KAJL

Transcription

KAJL
]\&*()*
KAJL=>
AF<A;=%L9:D=G>;GFL=FLK
Kh][a^a[`]l][fa[`]lajYflaaf^adYlg\ahgda]kl]j]'Hgdq]kl]jkdaf_l][`fa[Ydkh][a^a[Ylagfk
hY_&+
LajYflaafhgda]kl]j]'Hgdq]kl]jkdaf_k
hY_&.
LajYflaafhgda]kl]j]Y\ghhag
fYkljg[gfYkgd]hjgl]ll]
Hgdq]kl]j^dYlo]ZZaf_kdaf_
oal`hjgl][l]\]q]k
hY_&.
9f]dda[gflafmaafhgda]kl]j]
Kajl]^
Kajl]^hgdq]kl]jjgmf\kdaf_
hY_&/
Kakl]ea\aYf[gjY__agaffYkljg
\ahgda]kl]j]
Hgdq]kl]jZYf\dYk`af_kqkl]e
hY_&)(
Hjgl]ragfa]Yf_gdYja
Hjgl][lagfkYf\Yf_d]
hjgl][lgjk
hY_&)*
;HMHjgl]ragfa]Yf_gdYja
;HMhjgl][lagfkYf\Yf_d]
hjgl][lgj
hY_&)+
Hjgl]ragfaafÉ<qf]]eYŸÊ
MdljYhjgl][l
É<qf]]eYŸÊhjgl][lagfk
ÉMdljYhjgl][lÊ
hY_&)+
9[[]kkgja;jgkZqh]jhgda]kl]j]';jgkZqY[[]kkgja]k^gjhgdq]kl]j
K%*0(%9llY[[gYh]jfgh]j
lajYflaYfYkljg
K%*0(%Kdaf_kYn]jo]Z
[gdd][lgj
hY_&).
K%*0)%?jaddakYdnYZjY[Yh]j
ZjY[`]affYkljg
K%*0)%O]ZKdaf_K`Y[cd]k
hY_&)/
K%*0/_Yf[agh]jfYkljgY
kljgrrg
K%*0/ [`gc]j `ggc
K%*+/%EY_daY\a_amfragf]
K%*+/%;gff][laf_dafc
hY_ **
ooo&kajl]^&al
K%*-*'K%*-+%?jaddgkYdnY%
ZjY[Yh]jZjY[`]affYkljg
K%*-*'K%*-+%Kdaf_k`Y[cd]
hY_&)0
hY_&)-
OK+*(?Yf[agh]j^Yk[]
kafl]la[`]
OK+*(9kqfl`]la[kdaf_`ggc
hY_&)1
K%*0*EY_daY\a[gff]kkagf]
K%*0*O]Z[`Yaf[gff][lgj
hY_&*(
)
KAJL=>
;Yjj]ddgeYfmYd]YkhaflY
ÉD]n]pÊK
HdYafljgdd]qÉD]n]pÊK
hY_&*1
9j_YfaY^mf]hYkkYfl]Kajl]^
Kajl]^jgh]hmddaf_eY[`af]
hY_&+(
JY\ag[geYf\aaf\mkljaYda
Af\mkljaYdjY\agj]egl][gfljgdk
hY_&+,
EY_f]lah]jeYf]flaeYfmYda
@Yf\gh]jYl]\eY_f]la[da^l]jk
hY_&+-
<afYege]lja'<qfYege]l]jk
<af)(-LKD
<af)(-LKD
hY_&+0
*
HYjYf[`a]d]llja[aY[Yl]fYKO>
KO>]d][lja[[`Yaf`gakl
hY_&+)
?jmYZYf\a]jY
BaZ[jYf]k
hY_&+*
AehaYflakgkh]kaaf[YfYdafY
Da_`l[jYf]kqkl]ek
hY_&++
hY_&+0
<af)(-LKD'@;
<af)(-LKD'@;
hY_&+1
:adYf[afaeg\mdYjaEg\md^al'L`]Eg\mda^lkqkl]e
hY_&,(
:adYf[afaY\ak]_fg';mklge%eY\]khj]Y\]jk
hY_&,)
ooo&kajl]^&al
KAJL=>
KH=;A>A;@=L=;FA;@=LAJ9FLAAF>AD9LG<AHGDA=KL=J=
HGDQ=KL=JKDAF?L=;@FA;9DKH=;A>A;9LAGFK
;YjYll]jakla[`]\]afYklja
H]kgegdlgja\gllg
?jYf\][YhY[al\ahgjlYlY
H]j^]llYY\]j]frYYdeYl]jaYd]\Ykgdd]nYj]
:mgf[g]^^a[a]fl]\aYddmf_Ye]flg
GllaeYj]kakl]frYY_damjla
DÌYddmf_Ye]flg af [gf\aragfa fgjeYda \a mladarrg † egdlg ZYkkg h]j ad hgda]kl]j]$ Ya [Yja[`a eYkkaea \a dYngjg ka `Y [aj[Y ad + \a
Yddmf_Ye]flg&
Hgdq]kl]j>]Ylmj]k
Da_`lO]a_`l
@a_`[YhY[alq
H]j^][lY\`]j]f[]lgl`]eYl]jaYdlgZ]da^l]\
=p[]dd]fl]dgf_Ylagf[g]^^a[a]fl
=p[]dd]flk`g[cYZkgjhlagf
=dgf_Ylagf\mjaf_fgjeYd[gf\alagfkg^gh]jYlagfakn]jqdgo^gjhgdq]kl]j2YhhjgpaeYl]dq+Yl^mdddgY\&
L]kkalmjY
AdfYkljgmladarrYlg\YddYKajl]^†l]kkmlgmfa^gje]e]fl][gf^ada[gflafma\]ddYkl]kkY^aZjY$Y\YdlYl]f][al$l]jeg^akkYla[ge]hj]k[jallg
\YddYfgjeYAKG)0++]j]kakl]flaYd\]_jY\g[YmkYlg\YajY__amdljYnagd]lla&
Lmllaa^ada[gf[gjj]flaYddYj]kakl]frY\]dfYkljg`Yffgd]kl]kk][YjYll]jakla[`]l][fa[`]&
O]Ynaf_
L`]o]ZZaf_l`YlKajl]^mk]kako]Yn]\]n]fdqoal`[gflafmgmk^aZ]jqYjfk`Ynaf_l`]kYe]`a_`l]fY[alq$l`]jeg%^ap]\af[gehdaYf[]
oal`AKG)0++$Yf\j]kaklYfllg\]l]jagjYlagf[Ymk]\ZqMNjYqk&
9ddqYjfk[gfklalmlaf_l`]j]kaklYf[]g^l`]o]ZZaf_`Yn]l`]kYe]l][`fa[Ydkh][a^a[Ylagfk&
9[[gj_ae]fla
Fgf mkYj] eYa a lajYfla af hj]k]frY \a [Ydgj] gdlj] a )((˜;
FgfmkYj]eYaalajYflaafhj]k]frY\a[Ydgj]gdlj]a)((
;
Hjgl]__]j]d]hYjla[`]dYngjYfgkm_dakha_gda
FgfljYk[afYj]alajYflakmkmh]j^a[ajmna\]
FgfhYkkYj]kghjYalajYfla[gfe]rra\aljYkhgjlg [Yjj]dda$][[$!
AlajYfla\]ZZgfg]kk]j][gfk]jnYlaafYeZa]flaYddÌgeZjY
D]rgf]\a[m[almjYfgf\]ZZgfg]kk]j]ha]_Yl]gk[`aY[[aYl]YddÌYllg\]dkgdd]nYe]flg
ooo&kajl]^&al
+
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
KAJL=>
Oa\l`Yf\lgd]jYf[]
FgeafYdoa\l`emklZ][`gk]fhj]^]jYZdqYegf_l`]^gddgoaf_\ae]fkagfk e]Ykmj]\oal`fghmddaf_l]fkagfYhhda]\!2
*-%+-%-(%.(%1(%)*(%)-(%)0(%*,(%+((ee&
Gl`]je]Ykmj]k[YfZ]Y_j]]\mhgfZql`]hYjla]k&
=p[]hlgl`]joak]kh][a^a]\$l`]lgd]jYf[]g^k]d][l]\fgeafYdoa\l`emklZ]l`]^gddgoaf_2
#'%)(^gjoa\l`]imYdgjkeYdd]jl`Yf)((ee3
#'%0^gjoa\l`_j]Yl]jl`Yf)((ee
=p[]hlgl`]joak]kh][a^a]\$l`]lgd]jYf[]gffgeafYdd]f_l`g^Ykdaf_hmdd]\eYfmYddqgn]jY^dYlkmj^Y[]$oal`gmlj]d]nYfll]fkagf$ak
#'%+&
EYj[YlmjY
DYeYj[YlmjY\YfgaYhhgklYh]je]ll]\aa\]fla^a[Yj]2
)&adeYl]jaYd][gklalm]fl]adfYkljgk][gf\gMFA0(*-Y\gllYf\gdYk]_m]fl]ka_dYH=Kh]jdY^aZjYhgda]kl]j]3
*&dYhgjlYlY\aka[mj]rrYaf]k]j[arag\]ddÌaeZjY_YlmjYf]dd]nYja][gf^a_mjYragfaYee]kk]3
+&ad^gjfalgj]3
,&dÌYffg]ade]k]\a^YZZja[Yragf]3
-&[g\a[]\ajafljY[[aYZadal&
9dlj]af^gjeYragfahgkkgfg]kk]j]eYj[Yl]hj]nagY[[gj\gljYd]hYjla&
D]af^gjeYragfakghjY]d]f[Yl]kgfg\YfgajahgjlYl]km\amfY]la[`]llY[m[alY\aj]llYe]fl]kmddYZjY_YafeYfa]jY\mj]ngd]]nakaZad]
\mjYfl]d][gf\aragfa\amkgfgjeYd]&
Ak]_m]fla[gdgja\a]la[`]llY^Y[adalYfgadja[gfgk[ae]flg\]ddYimYdal\]dfYkljgmladarrYlgh]jdYZjY_Y2
^aZjYhgda]kl]j]2Zdm
EYjcaf_
GmjeYjcaf_Yddgoka\]fla^qaf_2
)&l`]eYl]jaYdg^o`a[`l`]ZYf\akeY\]Ykh]jMFA0(*-ZqY\ghlaf_l`]H=KeYjc^gjhgdq]kl]j^aZ]j3
*&l`]kY^]lq[YhY[alq\mjaf_da^laf_gh]jYlagfkafnYjagmkYddgo]\[gf^a_mjYlagfk3
+&l`]kmhhda]j3
,&l`]q]YjYf\egfl`g^eYfm^Y[lmjaf_3
-&ljY[][g\]&
9\\alagfYdaf^gjeYlagf[YfZ]Y\\]\lgl`]eYjcaf_mhgfY_j]]e]flZ]lo]]fl`]hYjla]k&L`]af^gjeYlagfdakl]\YZgn]akYhhda]\lgY
d
dgf_dYklaf_dYZ]dklal[`]\\aj][ldqgfl`]kdaf_Yf\nakaZd]Ydkg\mjaf_klYf\Yj\[gf\alagfkg^gh]jYlagf&
d a d Z d a ` \ \a d
` da
\ a aZd d \ a
\ \
\a a
^
a
L`]^gddgoaf_dYZ]d[gdgjk^Y[adalYl]j][g_falagfg^l`]imYdalqg^o]ZZaf_mk]\^gjl`]kdaf_2
hgdq]kl]j^aZ]j2Zdm]
9ll]klYragf]\a;gf^gjeal];gddYm\g
DY Kajl]^ jadYk[aY k]ehj] YddÌY[imaj]fl] mfY 9ll]klYragf] \a ;gf^gjeal Ydd] fgje] af na_gj]$ \YlYlY$ ^ajeYlY ] [gfl]f]fl]
,
ooo&kajl]^&al
KAJL=>
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
LYd]nYdgj]\a^^gje]\YimYflghj]k[jallg\YddYfgjfYMFA1+-)†afY[[gj\gYdd]fmgn]\aj]llan]*((.%,*;=]km[[]kkan]eg\a^a[`]]\
Ydd]fgje]=F),1*%)]),1*%*&
KY^]lq;YhY[alqYf\;g]^^a[a]flk
Hgdq]kl]jo]ZZaf_kdaf_$af[dm\af_]f\d]kkjgmf\kdaf_kjgmf\2/
Km[`nYdm]\a^^]jk^jgeo`Ylakj]imaj]\ZqMFA1+-)$ZmlalakafY_j]]e]floal`l`]f]o*((.%,*;=Yf\^gddgoaf_Ye]f\e]flkYf\
alakaf[gehdaYf[]oal`=F),1*%)]l),1*%*
<Ylal][fa[a[YjYll]jakla[a
9kkgjZae]flg\]ddÌmea\alY**˜;]\ad1-\amea\alj]dYlanY
L]eh]jYlmjY\ajYeegddae]flg˜;
Hmflg\a^mkagf]
J]kakl]frYYddÌYZjYkagf]
J]kakl]frY[`aea[Y
9_daY[a\a
9_daYd[Yda
9akgdn]flagj_Yfa[a
9ahjg\glla[`aea[a
Hgdq]kl]j]
J]kakl]frYegdlgZmgfYYlmlla_daY[a\aeaf]jYda&
<akafl]_jYlgYd1(\YY[a\gkgd^gja[g&
:mgfYj]kakl]frYY_daYd[Yda\]Zgda&
Eg\]jYlYj]kakl]frYY_daYd[Yda^gjla&
FgfkmZak[]af^dm]frYY\][[]ragf]\aYd[mfa[gehgkla^]fgda[a&
:mgfYj]kakl]frY&
Lqha[Ydhgdq]kl]jl][`fa[Ydkh][a^a[Ylagfk
@mea\alqYZkgjhlagfYl**˜;Yf\1-j]dYlan]`mea\alqq
Kg^l]faf_L]eh]jYlmj]˜;
E]dlaf_hgafll
9ZjYkagfJ]kaklYf[]
;`]ea[Ydj]kaklYf[]
LgY[a\k
LgYdcYdak
Gj_Yfa[kgdn]flk
Lg[`]ea[Ydhjg\m[lk
ooo&kajl]^&al
Hgda]kl]j]
($-
*+1
*.(
:mgfY
Hgdq]kl]j
($-
*+1
*.(
?gg\\
Hgdq]kl]j
N]jq_gg\j]kaklYf[]lgYddeaf]jYdY[a\k
<akafl]_jYl]\ Yl Y jYl] g^ 1( Zq kmd^mja[ Y[a\\
<akafl]_jYl]\YlYjYl]g^1(Zqkmd^mja[Y[a\
?gg\j]kaklYf[]lgo]YcYdcYdak
Eg\]jYl]j]kaklYf[]lgkljgf_YdcYdak
AlakfglY^^][l]\Zql`]eoal`l`]]p[]hlagfg^kge]h`]fgda[[gehgmf\k&
?gg\j]kaklYf[]
-
KAJL=>
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
LajYflaafhgda]kl]j]Y\ghhagfYkljg[gfYkgd]hjgl]ll]%Hgdq]kl]j^dYlo]ZZaf_kdaf_oal`hjgl][l]\]q]k
DYj_`]rrY
Oa\l`
FYkljghgda]kl]j]l]jeg^akkYlg&
;gdgjaafY[[gj\gYddYfgjeY=F),1*&
J]kakl]fl]Y_daY[a\aY\][[]ragf]\]ddÌY[a%
\gkgd^gja[g[gf[]fljYlg$\]_daYd[Yda^gjla
]\Y_da]l]ja&
Afk]fkaZad]YddÌYragf]\a2
%mea\al
%Y[imYeYjafY
%_jYkka
%dm[]kgdYj]
-(
.(
1(
)*(
)-(
)0(
*,(
+((
;gdgja
;gdgjk
NAGD9'HMJHD=
N=J<='?J==F
?A9DDG'Q=DDGO
?JA?AG'?J=Q
JGKKG'J=<
E9JJGF=':JGOF
:DM':DM=
9J9F;AG'GJ9F?=
HgjlYlY
;YhY[alq
HgjlYlY
;YhY[alq
HgjlYlY
;YhY[alq
HgjlYlY
;YhY[alq
HgjlYlY
;YhY[alq
C_
C_
C_
ž©,-˜
C_
,-˜4ž©.(˜
C_
)&(((
*&(((
+&(((
,&(((
-&(((
.&(((
0&(((
)(&(((
0((
)&.((
*&,((
+&*((
,&(((
,&0((
.&,((
0&(((
*&(((
,&(((
.&(((
0&(((
)(&(((
)*&(((
).&(((
*(&(((
)&,((
*&0((
,&*((
-&.((
/&(((
0&,((
))&*((
),&(((
)&(((
*&(((
+&+((
,&(((
-&(((
.&(((
0&(((
)(&(((
;g]^^a[a]fl]\aka[mj]rrY2/
KY^]lq>Y[lgj2/
NAGD9'HMJHD=
N=J<='?J==F
?A9DDG'Q=DDGO
L`]jeg%^ap]\hgdq]kl]jo]ZZaf_&
;gdgjkYkh]jklYf\Yj\=F),1*&
J]kaklYfllgY[a\koal`l`]]p[]hlagfg^
[gf[]fljYl]\kmd^mja[Y[a\$kljgf_YdcYdak
Yf\]l`]jk&
JGKKG'J=<
Afk]fkalan]lgl`]Y[lagfg^2
%`mea\alq
%k]YoYl]j
%gadk
%kmfda_`l
:DM':DM=
?JA?AG'?J=Q
E9JJGF=':JGOF
9J9F;AG'GJ9F?=
.
