkf]
k_\jX`cjf]`cclj`fe`jXYXj`ZZfd`ZgifZ\[li\Xe[k_ljXe\m\i^i\\e`ek_\Xjjfik$
d\ek%CfZXc]`cdgif[lZk`fenXjXcjfdlZ_cfe^\i$c`m\[k_Xe_X[Y\\ek_fl^_k2`k
^Xm\k_\Xl[`\eZ\k_\fggfikle`kpkfj\\`kj\c]Xe[ljk_\Z_XeZ\kfj\\n_Xkk_\
j_fnYffk_jXe[]`o\[Z`e\dXjcffb\[c`b\#Xe[n_\i\k_\g`Xef#k_\^\e\iXkfiXe[
k_\X[m\ik`j`e^gfjk\in\i\%
N`k_`ek_\Zfek`elldf][fZld\ekXip]ffkX^\#k_\`d`kXk`fef]i\Xc`kpXe[ZXi[$
YfXi[j\kj#k_\Yfi[\ijn\i\efkXcnXpjk_\jXd\Xjk_\pXi\kf[Xp%I\$\eXZk\[
kil\$c`]\ \m\ekj Xi\ efk Xkk\dgkj kf [\Z\`m\# Ylk X ]lik_\i [\m\cfgd\ek f] k_\
i\gfik`e^f]Zlii\ekX]]X`ijlj`e^nXo]`^li\j`ek_\GXefgk`ZfeXe[gX`ek\[Xe[
[iXnei\gfikj`ek_\`ccljkiXk\[dX^Xq`e\j%9lkn_Xk_XjefkZ_Xe^\[]ifd(0',kf
k_`j[Xp`jk_\]XZkk_Xk#n_\e\m\iXeleZcfk_\[nfdXeXgg\Xij#Xjgfkf]efe$
]`Zk`fejgi\X[jXZifjjk_\]`cd`dX^\%
D`kZ_\ccXe[B\epfe)0(N_`kjlek`[\=X`iXkGi\jkfe
>ifYi`kXee`\e(0')'d#(Ê*'È#*,dd#j&n
>ifYi`kXee`\e(0'(
*'d#)Ë*'È#*,dd#j&n
8iZ_`m9i`k`j_=`cd@ejk`klk\
D`kZ_\ccXe[B\epfe..)J\[^n`ZbËj9`fjZfg\J_fn]ifekXkG\e[c\YlipNXb\j
;`\Yi`k`jZ_\eGif[lq\ek\eD`kZ_\ccle[B\epfe[i\_k\eY`j(0'0?le[\ik\
mfe CfbXcXl]eX_d\e# j\_i f]k `d 8l]kiX^ mfe NXe[\ib`e\dXkf^iXg_\e$
9\ki\`Y\ien`\>\fi^\>i\\e#_`\iXl]Kflie\\Xe[\iGi\jkfe=X`i^Xjk`\i\e[%
NXe[\ib`e\dXkf^iXg_\enXi\e[`\\ijk\>if]fidmfeB`ef%
Lg lek`c (0'0# k_\ 9i`k`j_ gif[lZ\ij D`kZ_\cc Xe[
B\epfe dX[\ _le[i\[j f] ÈcfZXc ]`cdjÉ# f]k\e Zfd$
d`jj`fe\[YpkiXm\cc`e^Z`e\dXkf^iXg_fg\iXkfijc`b\
>\fi^\>i\\e#_\i\dXb`e^X^l\jkXgg\XiXeZ\Xkk_\
Gi\jkfe=X`in_`c\fekfli%KiXm\cc`e^Z`e\dXkf^iXg_j
n\i\k_\]`ijkcXi^\$jZXc\]fidf]Z`e\dX%
RKlcg\eT
D`kZ_\ccXe[B\epfe)0(N_`kjlek`[\=X`iXkGi\jkfe
D`kZ_\cc Xe[ B\epfe ..) J\[^n`ZbËj 9`fjZfg\ J_fn]ifek Xk
=fkfG_fkf1Gi`mXkjXddcle^
=fkfG_fkf19i`k`j_=`cd@ejk`klk\
G\e[c\YlipNXb\j#=fkfG_fkf19i`k`j_=`cd@ejk`klk\
('+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
;\ijk\cc\ecfj\G_fkf^iXg_K_\Le\dgcfp\[G_fkf^iXg_\i
;\lkjZ_cXe[(0()
())d#-Ê#*,dd#j&n
I\^`\DXoDXZb
Gif[lbk`fe<`bf$=`cd
;`\CfbXcXl]eX_d\c\Yk\]fik#`ej=`bk`feXc\le[Bfd`jZ_\^\n\e[\k%;\i
€l\ijk gif[lbk`m\ I\^`jj\li# ;i\_YlZ_Xlkfi le[ Gif[lq\ek DXZb jg`\ck
_`\i\`e\eale^\e8iY\`kjcfj\e#[\ig\iQn`jZ_\ek`k\cY\_Xlgk\k1Ù@Z_Y`e
G_fkf^iXg_ ]•ij B`efÈ% J\`e\ m\ile^c•Zbk\e GifY\Xl]eX_d\e Y\bfdd\e
n`iXcjJZ_cljjYflhl\kqlj\_\e%
8iZ_`m9i`k`j_=`cd@ejk`klk\
K_\cfZXc]`cdc`m\[fe#kXb`e^fe]`Zk`feXcXe[Zfd`Z
Xjg\Zkj% K_\ \oki\d\cp gif[lZk`m\ [`i\Zkfi# jZi`gk
ni`k\iXe[gif[lZ\iDXZb_\i\gcXpjXpfle^le\d$
gcfp\[dXe#n_fZcX`dj`eXe`ek\ik`kc\1È@XdXg_fkf$
^iXg_\i]fik_\Z`e\dXÉ%N\j\\_`jlejlZZ\jj]lcki`Xc
j_fkjXjXeXdlj`e^]`eXc%
C\j8^\ekjk\cjhlÊfeefljc\jgi„j\ek\Æc\jX^\ekjk\cjhlÊ`cjjfekGfc`Z\d\eXj
K_\p8i\Gi\j\ek\[kfLjÆGfc`Z\d\ek_\NXpK_\pI\Xccp8i\
=iXebi\`Z_(0'/
-)d#*Ë*'ËË#*,dd#j&n
I\^`\Cfl`j=\l`ccX[\
<`e\ GXik`\ ÙGfc`Z\ 9Xj_`e^È [`\ [XdXcj `ek\ieXk`feXc Y\c`\Yk\jk\ =`cd$ 8j\jj`fef]Ègfc`Z\YXj_`e^Ék_\dfjkgfglcXi`ek\ieX$
JgfikXik le[ ql^c\`Z_ lem\i_f]]k\ 9\^\^ele^ d`k \`e\i =`cdm\ij`fe [\j k`feXc]`cdjgfikf]k_\k`d\ Xe[#Xkk_\jXd\k`d\#Xe
le\og\Zk\[\eZflek\in`k_X]`cdm\ij`fef]k_\gXiX$
GXiX[fofejmfdBi\k\i#[\ijX^k#[XjjXcc\Bi\k\ic•^\e%
[fof]k_\:i\kXen_fjXpjk_XkXcc:i\kXejXi\c`Xij%
Gif[lbk`fe>Xldfek
8iZ_`m:@E<D8K<B
Kfekfc`e`…ki`jk\Kfekfc`e`@jJX[
@kXc`\e(0((
(''d#-Ê#*,dd#j&n
Gif[lbk`fe:`e\j
E`Z_kj_`c]k^\^\e[`\;\gi\jj`fe[\jBfd`b\ijKfekfc`e`#Y`j\i\e[c`Z_`d Efk_`e^ _\cgj k_\ Zfd\[`Xe Kfekfc`e` j_Xb\ f]] _`j
B`efglYc`bldmfi[\iC\`enXe[j`kqkle[•Y\iKfekfc`e`Xl][\iC\`enXe[ [\gi\jj`fe#lek`c_\]`eXccpj`kj`ek_\Z`e\dXXl[`\eZ\
`e]ifekf]k_\jZi\\eXe[cXl^_jk`cc_\Zi`\jXkKfekfc`e`
Ki€e\ecXZ_k%
fek_\jZi\\e%
8iZ_`m:`e\k\ZX[`9fcf^eX
R8lj^Xe^Xlj[\i=XYi`b[\i<kXYc`jj\d\ekjGXk_„=i…i\jTRC\Xm`e^k_\=XZkfipf]
GXk_„=i…i\jT
=iXebi\`Z_ld(/0/$(0'/
)'d#(Ê#*,dd#=XiY\
;`\8iY\`k\i`ee\em\icXjj\e[`\=XYi`b%;`\dfY`c\eN\iY\]c€Z_\ele[[`\ K_\nfib\ijc\Xm\k_\]XZkfip%K_\dfY`c\Y`ccYfXi[jXe[
JfeekX^j]i`jli\ejk\cc\ebcXi#[Xjjn`i\`e\^\gcXek\le[^\jkXck\k\Jq\e\ k_\Jle[Xp_X`i[fjdXb\`kfYm`fljk_Xkn\Xi\nXkZ_`e^
Xn\ccgcXee\[jZ\e\#efkiXe[fd\m\ip[Xpc`]\%
j\_\e#e`Z_kql]€cc`^\e8cckX^%
Gif[lbk`feGXk_„
8iZ_`m:`e\k\ZX[`9fcf^eX
R;`\ BX`j\ic`Z_\ =Xd`c`\# eXZ_ [\i ?fZ_q\`k mfe <iq_\iqf^ BXic le[ Q`kX mfe
9fliYfe$GXidXTRK_\@dg\i`Xc=Xd`cpX]k\ik_\N\[[`e^f]8iZ_[lb\BXicXe[Q`kXf]
9fliYfe$GXidXT
{jk\ii\`Z_(0((
*'d#(Ê*'È#*,dd#j&n
8iZ_`m=`cdXiZ_`m8ljki`X
JkXXkjfY\i_€lgk\ile[DfeXiZ_\eq€_c\ed`k?le[\e#9XY`\jle[Gfc`q`jk\e
ql [\e eXk•ic`Z_\e JkXij% J`\ j`e[ `e qX_ccfj\e 8bklXc`k€k\e]`cd\e n`\
JkXXkjY\jlZ_\ef[\iY\`JZ_`]]jkXl]\eqlj\_\ele[^\c\^\ekc`Z_#n`\_`\i#
`e`e]fid\cc\i\e=Xd`c`\eXl]eX_d\e%
8cfe^n`k_[f^j#YXY`\jXe[gfc`Z\d\e#jkXk\c\X[\ij
Xe[dfeXiZ_jXi\Xdfe^k_\eXkliXcjkXij%K_\pZXe
Y\ j\\e `e Zflekc\jj XZklXc`kp ]`cdj# jlZ_ Xj jkXk\
m`j`kjXe[j_`gcXleZ_\j#Xe[fZZXj`feXccp#Xj_\i\#`e
dfi\`e]fidXc]Xd`cp]ffkX^\%
Kfekfc`e`…ki`jk\
Kfekfc`e`…ki`jk\
Kfekfc`e`…ki`jk\
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(',
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
CÊ8jjXjj`eXk[ld`e`jki\Gc\_m\K_\8jjXjj`eXk`fef]D`e`jk\iGc\_m\
@ejq\e`\ik\8bklXc`k€k#\`e>\ei\`e[\iKiX[`k`fe[\jGXefgk`bldjle[[\i
`ccljki`\ik\e Q\`kjZ_i`]k\e% ;Xj 8kk\ekXk mfd )/% Alc` (0'+ Xl] [\e
iljj`jZ_\e@ee\ed`e`jk\iMpXZ_\jcXmmfeGc\_m\#mfidXc`^Gfc`q\`Z_\]le[
Fi^Xe`jXkfi[\iGf^ifd\mfeB`j_`e\m#nli[\mfeD`k^c`\[\ie[\ijfq`Xc$
i\mfclk`fe€i\eGXik\`m\i•Yk%
=iXebi\`Z_(0'+
),d#(Ê#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m:E:$8==
8i\$\eXZk\[e\nj\m\ek#X^\ei\`ek_\kiX[`k`fef]
k_\GXefgk`bldXe[`ccljkiXk\[dX^Xq`e\j%K_\XjjXj$
j`eXk`fef]k_\Iljj`Xe`ek\i`fid`e`jk\i#MpXZ_\jcXm
mfe Gc\_m\# ]fid\i Z_`\] f] gfc`Z\ Xe[ fi^Xe`j\i f]
k_\ B`j_`e\m gf^ifdj# fe Alcp )/# (0'+ nXj ZXii`\[
flkYpd\dY\ijf]k_\JfZ`Xc$I\mfclk`feXipGXikp%
CXI„mfclk`fe\eIljj`\K_\I\mfclk`fe`eIljj`X
N`\[\imfiXe^\_\e[\=`cd`jkXlZ_[`\j\i\`e\`ejq\e`\ik\8bklXc`k€k#(0',
•Yc`Z_ ]•i [`\ ]`cd`jZ_\ 9\i`Z_k\ijkXkkle^ ]•i BXkXjkifg_\e# M\iYi\Z_\e
f[\i leql^€e^c`Z_\ Bi`\^jjZ_Xlgc€kq\% ;`\ \ijk\ =`cdnfZ_\ejZ_Xl nli[\
mfe[\iGXk_„`d=i•_c`e^(0'0cXeZ`\ik%
=iXebi\`Z_(0',
(*'d#.Ê#*,dd#j&n
I\^`\ClZ`\eEfe^l\k
Gif[lbk`feGXk_„
C`b\k_\gi\Z\[`e^]`cd#k_`jfe\`jXcjfXi\$\eXZkd\ek
f]k_\b`e[k_XknXjljlXc`e(0',]fi]`cdi\gfikjfe
ZXkXjkifg_\j# Zi`d\j fi `eXZZ\jj`Yc\ nXi qfe\j% K_\
]`ijk n\\bcp e\nji\\c nXj cXleZ_\[ Yp GXk_„ `e k_\
jgi`e^f](0'0%
8iZ_`m9i`k`j_=`cd@ejk`klk\
:feZfijf[`Y\cc\qqX]iXYXdY`e`XKfi`ef:_`c[i\eÊj9\Xlkp:fdg\k`k`fe
<`e\J\i`\]`cd`jZ_\iGfjkbXik\eXl]eX_d\emfeKli`e\iB`e[\ie#\`e\8Y]fc^\ 8 j\i`\j f] gfjkZXi[ j_fkj fe ]`cd f] Z_`c[i\e ]ifd
mfeI\Xbk`fe\e[\iD\ejZ_\efYa\bk\Xl][XjFYa\bk`m%
Kli`e#Xj\hl\eZ\f]i\XZk`fejf]k_\_ldXejlYa\Zkj
kfk_\c\ej%
@kXc`\e(0'0
--d#+Ê#*,dd#j&n
Gif[lbk`fe8hl`cX
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
:fcc\Zk`fe[\ZXik\jgfjkXc\j:fcc\Zk`e^GfjkZXi[j
=iXebi\`Z_(0'/
(('d#-Ê#*,dd#j&n
;Xjj [`\ BXd\iX [`\ <jbXgX[\e [\j DXee\j [fbld\ek`\ik le[ m\ii€k# 8ZXd\iX[fZld\ek`e^Xe[\ogfj`e^k_\\jZXgX[\j
^ \_ikqli>ile[XljjkXkkle^[\i]`cd`jZ_\eBfd[`\%
f]XdXe`jXYXj`Z\c\d\ekf]]`cdZfd\[p%
Gif[lbk`feGXk_„
8iZ_`m9i`k`j_=`cd@ejk`klk\
9\`d=fkf^iX]\e8kk_\G_fkf^iXg_\iËj
{jk\ii\`Z_(0'.
,'d#*Ë#*,dd#j&n
Gif[lbk`feJXklie
(0'.jk\cck\GXk_„[`\Gif[lbk`fe[\ig`bXek\eJq\e\e]•i?\ii\eXY\e[\\`e#
nfiXl] [\i N`\e\i =fkf^iX] Af_Xee\j JZ_nXiq [`\ DXibke`jZ_\ ]•cck\% @e
[`\j\d=`cdq\`^k\ie`Z_keli#nfild\j^\_k#n\eedXe\`e\eXZbk\=iXl
j`\_k#jfe[\ieXlZ_j`Z_j\cYjkY\`[\i8iY\`kle[j\`e\Y\^`\i`^\eBc`\ek\e%
8iZ_`m=`cdXiZ_`m8ljki`X
@e (0'.# k_\ ^i\Xk GXk_„ ZfdgXep jkfgg\[ gif[lZ`e^
i`jhl„jZ\e\j]fijkX^gXik`\j#n_\i\lgfek_\M`\ee\j\
g_fkf^iXg_\iAf_Xee\jJZ_nXiqjk\gg\[`ekf]`cck_\
^Xg%@ek_`j]`cd#_\efkfecpj_fnjXeXb\[nfdXeÆ
k_\gf`ekf]k_\\o\iZ`j\ÆYlkXcjf_`dj\c]Xknfib#Xe[
_`j\X^\iZc`\ekj%
NfdXe;iXg\[`eGXkk\ie\[?Xe[b\iZ_`\]j
>ifYi`kXee`\e(0'/
*'d#(Ê*'È#*,dd#=XiY\
;\df]`cd ]•i >\fi^\ 8cY\ik Jd`k_j B`e\dXZfcfi# \`e X[[`k`m\j Qn\`]XiY$ ;\df$]`cd ]fi >\fi^\ 8cY\ik Jd`k_Ëj B`e\dXZfcfi# X
m\i]X_i\e%
knf$ZfcfliX[[`k`m\ZfcfligifZ\jj%
I\^`\>\fi^\8cY\ikJd`k_
8iZ_`m9i`k`j_=`cd@ejk`klk\
:feZfijf[`Y\cc\qqX]iXYXdY`e`XKfi`ef
9\`d=fkf^iX]\e
LeDfej`\lihl`XdXe^„[lkXli\Xl
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1=`cdXiZ_`m8ljki`X
=fkfG_fkf1:@E<D8K<B
('- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
CXE\lifgXkfcf^`XE\lifgXk_fcf^p
@kXc`\e(0'/
('.d#-Ë#*,dd#j&n
I\^`\:Xd`ccfE\^if
Gif[lbk`fe8dYifj`f
<`e\dXjb`\ik\GXk`\ek`e]•_ik#lek\i[\i_Xe[^i\`]c`Z_\eI\^`\[\j8iqk\j
:Xd`ccfE\^if#[`\_pjk\i`jZ_\Bi`j\eXZ_:_XiZfkj;i\_YlZ_mfi%;Xj<ekj\kq\e
c€jjklejn`Z_k`^\Jpdgkfd\•Y\ij\_\e1=\ejk\ile[?le[m\iiXk\e#[Xjj[`\
Jq\e\n\^\e[\iY\jj\i\eC`Z_km\i_€cke`jj\mfi\`e\iBlc`jj\`d=i\`\eXl]$
^\efdd\enli[\%<`e8ljjZ_e`kkXlj\`e\dcXe^\e=`cdd`k=Xccjkl[`\e%
8iZ_`mDlj\fEXq`feXc\[\c:`e\dX
Gif^iXdd*
Le[\ik_\m\ipfYm`flj`ejkilZk`fejf]k_\[fZkfi:Xd`ccf
E\^if#XdXjb\[]\dXc\gXk`\ek[\dfejkiXk\jX_pjk\i`$
ZXcZi`j`jXZZfi[`e^kf:_XiZfkËj[\jZi`gk`fe%Fli_fiifi
dXb\jljd`jj`dgfikXekjpdgkfdj1n`e[fnjXe[X[f^
^`m\XnXpk_Xkk_\jZ\e\nXj]`cd\[`e]ifekf]XYXZb$
[ifgflkj`[\Y\ZXlj\f]Y\kk\ic`^_k`e^Zfe[`k`fej%8e
\oZ\igk]ifdXcfe^]`cdn`k_ZXj\jkl[`\j%
=XiY\le[JZ_nXiqn\`:fcfliXe[9cXZbXe[N_`k\JXdjkX^(%,%('#()1*'L_i#>cfi`X
8cc\M\i^Xe^\e_\`knXi\`edXc>\^\enXik#XY\i[`\a\n\`c`^\>\^\enXik[\ebk
j`Z_[`\M\i^Xe^\e_\`ke`Z_kXcj^c\`Z_^\Xik\k#e`Z_kXcj>\^\enXik$mfe$\`ejk%
8ck\=`cd\n\i[\eXcjJZ_nXiqn\`^\[XZ_k%;Xjjk`ddka\[fZ_eli]•i[`\
*'AX_i\mfe(0),Y`j(0,,%;Xmfinli[\e[`\jZ_nXiqn\`\eGfj`k`m\qld
^if\eK\`cbfcfi`\ikÆ]•i=iXebi\`Z_jZ_€kq\`Z_[\e8ek\`cXl].'Y`j/'
Gifq\ek#d`kd\_i\i\e#XlZ_bfdY`e`\iYXi\eM\i]X_i\e%E`\nXi=`cdi\`Z_\i
Xe=XiY\ele[=XiYjpjk\d\eXcj`dAX_iq\_ekmfe(0',$(,%
9lek\ek]Xck\ej`Z_Xl][\iC\`enXe[_Xe[bfcfi`\ik\9cld\e#NXjj\ijg`\c\
le[jgi•_\e[\j=\l\in\ib2<ogcfj`fe\ele[9i€e[\kXlZ_\e[Xj^Xeq\9`c[
`eifk\M`iX^\2[\iXej`Z_jZ_fe_f_\JZ_Xln\ikmfe=„\i`\e#_`jkfi`jZ_\e
Bfjk•d]`cd\ele[I\`j\Y\i`Z_k\en`i[[liZ_[`\cloli`j\gfcpZ_ifd\JZ_X$
Ycfe\ebfcfi`\ile^qlj€kqc`Z_^\jk\`^\ik%Le[n`ij`kq\e`dB`efle[jZ_Xl\e
Y\^\`jk\ik%;`\=XiY\ej`e[\`e]XZ_jZ_eXeqlj\_\e2j`\dXZ_\eql[\d[`\
=`cd\Y\jj\im\ijk€e[c`Z_2[`\8Y]fc^\[\iM`iX^\e^`Yk\`e\e\`^\e\eil_`^\e
I_pk_dlj%Lej\i\led`kk\cYXijk\I\Xbk`fe`jk[XjJkXle\e#[Xjjj`\]i•_\i
jfcZ_\=XiY\e_Xkk\e%;`\9\^\^ele^d`k[\e=`cd\en`[\ic\^kXcc\9\_Xlg$
kle^\e [\i \mfclk`fe€i\e =`cd^\jZ_`Z_k\# nfeXZ_ [\i ]i•_\ =`cd bc\`e#
jkldd le[ jZ_nXiqn\` ^\n\j\e j\` le[ \ijk [liZ_ [`\ J\^ele^\e [\j
k\Z_efcf^`jZ_\e=fikjZ_i`kkjqlKfele[=XiY\^\bfdd\ele[nXjI\Z_k\j
^\nfi[\ej\`#\Y\ei`Z_k`^\i=`cd%
8ccgXjknXjfeZ\gi\j\ek#Ylk\XZ_gi\j\ekk`d\[f\jefk`dX^`e\k_\gXjkXj
Y\`e^k_\jXd\Xj`kj\c]#efkXjX]fid\igi\j\ek%Fc[]`cdjXi\k_fl^_kf]XjY\`e^
YcXZbXe[n_`k\%9lkk_`j`jfecpkil\f]k_\*'p\Xij]ifd(0),kf(0,,%9\]fi\k_\e#
k_\YcXZbXe[n_`k\gfj`k`m\jn\i\dfjkcpZfcfli\[Æ`e=iXeZ\#@\jk`dXk\k_Xkk_`j
nXjk_\ZXj\n`k_.'kf/'g\iZ\ekf]k_\]`cdj#lj`e^j\m\iXcgifZ\[li\j#jfd\f]
n_`Z_Zflc[Y\lj\[`eZfdY`eXk`fe%=`cdnXje\m\ii`Z_\i`eZfcflijXe[Zfcfli
jpjk\djk_Xe`ek_\[\ZX[\]ifd(0',$(,%
?Xe[$Zfcfli\[]cfn\ij#nXk\i]\Xkli\jXe[jgXibc`e^]`i\nfibjYli^\fefm\ik_\
jZi\\e2\ogcfj`fejXe[]`i\j`dd\ij\k_\\ek`i\`dX^\`ei\[dfefZ_ifd\k`ek`e^2
k_\ Xci\X[p _`^_ m`jlXc mXcl\ f] \okiXmX^XeqXj# _`jkfi`ZXc Zfjkld\ ]`cdj Xe[
kiXm\cf^l\j`j\e_XeZ\[Ypcloli`fljgfcpZ_ifd\jk\eZ`c$Zfcfli`e^%K_\ZfcflijXi\
cfm\cpkfcffbXk`ek_\dj\cm\j2k_\pXcjfdXb\k_\]`cdjdfi\\Xj`cple[\ijkff[2k_\
j\hl\eZ\f]k`ekjZi\Xk\j`kjfneZXcdi_pk_d%N\Xi\i\XccpXdXq\[k_Xkk_\plj\[kf
_Xm\jlZ_ZfcflijfeZ\%<eZflek\i`e^k_\j\]`cdjZfe]lk\jXepZcX`djYpX[_\i\ekjf]
\mfclk`feXip]`cd_`jkfipk_Xk\XicpZ`e\dXnXj`e\gk#j`c\ekXe[YcXZb$Xe[$n_`k\#Xe[
k_Xkfecpk_\Yc\jj`e^jf]k\Z_efcf^`ZXcgif^i\jj^Xm\`kjfle[Xe[Zfcfli#dXb`e^`k
jfd\k_`e^Ègifg\iÉ#Èi\XcÉ]`cd%
C\j>iXe[\j<Xlo[\M\ijX`cc\jK_\=flekX`ejf]M\ijX`cc\j
=iXebi\`Z_(0'+
*/d#*Ë#*,dd#=XiY\
NXjj\i le[ =`cd _XY\e \`e\ k`\]\ 8]]`e`k€k% ?`\i nli[\e [`\ n\Z_j\ce[\e K_\i\`jXgif]fle[X]]`e`kpY\kn\\enXk\iXe[]`cd%
C`Z_k]XiY\e[\i`ccld`e`\ik\eNXjj\ijg`\c\[liZ_?Xe[bfcfi`\ile^n`\[\i$ ?\i\# k_\ `ccld`eXk\[ nXk\i ]\Xkli\jË Z_Xe^`e^ c`^_k
ZfcflijXi\_Xe[$Zfcfli\[%
^\^\Y\e%
Gif[lbk`feGXk_„
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
El`k[\Ef‡c:_i`jkdXj<m\
=iXebi\`Z_(0'/
))'d#(*Ë#*,dd#=XiY\
Gif[lbk`feGXk_„
;Xj;iXdXEl`k[\Ef‡cq\`^k`ecXbfe`jZ_\dI_pk_dlj\`e9`c[ldjXe[\i\#
9`c[\if_e\\ogi\jj`m\j>\kl\#•Y\i_Xlgkf_e\>\kl\#d`k\`e\i[`i\bk\e
JZ_e_\`kle[N`ibc`Z_b\`k%N`ijZ_Xl\e2[Xj=\l\i^c•_k2j`\kXeq\e2[\i
NX^\e[i\_kj`Z_2\ijk•iqk•Y\i[`\=\cj\e%
8iZ_`m:E:$8==
@eXcXZfe`Zi_pk_d#k_\[iXdXEl`k[\Ef‡cgi\j\ekj
fe\g`Zkli\X]k\iXefk_\i#g`Zkli\j[\mf`[f]\ogi\j$
j`m\X[f#[\mf`[f]XepX[fXkXcc#Ylk]lccf]`dd\[`Xk\
Y\XlkpXe[i\Xc`kp%N\Xi\nXkZ_`e^2k_\]`i\`j^cfn$
`e^2 k_\p Xi\ [XeZ`e^2 k_\ m\_`Zc\ kliej Xifle[2 `k
gcle^\jfm\ik_\ifZbj%
;fee\in\kk\iKX[\ccfjI\ml\[\jD\kifgfc$K_\Xk\ij1
C\j>iXe[\j<Xlo[\M\ijX`cc\j
RJk%G\k\ijYli^1;`\=\l\in\_iT
JZ_lkqdXee$C`\[#=fkfG_fkf1;\lkjZ_\B`e\dXk_\b
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
('.
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
RJk%G\k\ijYli^1;`\=\l\in\_iTRJk%G\k\ijYli^1k_\=`i\9i`^X[\T
IljjcXe[(0'/
(),d#.Ë#*,dd#j&nle[=XiY\
I\^`\#Gif[lbk`fe8c\bjXe[i;iXebfm
8iZ_`m:`e\k\ZX[`9fcf^eX
;iXebfm#\`e\i]fc^i\`Z_\iG\k\ijYli^\i=fkf^iX]#n\Z_j\ck\(0'/qliB`e\$
dXkf^iXg_`\%D`c`k€idXem\ile[=\l\in\_i•Yle^\enXi\e\`e\=fidmfe
=i\`cl]kk_\Xk\i% 9\` [\e Xlj]X_i\e[\e NX^\e `jk [Xj I\ee\e Xlj 9\e ?li
e`Z_k]\ie%JZ_nXiqn\`]•i[`\9\n\^le^jj\ejXk`fele[ifk\M`iX^\]•i[`\
=\l\ijYilejk%
;iXebfm#XjlZZ\jj]lcG\k\ijYli^YXj\[g_fkf^iXg_\i#
klie\[ kf Z`e\dXkf^iXg_p `e (0'/% D`c`kXip \o\iZ`j\j
Xe[]`i\[i`ccjn\i\]fidjf]fg\eX`ijg\ZkXZc\j%K_\
]`i\\e^`e\jc\Xm`e^k_\jkXk`fe\mfb\k_\iXZ\`e9\e
?li% 9cXZb Xe[ n_`k\ ]fi k_\ j\ejXk`fe f] dfm\d\ek
Xe[i\[k`ek`e^]fik_\YcXq\%
ElY`X%NX[`?Xc]XXe[k_\J\Zfe[:XkXiXZk
>ifYi`kXee`\e(0((
<`e\[\ij\ck\e\e=XiYi\jkXli`\ile^\emfeB`e\dXZfcfi#[\d\`eq`^\ei\cXk`m
m\iYi\`k\k\eX[[`k`m\eQn\`]XiY\ejpjk\d%;\idXc\i`jZ_\Fi`\ek#[`\<k_ef$
^iX]`\le[8iZ_€fcf^`\dXZ_k\ev^pgk\eqldY\c`\Yk\eI\`j\q`\c[\iI\`Z_\e
`d]i•_\eKfli`jdlj%
((.d#.Ë#*,dd#=XiY\
Gif[lbk`feEXkliXc:fcfi
B`e\dXkf^iXg_
8iZ_`m:`e\k\ZX[`9fcf^eX
Fe\ f] k_\ iXi\ Zfcfli i\jkfiXk`fej f] B`e\dXZfcfi#
k_\ fecp i\cXk`m\cp n`[\jgi\X[ knf$Zfcfli X[[`k`m\
Zfcflijpjk\d%K_\g`Zkli\jhl\Fi`\ek#\k_ef^iXg_p#
Xe[XiZ_X\fcf^pdX[\<^pgkXgfglcXi[\jk`eXk`fef]
k_\i`Z_`ek_\\Xicpp\Xijf]kfli`jd%
CÊ@ejX`j`jjXYc\G`ZbgfZb\kK_\<clj`m\G`ZbgfZb\k
JZ_nXiqn\`bXi`\ik`jk[XjBfjk•d[\iBfd`ble[[\jK\l]\cj%;liZ_Xcc\ 9cXZbXe[n_`k\Z_\hl\i\[`jk_\Zfjkld\f]Zfd\[p
bfd`jZ_$[€dfe`jZ_\eKiXej]fidXk`fe\e_`e[liZ_Yc\`Yk[XjBXif[`\Bfe$ Xe[k_\[\m`c%K_ifl^_XccZfd`Z$[\dfe`ZkiXej]fidX$
k`fejk_\Z_\hl\iZfejkXekcpi\dX`ej`ek_\`dX^\%K_\
jkXek\`d9`c[%;`\^\eXiik\eGfc`q`jk\e]Xcc\ej`Z_`e[`\c\\i\e8id\%
]ffc\[gfc`Z\d\eZcXjg\XZ_fk_\iÆ\dgkp$_Xe[\[%
=iXebi\`Z_(0'/
/'d#+Ë#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m:`e\k\ZX[`9fcf^eX
=XZ_\lj\d„gi`j\8eLegc\XjXekD`jkXb\
8ljN\`n`i[JZ_nXiq%
=iXebi\`Z_(0',
N_`k\kliejYcXZb%
)'d#(Ë#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m=`cdXiZ_`m8ljki`X
C\E…^i\^flidXe[K_\>clkkfefljE\^if
8ljJZ_nXiqn`i[N\`%
=iXebi\`Z_(0',
9cXZbkliejn_`k\%
)+d#(Ë#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m=`cdXiZ_`m8ljki`X
;`\?Xidfe`\[\iG\e[\cjZ_n`e^le^K_\?Xidfe`fljJn`e^f]k_\G\e[lcld
;`\Jgli[\iG\e[\cjZ_n`e^le^n`i[n\`Xl]jZ_nXiq#Xcjfe\^Xk`m#n`\[\i$ K_\kiXZ\f]k_\g\e[lcldËjjn`e^`ji\e[\i\[n_`k\fe
^\^\Y\e#ldj`\[\lkc`Z_\ij`Z_kYXiqldXZ_\e%
YcXZb#XjXe\^Xk`m\#kfdXb\`kdfi\Zc\Xicpm`j`Yc\%
>ifYi`kXee`\e(0('
0'd#,Ë#*,dd#j&n
8iZ_`m9i`k`j_=`cd@ejk`klk\
RJk%G\k\ijYli^1;`\=\l\in\_iT
CÊ@ejX`j`jjXYc\G`ZbgfZb\k
CÊ@ejX`j`jjXYc\G`ZbgfZb\k
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
('/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
N`c[]•kk\ile^ `d ]•ijkc`Z_ =•ijk\eY\i^`jZ_\e GXib ql ;feXl\jZ_`e^\e N`c[c`]\
=\\[`e^`ek_\IfpXc=•ijk\eY\i^GXibE\Xi;feXl\jZ_`e^\e
;\lkjZ_cXe[(0'0
/+d#+Ë*'È#*,dd#j&n
<`e N`c[gXib `d N`ek\i# [\i jZ_nXiqn\`\e AX_i\jq\`k% ;\i NXc[ jk\_k 8 n`c[c`]\ gXib `e n`ek\i# k_\ j\Xjfe f] YcXZb Xe[
jZ_nXiq le[ jZ_n\`^\e[# b\`e JZ_ljj beXcck# [fZ_ n`i j\_\e `_e le[ [Xj n_`k\%K_\nff[jjkXe[YcXZbXe[j`c\ek#efi\gfikf]
X^le#p\kn\n`ke\jjX[\\iZfccXgj`e^Xe[[p`e^%
QljXdd\eYi\Z_\ele[Jk\iY\e[\j?`ijZ_\j%
Gif[lbk`feN\ck$B`e\dXkf^iXg_
8iZ_`m9i`k`j_=`cd@ejk`klk\
RBX`j\iN`c_\cd@@#AX^[jki\Zb\TR<dg\ifiN`cc`Xd@@#;`jgcXpf]9X^^\[>Xd\T
;\lkjZ_cXe[ld(0'/
*'d#(Ë*'È#*,dd#j&n
8iZ_`m9i`k`j_=`cd@ejk`klk\
N`\ K_fijk\`e M\Yc\e (/00 `e j\`e\i le•Y\i_fck\e K_\fip f] k_\ C\`jli\
:cXjjjZ_i`\Y#`jk[`\AX^[#n`\Bi`\^le[9lj`e\jj#\`e\legif[lbk`m\le[
[Xild[\eD€ee\ie[\i_\iijZ_\e[\eBcXjj\mfiY\_Xck\e\K€k`^b\`k%;`\
QX_c[\imfeN`c_\cd@@^\kk\k\eK`\i\n`i[Xl]./%'''^\jZ_€kqk%
8jK_fijk\`eM\Yc\eflkc`e\[`e_`jjk`cckfg`ZXc(/00
K_\fipf]k_\C\`jli\:cXjj#_lek`e^#Xjn\ccXjnXiXe[
Ylj`e\jj# `j Xe legif[lZk`m\ XZk`m`kp Xe[ k_\i\]fi\
i\j\im\[kfk_\dXc\d\dY\ijf]k_\ilc`e^ZcXjj%K_\
eldY\if]Xe`dXcjYX^^\[YpN`cc`Xd@@`j\jk`dXk\[
Xk./#'''%
CX:_Xjj\~cXgXek_…i\GXek_\i?lek`e^
=iXebi\`Z_(0'0
(*'d#.Ë#*,dd#=XiY\
>ifn`c[aX^[le[Bfcfe`Xc`jdlj`ecloli`j\dGXk_„Zfcfi#[\igfcpZ_ifd\e >Xd\ _lek`e^ Xe[ Zfcfe`Xc`jd `e clj_ GXk_„Zfcfi# X
JZ_XYcfe\ebfcfi`\ile^%<`e>\ei\`e^if\i;`jkXeqqld_\lk`^\eGlYc`bld% gfcpZ_ifd\jk\eZ`cZfcfli`e^gifZ\jj%8^\ei\ZcXj_$
`e^n`k_kf[XpËjj\ej`Y`c`k`\j%
I\^`\8c]i\[DXZ_`e
Gif[lbk`feGXk_„
8iZ_`m:`e\k\ZX[`9fcf^eX
CXG\`e\[lkXc`feK`k]fiKXk
=iXebi\`Z_(0'(''d#-Ë#*,dd#=XiY\
<`e\ Ki`Zb$=„\i`\# [Xj Y\[\lk\k JZ_XYcfe\e]€iYle^# 9Xcc\kk [\i @ej\bk\e# 8ki`Zb$]„\i`\#k_Xkd\Xejjk\eZ`cZfcfli`e^#XYXcc\kf]
JZ_d\kk\ic`e^j$?`c]ja€^\i`ee\e `e XkkiXbk`m\e BeXY\ebfjk•d\e le[ \`e\ `ej\Zkj# X Ylkk\i]cp Zfcc\ZkfiËj ]\dXc\ Xjj`jkXekj `e
]\kZ_`e^YfpjËZfjkld\j#Xe[Xjgc\e[`[Xgfk_\fj`j%
gi€Z_k`^\8gfk_\fj\%
I\^`\>XjkfeM\cc\
Gif[lbk`feGXk_„
8iZ_`mCfYjk\i=`cdj
8ZifYXk`Z=cp
>ifYi`kXee`\e(0'/$('
,'d#*Ë#*,dd#j&n
<`eKi`Zb]`cd#[\i\`e\[fbld\ekXi`jZ_\<i^€eqle^qldmfiXe^\_\e[\eK`k\c 8ki`Zb]`cd#j\im`e^XjX[fZld\ekXipZfdgc\d\ekkf
`jk%
k_\gi\Z\[`e^k`kc\%
I\^`\G\iZpJd`k_
8iZ_`mCfYjk\i=`cdj
C\jJ`oJÅlij;X`e\]K_\J`o;X`e\]J`jk\ij
=iXebi\`Z_(0')
-,d#*Ë#*,dd#=XiY\
Gif[lbk`feGXk_„
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
8bifYXk`jZ_\ Jq\e\% Q\`kcfj ^ifXik`^\ 8ik`jk`ee\e le[ 8k_c\k`ee\e%
9Xik_\j_Xkk\i\Z_k#\j^`Ykb\`e\e=fikjZ_i`kk`e[\iLek\i_Xckle^1ÙGXj[\
gif^i…j[Xejc\gcX`j`i#i`\ehl\[\jdlkXk`fej%È(;\i=`cdnli[\`e\`e\i
_\lk\m\icfi\e\e )''D\k\icXe^\ele[[\i\i_Xck\e\e-,D\k\ibliq\e
M\ij`fem\ibXl]k%
8ZifYXk`ZjZ\e\%K`d\c\jjcp^i\Xk]\dXc\Xik`jkjXe[
Xk_c\k\j%9Xik_\jnXji`^_k#k_\i\`jeËkXepgif^i\jj`e
\ek\ikX`ed\ek1 ÈGXj [\ gif^i…j [Xej c\ gcX`j`i# i`\e
hl\[\jdlkXk`fej%È(K_\]`cdnXjjfc[`eXefncfjk )''dXe[Xgi\j\im\[-,dm\ij`fe%
(M^c%IfcXe[9Xik_\j#|Y\id`Z_j\cYjk#9\ic`e(0./
(IfcXe[9Xik_\j#IfcXe[9Xik_\jgXiIfcXe[9Xik_\j#GXi`j(0..
CXG\`e\[lkXc`fe
CXG\`e\[lkXc`fe
C\jJ`oJÅlij;X`e\]
=fkfG_fkf1CfYjk\i=`cdj
=fkfG_fkf1CfYjk\i=`cdj
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
('0
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
Gif^iXdd+
(%DX`1KX^[\i8iY\`k(jkDXp1CXYfli;Xp
8idlk#?le^\i#FY[XZ_cfj`^b\`kle[c\Y\ej^\]€_ic`Z_\_Xik\8iY\`kY`c[\e[\e
Y\[if_c`Z_\e ?`ek\i^ile[ m`\c\i [\i [iXdXk`jZ_\e le[ i\Xc`jk`jZ_\e Jq\e\e#
\`e\ (0', efZ_ leY\[\lk\e[\ Gif[lbk`fejj\i`\ d`k ^if\i Qlble]k% 9\`[\
\i_Xck\e\eBfg`\emfe8lgXpjef`i(0', nli[\eeXZ_ki€^c`Z_d`k[fbld\e$
kXi`jZ_\e8l]eX_d\eXlj:flii`…i\jbfdY`e`\ik#nf`dD€iq(0'-`djZ_c`dd$
jk\e>ilY\ele^c•Zb<lifgXj•Y\i(%'''D\ejZ_\ejkXiY\e%Ql[\d=`cd]`e[\k
j`Z_ `d M\ibXl]jbXkXcf^ \`e Xlj]•_ic`Z_\i# _fZ_[iXdXk`jZ_\i K\ok# n`\ \`e
C`Yi\kkf\`e\j=`cdbfdd\ekXij#[\ijf\e[\k1Ù;\i9\i^dXee#[Xjm\ibig\ik\
JpdYfc[\idi[\i`jZ_\e8iY\`k#_\Yk[`\=Xljk^\^\ej\`e;fi]#\ii\Zbkj`\
^\^\e[`\JZ_cfk\[\i?fZ_]\e#[\i\ejZ_nXiq\iIXlZ_j`Z_n`\\`eKiXl\i$
jZ_c\`\i•Y\i[`\>\^\e[c\^k%%% %È(
@e[\e@e[ljki`\]`cd\en\i[\ee`Z_keli[`\8iY\`kjgifq\jj\mfdIf_dXk\i`Xc
Y`jqld]\ik`^\eGif[lbkle[[\jj\e>\YiXlZ_f[\iBfejld^\q\`^k#jfe[\ie
XlZ_[`\biXjj\eBcXjj\e^\^\ej€kq\qn`jZ_\eXiY\`k\e[\eD€ee\iele[=iXl\e
jfn`\[\eBfejld\ek\emfeClolj^•k\ien`\8ljk\ie#BX]]\\le[:_XdgX^e\i
n\i[\e`ej9`c[^\j\kqk%@ebfd`jZ_\eJq\e\en`\`eCX>i…m\[\jeflii`Z\jXl\i
[\e 8dd\e jki\`b\e `e ^c\`Z_q\`k`^\e =`cd\e XlZ_ [`\ JZ_d`\[\# [`\ ;`\ejk$
d€[Z_\ele[[`\B`e[\i ]`e[\k[Xj\ogcfj`m\Gfk\eq`Xcgfc`k`jZ_\i9\n\^le^\e
le[[\i8iY\`kjb€dg]\[\iQ\`k\`e\\Y\ejfXYjkiXbk\n`\n`c[\Ldj\kqle^%
JXdjkX^(%,%('#)'1''L_i#>cfi`X
Gfm\ikp#_fd\c\jje\jj#Xe[_Xi[Xe[[Xe^\ifljcXYfliXi\k_\d\eXZ`e^YXZb^ifle[
]fidXepf]k_\[iXdXk`ZXe[i\Xc`jk`ZjZ\e\j#Xj\i`\jf]]`cdgif[lZk`fejk_Xk#jk`cc
`ej`^e`]`ZXek`e(0',#n\ekfekfX^i\Xk]lkli\%9fk_f]k_\\okXekZfg`\jf]8lgXpj
ef`i(0', n\i\jlYj\hl\ekcpZfdY`e\[n`k_[fZld\ekXip]ffkX^\]ifd:flii`…i\j#
n_\i\fm\i(#'''g\fgc\[`\[`ek_\nfijkd`e\[`jXjk\i`e<lifg\`eDXiZ_(0'-%@e
k_\jXc\jZXkXcf^l\k_\i\`jX[\kX`c\[#[iXdXk`Zk\okfek_\]`cd#c`b\Xc`Yi\kkff]X
]`cdZfdd\ekXip#n_`Z_\e[jk_lj1ÈK_\d`e\i#k_\g_pj`ZXcjpdYfcf]k_`j[\X[cp
]fidf]nfib#iX`j\j_`j]`jkX^X`ejk_`jm`ccX^\2_\\ok\e[j`kkfnXi[jk_\]lieXZ\
Z_`de\pj#n_fj\YcXZbjdfb\c`\jfm\ik_\Xi\Xc`b\Xdflie`e^m\`c¿ %É(
K_\j\`e[ljkip]`cdjefkfecpj_fngif[lZk`fegifZ\jj\j]ifdk_\iXndXk\i`Xc
kfk_\]`e`j_\[gif[lZk#Xe[`kjlj\fiZfejldgk`fe#YlkXcjfgfikiXpk_\\oki\d\
ZcXjj ZfekiXjkj Y\kn\\e nfib`e^ d\e Xe[ nfd\e Xe[ k_\ Zfejld\ij f] clolip
^ff[jjlZ_Xjfpjk\ij#Zf]]\\Xe[Z_XdgX^e\%@eZfd`ZjZ\e\jc`b\CX>i…m\[\j
eflii`Z\j`efk_\i]`cdjf]k_\k`d\#`k`jefkn\kelij\j#Ylkjd`k_j#dX`[jXe[
Z_`c[i\e n_f ^f fe jki`b\ # k_\ \ogcfj`m\ gfk\ek`Xc f] gfc`k`ZXc dfm\d\ekj Xe[
cXYflijkil^^c\jf]k_\k`d\`j^`m\eXe\ogi\jj`fek_Xk`jXjXYjkiXZkXj`k`jn`c[%
(?\ei`9fljhl\k1:XkXcf^l\GXk_„(/0-~(0'-(00- #g%0'*
(M^c%?\ei`9fljhl\k1:XkXcf^l\GXk_„(/0-~(0'-(00- #J%0'*
D`kZ_\ccXe[B\epfe-(+KiXdI`[\`ekf?Xc`]Xo
ÙG_XekfdI`[\È[liZ_\`e\@e[ljki`\cXe[jZ_X]k`eEfi[\e^cXe[%
>ifYi`kXee`\e(0')
+'d#)Ê#*,dd#j&n
ÈG_Xekfd i`[\É k_ifl^_ Xe `e[ljki`Xc cXe[jZXg\ `e
k_\Efik_f]<e^cXe[%
8iZ_`m9i`k`j_=`cd@ejk`klk\
CXD„kXccli^`\Xl:i\ljfk:i\ljfkËjD\kXccli^p
=iXebi\`Z_(0',
(.'d#/Ê*'ÊÊ#*,dd#=XiY\
8iZ_`mEXk`feXc=`cdXe[Jfle[
8iZ_`m\
;\i=`cd`jk\`e]i•_\j9\`jg`\c[\j>\ei\JZ…e\j[ÊXikj\k[Ê`e[ljki`\#[Xj
GXk_„ ld (0', _\iXljYiXZ_k\% C`Z_k$ le[ =XiY\ejg`\c [\j ^c•_\e[\e le[
jgi•_\e[\eD\kXccjdXZ_\e[`\>`\\i\`XiY\`k]`cdf^\e%@e[\ebfcfi`\ik\e
8l]eX_d\e^c\`\e[`\^c•_\e[\eJk€Y\n`\^fc[\e\JZ_cXe^\e%;`\Xl\i$
^\n_ec`Z_^lk\#e`Z_k^Xeqmfccjk€e[`^\Bfg`\jkXddkXlj8ljkiXc`\e#Xlj[\e
9\jk€e[\e[\jNXe[\i$B`e\dXkf^iXg_\e$Lek\ie\_d\ej:fii`Zb%
K_\]`cd`jXe\Xicp\oXdgc\f]k_\^\ei\JZ…e\j[ÊXikj\k
[Ê`e[ljki`\n_`Z_GXk_„cXleZ_\[Xifle[(0',%K_\^cfn$
`e^Xe[jgXib`e^d\kXcËjgcXpf]c`^_kXe[ZfcflidXb\j
]fle[ipnfibXkkiXZk`m\kfk_\Z`e\dX%@ek_\j\Zfcfli\[
g`Zkli\j k_\ ^cfn`e^ if[j Xi\ ^c\Xd`e^ c`b\ ^fc[\e
jeXb\j% K_`j \okiXfi[`eXi`cp n\cc gi\j\im\[# Xck_fl^_
`eZfdgc\k\ZfgpZfd\j]ifd8ljkiXc`X#]ifdk_\XiZ_`m\j
f]k_\:fii`ZbjËkiXm\cc`e^Z`e\dXkf^iXg_Ylj`e\jj%
8lgXpjef`i@ek_\9cXZb:flekip
;iXdXk`jZ_\ Jq\e\e \`e\j >ilY\ele^c•Zbj# eXZ_ki€^c`Z_ d`k [fbld\ekX$
i`jZ_\e 8l]eX_d\e mfe [\i 9\jkXkkle^ mfe Fg]\ie [\i BXkXjkifg_\ mfe
:flii`…i\j `d D€iq (0'- \i^€eqk% @e [`\j\d ^ik\e 9\i^n\ibjle^c•Zb
<lifgXjjkXiY\e(%'00D\ejZ_\e%
=iXebi\`Z_(0',
(/'d#/Ê*'È#*,dd#j&n
Gif[lbk`feGXk_„
;iXdXk`ZjZ\e\jf]Xd`e`e^[`jXjk\i#cXk\ifeZfdgc\$
d\ek\[n`k_]ffkX^\[fZld\ek`e^k_\]le\iXcf]m`Zk`dj
f]k_\:flii`…i\jd`e\[`jXjk\i`eDXiZ_(0'-%<lifg\Ëj
nfijkd`e`e^[`jXjk\iZXlj\[k_\[\Xk_f](#'00d`e\ij%
8iZ_`m:@E<D8K<B
D`kZ_\ccXe[B\epfe)0(N_`kjlek`[\=X`iXkGi\jkfe
8lgXpjef`i
CXG\`e\[lkXc`fe
=fkfG_fkf19i`k`j_=`cd@ejk`klk\
=fkfG_fkf1:@E<D8K<B
=fkfG_fkf1CfYjk\i=`cdj
((' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
9\\i[`^le^[\iFg]\i[\j>ilY\ele^c•ZbjXl][\iQ\Z_\IX[Yf[@%N%[\e(-%Efm
(0'/=le\iXcf]k_\M`Zk`djf]k_\D`e\;`jXjk\iXkIX[Yf[@%N%feEfm(-#(0'/
;\lkjZ_cXe[(0'/
()'d#.Ê#*,dd#j&n
Gif[lbk`feN\ck$B`e\dXkf^iXg_
;XjKfk\e^\c\`kq`\_kmfiY\`#\`e\8Y]fc^\mfe9\il]j$le[JkXe[\jbc\`[le^\e#
[`\n`ieliefZ_k\`cn\`j\c\j\ebee\e%;`\Q\Z_\IX[Yf[nXimfe(0',$0'`e
9\ki`\Y%9\`\`e\iJZ_cX^n\kk\i\ogcfj`fe`dAX_i\(0'/jkXiY\e*+/9\i^$
c\lk\%
8iZ_`m9i`k`j_=`cd@ejk`klk\
K_\]le\iXcZfik\^\gXjj\jYp#XjlZZ\jj`fef]Zcfk_`e^
i\]\ii`e^kfgif]\jj`fejXe[gif]\jj`feXc^iflgj2dfjk
f] k_fj\ i\]\i\eZ\j n\ ZXeefk [\Zf[\ Xepdfi\% K_\
IX[Yf[d`e\nXj`efg\iXk`fe]ifd(0',$0'%8]`i\[Xdg
\ogcfj`fe`e(0'/ZXlj\[k_\[\Xk_f]*+/d`e\ij%
NfibDX[\<Xjp
LJ8(0'.
(+(d#,Ê#*,dd#=XiY\
<`e\M`kX^iXg_$Bfd[`\•Y\i[`\bfdd\e[\8iY\`kjY\jZ_c\le`^le^[liZ_ 8M`kX^iXg_Zfd\[pXYflkk_\`dg\e[`e^XZZ\c\iXk`fe
8lkfdXk`j`\ile^%
Xe[XlkfdXk`fef]nfib%
Gif[lbk`feM`kX^iXg_
8iZ_`m:E:$8==
<ogcf`kXk`fe\kZlckli\[lZX]„<ogcf`kXk`feXe[:f]]\\=Xid`e^
=iXebi\`Z_(0'0
(/,d#0Ê#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m9i`k`j_=`cd@ejk`klk\
;`\8ljY\lkle^mfeD\ejZ_\ele[eXk•ic`Z_\eI\jjfliZ\eÆlem\i€e[\ik%
@e[ljki`\Y`c[\iq\`^\ef]k[`\Gif[lbk`fejgifq\jj\XcjJkXk`fe\e2mfe[\i
If_jkf]]^\n`eele^ Y`j qld Bfejld le[ [\jj\e N`ible^1 ;`\ jZ_nXiq\
;`\e\i`eYi`e^k[\i^\cXe^n\`ck\en\`\e;Xd\[\eBX]]\\%>c\`Z_jZ_n`e$
[\ejZ_c\Z_k\CXle\le[JZ_c€]i`^b\`k%
K_\ \ogcf`kXk`fe f] g\fgc\ Xe[ eXkliXc i\jfliZ\j Æ
leZ_Xe^\[%@e[ljkipg`Zkli\jf]k\egi\j\ekgif[lZk`fe
gifZ\jj\j`ejkX^\j2]ifdk_\\okiXZk`fef]iXndXk\i`Xcj
kf Zfejldgk`fe Xe[ `kj \]]\Zkj1 K_\ YcXZb j\imXek
j\im\j k_\ Yfi\[ n_`k\ cX[p X Zf]]\\% @cc$_ldfli Xe[
[ifnj`e\jj]X[\XnXpXkfeZ\%
8;Xp`eX;f^jË?fd\
=iXebi\`Z_(0'/
,'d#*Ê#*,dd#j&n
<`e9`c[#\`e[i`e^c`Z_n`\\`e\=fkf^iX]`\1[`\Xck\=iXl`d?f][\j?le[\$ 8g`Zkli\#_Xlek`e^c`b\Xg_fkf^iXg_1Xefc[nfdXe
_\`dj#`e[Xj[`\i\`Z_\;Xd\ql9\jlZ_bfddkld\`e\e?le[Xljqln€_c\e% `ek_\pXi[f]X[f^i\]l^\n_\i\Xi`Z_cX[p\ek\ijkf
Z_ffj\X[f^%
Gif[lbk`feGXk_„
8iZ_`m9i`k`j_=`cd@ejk`klk\
CX>i…m\[\jeflii`Z\jJki`b\f]k_\N\kElij\j
=iXebi\`Z_(0'.
(/+d#0Ê#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m:`e\k\ZX[`9fcf^eX
;\iJki\`b[\i8dd\e]•_ikeXZ_\`e\ikliYlc\ek\egfc`k`jZ_\eM\ijXddcle^
ql \`e\i ]XekXjk`jZ_\e :_fi\f^iX]`\ mfe 8dd\e# Gfc`q`jk\e# 9XYpj le[
B
`e[\inX^\e`e[\eJkiX\emfeGXi`j%D€ee\i`e=iXl\ebc\`[\iele[$ifcc\e
kiXk\e`ebfd`jZ_\eJq\e\ej\_i_€l]`^Xl]#n€_i\e[=iXl\e`eD€ee\ibc\`[\ie
[`\=„\i`\eY\mcb\ik\e%;`\[i\`jgiXZ_`^\eKiXejgXi\ek\m\in\`j\eXl][`\
`ek\ieXk`feXc\8ljn\ikle^[\iGXk_„$Gif[lbk`fe%
8]k\iXkliYlc\ekgfc`k`ZXc^Xk_\i`e^k_\jki`b\f]k_\
n\k elij\j Zlcd`eXk\j `e X ]XekXjk`Z Z_fi\f^iXg_p f]
n\kelij\j#gfc`Z\d\e#YXY`\jXe[YXYpZXii`X^\j`ek_\
jki\\kjf]GXi`j%D\e`dg\ijfeXk`e^nfd\ef]k\e]\X$
kli\[ `e Zfd`Z jZ\e\j n_`c\ nfd\e `e d\eËj Zcfk_\j
gfglcXk\[ k_\ ]„\i`\j% K_\ ki`c`e^lXc gfjk\ij i\]\i kf
k_\GXk_„gif[lZk`feËj`ek\ieXk`feXc[`jki`Ylk`fe%
LeDfej`\lihl`XdXe^„[lkXli\Xl
CX:_\e`cc\[\cXZXifkk\
Bi`Bi`\`ckXe^f
=fkfG_fkf1:@E<D8K<B
=fkfG_fkf1:@E<D8K<B
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(((
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
Gif^iXdd,
8cc\jj\_\e#Xcc\j_i\e1\`eGXefiXdX
JfDlZ_KfJ\\#JfDlZ_Kf?\Xi1XGXefiXdX
<`eGXefiXdX[\i8ej`Z_k\ele[8l]ki`kk\mfdKXeq$Gfkgflii`•Y\iYi\kf$
e`jZ_\9iXlkgXXi\le[?le[\$?Xlgk[Xijk\cc\iY`jql\`e\iJZ_lgf$I\ml\Æ8cc
j`e^`e^8cc[XeZ`e^8Y(0'0$('nli[\e\ijk\Bfd`b\in`\IfjXc`\#:le„^fe[\#
:i\k`e\kk` le[ DXo d`k `_i\e J\i`\e eXd\ekc`Z_ Y\bXeek le[ Y\i•_dk1 ;Xj
G_€efd\e[\j=`cdjkXije`ddkj\`e\e8e]Xe^%Qlmfinli[\e[`\;Xijk\cc\ile[
XlZ_[`\I\^`jj\li\n\[\i^\eXeekefZ_Y\bXeek%
8l\i]`cd`jZ_\ Gifd`e\eq n`\ Gfc`k`b\i# [\i GXgjk# DXa\jk€k\e f[\i
K€eq\i`ee\ejfn`\[`\=Xd`c`\ejkXijB`e[le[?le[nli[\ej\`k[\e8e]€e^\e
`ek\ej`m^\]`cdk%MfiXcc\dYiXZ_k\[`\dXjj\e_X]k\Gif[lbk`femfejf^\eXeek\e
KfeY`c[\ie `d \ijk\e AX_iq\_ek [\j )'% AX_i_le[\ikj `ek\ieXk`feXc Y\i•_dk\
J€e^\iXl][`\C\`enXe[%Ld(0'/nXi\em\idlkc`Z_\knX(%'''KfeY`c[\ile[
G_fefjZ…e\jXl][\dDXibk#d`kD\jjk\ij9`fg_fele[>Xldfekj:_ifefg_fe\
Xcj [\e k\Z_e`jZ_ g\i]\bk\e Jpjk\d\e% Ù|Y\iXcc [\i ^ik\ 9\`]Xcc C\kqk\
E\l_\`k |Y\iXcc \efid\i <i]fc^ ;`\ c\Y\e[\e Æ jgi\Z_\e[\e Æ j`e^\e[\e Æ
dlj`q`\i\e[\eG_fkf^iXg_`\e%Mfi]•_ile^[\i_\imfiiX^\e[jk\eJq\e\eXlj[\e
jZ_ejk\ele[e\l\jk\eFg\iele[Fg\i\kk\e#^\eXl\|Y\i\`ejk`ddle^`eNfik
le[9`c[#\`eNle[\i[\iK\Z_e`b#l%X%1;`\cljk`^\N`kn\#:Xid\e#Kifdg\k\imfe
J€Zb`e^\e# NXcq\ikiXld#É( c`\jk dXe `e [\i JX`jfe (0'/ `e [\e Gif^iXdd$
Xeb•e[`^le^\emfe>\fi^\j?`gc\_$NXck#[\d]•_i\e[\eJZ_n\`q\iNXe[\ib`ef$
9\ki\`Y\i%
8cj >i•e[\ ]•i [Xj jZ_e\cc\ <e[\ [\j KfeY`c[\j j`e[ |Y\igif[lbk`fe le[
Gi\`jqljXdd\eYilZ_ ql e\ee\e# [\i Y`jcXe^ n`Z_k`^jk\ Gif[lq\ek D\jjk\i
q`\_kj`Z_Y\i\`kj`d?\iYjk(0'0qli•Zb%
;`\ d\`jk\e KfeY`c[\i j`e[ jkldd •Y\ic`\]\ik% :_i`jk`Xe QnXi^# Dlj`b$
_`jkfi`b\ile[D`kXiY\`k\i[\iÙ;\lkjZ_\eEXk`feXc$;`jZf^iXg_`\È#_Xk]•i
\`e\^Xeq\I\`_\mfeKfeY`c[\ieJ€e^\ile[Eldd\ie`[\ek`]`q`\ik#[`\ql^\$
_i`^\eDlj`bXl]eX_d\e^\]le[\ele[jpeZ_ife`j`\ikXe^\c\^k%
;`\j\ \ijk\e Kfe]`cd\ dXZ_\e bcXi# nXj a\[\i Jkldd]`cd `jk# e€dc`Z_ [Xj
m`jl\cc\I\hl`j`km`jlXcgifg \`e\idlj`bXc`jZ_\eC`m\$M\iXejkXckle^%
JfeekX^)%,%('#()1*'L_i#>cfi`X
8gXefiXdXf]jZ\e\jXe[g\i]fidXeZ\jiXe^`e^]ifd[XeZ\gfkgflii`j#9i\kfe
Yi`[XcZflgc\jXe[ZXe`e\j`ek_\dX`eifc\#kfXgfc`Z\i\ml\Æ8ccj`e^`e^8cc[XeZ`e^
=ifd(0'0&('fenXi[j#k_\eXd\jf]]`ijkZfd\[`XejjlZ_XjIfjXc`\#:le„^fe[\#
:i\k`e\kk`Xe[DXoY\ZXd\befneXe[]Xdfljn`k_k_\`ij\i`\j1k_\g_\efd\efe
f]k_\]`cdjkXiY\^`ej%9\]fi\k_`j#k_\XZkfijXe[\m\ek_\[`i\Zkfijn\i\e\`k_\i
eXd\[efibefne%
M@GjjlZ_Xjgfc`k`Z`Xej#k_\gfg\#ifpXckp#[XeZ\ijXe[k_\jkXijf]\m\ip]Xd`cp
ÆZ_`c[i\eXe[[f^jÆn\i\`ek\ej`m\cp]`cd\[]ifdk_\flkj\k%8Yfm\Xcc#k_\_l^\
gif[lZk`fef]jfle[$fe$[`jb]`cdj`ek_\]`ijk[\ZX[\f]k_\)'k_Z\eklipYifl^_k
]Xdfljj`e^\ijkfk_\jZi\\e%8ifle[(0'/#k_\i\n\i\gifYXYcpjfd\(#'''jlZ_
G_fefjZ…e\jfek_\dXib\k#n`k_D\jjk\iËj9`fg_feXe[>XldfekËj:_ifefg_fe\
Xjk_\k\Z_e`ZXccpg\i]\Zkjpjk\dj]figi\j\ek`e^k_\d%
È>i\XkXggcXlj\\m\ipn_\i\K_\cXk\jk`eefmXk`fe<efidfljjlZZ\jj\m\ipn_\i\
K_\c`m`e^Æjg\Xb`e^Æj`e^`e^Ædlj`Z$dXb`e^g_fkf^iXg_j%Gi\j\ekXk`fef]k_\dfjk
flkjkXe[`e^jZ\e\j]ifdk_\dfjkY\Xlk`]lcXe[e\n\jkfg\iXjXe[fg\i\kkXj#\oXZk
jpeZ_ife`jXk`fejf]jg\\Z_Xe[`dX^\#Xnfe[\if]k\Z_efcf^p#`eZcl[`e^1K_\D\iip
N`[fn#:Xid\e#K_\Kildg\k\if]J€Zb`e^\e#8NXckq;i\XdÉ(1k_`j[\jZi`gk`feZXe
Y\i\X[`ek_\gif^iXdd\X[m\ik`jd\ekj]fik_\(0'/j\Xjfef]>\fi^\j?`gc\_$
NXck#k_\c\X[`e^Jn`jjkiXm\cc`e^$Z`e\dXfg\iXkfi%
Fm\i$gif[lZk`feXe[XZfccXgj\`egi`Z\jc\[kfk_\hl`Zb[\d`j\f]k_\j\jfle[$
fe$[`jb]`cdj2k_\dfjk`dgfikXekgif[lZ\ilgkfk_\e#D\jjk\i#n`k_[i\n]ifdk_\
dXib\kXj\XicpXjXlklde(0'0%
Dfjkf]k_\j\]`cdj_Xm\Y\\egi\j\im\[n`k_flkjfle[%:_i`jk`XeQnXi^#Xdlj`Z
_`jkfi`Xe n_f nfibj Xk k_\ È;\lkjZ_\ EXk`feXc$;`jZf^iXg_`\É# _Xj le[\ikXb\e kf
`[\ek`]p j`e^\ij Xe[ mXl[\m`cc\ XZkj ]fi dXep f] k_\ ]`cdj# kf ]`e[ k_\ dXkZ_`e^
dlj`Zi\Zfi[`e^jXe[gif[lZ\jpeZ_ife`j\[m\ij`fej%
K_\j\]`ijkjfle[]`cdjdXb\`kZc\Xin_Xk\m\ipj`c\ek]`cd`j1k_\m`jlXcgifgf]
Xdlj`ZXcc`m\\m\ek%
(8cc^\d\`e\i8eq\`^\imfdQ•i`Z_j\\#Ei%0.#8l^ljk)(#(0'/
(M^c%8cc^\d\`e\i8eq\`^\imfdQ•i`Z_j\\#Ei%0.#)(%/%(0'/
;Xej\jZfjdfgfc`k\j:fjdfgfc`kXe;XeZ\j
<`e=`cdn`\\`eBfjk•dbXkXcf^f[\i\`e\bc\`e\N\ckXljjk\ccle^1K€eq\Xlj 8 ]`cd aljk c`b\ X Zfjkld\ ZXkXcf^l\ fi X d`e`Xkli\
Xcc\iN\ckle[Xcc\e<gfZ_\e%JZ_XYcfe\e]€iYle^^\_ikqldI\`q[\iM`\c]Xck% le`m\ijXc\o_`Y`k`fe1[XeZ\j]ifdXccfm\ik_\nfic[
Xe[Xcc\iXj%Jk\eZ`cZfcfli`e^Y\cfe^jkfk_\Xccli\f]
@dF]]1n\Z_j\ce[\Dlj`b%
mXi`\kp%=ifdk_\f]]1XmXi`\kpf]dlj`Z%
=iXebi\`Z_(0'.
..d#+Ê#*,dd#=XiY\
Gif[lbk`feGXk_„
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
8lDXifZ1KXe^\i@eDfifZZf1KXe^\i
=iXebi\`Z_(0'/
()'d#.Ë#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
;\i?X]\e1I`e[\in\i[\eXljJZ_`]]\eXlj^\cX[\e#[`\^if\eC\`Y\i^c\`k\e
`ej NXjj\i% DXibk le[ >Xjj\e% <`e fi`\ekXc`jZ_\j Jk€[k\Y`c[# Xcj fY e`Z_kj
n\`k\in€i\%(0'.\ekjXe[k\=iXebi\`Z_Kilgg\eeXZ_DXifbbfle[\ii`Z_k\k\
(0() \`e Gifk\bkfiXk% <ijk (0,- \icXe^k\ DXifbbf j\`e\ LeXY_€e^`^b\`k
n`\[\i%
K_\_XiYfli1:Xkkc\Xi\lecfX[\[f]]j_`gj#_l^\Yf[`\j
^c`[`e^`ekfk_\nXk\i%8dXib\kXe[Xcc\pj%8efi`\ekXc
Z`kpjZXg\#Xj`]efk_`e^_X[_Xgg\e\[%@e(0'.=iXeZ\
[\gcfp\[ ]fiZ\j kf DfifZZf n_\i\ `k \jkXYc`j_\[ X
gifk\ZkfiXk\`e(0()%Fecp`e(0,-[`[DfifZZfi\^X`e`kj
`e[\g\e[\eZ\%
8lDXifZ1KXe^\i
8lDXifZ1KXe^\i
9`kjXe[G`\Z\j
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
(() J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
Kpg\[\j@e[\j\k[\:\pcXeKpg\jf]@e[`XejXe[:\pcfe\j\
=iXebi\`Z_(0(*
.*d#+Ë#*,dd#j&n
Mfi(,AX_i\e^\j\_\ele[gif^iXdd`\ik`e<i`ee\ile^Xe\`e\jkXib\Gi€j\eq J\\e (, p\Xij X^f Xe[ gif^iXdd\[ i\Zfcc\Zk`e^ k_\
ale^\i=iXl\e^\^\e•Y\i[\iBXd\iX%
jkife^gi\j\eZ\f]pfle^nfd\em`j$~$m`jk_\ZXd\iX%
Gif[lbk`fe<ZcX`i
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
EfZ\j\e9i\kX^e\Elgk`Xcj`e9i`kkXep
=iXebi\`Z_(0'/
(,*d#/Ë#*,dd#j&n
;`\ GXi`j\i =`cd]`id\e le[ =\i`\e^€jk\ Y\jlZ_\e \ofk`jZ_\ >\^\e[\e `d GXi`j$YXj\[]`cdZfdgXe`\jXe[_fc`[Xp^l\jkjm`j`k
\`^\e\eCXe[#`e[\i9i\kX^e\#8lm\i^e\le[:XdXi^l\%
\ofk`Z i\^`fej `e k_\`i fne Zflekip# `e 9i`kkXep# k_\
8lm\i^e\Xe[k_\:XdXi^l\%
Gif[lbk`feGXk_„
8iZ_`m:E:$8==
;f^Flkn`kjk_\B`[eXgg\ij
>ifYi`kXee`\e(0'/
(*,d#.Ë#*,dd#j&n
I\^`\C\n`j=`kq_Xdfe
<ie\lk i\kk\k [\i ?\gnfik_$?le[ 9cX`i [Xj ?\gnfik_$B`e[ 9XiYXiX FeZ\X^X`e?\gnfik_$[f^9cX`ijXm\j?\gnfik_$Z_`c[
?\gnfik_%;`\j\leY\bXeek\=fikj\kqle^`jkm`\cY\jj\iXcj[\i\`ejkqld 9XiYXiX ?\gnfik_% K_`j lebefne j\hl\c `j dlZ_
Y\kk\ik_XeI\jZl\[YpIfm\i#k_\ZXefe`j\[g`fe\\i
DfekX^\$G`fe`\ibXefe`j`\ik\I\jZl\[YpIfm\imfe(0',%
f]\[`k`e^]ifd(0',%
Gif[lbk`fe?\gnfik_
8iZ_`m9i`k`j_=`cd@ejk`klk\
;ffgc\Z_k`^_\`[Gi`ej\jAlc`XeXK_\9Xgk`jdf]Gi`eZ\jjAlc`XeX
E`\[\icXe[\(0'0
(''d#-Ê#*,dd#j&n
I\^`\N`ccpDlcc\ej
NXjdXZ_k\`e\e=`cdj\_\ejn\ik6M`\cc\`Z_ke`Z_k[Xj`dK`k\c8e^\b•e[`^k\# N_XkdXb\jX]`cdnfik_nXkZ_`e^6DXpY\efkn_Xk`j
jfe[\ie\knXj^XeqXe[\i\jÆ[`\Yc`eb\e[\eBlkjZ_\e]\ejk\i#[`\9\n\^le^ XeefleZ\[`ek_\k`kc\#Ylkjfd\k_`e^hl`k\[`]]\i\ekÆ
k_\ Yc`eb`e^ ZXii`X^\ n`e[fn# k_\ dfm\d\ek f] k_\
[\iG]\i[\%
_fij\j%
Gif[lbk`fe8cY\ikj=i\i\j
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
;XejcÊ?\ccX[\@e?\ccXj
=iXebi\`Z_(0'0
.,d#,Ë#*,dd#j&n
I\^`\:_Xic\j;\Zif`o
JkXZ`X EXg`\ibfnjbX (//-$(0+, Y\^Xee Xcj JkXi [\i GXi`j\i 9•_e\ le[
dXZ_k\\`e\^cXeqmfcc\;fgg\cbXii`\i\XcjK€eq\i`ele[=`cdjZ_Xljg`\c\i`e%
;`\^i`\Z_`jZ_\KXeqgXekfd`d\;XejcÊ?\ccX[\`jkm\ib•iqkle[`eJZ_nXiq$
n\`Xl])/dd•Y\ic`\]\ik%
Gif[lbk`feGXk_„ÆC\=`cd[Ê8ik
JkXZ`X EXg`\ibfnjbX (//-$(0+, nXj X jkXi f] k_\
GXi`j`Xe jkX^\ Y\]fi\ j_\ glijl\[ _\i ^cXdfiflj
[flYc\ZXi\\iXjX[XeZ\iXe[]`cdXZki\jj%K_\>i\\b
[XeZ\gXekfd`d\;XejcË?\ccX[\_Xjjlim`m\[`eX)/
ddgi`ek`eXj_fik\e\[YcXZbXe[n_`k\m\ij`fe%
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
C`kkc\K`Z_
=iXebi\`Z_(0'/
(*'d#.Ë#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`mCfYjk\i=`cdj
Lek\i[\dEXd\eÙC`kkc\K`Z_ÈnXi[\i<e^c€e[\i?XiipI\cg_\`eN\ckjkXi
[\iDlj`Z?Xcc%D\_iefZ_Xcjj\`e\Y\bXeek\jk\Eldd\i#[\iKXeqd`k[\e
•Y\icXe^\e JZ_l_\e# Y\\`e[ilZbk lej [\i bfb\kk\ =iXl\eYc`Zb Xlj \`e\d
D€ee\i^\j`Z_k n€_i\e[ [\j jgXe`jZ_\e KXeq\j le[ [`\ j\ble[\ebliq\
JZ_nXe^\ijZ_X]kn€_i\e[[\iJZ_c\`\ikXeq$GXif[`\%
Le[\ik_\eXd\f]ÈC`kkc\K`Z_Ék_\<e^c`j_dXe?Xiip
I\cg_nXjXnfic[jkXif]k_\dlj`Z_Xcc%<m\edfi\
`dgi\jj`e^k_Xe_`j]XdfljeldY\i#X[XeZ\`efm\i$
cfe^j_f\j#Xi\k_\Zfhl\kk\#]\dXc\^Xq\ZXjk]ifdX
dXc\ ]XZ\ [li`e^ k_\ JgXe`j_ [XeZ\ Xe[ k_\ jgc`k
j\Zfe[gi\^eXeZp[li`e^_`jm\`c[XeZ\gXif[p%
Kpg\[\j@e[\j\k[\:\pcXe
CX:fe]\jj`fe
CX:fe]\jj`fe
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1CfYjk\i=`cdj
=fkfG_fkf1CfYjk\i=`cdj
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
((*
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
CX:fe]\jj`feK_\:fe]\jj`fe
<`eN`kqmfe\`e\dJkldd]`cd%N`ijfcc\eXl]jNfik^\eXlm\ijk\_\e#nXj
[`\jZ_e\JgXe`\i`eY\`Z_k\k%;\iEXd\[\i?Xlgk[Xijk\cc\i`eqX_ci\`Z_\i
GXk_„$=`cd\ ld (0',$(' `jk e`Z_k Y\bXeek% Gfc`k`jZ_\i ?`ek\i^ile[ qld
c•jk\ie\eDeZ_1(0',nXi[XjAX_i[\iKi\eele^mfeB`iZ_\le[JkXXk`e
=iXebi\`Z_%
=iXebi\`Z_(0',
*'d#)Ë#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`mCfYjk\i=`cdj
?Xi[cpkfY\ZXcc\[Xj`c\ek]`cd#j`eZ\n\le[\ijkXe[
\m\ipnfi[f]k_\j\opJgXe`j_nfdXeËjZfe]\jj`fe%
K_\eXd\f]k_`jXZki\jjf]dXepGXk_„]`cdjXifle[
(0',$('`jlebefne%K_\gfc`k`ZXcYXZb^ifle[i\^Xi[$
`e^ k_\ c\Z_\iflj dfeb1 (0', nXj k_\ p\Xi f] k_\
j\gXiXk`fef]Z_liZ_Xe[jkXk\`e=iXeZ\%
IfjXc`\\kC„fek`e\mfekXlk_„ki\IfjXc`\Xe[C„fek`e\>fkfk_\K_\Xki\
;`\[`Zb\IfjXc`\JXiX_;l_Xd\c le[[`\]i\Z_\C„fek`e\EXd\leY\bXeek =XkIfjXc`\JXiX_;l_Xd\c Xe[Yfc[C„fek`e\eXd\
^\_\e`ejK_\Xk\ile[Y\e\_d\ej`Z_[fikjZ_c\Z_k#j\_iqldD`jj]Xcc\e[\j lebefne ^fkfk_\k_\Xki\Xe[]ffcXifle[ÆdlZ_kf
k_\[`jXggifmXcf]k_\Xl[`\eZ\%
Y\kif]]\e\eGlYc`bldj%
=iXebi\`Z_(0((
(''d#-Ë#*,dd#j&n
I\^`\Ifd„f9fj\kk`
Gif[lbk`feGXk_„
8iZ_`m9i`k`j_=`cd@ejk`klk\
D„[fiXlk„c„g_fe\D„[fifek_\G_fe\
<`en\`k\i\ijkldd\iJgi\Z_]`cd1;XjK\c\]fe^\jgi€Z_mfe?\iile[?le[ 8efk_\ij`c\ek[`Xcf^l\]`cd1K_\k\c\g_fe\Zfem\ijXk`fe
`jk`dGXk_„$BXkXcf^eXZ_qlc\j\e%
Y\kn\\edXjk\iXe[[f^ZXeY\cffb\[lg`ek_\GXk_„
ZXkXcf^l\%
=iXebi\`Z_(0'.
,,d#*Ë#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
;`\b\ljZ_\JljXee\1N\ee[\iMXk\id`k[\dJf_e\:_Xjk\JljXee\1N_\e=Xk_\i
Xe[Jfe
;\lkjZ_cXe[(0((
9\kXJG#*Ê#Kfe
I\bfejkilbk`fe:_i`jk`XeQnXi^
KfeY`c[%<`elejZ_€kqYXi\j;fbld\ek[\iFg\i\kk\e$Blckli[`\j\iQ\`k%?`\i Jfle[$fe$[`jb ]`cd% 8 [fZld\ek f] k_\ Zlckli\ f]
Y\e\_d\e j`Z_ [`\ C\lk\ Xl] [\i 9•_e\ jZ_c\Z_k# j\_i qld >\]Xcc\e [\j fg\i\kkX Xk k_Xk k`d\% ?\i\# `kËj k_\ g\fgc\ fe k_\
jkX^\ ]ffc`e^ Xifle[# dlZ_ kf k_\ XggifmXc f] k_\
GlYc`bldj%
Xl[`\eZ\%
;fee\in\kk\i KX[\ccfj I\ml\ [\j D\kifgfc$K_\Xk\ij1 JZ_lkqdXee$C`\[ >fj_
@dg\ZZXYc\I\ml\f]k_\D\kifgfcK_\Xki\1k_\KiX]]`ZGfc`Z\dXeJfe^
Kfe]`cd%<`e\nXZb\ce[\Gf$Gf$Gfc`q`jk\e$I\ml\q\`^klej[Xjn`c_\cd`e`jZ_\ Jfle[$fe$[`jb]`cd%8j_Xb`e^gf$gf$gfc`Z\d\ei\ml\
9\ic`emfe\`e\iXe[\i\eJ\`k\%
j_fnjljXefk_\ij`[\f]N`c_\cd`e\9\ic`e%
;\lkjZ_cXe[(0'/
9\kXJG#*Ê#Kfe
Gif[lbk`feD\jjk\i
I\bfejkilbk`fe:_i`jk`XeQnXi^
8iZ_`m;\lkjZ_\B`e\dXk_\b
CX:fe]\jj`fe
D„[fiXlk„c„g_fe\
;fee\in\kk\iKX[\ccfjI\ml\[\jD\kifgfc$K_\Xk\ij1
=fkfG_fkf1CfYjk\i=`cdj
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
JZ_lkqdXee$C`\[#=fkfG_fkf1;\lkjZ_\B`e\dXk_\b
((+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
Gif^iXdd-
N`kq^`Yk=i\`_\`kle[=i\`_\`k^`YkN`kq
N`k9i`e^j=i\\[fdXe[=i\\[fd9i`e^jN`k
;\iK`k\cjkXddkmfeA\XeGXlc#[\i(/*.`ej`jk`\ik\Ù%%%le[eli[\iN`kq
^`Yklej=i\`_\`k#`e[\d\i>c\`Z__\`kmfi_\i^`Yk#%%%È(
<`enX_i_X]kle\inXik\k\i9\]le[`dB`efmfi(0(+`jk[`\m`\cj\`k`^\le[
jkXib\ Gi€j\eq [\i D€[Z_\e le[ =iXl\e# [`\ ]i\Z_# gi•^\ce[# Zcfne\jb#
jZ_cXlle[•Y\ic\^\eXl]ki\k\e#[`\=`cd\dXZ_\ele[gif[lq`\i\ef[\iXcj
Bfd`b\i`ee\e `_i\ \`^\e\e J\i`\e _XY\e bee\e% N`i [XZ_k\e [fZ_# [`\
(0)'\iAX_i\j\`\e[`\^if\Q\`k[\i=iXl\e\dXeq`gXk`fe^\n\j\e#[fZ_]•i
[XjB`efjk`ddk[Xje`Z_k#[Xm\i\e^\ej`Z_`d>\^\ek\`c[`\D^c`Z_b\`k\e[\i
=iXl\eXl][`\Ifcc\[\iJZ_Xljg`\c\i`e1DXk\i`Xc[\j^\jkXck\e[\eI\^`jj\lij%
;fZ_mfi[\dBi`\^^`e^\j`e[\e=`cdbfd[`\ejfnf_cqn`jZ_\eD€ee\ie
le[=iXl\eXcjXlZ_qn`jZ_\eB`e[\iele[<inXZ_j\e\ec\Y_X]kle[]i\`ql#
]i_c`Z_\ile[^i`dd`^\i#\inXZ_j\e\ile[`[`fk`jZ_\i#i\Xc\ile[lkfg`jZ_\i
Xcj `e Xcc\e eXZ_bfdd\e[\e Q\`k\e% Le[ mfe [\i C\`enXe[ jkidk \`e
Gifa\bk`fejc`Z_k`e[`\>\^\ei`Z_kle^#`e[\eQljZ_Xl\iiXldle[c€jjk[`\
^\d`jZ_k\>\j\ccjZ_X]k`e<ijZ_\`ele^ki\k\e#[`\\`ejk[XjX#=iXl\ele[
D€ee\i#BeXY\ele[D€[Z_\eXljXcc\ejfq`Xc\eJZ_`Z_k\e%
JfeekX^)%,%('#))1*'L_i#C`Z_kYli^
K_`j k`kc\ Zfd\j ]ifd A\Xe GXlc# n_f `e (/*. `ej`jk\[# È¿ Xe[ fecp n`k ^`m\j lj
]i\\[fdYp]`ijk^`m`e^lj\hlXc`kp#¿É(
8kilcple\og\Zk\[[`jZfm\ip`egi\$(0(+Z`e\dX`jk_\m\ijXk`c\Xe[]i\hl\ek
gi\j\eZ\f]^`icjXe[nfd\e#n_fglk`eZ_\\bp#gl^eXZ`flj#Zcfne`j_#Zc\m\ifi
jfm\i\`^eg\i]fidXeZ\j#n_fdXb\Xe[gif[lZ\]`cdjfiZXe_Xm\k_\`ifnej\i`\j
XjZfd\[`Xej%8]k\iXcc#n\k_fl^_kk_Xkk_\(0)'jn\i\k_\^i\Xkg\i`f[f]nfd\eËj
\dXeZ`gXk`fe%9lkk_`j`jefkkil\f]Z`e\dXf]k_Xkk`d\#`en_`Z_k_\gfjj`Y`c`k`\j
]finfd\en\i\eXiifn\[[fnekfk_\ifc\f]XZki\jj1dXk\i`Xc]fik_\[`i\Zkfikf
dflc[Xkn`cc%
9lkY\]fi\k_\>i\XkNXi#k_\i\nXjXc`m\cpXe[]i\\`ek\iXZk`feY\kn\\ed\e
Xe[nfd\e#Xe[Z_`c[i\eXe[X[lckj#dfi\Z_\\i]lcXe[dfi\k\ej\#dfi\X[lck
Xe[dfi\`[`fk`Z#dfi\i\XcXe[dfi\lkfg`Xek_Xe`eXcck_\g\i`f[jk_Xk]fccfn\[%
8e[]ifdk_\jZi\\e#Xgifa\Zk\[c`^_kjki\XdjYXZb`ek_\fk_\i[`i\Zk`fe#`ekfk_\
Z`e\dX#Xe[Zfeali\jlgk_\d`o\[jfZ`\kpk_XkfeZ\jXkk_\i\#nfd\eXe[d\e#
YfpjXe[^`icj]ifdXccjfZ`XcjkiXkX%
(M^c%A\XeGXlc#ÙMfijZ_lc\[\ivjk_\k`b#š,+%Efkn\e[`^b\`k[\lkjZ_\in`kq`^\eBlckliÈ`eN\ib\%9Xe[,#
(M^c%A\XeGXlc#ÙMfijZ_lc\[\ivjk_\k`b#š,+%Efkn\e[`^b\`k[\lkjZ_\in`kq`^\eBlckliÈ`eN\ib\% D•eZ_\e(0,0Æ-*#g%(00
9Xe[,#D•eZ_\e(0,0Æ-*#J%(00
JZ\e\j`ek_\I\Zfi[;\dfejkiXk`fef]Jl]]iX^\kk\j
>ifYi`kXee`\e(0('
,-d#*Ê#*,dd#j&n
GXk_„>Xq\kk\Ef%)('
=iXebi\`Z_(0(*
)*d#(Ê#*,dd#j&n
Jk%C\feXi[jFlkiX^\
>ifYi`kXee`\e(0(*
)(d#(Ê#*,dd#j&n
>ifYi`kXee`\e(0(*
))d#(Ê#*,dd#j&n
8iZ_`m9i`k`j_=`cd@ejk`klk\
KiX]Xc^XiJhlXi\I`fk
9\jk\l\ile^f_e\gfc`k`jZ_\M\iki\kle^`jkKpiXee\`%ÆN\i`jk[XjMfcb6<`e\ KXoXk`fen`k_flki\gi\j\ekXk`fe`jkpiXeep%ÆN_fXi\
bc\`e\ 8ljnX_c mfe NfZ_\ejZ_Xl$EXZ_i`Z_k\e qld BXdg] [\i Yi`k`jZ_\e k_\g\fgc\68c`kkc\j\c\Zk`fef]n\\bcpe\nji\\cjfe
k_\ ]`^_k f] k_\ 9i`k`j_ jl]]iX^\kk\j ]fi k_\ nfd\eËj
Jl]]iX^\kk\e]•i[Xj=iXl\ejk`ddi\Z_k%
i`^_kkfmfk\%
K`ccp`eX9fXi[`e^?flj\
>ifYi`kXee`\e(0('
(+-d#.Ê#*,dd#j&n
I\^`\C\n`j=`kq_Xdfe
K`ccple[JXccp#[`\\ek]\jj\ck\e?\c[`ee\e\`e\iYi`k`jZ_\eBfd[`\ej\i`\#
Yi\Z_\eeXZ_kj`eD€ee\ibc\`[\ieXlj%N`\`dd\iY`\k\ej`\Xd=`cd\e[\
`_i\eFg]\iele[8lkfi`k€k\e\`e9`c[[\iLejZ_lc[le[\ekq`\_\ej`Z_[\i
JkiX]\%
Gif[lbk`fe?\gnfik_
Fe\e`^_k#K`ccpXe[JXccp#k_\lec\Xj_\[_\if`e\jf]X
9i`k`j_Zfd\[pj\i`\j#Yi\Xbflk`ed\eËjZcfk_\j%8j
`jXcnXpjk_\ZXj\Xkk_\\e[f]k_\]`cd#k_\pcffbc`b\
k_\g\ijfe`]`ZXk`fef]`eefZ\eZ\kfnXi[jm`Zk`djXe[
Xlk_fi`k`\jXe[^fn`k_flkgle`j_d\ek%
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
C\:fZ_fe[Xej\li
K`ccp`eX9fXi[`e^?flj\
:f\liXi[\ek
=fkfG_fkf1CfYjk\i=`cdj
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
((,
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
K`ccpXe[k_\=`i\<e^`e\j
K`ccple[JXccp_XY\e[Xj=\l\in\_iXlkf^\bcXlkle[[•j\eXY%J`\m\ic\`_\e K`ccpXe[JXccp_Xm\jkfc\ek_\]`i\\e^`e\Xe[Xi\j\kk`e^
j`Z_[X]•i\`e\eFi[\eÆle[\`e\eBljj%
f]]%KfZ\c\YiXk\k_`j#k_\p^`m\\XZ_fk_\iXd\[XcÆXe[
Xb`jj%
>ifYi`kXee`\e(0((
,-d#*Ê#*,dd#j&n
I\^`\C\n`j=`kq_Xdfe
Gif[lbk`fe?\gnfik_
8iZ_`m9i`k`j_=`cd@ejk`klk\
C…mi\jZfcc„jK`\[C`gj
Bfd`jZ_\ Jq\e\% ;Xj ;`\ejkd€[Z_\e dljj Xcj 9i`\]dXib\ec\ZbXggXiXk :fd`ZjZ\e\%K_\dX`[_Xjkfj\im\XjXjkXdgc`Zb`e^
_\i_Xck\e%;Xj_Xk>\e[\iY\e[\i$=fc^\e#nXj[`\9\kif]]\e\eXd•j`\ik%
dXZ_`e\%K_`j_Xj^\e[\iY\e[\iZfej\hl\eZ\jXdlj$
`e^k_fj\`emfcm\[%
=iXebi\`Z_(0'+-d#*Ê#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m=`cdXiZ_`m8ljki`X
D\j]`cc\jgfik\ekcXalg\$Zlcfkk\Dp>`icj8i\N\Xi`e^:lcfkk\
Bfd`jZ_\ Jq\e\# [`\ =fikj\kqle^ mfe 9\e[\i le[ D`o1 N\ee [`\ lej\i\ :fd`ZjZ\e\#`eZfek`elXk`fef]Y\e[\iXe[d`o1`]k_\p
?fj\eXeq`\_\e#[Xeeq`\_\en`i`_i\IZb\Xe
glkfeflikiflj\ij#n\glkfek_\`ijb`ikj
=iXebi\`Z_(0((
()'d#-Ê#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m:`e„dXk_…hl\=iXeƒX`j\
<[lZXk`feg_pj`hl\„kl[`„\XliXc\ek`jj\liG_pj`ZXc<[lZXk`fe`eJcfnDfk`fe
Dljb\cjg`\cle[D€ee\ibig\iXcjJ_fn[XiY`\kle^\e%
=iXebi\`Z_(0(,
DljZc\gcXpXe[d\eÊjYf[`\jXjj_fng\i]fidXeZ\j%
(*.d#.Ê#*,dd#=XiY\
Gif[lbk`feGXk_„
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
C\9fe@emXc`[\\kc\j\e]XekjK_\>ff[@emXc`[Xe[k_\:_`c[i\e
=iXebi\`Z_(0'/
-.d#+Ê#*,dd#j&n
@e[\iB`e\dXkf^iXg_\e$I\Xc`k€k`jk[`\Q\ijk•Zb\cle^[\jBig\iji\m\ij`Y\c @ek_\i\Xc`kpf]k_\Z`e\dXkf^iXg_k_\[`jd\dY\i`e^
le[]fc^\ecfj%
f]k_\Yf[p`ji\m\ij`Yc\Xe[_XjefZfej\hl\eZ\j%
Gif[lbk`fe>Xldfek
8iZ_`mCfYjk\i=`cdj
;l\ccfXccfj_iXge\cJ_iXge\c;l\c
@kXc`\e(0(*
(0'd#('Ê#*,dd#=XiY\
I\^`\<ie\jkfMXj\i
Gif[lbk`fe@kXcX
;`\ `kXc`\e`jZ_\e Bfd[`\e [`\j\i Q\`k q\`Z_e\e j`Z_ [liZ_ nle[\imfcc\
:_fi\f^iX]`\ele[D\ejZ_\e]i\le[c`Z_b\`kXlj%Bfd`b_`ek\ic€jjkb\`e\Nle$
[\e%Qn\`ki`\Y^\jk\l\ik\D€ee\i_•g]\ed`k\i`^`\ik\eIXb\k\ejZ_n€eqZ_\e
[liZ_ [\e ^i•e\e NXc[# \`e\i \ogcf[`\ik le[ j\`e =i\le[ ]c`Zbk `_e n`\[\i
qljXdd\e%
8iZ_`m:`e\k\ZX[`9fcf^eX
N_Xk [`jk`e^l`j_\j @kXc`Xe Zfd\[`\j f] k_`j k`d\ Xi\
k_\`i nfe[\i]lc Z_fi\f^iXg_`\j Xe[ k_\`i b`e[e\jj%
K_\Zfd`Z[f\jefkc\Xm\Xepnfle[j%Knfcljk$[i`m\e
d\en`k_\i\ZkifZb\kkX`cjXi\c\Xg`e^k_ifl^_k_\
nff[j#fe\f]k_\d\ogcf[`e^Xe[k_\fk_\iglkk`e^
_`dkf^\k_\iX^X`e%
C\:fZ_fe[Xej\li
C…mi\jZfcc„j
;l\ccfXccfj_iXge\c
=fkfG_fkf1CfYjk\i=`cdj
=fkfG_fkf1=`cdXiZ_`m8ljki`X
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
((- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
;Êflm`\ee\ekc\j]XloZ_\m\loN_\i\;f\jk_\=Xcj\?X`i:fd\]ifd
=iXebi\`Z_(0'0
()'d#-Ê#*,dd#j&n
8iZ_`m>XldfekGXk_„8iZ_`m\j
<`e @e[ljki`\]`cd# ^\iX[c`e`^ mfe [\i If_jkf]]gif[lq\ek`e# \`e\i Xck\e 8e`e[ljki`XcjZ\e\n`k_XjkiX`^_kjkfipc`e\]ifdk_\
9i\kfe`e#Y`jqliBfejld\ek`e#\`e\i\c\^Xek\eale^\eGXi`j\i`e%;Xqn`jZ_\e gi`dXip gif[lZ\i# Xe fc[ 9i\kfe nfdXe# lg kf k_\
Zfejld\i# Xe \c\^Xek pfle^ cX[p ]ifd GXi`j% @e
n\_\e?XXi\Xe[\iN€jZ_\c\`e\#n`\lekfk\Big\ik\`c\%
Y\kn\\e _X`i `j _Xe^`e^ ]ifd k_\ Zcfk_\jc`e\# c`b\
le[\X[Yf[pgXikj%
GXk_„:fliXekÆ=Xj_`fef]GXi`j
=iXebi\`Z_(0()
=Xj_`feXY\cY\bc\`[\k\=iXl\e]•\`e=XiY\%
Nfd\eÊj]\\k`e]Xj_`feXYc\flk]`kj#`eZfcfli%
,'d#*Ê#*,dd#=XiY\
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
8CX[pXe[?\iDX`[
LJ8(0(*
)-*d#(*Ê#*,dd#j&n
I\^`\9\ik8e^\c\j
<`ed^c`Z_\j?Xggp<e[18iY\`k^\Y\i`ele[8e^\jk\cck\klej`Z_qljXdd\e
le[ jZ_cX^\e [`\ qn`\jg€ck`^\e C`\Y\jXe^\Yfk\ [\i D€ee\i Xlj% EfidX
KXcdX[^\#jg€k\i\`e[Xd\e_X]k\iJkXi#^`Yk\`e\_`ei\`\e[\G`gg`CXe^$
jkildg]%
Gif[lbk`feM`kX^iXg_
8gfjj`Yc\_Xggp\e[1k_\\dgcfp\iXe[_\i\dgcfp\\
k\Xdlgkfklie[fnek_\XdY`mXc\ekcfm\f]]\ijf]
k_\d\e%EfidXKXcdX[^\#n_fcXk\inXjkfY\Zfd\X
cX[p$c`b\ jkXi# ^`m\j X nfe[\i]lc g\i]fidXeZ\ Xj Xe
\XicpG`gg`Cfe^jkfZb`e^%
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
Gif^iXdd.
DXiZ\ce\ mXjgXj XlZ`e„dX
DXiZ\cXkk_\Dfk`feG`Zkli\j
8l][\iJlZ_\eXZ_[\im\icfi\e\eQ\`kmfeDXiZ\cGifljk`jke`Z_keli\`e
Y\\`e[ilZb\e[\i IfdXe# jfe[\ie bXee XlZ_ Xcj \`e\ ld]Xe^i\`Z_\ le[
[\kX`cc`\ik\:_ife`bj\`e\i<gfZ_\^\c\j\en\i[\e%
NXjXcc\i[`e^jXl]]€cck#`jk[`\8Yn\j\e_\`kY\jk`ddk\ikpg`jZ_\iD\ibdXc\
[\iMfi$le[EXZ_bi`\^jq\`k%
;Xj8lkfdfY`c#[XjK\c\]fele[[`\=fkf^iX]`\jg`\c\e`eGifljkjN\ib\`e\
n`Z_k`^\Ifcc\%;\iB`e\dXkf^iXg_[X^\^\en`i[[Xi`ej\ckjXd\in\`j\e`Z_k
\in€_ek%>\eXl^\jX^k#[\iIfdXeY\^`eekqnXid`k[\i9\jZ_i\`Yle^[\j
Jg`\cj\`e\iCXk\ieXDX^`ZX#XY\i[XeXZ_¿e`Z_kjd\_i•Y\i[XjB`ef%C`\^k
[Xj [XiXe# [Xjj \`e Yfli^\f`j\i JefY n`\ DXiZ\c [`\j\ gfglc€i\ =fid [\i
Q\ijki\lle^^\i`e^jZ_€kqk\6BXldql^cXlY\e#[\eeXe[\i\Y\c`\Yk\=fid\e
[\iQ\ijki\lle^#n`\\knX[Xj:X]„$Bfeq\ik#n\i[\e[liZ_Xlj\in€_ek%
;`\j\jGif^iXddjk\cck=`cd\mfi#[`\Gifljk_€kk\j\_\ebee\ele[[`\
DXiZ\cqn\`]\cjf_e\^\]Xcc\e_€kk\e%
DfekX^*%,%('#()1*'L_i#>cfi`X
@eJ\XiZ_f]CfjkK`d\YpDXiZ\cGifljk`jefkaljkXe`dgi\jj`m\efm\c1`kZXeXcjf
Y\i\X[XjXi`Z_Xe[[\kX`c\[Z_ife`Zc\f]`kjk`d\%N_Xk`j#_fn\m\i#jki`b`e^`ek_\
Yffb`jk_\XYj\eZ\f]Z\ikX`eZ_XiXZk\i`jk`Z]\Xkli\jf]k_\gi\$nXiXe[gfjk$nXi
g\i`f[%
K_\ZXi#k_\k\c\g_fe\Xe[g_fkf^iXg_pXccgcXpXe`dgfikXekifc\`eGifljkËj
nfib%9lkk_\Z`e\dXkf^iXg_#jkiXe^\cp\efl^_#`jj\c[fdd\ek`fe\[%@k`jkil\
k_Xk k_\ efm\c jkXikj n`k_ k_\ [\jZi`gk`fe f] X dX^`Z$cXek\ie gi\j\ekXk`fe# Ylk
X]k\i k_Xk ¿ ef dfi\ XYflk Z`e\dX% @j `k Y\ZXlj\ X Yfli^\f`j jefY c`b\ DXiZ\c
jZfie\[k_`jgfglcXiXdlj\d\ek6K_`j`j_Xi[kfY\c`\m\#Xjfk_\i]fidjf]gfglcXi
\ek\ikX`ed\ek#jlZ_XjZX]„ZfeZ\ikj#Xi\Xcjf[\jZi`Y\[%
K_`jgif^iXdd\ZfekX`ej]`cdjk_XkGifljknflc[_Xm\Y\\eXYc\kfj\\Xe[k_Xk
DXiZ\cnflc[le[flYk\[cp_Xm\c`b\[%
9flk$[\$QXejÊXdlj\9flk$[\QXe@j<eafp`e^?`dj\c]
=iXebi\`Z_(0(*
('-d#-Ê#*,dd#=XiY\
I\^`\Cfl`j=\l`ccX[\
MfeXcc\e=`cd\ed`kB`e[\ieXcjGifkX^fe`jk\e`jk[`\9flk$[\$QXe$I\`_\ F]Xcc]`cdjn`k_Z_`c[i\eXjgifkX^fe`jkj#k_\9flk$[\$
[`\n`kq`^jk\le[iX]]`e`\ik\jk\%;`\Y\`Bfd[`\ej\ck\eqlj\_\e[\Bfcf$ QXej\i`\j`jk_\n`kk`\jkXe[dfjkjfg_`jk`ZXk\[fe\%
K_\Zfcflij#iXi\cpj\\e`eZfd\[`\j#ZXeY\Xkki`Ylk\[
i`\ile^c€jjk[\eÙ^\_fY\e\e8ejgilZ_È\ib\ee\e%
kfXZ\ikX`ehlXc`kpZcX`d%
Gif[lbk`fe>Xldfek
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
;l\ccfXccfj_iXge\c
8CX[pXe[?\iDX`[
9flk$[\$QXejÊXdlj\
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
((.
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
:ÅliXi[\ek9lie`e^?\Xik
<jdX^\ijkXle\e#[Xjjj`Z_[`\Y\[\lk\e[jk\=`cdgif[lbk`fe[\i[XdXc`^\e
Q\`k# [Xj ]iXeqj`jZ_\ B`ef# Xlj^\i\Z_e\k Xl] [Xj `_d [fZ_ \_\i ]i\d[\
>\ei\[\jN\jk\iejk•iqk%A\Xe;liXe[#I\^`jj\li]•i•Y\iqf^\e\9lic\jb\e#
[i\_kj\`e\N\jk\ie`e[\i:XdXi^l\%
=iXebi\`Z_(0()
)-*d#(,Ê#*,dd#=XiY\
I\^`\A\Xe;liXe[
@kËjjligi`j`e^k_Xkk_\dfjk`dgfikXek]`cdgif[lZk`fe
f] `kj k`d\ Æ =i\eZ_ Z`e\dX Æ `j kXZbc`e^ k_`j iXk_\i
le]Xd`c`Xi^\ei\Æk_\n\jk\ie%A\Xe;liXe[#[`i\Zkfif]
\ZZ\eki`ZYlic\jhl\j#i\Xc`j\jk_\d`ek_\:XdXi^l\%
Gif[lbk`fe>Xldfek
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
CX:_\e`cc\[\cXZXifkk\K_\:Xiifk:Xk\ig`ccXi
8lZ_ [Xeb [\i =XiY\ _XY\e C\_i]`cd\ ^\c\^\ekc`Z_ \knXj Gf\k`jZ_\j le[
KiXldXik`^\j%;`\j`jk\`e\;fbld\ekXk`fe•Y\i\`eÙ[i\Zb`^\jbc\`e\jLek`\iÈ%
;`\^ile[c\^\e[\eQn`jZ_\ek`k\cqli<ic€lk\ile^q\`^\em`\cc\`Z_k#[Xjj\j_`\i
mfi Xcc\d [Xild ^\_k# [`\ mfe [\i BXd\iX \ek_•cck\ le[ j`Z_kYXi ^\dXZ_k\
EXkliqlY\jkXle\e%
=iXebi\`Z_(0((
(.'d#0Ê#*,dd#=XiY\
Gif[lbk`feGXk_„
8iZ_`m:@E<D8K<B
Fe\ f] k_\ ]XZkfij c\e[`e^ \[lZXk`feXc ]`cdj jfd\
gf\k`ZXe[[i\Xdc`b\\c\d\ek`jk_\Zfcfli%K_`j[fZl$
d\ekXk`fe `j XYflk X Ù[`ikp c`kkc\ Y\XjkÈ% K_\ YXj`Z
\ogcXeXkfip `ek\ik`kc\j dXp ^`m\ X _`ek k_Xk k_`j `j
XYflkX[d`i`e^eXkli\lem\`c\[Ypk_\ZXd\iX%
GXi`j`efe[„GXi`j=cff[\[
;Xj<i\`^e`j[\jAX_i\j(0('1[`\|Y\ijZ_n\ddle^\e`eGXi`j%;`\qli>\`jk\i$ K_\^i\Xk\m\ekf](0('1k_\]cff[`eGXi`j%K_\Z`kp_Xj
jkX[k^\nfi[\e\D\kifgfc\`jk[XjKiXlddfk`ma\[\iBXd\iX%
Y\Zfd\ X ^_fjk kfne# X ]XYlcflj jlYa\Zk ]fi k_\
ZXd\iX%
=iXebi\`Z_(0('
(('d#-Ê#*,dd#j&n
Gif[lbk`fe>Xldfek
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
C„feZ\~cXZXdgX^e\C„feZ\`ek_\:flekipj`[\
;\i >Xldfek$I\^`jj\li C„feZ\ G\ii\k kiXk Xcj C„feZ\ `e j\`e\i \`^\e\e K_\ >Xldfek [`i\Zkfi C„feZ\ G\ii\k _Xj XZk\[ Xj
J\i`\mfeBfd[`\eXl]%@e[`\j\dbc\`e\e=`cd•Y\i[XjB•jj\e`jkJlqXee\ C„feZ\`e_`jfneZfd\[pj\i`\j%@ek_`jc`kkc\]`cdfe
b`jj`e^#JlqXee\C\9i\k`j_`jjc`d#jkpc`j_gXike\i%
C\9i\kj\`e\jZ_cXeb\#jZ_`Zb\GXike\i`e%
=iXebi\`Z_(0(*
)+0d#(+Ê#*,dd#=XiY\
I\^`\C„feZ\G\ii\k
Gif[lbk`fe>Xldfek
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
@dEfi[j\\YX[9fibld9fibld#k_\Efik_J\XJgX
;\lkjZ_cXe[(0'0
(''d#-Ê#*,dd#j&n
Gif[lbk`feN\ck$B`e\dXkf^iXg_
CXe^\BXd\iX]X_ik\e\i]Xjj\e[XjGXefiXdX[\jEfi[j\\YX[\j%;`\Gif[lb$
k`fej]`idX#[`\[\lkjZ_\ÙN\ck$B`e\dXkf^iXg_È#nXiXl]cfbXc\8bklXc`k€k\e
le[jf^\eXeek\I\`j\Y`c[\ijg\q`Xc`j`\ik%N\ie`Z_ki\`j\ebfeek\#^`e^`ej
B`ef%
8iZ_`m9i`k`j_=`cd@ejk`klk\
Cfe^kiXm\cc`e^j_fkjXi\ZXgkli`e^k_\gXefiXdXf]
k_\ jgX Xk k_\ Efik_ J\X% K_\ >\idXe gif[lZk`fe
ZfdgXep ÈN\ck$B`e\dXkf^iXg_É _X[ jg\Z`Xc`j\[ `e
cfZXcXZklXc`k`\jXe[jfZXcc\[ÈkiXm\cg`Zkli\j%ÉK_fj\
n_fZflc[efkX]]fi[kiXm\cc`e^n\ekkfk_\dfm`\j%
RDXi`e\jT
=iXebi\`Z_ld(0',
*'d#(Ê*'È#*,dd#=XiY\
8iZ_`m:@E<D8K<B
EfZ_d\_iNXjj\i%%%|Y\ijZ_n\ddle^\e#=c•jj\le[eXk•ic`Z_[XjD\\i Dfi\ nXk\i %%% ]cff[j# i`m\ij Xe[# f] Zflij\# k_\ j\X
le[j\`e\N\cc\e%Le[[`\Jfee\elek\i^€e^\#[`\dXej`Z_`dd\in`\[\i Xe[`kjnXm\j%8e[k_\jle[fnej%Pfle\m\i^\kk`i\[
f]nXkZ_`e^k_\d#\jg\Z`Xccp_\i\#n_\i\\m\ipk_`e^
XejZ_Xl\ebXee#mfiXcc\d#n\een`\_`\iXcc\j`e=XiY\`jk%%%
`j`eZfcfli%%%
:ÅliXi[\ek
CX:_\e`cc\[\cXZXifkk\
GXi`j`efe[„
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1:@E<D8K<B
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
((/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
C\j=cXdd\jdpjk„i`\lj\jDpjk\i`flj=cXd\j
=iXebi\`Z_(0'/
)'d=iX^d\ek #(Ê*'È#*,dd#
=XiY\
ÙLeY\bXeekÈ ^\_ik ql [\e Y\bXeek\jk\e I\^`jj\li\e [`\j\i Q\`k% ;`\ jf
^\b\eeq\`Z_e\k\e=`cd\Y`c[\eqljXdd\ed`k[\ejf^\eXeek\eÙ=iX^d\ek\eÈ
\`e\e >ifk\`c `_i\i ?`ek\icXjj\ejZ_X]k% ?`\i# [X Y\jk\_k b\`e Qn\`]\c 6 #
_Xe[\ck\jj`Z_ld[`\DX^`\mfeJ\^le[f[\:_fde%
I\^`\J\^le[f[\:_fde
ÈLebefneÉ`jfe\f]k_\dfjk]i\hl\ek[`i\Zkfijf]k_`j
g\i`f[%Kf^\k_\in`k_k_fj\]`cdjZXcc\[È]iX^d\ekjÉ#
k_\]`cdjj`^e\[ÈlebefneÉZfejk`klk\XdXafigXikf]
k_`j_\i`kX^\%?\i\`k`j#k_\i\`jef[flYkXYflkk_Xk6 #
k_\dX^`Zf]J\^le[f[\:_fde%
Gif[lbk`feGXk_„
8iZ_`m:@E<D8K<B
?\kjZ_ffejk\l`k[\eXklliEXkli\Êj=X`i\jk
=iXebi\`Z_ld(0()
-+d#*Ê#*,dd#=XiY\
9cld\eY\[\lk\e=XiY\e%;`\jZ_ejk\>XY\[\iEXklin`i[lejXd=`cd$ =cfn\ijXi\Zfcflij%K_\dfjkY\Xlk`]lc^`]kf]eXkli\
\e[\ql^\nfi]\e%
`jk_ifne]ifdk_\jZi\\ekfk_\Z`e\dXXl[`\eZ\%
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
Gif^iXdd/
8kkiXbk`fe;`jkilbk`fe8:`e\dXf];`jkilZk`fe
=`cd\j`e[[\iQ\`klek\infi]\e%8ck\=`cd\_Xk[\iCXl][\iQ\`kdXk\i`\ccle[
blckli\cc m\i€e[\ik# ]iX^d\ek`\ik# bfdY`e`\ik# il`e`\ik# efY`c`k`\ik# i\ZpZ\ck#
k\`cn\`j\f[\i^Xeqq\ij\kqk#`_e\e[\eK`k\c^\iXlYkf[\ie\l\=XiY\em\ic`\_\e%
Len`ccb•ic`Z_jZ_Xl\en`iXl][`\Q\ij\kqle^j]c\Zb\ele[e`Z_kd\_iXl][`\
=`cd_Xe[cle^#[`\Q\ijkile^n`i[qliQ\ijki\lle^#[`\JZ_e_\`k[\iIl`e\
qli8kkiXbk`fe%
Q\ijkile^#ql]€cc`^\f[\iXYj`Z_kc`Z_\#`jk\`e\[\i_€l]`^jk\e?Xe[cle^j$
mfi^XY\e mfe bfd`jZ_\e Jq\e\e% Fi[ele^ `jk 8l]nXe[ le[ :_Xfj \ijgXik\i
8l]nXe[le[]fc^c`Z_[`\i\`e\Cljk%EXZ_\`e`^\eBfd[`\e#`e[\e\e;fd\jk`b\e
[XjDfY`c`Xi`e]•e]D`elk\ebliqle[bc\`e^\jZ_cX^\e_XY\e#m\ijk\_\en`i[\e
9\^i`]]Ù;`\ejkd€[Z_\e$B`efÈ`e\`e\de\l\e#k`\]\i\eJ`ee%
@e[\i8iZ_`mgiXo`jdXZ_k[`\DXjj\[\i=`cdi\jk\#[\i=iX^d\ek\le[le$
`[\ek`]`q`\ik\e]i•_\eBliq]`cd\GifYc\d\%;XjE\[\icXe[j=`cddlj\ld_Xk[X]•i
\`e\Cjle^^\jlZ_kle[^\]le[\e#[`\=iX^d\ekbfdg`cXk`feÙ9`kjG`\Z\jÈ%
DfekX^*%,%('#)'1''L_i#>cfi`X
=`cdjXi\jlYa\Zkkfk`d\%K_\Zflij\f]k`d\_XjZ_Xe^\[fc[]`cdjdXk\i`XccpXe[
ZlckliXccp#]iX^d\ek\[k_\d#ZfdY`e\[k_\d#il`e\[k_\d#ZXefe`j\[k_\d#gXikcp
fi\ek`i\cp[\jkifp\[k_\d#kXb\eXnXpk_\`ik`kc\jfi^`m\ek_\de\nZfcflij%N\
`ejk`eZk`m\cp cffb Xk k_\ Ycfkj f] [\k\i`fiXk`fe Xe[ ef cfe^\i Xk k_\ ]`cd XZk`fe2
[\jkilZk`feY\Zfd\j[`jkiXZk`fe#k_\Y\Xlkpf]il`ejY\Zfd\jXeXkkiXZk`fe%
;\jkilZk`fe#YpXZZ`[\ekfi[\c`Y\iXk\#`jk_\dfjk]i\hl\ekXZk`fe`egcfkjf]
Zfd`Z jZ\e\j% Fi[\i d\Xej \]]fik# Xe[ Z_Xfj d\Xej jXm\[ \]]fik Xe[ k_lj gli\
gc\Xjli\%8]k\ij\m\iXcZfd\[`\j`en_`Z_j\imXekjjdXj_k_\]lie`kli\kfY`kj`e]`m\
d`elk\j#n\^X`eXe\n#[\\g\ile[\ijkXe[`e^f]k_\k\idÈdX`[j\imXekZ`e\dXÉ%
K_\dXjjf]]`cdi\deXekj#]iX^d\ekjXe[le`[\ek`]`\[\Xicpj_fik]`cdjZXlj\j
XiZ_`m\j \efidflj gifYc\dj% K_\ E\[\icXe[j =`cddlj\ld _Xj cffb\[ ]fi X
jfclk`feXe[]fle[`k1k_\Zfdg`cXk`fef]]iX^d\ekjÈ9`kjG`\Z\jÉ%
R8E\imfljB`kZ_\edX`[T
=iXebi\`Z_ld(0'/
.+d#+Ê#*,dd#j&n
Le`[\ek`]`q`\ik\j=iX^d\ek%;Xj>\jZ_`iiXcj>\jZ_fjj[\in•k\e[\eBZ_`e% Le`[\ek`]`\[]iX^d\ek%;`j_\jj\im`e^Xjd`jj`c\j]fi
k_\]li`fljZffb%
8iZ_`m9i`k`j_=`cd@ejk`klk\
:le„^fe[\i\ƒf`kjX]Xd`cc\:le„^fe[\Êj=Xd`cp`j:fd`e^fm\i
=iXebi\`Z_(0()
((-d#,Ë*'È#*,dd#j&n
Gif[lbk`feClo
:le„^fe[\Æ[\ii`Z_k`^\EXd\[\iJZ_Xljg`\c\i`e`jke`Z_kY\bXeekÆY\`d
I\`e\dXZ_\e1;Xj\`]i`^\;`\ejkd€[Z_\ele[`_i\=Xd`c`\Y\XiY\`k\ed`k
=\l\i\`]\i le[ c€e[c`Z_\e K\Z_e`b\e [`\ Y•i^\ic`Z_\ Nf_ele^ [\i ?\ii$
jZ_X]k\e%
:le„^fe[\ Æ k_\ i\Xc eXd\ f] k_\ XZki\jj `j efk
befne Æ `j [f`e^ k_\ Zc\Xe`e^% K_\ Xjj`[lflj dX`[
Xe[_\i]Xd`cpXi\nfib`e^n`k_^i\Xkq\XcXe[iliXc
k\Z_e`hl\jfek_\Yfli^\f`jXgXikd\ek%
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
C„feZ\~cX:XdgX^e\
?\kjZ_ffejk\l`k[\eXklli
D`kZ_\cc Xe[ B\epfe ..) J\[^n`ZbËj 9`fjZfg\ J_fn]ifek Xk
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
G\e[c\YlipNXb\j#=fkfG_fkf19i`k`j_=`cd@ejk`klk\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
((0
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
RGXk_„Ki`Zb=`cdEf%)T
8ljq`\_\eY`jlek\i[`\?Xlk%
=iXebi\`Z_ld(0'/
Jki`gkfle[\ik_\jb`e%
-'d#*Ê#*,dd#j&n
8iZ_`m9i`k`j_=`cd@ejk`klk\
I`^fc\kkf1:Xifefd\
;\lkjZ_cXe[(0'/
KfeY`c[n\`k^\_\e[f_e\9`c[#[fZ_XlZ_[`\j\j9`c[le[[`\Dlj`bgXjj\e Jfle[$fe$[`jb]`cddfjkcpn`k_flkXe`dX^\#Ylk\m\e
ql\`eXe[\i%
k_`j`dX^\Xe[k_\dlj`Z^fn\cckf^\k_\i%
9\kXJG#*Ê#Kfe
I\jkXli`\ile^:_i`jk`XeQnXi^
CXMXcj\Z_Xcflg„\8gXZ_\;XeZ\
=iXebi\`Z_(0'/
,'d#*Ê#*,dd#j&n
Xlj1CÊ<dgi\`ek\flcXdX`eifl^\
<`e\KXeqeldd\id`k;Xijk\cc\ieXljDflc`eIfl^\#[`\Y\i\`kjmfi[\d=`cd 8 [XeZ\ eldY\i n`k_ XZki\jj\j ]ifd Dflc`e Ifl^\% @k
\o`jk`\ik\#`e`_e\`e^\YXlknli[\le[]•i[`\Qn\`kXljn\ikle^Xl])/dd nXj`ek\^iXk\[`ekfXcfe^\i[iXdXk`Z]`cd`e(0'/Xe[
cXk\i[`jki`Ylk\[X^X`eXjXe`e[`m`[lXc]`cdfe)/dd%
n`\[\iXlj^\YXlknli[\%
I\^`\?\eip9li^l\k
Gif[lbk`feGXk_„ÆC\=`cd[Ê8ik
8iZ_`m:`e\k\ZX[`9fcf^eX
<Zc`gj\[ljfc\`c\egc\`e\cle\:flikj_`gf]k_\JleXe[k_\Dffe
<`e=`cd]iX^d\ekXcjÙ9\jkf]È\`e\jc€e^\i\e=`cdj%
=iXebi\`Z_(0'.
