catalogue - Bibliorare

Transcription

catalogue - Bibliorare
C<KKI<J<KD8ELJ:I@KJ8LKF>I8G?<J
JFLM<E@IJ<K;F:LD<EKJ
J8I8?9<IE?8I;K
G8G<J
Cle[`-[„Z\dYi\)'('$(+_
DXi[`.[„Z\dYi\)'('$(+_
;iflfkI`Z_\c`\l$jXcc\((
0#il\;iflfk#.,''0GXi`j
"**' (+/'')'((
<ogfj`k`fegi`m„\Z_\qcË\og\ikle`hl\d\ekjlii\e[\q$mflj
\k~c˄kl[\G`XjXgflicXgXik`\JXiX_9\ie_Xi[k
<ogfj`k`fejglYc`hl\j1
;IFLFKI@:?<C@<L$jXcc\((
JXd\[`+[„Z\dYi\)'('[\((_~(/_
<og\ik1
K_`\iip9F;@E#C\j8lkf^iXg_\j
Jpe[`ZXk=iXeƒX`j[\j<og\ikjGif]\jj`fee\cj\eÄlmi\j[Ë8ik
+,#il\[\cË8YY„>i„^f`i\$.,''-GXi`j
K„c%1"**' (+,+/),*($=Xo1"**' (+,+/0)-.
c\jXlkf^iXg_\j7nXeX[ff%]i
I\ej\`^e\d\ekjZ_\qG`XjX1
Jk„g_Xe`\Ki`]Xl[
K„c%1"**' (,**+('(*
j%ki`]Xl[7g`XjX%]i
:fekXZkgi\jj\G`XjX
@jXY\cc\[\Glpj„^li
K„c%1"**' (,**+('('
`%glpj\^li7g`XjX%]i
nnn%g`XjX%]i
,
;@M@J@FE;L:8K8CF>L<
CLE;@-;y:<D9I<)'('~(+_\li\j
Efj(~-0
Efj.'~0'
Efj0(~()/
Efj()0~)*(
JXiX_9\ie_Xi[k
Dlj`hl\\kJg\ZkXZc\
9\Xlo$8ikj
C`kk„iXkli\
D8I;@.;y:<D9I<)'('~(+_\li\j
Efj)*)~+-Efj),-~+*,
?`jkf`i\\kJZ`\eZ\j
GXg\j
8Yi„m`Xk`fej1
C%8%J%flG%8%J%
c\kki\flg`…Z\Xlkf^iXg_\j`^e„\
C%J%flG%J%
c\kki\flg`…Z\j`^e„\
k\ok\[Ële\Xlki\dX`efl[XZkpcf^iXg_`„
C%8%flG%8%
c\kki\flg`…Z\Xlkf^iXg_\efej`^e„\
@ce\j\iXgXjXZZ\gk„[Ë\eZ_…i\k„c„g_fe`hl\gflic\jcfkj[Ële\\jk`dXk`fe`e]„i`\li\~*''€%
M\ek\[lcle[`-[„Z\dYi\
J8I8?9<IE?8I;K
(/++$(0)*
+/
:Ë\jk le \ej\dYc\ [Ële\ jf`oXekX`e\ [ËfYa\kj ki…j „mfZXk\lij [\ cË`ccljki\ XZki`Z\ hl` eflj \jk gi„j\ek„# \e gifm\eXeZ\ [\ j\j
XeZ`\ee\jgifgi`„k„j[\GXi`j\k[\9\cc\$ác\%
;\jX]ÔZ_\jgXiDlZ_X#>iXjj\kfl:cX`i`e fl[\jXZZ\jjf`i\j[\jZ…e\#Zfdd\c\jZflifee\jgfliK_„f[fiX[\JXi[fl(//+ flgfliCXGi`eZ\jj\cf`ekX`e\[\IfjkXe[(/0, 2fl\eZfi\le\Zflifee\[\cXli`\ij\eXi^\ekf]]\ik\½~cXZ„c…Yi\Xik`jk\¾gXic\j
„kl[`Xekj[\cËLe`m\ij`k„[\B`\m\e(/0)%;\jfYa\kjcl`XpXekXggXik\el„m\ekX`c#fdYi\cc\#ald\cc\j¿ #Zfdd\Z\k„kfeeXekYXeZ[\
k\ee`jhlË\cc\X]X`k]XYi`hl\i~9\cc\$ác\\ei„lk`c`jXekledfekXek[\Z_Xii\kk\jXi[\2[\jc`mi\jgifm\eXek[\jXY`Yc`fk_…hl\#\kZ%
;\lojlg\iY\jm`kiXlogXiA%8%Gfej`ehl`[„ZfiX`\ekjfe_k\cgXi`j`\e#\khl`i\gi„j\ek\ekcËXZki`Z\[Xej[\lo[\jic\jhl`fek
dXihl„c\j[„Ylkj[\jXZXii`…i\1QXe\kkf[lGXjjXek[\=iXeƒf`j:fgg„\(/-0 \kcXI\`e\[\Ilp9cXj[\M`Zkfi?l^f(/.) %;\j
gfikiX`kjgXicË\jkXdg\flcXg_fkf^iXg_`\#cXgclgXikXm\Z[„[`ZXZ\#X`ej`hlËle\XdljXek\^flXZ_\[\:cX`i`ei\gi„j\ekXekJXiX_
\eZfc…i\#g\`ek\jlic\Zflm\iZc\[lZXikfeZfek\eXekc\Z_Xg\Xlhl`Xgifmfhl„Z\kk\iX^\#flled„[X`ccfejZlcgk„gXijfeXd`\
Cfl`j\8YY„dX%
JXiX_9\ie_Xi[kgiXk`hlX`kcXg\`ekli\#Zfdd\c\giflm\ek`Z`[\lo_l`c\jjlikf`c\1c\gfikiX`k[\jXZ_…i\Dd\>l„iXi[#jXÔ[…c\
^flm\ieXek\(/., #\kle\ml\[\cXZk\Yi\kfee\%<cc\giXk`hlX`kXljj`cXjZlcgkli\#Zfdd\c\dfeki\ekle\eZi`\if“\cc\jË\jk
i\gi„j\ek„\\eZ_`d…i\(/., #\kc\Yljk\[Ëyd`c\[\>`iXi[`egi„j\ek„XljXcfe[\j8ik`jk\j]iXeƒX`j(/./ %
:\jfekc~hl\chl\j„c„d\ekj[\Z\kk\m\ek\hl`i\jjljZ`k\Z\kk\„kfeeXek\Ô^li\gflicXhl\cc\I\peXc[f?X_e`em\ekXc\k\id\
[\½jXiX_Y\ie_Xi[k\jhl\¾%
*
(%
< l^…e\>I8JJ<K(/+($(0(. %8==@:?<gfliA<8EE<;Ë8I:[\Alc\j9XiY`\i%@dgi%;iX\^\iC\j`\li#GXi`j2M\i[flo#;lZflik`flo?l`ccXi[
jZ%2Eflm\cc\jX]ÔZ_\jXik`jk`hl\j%>%[\DXc_\iY\?%8%:\ccfk#R(/0'T%C`k_f^iXg_`\%((.o.*#,Zd~ml\ #dXihl\j[\gc`j\kg\k`kj
XZZ`[\ekj2\eZX[i„\%
-''&/''
8]ÔZ_\i„Xc`j„\gflicXZi„Xk`fe[\cXg`…Z\#c\*aXem`\i(/0'#XlK_„ki\[\cXGfik\JX`ek$DXik`e%CXg`…Z\]lkdfek„\[Xejle\
jfdgkl\lj\d`j\\ejZ…e\#Xm\Zi\Zfejk`klk`fe[ljXZi\~I\`dj#\k[lY”Z_\ijlicXgcXZ\[lM`\lo$DXiZ_„[\Ifl\e%DXc^i„jfe^\
+,Xejgflile\_„if‹e\[\(0Xej #JXiX_9\ie_Xi[ki„ljj`k~`eZXie\icXGlZ\cc\[ËFic„Xej#\k\cc\`dgi\jj`feeXc\glYc`Z1½<cc\\jk
cXgf„j`\d†d\#„Zi`mX`k8eXkfc\=iXeZ\%<cc\gfik\jli\cc\Z\i\Õ\k[\m`kiX`chl\c\jXggXi`k`fej[\jjX`ek\jXmX`\ekcX`jj„#Xldf`ej
efljcË`dX^`efej#jlicXY\cc\`ccld`e„\[\;fdi„dp¾%
CËX]ÔZ_\\o`jk\\e[\lom\ij`fej1Z\cc\$Z`dfeki\A\Xee\k†k\c\m„\Xm\Zc\jZ_\m\loYflZc„j2jlicËXlki\#\cc\i\^Xi[\[\]XZ\#Xm\Z
c\jZ_\m\logcXhl„j%
I\gif[lZk`fegX^\Z`$Zfeki\
)%
8
c]fejDL:?8(/-'$(0*0 %8==@:?<gfliCFI<EQ8::@F[Ë8c]i\[[\Dljj\k%@dgi%=%:_Xdg\ef`j#GXi`j#R(/0-T%C`k_f^iXg_`\%(''o*-#,Zd
~ml\ #[flYc„\Xm\Zc„^\ijXZZ`[\ekj2\eZX[i„\%
(%)''&(%,''
8]ÔZ_\i„Xc`j„\gflicXZi„Xk`fe[\cXg`…Z\[Ë8c]i\[[\Dljj\k#Cfi\eqXZZ`f#[Xejle\X[XgkXk`fe[Ë8idXe[[Ë8ikf`j#c\*[„Z\dYi\
(/0-#XlK_„ki\[\cXI\eX`jjXeZ\%Aljhl\$c~#fe[`jX`kcXg`…Z\`eaflXYc\~ZXlj\[\jX[li„\\k[\j\jefdYi\loZ_Xe^\d\ekj[\
c`\lo\k[lefdYi\[\jg\ijfeeX^\j%JXiX_9\ie_Xi[k`eZXieX`kc\ic\[\Cfi\eqf#j\cfec\k„df`^eX^\[Ë8eXkfc\=iXeZ\#½lea\le\
_fdd\d„cXeZfc`hl\#gc\`e[\gf„j`\\k[\m„i`k„%<cc\Xi„Xc`j„leZ_\]$[ËÅlmi\m`mXekgXicXj”i\k„[l^\jk\#gXicXY\Xlk„kiX^`hl\
[\jXkk`kl[\j#[\ji\^Xi[j#gXic\k`dYi\i\e]fiZ„[\cXmf`o#gXicXjflgc\jj\\kcËXdgc\li[\cX[`Zk`fe#gXile[fe#\eÔe#[\dpjk…i\
\k[\k\ii\li¾%
I\gif[lZk`fegX^\Z`$Zfeki\
*%
R 8c]fejDL:?8[ËXgi…j T%I\gif[lZk`fe[\cËX]ÔZ_\gfliCX;Xd\XloZXd„c`Xj[Ë8c\oXe[i\;ldXjÔcj%@dgi%:_X`o%C`k_f^iXg_`\%
*0o).Zdjfljm\ii\2c„^%g`h% %
)''&),'
GcXeZ_\(++[\cXZfcc\Zk`feC\jDXŠki\j[\cË8]ÔZ_\%DlZ_X\o„ZlkXZ\kk\Y\cc\X]ÔZ_\gflicXi\gi`j\[\cXg`…Z\c\*'j\gk\dYi\
(/0-Xlk_„ki\[\cXI\eX`jjXeZ\%
+%
8
c]fejDL:?8(/-'$(0*0 %8==@:?<gfliC8KFJ:8[\M`Zkfi`\eJXi[fl%@dgi%=%:_Xdg\ef`j#GXi`j#R(/00T%C`k_f^iXg_`\%(''o*-#,Zd
~ml\ #[flYc„\2\eZX[i„\%
(%)''&(%,''
8]ÔZ_\i„Xc`j„\gflicXi\gi`j\[\cXg`…Z\cfij[\cËflm\ikli\[lK_„ki\JXiX_9\ie_Xi[kXeZ`\eK_„ki\[\jEXk`fej #c\)(aXem`\i
(/00%JXiX_9\ie_Xi[kXmX`kZi„„CXKfjZXc\)+efm\dYi\(//.#Xm\Zleki…j^iXe[jlZZ…j#Xli\kfli[\jXkflie„\ki`fdg_Xc\\e
8d„i`hl\%:˄kX`kcXkif`j`…d\g`…Z\hl\M`Zkfi`\eJXi[fl„Zi`mX`kgfli\cc\%CËfg„iX[\GlZZ`e`]lkZi„„\e(0''%
I\gif[lZk`fegX^\Z`$Zfeki\
,%
c]fejDL:?8(/-'$(0*0 %8==@:?<gflicXKflie„\[lK_„ki\JXiX_$9\ie_Xi[k¿@dgi%=%:_Xdg\ef`j#GXi`j#R(0''6T%C`k_f^iXg_`\%
8
-0o(/0Zd#\e)dfiZ\XloZfcc„j~ml\ 2k`dYi\ÔjZXc2\ekf`c„\#g\k`kjXZZ`[\ekjXloZf`ej\kYfi[j2\eZX[i„\%
+''&,''
Kflie„\ [l K_„ki\ JXiX_$9\ie_Xi[k% ;`i\Zk`fe M`Zkfi LccdXee% I\gi„j\ekXk`fej [\ CË8`^cfe% ;iXd\ \e - XZk\j [\ Di <[dfe[
IfjkXe[%Jli]fe[ki`Zfcfi\#Xm\Zc\gfikiX`k[l[lZ[\I\`Z_jkX[k\ed„[X`ccfe%I8I<%
JXiX_9\ie_Xi[kXZi„„CË8`^cfec\(,dXij(0''XlK_„ki\JXiX_9\ie_Xi[k%
I\gif[lZk`fegX^\)
-%
>
\fi^\j:C8@I@E(/+*$(0(0 %8==@:?<gfliK?yF;FI8[\M`Zkfi`\eJXi[fl%@dgi%=%:_Xdg\ef`j#GXi`j#R(0')T%C`k_f^iXg_`\\eef`ijli
]fe[Y`jki\%)''o.0Zd2\ekf`c„\#gc`li\j#[„Z_`ili\j\kdXehl\j\eZX[i„\ %
*''&+''
JXiX_9\ie_Xi[kZi„XK_„f[fiX#[iXd\[\M`Zkfi`\eJXi[fl#c\)-[„Z\dYi\(//+XlK_„ki\[\cXGfik\JX`ek$DXik`e%:cX`i`ei„Xc`jX
Z\kk\X]ÔZ_\gflicXi\gi`j\[\cXg`…Z\Xl[„Ylk[\(0')XlK_„ki\JXiX_9\ie_Xi[k%
I\gif[lZk`fegX^\Z`$Zfeki\
.%
R8c]fejDL:?8[ËXgi…j T%D8HL<KK<;Ë8==@:?<gfliC8JFI:@ßI<[\M`Zkfi`\eJXi[fl#R(0'*T2XhlXi\cc\^flXZ_„\#le\j`^eXkli\½DlZ_X¾
\eYXj~[if`k\XlZiXpfe2jli)]\l`cc\j[\gXg`\i]fik-+"+-#,o+'ZdilYXeZfccXekXl[fj[\cX(i\]% %
)%'''&*%'''
D8HL<KK<;ËLE<8==@:?<EFEy;@Ky<gflic\[\ie`\i[iXd\[\M`Zkfi`\eJ8I;FLafl„gXiJXiX_9\ie_Xi[k#CXJfiZ`…i\#Zi„„\c\(,[„Z\dYi\
(0'*XlK_„ki\JXiX_9\ie_Xi[k%:Ë\jkÔeXc\d\ek~Cfl`j\8YY„dXhl\JXiX_ZfeÔ\iXcËX]ÔZ_\[\CXJfiZ`…i\%
:\kk\dXhl\kk\#ki…jXZ_\m„\#jlicXhl\cc\feXd†d\kiXZ„XlYXjc\efd[\cË`dgi`d\li=%:_Xdg\ef`jg\lk$†ki\X$k$\cc\„k„
i„Xc`j„\~cË`dgi`d\i`\[ËXgi…jc\gifa\k[\DlZ_X #\jkki…jgifZ_\[\cË\jhl`jj\Zfej\im„\XlDlj„\[ËFijXpRmf`ic\ZXkXcf^l\[\
cË\ogfj`k`feDlZ_X#>iXe[GXcX`j#(0/'#e—*',T%
Jlile[„ZfiXiZ_`k\ZkliXc[Ë`ejg`iXk`fedfi\jhl\#j\[„kXZ_\c\g\ijfeeX^\[\cXJfiZ`…i\#QfiXpX%<e_Xlk#\jk`ejZi`kc\k`ki\1C8
JFI:@ßI<\ec\kki\j[ËXi^\ek#gl`jcXd\ek`fe1;I8D<<E,8:K<J;<D%M@:KFI@<EJ8I;FL%<eYXj1J8I8?9<IE?8I;K\ec\kki\j[ËXi^\ek2
\kjfljcXdXhl\kk\#~cXd`e\[\gcfdY1=%:?8DG<EF@J%G8I@J%
I\gif[lZk`fegX^\Z`$Zfeki\
+
)
+
(
-
.
,
/
/%
A fj\g_$8c]i\[GFEJ@EXZk`]~GXi`j\eki\(/./\k(//+ %M@KI8@Ci\gi„j\ekXekJXiX_9\ie_Xi[k[Xejc\Zfjkld\[\QXe\kkf#[XejC\
GXjjXek%(0+o/.Zd%
()%'''&(,%'''
:\m`kiX`cgifm`\ek[\cXi„j`[\eZ\gXi`j`\ee\[\JXiX_9\ie_Xi[k%ÁcXÔe[\(/.,#cXkiX^„[`\ee\jË\jk]X`kZfejkil`i\leY\c_k\c
I\eX`jjXeZ\XlZf`e[\cXil\=fiklep\k[\cËXm\el\[\M`cc`\ij#hlË\cc\_XY`k\iXaljhlË\e(//-2\cc\c\m\e[iXXmXekjXkflie„\\e
8d„i`hl\2\cc\j\Ôo\iX\eXf”k(//.[XejleXlki\_k\cgXik`Zlc`\i#,-#Yflc\mXi[G\i\`i\#f“\cc\m`miXaljhlË~jXdfik%:\j[\lo
_k\cj]li\ek[„kil`kj#c\gi\d`\i\e(0.'#\kc\j\Zfe[\e(0-,%
C\ ic\ [l kiflYX[fli QXe\kkf# cfij [\ cX Zi„Xk`fe [l GXjjXek [\ =iXeƒf`j :fgg„\ ~ cËF[„fe# c\ (+ aXem`\i (/-0# mXclk ~ JXiX_
9\ie_Xi[kjfegi\d`\i^iXe[jlZZ…j%
I\gif[lZk`feZ`$[\jjlj
-
0
0%
A fj\g_$8c]i\[GFEJ@EXZk`]~GXi`j\eki\(/./\k(//+ %M@KI8@Ci\gi„j\ekXekJXiX_9\ie_Xi[k[Xejc\Zfjkld\[\cXI\`e\[\Ilp9cXj%
(0+o/.Zd%
()%'''&(,%'''
:\m`kiX`cgifm`\ek[\cXi„j`[\eZ\gXi`j`\ee\[\JXiX_9\ie_Xi[k%ÁcXÔe[\(/.,#cXkiX^„[`\ee\jË\jk]X`kZfejkil`i\leY\c_k\c
I\eX`jjXeZ\XlZf`e[\cXil\=fiklep\k[\cËXm\el\[\M`cc`\ij#hlË\cc\_XY`k\iXaljhlË\e(//-2\cc\c\m\e[iXXmXekjXkflie„\\e
8d„i`hl\2\cc\j\Ôo\iX\eXf”k(//.[XejleXlki\_k\cgXik`Zlc`\i#,-#Yflc\mXi[G\i\`i\#f“\cc\m`miXaljhlË~jXdfik%:\j[\lo
_k\cj]li\ek[„kil`kj#c\gi\d`\i\e(0.'#\kc\j\Zfe[\e(0-,%
Cfij[\cXi\gi`j\[\Ilp9cXj[\M`Zkfi?l^fc\(0]„mi`\i(/.)#cË`ek\igi„kXk`fegXiJXiX_9\ie_Xi[k[\cXI\`e\#;fŒXDXi`X[\
E\lYfli^#jljZ`kXlem„i`kXYc\ki`fdg_\#\kcl`flmi`kc\jgfik\j[\cX:fd„[`\=iXeƒX`j\%
I\gif[lZk`feZ`$[\jjlj
.
('%
yd`c\DLCC<I(/)*$(//0 \kC„fe=8><C(/,($(0(* %>`jdfe[X%9Xj$i\c`\]\eZfdgfj`k`fek\`ek„\m\i[ki\2*'o(/Zd%
*''&+''
JXiX_9\ie_Xi[kXmX`kZi„„>`jdfe[X#[iXd\[\M`Zkfi`\eJXi[flc\*(fZkfYi\(/0+Xlk_„ki\[\cXI\eX`jjXeZ\%
I\gif[lZk`fegX^\Z`$Zfeki\
((%
:
_Xic\jN8CKE<I(/+-$(0), %<JK8DG<[ËXgi…jc\gfikiX`k[\JXiX_9\ie_Xi[kgXiAlc\j98JK@<E$C<G8><2Zfgpi`^_k>\fi^\jG\k`k#(/0-2
+(o*)Zd~ml\#k`iX^\jlim„c`e\eZX[i„ %
,''&-''
9\cc\\jkXdg\[ËXgi…jc\gfikiX`ki„Xc`j„\e(/.0gXiAlc\j98JK@<E$C<G8><(/+/$(//+ #Zfej\im„XlDlj„\=XYi\~Dfekg\cc`\i%
I\gif[lZk`fegX^\Z`$Zfeki\
()%
I\e„9<I><I%)c`k_f^iXg_`\j2*.#,o)+ZdZ_Xhl\gcljdXi^\j2jfljm\ii\ %
(,'&)''
JXiX_9\ie_Xi[k[Xej?Xdc\k\kCXKfjZX%
(*%
8
e[i„>@CC(/+'$(//, %JXiX_9\ie_Xi[k%C`k_f^iXg_`\Zfcfi`„\Pm\j9Xii\kjZ% #\okiX`k\[ËleaflieXcdXihl\[\gc`Z\ekiXc\k
g\k`k\j[„Z_`i% 2-(o+*#,Zdjfljm\ii\ %
(''&()'
JXiX_9\ie_Xi[k\jkZXi`ZXkli„\\egXekXcfe#c\dXjhl\[\cXZfd„[`\i\c\m„jlic\jZ_\m\lo#k\eXek[Ële\dX`eledXik\Xl[\
jZlcgk\li\k[\cËXlki\le\gXc\kk\%
I\gif[lZk`fegX^\Z`$Zfeki\
(+%
JXiX_9<IE?8I;K%GfikiX`kXm\Z;y;@:8:<Xlkf^iXg_\j`^e„\#(0''2_„c`f^iXmli\2,.o+*Zd\eZX[i„ %
,''&.''
I\gif[lZk`fe[lY\XlgfikiX`k[\JXiX_9\ie_Xi[k[Xej>`jdfe[XgXiK_„fYXc[:?8IKI8E(/+0$(0'. #]X`k~E\nPfib\e(/0-2\cc\
XmX`kZi„„Z\[iXd\[\M`Zkfi`\eJXi[flc\*(fZkfYi\(/0+Xlk_„ki\[\cXI\eX`jjXeZ\%
;y;@:8:<jfljcXg_fkf^iXg_`\1½~dfe^\ek`cXd`y[flXi[>fl[jk`bb\i&jflm\e`iki…jX]]\Zkl\lo[\jXki…jm`\`cc\Xd`\&JXiX_
9\ie_Xi[k&(0''¾%
I\gif[lZk`fegX^\Z`$Zfeki\
/
('
(*
((
(+
0
(,%
Cfl`j\ 899yD8 (/,*$(0). % JXiX_9\ie_Xi[k% 9Xj$i\c`\]\egcki\gXk`e„2d„[X`ccfefmXc\),o)(Zd#gcljZX[i\\egcki\g\`ek
`d`kXk`fedXiYi\„ZcXkj %
.''&/''
9\XlgfikiX`k\ed„[X`ccfe[\JXiX_9\ie_Xi[k#c„^\e[„jlic\Zk„^XlZ_\#gXijfeXd`\`ek`d\%
I\gif[lZk`fegX^\Z`$Zfeki\
(-%
C fl`j\899yD8(/,.$(0). %JXiX_9\ie_Xi[k%9Xj$i\c`\]\egcki\gXk`e„]Xƒfek\ii\Zl`k\2d„[X`ccfefmXc\),o)(Zd#gcljZX[i\\e
gcki\g\`ekef`i„ZcXkj %
.''&/''
9\XlgfikiX`k\ed„[X`ccfe[\JXiX_9\ie_Xi[k#c„^\e[„jlic\Zk„^XlZ_\#gXijfeXd`\`ek`d\%
8eZ`\ee\Zfcc\Zk`feD`Z_\c[\9IP%<ogfj`k`feJXiX_9\ie_Xi[k#<jgXZ\G`\ii\:Xi[`e#(0.-#e—-/%
I\gif[lZk`fegX^\Z`$Zfeki\
(.%
D
Xli`Z\G<IIFEE<K(/..$(0,' %;<JJ@Efi`^`eXc#j`^e„\k[Xk„(0((\eYXj~^XlZ_\2\eZi\[\:_`e\#0#,o*+Zd%
),'&*''
=i`j\ \e fdYi\j Z_`ef`j\j i\gi„j\ekXek c\j ]Xd`c`\ij [\ JXiX_ 9\ie_Xi[k ~ 9\cc\$ác\ \e (0(( 1 c\ g\`eki\ >\fi^\j :cX`i`e# JXiX_
9\ie_Xi[k#jX[Xd\[\ZfdgX^e`\JlqXee\J\pcfi#jfedXŠki\[Ë_k\cG`kfl#jfed„[\Z`ec\;iDXifk#jfej\Zi„kX`i\yd`c\>\f]]ifp2
jfeÔcjDXli`Z\9\ie_Xi[k2j\jg\k`k\j$Ôcc\jCpj`Xe\\kJ`dfe\2c\dXi`[\J`dfe\<[[p>ifjj\kc\liÔcc\K\ibX2cX]Xd`cc\G\iifee\k¿
DXli`Z\G\iifee\k„kX`kc\Ôcc\lc[\JXiX_9\ie_Xi[k#hl`cËXmX`kefdd„X[d`e`jkiXk\li[\jfek_„ki\%
I\gif[lZk`fegX^\Z`$Zfeki\
(/%
\fi^\j :C8@I@E (/+*$(0(0 % JXiX_
>
9\ie_Xi[k \e Zfc…i\% :iXpfe \k ^flXZ_\
jli ZXikfe ife[# 9\cc\$ác\# (0()% ;`Xd…ki\
/*Zd\eZX[i„ %
,%'''&-%'''
8lZflij[\c˄k„(0()#JXiX_9\ie_Xi[k
ZfddXe[\ ~ jX df[`jk\# DX[\c\`e\
C\Z_Xk# [\j Z_Xg\Xlo gfli cX gi„j\im\i
[l jfc\`c [\ 9\cc\$ác\% Cfijhl\ c\ ZXikfe
~ Z_Xg\Xl Xii`m\# JXiX_ 9\ie_Xi[k \e
\okiX`k le „efid\ Zflmi\$Z_\] [\ /, Zd
[\[`Xd…ki\hl`e\Zfii\jgfe[gXj~jfe
Xkk\ek\ 2 \cc\ \eki\ [Xej le\ m`fc\ek\
Zfc…i\%JfeXd`#c\g\`eki\>\fi^\j:cX`i`e#
k„df`e[\cXjZ…e\#gi\e[XcfijXm\Zcl`c\
Zflm\iZc\[lZXikfe~Z_Xg\Xljlic\hl\c`c
g\`ekc\gfikiX`k[\cËXZki`Z\\eZfc…i\%
(0%
>
\fi^\j:C8@I@E(/+*$(0(0 %AXi[`e~cXJg_`e^\%GXjk\c#XhlXi\cc\\k^flXZ_\jligXg`\i2j`^e„\k[„[`ZXZ„\eYXj~^XlZ_\%**#,o,(Zd
~ml\#\eZX[i„ %
(%)''&(%,''
CËÅlmi\i\gi„j\ek\leZf`e[\aXi[`eXm\Z[\lo^iXe[jXcf…j[XejledXjj`][\Õ\lij#le\jg_`e^\\eg`\ii\#\kle\Z_X`j\gc`Xek\
jlic\Zk„[\cXhl\cc\\jkgfj„\le\fdYi\cc\Yc\l\%J\jXd`jXmX`\ekjliefdd„JXiX_½cXJg_`e^\¾%
;„[`ZXZ\1½~JXiX_9\ie_Xi[k&jfekflk[„mfl„Xd`&>%:cX`i`e(0(-&9flcfli`jM`ccXGi`eZ\jj\¾%
I\gif[lZk`fegX^\Z`$Zfeki\
)'%
>
\fi^\j:C8@I@E(/+*$(0(0 %;<JJ@E[flYc\]XZ\2d`e\[\gcfdY#ZiXpfe^iXj#ZiXpfeYile#ZiXpfeYc\l2).o*)#,~ml\#hhjc„^\ij
XZZ`[\ekjjfljm\ii\ %
(%'''&(%,''
J8I8?9<IE?8I;K\ek\el\[\mfpX^\#Z_Xg\Xl\kmf`c\kk\#jl`m`\[\[\lo]\dd\jgfikXekjXZj\kfdYi\cc\j#XZZl\`cc`\\kjXcl„\gXi
Z`ehX[d`iXk\lij%
8l[fj#[\lo8iXY\jZflZ_„j]X`jXekc\^l\k2ZXZ_\k[ËXk\c`\i\eYXj~^XlZ_\%
I\gif[lZk`fegX^\Z`$Zfeki\
('
(.
(,
(-
)'
(0
((
)(%
RJXiX_9<IE?8I;KT%:F@==LI<[\jZ…e\2d„kXc[fi„#]Xljj\jg`\ii\j#]Xljj\jg\ic\j2cXi^\li).Zd#gif]fe[\li)'Zd% )%'''&)%,''
:f`]]li\[\jZ…e\XpXekgifYXYc\d\ekj\im`gfliK_„f[fiX#[iXd\[\M`Zkfi`\eJXi[flZi„„c\)-[„Z\dYi\(//+XlK_„ki\[\
cXGfik\JX`ek$DXik`e%
I\gif[lZk`fegX^\Z`$Zfeki\
))%
RJXiX_9<IE?8I;KT%:FLIFEE<[\jZ…e\2d„kXc[fi„\km\iifk\i`\2[`Xd…ki\(+Zd#_Xlk\li0#,Zd%
)%'''&)%,''
:flifee\ [\ jZ…e\ XpXek gifYXYc\d\ek j\im` gfli CX Gi`eZ\jj\ cf`ekX`e\ [l a\le\ <[dfe[ IFJK8E;# Zi„„\ Xl K_„ki\ [\ cX
I\eX`jjXeZ\ c\ , Xmi`c (/0, 2 JXiX_ 9\ie_Xi[k p k\eX`k c\ ic\ [\ D„c`jj`e[\% CX Zflifee\ \jk Zfdgfj„\ [Ële\ ]i`j\ [\ Õ\lij \k
[˄kf`c\j%
I\gif[lZk`fegX^\Z`$Zfeki\
)*%
RJXiX_9<IE?8I;KT%;@8;ßD<[\jZ…e\2d„kXc[fi„#]Xljj\jg`\ii\j#]Xljj\jg\ic\j2[`Xd…ki\()Zd%
(%'''&(%,''
G\k`k[`X[…d\#XpXekg\lk$†ki\j\im`gfliCXKfjZX%
I\gif[lZk`fegX^\Z`$Zfeki\
)+%
RJXiX_9<IE?8I;KT%ALD<CC<J[\k_„ki\2„ZX`cc\\kcX`kfe%
*''&+''
<cc\jgfik\ekcXdXihl\[\B@IJ:?#fgk`Z`\e~½C`…^\j¾%
I\gif[lZk`fegX^\(+
),%
RJXiX_9<IE?8I;KT%yM<EK8@C2gcld\j[ËXlkilZ_\\k„ZX`cc\[\kfikl\Yile\2cXi^\li-,Zd#_Xlk\li+)Zd%
*''&+''
8eZ`\ee\Zfcc\Zk`fePmfee\C8E:F%
I\gif[lZk`fegX^\(+
)-%
RJXiX_9<IE?8I;KT%:FLG<\egfiZ\cX`e\Xm\Zdfekli\\eYifeq\[fi„2_Xlk\liXm\Zdfekli\)0Zd#[`Xd…ki\Xm\Zc\jXej\j
+-Zd#[`Xd…ki\[\cXZflg\**Zd%
-''&/''
:flg\dfek„\\egfiZ\cX`e\\lifg„\ee\~[„Zfi@dXi`#Xm\Zdfekli\\eYifeq\[fi„~[„Zfi[Ë\eki\cXZj\k]\l`ccX^\j%
Gifm\eXeZ\1DXef`i[\G\e_f‡k#9\cc\$ác\$\ed\i%
I\gif[lZk`fegX^\(+
).%
RJXiX_9<IE?8I;KT%GC8K\e„kX`eXlZ_`]]i\[\JXiX_9\ie_Xi[k2[`Xd…ki\%
+''&,''
GcXkife[Xm\Z[\lok†k\j[\gf`jjfe\e^l`j\[ËXej\j#c\]fe[fie„[Ële\„kf`c\[\d\i#Xm\Zc\Z_`]]i\^iXm„J9Xm\ZcX[\m`j\
HlXe[d†d\%BXpj\iq`ee++/)%
I\gif[lZk`fegX^\(+
)/%
RJXiX_9<IE?8I;KT%FD9I<CC<#kf`c\[\Zfkfe`dgi`d„\#dXeZ_\[\Yf`j2cfe^l\li%
FdYi\cc\lk`c`j„\gXiJXiX_9\ie_Xi[k~9\cc\$ác\#m\ij(0)'%
8eZ`\ee\Zfcc\Zk`fePmfee\C8E:F%
I\gif[lZk`fegX^\(+
()
)''&*''
)(
))
)*
(*
)+
),
)-
).
)/
(+
)0
)0%
RJXiX_9<IE?8I;KT%98E:;LK<EE@J[\JXiX_9\ie_Xi[k2Z_†e\jZlcgk„2()+o+'Zd#_Xlk\li.,Zd%
(%,''&)%'''
C\[fjj`\i#fie„[\kflg\kj[\gf`cj[\jXe^c`\i#\jk#\e]X`k#c\dfekXek[Ële\XeZ`\ee\Z_Xii\kk\jXi[\#kXe[`jhl\c\j`…^\\jkle
kiXmX`cXik`jXeXcZfddXe[„gXicËXZki`Z\Xld\el`j`\i[\9\cc\$ác\%<cc\lk`c`jX`kZ\YXeZgflij\i\gfj\ihlXe[\cc\aflX`kXlk\ee`jcfij
[\j\jj„aflij~9\cc\$ác\%
*'%
R JXiX_9<IE?8I;KT%8DX[\df`j\cc\JXiX_9\ie_Xi[k#CXJfZ`„k„]iXeƒX`j\[\Y`\e]X`jXeZ\[\cË@cc`ef`j#:_`ZX^f)'aXem`\i(//'#
Zfdgc`d\ekZXcc`^iXg_`„#j`^e„gXic\gi„j`[\ek\kkif`jXlki\jd\dYi\j2,)o*+#,Zd#jZ\XljfljgXg`\i[fi„2\eZX[i„% *''&+''
:FDGC@D<EK;FEEyÁJ8I8?9<IE?8I;KCFIJ;<J8GI<D@ßI<KFLIEy<<E8DyI@HL<%
½DX[\df`j\cc\#8mXekmfki\Xii`m„\~:_`ZX^f#cXI\efdd„\efljXmX`kXggi`jZ\hl˄kX`k\emfljcË8ik`jk\1mfljXm\qmflcleflj
]X`i\#\eflki\#ZfeeXŠki\cX]\dd\#\kefljdfeki\ihl\#Z_\qmflj#c\ZÅli„kX`k~cX_Xlk\li[l^„e`\¾%%%<kZ%
(,
*(%
8
c\oXe[\iJG<E:<I%HlXe[D†d\DXiZ_#[„[`„\~JXiX_9\ie_Xi[kE\nPfib#?`kZ_ZfZbËjDlj`ZJkfi\#(//' 2`e$]fc%#+]]%Yfi[j
leg\l\]]iXe^„j#c„^%ifljj% %
)''&),'
GXik`k`fegflig`Xef#[fekc\k`ki\i\gi\e[cX[\m`j\[\cËXZki`Z\%
:flm\ikli\c`k_f^iXg_`„\`ccljki„\gXi:_%AFC@<Ki\gi„j\ekXekcËXZki`Z\\ed„[X`ccfeXld`c`\l[\ifj\jXm\ZleilYXejlic\hl\c
jfek`ejZi`kjj\j^iXe[jic\j\kXm\Zc\j\dYc…d\j[lk_„ki\2[Xejc\Zf`ejlg„i`\li[if`k#i\gif[lZk`fe[\cXj`^eXkli\[\cËXZki`Z\1
½JXiX_9\ie_Xi[kd\iZ`¾%
<ek†k\[\cXdlj`hl\#`c\jk`e[`hl„\hlË\cc\X„k„½Zfdgfj„\gfliDcc\JXiX_9\ie_Xi[k\k^iXZ`\lj\d\ekXZZ\gk„\gXi\cc\¾%
CX[\ie`…i\gX^\i\e[_fddX^\~cËXZki`Z\\kXlZfdgfj`k\li#Xm\Zc\ZXkXcf^l\[\j\jefdYi\lj\jXlki\jZfdgfj`k`fejgfikXekc\
d†d\k`ki\\k[„[`„\j~JXiX_gfcbX#^Xcfg#mXcj\#^Xmfkk\#hlX[i`cc\#\kZ% %
I\gif[lZk`fegX^\Z`$Zfeki\
*)%
8e[i„>@CC(/+'$(//, \k8c]i\[C<G<K@K(/+($(0'0 %C\JXcj`Ôj#JXiX_9\ieXi[%8JJ@<KK<\e]X‹\eZ\#(//02[`Xd…ki\)'Zd% /'&(''
8jj`\kk\[ËXgi…jle\ZXi`ZXkli\[Ë8e[i„>@CCgXil\[XejC\j?fdd\j[ËXlafli[Ë_l`#),fZkfYi\(/./ #Xm\ZleXdljXekhlXkiX`e[\
C<G<K@K%<cc\\jkdXihl„\Xl[fj1<ogfj`k`feLe`m\ij\cc\[\(//0%
I\gif[lZk`fegX^\Z`$Zfeki\
**%
RJXiX_9<IE?8I;KT%:FLIFEE<;<C8LI@<IJ<E8I><EK#B`\m(/0)2**o*'Zd%
(%)''&(%,''
:FLIFEE<F==<IK<ÁJ8I8?9<IE?8I;KG8IC<JyKL;@8EKJ;<CËLE@M<IJ@Ky;<B@<M#c\0[„Z\dYi\(/0)%
:\kk\Zflifee\\eXi^\ek\jk]fid„\[\[\loYiXeZ_\j[\cXli`\i#^Xie`\j[\),]\l`cc\j\k[Ële\[flqX`e\[\g\k`k\jYX`\jZ_XZle\#
\kefl„\jgXileilYXe[ËXi^\ekjlic\hl\c\jk^iXm„Z\k\ok\[Ë_fddX^\1½ÁcXZ„c…Yi\Xik`jk\&JXiX_9\ie_Xi[k&c\j„kl[`Xekj
i\ZfeeX`jjXekj&[\cËLe`m\ij`k„[\JX`ekNcX[`d`i&B`\]]&c\0;„Z\dYi\&(/0)¾%
Gf`eƒfe[\B`\m(/0)#DXŠki\fi]…mi\1:%G%
:\kk\Zflifee\]lkf]]\ik\~JXiX_9\ie_Xi[kcfij[\jXkflie„\[\cXÔe[\(/0)~M`\ee\#\eGfcf^e\\k\eIljj`\%
I\gif[lZk`fegX^\Z`$Zfeki\
*+%
R JXiX_9<IE?8I;KT%;@GCåD<[\cXD„[X`cc\[\cXI\ZfeeX`jjXeZ\=iXeƒX`j\#GXi`j(/aXem`\i(0)'2\egXik`\`dgi`d„#Xm\Zm`^e\kk\
^iXm„\gXi:_%:fgg`\i2,*o**Zd\eZX[i„ %
*''&+''
;`gcd\[„Z\ie„gXi[„Zi\k[l)+j\gk\dYi\(0(0~DX[Xd\9\ie_Xi[kJXiX_#DXi`\#?\ei`\kk\hl`i\ƒf`kcXD„[X`cc\[ËXi^\ek[\
cXI\ZfeeX`jjXeZ\=iXeƒX`j\#Xm\ZZ\dfk`]1½M„i`kXYc\d`jj`feeX`i\[\cËXik#X]X`k\e8d„i`hl\le\gifgX^Xe[\[\jgcljgifÔkXYc\j
~cXZXlj\]iXeƒX`j\¾%@c\jkj`^e„gXic\>Xi[\[\jJZ\XloCfl`jEX`c#\kgXic\Gi„j`[\ek\kc\J\Zi„kX`i\^„e„iXc[\cX:fdd`jj`fe%
I\gif[lZk`fegX^\Z`$Zfeki\
*,%
R JXiX_9<IE?8I;KT%8DX[Xd\JXiX_9\ie_Xi[k%:fdgc`d\ek[\cË8plekXd`\ekf:fejk`klZ`feXc[\DX[i`[#DX[i`[j%[%R(0)'6T2
ZXcc`^iXg_`„gXiA%D8EQ8EF\ec\kki\j^fk_`hl\jjlim„c`e#Xm\Zc\j8IDF@I@<JG<@EK<J[\DX[i`[\ek†k\2+(o*)Zd\eZX[i„ 2\e\jgX^efc%
*''&+''
C\[fZld\ek\jkj`^e„gXicË8cZX[\Gi\j`[\ek\c\Zfdk\[\C@DG@8J#hl`jXcl\JXiX_9\ie_Xi[kXlefd[lg\lgc\[\DX[i`[1`c
iXgg\cc\jX^cf`i\#jfeXZk`fe[\Z`kfp\ee\[ldfe[\\e]Xm\li[\cËXik\k[\cË_ldXe`k„#\k[`k~cXZfd„[`\ee\cËX[d`iXk`fe[\
DX[i`[#Z`k„[lk_„ki\Xm\ZCfg\\k:Xc[\ife¿
I\gif[lZk`fegX^\Z`$Zfeki\
(-
**
*(
*)
*+
*,
(.
*-%
JXiX_9<IE?8I;K%GfikiX`k[\DX[Xd\>l„iXi[%?l`c\jlikf`c\#(/.,%+,o*.Zdg\k`kkifl#ZiXhl\cli\j\ki\jkXliXk`fej %
)%'''&)%,''
8d`\`ek`d\[\jXd…i\#DX[Xd\>l„iXi[#hl`XZfeelJXiX_9\ie_Xi[k\e]Xek#j\iXgfli\cc\Zfdd\le\j\Zfe[\d…i\#\kjX
Ô[…c\^flm\ieXek\aljhlË~jXdfik\e(/0'%JXiX_cËXgg\cX`kZfdd\[Xejjfe\e]XeZ\1½DfegËk`k[Xd\¾%
;„[`ZXZ\\e_Xlk~^XlZ_\1½~Dd\>l„iXi[&jfeXd`\&JXiX_9\ie_Xi[k&(/.,¾%
8eZ`\ee\Zfcc\Zk`feD`Z_\c[\9IP%<ogfj`k`feJXiX_9\ie_Xi[k#<jgXZ\G`\ii\:Xi[`e#(0.-#e—)/)%M\ek\JXiX_9\ie_Xi[k\kjfe
„gfhl\#;iflfk)*Xmi`c(00.D\j:_Xp\kk\:_\mXc #e—(-'%
I\gif[lZk`fegX^\Z`$Zfeki\
*.%
J
XiX_9<IE?8I;K%CXE„^i\jj\[\DX[Xd\>l„iXi[%98J$I<C@<=\egcki\g\`ek#(/.,2d„[X`ccfefmXc\#)+o)'Zd#„gX`jj\li,Zd%
)%'''&)%,''
;Xk„\kj`^e„~[if`k\#[\ii`…i\cXelhl\1½JXiX_9\ie_Xi[k(/.,¾%@ejZi`gk`fe~cË`ek„i`\li1½~D%DXli`Z\G\iifee\k¾%
DX[Xd\>LyI8I;#hl`XmX`kZfeelJXiX_9\ie_Xi[k\e]Xek#j\iXgfli\cc\Zfdd\le\j\Zfe[\d…i\#\kjXÔ[…c\^flm\ieXek\aljhlË~
jXdfik\e(/0'%JXiX_cËXgg\cX`kZfdd\[Xejjfe\e]XeZ\1½DfegËk`k[Xd\¾%DXli`Z\G<IIFEE<K(/..$(0,' „kX`kc\Ôcj[\Dd\
>l„iXi[#\kc\Ôcc\lc[\JXiX_9\ie_Xi[k#hl`c\efddXX[d`e`jkiXk\li[\jfek_„ki\%
8eZ`\ee\Zfcc\Zk`feD`Z_\c[\9IP%<ogfj`k`feJXiX_9\ie_Xi[k#<jgXZ\G`\ii\:Xi[`e#(0.-#e—(,+%M\ek\JXiX_9\ie_Xi[k\kjfe
„gfhl\#;iflfk)*Xmi`c(00.D\j:_Xp\kk\:_\mXc #e—)**%
I\gif[lZk`fegX^\Z`$Zfeki\
*/%
J
XiX_9<IE?8I;K%9ljk\[Ëyd`c\[\>`iXi[`e%J:LCGKLI<\ek\ii\Zl`k\#R(/./T2_Xlk\li)(Zd#cXi^\li(,Zd#gif]fe[\li('Zd2dfek„
jlijfZc\Yf`jkflie„ef`iZ`%
)%'''&)%,''
J`^e„½JXiX_9\ie_Xi[k¾jlic\Yfi[[\c˄gXlc\^XlZ_\#\kc„^\e[„½<%[\>`iXi[`e¾~cXYXj\[lYljk\%
9\XlgfikiX`k[lZ„c…Yi\glYc`Z`jk\yd`c\[\>@I8I;@E(/'-$(//( %:\kk\k\ii\Zl`k\]lkgi„j\ek„\XlJXcfe[\j8ik`jk\j]iXeƒX`j\e
(/./#Xm\Zc\Yljk\[\N`cc`Xd9ljeXZ_%Cfl`jD„eXi[\eÔk[XejCË8ikZ\kk\Zi`k`hl\1½J`Z\j[\loYljk\jdXehl\ek\eZfi\[ËfjjXkli\#
c\jgif^i…j[\cXmX`ccXek\Xik`jk\jfek`e[`jZlkXYc\j%<cc\jX`j`kcXi\jj\dYcXeZ\Xm\ZleiXi\Yfe_\li%J\jYljk\jjfekm`mXekj%G\lk$†ki\
jfek$`cj[Ëleg\`eki\gclkkhl\[ËlejZlcgk\li6¾¿
8eZ`\ee\Zfcc\Zk`feD`Z_\c[\9IP%<ogfj`k`feJXiX_9\ie_Xi[k#<jgXZ\G`\ii\:Xi[`e#(0.-#e—(,'%M\ek\JXiX_9\ie_Xi[k\kjfe
„gfhl\#;iflfk)*Xmi`c(00.D\j:_Xp\kk\:_\mXc #e—)*(%
I\gif[lZk`fegX^\)(
*0%
JXiX_9<IE?8I;K%8lkfgfikiX`k\eZ_`d…i\%J:LCGKLI<]fidXek\eZi`\i2Yifeq\gXk`e„#j`^e„jlic\Zk„[if`k2]fek\K_`„YXlk]i…i\j#
(//'2_Xlk\li)'Zd#cXi^\li)(Zd#gif]fe[\li)'Zd%
+%'''&,%'''
½Le\[\jÅlmi\jc\jgcljZXiXZk„i`jk`hl\j\jkle\JXiX_Z_Xlm\$jfli`ji\k\eXek[Xejj\j^i`]]\jle\jfik\[\Y„e`k`\i[Xejc\hl\c
j\kiflm\c\[`XYc\¾G_`c`gg\ALCC@8E %
I\gif[lZk`fegX^\)(
+'%
JXiX_9<IE?8I;K%CX:k\Xlo^\e\kj%?l`c\jlikf`c\i\ekf`c„\ %*0o*(Zd#ZXZ_\k[ËXk\c`\i\eYXj~[if`k\%
9\cc\ml\[\cXZk\~9\cc\$ác\#Xm\Z[\jifZ_\ijZflm\ikj[\^\e\kj\eÕ\lij%
I\gif[lZk`fegX^\Z`$Zfeki\
(/
)%'''&)%,''
*.
*-
+'
(0
+(%
J
XiX_9<IE?8I;K%G?FKF>I8G?@<Xm\Z ;y;@:8:<Xlkf^iXg_\j`^e„\#Rm\ij(//*T2gXg`\iXcYld`e„*'o(/#(Zddfek„jliZXikfe~cX
(,'&)''
dXihl\[\E8;8I~cËX[i\jj\,(#il\[Ë8eafl2ljli\j#kiflj#„ZcXkj#kiXZ\j[\ZfccX^\Xl[fj%
GfikiX`k[\JXiX_9\ie_Xi[k\eG`\iifk#[XejjfeZfjkld\[\cXg`…Z\[\A\XeI`Z_\g`e#G`\iifkXjjXjj`e#hlË\cc\XZi„„Xm\ZI„aXe\c\
)/Xmi`c(//*2[„[`ZXZ„\e_Xlk1½~dXZ_…i\Xd`\8ekf`e\kk\R6T&jflm\e`i[\dXgif]fe[\Xd`k`„&JXiX_9\ie_Xi[k¾%
+)%
J
XiX_9<IE?8I;K%C%8%J%½JXiX_¾~le\[Xd\2*gX^\jfYc%`e$()~j\jZ_`]]i\\k[\m`j\%
()'&(,'
½Fed\[`kc\Z_\igf‡k\jfl]]iXek%A\jl`j`ehl`…k\ZXia\e\jX`ji`\ei`\e¾¿<cc\[\dXe[\[\jeflm\cc\j¿
FEAF@EKle\ZXik\[\m`j`k\JXiX_9\ie_Xi[k;XdXcX#Xm\Z+c`^e\jXlkf^iXg_\jXlZiXpfe#[\dXe[Xekle\cf^\gfliD%9\ikfec\
*aXem`\i(//)#j`^e„\½JXiX_9\ie_Xi[k;XdXcX¾%
+*%
J
XiX_9<IE?8I;K%C%8%J%~=„c`o;LHL<JE<C2)gX^\j`e$()%
)''&*''
C<KKI<yDFLM8EK<#[Ële\„Zi`kli\[„]X`k\%½xXmXY`\edXcdfegXlmi\;lh\kZË\jk^iZ\~dX]X`Yc\jj\\oki†d\hl\a\e\d\jl`jgXj
kl„\2dX[„j\jg„iXeZ\\jkgcljgif]fe[\hl\dXm`\eË\jkjfc`[\¾%<cc\mXkZ_\i[ˆki\~GXi`jjXd\[`#½Xljj`]fik\hl\gfjj`Yc\%A\
gi\e[jkflk\jc\j[if^l\jhlËfed\[fee\2dX`jƒXe\mXgXj%8`\cXYfek„[\]X`i\kX`i\c\jYcX^l\lijZXiZ\cXd\]X`kkifgjfl]]i`i¾%
J\jXd`jjfekgi`„j[\e\gXjm\e`icXmf`i1½cXml\[Ële\g\ijfee\hl\cZfehl\d\ZXlj\le\Zi`j\[\e\i]jk\ii`Yc\%A\kË\dYiXjj\~
gc\`e\jcXid\j¾¿
++%
J
XiX_9<IE?8I;K%:8IK< ;< M@J@K<Xm\Z)c`^e\jXlkf^iXg_\j\kj`^eXkli\[\l`c #Ral`cc\k(0''T#\em\cfgg\Xm\ZjfeZ_`]]i\^iXm„ ~
D%:Xlifp%
(,'&)''
½D\iZ`dfeZ_\i:Xlifpd\iZ`JXiX_¾%Le\efk\jlicË\em\cfgg\gi„Z`j\hlË`cjËX^`k[\cË\ek\ii\d\ek[\cXjÅli[\JXiX_#A\Xee\
(/,+$(0'' %
+,%
>\fi^\j:C8@I@E(/+*$(0(0 %*c\kki\jXlkf^iXg_\jXm\Z;<JJ@EJ2+gX^\j`e$/\k+gX^\j`e$]fc%
,''&-''
8DLJ8EK<JC<KKI<J@CCLJKIy<J%CXgcljcfe^l\\jk`ek`klc„\1CXAflie„\[ËlejZ`Xk`hlXi[2ZË\jkle\miX`\YXe[\[\jj`e„\\e(+[\jj`ej~cX
gcld\1:cX`i`ejËpi\gi„j\ek\\egif`\Xlo[flc\lij#k\ekXek[\j\jf`^e\i#\kjlZZfdYXekÔeXc\d\ekXlojf`ej[\jfedXjj\li¿2Xl
m\ijf#[\jj`eXlZiXpfe[l=fik[\jGflcX`ej#Xm\Zkif`j]\dd\jXloZi„e\Xlo\kcXc„^\e[\1½C\=fik[\j*''_fdd\j¾%Le\Xlki\
c\kki\jlic\d†d\jla\k\jk`ccljki„\[\[\lo[\jj`ejXlkfgfikiX`kj ~cXd`e\[\gcfdY%;XejcXkif`j`…d\c\kki\#`cj\i\gi„j\ek\cX
gXc\kk\~cXdX`e#]XZ\~le½g\k`kZfe]i…i\¾¿
I\gif[lZk`fegX^\)*
+-%
A\XeDFLE<K$JLCCP(/+($(0(- %EFK<JXlkf^iXg_\j2()gX^\j`e$(-\k(gX^\`e$/XlZiXpfe%
(''&(,'
Efk\jjlic\[iXd\[Ë8c]i\[;lYflk(/,+$(0*- #=i„[„^fe[\#Zi„„~cX:fd„[`\=iXeƒX`j\\e(//0%Dfle\k$Jlccp#hl`aflXc\ic\[\
Cfk_X`i\#i\c…m\[\j`emiX`j\dYcXeZ\j\k`eZf_„i\eZ\j#[\jcfe^l\lij#[\jgXjjX^\j~i\]X`i\#\kZ%
+.%
R JXiX_ 9<IE?8I;KT% 8C9LD ;< GFIKI8@KJ <E :8IK< GFJK8C< [\ JXiX_ 9\ie_Xi[k# (0'0 2 `e$()# i\c% [\d`$YXjXe\ ~ Zf`ej ]Xƒfe ZifZf[`c\
ljX^„\ %
+''&,''
8cYldZfejk`kl„gXile\X[d`iXki`Z\[\cËXZki`Z\#<mXC„mpj`^eXkli\\ek†k\ %
;y;@:8:<Xlkf^iXg_\j`^e„\[\cËXZki`Z\jlicXgi\d`…i\gX^\[\cËXcYld1½Jflm\e`iki…jjpdgXk_`hl\JXiX_9\ie_Xi[k(0'0¾#Xm\Z
leÅ`cc\kj„Z_„%
,*ZXik\jgfjkXc\j[\JXiX_[Xejj\jic\j#~cXm`cc\#ZXik\jglYc`Z`kX`i\jflZXi`ZXkli\j#\kZ%
I\gif[lZk`fegX^\)*
+/%
RJXiX_9<IE?8I;KT%DfekX^\[\(':8IK<JGFJK8C<J[\JXiX_9\ie_Xi[k2+,o)/Zdjfljm\ii\ %
(''&(,'
<ej\dYc\Zfdgc\k[\('ZXik\jgfjkXc\ji\gi„j\ekXekcËXZki`Z\[Xejj\jgi`eZ`gXloic\j#\kXlZ\eki\\e]iX^d\ekj~Xjj\dYc\i [XejCË8`^cfe2kflk\jc\jZXik\jgfik\eklek`dYi\gfjkXc%
I\gif[lZk`fegX^\*
)'
*/
*0
*0
)(
+0%
J
XiX_9<IE?8I;K%G?FKF>I8G?@<[lD8EF@I ;<G<E?FÞK#Xm\Z ;y;@:8:<Xlkf^iXg_\j`^e„\#(0)'2,#,o.#,Zddfek„\jliZXik\`e$()
\eZi\gc`\ %
(,'&)''
G_fkf^iXg_`\[lD8EF@I;<G<E?FÞK#~9\cc\$ác\#f“JXiX_j„aflieXc˄k„[\(0('~(0))`c]lk[„kil`k\e(0++gXic\j8cc\dXe[j #Xm\Z
Z\kk\[„[`ZXZ\1½ÁdX^\ek`cc\?„c…e\%Jflm\e`iki…jk\e[i\JXiX_9\ie_Xi[k(0)'¾%
,'%
RJXiX_9<IE?8I;KT%<em`ife()'ZXik\jgfjkXc\j%
(,'&)''
@dgfikXek\i„le`fe[\gfikiX`kj[\cXZfd„[`\ee\[Xejj\j[`]]„i\ekjic\j#\ek\el\[\m`cc\#\kZ%FEAF@EK(,ZXik\j[ËXZki`Z\j:c„f
[\D„if[\#Fk„if#I„aXe\#:%Jfi\c#\kZ% %
,(%
RJXiX_9<IE?8I;KT%*'ZXik\jgfjkXc\j[\j\jgifgi`„k„j[\9\cc\$ác\$\e$D\i%
(,'&)''
Ml\j[l]fik[\jGflcX`ej\k[ldXef`i[\G\e_f‡k2Z„i„dfe`\c\afli[\jfYj…hl\j[\cËXZki`Z\%
,)%
JXiX_9<IE?8I;K%;Xejc\jElX^\j%@dgi\jj`fej[Ële\Z_X`j\%I„Z`ki\Zl\`cc`gXiJ8I8?$9<IE?8I;K%@ccljki„gXi>\fi^\j:C8@I@EGXi`j#
>%:_Xig\ek`\i#R(/.0T %@e$/#ZXikfeeX^\kf`c\[˄[`k\li`ccljki„c„^%ifljj%2g`h%[Ë_ld`[`k„jlic\ZXikfeeX^\ %
(,'&)''
IXi\[XejjfeZXikfeeX^\[˄[`k\li%
,*%
J
XiX_9<IE?8I;K%;Xejc\jElX^\j%@dgi\jj`fej[Ële\Z_X`j\%I„Z`ki\Zl\`cc`gXiJ8I8?$9<IE?8I;K%@ccljki„gXi>\fi^\j:C8@I@EGXi`j#
>%:_Xig\ek`\i#R(/.0T %@e$/#Zflm%Zfej\im„\j#i\c`li\kf`c\m\ik\c„^%g`h%jlic\jZflm% %
(,'&)''
,+%
J
XiX_9<IE?8I;K%;Xejc\jElX^\j%@dgi\jj`fej[Ële\Z_X`j\%I„Z`ki\Zl\`cc`gXiJ8I8?$9<IE?8I;K%@ccljki„gXi>\fi^\j:C8@I@EGXi`j#
>%:_Xig\ek`\i#R(/.0T %@e$/#i\c%[\d`$YXjXe\m\ik\c„^%ifljj% %
*''&+''
;FL9C< ;y;@:8:<jlic\]Xlo$k`ki\Xlg\`eki\<ie\jk;L<Q1½~Dfej`\li;l\qhl\Jk>Xlk_`\id\gifk…^\JXiX_9\ie_Xi[k(/.0¾#\k
½~cËXd`;l\q>%:cX`i`e¾%
))
+.
-*
+,
)*
,,%
JXiX_9<IE?8I;K%CË8m\l%;iXd\\eleXZk\\egifj\GXlcFcc\e[fi]]#(/// %@e$/#YifZ_„%
(,'&)''
y;@K@FEFI@>@E8C<[\Z\kk\g`…Z\„Zi`k\gXiJXiX_9\ie_Xi[k#hlË\cc\Zi„X~cËF[„fe\e(///\kaflXZ\kk\Xee„\$c~cfij[\jXkflie„\
\e<lifg\%
,-%
J
XiX_9<IE?8I;K%DX[flYc\m`\%D„df`i\j=Xjhl\cc\#(0'. %=fik`e$/#i\c%[\d`$YXjXe\]Xlm\hhjc„^%dfl`cc%#leZX_`\i[„Yf`k„ %
)''&*''
y;@K@FEFI@>@E8C<[lgi\d`\ikfd\[\jd„df`i\j[\JXiX_9\ie_Xi[k#c\j\Zfe[mfcld\eËXpXekaXdX`jmlc\afli%
<O<DGC8@I< JLIA8GFE`dgi`d„jg„Z`Xc\d\ekgflic\efd\jki\jk„\eYcXeZ1c˄[`k\li<l^…e\=Xjhl\cc\6 2`ccljkiXk`fej\eef`i\k
Zflc\lij%
,.%
RJXiX_9<IE?8I;KT%Gif^iXdd\`ccljki„#K_„f[fiXK_„ki\JXiX_9\ie_Xi[k`dgi%=fik`\iDXifkk\ 2gcXhl\kk\`e$+%
(''&()'
GcXhl\kk\$jflm\e`iXm\ZZflm\ikli\`ccljki„\gXiI\e„C8C@HL<#\k)]]%[flYc\jXm\Zi\gif[lZk`fej[\[\jj`ej[\>\fi^\j:cX`i`e#
Y`aflo[\I\e„=fp#[„Zfij\kZfjkld\j#efk\j\kZifhl`j[\M`Zkfi`\eJXi[fl\kJXiX_9\ie_Xi[k¿
FEAF@EKcXi\gif[lZk`fe[Ële\X]ÔZ_\[\DXel\cFI8Q@gfliK_„f[fiX%
,/%
RJXiX_ 9<IE?8I;KT% GIF>I8DD< 1 DXk`e„\ [\ ^XcX fi^Xe`j„\ gXi Dd\ JXiX_ 9\ie_Xi[k Xl gifÔk [\ cËÅlmi\ C\ GX`e [Ë_`m\i [\j
g†Z_\lij[\9\cc\$ác\$\e$D\i#(-[„Z\dYi\(0((2`e$+%
(''&()'
JXiX_9\ie_Xi[k#„dl\gXic\jZfe[`k`fej[\m`\[\jg†Z_\lij#gXik`Zlc`…i\d\ek[`]ÔZ`c\jXlZflij[\cË_`m\i(0((#fi^Xe`jXZ\^XcX[\
Y`\e]X`jXeZ\gfligXik`Z`g\iXlÔeXeZ\d\ek[Ële\YflcXe^\i`\Zffg„iXk`m\~9\cc\$ác\%C\[\jj`e[\Zflm\ikli\#le\ml\[lgfik[\
JXlqfe#\jkcËÅlmi\[\>\fi^\j:C8@I@E2c\gif^iXdd\\jk`ccljki„gXiCfl`j\899yD8\kG`\ii\9<IKI8E;%JXiX_9\ie_Xi[kaflXle\g`…Z\
\eleXZk\[Ë8e[i„K_\li`\k#A\Xe$DXi`\%
,0%
DXi`\:FCFD9@<I%C\jD„df`i\j[\JXiX_9Xield#Xm\Zle\gi„]XZ\[\GXlc9fee\kX`e%*\„[`k`feGXi`j#Z_\qkfljc\jc`YiX`i\j#
R(//+T %I\c`„Xm\Z[ËXlki\jflmiX^\j\elemfc%`e$()#[\d`$dXifhl`eZ`kife#[fj~e\i]jfie„XlZ_`]]i\A:\ehl\l\%
),'&*''
<o\dgcX`i\[\ALC<J:C8I<K@<Zfdgi\eXek1
C\j D„df`i\j [\ JXiX_ 9Xield#Xm\Z cX Zflm\ikli\`ccljki„\gXiN`cc\kk\Zfej\im„\ 2c\kki\X%j% [\DXi`\:FCFD9@<I~:cXi\k`\1
½Kflk\mfki\`e[lc^\eZ\dX`jleg\l[\i„ZcXd\mf`i\d†d\leg\l[˄i`ek\d\ekgflidXJXiX_9Xield¾¿2gXg`ccfe[Ë\emf`\k
C\kki\Xli„[XZk\li[l:\eki\~Dfekclƒfe()g% [\DXi`\:fcfdY`\i#`ej„i„j\ek†k\[lc`mi\%
8]]X`i\DXi`\:fcfdY`\iJXiX_9\ie_Xi[k%G`…Z\j~Zfem`Zk`feGXi`j#Z_\qkfljc\jc`YiX`i\j#(//+ #Xm\ZgfikiX`k[\DXi`\:fcfdY`\i
gXiEX[XiZflm%Zfej% %
CXM`\[\DXi`\G`^\fee`\igXile[\j\j!!!R>X`cc\k\kC`„Yfc[T#gi„]XZ\[\A%D`Z_\g`eGXi`j#)'#il\[l:if`jjXek#(//+#Zflm%
Zfej% %
-'%
D
Xi`\:FCFD9@<I%C\jD„df`i\j[\JXiX_9Xield#Xm\Zle\gi„]XZ\[\GXlc9fee\kX`e%:fg`\dXeljZi`k\#m\ij(//+2lemfc%`e$+
[\,*-g%hhjg\k`k\j]\ek\j 2i\c`„~c˄gfhl\[\d`$Z_X^i`eef`i%
(''&(,'
:fg`\[\c˄gfhl\#Zfdgi\eXek~cXjl`k\[\cXgi„]XZ\#cX½C\kki\Xli„[XZk\li[l:\eki\~Dfekclƒfe¾[\DXi`\:fcfdY`\i%
-(%
R DXi`\:FCFD9@<IT%8]]X`i\DXi`\:fcfdY`\iJXiX_9\ie_Xi[k%G`…Z\j~Zfem`Zk`feGXi`j#Z_\qkfljc\jc`YiX`i\j#(//+ 2CXM`\[\
DXi`\G`^\fee`\igXile[\j\j!!!R>X`cc\k\kC`„Yfc[T#gi„]XZ\[\A%D`Z_\g`eGXi`j#)'#il\[l:if`jjXek#(//+#Zflm%Zfej% 2i\c%\ele
mfc%`e$()[\d`$dXifhl`eifl^\~Zf`ej%
(,'&)''
<o\dgcX`i\\ei`Z_`[\Zflgli\j[\gi\jj\#\k[\jeld„ifj[l>i\cfk[\j*'[„Z\dYi\(//*\k-aXem`\i(//+Xm\ZZXi`ZXkli\jgXi
G„g`e\k8c]i\[C\G\k`k]\ek\j %
)+
-)%
C„fe:C8;<C%Fdg[iX`cc\jc\KfdY\Xl$[\j$Clkk\lijGXi`j#8%:`ehlXcYi\#
(/.0 2 ]fik mfc% ^iXe[ `e$/# Zflm% m„c`e Zfej\im„\j# i\c% [\d`$dXifhl`e
fiXe^\~Zf`ej#[fjfie„XlZ_`]]i\J%9%[Xejc\Zf`ejlg%G`\ijfe %
+''&,''
y;@K@FEFI@>@E8C<#`ccljki„\[\(-\Xlo$]fik\j_fijk\ok\\k.[Xejc\k\ok\
gXiIf[fcg_\ALC@8E%
<O<DGC8@I< ;<J8I8?9<IE?8I;K#Xm\ZZ\ 9<C <EMF@Xlkf^iXg_\\egX^\[\
^Xi[\ 1 ½ Á DX[Xd\ JXiX_$9\ie_Xi[k# cX [fdgk\lj\ & hl` d\ [f`k jfe
gfikiX`k#\em`ifee„\[\c`fej#&[\k`^i\j#[\i\eXi[j\k[\cflgj#\k[\¿
jXe^c`\ij&[fd\jk`hl\j#&JfeZfdgc`Z\#lem`\`cXk_c…k\[lD`[`&C%8%
:cX[\c&J…mi\j#c\).Xf”k(//.¾%
-*%
A \Xe I@:?<G@E% EXeX$JX_`Y# [iXd\ \e m\ij \e j\gk kXYc\Xlo DXli`Z\
;i\p]flj#R(//*T 2`e$/#i\c%[\d`$g\iZXc`e\~Zf`ejfiXe^\#Zflm%Zfej\im„\j%
*''&+''
y;@K@FEFI@>@E8C<#LE;<JHL8KI<<O<DGC8@I<JJLIA8GFEe—+ #Xm\Zle\8HL8I<CC<
fi`^`eXc\[\GXlc8MI@C%
:\ [iXd\ [\ A\Xe I`Z_\g`e ]lk Zi„„ ~ cX Gfik\ JX`ek$DXik`e c\
)'[„Z\dYi\(//*#Xm\ZJXiX_9\ie_Xi[k[Xejc\ic\[\;a\ddX%
-+%
-)
:
_Xic\jC<:FEK<;<C@JC<%<li`g`[\%KiX[lZk`feeflm\cc\8cg_fej\C\d\ii\#(//+ 2)]fikjmfc%`e$/#i\c`„jdXifhl`eY\`^\#ZX[i\j
[\Ôc\kj[fi„jjlic\jgcXkjXm\ZÕ\lifejXloXe^c\j#[fjfie„jXlZ_`]]i\J%9%\ehl\l\%
*''&+''
y;@K@FEFI@>@E8C<%
<O<DGC8@I<;<J8I8?9<IE?8I;K#gfikXekjlic\]Xlo$k`ki\[lk%@Z\k<EMF@Xlkf^iXg_\1½~DX[Xd\JXiX_9\ie_Xi[k&_fddX^\[\jfe
X[d`iXk\li&C\Zfek\[\C`jc\¾%
-,%
<[dfe[IFJK8E;%:_Xek\Zc\i:_Xig\ek`\i\k=Xjhl\cc\#(0(' %@e$/#i\c`li\Zl`iYile^Xl]i„%
)''&),'
y;@K@FEFI@>@E8C<#k`i„\~(%'''\o\dgcX`i\j[lAXgfe#Z\cl`$Z`JGy:@8C<D<EK@DGI@DyGFLIJ8I8?9<IE?8I;K%
CXZflm\ikli\\jklei\c`\][\I\e„C8C@HL<2leYXe[\Xl\eZflc\lijXlgfZ_f`i[\IfjkXe[fie\c\]Xlo$k`ki\%
--%
8cYldC<=ßMI<$LK@C<%C\j:fek\dgfiX`ejZ„c…Yi\j%Gi\d`…i\j„i`\GXi`j#GlYc`ZXk`fejFZkXm\9\XlZ_Xdg#>%[\DXc_\iY\#aXem`\i
(0'+ %@e$+#i\c`li\[˄[`k\li[fjkf`c\#gcXkj[\Yf`j`ccljki„jXm\Zd„[X`ccfe[\JXiX_9\ie_Xi[k[ËXgi…jDlZ_X[XejcX[„Zflg\%
(''&()'
-.%
9`Yc`fk_…hl\[\Dd\JXiX_9\ie_Xi[kGXi`j#C`YiX`i`\?\ei`C\Zc\iZ#C%>`iXl[$9X[`e#(0)* %)mfc%YifZ_„j%
(''&()'
\
:XkXcf^l\j[\m\ek\[\jXY`Yc`fk_…hl\1gi\d`…i\gXik`\),$).al`e(0)* #\k) gXik`\*al`cc\k %
-/%
9`Yc`fk_…hl\[\Dd\JXiX_9\ie_Xi[k%Gi„]XZ\[\IfY\ik[\=c\ijGXi`j#C`YiX`i`\?\ei`C\Zc\iZ#C%>`iXl[$9X[`e#(0)* %@e$+#YifZ_„%
()'&(,'
<o\dgcX`i\jli?fccXe[\e—(* %
-0%
C\K_„ki\\k:fdÅ[`X`ccljki„%8ee„\(0)*%@e$+#i\c%[\d`$kf`c\Yc\l\~Zf`ej%
(''&()'
C\e—[\al`e\jkleeld„ifjg„Z`Xc#i`Z_\d\ek`ccljki„#ZfejXZi„~JXiX_9\ie_Xi[k#[„Z„[„\c\)-dXij(0)*%
J\ifekm\e[lj_fijZXkXcf^l\gclj`\lijcfkj[ËflmiX^\jZfeZ\ieXekJXiX_9\ie_Xi[k%
),
//
)-
DLJ@HL<<KJG<:K8:C<
].'% 8[fcg_\8;8D(/'*$(/,- Zfdgfj`k\li%C%8%J%#~8[fcg_\J8O2)gX^\j`e$()~jfeZ_`]]i\gfikiX`kaf`ek %
-'&/'
<e]Xm\li[\D%8CFQF½hl`[„j`i\[fee\ileZfeZ\ik[Xejmfki\jXcc\¾\kjfl_X`k\iX`k½fYk\e`ile\df[„iXk`fe[\gi`o%A\mfljc\
i\ZfddXe[\Zfdd\]fik`ek„i\jjXek¾%%%
.(%
A fj„g_`e\98B<I(0'-$(0., %C%8%J%#:fg\e_X^\e('Xf”k(0-/#~?\ei`I<P\kDXiZMIFD<K#XlZ_k\Xl[\jD`cXe[\j2)gX^\jfYc%`e$+#
\e$k†k\GXcXZ\?fk\c#\em\cfgg\%
(,'&)''
<cc\c\ji\d\iZ`\kflj[\lo[\c\liX`[\1½DXi^XlkdËX[`khl\mfki\gi„j\eZ\\kki…j`dgfikXekgfli\cc\\eZ\dfd\ek%@Z``c]X`k
leZ_Xc\likfii`[\ÆDXi^XlkdËX[`khlË`c]Xlk]if`[c~$YXj%>iZ\~;`\ldXjXek„k`\e%A\i\jk\Xlc`khl\chl\]f`jaljhlË~()_dX`jc\
gcljjflm\ekaljk~(/_%AËX`le\Z_XdYi\jlicXZfliZXcd\\kZ%X`ej`a\jl`jXlZXcd\\kY`\ekiXehl`cc\ZXiaËX`hlXe[d†d\)jg\ZkXZc\
gXiafli\kc\(,aËXliX`*ÆdX`ja\jl`jgXp„\\egclj%AËXii`m\c\(-~GXi`j%R¿TAËX`Y\jf`e[\j)d„[`ZXkd\ekjgfli]X`i\g`g`[XejdX
jXcc\[\YX`efl[XejdXg\k`k\kXYc\gXj[Xejdfec`k¾¿
FE AF@EKlek„c„^iXdd\2\k,[fZ%i\cXk`]jXloD`cXe[\jfl~Af9fl`ccfe#[fekcXZfg`\[Ële\c\kki\[\Afj„g_`e\Xl^„e„iXc[\
>Xlcc\*'fZkfYi\(0-/ %
.)%
98CC<KJILJJ<J%9fi`j[\J:?CF<Q<I(//($(0-0 dlj`Zfcf^l\%C%8%J%#RDfek\$:XicfT(*aXem`\i(0)+2+gX^\j`e$()%
(,'&)''
@EKyI<JJ8EK< C<KKI< I<C8K@M< Á C8 KIFLG< ;<;@8>?@C<M# HL<CHL<J AFLIJ 8GIßJ C8 :Iy8K@FE ;<J9@:?<J\khl\chl\jaflijXmXekZ\cc\[\j=Z_\lo#
~Dfek\$:Xicf%9`\ehl\Z_Xl[\d\eki\ZfddXe[„gXi;@8>?@C<M#`ceËXi`\eglfYk\e`i[\I\e„C„fe#hl`\jkZfekiX`ek[\i„[l`i\
kfljc\j]iX`jglYc`Z`kX`i\j[XejcXgi\jj\%J\lcCfl`jC8CFP#\kj\jXik`Zc\jj`cXl[Xk`]j#\jk`em`k„gXicX[`i\Zk`fe1½A\[f`j[`i\hl\j\j
cflXe^\je\jfekgXj\oX^„i„\j#c\j9`Z_\jjfek[„c`Z`\lj\j#Xljj`Y`\ecXdlj`hl\hl\cXZ_fi„^iXg_`\#\kcX[Xej\[\M„iXE<DK:?@EFM8
Zfjkld\[\DXi`\C8LI<E:@E \jkleZ_\][ËÅlmi\¾%CXgi\d`…i\[\j=Z_\loX„k„i\d`j\Xl(0%JXZfg`\jlicXjX`jfe[\DfeXZfj\iX
[feZgi†k\c\)'2`cpgXic\iXjlikflk[\j[\loYXcc\kj#dX`jXljj`[\j½fg„iXj$Zfd`hl\j[\>FLEF;#jlikflk[lD„[\Z`edXc^i„cl`%
R¿TLe\]f`j[\gclj#aËX`glZfejkXk\icXmXc\li[\E@A@EJB8¾¿
FEAF@EK(C%8%J½>„e`X¾[lg\`eki\<l^…e\9<ID8E~:_i`jk`Xe9yI8I;#gXicXek[\9fi`jBF:?EF\kj\jYXcc\kj¿
].*%
9\eaXd`e9I@KK<E(0(*$(0.- %C%J%#8c[\Yli^_)+efm\dYi\(0,+#~jfeZ_\i>\i[2(gX^\`e$+2\eXe^cX`j%
(''&(,'
@cc\i\d\iZ`\[\jfeZX[\Xl[ËXee`m\ijX`i\1ZË\jkleY\Xlc`mi\#\kM8E>F>?\jkle[\j\jg\`eki\jgi„]„i„j%@ci\^i\kk\[\e\cËXmf`i
gXjml\e8e^c\k\ii\Z\k„k„2cl`Xljj`m`\ek[ËXcc\i\eJl…[\efegXj~Y`ZpZc\kk\#Z\g\e[Xek #\k`cXggi„Z`\j\ji\dXihl\jjlicX
Y\Xlk„[lgXpj#cX^\ek`cc\jj\[lg\lgc\#\kcX[`]ÔZlck„[\cXcXe^l\%@c\jg…i\hl\c\j\oXd\ej`ifekY`\e#\khl\>\i[k\id`e\iXj\j
„kl[\jXl^pdeXj`ldZflm\ik[\cXli`\ij%@c\jkZfek\ekhlË`cZfek`el\jXdlj`hl\1jXZfe]„i\eZ\XcËX`i`ek„i\jjXek\%9i`kk\e`iX\e
8cc\dX^e\\eki\c\(0\kc\)0dXij%%%
.+%
:@IHL<%*G%8%J%#(G%J%\k(kXgljZi`k#(0,(%
)''&),'
IyGFEJ<JÁLE<<EHLÜK<JLIC<:@IHL<%8c\oXe[i\8IEFLO½i`\e[\gcljY\Xlhl\c\Z`ihl\¾%%% #8e[i„9@CCPkgj #=iXeZ`j:8I:Fgf…d\
X%j%#:`ihl\ #G`\ii\D8:FIC8EX[d`iXk`fegflic\jZcfnej #8idXe[J8C8:IFLg%j% %
].,% GXlc;LB8J(/-,$(0*, %C%8%J%#A\l[`#~leXd`2)gX^\j`e$/%
(''&(,'
½:\eË\jkgXjleefekflkj\Z%@c\jkk\e[i\2`c\jkil`jj\cXek[\i\^i\kj#[„Yfi[Xek[Ë\oZlj\jXd`ZXc\j%DX`jZË\jkleefekflk
[\d†d\%AËX`kXek[`k~kXek[\^\ejhl\a\e˄Zi`iX`ji`\ejlicXdlj`hl\[Ë`Z`cfe^k\dgjhl\a\e\g\logXj\ke\m\logXj]X`i\
[Ë\oZ\gk`fej#d†d\gflicXJpdg_fe`\]XekXjk`hl\Æm`\`cc\jXdflijÆe`gflimfljÆkflaflija\le\¾%%%
.-%
:_Xic\j>FLEF;(/(/$(/0* %)C%8%J%#(//-$(//0#R~8[i`\eJFLI><K~9fi[\XloT2*gX^\j\k[\d`\`e$/%
)''&),'
\i
( dXij(//-%@cmXdXi`\ijXÔcc\c\)'flc\))#\kX[\jgifa\kjdlj`ZXlo½~cËy[\e\kXlKifZX[„ifgfliI„[\dgk`fe\kDfij\k
M`kX%:fdd\ekmfljcX`jj\i\jg„i\idXm`j`k\[Xej[\k\cc\jZfe[`k`fej6¾¿(/dXij(//0%@cXXZZ\gk„[\lojf`i„\j1½a\j\iX`~mflj
R¿Tgflic\[Še\i\kcXjf`i„\Z_\qmflj\kXl:\iZc\Xik`jk`hl\¾¿
]..%
<[mXi[>I@<>(/+*$(0'. %C%8%J%#GXi`j+dX`(0''#~le\[Xd\2)gX^\j`e$/~jfeX[i\jj\2\e]iXeƒX`j%
(%)''&(%,''
@ccXi\d\iZ`\gflicË\emf`[\cXgXik`k`fegflig`Xef[\CX;XdeXk`fe[\=Xljk1½ÁcXm„i`k„`cjËX^`jjX`k[\cXgXik`k`fefiZ_\jki„\
R¿TdX`jZfdd\mfljXm\q\lcX^iXe[\XdXY`c`k„[ËpXaflk\ihl\chl\jdfkj[\mfki\dX`e#Z\kk\gXik`k`fed\j\iXgXik`Zlc`…i\d\ek
gi„Z`\lj\#\ka\c˄kl[`\iX`jflm\ekXm\Zlejflm\e`ii\ZfeeX`jjXek¾%%
).