ooo&kajl]^&al
KAJL=>
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
9f]dda[gflafmaafhgda]kl]j]Kajl]^%Kajl]^hgdq]kl]jjgmf\kdaf_
;gdgja
;gdgjk
Hjg\gll][gf^adYlg\ahgda]kl]j]emdla^adY%
e]flgY\YdlYl]fY[alklYZadarrYlg&
Jan]klae]flgaf_mYafY\ahgda]kl]j]
;gdgjaafY[[gj\g[gfdYfgjeY
=F),1*%*&
J]kakl]fl]Y_daY[a\aY\][[]ragf]\]ddÌY[a%
\gkgd^gja[g[gf[]fljYlg$\]_daYd[Yda^gjla
]\Y_da]l]ja&
Afk]fkaZad]YddÌYragf]\a2
%mea\al
%Y[imYeYjafY
%_jYkka
%dm[]kgdYj]
NAGD9'HMJHD=
N=J<='?J==F
?A9DDG'Q=DDGO
?JA?AG'?J=Q
JGKKG'J=<
E9JJGF=':JGOF
:DM':DM=
9J9F;AG'GJ9F?=
HgjlYlY
;YhY[alq
HgjlYlY
;YhY[alq
HgjlYlY
;YhY[alq
HgjlYlY
;YhY[alq
HgjlYlY
;YhY[alq
C_
C_
C_
ž©,-˜
C_
,-˜4ž©.(˜
C_
)&(((
*&(((
+&(((
,&(((
-&(((
.&(((
0&(((
)(&(((
0((
)&.((
*&,((
+&*((
,&(((
,&0((
.&,((
0&(((
*&(((
,&(((
.&(((
0&(((
)(&(((
)*&(((
).&(((
*(&(((
)&,((
*&0((
,&*((
-&.((
/&(((
0&,((
))&*((
),&(((
)&(((
*&(((
+&+((
,&(((
-&(((
.&(((
0&(((
)(&(((
;g]^^a[a]fl]\aka[mj]rrY2/
KY^]lq>Y[lgj2/
NAGD9'HMJHD=
N=J<='?J==F
?A9DDG'Q=DDGO
?JA?AG'?J=Q
JGKKG'J=<
EYfm^Y[lmj]\oal`klYZadar]\`a_`l]fY[alq
emdla^adYe]flqYjfhgdq]kl]j^aZ]j&
Hgdq]kl]jkd]]n]dafaf_&
;gdgjkYkh]jklYf\Yj\=F),1*%*&
J]kaklYfllgY[a\koal`l`]]p[]hlagfg^
[gf[]fljYl]\kmd^mja[Y[a\$kljgf_YdcYdak
Yf\]l`]jk&
Afk]fkalan]lgl`]Y[lagfg^2
%`mea\alq
%k]YoYl]j
%gadk
%kmfda_`l
ooo&kajl]^&al
E9JJGF=':JGOF
:DM':DM=
9J9F;AG'GJ9F?=
/
KAJL=>
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
>Yk[]af<qf]]eYŸMdljYda^lY\Yf]ddg[gflafmg%<qf]]eYŸMdljYda^l[dgk]\dgghjaf_kdaf_
;g\a[][gdgj]
afY[[gj\g[gf
=F),1*%)'*
;gdgmj[g\]
Y[[gj\af_lg
=F),1*%)'*
>Yllgj]'>Y[lgj
ODDafLgf
ODD)(L&
ODD)*L&
ODD)-L&
ODD*(L&
ODD*-L&
ODD+(L&
ODD,(L&
ODD-(L&
ODD.(L&
ODD/(L&
ODD0(L&
ODD1(L&
ODD)((L&
ODD))(L&
ODD))-L&
Daeala\a[Yja[g\adYngjg[gf*lajYflaYfYkljgglajYflaY\Yf]ddg
Ogjcaf_DgY\Daealkoal`*o]ZZaf_kdaf_kgjjgmf\kdaf_k
Daeala\a[Yja[g\adYngjg[gf)lajYfl]YfYkljgglajYfl]Y\Yf]ddg
Ogjcaf_DgY\Daealkoal`)o]ZZaf_kdaf_gjjgmf\kdaf_
lajg\ajallg
kljYa_`lda^l
lajgYkljgrrg
[`gc]\da^l
ž
"ž
"ž
"ž
"ž
(˜%/˜
/˜%,-˜
,-˜%.(˜
/˜%,-˜
,-˜%.(˜
/˜%,-˜
,-˜%.(˜
/˜%,-˜
,-˜%.(˜
)
($0
*
)$,
)
($/
($-
)$,
)
)$)*
($0
)($((
)*$((
)-$((
*($((
*-$((
+($((
,($((
-($((
.($((
/($((
0($((
1($((
)(($((
))($((
))-$((
0$((
1$.(
)*$((
).$((
*($((
*,$((
+*$((
,($((
,0$((
-.$((
.,$((
/*$((
0($((
00$((
1*$((
*($((
*,$((
+($((
,($((
-($((
.($((
0($((
)(($((
)*($((
),($((
).($((
)0($((
*(($((
**($((
*+($((
),$((
).$0(
*)$((
*0$((
+-$((
,*$((
-.$((
/($((
0,$((
10$((
))*$((
)*.$((
),($((
)-,$((
).)$((
)($((
)*$((
)-$((
*($((
*-$((
+($((
,($((
-($((
.($((
/($((
0($((
1($((
)(($((
))($((
))-$((
/$((
0$,(
)($-(
),$((
)/$-(
*)$((
*0$((
+-$((
,*$((
,1$((
-.$((
.+$((
/($((
//$((
0($-(
-$((
.$((
/$-(
)($((
)*$-(
)-$((
*($((
*-$((
+($((
+-$(
,($((
,-$((
-($((
--$((
-/$-(
),$((
).$0(
*)$((
*0$((
+-$((
,*$((
-.$((
/($((
0,$((
10$((
))*$((
)*.$((
),($((
)-,$((
).)$((
)($((
)*$((
)-$((
*($((
*-$((
+($((
,($((
-($((
.($((
/($((
0($((
1($((
)(($((
))($((
))-$((
))$*(
)+$,,
).$0(
**$,(
*0$((
++$.(
,,$0(
-.$((
./$*(
/0$,(
01$.(
)(($0(
))*$((
)*+$*(
)*0$0(
0$((
1$.(
)*$((
).$((
*($((
*,$((
+*$((
,($((
,0$((
-.$((
.,$((
/*$((
0($((
00$((
1*$((
EYl]jaYd]2
DY[gkljmragf]\amflajYfl]†[gklalmalY\Ymf^adYlgemdla^adYe]flg[`]hgjlYad[Yja[g]\Ymfjan]klae]flg\ahjgl]ragf]&Af^mfragf]
\]ddÌYhhda[Yragf]alajYflaMDLJ9DA>Lkgfg\akhgfaZadaaflj]\an]jk]n]jkagfa&Ad^adYlgemdla^adYe]flg†k]ehj]^Yllg[gfad)((\a^adYla
<qf]]eYŸ ]\ajan]klae]fla\ahjgl]ragf]kgfg\akhgfaZadaaflj]n]jkagfa&DYhjaeYn]jkagf]`Yadjan]klae]flg\ahjgl]ragf]afL][`dgf
]\ a jan]klae]fla \a hjgl]ragf] kgfg \akhgfaZada af lj] n]jkagfa DY hjaeY n]jkagf] `Y ad jan]klae]flg \a hjgl]ragf] af L][`dgf
kh][aYd]l]kkmlgafhgda]kl]j]MFAL=P!$[`]`YmfYj]kakl]frY[gfljgdÌYZjYkagf]\a_jYfdmf_Ykmh]jagj]Yim]ddY\]dhgda]kl]j]fgjeYd]
mdh]!&
Adk][gf\g†mfjan]klae]flg\ahjgl]ragf]MLJ9HJGL=;Lh]jmfk]jnaragd]__]jg mdd\!]dÌmdlaeg†mfMDLJ9HJGL=;Lh]jk]jnarag
h]kYfl] md`\!&Lmllaajan]klae]fla\ahjgl]ragf]MDLJ9HJGL=;Lkgfgj]YdarrYla[gf^aZj]<qf]]eYŸ& n]\aMDLJ9HJGL=;L!&
E
0
a d
ooo&kajl]^&al
KAJL=>
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
9hhda[Ylagf2
MDLJ9DA>Ljgmf\kdaf_koal`Y`]Ynq\mlqhjgl][lagfkd]]n] md`\!Yj]kh][aYddq\]n]dgh]\^gjYhhda[Ylagfkdac][gadda^laf_&afl`akYhhda%
a
[Ylagfl`][mlYf\YZjYkagfj]kaklYf[]akaehgjlYfl&
MDLJ9DA>Ljgmf\kdaf_koal`Yda_`l\mlqhjgl][lagfkd]]n] mdd\!Yj]\]n]dgh]\^gjYhhda[Ylagfko`]j]j]kaklYf[]lgYZjYkagfYf\^d]pa%
a
Zadalqakj]imaj]\&MDLJ9DA>Ljgmf\kdaf_koal`YL][`dgfhjgl][lagfkd]]n]Yj]\]n]dgh]\o]j]YZjYkagfakd]kkj]d]nYfl&
MDLJ9DA>Ljgmf\kdaf_kYj]]p[]hlagfYdkmalYZd]^gjj]h]lalan]da^laf_bgZk&<m]lgl`]eYpaemeklj]f_l`[geZaf]\oal`l`]eafaeme
o]a_`l$[gklj]\m[lagfkoaddZ]Y[`a]n]\Zqkh]f\af_d]kk`gmjkgfja__af_$d]kkogjc]jklgja_$d]kkZY[cYf\`Yf\afbmja]k$Y&g&
>gjl`]klYf\Yj\Ykkgjle]flo]j]^]jlgl`]]f[dgk]\hjg\m[lk`]]lk&
Hjghja]l^aka[`]
($1/
H]kgKh][a^a[g _'[e+!
9ddmf_Ye]flgYd[Yja[gdaeal] af! ($9ddmf_Ye]flgf]ddÌmkg
Kaead]YdlajYfl]\a^mf]\ÌY[[aYag
;gf^jgflYlgYdlajYfl]\a^mf]\ÌY[[aYag340(
Ja\mragf]\]dh]kgaf
;gf^jgflYlg[gfadlajYfl]afhgdq]kl]j]34-1
L]eh]jYlmjY\adYngjg
%-(˜;2#.(˜;
=^^]llaYddÌ]khgkaragf];`aea[Y
=[[]dd]fl]afY[imY$mea\al$egdlgj]kakl]fl][gfljg_daY_]fla[`aea[a]\aea[jggj_Yfakea&
:mgfYj]kakl]frYY_daY[a\a]\Y_daYd[Yda
J][mh]jgmea\al
($(
>qka[Ydhjgh]jla]k
Kh][a^a[?jYnalq _'[e+!
=dgf_YlagfYlOdd af!
=dgf_Ylagfafmk] O]a_`lj]\m[lagfaf
Ogjcaf_Yll]eh]jYlmj]
=^^][lkgf;`]ea[Yd]phgkmj]
Egaklmj]j]_Yaf
ooo&kajl]^&al
($1/
($KaeadYjlgoaj]jgh]kdaf_k&
;gehYj]\lgoaj]jgh]kdaf_k340(
;gehYj]\lghgdq]kl]jZYk]\kdaf_k34-1
%-(˜;2#.(˜;
=p[]dd]flgfoYl]j$egaklmj]$n]jqj]kaklYflY_Yafkl[`]ea[YdkYf\ea[jggj_Yfake&
?gg\j]kaklYf[]lgY[a\Yf\YdcYda&
($(
1
KAJL=>
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
Kakl]ea\aYf[gjY__agaffYkljg\ahgda]kl]j]%Hgdq]kl]jo]ZZaf_dYk`af_kqkl]e
EYl]jaYd]2)((hgda]kl]j]
;gdgjaklYf\Yj\\akhgfaZada2n]j\]$_aYddg$Zdm$YjYf[ag]jgkkg
Eg\]ddg
Lqh]
KAJ%9F;%/-%-((("
KAJ%9F;%/-%+-(("
KAJ%9F;%-(%*-(("
KAJ%9F;%--%*((("
KAJ%9F;%+-%1(("
KAJ%9F;%*-%,(("
EYl]jaYd2)((hgdq]kl]j
KlYf\Yj\[gdgjkYnYadYZd]2_j]]f$q]ddgo$Zdm]$gjYf_]Yf\j]\
DYj_`]rrYfYkljg
Oa\l`o]ZZaf_
;Yja[g\adYngjg
DYk`af_;YhY[alq
;Yja[g\adYngjg
DYk`af_;YhY[alq
;Yja[g\aJgllmjYfYkljg
Eaf&:j]Ycaf_Klj]f_`l
O]ZZaf_
ee
\YF
\YF
\YF
//-(
-(
+*-
-(((
+-((
*-((
*(((
1((
,((
)((((
/(((
-(((
,(((
)0((
0((
)-(((
))(((
/-((
.(((
+,((
)*((
"9__amf_]f\gYdd]ka_d]kghjYaf\a[Yl]dYd]ll]jYÉMÊkaa\]fla^a[`]jmf\akhgkalang\glYlg\a_Yf[aYkhgf\Y$[gfÉBÊafn][]kaafl]f\]j_Yf[aYmf[afg
É
" 9\\af_M%d]ll]jYZgn]e]YfkdYk`af_kqkl]ekoaddZ]kmhhda]\[gehd]l]oal`ÉMÊlqh]`ggck$B%d]ll]je]Yfkl`]qoaddZ]kmhhda]\oal`ÉBÊ\gmZd]oaj]`ggck
É
)(
E9L=JA9DAK=;GF<GFGJE9=F)*)1-%*
E9L=JA9DK9;;GJ<AF?=F)*)1-%*
>aZZaYYegddY+-ee
+- ee khjaf_ Zm[cd]
9f]ddghaYllg-(ee
-( ee ^dYl jaf_
>aZZaYYegddY-(ee
-( ee khjaf_ Zm[cd]
?Yf[ag\ghhagmf[afg
@ggc oal` \gmZd] `ggc
ooo&kajl]^&al
KAJL=>
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
FYkljg \a hgdq]kl]j]
9LL=FRAGF=
Hjg\gllg
fgfY\Yllg
lg
Ydkgdd]nYe]f
O9JFAF?
Hjg\m[l
fglkmalYZd]
da^laf_
FYklj
9llY[
LjaYf_m
FGFHAæJAK;@A<A;9JA;@AJA:9DL9LA
FGFHAæJAK;@A<A;9JA;@A<9FF=??A9LA
FGEGJ=JAKCKG>GN=JLMJF=<DG9<K
FGEGJ=JAKCKG><9E9?=<DG9<K
9<9LL9:AD=9<G?FALAHG<A;9JA;G=<AHA9FG
9<9HL9:D=LG9FQLQH=G>DG9<9F<KMJ>9;=
LGL9DK9>=LQ
KA;MJ=RR9LGL9D=
;gfakakl]ea\aYf[gjY__agKAJL=>†hgkkaZad]^akkYj][Yja[`a\aimYdkaYka^gjeY$\ae]fkagf]]h]kgkmlmllaalaha\ahaYfYda\a[Yja[g\a
Ymlglj]fa]Ymlgkfg\Yla$jYha\Ye]fl]][gfdYeYkkaeYka[mj]rrY&
KAJL=>ÌkYf[`gjaf_kqkl]ekYddgodg[caf_dgY\kg^Yfqk`Yh]$\ae]fkagfYf\o]a_`lgf]n]jqcaf\g^dgjjq%ljYad]jYf\Yjla[mdYl]\
n]`a[d]ÌkdgY\af_Z]\ima[cdqYf\af^mddkY^]lq&
_
i
q
q
;af_`a]
AdlajYfl]†[gehgklg\YmfY[af_`aYafhgda]kl]j]Y\YdlYl]fY[al&Im]klY[af_`aY$hYjla[gdYje]fl]klm\aYlY†d]__]jY$^Y[ad]\YmkYj]$
aehmlj]k[aZad]]j]kakl]fl]Ydd]]k[gjaYragfa YZjYkagfa!&@Yafgdlj]mfY][[]dd]fl]l]fmlYYddÌYddmf_Ye]flg&
DY[af_`aY†e]kkYkgllgl]fkagf]h]je]rrg\amfÉl]f\algj]Yk[YllgÊ \m]dmf_`]rr]\a[af_`aYh]jlajYfl]!gYe]rrg\amfYj_Yfg
^akkg kmd imYd] † YnngdlY mfY kgdY dmf_`]rrY \a [af_`aY!
ooo&kajl]^&al
))
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
KAJL=>
9llY[[`a\a^akkY__ag
DYKAJL=>`YmfYkkgjlae]flg\aYllY[[`aY\YdlYj]kakl]frYh]j^akkYj]alajYflaY\g_falahg\a[Yja[g]\ahaYfg&
A\]Ylaafeg\ghYjla[gdYj]h]jj]kakl]j]YddY[gjjgkagf]]ja\mjj]ajak[`a\aYZjYkagf]$im]klaYllY[[`a[gkljmalaafY[[aYagY\YdlYj]kakl]frY
kgfg[gfk]_fYla_a^akkYlaYdd][af_`a]&
>Ykl]faf_k
KAJL=>g^^]jkYoa\]nYja]lqg^`a_`j]kaklYf[]^Ykl]faf_klgdg[cl`]kljYhklgYfqlqh]g^dgY\Yf\kmj^Y[]&
j
<]ka_f]\ kh][a^a[Yddq lg oal`klYf\ [gjjgkagf Yf\ j]\m[] jakck g^ YZjYkagf$ l`]k] ^Ykl]faf_k af `a_` j]kaklYf[] kl]]d Yj] kmhhda]\
Ydj]Y\qdg[c]\lgl`]kljYhk&
Hjgl]ragf]\]d[Yja[g
?mYaf]kgkalmaZadaaf[af_`aYlmZgdYj]Y\YdlYj]kakl]frY \akhgfaZadaaf[e&,(%.(%0(\admf_`]rrY!hgkkgfg]kk]j]afl]jhgkl]ljYad[Yja[g
]d][af_`a]Yd^af]\ahjgl]__]j]hYjlakhgj_]fla\]d[Yja[gkg__]ll]YhYjla[gdYjaYlljala&H]j_daYf_gdaha”\]da[Yla]\]khgkla\]d[Yja[g
kgfg\akhgfaZadaafn][]$Yf_gdYjaafhdYkla[Yja_a\Y&
DgY\Hjgl][lagf
J]hdY[]YZd]kd]]n]kaf`a_`j]kaklYf[]lmZmdYjkljYhk YnYadYZd]af,(%.(%0([ed]f_l`k![YfZ]hdY[]kZ]lo]]fl`]dgY\Yf\l`]
kljYhkafgj\]jlghjgl][ll`]hjgljm\af_hgjlagfkg^l`]dgY\hYjla[mdYjdqkmZb][l]\lg^ja[lagf&>gjl`]egkl\]da[Yl]Yf\]phgk]\[gj%
j
f]jkg^l`]dgY\$afkl]Y\$ja_a\hdYkla[Yf_d]hjgl][lgjkYj]YnYadYZd]&
Hjgl]ragfa]Yf_gdYja%Hjgl][lagfkYf\Yf_d]ZYjk
Hjgl]ragf]afl]dY_geeYlY
OYp]\^YZja[hjgl][lagf
)*
9f_gdYj]afeYl]jaYd]hdYkla[gh]jYf]dda[gflafmaafhgda]kl]j]
HdYkla[Yf_d]hjgl][lgj^gjhgdq]kl]j]f\d]kkjgmf\kdaf_
ooo&kajl]^&al
KAJL=>
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
;HMHjgl]ragfa]Yf_gdYja% Hjgl][lagfkYf\Yf_d]hjgl][lgjk;HM
K]frYeY_f]la
Oal`khdaf]
>
>
>
>
>
;gfeY_f]la
Oal`eY_f]lk
9
9
9
9
9
<ae]fkagfa
<ae]fkagfk
/(
1(
)-(
*,++(
H]kg'O]a_`l
ee
K]frYeY_f]la
FYc]\
C_&
;gfeY_f]la
Oal`eY_f]lk
C_&
1(
1(
1(
1(
1(
($1)$))$-*$*
*$0
)$))$-)$1*$0
+$-
9
:
;
<
=
ee
ee
ee
ee
/(
1)-*-(
++-
+(
+(
+(
+(
+(
)((
)*)0*0(
+.-
.(
.(
.(
.(
.(
Fme]jg\aeY_f]la
EY_f]lkfmeZ]jk
*
,
,
.
.
DYdYj_`]rrY†klYlY[gf[]halYh]jY[[]llYj]ZjY[`]affYkljghgda]kl]j]Y\ghhagkljYlggZjY[`][gf_mYaf]\ahjgl]ragf]&
AeY_f]la$mfeg\gk]ehda[]h]jhgkaragfYj]dYhjgl]ragf]afhgdamj]lYfgf]a[Yja[`ae]lYdda[a&
L`]oa\l`akeY\]lgY[[]hlhgdqmj]l`Yf][gYl]\kdaf_kgjkdaf_koal`hjgl][lagfkd]]n]k&
L`]eY_f]lk$Yf]YkqoYq^gjqgmlghgkalagfl`]hgdqmj]l`Yf]hjgl][lagfgfqgmje]lYdda[dgY\k&
Hjgl]ragfaafÉ<QF==E9ŸÊMdljYhjgl][l%É<QF
QF==E9ŸÊhjgl][lagfkÉMdljYhjgl][lÊ
MDLJ9HJGL=;Lhjgl]ragf]h]j^Yk[]2
9\YllYZad]h]jlmll]d]^Yk[]\akgdd]nYe]flg
Hjgl]ragf][gfljgd]YZjYkagfa]aeYl]jaYdalY_da]fla
_
J]YdarrYlgafl]jYe]fl]af<qf]]eYŸ
Egdlgd]__]jgaf[gf^jgflgYdd]hjgl]ragfaljY\aragfYda
=klj]eY^d]kkaZadal
KaY\YllYYddY^gjeY\]d[Yja[g
<]dd]daf]]jgkk]afl]jf]YddY^Yk[aYf]af\a[YfgdÌmkmjY
<akhgfaZad] af nYja] eakmj]
ooo&kajl]^&al
)+
6,57()
Nella loro essenza gli impianti di sollevamento e i loro sottosistemi lavorano secondo il
principio del fulcro e della leva.
Senza l’applicazione di questo principio l’umanità non sarebbe mai giunta a progettare e
realizzare i mezzi di trasporto, le architetture e le industrie di cui va fiera.
La Sirtef si pone oggi ai vertici di questo mercato per la qualità e l’importanza dei marchi distribuiti, per
l’organizzazione aziendale di prim’ordine, per la continua ricerca e sviluppo dei prodotti, per la sua filosofia
aziendale trasmessa nel tempo, per la lungimiranza imprenditoriale che negli anni ha saputo credere e
investire nell’azienda... Dove serve “la forza”, SIRTEF c’è!
6,57()F·q
3HQVDROWUHVFHJOL6,57()
SIRTEF da tre decenni è una delle principali aziende che operano nel settore
del sollevamento in Europa.
Rappresenta una realtà in costante crescita che persegue l'obiettivo di offrire
la massima SICUREZZA dei prodotti, la PROFESSIONALITA' del personale
per soddisfare le esigenze dei clienti e TUTELARE la salute dei lavoratori.
Distribuisce in esclusiva sul territorio nazionale i marchi che garantiscono
i più alti parametri di QUALITA' certificati a livello internazionale.