8]`cd]iX^d\ekXjÙY\jkf]È]ifdXcfe^\i]`cd%
*+d#)Ê#*,dd#j&n
I\^`\>\fi^\jD„c`…j
Gif[lbk`feJkXi$=`cd
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
CX9fl„\K_\9lfp
Gfjkgif[lbk`fe[liZ_Q\ij\kqle^@1Bfekli\edXZ_\ej`Z_leXY_€e^`^le[ Gfjk$gif[lZk`feYp[\Zfdgfj`k`fe@1Zfekflij^fn`c[#
^\`jk\iee\Y\e[\e=`^li\e%
]c`kk`e^Xifle[n`k_k_\Z_XiXZk\ij%
=iXebi\`Z_(0'0
(*.d#.Ê#*,dd#j&n
I\^`\Cfl`j=\l`ccX[\
Gif[lbk`fe>Xldfek
8iZ_`m9i`k`j_=`cd@ejk`klk\
RFY\icXe[le[9\ieTRFY\icXe[Xe[9\ieT
CXe[#Gif[lbk`fe#AX_ie`Z_k
Y\bXeek
/'d#+Ê#*,dd#j&n
Gfjkgif[lbk`fe[liZ_Bfdg`cXk`fele`[\ek`]`q`\ik\i=iX^d\ek\1;\i>\Y`i^j$ Gfjk$gif[lZk`feYpZfdg`c`e^le`[\ek`]`\[]iX^d\ekj1
k`k\c_Xke`Z_kjd`k[\dD\\i\j`e_Xckqlkle%
k_\dflekX`ek`kc\_Xjefk_`e^kf[fn`k_k_\Zfek\ek
f]k_\j\X]iX^d\ek%
8iZ_`m9i`k`j_=`cd@ejk`klk\
;Xej\jj\ig\ek`e\j
<Zc`gj\[ljfc\`c\egc\`e\cle\
CXG\`e\[lkXc`fe
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1CfYjk\i=`cdj
()' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
D\`eEXd\`jkJg`\j\Zb\DpEXd\`jJg`\j\Zb\
;\lkjZ_cXe[(0(+
*''d#(,Ê#*,dd#=XiY\
Gfjkgif[lbk`fe[liZ_Q\ij\kqle^@@1;`\Q\ij\kqle^mfe<dlcj`fele[E`kiXk$ Gfjk$gif[lZk`feYp[\Zfdgfj`k`fe@@1K_\[\Zfdgfj`k`fe
ki€^\idXk\i`Xcgif[lq`\ike\l\=XiY\e%
f] \dlcj`fe Xe[ e`kifZ\cclcfj\ ]`cd `j Zi\Xk`e^ e\n
Zfcflij%
I\^`\<d`c8cY\j
Gif[lbk`fe;\lkjZ_\9`fjZfg
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
9`kjXe[G`\Z\j
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
Gfjkgif[lbk`fe[liZ_=iX^d\ek`\ile^%N`\jfccdXed`k#qld\`jkle`[\ek`$
]`q`\iYXi\e#=`cd]iX^d\ek\e`e8iZ_`mjXddcle^\eld^\_\e6@dE\[\icXe[j
=`cddlj\ld Y\^Xee dXe (00' [Xd`k# j`\ d`k ]fikcXl]\e[\e Eldd\ie ql
m\ij\_\e%;\iq\`k`^\iJkXe[1-)*Eldd\ie`e,)Ifcc\e%
Gif^iXdd0
I€ld\JgXZ\j
=iX^d\ekbfdg`cXk`fe\e
*'Ê#*,dd#=XiY\le[j&n
Gfjk$gif[lZk`feYp]iX^d\ekXk`fe1?fnkf[\Xcn`k_
dfjkcple`[\ek`]`XYc\]`cd]iX^d\ekj`eXiZ_`m\j6K_\
E\[\icXe[j=`cddlj\ld_XjY\^leeldY\i`e^k_\d
Zfej\Zlk`m\cpj`eZ\(00'%8jXkkf[Xp1-)*eldY\ij`e
,)i\\cj%
;`\ejkX^+%,%('#()1*'L_i#>cfi`X
;`\=`cdgif[lbk`febXeeD^c`Z_b\`k\eelkq\e#[`\jg€k\iqliLed\ibc`Z_b\`k
m\ijZ_c\`\ik n\i[\e# \knX [\i lem\id`kk\ck\ N\Z_j\c mfe i\Xc\d ;\bfi ql
^\dXck\iBlc`jj\Æ\`eN\Z_j\c#[\ilej_\lk\]cX^iXek\ijZ_\`ek%F[\i[`\f_e\
n\`k\i\j^\^\Y\e\^\^\ej\`k`^\;liZ_c€jj`^b\`kmfe=`bk`fele[Efe$=`bk`fe1
<`e\JkiX\eXl]eX_d\n`i[[liZ_\`e\Jg`\c_Xe[cle^jk\cc\en\`j\]`bk`feXc`$
j`\ikle[ld^\b\_ikn\i[\eJg`\c_Xe[cle^\emfeGXjjXek\e[liZ_bi\lqk#[`\
[\e8l]eX_d\XiY\`k\e`ek\i\jj`\ik[\e9c`Zbqln\e[\e%
@eiXjZ_\dN\Z_j\cq\`^k[XjGifa\bk`fejY`c[^Xeqm\ijZ_`\[\e\8ik\emfe
I€ld\e le[ N`ibc`Z_b\`kj^iX[\e%9\`[\j`e[nXe[\cYXi#Y\n\^c`Z_le[]i\`
m\i]fidYXi%
Nf_\ibXd\`^\ekc`Z_[`\j\`[`fk`jZ_\Mfijk\ccle^#=`cdÆle[mfiXcc\d[\i
]iXeqj`jZ_\Æmfi>i`]]`k_j\`XY^\]`cdk\jK_\Xk\i^\n\j\e6
K_\]`cdgif[lZk`fef]k_`jk`d\Zflc[lj\gfjj`Y`c`k`\jk_Xkn\i\cXk\i[`j^l`j\[jfXj
kfY\leefk`Z\XYc\#]fi\oXdgc\#k_\jl[[\eZ_Xe^\]ifdi\XcjZ\e\ipkfXgX`ek\[
YXZb[ifgÆXZ_Xe^\k_Xkj\\djjkiXe^\kf[Xp%Fik_\dlklXcg\id\XY`c`kpf]]`Zk`fe
Xe[ efe$]`Zk`fe1 X j_fk f] X jki\\k `j gXikcp ]`Zk`feXc`j\[ Yp X jkX^\[ XZk`fe Xe[
g Xjj\ij$Ypn_fkliek_\`i^Xq\kfnXi[jk_\]`cdj_ffk`e^Xe[jk\g`ekfk_\jkX^\[
XZk`fe%
@eiXg`[Z_Xe^\j#k_\gifa\Zk\[`dX^\j_fnjm\ip[`m\ij\b`e[jf]jgXZ\jXe[
[\^i\\jf]i\Xc`kp%9fk_Xi\Z_Xe^\XYc\#dfY`c\Xe[ZXeY\]i\\cpj_Xg\[%
N_\i\[`[k_\`[`fk`Z`[\XZfd\]ifdXepnXpk_Xk]`cdÆ\jg\Z`Xccp=i\eZ_]`cd
ÆY\]fi\>i`]]`k_nXj]`cd\[k_\Xki\6
Le[iXd\[Xejc\jX`ij8KiX^\[p`eD`[$8`i
=iXebi\`Z_(0'+
;\bfiXk`fejblc`jj\le[I\Xc`k€k`eBfdY`eXk`fe%
JZ\e\ipXe[i\Xc`kpZfdY`e\[%
,-d#-Ê#*,dd#=XiY\
I\^`\>XjkfeM\cc\
Gif[lbk`feGXk_„
8iZ_`m=`cdXiZ_`m8ljki`X
CXClkk\gflicXm`\Jkil^^c\]fiC`]\
=iXebi\`Z_(0'.
).,d#(,Ê#*,dd#j&n
Gif[lbk`feGXk_„
9\`[\eJkiX\eXl]eX_d\ei\`Z_k[`\=`bk`fee`Z_kY`jXe[\e9`c[iXe[%;Xj @ek_\j\jki\\kjZ\e\j#]`Zk`fe[f\jefkhl`k\]`cclg
n`i[\ijkld(0)'jfn\`kj\`e%;`\[iXdXk`jZ_\Jq\e\^`YkIXld]•iGXi`j\i k_\n_fc\f]k_\]`cdg`Zkli\%K_`jn`ccefkY\k_\ZXj\
Y\]fi\(0)'%K_\[iXdXk`ZjZ\e\c\Xm\jjgXZ\kfk_\
J\_\ejn•i[`^b\`k\e%
j`^_kjf]GXi`j%
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
9`kjXe[G`\Z\j
Le[iXd\[Xejc\jX`ij
CXClkk\gflicXm`\
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1=`cdXiZ_`m8ljki`X
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
()(
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
C\;fd\jk`hl\j\m\e^\J\imXekjÊI\m\e^\
Bfd`jZ_\Jq\e\%8Z_kcfj\f[\i^\q`\ck\M\in\Z_jcle^\emfe9cld\ejkiXlle[ :fd`Z jZ\e\% :XjlXc fi ZXcZlcXk\[ d`o$lgj Y\kn\\e
KiXl\ibiXeq#Bc\`eb`e[le[JZ_cXZ_kjZ_n\`ef[\i#n`\_`\i#QX_eXiqkle[K`\i$ ]cfn\iYflhl\kXe[]le\iXcni\Xk_#kf[[c\iXe[_f^fi#
c`b\_\i\#[\ek`jkXe[m\k\i`eXi`Xen`cc[fXjjZ\eXi`f%
Xiqk^\e•^\eXcjJq\eXi`f%
=iXebi\`Z_(0'.
,+d#*Ê#*,dd#j&n
8iZ_`m:@E<D8K<B
JZlcgk\lidf[\ie\Df[\ieJZlcgkfi
=iXebi\`Z_(0'/
Ki`Zb$Jq\e\% ;`\ Gi€j\ekXkfi`e Alc`\ee\ DXkk_`\l qXlY\ik d`k Y\n\^k\e Ki`ZbjZ\e\%K_\gi\j\ek\iAlc`\ee\DXkk_`\l`jZfe$
c\Y\e[\e 9`c[\ie le[ Yc`Zbk •Y\i (') AX_i\ _`en\^ Xlj [\i C\`enXe[ `e ali`e^ki`Zbjn`k_c`m`e^d`e`Xkli\jXe[cffb`e^flkf]
k_\jZi\\eXkk_\Xl[`\eZ\]ifd(')p\XijË[`jkXeZ\%
lej\i\eQljZ_Xl\iiXld%
((,d#-Ê#*,dd#=XiY\
I\^`\J\^le[f[\:_fde
Gif[lbk`feGXk_„
8iZ_`m:E:$8==
=`ijkOIXp:`e\dXkf^iXg_(/0.Æ(0(+;i%DXZ@ekpi\
N`jj\ejZ_X]kle[fgk`jZ_\8ggXiXk\\icXlY\e9c`Zb\`ejLej`Z_kYXi\%
>ifYi`kXee`\e(/0.$(0(+
*'d#)Ê#*,dd#j&n
JZ`\eZ\ Xe[ fgk`ZXc Xggc`XeZ\j Xccfn X cffb Xk k_\
`em`j`Yc\%
8iZ_`m9i`k`j_=`cd@ejk`klk\
C\9X^e\[\j^fjj\j:_`c[i\eÊjI\]fidXkfip
=iXebi\`Z_(0'.
)''d#((Ê#*,dd#=XiY\
Gif[lbk`feGXk_„
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
N`\j`\_k\`e\d^c`Z_\8ck\ieXk`m\qldDfekX^\b`efXlj6;`\jk\kjle^\$
eXeek\e#Xefepd\eGXk_„$I\^`jj\li\XiY\`k\k\e=`cdld=`cdle[KXYc\Xl
ldKXYc\Xld`k\`e\dleki•^c`Z_\eJZ_e_\`kjj`ee]•i[\eI_pk_dlj[\i
Jq\e\e]fc^\#[`\=`^li\e]•_ile^le[[`\9`c[bfdgfj`k`fe\emfe8l\eXl]$
eX_d\e%
?fn[f\jXgfjj`Yc\Xck\ieXk`m\kfZ`e\dXk`ZdfekX^\
nfib6K_\XcnXpjXefepdfljGXk_„[`i\Zkfijnfib\[
]`cd Yp ]`cd# kXYc\Xl Yp kXYc\Xl n`k_ Xe le\ii`e^
j\ej\]fiY\XlkpXe[]fik_\i_pk_df]k_\jZ\e\j#
k_\[`i\Zk`fef]k_\Z_XiXZk\ijXe[k_\Zfdgfj`k`fe
f]flk[ffikXb\j%
;`\?\o\QfiX`[\QfiX`[\k_\N`kZ_
D\\i\jk`\]\@1<`e\k\`cn\`j\q\ij\kqk\=„\i`\d`kI`\j\edljZ_\ce#jZ_nXiq\e ;\gk_f]k_\j\X@18gXikcp[\Zfdgfj\[]„\i`\n`k_
G\ic\ele[Alc`\ee\DXkk_`\l%
^`XekZcXdj#YcXZbg\XicjXe[Alc`\ee\DXkk_`\l%
=iXebi\`Z_ld(0'.
(.)d#/Ê#*,dd#=XiY\
Gif[lbk`feGXk_„
8iZ_`m9le[\jXiZ_`m$=`cdXiZ_`m
;Xejc\jflj$dXi`e@eXJlYdXi`e\
=iXebi\`Z_(0'/
/)d#,Ê#*,dd#j&n
Gif[lbk`feGXk_„
D\\i\jk`\]\ @@1 ;\i 8e]Xe^ ]\_ck ^Xeq# [`\ D`kk\ `jk lemfccjk€e[`^% <`e
L$9ffk$;iXdX#[Xj`e\`e\i#`dE`kiXk$Fi`^`eXcbfcfi`\ik\e8gfk_\fj\]•i[\e
=i`\[\e\e[\k%;`\Mcb\iXcc\^fi`\e]`e[\eql\`eXe[\ile[XljNX]]\en\i[\e
9XYpj%
8iZ_`m9i`k`j_=`cd@ejk`klk\
;\gk_f]k_\j\X@@1K_\Y\^`ee`e^`jd`jj`e^#k_\d`[[c\
gXik`eZfdgc\k\%8jlYdXi`e\[iXdXZlcd`eXk`e^`eXe
Xgfk_\fj`jf]g\XZ\`ek_\e`kiXk\fi`^`eXc`eZfcflij%
K_\Xcc\^fi`\jf]k_\eXk`fej^\kkf^\k_\iXe[n\Xgfej
Y\Zfd\YXY`\j%
9`kjXe[G`\Z\j
C\9X^e\[\j^fjj\j
=`ijkOIXp:`e\dXkf^iXg_(/0.Æ(0(+;i%DXZ@ekpi\
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf19i`k`j_=`cd@ejk`klk\
()) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
MfdD\\i\j^ile[1;Xj<og\i`d\ek=`cd(/0/$(0(/
Gif^iXdd('
Gif^iXdd4GlYc`bldGif^iXdd\48l[`\eZ\
;`\ejkX^+%,%('#(.1''L_i#C`Z_kYli^
K\`c(1C\X\`c^fd`kfcfÆC\Dflc`edXl[`k
=`cd\le[`_i\QljZ_Xl\i_`jkfi`jZ_
=•i n\e nXi [`\j\i =`cd6 ;Xj GlYc`bld nXi _\k\if^\e\i Xcj _\lk\ le[
\ekjgi\Z_\e[\ek_`\ck\e[`\Gif^iXdd\`diXjZ_\eN\Z_j\c=`cd\]•iale^
f[\iXck#]•i=iXlf[\iDXee#]•i_`^_f[\icfnf[\id^c`Z_jk]•iXcc\%;`\
>\ei\jn\`j\eXl]`_i\Q`\c^ilgg\e_`e%
N\i _Xk [`\j\e =`cd ^\j\_\e6 M\i€e[\ik \j lej\i\ J`Z_k Xl] \`e\e =`cd#
n\een`i\i]X_i\e#[Xjj\j[\i\ijk\nXi#[\eCl`j9lŒl\cj`Z_\i`ee\ik^\j\_\e
ql_XY\eC\:fZ_fe[Xej\li #[Xjj\iAlc`\e>i\\e8cgki€ld\m\ilijXZ_k\ C\
Dflc`edXl[`k f[\i[XjjAXd\jAfpZ\`_eXd)'%()%(0'0`ej\`e\dbliqc\Y`^\e
B`efÙMfckXÈ`e;lYc`eq\`^k\Le\Gflgfee`…i\#e`Z_k`dGif^iXdd 6DXZ_k
[Xj\`e\e=`cdmfd;fbld\ekqldDfeld\ek6
GXik(1C\X\`c^fd`kfcfÆC\Dflc`edXl[`k
=`cdjXe[k_\`im`\n\ij_`jkfi`ZXc
=fin_fdnXjk_`j]`cd`ek\e[\[6K_\Xl[`\eZ\nXjdfi\_\k\if^\e\fljk_Xekf$
[Xp#Xe[k_\gif^iXdd\jk_ljZfekX`e\[XiXg`[Xck\ieXk`fef]]`cdj]fipfle^fi
fc[#nfd\efid\e#_`^_ficfnfi#`]gfjj`Yc\#]fi\m\ipfe\%K_\^\ei\j`e[`ZXk\
k_\`ikXi^\kXl[`\eZ\j%
N_fjXnk_`j]`cd6;f\j`kZ_Xe^\flim`\nf]X]`cdn_\en\c\Xiek_Xk`knXj
k_\]`ijk]`cdCl`j9lŒl\cZflc[i\d\dY\i_Xm`e^j\\eC\:fZ_fe[Xej\li #k_Xk`k
^Xm\Alc`\e>i\\ee`^_kdXi\jC\Dflc`edXl[`k fik_XkAXd\jAfpZ\j_fn\[`k`e
_`jj_fik$c`m\[Z`e\dXÈMfckXÉ`e;lYc`efe;\Z\dY\i)'#(0'0Le\Gflgfee`…i\#
efk`ek_\gif^iXdd\ 6;f\jk_`jklieX]`cd]ifdX[fZld\ek`ekfXdfeld\ek6
K\`c)1LeDfej`\lihl`XdXe^„[lkXli\XlÆ=\l[ÊXik`]`Z\
QljZ_Xl\ile[`_i\=`cd\>\^\enXik N\i`jk]•i[`\j\e=`cd6EXZ_|Y\iq\l^le^[\iBliXkfi`eY\jZ_\i\e[`\=`cd\mfi
(0(+ [\i _\lk`^\e c\`[\e[\e D\ejZ__\`k Kifjk# [fZ_ n\cZ_\ C\`[\ejXik\e
m\ijXdd\cej`Z_`eFY\i_Xlj\e6;`\BliXkfi`e`jk[fikefZ_e`\^\n\j\e% F[\i
j`e[[Xjleek`^\Jfi^\ele[]`e[\k#n`\`dd\i#\`ea\[\i=`cdj\`eGlYc`bld6=•i
[`\ \og\i`d\ek\cc\ M\i`]`q`\ile^&=Xcj`]`q`\ile^ `_i\i ?pgfk_\j\e •Y\i [`\
Q ljZ_Xl\ij\^d\ek\mfeFY\i_Xlj\enli[\XcjM\i]X_i\e[XjHl`q^\n€_ck%
N\cZ_\iQljZ_Xl\ikpgj`e[J`\6
9`kk\fi[e\eJ`\[`\m`\i=`cd\mfeK\`c)eXZ_[\iI\`_\e]fc^\[\j>\]Xcc\ej1
;\i=`cd_Xkd`iXdY\jk\e#qn\`kY\jk\e#[i`kkY\jk\e#Xdn\e`^jk\e^\]Xcc\e%
J`\n\i[\eY\`[\iHl`q$8ljn\ikle^eXZ_[\iGifa\bk`fe\i]X_i\e#n\cZ_\i
QljZ_Xl\i$KpgJ`\j`e[le[Xl]n\cZ_\eKifjk]XbkfiJ`\Xejgi\Z_\e%
GXik)1LeDfej`\lihl`XdXe^„[lkXli\XlÆ=\l[ÊXik`]`Z\
8l[`\eZ\jXe[k_\`i]`cdjgi\j\ek[Xp
N_f`jd\Xek]fik_`j]`cd6K_\ZliXkfi`jf]k_\Zfem`Zk`fek_Xkk_\]`cdj]ifd
Y\]fi\(0(+^`m\Zfd]fikkfjl]]\i`e^_ldXe`kpkf[Xp#Ylkn_Xkjfikjf]jl]]\i`e^
Xi\ ^Xk_\i\[ `e FY\i_Xlj\e6 K_\ ZliXkfi _Xj e\m\i Y\\e k_\i\% Fi Xi\ k_\j\
nfii`\jlee\Z\jjXipXe[[f\j\m\ip]`cd#XjXcnXpj#]`e[`kjXl[`\eZ\6K_\hl`q
nXjZ_fj\eXjXd\k_f[kf\og\i`d\ekXccpm\i`]pfi[`jgifm\_\i_pgfk_\j\jXYflk
k_\Xl[`\eZ\j\^d\ekj`eFY\i_Xlj\e%
N_Xkkpg\f]m`\n\iXi\pfl6
Gc\Xj\XiiXe^\k_\]fli]`cdjf]GXik)`ek_\fi[\i`en_`Z_pflc`b\[k_\d1@c`b\
k_\]`cdk_\Y\jk#k_\j\Zfe[$Y\jk#k_\k_`i[$Y\jk#k_\c\Xjk%K_\hl`q\mXclXk`fe
X]k\ik_\jZi\\e`e^n`cc_\cgpflkf]`e[flkn_Xkb`e[f]jg\ZkXkfikpg\pflXi\
Xe[n_Xkb`e[f]ZfejfcXk`fepfle\\[%
C\X\`c^fd`kfcfC\XXe[k_\9Xccf]Nffc
@kXc`\e(0(*
0*d#,Ê#*,dd#=XiY\
Gif[lbk`fe:`e\j
;`\<ck\ie^\_\eXY\e[jXlj#[`\c\j\e[\C\Xjfcc]c\``^jki`Zb\ele[m\i$
c`\ikjf]fik[\eBe€l\cXlj[\e8l^\e%N`ij\_\e`_eXe`_i\dIfZbYXl$
d\ce%Jpjk\dXk`jZ_jlZ_\e[f_e\j`Z_qljZ_fe\e#q\ijkikj`\e\Y\eY\`
[`\Nf_ele^%Ù<j`jkY\jj\i#[lc`\j\jkÈ#]`e[\e[`\<ck\iejZ_c`\c`Z_%
8iZ_`m:`e\k\ZX[`9fcf^eX
K_\gXi\ekjXi\flkk_Xke`^_k#Xe[k_\i\X[`e^C\X`j
jlggfj\[kfbe`k#Ylk`dd\[`Xk\cpj_\cfj\jj`^_kf]k_\
YXccf]nffc%N\j\\`k[Xe^c`e^]ifd_\ijb`ik%J_\jkXikj
flk fe X d\iZ`c\jj jpjk\dXk`Z j\XiZ_# [\jkifp`e^ k_\
XgXikd\ek% È@k `j Y\kk\i ]fi pfl kf i\X[#É _\i gXi\ekj
]`eXccpjXp%
C\:fZ_fe[Xej\liK_\;XeZ`e^Jn`e\
=iXebi\`Z_(0'.
(''d#-Ê#*,dd#j&n
;\i\ijk\=`cd#[\eCl`j9lŒl\cj`Z_\i`ee\ik^\j\_\eql_XY\eÆ`eBfdY`eXk`fe K_\]`cdf]n_`Z_Cl`j9lŒl\cjX`[`knXj_`j]`ijkÆ`e
d`k\`e\dDXij\`ccX`j\$KfeY`c[%
ZfdY`eXk`fen`k_XDXij\`ccX`j\jfle[$fe$[`jb]`cd%
8iZ_`mCfYjk\i=`cdj
CXk_XdÊjDXZ_`e\9\`e^Kfn\[`eX]k\i?`jNfe[\i]lc=c`^_kfe))e[FZkfY\i
>ifYi`kXee`\e(0'0
,'d#*Ê#*,dd#j&n
<`e\e\l\DXjZ_`e\#\`eXck\jQl^k`\i%
8e\ndXZ_`e\#Xefc[[iXl^_kXe`dXc%
8iZ_`m9i`k`j_=`cd@ejk`klk\
=`ijkOIXp:`e\dXkf^iXg_(/0.Æ(0(+;i%DXZ@ekpi\
C\X\`c^fd`kfcf
C\:fZ_fe[Xej\li
=fkfG_fkf19i`k`j_=`cd@ejk`klk\
=fkfG_fkf1:`e\k\ZX[`9fcf^eX
=fkfG_fkf1CfYjk\i=`cdj
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
()*
=ifdk_\;\\g1K_\>i\Xk<og\i`d\ek(/0/Æ(0(/
C\jJligi`j\j[\cÊXm`Xk`feK_\Jligi`j\jf]8m`Xk`fe
<_\YilZ_ @1 ;`\ =iXl \ekbfddk [\d \`]\ij•Z_k`^\e <_\dXee d`k \`e\d 8[lck\ip@1K_\nfdXe\jZXg\j_\ia\Xcflj_ljYXe[
=cl^q\l^%
YpgcXe\%
=iXebi\`Z_(0'0
(-(d#/Ê#*,dd#j&n
8iZ_`m9i`k`j_=`cd@ejk`klk\
C\Dflc`edXl[`kK_\D`cc
<_\YilZ_@@1@dJZ_Xkk\e\`e\iN`e[d•_c\jg`\ckj`Z_\`ejZ_i\Zbc`Z_\j;iXdX 8[lck\ip@@18^X`ejkk_\YXZb[ifgf]Xn`e[d`ccX_fii`Yc\
XY#[Xj`eDfi[le[J\cYjkdfi[\e[\k%
kiX^\[ple]fc[j#\e[`e^`edli[\iXe[jl`Z`[\%
=iXebi\`Z_(0'0
(*'d#.Ê#*,dd#=XiY\
I\^`\8c]i\[DXZ_`e
Gif[lbk`feGXk_„
8iZ_`m:E:$8==
LeDfej`\lihl`XdXe^„[lkXli\XlK_\DXeN_f8k\9lccD\Xk
Bfd`jZ_\Jq\e\%Jk`\i]c\`jZ_]•_ikqlJk`\im\i_Xck\e%;Xd•jj\ejgXe`jZ_\ :fd`ZjZ\e\%9lccd\Xkgifmfb\jYlccY\_Xm`fi%K_`j`j
Kfi\ifj_\i%
n_\i\JgXe`j_kfi\ifj\ek\ik_\jZ\e\%
=iXebi\`Z_(0'0
(/'d#0Ê#*,dd#j&n
Gif[lbk`fe>Xldfek
8iZ_`m:@E<D8K<B
Le\Zfi[\i`\Ifg\DXb\ij
@e[ljki`\Y`c[%Mfd?Xe]qldJ\`cqldKXl%
=iXebi\`Z_(0'0
@e[ljki`XcjZ\e\%=ifd_\dgkfifg\kfZXYc\%
/)d#+Ê#*,dd#j&n
Gif[lbk`feGXk_„
8iZ_`m9i`k`j_=`cd@ejk`klk\
8dfli[Ê\jZcXm\8JcXm\ÊjCfm\
=iXebi\`Z_(0'.
)''d#((Ê#*,dd#=XiY\
I\^`\8cY\ik:Xg\ccXe`
Gif[lbk`feGXk_„
8iZ_`m<P<=`cd@ejk`kllkE\[\icXe[
;iXdXk`jZ_\ Jq\e\% ;\i 8e]Xe^ [\i j\`k\ecXe^\e 9\jZ_i\`Yle^ `e \`e\d
M\ibXl]jbXkXcf^ mfe (0'.1 Ù;`\ Jq\e\ jg`\ck `e 8k_\e% 8d ?fi`qfek [`\
J`c_fl\kk\ [\j G`i€lj •Y\i [\d K`\]YcXl [\j >fc]j mfe 8\^`eX% Gfcpdfj#
_`e^\cX^\ikXl][\i_XcYile[\e9Xeb[\jG\i`jkpcj#\idXkk\kmfe[\eFi^`\e#
>\j€e^\e#[\dN\`ele[[\eBc€e^\e[\iB`k_XiX#n\`jkq\ijki\lk[`\bfjk$
YXi\eJkf]]\#bfi`ek_`jZ_\e9ifeq\ele[<[\cjk\`e\qli•Zb#n\cZ_\`_d[`\
elY`jZ_\e?€e[c\iXeY`\k\e%%%È(
(?\ei`9fljhl\k1:XkXcf^l\GXk_„(0'.(00- #J%(.
;iXdXk`Z jZ\e\% K_\ Y\^`ee`e^ f] j\m\iXc [\jZi`gk`m\
gX^\j`eXjXc\jZXkXcf^l\]ifd(0'.1ÈK_\j\kk`e^f]
k_\jZ\e\`j8k_\ej%8kk_\_fi`qfen\j\\k_\j`c_fl\kk\
f]k_\G`iX\lj_XiYfliX^X`ejkk_\[\\gYcl\f]k_\9Xp
f]8\^`eX%Gfcpdfj#cp`e^fek_\_Xc]$ifle[YXebf]k_\
g\i`jkpc\#nfie$flkYpk_\fi^`\j#k_\j`e^`e^#k_\n`e\
Xe[k_\jfle[f]k_\B`k_XiX#XYj\ek$d`e[\[cpi\]lj\j
k_\gi\Z`flj]XYi`Zj#:fi`ek_`XeYifeq\jXe[gi\Z`flj
jkfe\jf]]\i\[kf_`dYpk_\ElY`Xed\iZ_Xekj%%%É(
(?\ei`9fljhl\k1:XkXcf^l\GXk_„(0'.(00- #g%(.
=\l[ÊXik`]`Z\=`i\nfibj
=iXebi\`Z_(0',
<`eD`jj`e^C`ebqn`jZ_\e\`e\dXck\ele[\`e\de\l\eC`Z_kjg`\c%
-'d#*Ê#*,dd#=XiY\
8 d`jj`e^ c`eb Y\kn\\e Xe fc[ Xe[ X e\n gcXp f]
c`^_k%
8iZ_`m9i`k`j_=`cd@ejk`klk\
LeDfej`\lihl`XdXe^„[lkXli\Xl
8dfli[¡\jZcXm\
=\l[ÊXik`]`Z\
=fkfG_fkf1:@E<D8K<B
=fkfG_fkf1<P<=`cd@ejk`kllkE\[\icXe[
=fkfG_fkf19i`k`j_=`cd@ejk`klk\
()+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
Gif]`c\Gif]`c\j
EfNXm\
:_i`jk`Xe?cc\i1EfNXm\(0.-$/+
((*
Gif^iXddGif^iXdd\(
((0
Gif^iXddGif^iXdd\) ()'
Gif^iXddGif^iXdd\*
()(
Gif^iXddGif^iXdd\+ ())
8d`k;lkkX
DXiZ\cJZ_n`\i`e1;\c`i`ld[\i9`c[\i8;\c`i`ldf]@dX^\j ()*
Gif^iXddGif^iXdd\( (),
Gif^iXddGif^iXdd\) ()9`f$&=`cdf^iX]`\9`f$&=`cdf^iXg_p ()/
>lemfiE\cjfe
Af_eJle[_fcd1<`enX_i_X]k\j9`c[[\jC\Y\ejDfm`e^@dX^\Kil\kfC`]\ ()0
Gif^iXddGif^iXdd\(
(*(
Gif^iXddGif^iXdd\) (*)
9`f$&=`cdf^iX]`\9`f$&=`cdf^iXg_p (**
=i\[Nfi[\e
FcX]Dcc\i1:XeÊkJk\gKn`Z\fek_\JXd\G`\Z\f]NXk\i#Jli]\ijBefn (*+
Gif^iXddGif^iXdd\( (*Gif^iXddGif^iXdd\) (*.
9`f$&=`cdf^iX]`\9`f$&=`cdf^iXg_p (*0
Gi\`jki€^\iXe[\i\i=\jk`mXcj8nXi[N`ee`e^=`cdjf]Fk_\i=\jk`mXcj (+'
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(((
E f NX m \
E f N X m \ ( 0 .- Æ / +
mfe:_i`jk`Xe?cc\i
Ù<j^`Ykb\`e\e\l\eN\cc\eÈ#jfccA\Xe$ClZ>f[Xi[\`edXc^\jX^k_XY\e#Ù\j
^`Ykeli[\eFq\XeÈ%FY[`\j\j9fedfkkXkj€Z_c`Z_eXd\ej^\Y\e[]•i[`\
E\nPfib\iEf$NXm\$9\n\^le^<e[\[\i(0.'\i$AX_i\nXi#c€jjkj`Z__\lk\
e`Z_kd\_i\`e[\lk`^\il`\i\e%<`e\iXe[\i\eM\ij`feeXZ_^`e^[`\9\q\`Z_$
ele^Xl][Xj=Xeq`e\EFqli•Zb#[Xj(0..`e\`e`^\e8lj^XY\e\ijZ_`\ele[
Xl][\d:fm\id`k[\dJcf^XeÙ`ejkXekXik`]XZkf]k_\e\nfi[\iÈgiX_ck\%
N`\[\iXe[\i\d\`e\e#[\i8lj[ilZbj\`^XeqXcc^\d\`e[\dXlj^\gi€^k\e
E\^Xk`fej^\`jk mfe Dlj`b\ie n`\ Cp[`X CleZ_# AXd\j :_XeZ\ f[\i 8ikf
C`e[jXp ^\jZ_lc[\k# [`\ ql [`\j\d Q\`kglebk Y\^Xee\e# [Xj E\n Pfib\i
Gfjk$Gleb$D`c`\l d`k \`e\i D`jZ_le^ Xlj _fZ_\e\i^\k`jZ_\i ?pjk\i`\ le[
[`j_Xidfe`jZ_\iM\in\`^\ile^Xl]qljZ_i\Zb\e%GlebnXiY\i\`kj>\jZ_`Z_k\
Yqn%\ic\Yk\j\`e\c\kqk\e8ljc€l]\i #Xcj\`e\>ilgg\mfeC\lk\e#Xcc\jXdk
Xlj [\d >iXlY\i\`Z_ qn`jZ_\e Dlj`b# Y`c[\e[\i Blejk le[ =`cd bfdd\e[#
Xl] [`\ 8ek`$?Xckle^# [`\ Gleb [\d \kXYc`\ik\e BlckliY\ki`\Y \ek^\^\e$
^\YiXZ_k _Xkk\# \`e efZ_ m`\c iX[`bXc\i\j ÙE\`eÈ [iXl]j\kqk\e% ;Xjj [`\
9\n\^le^d`k[\iGcXkk\EFE<NPFIB(0./ ql^c\`Z_\`e\8ikDXe`]\jkn`\
`_i<g`kXg_m\iXYi\`Z_kY\bXd#dX^n`\\`e\`ife`jZ_\>\jZ_`Z_kjn\e[le^
bc`e^\e% ?Xkk\e [`\ GifkX^fe`jk\e [\i Jq\e\ [fZ_ jk\kj XY^\jki`kk\e# K\`c
`i^\e[\`e\i9\n\^le^qlj\`e%Ù8II>??E<@E@:??8JJ<9\n\^le^\e@Z_
n•i[\ e`\ K\`c \`e\i 9\n\^le^ n\i[\eÈ# cXlk\k\ \`e\ e`Z_k lekpg`jZ_\
8ejX^\mfeAXd\j:_XeZ\Xlj[\i[XdXc`^\eQ\`k%(
;Xjjj`Z_`dBfek\ok[\iEf$NXm\$Dlj`bXlZ_\`e\\ekjgi\Z_\e[\=`cd$
jq\e\]fid`\ik\#cX^Æ9\n\^le^_`ef[\i_\iÆ`e[\iEXkli[\j_`jkfi`jZ_\e
8l]YilZ_j$Yqn%M\in\`^\ile^j^\`jk\j%ÙJ`\^i`]]\eql[\e>`kXii\ele[n`i
ql[\eBXd\iXjÈ#jX^k\<i`ZD`kZ_\cc#[\i#`e=iXebi\`Z_^\Yfi\e#XY(0.,`e
E\nPfibc\Yk\le[ql\`e\d?XlgkXe^\cglebk[\iJq\e\nli[\%)E\Y\e[\i
;f$`k$pflij\c]$?Xckle^# [`\ Gleb XljjkiX_ck\# jfn`\ [\i ^•ejk`^\e M\i]•^$
YXib\`kmfeJlg\i$/$BXd\iXj_XY\ed\_i\i\=Xbkfi\eqli=fid`\ile^\Y\e$
[`\j\i =`cdjq\e\ Y\`^\kiX^\e% ;X nXi qle€Z_jk [`\ 8Yc\_ele^ [\j `dd\i
XbX[\d`jZ_\i \ijZ_\`e\e[\e jkilbkli\cc\e =`cdj# [\i `e @ejk`klk`fe\e n`\
[\e8ek_fcf^p=`cd8iZ_`m\j`dd\iefZ_Xcj[XjDXXcc\i;`e^\^Xck#j\`e\
blckli\cc\ JZ_cX^biX]k XY\i c€e^jk \`e^\Y•k _Xkk\% ÙEf NXm\c\e^k_1 K_\
GXiX$Gleb Le[\i^ifle[È k`k\ck\A`d?fY\idXej_`jkfi`jZ_\iK\ok•Y\iEf
NXm\# nfd`k \`e e\l\j GXiX[`^dX eXZ_ [\i viX mfe D`Z_X\c Jefn le[ :f
Y\eXeek nXi1 Ù\`e\ e\l\ N\cc\ `e_Xckji\`Z_\i# g\i]fidXeZ\$fi`\ek`\ik\i
<iq€_c]`cd\% ;`\j\ j`e[ jf ^lk n`\ e`\ [liZ_^\_\e[ ]`bk`m2 \`e`^\ j`e[ Xl]
\`^\ej`ee`^\#dXeZ_dXcYi`ccXek\N\`j\gi`d`k`m%É*Le[j\cYjkKfep:feiX[#
\`e 8ckd\`jk\i [\j jkilbkli\cc\e =`cdj# bXd e`Z_k ld_`e# [\e e\l\e
Jlg\i$/$Le[\i^ifle[]i\l[`^qlY\^i•\e1Ù8kCXjkI\XcDfm`\jÈ_`\j\`e
Xgfcf^\k`jZ_\iK\ok#[\i[`\8iY\`k\emfeJZfkk99\k_9#AXd\jEXi\jle[
Xe[\i\eXcje\l\#q\`k^\d€\8mXek^Xi[\gi`\j%+
E\Y\e [\i 8Yj\kqY\n\^le^ mfe \`e\i Xcj ]fidXc`jk`jZ_ \dg]le[\e\e
<og\i`d\ekXcjq\e\ nXi \j efZ_ \`e qn\`k\i ^if\i E\^Xk`fejjZ_i`kk# [\i
]fid`\i\e[ ]•i [Xj Ef$NXm\$B`ef n`ibk\% ;`\j\i Y\qf^ j`Z_ Xl] [`\ Blejk$
le[ >Xc\i`\ejq\e\ [\i jg€k\e (0.'\i AX_i\# nfi`e \`e\ _€l]`^ bc`e`jZ_
n`ib\e[\M`[\fblejkYqn%m\i^\`jk`^k\gfjk$bfeq\gkl\cc\8ej€kq\i\^`\ik\e#
nf^\^\e Ef NXm\ Xl] \`e\ le^c\`Z_ if_\i\# mfd ;fbld\ekXi`jZ_\e
(Q`k`\ikeXZ_DXiZDXjk\ij#EfNXm\%Cfe[fe)''.#J%(,%E\Y\eDXjk\ijË>\jZ_`Z_k\[\i9\n\^le^
=`cdjq\e\Xlj=`cdjk`cc]ifdJ_\?X[?\i>le8ccI\X[p
ÈK_\i\Xi\efe\nnXm\j#ÉA\Xe$ClZ>f[Xi[`jjlggfj\[kf_Xm\jX`[#Èk_\i\`jfecp
k_\fZ\Xe%ÉN_\k_\ik_`jYfedfki\Xccp^Xm\k_\E\nPfibEfNXm\dfm\d\ekXk
k_\\e[f]k_\(0.'j`kjeXd\ZXeefcfe^\iY\Zc\Xicp[\k\id`e\[%8ZZfi[`e^kf
Xefk_\im\ij`fe#k_\eXd\_X[kf[fn`k_k_\]Xeq`e\EF#n_`Z_ZXd\flk`e(0..`e
j\m\iXc`jjl\jXe[_X[XZfm\iYfXjk`e^È`ejkXekXik`]XZkf]k_\e\nfi[\iÉ%Jk`cc
fk_\ij jXp k_Xk k_\ \ogi\jj`fe [\i`m\j ^\e\iXccp ]ifd k_\ \oki\d\ jg`i`k f]
e\^Xk`fe Zfddfe kf dlj`Z`Xej jlZ_ Xj Cp[`X CpeZ_# AXd\j :_XeZ\ Xe[ 8ikf
C`e[jXp#n_fXkk_`jk`d\Y\^XekfjkXikc\k_\E\nPfibgfjk$glebd`c`\ln`k_X
d`okli\ f] _`^_$gfn\i _pjk\i`X Xe[ [`j_Xidfe`Z [\e`Xc% Gleb nXj Xci\X[p gXjk
_`jkfipfigif[lZ`e^`kjcXjkf]]j_ffkj #n_\eX^iflgf]g\fgc\#Xccf]k_\d]ifd
k_\^i\pqfe\Y\kn\\edlj`Z#XikXe[]`cd#X[[\[Xjk`ccdfi\iX[`ZXcÈefÉkfk_\
ÈXek`É$Xkk`kl[\n`k_n_`Z_gleb_X[Zfe]ifek\[k_\\jkXYc`j_\[ZlckliXc`e[ljkip%
K_\]XZkk_Xkk_`jdfm\d\eknXj^`m\eXb`e[f]dXe`]\jkfXe[`kj\g`kXg_n`k_k_\
i\Zfi[EFE<NPFIB(0./ dXpjfle[c`b\Xe`ife`Zkn`jkf]_`jkfip%8]k\iXcc#k_\
gifkX^fe`jkjf]k_\jZ\e\_X[XcnXpj[\e`\[Y\`e^gXikf]Xepdfm\d\ekXkXcc%
È8II>??EF@;<JG@J<Dfm\d\ekj@Ë[e\m\iY\gXikf]Xepdfm\d\ekÉnXjfe\
efklekpg`ZXcjkXk\d\ekYpAXd\j:_XeZ\Xkk_\k`d\%(
K_\]XZkk_XkXZfii\jgfe[`e^]`cdjZ\e\\d\i^\[`ek_\Zfek\okf]k_`jEfNXm\
dlj`ZÆn_\k_\i`knXjXdfm\d\ekfiefkÆnXjgXikf]k_\jg`i`kf]i\e\nXcfi
[\e`Xc k_Xk gi\mX`c\[ Xk k_\ k`d\% ÈK_\p n\i\ ^iXYY`e^ ^l`kXij# Xe[ n\ n\i\
^iXYY`e^ZXd\iXj#ÉjX`[<i`ZD`kZ_\cc#n_f#Yfie`e=iXeZ\#c`m\[`eE\nPfib]ifd
(0., fenXi[j Xe[ Y\ZXd\ X c`eZ_g`e f] k_\ jZ\e\%) @e X[[`k`fe kf k_\ È[f$`k$
pflij\c]É Xkk`kl[\ gifdlc^Xk\[ Yp gleb# Xe[ k_\ \Xjp XmX`cXY`c`kp f] Jlg\i /
ZXd\iXj#k_\i\n\i\j\m\iXcfk_\i]XZkfijk_XkZfeki`Ylk\[kfk_\]fidXk`fef]k_`j
]`cd jZ\e\% =`ijk# k_\i\ nXj k_\ i\a\Zk`fe f] k_\ jkilZkliXc ]`cd# n_`Z_ j\\d\[
`eZi\Xj`e^cpXZX[\d`Z2Xck_fl^_k_`jkpg\f]]`cdnXjjk`ccj\\eXjk_\d\Xjli\f]
Xcck_`e^j`e`ejk`klk`fejjlZ_Xjk_\8ek_fcf^p=`cd8iZ_`m\j#`kjZlckliXc`dgXZk
_X[cfe^Y\\ecfjk%ÈEfNXm\c\e^k_1K_\GXiX$GlebLe[\i^ifle[ÉnXjk_\k`kc\f]
A`d ?fY\idXeËj _`jkfi`Z k\ok XYflk Ef NXm\# n_`Z_ eXd\[ X e\n gXiX[`^d
\d\i^`e^ X]k\i k_\ \iX f] D`Z_X\c Jefn Xe[ :f1 ÈX e\n nXm\ f] Zfek\ek$i`Z_#
g\i]fidXeZ\$fi`\ek\[ eXiiXk`m\ ]`cdj% K_\j\ Xi\ _Xi[cp j\Xdc\jj ]`Zk`fej2 jfd\
Xi\n`c]lccp#Xkk`d\jYi`cc`Xekcp#gi`d`k`m\%È*8e[\m\eKfep:feiX[#XeÈfc[dXjk\iÉ
f]jkilZkliXc]`cd#Zflc[efk_\cg^`m`e^k_\e\nJlg\i/le[\i^ifle[X[\c`^_k\[
n\cZfd\1È8kCXjkI\XcDfm`\jÉnXjk_\eXd\f]_`jXgfcf^\k`Zk\ok#n_`Z_giX`j\[
j`e[`e[\ec\kqk\eAX_i\e\ijZ_`\e\e1E\nPfibEf`j\%8ikXe[Dlj`Z]ifdk_\E\nPfibLe[\i$
^ifle[(0./Æ//%G_fkf^iXg_jYpGXlcX:flik#Cfe[fe)''.jfn`\K_lijkfeDffi\&9pife:fc\p#Ef (Hlfk\[]ifdDXiZDXjk\ij#EfNXm\#Cfe[fe)''.#g%(,%8jn\ccXjDXjk\ijË_`jkfipf]k_\dfm\d\ek#k_\
NXm\1Gfjk$Gleb%Le[\i^ifle[%E\nPfib#(0.-Æ(0/'#E\nPfib)''/%
]fccfn`e^glYc`ZXk`fej_Xm\Zfd\flk`ek_\gXjk]\np\Xij1E\nPfibEf`j\%8ikXe[Dlj`Z]ifdk_\E\nPfib
)M^c%DXjk\ij#EfNXm\#J%(*0%
Le[\i^ifle[(0./Æ//%G_fkf^iXg_jYpGXlcX:flik# Cfe[fe )''. Xe[ K_lijkfe Dffi\ & 9pife :fc\p# Ef
*A%?fY\idXe#ÙEfNXm\c\e^k_1K_\GXiX$GlebLe[\i^ifle[È#`e1K_\M`ccX^\Mf`Z\#)(%DX`(0.0# NXm\1Gfjk$Gleb%Le[\i^ifle[%E\nPfib#(0.-Æ(0/'#E\nPfib)''/%
J%+)#fec`e\lek\innn%clofec`e\%fi^%lb&Xik`Zc\j&efVnXm\c\e^k_( %_kdcD€iq)'(' %
)J\\DXjk\ij#EfNXm\#g%(*0%
+Kfep:feiX[#Ù8kCXjkI\XcDfm`\j1Jlg\i/:`e\dX=ifdE\nPfibÈ#`e1CX`ZXAflieXc#=i•_aX_i *A%?fY\idXe#ÈEfNXm\c\e^k_1K_\GXiX$GlebLe[\i^ifle[#É`eK_\M`ccX^\Mf`Z\#DXp)(#(0.0#g%+)#fec`e\
(0/'#J%,'%
Xknnn%clofec`e\%fi^%lb&Xik`Zc\j&efVnXm\c\e^k_( %_kdcDXiZ_)'(' %
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
((*
E f NX m \
X lj^\_\e[\ Ùfe$k_\$jki\\k m\i`k„È, j\kqk\% ;`\ >i•e[le^ [\j B•ejkc\i$
Bfcc\bk`mj:fcXY:fccXYfiXk`m\Gifa\Zkj#@eZ% `dAX_i(0./dX^[`\jY\q•^$
c`Z_\`e\[\in`Z_k`^jk\e>ile[cX^\e[Xi^\jk\cck_XY\e%A\[\e]Xccj^`e^\`e
>ifk\`c[\ijg€k\i\eEf$NXm\$=`cd\dXZ_\i\knX:_Xic`\8_\Xie#9\k_9#
JZfkk 9# 8e[i\X :XccXi[# :fc\\e =`kq^`YYfe# <i`Z D`kZ_\cc# D`Z_X\c DZ:cXi[
f[\iAXd\jEXi\j Xlj[`\j\i>ilgg`\ile^_\imfi%-:fcXY_Xkk\ÆXY^\j\_\e
mfej\`e\eY\i•Z_k`^k\e8ljjk\ccle^jgifa\bk\e#\knX[\iK`d\jJhlXi\J_fn
Æ ]i•_ Y\^fee\e# Ù`ef]]`q`\cc\È EXZ_i`Z_k\e$:c`gj Xlj \ekc\^\e\e# mfe [\e
f]]`q`\cc\e D\[`\e e`Z_k Y\c\lZ_k\k\e <Zb\e E\n Pfibj ql gif[lq`\i\e%
;Xe\Y\eYiXZ_k\[XjBfcc\bk`m[`\:ifjjfm\i$Q\`kjZ_i`]kODX^Xq`e\_\iXlj
le[ gif[lq`\ik\ ]•i [Xj BXY\c]\iej\_\e [`\ nZ_\ekc`Z_\e I\`_\e GfkXkf
Nfc]le[I\[:likX`e#[`\n\^n\`j\e[]•ib•ejkc\i`jZ_\jJgXik\e]\iej\_\e
n\i[\ejfcck\e%:fcXYjfcck\j`Z_`ej^\jXdkXcjgif[lbk`m\i:ifjjfm\i$Gffc
\in\`j\e# `e [\d Dlj`b\i# =`cd\dXZ_\i# G\i]fidXeZ\$C\lk\ le[ Y`c[\e[\
B•ejkc\i]fikn€_i\e[le[bfej\hl\ek`_i\Ifcc\ekXljZ_k\e%
Mfe :fcXY nXi \j \`e bc\`e\i JZ_i`kk qli J\cYjk`ejk`klk`feXc`j`\ile^ [\i
e\l\eEf$NXm\$Jq\e\#[`\(0.0Æ]•i[`\;Xl\i\`e\j_XcY\eAX_i\jÆ\i]fc^k\%
<i`ZD`kZ_\cc#AXd\jEXi\jle[9\ZbpAf_ejkfed`\k\k\eXdJk%DXibjGcXZ\
\`e\ebc\`e\e:clYiXldXe#jkXkk\k\e[`\j\ed`k\`e\d]i•_\eM`[\fY\Xd\i
Xlj le[ q\`^k\e 8iY\`k\e \ekn\[\i mfe j`Z_ j\cYjk f[\i `_i\d \e^\i\e
=i\le[\jbi\`j% ;`\j\j ÙE\n :`e\dXÈ nXi# e\Y\e IfZbZclYj# nf [`\ =`cd\
\Y\e]Xccjc`\]\e#[`\nf_cn`Z_k`^jk\#fY^c\`Z_bliqc\Y`^\8Yjg`\cjk€kk\mfe
EfNXm\%N`\?Xii`jJd`k_`ej\`e\d_`jkfi`jZ_\e8Yi`jj[\iJq\e\Xlj]•_ik#
Yfk [\i Fik m`\c\e Le[\i^ifle[$=`cd\ie#[\e\eb\`e\?\`djk€kk\ `eAfeXj
D\bXjË8ek_fcf^p=`cd8iZ_`m\j^\^eeknXi#Ù\`e\D^c`Z_b\`k#`_i\N\ib\
XlZ_q\`^\eqlbee\ele[m`\c\eXe[\i\e#[`\j\XlZ_qlj\_\e%È.;Xjj[\d
E\n:`e\dXb\`ec€e^\i\jC\Y\eY\jZ_`\[\enXi#cX^n\e`^\i[XiXe#[Xjj\j
b\`e\eEXZ_jZ_lYXei\c\mXek\e8iY\`k\e^\^\Y\e_€kk\^Xeq`d>\^\ek\`c #
jfe[\iem`\cd\_i[XiXe#[Xjj[`\@e[\g\e[\ek$BlckliXY[`\j\dQ\`kglebk`e
`dd\i]\jk\i\#n\e`^\i]cl`[\le[`dgifm`j`\ik\9X_e\e^\c\ebknli[\%;Xj
bc\`e\Blejknle[\i#[Xjjj`Z_XY[\e]i•_\e(0/'\iAX_i\e`dE\nPfib\i
<XjkM`ccX^\XYqlq\`Z_e\eY\^Xee#nXieli\`eJpdgkfd[`\j\icXe^jXd\e
M\i]\jk`^le^le[Bfdd\iq`Xc`j`\ile^[\i\_\dXc`^\eLe[\i^ifle[$Jq\e\%
<`e\8ik<`ejZ_e`kk\i\`^e\k\j`Z_ile[ld(0/'XlZ_`ejf]\ie#Xcjm`\c\
=`cd\dXZ_\i mfe Jlg\i / ql (- dd •Y\i^`e^\e le[ [Xd`k [`\ ?f]]ele^
m\iYXe[\e# [\e B`ef$ Yqn% =\jk`mXcY\ki`\Y eled\_i ^if]c€Z_`^ ql lek\i$
nXe[\ie%N\ee(0.-Y`j(0.0[`\G_Xj\nXi#`e[\i\`eY\kfek\jGleb$<k_fj
mfi_\iijZ_k\Æ;f$`k$pflij\c]#Xlj^\jgifZ_\e\Ifkq`^b\`k[\i@ejq\e`\ile^
le[Ifcc\em\ibig\ile^#j€dkc`Z_\Bfem\ek`fe\e^\^\e[\eJki`Z_Y•ijk\eÆ#
jf nli[\e [`\ Gif[lbk`fe\e XY (0/' XdY`k`fe`\ik\i% <i`Z D`kZ_\ccj
Le[\i^ifle[ L%J%8% c\^k [Xmfe \Y\ejf Q\l^e`j XY n`\ 8dfj Gf\j JlYnXp
I`[\ijf[\ijg€k\i9\kk\>fi[fejMXi`\kp%/8cc\[`\j\=`cd\j\kqk\e\ogc`q`k
Xl] Y\jk`ddk\ Z`e\g_`c\ HlXc`k€k\e Æ BXd\iX]•_ile^# 9\c\lZ_kle^ le[
>\ei\Y\q•^\ nli[\e `dd\i n`Z_k`^\i Æ# n€_i\e[ [`\ mfi_\i^\_\e[\e
8iY\`k\e [\ij\cY\e I\^`jj\li\ n\`kXlj jk€ib\i mfe m`jl\cc\i IXl_\`k#
[fbld\ekXi`jZ_\i;`i\bk_\`kle[^\nX^k\iJgile^_X]k`^b\`k^\gi€^knXi\e%
<`eq`^le[Xcc\`eA`dAXidljZ_#\i_Xkk\(0/'j\`e\e\ijk\e#efZ_^Xeq[\d
Ef$NXm\$>\`jkm\ig]c`Z_k\k\e=`cdG\idXe\ekMXZXk`fe^\[i\_k#jfcck\`e[\i
=fc^\ [\e Jgile^ `e [\e 8ik_flj\$Fcpdg jZ_X]]\e% N€_i\e[[\jj\eXe[\i\
GifkX^fe`jk\e \ekn\[\i ]i•_ m\ijkXiY\e >fi[fe Jk\m\ejfe le[ 8e[\ij
>iX]jkifd#[\i\eCXe^]`cd\<ZjkXk`ZJk`^dXk`ZYqn%K_\Cfe^@jcXe[=fliql
[\e^\nX^k\i\e<og\i`d\ek\e[\i[XdXc`^\eQ\`kq€_c\e f[\iXY\icXe^jXd
n`\[\i mfd =`cd$ Yqn% I\^`\_`dd\c m\ijZ_nXe[\e n`\ \knX D`kZ_\cc# [\i
k_\nfibjYpJZfkk99\k_9#AXd\jEXi\jXe[fk_\ijXjXe\nXmXek$^Xi[\`e
b\\g`e^n`k_k_\k`d\j%+
9\j`[\jk_`jdfm\d\ekXnXp]ifdXe\og\i`d\ekXcjZ\e\k_XknXjk_fl^_kkfY\
]fidXc`jk`Z#k_\i\nXjXj\Zfe[Y`^jk\gf]e\^Xk`fek_Xk_X[X]fidXk`m\\]]\Zkfe
EfNXm\Z`e\dX%K_`j_X[kf[fn`k_k_\XikXe[^Xcc\ipjZ\e\f]k_\cXk\(0.'j#
n_`Z_nXj[fd`eXk\[YpXkpg\f]m`[\fXikk_Xk]i\hl\ekcpj\\d\[Zc`e`ZXc#fiYp
fm\i$`ek\cc\ZklXc`j\[ gfjk$ZfeZ\gklXc XggifXZ_\j# n_\i\Xj Ef NXm\\dgcfp\[X
dlZ_ iXn\i Èfe$k_\$jki\\k m\i`k„È, k_Xk _X[ `kj iffkj `e [fZld\ekXip% K_\
]fle[Xk`fef]k_\Xik`jkjËZfcc\Zk`m\:fcXY:fccXYfiXk`m\Gifa\Zkj#@eZ% `e(0./dXp
_Xm\Y\\efe\f]k_\dfjk]le[Xd\ekXcXe[`dgfikXek]XZkfij_\i\%8kXepiXk\#X
cXi^\eldY\if]k_\cXk\iEfNXm\]`cddXb\ij]fi`ejkXeZ\#:_Xic`\8_\Xie#9\k_9#
JZfkk 9# 8e[i\X :XccXi[# :fc\\e =`kq^`YYfe# <i`Z D`kZ_\cc# D`Z_X\c DZ:cXi[ Xe[
AXd\j EXi\j \d\i^\[ ]ifd k_`j ^iflg%- :fcXY _X[ Æ XgXik ]ifd `kj efkfi`flj
\o_`Y`k`fegifa\Zkj#jlZ_Xjk_\K`d\jJhlXi\J_fnÆY\^le\Xicpfekfgif[lZ\
Èlef]]`Z`XcÉ e\nj Zc`gj ]ifd flk$f]$k_\$nXp Zfie\ij f] E\n Pfib k_Xk n\i\ efk
Zfm\i\[Ypk_\f]]`Z`Xcd\[`X%@eX[[`k`fe#k_\Zfcc\Zk`m\glYc`j_\[k_\Zifjjfm\i
dX^Xq`e\ODX^Xq`e\Xe[gif[lZ\[k_\n\\bcpj\i`\jGfkXkfNfc]Xe[I\[:likX`e
]fiZXYc\k\c\m`j`fe#n_`Z_n\i\kfc\X[k_\nXp`ee`Z_\k\c\m`j`fe]fik_\Xikj%Fe
k_\ n_fc\# :fcXY nXj kf klie flk kf Y\ X gif[lZk`m\ Zifjjfm\i gffc `e n_`Z_
dlj`Z`Xej#]`cddXb\ij#g\i]fidXeZ\g\fgc\Xe[Xik`jkjZfejkXekcpXe[i`^fifljcp
jnXgg\[ifc\j%
=ifd:fcXY#`knXjYlkXjdXccjk\gkfk_\j\c]$`ejk`klk`feXc`jXk`fef]k_\e\nEf
NXm\jZ\e\#n_`Z_kffbgcXZ\`e(0.0Æ]fi_Xc]Xp\Xi%<i`ZD`kZ_\cc#AXd\jEXi\j
Xe[9\ZbpAf_ejkfei\ek\[XjdXccZclYiffdXkJk%DXibjGcXZ\#\hl`gg\[`kn`k_Xe
\Xicp m`[\f Y\Xd\i Xe[ jZi\\e\[ nfibj \`k_\i Yp k_\dj\cm\j fi k_\`i Zcfj\jk
]i`\e[j% ;\jg`k\ `kj j_fik$c`m\[e\jj# k_`j ÈE\n :`e\dXÉ nXj# Y\j`[\j ifZb ZclYj
n_\i\k_\]`cdjn\i\Xcjfj_fne#gifYXYcpk_\dfjk`dgfikXekjZi\\e`e^m\el\]fi
EfNXm\%8j?Xii`jJd`k_\ogcX`ej`e_`j_`jkfi`ZXcjb\kZ_f]k_\jZ\e\#k_`jm\el\
gifm`[\[ dXep le[\i^ifle[ ]`cddXb\ij n_f _X[ efk Y\\e ^iXek\[ X gcXZ\ `e
AfeXjD\bXjËj8ek_fcf^p=`cd8iZ_`m\jn`k_ÈXefggfikle`kpkfXZklXccp^\kk_\`i
nfibj\\e#Xe[dXepfk_\ijXefggfikle`kpkfXZklXccpj\\`k%È.K_\]XZkk_Xkk_\
E\n:`e\dXnXjefkkf_Xm\Xcfe^\ic`]\nXjefkjfdlZ_Y\ZXlj\k_\i\nXjX
j_fikX^\f]i\c\mXeknfibjhl`k\k_\ZfekiXip #YlkY\ZXlj\#]ifdk_`jgf`ekfe#
`e[\g\e[\ekZlckli\nXj^l`[\[`ekfdfi\Xe[dfi\\jkXYc`j_\[#Xe[c\jj]cl`[Xe[
`dgifm`j\[#Z_Xee\cj%K_\jdXccXik`jk`Zd`iXZc\k_XkjkXik\[kf\d\i^\]ifdk_\
\Xicp (0/'j `e E\n PfibÊj <Xjk M`ccX^\ nXj fecp fe\ jpdgkfd f] k_`j ^iX[lXc
jkXY`c`jXk`feXe[Zfdd\iZ`Xc`jXk`fef]k_\]fid\ile[\i^ifle[jZ\e\%
K_\g\i`f[Xifle[(0/'XcjfdXib\[Xb`e[f]ZX\jliX`eXjdlZ_XjdXep]`cd$
dXb\ijZ_Xe^\[]ifdJlg\i/kf(-dd`ek_\_fg\f]Y\`e^XYc\kfjlYm\ikk_\
Z`e\dXXe[]\jk`mXc`e[ljkipfeXcXi^\jZXc\%@](0.-kf(0.0nXjk_\g_Xj\[li`e^
n_`Z_ X jkife^ gleb \k_fj gi\mX`c\[ Æ [f$`k$pflij\c]# \oki\d\cp gifmfZXk`m\
jkX^`e^jXe[ifc\$gcXp#^f`e^X^X`ejkk_\^iX`ef]\m\ipZfem\ek`feÆk_\gif[lZk`fej
]ifd (0/' fenXi[j Y\ZXd\ dfi\ XdY`k`flj% <i`Z D`kZ_\ccËj Le[\i^ifle[ L%J%8%#
8dfjGf\ËjJlYnXpI`[\ijXe[cXk\i9\kk\>fi[feËjMXi`\kpXccY\Xin`ke\jjkfk_`j
[\m\cfgd\ek%/ 8cc f] k_\j\ ]`cdj \ogc`Z`kcp [`jgcXp Z\ikX`e Z`e\g_`c\ hlXc`k`\j Æ
ZXd\iXnfib#c`^_k`e^Xe[^\ei\i\]\i\eZ\jY\ZXd\`eZi\Xj`e^cp`dgfikXekÆn_`c\
k_\\Xic`\infibjf]k_\jXd\[`i\Zkfijn\i\Z_XiXZk\i`j\[dlZ_dfi\Ypm`jlXc
iXne\jj#[fZld\ekXip[`i\Zke\jjXe[[Xi`e^\oZlij`m\e\jj%FecpA`dAXidljZ_#
n_f_X[dX[\_`j]`ijk]`cd#G\idXe\ekMXZXk`fe#`e(0/'#jk`ccZfdgc\k\cp`ek_\
jg`i`kf]EfNXm\#nXjkfjlZZ\\[`edXb`e^k_\aldg`ekfk_\Xik_flj\gXek_\fe#
n_`c\ k_\ fk_\i gifkX^fe`jkj \`k_\i [`\[ \Xicp >fi[fe Jk\m\ejfe Xe[ 8e[\ij
>iX]jkifd#n_fj\]\Xkli\]`cdj<ZjkXk`ZJk`^dXk`ZXe[K_\Cfe^@jcXe[=flin\i\
Xdfe^k_\dfi\[Xi`e^\og\i`d\ekjf]k_\k`d\ fi^iX[lXccp[`jXgg\Xi\[X^X`e
,?fY\idXe#ÈEfNXm\c\e^k_È#J%+)%
+Kfep:feiX[#È8kCXjkI\XcDfm`\j1Jlg\i/:`e\dX=ifdE\nPfib#È`eCX`ZXAflieXc#Jgi`e^(0/'#g%,'%
-Qli>\jZ_`Z_k\mfe:fcXYm^c%8cXeDffi\&DXiZD`cc\i#ÙK_\89:jf]89:EfI`fXe[@kjK`d\jÈ# ,?fY\idXe#ÈEfNXm\c\e^k_#Èg%+)%
`e18cXeDffi\&DXiZD`cc\i#89:EfI`f;`e\if1K_\Jkfipf]XCfn\i<XjkJ`[\8ik>Xcc\ip#E\nPfib -=fik_\_`jkfipf]:fcXYj\\8cXeDffi\&DXiZD`cc\i#ÈK_\89:jf]89:EfI`fXe[@kjK`d\j#È`e8cXe
(0/,# fec`e\ lek\i nnn%XYZefi`f&XYflk&_`jkfip&XYZVf]VXYZ%_kdc# jfn`\ 8cXe Dffi\ n`k_ A`d Dffi\&DXiZD`cc\i#89:EfI`f;`e\if1K_\Jkfipf]XCfn\i<XjkJ`[\8ik>Xcc\ip#E\nPfib(0/,#fec`e\Xk
:ifdn\cc# ÙCfZXc ?`jkfip1 K_\ 8ik f] 9Xkkc\ ]fi 9f_\d`X `e E\n PfibÈ# `e1 Alc`\ 8lck ?^% # nnn%XYZefi`f%fi^&XYflk&_`jkfip&XYZVf]VXYZ%_kdc#Xe[8cXeDffi\n`k_A`d:ifdn\cc#ÈCfZXc?`jkfip1K_\
8ck\ieXk`m\E\nPfib#(0-,Æ(0/,#D`ee\Xgfc`j)'')#J%*),]]%
8ikf]9Xkkc\]fi9f_\d`X`eE\nPfib#È`eAlc`\8lck\[% #8ck\ieXk`m\E\nPfib#(0-,Æ(0/,#D`ee\Xgfc`j)'')#
. ?Xii`j Jd`k_# ÙEf E\n :`e\dX1 Gleb Xe[ Ef NXm\ Le[\i^ifle[ =`cd (0.-Æ(0/+È# `e1 :cXpkfe g%*),]]%
GXkk\ijfe?^% #:Xgkli\[18=`cd&M`[\f?`jkfipf]k_\Cfn\i<XjkJ`[\#E\nPfib)'',#J%(.,%
.?Xii`jJd`k_#ÈEfE\n:`e\dX1GlebXe[EfNXm\Le[\i^ifle[=`cd(0.-Æ(0/+#È`e:cXpkfeGXkk\ijfe
/<`e\8ljnX_cjfcZ_\iCXe^]`cd\n`i[#qlj€kqc`Z_ql[\em`\iBliq]`cdgif^iXdd\e[`\j\iJZ_Xl# \[% #:Xgkli\[18=`cd&M`[\f?`jkfipf]k_\Cfn\i<XjkJ`[\#E\nPfib)'',#g%(.,%
qn`jZ_\e[\d*%le[(+%Ale`)'('`d{jk\ii\`Z_`jZ_\e=`cddlj\ld`eN`\eqlj\_\ej\`e#[Xj /@eX[[`k`fekfk_\j\]flij_fik$]`cdgif^iXdd\j#Xj\c\Zk`fef]]\Xkli\]`cdjZXeY\j\\eXkk_\8ljki`Xe
Bffg\iXk`fejgXike\imfeÙEfNXm\(0.-Æ/+È`jk%
=`cdDlj\ld`eM`\eeX#n_`Z_`jfligXike\i`eÈEfNXm\(0.-Æ/+#È]ifdAle\*kf(+#)'('%
((+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
E f NX m \
eXZ_[\d(0/+gif[lq`\ik\eK_\NXp@k@jb\`e\e=`cdd\_i[i\_k\le[j`Z_
g i`d€iXl][`\JZ_Xljg`\c\i\`m\ic\^k\ %
;Xjj b\`e\i [\i lijgi•e^c`Z_\e ?Xlgk]`^li\e [\i Ef$NXm\$Jq\e\ \`e\
^ i\i\ =`cdbXii`\i\ ^\^eek nXi# dX^ XlZ_ d`k \`e >ile[ ^\n\j\e j\`e#
nXild[`\9\n\^le^#mfiXcc\dXlZ_Xe^\j`Z_kj[\i?fZ_^cXeq$le[Q\`k^\`jk$
DXe`\[\i(0/'\iAX_i\#jZ_e\cc`eM\i^\jj\e_\`k^\i`\k%<`eq`^[`\XY(0/+
\`ej\kq\e[\ Ù:`e\dX f] KiXej^i\jj`feÈ$9\n\^le^0# [`\ fY\i]c€Z_c`Z_ Xe [`\
Ef$NXm\$vjk_\k`bXejZ_cfjj# `d >ile[\ XY\i e`Z_k Xccql m`\c d`k`_i^\d\`e
_Xkk\# c`\ I\d`e`jq\eq\e Xl]bfdd\e# \knX n\ee Cp[`X CleZ_# ?Xlgk]`^li
qX_ci\`Z_\i Ef$NXm\$=`cd\# `e [\e bil[\e J\ogcf`kXk`fe$Jq\eXi`\e \`e\j
I`Z_Xi[B\ieXl]kXlZ_k\%;Xi•Y\i_`eXljjfcck\\jXY\iY`j(00-[Xl\ie#Y`j
j`Z_[XjE\nPfib\iN_`ke\pDlj\ld`e\`e\i^ifXe^\c\^k\eJZ_Xljfnf_c
[\iEf$NXm\$XcjXlZ_[\i:`e\dX$f]$KiXej^i\jj`fe$Jq\e\XeeX_dle[Y\`[\`e
[\dq\`kc`Z_•Y\i^i\`]\e[\eGif^iXddEfNXm\:`e\dX#(0./Æ/.gi€j\ek`\i$
k\%(' ;\d [XdXc`^\e BliXkfi# DXkk_\n PfbfYfjbp# `jk \j e`Z_k _fZ_ ^\el^
Xeqli\Z_e\e# m`\c\ `e M\i^\jj\e_\`k Yqn% `e m\ijkXlYk\ 8iZ_`mi\^Xc\ mfcc\i
Xck\iLdXk`Z$BXjj\kk\e ^\iXk\e\8iY\`k\en`\[\iXlj^\^iXY\eql_XY\e%Le[
XlZ_n\ee[\i=fblj[\iJZ_Xln\`k•Y\ia\[\eeXZ_mfccq`\_YXi\e<e[glebk
mfeEfNXm\_`eXljY`j`e[`\jg€k\e(0/'\i$AX_i\\in\`k\iknXi#cX^`_ie`Z_k
qllek\ijZ_€kq\e[\iM\i[`\ejk[Xi`e#8iY\`k\eXl]Jlg\i/#[\i\eKfejglik\`cj
Xl] Xck\e Dlj`bbXjj\kk\e XY^\jg\`Z_\ik nXi# qld`e[\jk bliqq\`k`^ n`\[\i
ql^€e^c`Z_^\dXZ_kql_XY\e%;Xjjj\`k_\iY`jXl]gXik`\cc\8ljeX_d\eb\`e\
ld]Xjj\e[\i\Ef$NXm\$JZ_Xld\_ijkXkk^\]le[\e_Xk#c€jjk[\eJk\cc\en\ik
\iX_e\e#[\e[`\j\j_Z_jkc\Y\e[`^\le[\e\i^`\^\cX[\e\=`cdjZ_X]]\e`e[\i
N\ik\jbXcX\`ejZ_c€^`^\i]`cd_`jkfi`jZ_\i@ejk`klk`fe\e\`ee`ddk%J\cYjkn\ee
m`\c\ifikjmfe8ek`$vjk_\k`b\e#b•ejkc\i`jZ_\iI\e`k\eqle[N`[\iYfijk`^b\`k
[`\I\[\`jkf[\ig\i`f[`jZ_[XjÙNle[\iÈmfeJlg\i$/$Yqn%Xe[\i\e;f$`k$
pflij\c]$=fidXk\eY\jZ_nfi\en`i[%
Dlj`b#<^f#>\nXck#J\o
EX_d[`\N_`ke\p$JZ_Xl(00-\`e\e\in\`k\ik\e_`jkfi`jZ_\e?fi`qfek`ej
M`j`\i# jf Yc\`Yk [`\ QljXdd\ejk\ccle^ _`\i Xl] [\e \e^\i\e q\`kc`Z_\e
IX_d\emfeEfNXm\Y\jZ_i€ebk%QnXij\kqk[`\G\i`f[`j`\ile^mfeEfNXm\#
mfiXcc\dnXj[`\^c\`Z_eXd`^\Dlj`bjq\e\Y\ki`]]k#•Yc`Z_\in\`j\d`k[\d
AX_i(0./\`e#(([fZ_jfcc\e_`\iY\nljjkXlZ_8iY\`k\eXlj[\eAX_i\e(0.-
le[(0..d`kY\i•Zbj`Z_k`^kn\i[\e%Qld\`e\e_Xe[\ck\jj`Z_[XY\`ldk\`cj
fYjbli\#\ijkb•iqc`Z_n`\[\i\ek[\Zbk\=`cd\jg€k\i\iJq\e\$GifkX^fe`jk\e
\knXmfeAXd\jEXi\j %QldXe[\i\ej`e[[`\jjk`c`jk`jZ_\Mfic€l]\i\knX
K`eX CË?fkjbp f[\i :fc\\e =`kq^`YYfe # [`\ ^c\`Z_jXd Ef NXm\ ÙXmXek cX
c\kki\ÈnXi\eYqn%\`e\dLd]\c[\ekjkXdd\e#[Xj#n`\`d=Xccmfe:fcXY#ql
\`e\d9i\eeglebk[\i9\n\^le^n\i[\ejfcck\%v_ec`Z_\j^`ck]•i\`e\Bliq$
[fbl n`\ Gleb`e^ Flk# [`\ j`Z_ [\e c\kqk\e 8ljc€l]\ie [\i lijgi•e^c`Z_\e
Gleb$9\n\^le^ n`[d\k le[ \ijk\ Jq\e\Xl]ki`kk\ [\i ]i`jZ_ `e E\n Pfib
^\cXe[\k\e Cp[`X CleZ_ le[ AXd\j J`\^]i`\[ AXd\j :_XeZ\ ]\jk_€ck% 8d
Xe[\i\e <e[\ [\i _`jkfi`jZ_\e <`e^i\eqle^ (0/)$/+ j`e[ [liZ_Xlj XlZ_
8iY\`k\em\iki\k\e#[`\#qld`e[\jkXlj[XdXc`^\iJq\e\$J`Z_k#e`Z_kqlEf
NXm\ `d \e^\i\e J`ee\ q€_ck\e \knX @mXe >Xc`\kk` f[\i 9iX[c\p <ifj %
M`\cd\_icXjj\ej`Z_[`\jY\q•^c`Z_I\jfeXeqg_€efd\e\XljdXZ_\e#n`\j`\
XY[\dcXe^jXd\e8ljYclk\eYqn%[\e8dY`k`fejjk\`^\ile^\e [\iJq\e\XY
(0/'Xl]kiXk\e1Jfn\e`^[\i\ijk\eN\cc\\`e^i\i\i<i]fc^ Y \jZ_`\[\e
nXi# jf j\_i Y\^Xee j`Z_ [\i @dglcj [\j [fbld\ekXi`jZ_ m\iYi€dk\e#
G\i]fidXeZ\$Y\qf^\e\e#d^c`Z_jkifkq`^\ele[[`i\bk\e=`cd\dXZ_\ej`e
Y\eXZ_YXik\ Jq\e\$8^^cfd\iXk\ ]fikqlg]cXeq\e% N\jn\^\e j\cYjk \_\i
ÙbcXjj`jZ_È Xedlk\e[\ 8mXek^Xi[\]`cdXiY\`k\e n`\ DlkXYc\ =`i\ mfe
=`cdjq\e\Xlj=`cdjk`cc]ifdODX^Xq`e\9\e\]`k
]ifdk_\]`cdfi[`i\Zk`e^_fi`qfejlZ_XjD`kZ_\cc#n_f[`[efkdXb\Xepdfi\
]`cdjX]k\iK_\NXp@k@j`e(0/+Xe[klie\[gi`dXi`cpkfXZk`e^ %
K_\]XZkk_Xkefe\f]k_\]`ijkdX`e]`^li\jf]k_\EfNXm\jZ\e\nXjkf_Xm\X
]`cd ZXi\\i f] Xep ^i\Xk efk\ dXp Xcjf _Xm\ Y\\e fe\ f] k_\ i\Xjfej n_p k_\
dfm\d\ekhl`Zbcp]\cc`ekffYc`m`fe#gXik`ZlcXicpn`k_k_\_`^_^cfjjXe[q\`k^\`jk
dXe`Xf]k_\(0/'j%Fecpk_\È:`e\dXf]KiXej^i\jj`feÉdfm\d\ek#0n_`Z_jkXik\[
lg`e(0/+Xe[jlg\i]`Z`XccpZfek`el\[fe]ifdk_\EfNXm\X\jk_\k`Z#Xck_fl^_`k
i\Xccp[`[efk_Xm\Xcck_XkdlZ_`eZfddfen`k_`k#gif[lZ\[jfd\i\d`e`jZ\eZ\j#
]fi\oXdgc\n_\eCp[`XCleZ_#k_\dX`e]`^li\`edXepEfNXm\]`cdj#Xgg\Xi\[`e
k_\Zil[\j\ogcf`kXk`fejZ\eXi`fjf]I`Z_Xi[B\ie%8gXik]ifdk_`j#_fn\m\i#`knXj
efkkfY\lek`c(00-k_Xkk_\E\nPfibN_`ke\pDlj\ldkffbXcffbYfk_Xkk_\Ef
NXm\ Xe[ k_\ :`e\dX$f]$KiXej^i\jj`fe jZ\e\j `e X cXi^\ \o_`Y`k`fe# gi\j\ek`e^
Yfk_ `e k_\ Zfdgi\_\ej`m\ gif^iXdd\ Ef NXm\ :`e\dX# (0./$/.%(' K_\ ZliXkfi#
DXkk_\nPfbfYfjbp#ZXeefkY\giX`j\[\efl^_]fi[`^^`e^flkdXepnfibjk_Xk
_X[Y\\e]fi^fkk\efi_X[[`jXgg\Xi\[fe[ljkpXiZ_`m\j_\cm\j]lccf]fc[LdXk`Z
ZXjj\kk\j %8e[\m\e`]k_\]fZljf]k_\\o_`Y`k`fenXj\ok\e[\[`ekfk_\cXk\(0/'j
ÆXe[k_lj]XiY\pfe[Xepgf`ekk_XkZXeY\j\\eXjdXib`e^k_\\e[f]EfNXm\Æ
`kj`e\jk`dXYc\XZ_`\m\d\eknXjkfdXb\XmX`cXYc\#Xkc\Xjkk\dgfiXi`cp#nfibjfe
Jlg\i/n_fj\jfle[kiXZbjn\i\jfd\k`d\jjXm\[fefc[dlj`ZZXjj\kk\j%K_\]XZk
k_Xk#\oZ\gk]fijfd\gXik`Xc\oZ\gk`fej#k_\i\_XjY\\eefdfi\Zfdgi\_\ej`m\
EfNXm\\o_`Y`k`fej`eZ\k_\e^`m\jXe`e[`ZXk`fef]k_\jkXkljXZZfi[\[kfk_`j
\oki\d\cpc`m\cpXe[\e\i^\k`Z]`cddXb`e^dfm\d\ekYpk_\i\c\mXek]`cd$_`jkfip
`ejk`klk`fej# [\jg`k\ Xcc k_\ kXcb `e dXep hlXik\ij f] Xek`$X\jk_\k`Zj# Xik`jk`Z
i\ZXcZ`kiXeZ\Xe[i\Y\cc`flje\jj#Xe[\m\ek_fl^_k_\Èd`iXZc\Éf]Jlg\i/Xe[
fk_\i[f$`k$pflij\c]]fidXkj`jg\i`f[`ZXccp`emfb\[%
Dlj`Z#\^f#m`fc\eZ\#j\o
N_\i\Xjk_\N_`ke\p\o_`Y`k`fef](00-kffb`eXe\ok\e[\[_`jkfi`ZXc_fi`qfe#k_`j
gif^iXdd\i\dX`ejc`d`k\[kfk_\eXiifn\ik`d\jgXef]EfNXm\%8ck_fl^_k_\Ef
NXm\ g\i`f[# gXik`ZlcXicp n`k_ i\^Xi[ kf k_\ dlj`Z jZ\e\ f] k_\ jXd\ eXd\# `j
^\e\iXccpZfej`[\i\[kf_Xm\Y\^le`e(0./#((nfibj]ifdk_\p\Xij(0.-Xe[(0..
Xi\kfY\[\c`Y\iXk\cp`eZcl[\[_\i\%Fek_\fe\_Xe[#k_\j\Xi\jfd\k`d\jfYjZli\
Xe[fecpi\Z\ekcpi\[`jZfm\i\[]`cdjf]cXk\ijZ\e\gifkX^fe`jkjjlZ_Xjk_fj\Yp
AXd\jEXi\j %Fek_\fk_\i#k_\i\Xi\jkpc`jk`Zgi\[\Z\jjfijjlZ_XjK`eXCË?fkjbp
Xe[:fc\\e=`kq^`YYfe n_fn\i\#jfkfjg\Xb#EfNXm\ÈXmXekcXc\kki\ÈfiZXd\
]ifdXjZ\e\k_Xk#Xj`ek_\ZXj\f]:fcXY#nXjkfY\Zfd\X]fZljf]k_\dfm\d\ek%
0M^c%nnn%lYl%Zfd&]`cd&kiXej^i\jj`fe%_kdcD€iq)'(' Yqn%[`\Dfef^iX]`\mfeAXZbJXi^\Xek# 0J\\nnn%lYl%Zfd&]`cd&kiXej^i\jj`fe%_kdcDXiZ_)'(' fik_\dfef^iXg_YpAXZbJXi^\Xek#;\Xk_ki`g$
;\Xk_ki`gg`e^18e@ccljkiXk\[?`jkfipf]k_\:`e\dXf]KiXej^i\jj`fe#Cfe[fe(00,%
g`e^18e@ccljkiXk\[?`jkfipf]k_\:`e\dXf]KiXej^i\jj`fe#Cfe[fe(00,%
('ÙEfNXm\:`e\dX#(0./Æ/.È#N_`ke\pDlj\ldf]8d\i`ZXe8ik#*%FbkfY\i(00-Y`j,%AXelXi (' ÈEf NXm\ :`e\dX# (0./Æ/.#È N_`ke\p Dlj\ld f] 8d\i`ZXe 8ik# FZkfY\i *# (00- kf AXelXip ,# (00.%
(00.%QX_ci\`Z_\Ef$NXm\$=`cd\nli[\eXlZ_`e[\i8ljjk\ccle^ÙK_\;fnekfneJ_fn1K_\E\nPfib Eld\ifljEfNXm\]`cdjn\i\Xcjfj_fne`ek_\\o_`Y`k`feÈK_\;fnekfneJ_fn1K_\E\nPfib8ikJZ\e\#
8ikJZ\e\#(0.+Æ(0/+È^\q\`^k#[`\)''-mfe[\i>i\p8ik>Xcc\iple[[\i=Xc\jC`YiXip[\iE\n (0.+Æ(0/+#È n_`Z_ nXj glk fe `e )''- Yp k_\ >i\p 8ik >Xcc\ip Xe[ k_\ =Xc\j C`YiXip f] k_\ E\n Pfib
PfibLe`m\ij`kpqljXdd\e^\jk\ccknli[\2m^c%DXim`eA%KXpcfi?^% #K_\;fnekfne9ffb1K_\E\n Le`m\ij`kp2j\\DXim`eA%KXpcfi\[% #K_\;fnekfne9ffb1K_\E\nPfib8ikJZ\e\#(0.+Æ(0/+#Gi`eZ\kfe&
Pfib8ikJZ\e\#(0.+Æ(0/+#Gi`eZ\kfe&Fo]fi[)''-%
Fo]fi[)''-%
((M^c%J`dfeI\pefc[j#Ù:fekfikPflij\c]1EfNXm\E\nPfibÈ#`e1[\ij%#I`g@kLgXe[JkXik8^X`e1 ((J\\J`dfeI\pefc[j#È:fekfikPflij\c]1EfNXm\E\nPfib#È`eJ`dfeI\pefc[j#I`g@kLgXe[JkXik8^X`e1
Gfjk$gleb(0./Æ/+#Cfe[fe)'',jfn`\DXjk\ij#EfNXm\%
Gfjk$gleb(0./Æ/+#Cfe[fe)'',#Xe[DXjk\ij#EfNXm\%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
((,
E f NX m \
f$NXm\$Dfd\ek\e[liZ_j\kqkj`e[#f_e\[Xjjj`\[\j_XcY\`e\i`d8ejZ_cljj
E
Xlj^\il]\e\e# n\`k^\_\e[ [\i`mXk`m\e JZ_lc\ n`\ [\d Ù:`e\dX f] KiXej$
^i\jj`feÈXe^\_i\en•i[\e%
DXkk_\n PfbfYfjbp jZ_cl^ `e j\`e\i k_\dXk`jZ_\e <`ebi\`jle^ ]fc^\e[\
_\iXljiX^\e[\Dfk`m\mfeEfNXm\mfi1Ù[`\@[\\[\jIfcc\ejg`\cjÈ#ÙK_\d\e
n`\ >\j\kq\jmfccql^&@em\jk`^Xk`feÈ jfn`\ ÙJ\o$gfj`k`m\i =\d`e`jdljÈ%()
;\dc`\\ej`Z_lem\iq•^c`Z_K_\d\en`\liYXe\iM\i]Xcc#Xcck€^c`Z_\>\nXck
le[ M\iif_le^# ;if^\eblckli# Dlj`b$ le[ :clYjq\e\# >\ei\$KiXm\jk`\e le[
m`\c\j d\_i _`eql]•^\e% Jf n\e`^ j`Z_ Ef NXm\ Xl] \`e\ ]`e`k\ Dfk`mi\`_\
i\[lq`\i\e c€jjk# jf j\_i bc`e^\e `e [\e \`eq\ce\e 8iY\`k\e [fZ_ `dd\i
n`\[\i i\blii`\i\e[\ K_\d\ejki€e^\ Xe% F_e\ [X_\i \`e \ijZ_g]\e[\j
Dfk`mgXefiXdXY`\k\eqlnfcc\ef[\iqlbee\e #j\`\e_`\i[`\]fc^\e[\e
m`\iGif^iXdd$:cljk\imfi^\jZ_cX^\e1ÊPfl>fkkXCfj\Ê#nfi`ejZ_n\iglebk$
d€`^Xl][`\eXd\ej^\Y\e[\Dlj`bjq\e\Xe^\jg`\ck`jkle[[`\>\Ylikmfe
Ef NXm\ Xlj [\d >\`jk [\j Gfjk$:9>9$Gleb i\bXg`klc`\ik n`i[2 Ê:fekfik
Pflij\c]Ê#[Xjmfi[\d?`ek\i^ile[\`e\ileXl]_XckjXdm\i]Xcc\e[\eJkX[k
Yqn%[\iCfn\i<XjkJ`[\#nf\`e>ifk\`c[\j=`cdjZ_X]]\ejj\`e\e8lj^Xe^
eX_d k\`cj`ife`jZ_\#k\`cjk`\]jZ_nXiq\Y`je`_`c`jk`jZ_\J\cYjk\ekn•i]\qld
@e_Xck _Xk2 Ê@ Nfb\ Lg 9c\\[`e^Ê# [Xj [`\ 8Y^i•e[\ [\i e`Z_k eli b•ejk$
c\i`jZ_\e <o`jk\eq`e[\e9c`Zbe`ddkle[>\nXckm\i_€cke`jj\#n`\j`\j`Z_
\o`jk\eq`\cc#qn`jZ_\ed\ejZ_c`Z_f[\iXY\igfc`q\`jkXXkc`Z_Yqn%m\ijZ_n$
ile^jk_\fi\k`jZ_ Xl]kle# m\iXejZ_Xlc`Z_k2 jZ_c`\c`Z_ Ê:fe]lj`fe @j E\okÊ#
nfi`e Xlj^\_\e[ mfe `dd\i d\_i `ej NXeb\e ^\iXk\e[\e Ifcc\eY`c[\ie
Lek\ijlZ_le^\eXej\ol\cc\eYqn%>\jZ_c\Z_k\iY\q`\_le^\emfi^\efdd\e
n\i[\e#f_e\[XjjXd<e[\e\l\<`e[\lk`^b\`k\eql]`e[\en€i\e%J€dkc`Z_\
|Y\ik`k\cj`e[n`Z_k`^\eDlj`bjk•Zb\e[\iQ\`k^\jZ_lc[\k1;\i\ijk\ÊPfl
>fkkXCfj\Ê ^\_kXl]I`Z_Xi[?\ccqli•Zb#[\i`eGleb`e^Flk\`e\e8l]ki`kk
_Xkle[n\^Y\i\`k\e[]•iEfNXm\n`ibk\2[\ic\kqk\Ê:fe]lj`fe@jE\okÊYqn%
:fe]lj`fe @j J\o# n`\ [`\ GcXkk\ _\`k# Xl] [\i j`Z_ [`\j\i Jfe^ Y\]`e[\k jkXddkmfeJfe`ZPflk_#[`\j\cYjk`e[\dGif^iXdde`Z_kmfibfdd\e#[`\
XY\in`\bXld\`e\Xe[\i\9Xe[[\eEf$NXm\$>\`jk`e\`e\8ck\ieXk`m\$IfZb$
BXii`\i\•Y\iql]•_i\em\ijkXe[\e%;Xqn`jZ_\ej`e[d`kAXd\j:_XeZ\ÊPfl
>fkkX:fekfikPflij\c]Ê Yqn%Cp[`XCleZ_Ê@Nfb\Lg9c\\[`e^Ê#\`e\Q\`c\
Xlj [\d K\\eX^\ A\jlj K_\ A\ibj$Jk•Zb @ Nfb\ Lg ;i\Xd`e^ qn\` [\i
_`jkfi`jZ_\e?Xlgk]`^li\ej\cYjkjk`Z_nfik^\Y\e[q`k`\ik%
;`\ JZ_Xl j\kqk \`e d`k \`e\i d`e`dXc\e# [X]•i ldjf biXZ_`^\i\e
M\ijlZ_jXefi[ele^#[`\^Xeq[\d>\`jk\`e\jB•ejkc\ijn`\I`Z_Xi[J\iiX
m\ig]c`Z_k\k ql j\`e jZ_\`ek% ;`\ Bl^\c# [`\ `e AXd\j EXi\jË IXdg [i\`dXc
_`ek\i\`eXe[\i\`e\IXdg\_`elek\iifcckle[^\^\e\`e>XiX^\ekfi[fee\ik#
^`Yk[\eKfeXe]•i\`e\I\`_\mfedlj`bY\qf^\e\e;`jjfeXeq\ible[le^\e%
;`\j\e`jkmfe8e]Xe^Xe\`e>\]•_c[\jJZ_\`k\iejd`k\`e^\jZ_i`\Y\eÊPfl
>fkkXCfj\Ê #e`Z_kf_e\qlmfia\[fZ_\`eDXo`dldXele^\q•^\ck\i<e\i^`\
]i\`^\j\kqkql_XY\e#n`\\j[`\8l]ki`kk\le[@ek\im`\nj`eGleb`e^Flklek\i
9\n\`j jk\cc\e% ;Xjj [Xj ?\iXl][€dd\ie mfe Ef NXm\# eXZ_ [\i efZ_
n\`k^\_\e[ Xl] IfZb ÊeË Ifcc YXj`\i\e[\e Glebdlj`b# n`\ [`\ 8eble]k mfe
8l\i`i[`jZ_\e n`ibk\# _Xk D`Z_X\c DZ:cXi[ `e j\`e\d Gfiki€k [\i >ilgg\
K\\eX^\A\jljK_\A\ibj_\iXlj^\jki`Z_\e%;`\Dlj`b\i#le[_`\imfiXcc\d
[\i9Xjj`jk>fi[feJk\m\ejfe#jZ_\`e\ekXkj€Z_c`Z_mfe\`e\dXe[\i\eJk\ie
qlbfdd\eÆmfe[fik#nf8Yilgk_\`k#8Y^\]\kqk_\`kle[8efdXc`\i\^`\i\e%
;\e J`ee ]•i ;\gcXkq`\ik_\`k le[ ;`j_Xidfe`\ lek\ijki\`Z_k XlZ_ M`m`\ee\
;`Zbj Jq\e\$Gfiki€k >l\i`cc…i\ KXcbj# nfi`e j`Z_ \`e\ I\`_\ mfe Ef$NXm\$
Dlj`b\ie a\n\`cj ]•i [`\ ;Xl\i \`e\i [i\`d`e•k`^\e Jlg\i$/$dd$Ifcc\ `e
J\cYjk`ejq\e`\ile^•Yk%<`e9\e\]`qbfeq\ik]•i[Xjmfe:fcXY_\iXlj^\^\Y\e\
O DX^Xq`e\ `d D€iq (0./ nXi e\Y\e [\i e`Z_k Xl] =`cd ]\jk^\_Xck\e\e
Bfeq\iki\`_\`d8ik`jkjJgXZ\qn\`DfeXk\jg€k\infiXlj[`\GcXkk\EFE<N
PFIB _\imfi^`e^ \`e\ [\i n`Z_k`^jk\e Jq\e\$DXe`]\jkXk`fe\e% ;`\ `e
ODX^Xq`e\9\e\]`kqljXdd\e^\]Xjjk\e8l]ki`kk\mfe;E8#:fekfik`fejle[
9fi`jGfc`Z\YXe[cXjj\eDfd\ek\[\iJg\ii`^b\`kle[Bfe]ifekXk`feXl]Yc`k$
q\e#[`\i•ZbYc`Zb\e[Y\kiXZ_k\kjZ_n\iqlkfgg\ej\`ejfcck\e%
ÙPfl>fkkX:fekfikPflij\c]ÈjXe^AXd\j:_XeZ\#jgi`Z_1Ù;ldljjk[`Z_
m\i[i\_\e#m\iq\ii\eÈ%8e^\j`Z_kj[\iliYXe\eE\nPfib\iI\Xc`k€k<e[\[\i
(0.'\iAX_i\e`ddk[`\jXlZ_e`Z_kn\`k\iNle[\i%:fc\\e=`kq^`YYfejC%<%J%
K_\jXd\^f\j]fiXj_fik[fZld\ekXipc`b\Gleb`e^Flk#n_`Z_[\Xcjn`k_k_\cXjk
f]]j_ffkjf]k_\fi`^`eXcglebdfm\d\ekXe[i\Zfi[jk_\]`ijkjZ\e\Xgg\XiXeZ\j
f]Cp[`XCleZ_Xe[AXd\jJ`\^]i`\[AXd\j:_XeZ\ #]i\j_cpcXe[\[`eE\nPfib%8k
k_\fk_\i\e[f]k_\_`jkfi`ZXccp\jkXYc`j_\[g\i`f[(0/)$/+ #k_\i\Xi\Z\ikX`ecp
Xcjfnfibj`eZcl[\[k_Xk#Xkc\Xjk]ifdk_\gf`ekf]m`\nf]k_\jZ\e\Xkk_\k`d\#
[`[efkY\cfe^kfEfNXm\`ek_\eXiifn\ij\ej\jlZ_Xj@mXe>Xc`\kk`Xe[9iX[c\p
<ifj % IXk_\i# k_\j\ Xi\ k_\ i\jfeXeZ\ g_\efd\eX k_Xk Xgg\Xi\[ fe k_\ jZ\e\
]fccfn`e^k_\^iX[lXc[\d`j\fik_\`eZi\Xj\[XdY`k`fej f]k_\jZ\e\]ifd(0/'
fenXi[j1 `em\ij\cp kf k_\ ]`ijk nXm\ËjcXZb f] Xep ^i\Xk jlZZ\jj# k_\ `dg\klj f]
[fZld\ekXip$jkpc\# g\i]fidXeZ\$i\cXk\[ ]`cddXb`e^ k_Xk nXj Xj `dgl[\ek Xe[
[`i\ZkXjgfjj`Yc\Y\^Xekfi\gif[lZ\`kj\c]`ej`d`cXijZ\e\Zfe^cfd\iXk\j%K_`j`j
n_p\m\eXmXek$^Xi[\]`cdjc`b\DlkXYc\=`i\#n_`Z_j\\dÙZcXjj`ZXcÉ#Xi\g\imX[\[
Yp Ef NXm\ dfd\ekj# n`k_flk k_\`i Y\cfe^`e^ kf Xep cXi^\cp [\i`mXk`m\ jZ_ffc
]fle[\[X]k\ik_\\m\ek#c`b\k_\È:`e\dXf]KiXej^i\jj`feÈ%
@e _`j [\jZi`gk`fe# DXkk_\n PfbfYfjbp gifgfj\[ k_\ ]fccfn`e^ Xj k_\ dfjk
gifd`e\ek k_\d\j f] Ef NXm\1 Ùk_\ `[\X f] ifc\ gcXp`e^È# Ùk_\d\j f] cXn
\e]fiZ\d\ek&`em\jk`^Xk`feÈXjn\ccXjÙgif$j\olXc`kp]\d`e`jdÈ%()Kfg`ZjjlZ_Xj
liYXe[\Zc`e\#\m\ip[Xpm`fc\eZ\Xe[YilkXc`jXk`fe#[il^jZlckli\#dlj`ZXe[ZclY
jZ\e\#^\ei\kiXm\jk`\jXe[dlZ_dfi\Zflc[Y\X[[\[kfk_`jc`jkn`k_flk[\dli%
?fn\m\i# Xck_fl^_ Ef NXm\ ZXeefk \Xj`cp Y\ i\[lZ\[ kf X ]`e`k\ c`jk f] k_\d\j#
ZfejkXekcpi\Zlii`e^k_\dXk`Zc`e\jXi\[`jZ\ie`Yc\`ek_\`e[`m`[lXcnfibj%N`k_flk
k_\i\]fi\nXek`e^fiY\`e^XYc\ kff]]\iXe\o_Xljk`m\gXefiXdXf]dfk`]j#c\klj
gifgfj\ k_\ ]fccfn`e^ ]fli gif^iXdd\ Zcljk\ij1 ÊPfl >fkkX Cfj\#Ê `e n_`Z_ k_\
]fZlj`jfek_\dlj`ZjZ\e\k_Xkgifm`[\[k_\k`kc\#Xe[k_\Y`ik_f]EfNXm\]ifd
k_\jg`i`kf]gfjk$:9>9gleb`ji\ZXg`klcXk\[2Ê:fekfikPflij\c]#Ên_`Z_#X^X`ejkk_\
YXZb^ifle[f]Xe`e\ofiXYcp[\k\i`fiXk`e^Z`kpfif]k_\Cfn\i<XjkJ`[\#n_\i\X
cXi^\eldY\if]k_\]`cdj_X[k_\`iiffkj ZfekX`ejjfd\k`d\j`ife`Z#jfd\k`d\j
\oki\d\cp[Xibfi\m\ee`_`c`jk`Zj\c]$gifa\Zk`fej2Ê@Nfb\Lg9c\\[`e^#Ên_`Z_cffbj
Xkk_\Z_Xjdjf]efkaljkXik`jk`Z \o`jk\eZ\Xe[[\g`Zkjgfn\ii\cXk`fej_`gjYfk_
f] Xe \o`jk\ek`Xc fi `ek\ig\ijfeXc eXkli\ Xe[ k_fj\ k_Xk Xi`j\ `e k_\ Zfek\ok f]
gfc`Z\jkXk\jfiZfejg`iXZpk_\fi`\j2]`eXccp#Ê:fe]lj`fe@jE\ok#Ê`en_`Z_`eZi\Xj`e^cp
lejkXYc\ifc\`dX^\jXi\lj\[Xjk_\jkXik`e^gf`ek]fi`em\jk`^Xk`fejf]j\olXcfi
^\e[\ii\cXk`fej_`gj#n`k_flkXepe\n#Zc\XiZfeZclj`fejY\`e^XYc\kfY\i\XZ_\[
`ek_\\e[%8ccf]k_\j\jlYk`kc\jXi\kXb\e]ifd`dgfikXekg`\Z\jf]dlj`Zf]k_\
k`d\1 k_\ ]`ijk fe\ ÊPfl >fkkX Cfj\Ê Zfd\j ]ifd I`Z_Xi[ ?\cc# n_f dXb\j Xe
Xgg\XiXeZ\`eGleb`e^FlkXe[_X[X]fidXk`m\\]]\ZkfeEfNXm\2k_\cXjkfe\
Ê:fe]lj`fe@jE\okÊfi:fe]lj`fe@jJ\o#Xjk_\i\Zfi[`jZXcc\[fen_`Z_k_`jjfe^`j
kfY\]fle[ [\i`m\j]ifdJfe`ZPflk_#n_f[fefkXgg\Xi`ek_\gif^iXdd\k_\d$
j\cm\j#Ylkn_fkiXej]\ii\[k_\EfNXm\jg`i`k`ekfXeXck\ieXk`m\ifZbZXi\\i`eX
nXpledXkZ_\[YpXcdfjkXepfk_\iYXe[%@eY\kn\\e#knff]k_\dX`e_`jkfi`ZXc
]`^li\jk_\dj\cm\j#AXd\j:_XeZ\ÊPfl>fkkX:fekfikPflij\c]Ê Xe[Cp[`XCleZ_
Ê@Nfb\Lg9c\\[`e^#ÊXc`e\]ifdk_\K\\eX^\A\jljK_\A\ibjg`\Z\@Nfb\Lg
;i\Xd`e^ Xi\hlfk\[%
K_\gif^iXdd\Y\^`ejn`k_Xd`e`dXc#YlkXcck_\dfi\iXlZflj#\og\i`d\ek
k_Xkj\\djkfY\m\ipdlZ_`ek_\jg`i`kf]XeXik`jkc`b\I`Z_Xi[J\iiX%K_\YXcck_Xk
ifccj[fneXiXdgk_i\\k`d\j`eXifn`eAXd\jEXi\jÊIXdgXe[ZcXkk\ijX^X`ejk
X ^XiX^\ [ffi j\kj k_\ kfe\ ]fi X eldY\i f] dlj`Z$i\cXk\[ \ogcfiXk`fej f]
[`jjfeXeZ\%K_\j\Xi\fm\ini`kk\en`k_X]\\c`e^f]]X`cli\ÊPfl>fkkXCfj\Ê #Ylk
efkn`k_flk]`ijk_Xm`e^i\c\Xj\[XdXo`dldXdflekf]leYi`[c\[\e\i^p#Xjk_\
g\i]fidXeZ\j Xe[ `ek\im`\nj `e Gleb`e^ Flk [\dfejkiXk\% K_\ ]XZk k_Xk k_\
[Xne`e^f]EfNXm\j\\d\[c`b\k_\Xii`mXcf]\okiX$k\ii\jki`XcjX]k\iglebdlj`Z#
n_`Z_nXjjk`cccXi^\cpYXj\[feifZbXe[ifcc#nXj\dg_Xj`j\[YpD`Z_X\cDZ:cXi[
`e_`jgfikiX`kf]k_\^iflgK\\eX^\A\jljK_\A\ibj%K_\dlj`Z`Xej#\jg\Z`Xccp
k_\YXjjgcXp\i>fi[feJk\m\ejfe#i\Xccp[fj\\dkfZfd\]ifdX[`]]\i\ekgcXe\k
Æ]ifdXgcXZ\n_\i\XYilgke\jj#iX^^\[e\jjXe[XefdXcpilc\k_\[Xp%K_`jj\ej\
f][`jcfZXk`feXe[[`j_Xidfep`jXcjfle[\ic`e\[`eM`m`\ee\;`ZbÊjgfikiX`kf]k_\
jZ\e\# >l\i`cc…i\ KXcbj# `e n_`Z_ X eldY\i f] Ef NXm\ dlj`Z`Xej \XZ_ giXZk`j\
j\c]$[`jgcXp ]fi k_\ [liXk`fe f] X k_i\\$d`elk\ Jlg\i / dd ]`cd ifcc% 8 Y\e\]`k
ZfeZ\ik`eDXiZ_(0./]fik_\ODX^Xq`e\glYc`j_\[Yp:fcXYnXj#Xcfe^n`k_k_\
ZfeZ\ikj\i`\j`ek_\8ik`jkjJgXZ\knfdfek_jcXk\ik_\YXj`j]fik_\i\Zfi[EF
E<NPFIB #n_`Z_nXjefki\Zfi[\[fe]`cd#fe\f]k_\dfjk`dgfikXekdXe`]\jkX$
k`fejf]k_\jZ\e\%K_\g\i]fidXeZ\jYp;E8#:fekfik`fejXe[9fi`jGfc`Z\YXe[
() M^c% DXkk_\n PfbfYfjbp# ÙEfk X GXik f] 8ep NXm\1 Ef NXm\È# `e1 Ef NXm\ :`e\dX# (0./Æ/.# ()J\\DXkk_\nPfbfYfjbp#ÈEfkXGXikf]8epNXm\1EfNXm\#È`eEfNXm\:`e\dX#(0./Æ/.#N_`ke\pDlj\ld
N_`ke\pDlj\ldf]8d\i`ZXe8ik#E\n8d\i`ZXe=`cdXe[M`[\fJ\i`\j.0#(00-#f%J%
f]8d\i`ZXe8ik#E\n8d\i`ZXe=`cdXe[M`[\fJ\i`\j.0#(00-#efgX^\^`m\e%
((- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
E f NX m \
8Yb•iqle^]•iCfn\i<XjkJ`[\ `jk[Xjnf_cdXibXek\jk\Q\`k[fbld\ek#nXj
[\e M\i]Xcc le[ [`\ ?\ilek\i^\bfdd\e_\`k [`\j\j JkX[kk\`cj Y\ki`]]k#
bfek\ibXi`\ik [Xj E\^Xk`mjq\eXi`f XY\i d`k [\i Mf`Z\$fm\i$<iq€_cle^ mfe
[\i<ek[\Zble^\`e\j]`bk`m\e#`e[`^\eY\mcb\ik\e<i[k\`cj%Af_eCli`\jD\e
`eFiY`k\ekn`i]k\`eXe[\i\j<jbXg`jdljdf[\ccÆ[`\=clZ_kXlj[\ii\Xc\e
;pjkfg`\[liZ_\`e`ife`jZ_^\n\e[\k\j=fikjZ_i`kkjm\ijgi\Z_\e%N\eeCli`\
le[j\`eD`ki\`j\e[\i<i`ZD`kZ_\ccXl][\iNf_eq`dd\iZflZ_GcXkqe\_d\e#
ld`ejN\ckXccqljkXik\e#\i]€_ikdXeXlZ_#n\cZ_Ë`dX^`eXk`m\<e\i^`\[`\
i\Xc\D`kk\ccfj`^b\`k`e[\i[XdXc`^\eQ\`k]i\`j\kqk\%v_ec`Z_XYjli[`jk`jZ_
X^`\i\e K`eX CË?fkjbp# [`\ j`Z_ mfcc\i gfgdlj`bXc`jZ_ m\iYi€dk\i @eYilejk
\`e\9XiY`\$Glgg\`e[\iG]Xee\qlY\i\`k\k#f[\i8e[i\X:XccXi[#`e[\i\e((
K_ifl^_()[`\j`dgc\@[\\[\jLicXlYdXZ_\ej8ecXjj^`Ykqlm`\c\ic\`Qn\Zb$
m\ib\_ile^\ele[$\ek]i\d[le^\e#[`\bc\`e\e;`e^\[\j8cckX^jY\ki\]]\e[%
Le^c\`Z_\o`jk\eq`\cc\ie`ddkj`Z_[\d^\^\e•Y\iAXd\jEXi\jËNX`k`e^]fi
k_\ N`e[ Xlj# nfi`e [\i leil_`^\ JZ_cX] [\j GifkX^fe`jk\e \`e\ iX[`bXc\
N\e[le^ \i]€_ik% E`ddk EXi\j ql 9\^`ee \`e\ I\`_\ mfe jblcgkliXc
Xedlk\e[\eGfj\e\`e#jfc€jjk[\i\`ej\kq\e[\N`e[\`e<lg_\d`jdlj `e
[\i=fc^\b\`e\eJk\`eXl][\dXe[\i\e%;\iIXldn`i[qldJZ_XlgcXkqmfe
;`jcfbXk`fe\ele[9i\Z_le^\e#le[j\cYjk[`\XYjZ_c`\\e[\eQffdjXl][\e
e€Z_kc`Z_\eMfccdfe[cXjj\eb\`e\e=i`\[\e\`eb\_i\e%
>\nXckmfe`ee\en`\mfeXl\e[liZ_j\kqkXlZ_\`e\I\`_\mfe=`cd\e#[`\
j`Z_lek\i[\dK`k\cÊ@Nfb\Lg9c\\[`e^ÊqljXdd\e]Xjj\ecXjj\e%@eM`m`\ee\
;`Zbj J_\ ?X[ ?\i >le 8cc I\X[p j`e[ [`\ Y\`[\e ?Xlgk[Xijk\cc\i`ee\e Æ
\ie\lk qn\` dlj`bXc`jZ_\ Bfipg_€\e# Cp[`X CleZ_ le[ [`\ >`kXii`jk`e GXk
GcXZ\Æqle€Z_jk^€eqc`Z_`eGjpZ_f[iXd\eXcc\i8ikm\in`Zb\ck%;`\Jq\e\i`\
jg`kqkj`Z_`dCXl][\j=`cdj`dd\id\_iql#Y`jXd<e[\#Xl]\`e\i8Z_k\i$
YX_e]X_ik`e:fe\p@jcXe[#f]]\e\>\nXckXljYi`Z_k%<`e\ele^c\`Z_[`i\bk\i\e#
jq\e`jZ_ le^\jZ_ek\e ;fbld\ekXi`jdlj _Xkk\ [\i B•ejkc\i ;Xm`[
NfaeXifn`Zqmfi8l^\e#Xcj\i`ej\`e\d;i\`d`e•k\i?\if`e[XjE\nPfib\i
Aleb`\\c\e[ Xl] Kf`c\kk\e le[ `e L$9X_e\e ]\jk_`\ck% Ld 8Y_€e^`^b\`k\e#
>\nXckle[m`\c\ic\`M\ijZ_nile^\ebi\`j\eqX_ci\`Z_\8iY\`k\e[\jGXXi\j
9\k_ 9 le[ JZfkk 9# [`\ mfe (0./ Y`j (0/) qljXdd\eXiY\`k\k\e% @e \`e\d
`_i\iD\`jk\in\ib\#9cXZb9foÆXlZ__`\ijg`\ckCp[`XCleZ_[`\?Xlgkifcc\Æ#
jk\_k \`e =fck\in\ibq\l^ `d D`kk\cglebk# d`k [\d [`\ :@8 Xe^\Yc`Z_ kfkX$
c`k€i\ I\^`d\j `e J•[Xd\i`bX Y\c`\]\ik\% >$DXe jZ_c`\c`Z_# [Xj <ijkc`e^j$
n\ib [\i 9Ëj# m\i]fc^k [\e g_pj`f^efd`jZ_ lem\i^\jjc`Z_\e 9`cc I`Z\ Y\`
j\`e\i @em\jk`^Xk`fejXiY\`k `e [\i E\n Pfib\i 8ijfe Xe[ <ogcfj`fe JhlX[#
Y\mfi \i j`Z_ j\cYjk [\e ^\Y`\k\i`jZ_\e ?€e[\e \`e\i ;fd`eX lek\in`i]k%
>\j\kq le[ 8l]c\_ele^ [X^\^\e j`e[ _`\i jf n\`k Xlj^\__ck# [Xjj b\`e
^\j`Z_\ik\i?Xckn\[\iXl]J\`k\e[\i;Xijk\cc\iefZ_Xl]a\e\i[\i9\kiXZ_$
k\i •Yi`^qlYc\`Y\ejZ_`\ek%
;Xjj jfcZ_\ic\` Bfe]lj`fej$Jq\eXi`\e XlZ_ mfi >\jZ_c\Z_k\iifcc\e Yqn%
j\ol\cc\e @[\ek`k€k\e e`Z_k ?Xck dXZ_k\e# e`ddk [\i XYjZ_c`\\e[\ 9cfZb
Ê:fe]lj`fe@jE\okÊ `e8l^\ejZ_\`e%9\kk\>fi[fej<dgkpJl`kZXj\j\mfq`\ik
`ek\`cjcpi`jZ_\eDfekX^\e`dd\in`\[\i\`e9\[if_le^jbc`dX#mfi[\jj\e
?`ek\i^ile[[`\=`^li\eIfcc\eY`c[\ile[[`m\ij\J\cYjk`ejq\e`\ile^\eXlj$
cfk\e% >\nXck# j\` \j [liZ_ k\iifi`jk`jZ_\ 8bk\ f[\i \`e Xcc^\d\`e\j# efZ_
[\d BXck\e Bi`\^ ^\jZ_lc[\k\j Lek\i^Xe^j^\]•_c# c`\^k `e [\i Cl]k#
[\d^\^\e•Y\i j`Z_ [`\ ;Xijk\cc\i `e =clZ_k]XekXj`\e f[\i `e n`\ Bc\`[\i
•Y\ijk•cgYXi\e\l\@[\ek`k€k\eqli\kk\em\ijlZ_\e%NfY\`[\iFikCfn\i
DXe_XkkXe n`\\`ele\eki`eeYXi\jIXjk\i•Y\i[`\JlYa\bk\^\c\^kYc\`Yk%
8Yj\`k`^\e le[ Xei•Z_`^\e Fik\e# mfi Xcc\d nXj [Xj 8ljc\Y\e j\ol\cc\i
=XekXj`\e Y\ki`]]k# ^\_k \`e\ I\`_\ n\`k\i\i =`cd\ eXZ_1 K\jjX ?l^_\j$
=i\\cXe[ [fbld\ek`\ik e•Z_k\ie le[ f_e\ Qn`jZ_\eke\ [`\ 8iY\`kj$
\`ejk\ccle^qn\`\i>f$>f$>`icj#n€_i\e[@mXe>Xc`\kk`jGfdg\``E\nPfib\`e\
Y\i•Z_k`^k\_`jkfi`jZ_\:il`j`e^8i\X`ejM`j`\ie`ddk%;`\bXg`kXcq\ijki$
k\ele[jfjZ_fen`\[\iifdXek`jZ_n`ib\e[\e?l[jfeI`m\iG`\ijj`e[Y\`
`_dJZ_XlgcXkqmfem\ihl\i\e9\^\_i\ejXik`blcXk`fe\e#[`\8eq`\_le^le[
8Yjkfle^ ^c\`Z_\idX\e Y\`e_Xck\e% ;`\ \Y\e]Xccj _\lk\ jf e`Z_k d\_i
\o`jk`\i\e[\ +)e[ Jki\\k `jk 8lj^Xe^jglebk mfe =iXeZf DXi`eX`j 9cl\
Gc\Xjli\# [Xj \`e\d G\\gj_fn$9\jlZ_\i Y\`d JZ_Xl\e qljZ_Xlk le[ [\i
gfief^iX]`jZ_\e<ogc`q`k_\`k[liZ_[\e<`ejXkq^iX]`jZ_\iK\Z_e`b\e|Y\i$
dXcle^#>\bi`kq\c\kZ% Xek``cclj`fe`jk`jZ_bfek\ik%DlkXYc\=`i\jZ_c`\c`Z_#
[\iqld8YjZ_cljj^\q\`^k\=`cdmfe9iX[c\p<ifj#Y•e[\ck\`e^Xeq\j8ij\eXc
mfe8mXek^Xi[\k\Z_e`b\e#ld[\eXY^i•e[`^\eBfee\omfeJ\olXc`k€k#>\nXck
=`cdjq\e\Xlj=`cdjk`cc]ifd9cl\Gc\Xjli\
k_XkXi\^Xk_\i\[kf^\k_\i`eODX^Xq`e\9\e\]`ki\m\Xc]cXj_\jf]i\]iXZkfi`e\jj
Xe[Zfe]ifekXk`fek_Xk#cffb`e^YXZb#n\i\kfY\_Xi[kfY\Xk%
ÈPfl>fkkX:fekfikPflij\c]#ÈjXe^AXd\j:_XeZ\%@eZfej`[\iXk`fef]liYXeE\n
Pfib i\Xc`kp Xk k_\ \e[ f] k_\ (0.'j# k_`j [f\jeÊk Zfd\ Xj Xep jligi`j\% :fc\\e
=`kq^`YYfeÊjC%<%J%XYYi\m`Xk`fe]fiCfn\i<XjkJ`[\ `jgifYXYcpk_\dfjkjki`b`e^
Zfek\dgfiXip [fZld\ek fe k_\ [\Zc`e\ Xe[ [\i\c`Zk`fe f] k_`j [`jki`Zk# Ylk
Zflek\igf`ekj k_\ e\^Xk`m\ jZ\eXi`f n`k_ X mf`Z\$fm\i eXiiXk`m\ XYflk k_\
[`jZfm\ipf]X]`Zk`k`fljgXikf]k_\\Xik_gfglcXk\[YpXe`e[`^\efljg\fgc\%Af_e
Cli`\ÊjD\e`eFiY`kZfd\jlgn`k_Xefk_\i\jZXg`jkdf[\cÆk_\]c`^_k]ifdXi\Xc
[pjkfg`X k_ifl^_ Xe `ife`ZXccp kn`jk\[ gifd`j\ f] gif^i\jj% N_\e Cli`\ Xe[ _`j
kiXm\cc`e^ZfdgXe`fe<i`ZD`kZ_\ccj`k[fnefek_\cfle^\iffdjf]Xkfj\kf]]]fi
jgXZ\#n\Xcjf]`e[flkn_Xk`dX^`eXk`m\\e\i^pnXji\c\Xj\[Ypk_\i\XccXZbf]
d\Xej Xk k_\ k`d\% K`eX CÊ?fkjbp# n_f# ]lcc f] gfg$dlj`ZXc ]\imfli# Zffbj lg X
9XiY`\[fcc`eX]ip`e^gXe#Xe[8e[i\X:XccXi[#`en_fj\((K_ifl^_()k_\j`dgc\
`[\Xf]^f`e^fe_fc`[Xp^`m\ji`j\kfdXepi\m\ijXcjXe[Xc`\eXk`fejf]k_\gligfj\
f] jdXcc \m\ip[Xp `k\dj# fg\iXk\ `e X j`d`cXicp XYjli[`jk dXee\i% AXd\j EXi\jÊ
NX`k`e^]fik_\N`e[#`en_`Z_k_\i\jkc\jjjc\\gf]k_\gifkX^fe`jkkXb\jXiX[`ZXc
klie#j\\dj]Xidfi\\o`jk\ek`Xc%N_\i\XjXkk_\flkj\kEXi\jkXb\jlgXeldY\if]
gfj\jk_Xkj\\dXcdfjkjZlcgkliXc#k_\n`e[X\lg_\d`jd k_Xkj\kj`ec\Xm\jef
jkfe\ jkXe[`e^% K_\ jgXZ\ Y\Zfd\j k_\ Xi\eX f] [`jcfZXk`fej Xe[ ilgkli\j Xe[
\m\ek_\ZfeZcl[`e^qffdj_fkjf]k_\e`^_k$k`d\]lccdffe[fefkYi`e^g\XZ\%
M`fc\eZ\]ifdn`k_`eXe[n`k_flkXcjfg\imX[\jXeldY\if]]`cdjk_XkZXeY\
jlYjld\[le[\ik_\k`kc\Ê@Nfb\Lg9c\\[`e^%Ê@eM`m`\ee\;`ZbÊjJ_\?X[?\i>le
8ccI\X[p#k_\knfdX`egifkX^fe`jkjÆX^X`eknfdlj`ZXccld`eXi`\j#Cp[`XCleZ_
Xe[k_\^l`kXi`jkGXkGcXZ\ÆXi\Xk]`ijkd`o\[lg`egjpZ_f[iXdXjf]Xccb`e[j%K_\
jZ\e\Y\Zfd\jdfi\Xe[dfi\`ek\ej\`ek_\Zflij\f]k_\]`cd#lek`c#Xkk_\\e[#
feXifcc\iZfXjk\ii`[\fe:fe\p@jcXe[#fg\em`fc\eZ\Yi\Xbjflk%K_\Xik`jk;Xm`[
NfaeXifn`Zq`ek\e[\[XdlZ_dfi\[`i\Zk#jZ\e`ZXccpleX[fie\[[fZld\ekXi`jd
n_\e_\i\Zfi[\[k_\d`j\ipf]aleb`\j`eE\nPfib`ekf`c\kjXe[le[\i^ifle[
jkXk`fej`e_`jk_i\\$d`elk\]`cd ?\if`e%Eld\ifljnfibjYpk_\k_\e_ljYXe[$
Xe[$n`]\k\Xd9\k_9Xe[JZfkk9#n_fnfib\[kf^\k_\i]ifd(0./kf(0/)#i\mfcm\
Xifle[X[[`Zk`fej#m`fc\eZ\Xe[Xccb`e[jf]Zfejg`iXZ`\j%@efe\f]k_\`idXjk\i$
g`\Z\j#9cXZb9foÆ_\i\#kff#Cp[`XCleZ_gcXpjk_\c\X[`e^ifc\Æk_\]fZlj`jfeX
kfikli\[\m`Z\k_Xkk_\:@8`jjX`[kf_Xm\gifm`[\[kfkfkXc`kXi`Xei\^`d\j`eJflk_
8d\i`ZX%=`eXccp#>$DXe#k_\9jË]`ijknfib#]fccfnjk_\g_pj`f^efd`ZXccple]fi^\k$
kXYc\9`ccI`Z\[li`e^_`j`em\jk`^Xk`fej`ek_\E\nPfib8ijfeXe[<ogcfj`feJhlX[#
Y\]fi\_\glkj_`dj\c]`ek_\ZfddXe[`e^_Xe[jf]X[fd`eX%CXnjXe[i\Y\cc`fe
X^X`ejkk_\dXi\jfle[\id`e\[_\i\k_Xkefj\Zli\_fc[\`k_\i]fik_\XZkfijfi
]fik_\m`\n\ij j\\djkfY\c\]k%
K_\ ]`eXc YcfZb# Ê:fe]lj`fe @j E\ok#Ê \oXd`e\j k_\ nXp k_Xk jlZ_ jZ\eXi`fj f]
Zfe]lj`fen\i\XcjfZXii`\[`ekf^\e[\iifc\jXe[j\olXc`[\ek`k`\j%9\kk\>fi[feËj
<dgkp Jl`kZXj\j ZfejkXekcp \mfb\j# `e jfd\k`d\j cpi`ZXc \[`k`e^# X k_i\Xk\e`e^
Zc`dXk\ X^X`ejk n_fj\ YXZb^ifle[ k_\ ]`^li\j \ogcfi\ ifc\ `dX^\j Xe[ mXi`flj
]fidj f] j\c]$]Xj_`fe`e^% M`fc\eZ\# n_\k_\i k_ifl^_ k\iifi`jk XZkj fi X ^\e\iXc
]\\c`e^ f] [ffd c\]k fm\i ]ifd k_\ :fc[ NXi# `j `e k_\ X`i# Xe[ k_\ XZkfij kip kf
\jZXg\`k`e\jZXg`jk]XekXj`\jfin`k_e\n`[\ek`k`\jk_Xkk_\p[fec`b\Zcfk_\j%9lk
k_\cfZXk`feCfn\iDXe_XkkXe i\dX`ejcp`e^fek_\jlYa\Zkjc`b\Xe`e\jZXgXYc\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
((.