./%
Pm\kk\>L@C9<IK(/-.$(0++ %C%8%J%#?k\cI„^`eX#~leXYY„2+gX^\j`e$/%
(,'&)''
JLI C8 :Iy8K@FE ;ËLE< y:FC< JGy:@8C@Jy< ;8EJ CË8IK I<C@>@<LO <K Dy;@yM8C% <cc\ j\ i„afl`k [\ jXmf`i hl\ eXŠk \eÔe# ~ GXi`j# le dflm\d\ek
i\c`^`\lo[Xejc\jXikj[lk_„ki\%<cc\$d†d\i\m`\ek[Ë8d„i`hl\f“\cc\X[„g\ej„0''''']ij%gfligflmf`iZi„\i\e=iXeZ\le
k_„ki\i\c`^`\lo1½g\ej\qj`a\jl`jafp\lj\[\mf`ihl\cËy^c`j\Zfdgi\e[\eÔecËX`[\hlË\cc\g\lkXggfik\i[XejcXgli`ÔZXk`fe[\j
gcX`j`ij_ldX`ej¾%JlicXjl^^\jk`fe[\hl\chl\jgi†ki\j#\cc\gifgfj\~jfeZfii\jgfe[Xek[\m\e`i„Zflk\ic\ZfeZ\ikhlË\cc\[fee\
~cXjXcc\>Xm\Xl\k[\Ôo\ilei\e[\q$mflj½gflic\Y`\e[\efki\ZXlj\Z_i„k`\ee\¾%<cc\Xaflk\hlË\cc\mX[fee\i~Cfe[i\j½le
^iXe[d`iXZc\[lO@M\j`…Zc\ÆXm\Z[\^iXe[jZ_XekjcXk`ej¾%
].0% I\peXc[f?8?E(/.,$(0+. %)C%8%J%#GXi`j#~leXd`2)gX^\j`e$+\k)gX^\j`e$/%
(,'&)''
+(i%JX`ek$IfZ_#i\ZfddXe[XekC„f;<M8LO#jfeZfccXYfiXk\liXlk_„ki\[\:Xee\jg\e[Xek[`oXej1½ZË\jkleXik`jk\\kleki…j
_fee†k\_fdd\%<k`cjËX^`k[\jfeÔcj#hl`gXjj\#c\)+mfljmfp\qhl\ZË\jkgXjj„ cË\oXd\e[\gi„gXiXk`fed`c`kX`i\jlgi\\eml\
[\jfeX[d`jj`fe~cËyZfc\[\jf]ÔZ`\ij[\i„j\im\~JkDX`o\ek%C\g…i\#k\e[i\\kj\ej`Yc\#XkkXZ_\le\`dgfikXeZ\\oki†d\~Z\k
\oXd\egflicXjXek„[\Z\^Xiƒfe¾%%%.il\>i\]]lc_\#\e]Xm\li[\D%:fdYflc1½8e[i„D8LIF@J~hl`aËXmX`j„Zi`kcfij[\Z\kk\
[\dXe[\#\jkkifgfZZlg„#jXej[flk\~„Zi`i\[\jXik`Zc\j\k[\jZfe]„i\eZ\j#gflikiflm\ic\k\dgj[\d\i„gfe[i\¾%%%
FEAF@EKc\]XZ$j`d`c„[Ële\c\kki\[\:_Xic\jDfi`Z\ZfeZ\ieXekEfX$EfX[\>Xl^l`e%
/'%
8ee\$=iXeƒf`j\$yc`jXY\k_C8E><(..)$(/(- XZki`Z\\kZflik`jXe\%C%8%J%½CXe^\¾#[`dXeZ_\R(.0(T#XlZ`kfp\e8EKF@E<jZlcgk\li2
)gX^\jg\k`k`e$/#X[i\jj\Xm\ZZXZ_\kZ`i\Yi`j„%
*''&+''
I8I<C<KKI<;<D8;<DF@J<CC<C8E><8L;y9LK;<C8IyMFCLK@FE%<cc\iXgg\cc\~8ekf`e\jXgifd\jj\Xljla\k[\D„cXe`\Rg`…Z\[\CX?Xig\#
[\(..'#dX`jhl`e\j\iXi\gi„j\ek„\XeglYc`ZhlË\e(.0(T1½cXg`…Z\j\iXafl„\jlic\Z_Xdgj#[…jhl\mfljXli\q\lcXYfek„[\d\
]X`i\Xmf`icXc\kki\[fekmfljdËXm\qgXic„¿Efljj\i`fejY`\eX`j\hlË`cp]lkhl\jk`fe[\DFCy~Ôe[˄m`k\ihl\Ef[„e\c\Z_`ZXeX¾%
;…jhlË\cc\i\Z\miXcXc\kki\#\cc\]\iXXcfij½d\kki\cXg`…Z\kflk[\jl`kk\#a\mflji\[\dXe[\i\qmfjYfejXm`j\ka\mfljXli\q[flYc\
fYc`^Xk`fe#Z\cc\[\afl\ic\ic\\kj`a\d\jflm`\ej[\mfjZfej\`cj [\c\Y`\eafl\i¾¿<cc\Xaflk\\egfjk$jZi`gkld1½F_hl\a\
jl`j\eZfc…i\Zfeki\dXgcld\#a\eË\eXliX`gclj[\jfe\jg…Z\#a\e\gl`jkiXZ\iledfk¾%
]/(%
Alc\jD8JJ<E<K(/+)$(0() %)C%8%J%\kle\ZXik\gfjkXc\Xlkf^i%#(//,$(0'+2+gX^\j`e$/fl`e$()%
(''&()'
*aXem`\i(//,#~le\[Xd\1½A\mfljali\hl\eflje\dfliifeje`cËlee`cËXlki\jXejhl\Z\dfiZ\XlX`k„k„„Zi`k#\o„Zlk„#\k%%%
XggcXl[`Y`\e^iZ\~mfki\jgc\e[`[\kXc\ek¾%%%(0fZkfYi\(0'(1½Kflaflijj`_\li\lo[ˆki\gi„j\ek~mfki\jflm\e`i~Z\cl`[\
mfki\]Xd`cc\¾%%%)0[„Z\dYi\(0'+#[„[`ZXZ\jliZXik\gfjkXc\Xm\ZjfegfikiX`k%
/)%
Alc\jD8JJ<E<K%)C%8%J%#(/0($(/0+#R~8[i`\eJFLI><K~9fi[\XloT2.gX^\j`e$/%
)''&),'
M\m\p(/Xf”k(/0(#~gifgfj[\cX[`jgXi`k`fe[Ë?\ei`>F9<IK[`i\Zk\li[l:fej\imXkf`i\[\9fi[\Xlo 1½a\e\jXliX`jflYc`\i
cXjgc\e[`[\\o„Zlk`fe~cXhl\cc\aËX`\lcË_fee\li[ËXjj`jk\i[Xejmfki\cf^\#gi…j[\mflj\k[\kfljd\jXd`j[\9fi[\Xlo¾2`c
i\ZfddXe[\gfliZ\gfjk\½ledlj`Z`\e[\m„i`kXYc\kXc\ek¾#M%>8JJ<I¿Gfek[\cË8iZ_\((Xf”k(/0+#`ceËXglXjj`jk\iXloZfeZflij
Z\kk\Xee„\#ZXi`cmfpX^\Xm\ZjX]\dd\[\gl`jc\df`j[\Al`e#dX`j`ccËXjjli\[\jX½Ô[…c\\k^iXe[\Xd`k`„¾¿
FEAF@EKle\C%8%J%[\>ljkXm\E8;8L;#E\l`ccp(+j\gk\dYi\(//'#~Dd\JFLI><K#Xljla\k[Ële\ZfccXYfiXk`feXm\Z\cc\\k:_Xic\j
I\X[[ËXgi…jle\Ålmi\[\>f\k_\2)i\ƒlj[\cXJfZ`„k„JX`ek\$:„Z`c\[\9fi[\Xlo%
/*%
K_„i…j\CXZ_dXee#dXihl`j\[\G8âM8(/(0$(//+ %C%8%J%#-al`eR(/-,T#~lem`Zfdk\2(gX^\`e$/~jfeZ_`]]i\Zflifee„% (,'&)''
½DXd„df`i\\jkj`]X`Yc\#hl\a\m`\ejmfljgi`\i#dfeZ_\im`Zfdk\#[\d\iXgg\c\ic\efd[\j\Xlok_\idXc\jhl\mfljXm\q
Y`\emflcld\i\ZfddXe[\iZfdd\j\dYcXYc\j~Z\cc\j[\:Xlk\i\kj¾¿
]/+% DXli`Z\I8M<C(/.,$(0*. %G%8%J%DLJ@:8C<2jlile\gX^\fYc%`e$()#~cË\eZi\m\ik\%
(%'''&(%)''
GX^\[ËXcYldXm\ZcXgi\d`…i\d\jli\[lk_…d\[\jfe]Xd\lo9fc„if%
]/,% >
`fXZZ_`efIFJJ@E@(.0)$(/-/ %G%J%½>`fXZZ_`efIfjj`e`¾#GXi`j)*dXij(/,.2(gX^\fYc%`e$()\egXik`\`dgi`d„\~cXdXihl\;\I=
\kXloXid\j[\jIFK?J:?@C;%
,''&-''
C\kki\[\Z_Xe^\gfli('%'''c`mi\jÕfi\ek`e\j~cËfi[i\[\Dij[\IFK?J:?@C;]i…i\j%
/-%
Xd`cc\J8@EK$J8ÞEJ(/*,$(0)( %G?FKF>I8G?@<Xm\Z ;y;@:8:<Xlkf^iXg_\j`^e„\#(/0.2]fidXkZXik\[\m`j`k\#gXg`\iXcYld`e„jli
:
ZXikfe~cXdXihl\[lg_fkf^iXg_\A%[\Dfek\j~;`\gg\%
(,'&)''
GfikiX`k\eYljk\#[„[`ZXZ„Xl[fj1½~=\i[`eXe[:Xi[\`c_XejlXd`^f:%JX`ek$JX‡ej:X[`q(/0.¾%
)/
/.%
JG<:K8:C<%('C%8%J%
*''&+''
8idXe[\:8JJ@M<#:„c`e\:?8LDFEK#<c\fefiX;LJ<~Cl^e„$Gf\ #Cf‹\=LCC<I#Pm\kk\>L@C9<IK#>_`jcX`e\[\DFE8:F#8c`Z\FQP#K`Xibf
I@:?<G@E#:„Z`c\JFI<C) gcljle\]Xljj\c\kki\[\IXZ_\c%
//%
JG<:K8:C<%)(G%8%J%#Rm\ij(0*'T2jli(gX^\^iXe[`e$]fc%Z_Xhl\#gclj`\lijgfikXekc\k`dYi\j\ZGXole`j%
/''&(%'''
8GG<CJ<E=8M<LI;<C8G8@O%DXiZ\c8:?8I;#>Xjkfe98KP#Alc\j9<IIP#8cY\ik9I8JJ<LI(0*' #;8D@8½CXgX`o¿~kflkgi`o¾ #DXo;<8ICP#
JlqXee\;<CD8J#>Xjkfe;L9FJ:#>\idX`e\;LC8:#9„Xki`o;LJJ8E<#=`id`e>yD@<I(0)/ #AXe\?8;@E>#?<EIP$BI8LJJ#Cfl`jAFLM<K½@ceËpX
gf`ek[\gi`eZ`g\jfYc`^Xkf`i\jgfli[`i`^\ic\jg\lgc\j#dX`jcXgX`o[f`ki„^e\iXlZÅli[\kfljc\j_fdd\j¾ #D@JK@E>L<KK½GXi`j#
jXejcXgX`o#eË\jkgcljGXeXd\¿<kGXeXd\#mfp\q$mflj#ZË\jkcXaf`\[ldfe[\¾#(0*' #>XYpDFIC8P½CXGX`o#lei†m\¿c\i†m\c\gclj
Y\Xl¾#(0*' #DXik_\Iy>E@<I#AXe\I<EFL8I;K#M\iXJ<I>@E<#>XYi`\cJ@>EFI<K#:„Z`c\JFI<C%
/0%
@ ^fiJKI8N@EJBP(//)$(0.( %C%J%#?fccpnff[('Xmi`c(0,-#~D`jj;\YfiX_@J?CFE#~:fcldY`XI\Zfi[j2(gX^\fYc%`e$/2\eXe^cX`j%
*''&+''
:Ë\jkle\Yfee\eflm\cc\hlË\cc\Xii`m\Y`\ekk#dXc^i„c\dfk`][\hl\chl\X]]X`i\g_fkf^iXg_`hl\hl`c\cX`jj\`e[`]]„i\ek%@cj
m\iifekhlXe[`cgfliiXXZZfi[\i[lk\dgjXlg_fkf^iXg_\#cXgi\d`…i\j\dX`e\[\dX`„kXekki…jZ_Xi^„\gflicl`¿
0'%
I
`Z_Xi[N8>E<I(/(*$(//* %C%8%J%#9Xpi\lk_(.fZkfYi\(/.0#~cË`dgi\jXi`f:XicMFCKQ2(gX^\`e$/\eZi\m`fc\kk\leg\lgc\ #
\em\cfgg\`dgi%2\eXcc\dXe[%
(%,''&)%'''
@cc\gi`\[\e\gXjcl`\emflcf`i#Z\e˄kX`khlËle\hl\jk`fe#efkXdd\ekgXiZ\hl\cX]X`Yc\jj\[lkif`j`…d\ki`d\jki\c\^†e\gXi]f`j
leg\l%:fdd\ZË\jkaljk\d\ekc\ZXjXljj`#Z\kk\]f`j$Z`#`cj\g\id\k[\cl`[\dXe[\ijË`c„kX`kgfjj`Yc\[\cl`]X`i\le\XmXeZ\[\
(,''dXibj~mXcf`ijlic\jgifZ_X`ejZfdgk\j%;XejZ\ZXj#`ccl`[\dXe[\iX`k[Ë\emfp\iZ\kk\jfdd\#gXpXYc\[\cXgXik[\NX^e\i#
Xlgif]\jj\li><;FE#~Dle`Z_%%%
((0
)0
9<8LO$8IKJ
0(%
8IKJ%+C%8%J%
)''&),'
yk`\ee\:8IA8K~<ie\jk[Ë?\im`ccp#(/.+ #A\Xe$>XYi`\c;FD<I>L<~=\cj #DX[\c\`e\C<D8@I<)~Dd\8ekfe`eD\iZ`„#gXicXek[Ële
„m\ekX`cjlic\hl\c\cc\g\`ek[\jÕ\lij %
0)%
8IKJ%/C%8%J%flZXik\j%
(,'&)''
Cfl`j:8IIy#y[flXi[>F<I>#>\fi^\jA8EE<8LZXi`ZXkli\[\:cXl[\=Xii…i\ #F[\kk\AFP<LO#CFFK<E#>\fi^\jD8K?@<L#Cfl`jDFE@<I#
QfiXeDLJ@:%
0*%
IfjX9FE?<LI(/))$(/00 %C%8%J%#RK_fd\ipTjXd\[`dXk`e)0Ral`cc\k(/-,T#~D%9\Xl[f`e#~GXi`j2*gX^\j`e$()#\em\cfgg\%
()'&(,'
½EXk_Xc`\RjXZfdgX^e\EXk_Xc`\D@:8JT\jk[\gclj\egclj`dgXk`\ek\[Ële\jfclk`fe\kZ\cXj\Zfeƒf`k#\kZË\jkY`\eeXkli\c%A\
e\gl`jZif`i\hlË`ceËp\lkgXjle\jlg\iY\i„ljj`k\gXicX]fiZ\[\jZ_fj\j#Dfej`\li>XY\ik\jkle`ek\cc`^\ek\k_fee†k\_fdd\
\k Xm\Z cl` aË\jg…i\ hl\ cX cld`…i\ j\ ]\iX# gfli Z\ dfp\e [ËXZk`fe hl\ ;`\l X j\dYc„ gifk„^\i aljhlË~ gi„j\ek# X`ej` hl\ mfki\
[„mfl\d\ekmfki\cfpXlk„dfeZ_\i\k[`^e\Dfej`\li9\Xl[f`e¾¿JlicX[\ie`…i\gX^\#EXk_Xc`\D`ZXjXgi`jcXgcld\cXÔe[\jX
c\kki\dXehl\ %
0+%
I`Z_Xi[GXib\j9FE@E>KFE(/')$(/)/ %G%8%J%#(/[„Z\dYi\(/)+2(gX^\fYc%`e$/2\e]iXeƒX`j%
*''&+''
½A\ZfeeX`jXmf`ii\ƒl[\Dic\:fdk\[\I8:QPEJB@cXjfdd\[\)*']%¾¿
0,%
G`\ii\9FEE8I;(/-.$(0+. %C%8%J%#M`ccX[l9fjhl\kC\:Xee\k#~If^\iD8IO2(gX^\`e$/%
,''&-''
Feg\lkc\kiflm\iXl:Xee\kkfljc\jdXk`ej½[\('_%(&)~d`[`(&)R¿TA\eËX`gXj\eZfi\glXhlXi\cc\igflimfljXpXek„k„ki…j
[„iXe^„%A\gfjj…[\`Z`hl\chl\j\o\dgcX`i\j[\j`d`c`\kgfliiX`mflj\e[fee\i¾¿
0-%
:Xd`cc\:FIFK (.0-$(/., % G?FKF>I8G?@< fi`^`eXc\ Xm\Z ;y;@:8:< Xlkf^iXg_\ j`^e„\ 2 d„[X`ccfe fmXc\ gXg`\i XcYld`e„ (0 o (+ Zd#
dfek„jliZXik\**o)-Zd\eZX[i„\ %
,''&.''
GfikiX`k[lg\`eki\\ed„[X`ccfe#[„[`ZXZ„XlYXj[ldfekX^\1½~dfeYfeXd`D\ek`fe&:%:fifk¾%
0.%
R>\fi^\j:IFLQ8K(0'+$(0.- g\`eki\\kd„[X`cc\liT%)0c\kki\jflg`…Z\j#(0..$(0./%
(,'&)''
:fii\jgfe[XeZ\j#[`jZflij\kXik`Zc\jgflilei\Zl\`c[\k„df`^eX^\j\k[Ë_fddX^\j%8e[i„8IK?LJ$9<IKI8E;#GXlc9<CDFE;F#G`\ii\
;<?8P<#ClZ`\e>@9<IK#y[`k_A8D<J$K8Q@#IXpdfe[AFCP#?\ei`C8>I@==FLC#A\Xe$GXlcCLK?I@E><I#>Xjkfe$Cfl`jD8I:?8C#=iXeZ\M<IE@CC8K#\kZ%
Gcljle\c`jk\[\jd„[X`cc\j\kgcXhl\kk\j[\:iflqXk~cXDfeeX`\[\GXi`j%
0/%
8c\oXe[i\$>XYi`\c;<:8DGJ(/'*$(/-' %)C%8%J%#DfeÕXehl`eCfk\k>Xifee\ (/,*$(/,-#XldXiZ_Xe[[\kXYc\XloK<;<J:F2*gX^\j
`e$+#X[i\jj\jhhj[„Z_`ili\j %
)''&),'
R0efm\dYi\(/,*T@ccl`[\dXe[\[\gXp\ic\d„df`i\[Ële[fi\ligl`jcl`[fee\[\jeflm\cc\j[\jfe`ejkXccXk`fe\e]Xd`cc\~
DfeÕXehl`e%@cp\jkleg\ld`\lodX`jeËfj\gXj\eZfi\g\ej\i~cXg\`ekli\¿)'al`e(/,-1jXjXek„eË\jkgXjYfee\#`ce\kiXmX`cc\
gXj\kg\ej\gXi]f`j~i\gi\e[i\c\Z_\d`e[\=fekX`e\Yc\Xl%@cX`d\iX`ki\Z\mf`ihl\chl\]f`j[\jeflm\cc\jXik`jk`hl\j¿
00%
>ljkXm\<@==<C(/*)$(0)* %C%8%J%#GXi`j).[„Z\dYi\(0(*#~DD%DXc`Z\k\k9c`e~8lY\im`cc`\ij2(gX^\`e$/#ZXZ_\k[\i„Z\gk`fe%
,''&-''
@c c\j gi`\ [\ ½ ]X`i\ i„gXi\i dfe XggXi\`c ~ _„c`Z\j Zfdd\ mflj cË`e[`hl\q# ZË\jk$~$[`i\ \e kiflXek cX gXik`\ \ok„i`\li\ \k \e p
XaljkXekle\[fl`cc\\eXZ`\ihl`dX`ek`\e[iX`kc\klY\#\ei\dgcXZ\d\ek[\cXgXik`\ZXjj„\¾¿@cXZZ\gk\c\gi`o#\kc\jgi\jj\1½efj
\og„i`\eZ\jj\kiflm\ekXii†k„\j¾¿
(''%
C „feXi[=FLA@K8(//-$(0-/ %(*C%8%J%\k-C%J%flG%J%#(0,/$(0,(#~CË8i^lj[\cXGi\jj\2(gX^\`e$/Z_Xhl\kiflj[\ZcXjj\lij %
+''&,''
I\ƒljflc\kki\j[ËXZZfdgX^e\d\ek[\Z_…hl\j#gflijfeXYfee\d\ek~cË8i^lj[\cXGi\jj\%
('(%
:_Xic\j>8IE@<I(/),$(/0/ %C%8%J%#Dfek\:Xicf('aXem`\i(/.02*gX^\j`e$/#\e$k†k\D`e`jk…i\[\jKiXmXloglYc`Zj%8^\eZ\[\j
KiXmXlo[lEflm\cFg„iX%
(,'&)''
½A\eËX`d\^l…i\Z\jdXZ_`e\jf]ÔZ`\cc\j\kgi„]…i\gfliZXlj\ ]X`i\kflkYfee\d\ekdfed„k`\i[ËXik`jk\~]X`i\Z\cl`[\[„c„^l„
\k[ËfiXk\li%A\mfl[iX`jY`\ehl\cXg\k`k\Z„i„dfe`\]”k]X`k\kflk~]X`k\eZXk`d`e`\k[\]Xƒfe~Z\hl\ƒXj\gXjj\~cXYfee\
]iXehl\kk\R¿T%Dfe`[„Xcj\iX`k[ËXcc\iXm\Zmflj#:C8@I@E\klefl[\lo[„c„^l„j[\cË\ogfj`k`femf`ic\jkXYc\XloXmXekhl\c\dfe[\
eËp\eki\#eflj]\i`fej\ej\dYc\c\g\k`kZ_f`o[\jg\`ekli\j~XZ_\k\i\kZ\cX]X`ka\gi„m`\e[iX`jD%98I;FLO[\efki\[„Z`j`fe¾¿
FEAF@EKleY`cc\kX%j%[Ë<l^…e\M@FCC<K$C<$;L:%
*'
('.
('+
('0
*(
(')%
<l^…e\>L@CC8LD<(/))$(0', jZlcgk\li8ZX[„d`\]iXeƒX`j\ %('C%8%J%#(/-0$(/0'\kj%[%2(-gX^\j`e$/fl`e$()%
(,'&)''
),dXij(/.(#XlYXifeC8II<P#Xljla\k[ËleXdglk„hl`\jg…i\fYk\e`icXd„[X`cc\d`c`kX`i\¿))dXij(//+#i\ZfddXe[Xk`fe[\
D%;<MFJ#gif]\jj\li[\[\jj`e¿(,dXij(//.1½C\Yljk\[\ClZ`\eM„ilj\jkj`dgc\#cXi^\\kd\j\dYc\[\mf`i†ki\le\oZ\cc\ek
df[…c\¾¿)*j\gk\dYi\(//0#`cXgi„j\ek„D%?@IJ:?gflicX[„ZfiXk`fe[\cXC„^`fe[Ë_fee\li¿R),al`e(/0'T#~G_`c`gg\>@CC<#hlË`c
Zfdgc`d\ek\jlijXZ_ife`hl\½9XkX`cc\c`kk„iX`i\¾2`cgXic\[\jfeYljk\[Ëyd`c\G<II@EgflicX:fd„[`\]iXeƒX`j\¿;ËXlki\jc\kki\j~
gifgfj[ljZlcgk\li?`fcc\#cXZfdd`jj`fegflicËyZfc\[\[\jj`e#\kZ%
FEAF@EKleD8ELJ:I@KX%j%jlicË\ej\`^e\d\ek\kc\jY\Xlo$Xikj(gX^\`e$+ %
('*%
RI\e„?LP>?<(0'-$(00. T%*,c\kki\jflZXik\ji\cXk`m\j~cXjfljZi`gk`fegflijfe„g„\[ËXZX[„d`Z`\e#(0-(%
/'&(''
:cXl[\8m\c`e\#?\ei`9X[\ifl#MXc\ek`eX:_X^Xcc#IXpdfe[:f^e`Xk#=iXeƒf`jC\mXekXc#=i`kjCl^k#>\idX`eJ\c`^dXe#Dd\GXlc
MXc„ip#C`fe\ccfM\ekli`#AXZhl\jN`c_\cd#\kZ%Feaf`ekle\C%J%[\I\e„?lp^_\#\kcXZfg`\[Ëlek\ok\jliQX[b`e\%
('+%
XlcBC<<(/.0$(0+' %C%8%J%#9\ie\0al`cc\k(0'-#~cXZfcc\Zk`fee\lj\DXi`\mfeJ@EE<I#~9\ie\$<e^i`\[2(gX^\`e$/#\em\cfgg\2\e
G
Xcc\dXe[%
(%'''&(%,''
@cXkk\e[jXÔXeZ„\Xl[„Ylk[\cXj\dX`e\gifZ_X`e\#\k`cZif`khl\c\gifa\k[\=iXlmfeJ`dd\igfliiXj\i„Xc`j\i%J`\cc\m\lk
Y`\ec\j\emfp\iZ_\iZ_\ic\jf`i#gflile\m`j`k\#`ccXgi`\[\e\gXjpg\ej\iXmXekc\)'¿
I\gif[lZk`fegX^\*(
(',%
DXi`\C8LI<E:@E(//*$(0,- %C%8%J%#GXi`jR[„Z\dYi\(0+0T#~jXZ_…i\DX[\c\`e\2)gX^\j`e$()%
(,'&)''
yZ_Xe^\[\mÅlo%½;\gl`jkif`jj\dX`e\jX]Õ`^„\[Ëlei_ld\hl`e\m\lkgXjgXik`ia\d\j\ejY`\e]Xk`^l„\%:fdd\a\mflj
jfl_X`k\le\Yfee\Yfee\jXek„¾¿
FEAF@EKle\\em\cfgg\Xlkf^i%[\DXli`Z\[\MC8D@E:B~DXli`Z\;\cXdX`e#R,]„mi`\i(0*+T%
('-%
?\ei`C<98JHL<(/-,$(0*. %)C%8%J%#(0)*$(0)-2,gX^\j`e$/%
/'&(''
Á GIFGFJ ;Ë<OGFJ@K@FEJ Á C8>8C<I@<;IL<K%C\GiX[\k*fZkfYi\(0)*#~8c]i\[8K?@J1`cc\i\d\iZ`\[ËXmf`ii\gfljj„cX[Xk\#`cZ_f`j`kc\
df`j[\al`edX`jfZkfYi\Xljj`cl`Zfem`\ek¿C\:Xee\k()dXij(0)-#~Dd\;IL<K1`ci\^i\kk\[\e\gXj†ki\gi†kgflile\\ogfj`k`fe
[ËXhlXi\cc\jhl`XmX`k„k„gi„ml\gflic\df`j[\al`e\keËfj\[\dXe[\i[\cXi\d\kki\~gcljkXi[%@cj\[`kgclkkjXk`j]X`k[\jfe
j„afliXl:Xee\k#½gXpj[\jfc`kl[\dX`ja\dË\ek`i\d`\lohlË~GXi`j¾¿
('.%
=\ieXe[Cy><I(//($(0,, %C%8%J%Xm\Z:IFHL@J#)Xf”k(0,,2*gX^\j`e$/%
(%,''&)%'''
KIßJ9<CC<C<KKI<JLIJ8G<@EKLI<%
@ci\m`\ekjlic\liZfem\ijXk`fe½Xlkfli[\cXg\k`k\kXYc\ZXii„\¾R`c;<JJ@E<jZ_„dXk`hl\d\ekcXjZ…e\#ml\[Ë\e_XlkT¿½C\gf`ek
dfi[XekZË\jkcË_`jkf`i\[\j\jhl`jj\jÈG\ej„\=iXeƒX`j\É#\kc\lijlZZ…j%C\al^\d\ek[\C\]…mi\\jkZfeZclXek1c~Èfej\ekcXdX`eÉdX`j
gflidf`ZË\jklem`\loal^\d\ekhl`[Xk\[\cË@dgi\jj`fee`jd\Æc\^f”k[\cXg\`ekli\gfZ_X[\#[\cXjXm\li#[l^f”k#[\jkXZ_\j
[\g\`ekli\hl`[„^flc`e\ekjlicXkf`c\eXkli\cc\d\ekZË\jkcXdX`e#c\g`\[#kflkZ\hl\cËfemfl[iX%A\jl`jXloXek`gf[\j[\Z\cX%A\
c\gX`\#a\cËX`gXp„[li[Xejdfe„gfhl\d„ZXe`hl\%J`d\ji„Xc`jXk`fej[„Ylk\ek#gfZ_X[\#ZË\jklegi\d`\i„kXk`e[`jg\ejXYc\%ÁZ\
dfd\ek$c~a\[f`j\eZ_f`j`ile\¾#hl`mXj\[„m\cfgg\i%8^iXe[`icXgfZ_X[\e\cË`ek„i\jj\gXj1½:Ë\jkleg\k`kZ_\d`e#\em\cfgg„
[\j„[lZk`fe#[\^f”k#[Ë`dgifm`j„#[\"IfdXek`jd\"Jlii„Xc`jd\%JXlgfl[i\q[\jligi`j\#[\c˄kfeeXek#[Ë\oZ`kXekÆefki\Yfee\
Yfli^\f`j`\\olck\%:Ë\jkj\ejl\cÆdX`jefljjfdd\jcf`e[lYlk1 F9A<K9<8L%G\`ekli\[\g\k`k\afl`jjXeZ\#lekilZZfdd\È]X`i\
cËXdfliÉ%:Ë\jkm`k\]X`k%Df`ZË\jkcË\e]Xekhl`dË`ek„i\jj\¾%%%C˄gfhl\cË\ekfli\[˄c„d\ekj]XYi`hl„jXlgf`ek#Y`\ei„Xc`j„j1½AËX`mflcl
]X`i\Xljj`Y`\eÆle\dX^e`Ôhl\_„c`Z\[ËXm`fe#R¿Tle\Y\cc\g`\ii\iXdXjj„\jlicXgcX^\%GXjhl\jk`fe[\Zfg`\iZ\cX#dX`j]X`i\Xljj`
Y`\e%R¿TC\jgi`o[\Z\jkXYc\Xloe\i\af`e[ifekhl\gcljkXi[Z\lo[\jXlki\j#a\c\jX`j%Kflkj\gX`\R¿T`c]XlkjXmf`iXkk\e[i\%xX
m`\e[iX%C\jg\`eki\jXYjkiX`kj[\Z_\q;\e`j\I\e„jfekj\Zj\k]if`[jdX`ja\c\j\jk`d\\ka\c\ji\^Xi[\%DX`jle\aflie„\[Xejle
Dlj„\~gXikc\j^iXe[\j„gfhl\jhl`gi„Z…[\ekcXI\eX`jjXeZ\@kXc`\ee\#aflie„\g\i[l\¾¿
I\gif[lZk`fegX^\*(
('/%
A\XeCLIx8K(/0)$(0-- %C%J%#(0j\gk\dYi\(0++#~9\ikiXe[[\AFLM<E<C2(gX^\`e$/#\e$k†k\;„gXik\d\ek[lCfk%:fd`k„[„gXik\d\ekXc
[\=ifekEXk`feXc%
(,'&)''
½<ek\e[l#efljjlggi`dfej9i`m\%;`k\j$df`hlXe[mfljmflc\qXmf`imfki\gi„j\ekXk`fe~:X_fij%Femflj[fee\iXcXdX`e¾¿@c
]X`kjl`mi\jXj`^eXkli\[\jfeefd[XejcXI„j`jkXeZ\1A\Xe9ilp…i\j%
I\gif[lZk`fegX^\*(
('0%
=iXeqD8I:(//'$(0(- %C%8%J%#Cfe[i\j)al`e(0((#R~c˄[`k\liI\`e_Xi[G@G<I#~Dle`Z_T2)gX^\j\k[\d`\fYc%`e$/2\eXcc\dXe[%
)%'''&)%,''
C˄[`k\liXliX\ljfe[\jj`e#\kDXiZj\iX[\i\kfli[Xejkif`jj\dX`e\j%@cX]X`k[\lo\jhl`jj\j#dX`jZiX`ek[\eËXmf`igXjkiflm„c\
kfe[lifdXe1`ccË`em`k\~Z_f`j`iZ\hl`gXiXŠkZfem\e`i¿@cg\ej\~cXkiXej]fidXk`fe[\cXi\gif[lZk`fed„ZXe`hl\XlC`kf^iXÔ\jk\`e¿
<jk$`cmiX`hl\jfeXik`Zc\\kZ\cl`[\B8E;@EJBPjf`\ek`dgi`d„jZk\~Zk\6@cgXiXŠkhl\D8:B<m\l`cc\\eZfi\„Zi`i\#Z\hl\DXiZ
kiflm\Xjj\q]fl1`c\jkkifgYfe%%%I8I<%
*)
(((
(('%
(()
?\ei`D8K@JJ<(/-0$(0,+ %C%8%J%#)-dX`(0+*#R~?\eip[\DFEK?<IC8EKT2)gX^\j`e$+%
(%'''&(%)''
9<CC<C<KKI<JLICËy;@K@FE@CCLJKIy<;<G8J@G?8y%
DXk`jj\i\Zfg`\[ËXYfi[Xm\Zjf`egfliDfek_\icXekleife[\Xlc`Z\eZ`\lo[\:?8IC<J;ËFICy8EJ1½:fejYXiYlji\Yfe[`jef`ij¾%%%
Gl`j`cgXjj\Xloeflm\cc\j[\GXj`g_X„%C\li„[`k`fe`ccljki„\Z_\q=XY`Xe`½mXdXiZ_\i¾1½C\j`ccljkiXk`fejjfekk\id`e„\j#gi\jhl\%
GflicXZ„c„Yi\ij\iX`$a\~cX_Xlk\li[\:\jXi\j#?%IfccXe\kG`\ii\=i\jeXp6;`\ld\k`\ekcXdX`e¾¿@cgXic\[\A\Xe:F:K<8L#hlË`c
Xi\eZfeki„hl\chl\]f`j#efkXdd\ekXli\jkXliXek1½A˄kX`jjfemf`j`e[\kXYc\%Gi…j[\cl`„kX`kle„g_…Y\Xlop\lo[ËXek`cfg\hl\
aËXmX`ji\eZfeki„Z_\qdfeXd`9ljjp#f“`cm\eX`kmf`i>`[\#hl`p„kX`k[\jZ\e[l%Hlf`hl\dXi\eZfeki\Xm\ZZ\>Xe`d…[\e\[XkX`k
hl\[\hl\chl\jaflij#`ceËXgXjZil[\mf`iZi„\ileiXggifZ_\d\ek\eki\A\Xe:fZk\Xl\kdf`#\kefljefljjfdd\j`^efi„j%Gfli
mfljiXjjli\ia\m`\ej[\k„c„g_fe\iXlE„^i\jZf#_k\c[l:`e„dX\kaËX`Xggi`jhl\A\Xei\ekiX`kXlafli[Ë_l`fl[\dX`e[Ë8li`ccXZf“
`cm`\ek[\kflie\i¾¿
FE AF@EK le\ efk\ Xlkf^iXg_\ ) gX^\j fYc% `e$/ ~ gifgfj [Ële gifYc…d\ Z_\q c˄[`k\li =XY`Xe`# ZfeZ\ieXek c\j ^iXmli\j gfli
GXj`g_X„¿
(((%
?\ei`D8K@JJ<%C%8%J%#M\eZ\)al`cc\k(0++#R~?\eip[\DFEK?<IC8EKT2,gX^\j`e$/%
)%'''&)%,''
KIßJ9<CC<C<KKI<%@cXle\`ehl`„kl[\jfli[\\k[\j\jgf`ijki…jmX^l\jXljla\k[\jfeÔcj#[fekcX[\ie`…i\c\kki\[Xk\[l)al`e%½A\
eËX`[ËXlki\j[`jkiXZk`fejhl\Z\cc\j[\dfekiXmX`c#[\dXZli`fj`k„~jfejla\kaXdX`j„gl`j„\#dX`jXm\ZcX]Xk`^l\[\el`kjg„e`Yc\j
jXejjfdd\`c#hl\gl`j$a\]X`i\¾¿@ciXZfek\cXm`\hlfk`[`\ee\[\M\eZ\#kiXehl`cc\#dX`jdXihl„\gXihl\chl\jg\k`kj`eZ`[\ekj1
Xm`j[\jlggi\jj`fe[\jiX[`fj#YfYXi[jZfekiX[`Zkf`i\j%%%Gl`j`cjË\ehl`\ik[\c\li„[`k`fe[\GXj`g_X„1½A\mfl[iX`j]X`i\\emfp\ile
mfc%jliAXgfe~cX"I%J%R:if`o$Ifl^\Jl`jj\Tgflic\hl\ca\eËX`\l`Z`hlËle\gX^\[\]Xlo$k`ki\jlicXhl\cc\a\[\mX`j]X`i\le[\jj`e
Xm\ZcX[„[`ZXZ\%AËX`iXk„le[\jj`e#Z\hl`dËfYc`^\~i\Z\mf`ile\eflm\cc\]\l`cc\%:\kk\[\ie`…i\\jkXii`m„\]if`jj„\%AËXkk\e[jcX
jl`mXek\%I`\ee\gi\jj\Z\g\e[XekZXicXm\ek\\eJl`jj\#gfliXkk\e[i\c\d\`cc\lidfd\ek#e\g\lkj\]X`i\hlË~cËXlkfde\%DX`j
f“ j\ifej$eflj# Zfdd\ mflj [`k\j% A\ jl`j kflaflij le g\l YcX^l\li# \oZlj\q$dË\e% :Ë\jk Xm\Z ƒX hl\ a\ d\ [„]\e[j [\j Z_fj\j
ZfekiX`i\j¾¿@c[\dXe[\j`Z\kk\GXj`g_X„½eflm\cc\d\ek_XY`cc„\\eXa\k„leg\l[Xejmfki\d`c`\l%:F:K<8LX$k$`c\lcËfZZXj`fe[\
mflj\egXic\i%A\[`j:fZk\XlgXiZ\hl\ZË\jkle\Zflc\li%A\g\ej\Y\XlZflg~dfekiXmX`c#hl`d\Zfejfc\%A\cËX`d\Y\XlZflgXl
]fe[%:Ë\jkc\j\lcgf`ekjfc`[\hl\aËX`kiflm„[XejcXm`\Æ\kgl`jZË\jkcXZ_fj\hl`e\kifdg\gXjÆjlikflkgflihl`Zfdd\eflj
eËXmfejgXj[Ë`ek\id„[`X`i\Æa\m\lo[`i\hl\#j`eflje\ZfdgkfejgXjkifgXm\Zc\jXlki\j#c\jZfek\dgfiX`ej#efljXlifejZ\hl\
efljd„i`kfej%EfjÅlmi\jjfekefjd\`cc\lij\e]Xekj¾¿
I\gif[lZk`feZ`$[\jjlj
**
(()%
G`\kDFE;I@8E(/.)$(0++ %C%8%J%#GXi`j(-al`eR(0*)#~cËXiZ_`k\Zk\8c]i\[IFK?T2)gX^\j`e$+2\e]iXeƒX`j%
)%,''&*%'''
9<CC< <K I8I< C<KKI<%@cg\ej\hl\Ifk_XliXi\ƒl[ËleXiZ_`k\Zk\\jgX^efc[\ji\ej\`^e\d\ekjZfeZ\ieXekc\ZfeZflij\e<jgX^e\¿
½A\mflji\d\iZ`\[\kflaflijg\ej\i~c˄[`k`fe[\dfeg\k`kflmiX^\%AËXmX`j[\jZfe[`k`fejki…j]XmfiXYc\j[\cXgXik[\jK\e[XeZ\j
Eflm\cc\jf“J<LG?FI\jk#c˄[`k`fee\d\Zf”k\iX`khl\(''']iXeZj8cfija\d\jl`jd`j~cXi„m`j`fe\kaËX`kiflm„Y`\e[\jZ_fj\jhl`
e˄kX`\ekgXjki…jZcX`i\jfl\oXZk\j\kaËX`]X`kle\`ekif[lZk`fegfli]X`i\d`\loZfdgi\e[i\Z\hl\a\m\lo¾¿;\jZfej`[„iXk`fej[\
]fidXkcËfek]X`ki\efeZ\i~cXglYc`ZXk`fedfd\ekXe„d\ek#dX`j½cËÅlmi\\jk[\m\el\d\`cc\li\#Z\hl`\jkcË\jj\ek`\c%GfliZ\cXa\
mfl[iX`jmflj[\dXe[\i[\d\i\emfp\ic\j[\loZfg`\jgXiZ\hl\aËX`kXekZ_Xe^„¾¿@c\ogfj\hlXki\Z_fj\jeflm\cc\jXm\Zhl\chl\j
?fccXe[X`j~cX^Xc\i`\Q8B1½aËX`\llejlZZ…jdfiXcZ_\qÈc\jg\lÉhl`c\g\lm\ekXggi„Z`\i%8lki\d\ekcXZi`j\j„m`k\eZfi\¾¿
I\gif[lZk`fegX^\**
((*%
>
\fi^\;Xe`\c[\DFE=I<@;(/,-$(0)0 %C%8%J%#GXi`j)-[„Z\dYi\(0))2(gX^\\k[\d`\`e$/#jligXg`\iAXgfefie„j[\)>I8MLI<J
jliYf`j%
),'&*''
@cj\iX_\li\lo[\c\i\Z\mf`i#Xm\ZDd\8cc`o#[Xejjfe½df[\jk\g\k`kXk\c`\i#f“eflj]Šd\jZfeeX`jjXeZ\#mflj\kdf`#jfljc\j
Xljg`Z\j[\DX[Xd\I`m`…i\¾¿;\loY\cc\j^iXmli\jjliYf`jfie\ekc\gXg`\i#`ejZi`k\j[Xejc\Yf`jK\_liX\kKX_`k`%
((+%
=„c`oKflieXZ_fe#[`kE8;8I%C%8%J%#GXi`jR(,aXem`\i(/0,T#XlZi`k`hl\[ËXikIf^\iD8IO2)gX^\j`e$/~j\jZ_`]]i\\k[\m`j\HlXe[
d†d\#\em\cfgg\%
(,'&)''
@cgfliiXc\jXk`j]X`i\½jlicXhl\jk`fe>FE:FLIK%C\gcljgifdgk\kc\d\`cc\li \jk#a\Zif`j#hl\efljeflji\eZfeki`fej\khl\Z\
jf`kXlg\k`ki\gX`i\fli\g…i\ [\d\j[fZld\ekj#ÆY`\ehlË`cp\eX`kleXlki\c~$YXj#\e]fi†k¾%@c\jk½^Xi[\$dXcX[\\kdXcX[\le
g\ldf`$d†d\¾#\ke\jfik^l…i\%½Mfljd\kiflm\i\qkflk\ekiX`egfliefki\<ogfj`k`fe>LPJhl`]\iX#aË\jg…i\#Yfee\Ô^li\[Xej
hl\chl\jj\dX`e\j¾¿
((,%
G<@EKI<J<K;<JJ@E8K<LIJ%C%8%J%gXiAlc\jIFHL<J#[`i\Zk\li[l:flii`\i=iXeƒX`j#j`^e„\gXi((Xik`jk\j#)*]„mi`\i(/0+#~>\fi^\j
:8@E2(gX^\`e$+~\e$k†k\[l:flii`\i=iXeƒX`jXm\Zm`^e\kk\[\:_„i\k%
(,'&)''
C\jXik`jk\ji\d\iZ`\ek:X`e[\jfeXggifYXk`feXlgifa\k[\½:XmXcZX[\Xik`jk`hl\¾¿Fekj`^e„19\cc\ip$;\j]fekX`e\j#>l`ccXld\#
Dfi\Xl$MXlk_`\i#Cfl`jDfi`e#DL:?8#I\e„G„Xe#8%IF9@;8#8%N@CC<KK<#\kZ%
((-%
G<@EKI<J<KC@K?F>I8G?<J%C@MI<1CËym„e\d\ekgXijf`oXek\g\`eki\jGXi`j#y[`k`fe[\jg\`eki\jk„df`ej[\c\lik\dgj#(0-* 2`e$+#
\e]\l`cc\j#jfljZ_\d`j\\k„kl`%
*''&+''
y;@K@FEFI@>@E8C<#le[\j(),\o\dgcX`i\jjlim„c`e[Ë8iZ_\j#eld„ifk„).%@cj\Zfdgfj\[\-'>I8MLI<J\eef`i\kYcXeZ\k)'C@K?F>I8G?@<J
\eZflc\lij#Z_XZle\j`^e„\gXijfeXlk\li~cËfZZXj`fe[lm\ie`jjX^\[\cX()\\ogfj`k`fe[\jG\`eki\jk„df`ej[\c\lijk\dgj#Xl
dlj„\>Xcc`\iX%FlmiX^\j`^e„„^Xc\d\ekgXi8e[i„=C8D<EK#Xlk\li[\cXgi„]XZ\%>iXmli\j\kc`k_f^iXg_`\jj`^e„\jgXiG%8D9IF>@8E@#
9<IK?FDDyJ8@EK$8E;Iy#I%9<QFD9<J#P%9I8P<I#9%9L==<K#:8IQFL#:?8G<C8@E$D@;P#A%:FDDßI<#=%;<JEFP<I#C%=FEK8E8IFJ8#8%=FL><IFE#>I8L$
J8C8#8%E8B8:?<#D%J8M@E#N%JG@KQ<I#K<I<:?BFM@K:?#KF9@8JJ<#KF==FC@#\kZ%
((.%
GXYcfG@:8JJF(//($(0.* %) G?FKF>I8G?@<J[\kXYc\XloXm\Z EFK< 8LKF>I8G?<#RDfl^`ejm\ijc\*'Xmi`c(0-,T2(.o)+ZdZ_Xhl\#jflj
\em\cfgg\Xlkf^iXg_\[\jX]\dd\AXZhl\c`e\IFHL<%
+''&,''
:LI@<LO;FJJ@<I%C\g\`eki\Cfl`jDFCEy#[\DfeXZf#cl`XpXek„Zi`kgflicl`jfld\kki\[\jg_fkf^iXg_`\j[\[\loÅlmi\jjlggfj„\j
[\G`ZXjjf#G`ZXjjfXi„gfe[l\edXihlXekjlicËle\#[\j:_ipjXek_…d\j(0'( 1½miX`¾2jlicËXlki\#„^Xc\d\ekle\Zfdgfj`k`fe
ÕfiXc\#`cXefk„Xljkpcf#\e^ifj1½efe¾#\kXi\_Xljj„Z\dfkXl]\lki\aXle\%FEAF@EKcXC%8%J%[\Dfce„\e\jgX^efc #\k)Xlki\j
g_fkf^iXg_`\j[\jkXYc\Xlo#Xm\Zle\efk\[\AXZhl\c`e\IFHL<%
((/%
GXYcfG@:8JJF%J`^eXkli\Xlkf^iXg_\XlZiXpfe\edXi^\[Ële\i\gif[lZk`fe2)/o))Zd%
)''&),'
I\gif[lZk`fe[ËlegfikiX`k[Ë8dYif`j\MfccXi[\ec`k_f^iXg_`\%
((0%
GFIKI8@KJ%0[\jj`ejfi`^`eXlogXiC8Q8I#j`^e„j\k[Xk„j(0).#Xm\ZJ@>E8KLI<Xlkf^iXg_\[lg\ijfeeX^\gfikiX`kli„2d`e\[\gcfdY
\kZiXpfe^iXj#+(o)0ZdZ_Xhl\%
/''&(%'''
=\i[`eXe[9L@JJFE#Afj\g_:8@CC8LO#?<EI@$IF9<IK#?\eip[\AFLM<E<C#?lY\ikCP8LK<P#?\eipD8C?<I9<#XYY„DFI<LO#M`eZ\ekDFIF$
>@8==<I@#DXi`XMyIFE<%
()'%
G`\ii\GLM@J;<:?8M8EE<J(/)+$(/0/ %C%8%J%#GXi`j)/dXij(/.0#Xlg\`eki\><E;IFE2(gX^\\k[\d`\`e$/%
(''&(,'
@cc\i\d\iZ`\Xm\ZZ_Xc\ligflijfeXggi„Z`Xk`fe[Ële[\j\jkXYc\Xlo1½8Z\kk\gif]fe[\jXk`j]XZk`feXik`jk`hl\[\jXmf`ihl\mfki\
j\ejj`„c\m„#j`g„e„kiXek#j`\og„i`d\ek„#X„k„„m\`cc„\kZXi\jj„gXidfeÅlmi\j\af`ekc\jflm\e`i„dl[lYfek\dgjgXjj„¾¿
FEAF@EKle]fidlcX`i\[\i\]lj[\cXJfZ`„k„EXk`feXc\[\j9\Xlo$8ikjXm\Z^i`]]\[\Glm`j[\:_XmXee\j#gi„j`[\ek%
()(%
F[`cfeI<;FE(/+'$(0(- %C%8%J%#M\e[i\[`R(*al`e(/0/T#~>XYi`\cDFLI<P1(gX^\fYc%`e$()#X[i\jj\ZXik\$k„c„^iXdd\ %
(''&(,'
@cc\gi„m`\ekhlË`cjËXYj\ek\[\GXi`j~gXik`i[lc\e[\dX`ejf`i\khlË`ci\m`\e[iXXlogi\d`\ijaflij[\j\gk\dYi\%
FE AF@EKle\C%8%J%[\mÅlo[\Dd\F[`cfeI<;FE~y[flXi[ML@CC8I;(0)( 2gclj)c\kki\jj`^e„\jA%X[i\jj„\j~ML@CC8I;Xm\Z
\em\cfgg\Dfi^Xk#=`e`jk…i\al`cc\k(0)- %
*+
(),
())%
?\ei`I@M@ßI<(/-+$(0,( g\`eki\\k^iXm\li%*C%8%J%#(/0+$(/0.\kj%[%#Xl;fZk\li;Xm`[Cfl`jG<C<K2+gX^\j\k[\d`\`e$/#\e$k†k\j
`ccljki„j[\CXM`\[ic\\kK_„ki\[l:_XkEf`i#\em\cfgg\j%
)''&),'
Cf^l`mp(/al`eR(/0+T1½AË\jg…i\hl\mflj†k\jkflaflijXljj`Yi`ccXek\khl\mfljZfek`el\q~]X`i\[\jX]]X`i\j„gXkXek\j¾%%%RGXi`j-
dX`(/0.T1½EfljgXikfej[Xej/aflijgflicX9i\kX^e\\ka\mfl[iX`jY`\eXmf`ile\gXjj\%R%%%T@cpXliXle\Y\cc\^iXmli\gflic\g…i\
G\c\kjË`cd\]X`kXmf`idXgXjj\¾%%%GXi`jd\iZi\[`#[\dXe[\[Ële\gXjj\½GXi`j~9i\jkXm\ZXii†kjXlDXej\k~Jk9i`\lZ¾%%%
]()*% 8l^ljk\IF;@E(/+'$(0(. %G?FKF>I8G?@<Xm\Z[„[`ZXZ\Xlkf^iXg_\j`^e„\#~Dcc\:@D@EF=FCC@<IF2)*o(,Zd#9\ik`\i`GcXkpefk`g\
Jkl[`f#Kli`e %
(%,''&(%/''
9<CC<G?FKF>I8G?@<FI@>@E8C<[lDXŠki\#gfjXek[\Yflk#YXiY\XYfe[Xek\\kjf`^e\lj\d\ekkX`cc„\#\egXi[\jjlj\k^Xekjef`ij#dX`e
[if`k\i\c\m„\~cX_Xlk\li[\jgfZ_\j#k\eXekjfeZ_Xg\Xl~cXdX`e^XlZ_\%;Xejc\Zf`e`e]„i`\li[if`k#feg\lkc`i\le\gi\d`…i\
[„[`ZXZ\#[fekcË\eZi\XmX`kgc`\k\jkgi\jhl\\]]XZ„\#X„k„if^e„\\ejl`k\cfij[\cË\eZX[i\d\ek%If[`eXXcfij`ejZi`kle\eflm\cc\
[„[`ZXZ\jfljjXg_fkf^iXg_`\#[Ële\\eZi\Yc\l]feZ„1½8dfeXd`\DX[\df`j\cc\:`d`ef=fcc`\ifX]]\Zkl\lj\d\ek8%If[`e¾%
I\gif[lZk`fegX^\*()+%
B\i$OXm`\iIFLJJ<C(/-.$(0++ %C%8%J%#CËykXe^$cX$M`cc\#R~If^\iD8IOT2(gX^\`e$/leg\l]if`jj„\ %
(''&()'
½AËX`hl\chl\jkXYc\XloXZZifZ_„jZ_\q;liXe[$Il\c#mflc\q$mfljd\]X`i\c\gcX`j`i[ËXcc\ic\jmf`i¾¿
](),% ?
\ei`[\KFLCFLJ<$C8LKI<:(/-+$(0'( %C%8%J%½?\ei`¾#Cfe[i\j:_Xi`e^:ifjj?fk\cRÔe(/0,T#~ J8 DßI<2+gX^\j`e$/kiXZ\
[Ëfe^c\k %
)%,''&*%'''
9<CC<C<KKI<JLILEJyAFLIÁCFE;I<J%
½DXZ_…i\DXdXeMfljXcc\q†ki\lei`\e„kfee„\[\d\jXmf`i\eYfdY\~Cfe[i\jgfli[\loaflij%AËX`XZZfdgX^e„dfeXd`AFP8EK
hl``ejkXcc\jfeXjjfZ`„Cfe[fe`\e%AËX`mlgXjdXc[ËX]]X`i\jj\ZfeZcli\\kX`Yfe\jgf`igflidfe\ogfj`k`fe[\cËXee„\gifZ_X`e\%
GflimfljZ`k\ile\o\dgc\#c\dX`ki\;<>8JXpXekXlkfi`j„cXglYc`ZXk`fe[ËleXcYld[\j\jÅlmi\j~('''=cË\o\dgcX`i\aËX`ml*+
jfljZi`gk`fejX]Õl\i[XejcXd†d\Xgi…j$d`[`%Cfe[i\j\jkc`mi„XloZ_Xig\ek`\ijhl``ejkXcc\ek[\j^iX[`ejaljhl\jlic\jZ_\d`e„\j
gflimf`igXjj\icX^iXZ`\lj\m`\`cc\[Xd\RcXI\`e\M@:KFI@8T%HlXek~df`a\i\eki\~GXi`jgflik\id`e\idfe[„d„eX^\d\ek¾¿
I\gif[lZk`feZ`$[\jjlj
*,
()-%
RJlqXee\ M8C8;FE (/-,$(0*/ T% 8[fcg_\ K898I8EK (/-*$(0,' % D8ELJ:I@K Xlkf^iXg_\# 8ccfZlk`fe gifefeZ„\ [\mXek c˄^c`j\
JX`ek$G`\ii\[\DfekdXiki\#XlofYj…hl\j[\JlqXee\MXcX[fe#0Xmi`c(0*/2*gX^\j\khlXik`e$+%
)''&),'
9<C?FDD8><ÁJLQ8EE<M8C8;FE%½A\m`\ej[`i\X[`\l~le\m`\`cc\\kY`\eZ_…i\Xd`\%A\m`\ejjXcl\ileZ\iZl\`chl`g\lk[„Ô\icËX[`\l
[\cXdfik#ZXicX]i†c\Zi„Xkli\hlË`c\dgi`jfee\\jkgifd`j\~le\[liXYc\jlim`\[XejcË_`jkf`i\[\cËXikZfek\dgfiX`e¾¿@ccXi\mf`k
~j\j[„Ylk1½\cc\XmX`k[„a~Zi„„kflk\le\jl`k\[\jligi\eXekj[\jj`ej#Z\j[\jj`ejkflk~cX]f`jj`gi…j[\cXm`\\kj`cf`e[\jilj\j
[\cËXk\c`\i#\khl`XiiXZ_…i\ek[\jZi`j[ËX[d`iXk`feXldf`ej`e[lc^\ek[\j^iXe[jdXŠki\j%:Ë\jkXcfijhlË\cc\j˄cXeƒXi„jfcld\ek[Xej
cXg\`ekli\#Xm\ZZ\kk\ZXcd\Xl[XZ\R¿T#Z\j”i`ejk`eZkhl`cl`XmX`kmXcl[\]iXgg\i~cXgfik\[ËleI\ef`i#[ËleGlm`j#[Ële;\^Xj#[Ële
CXlki\Z¾¿@ccXi\mf`kXii`mXekZ_Xhl\afli~DfekdXiki\\eZfe[l`jXekjfeZXYi`fc\kXkk\c„[Ële\dlc\#\k„mfhl\jfekXc\ek#jXÔ\ik„
[\mXekc\^„e`\[\jfeÔcjRLKI@CCFT#\kjlikflkjXg\`ekli\#\egXik`Zlc`\ij\jgXpjX^\j½ZfeƒljZfdd\[\jYflhl\kj#j\jeXkli\j
dfik\jhl`Zi`\ekcËXi[\ek\m`\[\jZ_fj\jR¿T%JlqXee\MXcX[fe#dXZ_…i\JlqXee\#dXm`\`cc\Xd`\A\]X`jZfeÔXeZ\~mfki\„k\ie`k„#
Z\cc\[\mfki\Xik#\ka\mflj[`jX[`\l¾¿
FEAF@EK)C%8%J%[\>ljkXm\><==IFP~KXYXiXek%
().%
=Xd`cc\M8L;FP<I#XiZ_`k\Zk\j%,C%8%J%flG%8%J%#GXi`j\kIfd\(/',$(/)02/gX^\j]fidXkj[`m\ij%
)''&),'
8ekf`e\M8L;FP<I(.,-$(/+- %*'^\id`eXcO@@@)'Xmi`c(/', #hl`kkXeZ\gflileXZfdgk\jlijfed„df`i\[Ë_fefiX`i\j[\Dcc\j
[\IFLMI<%)+]„mi`\i(/'0#GC8E8I:?@K<:KLI8CXhlXi\cc„#Zfeki\j`^e„gXiAlc\j;<C<JG@E<1½;\jj`e[\cX]XZ\\kgifÔc[\cXd`kfp\ee\k„
\eki\c\jdX`jfej[\Di[\CXGi\mXcXp\il\9Xjj\[lI\dgXike—,-\k[\Di[\:fliefkil\:XldXik`ee—-¾¿)'al`cc\k(/(0\e$k†k\
yZfc\ifpXc\[Ë8iZ_`k\Zkli\[\GXi`j #X[d`jj`fe[\=\i[`eXe[D8LIP~cËyZfc\ifpXc\[Ë8iZ_`k\Zkli\#Zfeki\j`^e„\gXiAlc\j;<C<JG@E<¿
C„feM8L;FP<I(/'*$(/.) %Ifd\(.[„Z\dYi\(/)0#\eZfliX^\d\ekj~jfeXd`;LI8E;hl`eËXgXj\lc\Gi`o[\Ifd\1½J`mflj„k`\q
~Ifd\a\jl`jj”ihl\mflj\eki\i`\q[XejcXZfXc`k`fehl`eËX[ËXlki\Ylkhl\cXiX`jfecXj`dgc`Z`k„\kcËfi`^`eXc`k„ZË\jkaljk\d\ekZ\
hlËfee\m\lkgXj~cË@ejk`klk¾¿
8c]i\[M8L;FP<I(/+-$(0(. %(*]„mi`\i(/0)#]„c`Z`kXk`fejjlic\[\ie`\i9lcc\k`e[\cXJfZ`„k„[\jXd`j[\jdfeld\ekjgXi`j`\ej#Xm\Z
i\dXihl\jjlicËÅlmi\[\jfeg…i\C„feMXl[fp\i%%%
()/%
y[flXi[ML@CC8I;(/-/$(0+' %C%8%J%#RGXi`j(-Xmi`c(0()T#~8ik_li=FEK8@E<2(gX^\`e$()#X[i\jj\%
)''&*''
Ágifgfj[\jfegfikiX`kDX[\df`j\cc\AXZhl\c`e\=fekX`e\(0(($(0() %½A\eËX`gl\eZfi\mfljk„c„g_fe\i\kdfeZfek\ek\d\ek
[lZX[i\hl\mfljXm\qZ_f`j`\kdfeXZZ\gkXk`fe[\mfki\`em`kXk`fe~[Še\i%:fdd\Z\cXgfliiX`k\eZfi\kXi[\ia\mflj„Zi`j%:Ë\jk
c\gfikiX`k[\AXZhl\c`e\[fekfed\gXic\c\gcljil\I`Z_\gXej\\k[\]Xƒfe~d`\lod\]X`i\Zfdgi\e[i\\eZfi\cXZ_XeZ\hl\aËX`
\l[ËXmf`ileXljj`^\ek`cdf[…c\¾¿
()*
*-
C@KKyI8KLI<
(+*
()0%
CXli\G\idfe#[lZ_\jj\[Ë89I8EKßJ(./+$(/*/ %C%8%J%#),Xmi`c(/*(2+gX^\j`e$+%
(,'&)''
<cc\]X`kgXiXŠki\~j\j]iX`jcXgi\d`…i\[\hlXki\YifZ_li\j#`e[„g\e[Xdd\ek[\j\jD„df`i\j%½:\kk\YifZ_li\X]X`kg\li~D%[\
:?8K<8L9I@8E;gXiZ\hlË\cc\\jk[Ële\]\dd\%@cX]X`kkflkZ\hl`X[„g\e[l[\cl`gfli\eXii†k\icXglYc`ZXk`fe%;\jm`cX`e`\j#[\j
i\cXk`fej[Ë`dgi`d\li#\eÔeZ\cX]X`kg`k`„%9i\]Xgi…jkif`jj\dX`e\jXlc`\l[\kif`jaflijÆ\cc\XgXil#dX`ek\eXekc\jaflieXlohl\
D%[\:_Xk\XlYi`Xe[g\lkZfeeXŠki\eË\egXic\ifekhlË~c\liZfigj[\]]\e[Xek¾2dX`j\cc\mX]X`i\`ej„i\i[\jXeefeZ\jhlË\cc\gX`\iX¿
@c]Xlkhl\Z\jf`k]X`k[XejcXjf`i„\gfliXjjli\icXm\ek\[\jd`cc\\o\dgcX`i\j[„a~Z_\q[\jc`YiX`i\j%½AËX`dXc\ddXeZ_„\dfe
X]]X`i\gfliZ\kk\]f`jcË`dgi`d\lidËX„ZfiZ_„\Ækflkc\dfe[\dËXkifdg„\%A\d\a\kk\[XejmfjYiXjgflicXÔe[\Z\cc\$Zp\kgfli
c\jkif`jXlki\jÆgfliXmf`ileYfe`dgi`d\li_fee†k\~cËXYi`[\jj„[lZk`fej\kgXjAl`]R¿TD\jd„df`i\jgXiX`jj\ek[„Z`[„d\ekc\
('[\dX`¾¿<cc\gi`\[Ë\emfp\ileZc\iZXloaflieXlo[fek\cc\]X`kcXc`jk\gfli`ej„i\icËXik`Zc\%½J`a˄kX`j_fdd\\kXgk\~Zfli`ia\
mflj\eXliX`j„m`k„cXZflij\#dX`ja\e\gl`jYfl^\iÆa\jl`jXjjfdd„\[\kiXmX`c%A\Zfii`^\.\k/]\l`cc\jgXiafli¾¿
(*'%
8:8;yD@<=I8Ex8@J<%++c\kki\jflg`…Z\j#cXgclgXikC%8%J%
(,'&)''
C„fe9yI8I;-#efkXdd\ekjlijXZXe[`[Xkli\Xl]Xlk\l`c[\:Xd`cc\Alcc`Xe #>Xjkfe9F@JJ@<I((#[fekle\Zfj`^e„\gXiCXY`Z_\\k
JXe[\Xl #GXlc?8Q8I;)#gcljle\[\cXZfdk\jj\8cY\ikMXe[Xc #yd`c\DÛC<, #?\eip[\DFEK?<IC8EKZXik\~Cfl`jC\J`[Xe\i #A\Xe
M8KFLK(*#~8eZ\cfk#;lg`e#JXlmX^\#K_`\ij#\kZ% #A\Xe$Cfl`jM8L;FP<I, %
(*(%
A\Xe8A8C9<IK(/-*$(0+. %()C%8%J%#(0+*$(0+-#~Afj\g_M8ED<CC<2\em`ife.,gX^\j`e$+fl`e$/#\em\cfgg\j%
)''&*''
KIßJ @EKyI<JJ8EK< :FII<JGFE;8E:<# [Xej cXhl\cc\ `c i\cXk\ j\j <EEL@J Á C8 C@9yI8K@FE# f“ `c Ô^liX jli le\ c`jk\ [\ ½ ZfccXYfiXk`fee`jk\j
efkf`i\j¾RXgi…jXmf`ijflk\elcXZXe[`[Xkli\[\:„c`e\Xl>feZflik\e(0*)#`cXmX`kg\e[XekcXJ\Zfe[\>l\ii\dfe[`Xc\ZfccXYfi„~
CËydXeZ`gXk`feeXk`feXc\#fi^Xe\[lGXik`gfglcX`i\]iXeƒX`jGG= #\kj`^e„le\Gifk\jkXk`fe[\j`ek\cc\Zkl\cj]iXeƒX`jZfeki\c\jZi`d\j
Xe^cX`jXloZk„j[\CXMXi\e[\#:„c`e\#;i`\l#9iXj`ccXZ_¿T
@ciXZfek\kflkXlcfe^[\Z\jcfe^l\jc\kki\j#Xm\Z]fiZ\[„kX`cj#\kefejXejle\Z\ikX`e\ZfZXjj\i`\#jX]l`k\Xm\Zjfe„gflj\#
gl`jjfeXii\jkXk`fe#jfe\dgi`jfee\d\ek\egi„m\ek`m\g\e[Xek[\jdf`j#cXm`\~=i\je\j#gl`jc\j`ek\iif^Xkf`i\j2`ckfdY\dXcX[\
\eZ\cclc\\kj\i\kiflm\kiXej]„i„~cË`eÔid\i`\#f“`c„Z_Xgg\[\g\l~cXdfik2\eÔe#jXc`Y„iXk`fe#\kjXi„X[XgkXk`fe~cXm`\#\kZ¿
@cgXic\\ejl`k\[\jXm`\~cXZXdgX^e\#[\cËXZklXc`k„`ek\cc\Zkl\cc\\kaflieXc`jk`hl\[ldfd\ek#\k[\c`kk„iXkli\1`cj\jflm`\ek[\j
gi`o>feZflik#„mfhl\gcljfldf`ejcfe^l\d\ek<[dfe[Jy<\kjfeXik`Zc\jlic\k_„ki\[\j>FE:FLIK\kDXiZ\cJ:?NF9(,Xmi`c
(0+- #X`ej`hl\JXZ_X>L@KIP#C„fC8I>L@<I#=iXeZ`j:8I:F#C„fe$GXlc=8I>L<#:LIEFEJBP#D8LI@8:#\kZ%
*.
(*)%
A\XeC\Ife[[Ë8C<D9<IK(.(.$(./* %C%8%J%#GXi`j*(aXem`\i2(gX^\`e$+%
,''&.''