SIRTEF s.r.l. Zona Industriale, via dei Lavoratori, 1 Calvignasco (MI) – Telefono 02/90.05.92.73 fax 02/90.05.92.58 – www.sirtef.com
Filiale di Roma: via Silicella, 107 Roma – Telefono 06/26.60.98 fax 06/26.77.606
Filiale di Udine: via G. D’Annunzio 9, Loc. Crosada 33050 S. Maria La Longa (UD) - Telefono 0432/68.50.22 fax 0432/68.50.33
www.visionedinsieme.it
.
KAJL=>
9[[]kkgja;jgkZqh]jHgda]kl]j]%;jgkZq9[[]kkgja]k^gjHgdq]kl]j
K%*0(%;gff]llgj]kYdnYZjY[Yh]jfYklja%K%*0(%Kdaf_kYn]jo]Z[gdd][lgj
<ae]fkagf]
ZjY[Ylgf\Y
Jgmf\kdaf_
kar]
fg&
)*
+
,
-.
:jY[`]\afYkljg
O]Zkdaf_
DYj_&\]dfYkljg DYj_&g[[`ag
O]ZZaf_oa\l`
=q]oa\l`
ee
ee
-(
/)((
)-(
-(
+-(
/-
;Yja[g\a
H]kg
dYngjgdaeal] hjghjag
L]dY Ogjcaf_ O]a_`l
Hdq dgY\daeal
]Y[`
l
C_
*
*
*
*
*&1,&(0
-&./
/&/(
(&.0
(&0.
)&+*
*&+)
%;gkljmragf]afY[[aYagd]_Ylg
%;gh]jlmjYafnafad]\mjYlmjY[`]2
œHjgl]__]dYZjY[Yf]ddÌg[[`ag
œEYfla]f]dYZjY[Yf]ddYhgkaragf][gjj]llYf]djg[[`]llg'
h]jfg&
%;g]^^a[a]fl]\aka[mj]rrY-2)
%;gdd]_YZjY[`]kafl]la[`]g\afYkljgYaljY\aragfYda
Yjla[gda;jgkZq$[ge]2
œ?Yf[agY\g[[`ag+*(F
œMdl]jagjaY[[]kkgja;jgkZq?jY\g0
œ;YehYf]dd]
œ9f]dda
œ?jadda
œJ]f\]dÌYkk]eZdY__agkmd[Yehg\]ddYZjY[Y^Y[ad]]
n]dg[]&
%9kk]frY\a[ghha_daYh]jfgfafljYd[aYj]adeYl]jaYd]\]ddY
ZjY[Y&
%JY__ag\]ddYZgZafYeY__agjYlgh]jmfYha”YehaYkm%
h]j^a[a]\ÌYhhg__ag]mfYeY__agj]Yj]Y\a\akljaZmragf]
\]d[Yja[g$[gf[gfk]_m]fl]2
œEa_dagj]]^^a[a]frY\]ddYZjY[Ykafl]la[Yjakh]llgYaZjY[[a
\]a_jaddaklYf\Yj\ge]_Y]YaljY\aragfYda_Yf[aY\g[[`ag&
;gkŠ^Y[]f\g$kajY__amf_]ad)((\]d[Yja[geYkkaeg\a
dYngjgaf\a[Ylgh]jdYZjY[Y&
œEa_dagj]\akljaZmragf]\]d[Yja[gkmdd]^aZj]afl]jf]&
%<akhgfaZad]cal\akgklalmragf]\]djg[[`]llg'h]jfg]\]ddY
[gh]jlmjYfYkljg&
%Hjg_]llYlgh]jdÌmladarrg[gfZjY[`]lgf\]g\afYkljgY*
kljYla&LahgAAA g[[`ag%g[[`ag!$;dYkk]/H]je]ll]Yf[`]
dÌYllY[[g\aZjY[`]YkljYlgkaf_gdg]k]frY^af]&
Akljmragfa
lg2
\ÌYnn]jlae]f
).
<ae]fkagfa'<ae]fkagf
9
:
;
<
=
>
?
@
A
B
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
)1&)
)1&)
)1&)
*-&,
)-&/
)/&*(&.
*+&1
,)&,
*/&1
,*&*
.*&-
.*&(
-)&(
.-&(
01&(
).&(
)1&)
**&,
*-&,
)-&/
)/&)1&)
**&,
.0&--&.0&1+&-
),&*
)-&*
)/&**&,
+(&*
+-&)
,)&)
,/&0
-)&-1&.*&/*&(
%9dd9ddgq[gfkljm[lagf
%<mjYZd]nafqd[gn]jl`Yl2
œHjgl][lkkdaf_Yl]q]
œC]]hkkdaf_hgkalagf]\[gjj][ldqgfkhggd&
%<]ka_f>Y[lgjg^-lg)&
%;gff][lkKqfl`]la[O]ZYf\Kqfl`]la[Jgmf\Kdaf_klg
[gfn]flagfYd;jgkZq`Yj\oYj]af[dm\af_2
œ+*(F=q]@ggc
œ9\\alagfYd;jgkZq?jY\]0>allaf_k
œEYkl]jDafck
œJaf_k
œK`Y[cd]k
œEYc]kY^a]d\Ykk]eZd]\Zja\d]ima[cYf\]Ykq&
%Fg[gll]jhaflgkfY_kdaf_eYl]jaYd&
%Af[j]Yk]\jY\amkg^khggd_an]koa\]jkdaf_Z]Yjaf_kmj%
j
^Y[]j]kmdlaf_afYfaf[j]Yk]\Yj]Y^gjdgY\\akljaZmlagf$
l`mk2
œAf[j]Ykaf_Kqfl`]la[Kdaf_]^^a[a]f[qYk[gehYj]\lg
klYf\Yj\Yf[`gjYf\[`Yafk`Y[cd]Zgok
Yf\[gfn]flagfYd]q]`ggck&L`akYddgok)((g^l`]
kdaf_kjYl]\Ogjcaf_DgY\DaeallgZ]Y[`a]n]\&
œ9ddgoaf_Z]ll]jdgY\\akljaZmlagfgfafl]jfYd^aZ]jk&
%J]hdY[]e]flcal^gjkhggdYf\o]Z[gn]jYnYadYZd]&
%<]ka_f]\^gjmk]oal`Lqh]AAA =q]=q]!$;dYkk/$*
hdqo]ZZaf_Kqfl`]la[Jgmf\Kdaf_k&9dkgY[[geg\Y%
l]kkaf_d]hdqYf\]f\d]kkkdaf_k&
OYjfaf_
afkljm[lagf2
ooo&kajl]^&al
KAJL=>
9[[]kkgja;jgkZqh]jHgda]kl]j]%;jgkZq9[[]kkgja]k^gjHgdq]kl]j
K%*0)%?jaddakYdnYZjY[Yh]jZjY[`]affYkljg%K%*0)%O]ZKdaf_K`Y[cd]k
<ae]fkagf]
ZjY[Ylgf\Y
Jgmf\kdaf_
kar]
fg&
)*
+
,
-.
Ad_jaddgh]jfYkljg†hjg_]llYlgh]j
[gff]ll]j]d]ZjY[`]\afYkljgkafl]la[`]
]\aZjY[`]jglgf\]kafl]la[`]Ya_gd^Yja]
Y[[]kkgja\akgdd]nYe]flg&
O]ZKdaf_K`Y[cd]ak\]ka_f]\lg[gff][l
Kqfl`]la[O]ZKdaf_kYf\Kqfl`]la[Jgmf\
q
_
q
Kdaf_klg]q]Zgdlk$hY\]q]k$Yf\da^laf_
dm_k&
ooo&kajl]^&al
:jY[`]\afYkljg
O]Zkdaf_
DYj_&\]dfYkljg DYj_&g[[`a]ddg
O]ZZaf_oa\l`
=q]oa\l`
ee
ee
-(
/)((
)-(
-(
+-(
/-
;Yja[g\a
H]kg
dYngjgdaeal] kaf_gdg
>adg Ogjcaf_ O]a_`l
Hdq dgY\daeal
]Y[`
l
C_
*
*
*
*
*&1,&(0
-&./
/&/(
(&-,
(&.0
)&)+
)&1-
%;gkljmragf]afY[[aYagd]_Ylg
%;g]^^a[a]fl]\aka[mj]rrY-2)
%G_fa_jaddghj]k]flY^gj_aYlgmf[g\a[]\aa\]fla^a[Yragf]
hjg\gllg [g\a[]HA;!h]jdYljY[[aYZadal\]deYl]jaYd]$
Ykka]e]Yd[Yja[geYkkaeg\adYngjg]Ydfge];jgkZq&
%<aklYfrY^gja]\ae]fkagfa\]dh]jfgm_mYdaYaljY\aragfYda
_jadda;jgkZq&H]je]ll]mf^Y[ad][gdd]_Ye]flgY_gd^Yja]
Y[[]kkgja\akgdd]nYe]flg&
%JY__ag\]d[gjhgYme]flYlgh]jmfYha”YehaYkmh]j%
^a[a]\ÌYhhg__ag]mfYeY__agj]Yj]Y\a\akljaZmragf]\]d
[Yja[g$[gf[gfk]_m]fl]2
œEa_dagj]]^^a[a]frY\]ddYZjY[Ykafl]la[Yjakh]llgYaZjY[[a
\]a_jaddaklYf\Yj\ge]_Y]YM]YaljY\aragfYda_Yf[aY\
g[[`ag&;gkŠ^Y[]f\gkajY__amf_]ad)((\]d[Yja[g
eYkkaeg\adYngjgaf\a[Ylgh]jdYZjY[Y&
œEa_dagj]\akljaZmragf]\]d[Yja[gkmdd]^aZj]afl]jf]&
%Ahjg\glla;jgkZqkg\\ak^Yfggkmh]jYfglmllaaj]imakala
\a9KE=:+(&*.$af[dmkga\]fla^a[Yragf]$\mlladal$[g]^%
^a[a]fl]\aka[mj]rrY$[Yja[g\ahjgnY]j]imakala\al]eh]jY%
lmjY&Afgdlj]$ahjg\glla;jgkZqkg\\ak^YfgYdljaaehgjlYfla
j]imakala\ah]j^gjeYf[]af[dmkg$\mjYlYY^Yla[Y$hjghja]l
\ÌaehYllg]ljY[[aYZadal\]aeYl]jaYda$fgf[gfl]ehdYla
\YddYfgjeY9KE=:+(&*.&
%Ja[]j[Yj]adh]jfgJ]\HafŸ&&&k]_fg\]ddÌYml]fla[Y
imYdal;jgkZq&
<ae]fkagfa'<ae]fkagf
9
;
<
=
C
E
F
ee
ee
ee
ee
ee
ee
ee
*.&1
+)&0
+.&.
,*&1
.+&-)&(
.+&1*&(
)1&)
**&,
*-&,
*0&/
,)&)
+0&)
-)&(
/(&(
+)&(
+-&0
,)&)
,.&/
1/&0.&(
)(/
),+
0-&(
)()
)),
)+(
%9dd9ddgq;gfkljm[lagf
%<]ka_f>Y[lgjg^-lg)&
%=Y[`k`Y[cd]`YkYHjg\m[lA\]fla^a[Ylagf;g\] HA;!^gj
eYl]jaYdljY[]YZadalqYdgf_oal`YOgjcaf_DgY\DaealYf\
l`]fYe];jgkZq^gj_]\aflgal&
%Af[gjhgjYl]kkYe]]Yjkhj]Y\Yf\haf\ae]fkagfkYk
[gfn]flagfYd;jgkZqK`Y[cd]k&
9ddgok]Ykq[gff][lagflghY\]q]k$]q]Zgdlk$Yf\da^laf_
dm_k&
%Af[j]Yk]\jY\amkg^Zgo_an]koa\]jkdaf_Z]Yjaf_kmj^Y%
[]j]kmdlaf_afYfaf[j]Yk]\Yj]Y^gjdgY\\akljaZmlagf$
l`mk2
œAf[j]Ykaf_Kqfl`]la[Kdaf_]^^a[a]f[qYk[gehYj]\lg
klYf\Yj\Yf[`gjYf\[`Yafk`Y[cd]ZgokYf\[gfn]flag%
fYd]q]`ggck&L`akYddgok)((g^l`]kdaf_kjYl]\
Ogjcaf_DgY\DaeallgZ]Y[`a]n]\&
œ9ddgokZ]ll]jdgY\\akljaZmlagfgfafl]jfYd^aZ]jk&
%;jgkZqhjg\m[lke]]lgj]p[]]\Yddj]imaj]e]flkg^
9KE=:+(&*.af[dm\af_a\]fla^a[Ylagf$\m[ladalq$\]ka_f
^Y[lgj$hjgg^dgY\Yf\l]eh]jYlmj]j]imaj]e]flk&Aehgj%
j
lYfldq$;jgkZqhjg\m[lke]]lgl`]j[jala[Ydh]j^gjeYf[]
j]imaj]e]flkaf[dm\af_^Yla_m]da^]$aehY[lhjgh]jla]kYf\
eYl]jaYdljY[]YZadalq$fglY\\j]kk]\Zq9KE=:+(&*.&
%Dggc^gjl`]J]\HafŸ&&&L`]eYjcg^_]fmaf];jgkZq
ImYdalq&
H=JD=;GFF=KKAGFA<=?DA9;;=KKGJAN=<=J=DGK;@=E99H9?&
K==L@=<A9?J9EGFH9?=&*)>GJL@=9;;=KKGJA=K;GFF=;LAGF
)/
KAJL=>
9[[]kkgja;jgkZqh]jHgda]kl]j]%;jgkZq9[[]kkgja]k^gjHgdq]kl]j
K%*-*'K%*-+%?jaddakYdnYZjY[Yh]jZjY[`]affYkljg%K%*-*'K%*-+%Kdaf_k`Y[cd]
K%*-*
K%*-*?jaddgh]jfYkljg[gfh]jfghYkkYfl]%K%*-*Zgdllqh]kdaf_k`Y[cd]
DYj_&\]ddÌg[[`ag <ae]fkagf]
;Yja[g\a
H]kg\a
\]dlajYfl]YfYkljg ZjY[YYf]ddg
dYngjgdaeal] g_fah]rrg
O]Zkdaf_]q] Jgmf\kdaf_kar] Ogjcaf_dgY\ O]a_`l
oa\l`
daeal
]Y[`
ee
C_
fg&
l
*+-(
/)((
)*)-(
)*
+,
-.
/0
1)(
)))*
)+
+%)',
.%)'*
0%+',
)*%)'*
*()'*
+-(
(&.,
)&(1
)&0.
+&.+
/&./
)-&1
*.&)
<ae]fkagfa'<ae]fkagf
9
:
;
<
=
>
?
@
B
C
D
E
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
*.&1
+)&0
+-&)
,)&)
-,&(
.+&/.&(
),&/
)1&)
**&,
*0&,
+-&)
,,&-,&(
+-&)
,,&-/&(
0*&)),
),(
).-
)1&)
**&,
*-&,
+)&0
+0&)
-)&(
-/&(
+0&)
,/&0
/)&//&)++
).)
)1.
))&*
)*&/
),&*
)1&)
**&,
*0&,
+)&0
0.&(
)(),(
).)
*,(
*1*
+,1
1+&)(0
)*(
),1
)0+
*+.
*.,
*0&,
++&+
+0&)
,/&0
-/&(
/.&(
0.&(
+0&)
,.&(
-+&(
..&/1&(
)(.
)*)
)1&)
*-&,
*0&,
+-&)
,,&-/&(
/(&(
.0&0.&(
)(.
),+
)1)
*++
*/1
K%*-*?jaddgh]jfYkljg[gfh]jfgYnal]%K%*-+k[j]ohafkdaf_k`Y[cd]
DYj_&\]ddÌg[[`ag <ae]fkagf]
;Yja[g\a
H]kg\a
\]dlajYfl]YfYkljg ZjY[YYf]ddg
dYngjgdaeal] g_fah]rrg
O]Zkdaf_]q] Jgmf\kdaf_kar] Ogjcaf_dgY\ O]a_`l
oa\l`
daeal
]Y[`
ee
fg&
l
C_
K%*-+
*+-(
/)((
)*)-(
)*
+,
-.
/0
1)(
)))*
)+
+%)',
.%)'*
0%+',
)*%)'*
*(%)'*
+-(
(&.,
)&((
)&/*
+&+)
.&01
),&(
*+&.
<ae]fkagfa'<ae]fkagf
9
:
;
<
=
?
C
D
E
F
H
J
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
**&,
+)&0
+-&)
,)&)
-,&(
.+&/.&(
)-&/
)1&)
**&,
*0&,
+-&)
,,&-,&(
+-&)
,,&-/&(
0*&)),
),(
).-
)1&)
**$,
*-&,
+)$0
+0&)
-)&(
-/&(
+0&)
,/&0
/)&//&)++
).)
)1.
0.&(
)(),(
).)
*,(
*1*
+,1
+0&)
,.&(
-+&(
..&/1&(
)(.
)*)
)1&)
*-&,
*0&,
+-&)
,,&-/&(
/(&(
.0&0.&(
)(.
),+
)1)
*++
*/1
0*&(
)(*
)),
),*
)/**(
*.(
))&*
)*&/
)*&/
)-&/
)1&)
*-&,
+)&(
*-&,
+(&*
+.&.
,.&(
-,&(
/+&(
0)&(
%<akhgfaZadaf]dd]eakmj]\Y+%)',Y-(lgff]ddYl]
e]lja[`]&
%;gkljmragf]afY[[aYagd]_Ylg&
%;g]^^a[a]fl]\aka[mj]rrY-2)&&
%G_fa_jaddghj]k]flY^gj_aYlgmf[g\a[]\aa\]fla^a[Yragf]
hjg\gllg [g\a[]HA;!h]jdYljY[[aYZadal\]deYl]jaYd]$
q
Ykka]e]Yd[Yja[geYkkaeg\adYngjg]Ydfge];jgkZq&
%JY__ag\]d[gjhgYme]flYlgh]jmfYha”YehaYkmh]j^a%
[a]\ÌYhhg__ag]YmfYeY__agj]Yj]Y\a\akljaZmragf]\]d
[Yja[g$[gf[gfk]_m]fl]2
œEa_dagj]]^^a[a]frY\]ddYZjY[Ykafl]la[YhYjaYde]fgYd
)-jakh]llgYa[gjha\]a_jaddaklYf\Yj\ge]_Y]YM]Ya
ljY\aragfYda_Yf[a&;gkŠ^Y[]f\gkajY__amf_]ad)((\]d
[Yja[geYkkaeg\adYngjgaf\a[Ylgh]jdYZjY[Y&
)0
%K`Y[cd]kYnYadYZd]afkar]+%)',lg-(lgfk&
%9dd9ddgq[gfkljm[lagf&
%<]ka_f^Y[lgjg^-lg)&
%=Y[`k`Y[cd]`YkYHjg\m[lA\]fla^a[Ylagf;g\] HA;!^gj
eYl]jaYdljY[]YZadalqYdgf_oal`YOgjcaf_DgY\DaealYf\
l`]fYe];jgkZq^gj_]\aflgal&
_
_
_
%
%Af[j]Yk]\jY\amkg^Zgo_an]koa\]jkdaf_Z]Yjaf_kmj^Y
[]j]kmdlaf_afYfaf[j]Yk]\Yj]Y^gjdgY\\akljaZmlagf$
l`mk2
œAf[j]Ykaf_Kqfl`]la[Kdaf_]^^a[a]f[qZqYld]Ykl)-Yk
[gehYj]\lgklYf\Yj\Yf[`gjYf\[`Yafk`Y[cd]Zgok
Yf\[gfn]flagfYd`ggck&L`akYddgok)((g^l`]kdaf_k
jYl]\
Ogjcaf_DgY\DaeallgZ]Y[`a]n]\&
ooo&kajl]^&al
KAJL=>
9[[]kkgja;jgkZqh]jHgda]kl]j]%;jgkZq9[[]kkgja]k^gjHgdq]kl]j
OK+*(?Yf[agh]j^Yk[]kafl]la[`]%OK+*(9kqfl`]la[kdaf_`ggc
DYj_&\]ddÌg[[`ag
\]dlajYfl]YfYkljg
O]Zkdaf_]q]oa\l`
EakmjY\]d
lajYfl]Y\Yf]ddg
Jgmf\kdaf_kar]
<ae]fkagf]
ZjY[YY\Yf]ddg
Ogjcaf_dgY\daeal
ee
fg&
l
*-&(
-(&(
/-&(
)
*
+
)%)'*
+
-
H]kgkaf_gdg
O]a_`l]Y[`
C_
;g\a[]\]d
;Yja[g\a
_Yf[ag
dYngjgdaeal]
@ggcA<[g\] Ogjcaf_dgY\
daeal
l
>9
@9
A9
)%)'*
+
-
(&-(
)&+(
*&11
<ae]fkagfa%<ae]fkagf
9
:
;
<
>
?