E f NX m \
le[Kf[\jki`\YXljqlcfk\e1=fle[=ffkX^\#j\cYjk^\[i\_k\Gfief$D`e`Xkli\e#
|Y\iYc\e[le^\ele[_pgefk`jZ_\M\ikfele^d•e[\eY\`<ifj`e[`\<mfq`\$
ile^\`e\jlecjZ_YXi\e =\l\ij#[Xjj\`e\=fidleXYc€jj`^m\i€e[\ik%
M`\c\ic\`dX^`e[\dm`\ik\`c`^\eGif^iXddle[[\jj\eQn`jZ_\ei€ld\e
Xlj^\jgXikj\`e%8e[\i\jn`\[\ildc€jjkj`Z_\ijk_\lk\#*'AX_i\X]k\ik_\
]XZk#qldMfijZ_\`eYi`e^\e%EfNXm\(0.-Æ/+m\ijlZ_k\`e\9XcXeZ\qn`jZ_\e
[\de`Z_kd\_i >\q\`^k\ele[[\d\ijk _\lk\Q\`^YXi\e_\iqljk\cc\e%;`\
_`jkfi`jZ_\# k_\dXk`jZ_\ le[ jk`c`jk`jZ_\ <`ebi\`jle^# [`\ [Xj bliqc\Y`^\
Jq\e\g_€efd\e `e [`\j\i JZ_Xl \i]€_ik# Y\d`jjk j`Z_ e`Z_k qlc\kqk [XiXe#
n`\m`\c\bc\`e\#[X]•iXY\ildjf\e\i^`jZ_\i\=clZ_kc`e`\e•Y\i[Xj>\q\`^$
k\_`eXljn\`j\e%
^i`[%8eldY\if]fk_\i]`cdj\ogcfi\i\dfk\Xe[[`ji\glkXYc\gcXZ\j#gXik`ZlcXicp
n`k_i\^Xi[kfk_\i\Xc`jXk`fef]j\olXc]XekXj`\j1K\jjX?l^_\j$=i\\cXe[[fZld\ekj
k_\Xkk`kl[\f]knf^f$^f^`icjkfk_\`infib#jfY\icpXe[n`k_flkelXeZ\#n_`c\@mXe
>Xc`\kk`Ëj Gfdg\`` E\n Pfib kXb\j X cffb Xk X efkfi`flj _`jkfi`ZXc Zil`j`e^ Xi\X%
?\i\#k_\j\m\i\cp[XdX^\[Xe[k_ljifdXek`Z$cffb`e^?l[jfeI`m\iG`\ijY\Zfd\
k_\ jZ\e\ f] Zfekfik\[ Xik`ZlcXk`fej f] [\j`i\ ZfekX`e`e^ \hlXc Xdflekj f]
XkkiXZk`feXe[i\glcj`fe%+)e[Jki\\k#n_`Z_Xcjfefcfe^\i\o`jkj`ek_`j]fid#`j
k_\jkXik`e^gf`ek]fi=iXeZfDXi`eX`Ëj9cl\Gc\Xjli\#n_`Z_nXkZ_\jXg\\gj_fn
m`j`kfi nXkZ_`e^ X j_fn Xe[ Xek`$`cclj`fe`jk`ZXccp Zflek\ij k_\ gfief^iXg_`Z
\ogc`Z`ke\jj Yp lj`e^ ^iXg_`Z k\Z_e`hl\j fm\igX`ek`e^# jZi`YYc\j \kZ% % =`eXccp#
DlkXYc\=`i\#k_\]`cdYp9iX[c\p<ifjj_fneXjXZfeZclj`fe#ZfdY`e\jXn_fc\
Xij\eXc f] XmXek$^Xi[\ k\Z_e`hl\j kf \ogcfi\ k_\ le]Xk_fdXYc\ Zfee\Zk`fe
Y\kn\\e j\olXc`kp# m`fc\eZ\ Xe[ [\Xk_ n`j_1 `e <ifjËj nfib# ]fle[ ]ffkX^\#
j\c]$]`cd\[gfied`e`Xkli\j#jlg\i`dgfj`k`fejXe[X_pgefk`Zjfle[kiXZbc\X[`ekf
k_\\mfZXk`fef]Xe`e\ok`e^l`j_XYc\ ]`i\k_XkZfejkXekcpZ_Xe^\j`kj]fid%
K_\i\dXpY\dlZ_k_Xk`jc\]kflk`ek_`j]fli$gXikgif^iXdd\Xe[`kj^Xgj%9lk#
fe k_\ fk_\i _Xe[# k_\i\ Xi\ fk_\i k_`e^j k_Xk ZXe Y\ j_fne ]fi k_\ ]`ijk k`d\
kf[Xp# k_`ikp p\Xij X]k\i k_\ \m\ek% Ef NXm\ (0.-Æ/+ ki`\j kf jki`b\ X YXcXeZ\
Y\kn\\en_Xk_Xje\m\iY\\efi`jefcfe^\ij_fne#Xe[n_Xk_XjefkY\\eXYc\
kfY\j_fnek`cckf[Xp%K_\_`jkfi`ZXc#k_\dXk`ZXe[jkpc`jk`Z[\c`e\Xk`fek_Xkk_\
gif^iXdd\gifm`[\jf]k_`jj_fik$c`m\[jZ\e\g_\efd\efe`jd\Xjli\[efkc\Xjk
Ypk_\dXepjdXcc#YlkXcck_\dfi\\e\i^\k`Z#kiXa\Zkfi`\jk_Xkgf`ekY\pfe[n_Xk
`jj_fne%
;XjGif]`cEfNXm\]`e[\kjkXkk`eBffg\iXk`fe
d`k[\d{jk\ii\`Z_`jZ_\e=`cddlj\ld#N`\e%
K_\gif]`c\EfNXm\`jjZi\\e\[`eZffg\iXk`fe
n`k_k_\8ljki`Xe=`cdDlj\ld#M`\eeX%
;Xeb
;Xj=\jk`mXcle[:_i`jk`Xe?cc\i[Xeb\e[\e=`cd\dXZ_\ie9\k_9#JZfkk9#
8e[i\X:XccXi[#M`m`\ee\;`Zb#9iX[c\p<ifj#:fc\\e=`kq^`YYfe#@mXe>Xc`\kk`#
9\kk\ >fi[fe# K\jjX ?l^_\j$=i\\cXe[# @mXe C\ie\i# Af_e Cli`\# =iXeZf
DXi`eX`#D`Z_X\cDZ:cXi[#8cXeDffi\#AXd\jEXi\j#I`ZJ_fi\#jfn`\BXi\e
;`cc\k JkiXe^\ 9\Xlk`]lc# E\n Pfib # Kfd >Xii\kjfe DXeX^\d\ek Cp[`X
CleZ_ #Cp[`XCleZ_#D`Z_\cc\DXikfeJkiXe^\9\Xlk`]lc#E\nPfib #<i`Z9%
D`kZ_\cc# 9i\ek N% G_`cc`gj K_\ =Xc\j C`YiXip Xe[ Jg\Z`Xc :fcc\Zk`fej# E\n
PfibLe`m\ij`kp #8dfjGf\#KfdIXl]]\eYXik<jkXk\f];Xm`[NfaeXifn`Zq#
E\nPfib #<c\eXIfjj`$JeffbK_\E\nPfibGlYc`ZC`YiXipI\j\im\=`cdXe[
M`[\f:fcc\Zk`fe #DDJ\iiXK_\=`cd$DXb\ijË:ffg\iXk`m\#E\nPfib #D`b\
Jg\ic`e^\i CLO# Cfe[fe # BXic N`ek\i Xij\eXc \og\i`d\ekXc# 9\ic`e le[
DXkk_\nPfbfYfjbp9iffbcpeDlj\ld#E\nPfib ]•i`_i\Lek\ijk•kqle^Y\`
[\iMfiY\i\`kle^[\jGif^iXddj%
K_Xebj
K_\]\jk`mXcXe[:_i`jk`Xe?cc\inflc[c`b\kfk_Xebk_\[`i\Zkfij9\k_9#JZfkk9#
8e[i\X:XccXi[#M`m`\ee\;`Zb#9iX[c\p<ifj#:fc\\e=`kq^`YYfe#@mXe>Xc`\kk`#9\kk\
>fi[fe#K\jjX?l^_\j$=i\\cXe[#@mXeC\ie\i#Af_eCli`\#=iXeZfDXi`eX`#D`Z_X\c
DZ:cXi[#8cXeDffi\#AXd\jEXi\j#I`ZJ_fi\#jfn`\BXi\e;`cc\kJkiXe^\9\Xlk`$
]lc# E\n Pfib # Kfd >Xii\kjfe DXeX^\d\ek Cp[`X CleZ_ # Cp[`X CleZ_# D`Z_\cc\
DXikfeJkiXe^\9\Xlk`]lc#E\nPfib #<i`Z9%D`kZ_\cc#9i\ekN%G_`cc`gjK_\=Xc\j
C`YiXipXe[Jg\Z`Xc:fcc\Zk`fej#E\nPfibLe`m\ij`kp #8dfjGf\#KfdIXl]]\eYXik
<jkXk\f];Xm`[NfaeXifn`Zq#E\nPfib #<c\eXIfjj`$JeffbK_\E\nPfibGlYc`Z
C`YiXipI\j\im\=`cdXe[M`[\f:fcc\Zk`fe #DDJ\iiXK_\=`cd$DXb\ijË:ffg\iX$
k`m\#E\nPfib #D`b\Jg\ic`e^\iCLO#Cfe[fe #BXicN`ek\iXij\eXc\og\i`d\ekXc#
9\ic`e #DXkk_\nPfbfYfjbp9iffbcpeDlj\ld#E\nPfib ]fik_\`ijlggfik[li`e^
k_\gi\gXiXk`fef]k_\gif^iXdd\%
:_i`jk`Xe?cc\i
:_i`jk`Xe?cc\i`jkI\[Xbk\lile[D`k_\iXlj^\Y\i[\iQ\`kjZ_i`]kjgi`e^\i`e
Æ ?\]k\ ]•i >\^\enXikjblejk2 j\`k (00+ GlYc`bXk`fejk€k`^b\`k `d 9\i\`Z_
Blejk$le[Blcklik_\fi`\2BliXkfi[\jJfe[\igif^iXddjGfgLec`d`k\[6Y\`
[\e+-%@ek\ieXk`feXc\eBliq]`cdkX^\eFY\i_Xlj\e)'''2mfe)'')Y`j)''.
>Xjkgif]\jjfiXe[\iyZfc\jlg„i`\li\[\jY\Xlo$Xikj`e>\e]2?\iXlj^\Y\i
[\jJXdd\cYXe[\jGfgLec`d`k\[6N`\e)''( #[\jBXkXcf^j?XejN\`^Xe[
Bce )'', le[ [\j @ek\im`\nYXe[\j K`d\ 8Zk`fe M`j`fe1 :fem\ijXk`fej `e
:lckliXcJkl[`\j#K_\fip#Xe[8Zk`m`jdQ•i`Z_)'(' %
:_i`jk`Xe?cc\i`j\[`kfiXe[Zf$glYc`j_\if]k_\dX^Xq`e\jgi`e^\i`eÆ?\]k\]•i
>\^\enXikjblejk2 j`eZ\ (00+ eld\iflj glYc`ZXk`fej fe Xik Xe[ ZlckliXc k_\fip2
ZliXkfif]k_\Jg\Z`XcGif^iXdd\GfgLec`d`k\[6Xkk_\+-k_@ek\ieXk`feXcJ_fik
=`cd =\jk`mXc FY\i_Xlj\e )'''2 )'') kf )''. m`j`k`e^ gif]\jjfi Xk k_\ yZfc\
jlg„i`\li\[\jY\Xlo$Xikj`e>\e\mX2glYc`j_\if]k_\Xek_fcf^pGfgLec`d`k\[6
M`\eeX)''( #f]k_\ZXkXcf^l\?XejN\`^Xe[:fcf^e\)'', Xe[k_\mfcld\f]
`ek\im`\njK`d\8Zk`feM`j`fe1:fem\ijXk`fej`e:lckliXcJkl[`\j#K_\fip#Xe[8Zk`m`jd
Qli`Z_)'(' %
((/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
E f NX m \
Gif^iXdd(
Pfl>fkkXCfj\
=i\`kX^*'%+%('#()1*'L_i#>cfi`X
IXdg
LJ8(0.-
<`e9XccXlj9\kfeXl][\i8Y]X_ik[\jXck\eN\jkJ`[\?`^_nXp%
*Ë#Jlg\i/Xl](-dd#=XiY\#Kfe
8ZfeZi\k\YXccfek_\f]]iXdgkfk_\fc[N\jkJ`[\
?`^_nXp%
I\^`\AXd\jEXi\j
Gleb`e^Flk
LJ8(0./
),Ë#(-dd#j&n#Kfe
I\^`\DX^^`:Xijfe#Alc`ljq
BfjjXbfnjb`#I`ZJ_fi\
;fbld\ekXk`femfe[\e8ljc€l]\ie[\iGleb$IfZb$9\n\^le^`eE\nPfib
`d:9>9#\`e\dGleb$:clY#jfn`\[\dC`]\jkpc\[`\j\iJq\e\%Gleb`e^Flk
Æd`k]i\le[c`Z_\i>\e\_d`^le^[\iI\j\im\=`cdXe[M`[\f:fcc\Zk`fe[\i
E\n Pfib GlYc`Z C`YiXip ]fi k_\ G\i]fd`e^ 8ikj% Gleb`e^ Flk nli[\ d`k
]`eXeq`\cc\iLek\ijk•kqle^[\i:Xie\^`\:figfiXk`fef]E\nPfibi\jkXli`\ik%
;fZld\ekjk_\f]]j_ffkjf]k_\glebifZbdfm\d\ek
`eE\nPfib:`kpXk:9>9Ëj#Xglebe`^_kZclY#Xe[k_\
c`]\jkpc\k_Xki\mfcm\jXifle[k_`jjZ\e\%Gleb`e^Flk
ÆZflik\jpf]k_\I\j\im\=`cdXe[M`[\f:fcc\Zk`fef]
k_\E\nPfibGlYc`ZC`YiXip]fik_\G\i]fd`e^8ikj%
Gleb`e^ Flk _Xj Y\\e gi\j\im\[ n`k_ ]le[`e^ ]ifd
k_\:Xie\^`\:figfiXk`fef]E\nPfib%
8c`\eGfikiX`k
LJ8(0.0
((Ë#Jlg\i/Xl];`^`9\kX#j&n#
Kfe
I\^`\D`Z_X\cDZ:cXi[
>\]`cdk`d:9>9#E\nPfib:`kp#Y\`\`e\dBfeq\ikmfeK\\eX^\A\jljK_\ =`cd\[Xk:9>9Ëj#E\nPfib:`kpXkXK\\eX^\A\jlj
A\ibjXd(*%AXelXi(0./%;\i=`cdq\`^k[`\Bg]\[\i9Xe[d`k^c`\[\i`e K_\A\ibjZfeZ\ikfeAXelXip(*#(0./%K_\]`cdj_fnj
k_\YXe[d\dY\ijË_\X[j`ejcfndfk`fefm\iXc`m\
Q\`kclg\#lek\ic\^kd`k\`e\dC`m\$D`kjZ_e`kk[\jBfeq\ikj%
ZfeZ\ikjfle[kiXZb%
>l\i`cc…i\KXcbj
LJ8(0./
),Ë#Jlg\i/Xl]9\kXJG#=XiY\#
Kfe
I\^`\M`m`\ee\;`Zb
;`\j\i=`cdgfiki€k`\ikXl]XZ_kIfcc\eBf[Xb$Jlg\i$/$Kfe]`cdm\ijZ_`\[\$
e\ =iXl\e# `e <Z_kq\`k le[ le^\jZ_e`kk\e% A\[\ n`i[ Y\` \`e\i GifY\Xl]$
eX_d\^\]`cdk#nfY\`[`\BXd\iX\_\iK\`c[\iM\ijZ_nile^XcjMfp\li`jk%
;`\=iXl\ei\[\e#c\j\e9i`\]\le[jg`\c\e=c`gg\i#n€_i\e[[`\BXd\iXd`k
\`e\djZ_i€^\e9`c[XljjZ_e`kk_\iXe$le[_\iXljqffdk%
K_`j]`cdlj\j\`^_kifccjf]Bf[Xbjfle[Jlg\i/]`cd
kf gif]`c\ [`]]\i\ek nfd\e `e i\Xc k`d\ Xe[ n`k_flk
Xep\[`k`e^%<XZ_`jZXgkli\[fe]`cd`eXjZi\\ek\jkkf
n_`Z_ k_\ ZXd\iX `j Zf$Zfejg`iXkfi iXk_\i k_Xe
mfp\li%K_\nfd\ekXcb#i\X[c\kk\ij#gcXpg`eYXcc#n_`c\
k_\ZXd\iXqffdj`eXe[flklj`e^fYc`hl\]iXd`e^%
ODX^Xq`e\9\e\]`k
LJ8(0./
()Ë#Jlg\i/Xl];M;#j&n#Kfe
I\^`\:fc\\e=`kq^`YYfe#8cXe
O DX^Xq`e\ 9\e\]`k `jk \`e QljXdd\ejZ_e`kk mfe =`cdXl]eX_d\e [\i ODX^Xq`e\9\e\]`k`jXe\[`kfe[fZld\ekXip]ffkX^\
Dlj`bg\i]fidXeZ\jmfe;E8#AXd\j:_XeZ\Xe[k_\:fekfik`fejle[9fi`j f]k_\dlj`Zg\i]fidXeZ\jf];E8#AXd\j:_XeZ\Xe[
k_\:fekfik`fejXe[9fi`jGfc`Z\YXe[%
Gfc`Z\YXe[%
Dffi\
BXd\iX8cXeDffi\
JZ_e`kk:fc\\e=`kq^`YYfe
Gleb`e^Flk
IXdg
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
>l\i`cc…i\KXcbj
((0
E f NX m \
Fig_Xej
I\^`\@mXeC\ie\i
ÙC`kkc\ fig_Xej ilee`e^ k_ifl^_ k_\ Ycff[p jefn% C`kkc\ fig_Xej ilee`e^ ÈC`kkc\ fig_Xej ilee`e^ k_ifl^_ k_\ Ycff[p jefn%
k_ifl^_k_\Ycff[pjefn%C`kkc\fig_Xejilee`e^k_ifl^_k_\Ycff[#k_ifl^_ C`kkc\fig_Xejilee`e^k_ifl^_k_\Ycff[pjefn%C`kkc\
fig_Xej ilee`e^ k_ifl^_ k_\ Ycff[# k_ifl^_ k_\
k_\Ycff[#k_ifl^_k_\Ycff[%ÉK\\eX^\A\jljK_\A\ibj
Ycff[# k_ifl^_ k_\ Ycff[%É K\\eX^\ A\jlj K_\
A\ibj
Gif^iXdd)
:fekfikPflij\c]
LJ8(0./
*Ë#;M;#j&n#Kfe
=i\`kX^*'%+%('#(.1''L_i#>cfi`X
C%<%J%
LJ8(0.)+Ë#Jlg\i/Xl];M;#=XiY\#Kfe
I\^`\:fc\\e=`kq^`YYfe
;`\>\jZ_`Z_k\[\jQljXdd\eYilZ_j[\igifYc\dXk`jZ_\e@ej\cDXe_XkkdX# K_\jkfipf]k_\ZfccXgj\f]k_\gifYc\dXk`Z`jcXe[f]
[\i\e 9\nf_e\i [\e >fkk [\i ;ldd_\`k# Af_e ;f\# m\i\_ik\e% ;\i =`cd DXe_XkkdX#n_fj\`e_XY`kXekjnfij_`g\[k_\^f[f]
dXdfe# Af_e ;f\% J_fk `e k_\ cfn\i \Xjkj`[\ f]
nli[\`e[\iCfn\i<Xjkj`[\mfeDXe_XkkXe`eE\nPfib^\[i\_k%
DXe_XkkXe#EP:%
9XiY`\
LJ8(0..
('Ë#Jlg\i/Xl];M#j&n#Kfe
I\^`\K`eXCË?fkjbp
@Z__XY\\`e\e=`cd^\dXZ_k#`e[\d`Z_j\cYjk[`\Ifcc\\`e\i9XiY`\$Glgg\
•Y\iefdd\e_XY\%%%@Z_nXieXZbkle[kil^\`e\Ycfe[\G\i•Zb\%%%Xcc\j
nli[\ `e Q\`kclg\ ^\[i\_k% <j `jk J\cYjkXljY\lkle^ %%% j\o`jk`jZ_% ;fZ_
[XdXcj_Xkk\`Z_efZ_e`Z_kXeBi`k`b\i^\[XZ_k%<jnXi`i^\e[n`\`ejk`ebk`m
%%%\j`jkn`\\`eN`kq%K`eXCÊ?fkjbp
@[`[X]`cdn_\i\@ZXjkdpj\c]XjX9XiY`\;fcc%%%@nXj
el[\Xe[@nfi\XYcfe[\n`^%%%`knXjXcc[fe\`ejcfn
dfk`fe%@kËjj\c]$\ogcf`kXk`m\%%%`kËjj\o`jk%9lkn_\e@
dX[\`k#@[`[eËk_Xm\Zi`k`ZXci\m\i\eZ\`ek_\YXZbf]
dp d`e[% @k nXj b`e[ f] `ejk`eZklXc %%% `kËj aljk c`b\ X
afb\%K`eXCË?fkjbp
((k_ifl^_()
LJ8(0..
((Ë#Jlg\i/Xl](-dd#=XiY\#Kfe
I\^`\8e[i\X:XccXi[
@e (( k_ifl^_ () Y\[`\ek j`Z_ 8e[i\X :XccXi[ [\i Jkilbkli [\j @ >`e^ le[
\ `e\j 9•^\cYi\kkj Xcj EXZ_i`Z_k\eglck# ld •Y\i [`\ JlZ_\ eXZ_ql[\eb\e#
`_i\Bfjk\e#[`\8Yjli[`k€kmfe<ibc€ile^\ele[[`\>i\eq\e[\jY\i\Z_$
e\e[\eM\ijkXe[\j%((k_ifl^_()Æd`k]i\le[c`Z_\i>\e\_d`^le^[\i=Xc\j
C`YiXip#E\nPfibLe`m\ij`kp%
@e((k_ifl^_()#8e[i\X:XccXi[lj\jk_\jkilZkli\f]
k_\ @ :_`e^ Xe[ Xe `ife`e^ YfXi[ Xj X YifX[ZXjk`e^
[\jbkfZfej`[\i_fnkfj\XiZ_#n_Xk`kn`ccZfjk#k_\
XYjli[`kp f] \ogcXeXk`fe# Xe[ k_\ c`d`kj f] k_\
d\Xjli`e^d`e[%((k_ifl^_()ÆZflik\jpf]k_\=Xc\j
C`YiXip#E\nPfibLe`m\ij`kp%
D\e`eFiY`k
LJ8(0./
+,Ë#Jlg\i/Xl]9\kXJG#=XiY\#
Kfe
I\^`\#;i\_YlZ_Af_eCli`\
D\e`eFiY`k`jk\`eÙJZ`$=`$Gfm\iXÈ$=`cdXl]Jlg\i/d`k[\dDlj`b\iAf_e 8 ÈjZ`$]` gfm\iXÉ ]`cd j_fk fe Jlg\i /# D\e `e FiY`k
Cli`\le[<i`ZD`kZ_\ccXcjb\kk\eiXlZ_\e[\8jkifeXlk\e`e\`e\d_\ilek\i$ ]\Xkli\j dlj`Z`Xe Af_e Cli`\ Xe[ <i`Z D`kZ_\cc Xj
Z_X`e$jdfb`e^XjkifeXlkjfZZlgp`e^X[\Zi\g`kE\n
^\bfdd\e\eE\nPfib\iNf_eq`dd\i#[XjqldIXldjZ_`]]n`i[%
Pfibc`m`e^iffdkiXej]fid\[`ekfXjgXZ\ZiX]k%
BXd\iXAXd\jEXi\j
;Xijk\cc\iAf_eCli`\#D`Z_X\c
DZ:cXi[#<i`ZD`kZ_\cc#8ikfC`e[jXp
((k_ifl^_()
D\e`eFiY`k
()' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
((k_ifl^_()
E f NX m \
NX`k`e^]fik_\N`e[
I\^`\AXd\jEXi\j
NX`k`e^]fik_\N`e[`jk\`e\k\Z_e`jZ_\>cXeqc\`jkle^%EXi\j\iq\l^kd`k
\`e\i Jlg\i$/$?Xe[bXd\iX le[ \`e\d Y\d\ib\ejn\ik\e K`d`e^ \`e\
kfieX[f€_ec`Z_\BXkXjkifg_\%<Z_k\j]`cd\dXZ_\i`jZ_\jBee\edXZ_k[\e
JZ_i\Zb\e \`e\i N\ck jg•iYXi# [`\ mcc`^ Xl\i_XcY [\i \`^\e\e Bfekifcc\
c`\^k%8dpKXlY`e
Gif^iXdd*
@Nfb\lg9c\\[`e^
LJ8(0/)
/Ë#Jlg\i/Xl](-dd#=XiY\#Kfe
NX`k`e^]fik_\N`e[`jXk\Z_e`ZXckfli[\]fiZ\%EXi\j
Zi\Xk\jXkfieX[f$c`b\ZXkXjkifg_\n`k_X_Xe[$_\c[
jlg\i / ZXd\iX Xe[ X i\dXibXYc\ k`d`e^% =`e\
]`cddXb`e^Zfekifc`jlj\[kfjl^^\jkk_\k\iifif]X
nfic[Zfdgc\k\cpY\pfe[g\ijfeXcZfekifc%8dpKXlY`e
DfekX^*%,%('#(+1*'L_i#>cfi`X
J_\?X[?\i>le8ccI\X[p
LJ8(0./
)/Ë#Jlg\i/Xl](-dd#=XiY\#
Kfe
I\^`\M`m`\ee\;`Zb
;\i =`cd lek\ijlZ_k [`\ ;peXd`b qn`jZ_\e \`e\i XgXk_`jZ_\e# eX_\ql
bXkXkfe`jZ_\eGXkGcXZ\le[[\i[€dfe`jZ_\e#X^^i\jj`m\eCp[`XCleZ_d`k
\`e\d J_fn[fne Xl] [\i 8Z_k\iYX_e mfe :fe\p @jcXe[% ;\i c`e\Xi\e
<iq€_cjkilbkli [\j =`cdj jk\_k [`\ `dgi\jj`fe`jk`jZ_\ 8ej`Z_k E\n Pfibj
^\^\e•Y\i%
K_\]`cd\ogcfi\jk_\[peXd`ZY\kn\\eXZfdgcXZ\ek#
Xcdfjk ZXkXkfe`Z GXk GcXZ\ Xe[ k_\ [\dfe`Z#
X^^i\jj`m\Cp[`XCleZ_#\e[`e^n`k_Xj_fn[fneXk
k_\ifcc\iZfXjk\ife:fe\p@jcXe[%K_\]`cdlk`c`j\jX
c`e\Xi eXiiXk`m\ n_`Z_ `j Zflek\iYXcXeZ\[ Yp Xe
`dgi\jj`fe`jk`Zm`\nf]E\nPfib%
?\if`e
LJ8(0/(
*Ë#Jlg\i/Xl](-dd#j&n#
jkldd
I\^`\;Xm`[NfaeXifn`Zq
;Xijk\cc\i9i`Xe9\ic`e#Af_e?Xcc#
A\jj\?lckY\i^
(0.0 Y\^Xee NfaeXifn`Zq# \`e\e Jlg\i$/$=`cd `e [\e m\icXjj\e\e CX^\i$
_€lj\iele[N\jk$J`[\$G`\ijXd?l[jfeI`m\iql[i\_\e#[X\ij`Z_d\_i
le[d\_ildj\`e\=i\le[\jfi^k\#[`\?\if`eeX_d\e%;\i=`cdnli[\e`\
]\ik`^^\jk\cck%(0/(^i`]]\i[XjK_\dXn`\[\iXl]le[[i\_k\[`\j\ebliq\e
JZ_nXiq$N\`$=`cd% ?\if`e Æ d`k ]i\le[c`Z_\i >\e\_d`^le^ [\i =Xc\j
C`YiXip#E\nPfibLe`m\ij`kp%
@e(0.0NfaeXifn`ZqY\^XeXZfcfiJlg\i/]`cdj_fk`e
k_\XYXe[fe\[nXi\_flj\jXe[N\jkJ`[\g`\ijf]k_\
?l[jfe I`m\i Y\ZXlj\ _\ nXj `eZi\Xj`e^cp nfii`\[
XYflk ]i`\e[j n_f n\i\ lj`e^ _\if`e% K_`j ]`cd nXj
e\m\iZfdgc\k\[%@e(0/(#_\i\m`j`k\[k_`jk_\d\Xe[
Zi\Xk\[k_`jj_fikY&n]`cd%?\if`eÆZflik\jpf]k_\
=Xc\jC`YiXip#E\nPfibLe`m\ij`kp%
>$DXe
LJ8(0./
*'Ë#Jlg\i/Xl]9\kXJG#=XiY\#
Kfe
I\^`\#;i\_YlZ_9\k_9#JZfkk9
<`e\8lj\`eXe[\ij\kqle^d`k[\ijfq`Xc\eJZ_`qfg_i\e`\#`e[\iK\iifi`jk\e 8e \ogcfiXk`fe f] jfZ`Xc jZ_`qfg_i\e`X `e n_`Z_
`_i\D•kk\ibfejlck`\i\e#Y\mfij`\9fdY\ec\^\e#le[[\iC\`k\i[\jE\n k\iifi`jkj Zfejlck k_\`i dfk_\ij Y\]fi\ gcXek`e^
YfdYj#Xe[k_\_\X[f]k_\EP:YfdYjhlX[jlZZldYj
Pfib\i9fdY\ebfddXe[fjj\`e\i;fd`eX\ic`\^k%
kf_`j[fd`eXki`o%
;Xijk\cc\i9`ccI`Z\#DXiZ`XI\je`Zb
9cXZb9fo
LJ8(0./
),Ë#Jlg\i/Xl];`^`9\kX#=XiY\#
Kfe
I\^`\9\k_9#JZfkk9
;Xijk\cc\iCp[`XCleZ_#9fYDXjfe
9cXZb9fo
<`eale^\iDXeen`i[mfe\`e`^\eYilkXc\eD€ee\ie`e\`e\jZ_nXiq\B`jk\
^\jg\iik# [`\ `_e d`k jZ_d\iq_X]k\d C€id hl€ck% 9cXZb 9fo `jk \`e\ \i$
jZ_i\Zb\e[\ 8cc\^fi`\ •Y\i [`\ <`ejZ_i€eble^ [\j @e[`m`[lldj [liZ_ [`\
>\j\ccjZ_X]k%;`\jZ_nXiq\B`jk\`jk\`eM\in\`jXl]\`e\i\Xc\o`jk`\i\e[\#
mfeD\ejZ_\e_\i^\jk\cck\=fck\ibXdd\i#[`\`e[\eLJ8^\]\ik`^kle[`d
8ljcXe[m\in\e[\kn`i[%
NX`k`e^]fik_\N`e[
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
8pfle^dXe`jZfe]`e\[Ypjfd\YilkXcd\en_fglk
_`d`ekfk_\YcXZbYfo#n_`Z_kfikli\jk_\dXen`k_k_\
lj\f]gX`e]lcef`j\%9cXZb9fo`jXk\ii`]p`e^Xcc\^fipf]
jfZ`\kXc i\jki`Zk`fe f] k_\ `e[`m`[lXc% K_\ YcXZb Yfo
i\]\ijkfXeXZklXcdXe$dX[\kfikli\Z_XdY\idX[\`e
k_\LJ8Xe[lk`c`j\[`e]fi\`^eZfleki`\j%
?\if`e
()(
E f NX m \
Gif^iXdd+
:fe]lj`fe@jE\ok
DfekX^*%,%('#))1*'L_i#C`Z_kYli^
<dgkpJl`kZXj\j
LJ8(0/'
+0Ë#(-dd#=XiY\#Kfe
I\^`\9\kk\>fi[fe
;i\_YlZ_9\kk\>fi[fe#BXipeBXp
;Xijk\cc\iEXe>fc[`e#M`m`\ee\
<dgkp Jl`kZXj\j `jk \`e\ \og\i`d\ek\cc\ |Yle^ `e q\`k^\ejj`jZ_\i
<ek]i\d[le^%<`e\ale^\=iXl`jk_`e$le[_\i^\i`jj\eqn`jZ_\e[\iM\iXek$
nfikle^]•i`_i\e>\c`\Yk\e`eE\nPfible[\`e\de\l\eAfY`e:_`ZX^f%
N€_i\e[j`\qn`jZ_\e[\eJk€[k\eg\e[\ck#cjkj`\j`Z_`dd\id\_imfeXcc
`_i\eG]c`Z_k\ele[m\ic`\ik]XjkXcc`_i\I\Xbk`fej]€_`^b\`k%
;`Zb#IfeMXnk\i
<dgkp Jl`kZXj\j `j Xe \og\i`d\ekXc \o\iZ`j\ `e
Z fek\dgfiXip Xc`\eXk`fe% 8 pfle^ nfdXe `j kfie
Y\kn\\eknfi\jgfej`Y`c`k`\j1_\icfm\i`eE\nPfibXe[
Xe\nafYXnX`k`e^_\i`e:_`ZX^f%J_lkkc`e^Y\kn\\e
Z`k`\j# j_\ jcfncp Y\Zfd\j `jfcXk\[ ]ifd Xcc _\i
i\jgfej`Y`c`k`\j Xe[ cfj\j dfjk f] _\i j\ej\ f]
i\jgfej`m\e\jj%
Gfdg\``E\nPfibGXik(1G`\i:Xi\jj\j
LJ8(0/)
()Ë#(-ddXl];`^`9\kX#=XiY\#
Kfe
I\^`\@mXe>Xc`\kk`
BXd\iXBpc\B`YY\
<`eYiZb\ce[\i?X]\ebX`#[\jj\eN€e[\d`k>iX]]`k`le[\ifk`jZ_\e=i\jb\e
•Y\ij€k j`e[# [`\ Xe [Xj _\`[e`jZ_\ Gfdg\a` \i`ee\ie# JZ_XlgcXkq [\i
M\i]•_ile^ji`klXc\mfeD€ee\ieXl][\iJlZ_\eXZ_D€ee\ie#[Xj`jk[\i
?Xe[cle^jfik [`\j\i 9\kiXZ_kle^ •Y\i >Xp :il`j`e^ Xl] [\d ?_\glebk
j\ol\cc\i=i\`_\`k#mfi[\i8`[j$8kkXZb\%
8 ZildYc`e^ g`\i# `kj nXccj Zfm\i\[ n`k_ ^iX]]`k` Xe[
\ifk`Z]i\jZf\ji\d`e`jZ\ekf]gX^XeGfdg\``#cfZlj
f]k_\j\[lZk`fei`klXcjf]d\ecffb`e^]fid\e#`jk_\
jZ\e\f]k_`jd\[`kXk`fefe^XpZil`j`e^Xkk_\_\`^_k
f]j\olXc]i\\[fd#Y\]fi\k_\fejcXl^_kf]8`[j%
JZ_e`kk@mXe>Xc`\kk`#B\m`e:cflk`\i
9XYp;fcc
9XYp;fcc`jk\`e[fbld\ekXi`jZ_\jGfiki€kmfeK€eq\i`ee\e`dJki`gZclY 9XYp ;fcc `j X [fZl$gfikiX`k f] [XeZ\ij `e k_\ 9XYp
9XYp;fcc%
;fccJki`gg\ij:clY%
LJ8(0/)
*Ë#(-dd#j&n#Kfe
I\^`\K\jjX?l^_\j$=i\\cXe[
;Xijk\cc\i@i\e\#=\ie\
9cl\Gc\Xjli\
LJ8(0/(
(,Ë#Jlg\i/Xl](-dd#=XiY\le[
j&n#Kfe
I\^`\=iXeZfDXi`eX`
Lijgi•e^c`Z_`eJlg\i/Xl]^\efdd\ele[Y\XiY\`k\k#q\`^k9cl\Gc\Xjli\
\`e Gfiki€k [\j _\ilek\i^\bfdd\e\e K`d\j JhlXi\ 8e]Xe^ [\i (0/'\i
AX_i\Xcjdf[\ie\M\ij`fe[\j`[pcc`jZ_\eNXc[\jmfe=fekX`e\Yc\Xl#[\d
JZ_XlgcXkqmfeDXccXid„jEXZ_d`kkX^\`e\j=Xlej%
Fi`^`eXccpj_fkXe[gifZ\jj\[`eJlg\i/#9cl\Gc\Xjli\
gfikiXpjj\\[pK`d\jJhlXi\`ek_\\Xicp(0/'jXjX
df[\iem\ij`fef]k_\`[pcc`Z]fi\jkf]=fekX`e\Yc\Xl#
j`k\f]DXccXid„Ëj8]k\ieffef]k_\=Xne%
;Xijk\cc\iD`Z_X\cFgg\[`jXef#
G_f\Y\C\^\i\
DlkXYc\=`i\
<ifk`jZ_\C`\Y\`jkN`[\ijkXe[^\^\eKpiXee\`%
LJ8(0/+
<ifk`Zcfm\`ji\j`jkXeZ\kfkpiXeep%
/Ë#Jlg\i/Xl]9\kXJG#=XiY\#
Kfe
I\^`\9iX[c\p<ifj
Gfdg\``E\nPfibGXik(1G`\i:Xi\jj\j
9cl\Gc\Xjli\
()) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
<dgkpJl`kZXj\j
8d`k;lkkX
;\c`i`ld[\i9`c[\i8;\c`i`ldf]@dX^\j
mfeDXiZ\cJZ_n`\i`e
Ù@d NXZ_qljkXe[ \ijZ_`\e\e d`i Xcc\ [`\j\ >\jZ_`Z_k\e lej`ee`^% Eli `e
d\`e\eKi€ld\en`i[d`i`_i\9\[\lkle^Y\nljjk%ÉXljBiXdXj_X
Ù8ccX_lXbYXiÉÆÙ>fkk`jk^ifÉ#il]k[\iDl\qq`e[`\>c€lY`^\ei`kl\cc
qld>\Y\k#n€_i\e[\`ebc\`e\iAle^\[`\=\iej\_Xek\ee\i`Z_k\k%J\`e\`d
Ylek\eJXi`^\bc\`[\k\Dlkk\i\dg]€e^k[\eefZ_e`Z_kjXcjIXljZ_\e#[X]•i
\ijZ_\`e\e 9cld\e `e [\i Xl] [\d =\iej\_\i jk\_\e[\e MXj\% Ù8 K8C<
rN@K?@E8K8C<tÉ%8l][\i8ek\ee\j`kqk\`e\KXlY\#[\in\`c\`e\Xlj\`e\d
hl€b\e[\e CXlkjgi\Z_\i ^\gi\jjk\ =iXl\ejk`dd\ [`\ >\jZ_`Z_k\ \`e\i
Bi€_\ \iq€_ck% ;`\ BXd\iX jk•iqk `e \`e\d Jkil[\c ql 9f[\e# Xe \`e\i
gXgX^\`\eXik`^\e GcXjk`b mfiY\` le[ m\ij`ebk `d JZ_nXiq% @e \`e\i ]fle[$
]ffkX^\<`ejk\ccle^mfe(0(/j`ebk[\iale^\>fkkBi`j_eXXl]\`e\i`\j`^\#
d\_ibg]`^\BfYiX_\iXY%;`\n\e`^\iXcj0'J\ble[\ecXe^\<ogfj`k`femfe
Bj_pX#KiX#>_pXld]XjjkY\i\`kj\`e^Xeq\jLe`m\ijld#mfe[\idpk_`jZ_\e
<iq€_cle^[\jDX_XY_XiXkX•Y\i[\eY`c[\i]\ie\e#XY\ildjfjgiXZ_^\nXc$
k`^\i\e @jcXd# [\e 8e]€e^\e [\i leXY_€e^`^\e `e[`jZ_\e B`e\dXkf^iXg_`\
Y`j ql [\e df[\ie\e# _`\i [pj]lebk`feXc\e DXjj\ed\[`\e% ;`\ ;`Z_k\ Xlj
jpdYfc`jZ_\d>\_Xckle[DfekX^\\i`ee\ikkXkj€Z_c`Z_XeKi€ld\#n`\[`\j\
\ekq`\_\e j`Z_ ;lkkXj =`cd\ [\i mfijZ_e\cc\e ;\lkle^% N\i \j [\eefZ_
m\ijlZ_k#[\en`i[[\iJZ_n`e[\c[\j9`c[\ijkifdj\i]Xjj\e%
8lZ_ ]fidXc `jk j\`e N\ib jZ_n\i bXk\^fi`j`\iYXi# \j ld]Xjjk Xcc\
]`cd`jZ_\e>Xkkle^\e1Jg`\c$#;fbld\ekXi$#8e`dXk`fej$n`\<og\i`d\ekXc$
]`cd#f]kd\_i\i\[Xmfe`e\`e\i8iY\`k%8d`k;lkkX[i\_kXl]*,ddn`\Xl]
M`[\f#ke\e[n`\jkldd#`d^if\ef[\ibc\`e\eK\Xda\[fZ_e`\Xcc\`e %
8cj I\]\i\eqglebk\ j\`e\i 8iY\`k e\eek \i e\Y\e j\`e\d C\_i\i BXdXc
JnXXifgXlZ_DXe`BXlc#IfY\ik9i\jjfeÆ[\jj\eDflZ_\kk\`_eqld=`cd\$
dXZ_\e `ejg`i`\ik\ Æ# [Xj ]i•_\ Jkldd]`cdb`ef jfn`\ DXiZ\c Gifljk le[
;\c\lq\le[eXk•ic`Z_[`\i\`Z_\`e[`jZ_\|Y\ic`\]\ile^#mfeD€iZ_\e•Y\i
B`e[\iY•Z_\ile[8cckX^j^\^\ejk€e[\eY`jqlK\dg\c[Xijk\ccle^\e%Q\ekiXc\j
Dfd\ek j\`e\j N\ib\j `jk ]•i `_e [`\ leXl]cjc`Z_\ M\iY`e[le^ Xlj j\cYjk
\ic\Yk\ile[d\[`Xcm\id`kk\ck\i<i`ee\ile^%;`\j\m\ibe•g]k\iqlblejkmfcc
^\jkXck\k\ele[dfek`\ik\e9`c[\i]fc^\e#[`\b\`e\e\l\>\jZ_`Z_k\\iq€_c\e#
jfe[\ie \`e\ LeqX_c mfe Y\i\`kj `d Bfg] [\j 9\kiXZ_k\ij mfi_Xe[\e\e
>\jZ_`Z_k\e\mfq`\i\e%
;`\Bfdgc\o`k€k[\i9`c[\ijk\cckj`Z_Y\nljjk^\^\e\`e\\`e]XZ_\C\jYXi$
b\`k#\ijkY\`^\eXl\i\ile[n`\[\i_fck\i9\kiXZ_kle^cXjj\ej`Z_[`\m`\c\e
9\[\lkle^jjZ_`Z_k\e qld`e[\jk XejXkqn\`j\ \i]Xjj\e% ;Xi`e n`\[\ild
€_e\ck j\`e N\ib dpk_fcf^`jZ_\e ;Xijk\ccle^\e# [`\# mfe \`e`^\e n\e`^\e#
q\ekiXc\e le[ Xcc^\d\`e Y\bXeek\e >\jZ_`Z_k\e Xlj^\_\e[# `d CXl]\ [\i
AX_i_le[\ik\ \`e\ jZ_`\i le^cXlYc`Z_\ M`\c]Xck Xe b•ejkc\i`jZ_\e 9\XiY\`$
kle^\e_\imfiYi`e^\e%;`\M`\cqX_cXeblckli\cc\ele[_`jkfi`jZ_\eI\]\i\eq$
glebk\e# [`\ jfi^]€ck`^ ^\jkXck\k\e <`ejk\ccle^\e le[ [`\ ]i\`\ DfekX^\
jZ_X]]\e \`e\ \`eq`^Xik`^\ 9`c[n\ck# ]•i [`\ \j `e [\i =`cd^\jZ_`Z_k\ bXld
M\i^c\`Z_\^`Yk%8d\_\jk\ec`\\j`Z_j\`eN\ibm`\cc\`Z_kql[\e9`c[n\ck\e
[\jXid\e`jZ_$^\fi^`jZ_$jfna\k`jZ_\e=`cd\dXZ_\ijJ\i^\`GXiX[jZ_Xefnj
`e9\q`\_le^j\kq\e#[\i#n`\;lkkX#[`\dpk_fcf^`jZ_^\gi€^k\@bfef^iX]`\
j\`e\iB`e[_\`kd`k[\eD\k_f[\e[\j8mXek^Xi[\]`cdjm\iY`e[\k%
(0.. `e [\i Xe BXjZ_d`i ^i\eq\e[\e I\^`fe AXddl ^\Yfi\e le[ `e [\i
Bc\`ejkX[kM`aXpgliXl]^\nXZ_j\e#jkl[`\ik\8d`k;lkkXXY[\dAX_i)'''
Xd=`cdXe[K\c\m`j`fe@ejk`klk\f]@e[`X`eGle\#\`e\i]•i`e[`jZ_\M\i_€ck$
e`jj\^\il_jXd\eJkX[k#n\cZ_\e\Y\e[\i=`cdjZ_lc\XlZ_efZ_[Xj`e[`jZ_\
=`cdXiZ_`mjfn`\\`e\\efid\8eqX_ceXZ_jg`i`kl\cc\i<i]X_ile^jki\Y\e[\i
`ek\ieXk`feXc\i>€jk\Y\_\iY\i^k%;Xj=`cdXe[K\c\m`j`fe@ejk`klk\c`\`_d
^ikd^c`Z_\=i\`_\`kj\`e\\`^\e\9`c[jgiXZ_\ql\ekn`Zb\ce#[Xql^\_ik\
XlZ_#[Xjj8d`k;lkkXj\`e\=`cd\Xd@ejk`klkgif[lq`\i\ebfeek\#Xcj\ij\`e
\`^\ekc`Z_\jJkl[`ldjZ_fec€e^jkXY^\jZ_cfjj\e_Xkk\%
DXjXXe mfe )''* Y\_Xe[\ck [`\ K\`cle^ @e[`\ej le[ GXb`jkXej d`k [\e
>i€l\ce [\i M\iki\`Yle^ Xcj 9\i`Z_k \`e\i >ifdlkk\i Xe `_i\e <eb\c%
8d`k;lkkX
Ù@eXnXb`e^jkXk\#Xcck_\j\jkfi`\jj\\d\[kfd\XYjli[%Fecp`edp[i\Xdj[f\j
k_\`id\Xe`e^Y\Zfd\Zc\Xikfd\%È]ifdBiXdXj_XKf9\:fek`el\[
È8ccX_lXbYXiÈÆÙ>f[`j^i\XkÈ1k_\dl\qq`eZXccjk_\]X`k_]lckfgiXp\i#n_`c\X
jdXccYfpX[aljkjk_\KMXek\eeX%?`jdfk_\i#[i\jj\[`eXZfcfli]lcjXi`#jk`ccg`Zbj
lgefk_`e^YlkjkXk`Z2_fn\m\i#]cfn\ijXgg\Xi`ek_\mXj\Xkfgk_\k\c\m`j`fej\k%
Ù8K8C<rN@K?@E8K8C<tÉ%Fek_\Xek\eeXj`kjX[fm\#n_`c\XnfdXeÊjjkiX`e\[
mf`Z\`jjl`e^]ifdXjhlXnb`e^cfl[jg\Xb\ik\ccjk_\jkfipf]XZifn%K_\ZXd\iX
jg`iXcjkfk_\^ifle[#gXjkXgXiifk$c`b\jZlcgkli\#Xe[j`ebj`ekfYcXZbe\jj%@eX
]fle[$]ffkX^\ j_fk ]ifd (0(/# k_\ pfle^ ^f[ Bi`j_eX j`ebj [fne lgfe X _l^\#
dXep$_\X[\[ZfYiX%K_\\ogfj`k`fef]Bj_pX#KiX#>_pXO#P#Q #n_`Z_cXjkjc\jj
k_Xe0'j\Zfe[j#Xci\X[pZfekX`ejXe\ek`i\le`m\ij\#]ifdk_\dpk_`ZXckXc\f]k_\
DX_XY_XiXkX#k_\c\jjm`jlXcYlkXcck_\dfi\gfn\i]lccp\cfhl\ek@jcXd#Xe[k_\
Y\^`ee`e^j f] `e[\g\e[\ek @e[`Xe Z`e\dXkf^iXg_p kf k_\ df[\ie# _\i\
[pj]leZk`feXc#dXjjd\[`X%K_\[\ej\Zfdgc\o`kpf]jpdYfc`ZZfek\ekXe[dfekX^\
i\Xccp[f\ji\d`e[fe\f][i\Xdj#Xe[#c`b\k_\j\#;lkkXËj]`cdj\cl[\Xep_Xjkp
Xkk\dgkkf`ek\igi\kk_\d%8epfe\n_fki`\jefe\k_\c\jjn`ccY\ZXl^_klgYpk_\
[`qqp`e^]cff[f]`dX^\j%
?`jnfib`jXcjf[`]]`ZlckkfZcXjj`]p`e]fidXcZXk\^fi`\j2`kZfm\ijXccZ`e\dXk`Z
^\ei\j1]\Xkli\]`cd#[fZld\ekXi`\j#Xe`dXk\[]`cdXe[\og\i`d\ekXc]`cd#f]k\e
`eZcl[`e^j\m\iXcf]k_\j\`efe\nfib%8d`k;lkkX]`cdjfeYfk_*,ddXe[m`[\f#
n`k_jfle[Xe[n`k_flk#n`k_XcXi^\fiXjdXccZi\nYlke\m\iXcfe\ %8jgf`ekjf]
i\]\i\eZ\]fi_`jnfib#_\eXd\jÆY\j`[\j_`jk\XZ_\i#BXdXcJnXXifgÆDXe`BXlc#
IfY\ik9i\jjfen_fj\DflZ_\kk\`ejg`i\[_`dkfdXb\]`cdj #\Xicpj`c\ek]`cdj#
DXiZ\cGifljkXe[;\c\lq\#Xe[f]Zflij\k_\i`Z_@e[`XekiX[`k`fe#]ifd]X`ipkXc\j#
Z_`c[i\eÊjYffbjXe[\m\ip[XpfYa\Zkjkfk\dgc\Xik%8Z\ekiXc\c\d\ek`e_`jnfib
`j]fi_`dk_\`e[`jjfclYc\Zfee\Zk`feY\kn\\ed\dfi`\jXjg\ijfeXccp\og\i`\eZ\[
Xe[Xj[\g`Zk\[lj`e^d\[`X%?\ZfdY`e\jk_\dkf]fidjb`c]lccpZfdgfj\[Xe[
\[`k\[j\i`\jf]`dX^\jk_Xk[fefkk\ccXe\njkfip#Ylk\mfb\Xdpi`X[f]jkfi`\j
k_XkXi\Xci\X[pgi\j\ek`ek_\d`e[f]k_\m`\n\i%
K_\Zfdgc\o`kpf]k_\`dX^\j[\c`Y\iXk\cpi\j`jkjj`dgc`jk`Z`ek\igi\kXk`fej2fecp
n_\e m`\n\[ dfi\ Zcfj\cp Xe[ i\g\Xk\[cp ZXe k_\ dXep cXp\ij f] d\Xe`e^ Y\
Zfdgi\_\e[\[# Xk c\Xjk kf jfd\ \ok\ek% ?\i\# _`j nfib i\j\dYc\j dpk_fcf^`ZXc
XZZflekjk_Xk#jkXik`e^flk]ifdX]\nZ\ekiXcXe[^\e\iXccpbefnejkfi`\j#^`m\
i`j\kfXeleY\c`\mXYc\[`m\ij`kpf]Xik`jk`Zm\ij`fej`ek_\Zflij\f]k_\Z\ekli`\j%
K_\dXepZlckliXcXe[_`jkfi`ZXcgf`ekjf]i\]\i\eZ\#k_\ZXi\]lccpZfdgfj\[j_fkj
Xe[k_\]i\\dfekX^\Zi\Xk\Xle`hl\m`jlXcnfic[iXi\cpdXkZ_\[`eXik_`jkfip%
G\i_Xgj ;lkkXÊj nfib ZXe Y\jk Y\ ZfdgXi\[ n`k_ k_\ m`jlXc nfic[j f] k_\
8id\e`Xe$>\fi^`Xe$Jfm`\k]`cddXb\iJ\i^\`GXiXaXefm#n_f#c`b\;lkkX#ZfdY`e\j
k_\dpk_fcf^`ZXccpZfcfli\[`Zfef^iXg_pf]_`jZ_`c[_ff[n`k_d\k_f[jf]XmXek$
^Xi[\]`cd%
8d`k;lkkXnXjYfie`e(0..`ek_\AXddli\^`feYfi[\i`e^BXj_d`iXe[^i\n
lg`ek_\jdXccZ`kpf]M`aXpgli%=ifd)'''#_\jkl[`\[Xkk_\=`cdXe[K\c\m`j`fe
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
()*
8d`k;lkkX
J pdYfc`jZ_\9`c[\i[\j>\jZ_`Z_k\e$<iq€_c\ejle[[\i\iq€_ck\e>\jZ_`Z_k\
n\i[\e d`k YilkXc\d =\iej\_]ffkX^\ Xbkl\cc\i >\nXck bfekiXjk`\ik2 jf
\ekjk\_k [Xj GXefiXdX \`e\j j\`k AX_iq\_ek\e Xe[Xl\ie[\e Bfe]c`bk\j#
[\jj\eC\`[mfe>\e\iXk`feql>\e\iXk`fe^\kiX^\en`i[%
D`k B\j_bXdYc` XbX B\jXbXdYXc` mfe )''* _Xkk\ 8d`k ;lkkX j\`e\e
\ijk\e 8l]ki`kk `e FY\i_Xlj\e% ;`\ 8iY\`k Y\^`eek d`k \`e\d Q`kXk [\j
G_`cfjfg_\e#eXZ_[\d[\i=`cdY\eXeek`jk1Ù>ff[[\\[jXe[Z_Xi`kp^X`e\[
XdXeefk_`e^`ek_\\e[%?`jYf[p[`jjfcm\j`ekfk_\gi`dXip\c\d\ekjXk
[\Xk_#efdXkk\in_Xk_\_X[[fe\fi_X[efk[fe\%ÉB\j_bXdYc`gfiki€k`\ik
j\_im\ijZ_`\[\e\C\Y\ej\ekn•i]\[\jdf[\ie\e@e[`\ej#mfei\`Z_\eale^\e
D€[Z_\e•Y\i9\kkc\iY`j_`eqlDXc\iele[=`cd\dXZ_\ie#lek\ijZ_e`kk\e
d`k e`Z_k n\e`^\i [`jgXiXk\d ]fle[$]ffkX^\1 \`e `e[`jZ_\i# Xek_ifgfcf^`$
jZ_\i=`cdXlj[\e(0.'\ie#N_XkXi\k_fj\dfm`e^k_`e^j#Xi\k_\p_ldXej6#
le[ KM$9`c[\ie \`e\i 8ek`k\iifi$Fg\iXk`fe% N`\ `e DXjXXe ^\_k \j XlZ_ `e
B\j_bXdYc`n\e`^\ild[`\;Xijk\ccle^[\iI\Xc`k€kXcjld[`\=iX^\#n`\j`Z_
I\Xc`k€k`e>\jZ_`Z_k\e ]fidk%
;\i `e :`e\dXjZfg\ ^\[i\_k\ \og\i`d\ek\cc\ Bliqjg`\c]`cd :_XbiXmXb
Y\jk\_k Xlj KXYc\Xlo$Xik`^\e# j\_i jpdYfc`jZ_\e <`ejk\ccle^\e% ;`\ 9`c[\i
\`e\jEfk`qYlZ_\jn\i[\eXe`d`\ik#\`eAle^\bc\kk\ik\`e\e9Xld\dgfi#
[`\BXd\iX[i\_kj`Z_jZ_n`e[\c`^#[\iAle^\m\inXe[\ckj`Z_`e\`e\eXck\e
DXeele[n`\[\i`e\`e\eAle^\eqli•Zb#[\ik`k\c^\Y\e[\Mf^\cn`\[\ild
n`i[ql\`e\dD€[Z_\e19\`[\B`e[\ijZ_Xl\ec€Z_\ce[`e[`\BXd\iX#mfe
\`e\i[`i\bkXl][Xj=`cddXk\i`Xc^\dXck\e8liXld^\Y\e%8d`k;lkkX_•k\k
j`Z_#jfcZ_\9`c[\id`kNfik\eql\ibc€i\e#^\iX[\[Xi`ec`\^k]•i`_e[\iJ`ee
[\i le\ekq`]]\iYXi\e 9`c[]fc^\e1 [\i jki`e^\ek\e Cf^`b [\i d\`e\e[\e
JgiXZ_\ql\ekbfdd\e%
<i`ee\ile^le[=XekXj`\j`e[[`\q\ekiXc\eDfd\ek\`eBj_pX#KiX#>_pX#
[\d\ijk\e=`cd#`e[\d;lkkXj\`e\eJk`cjZ_femfcc\ekn`Zb\ck_XkÆjf]\ie
dXe [Xj Y\` \`e\d [XdXcj ).$A€_i`^\e •Y\i_Xlgk jX^\e bXee% <j `jk [`\
>\jZ_`Z_k\\`e\jAle^\eXl][\dEXZ__Xlj\n\^mfe[\iJZ_lc\%N`\Y\`jf
m`\c\e B`e[\ie ]fc^k eXZ_ [\i cXe^n\`c`^\e# n\e`^ b`e[^\i\Z_k\e ;`jq`gc`$
e`\ile^Æ8d`k;lkkXnXib\`e=Xe`ejk`klk`fe\cc\i<iq`\_le^(Æ\`e\<ogcfj`fe
[\i =XekXj`\# [`\ j`Z_ `e [\d =`cd `e \`e\ \`^\en`cc`^\# ]Xjq`e`\i\e[\ 9`c[$
jgiXZ_\nXe[\ck%<iq`k`\ik[Xi`eXlZ_[\e\ijk\eleXY_€e^`^\e=`cd\dXZ_\i
@e[`\ej#;_le[`iX`a>fm`e[G_Xcb\(/.'$(0++ d`kJ_i\\Bi`j_eXAXedX#[\i
Xcj\ijk\im\ijlZ_k\#[`\Y`c[i\`Z_\`e[`jZ_\Dpk_fcf^`\Xl][`\C\`enXe[ql
YXee\e%)
DXGXmfe)'',`jk[\i[•jk\ijk\[\iB`e[_\`kj]`cd\;lkkXj1;lebc\@ee\e$
iXldXl]eX_d\eY\_\iijZ_\e[Xj9`c[#e\Y\e[`\]XiY\e]if_\eB`e[\ijg`\c$
q\l^\ki\k\e>\n\_ile[J€Y\c#Kfk\ejZ_€[\c#m\ikifZbe\k\<i[\le[CXlY#
9clk#\`eq\ijZ_cX^\e\jDf[\cc$ >\_`ie%;\i=`cd\e[\kd`k\`e\d9`c[\`e\j
\inXZ_j\e\eDXee\j`d=\ejk\ile[jZ_e\`[\kldXl][`\LeXY_€e^`^b\`kj$
\ibc€ile^E\_iljmfe(0+.Æ[`\^c\`Z_q\`k`^[`\^\nXckjXd\K\`cle^@e[`\ej
Y\[\lk\k\%
<`e\[\lkc`Z_m\i€e[\ik\<iq€_ck\Z_e`b\ekn`Zb\ck;lkkX]•iBiXdXj_Xmfe
)''.% @d Q\ekild [\j =`cdjjk\_k\`eDXee#[\i[liZ_j\`e;fi]nXe[\ik%
8lZ_Y\``_dm\in\Y\ej`Z_I\Xc`k€kle[=`bk`fe#XlZ_\i\i`ee\ikj`Z_Xe
j\`e\B`e[_\`k#a\[fZ_[fd`e`\i\e]fidXccXe^\#il_`^\BXd\iX]X_ik\e`e[\i
KiX[`k`fe[\j`e[`jZ_\e8lkfi\e]`cdj#[`\@ee\en\ckmfeKi`Zble[jZ_e\cc\i
DfekX^\ n\`Z_k [\i 9\fYXZ_kle^ [\i •gg`^\e CXe[jZ_X]k% N\j\ekc`Z_\
?Xe[cle^jki€^\ij`e[e`Z_kd\_i[`\9`c[\ile[`_i\DfekX^\#jfe[\ie\`e
[liZ_^\_\e[\j Mf`Z\$fm\i# `e [\d XY\i n`\[\ild \`e\ ]•i ;lkkX kpg`jZ_\
;liZ_[i`e^le^mfe<i`ee\ile^\ele[>\jZ_`Z_k\e\iq€_ckn`i[%
J\`e c\kqk\i Bliq]`cd# AXe^Xi_ =`cd Æ <b mfe )''/# `jk n`\[\ild \`e
;fbld\ekXi]`cd%<iq€_ckn`i[[`\>\jZ_`Z_k\[\jJkXdd\j$B•ejkc\ijAXe^Xi_
J`e^_J_pXd#[\i#mfe\`e\dq\`k^\ejj`jZ_\eDXc\i\ek[\Zbk#jZ_e\cc`ek\i$
eXk`feXcY\bXeekn`i[#[XeeXY\iJ\cYjkdfi[Y\^\_k%;lkkXY\^`Ykj`Z_Xl]
Jgli\ejlZ_\eXZ_[\dDXc\i#j\`e\d;fi]le[j\`e\eN\ib\e%;XY\`Yc\`Yk\i
j\`e\d\`^\ekc`Z_\eK_\dXki\l#XlZ_`eAXe^Xi_^\_k\jldI\Xc`k€kle[
`_i\b•ejkc\i`jZ_\KiXej]fidXk`fe`d`e[`jZ_\e;fi]%
D\_i\i\CXe^]`cd\;lkkXjbfeek\e]•i[`\j\jGif]`ce`Z_kY\i•Zbj`Z_k`^k
n\i[\e% ;Xql ^\_i\e [\i ;fbld\ekXi]`cd IXdb_`e[ mfe )'',# [\i `e
QljXdd\eXiY\`k d`k [\d ;\gXikd\ek f] 8ek_ifgfcf^p [\i Le`m\ij`kp f]
Gle\ \ekjkXe[% ;lkkX gfiki€k`\ik _`\i \`e ;fi]# `e [\d [`\ mfe `_d
Y\jZ_i`\Y\e\jg`i`kl\cc\N\ckefZ_Xcck€^c`Z_^\c\Ykn`i[Æ\`e]Xjq`e`\i\e[\j
@ejk`klk\f]@e[`X`eGle\#XZ`kpk_Xk`jg\XZ\]lcYp@e[`XejkXe[Xi[jXe[k_Xk#`e
X[[`k`fe kf k_\ ]`cd jZ_ffc# XZZfddf[Xk\j k_\ @e[`Xe ]`cd XiZ_`m\ Xe[ X _l^\
eldY\i f] `ek\ieXk`feXc ^l\jkj cffb`e^ ]fi jg`i`klXc \og\i`\eZ\j% K_\ =`cd Xe[
K\c\m`j`fe @ejk`klk\ ^Xm\ _`d k_\ ^i\Xk\jk ]i\\[fd gfjj`Yc\ kf [\m\cfg _`j fne
m`jlXccXe^lX^\%K_`jXcjf`eZcl[\[Xccfn`e^8d`k;lkkXkfgif[lZ\_`j]`cdjXkk_\
@ejk`klk\cfe^X]k\i_\_X[]`e`j_\[_`jXZklXcjkl[`\j%
DXjXXeK_\Jkfipk\cc\i>_fjk f])''*`jXYflkk_\[`m`j`fef]@e[`XXe[GXb`jkXe#
n`k_ k_\ _fiifij f] ]fiZ\[ [`jgcXZ\d\ek gi\j\ek\[ Xj Xe XZZflek ^`m\e Yp X
^iXe[dfk_\ikf_\i^iXe[jfe%JpdYfc`Z`dX^\jf]jkfipk\cc`e^Xe[k_\kfc[jkfip
Xi\ ZfekiXjk\[ n`k_ YilkXc KM ]ffkX^\ f] Zfek\dgfiXip m`fc\eZ\2 `e k_`j nXp# X
gXefiXdX`jZi\Xk\[f]XZ\ekli`\j$fc[Zfe]c`Zkn_fj\jl]]\i`e^`jZXii`\[fe]ifd
fe\^\e\iXk`fekfk_\e\ok%
N`k_B\j_bXdYc`XbXB\jXbXdYXc` N`k_k_\9cXeb\kf]?X`i f])''*#8d`k;lkkX
dX[\_`j]`ijkXgg\XiXeZ\`eFY\i_Xlj\e%K_\nfibY\^`ejn`k_Xhlfk\]ifdk_\
g_`cfjfg_\iX]k\in_fdk_\]`cd`jeXd\[1Ù>ff[[\\[jXe[Z_Xi`kp^X`e\[XdXe
efk_`e^ `e k_\ \e[% ?`j Yf[p [`jjfcm\j `ekf k_\ gi`dXip \c\d\ekj Xk [\Xk_# ef
dXkk\in_Xk_\_X[[fe\fi_X[efk[fe\%ÈB\j_bXdYc`N`k_k_\9cXeb\kf]?X`i gfikiXpjXn`[\mXi`\kpf]c`]\jkpc\j`edf[\ie@e[`X#]ifdi`Z_pfle^^`icj#Y\^^Xij
Xe[gX`ek\ijkf]`cddXb\ij#ZfdY`e\[n`k_efc\jj[`m\ij\]fle[]ffkX^\1Xe@e[`Xe
Xek_ifgfcf^`ZXc]`cd]ifdk_\(0.'j#N_XkXi\k_\j\dfm`e^k_`e^j#Xi\k_\p_ldXej6
Xe[ KM `dX^\j f] Xe Xek`$k\iifi fg\iXk`fe% 8j `eDXjXXeK_\Jkfipk\cc\i>_fjk #
B\j_bXdYc`N`k_k_\9cXeb\kf]?X`i `jZfeZ\ie\[c\jjn`k_k_\[\g`Zk`fef]i\Xc`kp
k_Xen`k_k_\hl\jk`fef]_fni\Xc`kp`j]fid\[`e_`jkfipXe[eXiiXk`m\j%
K_\ \og\i`d\ekXc j_fik ]`cd :_XbiXmXb K_\ 9`i[ # ]`cd\[ `e :`e\dXjZfg\#
Zfej`jkjf]kXYc\Xlo$c`b\#_`^_cpjpdYfc`Zj_fkj%K_\g`Zkli\j]ifdXefk\YffbXi\
Xe`dXk\[#XYfpZc`dYjlgXki\\#k_\ZXd\iXi\mfcm\j`e[`qqp`e^]Xj_`fe#k_\Yfp
kliej`ekfXefc[dXeXe[YXZb`ekfXYfp#k_\Y`i[`ek_\k`kc\Z_Xe^\j`ekfX^`ic1
Yfk_Z_`c[i\ejd`c\`ekfk_\ZXd\iX#jliifle[\[YpXeXliXgX`ek\[[`i\Zkcpfekf
k_\]`cd%8d`k;lkkXkXb\jZXi\efkkf\ogcX`ejlZ_`dX^\jn`k_nfi[j2]fi_`d#k_\
d\Xe`e^ f] k_\ le[\Z`g_\iXYc\ j\i`\j f] `dX^\j Zfej`jkj gi\Z`j\cp `e \jZXg`e^
]ifdk_\i`^fifljcf^`Zf]k_\m\iYXcZi\Xk`fef]j\ej\%
D\dfipXe[]XekXjpXi\k_\Z\ekiXc\c\d\ekj`eBj_pX#KiX#>_pXO#P#Q #k_\]`ijk
]`cd`en_`Z_;lkkX[\m\cfg\[_`jjkpc\kfk_\]lccÆXj]XiXjk_`jZXeY\jX`[f]
jfd\fe\k_\ealjk).p\Xijf]X^\%@k`jk_\jkfipf]XYfpfe_`jnXp_fd\]ifd
jZ_ffc%8jn`k_jfdXepZ_`c[i\e#k_\Yfi`e^[`jZ`gc`e\#jflejl`k\[kfXZ_`c[Æ8d`k
;lkkX nXj ef ]Xe f] `ejk`klk`feXc \[lZXk`fe( Æ `j ]fccfn\[ Yp Xe \ogcfj`fe f]
`dX^`eXk`fe#n_`Z_`ek_\]`cd`jklie\[`ekfXe`e[`m`[lXc#]XjZ`eXk`e^m`jlXccXe^lX^\%
@e`k#;lkkXXcjfhlfk\jk_\]`ijk`e[\g\e[\ek]`cddXb\if]@e[`X#;_le[`iX`a>fm`e[
G_Xcb\(/.'$(0++ n`k__`jJ_i\\Bi`j_eXAXedX9`ik_f]J_i\\Bi`j_eX #k_\]`ijk
Xkk\dgkkfYi`e^k_\m`jlXccpm`m`[@e[`Xedpk_fcf^pkfk_\jZi\\e%)
DXGXDfk_\i=Xk_\i f])'',`jk_\dfjkjfdYi\f];lkkXÊj]`cdjXYflkZ_`c[$
_ff[1[Xib`ek\i`fij_fkj[fd`eXk\k_\g`Zkli\2^leXe[jXYi\#jblcc#[i`\[\Xik_
Xe[c\Xm\j#Ycff[#XjdXj_\[df[\c YiX`eXgg\Xie\okkfk_\Zfcfli]lcZ_`c[i\eÊj
kfpj%K_\]`cd\e[jn`k_k_\g`Zkli\f]X^ifne$lgdXeXkk_\n`e[fnXe[Zlkjkf
k_\[\ZcXiXk`fef]`e[\g\e[\eZ\YpE\_il`e(0+.Æn_`Z_Xcjfd\Xekk_\[`m`j`fe
f]@e[`XYp]fiZ\%
;lkkXZfd\jlgn`k_X^i\XkcpZ_Xe^\[eXiiXk`m\k\Z_e`hl\]fiBiXdXj_XKf9\
:fek`el\[ f])''.%K_\]`cd]fZlj\jfeXdXenXe[\i`e^k_ifl^__`jm`ccX^\%=fi
_`d#kff#i\Xc`kpXe[]`Zk`feXi\`ek\infm\e2_\#kff#i\ZXccj_`jZ_`c[_ff[%9lkn_Xk
[fd`eXk\j]fidXccpXi\cfe^#kiXehl`ckiXZb`e^j_fkj`ek_\kiX[`k`fef]@e[`Xe]`cdj
[ÊXlk\li2k_\`ek\ieXcnfic[f]ki`ZbjXe[iXg`[Zlkj^`m\nXpkfk_\fYj\imXk`fef]
k_\clj_Zflekipj`[\%K_\dX`egifkX^fe`jkjXi\efcfe^\ik_\`dX^\jXe[k_\`i
\[`k`e^#YlkXZfek`elfljmf`Z\$fm\in_`Z_#_fn\m\i#i\cXk\jXe`ek\infm\ed`okli\
f]d\dfi`\jXe[jkfi`\jk_Xk`jkpg`ZXcf];lkkX%
?`jdfjki\Z\ekj_fik]`cd#AXe^Xi_=`cdÆ<bAXe^Xi_=`cdÆFe\ f])''/#fek_\
fk_\i_Xe[#`jX[fZld\ekXip%@kk\ccjk_\jkfipf]k_\ki`YXcXik`jkAXe^Xi_J`e^_
J_pXd# n_f# [`jZfm\i\[ Yp X Zfek\dgfiXip gX`ek\i# hl`Zbcp Y\Zfd\j `ek\i$
eXk`feXccp]Xdflj#k_\eZfdd`kjjl`Z`[\%;lkkXj\kjf]]`ej\XiZ_f]k_\gX`ek\i#_`j
m`ccX^\Xe[_`jnfibj%?fn\m\i#_\i\dX`ejkil\kf_`ji\Xck_\d\1AXe^Xi_#kff#`j
XYflki\Xc`kpXe[`kjXik`jk`ZkiXej]fidXk`fe`eXe@e[`Xem`ccX^\%
J\m\iXc]\Xkli\]`cdjYp;lkkXZflc[efkY\Zfm\i\[`ek_`jgif]`c\%K_\p`eZcl[\
k_\ [fZld\ekXip ]`cd IXdb_`e[ 8 NXic` M`ccX^\ f] )'',# n_`Z_ nXj dX[\ `e
gXike\ij_`gn`k_k_\;\gXikd\ekf]8ek_ifgfcf^pXkk_\Le`m\ij`kpf]Gle\%?\i\#
;lkkXgfikiXpjXm`ccX^\`en_`Z_k_\jg`i`klXcnfic[_\[\jZi`Y\j`jjk`ccc`m\[flk
\m\ip[XpÆX]XjZ`eXk`e^[fZld\ekk_Xk^`m\jN\jk\iem`\n\ij`egXik`ZlcXiXe
()+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
8d`k;lkkX
fbld\ek# n\cZ_\j ^\iX[\ [\d n\jkc`Z_\e 9\kiXZ_k\i [\e 8lj^Xe^jglebk
;
[\i ;lkkXjZ_\e N\ck eX_\Yi`e^k%* J\`e a•e^jk\j N\ib# [\i XY\e[]•cc\e[\
Jg`\c]`cdK_\DXeÊjNfdXeXe[Fk_\iJkfi`\jmfe)''0#nli[\Xl][\i9`\e$
eXc\mfeM\e\[`^liXl]^\]•_ikle[jk\_k]fidXc`e[\iKiX[`k`fe[\j`e[`jZ_\e
8lkfi\e]`cdj%@ej\_iil_`^\e9`c[\ie\iq€_ck[`\j\i=`cdXlZ_e`Z_kd\_imfe
B`e[_\`k#jfe[\ie`e[i\`<g`jf[\emfe[\dM\i_€cke`jmfeDXeele[=iXl%
Jf]XekXjk`jZ_[XjN\ib;lkkXjXlZ_f]k\ijZ_\`e\edX^#`e[\i8Y]fc^\
Xcc\ij\`e\i=`cd\n`i[[\lkc`Z_#[Xjj\jj`Z_Xl]\`e\dN\^Y\]`e[\k#[\imfe
\`e\i]`cd`jZ_\eB`e[_\`k`e\`e\Y\ejf]`cd`jZ_\j<inXZ_j\e\ec\Y\e]•_ik%
;X;lkkX\ijk**AX_i\Xck`jk#`jk[Xj<e[\[`\j\i]Xjq`e`\i\e[\eI\`j\efZ_
cXe^\ e`Z_k XYqlj\_\e% J\`e Y`j_\i \i]fc^i\`Z_jk\i =`cd BiXdXj_X =fik$
j\kqle^]fc^k beek\XcjDfkkf•Y\i[`\j\i\ijk\eN\ibjZ_Xl8d`k;lkkXj
jk\_\e%
DXiZ\cJZ_n`\i`e
DXiZ\c JZ_n`\i`e# 9\ic`e% >\Yfi\e (0-,% BliXkfi# =`cd\dXZ_\i% :f$>i•e[\i
[\i N\ibc\`kq 9`\eeXc\ le[ [\i <og\i`d\ekXc]`cd[Xk\eYXeb Z`efm`[% =`cd\
l%X%1;`\9`c[\i<og\i`d\ekXc]`cd#(00+ #<n`^\JZ_e_\`k;fbld\ekXi]`cd#
)''* % K_\dXk`jZ_\ Gif^iXdd\ `e FY\i_Xlj\e1 Ù;\i >\]Xcc\e\ Mfi_Xe^È
)'', le[ÙB`e[\iB`e[_\`kB`efÈ)''. %B•ejkc\i`jZ_\iC\`k\i[\jN\ib$
c\`kq =\jk`mXcj 8d\i`bX# )''/% Bfeq\gk`fe 8iXYj_fikj%e\k# >f\k_\$@ejk`klk
BX`if#)''0%=`cdbliXkfi[\ikiXejd\[`Xc\%('=lkli`kpEfnle[[\jN\ib$
c\`kq=\jk`mXcjÙ8e^jk_Xk^if\8l^\eÈ)'(' %Ænnn%jZ_n`\i`e%[\
le[\ijkXe[`e^f]k_\gf`ekf][\gXikli\]fi;lkkXÊjnfic[%*?`jdfjki\Z\eknfib#
k_\ ]lcc$c\e^k_ ]\Xkli\ ]`cd K_\ DXeÊj NfdXe Xe[ Fk_\i Jkfi`\j f] )''0# nXj
gi\d`\i\[ Xk k_\ M\e`Z\ 9`\eeXc\ Xe[ `j ]fidXccp `e k_\ kiX[`k`fe f] @e[`Xe ]`cd
[ÊXlk\li%@em\ipZXcdg`Zkli\j#k_`j]`cd`jefcfe^\iXYflkZ_`c[_ff[#Ylk`ejk\X[
k\ccjXYflkk_\i\cXk`fej_`gY\kn\\edXeXe[nfdXe`ek_i\\\g`jf[\j%
<m\ek_fl^_;lkkXÊjnfibdXpf]k\eXgg\Xi]XekXjk`ZXc#fm\ik_\Zflij\f]Xcc_`j
]`cdj`kY\Zfd\jZc\Xik_Xk`k`jfeXgXk_c\X[`e^]ifdXZ`e\dXk`ZZ_`c[_ff[kfXe
\hlXccpZ`e\dXk`ZX[lckc`]\%8j;lkkX`jfecp**p\Xijfc[#k_\\e[f]k_`j]XjZ`eXk`e^
aflie\p`jefkkfY\]fi\j\\e]fiXcfe^k`d\kfZfd\%?`jdfjkjlZZ\jj]lc]`cdjf
]Xi# BiXdXj_X Kf 9\ :fek`el\[ Zflc[ Y\ kXb\e Xj X dfkkf ]fi k_`j ]`ijk i\kif$
jg\Zk`m\f]8d`k;lkkXÊjnfib%
DXiZ\cJZ_n`\i`e#9\ic`e%9fie(0-,%:liXkfi#]`cddXb\i%:f$]fle[\if]k_\N\ibc\`kq
9`\ee`Xc Xe[ k_\ \og\i`d\ekXc ]`cd [XkXYXj\ Z`efm`[% =`cdj1 K_\ @dX^\j
\og\i`d\ekXc#(00+ #<k\ieXc9\Xlkp[fZld\ekXip#)''* %K_\dXk`Zgif^iXdd\j`e
FY\i_Xlj\e1ÈK_\=Xcc\e:likX`eÈ#)'',#È:_`c[i\e:_`c[_ff[:`e\dXÈ#)''.%8ik`j$
k`Z [`i\Zkfi f] k_\ N\ibc\`kq =\jk`mXc 8d\i`bX )''/% :feZ\gk`fe 8iXYj_fikj%e\k#
>f\k_\$@ejk`klk :X`if# )''0% :liXkfi ]`cd kiXejd\[`Xc\%(' =lkli`kp Efn Xe[
N\ibc\`kq=\jk`mXc=\Xi?Xj9`^<p\j#)'('%Ænnn%jZ_n`\i`e%[\
(ÙK_\hl\jk`fe`j_fnpfleXiiXk\Xjkfipn_\epflXi\]fiY`[[\ekfjg\Xb6R%%%TK_XkËjn_Xkfli (ÈK_\hl\jk`fe`j_fnpfleXiiXk\Xjkfipn_\epflXi\]fiY`[[\ekfjg\Xb6R%%%TK_XkËjn_Xkflidf[\ie
df[\ie\[lZXk`fe[f\jkflj%@k`jXm\ip[Xe^\iflj\[lZXk`fe%@k`jZi\Xk`e^dfejk\ijÉ%@e18di`k \[lZXk`fe[f\jkflj%@k`jXm\ip[Xe^\iflj\[lZXk`fe%@k`jZi\Xk`e^dfejk\ijÉ%@e18di`k>Xe^Xi#È;`Xcf^l\#
>Xe^Xi#È;`Xcf^l\#Dfefcf^l\#;`X$Dfef$Cf^l\n`k_8d`k;lkkX#È`e1BXi\eD`iqX9iX[9lkc\i Dfefcf^l\#;`X$Dfef$Cf^l\n`k_8d`k;lkkXÉ#`eBXi\eD`iqX9iX[9lkc\iR\[%T#:`e\dXf]GiXpf^XÆ@e[`Xe
R\[%T#:`e\dXf]GiXpf^XÆ@e[`Xe<og\i`d\ekXc=`cdXe[M`[\f(0(*Æ)''-#ef%n%_\i\#Cfe[fe)''-% <og\i`d\ekXc=`cdXe[M`[\f(0(*Æ)''-#ef%n%_\i\#Cfe[fe)''-%g%,(
J%,(
)N\Xi\j_fn`e^k_`jiXi\]`cdXkk_\fg\e`e^f]k_\i\kifjg\Zk`m\%
)8cjI\]\i\eqglebkq\`^\en`i[`\j\ej\ck\e\e=`cdqli<i]]ele^[\jGif]`cj%
*=fiX[\kX`c\[[\jZi`gk`fef]k_`j]`cdj\\1FcX]Dcc\i#ÈK_\leZcXjj`]`XYc\]`cdjf]@e[`Xelg$Xe[$Zfd\i
*=•i\`e\Xlj]•_ic`Z_\9\jZ_i\`Yle^[`\j\j=`cdjj`\_\1FcX]Dcc\i#ÙK_\leZcXjj`]`XYc\]`cdjf] 8d`k;lkkXYXcXeZ\gcXp]lc]i\\$]fideXiiXk`m\n`k_XeXkk\ek`m\e\jjkfk_\ZfeZi\k\_\i\Xe[efn#É=`cd
@e[`Xelg$Xe[$Zfd\i8d`k;lkkXYXcXeZ\gcXp]lc]i\\$]fideXiiXk`m\n`k_XeXkk\ek`m\e\jjkfk_\ :fdd\ek#Efm\dY\i$;\Z\dY\i)''.%
ZfeZi\k\_\i\Xe[efn#È=`cd:fdd\ek#Efm\dY\i$;\Z\dY\i)''.%
Gif^iXdd(
=i\`kX^*'%+%('#(+1*'L_i#>cfi`X
J_i\\Bi`j_eXAXedX9`ik_f]J_i\\Bi`j_eX
@e[`\e(0(/
0Ë#*,dd#j&n#jkldd
\`e=`cdmfe;_le[`iX`a>fm`e[
G_Xcb\
8iZ_`mEXk`feXc=`cd8iZ_`m\f]
@e[`X
EXZ_[\d;_le[`iX`a>fm`e[G_Xcb\(0('`e9fdYXp\`e\e=`cd•Y\iA\jlj
:_i`jklj^\j\_\e_Xkk\#Y\jZ_cfjj\i#=`cd\•Y\i[`\_`e[l`jk`jZ_\Dpk_fcf$
^`\ql[i\_\e1ÙN_`c\k_\c`]\f]:_i`jknXjifcc`e^]XjkY\]fi\dpg_pj`ZXc
\p\j#@nXjd\ekXccpm`jlXc`j`e^k_\>f[j#J_i`Bi`j_eX#J_i`IXdj_Xe[iX#
k_\`i>fblcXe[8pf[_X%%%%:flc[n\#k_\jfejf]@e[`X#\m\iY\XYc\kfj\\
@e[`Xe`dX^\jfek_\jZi\\e6ÈJfnli[\\iqldG`fe`\i[\jleXY_€e^`^\e
`e[`jZ_\e=`cdj%J_i\\Bi`j_eXAXedXq\`^k`_eY\i\`kjXl]\`e\d?_\glebk
j\`e\jJZ_X]]\ejle[`dX^`e`\ik`eqXlY\i_X]k\eKi`ZbY`c[\ie<g`jf[\eXlj
[\d C\Y\e [\j ale^\e Bi`j_eX% ÙDXp k_`j df[\jk \]]fik# [\[`ZXk\[ kf
J?I<<BI@J?E8E#Y\b`e[cpXZZ\gk\[Yp?`d%È?Xm`e^nXkZ_\[X]`cdXYflk
A\jlj:_i`jk`e9fdYXp`e(0('#;_le[`iX`a>fm`e[G_Xcb\[\Z`[\[kf[`i\Zk]`cdj
XYflk ?`e[l dpk_fcf^p1 ÈN_`c\ k_\ c`]\ f] :_i`jk nXj ifcc`e^ ]Xjk Y\]fi\ dp
g_pj`ZXc\p\j#@nXjd\ekXccpm`jlXc`j`e^k_\>f[j#J_i`Bi`j_eX#J_i`IXdj_Xe[iX#
k_\`i>fblcXe[8pf[_X%%%%:flc[n\#k_\jfejf]@e[`X#\m\iY\XYc\kfj\\@e[`Xe
`dX^\jfek_\jZi\\e6ÈJf_\Y\ZXd\Xg`fe\\if]k_\`e[\g\e[\ek@e[`Xe]`cd%
J_i\\Bi`j_eXAXedXj_fnj_`dXkk_\_\`^_kf]_`jZi\Xk`m\gfn\ij`ccljkiXk`e^
\g`jf[\j]ifdpfle^Bi`j_eXËjc`]\`e\eZ_Xek`e^ki`ZbjZ\e\j%ÈDXpk_`jdf[\jk
\]]fik#[\[`ZXk\[kfJ?I<<BI@J?E8E#Y\b`e[cpXZZ\gk\[Yp?`d%É
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(),
8d`k;lkkX
DXjXXeK_\Jkfipk\cc\i>_fjk
DXjXXe Y\_Xe[\ck [`\ K\`cle^ @e[`\ej le[ GXb`jkXej d`k [\e >i€l\ce [\i
M\iki\`Yle^ Xcj 9\i`Z_k \`e\i >ifdlkk\i Xe `_i\e <eb\c% JpdYfc`jZ_\
9`c[\i[\j>\jZ_`Z_k\e$<iq€_c\ejle[[\i\iq€_ck\e>\jZ_`Z_k\n\i[\ed`k
YilkXc\d =\iej\_]ffkX^\ Xbkl\cc\i >\nXck bfekiXjk`\ik2 jf \ekjk\_k [Xj
GXefiXdX\`e\jj\`kAX_iq\_ek\eXe[Xl\ie[\eBfe]c`bk\j#[\jj\eC\`[mfe
>\e\iXk`fe ql >\e\iXk`fe ^\kiX^\e n`i[% DXjXXe K_\ Jkfipk\cc\i >_fjk `j
XYflkk_\[`m`j`fef]@e[`XXe[GXb`jkXe#n`k_k_\_fiifijf]]fiZ\[[`jgcXZ\d\ek
gi\j\ek\[ Xj Xe XZZflek ^`m\e Yp X ^iXe[dfk_\i kf _\i ^iXe[jfe% JpdYfc`Z
`dX^\jf]jkfipk\cc`e^Xe[k_\kfc[jkfipXi\ZfekiXjk\[n`k_YilkXcKM]ffkX^\f]
Zfek\dgfiXip m`fc\eZ\2 `e k_`j nXp# X gXefiXdX `j Zi\Xk\[ f] X Z\ekli`\j$fc[
Zfe]c`Zkn_fj\jl]]\i`e^`jZXii`\[fe]ifdfe\^\e\iXk`fekfk_\e\ok%
@e[`\e)''*
0Ë#*,dd#=XiY\#Kfe
I\^`\#;i\_YlZ_8d`k;lkkX
BXd\iXJl[_XbXiI\[[p
JZ_e`kkBi`j_Xe\e[lJXibXi
B\j_bXdYc`N`k_k_\9cXeb\kf]?X`i
<`e\:fccX^\lek\ijZ_`\[c`Z_\i>\jZ_`Z_k\e#[`\[`\^\d\`ejXd\NX_i_\`k
\iq€_c\e%N\cZ_\Dfk`mXk`fe_XY\en`i#]•i[\ee€Z_jk\eKX^qlc\Y\e6;\i
^if\`e[`jZ_\>\[Xeb\%K_`j`jk_\ZfccX^\f][`]]\i\ekjkfi`\jn_`Z_k\cck_\
Zfddfekilk_%N_Xk`jk_\dfk`mXk`fekfc`m\]fik_\e\ok[Xp6K_\^i\Xk@e[`Xe
k_fl^_k%
@e[`\e)''*
),Ë#;M#=XiY\#Kfe
I\^`\8d`k;lkkX
BXd\iXJl[_XbXiI\[[p
JZ_e`kkBi`j_Xe\e[lJXibXi
Bj_pX#KiX#>_pXO#P#Q
@e[`\e)''+
))Ë#*,dd#=XiY\#Kfe
I\^`\#;i\_YlZ_8d`k;lkkX
BXd\iXJfdXbDlb_\ia\\
JZ_e`kkIXa\j_J_\iX
Dlj`b8d`k;lkkX#DXe^\j_;_Xb[\
;Xijk\cc\iJnXge`c#BXcpXe`
Gif^iXdd)
Bj_pX#KiX#>_pXq\`^k[`\=XekXj`\n\ck\`e\jAle^\eXl][\djZ_lc`jZ_\e
?\`dn\^% ;Xj nf_c^\fi[e\k <ic\iek\ ^\_k `e \`e\i dX^`jZ_\e N\ck Xl]#
[\i\eJ`eej`Z_[\iiXk`feXc\eEXZ_mfccq`\_YXib\`km\in\`^\ik#j`Z_XY\i`e
[\i\`e[i`e^c`Z_\eJZ_e_\`k[\i9`c[\i]`e[\k#[`\[liZ_[`\`e[`jZ_\@bfef$
^iX]`\`ejg`i`\iknli[\e%Bj_pX#KiX#>_pXj_fnjk_\]XekXjpnfic[f]XYfpfe
_`jnXp_fd\]ifdjZ_ffc%K_\n\cc$fi[\i\[k_`e^j_\_Xjc\XiekXi\Xjj`d`cXk\[
`eXdX^`ZXcnfic[n_fj\d\Xe`e^`jefkXZZ\jj`Yc\kfk_\iXk`feXcd`e[#YlkZXe
Y\ ]fle[ `e k_\ m`m`[ Y\Xlkp f] k_\ `dX^\j# n_`Z_ n\i\ `ejg`i\[ Yp @e[`Xe
`Zfef^iXg_p%
=i\`kX^*'%+%('#))1*'L_i#C`Z_kYli^
:_XbiXmXbK_\9`i[
@e[`\e)''+
,Ë#*,dd#=XiY\#Kfe
<`eAle^\m\ic`\ik[\e>cXlY\eXe[Xj9lZ_%;Xjn•k\e[\9lZ_Y\^`eek#[`\
>\jZ_`Z_k\eqli•Zbql]fi[\ie%8Yfpcfj\j]X`k_`ek_\Yffb%K_\Xe^ipYffb
jkXikjZXcc`e^k_\jkfi`\jYXZb%
I\^`\8d`k;lkkX
()- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
8d`k;lkkX
DXGXDfk_\i=Xk_\i
@e[`\e)'',
0Ë#*,dd#=XiY\#Kfe
I\^`\#;i\_YlZ_8d`k;lkkX
@e [`\j\d =`cd ^\_k \j ld \`e\e Ale^\e# [\i j`Z_ n•ejZ_k# 9cld\e ql
q•Z_k\e%<j`jkXY\iXlZ_\`e=`cd•Y\ij\`e\9\q`\_le^qlj\`e\i=Xd`c`\
le[qlj\`e\dCXe[%K_`j`jX]`cdXYflkXYfpn_fn`j_\jkf^ifn]cfn\ij%K_\
]`cdXcjfj_fnj_`ji\cXk`fej_`gn`k__`j]Xd`cpXe[n`k__`jZflekip%
BXd\iX;_`i\e[iXJ_lbcX
JZ_e`kk8e`e[pXIfp
BiXdXj_XKf9\:fek`el\[
@e[`\e)''.
)*Ë#*,dd#=XiY\#Kfe
I\^`\#;i\_YlZ_8d`k;lkkX
BXd\iXJXm`kXJ`e^_
JZ_e`kk8ile9Xc`
<`e 8jb\k nXe[\ik a\[\e Dfi^\e [liZ_ [`\ \e^\e >Xjj\e \`e\j ;fi]\j#
n€_i\e[ j\`e\ =Xd`c`\ efZ_ jZ_c€]k% @d ?XcYjZ_cX] ki€ldk \i mfe [\i
>\jZ_`Z_k\ [\j ;fi]\j# nfY\` j`Z_ Dpk_\e# C\^\e[\e le[ KXkjXZ_\e
m\id`jZ_\e% 8e XjZ\k`Z nXcbj k_ifl^_ k_\ eXiifn jki\\kj f] X m`ccX^\ \m\ip
dfie`e^n_`c\_`j]Xd`cp`jjk`ccXjc\\g%@e_`jj\d`$jfdefc\ekjkXk\_\[i\Xdj
XYflkk_\_`jkfipf]k_\m`ccX^\d`o`e^lgdpk_j#]fcbcfi\Xe[]XZkj%
Dlj`b8a`kJ`e^_IXk_fi\
AXe^Xi_=`cdÆ<bAXe^Xi_=`cdÆFe\
@e[`\e)''/
))Ë#;M#=XiY\#Kfe
I\^`\#;i\_YlZ_8d`k;lkkX
BXd\iXBXlj_`bDfe[Xc#GiXeXp
J_i`mXjkmX#8d`k;lkkX
JZ_e`kk:_`edXpJXebi`k#J%E%B\mXk
AXe^Xi_ J`e^_ J_pXd mfd JkXdd [\i >fe[ `e Q\ekiXc`e[`\e nli[\ mfd
B•ejkc\iA%JnXd`eXk_XeY\`d9\dXc\e[\iDXl\iej\`e\j;fi]\j^\j\_\e%
<iYiXZ_k\`_eqld8iY\`k\e`e[XjBlejkq\ekild[\iJkX[k%J\`e\9`c[\i
YiXZ_k\e `_d m`\c Il_d% ;Xee# Xe \`e\d KX^ `d AX_i )''(# Y\^`e^ \i `e
\`e\daXgXe`jZ_\eDlj\ldJ\cYjkdfi[%AXe^Xi_J`e^_J_pXd#f]k_\>fe[
ki`Y\f]:\ekiXc@e[`X#nXjj\\egX`ek`e^_`jm`ccX^\ËjnXccjYpXik`jkA%JnXd`eXk_Xe
Xe[Yifl^_kkfk_\Z`kpXikZ\eki\kfnfib%?`jgX`ek`e^jYifl^_k_`ddlZ_]Xd\%
K_\efe\[Xp`e)''(#_\Zfdd`kk\[jl`Z`[\`eXdlj\ld`eAXgXe%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
().
8d`k;lkkX
9 ` f ^ iX ] ` \ 8 d ` k ; l k k X 9 ` f ^ i X g _ p 8 d ` k ; l k k X
8d`k ;lkkX nli[\ Xd ,%0%(0.. `d `e[`jZ_\e AXddl ^\Yfi\e# [\i N`ek\i$
_XlgkjkX[k [\j 9le[\jjkXXk\j AXddl le[ BXjZ_d`i% J\`e\ B`e[_\`k le[
JZ_lcq\`k m\iYiXZ_k\ \i •Y\in`\^\e[ `e M`aXpgli# \`e\i Bc\`ejkX[k *' bd
\ek]\iekmfeAXddl%Mfe)'''Xejkl[`\ik\\iI\^`\Xd=`cdXe[K\c\m`j`fe
@ejk`klk\f]@e[`X`eGle\#nf\i)''+j\`e\e8YjZ_cljjdXZ_k\%)''*[i\_k\
8d`k;lkkXj\`e\em`\cY\XZ_k\k\eBliq]`cdB\j_bXdYc`%8cc\j\`e\]fc^\e[\e
m`\iBliq]`cd\^\nXee\eGi\`j\Y\``ek\ieXk`feXc\e=`cd]\jk`mXcj%J\`e\ijk\i
CXe^jg`\c]`cd#K_\DXejNfdXeXe[Fk_\iJkfi`\j#nli[\Y\`[\e=`cd]\jk$
jg`\c\emfeM\e\[`^)''0Xlj^\q\`Z_e\k%8bkl\ccc\_ik8d`k;lkkXXd=`cd
Xe[K\c\m`j`fe@ejk`klk\f]@e[`X%
8d`k;lkkXnXjYfiefeJ\gk\dY\i,#(0..`eAXddl#k_\n`ek\iZXg`kXcf]AXddl
Xe[ BXj_d`i jkXk\# `e @e[`X% ?\ jg\ek _`j Z_`c[_ff[ Xe[ jZ_ffc [Xpj dfjkcp `e
M`aXpgli#XjdXcckfne*'bd]ifdAXddl%@e)'''_\Y\^Xekfjkl[p[`i\Zk`e^Xk
k_\=`cdXe[K\c\m`j`fe@ejk`klk\f]@e[`X`eGle\n_\i\_\^iX[lXk\[`e)''+%@e
)''* 8d`k ;lkkX [`i\Zk\[ _`j dlZ_$efk`Z\[ j_fik ]`cd# B\j_bXdYc`% 8cc f] _`j
]fccfn`e^]flij_fik]`cdjn\i\_fefli\[n`k_XnXi[jXk`ek\ieXk`feXc]`cd]\jk`mXcj%
?`j]`ijk]\Xkli\]`cd#K_\DXeÊjNfdXeXe[Fk_\iJkfi`\j#nXjXnXi[\[Xgi`Z\Xk
k_\ M\e`Z\ =`cd =\jk`mXc `e )''0% 8d`k ;lkkX Zlii\ekcp k\XZ_\j Xk k_\ =`cd Xe[
K\c\m`j`fe@ejk`klk\f]@e[`X%
= ` c d f ^ iX ] ` \ = ` c d f ^ i X g _ p
)'')
)'')
)''*
)''*
)''*
)''+
)''+
)'',
)'',
)''-
)''.