½A\mfljjl`jki…jfYc`^„[lGifjg\Zkljhl\mfljdËXm\q\emfp„2`cXeefeZ\leflmiX^\ki…j`ek\i\jjXek#a\e\[flk\gf`ekhl\
cË\o\Zlk`fee\i\gfe[\~Z\hl\mfljXeefeZ\q%Hlf`hl\ki…jg\lZXgXYc\[\mflj[fee\iXlZleZfej\`cjliZ\kfYa\k#Xjj\q\kiXe^\i
~d\j„kl[\j#Z\g\e[Xeka\i\gfe[iX`#Zfdd\a\c\[f`j#\k[\dfed`\lo#~cXZfeÔXeZ\[fekmfljmflc\qY`\edË_fefi\i%DX`j
Zfdd\a\jfijgi\jhl\kfljc\jdXk`ejm\ijc\je\l]_\li\j#hl\a\j\if`jki…jX]Õ`^„hl\gXilek\dgjj`il[\mfljm`ejj`\qd\
Z_\iZ_\i`elk`c\d\ek#a\mfljgi`\R¿T[ËXkk\e[i\gflicË\eki\k`\ehl\mfljd\[\dXe[\q#hl\cXi`^l\li[l]if`[jf`kX[flZ`\¾¿
(**%
A\XeC\Ife[[Ë8C<D9<IK%C%8%#GXi`j)/j\gk\dYi\R(..06T#XldXihl`j[\:FE;FI:<K#j\Zi„kX`i\g\ig„kl\c[\cË8ZX[„d`\ifpXc\[\j
jZ`\eZ\j#~CXIfZ_\$>lpfe2(gX^\\khlXik`e$+#X[i\jj\%
.''&/''
JLIC8:8E;@;8KLI<;<:FE;FI:<KÁCË8:8;yD@<=I8Ex8@J<%RJfei\]lj„ZcXkXek[˄Zi`i\c˄cf^\[\G_„cpg\Xlo#[lZ[\CXMi`cc`…i\#cl`XmX`k
]\id„c\jgfik\j[\cË8ZX[„d`\aX[`jT%
½DfeZ_\i\k`ccljki\Xd`#aËX`mlDiKli^fkR¿TEfljjfdd\jZfem\eljhlË`cm\iif`kdXi[`gifZ_X`eDi;lglp%J`Z\[\ie`\i]X`k
c\dXl[`k„cf^\hl`mflj[„gcXŠk#`cd\gXifŠk`dgfjj`Yc\hl\mfljmflj\e[`jg\ej`\q2jË`ce\c\]X`kgXj#efljXlifej[li\g`k[l
df`ejaljhlË~Ghl\j#dX`jXcfij`ce\]Xl[if`kgXj]X`i\Z\cl`[\DiKIL;8@E<%:\g\e[Xeka\mfljZfej\`cc\[\k\e`ikflaflijZ\[\ie`\i
kflkgi†k#~kflk\m\e\d\ek%R¿TJXm\q$mfljhlË`cgfliif`kY`\e†ki\hl\jk`fe[\mfljki…j\]ÔZXZ\d\ek~cXgifZ_X`e\„c\Zk`fe[\
cËXZX[„d`\]iXeƒf`j\6:\j\if`kle\iX`jfegfliXcc\iYi`[\\edX`ejliZ\dXl[`k„cf^\#\ke\i`\ed\kki\Zfeki\mflj¾¿
(*+%
M
`kkfi`f8C=@<I@(.+0$(/'* %C%8%J%#m\e[i\[`(+#~<l^\e`X9<CC@E@#Xl[fj[Ële\C%8%J%[Ë<l^\e`X9<CC@E@X[i\jj„\XlZfdk\8C=@<I@2(\k
(gX^\`e$/#X[i\jj\Xm\ZZXZ_\kZ`i\ifl^\Yi`j„ 2\e`kXc`\e%
,''&-''
ÁGIFGFJ;<J8KI8>y;@<J8|C%
<l^\e`X9<CC@E@„Zi`khl\:Xid`^eXe`eË\jkgXj\e„kXk[\i„Z`k\i2Xljj`\cc\j\[„k\id`e\~i„Z`k\ile\Xlki\kiX^„[`\#gflicXhl\cc\
\cc\ jfcc`Z`k„ cËXm`j [Ë8cÔ\i`¿ 8C=@<I@ i„gfe[ hl\ jË`c cl` Zfem`\ek [\ i„Z`k\i JX•c# `c \jk gi†k ~ c\ i„Z`k\i Xm\Z \cc\# \k `c j\ d\k ~ jX
[`jgfj`k`fe¿
CËXlkf^iXg_\[Ë8cÔ\i`\jkZ\ik`ԄgXic\g\`eki\=iXeƒf`j$OXm`\i=89I<(.--$(/*. #hl`XkiXejZi`kXlZiXpfecXc\kki\jlicX*\gX^\2Xl$
[\jjflj#efk\X%j%[ldlj`Z`\e=iXeƒf`j$8[i`\e9F@<C;@<L(..,$(/*+ #)+al`e(/*)1½:\kk\c\kki\[Ë8cÔ\i`dËX„k„[fee„\gXiDi=XYi\#
Xd` `ek`d\ [\ Z\ Z„c…Yi\ Xlk\li \k ]fe[Xk\li [l dlj„\ [\ Dfekg\cc`\i% AËf]]i\ Z\k `ek„i\jjXek Xlkf^iXg_\ ~ dfe Xd` Dfej`\li
DXe\jZXl¾¿
Feaf`ekle\C%8%J%[\CFE>L<D8I<#c\kiX[lZk\li[Ë8cÔ\i`#)-Xf”k(/)/#XlZXg`kX`e\J_\in`cc%
(*,%
>XYi`\c\[Ë8EELEQ@F(/-*$(0*/ %+C%8%J%#8iZXZ_fe(0('$(0((#~c˄[`k\li?\eip=CFLIP2.gX^\j\k[\d`\`e$+%
+''&,''
:fddXe[\j[\c`mi\j1le[`Zk`feeX`i\[\jXikj\kd„k`\ij#c\jGf…d\j[\Cfl`jC<:8I;FEE<C#c\jÄlmi\j[\K<IKLCC@<E\ekiX[lZk`fe
]iXeƒX`j\#[\jflmiX^\jjliJ?8B<JG<8I<#CXD…i\\kcË<e]Xek[\:_Xic\j$Cfl`jG?@C@GG<#[\jc`mi\j[\gf…d\j[\Alc\jIFD8@EJ#8ikgf„k`hl\
[\:C8L;<C#D„cXe^\jgfjk_ld\j[\Alc\jC8=FI>L<#;\gif]le[`j[ËFjZXiN@C;<#\kZ%;Xejle\c\kki\#`cgi„Z`j\1½A\gi„]…i\kflaflij
[\j\o\dgcX`i\ji\c`„j¾¿
(*-%
?\ei`98I9LJJ<(/.*$(0*, %C%8%J%\kC%J%#(0(,$(0),2(gX^\`e$()Xm\ZX[i\jj\#\k[\d`$gX^\`e$+%
(,'&)''
J%G%*+)al`cc\k(0(,#~DXiZ\c;LD@EP1½aËX`\lle\XkkXhl\[\[pj\ek\i`\#\kgflid\g\id\kki\[\d\jf`^e\i\ed\]Xk`^Xekdf`ej#
fedËXZfccfhl„YiXeZXi[`\iXlo`c`X`i\1[Ëf“Z\]X`khl\a\Ô^li\gflic\dfd\ek~cXZfdgX^e`\_fijiXe^¾¿D`iXdXi(.[„Z\dYi\
(0),# R~ DXk\` IFLJJFLT# „cf^\ [\ jfe gf`^eXek i„Z`k# <k eflj eflj jfdd\j X`d„j c~ 1 ½ Fe \e jl`k Xm\Z le\ Xe^f`jj\ XkkXZ_„\#
kflk\jc\jg_Xj\j#\kZË\jkmiX`d\ekle„dflmXeki„jlckXkhl\[ËXmf`ilk`c`j„c\gXk_„k`hl\jg„Z`Xc[ËleZXjgXik`Zlc`\igfliflmi`i[\j
g\ijg\Zk`m\jjlic\j^iXe[\j„m`[\eZ\j„k\ie\cc\j[\jj\ek`d\ekj\k[\j[\jk`e„\j¾¿
FEAF@EKle\ZXik\X%j%[\ClZ`\e;<J:8M<J\k*g_fkf^iXg_`\j[\jjkl[`fjE8;8I%
(*.%
DXli`Z\98IIßJ(/-)$(0)* %C%8%J%#,fZkfYi\(0))#R~?\eip[\DFEK?<IC8EKT2(gX^\`e$+g\k`k\j]\ek\ji„gXi„\j %
(''&(,'
9<CC<C<KKI<CFIJ;<C8GL9C@:8K@FE;LJFE><%½A\jl`jki…jkflZ_„[lk„df`^eX^\^„e„i\lohl\mfljd\i\e[\q%;\dfeZk„#aËXliX`j~
mfljgXic\i[\mfki\dXeljZi`kfld`\lo[\mfj„gi\lm\jhl`jfek[Xejd\jdX`ej%DX`jkflk\Zfddle`ZXk`fejliZ\jla\kdXehl\iX`k
[\Zfem\eXeZ\%R¿TZ\Z`[f`k†ki\le\„kXg\`dgfikXek\gflimfljR¿T<kjXejgcljXkk\e[i\#a\g\ej\Y`\ehl\mfljmflj†k\ji\d`j
XlkiXmX`c%A\[`jk`e^l\\emfljle\mfcfek„XZ_Xie„\\kaËX`le\gc\`e\ZfeÔXeZ\[Xejmfki\Xm\e`i¾¿
(*/%
:_Xic\j98L;<C8@I<(/)($(/-. %C%8%J%½:%9%¾#R[„Ylkj\gk\dYi\(/-*6T#~<[dfe[C8LDFEE@<I2[\d`$gX^\`e$/#X[i\jj\%
(%'''&(%)''
Ágifgfj[\cXm\ek\~D`Z_\cC„mp[\j\jkiX[lZk`fej[Ë<[^XiGF<#gflic\jhl\cc\jCXldfee`\iXmX`k„k„jfeZfg`jk\%½I`\e%I`\e
XmXekc\,#XmXeka\l[`g\lk$†ki\%:Ë\jka\l[`hl\j\iXZfeZcl\cËX]]X`i\Xm\ZD`Z_\c¾¿
(*0%
G`\ii\$A\Xe[\9yI8E><I(./'$(/,. %(*C%8%J%#(/,(#~cXgf„k\jj\DXcm`eX9C8E:?<:FKK<2)'gX^\j`e$/fl`e$()#le\X[i\jj\k`dYi\
[„Zflg„ %
-''&/''
9<CC< :FII<JGFE;8E:< 8D@:8C< <K C@KKyI8@I<%(\iaXem`\i1½<kgl`jhl\mfljmflc\qY`\emflj[`i\dXÔcc\\egf„j`\#a\mfljjfl_X`k\
Y\XlZflg[\Yfejm\ij#Zfdd\mflj\eXm\q]X`k[„a~%DX`jR¿T]X`k\jki†m\~Z\kk\gi„fZZlgXk`feg\e[Xekc\j[\ie`\ijaflij[\mfki\
*/
^ifjj\jj\¾¿.]„mi`\i#]„c`Z`kXk`fej~jX½Z_…i\\e]Xek¾1½c\jg…i\jX`d\ekgXik`Zlc`…i\d\ekc\j^Xiƒfej1~c\ligcXZ\#aËXliX`j\lle
^f”k[`]]„i\ek¾¿(.]„mi`\i#`c\jk\dg†Z_„[\jfik`i½gXile\^ifjj\ԅmi\[\i_ld\hl`d\ZXjj\YiXj\kaXdY\j\kdXgXlmi\k†k\\e
Zfdgfkk\¾¿),]„mi`\i1½:fdd\ek]X`k\j$mfljgfliki`fdg_\iX`ej`[\kflkZ\hl`[\miX`kgXiXc`j\imfki\`ek\cc`^\eZ\6DX`jaËX`kfik
[\mflj\oXck\icË`dX^`eXk`fegXi[\j„cf^\j1mfljeËXm\qhl\kifg[\gifg\ej`fe~mflj„cXeZ\igXi[\c~kfljc\jdfe[\j¾¿).dXij#
`cXmlC8D8IK@E<#hl`jfl]]i\[li_ldXk`jd\\k[ËledXcgclj^iXe[\eZfi\#½c\Y\jf`ehlË`cjË\jk]X`k[ËlekiXmX`c`eZ\jjXek#Xlhl\ca\
e\Zfeƒf`jgXjhl\c\gXlmi\_fdd\jl]]Šk~jfe^\R¿T%HlË`cmXlkd`\loXmf`ikflaflijm„Zl[\g\lZfdd\aËX`„k„i„[l`k~c\]X`i\#
hl\[\kfdY\i[\j`_XlkjlicXZ_X`j\[\gX`cc\[\c˄Zi`mX`eglYc`Z#f“Z\g\e[Xek`cgif[l`k\eZfi\[\Y`\eY\cc\jZ_fj\j#d†d\
[\jZ_fj\jgcljeXkli\cc\jg\lk$†ki\hl\Z\cc\jhl`fek]fe[„jX^cf`i\%:\hl\aËX[d`i\\ecl`Xlafli[Ë_l`ZË\jkc\ZfliX^\%@c\e]Xlk
df`ej#j\cfedf`#gflii„j`jk\i~cX]flc\Xm\l^c\\k]li`\lj\#hl\gfli]X`i\c\d„k`\ihlË`c]X`k¾¿RAl`cc\k6T#`cmfl[iX`kc`i\Xm\Z\cc\
j\jm\ij1½AËX`[\ji\dXihl\j~mflj]X`i\jlihl\chl\j\ogi\jj`fej#Z\hl`eˏk\i`\e~c˄cf^\d„i`k„¾¿)0al`cc\k1½Mfljmf`c~[feZ
i\kflieXekXlZXk_„Z_`jd\#Xm\Zc\jg\k`k\jÔcc\j%R¿Ta\jl`jc\gcljXek`d„kXg_pj`hl\hl\a\ZfeeX`jj\%EfljXlki\jgf…k\j#eflje\
eflj„ZcX`ifejhl\gXic\j\ek`d\ek¾¿))fZkfYi\#`c[f`ki\Z\mf`i½le\[„glkXk`fe[lZfd`k„]fid„gflic˄i\Zk`fe[ËlekfdY\Xl~
?„^„j`g\Dfi\Xl¾%%%<kZ%FEAF@EKle\C%8%J%[l)(j\gk\dYi\R(/,'T%
(+'%
G`\ii\$A\Xe[\9yI8E><I%))C%8%J%#(/,)$(/,,#R~cXgf„k\jj\DXcm`eX9C8E:?<:FKK<T2+'gX^\j]fidXkj[`m\ij%
/''&(%'''
9<CC<:FII<JGFE;8E:<8D@:8C<<KC@KKyI8@I<%(-al`e(/,)%½@cpXg\l[\aflij#aËX`]X`kd\jX[`\lo~D@:?<C<K\k~jX]\dd\#gXikXekgfli
Xcc\ij\i„]l^`\i[XejleZf`e[\cX9i\kX^e\#f“`cjj\Ô^li\ekgflmf`im`mi\gclj„Zfefd`hl\d\ekhlË~GXi`j%AËX`mlXljj`c\cf^`j[\
cX]Xd`cc\?L>F#[„mXjk„gXicXgifjZi`gk`fe%<kZ\hl`\jkgcljki`jk\#ZË\jkXld`c`\l[\Z\jd`j…i\jcËXYj\eZ\[\kflk\jc\jgi„k\e[l\j
^iXe[\jXd`k`„j[fekfe]X`jX`kkXek[\Yil`k[Xejc\dfe[\¾¿)'j\gk\dYi\#`c[\dXe[\[\jeflm\cc\j[\C8D8IK@E<2`cXXggi`j½hl\
mfljk\e`\qleaflieXc[\kfljmfj]X`kj\k^\jk\j¾¿R(/,)T1½`c]XlkXljj`hl\a\kiXmX`cc\#dXc^i„d\j0)Xejflgflid`\lo[`i\#gXiZ\
hl\aËX`.)Xej\khlË`cd\]XlkZfii`^\i\kd\kki\Xle\kc\g\lhl\a\cX`jj\iX`Xgi…jdf`¾¿/aXem`\iR(/,*6T1½A\mflj\emf`\cËFeZc\
K_fd\kc\jZfek\j[\:?8DG=C<LIP¾¿),]„mi`\i#dXc^i„lejXcX`i\df[`hl\#`cZfej\`cc\½[\k\e`iYfe[lZk„f“mfljfek]fiZ„
[ËXcc\imfjd„Zfdgk\jgXjj„j%CXYf_…d\c`kk„iX`i\e\mfljmXcX`ki`\e¾¿+dX`R(/,,6T%@cmXhl`kk\icXYXii`…i\[Ë<e]\igflic\hlXik`\i
9\Xlafe1½`cdËX]XcclXcc\iZ_f`j`idfe^Šk\\ka\d\jl`jalZ_„Xl,…d\%E\j\iX$Z\gXjleg\l_Xlkgflimfki\gXlmi\ZÅli6¾¿
;`dXeZ_\dXk`e1½Mfjm\ijd\j\dYc\ekY`\eY\Xlo\kY`\ekflZ_Xej%;`XYc\[\gf„j`\<cc\d\]X`kkflaflijg\ligflimflj¾¿
A\l[`jf`i1½FlYc`\qledfd\ekmfjm\ijgfli„Zflk\icXiX`jfe#[XejcË`ek„i†k[\mfki\dXi`\k[\mfki\\e]Xek¾¿JXd\[`%½CXd%
RC8D8IK@E<TdË\jkm\elmf`i#`cpX[\loaflij1`cdËXgXilgcljjXk`j]X`k[\cXdXiZ_\[\j\jX]]X`i\j¾¿*([„Z\dYi\1½AËX`gXic„[\mflj
Xm\ZDd\:FC<K¾¿DXi[`jf`i#jlile\eki\k`\eXm\ZC8D8IK@E<¿M\e[i\[`1½Mflj†k\jle\k\ii`Yc\„Zi`m\lj\¾¿<kZ%
(+(%
_Xic\j9C8E:(/(*$(//) _`jkfi`\e[ËXik%((C%8%J%\k+C%J%#(/*0$(/.02)+gX^\j]fidXkj[`m\ij#hhj\e$k†k\jD`e`jk…i\[\cË@ek„i`\li#
:
>Xq\kk\[\j9\Xlo$8ikj\kD`e`jk…i\[\cË@ejkilZk`feglYc`hl\#[\jZlck\j\k[\jY\Xlo$Xikj%
)''&),'
/Xmi`c(/*0#~=CFI8KI@JK8E#jlijfe`ek\im\ek`feXlgi…j[\:8C8D8KK8gfli]X`i\^iXm\ijfegfikiX`k¿)0[„Z\dYi\(/+.#Xljla\k[Ële\
gfc„d`hl\[\jfe]i…i\Cfl`j½Xm\ZZ\k`dgfikle[\G<CC<K8E¾¿('Xmi`c\k(\idX`(/+/#~;\cXleXp#~gifgfj[\cË\oXd\e[\cXjkXkl\
[\EXgfc„fegXiD8IF:?<KK@#\k[\jkiXmXlo[lkfdY\Xl[\cË<dg\i\li¿-j\gk\dYi\(/+/#XlZ`kfp\eZfdd`jjX`i\[l^flm\ie\d\ek
gi…jc\K_„ki\[\cXI„glYc`hl\RCF:BIFPT1\eZfliX^\d\ekjd`e`jk„i`\cjXloZ`kfp\ej8l^`\i#>l`ccXi[#A%9XiY`\i#DLJJ<K¿(-dXij(/,,#
i\ZfddXe[XekCl`jCFG<Q#g\`eki\[\cXi\`e\[Ë<jgX^e\¿,dXij(/,/#~G`\ii\C8E=I<P#gifk\jkXekZfeki\c\c`Y\cc\[`i`^„Zfeki\jfe
]i…i\#c\gifjZi`kCfl`j9cXeZ#~gifgfj[\jfe?`jkf`i\[\cXI„mfclk`fegcljle\gifk\jkXk`fe~Z\jla\ki„[`^„\gXiCfl`jM@8I;FK#\k
Zfj`^e„\gXi>c\pi\#;\cfi[#I%[\=fek\eXp\k:_Xic\j$<[dfe[ 2)-dXij#~:_Xic\j$<[dfe[#Xgi…jcXdf[`ÔZXk`feZfej\ek`\gXi
CXe]i\p¿)+efm\dYi\(/-*#Xljla\k[\jfe?`jkf`i\[\jg\`eki\j#jfeÄlmi\[\I\dYiXe[k\kjXY`f^iXg_`\[\;<C8:IF@O¿(/[„Z\dYi\
(/.0#R~:?8IC<J$<;DFE;T#„cf^\[\Q„g_pi`e:XqXmXe\ey^pgk\¿;ËXlki\jc\kki\jflZXik\j~G_`c`gg\9LIKP#GXlc=ifd\ek#\kZ%FEAF@EK
le\C%8%J%~cl`X[i\jj„\gXiCfl`j=@8LO#(//)%
(+)%
= \i[`eXe[9ILE<K@ßI<(/+0$(0'- %C%8%J%#GXi`j(,[„Z\dYi\(0'*#~<%[\DFIJ@<I2.gX^\j`e$/#\e$k†k\I\ml\[\j;\lo$Dfe[\j#
\em\cfgg\%
(,'&)''
CFE>L<<KKIßJ@EKyI<JJ8EK<C<KKI<;L:I@K@HL<JLIC8I<C@>@FE%@cg\ej\hlËle\i„le`fe[\j„^c`j\jeË\jkgXjZ_fj\`dgfjj`Yc\#j`cËfegXim`\ek
~jË\ek\e[i\jlic\jgf`ekjc\jgclj`dgfikXekj#Zfdd\Z\cl`[\cË<lZ_Xi`jk`\#½jlic\hl\c[\jcX‹hl\jjfekkflaflijleg\l\dYXiiXjj„j
[\ jË\ogc`hl\i ¾# fl Z\cl` [\ cËy^c`j\# ½ [\ cË`e]X`cc`Y`c`k„ gfek`ÔZXc\# cXhl\cc\ eË\dg†Z_\# ~ d\j p\lo R¿T cX miX`\ c`Y\ik„ [Ë\jgi`k ¾%
DX`j [ËXlki\j fYjkXZc\j jfek gclj [`]ÔZ`c\j ~ jlidfek\i# Zfdd\ cX [`]]„i\eZ\ [fek c\j ZXk_fc`hl\j \k c\j gifk\jkXekj \em`jX^\ek
c\lii\c`^`fe1½Z_Xhl\gifk\jkXekZfej`[…i\jXi\c`^`feZfdd\le\XZhl`j`k`feg\ijfee\cc\#le\Zfehl†k\[\jfe`ek\cc`^\eZ\¾¿
CËfYjkXZc\c\gclj^iXm\[\kfljZ\g\e[Xek\jkjXej[flk\cXk\e[XeZ\hlËfekc\j½^iXe[\jy^c`j\j~j\ÈeXk`feXc`j\iÉR¿T%Le\Èy^c`j\
eXk`feXc\É#ZË\jk]fiZ„d\ekcXZfe]lj`fe[lk\dgfi\cXm\Zc\jg`i`kl\c#fl#j`mfljX`d\qd`\lo#ZË\jkle\y^c`j\[ËykXk#\kle\y^c`j\
[ËykXk\jkle\y^c`j\Xjj\im`\%HlXekXloZfe[`k`fejhl`d\gXiX`jj\ek[\eXkli\R¿T~]XZ`c`k\igXik`Zlc`…i\d\ekcËle`fe\k~cXgi„gXi\i#
aË\emf`jcXgi`eZ`gXc\[Xejc\[„m\cfgg\d\ek^iXe[`jjXek[\cX[„dfZiXk`\Z_i„k`\ee\fl[lZ_i`jk`Xe`jd\jfZ`Xc¾¿
*0
(+*%
\fi^\j$Cfl`jC\Zc\iZ#Zfdk\[\9L==FE(.'.$(.// %C%8%J%#DfekYXi[*al`cc\k(.*0#~:_Xic\jCFGG@E ;<>yD<8LO#XmfZXk^„e„iXc~
>
;`afe2)gX^\j`e$+#X[i\jj\%
(%)''&(%,''
9<CC< C<KKI< ;L ;y9LK ;< J8 :8II@ßI<%R9l]]fem`\ek[\i\Z\mf`i[lIf`le\g\ej`fe[\)%'''c`mi\jgfliZfek`el\ij\ji\Z_\iZ_\j\k
\og„i`\eZ\j2~cXÔe[ldf`j#`cj\iXefdd„@ek\e[Xek[lAXi[`eifpXc%T
@ci\d\iZ`\Cfgg`e[\>„d\Xlo[\jg\`e\jhlË`cjË\jk[fee„gflicl`#\ki\^i\kk\hlË`ceËX`kgXjXZZfdgX^e„jfe]i…i\\emfpX^\1
½ Zfdd\ek Xm\Z c\ ^flk hl\ mflj Xm\q Dfej`\li gfli c\j Y\cc\j Z_fj\j e\ mflj \k\j mflj gXj cX`jj„ k\ek\i Z˄kf`k cX le\ Y\cc\
fZZXj`fe[\mf`X^\i[ldf`ejgflicXYfee\ZfdgX^e`\%MfljXm\jY`\e[\cXYfek„dfej`\li[\mflj`ek\ii\jj\iXZ\hl`dËXii`m\\k
j`hl\chl\Z_fj\gflmf`kd\iXgg\cc\iXm\ZgcX`j`icX^iXZ\hl\c\IfpdËX]X`kk\ZË\jkc\Zfdgc`d\ekhl\mfljmflc\jY`\ed\]X`i\a\
mfl[if`jc\d\i`k\iXljj`Y`\ehl\cË_fee\li[\mfki\Xd`k`„%AË\Zi`jXlafli[Ë_lpXGXi`jgfliXmf`ile\Zfg`\[\dfed„df`i\jlic\
i\kXYc`jj\d\ek[\j]fi\kj2aË\eX`]X`k]X`i\gclj[Ële\[flqX`e\\kZ\g\e[Xek`ce\dË\ei\jk\XlZle\dX`ja\Zfdgk\hlË`cdË\eXii`m\iX
le\[Xej_l`kaflij2a\e\dXehl\iX`gXj[\mfljc\emf`\iR¿T`c\jkY`\eÕXkk\ligflidfphl\Dic\g%[\C8D8I:?<\eX`kXjj\jYfee\
fg`e`fegfli[X`^e\id\c\[\dXe[\ia\mfljjlggc`\Dfej`\li[\cËXjjli\i[\d\ji\jg\Zkj\k[\clp[`i\hl\a\clp\c\m\hl\chl\j
XiYi\jhl`jfekgcljY\Xlo\kgcljj`e^lc`\ijhl\c\j[\ie`\ijhl\aËX`\lcË_fee\li[\clp\emf‹\i¾¿
I\gif[lZk`fegX^\*.
(++%
= iXeƒf`j$I\e„[\:?8K<8L9I@8E;(.-/$(/+/ %C%8%#9\ic`e*(dXij(/)(#R~8ekf`e\$8k_XeXj\IFLO;<C89FI@<6T2)gX^\j\khlXik`e$+
g\k`k\]\ek\ %
/''&(%'''
9<CC<C<KKI<;LEFLM<8LD@E@JKI<;<=I8E:<Á9<IC@E#yMFHL8EKC8DFIK;<JFE8D@CFL@J;<=FEK8E<J%¿½A\jXmf`jc\jd\ejfe^\j[\j]i…i\j\k
Xd`jjlid\jgi„k\e[l\jc\kki\ji\cXk`m\d\ek~cXGiljj\%:\gXpjafl`k[\cXgX`ocXgcljgif]fe[\#\kc\j]iXeƒf`jpjfekmljdX`ek\eXek
Xm\Zle\Y`\em\`ccXeZ\gXik`Zlc`…i\%AËX`„k„ZfdYc„[\Yfek„j%@ceËpXgf`ek`Z`[\i„mfclk`feeX`i\jgXicXj\lc\iX`jfehl\c\^ke\c\j
jfl]]i`if`kgXj%Mfljmfp\qZ\hl\ZË\jkhl\Z\kk\d`j„iXYc\]XZk`fehlXe[fefj\cXi\^Xi[\i\e]XZ\\kZfdd\j\jfek„mXefl`jkflj
c\j_„ifj[\EXgc\j%@c\ej\iX[\d†d\[\Kli`e#j`cËfek`\ek]\id\%DX`jhl\dË`dgfik\kflkZ\cX[XejZ\dfd\ek6A\jl`jXZZXYc„[\
cXdfik[ld\`cc\liXd`hl\aË\”jj\Xldfe[\%I\d\iZ`\qgflidf`cXJfZ`„k„[\jYfee\jc\kki\j%;`k\jcl`ZfdY`\ea\jl`jle`e[`^e\
jlZZ\jj\li[\dfe`ccljki\Xd`#dX`jZfdY`\ea\jl`jj\ej`Yc\~cXdXihl\[Ë\jk`d\hlËfed\[fee\%R¿TA\e\gl`j„Zi`i\kXeka\jl`j
X]Õ`^„2a\e\d\i\d\kkiX`aXdX`j[\Z\Zflg%R¿TAËX`i\e[l`Z`hl\chl\jj\im`Z\jXloIfpXc`jk\j2ZË\jkdXj\lc\ZfejfcXk`fe¾¿
(+,%
=iXeƒf`j$I\e„[\:?8K<8L9I@8E;%C%8%J%#)-al`cc\k(/))2+gX^\j`e$/%
/''&(%'''
C<KKI<8D@:8C<yMFHL8EKJFE<JGF@I;<J<I<E;I<8L:FE>IßJ;<MyIFE<%
8ld`c`\l[\j\jjfl]]iXeZ\jdfiXc\j\kg_pj`hl\j#cË\jgi`k[\jfeZfii\jgfe[XekeËXi`\eg\i[l[\jX]fiZ\1½mfki\c\kki\\jkle
g\k`kkiX`k„\oZ\cc\ekjlicXgfc`k`hl\[lafli%A\mfljXmfl\hl\aËX`leg\k`kdflm\d\ek[ËXdfligifgi\[ËXmf`ij`Y`\ei\eZfeki„jlicX
gfc`k`hl\Xe^cf`j\hl`j\dfeki\\eÔe~[„Zflm\ik~:fejkXek`efgc\\k~DX[i`[%A\mfl[if`jY`\ec˄kl[`\iXl:fe^i…jdX`j`iX`$a\6A\
c\Zif`jdX`ek\eXek#j`D%[\DFEKDFI<E:PeËpmXgXj%CXZ_fj\e\g\lkgXjkXi[\i~j\[„Z`[\i%FeX[”mflcf`i~M`\ee\[lhl`eq\Xl
)'cX[„k\id`eXk`fe[\cË<dg\i\li[\Iljj`\%FecXZfeefŠkiX[l)/Xl*'~GXi`j%C\:fej\`cj\iXfYc`^„[\j\[„Z`[\i#ZXi`c]XlkY`\e
c\k\dgje„Z\jjX`i\~Z\cl`hl`j\iXZ_Xi^„[\cXd`jj`fegfligi\e[i\j\j`ejkilZk`fej\kj\gi„gXi\iXlmfpX^\¾¿@c\emf`\hlXki\
gXhl\kj~]X`i\gfik\i~c\lijX[i\jj\j1½:\jfek[\jifY\jgflidX]\dd\#\kgfliD[\j[\;liXj[Ë8^l\jj\Xl\k[\G`j`\lo¾¿
(+-%
A\Xe:F:K<8L(//0$(0-* %C%8%J%#½Z\a\l[`¾Rm\ij(0()6T2(gX^\`e$+%
)''&),'
:LI@<LJ< C<KKI< ;L A<LE< GFßK< D8C8;<%½J`mflje\dËXm\qgf`ekmlCle[`ZË\jkhl\a\jl`j[XejdXZ_XdYi\ZXdgX^eXi[\Xm\Zle\¿
efd`ei\k\eXYc\ hl`d\gifZli\c\j[flZ\jj\ejXk`fej[Ëledfej`\likfdY„[lZ`ehl`…d\„kX^\jlicXk†k\%A\i\^Xi[\gc\lmf`i#a\
jfl]]i\\ka˄Zflk\gc\lmf`i#mf`c~kflkA\mfljXliX`jle\i\ZfeeX`jjXeZ\gif]fe[\[˄Zi`i\~dXdXehl\a\e\jl`jgXjkflk~]X`k
jlic\Z_\d`e[ˆki\le\dflc\^ifk\jhl\\kcXd\ekXYc\ZXi\cc\Ôe`iX`kgXid\c\]X`i\Zif`i\~]fiZ\[\d\c\[`i\\kdX]f`#Z\cX
d\Zflg\c\kiXmX`c[XejcXZ\im\cc\%R¿TC\Zfdgc`d\ekd\jk`dlc\dX`jZ\kk\dXe`…i\[Ë`e[`]]„i\eZ\d„gi`jXek\dËXii†k\aljhlË~cX
^XlZ_\¿Zfdd\fejË\ogi`d\Z_\qc\jXgXZ_\j%ÆA\m`\ej[\Ôe`ilemfpX^\~GXi`j[lg\k`kgi`eZ\\e\o`cÈgflij\im`i[Ëflm\ikli\É
[\(,'m\ijhl\cZ_`]]i\gflidf`¾¿<kZ%
(+.%
:FC<KK<(/.*$(0,+ %)C%8%J%#GXi`jm\ij(0'-$(0('\k(0+(2(gX^\`e$()kiflj[\ZcXjj\li \k[\d`$gX^\`e$+#\em\cfgg\%
*''&+''
++il\[\M`cc\aljk#~leXd`#j`^e„\½:fc\kk\N`ccp¾%½:_\iXd`#dfej\im`Z\#dfe;`\lA\gXek…c\%<kgl`j\eÔe#ZË\jk`eZfem\eXek%
A\[\miX`jcËXmf`iZ_\qdf`Xlafli[Ë_l`¾¿0il\[\9\XlafcX`jR)Xmi`c(0+(T#~D%J8LI<C1½A\mflj\emf`\c\AflieXc~i\Yflij#hl`eË\jk
gXj\eZfi\\ec`YiX`i`\%:Ë\jklem`cX`e\o\dgcX`i\[\J%G%C\jÈclo\Ée\jfekgXj\eZfi\k`i„j%AËX`[\jZfliYXkli\j[XejcXgcljg\k`k\
Xik`ZlcXk`fe#\kle\cXe^l\Zfdd\legX`ccXjjfe#\ka\e\dXe^\gXj¾¿FEAF@EKlek`dYi\Zfdd„dfiXk`]#(\iafli(0.*%
(+/%
9\eaXd`e :FEJK8EK (.-.$(/*' % C%8%J%# Dfekdfi\eZp ) j\gk\dYi\ (/)*# ~ DD% 9FJJ8E>< ]i…i\j# c`YiX`i\j ~ GXi`j 2 ) gX^\j `e$/#
X[i\jj\%
+''&,''
GFLIJFEC@MI<;<C8I<C@>@FE:FEJ@;yIy<;8EJJ8JFLI:<J#J<J=FID<J<KJ<J;yM<CFGG<D<EKJ,mfc%#(/)+$(/*( %@ci\^Xi[\cËXiiXe^\d\ekZfdd\
ZfeZcl# k\c hlË`c \jk Zfek\el [Xej c\ kiX`k„ hl\ D%IfZ_\cl`XiXggfik„#Xm\ZcËXik`Zc\X[[`k`fee\c[fek`cXi\ƒlZfg`\% ½A\i\jk\
~ cX ZXdgX^e\ gfli XZ_\m\i cX (\i\ c`miX`jfe# hl` j\iX Ôe`\ Zfg`„\ Z\ jf`i fl [\dX`e% A\ mflj cX gfik\iX` m\e[i\[`# fl j` mflj
mflc\qgi\e[i\cXg\`e\[\gXjj\iZ_\qdf`jXd\[`dXk`ea\mfljcXi\d\kkiX`#Z\hl`mXl[iXd`\lo#gXiZ\hl\efljgi\e[ifejefj
d\jli\jgflicË\emf`[\j„gi\lm\j%MfljdËfYc`^\i\q[\gi„m\e`iD%;@;FKhl`cXliXc\kflkjXd\[`jf`i#hl\a\[„j`i\hlËfegl`jj\
d\kki\cË`dgi\jj`fe\ekiX`ecle[`%Gclj`\lijdXiZ_Xe[j[\gXg`\ijËf]]i\ek~df`%EfljZXlj\ifej[\c\lijgi`oefljm\iifej[\j
„Z_Xek`ccfej¾¿
+'
(+0%
9\eaXd`e:FEJK8EK%C%J%#GXi`j(0fZkfYi\(/*'#~legi„j`[\ek2(gX^\\k[\d`\`e$/gfikiX`kaf`ek %
)''&),'
@ci\m`\ek~cXZ_Xi^\[XejcË`ek„i†k[\D%8li„%½Le\oXd\eXggif]fe[`mfljXZfemX`eZlhl\c\jXZZljXk`fej[fek`cXmX`k„k„cËfYa\k
e˄kX`\ekgf`ek]fe[„\j%JXZfe[l`k\[Xejc\j„c\Zk`fej#jfljled`e`jk…i\kpiXee`hl\#X„k„le\\oZ\gk`feiXi\\k_fefiXYc\%AËfj\
[feZ[`i\hlË`c\jk[\kflk\aljk`Z\[\c\[„[fddX^\i[\Z\hlË`cXglZiX`e[i\\k[\c\i„Zfdg\ej\i[\Z\hlË`cX]X`k%JfeXmXeZ\d\ek
j\iXleXZk\[˄hl`k„\kle\jXk`j]XZk`fegflic\j[„glk„j[\jfe[„gXik\d\ek¾¿
(,'%
>\fi^\j:FLIK<C@E<(/,/$(0)0 %C%8%J%#+*Xm\el\[\JX`ek$DXe[„#O@@\#~D%=<9MI<2(gX^\`e$/%
(''&()'
@cgifd\k[\c\c`i\Xm\ZXkk\ek`fe%½:\jf`i#a\mX`jXlMXl[\m`cc\#f“a\e\m\logXj#eXkli\cc\d\ekgifd\e\imfki\dXeljZi`kXl
i`jhl\[\c˄^Xi\i¾2`c`iXc\gi\e[i\m\e[i\[`\kc\i\e[iX[`dXeZ_\#½Xm\Zdfefg`e`fe¾¿
FEAF@EKle\XdljXek\C%8%J%[\A\XeK@JJ@<IXlG…i\Ef‡c(g%`e$+ %
(,(%
:_Xic\j:IFJ(/+)$(/// %G?FKF>I8G?@<#R(//*T#Xm\Z;y;@:8:<X%j%gXi>lp$:_Xic\j:IFJ2gXg`\iXcYld`e„(,o('Zd dfek„jliZXikfe
~cXdXihl\[lg_fkf^iXg_\)+o(/Zd%\eZX[i„\ %
-''&/''
9\Xl gfikiX`k [\ :_Xic\j :IFJ gXi c\ g_fkf^iXg_\ ?<EIP ~ M`eZ\ee\j# [„[`ZXZ„ gXi jfe Ôcj XŠe„ >lp$:_Xic\j :IFJ (/.0$(0,- 1
½ÁdfeZfcc…^l\\kXd`9i`Z_\d`e&9`\eZfi[`Xc\d\ek&>lp$:_Xic\j:ifj&8mi`c(0*)¾2`cX„^Xc\d\ek`ejZi`kjfljcXg_fkf^iXg_`\1
½:_Xic\j:ifj(//* ¾%
(,)%
8c\oXe[i\;LD8Jg…i\(/')$(/.' %D8ELJ:I@K[\cXdX`e[Ë8c\oXe[i\;LD8J=@CJgfliCX>l\ii\[\j]\dd\jZ_Xg%M@@~O@ #R(/+,T2
(.gX^\j`e$]fc%gX^`e„\j),~+( dfek„\jjlife^c\kj#i\c`li\YiX[\c[\d`$g\iZXc`e\ifl^\~Zf`ej#Xm\Z„k`hl\kk\[\k`ki\jlic\gcXk
jlg%
(%)''&(%,''
D8ELJ:I@K :FDGC<K ;< :@EH :?8G@KI<J ;< C8 >L<II<
# ifdXe hl`# gXi
c˄gfhl\\kgXiZ\ikX`ejg\ijfeeX^\j_`jkfi`hl\j#
g\lk †ki\ Zfej`[„i„ Zfdd\ j\ iXkkXZ_Xek ~
cX ]Xd\lj\ ki`cf^`\ [\j Dfljhl\kX`i\j% Eflj
jfdd\j jflj cX =ife[\# \k c\j ^iXe[j jËX^`k\ek
\k Zfejg`i\ek Zfeki\ DXqXi`e% :\cl`$Z` eflj \jk
dfeki„#Xl[„Ylk#[Xejle\cfe^l\Zfem\ijXk`fe
Xm\Z 8ee\ [Ë8lki`Z_\# Xlgi…j [\ hl` `c k\ek\ [\
i\eki\i\e^iZ\#\ecl`i„m„cXekleZfdgcfk%Gl`j
feeflj]X`kXjj`jk\iXlo`eki`^l\j[\jXi`jkfZiXk\j
\k ~ cX Zfejg`iXk`fe hl\ kiXd\ek c\j [lZj [\
9\Xl]fik \k [\ >l`j\ Zfeki\ DXqXi`e% Jl`k le\
g`kkfi\jhl\ [\jZi`gk`fe [\j jXcfej [\ c˄gfhl\#
gc\`ej[\Y\cc\j=ife[\lj\j#f“gXjj\ekDd\[\
Cfe^l\m`cc\#:fe[„#Dd\[\:_\mi\lj\#Dd\[\
DfekYXqfe#\kZ%>iZ\~lejkiXkX^…d\#DXqXi`e
gXim`\ek~]X`i\\o`c\iZ\kk\[\ie`…i\gXicXI\`e\#
dX`j jfe XdXek 9\Xl]fik ali\ [\ j\ m\e^\i [l
:Xi[`eXc#hlË`cgifa\kk\[\]X`i\\ec\m\i¿KflkZ\cX
\jk „mfhl„ gXi ;ldXj Xm\Z jX m\im\ _XY`kl\cc\#
\k c\ kXYc\Xl hlË`c Yifjj\ [l GXi`j [\ E`efe [\
C\eZcfj \k [\ cX >iXe[\ DX[\df`j\cc\# \k [\
kflk Z\ g\k`k dfe[\ [Ë`eki`^l\j# [\ ]Xjk\j \k [\
gXgfkX^\j dfe[X`ej# \jk ki…j m`mXek¿ :`kfej Z\k
XZ`[\ gfikiX`k [l ZXi[`eXc [\ I\kq# Xcfij XYY„
[\ >fe[` 1 ½ :\k XYY„ [\ >fe[p „kX`k le g\k`k
_fdd\ef`i#hl`e\mfpX`khl\[\]fikgi…j#dXc
]X`k#cX`[\kdXcX[if`k[\j\jdX`ej~kflk\jZ_fj\j#
dX`jiXZ_\kXekZ\kk\dXcX[i\jj\g_pj`hl\gXile\
^iXe[\Xgk`kl[\~kflkZ\hl`„kX`k`eki`^l\j#XpXek
le\gXjj`fe[fd`eXek\#cËXdY`k`fe#[Ële\_ld\li
`ehl`…k\#\kjXejZ\jj\kflid\ek„gXicXY`c\¾¿
:\ ifdXe# „Zi`k \e ZfccXYfiXk`fe Xm\Z 8l^ljk\
DXhl\k# cËX „k„ Xljj`# Zfdd\ c\ dfeki\ Z\
dXeljZi`k#Xm\ZcXgXik`Z`gXk`fe[\;ldXjÔcj#hl`
XglXljj`kiXmX`cc\ijfljcX[`Zk„\[\jfeg…i\2Z\j
gX^\j# ~ cË\eZi\ Yc\l\ jli [\ ^iXe[j ]\l`cc\kj [\
gXg`\i Yc\lk„# gi„j\ek\ek [\ efdYi\lj\j iXkli\j
\kZfii\Zk`fej#efkXdd\ekgflic\jZ_Xg`ki\j@O~
O@#Xm\Zgclj`\lijcfe^jgXjjX^\j\ek`…i\d\ekY`]]„j%
;<J =<DD<J ;\ Gfkk\i# (/+,$(/+-
+(
(,+
(,*%
(--
>\fi^\j;LDyQ@C(/0/$(0/- %D8ELJ:I@KXlkf^iXg_\\k)c`mi\jXm\ZEFK<JXlkf^iXg_\j%
*''&+''
:8IE<KXlkf^iXg_\#<ogi\jj`fejcXk`e\j,g%`e$()#Xm\Z-g%`ek\iZXcX`i\j#XlZiXpfefl~cË\eZi\ 2ZXie\k[\a\le\jj\[la\le\cpZ„\e
gfikXekjXj`^eXkli\jlicXZflm\ikli\2[\loefk\jXlkf^iXg_\jjlig\k`kj]\l`cc\kjfek„k„Xaflk„\j#[fekle\Z`kXk`fe[\:fie\c`lj
E\gfj1½C\YXiYXi\#eË\ejflgƒfeeXekgXjcXg\iÔ[`\#R¿Tc\c\e[\dX`ec`miXYXkX`cc\[XejleYiXj[\d\ii\jj\ii„f“jfe`dd\ej\
Õfkk\e\glkj\[„gcfp\i¾%
CX JX`ek\ 9`Yc\# kiX[% [\ Cfl`j J<:FE; GXi`j# (0)* # Xm\Z hhj XeefkXk`fej Xlkf^iXg_\j \k ) ]\l`cc\kj `ek\iZXcX`i\j Xm\Z efk\j
Xlkf^iXg_\j2c\]Xlo$k`ki\gfik\cXj`^eXkli\[lg_`cfcf^l\\kcX[Xk\½:fejkXek`efgc\(+efm\dYi\(0).¾%
>„f^iXg_`\%C\jgi`eZ`gXc\jgl`jjXeZ\j„Zfefd`hl\j[ldfe[\%I„jld„X`[\$d„df`i\gXi8%8cc`o#8%C\pi`kq\k8%D\ic`\iGXi`j#
(0*0 % DXel\c jZfcX`i\ XpXek XggXik\el ~ jX Ôcc\ 8ee\$G\ii`e\# \k gi„j\ekXek gclj`\lij XeefkXk`fej Xlkf^iXg_\j [\ ;ld„q`c# Xl
ZiXpfe%
(,+%
y :I@M8@EJ<KAFLIE8C@JK<J%*.G%8%J%#Rm\ij(0*'T2jli(gX^\^iXe[`e$]fc%Z_Xhl\#gclj`\lijgfikXekc\k`dYi\j\ZGXole`j%
(%'''&(%)''
8GG<CJ <E =8M<LI ;< C8G8@O%C„fe98@C9P#>\fi^\j9<IK?FLC8K(0*' #?\eip9@;FL½CXGX`o\jkcËX`c\[\cXM`Zkf`i\¾ #yc`\A%9F@J#G`\ii\
9FE8I;@#G`\ii\9I@JJFE#yd`c\9LIy#=iXeZ`j;<C8@J@MXijfm`\(0)/ #Cfl`j=FI<JK#D`Z_\c><FI><J$D@:?<C#GXlc>@E@JKP½CXGX`oC\gcljY\Xl
dfk[Xejkflk\jc\jcXe^l\j¾¿ #LiYX`e>F?@<I#A\Xe>I8M<(0)0#cfe^[„m\cfgg\d\ekjli)gX^\j #8[i`\e?y9I8I;#GXlc?<LQy#DXiZ\c
?LK@E(0*' #?\ei`[\B<I@CC@JC%8%J%~>\fi^\j;\a\Xe#(0*'1½a\_X`jcX^l\ii\¾¿ #I\e„C8I8#Cfl`jC8KQ8ILJ#Jk„g_Xe\C8LQ8EE<#>\f%
CFE;FE(0*' #?\eipD8C?<I9<#M`ZkfiDyI@:#>\fi^\j[lD<JE@C#AXZhl\jDFIK8E<(0)0 #yk`\ee\[\E8Cß:?<#F[\kk\G8EE<K@<I#>\fi^\j
G@F:?gf…d\#(0*' #Cfl`jIFL98L;#DXiZ\cIFL==#?%IFLO$:FJK8;8L#:_Xic\jJ8E:<ID<#DXiZJ8E>E@<I½Gfli]X`i\cXgX`o#`c]Xlk[ËXYfi[
Xmf`ile\d\gXZ`Ôhl\\kÈZif`i\~cË8dfliɾ#(0). #8cg_fej\Jy:?y#?\eipJ@DFE;#?\ei`[\N<@E;<C#8c\oXe[i\QyM8ßJ%
I\gif[lZk`feZ`$[\jjlj
+)
(,,%
<jgi`k=Cy:?@<I(-*)$(.(' %D8ELJ:I@KXlkf^iXg_\#R)(efm\dYi\(-00T2*gX^\j`e$/%
*''&+''
?8I8E>L< ;< CËyMÜHL< ;< EáD<J Á CË@EK<E;8EK ;L C8E>L<;F:# E`ZfcXj [\ C8DF@>EFE ;< 98JM@CC<# cfij [\ cËXjj\dYc„\ [\j ykXkj [\ cX
gifm`eZ\%
½Le[\jgi\d`\ijjf`ej[\efjykXkjXjj\dYc\q#\jk[\eflj[\glk\i`Zpefegflipcf•\icXg\e\kiXk`fe[\mfki\\jgi`k#cX[if`kli\
[\mfki\ZÅli#cXaljk\jj\[\mfjj\ek`d\ej#cË\c\mXk`fe[\mki\^\e`\#aljk`Z\hlËfemflji\e[\^Xc\d\ek[Xejkflkc\IfpXld\%
DX`jgflimfljk\df`^e\icËX]]\Zk`fecXi\Zfef`jjXeZ\[\Z\kk\gifm`eZ\hl`i\jj\ekc\jfYc`^Xk`fejhlË\cc\mfljX#hl`mf`kmfj
^iXe[\jhlXc`k„j[\gcljgi…j#[Ëf“Zfdd\[lZ\eki\[\mfki\i\glkXk`fegXik\ekcË\jk`d\cËXggifYXk`fe[fekmfljaf•`jj\q[Xej
c\dfe[\¾%%%@ci\ZfeeXŠkc\jY`\e]X`kj[\jfeXZk`fe[Xejc\CXe^l\[fZgflicXaljk`Z\\kc\Zfdd\iZ\#\k½c\q\c\hl\mfljXm\qgfli
cXgli\k„[\jXI\c`^`fe¾%%%½J`mfljeËXm\qgXjkflaflij\lc\Yfe_\li[\efljjflcX^\i#mflj\eXm\q\lc\[\j`i%MfljXm\qX[flZ`#
hlXe[mfljcËXm\qgl#cXi`^l\li[\jk\dgj#[Xejc\jY\jf`ejgi\jjXej[\cË<kXk#mfljeËXm\qgXjflYc`„c\jefjki\j#kflkZ\hl`\jk[\
mflj[Xejmki\X[d`e`jkiXk`feeflj\jkkflaflijXmXekX^\lo]XmfiXYc\#cfijd†d\hl\efljZiX`^efejc\jX]]X`i\jh%mfljkiX`k„j#
efljX`dfejkflaflijZ\cl`hl`c\jkiX`k\%Eflj\jg„ifej#Dfej`\li#hl\Z\j\iXgXimfljhl\efljm`\e[ifekc\jjflcX^\d\ej[\cX
GX`o¾%%%
(,-%
Af_e>flc[=C<K:?<I(//-$(0,' gf…k\Xd„i`ZX`e%GFßD<Xlkf^iXg_\j`^e„#K_\JnXe2(gX^\`e$+2\eXe^cX`j%
*''&+''
G`…Z\[\kif`jjkifg_\j#jXejiXkli\e`Zfii\Zk`fe%
½Le[\iXnXccf]Yifeq\#
N_\i\Y\\Z_\j[`gXe[kiX`c
K_`eYiXeZ_\j`ek_\nXk\i#
N`k_i\[$k`gg\[_\X[Xe[n`e^j#
8Y\Xb\[j_`gle[\ijX`c#
K_\i\^c`[\j~^i\XkYcXZbjnXe¾¿
FEAF@EK*g_fkf^iXg_`\j[\gi\jj\i\gi„j\ekXek;fl^cXj=8@I98EBJ(0(0 #Af_e;%IF:B<=<CC<I(0)) #\kc\eXm`^Xk\liAfj_lXJCF:LD%
(,.%
9\ieXi[C\9fm`\i[\=FEK<E<CC<(-,.$(.,. %C%8%J%#GXi`j).j\gk\dYi\#~:cXl[\9IFJJ<KK<#XmfZXk~Cpfe2*gX^\j`e$/#X[i\jj\#
kiXZ\j[\ZXZ_\kZ`i\ifl^\%
.''&/''
½A\mfljjl`jki…jfYc`^„[\dËXmf`iXggi`jhl\D%c\DXi„Z_Xc[\M@CC<IF@m\lkY`\edËXjjfZ`\igflile[\j\jki…j_ldYc\jj\im`k\lij%
A\mfljXjjli\hl\a\c\jl`j[\dXe`…i\~e\Z\[\i~XlZle[\mfljXlki\jd\jj`\lijc\jCpfeef`j#e`[\Z\lohl`cl`jfekXkkXZ_„j
[\gl`jgcljcfe^k\dgjhl\df`%A\e\mfljd\kjgf`ek\ec`^e\[\Zfek\i[\j^iXZ\jhlË`cdËX]X`k\j#\k[\j^iXZ\jgi\m\eXek\j#[fek
a\eËXmf`jaXdX`jkXjk„[\cXgX`o[ËXlZlej\`^e\li#a\jl`jg\ijlX[„hl\a\m`\e[if`jXlkXek~cl`gXicXj\lc\Zfeef`jjXeZ\hl\aËX`
gi`j\#\ec\mfpXek#[\jfeZÅli\k[\jfeZXiXZk\i\%EfljXlki\jg_`cfjfg_\jjXlmX^\jefljXmfejeXkli\cc\d\ekXjj„jdXlmX`j\
fg`e`fe[\j>iXe[j#\ka\e\d\j\if`jgf`ekXkk\e[l~Z\hl\aËX`kiflm„\ecl`¾¿Gl`j`cXYfi[\cXhl\jk`fe[\jXg\k`k\„g`^iXdd\1
½c\j[`]]\i\ek\jc\ƒfeje\jfekgXj[\^iXe[\`dgfikXeZ\\egXi\`cc\dXk`\i\#\ka\cXm\iif`jkflk\[„Ô^li„\jXeji\jj\ek`iXlZle\
\dfk`fe[Xejd\j\ekiX`cc\jgXk\ie\cc\j%AËX`Y`\e]X`k\edXm`\[ËXlki\jkiX`kj[\d„Z_Xekg…i\#flgcljkfjk[\g…i\hl`i\e[f`kaljk`Z\
Xj\j\e]Xekj%DX`j\eÔej`mfljmflc„jhl\aËX^`jj\j\cfele\k\e[i\jj\hl\a\eËX`gf`ek¾¿
](,/% GXlc=FIK(/.)$(0-' %C%8%J%#GXi`j(-]„mi`\i(0)0#R~9Xj`cQ8?8IF==T2(gX^\\k[\d`\`e$+%
/'&(''
½:fdd\ekmflj[`i\Xm\ZXjj\q[˄dfk`fehl\mfljm\e\qle\]f`j\eZfi\[\i\e[i\~dXm`\„hl`c`Yi\\kZ\ik`kl[\\khl\c\j
i„Xc`jXk`fej# Xlohl\cc\j dËfYc`^\ek dfe [\mf`i \k dfe ZÅli# mflj j\ifek [l\j% A\ mflj i\d\iZ`\ R%%%T% DX[Xd\ DXi`X C<P$;<LKJ:?#
i\Z\mXek[\mfljc\dXeljZi`k[\=Xeep<cjjc\i#Xggiflm\iX#aË\ejl`jj”i#hl\#g\ejXek~\cc\\e„Zi`mXekZ\kk\Ålmi\#aËX`\\eZfi\
Y\XlZflgg\ej„~mfljÆ[„j`iXeki„gfe[i\#Xm\Z[\]X`Yc\jdfp\ej#dX`jXm\Z]\im\li#~mfki\[flYc\ZfeÔXeZ\%A\jl`jkflk_\li\lo
hl\mfljXZZfi[`\q~Z\jgX^\jle\mXc\ligf`ekkifg`e[`^e\[\jjfl_X`kj\k[\jml\j[\dXgf„k`hl\\kZ_XidXek\`ejg`iXki`Z\#[fek
aËX[d`i\c\^iXe[kXc\ek¾%%%
(,0%
8eXkfc\=I8E:<(/++$(0)+ %C%8%J%#GXi`j()]„mi`\i(/0(#~D%G8I@J<K2(gX^\`e$/g\k`k\]\ek\ %
,'&-'
Gi`…i\[\i\d\kki\~D%9Xc`^Xe[cXjfdd\[\(,'']iXeZj½gflic\i…^c\d\ek[\cËX]]X`i\>l`ccfk#c\jhl\cjhl`eq\Z\ekj]iXeZjj\ifek
gfik„jXl[„Y`k[\dfeZfdgk\XlK\dgj¾¿
(-'%
G
Xlc`e>8>E<(/'/$(/.- %C%8%J%½>X^e\#XmfZXk#Z`kfp\e[lg\lgc\le`m\ij\c¾Xm\ZGFßD<#GXi`j,j\gk\dYi\(/.)#~C„feZ\;LGFEK
i„[XZk\li[l>Xlcf`j2(gX^\`e$/Zfeki\Zfcc„\jligXg`\i]fik %
(''&(,'
@cc\gi`\[\glYc`\i[XejC\>Xlcf`jle½hlXkiX`eXiZ_`gXekfZiXk`hl\R¿Thl`i\e]\id\cXjX^\jj\jfljc\dXek\Xl[\cX]fc`\¾1
CËXiZ_`$Zfej\`c[\cËXiZ_`$jXclk½XloXiZ_`$\dg\i\lij[\jXiZ_`$Zfe^i…j[\9\ic`e[\cX?X`\¾1½8iZ_`$^iXe[j<dg\i\lij#gfliZi„\i
cËXiZ_`$m`\#&8iZ_`$gifZcXd\qkfljcËXiZ_`$gXekfZiXk`\¾¿
(-(%
8e[i„>@;<(/-0$(0,( %C%8%J%#M\e`j\)(Xmi`c(/0/#R~<l^…e\DFEK=FIKT2)gX^\jg\k`k`e$+%
),'&*''
9<CC<C<KKI<;ËyCF><JJLI:?8@Ihl`m`\ek[\gXiXŠki\XlD\iZli\[\=iXeZ\%½A\eËX`d\gXj„Zi`i\[`i\Zk\d\ek~hl\chlËle[\jcflXe^\jÆ
\kgflikXekXlafli[Ë_l`aË\eX`Y`\e\em`\#eËXpXek~gi„j\ekg\ijfee\gi…j[\df`~hl`gXic\i[\mfki\c`mi\Æhl\mflj%A\mfljcfl\iX`
[feZ[Ëfj\iXYlj\i[\mfki\a\le\jj\%A\e\jX`jZ\hl\gcljkXi[mflj„Zi`i\qXm\ZZ\kk\gXjj`fe#[l[iXd\#a\jfl_X`k\ ÆdX`j~Zflg
j”iZ\e\j\iXe`Jpcm`\RJpcm`\flC\jydf`jgXjj`fee„jTe`:_X`i¾#hl`\jkZ\hlË`c[\mX`k„Zi`i\dX`ek\eXek%@cj˄kfee\½[\kiflm\i
+*
[„a~kXek[\jXk`j]XZk`fe[Xej[\j`ek\ia\Zk`fejj`g\lZffi[fee„\j2ZË\jkhl\Z_XZle\\e\cc\$d†d\\jkX[d`iXYc\d\ek]fidlc„\%
8cc\q$mflj#Xm\ZZ\kk\Yi”cli\jXmf`i#gflmf`ie\gXjmXgfi`j\ikflk\Z_fj\6¾¿@cXkk\e[jfegifZ_X`efgljXm\Zle\`dgXk`\eZ\½hl\
:_X`iXdX`ek\eXekki…jk\ii`Yc\d\ek\oZ`k„\¾¿
(-)%
8e[i„>@;<%C%8%J%#((fZkfYi\#~leXd`2(gX^\\k[\d`\`e$()%
(''&(,'
½A\Zif`jhlË`cj\iX`k`ek„i\jjXekgflimflj[\gXic\iXm\ZC<9FLC8E><I`ek„i\jjXekgflicl`[\gXic\iXm\Zmflj#`cmXjXej[`i\%DX`j
C\9flcXe^\id\[`k[\jZ_fj\jjlic\AXgfe hl`d\j\dYc\ek[\eXkli\~mflj`ejkil`i\¾¿@cc\ZfeeXŠk[\gl`jki\ek\Xej%%%
(-*%
8ik_li[\>F9@E<8L(/(-$(//) %C%8%J%½8%¾#JkfZb_fcd,dXij(/.*#R~J8=<DD<T2(gX^\`e$/c„^\ij[„]Xlkj %
),'&*''
@c„mfhl\jfeXd`c\Zfdk\[\GIFB<J:?$FJK<E#gl`jjfeifdXeC\jGc„`X[\j1½a\mfl[iX`jY`\emf`ic\jGc„`X[\jXmXeZ\i\kj`Z\cX
j\gflmX`kÔe`i%8lZle[\d\jc`mi\je\dËX[fee„XlkXek[Ë\eel`¾¿FEAF@EKle\C%8%J%[\DXo`d\J<IG<@CC<#(0dX`(0(*#[feeXek[\j
gi„Z`j`fejjliZ\kk\c\kki\%
(-+%
8ik_li[\>F9@E<8L%C%8%J%#JkfZb_fcd(-al`e(/.+#R~:_Xic\j[Ë?yI@:8LCK6T2)gX^\j\k[\d`\`e$/%
),'&*''
¿½D`cc\i\d\iZ`\d\ekj[\Z\hl\mfljmflc\qY`\ed\[`i\gflic\jGc„`X[\j%AË\ejl`jkflk~]X`ki\ZfeeX`jjXek%@c\jk[ËX`cc\lij
eXkli\chl\kflkZ\hl`\jkglYc`„jf`kjla\kXlo[`]]„i\ek\jfg`e`fej#`dgi\jj`fej\kdXe`…i\j[\mf`i[\Z\lohl`c\c`j\ek%Mfljd\
gXic\q[\cXZi`k`hl\[\D%DFI;KD8EEjlid\jg`\ii\j^iXm„\j[fek`cg\ej\hl\,fl-jfek]XYi`hl„\ji„Z\dd\ek%D%Dfi[kdXee
\jkleYiXm\_fdd\#XeZ`\ed`e`jki\[\?XdYfli^~:fejkXek`efgc\hl`Xii`m\~d\kki\[Xejc\jaflieXlo[\jefk`Z\j[\Z\^\ei\jli
c\jZfcc\Zk`fej[\jd„[X`cc\j\kXlki\j%HlXe[fecl`i„gfe[`c\jkki…jZfek\ek%DX`ja\e\cl`X`gXj[fee„Z\gcX`j`i¾¿
(-,%
8ik_li[\>F9@E<8L%C%8%J%½8%¾#Ifd\(.dXij(//'2+gX^\j`e$/%
*''&+''
9<CC<C<KKI<ÁLE=8D@C@<I%½A\i\ƒf`jkXc\kki\#g\k`kdXc_\li\lo#kleËXj[feZgXji\ƒlcXd`\ee\\ei„gfej\~Z\cc\f“kld\gXicX`j
[ËFkkXiAXic¾%%%@cXkk\e[jXm`j`k\1½^Xi[\kf`jlikXk†k\[\d\dXehl\i\efZkfYi\fli\[flk\dX]li\li¾¿@ckiXmX`cc\~cXjZlcgkli\#
\k„Zi`kY`\e1½A\m`\ej[\k\id`e\ileY\XlYljk\[Ë_fdd\\kaË\eZfdd\eZ\leXlki\%A\kË\em\iiX`Z\cl`[\cË8dX[`jhlXe[aËXliX`
kiflm„leg_fkf^iXg_\hl`e\c\dXehl\iXgXj%R¿TA\e\jX`jgXjhlXe[a\glYc`\iX`cXj\Zfe[\gXik`\[\cË8dX[`jdX`jcXkif`j`…d\
XmXeZ\]fikY`\e\kj\iXÔe`\Z\kk\Xee„\#Xcfijfem\iiX%Le\Xd`\dËX„Zi`kki…jal[`Z`\lj\d\ekhl\aËX`dXehl„dfeX]]X`i\gflic\
ki`fdg_\[ËFkkXi#\eflYc`Xek[\c\dXi`\iXm\ZEXeXRc\ifdXe[\QfcXm\eX`k[\gXiXŠki\T%IXZfek\Z\cX~DX[Xd\[\CXifZ_\%<cc\
k\[`iXhl\ZË\jkgXi]X`k\d\ekaljk\#hl\j\lc\d\ekEXeXXliX`k]X`kle\dXlmX`j\X]]X`i\¾¿
(--%
JXZ_X>L@KIP(//,$(0,. %D8ELJ:I@KXlkf^iXg_\]iX^d\ekj Xm\Zle;<JJ@E#RJf`oXek\Aflij[\gi`jfe#(0+0T2.gX^\jg\k`k`e$+%
+''&,''
=iX^d\ekj[li„Z`k[\jXZXgk`m`k„g\e[XekcË`ejkilZk`fe[\jXZfe[l`k\jfljcËFZZlgXk`fe%C\dXeljZi`kZfdgc\k]lk„Zi`k\eml\
[Ële\glYc`ZXk`fe\e]XZ$j`d`c„ycXe#(0+0 %8gi…jXmf`i„mfhl„c\al^\8e^„iXj\kle\c`Y„iXk`fe`eZ\ikX`e\#\kXgi…jXmf`igcX`jXek„
jlijfe`ek\ek`fe[\]X`i\m\e`ile\]\dd\\egi`jfe[\jj`e~cË\eZi\ef`i\[Ële\]\dd\el\Xccfe^„\#hl`eËXgXj„k„i\gif[l`k[Xej
c\c`mi\ #>l`kipjËXkkXhl\~jfe\ee\d`#G`\ii\9I@JJFE#[`i\Zk\li[l=`^Xif#`ife`jXekjlijfeZ_Xe^\d\ek[ËXkk`kl[\iX[`ZXc\em\ij
cËFZZlgXek\kc\DXi„Z_Xc1½Df`#a\eËXgg\cc\gXjZ\cX†ki\i„j`jkXek¾¿
FEAF@EKle\G?FKF>I8G?@<j`^e„\ZXik\gfjkXc\#G_fkfG`Xq %
I\gif[lZk`fegX^\+)
(-.%
G
Xlc>LK?(0('$(00. %K8GLJ:I@KXm\Z :FII<:K@FEJXlkf^iXg_\j#RC\kki\j~mfki\Ôcjhl`\eXiXjc\Yfc#(0.-T2(/*gX^\j`e$+[fek*
\ek`…i\d\ekXlkf^iXg_\j%
(,'&)''
K8GLJ:I@K 89FE;8DD<EK :FII@>y[\Z\i\Zl\`cjlicXjfZ`„k„df[\ie\\kcXa\le\jj\gXilZ_\q=cXddXi`fe\e(0.-%8[i\jj„\j~jfe
g\k`k$e\m\l;fd`#Z\jc\kki\jkiX`k\ekXm\Z_ldfli[\jla\kj[ËXZklXc`k„k\cjhl\cË`^efiXeZ\[\cËfik_f^iXg_\#c\jZ_\m\locfe^j#cX
jfef#cXZiXmXk\#c\kXYXZ#cX½c`Y„iXk`fe[\cX]\dd\¾#c˄[lZXk`fej\ol\cc\#c\j_fdfj\ol\cj#cX½gfcclk`fegfc`k`hl\¾#cX[if^l\¿
(-/%
Afj„$DXi`X[\?<I<;@8(/+)$(0', %GFßD<Xlkf^iXg_\j`^e„#C\M`\`cFi]…mi\#Xm\ZC%8%J%[Ë\emf`#R(/.0T2(gX^\`e$]fc%\k(gX^\`e$/
~cË\eZi\m`fc\kk\%
*''&+''
9\Xljfee\k[„[`„½8lYXife:_%;Xm`cc`\i¾1
½D`\lohlËXlZledXŠki\`ejZi`kXlc`mi\[\dXŠki`j\#
HlË`cX`kefdIlpq#8ig_„#O`d\e`j#9\Z\ii`c#
AËX`j\ik`c\ilY`j#cXg\ic\\kc\Y„ipc¾¿
@c\emf`\Z\jfee\k~c˄[`k\liHlXek`e#\kXi\cXeZ„:fgg„\1½jfejfee\kj\]X`k[`Xeki\d\ekk`i\icËfi\`cc\¾¿
(-0%
?@JKFI@<EJ8:8;yD@:@<EJ%<em`ife/'c\kki\jflg`…Z\j#cXgclgXikC%8%J%
)''&),'
FZkXm\8L9IP* #A„id\:8I:FG@EF) #AXZhl\j:?8JK<E<Kgf…d\ #I\e„>IFLJJ<K#:Xd`cc\ALCC@8E+#gclj)gcXhl\kk\jXm\Z\emf`j #
G`\ii\[\C8>FI:<- #>fjj\c`eC<EåKI<((#gclj)c%X%j%~cl`X[i\jj„\jgXiJXZ_X>L@KIP\k<%C8M@JJ< #=i„[„i`ZD8JJFE).#gcljle\c%X%j%[\
>%C8IIFLD<Kjlic\j„c\Zk`fejXZX[„d`hl\j #8cY\ikM8E;8C(,#gcljle\~jfejla\kgXiC%9l]]\k#\k*[\jfeg…i\#y[flXi[M8E;8C %
++
(.'%
M`Zkfi?L>F(/')$(//, %C%8%J%#=flihl\lo(.Xf”kR(/*-T#~GXlc;<C8J8CC<#~:X\e2(gX^\\k[\d`\`e$/#X[i\jj\%
.''&/''
@cXcl\ki\c`iXjfec`mi\RG`\ii\>i`e^f`i\T%½MfljXm\qcË\jgi`k[Ëleg_`cfjfg_\\kcËd\[Ëlegf…k\%Mflj]X`k\jm`mi\\kgXcg`k\iZ\
gXlmi\G`\ii\>I@E>F@I<%A\mflji\d\iZ`\Xlefd[\kfljc\jgf…k\j#Xlohl\cj`ci\jj\dYc\leg\l%Df`#a\e\jl`ji`\ehlËle„Z_f
flm\ik[\kflk\jgXikj~cXeXkli\\k~cËXik#hlËle\mf`ohl`Z_\iZ_\cË_Xidfe`\#hlËleZÅlihl`jfl]]i\\khl`j\ek%AËX`d\kflkZ\hl`
\jkj`dgc\#miX`\kgif]fe[%A\mflji\d\iZ`\[\mfki\gf„j`\¾¿
FEAF@EKleY`cc\k~fi[i\gflicXjfljZi`gk`feXloÄlmi\jZfdgc…k\j#yg`eXc(//(%
(.(%
`Zkfi ?L>F% C%8%J%# JX`ek$Gi`o$cX$K\iiXjj\ + fZkfYi\ (/+(# ~ Cfl`j$EXgfc„fe ><F==IFP$:?ÛK<8L# al^\ Xl ki`YleXc Z`m`c [\ cX J\`e\ 2
M
)gX^\j`e$/#X[i\jj\%
/''&(%'''
9<CC<C<KKI<~gifgfj[\EXgfc„feXgfZipg_\#_`jkf`i\[\cXZfehl†k\[ldfe[\\k[\cXdfeXiZ_`\le`m\ij\cc\#(/()$(/*)[\><F==IFP$
:?ÛK<8L%½Mfki\c`mi\R¿T\jkledX^e`Ôhl\i†m\%MfljXm\q„Zi`k#\e\oZ\cc\ekjkpc\#c˄gfg„\[lgfjj`Yc\2\kaËXmfl\hlË\emfljc`jXek
aËX`i\^i\kk„gclj[Ële\]f`jhl\cXgifm`[\eZ\eËX`kgXjmflcl[fee\iZ\Y\XlZfek\gfliZflifee\d\ek~efki\Y\cc\_`jkf`i\%Mflj
Zfii`^\qcËÅlmi\`eZfdgc…k\[\;`\l#mfljcXi\]X`k\j#\kmflj†k\jXjj\qgf‡k\gflihl\Z\kk\Xl[XZ\jf`k#efej\lc\d\ek\oZlj„\#
dX`j\eZfi\XggcXl[`\¾¿
(.)%
M`Zkfi?L>F%C%8%J%½M`Zkfi?%¾#Rm\ij(/+(6T#~jfeYXehl`\iD%>8@CC8I;2(gX^\`e$/%
½A\mflj\emf`\cXefk\[\jaflieXlo#Dfej`\li#aËX`YXii„Z\lohl`jfekj\im`j%A\eËX`gXj\lkflk~]X`kXjj\q[Ë\o\dgcX`i\j%AËX`d`j
c\jX[i\jj\jgXikflk#~kif`j\oZ\gk„#c\:_Xi`mXi`#c\:fdd\iZ\#\kcXKi`Yle\[iXdXk`hl\%Mf`Z`cXefk\[\jaflieXlof“a\Zif`jlk`c\
[\]X`i\[\jXeefeZ\jflki\c\jaflieXlo_XY`kl\cj¾¿
(.*%
M`Zkfi?L>F%C%8%J%½M`Zkfi?%¾#0[„Z\dYi\R(/,'#~yd`c\JFLM<JKI<6T2(gX^\`e$/%
-''&/''
½A\mfljXggl`\iX`[\kflk\dfed\#dfeZ_\i\k\oZ\cc\ekZfe]i…i\2dX`jc~Zfdd\X`cc\lij#c~gcljhlËX`cc\lij#cXi„XZk`fei…^e\#
^flm\ie\\kXgcXk`k2aËpj\ejc\ifljj`\kmfljpj\ek\qc\]X^fk%KZ_\q[Ëpkiflm\ihl\chl\\jZXi^fkjpdgXk_`hl\%:\cXmfljj\iX
[`]ÔZ`c\#aË\ejl`j[„jfc„\kZ_Xid„gflimflj%A\mfljj\ii\cXdX`egflikflk\jc\jYfee\j\kY\cc\jZ_fj\jhl\mflj]X`k\j¾¿
(.+%
M`Zkfi?L>F%C%8%J%#?Xlk\m`cc\_flj\0al`eR(/-.6T#~leZfe]i…i\2)gX^\j`e$/g\k`k\[„Z_`ijXejg\ik\[\k\ok\ %
,''&-''
½A\e\i„ZcXdX`jgXj\ke\[„d\ekX`ji`\e#\kdXc\kki\„kX`kkflk\gi`m„\#dX`ja\jl`j\eZ_Xek„hlË\cc\X`k„k„glYc`„\#gl`jhl\Z\cX
d\mXlkmfki\c\kki\Z_XidXek\\kmfki\Y\Xlc`mi\%Mfj„ZcXkXekjjlZZ…jZfdgk\ekgXid`d\jaf`\j[\jfc`kX`i\2`c]XlkhlË`cjjf`\ek
Y`\e^iXe[jgflihl\mfljXp\qglXaflk\i[\cX^cf`i\~mfki\efd%A\mflj\emf`\d\jÅlmi\j%C˄[`k`feeË\jkgXj\eZfi\Zfdgc…k\
R¿TJ`a˄kX`j~GXi`j#a\mfljgfik\iX`jdf`$d†d\Z\jhl\chl\jmfcld\j¾¿
(.,%
M`Zkfi?L>F%C%8%#?Xlk\m`cc\?flj\)*]„mi`\iR(/-/T#Xl;iyd`c\8CC@O2)gX^\j`e$()g\k`k\]\ek\ %
+''&,''
@cXi\d\iZ`„c\;i8O<E=<C;[\jfe\oZ\cc\ekkiXmX`cjlic\jjfiZ`\ijRA\XeN`\i\kcXjfiZ\cc\i`\T%½AËpZif`jleg\lXlojfiZ`\ij#ZXi
mfljcˆk\j#cl`\kmflj#\kmflj†k\j\ekiX`e[\i\d\kki\jlig`\[dXY`\e$X`d„\dXcX[\%A\e\jXliX`jmflj[`i\Zfdd\mfjjf`ejd\
kflZ_\ek%<kd\iZ`Xljj`gfliIlp9cXj%J\ii\qc\jdX`ej[\Z\lohl`dËX`d\ek%;`k\j~Z\ja\le\j^\ejhl\dfe\jgi`k\kdfeZÅli
jfekXm\Z\lo¾¿
(.-%
M`Zkfi?L>F%C%8%J%½M%¾#?Xlk\m`cc\?flj\[`dXeZ_\-#RXl;iyd`c\8CC@OT2(gX^\\k[\d`\`e$()%
*''&+''
½D\iZ`[\mfki\Yfee\\kjg`i`kl\cc\c\kki\%JZfkk#hl`#mfljc\jXm\q#\jkY`\e`e\oXZk#e\mX~:_\iYfli^hl\[\dX`ecle[`6<k`iX$
k$`c6:\cX[„g\e[[\cXk\dg†k\#hl`[li\jk\j\ZXcd\\eZ\dfd\ek¾¿@ccl`ZfeÔ\ledfkgfli?\ei`IF:?<=FIK¿
(..%
M`Zkfi?L>F%C%8%J%½M%¾#?Xlk\m`cc\?flj\-[„Z\dYi\R(/.)T#Xl;iyd`c\8CC@O2(gX^\`e$/#\em\cfgg\%
+''&,''
½Mflj†k\jYfe\kZ_XidXek%A\mflji\d\iZ`\[\d˄Zi`i\j`^iXZ`\lj\d\ekZ\jYfee\jeflm\cc\j[\M`Zkfi\k[\d\jg\k`kj%
CËXZZ`[\ek[Ë8O<E=<C;d\eXmi\2ZË\jkleefYc\Z\im\Xl#a\m\lokflaflij[`i\ZË\jk#ZXiaË\jg…i\cXm`\\kcX^l„i`jfe#hl`#\egXi\`cZXj#
\jkgcljhl\cXm`\¾¿
(./%
RM`Zkfi?L>FT%Alc`\kk\;IFL<K(/'-$(//* %C%8%J%#9ilo\cc\j(+al`cc\kd\iZi\[`dXk`eR(/,)T#~M`Zkfi?L>F2+gX^\j`e$/%+''&,''
<cc\e\Z\jj\[\g\ej\iXlki`jk\„m„e\d\ek[Ë_`\i1½flki\cXg\ik\dXk„i`\cc\hl`\jk`dd\ej\gflieflj#jlikflk[XejZ\dfd\ek$
Z`#`cpXcXg\ik\dfiXc\#cXZfeÔXeZ\#cË\jk`d\hl\i`\ee\g\lki\dgcXZ\i%A\e\jX`jgXjZ\hl\a\e\[fee\iX`jgXjgflihl\Z\kk\
Z_fj\j`cflZ_\j\[„efl\~cË_fee\li[\cXgifY`k„[\Z\kk\dXc_\li\lj\]Xd`cc\¾¿<eXkk\e[Xek[\dX`e#cX[flZ\li\kc\ZfliX^\
[\?l^fcl`\eki\ek[Xejc\ZÅli\kc\]fekjX`^e\i1½GXlmi\#gXlmi\^iXe[X[fi„#ZË\jkgi\jhl\lei\dfi[gflidf`[\g\ej\ihl\
Z\jliZifŠk[Ë\dYXiiXjkËXii`m\~dfefZZXj`fe%R¿TA\kËX`d\\ka\d\i„j`^e\~dfekfli~dXdXlmX`j\Z_XeZ\¾¿
](.0% ?