@
B
C
D
E
F
G
H
I
L
99
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
)++ -/&- )() /1&( +-&) *)&+ *+&1 *+&. )0&( +0&) ).&( )1&) *+&) -/&( *-&/ *,&1 -)&(
)0) 1+&( )+- )() ,)&, *0&/ ++&- *0&/ *+&1 .+&- *)&. *0&/ */&/ /)&- ,*&1 *1&- -)&(
*+/ )+( )/1 )** -)&( +.&. ,)&, +/&+ ++&+ 1-&- *0&/ ,)&, +,&- 01&( ..&( +0&1 .+&-
"Ad[Yja[geYkkaeg\ahjgnY†\a*%)'*ngdl]ad;Yja[g\aDYngjgDaeal]&AdNYdgj]E]\ag\]d;Yja[g\a<]^gjeYragf] [Yja[gdaeal]!†-ngdl]
ad;Yja[g\aDYngjgDaeal]&DÌ`Yj\oYj]\]alajYfla\aka[mj]rrY;jgkZqkg\\ak^Yaj]imakalaklYf\Yj\\a\aYe]ljgeafaegg\akh]kkgj]$]
kg\\ak^Yaj]imakala\]ddYdYj_`]rrY\]d[gflYllg]^^]llang$egkljYlgf]ddYKh][a^a[Y\]ddYFgjeYlanY;gfka_daYlYh]jaLajYflalgf\aafHgda]kl]%
j]Kafl]la[g\YddYO]ZKdaf_La]9kkg[aYlagf&OKL<9%JK) janaklgf]ddYkgklYfrYf]d*(()!
"EYpaemeHjgg^DgY\ak*%)'*lae]kl`]Ogjcaf_DgY\Daeal&9n]jY_]kljYa_`l]faf_dgY\ mdlaeYl]dgY\!ak-lae]kl`]Ogjcaf_DgY\
Daeal&;jgkZqKdaf_KYn]j`Yj\oYj]e]]lkl`]j]imaj]e]flk^gjeafaemeklg[c\aYe]l]jgjl`a[cf]kk$Yf\]^^][lan][gflY[loa\l`
k`gofafl`]J][gee]f\]\KlYf\Yj\kKh][a^a[Ylagf^gjKqfl`]la[Hgdq]kl]jJgmf\Kdaf_kZql`]O]ZKdaf_La]<gof9kkg[aYlagf&
OKL<9%JK)
%<akhgfaZadal\]dd]hgjlYl]\]d?Yf[ag2)%)'*$+]-lgf
kakl]eYe]lja[g!
%;gkljmragf][gehd]lYe]fl]afY[[aYagd]_Ylg&
%>Yllgj]\aHjg_]llYragf]\a-Y)&
%G_fa?Yf[ag\akhgf]\amf;g\a[]\aA\]fla^a[Yragf]
\]dHjg\gllg HA;!h]jdYjafljY[[aYZadal\]deYl]jaYd]
mfalYe]fl]YdDaeal]\a;Yja[g\aDYngjg]adfge];jgkZq
^gj_aYlgaf]kkg&
%Gja_afYjaYe]fl]hjg_]llYlgh]j*lajYflaYfYkljg$ad
?Yf[agh]jLajYfl]YFYkljg;jgkZqhmYf[`]]kk]j]
mladarrYlg[gfLajYflaYjjglgf\Yla$^aflYflg[`]anYdgja\]d
;Yja[g\aDYngjgDaeal]kgfg[gehYlaZada&Adfmgng_Yf[ag
h
_
af[dm\]d]k]_m]fla[YjYll]jakla[`]2
%DÌg[[`a]ddg†klYlghjg_]llYlg[gfmfYkmh]j^a[a]Y
^Yk[agdYj_g[`]2
œ=daeafY_da]^^]lla\aZdg[[Y__ag&
œJa\m[]dYl]f\]frY\]dlajYfl]Yk[angdYj]&
œ;gfk]fl]mfYea_dagj]\akljaZmragf]\]d[Yja[gkmdd]
^aZj]afl]jf]&
ooo&kajl]^&al
% @ggc[YhY[ala]kYnYadYZd]2)%)'*$+$Yf\-e]lja[lgfk&
% 9dd9ddgq[gfkljm[lagf&
% <]ka_f^Y[lgjg^-lg)&
% =Y[``ggc`YkYHjg\m[lA\]fla^a[Ylagf;g\] HA;!^gj
eYl]jaYdljY[]YZadalqYdgf_oal`Yogjcaf_
dgY\daealYf\l`]fYe];jgkZq^gj_]\aflgal&
% Gja_afYddq\]ka_f]\^gj*%HdqO]Zkdaf_k$l`];jgkZq
O]ZKdaf_`ggc[YfYdkgZ]mk]\oal`Jgmf\
Kdaf_kYkdgf_Ykl`]Ogjcaf_DgY\DaealjYlaf_kYj]
[gehYlaZd]&L`]f]o`ggcaf[gjhgjYl]kl`]
^gddgoaf_^]Ylmj]k2
œ =q]ak\]ka_f]\oal`Yoa\]Z]Yekmj^Y[]o`a[`2
q
_
œ =daeafYl]kZmf[`af_]^^][lk&
œ J]\m[]kkdaf_l]f\]f[qlgkda\]&
% 9ddgokYZ]ll]jdgY\\akljaZmlagfgfafl]jfYd^aZ]jk&
% 9dd`ggck^]Ylmj];jgkZqÌkhYl]fl]\IMA;%;@=;C
CŸ
af\a[Ylgjk&
% @ggcO]ZKdaf_=q]oa\l`YnYadYZd]2)Ê$*Ê$Yf\+Ê&
% >Yla_m]jYl]\lg*($((([q[d]kYl)%)'*lae]kl`]
)1
KAJL=>
9[[]kkgja;jgkZqh]jHgda]kl]j]%;jgkZq9[[]kkgja]k^gjHgdq]kl]j
K%*0*EY_daY\a[gff]kkagf]% K%*0*O]Z[`Yaf[gff][lgj
<ae]fkagfa
ZjY[YY\Yf]ddg
Jgmf\kdaf_
DYj_&\]dfYkljg
kar]
O]ZZaf_oa\l`
fg&
ee
)*
+
,
-(
/)((
LajYfl]YfYkljg
O]Zkdaf_k
DYj_&\]ddÌg[[`ag
]q]oa\l`
ee
kljYla
hdq
ee
-(
+-(
*
*
*
<aYe]ljg
[Yl]fY
;`Yafkar]
)(
)+
).
;Yja[g\adYngjg H]kgkaf_gdg
daeal]
O]a_`l]Y[`
Ogjcaf_dgY\
daeal
l
C_
*&1,&(0
-&./
(&0.
)&*/
)&1-
<ae]fkagfa
<ae]fkagfk
:
ee
;
ee
=
ee
>
ee
))( -,&( -+&- )*)
)*0 ,)&, .*&( ))),- -,&( .,&- )+-
"FGL92Hjg_]llYlgh]jdÌmkg[gfLajYflaYfYkljg\aLahgAAA$ G[[`a]ddgG[[`a]ddg!$;dYkk]/&*
—DYeYkkaeYhjgnY\a[Yja[g†*%)'*ngdl]ad;Yja[g\aDYngjgDaeal]&DYEafaeYJ]kakl]frY†,ngdl]ad;Yja[g\aDYngjgDaeal]&
"FGL=2<]ka_f]\^gjmk]oal`Lqh]AAA$ =q]=q]!$;dYkk/$*Hdqo]Zkdaf_k&
—EYpaemeHjgg^DgY\ak*%)'*lae]kl`]Ogjcaf_DgY\Daeal&EafaemeMdlaeYl]Klj]f_l`ak,lae]kl`]
Ogjcaf_DgY\Daeal&
%<akhgfaZad]aflj]\ae]fkagfa2
œ+%)',l;Yja[g\aDYngjgDaeal]%h]jfYkljg^afgY-(
ee][Yl]fY^afgY)(ee&
œ,%)'*l;Yja[g\aDYngjgDaeal]%h]jfYkljg^afgY/-
ee][Yl]fY^afgY)+ee&
œ.%)',l;Yja[g\aDYngjgDaeal]%h]jfYkljg^afgY)((
ee][Yl]fY^afgY).ee&
9[[aYagD]_Ylg :gfa^a[Ylg!
%G_fa[gff]llgj]`Ymf;g\a[]\aA\]fla^a[Yragf]\]dHjg%
\gllg HA;!h]jdYjafljY[[aYZadal\]deYl]jaYd]mfalYe]fl]
Yd;Yja[g\aDYngjgDaeal]]\adfge];jgkZq^gj_aYlgaf
]kkg&
MladarrYdYkl]kkYZgZafY][gh]jlmjY\]d;gff]llgj]Y
fYkljgK%*0(
%AdCal\aKgklalmragf]h]j:gZaf]]FYkljg†\akhgfaZad]&
Hjg_]llYlY[gfdgkl]kkg[gf[]llg
\]dfgkljg;gff]llgj]YFYkljgK%*0(
Ad;gff]llgj]Y[Yl]fY[gfk]fl]dY
[gff]kkagf]\YdngkljglajYfl]YfYkljgYddÌ
]kakl]fl][Yl]fYafeg\g^Y[ad]]n]dg[]&
%9nYadYZd]afl`j]]kar]k2
œ +%)',lgfOgjcaf_DgY\Daeal%*ÊO]ZZaf_lg+'0Ê
)(ee![`Yaf&
œ ,%)'*lgfOgjcaf_DgY\Daeal%)%)'*Ê +ÊLYh]j]\
O]ZZaf_!lg)'*Ê )+ee![`Yaf&
œ .%)',lgfOgjcaf_DgY\Daeal%*Ê ,ÊLYh]j]\O]Z%
Zaf_!lg-'0Ê ).ee![`Yaf&
%9ddgqKl]]d Im]f[`]\Yf\L]eh]j]\!
%=Y[`;gff][lgj`YkYHjg\m[lA\]fla^a[Ylagf;g\] HA;!
^gjeYl]jaYdljY[]YZadalqYdgf_oal`Y
Ogjcaf_DgY\DaealYf\l`]fYe];jgkZq^gj_]\aflgal&
%Mk]kkYe]khggdYf\[gn]jYkK%*0(O]Z;gff][lgj&
%J]hdY[]e]flCal^gjKhggdYf\O]Z;gn]jYnYadYZd]&
H=JD=;GFF=KKAGFA<=?DA9;;=KKGJAN=<=J=DGK;@=E99H9?&*)
K==L@=<A9?J9EGFH9?=&*)>GJL@=9;;=KKGJA=K;GFF=;LAGF
<]ka_f]\Yjgmf\l`]kYe][gf[]hlYk
gmjK%*0(O]Z;gff][lgj$l`]K%*0*
;`Yaf ;gff][lgj eYc]k l`] [gff][lagf
;`Yaf;gff][lgjeYc]kl`][gff][lagf
^jgeqgmjo]Zkdaf_lg]paklaf_[`Yaf
ima[cYf\]Ykq&
*(
ooo&kajl]^&al
KAJL=>
9[[]kkgja;jgkZqh]jHgda]kl]j]%;jgkZq9[[]kkgja]k^gjHgdq]kl]j
K%*0/_Yf[ag\a]klj]eal%K%*0/[`gc]j`ggc
<ae]fkagf]
ZjY[YY\Yf]ddg
Jgmf\kdaf_
kar]
fg&
DYj_&\]dfYkljg
O]ZZaf_oa\l`
ee
)*
+
-(
/-
LajYfl]YfYkljg
O]Zkdaf_k
DYj_&\]ddÌg[[`ag
]q]oa\l`
ee
-(
+-
kljYla
hdq
ee
;Yja[g\a
dYngjgdaeal]
Ogjcaf_dgY\
daeal
l
*
*
*&1,&(0
H]kg
kaf_gdg
O]a_`l
]Y[`
C_
<ae]fkagfa
<ae]fkagfk
9
ee
:
ee
;
ee
<
ee
=
ee
>
ee
?
ee
@
ee
B
ee
99
ee
)&.0 -,&( .+&- 0,&- 1&.- )-+ )*) )*, 0&.- +0&) +0&)
*&// ,)&, 01&( 1+&( 1&.- )/1 ))- ).- +,&- ,/&0 %
FGL92Hjg_]llYlgh]jdÌmkg[gfLajYflaYfYkljg\aLahgAAA$ 9kgdY%9kgdY!$;dYkk]/&*
"DYEYkkaeYHjgnY\a;Yja[g†*%)'*ngdl]ad;Yja[g\aDYngjgDaeal]&AdNYdgj]E]\ag\]d;Yja[g\a<]^gjeYragf] [Yja[gdaeal]!†-ngdl]
ad;Yja[g\aDYngjgDaeal]&DÌ`Yj\oYj]\]alajYfla\aka[mj]rrY;jgkZqkg\\ak^Yaj]imakala\a\aYe]ljgeafaegklYf\Yj\g\akh]kkgj]$]
kg\\ak^Yaj]imakala\]ddYdYj_`]rrY\]d[gflYllg]^^]llang$egkljYlgf]ddYKh][a^a[Y\]ddYFgjeYlanY;gfka_daYlYh]jaLajYflaLgf\aafHgda]kl]%
j]Kafl]la[g\YddYO]ZKdaf_La]9kkg[aYlagf&OKL<9%JK) janaklgf]ddYkgklYfrYf]d*(()!
FGL=2<]ka_f]\^gjmk]oal`Lqh]AAA$ =q]=q]!$;dYkk/$*Hdqo]Zkdaf_k&
" EYpaemeHjgg^DgY\ak*%)'*lae]kl`]Ogjcaf_DgY\Daeal&9n]jY_]kljYa_`l]faf_dgY\ mdlaeYl]dgY\!ak
-lae]kl`]Ogjcaf_DgY\Daeal&
;jgkZqKdaf_KYn]j`Yj\oYj]e]]lkl`]j]imaj]e]flk^gjeafaemeklg[c\aYe]l]jgjl`a[cf]kk$Yf\
]^^][lan][gflY[loa\l`k`gofafl`]J][gee]f\]\KlYf\Yj\kKh][a^a[Ylagf^gjKqfl`]la[Hgdq]kl]jJgmf\
Kdaf_kZql`]O]ZKdaf_La]<gof9kkg[aYlagf&OKL<9%JK) j]nak]\*(()!
%<akhgfaZad]af*\ae]fkagfa2
œ+%)',lgfk fYkljg\Y-(ee!
œ,%)'*l fYkljg\Y/-ee!
9[[aYagD]_Ylg>gj_aYlg%:gfa^a[Ylg
>Yllgj]\ahjg_]llYragf]\Y-Y)
%G_fa[gff]llgj]`Ymf;g\a[]\aA\]fla^a[Yragf]\]dHjg%
\gllg HA;!h]jdYjafljY[[aYZadal\]deYl]jaYd]mfalYe]fl]
Yd;Yja[g\aDYngjgDaeal]]\adfge];jgkZq^gj_aYlgaf
]kkg&
%Mf_Yf[aghjg_]llYlgafeg\ghYjla[gdYj]hjgl]__]ad
lajYfl]kafl]la[gimYf\gna]f]YZZYkkYlggljYk[afYlg
%Hjg_]llYlgh]jja\mjj]dÌYlljalg$dÌYZjYkagf]$]dYk^adY[%
[aYlmjYf]ddYrgfY\a]klj]eal&
%MladarrYdYkl]kkYZgZafY][gh]jlmjY\]d;gff]llgj]Y
fYkljgK%*0(&
%AdCal\aKgklalmragf]h]j:gZaf]][gh]jlmjYFYkljg†
\akhgfaZad]&
% 9nYadYZd]af*kar]k2
œ +%)',lgfk *Êo]ZZaf_!
œ ,%)'*lgfk +Êo]ZZaf_!
%>gj_]\9ddgqkl]]d%Im]f[`]\L]eh]j]\
%<]ka_f^Y[lgjg^-lg)&
%=Y[`;gff][lgj`YkYHjg\m[lA\]fla^a[Ylagf;g\] HA;!
^gjeYl]jaYdljY[]YZadalqYdgf_
oal`YOgjcaf_DgY\DaealYf\l`]fYe];jgkZq^gj_]\
aflgal&
%Kh][aYd\]ka_fg^`ggchjgl][lkl`]kqfl`]la[kdaf_
o`]f\jghh]\gj\jY__]\&
%<]ka_f]\lgj]\m[]^ja[lagf$YZjYkagf$Yf\^jYqaf_af
[`gc]jYj]Y&
%Mk]kkYe]khggdYf\[gn]jYkK%*0(O]Z;gff][lgj&
%J]hdY[]e]flCal^gjKhggdYf\O]Z;gn]jYnYadYZd]&
H=JD=;GFF=KKAGFA<=?DA9;;=KKGJAN=<AADK=?M=FL=K;@=E9
K==L@=>GDDGOAF?<A9?J9E>GJL@=9;;=KKGJA=K;GFF=;LAGF
ooo&kajl]^&al
*)
KAJL=>
9[[]kkgja;jgkZqh]jHgda]kl]j]%;jgkZq9[[]kkgja]k^gjHgdq]kl]j
K%*+/%EY_daY\a_amfragf]%K%*+/%;gff][laf_dafc
;Yja[g\adYngjgdaeal]
Ogjcaf_dgY\daeal
,2)
-2)
C_
C_
*0+-./(
0-(),)/)/()(
**.0(
+,(*(
**.0
,-+.
.0(,
))+,(
)+.(/
)0),*/*)-
KljmllmjY DYj_&fge&\]ddYaeZ& <ae]fkagf]\]d
[gff]llgj]e]lYdda[g
>jYe]
\]d[gjhg
FgeafYdkdaf_Zg\q
Dgc%Y%dgqkar]
oa\l`
fg&
ee
)(
)*+(
,(
.(
-)
/.
/.
)(*
)(*
)*/
)-*
)(
).
*(
**
**
*+*
H]kg
kaf_gdg
O]a_`l
]Y[`
C_
<ae]fkagfa
<ae]fkagfk
9
ee
:
ee
;
ee
=
ee
?
ee
@
ee
D
ee
F
ee
J
ee
K
ee
O
ee
(&-*
)&+,
*&)+&1(
,&)1
/&)
))&0
**&,
+.&)
,)&,
-(&0
-(&0
-/&*
.-&(
+.&)
+0&.
,)&,
-(&0
-(&0
-/&*
.-&(
-(&0
.1&1
.1&1
1-&+
1-&+
)*)
),.
0(&0
)()))
)-*
)-/
)0,
*+*
*-&,
+)&0
+-&)
,,&,,&-/&*
-0&/
*(&+
*,&1
*/&1
+-&0
+-&0
,-&*
,/&*
)(/
),,
).*(*
)11
*,(
*0)
*.&,
,+&,
-)&0
-/&/
-/&/
.*&(
/0&(
/,&*
)((
))+
),(
)+/
).,
)1.
)*&*
)1&(
*+&.
*.&1
*.&1
+)&(
+0&)
+-&)
,,&,/&0
-/&*
.(&/0&0(&+
"DYHjgnY\a;Yja[gEYkkaeg†\m]ngdl]ad;Yja[g\aDYngjgDaeal][gfmf^Yllgj]\aka[mj]rrY\a,2)&Ad[Yja[geafaeg\a\]^gjeYragf]†
-ngdl]ad;Yja[g\aDYngjgDaeal]&DÌ`Yj\oYj]\]alajYfla\aka[mj]rrY;jgkZqkg\\ak^Yaj]imakala\a\aYe]ljgeafaeg\akh]kkgj]klYf\Yj\$
]kg\\ak^Yaj]imakala\]ddYdYj_`]rrY\]d[gflYllg]^^]llang$egkljYlgf]ddYKh][a^a[Y\]ddYFgjeYlanY;gfka_daYlYh]jaLajYflalgf\aafHgda]%
kl]j]Kafl]la[g\YddYO]ZKdaf_La]9kkg[aYlagf&OKL<9%JK) janaklgf]ddYkgklYfrYf]d*(()!