)''/
)''0
K_\pI\dX`e\[`ek_\J_X[fnj
=`i\giff]Iffd
DXjXXe
B\j_bXdYc`
;`^`kXcQffd
:_XbiXmXb
Bj_pX#KiX#>_pX
DXGX
IXdb_`e[
BX
BiXdXj_X
AXe^Xi_=`cdÆ<b
K_\DXeËjNfdXeXe[Fk_\iJkfipj
()/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
>lemfiE\cjfe
< ` e n X _ i _ X ] k \ j 9 ` c [ [ \ j C \ Y \ e j D f m ` e ^ @ d X ^ \ Ki l \ k f C ` ] \
mfeAf_eJle[_fcd
;Xj=`cdjZ_X]]\emfe>lemfiE\cjfe^\_ikql[\eY\jk^\_•k\k\e>\_\`d$
e`jj\e `d i\Z_k bc\`e\e Blcklibi\`j [\i Xd\i`bXe`jZ_\e 8mXek^Xi[\]`cd$
kiX[`k`fe% ;`\j `jk ldjf \ijkXlec`Z_\i# Xcj [`\ =`cd\ le[ =`cd\dXZ_\i [\i
(0-'\ile[(0.'\iAX_i\mfe[\i8mXek^Xi[\$Yqn%\og\i`d\ek\cc\e=`cdblc$
kli`eEfi[Xd\i`bXi\^\cd€`^i\ZpZ\ckn\i[\e%E\cjfejBXii`\i\Y\^Xee`e
[\e(0-'\iAX_i\e`dglcj`\i\e[\eKi\`Y\e[\iJXe=iXeZ`jZf9Xp8i\X#le[
j`\]i[\ik\qX_ci\`Z_\=`cd\dXZ_\i#Xcjj`\`e[\e.'\ile[/'\iAX_i\eXd
JXe=iXeZ`jZf8ik@ejk`klk\lek\ii`Z_k\k\%
;`\Y\`[\e?Xlgk^i•e[\]•i[`\]\_c\e[\9\bXeek_\`kmfeE\cjfejF\lmi\
j`e[>\jZ_c\Z_kle[#jfn•i[\`Z_\je\ee\e#\`eXlbkfi`Xc\i=fidXc`jdlj%
;\iXd\i`bXe`jZ_\<og\i`d\ekXc]`cdbXefe`jk\`e\q`\dc`Z_d€eec`Z_\;fd€$
e\#j\`e\B•ejkc\ile[@ek\igi\k\ej`e[d\`jkD€ee\i%EXk•ic`Z_`jk\jb\`e
Ql]Xcc#[Xjj[\i8mXek^Xi[\df[lj[\i=`cdgif[lbk`fe#[XjB•ejkc\i`jZ_\le[
8lbkfi`Xc\#`e\e^\dQljXdd\e_Xe^jk\_kd`k[\djk\i\fkpg\ed€eec`Z_\e
@[\Xc#\okifm\ik`\ikqlj\`ele[[`\;`e^\`d>i`]]ql_XY\e%>lemfiE\cjfe#
[`\`d?`eYc`ZbXl]Mfi]•_iY\[`e^le^\ele[Bfg`\ehlXc`k€k[liZ_Xlj]•i`_i\
bfdgifd`jjcfj\ ?Xckle^ Y\bXeek `jk# e\`^k a\[fZ_ e`Z_k [Xql# [Xj mfe `_i
>\]`cdk\Xl]\`e\N\`j\ql[fd`e`\i\ef[\iqlbfekifcc`\i\e#[Xjjj`\\`e\i
G\ijfef[\i\`e\dFYa\bk\`e\J`Z_kn\`j\f[\iN\ckXejZ_Xlle^Xl]qn`e^k%
=fc^c`Z_kiX^\eE\cjfej=`cd\e`Z_k[\eXl^\e]€cc`^\eJk\dg\c\`e\i\`eq\c$
e\eXlbkfi`Xc\ele[Xlkfi`k€i\eJk`dd\#le[j`\bi\`\ikXlZ_b\`e\ekpg`$
jZ_\eÙE\cjfe$Jk`cÈ%:_XiXbk\i`jk`jZ_]•i`_i^\jXdk\jN\ib`jkm`\cd\_i[Xj
=\_c\ejfcZ_]XcjZ_\iGifa\bk`fe\e#\knXj#[Xj`eB`ijXE`Z_fc`eX(0-0 le[
KXb\F]](0.) Xl]lem\in\Z_j\cYXi\8ik[\lkc`Z_n`i[%9\`\ijk\i\d_Xe[\ck
\jj`Z_ld\`e\e^\iX[c`e`^\e=`cd•Y\i\`e\?Xlj^\Ylik#[\i[XjNle[\i[\j
>\Y€i\ejq\`^k#\`e<i\`^e`j#[XjE\cjfejf•Y\in€ck`^\e[]Xe[#[Xjjj`\[Xj
>\jZ_\_\eleY\[`e^kXl]e\_d\ele[]\jk_Xck\edljjk\%J\cYjk`e\`e\d=`cd
n`\KXb\F]]#`e[\dE\cjfe8e`dXk`fejk\Z_e`b\em\in\e[\k#ld[Xjd\`jk
d€eec`Z_[fd`e`\ik\ 9`c[mfdBig\i\`e\i=iXlql[\bfejkil`\i\e#cXjj\e
j`Z_\`e\^\n`jj\Q€ikc`Z_b\`kle[I\jg\bk]•i[XjFYa\bk]\jkjk\cc\e%
E\cjfe^\_ikql[\eXl\i^\n_ec`Z_\e=`cd\dXZ_\ie#[`\e`Z_klik\`c\e
f[\iXYn\ik\enfcc\e#fYnf_c\`e`^\`_i\iN\ib\`e[\i?`ej`Z_k\`e[\lk`^
gfc`k`jZ_ j`e[# [Xjj j`\ f]]\e Jk\ccle^ Y\q`\_\e1 JZ_d\\i^lekq (0-- le[
KXb\F]]ql=iXl\eY`c[\ie#=iXd\C`e\qlJZ_n\[\e#JkfZb_fcdle[JZ_n\$
[`jZ_$J\`ele[I\[J_`]k(0/+ qliGfc`k`b]Xd`c`€i\i9\q`\_le^\e#`ejY\jfe$
[\i\qn`jZ_\eD•kk\iele[KZ_k\ie%8lZ_[\iI\jg\bkle[[`\8Z_kjXdb\`k#
[`\E\cjfej=`cdjZ_X]]\eb\eeq\`Z_e\e#fi`\ek`\i\ej`Z_Xd@e_Xck%;\i=`cd
DpEXd\`jFfeX(0-0 #[\i]•id`Z_ql[\ejZ_ejk\e;Xijk\ccle^\e[\i
N\ck\`e\jB`e[\j^\_ik#`e[\i=XekXj`\le[I\Xc`k€kql\`e\dg_€efd\$
efcf^`jZ_\eIXldm\ijZ_d\cq\e#_XkXlZ_\`e\[•jk\i\J\`k\%;`\N\ck[\j
B`e[\jn`i[e`Z_kifdXek`j`\ik#[XE\cjfeXlZ_Xl][Xj\`e^\_k#nXjve^jk\
Xljcjk% ;`\j\ \o`jk\eq`\cc\ le[ g_€efd\efcf^`jZ_\ ;`jjfeXeq \ijki\Zbk
j`Z_ XlZ_ Xl] [\e Jfle[kiXZb2 [\i j`Z_ jk€e[`^ n`\[\i_fc\e[\ Jfle[# [\i
qle€Z_jk Xcj D`kk\c [`\ek# [`\ JZ_e_\`k mfe I_pk_dlj le[ I\jfeXeq mfe
Dlj`b`e[\i^\n_ec`Z_\eJgiXZ_\ql\ek[\Zb\e#\ekn`Zb\ckj`Z_jg€k\iql
\`e\dJfle[kiXZb#`e[\d[\lkc`Z_qld8lj[ilZbbfddk#[XjjJgiXZ_\XlZ_
\`e\Xlkfi`k€i\=lebk`fe_Xk%@eI\[J_`]kn`\[\ildn`i[[\e\n`^\e#jk€e[`^
n`\[\ib\_i\e[\ele[n\`km\iYi\`k\k\eBfe]c`bk\e#[`\qla\[\d=Xd`c`\ec\$
Y\e^\_i\ele[j`Z_d\`jkbXldcj\ecXjj\e#m`\cQ\`kle[IXld^\cXjj\e%
;`\j]•_ikql\`e\inX_i_X]k`^\e;Xijk\ccle^[\iBfe]c`bk\le[N`[\ijgi•$
Z_\#f_e\[\e]XcjZ_\e M\ijlZ_#j`\XcjGifYc\d\qlY\_Xe[\ce#[`\qlcj\e
f[\i ql Y\lik\`c\e j`e[% JkXkk[\jj\e n\i[\e [`\ 8lj\`eXe[\ij\kqle^\e jf
^\q\`^k# n`\ j`\ j`e[# le[ E\cjfe c€[k lej \`e# j`\ `e `_i\i D`jZ_le^ Xlj
JZ_e_\`k#Bldd\ile[Bfdgc\o`k€knX_iqle\_d\e%
E\cjfeji\jfclk\<`ejk\ccle^qlGifa\bk`fele[8l]]•_ile^^\_ikql[\e
^\c€l]`^\e 8e\b[fk\e `e [\i <og\i`d\ekXc$ le[ 8mXek^Xi[\]`cdjq\e\% ;`\j
_XkeXk•ic`Z_qldK\`cd`k`_i\i<`ejk\ccle^qliXlbkfi`Xc\eGifYc\dXk`bql
;`Xe\ B`kZ_\e le[ Xe[ >lemfi E\cjfe Y\` [\e ;i\_XiY\`k\e mfe [li`e^ k_\ dXb`e^ f] I
\[ J_`]k%
=fkfG_fkf1DXkj?fcdjkiXe[
>lemfiE\cjfeËj]`cdgif[lZk`fe`jfe\f]k_\Y\jk$b\gkj\Zi\kj`ek_XkjdXcc`j_
Zlckli\k_XkZfejk`klk\jk_\8d\i`ZXeXmXek$^Xi[\]`cdkiX[`k`fe%K_`j`jXg\Zlc`Xi
]XZk# j`eZ\ XmXek$^Xi[\ fi \og\i`d\ekXc ]`cd Zlckli\ `e Efik_ 8d\i`ZX i\^lcXicp
i\ZpZc\jk_\]`cdjXe[]`cddXb\ijf]k_\-'jXe[k_\.'j%E\cjfeËjZXi\\iY\^Xe
[li`e^ k_\ -'j `e k_\ m`YiXek 9Xp 8i\X# Xe[ j_\ ]fjk\i\[ eld\iflj ]`cddXb\ij
n_`c\k\XZ_`e^XkJXe=iXeZ`jZf8ik@ejk`klk\`ek_\.'jXe[/'j%
KnfdXafii\Xjfej]fik_\`^efiXeZ\f]E\cjfeËjf\lmi\Xi\^\e[\iXe[n_Xk@
nflc[ ZXcc Xlk_fi`Xc ]fidXc`jd% K_\ 8d\i`ZXe \og\i`d\ekXc ]`cd ZXefe `j gi\kkp
dlZ_dXc\k\ii`kfip%@kjXik`jkjXe[`ek\igi\k\ijXi\dfjkcpd\e%F]Zflij\`k`jef
Zf`eZ`[\eZ\k_Xkk_\XmXek$^Xi[\df[\f]]`cdgif[lZk`fe#k_\Xik`jXeXcXe[Xlk_f$
i`Xc#Zf_\i\jn\ccn`k_k_\jk\i\fkpg`ZdXc\`[\Xcf]Y\`e^\okifm\ikXe[`eZfekifc%
>lemfiE\cjfe#n_f`jn\cc$befne]fi_\ileZfdgifd`j`e^Xkk`kl[\kfjZi\\e`e^
Zfe[`k`fejXe[k_\hlXc`kpf]gi`ekj#[f\jefk#_fn\m\i#[fd`eXk\Xe[Zfekifc`e_\i
i\cXk`fej_`gkfn_Xkj_\`j]`cd`e^`eXdXee\iZfdgXiXYc\kfk_\XZkf]`dgfj`e^
Xm`j`fefiXnfic[m`\nfejfd\fe\fifeXefYa\Zk%E\cjfek_\i\]fi\dXb\j]`cdj
k_Xk [f efk ZXiip k_\ XggXi\ek `dgi`ek f] X j`e^c\ Xlk_fi`Xc Xe[ Xlk_fi`kXi`Xe
mf`Z\#Xe[k_lj[f\jefkZi\Xk\XÉE\cjfejkpc\É%N_XkZ_XiXZk\i`j\j_\infibXjX
n_fc\ `j k_\ XYj\eZ\ f] Xcc jlZ_ ]Xcj\ gifa\Zk`fej# jfd\k_`e^ k_Xk `j [`jgcXp\[
[`jk`eZk`m\cp`eB`ijXE`Z_fc`eX(0-0 Xe[KXb\F]](0.) %K_\]fid\i`jXjkiX`^_k$
]finXi[]`cdXYflkX_fd\Y`ik_j_fn`e^k_\nfe[\iXe[d`iXZc\f]^`m`e^Y`ik_#Xe
\m\ekk_XkE\cjfe]fle[jffm\in_\cd`e^k_Xkj_\Zflc[[fefk_`e^Ylki\Zfi[Xe[
gi\j\im\ n_Xk nXj _Xgg\e`e^% <m\e `e X ]`cd c`b\ KXb\ F]]# n_\i\ E\cjfe lj\j
Xe`dXk`fek\Z_e`hl\jkf[\ZfejkilZkk_\gi\jld\[dXc\ `dX^\f]k_\Yf[pf]X
nfdXe#k_\i\`jXk\e[\ie\jjXe[i\jg\Zk]fik_\fYa\Zk%
E\cjfe `j fe\ f] k_fj\ \oZ\gk`feXc ]`cddXb\ij n_fj\ X`d `j efk kf al[^\ fi
Y\c`kkc\#Xck_fl^_jfd\f]_\infibjXi\Zc\Xicpgfc`k`ZXc`ek_\j\ej\k_Xkk_\p
`dgcpfg\ecp\ogi\jj\[jkXk\d\ekj1JZ_d\\i^lekq(0-- Xe[KXb\F]]fe`dX^\jf]
nfd\e#=iXd\C`e\feJn\[\e#JkfZb_fcdXe[Jn\[`j_e\jj#Xe[I\[J_`]k(0/+ fe
k_\gfc`k`Zjf]]Xd`cpi\cXk`fej_`gj#\jg\Z`Xccpk_fj\Y\kn\\edfk_\ijXe[[Xl^_$
k\ij% C`b\n`j\# k_\ Zfej`[\iXk`fe Xe[ k_fl^_k]lce\jj k_Xk Z_XiXZk\i`j\ E\cjfeËj
]`cddXb`e^Xi\Zfek\ek$fi`\ek\[%DpEXd\`jFfeX(0-0 #X]`cdk_Xk@i\^Xi[Xj
fe\f]k_\dfjkY\Xlk`]lc[\g`Zk`fejf]k_\nfic[f]XZ_`c[#n_\i\]XekXjpXe[
i\Xc`kpd\i^\`ekfk_\jXd\g_\efd\efcf^`ZXcjgXZ\#_XjX^i`dj`[\Xjn\cc%K_\
nfic[ f] k_\ Z_`c[ `j efk ifdXek`Z`j\[# Y\ZXlj\ E\cjfe Xcjf ]fZlj\j fe n_Xk `j
\og\i`\eZ\[ Xj ]i`^_k\e`e^% K_`j \o`jk\ek`Xc Xe[ g_\efd\efcf^`ZXc [`jZfi[XeZ\
\ok\e[jkfk_\jfle[kiXZbXjn\cc2k_\i\g\k`k`fljjfle[k_XkjkXikjXjXnXpf]
[`jZfm\i`e^ k_\ afp f] i_pk_d Xe[ i\jfeXeZ\# f] dlj`Z `e fi[`eXip cXe^lX^\#
[\m\cfgj cXk\i `ekf X jfle[kiXZb k_Xk \ogi\jj\j [`i\Zkcp _fn cXe^lX^\ _Xj Xe
Xlk_fi`kXi`Xe]leZk`fe%@eI\[J_`]k#fek_\fk_\i_Xe[#k_\\k\ieXc#i\g\k`k`m\Xe[
ZfddfeZfe]c`Zkjk_XkXi\gXikf]\m\ip]Xd`cpc`]\Xe[k_XkZXe_Xi[cp\m\iY\
i\jfcm\[Xi\^`m\e\ok\ej`m\k`d\Xe[jgXZ\%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
()0
>lemfiE\cjfe
kle%<j_Xe[\ckj`Z_ldgi`mXk\le[`e[`\j\i?`ej`Z_kg\ijec`Z_\=`cd\2j`\
jkXdd\e mfe `_i# le[ j`\ n\` ^\eXl# n`\ [`\ =`cd\ Xljj\_\e le[ bc`e^\e
jfcck\e% ;`\j\ gi€q`j\ <`ejk\ccle^ qld =`cd dXZ_k XYjfclk J`ee# n\ee dXe
`_i\ =`cd\ Xl]d\ibjXd `e \`e\d i`Z_k`^\e B`efjXXc XejZ_Xlk% <j `jk bXld
mfijk\ccYXi#n`\j`Z_[Xjn\`Z_\9cXlle[[`\]leb\ce[\eBfekiXjk\`eDffej
Gffc `e \`e Xe[\i\j =fidXk •Y\ikiX^\e c`\\e# f[\i n`\ \j n`ib\e n•i[\#
n\ee [`\ Bie`^b\`k le[ [\i >cXeq [\j 9`c[\j `e I\[ J_`]k n\^\e \`e\i
jZ_c\Z_k\eGifa\bk`fem\iYcXjjk\e%;`\]•i[`\d\`jk\emfeE\cjfej=`cd\e
mfe =f^ GldXj Y`j Kil\ kf C`]\ jf Z_XiXbk\i`jk`jZ_\e N\Z_j\c qn`jZ_\e
\`e\i jZ_nXiq\e# [lebc\e C\`enXe[ le[ bliq\e C`Z_k$ le[ =XiY\`e[i•Zb\e
m\icXe^\e eXZ_ \`e\i Gifa\bk`fe `e \`e\d IXld# `e [\d [\i Gifa\bkfi [`\
\`eq`^\C`Z_khl\cc\[Xijk\cck%
;Xj GXiX[fo\ Xe >lemfi E\cjfej =`cd\e `jk# [Xjj [`\j\ qnXi jk\kj j\_i
g\ijec`Z_le[`e[`m`[l\ccj`e[#j`\j\cYjka\[fZ_Xcj=`cd\dXZ_\i`em`\cql
ldj`Z_k`^ le[ ql j\_i G`fe`\i`e `jk# ld \`e Dljk\i# Mfilik\`c f[\i \`e\e
Ùg\ijec`Z_\e Jk`cÈ Xeqle\_d\e% ;\j_XcY jZ_\`e\e =`cd\ le[ M`[\fj n`\
K`d\9\`e^ (00( # =iXd\C`e\ (0/* #Ki\\$C`e\(00/ le[ KiXZ\<c\d\ekj
)''* jf lek\ijZ_`\[c`Z_ ql j\`e% Le[ [Xj j`e[ j`\% K`d\ 9\`e^ `jk \`e\
YilkXc\ le[ ql^c\`Z_ nle[\ijZ_e\ JZ_`c[\ile^ mfd Jk\iY\e [\i Dlkk\i
E\cjfej% ;`\ qn`jZ_\e E€_\ le[ ;`jkXeq n\Z_j\ce[\ BXd\iX c\ebk [`\
8l]d\ibjXdb\`k Xl] [Xj FYa\bk# ld j`Z_ XY\i ^c\`Z_q\`k`^ n`\[\i jZ_\l
qli•Zbqlq`\_\e%=iXd\C`e\`jk\`e\XdY`mXc\ek\;Xijk\ccle^mfeJkfZb_fcd
le[ JZ_n\[\e# le[ XlZ_ _`\ic\ebkE\cjfelej\i\8l]d\ibjXdb\`k Xl][`\
M\i]c\Z_kle^mfeJZ_e_\`kle[?€jjc`Z_b\`k#\`e\D`jZ_le^#[`\j`\[liZ_
i_pk_d`jZ_\BXd\iXY\n\^le^\ele[=`cdjZ_e`kk\`e[\eMfi[\i^ile[Yi`e^k%
Ki\\$C`e\n`\[\ild`jk[\i9\n\^le^#[\dI_pk_dljle[[\dJfle[^\n`[$
d\k# n€_i\e[ KiXZ\ <c\d\ekj \`e\ M`[\fbXd\iX Xl] [\i JlZ_\ eXZ_ \`e\d
Dfk`m q\`^k% 8cc [`\j\e =`cd\e le[ M`[\fj `jk a\[fZ_ ^\d\`e# [Xjj j`\ \`e
FYa\bk f[\i \`e\e >\^\ejkXe[ Xl] i\jg\bkmfcc\ N\`j\ [Xijk\cc\e le[ Xl]
[`\j\N\`j\\ible[\e%
;Xjfi`^`e€i\Gfk\eq`Xc[\j=`cdjle[[\j9\n\^kY`c[\j•Y\i_Xlgk c`\^k
[Xi`e#[Xjjn`id`k[`\j\dD\[`ld[`\N\ck`eXcc`_i\idXk\i`\cc\e=i`jZ_\
\i]X_i\ebee\e%;`\jki`]]k^XeqY\jfe[\ijXl][`\8iY\`kmfe>lemfiE\cjfe
ql#[Xa\[\ie\l\=`cd#a\[\je\l\M`[\fmfe`_i\`e\nX_i_X]ke\l\<i]X_$
ile^lej\i\idXk\i`\cc\eN\ck[Xijk\cck#e`Z_keli[\iFYa\bk\#jfe[\ieXlZ_
[\i>\]•_c\#Jk`ddle^\ele[<`^\ejZ_X]k\elej\i\iLd^\Yle^%;Xj>ifXi$
k`^\XeE\cjfejN\ibY\jk\_kXcjf`e[\i8ikle[N\`j\#n`\j`\\`eD\[`ld
\`ej\kqk#[Xj`e[\iCX^\`jk#M\ijZ_`\[\e_\`kqlY\nX_i\e#le[[XY\`_Z_jk
g\ijec`Z_\=`cd\qljZ_X]]\e#[`\lej\i\8l]d\ibjXdb\`kXl]lej\i\Ld$
^\Yle^c\eb\e#f_e\a\[fZ_[\d9\kiXZ_k\if[\i[\d[Xi^\jk\cck\eFYa\bk
`_i\\`^\e\JlYa\bk`m`k€kf[\i`_i\eN`cc\eXl]qlqn`e^\e%<`enX_i_X]k\j9`c[
[\jC\Y\ej%
Af_eJle[_fcd
Af_eJle[_fcd`jkGif]\jjfi]•i=`cdn`jj\ejZ_X]k\eXe[\iLe`m\ij`k€kBXic$
jkX[k`eJZ_n\[\ele[D`k^c`\[[\iGi•]le^jbfdd`jj`fe[\jGifdfk`fejgif$
^iXddj]•iJZ_e\B•ejk\Xe[\i8bX[\d`\[\iJZ_e\eB•ejk\`d]`ee`$
jZ_\e?\cj`eb`%<i`jk8lkfiqX_ci\`Z_\iJZ_i`]k\e•Y\i[\e<og\i`d\ekXc]`cd%
J\`ec\kqk\j9lZ_#=ifd<Xicp8e`dXk`fekfM`[\f8ik18?`jkfipf]Jn\[`j_
<og\i`d\ekXc=`cd:lckli\#Y\]Xjjkj`Z_d`k[\i>\jZ_`Z_k\[\jjZ_n\[`jZ_\e
<og\i`d\ekXc]`cdjle[$m`[\fjle[\ekjkXe[`eQljXdd\eXiY\`kd`k[\e8l$
kfi\eCXij$>ljkX]8e[\ijjfele[8jki`[J[\iY\i^_N`[[`e^%
8ZZfi[`e^cp# k_\ Zfe]c`Zkj Xe[ ZfekiX[`Zk`fej Xi\ [`jgcXp\[ `e X kilk_]lc nXp#
n`k_flkX]Xcj\ Xkk\dgkkfki\Xkk_\dXjgifYc\djkfY\jfcm\[fial[^\[%@ejk\X[#
k_\ZcXj_\jXi\gfikiXp\[]fin_Xkk_\pXi\#n_`c\E\cjfeXkk_\jXd\k`d\`em`k\j
ljkf\og\i`\eZ\k_\d`ek_\`iXdXc^XdXk`fef]Y\Xlkp#[`jki\jjXe[Zfdgc\o`kp%
E\cjfeËji\jfclk\Xkk`kl[\kfgifa\Zk`feXe[\o_`Y`k`fe`jfe\f]k_\jkXe[Xi[
Xe\Z[fk\j`ek_\Zlckli\f]\og\i`d\ekXcXe[XmXek$^Xi[\]`cd%F]Zflij\`k_Xj
gXikcpkf[fn`k__\ii\cXk`fej_`gkfk_\Xlk_fi`Xchl\jk`fe%K_\]`cdjXi\gi`mXk\
]`cdjXe[g\ijfeXc`ek_Xkj\ej\2k_\pjk\d]ifd_\iXe[j_\befnj\oXZkcpn_Xk
k_\]`cdjj_flc[cffbXe[jfle[c`b\%K_`jgi\Z`j\Xkk`kl[\kf]`cddXb\jg\i]\Zk
j\ej\n_\efe\nXkZ_\j_\i]`cdjXkk\ek`m\cp`eXgifg\ik_\Xki\%@k`jm\ip[`]]`Zlck
kf`dX^`e\_fnk_\jf]kYcl\e\jjXe[^c`kk\i`e^ZfekiXjkj`eDffejGffcZflc[Y\
kiXej]\ii\[kfXefk_\i]fidXk#fin_Xkk_\\og\i`\eZ\nflc[Y\c`b\`]k_\^iX`e`$
e\jjXe[cljki\f]k_\`dX^\`eI\[J_`]k]X[\[[l\kfXYX[gifa\Zk`fe%K_\dfm\$
d\ekjY\kn\\eXYcXZb#[XibjZi\\eXe[^c`dgj\jf]c`^_kXe[Zfcflik_XkXi\jf
Z_XiXZk\i`jk`Zf]dfjkf]E\cjfeËj]`cdjiXe^`e^]ifd=f^GldXjkfKil\kfC`]\ [\dXe[ X gifa\Zk`fe `e X jgXZ\ n_\i\ k_\ fecp XmX`cXYc\ c`^_k `j k_Xk ]ifd k_\
gifa\Zkfi%
K_\gXiX[fof]>lemfiE\cjfeËj]`cddXb`e^`jk_Xk_\i]`cdjXi\_`^_cpg\ijfeXc
Xe[`e[`m`[lXc#Ylkk_Xkj_\`j]XikffZfej`[\iXk\Xe[\ogcfiXk`m\X]`cddXb\ikf
Y\ZXl^_k`eXep^i`[#gi\ZfeZ\`m\[`[\XfiÈg\ijfeXcjkpc\É%:fej\hl\ekcp#]`cdj
Xe[ m`[\fj c`b\ K`d\ 9\`e^ (00( # =iXd\ C`e\ (0/* # Ki\\$C`e\ (00/ Xe[ KiXZ\
<c\d\ekj)''* Xgg\XikfY\m\ip[`]]\i\ek%8e[jfk_\pXi\%K`d\9\`e^`jXYilkXc
p\k Y\Xlk`]lc [\g`Zk`fe f] E\cjfeËj dfk_\i [p`e^% K_\ ZXd\iX k_Xk fjZ`ccXk\j
Y\kn\\ej_fn`e^Xe[n`k_[iXn`e^`jYfk_[`i\Zk`e^Xkk\ek`fekfk_\fYa\ZkXe[Xk
k_\jXd\k`d\j_p`e^XnXp%=iXd\C`e\`jXeXdY`mXc\ek[\g`Zk`fef]JkfZb_fcdXe[
Jn\[\e#n_\i\E\cjfe`jfeZ\X^X`e[`i\Zk`e^fliXkk\ek`fekfk_\`ek\ikn`e\d\ek
f]Y\XlkpXe[l^c`e\jj#XYc\e[j_\]fi\^ifle[jn`k_i_pk_d`ZZXd\iXdfm\d\ekj
Xe[\[`k`e^%Ki\\$C`e\#fek_\fk_\i_Xe[#`j[\[`ZXk\[kfdfm\d\ek#kfi_pk_dXe[
jfle[#n_\i\XjKiXZ\<c\d\ekjj_fnjXm`[\fZXd\iXj\XiZ_`e^]fiXefYa\Zk%9lk
n_XkXcck_\j\]`cdjXe[m`[\fj_Xm\`eZfddfe`jk_Xkk_\p[\g`ZkXe[gXpi\jg\Zk
kf#Xe[k_\i\]fi\\ogcfi\#XefYa\ZkfiXk_`e^%
K_\fi`^`eXcgfk\ek`Xc`e]`cdXe[k_\dfm`e^`dX^\ `jk_Xkk_\d\[`ldXcnXpj
Xccfnj lj kf \og\i`\eZ\ k_\ nfic[ `e Xcc `kj dXk\i`Xc ]i\j_e\jj% K_`j `j kil\ `e
gXik`ZlcXif]>lemfiE\cjfeËjnfib#Xj\m\ipe\n]`cdXe[m`[\f`jX^\el`e\cpe\n
\og\i`\eZ\f]flidXk\i`Xcnfic[#efkfecpf]k_\fYa\ZkjXjjlZ_YlkXcjff]k_\
]\\c`e^j#k\dg\iXe[hlXc`k`\jk_Xkflijliifle[`e^j\dYf[p%?\eZ\#k_\^i\Xke\jj
f] E\cjfeËj gif[lZk`fe `j k_\ nXp j_\ lj\j X d\[`ld k_Xk _Xj k_\ ZXgXZ`kp kf
gi\j\im\fk_\ie\jj#n_`c\Zi\Xk`e^_`^_cpg\ijfeXc]`cdjk_Xk[iXnfliXkk\ek`fekf
n_Xk`j`eflijliifle[`e^jn`k_flk`dgfj`e^_\ifnejlYa\Zk`m`kpfi`e[`m`[lXcn`cc
fek_\m`\n\ifik_\fYa\Zk[\g`Zk\[%Dfm`e^`dX^\kil\kfc`]\%
Af_eJle[_fcd`jJ\e`fiC\Zkli\i`e=`cdJkl[`\jXkBXicjkX[Le`m\ij`kp#Jn\[\e
Xe[d\dY\if]k_\\oXd`eXk`feYfXi[f]k_\G_;$gif^iXdd\`e=`e\8ikjXkk_\
8ZX[\dpf]=`e\8ikj`e?\cj`eb`#=`ecXe[%?\_Xjni`kk\e\ok\ej`m\cpfe\og\i`$
d\ekXc]`cd%K_\cXk\jkYffb`jX_`jkfipf]Jn\[`j_\og\i`d\ekXc]`cdXe[m`[\f#
=ifd<Xicp8e`dXk`fekfM`[\f8ik18?`jkfipf]Jn\[`j_<og\i`d\ekXc=`cd:lckli\#
Zf$Xlk_fi\[n`k_CXij>ljkX]8e[\ijjfeXe[8jki`[J[\iY\i^_N`[[`e^%
8eeX$BXi`eCXijjfe
8eeX$BXi`eCXijjfe`jkGif[lq\ek`eY\`=`cd]fid#JZ_n\[\e%J`\jk\cck\[`\$ 8eeX$BXi`eCXijjfe`jgif[lZ\iXk=`cd]fid#Jn\[\e%J_\Zf$ZliXk\[k_\gif]`c\
n`k_>lemfiE\cjfe%
j\jGif]`c^\d\`ejXdd`k>lemfiE\cjfeqljXdd\e%
(*' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
>lemfiE\cjfe
Gif^iXdd(
JfeekX^)%,%('#)'1''L_i#>cfi`X
JZ_d\\i^lekq
LJ8(0-(,Ë#(-dd#j&n#Kfe
I\^`\>lemfiE\cjfe#;fifk_pN`c\p
@ek%M\iki`\Y=`cd]fid
D`k[`\j\d=`cd]`e^Xcc\jXe%JZ_d\\i^lekq#[`\jZ_\iq_X]k\9\q\`Z_ele^
mfe E\cjfej MXk\i ]•i \`e JXe[n`Z_ jZ_n\[`jZ_1 Ùjdi^‚jÈ # `jk \`e
m\i^e•^k\i# ^ifk\jb\i le[ \iejk_X]k\i 8e^i`]] Xl] [Xj ^€e^`^\ @[\Xc [\i
Xd\i`bXe`jZ_\e?Xlj]iXl%;\iBi`k`b\i<ie\jk:Xcc\eYXZ_jZ_i`\Y[XqlY\$
^\`jk\ik1Ù<`e\>\j\ccjZ_X]k#[`\`_i\Xe`dXc`jZ_\eKi`\Y\_`ek\i\`e\igf$
c`\ik\e=XjjX[\m\iY`i^k#m\i[`\ek\j#[Xjj=`cd\n`\JZ_d\\i^lekq•Y\iXcc
^\q\`^kn\i[\e%ÈK_`jnXjk_\]`cdk_Xkj\k\m\ipk_`e^`edfk`fe%JZ_d\\i^lekq#
eXd\[X]k\iE\cjfeËj]Xk_\iËjefej\ej\nfi[]fijXe[n`Z_Èjdi^‚jÉ`eJn\$
[`j_ #`jX_`cXi`flj#^ifk\jhl\Xe[^iXm\XkkXZbfek_\glYc`Z`[\Xcf]k_\8d\i`$
ZXe _flj\n`]\% :i`k`Z <ie\jk :Xcc\eYXZ_ nifk\ \ek_lj`Xjk`ZXccp k_Xk È8 jfZ`\kp
n_`Z__`[\j`kjXe`dXc]leZk`fejY\e\Xk_Xj_`epglYc`Zjli]XZ\[\j\im\jkf_Xm\
jlZ_]`cdjXjJZ_d\\i^lekqj_fne\m\ipn_\i\%É
DffejGffc
LJ8(0.*
(,Ë#(-dd#=XiY\#Kfe
I\^`\>lemfiE\cjfe
@ek%M\iki`\Y=`cd]fid
;`\\ogc`q`k\Big\igfc`k`b`eE\cjfejgfglc€i\dKXb\F]]n`i[`e[\dj\_i
g\ijec`Z_\e Dffej Gffc n\`k\i Xlj^\]•_ik% ;\i =`cd Y\^`eek d`k 8l]$
eX_d\eeXZbk\iBig\i`e\`e\d9X[le[n\Z_j\ckqleXZbk\en\`Yc`Z_\e
le[d€eec`Z_\eBig\ie#[`\lek\iNXjj\ijZ_n`dd\e%;\ic\kqk\K\`c#`e
[\dbXldefZ_^\jgifZ_\en`i[#`jkd`k\`e\dkiXldXik`^\e#bfdgc\o\e
Jfle[kiXZb lek\ic\^k# `e [\d N\cc\e$ le[ NXjj\i^\i€ljZ_\# Jk`dd\ le[
Dlj`b eX_kcfj d`k\`eXe[\i m\iYle[\e j`e[% K_\ \ogc`Z`k Yf[p gfc`k`Zj `e
E\cjfeËj gfglcXi KXb\ F]] Xi\ [\m\cfg\[ ]lik_\i `e _\i _`^_cp g\ijfeXc Dffej
Gffc%K_\]`cdY\^`ejn`k_j_fkjf]eXb\[Yf[`\j`eXYXk_Xe[j_`]kjkf[\g`Zk`e^
dXc\Xe[]\dXc\Yf[`\jjn`dd`e^eXb\[le[\inXk\i%K_\cXkk\igXikf]k_\]`cd
`jXcdfjkkfkXccpc`Y\iXk\[]ifdjg\\Z_Xe[_XjX[i\Xdc`b\#Zfdgc\ojfle[kiXZb
Zfej`jk`e^f]jfle[jf]nXm\j#mf`Z\j#nXk\iXe[dlj`Znfm\ekf^\k_\i`ekfX
j\Xdc\jjn\Y%
KXb\F]]
LJ8(0.)
('Ë#(-dd#j&n#Kfe
I\^`\>lemfiE\cjfe
@ek%M\iki`\Y=`cd]fid
KXb\F]]`jkE\cjfejd\`jk^\j\_\e\i=`cd%<j_Xe[\ckj`Z_ld[XjXd•jXek\
Gfiki€k \`e\i Jki`gg\i`e# [Xj d`k [\d 8l]ki`kk \`e\i €ck\i\e Gif]`$
Jki`gg\i`eY\^`eek%EXZ_`_i\iBc\`[le^c\^kj`\XlZ_`_i\Big\ik\`c\XY%
;\i=`cd\e[\k[Xd`k#[Xjj[`\Jki`gg\i`e`e[\eN\ckiXld^\jZ_fjj\en`i[%
E\cjfeY\_Xe[\ck`_iFYa\bkd`kI\jg\bk#[`\Jki`gg\i`ec\^k\`e\eÆn•i[\$
mfcc\ele[[`jkXeq`\ik\eÆgif]\jj`fe\cc\e8l]ki`kk_`e#le[[`\j\BiX]kn`i[
mfe[\iBXd\iXefZ_lek\ijki`Z_\e%KXb\F]]`jE\cjfeËjdfjkn`[\cpj\\e]`cd%
@k`jXeXdlj`e^gfikiX`kf]Xjki`gg\i#Y\^`ee`e^n`k_X[\g`Zk`fef]Xgif]\jj`feXc
dXkli\ jki`gg\i g\i]fid`e^ _\i XZk% 8]k\i i\dfm`e^ _\i Zcfk_\j# j_\ jkXikj kf
le[f_\iYf[pgXikjXjn\cc%K_\]`cd\e[jn`k_k_\jki`gg\ib`Zb\[flk`ekfjgXZ\%
E\cjfe`jZfej`[\iXk\kfnXi[j_\ifYa\Zk2k_\jki`gg\i`jg\i]fid`e^k_\XZkn`k_
gif]\jj`feXc`jdÆYfk_n`k_[`^e`kpXe[[`jkXeZ\ÆXe[k_`j]fiZ\`j_X`c\[Ypk_\
ZXd\iX%
Ki\\$C`e\
JZ_n\[\e(00/
/Ë#;M#=XiY\#Kfe
I\^`\>lemfiE\cjfe
@ek%M\iki`\Y=`cd]fid
Ki\\$C`e\`jkE\cjfej\ijk\jM`[\f%<jYXj`\ikXl]Kfe$le[9`c[dXk\i`Xc#[Xj
[XdXcjd`k[\iGi\d`\i\$Jf]knXi\Xlj^\c`\]\iknli[\%E\cjfe]`e^\`e]XZ_
Xe# d`k [\d Gif^iXdd _\ildqljg`\c\e# ld ql c\ie\e# n`\ dXe [`^`kXc
XiY\`k\k%8lj^Xe^jglebk[\jM`[\fj`jk[`\>\i€ljZ_blc`jj\2[Xee]fc^k9\$
n\^le^#le[[Xj9`c[\`e\j9Xld\jkXlZ_kXl]%Ki\\$C`e\`jk\`e\gif]le[\
I\]c\o`fe •Y\i [`\ JZ_e`kkd\e^\ mfe =`cd le[ M`[\f# mfe ]fkf^iX]`jZ_\e
`e[\o`bXc`jZ_\e le[\c\bkife`jZ_\eD\[`\e%Ki\\$C`e\`jE\cjfeËj]`ijkm`[\f%
@k`jYXj\[lgfejfle[Xe[`dX^\dXk\i`Xck_XkXZZfdgXe`\[Gi\d`\i\Ëjjf]knXi\
Xkk_\k`d\%E\cjfej`dgcpY\^XekfgcXpn`k_k_\gif^iXdd\n_`c\c\Xie`e^_fn
kfnfib[`^`kXccp%K_\jkXik`e^gf`ekf]k_\m`[\f`jk_\jfle[jZXg\2X]k\inXi[j#
dfm\d\ekXe[k_\`dX^\f]Xki\\Xgg\Xi%Ki\\$C`e\`jXgif]fle[i\]c\Zk`fefe
k_\`ek\ij\Zk`fef]]`cdXe[m`[\f#g_fkf^iXg_`Z`e[\o`ZXc d\[`Xmj%\c\Zkife`Z
d\[`X%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(*(
>lemfiE\cjfe
C`^_kP\Xij
JZ_n\[\e(0/.
)/Ë#(-dd#=XiY\#Kfe
I\^`\>lemfiE\cjfe
@ek%M\iki`\Y=`cd]fid
Gif^iXdd)
C`^_k P\Xij `jk [\i qn\`k\ =`cd Xlj E\cjfej Y\d\ib\ejn\ik\i I\`_\ mfe
=`cdZfccX^\e# `e [\e\e j`\ 8e`dXk`fe le[ I\Xc]`cd m\id`jZ_k% ;\i \ijk\#
=iXd\C`e\(0/* #_Xe[\ck\mfeJkfZb_fcdle[JZ_n\[\e#n€_i\e[E\cjfe
d`k C`^_k P\Xij n\`k\i Xl] [Xj c€e[c`Z_\ JZ_n\[\e le[ [`\ CXe[jZ_X]k
\`e^\_k%;\i=`cd`jk\`e\cXe^\I\`j\[liZ_CXe[jZ_X]k\ele[9`c[\i1\`e
^\e`Xc\j IfX[dfm`\# `e [\d E\cjfe [\e QljZ_Xl\i [Xql Xl]]fi[\ik#
_`eqljZ_Xl\e le[ _`eql_i\e% C`^_k P\Xij `j k_\ j\Zfe[ ]`cd `e E\cjfeËj
i\dXibXYc\j\i`\jf]ZfccX^\]`cdj`en_`Z_j_\Yc\e[jXe`dXk`fen`k_c`m\XZk`fe%
=iXd\ C`e\ (0/* # k_\ ]`ijk# i\mfcm\[ Xifle[ JkfZb_fcd Xe[ Jn\[\e# Xe[ n`k_
C`^_kP\XijE\cjfe\ogXe[\[`ekfk_\Jn\[`j_Zflekipj`[\Xe[cXe[jZXg\%K_\]`cd
`j X cfe^ aflie\p k_ifl^_ cXe[jZXg\j Xe[ `dX^\j1 Xe `e^\e`flj ifX[$dfm`\ `e
n_`Z_E\cjfe\eZfliX^\jk_\m`\n\ikfcffbXe[kfc`jk\e%
DfekX^*%,%('#(.1''L_i#C`Z_kYli^
DpEXd\@jFfeX
LJ8(0-0
('Ë#(-dd#j&n#Kfe
I\^`\>lemfiE\cjfe
@ek%M\iki`\Y=`cd]fid
Dp EXd\ @j FfeX nXi E\cjfej \e[^•ck`^\i ;liZ_YilZ_ `e [\i Xd\i`bXe`$
jZ_\e8mXek^Xi[\]`cdjq\e\%;\iKfejkXddkmfeE\cjfejKfZ_k\iFfeX#[`\
[`\EXd\e[\iNfZ_\ekX^\le[[\eJXkqÙDpeXd\`jFfeXÈn`\[\i_fck%
;`\j\i JXkq \i_`\ck [liZ_ [`\ 9\XiY\`kle^ \`e\ \ogi\jj`m\ i_pk_d`jZ_\
Jkilbkli#[`\[`\m`jl\cc\Jkilbkli[\j=`cdjY\^c\`k\k%;\i=`cd^\_kmcc`^
`e[\i<i]X_ile^jn\ck\`e\jB`e[\jXl]%DpEXd\@jFfeXnXjE\cjfeËj]`eXc
Yi\Xbk_ifl^_ fe k_\ 8d\i`ZXe XmXek$^Xi[\ ]`cd jZ\e\% K_\ jfle[ Zfej`jkj f]
E\cjfeËj[Xl^_k\i#FfeX#i\g\Xk`e^k_\eXd\jf]k_\[Xpjf]k_\n\\bXe[f]_\i
jXp`e^ÈDpeXd\`jFfeX%ÉK_\cXkk\ig_iXj\`j\[`k\[`ekfXe\ogi\jj`m\i_pk_d`$
ZXcjkilZkli\k_XkXZZfdgXe`\jk_\m`jlXcjkilZkli\f]k_\]`cd#n_`Z_gcle^\j
`ekfk_\\og\i`\eZ\f]XZ_`c[%
K`d\9\`e^
JZ_n\[\e(00(
/Ë#(-dd#j&n#jkldd
I\^`\>lemfiE\cjfe
@ek%M\iki`\Y=`cd]fid
K`d\9\`e^`jk\`e\<i`ee\ile^XeE\cjfejDlkk\i%<ijZ_`c[\ik[XjJk\iY\e
`_i\iDlkk\ile[n`\[Xj9Xe[qn`jZ_\e`_e\eq\ijZ_e`kk\en`i[%;\d=`cd
^\c`e^k\jXl]Y\d\ib\ejn\ik\N\`j\#[`\9ilkXc`k€kle[[`\JZ_e_\`k[\j
C\Y\ejqlm\iY`e[\e%EXZ_[\dGifcf^]fc^\e[i\`J\hl\eq\e#[`\a\n\`cj
d`kjkXk`jZ_\e<`ejk\ccle^\e`_i\iDlkk\i`e\`e\dBiXeb\e_XljY\kkY\^`e$
e\e%D`ka\[\i8l]eX_d\e`ddk[`\<ek]\iele^qliDlkk\iql#n€_i\e[j`Z_
[`\BXd\iXe€_\iXl]E\cjfeqlY\n\^k%K`d\9\`e^`jXZfdd\dfiXk`fef]
E\cjfeËj dfk_\i% @k `j X [\g`Zk`fe f] _\i dfk_\i [p`e^ Xe[ f] _fn k_\ Yfe[
Y\kn\\ek_\d`jZlk%@k`jXi\dXibXYc\]`cd`e`kjXY`c`kpkfd\i^\k_\YilkXc`kp
Xe[Y\Xlkpf]c`]\%8]k\iXgifcf^l\]fccfnjXj\i`\jf]k_i\\j_fkj#\XZ_Y\^`ee`e^
`e jkXk`Z kXb\j f] _\i dfk_\i cp`e^ `e X Y\[ Xk X _fjg`kXc% =fi \XZ_ j_fk# k_\
[`jkXeZ\kfk_\dfk_\i`eZi\Xj\jXe[k_\ZXd\iXdfm\jZcfj\ikfnXi[jE\cjfe%
I\[J_`]k
JZ_n\[\e(0/+
,'Ë#(-dd#j&n#Kfe
I\^`\>lemfiE\cjfe
@ek%M\iki`\Y=`cd]fid
I\[ J_`]k# \`e\ [`Z_k\ <iq€_cle^ •Y\i =Xd`c`\eY\q`\_le^\e# `e [\e\e [`\
m\ijZ_`\[\e\e Ifcc\e mfe E\cjfej =Xd`c`\ [Xi^\jk\cck n\i[\e# ^\_ik ql
`_i\e d\`jkY\nle[\ik\e =`cd\e% ;\i =`cd m\id`jZ_k qn\` <iq€_cq\`k\e#
M\i^Xe^\e_\`k le[ >\^\enXik# le[ n\Z_j\ck qn`jZ_\e EX_Xl]eX_d\ le[
KfkXc\%E\cjfej;Xijk\ccle^mfe=Xd`c`\ec\Y\e`jk\_ic`Z_le[Xl]d\ibjXd
ql^c\`Z_le[q\`^k\`e\=•cc\^\d`jZ_k\i>\]•_c\mfe=i\l[\Y`jJfi^\%I\[
J_`]k`jfe\f]E\cjfeËjdfjkX[d`i\[]`cdj#X[\ej\eXiiXk`m\]`cdXYflk]Xd`cp
i\cXk`fej`en_`Z_k_\mXi`fljifc\jXi\gcXp\[Ypd\dY\ijf]_\i]Xd`cp%K_\]`cd
d\i^\j knf [`\^\k`Z k`d\j# Yfk_ gi\j\ek Xe[ gXjk# Xe[ Xck\ieXk\j Y\kn\\e
Zcfj\$lgj Xe[ cfe^ j_fkj% E\cjfeËj [\g`Zk`fe f] ]Xd`cp c`]\ `j Yfk_ ZXe[`[ Xe[
Zfej`[\iXk\# [`jgcXp`e^ Xe XdXc^XdXk`fe f] \dfk`fej iXe^`e^ ]ifd [\c`^_k kf
[`jki\jj%
(*) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
>lemfiE\cjfe
9 ` f ^ iX ] ` \ > l e m f i E \ c j f e 9 ` f ^ i X g _ p > l e m f i E \ c j f e
>lemfi >ile[\c E\cjfe nli[\ (0*( `e JkfZb_fcd ^\Yfi\e le[ nlZ_j `e
Bi`jk`e\_Xde Xl]% J`\ jkl[`\ik\ Xd Le`m\ij`kp :fcc\^\ f] 8ik# :iX]k Xe[
;\j`^e(0,'$,( jfn`\Xd9\ZbdXej:fcc\^\f];\j`^e(0,)$,* `eJkfZb$
_fcd%(0,*qf^j`\`e[`\LJ8#ld[fikXd?ldYfc[kJkXk\:fcc\^\(0,+$,. #
XdJXe=iXeZ`jZf8ikj@ejk`klk\(0,. le[XdD`ccj:fcc\^\`eFXbcXe[(0,.$
,/ qljkl[`\i\e%J`\jZ_cfjj`_iJkl[`ldd`k\`e\dDXjk\if]=`e\8ikj`e
DXc\i\`XY%8d@ejk`klkc\iek\j`\IfY\ikE\cjfeb\ee\e#[\ej`\(0,/_\`iX$
k\k\%@_i=`cd[\Y•k_Xkk\j`\(0--d`kJZ_d\\i^lekq#[\ej`\^\d\`ejXdd`k
;fifk_p N`c\p [i\_k\% E\cjfe lek\ii`Z_k\k\ (0-0$.' Xe [\i JXe =iXeZ`jZf
JkXk\Le`m\ij`kp#(0.'$0)XdJXe=iXeZ`jZf8ik@ejk`klk\%(00*qf^j`\qli•Zb
eXZ_ JZ_n\[\e% J`\ nli[\ d`k qX_ci\`Z_\e ^if\e Gi\`j\e le[ Jk`g\e[`\e
Xlj^\q\`Z_e\k# qlc\kqk d`k [\d >iXek 8nXi[ [\j Jn\[`j_ 8ikj >iXekj
:fdd`kk\\)''- %@_i\=`cd\nli[\e`e^if\eBlejkdlj\\en`\[\dDfD8
`eE\nPfible[[\dDf[\ieXDlj\\k`eJkfZb_fcdjfn`\`e:`e\dXk_\b\e`e
<lifgX le[ Efi[Xd\i`bX ^\q\`^k% )''/ nli[\ E\cjfe mfd Jn\[`j_ 8ikj
>iXekj:fdd`kk\\\`e\c\Y\ejcXe^\B•ejkc\ii\ek\^\n€_ik%
>lemfi>ile[\cE\cjfenXjYfie`e(0*(`eJkfZb_fcdXe[^i\nlg`eBi`jk`e\_Xde%
J_\ jkl[`\[ Xk k_\ Le`m\ij`kp :fcc\^\ f] 8ik# :iX]k Xe[ ;\j`^e (0,'$,( Xe[ Xk
9\ZbdXej:fcc\^\f];\j`^e(0,)$,* #Yfk_`eJkfZb_fcd%J_\dfm\[kfk_\LJ8`e
(0,*Xe[jkl[`\[Xk?ldYfc[kJkXk\:fcc\^\(0,+$,. #JXe=iXeZ`jZf8ikj@ejk`klk\
(0,. Xe[D`ccj:fcc\^\`eFXbcXe[(0,.$,/ %J_\^iX[lXk\[n`k_XeD=8`egX`ek`e^%
8kk_\@ejk`klk\j_\d\kIfY\ikE\cjfe#n_fdj_\dXii`\[`e(0,/%?\i]`cd[\Ylk
nXj JZ_d\\i^lekq `e (0--# Zf$dX[\ n`k_ ;fifk_p N`c\p% E\cjfe _\c[ k\XZ_`e^
gfj`k`fejXkJXe=iXeZ`jZfJkXk\Le`m\ij`kp(0-0$.'Xe[JXe=iXeZ`jZf8ik@ejk`klk\
(0.'$0)% J_\ dfm\[ YXZb kf Jn\[\e `e (00*% J_\ _Xj i\Z\`m\[ eld\iflj dXafi
XnXi[jXe[^iXekj#dfjki\Z\ekcpk_\Jn\[`j_8ikj>iXekj:fdd`kk\\Ëj>iXek8nXi[
)''- %?\i]`cdj_Xm\Y\\ejZi\\e\[XkdXafiXikdlj\ldj#jlZ_XjDfD8`eE\n
PfibXe[Df[\ieXDlj\\k`eJkfZb_fcd#Xe[`eZ`e\dXk_\hl\j`e<lifg\Xe[Efik_
8d\i`ZX%@e)''/E\cjfenXjXnXi[\[XeXik`jkÊjc`]\k`d\`eZfd\^lXiXek\\Ypk_\
Jn\[`j_8ikj>iXekj:fdd`kk\\%
= ` c d f ^ iX ] ` \ = ` c d f ^ i X g _ p
(0--
(0-.
(0-0
(0-0
(0.(
(0.)
(0.*
(0.*
(0.-
(0.0
(0/*
(0/+
(0/.
JZ_d\\i^lekqqljXdd\ed`kZfccXY%n`k_;fifk_pN`c\p
=f^GldXjqljXdd\ed`kZfccXY%n`k_;fifk_pN`c\p
B`ijXE`Z_fc`eX
DpEXd\@jFfeX
=`m\8ik`jkj9`ccYfYY`ccY`ccYfYqljXdd\ed`kZfccXY%n`k_;fifk_p
N`c\p
KXb\F]]
Fe\k_\JXd\qljXdd\ed`kZfccXY%n`k_=i\l[\9Xikc\kk
DffejGffc
Kifccjk\e\e
9\]fi\E\\[qljXdd\ed`kZfccXY%n`k_;fifk_pN`c\p
=iXd\C`e\
I\[J_`]k
C`^_kP\Xij
(0//
(0//
(00'
(00(
(00*
(00*
(00+
(00/
(000
)''(
)''*
)''-
)''-
C`^_kP\Xij<ogXe[`e^
=`\c[Jkl[p)
EXkliXc=\Xkli\j
K`d\9\`e^
Bi`jk`eXËj?XiYfi
Fc[;`^j
9\]fi\E\\[I\[i\jj\[qljXdd\ed`kZfccXY%n`k_;fifk_pN`c\p
Ki\\$C`e\
:fcc\Zk\[<m`[\eZ\1,)N\\bj@ejkXccXk`fe
Jefn[i`]kX%b%X%Jefnjkfid
KiXZ\<c\d\ekj
Kil\KfC`]\
E\n<m`[\eZ\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(**
=i \ [ Nf i [ \ e
: X e Ë k J k \ g Kn ` Z \ f e k _ \ J X d \ G ` \ Z \ f ] NX k \ i# J l i ] \ i j B e f n
mfeFcX]Dcc\i
=i\[Nfi[\e#j\`eJZ_X]]\em\in\`^\ikj`Z_c\`Z_k]\ik`^ \eM\ijZ_lYcX[le^\e#
>ilgg\e$#K\e[\eq$#Jk`c$Yqn%GiXo`jjlYjldd`\ile^\eÆ\j_XkM\iY`e[le^\e
d`k[`m\ij\e?Xlgkjkidle^\e[\iLJ$8mXek^Xi[\[\iEXZ_bi`\^jq\`k#^\_ik
XY\ic\kqk\e[c`Z_b\`e\iXe%N`ccjX^\e1<in`cce`Z_kgXjj\e#c€jjkj`Z_XlZ_
e`Z_kgXjj\e[dXZ_\e%BcXi#[X^`YkËj9\q•^\qlIfY\ikE\cjfele[GXkFËE\`cc#
j\`e\e;fq\ek\eXd:Xc8ikjÆ[`\j`e[XY\i#^iX[Xd8e]Xe^#^\ieXY^i\eq\e[$
`ife`jZ_\iEXkli2j`Z_\i#dXebXeeNfi[\eXcj\`e\eD\`jk\i[\jd\ki`jZ_\e
=`cd\dXZ_\ej[`jblk`\i\e#jg\q`\ccj\`e\G;$eX_\eN\ib\[\iD`kk$(0.'\iY`j
=i•_$/'\i1=`cd\Xl][\iJlZ_\eXZ_J\cYjk€_ec`Z_b\`k\e2^\n`jj\EX_m\i_€ck$
e`jj\c`\\ej`Z_XlZ_qliCpi`b[\i9cXZbDflekX`e$JZ_lc\eXZ_n\`j\ef[\i
qld`e[\jk_\ijk\cc\e#n€_i\e[Jli]blckli$:f^efjZ\ek``eEfik_J_fi\)''. m`\cc\`Z_k<`e]c•jj\[\iBlejk>\fi^\>i\\efl^_j]\jkdXZ_\en•i[\e#<Z_fj
Æ le[ ^c\`Z_\e d`k \oki\d\e N\`kn`eb\ce Xl]^\efdd\e\ ÙG`g\c`e\jÈ e`Z_k
;iXZ_\en\cc\e6%%% DXe bXee j`Z_ ^lk m\ic`\i\e `d Jg`\c d`k [\e M\inXe[k$
jZ_X]kjbfejkilbk`fe\e# 8eXcf^`\e# jf cXe^\# Y`j j`Z_ [`\ =`cd^\jZ_`Z_k\
[ Xijk\cckXcjXe^\j€^k\iGpk_X^fiXj$9Xldf[\i]c\Zb`^\iJ`\ig`e¡jb`$K\gg`Z_Æ
XlZ_e`Z_kjZ_c\Z_k#\`^\ekc`Z_%9\`j\`e\iY`jcXe^c\kqk\e8iY\`kbfddkNfi[\e
[Xee^c\`Z_j\cYjkd`k[\iI\]\i\eqXe#i\m\i\eq`\cc18ccDpC`]\)''0 _\`k#
n`\\i_\`k#n\`cj`Z_Nfi[\eY\`d8eYc`Zbj\`e\i_\iXeq`\_\e[\eN\kk\i]ifek
Xe[Xjjfee`^\;X_`eki\`Y\e[\iQ\`k`e9ilZ\9X`cc`\j^c\`Z_eXd`^\eD\`jk\i$
n\ibXlj[\dAX_i(0--\i`ee\ik]•_ck\%
Nfi[\ej\cYjklek\ik\`ckj\`eJZ_X]]\egiX^dXk`jZ_$^ifY`e[i\`BXk\^f$
i`\e1(%=`cd\#[`\jkXibd`k=c`Zb\i\c\d\ek\eXiY\`k\e#n`\\knX?\i\)'', f[\iN_\eNfic[j:fccl[\)''/ Æ\ij\cYjk^`Yk[\ejg€k\i\e;M$N\ib\e
[\eMfiql^^\^\e•Y\i[\e]i•_\i\e(-$dd$8iY\`k\e#[Xj`Z_[`^`kXcj\`e\j
<iXZ_k\ejeXZ_iX[`bXc\i\Qljg`kqle^\ei\Xc`j`\i\ecXjj\e#jfn`\[`\9`c[\i
`e\`eXe[\i]c`\\e2)%]c`Zb\i]i\`\XYjkiXbk\=`cd\n`\\knXÆ[\i^\d\`ejXd
d`k:_i`jCXe^[fejflm\i€eilek\i^\i`jj\e\ÆM\eljm`cc\(0.) f[\iK`d\Ëj
8iifn )''. 2 *% eXiiXk`m fi`\ek`\ik\ N\ib\# d\`jk d`k [fbld\ekXi`jZ_\i
9Xj`j# n`\ \knX M\e\k`Xe 9c`e[ (0.- f[\i ?fn k_\ ?\cc @ I`gg\[ AXZb
>fc[jk\`eÊjGX`ek`e^`ek_\<c\mXkfi(0/0 %>\d\`ejXd`jk[XY\`\`^\ekc`Z_ Xccj\`e\e=`cd\e1[Xjjj`\j`Z_ldQ\`kle[Æ[\i\eÆNX_ie\_dle^[i\_\e
Æ`eM\e\k`Xe9c`e[le[?fnk_\?\cc@I`gg\[AXZb>fc[jk\`eÊjGX`ek`e^`ek_\
<c\mXkfin`i[[Xi•Y\i[\eeXlZ_^Xeq[`i\bk`dF]]^\jgifZ_\e#K`d\Ëj8iifn
m\in\`jk`ej\`e\dÆ[\dYi`k`jZ_\e8jkifg_pj`b\i8ik_liJkXec\p<[[`e^kfe
^\[Xebk\eÆK`k\c^c\`Z_[XiXl]#\kZ%%%
NXjf]k^\el^•Y\iiXjZ_\e[cljk`^`jkÆ?ldfiXjjfq``\ikdXeaX[fZ_\_\i
j\ck\e d`k [\i LJ$=`cdXmXek^Xi[\# [`\ \`e\d f]k \knXj jXl\ikg]`jZ_# f[\i
qld`e[\jk Xe^\jki\e^k Y`j gfdgj j\i`j mfibfddk% >c\`Z_ `e M\eljm`cc\
Xd•j`\i\ej`Z_Nfi[\ele[CXe^[fe•Y\i[\e9`\i\iejk`_i\iBfdd`c`kfe\en`\
`_i\iXcc\iC\_i\i#Xcc\emfiXeFËE\`cc#[\jj\eFgk`jZ_\$9Xeb$M`iklfj\ekldle[
[\jj\eI\q\gk`fe1Qn\`c€jj`^Yi\`kle[jkfb\[bc`e^\e[\[l[\jbfdd\ek`\i\e
Xlj [\d F]] [Xj 9`c[# [Xj dXe ^iX[ j`\_k# \`e\ GXcd\ecXe[jZ_X]k `e gi`d€i
>i•e#>\cYle[9iXleÆle[n`\^\_\e[`\Y\`[\e[XXYY\`\Z_ka\[\iefZ_jf
d`e`dXc\e M\i€e[\ile^ `d 9`c[1 ;X n`i[ XlZ_ [\i c\kqk\ =clj\e le[ [\i
n`eq`^jk\ BiXkq\i j`eejk`]kle^jj`ee`^ bfdd\ek`\ik Æ le[ Xcj j`Z_ [Xee dXc
i`Z_k`^d€Z_k`^nXjklk`d9`c[#j`e[j`\bXldd\_iql_Xck\e2[XjXcc\jeXk•i$
c`Z_`dIX_d\e[\i^\Yfk\e\eZffce\jj%9\q\`Z_e\e[`jk#[XjjNfi[\ej\`e\e
N\Z_j\c mfe (- dd ql ;M d`k \`e\i M\eljm`cc\$MXi`Xk`fe `e`k`$# q\c`Yi`\ik\#
8dfe^jkk_\G\ijlX[\[)''+ 18lZ__`\ilek\i_Xck\ej`Z_qn\`Jk`dd\e•Y\i
[Xj#nXjdXe[X^iX[j`\_k#e€dc`Z_j\_in\e`^Æ\`e\eC`Z_kglebk`d;lebc\e$#
nXjj`Z_ql\`e\i;`jbljj`fe•Y\i\`e8o`fd[\jB`efjÆ[Xjj\j[`\N`ibc`Z_b\`k
qldÙM\in\Z_j\ceȀ_ec`Z_XYY`c[\ebXeeÆJk`Z_nfik1Cld`…i\$Ql^ÆXljn\`k\k#
nXjn`\[\ild[`\=iX^\d`kj`Z_Yi`e^k#n`\Ëj[\eeldlej\i\eN`ibc`Z_b\`kj$
j`ee Y\jk\cck `jk# n\ee ]fkfZ_\d`jZ_\ le[ [`^`kXc\ 9`c[\i jf f]]\ej`Z_kc`Z_
lek\ijZ_`\[c`Z_\<`^\ejZ_X]k\en`\DXZb\e_XY\e#nXjdXe^XeqjZ_ej`\_k#
n\ee gckqc`Z_ Xck\ Q•^\ Xlj [\i =`cd^\jZ_`Z_k\ `e Klee\c iXj\e le[ [`\
DXk\i`Xc`k€k[\i9`c[\ij`Z_Y\`k#=`cd`e[`^`kXcj`\_k_Xck`dd\i\`^\eXlj2
=`cdjq\e\Xlj=`cdjk`cc]ifdM\e\k`Xe9c`e[
=i\[Nfi[\e1_`jnfibi\j`jkjXepb`e[f]\Xjp#fm\i$_Xjkpg`^\fe_fc`e^`ei\X[p$
dX[\ZXk\^fi`\j#XepXkk\dgkkfZcXjj`]p`k`ek\idjf]^iflgj#ki\e[j#jkpc\jfi
giXZk`Z\jÆ`k_XjX]]`e`k`\jn`k_mXi`fljdXafidfm\d\ekj`ek_\LJXmXek$^Xi[\f]
k_\gfjk$nXi\iX#Ylklck`dXk\cp`k[f\jeÊkY\cfe^kfXepf]k_\d%N_`Z_Xcc^f\jkf
jXp1_\[f\jeÊknXekkf]`k`e#Xe[ZXeÊkY\dX[\kf\`k_\i%Jli\#k_\i\Xi\i\]\i\eZ\j
kfIfY\ikE\cjfeXe[GXkFÊE\`cc#_`jc\Zkli\ijXk:Xc8ikjÆYlkk_\pXi\#gXik`ZlcXicp
Xkk_\Y\^`ee`e^#f]k\ef]X[`jkXeZ`e^Xe[`ife`ZeXkli\2Z\ikX`ecp#Nfi[\eZXeY\
[`jZljj\[XjXdXjk\if]d\ki`Z]`cddXb`e^#\jg\Z`Xccp_`jG;$jkpc\nfibjf]k_\
d`[$(0.'jkf\Xicp(0/'j1]`cdjcffb`e^]fij\c]$j`d`cXi`k`\j2XZ\ikX`egifo`d`kpkf
k_\ cpi`Z`jd f] k_\ 9cXZb DflekX`e JZ_ffc ZXe Y\ gifm\e fi Xk c\Xjk ]XYi`ZXk\[#
n_`c\ Zf^efjZ\ek` f] jli] Zlckli\ nflc[ g\i_Xgj [`jZ\ie `e]cl\eZ\j f] >\fi^\
>i\\efl^_ÊjXik`eEfik_J_fi\)''. #\Z_f\jÆXe[[feÊkg`g\c`e\j]`cd\[n`k_
\oki\d\n`[\Xe^c\i\j\dYc\[iX^fenXm\j6¿@kËj\Xjpkfcfj\fe\j\c]gcXp`e^n`k_
ZfejkilZk\[ i\cXk`fej_`gj# XeXcf^`\j# lek`c ]`cd _`jkfip Xgg\Xij c`b\ X jXne$`ekf
Gpk_X^fiXjki\\fiXjgcfkZ_pJ`\ig`e¡jb`ZXig\kÆefkYX[\`k_\i#XZklXccp%@e_`jcXjk
nfibkf[Xk\#Nfi[\e_`dj\c]Xii`m\jn`k_k_\i\]\i\eZ\#i\m\i\ek`Xccp18ccDpC`]\
)''0 `jeXd\[Xj`k`jeXd\[Y\ZXlj\Nfi[\e#cffb`e^Xk`kjXggifXZ_`e^n\Xk_\i
]ifek#]\cki\d`e[\[f]k_\nXpk`d\[i`]kjjlee`cpYp`e9ilZ\9X`cc`\ÊjdXjk\ig`\Z\
f]k_\jXd\eXd\]ifd(0--%
Nfi[\e_`dj\c]#n`k_Xifl^_giX^dXk`jd#[`m`[\j_`jnfib`ekfk_i\\ZXk\^fi`\j1
(%]`cdjk_XkdXb\\ok\ej`m\lj\f]]c`Zb\i\c\d\ekj#jlZ_Xj?\i\)'', Xe[N_\e
Nfic[j:fccl[\)''/ Æ_\_`dj\c]gi\]\ijk_\cXk\i;Mnfibjkf_`j\Xicp(-ddfe\j#
Y\ZXlj\ `e _`j fg`e`fe dfi\ iX[`ZXc \dg_Xj\j Xi\ gfjj`Yc\ [`^`kXccp# k_\ nXp k_\
`dX^\j]cfn`ekf\XZ_fk_\i2)%]c`Zb\i$]i\\XYjkiXZk]`cdjjlZ_XjM\eljm`cc\(0.) Æ
dXjk\i]lccp n_`gg\[ f]] kf^\k_\i n`k_ :_i`j CXe^[fe Æ fi K`d\Êj 8iifn )''. 2
*%nfibjk\e[`e^kfk_\eXiiXk`m\#dfjkcpn`k_X[fZld\ekXipYXj`j#jlZ_XjM\e\k`Xe
9c`e[(0.- fi?fnk_\?\cc@I`gg\[AXZb>fc[jk\`eÊjGX`ek`e^`ek_\<c\mXkfi(0/0 %
N_Xk_`j]`cdjgiXZk`ZXccp Xcc_Xm\`eZfddfe`j1k_Xkk_\p_Xm\kf[fn`k_k`d\Xe[
Æ`kjÆg\iZ\gk`fe%@eM\e\k`Xe9c`e[Xe[?fnk_\?\cc@I`gg\[AXZb>fc[jk\`eÊjGX`ek`e^
`ek_\<c\mXkfi#`k`jkXcb\[XYflk[`i\Zkcpf]]$jZi\\e#K`d\Êj8iifni\]\ijkf`k`e`kjk`kc\
Æn_`Z_`kfn\jkfk_\9i`k`j_Xjkifg_pj`Z`jk8ik_liJkXec\p<[[`e^kfe$#\kZ%
8e[ k_`j# f]k\e \efl^_# `j jligi`j`e^cp ]leep Æ _ldfli `j efk i\Xccp f]k\e
XjjfZ`Xk\[n`k_k_\LJ]`cdXmXek$^Xi[\#n_`Z_]i\hl\ekcpj\\djjfd\n_XkZiXYYp#
fiXkc\Xjkj\i`flj`eXjkiX`e\[fi\m\egfdgfljnXp%<m\e`eM\eljm`cc\#Nfi[\e
Xe[CXe^[fe_Xm\XcXl^_Xkk_\[\X[cp\Xie\jkf]k_\`i]\ccfnjkl[\ekjXe[Xccf]
k_\`ik\XZ_\ij#\jg\Z`XccpFÊE\`cc#_`jfgk`ZXc$Y\eZ_m`iklfj`kpXe[`kji\Z\gk`fe1knf
ZXjlXccpjkfe\[Xe[jkfb\[jfle[`e^[l[\jdXb\f]]$jZi\\eZfdd\ekjXYflkk_\
g`Zkli\k_XkZXeY\j\\e#XgXcdcXe[jZXg\dfjkcp`e^i\\e#p\ccfnXe[YifneÆXe[
_fnk_\p^f`ekfiXgkli\jXYflk\m\ipZ_Xe^\`ek_\g`Zkli\#_fn\m\id`e`dXc2
d\Xe`e^`j]fle[`e\m\ipY`kf]]cl]]Xe[k_\k`e`\jkjZiXkZ_ÆXe[n_\ejfd\k_`e^
i\XccpY`^[f\j_Xgg\en`k_k_\g`Zkli\#k_\pZXejZXiZ\cpZfekifck_\dj\cm\j2Xcc
f]k_`j#f]Zflij\#n`k_`ek_\Yfle[jf]k_\dXe[XkfipZffce\jj%@k`jkpg`ZXck_Xk
Nfi[\e`e`k`Xk\[Xe[Z\c\YiXk\[_`jZ_Xe^\]ifd(-ddkf;Mn`k_XM\eljm`cc\
(*+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
=i\ [ Nf i [ \ e
m\ijk`\^\en`i[Ëj#n\ee[`\JgiXZ_\Xl]\`ei\c`^`j\jGifYc\dbfddk#e€dc`Z_1
Q\`k`e<n`^b\`kÆf]]\eYXibee\en`ilej\`e\^i\eq\ecfj\Q\`ke`Z_kmfijk\cc\e#
[Xlej\i\A\ej\`kjm`j`fe\emfcc^\gXZbkj`e[d`kK€k`^b\`k\e#[`\[\i>\^\e$
nXik\`e\i@[\\mfeQ\`kY\[•i]\e#n`\\knX?Xi]\jg`\c\e2`dAX_i(eXZ_[\i
LJ$^\]•_ik\e@emXj`fe[\j@iXbj[liZ_[`\ÙBfXc`k`fe[\iN`cc`^\eÈc\j\ej`Z_
>\[Xeb\ejg`\c\ le[ =iX^\e •Y\i [`\ >cXlYn•i[`^b\`k [\i 9`c[\i eXk•ic`Z_
_fZ_gfc`k`jZ_Æn`\n`ibc`Z_`jk[`\N\ck#[`\\`e\dd\[`Xcm\id`kk\ckn`i[dXe
\i`ee\i\j`Z_#Y\[\eb\1[\i:Xjlj9\cc`nXi\e[`\DMN#[`\[\i@iXb_\i^\jk\cck
_XY\ejfcc#`e=XYi`b\e#mfe[\e\e\jJXk\cc`k\eY`c[\i\kZ%^XY 6N_\eNfic[j
:fccl[\jZ_Xlkj`Z_m`\iAX_i\jg€k\in`\\`e=fik[\eb\e[`\j\iGifYc\dXk`b
Xe1 ;X m\ijlZ_k Nfi[\e# gfc`k`jZ_ Xl]^\cX[\e\ Yqn% bfeefk`\ik\ 9`c[\i le[
Ke\ Xcc\i8ik[liZ_\`e\glcj`\i\e[$]c`Zb\ie[\DfekX^\Xcc\i9\[\lkle^ql
\ekc\\i\eÆelild]\jkqljk\cc\e#[XjjdXej`\\`e]XZ_e`Z_kcfjn`i[#[`\j\
9\[\lkle^\e#[Xjj[`\9`c[\ibfie$Zldg`o\ck`\]`dgi€^e`\ikj`e[d`k[`\j\d
n`\ a\e\d >\[Xeb\e^lk2 mfi^\]•_ik n`i[ jf1 [Xjj ^\n`jj\gfc`k`jZ_\ Dfk`m\
d`kkc\in\`c\jf\knXjn`\LiY`c[\ilej\i\iBlcklij`e[%Le[[Xj`jk[Xee^Xi
e`Z_k d\_i bfd`jZ_# j\cYjk n\ee j`Z_ [\i I\Xc`j`\ile^j^\jklj ^\Y•_i\e[
`ife`jZ_^`YkÆ[`\<ib\eeke`jjZ_cXlZ_k#XlZ_fY[\jXi^\eN\^j[X_`e1;`\(*
D`elk\emfeN_\eNfic[j:fccl[\]•_c\ej`Z_#a\eXZ_KX^\j]fid#Xen`\Jkle[\e
f[\i^Xeq\C\Y\e%;XX_ekdXe[\eLi^ile[[\iD\cXeZ_fc`\`eK_\Fi:cfl[
)''( le[@]Fecp)''* %
=`cd\ mfe =i\[ Nfi[\e j`e[ f]k ^\el^ i\^\ci\Z_k g_pj`jZ_\ <i]X_ile^\e1
N\ee [X [`\ >i\eqY\i\`Z_\ [\i 9`c[\i Xlj^\cfk\k n\i[\e# [\i\e NX_ie\_d$
YXib\`k# n`i[ XlZ_ [Xj J\_$# M\iXiY\`kle^jm\id^\e [\j QljZ_Xl\ij `dd\i
n`\[\iXl]\`e\9\cXjkle^jgifY\^\jk\cck%;XY\`n`i[[XjDXk\i`Xcj\cYjk`dd\i
n`\[\iY`jXe[`\>i\eq\ej\`e\iD^c`Z_b\`k\e^\YiXZ_kÆf[\idXeZ_dXcXlZ_
\`e]XZ_•Y\iildg\ck#n`\\knX[\iGfj`k`m]`cd#[\ij`Z_Y\`d;i\_mfeEfn#Pfl
:Xe;f8epk_`e^(0.) XeE\^Xk`mdXk\i`XcjjkXkk`e[\iBXd\iXY\ ]Xe[%=•i
Nfi[\e# ele# j`e[ \j ^\eXl [`\j\ >i\eq$# dXeZ_dXc ^Xi 8l\eY\i\`Z_\ [\j
B`efj#j\`e\i8ggXiXkli\e#[`\`_e]Xjq`e`\i\e1a\e\Qfe\e#nf[XjB`efXl]_ik#
\`e\€l\i\N`ibc`Z_b\`kXY$Yqn%eXZ_qlY`c[\ele[Y\^`eek#8YY`c[\ij\`e\i
j\cYjk#j\`e\id\Z_Xe`jZ_\eYqn%[`^`kXc\eEXkliqlgif[lq`\i\e%Eli1BXee[Xj
B`ef9`c[\idXZ_\e#[`\]i\`j`e[mfeXcc\e9\[\lkle^\e6;\iLd^Xe^d`kBlejk
`elej\i\iBlckliki\`Yk[\e9\kiXZ_k\i[Xql#`dd\ieXZ_8eXcf^`\eql]fijZ_\e
Ænf[liZ_[XjB`efY`c[\^Xc`en\cZ_\iK\Z_efcf^`\qli9\[\lkle^m\i[Xddk
ql j\`e jZ_\`ek% Nf_`e \j Nfi[\e q`\_k `e j\`e\d JZ_X]]\e# \iX_ek dXe
m`\cc\`Z_k# n\ee dXe j`Z_ 8iY\`k\e j\`e\i :f$:i`jj$:ifjj\i XejZ_Xlk# :cXib
I`Z_\ikj lemfcc\e[\k\j >\d€c[\ :fcfi :f[\[ @jfd\ki`Z \knX# f[\i I`Z_Xi[
BXccn\`kjGcXjk`b=iXZkXc;`d\ej`fe#Y\`[\Xlj[\dAX_i(0.0#[XNfi[\ej\cYjk
\`e\jj\`e\id\ki`jZ_jk\eN\ib\mfcc\e[\k\#GXefm`j`fe(0./$.0 1_Xidfe`jZ_$
efe_`\iXiZ_`jZ_j`Z_`dIXldXljn\`k\e[\Jkilbkli\e%
;\j_XcY efZ_ \`edXc qli•Zb qli fY\e eXZ_mfccqf^\e\e <ekn`Zbcle^#
9\n\^le^mfeM\eljm`cc\_`eqlN_\eNfic[j:fccl[\1;`\nXij\_i^\iX[c`e`^#
le[XlZ_efZ_Z_ifefcf^`jZ_#nXj\`^\ekc`Z_[\dNfi[\eËjZ_\e>\`jk&J\_e\e
n`[\ijgi`Z_kÆHl\ic\jle^\ejZ_`\e\eXe^\d\jj\e\i#\`eJki\`]\e[liZ_[Xj
Älmi\#[Xj[\dG\e[\cejk`ccjkXe[jn€ikjmfeK`d\Ëj8iifn\ekjgi€Z_\#f[\i
[\eN`iY\cemfeK_\Fi:cfl[le[Efik_J_fi\%;Xeen`\[\ild1<`eCfe^YfXi[\i#
[\i \`e\d N\ib \`e\e j_fikYfXi[Xjjfq`Xk`fejd€Z_k`^\e K`k\c ^`Yk# n`cc [\e
`ee\i\eN`[\ijgilZ_Æle[jX^k?fnk_\?\cc@I`gg\[AXZb>fc[jk\`eÊjGX`ek`e^
`ek_\<c\mXkfie`Z_kmfej`Z_j\cYjk#\ij\`[\iM\ijlZ_#?\idXeD\cm`cc\jDfYp$
;`Zb2fi#K_\N_Xc\(/,( mfe_`ek\eeXZ_mfie\`%\%mfdJ`e^lc€i$Jg\q`]`jZ_\e
_`eqld8cc^\d\`e\eqlX[Xgk`\i\e6Le[[fZ__\`k\jÙ:Xccd\@j_dX\cÉjZ_fe
q`\dc`Z_]i•_`d=`cdnXj[Xd`kqlkle_XY\ebeek\#[Xjj\jj`Z_ld[\e
nX_ijZ_\`ec`Z_\`eq`^\eJXkq[\jIfdXej_Xe[\ck#[\en`ibc`Z_a\[\ib\eek %
;XjN`Z_k`^jk\`jk#j`Z_e`Z_kmfe`i^\e[n\cZ_\egXiX[`^d\e^c\`Z_\e8eeX_d\e
m\in`ii\eqlcXjj\e%F[\ild:_Xic\j;`Alc`fqlgXiXg_iXj`\i\e1A\[\jDljk\i
\ek_€ck#n\`cYiXlZ_k\`e_`\iXiZ_`jZ_\jDfd\ekÆdXedljj_Xckqlj\_\e#[Xjj
c\kqk\i\je`Z_k[`\FY\i_Xe[^\n`eek%
N`\[XjXljj\_\ebeek\#q\`^k?\i\1;X`jk[`\=`cd^\jZ_`Z_k\\`ejle[
jZ_`\i\>\^\enXik`d]i\e\k`jZ_\e<`eXe[\i$;liZ_[i`e^\e[\i9`c[\i#[\i\e
Æ f]k Xcc\`e gXik`\cc\e# jf Xcc\i_Xe[ jlii\Xc\ 8M$9`qXii\i`\e jZ_X]]\e[\e Æ
@e\`eXe[\i]c`\\e%;XjB`ef1\`e<i]X_ile^jiXljZ_%
FcX]Dcc\i
Bce\i%=\iife`jk%JZ_i\`Yk•Y\ile[q\`^k=`cd\%
mXi`Xk`fe#8dfe^jkk_\G\ijlX[\[)''+ 1_\i\#kff#knfmf`Z\jkXcbXYflkn_XkZXe
Y\ j\\e# eXd\cp m\ip c`kkc\ Æ X [fk f] c`^_k `e k_\ [Xibe\jj $# n_`Z_ c\X[j kf X
[`jZljj`feXYflkXeXo`fdf]Z`e\dXÆk_Xk`kZXe[\g`ZkXjg`kk`e^`dX^\f]i\Xc`kp
Æ\oXdgc\1k_\Cld`…i\jÊkiX`e$#n_`Z_k_\eiX`j\jk_\hl\jk`feXYflkflij\ej\f]
i\Xc`kp# n_\e g_fkf$Z_\d`ZXc Xe[ [`^`kXc `dX^\j jf fYm`fljcp _Xm\ [`]]\i\ek
Z_XiXZk\i`jk`Zj Xe[ ]Xlckj# n_`Z_ `j m\ip gcX`e kf j\\ n_\e fc[ kiX`ej ]ifd ]`cd
_`jkfipjl[[\ecpilj_`ekfklee\cjXe[k_\dXk\i`Xc`kpf]k_\`dX^\jZcXj_\j2]`cd
`e[`^`kXcj`dgcpXcnXpjcffbjjkiXe^\%@kXcc^f\jfm\ik_\kfgn_\ek_\kXcb`e^
kliejkfXi\c`^`fljgifYc\d1k`d\`e[\]`e`k\ÆfYm`fljcpn\ZXeËk`dX^`e\c`d`kc\jj
k`d\#Xjflim`j`fejf]k_\_\i\X]k\iXi\]`cc\[n`k_XZk`m`k`\jk_Xke\\[k_\gi\j\eZ\
f]Xe`[\Xf]k`d\#jlZ_XjgcXp`e^X_Xig2`eP\Xi(X]k\ik_\LJ$c\[`emXj`fef]@iXh
Ypk_\È:fXc`k`fef]k_\N`cc`e^É#`ek\cc\ZklXc^Xd\jXe[hl\jk`fe`e^k_\Zi\[`Y`c`kp
f]g`Zkli\jj\\dm\ipgfc`k`ZXcÆ_fni\Xc`jk_\nfic[k_Xk`jZfem\p\[kfljm`X
d\[`X i\d\dY\i Xe[ Zfej`[\i1 k_\ ZXjlj Y\cc` n\i\ k_\ ND; k_Xk @iXh nXj
jlggfj\[kf_Xm\dXel]XZkli\[`e]XZkfi`\j#f]n_`Z_k_\i\n\i\jXk\cc`k\`dX^\j#
\kZ% 6 =fli p\Xij cXk\i# N_\e Nfic[j :fccl[\ cffbj c`b\ X Zfek`elXk`fe f] k_\j\
gifYc\dXk`Zj1 _\i\# Nfi[\e ki`\j kf \dgkp Xcc b`e[j f] gfc`k`ZXccp Z_Xi^\[ fi
Zfeefk\[ `dX^\j Xe[ jfle[j f] k_\`i d\Xe`e^ lj`e^ X glcjXk`e^# ]c`Zb\i`e^
k\Z_e`hl\ f] \[`k`e^ Æ fecp kf [`jZfm\i k_Xk k_\p j`dgcp nfeËk [`jXgg\Xi# k_\j\
d\Xe`e^j#k_Xkk_\`dX^\jXi\`dgi\^eXk\[^iX`e$fig`o\c$[\\gn`k_k_`jfik_Xk
d`e[j\k%K_`j[\dfejkiXk\jk_XkZ\ikX`egfc`k`ZXcdfk`]j_Xm\efn`eXnXpY\Zfd\
k_\XiZ_\kpg\jf]fliZlckli\%8e[k_Xk`jefk]leepXkXccXepdfi\#\m\e`]k_\
dXee\if]gi\j\ekXk`fe`jjl`kXYcp`ife`ZÆi\Xc`jXk`fe`jXk`i`e^gifZ\jj#gXikcp
Y\ZXlj\f]k_\[`]]`ZlckgXk_kfi\XZ_`e^`k1[\g\e[`e^fefe\Ëj]iXd\f]d`e[#k_\
(*d`elk\jf]N_\eNfic[j:fccl[\]\\cc`b\_flijfi\ek`i\c`]\k`d\j%Fe\j\ej\jk_\
jfliZ\f]d\cXeZ_fcp`eK_\Fi:cfl[)''( Xe[@]Fecp)''* %
=`cdjYp=i\[Nfi[\eXi\f]k\e\efl^_XZklXcg_pj`ZXc\og\i`\eZ\j1n_\ek_\
Yfi[\i Xi\Xj f] k_\ `dX^\j Xi\ \ogcfi\[# k_\`i g\iZ\gk`Y`c`kp# k_\ m`jlXc Xe[
gifZ\jj`e^ZXgXZ`k`\jf]k_\m`\n\ijXi\jlYa\Zk\[kfZfejkXekk\jkjf]jkXd`eX%8k
k_\jXd\k`d\#k_\dXk\i`Xc`kj\c]`jZfek`elXccpkXb\ekfk_\c`d`kjf]`kjgfjj`Y`c`k`\j
Æfijfd\k`d\jj`dgcpkXb\eYpjligi`j\#jlZ_Xjk_\gfj`k`m\]`cdk_XknXj`ek_\
ZXd\iX`ejk\X[f]e\^Xk`m\dXk\i`Xcn_`c\]`cd`e^Efn#Pfl:Xe;f8epk_`e^(0.) %
=fiNfi[\e#`k`jgi\Z`j\cpk_\j\Yfi[\iXi\Xj#fijfd\k`d\j\m\eXi\Xjflkj`[\f]
Z`e\dXXe[`kj[\m`Z\j#k_Xk]XjZ`eXk\_`d1k_\qfe\jn_\i\Z`e\dXjkfgj[\g`Zk`e^
fi `d`kXk`e^ Xe \ok\ieXc i\Xc`kp Xe[ jkXikj gif[lZ`e^ [\g`Zk`fej f] `kj\c]# f] `kj
d\Z_Xe`ZXcfi[`^`kXcZ_XiXZk\i%9lk1ZXeZ`e\dXdXb\`dX^\jk_XkXi\]i\\f]Xcc
d\Xe`e^6K_\Xkk`kl[\kfXik`efliZlckli\XcnXpj]fiZ\jk_\m`\n\ikfj\XiZ_]fi
XeXcf^`\j Æ n_`Z_ j\\dj kf Zfe[\de k_\ Z`e\dX `dX^\ kf _Xm`e^ X d\Xe`e^#
n_Xk\m\i k\Z_efcf^p `j lj\[% N_Xk Nfi[\e `j k\e[`e^ kfnXi[j `e _`j nfib ZXe
g\i_Xgj Y\ jlid`j\[ n_\e fe\ cffbj Xk nfibj f] _`j Zf$:i`jj$:ifjj\ij1 :cXib
I`Z_\ikËj le]`e`j_\[ gX`ek`e^ :fcfi :f[\[ @jfd\ki`Z ]fi \oXdgc\# fi I`Z_Xi[
BXccn\`kËjjZlcgkli\=iXZkXc;`d\ej`fe#Yfk_dX[\`e(0.0#k_\p\XiNfi[\e_`dj\c]
]`e`j_\[fe\f]_`jdfjkd\ki`Znfibj#GXefm`j`fe(0./$.0 1jkilZkli\jjgi\X[`e^
flk`ejgXZ\_Xidfe`ZXccpXe[efe$_`\iXiZ_`ZXccp%
Jfc\kËj^fYXZbfeZ\dfi\kfk_\[\m\cfgd\ek#dfm\d\ek#kiXZ\[XYfm\]ifd
M\eljm`cc\kfN_\eNfic[j:fccl[\1`knXj`eXm\ipjkiX`^_kc`e\#Xe[\m\eZ_ifefcf^`ZXc
kfYffk#n_`Z_i\XccpilejZflek\ikfk_\Nfi[\ejg`i`k&Xjg`iXk`feÆZifjjn`j\i\X[`e^j
nflc[j\\ddfi\Xggifgi`Xk\#XifXdk_ifl^__`jÅlmi\kfdXkZ_k_\fjZ`ccXk`fej
dfm`e^kfnXi[jXjkXk\f]jkXj`j`eK`d\Ëj8iifn#fik_\kliYlc\eZ\f]K_\Fi:cfl[Xe[
Efik_J_fi\%K_\eX^X`e1Xcfe^YfXi[\in_f^`m\jXnfibXk`kc\k_XkiX`j\jj_fik$
YfXi[`e^XjjfZ`Xk`fejnXekj`ee\iZfekiX[`Zk`feÆXe[[f\jeÊk?fnk_\?\cc@I`gg\[
AXZb>fc[jk\`eÊjGX`ek`e^`ek_\<c\mXkfijXpf]`kj\c]k_Xk`k`jk_\Xkk\dgkkfX[Xgk
?\idXeD\cm`cc\ËjDfYp$;`Zb2fi#K_\N_Xc\(/,( `ei\m\ij\#`%\%]ifdk_\j`e^lcXiXe[
jg\Z`]`Zkfk_\^\e\iXc68e[p\kÈ:Xccd\@j_dX\cÉfZZlijgi\kkp\Xicpfe`ek_\]`cd
n_`Z_Zflc[_Xm\kf[fn`k_k_\]XZkk_Xkk_`j`jgifYXYcpk_\fecpj\ek\eZ\f]k_\
efm\ck_Xki\Xccp\m\ipfe\befnj %K_\dfjk`dgfikXekk_`e^`jefkkfc\kfe\j\c]Y\
Zfe]lj\[ Yp jfd\ gXiX[`^d$c`b\ jlggfj`k`fej fi fk_\i% Fi# kf gXiXg_iXj\ :_Xic\j
;`Alc`f1\m\ipgXkk\ieZfekX`ejX_`\iXiZ_`ZXc\c\d\ek#Y\ZXlj\`ke\\[jfe\Æpfl
aljk_Xm\kfnXkZ_flkk_Xkk_`j[f\jeËkkXb\k_\lgg\i_Xe[%
8e[n_Xkk_XkZflc[cffbc`b\`jj_fneYp?\i\1_\i\#Xik_`jkfip`jfe\Xe[j_\\i
gi\j\eZ\`ek_\]i\e\k`Z`ek\ig\e\kiXk`fef]k_\`dX^\j#k_\`id\i^`e^Æn_`Z_#f]$
k\ealjkgXik`Xc#Zi\Xk\jXccjfikjf]jlii\Xc8MY`qXii\i`\j%:`e\dX1Xe\ZjkXjpf]
\og\i`\eZ\%
C`m\j`e:fcf^e\%=\iife`Xe%Ni`k\jfeXe[j_fnj]`cdj%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(*,
=i \ [ Nf i [ \ e
Gif^iXdd(
JXdjkX^(%,%('#(.1''L_i#>cfi`X
Efn#Pfl:Xe;f8epk_`e^
LJ8(0.)
-Ë#(-dd#=XiY\#Kfe
\`e=`cdmfe=i\[Nfi[\e#:_i`j
CXe^[fe
?fe`^Ycfe[\ale^\CXk\$-'j$=iXl\eXdJkiXe[ÆJli]ÊjLg;Xjj[`\D€ee\i
[Xe\Y\e efZ_ \`e Y`jjZ_\e Yc[\i n`ib\e Xcj •Yc`Z_# mfi Xcc\d# n\ee j`\
m\ijlZ_\e# Xlj \`e\d KXlZ_Xeql^ iXljqlbfdd\e1 ^\jZ_\ebk% >\[i\_k
[`i\bkXl]Gfj`k`mdXk\i`Xc%?fe\p$Ycfe[\#pfle^#cXk\$-'jnfd\eXkk_\Y\XZ_
Æjli]ËjlgK_\]XZkk_Xkk_\d\ecffbXc`kkc\dfi\jklg`[k_XeljlXce\okkfk_\d#
\jg\Z`Xccpn_\ek_\pkipkf^\kflkf]Xn\kjl`k1k_Xk^f\jn`k_flkjXp`e^%=`cd\[
[`i\Zkcpfegfj`k`m\dXk\i`Xc%
K_ifYj
Q`iblj$# M\i^e•^le^jgXib$ le[ 8lkfbXiXdYfcX^\Y`c[\i n\i[\e d`k [\i
f gk`jZ_\e 9Xeb ql `dd\i [`Z_k\i\e n`\ bfdgc\o\i ^\jZ_`Z_k\k\e 9`c[$
Zcljk\ie m\iXiY\`k\k Æ Y`j \j jZ_\gg\ik% @dX^\j f] k_\ Z`iZlj# Xdlj\d\ek
gXibXe[ZXig`c\$lgjXi\klie\[`ekfdfi\Xe[dfi\[\ej\Xe[Zfdgc\oZcljk\ij
lj`e^k_\fgk`ZXcY\eZ_Ælek`ck_`e^jXi\i\XccpildYc`e^%
LJ8(0.)
('Ë#(-dd#=XiY\#Kfe
\`e=`cdmfe=i\[Nfi[\e
GXefm`j`fe
8l][\iJlZ_\eXZ_J\cYjk€_ec`Z_b\`k\ele[JbXc\e`emXi`Xeq\e#^\c\`k\kmfe
9\efŠk DXe[\cYifk le[ NXZXn J`\ig`e¡jb`% F[\i ld Nfi[\e ql q`k`\i\e1
Ù8]`\c[$fi`\ek\[#efe$_`\iXiZ_`Xc[`jki`Ylk`fef]`e]fidXk`feXZifjjk`d\#
n_`Z_X`djkfnXi[jX[`jg\ij\[#iX[`Xk\[Xkk\ek`fe`em`\n`e^%ÉCffb`e^]fi
j\c]$j`d`cXi`k`\jXe[jZXc\`emXi`XeZ\j#le[\ik_\^l`[XeZ\f]9\efŠkDXe[\cYifk
Xe[ NXZXn J`\ig`e¡jb`% Fi# kf hlfk\ Nfi[\e1 È8 ]`\c[$fi`\ek\[# efe$_`\iXiZ_`Xc
[`jki`Ylk`fef]`e]fidXk`feXZifjjk`d\#n_`Z_X`djkfnXi[jX[`jg\ij\[#iX[`Xk\[
Xkk\ek`fe`em`\n`e^%É
LJ8(0./$.0
/Ë#(-dd#=XiY\#jkldd
\`e=`cdmfe=i\[Nfi[\e
M\e\k`Xe9c`e[
9`c[\imfd9Xl\`e\jN`e[iX[\jY\^c\`k\kmfe\`e\dK\ok#[\i[XjD\kX$
g_fi`jZ_\`e[`\j\i8iY\`kn`\[`\j\e8bkXcjjfcZ_\e_\imfiqlYi`e^\en\`%
G`Zkli\jf]k_\ZfejkilZk`fef]Xn`e[kliY`e\#XZZfdgXe`\[YpXk\okk_Xk`jXYc\
kfi\e[\ikXe^`Yc\k_\d\kXg_fi`ZXcXjg\Zkf]k_`jnfibXe[k_\XZkXjjlZ_%
LJ8(0.((Ë#(-dd#=XiY\#Kfe
\`e=`cdmfe=i\[Nfi[\e
K\okAf_e=\ie`\
@ekif[lZk`fekfk_\J\Zi\kJfZ`\kp
LJ8(00)
0Ë#(-dd#=XiY\le[j&n#Kfe
\`e=`cdmfe=i\[Nfi[\e
Mfe[\iDXjj\#[\eD\ejZ_\e[Xi`e#[\i\e>\j`Z_k\ie%B\`eGfikiX`k#b\`e\
9\n\^le^j$ Jkl[`\Æ\knXj8e[\i\jn`i[j`Z_kYXi %8Yflkk_\dXjj\j#k_\
g\fgc\`ek_\d#k_\`i]XZ\j%EfkXgfikiX`k#efkXdfm\d\ek jkl[pÆjfd\k_`e^
\cj\Y\Zfd\jm`j`Yc\ %
(*- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
=i\ [ Nf i [ \ e
K_\Fi:cfl[
LJ8)''(
.Ë#(-dd#j&n#jkldd
\`e=`cdmfe=i\[Nfi[\e
Kfj\e[\ N`iY\c# [`\ n`ib\e n`\ d`k [\d Bf_c\jk`]k ]i\e\k`jZ_ ql GXg`\i
^\nfi]\e Æ jf bfdd\e JZ_n`e^le^\e `e [`\ N\ck# n\cZ_\ lej Kifjk ql
jg\e[\em\id^\e%<`e\?fddX^\XlZ_XeI`cb\#[\jj\e;l`e\j\i<c\^`\e%
IX^`e^jn`icjk_XkcffbXj`]k_\p_Xm\Y\\e[Xj_\[[fnefegXg\in`k_Xg`\Z\f]
Z_XiZfXcÆk_`j`j_fnm`YiXk`fejZfd\`ekfk_\nfic[k_XkZXe^`m\ljZfd]fik%
8cjfX_fdX^\kfI`cb\#_`j;l`e\j\<c\^`\j%
?fnk_\?\cc@I`gg\[AXZb>fc[jk\`eËjGX`ek`e^`ek_\<c\mXkfi
LJ8(0/0
)*Ë#(-dd#j&n#Kfe
\`e=`cdmfe=i\[Nfi[\e
<`e\9\^\Y\e_\`kXljNfi[\ejQ\`kXcjBlejkjg\[`k\li#\iq€_ckXcjM\ijlZ_
\`e\i`em\ik`\ik\e8[Xgk`femfe?\idXeD\cm`cc\jDfYp$;`Zb2fi#K_\N_Xc\
(/,( ÆXcjfmfd<e[\_`eqld8e]Xe^%Ù:Xccd\@j_dX\cÉ_\`k\j[\eefZ_
_`ek\i]fkq`^]i•_`d=`cd%8e\m\ek]ifdNfi[\eËjk`d\XjXeXik_Xlc`\i#kfc[Xj
XeXkk\dgkXkXi\m\ij\[X[XgkXk`fef]?\idXeD\cm`cc\ËjDfYp$;`Zb2fi#K_\N_Xc\
(/,( Æ`%\%#]ifdk_\\e[kfk_\Y\^`ee`e^%;\jg`k\k_`j#È:Xccd\@j_dX\cÉZfd\j
je\Xb`cp\Xicpfe`ek_\]`cd%
@]Fecp
LJ8)''*
.Ë#(-dd#j&n#jkldd
\`e=`cdmfe=i\[Nfi[\e
Gif^iXdd)
Nfi[\ej c\kqk\i =`cd Xl] (- dd1 IX[`bXc$jZ_Xi]\ BfekiXjk\# i\`e\ Ile[$
]fid\e#Y\Y\e[#[`\dXcXeCZ_\i\i`ee\ie#[XeeXeE`\i\e#?`ie\%%%>\]\`\ik
n`i[_`\i1\`e\D^c`Z_b\`k[\i|Y\in`e[le^[\i^\[\lk\k\eN\ck%Nfi[\eËj
cXjk]`cdfe(-dd1iX[`ZXc#j_XigZfekiXjkj#gli\ifle[]fidj#glcjXk`e^#n_`Z_
jfd\k`d\j i\ZXcc _fc\j# k_\e b`[e\pj# YiX`ej %%% ?\i\# n_Xk `j Z\c\YiXk\[ `j1 X
gfjj`Y`c`kp]fifm\iZfd`e^k_\`ek\igi\k\[nfic[%
DfekX^*%,%('#()1*'L_i#C`Z_kYli^
Efik_J_fi\
LJ8)''.
((Ë#;M#=XiY\#jkldd
\`eM`[\fmfe=i\[Nfi[\e
Cfe^YfXi[\i =i\[ Nfi[\e \in\`jk [\e N`ek\in\cc\e mfi FÊX_l j\`e\
I\m\i\eq1 NX_ijZ_\`ec`Z_ j`\_kÊj jf `e \`e\d Xlj# n\ee \`e\e [`\ Lek\i$
jkid\YjÊ`e[\iDXe^\c_XY\e#[`\Cl]k`dd\ibeXgg\in`i[le[\`e\8ik
Kf[\j\lg_fi`\\`eqlj\kq\eY\^`eekÆle[[XeeCl]k%Cfe^YfXi[\i=i\[Nfi$
[\egXpj_`ji\jg\Zkjkfk_\n`ek\inXm\jf]]FËX_l1k_`j`jgifYXYcpn_Xk`k]\\cj
c`b\n_\epflXi\ZXl^_kYpXeXjkple[\ikfn#X`ijkXikj^\kk`e^j_fikXe[Xb`e[
f][\Xk_\lg_fi`Xj\kj`eÆXe[k_\eX`i%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(*.
=i \ [ Nf i [ \ e
8dfe^jkk_\G\ijlX[\[
LJ8)''+
)*Ë#;M#=XiY\#Kfe
\`eM`[\fmfe=i\[Nfi[\e
Df[\iXkfiZ`e\dXkf^iXg_`Zlj=i`[\i`ZljNfi[\ee`ddk8YjZ_`\[mfe\`e\i
m\i^Xe^\e\e <gfZ_\ le[ K\Z_efcf^`\# `e[\d \i j`Z_ d`k [\e
<`^\ek•dc`Z_b\`k\e \`e\i e\l\e le[ `_i\i N\ck Y\jZ_€]k`^k% F[\i1 ;\i
M
\iYc\e[\k\ `e lej `jk `dd\i \`e 8e[\i\i# le[ dXeZ_dXc ^`Yk \i jf^Xi
N`[\infik\%Df[\iXkfiZ`e\dXkf^iXg_`Zlj=i`[\i`ZljNfi[\eY`[j]Xi\n\cckfX
gXjk\gfZ_Xe[k\Z_efcf^pYp\e^X^`e^n`k_k_\Z_XiXZk\i`jk`Zjf]Xe\nfe\Xe[
`kjnfic[%Fi1k_\fe\`ek_\[Xibn`k_`elj`jXcnXpjXeFk_\i#Xe[jfd\k`d\_\
\m\ekXcbjYXZb%
N_\eNfic[j:fccl[\
LJ8)''/
(*Ë#;M#=XiY\#Kfe
\`eM`[\fmfe=i\[Nfi[\e
<`e M\ijlZ_ `e N`[\iYfijk`^b\`k1 Gfc`k`jZ_ Xl]^\cX[\e\ Yqn% bfeefk`\ik\
9`c[\ile[Ke\Xcc\i8ikn\i[\ejfiXj\e[`e\`eXe[\i^\d`jZ_k#[XjjdXe
d\`e\e jfcck\# j`\ n•i[\e `i^\e[nXee Xcc\ 9\[\lkle^ m\ic`\i\e Æ kle j`\
XY\i e`Z_k% I\Xc`k\i1 dXZ_k [`\ 9\jZ_c\le`^le^ eli bcXi# n`\ bfie$Zld
g`o\ck`\]d`k@[\\ej`\`dgi€^e`\ikj`e[%@eXcc[\d1<`eBfdd\ekXiqli]fik$
[Xl\ie[\e>\^\enXik[\igXiXef`[gfc`k`Zj%8e\og\i`d\ek`ei\Y\cc`flje\jj1
gfc`k`ZXccpZ_Xi^\[fiZfeefk\[`dX^\jXe[jfle[jf]Xccb`e[jXi\d`o\[lgjf
dX[cpk_Xk`kZflc[Y\`dX^`e\[k_Xkk_\pnflc[cfj\Xccd\Xe`e^Xkjfd\jkX^\
Æ Ylk k_\p [feËk% @e i\Xc`kp1 k_\ XZZ\c\iXk`fe fecp dXb\j `k Zc\Xi _fn ^iX`e$ fi
g`o\c$[\\gk_\pXi\`dgi\^eXk\[n`k_`[\Xj%@eXdfe^Xccf]k_`j1XZfdd\ekXip
fek_\Zfek`el\[gi\j\eZ\f]gXiXef`[gfc`k`Zj%
K`d\Ëj8iifn
LJ8)''.
((Ë#;M#=XiY\#Kfe
\`eM`[\fmfe=i\[Nfi[\e
;\iYi`k`jZ_\8jkifg_pj`b\i8ik_liJkXec\p<[[`e^kfeY\jZ_i`\Y[`\Q\`kXcj
\`e\<`eYX_ejkiX\qlble]kjn€ikj%8l][\i8lkfYX_ed`k=i\[Nfi[\ejk\cck
j`Z_ [Xj \knXj Xe[\ij [Xi1 9\n\^le^\e mfi$ n`\ i•Zbn€ikj n\i[\e `d
9`c[\i]cljj `i^\e[nXee le[liZ_jZ_XlYXi Æ \`e iXj\e[\i Jk`ccjkXe[# mfcc\i
>\j`Z_k\imfeD\ejZ_\e#[\e\edXee`\dXcjXe[\ijY\^\^e\en`i[Xcjjf
`dMfi•Y\iq`\_\e%K_\9i`k`j_Xjkifg_pj`Z`jk8ik_liJkXec\p<[[`e^kfe[\jZi`Y\[
k`d\XjXfe\$nXpjki\\kkfnXi[jk_\]lkli\%K_`jcffbjXc`kkc\[`]]\i\ekfek_\
dfkfinXp n`k_ =i\[ Nfi[\e1 `e k_\ ]cfn f] `dX^\j# dfm\d\ekj ]finXi[j Xe[
YXZbnXi[j Y\Zfd\ `e[\Z`g_\iXYc\ Æ X ilj_`e^ jkXe[jk`cc# ]lcc f] k_\ ]XZ\j f]
g\fgc\n_fdfe\n`cce\m\id\\k\oZ\gkc`b\k_`j#`egXjj`e^%
?\i\
LJ8)'',
((Ë#;M#=XiY\#Kfe
\`eM`[\fmfe=i\[Nfi[\e
Qld jXe]k\e JZ_Xlb\ce [\i Bc€e^\ mfe MXjj`c`j KjXYifgflcfj ]c`\\e
Dfd\ek\XljCXli\eZ\Fc`m`\ijK_\:_ife`Zc\?`jkfipf]B`e^?\eipk_\=`]k
n`k_?`j9Xkk\cc=fl^_kXk8^`eZflik`e=iXeZ\(0++ le[>\fi^\jD„c`…jÊC\
MfpX^\[XejcXcle\(0') `e\`eXe[\iÆjfY\^`eekÊj%<`e\D\[`kXk`fe•Y\i
[`\ ^Xeq \`^\e\ Q\`kcfj`^b\`k [\j B`efj % Kf k_\ ^\ekc\ ifZb`e^ jfle[j f]
MXjj`c`jKjXYifgflcfj#dfd\ekj]ifdCXli\eZ\Fc`m`\iËjK_\:_ife`Zc\?`jkfipf]
B`e^?\eipk_\=`]kn`k_?`j9Xkk\cc=fl^_kXk8^`eZflik`e=iXeZ\(0++ Xe[>\fi^\j
D„c`…jÊC\MfpX^\[XejcXcle\(0') d\i^\`ekffe\Xefk_\iÆk_XkËj_fn`kXcc
Y\^`ej%8d\[`kXk`fefek`d\c\jje\jjf]Z`e\dX %
K_\8]k\iC`]\M`Zkfi`XËjJ\Zi\kM\ij`fe
LJ8)''.
(,Ë#;M#=XiY\#Kfe
\`eM`[\fmfe=i\[Nfi[\e
9\fYXZ_kle^\e`e\`e\d<`ebXl]jq\ekild%<ek]i\d[\k\i<ifjqld@ejk`ebk
m\ibfdd\e\iBfejldcljkÆXe[\i\n•i[\e\jm`\cc\`Z_k\`e]XZ_<`ejXdb\`k
e\ee\e% ;\i BXl]k\dg\c Xcj Y\nf_ek$]i\d[\i GcXe\k% FYj\imXk`fej `e X
j_fgg`e^Z\eki\%K_\Xc`\eXk\[<ifjf]X[\j`i\kfZfejld\k_Xk_Xj[\^\e\iXk\[
`ekf Xe `ejk`eZk Æ jfd\ nflc[ g\i_Xgj j`dgcp ZXcc `k cfe\c`e\jj% K_\ j_fgg`e^
Z\eki\XjXe`e_XY`k\[#Xc`\egcXe\k%
(*/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
=i\ [ Nf i [ \ e
9 ` f ^ i X ] ` \ 9 ` f ^ i X g _ p
=i\[\i`Z>% Nfi[\enli[\Xd)*%(%(0+-`eE\nPfibEP ^\Yfi\e%J\`e\e
98 `e \e^c`jZ_\i C`k\iXkli^\jZ_`Z_k\ dXZ_k\ \i (0.( Xd :fcfiX[f :fcc\^\#
:fcfiX[fJg^j%:F #qn\`AX_i\[XiXl]]fc^k\\`eD=8Xd:Xc`]fie`X@ejk`klk\
f] k_\ 8ikj# MXc\eZ`X :8 # JZ_n\iglebk =`cd\dXZ_\e% J\`e\ \ijk\e =`cd\
i\Xc`j`\ik\ Nfi[\e n€_i\e[ [\j Jkl[`ldj Xd :Xc8ikj# [Xmfe qn\` Xcj
>\d\`ejZ_X]kjXiY\`k\ed`k:_i`jCXe^[fe%Nfi[\ej^\jXdk\jJZ_X]]\eY`j
)''*\ekjkXe[Xl](-ddÆj\`k_\iXiY\`k\k\iXljjZ_c`\c`Z_Xl];M%E\Y\e
j\`e\i 8iY\`k Xcj =`cd\dXZ_\i nXi =i\[ Nfi[\e Xl\i[\d1 (0.+$/'
i\[Xbk`fe\cc d`km\iXeknfikc`Z_ ]•i :i`jj$:ifjj 8ik :fddle`ZXk`fej# \`e
8mXek^Xi[\$BlejkdX^Xq`e# [Xj mfe [\i G;$eX_\e B•ejkc\ibffg\iXk`m\
:i`jj$:ifjj_\iXlj^\^\Y\enli[\ql:i`jj$:ifjjYqn%[\jj\eÆn\`k\i\dÆ
Ld]\c[^\_ik\el%X%[`\B•ejkc\i:cXibI`Z_\ik#I`Z_Xi[BXccn\`k#:_Xic\j
;`Alc`f# DXipc`e E\cjfe# :iX`^ =lcc\i# >\fi^\ Nff[dXe le[ <c`jXY\k_
?lkZ_`ejfe# [`\ =`cd\dXZ_\i Blik Bi\e# JkXe 9iXb_X^\ le[ 9ilZ\ :fee\i
jfn`\ [`\ JZ_i`]kjk\cc\i <[nXi[ ;fie le[ IfY\ik :i\\c\p 2 (0./$.0;fq\ek
]•i =`cd^\jkXckle^ Xe [\i Le`m\ij`kp f] :fcfiX[f# 9flc[\i :F 2 (0/($/)
;`i\bkfi[\iJ\YXjk`XeDffi\>Xcc\ip`e;\em\i:F 2(0/)$0+Gi€j`[\ek[\i
Blejkjg\[`k`fej]`idX =i\[ Nfi[\e @eZ% `e E\n Pfib EP % J\`k )'', `jk \i
Ale`figif]\jjfi Xe [\i Le`m\ij`kp f] DXipcXe[# 9Xck`dfi\ :flekp LD9: #
9Xck`dfi\D; `d9\i\`Z_=`cd&M`[\f%N\ib\Nfi[\ejY\]`e[\ej`Z_l%X%`e
[\eJXddcle^\e[\j:Xc8ikj#[\j{jk\ii\`Z_`jZ_\e=`cddlj\ldj#[\j:\eki\
Gfdg`[fljfn`\[`m\ij\iLe`m\ij`k€k\e%
=i\[\i`Z>% Nfi[\enXjYfiefe)*%(%(0+-`eE\nPfibEP %?\Zfdgc\k\[_`j98`e
k_\_`jkfipf]<e^c`j_c`k\iXkli\`e(0.(Xk:fcfiX[f:fcc\^\#:fcfiX[fJg^j%:F %
Knfp\XijcXk\i_\[`[_`jD=8Xkk_\:Xc`]fie`X@ejk`klk\f]k_\8ikj#MXc\eZ`X:8 #
dXafi`e^`e]`cddXb`e^%Nfi[\edX[\_`j]`ijk]`cdjn_`c\jkl[p`e^Xkk_\:Xc8ikj#
`eZcl[`e^knf`egXike\ij_`gn`k_:_i`jCXe^[fe%Nfi[\eËj\ek`i\Yf[pf]nfiblg
kf)''*nXjdX[\fe(-ddÆj`eZ\k_\e#_\_Xjnfib\[\ek`i\cpfe;M%@eX[[`k`fe
kf_`jnfibXjX]`cddXb\i#=i\[Nfi[\enXjXcjf1(0.+$/'#Xe\[`kfi]fi:i`jj$:ifjj
8ik:fddle`ZXk`fej#XeXmXek$^Xi[\XikdX^Xq`e\k_XknXjglYc`j_\[Ypk_\G;$
XjjfZ`Xk\[Xik`jkjËZffg\iXk`m\:i`jj$:ifjj:i`jj$:ifjj`eZcl[\[finXjXjjfZ`Xk\[
n`k_jlZ_Xik`jkjXj:cXibI`Z_\ik#I`Z_Xi[BXccn\`k#:_Xic\j;`Alc`f#DXipc`eE\cjfe#
:iX`^ =lcc\i# >\fi^\ Nff[dXe Xe[ <c`jXY\k_ ?lkZ_`ejfe# ]`cddXb\ij Blik Bi\e#
JkXe9iXb_X^\Xe[9ilZ\:fee\i#Xe[k_\Xlk_fij<[nXi[;fieXe[IfY\ik:i\\c\p 2
(0./$.0c\Zkli\i`e]`cddXb`e^Xkk_\Le`m\ij`kpf]:fcfiX[f#9flc[\i:F 2(0/($/)
[`i\Zkfif]k_\J\YXjk`XeDffi\>Xcc\ip`e;\em\i:F 2(0/)$0+Z_X`idXef]k_\Xik
_XlcX^\ZfdgXep=i\[Nfi[\e@eZ%`eE\nPfibEP %J`eZ\)'',_\_XjY\\eAle`fi
Gif]\jjfiXkk_\Le`m\ij`kpf]DXipcXe[#9Xck`dfi\:flekpLD9: #9Xck`dfiD; `e
k_\]`\c[f]]`cd&m`[\f%Nfi[\eËjnfibjXi\kfY\]fle[Xdfe^fk_\ik_`e^j`ek_\
Zfcc\Zk`fej f] k_\ :Xc8ikj# k_\ 8ljki`Xe =`cd Dlj\ld# k_\ :\eki\ Gfdg`[fl Xe[
mXi`fljle`m\ij`k`\j%
= ` c d f ^ iX ] ` \ = ` c d f ^ i X g _ p
(0.)
(0.,
(0.-
(0./$.0
(0/'
(0/(
(0/*
(0/,
(0/-
(0/0
(00'
(00)
(00*
(00/
)'''
)''(
)''*
Efn#Pfl:Xe;f8epk_`e^^\d\`ejXdd`kZfccXY%n`k_:_i`jCXe^[fe
M\eljm`cc\^\d\`ejXdd`kZfccXY%n`k_:_i`jCXe^[fe
K_ifYj
=fli=iXd\j
Ml[ff
M\e\k`Xe9c`e[
GXefm`j`fe
K\ii`]`ZD\Xjli\j
@ejfde`X
@eFlk
?\i\#K_\i\#Efn#CXk\i
GCFKK@E>K?<>I<PJ:8C<1)Fi*Hl`ZbKiXm\ij`j
Cli\
?fnk_\?\cc@I`gg\[AXZb>fc[jk\`ejGX`ek`e^`ek_\<c\mXkfi
9flc\mXi[
9i\Xbflk
@ekif[lZk`fekfk_\J\Zi\kJfZ`\kp
K_`jFc[?flj\8gfbipg_\8iY\`k&XgfZipg_Xcnfib Fe\
8lkfdXk`ZNi`k`e^
K_\Fi:cfl[
@]Fecp
)''+
)'',
)''-
)''.
)''/
)''0
8dfe^jkk_\G\ijlX[\[
9cl\Gfc\j
?\i\
<m\ip[Xp9X[;i\Xd
K`d\Êj8iifn
Efik_J_fi\
K_\8]k\iC`]\M`Zkfi`XÊjJ\Zi\kM\ij`fe
N_\eNfic[j:fccl[\
(/,0
8ccDpC`]\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(*0
8n X i [ N ` e e ` e ^ = ` c d j f ] F k _ \ i =\ j k ` m X c j
Gi\`jki€^\iXe[\i\i=\jk`mXcj
;fee\ijkX^)0%+%('#(.1''L_i#>cfi`X
K`^\i8nXi[J_fik=`cd[\j@ek\ieXk`feXc=`cd=\jk`mXcIfkk\i[Xd)'('
8kcXek`hl\j8kcXek`Zj8kcXek`b
EXZ_kjXe\`e\dCX^\i]\l\i%J\i`^e\#\`eale^\iDXeeXlj;XbXi#\iq€_ck
j\`e\eY\`[\e=i\le[\e[`\>\jZ_`Z_k\j\`e\iF[pjj\\%;\i=`cdbfeq\eki`\ik
j`Z_ _Xlgkj€Z_c`Z_ Xl] [`\ JgiXZ_\% N`\ \`e [•jk\i\j >\[`Z_k Y\i`Z_k\k
[`\j\mfe[\i|Y\i]X_ik\`e\jale^\eDXee\j•Y\i[\e8kcXek`b%;`\<iq€_$
cle^\e J\i`^e\j le[ j\`e\i Y\`[\e =i\le[\ q\`Z_e\e [Xj Gfiki€k \`e\i
m\icfi\e\eAl^\e[%;`\G\ijfe\e`e[`\j\d=`cd[i`]k\eqn`jZ_\eM\i^Xe$
^\e_\`k#>\^\enXikle[Qlble]k#qn`jZ_\eC\Y\ele[Kf[#>\jZ_`Z_k\le[
Dpk_\e%8ke`^_k#Xifle[X]`i\ZXdg%J\i`^e\#Xpfle^dXe]ifd;XbXi#k\ccjk_\
jkfipf]_`jf[pjj\pkf_`jknf]i`\e[j%K_\]`cddX`ecp]fZlj\jfejg\\Z_n_`Z_#
c`b\X[Xibgf\d#k\ccjk_\jkfipf]Xpfle^dXeZifjj`e^k_\8kcXek`Z%K_ifl^_
J\i`^e\Xe[_`j]i`\e[jËnfi[j#k_\]`cd[iXnjk_\gfikiX`kf]XjXZi`]`Z\[pflk_%
K_\ Z_XiXZk\ij f] k_\ ]`cd kiXm\c Y\kn\\e gXjk# gi\j\ek Xe[ ]lkli\# ]cfXk`e^
Y\kn\\ec`]\Xe[[\Xk_#_`jkfipXe[dpk_j%
=iXebi\`Z_&J\e\^Xc)''0
(-Ê#9\kXJG#=XiY\
Nfcf]d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_#BXd\iX
DXk`;`fg
JZ_e`kkE`ZfcXjD`ck\Xl#
JpcmX`e:fgXej
@ek%M\iki`\YC\=i\jefp
9`f$&=`cdf^iX]`\ ^\Yfi\e (0/)2 I\^`jj\li`e le[ JZ_Xljg`\c\i`e2 c\Yk le[ XiY\`k\k `e GXi`j2 d\_i\i\
=\jk`mXck\`ceX_d\ele[Gi\`j\2)''+CXjkE`^_k2)''/D`cc\Jfc\`cj2)'('9`^`eM`\keXd%
BfekXbk C\ =i\jefp# EXkXc`X Ki\Y`b# =iXebi\`Z_# =fe "**$*)'$)/* /-+# <$DX`c eki\Y`b7c\]i\jefp%e\k#
nnn%c\]i\jefp%e\k
>fc[\e\iC\fgXi[[\j=\jk`mXc`ek\ieXq`feXc\[\c]`cdCfZXief)''0
9\c`\m\>cXlY\e
Dlj`b>leeXiäjbXijjfe
9\c`\m\\iq€_ckmfeC\n`j#[\ib•iqc`Z_j\`e\=iXlAXe`Z\m\icfi\e_Xk%E`Z_k
n`cc\ej# `_i\e Kf[ le[ \`e C\Y\e f_e\ j`\ ql Xbq\gk`\i\e# \ekn`Zb\ck \i
qle\_d\e[ m\ijki\e[\ le[ \oq\eki`jZ_\ M\i_Xck\en\`j\e% 9\c`\m\
Y\jZ_i\`Yk \n`^\ C`\Y\ mfi [\d ?`ek\i^ile[ \`e\i \`ejXd\e ?`^_cXe[$
CXe[jZ_X]k%9\c`\m\`jk_\jkfipf]C\n`j#XdXei\Z\ekcpn`[fn\[%LeXYc\kf
XZZ\gkAXe`Z\Ëj[\Xk_Xe[k_\i\Xc`kpf]c`]\n`k_flk_\i#_`jY\_Xm`fliY\Zfd\j
`eZi\Xj`e^cp [`jki\jj\[ Xe[ \ZZ\eki`Z% 9\c`\m\ ZXgkli\j X [\jg\iXk\ aflie\p f]
le[p`e^cfm\#gcXp\[flkX^X`ejkY\Xlk`]lccp`jfcXk\[_`^_cXe[cXe[jZXg\j%
Gif[lbk`fePfle^=`cdj
9`f$&=`cdf^iX]`\ >\Yfi\e (0/(2 jZ_fkk`jZ_\i 8lkfi le[ I\^`jj\li2 c\Yk le[ XiY\`k\k `e Cfe[fe2
>ifYi`kXee`\e)''0
)'Ë#*,dd#=XiY\
\e^c`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#;i\_YlZ_GXlcNi`^_k
BXd\iX9\eaXd`eBiXZõle
JZ_e`kkDXpXDX]]`fc`
=`cdjkl[`ld Xe [\i IJ8D; `e >cXj^fn2 [\iq\`k Jkl[`ld Xe [\i EXk`feXc =`cd Xe[ K\c\m`j`fe JZ_ffc2
d\_i\i\=\jk`mXck\`ceX_d\ele[Gi\`j\2)''.?`b`bfdfi`2)''/Jgc`kk\i29\XZ_Yldj2)''0G_fkfjf]>f[2
Lek`ck_\I`m\iIlejI\[%
BfekXbkPfle^=`cdj#I_`XeeX8e[i\nj#>ifYi`kXee`\e#=fe"++$)'.$)0)/.(-#
<$DX`ci_`XeeX7pfle^]`cdj%Zf%lb#nnn%pfle^]`cdj%Zf%lb
Gi\`j]•i[`\Y\jk\8e`dXk`fele[GlYc`bldjgi\`j[\j=\jk`mXc[lZflikd„kiX^\:c\idfek$=\iiXe[)'('
J`eeXDXee8e^ipDXeN•k\e[\iDXee
I\^`\#;i\_YlZ_#BXd\iX8e`kX
J`eeXDXee`jk\`e=`cd•Y\i>\_\`de`jj\#[`\e`Z_k^\_\`dYc\`Y\ejfcck\e%
8cj [`\ =`jZ_dXdX jk`iYk# _Xk 9fa ^\el^% 8lj j\`e\i =XekXj`\ jZ_g]k \i
BiX]kle[c€jjkj`Z_e`Z_klek\ibi`\^\e%8e^ipDXe`jX]`cdXYflkj\Zi\kjk_Xk
j_flc[eËkY\j\Zi\k%N_\ek_\dfddp$]`j_[`\j#9fa_Xj_X[\efl^_#Xe[^\kj
gfn\i]ifd_`jfne]XekXjpkf^f]lik_\i%
B`cc`
9`f$&=`cdf^iX]`\>\Yfi\e(0-/2efin\^`jZ_\I\^`jj\li`e#8lkfi`e#BXd\iX]iXl#8e`dXkfi`e2Jkl[`ldXd
JZ_e`kkJ`d\e>\e^\eYXZ_
EXk`feXc:fcc\^\f]8ikXe[;\j`^ele[XdDI;?;`jki`Zk:fcc\^\8e`dXk`fe 2>i•e[\i`e[\j8e`dXk`fej$
Efin\^\e)''0
)'Ë#;`^`9\kX#=XiY\
efin\^`jZ_d`k\e^c%Lek\ik`k\ce
8e`dXk`fe8e`kXB`cc`#Ki``eJXXiXg`b# jkl[`fjKifcc]`cd8%J%2qX_ci\`Z_\`ek\ieXk`feXc\Gi\`j\2(00)>cXjjYXcc\e2(00+J`ib\c2(00-CXmiXj``[Ý`^`2
DXiXc:_Xip\mX
(000Bfe^\ejfdm`c\_Xd\i\ee\ebife\2)''(Kfie\_\bb\e`eFY\i_Xlj\e)''* %
Kfe?‚bfeCXdd\kle
BfekXbk Efijb]`cd`ejk`klkk#Kfi`cJ`dfej\e#Efin\^\e#=fe"+.$))$+.+,''#<$DX`ckfi`c%j`dfej\e7e]`%
Dlj`b?\^\I`d\jkX[
ef#nnn%e]`%ef
@ek%M\iki`\YEfijb]`cd`ejk`klkk
(+' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
G i\ ` j k i € ^ \ i X e [ \ i\ i =\ j k ` m X c j
@ek\ieXk`feXcAlipGi`q\`eJ_fik=`cddXb`e^[\jJle[XeZ\=`cd=\jk`mXc)'('
K_\J`o;fccXi=`]kpDXe;\ij\Z_j;fccXi]•e]q`^DXee
E\lj\\cXe[)''0
(+Ë*'É#*,dd#=XiY\
\e^c`jZ_
I\^`\DXib8cY`jkfe#Cfl`j
Jlk_\icXe[
BXd\iXJ`dfe9Xld]`\c[
Dlj`b:feeXe?fj]fi[
@ek%M\iki`\YE\nQ\XcXe[=`cd
K_\J`o;fccXi=`]kpDXe_Xe[\ckmfe8e[p#\`e\d]liZ_kcfj\e8Z_ka€_i`^\e#
[\i`ej\`e\eJlg\i_\c[\e]XekXj`\e[Xebj\`e\iJlg\ibi€]k\[\eJZ_lc_f]$
i•g\ce GXifc` Y`\k\e bXee% ;fZ_ Xcj 8e[p vi^\i d`k [\d JZ_lc[`i\bkfi
Y\bfddk#j`\_k\i\`e#[Xjj\ij`Z_[\iN`ibc`Z_b\`kjk\cc\edljj#ldj`Z_
le[j\`e\\`eq`^\=i\le[`eDXipqli\kk\e% K_\J`o;fccXi=`]kpDXe]fccfnj
8e[p#X^lkjp\`^_kp\Xifc[Yfpn_f c`m\j `e X dXb\$Y\c`\m\ jlg\i_\ifnfic[
n_\i\_`j`dX^`eXk`feXccfnj_`dkfg\i]fid\okiXfi[`eXipg_pj`ZXc]\Xkj#kf[\Xc
n`k_gcXp^ifle[Ylcc`\j%9lkn_\e8e[p^\kj`ekiflYc\n`k_k_\_\X[dXjk\i#_\
i\Xc`j\jk_XkkfjXm\_`dj\c]Xe[_`jfecp]i`\e[DXip#_\dljk]XZ\lgkfk_\i\Xc
nfic[%
9`f^iX]`\D%8cY`jkfe^\Yfi\e(0.)2=`cdjkl[`ld2_XkXcjI\^`jj\li#BXd\iXdXeele[Gif[lq\ek]•i[Xj
=\iej\_\e^\XiY\`k\kle[d\_i\i\Bliq]`cd\i\Xc`j`\ik2@ek\ieXk`feXc\=\jk`mXck\`ceX_d\ele[Gi\`j\%
9`f^iX]`\C%Jlk_\icXe[^\Yfi\e(0.'2JZ_Xljg`\cjkl[`ld2j\`k)'')D`kXiY\`kY\`qX_ci\`Z_\e=`cd$le[
KM$Gif[lbk`fe\e2@ek\ieXk`feXc\=\jk`mXck\`ceX_d\ele[Gi\`j\%
^\d\`ejXd\=`cdf^iX]`\)''.Ile
BfekXbkE\nQ\XcXe[=`cd#Alc`\kk\M\Y\i#E\lj\\cXe[#=fe"-+$+$*/)$.-/'#<$DX`calc`\kk\7eq]`cd%Zf%eq#
nnn%eq]`cd%Zf%eq
>fc[\e\i9€i[\i9\ic`eXc\)'(']•i[\eY\jk\eBliq]`cd
?€e[\cj\m`[YXeb@eZ`[\ekYpX9XebQn`jZ_\e]Xccmfi\`e\i9Xeb
JZ_n\[\e)'('
()Ê#*,dd#=XiY\
jZ_n\[`jZ_d`k\e^c%Lek\ik`k\ce
I\^`\#JZ_e`kkIlY\e{jkcle[
BXd\iXDXi`lj;pYnX[9iXe[il[
Gif[lbk`feGcXkk]fidGif[lbk`fe
?€e[\cj\m`[YXeb\iq€_ck[\kX`ci\`Z_le[Xd•jXekmfe\`e\d^\jZ_\`k\ik\e
9Xeb•Y\i]Xcc%@e\`e\i\`eq`^\e<`ejk\ccle^gi€j\ek`\i\e0-D\ejZ_\e[\i
BXd\iX \`e\ d`elk`j\ :_fi\f^iX]`\%?€e[\cj\ m`[YXeb jk\cck \`e nX_i\j
<i\`^e`j eXZ_# [Xj j`Z_ `d Ale` )''- `e JkfZb_fcd XYjg`\ck\2 [\i =`cd
Y\fYXZ_k\k`e<Z_kq\`k#n`\D\ejZ_\eXe^\j`Z_kj[\jLe\inXik\k\eX^`\i\e
le[i\X^`\i\e%?€e[\cj\m`[YXeb`jX[\kX`c\[Xe[_ldfifljXZZflekf]X]X`c\[
YXebifYY\ip18j`e^c\kXb\n_\i\0-g\fgc\g\i]fidXd\k`ZlcfljZ_fi\f^iXg_p
]fik_\ZXd\iX%?€e[\cj\m`[YXebi\Zi\Xk\jXeXZklXc\m\ekk_XkkffbgcXZ\`e
JkfZb_fcdYXZb`eAle\)''-2`kÊjXefYj\imXk`fe`ei\Xc$k`d\Xe[Xjkl[pf]_fn
g\fgc\XZkXe[i\XZkkfk_\le\og\Zk\[%
9`f$&=`cdf^iX]`\>\Yfi\e(0.+2jZ_n\[`jZ_\iI\^`jj\li2=`cd$le[=fkf^iX]`\jkl[`ldXe[\iLe`m\ij`k€k
>k\Yfi^2D`kY\^i•e[\i[\iGif[lbk`fej]`idXGcXkk]fid2qX_ci\`Z_\=\jk`mXck\`ceX_d\ele[Gi\`j\2(00,$
0/=i\\IX[`ZXcj($*2)'''C\kk_\Fk_\ij;\Xcn`k_Cfm\2)''(=Xd`cp8^X`e2)''+K_\>l`kXiDfe^fcf`[2
)''/@emfclekXip2)''0$)'((GcXp%
BfekXbkGcXkk]fidGif[lbk`fe#DXi`\Ba\ccjfe#JZ_n\[\e#=fe"+-$*($.((---'#
dXi`\7gcXkk]fidgif[lbk`fe%j\#nnn%gcXkk]fidgif[lbk`fe%j\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(+(
Gf[`ldGf[`ld
K€^c`Z_\j=\jk`mXc$;`jbljj`fej]fild;X`cp=\jk`mXc;`jZljj`fe=fild
=\jk`mXcJgXZ\#<cj€jj\iJki%(.