\ei`b@9J<E(/)/$(0'- %G?FKF>I8G?@<Xm\Z J@>E8KLI<Xlkf^iXg_\Xl[fj2g_fkfZXik\[\m`j`k\('#)o-#*Zd jligXg`\iXcYld`e„
dfek„jliZXik\~cXdXihl\[lg_fkf^iXg_\<%?F?C<E9<I>~:fg\e_X^l\%
(%'''&(%)''
9<8LGFIKI8@K<E9LJK<[\c˄Zi`mX`e[XejjXi\[`e^fk\#Xm\Zj\j]Xmfi`jYcXeZj\kcle\kk\jjlic\e\q%8l[fj#`cXj`^e„1½?\ei`b@Yj\e¾%
+,
](/'% M
`Zkfi A8:HL<DFEK (/'($(/*) mfpX^\li \k
eXkliXc`jk\# Xd` [\ Jk\e[_Xc% C%8%J% j`^e„\ \e
ZXiXZk…i\jg\ijXej #:XZ_\dpi-al`e(/*(#~JK<E;?8C2
)gX^\jg\k`k`e$]fc%
)%'''&)%,''
JLG<I9< C<KKI< ;L :8:?<D@I<# Fê @C I8:FEK< Á JK<E;?8C
HL<CHL<J8M<EKLI<J;<MFP8><%
@c j\ gcX`ek hl\ jfe Xd` 9\pc\ c\ e„^c`^\# eËXpXek
i\ƒl ½ hlËle\ c`^e\ \k [\d`\ [\ mfki\ „c„^Xek\ \k
`cc`j`Yc\ „Zi`kli\ ¾# f“ `c cl` i\ZfddXe[X`k [\ ½ e\
gXjd\ek`i%Æ:\cXj\iX[`]ÔZ`c\¾#ZXic\kXYc\XlhlË`c
jËXggi†k\ ~ cl` [i\jj\i mX cl` ]X`i\ j\ [\dXe[\i Z\
hlË`c \jk Xcc„ ]X`i\ Xl [`XYc\ 1 ½ CË@e[\ \e \]]\k gfli
le Z_Xjj\li [l ^`Y`\i hl\ mflj X`d\q ~ gflijl`mi\
\jklegXpjY`\ejk„i`c\%DXee\ijÆefe\%:ljkfdjÆ
Y\XjkcpMf`c~Z\hl\j\gifgfj\[\[`i\~jfei\kfli
\e8e^c\k\ii\leX`dXYc\8e^cX`jXm\Zc\hl\ca\d\
jl`jc`„~;\_c`\khl`[\gl`j()Xej_XY`k\Z\gXpj¾2
`c g\ej\ Zfdd\ cl`¿ ½ GXiZ\ hlËXccXek [\ EXgc\j ~
Ifd\[Xejle\dXlmX`j\YXihl\mfljXm\q„k„fYc`^„
gXi c\ dXlmX`j k\dgj [Ë\eki\i [Xej hl\chl\ kifl
[\ g†Z_\lij mflj Xm\q Xlo k\dg†k\j le\ ]f` [fek
a\ d\ g\id\kkX`j [\ jfli`i\% 8kk\e[\q$mflj ~ le
i\[flYc\d\ek[Ë`eZi„[lc`k„[\dXgXik%CËfliX^Xe[l
(']„mi`\i(/)0~9fliYfehl`\e^cflk`k)+mX`jj\Xlo
jli ,- e\ dËX gf`ek Zfem\ik`% 8lo Xm\ekli\j# a\ e\
Zif`j^l…i\[XmXekX^\%A\d\kiflmX`leafli\eY\Xl
Z_\d`e [Ë\e Xmf`i le\% DX`j dfe Yi`^Xe[ Ôk ÔXjZf
\k d\ i\cZ_X gfli ,' cfl`j% CËXe gXjj„ Xl K`Y\k
[\j KXikXi\j ~ Z_\mXc m`ei\ek dË\eelp\i Zfdd\ a\
Z_\iZ_X`j[\jZfhl`cc\j]fjj`c\j[Xejc\jdfekX^e\j
[l:„c\jk\<dg`i\%A\gi`jc\Z_\]gXicXhl\l\#\kc\
a\kkX`~YXj[\jfeZ_\mXc%A\Zif`jhl\a\c\^iXk`ÔX`
\e flki\ [\ hl\chl\j Zflgj [\ g`\[ Xl Zlc hlXe[
`c j\ i\c\mX% :\ ]„ifZ\ KXikXi\ Zflik \eZfi\% C\ CXZ
[\:XZ_\dpieË\jkhlËle\\jg…Z\[\^iXe[dXi„ZX^\
hl` ]\iX`k _fek\ Xlo 8cg\j jË`c Ziflg`jjX`k [Xej le\
[\c\lijmXcc„\j%C\jifj\j[l:XZ_\dpifekg\l[\
gXi]ld#c\j]il`kjg\l[\jXm\li#c\j[Xej\lj\jjfek
cX`[\j\kZ_Xe^\ekiXi\d\ek[\Z_\d`j\%CË`dd\ej\
dXafi`k„[\cXgfglcXk`feeË\eZ_Xe^\aXdX`j%<oZlj\q
c\ifj\Xl[\:Xk_Xp#c\gXg`\i[\:XZ_\dpi#cË\eZi\j`
ef`i\[\cËfi`\ek#\kc\j]Xlk\j[\cËXlk\li¾¿
FE AF@EKc\aflieXcC\:fdd\iZ\[l(0Xf”k(/++#
f“Z\kk\c\kki\\jkglYc`„\%
(/(%
8c]i\[A8IIP(/.*$(0'. %C%8%J%#R:fiY\`c)(al`cc\k(0')T#~=„c`o=yEyFE2(gX^\`e$()#X[i\jj\%
.''&/''
I\cXk`m\~jXZfccXYfiXk`fe~CXI\ml\9cXeZ_\%½AËX`iXk„gflid\j>\jk\jc\Zflii`\i[ldXk`e#dX`j`cjmfek†ki\k\id`e„j~k\dgj
gflic\Zflii`\i[\*_%Z\kk\Xgi…j$d`[`%@cj[f`m\ekmfljXii`m\iZ_\qmfljZ\jf`i~/_%J`mfljXm\qc\cf`j`i[\gXjj\i~cXi\ml\XmXek
mfki\[„gXik#a\mfl[iX`jY`\ei\Z\mf`i`Z`le\o\dgcX`i\[l[\ie`\ield„if#Z\cl`f“`cpXcËXik`Zc\[\K_X[„\EXkXejfejlic\jXZi\
R[Ëy[flXi[M@@\k8c\oXe[iXT¾¿
(/)%
8c]i\[A8IIP%)D8ELJ:I@KJXlkf^iXg_\j2[\d`$gX^\`e$+\k[\d`$gX^\`e$]fc%
*''&*,'
=iX^d\ek[\CX;iX^fee\#~cË\eZi\ifl^\1½:\cc\$Z`\”k\lc\[„]Xlk[\gc`jj\i#mf`i\gc`\icXkf`c\#Zfdd\feiflc\legXiXgcl`\¿
C\kflk[\jfeZ`ihl\~cl`#c\Z`\c#hlf`hl\gXje\l]\kgXj„kf`c„\ehl\chl\j\e[if`kj#„kX`kjfc`[\¾¿
(+m\ijgflicËfg„i\kk\GXekX^il\c1½Jfc[Xkjm`Zkfi`\lo#a\[fee\Xlod„i`kXekj&;flq\Z\ekd`cc\„ZljZfdgkXekj¾¿
+-
(/*%
Il[pXi[B@GC@E>(/-,$(0*- %C%8%J%#9Xk\dXeËj#9linXj_Jljj\o *'fZkfYi\(0),#~jfekiX[lZk\liCfl`j=89LC<K2(gX^\\k[\d`\`e$/#
\em\cfgg\2\eXe^cX`j%
+''&,''
@c„Zi`kkflk[\jl`k\~:cXl[\=8IIßI<gfli\ogc`hl\ihlË`ceËXi\ƒlXlZle\c\kki\[\cl`%C\]X`khl\[\jc\kki\jjf`\eki\m\el\jjXej
Xmf`i„k„flm\ik\jjl^^…i\hl\chl\\ii\li[\cXgXik[\jXlkfi`k„jgfjkXc\j%:fdd\?XYYXbblb#`cjjfek½ZXgXYc\jf]\m\ipk_`e^¾¿
(/+%
G
`\ii\BCFJJFNJB@(0',$)''( %*C%8%J%#(C%J%Xm\Z 8;;@K@FEJXlkf^iXg_\j#\kle K8GLJ:I@K :FII@>y#GXi`j[„Z\dYi\(0-0$]„mi`\i(0.'2
.gX^\j\khlXik`e$+fl`e$/leg\k`kdXehl\jXejg\ik\[\k\ok\ %
/''&(%'''
+[„Z\dYi\(0-0%;\i\kfli[\cË\ogfj`k`fe[\j\j[\jj`ej~Ifd\#`ckiflm\c\dXeljZi`k[\cXk_…j\[\jfeZfii\jgfe[Xekjli98I9<P
;Ë8LI<M@CCP%½EfljXmfejm„Zlle„k„[\jgcljg„e`Yc\j#[\jgclj„giflmXekjÆdXd…i\\jkdfik\Z\kXlkfde\Æ\k[\gl`jcfe^k\dgj
a\e˄kX`jgcljZXgXYc\[ËXlZle\Zfek`el`k„[Xejdfegifgi\kiXmX`c¾¿/]„mi`\i(0.'%@c^Xi[\jfed„df`i\gflii„Õ„Z_`i~le\fl[\lo
fYa\Zk`fejZfeZ\ieXek½cXd„k_f[\Xggc`hl„\¾¿(']„mi`\i%Cfe^l\Zi`k`hl\[\c˄kl[\ZfejXZi„\~9XiY\p\kXljX[`jd\#gfikXek
jlicXgi„j\ekXk`fe#cË`^efiXeZ\[\cËÅlmi\[\>`cc\j;<C<LQ<#\kjlic\k\id\d†d\[\jX[`jd\1½ZË\jk#~cËfi`^`e\#cËXkkXi[\d\ek\ejf`
g\im\ij[Xejc˄dfk`femfclgkl\lj\gi„c\m„\jlicË`ejk`eZk[\gifgX^Xk`fe#hl`cXj„gXi\\kcXi\kflie\Zfeki\Z\k`ejk`eZk^i„^X`i\\k#
\ekXekhl\afl`jjXeZ\Èjk„i`c\É#[feZXek`^i„^X`i\#mXj˄gXefl`jjXek[Xejc\jdlck`gc\jiXd`ÔZXk`fej[\cXdfejkilfj`k„`ek„^iXc\¾¿
(.]„mi`\i%@ci\emf`\c\dXeljZi`k#Xm\Z[\jefk\jZi`k`hl\jgi„Z`j\j#\kj`^eXc\1½C\gXjjX^\hl\mfljXm\qY`\emflclZ`k\i[\dfe
`ekif[lZk`feXlGi†ki\dXi`„ZfeZ\ieXekc\dfk`][\cXÈm`\i^\`em`fcXYc\É j\kiflm\`dgc`Z`k\d\eki„]lk„[XejcËXm\ik`jj\d\ek[\cX
i„„[`k`fe[\dfeJX[\c\g_`cfjfg_\jZ„c„iXk ¾¿
(/,%
\ei`$;fd`e`hl\C8:FI;8@I<(/')$(/-( %C%8%J%#;`\gg\(.al`cc\k(/*,#~cXZfdk\jj\JN<K:?@E<2)gX^\j\khlXik`e$+#X[i\jj\%
?
+''&,''
C\lig\k`k\ZXiXmXe\\jk½ZXj„\[Xejc\[„j\ik¾#c\lik\ek\[i\jj„\\k`cjg\lm\ekjfe^\iXloXd`jhlË`cjfekcX`jj„j[Xejc\dfe[\%
½Efljefljc\mfejkXi[Zfdd\[\jgXi\jj\lo2\eki\/\k0_%[ldXk`e#efljjfdd\j~cXd\ihl`\jkcXgcljX`dXYc\g\ijfee\
hlËfegl`jj\mf`i#d†d\hlXe[\cc\\jk\eZfc…i\%C\jYX`ejd\]fekleY`\e`eÔe`2kflkdfe†ki\j\iX]]\id`k\kjËXjjflgc`k2a\dXe^\
Zfdd\lef^i\#\kaËX`XlodX`ej\kXlom`jX^\j[\g\k`kjYflkfejhl`\eZ_Xek\ekc\d„[\Z`e%@cd\d\kkiX[XejjfegifZ_X`e„Zi`kjli
c\jYX`ej[\d\iR¿T%8mXek$_`\iD%C89FI@<\jkkfdY„[XejdXZ_XdYi\#\k_`\ijf`iD%98CC8E:?<hl`dËXk„df`^e„c\^iXe[[„j`ihl\
Dd\Iy:8D@<IXmX`k[\d\mf`i%EfljpXccfejZ\jf`i2aËpkiflm\iX`D%[\:?8K<8L9I@8E;Xlhl\cD%CXYfi`\[f`kXljj`d\gi„j\ek\i%DX`j
kflk\jZ\j^iXe[\lije\d\]fekgXjflYc`\ic\gcX`j`i[\mfki\\eki\k`\ehl\aËX`g\i[lgflilek\dgj¾¿
(/-
+.
(/-%
Xi`\$DX[\c\`e\ G`fZ_\ [\ CX M\i^e\# DX[Xd\ [\ C8 =8P<KK< (-*+$(-0+ % C%8%# M`Z_p )- j\gk\dYi\ R(-,-T# ~ cËXYY„ DyE8><#
D
XlZcfŠki\Efki\$;Xd\[\GXi`j2)gX^\j\k[\d`\`e$+#X[i\jj\#kiXZ\j[\ZXZ_\kZ`i\ef`i\hhjZfii\Zk`fejXeZ`\ee\j[Ële\Xlki\
dX`e %
(%,''&(%/''
<cc\eËXgXjcX`jj„gXjj\i[\loZflii`\ijjXejcl`„Zi`i\\k\cc\mf`kY`\ehl\c\liZfdd\iZ\jËX]]X`Yc`k[\jfeZk„~cl`1½a\e\jZXp
XhlpdË\egi\e[i\#j`Z\e\jkXcXgXjj`fehl\mfljXm„\l\[\gl`jhl\a\jl`jgXik`\gfli[\j[lZ_\jj\j\kgfli[\jI\`e\j%Mflj
Zfem\e\jmfljd\jd\hl\cË\dgi\j\d\ekhl\cËfeXgflile\dX`ki\jj\[`d`el\`e]X`cc`Yc\d\ekZ\cl`hl\cËfeXgflile\Xd`\1j`
Y`\ehl\a\gl`jZif`i\hl\mfjki\i\cXjZ_\d\ekm`\ek[\c~#hlfphl\mfljm\lcc\jdËXjj\li\ihl\mfljeËXm„jgXjXjj„jX`d„D\[\
DFE98JFEgflidË\eX`d\idf`ej%A\kiflm\c\jfee\khl\mfljXm„j]X`kgfli\cc\ki\jY\Xl\ka\eË\emfl[if`ji\kiXeZ_\ihl\c\k`cki\
ZXiY`\ehl\c\efd[\Y\cc\gi„Z…[\Z\clp[ËXkk\dgXkX`c\jkZ\ikX`ehl\c\g\ie\jZXlif`k\dg\jZ_\ihlËfee\j\ek\c\[„^fljk[\
cXlki\\khl\aXdX`j]\dd\eËXkiflm„YfehlËfecËXg\ccXkm`\`cc\2Y`\ehlËfeclpX`kXg\cc„\\ecËXjj\liXekhlË\cc\\]]Xƒf`kc\ja\le\j%
Cfed\dXe[\cXd\jd\Z_fj\hl\mfljd\[`kk\j[lgifdki\kfli[\cXI\`e\[\Jl\[\dX`jcËfepX[afljk\hl\cXe\^fZ`Xk`fehl`
cXXd\e„\\e=iXeZ\i\^Xi[\c\:%[\I<KQ\khl\cfeZif`kjfekiX`kk„]fikXmXeZ„¾¿<cc\gXic\Xm\ZjXk`j]XZk`fe[\jXZli\#dXc^i„c\
[„jX^i„d\ek[\Yf`i\kXek[Ë\Xl¿½I\d\iZ`\qY`\eDi[lIX`eZp[\dXgXik#a\mflj\eZfeali\#[ljf`e^hl`cgi\e[[\cËX]]X`i\[\
Di[\98P8I;¾¿
Feaf`ekle\Zfg`\XeZ`\ee\%
I\gif[lZk`fegX^\+.
(/.%
C fl`jC8E>CßJ(.-*$(/)+ fi`\ekXc`jk\%*C%8%J%#Rm\ij(/'-$(/('T#~jfeZfe]i…i\D%[\I<L@CCP#Xl[`k\liXl:fej\`c[ËykXk#Zfii\jgfe[Xek
~cË@ejk`klk2,gX^\j`e$+fl`e$/#)X[i\jj\j%
(''&(,'
R(/'-6T%;flk\ZfeZ\ieXek½cXm„i`kXYc\fik_f^iXg_\kXki\flklib\¾[\jefdj[Xejc\MfpX^\\e:i`d„\[\jfeZfe]i…i\#\k
gifgfj`k`fe[\i„[`^\ileg\k`kmfZXYlcX`i\¿(.j\gk\dYi\#`c[f`kXcc\i[\dX`e~cË<ogfj`k`fe[\jGif[l`kj[\cË@e[ljki`\¿R8mXek(/('T%
Ágifgfj[Ële\glYc`ZXk`fe1`c`ej`jk\jli[\j„gi\lm\j#[\ji„]„i\eZ\jY`Yc`f^iXg_`hl\jgi„Z`j\j¿FE AF@EK)Xik`Zc\jdXeljZi`kj[\
I\l`ccp6 ~gifgfj[\jkiXmXlo[lZ`kfp\eC8E>CßJ%
(//%
_Xic\j[\C8I@M@ßI<(/,+$(0)0 _`jkfi`\e%D8ELJ:I@KJXlkf^iXg_\jgfliC\jJflm\iX`ej„kiXe^\ij~GXi`jXlOM@@@\j`…Zc\#Rm\ij(0'(T2
:
0-gX^\j`e$+Xlkf^iXg_\j\k),gX^\j`dgi%
()'&(,'
DXeljZi`kj\ek`…i\d\ekXlkf^iXg_\j[Ële\`ekif[lZk`fe\k[˄kl[\jjliG`\ii\c\>iXe[~GXi`j\e(.(.`eZfdgc\k[\cXÔe \kC\
Gi`eZ\?\ei`[\Giljj\~GXi`j\e(./+\k\e(.//#gcljle\kXYc\[\jdXk`…i\j%ygi\lm\`dgi`d„\[Ële\„kl[\jliCË<dg\i\liAfj\g_@@~
GXi`j\e(...\k\e(./(#[\jk`e„\~cXI\ml\gfc`k`hl\\kgXic\d\ekX`i\#Zfii`^„\\kXl^d\ek„\[\gclj`\lijgX^\jXlkf^iXg_\j%
(/0%
:_Xic\jC8JJ8@CCP(/'-$(/+* %C%8%J%#RÔe(/)0T#~9F:8><#Xlk_„ki\2(gX^\`e$/#X[i\jj\%
(,'&)''
½MfljdËXm\qgifd`jmfki\_fefiXYc\gifk\Zk`fe#gfli]X`i\\eki\ihl\chlËle[XejcXjXcc\[\cX>XŠk„%AËX`le[\d\jXd`j#c\
gfik\li[\Z\Y`cc\k#hl`[„j`i\mfljmf`i[XejE\n^Xk\2e\cl`i\]lj\qgXjc\gcX`j`i[\mfljXggcXl[`i#Z\jf`i¾¿
(0'%
C @KKyI8KLI<%D8ELJ:I@K#DfiZ\XloZ_f`j`j[\c`kk„iXkli\#ZXcc`^iXg_`„j\k`ccljki„jgXi:?8CC8E;#EŠd\j#8`^l\j$Dfik\j\k_g`kXc[\
Kfee\ii\(/*.$(/*02mfcld\`e$/[\),0gX^\j`e$/gclj]]%YcXeZj #i\c`„[fjgXiZ_\d`e%
,''&-''
AFC@I<:L<@C:8CC@>I8G?@y<K@CCLJKIy[\[\jj`ej[Xejc\^f”kifdXek`hl\#Zfdgfj„gi\jhl\\oZclj`m\d\ek[\m\ij%CXdXik`e\p\jk]fik
Y`\ei\gi„j\ek„2pÔ^li\ekXljj`[\jg`…Z\j[\:%;\cXm`^e\#Jflc`„#?l^f#8%>l`iXl[#;\c`cc\#9Xik_„c\dp#CX?Xig\#;lZ`j#D„ip#
I\Yflc#C\^flm„#:_„e`\i#=fekXe\j#\kZ%
:Xcc`^iXg_`\[Xejle\„Zi`kli\ki…jÔe\#gXi]f`jd`ZifjZfg`hl\#Xm\Z[\afc`\ji\Z_\iZ_\j[\gi„j\ekXk`fe[Xejc\jk`ki\j%C\i\Zl\`c
\jkfie„[Ële\ki\ekX`e\[\[\jj`ej#gXi]f`ji\_Xljj„jXlo\eZi\j[\Zflc\li#Z\ikX`ej~cË`d`kXk`fe[\cX^iXmli\1jZ…e\j[\^\ei\#
]XekX`j`\j#gfikiX`kjifdXek`hl\j#g\ijfeeX^\jEXgfc„fe #\kZ%KXYc\[\jdXk`…i\j\eÔe[li\Zl\`c%
(0(%
C@KKyI8KLI<%.c\kki\jflg`…Z\j#cXgclgXikC%8%J%
)''&*''
Alc\j:C8I<K@<~G%Nfc]] #>\fi^\j:FLIK<C@E<#:cXl[\=8IIßI<#JXZ_X>L@KIPefk\j\km\ij #:_Xic\j$?\eip?@IJ:?~G%Nfc]] #:_Xic\j
DyIy#8eeX[\EF8@CC<J¿
(0)%
C@KKyI8KLI<%))c\kki\jflZXik\j#cXgclgXikC%8%J%
(,'&)''
I\e„ 9<IK<Cy# =\iep 9<JJFE# ;8E@<C$IFGJ# A\Xe ;LKFLI;# 8c]i\[ =89I<$CL:<# 8eXkfc\ =I8E:<# >\fi^\j >FMP# ClZ`\e A<8E# Afj\g_ B<JJ<C#
D`Z_\cC<@I@J#>`cY\ikCyCPgf…d\[XZkpc%Zfii`^„ #A\XeG8LC?8E#D`Z_\cI8:?C@E<#=iXeƒf`j\J8>8E#G_`c`gg\JFLG8LCK#\kZ%
(0*%
G
`\ii\CFLÏJ(/.'$(0), %D8ELJ:I@KXlkf^iXg_\j`^e„½G`\ii\Cfl`j¾*]f`j #G_pj`hl\%:cXjj\j[\kif`j`…d\#[\j\Zfe[\#i_„kfi`hl\
\kg_`cfjfg_`\#Zfdd\eZ„c\()fZkfYi\(//,2ZX_`\ig\k`k`e$+[\(+/gX^\j`e$+gclj]]%YcXeZj [\cXgXg\k\i`\:_„cl9„eXi[#i\c%
ZXik%[fjkf`c\Yile\%
.''&/''
:8?@<I;<:FLIJÁCËy:FC<8CJ8:@<EE<#jf`^e\lj\d\ekd`jXle\kjlic\i\Zkf[\j]\l`cc\kj\kfie„[\gi…j[\,'=@>LI<Jfl[\jj`ej#c\gclj
jflm\ek\ei\^Xi[[lk\ok\%CflÎjXYfi[\#[Xejc\½Zflij[\D%8;8D¾#c\jhl\jk`fej[\g\jXek\li#`e\ik`\#^iXm`k„#_p[ifjkXk`hl\2c\
gi`eZ`g\[Ë8iZ_`d…[\2[\jXggXi\`cjk\cjhl\c\YXifd…ki\#cËX„ifjkXk#cXdXZ_`e\ge\ldXk`hl\#c\jgfdg\j#c\j`g_fe2cXZ_Xc\li2c\j
Z_Xe^\d\ekj[˄kXk2cË_p^ifd„ki`\2c\dX^e„k`jd\2c˄c\Zki`Z`k„2cX^XcmXefgcXjk`\2cË`e[lZk`fe2cËfgk`hl\#\kZ%
Jlic\j[\ie`…i\jgX^\j[lZX_`\i#CflÎjX[\jj`e„gclj`\lijg\ijfeeX^\j[\]XekX`j`\#]X`k[`m\ij\jjX`j[\j`^eXkli\j#\k[i\jj„cX
c`jk\[\j\jZfe[`jZ`gc\j8lYlik`e#:_Xgfe#>`[\#EXm`cc\#\kZ% %<jk^c`jj„[Xejc\mfcld\legifjg\Zklj[\cËyZfc\8cjXZ`\ee\Xm\Zc\j
[Xk\j[\j\oXd\ejal`e(//. %
+/
(0+
(0+%
Afj\g_[\D8@JKI<(.,*$(/)( %C%8%J%#Kli`e-dX`(/)'#~leXjjfZ`„[\jfe„[`k\liILJ8E;2*gX^\j`e$+%
(%'''&(%)''
9<CC<<KCFE>L<C<KKI<JLIJFEy;@K<LIILJ8E;#~Cpfe#Z_\qhl`j\gi„gXi\le\[\lo`…d\„[`k`fe[\;lGXg\%
@cXi\ƒlc\jhlXki\\]]\kj[\),''c`mi\jZ_XZlec`mi„jgXiD%IljXe[jlicl`$d†d\#j\cfec\lijZfem\ek`fej%½A\jl`jZ\g\e[Xek
kflaflijg\ij„Zlk„gXiZ\kk\M\gXik`\hlË`c]Xl[if`kY`\ek\id`e\i2dX`ja\eË\eX`gf`ek\eZfi\kiflm„c\k\dgj%;Xejg\l[\aflij
a\gXijgfliMXc\eZ\\e;Xlg_`e„f“a\mX`jdXi`\idfeÔcj%R¿TDfeÔcj„gflj\cXÔcc\XŠe„\[\D%c\DXihl`j[\JP<P<J¾¿@cgi„mf`k
lei\kXi[[Ëledf`j#\kjligi`jgXic\gifa\k[˄[`k\i[\jflmiX^\j]lklij#`cj\iXgg\cc\j\lc\d\ekXmf`i„Zi`khlË`cj`^e\iX`kjË`c„kX`k
gi†k2`ce\cË\jkgXj#\ke\jX`kjË`cc\j\iX%½;XejZ\k„kXk[\[flk\\k[Ë`eZ\ik`kl[\#a\e\gl`jdË\e^X^\i#\ka\mflj[`iX`d†d\hl\Z\j
XiiXe^\d\ejgXidf`k`„e\jfekgXj[\dfe^f”kR¿Ta\gi„]…i\`eÔe`d\ekZ\cl`hl\efljXmfej]X`k\khl`d\gXifŠk[Ële\\oki†d\
„hl`k„#Xldfp\e[\jgXp\d\ej[`m`j„j\kjlZZ\jj`]j¾¿@ci\emf`\[feZc\j[\loZfg`\j[lgifa\k½Zfdd\j`dgc\jd„df`i\j#eflj
gfliifej\eXmf`iY\jf`e~cËXm\e`i%J`cËfeZifpf`kkflkZ\hl`j\[`k\kkflkZ\hl`j˄Zi`kcXm`\_ldX`e\j\if`klecfe^gifZ…j\k
d†d\le\^l\ii\%FeeËXgXjdXehl„[\dË`e]fid\ig`\lj\d\ekhl\D%IljXe[eË`dgi`df`khl\[\jc`mi\j[\[„mfk`fe#hlË`ce\j\
k`if`k[ËXlZle\cXe^l\„kiXe^…i\Z%A\eË\e[\d\li\gXjdf`ej`e„YiXecXYc\[Xejdfejpjk…d\[\ZfeÔXeZ\\em\ijle_fdd\hl\
aË\jk`d\gXik`Zlc`\i\d\ek%Ági`o„^Xc\kd†d\~gi`o`e„^Xca\c\gi„]„i\iX``emXi`XYc\d\ek%A\mflji„g…k\Z\hl\a\cl`X`„Zi`kZ\d\
j\dYc\gclj[Ële\]f`j#ZË\jkhlË`cpX[Xejkflk\jXZfe[l`k\\k[XejjXgfj`k`fehl\chl\Z_fj\hl`c\d\k_fij[\gX`i#j\jgi\jj\j
„kXekgfliX`ej`[`i\jXeZk`Ԅ\j%:Ë\jkZ\hl`dËXXkkXZ_„~cl`#ZXi[li\jk\#`cpXY`\e[ËXlki\j`dgi`d\lij\e=iXeZ\%@c\jkmiX`hl\cX
Zfii\jgfe[XeZ\[\D%IljXe[eËXgXj„k„[\k\dgj\ek\dgjk\cc\hl\a\cËXlif`j[\j`i„#\kkflk[\jl`k\a\cËX`[`k#ZXicË\jk`d\\o`^\cX
]iXeZ_`j\%DX[\ie`…i\c\kki\#mfljX\oki†d\d\ekYc\jj„~Z\hl\a\mf`jgXicXmki\%MfljpXm\qi„gfe[lmflj$d†d\[Ële\dXe`…i\
gXi]X`k\#\e[\lodfkjj\lc\d\ek%Efki\j`c\eZ\#[`k\j$mflj#X[”mflj„kfee\i2a\cËXmfl\%Kflk\jk[`k#Dfej`\li#ZXia\eËX`\ek\e[l
\ogi`d\ihl\Z\k„kfee\d\ek%AËX`gi`jY\XlZflg[\gXikXloZ_X^i`ej\kXloaf`\j[\D%IljXe[%K\c\jkefki\jfikZfddle1Hl\chl\j
Ôc\kj[\d`\c[`jf`kD%[\:_Xk\XlYi`Xe[#m\ij„j[Xejle\Zflg\[ËXYjpek_\%MfljdËXm\qcX`jj„[Xejc\jgc\lij%8lafli[Ë_l``c]Xlk
Z_Xek\i`f_pd\e\kY`\ekkg\lk$†ki\fed\gfik\iXXlkfdY\Xl%8`ej`mXc\dfe[\¾¿
(0,%
>lp[\D8LG8JJ8EK(/,'$(/0* %C%8%J%#JXd\[`#~leXd`2(gX^\fYc%`e$()~jfeZ_`]]i\\kX[i\jj\('#Il\DfekZ_Xe`e% ),'&*''
@ceË\jki\eki„hlË_`\i~GXi`j\kXkiflm„½kfeXik`Zc\[\CX=iXeZ\%A\k\i\d\iZ`\Y`\em`m\d\ek[\Z\hl\kl[`j[\dfec`mi\\ka\
k\j\ii\ki…jZfi[`Xc\d\ekc\jdX`ej¾¿%
+0
(0-%
yC8E><J%D8ELJ:I@K[Ëlei\Zl\`c\em\ij\kgifj\#Rm\ij(.),6T2mfcld\`e$+[\.-,gX^\j#i\c`li\[\c˄gfhl\m\XlYile#g`…Z\[\
D
k`ki\Xl[fjÄlmi\jd\jc„\%
(%)''&(%,''
DyC8E><J C@9<IK@EJ <K C@:<E:@<LO#`ii„c`^`\lo\k^„e„iXc\d\ek`ii\jg\Zkl\lo[lgflmf`i#Zfdgfj„j[Ë\okiX`kj]XekX`j`jk\j [\ji\^`jki\j
[lGXic\d\ekfl[ËÅlmi\j[Ë_`jkf`i\\k[\g_`cfjfg_`\#[\j\idfej~[˽`ccljki\jXdXqfe\j¾#\kjlic\jZfZlj \ki\d…[\jg\k`k\
m„ifc\#^flkk\ #\k[\gf…d\j[\kflj^\ei\j1CËFi`^`e\[l:fZlX^\Xkki`Yl„\~½8ifl\kk\MFCK8@I<¾#Afl`jjXeZ\½gXiG`\ii\:FIE<@C
gflicXhl\cc\jfeZfe]\jj\licl``dgfjXgflig\e`k\eZ\[\kiX[l`i\cË@d`kXk`fe[\A%:%\em\ij¾#le:Xek`hl\jg`i`kl\cjlic\jm\i`k„jc\j
gclj`dgfikXek\j[\cXI\c`^`fe\k[\cXDfiXc\:_i\k`\ee\½jlicËX`iA\eË\e[`iX`gXjc\efd¿¾#leDXikpifcf^\[\j;Xd\j^XccXek\j
„g`e^cXekc\j[Xd\j[\cX:fli#X`ej`hl\[\jg`…Z\j[\Z`iZfejkXeZ\cXdfik[\cX½I\`e\[\DX`ek\efe¾\k[lI„^\ek #„g`^iXg_\j#
„^cf^l\j#]XYc\j¿Le\kXYc\]lk[i\jj„\kXi[`m\d\ek#[\cXd†d\dX`ehl`Xefk„#Xlm\ijf[\cXgX^\[\^Xi[\1½:\mfcld\dËX„k„
[fee„c\)+0Yi\(/,/#gXidfeZ_\iZfe]i…i\y[flXi[CXYflccXp\¾%
(0.%
Gifjg\iDyI@Dy<(/'*$(/.' %C%8%J%#GXi`j(\iefm\dYi\(//+#R~;„j`i„DFEE@<IT2)gX^\j\k[\d`\`e$+%
+''&,''
JXc\kki\dfeki\½hl\mfljjXm\qfYj\im\iZfdd\leXiZ_„fcf^l\\k[„Zi`i\Zfdd\legf‡k\%JË`cd˄kX`kg\id`j[\mfljX[i\jj\i
le\c„^…i\Zi`k`hl\#a\mflj\e^X^\iX`j~mflj[„Ô\ihl\chl\]f`j[\mfki\`dX^`eXk`fe%C\jZ\gk`Z`jd\R¿T\jk`e[`jg\ejXYc\[Xej[\j
„kl[\jk\cc\jhl\c\jeki\j¾%@ccl`Zfej\`cc\gXi\o\dgc\[\e\gXjXZZfi[\ikifg[\ZfeÔXeZ\~cXk_„fi`\[l;i<;N8I;J1½`ce\]Xlk
jË\ej\im`ihlËXm\Zle\\oki†d\i\k\el\#jlikflk~c˄^Xi[[\jg\lgc\jmf`j`ej[lYXjj`ed„[`k\iiXe„\e%;\gl`jhl\aËX`mlc\j>i\Zj
[Ë8j`\D`e\li\#`cdË\jkY`\e[`]ÔZ`c\[\i\kiflm\ic\lijkiX`kjgXid`c\jgXpjXej[\j\em`ifej[\DXij\`cc\¾¿;\i\kfli[ËlemfpX^\
[Xejc\ALI8#`cXgl\oXd`e\ihl\chl\jZli`\lo„[`ÔZ\j#jlic\jhl\cj`c[\dXe[\[\j[„kX`cj1½]Xlk\[\i\ej\`^e\d\ekj_`jkfi`hl\j#a\
jl`j]fik`eZ\ikX`ehlXek~cX[Xk\[\gclj`\lij[\mfj„^c`j\jhl`dËfekgi„j\ek„[\jZXiXZk…i\jkflkeflm\Xlogflidf`¾¿
(0/%
I
fY\ik[\DFEK<JHL@FL(/,,$(0)( %)C%8%J%#Rm\ij(0')$(0(+6T#~DXi^l\i`k\DFI<EF$J:?NF92+gX^\j\khlXik`e$/#le\\em\cfgg\
[„Z_`i%\e_Xlk[Ële\c\kki\jXejg\ik\[\k\ok\ %
),'&*''
R(0')6T%@ccËXjjli\[\jfe\eZ_Xek\d\ek\k[\Z\cl`[\j\j_k\j~j\jflm\e`i[\cX^iZ\\k[\cËXikgXi]X`k[\Dfi\ef#\k`cXeefeZ\
cË\emf`[\Gi`…i\j1½MfljpZ_f`j`i\qZ\hl`mfljZfem`\e[iXgflicXjf`i„\gifa\k„\%A\[`j#df`#[Ëfi[`eX`i\1C\D„[\Z`e#CËF`j\Xl#C\GXg`ccfe#
C\J\im`k\li#C\Gf…k\¾¿(+dX`%@ccl`[\dXe[\Zfdd\lej\im`Z\[\m\e`icle[`~½le^f”k\ij\ejXk`fee\c\ecË_fee\li[\DXiYlip#\k[\
mflcf`iY`\ei„Z`k\ihl\chl\j$lej[\efjm\ijgi„]„i„j%R¿TZ\j\iXcXj\lc\]†k\leg\lefkXYc\#XlGXm`ccfe#Z\kk\Xee„\¾¿
(00%
\eip[\DFEK?<IC8EK(/0,$(0.) %D8ELJ:I@KXlkf^iXg_\#Le\\oZ`kXk`fe`elk`c\#R]„mi`\i(0)+T2-gX^\j`e$+le\Xl[fj[Ële
?
Xlki\dXeljZi`k\kle\Xl[fj[Ële\C%J%[\;Xe`\c?8CyMP %
(/'&)''
DXeljZi`kki…jiXkli„\kkiXmX`cc„#Zi`k`hlXekLekfdY\XljfljcË8iZ[\Ki`fdg_\[\GXlcI8PE8CZi„„~cX:fd„[`\=iXeƒX`j\#c\
(\i]„mi`\i(0)+ #[fekcËXZk`fej\gXjj\g\e[XekcX>l\ii\%Dfek_\icXekZi`k`hl\cXgjpZ_fcf^`\#c\jg\ijfeeX^\j#c\[`Xcf^l\1½i`\e[\
gXi\`ceËXaXdX`j„k„ml[XejcXm`\¾%%%@c`ife`j\jlic\j\]]\kj]XZ`c\j[\cËXZk\liI%8c\oXe[i\#\kjlic\glYc`Z1½CX[„iX`jfe#„kXc„\jli
cXjZ…e\#Xm`m\d\ekjXlk„[XejcXjXcc\%CXjklg`[`k„#hl`[`^„iX`k#jË\jki„m\`cc„\%R¿T:\jgifYc…d\j[\cX^l\ii\#j`[„c`ZXkj#j`[`]ÔZ`c\j
~i„jfl[i\Xm\Zaljk`Z\#\ke\gflmXekaXdX`jcˆki\hl\ZXjgXiZXjR¿T#c\jmf`c~^ifjj`…i\d\eka\k„\j\egkli\#i\dl„j[XejZ\mXj\
ZcfjdXcjX`e¾¿
)''% ?\eip[\DFEK?<IC8EK%D8ELJ:I@KXlkf^iXg_\j`^e„#CË<eZ_Xek\li[\j\ig\ekj#IXYXk(0),2(+gX^\j`e$+%
+''&,''
9<8LK<OK<JLILE:?8ID<LI;<J<IG<EKJ;<I898K%:\k\ok\X„k„glYc`„[XejC\jEflm\cc\jc`kk„iX`i\j[l)0efm\dYi\(0*'%C\dXeljZi`k#
~ cË\eZi\ m`fc\kk\# gi„j\ek\ [\ efdYi\lj\j iXkli\j# X[[`k`fej \k Zfii\Zk`fej Z\ikX`e\j gX^\j jfek Xl [fj [ËXlki\j Yifl`ccfej
Xlkf^iXg_\j %
½:\YXk\c\li[\IXYXk#Z\]Xlm\dX^e`Ôhl\ÆjXZi`e`…i\#jfee\qcXi^\jfekZ\lo[lc`feÆ[\ki…j_Xlk\kX`cc\#cXYXiY\ef`i\#c\j
Z_\m\loef`iji\kfdYXek\eYflZc\jjfp\lj\jjlij\j„gXlc\j%R¿T:Ë\jkleYXk\c\li#ZË\jkle]ld`jk\#\kZ\g\e[Xek`c\jk[l^iXe[
kpg\_ldX`e#[lkpg\_„if‹hl\%:_\]#if`#^iXe[$gi†ki\#gifg_…k\#dX^`Z`\e¾¿Dfek_\icXek[„Zi`kjfeeld„ifki„g`[Xek#pkiflmXek
hl\chl\ Z_fj\ [Ële\ kiX^„[`\ [\ IXZ`e\# \k Xggi„Z`Xek# jXej c\ Zfdgi\e[i\# c\ [`Xcf^l\ \k c\j ^\jk\j „kl[`„j [l YXk\c\li# \k c\
ZXiXZk…i\½j\d`$i\c`^`\lo¾[\cXjZ…e\¿
FE AF@EKlekXgljZi`kXm\ZZfii\Zk`fejXlkf^iXg_\j#C\j=il`kj[lZ`ehl`…d\aXi[`e#k\ok\glYc`„[Xej:Xe[`[\\e(0*.#\ki\Zl\`cc`
\e(0.-[Xej:flgj[\jfc\`c(+gX^\j`e$+ %
)'(%
\eip[\DFEK?<IC8EK%D8ELJ:I@KXlkf^iXg_\#Le[„j`i]iljki„d`d\cËXdfliRCXG\k`k\@e]Xek\[\:Xjk`cc\T#R(0),T2+)gX^\j`e$+#
?
jfljZ_\d`j\Xlkf^iXg_\%
(%,''&(%/''
9<8L D8ELJ:I@K ;< KI8M8@C ;L :FLIK IFD8E ;< C8 G<K@K< @E=8EK< ;< :8JK@CC<# ZfekXek le\ Yi…m\ c`X`jfe ~ 9XiZ\cfe\ Xm\Z le\ [Xej\lj\
\jgX^efc\%
C\dXeljZi`k#~cË\eZi\Yc\l\#gi„j\ek\[\efdYi\lj\jiXkli\j#X[[`k`fej\kZfii\Zk`fej#Xm\Z`ej\ik`fejlile]\l`cc\k[Ële\Zflgli\
[\aflieXcZfii`^„\2`c\jk„Zi`kXl[fj[\kXgljZi`kjgfli8lo]fekX`e\j[l[„j`i#[\c\kki\ji\ƒl\j[\GXlcI\Yflo#[\j„[`k`fej
9\ieXi[>iXjj\k \k[\gXg`\ij[\i„Zlg„iXk`fe%
C\dXeljZi`kZfdgi\e[c\j[\loZ_Xg`ki\j[li„Z`k`ek`klc„Le[„j`i]iljki„d`d\cËXdfli#glYc`„\ek`iX^\i\jki\`ekZ_\qCXg`eX\e
(0)/2gl`jc\j[\loZ_Xg`ki\jjlggc„d\ekX`i\jXaflk„j[Xejc˄[`k`fe[\CXG\k`k\@e]Xek\[\:Xjk`cc\#glYc`„\Z_\q9\ieXi[>iXjj\k\e
(0)0%C\dXeljZi`kgi„j\ek\[Ë@DGFIK8EK<JM8I@8EK<JXm\Zc\k\ok\[„Ôe`k`]%
FEAF@EKle\ej\dYc\[\9IFL@CCFEJXlkf^iXg_\j#cXgclgXik„Zi`kjXl[fj[\kXgljZi`kjfl[\c\kki\jX[i\jj„\j~Dfek_\icXek*/g%
`e$+ %
I\gif[lZk`fegX^\Z`$Zfeki\
,'
)'(
,(
)')% ?\eip[\DFEK?<IC8EK%(-C%8%J%\k(C%J%#(0*)$(0*/#~>\fi^\jGFLG<K#Z_\qGcfe2(.gX^\j]fidXkj[`m\ij#hhjX[i\jj\j%,''&-''
:FII<JGFE;8E:<8D@:8C<<KC@KKyI8@I<%
=\q.aXem`\i(0*)#gfli\emfp\ic\½g\k`kflmiX^\[\=8LI<9@>L<Kjlidf`¾~:cXl[\$DXli`Z\IfY\ik#[Xejc\Jl[$FiXeX`j¿RGXi`j
0al`cc\k(0*+T1½A\d\ek`iX`j\emflj[`jXekhl\cX[„Ôe`k`fe[lifdXe\jkle\hl\jk`fehl`d\gXjj`fee\%A\m`\ej[\c`i\Z\cc\[fee„\
gXicË8ZX[„d`\#\k\cc\d\gXiXŠkaljk\%DX`j\oZlj\q$df`j`a\d\[„ifY\[\mXekcË\]]fik[\i\Z_\iZ_\igflihlf`¾¿
8C><I(,[„Z\dYi\(0*+#gifgfjXekle½gXg`\i¾jliDfeJ\`^e\li\kdfe;`\l[Ë?\ei`\kk\:?8I8JJFE¿((aXem`\i(0*,#gifgfjXek
legXg`\ijliD\jli\gflii`\e[\Afj\kk\:CFK@J1½:\c`mi\dË\dYXcc\2cXgi\jj\eË\eXgXjjfl]Մdfk2ZË\jklec`mi\\oZ\cc\ek¾¿
(+]„mi`\i(0*,#\emfpXekleXik`Zc\jli:cXl[\$DXi`\IF9<IK#cXli„Xk[l>iXe[Gi`oc`kk„iX`i\[\cË8c^„i`\¿
)+Xf”k(0*-#`cjËXdlj\[\ji„gfej\j~le\\ehl†k\~gifgfj[\jA\le\j=`cc\j¿(.j\gk\dYi\(0*,#gfliXeefeZ\icXglYc`ZXk`fe
gifZ_X`e\[\J\im`Z\`elk`c\#\jjX`j~gifgfj[\cË`[„\[\j\im`Z\1½Mfljgflii`\qg\lk$†ki\Xaflk\ihl\c\dfkÈ`elk`c\Éefljg\id\k
[\Zif`i\hl\Z\kXZk\[\]f`j\iXleXZk\[\]f`Xjj\qi„j\im„¾¿RJXii\Yfli^(,dXij(0*.T1½A\e\[fee\XlZleXik`Zc\\eZ\dfd\ek
R¿Td\ZfejXZiXekle`hl\d\ek~dfegifZ_X`eifdXe¾¿RGXi`j)+al`cc\k(0*.T 1½Kflk„Zi`mX`em„i`kXYc\mflji„gfe[iXhlË`c\jk
miX`d\ekZfekiX`ek[˄Zi`i\R¿TÈDflii`\q$mfljjË`cmflj„kX`k[„]\e[l[˄Zi`i\6É@ce\dfliiX`kg\lk$†ki\gXj#dX`jZ\cX[\m`\e[iX`k
gflicl`lejlggc`Z\#j`c˄gi\lm\j\gifcfe^\X`kkifgcfe^k\dgj¾¿@ek„i\jjXek\ji\dXihl\jjlic\jg\ijfeeX^\j[l;„dfe\k[\
CË8YŠd\¿<kZ%
)'*% ?
\eip[\DFEK?<IC8EK%D8ELJ:I@KXlkf^iXg_\#C\gf…k\\jki\ƒlgXi8Y\eXdXi2*gX^\j`e$+Xm\ZiXkli\j\kZfii\Zk`fej% ),'&*''
GFßD<<EGIFJ<I<:L<@CC@;8EJ<E:FI<LE@EJK8EK;<9FE?<LI(0*+ 1½ÁcXgfik\[Ë8Y\eXdXi#c\gfik`\id\gi`X[ËXkk\e[i\%<e\]]\k#c\If`
[\jF`j\Xlo[\cË8dfliZË\jkX`ej`hlËfejliefddX`kcËX[fiXYc\m`\`ccXi[ XmX`ki†m„Z\kk\el`khlË`c]X`jX`kle\Zif`j`…i\Xloác\j[l
C\mXek%Ájfei„m\`c#`cXmX`ki\m†klj\j_XY`kj[\mfpX^\#\kkfljc\jefkXYc\jj\[„ÔcX`\ekgflic\]„c`Z`k\i[\jfe_\li\loi\kfli%<eÔe
`cXggXilk#XloYiXj[\[\loa\le\j]\dd\jdX`j\ei„Xc`k„jflk\elgXij\jgXi]ldj¾¿FE AF@EKleYifl`ccfeXlkf^iXg_\#Ki`jk\jj\
[Ë8Y\eXdXi)g%`e$+ %
)'+% ?\eip[\DFEK?<IC8EK%D8ELJ:I@KXlkf^iXg_\[Ële\ EFK@:< 8LKF9@F>I8G?@HL<#R(0*,T2*gX^\j\k[\d`\`e$+#Xl[fj[\kXgljZi`kj
Zfii`^„j%
)''&),'
½A\jl`je„c\)(Xmi`c(/0-#~GXi`j%:\afli\jkZ\cl`f“c\Jfc\`c\eki\[Xejc\j`^e\qf[`XZXc[lKXli\Xl%Gi„[\jk`eXk`feR¿T:Ë\jk~
e\l]Xejhl\aËX`Zfdd\eZ„~„Zi`i\%Leg\k`kifdXe]lk„Zi`kXcfijXm\ZdfeZXdXiX[\[\cpZ„\#A%E%=Xli\$9`^l\k(0', %A˄Zi`m`jle\
[\d`$[flqX`e\[\g\k`kjc`mi\j\eki\e\l]\k[flq\Xej¾¿@cgXic\Xljj`[\jX]Xd`cc\#[\jfe`e`k`Xk`fe~cXkXlifdXZ_`\#[\cX>l\ii\
\k[\j\jmfpX^\j2cXZ_ifefcf^`\$Y`Yc`f^iXg_`\jË`ek\iifdgk~cX[Xk\[\(0*,1½Gi`oXe^cX`jEfik_Zc`]]\gflic\j:„c`YXkX`i\j¾¿
)',% ?\eip[\DFEK?<IC8EK% D8ELJ:I@K Xlkf^iXg_\# Efk\j[\k_„ki\# R(0,'T 2 *' gX^\j `e$+# Z\ikX`e\j [„Zflg„\j \k i\Zfcc„\j fl
Xm\Z[\jZflgli\j[\gi\jj\#cXgclgXikXl[fj[\[XZkpcf^iXg_`\jXeZ`\ee\jC\JXe^[lZfcc…^\#DXcXk\jkX#\kZ% #jfljZ_\d`j\
Xlkf^iXg_\%
/''&(%'''
@EKyI<JJ8EK<EJ<D9C<;<Iy=C<O@FEJJLIC<K?yÛKI<#XccXek[\cËXg_fi`jd\~[\gcljXdgc\j[„m\cfgg\d\ekj%Le\gXik`\[\Z\jefk\jfek
„k„glYc`„\j\e(0,'Z_\qCË8iZ_\#gl`ji\gi`j\j[XejcX½9`Yc`fk_…hl\[\cXGc„`X[\¾\e(0,/2[ËXlki\j\eZfi\\e(0.)%
½@ceËpXXlZle\i…^c\gfli]X`i\le\Yfee\g`…Z\%DX`j`cp]XlkY\XlZflg[\dXc`Z\%R¿TÆC\jkiX^„[`\j[\j8eZ`\ejjfekZ\cc\jefe
j\lc\d\ek[\jd\dYi\j[Ële\d†d\]Xd`cc\#dX`jXljj`[\j[`m\ij`e[`m`[ljhlË`cpX[Xejled†d\†ki\%R¿TÆC\j[\lodfd\ekj[\cX
Zi„Xk`fe[iXdXk`hl\%CXZi„Xk`fegXic˄dfk`fe#hl`[fee\cXdXk`…i\%Gl`jcXZi„Xk`fegXicËXik#hl`al^\#Z_f`j`k#ZfdY`e\#Zfejkil`k¾¿
I„Õ\o`fejjlicXd`j\\ejZ…e\#cË_`jkf`i\[lk_„ki\#j\jgifgi\jg`…Z\jefkXdd\ekCXI\`e\dfik\ #cË`ek\igi„kXk`fe[iXdXk`hl\#\kZ%
C\j[\ie`…i\jefk\j#efkXdd\eklek\ok\jliCXZi„Xk`fe[\g\ijfeeX^\j[\ÔZk`fe#jfek[Ële\„Zi`kli\[„]fid„\gXile[„Ylk[\
Z„Z`k„#Dfek_\icXekXpXekg\i[l\eÅ`c\e(0-/%
FEAF@EK*gX^\j[XZkpcf^iXg_`„\j[fekle\Xm\ZZfii\Zk`fejXlkf^iXg_\j%
)'-% ?
\eip[\DFEK?<IC8EK%@DGI@DyXm\ZX[[`k`fej\kZfii\Zk`fejXlkf^iXg_\j#CXCfk\i`\ÈEXk`feXc\É#½k\ok\i\ml(0,)¾2,gX^\j
`e$+`dgi%\k(gX^\`e$+\ek`…i\d\ekXlkf^iXg_\%
()'&(,'
GX^\jXiiXZ_„\j~;ËXlafli[Ë_l`\k[\kflaflij9ilo\cc\j#y[`k`fej[\cXKf`jfe[ËFi#(0+* #i\ml\j\kXl^d\ek„\jgXicËXlk\li#\k
[fee„\j~cX[XZkpcf^iXg_`\%Dfek_\icXekXXggfik„Xlk\ok\[\(0+(leZ\ikX`eefdYi\[\i\kflZ_\j\kkif`jX[[`k`fej`dgfikXek\j#
[fekcXgi\d`…i\#jliY„hl\k#j\ik[Ë`ekif[lZk`fe1½HlXe[aË\ek\e[jgXic\i[ËfYj…hl\jeXk`feXc\j#ƒXd\[fee\c\]i`jjfe%Efec\dfk
fYj…hl\j#dX`jc\dfkeXk`feXc\j%C\gcXkeXk`feXc#cXZ_Xljjli\eXk`feXc\#efki\^iXe[]XekX`j`jk\eXk`feXc#c\jfYj…hl\jeXk`feXc\j#\k
aË\egXjj\%<e=iXeZ\#c˄g`k_…k\ÈeXk`feXcÉ\jk\dgcfp„\hlXe[cXdXiZ_Xe[`j\\jkdXlmX`j\R¿T%<cc\m`j\~Zi„\ile\jfik\[\[\mf`i#
gl`jhlË`ce\]Xlki`\edf`ejhl\c\j\ek`d\ek[l[\mf`igflieflj]X`i\X[fgk\icXZXd\cfk\¾¿
FEAF@EK*]\l`cc\kjXlkf^iXg_\j[\Yifl`ccfej[\j`oc\kki\j2le\C%8%J%[\ClZ`\e;L9<:?~Dfek_\icXekXm\ZYifl`ccfe[\i„gfej\Xl
[fj 2\k*C%8%J%\k(C%J%[\Dd\98E@E<~Dfek_\icXek#Xm\ZZfg`\[XZkpc%[\i„gfej\efkXdd\ek~gifgfj[\DXi^l\i`k\PfliZ\eXi %
)'.%
?\eip[\DFEK?<IC8EK%D8ELJ:I@KXlkf^iXg_\#Efk\jjli½CX>l\ii\Z`m`c\¾#RÔe(0-+6T2.gX^\j`e$+\k(gX^\fYc%`e$/Xm\Z
iXkli\j\kZfii\Zk`fejXl[fj[\[XZkpcf^iXg_`\jfl[\gXg`\iji„lk`c`j„j %
*''&+''
JLIC8>L<II<:@M@C<i\gi„j\ek„\c\).aXem`\i(0-,Xlk_„ki\[\cËÄlmi\ %J\i„]„iXek~cXM`\[\:„jXi[\GclkXihl\\k~CX>l\ii\
[\j>Xlc\j[\:„jXi#Z`kXek=\ii\if#E`\kqjZ_\#:`Z„ife#A%[\9\\i#Dfek_\icXekgXic\[\jgi`eZ`gXlog\ijfeeX^\j[\CX>l\ii\Z`m`c\#
\k[ËXjg\Zkj[\cË`eki`^l\hl`gfliiX`\ek[„ZfeZ\ik\ij\jZfek\dgfiX`ej1cËXYj\eZ\[\dfk`]`[„fcf^`hl\gflicX^l\ii\#c\gX^Xe`jd\¿
@ciXZfek\Xljj`j\jmX`ej\]]fikjgflii\kiflm\ile\g_iXj\hlË`cZifpX`khl\GclkXihl\XmX`kgi†k„\~:Xjj`lj1½A\mfl[iX`jhlË`cp\”k
[\j[`\lo#gfligflmf`iZif`i\hl\efki\ZXlj\\jkaljk\¾2\e]X`k#½<cc\\jk[\df`#a\jXlk\[\jjlj#ZË\jkY`\ec\df`ej\kcXgcXZ\
[XejCX>l\ii\Z`m`c\¾¿
,)
)'/% A \XeDFIy8J(/,-$(0(' %GFßD<Xlkf^iXg_\j`^e„#Jpcm\#Rm\ij(/0*T2*gX^\j`e$+#i\c`„\j\elemfcld\YiX[\cgXg`\idXiYi„]\ek\j
\k[„Z_`ili\ji„gXi„\j %
)''&),'
Gf…d\[\++m\ij[„[`„~:_Xic\jD8LII8J%@cjËX^`k[\cXJpcm\OM@@[l9fZX^\Xdfli\lo\kgcX`jXek#hl`j\iX`eZclj\[Xejc˄[`k`fe
(/0*[lG…c\i`egXjj`fee„%
½G\jkldhl`[\lo]f`jcËXemf`keXŠki\\kdfli`i
8[fe\#ClZi„k`c\X^i„XYc\hl`Yil`k\eZfi
;\jm\ijcXk`ejZ_Xek„jjlicXcpi\[\C\jYfj¾¿
)'0%
:
_Xic\jDFI>8E(/0+$(0,/ %C%8%J%#CXl^_Xie\:XidXik_\ej_`i\ (*aXem`\i(0+/#~>iX_Xd>I<<E<2(gX^\`e$/2\eXe^cX`j% )''&),'
JXj„i`\[ËXik`Zc\jgflic\Jle[XpK`d\jj\k\id`e\#\kc\[\ie`\iXik`Zc\~m\e`i\jk[„a~„Zi`k%@ce\gfliiX[feZgXjjËfZZlg\i[\
Z\lo[\D8LI@8:#dX`j`ci\d\iZ`\>i\\e\[lc`mi\#hlË`cXggi„Z`\_Xlk\d\ek¿@cc\]„c`Z`k\jlijfeYfeXik`Zc\[Xejc\E%J%\efZkfYi\#
\k`ceË\jkgXjkflaflij[ËXZZfi[Xm\Zc\E%J%
)('%
?\eipD|I><I(/))$(/-( %C%8%J%#))al`e(/+)#~jfeXd`8e[i„CyFE$EFÞC2+gX^\j`e$/%
)''&),'
9<CC<C<KKI<JLIJ<JKI8M8LOC@KKyI8@I<J#J<J<EEL@J=@E8E:@<IJ#<KJ<J8DFLIJ%½;„Z`[„d\ek#fej…d\c\jc\kki\j#\e^l`j\[\g\k`kjgf`j#jlicX
iflk\[ËFic„Xej#flY`\e`cpXle\Z_XdYi\ef`i\%Mf`c~Xldf`ej[`o]f`jhl\efjc\kki\jkXi[\ek[ËXii`m\ifleËXii`m\ekgXj[lkflk¾#
Zfdd\jX[\ie`…i\#f“`ciXZfekX`k\e[„kX`cjcXj„XeZ\½hl`\jkcX[`jjfclk`fe[\efki\jfZ`„k„Xik`jk`hl\#[`jjfclk`fe[\dXe[„\~cX
dXafi`k„¾¿Dli^\i\jkki…j^†e„g„Zle`X`i\d\ek1½C\jZ`iZfejkXeZ\jfek[„Z`[„hl\d\j_XY`kj_XY`cc„j`iX`\ekXlZcfl¾2\k`ck\ek\
[\]X`i\glYc`\ij\jgf…d\jf“`cg\lk%@ci\d\iZ`\jfeXd`[ËXmf`i`ej„i„j`iXg`[\d\ekC\JXlc\#\kcl`gifgfj\Á9cXe[lj`X2`ccl`f]]i\
„^Xc\d\ek½leg\k`kXik`Zc\`ek`klc„LeXdfli~cË_g`kXc%:Ë\jkcË_`jkf`i\[Ële\gXjj`fe[l:_i`jkgflile\jÅli[\Z_Xi`k„#gXjj`fe
hl`d\eXZ\[ˆki\j„i`\lj\R¿TA\kiXmX`cc\leg\ldX`j^l…i\~cX]f`j[\gl`j(,aflij%D\jXdflijfekm`i„[\Yfi[hlXe[~dX^ifjj\
cX;Xef`j\ZË\jkle\Z_XidXek\]\dd\%A\cXmf`jle\]f`jgXij\dX`e\Xm\ZY\XlZflg[\gcX`j`iÆ\cc\eË\jkgXjdXdXŠki\jj\\ka\e\
jX`jj`\cc\c\j\iX%<ejfdd\#ZË\jkle\Xd`\¾¿
)((%
I
f^\i G<PI<=@KK< (0'.$)''' % C%8%J% ½ I% ¾ ) ]f`j # JX`ek$yk`\ee\$[\$:_`^ep @e[i\$\k$Cf`i\ # (,$(- al`cc\k R(0+'# ~ ?\eip [\
DFEK?<IC8EKT2)gX^\j`e$+\k)gX^\j`e$/~cË\eZi\m\ik\%
.''&/''
@cXggi\e[gXicXc\kki\[ËlegXi\ekhl\Dfek_\icXek\jkjX`e\kjXl]#\k`cjË\ei„afl`k%½A\mfljjX`j^i„[ËXmf`ijfe^„~\logfli
d\i\kiflm\i#XlkXekhl\gflid\kki\mfjgXg`\ij\ej”i\k„#gl`jhl\cXi„^`fef“`cj_XY`k\ek\jkcXj\lc\hlËXlifekgi„j\im„\c\j
_fjk`c`k„j¾@cjË\em\lk[\e\cl`Xmf`igXjgifgfj„gcljkkZ\i\]l^\gflij\jX]]X`i\j#\kcËXjjli\[\j\]]fikjhlË`cXmX`e\d\ek[„gcfp„j
gfliXmf`i[\j\jeflm\cc\j%½C\j`c\eZ\hl\mfljXm\q^Xi[„g\e[XekZ\kk\gi\d`…i\hl`eqX`e\[\al`e#d\kflid\ekX`k#hlXe[`c
e˄kX`kYil`khl\[ËXdYlcXeZ\jXd„i`ZX`e\jd`j\j~dXcjlic\]ifek¾¿@cZfdgk\hl\jfeXd`cl`]Xjj\j`^e\[\cX:Xe\Y`…i\#\k`c
\ogc`hl\jfegifgi\i\gc`#Xm\ZjfeX[d`e`jkiXk`fe%½HlË`cd\kXi[\[\ZfeeXŠki\c\j„kXg\j[\mfjmfpX^\j#[liXekZ\j]Xd\lj\j
j\dX`e\j#jlic\jZXik\j[\=iXeZ\\k[\K\e[i\i„le`\j¾¿
)()%
:_Xic\j$Cfl`jG?@C@GG<(/.+$(0'0 %*GFßD<JXlkf^iXg_\j#KiXmX`c#I\gfj\kCfl`j\#al`cc\k$Xf”kR(/0,6T2*gX^\j\k[\d`\`e$+gXg`\i
]iX^`c\#c„^%]\ek\j %
*''&*,'
I8I<D8ELJ:I@K;<GFßD<J;<A<LE<JJ<%C\gi\d`\i#KiXmX`c)-al`cc\k #j\Zfdgfj\[\/hlXkiX`ej1½<kgifZcXd\ijXm`\#\e[\j^\jk\j[\
jXZi\&8lodljZc\jm\elj„gXe[i\leafli[\c\lifi[i\¾¿I\gfj)\k(-Xf”k Zfdgi\e[-hlXkiX`ej1½:Ë\jkdfei\gfjZ\jf`i#
\egi„j\eZ\[ËXdfli#&8c\ek`[\dflmf`id\jjfe^\j[`jk`e^l„j¾¿C\[\ie`\i#fi`^`e\cc\d\ekk`ki„JX`ek\Cfl`j\JX`ek\X„k„Y`]]„ #
[Xk„[l)+Xf”k#\eZfdgk\Z`eh1
½JX`ek\Cfl`j\#ZË\jkmflj\ec\ek\li#jfljcX^iZ\
8lcfe^[\mfjZ_\m\loX[fi„j[\Z\jf`i#Æ
<kZË\jkmflj~df`#gXid`Z\kk\c\ek\licXjj\
;\jp\lo[\kflkdfeZÅli#X[fiXYc\~mfljmf`i¾¿
C˄Zi`mX`eXgi„Z`j„#XlYXj[\[\logf…d\j#hl\Z\lo$Z`fekgXil[XejcXi\ml\Y\c^\CË8ika\le\%
)(*%
GFyJ@<%()C%8%J%flC%J%X[i\jj„\j~>Xjkfe$Cfl`jD8I:?8C#[\cËLe`m\ij`k„[\Kflcflj\$C\D`iX`c#(0./%
*''&+''
I„gfej\j~le\\ehl†k\jlicXg„[X^f^`\\edXk`…i\[\gf„j`\1ClZ9yI@DFEK#A\Xe:8JJFL#AXZhl\j:?8IG<EKI<8L#G`\ii\<DD8EL<C#
IfY\ikD8CC<K#D`Z_\cD8EFCC#>„fEFI><#A\Xe$:cXl[\I<E8I;#AXZhl\jIFCC8E;;<I<EyM@CC<#A\XeIFLJJ<CFK#C„fgfc[J„[XiJ<E>?FI¿
)(+%
C `Xe\[\GFL>P(/.*$(0,' %*C%8%J%#al`e$al`cc\k(0*(#~jfeXd`\A\eep:?FCC<K#~JX`ek$IXg_X‡c2('gX^\j`e$+~cXZflifee\gi`eZ`…i\#
le\\em\cfgg\%
),'&*''
9<CC<<KyDFLM8EK<:FII<JGFE;8E:<8GIßJJ8JyG8I8K@FE8M<:C<GI@E:<>?@B8%R.al`eT%<cc\mX~cË_k\cc\i`\[\cXJX`ek\$9Xld\MXi gflij\
i\gfj\i#½i„Õ„Z_`i#gi`\i#d„[`k\i#„Zi`i\\kmf`i[Xejhl\cc\mf`\d\[`i`^\i#gXiZ\hl\a\jl`jkflk\j\lc\#\eZfi\XYXe[fee„\%A\eË\e
jfl]]i\gclj[lkflk%8lZfekiX`i\#a\d\j\ej[„c`mi„\#\kj`jfld`j\Z_„i`\#~cXmfcfek„[\;`\l¾¿R('al`eT%<cc\e\jfl]]i\gcljgfli
jfedXi`1½a\jl`jgclkk[„c`mi„\[\d\jkflid\ekjDXm`\g_pj`hl\fldfiXc\e˄kX`kgi…j[\cl`hlËledXikpi\%A\i\m`j\eg\ej„\
gi…j[\dfeDXiZfgi…j[\dfe(\idXi`#gi…j[\kfljd\jZ_\ijdfikj#a\e\d\j\ejgXjj\lc\¾¿<k[\iXZfek\ilei†m\½Zfdd\
c\jjX`ek\j\efek\ljflm\ek¾¿R(-al`cc\kT%<cc\jË\jki\e[l\jlicXkfdY\[\jfegi\d`\idXi`1½A\cl`X`[\dXe[„[\d\gXi[fee\i#
[\d\Y„e`i:Ë\jk]X`k%Cl`\kDXiZfdËXkk\e[\ek\kd\jflk`\ee\ekGflic\ji\kiflm\ia\[\mX`jgXjj\igXikflk\jc\j[flc\lijhl\
aËX`jlY`\j[\gl`j,Xej¾¿
,*
)(,%
Afj\g_KfljjX`ekI<@E8L;(.0,$(/-. fi`\ekXc`jk\%+C%8%J%\k)G%8%J%#GXi`j(/)/$(/,-2-gX^\j`e$]fc%fl`e$/#hhjX[i\jj\j% ()'&(,'
),fZkfYi\(/)/#~ALCC@<E#[`i\Zk\li[\cXI\ml\\eZpZcfg„[`hl\#gfligi\jj\ic\Zfdgk\i\e[lgXi8D8LIP$;LM8C[\jX;\jZi`gk`fe[\j
dfeld\ejdljlcdXej[lZXY`e\k[\Dic\[lZ[\9cXZXj¿('aXem`\i(/**#i\ƒl[fee„Zfdd\Zfej\imXk\liX[af`ek~cX9`Yc`fk_…hl\
[l If`# Xl YXehl`\i :XZZ`X# gfli le dXeljZi`k [\ cX ;\jZi`gk`fe [\ cX Jpi`\ [\ :_% >LPJ# XeZ`\e m`Z\$Zfejlc [\ =iXeZ\ ~ Ki`gfc`¿
).fZkfYi\R(/*-T#\emf`[\cËXik`Zc\8cZfiXe¿R(/*-6T#gflijfe`ejZi`gk`fejlic\ji\^`jki\j[\cXC„^`fe[Ë_fee\li¿.\k()Xf”k(/,)#~
8i`jk`[\>L@C9<IK1c\d`e`jki\[\cË@ejkilZk`feglYc`hl\cl`XeefeZ\hl\c\Gi`eZ\Gi„j`[\ekcËXZ_Xi^„[\i\Z\mf`ic\:fd`k„~jXgcXZ\2
cXm`j`k\hlË`cj[\mX`\ek]X`i\Xld`e`jki\Xm\Z;lcXli`\i#:_f[qbf\kCXe^cf`j#\jki\d`j\¿*(dXij(/,-#i\ZfddXe[XekI\e„D@CC<K#
XiZ_`k\Zk\\dgcfp„½XlokiXmXlo[\cXeflm\cc\^Xc\i`\[\jKl`c\i`\j#jfljDiM`jZfek`\kDiC\]l\c¾¿
)(-%
RI<ML<9C8E:?<T%*G?FKF>I8G?@<JFI@>@E8C<JgXi8c]i\[8K?@JE8K8EJFE\em%(.o()ZdZ_Xhl\ %
(,'&)''
GfikiX`k[\jfe]i…i\K_X[„\E8K8EJFEXjj`j~jXkXYc\[\kiXmX`c2\k[\logfikiX`kj[\jX]\dd\cXZfd„[`\ee\DXik_\D<CCFK%
)(.%
<[dfe[IFJK8E;(/-/$(0(/ %G%8%J%\kC%8%J%#(/0/$(0(/2)gX^\j\k[\d`\fYc%`e$()#le\\em\cfgg\%
,''&-''
(/]„mi`\i(/0/#0m\ij\okiX`kj[\:PI8EF;<9<I><I8:@@@#('#hhjkXZ_\j 1½LeYX`j\i¿dX`j~kflkgi\e[i\#hlË\jk$Z\6&Lej\id\ek
]X`k [Ële g\l gclj gi…j# Æ le\ gifd\jj\ ¾# \kZ% GXi`j (* al`cc\k (0(/# ~ cX Zfdk\jj\ [\ DXik\c# >PG 1 ½ AËX` i\ƒl Xm\Z af`\ cË_`jkf`i\
X[d`iXYc\[\Z\k\okiXfi[`eX`i\>\dXlc$?\]]hl`#ZfekiX`i\d\ek~Z\hl\[`j\ekc\j[\lom\ij]Xd\loZ`k„j[Xejmfki\„k`eZ\cXekc`mi\
ÈZfdd\eZ\j`dXc\kÔe`kj`Y`\eɾ¿FE AF@EKle\ZXik\[\m`j`k\Xlkf^iXg_\~Dd\8dYif`j\K?FD8J2le\C%8%J%[\Ifj\dfe[\
IfjkXe[#\kle\G%8%J%[\c\liÔcjDXli`Z\\emf`~DX[\c\`e\=\lZ_kmXe^\i %
)(/%
A XZhl\j$?\ei`9\ieXi[`e[\J8@EK$G@<II<(.*.$(/(+ %C%8%J%d`elk\ #~AXZhl\j$Alc`\e?flkfl[\C89@CC8I;@ßI<2[\d`$gX^\`e$/%
)''&),'
I\ZfddXe[Xk`fe[Ële\½g\ijfee\ki…j`ek\i\jjXek\#D\cc\[\J<I8EM@CC<[le\[\jd\`cc\li\jdX`jfej[\cXJl`jj\\kZ\hl`mXlk
\eZfi\d`\loki…j]Xmfi`j„\[\jdlj\jdX`jg\l[\cX]fikle\%<cc\[\j`i\iX`kZfeZfli`i~mfjjZXmXekjflmiX^\jgXijfeZiXpfefl
jfeg`eZ\Xl#ZXi\cc\g\`ek\k[\jj`e\ki…jY`\ecXYfkXe`hl\¾¿8l[fj#c`jk\Xlkf^iXg_\[\efdj1CXZi\k\cc\#DXi\k#>l`ccXi[#;Xil#
JX`ek$8e^\#G``j#9c`e[\JX`edfi\#CXpX#\kZ%
)(0%
>\fi^\J8E;(/'+$(/.- %C%8%J%#0Xf”k(/.,#R~:?8IC<J$<;DFE;#[`i\Zk\li[lK\dgjT2(gX^\\k[\d`\`e$/~jfeZ_`]]i\% +''&,''
<cc\cl`[\dXe[\[\]X`i\]X`i\jfeZfdgk\XlaflieXc1½A\eËX`i`\ekflZ_„[\gl`jhl\a\i\kiXmX`cc\%MfljdËXggfik\i\qcËXi^\ek
hlXe[mfljm`\e[i\q%A\mflj[\dXe[\Xljj`[\jXmf`ij`IFCC@E8KX]X`kkflZ_\igflijfe[\ie`\ikiXmX`c%A\cl`XmX`jgifd`j[\dË\e
fZZlg\i¾%Gl`j\cc\„mfhl\c\k_„ki\[\dXi`fee\kk\j[\jfeÔcj1½9XcXe[Xi[Xgifd`j[\i\afl\igflimflj%KflkEf_Xekm\lkj\
d\kki\\e]†k\gflimflji\Z\mf`i¾¿
))'% Jfg_`\#Zfdk\jj\[\Jy>LI(.00$(/.+ %C%8%#GXi`j*dX`(/.)#~J8G<K@K<$=@CC<#DX[\c\`e\[\D8C8I<K2)gX^\j\khlXik`e$/~jfeZ_`]]i\
Zflifee„%
,''&-''
8pXekm\e[lc\jEfl\kk\j#\cc\Zfdgk\]X`i\~DX[\c\`e\\k~jXjÅli:Xd`cc\le\i\ek\[\)'%''']iXeZjZ_XZle\#c\licX`jjXek
c\ZXg`kXcgXik\jkXd\ek#gclkkhl\[\c\li\e]X`i\[fe[\jfem`mXek#gifa\kdXcZfdgi`jgXicX]Xd`cc\%½J`klk\dXi`\ja\gfliiX`j
jXej`ii`k\ig\ijfee\k\[fee\ic\ZXg`kXc[\cXjfdd\hl\a\k\[fee\iX`kfljc\jXej¾¿<cc\gi„Z`j\c\j[`jgfj`k`fejgi`j\jgflic\li
d…i\#EXk_Xc`\[\DXcXi\k#\kc\gi`o[\m\ek\[\jEfl\kk\j(*-%'''= %½Di9fl[\kXk\cc\d\ekZ_`ZXe„#`ej`jk„#hl\aËX`[”Z„[\ijflj
g\`e\[\ifdgi\c\dXiZ_„#Z\hl`d\i\gcfe^\X`k[Xejle\[„g\ej\^†eXek\\k[Xejle\`ehl`„kl[\Zfek`el\cc\¾¿
))(%
Alc\jJLG<IM@<CC<(//+$(0-' %GFßD<Xlkf^iXg_\j`^e„#½LeXiYi\\jkle\Y†k\¾¿#/Xmi`c(0,.2(gX^\`e$+%
(,'&)''
9<8LGFßD<[\(/m\iji\Zl\`cc`[XejC\:figjkiX^`hl\(0,0 1
½LeXiYi\\jkle\Y†k\
JXejXlZle\\jg„iXeZ\%
@ceËXhl\jfej`c\eZ\
D†d\Xlj\`e[\jk\dg†k\j¾%%%
)))%
GXlc$A\XeKFLC<K(/-.$(0)' %) GFßD<JXlkf^iXg_\j#½KXekg`jj`9flc\e^\idËXkkiXg\¾¿\k½Gl`jhl\k\jaflije\kËfekcX`jj„¾¿2
(gX^\`e$/%
*''&+''
:?8EJFEJO@<KO@@;<J:FEKI<I@D<J#Xm\ZZfii\Zk`fej\kmXi`Xek\j1
½KXekg`jj`9flc\e^\idËXkkiXg\#
A\eË`iX`gclj~:_Xek`ccp
Gflipmf`ilec`…mi\XjjX`cc`
GXi[\loZ_`\ej~cX]fik\^l\lc\¾¿
½Gl`jhl\k\jaflije\kËfekcX`jj„
HlËleg\l[\Z\e[i\[XejcXYflZ_\#
8mXekhlËfee\gXi\cXZflZ_\¾¿
,+
))*%
GXlc$A\XeKFLC<K%) GFßD<JXlkf^iXg_\j#½@e[ljki`\loÔcj[\;„[Xc\¾¿\k½Jlic\:XeXcJkDXik`e^c`jj\¾¿2(gX^\`e$/g\k`k\
]\ek\ %
*''&+''
;@O8@EJM@@<KM@@@;<J:FEKI<I@D<J#Xm\Z[\jiXkli\j#Zfii\Zk`fej\kmXi`Xek\j1
½@e[ljki`\loÔcj[\;„[Xc\
Hl`i\jƒljj`k\q[XejGXi`j
KXek[\j`e^\j\emX`eg„i`j#
Gflihlf`#aËp\ekiXm\hl\[Xc\6¾¿
½Jlic\ZXeXcJkDXik`e^c`jj\#
C`jj\\kg\`ek\Zfdd\leaflafl
Le\g„e`Z_\\eXZXafl¾¿
))+
,,
))+%
C lZ[\:cXg`\ij#dXihl`j[\M8LM<E8I>L<J(.(,$(.+. %D8ELJ:I@KXlkf^iXg_\[\-I„Õ\o`fej\kDXo`d\j2)gX^\j`e$+-c`^e\j
[Ële\Xlki\dX`e %
(%)''&(%,''
I8I< <K GIy:@<LO <OKI8@K ;<JIy=C<O@FEJ <KD8O@D<J GL9C@y<J <E(.+-%8lefdYi\[\j`o#eld„ifk„\j[\(/)~(/.#Z\jdXo`d\jgi„j\ek\ek
hl\chl\jmXi`Xek\jXm\ZcË`dgi`d„g%*)(\k*))[\c˄[`k`fefi`^`eXc\ 1
½(/*%Eflje\jXmfejgXjY\XlZflg[\^i„~efjXd`j[Ë\jk`d\iefjYfee\jhlXc`k„j#jË`cjfj\ekj\lc\d\ekjËXg\iZ\mf`i[\efj
[„]Xlkj%Efljmfl[i`fejjfkk\d\ek[\j_fdd\jhl`]ljj\ekZcX`imfpXekjjliefjm\iklj\kXm\l^c\jjliefj]f`Yc\jj\j%R¿T(/,%CX_X`e\
[\j]X`Yc\jeË\jkgXjj`[Xe^\i\lj\hl\c\liXd`k`„%R¿T(/.%Hl\chl\j\im`Z\hl\cËfei\e[\Xlo_fdd\j#fee\c\li]X`kaXdX`jXlkXek
[\Y`\ehlË`cjZifp\ek\ed„i`k\i¾%
I\gif[lZk`fegX^\,,
)),%
yd`c\M<I?8<I<E(/,,$(0(- %C%8%J%#~BXic9FßJ2(gX^\\khlXik`e$/%
(,'&)''
@ccl`X\emfp„_`\igfliCXGcld\c\gf…d\[\dXe[„%@ceËXgXji„gfe[l~jXc\kki\Xljla\k[\cË_fddX^\~KFCJKFâ#e\jXZ_Xekhlf`
[`i\1½A\eËXliX`jglhlËX]Ôid\idfeX[d`iXk`feÆZ˄kX`kkifgg\l¾¿
]))-% A lc\jM<IE<(/)/$(0', %G%8%J%#8d`\ej)efm\dYi\(0'*#~Dd\C`qq`\98CC8I;2jlile\gX^\fYc%`e$()Xm\ZcXg_fkf^iXg_`\[\cX
:Xk_„[iXc\[Ë8d`\ejZXik\gfjkXc\ %
/''&(%'''
½<ei„gfej\~cX[\dXe[\[\Dd\C`qq`\9XccXi[\kXm\Zj\jZfdgc`d\ekji\jg\Zkl\loAlc\jM\ie\¾¿
])).% I
\`e\$G_`c`Y\ik\[\MXi`Zflik#dXihl`j\[\M@CC<KK<(.,.$(/)) gifk„^„\[\MfckX`i\#hl`cËXgg\cX`k½9\cc\\k9fee\¾#Ôcc\X[fgk`m\
[\Dd\;\e`j%*C%8%J%\k(C%8%#(/)'$(/)(#XlZ_\mXc`\i[\GFL><EJ~MXloYl`egXiJf`jjfej2/gX^\j\khlXik`e$/#)X[i\jj\j%
)''&),'
(,[„Z\dYi\(/)'#~gifgfj[ËleZfek\ek`\lo[\gifgi`„k„[Xejc\hl\c\cc\\jk\e^X^„\1½aËX`jliZ\kk\XZhl`j`k`fe[\jZfejlckXk`fej
hl`\kXYc`jj\ekd\j[if`kj[Ële\dXe`\i\`eXkkXZXYc\¾%%%(.dXij(/)(#~le\[Xd\Dd\K_`\iip6 gflii\d\kki\lei\e[\q$mflj1½aË\e
X`gi\m\eld\j[Xd\jJN8EKFEhl`j\ifekZ_Xid„\j[\mfljmf`iZ_\qdf`c\aflihl\mfljXli\qZ_f`j`¾%%%GXi`j0j\gk\dYi\(/)(1½A\
Y„e`j#\kc`iX`Xm\Z^iXe[gcX`j`imfj:fek\j[lm`\`c_\id`k\%:\m`\lo_\id`k\\jkkflaflija\le\gl`jhlË`ceflj[fee\Z_Xhl\Xee„\
[\eflm\Xlo\e]Xekj#hl`R%%%T]\ifek]fikle\[Xejc\dfe[\%R%%%TaËX`\lc\dXc_\li[\^X^e\idfegifZ…jZfeki\dfeÔcj%A\[`jdXc_\li#
ZXi`c\jkX]]i\lohlË`cpX`klegifZ…j\eki\le\d\i\\kleÔcj1dX`jZË\jkZ\dXc_\li\lohl`dËXXkkXhl„\%C\jal^\jfek„k„gflidf`
~cËleXe`d`k„¾%%%).j\gk\dYi\1\cc\ZiX`ekhl\D%;L9L?8Ke\j\jf`kcX`jj„`eÕl\eZ\igXile[\j\jX[m\ijX`i\j#XcfijhlË\cc\jfl_X`k\
„ZcX`i\ijfeÔcjjlilegf`ekZfek\jk„2\cc\Z_Xi^\Gfl^\ej[Ë`ek\im\e`i\e½[`gcfdXk\_XY`c\¾%%%
))/% 8c\oXe[i\If[fcg_\M@E<K(.0.$(/+. Zi`k`hl\c`kk„iX`i\\kk_„fcf^`\ejl`jj\%C%8%J%#CXljXee\),fZkfYi\(/*.#Xlgif]\jj\li8[fcg_\
DFEF;~DfekXlYXe2*gX^\j`e$+#X[i\jj\Xm\ZZXZ_\k[\Z`i\ifl^\~jfeZ_`]]i\#dXihl\jgfjkXc\j%
(,'&)''
KIßJ9<CC<C<KKI<f“M`e\k#hl`m`\ek[ËXZZ\gk\icXZ_X`i\[\k_„fcf^`\giXk`hl\~cË8ZX[„d`\[\CXljXee\#jË`ek\iif^\cfe^l\d\ekjli
jfejkpc\[\g\ej„\#j\jkiXmXlo\kjXgifgi\]f`¿@cjfljZi`kXYjfcld\ekXloZi`k`hl\jhl\DFEF;#jfe½]i…i\¾#gi„[`ZXk\ligifk\jkXek#
cl`XX[i\jj„\j1½A\Zif`jY`\ehl\a\dXehl\[\j`dgc`Z`k„Z_i„k`\ee\%A\Zif`jY`\ehl\a˄Zi`jkifgg\l\egi„j\eZ\[\;`\lR¿T%AËX`
Y\jf`e[ËXii`m\iXl]fe[[\Z_Xhl\`[„\\ka\eËpgXim`\ejR¿ThlËXm\Zle\oki†d\cXY\li¾#\kc\j`[„\jXlohl\cc\j[ËXlki\jXii`m\ek
[`i\Zk\d\ek#hl`g\lm\ekgXiXŠki\kflk\jj`dgc\j#cl`[\dXe[\ekY\XlZflg[\k\dgj\k[\kiXmX`c¿½Gclj[\j`dgc`Z`k„Z_i„k`\ee\#
gclj [ËXdfli# gclj [\ q…c\ dË\lk$`c i\e[l cX g\ej„\ df`ej [flcfli\lj\ \k c\ kiXmX`c gclj ]XZ`c\ 6 F_ a\ c\ Zif`j ¾% JXej [flk\ cX
gi„k\ek`fec`kk„iX`i\p\jkgflihl\chl\Z_fj\#\kc\Gif]\jj\liX[”kifgjflm\ekjlggcXek\ic\:_i„k`\e%8`ej``cZiX`ek#Y`\edXc^i„
cl`#[\dXehl\i[\j`dgc`Z`k„[Xejc\jZflijhlË`cmXZfdd\eZ\i¿
))0%
C l[fm`ZM@K<K(/')$(/.* _`jkfi`\e[ËXik8ZX[„d`\]iXeƒX`j\ \k_fdd\gfc`k`hl\%(.C%8%J%#(/**$(/,.\kj%[%2*-gX^\j]fidXkj[`m\ij#
hhjX[i\jj\j%
(,'&)''
*dX`(/**#~8ik_li;@E<8LO#i„[XZk\li[\CËyZ_f[\cX]ifek`…i\#~MXc\eZ`\ee\j#~gifgfj[\jfegifa\k[Ële\?`jkf`i\[\jXeZ`\ee\j
m`cc\j[\=iXeZ\¿*dX`R(/++6T#~gifgfj[lgfikiX`k[ldXi„Z_Xc:cXlq\cgXi:_k`ccfe¿(\iaXem`\i#~le^„e„iXc1\emf`[Ële\X[i\jj\
[\j\jZfdd\kkXekj[\=„ZXdg#~d\kki\½jfljc\jp\lo[lIf`¾¿)(al`cc\k(/,.#R~D^i;LG8ECFLGT#i\^i\kkXek[\e\gflmf`ij\
i\e[i\~jXZfemfZXk`fe[Ë\o\iZ`Z\j[˄c…m\j¿('aXem`\i#Xljla\k[\i\Z_\iZ_\jjlicËXYYXp\[\JX`ek$G`\ii\¿)-dXij#gflig\id\kki\
~D%Iflo[\gi„j\ek\ijfekXYc\Xl~cË<ogfj`k`feXgi…jc\[„cX`]XkXc¿/Xmi`c#Zfddle`ZXk`fe[Ële\c\kki\[\EXgfc„fe%%%(,dX`1
½C\[\jj`ed\j\dYc\gi„Z`\lo#XeZ`\e#kflZ_Xek#[XejcXdXe`…i\[\Cfi\eqf[`:i\[`¾¿)'dX`#cfe^l\c\kki\Xljla\k[\kiXmXlo
\k[\gfekj~JX`ek$A\Xe[\=fcc\m`cc\¿DXi[`(0#gflii\ZfddXe[\iXlgi„]\kdXi`k`d\[\:_\iYfli^jfeXd`;LM<I>@<I;<?8LI8EE<¿
;ËXlki\jc\kki\j~cËXiZ_`k\Zk\C@FE#~led`e`jki\#\kZ%
)*'% A \XeN8?C(///$(0.+ %K8GLJ:I@Kj`^e„)]f`j Xm\Zhl\chl\jefk\j\kZfii\Zk`fejXlkf^iXg_\j#:feeXŠki\jXejZfeeXŠki\#(0*/#jl`m`
[ËXlki\jm\ij#(0*0$(0+(2)+gX^\j^i%`e$]fc%ife„fk„\j#i\c`li\kf`c\Y\`^\#g`…Z\[\k`ki\Xl[fj%
)''&),'
:feeXŠki\ jXej ZfeeXŠki\ X „k„ glYc`„ [Xej le k`iX^\ [\ )., \o\dgcX`i\j gXi c\j „[`k`fej >%C%D%# [Xej cX Zfcc\Zk`fe ½ Gf…k\j
[ËXlafli[Ë_l`¾#\e(0*/%C\jm\ijhl`jl`m\ek]li\ek„Zi`kj#Zfdd\cËXaflk\~cXdX`eA\XeNX_c#~GXi`j\e(0*0$(0+'#gl`j~cXgi`jfe[\
cXJXek„\kXlZXdg[\;iXeZp\e(0+(2`cj]li\eki\Zl\`cc`j[XejGf…d\j[\Z`iZfejkXeZ\(0*0$(0+( Cpfe#:feÕl\eZ\j#(0++ %FEAF@EK
le\efk`Z\e„Zifcf^`hl\gXiDXli`Z\[\>Xe[`ccXZ%
,-
)*(%
yd`c\QFC8(/+'$(0') %C%8%J%#)*dX`(/0/#~le\[Xd\2(gX^\\k[\d`\`e$/%
,''&-''
9<CC< C<KKI< y:I@K< C< AFLI DÜD< ;< CË8L;@<E:< ÁM<IJ8@CC<J ;< JFE GFLIMF@ <E :8JJ8K@FE 8GIßJ J8 :FE;8DE8K@FE GFLIAË8::LJ<%RQfcXXmX`k„k„
XZZl\`cc`~M\ijX`cc\jgXile\Xd`\[l^iXm\li=\ieXe[;\jdflc`e%T
½A\i\d\iZ`\[l]fe[[lZÅlidfe_k\[\dËXmf`iflm\ikjXdX`jfeZ_XidXek\%A\cXi\d\iZ`\[\dËXmf`iXYi`k„g\e[Xekle\el`k
\k[\efljXmf`if]]\ikle]iXk\ie\c[„a\le\i~d\jXd`j#~d\j[„]\ej\lij\k~df`%@c\jk[\jZ`iZfejkXeZ\jf“[\k\cc\jdXihl\j[\
jpdgXk_`\gi\ee\eklegi`o`e\jk`dXYc\%<ka\[fee\~efki\_k\cËXjjliXeZ\hl\a\cl`\e^Xi[\iX`le\„k\ie\cc\^iXk`kl[\¾¿
,.