"EYpaemeHjgg^DgY\ak*lae]kl`]Ogjcaf_DgY\DaealYl,2)\]ka_f^Y[lgj&EafaemeMdlaeYl]klj]f_l`ak-lae]kl`]Ogjcaf_DgY\
Daeal&;jgkZqKdaf_KYn]j`Yj\oYj]e]]lkl`]j]imaj]e]flk^gjeafaemeklg[c\aYe]l]jgjl`a[cf]kk$Yf\]^^][lan][gflY[loa\l`
k`gofafl`]J][gee]f\]\KlYf\Yj\kKh][a^a[Ylagf^gjKqfl`]la[Hgdq]kl]jJgmf\Kdaf_kZql`]O]ZKdaf_La]<gof9kkg[aYlagf&
OKL<9%JK) j]nak]\*(()!
;YjYll]jakla[`]2
%;Yja[g\aDYngjgDaeal] -Y)!2\Y*&0-(Y+,(*(C_&
%H]je]ll]mfY^Y[ad][gff]kkagf]YddY[YehYf]ddYgYa
_Yf[a\]ddÌg[[`ag$]\†a\]Yd]h]jd]ZjY[`]&
%AdeY__agj]jY__ag\]d[gjhg\mfYha”YehaYkmh]j^a[a]
\aYhhg__agYdlajYfl][j]Yf\gmfÌYj]YeY__agj]h]jdY
\akljaZmragf]\]d[Yja[g$h]jim]klg2
%9me]flYdÌ]^^a[a]frY\]dLajYfl]Kafl]la[gjakh]llgYdd]
[YehYf]dd]$Yd[gjhg\]d_jaddg]\Ya[gfn]fragfYda_Yf[a
Y\g[[`ag&
Im]klgh]je]ll]Yd)((\]alajYfla\ajY__amf_]j]ad
;Yja[g\aDYngjgDaeal]&
%H]je]ll]mfYea_dagj]\akljaZmragf]\]d[Yja[gkmdd]^aZj]
afl]jf]&
%;gkljmragf];gehd]lYe]fl]af9[[aYagD]_Ylg
>Yllgj]\aka[mj]rrY\a-Y)&
HjgnYlaaf\ana\mYde]fl]Y*&-ngdl]ad;Yja[g\aDYngjg
Daeal]&
%G_fa[gff]llgj]`Ymf;g\a[]\aA\]fla^a[Yragf]\]dHjg%
\gllg HA;!h]jdYjafljY[[aYZadal\]deYl]jaYd]mfalYe]fl]
YddYeakmjY\]dhjg\gllg$]\afgea;jgkZq]MK9afd]ll]j]
afjada]ng
;YhY[ala]kYnYadYZd]2
%Ogjcaf_DgY\Daeal -lg)!2-$(((l`jgm_`.($(((dZk&
%9ddgok]Ykq[gff][lagflgeYkl]jdafckgj]q]`ggck$
Yf\aka\]Yd
^gjZja\d]k&
%Af[j]Yk]\jY\amkg^Zgo_an]koa\]jkdaf_Z]Yjaf_kmj^Y%
[]j]kmdlaf_
afYfaf[j]Yk]\Yj]Y^gjdgY\\akljaZmlagf$l`mk2
%Af[j]Ykaf_Kqfl`]la[Kdaf_]^^a[a]f[qYk[gehYj]\lg
eYkl]j
dafck$k`Y[cd]ZgokYf\[gfn]flagfYd]q]`ggck&
%L`akYddgok)((g^l`]kdaf_kjYl]\Ogjcaf_DgY\Daeal
lgZ]Y[`a]n]\&
%9ddgokZ]ll]jdgY\\akljaZmlagfgfafl]jfYd^aZ]jk&
%9dd9ddgq;gfkljm[lagf
%<]ka_f>Y[lgjg^-lg)&
%Af\ana\mYddqHjgg^L]kl]\Yl*&-lae]kl`]Ogjcaf_DgY\
q
_
Daeal&
%=Y[`[gff][lgj`YkYHjg\m[lA\]fla^a[Ylagf;g\] HA;!
^gjeYl]jaYd
ljY[]YZadalq$Ydgf_oal`Y^jYe]kar]$Yf\l`]fYe];jgkZq
Yf\MK9
afjYak]\d]ll]jk&
ooo&kajl]^&al
KAJL=>
ooo&kajl]^&al
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
*+
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
9LLJ=RR9LMJ9%=IMAHE=FL
HYjYf[gY[Yl]fYeYfmYd]É=D=H@9FLÊ;%*)%EYfmYd[`Yaf`gaklkÉ=D=H@
= @9FLÊ;%*)
Eg\]ddg
Eg\]d
HgjlYlY
;YhY[alq
;*)%(;*)%()(
;*)%);*)%*(
;*)%+(
;*)%-(
C*%)((
-((
)(((
)-((
*(((
+(((
-(((
)((((
Fme]jglaja\a[Yl]fY
Fgg^^Yddk
Af_geZjgafYdl]rrY
;dgk]\`]a_`l
ee
C_&
)
)
)
)
*
+
,
*/+)(
+,(
+0(
,0(
--//-
-$1
0$1
))$).$*($(
+-$(
/0$(
C_&
($-v*l
+l
H]kg
O]a_`l
-v/$-l
)(l
AdhYjYf[gha”d]__]jg\]de]j[Ylg
MladarrYf\gd]j][]flal][fgdg_a]]aeYl]jaYda
ha”h]j^gjeYflaim]klahYjYf[`akgfgha”
d]__]jajakh]llgYaljY\aragfYdahYjYf[`a
[`]kaljgnYfgkmde]j[Ylg\]d-(&
AdhYjYf[g\Yc_&-(([gf+el&\a[gjkY
_Yf[agh]kYe]fg\a.C_&
DYkmY[gehYll]rrY†hYjla[gdYje]fl]
Yhhj]rrYlYf]a[Yfla]ja\gn]khgklYj]h]ka
]af_geZjajakmdlYha”^Yla[gkg&
<glYragf]klYf\Yj\2
;Yl]fY\a[Yja[g_j&)((
N]jfa[aYlmjYhdYkla^a[YlY]d]lljgklYla[Y
;Yjl]jYl]fmlYklY_fYafY[[aYag
>j]fgYfla_jahhY__ag$eYl]jaYd]k]frY
YeaYflg
?Yf[aklm\aYlah]j\]^gjeYjkahjg_j]kka%
nYe]fl]af[Ykg\akgnjY[[Yja[gk]frY
jgeh]jka
;gf^gjeaYdd]fgje]]mjgh]]]\afl]jfY%
ragfYda
L`]da_`l]kl`gaklgfl`]eYjc]l
Mkaf_l`]dYl]kll][`fgdg_a]kYf\h]j^gj%
j
eaf_eYl]jaYdkl`]k]`gaklkYj]da_`l]jl`Yf
;YjYll]jakla[`]% >]Ylmj]k
Eg\]ddg
Eg\]d
HgjlYlY
;YhY[alq
;gjkYklYf\Yj\
KlYf\Yj\da^l
C_&
;*)%(;*)%)(
;*)%);*)%*(
;*)%+(
;*)%-(
+
+
+
+
+
+
-((
)(((
)-((
*(((
+(((
-(((
C_&
;*)%(;*)%()(
;*)%);*)%*(
;*)%+(
;*)%-(
C*%)((
*,
-((
)(((
)-((
*(((
+(((
-(((
)((((
ee
)*)
),0
).0
)1+
*(1
*1/
+0-
K^gjrg
kmddY[Yl]fY
=^^gjlgf`Yf\
[`Yaf
C_&
Fme]jglaja\a[Yl]fY
Fgg^^Yddk
*.
+*
++
+.
+1
+1
)
)
)
)
*
+
ee
ee
)*1
),+
)-*
).+
)-*
).+
)1(
)+
).
*)
**
*0
+,
10
K]frY[Yl]fY
Oal`gml[`Yaf
C_&
H]kg
O]a_`l
;gf[Yl]fY
Oal`[`Yaf
C_&
Kgdg[Yl]fY
Gfdq[`Yaf
C_&
+$*
$
-$0
/$)($/
)*$)
*)$)
-$1
$
0$1
))$).$*($(
+-$(
)$(
$
)$+
)$)$1
*$,$,
ee
ee
ee
*,
*0
+(
+.
+,/(
+.
,+
,+
-+
-+
/(
0-
).
**
*.
*1
+,.
/,
ee
ee
ee
*/+)(
+,(
+0(
,0(
--//-
-+
.)
.0
/.0
/1(
/.
0*
0,
01
0,
01
)((
ooo&kajl]^&al
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
HYjYf[geYfmYd]Yd]nYÉ=D=H@9FLÊ=Q+% D]n]j`gaklkÉ=
É=D=H@9FLÊ=Q+
Eg\]ddg
Eg\]d
=Q+%(*=Q+%(0(
=Q+%).(
=Q+%+*(
=Q+%.+(
HgjlYlY
;YhY[alq
H]kg
O]a_`l
C_&
C_&
-((
0((
).((
+*((
.+((
+$.
.$*
1$)-$*.$-
\g
kY
DaealYlgj]\a[Yja[gaf[gjhgjYlg2im]klg
e][[YfakegZj]n]llYlg†hgkaragfYlgkmd
ha_fgf]]kaYllanYYmlgeYla[Ye]fl]Yd
kmh]jYe]flg\]ddYhgjlYlYfgeafYd]aeh]%
\]f\gdY\]^gjeYragf]\]dhYjYf[g&
Ad[Yjl]jka_addYlgaeh]\ak[]YddÌmea\al]Ya
[gjha]kljYf]a\a]fljYj]&
Aehm_fYlmjYjan]klalYaf_geeYh]jmfY
ea_dagj]hj]kY]eYf]__]ngd]rrY&
;Yl]fYY\YdlYj]kakl]frYraf[YlY&
N]jfa[aYlmjYf]jYghY[Y]d]lljgklYla[Yh]j
j]kakl]j]YddY[gjjgkagf]
>j]fgYfla_jahhY__ag$eYl]jaYd]k]frY
YeaYflg
?Yf[aklm\aYlah]j\]^gjeYjkahjg_j]kka%
nYe]fl]af[Ykg\akgnjY[[Yja[gk]frY
jgeh]jka
;gf^gjeaYdd]fgje]]mjgh]]]\afl]jfY%
ragfYda
DgY\daeal]jZmadl%af2l`akhYl]fl]\
\]na[]akhgkalagf]\gfl`]hafagfYf\ak
YmlgeYla[Yddq Y[lanYl]\ o`]f l`] fgeafYd
YmlgeYla[YddqY[lanYl]\o`]fl`]fgeafYd
[YhY[alqak]p[]]\]\$hj]n]flaf_l`]`gaklk
\]^gjeYlagf&
L`]`gmkaf_akk]Yd]\lghj]n]flegaklmj]
Yf\^gj]a_feYll]j^jge]fl]jaf_&
JmZZ]j[gYl]\`Yf\d]^gjZ]ll]j_jahYf\
`Yf\daf_&
@a_` l]fkad] _YdnYfar]\ [`Yaf
ooo&kajl]^&al
;Yl]fY\a[Yja[g
;`YafdgY\
Q%AAA%+*(
Q%AAA%.+(
;YjYll]jakla[`]'>]Ylmj]k
Q%AAA-(
Q%AAA0(
Q%AAA).(
Q%AAA+*(
Q%AAA.+(
[YhY[al%[YhY[alq
q c_!
[gjkYklYf\Yj\%klYf\Yj\da^ll el!
k^gjrgkmddYd]nY% ]^^gjlgf`Yf\[`Yaf c_!
\aYe]ljg[Yl]fY%[`Yaf\aYe]l]j
i
imYdal[Yl]fY%
_
_jY\]g^[`Yaf
fme]jg\alaja\a[Yl]fY%fg&g^^Yddk
h]kg%f]lo]a_`l c_!
-((
)$+,
-$(
0(
)
+$.
0((
)$+(
-$.
0(
)
.$*
).((
)$+(
/$*
0(
)
1$-
+*((
)$+/
1$(
0(
)
)-$-
.+((
)$+0
1$(
0(
*
*.$-
Eg\]ddg'Eg\]d
Q%AAA-(
Q%AAA0(
Q%AAA).(
Q%AAA+*(
Q%AAA.+(
9
:
;
<
=
>
?
@
*.$0+
0*.*+
+)*0,
-*$10$)**
*1(
*+
+.
)*.0
.*$)(),(
+-(
*1
,+
*)
+0-
0+
))($)/.
,*(
+.
-+
*0
+0-
0+
))($*+-/(
,/(
+,
+0-
*-
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
;Yjj]ddgeYfmYd]YkhaflY É=D=H@9FLÊ=KH% HdYafljgdd]qÉ=D=H@9FL
=
Ê=KH
Eg\]ddg
Eg\]d
;Yjj]ddghgjlYhYjYf[g[gfjmgl]afY[[aYag
^gj_aYlgh]jmfYeY__agj]k[gjj]ngd]rrY]
kad]fragkal&
;gehd]lg\ahjgl]ragf]YflamjlgYdd]
]klj]eal&
;gehd]lYe]fl]kegflYZad]h]jmfY^Y[ad]
eYfml]fragf]
9\YllYZad]Y\g_falahg\ahjg^adg$dY
j]_gdYragf]\]ddYdYj_`]rrYYnna]f]ljYeal]
jgf\]dd]Yhhda[YZadakmddÌYkk]&
N]jfa[aYlmjYhdYkla^a[YlYjgkkYh]jmfYeY_%
_agj]hjgl]ragf]]mfY_jY\]ngd]]kl]la[Y&
;gf^gjeaYdd]fgje]]mjgh]]]\afl]jfY%
ragfYda
>gj_]\kl]]do`]]dk`gaklljgdd]q^gjY\\]\
keggl`f]kkYf\ima]lf]kk&
>mddaehY[lhjgl][lagfYll`]]f\k&
;gehd]l]dq\akegmflYZd]^gj]YkqeYaf%
l]fYf[]
9\YhlYZd]lgYfqcaf\g^hjg^ad]$l`]oa\l`
Y\bmkle]flakY[`a]n]\ZqY\\af_oYk`]jk
gfl`]Ypd]&
J]\HYafldYeafYl]\^gjY\\]\hjgl][lagf
Yf\Yhd]YkYflYhh]YjYf[]&
;gehdqoal`=mjgh]YfYf\afl]jfYlagfYd
j]_mdYlagfk
*.
=KH%(*=KH%(=KH%)(
=KH%*(
=KH%+)
=KH%-(
HgjlYlY
;YhY[alq
Af_geZjgafYdl]rrY
Gn]jYdd`]a_`l
JY__ag\a[mjnYlmjY
eafaeme[mjn]kjY\amk
DYj_`]rrYljYn]
\ak[gjjae]flg
:]Yeoa\l`
H]kg
O]a_`l
C_&
ee
ee
ee
C_&
*-(
-((
)(((
).(('*(((
+)((
-(((
..
01
1+
),(
)/)1/
1((
1((
))((
)*((
)+((
)-((
-(%)*.(%)+(
.(%)+(
/(%)-1(%).(
1(%)0(
0
))
)1
*/
-+
<ae]fkagfa% <ae]fkagfk
Eg\]ddg
Eg\]d
=KH%(*=KH%(=KH%)(
=KH%*(
=KH%+)
=KH%-(
HgjlYlY
;YhY[alq
C_&
9
:
;
<
=
>
?
@
A
B
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
*-(
-((
)(((
).(('*(((
+)((
-(((
)/(
)1(
**)
*.(
*01
+./
//)
/*
1(
1*
)(-
)*)*)*.
),*
),,
)-1
)).
).(
)/*
*(1
*+1
%
.(
/(
0(
10
))%
/.
)((
)).
)+.
)-(
).1
-(%)*.(%)+(
.(%)+(
/(%)-1(%).(
1(%)0(
..
01
1+
),(
)/)1/
++0
,(
.(
.%
+(
*0
+(
,(
-(
%
ooo&kajl]^&al
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
HYjYf[geYfmYd]Y[Yl]fYÉD]n]pÊKHE%EYfmYd[`Yaf`gaklkÉD]n]pÊKHE
Eg\]ddg
Eg\]d
HgjlYlY
;YhY[alq
Fme]jg\alaja
Fg&g^^Yddk
Af_geZjgafYdl]rrY
Gn]jYdd`]a_`l
H]kg
O]a_`l
ee
C_&
*0(
+-(
+0+
,0--,
.00
/.-
.
)($/
)*$*
)1$+
+,)
/0$-
C_&
)
)
)
)
)
*
,
*-(
-((
)(((
*(((
+(((
-(((
)((((
KHE%(*KHE%(KHE%)(
KHE%*(
KHE%+(
KHE%-(
KHE%)((
($*-v+l
-l
)(l
9^^a\YZadal][gfn]fa]frY&
J]kakl]frY]jgZmkl]rrY_jYra]YdeYl]jaYd]
Y\YdlYj]kakl]frY&
HYjYf[g[gfmflajg\a[Yl]fYkafgYddY
hgjlYlY\a+lgf&
;Yjl]jafYddmeafag
G_faYhhYj][[`ag†l]klYlgkaf_gdYje]fl]]
`Ymffme]jg\ak]ja]h]jdYjafljY[[aYZadal
<glYragf]klYf\Yj\2
_Yf[a_aj]ngda[gehd]la\aka[mj]
;Yl]fY\a[Yja[g_jY\g0(raf[YlY
;Yjl]jafYddmeafagYl]fmlYklY_fY
>j]fgYfla_jahhY__ag$eYl]jaYd]k]frY
YeaYflg
;gf^gjeaYdd]fgje]]mjgh]]]\afl]jfY%
ragfYda
J]daYZadalqYf\[gfn]fa]f[]&
Klj]f_l`Yf\lgm_`f]kk\m]lg`a_`
klj]f_l`eYl]jaYd&
;`Yaf`gakloal`gf]k`glmhlg+lgfk&
9dmeafme[Yjl]j
=Y[`mfalakaf\ana\mYddql]kl]\Yf\`Ykalk
q
ljY[]YZadalqk]jaYdfmeZ]j
KlYf\Yj\]imahe]fl2
Koan]d`ggckoal`dYl[`
?jY\]0(_YdnYfar]\dgY\[`Yaf
oYl]jla_`lYdmeafme;Yjl]j
:jYc]Yfla%k]ar]$fgf%YkZ]klgkeYl]jaYd
;YjYll]jakla[`]% >]Ylmj]k
Eg\]ddg
Eg\]d
;gjkYklYf\Yj\
KlYf\Yj\da^l
K^gjrgkmddY[Yl]fY
=^^gjlgf`Yf\[`Yaf
C_&
KHE%(*KHE%(KHE%)(
KHE%*(
KHE%+(
KHE%-(
KHE%)((
KHE%(*KHE%(KHE%)(
KHE%*(
KHE%+(
KHE%-(
KHE%)((
ooo&kajl]^&al
HgjlYlY
;YhY[alq
C_&
*-(
-((
)(((
*(((
+(((
-(((
)((((
*+
*,
*1
++0
+0
+1
+
+
+
+
+
+
+
H]kg
O]a_`l
;gf+e\a[Yl]fY
KgdgdY[Yl]fY
Oal`+eg^[`Yaf Gfdql`][`Yaf
C_&
C_&
.
)($/
)*$*
)1$+
+,)
/0$-
)$*
)$,
)$/
*$*
+$(
,$+
/$0
C_&
ee
ee
ee
ee
ee
*-(
-((
)(((
*(((
+(((
-(((
)((((
)*(
),.
).)