;`\@cclj`fe[\j@Z_K_\@[\Xf]k_\J\c] (+,
<j^`Ykb\`e@Z_K_\J\c];f\jEfk<o`jk (+,
B`e\dXkf^iXg_`\e[\j@Z_6:`e\dXjf]k_\J\c]6 (+Mfe:flek\igf`ekql;`\9Xj`j[\jDXb\$lg:flek\igf`ekkfK_\9Xj`jf]DXb\$lg=XYi`bB(+
(+/
J\cYjk$=`cd%;`\Gfc`k`j`\ile^mfeC\Y\eXcj=`cdJ\c]=`cd%K_\Gfc`k`Z`jXk`fef]C`]\Xj=`cd (+0
;`\Ile[le^\`e\jHlX[iXkj:`iZc`e^XJhlXi\ (,'
B`e[\ile[Y\n\^k\9`c[\i%QliM\id`kkcle^mfeB•ejkc\i]`cd\e (,(
:_`c[i\eXe[Dfm`e^@dX^\j%<[lZXk`feXYflk8ik`jkjÊ=`cdj
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(+*
G< `fe[\` lXde [ \ i\ > \ j Z _ ` Z _ k \
Gf[`ldGf[`ld
K€^c`Z_\j=\jk`mXc$;`jbljj`fej]fild;X`cp=\jk`mXc;`jZljj`fe=fild#=\jk`mXcJgXZ\#<cj€jj\iJki%(.
;`\@cclj`fe[\j@Z_
K_\@[\Xf]k_\J\c]
Ù;`\ @cclj`fe [\j @Z_È `jk \`e\ I\`_\ mfe ]•e] qljXdd\e_€e^\e[\e
>\jgi€Z_\e#`e[\e\em\i^Xe^\e\le[^\^\en€ik`^\8ljgi€^le^\e[\j@Z_`e
[\e[Xijk\cc\e[\eB•ejk\ele[mfiXcc\d`dB•ejkc\i]`cdle[$m`[\fe€_\i
Y\c\lZ_k\kn\i[\ejfcc\e#mfe]i•_\e;\]`e`k`fe\e[\j>\ei\jXcjÙg\ijfeXc
]`cdȕY\i[`\9\q`\_le^qn`jZ_\e[\dGi`mXk\ele[[\dGfc`k`jZ_\e`e[\e
jg€k\e(0-'\ile[(0.'\iAX_i\eY`j_`eqlM`[\f$le[@[\ek`k€kjjkiXk\^`\e
[\i (0/'\i le[ qld e\l \inXZ_k\e @ek\i\jj\ [\i q\`k^\ejj`jZ_\e Blejk
le[bi`k`jZ_\eK_\fi`\Xd8]]\bk%
A\[\j Gf[`ld \ekn`Zb\ck \`e\ Xe[\i\ 8ck\ieXk`m\ qld =fidXk [\i
Gf[`ldj[`jbljj`fe# [`\ a\[fZ_ `dd\i [Xj >\jgi€Z_ d`k [\d GlYc`bld d`k
\`ejZ_c`\k le[ n`\ Xl] \`e\i `dX^`e€i\e CXe[bXik\ `_i\ DXib`\ile^\e
_`ek\ic€jjk% 9\`ki€^\ mfe B•ejkc\ie# =`cd\dXZ_\ie# Blckli_`jkfi`b\ie#
K_\fi\k`b\ie le[ BliXkfi\e ]•^\e j`Z_ jf `d CXl] [\j =\jk`mXcj ql \`e\i
\`eq`^Xik`^\efi^Xe`jZ_\ele[]]\ekc`Z_\e;`jbljj`fejgcXkk]fidqljXdd\e%
>c\`Z_q\`k`^^i\`]k[XjGif^iXddXe[\i\M\iXejkXckle^\e[\j=\jk`mXcjXl]
le[i\]c\bk`\ikj`\#d`k\`e\i;`jbljj`feqlÙMfdD\\i\j^ile[%;Xj<og\i`d\ek
=`cd(/0/$(0(/Èle[>€jk\e#[`\[XjÙEfNXm\È$Gif]`cY\^c\`k\e%
Ù;`\@cclj`fe[\j@Z_Èn`i[bliXk`\ikmfe@XeN_`k\%
ÈK_\@[\Xf]k_\J\c]È`jXj\i`\jf]]`m\`ek\ii\cXk\[[`jZljj`fe$\m\ekjk_XkcffbXk
[`m\ij\gXjkXe[gi\j\ekXik`ZlcXk`fejf]k_\j\c]`ek_\m`jlXcXikj%@k`jZfeZ\`m\[
X^X`ejk k_\ YXZb[ifg f] k_\ mXi`flj _`jkfi`\j jg\Z`]`Z kf Xik`jkjË ]`cd Xe[ m`[\f
n_`Z_`kXcjffYc`hl\cpdXgj2\Xicp[\]`e`k`fejf]k_\^\ei\XjÈg\ijfeXc]`cdÈ#k_\
i\cXk`fej_`gY\kn\\ek_\g\ijfeXcXe[k_\gfc`k`ZXcf]k_\cXk\(0-'jXe[(0.'j#
m`[\fXe[`[\ek`kpgfc`k`Zj`ek_\(0/'jXe[k_\i\Z\ek`ek\i\jkf]Zfek\dgfiXip
Xik`jk`ZgiXZk`Z\Xe[Zi`k`ZXck_\fip`eX]]\Zk%
<ogcf`k`e^k_\]fidXkf]k_\Gf[`ld[`jZljj`fen_`c\\ogcfi`e^Xck\ieXk`m\jkf
`kj jkXe[Xi[ ]fidlcXk`fe# \XZ_ [`jZljj`fe$\m\ek Xjjld\j X [`]]\i\ek jkilZkli\
n_`c\XcnXpj`emfcm`e^Xn`[\iZfem\ijXk`fen`k_k_\Xl[`\eZ\kf\jkXYc`j_Xj\i`\j
f]Zifjj\jfeXe`dX^`eXipdXg%:feki`Ylk`fej]ifdXik`jkj#]`cddXb\ij#ZlckliXc
_`jkfi`Xej#k_\fi`jkjXe[ZliXkfijXZZldlcXk\Xj\kf]`[\Xjk_ifl^_flkk_\]\jk`mXc
XjXle`hl\#fi^Xe`ZgcXk]fid]figlYc`Z[\YXk\%8kk_\jXd\k`d\k_\gif^iXdd\
Xcjf i\jfeXk\j n`k_ Xe[ i\]c\Zkj Xjg\Zkj f] fk_\i jZi\\e`e^j Xe[ \m\ekj `e k_\
]\jk`mXc#n`k_fe\\m\ekjg\Z`]`ZXccpi\cXk\[kfk_\k_\d\gif^iXdd\È=ifdk_\
;\\g1 K_\ >i\Xk <og\i`d\ek (/0/$(0(/È Xe[ ^l\jkj Xcjf gXik`Z`gXk`e^ `e k_\
ÈEfNXm\Èi\kifjg\Zk`m\%
ÈK_\@[\Xf]k_\J\c]È`jZliXk\[Yp@XeN_`k\%
<j^`Ykb\`e@Z_
=i\`kX^*'%+%('#('1''$()1''L_i
8[Xd:lik`j#K_\:\eklipf]k_\J\c]#M`[\fjkXe[Y`c[%
<j^`Ykb\`e@Z_
8[Xd:lik`j#K_\:\eklipf]k_\J\c]#m`[\fjk`cc%
K_\J\c];f\jEfk<o`jk
8ljqn\`j\_ilek\ijZ_`\[c`Z_\eG\ijg\bk`m\en`i[[`\efZ_ale^\>\jZ_`Z_$ =ifd knf m\ip [`]]\i\ek g\ijg\Zk`m\j X i\Z\ek _`jkfip f] k_\ `[\X f] k_\ j\c] `j
k\[\j@Z_XcjG_€efd\e[\j)'%AX_i_le[\ikjmfi^\jk\cckle[Xcjjfq`Xc\j# gifgfj\[XjX)'k_Z\eklipg_\efd\efeXe[Zfej`[\i\[XjXjfZ`Xc#gfc`k`ZXcXe[
gfc`k`jZ_\j le[ b•ejkc\i`jZ_\j Bfejkilbk Y\kiXZ_k\k# [Xj `dd\i eli ]•i Xik`jk`ZZfejkilZk#]fi[`]]\i\ekgligfj\j%
\`e\eY\jk`ddk\eQn\Zb^\jZ_X]]\en`i[%
@ej\`e\im`\c^\gi`\j\e\eJ\i`\K_\:\eklipf]k_\J\c]\iq€_ck\8[Xd:lik`j#
n`\[XjÙXccm\iq\_i\e[\@Z_Èmfe_\lk\mfe\`e\ij\ckjXd\eBfdY`eXk`feXlj
DXib\k`e^#Gfc`k`ble[GjpZ_fcf^`\^\jZ_X]]\ele[^\]fidknli[\%;`\j\@[\\
[\j`e[`m`[l\cc\e@Z_Æ\`e@Z_#[Xjelimfccjk€e[`^`jk#n\ee\jj\`e\Ù`ee\i\e
J\_ej•Z_k\È\i]•cckÆ`jkqld`[\fcf^`jZ_\eDfkfilej\i\iQ\`k^\nfi[\e%
8cc\ @ejk`klk`fe\e# mfe [\i Gfc`k`b Y`j ql [\e DXjj\ed\[`\e# Y\l^\e j`Z_
d`kkc\in\`c\ [\i <i]•ccle^ [`\j\i N•ejZ_\% ;fZ_ n`i[ [`\j\j @Z_ \n`^
Y\jk\_\e6F[\i_Xe[\ck\jj`Z_c\[`^c`Z_ld\`egfc`k`jZ_\jBfejkilbklej\i\i
Q\`k6Le[]Xccj[`\j[\i=Xccj\`ejfcck\Æn\cZ_\8ik@Z_bfddkXcjE€Z_jk\j6
NXj j`e[ [`\ ]iX^d\ekXi`jZ_\e @[\\e le[ Ki€ld\ Xd IXe[\ lej\i\i n\jk$
c`Z_\e>\j\ccjZ_X]k\e#[`\\knXjXe[\i\jXeb•e[`^\e6
8[Xd:lik`jdXZ_kgfc`k`jZ_\;fbld\ekXk`fe\e]•i99:$KMn`\K_\Gfn\i
f]E`^_kdXi\j#K_\:\eklipf]k_\J\c]le[K_\DXp]X`iJ\k%M\i^Xe^\e\jAX_i
nXi\iXe[\iDXeZ_\jk\iBffg\iXk`fe]•i[XjÙgjpZ_f$gfc`k`jZ_\K_\d\e$
@e_`jXZZcX`d\[j\i`\jK_\:\eklipf]k_\J\c]#8[Xd:lik`jkfc[k_\jkfipf]_fn
kf[XpËjÈXcc$Zfejld`e^j\c]ÉnXjZi\Xk\[Xe[j_Xg\[YpXjkiXe^\ZfdY`eXk`fef]
dXib\k`e^#gfc`k`ZjXe[gjpZ_fcf^p%K_Xk`[\Xf]k_\`e[`m`[lXcj\c]ÆXj\c]k_Xk`j
fecpZfdgc\k\n_\e`k]lc]`cj`kjÈ`ee\i[\j`i\jÉÆ_XjY\Zfd\k_\`[\fcf^`ZXcdfkfi
f]flik`d\%8cc`ejk`klk`fejÆ]ifdgfc`k`Zjkfk_\dXjjd\[`XÆefnYfn[fnekf
]\\[k_fj\[\j`i\j%9lkn`cck_Xkj\c]cXjk]fi\m\i6Fi`j`kfecpXgfc`k`ZXcZfejkilZk
f]fliX^\6@]`k`jÆn_Xkb`e[f]j\c]n`ccZfd\e\ok6N_XkXi\k_\]iX^d\ekXip
`[\XjXe[[i\XdjXkk_\\[^\f]flin\jk\iejfZ`\k`\jk_XkXi\_XiY`e^\ijf]jfd\$
k_`e^[`]]\i\ekkfZfd\6
8[Xd:lik`jdXb\jgfc`k`ZXc[fZld\ekXi`\j]fi99:$KM%K_\p`eZcl[\K_\Gfn\i
f]E`^_kdXi\j#K_\:\eklipf]k_\J\c]Xe[K_\DXp]X`iJ\k%CXjkp\Xi_\ZfccXYfiXk\[
fe k_\ ÈgjpZ_f$gfc`k`ZXc k_\d\ \og\i`\eZ\É @k =\ck C`b\ X B`jj `e DXeZ_\jk\i% ?`j
]`cdj_Xm\Y\\ej_fneXk]\jk`mXcjXifle[k_\nfic[#`eZcl[`e^:Xee\j%?`jnfib
_XjnfedXepXnXi[j#`eZcl[`e^j`o98=K8j%
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(+,
Gf[`ld
\ic\Ye`jÉ@k=\ckC`b\XB`jjY\k\`c`^k%J\`e\=`cd\nli[\eXl]=\jk`mXcj`e[\i <c`jXY\k_C\Yfm`Z`1N_\e9ilZ\:fee\iefcfe^\iÈgX`ekjXg`Zkli\É#YlkÈdXb\j
^Xeq\e N\ck ^\q\`^k# XlZ_ `e :Xee\j% <i _Xk ]•i j\`e\ 8iY\`k qX_ci\`Z_\ XjXe[n`Z_É#XjjkXk\[`e(0-.#k_\kiXej`k`m\i\cXk`fej_`gY\kn\\ek_\XikXe[k_\
8ljq\`Z_ele^\e\i_Xck\e#[Xilek\ij\Z_j98=K8j%
Xik`jk`jglk`ekfhl\jk`fe%K_`j`jdpgf`ekf][\gXikli\%
<c`jXY\k_ C\Yfm`Z` `j X Zi`k`Z Xe[ ]fid\i aflieXc`jk ]fi C`Y\iXk`fe# ni`k`e^
<c`jXY\k_C\Yfm`Z`1N\ee9ilZ\:feefib\`eÙ9`c[d\_idXckÈ#jfe[\ieÙ\`e \ok\ej`m\cpfeZfek\dgfiXipXik%J_\nXjk_\\[`kfif]9\Xlo$8ikjDX^Xq`e\Xe[
JXe[n`Z_dXZ_kÈ#n`\\j(0-._`\#n`i[[XjkiXej`k`m\M\i_€cke`jqn`jZ_\e 8% C\j Xm\ekli\j [\ cËXik% I\Z\ek k\okj `eZcl[\ DXe`]\jk\ gfjk$]„d`e`jk\ =I8:
CfiiX`e\#)''/ #K\dgfiXc`k„j=„d`e`jk\jDlck`kl[\j#)''/ #Cfl`j\9fli^\f`jKXk\
Blejkle[B•ejkc\i`e=iX^\^\jk\cck%;`\j`jkd\`e8ejXkq%
<c`jXY\k_C\Yfm`Z``jkBi`k`b\i`ele[\_\dXc`^\AflieXc`jk`emfeC`Y„iXk`fe Df[\ieXe[:\eki\Gfdg`[fl#)''.&'/ #Qf\C\feXi[)''.Xe[(00/ #GXjjX^\[l
d`k qX_ci\`Z_\e M\i]]\ekc`Z_le^\e qli q\`k^\ejj`jZ_\e Blejk% J`\ nXi k\dgj )''. # >\e[\i 9Xkkc\ )''. Xe[ >cfYXc =\d`e`jdj )''. % J_\ `j k_\
?\iXlj^\Y\i`e[\iQ\`kjZ_i`]k\e9\Xlo$8ikjDX^Xq`e\le[8%C\jXm\ekli\j[\ Zf$Xlk_fi n`k_ :Xk_\i`e\ >feeXi[ f] k_\ Yffb =\dd\j Xik`jk\j&8ik`jk\j ]\dd\j#
cËXik%Ql`_i\ee\l\i\eM\i]]\ekc`Z_le^\e^\_i\eDXe`]\jk\gfjk$]„d`e`jk\ GXi`j[\(//'~efjaflij?XqXe#)''. %@eFY\i_Xlj\ej_\[`jZljj\jk_\nXpj`e
=I8:CfiiX`e\#)''/ #K\dgfiXc`k„j=„d`e`jk\jDlck`kl[\j#)''/ #Cfl`j\ n_`Z_k_\j\c]_XjY\\eZfejkilZk\[YpXik`jkjfg\iXk`e^]ifd]\d`e`jk#hl\\iXe[
9fli^\f`jKXk\Df[\iele[:\eki\Gfdg`[fl#)''.&'/ #Qf\C\feXi[)''. XZk`m`jkgfj`k`fej%
le[ (00/ # GXjjX^\ [l k\dgj )''. # >\e[\i 9Xkkc\ )''. le[ >cfYXc
=\d`e`jdj )''. % QljXdd\ed`k:Xk_\i`e\>feeXi[jZ_i`\Yj`\ [Xj9lZ_
=\dd\jXik`jk\j&8ik`jk\j]\dd\j#GXi`j[\(//'~efjaflij?XqXe#)''. %@e
FY\i_Xlj\e\iik\ikj`\#d`kn\cZ_\eD\k_f[\e[Xj@Z_mfeB•ejkc\ieXlj
]\d`e`jk`jZ_\e#hl\\i\ele[Xbk`m`jk`jZ_\eGfj`k`fe\ebfejkil`\iknli[\%
B`e\dXkf^iXg_`\e[\j@Z_6
JXdjkX^(%,%('#('1''$()1''L_i
AXd\jEXi\j#I\[O#(0..#8ZipcXl]BXikfe#-'Èo-'È
AXd\jEXi\j#I\[O#(0..#\eXd\cfeZXi[YfXi[#-'ÊÊo-'ÊÊ
B`e\dXkf^iXg_`\e[\j@Z_6
:`e\dXjf]k_\J\c]6
@e \`e\i M\iY`e[le^ Xlj bliq\e Gi€j\ekXk`fe\e# [`\ j`Z_ Xl] XbX[\d`jZ_\
=fijZ_le^# g\ijec`Z_\ le[ g€[X^f^`jZ_\ <i]X_ile^\e Y\il]\e# le[ \`e\d
g\i]fidXk`m\e Bfeq\gklXc`jdlj n\i[\e m\ijZ_`\[\e\ 8ck\ieXk`m\e f[\i
b•ejkc\i`jZ_\ I\Xbk`fe\e qld bfdd\iq`\cc\e B`ef Xl]^\q\`^k1 _`jkfi`jZ_
=`cd\mfi(0(/ #Xlj[\ia•e^\i\eM\i^Xe^\e_\`kB•ejkc\igifa\bk\`eE\n
Pfibn€_i\e[[\i(0.'\ile[[XeXZ_ le[`e[\iled`kk\cYXi\e>\^\enXik%
:fdY`e`e^j_fikgi\j\ekXk`fejk_Xk[iXnlgfeXZX[\d`Zi\j\XiZ_#g\ijfeXcXe[
g\[X^f^`ZXc\og\i`\eZ\Xe[Xg\i]fidXk`m\ZfeZ\gklXc`jdmXi`fljXck\ieXk`m\jfi
Xik`jkjË i\jgfej\j kf `e[ljki`Xc Z`e\dX Xi\ Zfej`[\i\[2 _`jkfi`ZXccp ]`cd Y\]fi\
(0(/ #]ifdk_\i\Z\ekgXjkXik`jkjËgifa\Zkj`eE\nPfib[li`e^k_\cXk\(0.'jXe[
Y\pfe[ Xe[`ek_\`dd\[`Xk\gi\j\ek%
DXi`Xee C\n`ejbp \iq€_ck mfd B`ef mfi [\d B`ef Æ Y\mfi [\i \`^\ekc`Z_\
9\^i`]]le[[\iQljZ_Xl\iiXld#`e[\dn`ij\`e\bfdd\iq`\cc\=fid_\lk\
\ic\Y\e#\ekjkXe[\ej`e[%
DXi`Xee C\n`ejbp `jk :f$BliXkfi`e [\j Gif^iXddj ÙMfd D\\i\j^ile[È
le[ C\`k\i`e [\j Gifa\bkj Ù8 ?le[i\[ P\Xij 8^fÈ `e 9fcf^eX% J`\ _Xk
qX_ci\`Z_\ =\jk`mXcj le[ 8ljjk\ccle^\e bliXk`\ik# `jk Xcj =`cdi\jkXliXkfi`e
k€k`^le[lek\ii`Z_k\kXe[\iLe`m\ij`k€kQ•i`Z_%
DXi`XeeC\n`ejbp^`m\jXeXZZflekf]Z`e\dXY\]fi\Z`e\dX$Y\]fi\Yfk_k_\nfi[
`kj\c]Xe[k_\Xl[`kfi`ld`en_`Z_n\i\Z\`m\`kj`e[ljki`Xc]fidkf[Xpn\i\`em\ek\[%
DXi`XeeC\n`ejbp`jZf$ZliXkfif]È=ifdk_\;\\gÈXe[[`i\Zkfif]k_\gifa\Zk
È8 ?le[i\[ P\Xij 8^fÈ# 9fcf^eX% J_\ _Xj ZliXk\[ eld\iflj ]\jk`mXcj Xe[
\o_`Y`k`fej#nfibjXjX]`cdi\jkfi\iXe[k\XZ_\jXkk_\Le`m\ij`kpf]Qli`Z_%
AXd\jEXi\j1<e[\[\i(0.'\iAX_i\#`d:_Xfj\`e\jYXebifkk\eE\nPfib:`kp#
Y\^Xee\`e\>ilgg\ale^\i=`cd\dXZ_\i#=`cd\d`kbc\`ejk\d9l[^\kql[i\_\e#
Y\` [\e\e j`\ j`Z_ ^\^\ej\`k`^ dXc Xcj JZ_Xljg`\c\i# dXc Xcj :i\n \`ej\kqk\e%
;`\j\Jq\e\#[`\jg€k\ilek\i[\i9\q\`Z_ele^ÙEfNXm\:`e\dXÈqljXdd\e$
^\]Xjjknli[\#nXi_\`le[jZ_e\ccc\Y`^le[Y\i\`kjeXZ_\`e`^\eAX_i\en`\[\i
m\ijZ_nle[\e% (0./ \i]]e\k\e <i`Z D`kZ_\cc# 9\Zbp Af_ejkfe le[ `Z_ Xd
Jk%DXibjGcXZ\[XjÙE\n:`e\dXÈ#ld[`\j\=`cd\qlq\`^\e%@Z_n\i[\•Y\i
[`\j\Q\`ki\[\ele[•Y\i`_i\e<`e]cljjXl]Xe[\i\B•ejkc\ile[=`cd\dXZ_\i%
AXd\jEXi\j`jk\`eYi`k`jZ_\iB•ejkc\i#[\ij\`k(0.+`eE\nPfibc\Yk%
AXd\jEXi\j1@ek_\cXk\(0.'ËjXd`[jkk_\ni\ZbX^\f]XYXebilgkE\nPfib:`kp#
X^iflgf]pfle^]`cddXb\ijjkXik\[dXb`e^]`cdjfej_f\jki`e^Yl[^\kj#lj`e^
fe\Xefk_\iXjYfk_XZkfijXe[Zi\n#`en_XkZXd\kfY\befneZfcc\Zk`m\cpXjÈEf
NXm\:`e\dXÈ%@knXjXjZ\e\n_`Z_Ylie\[_fkXe[]XjkXe[nXj^fe\n`k_`eX
Zflgc\f]p\Xij%@e(0./<i`ZD`kZ_\cc#9\ZbpAf_ejkfeXe[dpj\c]fg\e\[k_\ÈE\n
:`e\dXÈfeJk%DXibjGcXZ\#`efi[\ikfj_fnZXj\k_\j\dfm`\j%@n`cckXcbXYflk
k_Xkk`d\Xe[k_\`e]cl\eZ\`k_X[fefk_\iXik`jkjXe[]`cddXb\ij%
AXd\jEXi\j`jX9i`k`j_Xik`jkc`m`e^`eE\nPfibj`eZ\(0.+%
(+- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
G< `fe[\` lXde [ \ i\ > \ j Z _ ` Z _ k \
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(+.
Gf[`ld
9\k_91@Z_Y`e`ed\`e\i<ekn`Zbcle^Xcj=`cd\dXZ_\i`eqld\`e\eLijgi•e^\e
qli•Zb^\b\_ik Æ mfe [\i iX[`bXc leXY_€e^`^\e =`cd\dXZ_\i`e •Y\i [`\
=\iej\_gif[lq\ek`en`\[\iqli•ZbqliiX[`bXcleXY_€e^`^\e=`cd\dXZ_\i`e%
D\`e\ \ijk\e =`cd\ le[ M`[\fj \ijZ_`\e\e `d IX_d\e [\i ÙEf NXm\È$
Le[\i^ifle[$:clYblckli`eE\nPfib%;`\B•ejkc\i#Dlj`b\ile[JZ_Xljg`\c\i
_Xkk\e `e `_i\i Bi\Xk`m`k€k \`e\e qlble]kjn\`j\e[\e <`e]cljj `e [\i E\n
Pfib\i Jq\e\% ;`\ :clYj Yfk\e Xl\i[\d [\e i`Z_k`^\e IX_d\e# ld [`\j\
\ijk\e=`cd\qlq\`^\e%
9\k_9elkqk`e`_i\i8iY\`k[`\lek\ijZ_`\[c`Z_jk\e=fid\ele[D\[`\e#
[Xilek\iM`[\f#Jg`\c]`cd\le[@ejkXccXk`fe\e#`e[\e\e_€l]`^`egifmfbXek\e
EXiiXk`m\e [`\ >\nXck lek\i [\i FY\i]c€Z_\ [\j df[\ie\e 8cckX^j f]]\e$
^\c\^k n`i[% J`\ nXi D`kY\^i•e[\i`e [\i B•ejkc\i^ilgg\ Ù:fcXYÈ le[
fi^Xe`j`\ik\[Xj=`cdgif^iXdd[\ii`Z_kle^n\`j\e[\eÙK`d\jJhlXi\J_fnÈ
(0/' % @_i\ 8iY\`k\e nli[\e Xl] qX_ci\`Z_\e `ek\ieXk`feXc\e =\jk`mXcj
^\q\`^kle[]`e[\ej`Z_`e[\eJXddcle^\e[\jDfD8#[\j8ikj:fleZ`cf]
>i\Xk9i`kX`ele[[\i8c[i`Z_:fcc\Zk`fe%
9\k_ 91@_Xm\Zfd\]lccZ`iZc\`edpaflie\pXjX]`cddXb\i$]ifdXiX[`ZXccp
`e[\g\e[\ek]`cddXb\ikfKMe\knfibgif[lZ\iXe[YXZbkfXiX[`ZXccp`e[\g\e$
[\ek]`cddXb\i%Dp\Xicp]`cdjXe[m`[\fj\d\i^\[XjgXikf]k_\EP:ÈEfNXm\È
le[\i^ifle[ ZclY Zlckli\% K_\ g\i]fid\ij# dlj`Z`Xej Xe[ XZkfij n\i\ j\d`eXc
Zi\Xk`m\]fiZ\j`ek_\EP:jZ\e\%K_\ZclYjXcjfgifm`[\[k_\m`\n`e^Zfek\ok]fi
k_\j\\Xicp]`cdj%
9\k_ 9 nfibj `e X mXi`\kp f] ]fidj Xe[ d\[`X `eZcl[`e^ m`[\f# ]\Xkli\ ]`cdj Xe[
`ejkXccXk`fe#f]k\e`emfcm`e^gifmfZXk`m\eXiiXk`m\jk_Xkd`e\k_\m`fc\eZ\Y\cfnk_\
jli]XZ\f]Zfek\dgfiXipc`]\%J_\nXjXZf$]fle[\if]k_\Xik`jkjË^iflgÈ:fcXYÈXe[
fi^Xe`j\[k_\]`cdgif^iXdd\f]k_\cXe[dXibÈK`d\jJhlXi\J_fnÈ(0/' %?\infib
_Xj Y\\e jZi\\e\[ Xk eld\iflj `ek\ieXk`feXc ]\jk`mXcj Xe[ `j i\gi\j\ek\[ `e k_\
Zfcc\Zk`fejf]k_\DfD8#k_\8ikj:fleZ`cf]>i\Xk9i`kX`eXe[k_\8c[i`Z_:fcc\Zk`fe%
<j`jk^Xie`Z_kjfjZ_c`dd1
81 G\ijfe\e nli[\e \`e^\cX[\e# \`e\ Gi€j\ekXk`fe ql dXZ_\e# nli[\e
Y\qX_ckle[_XY\e[`\<`ecX[le^Xe^\efdd\e%J`\n\i[\ejgi\Z_\e#j`Z_ld$
_\iY\n\^\ele[9`c[\ile[K\ok\`d]]\ekc`Z_\eIXld^\^\e•Y\ijk\cc\e#`e
[\dM\ijlZ_#@[\\elek\i[`\C\lk\qlYi`e^\e#Xcj8lj[ilZb`_i\j8ljkXljZ_j
d`k Xe[\i\e# [`\ \knXj ^\[XZ_k le[ ^\dXZ_k _XY\e le[ Xe Xe[\i\e Fik\e
qljXdd\e^\bfdd\ej`e[%Lek\iK\`ceX_d\Xe[\i\i#[`\mfe[\iGi€j\ekXk`fe
n`jj\e le[ \Y\e]Xccj @[\\e d`kYi`e^\e# AX_i\ [\j 8ljkXljZ_j d`k Xe[\i\e#
[\j;\eb\ej#DXZ_\ejle[[\jQljXdd\ebfdd\ejXeXe[\i\eFik\e%Le[[`\
j`Z_\ekjZ_`\[\e_XY\e#[XY\`qlj\`e#le[[`\[XY\`j\`ebee\e%
91<`e>\[Xeb\#[\id`Z_m\i]fc^k#`jk[\i#[Xjj`Z_d`Z_`dd\iefZ_]iX^\#
nfi`e[\iLek\ijZ_`\[Y\jk\_k#`dBXkXcf^^\eXeekqln\i[\ef[\iXcj8lkfi&
Fi^Xe`jXkfi [\i Gi€j\ekXk`fe Y\kiXZ_k\k ql n\i[\e# n€_i\e[ [`\j\ jkXkk$
]`e[\k% @jk dXe \`e\ Xe[\i\ 8ik mfe 8lkfi# n\ee dXe eli ]•i [\e Dfd\ek
^\eXeekn`i[#Xcjn\eedXeXlZ_`dBXkXcf^Xl]^\]•_ik`jk6
:1@Z_^cXlY\#[`\=iX^\`jk#nXilddXeqn`jZ_\e[`\j\eY\`[\eDfd\ek\e
[\j{]]\ekc`Z_j\`ejlek\ijZ_\`[\k%9]iX^k#nXildj`\lek\ijZ_`\[c`Z_j`e[#
le[ ;l jX^jk# [Xj j`e[ j`\ m`\cc\`Z_k ^Xi e`Z_k# XY\i [X \j j`Z_ ld qn\`
Dfd\ek\ _Xe[\ck# bXee `Z_ j`\ Xl] qn\`\ic\` N\`j\ elkq\e% ;l Y`jk b\`e
Xe[\i\i 8lkfi# XY\i Xcj 8lkfi jZ_i\`Yjk ;l ;`Z_ `e lek\ijZ_`\[c`Z_\
J`klXk`fe\eXe[\ij\`e#le[;\`e8ejXkq`jk[`\j\ÙDlck`gc`q`k€kÈÆNXj`jk
[Xj6@jk\j\`e\M\ik\`cle^f[\i\`e\;`]]\i\eq`\ile^[\j@Z_6 %
@kËjEfkK\ii`Yc\1
81Jfd\g\fgc\_Xm\Y\\e`em`k\[kfdXb\Xgi\j\ekXk`fe#k_\p_Xm\Y\\egX`[#Xe[
k_\pXZZ\gk\[k_\`em`kXk`fe%K_\pn`ccjg\Xb#dXb\dfm\d\ekj#Xe[alokXgfj\`dX^\j
Xe[k\okj`ek_\glYc`Z[fdX`eXjXeXkk\dgkkfjfZ`Xc`j\`[\Xj#XjXi\gi\j\ekXk`fef]
k_\`i\oZ_Xe^\n`k_fk_\ijn_f_Xm\Y\\ek_`eb`e^#dXb`e^Xe[^Xk_\i`e^`efk_\i
gcXZ\j%8kk\e[\[_\i\Ypfk_\ijn_fbefnXYflkk_\gi\j\ekXk`fe#Xe[Z_fj\kfXkk\e[#
Xe[n_fXcjfYi`e^n`k_k_\d`[\Xj#p\Xijf]\oZ_Xe^\jn`k_fk_\ij#k_`eb`e^#dXb`e^
Xe[^Xk_\i`e^`efk_\igcXZ\j%8e[n_f_Xm\Z_fj\ekfY\#Xe[ZXeY\gi\j\ek%
91 Fe\ k_fl^_k k_Xk g\ij`jkj `j k_Xk @ jk`cc _Xm\ k_`j hl\jk`fe XYflk n_Xk k_\
[`]]\i\eZ\`jY\kn\\eY\`e^eXd\[`ek_\ZXkXcf^l\Xe[Y\`e^j\\eXjk_\Xlk_fi&
fi^Xe`j\if]k_\gi\j\ekXk`fen_\e`k_Xgg\ej%8i\pflX[`]]\i\ekb`e[f]Xlk_fi
Yp fecp Y\`e^ eXd\[ Xk k_Xk dfd\ek# k_Xe `] pfl Xi\ eXd\[ Xcjf `e k_\
ZXkXcf^l\6
:1@le[\ijkXe[k_Xkk_\hl\jk`fe`jn_p[fpfljgc`kY\kn\\ek_\knfdfd\ekj
f] glYc`Ze\jj% 9 Xjbj# n_p Xi\ k_\p [`]]\i\ek# Xe[ pfl jXp# dXpY\ k_\p Xi\ efk
[`]]\i\ek#YlkXjk_\pXi\knfdfd\ekj@ZXelj\k_\d`eknfnXpj%PflXi\efkX
[`]]\i\ek Xlk_fi# Ylk Xj Xe Xlk_fi pfl ni`k\ pflij\c] `ekf mXi`flj j`klXk`fej
[`]]\i\ekcpXe[pfliXkk\dgk`jk_`jÈdlck`gc`Z`kpÈ$n_Xk`j`k6@j`kX[`jg\ij`fefi
X[`]]\i\ek`Xk`fef]k_\j\c]6 %
Mfe:flek\igf`ekql;`\9Xj`j[\jDXb\$lg
;`\9Xj`j[\jDXb\$lgEi%*(-1J\cYjkgfikiX`k`e[\i;i\_gXlj\ql\`e\dGfief`eJXe=iXeZ`jZf`d
JfeekX^)%,%('#))1''L_i#=XYi`bB(+
>iXZ\JZ_n`e[k#:flek\igf`ek'(`e((gXikj2gXik'*$@ejk`klk`fej#M`[\fjkXe[Y`c[m`[\fjk`cc
Jfdd\i(0.,%8e[\iNXe[[\j;i\_fik\j#\`e\d8gXikd\ek`dD`jj`fe;`jki`Zk#McX[`d`iKXkc`ej
<eknli]]•i\`e\Jblcgkli#[`\[`\@@@%@ek\ieXk`feXc\gi\`j\ejfcck\Æ\`e9`c[#[Xj`Z_[XdXcj`dd\i
Y\`d`i_Xkk\%K_\9Xj`jf]DXb\$lgEi%*(-18j\c]$gfikiX`k[li`e^k_\j_ffk`e^f]Xgfiedfm`\`eJXe
=iXeZ`jZf`ek_\jldd\if](0.,%Fek_\nXccf]k_\cfZXk`fe#XeXgXikd\ek`eD`jj`fe;`jki`Zk#McX[`d`i
KXkc`eÊjjb\kZ_]fiXjZlcgkli\Z\c\YiXk`e^k_\K_`i[@ek\ieXk`feXc$Xg`Zkli\@XcnXpj_X[n`k_d\Xkk_\
k`d\%
(+/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
G< `fe[\` lXde [ \ i\ > \ j Z _ ` Z _ k \
Mfe:flek\igf`ekql;`\9Xj`j[\jDXb\$lg
:flek\igf`ekkfK_\9Xj`jf]DXb\$lg
Qn\` B•ejkc\i •Y\ij\kq\e `e `_i\e Gi€j\ekXk`fe\e 8jg\bk\ `_i\i \`^\e\e KnfXik`jkjËgi\j\ekXk`fej`ek\igi\kXjg\Zkjf]k_\`ifnegiXZk`Z\`ekfle`hl\#c`m\
\m\ekj%
GiXo`j`e\`eq`^Xik`^\C`m\$<m\ekj%
>iXZ\JZ_n`e[k1:flek\igf`ek1ÙBXg`k\c'/Æ8iZ_`k\bkliÈ
>iXZ\JZ_n`e[k1:flek\igf`ek1È:_Xgk\i'/Æ8iZ_`k\Zkli\È
:flek\igf`ek`jk@ejkXccXk`fe#[`\Xl]@ek\im`\njYXj`\ik#n\cZ_\JZ_n`e[kd`k
\c] `e E\n Pfib c\Y\e[\e ;\lkjZ_\e ]•_ik\% ;`\j\ @ek\im`\nj Y`c[\k\e [Xj
;i\_YlZ_ ]•i \c] BXg`k\c \`e\i 8iY\`k# `e [\i [`\ g\ijec`Z_\ 9\n€ck`^le^
[\lkjZ_\i >\jZ_`Z_k\ `e [\i >\^\enXik lek\ijlZ_k n`i[% N`\ n`i[ N`jj\e
gif[lq`\ik6@e\`e\iG\i]fidXeZ\n\i[\e[`\j\Jbi`gkjmfe[\iB•ejkc\i`ele[
Xe[\i\e [Xi^\jk\cck# [`\ d`k [\d 8iiXe^\d\ek `_i\i Big\i \`e\ \ oq\jj`m\
I
\gi€j\ekXk`fe jfq`Xc\i le[ gfc`k`jZ_\i Bfejkilbk\ qld 8lj[ilZb Yi`e^\e%
N€_i\e[ [\j =\jk`mXcj ]•_ik JZ_n`e[k \`e\j [`\j\i BXg`k\c Æ Ù:_Xgk\i '/ Æ
8iZ_`k\Zkli\ÈÆ`e\`e\i\`edXc`^\eC`m\$G\i]fidXeZ\Xl]%
>iXZ\ JZ_n`e[k `jk B•ejkc\i`e le[ c\Yk `e Cfe[fe% @_i\ c\kqk\e 8ljjk\c$
cle^\enXi\e]•i[`\>Xc\i`\eN_`k\:fcldej`eE\nPfib#<8JK@ek\ieXk`feXc
`eEfin`Z_le[J(8ikjgXZ\`eJ_\]]`\c[>ifYi`kXee`\e jfn`\[XjDlj\ld
f]Df[\ie8ik`eCalYcaXeXJcfn\e`\e %)''/&'0eX_dj`\XdÙCLO8jjf$
Z`Xk\8ik`jkjGif^iXdd\Èk\`c%
:flek\igf`ek`jXe`ejkXccXk`fenfib#YXj\[fe`ek\im`\njk_XkJZ_n`e[kZfe[lZk\[
n`k_ \c\m\e >\idXej c`m`e^ `e E\n Pfib% K_\j\ ]fid\[ k_\ jZi`gkj ]fi \c\m\e
Z_Xgk\ij f] X nfib k_Xk `em\jk`^Xk\j Zfek\dgfiXip# g\ijfeXc e\^fk`Xk`fej f]
>\idXe_`jkfip%K_\g\i]fidXeZ\f]Xgif[lZk`fef]befnc\[^\#k_\j\jZi`gkjXi\
\eXZk\[Ypk_\Xik`jkXe[fk_\ij#k_\XiiXe^\d\ekf]k_\`iYf[`\ji\cXk`e^kfXe
\oZ\jj`m\i\gi\j\ekXk`fef]jfZ`XcXe[gfc`k`ZXcZfejkilZkj%8kk_\]\jk`mXc#JZ_n`e[k
g\i]fidjfe\f]k_\j\XjXle`hl\#c`m\nfib1È:_Xgk\i'/Æ8iZ_`k\Zkli\%È
>iXZ\JZ_n`e[k`jXeXik`jkYXj\[`eCfe[fe%I\Z\ek\o_`Y`k`fej`eZcl[\N_`k\
:fcldej#E\nPfib2<8JK@ek\ieXk`feXc#Efin`Z_Xe[J(8ikjgXZ\#J_\]]`\c[#LB2Xe[
Dlj\ldf]Df[\ie8ik#CalYcaXeX#Jcfm\e`X%@e)''/&'0j_\gXik`Z`gXk\[`ek_\ÈCLO
8jjfZ`Xk\8ik`jkjGif^iXdd\È%
?\`eq<d`^_fcq1J\ek`d\ekXc9fdYXjk
<`e`^\GXe\cjXlj;`\9Xj`j[\jDXb\$lg
?\`eq<d`^_fcq1J\ek`d\ekXc9fdYXjk
Jfd\GXe\cj]ifdK_\9Xj`jf]DXb\$lg
;`\j\ C`m\$@ek\igi\kXk`fe \`e`^\i GXe\cj Xlj ;`\9Xj`j[\jDXb\$lg `jk \`e
Jk•Zb `ek\iXbk`m\e >\jZ_`Z_k\e\iq€_c\ej% @Z_ jk\_\ f[\i j`kq\ `ee\i_XcY
d\`e\i Q\`Z_ele^\e le[ Ù\ibc€i\É j`\ f[\i Y\Xeknfik\ =iX^\e% ;X a\[\
8lkfY`f^iX]`\d\_if[\in\e`^\i\`eN`kq`jk#n\i[\en`i[\e^Xeq\eN\^
^\d\`ejXd^\_\e%;XjGlYc`bld\ekjZ_\`[\k#nXjXcje€Z_jk\jbfddk%@Z_
n\i[\[XjBfijXbfn$Jpjk\dY\elkq\e#ldd\`e\>\jZ_`Z_k\eql\iq€_c\e%
?\`eq<d`^_fcqm\i]]\ekc`Z_kj\`k(0.*=`cd\le[K\ok\%J\`e\Q\`Z_\ej\i`\
;`\9Xj`j[\jDXb\$lgnli[\qlc\kqk)''/mfccjk€e[`^`d?XdYli^\i9X_e_f]
ÆDlj\ld]•i>\^\enXik`e9\ic`eXlj^\jk\cck%<ic\_ikXe[\iLe`m\ij`k€k[\i
B•ejk\9\ic`e%D\_ilek\innn%gpd%[\
K_`jc`m\`ek\igi\kXk`fef]Xj\i`\jf]k_\Xik`jkËjfne[iXn`e^j`jXg`\Z\f]`ek\i$
XZk`m\jkfipk\cc`e^1@jkXe[fij`k`ej`[\k_\gifa\Zk\[`dX^\f]dp[iXn`e^jXe[
È\ogcX`eÉ k_\d# fi Xejn\i hl\jk`fej XYflk k_\d% J`eZ\ \m\ip XlkfY`f^iXg_p `j
dfi\fic\jjXafb\#n\n`cc^fXcck_\nXpkf^\k_\i%K_\Xl[`\eZ\[\Z`[\jn_Xk`j
e\ok%@n`cclj\k_\BfijXbfn$Jpjk\dkfk\ccdpjkfi`\j%
?\`eq<d`^_fcq_XjglYc`j_\[]`cdjXe[k\okjj`eZ\(0.*%?`jj\i`\jf][iXn`e^j
K_\ 9Xj`j f] DXb\$Lg nXj \o_`Y`k\[ `e ]lcc `e )''/ Xk k_\ ?XdYli^\i 9X_e_f] Æ
Dlj\ld ]•i >\^\enXik# 9\ic`e% ?\ k\XZ_\j Xk k_\ 9\ic`e Le`m\ij`kp f] k_\ 8ikj%
nnn%gpd%[\
J\cYjk$=`cd
DfekX^*%,%('#('1''$()1''L_i
>`fi^`f8^XdY\eXcjG_`c`g`e@cmXe^\cfj\Zfe[fDXkk\fG%G%GXjfc`e`#(0-+ #JkXe[Y`c[
J\cYjk$=`cd%;`\Gfc`k`j`\ile^mfeC\Y\eXcj=`cd
>`fi^`f8^XdY\eXjG_`c`g`e@cmXe^\cfj\Zfe[fDXkk\fG%G%GXjfc`e`#(0-+ #]`cdjk`cc
J\c]=`cd%K_\Gfc`k`Z`jXk`fef]C`]\Xj=`cd
Jk\g_Xe >\\e\ e`ddk `e j\`e\i Gi€j\ekXk`fe 9\ql^ Xl] [`\ Xbkl\cc\ Jk\g_Xe>\\e\dXb\jXgi\j\ekXk`fek_Xk[iXnjfek_\i\Z\ekglYc`ZXk`fe8mXek^Xi[\#
M\i]]\ekc`Z_le^ =`cd# 8mXek^Xi[\# 9`fgfc`k`b# [`\ `e QljXdd\eXiY\`k d`k =`cd#9`fgfc`k`bdX[\`eZfccXYfiXk`fen`k_JXY\k_9lZ_dXeeXe[?\cdlk;iXoc\i%
JXY\k_9lZ_dXeele[?\cdlk;iXoc\i\ekjkXe[%
<`e\]`cd`jZ_\8l]eX_d\\`e\iG\ijfebXeeXcc\jmfe`_iq\`^\e#`_iJ\cYjk
a\[fZ_bXk\^fi`jZ_e`Z_k%;XjJ\cYjk`jk\_\i\`e\e\^Xk`m\GXjj]fid]•i[\e
=`cdYqn%ld^\b\_ik#[\i=`cd]•i[XjJ\cYjk%Ld_\iXljql]`e[\e#fY[`\j\
BfekXbkjk\cc\ qn`jZ_\e [\d Ù\`^\e\eÈ C\Y\e le[ [\d mfe Xe[\i\e# d`k
j\`e\iq\`kc`Z_\e8lj[\_ele^\`e\egfc`k`jZ_\eN\ik_Xk#`jk[`\jgiXZ_c`Z_\
=fidefZ_ql]`e[\e%
8Z`e\dXk`Z`dX^\f]Xg\ijfeZXej_fn\m\ipk_`e^XYflk_\ifi_`d#YlkXYjfclk\cp
efk_\ifi_`jj\c]%K_\j\c]`jiXk_\iXe\^Xk`m\dflc[]fik_\]`cdfim`Z\m\ijX#k_\]`cd
]fik_\j\c]%@efi[\ikf]`e[flk`]k_`jkflZ_`e^gf`ekY\kn\\efe\ËjÈfneÈc`]\Xe[k_Xk
f]fk_\ij#n`k_`kjk`d\jgXe#_XjXepgfc`k`ZXcmXcl\#k_\c`e^l`jk`Z]fid_Xjjk`cckfY\
]fle[%
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(+0
Gf[`ld
ÙD\ejZ_\e# [`\ _\lk\ •Y\i_Xlgk efZ_ Q\`k qli CXe^\n\`c\ _XY\e le[ j`Z_
[fZ_e`Z_kcXe^n\`c\e#j`e[^\n`jj^\eXljfcXe^n\`c`^n`\[`\Xe[\i\e#[`\
qliCXe^\n\`c\e`Z_kbfdd\e%;\ee`_iJ\cYjk`jkm\ijZ_fcc\e#[\jj\e>\^\e$
nXikj`\^\iX[\`e[`\j\ijfY\ki`\YjXd\eN\ck[Xqlek`^\ed•jjk\#f_e\
Q`\cle[e`i^\e[nfcXe^qlm\in\`c\e%ÈJ`\^]i`\[BiXZXl\i#ÙCXe^\n\`c\È
ÈG\fgc\kf[Xpn_fjk`cc_Xm\k`d\]fiYfi\[fdXe[p\kXi\efkYfi\[Xi\Z\ikX`ecp
aljkXjYfi`e^Xjk_fj\n_fe\m\i^\kXifle[kfY\`e^Yfi\[%=fik_\`ij\c]_Xj
mXe`j_\[Æk_\j\c]n_fj\gi\j\eZ\#gXik`ZlcXicp`ek_`jjfYljkc`e^nfic[#nflc[
e\Z\jjXi`cp Zfdg\c k_\d kf kXiip ]fi X n_`c\ n`k_flk X ^fXc# e\`k_\i _\i\ efi
k_\i\%ÈJ`\^]i`\[BiXZXl\i#È9fi\[fdÈ
Jk\g_Xe>\\e\XiY\`k\kl%X%`dCX[\ele[M\icX^ÙYVYffbjÈle[•Y\ij\kqk
q liq\`kCX]XYc\Z`e„dXkf^iXg_`hl\mfeAXZhl\jIXeZ`…i\%<iXiY\`k\kXe\`e\d
9lZ_•Y\i=`cdXcjY`fgfc`k`jZ_\GiXo`j#[XjXl][\d^\d\`ejXdd`kJXY\k_
9lZ_dXee le[ ?\cdlk ;iXoc\i _\iXlj^\^\Y\e\d 9Xe[ =`cd# 8mXek^Xi[\#
9`fgfc`k`bN`\e)''0 Xl]YXlk%EXZ_[\d\ijk\eJg`\c]`cd8]k\i<]]\Zk)''0 Y\i\`k\k \i ^\iX[\ [\e =`cd <`e`^\ KX^\ le[ [Xee& ^Xgp\Xij)^f mfi# [\i `d
Jfdd\i `e Bi\lqY\i^&E\lbcce 9\ic`e Y\^`ee\e le[ `d AX_i [XiXl] ]\ik`^
^\jk\cckn\i[\ejfcc%N\^\e\`e\jC\_iXl]kiX^j]•iK_\fi`\le[>\jZ_`Z_k\[\j
=\iej\_\ejXe[\iK=?9\ic`e9\lk_ j`\_k\iqliq\`km`\c]\ie%
Jk\g_Xe>\\e\nfibj#\%^%`ek_\Yffbj_fgXe[glYc`j_`e^_flj\ÈYVYffbjÈ#Xe[
`j Zlii\ekcp kiXejcXk`e^ CX ]XYc\ Z`e„dXkf^iXg_`hl\ Yp AXZhl\j IXeZ`…i\% ?\ `j
nfib`e^ fe X Yffb fe ]`cd Xj Y`fgfc`k`ZXc giXZk`Z\ [iXn`e^ fe k_\ mfcld\ =`cd#
8mXek^Xi[\#9`fgfc`k`bM`\eeX)''0 _\glYc`j_\[kf^\k_\in`k_JXY\k_9lZ_dXee
Xe[?\cdlk;iXoc\i%8]k\i_`j]`ijk]\Xkli\]`cd8]k\i<]]\Zk)''0 _\`jZlii\ekcp
gi\gXi`e^k_\]`cd<`e`^\KX^\le[[Xee&^Xgp\Xij)^f#k_Xk`jjlggfj\[kfjkXik`e
Bi\lqY\i^&E\lbcce9\ic`e `ejldd\iXe[kfY\]`e`j_\[e\okp\Xi%9\ZXlj\f]_`j
k\XZ_`e^XZk`m`kp`eK_\fi`\le[>\jZ_`Z_k\[\j=\iej\_\ejKMk_\fipXe[_`jkfip Xkk_\K=?9\ic`e9\lk_ #_\`jnXkZ_`e^Xcfkf]KMXkgi\j\ek%
;`\Ile[le^\`e\jHlX[iXkj
;`\ejkX^+%,%('#('1''$()1''L_i
B`d:fc\dXeA\eep?f^Xik_#Jl^XiGXg\i#)''/#@ejkXccXk`fejXej`Z_k
B`d:fc\dXeA\eep?f^Xik_#Jl^XiGXg\i#)''/#`ejkXccXk`fem`\n
;`\Ile[le^\`e\jHlX[iXkj
:`iZc`e^XJhlXi\
;XjÙCLO8jjfZ`Xk\8ik`jkjGif^iXdd\Èm\iXejkXck\k\`e\>ilgg\e[`jbljj`$
fe#[\i\e=fidXk[`\Yi`k`jZ_\eB•ejkc\i>X`cG`Zb\i`e^le[;leZXe:Xdg$
Y\cc`dCXl]\[\j=\jk`mXcj\ekn`Zb\cen\i[\e#XcjI\Xbk`feXl][`\mfi_\i$
^\_\e[\e Gf[`ldj[`jbljj`fe\e le[ Gi€j\ekXk`fe\e# [`\ Y\` [`\j\d <m\ek
qljXdd\e^\]Xjjk#_`ek\i]iX^kle[`e\`e\ee\l\eQljXdd\e_Xe^^\YiXZ_k
n\i[\ejfcc\e%
ÈCLO8jjfZ`Xk\8ik`jkjGif^iXdd\È_fjkjX^iflg[`jZljj`fe#k_\]fidXkf]n_`Z_
_XjY\\e[\m\cfg\[fm\ik_\Zflij\f]k_\]\jk`mXc`eZfem\ijXk`fen`k_9i`k`j_
Xik`jkj >X`c G`Zb\i`e^ Xe[ ;leZXe :XdgY\cc# `e i\jgfej\ kf k_\ fk_\i gf[`ld
[`jZljj`fejXe[gi\j\ekXk`fejn_`Z_k_`j\m\ekXkk\dgkjkfjlddXi`j\#hl\jk`fe
Xe[i\]iXd\%
;XjÙCLO8jjfZ`Xk\8ik`jkjGif^iXdd\È`jk\`e\`eq`^Xik`^\j#qnc]DfeXk\
[Xl\ie[\j Y\il]c`Z_\j =i[\igif^iXdd ]•i `e >ifYi`kXee`\e Xej€jj`^\
B•ejkc\i#[`\d`k=`cdXiY\`k\e%;XjgfjkXbX[\d`jZ_\Gif^iXdd#[Xj[liZ_
[\eC\m\i_lcd\Kiljk]`eXeq`\ikn`i[le[`e[\iCfe[fe\iBlejkX^\ekliCLO
Y\_\`dXk\k `jk# \i]fc^k `e =fid dfeXkc`Z_\i >ilgg\ed\\k`e^j d`k >Xjk$
i\[e\ie# D\ekfij`kqle^\e le[ \`e\d ]]\ekc`Z_\e 8YjZ_cljjgifa\bk% ;`\
K\`ce\_d\i)''0&('j`e[1GXlc8YYfkk#DXib9Xib\i#<i`b9c`e[\idXe#ClZp
:cflk#B`d:fc\dXe#A\eep?f^Xik_#DXi`XKXe`^lZ_`le[:XiXKfcd`\%
K_\ ÈCLO 8jjfZ`Xk\ 8ik`jkj Gif^iXdd\È `j X le`hl\# gfjk$XZX[\d`Z kn\cm\
dfek_gif]\jj`feXc[\m\cfgd\ekgif^iXdd\]fiLB$YXj\[Xik`jkjnfib`e^n`k_k_\
dfm`e^`dX^\%=le[\[Ypk_\C\m\i_lcd\KiljkXe[YXj\[XkCLO`eCfe[fe`kkXb\j
k_\ ]fid f] X j\i`\j f] dfek_cp ^iflg d\\k`e^j Xkk\e[\[ Yp ^l\jk jg\Xb\ij#
d\ekfij\jj`fejXe[X]`eXc#glYc`Zgifa\Zk%GXik`Z`gXekj`e)''0&('Xi\1GXlc8YYfkk#
DXib 9Xib\i# <i`b 9c`e[\idXe# ClZp :cflk# B`d :fc\dXe# A\eep ?f^Xik_# DXi`X
KXe`^lZ_`Xe[:XiXKfcd`\%
(,' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
Gf[`ld
Ù;`\@cclj`fe[\j@Z_Èn`i[gi€j\ek`\ikmfe[\d`eCfe[fec\Y\e[\eBliXkfi#
B•ejkc\ile[8lkfi@XeN_`k\%<i`jkXl\ifi[\ekc`Z_\i=`cdbliXkfi]•i[`\
N_`k\Z_Xg\c 8ik >Xcc\ip `e Cfe[fe le[ \ekn`Zb\ck Xl\i[\d leXY_€e^`^\
Gifa\bk\% =•i [`\ FY\i_Xlj\e\i Bliq]`cdkX^\ bliXk`\ik\ \i lek\i Xe[\i\d
)''.[XjK_\dXÙB`efdlj\ldÈ%;\iq\`kY\i\`k\k\i\`e\<`eq\cXljjk\ccle^d`k
G\i]fidXeZ\j ]•i [`\ 9\ic`e\i [XX[^Xc\i`\ mfi Alc` )'(' le[ bliXk`\ik \`e\
<`eq\cXljjk\ccle^ d`k N\ib\e mfe <d`cp NXi[`cc ]•i [`\ >Xc\i`\ ;\ 8gg\c `e
8djk\i[XdJ\gk%)'(' %<i`jkC\`k\i[\jÙCLO8jjfZ`Xk\8ik`jkjGif^iXdd\È%
ÈK_\@[\Xf]k_\J\c]É`jgi\j\ek\[Yp@XeN_`k\#XZliXkfi#Xik`jkXe[ni`k\iYXj\[
`eCfe[fe%?\`j8[aleZk=`cd:liXkfiXkk_\N_`k\Z_Xg\c>Xcc\ipXjn\ccXjnfib`e^
fe`e[\g\e[\ekgifa\Zkj%@e)''._\ZliXk\[ÈB`efdlj\ldÈ]fik_\]\jk`mXc%?\`j
Zlii\ekcpgi\gXi`e^_`jfnejfcf\o_`Y`k`fef]g\i]fidXeZ\j]fi[XX[^Xc\i`\#9\ic`e
Alcp)'(' Xe[ZliXk`e^Xjfcf\o_`Y`k`fef]nfibYp<d`cpNXi[`cc]fi;\8gg\c#
8djk\i[Xd J\gk )'(' % ?\ `j k_\ ]XZ`c`kXkfi f] k_\ ÈCLO 8jjfZ`Xk\ 8ik`jkj
Gif^iXdd\È%
;`\Y\`[\e8Yq•^\@Cfm\Dlj`ZJ%(++ le[8[fgk`fe(+ J%(+. jkXdd\e
Xlj\`e\i=fkfj\i`\#[`\Afj\g_`e\Gip[\]•i`_i\c\kqk\8ljjk\ccle^ÙCXM`\
[Ê8ik`jk\È`e[\i>Xc\i`\I`Z_Xi[K\cc\j=`e\8ik`eCfj8e^\c\jXe]\ik`^k\%
Afj\g_`e\ Gip[\ `jk B•ejkc\i`e le[ Gif]\jjfi`e ]•i q\`k^\ejj`jZ_\ =fkf$
^iX]`\Xe[\iLe`m\ij`k€k[\iB•ejk\`e9\ic`e%
K_\ knf `dX^\j gi`ek\[ _\i\ @ Cfm\ Dlj`Z g% (++ Xe[ 8[fgk`fe (+ g% (+. Xi\
kXb\e]ifdXj\i`\jf]g_fkf^iXg_jgif[lZ\[YpAfj\g_`e\Gip[\]fi_\ii\Z\ek
\o_`Y`k`fe ÈCX M`\ [Ë8ik`jk\È Xk I`Z_Xi[ K\cc\j =`e\ 8ik# Cfj 8e^\c\j% Afj\g_`e\
Gip[\`jXeXik`jk#Xe[XcjfGif]\jjfif]:fek\dgfiXipG_fkf^iXg_pXkLe`m\ij`k€k
[\iB•ejk\#9\ic`e%
B`e[\ile[Y\n\^k\9`c[\i
JfeekX^)%,%('#('1''$()1''L_i
B`e[\ile[Y\n\^k\9`c[\i%QliM\id`kkcle^mfeB•ejkc\i]`cd\e
<`e\I\Z_\iZ_\mfeJk\]Xe`\JZ_c•k\i
:_`c[i\eXe[Dfm`e^@dX^\j%<[lZXk`feXYflk8ik`jkjË=`cdj
8i\j\XiZ_gifa\ZkYpJk\]Xe`\JZ_c•k\i
QX_ci\`Z_\m\ijki\lk\@e`k`Xk`m\en`[d\ej`Z_[\iM\id`kkcle^mfeB•ejkc\i$
]`cd\e Xe B`e[\i le[ Al^\e[c`Z_\% ;Xql q€_c\e _`jkfi`jZ_\ le[ q\`k$
^\ejj`jZ_\ <og\i`d\ekXc$ le[ 8mXek^Xi[\]`cd\ \Y\ejf n`\ M`[\fblejk%
;`\j\ @e`k`Xk`m\e j\kq\e Y\`d €jk_\k`jZ_\e# bi\Xk`m\e le[ ]i\`\e Gfk\eq`Xc
[`\j\i=`cd\Xe#ld[liZ_j`\le[d`k`_e\em\ijk\_\eqlc\ie\e#nXj=`cd
le[nXjB`ef`jk%
<j]€cckXl]#[XjjB•ejkc\i]`cd\#`ejY\jfe[\i\e`Z_k$eXiiXk`m\=fidXk\#`d
J\^d\ek[\i€jk_\k`jZ_\e =`cdm\id`kkcle^lek\ii\gi€j\ek`\ikj`e[%;Xi•Y\i
_`eXlj\o`jk`\i\eY`j_\ibXldeXk`feXcf[\i`ek\ieXk`feXcX^`\i\e[\Bffg\iX$
k`fe\e# [`\ \`e\e Xe_Xck\e[\e =fblj Xl] [`\ M\id`kkcle^ mfe b•ejkc\i`jZ_\e
=`cd\ei`Z_k\k%;Xj^`ck^XeqY\jfe[\ij]•i[`\Q`\c^ilgg\[\iB`e[\i%
K_\i\ `j X cXi^\ eldY\i f] `e`k`Xk`m\j [\mfk\[ kf k\XZ_`e^ Z_`c[i\e Xe[ pfle^
g\fgc\ XYflk Xik`jkjË ]`cdj% JlZ_ ]`cdj `eZcl[\ _`jkfi`ZXc Xe[ Zfek\dgfiXip
\og\i`d\ekXcXe[XmXek$^Xi[\]`cdjXjn\ccXjm`[\fXik%K_\j\`e`k`Xk`m\j]fZljfe
k_\X\jk_\k`Z#Zi\Xk`m\Xe[]i\\gfk\ek`Xcf]k_\j\]`cdj`efi[\ikfc\Xiek_ifl^_
Xe[n`k_k_\dn_Xk]`cdXe[Z`e\dXXi\%
@k `j X jki`b`e^ ]XZk k_Xk Xik`jkjË ]`cdj# gXik`ZlcXicp efe$eXiiXk`m\ ]fidXkj# Xi\
le[\i$i\gi\j\ek\[`ek_\X\jk_\k`Z ]`cd$\[lZXk`fej\^d\ek%N_Xk`jdfi\#jf]Xi
k_\i\ Xi\ YXi\cp Xep eXk`feXc fi `ek\ieXk`feXc Zffg\iXk`m\ gifa\Zkj k_Xk _Xm\ X
g\idXe\ek]fZljfek\XZ_`e^XYflkXik`jk`Z]`cdj%K_`jgXik`ZlcXicp^f\j]fik_\
kXi^\k^iflgf]Z_`c[i\e%
=•i[`\@ek\ieXk`feXc\eBliq]`cdkX^\FY\i_Xlj\en`i[Jk\]Xe`\JZ_c•k\i[`\
<i^\Ye`jj\`_i\iI\Z_\iZ_\qlM\id`kkcle^j]fid\emfeB•ejkc\i]`cd\emfi$
jfn`\JkiXk\^`\eqli;`jbljj`fejk\cc\e#`en\cZ_\i=fidB•ejkc\i#M\ic\`_\i#
=`cd]\jk`mXcjle[Xe[\i\[`\j\8l]^XY\^\d\`ejXdXe^\_\ebee\e%
K\`ce\_d\i
Jk\]Xe`\ JZ_c•k\i XiY\`k\k eXZ_ \`e\i 8ljY`c[le^ Xcj G_`cfjfg_`\$ le[
;\lkjZ_c\_i\i`e Xcj ]i\`\ =`cdm\id`kkc\i`e `e 9\ic`e% E\Y\e C\_i\i]fik$
Y`c[le^\e le[ M\id`kkcle^jm\iXejkXckle^\e `d B`ef bfeq`g`\ik j`\ Nfib$
j_fgj#`e[\e\eJZ_•c\i^\d\`ejXdd`k=`cd\dXZ_\iej\cYjk=`cd\dXZ_\e%
Qn`jZ_\e)''.le[)''0nXij`\D`kXiY\`k\i`e`dleXY_€e^`^\e=fijZ_le^j$
gifa\bk ÙBlejk [\i M\id`kkcle^ Æ 8lj [\e 8iZ_`m\e [\j ]`cdm\id`kk\ce[\e
=`cdjÈ%J\`k?\iYjk)''0`jkj`\D`k^c`\[[\j>iX[l`\ik\ebfcc\^j@ek\i8ikXe
[\i =L 9\ic`e le[ XiY\`k\k Xe \`e\i ]`cdn`jj\ejZ_X]kc`Z_\e ;`jj\ikXk`fe%
nnn%]`cdm\id`kkcle^%[\
=fik_\@ek\ieXk`feXcJ_fik=`cd=\jk`mXcFY\i_Xlj\e#Jk\]Xe`\JZ_c•k\in`ccgi\j\ek
k_\i\jlckjf]_\ii\j\XiZ_fed\k_f[jf]\[lZXk`e^XYflkXik`jkjË]`cdjXe[c\X[X
[`jZljj`fefejkiXk\^`\jk_XkZflc[Y\lj\[YpXik`jkj#[`jki`Ylkfij#]`cd]\jk`mXcj
Xe[fk_\ijkfkXZbc\k_`jkXjb%
D`b\ Jg\ic`e^\i `jk jk\ccm\iki\k\e[\i C\`k\i mfe CLO# Cfe[fe% 8cj
]i\`jZ_X]]\e[\i 8lkfi jZ_i\`Yk \i ]•i [`m\ij\ DX^Xq`e\ le[ Q\`kjZ_i`]k\e#
[Xilek\i ]i`\q\# 8ik Dfek_cp# IX[`ZXc G_`cfjfg_p# Lek`kc\[ le[ 8]k\iXcc%
A•e^jk\ M\i]]\ekc`Z_le^\e nXi\e BXkXcf^k\ok\ ]•i B\`k_ 8ieXkk ?\eip
Dffi\@ejk`klk\#)''0 le[[`\>ilgg\eXljjk\ccle^ÙK\idjf]Lj\ÈDfek\$
_\idfjf:lckliXc:\ek\i#)''/ %Jg\ic`e^\i`jk?\iXlj^\Y\iqn\`\i9•Z_\i1
8]k\ik_fl^_k1 E\n Ni`k`e^ fe :feZ\gklXc 8ik IXZ_dXe`ef]]j# )'', le[
B`efdlj\ld1 KfnXi[j Xe 8ik`jkjÊ :`e\dX M\icX^ NXck_\i Be`^# )''/ % <i
XYjfcm`\ik\ j\`e\e D8 `e vjk_\k`b le[ Blejkk_\fi`\ Xe [\i D`[[c\j\o
Le`m\ij`k€kle[nXi)''-&'.?\c\eXIlY`ejk\`e:liXkfi`Xc=\ccfn`dIX_d\e
[\j N_`ke\p Dlj\ld f] 8d\i`ZXe 8ik @e[\g\e[\ek Jkl[p Gif^iXd `e E\n
Pfib%
D`b\Jg\ic`e^\i`jXjj`jkXek[`i\Zkfif]CLO#Cfe[fe%8jX]i\\cXeZ\ni`k\i#_\_Xj
ni`kk\e]fidX^Xq`e\jXe[aflieXcj`eZcl[`e^]i`\q\#8ikDfek_cp#IX[`ZXcG_`cfjfg_p#
Lek`kc\[Xe[8]k\iXcc%Fk_\ii\Z\ekni`k`e^j`eZcl[\ZXkXcf^l\k\okj]fiB\`k_8ieXkk
?\eipDffi\@ejk`klk\#)''0 Xe[k_\^iflgj_fnÈK\idjf]Lj\ÉDfek\_\idfjf
:lckliXc:\ek\i#)''/ %?\`jk_\\[`kfif]knfYffbj18]k\ik_fl^_k1E\nNi`k`e^fe
:feZ\gklXc8ikIXZ_dXe`ef]]j#)'', Xe[B`efdlj\ld1KfnXi[j8e8ik`jkjÊ:`e\dX
M\icX^ NXck_\i Be`^# )''/ % ?\ _fc[j Xe D8 `e 8\jk_\k`Zj 8ik K_\fip ]ifd
D`[[c\j\oLe`m\ij`kpXe[`e)''-&'._\nXjX?\c\eXIlY`ejk\`e:liXkfi`Xc=\ccfn
Xkk_\N_`ke\p@e[\g\e[\ekJkl[pGif^iXd`eE\nPfib%
GXik`Z`gXekj
Jk\]Xe`\JZ_c•k\ikiX`e\[XjXk\XZ_\if]g_`cfjfg_pXe[>\idXeY\]fi\nfib`e^
XjX]i\\cXeZ\]`cd\[lZXkfi`e9\ic`e%@eX[[`k`fekf_fc[`e^]lik_\ikiX`e`e^Zflij\j
]fik\XZ_\ijXe[\[lZXk`feXc\m\ekj`eZ`e\dXj#j_\[\m\cfgjnfibj_fgj`en_`Z_
jZ_ffcglg`cjdXb\]`cdjkf^\k_\in`k_]`cddXb\ij%9\kn\\e)''.Xe[)''0j_\
nXj`emfcm\[`ek_\`e[\g\e[\eki\j\XiZ_gifa\ZkÈBlejk[\iM\id`kkcle^Æ8lj[\e
8iZ_`m\e[\j]`cdm\id`kk\ce[\e=`cdjÉ%J`eZ\Xlklde)''0j_\_XjY\\eXd\dY\i
f]k_\^iX[lXk\jZ_ffc@ek\i8ikXkk_\=i\\Le`m\ij`kpf]9\ic`eXe[`jnfib`e^feX
[`jj\ikXk`fe`e]`cdjkl[`\j%nnn%]`cdm\id`kkcle^%[\
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(,(
JZi\\e`e^jJZi\\e`e^j
D@8:8ÆDfm`e^@dX^\8iZ_`m\f]:fek\dgfiXip8ik (,,
m`[\fXik%Z_ (,E\k_\icXe[jD\[`X8ik@ejk`klk\ÆDfek\m`[\f&K`d\9Xj\[8ikj (,/
<c\Zkife`Z8ikj@ek\id`o (-(
:XeX[`Xe=`cddXb\ij;`jki`Ylk`fe:\eki\ (-)
j`ogXZb]`cd (-,
8ij\eXcÆ@ejk`klk]•i=`cdle[M`[\fblejk (-.
MkXg\ (-/
@dX^\Dfm\d\ek
(.(
CLO (.)
?fe^Bfe^8ikj:\eki\ (.*
8ik9Xj\c (.+
=`cd]fid (.C`^_k:fe\ (./
M`[\f;XkX9Xeb (/'
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(,*
J Z i\ \ e ` e ^ j
Dfm`e^@dX^\8iZ_`m\f]:fek\dgfiXip8ik
=i\`kX^*'%+%('#(+1*'L_i#Jlej\k
D@8:8ÆDfm`e^@dX^\8iZ_`m\f]:fek\dgfiXip8ik
*$(0$0#B`kXj\eqfbl#FkXbl
Kfbpf(+,$''-)
AXgXe
=fe"/($/'$,''+$(-,.
=Xo"/($*$*.)-$-)0.
`e]f7d`XZX%fi^
nnn%d`XZX%fi^
;XjDfm`e^@dX^\8iZ_`m\f]:fek\dgfiXip8ikD@8:8AXgXe `jk\`e\Fi^X$
e`jXk`fe qli <i_Xckle^ le[ =i[\ile^ [\j b•ejkc\i`jZ_\e Y\n\^k\e 9`c[\j
le[ [\i Xl] [`\j\d >\Y`\k k€k`^\e B•ejkc\i# [`\ j\`k )''- `e Pfbf_XdX#
AXgXe#Xbk`m`jk%D@8:8fi^Xe`j`\ik8ljjk\ccle^\e#k\dgfi€i\M`[\fk_\b\e#
;`jbljj`fejm\iXejkXckle^\ele[Mfiki€^\mfe=XZ_c\lk\eXlj[\iBlejkn\ck%
J\`k j\`e\i >i•e[le^ _Xk D@8:8 \knX *' Gifa\bk\ Xl] [\e N\^ ^\YiXZ_k#
[Xilek\i 8ljjk\ccle^\e mfe :Xf =\`# GXlc :_Xe le[ le`k\[eXk`fejgcXqX%
;Xi•Y\i_`eXlj_Xk\j\`e\I\`_\mfe;`jbljj`fe\eqlK_\d\en`\[\i8ljY`c$
[le^ mfe BliXkfi\e# :fgpi`^_k le[ :fgpc\]k f[\i [\i 9\q`\_le^ qn`jZ_\e
Blejk le[ BlejkdXibk m\iXejkXck\k% ;Xj D@8:8$8iZ_`m# [\d \`e M\ic\`_
Xe^\^c`\[\ik`jk#ld]Xjjkile[)''8iY\`k\emfe+'m\ijZ_`\[\e\eB•ejkc\ie%
>i•e[\i`e[\i@ejk`klk`fe`jk?`kfd`?Xj\^XnX%
K_\Dfm`e^@dX^\8iZ_`m\f]:fek\dgfiXip8ikAXgXeD@8:8AXgXe #Xefi^Xe`jX$
k`fe[\[`ZXk\[kfk_\Zfej\imXk`feXe[gifdfk`fef]dfm`e^`dX^\XiknfibjXe[
Xik`jkj#jkXik\[`kjXZk`m`kp`e)''-`ePfbf_XdX#AXgXe%D@8:8fi^Xe`j\j\o_`Y`k`fej#
k\dgfiXip m`[\f c`YiXi`\j# kXcb \m\ekj Xe[ c\Zkli\j Yp Xik gif]\jj`feXcj% J`eZ\
)''-#D@8:8_XjglkfeXYflk*'gifa\Zkj#`eZcl[`e^\o_`Y`k`fejYp:Xf=\`#GXlc
:_XeXe[le`k\[eXk`fejgcXqX#Xe[_\c[[`jZljj`fejXYflkXikZliXkfi`Xc\[lZXk`fe#
Zfgpi`^_k Xe[ Zfgpc\]k# Xe[ Xik Xe[ dXib\k i\cXk`fej_`gj% N\ [`jki`Ylk\ Xe[
dX`ekX`eXeXiZ_`m\f]XYflk)''nfibjYp+'Xik`jkj%D@8:8`j]fle[\[Yp?`kfd`
?Xj\^XnX%
J\b`cXcX$LeZfm\i\[=Xd`cp
J_`dliXYifj#AXgXe&KjZ_\Z_`jZ_\I\glYc`b&>ifYi`kXee`\e)''.#(.Ë*'ËË#;M#=XiY\#Kfe
;`\<ekn`Zbcle^lej\i\i>\j\ccjZ_X]k•Y\i[Xj@e]fidXk`fejq\`kXck\i_`eXlj
`jk\`e\j[\i?Xlgkk_\d\e[\j=`cdj%;Xi`en`i[\`e\=Xd`c`\Y\jZ_i`\Y\e#[`\
Xe\`e\]fikjZ_i`kkc`Z_\=fidm`ikl\cc\iI\Xc`k€k^\Yle[\e`jk%;\iMXk\i#[`\
q\ekiXc\ =`^li# n•ejZ_k j`Z_ \`e\ I•Zbb\_i `e [`\ Q\`k [\i d\ejZ_c`Z_\e&
[`i\bk\e @ek\iXbk`fe# fYnf_c \i [`\j\ J\_ejlZ_k j\cYjk e`Z_k nX_ie`ddk%
EXZ_ \`e\d QljXdd\eki\]]\e d`k c\Y\e[`^\e 9`fdY\ce j`\_k \i j`Z_
m\iXecXjjk#eXZ_\`e\ikXbk`cjg•iYXi\e@ek\iXbk`feqljlZ_\eÆnf[liZ_[`\
>\jZ_`Z_k\ql\`e\iZ_Xfk`jZ_\eKiX^`bfd[`\n`i[%
Fe\ f] k_\ dX`e k_\d\j f] k_\ ]`cd `j fli gif^i\jj`fe Xj X jfZ`\kp gXjk k_\
`e]fidXk`feX^\%K_\dX`eeXiiXk`m\[\g`ZkjX]Xd`cpYfle[YpXeX[mXeZ\[]fid
f]m`iklXci\Xc`kp%K_\]Xk_\i#k_\Z\ekiXcZ_XiXZk\i#[\j`i\jkfi\kliekfk_\[Xpjf]
_ldXe&c`m\`ek\iXZk`fe\m\ek_fl^__\[f\jefk_`dj\c]i\Zf^e`j\k_`jp\Xie`e^%
8]k\i \eZflek\i`e^ c`m`e^ 9`f$]lie`kli\ _\ `j gifdgk\[ kf j\XiZ_ ]fi X kXe^`Yc\
`ek\iXZk`feÆn_\i\Ypk_\jkfipk_\e[`jjfcm\j`ekfXZ_Xfk`ZkiX^`Zfd\[p%
Dlj`Z`e\dXPXdXefk\C`e\J\c\Zk`fe
PXjlefKXif#AXgXe)''.#-Ë#;M#=XiY\#Kfe
@ej\`e\iJ\i`\Dlj`Z`e\dX^\n`eekPXjlefjf\knXjn`\\`em\iYXc\jDlj`b$
jk•ZbXljm\ijZ_`\[\e\e9`c[\ie[\j]]\ekc`Z_\eIXldj%<`eJgi\Z_^\jXe^#
Y\jk\_\e[Xlj€_ec`Z_bc`e^\e[\eD€ee\ijk`dd\e#Y\jZ_i\`Ykn`\\`e\8ik
9\nljjkj\`ejjkifd#nXjXl][\iC\`enXe[qlj\_\e`jk%@_i\Jk`dd\e•Y\i$
j\kq\e[XjJ`Z_kYXi\`eJgiXZ_\`e_\`k\e#[`\`e\`e\d_XcYY\nljjk\eQljkXe[
Xejk\`^\ele[m\i\YY\e%
@e _`j Dlj`Z`e\dX j\i`\j# PXjlef [\i`m\j X b`e[ f] m\iYXc dlj`Z ]ifd Xjjfik\[
`dX^\jf]glYc`ZjgXZ\%8Z_filjf]j`d`cXidXc\mf`Z\j`j_\Xi[[\jZi`Y`e^#`eX
jki\Xd$f]$ZfejZ`flje\jj]Xj_`fe#n_Xk`jZlii\ekcpm`j`Yc\fe$jZi\\e%K_\`imf`Z\j
m\iYXccp kiXejcXk\ k_\ m`j`Yc\ `ekf i\Xdj f] cXe^lX^\ k_Xk \YY Xe[ ]cfn `e X
_Xc]$ZfejZ`fljiXdYc\%
K_\Nfic[1Bfi\Xe;`j_\j
DXjldfkfPXjlkf#AXgXe)''0#0Ë*'ËË#;M#=XiY\#Kfe
K_\Nfic[`jkDXjldfkfja•e^jk\^i\i\8iY\`k%<`e]XZ_Xlj^\[i•Zbk^`Yk\i
[Xi`e\`eq\ce\eC\lk\eBfZ_i\q\gk\`eJgiXZ_\e#[`\j`\e`Z_km\ijk\_\e#le[
]`cdkj`\[XY\`#n`\j`\m\ijlZ_\e#[`\Jg\`j\e`e`_i\iB•Z_\qlqlY\i\`k\e%
@e[\d\ij`Z_Xl][XjM\i_Xck\emfeD\ejZ_\ebfeq\eki`\ik#[`\\knXje`Z_k
m\ijk\_\e#_fck\i`_i\eJ`ee]•i?ldfiXejC`Z_k#`_i\<dg]`e[c`Z_b\`k\ele[
[`\^\j\ccjZ_X]kc`Z_\eI\Xc`k€k\e#[`\Y\`[\eql^ile[\c`\^\e%9\`dQlY\i\`k\e
mfe<jj\eXlj\`e\iXe[\i\eBlcklin`i[[`\D^c`Z_b\`kle[Led^c`Z_b\`k
kiXejblckli\cc\i M\ijk€e[`^le^ j`Z_kYXi% ;`\ J\i`\ K_\ Nfic[ ld]Xjjk
`eqn`jZ_\eq\_e8iY\`k\e#[Xilek\iXiXY`jZ_\#bfi\Xe`jZ_\#Z_`e\j`jZ_\le[
`kXc`\e`jZ_\I\q\gk\%
K_\Nfic[`jDXjldfkfËjdfjki\Z\ekdXafij\i`\jf]nfibj%J`dgcpjkXk\[#`ek_\j\
nfibjDXjldfkf^`m\j`e[`m`[lXcjZffb`e^i\Z`g\j`ecXe^lX^\jk_\p[fefkle[\i$
jkXe[# Xe[ i\Zfi[j k_\d `e k_\ b`kZ_\e Xj k_\p kip kf Xjj\dYc\ k_\ [`j_\j% 9p
]fZlj`e^fek_\Y\_Xm`fif]`e[`m`[lXcj]XZ\[n`k_`eZfdgi\_\ej`Y`c`kp#_\i\m\Xcj
g\fgc\Ëjj\ej\f]_ldfi#k_\`imlce\iXY`c`k`\j#Xe[k_\jfZ`Xci\Xc`k`\jle[\ig`ee`e^
Yfk_f]k_\j\%@ek_\XZk`m`kpf]Zffb`e^]ff[]ifdXefk_\iZlckli\#k_\gfjj`Y`c`kp
Xe[`dgfjj`Y`c`kpf]kiXejZlckliXcle[\ijkXe[`e^Y\Zfd\jm`j`Yc\%K_\Nfic[j\i`\j
efn`eZcl[\jk\enfibj#`eZcl[`e^8iXY`Z#Bfi\Xe#:_`e\j\#Xe[@kXc`Xei\Z`g\j%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(,,
JZi\\e`e^j
0.(?fij\j"+Q\YiXj
8iXb`Pl#AXgXe)''.#(Ë*'ËË#;M#=XiY\#jkldd
@e0.(?fij\j"+Q\YiXjY\jZ_€]k`^kj`Z_8iXb`d`k[\iK€ljZ_le^lej\i\i
J`ee\[liZ_fgk`jZ_\@cclj`fe\e%;\i=`cdY\jk\_kXljm\ijZ_`\[\e\e9`c[\ie
mfeG]\i[\eXlj[\d@ek\ie\k#[`\jfqljXdd\e^\j\kqknli[\e#[Xjj\`e\
^Xcfgg`\i\e[\9\n\^le^\ekjk\_k%;`\9`c[\ii\`Z_\emfeD\`jk\in\ib\e[\i
DXc\i\` •Y\i =fkf^iX]`\e le[ @ccljkiXk`fe\e Y`j ql B`e[\iq\`Z_ele^\e `e
_f_\i n`\ e`\[i`^\i 8l]cjle^% ;`\ 8iY\`k# [\i DlpYi`[^\j K_\ ?fij\ `e
Dfk`fe(/./ XcjMficX^\[`\ek#jZ_X]]km`jl\cc\JgXeele^#[Xn`iqn`jZ_\e
[\dN`jj\e#[Xjjn`im`\c\G]\i[\j\_\ele[[\d>cXlY\e#[Xjj\jeli\`e
G]\i[`jk#_`ele[_\ijZ_nXeb\e%
@e0.(?fij\j"+Q\YiXj#8iXb`\ogcfi\[_fnflid`e[jZXeY\[\Z\`m\[Ypfgk`ZXc
`cclj`fej% K_\ g`\Z\ Zfej`jkj f] mXi`flj `dX^\j f] _fij\j Xggifgi`Xk\[ ]ifd k_\
`ek\ie\k#j\hl\eZ\[kfZi\Xk\X^Xccfg`e^dfk`fe%K_\mXi`flj`dX^\jiXe^\]ifd
dXjk\igX`ek`e^jkfZ_`c[i\eËj[iXn`e^j#g_fkf^iXg_j#`ccljkiXk`fej#Xe[Yfk__`^_
Xe[cfni\jfclk`fe`dX^\j%Df[\c\[X]k\iDlpYi`[^\ËjK_\?fij\`eDfk`fe(/./ #
k_\nfibZi\Xk\jm`jlXck\ej`feXjn\mXZ`ccXk\Y\kn\\ebefn`e^k_Xkk_\i\Xi\
dlck`gc\_fij\jXe[Y\c`\m`e^k_Xkk_\i\`jfecpfe\%
?fnkf=`j_]fiBXggX1C\jjfej]ifdXCfZXc
BfkXbXKXblif#AXgXe)''0#(.Ë#;M#=XiY\#Kfe
?fnkf=`j_]fiBXggX1C\jjfej]ifdXCfZXcnli[\)''0mfdNXkXiXj\8ik
Gifa\Zk `e 8l]kiX^ ^\^\Y\e% BfkXbX \ible[\k\ [`\ >\^\e[ NXkXiXj\ le[
Y\jZ_cfjj#\`e\e=`cdql[i\_\e#[\in`\\`e\Gj\l[f$;fbld\ekXk`fe•Y\i
[Xjdpk_`jZ_\NXjj\in\j\eBXggXXedlk\k%BXggX$Dpk_\ej`e[•Y\iXcc`e
AXgXem\iYi\`k\k#[\i=cljjNXkXiXj\`jkeli\`e\i[`\j\iFik\%;XjGifa\bk
ld]Xjjkqn\`8iY\`k\e1?fnkf=`j_]fiBXggXle[@ek\im`\njXYflkBXggX%;`\
D`kn`ib\e[\e j`e[ Xcc\jXdk CX`\e% <j `jk \ijkXlec`Z_# n`\ •Y\iq\l^\e[ j`\
jg`\c\e%F]]\eYXi_XkBfkXbX[`\;Xijk\cc\ijfi^]€ck`^Xlj^\n€_ckle[`_e\e
j\_i^lk\I\^`\Xen\`jle^\e^\^\Y\e%
?fnkf=`j_]fiBXggX1C\jjfej]ifdXCfZXcnXjZfdd`jj`fe\[Ypk_\NXkXiXj\8ik
Gifa\Zk`e)''0%BfkXbXi\j\XiZ_\[k_\NXkXiXj\Xi\X#Xe[[\Z`[\[kfZi\Xk\X]Xb\
[fZld\ekXipXYflkk_\dpk_`ZBXggXZi\Xkli\%K_\i\Xi\dXepdpk_jXYflkBXggX
Xcc fm\i AXgXe# Xe[ NXkXiXj\ i`m\i `j fe\ f] k_fj\ gcXZ\j% K_\i\ Xi\ knf nfibj
n`k_`ek_`jgifa\Zk#fe\`j?fnkf=`j_]fiBXggX#k_\fk_\i`j@ek\im`\njXYflkBXggX%
8cck_\g\fgc\`ek_`jg`\Z\Xi\efkXZkfijfiXZki\jj\jYlkfi[`eXipcfZXcg\fgc\%@k
`jXdXq`e^_fnZfem`eZ`e^k_\pXi\#Xe[n\Xjjld\k_XkBfkXbXZXi\]lccpZ_fj\
g\i]fid\ijXe[^Xm\m\ip^ff[`ejkilZk`fej%
m`[\fXik%Z_
=i\`kX^*'%+%('#(.1''L_i#Jlej\k
m`[\fXik%Z_
9•if]•iM`[\fblejkXe^\c\^\e_\`k\e
Gfjk]XZ_(,)+/''Qf]`e^\e
JZ_n\`q
=fe"+($-)$.0...'(
=Xo"+($-)$.0.,)/)
f]]`Z\7m`[\fXik%Z_
nnn%m`[\fXik%Z_
m`[\fXik%Z_^`e^Xlj[\iM`j`feqn\`\i\e^X^`\ik\iLek\ie\_d\ile[`_i\d
cXe^a€_i`^\e <`ejXkq ]•i B•ejkc\i Y\` m`[\fZfdgXep%Z_ _\imfi% )''*
^i•e[\k\ej`\[`\GcXkk]fidm`[\fXik%Z_]•iJ`e^c\:_Xee\cle[lec`d`k`\ik\
8iY\`k\e%m`[\fXik%Z_m\ic\`_kle[m\ibXl]k8iY\`k\em\ijZ_`\[\ejk\i>\ei\j
Æmfe\og\i`d\ek\cc\eN\ib\eY`j_`eqli=`bk`fe%m`[\fXik%Z_XiY\`k\kd`k
m\ijZ_`\[\e\eGXike\ien`\Dlj\\e#>Xc\i`\e#BliXkfi\e#Le`m\ij`k€k\ele[
=\jk`mXcjqljXdd\e%
m`[\fXik%Z_ Xifj\ ]ifd k_\ m`j`fe f] knf gXjj`feXk\ \eki\gi\e\lij Xe[ k_\`i
cfe^k`d\Zfdd`kd\ekkfXik`jkjn`k_m`[\fZfdgXep%Z_%@e)''*#k_\p\jkXYc`j_\[
m`[\fXik%Z_#XgcXk]fid]fij`e^c\Z_Xee\cXe[lec`d`k\[nfibj%m`[\fXik%Z_f]]\ij
[`]]\i\ek^\ei\jf]nfibjiXe^`e^]ifd\og\i`d\ekXck`kc\jkfnfibjf]]`Zk`fe]fi
i\ekXcXe[jXc\%m`[\fXik%Z_ZfccXYfiXk\jn`k_[`]]\i\ekgXike\ijjlZ_Xjdlj\ldj#
^Xcc\i`\j#ZliXkfij#le`m\ij`k`\jXe[]\jk`mXcj%
:Xgkli`e^EXkliXcJfle[j`ek_\8^\f]k_\M`ekX^\./I\$Zfi[Xe[Fk_\iK_fl^_kjfeKiXm\c`e^
Y\kn\\e;`]]\i\ekI\$Xc`k`\j
8c\oXe[\i?X_e#JZ_n\`q)'',#-Ë#9\kXJG#=XiY\#Kfe
Q\`kiX]]\iY\fYXZ_kle^ m\ijZ_`\[\e\i eXk•ic`Z_\i Gifq\jj\% @e j\`e\e K`d\cXgj\fYj\imXk`fef]j\m\iXcj\hl\ek`XcgifZ\jj\jf]eXkli\%?X_eÊjnfibj
8iY\`k\e\ible[\k?X_e[`\j`Z_nXe[\ce[\eI\Xc`k€k\emfe8cckX^#<i`ee\$ \ogcfi\ k_\ j_`]k`e^ i\Xc`k`\j f] \m\ip[Xp c`]\# d\dfip Xe[ [i\Xd% K_\ d\k_f[1
ile^ le[ KiXld% J\`e\ D\k_f[\1 ;`\ f]]\e\ le[ m\ijk\Zbk\ 8l]eX_d\ [\j fm\ikcpXe[Zfm\ikcpi\Zfi[`e^n_XkËj\g_\d\iXcXe[j\\d`e^cpdle[Xe\%
=c•Z_k`^\ele[jZ_\`eYXi8cck€^c`Z_\e%
(,- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
M\id\`ekc`Z_b\`kle[Ql]Xcc@cclj`m\e\jjXe[:f`eZ`[\eZ\
Dl[XDXk_`j#JljQn`Zb#JZ_n\`q)''+#.Ë#9\kXJG#=XiY\#Kfe
;`\[i\`g\i]fidXk`m\eGXXijk•Zb\_XY\e\`e\`e]XZ_\jJ\kk`e^#qn\`GifkX$
^fe`jk`ee\e# [`\ `d e\lkiXc\e IXld X^`\i\e% <j ^\_k ld M\inXe[cle^#
Ld]lebk`fe`\i\emfeBig\i#9\q`\_le^#IXld#J`eele[Lej`ee%N`im\in\e$
[\e[\eBig\iXcjY`c[_Xl\i`jZ_\jDXk\i`Xc#[\eDfe`kfiXcj9•_e\eiXld#
[\eJfle[XcjY`c[_X]k\j<c\d\ek%<`e\M\ijlZ_ji\`_\d`kMfi]•_iZ_XiXbk\i#
j`dg\c#gXiX[fo#\ijkXlec`Z_%
@ejg`i\[Yp k_\g_pj`ZXcXe[ g_`cfjfg_`ZXc#k_\ \m\ip[Xp# k_\dpk_fcf^`ZXc#k_\
XYjli[# Xj n\cc Xj ZlckliXc _`jkfip% DXk_`j Xe[ Qn`Zb \ogcfi\ k_ifl^_ k_\`i knf
]\dXc\gifkX^fe`jkjXZk`e^`eXe\lkiXcjgXZ\#kiXej]fidXk`fe#k_\Zfem\ik`e^f]
Yf[p#i\cXk`fej_`gj#jgXZ\#j\ej\Xe[efej\ej\%
?Xe[cXl]B•iY`j?Xe[iX`cGldgb`e
:_i`jkfg_I•k`dXee#JZ_n\`q)''(#,Ë#9\kXJG#=XiY\#Kfe
;`\M`[\fXiY\`k\emfe:_i`jkfg_I•k`dXeee\_d\elejd`kXl]\`e\\e[cfj\ K_\m`[\fnfibjf]:_i`jkfg_I•k`dXeec\X[ljfeXe\e[c\jjZXd\iXi`[\k_ifl^_
BXd\iX]X_ik`e[`\N\ck[\iB•iY`jj\%
k_\nfic[f]gldgb`ej%
Ki\X[d`cc
BXk`X9XjjXe`e`#JZ_n\`q)''-#+Ë#9\kXJG#=XiY\#Kfe
;`\B•ejkc\i`ec€l]kXl]\`e\dCXl]YXe[%EXZ_le[eXZ_n\i[\e`_i>\^\e$ K_\Xik`jknXcbjfeXe\o\iZ`j\dXZ_`e\%J_\`j_Xe[\[fYa\Zkjfe\Ypfe\#n_`Z_
jk€e[\ ^\i\`Z_k# Y`j j`\ mfe [\i D\e^\ mfccbfdd\e •Y\i]fi[\ik `jk% ;Xj \m\eklXccp fm\in_\cd _\i% <hl`mXc\ekcp _`cXi`flj Xe[ [`jZfd]fik`e^# k_\ m`[\f
ql^c\`Z_libfd`jZ_\n`\m\ijki\e[\M`[\fq\`^k[`\e\^Xk`m\e=fc^\e[\j [`jgcXpjk_\e\^Xk`m\\]]\Zkjf]dlck`kXjb`e^%
Dlck`kXjb`e^%
Jb\\kKiXgj
Il[fc]Jk\`e\i#JZ_n\`q)''(&)''0#.Ë#9\kXJG#=XiY\#Kfe
8l][\iJZ_`\XecX^\n`i]k[`\BXd\iX\`e\egf\k`jZ_\e9c`ZbXl][\e]\ie\e ;fnefek_\ZfdYXkZflij\k_\\p\f]k_\ZXd\iXkXb\jXgf\k`ZXc^c`dgj\Xkk_\
?fi`qfek%
[`jkXek_fi`qfe%
8]k\ik_\<dg`i\
<cf[`\Gfe^#JZ_n\`q)''/#(+Ë*'ËË#9\kXJG#=XiY\#Kfe
;`\ `e Q•i`Z_ c\Y\e[\ B•ejkc\i`e <cf[`\ Gfe^ `jk ]•i `_i\ _`ek\i^i•e[`^\e#
XeXcpk`jZ_\e8iY\`k\eql[\e8ljn`ible^\ed\ejZ_c`Z_\i9\q`\_le^\ele[
blckli\cc\i Bfem\ek`fe\e Xl] [`\ >\j\ccjZ_X]k [\i >\^\enXik Y\bXeek% @e
[`\j\dM`[\f`ejq\e`\ikj`\>\jgi€Z_\qn`jZ_\em\ijZ_`\[\e\em\ijkfiY\e\e
@bfe\e Xlj Gfglc€iblckli le[ Gfc`k`b^\jZ_`Z_k\# [Xilek\i DXi`cpe Dfeif\#
<cm`j Gi\jc\p# 9XkdXe IfY`e# D`ee`\ Dflj\ le[ BXic DXio% @e \`e\d
gfjkXgfbXcpgk`jZ_\e J\kk`e^ n\i[\e [`\ `e[`m`[l\cc\e le[ jpdYfc`jZ_\e
<oki\d\# J\_ej•Z_k\ le[ @[\Xc\ [\i =`^li\e mfe [\e JZ_Xljg`\c\ie Xl]
_ldfimfcc\n`\n\_d•k`^\N\`j\m\ibig\ik%
Qli`Z_$YXj\[ m`[\f Xik`jk <cf[`\ Gfe^ `j befne ]fi _\i jlYkc\# XeXcpk`Z nfibj
]fZlj`e^fe_fn_ldXei\cXk`fej_`gjXe[ZlckliXcZfem\ek`fej`dgXZkZfek\dgf$
iXipjfZ`\kp%@ek_`jm`[\f#Gfe^fiZ_\jkiXk\j]XZ\$kf$]XZ\Zfem\ijXk`fejY\kn\\e
mXi`fljcXk\`Zfejf]gfglcXiZlckli\Xe[gfc`k`ZXc_`jkfip#`eZcl[`e^DXi`cpeDfeif\#
<cm`jGi\jc\p#9XkdXeIfY`e#D`ee`\Dflj\Xe[BXicDXio%Jliifle[\[YpXgfjk$
XgfZXcpgk`Z j\k# k_\ XZkfij \dYf[p k_\`i Z_XiXZk\ijÊ `e[`m`[lXc Xe[ jpdYfc`Z
\oki\d\j#cfe^`e^j#Xe[`[\Xcj`ej`dlckXe\fljcp_ldfifljXe[\c\^`XZnXpj%
@ej`[\Flkj`[\
<[`k_=c•Zb`^\i#JZ_n\`q)'',&)'('#,Ë#9\kXJG#=XiY\#Kfe
;`\ N\ck [i\_k j`Z_ Æ le[ n`i d`k `_i% ;`\ Y\n\^k\ Kpgf^iX]`\$<iq€_cle^ K_\nfic[`jifkXk`e^ÆXe[n\Xi\ifkXk`e^n`k_`k%K_`j[iXdXk`Zkpgf^iXg_`Zjkfip
\i`ee\ik[XiXe#[XjjdXe`e('%'''D\k\i?_\Y\`[`\j\e>\[Xeb\ec\`Z_k i\d`e[jljk_Xk`eXeXck`kl[\f]('#'''d\ki\j#k_\m\ipk_fl^_kf]k_`jZXeY\
Xlj[\i9X_e^\iXk\ebXee%
hl`k\]cXYY\i^Xjk`e^%
;\iNXe[\i\iK_\NXe[\i\i
DXoG_`c`ggJZ_d`[#JZ_n\`q)''.#+Ë#9\kXJG#=XiY\#Kfe
Mfcc\i gfj`k`m\i <e\i^`\ le[ ^\ki`\Y\e mfe [\d NlejZ_# mfiXeqlbfdd\e# =lccf]gfj`k`m\\e\i^pXe[k_\li^\kfdfm\]finXi[#k_`jnXe[\i\ijki`[\jk_ifl^_
jZ_i\`k\k[`\j\iNXe[\i\i[liZ_[`\EXkli#\`eG`fe`\iXl][\iJlZ_\eXZ_ eXkli\#Xg`fe\\i[`jZfm\i`e^e\ncXe[#XdXefe_`jnXp`ekfk_\]lkli\%
E\lcXe[#\`eDXeeXl][\dN\^`e[`\Qlble]k%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(,.