)+.
M\ek\[ldXi[`.[„Z\dYi\
?@JKF@I<<KJ:@<E:<J
)*)%
A \Xe$D\cZ_`fi#YXife[Ë898;@<(.+/$(/)' ^„e„iXc[l^„e`\%)C%J%#GXi`j(/'($(/')2)gX^\j`e$]fc%Z_Xhl\~\e$k†k\C\;`i\Zk\li[\j
=fik`ÔZXk`fej[l:Xj\ie\d\ek[\GXi`j\k[\cË@ek„i`\li\kXm\Zm`^e\kk\jR99+/TcX(…i\le\g\l\]]iXe^„\[Xejc\YXj %
(''&()'
(,giX`i`Xc@O+al`e(/'( #fi[feeXek~leZXg`kX`e\[l>„e`\[\j\i\e[i\~:fdg`…^e\1½CËfYa\k[\mfki\d`jj`fe\jk[\i\ZfeeXŠki\
c\jYXk`d\ejeXk`feXlo[\cXGcXZ\#\e[„j`^eXekZ\lohl`g\lm\ek†ki\jljZ\gk`Yc\j[\j\im`iXlZXj\ie\d\ek[\jKiflg\j~Z_\mXc¾¿
,]i`dX`i\O@)-efm\dYi\(/') #Xl:`kfp\e><I9<K#Xljla\k[\j½flmiX^\j~]X`i\[Xejc\YXk`d\ek[lZp[\mXekZXcmX`i\fZZlg„gXi
cXdXelk\ek`fe[\jm`mi\j~Fic„Xej¾¿
)**%
:K@FE=I8Ex8@J<%<em`ife(.'c\kki\jflg`…Z\j#(0(*$(0,.#X[i\jj„j~<l^…e\IFLM<CCFL#d`c`kXek[Ë8Zk`fe=iXeƒX`j\~9\ccXZ%
8
(''&(,'
C\kki\j#ZXik\jgfjkXc\j#g_fkf^iXg_`\j#[fZld\ekj[`m\ij#gXid`c\jhl\cjfei\c…m\8idXe[9<IE8I;@E@#GXlc:FLI:FLI8C#Cfl`j;@D@<I#
yc`\A8:HL<K#\kXlki\jd`c`kXekj#aflieXc`jk\j\k„Zi`mX`ej[ldflm\d\ek#\kZ%
)*+%
:
c„d\ek8;<I(/+($(0), `e^„e`\li#g`fee`\i
[\ cËXm`Xk`fe% C%8%J%# 9\Xldfek$jli$C…q\
?Xlk\$>Xifee\ (+ fZkfYi\ (0(,# ~ cËXYY„
K_„fg_`c\ DFI<LO 2 * gX^\j `e$/# \e$k†k\
:_k\Xl [\ I`Yfee\k g_fkf^iXg_`\ af`ek\ %
(%,''&)%'''
KIßJ9<CC<C<KKI<<E=8M<LI;<CË8M@8K@FED@C@K8@I<%
@ccl`\jkki…ji\ZfeeX`jjXekgflicËXik`Zc\[l
G\k`kAflieXc#hl`]X`k^iXe[Y`\e~cXhl\jk`fe
[\cËXm`Xk`fed`c`kX`i\%½Jflj]fid\[\Zfej\`cj#
a\ ]X`j kflj d\j \]]fikj Xlgi…j [l D`e`jki\
[\ cX >l\ii\ gfli cË\e^X^\i ~ [\dXe[\i Xl
gXic\d\ek [\ ^ifj Zi„[`kj# XÔe [ËXii`m\i ~ cX
i„Xc`jXk`fe[Ële\]fid`[XYc\Xid„\X„i`\ee\%
<egXik`\#Z\jZfej\`cjfek„k„„Zflk„j#dX`j
`ci\jk\\eZfi\Y\XlZflg~]X`i\gflifYk\e`i
cËfi^Xe`jXk`fe Zfdgc…k\% Mfki\ Yfee\ gXifc\
e\ g\lk †ki\ hl\ ki…j lk`c\ ~ cX ;„]\ej\
EXk`feXc\# gif[`^l\q$cX XlkXek hlË`c j\iX \e
mfki\gflmf`i#Xlkfli[\mflj\k[XejcXgi\jj\2cX`jj\q#a\mfljgi`\#dXg\ijfeeXc`k„[\Zk„2gifZcXd\qgXikflkZ\kk\m„i`k„hl`j\
[„^X^\[\kfljc\j„m„e\d\ekjhl`j\[„iflc\ek[\gl`jc\[„Ylk[\cX^l\ii\1CËXm`Xk`fed`c`kX`i\j\lc\g\lkjXlm\icX=iXeZ\¾¿
)*,%
8
=I@HL<%D8ELJ:I@K#;\jZi`gk`fe[\cX:k\FZZ`[\ekXc\[Ë8]i`hl\[\gl`jc\:XgJgXik\jaljhlËXl:Xg9faX[fi#R[„YlkO@O\j`…Zc\T2
ZX_`\i[\)+gX^\jg\k`k`e$]fc%
)''&*''
;\jZi`gk`fe~cËljX^\[\jdXi`ej1cXk`kl[\j#cfe^`kl[\j#[`jkXeZ\jgXiZflil\j#„Zl\`cj#gf`jjfej#c\jd\`cc\lijdfl`ccX^\j¿JXc„#:Xg
:Xek`e#cËXiZ_`g\c[\DX[…i\#c\j:XeXi`\j#Xm\Zi„]„i\eZ\~Z\hlËfekZfejkXk„>\fi^\>C8J#XlOM@@@\j`…Zc\#\kgclji„Z\dd\ek#c\
ZXg`kX`e\:C<M<C8E;¿
)*-%
8
C>yI@<%D`Z_\c[Ë8M@8L;<K<IE8P#dXi„Z_Xc[\jcf^`jXl+\;iX^fej%,C%8%J%#?XddXd$>l\i^fliaXem`\i$dXij(0-'#~D%\k
Dd\9XYc`e$:fZ_\k2(+gX^\j`e$+jligXg`\i~\e$k†k\[l+\;iX^fejXljXe^c`\i\k~cX[\m`j\A\Yflk\XmXek%
)''&),'
KIßJ @EKyI<JJ8EK KyDF@>E8>< JLI C8 >L<II< ;Ë8C>yI@<%(\iaXem`\i#`cXhl`kk„c\ZfddXe[f[\Z_Xjj\1½CË\jgi`khl`pi„^eX`ke˄kX`kgXj[\j
d\`cc\lij#gclkkZ\cl`[ËleZclY[Ë`mif^e\j\k[\kl\lij¾¿*'aXem`\i1½@c\jkXjj\q[„gi`dXek[\ZfejkXk\ihl\efljg\i[fejefj
gcljY\cc\jXee„\j~]X`i\Z\kk\^l\ii\%<khlXe[a\i\^Xi[\Xlkfli[\df`a\d\[\dXe[\j`Z\cXmXlkY`\ecXg\`e\%ÁgXikle\g\k`k\
`ek\cc`^\eq`Xki…ji\jki\`ek\#kfljZ\j`e[`^…e\je\k`\ee\ekgXj[lkflk~jfik`i[\c\liZiXjj\\k[\c\lid`j…i\hl`\jk„gX`jj\%@c]XlkXmf`i
g„e„ki„[Xejc\lijÈd\Z_kXjÉgfli`dX^`e\ic˄kXkjfi[`[\#c\[„el\d\ek[\c\liZfe[`k`fe¾%J\lc\jc\j]\dd\jkiXmX`cc\ek¿+dXij1
½ :Ë\jk miX`d\ek le\ [ic\ [\ ^l\ii\ hl\ eflj ]X`jfej `Z` f“ cËX[m\ijX`i\ kflaflij `ejX`j`jjXYc\ eflj ^c`jj\ \eki\ c\j [f`^kj \k e\ j\
dXe`]\jk\hl\iXi\d\ekdX`jgXi[\jXZk`fejgXpXek\jgflicl`%ym`[\dd\ek`c\jkZ_\qcl`#Xgglp„gXile\gfglcXk`fejflm\ek]XmfiXYc\
hl`c\iXm`kX`cc\\kc\i\ej\`^e\jliefjdf`e[i\jX^`jj\d\ekj%<kZ\i\c`\]\jkk\cc\d\ekkflid\ek„hlË`cjfekf“j\ZXZ_\i]XZ`c\d\ek%
EfljÔe`jjfejgXi_X‹iZ\j^\ej$c~Xm\Zc\li]Xljj\k„#c\li_pgfZi`j`\#c\ligXi\jj\¾¿(.dXij1½cXgfglcXk`fehl`Xl]fe[e\[\dXe[\iX`k
gXjd`\lohl\[\eflj[fee\i[\ji\ej\`^e\d\ekj\jkgXiXcpj„\gXicXk\ii\lihl\]X`ki„^e\iZ\ji\Y\cc\j%C\jiXi\j_XY`kXekjhl`eflj
fek[fee„hl\chl\jklpXlofek„k„„^fi^„jg\l[\k\dgjXgi…j%R¿TCX^l\ii\\jkmiX`d\ekhl\chl\Z_fj\[Ë`^efYc\¾¿
FE AF@EKle\C%J%gXic\ZXi[`eXcgi`eZ\[\:IFÏjlic\jXlde`\ij[\cË\og„[`k`fe[Ë8c^\i(/*' #\kle\G%J%gXic\^„e„iXcE„^i`\i
(/+( %
,0
)*.%
>
\fi^\j [Ë8ID8>E8: (,'($(,/, ZXi[`eXc# XdYXjjX[\li ~ M\e`j\ \k ~ Ifd\# XiZ_\m†hl\ [\ Kflcflj\ \k [Ë8m`^efe% C%J% Xm\Z
)''&),'
Zfdgc`d\ekXlkf^iXg_\#Ifd\('aXem`\i(,-'#~c˄m†hl\[ËFic„Xej#A\Xe[\DFM@CC@<IJ2(gX^\`e$]fc%#X[i\jj\Xlm\ijf%
8GIßJCËyC<:K@FE;<G@<@M%½;\loZ_fj\jdËfek^Xi[„[\mflj\jZi`i\[\glpjhl\a\jlpjgXi[\ƒX#cËle\hl\aËXp\jk„dXcX[\cfe^k\dj#
cËXlcki\cXcfe^l\[\d\li\[\efjki\ZfeZcXm\¾¿@cXYfe\jgf`i½hl\efjki\Jkg…i\^flm\ie\iXZ\gfek`ÔZXkXlj\im`Z\[\;`\l\k
[\jfe\j^c`j\%@cX[\jaXZfdd\eZ„X]\i\j`^eXkli\#\kdfejki\aljhl\j`ZpgXikflk\jj\jXZk`fej#hl`cX^iXe[[\j`ihl\c\jX]]\i\j
hl\;`\lXdpj\ej\jdX`ejjfp\ekkiX`Zk„\j[if`Zk\d\ek\kZfdd\`cXggXik`\ek#[\dXe`…i\hl\c\jIfpjc\jgi`eZ\j\kc\jg\lgc\j
XlifekfZZXj`fe[\j\eZfek\ek\i¾¿
)*/%
8
ekf`e\8IE8LC;(,-'$(-(0 XmfZXkXlGXic\d\ek[\GXi`j#g…i\[Ë8e^„c`hl\\k8ekf`e\8ieXlc[%G%8%J%#GXi`j(*dXij(-'/2[\d`$
gX^\`e$]fc%
(''&(,'
@cXi\ƒl[ldXi„Z_Xc[lZ[\9FL@CCFE½cXjfdd\[\_l`kZ\ejc`mi\j¾gflicXdf`k`„[Ële\Xee„\[\i\ek\¿
)*0%
8IK@CC<I@<E8M8C<%<em`ife.,dXeljZi`kj#c\kki\jflg`…Z\j#ÔeOM@@@\$[„YlkO@O\j`…Zc\dfl`ccli\j %
(%)''&(%,''
8iZ_`m\j[\cËf]ÔZ`\i[\dXi`e\\k\ogcfiXk\li>Xjkfe[\IF:HL<D8LI<C(/'+$(/./ #c`\lk\eXek[\mX`jj\Xl\e(/*+%@c]lkc\j\Zfe[
[\;ldfek[ËLim`cc\[XejjfemfpX^\[Ë\ogcfiXk`fe[Xejc\jd\ijXljkiXc\j%
ykXk [\j mX`jj\Xlo# ]i„^Xk\j# \kZ% [\ cX DXi`e\ Xl (, dXij (./'# Xm\Z [„kX`c [\j ZfddXe[Xekj# ZXefej# [\jk`eXk`fej# [Xk\j [\
ZfejkilZk`fe%%% ykXk [\j ]fiZ\j eXmXc\j Xl (\i dXij (.0( [ËXgi…j c\ AflieXc d`c`kX`i\ [\ >flieXp 2 „kXk Xl * fZkfYi\ (/'(# cfij [\ cX
glYc`ZXk`fe [\j gi„c`d`eX`i\j [\ cX gX`o \eki\ cX =iXeZ\ \k cË8e^c\k\ii\% ½ Gifa\k [ËX]]lk dXi`e gfli ZXefej [\ *' \k *- ¾% I\c\m„
ki`^fefd„ki`hl\[\cXDfi„\\e(/)0\k(/*'gXiIfZhl\dXli\c%:flij[ËXik`cc\i`\eXmXc\+ZX_`\ijYifZ_„j %KXYc\Xlo[Ë\og„i`\eZ\j
jli[\jZXefej#iXggfikjli[\j\jjX`jjli[\jYflc\kj%:XcZlcji\cXk`]jXlokXYc\j[\k`i[\jZXefejdXi`ej%Efk\j[\c\Zkli\\k[\
kiXmX`c[ËXgi…jc\j8eeXc\jdXi`k`d\j#I\ml\dXi`k`d\#9lcc\k`ed`c`kX`i\#<jjX`[Ële\k_„fi`\[ËXik`cc\i`\#:fej`[„iXk`fejjlic\[fjX^\
[\cXgfl[i\#I…^c\j[\gf`ekX^\~Yfi[[\jmX`jj\Xlo#\kZ%IXggfikj\kd„df`i\j[\IfZhl\dXli\cjlicË\o\iZ`Z\[lZXefefYlj`\i
[\/'IfZ_\]fik#(/** #[\jZ_Xe^\d\ekj[XejcËXik`cc\i`\[\jmX`jj\Xlo(/*, #cËfi^Xe`jXk`fe[lZfigj[\ZXefee`\ij$dXk\cfkj(/*. #c\
df[\[\^iX[lXk`fe[\cX_Xljj\gflicËXik`cc\i`\[\jmX`jj\XloKflcfe#(/+( #cËXggifm`j`fee\d\ek[\jfYlj\jZX[i\[\Kflcfe#(/+* #
legifa\k[ËX]]lkdXi`egfliZXefej[\*'\k*-¿
)+'% G`\ii\$=iXeƒf`j8L><I<8L#[lZ[\:Xjk`^c`fe\(.,.$(/(- dXi„Z_Xc[\=iXeZ\%G%J%#GXi`j[„YlkaXem`\i(/(+2(gX^\`e$+% )''&*''
:FDD8E;8EK<E:?<=C<:FIGJ;Ë8IDy<IyLE@ÁCPFE%8mXekjXgifgi\Xii`m„\~Cpfe#`cfi[fee\~jfeX`[\[\ZXdg>8LCK@<I[\jËpi\e[i\
jlic\Z_Xdg#\k[\d\e\iXm\Zcl`½)+[\d\jZ_\mXlo_l`k[fd\jk`hl\j%AË`em`k\c\jXlkfi`k„jZ`m`c\j\kd`c`kX`i\j~cl`]flie`i
]fliiX^\\kcf^\d\ek¾¿
FE AF@EKle\C%J%[l^„e„iXcGFE:<K#)(]„mi`\i(/(+#Xljla\k[\cXZfejk`klk`fe[\cË8id„\[\Cpfe2)G%J%\eXcc\dXe[[Ëf]ÔZ`\ij
Xlki`Z_`\ej#CpfedXij(/(+2le\G%J%gXic\jd\dYi\j[lZfej\`c[lI„^`d\ek[\j>Xi[\jEXk`feXc\j[lI_e\#„kXkj[\j\im`Z\j[\
D%Gf`jjfe#(+dX`(/(+2le\C%J%[lDX`i\c\Zfdk\[\=8I>L<J2le`dgi`d„jlic\j[\kk\j[\^l\ii\(/(- ¿
)+(%
8ekf`e\8L>LJK@E@(.+*$(/)* >iXe[9X`cc`[lMXcX`j%C%J%#J`fe))efm\dYi\(/'+#~Afj\g_<J:?8JJyI@8LO#Z_Xi^„[ËX]]X`i\j[\=iXeZ\
\eMXcX`j2)gX^\j`e$]fc%
()'&(,'
@cc\i\d\iZ`\[\cË\emf`[\kiflg\j]iXeƒX`j\jXlJ`dgcfegfli`ek\i[`i\cËXZZ…jXlomfpX^\lij\kXlodXiZ_Xe[`j\jm\eXek[Ë@kXc`\#
XÔe[Ë\dg†Z_\icXgifgX^Xk`fe[\c˄g`[„d`\½hl`i…^e\dXc_\li\lj\d\ek[Xejhl\chl\jZfeki„\j[Ë@kXc`\%R¿THlf`hl\efljXpfej
[„a~gi`jc\jd\jli\jc\jgclj\]ÔZXZ\jgfli„m`k\i~efki\gXpjZ\ՄXl[\jkilZk\li¾#c\:fej\`c[ËykXkX[„Z`[„½[ËXZZ\gk\iZ\kk\
f]]i\^iXZ`\lj\¾¿
)+)%
AXZhl\j8LG@:B(./0$(/,. ^„e„iXc#Y\Xl$g…i\[\9Xl[\cX`i\%*C%8%J%\k)C%J%#GXi`j.$(+Xf”k(/*.#XlZXg`kX`e\[\J8CC<J2(*gX^\j`e$+
)''&),'
fl`e$/#\e$k†k\j(i\;`m`j`feD`c`kX`i\%ykXk$DXafi>„e„iXc%
@ejkilZk`fej[„kX`cc„\jgflic\ZXekfee\d\ek[\cXZXmXc\i`\~:fdg`…^e\¿yZ_fj[Ële\eki\k`\eXm\Zc\Y\Xl$g…i\[lZXg`kX`e\#
hl`[f`ki\mf`ic\d`e`jki\#X`ej`hl\c\^„e„iXc:L9@ßI<J¿I\emf`[ËflmiX^\j[\;lg`e\k[\Afd`e`¿<emf`[Ële\Zfg`\[\cËfi[i\[lafli
@ejkXccXk`feXlZXdg¿
)+*%
8LKF>I8G?<J%yk`\ee\:?8I8M8P%C\kki\jXlkf^iXg_\jZfdgfjXekcXZfcc\Zk`fe[\D%8c]i\[9FM<K:_XiXmXp#(//, 2]fikmfc%`e$+#
ZXik%kf`c\%
(,'&)''
Gi\d`\ik`iX^\[\Z\kflmiX^\[\i„]„i\eZ\Xm\Z[\efdYi\lj\ji\gif[lZk`fej%
<emf` [Ë8c]i\[ 9FM<K jli c\ ]Xlo$k`ki\ Xl ifdXeZ`\i jl`jj\ y[flXi[ IF; 1 ½ 8 Dfej`\li <[% If[ & I\ZfeeX`jjXek _fddX^\ [l
Zfcc\Zk`fee\li&8c]i\[9fm\k¾%
)++% GXlc98II8J(.,,$(/)0 %;\loY`cc\kj[`Zk„j~jfej\Zi„kX`i\=iXeƒf`j$DXi`\9FKFK#(.0-$(.0.#XlI\gi„j\ekXek[lg\lgc\M@CC<K8I;2
)gX^\j`e$/%
(''&()'
(* Õfi„Xc @M \k ), Õfi„Xc M ) \k + dX` # `em`kXk`fej ~ [Še\i¿ FE AF@EK le gfikiX`k ^iXm„ [\ 9XiiXj 2 \k le\ C8J [\ =%$D% 9FKFK#
(+gclm`fj\@M#Xld`e`jki\[\cX>l\ii\8lY\ik$;lYXp\k1½C\:`kfp\e9XiiXjj\gfik\Y\XlZflgd`\lo#`cZfdgk\Xcc\iXlafli[Ë_l`Xl
;`i\Zkf`i\¾%
-'
)+,%
R AXZhl\j$y[flXi[ 9<E<K ;< DFEK:8IM@CC< :X\e (./,$(/+) Zfcfe\c 2 `c jËXjjfZ`X Xm\Z 9XcqXZ gfli c˄[`k`fe [\ CX =fekX`e\T%
*'c\kki\jflg`…Z\j~cl`X[i\jj„\jflc\ZfeZ\ieXek%
)''&),'
;fjj`\ijlijXZXii`…i\d`c`kX`i\#Xm\Z[\jC%J%flG%J%gXi8c\oXe[i\9<IK?@<I) #c\Zfdk\[\9FE;PY\XlYi\m\k[\Z_\][\YXkX`ccfe
[\cX>Xi[\eXk`feXc\#(/*( #c\^„e„iXc:C8G8Iß;<#:C8IB<[l[\=<CKI<* #A%>%C8:Ly<) #M%[\C8KFLI$D8L9FLI>#c\dXi„Z_XcJL:?<K[lZ
[Ë8C9L=<I8#M@:KFI[lZ[\9<CCLE<#\kZ%FEAF@EKj\j„kXkj[\j\im`Z\j#\k[`m\ij[fZld\ekj%
)+-% =Xd`cc\9<EK@MF>C@F%,c\kki\j%
),'&*''
8eeX9<EK@MF>C@8J@DFE<KK8C%8%J%#I\^^`f*'al`e(,0) %:Xi[`eXc>l`[f9<EK@MF>C@F#_`jkfi`\e\k_fdd\gfc`k`hl\C%J%#Ifd\))dXij
(-*(# gfikiX`k % >l`[f 9<EK@MF>C@F ]lkli „m†hl\ [\ 9\ik`efif# C%8%J%# GX[fl\ *' al`e (-+, % DXk`c[\ 9<EK@MF>C@F :8C:8>E@E@# gf„k\jj\
C%J%#Df[…e\+efm\dYi\(-0,#~jXd…i\ClZi…Z\9\ek`mf^c`f %:Xi[`eXc:fie\c`f9<EK@MF>C@F ;Ë8I8>FE8C%J%#Ifd\(-]„mi`\i(.'0#
gfikiX`k %
)+.%
8c\oXe[i\ 9<IK?@<I (.,*$(/(, % G%J%# j`^e„ Xljj` gXi J`dfe [\ JL:P# fi[feeXk\li \e Z_\]# GFLJJ@<C>L<# X[d`e`jkiXk\li ^„e„iXc [\j
ÔeXeZ\j# D8>8CCFE# Zfejlc [\ =iXeZ\ Xl :X`i\# DFE>< \k 9<IK?FCC<K# d\dYi\j [\ cX :fdd`jj`fe X[d`e`jkiXk`m\# H%>% [l :X`i\
(+k_\id`[fiM@(\iXf”k(.0/ 2(gX^\^iXe[`e$]fc%#>I8E;<M@>E<KK<^iXm„\[Ë8GG@8E@R9fgg\9fee\ke—()(T#\e$k†k\8c\oXe[i\9\ik_`\i
:_\][\cË<kXkDXafi^„e„iXc[\cË8id„\#ZXZ_\kZ`i\ifl^\%
.''&/''
EFD@E8K@FE;Ë8><EK=I8Ex8@J;8EJC8GIFM@E:<;<ByC@FL9@y%
½C\>„e„iXc\eZ_\]efdd\c\:`kfp\e9<8LI<>8I;#X^\ek]iXeƒX`j[XejcXgifm`eZ\[\B„c`flY`„%J\j]feZk`fejjfek[\jlim\`cc\i
cXZfe[l`kk\[\cË`ek\e[Xek[\cXgifm`eZ\#[\jËXjjli\i\k[ËXZk`m\icË\o\Zlk`fe[\jfi[i\j[l:fdd`jjX`i\fi[feeXk\li\eZ_\]\k
[\cËX[d`e`jkiXk\li[\jÔeXeZ\j2[\[fee\i~cËle~cËXlki\kfljc\ji\ej\`^e\d\ejhl`j\if`\eklk`c\j\khl`gfliif`\ekk\e[i\~
Zfej\im\ifl~Xl^d\ek\ic\ji\m\elj[\cË8id„\%@c[\miX[li\jk\cX`jj\iX^`igflicË\o„Zlk`fecË`ek\e[Xek:fg_k\¾¿
I8I< <K 9<CC< M@>E<KK<[\jj`e„\\k^iXm„\gXi8e[i\X8GG@8E@gfli9\ik_`\i#Z„c„YiXekcXZ_lk\[\cXgXgXlk„\kc˄kXYc`jj\d\ek[\cX
I„glYc`hl\ifdX`e\mf`i9fgg\9fee\kg%.0$/( %
I\gif[lZk`fe\e]ifek`jg`Z\gX^\,/
)+/% Afj\g_9FE8G8IK<(.-/$(/++ %G%J%)]f`j #j`^e„\Xljj`gXi-d\dYi\j[l:fej\`c[ËX[d`e`jkiXk`fe[l((\i„^`d\ek[\c`^e\#Rm\ij
(/''T2(gX^\`e$]fc%
()'&(,'
D„df`i\[\gifgfj`k`fe[\efd`eXk`fe~le\dgcf`[\c`\lk\eXek\e]Xm\li[\G`\ii\;<G<II<K#jflj$c`\lk\eXekXpXek]X`k½kflk\j
c\jZXdgX^e\j[\cXi„mfclk`fe[\gl`j(.0)XloXid„\j[Ë<jgX^e\#[Ë@kXc`\#[Ë8e^c\k\ii\[\?fccXe[\\k[lI_`e¾¿GXid`c\jj`^eXkX`i\j#
fei\c…m\c\]lkli^„e„iXc8l^ljk\$Alc`\e9`^Xii„(..,$(/*/ #XcfijdXafi%
)+0%
C fl`j9FE8G8IK<(../$(/+/ %G%J%Zfdd\^„e„iXc[\Yi`^X[\ZfddXe[Xekc\,\I„^`d\ek[\;iX^fej#Rm\ij(/'*T2(gX^\fYc%`e$
]fc%
(''&()'
ykXk[\jj\im`Z\j[lZ`kfp\e:?8ICFK#c`\lk\eXekXl,\i„^`d\ek[\[iX^fej#hl`½X]X`kkflk\jc\jZXdgX^e\j[\cXI„mfclk`fe¾#
Z\ik`ԄZfe]fid\%
),'% 9FI;<8LO%.[fZld\ekj[`m\ij%
(,'&)''
?\eip9FI;<8LOZ`kXk`feX%j%jliZXik\gfjkXc\[\9fi[\Xlo #C%$A%$D%[\9fliYfe#[lZ[\G<EK?@ßMI<C%J%#(..'#~D%[\EXmXii\[\
cË8d`iXlk„[\9fi[\Xlo#:8D98:yIßJC%J%#(/'.#„c\Zk`fej\e>`ife[\ #C8DF@>EFE;<:FLIJFEC%J%(.*,#~D%[\EXmXii\ #gXjj\$gfik(.0)#
~?\ei`CXgiX[\Z`kfp\eXd„i`ZX`e #\k)`dgi`d„jC\kki\[\cXJfZ`„k„[\j8d`j[\cX:fejk`klk`fe[\9fi[\Xlo~Z\cc\[Ë8e^\ijJlicX
e„Z\jj`k„[\[fee\iXlo_fdd\j[\Zflc\lic\j[if`kj[\Z`kfp\ejXZk`]j#9fi[\Xlo(.0(2FYj\imXk`fej[\cXDle`Z`gXc`k„[\9fi[\Xlo
jlicXe„Z\jj`k„[\jlggi`d\ic\jfZkif`jXZkl\cj¿ %
),(%
>
`cY\ik9I<J:?<K(./+$(/+, d„[\Z`e%D8ELJ:I@KXlkf^iXg_\[Ële\efk`Z\XlkfY`f^iXg_`hl\#\k\em`ife()'c\kki\jflg`…Z\j#cX
gclgXikC%8%J%#~cl`X[i\jj„\jflc\ZfeZ\ieXekhhjg`…Z\jXm\Z[„]Xlkj %
(%'''&(%)''
9<C<EJ<D9C<JLIC89I@CC8EK<:8II@ßI<;<:<Dy;<:@E#eXk`][\:c\idfek$=\iiXe[#hl`]lkgif]\jj\li[ËXeXkfd`\~cX=XZlck„[\D„[\Z`e\
[\GXi`j%
EFK@:<8LKF9@F>I8G?@HL<~cXkif`j`…d\g\ijfee\()g%`e$+ %;`gcd\[\[fZk\li\ed„[\Z`e\(/()#j`^e„gXi=fekXe\j 2Xii†k„[\
efd`eXk`fe~cXgcXZ\[\Z_\][\jkiXmXloXeXkfd`hl\j[\cX=XZlck„[\D„[\Z`e\[\GXi`j(/)* 2[`gcd\[\Zfii\jgfe[Xek[\cX
JfZ`„k„[\jJZ`\eZ\jd„[`ZXc\j\keXkli\cc\j[\9ilo\cc\j(/*- 2[`gcd\[\d\dYi\[\cXJfZ`„k„YXkXm\[\G_`cfjfg_`\\og„i`d\ekXc\
(/*0 2[`gcd\[\d\dYi\[\cË8ZX[„d`\[\jJZ`\eZ\j#Xikj\kY\cc\j$c\kki\j[\;`afe2[`gcd\[\d\dYi\„kiXe^\i[\cË8ZX[„d`\
ifpXc\jl„[f`j\(/+) ¿<okiX`k[\jgifZ…j$m\iYXlo[\cË8ZX[„d`\[\jjZ`\eZ\ji\cXk`]j~j\jykl[\jXeXkfd`hl\j#g_pj`fcf^`hl\j\k
gXk_fcf^`hl\j [\ cËÅl]%%% (/*) ¿ :fii\jgfe[XeZ\j [\ efdYi\lo d„[\Z`ej# Z_`ili^`\ej# jXmXekj \k Xlki\j g\ijfeeXc`k„j hl\chl\j
c\kki\jjfekX[i\jj„\j~Dd\9i\jZ_\k 1A%?%8C9<IJ#=%>%8E;I@<LO#G%=%8IEFC;?\`[\cY\i^ #[lZ[\98JJ8EF#B%A%9<:B#:_Xic\j9<CC#AXZfY
9<IQ<C@LJ#=%J%9<L;8EK#Afj\g_9FE8G8IK<#A%9%9FLJJ@E>8LCK#N`cc`Xd9FND8E#9%:%9IF;@<#:Xic>ljkXm:8ILJ#=%G%:?8LD<KFE#A\Xe$=iXeƒf`j
:F@E;<K#8%;L9I<L@C#8c\oXe[i\;LM8C#?\eip<8IC<#IfY\ik=IFI@<G#>`fmXee`>FI>FE<#Af_e>I<<E:IFJJ<#A\Xe$Ef‡c?8CCy#A%?F;>JFE#
<m\iXi[?FD<#;Xm`[BFI<==#C89@CC8I;@ßI<#K_%C8LK?#D`Z_\c\D<;@:@#8%[\DFEK@>EP#Zfdk\[\DFEKCFJ@<I#8cZ`[\[ËFI9@>EP#^„e„iXc
G<G<#8e[\ijI<KQ@LJ#K@JJFKcfe^l\c\kki\jlic\Zi„k`e`jd\ #8Z_`cc\M8C<E:@<EE<J#E`ZfcXj$Cfl`jM8LHL<C@E#Af_e:%N8II<E#\kZ%FEAF@EK
*`dgi`d„j\kle]X`i\$gXik[\[„Z…j[\jXm\lm\%
-(
),)%
9IyJ@C%D8ELJ:I@K#:flg[ËÅ`cjlic\>iXe[GXiX\kj\j;\g\e[XeZ\j#R[„YlkO@O\j`…Zc\T2ZX_`\i[\+/gX^\j`e$+%
),'&*''
FYj\imXk`fej jli Z\ ^iXe[ „kXk [l 9i„j`c 1 kfgf^iXg_`\# i\jjfliZ\j eXkli\cc\j# Õfi\# ]Xle\# c„^`jcXk`fe# i\c`^`fej# ]fiZ\ d`c`kX`i\#
_g`kXlo#\kZ%I„Õ\o`fejjlic\[„m\cfgg\d\ek[lZfdd\iZ\\k[\cËX^i`Zlckli\#Xm\Zc\mÅlhl\c\gXpj`d`k\cË\o\dgc\[\j½eXk`fej
Z`m`c`j„\j#\e`em`kXek\k\eZfliX^\Xekc\j„kiXe^\ij#\egXpXekR¿Tc\jXik`jk\j[\d„i`k\\kc\jjXmXekjhl`g\lm\ekj\lcjc˄c\m\i~Z\
iXe^f“`cg\lkeXkli\cc\d\ek\jg„i\i[\gXim\e`i¾¿
FE AF@EK[\j@ejkilZk`fejeXlk`hl\jgflic\jYk`d\ejhl`m\lc\ekXkk\ii`ijlic\jZk\j[\cX>l`Xe\gXiA%9%DFE8:?#ZXg`kX`e\[\
gfik~:Xp\ee\0gg%`e$+#YifZ_„ %
),*%
9I<K8>E<%<em`ife(-,c\kki\jflg`…Z\j#OM\$O@O\j`…Zc\2efdYi\lom„c`ej%
*''&+''
8m\l2efdYi\lo[fZld\ekjefkXi`„j1ZfekiXkj[\m\ek\\k[ËXZhl†kj#gXikX^\j[Ë_„i`kX^\j#Xm\lo\k[„ZcXiXk`fej#YXlo#kiXejXZk`fej2
ZfekiXk[\dXi`X^\(++- 2al^\d\ekj\kgifZ„[li\j2`em\ekX`i\[\jlZZ\jj`fe(-/) 2Zfdgk\j2[fZld\ekj^„e„Xcf^`hl\j2jlggc`hl\2
efdYi\lo[fZld\ekjZfeZ\ieXek[\j]Xd`cc\j[lKi„^fi2\kZ%
),+%
A\Xe$AXZhl\j$I„^`j[\:8D98:yIßJ(.,*$(/)+ %.C%J%flG%J%#(.0,$(/('20gX^\j]fidXkj[`m\ij#hhj\e$k†k\j\km`^e\kk\j%)''&),'
)+gclm`fj\@@@()]„mi`\i(.0, #Zfj`^e„\gXi8%;ldfek#:Xiefk#G\c\k\kD\ic`e[\;flX` Xl:fd`k„[\JXclkglYc`Z%(,]ilZk`[fi@@@
(\ij\gk\dYi\(.0, #Xii†k„[l:fd`k„[\JXclkglYc`Zi\cXk`]Xlo^„e„iXloY\cc\m`^e\kk\ #j`^e„Xljj`gXi;8LEFL%(,gclm`fj\#g„k`k`fe
X%j% [\ A%A% M@<EE<K# Xggiflm„\ gXi c\ :fd`k„ [\ JXclk glYc`Z# Zfj`^e„\ gXi ;lYf`j$:iXeZ„# G\c\k# :Xiefk# DXi\Z# 9i„Xi[ \k :_XqXc%
((YildX`i\@M)efm\dYi\(.0, #Z\ik`ÔZXkZfj`^e„gXi;8LEFL%((m\ekfj\M@@@)dXij(/'' #Zfdd\:fejlc#XlZ`kfp\eDlj`^ep%
(*al`cc\k(/('# 9I<M<K[\i\ek\jlic\ifpXld\[Ë@kXc`\gflic\c`\lk\eXek98I98Eß>I<%(.Xf”k(/('#~8cY\ik[\9I8E:8J#Z_XdY\ccXe[\
cË<dg\i\li#efdd„Zfdk\[\cË<dg`i\¿FEAF@EKle\g%X%j%[\cËXYY„[\:8D98:yIßJ%
),,%
A\Xe$AXZhl\j$I„^`j[\:8D98:yIßJ%C%J%#GXi`j*(Xf”k(/'0#~=iXeƒf`jIF><I2[\d`$gX^\`e$+%
()'&(,'
@cXi\ƒlle\o\dgcX`i\[\CXI\mXeZ_\Zi„„\~cX:fd„[`\$=iXeƒX`j\c\(,al`cc\k(/'0 1½CXYfee\fg`e`fehl\aËX`[\Z\kflmiX^\#
e\i„jlck\gXjZfdd\mfki\df[\jk`\cËXjl^^„i„[la\l[\jXZk\lij%C\kXc\ek[\cËXlk\lip\jkgfliY\XlZflg#\ka\Zif`jhl\cX
c\Zkli\eËX]]f`Yc`iXgf`ekc\j`dgi\jj`fejhl\cXi\gi„j\ekXk`feX]X`keXŠki\¾¿Feaf`ekle]iX^d\ek[\djXlkf^iXg_\2le\G%J%#
Zfj`^e„\gXiC\Kflie\lifZkfYi\(.0, 2le]iX^d\ek[\G%J%2\klegfikiX`k^iXm„%
),-%
:8E8;8%J`…^\[\CFL@J9FLI>%)D8ELJ:I@KJ#AflieXc(.,/#\kJl`k\[laflieXcXgi…jcXi\[[`k`fe[\Cfl`jYfli^c\).\al`cc\k(.,/#
(.,/2*ZX_`\ij[\0-gX^\j\k*ZX_`\ij[\/+gX^\j^iXe[`e$]fc%hhjdfl`cc%\kifljj% %
(%)''&(%,''
DyDF@I<J JFLJ =FID< ;< AFLIE8C I8:FEK8EK C< J@ß>< ;<CFL@J9FLI> G8I C<J8E>C8@J#gXilef]ÔZ`\i[l)\YXkX`ccfe[li„^`d\ek[\:XdY`j#
\emfp„\ei\e]fik~cX^Xie`jfe[\Cfl`jYfli^jlicËác\IfpXc\Xlafli[Ë_l`:Xg9i\kfe #~cË\eki„\[l^fc]\[\JX`ek$CXli\ek%
CËXlk\liiXZfek\c\[„gXik[\jfeYXkX`ccfe#c\),Xmi`c(.,/#[\cXZ`kX[\cc\[\cˊc\[ËFc„ife2cXkiXm\ij„\[\cË8kcXek`hl\\kcËXii`m„\
[\mXekCfl`jYfli^c\*'dX`#_l`kaflijXmXekle[„YXihl\d\ekXe^cX`jXlhl\cc\j=iXeƒX`jjËfggfj…i\ek½[\cXYfee\dXe`…i\¾%%%C\
j`…^\[\cX]fik\i\jj\Zfdd\eZ\c\jf`i[l(0al`e2c\),al`cc\k#kfljc\jeXm`i\j]iXeƒX`jjfek_fijZfdYXk#\kcËf]ÔZ`\i„Zi`k1½Z\hl`
ZË\jkgXjj„_`\ig\e[XekcXel`k\jk_ld`c`XekgflicXeXk`feR¿T\ke\g\lkdXehl\i[ËXZZ\c\i\icXi„[[`k`fe[\cXgcXZ\¾¿C\).#Xgi…j
j`oj\dX`e\j[\[„]\ej\_„if‹hl\#Xc`\lcXZ„i„dfe`\[\cXi\[[`k`fe[\cXm`cc\gXic\^flm\ie\li;ilZflik#jlicXgcXZ\[ËXid\j#f“
kflk\jc\jkiflg\j]iXeƒX`j\j„kX`\eki„le`\j1½Z_Xhl\X`[\$dXafiX]X`k~jfeI\^kc\ZfddXe[\d\ek[\gfj\ic\jXid\j~k\ii\#c\j
jfc[Xkjfek[\lod\d\jhl`kk„c\lijZ\`eklifej\kc\lij^`Y\ie\jefejXejk\df`^e\iY\XlZflg[\[flc\li¾¿CX½Jl`k\[laflieXc¾
Zflmi\cXg„i`f[\[l*'al`cc\k(.,/Xl(\idX`(.,0#[Xk\[li\kfli[\cËXlk\li~JX`ek$DXcf%:\kk\i\cXk`feki…j[„kX`cc„\[\jkflk\jc\j
g„i`g„k`\j[lj`…^\Zfdgfik\[\efdYi\lj\jgi„Z`j`fejjlic\jf]ÔZ`\ij\kc\jeXm`i\j\e^X^„j[XejcË\og„[`k`fe#\kle„kXk[\jkl„j#
Yc\jj„j\kgi`jfee`\ijgXid`c\j[`m\iji„^`d\ekj8ikf`j#9fli^f^e\#:XdY`j#mfcfekX`i\j„kiXe^\ij #c\jkiflg\j[\cXZfcfe`\#\kc\j
f]ÔZ`\ij[\mX`jj\Xlo¿
),.%
8E8;8%J`…^\[\CFL@J9FLI>%* :8IK<J <K GC8EJ[\jj`e„j\kXhlXi\cc„j#gXic\J`\liC8IK@>L<cËXŠe„[\cËác\IfpXc\#(.,/2gcld\\k
:
XhlXi\cc\2*.o('/ZdiXjj\dYcXek)ZXik\jjli)]\l`cc\jZfcc„\j#\k+)o('/Zdjli)]\l`cc\jZfcc„\j%
)%'''&)%,''
9<CC<J:8IK<J;<CËáC<IFP8C<:8G9I<KFE #;<CFL@J9FLI>#<K;LJ@ß><;<CFL@J9FLI>%
½:Xik\[\CË@jc\IfpXcc\\ecË8d\i`hl\J\gk\eki`feXc\¾#gi„j\ekXek[\Zli`\lj\ji\dXihl\jjlic\ji„^`fej_XY`k„\jflkiXm\ij„\j
gXic\j½JXlmX^\j¾¿<k½GcXe[\cXM`cc\[\Cfl`jYfli^Xm\Zc\jflmiX^\j[Ë8kkXhl\[\j8e^cX`jgflijXi\[[`k`fe#X`ej`hl\Z\lo[\j
Xjj`\^„jgflicX[\]]\ej\[\cXGcXZ\#Z\kk\gi\j\ek\Xee„\(.,/%C\m„\k[\jj`^e„jlic\jc`\logXic\JiCXik`^l\cX`e„[\CË@jc\IfpXc\¾%
8m\Z[\jc„^\e[\j\ogc`ZXk`m\j%
½:Xik\Kfgf^iXg_`hl\[lGfik\k[\cXM`cc\[\Cfl`jYfli^8jj`\^„gXic\j8e^cX`jg\e[Xekc\jdf`j[\Al`e\kAl`cc\k(.,/%C\m„
\k[\jj`e„gXic\JiC8IK@>L<[\CË@jc\IfpXcc\¾#i\gi„j\ekXekkflk\cXZk\[\gl`jcË8ej\[\cX:fidfiXe[`…i\aljhlË~cË8ej\~>Xlk`\i
½[fekcË<ee\d`jË\jk\dgXi„Xgi…jjX[\jZ\ek\[XejcX9Xp\[\:XYXilj¾¿Fepmf`kcXgcXZ\[\Cfl`jYfli^#c\jflmiX^\j[\[„]\ej\#
]fikj\kYXkk\i`\j#c\jZXdgj[\j8e^cX`j#[\jmX`jj\XloZflc„j~cË\eki„\[lgfik\kle\gXik`\[\cXÕfkk\Xe^cX`j\\kXlcXi^\[l½:Xg
Ef`i[XejcX½9Xp\[\>XYfip¾#\kXm\Z[\jc„^\e[\j\ogc`ZXk`m\j[\jflmiX^\j[\[„]\ej\\k[\j½flmiX^\j[ËXgifZ_\j[\cXgcXZ\
gXic\j8e^cf`j¾#\k[\jfg„iXk`fej[lj`…^\¿
I\gif[lZk`fejgX^\Z`$Zfeki\
-)
),.