*(*
*-*-(
,.(
)),
)+0
)-,
)//
*()01
)01
*0(
+-(
+0+
,0--,
.00
/.-
+)
+,(
-(
-./-
*)
*+
*/
++1
,-,
*/
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
HYjYf[geYfmYd]Yd]nYÉD]n]pÊKPD%D]n]j`gaklkÉD]n]pÊKPD
Eg\]ddg
Eg\]d
HgjlYlY
;YhY[alq
Fme]jg\alaja
Fg&g^^Yddk
C_&
)
)
)
)
)
*
*-(
-((
)(((
)-((
+(((
.(((
KPD%(*KPD%(-(
KPD%)((
KPD%)-(
KPD%+((
KPD%.((
($-v+l
;gjkYklYf\Yj\
KlYf\Yj\da^l
H]kg
O]a_`l
el
C_&
)
)$)$)$)$)$-
*$*
,$0
/
1$*($*
+*
.l
;Yjl]jafYddmeafagYl]fmlYklY_fY&
Ad[Yjl]jka_addYlgaeh]\ak[]YddÌmea\al]Ya
[gjha]kljYf]a\a]fljYj]&
Aehm_fYlmjYjan]klalYaf_geeYh]jmfY
ea_dagj]hj]kY]eYf]__]ngd]rrY&
_Yf[a_aj]ngda[gehd]la\aka[mj]
;Yl]fYY\YdlYj]kakl]frYraf[YlY&
>j]fgYfla_jahhY__ag$eYl]jaYd]k]frY
YeaYflg
G_faYhhYj][[`ag†l]klYlgkaf_gdYje]fl]]
`Ymffme]jg\ak]ja]h]jdYjafljY[[aYZadal
;gf^gjeaYdd]fgje]]mjgh]]]\afl]jfY%
ragfYda
OYl]jla_`lYdmeafame[Yjl]j&
L`]k]Yd]\[Ykaf_hj]n]flkegaklmj]Yf\
^gj]a_feYll]j^jge]fl]jaf_&
JmZZ]j[gYl]\`Yf\d]^gjZ]ll]j_jahYf\
`Yf\daf_&
`ggckkoan]dYf\kY^]
@a_`l]fkad]_YdnYfar]\[`Yaf&
:jYc]Yfla%k]ar]$fgf%YkZ]klgkeYl]jaYd
=Y[` mfal ak af\ana\mYddq l]kl]\ Yf\ `Yk alk
=Y[`mfalakaf\ana\mYddql]kl]\Yf\`Ykalk
ljY[]YZadalqk]jaYdfmeZ]j
;gehdqoal`=mjgh]YfYf\afl]jfYlagfYd
kh][a^a[Ylagfk
;YjYll]jakla[`]%>]Ylmj]k
[YhY[al%[YhY[alq
q c_!
[gjkYklYf\Yj\%klYf\Yj\da^ll el!
k^gjrgkmddYd]nY% ]^^gjlgf`Yf\[`Yaf c_!
\aYe]ljg [Yl]fY [`Yae\aYe]l]j
\aYe]ljg[Yl]fY%
[`Yae \aYe]l]jj ee!
imYdal[Yl]fY%_jY\]g^[`Yaf
fme]jg\alaja\a[Yl]fY%fg&g^^Yddk
KPD(*-
KPD(-(
KPD)((
KPD)-(
KPD+((
KPD.((
*-(
)
+(
,p)*
0
)
-((
)$+,
-p)0
)
)(((
)$+(
.p)0
0
)
)-((
)$+(
/ )p*)
/$)p*)
0
)
+(((
)$,(
)(p*0
0
)
.(((
)$,)
)(p*0
0
*
/(
)-0
*,0/
..
*(
))0
*/0
+)(
),+
0.
*+
),(
*/0
+*(
)-+
1(
*0
),+/0
+0)/+
11
+*
)11
+00
,.(
*((
))*
+0
*+(
+00
.((
*((
))*
,)
<ae]fkagfa% <ae]fkagfk
9
:
;
<
=
>
*0
ooo&kajl]^&al
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
;Yjj]ddgeYfmYd]YkhaflYÉD]n]pÊK%HdYafljgdd]qÉD]n]pÊK
Eg\]ddg
Eg\]d
;Yjj]ddghgjlYhYjYf[g[gfjmgl]afY[[aYag
^gj_aYlgh]jmfYeY__agj]k[gjj]ngd]rrY]
kad]fragkal&
;gehd]lg\ahjgl]ragf]YflamjlgYdd]]klj]%
eal]YflajaZYdlYe]flg&
9\YllYZad]Y\g_falahg\ahjg^adg$dY
j]_gdYragf]\]ddYdYj_`]rrYYnna]f]ljYeal]
dÌYnnalYe]flg'knalYe]flg\]ddÌYkk]kma
^aYf[`a&
N]jfa[aYlmjYhdYkla^a[YlYf]jYh]fkYlYh]jad
egf\g\]ddgkh]llY[gdg&
Af_geZjaja\gllaafYdl]rrY_jYra]YddÌYllY[[g
\]ahYjYf[`a\aj]llYe]fl]kmddÌYkk]&
G_faYhhYj][[`ag†l]klYlgkaf_gdYje]fl]]
`Ymffme]jg\ak]ja]h]jdYjafljY[[aYZadal
;gf^gjeaYdd]fgje]]mjgh]]]\afl]jfY%
ragfYda
@gaklljgdd]qoal`o`]]dkeY\]g^^gj_]\
kl]]d^gjY_j]Yl]jkeggl`f]kkYf\
kad]flf]kk
AehY[l hjgl][lagf Yf\ jgddgn]j ]f\k
AehY[lhjgl][lagfYf\jgddgn]j]f\k
af[dm\]\
9\YhlYZd]lgYfqcaf\g^hjg^ad]$l`]
oa\l`Y\bmkle]flakeY\]Zqk[j]oaf_'
mfk[j]oaf_l`]Ypakgfl`]ka\]k&
:dY[chdYkla[[gYl]\hYaflaf_\]ka_f]\^gj
l`]]fl]jlYafe]flogjd\&
@]a_`l [gehY[l kar] l`Yfck lg l`] Yp]k
ooo&kajl]^&al
K%(-)
K%(-*
K%)()
K%)(*
K%*()
K%*(*
K%+()
K%+(*
K%-()
K%-(*
HgjlYlY
;YhY[alq
Af_geZjgafYdl]rrY
;dgk]\`]a_`l
JY__ag\a[mjnYlmjY
Eafaeme[mjnYlmj]
jY\amk
DYj_`]rrYljYn]
\ak[gjjae]flg
:]Yeoa\l`
H]kg
O]a_`l
C_&
ee
ee
ee
C_&
-((
-((
)(((
)(((
*(((
*(((
+(((
+(((
-(((
-(((
,,-)
-)
.+
.+
/0
/0
1*
1*
)(((
)(((
)*-(
)*-(
)0((
)0((
**((
**((
*-((
*-((
,.%).(
).)%*0(
-(%).(
).)%*0(
.,%)0(
)0)%+((
/,%)0(
)0)%+((
0*%)0(
)0)%+((
.
.$,
1$,
)($/
)/$1
*(
+)$*
++$/
,0$/
-)$/
($-v)l
*v-l
<ae]fkagfa%<ae]fkagfk
Eg\]ddg
Eg\]d
HgjlYlY
;YhY[alq
C_&
9
:
;
<
=
>
?
@
B
C
D
E
I
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
,.%).( *(0 )0
K%(-)
-((
).)%*0( 9#,0 )0
K%(-*
-((
-(%).( *)* *(
K%)()
)(((
).)%*0( 9#-* *(
K%)(*
)(((
K%*() ).(('*((( .,%)0( *,0 *,
9 .0 *,
)0)%+((
+(( 9#.0
K *(* ).(('*((( )0)
K%*(*
/,%)0( *.* *0
K%+()
+(((
)0)%+(( 9#00 *0
K%+(*
+(((
0*%)0( */( +,
K%-()
-(((
)0)%+(( 9#1( +,
K%-(*
-(((
.*
.*
/(
/(
)((
)((
)),
)),
),(
),(
//
//
00))0
))0
)+/
)+/
).).-
)0
)0
*(
*(
*,
*,
+(
+(
+*
+*
,,-)
-)
.+
.+
/0
/0
1*
1*
++
++
,(
,(
-)
-)
-/
-/
.,
.,
**+*
+*
,(
,(
,.
,.
-.
-.
)1
)1
*,
*,
+*
+*
++,*
,*
*).
*).
*.,
*.,
+++++0(
+0(
,+/
,+/
)((
)((
)+(
)+(
).).)0(
)0(
*)*)-
**
**
*,
*,
+)
+)
+/
+/
,)
,)
*1
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
9j_YfaY^mf]hYkkYfl]Kajl]^% Kajl]^jgh]hmddaf_oaf[`
Eg\]ddg0((
;Yja[g\aljYragf]C_&)*-(
;Yja[g\akgdd]nYe]flgC_&0((
Eg\]ddg).((
;Yja[g\aljYragf]C_&*-((
;Yja[g\akgdd]nYe]flgC_&).((
Eg\]ddg+*((
;Yja[g\aljYragf]C_&-(((
;Yja[g\akgdd]nYe]flgC_&+*((
Eg\]d0((
LjY[lagfdgY\C_&)*-(
Da^laf_dgY\C_&0((
Eg\]d).((
LjY[lagfdgY\C_&*-((
Da^laf_dgY\C_&).((
Eg\]d+*((
LjY[lagfdgY\C_&-(((
Da^laf_dgY\C_&+*((
?daYhhYj][[`akgfgd]__]ja]^Y[ada\YmkYj]&Im]klaYhhYj][[`akgfg[gkljmalaafd]_Y\aYddmeafag
Y\YdlYj]kakl]frY][gf]d]nYlg[g]^^a[a]fl]\aka[mj]rrY&Kgfgafgkka\YZada]\afk]fkaZadaY_damjla
]\ Ya [gdha&DY dgjg kljmllmjY fgf ja[`a]\] hjYla[Ye]fl] Yd[mfY eYfml]fragf]& DÌYhhYj][[`ag \a
kgdd]nYe]flgKajl]^g^^j]mfY_jYfka[mj]rrY\adYngjg2adh]jfg\a^akkY__aghgklgf]ddYd]nYh]jad
egnae]flg\]ddY^mf]kajgeh]Y\mfkgnjY[[Yja[g\]d*-&
9im]klgkaY__amf_][`]dÌYklY\aegnae]flg†[gkljmalYafeYfa]jY[`]dYhYjl]af^]jagj]kaYf\j
Y\]^gjeYj]Y\mfkgnjY[[Yja[g\a[aj[Yad-(&
Adh]jfg\a^akkY__aghm]kk]j]kgklalmalg[gfdÌYhhYj][[`ag^mfragfYfl]k]frY[`]kaYf][]kkY%
jagk^adYj]ad[Yng\aljYragf]&F]ddYeYfa_daY\]ddÌYklY\aegnae]flgkaljgnYfg\]ah]jfa\a^akkY_%
_ag&?daYhhYj][[`aKajl]^kgfg^Y[ada]jYha\a\Yhmdaj]_jYra]Y\mfYYh]jlmjYhgklYf]ddYhYjl]
kmh]jagj]\]ddÌYhhYj][[`ag$†km^^a[a]fl]_]llYj]\]ddÌY[imYYhj]kkagf]]kmZalgdÌYhhYj][[`ag†
hmdalg ] hjgflg fmgnYe]fl] YddÌmkg
hmdalg]hjgflgfmgnYe]fl]Ydd
mkg&
G_faYhhYj][[`ag†[gehd]lYlg\Ymf[Ynge]lYdda[gKajl]^gja_afYd][gfYfaeYafY[[aYag]mf
lj]^gdg\a[gdgj]YjYf[ag&Ad^mfragfYe]flgh]j^]llg\]_daYhhYj][[`a†_YjYflalgkgdgmkYf\gdY
^mf]gja_afYd]&DYn]jkagf]gja_afYd]klYf\Yj\[gehj]f\]2dÌYhhYj][[`ag\aljYragf]]kgdd]nYe]f%
lg[gfdYd]nY]\mfY^mf]\]ddYdmf_`]rrY\a*(e]ljaYjjglgdYlYkmYkhg&9\mfY]klj]eal\]ddY
^mf]†^akkYlgmf_Yf[ag\aka[mj]rrYegflYlgkgda\Ye]fl]$dÌYdljY]klj]eal†jYklj]eYlY&
NYklY_YeeY
\aY[[]kkgja
Yja[`a]klY
+(
Oa\]jYf_]
g^Y[[]kkgja]k
gfj]im]kl
ooo&kajl]^&al
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
HYjYf[`a]d]llja[aY[Yl]fYKO>%KO>]d][lja[[`Yaf`gakl
A hYjYf[`a Y [Yl]fY KO> kgfg ad hjg\gllg ha” [gehYllg ] eg\]jfg \akhgfaZad] kmd
e]j[Ylg h]j _YjYflaj] YddÌmladarrYlgj] d] ea_dagja hj]klYragfa ] dY eYkkaeY ka[mj]rrY f]dd]
egnae]flYragfa&
KC2[YjYll]jakla[`]l][fa[`]]\glYragfaklYf\Yj\hjaf[ahYda
HgjlYlY^afgY-Lgff]ddYl]
=k][mragf]^akkYÇ[Yjj]ddgYkhaflY'e][[Yfa[gÇ[Yjj]ddg]d]llja[g
<ghhaYn]dg[al\akgdd]nYe]flg
<ghhaYn]dg[al\aljYkdYragf][gfafn]jl]jKo^
ImY\jg]d]llja[gafl]_jYlg[gehgf]flakla[YL]d]e][Yfaim]
:YkkYl]fkagf],0NYa[geYf\aafhmdkYfla]jY
Hjgl]ragf]eafaeYAH--h]jeglgja]imY\ja]d]llja[a
>af][gjkY]d]llja[g\akYdalY'\ak[]kY%daealYlgj]\a[Yja[g%jY[[g_da[Yl]fY
HmdkYfla]jY[gf[YngYjeYlg][gff]llgj]YdhYjYf[g
KC2eg\]ddakh][aYda]\glYragfaYja[`a]klY
JY\ag[geYf\gL]d][jYf]AlYdaY[gfhmdkYfla]jY\ak[gjlYhjgflgmkg
=k][mragf]=PYfla\]^dY_jYfl]h]jrgfY)]rgfY*
=k][mragf]afgph]jYeZa]flaeYjafa]\Ydae]flYja
=k][mragf]h]j]kl]jfg
;Yjj]ddakh][aYdaY\af_geZjgja\gllg]kfg\Ylah]j[mjnY
HmdkYfla]jYYd_Yf[ag@Yf\qEYkl]j
Kgdd]nYe]flg\glYlg\aafn]jl]jKo^
=k][mragfakh][aYdah]jYdrYl]^mgjaklYf\Yj\^afgYe]lja)(( lgjja]gda[`]!
L`]KC]d][lja[[`Yaf`gaklakYh]j^][l[geZafYlagfg^[gehY[l\ae]fkagfkYf\hgo]j^md
eglgjk&L`]]plj]e]dqklmj\q\]ka_f_mYjYfl]]kdgf_%l]jej]daYZd]^mf[lagfaf_$oal`l`]
Y\\]\Y\nYflY_]kg^dgoo]YjYf\eafaeYdeYafl]fYf[]&
KC2c]ql][`fa[Yd\YlY
;YhY[ala]k mh lg -$((( c_
;YhY[ala]kmhlg-$(((c_
@ggckmkh]fkagfn]jkagf2eYfmYdhmk`ljgdd]qÇ]d][lja[ljgdd]q
*da^laf_kh]]\k ,')!
*Kh]]\^gjljgdd]qoal`afn]jl]j
L]d]e][Yfaim]]d][lja[[gehgf]flk
,0N[gflY[lgj[gfljgd
AH-- hjgl][lagf
ooo&kajl]^&al
+)
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
?jmYZYf\a]jY% BaZ[jYf]k
?jmYZYf\a]jYhjg_]llYl]][gkljmal]k][gf\gaha”
eg\]jfa[jal]ja\aka[mj]rrY[gfh]kghjghjag[gfl]fmlg]
eYkkaeYk[gjj]ngd]rrY[gehd]l]\ahYjYf[`aKO>&
BaZ[jYf]kZmadlY[[gj\af_lgl`]egkleg\]jfkY^][jal]jaYoal`
daeal]\o]a_`lYf\eYpaeme]^^a[a]f[q$[gehd]l]g^KO>`gaklk&
;YjYll]jakla[`]hjaf[ahYda2
=k][mragf]Y[gdgffY]\Ye]fkgdY
JglYragf]\]dZjY[[agYkhaflYg]d]llja[Y
HgjlYlY\YC_0(YC_*(&(((
9dl]rrY[gdgff]\Y*eY)(e
Dmf_`]rrYZjY[[ag\Y)eY)(e
=k][mragfa[gfZjY[[agafljYn]][YfYdafY
E][[Yfakea\ajglYragf]km[mk[af]lla
>akkY__ag\]ddY[gdgffY[gfhaYkljY\a^gf\Yragf]glYkk]dda
[`aea[a
KlY^^Y__ag\]ddYe]fkgdYj]_gdYZad]h]jhadYkljg\aimYdkaYka
\ae]fkagf]
EYaf^]Ylmj]k
;gdmefYf\oYdd%egmfl]\kd]oaf_eg\]dk
=d][lja[gjeYfmYdjglYlagf
DgY\[YhY[alq^jge0(lg*(&(((c_
;gdmef`]a_`l^jge*lg)(e
Gmlj]Y[`^jge)lg)(e
:]YeYf\hjg^ad]]p][mlagf
J]ngdnaf__]Yjkjmffaf_gfZ]Yjaf_k
;gdmefYf[`gjY_]ZqajgfhdYl]gjYf[`gjk
;mklgearYZd]kmhhgjl]eZjY[af_ZjY[c]l
=k][mragfakh][aYda2
=k][mragf]=PYfla\]^dY_jYfla
=k][mragf]kmjmgl][gfZYkYe]flghYdd]llarYlg
=k][mragf][gfZjY[[agkfg\Ylg
;YnYdd]llaYkhaflYkmjmgl]_geeYl]
+*
Kh][aYd]p][mlagfk2
=Phjgg^
EgnYZd]hYdd]lZYk]
9jla[mdYl]\baZYje
Egn]YZd]_Yfljq[jYf]
ooo&kajl]^&al
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
AehaYflakgkh]kaaf[YfYdafY%Da_`l[jYf]kqkl]ek
Kakl]eaeg\mdYjah]jegfgjglYa]][Yjjahgfl]d]__]ja
gja_afYdaKO>$\akhgfaZadaafY[[aYagHJG>AD=E9KL=Jghhmj]
afYddmeafagDA?@KL=J&EgfgjglYa]Yf[`][gf[mjn]$_jm
egfgljYna]ZaljYnaYf[`]jaZYkkYl][gfegnae]flYragf]Y
khaflYghhmj]]d]llja[`]h]j_YjYflaj]dYea_dagj]]ha”
ka[mjYegnae]flYragf]\]d[Yja[g&
DA?@LKL=J Yf\ HJG>AD=
H
E9KL=J
E
Yj] [gehd]l] eg\mdYj calk
\]ka_f lg kgdn] ]n]f l`] egkl aflja[Yl] dg_akla[k lYkck& L`ak
hjg^ad][jYf]kqkl]e`YkYhjgn]fljY[cj][gj\oal`[gehYfa]k
o`]j] l`] ^Ykl Yf\ [ggj\afYl]\ ljYfk^]j g^ eYl]jaYdk ak g^ l`]
]kk]f[]& L`] kqkl]e [Yf l`mk Z] k]]f af eYfq eYfm^Y[lmjaf_
Yf\oYj]`gmk]hj]eak]k&
AnYdgjaY__amfla
HgjlYlY\Y)*-Y*(((C_
EYkkaeYk[gjj]ngd]rrY\]ahjg^ada
9ehaY_YeeY\akgdmragfa\akhgfaZada
K[gjjae]flg]ljYkdYragf]eYfmYd]g]d]llja[Y
K]ehda[al]jYha\al\]degflY__ag
:Ykkgdan]ddg\ajmegjgkal
>Y[ad]\Yafl]_jYj]geg\a^a[Yj]
=d]nYlYimYdal]eafae]lgdd]jYfr]\ahjg\mragf]
ImYdal \]ddY hjg\mragf] []jla^a[YlY
ImYdal\]ddYhjg\mragf][]jla^a[YlY
C]ql][`fa[Yd\YlY
;YhY[ala]kmhlg*$(((c_
Dgojmffaf_fgak]
Oa\]jYf_]g^hjg^ad]kYnYadYZd]
=d][lja[YdgjeYfmYdegn]e]fl
Afl]dda_]fl[gff][lagfkqkl]e^gj]YkqafklYddYlagf
Aff]jjmff]jhjgl][l]\^jge\ajlYf\\mklZql`]]f[dgk]\\]ka_f
KmalYZd]^gjdYj_]khYfk
:]f\k$hgaflkYf\lmjflYZd]k^gjegfgjYadk
Kaf_d]%Yf\\gmZd]
Kaf_d]
Yf\ \gmZd]%_aj\]j
_aj\]jkgdmlagfk
kgdmlagfk
ooo&kajl]^&al
++
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
KAJL=>
JY\ag[geYf\aaf\mkljaYda% Af\mkljaYdjY\agj]egl][gfljgdk
?YeeY[gehd]lY\akakl]ea\ajY\ag[geYf\gaf\mkljaYd]\a]d]nYlYimYdal]\]klj]eYk]ehda[al\aafklYddYragf]&
Mladarraafegdl]hda[ak]llgja2_jmYhgfl]$_jm]\ada$_jmYZYf\a]jY$Yj_Yfa$hYjYf[`a]d]llja[a$Ydd]klae]flakh][aYdan]a[gda$YmlgeYragf]$
Ydlja&
;YjYll]jakla[`]l][fa[`]_]f]jYda
D][YjYll]jakla[`]ka\a^^]j]fraYfgafZYk]Ydeg\]ddg$n]f_gfgimajahgjlYl]
d]hjaf[ahYda$Ylalgdg]k]ehda^a[Ylang!