JZi\\e`e^j
@ePfliIffd
JfeaX=\c[d\`\i#JZ_n\`q)''/#,Ë#9\kXJG#=XiY\#Kfe
@e[`\j\dM`[\fj\_\en`i\`e\=iXld`k\`egXXiKifdd\celek\i`_i\i9libX% @ek_\m`[\fpflj\\XnfdXen`k_X[ildj\kle[\i_\iYlihX%J_\gcXpj_\i`e$
Kifkq[\i•gg`^\e=Xck\en•i]\`_i\j>\nXe[\j\ii\`Z_k`_iKifdd\cjg`\c[iX$ jkild\ekji\XZ_`e^[iXdXk`Z_\`^_kj[\jg`k\k_\mfcld`eflj]fc[jf]dXk\i`Xc`e
dXk`jZ_\?_\e%
n_`Z_j_\`j\em\cfg\[%
:fd\fe`ekfk_\:fek`e\ekjKi\k\k\`e`e[`\Bfek`e\ek\
:_i`jkfg_F\ikc`#JZ_n\`q)''0#-Ë#9\kXJG#=XiY\#Kfe
8l\i_XcY mfe Clofi jZ_n\ebk [\i 9c`Zb cXe^jXd `d Bi\`j% <j jk\_\e
D\ejZ_\e \`eq\ce f[\i `e >ilgg\e `e [\i N•jk\% Mfd ?`dd\c _\ilek\i
bfdd\eKfli`jk\e`e\`e\d^if\eifk\e9Xccfe%;\i9c`ZbnXe[\ikn\`k\i
Xl] [\i N•jk\efY\i]c€Z_\% Jk€[k`jZ_\ |Y\iYXlle^\e n\i[\e j`Z_kYXi% @e
\`e\i\`eq`^\e#cXe^jXdjZ_n\eb\e[\e<`ejk\ccle^n`i[\`e\8eble]kqljXd$
d\e^\]Xjjk# [`\ 8eble]k Xl] \`e\d ]i\d[\e GcXe\k\e# m\id`kk\ck `e \`e\i
_fi`qfekXc\eJ`Z_k#[`\eliXccd€_c`Z_\knXj;`jkXeq•Y\in`e[\k%
Flkj`[\f]Clofik_\\p\dfm\j`eXjcfnZ`iZc\%G\fgc\Xi\jkXe[`e^`ek_\[\j\ik#
Xcfe\fi`e^iflgj%Kfli`jkj[\jZ\e[]ifdk_\jbp`eXcXi^\i\[YXccffe%K_\\p\
nXe[\ijfeXZifjjk_\jli]XZ\f]k_\[\j\ik%LiYXej\kkc\d\ekjZfd\`ekfm`\n%8e
Xii`mXc `j jldd\[ lg `e fe\ cfe^# jcfn gXe# X kflZ_[fne fe X jkiXe^\ gcXe\k#
i\Zflek\[]ifdX_fi`qfekXcg\ijg\Zk`m\fecp^iX[lXccpZcfj`e^k_\^XgY\kn\\e
`kj\c]Xe[`kjfYa\Zk%
E\k_\icXe[jD\[`X8ik@ejk`klk\
=i\`kX^*'%+%('#)'1''L_i#Jlej\k
E\k_\icXe[jD\[`X8ik@ejk`klk\
Dfek\m`[\f&K`d\9Xj\[8ikj
B\`q\ij^iXZ_k)-+
('(-<M8djk\i[Xd
E`\[\icXe[\
=fe"*($)'$-)*.('(
=Xo"*($)'$-)+++)*
afb\7e`db%ec#k_\lj7e`db%ec
nnn%e`db%ec
J\`k[\i>i•e[le^[\iM`[\f^Xc\i`\Dfek\m`[\f`dAX_i\(0./_Xkj`Z_[Xj
E\k_\icXe[j D\[`X 8ik @ejk`klk\ Xl] \c\bkife`jZ_\ Blejk# `ejY\jfe[\i\
M`[\fblejk#jg\q`Xc`j`\ik#n\cZ_\[`\bi\Xk`m\eD^c`Z_b\`k\e[\jD\[`ldj
\i]fijZ_k% ?\lk\ j`e[ n`i mfi Xcc\d `e [i\` 9\i\`Z_\e Xbk`m1 Gi€j\ekXk`fe#
<i_Xck le[ I\Z_\iZ_\% ;`\ JXddcle^ [\j E\k_\icXe[j D\[`X 8ik @ejk`klk\
ld]Xjjkd\_iXcj(%/''8iY\`k\ele[Y`c[\k[\eB\ie[\j@ejk`klkj%;`\€ck\$
jk\e9€e[\ijkXdd\eXlj[\dAX_i(0.'#le[a\[\jAX_ie\_d\en`i\knX*,
e\l\ N\ib\ `e [`\ JXddcle^ Xl]% ;`\ >\jZ_`Z_k\ [\i D\[`\eblejk dXZ_k
[\lkc`Z_#[Xjj[\i`ek\ieXk`feXc\8ljkXljZ_mfe8e]Xe^Xe\`en\j\ekc`Z_\i
K\`c[`\j\iBlejk]fidnXi%?\lk\q\`^\en`ia€_ic`Z_]Xjk(%'''8iY\`k\eXlj
lej\i\iJXddcle^`e*-C€e[\iele[Y\i\`k\elejXl][`\Qlble]kmfi#[\ee
YXc[n`i[d`kk\cj[\jJki\Xd`e^jXlj^\n€_ck\i8iY\`k\e[`i\bkmfelej\i\d
J\im\iXlZ_[\iFec`e\$M\iki`\Yd^c`Z_j\`e%
<m\ij`eZ\k_\]fle[`e^f]k_\m`[\f^Xcc\ipDfek\m`[\f`e(0./#k_\E\k_\icXe[j
D\[`X8ik@ejk`klk\_XjY\\ejg\Z`Xc`j\[`e\c\Zkife`ZXikXe[\jg\Z`Xccpm`[\fXik
n_`Z_j\\bjk_\Zi\Xk`m\gfjj`Y`c`k`\jf]k_\d\[`ld`kj\c]%Kf[Xpn\Xi\XZk`m\`e
k_i\\Zfi\Xi\Xj1gi\j\ekXk`fe#Zfej\imXk`feXe[i\j\XiZ_%K_\Zfcc\Zk`fef]k_\
E\k_\icXe[j D\[`X 8ik @ejk`klk\ Zfdgi`j\j fm\i (#/'' nfibj# Xe[ `j k_\ Y\Xk`e^
_\Xikf]k_\@ejk`klk\%K_\fc[\jkkXg\j[Xk\]ifd(0.'#Xe[jk`cc\m\ipp\Xin\X[[
XYflk*,e\nnfibjkfk_\Zfcc\Zk`fe%K_\_`jkfipf]d\[`XXikj_fnjk_Xk]ifdk_\
m\ipY\^`ee`e^`ek\ieXk`feXc\oZ_Xe^\nXj^f`e^kfY\Xe\jj\ek`XcgXikf]k_`jXik
]fid%Efnn\[`jki`Ylk\p\XicpXcdfjkXk_fljXe[nfibj]ifdfliZfcc\Zk`fekf*-
Zfleki`\jXe[n\Xi\gi\gXi`e^]fik_\]lkli\#Xjfec`e\[`jki`Ylk`fek_ifl^_k_\
jki\Xd`e^f]j\c\Zk\[nfibj[`i\Zkcp]ifdflij\im\ijn`ccY\gfjj`Yc\jffe%
I\m\e^\19fkkc\f]:_XdgX^e\
C\ie\ikJXe[\i#E`\[\icXe[\)''0#(Ë*'ËË#9\kXJG#=XiY\#Kfe
DXee\_d\1\`e\=cXjZ_\:_XdgX^e\i#Y\i\`kqld{]]e\e%Le[[`\>\j\kq\ K_\ `e^i\[`\ekj1 X Yfkkc\ f] Z_XdgX^e\# nX`k`e^ kf Y\ fg\e\[% 8e[ k_\ cXnj f]
[\i G_pj`b% ;Xj Q`\c1 j•\ IXZ_\% I\m\e^\ `jk \`e\ Bliq]`cdi\`_\# [`\ g_pj`Zj%K_\ ^fXc1 jn\\k i\m\e^\%I\m\e^\ `j X j\i`\j f] j_fik m`[\fj# fi`^`eXccp
lijgi•e^c`Z_ K\`c \`e\j qn\`jk•e[`^\e ;fbld\ekXi]`cdj •Y\i [`\ IXZ_\ ]•i gXikf]Xknf$_fli[fZld\ekXipXYflki\m\e^\]fiMGIFk\c\m`j`fe%
[XjMGIF=\iej\_\enXi%
(,/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
?\c`fZ\eki`Z
J\d`Zfe[lZkfi#>ifYi`kXee`\e)'('#(,Ë#9\kXJG#=XiY\#Kfe
?\c`fZ\eki`Z elkqk Q\`kiX]]\i le[ K\c\jbfg$EXZ_]•_ile^# ld [\e CXl] [\i
Jfee\•Y\i\`e\I\`_\mfeCXe[jZ_X]k\eXl]qlq\`Z_e\e%<jjZ_\`ek#XcjfY[`\
^\jXdk\Ld^\Yle^Xe[\iBXd\iXmfiY\`jZ_n\ebk#n€_i\e[[`\Jfee\`e[\i
D`kk\ \`e\j a\[\e 9`c[\j m\in\`ck# nXj lej \id^c`Z_k# [`\ <i[ld[i\_le^
jfn`\[`\LdcXl]YX_e[\i<i[\ld[`\Jfee\qld\jj\e%8l]eX_d\e[`i\bk`e
[`\Jfee\_`e\`e\iq\l^\em`\c\]Xjq`e`\i\e[\=`cd]\_c\i#[\ee[`\BiX]k[\i
Jfee\•Y\ijk\`^kefZ_`dd\iXcc\j#nXj[Xjd\ejZ_c`Z_\8l^\le[[Xjb•ejk$
c`Z_\8l^\[\iBXd\iXm\ibiX]k\ebee\e%Jfle[kiXZbmfe9AE`cj\e%
?\c`fZ\eki`Z lj\j k`d\$cXgj\ g_fkf^iXg_p Xe[ Xjkifefd`ZXc kiXZb`e^ kf gcfk k_\
jlejkiXa\ZkfipXZifjjXj\i`\jf]cXe[jZXg\j%K_\\ek`i\\em`ifed\ek]\\cjkfgXe
gXjkk_\ZXd\iXn_`cjkk_\jlejkXpj`ek_\Z\eki\f]\XZ_]iXd\#\eXYc`e^ljkf
^Xl^\k_\\Xik_ÊjifkXk`feXe[fiY`kXifle[k_\jle%J_ffk`e^`ekfk_\jleZi\Xk\j
dXep`eki`^l`e^m`jlXcXik\]XZkj#]fik_\gfn\if]k_\jlejk`cc\oZ\\[jn_XkYfk_
k_\_ldXe\p\Xe[k_\Xik`]`Z`Xc\p\f]k_\ZXd\iXZXeY\Xi%Jfle[kiXZbYp9A
E`cj\e%
=fliJ\Xjfej
B\i\e:pkk\i#;\lkjZ_cXe[)''0#()Ë*'ËË#9\kXJG#=XiY\#Kfe
=fli J\Xjfej q\c\Yi`\ik ^c\`Z_ ql 9\^`ee [\e E\f$Ef`i le[ c€jjk jg€k\e
?`kZ_ZfZbXl](0/'\i$AX_i\$B`kjZ_ki\]]\e1[iXdXk`jZ_\JZ_XccgcXkk\edlj`b
mfe =\iiXek\ K\`Z_\i2 [`Zb]c•jj`^\j =`cdYclk kifg]k Xl] n\`\ BXZ_\ce2
JZ_e\\ n`iY\ck [liZ_ \`e 8gXikd\ek le[ \`e\ =iXl jk\`^k Xcc\`e \`e\
jZ_lddi`^[•jk\i\Ki\gg\_`eXl]%;Xeejk\_kj`\gckqc`Z_mfi\`e\d_fZ_$
^\nXZ_j\e\e# eXZbk\e DXee# [\i Xlj [\d 9X[ jk\`^k# n€_i\e[ Xe j\`e\e
FY\ijZ_\eb\ce [\i JZ_Xld _`elek\ic€l]k% Jf]kgfief]Xej d^\e j`Z_ Y\`
[`\j\iJq\e\]•i\`e\eDfd\ekn`\ql_Xlj\]•_c\e#[fZ_Xejk\cc\[\jld^\$
_\e[\`ej\kq\e[\eC`\Y\jXbk\jY\^`eek[\iDXeem\in`iikeXZ_\`e\i=iXl
eXd\ejJk\ccXqlil]\e%@dCXl]\[\j=`cdj\ek]Xck\ej`Z_n`[\ijgi•Z_c`Z_\
<iq€_cjki€e^\#[`\`_i\e?_\glebk`e[\iJ\cYjk\ekq•e[le^\`e\iI\`_\mfe
FYa\bk\e]`e[\e%=fliJ\Xjfej`jk\`e\?fddX^\XeXcc\j@d`k`\ik\#Xe^\i\`$
Z_\ikd`km`jl\cc\eBc`jZ_\\j#Cf$=`Jg\q`Xc\]]\bk\ele[kifZb\e\d?ldfi%
=fli J\Xjfej fg\ej n`k_ X e\f$ef`i Z\c\YiXk`fe f] cXk\$?`kZ_ZfZb$d\\kj$(0/'j$
b`kjZ_1Xi\Zfi[gcXpj[iXdXk`Zdlj`ZYp=\iiXek\K\`Z_\i2k_`Zb]Xb\Ycff[[i`gj
fekfn_`k\k`c\j2jefnn_`icjk_ifl^_k_\XgXikd\ekXe[Xcfe\nfdXeZc`dYjX
[Xib#jdfbpjkX`iZXj\%K_\nfdXe`jZfe]ifek\[YpXkXcceXb\[dXe#i`j`e^flkf]
k_\YXk_XjYlYYc\j]cfXkXZifjj_`jlgg\ik_`^_j%Jf]kZfi\gfie\ek_lj`Xjkjd`^_k
]\\cdfd\ekXi`cpXk_fd\Xjk_`jjZ\e\le]fc[j#YlkiXk_\ik_XeX]Xjk$kiXZbkfk_\
XZkf]cfm\#Zfe]lj\[#k_\dXejkXikjZXcc`e^]fiXnfdXeeXd\[Jk\ccX%8jk_\]`cd
leiXm\cj# Zfe]c`Zk`e^ eXiiXk`m\j Xi\ i\m\Xc\[ Zc`dXo`e^ n`k_ X j\i`\j f]
jgfekXe\fljcpZfdYljk`e^fYa\Zkj%=fliJ\Xjfej`jX_fdX^\kfXcck_Xk`j]Xb\#
j_fnZXj`e^m`jlXcZc`Z_„j#cf$]`jg\Z`Xc\]]\ZkjXe[[\X[gXe[\c`m\ip%
Jlg\i\e_XeZ\[ÆM(<(Æ=Xd`c`Xi`qXk`fe
LY\idfi^\e%Zfd#{jk\ii\`Z_)''0#(*'ËË#9\kXJG#=XiY\#Kfe
@d IX_d\e [\j Gifa\bkj Jlg\i\e_XeZ\[ \ekn`Zb\ck LY\idfi^\e%Zfd \`e\
I\`_\mfe8iY\`k\e#G\i]fidXeZ\j#M`[\fjle[@ek\im\ek`fe\e#[`\j`Z_d`k
=fck\iXlj\`eXe[\ij\kq\eÆf[\iÙM\iY\jj\ik\iM\i_ik\Z_e`bÈ#n`\=fck\i`e
[\i ]lebk`fe\cc\e# \lg_\d`jk`jZ_\e# `d ÙBXdg] ^\^\e [\e K\iifiÈ `e
LJ$>\]€e^e`jj\e# XY\i XlZ_ `d @iXb# v^pgk\e le[ >lXekXeXdf _€l]`^ ^\$
YiXlZ_k\e JgiXZ_\# ^\eXeek n`i[% LY\idfi^\e%Zfd e€_\ik j`Z_ [`\j\d
K_\dX`e[\iJgiXZ_\[\jDXib\k`e^j#`eql^c\`Z_jZ_e\ele[jZ_i\Zbc`Z_\e
9`c[\ie%Jlg\i\e_XeZ\[ÆM(<(Æ=Xd`c`Xi`qXk`feq\`^k[`\B`e[\imfeLY\idfi$
^\e%Zfd#CfcXDX\le[9`cc`\8[X#qn\`le[]•e]AX_i\Xck%;`\ÙM\iY\jj\ik\e
M\i_ik\Z_e`b\eÈn\i[\eXe`_e\ele[XdI\jk[\i=Xd`c`\\igifYkd`k[\d
Q`\c#j`Z_Xe[`\j\ql^\n_e\ele[j`Z_d`k`_e\em\ikiXlkqldXZ_\e%;Xj
M`[\f`jkd`kJ`kZfd$CXZ_bfej\im\eXljI\[\emfeLJ$Gi€j`[\ek\elek\ic\^k%
@e k_\ Jlg\i\e_XeZ\[ gifa\Zk# LY\idfi^\e%Zfd Zi\Xk\j X j\i`\j f] nfibj#
g\i]fidXeZ\j#m`[\fjXe[`ek\im\ek`fejk_XkZfdd\eklgfekfikli\ÆfiÈ<e_XeZ\[
@ek\iif^Xk`feÈ# Xj `k `j ZXcc\[ `e k_\ ]leZk`feXc Xe[ \lg_\d`jk`Z cXe^lX^\ Zfd$
dfecplj\[`ek_\ÈnXiX^X`ejkk\iifiÈ#`eLJgi`jfejXjn\ccXj`e@iXh#8]^_Xe`jkXe#
<^pgk Xe[ >lXekXeXdf% LY\idfi^\e%Zfd X[[i\jj k_`j kfg`Z `e k_\ cXe^lX^\ f]
dXib\k`e^#m`X`dX^\jk_XkXi\Yfk_Y\Xlk`]lcXe[k\ii`Yc\%Jlg\i\e_XeZ\[ÆM(<(Æ
=Xd`c`Xi`qXk`fe]\Xkli\jk_\Z_`c[i\ef]LY\idfi^\e%Zfd#CfcXDX\Xe[9`cc`\8[X#
knfXe[]`m\p\Xijfc[%K_\k\Z_e`hl\jf]È<e_XeZ\[@ek\iif^Xk`feÈXi\k\jk\[flk
fek_\dXe[k_\i\jkf]k_\]Xd`cp#n`k_k_\X`df]XZZc`dXk`j`e^Xe[]Xd`c`Xi`j`e^
n`k_ k_\d% K_\ m`[\f `j XZZfdgXe`\[ n`k_ j`kZfd cXl^_k\i jXdgc\[ ]ifd LJ
gi\j`[\ek`Xcjg\\Z_\j%
Cfe^C`m\k_\E\n=c\j_
E`ZfcXjGifmfjk#9\c^`\e)'('#(+Ë#9\kXJG#=XiY\#Kfe
Cfe^C`m\k_\E\n=c\j_m\in\e[\k\`e\K\Z_e`b#[`\[`\9`c[\i\`eXe[\iYlZ_$
jk€Yc`Z_m\iq\_i\ele[[\e?fiifi`eXccj\`e\im`jl\cc\e8lj[ilZbbiX]kXl]
j\`e\eeXk•ic`Z_\eJ`\[\glebkXejk\`^\ec€jjk%Gifmfjk[\dfek`\ik[`\9`c[$
jgiXZ_\\`e\jDXjj\ed\[`ldj#ld\`e\e\l\m`jl\cc\<iq€_cle^a\ej\`kj[\j
J\q`\i\ejle[[\j?fiifijqlbfejkil`\i\ele[\j[\dQljZ_Xl\iql\id^$
c`Z_\e#a\[n\[\e\dfk`feXc\eQljkXe[ql[liZ_c\Y\e%
Cfe^C`m\k_\E\n=c\j_lj\jXk\Z_e`hl\`en_`Z_k_\`dX^\jc`k\iXccpZfejld\fe\
fk_\iXe[k_\_fiifi`eXcc`kjm`jlXcgfn\i`jYifl^_kkfXeXkliXcYf`c`e^gf`ek%
Gifmfjkjki`gj[fnek_\`dX^\ipf]XdXjjd\[`ld#lj\j`kkfZfejkilZkXe\n
m`jlXcjkfipY\pfe[k_\[`jj\Zk`feXe[_fiifi#Xe[Xccfnjk_\m`\n\ikfZifjj\m\ip
g_Xj\f]k_\\dfk`feXcjg\Zkild%
I\m\e^\1?Xdd\i
C\ie\ikJXe[\i#E`\[\icXe[\)''0#'Ë*'ËË#9\kXJG#=XiY\#Kfe
DXee\_d\1\`e\e?Xdd\i#\`eJ\`cle[[`\>\j\kq\[\iG_pj`b%;XjQ`\c1j•\ K_\`e^i\[`\ekj1X_Xdd\i#Xifg\Xe[k_\cXnjf]g_pj`Zj%K_\fYa\Zk`m\1jn\\k
IXZ_\% I\m\e^\ `jk \`e\ Bliq]`cdi\`_\# [`\ lijgi•e^c`Z_ K\`c \`e\j qn\`$ i\m\e^\% I\m\e^\ `j X j\i`\j f] j_fik m`[\fj# fi`^`eXccp gXik f] X knf$_fli
jk•e[`^\e;fbld\ekXi]`cdj•Y\i[`\IXZ_\]•i[XjMGIF=\iej\_\enXi%
[fZld\ekXipXYflki\m\e^\]fiMGIFk\c\m`j`fe%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(,0
JZi\\e`e^j
FfgjNife^GcXe\k
8eflb;\:c\iZh#9\c^`\e)''0#/Ê*'ËË#9\kXJG#=XiY\#Kfe
Ffgj Nife^ GcXe\k q\`^k \`e\ Y\qXlY\ie[\ ?•^\ccXe[jZ_X]k n`\ Xl] \`e\d
Xe[\i\e GcXe\k\e# \`e\ N\ck [\j n\`\e IXljZ_\ej le[ [\i N\`k\% 9`c[$
jkile^\ejl^^\i`\i\eBfekXbk#\`e\eBfddle`bXk`fejm\ijlZ_%;`jkXeqle[
E€_\ j`e[ [`]]lj% Ù;`\ D\ejZ_\e \i]Xe[\e [\e >Xik\e# ld `_e ql [liZ_$
jki\`]\eÉ# jZ_i`\Y E`\kqjZ_\% ;\ :c\ihj b•ejkc`Z_\ N\ck\e cX[\e lej ql
€_ec`Z_\e9\kiXZ_kle^\e\`e%;`\j\i8iY\`kc`\^k\`e\<$DX`c$Bfii\jgfe[\eq
qn`jZ_\e`_ile[\`e\dXlk`jk`jZ_\eDXeeql^ile[\%
FfgjNife^GcXe\kj_fnjXZ_Xid`e^_`ccpcXe[jZXg\Xj`]feX[`]]\i\ekgcXe\k#X
nfic[f]n_`k\ef`j\Xe[jgXZ\]XiXnXp]ifd_\i\%;`jilgk`fejfejZi\\ejl^^\jk
ZfekXZk#XeXkk\dgkkfZfddle`ZXk\%;`jkXeZ\Xe[gifo`d`kpXi\Zcfl[\[%ÈG\fgc\
`em\ek\[k_\^Xi[\e`efi[\ikfifXd`e`kÉ#E`\kqjZ_\nifk\%;\:c\iZhÊjXik`]`Z`Xc
jliifle[`e^j`em`k\fe\kfj`d`cXii\]c\Zk`fej%8e\$dX`cZfii\jgfe[\eZ\Y\kn\\e
_\iXe[XeXlk`jk`ZdXe]fid\[k_\YXj`j]fik_`jnfib%
AfXe
E`eXPl\e#E`\[\icXe[\)''0#*Ë#9\kXJG#=XiY\#Kfe
E`eX Pl\e bi\`\ik Xjjfq`Xk`m\ le[ jg`\c\i`jZ_\ M`[\fXiY\`k\e# [`\ G\i]fi$
dXeZ\ le[ :fccX^\# g\ijec`Z_\ le[ bfcc\bk`m\ <i`ee\ile^\e d`k\`eXe[\i
m\iY`e[\e% @e AfXe jk\cck [`\ B•ejkc\i`e \`e\ 9\q`\_le^ _\i qn`jZ_\e [\i
9`f^iX]`\A\Xee\[Ë8iZjÆ[\i]iXeqj`jZ_\e?\c[`e#[`\`e]fc^\\`e\i?€i\j`\$
XebcX^\d`km\idlkc`Z_(0AX_i\eXl][\dJZ_\`k\i_Xl]\em\iYiXeeknli[\
Æ le[ [\d =i\`kf[ mfe Dfkk\e# [`\ `e >c•_cXdg\e _`e\`e]c`\^\e# nfY\` [Xj
>\[`Z_kK_\C\jjfef]k_\Dfk_mfe;feDXihl`jq`k`\ikn`i[%@ccljki`\ikd`k
9`c[\ie m\iYiXeek\i Dfkk\e# \`e\i n\`Yc`Z_\e 8ljjZ_e\`[\]`^li le[ [\i
B•ejkc\i`eXcjA\Xee\[Ë8iZ`jk[`\j\i=`cd\`e\gf\k`jZ_\9\kiXZ_kle^•Y\i
[`\<e[c`Z_b\`kle[[\eJ`ee[\jC\Y\ej%
E`eXPl\eZi\Xk\jXjjfZ`Xk`m\Xe[gcXp]lcm`[\fnfibjn_`Z_Xi\XZfdY`eXk`fef]
g\i]fidXeZ\Xe[ZfccX^\#Zfee\Zk`e^g\ijfeXcXe[Zfcc\Zk`m\d\dfip%@eAfXe#k_\
Xik`jk [iXnj X Zfee\Zk`fe Y\kn\\e k_\ Y`f^iXg_p f] AfXe f] 8iZ Æ k_\ =i\eZ_
_\if`e\n_fnXjYlie\[Xkk_\jkXb\fek_\XZZljXk`fef]_\i\jpXkk_\Xcc\^\[
X^\f](0ÆXe[k_\mfclekXip[\Xk_f]dfk_j]cp`e^`ekfc`^_kYlcYj#hlfk`e^k_\
gf\dK_\C\jjfef]k_\Dfk_Yp;feDXihl`j%@ccljkiXk\[n`k_`dX^\jf]Ylie`e^
dfk_j#XZlk$flknfdXeXe[k_\Xik`jk\eXZk`e^AfXef]8iZ#k_`j]`cd`jXgf\k`Z
i\]c\Zk`fefek_\]iX^`c`kpXe[d\Xe`e^f]c`]\%
CXDXc„[`Zk`fe[\9fe_fdd\;Xe`\cK_\:lij\f]9fe_fdd\;Xe`\c
8ekfe`e;\9\d\cj#9\c^`\e)'('#,Ë#9\kXJG#=XiY\#Kfe
9fe_fdd\ ;Xe`\c ^\_k ^Xeq il_`^ eXZ_ ?Xlj\# Xcj \i gckqc`Z_ mfe \`e\d
Xck\e =clZ_ _\`d^\jlZ_k n`i[ %%% @e [`\j\d jgXee\e[\e e\l\e 8Y\ek\l\i
j`\_kj`Z_[\i?\c[j\`e\d8ck\i<^f`e[\i>\jkXck\`e\jd€Z_k`^\e9Xife^
;€dfej^\^\e•Y\i%Mfe\oki\d\i8gXk_`\Y`j_`eqlle^\_\l\ic`Z_\e8lj$
Yi•Z_\eÆ9fe_fdd\;Xe`\cj@ek\^i`k€kjk\_kn`\e`\qlmfi`ej\`e\dC\Y\e
Xl][\dJg`\c%
9fe_fdd\;Xe`\c`jhl`\kcpnXcb`e^_fd\n_\ejl[[\ecpXeXeZ`\ekZlij\jki`b\j
_`d %%% @e k_`j k_i`cc`e^ e\n X[m\ekli\# fli _\if `j Zfe]ifek\[ n`k_ _`j \oXZk
Xek`k_\j`j`ek_\j_Xg\f]Xgfn\i]lc9Xife^[\dfe%=ifd\oki\d\c`jkc\jje\jjkf
flkiX^\flj \ogi\jj`m\e\jj# 9fe_fdd\ ;Xe`\c n`cc Y\ Z_Xcc\e^\[ `e _`j fne
`ek\^i`kpXje\m\iY\]fi\`e_`jc`]\%
J`ZkiXej`kK_ljgXjj\j
DXel\cJX`q#@kXc`\e)''0#+Ë*'ËË#9\kXJG#=XiY\#Kfe
=•i \`e\e q\`k^\ejj`jZ_\e B•ejkc\i bXee \j •Y\in€ck`^\e[ j\`e# `e \`e\i
JkX[kn`\Ifdqlc\Y\ele[qlXiY\`k\e%KXlj\e[\AX_i\Blejk$ >\jZ_`Z_k\
bee\e\`e\jZ_n\iqljZ_lck\ie[\CXjkj\`e%J`Z_\i]iX^kj`Z_a\[\iB•ejkc\i&
a\[\ B•ejkc\i`e# nXj \i&j`\ ql [`\j\i <gfZ_\ Y\`kiX^\e beek\% >`Yk \j
`i^\e[\knXj#[XjefZ_e`Z_k^\jZ_X]]\enli[\6DXel\cJX`q#[\iXcj8ik`jk$
`e$I\j`[\eZ\ `e Ifd c\Yk\# m\i]Xjjk\ [Xi•Y\i \`e\e <jjXp# [\i XlZ_ [`\
>\j\ccjZ_X]k#JgiXZ_\#Blejkle[[\eB•ejkc\ik_\dXk`j`\ik%J`ZKiXej`k`jk
JX`qÊg\ijec`Z_\9\jZ_€]k`^le^d`k[\i8ikle[N\`j\#n`\Ifd`_eXl]eX_d#
le[\`e\9\kiXZ_kle^•Y\i[`\Fi`^`eXc`k€kmfe Blejk%
=fiXZfek\dgfiXipXik`jk`kZXeY\fm\in_\cd`e^kfZfd\kfXZ`kpc`b\Ifd\kf
c`m\ Xe[ nfib% K_fljXe[j f] p\Xij f] Xik _`jkfip ZXe Y\ X _\Xmp cfX[ fe pfli
j_flc[\ij%:\ikX`ecpXepXik`jkZfd`e^kfIfd\]fiXj_fikk`d\n`ccY\nfe[\i`e^
n_Xk_`j&_\iZfeki`Ylk`feZflc[Y\[li`e^k_`jg\i`f[%@jk_\i\Xepk_`e^k_Xk_Xj
efkXci\X[pY\\e[fe\6DXel\cJX`q#n_fc`m\[`eIfd\XjXeXik`jk$`e$i\j`[\eZ\#
nifk\Xe\jjXpfek_`j#n_`Z_Zfm\ijjfZ`\kp#cXe^lX^\#XikXe[k_\Xik`jk%J`ZKiXej`k
`j JX`qj g\ijfeXc i\jgfej\ kf k_\ nXp `e n_`Z_ Ifd\ i\Z\`m\[ _`d# Xe[ `j X
i\]c\Zk`fefek_\fi`^`eXc`kpf] Xik%
I\m\e^\19fnc`e^9Xcc
C\ie\ikJXe[\i#E`\[\icXe[\)''0#'Ê*'ËË#9\kXJG#=XiY\#Kfe
DXe e\_d\1 \`e\ 9fnc`e^bl^\c# \`e JZ_e\`[\Yi\kk# \`e El[\c_fcq% Le[ [`\ K_\ `e^i\[`\ekj1 X Yfnc`e^ YXcc# X Zlkk`e^ YfXi[# X ifcc`e^ g`e% 8e[ k_\ cXnj f]
>\j\kq\[\iG_pj`b%;XjQ`\c1j•\IXZ_\%I\m\e^\`jk\`e\Bliq]`cdi\`_\#[`\ g_pj`Zj%K_\fYa\Zk`m\1jn\\ki\m\e^\%I\m\e^\`jXj\i`\jf]j_fikm`[\fj#fi`^`eXccp
lijgi•e^c`Z_ K\`c \`e\j qn\`jk•e[`^\e ;fbld\ekXi]`cdj •Y\i [`\IXZ_\ ]•i gXikf]Xknf$_fli[fZld\ekXipXYflki\m\e^\]fiMGIFk\c\m`j`fe%
[XjMGIF=\iej\_\enXi%
(-' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
<c\Zkife`Z8ikj@ek\id`o
JXdjkX^(%,%('#()1*'L_i#Jlej\k
<c\Zkife`Z8ikj@ek\id`o<8@ ,*,N\jk))e[Jki\\k#,k_=cffi
E\nPfib:`kp#EP(''((
LJ8
=fe"($)()$**.'-/'
=Xo"($)()$**.'-.0
iZc\dXe7\X`%fi^
nnn%\X`%fi^
;Xj(0.(^\^i•e[\k\<c\Zkife`Z8ikj@ek\id`o<8@ `jk\`e\[\i^ik\eEfe$
Gif]`k$Fi^Xe`jXk`fe\e le[ 9\ql^jhl\cc\ ]•i M`[\f$ le[ D\[`\eblejk% ;\i
JZ_n\iglebkmfe<8@c`\^kXl][\dM\ic\`_le[[\i8iZ_`m`\ile^\`e\ild]Xj$
j\e[\eJXddcle^mfed\_iXcj*%,''e\l\ele[_`jkfi`jZ_\eM`[\fXiY\`k\e
mfe B•ejkc\ie% <8@ lek\ijk•kqk B•ejkc\i [liZ_ M\ic\`_# 8iZ_`m`\ile^# 8lj$
jk\ccle^le[I\gi€j\ekXk`fe`_i\iD\[`\eXiY\`k\ele[XiY\`k\k\e^d`kG€$
[X^f^\e# BliXkfi\e# Gif^iXddgcXe\ie le[ JXddc\ie qljXdd\e# ld 8lj$
jk\ccle^\e#8bhl`j`k`fe\ele[[\eg€[X^f^`jZ_\e<`ejXkqmfeD\[`\eXiY\`k\e
ql\id^c`Z_\e%
=fle[\[`e(0.(#<c\Zkife`Z8ikj@ek\id`o<8@ `jXefegif]`kXikjfi^Xe`jXk`fek_Xk
`jXc\X[`e^`ek\ieXk`feXci\jfliZ\]fim`[\fXe[d\[`XXik%<8@ÊjZfi\gif^iXdd\
`jk_\[`jki`Ylk`feXe[gi\j\imXk`fef]XdXafiZfcc\Zk`fef]fm\i*#,''e\nXe[
_`jkfi`ZXc m`[\f nfibj Yp Xik`jkj% <8@ jlggfikj Xik`jkj k_ifl^_ k_\ [`jki`Ylk`fe#
gi\j\imXk`fe# \o_`Y`k`fe Xe[ i\gi\j\ekXk`fe f] k_\`i d\[`X Xiknfibj# Xe[ nfibj
Zcfj\cpn`k_\[lZXkfij#ZliXkfij#gif^iXdd\ijXe[Zfcc\Zkfijkf]XZ`c`kXk\\o_`Y`$
k`fej#XZhl`j`k`fejXe[\[lZXk`feXclj\jf]d\[`XXiknfibj%
Gi\ZXi`flj
:Xifc\\JZ_e\\dXee#LJ8)''0#,Ë#9cl$iXp#=XiY\#Kfe
Gi\ZXi`flj `jk [`\ <`ebXeXc$M\ij`fe mfe JZ_e\\dXeej ^c\`Z_eXd`^\i
D\_ibXeXc$@ejkXccXk`fe# [`\ j`\ ]•i [Xj 8YXe[fe EfidXc ;\m`Z\j 8E; =\jk`mXc [\i KXk\ C`m\igffc )''0 gif[lq`\ik\% ;\i =`cd `jk \`e\ d\cXeZ_f$
c`jZ_\ D\[`kXk`fe •Y\i KXeq le[ `e[`m`[l\cc\ <i]X_ile^# [`\ JZ_e\\dXee
[liZ_ [\e \`e[i`e^c`Z_\e# d`e`dXc`jk`jZ_\e Jfle[kiXZb ql \`e\d >Xeq\e
dXZ_k%
Gi\ZXi`flj`jk_\j`e^c\$Z_Xee\cm\ij`fef]JZ_e\\dXeeÊjdlck`$Z_Xee\c`ejkXccXk`fe
f] k_\ jXd\ eXd\# n_`Z_ j_\ gif[lZ\[ ]fi k_\ KXk\ C`m\igffcÊj )''0 8YXe[fe
EfidXc;\m`Z\j8E; =\jk`mXc%Le`]`\[YpJZ_e\\dXeej_Xlek`e^#jgXij\jfle[$
kiXZb#Gi\ZXi`flj`jXd\cXeZ_fc`Zd\[`kXk`fefe[XeZ\Xe[`e[`m`[lXc\og\i`\eZ\%
AfeXjD\bXj`eBf[XZ_ifd\;Xpj
B\eAXZfYj#LJ8)''0#*Ë*'ËË#9cl$iXp#=XiY\#jkldd
B\eAXZfYjjZ_i\`Yk1ÙAfeXj`jk^\iX[\[\j_XcYY\i•_dk#n\`c\ij`Z_e`Z_k
n`\\`eJkXim\i_€ck%?`\ibXeedXej\_\e#n`\\iXYj\`kjmfd=`cdglYc`bld
`dLe`m\ijld[`\Q\`km\iki[\ck#n€_i\e[nfXe[\ij>\jZ_`Z_k\^\jZ_i`\Y\e
n`i[\jj\`[\ee#n`i`ii\elej#le[^\iX[\[`\j\\ekjgXeek\e8l^\eYc`Zb\
j`e[\i_\cc\e[le[_XY\e9\[\lkle^ %È
B\eAXZfYjni`k\j#ÈAfeXji\dX`ejdfjk]Xdflj]fiefkXZk`e^]Xdflj%?\i\_\ZXe
Y\j\\eXnXp]ifd]`cdXl[`\eZ\j#[Xn[c`e^`ek_\Zfjdfjn_`c\_`jkfip_Xgg\ej
\cj\n_\i\lec\jjn\Xi\d`jkXb\e#Xe[k_\dfjkd\Xe`e^]lcXe[i\m\Xc`e^df$
d\ekjXi\k_\dfd\ekjXk\Xj\ %È
N`ee\i
?Xiip;f[^\#JkXepXBX_e#LJ8)'')#(,Ë*'ËË#;M#=XiY\#Kfe
N`ee\i `jk \`e Xlj [\d Il[\i ^\cXl]\e\j ]`bk`m\j @ek\im`\n# `e [\d [`\ N`ee\i`jX]`Zk`feXc`ek\im`\n^fe\Xnip#]\Xkli`e^Xi\k`Z\ekjn\\gjkXb\jn`ee\i
q li•Zb_Xck\e[\ J`\^\i`e \`e\j >\n`eejg`\cj j`Z_ _Xike€Zb`^ n\`^\ik# [\e n_f[f^^\[cpXmf`[ji\Z\`m`e^_\igi`Z\Xe[dXeX^\jkfdfig_XeX[jgfk`ekfX
Gi\`j\ek^\^\eqle\_d\ele[\j]\ik`^Yi`e^k#\`e\eN\iY\jgfk`e\`e\D`e`$ d`e`[fZld\ekXipXYflk_\iXiknfib%
[fbl•Y\i`_i\Blejkqlm\inXe[\ce%
=fliJ_fik=`cdj(0.)Æ(0.*
Af_e9Xc[\jjXi`#LJ8(0.)$.*#,Ë*'ÊÊ#Jlg\i/Xl];M #=XiY\#jkldd
;`\j\ Jlg\i$/$=`cd\ i\gi€j\ek`\i\e Bfeq\gkXiY\`k\e 9Xc[\jjXi`j d`k [\d
Y\n\^k\e9`c[le[m\i[\lkc`Z_\e[`\k\Z_e`jZ_\eJk€ib\ele[JZ_n€Z_\e[\j
Q\cclcf`[]`cdj`dM\i^c\`Z_qldM`[\f%@dbc\`e\eDXjkXYi\Xc`j`\ikÆdXe
j`\_keli[`\?€e[\[\jB•ejkc\ij#[`\\`e\I\`_\mfeFYa\bk\edXe`glc`\i\eÆ#
\ij\kq\e 9Xc[\jjXi`j Jlg\i$/$=`cd\ K\ok le[ ^\jgifZ_\e\ JgiXZ_\ [liZ_
\`e\iX]]`e`\ik\m`jl\cc\JgiXZ_\#d`k[\i\i^Xeqf_e\Nfik\g_pj`jZ_\M\i$
€e[\ile^\e`ej\`e\dLd]\c[Y\jZ_i\`Yk%
K_\j\Jlg\i/]`cdji\gi\j\ek9Xc[\jjXi`ÊjZfeZ\gklXc\e^X^\d\ekn`k_dfk`fe
g`Zkli\]`cd#gf`ek`e^kfk_\k\Z_e`ZXcjki\e^k_jXe[n\Xbe\jj\jf]k_\Z\cclcf`[
d\[`ldi\cXk`m\kfm`[\f%:feZ\`m\[feXe`ek`dXk\jZXc\fecpk_\Xik`jkÊj_Xe[j
Xi\m`j`Yc\Xj_\dXe`glcXk\jXiXe^\f]fYa\Zkj #9Xc[\jjXi`ÊjJlg\i/]`cdji\gcXZ\
k\okXe[jg\\Z_n`k_XZlee`e^m`jlXccXe^lX^\#`en_`Z__\nfi[c\jjcp[\jZi`Y\j
g_pj`ZXcZ_Xe^\j`e_`j\em`ifed\ek%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(-(
JZi\\e`e^j
=fliJfle[G`\Z\j1;ffij#NXk\i#:c`Zb#G`e$9Xcc
JklXikJ_\idXe#LJ8(0.0$/(#.Ë*'ËË8ljjZ_e`kk #;M#j&n#Kfe
;`\j\ 8l[`f$8iY\`k\e nli[\e \ijkdXc`^ (00' Xcj 8\i`Xc :; le[ BXjj\kk\
m\i]]\ekc`Z_k le[ \in\`k\ie J_\idXej @ek\i\jj\ Xd 8eYc`Zb Xcck€^c`Z_\i
FYa\bk\le[<i\`^e`jj\%;`\KfeXiY\`k\ej`e[d`e`dXc`jk`jZ_\8l[`f$BXcXl\i
le[m\iY`e[\eY\bXeek\>\i€ljZ_\ql\`e\iXYjli[\e:fccX^\#[`\[\eefZ_
\`e\eXiiXk`m\JkilbkliY\jZ_nik%
Fi`^`eXccpglYc`j_\[fe8\i`Xc:;Xe[ZXjj\kk\`e(00'#k_\j\Xl[`fnfibj\ok\e[
J_\idXeËj`ek\i\jk`ek_\jg\ZkXZc\f]dle[Xe\fYa\ZkjXe[\m\ekj%K_\j\jfle[
g`\Z\jXi\d`e`dXc`jkXl[`fglej#Yi`e^`e^]Xd`c`Xijfle[jkf^\k_\i`eXeXYjli[`jk
ZfccX^\k_Xkjk`ccgifmfb\jeXiiXk`m\jkilZkli\%
GXjkGi\j\ek
J_Xcfd>fi\n`kq#LJ8)''0#*Ë#;M#=XiY\#Kfe
GXjkGi\j\ek`jk\`e\*;$8e`dXk`fe#`e[\i=iX^d\ek\_\Yi€`jZ_\i9i`\]\•Y\i GXjk Gi\j\ek `j X *$; Xe`dXk`fe f] ]iX^d\ek\[ ?\Yi\n c\kk\ij ]cfn`e^ fm\i X
\`e\ej`dlc`\ik\e9\i^`e[\iN•jk\]c`\^\e%J`\e`ddk9\ql^Xl][`\`e[\i j`dlcXk\[ [\j\ik dflekX`e% @k i\]\ij kf A\n`j_ dpjk`ZXc k\XZ_`e^j XYflk k_\
dpjk`jZ_\ea•[`jZ_\eC\_i\Y\jZ_i`\Y\e\M\ie`Z_kle^mfe<e\i^`\[liZ_[`\ j_Xkk\i\[\e\i^pn_\ek_\]`ijkkXYc\kjn\i\[\jkifp\[XkDk%J`eX`%
Q\ijkile^[\i\ijk\eJk\`ekX]\ceXd9\i^J`eX`%
G`cfk
>\e\iXc@[\X#LJ8(0..#)0Ë#;M#=XiY\#Kfe
G`cfk nli[\ ]•i [`\ 8ljjkiX_cle^ `d =\iej\_\e `e FekXi`f gif[lq`\ik le[
bfddkXcjEXZ_i`Z_k\edX^Xq`eqliY\jk\eJ\e[\q\`k[X_\i%;Xi`e^\_k\jld
[Xj B•ejkc\iki`f >\e\iXc @[\X% 88 9ifejfe# =\c`o GXikq le[ Afi^\ QfekXc
Y\jZ_i\`Y\e Xcj Df[\iXkfi\e `_i\e bfcc\bk`m\e NXe[\c mfe XdY`k`fe`\ik\e
ale^\eD€ee\ieqlÙY\i•_dk\e#^cXdflij\eB•ejkc\ieÈjfn`\[`\8ljn\`$
kle^ [\j D\[`\e`dg\i`ldj >\e\iXc @[\X% J`\ c`\]\ie [Xd`k \`e\ fi`^`e\cc\
Jkl[`\•Y\i[`\]i•_\e8iY\`k\e[\i>ilgg\%
Gif[lZ\[]figlYc`Zk\c\m`j`feYifX[ZXjk`eFekXi`f#G`cfkkXb\jk_\]fidf]Xgi`d\$
k`d\e\njdX^Xq`e\#n`k_>\e\iXc@[\XXjk_\jlYa\Zk%8j_fjkj#889ifejfe#=\c`o
GXikq# Xe[ Afi^\ QfekXc [\jZi`Y\ k_\`i Zfcc\Zk`m\ kiXej]fidXk`fe ]ifd pfle^
jki`m\ijkfÈ]Xdflj#^cXdfifljXik`jkj#ÈXe[k_\[`m\ij`]`ZXk`fef]k_\>\e\iXc@[\X
d\[`X\dg`i\#gifm`[`e^Xn`kkpjlim\pf]k_\^iflgÊj\Xicpnfib%
:XeX[`Xe=`cddXb\ij;`jki`Ylk`fe:\eki\
JXdjkX^(%,%('#(+1*'L_i#Jlej\k
:XeX[`Xe=`cddXb\ij;`jki`Ylk`fe:\eki\
+'(I`Z_dfe[Jki\\kN\jk#Jl`k\((0
D,M*8/Kfifekf
BXeX[X
=fe"($+(-$,//'.),
=Xo"($+(-$,//.0,-
Z]d[Z7Z]d[Z%fi^
nnn%Z]d[Z%fi^
;Xj(0-.^\^i•e[\k\:=D;:`jkBXeX[Xjn`Z_k`^jk\i^\d\`ee•kq`^\iM\ic\`_
le[ I\jjfliZ\ ]•i leXY_€e^`^ gif[lq`\ik\ =`cd\% N`i m\iki\k\e n\ckn\`k
\knX,,'=`cd\dXZ_\ile[•Y\i)%,''=`cdk`k\c#[Xilek\i\`e`^\[\ifi`^`$
e\ccjk\ele[d\`jk^\jZ_€kqk\eBlejkn\ib\BXeX[Xj%;\i9\jkXe[[\j:=D;:
`jkj\_im`\c]€ck`^#i\`Z_kmfe[\e(0,'\iAX_i\eY`j`e[`\>\^\enXikle[
n€Z_jkjk\k`^Xe%;Xj:=D;:n`i[mfeB•ejkc\ie^\c\`k\kle[n`[d\kj`Z_
[\d M\ic\`_ mfe =`cd\e# [`\ \j Xl\i_XcY [\j DX`ejki\Xdj qnXi jZ_n\i
_XY\e#XY\i`eefmXk`mle[m`\c]€ck`^j`e[#nXj<ekjk\_le^le[8lj[ilZbbiX]k
Xe^\_k%
=fle[\[`e(0-.#k_\:=D;:`j:XeX[XÊj]fi\dfjkefe$Zfdd\iZ`Xc[`jki`YlkfiXe[
i\jfliZ\]fi`e[\g\e[\ekcpgif[lZ\[]`cd%N\i\gi\j\ekXggifo`dXk\cp,,']`cd$
dXb\ij nfic[n`[\ Xe[ fm\i )#,'' ]`cd k`kc\j# `eZcl[`e^ jfd\ f] :XeX[XÊj dfjk
fi`^`eXcXe[n\cc$i\jg\Zk\[nfibjf]Xik%K_\:=D;:ÊjZfcc\Zk`fe`j[`m\ij\#iXe^`e^
]ifdk_\(0,'jkfk_\gi\j\ek#Xe[Zfek`el\jkf^ifnjk\X[`cp%K_\:=D;:`jXik`jk$
[i`m\eXe[[\[`ZXk\j`kj\c]kf[`jki`Ylk`e^]`cdjn_`Z_fg\iXk\efkj`dgcpflkj`[\
f] k_\ dX`ejki\Xd# Ylk n_`Z_ Xi\ `eefmXk`m\ Xe[ [`m\ij\ `e k_\`i fi`^`ej Xe[
\ogi\jj`fej%
9cl\K`[\#9cXZbNXk\i
<m\>fi[fe#JXd?Xd`ckfe#E\lj\\cXe[)''/#0Ë#*,dd#=XiY\#Kfe
D`k ?`c]\ mfe DXbif]fkf^iX]`\ lek\ijlZ_k 9cl\ K`[\# 9cXZb NXk\i [`\
Z_\d`jZ_\eI\Xbk`fe\em\ijZ_`\[\e\i=c•jj`^b\`k\eXl]?`kq\%@e\oki\d\i
EX_Xl]eX_d\Y\fYXZ_k\k[\i=`cdDXk\i`Xc`\en`\=XiY\#KljZ_\#?fe`^le[
NXZ_j Y\`d BfZ_\e le[ M\ijZ_n`dd\e% ;\i [XiXlj \ekjk\_\e[\ D`bif$
bfjdfj\ijZ_\`ekn`\\`e\i\`Z__Xck`^\#liq\`kc`Z_\Jlgg\%
K_ifl^_dXZif$g_fkf^iXg_p#9cl\K`[\#9cXZbNXk\i\ogcfi\jk_\Z_\d`ZXci\XZk`fej
f][`]]\i\ekc`hl`[jkf_\Xk%DXk\i`XcjjlZ_XjgX`ek#@e[`X`eb#_fe\pXe[nXoXi\
fYj\im\[ Yf`c`e^ Xe[ ]cfn\i`e^ `e \oki\d\ Zcfj\ lg% K_\ i\jlck`e^ d`ZifZfjd
j\\djXi`Z_gi`dfi[`Xcjflg%
(-) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
8]^_Xe`dXk`fe
8ccpjfeD`kZ_\cc#BXeX[X)''/#-Ë#*,dd#=XiY\#Kfe
=iXl\e `e X]^_Xe`jZ_\e =c•Z_kc`e^jcX^\ie n\Y\e K\gg`Z_\# [`\ Bi`\^j^\$
jZ_`Z_k\e\iq€_c\e%NXjj`\d`k[`\j\eK\gg`Z_\eY\XYj`Z_k`^\e#`jklebcXi%
I`Z_k\ej`\j`Z_^\^\e[\eBi`\^f[\i_Xe[\ck\jj`Z_ld\`e\8]]`idXk`fe
d`c`k€i`jZ_\i DXZ_kj`Z_\ile^6 ?Xe[\ck \j j`Z_ ld Jflm\e`ij ]•i Jfc[Xk\e
le[ÙG\XZ\b\\g\iÈf[\ild[•jk\i\>\Y\kjk\gg`Z_\6;`\K\gg`Z_n\Y\i`ee\e
j`e[ [\e n\jkc`Z_\e JXddc\ie e`Z_k Y\bXeek# [\ee [`\j\ K\gg`Z_\ n\i[\e
•Y\i m\ijZ_cle^\e\ N\^\ m\iki`\Y\e% ;`\ Jk`dd\e [\i B•ejkc\i`ee\e Xl]
[`\j\8ikm\ijkldd\eqlcXjj\ejfn`\[`\gfc`k`jZ_\8dY`mXc\eq`_i\i@ek\e$
k`fe\ebee\eXcjD\kXg_\i]•i[`\bXeX[`jZ_\D`c`k€igi€j\eq`e8]^_Xe`jkXe
^\c\j\en\i[\e%
Nfd\e`e8]^_Xei\]l^\\ZXdgjdXb\nfm\eil^jk_Xkk\ccXjkfipf]nXi%K_\
`ek\ek f] k_\j\ il^j `j leZc\Xi% 8i\ k_\p Xek`$nXi fi Xe X]]`idXk`fe f] d`c`kXip
gfn\i68i\k_\pdX[\Xjkfli`jkki`eb\kj]fijfc[`\ijXe[Èg\XZ\b\\g\ij#ÉfiXi\
k_\pjfdY\igiXp\iil^j6K_\n\Xm\ijf]k_\j\il^jXi\XefepdfljkfN\jk\ie
Zfcc\ZkfijY\ZXlj\k_\il^jXi\XkkX`e\[k_ifl^_`eki`ZXk\Z_Xee\cjf]kiX[\%K_`j
b`e[f]j`c\eZ`e^f]k_\Xik`jkjËmf`Z\jXe[k_\gfc`k`ZXcXdY`mXc\eZ\f]k_\`i`ek\ek
ZXeY\i\X[XjXd\kXg_fi]fik_\:XeX[`Xed`c`kXipgi\j\eZ\`e8]^_Xe`jkXe%
9Xj`e
;Xm`[>\`jj#BXeX[X)'('#/Ë#;M#=XiY\#Kfe
<`ee\l\iKX^Yi`Z_kXe#NXc[le[=cljj\inXZ_\e#leXYc€jj`^Yilddk[\i K_\]fi\jkXe[i`m\iXnXb\ekfXe\n[Xp2k_\_ldf]k_\_`^_nXp`jZfejkXek%K_`j
?`^_nXp%;`\j`jk\`e\JkX[k[\j8l]jZ_nle^j%<`e\JkX[k[\j{cj%8Y\inXj `j X Yffd kfne% 8e f`c kfne% 9lk n_Xk f] `k6 8e \em`ifed\ekXc jZfli^\# fi Xe
Y\[\lk\k [Xj6 <`e\ >\`\c ]•i [`\ Ldn\ck f[\i \`e N`ikjZ_X]kjnle[\i6 ¿ \Zfefd`Zd`iXZc\6%%%Aljkcffb%8e[c`jk\e%
<`e]XZ__`ejZ_Xl\e%Le[ql_i\e%
K_\:fccX^`jk
8dpCfZb_Xik#BXeX[X)''0#)Ë#;M#=XiY\#Kfe
;`\j\Z_XidXek\le[_ldfimfcc\8e`dXk`fe\ekjkXe[Xlj\`e\iQljXdd\eXi$
Y\`kd`k[\dB•ejkc\iDXiZ9\cc%K_\:fccX^`jkY\kiXZ_k\k9\ccj?€e[\Y\`[\i
8iY\`kXe\`e\dj\`e\iN\ib\%;`\j\j[peXd`jZ_\#qn\`[`d\ej`feXc\Jk•Zb
bfdY`e`\ik Q\`Z_ele^\e# Xlj^\jZ_e`kk\e\ GXg`\ijk•Zb\ le[ 8e`dXk`fej$
cffgj%
K_`jZ_Xid`e^Xe[_ldfifljXe`dXk`fe`jXZfccXYfiXk`fen`k_Xik`jkDXiZ9\cc%K_\
:fccX^`jk]fZlj\jfe9\ccÊj_Xe[jXj_\Xjj\dYc\jfe\f]_`jnfibj%K_`j[peXd`Z
knf[`d\ej`feXcg`\Z\`eZfigfiXk\j[iXn`e^j#gXg\iZlk$flkjXe[cffg\[Xe`dX$
k`fej%
I\kiXkfF]`Z`XcF]]`Z`XcGfikiX`k
=iXeZ`jZX;liXe#BXeX[X)''0#+Ê#;M#=XiY\#Kfe
I\kiXkf F]`Z`Xc Y\]Xjjk j`Z_ d`k [\i _\lZ_c\i`jZ_\e ;Xijk\ccle^ le[ [\i
I\bfejkilbk`fe [\j ^if\e 9\]i\`\ij mfe :_`c\# [\j I\mfclk`fe€ij le[
I\glYc`bXe\ij 9\ieXi[f FË?`^^`ej Xlj [\d (0% AX_i_le[\ik# le[ [\i
_`jkfi`jZ_\e 9\[\lkle^ 8l^ljkf G`efZ_\kj# [\j ;`bkXkfij Xlj [\d jg€k\e
)'%AX_i_le[\ik%;XjBliqm`[\fYXj`\ikk\`cn\`j\Xl]\`e\iIXlcIl`qÊ<jjXp
Ù@dX^\jf]@dX^\jÈ\ekefdd\e\eK€ljZ_le^le[Xl]mfeGXki`Z`f>lqdXe
Xd((%J\gk\dY\i(0.*Xl]^\efdd\e\dFi`^`eXcdXk\i`Xcle[lek\ijlZ_k[Xj
m\id`kk\ck\9`c[le[[`\de\dfe`jZ_\eD^c`Z_b\`k\emfeM`[\f$le[JkXe[$
Y`c[k\Z_efcf^`\e%
I\kiXkfF]`Z`XcXe`dXk\jk_\[`jj`dlcXk`feXe[i\ZfejkilZk`fef]k_\^i\Xkc`Y\iXkfi
f] :_`c\# (0k_$Z\eklip i\mfclk`feXip Xe[ i\glYc`ZXe 9\ieXi[f FË?`^^`ej# Xe[ k_\
_`jkfi`ZXci\XZ_f]k_\cXk\$)'k_$Z\eklip[`ZkXkfi8l^ljkfG`efZ_\k%9Xj\[`egXik
fe X ZfeZ\`k Yfiifn\[ ]ifd IXlc Il`qËj \jjXp È@dX^\j f] @dX^\jÉ Xe[ fi`^`eXc
]ffkX^\ j_fk Yp GXki`Z`f >lqdXe fe J\gk\dY\i ((# (0.*# k_\ j_fik m`[\f `j Xe
\ogcfiXk`fef]k_\d\[`Xk\[`dX^\Xe[k_\de\dfe`Zgfjj`Y`c`k`\jf]m`[\fXe[
jk`cc`dX^\k\Z_efcf^`\j%
=fi:lckliXcGligfj\jFecp
JXiX_Nff[#>ifYi`kXee`\e)''0#0Ë#;M#=XiY\#Kfe
N`\ n€i\ \j# n\ee dXe `e \`e\d mfe 9\n\^kY`c[\ie [fd`e`\ik\e Q\`kXck\i
e`\dXcj\`e9`c[mfej\`e\d?\`dXkfikj\_\en•i[\6;XjGXc€jk`e\ej`jZ_\
=`cdXiZ_`mld]Xjjk\d\_iXcj(''=`cd\•Y\i[\e8cckX^le[[\eBXdg][\i
gXc€jk`e\ej`jZ_\e9\mcb\ile^%<j^`e^n€_i\e[[\i`jiX\c`jZ_\e9\cX^\ile^
mfe 9\`ilk (0/) m\icfi\e% ?`\i Y\jZ_i\`Y\e 9\]iX^k\ Xlj [\d >\[€Z_ke`j
JZ_c•jj\cdfd\ek\[\i>\jZ_`Z_k\[\jgXc€jk`e\ej`jZ_\eB`efj%;`\j\Jq\e\e
j`e[^\q\`Z_e\kle[Xe`d`\ik%Nf[\i=`cd•Y\ic\Yk_Xk#lek\idXl\ik\i[`\
<`e[i•Zb\[\iB•ejkc\i%;`\j`jk\`e=`cd•Y\iI\bfejkilbk`fele[•Y\i[`\
Mfijk\ccle^#[XjjB`ef\`e8lj[ilZb[\iblckli\cc\e@[\ek`k€k`jkÆle[[Xjj
[XjB`ef[`\<i`ee\ile^Y\]\l\ik%
@eXeX^\[fd`eXk\[Ypk_\dfm`e^`dX^\n_Xknflc[`k]\\cc`b\kfe\m\ij\\Xe
`dX^\f]k_\gcXZ\k_XkpflZXd\]ifd6K_\GXc\jk`e`Xe=`cd8iZ_`m\ZfekX`e\[
fm\i('']`cdjj_fn`e^k_\[X`cpc`]\Xe[jkil^^c\f]k_\GXc\jk`e`Xeg\fgc\%@knXj
cfjk`ek_\@jiX\c`j`\^\f]9\`ilk`e(0/)%?\i\`ek\im`\n\\j[\jZi`Y\]ifdd\dfip
b\pdfd\ekj]ifdk_\_`jkfipf]GXc\jk`e`XeZ`e\dX%K_\j\jZ\e\jXi\[iXneXe[
Xe`dXk\[%N_\i\]`cdjlim`m\j#k_\Xik`jkËj`dgi\jj`fejXi\ZfiifYfiXk\[%K_`j`jX
]`cdXYflki\ZfejkilZk`feXe[k_\`[\Xk_XkZ`e\dX`jXe\ogi\jj`fef]ZlckliXc
`[\ek`kp$k_XkZ`e\dX]l\cjd\dfip%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(-*
JZi\\e`e^j
@ËdJfiip#Jk\ic`e^
IDMXl^_Xe#AXi\[D`kZ_\cc#BXeX[X)''0#+Ë#;M#j&n#Kfe
;\i;`Z_k\iIDMXl^_Xej`ee`\ik•Y\ij\`e\9\q`\_le^qlJk\ic`e^?Xp[\e#
[\d@eY\^i`]][\jc€jj`^\eKpg\eXlj[\e=`cdjEf`ij[\i(0,'\iAX_i\#le[
[Xi•Y\i#nXild\j`_de`Z_k^\c`e^k#j\`eC\Y\e\`e\dD\`jk\in\ib[`\j\j
>\ei\j €_ec`Z_\i ql dXZ_\e% ;\i =`cd [\j M`[\f$ le[ @ek\ie\kb•ejkc\ij
AXi\[ D`kZ_\cc m\ij\kqk MXl^_Xe `e [`\ m\ii\^e\k\# [•jk\i\ le[ kiXld$
€_ec`Z_\N\ck[\j=`cdEf`ile[dXZ_k[\e;`Z_k\iql?Xp[\ejGXike\i#C`\Y$
_XY\ile[[•ddc`Z_\d9\^c\`k\i%<`e=`cd[Xi•Y\i#j\`eC\Y\eÙ`di`Z_k`^\e
=`cdÈqlc\Y\e#[`\;Xijk\ccle^mfe?fdfj\olXc`k€k`dDX`ejki\Xd$B`efle[
[`\Bfcc`j`femfe=XekXj`\le[I\Xc`k€k%
Gf\k ID MXl^_Xe dlj\j fe _`j i\cXk`fej_`g kf (0,'j ]`cd ef`i kfl^_ ^lp _leb
Jk\ic`e^ ?Xp[\e# Xe[ n_p _\ ZXeefk dXb\ _`j c`]\ dfi\ c`b\ X (0,'j ]`cd ef`i
dXjk\ig`\Z\% :i\Xk\[ Yp m`[\f&`ek\ie\k Xik`jk AXi\[ D`kZ_\cc# k_\ ]`cd `ej\ikj
MXl^_Xe`ekfk_\iX`e$[Xggc\[#j_X[fn\[Xe[[i\Xdpnfic[f]]`cdef`i$klie`e^
k_\gf\k`ekf?Xp[\eËjdfcc#cfm\i#Xe[[ldYYifX[%8]`cdXYflkc`m`e^pflic`]\È`e
k_\i`^_kdfm`\#Éhl\\igifa\Zk`fefekfdX`ejki\XdZ`e\dX#Xe[k_\Zfcc`j`fef]
]XekXjpXe[i\Xc`kp%
=fik_\ClZbpXe[k_\Jkife^
B`dJ_\ggXi[#BXeX[X)''0#*Ë*'ËË#;M#=XiY\#Kfe
=fi k_\ ClZbp Xe[ k_\ Jkife^ jpeZ_ife`j`\ik [`\ PflKlY\$:c`gj mfe e\le =fik_\ClZbpXe[k_\Jkife^jpeZ_ife`j\jPflKlY\Zc`gj]ifde`e\pfle^nfd\ekf
ale^\e=iXl\eql\`e\d^\d\`ejXd\e:_fimfe9\kk\D`[c\ijK_\Ifj\%;\i Zi\Xk\Xle`k\[Z_filjj`e^`e^9\kk\D`[c\iËjK_\Ifj\%@kjmfp\li`jdgi\j\ekjXe
mfp\li`jk`jZ_\:_XiXbk\i[\jM`[\fjgi€j\ek`\ik\`e\eleXe^\e\_d\eIXld leZfd]fikXYc\jgXZ\Y\kn\\e\Xie\jk\ogi\jj`feXe[`ife`ZZi`k`hl\%
qn`jZ_\e\iejk\d8lj[ilZble[`ife`jZ_\iBi`k`b%
K_\;\m`cËj`ek_\;\kX`cj
A\Xe$G`\ii\AflY\ik#BXeX[X)''0#()Ë#;M#=XiY\#Kfe
K_\ ;\m`cËj `e k_\ ;\kX`cj \ible[\k [`\ J`ee\jnX_ie\_dle^\e \`e\j
e\lea€_i`^\eAle^\eeXd\ejAfj_%;\i=`cdkXlZ_k\`e`e[`\]XZ\kk\ei\`Z_\e
JZ_`Z_k\ej\`e\j8cckX^j#`e[\dAfj_j>\_`iem\ijlZ_k#d`k[\iM`\c]Xck[\i
j\`e\ J`ee\ YfdYXi[`\i\e[\e <`e[i•Zb\ qli\Z_kqlbfdd\e% Afj_ i\X^`\ik
•Y\i\dg]`e[c`Z_ Xl] >\i€ljZ_\# K\okli\e# =XiY\e le[ C`Z_k% <j ]€cck `_d
jZ_n\i#9c`ZbbfekXbkql_Xck\e#le[Y\`Jki\jjf[\i8l]i\^le^]cXkk\iej\`e
?€e[\ lebfekifcc`\ik% Afj_ m\ic`\ik j`Z_ `e [\e ;\kX`cj# n\`c \i jf jZ_e\cc
•Y\ii\`qk`jk%;\j_XcYYiXlZ_k\iI`klXc\le[Iflk`e\e#ldFi[ele^`e[Xj
:_Xfjle[;liZ_\`eXe[\ij\`e\iXcck€^c`Z_\e<i]X_ile^\eqlYi`e^\e%
K_\;\m`cËj`ek_\;\kX`cj\ogcfi\jk_\j\ejfipg\ijg\Zk`m\nfic[m`\n\og\i`\eZ\[
YpXe`e\$p\Xi$fc[YfpeXd\[Afj_%@k[\cm\j`ekfk_\i`Z_cpcXp\i\[kXg\jkipf]_`j
[X`cpc`]\Xj_`jYiX`ejkil^^c\jkf]`e[g\XZ\Xe[ZXcdn`k_`ek_\dpi`X[f]jk`dlc`
YfdYXi[`e^_`jj\ej\j%Afj_`j_pg\i$j\ej`k`m\kfjfle[j#k\okli\j#ZfcflijXe[
c`^_k%?\jkil^^c\jkfdX`ekX`e\p\ZfekXZkXe[]cXgj_`j_Xe[leZfekifccXYcpn_\e
_\]\\cjjki\jj\[fi\oZ`k\[%Afj_^\kjcfjk`ek_\[\kX`cjY\ZXlj\_\^\kjfm\i$
jk`dlcXk\[ jf \Xj`cp Xe[ _\ i\c`\j fe i`klXcj Xe[ iflk`e\j kf Yi`e^ fi[\i kf k_\
Z_XfjXe[Zfe]lj`fek_Xk\o`jk`e_`j\m\ip[Xp\og\i`\eZ\%
Cfk))#:feZ\jj`fe,
G\eepDZ:Xee#BXeX[X)''0#+Ë#;M#=XiY\#Kfe
?Xe[Y\XiY\`k\k\ (-$dd$=`cdY`c[\i# \`e^\]€iYk# XY^\kek le[ m\i€e[\ik#
bfdY`e`\ikd`k=iX^d\ek\emfe<i`ee\ile^Xe\`e\M\i^Xe^\e_\`kXl][\d
CXe[#\ijZ_X]]\e\`em`jl\cc\j>\[`Z_k•Y\i[`\K_\d\e=Xd`c`\#Fikle[Q\`k%
>\]`cdkXl]G_`c`g?f]]dXejÙ@e[\g\e[\ek@dX^`e^I\ki\XkÈ`eDflek=fi\jk#
FekXi`f`dAX_i)''/#d`kKfem\ij\_\emfe<[dle[<X^Xe%;\iK`k\cY\q`\_k
j`Z_Xl][`\Y\`[\iMfcbjq€_cle^(0((i\^`jki`\ik\GXiq\cc\le[QlcXjjle^j$
eldd\i[\i=Xidd\`e\jLi^ifmXk\ij`eN\jkgfik#FekXi`f%;`\Jk`dd\`jk
\`e =iX^d\ek [\i M\i^Xe^\e_\`k Xlj \`e\i Xck\e 8l]eX_d\ d\`e\j (00)
m\ijkfiY\e\eMXk\ij#C\feXi[DZ:Xee%
?Xe[$gifZ\jj\[(-dd]`cd`dX^\ip#k`ek\[#kfe\[#Xe[kiXej]fid\[#`jZfdY`e\[
n`k_d\dfip]iX^d\ekjf]XiliXcgXjkkfZi\Xk\Xm`jlXcgf\dXYflk]Xd`cp#gcXZ\#
Xe[ k`d\% =`cd\[ Xk G_`c`g ?f]]dXeÊj È@e[\g\e[\ek @dX^`e^ I\ki\XkÈ `e Dflek
=fi\jk#FekXi`f`e)''/#n`k_jfle[[\j`^eYp<[dle[<X^Xe%K_\k`kc\i\]\ijkfk_\
cfkXe[ZfeZ\jj`feeldY\if]dp^i\Xk$^iXe[]Xk_\iÊj]Xid`eN\jkgfik#FekXi`f#Xj
i\Zfi[\[`ek_\(0((Z\ejlj%K_\mf`Z\`jX]iX^d\ekf]k_\gXjk#kXb\e]ifdXefc[
i\Zfi[`e^f]dp]Xk_\i#C\feXi[DZ:Xee#n_fgXjj\[XnXp`e(00)%
<[`kfi`Xc
Jk\m\eNfcfj_\e#BXeX[X)''0#('Ë#*,dd#=XiY\#Kfe
@dJfdd\i)''/b€dg]k\d\`eMXk\i\iY`kk\ikd`k[\iBiXeb\e_XljY•if$ @ek_\jldd\if])''/dp]Xk_\iYlkk\[_\X[jn`k__fjg`kXcYli\XlZiXZp%Lj`e^
biXk`\% 8e_Xe[ mfe =fle[$=ffkX^\$Cffgj# d\Z_Xe`j`\ik\d Kfe le[ =fkf$ ]fle[]ffkX^\cffgj#d\Z_Xe`j\[jfle[jXe[g_fkf^iXdj#<[`kfi`Xck\ccjk_\jkfip
^iXdd\e\iq€_ck<[`kfi`Xc[`\>\jZ_`Z_k\mfeLeek`^b\`k#N`\[\i_fcle^le[ f]i\[le[XeZp#i\g\k`k`feXe[]`^_k`e^]fipflic`]\%
[\dBXdg]ldj|Y\ic\Y\e%
(-+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
j`ogXZb]`cd
JXdjkX^(%,%('#)'1''L_i#Jlej\k
j`ogXZb]`cd
E\lYXl^Xjj\+,&(*
('.(N`\e
{jk\ii\`Z_
=fe"+*$($,)-'00''
=Xo"+*$($,)-'0'0)
f]]`Z\7j`ogXZb]`cd%Zfd
nnn%j`ogXZb]`cd%Zfd
nnn%]`cdm`[\f%Xk
j`ogXZb]`cd nli[\ (00' Xcj Efe$Gif]`k$Fi^Xe`jXk`fe ^\^i•e[\k% ;Xj n`Z_$
k`^jk\Q`\c[\i8iY\`kmfej`ogXZb]`cdY\jk\_k`e[\i?\ijk\ccle^mfe{]]\ek$
c`Z_b\`k ]•i [Xj jk\ii\`Z_`jZ_\ b•ejkc\i`jZ_\ =`cd$ le[ M`[\fjZ_X]]\e `d
@e$le[8ljcXe[%D`kkc\in\`c\bffg\i`\ikj`ogXZb]`cdd`kd\_iXcj)''=\jk`$
mXcj n\ckn\`k le[ bXee a€_ic`Z_ •Y\i +'' <`ecX[le^\e m\id`kk\ce% ;Xmfe
XY^\j\_\e `jk j`ogXZb]`cd XlZ_ `d M\ic\`_ k€k`^ Æ [Xj Gif^iXdd ld]Xjjk
[\iq\`kd\_iXcj-''K`k\cÆ#fi^Xe`j`\ikKfligif^iXdd\_\`d`jZ_\iGif[lb$
k`fe\e`d@e$le[8ljcXe[le[gi€j\ek`\ik`ek\ieXk`feXc\=`cd$le[M`[\f$
blejk`eN`\e%)''+^i•e[\k\j`ogXZb]`cdqljXdd\ed`k[\iD\[`\en\ib$
jkXkkN`\e[Xj;M;$CXY\c@E;<O%
j`ogXZb]`cdnXj]fle[\[`e(00'XjXefe$gif]`k`ejk`klk`fe%K_\gi`dXipgligfj\`j
k_\ `ek\ieXk`feXc gifdfk`fe f] k_\ Zlii\ek 8ljki`Xe ]`cd Xe[ m`[\f gif[lZk`fe%
j`ogXZb]`cdefnZffg\iXk\jn`k_)'']\jk`mXcjXifle[k_\nfic[#n_`Z_i\jlckj`e
fm\i+''`em`kXk`fejXeelXccp%9\j`[\jk_Xkj`ogXZb]`cd`jXZk`m\`e[`jki`Ylk`feÆ
k_\gif^iXdd\Zlii\ekcp`eZcl[\jdfi\k_Xe-''k`kc\jÆkflijf][fd\jk`Zgif[lZ$
k`fej Xe[ gi\j\ekXk`fej f] `ek\ieXk`feXc ]`cd Xe[ m`[\f Xik `e M`\eeX% @e )''+
j`ogXZb]`cd]fle[\[kf^\k_\in`k_D\[`\en\ibjkXkkN`\ek_\;M;CXY\c@E;<O%
Qnc]9fob€dg]\iaX^\eM`Zkfihl\i•Y\i[\e^if\eJpck\i;\`Z_(+'0K_\Hl`Zb9ifne=foAldgj
fm\ik_\CXqp;f^
Af_XeeCli]#{jk\ii\`Z_)''0#*Ë#*,dd#=XiY\#Kfe
Cli]j ;`gcfd]`cd m\in\`jk Xl] =fle[$=ffkX^\$<og\i`d\ek\# n`\ j`\ jZ_fe
[`\B•ejkc\i[\iXd\i`bXe`jZ_\eE\f$8mXek^Xi[\#\knXDfi^Xe=`j_\if[\i
9ilZ\:feefi#lek\ieX_d\e#nfY\`Cli]j9\jZ_c\le`^le^j\`e\i9`c[\ijXcm\
[liZ_Xlj[`\8dY`^l`k€kqn`jZ_\ed\[`\ejg\q`]`jZ_\iI\]c\o`fele[|Y\i$
n€ck`^le^jlZ_k%IX`e\i9\cc\eYXld
Cli]Ëjk_\j`j]`cd_XjX^i\Xk[\Xc`eZfddfen`k_k_\]fle[$]ffkX^\\og\i`d\ekj
dX[\YpXik`jkjf]k_\8d\i`ZXee\f$XmXek$^Xi[\#jlZ_XjDfi^Xe=`j_\ifi9ilZ\
:feefi#k_fl^_k_\nXpCli]XZZ\c\iXk\j_`jm`jlXcjXcmf\j`jle[flYk\[cp`ek\e[\[
kf gif[lZ\ XdY`^l`kp Y\kn\\e d\[`X$jg\Z`]`Z i\]c\Zk`fe Xe[ fm\in_\cd`e^ k_\
Xl[`\eZ\%IX`e\i9\cc\eYXld
<`ejm`\iq`^(+':\ek`d\k\ij
Lci`Z_J\`[c#{jk\ii\`Z_(0/'#(-Ë#*,dd#=XiY\#Kfe
BXicNXcce\i#[\iGifkX^fe`jk[`\j\jBliq]`cdj#`jk\`eDXeeld[`\,'%@d BXicNXcce\i#k_\gifkX^fe`jkf]k_`jj_fik]`cd#`jXYflk,'p\Xijfc[%8kk_\X^\f]
8ck\imfe(+AX_i\e_Xk\i[`\>i\mfe(#+'D\k\i\ii\`Z_kle[Xl]^\_ik (+Xe[X_\`^_kf](+'Z\ek`d\k\ij_\jkfgg\[^ifn`e^%K_\]`cdj_fnjjZ\e\j]ifd
qlnXZ_j\e%;\i=`cdq\`^kJq\e\eXlj[\dC\Y\e\`e\jQn\i^j#ql?Xlj\#Y\` k_\c`]\f]X[nXi]#Xk_fd\Xe[nfib#Xe[[li`e^_`jjgXi\k`d\%
[\i8iY\`k#`e[\i=i\`q\`k%
C\9Xifd…ki\K_\9Xifd\k\i
=i`\[cmfd>icc\i#{jk\ii\`Z_)''+#*Ë#*,dd#j&n#jkldd
=•i[\e=`cdC\9Xifd…ki\_Xk[`\B•ejkc\i`e\`e\e]i\d[\eDXeeqlj`Z_`e =fiC\9Xifd…ki\K_\9Xifd\k\i =i`\[cmfd>icc\i`em`k\[XjkiXe^\ikf_\ic`kkc\
`_i\bc\`e\GXi`j\iNf_ele^\`e^\cX[\ele[d`k\`e\dJki`gk\Xj\bfe]ife$ ]cXk `e GXi`j Xe[ Zfe]ifek\[ _`d n`k_ X jki`gk\Xj\% ?`j \dfk`feXc i\jgfej\j Xi\
k`\ik% D`k \`e\d n`jj\ejZ_X]kc`Z_\e# \knXj jX[`jk`jZ_\e @ek\i\jj\ n\i[\e i\Zfi[\[n`k_XjZ`\ek`]`Z#Xe[jfd\n_XkjX[`jk`Z`ek\i\jk%
j\`e\>\]•_cji\^le^\eXl]^\q\`Z_e\k%
JglZb\eJg`kk`e^
=i`\[cmfd>icc\i#{jk\ii\`Z_)'''#)Ë#*,dd#j&n#jkldd
;\iB`ijZ_b\ie\jglZb\e[\ale^\DXee#d`kBfdgc`q`e`dF]]#m\ijlZ_kd`k K_\pfle^dXejg`kk`e^Z_\iipg`kj#n`k_Xef]]$jZi\\eXZZfdgc`Z\#Xkk\dgkjkf_`k
[\eB\ie\e[XjFYa\bk`m[\iBXd\iXqlki\]]\e%M\ijZ_`\[\e\Jk`ddle^\e k_\ZXd\iXËjc\ejn`k_fe\f]k_\d%MXi`fljdff[jY\Zfd\XggXi\ekfek_\nXpkf
Xl][\dN\^qldQ`\cn\i[\ej`Z_kYXi19\d•_le^#M\ijX^\e#jZ_c`\c`Z_[\i XZ\ikX`e^fXc1\]]fik#]X`cli\#k_\e]`eXccpjlZZ\jj%8_Xggp#c`^_k_\Xik\[]`cd%
<i]fc^%<`e]i_c`Z_\i#leY\jZ_n\ik\i=`cd%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(-,
JZi\\e`e^j
;\cg_`e\[\Fc`m\`iX
=i`\[cmfd>icc\i#{jk\ii\`Z_)''0#*Ê#(-dd#j&n#jkldd
;\ia•e^jk\=`cd[\i=fkf^iX]`ele[=`cd\dXZ_\i`e=i`\[cmfd>icc\iq\`^k
[Xjbliq\GfikiX`k\`e\i=iXlmfcc\i>\_\`de`jj\%N`iYc`Zb\e`e`_i>\j`Z_k#
Y\fYXZ_k\e `_i\ >\jk\e le[ \i]X_i\e [fZ_ e`Z_kj n\`k\i •Y\i [`\ G\ijfe#
[`\jfd`k\`eg\i]\bk\iJg`\^\clej\i\i\`^\e\eGifa\bk`feYc\`Yk%9i`^`kkX
9li^\i$Lkq\i
K_\ cXk\jk ]`cd Yp g_fkf^iXg_\i Xe[ ]`cddXb\i =i`\[c mfd >icc\i `j k_\ j_fik
gfikiX`kf]XnfdXe]lccf]j\Zi\kj%K_\m`\n\iZXefYj\im\_\iYlk`jefk^`m\eXep
`e]fidXk`fe XYflk n_f j_\ d`^_k Y\1 X g\i]\Zk d`iifi ]fi fli fne gifa\Zk`fej%
9i`^`kkX9li^\i$Lkq\i
GXiX[`j\CXk\i
8jZXe9i\l\i#{jk\ii\`Z_&;\lkjZ_cXe[&@e[fe\j`\e)'('#(*Ê#9\kXJG#=XiY\#Kfe
GXiX[`j\CXk\i`jk\`e\[fbld\ekXi`jZ_\C`k\iXklim\i]`cdle^1@dBfg]\`e\j
>\jZ_€]kji\`j\e[\e Y\]X_i\e n`i \`e\e j`Z_ [liZ_ XgfbXcpgk`jZ_\ CXe[$
jZ_X]k\ejZ_c€e^\ce[\e=cljj%<`e>\[Xeb\ejkifdi\`klej`e\`e\eJkil[\c
Xlj8ebcX^\#M\ilik\`cle^le[J\cYjki`Z_kle^%N`ijk\`^\ebliqXlj#_`e\`e`e
\`e\ N`ibc`Z_b\`k% ;\i 9c`Zb ]]e\k j`Z_ ]•i \`e\e 8l^\eYc`Zb% ;fZ_ lej\i
B€gkËejk\l\iklejnX_e_X]k\`e\d]XkXc\e<e[\\ek^\^\e%
GXiX[`j\CXk\i`jX[fZld\ekXipX[Xgk`fef]Xefm\c%@ej`[\k_\_\X[f]XkiX[\in\
kiXm\cfeXi`m\id\Xe[\i`e^k_ifl^_XeXgfZXcpgk`ZjZ\e\ip%8jki\Xdf]k_fl^_kj
ZXii`\jljXnXp`ekfXmfik\of]XZZljXk`fe#[XdeXk`feXe[j\c]$Zfe[\deXk`fe%N\
kXb\Xj_fik\o`kÆ`ekfXi\Xc`kp%K_\^Xq\n`[\ej]fiXdfd\ek%9lkfliZXgkX`e
]iXek`ZXccpeXm`^Xk\jljkfnXi[jX]XkXc\e[`e^%
9f[pKiX`c
D`Z_X\cGXcd#N`cc`;fie\i#{jk\ii\`Z_)''0#/Ê#9\kXJG#j&n#Kfe
;\iBig\i`jk[XjN\ibq\l^#ld[`\;`d\ej`femfeIXldnX_iqle\_d\e%
@e[\d n`i [\e Big\i `e 9\ql^ ql IXld le[ 8iZ_`k\bkli jk\cc\e# [`\ek \i
e`Z_k eli Xcj DX# jfe[\ie ^`Yk [\d IXld ld `_e XlZ_ 9\[\lkle^% ;\i
\og\i`d\ek\cc\Bliq]`cd9f[pKiX`cYXj`\ikXl]\`e\iG\i]fidXeZ\`d=i\`\e#
[`\`eN`\e`dFbkfY\i)''.jkXkk]Xe[%
K_\ Yf[p Xj kffc ]fi \og\i`\eZ`e^ jgXk`Xc [`d\ej`fej% 9f[p jZlcgkli\j# n_`Z_
Z_Xe^\Xe[X[Xgkkfk_\\em`ifed\ek#Zi\Xk\e\ng\ijg\Zk`m\jXe[`ej`^_kj`ekf
XiZ_`k\Zkli\ Xe[ k_\ Z`kp $ X ZfeZ\gklXc ]`cc`e^ f] \dgkp liYXe jgXZ\j% K_\
\og\i`d\ekXcj_fik]`cd9f[pKiX`c`jYXj\[feXeflk[ffig\i]fidXeZ\n_`Z_kffb
gcXZ\`eM`\eeX`eFZkfY\i)''.%
8i`X[\dljkXe^DljkXe^Êj8i`X
BXki`eX;XjZ_e\i#{jk\ii\`Z_)''0#(/Ë#9\kXJG#=XiY\#Kfe
D`k 8i`X [\ dljkXe^ Y\q`\_k j`Z_ BXki`eX ;XjZ_e\i ^Xeq [\lkc`Z_ Xl] [Xj
>\ei\[\iE\n9lic\jhl\#\in\`k\ik\jXY\iql^c\`Z_d`khl\\i$c\jY`jZ_\e#
XlZ_ jX[fdXjfZ_`jk`jZ_\e Q\`Z_\e% >c\`Z_ ql 9\^`ee dXZ_k ;XjZ_e\i
[\lkc`Z_#`en\cZ_\dBfek\okj`\j`Z_gfj`k`fe`\ik1v_ec`Z_[\i=lebk`fe\`e\j
^i`\Z_`jZ_\e :_fij iX_d\e Gifgfe\ek`ee\e [\i N`\e\i hl\\i$c\jY`jZ_\e
Blejk$ le[ BlckliXiY\`k `e I\`k\i`ee\e$Flk]`kj [Xj ^cXdflij ^c`kq\ie[\
J\kk`e^ le[ ]le^`\i\e Xcj af_c\e[\i Bfdd\ekXi# [\i [Xj M`[\f XYjZ_c`\k%
;`\kdXiJZ_n€iqc\i
N`k_ 8i`X [\ dljkXe^ DljkXe^Ëj 8i`X BXki`eX ;XjZ_e\i dXb\j X m\ip Zc\Xi
i\]\i\eZ\kfk_\^\ei\E\n9lic\jhl\#YlkXkk_\jXd\k`d\\ogXe[j`kn`k_hl\\i$
c\jY`Xe#Xe[XcjfjX[fdXjfZ_`jk`Zj`^ej%I`^_k]ifdk_\jkXik#;XjZ_e\iZcXi`]`\j
k_\Zfek\okk_Xkj_\gfj`k`fej_\ij\c]`e1gifgfe\ekjnfib`e^`eM`\eeXËjhl\\i$
c\jY`Xe Xik Xe[ Zlckli\ jZ\e\ [i\jj\[ `e i`[`e^ flk]`kj ]iXd\ k_\ ^cXdfiflj
jgXibc`e^j\kk`e^c`b\X>i\\bZ_filj#Xe[]leZk`feXjifXi`e^Zfdd\ekXkfijn_f
ZfeZcl[\k_\m`[\f%;`\kdXiJZ_n€iqc\i
;Xj`jkj\_i^lkK_XkËjXM\ip>ff[K_`e^
AXblYMiYX#{jk\ii\`Z_)''0#+Ë#9\kXJG#=XiY\#Kfe
<j^`YkEXkli]`cd\#[`\d`k^if\dk\Z_e`jZ_\e8l]nXe[\`ek\Z_e`b]\`e[$
c`Z_\j#q`m`c`jXk`fej]\`e[c`Z_\j#Xek`liYXe\jN\ckY`c[gifgX^`\i\e%Qli•Zbqli
EXkliMiYX^\_k^\eXl[\e\ek^\^\e^\j\kqk\eN\^%<jbXg`jdlj`jkj\`e\
JXZ_\e`Z_k%J\`e=`cd`jke`Z_kb`kjZ_`^#[Xj`jkj\_i^lk%9\ie_Xi[J\`k\i
:\ikX`e eXkli\ ]`cdj \dgcfp X ^i\Xk [\Xc f] X[mXeZ\[ k\Z_efcf^p kf gifdfk\ X
nfic[m`\nk_Xk`j_fjk`c\kfk\Z_efcf^p#_fjk`c\kfZ`m`c`qXk`feXe[Xek`$liYXe%9XZb
kfeXkli\MiYXkXb\jk_\[`i\Zkcpfggfj`k\gXk_%<jZXg`jd`jefk_`jk_`e^%?`j]`cd
`jeËkb`kjZ_p#Xe[k_XkËjXm\ip^ff[k_`e^%9\ie_Xi[J\`k\i
(-- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
8ij\eXc$@ejk`klk]•i=`cd$le[M`[\fblejk
JXdjkX^(%,%('#))1*'L_i#Jlej\k
8ij\eXcÆ@ejk`klk]•i=`cdle[M`[\fblejk\%M%
Gfkj[Xd\iJki%)
('./,9\ic`e
;\lkjZ_cXe[
=fe"+0$*'$)-0,,(''
=Xo"+0$*'$)-0,,(((
dX`c7Xij\eXc$Y\ic`e%[\
nnn%Xij\eXc$Y\ic`e%[\
B`ef_Xkj`Z_m\i€e[\ik1E`Z_keli`ek\Z_e`jZ_\i?`ej`Z_k#jfe[\ieXlZ_`d
?`eYc`Zb Xl] j\`e M\i_€cke`j ql Xe[\i\e 9\i\`Z_\e mfe Blejk# Blckli le[
>\j\ccjZ_X]k%E\Y\eB`efle[M\ic\`_c\`jk\k[Xj8ij\eXcÆ@ejk`klk]•i=`cd
le[ M`[\fblejk Y\^c\`k\e[\ M\id`kkcle^# =fijZ_le^ le[ N`jj\ejkiXej]\i%
Xij\eXc[`jki`Ylk`feld]Xjjk\`eM\ic\`_gif^iXddmfeile[)%'''K`k\cele[
\`e8iZ_`md`kZ`iZX.%'''K`k\ce%)'')nli[\[\i9\i\`Z_ld[Xjb•ejkc\$
i`jZ_\og\i`d\ek\cc\=`cdjZ_X]]\eXe[\iJZ_e`kkjk\cc\qli9`c[\e[\eBlejk
\in\`k\ik% ;\i `ek\i[`jq`gc`e€i\ 8ejXkq ]]e\k e\l\ I€ld\1 >Xc\i`\# :clY#
d\[`Xc\ @ejq\e`\ile^ Æ =`cd `jk e`Z_k d\_i eli d`k [\d B`ef m\iYle[\e%
Xij\eXc\[`k`feglYc`q`\ik9•Z_\ile[;M;jql[\eGif^iXdd\e[\j@ejk`klkj
]•i=`cdle[M`[\fblejk%
:`e\dX_XjZ_Xe^\[Æefkfecp`ek\idjf]k\Z_efcf^p#YlkXcjf`ei\^Xi[kf`kj
i\cXk`fej_`gkffk_\iXi\Xjf]Xik#Zlckli\Xe[jfZ`\kp%8cfe^n`k_`kji\^lcXijZi\\e$
`e^gif^iXdd\jXe[[`jki`Ylk`fe#k_\8ij\eXcÆ@ejk`klk\]fi=`cdXe[M`[\f8ikXcjf
gifm`[\j k_\ `ek\id\[`Xk`fe# i\j\XiZ_# Xe[ \oZ_Xe^\ f] befnc\[^\ kf ^f Xcfe^
n`k_ k_\ ]`cdj% Xij\eXc [`jki`Ylk`fe \eZfdgXjj\j jfd\ )#''' k`kc\j# fli XiZ_`m\
Xifle[.#'''%@e)'')#k_`jXi\XnXj\ogXe[\[kf`eZcl[\Xik`jk`ZXccp\og\i`d\ekXc
]`cdnfibk_Xkf]k\e`ek\ij\Zkjn`k_k_\]`e\Xikj%K_\`ek\i[`jZ`gc`eXipXggifXZ_
fg\eje\njgXZ\j1^Xcc\i`\j#e`^_kZclYj#d\[`XjkX^`e^Æ]`cd`jefcfe^\ik`\[kf
k_\ dfm`\ k_\Xk\i% Xij\eXc \[`k`fe glYc`j_\j Yffbj Xe[ ;M;j kfXZZfdgXep k_\
gif^iXdd\jf]k_\@ejk`klk\]fi=`cdXe[M`[\f8ik%
8ij\eXcgi\j\ekj1C@M<=@CDA8:BJD@K?=`m\=cXd`e^;Xpj`eXI\ek\[Nfic[$J\m\e:fdd`jj`fej
N`iq\`^\ej`\Y\e=`cd\#[`\`dIX_d\emfeÙC@M<=@CDA8:BJD@K?=`m\ N\Xi\j_fn`e^j\m\e]`cdjk_Xk_Xm\Y\\edX[\XjgXikf]ÈC@M<=@CDA8:BJD@K?
=cXd`e^;Xpj`eXI\ek\[Nfic[È`d;`Xcf^d`k[\dF\lmi\mfeAXZbJd`k_ =`m\ =cXd`e^ ;Xpj `e X I\ek\[ Nfic[È `e [`Xcf^l\ n`k_ k_\ nfib f] AXZb Jd`k_#
\ekjkXe[\ej`e[#[XjeleK\`clej\i\iJXddcle^`jk%
n_`Z_`jefngXikf]fliZfcc\Zk`fe%
Gli]c\[Gifd`j\j
Fc`m\i?ljX`e#BXeX[X&;\lkjZ_cXe[)''0#('Ë#;M#=XiY\#Kfe
<`e\M`\cqX_cmfeM\iY`e[le^\e#[`\[XjM\i^e•^\em\ic€e^\ik\iM\o`\iY`c[\i 8gif]lj`fef]gXjjX^\j#glijl`e^gc\Xjli\jf]gifcfe^\[glqqc\j%
m\i]fc^\e%
Fjdfj`jf]k_\Le`Zfie
@jXY\ccJg\e^c\i#;\lkjZ_cXe[)''0#('Ë#;M#=XiY\#Kfe
@d 9`ib\e_X`e XiiXe^`\i\e j`Z_ \`e gXXi _`ei\`\e[ _XXi`^\ D€[Z_\e d`k
`_i\e`ee\i\ele[€l\i\e<`e_ie\ie%@e8ec\_ele^Xe[`\`[`fjpebiXk`jZ_\
@bfef^iX]`\le[[`\Xek`bXg`kXc`jk`jZ_\e@ejq\e`\ile^j]fid\e[\jm\ijkfiY\e\e
AXZb Jd`k_# XiY\`k\k Fjdfj`j f] k_\ Le`Zfie d`k \`e\i |Y\icX^\ile^ le[
;liZ_[i`e^le^#\`e\ig_pj`jZ_\e>c\`Z_q\`k`^b\`kmfeglY\ik€i\eD€[Z_\e$
]XekXj`\e# Xlj^\nXZ_j\e\i Jf[fd`\ le[ ]Xbk`jZ_\i DXjb\iX[\% 9Xj`\i\e[
Xl]\`e\i@[\\mfe<m\cpeI•jj\c\iXe[@jXY\ccJg\e^c\i%
8]\niXm`j_`e^cp_X`ip^`icjZfd\kfk\idjn`k_k_\`i`ee\iXe[flk\ile`Zfiej`eX
Y`iZ_^ifm\%Df[\cc\[fek_\`[`fjpeZiXk`Z`Zfef^iXg_pXe[Xek`$ZXg`kXc`jkdf[\j
f]gi\j\ekXk`felj\[Ypk_\cXk\AXZbJd`k_#Fjdfj`jf]k_\Le`Zfie\dgcfpjfm\i$
cXgjXe[`ek\ig\e\kiXk`fe#Xg_pj`ZXcj`dlckXe\`kpf]k_\]XekXj`\jf]X[fc\jZ\ek
^`icj# ]lccp Ycfne jf[fdp Xe[ ]XZklXc dXjhl\iX[\% 9Xj\[ fe Xe `[\X Yp <m\cpe
I•jj\c\iXe[@jXY\ccJg\e^c\i%
JcXgk_\>fe[fcX
DXi`\Cfj`\i#LJ8&;\lkjZ_cXe[)''0#))Ë#;M#=XiY\#Kfe
Qn\` Xedlk`^\ D\\iale^]iXl\e jg`\c\e Xl] \`e\d =€_iYffk >\`^\# ld [`\
=`jZ_\ XeqlcfZb\e le[ ql j`Z_ \`eqlcX[\e% N€_i\e[ [`\ Dlj`b \ibc`e^k#
\i^`\kj`Z_\`eI\^\emfeDXbi\c\e#J\\qle^\ele[K`ek\e]`jZ_\eXl][Xj
;\Zble[\`e^`^Xek`jZ_\i=`jZ_kXlZ_kXl]%Gckqc`Z_\ekjk\`^\e[\dI`\j\e$
]`jZ_).K€eq\i`ee\ele[K€eq\i`eKlkljle[Mf^\c_•k\ele[kXeq\e\`e\e
Dlj`ZXci\`^\e#^\]fc^kmfe\`e\i=`jZ_jZ_cXZ_k%
Knf^iXZ\]lcd\idX`[jfeX]\iipYfXkXi\gcXp`e^k_\m`fc`ekfXkkiXZkXe[`em`k\
k_\]`j_\jkfk_\d%8iX`ef]dXhl\iXlo#jfc\Xe[ZXcXdXi`]Xccfek_\[\ZbXjk_\
dlj`ZgcXpjXe[X^`Xek]`j_Xgg\Xij%Jl[[\ecp).[XeZ\ij`eklkljXe[Y`i[_Xkj
Zfd\flkf]k_\^`Xek]`j_Xe[Xdlj`ZXc[XeZ\\ejl\j]fccfn\[YpX]`j_jcXgg`e^
]`^_k%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(-.
JZi\\e`e^j
C`kkc\N_`k\:cfl[K_Xk:i`\[
>lpDX[[`e#BXeX[X&;\lkjZ_cXe[)''0#+Ë#;M#=XiY\#Kfe
?\`[e`jZ_\NXjj\i^fkk_\`k\eki\]]\eXl][`\_\`c`^\Qn\`]Xck`^b\`kXljA\jlj GX^XenXk\i[`m`e`k`\jd\\kk_\?fcp;lXc`kpf]A\jljXe[M`i^`e`eX]lcc$Zfcfli
le[[\iAle^]iXl`e\`e\iBfe]ifekXk`fe`emfcc\i=XiY\Xl]\`e\i`jc€e[`jZ_$ Zfe]ifekXk`fe lgfe Xe @Z\cXe[`Z$:XeX[`Xe Y\XZ__\X[% 8 jkil^^c\ kf k_\ ]`e`j_
bXeX[`jZ_\e JkiXe[jg`kq\% <`e BXdg] Y`j qld <e[\ ]•_ik qli Cjle^ Xcc\i i\jfcm\jXcck_\k\ii\jki`Xc#jg`i`klXc#j\olXcZfe]c`Zk`ek_\le`m\ij\%
`i[`jZ_\e#jg`i`kl\cc\e#j\ol\cc\eBfe]c`bk\[\jLe`m\ijldj%
Le`ZfieKXYcf`[j
<m\cpeI•jj\c\i#;\lkjZ_cXe[)''0#(*Ë#;M#=XiY\#Kfe
;`\ Ale^]iXl `jk m`\cc\`Z_k b\`e\ le[ `_i Ù?fiklj :feZcljljÈ gckqc`Z_ `d
NXc[% ;Xj <`e_fie `jk e`Z_k `dd\i qX_d le[ d\`jk\ej Xl] [\i =clZ_k2 [`\
I`kk\idZ_k\e^\ie\\`e<`e_fie]Xe^\e#XY\id\_iefZ_\`e\jj\`e%%%B\`e\i
`jk\`^\ekc`Z_Xl]J\o\`e^\jk\cckÇle[[\eefZ_gXjj`\ikjf\`e`^\jXl][\d
K\gg`Z_[\i<n`^\eJ\_ejlZ_k%%%%
K_\dX`[\ed`^_kefkY\Xm`i^`e#_\iÈ_fikljZfeZcljljÈjl[[\ecpY\`e^gcXZ\[`e
k_\fg\e]fi\jk%K_\Le`Zfie#_\i]i`\e[#`jeÊkXcnXpjkXd\Xe[dfjkcpfek_\ile%
K_\ be`^_kj nflc[ cfm\ kf ZXgkli\ k_\ Le`Zfie fi# \m\e Y\kk\i# Y\Zfd\ fe\
k_\dj\cm\j%%%EfYf[pY\c`\m\j`ej\oÇXe[jk`cck_`e^j_Xgg\efek_\KXg\jkipf]
<k\ieXc9c`jj%¿ :_Xid`e^]fik_\I\mfclk`fe
GXlc`e\9fl[ip#I\eXk\Cfi\eq#;\lkjZ_cXe[)''0#('Ë#;M#=XiY\#Kfe
;\i=`cd`jkZ_XidXek#XY\i`dd\iefZ_8iY\`k%;`\8iY\`kql]fi[\ie#nXj K_\]`cd`jZ_Xid`e^#Ylk`k`jjk`cccXYfli%K_\cXYflikf\e^X^\`e[\dXe[`e^n_Xk
jZ_fec€e^jklej^\_i\ejfcck\%
j_flc[Xci\X[pY\flij%
Jk`ccDfm`e^
Lci`b\Fkk`e^\i#;\lkjZ_cXe[)''0#*'Ë#9\kXJG#=XiY\#Kfe
8e\`e\dFik]\iele[eX_c\Y\e;`e^\[liZ_[`\<i`ee\ile^le[[`\9\[\l$
kle^#[`\D\ejZ_\e`_e\e^\Y\e%D\`e=le[ljXeFYa\bk\ejk\_k[\de`Z_k
n\e`^\ii\Xc\e=le[ljd\`e\j>\[€Z_ke`jj\j`ee`Z_kjeXZ_%J`\Xe`d`\i\e
j`Z_^\^\ej\`k`^le[Yi`e^\e`dd\in`\[\iE\l\jle[Le\inXik\k\jqlKX^\%
<j `jk# Xcj fY dXe [\d n\Z_j\cmfcc\e Jg`\c j\`e\i >\[Xeb\e d`k j\`e\e
le\e[c`Z_\eM\ibe•g]le^jglebk\en€_i\e[[\j<ekjk\_\ejqljZ_Xlk%%%%
@e X gcXZ\ ]Xi Xe[ e\Xi k_\i\ Xi\ k_`e^j k_Xk c`m\ k_ifl^_ k_\ d\dfip Xe[ k_\
d\Xe`e^k_Xkg\fgc\^`m\k_\d%Dpjkfi\iffdf]fYa\Zkj`j`eefnXp`e]\i`fikfk_\
efc\jji\Xcjkfi\iffdf]dpd\dfip%K_\pjk`dlcXk\\XZ_fk_\iXe[ZfejkXekcp
Yi`e^jfd\k_`e^e\nXe[le\og\Zk\[kfc`^_k%@k`jc`b\nXkZ_`e^k_\\m\i$Z_Xe^`e^
gcXpf]dpk_`eb`e^n`k_`kj\e[c\jjZfee\Zk`e^gf`ekjn_`c\`kËjZfd`e^`ekfY\`e^%
¿
MkXg\
JfeekX^)%,%('#()1*'L_i#Jlej\k
MkXg\
+'(I`Z_dfe[Jki\\kN\jk#Jl`k\+,)
KfifekfFED,M*8/
BXeX[X
=fe"($+(-$*,((*(.