-*
),/%
C fl`j$:_Xic\j [\ Ef^Xi\k [\ =f`o# [lZ [\ :8E;8C< (-).$(-,/ ^flm\ie\li [Ë8lm\i^e\ gl`j [\ :XkXcf^e\# Z„c…Yi\ gfli j\j
efdYi\lojlZZ…j]„d`e`ej%C%8%J%#XlZfdk\[\KFLCFEAFE2(gX^\g\k`k`e$+#X[i\jj\Xm\ZZXZ_\kjZ`i\ifl^\XloXid\jjlicXZj[\jf`\
m\ik\%
(''&()'
½Mfki\Xd`k`„d\jkZ_\i\Xlegf`ekhl\a\e\gl`ji\Z\mf`i[\gclj^iXe[`fj\hl\[\jXmf`ihl\mfljd\]X`k\jkfljaflijc_fee\li
[\dX`d\i%A\mfljXjj\li\hl\mflje\]\i\jaXdX`jZ\kk\^iXZ\Xg\ijfee\hl`\ejf`kgclji\Zf^ef`jjXekhl\dfp¾¿
),0%
:8I;@E8LO@K8C@<EJ%-c\kki\jflg`…Z\j#OM@\\kOM@@\j`…Zc\j%
),'&*''
CyFGFC; ;<Dy;@:@JC%8%J%#(--- %8ekfe`f:`fZZ_`#[`kDFEK@„m†hl\[\J`gfek\#`c]lk~cËfi`^`e\[lZfeZ`c\[\CXkiXe2G%J%#(/Xmi`c
(,(,#ZXZ_\k#[„]Xlkj %8c\jjXe[ifFIJ@E@C%J%#Ifd\dX`(-(' %:Xi[`eXcFIJ@EFC%J%#Ifd\dX`(-+. %;fd\e`ZfFIJ@E@C%J%#Ifd\),dX`
(..+2G%J%Xm\Zm`^e\kk\~j\jXid\j#Ifd\)dXij(.-+2gfikiX`k^iXm„ %
Fe af`ek le\ C%J% gXi G`\ii\ [\ C8 98LD<# [\ie`\i „m†hl\ [\ >\e…m\# CXej$c\$9fli^ ), aXem`\i R(,)-T# Xlo Xmfl„j [l ZXekfe [\
9\ie\XZZi„[`kXk`fe[\cËXYY„[\JX`ek$DfikZfdd\XdYXjjX[\li 2\kle[fZld\eki\cXk`]~cX]fe[Xk`fe[\jgi`\li„j[\JX`ek\$
Fggfikle\\k[\JX`ek$9i„m`e\k~c\lile`fe\e(*(0%
)-'% A\Xe$8ekf`e\:?8GK8C(.,-$(/*) Z_`d`jk\\k_fdd\[ËykXk%C%8%J%#:c\idfek))aXem`\i(/(+#~JFE=@CJ2)gX^\j`e$+#X[i\jj\%
/''&(%'''
:?8GK8C M@<EK ;ËÜKI< EFDDy:FDD@JJ8@I< <OKI8FI;@E8@I< ÁCPFE# GFLI FI>8E@J<I 8M<:8L><I<8L C8 IyJ@JK8E:< Á CË@EM8J@FE ;<J8LKI@:?@<EJ#hl`
dXiZ_\ekjlicXm`cc\%@c\ogfj\~jfeÔcjcXj`klXk`fe\em`cc\%;\ji\e]fikjjfekXii`m„j~Cpfe#½hl`fek„c\Zki`j„c\j_XY`kXekj2cË\ee\d`
R¿Thl`Xmf`k]X`ki\gc`\icX^Xi[\eXk`feXc\Xi\Zlc„#c\gcXk\Xl[\cX:if`oIfljj\\jkfZZlg„gXi+''_fdd\j[\efjkiflg\j#\kj`
c\^XcXlki`Z_`\ehl`\jk\eXmXek[\9fli^eË\dd\e\gXjZfeki\Cpfe[\j]fiZ\jefdYi\lj\jcXm`cc\e\j\i\e[iXgXj1a\cËX`kflaflij
„Zi`k Xlo d`e`jki\j# Xm\Z le efpXl [\ +''' kiflg\j [\ c`^e\j# hl\chl\j g`…Z\j [ËXik`cc\i`\ \k le g\l [\ ZXmXc\i`\# Cpfe Xlif`k \l
(*'''_fdd\jgflicX[„]\e[i\¾¿C\dXi„Z_Xc8l^\i\Xl\jk~MXc\eZ\½f“`ciXdXjj\kflkZ\hlË`cg\lk#`c\jk\jk`d„~Cpfe\kjfe
`eÕl\eZ\]\iXY\XlZflg¾%Cl`\jk~:c\idfek1½AËX`kiflm„cË\jgi`kdfik[XejZ\gXpj$Z`2c\jX[d`e`jkiXk`fejpjfekdfcc\j#dX`ja\
c\ji„m\`cc\~Zflg[˄g\ifej#gifZcXdXk`fej#Xii†k„j#Zfe]„i\eZ\j#\emf`j[\Zfdd`jjX`i\j¾%@ci\kflie\iXXlgcljm`k\~Cpfe#½f“a\
j\iX`lk`c\Xldf`ejgflicX]XYi`hl\%C\gclj[Xe^\i\lo\ee\d`[\CpfeZË\jkcXgfglcXk`fe[\*'''flmi`\ijhl`dXehl\ek[\kiXmX`c
\k[„j`i\ekc\g`ccX^\Æ`c]Xlkkflk\cX^Xi[\gflic\jZfek\e`i¾¿
)-(%
:?ÛK<8L$K?@<IIP% . GJ gXi D8JJFE# c`\lk\eXek$^„e„iXc [l YX`cc`X^\ [\ :_k\Xl$K_`\iip# (/ al`cc\k (./0 2 . gX^\j `e$+ \e gXik`\
`dgi`d„\j%
(''&()'
<okiX`kj[\c˄kXk\k[\cXÔoXk`fe[\cXKXo\[\j;„glk„j~cË8jj\dYc„\[l9X`cc`X^\[\:_k\Xl$K_`\iip#gflicXefd`eXk`fe[\j
[„glk„jXlo<kXkj$>„e„iXlo%:_Xhl\]\l`cc\kZfdgi\e[cXc`jk\[\j[„glk„j[„j`^e„jgXijXgXif`jj\#gi„Z`j\c\efdYi\[\aflij
\dgcfp„j~cËXjj\dYc„\gXiZ_XZle[Ë\lo\kÔo\c\dfekXek[\c\li`e[\de`jXk`fe#~iX`jfe[\*c`mi\jgXiaflij%:\j[fZld\ekj
ZfeZ\ie\ekc\jgXif`jj\j[\:_k\Xl$K_`\iip#:_„qp$cË8YYXp\#:fe[„$\e$9i`\#:fee`^`j#;Xdgifek#ykXdg\j\kAXlc^fee\%
)-)%
:?<D@E;<=<I%Gclj[\*'dXeljZi`kj#g`…Z\j#[\jj`ejfl`dgi`d„j#Xee„\j(/+'$(/.'%
+''&,''
;<JJ@EJ fi`^`eXlo gfli c\ Z_\d`e [\ ]\i [\ GXi`j ~ Cpfe \k ~ >\e…m\ 1 ^il\ [\ cX ^Xi\ [\ JX`ek$IXdY\ik# Ylkf`i [\ Z_Xig\ek\#
]fe[Xk`fej[Ëlegfek~YXjZlc\[\)'kfee\j#Xhl\[lZ%%%Fi[i\j[\j\im`Z\[\D%ALCC@<E#`e^„e`\li\eZ_\]1flmiX^\j[ËXik#[`jgfj`k`fej
^„e„iXc\j(/++ %:`iZlcX`i\[ld`e`jk…i\[\jKiXmXloglYc`Zj(/,( %½:cXjj`ÔZXk`fe[\j[„g\ej\j¾¿I…^c\d\ekjlic\j\im`Z\d„[`ZXc
[lG%C%D%(/-+ %;fZld\ekji\cXk`]j~cXZfejkilZk`fe[\cXc`^e\[\:_X^ep~E\m\ij#jË`ejZi`mXek[Xejc\G%C%D%1ic\[\jaflie„\j[l
g\ijfee\cZfe[lZk\li#`e^„e`\li#jlim\`ccXek#\kZ% #[„g\ej\j[\]flie`kli\j#[˄kl[\j#[\kiXmXlo[\jfe[X^\gflicXZfejkilZk`fe
[l gfek [\ cË8c…e\ (/-+$(/-- % @ejkilZk`fe ^„e„iXc\ jli c\ g\ijfee\c [\ cX mf`\ (/-0 % @ejkilZk`fej i\cXk`m\j Xlo \dYiXeZ_\d\ekj
gXik`Zlc`\ij(/.) %:_\d`e[\]\i[\Efekife~JXicXk1gifa\k[Ë\o„Zlk`fe[\jkiXmXlo#Yfi[\i\Xl[\jgi`o[ËXggc`ZXk`fe¿½:_\d`e[\
]\i[\GXi`j\e9\c^`hl\%>Xi\[\GXi`j%GcXe^„e„iXc[\cX^Xi\\k[\j\jXYfi[j¾¿<kZ%
)-*%
:
cXl[\$8ekf`e\$>XYi`\c#[lZ[\:?F@J<LC$JK8@EM@CC<(.-'$(/*/ Zfcfe\c#`cj\im`k[Xejc˄d`^iXk`fe2gX`i[\=iXeZ\#`c]lkX`[\$
[\$ZXdg[\Cfl`j$G_`c`gg\%C%8%J%#))dXij(/(,#XlZfdk\[\DFEK<JHL@FL$=<Q<EJ8:2*gX^\j`e$+%
)''&),'
@DGFIK8EK< C<KKI< y:I@K< C< JLIC<E;<D8@E ;< C8 I<EKIy< ;<E8GFCyFE ;8EJG8I@J%@chl`kk\c\ZfddXe[\d\ek[\cXgi\d`…i\c„^`fe[\cX
>Xi[\EXk`feXc\GXi`j`\ee\%½G\l[\g\ijfee\jfekg\i[l\j\kg\i[\ekgcljhl\df`#a\jl`jXlkif`j`…d\eXl]iX^\[\dX]fikle\\k
[\dfe\o`jk\eZ\gfc`k`hl\%@ce\d\i\jk\i`\e%A\g\i[j\eZ\dfd\ek^iX[\jd`c`kX`i\j#[`^e`k„j#[„ZfiXk`fej#c\jYf`jhl\cXcf`
[l,OYi\dËXmf`\eki\e[lj%:\jYf`j]fekdXj\lc\]fikle\#d\j[\kk\jXYjfiY\ekc\g\lhl\aËXmf`j%R%%%TAËX`g\i[ldfeÔcjXlj\im`Z\
[\cË<dg\i\li#dfe^\e[i\jË\jk[`jk`e^l„gXijfeXkkXZ_\d\ek#dXÔcc\XcË_fee\li[ˆki\[Xd\[lGXcX`j[\J%D%cË@dg\iXki`Z\#afj\
Zif`i\hl\dXZfe[l`k\X„k„cfpXcc\#X„k„]iXeƒX`j\#X„k„i\dXihl„\Xm\ZY`\em\`ccXeZ\[XejcX:_XdYi\[\jGX`ij\kc\i\jlckXk~
dfeX^\\jkc\[\gfl`cc\d\ek\kcXil`e\¾%%%@c\ogfj\cfe^l\d\ekjXZfe[l`k\[XejcX>Xi[\EXk`feXc\%%%@cj\i\k`i\½[XejcËfYjZli`k„
\k[XejcXgXlmi\k„jXejd\gcX`e[i\#a\mX`jm\e[i\c\g\lhl`d\i\jk\gfligXp\id\j[\kk\j\kZ\cc\j[\dfeg\i\[fekcXdfik
i\mfclk`feeX`i\X]X`kZfeÔjhl\icX]fikle\\e0+%A\]\iX`[\jmÅlogflidfegXpj#gflijX^cf`i\#gflijfeYfe_\li%<kiXe^\i~kflj
c\jgXik`ja\jl`jkflafliji\jk„]iXeƒX`j\ka\c\j\i\qaljhlËXl[\ie`\ijflg`i%R%%%TAËXmf`j[\^iXe[\jfYc`^Xk`fej~cË<dg\i\lia\c\jX`
gifZcXd„j[\mXekc\Ifp%ÆAËXmf`jj\im`Ô[…c\d\ekCfl`j(-\ka\e\cËX`gXjZXZ_„e`[\e`„dXÔ[„c`k„[\mXekcË<dg\i\li#aË\jg\if`jle\
Ôe[\m`\kiXehl`cc\\k_\li\lj\¾%%%%
-+
)-+% ?\ei`$AXZhl\j$>l`ccXld\:C8IB<#[lZ[\=\cki\(.-,$(/(/ d`e`jki\[\cX>l\ii\[\EXgfc„fe#dXi„Z_Xc[\=iXeZ\%+C%J%Zfdd\
(,'&)''
Zfdk\[Ë?le\Yfli^#GXi`jaXem`\i$efm\dYi\(/'0#Xl^„e„iXc;FEQ<CFK2+gX^\j\k[\d`\`e$]fc%c„^%ifljj% %
*(aXem`\i(/'01cË<dg\i\li½Xfi[fee„hl\c\9XkX`ccfe[\Z_Xjj\lij[ËFi`\ekhl`j\kiflm\[XejZ\dfd\ek\dgcfp„~cËXid„\[\
;XcdXk`\gXjj\iX`kjfljmfki\ZfddXe[\d\ek~:fi]fl%:\kk\kiXejcXk`feXgfliYlk[\]XZ`c`k\i~Z\Zfigjhl`j\kiflm\i„[l`k~le
g\k`kefdYi\[Ë_fdd\j#[\jdfp\ej[\i\Zilk\d\ekgXid`c\j>i\Zj[\cË8cYXe`\\k[\j@jc\j@fe`\ee\j¾¿*]„mi`\i1½D%c\;lZ[\
;XcdXk`\RJFLCKT#ZfddXe[Xek\eZ_\]cËXid„\[\;XcdXk`\#\jkZ_Xi^„[\gi\e[i\[\jd\jli\jgfli]X`i\gXjj\iZ\9XkX`ccfegXid\i#
~:fi]fl%¾¿),j\gk\dYi\#efd`eXk`fe[Ëf]ÔZ`\ij[XejcX:fdgX^e`\[\Z_Xjj\lij@fe`\ej¿(\iefm\dYi\1½aËX`i\dXihl„jlicË<kXk[\
j`klXk`fe[l9XkX`ccfe[\:_Xjj\lij[ËFi`\ek[l(\i/Yi\[\ie`\i#hl\[`od`c`kX`i\j[\Z\ZfigjXmX`\ek„k„iXp„j[\jZfekic\j#[ËXgi…j
cXeflm\cc\m`j`k\[lZ_`ili^`\e¾¿
)-,%
yk`\ee\:C8M@ßI<(.*,$(.0* _fdd\gfc`k`hl\#d`e`jki\[\jÔeXeZ\j2Xii†k„Xm\Zc\j>`ife[`ej#`cj\gf`^eXi[X%G%J%Zfdd\d\dYi\
[l:fej\`c\o„Zlk`]#GXi`j#).dXij(.0*2(gX^\`e$gcXef\egXik`\`dgi%g\k`k\j]\ek\jXlogc`j %
(''&()'
I„Zfdg\ej\eXk`feXc\[„Z\ie„\#Xlefd[\cXEXk`fe#gXic\:fej\`cgifm`jf`i\\o„Zlk`]#~:_Xic\j;<C8@JKI<$:?8DG>L<==@<I#½gfli
i„Zfdg\ej\[\.'Xej('df`j[\j\im`Z\jpZfdgi`j(+ZXdgX^e\j[\^l\ii\Zfdd\eZ„\j\e(.*+¾¿
)--% :C<I>y%*[fZld\ekj%
(''&()'
?\ei`Cfl`j:?8JK<@>E@<I;<C8IF:?<$GFJ8P(,..$(-,( „m†hl\[\Gf`k`\ij1C%8%J%#Gf`k`\ij('dX`(-(0#~D%[\GfekZ_XikiX`e%8idXe[
Alc\j# gi`eZ\ [\ IF?8E$>LyDyEy(-0,$(.-, XiZ_\m†hl\ [lZ [\ I\`dj 1 G%J%# GXi`j (/ Xmi`c (.-(%Gclj le dXeljZi`k 1 ;`jZflij [l ]i…i\
9Xck_XjXic\(*j\gk\dYi\(.**#~0_\li\j[ljf`i[Xejle\`jc\Xkif`jhlXikj[\c`\l\[\JXldli%
)-.%
=Xd`cc\[\:C@E:?8DG;<9<CC<>8I;<%<em`ife,,c\kki\jflg`…Z\jhhj`dgi`d„j #OM@@@\$O@O\j`…Zc\%
),'&*''
:fekiXk[\dXi`X^\[\Afj\g_$8cY\ik[\:c`eZ_Xdg\kjXZflj`e\DXi`\$DX[\c\`e\$>\e\m`…m\[\:c`eZ_Xdg(.-' %;fjj`\ii\cXk`]~
cËX[d`jj`fe[\c\liÔcc\DXi`\$>\e\m`…m\[XejcXZfddleXlk„[\j[\df`j\cc\j[\JX`ek$Cfl`j~JX`ek$:pi(.-0$(..' 1Zfii\jgfe[XeZ\
[\A%8%[\:c`eZ_Xdg#Yi`^X[`\i[\jXid„\j[lIf`2Z\ik`ÔZXk[\c˄m†hl\[Ëymi\lo2gi\lm\j[\efYc\jj\2[fZld\ekefkXi`„2`ejkilZk`fe
gfli]XZ`c`k\icË\eki„\[\cXdX`jfe#„kXkj[\g`…Z\j~]flie`i2d`elk\[Ële\jlggc`hl\~D^i[ËFid\jjfe#`ek\e[Xek[\j=`eXeZ\j¿
K\jkXd\ek [\ A%8% [\ :c`eZ_Xdg (..* % :fekiXk [\ dXi`X^\ [\ jfe Ôcj Afj\g_ Xm\Z cX Z`kfp\ee\ DXi`\$8ee\ Hl`eZXiefe (.0/ %
K\jkXd\ek[\DXi`\$8ee\Hl`eZXiefe[\:c`eZ_Xdg(/(+ %9X`c~]\id\(/*( %8lkfi`jXk`fe„g`jZfgXc\gflile\Z_Xg\cc\[fd\jk`hl\
(/++ %C\kki\j[\cXd„[X`cc\gfek`ÔZXc\GifG\ki`J\[\(/-' %=X`i\$gXik[\dXi`X^\\k[„Z…j#i\ZfeeX`jjXeZ\j#hl`kkXeZ\j#gifZliXk`fe#
\kZ%FEAF@EKle[fjj`\i[\efk\j^„e„Xcf^`hl\j\kZfg`\j[Ë\okiX`kjgXif`jj`Xlo#ÔeO@O\j`…Zc\%
)-/% :FCFE@<J%:Xie\k[\**;<JJ@EJgcljefk\jdXeljZi`k\j#(0('$(0))2fYc%`e$/#YifZ_„#Zflm%`ccljki„\%
+''&,''
:8IE<K ;< ;<JJ@EJfi`^`eXloXlZiXpfefl~cXgcld\#Z\ikX`ejXhlXi\cc„j#~gc\`e\gX^\fliXggfik„jXlZXie\k1½DXdXe¾#½A\Xe
J„^XcX¾#½GXgX¾#½DXli`Z\CXY\[Xe¾#½GXlc;lZfj¾#½9X`\[\=fik[\=iXeZ\¾#gfikiX`kjg`kkfi\jhl\j[\DXik`e`hlX`j%%%C`jk\
[˽\ogi\jj`fejZi„fc\j~cXD8IK@E@HL<¾#gf„j`\j\kZ_XejfeZi„fc\j¿;\jj`ej[Xk„j[lKFEB@E\k?Xef‹#(0))1M`\keXd`\ejZf`]]„j
[\Z_Xg\Xlo[\gX`cc\#ml\[\dX`jfejkfeb`ef`j\j[\gl`jle\]\e†ki\#[\jj`eki…j[„kX`cc„[Ële\^iXe[\dX`jfeZfcfe`Xc\½Il\[\j
K\`ekli`\ij?Xef‹¾#\jhl`jj\j[Ële\ZXeeX#[\gXgXp\ij#[Ëlem`\`cXiYi\#\kZ%C\d†d\ZXie\kZfdgfik\Xljj`hl\chl\j[\jj`ej[\cX
>l\ii\#[Xejc\GXj$[\$:XcX`jflcXJfdd\#(0(,$(0(-1cËXYYXp\YfdYXi[„\[lDfek$JX`ek$ycf`#cËXdYlcXeZ\XlZ_k\Xl[\M`cc\ij$
:_k\c#gfikiX`k[Ëlejfc[Xk#X`ej`hlËle[\jj`e[\Efki\$;Xd\[\cX;XcYX[\Kflcflj\ #(0('%
)-0%
:FD@Ky;<J8CLKGL9C@:%G%J%gXi98IßI<#9@CC8L;$M8I<EE<#:FCCFK;Ë?<I9F@J\kIfY\ikC@E;<K#*Õfi„Xc@@))Xmi`c(.0+ 2)gX^\j`e$]fc%#
*''&+''
M@>E<KK<\k\e$k†k\[l:fd`k„[\JXclkglYc`Z%
@c]XlkkiXejgfik\iXlgcljm`k\½[\j]Xi`e\j#[\jXmf`e\j\k[\j]fliX^\j~DXlY\l^\%R¿TC\Z`kfp\eK?898L;#cËle[\jX[d`e`jkiXk\lij
\jkgi†k~gXik`igfliCXfe#dX`j`eZ\ikX`ejlic\efdYi\[\mf`kli\jhlË`c[f`kiXjj\dYc\iR¿T[\dXe[\~†ki\Xlkfi`j„#gXileXii†k„
[l:fd`k„[\jXclkGlYc`Z#~]X`i\XlY\jf`ec\ji„hl`j`k`fejhl\c\jZ`iZfejkXeZ\jgfliifek\o`^\i[Xejle\fg„iXk`fej`[„c`ZXk\\kj`
`dgfikXek\¾%C\:fd`k„cËXlkfi`j\~\o\iZ\ic\[if`k[\i„hl`j`k`fegfliiXjj\dYc\ijXej[„cX`½c\efdYi\[\Z_\mXlo\k[\mf`kli\j
e„Z\jjX`i\jgfli\]]\Zkl\icËXggifm`j`fee\d\ek[\jgcXZ\j[\CXe[i\Z`\j#8m\je\\kDXlY\l^\¾¿
).'% :FDDLE<%.C%J%flG%J%#GXi`jXmi`c$dX`(/.(%
)''&),'
ykXk[\d`c`kX`i\jX[d`j~cË?k\c$;`\l2i„hl`j`k`fe[Ële\mf`kli\gflicXZXj\ie\[l:_k\Xl[Ë<Xl2c\kki\j\kiXggfikjd`c`kX`i\j%
FEAF@EKle\ej\dYc\[\)/ZXik\jgfjkXc\j\kg_fkf^iXg_`\jZfcc„\jjli[\jZXikfej#Xm\Zc„^\e[\jdXeljZi`k\j%
).(%
R :feZ`ef:FE:@E@#dXi„Z_Xc[Ë8E:I<m\ij(,.,$(-(. T%D8ELJ:I@K#I\cXk`fe\oXZk\[\Z\hl`jË\jkgXjj„\ecXdfik[lDXiXc[Ë8eZi\#
\k\eZfej\hl\eZ\[Ë`Z\cc\[liXekhl\ch%AflijXgi\j[\gl`jc\(0Xmi`caljh%Xl)al`e(-(.#[„YlkOM@@\j`…Zc\2,.gX^\j^i%`e$]fc%#i\c%
[\d`$YXjXe\Yile\~Zf`ej%
*%'''&*%,''
@EKyI<JJ8EK<:?IFE@HL<;<JyMyE<D<EKJ;<JGI<D@ßI<JJ<D8@E<J;<C8GI@J<;<GFLMF@I;<CFL@JO@@@#<KEFK8DD<EK;<CË8JJ8JJ@E8K;LD8Iy:?8C;Ë8E:I<#
]Xmfi`[\DXi`\[\D\[`Z`j%½C\IfpcXjj„[\cËXdY`k`fe\kXmXi`Z\[\jd\jli„\j[lDXiXc[Ë8eZi\\k[\jX]\dd\#\k[\cXdXlmX`j\
Zfe[l`kk\[\jd`e`jki\j\jkXYc`jjflq\logflicX[`i\Zk`fe[\jX]]X`i\j#Zfej`[\iXekhl\c\j\jgi`kj\e\jkf`\ekk\cc\d\ekX`^i`j\k
Xck\i„q[XejjfeIfpd\hlË`cpXmf`kc`\l[ËXggi\_\e[\ile\jflc\mXk`fe^eXc\jË`ceËp\jkf`kgifdgk\dki\d\[`„#j\i\jfclk[\jËXjj\li\i
[\j[%g\ijfee\j#\k\e[feeXc\ZfddXe[\dkXDi[\M`kipZXge\[\j\j^Xi[\j#Xm\ZZ_Xi^\\ogi\jj\[ËXii\jk\ic\[kDXiXcgi`jfee`\i
[Xejc\Cflmi\#\kgcljkfjkc\kl\ijË`c]X`jf`ki\j`jkXeZ\¾¿<kZ%
-,
).)%
:
FEMLCJ@FEE8@I<J ;< :?8@CCFK% D8ELJ:I@K \e gXik`\ Xlkf^iXg_\ [l Zfe]\jj\li [\j i\c`^`\lj\j [\ :_X`ccfk# (0 aXem`\i (.+.$
((Xf”k(.+/2mfcld\`e$+[Ë\em`ife-''gX^\j#i\c`li\[\d`$YXjXe\[\c˄gfhl\ljX^„\ #jflj\dYf`kX^\dXifhl`edXiife%
(%)''&(%,''
J<IDFEE8@I<$AFLIE8C K<EL 8L AFLI C< AFLI G8I C< :FE=<JJ<LI ;<J I<C@>@<LJ<J ;< :?8@CCFK# =i…i\ A8:F9# Xm\Z c\ i„Z`k [\j Zfemlcj`fej fl
gfjj\jj`fej[\cXjÅlijlg„i`\li\DXi`\$8ee\9LCFK\k[\j\jZfdgX^e\j1Zfemlcj`fejg_pj`hl\jd†c„\j[\[`mX^Xk`fej\e]Xek`e\j
fli\c`^`\lj\jiXgg\cXekc\jgfjj\jj`fej[\jLijlc`e\j[\Cfl[le%:\jjZ…e\j[\gfjj\jj`fe#hl`j\i\eflm\cX`\ekki…j]i„hl\dd\ek#
jfekd`elk`\lj\d\ek[„Zi`k\j#\kc\j[`jZflijk\eljgXic\jgfjj„[„\jjfek`Z`Ô[…c\d\ekiXggfik„j%:\ikX`e\jjZ…e\j[\dpjk`Z`jd\
jfekjX`j`jjXek\jgXic\jm`fc\eZ\jhl\i„ZcXd\ekc\jZfemlcj`feeX`i\jgflicËXgX`j\d\ek[\c\lijdXlo%))Xmi`c(.+.1½<cc\[\dXe[X
h%cfeclpdXiZ_\jlic\Zfigj\kcfecX]X`k#\ejl`k\\cc\kfdYX[Xejle^iXe[Xjflg`q\d\ekg\e[Xekgi\j[leZXi[\liÆ\cc\i\m`\ek#
\k[`k#aXgg\iƒf`jd%gg%Xjj`jjlile\_Xlk\dfekX^e\#`cdXg\cc\dX`ja\clpi\gfe[h%a\e\gl`jcXc\ikiflm\i#aXgg\iƒf`j[\loXe^\j
`cjfekZ_XZlele\kifdg\k\¾¿((al`e(.+.1½9Xk_`c[\jfl]]i\\k^„d`kkflaflij% JlqXee\]flc\g\e[Xekhl\chl\k\djD%8%9%hl`cX
]X`kk\i%JlqXee\cl`gi\jj\\ejl`k\c\Zk„[if`kjfljc\j\`eXm\Zc\g`\[2gl`jc\Zk„^XlZ_\Xljj`jfljc\j\`e%9Xk_`c[\jfl]]i\\k
j\gcX`ek#jlikflk[lj\`e^XlZ_\% D%8%9%^\d`kY\XlZflgg\e[XekZ\kk\gi\jj`fe%<cc\]X`kk\i%A\cl`[\dXe[\1ƒXmfljX$k$`c^l„i`6
I%A\e\c\j\ejgclj%H%Gflihlf`e\c\[\dXe[`\q$mflj[feZgXj6I%DfeGXgXe\d\c\[`jf`kgXj%:fdd\jliZ\cXa\cl`i\gifZ_\
j\ji„j`jkXeZ\jZfek`el\cc\j#JlqXee\[`khlË\cc\ZiX`ekXljj`kflaflij[\[\dXe[\i[\jj\Zflij¾¿
).*%
:FJDFE8LK<JILJJ<J%*[fZld\ekjj`^e„j%
+''&,''
Pli` >8>8I@E< g_fkf^iXg_`\ j`^e„\ # MXc\ek`eX K<I<:?BFM8 ZXik\ gfjkXc\ Zfdd„dfiXk`m\ j`^e„\ Xljj` gXi MXc\ip 9PBFMJB@# Pli`
>8>8I@E<\k8[i`XeE@BFC8â<M #>l\idXeK@KFMZXik\gfjkXc\Zfdd„dfiXk`m\j`^e„\#(0/- %
).+%
:I@D<<KGFC@:<%Gclj[\(('c\kki\jflg`…Z\j#c\kki\j#dXeljZi`kjfl`dgi`d„j#OM@@@\$OO\j`…Zc\%
,''&-''
:LI@<LJ<;F:LD<EK8K@FEJLI;<J:8LJ<J:yCß9I<J#;<J:I@D@E<CJ<K=8@KJ;@M<IJ#I8JJ<D9Cy<G8IC<AFLIE8C@JK<><FI><JDFEKFI>L<@C(/,.$(0** %
;8D@<EJ\kjfejlggc`Z\^iXmli\j`kXc`\ee\j#(.*.#[„]Xlkj %C%J%[lC`\lk\eXek[\gfc`Z\C<EF@I(.., %J`^eXc\d\ek[Ële^\e[Xid\
Zfe[Xde„ \k \e ]l`k\ (./* % FYj\imXk`fej \k D„df`i\ jli cËX]]X`i\ [\j C<9C8E:# XlY\i^`jk\j ~ :_Xi\ekfe# Zfe[Xde„j gfli mfc \k
jljg\Zk„j[ËXjjXjj`eXk(.// %8ii†kZfe[XdeXekleXYY„XjjXjj`e~†ki\½ifdglm`]¾(./0 %;fZld\ekXk`fejli:_Xicfkk\:FI;8P%
8]ÔZ_\\k`dgi`d„jlicËXkk\ekXk[\=@<J:?@(/*, %8ii†k[\cX:fli[\jGX`ijZfe[XdeXek~dfikc\i„^`Z`[\D<LE@<I#\kEflm\cc\j[l
aflijlijX^iZ\(/*. %G\id`j[\Zfddle`hl\iXm\Zle[„k\el#[„c`mi„gXic\Z_XeZ\c`\iGXjhl`\i(/+- %;fjj`\ijlicËX]]X`i\:?F@J<LC$
GI8JC@E(/+.#c\kki\j[l[lZ#[\DXi`„[\cË@jc\#[\Dcc\;\clqp %GXjj\gfikgflile\Ôcc\glYc`hl\Xm\Z½YXiY\jfljc\e\q¾(/,) %
KiXZkj[lK_„ki\[\cX>XŠk„jlicËX]]X`i\C<JLIHL<J[l:flii`\i[\Cpfe(/,- ¿;fjj`\ijlicËX]]X`i\:8@CC8LO(0(+#c\kki\j[\:8CD<KK< %
DXeljZi`k X%j% [Ë?\Zkfi =C<@J:?D8EE# Le\ ]Xd`cc\ [\ Yflii\Xlo 1 c\j J8EJFE% ;fjj`\i jli c\j ½ ZcfZ_Xi[j ¾ \k ½ ZXiXdYfl`cc\lij ¾¿
:fii\jgfe[XeZ\j\kc\kki\j[\Zi`d`e\cj#\jZifZj#]flj#XeXiZ_`jk\j1:_Xic\j98â?8LK#:„c\jk`e9FJ:jlijfeXkk\ekXkZfeki\Gl^c`\j`$
--
:fek`#(0', #?\eipIf[fcg_\<C@E8jlicËX]]X`i\[\cX]Xljj\k`Xi\[\J8âK8G?8IEßJ #GXlc`e>8>E<#G_`c`gg\>I<E@<I[„glk„dljlcdXe #
=fikle„?<EIP#Alc\jC?yIFK#>\fi^\jE@:FC8J#>\fi^\jJL8I<Q2[\gfc`Z`\ij\kgi„]\kj[\gfc`Z\1DXi`\$=iXeƒf`j>FIFE#Cfl`jCyG@E<#
Cfl`jGL@98I8L;#\kZ%8]ÔZ_\[lDlj„\[\j?fii\lij2cX`jj\q$gXjj\i[\DXli\m\ik~cX:fli[Ë8jj`j\j[\M\ijX`cc\j\kgfliXjj`jk\i~[\j
\o„Zlk`fejZXg`kXc\j¿FEAF@EK[\jZflgli\j[\gi\jj\\k[`m\ij[fZld\ekj%
).,%
;
8E<D8IB%D8ELJ:I@K#Xmi`c$dX`(.0/#jl`m`[\)Xlki\jdXeljZi`kj#;\cËXik[\jaXi[`ej\k;\cË`d`kXk`fe2lemfcld\g\k`k`e$+[\
(''$(),$()gX^\j#i\c`li\XeZ`\ee\[\d`$m\Xl]Xlm\#[fjfie„Xm\Zg`…Z\j[\k`ki\i\c%ljX^„\#Z_Xie`…i\]Xk`^l„\ %
/''&(%'''
D8ELJ:I@K;ËLEMFP8><LI=I8Ex8@J8L;8E<D8IB1kXYc\Xl[\jd\jli\j\kdfeeX`\j\eljX^\Xl;Xe\dXib#~?XdYfli^#~ClY\Zb\k[Xej
cXgifm`eZ\[\?fcjk\`e2[\jZi`gk`fe[\jiflk\j#gXpjX^\j#m`cc\jefkXYc\j2i\dXihl\jjlicXZfejk`klk`fe½c„^Xc\d\ek[\jgfk`hl\¾ \k c\j `ejk`klk`fej# cË_`jkf`i\ i„Z\ek\ cX i\`e\ DXk_`c[\# Jkil\ej\\¿ # c\j iXggfikj Xm\Z [ËXlki\j eXk`fej# c\j i`Z_\jj\j Zlckli\cc\j#
cË`e[ljki`\#cËXik`jXeXk#c\j_g`kXlo\kgi`jfej#c\jdfeld\ekj¿FeXi\c`„~cXjl`k\[\lodXeljZi`kj[ËXlki\jdX`ejZfejXZi„jXlo
A8I;@EJZfej`[„iXk`fejkfgf^iXg_`hl\j#\jk_„k`hl\j#YfkXe`hl\j2iXgg\c[\hl\chl\jÔ^li\jdpk_fcf^`hl\j #\k~cË`d`kXk`fe[\cX
eXkli\gXic\jY\Xlo$Xikj¿
FEAF@EKle\C%8%J%[\=iXeƒf`j#[lZ[\C8IF:?<=FL:8LC;$C@8E:FLIK~le:`kfp\e:fejlc%
).-%
;8LG?@Ey%D8ELJ:I@K#C`mi\[\ji\Zf^efpjjXeZ\j[\dfej`\li[\CX9Xjk`\flj\j_f`ij#('[„Z\dYi\(,-,2ZX_`\i[\..gX^\j`e$]fc%
dfl`cc%\k[„]XlkjXlo[\ie`\ij]\l`cc\kj %
,''&.''
;fZld\ek[Xejle\KIßJ9<CC<:8CC@>I8G?@<#Xm\Z[\efdYi\lj\jC<KKI@E<Jfie„\j[\gifÔcj[\]XekX`j`\%@ci\Z\ej\c\ji\ZfeeX`jjXeZ\j
gflic\j]\id\j\kk\ii\j[ldXe[\d\ek[\C898JK@<%
)..%
I
\e„;l]i`Z_\;<J><E<KK<J(.-)$(/*. d„[\Z`ed`c`kX`i\%C%8%J%#()efm\dYi\(/((#XlZfdk\;<A<8E2(gX^\`e$]fc%hhjc„^%ifljj% %
(,'&)''
<EMF@;<JFEFLMI8><JLIC<:yCß9I<:?@ILI>@<ECPFEE8@JD8I:$8EKF@E<G<K@K1½A\gi`\Mfki\<oZ\cc\eZ\[\mflcf`iY`\eX^i„\icË_fddX^\
[\dXefk`Z\jlicXm`\[\DiDXiZ$8ek%G\k`k[\Cpfe¾¿
)./%
;@M<IJ%<em`ife+'c\kki\j\k[fZld\ekj#cXgclgXikC%J%#G%J%flC%8%J%#OM@\$OO\j`…Zc\%
+''&,''
8ZZ\ej\d\ek2ZfekiXk2c\kki\j[\Zfekic\liXl^i\e`\i~j\c[\9f`jZfddle2gcXeXhlXi\cc„[\]fik`ÔZXk`fej~B\_c2Xii†kj[l
:fej\`c[ËykXk[lIf`2i„Z„g`jj„[\cË\dgilek]fiZ„[\cËXe@M2Z\ik`ÔZXkj[Ë\oXd\e[\^iXddX`i\\k[\gi\d`…i\kfejli\2[`gcd\j
[\YXZ_\c`\i…jc\kki\j\k…jjZ`\eZ\j2Z\ik`ÔZXk[ËXZk`m`k„[\j\im`Z\d`c`kX`i\#fi[i\[Ë\dYXihl\d\ek#Zfe^„[„Ôe`k`]2c\kki\j[\Z_\]
[\YXkX`ccfe[ËXik`cc\i`\2c\kki\j[\cXd„[X`cc\[\cË\og„[`k`fe[\:i`d„\\k[\cXd„[X`cc\[\cXZXdgX^e\[Ë@kXc`\2g\id`j[\gfik
[ËXid\j[\Z_Xjj\2i\ƒljÔjZXlo2Yi\m\kj\kXlkfi`jXk`fej~gfik\icX[„ZfiXk`fe[lCpj#\kc\d„[X`ccfe[\[\lo„g„\j[\cX>Xi[\
EXk`feXc\GXi`j`\ee\2Zfii\jgfe[XeZ\j[\c˄d`^iXk`feCfl`j$Afj\g_[\9fliYfegi`eZ\[\:FE;y#gi`eZ\[\9IF>C@<I<M<C#Zfdk\[\
C8:?8G<CC<¿ 2ZXik\j\kc\kki\j\em\ij[\A\XeCFII8@E0~Dd\C%[\DXiZ`ccp 2\kZ%
).0%
;@M<IJ%()c\kki\jflg`…Z\j#OM@@\$O@O\j`…Zc\%
(''&(,'
:Xik\^iXm„\[lIfpXld\[\BXZ_\d`i\#Zfe^„d`c`kX`i\#Z\ik`ÔZXkj#\kZ%C\kki\j\k[fZld\ekjj`^e„jgXic\dXi„Z_Xc[\:8JKI@<J#
:_Xic\j>8IE@<I#:_%>%[\D8LG<FL„m†hl\[\CfdY\q#y[flXi[DFIK@<I#Alc\j$=iXeƒf`jG8Iy¿Gcljle\dXqXi`eX[\1;`jZflijm„i`kXYc\
[Ëlej\`^e\li~jfeÔcj#hl`mflcf`kjl`mi\c\gXikp[\DXqXi`e(-+0 %
)/'% ;@M<IJ%-[fZld\ekjdXeljZi`kjfl`dgi`d„j%
(,'&)''
GXiZ_\d`e2X]ÔZ_\Y`c`e^l\Xm\Z^iXmli\jlic\j`…^\[\9<I><EFGQFFDCX?Xp\(.+. 2gifjg\Zklj[Ële\?`jkf`i\Zfdgc\kk\[\cX
=iXeZ$DXƒfee\i`\2c\kki\j[\Z_\mXc`\i[\JX`ek$Cfl`j(/(- 2gcXeXhlXi\cc„[\]fik`ÔZXk`fej2gcXegflicX:fdgX^e`\[\j<Xlo[\
JX`ek$DXli(/)) %
)/(%
;@M<IJ%.c\kki\jflg`…Z\j#cXgclgXikC%8%J%
)''&),'
;lZ[\9<;=FI;#y[flXi[9I8ECP#AXe\;@<LC8=FP~Dd\Gfqq` #DXo`d`c`\e=FP#A\Xee\[\CFPE<J#?lY\ikCP8LK<P#IXpdfe[GF@E:8Iy%
)/)% R 8[i`\e;FEEF;<M@<(/)'$(/.* dX^`jkiXk\kc`kk„iXk\liT%D8ELJ:I@K#:XkXcf^l\[\jc`mi\jZfdgfjXekcX9`Yc`fk_…hl\[\Di8[i`\e
;feef[\m`\XmfZXk$^„e„iXc~cX:fli@dg„i`Xc\[Ë8^\e#(/,02()(gX^\jg\k`k`e$]fc%gclj]]%YcXeZj #i\c%[fjYXjXe\m\ik\% (,'&)''
:8K8CF>L<;<9@9C@FK?ßHL<GI@My<#ZcXjj„gXidXk`…i\\k]fidXk1[if`k\kali`jgil[\eZ\flmiX^\ji\dfekXekXlOM@\j`…Zc\ 2c`kk„iXkli\#
_`jkf`i\#i\c`^`feÅlmi\jZcXjj`hl\j\kZfek\dgfiX`e\j#\ecXk`e\k\e]iXeƒX`j 2jZ`\eZ\j#mfpX^\j#g_`cfjfg_`\`ek„i†kgifefeZ„gfli
c\jGpi„e„\j %FEAF@EK[\jc`jk\jdXeljZi`k\j[\c`mi\j[\cXY`Yc`fk_…hl\½XmXi`„jgXicË`efe[Xk`fe¾(+g% %
])/*% 8c]i\[;I<P=LJ(/,0$(0*, %C%8%J%#(0al`e(0'.#~le\Xd`\2(gX^\`e$/%
(%,''&)%'''
9<CC<C<KKI<JLIJ8;<D8E;<;<D@J<ÁC8I<KI8@K<#8CFIJHLË@CJ<:FEJ@;ßI<:FDD<LE<M@:K@D<%
½EfjZÅlijYXkk\ek~cËle`jjfe[\gl`jj`cfe^k\dgjhl\a\k`\ej~mfljgi„m\e`i[\cX[„k\id`eXk`fehl\aËX`gi`j\¾%%%Jfe\eki\k`\e
Xm\Zc\^„e„iXcG@:HL8IKcËX[„ƒl1½Kflk\e„kXekfYc`^„[\i\ZfeeX`ki\hl\c\e„Z\jjX`i\eËXmX`kgXj„k„]X`k~dfe„^Xi[\eal`cc\k(0'-#
hl\#gXijl`k\#dXZXii`…i\„kX`kgi\jhl\Xii†k„\#`cdËX[„ZcXi„hlË`c„kX`k[\kflk\`dgfjj`Y`c`k„gflic\^flm\ie\d\ek[\gi„j\ek\i
le\cf`eflm\cc\%;XejZ\jZfe[`k`fej#aËX`gi`jcX[„Z`j`fe[\[\dXe[\i#m\ijcXÔe[ldf`j#dXd`j\~cXi\kiX`k\%A\i\jk\iX`cXm`Zk`d\
aljhlËXlYflk#mf`c~kflk¾¿
I\gif[lZk`fegX^\-0
-.
)/+% 8]]X`i\;I<P=LJ%;<JJ@Efi`^`eXc2(0#*o(-#/Zd%
)''&),'
;\jj`e[\gi\jj\~cË\eZi\\kcXm`j#Xm\Zi\_Xlkj[\^flXZ_\1cËXZZlj„\kleXlki\f]ÔZ`\i#Xjj`j#mlj[\[fj#[\mXekc\jal^\j%
)/,%
A\Xee\9„Zl#Zfdk\jj\;L98IIP(.+*$(.0* %G%J%Xm\ZXgfjk`cc\Xlkf^iXg_\#Cflm\Z`\ee\j0al`cc\k(./+2(gX^\fYc%`e$()%,''&-''
<cc\gi`\D%:FCC@9<8LO[\gXp\ic\('al`cc\k(./,~D%?ldY\ikcXjfdd\[\,''c`mi\j#½mXc\lii\ƒl\\edXiZ_Xe[`j\j¾%;\jXdX`e1
½Xggiflm„c˄Zi`kli\Z`$[\jjljcX:fdk\jj\[l9XiipYfegfliZ`ehZ\ekc`mi\j¾¿?ldY\ikXXZhl`kk„Xl[fj%
FEAF@EKle\C%J%[\jfeY\Xl$]i…i\#c\Zfdk\A\Xe;l9Xiip#~gifgfj[\jXi„Z\gk`fe[XejcËfi[i\[\JX`ek$Cfl`j(g%`e$+#if^e„\
jlileYfi[ %
)/-% >
l`ccXld\#ZXi[`eXc;L9F@J(-,-$(.)* %*C%J%#[fekle\Xm\Zgfjk$jZi`gkldXlkf^iXg_\#\k(G%J%#GXi`j\kM\ijX`cc\j(-0/$(.)*2.gX^\j
\k[\d`\]fidXkj[`m\ij%
)''&),'
)fZkfYi\(-0/#i\ƒlZfdd\gi„Z\gk\li[\J%8%I%D^ic\[lZ[\:_Xiki\j#[\.''c`mi\j[\i\ek\jlic\jX`[\j\k^XY\cc\j%)*Xmi`c
(.''#Xljla\k[lgi`\li„[lM8C8LO>IßJ#XeZ`\eY`\e[\cËfi[i\[\JX`ek$CXqXi\¿(\iXmi`c(.(0#~gifgfj[\cX^l\ii\]iXeZf$\jgX^efc\1
eflm\cc\j[\cXdXi`e\\k[\dflm\d\ekj[\kiflg\j#[ldXihl`j[\Gi`„#\kZ%½D%c\;lZ[\I@:?<C@<L[\mf`kc`mi\i9Xpfee\Xlo
<jgX^efcjR¿T`cX\jk„d`j~cX9Xjk`cc\f“`ceË\jkgXj[`jZfem\el[\jfe`ek\cc`^\eZ\Xm\Zc\:Xi[`eXc8C9<IFE@%R¿TKfljefjXcc`„j#\k
c\j=iXeƒf`j[\Yfej\ej\khl`jË`ek\i\jj\ekm\i`kXYc\d\ek~cË<jkXk#~cXgX`o\k~J%8%I%#Zifp\ekhl\c\j\lcdfp\e[\]X`i\kfdY\i
kfljc\jgifa\kj#kflk\jc\j\jg\iXeZ\j\kkflk\jc\jilj\j[l:Xi[`eXc#\jk[Ë\eki\im`m\d\ek\e<jgX^e\\k[Ëp]X`i\cX^l\ii\kflk
[\Yfe#gflicl`fjk\icËfg`e`fehlËfee\m\lk#\khlËfeeËfj\cX]X`i\¾¿))dXij(.)*#~D%D`k_fe1c\If`#[\m\eldXa\li#Xi\d`jc\
[„gXik\d\ek[\cXDXi`e\\kZ\cl`[\j^Xc…i\jXlZfdk\[\DFIM@CC<¾¿
FEAF@EKle\C%8%J%[\cËXYY„D8I<J:?8C#Z_Xef`e\[\9\jXeƒfe#~le\yd`e\eZ\#-dXijR(.(/T%
])/.% 8
cY\ik<@EJK<@E(/.0$(0,, %C%J%#Gi`eZ\kfe(*j\gk\dYi\(0,'#~D`Z_\c[\9IP2[\d`$gX^\`e$/[XZkpc%#\e$k†k\K_\@ejk`klk\=fi
8[mXeZ\[Jkl[p2\eXe^cX`j%
(%)''&(%,''
@cXle\gif]fe[\X[d`iXk`fegflic\^„e`\[\M@M8C;@1½:Ë\jkcËX[d`iXk`fe[ËleXdXk\li\ka\e\d\j\ejgXjc\[if`k[\[`i\hlf`hl\
Z\jf`k\eglYc`ZjliZ\jZ_\]j[ËÅlmi\¾¿
)//% :„jXi#ZXi[`eXc[Ë<JKIy<J(-)/$(.(+ %*C%8%J%#\k)C%J%#(---$(.'-2('gX^\j`e$+fl`e$/%
)''&),'
*(al`e(---#Zfdd\„m†hl\[\CXfe#Xljla\k[Ële\^iZ\]X`k\~le]\id`\i1½mflj\jk\jj`Y`\e[`jgfj„gfliD[\[\E\dflij
hl\a\Zifphl\kflkZ\hl`XiXggfikX\cc\e\mfljg\lk[\jgcX`i\¾¿Ifd\-aXem`\i(-/*#Xlg…i\D89@CCFE#~cËXYYXp\[\JX`ek$
>\idX`e1½AËXpc\lXm\ZY\XlZflg[\jXk`j]XZk`fegi\jhl\kflkmfjki\kiX`Zk„[\i\[`gcfdXk`ZX¾¿DX[i`[),\k).Xmi`c(.'*#R~le
Zfii\jgfe[Xek~:X[`ogcljle\c\kki\`eZfdgc…k\Xld†d\ T%@cjË\jk\eki\k\elXm\Zc\ZXi[`eXcGfikfZXii\if\kXi„gfe[lgXi\ogi…j
jli½Z\hl`mfljXgXil[\gcljgi\jj„i\^Xi[\cXgXp\[\jkiflgg\j\kc\gXp\d\ek[\cXjfdd\hl\mflj[\m\qgi\e[i\Xlgfik[\
J\DXi`\R¿TCXc\kki\hl\Di[\I`mXj\jZi`kgflid\kki\c\j_XY`kXej[lgfik[\J\DXi`\[Xejc\[\mf`i#e\g\lk\jki\gcljgi\Z`j\
\ka\Zif`jhlËXgi\jZ\cX`cje\eflji\]lj\ifekgXjc\j]fe[jhl\J%D%:%XmflclhlËfecX`jjXjk~dX[`jgfj`k`fe¾¿@c„mfhl\cËX]]X`i\
[Ële\jg`fe~:X[`o#\kgXic\Xm\ZZfeÔXeZ\[\cXe\lkiXc`k„gfikl^X`j\%;\jc\kki\j[\Eli\dY\i^½gXic\ek[Ëleeflm\cXmXekX^\hl\
D%[\98M@<I<Xi\dgfik„jlic\j\ee\dpj#\k[Xejc\hl\cc\Gi`eZ\[Ë8ejYXZbX\jk„Yc\jj„\k[\gl`jdfik[\Z\jk\Yc\jjli\#\kZ\cc\j
[\9Xjc\R¿TdXihl\ekhl\c\DXiXc[\M`ccXijdXiZ_f`kXlG%[\9X[\i\kiXeZ_„[\mXekclpXm\Z(/d%_fdd\j[Xejc\[\jj\`e[\c\
]fiZ\i\k[\jËXcc\iaf`e[i\~D%cË<c\Zk%[\9Xm`\i\¾2`cXeefeZ\½c\Yiljc\d\ek[\jmX`jjoXe^cf`j[XejcXAXdX‹hl\#\kc\i\kfli[\c\li
\jZX[i\jXejXmf`iglXkkiXg\iXlZlemX`jj\Xl]iXeƒf`jep\jgX^efc¾¿GXi`j/dX`(.'-#`ek\im\ek`fe\e]Xm\li[\cX[lZ_\jj\[Ë<JKIy<J#
\eXZZfi[Xm\Zc\ZXi[`eXc[\EfX`cc\j¿
FEAF@EKle\G%J%[lZXi[`eXc[\CLPE<J#XiZ_\m†hl\[\J\ej#(..*%
)/0%
M
`Zkfi$DXi`\#dXi„Z_Xc[lZ[Ë<JKIy<J(--'$(.*. %*C%J%flG%J%#[fek)j`^e„\jXljj`gXiCfl`j$8c\oXe[i\[\9fliYfeZfdk\[\
KFLCFLJ<#(.(-$(.*-2/gX^\j`e$]fc%
(''&(,'
)dX`(.(-#XlJ%9<C@8I;P1\emf`Xlefd[l:fej\`c[\DXi`e\[l½I\^c\d\ekhl\c\Ifpm\lk\jki\fYj\im„~cËXm\e`i¾#Xm\Z
i\ZfddXe[Xk`fe[\jËpZfe]fid\igXi]X`k\d\ek¿),aXem`\i(.(/#\okiX`k[\jgifZ…j$m\iYXlo[l:fej\`c[\DXi`e\efddXekD%[\
CLJ8Ex8P\kD%[\9<8L?8IEF@JleYfi[if^e„ %()Xmi`c(.*-#fi[feeXeZ\[\jDXi„Z_Xlo[\=iXeZ\jlicXgcX`ek\[lJ%[\JXccX`e\#
c`\lk\eXekXl(\iYXkX`ccfe[li„^`d\ek[\DliXk#gfli½\oZ…j\kmf`\j[\]X`kjZfdd`j\ejXg\ijfee\¾gXic\ZXg`kX`e\[\9cXZ_…i\
jZ\XljfljgXg`\iXloXid\j ¿FEAF@EK)C%8%le\j`^e„\ [\cXdXi„Z_Xc\(.)-$(.*- 2\kle\C%8%J%[\A\Xe[Ë<JKIy<J#j`^e„\„m†hl\
[lZ[\CXfe#(-//%
)0'% yK8KJ$LE@J%+:?ßHL<Jj`^e„jgXi[\jg\ijfeeXc`k„j[\cXc`kk„iXkli\#[ljg\ZkXZc\\k[\jjZ`\eZ\j#(0'+$(0.*%
+''&,''
<[^XiI`Z\9LIIFL>?J(/.,$(0,'#c\g…i\[\KXiqXe#KXiqXeX(0+' #J`dfeC8B<(/--$(0+,#`em\ek\li[\jjflj$dXi`ej#NXccJki\\k
(0*- #AXZbCFE;FE(/.-$(0(-#ifdXeZ`\i#FXbcXe[(0'+ #Q\ggfD8IO(0'($(0.0#Zfd„[`\e#Jlej\k9flc\mXi[(0.* %
)0(%
-/
A\Xe$?\ei`=89I<(/)*$(0(, %C%J%#J„i`^eXe('al`e(0('#~C%CyFE$;L=FLI2(gX^\#\k[\d`\`e$/#\em\cfgg\%
*''&*,'
9\c_fddX^\XlZ„c…Yi\jXmXekeXkliXc`jk\C„fe$;l]fli#½m„e„i„DXŠki\[fekc\j„Zi`kjdËfekcXi^\d\ek\ekiXŠe„jm\ijc\j„kl[\j
[\j `ej\Zk\j% AËX` [„a~ [\gl`j cfe^k\dgj le\ c`k_f^iXg_`\R¿Tm\el\[`i\Zk\d\ek[\jdX`ejd†d\[ljXmXek eXkliXc`jk\%C\j [\lo
\]Ô^`\jhl\mfljdËXm\q\emfp„\j`ifeki\af`e[i\cËXeZ`\ee\~cXgcXZ\[Ë_fee\li[XejdfeZXY`e\k[\kiXmX`c¾¿
FE AF@EK,c%X%j%flZXik\jXld†d\#gXiAfj\g_9FEE<KXl[fj[\jXg_fkf #>\fi^\j[Ë<JG8I9ßJ#:_Xic\j;<JG@8L#K_„f[fi\;L9F@J#
>XYi`\cG@<IEy#=iXeZ`jGC8EKy2\kle\ZXik\`cc%[Ëyc`\C„fe$;l]fli%
)/*
)0/
)0)% 8
^Xk_fe#YXife=8@E(../$(/*. j\Zi„kX`i\[\EXgfc„fe%D8ELJ:I@KXlkf^iXg_\#AflieXc[\CX=fekX`e\#dXij(/(.$[„Z\dYi\(/)*2
/*gX^\j`e$+\k0gX^\j`e$]fc%
),'&*''
AFLIE8C ;<J KI8M8LO ;8EJ J8 D8@JFE ;< :8DG8>E< ;L CF@I<K# Xm\Z hl\chl\j gi„Z`j`fej [Ëfi[i\ g\ijfee\c m`j`k\j# mfpX^\j# ½ C„^`fe
[Ë_fee\li¾#\e]Xekj¿ %=X`eXZfejXZi„le]\l`cc\k~Z_Xhl\df`j#Z_Xhl\afli„kXeki\gi„j\ek„gXicË`e`k`Xc\[lafli[\cXj\dX`e\\k
leZ_`]]i\%Pjfek`ejZi`k[\j„cX^X^\j#gcXekXk`fej#ÕfiX`jfej#i„Zfck\j2[\jgcl`\j\k[\j^\cj2cËflm\ikli\[\cXZ_Xjj\¿ÁZ\i„g\ikf`i\
\jkaf`ekleXlki\½AflieXc¾#i„ZXg`klcXk`]#[\jXee„\j(/(+$(/(0#Xm\Zhl\chl\ji„]„i\eZ\jXli\kfli[\cË<dg\i\li¿
)0*%
A lc\j=8MI<(/'0$(//' %((C%8%J%\k(G%8%#(/,/$(/.(#~<ie\jkG@:8I;2(.gX^\j`e$/fl`e$()#hhj\e$k†k\jD`e`jk…i\[\cË@ek„i`\li\k
D`e`jk…i\[\j8]]X`i\j„kiXe^…i\j#le\\em\cfgg\%
(/'&)''
(/ RXmi`cT (/,/# `c cËXggiflm\ [ËXmf`i# [ËXZZfi[ Xm\Z D8I@<# [„gfj„ jfe j\id\ek \k gfik„ jfe efd ~ cX -\ Z`iZfejZi`gk`fe¿ M`Z_p
() j\gk\dYi\ (/-'# ~ gifgfj [Ële c\^j [\ cËXeZ`\e Ykfee`\i ~ c\li fi[i\¿ :fejkXek`e\ ), Xmi`c (/.'# \ogfjXek j\j Zfem`Zk`fej
[„dfZiXk`hl\j1½A\i\gfljj\„^Xc\d\ekc\[if`k[`m`e[\cXdfeXiZ_`\\kZ\cl`[\cXI„glYc`hl\%A\e\ZfeeX`j[ËXlki\[if`kgfj`k`]
hl\Z\cl`hl`„dXe\[lc`Yi\Zfej\ek\d\ek[\kflj#\kZË\jkgflihlf`a\jl`jcËX[m\ijX`i\[\cË\dg`i\gXic\d\ekX`i\flg\ijfee\c#
gXiZ\hl\cË\dg`i\Xkflaflijle\i„j\im\[\jgfk`hl\hl`~le\_\li\[fee„\[„kil`kc\[if`k[\cXeXk`fe¾#\kZ%DXij\`cc\*(dX`
(/.'#gfli]X`i\Z\jj\ileZfeÕ`k\oX^„i„gXicXgi\jj\1½efej\lc\d\ekmfljeËXm\qgXj\ek\e[lmfljj„gXi\i[\cX^XlZ_\R¿Tmflj
eËXm\q#gXjgcljhl\mfjXd`j#XeefeZ„†ki\gi†kj~gi\e[i\c\gflmf`ijË`cmflj„kX`kf]]\ik¾¿GXi`j)-fZkfYi\(/.'#jfe\oXjg„iXk`fe
[\mXek[\j`e[`jZi„k`fej~cXgi\jj\1½CËyc\Zk\li[\Z\dXk`eXeefeZ\hl\D%K_`\ij\jk~GXi`j\em\ikl[Ële\[\dXe[\[\cË<dg\i\li
[\Iljj`\¾¿<kZ%
FEAF@EK/c\kki\jfl[fZld\ekj1DXi`\[Ë8>FLCK#yd`c\;<J:?8E<C#C„fe>8CFLP<#<ie\jkG@:8I;c\kki\~jfe]i…i\8ik_li#\kYifl`ccfe #
)efj[\CËyc\Zk\lic`Yi\#ZXi`ZXkli\XhlXi\cc„\%
-0
)0+%
8ekf`e\$Hl\ek`e=FLHL@<I$K@EM@CC<(.+-$(.0, %C%J%#GXi`j(\igiX`i`Xc@@)'dX`(.0+ #Xlo8[d`e`jkiXk\lij[l[`i\Zkf`i\[l[„gXik\d\ek
[\cX:k\[ËFi2(gX^\`e$+\egXik`\`dgi`d„\~jfe\e$k†k\CË8ZZljXk\li$GlYc`Zgi…jc\Ki`YleXcI„mfclk`feeX`i\%
-''&/''
C\Ki`YleXcXZfe[Xde„~cXg\`e\[\dfik=iXeƒf`j9<IKI8E;½^„[\ki\ek\j\gkXejeXk`][\=c\lip\e8lm\i^e\R¿T]\iYcXek`\i\k
„kXg`\i[\d\liXek~J\li\[„gXik\d\ek[\cX:k\[ËFi¾¿@c]XlkgifZ„[\i~cXj„hl\jkiXk`fe[\jY`\ej[\Z\Zfe[Xde„¿
)0,%
8ekf`e\$=iXeƒf`j=FLI:IFP(.,,$(/'0 Z_`d`jk\\k_fdd\gfc`k`hl\%C%8%J%#GXi`j)']ilZk`[[email protected]\gk\dYi\(/'( #XlZ`kfp\e
C\^iXe[#Z_\][l9li\Xl[\j:feki`Ylk`fej2(gX^\`e$+#\e$k†k\:fej\`c[Ë<kXk#g\k`k\m`^e\kk\%
(''&()'
@ci\ZfddXe[\c\Z`kfp\eDFEG<K@K#ZfddXe[Xek[\cX^Xi[\eXk`feXc\[\?feÕ\li#hl`[„j`i\†ki\\dgcfp„[Xejc\jZfeki`Ylk`fej%
FEAF@EKcXZfg`\[Ële\efk\[\=fliZifpjlicËljX^\[\cËXcZXc`gli[Xejc\kiX`k\d\ek[\cX^iXm\cc\(/'. %
])0-% = I8ExF@J@@(,++$(,-' If`[\=iXeZ\%C%J%#Gfek^fl`e))al`e(,-'#~=iXeƒf`j[\J<EE<K<II<#c`\lk\eXek~D\kq2Zfeki\j`^e„\gXic\
j\Zi„kX`i\[ËykXkAXZhl\j9FLI;@E–(,-. 2(gX^\`e$]fc%#X[i\jj\Xlm\ijf%
*%,''&+%'''
KIßJI8I<C<KKI<;LA<LE<IF@HL@DFLII8DF@EJ;<:@EHDF@JGCLJK8I;#:FE:<IE8EKC8ALJK@:<ÁD<KQ%
@cXggiflm\c\Z_f`o]X`kgflic\jgcXZ\jmXZXek\j½\j\jkXkj[\cXAljk`Z\[\D\kq#glpjhl\Z\hl\mflj\eXm\q]X`ZkX\jk„
Xgi\jmflj\jki\\ehl`q[lm`ZX`i\\ec\m\jZ_„#[\cXiZ_`gi\Yjki\#\k[\jZli\q[\jGXiif`jj\j[l[\mf`ihl`cqfek]X`ZkXlogXZhl\j
[\ie`\i\j#\k[\c\liYfee\I\c`^`fe[XlckXekhl\[\Z\lco[\Z\jk\hlXc`k„cX#cfee\g\lck\jg\i\ihl\i\gfq\ecX[`k\M`cc\\kle^
Yfe\k]fikcfpXc[\mf`i\ekflkZ\hl`[\jg\e[\iX[\c\o\iZ`Z\[\cX[`k\Aljk`Z\\kZ\hl`c\lij\iXZfdd`j%Mfljgi`Xekhl\Xm\Zc\
gi\j`[\ekJ<EE<KFEmflj]X`Zk\jkflk\cX[`cc`^\eZ\hl`j\iXXldfe[\gfjj`Yc\#gflid\jZc\iZ`i[l]X`Zk[Ë<EE<IPRE`ZfcXj@@[\?<L#
j\`^e\li[Ë<EE<IP(+-($(,*, #XmX`k„k„„Z_\m`e[\D\kq\kZfej\`cc\i[\:_Xic\j$Hl`ek2cXj\`^e\li`\„kX`kgXjj„\~jfeÔcjDXk_`\lT
c\gclje\kk\d\ek\kgifdgk\d\ekhl`cmfljj\iXgfjj`Yc\#[XlckXekhl\cXdYXjjX[\li[lIfp[Ë<jgX`^e\dfeYfe]i\i\d\gi\jj\\k
i\j\iZ_\fi[`eX`i\d\ek\ka\j\iXpY`\eXpj\hl\cXZ_fj\e\mfpj\gf`ek\ecfe^l\li[\dfeZfjk„j`]X`i\j\g\lck%8ljj`e\m\lcoa\
gXjgfliZ\cXmfljgi\Z`g`k\ik\cc\d\ekhl\a\e\ek\e[\mflj[fee\ic\cfpj`ihl`mfljj\iXe\Z\jjX`i\gflimflj\eY`\e`e]fid\i\k
`ejkil`i\dX`ja\[\j`i\hl`ce\jpg\i[\gf`eZk[\k\dgj¾%%%
I\gif[lZk`fegX^\Z`$Zfeki\
])0.% Afj\g_>8CC@<E@(/+0$(0(- dXi„Z_Xc%C%8%J%#GXi`j((dX`#~jXZ_…i\CXli\2(gX^\`e$/%
+'&,'
½>X„kXe#gXic\hl\cefljXm`fejgi`jZ\jf`ile\gcXZ\~CX;Xd\[\Dfejfi\XlK_„ki\JXiX_9\ie_Xi[k #m`\ek[ˆki\jlY`k\d\ek
ZfddXe[„[\j\im`Z\%J`mfljmflc\qc\i\dgcXZ\i#mfljeflj]\i\qgcX`j`i¾%%%
)0/% D
f_Xe[XjBXiXdZ_Xe[>8E;?@(/-0$(0+/ %C%8%J%#P\iXm[X)'fZkfYi\(0*'#Xl;i9\_iXdEXmifa`B?8D98KK8#~GffeX2(gX^\g\k`k
`e$/#X[i\jj\Xlm\ijfZXik\gfjkXc\ 2\e^laXiXk`#X[i\jj\\eXe^cX`j%
(%,''&)%'''
@c„kX`k_\li\lo[\i\Z\mf`ijXc\kki\%JXjXek„\jkYfee\2`c[\dXe[\[\jeflm\cc\j[\Z\cc\j[\jfeXd`%@cXkflk\ZfeÔXeZ\hl\
c\jB_XdYXkkX[`i`^\ifekc\li„e\i^`\m\ij[\Yfee\jZXlj\j¿
I\gif[lZk`fegX^\-0
)00%
>8I;%8C9LD`ccljki„1C\>Xi[#Xidf`i`\j#dfeld\ekj#j`k\j#`ccljki„gXiA\Xe>Xjkfe?<CC<I#Xik`jk\g\`eki\#(0('2XcYldfYcfe^^iXe[
`e$]fc%[\/-]\l`cc\kj#i\c`„j`d`c`$Zl`iXm\Z[„Zfi^flXZ_„jlic\gcXkjlg%
/''&(%'''
CËXcYldjËflmi\jlicXgX^\[\k`ki\ZXcc`^iXg_`„\\k`ccljki„\gXic\g\`eki\#gl`jcXkiXejZi`gk`fe[\jjkXklkj[\cËXjjfZ`Xk`fe½C<J
<E=8EKJ;L>8I;#XjjfZ`Xk`feXd`ZXc\\kg_`cXek_ifg`hl\[\jfi`^`eX`i\j¾#gi„j`[„\gXi8c]i\[Cfe^l\k#hl`XmX`kjlZZ„[„jfljZ\k`ki\
\e(0'*Xl:\iZc\i„glYc`ZX`ejfZ`Xc`jk\[l>Xi[]fe[„\e(/0+%Jl`m\ekc\jg\`ekli\j[\jXidf`i`\j[\j).0Zfddle\j\k),_Xd\Xlo
[\jXiife[`jj\d\ekj[\EŠd\j#8c…j#Lq…j\k[lM`^Xe2gl`j+/ml\j[\m`cc\j\kdfeld\ekj1EŠd\j#C„qXe#JXe`c_XZ#>„efc_XZ#
CXjXcc\#9\XlZX`i\#8`^l\j$Dfik\j#Lq…j#\kZ%ÁcXÔe[\cËXcYld#feXZfcc„[\jk\ok\j`dgi`d„j1XccfZlk`fe[\>Xjkfe;FLD<I>L<#
_`jkfi`hl\[\cËXjjfZ`Xk`fe#jkXklkjX[fgk„jc\)0efm\dYi\(0), ¿
.'
)0-
.(
*''% >yEyI8LO%)+c\kki\j#cXgclgXikC%J%#[\^„e„iXlo[\cXI„mfclk`fe\k[\cË<dg`i\2efdYi\lj\jm`^e\kk\j\k\e$k†k\j%
*''&+''
G`\ii\$DXi`\=<I@EF#:_Xic\j=Iy><M@CC<#?\eip=Iy><M@CC<)[fekle\leg\lif^e„\ #G`\ii\>8IE@<I#>@I8I;;@KM@<LO#8ekf`e\>@I8I;FE#
AXZhl\j$E`ZfcXj >F9<IK )# [fek le\ le g\l if^e„\ #A\Xe$9Xgk`jk\>FLM@FE#GXlc >I<E@<I#Cfl`j>I@>EFE#8Z_`cc\$:cXl[\ >I@>EP) #
Afj\g_>L@<L#Afj\g_D8@JFE#A\Xe$9Xgk`jk\D<PE@<I#AXZhl\jFËDFI8E#Cfl`j$8ekf`e\G@CC<) #Afj\g_G@JKFE#=iXeƒf`j$I\e„GFDD<I<LC
~Afj\g_9feXgXik\ #yk`\ee\I8;<K#A\Xe$G`\ii\I<P%Feaf`ekcXm`^e\kk\[„Zflg„\[lK„c„^iXg_\%
*'(%
>
yFDyKI@<%D8ELJ:I@K#<c\d\ej[\>\fd\ki`\XcËljX^\[\j\e]Xej[\=iXeZ\[Ë<jgX^e\\k[Ë8e^c\kk\ii\#ROM@@\j`…Zc\T2mfcld\`e$+
[\)+/gX^\jZ_`]]i„\j\k),GC8E:?<J^iXm„\j[„gc`Xek\j#i\c`li\[\c˄gfhl\m\XlYilei\c`li\ljX^„\2dfl`cc%\kkiflj[\m\ij %
*''&+''
KiX`k„[\^„fd„ki`\#ZXcc`^iXg_`„\kfie„[\gcXeZ_\j^iXm„\j[\Ô^li\j1`c[„Ôe`kc\jÔ^li\j#gi„Z`j\c\lijgifgi`„k„j#\kgifgfj\
[\jgifYc…d\j~i„jfl[i\%CXgX^\[\k`ki\gfik\le\j`^eXkli\1½CXYfi[\[\C`jjXc[\¾%
*')% >I8E;J8@EK$9<IE8I;%G`\ii\$Afj\g_I8LJ@J(.,)$(/(+ #Gi„mk[l>iXe[JX`ek$9\ieXi[%C%8%J%#DXik`^ep(']„mi`\i(/',#~Afj\g_
<J:?8JJyI@8LO#Z_Xi^„[ËX]]X`i\j[\J%D%@%\eMXcX`j2)gX^\j`e$]fc%
)''&),'
@ccl`i\ZfddXe[\½c\jc\kki\jhl\aËX`gi`jcXc`Y\ik„[ËX[i\jj\i~jfe<oZ\cc\eZ\[\K8CC<PI8E;#hl\a\mfljgi`\[ËXZZfdgX^e\i[\
mfki\Y`\em\`ccXek\i\ZfddXe[Xk`feXÔehl\#gXimfki\ZXeXc#\cc\[X`^e\]X`i\X^i„\i~JXDXa\jk„@dg„i`Xc\#Z\cc\hl`eË\jkhlËle\
]f`Yc\\ogi\jj`fe[\cË_ldYc\_fddX^\[li\jg\Zkl\lo[„mfl\d\ek\k[\cË`e„]XƒXYc\jflm\e`i[\j\jYfek„j#hl\c\j„Z_fj[\efj
dfekX^e\jR¿Te\Z\jj\ifek[\i„g„k\iXm\ZX[d`iXk`fe~cX^cf`i\[\JXDXa\jk„Zfej\imXki`Z\\k]fe[Xki`Z\[\c\lijXj`c\j¾¿
FEAF@EKle\C%J%[\K8CC<PI8E;Xld†d\#(-dXij(/',#`e[`hlXekhlË`cXY`\ei\ƒlc\jc\kki\j[lgi„mk[l>iXe[JX`ek$9\ieXi[%
*'*%
L
cpjj\jJ%>I8EK(/))$(//, %G%J%Zfdd\Gi„j`[\ek[\jykXkj$Le`j#Zfeki\j`^e„\gXijfej\Zi„kX`i\[ËykXk?Xd`ckfe=@J?#NXj_`e^kfe
()Xmi`c(/.(2`e$gcXef\egXik`\`dgi%#jZ\XljfljgXg`\i2\eXe^cX`j%
*''&+''
C<KKI<J;<:FEJLC;<JyK8KJ$LE@JÁJKI8J9FLI>gfliI\lY\eJ%B<E;8CC#[l:fee\Zk`Zlk%C\Gi„j`[\ekgi`\J%D%cË<dg\i\li[Ë8cc\dX^e\#
j\j^flm\ie\lij\kf]ÔZ`\ij[\g\id\kki\Xl[`kB\e[Xcc[Ë\o\iZ\ic\[`kf]ÔZ\¿
*'+% 8
e[i„ >I8JJ<K$J8@EK$J8LM<LI a\le\ (.-($(/*' mfpX^\li \k _fdd\ gfc`k`hl\ e„ Xl :XeX[X# Zfejlc [\ =iXeZ\ [Xej c\j ác\j
@fe`\ee\j[\(./(~(.0/gl`jXlo9Xc„Xi\j%C%8%J%\kG%J%#GXcdX[\DXafihl\#(']ilZk`[fi@OR+j\gk\dYi\(/'(T#~cËXd`iXcM<E:<#gi„]\k
dXi`k`d\[\Kflcfe2)gX^\j`e$+%
(''&()'
@ccl`\emf`\leXm`j`dgfikXekhlË`cm`\ek[\i\Z\mf`i[lZXg`kX`e\^„e„iXc[\j9Xc„Xi\j#A\Xe$D`Z_\c[\M@M<J%½C\(+[\Z\df`j
\eki…i\ek[XejZ\kk\Šc\RD`efihl\Tj\gkmX`jj\Xlo[\^l\ii\#[\lo]i„^Xkk\jXe^cX`j\j\klemX`jj\XlkliZ2R¿TcXhl\cc\\jZX[i\\ej\dYc\
Xm\ZleXlki\mX`jj\Xl#hl`\jkXlgfik#[f`kjfik`i~Z\hlËfe[`kc\afli)-gfliXcc\iZif`j\i[\mXekKflcfeXÔe[ËXcc\i~cXi\eZfeki\
[\jZ`ehYXk`d\ekj]iXeƒX`jhl`jfek[XejZ\gfik%¾¿
*',%
>
Iß:<%D8ELJ:I@K#<og„[`k`fe[\Dfi„\2*0gX^\jfYc%`e$/[Ëleg\k`kXcYld~Zflm\ikli\ZXikfee„\#g`…Z\[\k`ki\;\ebdX_c[\i
=i\le[jZ_X]k%
),'&*''
y98L:?<;<DyDF@I<JG8ILEG8IK@:@G8EKÁCË@EK<IM<EK@FE=I8Ex8@J<;8EJC<GyCFGFEEßJ<#\e(/)/%C\d†d\[fZld\ek#i\kflie„#]lklk`c`j„gfli
hl\chl\jefk\j[\YfkXe`hl\%CËXlk\lii\gcXZ\cËX]]X`i\[Xejc\Zfek\ok\gfc`k`hl\\k[`gcfdXk`hl\#\k`e[`hl\hlË`c„kX`kXkkXZ_„Xcfij~
cX)\Yi`^X[\[\Zl`iXjj`\ij[\cX>Xi[\ifpXc\#\dgcfp„Xlgi…j[lc`\lk\eXek^„e„iXcZfdk\[\9FLI;<JFLCC<#\k[„j`i\lo[\d\kki\jX
gfj`k`fed`c`kX`i\½\e_Xidfe`\¾Xm\ZjXgfj`k`fejfZ`Xc\¿CXjl`k\[\jfei„Z`kjË`ejg`i\[laflieXchlË`cXk\el[l)Xl)+j\gk\dYi\1
mfpX^\[\GXi`j~Kflcfe#f“`cjË\dYXihlX2`eZ`[\ekj\kXe\Z[fk\j[lkiXa\k\ed\i2dfl`ccX^\m`j$~$m`jc\gfik[\G\kXc`[`%<eÔe#c\
)*j\gk\dYi\#½D8K?@<L;<C8I<;FIK<m`\ekdËXggfik\icËfi[i\[\[„YXihl\d\ek%;„a~JFLCK[\;XcdXk`\jË\jki\e[lXlhlXik`\i^„e„iXc%
C\Zfcfe\cC8?@KK<[fee\cËfi[i\~kflk\cËXik`cc\i`\[\[„YXihl\i#\cc\j\d\kkiX\eiflk\gfliEXmXi`e¾¿
.)
*'-
*'-% 8
YY„?\ei`>Iy>F@I<(.,'$(/*( %D8ELJ:I@KJ\egXik`\Xlkf^iXg_\j#cXgclgXikjliC<JAL@=J#ÔeOM@@@\$[„YlkO@O\j`…Zc\2mfcld\g\k`k
`e$+[\0(]\l`cc\kj[fek0,gX^\jXlkf^iXg_\j\kc\i\jk\[\cXdX`e[\j\Zi„kX`i\jkXZ_\j~le]\l`cc\k #i\c`li\[\d`$Z_X^i`em\ik%
,%'''&-%'''
KIßJ @EKyI<JJ8EK <EJ<D9C< ;< EFK<J <K KI8M8LO JLI C<J AL@=J# Zfdgi\eXek [\j efk\j [\ c\Zkli\# [\j \okiX`kj [ËflmiX^\j# [\j i„]„i\eZ\j
Y`Yc`f^iXg_`hl\j# [\j „YXlZ_\j \k [\j k\ok\j XZ_\m„j# lk`c`j„j gXi cËXYY„ >i„^f`i\ efkXdd\ek gfli jfe <jjX` jli cX i„^„e„iXk`fe
g_pj`hl\#dfiXc\\kgfc`k`hl\[\jal`]j(./0 %
GXid`c\jefdYi\lo„Zi`kjZ`k„j[XejZ\jgX^\j#Ô^li\ekc\;`jZflij[\cË\dg\i\liAlc`\eZfeki\c\j:_i„k`\ej#cË?`jkf`i\eXkli\cc\[\
9l]]fe#c\;`Zk`feeX`i\_`jkfi`hl\#Zi`k`hl\#Z_ifefcf^`hl\#^„f^iXg_`hl\\kc`kk„iXc[\cX9`Yc\[\[fd:Xcd\k#c\jFYj\imXk`fejjlic\j
jXmXej`eZi„[lc\j[\AXZhl\j=iXeƒf`j[\ClZ#JlicXifpXlk„[\j@jiX‡c`k\j\ey^pgk\[\9f`m`e#cË?`jkf`i\[l;`XYc\[\;%;\]f\#c\AflieXc
_`jkfi`hl\\kc`kk„iX`i\[\Clo\dYfli^#c\j8e\Z[fk\j]iXeƒf`j\j[\>l`ccXld\9\ikXlo#c\jJfc`cfhl\j[l;i;f[[#[\jXek_fcf^`\j[\
gf„j`\j\k[\dlj`hl\al`m\j#[\jflmiX^\j[\?fcY\i^#Dfj\jD\e[\cjjf_e#cËXYY„9XikfclZZ`#c\½iXYY`eDfi[\Z_X`¾#\kZ%Le\[\j
.*
gi`eZ`gXc\jjfliZ\j[\>i„^f`i\j\dYc\†ki\c\j[`jj\ikXk`fej[lj\`^e\li[\:fii\mfe#kiX[lZk\li\kZfdd\ekXk\li[\;\cXi\c`^`fe
Z_i„k`\ee\[Ë8[[`jfe>\e…m\#(..) %Fekiflm\[\jefk\jjlicXgiXk`hl\XeZ`\ee\[lYXgk†d\Z_\qc\jAl`]j2cXj`klXk`fe[\jAl`]j\e
CfiiX`e\#\e=cXe[i\#\e8e^c\k\ii\#\e8cc\dX^e\#\eGfcf^e\\kXlGfikl^Xc#Xljj`Y`\ehlË~M\i[le#:fcdXi#\kZ%2c\lijdÅlij2[\j
gi„al^„jXek`$al`]jXlZflij[\cË_`jkf`i\¿LeZ_Xg`ki\\ek`\i\jkZfejXZi„Xlo½=le„iX`cc\j[\jAl`]jdf[\ie\j¾¿
EfljZ`k\ifejhl\chl\j$le\j[\jefk\j[\Z\jZX_`\ij#^cXe„\jXlÔc[\jc\Zkli\j\k[\ji\Z_\iZ_\j[\>i„^f`i\1½C\[`mfiZ\
\jkf`kefej\lc\d\ekkfc„i„dX`jg\id`jgXicXcf`al[X‹hl\%CXkfc\iXeZ\\jk[Xejc\jdÅlij\kefe[XejcXcf`%C\jal`]je\glYc`\ek
gXj[\YXej#j\gXjj\ekgflij\dXi`\i[\cXgi\j\eZ\e\Z\jjX`i\[Ëled`e`jki\[\cXi\c`^`fe%@cj\gflj\ekc\lie`\Z\Z\jkd\d\
gfli\loleXZk\jX`ek%@cjefekhl\)k\df`ej\kZ\cXjl]Ôk¾¿½@c\jk[\j]\dd\jhl`e\Zfeƒf`m\ekgXjXdf`ejhlXggifZ_„\j
`dd„[`Xk\d\ekXgi…jcXZ\jjXk`fe[\c\lii\^c\gXiZ\hl\cXYfe[XeZ\[ljXe^d\ejkil\c\dg\Z_\jflm\ekcXZfeZ\gk`fe¾¿½C\j
8ZX[\d`\j[\JkiXjYfli^\k[\IfjkfZbXaflk\ekhl\cljX^\[Ëled\[\Z`eal`]\jkZfekiX`i\~cXgXifc\[\;`\lhl`fi[fee\[˄m`k\i
c\j YcXjg_\dXk\lij 2 Zfeki\ cËfi[i\ [\j Xgfki\j hl` fi[fee\ek [ËXgg\c\i c\j m`\`ccXi[j [\ c\^c`j\ hlXe[ fe \jk dXcX[\# Zfeki\ c\j
cf`o[\j\dg\i\lijZ%;ËX`cc\lij`cjj\j\im\ek[\i\d\[\jdX^`hl\j\kd\d\[\gf`jfej¾¿½C\[lZC\fgfc[\kXekjlic\gf`ek
[ËX[d\kki\c\jal`]j[Xejj\j\kXkj\e(.'- \kefkXdd\ek[XejcXm`cc\[\EXeZpc\jZli„j[\Z\kk\ZXg`kXc\cl`gi\j\ek\i\ekle\
i\hl\k\c\(/[\Z\dYi\\kDi[\:Xd`ccp\m\hl\[\Kflcj\af`^e`k~\logXile\c\kki\hlË`c\Zi`m`k~J%8%I%gflic\[\kflie\i[\Z\kk\
i\jfclk`fe#\ejfik\hl\cXg\id`jj`feXZZfi[„\Xloal`]j]lki\mfhl„\kflk~]X`k¾¿½8Ifd\fee\kfc\i\XlZle\j\Zk\\oZ\gk„
c\jal`]j¾¿½<e8cc\dX^e\feYilcX~DXp\eZ\(+''al`]j\kc\jÕXdd\j[\Z\k`eZ\e[`\j\Zfddle`hl…i\ekgXic`dgil[\eZ\[\j
]XeXk`hl\j~cXdf`k`„[\cXm`cc\hl`]lk\dYiXj„\%ÁKi…m\jc\j]\dd\jal`m\jmfpXekXggifZ_\ic\lijXjjXjj`ej„^fi^…i\ekc\lij\e]Xej
X`dXekd`\loc\j]X`i\gXjj\i[Xejc\j\`e[Ë8YiX_Xdhl\[Xejc\jYiXj[\jZif`j„j%Fe\eÔkg„i`igXic\]\l(/'~=iXeZ]fikgXiZ\
hlfec\jjflgƒfeef`k[ËXmf`i\dg\Z_„cXZfem\ij`fe[Ële[\c\lij]i\i\j¾¿½Jflj:_Xic\dX^e\feXZZljXc\jal`]j[Xmf`iXgg\cc„c\j
JXiiXj`ej\eCXe^l\[fZ%:_Xic\dX^e\Ôkg„i`ic\jZ_\]j[\jjpeX^f^l\j\kfi[feeXhlXcXm\e`ic\jal`]j[\Kflcflj\i\Z\mif`\ekle
jfl]Õ\kkif`j]f`jgXiXe~cXgfik\[\cXZXk_„[iXc\%Jflj:_Xic\jc\:_Xlm\`cepXmf`kgcljhl\c\j`e[`Zhl`i\ƒlkc\jfl]Õ\kXlefd
[\cXeXk`fe%JfljG_`c`gg\8l^ljk\c\jal`]j]li\ekYXee`j[\=iXeZ\Z_Xjj„j[\eflm\XljfljJ%Cfl`jjfljG_`c`gg\c\9\c\k\eÔe\e
(*,/jXeji\kfli¾¿<kZ%
ÁcXÔe[lmfcld\Ô^li\cXZfg`\`ek„^iXc\[Ële<jjX`_`jkfi`hl\\kgXki`fk`hl\jlic\jXiYi\j[\cXC`Y\ik„glYc`„Z_\q;\j\ee\\e
cËXe@@#\kXkki`Yl„~½D%>i„^f`i\d\dYi\[\cX:fem\ek`fe¾%>i„^f`i\X`ejZi`kjfljc\k`ki\1½EËXpXekgld\gifZli\ile\o\dgcX`i\
[\Z\kflmiX^\gflic\gfjj„[\i\egifgi\#aËX`]X`kZfg`\iZ\cl`hl\D%9XiY`\idËXgi†k„#gflipm„i`Ô\i[\jgXjjX^\jhl\a\e\
Zfeef`jjf`jgXj\khlËfedËXkki`Yl\\khl\a\[„jXmfl\Zfdd\`ek\iZXc„jaË`^efi\gXihl`jXejdfeXm\l#dX`jjXej[flk\gXile
flgclj`\lijZfdd`jhl`Zfii`^\f`\ekc\j„gi\lm\jXlZfd`k„[Ë`ejkilZk`feglYc`hl\[\cX:fem\ek`fe¾%@cXXaflk„\ejl`k\1½AË\eX`
XZ_\k„[\gl`j[\j\o\dgcX`i\j\kkflja\c\j[„jXmfl\Zfdd\ZfekiX`i\j~d\jj\ek`d\ej\k~d\jg\ej„\j¾¿
Fe X i\c`„ \e Ôe [\ mfcld\ ) c\kki\j X[i\jj„\j ~ cËXYY„ >i„^f`i\ gXi QXZ_Xi`\ Ifljj\Xl Cfe[i\j (/)- \k gXi Af_e ;X :fjkX
:XcZlkkX(/(/ #\k)gcXeZ_\j^iXm„\j%
I\gif[lZk`fegX^\.*
*'.%
\e„?8I;P(0(($(0/. i„j`jkXek\kZfccXYfiXk\li#i\jgfejXYc\[\cËXii\jkXk`fe[\A\XeDflc`e%)'C%8%[fek/j`^e„\j½I\e„¾fl
I
½I¾Yifl`ccfej #(0.+\kj%[%#~jXdXŠki\jj\yc`Xe\)~jfeÔcj 2(0gX^\j#]fidXkj[`m\ij%
(%,''&(%/''
C<KKI<J;Ë8DFLIÁJFE½<CP8EFL:?B8¾%½AËX`Y\jf`e[ËX`d\igfli†ki\_\li\lo%AËX`Y\jf`e[\gifk„^\i[\j\im`iZ\hl\aËX`d\#Z\lohl\
aËX`d\%8l]fe[a\e\d\jl`jaXdX`jXZZfdgc`hl\[Xejc\j\im`Z\[\j`[„\j#[\dfegXpj\kkflk~Zflga\jl`j~eflm\Xl_\li\lo#
ZË\jkZfdd\leXZ_…m\d\ek[\df`$d†d\#cËXZZfdgc`jj\d\ek#cX[„Zflm\ik\[\Z\hl`dËXmX`kaljhlË`Z`dXehl„gfli†ki\miX`d\ek
le_fdd\¾¿<kZ%ÁcË\e]Xek1½kld\j\dYc\jki…jcf`e[\df`#gi`eZ\[\kfeifpXld\hl`\jkZ\cl`[\cË\e]XeZ\#hl\kl^flm\ie\j
~kX]XekX`j`\Xl^i„[\kXd\im\`cc\lj\`dX^`eXk`fe\kf“efljXlki\j_fdd\je\jfdd\jhl\[\jjla\kjlk`c\j~cXdXa\jk„[\kfe
gflmf`ihl`j\i\Y\cc\\eZi`j\k\ecXid\j[…jhl\efljcl`i„j`jkfej¾¿<kZ%FEAF@EKle\ej\dYc\[Ële\jf`oXekX`e\[\c\kki\j[Ëyc`Xe\
X[i\jj„\j~I\e„?Xi[p%
*'/% ?<EI@@@@(,,($(,/0 %C%J%#GXi`j)-dX`(,/,#XlZfcfe\c?Xej?<P;K2Zfeki\j`^e„\gXiE`ZfcXj[\E<L=M@CC<2jli(gX^\`e$]fc%#X[i\jj\Xl
m\ijfc„^%]\ek\j %
*''&+''
½AËXp\lXgcX`j`i[\ek\e[i\hl\mfjkiflgg\jjf`\ekj`X[mXeZ\\jZfdd\\cc\jjfekdX`ja\cXliXp\eZfi\jgclj^iXe[[\mfljmf`i
gXi[\ZXflmfljj\i\qXljj`Y`\em\elhlËXlki\hl`pgl`jj\Xii`m\ikXekgflimfjki\gifgi\d\i`k\hl\gflicX]]\Zk`fehl\a\jZXphl\
mfljgfik\qXlY`\e[\dfej\im`Z\¾¿C\j`\li[\D8E;<CFKcl`]\iX\ek\e[i\gcljXdgc\d\ek½dfe`ek\ek`fejlikflk\jZ_fj\j¾¿
*'0%
?<EI@@M(,,*$(-(' If`[\=iXeZ\%C%8%J%#½d\iZi\[pXljfpi¾RÔefZkfYi\(,.0T#XlYXife[\=8><K ;<J8@EK<$:FCFD9<2(gX^\`e$+#
X[i\jj\Xlm\ijfc„^%]\ek\j2\eZX[i„\ %
)%,''&*%'''
GIy:@<LJ<C<KKI<=8D@C@ßI<8L98IFE;<=8><KR=iXeƒf`j[\DFEK<JHL@FL#j\`^e\li[\J8@EK<$:FCFD9<#YXife[\=8><K\k[Ë8li`XZ#^\ek`c_fdd\
[\cXZ_XdYi\[lIf`\kc`\lk\eXek[\jXZfdgX^e`\[\^\e[Xid\j%T
½=X^\k#A\d\emXpXm\ZdfeXid\afpe[i\c\jkiflg\j[\Di[\DFEKDFI8E:Pgflij\Zflipi9il^l\ifcc\j%A\k\gip\hl\a\k\
kiflm\gi\jk\kXZfdf[„hlpce\]Xpcc\hl\d\kki\c\gp\[~cË\jkip\l#\kXm\ikpjk\jXdpjgfli\jki\[\cXgXikp\%A\j\iXpjXd\[p~
:XidXpe¾%%%@cXaflk\1½>iXe[g\e[lApiXpkXjk\i[\kfempe\egXjjXek¾%
R9il^l„ifcc\jfl9il^X`ifcc\j#[XejcË8l[\#XmX`k„k„gi`j\gXic\ZXg`kX`e\=flie`\i#le[\jZ_\]j[\jYXe[\jgifk\jkXek\j#\kj\imX`k
[\i\]l^\~[\jYi`^Xe[j[\Z\gXik`hl`[„jfcX`\ekkflk\cXgifm`eZ\%T
<eYXj[\cXc\kki\#c\^„e„Xcf^`jk\[Ë?FQ@<IXefk„1½Mf`Z`le\c\kki\Y`\egi„Z`\lj\~^Xi[\i#gXicXdXe`…i\k\e[i\\k]Xd`c`…i\
[fekcËX`dXY(\If`?\ei`@McËX„Zi`k\¾%
I\gif[lZk`fegX^\Z`$Zfeki\
.+
*'0
]*('% ?@JKF@I<%)C%J%\kle`dgi`d„#(.*.$(/*'%
(''&(,'
:?8IC<J$<DD8EL<C@@@;<J8MF@<(.*.#~:_Xic\jM@[\j;\lo$J`Z`c\j 2:8IFC@E<$8L>LJK8;<98M@ßI<#@dg„iXki`Z\[Ë8lki`Z_\(/*'#~=\i[`eXe[
@@[\j;\lo$J`Z`c\j 2X]ÔZ_\kk\[\jEflm\cc\j[\cË8id„\#(-$(.al`e(/(,%
*((%
?