>j]im]frYgh]jYlanY2,++$(-Ç,+,$/1E@r
L]eh]jYlmjY\amladarrg2Ç+(˜;'#0-˜;
<aklYfrYgh]jYlanY2[aj[Y)((e]lja
KljmllmjY[mklg\a]2Fqdgf#+(>aZ]j
?jY\g\ahjgl]ragf]2AH.9dae]flYragf]2*g,ZYll]ja]Yd[Ydaf]gja[Yja[YZada99
9mlgfgeaYZYll]ja]26/_agjfa
HmdkYfla2kaf_gdg]\ghhagk[Yllg&Bgqkla[cY-n]dg[al
9dae]flYragf]2)*'*,N<;g*,',0'))('**(N9;
>mddjYf_]g^jY\agj]egl][gfljgdk2`a_`imYdalqYf\]YkqafklYddYlagf&
Egkl[geegfYhhda[Ylagfk2Zja\_]$[jYf]k$lgo]j[jYf]k$baZ[jYf]k$`gaklk$ljm[ck$YmlgeYlagf$egj]
EYaf^]Ylmj]k
>j]im]f[qjYf_]2,++$(-Ç,+,$/1E@r
L]eh]jYlmj]jYf_]Ç+-˜;v#0(˜;
Gh]jYlaf_\aklYf[]mhlg)((e]l]jk
<mjYZd]fqdgf%^aZ]j`gmkaf_^gj]pljYk`g[cj]kaklYf[]&?dYkk^aZ]jljYfkeall]j
=f[dgkmj]hjgl][lagf2[dYkkAH.-
>]]\af_2*gj,9dcYdaf]gjj][`Yj_YZd]99
*99kar]9dcYdaf]j][`Yj_YZd]dgf_da^]ZYll]ja]k
Kaf_d]'\gmZd]kl]hhmk`ZmllgfkljYfkeall]jk&-kh]]\kbgqkla[ck
Hgo]jkmhhdq9;*,%,0%))(N$<;)*%*,N
Eg\]ddgmladarrYZad]
9hhda[Yragfa%9hhda[YlagfkKadn]j=YkqKadn]j@gaklKadn]jFgnYKadn]jEY_fmeKadn]jLghKadn]jBgq
L
;
la E
ad
+,
ooo&kajl]^&al
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
Ad [gf[]llg l][fgdg_a[g affgnYlang ] d] hj]klYragfa kmh]jagja
`Yffg^Yllg\aEYpPadhjg\gllg\aja^]jae]flgYkkgdmlg
f]dk]llgj]\]dkgdd]nYe]flgeY_f]la[g\a[Yja[`a^]jjgka&
Hgl]frY$ ka[mj]rrY$ [gehYll]rrY ]\ Y^^a\YZadal kgfg a
^Yllgja[`aYn]\]dkm[[]kkg\]ddYdaf]YEYpPaflmllgad
egf\g&
A kgdd]nYlgja EYpP kgfg dY kgdmragf] a\]Yd] h]j dY
egnae]flYragf]\amfY_jYf\]nYja]l\ah]rrahaYfa
]lgf\a$dYngjYla]_j]rra$af]j_gfgeaY\adYngjg]\
aflglYd]ka[mj]rrY&
;gkla \a ]k]j[arag hj]kkg[`… fmdda ]\ aehgjlYfla
af[j]e]fla af l]jeafa \a ]^^a[a]frY ]\ hjg\mllanal
j]f\gfg ]klj]eYe]fl] jYha\g ad jalgjfg
\]ddÌafn]klae]flg& D] \ae]fkagfa [gehYll]
]\ ad h]kg [gfl]fmlg h]je]llgfg \a gh]jYj]
afja\gllakhYra\aeYfgnjY$eYkkaearrYf\gdY
hgjlYlY\]ddY_jm&
EYpP*(((
EYpP)-((
EYpP)(((
EYpP-((
EYpP*-(
EYpP)*-
EY_f]lah]jeYf]flaeYfmYda%@Yf\gh]jYl]\eY_f]la[da^l]jk
L][`fgdg_q affgnYlagf Yf\ kmh]jagj h]j^gjeYf[] eY\] EYpP
l`]d]Y\af_j]^]j]f[]hjg\m[lafl`]^a]d\g^eY_f]la[da^laf_g^
^]jjgmkdgY\k&
Hgo]j$ kY^]lq$ [gehY[l \ae]fkagfk Yf\ j]daYZadalq Yj] c]q
^Y[lgjkafl`]_dgZYdkm[[]kkg^l`]EYpPdaf]&
EYpP da^l]jk Yj] l`] a\]Yd kgdmlagfk ^gj egnaf_ Y oa\]
nYja]lqg^^dYlYf\jgmf\hYjlk$eY[`af]\Yf\jgm_`$oal`
]j_gfgea[kg^ogjcYf\af^mddkY^]lq
EYj_afYd gh]jYlagfYd [gkl Yf\ ka_fa^a[Yfl af[j]Yk]k
af ]^^a[a]f[q Yf\ hjg\m[lanalq eYc] l`] j]lmjf g^
afn]kle]fl]plj]e]dqima[c&;gehY[l\ae]fkagfk
Yf\ eg\]jYl] o]a_`l Yddgo gh]jYlaf_ af keYdd
Yj]Yk$eYpaearaf_l`][YhY[alqg^l`][jYf]&
H]j[Yja[`ahaYlla% >gj^dYldgY\k
Eg\]ddg
Eg\]d
;YhY[al\a[Yja[g
DgY\ [YhY[alq
C_
Kh]kkgj]eafaeg
Eafaeme l`a[cf]kk
ee
Dmf_`]rrYeYkkaeY
EYpaeme d]f_l`
ee
)**-(
-((
)(((
)-((
*(((
*(
*(
*,(
,--
)(((
)-((
*(((
+(((
+(((
+(((
EYpP)*EYpP*-(
EYpP-((
EYpP)(((
EYpP)-((
EYpP*(((
EYpP)*EYpP*-(
EYpP-((
EYpP)(((
EYpP)-((
EYpP*(((
ooo&kajl]^&al
C_
ee
ee
ee
-(
)((
*((
,((
.((
0((
)(
)(
)*+(
+-
)(((
)-((
*(((
+(((
+(((
+(((
+((
+((
,((
,-(
-((
.((
+-
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
KAJL=>
D9KA;MJ=RR9=D9K=EHDA;ALÂ<ÌMKGAFHJAEGHA9FG%K9>=LQ9F<=9K=G>MK=AFL@=KHGLDA?@L
;gfdYk]ehda[]jglYragf]\]ddYd]nYkaYllanYgka\akYllanYadkgdd]nYlgj]&<mjYfl]dY^Yk]E9?$dYd]nY†^]jeYe]fl]Zdg[[YlY\Ymf
\akhgkalange][[Yfa[g\aka[mj]rrY$[`]aeh]\ak[]g_fahgkkaZad]\akYllanYragf]Y[[a\]flYd]&
DÌYdlY ]f]j_aY knadmhhYlY \Ya eY_f]la h]jeYf]fla Ykka]e] YddÌ]d]nYlY [gf[]fljYragf] \a ^dmkkg eY_f]la[g _]f]jYlY ]k[dmkanYe]fl]
f]ddÌYj]Y hgdYj]$ k]frY \akh]jkagfa \a ^dmkkg$ h]je]llYfg Yd kgdd]nYlgj] EYpP \a É^Yj k]flaj]Ê YddÌgh]jYlgj] imYf\g d] [gf\aragfa \a
Yf[gjY__agfgfkgfggllaeYda&Af^YllaaflYd][Ykgadegnae]flg\]ddYd]nY\an]flYajj]_gdYj]]egdlg\a^^a[gdlgkg&DÌgh]jYlgj]kYjh]j[a
af\gllgY[]j[Yj]mfhgkaragfYe]flgha”a\gf]g$h]j[]h]f\gmfYea_dagj]^dma\al\]ddÌgh]jYragf]\aeY_f]larrYragf]]hgl]f\ggh]jYj]
[gfdan]dda\aka[mj]rrYgllaeYda&
9kaehd]jglYlagfg^l`]d]n]jY[lanYl]kgj\]Y[lanYl]kl`]da^l&<mjaf_l`]E9?klY_]$l`]d]n]jak^ajedqdg[c]\ZqYe][`Yfa[YdkY^]lq
\]na[]l`Ylaf`aZalkYfqhgkkaZd]Y[[a\]flYd\]Y[lanYlagf&
L`] `a_` ]f]j_q \]n]dgh]\ Zq l`] h]jeYf]fl eY_f]lk Ydgf_ oal` l`] `a_` [gf[]fljYlagf g^ eY_f]la[ ^dmp Ç o`a[` ak ]p[dmkan]dq
_]f]jYl]\afl`]hgdYjj]_agfkÇoal`gml^dmp\akh]jkagfk$Yddgolgl`]EYpP\ada^lgh]jYlgjlgÉ^]]dÊo`]fl`]Yf[`gjaf_[gf\alagfk
Yj]fgla\]Yd&Af^Y[l$afl`Yl[Yk]$l`]d]n]jegn]e]flZ][ge]k]jjYla[Yf\n]jq\a^^a[mdl&L`]gh]jYlgjoaddl`]fZ]^gj[]\lgdggc^gj
Yegj]kmal]\hgkalagfaf_$h]j[]anaf_Yfaehjgn]\keggl`f]kkafl`]eY_f]larYlagfgh]jYlagfYf\Z]af_YZd]lggh]jYl]mf\]ja\]Yd
kY^]lq[gf\alagfk&
&)
&*
>Yk]\aYllanYragf][gfmfegnae]flg^dma\g\]ddYd]nY
k]frY kljYhha
k]frYkljYhha
9[lanYlagfoal`Y^dma\eglagfg^l`]d]n]jkeggl`dq
&+
Ad\akhgkalang\aZdg[[Y__ag†k]ehda[]]Z]fnakaZad][gka[[`…
dÌgh]jYlgj] † k]ehj] af _jY\g \a Y[[]jlYj] d] [gf\aragfa
dÌgh]jYlgj]†k]ehj]af_jY\g\aY[[]jlYj]d][gf\aragfa
gh]jYlan]\]dkgdd]nYlgj]&
L`]dg[caf_\]na[]akkaehd]Yf\[d]YjdqnakaZd]kgl`Yll`]
gh]jYlgjakYdoYqkYZd]lg\]l]jeafYl]l`][gf\alagfg^l`]
da^l&
+
+.
ooo&kajl]^&al
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
<Ylal][fa[a$<ae]fkagfa]h]ka% L][`fa[Yd\YlY$\ae]fkagfkYf\o]a_`l
Eg\]dda
Eg\]dk
EYpP)*EYpP*-(
EYpP-((
EYpP)(((
EYpP)-((
EYpP*(((
ooo&kajl]^&al
H]ka
O]a_`l
<ae]fkagfa'<ae]fkagf
C_
9
ee
:
ee
;
ee
<
ee
=
ee
>
ee
?
ee
@
ee
A
ee
D
ee
+&/
.
)+.
..
0(
)*)
)01
*-(
+,*
+0+
,-/
/.
),+
)11
*0,
+).
+1(
/1
/1
)(.
)++
)..
)..
/1
/1
)()
)+)
)/)
)/)
..
.+
00
00
)**
)**
+(
+-*
-*
.,
.,
,,
,+
.(
.(
0/
0/
),),*
)01
*)1
*1+
*1+
)+*
)+(
).**++(
++(
)+/
)+/
)/(
*,(
+//
+//
+/
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
<AF9EGE=LJA%<QF9EGE=L=JK
<af)(-LKD
HgjlYlY
;YhY[alq
<anakagf]
<anakagf
H]kg
O]a_`l
fg&
C_
C_
*(((
+*((
.+((
)((((
*-(((
)
)
*
)(
*$.
+$*
,$0
0$.
)*$0
*(.
*(.
**,
*/(
+/(
;YjYll]jakla[`]l][fa[`]
œ<afYege]ljg]d]lljgfa[gYljYragf]Y[]ddY\a[Yja[g[gf
_Yf[ag_aj]ngd]km[mk[af]lla
œHj][akagf]\adaf]Yjal]jah]laZadal2#'%(&) k&n&^&k&!
œ?jY\g\aka[mj]rrY2œKgnjY[[Yja[gYee]kkg2)*(
œ>mfragfa2Yrr]jYe]flglYjY
œ:Yll]jql]kl
œ9dae]flYragf]YZYll]ja]ja[Yja[YZada YmlgfgeaY-(
gj]!
œ<akhdYqY-[a^j]D=<jgkka\aYdl]rrY*-ee
œKlYf\%Zq]\Ymlgkh]_fae]flghjg_jYeeYZada
œHjgl]ragf]AH-œL]eh]jYlmjY\a^mfragfYe]flg2%)(Í#--˜;
œ;mklg\aYaffqdgf]^aZjY\an]ljgaf\a[YlYafYeZa]fla
Y__j]kkana
œKljme]flg]k]fl]\Yn]ja^a[Ye]lja[Y
<glYragf]klYf\Yj\
œ:Yll]ja]ja[Yja[YZada][Yja[YZYll]ja]
œL]d][geYf\g
œJYhhgjlg\alYjYlmjY
œ<a[`aYjYragf]\a[gf^gjeal;=
9[[]kkgjaYja[`a]klY
œHgjlYk]jaYd]Jk*+*
œJah]lalgj]Y\aklYfrY
œ:gjkY\a[gfl]fae]flg
+0
<ae]fkagfa%<ae]fkagf
9
ee
:
ee
;
ee
<
ee
=
ee
/(
/(
/(
)((
)((
)..
)..
)..
)00
*-/
+(.
+(.
+.(
,.*
..-
)0
*+,
,1
,1
L][`fa[Ydkh][a^a[Ylagfk
œDgY\[]ddljY[lagf]d][ljgfa[\qfYege]l]j^all]\oal`
j]ngdnaf_`ggcgfZ]Yjaf_k
œDaf]YjalqYf\j]h]YlYZadalqY[[mjY[q2#'%(&) g&^&k&n&!
œKY^]lq\]_j]]2œ9\eall]\gn]jdgY\2)*(
>mf[lagfk2lYj]j]%k]l
œ<akhdYq\gmZd]Zja_`lf]kk^mf[lagf
œJ]%[`Yj_]YZd]ZYll]jqhgo]jkmhhdq [gflafmgmk
-(`gmjYmlgfgeq!
œ*-ee`a_`j]\D=<-\a_al\akhdYq
œHjg_jYeeYZd]klYf\%ZqYf\Ymlg%\]Y[lanYlagf
œAH--hjgl][lagf
œGh]jYlaf_l]eh]jYlmj]2%)(Í#--˜;
œFqdgfYf\_dYkk^aZj][Yk]^gjY__j]kkan]]fnajgfe]flk
œFge]lja[Yd[`][cj]imaj]\
KlYf\Yj\^allaf_k
œJ]%[`Yj_]YZd]ZYll]ja]kYf\ZYll]jq[`Yj_]j
œJ]egl][gfljgd
œKALj]^]j]f[][YdaZjYlagfj]hgjl
œ=;[gf^gjealq\][dYjYlagf
>allaf_kgfj]im]kl
œJk*+*k]jaYdhgjl
œJ]egl]j]h]Yl]j
œ;Yk]
ooo&kajl]^&al
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
<af)(-LKD'@;
HgjlYlY
;YhY[alq
<anakagf]
<anakagf
H]kg
O]a_`l
fg&
C_
C_
9
ee
:
ee
;
ee
<
ee
¶=
ee
+-(((
-((((
)(((((
)(
*(
-(
+.
-*
)(-
)/(
)/*((
+,(
+/(
,-(
.(
0(
)*(
0(
)((
)*-
-1
/*
10
;YjYll]jakla[`]l][fa[`]
œ <afYege]ljg]d]lljgfa[gYljYragf]Y[]ddY\a[Yja[g
œ Hj][akagf]\adaf]Yjal]jah]laZadal2#'%(&) g&^&k&n&!
œ ?jY\g\aka[mj]rrY2œ KgnjY[[Yja[gYee]kkg2)*(
œ >mfragf]\aYrr]jYe]flglYjY
œ LYkla]jYY,lYklah]jdYhjg_jYeeYragf]]lYjYlmjY\]ddg
kljme]flg
œ :Yll]jql]kl
œ 9dae]flYragf]YZYll]ja]ja[Yja[YZada YmlgfgeaY-(gj]!
œ <akhdYqY-[a^j]D=<jgkka%Ydl]rrY*-ee
œ KlYf\%Zq]Ymlgkh]_fae]flgYl]ehahjg_jYeeYZada
œ L]d][geYf\gY^j]im]fr]hjg_jYeeYZada
œ >mfragf]\adaf]YjarrYragf]\]ddY[mjnY\a[YdaZjYragf]
œ >mfragf]\alYjYlmjYl]gja[Y
œ Dmeafgkal\akhdYqj]_gdYZad]
œ >mfragfa\a^adljgh]jdYklYZadarrYragf]\]ddYeakmjY]\
afk]_mae]flg\ar]jghjg_jYeeYZada
œ Hjgl]ragf]AH-œ L]eh]jYlmjY\a^mfragfYe]flg2%)(Í#--˜;
<glYragf]klYf\Yj\
œ :Yll]ja]ja[Yja[YZada][Yja[YZYll]ja]
œ L]d][geYf\g
œ ;YkkY\a[gfl]fae]flg
œ JYhhgjlg\alYjYlmjY[gfja^]jaZadalKAL
œ <a[`aYjYragf]\a[gf^gjeal;=
œ EYfmYd][gehd]lg\ahjg_jYeeYragf]
œ EYfmYd]ml]fl]
9[[]kkgjaYja[`a]klY
9[[]kkgja
Y ja[`a]klY
œ ?jaddaY\ge]_Y lahg;jgkZq!
œ ?Yf[ag_aj]ngd][gfYllY[[gh]j_jadda
œ HgjlYk]jaYd]Jk*+*[gfljYkeakkagf]hjg_jYeeYZad]
[gflafmY$Y[geYf\gljYeal]
jY\ag[geYf\g!
œ LjYkeakkagf]jY\ag n]\aeg\]ddg<AF)(-%JY\ag!
ooo&kajl]^&al
<ae]fkagfa%<ae]fkagf
L][`fa[Ydkh][a^a[Ylagfk
œ=d][ljgfa[\qfYege]l]jljY[lagfoal`o]a_`jY\ag
ljYfkeakkagflgYhhjghjaYl]\a_alYd\akhdYqk
œDaf]YjalqYf\j]h]YlaZadalqY[[mjY[q2#'%(&) g&^&k&n&!
œKY^]lq\]_j]]2œ9\eall]\gn]jdgY\2)*(
œLYj]j]k]l^mf[lagf
œ;YdaZjYlagfYf\k]llaf_Zq^jgflYdC]qZgYj\
œ:Yll]jql]kl
œJ]%[`Yj_]YZd]ZYll]jqkmhhdq -(`gmjYmlgfgeq!
œ*-ee`a_`j]\D;<-\a_al\akhdYq
œHjg_jYeeYZd]klYf\%ZqYf\Ymlg%\]Y[lanYlagf
œEmdlahgafl[YdaZjYlagf[mjn]^mf[agf
œL`]gj]la[Yd[YdaZjYlagf^mf[lagf
œ<akhdYqZja_`lf]kk[gfljgd
œLjYfka]fl\a_alYd^adl]j[gfljgdYf\r]jgljY[caf_^mf[agf
œAH--hjgl][lagf
œGh]jYlaf_l]eh]jYlmj]2%)(Í#--˜;
œFge]lja[Yd[`][cj]imaj]\
KlYf\Yj\^allaf_k
œJ]%[`Yj_]YZd]ZYll]ja]kYf\ZYll]jq[`Yj_]j
œJY\agj]egl][gfljgd
œOgg\Zgp
œKALj]^]j]f[][YdaZjYlagfj]hgjl
œ=;[gf^gjealq\][dYjYlagf
œMk]jÌkeYfmYd
œ;YdaZjYlagfYf\k]lmheYfmYd
9[[]kkgja]kgfj]im]kl
œGe]_Yk`Y[cd]
Ge]_Y k`Y[cd] ;jgkZqlqh]!