=Xo"($+(-$*,((,'0
`e]f7mkXg\%fi^
nnn%mkXg\%fi^
MkXg\`jk\`e`ek\ieXk`feXc\iM\ic\`_le[@e]fidXk`fejq\ekildd`kJZ_n\i$
glebkXl]q\`k^\ejj`jZ_\iD\[`\eblejkle[nli[\(0/'^\^i•e[\k%MkXg\
m\iki`kk •Y\i (%''' B•ejkc\i le[ m\i]•^k •Y\i ,%''' K`k\c% Mfi Fik Y`\k\k
MkXg\ \`e\e Mfi]•_iiXld le[ =fijZ_le^jgc€kq\ qli 8ej`Z_k [\j DXk\i`Xcj
jfn`\\`e\ld]Xjj\e[\9`Yc`fk_\bd`kBfg`\e#[`\[\i{]]\ekc`Z_b\`kql^€e^$
c`Z_`jk%MkXg\Y`\k\k\Y\e]Xccj]XZ_ble[`^\Lek\ijk•kqle^]•i8ljjk\ccle^\e
le[m\ic\`_k8lji•jkle^Xe>Xc\i`\e#BliXkfi\ele[B•ejkc\i%MkXg\_Xk[`\
Y`c`e^lXc\9`c[le^jn\Yj`k\ÙM`[\fXik`e:XeX[XÈ\ekn`Zb\ckle[\e^X^`\ik
j`Z_ Xbk`m ]•i [`\ Bfej\im`\ile^ le[ I\jkXli`\ile^ Xcc\i =fidXk\ ]i•_\i
M`[\fblejk%
=fle[\[`e(0/'#MkXg\`jXe`ek\ieXk`feXc[`jki`Ylk`feXe[i\jfliZ\Z\eki\n`k_Xe
\dg_Xj`jfek_\Zfek\dgfiXipd\[`XXikj%MkXg\i\gi\j\ekjfm\i(#'''Xik`jkjXe[
ZXii`\jXcdfjk,#'''k`kc\j%Fe$j`k\]XZ`c`k`\j`eZcl[\XjZi\\e`e^iffdXe[i\j\XiZ_
jkXk`fej ]fi m`\n`e^ Xe[ Xe \ok\ej`m\ c`YiXip f] gi`ek dXk\i`Xcj XmX`cXYc\ kf k_\
^\e\iXcglYc`Z%MkXg\Xcjfgifm`[\jjg\Z`Xc`j\[\o_`Y`k`fejlggfikXe[\hl`gd\ek
i\ekXcj kf ^Xcc\i`\j# ZliXkfij Xe[ `e[`m`[lXc Xik`jkj% MkXg\ _Xj [\m\cfg\[ k_\
Y`$c`e^lXc \[lZXk`feXc n\Yj`k\ ÈM`[\f Xik `e :XeX[XÈ Xe[ dX`ekX`ej Xe XZk`m\
Zfdd`kd\ekkfk_\gi\j\imXk`feXe[i\jkfiXk`fef]Xcc]fidXkjf]\Xicpm`[\fXik%
(-/ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
Kil\&=Xcj\
:fc`e:XdgY\cc#BXeX[X(0.)#0Ë#;M#j&n#Kfe
@eKil\&=Xcj\^`Yk[\iB•ejkc\i\`e`^\gfk\eq`\ccXl]jZ_cljji\`Z_\JkXk\d\ekj
•Y\ij`Z_XY#Y\jk€k`^k[Xeea\[\jJkXk\d\ekXcjÙnX_iÉle[m\in`i]ka\[\j
JkXk\d\ekXcjÙlenX_iÈ%<`eJg`\cd`k[\d;`bkld#n\cZ_\jY\jX^k#[Xjj[`\
BXd\iXe`Z_kc•^k[\iB•ejkc\iXY\id^c`Z_\in\`j\jZ_fe %
@eKil\&=Xcj\#k_\Xik`jkdXb\jXeldY\if]gfk\ek`Xccpi\m\Xc`e^jkXk\d\ekjXYflk
_`dj\c]#k_\em\i`]`\j\XZ_jkXk\d\ekXjÈkil\È#Xe[[`jhlXc`]`\j\XZ_jkXk\d\ekXj
È]Xcj\È%8gcXpfek_\X[X^\k_Xkk_\ZXd\iX[f\jefkc`\Ylkk_\Xik`jkgifYXYcp
[f\j %
Lek`kc\[<[`k\[G\i]fidXeZ\*
Afj_lXle[QXZ_XipJXe[c\i#LJ8)''.#.Ë#;M#=XiY\#Kfe
;`\j`jk[\i[i`kk\K\`c\`e\i[i\`k\`c`^\eM`[\f$G\i]fidXeZ\$J\i`\mfeAfj_lX
le[ QXZ_Xip JXe[c\i% 8cj B`e[\i YX[\k\e n`i n`\ [`\ d\`jk\e bc\`e\e
>\jZ_n`jk\iqljXdd\e%9\`d9X[\enXi\j`dd\i`eFi[ele^#eXZbkqlj\`e
le[j`Z_`d8Yjli[\ele[@dX^`e€i\eql\i^\_\e%@ek`d`k€knXi]•ileje`Z_k
jfi\jki`bk`m#n`\j`\\jm`\cc\`Z_k]•i[`\d\`jk\e8e^\_i`^\e[\ijlYliYXe\e#
fY\i\eD`kk\cjZ_`Z_knXi#le[lejY\cljk`^k[`\>i\eq\#[`\qn`jZ_\eglY\i$
k€i\dle[\inXZ_j\e\dM\i_Xck\e^\qf^\en`i[%Jk`c`jk`jZ_Y\q`\_\en`ilej
Xl][\ebcXjj`jZ_\e=`cdle[j\`e\qln\`c\e^\hl€ck\eJkXic\kjle[bfekiXj$
k`\i\efY\i]c€Z_c`Z_\e>cXdflile[J\cYjkm\ikiXl\ed`k[\d>\^\ek\`c#d`k
Lej`Z_\i_\`kle[Xl]b\`d\e[\dJZ_d\iqle[C\`[%
K_`j`jk_\k_`i[f]Xk_i\\gXikm`[\f&g\i]fidXeZ\j\i`\jYpAfj_lXXe[QXZ_Xip
JXe[c\i%8jZ_`c[i\en\nflc[YXk_\kf^\k_\ic`b\dfjkpfle^j`Yc`e^j%9Xk_jn\i\
XcnXpj X k`d\ n_\i\ `k nXj fb kf Y\ eXb\[# Xe[ kf `e[lc^\ `e k_\ XYjli[ Xe[
`dX^`eXip%@ek`dXZpnXjefkXji\jki`Zk`m\]filjXj`kd`^_k_Xm\Y\\e]fidfjk`e
fli lgg\i d`[[c\ ZcXjj jlYliYXe nfic[ Xe[ n\ ]`e[ Zfd\[p `e k_\ c`e\ k_Xk `j
[iXneY\kn\\eX[fc\jZ\ekXe[X[lckY\_Xm`fli%Jkpc`jk`ZXccpn\kffb]ifdZcXjj`Z
Z`e\dXXe[`kjjfd\k`d\j$kfikli\[jkXic\kj2ZfekiXjk`e^jli]XZ\c\m\c^cXdfliXe[
gf`j\n`k_k_\fggfj`k\#n`k_`ej\Zli`kpXe[Yli^\fe`e^gX`eXe[jl]]\i`e^%
J`i\e\
=i\pX?Xkk\eY\i^\i#;\lkjZ_cXe[)''-#*Ë*'ËË#;M#=XiY\#Kfe
;`\BXd\iXq\`^kd`Z_`e8bk`fed`k\`e\dD`bif]fe#[XjXe\`e\dJkXk`mmfi
d`i Y\]\jk`^k `jk% <j `jk d`k \`e\d CXlkjgi\Z_\ijpjk\d m\iYle[\e# Xcjf
i•Zb^\bfgg\ck% D\`e\ C`gg\e Y\i•_i\e [Xj D`bif]fe2 [`\ >\jk\ gifmfq`\ik
\ifk`jZ_\ 9`c[\i Æ XY\i [\i j`eec`Z_\ I\`q [\j 9`c[\j jk\_k `e jZ_Xi]\d
BfekiXjkql[\eXbljk`jZ_\e<i]X_ile^\e`dM`[\f%
K_\ZXd\iXj_fnjd\`eXZk`fen`k_Xd`Zifg_fe\dflek\[kfXki`gf[`e]ifekf]
d\%@k`jc`eb\[kfXcfl[$jg\Xb\ijpjk\d#_\eZ\fe$c`e\%Dpc`gjXi\kflZ_`e^k_\
d`Zifg_fe\2k_`j^\jkli\gifmfb\j\ifk`Z`dX^\jÆYlkk_\j\ejlfljjk`dlcljf]
k_`j`dX^\`j`ej_XigZfekiXjkkfk_\XZfljk`Z\og\i`\eZ\j`ek_\m`[\f%
=il`kJXcX[
C`c`XeXM„c\qAXiXd`ccf#BfcldY`\e&LJ8)''0#+Ë#;M#=XiY\#Kfe
;`\j\jM`[\fq\`^k#nXjgXjj`\ik#n\ee[`\>i\eq\qn`jZ_\e[\d@ee\i\ele[
[\dvl\i\e#[\d{]]\ekc`Z_\ele[[\dGi`mXk\em\ijZ_n`ddk%;XjM`[\f
[fbld\ek`\ik\`e\ejZ_d\iq_X]k\eGifq\jjXe_Xe[\`e\ie`Z_k]]\ekc`Z_\e
G\i]fidXeZ\% ;`\j\i Gifq\jj jZ_\`ek a\[fZ_ e`Z_k jZ_d\iq_X]k ql j\`e2 \i
\ijZ_\`ek jXe]k le[ il_`^# n`\ [`\ d\`jk\e `[\Xc`j`\ik\e 8lj[ilZbj]fid\e
mfeN\`Yc`Z_b\`k%;`\j\G\i]fidXeZ\Y\`e_Xck\kJpdYfc\]•iJ\olXc`k€k#]•i
EX_ile^le[]•in\`Yc`Z_\jM\i_Xck\e%
K_`jm`[\fj_fnjn_Xk_Xgg\ejn_\ek_\c`e\jY\kn\\e`ej`[\Xe[flkj`[\#glYc`Z
Xe[gi`mXk\Xi\Yclii\[%K_\m`[\f[fZld\ekjXgX`e]lcgifZ\jj#j_fnek_ifl^_X
g\i]fidXeZ\[fe\`egi`mXk\%K_`jgifZ\jj[f\jeËkXgg\XigX`e]lc2`kcffbjjdffk_
Xe[hl`\k#c`b\dfjk`[\Xc`j\[]\dXc\\ogi\jj`fej%@ek_`jg\i]fidXeZ\k_\i\Xi\
jpdYfcjf]j\olXc`kp#]ff[#Xe[]\dXc\XZkj%
I\jk
GXlc:fl`ccXi[#BXeX[X)''-#+Ë*'ËË#;M#=XiY\#Kfe
Ù;\i Kifjk [\i KiXl\i# [`\ jf jZ_d\iq_X]k \ijZ_\`ek# Y\jk\_k [Xi`e# lej
Xe^\j`Z_kj[\jJZ_i\Zb\ejIl_\]`e[\eqlcXjj\e%ÉÆ;`\j\jM`[\fYXj`\ikXl]
\`e\i G\i]fidXeZ\# [`\ lijgi•e^c`Z_ `d AX_i )'', `d gfce`jZ_\e ClYc`e
Xl]^\]•_iknli[\%;\i;i\_fikmfeI\jk`jk[XjGi`eZ\<[nXi[9cffi M`X[lbk
`e Kfifekf# \`e Y\i•Z_k`^k\i 8eq`\_le^jglebk ]•i j\cYjkdfi[^\]€_i[\k\
D\ejZ_\e%<`j[`\ek_`\iXcjD\kXg_\i]•iKiXl\i%@djZ_i\Zb^\n\`k\k\eDle[
[\j ;Xijk\cc\ij jZ_d`cqk \`e Jk•Zb <`j le[ ]c`\k Xe j\`e\d Big\i _`eXY%
;liZ_[XjN\^jZ_d\cq\ejZ_c`\kj`Z_[\iB`\]\icXe^jXd#Y`j\`e\ekjgXeek\i#
Xe^jk]i\`\iQljkXe[\ii\`Z_k`jk%
ÈK_\jfcXZ\f]^i`\]#n_`Z_j\\djjfgX`e]lc#`jk_Xk`kf]]\ijljk_\Z_XeZ\kf]`e[
i\jk `e k_\ ]XZ\ f] _fiifi%È Æ K_`j m`[\f `j YXj\[ fe X g\i]fidXeZ\ fi`^`eXccp
gi\j\ek\[ `e ClYc`e# GfcXe[ `e )'',% K_\ cfZXk`fe ]fi I\jk `j k_\ Gi`eZ\ <[nXi[
9cffi M`X[lZk`eKfifekf#Xj`k\efkfi`fljXjXdX^e\k]fig\fgc\Zfek\dgcXk`e^
jl`Z`[\% ?\i\# `Z\ j\im\j Xj X dXk\i`Xc d\kXg_fi ]fi ^i`\]% Cf[^\[ `e k_\ fg\e
dflk_f]j_fZb#Xg`\Z\f]`Z\d\ckjXe[]cfnj[fnek_\Yf[pf]k_\g\i]fid\i%@kj
d\ck`e^Zlj_`fejk_\jcfnZfccXgj\f]k_\aXn`ekfXjkXk\f]i\c`\]Xe[i\jk]ifd
_fiifi%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(-0
JZi\\e`e^j
Cfb_Xcc\
8eeXG\Xb#;\lkjZ_cXe[&BXeX[X)''0#.Ë8ljjZ_e`kk #;M#=XiY\#Kfe
;`\j\j\og\i`d\ek\cc\#^\cffgk\M`[\fj\kqkj`Z_d`k@[\ek`k€k#Nlk#<`ejXd$ K_`j\og\i`d\ekXccffg\[m`[\f[\Xcjn`k_`[\ek`kp#iX^\#jfc`kl[\#gX`eXe[j`c\eZ\%
b\`k# JZ_d\iq le[ Jk`cc\ Xlj\`eXe[\i% ;\i GifkX^fe`jk m\ibig\ik [Xj K_\gifkX^fe`jkg\i]fidjY\`e^_ldXe`eXnXpk_Xk`jYfk_]Xd`c`XiXe[[`jkliY`e^%
D\ejZ_j\`eXl]ql^c\`Z_m\ikiXlk\le[Y\leil_`^\e[\N\`j\%;\i;i\_fik`jk K_\cfZXk`fe`jX]fid\iiX`cnXpi\gX`i_Xcc$ÈCfb_Xcc\È`e>\idXe%
\`e\\_\dXc`^\Cfb_Xcc\`e;\lkjZ_cXe[%
?)F_F_
;\`i[i\Cf^l\#BXeX[X)'''#)Ë#;M#j&n#Kfe
?)F_F_^\_ikql<ec`^_k\e\[Efej\ej\(00.$)''' #\`e\iJ\i`\mfeq\_e
k_\dXk`jZ_d`k\`eXe[\im\iYle[\e\e=`cdXiY\`k\e#[`\a\n\`cj`ee\i_XcYmfe
\knX\`e\iNfZ_\Xl]^\efdd\e#_Xe[Y\XiY\`k\kle[dfek`\iknli[\e%8lZ_
n\ee a\[\ d`k \`e\i Y\jk`ddk\e ?Xe[cle^ Y\^`eek# [i•Zb\e [`\ 8iY\`k\e
jfnf_c[`\g_pj`jZ_\DXe`]\jkXk`fem\ijZ_`\[\e\iJ\`ejqljk€e[\XljXcjXlZ_
[\e NlejZ_# [Xj \`^\e\ bfdgc\o\ M\i_€cke`j ql lej\i\e gjpZ_fcf^`jZ_\e
>i\eq\eqlm\ijk\_\e%J\ol\cc\K€ljZ_le^#;\d•k`^le^#M\ic\kqle^#8e^jk
le[JZ_\`k\iej`e[^\c€l]`^\K_\d\e#a\[fZ_jg`\ck?ldfi\`e\n\j\ekc`Z_\
Ifcc\%FYnf_c[•jk\i#n\`jk[`\j\jN\ibXlZ_cljk`^\eEfej\ejXl]#[\i]•i
8YjkXe[ql[\jj\eBfdgc\o`k€kjfn`\]•iY\]i\`\e[\Bfd`bjfi^k%
?)F_F_`jgXikf]<ec`^_k\e\[Efej\ej\(00.$)''' #Xj\i`\jf]k\ek_\dXk`ZXccp
i\cXk\[]`cdnfibjk_Xkn\i\\XZ_j_fk#_Xe[$gifZ\jj\[Xe[\[`k\[n`k_`eXkfkXcf]
Xggifo`dXk\cpfe\n\\b%<XZ_Y\^`ee`e^n`k_Xjg\Z`]`ZXZk`fe#k_\nfibj\ogi\jj
Yfk_ k_\ g_pj`ZXc dXe`]\jkXk`fe f] [`]]\i\ek jkXk\j f] Y\`e^ Xe[ X [\j`i\ kf
le[\ijkXe[ fe\Êj Zfdgc\o i\cXk`fej_`g kf fli gjpZ_fcf^`ZXc c`d`kXk`fej% J\olXc
[\Z\gk`fe# _ld`c`Xk`fe# `ealip# ]\Xi Xe[ ]X`cli\ Xi\ Zfddfe k_\d\j# _fn\m\i#
_ldfli gcXpj X Zi`k`ZXc ifc\% K_fl^_ [Xib# k_\i\ `j X ]leep# efej\ej`ZXc hlXc`kp
n_`Z_gifm`[\j[`jkXeZ\]ifdk_\Zfdgc\o`kpf]k_`jnfibXjn\ccXjjfd\Zfd`Z
i\c`\]%
:cfj\<eZflek\i
QXbKXk_Xd#BXeX[X)''/#.Ë#;M#=XiY\#Kfe
;\i M\ijlZ_# j`Z_ ql Y\i•_i\e le[ j`Z_ j\cY\i IXkjZ_c€^\ ql \ik\`c\e# Kip`e^kfkflZ_Xe[^`m\X[m`Z\kfpflij\c][f\jefki\Xccpnfibn`k_flkXe\[^p
]lebk`fe`\ikf_e\\`e\Xl]i\`Y\e[\;i\`\ZbjY\q`\_le^f[\i\`e\ee`Z_keli cfm\ki`Xe^c\fiX^ff[nfibflkk_XkÊjefkaljkg_pj`ZXc%
g_pj`jZ_\eNfibflk\`^\ekc`Z_e`Z_k%
=c`Zb\i`e^
B`bXE`Zfc\cX#9iXj`c`\e)''0#*Ë#;M#=XiY\#Kfe
Mfe[\i;leb\c_\`k`ejC`Z_kle[qli•Zb`e[`\;leb\c_\`k2\`e\dfk`feXc\j =ifd[Xibe\jjkfc`^_kXe[YXZbkf[Xibe\jj2Xe\dfk`feXcj\c]$gfikiX`k%
J\cYjkgfiki€k%
Gi\d`\i\
DXik_XN`cjfe#LJ8(0.*#(Ë*'ËË#;M#j&n#Kfe
@Z_[iXdXk`j`\i\[\eG\i]fidXeZ\Xjg\bkd\ejZ_c`Z_\eM\i_Xck\ej#`e[\d`Z_
\`eJbi`gkmfi[`\j\dM`[\fdfe`kfic\j\%@e[`m`[l\e^\Y\emfi#j`\j\cYjkql
j\`e#ldj`Z_j\cYjkqlm\in`ibc`Z_\e#[X_\ij`e[Xcc\D\ejZ_\emfiM`[\f$
dfe`kfi\ef[\iGlYc`bld#]`bk`mf[\ii\Xc#a\[\iq\`k#`e\`e\d^\n`jj\eJ`ee
;Xijk\cc\i%=•i[XjBfeq\gk[\jÙJ\cYjkÈY\[\lk\k[`\j#[Xjj[XjJ\cYjkeli
Xcj[iXdXk`jZ_\i<]]\bk\o`jk`\ik%;XjJ\cYjk#d`k[\dXe[\i\`ek\iX^`\i\e#
`jk[Xj9`c[#[Xjn`i`e\`e\e?Xe[cle^jfikgifa`q`\i\e#le[[XY\`bfddk\j
[XiXl]Xe#fY[`\j\j9`c[Xcj^cXlYn•i[`^f[\ile^cXlYn•i[`^nX_i^\efdd\e
n`i[%
@Xd[iXdXk`j`e^k_\g\i]fidXeZ\Xjg\Zkf]_ldXeY\_Xm`fliYpi\X[`e^XjZi`gk
`e]ifekf]k_`jm`[\fdfe`kfi%@e[`m`[lXcjgcXpXkY\`e^k_\dj\cm\j`efi[\ikfi\Xc$
`j\k_\dj\cm\j#jf`eXj\ej\#Xcc_ldXeY\`e^jXi\g\i]fid`e^`e]ifekf]m`[\f
dfe`kfijfiXl[`\eZ\j#]`Zk`m\fii\Xc#XkXcck`d\j%N_Xkk_`jd\Xej]fik_\ZfeZ\gk
f]Èj\c]É`jk_Xkk_\j\c][f\jefk\o`jkXjXepk_`e^YlkX[iXdXk`Z\]]\Zk%K_\j\c]
fk_\ij[\Xcn`k_`jk_\`dX^\n\gifa\Zk`ekfXjZ\e\f]XZk`fe#Xe[n_Xk`jXkjkXb\
`jn_\k_\ik_`j`dX^\n`ccY\Zi\[`k\[fi[`jZi\[`k\[%
(.' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
@dX^\Dfm\d\ek
JfeekX^)%,%('#(+1*'L_i#Jlej\k
@dX^\Dfm\d\ek
FiXe`\eYli^\iJki%(/
('(./9\ic`e
;\lkjZ_cXe[
=fe"+0$*'$*'//(0./'
=Xo"+0$*'$)///+'*,)
`e]f7`dX^\dfm\d\ek%[\
nnn%`dX^\dflm\d\ek%[\
>\iX[\]•ie`Z_kdXjj\ebfe]fid\=`cd\_Xkj`Z_`e[\ec\kqk\eAX_i\e\`e
nXZ_j\e[\i ;M;$DXibk \kXYc`\ik% ;\i 9\ic`e\i =`cdcX[\e @dX^\ Dfm\d\ek
n`i[ Xl] \`e\d JkXe[ `d =fp\i [\i C`Z_kYli^ \`e\ ld]Xe^i\`Z_\ 8ljnX_c
lec`d`k`\ik\i ;M;j Xlj [\e 9\i\`Z_\e 8mXek^Xi[\$# <og\i`d\ekXc$ le[
Le[\i^ifle[]`cd# M`[\fblejk le[ B•ejkc\i]`cd jfn`\ JZ_c•jj\cn\ib\ [\j
Jkldd]`cdj XeY`\k\e% ;Xilek\i [`\ mfe M;9 _\iXlj^\^\Y\e\ ;M;$9fo K_\
Nfic[ f] >\fi^\ BlZ_Xi# \`e\ Bfdg`cXk`fe mfe BlZ_Xij 8iY\`k\e j\`k [\e
XZ_kq`^\iAX_i\eY`j_\lk\#f[\i[XjY`Yc`fg_`c\9fo$J\kK_\K\c\g_fe\9ffb#
\`e\i mfe _\ccf ]`cdž Xl]n\e[`^ ^\jkXck\k\e 8lj^XY\ \`e\j m\i^\jj\e\e
=`cdjXlj[\dLd]\c[mfe8e[pNXi_fcj=XZkfip%;Xi•Y\i_`eXljjk\cck@dX^\
Dfm\d\ek ^\d\`ejXd d`k [\e Bliq]`cdkX^\e \`e\ 8ljnX_c `ek\i\jjXek\i
;M;$E\l\ijZ_\`ele^\emfi%
Fm\ik_\gXjk]\np\Xij#Xe\ogXe[`e^;M;dXib\k_Xj\jkXYc`j_\[`kj\c]\jg\Z`Xccp
]fik_fj\]`cdjk_Xk[feËkZfe]fidn`k_k_\dX`ejki\Xd%8kXjkXe[`ek_\]fp\if]
k_\ C`Z_kYli^# k_\ 9\ic`e ]`cd jkfi\ @dX^\ Dfm\d\ek n`cc _Xm\ fe f]]\i X cXi^\
j\c\Zk`fef]lec`d`k\[;M;j#`eZcl[`e^XmXek$^Xi[\#\og\i`d\ekXcXe[le[\i^ifle[
]`cdj#m`[\fXik#Xik`jkjË]`cdjXe[b\pj`c\ek]`cdj%8dfe^k_\dn`ccY\k_\;M;Yfo
K_\Nfic[f]>\fi^\BlZ_Xi#XZfdg`cXk`fef]BlZ_XiËjnfibj]ifdk_\(0/'jkfk_\
gi\j\ek[Xp#Xe[k_\Y`Yc`fg_`c\Yfoj\kK_\K\c\g_fe\9ffb#Xe\[`k`fe#cXm`j_cp
[\j`^e\[Yp_\ccf]`cdž#f]X]fi^fkk\e]`cd]ifdk_\d`c`\lXjjfZ`Xk\[n`k_8e[p
NXi_fcËj =XZkfip% @e X[[`k`fe# @dX^\ Dfm\d\ek n`cc gi\j\ek X j\c\Zk`fe f] e\n#
`ek\i\jk`e^;M;glYc`ZXk`fej`eZfccXYfiXk`fen`k_k_\J_fik=`cd=\jk`mXc%
=`cd^Xc\i`\+,(gi\j\ekjD`jZ\ccXe\X
NXjj`e[D`jZ\ccXe\X6
N_XkXi\D`jZ\ccXe\X6
MfikiX^d`k=`cdY\`jg`\c\eqliBlcklimfe;M;$<[`k`fe\emfe?\`eq<d`^_fcq
Gi\j\ekXk`fen`k_Z`e\dXk`Z\oXdgc\jfek_\Zlckli\f];M;\[`k`fejYp?\`eq<d`^_fcq
;`\;M;D`jZ\ccXe\X@$M@@ \ek_€ck[`\=`cd\D`jZ\ccXe\X@#@@le[@@@[`\Xcc\`e
FY\i_Xlj\e# Xl] [\d 9\ic`eXc\ =fild le[ Xl] [\i M`\eeXc\ ^\q\`^k nfi[\e
j`e[ #jfn`\;\iY\^eX[\k\D\`\i(0/-$)'(' #<c^i\Zf`eKfc\[f(00($)'(' #
8e9fi[[\iLJJK`Zfe[\if^X(00($)'(' le[<`eDlj\ldjYXl`e<jj\e)'(' %
@e]fjql[\e=`cd\e]`e[\ej`Z_Xl]nnn%gpd%[\%;`\;M;n`i[Y\`=`cd^Xc\i`\
+,(m\iki`\Y\e%N\`k\i\@e]fidXk`fe\eXl]nnn%]`cd^Xc\i`\+,(%[\%
K_\;M;D`jZ\ccXe\X@$M@@ `eZcl[\jk_\]`cdjD`jZ\ccXe\X@#@@Xe[@@@n_`Z_Xcc_Xm\
Y\\ej_fne`eFY\i_Xlj\e#fek_\9\ic`eXc\]fildXe[k_\M`\eeXc\ Xjn\ccXj
;\i Y\^eX[\k\ D\`\i (0/-$)'(' # <c ^i\Zf `e Kfc\[f (00($)'(' # 8e 9fi[ [\i LJJ
K`Zfe[\if^X(00($)'(' Xe[<`eDlj\ldjYXl`e<jj\e)'(' %=fi`e]fidXk`fefek_\
]`cdjgc\Xj\j\\nnn%gpd%[\%K_\;M;`j[`jki`Ylk\[Yp=`cd^Xc\i`\+,(%=fi]lik_\i
`e]fidXk`fegc\Xj\j\\nnn%]`cd^Xc\i`\+,(%[\%
CLOgi\j\ekjI\n`e["GcXp
G`\Z\j@E\m\i;`[
;Xm`[:i`kZ_c\p#>ifYi`kXee`\e(0.0#*(Ê
;`\;M;I\n`e["GcXp#8e8ek_fcf^pf]<Xicp9i`k`j_M`[\f8ikgi€j\ek`\ik
\`e\8ljnX_c[\in`Z_k`^jk\eN\ib\Xlj[\d\ijk\eAX_iq\_ekb•ejkc\i`jZ_\i
M`[\fgiXo`j`e>ifYi`kXee`\e%Mfe\ijk\ebfeq\gkl\cc\e<og\i`d\ek\eqli
<ible[le^[\iGXiXd\k\i[\jD\[`ldjY`jql8iY\`k\e#[`\j`Z_d`kD\[`\e$
blcklile[=\iej\_\eXlj\`eXe[\ij\kq\e#cfk\k[`\j\JXddcle^[`\^\jXdk\
9Xe[Yi\`k\le[M`\c]Xck[\i\ijk\eAX_i\[\je\l\eD\[`ldjM`[\fXlj%;`\
Xlj[i\`;M;jY\jk\_\e[\9fold]Xjjk8iY\`k\emfeB\m`e8k_\ikfe#;Xm`[
:i`kZ_c\p#:Xk_\i`e\<cn\j#Al[`k_>f[[Xi[#;Xm`[?Xcc#KXdXiXBi`bfi`Xel%X%
jfn`\\`ee\l\j<jjXpmfeJ\Xe:lY`kk#Gif]\jjfi]•iD\[`\ele[Bfddl$
e`bXk`feXe[\iLe`m\ij`k€kD\cYflie\%;`\;M;$9fo\ijZ_\`ek`eQljXdd\e$
XiY\`kd`kÙI\n`e[8ik`jkjÊM`[\f`ek_\.'jXe[/'jÈ%N\`k\i\@e]fidXk`fe\e
Xl]nnn%clo%fi^%lb%
K_\;M;I\n`e["GcXp#8e8ek_fcf^pf]<Xicp9i`k`j_M`[\f8ikgi\j\ekjXj\c\Zk`fe
f]b\pnfibj]ifdk_\]`ijk[\ZX[\f]Xik`jkÊjm`[\fgiXZk`Z\`ek_\LB%=ifd\Xicp
ZfeZ\gklXc\og\i`d\ekj\ogcfi`e^k_\gXiXd\k\ijf]k_\d\[`ldkfnfibj[\Xc`e^
n`k_d\[`XZlckli\Xe[k\c\m`j`fek_`jZfcc\Zk`fe\ogcfi\jk_\iXe^\Xe[[`m\ij`kp
f]k_\]`ijkp\Xijf]m`[\fXje\nd\[`X%K_\k_i\\;M;Yfoj\k`eZcl[\jnfibjYp
B\m`e8k_\ikfe#;Xm`[:i`kZ_c\p#:Xk_\i`e\<cn\j#Al[`k_>f[[Xi[#;Xm`[?Xcc#KXdXiX
Bi`bfi`Xe Xe[ fk_\ij% Gclj X e\n \jjXp Yp J\Xe :lY`kk# Gif]\jjfi f] D\[`X Xe[
:fddle`ZXk`fej#Le`m\ij`kpf]D\cYflie\%K_\;M;Yfo`jglYc`j_\[`eZfccXYfiX$
k`fen`k_ÈI\n`e[8ik`jkjÊM`[\f`ek_\.'jXe[/'jÈ%=fi]lik_\i`e]fidXk`fegc\Xj\
j\\nnn%clo%fi^%lb%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(.(
JZi\\e`e^j
CfnXm\gi\j\ekj:fe[`k`fe\[
Bfif#>•c[\d;lidXq#K•ib\`)'')#(*Ê
FliM`ccX^\#Jò\e\i{qd\e#K•ib\`)''+#.Ê
K_\=`ijkFe\j#?Xk`Z\>•c\ip•q#K•ib\`)'''#+Ê
Fek_\K_`e@Z\#9liƒXbBXp^le#K•ib\`)''/#*Ê*'ÊÊ
:fe[`k`fe\[`jk\`eGif^iXddd`kXZ_kq\`k^\ejj`jZ_\eM`[\fblejkXiY\`k\e
le[<og\i`d\ekXc]`cd\eXlj[\iK•ib\`#[`\j`Z_d`k[\id\ekXc\e=fidXk`\$
ile^ mfe B`e[\ie le[ Al^\e[c`Z_\e $ [liZ_ [Xj 9`c[le^jjpjk\d jfn`\ [`\
k•ib`jZ_\>\j\ccjZ_X]k`d8cc^\d\`e\e$Y\]Xjj\e%;`\;M;\ek_€ck=`cd\mfe
>•c[\d;lidXq#?Xk`Z\>•c\ip•q#9\iXk@j`b#9liZòXbBXp^le#<ibXe{q^\e#
=\i_Xk {q^•i# <k_\d {q^•m\e le[ Jò\e\i {qd\e% ;Xj Gif^iXdd nli[\
bliXk`\ikmfeP\b_XeG`eXic`^`cle[J`cb\JZ_d`Zbc%N\`k\i\@e]fidXk`fe\eXl]
nnn%cfnXm\%Zfd%
:fe[`k`fe\[`jX;M;Zfdg`cXk`fef]\`^_k\og\i`d\ekXc]`cdXe[m`[\fXik]ifd
Klib\p k_Xk \ogcfi\j k_\ `ek\cc\ZklXc Zfe[`k`fe`e^ f] Z_`c[i\e Xe[ k\\eX^\ij
k_ifl^_Yfk_k_\\[lZXk`feXcjpjk\dXe[Zfek\dgfiXipKlib`j_jfZ`\kpXkcXi^\%
>•c[\d;lidXq#?Xk`Z\>•c\ip•q#9\iXk@j`b#9liZòXbBXp^le#<ibXe{q^\e#=\i_Xk
{q^•i# <k_\d {q^•m\e Xe[ Jò\e\i {qd\e% K_\ ZliXkfij f] k_\ gif^iXdd\ Xi\
P\b_Xe G`eXic`^`c Xe[ J`cb\ JZ_d`Zbc% =fi ]lik_\i `e]fidXk`fe gc\Xj\ j\\
nnn%cfnXm\%Zfd%
CLO
JfeekX^)%,%('#(.1''L_i#Jlej\k
CLO
*i[=cffi
J_XZbc\n\ccJkl[`fj
(/J_XZbc\n\ccCXe\
Cfe[fe</)<Q
>ifYi`kXee`\e
=fe"++$)'.$,'**0/'
=Xo"++$)'.$,'*(-'-
`e]f7clo%fi^%lb
nnn%clo%fi^%lb
CLO`jk\`e\]]\ekc`Z_\BlejkX^\eklid`kJ`kq`eCfe[fe#[`\j`Z_[\iLek\i$
jk•kqle^le[=i[\ile^mfeM`[\f$le[=`cdblejk[liZ_M\ic\`_#8ljjk\ccle^#
9`c[le^jXiY\`k# GlYc`bXk`fe\e le[ =fijZ_le^ m\ijZ_i`\Y\e _Xk% CLO `jk `e
>ifYi`kXee`\e[`\\`eq`^\@ejk`klk`fe`_i\i8ikle[m\i]•^k•Y\i[`\\`eq`^
Y\[\lk\e[\ M`[\f$ le[ =`cdblejkjXddcle^ [\j CXe[\j% CLO XiY\`k\k d`k
qX_ci\`Z_\en`Z_k`^\e@ejk`klk`fe\eqljXdd\e#n`\\knXDlj\\e#>Xc\i`\e#
=\jk`mXcjle[9`c[le^j`ejk`klk`fe\e#XY\iXlZ_led`kk\cYXid`k[\i{]]\ek$
c`Z_b\`kle[[\eB•ejkc\ie%CLObfeq\eki`\ikj`Z_mfiXcc\dXl][Xj9\n\^k$
Y`c[`e[\iY`c[\e[\eBlejkÆ\`e\;\]`e`k`fe#[`\<og\i`d\ekXc]`cd\#M`[\f$
blejk# @ejkXccXk`fe\e# G\i]fidXeZ\j# XlkfY`f^iX]`jZ_\ ;fbld\ekXi]`cd\#
<jjXp]`cd\le[8e`dXk`fe\e\`ejZ_c`\kjfn`\[\i\eBfek\okle[bi`k`jZ_\e
;`jblij%
CLO`jXglYc`ZXikjX^\eZpYXj\[`eCfe[fek_Xk\o`jkjkfjlggfikXe[gifdfk\
Xik`jkjÊdfm`e^`dX^\nfib#k_ifl^_[`jki`Ylk`fe#\o_`Y`k`fe#\[lZXk`fe#glYc`j_`e^
Xe[i\j\XiZ_%CLO`jk_\fecpfi^Xe`jXk`fef]`kjb`e[`ek_\LB#`ki\gi\j\ekjk_\
ZflekipËjfecpj`^e`]`ZXekZfcc\Zk`fef] Xik`jkjË]`cdXe[m`[\f%CLOnfibjn`k_X
cXi^\ eldY\i f] dXafi `ejk`klk`fej `eZcl[`e^ dlj\ldj# ^Xcc\i`\j# ]\jk`mXcj Xe[
\[lZXk`feXc \jkXYc`j_d\ekj# Xj n\cc Xj [`i\Zkcp n`k_ k_\ glYc`Z Xe[ Xik`jkj% K_\
gXik`ZlcXi]fZljf]CLO`jm`jlXcXikj$YXj\[dfm`e^`dX^\nfibÆX[\]`e`k`fen_`Z_
`eZcl[\j\og\i`d\ekXc]`cd#m`[\fXik#`ejkXccXk`feXik#g\i]fidXeZ\Xik#g\ijfeXc
[fZld\ekXip#\jjXp]`cdjXe[Xe`dXk`fe#Xe[`j`eZclj`m\Yfk_`ek\idjf]Zfek\ok
Xe[Zi`k`ZXc[`jZflij\%
Dfeld\ekj
I\[dfe[<ekn`jkc\#>ifYi`kXee`\e&LJ8)''0#*'Ë#(-dd#=XiY\#Kfe
<`e m\ia•e^k\i ;Xe >iX_Xd le[ [`\ YlZ_jk€Yc`Z_ Xl]\ijkXe[\e\e >fi[fe
DXkkX$:cXib le[ IfY\ik Jd`k_jfe ]•_i\e lej `e E\n A\ij\p [liZ_ [`\
Lijgi•e^\`_i\igfjk$d`e`dXc`jk`jZ_\eBlejk%Dfeld\ekj\iq€_ckmfe\`e\d
]`bk`m\eBXdg]qn`jZ_\eB`efle[Jblcgkli`e[\i<ekn`Zbcle^[\i8iY\`k\e
mfe IfY\ik Jd`k_jfe# >fi[fe DXkkX$:cXib le[ ;Xe >iX_Xd% ;liZ_ [`\
8l]XiY\`kle^[\i>\jZ_`Z_k\`_i\i9\q`\_le^qlE\nA\ij\pn`i[[\i=`cd\`e
>c\`Z_e`j]•i[`\8ljn`ible^\emfeE\fc`Y\iXc`jdljle[>cfYXc`j`\ile^Xl]
[`\j\ >\j\ccjZ_X]k le[ CXe[jZ_X]k `e [\i j\`k_\i m\i^Xe^\e\e Q\`k% <`e
bcl^\i# nle[\ijZ_e \i[XZ_k\i =`cd# ^\n•iqk d`k le\inXik\k kifZb\e\d
?ldfi%
8i\alm\eXk\[;Xe>iX_XdXe[hl`k\c`k\iXccpi\jlii\Zk\[>fi[feDXkkX$:cXibXe[
IfY\ikJd`k_jfec\X[ljk_ifl^_k_\E\nA\ij\pfi`^`ejf]k_\`igfjk$d`e`dXc`jk
Xik%Dfeld\ekjeXiiXk\jX]`Zk`feXcjkil^^c\Y\kn\\eZ`e\dXXe[jZlcgkli\`ek_\
[\m\cfgd\ekf]k_\nfibf]IfY\ikJd`k_jfe#>fi[feDXkkX$:cXibXe[;Xe>iX_Xd%
@ei\kiXZ`e^k_\_`jkfipf]k_\`ii\cXk`fej_`gkfE\nA\ij\p#k_\]`cdY\Zfd\jXe
Xcc\^fip ]fi k_\ \]]\Zkj k_Xk e\f$c`Y\iXc`jd Xe[ ^cfYXc`jXk`fe _Xm\ _X[ fe k_`j
jfZ`\kpXe[cXe[jZXg\`ek_\p\Xijj`eZ\%8YiX`ep#Y\Xlk`]lccp`dX^`e\[]`cdn`k_
Xele\og\Zk\[cp[ip_ldflikfYffk%
(.) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
;\jgX`i
Jk\g_\eJlkZc`]]\#>ifYi`kXee`\e)''0#(/Ë#;M#=XiY\#Kfe
;\i =`cd ;\jgX`i [\j >cXj^fn\i B•ejkc\ij Jk\g_\e JlkZc`]]\ \i_`\ck j\`e\
@ ejg`iXk`fe le[ j\`e\e K`k\c mfe [\d ^c\`Z_eXd`^\e IfdXe mfe McX[`d`i
EXYfbfmXlj[\dAX_i(0*+#\`e\i>\jZ_`Z_k\•Y\iM\in\Z_jcle^#Dfi[le[
@[\ek`k€kj[`\YjkX_c% EXYfbfmj K_\d\e mfe DXZ_k le[ K€ljZ_le^# ;fgg\c$
^€e^\ikldle[Ifcc\ejg`\c#jg`\^\cej`Z_`eJlkZc`]]\j:fccX^\`dgi`jd\e$
_X]k\eLd^Xe^d`k9`c[dXk\i`Xcle[Kfe%@e\`e\i[•jk\i\eJ\hl\eq#lek\i$
dXckd`k9XifZbdlj`b#bfdgfe`\ikmfeA\Xe$9Xgk`jk\Clccp]•iCl[n`^O@M%#
[\e]iXeqj`jZ_\eBe`^[\j(.%AX_i_le[\ikj#q`k`\ikJlkZc`]]\\`e\I\`_\mfe
>\j\ccjZ_X]kjgfiki€kj# ]fkfbfg`\ik\ ?Xe[q\kk\c Xlj \`e\i Mfic\jle^ji\`_\
d`k [\d K`k\c ÙK_\fi`\e [\i DfekX^\È le[ IX`e\i N\ie\i =XjjY`e[\ij
M\i]`cdle^[\jIfdXejmfe(0./%
>cXj^fn$YXj\[Xik`jkJk\g_\eJlkZc`]]\Êj]`cd;\jgX`i`j`ejg`i\[YpXe[k`kc\[X]k\i
k_\(0*+McX[`d`iEXYfbfmefm\c#Xjkfipf]d`jkXb\eg_pj`ZXci\j\dYcXeZ\#dli[\i
Xe[`[\ek`kpk_\]k%EXYfbfmÊjk_\d\jf]gfn\iXe[[\clj`fe#[flYc`e^Xe[^Xd\gcXp
Xi\XeZ_fi\[`eJlkZc`]]\jZfccX^\k_ifl^_Xgi`jdXk`Zki\Xkd\ekf]m`jlXcdXk\i`Xc
Xe[jfle[%JlkZc`]]\hlfk\jXgXiX[\f]jfZ`\kpgfikiX`kj#g_fkfZfg`\[_Xe[flkj
]ifdXc\Zkli\j\i`\j\ek`kc\[ÊK_\fi`\jf]DfekX^\#ÊXe[IX`e\iN\ie\i=XjjY`e[\iÊj
(0./X[XgkXk`fef]k_\efm\c`eX[\ej\j\hl\eZ\gleZklXk\[YpYXifhl\dlj`Z
Zfdgfj\[YpA\Xe$9Xgk`jk\Clccp]fik_\j\m\ek\\ek_Z\eklip=i\eZ_b`e^#Cfl`j
O@M%
AXZbJkiXnËj:Xjkc\
IfjXc`e[EXj_Xj_`Y`#>ifYi`kXee`\e)''0#(/Ë#(-dd#=XiY\#Kfe
AXZbJkiXnËj:Xjkc\m\in\e[\k=`cddXk\i`XcXlj\`e\d]]\ekc`Z_\eGXible[ AXZbJkiXnÊj:Xjkc\lj\j]ffkX^\j_fk`eXe[Xifle[XglYc`ZgXib#`ek\icXZ`e^j_fkj
[\jj\eLd^\Yle^le[m\ibe•g]k8l]eX_d\eXlj[\dn`ibc`Z_\eC\Y\e#jf ]ifdi\Xcc`]\Æ`eZcl[`e^j\hl\eZ\jj_fk`eXZil`j`e^Xi\XÆn`k__`^_cpk_\Xki`ZXc
q%9%XlZ_J\hl\eq\eXlj\`e\i:il`j`e^8i\X#d`kjkXibk_\XkiXc`jZ_^\gi€^k\e jZ\eXi`fj`emfcm`e^XZXjkf]efe$XZkfij%
Jq\e\e#[Xi^\jk\cckmfe\`e\i>ilgg\mfeCX`\ejZ_Xljg`\c\ie%
?fe^Bfe^8ikj:\eki\
JfeekX^)%,%('#)'1''L_i#Jlej\k
?fe^Bfe^8ikj:\eki\
/&=#)?XiYfliIfX[
NXeZ_X`#?fe^Bfe^
MI:_`eX
=fe"/,$)$),/)')''
=Xo"/,$)$)/')')''
`]mX7_bXZ%fi^%_b
nnn%_bXZ%fi^%_b
J\`k \`e\d M`\ik\caX_i_le[\ik ]fc^k [Xj ?fe^ Bfe^ 8ikj :\eki\ j\`e\d
8ec`\^\e#?fe^bfe^j`ek\ieXk`feXc\Jk\ccle^qljk€ib\ele[[XjC\Y\e[\i
D\ejZ_\e [fik [liZ_ q\`k^\ejj`jZ_\ Blejk le[ Blejk\iq`\_le^ ql
Y\i\`Z_\ie% <j _Xk j`Z_ [\i Lek\ijk•kqle^ mfe Bi\Xk`m`k€k# Blejk le[
blckli\cc\d<e^X^\d\ekm\ijZ_i`\Y\e%(00,_Xk[Xj?fe^Bfe^8ikj:\eki\
Ù`]mXÈ`ejC\Y\e^\il]\e#[\e\`eq`^\eBliq]`cd$le[M`[\fgi\`j?fe^bfe^j
nnn%`]mX%Zfd %;Xj?fe^Bfe^8ikj:\eki\ki€^kXlZ_[XqlY\`#=`cd$le[
M`[\fblejk[liZ_M\ic\`_le[Gif[lbk`feql]i[\ie%
=fiXhlXik\if]XZ\eklip#k_\?fe^Bfe^8ikj:\eki\_XjY\\elg_fc[`e^`kjm`j`fe
f]\e_XeZ`e^?fe^Bfe^Ëj`ek\ieXk`feXcgfj`k`feXe[\ei`Z_`e^`kjg\fgc\Ëjc`m\j
k_ifl^_ Zfek\dgfiXip Xikj Xe[ Xikj \[lZXk`fe% @k `j Zfdd`kk\[ kf elikli`e^
Zi\Xk`m`kp# Xikj Xe[ ZlckliXc \e^X^\d\ek% @e (00,# k_\ ?fe^ Bfe^ 8ikj :\eki\
`ekif[lZ\[k_\fecpj_fik]`cdXe[m`[\fXnXi[`e?fe^Bfe^#È`]mXÈnnn%`]mX%Zfd %
?fe^ Bfe^ 8ikj :\eki\ Xcjf _\cgj kf gifdfk\ ]`cd Xe[ m`[\f Xikj k_ifl^_
[`jki`Ylk`feXe[gif[lZk`fe%
K_\C`]\Xe[K`d\jf]?f:_le^M`ccX^\
KjXe^Kjl`$j_Xe#MI:_`eX)''0#(+Ë#9\kXJG#=XiY\le[j&n#Kfe
K_\ C`]\ Xe[ K`d\j f] ?f :_le^ M`ccX^\ m\i]fc^k Xe_Xe[ Xck\i =fkfj Xlj K_\C`]\Xe[K`d\jf]?f:_le^M`ccX^\i\kiXZ\jk_\gXjkf]?f:_le^M`ccX^\k_ifl^_
d\_i\i\e=Xd`c`\e[`\M\i^Xe^\e_\`k[\j;fi]\j?f:_le^%N`\Y\`d;liZ_$ fc[ g_fkfj ]ifd j\m\iXc ]Xd`c`\j% N`k_ k_\ lg[Xk\[ g`Zkli\j i\gi\j\ek`e^ k_\
Yc€kk\ie\`e\j=fkfXcYldjbee\en`i[liZ_[`\Xbkl\cc\e9`c[\i\ic\Y\e#n`\ gi\j\eZ\#n\n`ke\jjk_\Z_Xe^\f]Xm`ccX^\Xj`]]c`gg`e^Xg_fkfXcYld%
j`Z_[Xj;fi]m\i€e[\ik_Xk%
8?X`iJkfip
DXbJ_`e^$]le^#MI:_`eX)''0#.Ë*'ËË#9\kXJG#=XiY\#Kfe
<`e\>\jZ_`Z_k\•Y\i\`e\eDXee#[\im\ijlZ_k#[`\bfjkYXi\e<i`ee\ile^\e @k`jXjkfipXYflkXdXen_fXkk\dgkjkfi\d\dY\ik_\ki\XjliXYc\d\dfi`\jf]
Xej\`e\B`e[_\`kqlY\nX_i\e%
_`jZ_`c[_ff[%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(.*
JZi\\e`e^j
CfnCfm\
:_XeBnXe$_fK\ii\eZ\#MI:_`eX)''0#))Ë#9\kXJG#=XiY\#Kfe
DXeZ_dXc n`i[ \`e N\ib m\i^\jj\e# Xcj len`Z_k`^ \iXZ_k\k f[\i XlZ_ mfd
B•ejkc\i f[\i mfe [\i B•ejkc\i`e j\cYjk m\infi]\e% <ijk Xe [`\j\d Glebk
bXee[XjN\ibgi€j\ek`\ikle[le^\ki•Ykmfe[\i9\j\jj\e_\`k[\jLi_\Y\ij
Y\jgifZ_\en\i[\e%;Xee\i]fc^k[\i|Y\i^Xe^qlie€Z_jk\eG_Xj\[\jJ\`ej
le[[`\^c\`Z_q\`k`^\8egXjjle^XeXe[\i\Gif[lbk`feji\^\ce#Xe^\ki`\Y\e
mfe[\e<ib\eeke`jj\emfi_\i`^\i8iY\`k\e%A\[\8iY\`kn€i\\`e\JkXk`fe
Xl][\dN\^ql]i\d[\e>\]`c[\ef[\im`\cc\`Z_kqlile\iki€^c`Z_\eC\\i\#
[`\ [\e\e m\ikiXlk `jk# [`\ j`Z_ [liZ_ [\e JZ_X]]\ejgifq\jj j\cYjk _\`c\e
nfcc\e%
Jfd\k`d\jXnfib`j]fi^fkk\e#i\^Xi[\[Xjle`dgfikXekfij`dgcpYXe`j_\[Ypk_\
Xik`jk_`d&_\ij\c]%@k`jfecpXkk_`jgf`ekk_Xkk_\nfibZXeY\[`jgcXp\[Xe[jgfb\e
XYflk`eXnXpjfY\i]ifdk_\fYj\jj`fek_XkZcfl[jk_\d`e[f]k_\Xlk_fi%Dfm`e^
fekfk_\e\okg_Xj\f]Y\`e^#Xkk_\jXd\k`d\X[Xgk`e^kfX[`]]\i\ek\k`hl\kk\f]
Zi\Xk`fe ]l\c\[ Yp k_\ [`jZfm\i`\j f] gi\m`flj nfibj% <XZ_ nfib nflc[ Y\ X
jk\gg`e^$jkfe\kfnXi[j]fi\`^ei\Xcdjfig\i_Xgjk_\leY\XiXYc\YcXeb]Xd`c`Xikf
k_fj\n_fj\\bZi\Xk`feXjX]fidf]j\c]$d\[`ZXk`fe%
<e\i^p=cfn
B`dJ`e$jle^#J•[bfi\X)''/#()Ë#9\kXJG#=XiY\le[j&n#Kfe
Bee\en`i\`e\eKXeq^\^\e9ifk\`ekXljZ_\e6@ee`Z_kXccql]\ie\iQlble]k
n\i[\eFY[XZ_cfj\[liZ_::KM$BXd\iXjXljjg`fe`\ikle[C\Y\ejd`kk\cd`k
_Xcclq`eXkfi`jZ_\e9\jkXe[k\`c\emfe[\iI\^`\ile^iXk`fe`\ik%<`eFY[XZ_$
cfj\ii\kk\k\`emcc`^\ijZ_g]k\jD€[Z_\e#`e[\d\i`_ij\`e\C\Y\ejd`kk\c$
iXk`fe^`Yk%Ld`_d]•ij\`e\=i\le[c`Z_b\`kql[Xeb\e#kXeqk[XjD€[Z_\e
]•i`_e%
:Xen\\oZ_Xe^\X[XeZ\]fiYi\X[6Jfd\k`d\`ek_\e\Xi]lkli\#^fm\ied\ek
X^\ekj jgp fe \m\ip _fd\c\jj g\ijfe n`k_ ::KM ZXd\iX Xe[ iXk`fe ]ff[ n_`Z_
ZfekX`ej _XcclZ`eXkfip Zfdgfe\ekj% 8 _fd\c\jj dXe jXm\j X ^`ic n_f `j kfkXccp
\o_Xljk\[#Yp^`m`e^_\i_`jiXk`fe\[]ff[%KfgXp_`jb`e[e\jjYXZb#k_\^`ic[XeZ\j
]fik_\_fd\c\jjdXe%
9ffk_j
D`b_X`cQ_\c\qe`bfm#IljjcXe[)''/#).Ë#9\kXJG#=XiY\#Kfe
8cj`Z_efZ_bc\`enXi#Y`e`Z_f]k`e[\iJkX[k_\ild^\cXl]\ele[[XY\`]`\c\e
d`i[`\D\ejZ_\e`e[\e9l[\eXl]%@Z_]iX^k\d`Z_1NXildj`kq\ej`\[X6
?XY\e j`\ \`e Ql_Xlj\6 <`e\ =Xd`c`\6 NXj j`e[ [Xj ]•i C\lk\6 ;`\j\ Xl]
efjkXc^`jZ_\eB`e[_\`kj\i`ee\ile^\eY\il_\e[\;fbld\ekXk`fe\ek]•_iklej
`e[`\j\ckjXd\N\ckXljDXibkYl[\eXl][\eJkiX\emfeJk%G\k\ijYli^%
N_\e@nXjc`kkc\@lj\[kfnXcbXifle[kfne#Xe[@f]k\eefk`Z\[g\fgc\j`kk`e^`e
Yffk_j%8e[@Xjb\[dpj\c]1N_pXi\k_\pj`kk`e^k_\i\6;fk_\p_Xm\X_fd\68
]Xd`cp6 N_Xk b`e[ f] g\fgc\ Xi\ k_\p6 K_`j efjkXc^`Z [fZld\ekXip# \mfb\[ Yp
Z_`c[_ff[d\dfi`\j#`em`k\jlj`ekfXjkiXe^\nfic[f]Yffk_jfek_\jki\\kjf]
Jk%G\k\ijYli^%
8ik9Xj\c
JfeekX^)%,%('#))1*'L_i#Jlej\k
D:?Jn`jj<o_`Y`k`fe9Xj\c Ck[%
8ik9Xj\c
+'',9Xj\c
JZ_n\`q
=fe"+($,/$)'')')'
=Xo"+($,/$)'-)-/Xik]`cd7XikYXj\c%Zfd
nnn%XikYXj\c%Zfd&]`cd
;`\8ik9Xj\c]`e[\kmfd(-%Y`j)'%Ale`)'('qld+(%DXcjkXkk%8cjgi\jk`^\$
i\`Z_jk\Blejkd\jj\[\iN\ck`jkj`\Xcca€_ic`Z_\iKi\]]glebk[\i`ek\ieXk`f$
eXc\eBlejkn\ck%;`\*''k\`ce\_d\e[\e#n\ckn\`k]•_i\e[\e>Xc\i`\eq\`^\e
_`\iN\ib\mfeB•ejkc\ie[\j)'%le[)(%AX_i_le[\ikj%;`\8ik9Xj\c`jkj\`k
d\_i\i\eAX_i\e\Y\e]Xccj\`eFik#Xe[\dbfek`el`\ic`Z_=iX^\eeXZ_[\d
=`cd`jZ_\e le[ j\`e\i 9\[\lkle^ `d Bfek\ok [\i Blejk ^\jk\cck n\i[\e%
>\iX[\ `d IX_d\e mfe 8ik =`cd# [\i =`cdi\`_\ [\i 8ik 9Xj\c# `jk `e [\e
m\i^Xe^\e\eAX_i\e[\lkc`Z_^\nfi[\e#n`\jkXib[\i=`cdd`k[\iBlejk$
gif[lbk`fe m\infY\e `jk% ;Xj Q`\c mfe 8ik =`cd `jk \j [\j_XcY# n\`k\i_`e
_\iXljiX^\e[\`ek\ieXk`feXc\Gif[lbk`fe\e[`\j\jJ\^d\ek\jqlgi€j\ek`\i\e
le[ jf [`\ €jk_\k`jZ_\ M`\c]Xck jfn`\ [`\ `dd\i n`\[\i e\l \ekjk\_\e[\e
[peXd`jZ_\eN\Z_j\cn`ible^\e\ib\eeYXiqldXZ_\e%
8ik9Xj\ckXb\jgcXZ\]fik_\+(jkk`d\]ifd(-kf)'Ale\#)'('%8jk_\nfic[Ëjdfjk
gi\jk`^`fljXikj_fn#`k`jXeXeelXci\e[\qmflj]fik_\^cfYXcXiknfic[%K_\*''
c\X[`e^`ek\ieXk`feXc^Xcc\i`\jkXb`e^gXikn`ccj_fnnfibjYpXik`jkjf]k_\)'k_
Xe[)(jkZ\ekli`\j%=fij\m\iXcp\Xij#8ik9Xj\c_XjXcjfY\\eXgcXZ\n_\i\]`cdXe[
`kjd\Xe`e^`ek_\XikZfek\ok_Xm\Y\\eZfek`elXccp\ogcfi\[%GXik`ZlcXicp`e8ik
=`cd#k_\]`cdj\i`\jXk8ik9Xj\c#`k_XjY\Zfd\Zc\Xifm\ik_\gXjk]\np\Xij_fn
Zcfj\cp ]`cd `j `ek\infm\e n`k_ Xik`jk`Z gif[lZk`fe% K_\ fYa\Zk`m\ f] 8ik =`cd `j
k_\i\]fi\kfZfek`el\kfgi\j\ekflkjkXe[`e^`ek\ieXk`feXcgif[lZk`fej]ifdk_`j
ZlckliXcj\Zkfi#k_lj_`^_c`^_k`e^`kjX\jk_\k`Z[`m\ij`kpXe[`kjZfejkXekcpi\e\n\[
Xe[[peXd`Z`ek\iXZk`fej%
Gi€j\ek`\ikmfeDXiZ>c[\#BliXkfimfe8ik=`cd
@ekif[lZ\[YpDXiZ>c[\#ZliXkfif]8ik=`cd
(.+ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
@dd\ij`fe
DXibK_fdgjfe#LJ8(0.+$.-#()Ë*'Èj\c\Zk\[j\^d\ekj #;M;#=XiY\#Kfe#>Xc\i`\K_fdXjQXe[\i
;Xj Gifa\bk @dd\ij`fe \ekjkXe[ qn`jZ_\e (0.+ le[ (0.-% @e \`e\i 8ik
d\[`kXk`m\i G\i]fidXeZ\ c`\ K_fdgjfe j\`e\e \`^\e\e Bfg] mfe \`e\d
9`\e\ejZ_nXid Y\[\Zb\e le[ [fbld\ek`\ik\ [`\j g\i BXd\iX% N\ee [\i
Bfg] jZ_c`\c`Z_ ^€eqc`Z_ m\ijZ_n`e[\k# `jk eli efZ_ \`e\ 8ik XYjkiXbk\j
>\Y`c[\# \`e 9`\e\ejZ_nXid mfi YcXl\d ?`dd\c# \ib\eeYXi le[ a\^c`Z_\
d\ejZ_c`Z_\ I\]\i\eq m\icfi\e% ;liZ_ [`\ m`jl\cc\ ;fbld\ekXk`fe le[ mfi
Xcc\d[liZ_[`\;`d\ej`fe[\jJfle[j`dB`efn`i[[`\j\j<`ekXlZ_\e`e[\e
JZ_nXid a\[fZ_ `ek\ej`m eXZ_mfccq`\_YXi le[ [Xj D\[`ld =`cd q\`^k j\`e
^Xeq\`^\e\j`dd\ij`m\jGfk\eq`Xc%
K_\gifa\Zk@dd\ij`fenXji\Xc`j\[Y\kn\\e(0.+Xe[(0.-%@eXb`e[f]d\[`kXk`m\
g\i]fidXeZ\ K_fdgjfe _X[ _`j _\X[ Zfm\i\[ Yp X jnXid f] Y\\j n_`Z_ _\
[fZld\ek\[n`k_k_\ZXd\iX%N_\e_`j_\X[_Xj]`eXccpZfdgc\k\cp[`jXgg\Xi\[#
k_\fecpk_`e^jk`ccm`j`Yc\`jXeXYjkiXZk]fid#XY\\jnXidX^X`ejkk_\Ycl\jbp#
n_`c\Xep_ldXei\]\i\eZ\_XjY\\ecfjk%P\k#k_\m`jlXc[fZld\ekXk`feXe[XYfm\
Xcck_\[`d\ej`fef]jfle[`ek_\Z`e\dXXccfnj]fiXm\ip`ek\ej`m\i\c`m`e^f]k_`j
`dd\ij`fe`ekfk_\jnXidn_`c\k_\d\[`ldf]]`cdj_fnjXe`dd\ij`m\gfk\ek`Xc
f]`kjfne%
LJNX]]\ejZ_Xl`e9\ic`eN\jk#=cl^_X]\eK\dg\c_f]
>XYi`\c\Q`dd\idXee#?\cdlkEfk__\c]\i#;\lkjZ_cXe[(0.)#.Ë*'È#(-dd#=XiY\#jkldd#>Xc\i`\K_fdXjQXe[\i
8l]^\efdd\e Xe \`e\d JfeekX^eXZ_d`kkX^ Xl] [\d =cl^_X]\e K\dg\c_f]
(0.)#[fbld\ek`\ik[\i=`cd\`eMfcbj]\jk#ql[\d[`\LJ8`i=fiZ\le[[`\
N\jkY\ic`e\i Gfc`q\` ^\cX[\e _Xkk\e% D`c`k€ibXg\cc\e jg`\c\e# G\^^p DXiZ_
ki`kkXl]#\j^`YkGXeq\i]X_ik\ele[D`c`k€i]cl^q\l^Y\j`Z_k`^le^\e%Eli\`e\
=cl^YcXkkXbk`fe ^\^\e [\e M`\keXdbi`\^ jfi^k ]•i Leil_\% ;`\ 9`c[\i mfd
Bi`\^jk\cc\ej`Z_^\^\e[`\jfeek€^c`Z_\?Xidfe`\%
I\Zfi[\[ fe X Jle[Xp X]k\ieffe Xk k_\ K\dg\c_f] X`igfik `e (0.)# k_`j ]`cd
[fZld\ekjX]\jk`mXck_\LJ8`i=fiZ\Xe[k_\N\jk9\ic`egfc`Z\_X[`em`k\[k_\
glYc`Zkf%D`c`kXipYXe[jXi\gcXp`e^#G\^^pDXiZ_`jg\i]fid`e^#kXebZil`j\jXe[
kflijf]d`c`kXipX`iZiX]kjXi\fek_\gif^iXdd\%FecpXc\X]c\kZXdgX`^eX^X`ejk
k_\M`\keXdnXiZXlj\jkiflYc\#k_\`dX^\jf]k_\nXi[`jkliY`e^k_\_Xidfe`flj
Jle[XpX]k\ieffe%
I\Zi\Xk`fe
IfY\ik9i\\i#LJ8(0,-$,.#)Ë#;M;#=XiY\#Kfe#^YX^\eZp
EXZ_ [\e ]i•_\e XYjkiXbk\e =`cd\e 9i\\ij# `e [\e\e j`Z_ a\[\j <c\d\ek
qle€Z_jk Xl] bfekifcc`\ik\ N\`j\ Y\n\^k# \ekn`Zb\ck [\i B•ejkc\i d`k
I\Zi\Xk`fe\`e\e=`cd#`e[\dj`Z_[\i^Xeq\9`c[jZ_`idqlY\n\^\ejZ_\`ek%
<i Y\elkqk [X]•i Xcc\ 8ik\e mfe DXk\i`Xc`\e1 FYa\bk\# JZ_\i\ejZ_e`kk\ n`\
XlZ_\`^\e\C\`en€e[\%9i\\i\i__kle[jkiX]]k[\eI_pk_dlj#`e[\d\i[`\
C€e^\[\i9`c[\iXl][i\`#qn\`le[qlc\kqkXl]\`e\e9`c[iX_d\ei\[lq`\ik%
K\ok le[ 9`c[ jk\_\e j`Z_ ^\^\e•Y\i le[ n`ib\e Y\`[\ Xl] [\e jZ_e\cc\e
I_pk_dlj\`e%
8]k\i_`j\XicpXYjkiXZk]`cdj`en_`Z_\XZ_\c\d\ekXk]`ijkdfm\j`eXZfekifcc\[
nXp#9i\\iZfd\jlgn`k_I\Zi\Xk`fe#X]`cd`en_`Z_k_\n_fc\jZi\\ej\\djkf
dfm\%=fik_`jnfib_\lj\jmXi`fljb`e[jf]dXk\i`Xc1fYa\Zkj#j`c_fl\kk\jXjn\cc
Xj _`j fne ZXemXj\j% 9i\\i XZZ\c\iXk\j Xe[ k`^_k\ej k_\ i_pk_d i\[lZ`e^ k_\
c\e^k_f]k_\`dX^\jkfk_i\\#knfXe[]`eXccpXj`e^c\]iXd\%K\okXe[`dX^\Xi\
alokXgfj\[#`ek\iXZk`e^n`k_k_\iXg`[i_pk_d%
=la`
IfY\ik9i\\i#LJ8(0.+#('Ë#;M;#=XiY\#Kfe#^YX^\eZp
=la``jk\`e\8ikI\`j\Yqn%\`e|Y\i^Xe^1Xlj^\_\e[mfd]`cd`jZ_\eDXk\i`Xc#
[Xj[\e9c`Zb\`e\jKfli`jk\eXl][\eY\bXeek\eaXgXe`jZ_\e9\i^Xlj\`e\d
]X_i\e[\eQl^q\`^k#\ekn`Zb\ck9i\\i[liZ_j\`e\q\`Z_e\i`jZ_\9\XiY\`kle^
\`e]XekXj`\mfcc\jle[gf\k`jZ_\jJg`\cXYjkiXbk\i=fid\ele[=XiY\e%;Xj
b`e\k`jZ_\Dfd\ek[`\j\j=`cdjjk\cck[XY\`bfek`el`\ic`Z_=iX^\eeXZ_\`e\i
NX_ie\_dle^ mfe I€ldc`Z_b\`k le[ \ekn`Zb\ck jf Xlj [\i ]\jk^\]X_i\e\e
=fid \`e\j kfli`jk`jZ_\e 9c`Zbj \`e\ ]Xjq`e`\i\e[\ I\`j\ ql [\e D^c`Z_$
b\`k\e[\i@dX^`eXk`fe%
=la` `j X b`e[ f] aflie\p fi jkXk\ f] kiXej`\eZ\1 YXj\[ fe ]ffkX^\ k_Xk j_fnj X
kfli`jkËj m`\n ]ifd X kiX`e gXjj`e^ Yp k_\ n\cc$befne dflekX`e `e AXgXe# 9i\\i
Zi\Xk\jXe`dX^`eXk`m\Xe[cpi`ZXc^Xd\f]XYjkiXZk]fidjXe[Zfcflijk_ifl^__`j
^iXg_`Z ki\Xkd\ek f] k_\ dXk\i`Xc% K_`j ]`cdËj b`e\k`Z dfd\ek b\\gj Xjb`e^
hl\jk`fejXYflkk_\g\iZ\gk`fef]jgXZ\Xe[k_ljkliejk_\i`^`[]fidf]Xkfli`jkËj
m`\n`ekfX]XjZ`eXk`e^aflie\pkfk_\gfjj`Y`c`k`\jf]`dX^`eXk`fe%
DXf$?fg\DXiZ_
{pm`e[=X_cjkid#LJ8(0--#+Ë*'ËË#(-dd#j&n#Kfe#8li\cJZ_\`Yc\i
DXf$?fg\DXiZ_nli[\Xd(%J\gk\dY\i(0--`eE\nPfib:`kp^\[i\_k%;\i
=`cd\ekjkXe[lijgi•e^c`Z_XcjK\`c[\i^i\i\eK_\Xk\i$Gif[lbk`feB`jj\j
Jn\Xk\i k_Xe N`e\% (0.* \ekjZ_cfjj j`Z_ =X_cjkid [Xql# [\e =`cd Xcj
leXY_€e^`^\8iY\`kqlgi€j\ek`\i\e%<iq\`^k[`\I\Xbk`fe\e[\iE\nPfib\i
{]]\ekc`Z_b\`k Xl] \`e\ 8ik Gj\l[f$;\dfejkiXk`fe# Y\` [\i D\ejZ_\e d`k
9`c[\ie mfe 9fY ?fg\ le[ DXf gXiX[`\i\e% @e [\e k\`cj \dgik\e# k\`cj
Y\cljk`^k\e I\Xbk`fe\e jg`\^\ck j`Z_ [XY\` [`\ 8kdfjg_€i\ [\i [XdXc`^\e
Xd\i`bXe`jZ_\e>\j\ccjZ_X]kn`[\i%
DXf$?fg\ DXiZ_ nXj j_fk fe J\gk\dY\i (# (0-- `e E\n Pfib :`kp% K_\ ]`cd nXj
fi`^`eXccpgXikf]k_\cXi^\ik_\Xki\gif[lZk`feB`jj\jJn\Xk\ik_XeN`e\%@e(0.*
=X_cjkid[\Z`[\[kfgi\j\ek_`j]`cdXjXe`e[\g\e[\eknfib%@kj_fnjk_\E\n
PfibglYc`ZËji\jgfej\kfXb`e[f]gj\l[f[\dfejkiXk`fe`en_`Z_gXiX[`e^g\fgc\
[`jgcXpgfjk\ijf]9fY?fg\Xe[DXf%K_\gXikcpj_fZb\[#gXikcpXdlj\[i\XZk`fej
i\]c\Zkk_\Xkdfjg_\i\f]8d\i`ZXejfZ`\kpXkk_Xkk`d\%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(.,
JZi\\e`e^j
AGC
CXiipJlckXe#D`b\DXe[\c#LJ8(0..#(+Ë#(-dd#=XiY\#jkldd#>Xc\i`\K_fdXjQXe[\i
;\i=`cdAGC\ekjkXe[D`kk\[\i(0.'\iAX_i\`dIX_d\e[\jjf^\eXeek\e
<m`[\eZ\$=fkf^iX]`\$Qpbclj% JlckXe le[ DXe[\c `ek\i\jj`\ik\e j`Z_ _`\iY\`
]•i[Xj€jk_\k`jZ_\Gfk\eq`Xcmfe[fbld\ekXi`jZ_\i=fkf^iX]`\#n\cZ_\j`\`e
8iZ_`m\e mfe @e[ljki`\bfeq\ie\e# Bfddle\e# Gfc`q\`jkXk`fe\e le[ 8id\\
]Xe[\e%N€_i\e[[\i]fkf^iX]`jZ_\QpbcljjZ_e\cc\`e\e_f_\e9\bXeek_\`kj$
^iX[\icXe^k\le[ql\`e\dBcXjj`b\i[\i=fkf^iX]`\^\jZ_`Z_k\nli[\#`jk[\i
mfeJlckXele[DXe[\cgif[lq`\ik\=`cdAGCY`j_\in\`k\jk^\_\e[leY\bXeek%
Cfj^\cjkXlj`_i\d=lebk`fejqljXdd\e_Xe^#n\i[\e[`\=`cdY`c[\iXljAGC
ql\`e\igf\k`jZ_gifmfq`\i\e[\e<i]fijZ_le^€jk_\k`jZ_\iHlXc`k€k\e%
K_\]`cdAGCnXjZi\Xk\[`ek_\d`[$(0.'j`ek_\Zfek\okf]Xg_fkfj\i`\j\ek`kc\[
<m`[\eZ\% JlckXe Xe[ DXe[\c n\i\ `ek\i\jk\[ `e k_\ X\jk_\k`Z gfk\ek`Xc f]
[fZld\ekXipg_fkfjk_\p]fle[`eXiZ_`m\jf]ZfigfiXk`fej#Zfddle`k`\j#gfc`Z\
[\gXikd\ekjXe[k_\Xidp%N_\i\Xjk_\g_fkfj\i`\jjffeY\ZXd\n`[\cpbefne
Xe[`jefnXZcXjj`Zf]k_\_`jkfipf]g_fkf^iXg_p#k_\]`cdAGC#gif[lZ\[YpJlckXe
Xe[DXe[\c#_XjY\\edfjkcplebefnejf]Xi%Flkj`[\k_\Zfek\okf]k_\`ifi`^`eXc
]leZk`fek_\]`cd`dX^\j]ifdAGCY\Zfd\Xgf\k`ZXe[gifmfZXk`m\i\j\XiZ_fe
X\jk_\k`ZhlXc`k`\j%
(0/(I\X^Xe
D`Z_\c8l[\i#LJ8(0/($/+&)''0#+Ë*'ËË#;M;#=XiY\#Kfe#8li\cJZ_\`Yc\i
IfeXc[ I\X^Xe le[ [Xj =\iej\_\e Æ n`\ ]•i\`eXe[\i ^\jZ_X]]\e% ;`\ [\d
=\iej\_\e `ee\nf_e\e[\ 8gXk_`\ \ekjgi`Z_k ^Xeq [\i viX I\X^Xe% ?Xlj$
_Xckjb•iqle^\e`djfq`Xc\e9\i\`Z_#Jk\l\ij\eble^\e]•i[`\I\`Z_\e#e`Z_k
\`edXc [\i Dfi[m\ijlZ_ Xd Gi€j`[\ek\e bXee [`\ 8d\i`bXe\i Xlj `_i\d
D\[`\eiXljZ_i\`\e%8l[\i]€e^k[`\8kdfjg_€i\[\i(0/'\iAX_i\\`ele[
[\dfejki`\ikj\`e\e\Y\ejfbi\Xk`m\en`\`eefmXk`m\eLd^Xe^d`kJZiXkZ_#
DfekX^\le[\og\i`d\ek\cc\eKfek\Z_e`b\e%
IfeXc[I\X^XeXe[k\c\m`j`feÆXdXkZ_dX[\`e_\Xm\e%K_\XgXk_p`e_\i\ek`e
nXkZ_`e^KM`jgXiXcc\c\[`ek_\I\X^Xe\iX%9l[^\kZlkjkfjfZ`Xcgif^iXdd\j#kXo
Zlkj]fik_\n\Xck_p#efk\m\ek_\Xkk\dgk\[XjjXjj`eXk`fef]k_\gi\j`[\ekZXe
j_Xb\ 8d\i`ZXej flk f] k_\`i d\[`X$jXkliXk\[ jklgfi% 8l[\i ZXgkli\j k_\
Xkdfjg_\i\ f] k_\ /'Êj Xe[ [\dfejkiXk\j _`j Zi\Xk`m\ Xe[ g`fe\\i`e^ lj\ f]
jZiXkZ_#dfekX^\#Xe[\og\i`d\ekXcjfle[k\Z_e`hl\j%
:fe]\jj`fe
D`Z_\c8l[\i#LJ8(0.'&)''0#+Ë#;M;#j&n#Kfe#8li\cJZ_\`Yc\i
8l[\i ]`cdk j\`e\ =iXl M`mX# n€_i\e[ j`\ ki€^\ Xl] [\d 9\kk c`\^k le[
Y\efdd\e9i`^`[GfcbXdK\c\]feql_ik#[`\mfe\`e\dj\ck\e\e>Xe^qli
9\`Z_k\ Y\i`Z_k\k# Y\` [\d j`\ \`e\e bXk_fc`jZ_\e Gi`\jk\i gifmfq`\ik _Xk%
;`\ `ek`d\ 8kdfjg_€i\ [\j JZ_cX]q`dd\ij# [Xj mfi [\d ?`ek\i^ile[ [\j
m\ii\^e\k\e E\n Pfib efZ_ bfbfeXik`^\i n`ibk# `jk [Xj `[\Xc\ J\kk`e^ ]•i
[`\j\M\ib\kkle^mfp\li`jk`jZ_$\o_`Y`k`fe`jk`jZ_\iM\i^e•^le^\e%
8l[\ii\Zfi[j_`jn`]\#M`mX#jlg`e\`eY\[Xjj_\c`jk\ej^`[[`cpkf9i`^`[Gfcbfe
k_\g_fe\i\Zflek`e^XeleljlXcm`j`kkfZfe]\jj`fe`en_`Z_Gfcb_Xjgifmfb\[X
:Xk_fc`Zgi`\jk%K_\`ek`dXk\Xkdfjg_\i\f]k_\Y\[iffd#dX[\dfi\ZfZffe$c`b\
Yp k_\ iX`ep YXZb[ifg f] E\n Pfib# `j k_\ `[\Xc j\kk`e^ ]fi k_`j [X`jp Z_X`e f]
mfp\li`jk`Z$\o_`Y`k`fe`jk`Zgc\Xjli\j%
=`cd]fid
DfekX^*%,%('#()1*'L_i#Jlej\k
=`cd]fidÆk_\Xik]`cdXe[m`[\fXiZ_`m\
JmXimXi^XkXe)
(()+0JkfZb_fcd
JZ_n\[\e
=fe&=Xo"+-$/$-,(/+)-
`e]f7]`cd]fid%Zfd
nnn%]`cd]fid%Zfd
;`\ Jk`]kle^ =`cd]fid n`[d\k j`Z_ [\i =i[\ile^# [\d M\ic\`_ le[ [\i
8iZ_`m`\ile^ mfe jZ_n\[`jZ_\e Blejk]`cd\e le[ \og\i`d\ek\cc\e M`[\fj%
=`cd]fid`jk[`\€ck\jk\Y\jk\_\e[\Fi^Xe`jXk`fe]•i=`cd$le[M`[\fblejk`e
JZ_n\[\ele[n`i[_€l]`^mfeDlj\\e#>Xc\i`\e#Le`m\ij`k€k\ele[=\jk`mXcj
Xcj9\iXk\i`eXe^\]iX^k%=`cd]fidm\i]•^k•Y\i\`e=`cd$le[M`[\fXiZ_`m#[Xj
N\ib\ mfe (0,'# [\d >i•e[le^jaX_i mfe =`cd]fid# Y`j _\lk\ ld]Xjjk% @d
9\jkXe[ Y\]`e[\e j`Z_ 8iY\`k\e jZ_n\[`jZ_\i B•ejkc\i le[ =`cd\dXZ_\i
jfn`\Xlj^\n€_ck\8iY\`k\eXljXe[\i\eC€e[\ieEfi[\lifgXj%
=`cd]fid`jX]fle[Xk`fe[\[`ZXk\[kfgifdfk`fe#[`jki`Ylk`feXe[gi\j\imXk`fef]
Jn\[`j_Xik]`cdXe[\og\i`d\ekXcm`[\f%=`cd]fid`jk_\fc[\jk\o`jk`e^fi^Xe`jXk`fe
`eJn\[\e[\mfk\[kf]`cdXe[m`[\fXik#f]k\e\e^X^\[XjXeX[m`jfikfdlj\ldj#
^Xcc\i`\j#le`m\ij`k`\jXe[]\jk`mXcj%=`cd]fid_XjXeXiZ_`m\ZfekX`e`e^]`cdXe[
m`[\f [Xk`e^ YXZb kf (0,'# n_\e =`cd]fid nXj ]fle[\[# lg lek`c kf[Xp% K_\
Zfcc\Zk`feZfekX`ejnfibjYpJn\[`j_Xik`jkjXe[]`cd$dXb\ijXjn\ccXjXj\c\Zk`fe
]ifdk_\Efi[`ZZfleki`\j%
(.- J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
>iXe[dfk_\iÊj<p\
AfeXk_XeC\nXc[#JZ_n\[\e)''0#,Ë#*,dd#=XiY\#jkldd
D\`e\ >ifdlkk\i _Xk 8cq_\`d\i# le[ `Z_ j\_\ `e `_i\e 8l^\e# [Xjj j`\
b\`e\ic\` Y\nljjk\ NX_ie\_dle^ d\_i _Xk mfe >\^\enXik# <i`ee\ile^\e
le[>\]•_c\e2\`e]XZ_eli>\[Xeb\e#[`\mcc`^]i\`_\ildnXe[\ie%;\gi\jj`$
fe\eY\il_\ef]kXl][\iLe]€_`^b\`k#j\`e\>\]•_c\le[>\[Xeb\emfe\`e$
Xe[\iqlki\ee\e%8cc\jn`i[lebcXile[jZ_n\im\ijk€e[c`Z_#dXeZ_dXceX_#
dXeZ_dXcjZ_Xi]#XY\if]kn\`kn\^le[jZ_n\imfej`Z_]\ieql_Xck\e%=•i
d`Z_ nli[\ [`\j\ 8iY\`k \`e\ D^c`Z_b\`k# j`\ ql Y\^c\`k\e le[ `_i C\Y\e
m`\cc\`Z_k\`ebc\`e\jY`jjZ_\eqlm\ijk\_\e%
Dp^iXe[dfk_\i_Xj8cq_\`d\iËjjpe[ifd\Xe[@_Xm\Y\\ej\\`e^`e_\i\p\j_fn
j_\cXZbjXele[\ijkXe[`e^f]k_\gi\j\ek#d\dfi`\jXe[\dfk`fej2k_fl^_kjk_Xk
nXe[\i n`k_flk Y\`e^ XkkXZ_\[% ;\gi\jj`fe `j f]k\e XYflk efk Y\`e^ XYc\ kf
j\gXiXk\fe\Ëj]\\c`e^jXe[k_fl^_kj%<m\ipk_`e^Y\Zfd\jleZc\XiXe[[`]]`Zlckkf
^iXjg#jfd\k`d\jZcfj\#jfd\k`d\j `e ]fZlj# Ylk f]k\e ]Xi XnXpXe[[`]]`Zlckkf
[\]\e[fe\j\c]]ifd%=fid\#k_`jnfibY\ZXd\XgXiXcc\cnXpkfdXpY\le[\ijkXe[
_\ic`]\XY`k%
N_`k\J_f\JkXk`fe
JXiXGi\`YjZ_#>ifYi`kXee`\e&;\lkjZ_cXe[)''0#(,Ë#*,dd#=XiY\#Kfe
JXiXGi\`YjZ_jN_`k\J_f\JkXk`fenli[\[liZ_[`\>\jZ_`Z_k\[\jjf^\eXee$
k\e ÙG`Xef DXeÈ `ejg`i`\ik# [\i )'', `e B\ek# >ifYi`kXee`\e# q`\ccfj Xe
\`e\dJkiXe[_\ildnXe[\ie[Xl]^\^i`]]\enli[\%;\i=`cdbfdY`e`\ik\`e\e
Dfefcf^ [\j 8lkfij K`cdXe IXddjk\[k le[ Dlj`b [\j Bfdgfe`jk\e 8m`
KZ_Xde`% QljXdd\e Y`c[\e [`\j\ <c\d\ek\ \`e d\[`kXk`m\j# Xl[`fm`jl\cc\j
BcX^\c`\[ •Y\i [\e QljXdd\eYilZ_ \`e\j DXee\j# [\i j`Z_ e`Z_k d\_i
\i`ee\ief[\iXe^\jgifZ_\en\i[\en`cc%
JXiXGi\`YjZ_ËjN_`k\J_f\JkXk`fenXj`ejg`i\[Ypk_\jkfipf]k_\jfZXcc\[ÈG`Xef
DXeÈ#n_fnXj]fle[nXe[\i`e^X`dc\jjcpfeXY\XZ_`eB\ek#LB#`e)'',%K_\]`cd
ZfdY`e\jXdfefcf^l\Ypk_\ni`k\iK`cdXeIXddjk\[kXe[dlj`ZYpk_\Zfdgfj\i
8m`KZ_Xde`%Kf^\k_\i#k_\j\\c\d\ekjZi\Xk\Xd\[`kXk`m\Xl[`f$m`jlXc\c\^pk_Xk
kiXZ\jk_\Yi\Xb[fnef]XdXen_fefcfe^\inXekjkfi\ZXccfiY\ZXcc\[%
FePfli9XZbNfdXe
Nfc]DX[Xd\#JZ_n\[\e)''0#,Ë#;M#=XiY\#Kfe
FePfli9XZbNfdXe`jk\`em\i^\Yc`Z_\i#jX[fdXjfZ_`jk`jZ_\iN\kkY\n\iY#
[\ilej`e\`e\eYlic\jb\eKXeqmfeN`cc\ejjk€ib\\ek]•_ik%<`e\YiXZ_`Xc\#
XY\i [\eefZ_ jXe]k\ gfief^iX]`jZ_\ Bfd[`\ •Y\i ]•e] =iXl\e# [`\ `_i\
\`^\e\e>i\eq\emfeC\`[\ejZ_X]k#JZ_d\iqle[big\ic`Z_\iJk€ib\]`e[\e%
Dlj`bmfe=\m\iIXp%
FePfli9XZbNfdXe`jX]lk`c\jX[fdXjfZ_`jk`ZZfek\jkk_Xkc\X[jlj`eXYlic\jhl\
[XeZ\ f] n`ccgfn\i% 8 m`fc\ek p\k k\e[\i gfief^iXg_`Z Zfd\[p f] ]`m\ nfd\e
]`e[`e^k_\c`d`kf]k_\`ifneZfdgXjj`fe#gX`eXe[g_pj`ZXcjki\e^k_%Dlj`ZYp=\$
m\iIXp%
8e<m\ipn_\i\f]J`cm\i
DX`?f]jkX[>lee\j#Efin\^\e&;\lkjZ_cXe[&JZ_n\[\e)''0#('Ë*'ËË#;M#j&n#Kfe
;`\MfiY\i\`kle^\e]•i\`e\9Xccfed`jj`feqldDXijj`e[[\i8lj^Xe^jglebk
]•i8e<m\ipn_\i\f]J`cm\i%Mfi`_i\i]•i)'(.^\gcXek\eD`jj`fejZ_`\k[`\
;\lkjZ_\ DXij$>\j\ccjZ_X]k qn\` K\jk^\]€_ik\ `ej 8cc% =`cddXk\i`Xc \`e\j
IXb\k\ejkXikj#lek\iYifZ_\e[liZ_\`e\mfeqn\`K€eq\i`ee\eXl]^\]•_ik\
>\jZ_`Z_k\#c€jjk[`\>i\eq\qn`jZ_\e;fbld\ekXk`fele[=`bk`fem\ijZ_n`d$
d\e%;`\qn\`=iXl\ejk\_\e]•iqn\`<og\i`d\ekXc$IXldjZ_`]]\1D`i`XdXc`Xj
DX`e @e]cXk\[ I\\ekip @ekf k_\ 8kdfjg_\i\ D`jj`fe k\jk# le[ I\^`eX Xc`Xj
I<j`[lXc >Xj @E]cXk`fe k\jk ]fi 8iZ_`d\[\j% ;liZ_ [`\ M\ijZ_d\cqle^ [\i
IXldjZ_`]]\ d`k [\e K€eq\i`ee\e lek\ijlZ_k [\i =`cd [Xj K_\dX
G\ijfe`]`q`\ile^`dQ\ekild[\iIXb\k\ek\Z_e`b%
K_\ gi\gXiXk`fej ]fi X YXccffe d`jj`fe kf DXij Xi\ k_\ jkXik`e^ gf`ek ]fi 8e
<m\ipn_\i\f]J`cm\i%K_\DXijJfZ`\kp>\idXepcXleZ_\jknfk\jkm\_`Zc\jgi`fikf
k_\`id`jj`fegcXee\[]fi)'(.%K_\Yfi[\iY\kn\\e[fZld\ekXipXe[]`Zk`fe]X[\j
Xj ]ffkX^\ ]ifd X ifZb\k cXleZ_ `j `ek\iZlk n`k_ X jkfip jkX^\[ Yp knf ]\dXc\
[XeZ\ij%K_\knfnfd\ei\gi\j\ekknf\og\i`d\ekXcjgXZ\ZiX]k2D`i`XdX%b%X%DX`e
@e]cXk\[I\\ekip@ekfk_\8kdfjg_\i\D`jj`fek\jk#Xe[I\^`eXX%b%X%I<j`[lXc>Xj
@E]cXk`fek\jk]fi8iZ_`d\[\j%9p]lj`e^k_\jgXZ\ZiX]kXe[k_\[XeZ\ij#k_\]`cd
\ogcfi\jg\ijfe`]`ZXk`feXkk_\_\Xikf]ifZb\kjZ`\eZ\%
E\m\i?XjI\XZ_
@di`JXe[jkid#JZ_n\[\e)'('#+Ë#;M;#=XiY\#Kfe
<`e\8ggifgi`Xk`fe[\jjZ_n\[`jZ_\eB`iZ_\ec`\[jA\jlj]im€ic[\e^`m`kj`kk 8eXggifgi`Xk`fef]k_\Jn\[`j__pdeA\jlj]im€ic[\e^`m`kj`kkc`mC`eXJXe[\cc
c`mC`eXJXe[\cc(//0 %MfbXcbfdgfj`k`fele[M`[\f%
(//0 %Mf`Z\Zfdgfj`k`feXe[m`[\f%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(..
JZi\\e`e^j
;ileb
8ee`bXCXijjfe#JZ_n\[\e&;\lkjZ_cXe[)'('#))Ë#9cl$iXp#=XiY\#Kfe
8ee`bX CXijjfej =`cd ;ileb q\`^k \`e\e ale^\e JZ_Xljg`\c\i# [\i `dd\i
Y\kileb\e\i n`i[% ;`\ \e^ bfejkil`\ik\e le[ d`e`dXc`jk`jZ_\e 9`c[\i q\`^\e
JkX[`\emfe<lg_fi`\#<ii\^le^#C\k_Xi^`\le[M\in`iile^#n€_i\e[[`\BXd\iX
`e ql[i`e^c`Z_\i 8ik le[ N\`j\ [`\ •Y\iqf^\e\e \dfk`feXc\e Qljk€e[\# [`\
DXkk`^b\`k#[XjXlj[\dCfk^\iXk\e\>c\`Z_^\n`Z_k#[`\ifk\e8l^\ele[[Xj
]X_i`^\M\i_Xck\e[\jale^\eDXee\jXl]q\`Z_e\k%DXeZ_dXcjk\_k\i#dXeZ_$
dXcj`kqk\iXl][\d9f[\e#dXeZ_dXcifcck\ij`Z__`ele[_\i#dXeZ_dXcjf#
XcjfY\ij`Z_[\iBXd\iXY\nljjkn€i\#dXeZ_dXcXcjfYe`Z_k%;\i))$d`e•$
k`^\ =`cd `jk giXbk`jZ_ jkldd2 \`e\ d\[`kXk`m\ Jkl[`\ •Y\i \`e\e q\ijki\$
i`jZ_\e8bk#\`e=`cd•Y\iCXe^\n\`c\#Q\`k#Bfekifcc\le[Mfp\li`jdlj%
@e8ee`bXCXijjfeÊj]`cd;ileb#Xpfle^XZkfi`j]`cd\[Xj_\Y\Zfd\jdfi\Xe[
dfi\`e\Yi`Xk\[%@kjk`^_kcpZfejkilZk\[Xe[d`e`dXc`jk`Z`dX^\j[`jgcXpjkX^\jf]
\lg_fi`X# \oZ`k\d\ek# c\k_Xi^p Xe[ Zfe]lj`fe Xj k_\ ZXd\iX `ekilj`m\cp i\Zfi[j
k_\ pfle^ dXeÊj \oX^^\iXk\[ \dfk`feXc jkXk\j# n\Xi`e\jj# `dgX`i\[ YXcXeZ\#
i\[[\e\[ \p\j Xe[ \iiXk`Z Y\_Xm`fli% Jfd\k`d\j k_\ pflk_ `j j\\e jkXe[`e^#
jfd\k`d\jj`kk`e^fek_\]cffi#jfd\k`d\jifcc`e^Xifle[#jfd\k`d\jXj`]_\`j
XnXi\f]k_\ZXd\iX#jfd\k`d\jXj`]_\`jefk%K_\))d`ecfe^m`iklXccpj`c\ek]`cd
`jXd\[`kXk`m\jkl[pfeX[\jkilZk`m\XZk#X]`cdXYflkYfi\[fd#k`d\#ZfekifcXe[
mfp\li`jd%
C`^_k:fe\
DfekX^*%,%('#(+1*'L_i#Jlej\k
C`^_k:fe\
F]]`Z\X[[i\jj1(,.#il\[\:i`d„\#Xk\c`\i(',
GfjkXcX[[i\jj1+(Y`j#hlX`[\Cf`i\
.,'(0GXi`j
=iXebi\`Z_
=fe"**$($+-,0'(,*
=Xo"**$($+-,0'*()
c`^_kZfe\7c`^_kZfe\%fi^
nnn%c`^_kZfe\%fi^
C`^_k :fe\ `jk \`e (0/) mfe PXee 9\XlmX`j le[ D`c\j DZBXe\ ^\^i•e[\k\i
^\d\`ee•kq`^\i M\i\`e ]•i =i[\ile^# M\ic\`_ le[ 8iZ_`m`\ile^ mfe
<og\i`d\ekXc]`cd\e% ;`\ ?XlgkXl]^XY\ `jk [\i M\ic\`_ mfe <og\i`d\ekXc$
]`cd\ele[M`[\fjXlj[\d9\jkXe[Æjfn\`kn`\d^c`Z_`dFi`^`eXc]fidXk
Æ Xe Blckli`ejk`klk`fe\e# Dlj\\e# ^\d\`ee•kq`^\ M\i\`e\# K_\Xk\i# B`efj#
Le`m\ij`k€k\e# >Xc\i`\e le[ =`cd]\jk`mXcj% Ld [`\j ql \ii\`Z_\e# `jk C`^_k
:fe\XcjBffg\iXk`m\jkilbkli`\ik#`e[\i[`\=`cd\dXZ_\iXcc\I\Z_k\Xe[\d
DXk\i`XcY\_Xck\e#[Xjj`\[\dM\i\`e•Y\icXjj\e%;\iM\i\`em\i]•^k•Y\i
\`e\e 9\jkXe[ mfe eX_\ql *%,'' =`cd\e# M`[\fj le[ [`^`kXc\e 8iY\`k\e%
A\[\jAX_ifi^Xe`j`\ikC`^_k:fe\]•igif]\jj`fe\cc\BlcklijZ_X]]\e[\\`e\
I\`_\mfeMfi]•_ile^\e#`e[\e\ee\l\N\ib\Xlj[\dM\ic\`_gi€j\ek`\ik
n\i[\e[`\ÙGi\m`\nJ_fnÈ %
C`^_k:fe\`jXefe$gif]`kXjjfZ`Xk`fe]fle[\[YpPXee9\XlmX`jXe[D`c\jDZBXe\
`e (0/) n`k_ k_\ X`d f] gifdfk`e^# [`jki`Ylk`e^ Xe[ gi\j\im`e^ \og\i`d\ekXc
Z`e\dX%@kjgi`dXipifc\`jkfc\e[k_\nfibj`e`kjZfcc\Zk`fe#Xj]XiXjgfjj`Yc\`e
k_\`ifi`^`eXc]fidXk#kfZlckliXc`ejk`klk`fej#dlj\ldj#efe$gif]`kfi^Xe`jXk`fej#
k_\Xki\j# Z`e\dXj# le`m\ij`k`\j# ^Xcc\i`\j Xe[ ]\jk`mXcj% @e fi[\i kf XZ_`\m\ k_`j#
C`^_k:fe\`jjkilZkli\[XjXZffg\iXk`m\`en_`Z_]`cddXb\iji\kX`efne\ij_`g
Xe[i`^_kjfm\iXccdXk\i`Xc[\gfj`k\[n`k_k_\XjjfZ`Xk`fe%K_\Zfcc\Zk`fe_fc[j
e\Xicp*#,'']`cdj#m`[\fjXe[[`^`kXcnfibj%8eelXccp#C`^_k:fe\fi^Xe`j\jXj\i`\j
f]jZi\\e`e^j]fiXeXl[`\eZ\f]gif]\jj`feXcZlckliXcgif^iXdd\ij#n_`Z_gi\j\ekj
e\nnfibj`e[`jki`Ylk`fek_\ÈGi\m`\nJ_fnÉ %
Le\Yfee\c\ƒfe8>ff[C\jjfe
Pm\j$DXi`\DX_„#=iXebi\`Z_)''0#+#;M#=XiY\#Kfe
Ki€^\=cl^q\l^\ek]•_ile^%
CXqp_`aXZb`e^%
CX=fi†k]l^`k`m\K_\=l^`k`m\=fi\jk
DXiZ\cc\K_`iXZ_\#=iXebi\`Z_)'('#.Ë#;M#=XiY\#Kfe
BXdg]#`dEX_bXdg]d`k[\e9€ld\e#`Z_ldjZ_c`e^\j`\#`Z_kXeq\d`k`_e\e :fdYXk#_Xe[$kf$_Xe[]`^_kn`k_k_\ki\\j#@\dYiXZ\k_\d#@[XeZ\n`k_k_\dXe[
le[[\dC`Z_k%
n`k_k_\c`^_k%
C\?Xmi\1gfikC\?Xmi\1?XiYfli
:_i`jkfg_\>l„i`e#=iXebi\`Z_)''/#-Ë#;M#j&n#Kfe
;`\BXd\iX]€e^k[\e?X]\emfeC\?Xmi\Xl]\`e\iZ_Xfk`jZ_\eI\`j\\`e#
\`e\ I\`j\# [\i\e I_pk_dlj [liZ_ [\e 8l]eX_d\gifq\jj# 9`c[ ]•i 9`c[#
Y\jk`ddkn`i[%;\i[`i\bk`e[\iBXd\iXdfek`\ik\=`cdq\`^kj`Z_[XiXl]_`e
`e=fid\`e\iIXe]X_ik2\`ebfek`el`\ic`Z_\iAldg:lk^`Yk[Xjn`c[\K\dgf
mfi%;fZbj#8ec\^\i#CX^\i#Bi€e\#Ql^dXjZ_`e\e#:fekX`e\iXiZ_`k\bklile[
XiY\`k\e[\ D€ee\i# ^\^\en€ik`^\ le[ qlb•e]k`^\ Il`e\e Æ \`e\ GXiX[\
]c•Z_k`^\i@dgi\jj`fe\e%
K_\c\ejf]k_\ZXd\iXZXgkli\jk_\gfikf]C\?Xmi\[li`e^XZ_Xfk`Zaflie\p#X
aflie\pn_fj\i_pk_d`j[\k\id`e\[Ypk_\gifZ\jjf]j_ffk`e^#]iXd\Yp]iXd\%
K_\]`cd\[`k\[[`i\Zkcp`ekfk_\ZXd\iXk_\ekXb\jk_\]fidf]XkiXZb`eXe[`j
jlYa\Zk kf X Zfek`elflj aldg$Zlk n_`Z_ `dgfj\j `kj ]iXek`Z gXZ\% ;fZbj# hlXpj#
nXi\_flj\j#ZiXe\j#kiXZkfij#ZfekX`e\iXiZ_`k\Zkli\Xe[d\eXknfib#gi\j\ekXe[
]lkli\il`ejÆXgXiX[\f]]c\\k`e^`dgi\jj`fej%
(./ J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
Kf9\kjp]ifd9\kjpN_fKliejKfdfiifn-,$KJk`cc8c`m\
IXg_X‡cDXq\#=iXebi\`Z_)''/#/Ë#;M#j&n#Kfe
;\i=`cdk`k\c^\_kqli•ZbXl]\`e\`e\`e\d9lZ_^\]le[\e\Efk`q2`Z_]fc^\ K_\dfm`\k`kc\Zfd\j]ifdXefk\]fle[`eXYffb2@]`e[dpj\c]]fccfn`e^kiXZbj`e
[\eJgli\e`eE\nPfib%
E\nPfib%
Ifkk\eJfle[
=iXeƒf`jIXY\k#=iXebi\`Z_)''/#(Ë#;M#=XiY\#Kfe
8l[`fm`jl\cc\=clk%?fZ_^iX[`^jlZ_k\iq\l^\e[%
8l[`fm`jlXc]cff[%?`^_cpX[[`Zk`m\%
Klee\cj
:_i`jkfg_\i:f^Xe#LJ8)''0#('Ë#(-dd#=XiY\le[j&n#Kfe
;Xjvl\i\[\j@ee\i\eY\`B\iq\ejZ_\`ef[\iXlZ_[`\D€lj\`e[\iJZ_cXe$
^\%;\i=`cde`ddkj`Z_\`e\j[liZ_jZ_e`kkc`Z_\eQljZ_Xl\ijXele[dXZ_k
`_eqldMfp\li[\j]Xjk#XY\i[fZ_e`Z_k^Xeq#<inXik\k\e%;`\JZ_e_\`k
k\`cn\`j\eM\ijk\_\ej[`\ek[\d=`cdXcj8lj[ilZbjd`kk\c#[fZ_jfcck\en`i
leje`Z_kqlj\_id`k[\d8ljkXljZ_qn`jZ_\e[\eJq\e\ef[\i[\i;Xijk\c$
cle^ mfe :_XiXbk\i\e Y\jZ_€]k`^\e# ld lej e`Z_k ld [Xj M\i^e•^\e \`e\i
Xccqlj\ck\e\e#bcXljkifg_fY`jZ_\eEXZ_kqlYi`e^\e#[`\j`Z_`eQ\`kiX]]\i
le[Qli•ZbjZ_i\Zb\emfi[\dIXlYk`\i\ek]Xck\k%
K_\flkj`[\f]k_\`ej`[\YpZXe[c\c`^_kfi#k_\d`Z\`ekfk_\jeXb\#Xj`kn\i\%K_\
]`cdkXb\jXeXm\iX^\m`\n\iXe[kliejk_\d`ekfXmfp\lif]k_\e\Xicp#k_fl^_
efkhl`k\#\og\Zk\[%K_\Y\Xlkpf]gXik`Xcle[\ijkXe[`e^j\im\jXj`kjZlii\eZp#
k_fl^_n\j_flc[efk^\kkffgi\fZZlg`\[Ypk_\kiXejXZk`fejY\kn\\ejZ\e\jfi
Z_XiXZk\i`jXk`fej kf k_\ [\d`j\ f] \ek\ikX`e`e^ Xe Xcc$kff$iXi\ ZcXljkifg_fY`Z
\m\ipe`^_kk_Xkle]licj`ek`d\cXgj\Xe[gi\[Xkfipi\Zf`c%
Gifc\^fd\eX
:„[i`Z>Xlc$9\iiXi[#=iXebi\`Z_)''/&'0#(*Ë#(-dd#=XiY\#jkldd
Gifc\^fd\eXj\kqkj`Z_Xljd\_i\i\e=iX^d\ek\eqljXdd\ele[XeXcpj`\ik Gifc\^fd\eX`jZfdgfj\[f]j\m\iXc]iX^d\ekjjkl[p`e^k`d\k_ifl^_mXi`flj]`cd
[`\ Q\`k d`k_`c]\ m\ijZ_`\[\e\i =`cdk\Z_e`b\e n`\ <`eq\cY`c[m\i]X_i\e# k\Z_e`hl\jjlZ_Xjjk\g]`cd`e^#dXkk\Yfo#jlg\i`dgfj`k`fe%
DXkk\$9fole[D\_i]XZ_Y\c`Z_kle^%
Effb:iXeep
=iXeZ`\emXe<m\i[`e^\e#E`\[\icXe[\)''/#*Ë#(-dd#=XiY\#jkldd
;XjY\n\^k\>\d€c[\\`e\j@ek\i`\lij#[\jj\eDfY`c`Xij`Z_n`\Xlj[\d<`
jZ_c•g]\e[\B•b\em\i_€ckf[\in`\\`e\DXlj#[`\dXeXlj[\d8l^\en`eb\c
n\^_ljZ_\e j`\_k% ;\i K`jZ_ le[ [\i Jkl_c m`Yi`\i\e ]i\`# a\ej\`kj [\i
I\Xc`k€k# le[ [\i ^\jXdk\ IXld \ogcf[`\ik Xe^\j`Z_kj [\i ;\kX`c]•cc\% ;`\
>\^\ejk€e[\ j`e[ jkiX_c\e[\# d`k 9cld\e$ le[ 9c€kk\idljk\ie m\ij\_\e\
J`c_fl\kk\e%;\iQljZ_Xl\ijlZ_keXZ_?Xck`e[`\j\iXl]i\^\e[m\in`ii\e[\e
FiZ_\jki`\ile^mfe=XiY\le[IXld¿
8 dfm`e^ gX`ek`e^ f] Xe `ek\i`fi `e n_`Z_ k_\ ]lie`kli\ Y\_Xm\j c`b\ Z_`Zb\e
Yi\Xb`e^flkf]k_\`i\^^j_\cc#fic`b\k_\dflj\k_Xkpflj\\je\Xb`e^XnXp`eX
Zfie\if]pfli\p\%K_\kXYc\Xe[Z_X`im`YiXk\cffj\#flkf]i\Xc`kp#Xe[k_\n_fc\
iffd \ogcf[\j ]ifd k_`j XYle[XeZ\ f] [\kX`cj% FYa\Zkj Xi\ iX[`Xek j`c_fl\kk\j#
]`cc\[`en`k_gXkk\iejf]]cfn\ijXe[]fc`X^\%K_\m`\n\ij\XiZ_\j]fiX_Xe[_fc[`e
k_`jk_i`cc`e^glqqc`e^fiZ_\jkiXk`fef]ZfcfliXe[jgXZ\¿
:_cX[e`JZ_\d\
G\k\iD`cc\i#LJ8)''0#((Ë#(-dd#j&n#Kfe
9\d\ible^1<iejk=cfi\ej=i`\[i`Z_:_cX[e`jki`Z_\`e\e>\`^\eYf^\e•Y\i
[\eIXe[\`e\ic\`Z_kd`kJXe[Y\jki\lk\eD\kXccgcXkk\le[dXZ_k\Xl][`\j\
N\`j\JZ_n`e^le^jdf[\ej`Z_kYXi%<`e\Jlg\i$(-$=`cdbXd\iXe`ddk9`c[\i
Xl][\d9\i\`Z_[\j=`cdjXl]#[\iefidXc\in\`j\[\iKfejglimfiY\_Xck\e
`jk%N\ee\`eJlg\i$(-$=`cd`e\`e\di\^lc€i\e(-$dd$Gifa\bkfiXY^\jg`\ck
n`i[# [Xee n\i[\e [`\ 9`c[\i Xd i\Z_k\e €l\i\e IXe[ Xcj Ke\ n`\[\i$
^\^\Y\ele[n\`j\e\Y\e]XccjJZ_n`e^le^jdf[\eXl]#XY\iXl]ld^\b\_ik\
N\`j\%
JkXk\d\ek1<iejk=cfi\ej=i`\[i`Z_:_cX[e`[i\nXm`fc`eYfnXZifjjk_\\[^\f]X
g`\Z\ f] d\kXc n_fj\ jli]XZ\ nXj c`^_kcp Zfm\i\[ n`k_ jXe[ Xe[ m`jlXccp
[\dfejkiXk\[df[\jf]m`YiXk`fe%8Jlg\i(-dd]`cdZXd\iXi\Zfi[j`dX^\jfe
k_\Xi\Xf]k_\]`cdefidXccpXccfZXk\[kfk_\jfle[kiXZb%@]XJlg\i(-dd]`cd`j
gcXp\[`eXi\^lcXi(-ddgifa\Zkfi#k_\`dX^\jaljkf]]$jZi\\ekfk_\i`^_kXi\
i\gif[lZ\[Xjjfle[j#Xcjf[\dfejkiXk`e^df[\jf]m`YiXk`fe#Ylk`eXe`em\ik\[
jZ_\d\%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(.0
JZi\\e`e^j
:_`c[i\e
GXfcf>`fc`#@kXc`\e)''/#-Ë#(-dd#j&n#jkldd
;`\j\ibliq\=`cdY\^`eekd`k[\iJ\hl\eq`\ile^\`e\jXe`d`\ik\e9lZ_\jle[
\e[\kd`ke`Z_kXe`d`\ik\e9`c[\ie%>\[Xeb\e•Y\i[`\KfZ_k\i[\j\idfi[\k\e
Gi€j`[\ek\e[\iM\i\`e`^k\eJkXXk\ele[•Y\i\`eXe[\i\jbc\`e\jD€[Z_\e1
eXZbkle[kfk#Xl]\`e\d?Xl]\e\idfi[\k\i9Xl\ieXe\`e\iCXe[jkiX\c`\$
^\e[%8l][\i\`e\eJ\`k\\`egi`m`c\^`\ik\jC\Y\e`e\`e\i^if\eI\j`[\eq#
Xl]^\efdd\emfe\`e\dY\i•_dk\e=fkf^iX]\e#Xl][\iXe[\i\eJ\`k\[\iKf[
`dJkXlY#]\jk^\_Xck\emfe\`e\dBi`\^j]fkf^iX]\e%
K_`jYi`\]]`cd[\gXikj]ifdk_\j\hl\eZ`e^f]XYffbk_Xk`jXe`dXk\[Ylk\e[j
n`k_`eXe`dXk\`dX^\j%8i\]c\Zk`fefeX[Xl^_k\if]k_\XjjXjj`eXk\[Gi\j`[\ekf]
k_\LJ8Xe[feXefk_\ic`kkc\^`ic1eXb\[Xe[[\X[#feX_\Xgf]g\XjXekjdli[\i\[
feXZflekipifX[%Fek_\fe\_Xe[#Xc`]\f]gi`m`c\^\`eX^i\XkdXej`fekXb\eYp
X^i\Xkg_fkf^iXg_\i#fek_\fk_\i#[\Xk_`ek_\[ljkkXb\eYpXnXig_fkf^iX$
g_\i%
GXik`\jm`j`Yc\\k`em`j`Yc\[Ële\ej\dYc\jfljk\ej`feM`j`Yc\Xe[@em`j`Yc\GXikjf]Xe<ej\dYc\Le[\iK\ej`fe
<ddXel\cC\]iXek#=iXebi\`Z_)''0#.Ë#(-dd#=XiY\#Kfe
8]i`bX# )''*1 [`\ D\Z_Xe`jd\e mfe >\[€Z_ke`j le[ <i`ee\ile^% @Z_ ]`cdk\
\`e\CXe[jZ_X]kle[m\i^ilY\`e\e=`cdjki\`]\eXdj\cY\eFik#Xe[\d[`\
J\hl\eq ^\[i\_k nli[\1 ;`\ <dlcj`fe# \`e Fg]\i [\i <ifj`fe# n`i[ jf [\d
Y`fZ_\d`jZ_\eQ\i]XccXlj^\j\kqk%;Xj<i^\Ye`j[`\j\jeXk•ic`Z_\eQ\i]Xccj$
gifq\jj\j n`i[ [Xee `d QljkXe[ j\`e\i 8l]cjle^ bfej\im`\ik% ;`\ Y\`[\e
9`c[\i le[ `_i\ E\^Xk`m\ n\i[\e [Xee d`k_`c]\ mfe ;fgg\cY\c`Z_kle^ le[
9`$GXZbd`k\`eXe[\im\iYle[\e%
8]i`ZX# )''*1 k_\ d\Z_Xe`jdj f] d\dfip% @ j_fk k_\ `dX^\ f] X cXe[jZXg\ Xe[
Yli`\[j`dlckXe\fljcpX]`cdjki`g`ek_\jXd\gcXZ\n_\i\k_\j\hl\eZ\nXjj_fk1
k_\\dlcj`fe#k_\m`Zk`df]\ifj`fe`jk_ljjlYa\Zk\[kfY`fZ_\d`ZXc[\^iX[Xk`fe%
K_\i\jlckf]k_\j\eXkliXcgifZ\jj\jf][\ZXpXi\k_\eZfej\im\[`ek_\jkXk\f]
k_\`i[`jjfclk`fe%K_fj\knf`dX^\j#Xe[k_\`ie\^Xk`m\m\ij`fej#Xi\k_\e\ekXe^c\[
kf^\k_\ik_Xebjkf[flYc\\ogfjli\Xe[Y`$gXZb`e^k\Z_e`hl\j%
M`[\f;XkX9Xeb
DfekX^*%,%('#(.1''L_i#Jlej\k
M`[\f;XkX9Xeb
JZ_ffcf]k_\8ik@ejk`klk\f]:_`ZX^f
(()J%D`Z_`^Xe8m\%
:_`ZX^f#@C-'-'*
LJ8
=fe($*()$*+,*,,'
=Xo($*()$,+(/'.*
`e]f7m[Y%fi^
nnn%m[Y%fi^
;`\M`[\f;XkX9Xeb`e:_`ZX^fm\i]•^k•Y\i\`e\[\ild]Xe^i\`Z_jk\eJXdd$
cle^\emfeM`[\fjmfeB•ejkc\iele[•Y\iB•ejkc\i%;Xj8iZ_`m#[Xj(0.-Xd
JZ_ffcf]k_\8ik@ejk`klk\^\^i•e[\knli[\#\ek_€ck•Y\i,%'''K`k\c#Xe_Xe[
[\i\ij`Z_[`\<ekn`Zbcle^mfeM`[\fXcjBlejk]fidmfe[\e8e]€e^\e`e[\e
(0-'\ieY`j_\lk\eXZ_mfccq`\_\ec€jjk%;\i`ek\ieXk`feXc\M\ic\`_[\iM;9
jfi^k[X]•i#[XjjM`[\fblejk#mfeB•ejkc\ie^\[i\_k\;fbld\ekXk`fe\ele[
B•ejkc\i`ek\im`\nj n\ckn\`k `e >Xc\i`\e le[ Y\[\lk\e[\e Dlj\\e# Xl]
=\jk`mXcj#`e9`c[le^j`ejk`klk`fe\ele[9`Yc`fk_\b\e\`e\dYi\`k\eGlYc`bld
^\q\`^k n\i[\e bee\e% E\Y\e j\`e\i Bfej\im`\ile^j$ le[ 8iZ_`m`\ile^j$
k€k`^b\`klek\i_€ck[`\M;9m\ijZ_`\[\e\Gif^iXdd\#ldd\_i@e]fidXk`fe\e
qlm\id`kk\cele[\`eYi\`k\i\jM\ijk€e[e`j]•i[`\j\Blejk]fidqln\Zb\e%
;Xql^\_i\eY\`jg`\cjn\`j\[`\M\i]]\ekc`Z_le^mfeM`[\fbfcc\bk`fe\ed`k
N\ibjZ_Xl\e\`e\jB•ejkc\ijf[\iqlY\jk`ddk\eK_\d\e#[`\Bfdd`jj`f$
e`\ile^ mfe M`[\f\jjXpj •Y\i [`\ 8iY\`k Y\jk`ddk\i B•ejkc\i jfn`\ ]fik$
cXl]\e[\Gif[lbk`fej$le[8ljjk\ccle^jgif^iXdd\%
:_`ZX^fËjM`[\f;XkX9Xeb`j_fd\kffe\f]k_\nfic[Ëjdfjk\ok\ej`m\Zfcc\Zk`fej
f]m`[\fYpXe[XYflkXik`jkj%<jkXYc`j_\[Xkk_\JZ_ffcf]k_\8ik@ejk`klk\`e(0.-#
k_\ XiZ_`m\ ZfekX`ej dfi\ k_Xe ,#''' k`kc\j k_Xk# j\\e Xj X n_fc\#[\jZi`Y\k_\
[\m\cfgd\ekf]m`[\fXjXeXik]fid#fi`^`eXk`e^`ek_\cXk\(0-'jXe[Zfek`el`e^
k_ifl^_k_\gi\j\ek%K_\M;9Êj`ek\ieXk`feXc[`jki`Ylk`fej\im`Z\dXb\jm`[\fXik#
[fZld\ekXi`\jdX[\YpXik`jkj#Xe[Xik`jk`ek\im`\njXmX`cXYc\kfXn`[\iXe^\f]
Xl[`\eZ\j# j\im`e^ jZi\\e`e^ m\el\j nfic[n`[\# `eZcl[`e^ ^Xcc\i`\j Xe[ dXafi
dlj\ldj# ]\jk`mXcj# \[lZXk`feXc `ejk`klk`fej# Xe[ c`YiXi`\j% @e X[[`k`fe kf `kj
gi\j\imXk`feXe[XiZ_`m`e^`e`k`Xk`m\j#k_\M;9ilejXeldY\if]gif^iXdjn_`Z_
]lik_\ij\\bkf\ogXe[befnc\[^\Xe[le[\ijkXe[`e^f]k_\Xik]fid#`eZcl[`e^k_\
glYc`ZXk`fef]Yfoj\kj]\Xkli`e^k_\nfibf]j`e^c\Xik`jkjXe[k_\d\[gif^iXdd\j#
k_\Zfdd`jj`fe`e^f]\jjXpjXYflkXik`jkjÊnfibfem`[\f#Xe[fe^f`e^gif[lZk`fe
Xe[\o_`Y`k`fegif^iXdd\j%
K_\<k\ieXcHlXik\i@eZ_
A\jj\DZC\Xe#LJ8)''/#0Ë#;M#=XiY\#Kfe
Qle\_d\e[\i=le[Xd\ekXc`jdljle[\`e\I\^`\ile^#[`\j`Z_Xl][\e>cXlY\e
Y\il]k#ldBi`\^j_Xe[cle^\eqli\Z_k]\ik`^\e#_XY\eql\`e\i_f]]ele^jcfj\e
>\j\ccjZ_X]k ^\]•_ik% @e \`e\d N\Z_j\cYX[ Xlj <bjkXj\ le[ M\iqn\`]cle^#
KiXejq\e[\eqle[8Yjli[`k€kY\n\^kj`Z_[`\j\i=`cd[liZ_\`e\em\iYfi^\e\e
IXld# `e [\d dXe [`\ Fi`\ek`\ile^# j`Z_ j\cYjk le[ [\e >cXlY\e Xe \`e
>cXlY\ejjpjk\d m\ic`\i\e bXee% <`e\ \ijZ_g]k\# \inXikle^jmfcc\ D\e^\
nXik\kXl][`\j\djZ_dXc\e>iXk%<i`jke`Z_kcXe^#bXeeXY\i\n`^[Xl\ie%
I`j`e^]le[Xd\ekXc`jdXe[X^fm\ied\ekk_XkZ`k\j]X`k_kf[\]\e[nXiXZk`fej
_Xm\ _\cg\[ ^ifn X [\jg\iXk\ jfZ`\kp% ;`gg`e^ Y\kn\\e \ZjkXjp Xe[ [\jgX`i#
kiXejZ\e[\eZ\Xe[XYjli[`kp#k_`jdfm`\aflie\pjkfX_`[[\ejgXZ\n_\i\pflZXe
cfj\pflinXp#cfj\pflij\c]`ek_\dfd\ek#cfj\pfli]X`k_`eXY\c`\]jpjk\d%8e
\o_Xljk\[Xe[\og\ZkXekZifn[nX`kjfek_`jeXiifnjgXe%@k`jefkXn`[\jki\kZ_#
Ylk`kZXecXjk]fi\m\i%
(/' J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
J Z i\ \ e ` e ^ j
Ki`m`Xc`kp
Jk\ic`e^IlYp#LJ8)''0#0Ë*'ËË#;M#=XiY\#Kfe
Ki`m`Xc`kpq\`^kKfd:fck#\`e\eGfief[Xijk\cc\iXljCfj8e^\c\j#[\ieXZbk`e
\`e\dbX_c\eIXldjk\_\e[dXjkliY`\ikle[\i]fc^cfjm\ijlZ_k#j`Z_j\cYjk
qldFi^XjdljqlYi`e^\e%Ù@e[\d=`cd^\_k\jmfiXcc\dldBig\iblejk
le[bXldld<ifk`b%%%8lZ_n\ee[`\?Xe[cle^`eKi`m`Xc`kpXYjfclkm\ikiXlk
`jkÆle[[Xi•Y\ic€jjkj`Z_j`Z_\i\`e\D\e^\jX^\eÆ#`jk`_i\Gi€j\ekXk`fe
`e \ijk\i C`e`\ Xejk`^% Le[ ^\eXl [Xj `jk \`e\ \dYc\dXk`jZ_\ >\jk\ [\i
8mXek^Xi[\%ÈNXck\iIfY`ejfe#8ike\kDX^Xq`e\
Ki`m`Xc`kp]\Xkli\jKfd:fck#XCfj8e^\c\jgfiefXZkfi#jkXe[`e^eXb\[`eXYXi\
iffddXjkliYXk`e^#kip`e^lejlZZ\jj]lccpkfYi`e^_`dj\c]kffi^Xjd%ÈK_\]`cdÊj
XggifXZ_`jXcc9f[p8ikXe[m\ipc`kkc\\ifk`Z`jd%%%K_fl^_k_\XZk`fe`eKi`m`Xc`kp`j
lkk\icp ]Xd`c`Xi $ Xe[ Z\ikX`ecp dlZ_ ZXe Y\ jX`[ XYflk `k $ `kj gi\j\ekXk`fe `j f]]\ej`m\]`ijkf]Xcc%N_`Z_`jn_XkdXb\j`kXe\dYc\dXk`ZXmXek$^Xi[\^\jkli\%È
NXck\iIfY`ejfe#8ike\kDX^Xq`e\
,+;XpjK_`jN`ek\i*-;XpjK_`jJgi`e^]fi(/D`elk\j
;Xe`C\m\ek_Xc#LJ8)''0#(-Ë#;M#=XiY\#Kfe
;\iB•ejkc\ijXdd\ck\a\[\eKX^e\leD`elk\eDXk\i`Xc#ld[`\j\j[Xeeql
\`e\i (-$d`e•k`^\e DfekX^\ Xlj M`[\f`dgi\jj`fe\e ql m\i[`Z_k\e% ;\i
[X[liZ_\ekjkXe[\e\>\jXdk\]]\bkn`i[a\eXZ_8jjfq`Xk`fe[\ja\n\`c`^\e
9\kiXZ_k\ij Xe[\ij nX_i^\efdd\e le[ ^\[\lk\k% >\q\`^k n\i[\e bliq\
Jq\e\e1\`e\;fbld\ekXk`fe[\j8cck€^c`Z_\e#Dfefcf^\`e[`\BXd\iXle[
g\i]fidXk`m\f[\i\ogi\jj`m\8l]eX_d\e#[`\bfejkil`\iknli[\e%
K_\Xik`jk^Xk_\i\[dXk\i`Xc]fie`e\d`elk\j\XZ_[Xp#k_\eZfe[\ej\[`k[fnekf
k_`j (-$d`elk\ m`[\f dfekX^\ f] `dgi\jj`fej n_`Z_ _Xj X ZldlcXk`m\ \]]\Zk#
XZZ\jj\[ Xe[ i\X[ [`]]\i\ekcp [\g\e[`e^ fe k_\ d\ekXc Zfee\Zk`fej k_\ m`\n\i
dXb\j%@k`jgi\j\ek\[Xjj_fikjZ\e\j1[fZld\ekXk`fef]k_\hlfk`[`Xe#fe$ZXd\iX
dfefcf^l\j#Xe[g\i]fidXk`m\fi\ogi\jj`m\j_fkjk_XkXi\ZfejkilZk\[%
>i\XkDXeXe[:`e\dX
A`d=`ee#LJ8)''0#+Ë#;M#=XiY\#Kfe
B`dAfe^@c#[\i;Xm`[F%J\cqe`Zblek\i[\eJkXc`e`jk\e#c\`k\k[XjjkXXkc`Z_\
=`cdjkl[`fXcjGifgX^Xe[Xd\k_f[\]•i[\eG\ijfe\eblckld`_ele[j\`e\e
MXk\i%;`\j\i=`cdq\`^k\`e\gi€^eXek\Jpek_\j\Xlj[\iI\^`\g_`cfjfg_`\
[\j>\c`\Yk\e=•_i\ijle[j\`e\e>\]•_c\eXe^\j`Z_kj[\i`dg\i`Xc`jk`jZ_\e
9\jk`\#[`\`_dXl][\e=\ij\e`jk%
B`dAfe^@c#k_\JkXc`e`jk;Xm`[F%J\cqe`Zb#ilejk_\jkXk\]`cdjkl[`fXjXnXpf]
gifdfk`e^ _`j fne Xe[ _`j ]Xk_\iÊj Zlck f] g\ijfeXc`kp% K_`j ]`cd jlZZ`eZkcp
jpek_\j`j\j k_\ ;\Xi C\X[\iÊj [`i\Zk`e^ g_`cfjfg_p n`k_ _`j ]\\c`e^j kfnXi[ k_\
`dg\i`Xc`jkY\XjkXk_`j_\\cj%
GXkJk\`i(00*18e@ek\im`\n
M`[\f;XkX9Xeb#LJ8(00*#.Ë8ljjZ_e`kk #;M#=XiY\#Kfe
@e `_i\i gf\k`jZ_\e# \`e[ilZbjmfcc\e JgiXZ_\ [`jblk`\ik GXk Jk\`i [`\
<ekn`Zbcle^# [`\ `_i\ @[\\e le[ 9`c[\i j\`k `_i\e \ijk\e jZ_c`Z_k\e C\`e$
n€e[\e#[\i8ljnX_ci\gi€j\ekXk`m\i;Xijk\ccle^\e]•i[`\ÙIfj\GX`ek`e^jÈ
le[ jg€k\i\e N\ib\e ^\dXZ_k _XY\e% <`e _`jkfi`jZ_\j @ek\im`\n# [Xj
lijgi•e^c`Z_(00*Xl]^\q\`Z_e\kle[)''0^\jZ_e`kk\enli[\%
@e_\igf\k`ZXe[`ejg`i`e^cXe^lX^\#GXkJk\`i[`jZljj\jk_\gif^i\jjf]_\i`[\Xj
Xe[`dX^\$dXb`e^]ifd_\i\XicpjgXi\ZXemXjXjk_ifl^_k_\Z_f`Z\f]i\gi\j\e$
kXk`feXc`dX^\ip]fik_\Èifj\gX`ek`e^jÈXe[fe%8_`jkfi`ZXc`ek\im`\nfi`^`eXccp
i\Zfi[\[`e(00*Xe[\[`k\[`e)''0%
N\jk=`e^\iYfXi[IfX[
JljXePfljj\]#LJ8)''0#+Ë#;M#=XiY\#Kfe
ÙD\`e\ \ijk\e B`e[_\`kj\i`ee\ile^\e _XY\ `Z_ XY [\d 8ck\i mfe qnc]
AX_i\e%@Z__XY\d`Z_\ekjZ_`\[\e#d`Z_ql\i`ee\ie%N\jk=`e^\iYfXi[IfX[
\iq€_ck [Xmfe# n`\ `Z_ d`Z_ n`\[\i Xe M\i^\jj\e\j Xlj d\`e\i B`e[_\`k
\i`ee\iebfeek\le[m\in\`jk[XY\`Xl][`\JZ_i`]k\e[\jG_`cfjfg_\e>`cc\j
;\c\lq\# [`\ d\`e\ Mfijk\ccle^\e mfe >\[€Z_ke`j le[ [\e Gifq\jj [\i
<i`ee\ile^n`\[\i^\Y\e%ÈJljXePfljj\]
È@Zflc[efki\d\dY\iXepk_`e^XYflkdpZ_`c[_ff[Y\]fi\k_\X^\f]kn\cm\%@
dX[\X[\Z`j`fekfi\d\dY\i%N\jk=`e^\iYfXi[IfX[i\cXpj_fn@i\d\dY\i\[dp
]fi^fkk\eZ_`c[_ff[d\dfi`\j#Xe[i\]\i\eZ\jk_\ni`k`e^jf]g_`cfjfg_\i>`cc\j
;\c\lq\k_Xk\Z_fdp`[\Xjfed\dfipXe[k_\gifZ\jjf]i\d\dY\i`e^%ÈJljXe
Pfljj\]
E\nI\gfik
Npee\>i\\enff[#B/?Xi[p#LJ8)'',#()Ë#;M#=XiY\#Kfe
@eE\nI\gfikj`e[Npee\>i\\enff[le[B/?Xi[pI\gfik\i`ee\eY\`NBI?
Æ [\d ]\d`e`jk`jZ_\e EXZ_i`Z_k\ej\e[\i# [\jj\e Dfkkf Ùd`k EXZ_i`Z_k\e
jZ_nXe^\iÈ cXlk\k% 8cj ?\eip @i`^XiXp ?Xi[p le[ ?\eip Jk\`e$8Zb\i$?`cc
>i\\enff[ `ejq\e`\i\e [`\ Y\`[\e c\jY`jZ_$]\d`e`jk`jZ_\e B•ejkc\i`ee\e
9\i`Z_k\ •Y\i le[ d`k `_i\e =i\le[\e# `_i\e jfq`Xc\e ?`ek\i^ile[# `_i\
E\im\ele[`_i\Big\i%8cj]fikcXl]\e[\QljXdd\eXiY\`klek\ijlZ_kE\n
I\gfik [`\ 8ik le[ N\`j\# n`\ EXZ_i`Z_k\e ^\dXZ_k le[ nX_i^\efdd\e
n\i[\e#le[^i\`]k[XY\`[`\I€ld\#Bi`j\ele[>\jZ_`Z_k\en`\[\iXl]#[`\
]]\ekc`Z_\8l]d\ibjXdb\`km\i[`\e\e%
@eE\nI\gfik#Npee\>i\\enff[Xe[B/?Xi[pXi\i\gfik\ijXkNBI?$k_\]\d`e`jk
e\njjkXk`fek_Xk`jÈgi\^eXekn`k_`e]fidXk`feÈ%8j?\eip@i`^XiXp?Xi[p Xe[
?\eip Jk\`e$8Zb\i$?`cc >i\\enff[ # k_\j\ knf c\jY`Xe ]\d`e`jk Xik`jkj jkX^\
i\gfikjfeXe[n`k_k_\`i]i`\e[j#k_\`ijfZ`Xc_\ijkfi`\j#k_\`ie\im\j#Xe[k_\`i
Yf[`\j%8efe^f`e^ZfccXYfiXk`fe#E\nI\gfik`em\jk`^Xk\j_fne\nj`jdX[\Xe[
i\Z\`m\[# n_`c\ i\jkXk`e^ k_\ jgXZ\j# Zi`j\j# Xe[ _`jkfi`\j k_Xk [\j\im\ kf Y\
glYc`ZcpZfej`[\i\[%
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(/(
JZi\\e`e^j
Jkfipk\cc\i
E`ZfcXjGifmfjk#9\c^`\e)'('#.Ë#;M#=XiY\#jkldd
Jkfipk\cc\i m\in\e[\k =fle[ =ffkX^\ DXk\i`Xc [\i Jbpc`e\ [\j bfjdfgf$ Jkfipk\cc\i lj\j jkfZb ]fle[ ]ffkX^\ f] k_\ Zfjdfgfc`kXe CXj M\^Xj jbpc`e\#
c`k`jZ_\eCXjM\^Xj#nfY\`[`\9`c[\ie\lqljXdd\e^\j\kqkle[^\jg`\^\ck i\Zfdgfj`e^Xe[d`iifi`e^k_\`dX^\jkfZi\Xk\Xjc`ZbXik`]`Z`Xc`kpi\d`e`jZ\ekf]
n\i[\e#ld\`e\XeJZ`\eZ\$=`Zk`fe\i`ee\ie[\#dXb\ccfj\B•ejkc`Z_b\`kql jZ`\eZ\]`Zk`fe%
\iq\l^\e%
(/) J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
8ljjk\ccle^<o_`Y`k`fe
FY\i_Xlj\e%8l\eXej`Z_k\eFY\i_Xlj\e%<ok\i`fiM`\nj
)0%+%Æ()%,%('#('1''L_i#=XYi`bB(+
mfeA\jj`ZXDXejk\kk\e
D`k [\i M\icX^\ile^ [\j Xck\e JkX[kq\ekildj `e [`\ E\l\ D`kk\ <e[\ [\i
(00'\iAX_i\_XkFY\i_Xlj\e\`e\e\`ejZ_e\`[\e[\eJkilbklinXe[\cmfccqf$
^\eÆd`kn\`ki\`Z_\e[\eBfej\hl\eq\e]•i[`\n\`k\i\JkX[k\ekn`Zbcle^%
;`\Bliq]`cdkX^\j`e[[\iÙ8ck\eD`kk\Èki\l^\Yc`\Y\ele[(00/mfe[\i
Cl`j\$8cY\ikq$?Xcc\`e[\eC`Z_kYli^=`cdgXcXjkld^\qf^\e%<`e>ifk\`c[\j
`ek\ieXk`feXc\eGlYc`bldjc\iek\le[c\iekFY\i_Xlj\eÆ\`e\JkX[k#[`\b\`e
bcXjj`jZ_\j# kfli`jk`jZ_\j I\`j\q`\c [Xijk\cck Æ [liZ_ `_i\e =\jk`mXcY\jlZ_
b\ee\e%|Y\i[`\AX_i\_XY\e=\jk`mXc^€jk\`_i\g\ijec`Z_\e@dgi\jj`fe\e
]\jk^\_Xck\ele[j`Z_[XY\`lek\ijZ_`\[c`Z_\iK\Z_e`b\ele[DXk\i`Xc`\eY\$
[`\ek2jfq%9%=fkf^iX]`\#M`[\f#Q\`Z_ele^#Jb`qq\#K\okf[\iKfeXl]eX_d\%
<ji•Zb\e;`e^\le[J`klXk`fe\e`e[\e9c`Zb#[`\[`\m\ikiXlk\#_\`d`jZ_\
Ld^\Yle^`e\`e\dXe[\i\ef[\ie\l\eC`Z_k\ijZ_\`e\ecXjj\e%
;`\ 8ljjk\ccle^ ÙFY\i_Xlj\e% 8l\eXej`Z_k\eÈ gi€j\ek`\ik le^\n_e$
c`Z_\#\i_\cc\e[\le[XlZ_\i_\`k\ie[\9c`Zbn`eb\cXl][`\JkX[k#`_i\9\nf_$
e\ile[`_i\eC\Y\ejiXld%
N`k_FY\i_Xlj\ei\cfZXk`e^`kjfc[Z\eki\kfk_\e\ncp\jkXYc`j_\[ÈE\l\D`kk\É
e\nZ\eki\ ÆXm\el\Xe[Zfdd\iZ`XcZ\eki\feX]fid\i`e[ljki`Xcj`k\Æ`ek_\
(00'j#k_\Z`kp_X[Xe[jk`cc_XjkfZfg\n`k_k_\]Xi$i\XZ_`e^Zfej\hl\eZ\jf]k_`j
dXafiZ_Xe^\]fi]lik_\iliYXe[\m\cfgd\ek%
K_\J_fik=`cd=\jk`mXc#_fn\m\i#_Xji\dX`e\[kil\kfk_\fc[Z\eki\#dfm`e^]ifd
k_\Cl`j\$8cY\ikq$?Xcc\Zfe]\i\eZ\Z\eki\kfk_\fc[Z\eki\ËjC`Z_kYli^dfm`\k_\Xki\
`e(00/%N_`c\Xkk\e[`e^k_\]\jk`mXc#XdXafigXikf]k_\]\jk`mXcËj`ek\ieXk`feXcXl[`$
\eZ\_Xj^fkXe[`jjk`cc^\kk`e^kfbefnFY\i_Xlj\eÆXZ`kpk_Xk`jefkXkfli`jk
[\jk`eXk`fe`e`kjZcXjj`ZXcj\ej\%Fm\ik_\p\Xij#]\jk`mXc^l\jkj_Xm\ZXgkli\[k_\`i
g\ijfeXc`dgi\jj`fejlj`e^[`]]\i\ekk\Z_e`hl\jXe[dXk\i`XcjlZ_Xjg_fkf^iXg_p#
m`[\f#[iXn`e^j#jb\kZ_\j#k\okjfijfle[i\Zfi[`e^j%K_\jlYa\ZkjXe[j`klXk`fejk_\p
]fZlj\[feZXjkXefk_\ifiXckf^\k_\ie\nc`^_kfefli]Xd`c`XicfZXcjliifle[`e^j%
K_\ \o_`Y`k`fe ÈFY\i_Xlj\e% <ok\ieXc M`\njÉ gi\j\ekj \oZ\gk`feXc# `ej`^_k]lc
le[XcjfXdlj`e^m`\njfek_\Z`kp#`kj`e_XY`kXekjXe[k_\`i\em`ifed\ek%
K\`ce\_d\iGXik`Z`gXekj1
:Xijk\e8jZ_dXee#?Xeefm\i
FbjXeX:_\g\cpb#B`\nB`\m
?\ccdlk_:fjkXi[
:õXc`e;Xe#8djk\i[Xd
?\`eq<d`^_fcq#9\ic`e
?Xej$:_i`jk`Xe>i`dd#8l^jYli^
AXeA\c`e\b#9\ic`e
@jkmXeBXekfi#Kfifekf
IX`e\iBfd\ij#D•c_\`dXe[\iIl_i#9\ic`e
>l[ileBi\Y`kq#9\ic`e
?XeeXEfi[_fck#?XdYli^
<[^XiG†iX#C`jjXYfeC`jYfe
:_Xic\jG\k`k#GXi`j
;Xe\G`ZXi[#Cfj8e^\c\j
>`fi^`fIfeeX#JfGXlcf
:_i`jkfg_JZ_c`e^\ej`\]#9\ic`e
:_i`jk`XeJZ_e#?•eo\
=i`kqJk\`e^ifY\#?XdYli^
DXi`Xee\K_\le`jj\e#8djk\i[Xd
Qli8ljjk\ccle^n`i[\`e\`^\e\iBXkXcf^\ijZ_\`e\e%
N`i[Xeb\e[\iJgXibXjj\e$9•i^\ijk`]kle^
FY\i_Xlj\e%
FbjXeX:_\g\cpb)''(
DXi`Xee\K_\le`jj\e19X[bXd\i)''-
?\ccdlk_:fjkXi[1JZ_i\Zbc`Z_•Y\i]c•jj`^(00/
B l i q ] ` c d k X ^ \ =\ j k ` m X c B X k X c f ^ )' ( '
(/*
I\^`jk\i@e[\o\j
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(/,
I\^`jk\i
F i ` ^ ` e X c k ` k \ c
Fi`^`eXcK`kc\
*/#,% % % % % % % % % % % % % % % % % % % % % % % % % % % )&%%%]c•jj`^\jgXg`\i % % % % % % % % % % % % % % % +('(P\X_j% % % % % % % % % % % % % % % % % % % % % % % -((k_ifl^_()% % % % % % % % % % % % % % % % % % % %()'
(0/(I\X^Xe% % % % % % % % % % % % % % % % % % % % % (.(0/.$(00* % % % % % % % % % % % % % % % % % % % % % % )/
+,kfli[\:_\m\lZ\Z`eÊ\jkgXj
le[`jhl\ :_\m\l #Le % % % % % % % % % .0
,+;XpjK_`jN`ek\i*-;Xpj
K_`jJgi`e^]fi(/D`elk\j % % % % % % % (/(
0.(?fij\j"+Q\YiXj% % % % % % % % % % % % %(,8ZifYXk`Z=cp% % % % % % % % % % % % % % % % % % % 0,
8]^_Xe`dXk`fe% % % % % % % % % % % % % % % % % % %(-*
8]k\iC`]\#K_\
M`Zkfi`XËjJ\Zi\kM\ij`fe % % % % % % %(*/
8]k\ik_\<dg`i\% % % % % % % % % % % % % % % % %(,.
8^\ekjk\cjhlÊfeefljc\jgi„j\ek\Æ
c\jX^\ekjk\cjhlË`cjjfek#C\j% % % % %0(
vc€bl`jbXXpjk€m€ejll_le%%%%%%%%-+
8c`\eGfikiX`k%%%%%%%%%%%%%%%%%%%% ((0
8d\i`bX% % % % % % % % % % % % % % % % % % % % % % % % %+(
8de\j`X% % % % % % % % % % % % % % % % % % % % % % % %*(
8dfe^jkk_\G\ijlX[\[ % % % % % % % % % % %(*/
8dfli[Ê\jZcXm\ % % % % % % % % % % % % % % % % (('
8dfli\lo[\cX]\dd\~YXiY\% % % % % -,
8e[\i\C\lk\DXcXbf]]BfnXcjb` % % % % .)
8eeX% % % % % % % % % % % % % % % % % % % % % % % % % % ,8eeXCfm\ejk\`e % % % % % % % % % % % % % % % % % ,.
8i^\ek`e\:fjjXZbj#K_\
=iX^d\ekj]ifdX=X[`e^Ki`Y\ % % **
8i`X[\dljkXe^ % % % % % % % % % % % % % % % %(-8iefjKfecXYfi % % % % % % % % % % % % % % % % % +8jjXjj`eXk[ld`e`jki\Gc\_m\#CÊ% % % % 0)
8kcXek`hl\j % % % % % % % % % % % % % % % % % % % %(+'
8kk\ek`fe% % % % % % % % % % % % % % % % % % % % % % *+
8lDXifZ1KXe^\i% % % % % % % % % % % % % % % % 0/
8lgXpjef`i% % % % % % % % % % % % % % % % % % % % 0R8lj^Xe^Xlj[\i=XYi`b[\i
<kXYc`jj\d\ekjGXk_„=i…i\jT% % % % %0(
8lkldeJkfip=`i\b`k\j %%%%%%%%%%% ..
9XYp;fcc% % % % % % % % % % % % % % % % % % % % % % %())
9X^e\[\j^fjj\j#C\% % % % % % % % % % % % % %('/
9XiY`\ % % % % % % % % % % % % % % % % % % % % % % % % %()'
9Xifd…ki\#C\% % % % % % % % % % % % % % % % % % %(-,
9Xj`e% % % % % % % % % % % % % % % % % % % % % % % % % %(-*
9Xk\Xlojlic\E`c % % % % % % % % % % % % % % % /0
9\\i[`^le^[\iFg]\i[\j>ilY\e$
le^c•ZbjXl][\iQ\Z_\IX[Yf[
@%N%[\e(-%Efm(0'/% % % % % % % % % % % 0.
9\`d=fkf^iX]\e % % % % % % % % % % % % % % % % 0)
9\c`\m\% % % % % % % % % % % % % % % % % % % % % % % %(+'
9\ejY\i^J\gk\dY\i)''0% % % % % % % % % +,
Y`c[JKI@:?<% % % % % % % % % % % % % % % % % % % % +9`kYp9`k:fd]fik=`k % % % % % % % % % % % % .)
9`kjXe[G`\Z\j % % % % % % % % % % % % % % % % % %('.
9cXZb9fo% % % % % % % % % % % % % % % % % % % % % % % ()(
9cfe[\=`i\K_\?`Zb\pLe[\infic[ % % ./
9cl\Gc\Xjli\% % % % % % % % % % % % % % % % % % % %())
9cl\K`[\#9cXZbNXk\i% % % % % % % % % % % % %(-)
9f[pKiX`c% % % % % % % % % % % % % % % % % % % % % % %(-9fe@emXc`[\\kc\j\e]Xekj#C\ % % % % % %(')
Yfee\c\ƒfe#Le\ % % % % % % % % % % % % % % % %(./
9ffk_j% % % % % % % % % % % % % % % % % % % % % % % % % (.+
9fl„\#CX% % % % % % % % % % % % % % % % % % % % % % %('9flk$[\$QXejÊXdlj\% % % % % % % % % % % % %('*
9fn\ij:Xm\ % % % % % % % % % % % % % % % % % % % % )/
Yif% % % % % % % % % % % % % % % % % % % % % % % % % % % % -+
Y$jkXi#lekkYXi% % % % % % % % % % % % % % % % *'
:Xd\c=cp`e^Cfklj % % % % % % % % % % % % % % .*
:Xgkli`e^EXkliXcJfle[j`ek_\8^\f]
k_\M`ekX^\./I\$Zfi[Xe[Fk_\i
K_fl^_kjfeKiXm\c`e^Y\kn\\e
;`]]\i\ekI\$Xc`k`\j% % % % % % % % % % % % %(,:XkZ_`e^% % % % % % % % % % % % % % % % % % % % % % % **
:_XbiXmXb % % % % % % % % % % % % % % % % % % % % %():_XgX% % % % % % % % % % % % % % % % % % % % % % % % % %*(
:_Xid`e^]fik_\I\mfclk`fe% % % % % % % %(-/
:_Xjj\~cXgXek_…i\#CX% % % % % % % % % % % 0,
:_\\j\% % % % % % % % % % % % % % % % % % % % % % % % *)
:_\e`cc\[\cXZXifkk\#CX% % % % % % % % % %('+
:_\iipfek_\:Xb\% % % % % % % % % % % % % % ,/
:_`c[i\e% % % % % % % % % % % % % % % % % % % % % % % %(/'
:_cX[e`JZ_\d\% % % % % % % % % % % % % % % % % %(.0
:`jfef^c`jg`i`k`% % % % % % % % % % % % % % % % *'
:`e\dX% % % % % % % % % % % % % % % % % % % % % % % % *.
:cfj\<eZflek\i % % % % % % % % % % % % % % % % %(.'
:fZ_fe[Xej\li#C\% % % % % % % % % % % % % % %('0
:ÅliXi[\ek % % % % % % % % % % % % % % % % % % %('+
:fccX^`jk#K_\% % % % % % % % % % % % % % % % % % % %(-*
:fcc\Zk`fe[\ZXik\jgfjkXc\j% % % % % % 0)
:fd\fe`ekfk_\:fek`e\ekj% % % % % % %(,/
:feZfijf[`Y\cc\qqX]iX
YXdY`e`XKfi`ef% % % % % % % % % % % % % % % 0)
:fe]\jj`fe% % % % % % % % % % % % % % % % % % % % % % (.:fe]\jj`fe#CX% % % % % % % % % % % % % % % % % % (''
Zfi[\i`\#Le\% % % % % % % % % % % % % % % % % % % (('
:le„^fe[\i\ƒf`kjX]Xd`cc\ % % % % % % %(',
:pZc\ % % % % % % % % % % % % % % % % % % % % % % % % % % +.
;Êflm`\ee\ekc\j]XloZ_\m\lo% % % % %('*
;XejcÊ?\ccX[\% % % % % % % % % % % % % % % % % % 00
;Xejc\jflj$dXi`e % % % % % % % % % % % % % %('/
;Xej\jZfjdfgfc`k\j% % % % % % % % % % % % % 0/
;Xej\jj\ig\ek`e\j% % % % % % % % % % % % % % //
;Xibe\jjf];Xp#K_\% % % % % % % % % % % % % % *,
;Xj`jkj\_i^lk% % % % % % % % % % % % % % % % %(-;Xp`eX;f^jË?fd\#8% % % % % % % % % % % % 0.
;\]XekXjk`jb\*% % % % % % % % % % % % % % % % % -*
;\Xi>f[#@?Xk\Dpj\c]O`lO`l % % % % .0
;\]`e`k`m\cpLe]`e`j_\[ % % % % % % % % % % % *;\cg_`e\[\Fc`m\`iX% % % % % % % % % % % % % % %(-;\edibXe% % % % % % % % % % % % % % % % % % % )*
;\jgX`i % % % % % % % % % % % % % % % % % % % % % % % %(.*
;\m`cËj`ek_\;\kX`cj#K_\% % % % % % % % % %(-+
;`\Jcfn?\Xck_ % % % % % % % % % % % % % % % % % .;`jZi\gXeZp8E\n8cc8ifle[C\Xg=fi$
nXi[J`klXk`fe@j<d\i^`e^ % % % % % *;`jjfeXek% % % % % % % % % % % % % % % % % % % % % % % *.
;`m`e\j?Xe[kXjZ_\Jk\i\fKfkXc % % % -;f^Flkn`kjk_\B`[eXgg\ij% % % % % % % % 00
;fd\jk`hl\j\m\e^\#C\% % % % % % % % % % %('/
;feb\p% % % % % % % % % % % % % % % % % % % % % % % % % ,.
;fee\in\kk\iKX[\ccfjI\ml\[\j
D\kifgfc$K_\Xk\ij1
JZ_lkqdXee$C`\[%%%%%%%%%%%%% (''
;ffgc\Z_k`^_\`[Gi`ej\jAlc`XeX% % % % 00
;fgfce`k\cÊep\mfqdfq_efjk`
gpXkXZ_bX% % % % % % % % % % % % % % % % % % % ).
[iXd\[Xejc\jX`ij#Le % % % % % % % % % % %('.