FIK<EJ<;<9<8L?8IE8@J(./*$(/*. Ôcc\[\Afj„g_`e\[\9\Xl_XieX`j#]\dd\[\Cfl`j9feXgXik\#I\`e\[\?fccXe[\\kd…i\
[\ EXgfc„fe @@@% C%8%J%# GcfdY`…i\j 0 al`e R(/'0T# ~ Cfl`j\ C8EE<J [lZ_\jj\ [\ DFEK<9<CCF 2 ( gX^\ g\k`k `e$/ ~ Yfi[li\ [„ZfiXk`m\
^Xl]i„\%
/''&(%'''
9<CC< C<KKI< ;< :FE;FCy8E:<J Á C8 M<LM< ;LD8Iy:?8CC8EE<Jdfik~<Y\ij[fi]]c\*(dX`(/'0[\jjl`k\j[\j\jYc\jjli\j~cXYXkX`cc\
[Ë<jjc`e^ 1½jË`c\o`jk\le\ZfejfcXk`fe[Xejc\dXc_\lihl\mfljm\e\q[Ë\ggiflm\iZË\jk[\jXmf`i~hl\cgf`ekfec\gXikX^\%A\jX`j
kifgZ\hl\ZË\jkhl\c\Z_X^i`egflie\gXjj\ek`iZfdY`\emflj†k\jdXc_\li\lj\g\ej\qZ\g\e[Xek~mfj\e]Xekj#~mfjXd`j#\k
Zfdgk\qkflaflijjlicËXd`k`„hl\a\mfljX`mfl„¾¿
*()%
@EJLII<:K@FE;<AL@E(/*)%*c\kki\jflg`…Z\jdXeljZi`k\j[\iXggfikjfl[`jZflij[ldXihl`j[\D8ID@<I#Zfcfe\c[\cX(i\C„^`fe
[\cX>Xi[\EXk`feXc\[\GXi`j#GXi`j/al`e(/*)2('gX^\j`e$]fc%fl`e$+#le\e$k†k\>Xi[\EXk`feXc\[\GXi`j%(i\C„^`fe%<kXk$DXafi%
(,'&)''
IXggfikXl^„e„iXcA8:HL<D@EFK#Z_\][˄kXk$dXafi^„e„iXc#jlic\j„m„e\d\ekj[l-al`e%Æ;`jZflijgflic\j]le„iX`cc\j[lZXg`kX`e\
:898C#dfik[\jjl`k\j[\jYc\jjli\ji\ƒl\j[XejcË`ejlii\Zk`fe%Æ8[i\jj\~cX(i\c„^`fe~cËfZZXj`fe[\j]le„iX`cc\j[\D%[\ALJJP#
Zfcfe\c#Xm\Z`ej`jkXeZ\jlic\gXki`fk`jd\efegXik`jXe[\cX>Xi[\EXk`feXc\%
.,
*(*
*(*%
AFJyG?@E<(.-($(/(+ %C%8%J%#GXi`j).Xmi`cR(/'.T#~JFE=@CJ#<L>ßE<;<9<8L?8IE8@J2(gX^\\khlXik`e$+~Yfi[li\^Xl]i„\% (%,''&)%''
9<CC<C<KKI<8LJLA<K;L98GKÜD<;<J8G<K@K<$=@CC<AFJyG?@E<#=LKLI<I<@E<;<JLß;<<K;<EFIMß><#e„\c\(+dXij(/'.~D`cXe%
<cc\mf`k½Xm\ZgcX`j`ihl\kl\j[\i\kfli\khl\kX]\dd\\kdXg\k`k\Ôcc\j\gfik\ekY`\e%A\mX`jdËfZZlg\i[\cXgifZliXk`fe
hl\kld\[\dXe[\j%:fdd\\cc\[f`k†ki\]X`k\gXic\d`e`jki\j\Zi„kX`i\[˄kXk#`c\jk`dgfjj`Yc\hlË\cc\gl`jj\dˆki\\emfp„\[\
Gfcf^e\gflic\df`j[\dXp%;ËX`cc\lija\g\ej\hl\cË\dg\i\likXpXek[\dXe[„[\cË`ejkil`i\#Zfdd\ekklXjkflkXiiXe^„gflic\
YXgk†d\#kle\g\logXje\gXjc\gi`\i[\efdd\ikfe\e]Xek#[\jË\eiXggfik\i~cl`gflikflkc\i\jk\%KljƒXliXjhlË`c\jk[ËljX^\
hl\c\j\e]Xekj[\jgi`eZ\jXp\ekgclj`\lijgXiX`ej\kdXiX`e\j2klgfliiX`j[\dXe[\i~cË\dg\i\li[\g\id\kki\hlË~jfei\]ljc\if`
[\9Xm`…i\c\i\dgcXƒXk¾¿<cc\XY\XlZflgjfl]]\ikZ\jaflij$Z`[\cXd`^iX`e\1\cc\cËXkki`Yl\XlZ_X^i`e[ˆki\kflaflijj„gXi„\[\j
g\ijfee\jhlË\cc\X`d\%½AËX`i\ƒlXlafli[Ë_l`[l(/Xmi`cle\c\kki\[\cË\dg\i\li#jXjXek„\jkkflaflijYfee\dX`j`ce\d\gXic\gXj
[\jfei\kfli%A\jfl_X`k\gflikX]\dd\hlË\cc\e\jf`kaXdX`jcfe^k\djj„gXi„\[\kf`¾¿
*(+%
A \Xe$9Xgk`jk\AFLI;8E(.-)$(/** dXi„Z_Xc%C%J%#9\jXeƒfe()al`e(/(,#Xld`e`jki\[\cX>l\ii\R;8MFLKT2)gX^\j\k[\d`\`e$]fc%
)''&),'
:fdd\c\jdX^Xj`ejd`c`kX`i\je\g\lm\ek]flie`i[\j\]]\kj[Ë_XY`cc\d\ek\k[˄hl`g\d\ekXlo(%-''d`c`kX`i\ji\kiX`k„j[\jX
[`m`j`fe#Afli[XeX`em`k„c\jXlkfi`k„jZ`m`c\j~gflimf`i~c\lijY\jf`ej#\e[\dXe[XekgfliZ_XZle½le\ZXgfk\[\[iXg#legXekXcfe
[\kf`c\#leZ_Xg\Xlo[\logX`i\j[\jflc`\ij¾¿C\j[`jgfj`k`fejgi`j\jgfligXjj\i[\jdXiZ_„jeËpZ_Xe^\eki`\egl`jhlË`cj\iX`k
`dgfjj`Yc\[\kiflm\i[\j]flie`jj\lij#\khl\c\jXik`Zc\jj\iX`\ek\eefdYi\`ejl]ÔjXek2½`ceË\e\jkgXjdf`ej`ejkXek[\c\li]flie`i
[\jgXekXcfejle\Zf\]]li\2aËX`]fid„cX[\dXe[\[\Z_Xg\XloefegXj[\jZ_Xbfj#gXiZ\hl\cËle\jkY`\egclj]XZ`c\~]flie`i
hl\cËXlki\¾¿
.-
*(,%
C fl`j\C8EE<J#[lZ_\jj\[\DFEK<9<CCF(./)$(/,- „gflj\[ldXi„Z_XcCXee\j#\cc\]lk;Xd\[lgXcX`j[\Afj„g_`e\gl`j;Xd\
[Ë_fee\li[\DXi`\$Cfl`j\%G%J%#JX`ek$:cfl[(0Xf”k(/()2*&+gX^\`e$]fc%~\e$k†k\DX`jfe[\J%D%cË@dg„iXki`Z\%J\im`Z\[l>iXe[
:_XdY\ccXe%
(''&(,'
ykXk[\gX`\d\ek[lkiX`k\d\ek[lZfdk\[\9<8L?8IE8@J#Z_\mXc`\i[Ë_fee\li[\cË@dg„iXki`Z\#gflic\df`j[\al`cc\k),'']iXeZj #
jlilekiX`k\d\ekXeel\c[\*'%'''%
*(-%
fd`e`hl\$A\Xe#YXifeC8II<P(.--$(/+) c\^iXe[Z_`ili^`\ed`c`kX`i\%C%8%J%#GXi`j(\iXmi`c(/)+#~JFE=@CJ?PGGFC@K<#Xl:fcc…^\Cfl`j
;
c\>iXe[2*gX^\j`e$/#\e$k†k\?g`kXcD`c`kX`i\[\cX>Xi[\IfpXc\#X[i\jj\g\k`k\[„Z_`i%gXiYi`j[\ZXZ_\kjXejg\ik\[\k\ok\ %
-''&/''
KIßJ 9<CC< C<KKI< Á JFE =@CJ# C< =LKLI :?@ILI>@<E ;<E8GFCyFE@@@# 8CFIJ yKL;@8EK ÁCFL@J$C<$>I8E;%@ccl`]X`kgXik[\jfe\eki\k`\eXm\Zjfe
gif]\jj\liD%?FD9<IK#hlË`cX]fikXggi„Z`„1½kle\gflmX`j†ki\\e[\jd\`cc\li\jdX`ej2„Zflk\Xm\ZXkk\ek`fe\kcË`ek„i†khlË`c
[f`k`ejg`i\ij\jjXmXek\jc\ƒfej%R¿Ta\c\Zif`jj`eZ…i\d\ekXkkXZ_„~j\j[`jZ`gc\jhlË`cZfej`[…i\Z\d\j\dYc\Zfdd\j\jgifgi\j
\e]Xekj¾%@cj\i„afl`khl\c\gif]\jj\lijf`kjXk`j]X`k[\jXZfe[l`k\#dX`jjfl_X`k\hlË?`ggfcpk\j\[`jk`e^l\[XmXekX^\½gflik\
mf`idXiZ_\i~cXk†k\[\k\ja\le\jZfdgX^efej%:Ë\jk\e\]]\kc\gfjk\hl`kËXggXik`\ek%@cj\g\ijlX[\hlËXm\Zleg\lgclj[˄e\i^`\
[\kXgXikkl]iXeZ_`iXjc\jfYjkXZc\j\kkli\dgc`iXjj\j[„j`ij\kc\jd`\ej¾%@ccË\eZfliX^\~j\g„e„ki\i[\Z\kk\`[„\\k~[fee\i
c\d\`cc\li[\cl`$d†d\[Xejc\kiXmX`c1½`ceËpXgf`ek[\Yfe_\lijXejZfliX^\e`[\jm\ikljjXejZfdYXkj%Mf`c~c\dfd\ekf“kl
[f`ji\[flYc\i[\q…c\\k[Ë\]]fikjgflikËXggifgi`\iZ\kk\m\iklj`]l^`k`m\\kj`e„Z\jjX`i\e„Xedf`ejgflik\gi„dle`iZfeki\c\j
gXjj`fej\kc\j]X`Yc\jj\j_ldX`e\j%R¿TklgifZli\iXj~kfegXgXhl`j\iXkflaflijkfed\`cc\liXd`#[\jafl`jjXeZ\j`e\ogi`dXYc\jhl`
c\[„[fdX^\ifek[\jgi`mXk`fej\k[\jZ_X^i`ejhlË`cX„giflm„j[XejcXkifgcfe^l\\kg„e`Yc\ZXii`…i\hlË`cXgXiZflil\#;`\lm\l`cc\
hl\cXk`\ee\jf`kgclj[flZ\\kgcljgX`j`Yc\¾¿
*(.
*(.%
;fd`e`hl\$A\Xe#YXifeC8II<P%C%8%J%#GXi`j(/al`e(/)0#~JFE=@CJ?PGGFC@K<2+gX^\j`e$/%
-''&/''
9<CC<C<KKI<ÁJFE=@CJ#C<=LKLI:?@ILI>@<E;<E8GFCyFE@@@#hl`m`\ek[\Z_f`j`i#jlic\jkiXZ\j[\jfeg…i\#cXZXii`…i\[\Z_`ili^`\ed`c`kX`i\#
\kZfdd\eZ\c˄Zfc\[Ë`ejkilZk`fed`c`kX`i\[\JkiXjYfli^%
CXii\pj\i„afl`k[lYfeXZZl\`c[\kflkc\dfe[\#\k\eZfliX^\jfeÔcj1½aËX`c`\l[\Zif`i\hl\klk\[`jk`e^l\iXg\lk$†ki\df`ej
gXic˄k\e[l\[\jZfeef`jjXeZ\jhl\kleËXjglXggif]fe[`igl`jhlË~g\`e\kl[„Ylk\[XejZ\kk\ZXii`…i\g„e`Yc\\k[`]ÔZ`c\#hl\gXi
..
kfe^„e`\#kfe`ek\cc`^\eZ\\kkXcf^`hl\2`c]Xlkpaf`e[i\c\ZXcd\\kcËXjjliXeZ\Æ\eÔe`c]XlkcX`jj\ihl\chl\Z_fj\~cX;\jk`e„\¾¿
@cdlck`gc`\c\jXkk\ek`fej\kc\jZfej\`cj1½E\k\]Xk`^l\gXjkifg#i…^c\c\j_\li\j[lkiXmX`c\kjlikflkeËXek`Z`g\gXjjliZ\cc\j[l
i\gfj\k[ljfdd\`c¾2`ccl`i\ZfddXe[\le\gifgi\k„`dg\ZZXYc\\kle\^iXe[\jfYi`„k„\ekflk¿:?FD<K\jki\eki„ki`fdg_Xek
[\9fi[\Xlo#\kc\jaflieXloZ„c…Yi\ekjXm`Zkf`i\¿;LGLPKI<E½XgiXk`hl„jlic\jla\k[\cËXe\mi`jd\hl`Xjfej`…^\[Xejc\kifeZ
YiXZ_`fZ„g_Xc`hl\# cËfg„iXk`fe hlË`c XmX`k gifa\k„\# c\ dXcX[\ \jk \eZfi\ ~ g\l gi…j [Xej c\ d†d\ „kXk ¾¿;\gl`j jfe [„gXik [l
MXc$[\$>iZ\#`cjfeki\ƒlgclj`\lijYc\jj„j^iXm\j2CXii\p[fee\~?`ggfcpk\[\jeflm\cc\j[\jjla\kjhlË`cjfekjf`^e„j\ej\dYc\1
cËXdglk„[\j[\loaXdY\jmXY`\e#[ËXlki\jjfekjlicXmf`\[\cX^l„i`jfe#dX`j[ËXlki\jXlZfekiX`i\#Xgi…jZfdgc`ZXk`fejfl„Z_\Z
[\jfg„iXk`fej#jfekdfikj%@ccË`em`k\~cl`„Zi`i\jflm\ek1½k\jc\kki\jdËX`[\ifek~jlggfik\idfe\eel`\kcXd„cXeZfc`\~cXhl\cc\a\
jl`j\egif`\j`jflm\ek%;\kfeZk„e\k\[„ZfliX^\gf`ek\kjfe^\Xlog\`e\j\kXlogi`mXk`fejhl\aËX`\e[li„\j[XejZ\kk\g„e`Yc\
\kkifg`e^iXk\ZXii`…i\#dX`jgl`jhl\klp\j\eki„`ce\]XlkgXji\jk\i\eXii`…i\e`j\g\i[i\[XejcX]flc\2kZ_\[\^X^e\icXk†k\[\
cXZfcfee\kldXiZ_\iXj\ejl`k\Xm\Z]XZ`c`k„¾¿
*(/%
;
fd`e`hl\$A\Xe# YXife C8II<P% C%8%J%# GXi`j (/ fZkfYi\ (/*)# ~ JFE =@CJ ?PGGFC@K<# ½ C\ ;fZk\li CXii\p Z_`ili^`\e X`[\ dXafi ~
MXc\eZ`\ee\j¾2)gX^\j`e$/#X[i\jj\#ZXZ_\k[\]iXeZ_`j\D`e`jk…i\[\cX>l\ii\%
-''&/''
9<CC<C<KKI<ÁJFE=@CJ#C<=LKLI:?@ILI>@<E;<E8GFCyFE@@@#CL@8EEFEx8EKJ8EFD@E8K@FE8LM8C;<>IÛ:<%
%%%½c\d`e`jki\kËXefdd„~cËle[\j\dgcf`jmXZXekj[\Z_`ili^`\eX`[\dXafiXlMXc[\^iXZ\¾%@cgi\e[iXj\j]feZk`fej~Z\k
\dgcf`[…jjfei\kfli[\cËXid„\2½kflkXeefeZ\hl\mfki\ZXdgX^e\e\j\iXgXj[\cfe^l\[li„\¾%@cg\lkdX`ek\eXekj\c`mi\i
kiXehl`cc\d\ek½~cË\ej\`^e\d\ek[\jYiXeZ_\j[\efki\Xikhl`k\j\ifekc\jgcljX^i„XYc\jflc\jgcljlk`c\j~kfe`ejkilZk`fe\k~
Z\cc\[\k\jZfdgX^efej¾%@ccl`Zfej\`cc\[\Zfdd\eZ\igXi½leZflij[\Z_`ili^`\XeXkfd`hl\fg„iXkf`i\ZË\jk~[`i\hl\Z_Xhl\
fg„iXk`fehl\kl]\iXjlic\ZX[Xmi\[\miX`k†ki\gi„Z„[„\[ËleXgg\iƒl[\jiXggfikjXeXkfd`hl\j[\cXgXik`\jlicXhl\cc\fe[f`k
]X`i\cËfg„iXk`fe¾2\k[\af`e[i\~Z\jc\ƒfejXeXkfd`hl\j\og„i`d\ekXc\j[\j\og„i`\eZ\jjlic\jXe`dXlo1½klg\loi\e[i\Z\Zflij
]fik`ek„i\jjXek\kZË\jkc\Yfedfp\e[\kË\o\iZ\i~cË\ej\`^e\d\ek¾%@c\jkgi†k~i„gfe[i\~kflk\jj\jhl\jk`fej~Z\jla\k¿
FEAF@EKle\c\kki\[Ë?pggfc`k\C8II<P~jXjÅli@jXli\#Cpfe)-al`cc\k(/+)#cl`Xggi\eXekc\[„Z…j[\c\lig…i\#Xlc\e[\dX`e[\
Z\cl`[\c\lid…i\¿
*(0%
RA\Xe$9Xgk`jk\C8JJ<II<Dfek$[\$DXijXe(/,)$(0*0 ^„e„iXcT%-G%J%#(/.-$(0(,2-gX^\j`e$]fc%
(''&()'
Efd`eXk`fej [\ c`\lk\eXek [Xej cËXik`cc\i`\ [\ cX DXi`e\# gl`j ZXg`kX`e\# Xl :fd`k„ ZfejlckXk`] [\ ;„]\ej\ [\j :fcfe`\j# Xl
ZfddXe[\d\ek [Ële\ [`m`j`fe# j`^e„\j gXi c\j Xd`iXlo \k d`e`jki\j =FLI@:?FE# :CFLy# A8LI<>L@9<IIP# gXi c\j d`e`jki\j 8c\oXe[i\
D@CC<I8E;#>Xjkfe;FLD<I>L<\k8cY\ikC<9ILE%FE AF@EKle\g_fkf^iXg_`\[l^„e„iXc#\kcXgcXhl\kk\[\:_%D8E>@E#Kiflg\jEf`i\j
(0'0 #Xm\Z\emf`X%j%~CXjj\ii\%
*)'%
R C„feZ\>l`c_Xl[[\C8M<I>E<(/'0$(//' „Zfefd`jk\#X^ifefd\\k_fdd\gfc`k`hl\T%,/c\kki\jflg`…Z\jcXgclgXikC%J%flG%J% ~cl`X[i\jj„\j#(/),$(/.,%
/''&(%'''
9<C <EJ<D9C< JLI J8 :8II@ßI<%;`gcd\j[\YXZ_\c`\i\kc`Z\eZ`„\e[if`k#[\YXZ_\c`\i\kc`Z\eZ`„…jc\kki\j2[`gcd\jflc\kki\j[\
d\dYi\flZfii\jgfe[Xek[\cË8ZX[„d`\ifpXc\[ËX^i`Zlckli\[\Jl…[\#[\cXJfZ`„k„XiZ_„fcf^`hl\\jgX^efc\#[\cXJfZ`„k„cfdYXi[\
[˄Zfefd`\ gfc`k`hl\# [\ cË8ZX[„d`\ ifpXc\ [ËX^i`Zlckli\ [\ Kli`e# [\ cË8ZX[„d`\ ifpXc\ [˄Zfefd`\ X^iX`i\ [\` >\fi^fÔc`# [\ cX
:fdd`jj`feZ\ekiXc\[\JkXk`jk`hl\Y\c^\ #[\cË8ZX[„d`\[\jJZ`\eZ\j[\C`jYfee\¿C\kki\j[\d`jj`fe#efd`eXk`fej#ZfemfZXk`fej#
\kZ%;fZld\ekjj`^e„jgXiAlc\j98JK@;<#<%:?<M8E;@<I;<M8C;IFD<#M%:FLJ@E#>%:LM@<I#;<:8Q<J#D^i=I8PJJ@EFLJ#=iXeƒf`j>L@QFK+ #A%[\
C8JK<PI@<#CFL@J$G?@C@GG<^i`]]\j #C„fe[\D8C<M@CC<#D8IK@E[lEfi[#8%D@>E<K* #:%[\DFEK8C@M<K#HLyK<C<K#:_%IyDLJ8K* #8%I<E;L#A%9%
K<JK<#\kZ%FEAF@EKleg\k`kZX_`\i[\efk\jXlkf^iXg_\j#\khhj`dgi`d„j%
*)(%
R:_Xic\j$8ekf`e\$Afj\g_C<:C<I:;<DFEKC@EFK(.*)$(/'( jfZ`fcf^l\T%D8ELJ:I@K#D„df`i\jlicX[„gfikXk`fe[\j_fdd\j#
Rm\ij(.0)T2ZX_`\i`e$]fc%[\).gX^\j%
/''&0''
GIFA<K;<;yGFIK8K@FE;<JD<E;@8EKJ;<=I8E:<8LJyEy>8C#JLICËáC<;<9LC8D%:\gifa\kgXiX`k[XejcË<jjX`jlicXd\e[`Z`k„i„[`^„gXiC\Zc\iZ
[\Dfekc`efk\e(./0%CËXlk\li]X`kle\gi„j\ekXk`fe^„f^iXg_`hl\\k\k_efcf^`hl\[\jk\ii`kf`i\jXgg\c„j~i\Z\mf`iZ\kk\Zfcfe`\
[\d\e[`Xekj]iXeƒX`j\kj\c`mi\„^Xc\d\ek~le\ZfdgkXY`c`k„[„kX`cc„\[\cËfg„iXk`fe=iX`j[\gifm`j`fejgflicXeflii`kli\[\
.''`e[`m`[ljg\e[Xek-df`j2ykXk[\jljk\ej`c\je„Z\jjX`i\jXloZfcfej2ykXkj[\jm†k\d\ekj[„c`mi„jXloZfcfej#Xlo]\dd\j\kXlo
\e]Xekj2\kZ% ¿
:\kk\m\ij`fedXeljZi`k\#i\dXe`„\jfljcXI„mfclk`fegXicËXlk\li#gi„j\ek\[\j[`]]„i\eZ\jefkXdd\ek\edXk`…i\[\Z_`]]i\j
Xm\Z c\ k\ok\ `dgi`d„ [\ (./0% =feZk`feeX`i\ [\ cË@ek„i`\li jflj cX I„mfclk`fe# C\Zc\iZ [\ Dfekc`efk aflX le ic\ `dgfikXek ~ cX
:fdd`jj`fe[\jJ\ZflijglYc`Zj#\kg\lk†ki\Zfej`[„i„Zfdd\le\og\ik[\cXd\e[`Z`k„~jfe„gfhl\¿%
Mf`i>lpK?L@CC@<I#C\Zc\iZ[\Dfekc`efk#lefYj\imXk\li[\jd`j…i\jjfZ`Xc\j)''( %
*))%
:
cXl[\ C< G<C<K@<I (-*($(.(( _fdd\ [ËykXk# jlZZ\jj\li [\ :fcY\ik Xl :fekic\ ^„e„iXc [\j ÔeXeZ\j% C%8%J%# GXi`j (' dXij (---#
+gX^\j\k[\d`\`e$+%
),'&*''
@DGFIK8EK ;F:LD<EK :FE:<IE8EK C<A8EJyE@JD<#~gifgfj[\cXj`^eXkli\[l]Xd\lo]fidlcX`i\[lGXg\8c\oXe[i\M@@%8cfijgi„j`[\ek
[\cX:_XdYi\[\j\ehl†k\j[lgXic\d\ek[\GXi`j#`ci\e[Zfdgk\[\j_„j`kXk`fejXlj\`e[lgXic\d\ekgflicXZfe[XdeXk`fe[\j
`[„\jaXej„e`jk\j%@cXi\d`j½c\D„df`i\jlic\jdXe[\d\ekj¾XlGi\d`\iGi„j`[\ek#hl`gi„j\ek\iXjXej[flk\XlIfp½led„df`i\
]fikjfc`[\\k]fikal[`Z`\lojlicXdXk`…i\[XejcXhl\cc\`c\jkZfejlck„#dX`j`cc\]\iXdXcmfcfek`\ij¾#ZXi`cjlY`kc\j`eÕl\eZ\j[\
Z\ikX`ej[\j\jgifZ_\jhl`jËpfggfj\ek¿@ci„gl^e\~½Xggc`hl\ilei\d\[\hl`Ôjki\glk\ic\dXcgclj^iXe[gclj^\e\iXchl`ceË\jk
\e\]]\k¾#gflile\hl\jk`fehl`i\^Xi[\[XmXekX^\c\jXjj\dYc„\j[l:c\i^„%%%@c„mfhl\c\ji\]lj[\j`^e\i[\j„m†hl\j[\GXd`\ij
\k[Ë8c\k¿<kZ%
./
*)*
*)*%
C FL@JOM@@@(.,,$(/)+ %G%J%#Zfeki\j`^e„\gXic\[lZ[\I@:?<C@<L#Gi„j`[\ek[l:fej\`c#\kc\Z_XeZ\c`\iG8JHL@<I#>Xi[\[\jJZ\Xlo#
d`e`jki\[\cXAljk`Z\#GXi`j0[„Z\dYi\(/(.2m„c`e`egcXef#\e$k†k\^iXm„#8IDF@I@<Jg\`ek\j#>I8E;J:<8L[\Z`i\m\ik\XloXid\jifpXc\j
\k~cË\]Ô^`\[lIf`jlic\kie\#g\e[XekjliilYXejifj\\km\ikj#Zfej\im„[Xejjfe„kl`d„kXcc`hl\%
/''&(%'''
C<KKI<J ;< :FDK<$G8@I ?yIy;@K8@I<\e]Xm\li[\A\Xe=XYi\#Zfdk\[\C8D8IK@CC@ßI<EŠd\j(.*)$(/(0 #½C`\lk\eXek$>„e„iXc\ei\kiX`k\#
@ejg\Zk\li$^„e„iXcXl:figjifpXc[\cË8ik`cc\i`\¾#Xm\Zj\j 8ID<J 8HL8I<CCy<J\ki…^c\d\ek[ËXidf`i`\jhl`ZfeZ…[\XlgX`i\k~j\j
jlZZ\jj\lijc\[if`k[\c\jgcXZ\ik\cc\j1½;ËXqli#~le\Kfli[feafee„\[ËXi^\ek#Xafli„\\kdXƒfee„\[\jXYc\2gXik`[ËXi^\ek#~cX
mXZ_\[\jXYc\#jlidfek„\[Ële\<kf`c\[ld†d\2jliledXek\Xl[ËXqli[flYc„[Ë_\id`e\j#\k[\c\jk`dYi\i[Ële\Zflifee\[\GX`i
flYfee\k[ËXqliZ\iZc„[Ë_\id`e\j\kjlidfek„[Ële\_flgg\[Ëfi¾¿
KIßJ9<8L;F:LD<EK#<EG8I=8@KyK8K%
*)+%
G
i`eZ`gXlk„[\CL:HL<J%*C%8%J%[\>`lj\gg\9<CCLFD@E@#d`e`jki\[\j=`eXeZ\j#ClZhl\jal`e$fZkfYi\(/'/#~Afj\g_<J:?8JJyI@8LO#
d`e`jki\gc„e`gfk\ek`X`i\[\=iXeZ\~ClZhl\j2.gX^\j`e$]fc%
()'&(,'
Cfe^l\jc\kki\jXljla\k[\jÔeXeZ\j[\cXGi`eZ`gXlk„[\ClZhl\j#cXi„^`\[\jj\cj\kkXYXZj#c\jkiXmXloZf”k\logflicË\eki\k`\e
[\j[`^l\jXÔe[\Zfek\e`ic\jkfii\ekj\k\dg†Z_\iZfeki\c\j`efe[Xk`fej#c\j[if`kj[\[flXe\jhl\[„kflie\cËX[d`e`jkiXk`fe
]iXeƒX`j\#\kZ%
FEAF@EKle\C%J%[\:?8DG8>EP#*Xmi`c(/'0#Xld†d\2\k)gfikiX`kj^iXm„j[Ë<jZ_Xjj„i`Xlo%
*),%
F
i[i\[\D8CK<%=iX<ddXel\cG@EKF[\=FEJ<:8(-/($(..* >iXe[$DXŠki\[\cËFi[i\[\DXck\%G%J%Zfdd\m`Z\$Z_XeZ\c`\i[\
cËFi[i\#DXck\(\ial`e(.(+2+gX^\j`e$]fc%#jZ\XljfljgXg`\i2\ecXk`e%
(,'&)''
8ljla\k[Ë8[i`\e[\C8M@<LM@CC<N@>E8:FLIK;ËFIM@CC@<IJ#efm`Z\i\ƒlZ_\mXc`\i[\cËFi[i\\e(.((¿
*)-%
D8Iy:?8LO%(+C%J%flG%J%#(.00$(/)-%
,''&.''
9<IE8;FKK<#9<IK?@<I#:C8IB<[lZ[\=<CKI<) #>FLM@FEJ8@EK$:PI#AFLI;8E#B<CC<ID8EE#C<=<9MI<#D8:;FE8C;#DFE:<P#E<P#FL;@EFK#G<I@>EFE#
JFLCK#JL:?<K%FEAF@EK-Xjj`^eXkj\k)i„hl`j`k`fej[\cf^\d\ek[\kiflg\j#(/+/$(/+0%
*).%
RD8I@<$8EKF@E<KK<(.,,$(.0* T%=iX^d\ek[\ifY\2\em`ife('#,o(,Zd%
+''&,''
I<C@HL<%G\k`kZXii„[\jf`\ifj\YifZ_„\~Õ\lij#Zfej\im„jfljZXikfe„k`hl\k„1½[\ie`…i\ifY\[\DXi`\8ekf`e\kk\I\`e\[\
=iXeZ\%8pXek„k„[fee„~cX]Xd`cc\[\9\Xli\^Xi[Xlk_\ek`hl\ ¾%
.0
*)/%
D
8I@E<%D8ELJ:I@K[lAFLIE8C;<9FI;;<C898;@E<#))al`cc\k(./*$*(dX`(./+2ZX_`\i`e$]fc%[\./gX^\j#Zflm%gXg`\idXiYi„% (%'''&(%)''
AFLIE8C;<9FI;;<C8:FIM<KK<C898;@E<#Xid„\~Kflcfec\))al`cc\k(./*%<ek†k\#feX[i\jj„c˄kXk$dXafi[\Z\kk\Zfim\kk\gcXZ„\jflj
c\ZfddXe[\d\ek[lZfdk\[\9FEE<M8C#ZXg`kX`e\[\mX`jj\Xl#dXafi[\cXDXi`e\~Kflcfe%CX9X[`e\eXm`^l\[XejcXD„[`k\iiXe„\#
cXd\iy^„\#c\[„kif`k[\j;Xi[Xe\cc\j#cXd\i[\DXidXiX1Šc\[\cXGXek\c\i`\cXGXek\cc\i`X #ZXgDXkXgXe#c\j:pZcX[\j#K„e„[fj#
:fejkXek`efgc\f“c\ZXg`kX`e\[„YXihl\c\((j\gk\dYi\Xm\Zc\jgXjjX^\ij #cX:i…k\#Jdpie\jXclk[\0Zflgj[\ZXefeXlZfejlc#
c\+aXem`\i #:XiXYflqX>iXYflj\ #\kZ%Gi„Z`j`fejjlic\jm\ekj2i\c\m„j[\dfl`ccX^\j#ZXgj\kZ`kX[\cc\jjflm\ekZfii`^„j 2[`jkXeZ\j
gXiZflil\j2i\eZfeki\j[ËXlki\jYk`d\ekjjXclkj#j\im`Z\j#iXm`kX`cc\d\ek ¿
*)0%
D8I@E<%D8ELJ:I@K[\efk\j\kfYj\imXk`fej[ËledXi`e~Yfi[[\CXDXie\#R(/,/$(/-)T2ZX_`\i`e$]fc%[\-*gX^\j#gcljhhj]]%
`ek\iZXcX`i\jZXZ_\k[\jXiZ_`m\j[\CXX^\ %
+''&,''
Efk\j\kYifl`ccfej[\i„[XZk`fejjlic\jm\ekj#ZfliXekj#i„Z`]j#Zfe[`k`fejd„k„fifcf^`hl\j#[`jkXeZ\jgXiZflil\j#cXk`kl[\j\k
cfe^`kl[\j#\kZ%#~Yfi[[\CXDXie\1Šc\[Ë8`o#ZXg[\j8`^l`cc\j#Šc\JX`ek$GXlc#d\i[\AXmX¿I\kflie„#c\ZX_`\i\jklk`c`j„gfli[\j
efk\ji\cXk`m\j~cXd\i[ËFb_fkjb#\kXlkiXa\k\eki\c\jŠc\j:Xifc`e\j\kcXEflm\cc\$>l`e„\¿@c\jkXljj`hl\jk`fe[\i\c\m„j[\
kXYc\Xlo#[\ZXik\j[\DXlip\k[\CXik`^l\#[\cXeXm`^Xk`fe[\cË8kcXek`hl\[lJl[\k[\cËfZ„Xe@e[`\e¿
**'%
D
8I@E<%D8ELJ:I@KXlkf^iXg_\j`^e„gXi?%[\=I<P:@E<K#]i„^Xk\CX=cfi\(/.-$(/..2.(gX^\j`e$+gclj]]%m`\i^\j #Zflm%ZXikfee„\
ljX^„\ %
,''&-''
:8?@<I ;Ë<JJ8@J ;ËLE yCßM< 8JG@I8EKR~Z\kk\„gfhl\#CX=cfi\j\imX`k[˄Zfc\[ËXggc`ZXk`fe[\jXjg`iXekj[\cXDXi`e\T%C\jk\ok\jjfek
ZfejXZi„j~C`jYfee\#K„e„i`]]\#;XbXi#cXDXik`e`hl\#cË8c^„i`\#c\>fc]\AlXe#c\jŠc\j[Ë?p…i\j#Kflcfe#>`YiXckXi\kM`^f1`cj„mfhl\ek
cXkfgf^iXg_`\[\jc`\lo#[\jZfej`[„iXk`fej[\eXm`^Xk\li#c\li`ek„i†kZfdd\iZ`Xc#d`c`kX`i\#\kZ%:\j\jjX`jgi„j\ek\ekhl\chl\j
Zfdd\ekX`i\jflZfii\Zk`fejXlZiXpfe[Ëlegif]\jj\li2cXgclgXikfek„k„efk„j½Yfee\¾fl½Xjj\qYfee\i„[XZk`fe¾%
**(%
RD8O@D@C@<E@\i(/*)$(/-. <dg\i\li[lD\o`hl\T%);F:LD<EKJ:8CC@>I8G?@yJ2`e$gcXefjlim„c`e\k^iXe[`e$]fc%2\eXcc\dXe[% )''&*''
9<8L;@GCåD<X[d\kkXekc\Gi`eZ\DXo`d`c`\e#8iZ_`[lZ[Ë8lki`Z_\#^iXe[dXŠki\[\cËFi[i\[\j:_\mXc`\ijk\lkfe`hl\j#\kZ%#Zfdd\
d\dYi\[Ë_fee\li[lDlj\ld=iXeZf$:Xifc`eld~C`eq#(/*0%
DXeljZi`kZXcc`^iXg_`„gXi8ekfeGI<J:?C[\j('ZfddXe[\d\ekj[\DXo`d`c`\e%
**)%
`Z_\c[\D8Q8I@E(-'.$(-+0 ZXi[`eXc#]i…i\[ld`e`jki\[\Cfl`jO@M#^„e„iXc[\cËFi[i\[\j;fd`e`ZX`ej#m`Z\$if`[\:XkXcf^e\%
D
C%8%J%#9XiZ\cfe\(0dXij(-+/#XlZXi[`eXc9<EK@MF>C@F#efeZ\[Ë@eefZ\ekO\e=iXeZ\2*gX^\j`e$]fc%2\e`kXc`\e%
)''&*''
@DGFIK8EK< C<KKI< GFC@K@HL<%@cZif`khl\c\jXclk[lGXg\\o`^\leiXggifZ_\d\ek\eki\cl`\kc\j9XiY\i`e`2@EEF:<EKO[\miX`kXljj`
Z\jj\i[\jË`ehl`„k\i[\cË\og„[`k`fe[l[lZ[\>L@J<~EXgc\j¿
***
/'
***%
Dy;<:@E<%D8ELJ:I@K#@kXc`\[„YlkOM@\j`…Zc\62]fikmfcld\`e$()[\R,,T$*+(]]%jligXg`\i#i\c`li\[\c˄gfhl\m„c`eXeZ`\egifm\eXek
[ËleXek`g_feX`i\2\ecXk`e%
*%'''&*%,''
@EKyI<JJ8EK<KI8I<D8ELJ:I@KDy;@:8C8E:@<E#[Xejle\Y\cc\„Zi`kli\Zlij`m\#Z_Xhl\gX^\gfikXek\ek†k\c\dfef^iXdd\[l:_i`jk#
A?J%CËXlk\lijË`ejg`i\efkXdd\ek[\jkiXmXlo[Ë8ekfe`f>L8@E<I@FZ`k„]%-) #d„[\Z`eZfddleXc[\:_`\i`G`„dfek #\kgif]\jj\li
[\d„[\Z`e\~cËle`m\ij`k„[\GXm`\#jXm`cc\eXkXc\#f“`cdflilkm\ij(++,2j\jFg\iXd\[`ZX#glYc`„jgflicXgi\d`…i\]f`j~GXm`\
\e(+/(#]li\ek\ejl`k\[`]]lj„jXm\ZjlZZ…j#efkXdd\ekXm\Zc\jZfdd\ekX`i\j[lali`jZfejlck\\k„il[`kZXcXYiX`j>`fmXee`=XcZfe\
[…j(,(/%
<ek†k\#le\kXYc\[\jdXk`…i\ji„g\ikfi`\[\jZ_Xg`ki\jZfejXZi„j~cËXgfgc\o`\#c\jdXcX[`\j[\jfi\`cc\j\k[\jp\lo#cËXjk_d\#
cXd„cXeZfc`\;\gXjj`fe`Yljjgc\e`j #cXdXe`\#c\jdXlo[\k†k\#c˄g`c\gj`\#c\jkiflYc\j[\cXgXifc\#cXjk„i`c`k„#cX^„e„iXk`fe#cX
[pj\ek\i`\#cXc…gi\#\kZ%
**+%
Dy;<:@E<%(,D8ELJ:I@KJ#Rm\ij(.0.T2]fikmfcld\g\k`k`e$+[\-)-gX^\j`e$+#YifZ_„#Zflm%ZXikfee„\%
-''&/''
I<:L<@C;<:FLIJ;<Dy;<:@E<%C\gi\d`\idXeljZi`kjË`ek`klc\1Gi`eZ`g\j[\d„[\Z`e\gXiDiJXYXk`\i#k`ki\jl`m`[\cXgi„Z`j`fe1½dfik
gi\d`\id„[\Z`e[\cXdXi`e\~9i\jkm\ij(.00%yZi`kjgXi?\ei`C<>L@CCFLm\ij(.0.¾%Jl`m\ek1:i`j\j#@eÕXddXk`fe[\j[`]]\i\ekj
m`jZ…i\j#;\cXgc\li\j`\#CË<jhl`eXeZ`\#:femlcj`fej#=`…mi\jdXc`^e\j#g„c\Zk`Xc\j\kd`c`X`i\j#;\cXԅmi\[Ë_g`kXc#[\mX`jj\Xlo#[\
gi`jfe#CXIfl^\fc\#ԅmi\jZXicXk`e\\k\i\j`g\cXk\lj\#CX:fc`hl\[\jg\`eki\j#CXG\k`k\M„ifc\#:_fc\iXdfiYlj#8gfgc\o`\#=`…mi\j
`ek\id`kk\ek\j#;\j_p[ifg`j`\j%
**,%
Dy;<:@E<%/dXeljZi`kjflg`…Z\j#O@O\j`…Zc\%
)''&),'
ykXk[\cX[`jki`Ylk`fe[\jXc`d\ekjXlo\dgcfp„j\kXlo`e[`^\ek\j[\cË_fjg`Z\[\cXJXcg†ki`…i\(/') %:\ik`ÔZXkj[Ë`eXgk`kl[\
Xlj\im`Z\d`c`kX`i\Dfekg\cc`\i(/'+ %D8ELJ:I@KJLIC<:?FCyI8<KCËyG@;yD@<;<(/*)*,]]%#hhj[„]Xlkj %=\l`cc\[\dXcX[\i„[`^„\gXiI%
DFLK8I;$D8IK@E#_g`kXcJX`ek$Cfl`j#(/.,%<kZ%
**-%
:
fjd\@@@[\D<;@:@J(-+)$(.)* -\>iXe[$;lZ[\KfjZXe\#`c„gfljX\e(--(DXi^l\i`k\$Cfl`j\[ËFic„Xej%C%8%J%#=cfi\eZ\(-/-#~le
ZfddXe[Xek2(gX^\g\k`k`e$+2\e`kXc`\e%
(,'&)''
@c„mfhl\cËXdYXjjX[\li[\?fccXe[\\kcËyc\Zk\li[\9Xm`…i\¿FEAF@EKle\C%J%[l[lZ[\9I8::@8EF#Ifd\)0efm\dYi\(,/-Xm\Z
gfikiX`k^iXm„ %
]**.% :c\d\ej#gi`eZ\[\D<KK<IE@:?(..*$(/,0 %C%8%J%#~leXdYXjjX[\li2*gX^\j\khlXik`e$/%
)''&),'
@ccl`\emf`\le\g`…Z\~½]X`i\\eki\iZfdd\leZfdgk\i\e[l[\mfki\gXik[Xejc\k\ok\[\mfj[„g†Z_\j¾%C\k\dgjcl`dXehl\
gfli„Zi`i\XlGi`eZ\<JK<I?8QP%DX`j`c[fee\½c\jk\id\jgi„Z`j[\cX[„ZcXiXk`fe[lI\`jj<]]\e[`~cË@ek\iefeZ\hl`[\miX`ek„i\jj\i
mfki\:fli%ÈCXJlYc`d\Gfik\g„e„ki„\[\kflk\jc\jgi\lm\j[ËXd`k`„hl\cX:fli[\M`\ee\e\Z\jj\[\cl`[fee\i#gifÔk\Xm\Z
gcX`j`i[\cËfZZXj`fe[Ë\ek„df`^e\ijXi\ZfeeX`jjXeZ\~J%D%cË<dgi[Ë8lki`Z_\%:Ë\jk~jXZfej`[„iXk`fehl\cXJ\G\jË\jk[„k\id`e„\~
„cf`^e\ic\j9Xj_I\Zc`j8^Xj[\j[\loGi`eZ`gXlk„j%@cjj\ifeki\dgcXZ„jgXi[\j`dgc\jf]ÔZ`\ij[fekc\^iX[\e\gfliiXgf`ek[fee\i
[\cËfdYiX^\#\eledfkkflkpj\iXi„kXYc`jlicËXeZ`\eg`\[¾%%%
**/%
D@:IF9@<%+:8?@<IJdXeljZi`kj[\:FLIJ;<D@:IF9@<#(/00$(0''2+ZX_`\ijg\k`k`e$+[\.'#().#((0\k(*.gX^\j#\ekflk)+,gX^\j`e$+
gclj)[„gc`Xekj#i\c`„jZXikfeeX^\kf`c\Yile\%
(%'''&(%)''
C<xFEJ GIF=<JJy<J Á CË@EJK@KLKG8JK<LI#jf`^e\lj\d\ekZfg`„\j\kfie„\j[\efdYi\lo[\jj`ej\k`ccljkiXk`fejflÔ^li\j[„Zflg„\j
gclj[\(,' #\kXl^d\ek„\j[\hl\chl\jk`i„j~gXik\kYifZ_li\j8eeXc\j[\cË@ejk`klkGXjk\li#CËÄlmi\d„[`Zf$Z_`ili^`ZXc %:flij[\
D`ZifY`\%C\ƒfejjlicXg\jk\#(/001c\ƒfej[l;iIFLO\k[l;i:8CD<KK<%:flij[\D`ZifY`\%D`ZifY`\k\Z_e`hl\1*mfcld\j[\c\ƒfej
[l;iIFLO#[l;iD<K:?E@BF==#[l;i9FII<C%=fp\ij\kdf[\j[Ë`e]\Zk`fe#ZcXjj`ÔZXk`fe[\jYXZk„i`\j#\og„i`\eZ\j#dfig_fcf^`\[\j
YXZk„i`\j#j„gXiXk`fe[\jd`ZifY\j#XeXcpj\jd`ZifY`\ee\j[\cËX`i\k[\j\Xlo#`efZlcXk`fej\og„i`d\ekXc\j#\kZ%
**0%
D@C@K8@I<J%,/c\kki\jflg`…Z\j#cXgclgXik[\^„e„iXlo%
+''&,''
:fii\jgfe[XeZ\jd`c`kX`i\j2Z\ik`ÔZXkj[\j\im`Z\#[Ë`emXc`[`k„\k[ËX[d`jj`feXlo@emXc`[\j2c\kki\j[\Z_\mXc`\i[\JX`ek$Cfl`j
\kXlkfi`jXk`fej~gfik\icX[„ZfiXk`fe[lCpj2Yi\m\k[\dXafi2„kXkj[\j\im`Z\2fi[i\j[\dXiZ_\2gifZ…j$m\iYXc[˄c\Zk`fe[\
ZXg`kX`e\#\kZ%;fZld\ekjj`^e„jgXi98L;FK#98L;I<#98M@CC<#9<8L=FIK;<K?FI@>EP* #9<8L=I8E:?<K;Ë8P8K* #9<8LA<L#9<8LDFEK+ #9<8LGLP#
9y>L@EFK#8%G%Alc`\ee\9<C8@I+ #c\dXi„Z_Xc[\9<CC<$@JC<*XlZfdk\[\Cfi[Xk#(.,0 #9<CC<DFEKI<#9<CDFEK#9yK?LE<#Cfl`j$Afj\g_[\
9fliYfegi`eZ\[\:FE;y) #:IyD@CC<J#;LDLP*#[feklejlim„c`e #?8LKGFLC#?<L;<C<K#C8LJJ8K#DFEK98I<P#I@>8LCK ;<><EFL@CCP#c\
dXi„Z_Xc[\Jy>LI* #K?@98L;@E#KIyQ<C#c\dXi„Z_Xc[\M@CC8IJ#\kZ%
]*+'% 8
e[i„$9fe`]XZ\$Cfl`j[\I`hl\kk`#m`Zfdk\[\D@I89<8L(.,+$(.0) [`kD`iXY\Xl$Kfee\Xl2]i…i\[l^iXe[fiXk\li#f]ÔZ`\i\k
[„glk„#`cj\YXkk`k[Xejc˄d`^iXk`fe%G%J%#M\ijX`cc\j(+dX`(./02(gX^\`e$+%
)''&),'
:fcfe\c[lI„^`d\ek[\KfliX`e\#`c[\dXe[\leZfe^„gflic\c`\lk\eXek[\C8G<PIFLQ<hl`[f`kgi\e[i\c\j\Xlo¿
FE AF@EKle\G%J%gXic\j[„glk„j9@>FK#9Iy8I;\kJ8C8;@E(.0) #Z\ik`ÔZXkgflic\[„glk„[\J\`e\$\k$F`j\AXZhl\jK<EFE2gcljle
]XloXlkf^iXg_\[\CXIfZ_\]flZXlc[%
*+(%
A \Xe$G`\ii\#Zfdk\[\DFEK8C@M<K(.--$(/)* _fdd\[ËykXk#d`e`jki\[\cË@ek„i`\li[\EXgfc„fe%C%J%#GXi`j).efm\dYi\(/('#Xl
Zfdk\:FCC@E;<JLJJP#[`i\Zk\li^„e„iXc[\j;flXe\j2)gX^\j`e$]fc%#\e$k†k\C\D`e`jki\[\cË@ek„i`\li#:fdk\[\cË<dg`i\#X[i\jj\%
/'&(''
8ljla\k[Ële\jX`j`\]X`k\~D`cXe[\-'(,d…ki\j[\[iXgj[\[`m\ij\jhlXc`k„j%:\j[iXgj#[\]XYi`ZXk`fe]iXeƒX`j\#jfekXii`m„j\e
@kXc`\\egXjjXekgXicXJl`jj\#Z\hl`XgXiljljg\Zk1½XlZle\dXiZ_Xe[`j\m\eXek[\=iXeZ\e\gXjj\gXicXJl`jj\¾¿FEAF@EKle\
G%J%#9ilo\cc\j(-dX`(/('#\og„[`k`fe[Ële[„Zi\k`dg„i`Xci\cXk`]~[\jk\ii\jcfl„\jXlYli\Xl[\Z_Xi`k„[\:_XmXee\j%%%
/(
*+-
*+)%
*+.
C fl`j$G`\ii\[\DFEK9ILE(..'$(/() ^„e„iXc[\ZXmXc\i`\#kl„~cXYXkX`cc\[\cXDfjbfnX%C%8%J%#EXek\j0^\id`eXcM@)0dXij
(.0/ #~DXk_`\lM@CC<E8M<XmfZXk#c`kk„iXk\li\k^iXe[Zfcc\Zk`fee\li[ËXlkf^iXg_\j 2(g%\k[\d`\`e$+%
(''&()'
@ccl`X[i\jj\½leYifl`ccfe]X`k~cX_k\#hl`mfljg\`e[iXjlZZ`eZk\d\ekmflj]\iXZfeZ\mf`ic\jkflid\ejhl\aËX`„giflm„j
[\gl`jc\()9ildX`i\Xe*#„gfhl\[\dfe\eki„\[Xejc\jZXZ_fkj[\Jk$Cfl`j2ZXi[\gl`jc\))]ilZk`[fiXe)aljhlËXl()9ildX`i\
Xe*a˄kX`j[„k\elZ_\qC\]iXeZXm\Z)]XZk`feeX`i\j[XejdXZ_XdYi\¾¿
*+*%
C fl`j$8ekf`e\:_f`e#YXife[\DFEK:?F@JP(.+.$(/(+ ^„e„iXc#ZXg`kX`e\^„e„iXc[\jác\j[\=iXeZ\\k[\cXI„le`fe%C%J%Zfdd\
`ejg\Zk\li^„e„iXc[\cËXid„\[\j8cg\j\k[Ë@kXc`\#Cpfe0Õfi„Xc@M)/Xmi`c(.0- #~cË8[d`e`jkiXk`fe[„gXik\d\ekXc\[\cXCf`i\~
DfekYi`jfe1)gX^\j\khlXik`e$+#\e$k†k\DfekZ_f`jp#^„e„iXc[\[`m`j`fe#g\k`k\m`^e\kk\#X[i\jj\%
(''&()'
:li`\lj\c\kki\i\cXk`m\~cXi„gi\jj`fe[\cË`ejlYfi[`eXk`fe[Ële\ZfdgX^e`\[\^i\eX[`\ijjkXk`fee„\~DfekYi`jfe#hlË`cXi\emfp„\
~Cpfe½gfli†ki\`eZfigfi„\[Xejle9XkX`ccfe[\>i\eX[`\ijhl\aËX`i\ƒlcËfi[i\[\]fid\i%@ejkil`k[\gl`jZ\k\dgj[\cËXYfd`eXYc\
Zfe[l`k\[Ële\gfik`fe[\Z\kk\kiflg\#aËXp„Zi`kXl:`kfp\eGflc\k#gflihlË`cXp\~d\[\j`^e\ic\jf]ÔZ`\ij#jflj$f]ÔZ`\ij\kjfc[Xkj
hl`g\lm\ek†ki\ZflgXYc\jXÔehlË~c\liXii`m„\aË\e]Xjj\le\o\dgc\gflikflk\cËXid„\%R¿T@c\jk[\cX[\ie`…i\li^\eZ\hl\eflj
\e`dgfj`fejXlo\ee\d`j[\cXi„glYc`hl\#\ec\li]X`jXekmf`i#Xm\Zhl\cc\j„m„i`k„efljgle`jjfejZ\lohl`jfekXjj\qcZ_\jgfli
gXikX^\ic\lijgi`eZ`g\j%¾¿
*++%
C fl`j$DXk_li`eDFI<8L$:?I@JKFG?<(.00$(//( „Zfefd`jk\%D8ELJ:I@KXlkf^iXg_\j`^e„#D„df`i\jlic\jd\jli\jc„^`jcXk`m\j
hl`[f`m\ekXZZfdgX^e\icËXYfc`k`fe[\cXG\`e\ZXg`kXc\#Ef^\ekc\Ifkifl(/*.2ZX_`\i[\*,gX^\j`e$]fc%
/''&0''
JLI CË89FC@K@FE ;< C8 G<@E< ;< DFIK% @ek„i\jjXek dXeljZi`k [\ Dfi\Xl$:_i`jkfg_\# ]\im\ek XYfc`k`fee`jk\ \k @ejg\Zk\li ^„e„iXc [\j
gi`jfej¿;XejZ\d„df`i\[\jk`e„~cXJfZ`„k„[\cXDfiXc\:_i„k`\ee\#`ckiX`k\jlZZ\jj`m\d\ek1½(—;ljpjk…d\g„eXc\e^„e„iXc#
[ËXgi…jc\gi`eZ`g\lk`c`kX`i\[l:f[\[\cË<dg`i\%Æ)—;ljpjk…d\[Ë\dgi`jfee\d\ek[ËXgi…jc\jgi`eZ`g\j[ld†d\Zf[\%Æ*—;l
jpjk…d\ [Ë\dgi`jfee\d\ek k\c hl\ cX giXk`hl\ cËX ]X`k R¿T% Æ +— ;\j i„]fid\j ~ `ekif[l`i\ [Xej c\ i„^`d\ XZkl\c [\ efj gi`jfej%
Æ,—<eÔe#[\cXg\`e\[\m`\~jlYjk`kl\i~cXg\`e\[\dfik¾¿
/)
*+,%
< ie\jkDFL:?<Q(/)($(/0) Xd`iXc#Xjkifefd\\k_p[if^iXg_\%D8ELJ:I@KJ\kEFK<JXlkf^iXg_\jjlic\j:P:CFE<J<KKFIE8;<J2\em`ife
(,'gX^\j#]fidXkj[`m\ij%
(%'''&(%,''
CXG\ikliYXk`fe[\cËXkdfjg_…i\\kcË_pgfk_…j\[\Di=Xp\1Zfej`[„iXk`fej^„e„iXc\j#kfliY`ccfej\kkfieX[\j#kifdY\j#ZpZcfe\j#
Zfcfee\jXjZ\e[Xek\j¿:\kk\`dgfikXek\„kl[\#\egXik`\[\cXdX`e[ËleZfg`jk\\k]fik\d\eki\dXe`„\[\cXdX`e[\DflZ_\q#X„k„
XYfe[Xdd\ekkiXmX`cc„\\kZfii`^„\%8m\ZcXZfg`\[ËleXik`Zc\[Ë?\eip=%9cXe]fi[jlicXK_„fi`\[\Di=Xp\jlic\jZpZcfe\j(/0( %
;\jj`eXlZiXpfe[\kifdY\jfYj\im„\jc\(-[„Z\dYi\(/+(Xl>fc]\G\ij`hl\¿:`iZlcX`i\gflic\jZXg`kX`e\j[\]i„^Xk\Z_Xi^„j
[\jj„dXg_fi\j¿KXYc\Xld\ejl\c[lZ`\c[lEfik_ldY\icXe[¿<og„i`\eZ\j[\N\p_\i(//0 ¿½FYj\imXk`feZXg`kXc\¾i\cXk`m\Xl
dflm\d\ekXjZ\e[Xek[\cËX`i¿Efk\j[\c\Zkli\I\ml\jZ`\ek`Ôhl\#D\k\fifcf^`jZ_\Q\`kjZ_i`]k#\kZ% ¿Gclj[\jefk\j[`m\ij\j#\khhj
Zflgli\j[\gi\jj\i\cXk`m\jXlog_„efd…e\jd„k„fifcf^`hl\j¿
FEAF@EK(-YifZ_li\j\k`dgi`d„j[`m\ij#Xm\Zhl\chl\j\emf`j~DflZ_\q%
*+-%
8GFCyFE@\i%C%J%½9lfeXgXik\¾#8ek`Y\j(-giX`i`Xc@@+al`e(.0+ #XlZ`kfp\e9<IC@<I2cXc\kki\\jk„Zi`k\gXi8e[fZ_\ALEFK2[\d`$
E
gX^\`e$+%
)%'''&)%,''
FI;I<;L>yEyI8C;Ë8IK@CC<I@<;<CË8IDy<;Ë@K8C@<R`cXd`jXlgf`ekhl\chl\jaflijgcljkkc\gcXe[\cXZXdgX^e\[Ë@kXc`\T%
½Kli\d\kkiXj~cX[`jgfj`k`fe[l:`kf`\eJFE>@Jkflk\jc\j]lj„\j~YflZ_\j[\()#\k[\/Z_Xi^„\jflefeZ_Xi^„\j#kle\g\i[iXj
gXjle`ejkXekgflik\i\Xgifm`j`fee\i%A\kË\em\iX`leZ\ik`ÔZXk\eXkk\e[Xek]X`kkiXmX`cc\ik\jkflij¾¿
*+.%
E
8GFCyFE@\i%G%J%#j`^e„\Xljj`gXic\[lZ[\98JJ8EF#d`e`jki\[\jI\cXk`fej\ok„i`\li\j#\kgXic\Zfdk\;8IL#d`e`jki\$j\Zi„kX`i\
)%'''&)%,''
[ËykXk#9i\jb\ej)+j\gk\dYi\(/((2m„c`e^iXe[`e$]fc%Xm\Z<E$KÜK<:8CC@>I8G?@y#J:<8LXloXid\jjfljgXg`\i%
C<KKI<J ;< GCyE@GFK<EK@8@I<% 8pXek le\ \ek`…i\ ZfeÔXeZ\ [Xej cX ZXgXZ`k„ \k c\ q…c\ [l j`\li 8J@E8I@# Zfdk\ [\ J8@EK$D8IJ8E (.-($
(/)/ #½efki\<emfp„\okiXfi[`eX`i\\kD`e`jki\gc„e`gfk\ek`X`i\gi…jcX:fli[\9\ic`e#Efljcl`[feefejgc\`e\kXYjfclgflmf`i#
Zfdd`jj`fe\kdXe[\d\ekjg„Z`Xcgfli#\eefki\efd#\kXm\Zc\Gc„e`gfk\ek`X`i\flc\jGc„e`gfk\ek`X`i\j[\JXDXa\jk„c\If`[\
Giljj\R¿T#e„^fZ`\i#ZfeZcli\\kj`^e\ik\cjKiX`k„j#Xik`Zc\j\kZfem\ek`fej#[„ZcXiXk`fej\kXlki\jXZk\jhlË`cXm`j\iXYfe†ki\¾%%
*+/%
RE8GFCyFE@\iT%I<>@JKI<D8ELJ:I@K#9l[^\k[\cXDX`jfe[\cË<dg\i\ligfli(/((2lemfcld\^iXe[`e$]fc%[\(/+gX^\jgcljle\]\l`cc\
[„gc`Xek\#ZXikfeeX^\gXg`\im\ikXm\Z„k`hl\kk\[\k`ki\jlic\gcXkjlg%ZXik%ljX^„ 2[XejleZf]]i\kdf[\ie\dXifhl`em\ikXl
Z_`]]i\E[Xejle\Zflifee\[\cXli`\ij#[flYc„~cË`ek„i`\li[\jf`\ifj\„iXÕli\jjlic\Zf]]i\k %
/%'''&('%'''
@DGFIK8EK ;F:LD<EK ;FEE8EK C< ;yK8@C;L 9L;><K ;< C8D8@JFE;<CË<DG<I<LI<K;< C8D8@JFE;< CË@DGyI8KI@:<#[„kX`ccXekjlZZ\jj`m\d\ekc\j
j\im`Z\j[l>iXe[8lde`\i#[l>iXe[DXi„Z_Xc#[l>iXe[:_XdY\ccXe#[l>iXe[yZlp\i#[l>iXe[M\e\li#[l>iXe[DXŠki\[\j
:„i„dfe`\j# [\ cË@ek\e[Xek >„e„iXc Zfdgi\eXek c\ J\im`Z\ [\ JXek„# c\j =fi†kj [\ cX :flifee\# c\j :Xg`kX`e\i`\j [l Cflmi\# [\
M\ijX`cc\j#IXdYfl`cc\k#=fekX`e\Yc\Xl#:fdg`…^e\#c\jGXiZj#g„g`e`…i\j\kaXi[`ej#c\j9k`d\ekj#c\jDlj„\j@dg„i`Xlo#cXDfeeX`\#c\j
DXel]XZkli\j#c\DfY`c`\i[\jGXcX`j`dg„i`Xlo¿ Jl`kc\Z_Xg`ki\)[\j½;„g\ej\j\okiXfi[`eX`i\j¾gflic\j9k`d\ekj[\cX:flifee\#
c\DfY`c`\ieflm\XloXZ_Xkj #c\jKXYc\Xlo\kJkXkl\j#\kcXDfeeX`\[\jD„[X`cc\j%M`\ee\ek\ejl`k\c\jj\im`Z\j[lKi„jfi`\i>„e„iXc#
[\cXJ\Zi„kX`i\i`\[ËykXk%Jl`m\ekc\9l[^\k[\j[„g\ej\j[\cXDX`jfe[\j<e]Xej[\=iXeZ\#c\j[„g\ej\j`dglkXYc\jjlic\j]fe[j
jg„Z`Xlo#c\j[„g\ej\j[lGXcX`jIfpXc#c\j½;„g\ej\j[lDlj„\EXgfc„fegXpXYc\jjlic\jgif[l`kj[\j\jkXdg\j[\cX:XcZf^iXg_`\#
[\jGcki\jdflc„jjlicË8ek`hl\\k[\jc`mi\kjflefk`Z\j¾#Z\cc\j[\cXDfeeX`\[\jD„[X`cc\j2gl`jc\Yl[^\k[\j[„g\ej\j[\cX
DX`jfe[\cË<dg\i\li[Xejc\j[„gXik\d\ekj½Xl$[\c~[\j8cg\j¾#[Xejc\>flm\ie\d\ek[\KfjZXe\#c\j[„gXik\d\ekj[lK`Yi\\k
[lKiXj`d…e\#\k[\cX:flifee\\e?fccXe[\%
Jf`^e\lj\d\ek [i\jj„ jli [\j [flYc\j gX^\j# Z\ i\^`jki\ Zfdgfik\ [ËXYfe[Xek\j ½ fYj\imXk`fej ¾ aljk`ÔXek fl \ogc`hlXek c\j
[„g\ej\j#\kcX[`]]„i\eZ\\eki\c\j]fe[j[\dXe[„j\kZ\loXZZfi[„j\e(/('%:\ikX`e\jgX^\jfek„k„Y`]]„\j\ki\]X`k\j%Fe`emfhl\
]i„hl\dd\ek½c\j`ek\ek`fej[\JXDXa\jk„¾#\k]X`k„kXk[\[\dXe[\jgXik`Zlc`…i\j[\cX[lZ_\jj\[\Dfek\Y\ccf#[lgi`eZ\[\
E\lZ_k\c#[ËX[d`e`jkiXk\lij[\jdlj„\j#[ldfY`c`\i#[\cXDfeeX`\#Zfdd\M`mXek;<EFE#[\cXDXel]XZkli\[\J…mi\j#\kZ%Fe
i\c…m\„^Xc\d\ekc\½KiX`k\d\ek[\D%;8M@;#(\iG\`eki\[\JXDXa\jk„¾()%''']i% ¿½Fegifgfj\¾jflm\ek[\jXl^d\ekXk`fej[\
Zi„[`kj%GXiZj#g„g`e`…i\j\kaXi[`ej[\cX:flifee\%IXdYfl`cc\k%?XY`cc\d\ek[\jZfe[lZk\lij[\YXk\Xlo\k^fe[fc\j1½:\j[\lo
_fdd\jjfekjflm\ekXgg\cc„j~Zfe[l`i\c\j^fe[fc\jdfek„\jgXicË<dg\i\li2`c\jkZfem\eXYc\hlË`cjgfik\ekcXc`mi„\[\JX
DXa\jk„¾¿M\ijX`cc\j1½C\ji`^fc\j[\j\XloYcXeZ_\jXpXek„k„e„^c`^„\jg\e[Xekgclj[\m`e^kXejfek„k„\eZfdYi„\jgXicXmXj\%
8lafli[Ë_l`fe\jkfYc`^„[\]X`i\le\[„g\ej\Zfej`[„iXYc\R/''']i%Tgflic\jZli\i~m`]]fe[¾¿@ek\e[XeZ\^„e„iXc\%J\Zflij\k
G\ej`fej1Z\kk\ilYi`hl\Zfdgi\e[[\jg\ej`fejXloXik`jk\j[„cf^„j[lCflmi\\kXlo½\e]Xej[\jmX`ehl\lijkl„j~8ljk\ic`kq¾#
X`ej` hl\ cX Zfek`elXk`fe [\ Z\cc\ [Ële d`cc`fe [\ ]iXeZj XZZfi[„\ ~ ½ J% Dk„ cË@dg„iXki`Z\ AFJ<G?@E< ¾¿ 9k`d\ekj [\ cX :flifee\%
:fdg`…^e\%½;„ZfiXk`fe[ljXccfe[lKie\#[l^iXe[jXccfe[\cË<dg\i\li\k[l^iXe[jXccfe[\dlj`hl\[\cË`dg„iXki`Z\R¿T%:\j
kif`jjXccfejXggXik`\ee\ek~le\j„i`\[\g`…Z\ji`Z_\d\ekfie„\j%@cjjfek[Xejle^\ei\j`dgc\hl`ZfekiXjk\[„jX^i„XYc\d\ek
Xm\ZcXi`Z_\jj\[\jg`…Z\jmf`j`e\j%CX[„g\ej\R¿T\jk\jk`d„\).)''']%2feg\lkcX[`m`j\i\ekif`jXee„\j¾¿KXYc\Xlo\kjkXkl\j1
½KXYc\Xlo[l:flifee\d\ek#~\o„Zlk\igXiD%;8M@;R¿TJkXkl\\edXiYi\[\J%D%cË@dg„iXki`Z\#~\o„Zlk\igXiD%:8EFM8%R¿TJX
DXa\jk„XXggiflm„cX[\dXe[\]X`k\gXiD%:XefmX#[Ële\jfdd\[\--#*.']*,ZkXekgflic\gi`o[\cXjkXkl\hl\gflijfemfpX^\
\kg\ik\[\k\dj¾¿GXiX`cc\lij#)''''']iXeZjjfek[\dXe[„jgfli[\jjkXkl\j½Zfg`„\j[\cËXek`hl\¾#gflic\jgXcX`j`dg„i`Xlo#
\k-''''gflicËXZhl`j`k`fe[\½cXjkXkl\[l^iXe[Gfdg„\#XggXik\eXekXlGi`eZ\JgX[X¾1½D%;\efe\jkZ_Xi^„[\jl`mi\Z\kk\
X]]X`i\hlË`cXmX`k\ekXd„\gXicË`ek\id„[`X`i\[\D%c\>„e„iXcD`fcc`j¾¿;„gXik\d\ekj[lK`Yi\\k[lKiXj`d…e\1½Jlic\]fe[j[\
(#,''#''']]fidXekc\i\m\el[\cXC`jk\Z`m`c\~Ifd\#`cj\iX[\jk`e„le\jfdd\[\*''#''']#[\jhl\cj)''#''']j\ifekXggc`hl„jXlo
[„g\ej\j[\j]fl`cc\j[ËfYa\kj[ËXek`hl`k„jjfljcX[`i\Zk`fe[l;`i\Zk\li^„e„iXc[\jdlj„\j\k(''#''']j\ifek\dgcfp„j~[fee\i
[\j\eZfliX^\d\ejXloXik`jk\j#jkXklX`i\j#g\`eki\jZ¾¿
FEAF@EKle\C%J%[lZfdk\;8ILi\cXk`m\XlYl[^\k[\cXDX`jfegfli(/((%
<o$c`Yi`j8iZ_`YXc[G_`c`g<Xicf]IFJ<9<IP%
I\gif[lZk`fegX^\/,
/*
]*+0% R E8GFCyFE @\iT% ?l[jfe CFN< (.-0$(/++ ^„e„iXc Xe^cX`j# ^\c`\i [\ EXgfc„fe ~ JX`ek\$?„c…e\% * I8GGFIKJ dXeljZi`kj Zfg`\j #
JX`ek\$?„c…e\.$((fZkfYi\(/)'#XlZfdk\98K?LIJK2((gX^\j`e$]fc%2\eXe^cX`j%
/''&(%'''
I8GGFIKJ;yK8@CCyJ8L>FLM<IE<D<EK8E>C8@JJLIC<J8:K@M@KyJ;<E8GFCyFEÁJ8@EK<$?yCßE<%
0fZkfYi\%<okiX`k[Ële\[„g†Z_\1c\+ZfliXek#c\^„e„iXc9lfeXgXik\jË\jki\e[l~Z_\mXc~cXdX`jfe[\J`iN%;fm\kfe#f“`ci\jkX
\em`ife[\lo_\li\j%:fdd\Z˄kX`kjXgi\d`…i\jfik`\[\Cfe^nff[[\gl`jcËXii`m„\[\Cfn\#\kjXgi\d`…i\m`j`k\~hl`Zfehl\#
Cfn\X[\dXe[„~;fm\kfele\i\cXk`fe[\cXm`j`k\#hlË`ckiXejd\kkiXY`\ekkgXileXlki\mX`jj\Xl%%%
I\cXk`fegXiJ`iN%;FM<KFE#[Xk„\[l.fZkfYi\#[\cXm`j`k\[l^„e„iXc9LFE8G8IK<c\+fZkfYi\(/)'#~DflekGc\XjXekRZ\]lkcX
[\ie`…i\jfik`\[\EXgfc„fe_fij[\cË\eZ\`ek\[\Cfe^nff[T%M\ij/_\li\j[ldXk`e#;fm\kfeXg\iƒlkle^iflg\[\ZXmXc`\ijm\eXek
[\Cfe^nff[#\k`cgi„m`ekjXÔcc\#Dij>i\\eki\\#hlË`cj„kX`\ekjljZ\gk`Yc\j[ËXmf`ile\m`j`k\[\9lfeXgXik\%%%G\lXgi…j#Dfek_fcfe
Xii`mX\kcË`e]fidXhl\cË<dg\i\ligi„j\ekX`kj\jZfdgc`d\ekj\k[\dXe[X`k~[\jZ\e[i\gflij\i\gfj\i2;fm\kfecËXjjliXhl\jX
dX`jfe„kX`kXlj\im`Z\[l^„e„iXc9lfeXgXik\%%%@ciXZfek\cXm`j`k\[\9lfeXgXik\#XZZfdgX^e„[\j^„e„iXloDfek_fcfe\k9\ikiXe[1
9lfeXgXik\cl`gXilkki…j]Xk`^l„#dX`jgXicXX`dXYc\d\ek#gi`kc\e\q[\j\j\e]Xekj\eki\[\lo[f`^kj\kc\lif]]i`k[\jdfiZ\Xlo[\
i„^c`jj\%%%@c[fee\]fiZ\[„kX`cj[\c\lig\k`k[„a\le\id\kj\kYf`jjfej]li\ekXggfik„jgXic\jm`j`k\lij #[\c\liZfem\ijXk`fe#\k
[\cËXggXi\eZ\[l^„e„iXcm`jX^\Yfl]Ô#Zfigj\kZl`jj\j^feՄj %%%Cfn\XXaflk„\ejl`k\hl\chl\jfYj\imXk`fejjli;fm\kfe\kjX
]Xd`cc\#\kle„Z_Xe^\[\gifgfj\eki\9lfeXgXik\\k;fm\kfe~gifgfj[lm`e\k[\cXYf`jjfe%%%
((fZkfYi\%@ckiXejd\kcXi\cXk`fe[\J`iN`cc`Xd;fm\kfe%C\dXafi?8II@JFE#k„df`e[\cËXii`m„\\k[l[„gXik[l^„e„iXc9lfeXgXik\#
kiflmXZ\cl`$Z`gc\#\k#Xl[„gXik#]Xk`^l„\kjfdefc\ek%%%C\^„e„iXc]X`k[\]i„hl\ek\jgifd\eX[\j\eg_X„kfe~Cfe^nff[#f“`c
g\lk]X`i\\em`ife+d`c\jjXej†ki\[„iXe^„%%%
*,'%
=Xd`cc\[\Ey;FE:?<C%)'c\kki\jflg`…Z\j#OM@\$O@O\j`…Zc\%
(,'&)''
>\fi^\j@@[\E„[feZ_\c)#(,.,#~D%[\:Xgg\c#^\ek`c_fdd\[\cXYflZ_\[lIf`#~:XdYiX` #A\Xe@@[\E„[feZ_\cYXife[\
9FLM@>E@<J )# (-'0$(-), # ;\e`j$>\fi^\j [\ E„[feZ_\cc\ YXife [\ 9FLM@>E@<J (--' # ;fifk_„\ [\ E„[feZ_\c (-0( # :_Xicfkk\ [\
9flijfee\dXihl`j\[\E„[feZ_\cgf…d\~\cc\X[i\jj„\#(./0 #DXi`\$8ee\$Afj…g_\[\;flXp[\E„[feZ_\cm`Zfdk\jj\[\JK8GC<
~jfeg\k`k$Ôcjc\Z_\mXc`\i[\E„[feZ_\c#(.0( #DXi`\$8ee\$Afj…g_\[\E„[feZ_\c[\KI8D<:FLIK)]X`i\$gXik[\dXi`X^\j[\j\j
Ôcj#(/'.$(/'/ #DXi`\$8c\oXe[i\$9feXm\ekli\[\E„[feZ_\c-#(.0'$(/(+ #:_Xic\j$8c\oXe[i\dXihl`j[\E„[feZ_\c)#(/)/$(/+*#\k
]X`i\$gXik[\[„Z…j #Cfl`jdXihl`j[\E„[feZ_\c)#(/,-$(/,. %Gcljhhj[fZld\ekjaf`ekj%
*,(%
EáD<J%)08==@:?<J#(.0($(/-*%
)''&),'
8ii†k„jlic˄Z_Xe^\[\jY`cc\kj[\ZfeÔXeZ\(.0( 2d\jli\jZfeki\c\j`eZ\e[`\j(/(( #Zfeki\c\jXkkiflg\d\ekj[\a\le\j(/*( 2
jlic\cf^\d\ek[\j^\ej[\^l\ii\(/() 2i…^c\d\ekjlicXgfc`Z\[\jdflc`ej~_l`c\(/(. 2Xm`jXloZ`kfp\ejj`^eXkX`i\j[lGXZk\
=„[„iXk`]# Xlo d`c`kX`i\j i\k`i„j [Xej c\lij ]fp\ij \e m\ikl [l c`Z\eZ`\d\ek [\ cËXeZ`\ee\ Xid„\ (/(/ 2gXjjX^\ ~ EŠd\j [l If` \k
[\cXI\`e\[\EXgc\jXm\ZcXgi`eZ\jj\DXi`\$:_i`jk`e\(/)0 2jlicËXii\jkXk`fe[\;@;@<I#Z_\][Ëledflm\d\ekj„[`k`\lo(/(- 2
al^\d\ek[lki`YleXcZfe[XdeXekle_XY`kXekgfliXmf`iZXcfde`„c\gcljXl^ljk\[\jdfeXihl\j(/(- 2gif^iXdd\j[\j]†k\j[\
cËXee`m\ijX`i\[\jAflie„\j[\Al`cc\k(/*( \k[\cX]†k\[\Cfl`j$G_`c`gg\(/** 2Xii†k„ji\cXk`]jXlj„afli~EŠd\j[\cX[lZ_\jj\
[Ë8e^flc†d\(/)* #~cXgfc`Z\[\j]f`i\j\kdXiZ_„j(/), #XloZfemf`j]le…Yi\j\k`e_ldXk`fejXlZ`d\k`…i\JX`ek$9Xl[`c\(/** 2
Xm`ji\cXk`]j~cË\dgf`jfee\d\ek[\jZ_`\ej\iiXekj(/*, #~cXgifgi\k„[\jil\j(/*0 #~cËflm\ikli\[Ële\eflm\cc\„Zfc\[\Ôcc\j
gifk\jkXek\j(/-* ¿<kZ%[email protected]_li\j[ËXii†k„j[\cXDX`i`\[\EŠd\j#(.0($(/)*%
*,)%
R A\Xe$8ekf`e\EFCC<K(.''$(..' g_pj`Z`\eT%;FJJ@<I[\efk\j#c\kki\j#YifZ_li\j\k[fZld\ekji„le`jgXicË_`jkfi`\e8e[i„>@IF;@<
()'&(,'
\eml\[Ële\„kl[\jlicËXYY„EFCC<K%
;`jZflijjlic\j[`jgfj`k`fej\kjlic\jhlXc`k„jhlË`c]XlkXmf`igfli]X`i\[lgif^i…j[Xejc˄kl[\[\cXg_pj`hl\\og„i`d\ekXc\gXi
cËXYY„EFCC<K(.,* %Gi„]XZ\[\j\jC\ƒfej[\g_pj`hl\\og„i`d\ekXc\(.., %Efk`Z\Y`f^iXg_`hl\\okiX`k\[\cX>Xc\i`\]iXeƒf`j\(..( %
9ifZ_li\j#Zflgli\j[\gi\jj\\k[\ZXkXcf^l\j%:fii\jgfe[XeZ\\kefk\j[\kiXmX`c[\>`if[`\%
*,*%
E
FLM<CC<$QyC8E;<% C%8%J% [l c`\lk\eXek :8DGLCJ@FE# Eflm\cc\ Q„cXe[\ ) aXem`\i (/++# Xl gi\d`\i Cfi[ [\ cËXd`iXlk„# K_fdXj
?8;;@E>KFE2*gX^\j`e$+2\eXe^cX`j%
(''&(,'
I„Z\dd\ek\o`c„Xm\ZjX]Xd`cc\#`ciXgg\cc\j\jj\im`Z\jZfdd\c`\lk\eXek[\cXdXi`e\[Xejc\j^l\ii\jeXgfc„fe`\ee\j#gl`j[Xej
c\j^Xi[\$Zk\j#\k`ife`j\jlijXZX[lZ`k„[\dfej`\li[\,)Xej#Xcfijhl\[\a\le\j_„ifji\ƒf`m\ek[\jZfddXe[\d\ekj¿
*,+%
F
::LCK@JD<%D8ELJ:I@K#Efk\j`e`k`Xk`hl\j#(/0-$(/0.2(0+gX^\j`e$+gclj]]%YcXeZj #ZXik%[fjg\iZXc`e\Yc\l\leg\l[„i\c`„ %
+''&,''
DXeljZi`k~cË\eZi\ifl^\\km\ik\kiX`kXek[\jgi`eZ`g\j[\cËX[\gkXk#[lElZk„d„ife[Ë8gfccfe`lj[\K_pXe\#[\cË`e`k`Xk`fe#[\j
jpdYfc\j#[\j„c„d\ekj#[\jXe`dXlo#gf`jjfej#gcXek\j#\kZ%C\j(+[\ie`…i\jgX^\j#XlZiXpfe#jfekZfejXZi„\j~½CËßm\df[\ie\¾¿
FEAF@EKledXeljZi`kdXƒfee`hl\#;`jZfli#OM@@@\j`…Zc\+0g%`e$+#YifZ_„ %
*,,%
/+
::LCK@JD<%<em`ife*''c\kki\j#ZXik\jflg`…Z\ji\cXk`m\j~cËFI;I<@EK<IE8K@FE8C ;<J9FEJK<DGC@<IJ#Xee„\j(0('$(0*'2efdYi\lo
F
\e$k†k\j#hhj[fZ%\eXcc\dXe[#Xe^cX`jfle„\icXe[X`j%
*''&+''
;fZld\ekjgifm\eXek[\A\XeK8E>LP\k[l;iC<>I8@E#j\Zi„kX`i\j^„e„iXlo[\cËFi[i\%:fii\jgfe[XeZ\j#\kc\kki\jgifm\eXek
efkXdd\ek[\cf^\j„kiXe^…i\j%*c`mi\kj`dgi`d„j[\i`kl\cj[Ë`e`k`Xk`fe#(0()$(0).%:Xik\j[Ë`[\ek`k„flglYc`Z`kX`i\j#ZXik\jgfjkXc\j#
Z\ik`ÔZXkj[\[„c„^l„#gifgfj`k`fej[\[„glkXk`fefl[\c„^`k`dXk`fe¿=`Z_\jki`d\jki`\cc\j[\cX>iXe[\Cf^\=iXeZf$9\c^\2CË<jjfi#
fi^Xe\d\ejl\c[\j9fejK\dgc`\ij=iXeƒX`j2\kZ%
*+/
/,
*,-
*,/
G8G<J
<oZ\gk`fee\c\ej\dYc\[\c\kki\j\k[fZld\ekj[\GXg\j#
gflicXgclgXik[Ële\ki…j^iXe[\iXi\k„
Eflji\d\iZ`fejefki\Zfcc…^l\\kXd`I\eXkfJ8>>@FI@[\j\jZfej\`cj\kXm`j2
jfec`mi\C\jGXg\j#Z`ehj`…Zc\j[\j`^eXkli\j)''- X„k„legi„Z`\lo^l`[\%
*,-%
L^fc`ef[`J<>E@#>Iy>F@I<@O((+,6$()).$()+( %M@;@DLJ;<+9LCC<J#Ifd\~JX`ek$A\Xe[\CXkiXe()*+2m„c`e`e$gcXef+-o+(#,Zd2\e
cXk`e%
)%'''&)%,''
M`[`dlj[fee„gXicËXYY„[\:áK<8LO[\hlXki\Ylcc\j[\>i„^f`i\@OXZZfi[Xek\e()*+[\jgi`m`c…^\j~cËfi[i\[\:áK<8LO\k~cËXYYXp\
[\cËyG8L%
8eZ`\ee\Zfcc\Zk`fe[\DXk_`\l$>l`ccXld\M@CC<E8M<efk\Xlkf^iXg_\Xlm\ijf %
I\gif[lZk`fegX^\Z`$Zfeki\
*,.%
L
^fc`ef[`J<>E@#>Iy>F@I<@O((+,6$()).$()+( %M@;@DLJ;ËLE<9LCC<#Ifd\~JX`ek$A\Xe[\CXkiXeXmi`c()*,2m„c`e`e$+2\ecXk`e%
(%)''&(%,''
:feÔidXk`fe[\gi`m`c…^\~cËXYYXp\[\J8@EK$G@<II<;<:?8LD<J#[`fZ…j\[\J\ej#[fee„gXiG?@C@GG<$8L>LJK<%
*,/%
J
`dYXc[f=@<J:?@#@EEF:<EK@M((/'6$()+*$(),+ %9LCC<dXeljZi`k\\ejfeefd#CpfeR).aXem`\i(),'T2m„c`e`e$/#J:<8L\egcfdY~
jfeefdg\e[XekjliZfi[\c\kk\2\ecXk`e%
)%'''&)%,''
KIßJI8I<9LCC<y:I@K<;<CPFEf“c\GXg\j˄kX`ki„]l^`„~cXjl`k\[\jfeZfeÕ`kXm\ZcË<dg\i\li=i„[„i`Z@@[\?f_\ejkXl]\e2`cpi„le`k
\e()+,leZfeZ`c\gfli[„gfj\i=i„[„i`Z%
8l jla\k [\j \oXZk`fej Zfdd`j\j Zfeki\ c\j gfjj\jj`fej [„g\e[Xek [\ cËXYY„ [\ JX`ek$G`\ii\ \k ?`c[\YiXe[lj XiZ_`[`XZi\ [\
D<IJ<E9LI>#\kc˄^c`j\[\JX`ek$K_fdXjXgki\~C`gƒ\bXRC<@GQ@>T%
I\gif[lZk`fegX^\Z`$Zfeki\
*,0%
Xc[XjjXi\:FJJ8#A<8EOO@@@(*-'6$R(+('$(+(,T$(+(0 8ek`gXg\„clGXg\gXic\ZfeZ`c\[\G`j\\e(+('\k[„gfj„gXic\ZfeZ`c\[\
9
:fejkXeZ\\e(+(, %G%8%J%j`^e„\\ek†k\ #R\eki\(+')\k(+('T2(gX^\fYc%`e$/gXg`\i#]\ek\i„gXi„\ 2\e`kXc`\e%
)%,''&*%'''
I8I@JJ@D<%½@f9Xc[XjjXi\:fjjXZXi[`eXc\[`jXekf<ljkXZ_`f¾i\ZfeeXŠki\Z\mf`iZ`ehZ\ekj[lZXkj[Ëleki„jfi`\i[\Ifd\%
*-'% F
kkfe\:FCFEE8#D8IK@EM(*-/$(+(.$(+*( %D@ELK<;<C<KKI<\ejfeefdXm\ZZfii\Zk`fej#Ifd\/fZkfYi\(+)(#~A<8E@@IF@;<:8JK@CC<2
(gX^\fYcfe^`e$+]\ek\j\ki„gXiXk`fejXl[fj 2\ecXk`e%
(%,''&)%'''
C\GXg\jËX[i\jj\XlIf`A\Xe[\:Xjk`cc\(+',$(+,+ gflic\i\c\m\i#X`ej`hl\j\jZfej\`cc\ij#[lj\id\ekhlË`cjXmX`\ekgi†k„[\
[„]\e[i\:?8IC<J#;8LG?@E;<M@<EEF@Jc\]lkli:?8IC<JM@@ %
8eZ`\ee\Zfcc\Zk`fe9\eaXd`e=@CCFEe—)+*(#]Xljj\d\ek`e[`hl„\Zfdd\X[i\jj„\XlIf`[\J`Z`c\ %
/.