;jgkZq lqh]!
œJ]ngdnaf_`ggck^all]\oal`k`Y[cd][gff][lagf
œJk*+*k]jaYdhgjl
œJ]egl]j]h]Yl]j
+1
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
KAJL=>
:adYf[afaeg\mdYjaEg\md^al%L`]Eg\md^alkqkl]e
Eg\mda^l jYhhj]k]flY mfY nYklY _YeeY \a ZadYf[afa eg\mdYja [`]
kg\\ak^Yfglmll]d]]ka_]fr]\akgdd]nYe]flg&
DYhgjlYlYhmkhYraYj]\Ydd]*^afgYdd]-&(((lgff]ddYl][gfdmf_`]rr]
ljY_da($,]a-+e&
DY ^d]kkaZadal \]dd] [gf^a_mjYragfa eg\mdYja h]je]ll] \a k^jmllYj]
ad fgkljg ZadYf[afg af knYjaYl] \an]jk] g[[Ykagfa$ _YjYfl]f\g mfY
kgdmragf]k]ehj]nYflY__agkY&
HYjlg^l`]Eg\mda^lklYf\Yj\jYf_]
ImYd]ZadYf[afgk[]d_g7
K]ehda[]HjaeY\almllgk[]_dadYdmf_`]rrY\a[maf][]kkala$\ak]_malg
k]d]ragfYadeg\]ddgafZYk]YddYhgjlYlYja[`a]klYYlYd]dmf_`]rrY&
HmgaegflYj]\Y(Y-eg\mdaafk]ja]$ljYd]\m]]klj]ealÌeg\a^a[Yf\g
dYdmf_`]rrYg_fangdlY[`]nmga$afZYk]Ydd]lm]]ka_]fr]dYngjYlan]&
AZadYf[afaEg\mda^ljakh]llgYim]dda[dYkka[a$kgfgimaf\aha”D=??=JA]
^Y[ade]fl]LJ9KHGJL9:ADAh]j[`†[gehd]lYe]fl]kegflYZada&
Ahjg\gllaEg\)*$*,]+,^YffghYjl]\]ddY?9EE9HGJL9LAD=&Lmlla
adgjg[gehgf]flakgfgljYkhgjlYZadaeYfmYde]fl] ][[]llgaeg\mda\Y
*e&\]d*,]\]d+,[`]ja[`a]\gfgYde]fg*h]jkgf]!&
L`] Eg\md^al Kqkl]e ak Y oa\] jYf_] g^ Eg\mdYj Khj]Y\]j Kqkl]e
[gehgf]flk g^^]jaf_ Y nYja]lq g^ \a^^]j]fl khYfk ^gj Ydd qgmj da^laf_
f]]\k&
L`] kar]k jYf_] ^jge * lg -$((( lgff]k oal` khYfk YnYadYZd] ^jge
(&,e%-+e&
L`] ^d]paZadalq g^ l`] eg\mdYj [gf^a_mjYlagf ]fYZd]k gmj Khj]Y\]j
Kqkl]eklgZ]j]mk]\lae]Yf\lae]Y_Yaf$hjgna\af_Y[gkl%]^^][lan]
kgdmlagf&
O`Ylkar]:]Ye\gAf]]\7
Kaehd] >ajkl k]d][l l`] khYf qgm j]imaj]$ l`]f k]d][l l`] ODD qgm
f]]\^gjl`YlkhYf&
QgmÌj]Yddgo]\lgYkk]eZd]^jge(lg-kljmlkZ]lo]]fl`]]f\mfalk
[`Yf_af_ l`] d]f_`l ]n]jqlae] qgm oYfl Y[[gj\af_ lg qgmj ogjcaf_
,(
ooo&kajl]^&al
KAJL=>
9llj]rrYlmj]\aKgdd]nYe]flg%Da^laf_=imahe]fl
:adYf[afaY\ak]_fg% ;mklge%eY\]khj]Y\]jk
2%!
;GFL9LL9;A
H=JG?FA?=F=J=
<AAF>GJE9RAGF=
;GFL9;L
>GJ=N=JQ
AF>GJE9LAGF
ooo&kajl]^&al
,)
;GF<ARAGFA?=F=J9DA<AN=F<AL9=>GJFALMJ9
?=F=J9D;GF<ALAGFKG>K9D=9F<KMHHDQ
G>>=JL=%D]fgklj]g^^]jl]$Yf[`]k]^Yll]h]jd]ll]jY$^Ypg]%eYad$fgfkgfgaeh]_fYlan]]d]gj\afYragfa\]ngfgh]jn]faj]kgllgk[jall]
km[YjlYafl]klYlY\]ddÌY[imaj]fl]&
G>>=JK%Gmjg^^]jk$]n]fa^eY\]Zqd]ll]j$^Ypgj]%eYad$Yj]fglZaf\af_Yf\l`]gj\]jkemklYjjan]gfl`]`]Y\]\fgl]hYh]jg^l`]
hmj[`Yk]j&
HJ=RRA%Ahj]rraaf=mjgaf\a[Ylaf]dfgkljgdaklafg]\ahj]rraf]lla[gf[gj\Yla[gfdY[da]fl]dYkgfgaf\a[Ylana]hgljYffg]kk]j]eg\a^a[Yla
afimYdkaYkaege]flg&KYdng\an]jkgY[[gj\g$dYe]j[]kYj^YllmjYlYYahj]rraafna_gj]Ydege]flg\]ddYkh]\aragf]&Lmllaahj]rraka
afl]f\gfgYdf]llg\agf]ja]aehgkl]&
HJA;=K%L`]hja[]kaf=mjgk_an]fafgmjhja[]daklYf\l`]f]lhja[]kY_j]]\oal`[mklge]jkYj]af\a[Ylan]Yf\[YfZ]eg\a^a]\Yl
Yfqlae]&Mfd]kkgl`]joak]Y_j]]\$l`]_gg\koaddZ]afnga[]\Yll`]hja[]kaf^gj[]Yll`]lae]g^\]khYl[`&9ddhja[]kYj]f]lg^\mla]k
Yf\lYp]k&
LJ9KHGJLG%KYdngkh][aYdaY[[gj\aaf[gfljYjag$d]kh]k]\aljYkhgjlgY\]klafg]imYdmfim]YdljYkh]kYglYkkY[`]\gn]kk]_jYnYj]
kmdd]e]j[akgfgY[Yja[g\]ddÌY[imaj]fl]&Aff]kkmf[Ykghglj]eeg]kk]j][`aYeYlaYjakhgf\]j]h]jeYf[YlYg\ajj]_gdYj][gfk]_fY
\YhYjl]\]dd]^]jjgna]$aehj]k]\afYna_Yragfa$\aljYkhgjla$[gjja]ja][[j]klYf\gYkkgdmlYe]fl]]\]khda[alYe]fl]afl]kg[`]dYe]j[]$
Yf[`]k]h]jkh][aYdaY[[gj\an]f\mlYafhgjlg^jYf[g$ghhmj]$[gfk]_fYlYY\gea[adag\Yd;da]fl]naY__aYk]ehj]Yjak[`ag]h]ja[gdg
\]ddÌY[imaj]fl]&
LJ9FKHGJL%Mfd]kkkh][aYddqY_j]]\lgZ]gl`]joak]$l`][gklkg^ljYfkhgjllgl`]aj\]klafYlagfYf\Yfqgl`]j]ph]fk]gjl`Ylemkl
Z]Zgjf]Zql`]_gg\kYj]Y[`Yj_]gfl`]hmj[`Yk]j&Affg[Yk][Yfo]Z]daYZd]^gjdgkkgjajj]_mdYj\]dan]jqgfl`]hYjlg^l`]jYad%
oYqk$^gjoYj\af_Yf\k`ahhaf_[gehYfa]k$ljYfkhgjl]jk$[gmja]jk$]l[&Yf\l`ake]YfkYZkgdml]dqYf\]phda[aldql`Yll`]_gg\k$]n]fa^
l`]qYj]kgd\Zqkh][aYdY_j]]e]flYk^j]]Ylhgjl$gj\]dan]j]\lgl`]hmj[`Yk]jkhj]eak]k$ljYn]dYll`]jakcYf\h]jadg^l`]hmj[`Yk]j&
;GFK=?F=%Al]jeafa\a[gfk]_fYaf\a[Yla]\Y[[]llYlakaafl]f\gfgnYd]ngdakgdYe]fl]af[gf\aragfafgjeYda\adYngjg&D]_m]jj]$_da
k[agh]ja$d]]ha\]ea]$dÌafl]jjmragf]\]aljYkhgjla$dYh]fmjaY\aeYl]jaYd]$_daaf[a\]fla]\g_faYdljg^Yllg[`]hjgng[`adYkgkh]fkagf]lg%
lYd]ghYjraYd]\]ddYngjgkgfg[Ymk]\a^gjrYeY__agj][`][aYmlgjarrYfgY\YffmddYj]gkgkh]f\]j]_dagj\afa]a[gfljYlla&H]jdYe]j[]
g^^]jlYgn]f\mlYhjaeY\]ddgk\g_YfYe]flgal]jeafa\a[gfk]_fYfgfkYjYffgafYd[mf[Ykgaeh]_fYlanah]jfga$]\]n]flmYdajalYj\a
h]j[Ymk]af\ah]f\]fla\Yfgag\Ydd]fgklj]^gjfalja[a]kl]j]fgfhgljYffg[gklalmaj]eglang\aYffmddYe]flg\]ddÌgj\af]f…\ajalYj\gf]d
hY_Ye]flgg\aj][dYegh]j\Yffa\YhYjl]\]ddÌY[imaj]fl]&FgfkaY[[]llYjalgjfg\ae]j[][gfk]_fYlYafjalYj\g&
<=DAN=JQ%L`]\]dan]jql]jekl`YlYj]af\a[Yl]\Yf\Y[[]hl]\Yj]afl]f\]\lgZ]nYda\gfdqmf\]jfgjeYdogjcaf_[gf\alagfk&OYjk$
kljac]k$]ha\]ea[k$ljYfkhgjlafl]jjmhlagfk$k`gjlY_]g^eYl]jaYdk$Y[[a\]flkYf\Yfqgl`]j]n]fll`Yl[Ymk]kl`]lglYdgjhYjlaYdkm%
kh]fkagfg^ogjcYj][Ymk]kg^^gj[]eYb]mjl`YlYml`gjak]mklg[Yf[]dgjkmkh]f\gj\]jkYf\[gfljY[lk&
>gj_gg\kg^^]j]\gjkgd\Z]^gj][mklgek[d]YjYf[]l`]\]dan]jql]jekk`YddfglafYfq[Yk]Z]Zaf\af_gfmkYf\YfqdYl]\]dan]jq^gj
[Ymk]kfgl\]h]f\]flmhgfmkgjgmj^gj]a_fkmhhda]jk[Yffgl[gfklalml]Yj]Ykgf^gjYffmddaf_l`]gj\]jgjdYl]hYqe]flgj[dYae^gj
\YeY_]gfl`]hYjlg^l`]hmj[`Yk]j&
H9?9E=FLA%KYdng]khj]kkYaf\a[Yragf][gfljYjaY$d][gf\aragfa\ahY_Ye]flgkaafl]f\gfgh]j[gflYflaf]llgYddY[gfk]_fYgkh]%
\aragf]\]ddYe]j[]&;anYd]Yf[`]h]j_daaeZYddY__a]h]jimYdkaYkaYdljg_jYnYfl]kmdd]e]j[a&H]jgj\afYragfaaehgjlYflagj]dYlan]Y
^gjfalmj]kh][aYda[ajak]jnaYegdY^Y[gdl\aja[`a]\]j]adhYjraYd]glglYd]hY_Ye]flgYfla[ahYlgg[gfljgYkk]_fg&F]d[Ykg\aafkgdn]frY$
Yf[`]hYjraYd]$\YhYjl]\]ddÌY[imaj]fl]$afgll]eh]jYfrYYd\][j]lgd]_akdYlangf˜*+)\]d(1&)(&*((*$n]jjYffgYhhda[Yla_daafl]j]kka\a
egjYYdlYkkg:;=eY__agjYlg\ak]ll]hmfla&
H9QE=FL%Mfd]kk]phj]kkdqaf\a[Yl]\lgl`][gfljYjq$hYqe]fl[gf\alagfkj]^]jlgf]l[Yk`gf\]dan]jqgj\]khYl[`g^l`]_gg\k&
L`akYhhda]kYdkglghY[cY_af_Yf\Yfqgl`]j[gklZgjf]Zql`]_gg\k&>gjn]jqaehgjlYflgj\]jkgjkh][aYdkmhhda]ko]j]k]jn]l`]
ja_`llgj]im]klhYjlaYdgjlglYdhYqe]flafY\nYf[]gj[Yk`gf\]dan]jq&Afl`][Yk]g^afkgdn]f[q$]n]fhYjlaYd$gfl`]hYjlg^l`]hmj%
[`Yk]j$afl]j]klgfYjj]YjkoaddZ]Yhhda]\Yll`]:;=afl]j]kljYl]hdmkk]n]fh]j[]flaf[gehdaYf[]oal`D]_akdYlan]<][j]]fg&*+)
g^(1&)(&*((*
J=;D9EA=;GFL=KL9RAGFA%?da]n]flmYdaj][dYeaja_mYj\Yflad]^gjfalmj]\ae]j[a\gnjYffgh]jn]faj[a]fljggllg_agjfa\Ydja[]nae]flg
\]dd]e]j[akl]kk]$ljYk[gjkgadimYdl]jeaf]]kkafgfkYjYffgha”Y[[]llYla&H]jhgl]j]kk]j]hj]kgaf[gfka\]jYragf]$g_faj][dYeg
\gnj]kk]j]ZYkYlgkm\Yla\a^Yllg[gf[j]la]hj][akYla&F]kkmfj][dYegh]jnara$\a^]lla$fYlmjY]imYdal\]ddYe]j[]$jalYj\af]dd][gf%
k]_f] k]\Yfga]khj]kkYe]fl]Y[[]llYlg$mfl]jeaf]aeh]_fYlang\a[gfk]_fY!$hglj]kk]j]^YllgnYd]j]$f]hhmj]afnaY_am\araYjaY
k]fgfYnjYnmlgdmg_gadj]_gdYj]hY_Ye]flg\]ddYhYjlalYYddYimYd]adj][dYegkaja^]jak[]&F]d[Ykg\aj]klalmragf]\ae]j[ag__]llg\a
j][dYegim]kl]\gnjYffg]kk]j[akh]\al]afhgjlg^jYf[gYjak[`ag\]deall]fl]2af\a^]llg\a[ahgkkaYegja^amlYj[aYdjalajg&J]klYafl]kg
[`]d]]n]flmYda[gfl]klYragfaja_mYj\YflamfYkaf_gdYkh]\aragf]\ae]j[]fgYnjYffg]^^]llgYd[mfgkmdj]klg\]ddÌgj\af]g\]ddÌaeh]_fg$
f…kmdhY_Ye]flg\aYdljYe]j[]_aja[]nmlY]fgfhjgl]klYlYl]eh]klanYe]fl]&AdfgkljggZZda_gj]klYdaealYlgYdjaeZgjkg$Ydhj]rrg
\an]f\alY$g\YddYkgklalmragf]hmjY]k]ehda[]YfgkljYk[]dlY$\aim]ddYhYjl]\ae]j[][`]$Y_am\arag]k[dmkang\]afgkljal][fa[a$
,*
ooo&kajl]^&al
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
KAJL=>
kYjja[gfgk[amlY\a^]llgkY\aeYl]jaYd]g\a[gkljmragf]2aff]kkmfeg\g]h]jf]kkmfeglangkYj]egl]fmlaY[gjjakhgf\]j]imYdkaYka
af\]ffarrgh]j]n]flmYda\Yffa\aj]lla]\af\aj]lla&
;D9AEK9F<<AKHML=K%9fq[dYaekj]_Yj\af_l`]kmhhdqg^_gg\kemklj]Y[`mkoal`af]a_`l\Yqk^jgej][]ahlg^l`gk]_gg\k$
gl`]joak]l`]qoaddfgdgf_]jZ]Y[[]hl]\&LgZ]YZd]lgZ]lYc]faflg[gfka\]jYlagf$]n]jq[dYaeemklZ]ZYk]\gf[gf[j]l]Yf\
hj][ak]^Y[lmYd\YlY&
Fg[dYae^gj^Ymdlk$\]^][lk$l`]fYlmj]Yf\imYdalqg^l`]_gg\k$dYl]\]dan]jq a^]phj]kkdqY[[]hl]\ZqmkYkgf]g^l`]l]jekg^
\]dan]jq!$[YfZ][gfka\]j]\$fgl]n]fafdYohjg[]]\af_k$a^fgjeYdhYqe]fl^gjl`][gfka_fe]fllgo`a[`l`][dYaej]^]jk`Ykfgl
Z]]feY\]&Afl`][Yk]g^j]lmjfg^_gg\kl`YlYj]l`]kmZb][lg^Y[dYae$l`]k]emklZ]\]khYl[`]\lgmk^j]]YlhgjlYll`]jakcg^l`]
k]f\]j$af[gfljYn]flagfg^o`a[`o][Yfj]^mk]lg[gdd][ll`]e&L`]^Y[lj]eYafkl`YlYfq\akhml]j]_Yj\af_Ykaf_d][gfka_fe]flg^
_gg\k`Ykfg]^^][lo`Ylkg]n]jgfl`]j]klg^l`]gj\]jgjbgZ$fgjgfl`]hYqe]fl^gjgl`]j_gg\kYdj]Y\qj][]an]\Yf\fglhjgehldq
[gfl]kl]\&GmjgZda_Ylagfakdaeal]\lgj]aeZmjk]e]flg^l`]k]ddaf_hja[]gjj]hdY[]e]flhmj]dqYf\kaehdqYlgmj[`ga[]$l`YlhYjlg^
l`]_gg\kl`Ylgfl`]bm\_]e]flg^gmjl][`fa[aYfkYdgf]akj][g_fak]\Yk\]^][lan]afeYl]jaYdkgj[gfkljm[lagf2affgoYqYf\^gjfg
j]Ykgfoaddo]Z]`]d\lghYqYfq[geh]fkYlagf^gj\aj][lgjaf\aj][l\YeY_]k&
;GEH=L=FR=%H]jlmllgimYflgkaja^]jak[]YddYn]f\al]$]imaf\ah]jg_faYragf]g[gfl]klYragf]Y\]kk]j]dYlanYg\Y]kk]\ah]f\]fl]$
kgfg]k[dmkanYe]fl][geh]l]flad]Ymlgjal_am\araYja]\aEadYfg AlYdaY!$jafmf[aYf\gd]hYjlaY\g_fa\ajallgg\][[]ragf][gfljYjaYYddY
ha]fYgkk]jnYfrY\aim]klY[dYmkgdY&Imaf\ad]hYjla]d]__gfg\ÌY[[gj\g\gea[adaghj]kkgdYfgkljYk]\]&
BMJAK<A;LAGF%>gjYfql`af_j]dYl]\lgl`]kYd]$Yf\l`]j]^gj]^gjYfqY[lagfgj\akhml]j]dYl]\lggj\]h]f\]flmhgfal$l`]dYoYml`g%
jala]kg^EadYf AlYdq!k`Ydd`Yn]kgd]bmjak\a[lagf$l`]j]Zqj]fgmf[af_Yfq[gfljYjqja_`lgj]p[]hlagf^gjl`]hYjla]klg^mddgZk]jnYf[]
g^l`ak[dYmk]&L`]j]^gj]$l`]hYjla]k]d][llgY_j]]l`]\gea[ad]YkZ]af_afgmj`]Y\imYjl]jk&
>9LLMJ9RAGF=%Adeafaeg^YllmjYZad]†afl]kgaf=mjg*(($((anY]k[dmkYYd\akgllg\alYd]aehgjlgfgfkaY[[]llYfggj\afakaf_gda&
AFNGA;AF?%L`]eafaemenYdm]g^Yfafnga[]akafl]f\]\lgZ]*((=mjgk]p[dm\af_N9L3Z]dgol`ak^a_mj]kaf_d]gj\]jkoaddfglZ]
Y[[]hl]\&
ooo&kajl]^&al
,+
AeZjY_Ylmj]afeYl]jaYd]l]kkad]]\Y[[]kkgjah]jadkgdd]nYe]flg%Hgdq]kl]jh]f\YflkYf\da^laf_]imahe]flk
,,
KAJL=>
ooo&kajl]^&al