;i`m`e^ycf[`\ % % % % % % % % % % % % % % % % % % % %,(
;ileb% % % % % % % % % % % % % % % % % % % % % % % % % %(./
;l\ccfXccfj_iXge\c% % % % % % % % % % % % % %(')
<Zc`gj\[ljfc\`c\egc\`e\cle\% % % % %('<[`kfi`Xc% % % % % % % % % % % % % % % % % % % % % % % %(-+
<[lZXk`feg_pj`hl\„kl[`„\
XliXc\ek`jj\li% % % % % % % % % % % % % % %(')
<`ejm`\iq`^% % % % % % % % % % % % % % % % % % % % %(-,
<c\Zki`ZC`^_kNfe[\icXe[% % % % % % % % % )+
<dgkpJl`kZXj\j % % % % % % % % % % % % % % % % %())
<e\i^p=cfn% % % % % % % % % % % % % % % % % % % % % (.+
<e`% % % % % % % % % % % % % % % % % % % % % % % % % % % % -'
<jn`i[\`edXc^\n\j\ej\`e% % % % % % % +/
<k\ieXcHlXik\i@eZ_#K_\% % % % % % % % % %(/'
<m\ipn_\i\f]J`cm\i#8e% % % % % % % % % % % (..
<of[lj% % % % % % % % % % % % % % % % % % % % % % % % % **
<ogcf`kXk`fe\kZlckli\[lZX]„% % % % % 0.
=fliJ\Xjfej% % % % % % % % % % % % % % % % % % % %(,0
=fliJ_fik=`cdj(0.)Æ(0.* % % % % % % % (-(
=fliJfle[G`\Z\j1;ffij#
NXk\i#:c`Zb#G`e$9Xcc% % % % % % % % % % % %(-)
=iXeZ\Zlckli\
8ieXl[=c\li\ek$;`[`\i % % % % % % % % ..
=iXlXdD\\i#;`\ % % % % % % % % % % % % % % % % ,)
=il`kJXcX[% % % % % % % % % % % % % % % % % % % % % %(-0
=la`% % % % % % % % % % % % % % % % % % % % % % % % % % % %(.,
=lfi`[Xc^i\^^\% % % % % % % % % % % % % % % % % **
=lik_\i:fdgc`ZXk`fejAXim`j:fZb\i .>\jXe^[\iA•e^c`e^\ % % % % % % % % % % % % % +)
>\jkli\jf]Gfn\i% % % % % % % % % % % % % % % +>`ic]i`\e[j% % % % % % % % % % % % % % % % % % % % % *)
>$DXe % % % % % % % % % % % % % % % % % % % % % % % % % ()(
>iXe[\j<Xlo[\M\ijX`cc\j#C\j % % % % % 0*
>iXe[dfk_\iÊj<p\ % % % % % % % % % % % % % % % (..
>i\XkDXeXe[:`e\dX% % % % % % % % % % % % % (/(
>i…m\[\jeflii`Z\j#CX% % % % % % % % % % % % 0.
>i`e[`eÊEfYf[p9\Xkjk_\;ild %-.#./
>ifjj\Gc€e\% % % % % % % % % % % % % % % % % % % ,>ifle[:fekifc % % % % % % % % % % % % % % % % % % +/
>l\i`cc…i\KXcbj% % % % % % % % % % % % % % % % % % ((0
>l`kXi?\if\j % % % % % % % % % % % % % % % % % % ).
?` A%%%%%%%%%%%%%%%%%%%%%%%%%%%+)
?)F_F_% % % % % % % % % % % % % % % % % % % % % % % %(.'
?X`iJkfip#8% % % % % % % % % % % % % % % % % % % %(.*
?Xe[JfXg% % % % % % % % % % % % % % % % % % % % % )?Xe[\cj\m`[YXeb% % % % % % % % % % % % % % % (+(
?Xe[cXl]B•iY`j% % % % % % % % % % % % % % % % %(,.
?€ejZ_\ebc\`e % % % % % % % % % % % % % % % % % % +.
?Xidfe`\[\iG\e[\cjZ_n`e^le^#;`\% % 0+
?Xmi\1gfik#C\% % % % % % % % % % % % % % % % % % %(./
?\`djg`\c% % % % % % % % % % % % % % % % % % % % % % ,)
?\c`fZ\eki`Z% % % % % % % % % % % % % % % % % % % % %(,0
?\ccf>ff[Yp\% % % % % % % % % % % % % % % % % % % %+(
?\i\% % % % % % % % % % % % % % % % % % % % % % % % % % %(*/
?\if`e % % % % % % % % % % % % % % % % % % % % % % % % % ()(
?\kjZ_ffejk\l`k[\eXklli% % % % % % %(',
?\o\QfiX`[\#;`\% % % % % % % % % % % % % % % % %('/
?`cXi`flj % % % % % % % % % % % % % % % % % % % % % % )0
?fc[`e^Jk`cc% % % % % % % % % % % % % % % % % % % % % ,)
?fgg\% % % % % % % % % % % % % % % % % % % % % % % % % %-(
?fnk_\?\cc@I`gg\[AXZb>fc[jk\`eËj
GX`ek`e^`ek_\<c\mXkfi % % % % % % % % %(*.
?fnkf=`j_]fiBXggX1
C\jjfej]ifdXCfZXc%%%%%%%%%%%%(,?p9fCKMfeJgXi % % % % % % % % % % % % % % % % .*
@8dJXXika`\9XXikdXe% % % % % % % % % % % )0
@ËdJfiip#Jk\ic`e^% % % % % % % % % % % % % % % %(-+
@Z__XY\8e^jk% % % % % % % % % % % % % % % % % % +.
@]Fecp % % % % % % % % % % % % % % % % % % % % % % % % %(*.
@dEfi[j\\YX[9fibld% % % % % % % % % % %('+
@dd\ij`fe% % % % % % % % % % % % % % % % % % % % % %(.,
@ePfliIffd% % % % % % % % % % % % % % % % % % % %(,/
@eb% % % % % % % % % % % % % % % % % % % % % % % % % % % )+
@ejX`j`jjXYc\G`ZbgfZb\k#CÊ% % % % % % % % % 0+
@ej`[\Flkj`[\ % % % % % % % % % % % % % % % % %(,.
@ejkilZk`fe% % % % % % % % % % % % % % % % % % % % % )@ekif[lZk`fekfk_\J\Zi\kJfZ`\kp% % %(*-
AXZZfÊj=`cd% % % % % % % % % % % % % % % % % % % % ,AXZbJkiXnËj:Xjkc\% % % % % % % % % % % % % % %(.*
AXe^Xi_=`cdÆ<b % % % % % % % % % % % % % % %().
AfXe% % % % % % % % % % % % % % % % % % % % % % % % % % %(-'
AfeXjD\bXj`eBf[XZ_ifd\;Xpj% % % % (-(
Afe^\ejq`aen\% % % % % % % % % % % % % % % % % ,0
=XZ_\lj\d„gi`j\ % % % % % % % % % % % % % % % 0+ AGC% % % % % % % % % % % % % % % % % % % % % % % % % % % % (.=\l[ÊXik`]`Z\% % % % % % % % % % % % % % % % % % % (('
=`cdXjXg`\e\`efdôXd\e`e`ebô\% % % % % %)( RBX`j\ic`Z_\=Xd`c`\#eXZ_[\i?fZ_q\`k
=`ijkFe\j#K_\ % % % % % % % % % % % % % % % % % %(.)
mfe<iq_\iqf^BXicle[Q`kXmfe
=`ijkOIXp:`e\dXkf^iXg_(/0.Æ(0(+
9fliYfe$GXidX#;`\T% % % % % % % % % % % %0(
;i%DXZ@ekpi\% % % % % % % % % % % % % % % % % %('/ RBX`j\iN`c_\cd@@#AX^[jki\Zb\T% % % % 0,
=`m\D`c\jFlk % % % % % % % % % % % % % % % % % % -' B\j_bXdYc`% % % % % % % % % % % % % % % % % % % % %()=cX^DflekX`e % % % % % % % % % % % % % % % % % % ), b\ljZ_\JljXee\1N\ee[\iMXk\id`k
[\dJf_e\#;`\% % % % % % % % % % % % % % % (''
=cXdd\jdpjk„i`\lj\j#C\j % % % % % % % %(',
=c`Zb\i`e^% % % % % % % % % % % % % % % % % % % % % % %(.' B`[jD`^_k=cp% % % % % % % % % % % % % % % % % % % -+
=cµak\cµj% % % % % % % % % % % % % % % % % % % % -)#-, BcXgg\#;`\% % % % % % % % % % % % % % % % % % % % % % +,
=cp`ek_\Jbp% % % % % % % % % % % % % % % % % % % )) Bc\`e\le[[Xj9`\jk#;\i% % % % % % % % % % ,/
=fi:lckliXcGligfj\jFecp% % % % % % % % %(-* Bfbfe% % % % % % % % % % % % % % % % % % % % % % % % % +,
=fik_\ClZbpXe[k_\Jkife^ % % % % % % %(-+ Bfg]•Y\i`d>\€jk% % % % % % % % % % % % % % % ++
=fi†k]l^`k`m\#CX% % % % % % % % % % % % % % % % %(./ Bfif% % % % % % % % % % % % % % % % % % % % % % % % % % %(.)
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(/.
BiXdXj_X% % % % % % % % % % % % % % % % % % % % % %().
Bi`Bi`\`ckXe^f % % % % % % % % % % % % % % % % //
Bj_pX#KiX#>_pX% % % % % % % % % % % % % % % % %()Ble^9Xf?l_e% % % % % % % % % % % % % % % % % % +*
BliXj_`Xkf % % % % % % % % % % % % % % % % % % % % *'
C%<%J%% % % % % % % % % % % % % % % % % % % % % % % % % %()'
CX[pXe[?\iDX`[#8% % % % % % % % % % % % %('*
CXk_XdÊjDXZ_`e\9\`e^Kfn\[`e
X]k\i?`jNfe[\i]lc=c`^_kfe
))e[FZkfY\i % % % % % % % % % % % % % % % %('0
C\X\`c^fd`kfcf % % % % % % % % % % % % % % % %('0
C\^\e[\e% % % % % % % % % % % % % % % % % % % % % % %,(
C„feZ\~cXZXdgX^e\% % % % % % % % % % % %('+
C…mi\jZfcc„j% % % % % % % % % % % % % % % % % % % %(')
C`]\Xe[K`d\jf]?f:_le^
M`ccX^\#K_\% % % % % % % % % % % % % % % % % % %(.*
C`]\f]@d`kXk`fe%%%%%%%%%%%%%%%%%% )/
C`]\^l`[\GXggbXd\iX[\e % % % % % % -/#.*
C`^_kP\Xij % % % % % % % % % % % % % % % % % % % % %(*)
C`^_ke`e^Jki`b\j=\c`oBlY`e % % % % % % .*
C`kkc\K`Z_ % % % % % % % % % % % % % % % % % % % % % % 00
C`kkc\N_`k\:cfl[K_Xk:i`\[ % % % % % % %(-/
Cfb_Xcc\% % % % % % % % % % % % % % % % % % % % % % % %(.'
Cfe^C`m\k_\E\n=c\j_ % % % % % % % % % % %(,0
Cfk))#:feZ\jj`fe,% % % % % % % % % % % % % %(-+
CfnCfm\ % % % % % % % % % % % % % % % % % % % % % % % (.+
Cld`bbf% % % % % % % % % % % % % % % % % % % % % % % )*
Clkk\gflicXm`\#CX % % % % % % % % % % % % % %('.
clqXclc% % % % % % % % % % % % % % % % % % % % % % % % % -)
DXGX% % % % % % % % % % % % % % % % % % % % % % % % %().
DX[Xd\C`kkc\9fp% % % % % % % % % % % % % % *D€[Z_\enXi^\jk\ie % % % % % % % % % % % % -+
DXc„[`Zk`fe[\9fe_fdd\;Xe`\c#CX% %(-'
DXf$?fg\DXiZ_% % % % % % % % % % % % % % % % %(.,
DXi`\8ekf`e\kk\% % % % % % % % % % % % % % % % % 0'
RDXi`e\jT% % % % % % % % % % % % % % % % % % % % % % %('+
DXjXXe% % % % % % % % % % % % % % % % % % % % % % % %()DXpY\J`Xd% % % % % % % % % % % % % % % % % % % % % +)
D„[fiXlk„c„g_fe\% % % % % % % % % % % % % (''
D\`eEXd\`jkJg`\j\Zb\% % % % % % % % % %('.
D\c\d\d\c\d\b}ml
?l^fKfooo]\Xk%McX[`d`i,(/ % % % -D\e`eFiY`k% % % % % % % % % % % % % % % % % % % % %()'
D\ic\%% % % % % % % % % % % % % % % % % % % % % % % % % -)
D\j]`cc\jgfik\ekcXalg\$Zlcfkk\% % %(')
D„kXccli^`\Xl:i\ljfk#CX % % % % % % % % % 0D`cckfne#DfekXeX% % % % % % % % % % % % % % % % %,(
D`jZ\ccXe\X@$M@@ % % % % % % % % % % % % % % % % (.(
D`kZ_\ccXe[B\epfe)0(N_`kjlek`[\
=X`iXkGi\jkfe % % % % % % % % % % % % % % % % 0'
D`kZ_\ccXe[B\epfe-(+KiXd
I`[\`ekf?Xc`]Xo% % % % % % % % % % % % % % % 0D`kZ_\ccXe[B\epfe..)J\[^n`ZbËj
9`fjZfg\J_fn]ifekXkG\e[c\Ylip
NXb\j % % % % % % % % % % % % % % % % % % % % % % % 0'
D`okXg\% % % % % % % % % % % % % % % % % % % % % % % % ,,
Dfefcf^% % % % % % % % % % % % % % % % % % % % % % % % )0
Dfej`\li\kDX[Xd\jfekgi\jj„j% % /0
Dfej`\lihl`XdXe^„[lkXli\Xl#Le (('
Dfeld\ekj % % % % % % % % % % % % % % % % % % % % %(.)
DffejGffc % % % % % % % % % % % % % % % % % % % % % (*(
Dfik[l;lZ[Ê<e^_`\e#CX% % % % % % % % % % 0'
Dflc`edXl[`k#C\ % % % % % % % % % % % % % % % % (('
Dle^^\%E`[jZ_fn`[i% % % % % % % % %-(#-,
Dli`n`\ðqX% % % % % % % % % % % % % % % % % % % % % )*
Dlj\e % % % % % % % % % % % % % % % % % % % % % % % % -)
Dlj`Z`e\dXPXdXefk\C`e\J\c\Zk`fe (,,
DlkXYc\=`i\% % % % % % % % % % % % % % % % % % % %())
DpEXd\@jFfeX% % % % % % % % % % % % % % % % %(*)
EXZ_BcXiX% % % % % % % % % % % % % % % % % % +*#-*
E…^i\^flidXe[#C\ % % % % % % % % % % % % % % 0+
RE\imfljB`kZ_\edX`[#8T % % % % % % % % %(',
E\lifgXkfcf^`X#CX % % % % % % % % % % % % % % % 0*
E\m\i?XjI\XZ_% % % % % % % % % % % % % % % % % (..
E\nI\gfik % % % % % % % % % % % % % % % % % % % % % (/(
EfZ\j\e9i\kX^e\%%%%%%%%%%%%%%%00
efe$8ipXe % % % % % % % % % % % % % % % % % % % % % *'
Effb:iXeep% % % % % % % % % % % % % % % % % % %(.0
Efik_J_fi\% % % % % % % % % % % % % % % % % % % % %(*.
Efn#Pfl:Xe;f8epk_`e^ % % % % % % % % %(*ElY`X%NX[`?Xc]XXe[k_\
J\Zfe[:XkXiXZk% % % % % % % % % % % % % % % 0+
@e[\o\j
El`k[\Ef‡c% % % % % % % % % % % % % % % % % % % % 0* J_\?X[?\i>le8ccI\X[p % % % % % % % % % ()(
J_`]k\[?fi`qfe% % % % % % % % % % % % % % % % % *RFY\icXe[le[9\ieT % % % % % % % % % % % % %('- J_i\\Bi`j_eXAXedX% % % % % % % % % % % % %(),
Fc\^% % % % % % % % % % % % % % % % % % % % % % % % % % % *+ J_lk[fne#K_\% % % % % % % % % % % % % % % % % % % ).
Fek_\K_`e@Z\ % % % % % % % % % % % % % % % % % %(.) J`Y\i`X% % % % % % % % % % % % % % % % % % % % % % % % *+
J`ZkiXej`k% % % % % % % % % % % % % % % % % % % % %(-'
Fekfk_\E\okFe\
AXp$Q]\Xk%Jn`qq9\Xkq % % % % % % % % .0 J`[\YpJ`[\% % % % % % % % % % % % % % % % % % % % -*
FePfli9XZbNfdXe % % % % % % % % % % % % % (.. J`eeXDXee%%%%%%%%%%%%%%%%%%%%%(+'
FfgjNife^GcXe\k % % % % % % % % % % % % % % %(-' J`i\e\ % % % % % % % % % % % % % % % % % % % % % % % % %(-0
FgXhl\?`c[li>l[eX[kk`i % % % % % % % % .+ J`o;fccXi=`]kpDXe#K_\% % % % % % % % ,/#(+(
Fi:cfl[#K_\ % % % % % % % % % % % % % % % % % % %(*. J`oJÅlij;X`e\]#C\j % % % % % % % % % % % % % 0,
Fig_Xej% % % % % % % % % % % % % % % % % % % % % % % %()' Jb\\kKiXgj% % % % % % % % % % % % % % % % % % % %(,.
Fjdfj`jf]k_\Le`Zfie% % % % % % % % % % % % (-. JcXgk_\>fe[fcX % % % % % % % % % % % % % % % % (-.
FliM`ccX^\% % % % % % % % % % % % % % % % % % % % % %(.) Jc‚jjbXdg\e % % % % % % % % % % % % % % % % % % % -'
Fm\ij`q\[FDF % % % % % % % % % % % % % % % % % -. JFCFF@FF % % % % % % % % % % % % % % % % % % % % % ..
Jfd\k`d\%Jfd\n_\i\%% % % % % % % % % % % %)(
GXefm`j`fe% % % % % % % % % % % % % % % % % % % % % %(*- jfle[f]Z_`c[_ff[#k_\% % % % % % % % % % % % -'
GXiX[`j\:`iZljDXjj`m\8kkXZb % % % % .- JglZb\e% % % % % % % % % % % % % % % % % % % % % % %(-,
GXiX[`j\CXk\i% % % % % % % % % % % % % % % % % % %(-- Jk%C\feXi[jFlkiX^\% % % % % % % % % % % % % % ('(
GXi`j`efe[„% % % % % % % % % % % % % % % % % % % %('+ RJk%G\k\ijYli^1;`\=\l\in\_iT% % % % 0+
jk\cc\ecfj\G_fkf^iXg_#;\i% % % % % % % % %0(
GXik`\jm`j`Yc\\k`em`j`Yc\[Ële
\ej\dYc\jfljk\ej`fe% % % % % % % % %(/' Jk`ccDfm`e^% % % % % % % % % % % % % % % % % % % % %(-/
GXjkGi\j\ek % % % % % % % % % % % % % % % % % % % %(-) $jkfg#gfZ\cla% % % % % % % % % % % % % % % % % % % ,0
GXkJk\`i(00*18e@ek\im`\n% % % % % % % % (/( Jkfipk\cc\i% % % % % % % % % % % % % % % % % % % % % %(/)
GXk_„:fliXekÆ=Xj_`fef]GXi`j% % % % %('* JkiXnY\iipJn`e^:fc[gcXp % % % % % %-.#.GXk_„>Xq\kk\Ef%)('% % % % % % % % % % % % % ('( Jki\pd` % % % % % % % % % % % % % % % % % % % % % % % *,
RGXk_„Ki`Zb=`cdEf%)T % % % % % % % % % % %('- JkifdjgXi\e % % % % % % % % % % % % % % % % % % % ,.
G\`e\[lkXc`fe#CX% % % % % % % % % % % % % % % % 0, Jkpcf>fi`ccXq % % % % % % % % % % % % % % % % % % -/
G\e[l#C\% % % % % % % % % % % % % % % % % % % % % % % /0 Jle[Xp% % % % % % % % % % % % % % % % % % % % % % % % *,
G\fgc\ÊjI\glYc`Zf]Qff% % % % % % % % % % )* Jlg\i\e_XeZ\[ÆM(<(Æ
=Xd`c`Xi`qXk`fe % % % % % % % % % % % % % % % %(,0
G`\Z\j@E\m\i;`[% % % % % % % % % % % % % % % % (.(
G`cfk% % % % % % % % % % % % % % % % % % % % % % % % % % %(-) Jligi`j\j[\cÊXm`Xk`fe#C\j% % % % % % % % % (('
G`gle^\ie\1?`kk\YXie\k% % % % % % % %-(#-, Jpe\jk_\j`X% % % % % % % % % % % % % % % % % % %-.#..
GcXeb% % % % % % % % % % % % % % % % % % % % % % % % % % ,0
KXb\F]]% % % % % % % % % % % % % % % % % % % % % % % % (*(
Gfdg\``E\nPfibGXik(1
G`\i:Xi\jj\j % % % % % % % % % % % % % % % % %()) K\idjf]:fe]\jj`fe % % % % % % % % % % % % ,0
Gfj`k`fe\e;`\>fc[\e\eQ`kife\e % % .+ K\ii\j[\gfdd\j[\k\ii\% % % % % % % % ))
Gi\ZXi`flj% % % % % % % % % % % % % % % % % % % % % % (-( K_`j@j8cXjbX% % % % % % % % % % % % % % % % % % % ))
Gi\[`^\i% % % % % % % % % % % % % % % % % % % % % % % +, K_`jKffJ_XccGXjjFb>f % % % % % % -,#./
Gi\d`\i\ % % % % % % % % % % % % % % % % % % % % % % %(.' K_ifYj% % % % % % % % % % % % % % % % % % % % % % % % %(*Gifc\^fd\eX% % % % % % % % % % % % % % % % % % % %(.0 K`ccpXe[k_\=`i\<e^`e\j % % % % % % % % % %(')
Gifdfk`feXcM`[\f% % % % % % % % % % % % % % % ), K`ccp`eX9fXi[`e^?flj\% % % % % % % % % % % ('(
Gleb`e^Flk% % % % % % % % % % % % % % % % % % % % % ((0 K`d\9\`e^% % % % % % % % % % % % % % % % % % % % % %(*)
Gli]c\[Gifd`j\j% % % % % % % % % % % % % % % % % (-. K`d\Ëj8iifn% % % % % % % % % % % % % % % % % % % %(*/
Kf9\kjp]ifd9\kjpN_fKliej
Kfdfiifn-,ÆKJk`cc8c`m\ % % % % % %(.0
IXcg_% % % % % % % % % % % % % % % % % % % % % % % % % % -*
IXdg% % % % % % % % % % % % % % % % % % % % % % % % % % ((0 Kfekfc`e`…ki`jk\% % % % % % % % % % % % % % % % %0(
IXpÊj9`i[j% % % % % % % % % % % % % % % % % % % % % )+ KiX]Xc^XiJhlXi\I`fk%%%%%%%%%%%%%% ('(
KiXejd`jj`fe]fiP\Xi'% % % % % % % % % % % )I\ZfejkilZk`e^;Xdfe8cYXie
`eB`ej_XjX% % % % % % % % % % % % % % % % )/#+* KiXm\cc`e^=`\c[j% % % % % % % % % % % % % % % % % *,
I\Zi\Xk`fe% % % % % % % % % % % % % % % % % % % % % %(., Ki\X[d`cc% % % % % % % % % % % % % % % % % % % % % % %(,.
I\[J_`]k% % % % % % % % % % % % % % % % % % % % % % %(*) Ki\XkD\C`b\PfliDfk_\i
K_\;\X[N\Xk_\i % % % % % % % % % % % % ..
i\d\jXj#CXj% % % % % % % % % % % % % % % % % % % % ),
I\e[\q$mflj~Jk\ccX$GcX^\ % % % % % % % % %*( Ki\\$C`e\% % % % % % % % % % % % % % % % % % % % % % % (*(
I\jk% % % % % % % % % % % % % % % % % % % % % % % % % % %(-0 Ki`m`Xc`kp % % % % % % % % % % % % % % % % % % % % % % % (/(
I\jkXliXk`\nX^\ej % % % % % % % % % % % % % % )0 Kif`jG_Xj\j[\cXcle\#C\j% % % % % % % % % /0
I\kiXkfF]`Z`Xc% % % % % % % % % % % % % % % % % %(-* Kil\&=Xcj\% % % % % % % % % % % % % % % % % % % % % %(-0
I\m\e^\19fkkc\f]:_XdgX^e\% % % % % %(,/ RKlcg\eT % % % % % % % % % % % % % % % % % % % % % % % /0
I\m\e^\19fnc`e^9Xcc% % % % % % % % % % % % %(-' Klee\cj % % % % % % % % % % % % % % % % % % % % % % % %(.0
I\m\e^\1?Xdd\i% % % % % % % % % % % % % % % %(,0 KnfEXl^_kp9fpj% % % % % % % % % % % % % % % -,
I„mfclk`fe\eIljj`\#CX% % % % % % % % % % % 0) Kpg\[\j@e[\j\k[\:\pcXe % % % % % % % 00
I`^_k?Xe[#K_\% % % % % % % % % % % % % % % % % % ,.
I`^fc\kkf1:Xifefd\% % % % % % % % % % % % % %('- lV'/$(]lkli\gXjkg\i]\Zkgk%* XcmX
I`j\% % % % % % % % % % % % % % % % % % % % % % % % % % % ))
efkf]\Xk%8ee\$AXd\j:_Xkfe % % % .+
If`[\j[fccXij#C\% % % % % % % % % % % % % % % % /0 LcpYbX9l[[p% % % % % % % % % % % % % % % % % % % ,/
IfjXc`\\kC„fek`e\mfekXlk_„ki\ ('' Le[\igXjj#K_\
Ifkk\eJfle[% % % % % % % % % % % % % % % % % % % %(.0
8>iXm\N`k_EfEXd\ % % % % % % % % % .0
IljkpEX`cjDf[\iXk % % % % % % % % % % % % % .+ Le`ZfieKXYcf`[j % % % % % % % % % % % % % % % % %(-/
Lek`kc\[<[`k\[G\i]fidXeZ\* % % % % %(-0
JXXiYi•Zb\e % % % % % % % % % % % % % % % % % % % % // LJNX]]\ejZ_Xl`e9\ic`eN\jk#
JX`jfedlkXek\B`b`]il`k % % % % % % % % % % ./
=cl^_X]\eK\dg\c_f]% % % % % % % % % % % %(.,
JXckM`e\^Xi% % % % % % % % % % % % % % % % % % ,JZ\e\j`ek_\I\Zfi[;\dfejkiXk`fe
MXcj\Z_Xcflg„\#CX% % % % % % % % % % % % % % %('f]Jl]]iX^\kk\j% % % % % % % % % % % % % % % % ('( M\d9c[\i6% % % % % % % % % % % % % % % % % % % % %-(
JZ_cX]\e[\=•Z_j`e% % % % % % % % % % % % % % ++ M\e\k`Xe9c`e[% % % % % % % % % % % % % % % % % % %(*JZ_d\\i^lekq% % % % % % % % % % % % % % % % % % % (*( M\id\`ekc`Z_b\`kle[Ql]Xcc% % % % % % % %(,.
JZ`jjfiC`Xij % % % % % % % % % % % % % % % % % % % .0 M`\n% % % % % % % % % % % % % % % % % % % % % % % % % % )+
JZlcgk\lidf[\ie\ % % % % % % % % % % % % % %('/ M`cXp% % % % % % % % % % % % % % % % % % % % % % % % % % *+
J\Zfe[:flj`ejFeZ\I\dfm\[% % % % % %*( Mff[ff% % % % % % % % % % % % % % % % % % % % % % % % % ).
J\`k\ec\_e\#;`\
MfpX^\\eJl`jj\ÆCÊ<e^X[`e % % % % % % //
C\eXJkf\_i]Xbkfi % % % % % % % % % %-.#.* MfpX^\jliAlg`k\i % % % % % % % % % % % % % % -,
J\b`cXcX$LeZfm\i\[=Xd`cp% % % % % % % % % %(,,
J\i\e`kpM\iefeXe[9liej % % % % % % % % .+ NX`k`e^]fik_\N`e[% % % % % % % % % % % % % % ()(
J\m\eJfe^j8YflkK_le[\i % % % % % % % *) NXe[\i\i#;\i % % % % % % % % % % % % % % % % % % %(,.
J_X[fnj`ej`[\ % % % % % % % % % % % % % % % % % +. N\>fkK`d\DfiXpDZCXi\e % % % % % % % --
N\Fnek_\JbpD/* % % % % % % % % % % % % % -N\NXekNXiK_\j\E\nGli`kXej % % % ./
N\cc\ei\`k\i% % % % % % % % % % % % % % % % % % % % ,)
N\jk=`e^\iYfXi[IfX[% % % % % % % % % % % % (/(
N_\eNfic[j:fccl[\% % % % % % % % % % % % % %(*/
N_`k\J_f\JkXk`fe % % % % % % % % % % % % % % % (..
N`c[Ycff[K_\G`ebIffd % % % % % % % % % .N`c[]•kk\ile^`d]•ijkc`Z_
=•ijk\eY\i^`jZ_\eGXib
ql;feXl\jZ_`e^\e% % % % % % % % % % % % 0,
N`e^j]fi;f^j% % % % % % % % % % % % % % % % % % ),
N`ee\i% % % % % % % % % % % % % % % % % % % % % % % % % (-(
NfdXe;iXg\[`eGXkk\ie\[
?Xe[b\iZ_`\]j% % % % % % % % % % % % % % % % % 0)
NfibDX[\<Xjp% % % % % % % % % % % % % % % % % % 0.
Nfic[1Bfi\Xe;`j_\j#K_\% % % % % % % % % %(,,
C€e[\i
:fleki`\j
8 i^ \ek`e`\e8i^\ek `e`X
8i^\ek`e\:fjjXZbj#K_\=iX^d\ekj
]ifdX=X[`e^Ki`Y\ % % % % % % % % % % % **
8ljkiXc`\e8ljkiXc`X
8lkldeJkfip=`i\b`k\j %%%%%%%%%%% ..
IXcg_% % % % % % % % % % % % % % % % % % % % % % % % % % -*
J`Y\i`X% % % % % % % % % % % % % % % % % % % % % % % % *+
J`[\YpJ`[\% % % % % % % % % % % % % % % % % % % % -*
9\c^ `\e9\c^`ld
9cfe[\=`i\K_\?`Zb\pLe[\infic[ % % ./
;`jjfeXek% % % % % % % % % % % % % % % % % % % % % % % *.
ODX^Xq`e\9\e\]`k% % % % % % % % % % % % % % % ((0 >l`kXi?\if\j% % % % % % % % % % % % % % % % % % % ).
Cfe^C`m\k_\E\n=c\j_ % % % % % % % % % % %(,0
pflXe[d\ % % % % % % % % % % % % % % % % % % % % % +* DXc„[`Zk`fe[\9fe_fdd\;Xe`\c#CX% %(-'
FfgjNife^GcXe\k % % % % % % % % % % % % % % %(-'
QX^i\YKiXdJkXk`fe % % % % % % % % % % % % % % ++ Jkfipk\cc\i% % % % % % % % % % % % % % % % % % % % % %(/)
Q`dd\i#;Xj% % % % % % % % % % % % % % % % % % % % % +)
Ql\`^ele^ % % % % % % % % % % % % % % % % % % *)#++ 9iXj`c`\e 9iXq `c
Qnc]9fob€dg]\iaX^\eM`Zkfi
:_XgX% % % % % % % % % % % % % % % % % % % % % % % % % %*(
hl\i•Y\i[\e^if\eJpck\i
:`e\dX% % % % % % % % % % % % % % % % % % % % % % % % *.
;\`Z_(+'0%%%%%%%%%%%%%%%%%%(-, =c`Zb\i`e^% % % % % % % % % % % % % % % % % % % % % % %(.'
M I:_`eXGI: _`eX
?X`iJkfip#8% % % % % % % % % % % % % % % % % % % %(.*
C`]\Xe[K`d\jf]?f:_le^
M`ccX^\#K_\% % % % % % % % % % % % % % % % % % %(.*
CfnCfm\ % % % % % % % % % % % % % % % % % % % % % % % (.+
G\fgc\ÊjI\glYc`Zf]Qff% % % % % % % % % % )*
(// J _ f i k = ` c d =\ j k ` m X c : X k X c f ^ l \ ) ' ( '
;€e\dXib; \edXi b
8eeX% % % % % % % % % % % % % % % % % % % % % % % % % % ,;\]XekXjk`jb\*% % % % % % % % % % % % % % % % % -*
=cµak\cµj% % % % % % % % % % % % % % % % % % % % % % % -)
Dlj\e % % % % % % % % % % % % % % % % % % % % % % % % -)
G`gle^\ie\1?`kk\YXie\k% % % % % % % % %-(#-,
9le[\ji\glYc`b;\lkjZ_cXe[
=\[\iXcI\glYc`Zf]>\idXep
&%%%]c•jj`^\jgXg`\i % % % % % % % % % % % % % % % +8d\i`bX% % % % % % % % % % % % % % % % % % % % % % % % %+(
8e[\i\C\lk\DXcXbf]]BfnXcjb` % % % % .)
8iefjKfecXYfi % % % % % % % % % % % % % % % % % +9\\i[`^le^[\iFg]\i[\j>ilY\e$
le^c•ZbjXl][\iQ\Z_\IX[Yf[@%N%
[\e(-%Efm(0'/% % % % % % % % % % % % % % 0.
9\ejY\i^J\gk\dY\i)''0% % % % % % % % % +,
Y`c[JKI@:?<% % % % % % % % % % % % % % % % % % % % +9`kYp9`k:fd]fik=`k % % % % % % % % % % % % .)
:Xd\c=cp`e^Cfklj % % % % % % % % % % % % % % .*
:_Xid`e^]fik_\I\mfclk`fe% % % % % % % %(-/
:pZc\ % % % % % % % % % % % % % % % % % % % % % % % % % % +.
;`m`e\j?Xe[kXjZ_\Jk\i\fKfkXc % % % -;fee\in\kk\iKX[\ccfjI\ml\
[\jD\kifgfc$K_\Xk\ij1
JZ_lkqdXee$C`\[%%%%%%%%%%%%% (''
;i`m`e^ycf[`\ % % % % % % % % % % % % % % % % % % % %,(
;ileb% % % % % % % % % % % % % % % % % % % % % % % % % %(./
<e`% % % % % % % % % % % % % % % % % % % % % % % % % % % % -'
<jn`i[\`edXc^\n\j\ej\`e% % % % % % % +/
<m\ipn_\i\f]J`cm\i#8e% % % % % % % % % % % (..
<of[lj% % % % % % % % % % % % % % % % % % % % % % % % % **
=fliJ\Xjfej% % % % % % % % % % % % % % % % % % % %(,0
=iXlXdD\\i#;`\ % % % % % % % % % % % % % % % % ,)
>\jXe^[\iA•e^c`e^\ % % % % % % % % % % % % % +)
>\jkli\jf]Gfn\i% % % % % % % % % % % % % % % +>ifle[:fekifc % % % % % % % % % % % % % % % % % % +/
?` A%%%%%%%%%%%%%%%%%%%%%%%%%%%+)
?€ejZ_\ebc\`e % % % % % % % % % % % % % % % % % % +.
?\`djg`\c% % % % % % % % % % % % % % % % % % % % % % ,)
?\ccf>ff[Yp\% % % % % % % % % % % % % % % % % % % %+(
?fc[`e^Jk`cc% % % % % % % % % % % % % % % % % % % % % ,)
?p9fCKMfeJgXi % % % % % % % % % % % % % % % % .*
@Z__XY\8e^jk% % % % % % % % % % % % % % % % % % +.
@dEfi[j\\YX[9fibld% % % % % % % % % % %('+
RBX`j\iN`c_\cd@@#AX^[jki\Zb\T% % % % 0,
b\ljZ_\JljXee\1N\ee[\iMXk\i
d`k[\dJf_e\#;`\% % % % % % % % % % % % (''
BcXgg\#;`\% % % % % % % % % % % % % % % % % % % % % % +,
Bc\`e\le[[Xj9`\jk#;\i% % % % % % % % % % ,/
I\^`jk\i
Bfbfe% % % % % % % % % % % % % % % % % % % % % % % % % +,
Bfg]•Y\i`d>\€jk% % % % % % % % % % % % % % % ++
Ble^9Xf?l_e% % % % % % % % % % % % % % % % % % +*
C\^\e[\e% % % % % % % % % % % % % % % % % % % % % % %,(
C`]\^l`[\GXggbXd\iX[\e % % % % % % -/#.*
C`^_ke`e^Jki`b\j=\c`oBlY`e % % % % % % .*
C`kkc\N_`k\:cfl[K_Xk:i`\[ % % % % % % %(-/
Cfb_Xcc\% % % % % % % % % % % % % % % % % % % % % % % %(.'
D€[Z_\enXi^\jk\ie % % % % % % % % % % % % -+
DXpY\J`Xd% % % % % % % % % % % % % % % % % % % % % +)
D\`eEXd\`jkJg`\j\Zb\% % % % % % % % % %('.
D`cckfne#DfekXeX% % % % % % % % % % % % % % % % %,(
EXZ_BcXiX% % % % % % % % % % % % % % % % % % +*#-*
FgXhl\?`c[li>l[eX[kk`i % % % % % % % % .+
Fjdfj`jf]k_\Le`Zfie% % % % % % % % % % % % (-.
GXiX[`j\CXk\i% % % % % % % % % % % % % % % % % % %(-Gfj`k`fe\e;`\>fc[\e\eQ`kife\e % % .+
Gi\[`^\i% % % % % % % % % % % % % % % % % % % % % % % +,
Gli]c\[Gifd`j\j% % % % % % % % % % % % % % % % % (-.
I\ZfejkilZk`e^;Xdfe8cYXie
`eB`ej_XjX% % % % % % % % % % % % % % % % )/#+*
I`^fc\kkf1:Xifefd\% % % % % % % % % % % % % %('IljkpEX`cjDf[\iXk % % % % % % % % % % % % % .+
JXXiYi•Zb\e % % % % % % % % % % % % % % % % % % % % //
JZ_cX]\e[\=•Z_j`e% % % % % % % % % % % % % % % ++
J\`k\ec\_e\#;`\
C\eXJkf\_i]Xbkfi % % % % % % % % % %-.#.*
J\i\e`kpM\iefeXe[9liej % % % % % % % % .+
J_X[fnj`ej`[\% % % % % % % % % % % % % % % % % % +.
J`i\e\ % % % % % % % % % % % % % % % % % % % % % % % % %(-0
JcXgk_\>fe[fcX % % % % % % % % % % % % % % % % (-.
jfle[f]Z_`c[_ff[#k_\% % % % % % % % % % % % -'
jk\cc\ecfj\G_fkf^iXg_#;\i% % % % % % % % %0(
Jk`ccDfm`e^% % % % % % % % % % % % % % % % % % % % %(-/
JkifdjgXi\e% % % % % % % % % % % % % % % % % % % % ,.
lV'/$(]lkli\gXjkg\i]\Zkgk%* XcmXefkf]\Xk%8ee\$AXd\j:_Xkfe .+
Le`ZfieKXYcf`[j % % % % % % % % % % % % % % % % %(-/
LJNX]]\ejZ_Xl`e9\ic`eN\jk#
=cl^_X]\eK\dg\c_f]% % % % % % % % % % % %(.,
N\cc\ei\`k\i% % % % % % % % % % % % % % % % % % % % ,)
N_`k\J_f\JkXk`fe % % % % % % % % % % % % % % % (..
N`c[]•kk\ile^`d]•ijkc`Z_
=•ijk\eY\i^`jZ_\eGXib
ql;feXl\jZ_`e^\e% % % % % % % % % % % % 0,
pflXe[d\ % % % % % % % % % % % % % % % % % % % % % +*
QX^i\YKiXdJkXk`fe % % % % % % % % % % % % % % ++
Q`dd\i#;Xj% % % % % % % % % % % % % % % % % % % % % +)
Ql\`^ele^ % % % % % % % % % % % % % % % % % % *)#++
<c JX c mX [ f i
i\d\jXj#CXj% % % % % % % % % % % % % % % % % % % ),
<jkc X e[ <jkfe`X
Fc\^% % % % % % % % % % % % % % % % % % % % % % % % % % % *+
=` eec X e [ = ` e c X e [
vc€bl`jbXXpjk€m€ejll_le%%%%%%%%-+
:XkZ_`e^% % % % % % % % % % % % % % % % % % % % % % % **
Cld`bbf% % % % % % % % % % % % % % % % % % % % % % % )*
=iX ebi\ `Z_ =iX e Z\
+,kfli[\:_\m\lZ\Z`eÊ\jkgXj
le[`jhl\ :_\m\l #Le % % % % % % % % % .0
8^\ekjk\cjhlÊfeefljc\jgi„j\ek\Æ
c\jX^\ekjk\cjhlË`cjjfek#C\j% % % % %0(
8dfli[Ê\jZcXm\ % % % % % % % % % % % % % % % % (('
8dfli\lo[\cX]\dd\~YXiY\% % % % % -,
8eeXCfm\ejk\`e % % % % % % % % % % % % % % % % % ,.
8jjXjj`eXk[ld`e`jki\Gc\_m\#CÊ% % % % 0)
8kcXek`hl\j % % % % % % % % % % % % % % % % % % % %(+'
8lDXifZ1KXe^\i% % % % % % % % % % % % % % % % 0/
8lgXpjef`i% % % % % % % % % % % % % % % % % % % % 0R8lj^Xe^Xlj[\i=XYi`b[\i
<kXYc`jj\d\ekjGXk_„=i…i\jT% % % % %0(
9X^e\[\j^fjj\j#C\% % % % % % % % % % % % % %('/
9Xk\Xlojlic\E`c % % % % % % % % % % % % % % % /0
9fe@emXc`[\\kc\j\e]Xekj#C\ % % % % % %(')
Yfee\c\ƒfe#Le\ % % % % % % % % % % % % % % % %(./
9fl„\#CX% % % % % % % % % % % % % % % % % % % % % % %('9flk$[\$QXejÊXdlj\% % % % % % % % % % % % %('*
:_Xjj\~cXgXek_…i\#CX% % % % % % % % % % % 0,
:_\e`cc\[\cXZXifkk\#CX%%%%%%%%%%%('+
:fZ_fe[Xej\li#C\% % % % % % % % % % % % % % %('0
:ÅliXi[\ek% % % % % % % % % % % % % % % % % % % %('+
:fcc\Zk`fe[\ZXik\jgfjkXc\j% % % % % % 0)
:fe]\jj`fe#CX% % % % % % % % % % % % % % % % % % (''
Zfi[\i`\#Le\ % % % % % % % % % % % % % % % % % % % (('
:le„^fe[\i\ƒf`kjX]Xd`cc\ % % % % % % %(',
;Êflm`\ee\ekc\j]XloZ_\m\lo% % % % %('*
;XejcÊ?\ccX[\% % % % % % % % % % % % % % % % % % 00
;Xejc\jflj$dXi`e % % % % % % % % % % % % % %('/
;Xej\jZfjdfgfc`k\j% % % % % % % % % % % % % 0/
;Xej\jj\ig\ek`e\j% % % % % % % % % % % % % % //
;Xp`eX;f^jË?fd\#8% % % % % % % % % % % % 0.
;fd\jk`hl\j\m\e^\#C\% % % % % % % % % % %('/
[iXd\[Xejc\jX`ij#Le% % % % % % % % % % % %('.
<Zc`gj\[ljfc\`c\egc\`e\cle\% % % % %('<[lZXk`feg_pj`hl\„kl[`„\Xl
iXc\ek`jj\li% % % % % % % % % % % % % % % % % %(')
<ogcf`kXk`fe\kZlckli\[lZX]„% % % % % 0.
=XZ_\lj\d„gi`j\ % % % % % % % % % % % % % % % 0+
=\l[ÊXik`]`Z\% % % % % % % % % % % % % % % % % % % (('
=cXdd\jdpjk„i`\lj\j#C\j % % % % % % % %(',
=fi†k]l^`k`m\#CX% % % % % % % % % % % % % % % % %(./
=iXeZ\Zlckli\
8ieXl[=c\li\ek$;`[`\i % % % % % % % % ..
=lik_\i:fdgc`ZXk`fejAXim`j:fZb\i .>iXe[\j<Xlo[\M\ijX`cc\j#C\j % % % % % 0*
>i…m\[\jeflii`Z\j#CX% % % % % % % % % % % % 0.
?Xmi\1gfik#C\% % % % % % % % % % % % % % % % % % %(./
?\kjZ_ffejk\l`k[\eXklli% % % % % % %(',
?\o\QfiX`[\#;`\% % % % % % % % % % % % % % % % %('/
@ejX`j`jjXYc\G`ZbgfZb\k#CÊ% % % % % % % % % 0+
C„feZ\~cXZXdgX^e\% % % % % % % % % % % %('+
C…mi\jZfcc„j% % % % % % % % % % % % % % % % % % %(')
C`kkc\K`Z_ % % % % % % % % % % % % % % % % % % % % % % 00
Clkk\gflicXm`\#CX % % % % % % % % % % % % % %('.
DXi`\8ekf`e\kk\% % % % % % % % % % % % % % % % % 0'
RDXi`e\jT% % % % % % % % % % % % % % % % % % % % % % %('+
D„[fiXlk„c„g_fe\% % % % % % % % % % % % % (''
D\j]`cc\jgfik\ekcXalg\$Zlcfkk\% % %(')
D„kXccli^`\Xl:i\ljfk#CX % % % % % % % % % 0Dfej`\li\kDX[Xd\jfekgi\jj„j% % /0
Dfej`\lihl`XdXe^„[lkXli\Xl#Le% (('
Dfik[l;lZ[¡<e^_`\e#CX % % % % % % % % % 0'
Dflc`edXl[`k#C\ % % % % % % % % % % % % % % % % (('
E…^i\^flidXe[#C\ % % % % % % % % % % % % % % 0+
RE\imfljB`kZ_\edX`[#8T % % % % % % % % %(',
EfZ\j\e9i\kX^e\%%%%%%%%%%%%%%%00
El`k[\Ef‡c% % % % % % % % % % % % % % % % % % % % 0*
GXi`j`efe[„% % % % % % % % % % % % % % % % % % % %('+
GXik`\jm`j`Yc\\k`em`j`Yc\[Ële
\ej\dYc\jfljk\ej`fe% % % % % % % % %(/'
GXk_„:fliXekÆ=Xj_`fef]GXi`j% % % % %('*
GXk_„>Xq\kk\Ef%)('% % % % % % % % % % % % % ('(
RGXk_„Ki`Zb=`cdEf%)T % % % % % % % % % % %('G\`e\[lkXc`fe#CX% % % % % % % % % % % % % % % % 0,
G\e[l#C\% % % % % % % % % % % % % % % % % % % % % % % /0
Gifc\^fd\eX% % % % % % % % % % % % % % % % % % % %(.0
I\e[\q$mflj~Jk\ccX$GcX^\% % % % % % % % %*(
I„mfclk`fe\eIljj`\#CX% % % % % % % % % % % 0)
If`[\j[fccXij#C\% % % % % % % % % % % % % % % % /0
IfjXc`\\kC„fek`e\mfekXlk_„ki\ (''
Ifkk\eJfle[% % % % % % % % % % % % % % % % % % % %(.0
JX`jfedlkXek\B`b`]il`k % % % % % % % % % % ./
JZlcgk\lidf[\ie\ % % % % % % % % % % % % % %('/
J`oJÅlij;X`e\]#C\j % % % % % % % % % % % % % 0,
Jligi`j\j[\cÊXm`Xk`fe#C\j% % % % % % % % % (('
Kf9\kjp]ifd9\kjpN_fKliej
Kfdfiifn-,ÆKJk`cc8c`m\ % % % % % %(.0
Kif`jG_Xj\j[\cXcle\#C\j% % % % % % % % % /0
RKlcg\eT % % % % % % % % % % % % % % % % % % % % % % % /0
Kpg\[\j@e[\j\k[\:\pcXe % % % % % % % 00
MXcj\Z_Xcflg„\#CX% % % % % % % % % % % % % % %('MfpX^\\eJl`jj\ÆCÊ<e^X[`e % % % % % % //
MfpX^\jliAlg`k\i % % % % % % % % % % % % % % -,
>ifYi`kXee`\e>i\Xk9i`kX`e
8ZifYXk`Z=cp% % % % % % % % % % % % % % % % % % % 0,
8de\j`X% % % % % % % % % % % % % % % % % % % % % % % %*(
9\c`\m\% % % % % % % % % % % % % % % % % % % % % % % %(+'
Yif% % % % % % % % % % % % % % % % % % % % % % % % % % % % -+
:_\iipfek_\:Xb\% % % % % % % % % % % % % % ,/
;\edibXe% % % % % % % % % % % % % % % % % % % )*
;\jgX`i % % % % % % % % % % % % % % % % % % % % % % % %(.*
;f^Flkn`kjk_\B`[eXgg\ij% % % % % % % % 00
<c\Zki`ZC`^_kNfe[\icXe[% % % % % % % % % )+
=`ijkOIXp:`e\dXkf^iXg_(/0.Æ(0(+
;i%DXZ@ekpi\% % % % % % % % % % % % % % % % % %('/
=`m\D`c\jFlk % % % % % % % % % % % % % % % % % % -'
=cX^DflekX`e % % % % % % % % % % % % % % % % % % ),
=cp`ek_\Jbp% % % % % % % % % % % % % % % % % % % ))
=fi:lckliXcGligfj\jFecp% % % % % % % % %(-*
=lik_\i:fdgc`ZXk`fejAXim`j:fZb\i .?Xidfe`\[\iG\e[\cjZ_n`e^le^#;`\% 0+
?\c`fZ\eki`Z% % % % % % % % % % % % % % % % % % % % %(,0
AXZbJkiXnÊj:Xjkc\% % % % % % % % % % % % % % %(.*
B`[jD`^_k=cp% % % % % % % % % % % % % % % % % % -+
CXk_XdÊjDXZ_`e\9\`e^Kfn\[`e
X]k\i?`jNfe[\i]lc=c`^_kfe
))e[FZkfY\i% % % % % % % % % % % % % % % % %('0
D`kZ_\ccXe[B\epfe)0(N_`kjlek`[\
=X`iXkGi\jkfe % % % % % % % % % % % % % % % % 0'
D`kZ_\ccXe[B\epfe-(+KiXd
I`[\`ekf?Xc`]Xo% % % % % % % % % % % % % % % 0D`kZ_\ccXe[B\epfe..)J\[^n`ZbËj
9`fjZfg\J_fn]ifekXkG\e[c\Ylip
NXb\j % % % % % % % % % % % % % % % % % % % % % % % 0'
D`okXg\% % % % % % % % % % % % % % % % % % % % % % % % ,,
Dfefcf^% % % % % % % % % % % % % % % % % % % % % % % % )0
Dfeld\ekj % % % % % % % % % % % % % % % % % % % % %(.)
ElY`X%NX[`?Xc]XXe[k_\
J\Zfe[:XkXiXZk% % % % % % % % % % % % % % % 0+
Fm\ij`q\[FDF % % % % % % % % % % % % % % % % % -.
GXiX[`j\:`iZljDXjj`m\8kkXZb % % % % .G`\Z\j@E\m\i;`[% % % % % % % % % % % % % % % % (.(
JZ\e\j`ek_\I\Zfi[;\dfejkiXk`fe
f]Jl]]iX^\kk\j% % % % % % % % % % % % % % % % ('(
J\b`cXcX$LeZfm\i\[=Xd`cp% % % % % % % % % %(,,
J_lk[fne#K_\% % % % % % % % % % % % % % % % % % % ).
Jk%C\feXi[jFlkiX^\% % % % % % % % % % % % % % ('(
JkiXnY\iipJn`e^:fc[gcXp % % % % % %-.#.Jkpcf>fi`ccXq % % % % % % % % % % % % % % % % % % -/
Jpe\jk_\j`X% % % % % % % % % % % % % % % % % % %-.#..
K`ccpXe[k_\=`i\<e^`e\j % % % % % % % % % %(')
K`ccp`eX9fXi[`e^?flj\% % % % % % % % % % % ('(
KiX]Xc^XiJhlXi\I`fk%%%%%%%%%%%%%% ('(
KiXejd`jj`fe]fiP\Xi'% % % % % % % % % % % )Ki\XkD\C`b\PfliDfk_\i
K_\;\X[N\Xk_\i % % % % % % % % % % % % ..
KnfEXl^_kp9fpj% % % % % % % % % % % % % % % -,
Le[\igXjj#K_\
8>iXm\N`k_EfEXd\ % % % % % % % % % .0
N\>fkK`d\DfiXpDZCXi\e % % % % % % % -N\Fnek_\JbpD/* % % % % % % % % % % % % % -N\NXekNXiK_\j\E\nGli`kXej % % % ./
N_`k\J_f\JkXk`fe % % % % % % % % % % % % % % % (..
NfdXe;iXg\[`eGXkk\ie\[
?Xe[b\iZ_`\]j% % % % % % % % % % % % % % % % % 0)
@e[ `\e@e[`X
:_XbiXmXb % % % % % % % % % % % % % % % % % % % % %()AXe^Xi_=`cdÆ<b % % % % % % % % % % % % % % %().
B\j_bXdYc` % % % % % % % % % % % % % % % % % % % %()BiXdXj_X% % % % % % % % % % % % % % % % % % % % % %().
Bj_pX#KiX#>_pX% % % % % % % % % % % % % % % % %()DXGX% % % % % % % % % % % % % % % % % % % % % % % % %().
DXjXXe% % % % % % % % % % % % % % % % % % % % % % % %()J_i\\Bi`j_eXAXedX% % % % % % % % % % % % %(),
M`cXp% % % % % % % % % % % % % % % % % % % % % % % % % *+
E\lifgXkfcf^`X#CX % % % % % % % % % % % % % % % 0*
J`ZkiXej`k% % % % % % % % % % % % % % % % % % % % %(-'
Kfekfc`e`…ki`jk\% % % % % % % % % % % % % % % % %0(
AXg Xe
0.(?fij\j"+Q\YiXj% % % % % % % % % % % % %(,?Xe[JfXg% % % % % % % % % % % % % % % % % % % % % % )?fnkf=`j_]fiBXggX1
C\jjfej]ifdXCfZXc%%%%%%%%%%%%(,BliXj_`Xkf % % % % % % % % % % % % % % % % % % % % *'
Dlj`Z`e\dXPXdXefk\C`e\J\c\Zk`fe (,,
J\b`cXcX$LeZfm\i\[=Xd`cp% % % % % % % % % %(,,
JFCFF@FF % % % % % % % % % % % % % % % % % % % % % ..
Jle[Xp% % % % % % % % % % % % % % % % % % % % % % % % *,
Nfic[1Bfi\Xe;`j_\j#K_\% % % % % % % % % %(,,
BXeX[X:XeX[X
8]^_Xe`dXk`fe% % % % % % % % % % % % % % % % % % %(-*
9Xj`e% % % % % % % % % % % % % % % % % % % % % % % % % %(-*
:cfj\<eZflek\i % % % % % % % % % % % % % % % % %(.'
:fccX^`jk#K_\% % % % % % % % % % % % % % % % % % % %(-*
;\m`cËj`ek_\;\kX`cj#K_\% % % % % % % % % %(-+
<[`kfi`Xc% % % % % % % % % % % % % % % % % % % % % % % %(-+
=fik_\ClZbpXe[k_\Jkife^ % % % % % % %(-+
?)F_F_% % % % % % % % % % % % % % % % % % % % % % % %(.'
@ËdJfiip#Jk\ic`e^% % % % % % % % % % % % % % % %(-+
C`kkc\N_`k\:cfl[K_Xk:i`\[ % % % % % % %(-/
Cfb_Xcc\% % % % % % % % % % % % % % % % % % % % % % % %(.'
Cfk))#:feZ\jj`fe,% % % % % % % % % % % % % %(-+
Gli]c\[Gifd`j\j% % % % % % % % % % % % % % % % % (-.
I\jk% % % % % % % % % % % % % % % % % % % % % % % % % % %(-0
I\kiXkfF]`Z`Xc% % % % % % % % % % % % % % % % % %(-*
Jfd\k`d\%Jfd\n_\i\%% % % % % % % % % % % %)(
Kil\&=Xcj\% % % % % % % % % % % % % % % % % % % % % %(-0
BXjXZ_jkXeBXqXb_jkXe
<of[lj% % % % % % % % % % % % % % % % % % % % % % % % % **
BfcldY `\e:fcfdY`X
=il`kJXcX[% % % % % % % % % % % % % % % % % % % % % %(-0
C`Y XefeC\YXefe
K\ii\j[\gfdd\j[\k\ii\% % % % % % % % ))
C`kXl\eC`k _lXe`X
=`cdXjXg`\e\`efdôXd\e`e`ebô\% % % % % %)(
$jkfg#gfZ\cla% % % % % % % % % % % % % % % % % % % ,0
D\o`bfD\o`Zf
clqXclc% % % % % % % % % % % % % % % % % % % % % % % % % -)
Dfc[ Xn `\eDfc[fmX
;\]`e`k`m\cpLe]`e`j_\[ % % % % % % % % % % % *Dfe^ fc\`Dfe^fc`X
LcpYbX9l[[p% % % % % % % % % % % % % % % % % % % ,/
E\lj\\cXe[ E\nQ\XcXe[
9cl\K`[\#9cXZbNXk\i% % % % % % % % % % % % %(-)
JXckM`e\^Xi% % % % % % % % % % % % % % % % % % ,J`o;fccXi=`]kpDXe#K_\% % % % % % % % ,/#(+(
E`\[\icXe[\K_\E\[\icXe[j
@e[ fe\j`\e@e[fe\j`X
GXiX[`j\CXk\i% % % % % % % % % % % % % % % % % % %(-- ;ffgc\Z_k`^_\`[Gi`ej\jAlc`XeX% % % % 00
>`ic]i`\e[j% % % % % % % % % % % % % % % % % % % % % *)
>i`e[`eÊEfYf[p9\Xkjk_\;ild %-.#./
@icXe[ @i\cXe[
;feb\p% % % % % % % % % % % % % % % % % % % % % % % % % ,. @ejkilZk`fe% % % % % % % % % % % % % % % % % % % % % )AXZZfÊj=`cd% % % % % % % % % % % % % % % % % % % % ,AfXe% % % % % % % % % % % % % % % % % % % % % % % % % % %(-'
@jcXe[ @Z\cXe[
:_\\j\% % % % % % % % % % % % % % % % % % % % % % % % *) Afe^\ejq`aen\% % % % % % % % % % % % % % % % % ,0
Jki\pd` % % % % % % % % % % % % % % % % % % % % % % % *, D\ic\%% % % % % % % % % % % % % % % % % % % % % % % % % -)
Dli`n`\ðqX% % % % % % % % % % % % % % % % % % % % % )*
@jiX\c
Effb:iXeep% % % % % % % % % % % % % % % % % % %(.0
?`cXi`flj % % % % % % % % % % % % % % % % % % % % % % )0 GcXeb% % % % % % % % % % % % % % % % % % % % % % % % % % ,0
Dli`n`\ðqX% % % % % % % % % % % % % % % % % % % % % )* I\jkXliXk`\nX^\ej % % % % % % % % % % % % % % )0
Gifdfk`feXcM`[\f% % % % % % % % % % % % % % % ), I\m\e^\19fkkc\f]:_XdgX^e\% % % % % %(,/
I\m\e^\19fnc`e^9Xcc% % % % % % % % % % % % %(-'
@kXc`\e@kXcp
I\m\e^\1?Xdd\i% % % % % % % % % % % % % % % %(,0
:_`c[i\e% % % % % % % % % % % % % % % % % % % % % % % %(/' N`e^j]fi;f^j% % % % % % % % % % % % % % % % % % ),
:`jfef^c`jg`i`k`% % % % % % % % % % % % % % % % *'
:feZfijf[`Y\cc\qqX]iX
Efin\^ \eEfi nXp
YXdY`e`XKfi`ef% % % % % % % % % % % % % % 0) <m\ipn_\i\f]J`cm\i#8e% % % % % % % % % % % (..
;l\ccfXccfj_iXge\c% % % % % % % % % % % % % %(') ?fgg\% % % % % % % % % % % % % % % % % % % % % % % % % %-(
Bi`Bi`\`ckXe^f% % % % % % % % % % % % % % % % % // J`eeXDXee%%%%%%%%%%%%%%%%%%%%%(+'
C\X\`c^fd`kfcf% % % % % % % % % % % % % % % % %('0 Jc‚jjbXdg\e % % % % % % % % % % % % % % % % % % % -'
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(/0
@ e [ \ o \ j
KiXm\cc`e^=`\c[j% % % % % % % % % % % % % % % % % *, K_ X`cXe [
I`^_k?Xe[#K_\% % % % % % % % % % % % % % % % % % ,.
I`j\% % % % % % % % % % % % % % % % % % % % % % % % % % % ))
{ jk\ i i\ ` Z _ 8ljki`X
8i`X[\dljkXe^ % % % % % % % % % % % % % % % %(-9Xifd…ki\#C\% % % % % % % % % % % % % % % % % % %(-, KjZ_ \Z_ `jZ_ \ I\gl Yc`b
9\`d=fkf^iX]\e % % % % % % % % % % % % % % % % 0) :q\Z_ I\gl Yc`Z
9f[pKiX`c% % % % % % % % % % % % % % % % % % % % % % %(-- D\c\d\d\c\d\b}ml?l^fKfooo
]\Xk%McX[`d`i,(/ % % % % % % % % % % % % % -Y$jkXi#lekkYXi% % % % % % % % % % % % % % % % *'
;Xj`jkj\_i^lk% % % % % % % % % % % % % % % % %(-- J\b`cXcX$LeZfm\i\[=Xd`cp% % % % % % % % % %(,,
;\cg_`e\[\Fc`m\`iX% % % % % % % % % % % % % % %(-<`ejm`\iq`^% % % % % % % % % % % % % % % % % % % % %(-, K• i b\` Kl ib\p
=`ijkFe\j#K_\ % % % % % % % % % % % % % % % % % %(.)
RBX`j\ic`Z_\=Xd`c`\#eXZ_[\i?fZ_q\`k
Bfif% % % % % % % % % % % % % % % % % % % % % % % % % % %(.)
mfe<iq_\iqf^BXicle[Q`kX
mfe9fliYfe$GXidX#;`\T% % % % % % % % %0( Fek_\K_`e@Z\ % % % % % % % % % % % % % % % % % %(.)
GXiX[`j\CXk\i% % % % % % % % % % % % % % % % % % %(-- FliM`ccX^\% % % % % % % % % % % % % % % % % % % % % %(.)
JglZb\e% % % % % % % % % % % % % % % % % % % % % % %(-,
L^Xe [X
Jlg\i\e_XeZ\[ÆM(<(Æ
=Xd`c`Xi`qXk`fe % % % % % % % % % % % % % % % %(,0 @eb% % % % % % % % % % % % % % % % % % % % % % % % % % % )+
Qnc]9fob€dg]\iaX^\eM`Zkfi
LJ8
hl\i•Y\i[\e^if\eJpck\i
;\`Z_(+'0%%%%%%%%%%%%%%%%%%(-, ('(P\X_j% % % % % % % % % % % % % % % % % % % % % % % -((k_ifl^_()% % % % % % % % % % % % % % % % % % % %()'
(0/(I\X^Xe% % % % % % % % % % % % % % % % % % % % % (.Gf c \ eGfcX e[
*/#,% % % % % % % % % % % % % % % % % % % % % % % % % % % )- ,+;XpjK_`jN`ek\i*-;Xpj
K_`jJgi`e^]fi(/D`elk\j % % % % % % % (/(
Dli`n`\ðqX% % % % % % % % % % % % % % % % % % % % % )*
8]k\iC`]\#K_\
M`Zkfi`XËjJ\Zi\kM\ij`fe % % % % % % %(*/
Iljj c X e[Iljj`X
8kk\ek`fe% % % % % % % % % % % % % % % % % % % % % % *+ 8c`\eGfikiX`k%%%%%%%%%%%%%%%%%%%% ((0
9ffk_j% % % % % % % % % % % % % % % % % % % % % % % % % (.+ 8dfe^jkk_\G\ijlX[\[ % % % % % % % % % % %(*/
8i^\ek`e\:fjjXZbj#K_\
;fgfce`k\cÊep\mfqdfq_efjk`
=iX^d\ekj]ifdX=X[`e^Ki`Y\ % % **
gpXkXZ_bX% % % % % % % % % % % % % % % % % % % ).
RJk%G\k\ijYli^1;`\=\l\in\_iT% % % % 0+ 9XYp;fcc% % % % % % % % % % % % % % % % % % % % % % %())
LcpYbX9l[[p% % % % % % % % % % % % % % % % % % % ,/ 9XiY`\ % % % % % % % % % % % % % % % % % % % % % % % % %()'
Mff[ff% % % % % % % % % % % % % % % % % % % % % % % % % ). 9cXZb9fo% % % % % % % % % % % % % % % % % % % % % % % ()(
9cl\Gc\Xjli\% % % % % % % % % % % % % % % % % % % %())
9fn\ij:Xm\ % % % % % % % % % % % % % % % % % % % % )/
JZ_n\ [\ e Jn\ [ \ e
(0/.$(00* % % % % % % % % % % % % % % % % % % % % % % )/ :_cX[e`JZ_\d\% % % % % % % % % % % % % % % % % %(.0
;ileb% % % % % % % % % % % % % % % % % % % % % % % % % %(./ :fe]\jj`fe% % % % % % % % % % % % % % % % % % % % % % (.<m\ipn_\i\f]J`cm\i#8e% % % % % % % % % % % (.. ;Xej\jj\ig\ek`e\j% % % % % % % % % % % % % % //
>iXe[dfk_\iÊj<p\ % % % % % % % % % % % % % % % (.. ;Xibe\jjf];Xp#K_\% % % % % % % % % % % % % % *,
?Xe[\cj\m`[YXeb% % % % % % % % % % % % % % % (+( ;\Xi>f[#@?Xk\Dpj\c]O`lO`l % % % % .0
C`^_kP\Xij % % % % % % % % % % % % % % % % % % % % %(*) ;`\Jcfn?\Xck_ % % % % % % % % % % % % % % % % % .DX[Xd\C`kkc\9fp% % % % % % % % % % % % % % *- ;`jZi\gXeZp8E\n8cc8ifle[C\Xg
=finXi[J`klXk`fe@j<d\i^`e^ % % *E\m\i?XjI\XZ_% % % % % % % % % % % % % % % % % (..
FePfli9XZbNfdXe % % % % % % % % % % % % % (.. <dgkpJl`kZXj\j % % % % % % % % % % % % % % % % %())
I\[J_`]k% % % % % % % % % % % % % % % % % % % % % % %(*) <k\ieXcHlXik\i@eZ_#K_\% % % % % % % % % %(/'
K_`j@j8cXjbX% % % % % % % % % % % % % % % % % % % )) =fliJ_fik=`cdj(0.)Æ(0.* % % % % % % % (-(
K`d\9\`e^% % % % % % % % % % % % % % % % % % % % % %(*) =fliJfle[G`\Z\j1;ffij#NXk\i#
:c`Zb#G`e$9Xcc% % % % % % % % % % % % % % % % %(-)
Ki\\$C`e\% % % % % % % % % % % % % % % % % % % % % % % (*(
M\d9c[\i6% % % % % % % % % % % % % % % % % % % % %-( =il`kJXcX[% % % % % % % % % % % % % % % % % % % % % %(-0
=la`% % % % % % % % % % % % % % % % % % % % % % % % % % % %(.,
>$DXe % % % % % % % % % % % % % % % % % % % % % % % % % ()(
JZ_n\ ` qJn` kq\ ic X e [
8]k\ik_\<dg`i\% % % % % % % % % % % % % % % % %(,. >i\XkDXeXe[:`e\dX% % % % % % % % % % % % % (/(
>l\i`cc…i\KXcbj% % % % % % % % % % % % % % % % % % ((0
:Xgkli`e^EXkliXcJfle[j`ek_\8^\
?\i\% % % % % % % % % % % % % % % % % % % % % % % % % % %(*/
f]k_\M`ekX^\./I\$Zfi[Xe[
?\if`e % % % % % % % % % % % % % % % % % % % % % % % % % ()(
Fk_\iK_fl^_kjfeKiXm\c`e^
Y\kn\\e;`]]\i\ekI\$Xc`k`\j% % % % % %(,- ?fnk_\?\cc@I`gg\[AXZb
>fc[jk\`eËjGX`ek`e^`ek_\<c\mXkfi(*.
:fd\fe`ekfk_\:fek`e\ekj% % % % % % %(,/
=lfi`[Xc^i\^^\% % % % % % % % % % % % % % % % % ** @]Fecp % % % % % % % % % % % % % % % % % % % % % % % % %(*.
>ifjj\Gc€e\% % % % % % % % % % % % % % % % % % % ,- @dd\ij`fe% % % % % % % % % % % % % % % % % % % % % %(.,
?Xe[cXl]B•iY`j% % % % % % % % % % % % % % % % %(,. @ekif[lZk`fekfk_\J\Zi\kJfZ`\kp% % %(*@ePfliIffd% % % % % % % % % % % % % % % % % % % %(,/ AfeXjD\bXj`eBf[XZ_ifd\;Xpj% % % % (-(
@ej`[\Flkj`[\ % % % % % % % % % % % % % % % % %(,. AGC% % % % % % % % % % % % % % % % % % % % % % % % % % % (.Dle^^\%E`[jZ_fn`[i% % % % % % % % %-(#-, C%<%J%% % % % % % % % % % % % % % % % % % % % % % % % % %()'
Jb\\kKiXgj% % % % % % % % % % % % % % % % % % % %(,. CX[pXe[?\iDX`[#8% % % % % % % % % % % % %('*
Ki\X[d`cc% % % % % % % % % % % % % % % % % % % % % % %(,. DXf$?fg\DXiZ_% % % % % % % % % % % % % % % % %(.,
M\id\`ekc`Z_b\`kle[Ql]Xcc% % % % % % % %(,. D\e`eFiY`k% % % % % % % % % % % % % % % % % % % % %()'
NXe[\i\i#;\i % % % % % % % % % % % % % % % % % % %(,. Dfeld\ekj % % % % % % % % % % % % % % % % % % % % %(.)
DffejGffc % % % % % % % % % % % % % % % % % % % % % (*(
J\ e\ ^X c
DlkXYc\=`i\% % % % % % % % % % % % % % % % % % % %())
8kcXek`hl\j % % % % % % % % % % % % % % % % % % % %(+' DpEXd\@jFfeX% % % % % % % % % % % % % % % % %(*)
E\nI\gfik % % % % % % % % % % % % % % % % % % % % % (/(
J ` e^X gli J ` e^ X g f i\
efe$8ipXe % % % % % % % % % % % % % % % % % % % % % *'
C`]\f]@d`kXk`fe%%%%%%%%%%%%%%%%%% )/ Efik_J_fi\% % % % % % % % % % % % % % % % % % % % %(*.
Efn#Pfl:Xe;f8epk_`e^ % % % % % % % % %(*Fekfk_\E\okFe\
J gX e` \ eJg X ` e
AXp$Q]\Xk%Jn`qq9\Xkq % % % % % % % % .0
i\d\jXj#CXj% % % % % % % % % % % % % % % % % % % ),
Fi:cfl[#K_\ % % % % % % % % % % % % % % % % % % %(*.
J •[X ] i ` bX Jflk_8]i`ZX
Fig_Xej% % % % % % % % % % % % % % % % % % % % % % % %()'
@8dJXXika`\9XXikdXe% % % % % % % % % % % )0 GXefm`j`fe% % % % % % % % % % % % % % % % % % % % % %(*GXjkGi\j\ek % % % % % % % % % % % % % % % % % % % %(-)
J•[bfi\XJflk_Bfi\X
GXkJk\`i(00*18e@ek\im`\n% % % % % % % % (/(
<e\i^p=cfn% % % % % % % % % % % % % % % % % % % % % (.+ G`cfk% % % % % % % % % % % % % % % % % % % % % % % % % % %(-)
K\idjf]:fe]\jj`fe % % % % % % % % % % % % ,0 Gfdg\``E\nPfibGXik(1
M`\n% % % % % % % % % % % % % % % % % % % % % % % % % % )+
G`\i:Xi\jj\j % % % % % % % % % % % % % % % % %())
Gi\ZXi`flj% % % % % % % % % % % % % % % % % % % % % % (-(
Gi\d`\i\ % % % % % % % % % % % % % % % % % % % % % % %(.'
Gleb`e^Flk% % % % % % % % % % % % % % % % % % % % % ((0
IXdg% % % % % % % % % % % % % % % % % % % % % % % % % % ((0
IXpÊj9`i[j% % % % % % % % % % % % % % % % % % % % % )+
I\Zi\Xk`fe% % % % % % % % % % % % % % % % % % % % % %(.,
JZ_d\\i^lekq% % % % % % % % % % % % % % % % % % % (*(
JZ`jjfiC`Xij % % % % % % % % % % % % % % % % % % % .0
J\Zfe[:flj`ejFeZ\I\dfm\[% % % % % %*(
J\m\eJfe^j8YflkK_le[\i % % % % % % % *)
J_\?X[?\i>le8ccI\X[p % % % % % % % % % ()(
J_`]k\[?fi`qfe% % % % % % % % % % % % % % % % % *JcXgk_\>fe[fcX % % % % % % % % % % % % % % % % (-.
JkiXnY\iipJn`e^:fc[gcXp % % % % % %-.#.KXb\F]]% % % % % % % % % % % % % % % % % % % % % % % % (*(
K_`jKffJ_XccGXjjFb>f % % % % % % -,#./
K_ifYj% % % % % % % % % % % % % % % % % % % % % % % % %(*K`d\Ëj8iifn% % % % % % % % % % % % % % % % % % % %(*/
Ki`m`Xc`kp % % % % % % % % % % % % % % % % % % % % % % % (/(
Klee\cj % % % % % % % % % % % % % % % % % % % % % % % %(.0
Lek`kc\[<[`k\[G\i]fidXeZ\* % % % % %(-0
M\e\k`Xe9c`e[% % % % % % % % % % % % % % % % % % %(*NX`k`e^]fik_\N`e[% % % % % % % % % % % % % % ()(
N\jk=`e^\iYfXi[IfX[% % % % % % % % % % % % (/(
N_\eNfic[j:fccl[\% % % % % % % % % % % % % %(*/
N`c[Ycff[K_\G`ebIffd % % % % % % % % % .N`ee\i% % % % % % % % % % % % % % % % % % % % % % % % % (-(
NfibDX[\<Xjp% % % % % % % % % % % % % % % % % % 0.
ODX^Xq`e\9\e\]`k% % % % % % % % % % % % % % % ((0
(0' J _ f i k = ` c d =\ j k ` m X c : X k X c f l ^ \ ) ' ( '
I\^`jj\li\
;`i\Zkfij
8^l`cXi#JXe[if % % % % % % % % % % % % % % % % % % ).
8b`ec\d`el#Kfd % % % % % % % % % % % % % % % % % +,
8cY\j#<d`c% % % % % % % % % % % % % % % % % % % % % %('.
8cY`jkfe#DXib% % % % % % % % % % % % % % % % ,/#(+(
8e^\c\j#9\ik% % % % % % % % % % % % % % % % % % % %('*
8ekXi#Q`X[% % % % % % % % % % % % % % % % % % % % % % ))
8jb`cc#;Xe`\c% % % % % % % % % % % % % % % % % % % % ./
wjk\`e#;X^ % % % % % % % % % % % % % % % % % % % % % -'
wjk\`e#B\`f% % % % % % % % % % % % % % % % % % % % % -'
8l[\i#D`Z_\c% % % % % % % % % % % % % % % % % % % % (.8l[f`e#A`ddp% % % % % % % % % % % % % % % % % % % ./
8liXe[#Lk\% % % % % % % % % % % % % % % % % % % % % ++
8pcZfkk#;Xm`[ % % % % % % % % % % % % % % % % % % % -,
9#9\k_% % % % % % % % % % % % % % % % % % % % % % % % % ()(
9#JZfkk% % % % % % % % % % % % % % % % % % % % % % % % ()(
9X^eXcc#Cfl`j\ % % % % % % % % % % % % % % % % % % ,.
9Xbb\i#;XXe % % % % % % % % % % % % % % % % % % % % ,9Xc[\jjXi`#Af_e % % % % % % % % % % % % % % % % % (-(
9XikXeX#PX\c% % % % % % % % % % % % % % % % % % % % )*
9€ik‚j#DX^elj% % % % % % % % % % % % % % % % % % *9XjjXe`e`#BXk`X% % % % % % % % % % % % % % % % % %(,.
9\XlmX`j#=iXeb% % % % % % % % % % % % % % % % % % .0
9\d\cj#8ekfe`e;\% % % % % % % % % % % % % % %(-'
9ai^#J`^^X% % % % % % % % % % % % % % % % % % % % % *)
9f\i#DXefe[\ % % % % % % % % % % % % % % % % % % *.
9fj\kk`#Ifd„f % % % % % % % % % % % % % % % % % (''
9fl[ip#GXlc`e\% % % % % % % % % % % % % % % % % %(-/
9iX`cX#GXm\c% % % % % % % % % % % % % % % % % % % % % *9iXe[il[#DXi`lj;pYnX[% % % % % % % % % % )/
9i\\i#IfY\ik% % % % % % % % % % % % % % % % % % % %(.,
9i\l\i#8jZXe % % % % % % % % % % % % % % % % % % %(-9i`ccfnjbX#DXi`fcX % % % % % % % % % % % % % % % +.
9ifne#JXd % % % % % % % % % % % % % % % % % % % % % .0
9ilek\c#8e[`% % % % % % % % % % % % % % % % % % % % .0
9ilp\cc\#E`ZfcXj% % % % % % % % % % % % % % % % % ).
9li\Xl#GXlc`e\% % % % % % % % % % % % % % % % % % ,.
9li^l\k#?\eip % % % % % % % % % % % % % % % % % %('9lkqd•_c\e#Jk\]Xe% % % % % % % % % % % % +*#-*
:X`cc\Xl#>l`ccXld\ % % % % % % % % % % % % % % % +)
:XccXi[#8e[i\X % % % % % % % % % % % % % % % % % %()'
:XdgY\cc#:fc`e % % % % % % % % % % % % % % % % % %(-0
:Xg\ccXe`#8cY\ik% % % % % % % % % % % % % % 0'#(('
:XiiXjZXc#AlXe% % % % % % % % % % % % % % % % % % ),
:Xijfe#DX^^` % % % % % % % % % % % % % % % % % % % ((0
:_XeBnXe$_f#K\ii\eZ\ % % % % % % % % % % % (.+
:_Xlm\k#;\cg_`e\% % % % % % % % % % % % % % % % ./
:_`c[j#BXipe% % % % % % % % % % % % % % % % % % % % ,:_f#J\fle^_f% % % % % % % % % % % % % % % % % % % *:_fde#J\^le[f[\% % % %-,#/0#(',#('/
:_l\e:_f`#9`e% % % % % % % % % % % % % % % % % % +*
:c\iZh#8eflb;\% % % % % % % % % % % % % % % % %(-'
:f^Xe#:_i`jkfg_\i% % % % % % % % % % % % % % %(.0
:fl`ccXi[#GXlc% % % % % % % % % % % % % % % % % % %(-0
:i`kZ_c\p#;Xm`[% % % % % % % % % % % % % % % % % % (.(
:pkk\i#B\i\e% % % % % % % % % % % % % % % % % % % %(,0
;ô\Yfnjb`#>iq\^fiq% % % % % % % % % % % % % % % );XcY\i^#DXiˆX% % % % % % % % % % % % % % % % % % % *,
;Xe#:õXc`e% % % % % % % % % % % % % % % % % % % % % % % ),
;XjZ_e\i#BXki`eX % % % % % % % % % % % % % % % %(-;\Ylj#AXeX% % % % % % % % % % % % % % % % % % *)#++
;\Zif`o#:_Xic\j % % % % % % % % % % % % % % % % % 00
;`Zb#M`m`\ee\ % % % % % % % % % % % % % % % %((0#()(
;`fg#DXk` % % % % % % % % % % % % % % % % % % % % % %(+'
;f[^\#?Xiip% % % % % % % % % % % % % % % % % % % % (-(
;fe^$_le#B`d% % % % % % % % % % % % % % % % % % % *,
;fie\i#N`cc`% % % % % % % % % % % % % % % % % % % % %(-;lYf`j#8e^„c`hl\ % % % % % % % % % % % % % % % % %,(
;le[fe#:_i`j % % % % % % % % % % % % % % % % % % % -+
;liXe#=iXeZ`jZX % % % % % % % % % % % % % % % % %(-*
;liXe[#A\Xe% % % % % % % % % % % % % % % % % % % %('+
;lidXq#>•c[\d % % % % % % % % % % % % % % % % %(.)
;lkkX#8d`k% % % % % % % % % % % % % % % % % ()-#().
;p\#KfYp% % % % % % % % % % % % % % % % % % % % % % % .;pj_\efm#9X`i% % % % % % % % % % % % % % % % % % % ,/
<d`^_fcq#?\`eq% % % % % % % % % % % % % % % % % % (.(
<ekn`jkc\#I\[dfe[% % % % % % % % % % % % % % %(.)
<fd#;X\$pfe^% % % % % % % % % % % % % % % % % % % ,0
I\^`jk\i
<ifj#9iX[c\p% % % % % % % % % % % % % % % % % % % %()) Bfd\ij#IX`e\i % % % % % % % % % % % % % % % % % % %,(
<m\i[`e^\e#=iXeZ`\emXe% % % % % % % % % % %(.0 Bfigpj#8e[i\\ % % % % % % % % % % % % % % % % % % +)
BfjjXbfnjb`#Alc`ljq% % % % % % % % % % % % % % ((0
=X_cjkid#{pm`e[% % % % % % % % % % % % % % % %(., BiXlj\#BXijk\e% % % % % % % % % % % % % % % % % % +*
=Xd`^c`\kk`#Af_e% % % % % % % % % % % % % % % % % .- Bi`\^\i#Fd\i % % % % % % % % % % % % % % % % % % % ),
=Xljk#A\Xee\ % % % % % % % % % % % % % % % % )/#+* Bife\eY\i^#PXee`% % % % % % % % % % % % % % % % ..
=\c[d\`\i#JfeaX % % % % % % % % % % % % % % % % %(,/ Bl_e#AfZ_\e% % % % % % % % % % % % % % % % % % % % +,
=\l`ccX[\#Cfl`j% % % % % % % % % % % 0(#('*#('- BlcbXie`#Ld\j_% % % % % % % % % % % % % % % % % % *+
=`\j#Jk\]Xe`\% % % % % % % % % % % % % % % % % % % % -'
=`ee#A`d% % % % % % % % % % % % % % % % % % % % % % % (/( CõXqõXi\jZl#8eZX% % % % % % % % % % % % % % % % % % +/
=`kq^`YYfe#:fc\\e% % % % % % % % % % % % ((0#()' CË?fkjbp#K`eX % % % % % % % % % % % % % % % % % % %()'
=`kq_Xdfe#C\n`j% % % % % % % % % % 00#('(#(') CXe^[fe#:_i`j% % % % % % % % % % % % % % % % % % %(*=c\li\ek$;`[`\i#8ieXl[% % % % % % % % % % % % .. CXijjfe#8ee`bX% % % % % % % % % % % % % % % % % %(./
=c`bb\#Pe^m`c[Jm\% % % % % % % % % % % % % % % % %-( CXli„e#A\jj`ZX% % % % % % % % % % % % % % % % % % %-(
=c•Zb`^\i#8[i`Xe% % % % % % % % % % % % % % % % % %-( C\\#?p\Y`e % % % % % % % % % % % % % % % % % % % % % ,/
=c•Zb`^\i#<[`k_% % % % % % % % % % % % % % % % % %(,. C\]iXek#<ddXel\c % % % % % % % % % % % % % % %(/'
=ifjk#AXd\j% % % % % % % % % % % % % % % % % -,#./ C\db\#BcXlj% % % % % % % % % % % % % % % % % % % % .)
=ifn\`e#G_`c`g% % % % % % % % % % % % % % % % % % % .) C\ie\i#@mXe% % % % % % % % % % % % % % % % % % % % %()'
C\ie\ikJXe[\i% % % % % % % % % (,/#(,0#(-'
>Xc`\kk`#@mXe% % % % % % % % % % % % % % % % % % % %()) C\m\ek_Xc#;Xe`% % % % % % % % % % % % % % % % % % (/(
>XiYjõk`\eð\#CXliX % % % % % % % % % % % % % % % % %)( C\m`e#EfYlep\ % % % % % % % % % % % % % % % % % % )0
>Xi`^c`f#DXkk\f% % % % % % % % % % % % % % % % % % ** C\nXc[#AfeXk_Xe% % % % % % % % % % % % % % % % % (..
>Xlc$9\iiXi[#:„[i`Z% % % % % % % % % % % % % %(.0 C`e[\e#JXY`eXDXi`XmXe[\i%%%%%%%% *)
>\`jj#;Xm`[% % % % % % % % % % % % % % % % % % % % %(-* C`e[e\i#DXo % % % % % % % % % % % % % % % % % % % % -,
>`fc`#GXfcf%%%%%%%%%%%%%%%%%%%%%%(/' CfZ_k\e#?`ck% % % % % % % % % % % % % % % % % % % % -)
>`iXi[\k#:_i`jkfg_% % % % % % % % % % % % % % % +) CfZb_Xik#8dp% % % % % % % % % % % % % % % % % % %(-*
>`kk`B`kk`% % % % % % % % % % % % % % % % % % -/#.* C]]c\i#DXiblj % % % % % % % % % % % % % % % % % % +)
>`ljkf#Jk„g_Xe`\[` % % % % % % % % % % % % % % .- Cf^l\#;\`i[i\% % % % % % % % % % % % % % % % % % %(.'
>cXq\i#AfeXk_Xe% % % % % % % % % % % % % % % % % .. Cf^lkfm#McX[`d`i% % % % % % % % % % % % % % % % % *+
>fi[fe#9\kk\ % % % % % % % % % % % % % % % % % % %()) Cfi\eq#9f^[XeXM\iX % % % % % % % % % % % % % ,)
>fi[fe#<m\% % % % % % % % % % % % % % % % % % % % %(-) Cfi\eq#I\eXk\% % % % % % % % % % % % % % % % % % %(-/
>fi\n`kq#J_Xcfd% % % % % % % % % % % % % % % % %(-) Cfj`\i#DXi`\ % % % % % % % % % % % % % % % % % % % % (-.
>fkf#J_fa`% % % % % % % % % % % % % % % % % % % % % % .. ClZ`Xef#Fj`i`j% % % % % % % % % % % % % % % % % % % -)
>fm`e[G_Xcb\#;_le[`iX`a% % % % % % % % % %(), Cli]#Af_Xee % % % % % % % % % % % % % % % % % % % %(-,
>i\\enff[#Npee\ % % % % % % % % % % % % % % % (/( Cli`\#Af_e%%%%%%%%%%%%%%%%%%%%%%()'
>i`^fi`Xe#<c[Xi% % % % % % % % % % % % % % % % % % %+( CpeZ_#C\\% % % % % % % % % % % % % % % % % % % % % % )/
>icc\i#=i`\[cmfd% % % % % % % % % % % % % % % %(-,
>l„i`e#:_i`jkfg_\ % % % % % % % % % % % % % % %(./ DXZ_`e#8c]i\[% % % % % % % % % % % % % % % % 0,#(('
>•c\ip•q#?Xk`Z\ % % % % % % % % % % % % % % % % %(.) DXZb#DXo% % % % % % % % % % % % % % % % % % % % % % %0(
>leeXijjfe#G`cDXi`X% % % % % % % % % % % % % -) DX[Xd\#Nfc]%%%%%%%%%%%%%%%%%%%% (..
DX[Xn\cX#8elgX% % % % % % % % % % % % % % % % % .0
?X_e#8c\oXe[\i % % % % % % % % % % % % % % % % %(,- DX[[`e#>lp% % % % % % % % % % % % % % % % % % % % %(-/
?X`^_#8e[i\n% % % % % % % % % % % % % % % % % % % -' DX_„#Pm\j$DXi`\ % % % % % % % % % % % % % % % %(./
?Xd`ckfe#JXd%%%%%%%%%%%%%%%%%%%(-) DX`cdXe#;\YfiX_ % % % % % % % % % % % % % % % % -*
?Xej\e#@e^\iC`j\% % % % % % % % % % % % % % % % *, DXb#J_`e^$]le^% % % % % % % % % % % % % % % % %(.*
?Xi[p#B/% % % % % % % % % % % % % % % % % % % % % % % (/( DXb`#JXkXb\ % % % % % % % % % % % % % % % % % % % % *'
?Xidj#K_fijk\e % % % % % % % % % % % % % % % % % .* DXe[\c#D`b\% % % % % % % % % % % % % % % % % % % % (.?XikcXlY#C\X% % % % % % % % % % % % % % % % % % % % +, DXi`eX`#=iXeZf % % % % % % % % % % % % % % % % % %())
?Xkk\eY\i^\i#=i\pX% % % % % % % % % % % % % % %(-0 DXihl\q#:_i`jkfg_\i % % % % % % % % % % % % % .*
?Xlil#?XeeXc\\eX%%%%%%%%%%%%%**#-+ DXik\#JXY`e\ % % % % % % % % % % % % % % % % % % % *'
?\`[jZ_kk\i#Ln\% % % % % % % % % % % % % % % % ,/ DXk_`j#Dl[X% % % % % % % % % % % % % % % % % % % %(,.
?\`cYfie#>le`ccX % % % % % % % % % % % % % % % % % )) DXo`dfm#@mXe % % % % % % % % % % % % % % % % % % % ).
?\c[#Jeb\% % % % % % % % % % % % % % % % % % % % % .* DXp\i#J`dfe% % % % % % % % % % % % % % % % % % % % .+
?\ee`e^#CXij% % % % % % % % % % % % % % % % % % % % %,( DXq\#IXg_X‡c% % % % % % % % % % % % % % % % % % %(.0
?\ieXe[\q#?l^f% % % % % % % % % % % % % % % % % ,/ DZ:Xee#G\eep% % % % % % % % % % % % % % % % % % %(-+
?\nc\kk#AXd`\ % % % % % % % % % % % % % % % % % % -/ DZ:cXi[#D`Z_X\c% % % % % % % % % % % % % % % % % ((0
?`cc\YiXe[#E`bfcXlj% % % % % % % % % % % % % % % ,. DZC\Xe#A\jj\% % % % % % % % % % % % % % % % % % %(/'
?`kkdXe#<c`qX % % % % % % % % % % % % % % % % % % % %*( DZD\_\e#<d`cp% % % % % % % % % % % % % % % % % % )?f]jkX[>lee\j#DX`% % % % % % % % % % % % % % (.. D\cZ_`fi#J`i`% % % % % % % % % % % % % % % % % % % % -)
?fie#C`e[X % % % % % % % % % % % % % % % % % % % % % -- D„c`…j#>\fi^\j% % % % % % % % % % % % % % % % % %('?lY\i#CXiX % % % % % % % % % % % % % % % % % % % % % -' D\cc^i\e#Aej% % % % % % % % % % % % % % % % % % % )*
?•]]\cdXee#=\c`o% % % % % % % % % % % % % % % % % .) D\ec`YXp\mX#8cdX^lc % % % % % % % % % % % % % **
?l^_\j$=i\\cXe[#K\jjX% % % % % % % % % % % %()) D`cc\i#G\k\i% % % % % % % % % % % % % % % % % % % % %(.0
?ljX`e#Fc`m\i % % % % % % % % % % % % % % % % % % % (-. D`jZ_bfnjb`#DXiblj% % % % % % % % % % % % % % ,)
D`kZ_\cc#8ccpjfe % % % % % % % % % % % % % % % % %(-*
@[\X#>\e\iXc% % % % % % % % % % % % % % % % % % % %(-) D`kZ_\cc#AXi\[% % % % % % % % % % % % % % % % % % %(-+
@mXefmX#Jm\kcXeX%%%%%%%%%%%%%%%%%+- Dfe`kfi#@e^f% % % % % % % % % % % % % % % % % % % % -'
Dffi\#8cXe% % % % % % % % % % % % % % % % % % % % % ((0
AXZfYj#B\e% % % % % % % % % % % % % % % % % % % % % (-( DlZ_X#JkXe`jcXn% % % % % % % % % % % % % % % % % +,
AXe\kqbf#:_i`jkfg_ % % % % % % % % % % % % % % +- Dl_ldlqX#G\k\iKlb\`% % % % % % % % % % % % )+
AXiXd`ccf#C`c`XeXM„c\q% % % % % % % % % % % %(-0 Dlcc\ej#N`ccp% % % % % % % % % % % % % % % % % % % % 00
AXilj\m`Z`lj#;Xi`lj % % % % % % % % % % % % % % ,0 D•cc\i#DXkk_`Xj% % % % % % % % % % % % % % % % % % +)
Afe\j#;Xm`[ % % % % % % % % % % % % % % % % % % % % .Afe\j#N`cc`Xd<%% % % % % % % % % % % % % % % % % *- EXi\j#AXd\j% % % % % % % % % % % % % % % % %((0#()(
AflY\ik#A\Xe$G`\ii\% % % % % % % % % % % % % %(-+ EXj_Xj_`Y`#IfjXc`e[% % % % % % % % % % % % % %(.*
Ale\cc#IpXe% % % % % % % % % % % % % % % % % % % % % -- E\^if#:Xd`ccf% % % % % % % % % % % % % % % % % % % 0*
E\cjfe#>lemfi % % % % % % % % % % % % % % (*(#(*)
BXXe#KfdXj% % % % % % % % % % % % % % % % % % % % % ,0 E\lYXl\i#M\iX % % % % % % % % % % % % % % % % % % ))
BXd\ile#JZ_fijZ_% % % % % % % % % % % % % % % .+ E`ZfcX`#:Xijk\e% % % % % % % % % % % % % % % % % % .+
BXp^le#9liƒXb% % % % % % % % % % % % % % % % % %(.) E`Zfc\cX#B`bX% % % % % % % % % % % % % % % % % % % %(.'
B]`i#Qf_Xi% % % % % % % % % % % % % % % % % % % % % % %)( E`\d\p\i#G_`cc`g% % % % % % % % % % % % % % % % % -B`cc`#8e`kX% % % % % % % % % % % % % % % % % % % % % %(+' E`cjjfe#D‚ik\e% % % % % % % % % % % % % % % % % % ))
B`d#J`e$jle^%%%%%%%%%%%%%%%%%%%% (.+ Efe^l\k#ClZ`\e% % % % % % % % % % % % % % % % % % 0)
Bc\`e\ik#K`cc% % % % % % % % % % % % % % % % % % % % % +, EfidXe#;Xo % % % % % % % % % % % % % % % % % % % % -Bc]bfie#D`Z_\c % % % % % % % % % % % % % % % % % +- Efk__\c]\i#?\cdlk % % % % % % % % % % % % % % %(.,
KXpcfi#8c\o % % % % % % % % % % % % % % % % % % % % % -+
KXpcfi#8e[i\n% % % % % % % % % % % % % % % % % % % *+
K\imf#D``X% % % % % % % % % % % % % % % % % % % % % % )*
K_`iXZ_\#DXiZ\cc\% % % % % % % % % % % % % % % %(./
K_fdgjfe#DXib % % % % % % % % % % % % % % % % %(.,
K`d\cp#K\ii`% % % % % % % % % % % % % % % % % % %-.#..
Kµee\j\e#<jY\e% % % % % % % % % % % % % % % % % -*
Kffd`b#AXXe% % % % % % % % % % % % % % % % % % % % *+
GXcd#D`Z_X\c% % % % % % % % % % % % % % % % % % % %(-- Ki`jkiXd#DXk`c[X% % % % % % % % % % % % % % % % % -.
GXggjXkk % % % % % % % % % % % % % % % % % % % % %-.#.* KjXe^#Kjl`$j_Xe % % % % % % % % % % % % % % % % %(.*
G\Xb#8eeX% % % % % % % % % % % % % % % % % % % % % %(.'
G\ii\k#C„feZ\% % % % % % % % % % % % % % % % % % %('+ LY\idfi^\e%Zfd% % % % % % % % % % % % % % % % %(,0
G]X[]`e[\i\`% % % % % % % % % % % % % % % % % % % % % .+ L_c`^#Bpe\% % % % % % % % % % % % % % % % % % % % % % ,.
Gfcj#9`ccp% % % % % % % % % % % % % % % % % % % % % % % ,0
Gfe^#<cf[`\% % % % % % % % % % % % % % % % % % % % %(,. MXcXdXe\j_#EXjj`\d % % % % % % % % % % % % % -*
Gi\`YjZ_#JXiX% % % % % % % % % % % % % % % % % % % (.. MXeZ_`eaXm#JXeZ_`iZ_`d\^ % % % % % % % % % +)
Gi\ljj#J_Xc`dXi% % % % % % % % % % % % % % % % % %*( MXe_flkk\^\d#Af\% % % % % % % % % % % % % % % ./
Giflmfjk#CXli\% % % % % % % % % % % % % % % % % % )0 MXj\i#<ie\jkf% % % % % % % % % % % % % % % % % % %(')
Gifmfjk#E`ZfcXj% % % % % % % % % % % % % % (,0#(/) MXl^_Xe#ID % % % % % % % % % % % % % % % % % % % %(-+
GlYc`ZDfm\d\ek % % % % % % % % % % % % % % % % ), M\cc\#>Xjkfe% % % % % % % % % % % % % % % % %0,#('.
M`Z_`k$MX[XbXe#M`jiX%%%%%%%%%%%%%% ))
IXY\k#=iXeƒf`j% % % % % % % % % % % % % % % % % %(.0 MfejkX[c#DfXeX % % % % % % % % % % % % % % % % % +.
IXdXqXe#{q^•i% % % % % % % % % % % % % % % % % % .* MiYX#AXblY% % % % % % % % % % % % % % % % % % % % %(-IXm\kk#8YiX_Xd% % % % % % % % % % % % % % % % % *'
I\Yc\#A•i^\e% % % % % % % % % % % % % % % % % % % % ++ NXcc`e#JljXeeX% % % % % % % % % % % % % % % % % % )+
I\\[\i#A\ee`]\i % % % % % % % % % % % % % % % % % *) NXck_\ik#@id^Xi[% % % % % % % % % % % % % %,-#-(
I\`]Xik_#;`\k\i% % % % % % % % % % % % % % % % % % +- NXdYj^Xejj#DXiblj% % % % % % % % % % % % % % .+
I\eq`e`#8cm`j\% % % % % % % % % % % % % % % % % % % *' N\Y\i#C\fe`\ % % % % % % % % % % % % % % % % % % % %+(
I_\\#EXpffe% % % % % % % % % % % % % % % % % % % % )+ N\`cXe[#Af_Xee\j% % % % % % % % % % % % % % % % ,/
I`ZXik\#K_`X^f % % % % % % % % % % % % % % % % % % %*( N`c\p#;fifk_p% % % % % % % % % % % % % % % % % % % (*(
I`\^\c#=cfi`Xe% % % % % % % % % % % % % % % % % % % ,) N`cjfe#;Xm`[% % % % % % % % % % % % % % % % % % % % -Ifj\e#If\\% % % % % % % % % % % % % % % % % % % % % )0 N`cjfe#DXik_X% % % % % % % % % % % % % % % % % % %(.'
Ifj\eYcXkk#AXp% % % % % % % % % % % % % % % % % % *, N`e[_Xlj\e#=\[\i`Zf% % % % % % % % % % % % % **
Ik_c`e#:cXl[`X% % % % % % % % % % % % % % % % % % %-( NfaeXifn`Zq#;Xm`[ % % % % % % % % % % % % % % % ()(
IlYp#Jk\ic`e^ % % % % % % % % % % % % % % % % % % % (/( Nfcfj_\e#Jk\m\e% % % % % % % % % % % % % % % % %(-+
Il[fcg_#G_`c`g% % % % % % % % % % % % % % % % % % % ,/ Nfe^#D`e^ % % % % % % % % % % % % % % % % % % % % % )/
Il^Xi#9\e\[`bk% % % % % % % % % % % % % % % % % % .+ Nfe^k_\[#E`k`q% % % % % % % % % % % % % % % % % % ,.
I’eXijjfe#I’eXi % % % % % % % % % % % % % % % % ,- Nff[#JXiX_% % % % % % % % % % % % % % % % % % % % %(-*
I•jj\c\i#<m\cpe% % % % % % % % % % % % % % % % % %(-/ Nfi[\e#=i\[% % % % % % % % % % % % (*-#(*.#(*/
I•k`dXee#:_i`jkfg_% % % % % % % % % % % % % %(,. Ni`^_k#GXlc% % % % % % % % % % % % % % % % % % % % %(+'
F\ikc`#:_i`jkfg_% % % % % % % % % % % % % % % % %(,/
Fc[\eYfi^_#N\e[\c`\emXe% % % % % % % % % )Fck_XXi#8i`Xee\ % % % % % % % % % % % % % % % % % )0
{jkcle[#IlY\e % % % % % % % % % % % % % % % % % % (+(
Fkk`e^\i#Lci`b\% % % % % % % % % % % % % % % % % %(-/
FpXdX#B\`% % % % % % % % % % % % % % % % % % % % % % ){qd\e#Jò\e\i%%%%%%%%%%%%%%%%%%%%(.)
JX`q#DXel\c% % % % % % % % % % % % % % % % % % % % %(-'
JXcq\i#?XeeX% % % % % % % % % % % % % % % % % % % % -+
JXe[c\i#Afj_lX% % % % % % % % % % % % % % % % % %(-0
JXe[c\i#QXZ_Xip % % % % % % % % % % % % % % % % %(-0
JXe[jkid#@di`% % % % % % % % % % % % % % % % % % (..
JXekfj#<[\i % % % % % % % % % % % % % % % % % % % % *.
JXlke\i#>\f]]i\p % % % % % % % % % % % % % % % % )JZ_`\_jc#A% % % % % % % % % % % % % % % % % % % % % % ,/
JZ_d`[#DXoG_`c`gg% % % % % % % % % % % % % % %(,.
JZ_d`kk#C\\8ee\% % % % % % % % % % % % % % % % )/
JZ_e\\dXee#:Xifc\\ % % % % % % % % % % % % % (-(
JZ_e`kk#:fi`eeX% % % % % % % % % % % % % % % % % % +.
JZ_i\`Y\i#ClZ`e[X% % % % % % % % % % % % % % % % ..
JZ_i\`e\i#Mfcb\i% % % % % % % % % % % % % % % % % +.
J\`[c#Lci`Z_% % % % % % % % % % % % % % % % % % % % %(-,
J\d`Zfe[lZkfi % % % % % % % % % % % % % % % % % %(,0
J_\ggXi[#B`d% % % % % % % % % % % % % % % % % % %(-+
J_\idXe#JklXik % % % % % % % % % % % % % % % % %(-)
J_`dliXYifj % % % % % % % % % % % % % % % % % % % %(,,
J_fi\#I`Z % % % % % % % % % % % % % % % % % % % % % % ((0
J_pefcX % % % % % % % % % % % % % % % % % % % % % %-.#.J`^li[Xi[kk`i#J`^^X9ai^% % % % % % % % % *)
Jd`k_#>\fi^\8cY\ik% % % % % % % % % % % % % % 0)
Jd`k_#Af_e% % % % % % % % % % % % % % % % % % % % % ),
Jd`k_#G\iZp % % % % % % % % % % % % % % % % % % % % 0,
Je\cc`e#Clb\ % % % % % % % % % % % % % % % % % % % % ,,
Jf]k`¡Z#8[eXe% % % % % % % % % % % % % % % % % % % % +/
Jg\e^c\i#@jXY\cc % % % % % % % % % % % % % % % % % (-.
JkX]]fi[#8[Xd % % % % % % % % % % % % % % % % % % ).
Jk\`e\i#Il[fc]% % % % % % % % % % % % % % % % % % %(,.
Jk\`eb•_c\i#BX`DXi`X% % % % % % % % % % % % % ,)
Jk\nXik#AXd`\ % % % % % % % % % % % % % % % % % % .0
JkiXkdXe#;\YfiX_ % % % % % % % % % % % % % % % )+
Jki\i#Lk\% % % % % % % % % % % % % % % % % % % % % % ++
JlckXe#CXiip% % % % % % % % % % % % % % % % % % % % (.Jle#Ole% % % % % % % % % % % % % % % % % % % % % % % )*
JlkZc`]]\#Jk\g_\e% % % % % % % % % % % % % % % %(.*
Jlk_\icXe[#Cfl`j%%%%%%%%%%%%%% ,/#(+(
JnXee#:fi[\c`X% % % % % % % % % % % % % % % % % % %*(
KXblif#BfkXbX% % % % % % % % % % % % % % % % % % %(,KXi[`e^#Kfe\% % % % % % % % % % % % % % % % % % % % %-(
KXif#PXjlef % % % % % % % % % % % % % % % % % % % %(,,
KXk_Xd#QXb% % % % % % % % % % % % % % % % % % % % %(.'
B l i q ] ` c d k X ^ \ =\ j k ` m X c b X k X c f ^ )' ( '
(0(
PX_Xcfd`#;XeX % % % % % % % % % % % % % % % % % % ),
PXjlkf#DXjldfkf% % % % % % % % % % % % % % % %(,,
Pfljj\]#JljXe% % % % % % % % % % % % % % % % % % % (/(
Pl#8iXb` % % % % % % % % % % % % % % % % % % % % % % %(,Pl\e#E`eX% % % % % % % % % % % % % % % % % % *)#(-'
QXa`Z\b#AXe% % % % % % % % % % % % % % % % % % % % % -Q_\c\qe`bfm#D`b_X`c%%%%%%%%%%%%%%% (.+
Q`\^c\i#IfjX?XeeX_% % % % % % % % % % % % % % ,)
Q`dd\idXee#>XYi`\c\ % % % % % % % % % % % %(.,
QnXX^#If^`\imXe[\i% % % % % % % % % % %-.#./
NOT
WWW.TEXTEZURKUNST.DE
Filmkultur
in Westfalen
filmfestival münster:
www.filmfestival.muenster.de
Seminarprogramm
www.filmwerkstatt.muenster.de
INTERNATIONALES
FRAUENFILMFESTIVAL
Dortmund |Köln
14. – 18. APRIL 2010 IN KÖLN
Information
www.frauenfilmfestival.eu | Tel: 0231 50 25162
Festivalkinos
Odeon | Filmforum | Filmpalette | OFF Broadway
Programmsektionen
Debüt-Spielfilmwettbewerb | Panorama | begehrt! –
Filmlust queer | Fokus: Around the Balkans | Kinder- &
Jugendfilmprogramm | Workshops & Werkstattgespräche
Konferenz der Landesfilmdienste
.FEJFOVOE NFIS©
'JMNFEJSFLUBVG*ISFO1$
3IFJOBMMFF
#POO
5FMFGPO 5FMFGBY JOGP!MBOEFTGJMNEJFOTUFEF
XXXMBOEFTGJMNEJFOTUFEF
.FEJFOWFSMFJI
.FEJFOUFDIOJL
4USFBNJOH.FEJB
.FEJFOCFSBUVOH
.FEJFOQjEBHPHJL
.FTTFBVGUSJUUF
'JMNGFTUJWBMT
'JMNQSFJTF
'JMNKVSZ
Auslöser
INFORMATIONSBLATT DES FILMVERBANDES SACHSEN e.V.
2
2010
Sächsische Förderfilme im Internet
FILMPOLITIK | FILMFÖRDERUNG | FILMPRODUKTION | FILMLITERATUR | FILMTHEATER | FILMGESCHICHTE
22. FILMFEST DRESDEN
Regionaler Focus
Sonderprogramme des Filmverbandes Sachsen (Seiten 4, 16/17)
Mediathek der Sächsischen Landes- und Universitätsbibliothek Auslöser
www.slub-dresden.de/mediathek
Informationsblatt des Filmverbandes Sachsen,
bundesweit in 5 Ausgaben pro Jahr, Auflage 2000, 32 Seiten,
Filmpolitik, Filmförderung, Filmproduktion, Filmemacher, Filmtheater, Filmpremieren, Filmliteratur, Filmgeschichte, Filmtechnik u.v.a.
www.filmverband-sachsen.de
BMMFT
4DIOJUUo%BT'JMNNBHB[JO
+FU[UJN)BOEFM
TDIOJUUEF
53rd International Leipzig Festival for Documentary and Animated Film
DOK Festival & DOK Industry
The Heart
of Documentary
18.–24.10.2010
www.dok-leipzig.de
With the support of the MEDIA Programme of the European Union
Member of
f The Short Film Catalogue
GERMAN SHORT
FILMS 2010
>> Interessenvertretung für den deutschen Kurzfilm
representational and lobbying body for
German short films
>> Servicestelle für Kurzfilmemacher, -produzenten
und Kurzfilminstitutionen
service centre for filmmakers, producers and
institutes involved in short film
>> Ansprechpartner für Politik, Filmwirtschaft,
Filmtheater und Festivals
contact source for political bodies, the film
industry, cinema businesses and festivals
www.ag-kurzfilm.de
www.shortfilm.de
www.kurzfilmpreisunterwegs.org
$*&*+!* "&%*"#$($*&
!&$ &*"%&#$"'&"!*%'
&%*"
$*
#$&"!%&$*"'!*& ! %&$!*!"
Walter Brus, Phone +49 89 3809-1772, E-Mail: [email protected]
($) $!Mandy Rahn, Phone +49 30 408178-534, E-Mail: [email protected]
!&Thomas Loher, Phone +49 89 3809-1440, E-Mail: [email protected]
((($$
Probeheft
gratis.
Bestellen Sie bei ray Aboservice: [email protected]
Tel.: +43 (0)1 920 20 08-14, Fax: +43 (0)1 920 20 08-13
ray Jahresabo (10 Ausgaben, davon zwei Doppelnummern)
Österreich € 29,– Europa € 45,–
Einzelheft: € 4,50 ray-Studenten-Abo: € 22,–
www.ray-magazin.at
»
...der Beginn
einer wunderbaren
Freundschaft ...
«
JEDEN MONAT NEU:
Aktuelles
Festivals
Filmpolitik
Porträts
Interviews
Themen
. . . könnte Ihr epd-Film-Abo sein.
Lesen Sie unbestechliche Kritiken und
Filmkritiken
informative Geschichten. Lernen Sie
DVDs
die schönsten Seiten des Kinos kennen.
Bücher
Fernsehtipps
»
TESTEN, SPAREN UND GRATIS-GESCHENKE SICHERN!
Bestellen Sie Ihr Probe-Abo per Telefon 069 / 5 80 98 -191 oder im Internet www.epd-film.de/abo
Sie erhalten 3 Ausgaben zum Vorteilspreis für nur 9,90 Euro direkt ins
Haus geliefert und können epd Film in Ruhe Probe lesen. Sie sparen über 40%
anstelle von 17,70 Euro im Einzelverkauf.
tis Ja, ich möchte 3 Ausgaben epd Film für 9,90 € mit den Zugaben bestellen.
Vorname
Name
Straße | Hausnummer
Telefon
PLZ | Ort
Datum | Unterschrift
Gra
enke
Gesc h
ft „Was
nderhe sc he n
o
S
s
a
D
ut
– im de
tut sich + ein XSB Film? “
ick mit
USB -St
2 GB
AZMP10
Ich bin damit einverstanden, dass Sie mich nach Ablauf des Testangebots telefonisch nach meiner Meinung zu epd Film befragen.
Bitte fotokopieren oder ausschneiden und einsenden an: epd Film, Postfach 50 05 50, 60394 Frankfurt; Fax: 069 - 580 98 226
! &
$ % ' "
# $
brRRMMMWHEee CINÉMA DU RÉEL
INTERNATIONAL DOCUMENTARY
FILM FESTIVAL
MARCH 2011
www.cinereel.org
5'(',7,210$5&+&$//)25(175,(667$576-81(
1,-0(*(17+(1(7+(5/$1'6:::*26+2571/
Essen
Deutschlands größter Filmpalast
w w w. l i c h t b u rg - e s s e n . d e
10
24.-29.SEP. 2010
BERGEN - NORWAY
21ST EDITION
Nordisk Panorama 5 Cities Film Festival
Nordisk Forum for Co-financing of Documentaries
Nordisk Panorama Market
Nordisk Panorama Outlook
ARRANGED BY:
SUPPORTED BY:
www.nordiskpanorama.com
DAS FILM-MAGAZIN
ALLES ÜBER KINO
ALLE KINOFILME
ALLE FILME IM FERNSEHEN
DVD
INTERVIEWS
FESTIVALS
PORTRÄTS
KOSTENLOSE UND UNVERBINDLICHE LESEPROBE (2 AUSGABEN)
LITERATUR
www.film-dienst.de . leserservice@film-dienst.de . Telefon 0228-884229
$ )! #%
DESIGNAIR.ORG
%$
#
AUS HOLLYWOOD
!#$
$%
$ '$""#
& %&*!)&0"&*2"./0*!"*!//& %'7*8&$,"."("#+*+!".&(7".'01"(("*$"+0"
2+)".($!".."&0$&*#+.)&".03".!"
.1
"..
%"+*)( !!!+'& (
"$! !!#
#!" !!""! &.)
%37*/ %"#+($"*!"%(1*$/3"&/"
+. %*)"
"1.0/!01)
+*0+*1))".
*'("&05%(
0.6"1/*1))".
.0
01)
*0"./ %.&8
+.3%("("#+*
&(
'''#%!
"-1"),".*'"&*51$ $"$"*" %*1*$
! .-*.+0./.,-
(./.)..1*+1.++
Erich von Stroheim/Arnulf Rainer, 2009/for Viennale © Courtesy Arnulf Rainer
OCTOBER 21 – NOVEMBER 3, 2010
V I ENNA LE A-1070 Vienna, Siebensterngasse 2 % Tel + 43/1/526 59 47 % Fax + 43/1/523 41 72 % office@ viennale.at
www.viennale.at
KOSTÜME!
COSTUMES!
COSTUMI!
BERATUNG
BERLIN
VERMIETUNG
HAMBURG
RECHERCHE
KÖLN
ANFERTIGUNG
MÜNCHEN
S EIT 1907 |
Deutschlands größter Kostümaus-
statter für Film, Fernsehen, Werbung, Video
und Bühne – alle Stile, Epochen und Trends.
Infos unter www.theaterkunst.de
MJUFSBUVS CBMMFUU TUBEUGFSOTFIFO QBSUZ TQPSU
HBTUSPOPNJFBVTTUFMMVOHFOLMFJOLVOTUTDIMBHFS
LBCBSFUUUIFBUFSLJOPDPNFEZTIPXEJBTDIBV
MFTVOHFO MJWFNVTJL PQFOBJS EPLVNFOUBUJPO
NVTJDBMDPNFEZEJBTDIBVCDIFSUJQQTUBO[
WPSUSBHEFSEVJTCVSHFSTIPXPQFSFUUFLMBTTJL
EJTDP[JSLVTEFSPCFSIBVTFOFSPQFSDPNFEZ
TFTTJPO FWFOUT LPO[FSUF DETEWET GV‡CBMM
WIR HABEN SIE ALLE
DAS PROGRAMM ZUR STADT
www.derduisburger.de
Die besten Seiten
der Produktion
Technik, Interviews, Produktionsberichte,
Branchennews – informieren auch Sie sich
mit Deutschlands führender Fachzeitschrift
für Produktion und Postproduktion.
Wollen Sie mehr wissen?
www.kameramann.de
oder Aboservice:
+49-(0)180-5260-104*
*14 Cent/min aus dem Festnetz der deutschen
Telekom, Mobilfunk 42 Cent/min
Gerne schicken wir Ihnen
ein Probeheft.
VORHANG AUF!
März 2010 | 21. Jhg.
www.choices.de
Kultur.Kino.Köln.
MÄNNER DIE AUF
ZIEGEN STARREN
MIT GEORGE CLOONEY, JEFF BRIDGES,
EWAN MCGREGOR, KEVIN SPACEY
!!
151$, +3/+
34+
9/
1.1 %"'&!
!$'%%%$%" $
$&%)&*$
$' &!!&!
%!&&%$#$!%%'%
% % '&$!&!(&'%
!'&"!!!
%4
15 30 )!&$##
30+.4
1.14612-24,
'%'$'!&$ !$'*
30+.4
1.+-/816
%4
2+134
*
+34 ).+1.%-/+6
(34614633-/+4
+
+44.1
www.engels-kinokultur.de
12.2009
SOUL KITCHEN
EIN FILM VON FATIH AKIN
((( #&"!%&(#'
!$!%&
KULTUR.KINO.WEST.
www.trailer-ruhrgebiet.de
www.soul-kitchen-llm.com
MeiréundMeiré
Anteil der Arbeitgeber, die angeben, bei der Einstellung von
Hochschulabsolventen Wert auf gute Noten zu legen, in Prozent: 41
Anteil der Arbeitgeber, die angeben, bei der Einstellung von
Hochschulabsolventen Wert auf „Persönlichkeit“ zu legen, in Prozent: 90
Weitaus mehr als nur Zahlen.
Das Wirtschaftsmagazin brand eins.
Jetzt abonnieren: www.brandeins.de
Sie haben keine Zeit zum Lesen?
Das machen wir für Sie.
Abonnenten erhalten die brand eins Schwerpunkte
via Audible als Hördatei.
Kostenlos.
&ILMLADEN+ASSELE6 \ 'OETHESTR \ +ASSEL \ &ON \ DOKFEST FILMLADENDE \ WWWFILMLADENDEDOKFEST
Verkauf & Service
Unsere Leistungen:
Nutzfahrzeugzentrum
Autogas für alle Fabrikate
Business-Center
Abschleppservice
Karrosserieservice
Gebrauchtwagenzentrum
Tuning & Fahrzeugdesign
30 Jahre Citroën-Händler - Erfahrung die sich auszahlt!
Telefon (02 08) 62 54 0-0
Telefax (02 08) 62 54 0-230
www.citroen-postert.de
[email protected]
professionelles
anlagemanagement
Das Fundament für Ihren Ruhestand.
www.pk-rundfunk.de | Die Altersversorgung für Freie.
www.kurzfilmtage.de

Similar documents

Tom Tom Magazine - Amazon Web Services

Tom Tom Magazine - Amazon Web Services gXjj\[fe#Éj_\jX`[`eXi\Z\ek`ek\im`\n Xkk_\Efin\cc#DXjj%#]XZkfip% =flip\Xij`ekf:iX`^`\Ëjk\eli\Xj: More information

Die BUCHSTAVIER - Das Dosierte Leben

Die BUCHSTAVIER - Das Dosierte Leben intensiv diese Buchstabenkunst reflektierend ausbuchstabiert hat, dass wir die findigen und gewitzten Beiträge „Die Ordnung in der Kunst – die Kunst der Ordnung“ (inklusive der Ihnen sehr ans Herz ...

More information