*-(%
< e\XJ`cm`fG@::FCFD@E@#G@<@@(+',$(+,/$(+-+ %9I<=Zfdd\GXg\#Ifd\),dX`(+-+#Xlod\dYi\j[l:fej\`c[\cXm`cc\[\J@<EE<2
Zfeki\j`^e„\gXi>%G@::FCFD@E@Zfdd\[`XZi\RgifYXYc\d\ek>`ifcXdfG@::FCFD@E@#„m†hl\„d„i`k\[\G`\eqX[\(+0/~(,('T2m„c`e
fYc%`e$/#X[i\jj\Xlm\ijfkiXZ\j[\ZfccX^\ 2\ecXk`e%
(%'''&(%)''
9I<= ;LG8G<G@<@@#`em`kXekc\jd\dYi\j[l:fej\`c[\J`\ee\~i\Z\mf`i8%JG8EF:?@FZfdd\YXehl`\i[lJX`ek$J`…^\#g\e[Xekc\
j„afli[lGXg\_fij[Ë@kXc`\RG`\@@mflcX`k[`i`^\ile\Zif`jX[\Zfeki\c\jKliZjT2c\gfik\li[\Z\Yi\]#=XYi`q`f[\KXcZfe\#\eki\k`\e[iX
c\jJ`\eef`j[ËXlki\jX]]X`i\j%%%
*-)%
G
`\kif98I9F#G8LC@@(+(.$(+-+$(+.( %C\kki\„Zi`k\\kj`^e„\\ejfeefdZfdd\ZXi[`eXc[\M\e`j\\k„m†hl\[\M`Z\eZ\#RIfd\T
(/al`cc\k(+,,#~=iXeZ\jZfJ=FIQ8#[lZ[\D@C8E2(gX^\fYc%`e$/#X[i\jj\Xm\ZjZ\Xl~j\jXid\jjfljgXg`\ileg\lYi`j„ 2\ecXk`e%
/''&(%'''
9\cc\c\kki\gfliZfeÔid\ic\jc`\ejX]]\Zkl\lohl`c\ji„le`k\khl`[li\ifek¿
*-*%
= iXeZ\jZf;<CC8IFM<I<#J@OK<@M(+(+$(+.($(+/+ %C%8%J%½=%[\JXfeXJI%<%gi\jY`k\iZXic`jXZ^\e\iXc`jd`efild¾#Zfdd\ZXi[`eXc\k
^„e„iXc[\j]i…i\jd`e\lij#GXm`\(+fZkfYi\(+-.#~9`XeZX$DXi`XJ=FIQ8#[lZ_\jj\[\D@C8E2(gX^\g\k`k`e$+#X[i\jj\Xm\ZjZ\Xl~j\j
Xid\jjfljgXg`\ileg\l]if`jj„\\kkXZ_„\ 2\e`kXc`\e%
,%'''&.%'''
@cjË\oZlj\[\eËXmf`iglcl`i\e[i\m`j`k\[\gl`jjXgifdfk`feXlZXi[`eXcXkc\(.j\gk\dYi\ %%%
8eZ`\ee\Zfcc\Zk`fe9\eaXd`e=@CCFEe—)+*+ %
*-*
//
*-+%
= iXeZ\jZf;<CC8IFM<I<#J@OK<@M(+(+$(+.($(+/+ %C%J%Xm\ZXgfjk`cc\Xlkf^iXg_\Zfdd\GXg\#Ifd\~JX`ek$G`\ii\*efm\dYi\(+.*#
~>Xc\XqqfJ=FIQ8#[lZ[\D@C8E2c\kki\„Zi`k\\kZfeki\j`^e„\gXijfej\Zi„kX`i\C\feXi[f>I@=F–(+/, 2m„c`efYcfe^`e$]fc%#X[i\jj\
Xlm\ijf2\ecXk`e%
,%'''&-%'''
@cXggiflm\\kiXk`Ô\cXZfem\ek`fegXjj„\\eki\c\GXki`XiZ_\[\:FEJK8EK@EFGC<\kc\[lZ[\D@C8E%%%@cXaflk\;<J8D8@E1½<k`kXdXel
ggXRgifgi`XTiXk`ÔZXd#XggifYXd#lkjlg\iJ`okljgXgX@@@@dXReTlggX%=¾%
*-,%
f[\i`^f9FI>@8#8C<O8E;I<M@(+*($(+0)$(,'* %G%8%J%½I¾\ek†k\Zfdd\ZXi[`eXcXiZ_\m†hl\[\MXc\eZ\\km`Z\$Z_XeZ\c`\i[\
I
cËy^c`j\ifdX`e\#Ifd\)/Xmi`c(+-,2[\d`$gX^\`e$+#Xm\ZjZ\Xl~j\jXid\jjfljgXg`\i]if`jj„\\kki…jkXZ_„\#i\e]fiZ„\Xl[fj 2
\ecXk`e%
/''&(%'''
;fZld\ek[`]ÔZ`c\d\ekc`j`Yc\ZfeZ\ieXekcX:_XeZ\cc\i`\2`cgfik\XlYXjle½@kXdXe[Xdlj¾%
*--%
I
f[\i`^f 9FI>@8# 8C<O8E;I< M@ (+*($(+0)$(,'* % G%J% Zfdd\ GXg\ ½ " 8c\oXe[\i ggX% M@% DXel gg`X jj` Rgifgi`X jlYjZi`gj`T ¾#
Zfeki\j`^e„\gXi,Xlki\jg\ijfeeXc`k„j#Ifd\[Xejc\GXcX`jXgfjkfc`hl\))Xmi`c(+0*2m„c`e`e$gcXef.-o,*Zd Xm\Z^iXe[\`e`k`Xc\
[\jj`e„\cË\eZi\Xleg\lg\iZ„c\gXiZ_\d`e#kiXZ\j[\i„gXiXk`feXl[fj \kkif`j8IDF@I@<Jg\`ek\jXlYXj[l[fZld\ek2\ecXk`e%
),%'''&*'%'''
@DGFIK8EK;F:LD<EK?@JKFI@HL<1KI8@Ky;Ë8CC@8E:<<EKI<C<G8G<#C<;F><;<M<E@J<#<KC<;L:;<D@C8E>@8E>8C<8QQFD8I@8J=FIQ8<KJFEFE:C<
CL;FM@:FD8I@8J=FIQ8;@KC<DFI< %
<ecXgi\d`…i\Xee„\[lgfek`ÔZXk[Ë8c\oXe[i\M@#lekiX`k„[ËXcc`XeZ\\jkZfeZcl\eki\c\GXg\#c\;f^\[\M\e`j\8^fjk`ef98I98I@>F
R(+(0$(,'(T#c\[lZ[\D`cXe>`Xe>Xc\XqqfDXi`XJ=FIQ8R(+-0$(+0+T#\kcËfeZc\[\Z\[\ie`\iCl[fm`ZfDXi`XJ=FIQ8R(+,)$(,'/#[`kc\
Dfi\#Xcfij[lZ[\9Xi`#hl`\o\iƒX`k\e]X`kc\gflmf`i~D`cXeXmXek[\jlZZ„[\i~cXÔe[\cËXee„\~jfee\m\l#hlË`cXgifYXYc\d\ek
\dgf`jfee„T%
:\kiX`k„\jkj`^e„\eml\[\cXgX`ole`m\ij\cc\\k[\Z\cc\[\cË@kXc`\\egXik`Zlc`\i½gXZ`j\khl`\k`jle`m\ijXc`j#j\[gi\j\ik`d
@kXc`Z\¾ #\k`cZfek`\ekc\jZcXlj\jhl`jl`m\ek%
(— C\ GXg\ 8c\oXe[i\ M@ 2 8^fjk`ef 9XiYXi`^f# [f^\ [\ M\e`j\# i\gi„j\ek„ gXi 8e[i\X :Xg\ccf# j„eXk\li \k gifZli\li$jpe[`Z [\
cXi„glYc`hl\j„i„e`jj`d\[\M\e`j\2>`Xe>Xc\XqqfDXi`XJ]fiqX#[lZ[\D`cXe#\kCl[fm`ZfDXi`XJ]fiqX#[lZ[\9Xi`#kflj[\lo
i\gi„j\ek„jgXic\:Xi[`eXc8jZXe`fDXi`XJ]fiqX#m`Z\$Z_XeZ\c`\i[\cXJX`ek\y^c`j\ifdX`e\#]fid\ek\eki\\lole\c`^l\#hl`[\miX
[li\im`e^k$Z`ehXej\kXl$[\c~#Xljj`cfe^k\dgjhlË`cgcX`iXXlogXik`\jZfekiXZkXek\j#XÔe[\jËXjjli\idlkl\cc\d\ekcXZfej\imXk`fe
[\c\lij„kXkjflgfjj\jj`fej\e@kXc`\Zfeki\hl`Zfehl\gfjj„[Xek[„a~[\j[fdX`e\j\e@kXc`\#hl`#jXejp†ki\gifmfhl„[ËX`cc\lij#
XkkXhl\iX`kc\GXg\flj\jXcc`„j[„j`^e„jgclj_Xlk%
)—G\e[Xekkflk\cX[li„\[\cX[`k\c`^l\#c\GXg\[\miX\eki\k\e`ijfljc\jXid\j[\kif`j~hlXki\d`cc\ZXmXc`\ij\k[\[\lo~kif`j
d`cc\]XekXjj`ej#\kZ_XZle[\jXlki\jZfe]„[„i„j[\j`o~_l`kd`cc\ZXmXc`\ij#\k[\hlXki\~Z`ehd`cc\]XekXjj`ej#XÔe[\j\gfik\i
j\Zflijdlkl\cc\d\ekgXikflkf“`cj\iXe„Z\jjX`i\%
*—8lZle\[\jgXik`\jZfekiXZkXek\je\gfliiX]X`i\Xcc`XeZ\Xm\Zle\gl`jjXeZ\`kXc`\ee\#j`Z\eË\jk[lZfej\ek\d\ek[\jkif`j
Xlki\j#\kj\lc\d\ek[Xejc\ZXjf“`ceË\ei„jlck\iX`kXlZlegi„al[`Z\gflicXgi„j\ek\c`^l\%
+—Kflkgi`eZ\`kXc`\egfliiX\eki\i[XejcX[`k\c`^l\#~[\jZfe[`k`fejiX`jfeeXYc\j%
,—8gi…jcXZfeZclj`fe[\cXgi„j\ek\c`^l\#Z_XZle\[\jgXik`\jZfekiXZkXek\j[\miX]X`i\ZfeeXŠki\j\jX[_„i\ekj[Xejc\[„cX`[\
[\lodf`j%
-—CXgi„j\ek\c`^l\#[XejcË\jgXZ\[Ëledf`j~gXik`i[laflif“c\jZcXlj\j\eXlifek„k„Xii†k„\j#[\miX†ki\iXk`Ԅ\[\gXik\k
[ËXlki\gXic\kki\j\k`ejkild\ekji\e[ljglYc`Zj%
.—JË`cXii`m\hl\cXc`^l\j\kiflm\\e^X^„\[Xejle\^l\ii\#XlZle\gXik`\e\gfliiXkiX`k\i[\cXgX`o#jXejc\Zfej\ek\d\ek[\j
Xlki\j%
/—J`le[`]]„i\e[m`\ek~j˄c\m\i\eki\[\lo„kXkj]X`jXekgXik`\[\cXc`^l\#cXc`^l\e\j\iXgf`ekifdgl\gfliZ\dfk`]#\eZ\hl`
i\^Xi[\c\jXlki\jgXik`\j#dX`jZ\cc\j$Z`j\ifekk\el\j[\gi†k\iX`[\\kXjj`jkXeZ\~c˄kXk`ealjk\d\ekXkkXhl„#kflkZfdd\j`cËXlki\
e\]X`jX`kgXjgXik`\[\cXc`^l\%
0—J`cËle[\j„kXkj[\cXc`^l\m`\ek~Xmf`icX^l\ii\Xm\Zle\eXk`fe„kiXe^…i\#c\jXlki\j„kXkjj\ifekk\elj#efej\lc\d\ek[\e\
gXjg\id\kki\~cË\ee\d`[\gXjj\ijlic\lijk\ii\j#[\e\cl`[fee\ie`m`mi\j#e`Xj`c\2dX`j[\gclj`cj[\mifekcËXii†k\igXikfljc\j
dfp\ej\ec\ligflmf`i%
/0
('—CXi„glYc`hl\[\M\e`j\#c\j[lZj[\D`cXe\k[\9Xi`[\mifekc\m\i~c\lij]iX`j\k\eki\k\e`iZ_XZle[\loZ\ekj_fdd\j[ËXid\j#
hlË`cj\em\iifekk\e`i^Xie`jfe[Xejc\jk\ii\j[\cËy^c`j\#\khlË`cjjfld\kkifekXlofi[i\jhl`gfliifekc\li†ki\[fee„jgXic\jc„^Xkj
[\JXJX`ek\k„%
((—Fekgifd`j\kali„[\i\jk\iÔ[…c\j~cXgi„j\ek\c`^l\#le`fe\kZfe]„[„iXk`fe1c\GXg\8c\oXe[i\M@#\ejfeefd\kXlefd[\
j\jjlZZ\jj\lij2c\gifZli\li$jpe[`Z8e[i\X:Xg\ccf#Xlefd[l;f^\\k[\cXi„glYc`hl\[\M\e`j\2c\m`Z\$Z_XeZ\c`\i[\cËy^c`j\
ifdX`e\:Xi[`eXc8jZXe`fDXi`XJ]fiqX#Xlefd[\j[lZj[\D`cXe\k[\9Xi`2jfljg\`e\#\eZXj[\m`fcXk`fe[\cX[`k\c`^l\#[\gXp\i
cXjfdd\[\)'''''[lZXkj[ËfiXlogXik`\j[\d\li„\jÔ[…c\j%:\kk\jfdd\[\miX†ki\gXp„\~Ifd\#~M\e`j\#fl~D`cXe#fl
[XejkflkXlki\c`\l[fek`cXliX„k„Zfem\el1\cc\gfliiX†ki\\o`^„\XlkXek[\]f`jhlË`cXliX„k„gfik„Xkk\`ek\~cËle[\jXik`Zc\j[\
cXc`^l\%<kZ\kk\Xd\e[\XZhl`kk„\flefe#le\]f`jflgclj`\lij]f`j#kfljc\jXik`Zc\j[\cXgi„j\ek\Zfem\ek`fej\ifekkflaflij\e
m`^l\li\k[\mifekkflaflij†ki\fYj\im„jjfljcXd†d\g\`e\%
<kgfliXjjli\icËfYj\imXk`fe[\j[`kjXik`Zc\j#c\GXg\8c\oXe[i\M@#\ejfeefd#Xlefd[\j\jjlZZ\jj\lij\kXlefd[\cXJX`ek\
y^c`j\ifdX`e\#\e^X^\jfc\ee\cc\d\ekc\j[if`kj\kc\jY`\ejXggXik\eXek~cX:_XdYi\Xgfjkfc`hl\28e[i\X:Xg\ccf#gifZli\li$
jpe[`Z[\cXi„glYc`hl\m„e`k`\ee\#Xlefd[l;f^\[\cXi„glYc`hl\2c\m`Z\$Z_XeZ\c`\i[\cXJX`ek\y^c`j\ifdX`e\#Xlefd[\j[lZj
[\D`cXe\k[\9Xi`#\e^X^\ekZ_XZlec\jY`\ejd\lYc\j\k`dd\lYc\j#c\j„kXkjgi„j\ekj\k~m\e`i[\c\lijZfdd\kkXekj%
CËXZk\X„k„i„[`^„~Ifd\#[Xejc\gXcX`jXgfjkfc`hl\#gXikif`jefkX`i\jefdd„jgcljYXj2
c\j k„df`ej Xgg\c„j jfek >`fmXee` 8ekfe`f RJXe^`fi^`fT# „m†hl\ [Ë8c\jjXe[i`X 2 Cl[fm`Zf RGf[fZXkXifT# „m†hl\ [\ :XgXZZ`f 2
9Xikfcfd\fR=cfi\jT#„m†hl\[\E\g`2\k9\ieXi[`ef[\CfeXk\#gifkfefkX`i\Xgfjkfc`hl\%
CËXZk\gfik\\eÔej`oj`^eXkli\j1c\GXg\8C<O8E;I<M@28e[i\X:8G<CCF#gifZli\li$jpe[`Z[\M\e`j\28jZXe`fDXi`XJ=FIQ8#m`Z\$
Z_XeZ\c`\i[\cXJX`ek\y^c`j\ifdX`e\2gl`jc\jkif`jefkX`i\j#Xm\Zc\lidfef^iXdd\\edXi^\#\k[\cfe^l\jXkk\jkXk`fej1G_`c`gg\
[\GFEK<:FIMF#ZXd„i`\iXgfjkfc`hl\[lGXg\#hl`X„Zi`k[\jXdX`ec\gi„j\ek[fZld\ek2Jk\]Xef8C<JJ8E;I@#Z`kfp\e[\EXie`#efkX`i\
[\cX:_XdYi\Xgfjkfc`hl\2DXiZf9<EK@8EF#M„e`k`\e#efkX`i\\kj\Zi„kX`i\[l;f^\[\M\e`j\%
8lYXj[l[fZld\ek#feXg\`ekc\j8IDF@I@<J[\cXi„glYc`hl\[\M\e`j\\k[l;f^\#Z\cc\j[lGXg\#\kZ\cc\j[\jJ]fiqX%
0'
*--
0(
*-.%
>
`lc`Xef;<CC8IFM<I<#ALC<J@@(++*$(,'*$(,(* %C%J%½Alc\gljfjk`\eZXi[%jk`G%X[m`ecXRAlc`lj\g`jZfgljFjk`\ej`jJXeZk`G\ki`X[
M`eZlcXTdXelgifgi`X¾#Cpfe((al`e(+0+#~Cl[fm`ZfJ=FIQ8#[lZ[\D@C8E2[\d`$gX^\`e$]fc%#X[i\jj\Xlm\ijfc„^%kXZ_\j[Ë_ld`[`k„
\khhjg\k`kjkiflj 2\e`kXc`\e%
)%'''&)%,''
@cXi\ƒlle\c\kki\[\=iXeZ`jZf:FE=8CFE@<I@[\cXgXik[l[lZ#hlË`ci\d\iZ`\[\cËX]]\Zk`fehlË`cgfik\XloZ_fj\jhl`c\i\^Xi[\ek2`c
XgXic„XlZfdk\:8IFCF#XdYXjjX[\li[lZXc#\k`cgi`\c\[lZ[\]Xmfi`j\ic\jX]]X`i\j[\:fe]Xcfe`\i`gflicËXYYXp\[\JXeHl`ek`ef%%%
R=XiflZ_\d\ekfggfj„Xlo9fi^`X#c\ZXi[`eXc;\ccXIfm\i\XmX`kclkk„Zfeki\c˄c\Zk`fe[Ë8c\oXe[i\M@#\kXmX`k[”j\i„]l^`\i\e
=iXeZ\%T
I\gif[lZk`fegX^\0,
*-/%
>
`lc`f [\Ë D<;@:@# :CyD<EK M@@ (+./$(,)*$(,*+ % C%J% ½ Mi Al M`Z\ZXeZ\cc ¾ RM\jk\i Alc`lj M`Z\ZXeZ\ccXi`ljT# =cfi\eZ\ () dX` (,))# ~
GXlcfM`Zkfi`fRGXfcfM<KKFI@#ZfddXe[Xek[\cXÕfkk\gXgXc\T2(gX^\`e$]fc%#X[i\jj\Xlm\ijfXm\ZjZ\XlXloXid\jjfljgXg`\i2\e
`kXc`\e%
(%)''&(%,''
8ljla\k[Ële\c\kki\hlË`cXi\ƒl\[\;fe>@FM8EE@<DD8EL<C#\k[\cXi„gfej\~cl`Xggfik\i#\ek\eXekZfdgk\[\j\jXm`j%%%
*-0%
8c\jjXe[if=8IE<J<#G8LC@@@(+-/$(,*+$(,+0 %C%J%½8%:Xic`j[\=Xie\j`f¾\kZfj`^e„\gXi>`fmXee`G@::FCFD@E@ZXi[`eXc[\J`\ee\(+.,$
(,*. \kc\ZXi[`eXc>`fmXee`J8CM@8K@(+0'$(,,* #Ifd\)+dX`(,))#~c˄m†hl\[\=8D8>FLJK<2(gX^\`e$]fc%d`elk\Xm\ZZfii\Zk`fej 2
\ecXk`e%
(%,''&)%'''
8ljla\k[\:pek_`ljG_pcfeXi[ljR:`ek`f=@CFE8I;@T[l[`fZ…j\[\M\ifc`#c„^Xk[lZXi[`eXchl`\jki\Zk\li\kXYY„[\cËXYYXp\[\
JX`ek:_i`jkfg_\[\9`kkfe`f#[fekc\j]i…i\jfek„k„m`fc\ek„j\kdfc\jk„j~dX`eXid„\#\khl`e\g\lkgclji„Zfck\ic\j]il`kj[\
j\jY„e„ÔZ\j%%%
*.'%
8c\jjXe[if=8IE<J<#G8LC@@@(+-/$(,*+$(,+0 %C%8%J%½8%¾#:_k\XlJX`ek$8e^\/]„mi`\i(,+'#XlIf`=I8ExF@J@<I2(gX^\`e$]fc%#X[i\jj\
Xlm\ijfhhjc„^%Zfiifj`fej[\cË\eZi\ 2\e`kXc`\e%
(,%'''&)'%'''
GIy:@<LJ<C<KKI<?@JKFI@HL<:FE:<IE8EKC8Ey>F:@8K@FEJLI8M@>EFE<KC<:FDK8K$M<E8@JJ@E%
Dfej`\li [\ C@DF><J RA\Xe [\ C8E><8:# „m†hl\ [\ C`df^\jT# XdYXjjX[\li [\ JX DXa\jk„# cl` X kiXejd`j jX c\kki\ \k ]X`k j\j
Zfdd`jj`fej2dX`jGXlc@@@eË\e\jkgXjjXk`j]X`k\k`cjfl_X`k\jË\ek\e[i\Xm\Zc\If`Xljla\k[\cXe„^fZ`Xk`fe[\cXi„j`^eXk`fe[\
cXc„^Xk`fe[Ë8m`^efe%%%@cm\lkXii`m\i~iX`jfeXm\Zc\Gifk\Zk\liRZXi[`eXcKI@MLCQ@FT\kXm\ZDfej`\li[\=\iiXi\R?`ggfcpk\[Ë<JK<#
ZXi[`eXc[\=<II8I<T#\k]X`k[\eflm\Xl„Zi`i\XlC„^Xk\kXlEfeZ\%@cXjjli\c\If`[\jfeXdfli1½cXgi\^`XdfXk\e\ig\iZ\ikf
Z_\ef`cXXdXdf#\kc_Xm\dfXdXkXj\dgi\Zfi[`Xc`jj`d\ek\¾2`c\jg…i\hlË`cjXii`m\ifek[XejcËXm\e`i~jË\ek\e[i\jXejjZXe[Xc\1
½jg\iXdfZ_\`ecfXm\e`ihlXe[fj`gi\j\ek`XckiXfZZXj`fe\d\^c`fi\#\#Z_\j\eqXjZXe[Xcfj`gfjjX]Xi\#Zfd\_fiXefej`gf#j`X
g\iZf^efjZ\iZ\[\cd\[\j`dfYfefXe`dfm\ijfc\`¾%%%@c[„j`i\gXi[\jjljkflkgXim\e`i~cXgX`o1½HlXekfXccXGXZ\Z_\jfgiX
f^e`XckiXZfjX[\j`[\iXdfZfd\jXM%DkXjg\iXdfZ_\c\`#j`Zfd\#ZfecXgil[\ek`X#\YfekXjlX#_X[XkfÔehl\Zfjj`Yfefgi`eZ`g`f#
[`cZ_\cXl[Xdf\i`e^iXk`Xdfdfckf#Zfjj`cX[\YY`XZfe[li\Xcg\i]\kkfÔe\#g\iY\e\Ôk`fle`m\ijXc\¾%%%
I\gif[lZk`fegX^\Z`$Zfeki\
*.(%
>
`fmXee`DXi`X[\Ë:`fZZ_`;<CDFEK<#ALC<J@@@(+/.$(,,'$(,,, %C%J%Xm\ZZfdgc`d\ekXlkf^iXg_\½;\mfk`jj—Ji@c:Xic\[\cDfek\¾#
.''&/''
9fcf^e\)+al`cc\k(,+/#XlZXi[`eXcc„^XkJ8EKË8>EFCF2jli(gX^\`e$]fc%#X[i\jj\Xlm\ijf2\e`kXc`\e%
@c[„g†Z_\m\ijcl`GXlcf[XKXiXef#hl`cl`]\iXi„m„i\eZ\[\jXgXik#\kcl`[`iXjfeÔ[…c\[„mfl\d\ek%
*.)%
XiZ\ccf:<IM@E@#D8I:<C@@(,'($(,,,$(,,,Xgi…j))aflij[\gfek`ÔZXk %C%8%J%½DXiZ\ccf:\im`e`¾#Ifd\)aXem`\i(,*+#~Cl`^`
D
>L@::@8I;@E@#Zfdd`jjX`i\[Ë8i\qqf2(gX^\`e$]fc%#X[i\jj\Xlm\ijf2\e`kXc`\e%
)%'''&)%,''
@ci„gfe[~jXc\kki\kiXejd`j\gXiA\ife`df9XiYfcXef%@ce\g\lkj\gifefeZ\ijlicX[`jk`eZk`fe[\IXpdle[f#eËXpXekgXjXm\Zcl`
jfe`em\ekX`i\#\ki„j\im\jXi„gfej\aljhlË~jfei\kfliXgi…jjfeXdYXjjX[\¿KIßJI8I<%
I\gif[lZk`fegX^\0,
*.*%
>
`fmXee`8e^\cf[\ËD<;@:@#G@<@M(+00$(,,0$(,-, %C%8%J%½<cgifk—;\D\[`Z`¾#:iXe\ccf(+[„Z\dYi\(,**#XlGi„j`[\ek[lJ„eXk[\
D`cXe2+gX^\j`e$]fc%2\e`kXc`\e%
-%'''&/%'''
9<CC<<KCFE>L<C<KKI<8LKF>I8G?<%
@c„Zi`kXl;lZ[\D`cXegfli\ogc`hl\ijfe[„gXik2`cmflcX`k„m`k\ic\jZXe[Xc\\khl\e\jlim`\ee\ek[ËXlki\j[„jfi[i\j%@cg\ej\
hl\ ;`\l X fi[fee„ Z\kk\ „gi\lm\ Y„e`\ gfli \og`\i j\j g„Z_„j 1 ½ hl\jkX Y\e\[\kkX giXk`Z_X# hlXc\ g\ejf [`f fi[`eXjj\ g\i
gli^Xk`fe\[\d\`g\ZZXk`¾%%%@cXjjli\c\Gi„j`[\ek[\jXgifk\Zk`fehlXe[cXaljk`Z\\kcË_fee†k\k„cË\o`^\ifek#gl`j„mfhl\c\jX]]X`i\j
[l:_Xg`ki\#[\jgX`\d\ekj[ËXi^\ek#c\ZfekiXk[l>i`dXc[f#\kZ%
I\gif[lZk`fegX^\0,
*.+%
8
ekfe`f>?@JC@<I@#G@<M(,'+$(,--$(,.) %G%J%Xm\ZXgfjk`cc\Xlkf^iXg_\½ÔXkdfklgRifTgi`fD¾#Ifd\0]„mi`\iR(,-0T2(gX^\`e$]fc%2
\ecXk`e%
)%'''&)%,''
:FDD<G8G<%:fccXk`fe[Ëledfklgifgi`fgi`jgXijfegi„[„Z\jj\liG@<@M#\kZfeÔid„gXicl`#ZfeZ\ieXekc˄i\Zk`fe[\cXm`cc\[\
9I8::@8EF\e[lZ_„XlY„e„ÔZ\[\GXfcf>`fi[XefFIJ@E@(,+,$(,/, %%%
0)
*.'
0*
*.,%
L
^f9FE:FDG8>E@#>Iy>F@I<O@@@(,')$(,.)$(,/, %C%J%½>i\^jgg O@@@¾#Ifd\(+dXij(,/'#~c˄m†hl\[\CF;@RCl[fm`ZfK8M<IE8T#
Ki„jfi`\i[\cX:_XdYi\8gfjkfc`hl\2[\d`$gX^\`e$]fc%2\e`kXc`\e%
(%'''&(%,''
:FDD<G8G<%8ljla\k[\>\idXefDXiklZZ`f[\J%>\idXef\k[\cXjfdd\[\hlXiXek\„Zlj[„gfj„jgXijfefeZc\;fe8c\jjXe[if
[\IL9<IK@JXmXek[\dfli`i\eki\c\jdX`ej[\K_\f[fj`f8e^\c`ef%%%
*.-%
L
^f 9FE:FDG8>E@# >Iy>F@I< O@@@ (,')$(,.)$(,/, % ;<LO 9I<=J dXeljZi`kj \e jfe efd# j`^e„j gXi 8ekfe`f 9F::8G8;LC@ ½ 8ek%
9lZZXgX[lc`lj¾#(,*'$(,0* #Ifd\).fZkfYi\(,/+2m„c`efYcfe^`e$]fc%Z_Xhl\#kiXZ\j[\ZXZ_\kZ`i\ifl^\Xlm\ijf#le\X[i\jj\~
AXeQ8DF@JB@#:_XeZ\c`\i[\Gfcf^e\2\ecXk`e%
+''&,''
<EMF@;ËLEEFE:<<EGFCF>E<%C\GXg\\emf`\gfliEfeZ\Xlgi…j[lIf`[\Gfcf^e\yK@<EE<R98K?FI@T#c˄m†hl\[\:Xd\i`ef#>\ifcXdf
M@K8C<;<9LF@–(,0- %%%
*..%
=\c`Z\G<I<KK@;8DFEK8CKF#J@OK<M(,)($(,/,$(,0' %C%J%½J`okljggM¾#½;XccXefjkiXm`^eX¾+Xf”k(,/.#Xlo:Xd\ic`e^l\#Ki„jfi`\i#
;fp\e\k:c\iZj[\cX:_XdYi\8gfjkfc`hl\2(gX^\`e$]fc%2\e`kXc`\e%
(%,''&)%'''
:FDD<G8G<%@cXXlkfi`j„cXZfddle\[\K@MFC@~m\e[i\c\Yk`d\ekZfejkil`kgXicË<jgX^efc=iXeZ\jZfDF;8II8#~^Xi[\igfli
\cc\cXdf`k`„[lgi`o\k[\m\ij\icËXlki\df`k`„~cX:_XdYi\%%%RC\Z_Xef`e\\jgX^efcDF;8II8]lkZfe[Xde„gXicË@ehl`j`k`fegfli
clk_„iXe`jd\\kYi”c„m`]2jfegXcX`j[`kGXcXqqfJXe9\ieXi[`ef ]lkjX`j`#\k\jkXlafli[Ë_l`c\GXcXqqf[\cDle`Z`g`f[\K`mfc`%T
*./%
= \c`Z\G<I<KK@;8DFEK8CKF#J@OK<M(,)($(,/,$(,0' %9I<=dXeljZi`k\ejfeefd#j`^e„gXi>`fmXee`9Xkk`jkX:8EF9@F#Ifd\)+fZkfYi\
(,/,#~>\ifcXdfM@K8C< ;<9LF@#„m†hl\[\:Xd\i`ef\kEfeZ\\eGfcf^e\2m„c`e`e$gcXefleg\life^„[Xejc\_Xlk #X[i\jj\Xl
m\ijf2\ecXk`e%
-''&/''
CLKK<:FEKI<CË?yIyJ@<<EGFCF>E<%C\GXg\fi[fee\~jfeEfeZ\[\ZfdYXkki\\kal^\ic\j_„i„k`hl\j\kjZ_`jdXk`hl\j#]X`i\`ek\i[`i\
c\jc`mi\jhl`i„gXe[\ekc\j[fZki`e\j_„i„k`hl\j#i„mfhl\ic\ji\c`^`\lojflgƒfee„j[Ë_„i„j`\\k[Ë\ii\li#\kZ%
*.0%
>
`fmXee`9Xkk`jkX:8JK8>E8#LI98@EM@@(,)($(,0'#dfik(*aflijXgi…jjfe„c\Zk`feXmXek[ˆki\Zflifee„ %C%J%Xm\ZZfdgc`d\ek
Xlkf^iXg_\½?ld`c`jj—Jkfi\Af%9%:Xi[c\[`J%DXiZ\ccf¾#Ifd\/dXij(,/.#XlIf`?<EI@@@@2)gX^\j`e$+#X[i\jj\½8cI„:_i`jk`Xe`jj`df¾
Xm\ZZXZ_\kjfljgXg`\iXloXid\j2\e`kXc`\e%
(%)''&(%,''
I8I< C<KKI< ;< :FE;FCy8E:<J JLI C8 DFIK ;L :8I;@E8CCL@>@ ;Ë<JK<(,*/$(,/- #XiZ_\m†hl\[Ë8lZ_#[fek`c]X`k[\^iXe[\jcflXe^\j#hl`
„kX`kj`[„mfl„XlY`\eglYc`Z\kXlj\im`Z\[\J%D%@cgi`\;`\l[\[fee\icfe^l\m`\XlIf`#Xm\ZcX]fiZ\\kcXZfejkXeZ\e„Z\jjX`i\j
gflijfei…^e\^iXe[\k`dgfikXek%@cj\d\k~jfej\im`Z\\kc\i\d\iZ`\gflicXc\kki\hlË`ccl`X]X`ki\d\kki\gXijfeXdYXjjX[\li
c\dXihl`j[\G@J8E@%%%
*/'% E
`ZZfcfJ=FE;I8K@#>Iy>F@I<O@M(,*,$(,0'$(,0( %C%J%½>i\^jggO@@@@¾#Ifd\XlgXcX`j[\Dfek\:XmXccf(*al`cc\k(,0(#Xlo:Xd\ic`e^l\#
M`Z\$:Xd\ic`e^l\#Ki„jfi`\i#;fp\e\kZc\iZj[\cX:_XdYi\8gfjkfc`hl\2*&+gX^\`e$+2\e`kXc`\e%
(%,''&)%'''
I8I<C<KKI<:FDD<G8G<8LJLA<K;<CË8GGIFM@J@FEE<D<EK;<IFD<%
@c\jkki…jgi„fZZlg„gXicXg„eli`\hl`]iXgg\Ifd\#hl`dXehl\[\dXiZ_Xe[`j\j\k[\m`ZklX`cc\j#[fekc\jgi`oXl^d\ek\ekXl
[„ki`d\ek[\j_XY`kXekj%@cfi[fee\[\gi\e[i\[\jd\jli\jgfli]X`i\m\e`i~Ifd\[\jY†k\j\k[\jgifm`j`fej#efkXdd\ek[\
Zfejkil`i\leflgclj`\lijgfikjXm\Z[\jdX^Xj`ejjlicXi`m\[lÕ\lm\#gfligflmf`iXggfik\i\eYXihl\dXiZ_Xe[`j\j\kXe`dXlo
~Ifd\#X`ej`hl\[lm`e[ËFim`\kf2`c]Xlkgi\e[i\c\jd\jli\jgfli[\jZfeZ\jj`fej~Z\lohl`]\ifekZ\jgfikj\kfi^Xe`j\ifekc\
kiXejgfik[\jdXiZ_Xe[`j\j%%%
I\gif[lZk`fegX^\Z`$Zfeki\
*/(%
`fmXee`8ekfe`f=8::?@E<KK@#@EEF:<EK@O(,(0$(,0($(,0( %C%J%½>8:XicJk`HlXkkif¾#Ifd\)+j\gk\dYi\(,//#~;8E;@E@#M`Z\$
>
C„^Xk~9fcf^e\2(gX^\`e$]fc%#X[i\jj\Xm\ZjZ\XlXloXid\jjfljgXg`\i2\e`kXc`\egfikiX`kaf`ek %
(%'''&(%)''
<e]Xm\li[Ë<mXe^\c`jkXJ8C@:@E@#hl`jfl_X`k\i„Zlg„i\ic\cfZXcfZZlg„gXicX:fdgX^e`\[\j:_XiZlk`\ij:fdgX^e`X[\JXcXifc` %%%
*/)%
@ggfc`kf8C;F9I8E;@E@#:CyD<EKM@@@(,*-$(,0)$(-', %C%8%J%½?`gfc—:Xic8c[fYiXe[`ef¾#Ifd\).[„Z\dYi\(,/,#~M`eZ\eqf>@I8C;@
~=cfi\eZ\2(gX^\`e$]fc%#X[i\jj\Xm\ZkiXZ\[\jZ\XlZ`i\ifl^\2\e`kXc`\e%
(%,''&(%/''
@c c\ i\d\iZ`\ Z_Xc\li\lj\d\ek [\ j\j gi\lm\j [ËXd`k`„ cfij [\ jfe ZXi[`eXcXk R8c[fYiXe[`e` XmX`k „k„ ]X`k ZXi[`eXc c\ (/
[„Z\dYi\T%%%
*/*%
8c\jjXe[if[\ËD<;@:@#CyFEO@ (,*,$(-',# dfik )- aflij Xgi…j jfe „c\Zk`fe % C%8%J% ½ @c ZXi[c\ [` =`i\eq\ ¾# 0 dXij (,0-# Xl GXg\
:CyD<EKM@@@2(gX^\`e$+#X[i\jj\Xm\ZjZ\XlXloXid\jjfljgXg`\i2\e`kXc`\ehhjg\k`k\jljli\jXlgXg`\i %
(%)''&(%,''
@c\jk\ekiX`e[\ZfeZcli\cËXZ_Xk[lY„kX`chl`j\kiflm\~cËXYYXp\[\J8E>8C>8EF#\k`cgi`\c\GXg\[\]Xmfi`j\iZ\kk\XZhl`j`k`fe#
[fekcX^ifjj\jfdd\cl`gXiXŠkaljk\%%%
I\gif[lZk`fegX^\0.
0+
*-.
*.)
*.*
*/'
0,
*/+%
:
Xd`ccf 9FI>?<J<# G8LC M (,,)$(-',$(-)( % C%J% ½ GXlclj GXgX Mj ¾# =iXjZXk` (* fZkfYi\ (-'0# Xl If` ?<EI@ @M 2 ( gX^\ `e$+# X[i\jj\
½:_Xi`jj`df:_i`jkfÔc`feif?\ei`Zf=iXeZfildI\^`X:_i`jk`Xe`jjlj¾Xm\ZjZ\XlXloXid\jZ`i\ifl^\2\e`kXc`\e%
)%,''&*%'''
9<CC<C<KKI<;LG8G<Á?<EI@@M%8ljla\k[\cXe„^fZ`Xk`fed\e„\Xlgi…j[\cXI„glYc`hl\[\M<E@J<gXic\J%[\:?8DG@>EPRA\Xe9F:?8IK#
j\`^e\li [\ :?8DG@>EP (,-($(-*' T# XdYXjjX[\li [\ J%D%# Xl jla\k [\ cX c\kki\ g\ie`Z`\lj\[\ >\e…m\ Xl jla\k [l Z_Xe^\d\ek [\
i\c`^`fe½c\kk\iXg\ie`k`fjX[`>`e\miX`edXk\i`X[`dlkXk`fe\[`i\c`^`fe\¾ %@cZ_Xi^\c\EfeZ\[\i\d\iZ`\ic\If`\ejfeefd#dX`j
m\lkXljj`c\]X`i\cl`$d†d\#\k`ccfl\jXZfe[l`k\gflic\j\im`Z\[\;`\l\k[\jXJX`ek\y^c`j\%%%
I\gif[lZk`fegX^\Z`$Zfeki\
*/,%
8
c\jjXe[ifCL;FM@J@#>Iy>F@I<OM(,,+$(-)($(-)* %C%J%Xm\ZZfdgc`d\ekXlkf^iXg_\½g\ij\im`icX[`Zlfi\`c:Xi[`eXcCl[fm`j`f¾#
8c\jjXe[i`X)-[„Z\dYi\(-(.#~J`cm`f8C9<I>8K@~9fcf^e\2(gX^\`e$]fc%#X[i\jj\Xm\ZjZ\XlXloXid\jjfljgXg`\i2\e`kXc`\e%
/''&(%'''
9\cc\c\kki\[\i\d\iZ`\d\ekj#[`jXekkflk\jfe\jk`d\\kjXi\ZfeeX`jjXeZ\%%%
*/-%
D
X]]\f98I9<I@E@#LI98@EM@@@(,-/$(-)*$(-++ %C%8%J%½D%9XiY\i`e`¾#Ifd\(+]„mi`\i(,0)#~>`fmXee`9Xkk`jkXJKIFQQ@c\a\le\#(,,($
(-*+#gf…k\\k„Zi`mX`e 2(gX^\`e$+#X[i\jj\Xm\ZjZ\XljfljgXg`\i2\e`kXc`\e%
(%'''&(%,''
C\GXg\cËXZ_Xi^„[l^flm\ie\d\ek[\=8EF#\k`c\jkki…jfZZlg„%@ce\g\lkcl`i„gfe[i\\eZ\hl`ZfeZ\ie\c\jZ„i„dfe`\j#dX`j
`cjXlifekcËfZZXj`fe[\gXic\icfij[\jfei\kfli~Ifd\%%%
I\gif[lZk`fegX^\Z`$Zfeki\
*/.%
DX]]\f 98I9<I@E@# LI98@E M@@@ (,-/$(-)*$(-++ % 9LCC< dXeljZi`k\ \e jfe efd# Ifd\ ~ JX`ek$G`\ii\ + dXij (-+( 2 j`^eXkli\j [\
Z_XeZ\cc\i`\2m„c`e`e$gcXefXm\Zjfeefd\e$k†k\ZXcc`^iXg_`„#J:<8L\egcfdY~jfeefdg\e[XekjliZfi[\c\kk\aXle\\kifl^\2\e
cXk`e%
*''&+''
9\cc\g`…Z\ZfeZ\ieXekc\gi†ki\FefiXkfKFE;LK@%
*//% G8G<J%D8ELJ:I@K#:feZcXm`%%%#OM@@\j`…Zc\2)mfcld\j`e$/[\)*'\k(,'gX^\j#YifZ_„j2\e`kXc`\e%
+''&,''
I„Z`k[\j :FE:C8M<J[Ë8;I@<EM@#:CyD<EKM@@#G8LC@@@#D8I:<C@@#G8LC@M#G@<@M„cljgXg\j\eki\(,))\k(,,0 #\kZ\cl`[ËLI98@EM@@@„cl
\e(-)*#c\j\Zfe[mfcld\„kXek\ek`…i\d\ekZfejXZi„~Z\[\ie`\i#c\ZXi[`eXcDX]]\f98I9<I@E@%:\j[\loc`mi\jgfik\ekcË\o$c`Yi`j
dXeljZi`k[\=iXeZ`jZfDXi`X[\FI=@E@J%
*/0%
>
`fmXee`9Xkk`jkXG8DG?@C@#@EEF:<EKO(,.+$(-++$(-,, %C%J%Xm\ZZfdgc`d\ekXlkf^iXg_\½8]]\kkdfg\ij\icX>9:Xi[cGXdg_`c`f¾#
Ifd\-al`e(-+*#Xl^flm\ie\li6 [\:8E;@<2(gX^\`e$+2\e`kXc`\e%
,''&.''
8ljla\k[Ëlegi†ki\XYY„fc`m„kX`ehl\jfeZfii\jgfe[Xekcl`Xi\ZfddXe[„%%%
*0'% >
`fmXee`9Xkk`jkXG8DG?@C@#@EEF:<EKO(,.+$(-++$(-,, %C%J%½@eefZ\ek`ljGXgXOj¾#Dfek\:XmXccfIfd\ (+fZkfYi\(-+.#Xlo
:Xi[`eXcGifZXd\ic`e^l\#M`Z\ZXd\ic`e^l\#;fp\e\kZc\iZj[\jX:_XdYi\2[\d`$gX^\`e$+2\e`kXc`\e%
(%'''&(%,''
8ljla\k[lIfdX`e:Xd`ccf8JK8CC@#gflihlË`cgl`jj\\eki\i[XejjXZ_Xi^\[\Zc\iZ[\cX:_XdYi\\ejlZZ\jj`fe[\Gifjg\if
:X]]Xi\cc`%%%
*0(%
= XY`f:?@>@#8C<O8E;I<M@@(,00$(-,,$(--. %C%J%\egXik`\Xlkf^iXg_\½=—M—[`EXi[Ž¾#8hl`j^iXefR8`o$cX$:_Xg\cc\T)+[„Z\dYi\
(-+0#~C`[fm`efG`ZZfcfd`e`~@eejYilZb2(gX^\`e$]fc%2\e`kXc`\e%
(%)''&(%,''
@cc\i\d\iZ`\[\j\jmÅlo[\gifjg„i`k„\emfp„j~cËfZZXj`fe[\j]†k\jjX`ek\j%%%@cXaflk\:@EHC@>E<J;<J8D8@E1Xld`c`\l[\cË_`m\i#
\kdXc^i„le\jXek„`dgXi]X`k\#`cjË\jkXkkXZ_„~kiX`k\icXgX`o[\[\loIf`jR[\=iXeZ\\k[Ë<jgX^e\T2`cp\jk`em`k„gXile\c\kki\[l
If`[\=iXeZ\#dX`jfee\jËXZZfi[\gXjjlic\c`\l#\k`ci\jk\c~~Xkk\e[i\%%%
I\gif[lZk`fegX^\Z`$Zfeki\
*0)%
>
`lc`fIFJG@>C@FJ@#:CyD<EK@O(-''$(--.$(--0 %C%8%J%½>%:Xi[c\Ifjg`^c`fj`¾#Ifd\*'dXij(--+#~le_Xlkg\ijfeeX^\]iXeƒX`j2
(gX^\`e$+2\e`kXc`\e%
(%'''&(%,''
9<CC< C<KKI< gifÔkXek [\ cË\emf` ~ cX :fli [\ jfe e\m\l cËXYY„ >`XZfdf# jli fi[i\ [l ZXi[`eXc :?@>@# gfli [`i\ ~ Jfe <oZ\cc\eZ\
cËfY„`jjXeZ\hlË`cgfik\~jfe^iXe[d„i`k\#\kcËXi[\ek[„j`ihlË`cX[\k„df`^e\i\eXZk\jfe[„mfl\d\ek%%%
I\gif[lZk`fegX^\00
*0*%
>
`lc`f IFJG@>C@FJ@# :CyD<EK @O (-''$(--.$(--0 % C%J% ½ :c\d\ej GXgX @O ¾# Dfek\ :XmXccf Ifd\ (* ]„mi`\i (--0# ~ 9lfeXZZfijf
9LFE8::FIJ@#jfeKi„jfi`\i^„e„iXc2*&+gX^\`e$+2\e`kXc`\e%
(%'''&(%,''
9<CC<C<KKI<:FDD<G8G<#Xljla\k[\GXfcf;FE@#[\G\il^`X#XdYXjjX[\li~EXgc\j[lIf`[\Gfcf^e\#[fp\e[lZ_Xg`ki\[\cXZfcc„^`Xc\
JX`ekA\Xe$9Xgk`jk\[\MXijfm`\#[\j\jY`\ej\k[\jXjlZZ\jj`fe#Zfdgk\k\el[\jgi`m`c…^\jhlË`cXmX`kfYk\elj[Ë8c\oXe[i\M@@%%%
0-
*/*
*/+
*/-
*0(
0.
*0+%
< d`c`f8CK@<I@#:CyD<EKO(,0'$(-.'$(-.- %C%J%½:c\d\ejGXgXOj¾#Dfek\:XmXccfIfd\ )al`cc\k(-.'#~>`ifcXdf>8JK8C;@#jfe
Ki„jfi`\i^„e„iXc2[\d`$gX^\`e$+leYfi[i\e]fiZ„ 2\e`kXc`\e%
(%'''&(%)''
9<CC< C<KKI< :FDD< G8G<# Xl jla\k [\ cX ZfeZ\jj`fe [\ cX ]\id\ [\j [flXe\j [\ cX Z`k„ [\ 9\e\m\ekf# \e ]Xm\li [\ >`lj\gg\ ;@
D8I:F%%%
I\gif[lZk`fegX^\Z`$Zfeki\
*0,%
\e\[\kkfF;<J:8C:?@#@EEF:<EKO@(-(($(-.-$(-/0 %G%J%½9:Xi[c\F[\jZXcZf¾#()aXem`\i(-,/2[\d`$gX^\`e$+c„^%dfl`cc% 2\e
9
`kXc`\e%
+''&,''
Fi[i\~FkkXm`Xef8::@8@FC@[\gXp\i~>`fmXee`9Xkk`jkXJ`cmXc\ji\m\eljhl`cl`jfek[lj%%%
*0-%
9
\e\[\kkfF;<J:8C:?@#@EEF:<EKO@(-(($(-.-$(-/0 %C%J%½@eefZ\ek`ljGXgXO@¾#Dfek\:XmXccfIfd\ (-]„mi`\i(-/0#~>`lj\gg\
(%)''&(%,''
I\eXkf@DG<I@8C<#jfeKi„jfi`\i^„e„iXc2(gX^\`e$+g\k`k\jZfiifj`fej[\cË\eZi\#kflZ_XekcXj`^eXkli\ 2\e`kXc`\e%
9<CC< C<KKI< :FDD<G8G< :FE:<IE8EK C8 C@9yI8K@FE ;< HL8KI< <J:C8M<JKLI:J HL@ JFEK JLI C<J >8CßI<J GFEK@=@:8C<J18d\k[Ë8c`[\Ki`gfc`[\
Jfi`X[\-,Xej\em`ife[fekki\ek\\e\jZcXmX^\#\kZ%@cjjfekc`Y„i„jZfeki\iXeƒfe\k„Z_Xe^\Xm\Z[\j\jZcXm\jZ_i„k`\ej%%%CËle
[\j\jZcXm\jkliZj#@jl]]#Xi\ZfeelcX]Xljj\k„[\cXj\Zk\dX_fd„kXe\\k#mflcXekj\]X`i\Z_i„k`\e#\jki\ƒl[XejcXdX`jfe[\j
ZXk„Z_ld…e\j#\kZ%
I\gif[lZk`fegX^\Z`$Zfeki\
*0.%
G`\kifFKKF9FE@#8C<O8E;I<M@@@(-('$(-/0$(-0( %C%8%J%½@c:Xi[c\FkkfYfe`¾2(gX^\`e$+2\e`kXc`\e%
/''&(%'''
9<CC<C<KKI<[„g†Z_Xek~cX:flic\m`Z\$Z_XeZ\c`\i:_Xgg\#hl`jËXii†k\iXg\l~GXi`jZXi`c[f`kj\i\e[i\Xlo[\loXYYXp\jhl`fek
„k„[fee„\jXlZXi[`eXc2`cXjjli\jfeZfii\jgfe[XekM%<% [\jfei\jg\Zk\k[\j\jfYc`^Xk`fej%%%
*0/%
G
`\kifFKKF9FE@#8C<O8E;I<M@@@(-('$(-/0$(-0( %C%J%Xm\ZZfdgc`d\ekXlkf^iXg_\½J\dgi\[\Zlfi\@c:Xi[c\FkkfYfe`¾#Ifd\
,''&-''
*'al`e(--/#~G`\kifDF:<E@>F2(gX^\`e$]fc%2\e`kXc`\e%
@ci\d\iZ`\[\cËXmf`iXm`j„[\jfe[„gXikgflicËXdYXjjX[\[Ë8e^c\k\ii\#\kcl`X[i\jj\j\jmÅlo%%%
*00%
8
ekfe`f G@>E8K<CC@# @EEF:<EK O@@ (-(,$(-0($(.'' % C%J% Xm\Z Zfdgc`d\ek Xlkf^iXg_\ ½ Ji\ jlf 6 @c :Xi[c\ G`^eXk\cc` ¾# =X\eqX
).[„Z\dYi\(-/)2(gX^\`e$+2\e`kXc`\e%
+''&,''
@ci\d\iZ`\jfeZfii\jgfe[Xek[\j\jmÅlogfliEf‡c%%%
+''% 8ekfe`f G@>E8K<CC@# @EEF:<EK O@@ (-(,$(-0($(.'' % 9LCC< dXeljZi`k\ \e jfe efd# :Xjk\c >Xe[fc]f ), al`cc\k (-0, 2 j`^eXkli\j [\
Z_XeZ\cc\i`\2m„c`e`e$gcXefXm\Zjfeefd\e$k†k\ZXcc`^iXg_`„Xm\Z[„ZfiXk`fejÕfiXc\j# J:<8L\egcfdY~jfeefdg\e[Xekjli
Zfi[\c\kk\aXle\\kifl^\2\ecXk`e%
*''&+''
9\cc\g`…Z\ZfeZ\ieXekCf[fm`ZfKFE;LK@%
+'(%
>`fmXee`=iXeZ\jZf8C98E@#:CyD<EKO@(-+0$(.''$(.)( %C%8%J%½>`f1=iXeZf8cYXe`¾#Ifd\(+[„Z\dYi\(-./#~le\8ck\jj\IfpXc\2
jli(gX^\`e$]fc%2\e`kXc`\e%
(%'''&(%)''
9<CC< C<KKI<gi„j\ekXekj\jmÅlo[\gifjg„i`k„~cËfZZXj`fe[\Ef‡c2`cgi`\iX;`\lkflaflijgflic\j_\li\lo„m„e\d\ekj[\cX
DX`jfeIfpXc\%%%
+')% >
`fmXee`=iXeZ\jZf8C98E@#:CyD<EKO@(-+0$(.''$(.)( %G%J%½A%=%:Xi[c`j8cYXelj¾#Ifd\((dX`(-0,2m„c`efYcfe^`e$]fc%#X[i\jj\Xl
-''&/''
m\ijfXlZfdk\Q8D9<::8I@~9fcf^e\2\ecXk`e%
9I<= ;LG8G<@EEF:<EKO@@#Zfeki\j`^e„gXic\ZXi[`eXc8cYXe`#Xljla\k[\cXi„]fid\[ljkXklk[\jc`Y\ik„j[\cXZ`k„[\9FCF>E<#~
cXhl\cc\gXik`Z`g\c\Zfdk\QXdY\ZZXi`%%%
+'*% = XY`fFC@M@<I@(-,/$(.*/ ZXi[`eXc%)G%J%½=%:Xi[c`jFc`m`\ilj¾#Ifd\(.)'$(.))#X[i\jj„\j~cXZfdk\jj\:_Xicfkk\B@EJB@:FCCFI<;F2
Z_XZlem„c`efYcfe^`e$]fc%Xm\ZX[i\jj\Xlm\ijf2\ecXk`e%
*''&+''
;<LO9I<=J[\:CyD<EKO@\k@EEF:<EKO@@@#Zfeki\j`^e„jgXic\ZXi[`eXcFc`m`\i`#ZfeZ\ieXekc\dfeXjk…i\[\jdfe`Xc\j[\D`cXe%%%
+'+% D
`Z_\cË8e^\cf:FEK@#@EEF:<EKO@@@(-,,$(.)($(.)+ %C%J%½D8:Xi[c\:fek`¾#M`k\iYf)+[„Z\dYi\(.()#~=`c`ggf8ekfe`fI8==8<CC@
,''&-''
~:`e^fc`2[\d`$gX^\`e$]fc%#X[i\jj\Xm\ZY\XlJ:<8LXloXid\jjfljgXg`\i2\e`kXc`\e%
9<CC<C<KKI<i\d\iZ`Xek[\jmÅloX[i\jj„j~cËfZZXj`fe[\Ef‡c%%%
+',% G
`\i=iXeZ\jZfFIJ@E@#9<EFáKO@@@(-+0$(.)+$(.*' %G%J%Xm\ZXgfjk`cc\Xlkf^iXg_\½MXc\Xk`eg\ig\klld[`\0dXik``(.)/9\e\[j
GGO@@@¾#0dXij(.)/2*c`^e\jXl[fj[Ële\i\hl†k\dXeljZi`k\#)gX^\j`e$]fc%\ekflk2\e`kXc`\e%
(%'''&(%,''
I<HLÜK< ;<J I<C@>@<LO ;L :FLM<EK ;< J8E D8I:F ;< =CFI<E:<# [\ cËfi[i\ [\j Gi„[`ZXk\lij FiXkfi`\ej# \ogfjXek hlË\e c\li „^c`j\ `cj
[„k`\ee\ekc\Zfigj[\JX`ek8EKFE@EF#ki…jm„e„i„gXikflk\cXZ`k„#\k[\dXe[Xek[ËXZZfi[\icË`e[lc^\eZ\g\ig„kl\cc\~Z\lohl`
m`j`k\ifekcXZ_Xg\cc\\ej\Zfe]\jjXek\kZfddle`Xek%%%R@cjËX^`k[\cXZXgg\ccXJXcm`Xk`#[Xejc˄^c`j\[\JXeDXiZf%T8l[fj#9<EFáKO@@@
XZZfi[\[\jXdX`ecË`e[lc^\eZ\%JfljcË`ejZi`gk`fegXgXc\#efk\[\>`lj\gg\>8==@<IF#gi`\li[\JXeDXiZf%
0/
*0)
*0+
*0-
+'/
00
+'-% G
`\i=iXeZ\jZfFIJ@E@#9<EFáKO@@@(-+0$(.)+$(.*' %) 9I<=JdXeljZi`kj\ejfeefd#j`^e„jgXic\ZXi[`eXc=XY`fFC@M@<I@(-,/$(.*/ #
Ifd\(.)-$(.)/#X[i\jj„j~cXGi`eZ\jj\[\K<8EF#Zfdk\jj\[\;8LE2Z_XZlem„c`efYcfe^`e$]fc%#X[i\jj\Xlm\ijfXm\Z J:<8LO2\e
cXk`e%
*''&+''
C\j[\loYi\]jZfeZ\ie\ekc\dfeXjk…i\[\jDfe`Xc\j[\D@C8E%
+'.%
Cfi\eqf:FIJ@E@#:CyD<EKO@@ (-,)$(.*'$(.+' % C%8%J% ½ Cfqf :fij`e` ¾# G`j\ (0 ]„mi`\i (-/*# ~ E`ZZfcf IF==@8 ~ G`j\ 2 ( gX^\ `e$]fc%#
X[i\jj\2\e`kXc`\e%
-''&/''
8ljla\k[\Zfdgk\j~jfc[\iXm\ZcËXi^\ekhl`j\kiflm\~C`mflie\¿
8eZ`\ee\Zfcc\Zk`fe9\eaXd`e=@CCFEe—)+-) %
+'/% C fi\eqf:FIJ@E@#:CyD<EKO@@(-,)$(.*'$(.+' %C%J%½:c\d\ejGG%O@@¾#Ifd\~JXekXDXi`XDX^^`fi\+fZkfYi\(.*0#R~CFL@JOMT2
(gX^\`e$]fc%2\e`kXc`\e%
(%,''&(%/''
9<CC<C<KKI<:FDD<G8G<#8LJLA<K;LD8I@8><;ËyC@J89<K?;<=I8E:<8M<:CË@E=8EK;Ë<JG8>E<G?@C@GG<#=LKLI;L:;<G8ID<%
C\GXg\„mfhl\c\jefdYi\lo\kXeZ`\ejd„i`k\j[\cXDX`jfeIfpXc\Xm\Zc\JX`ekJ`…^\2Xljj`jË\jk$`ci„afl`[\cËXeefeZ\[l
dXi`X^\[\cXGi`eZ\jj\gi\d`…i\e„\[\J%D%Xm\ZcË@e]XekIfpXc[Ë<jgX^e\;fe=`c`ggf2`c\jg…i\hl\c\J\`^e\liY„e`iXZ\j`ccljki\j
efZ\j#\k`c[fee\~Cfl`jOMX`ej`hlË~cXeflm\cc\„gflj\ifpXc\jXY„e„[`Zk`feXgfjkfc`hl\¿
I\gif[lZk`fegX^\00
+'0% C fi\eqf:FIJ@E@#:CyD<EKO@@(-,)$(.*'$(.+' %9LCC<dXeljZi`k\\ejfeefd#Ifd\~JXekXDXi`XDX^^`fi\(.Xf”k(.*.2j`^eXkli\j
*''&*,'
[\Z_XeZ\cc\i`\2m„c`efYcfe^`e$+~jfeefd\ek†k\ZXcc`^iXg_`„#J:<8L\egcfdYg\e[XekjliZfi[\c\kk\2\ecXk`e%
G`…Z\ZfeZ\ieXekAfj\g_:XmXcc`e`#[lZ_Xg`ki\[\C`…^\%
+('%
ifjg\ifC8D9<IK@E@#9<EFáKO@M(-.,$(.+'$(.,/ %C%8%J%½Gf:Xi[`eXc\CXdY\ik`e`¾#Ifd\+dX`(.)/#XlGi`\li>`fmXee`9Xkk`jkX
G
.''&/''
=I<J:F98C;@2(gX^\`e$+2\e`kXc`\e%
@cc\i\d\iZ`\[\cXYfek„Xm\ZcXhl\cc\`cjË\jki„afl`[\jXgifdfk`feXlZXi[`eXcXk¿
+((%
G
ifjg\ifC8D9<IK@E@#9<EFáKO@M(-.,$(.+'$(.,/ %C%J%Xm\Z+c`^e\jXlkf^iXg_\j½Gf:Xi[`eXc\CXdY\ik`e`¾#8eZfeX*(al`cc\k(.)0#~cX
+''&,''
dXihl`j\<c\fefiX9<EK@MF>C@8C9<I>8K@~9fcf^e\2)gX^\j`e$]fc%2\e`kXc`\e%
8l jla\k [Ële\ X]]X`i\ f“# Xm\Z cËX`[\ [\j ZXi[`eXlo =@E@# cËfeZc\ \k c\ e\m\l# `c X kZ_„ \e mX`e [\ ]X`i\ i\efeZ\i c\ J% G@IIF ~ jX
gi„k\ek`fe2`cXjfld`jcËX]]X`i\~cX:fe^i„^Xk`fejXZi„\[l:feZ`c\¿
+()%
Gifjg\ifC8D9<IK@E@#9<EFáKO@M(-.,$(.+'$(.,/ %C\kki\„Zi`k\\ejfeefd#Ifd\()j\gk\dYi\(.++#~CFL@JOM2)gX^\j`e$]fc%2\e
`kXc`\ekiX[lZk`fe[˄gfhl\af`ek\ %
,''&.''
9<CC< C<KKI< ;LG8G< ÁCFL@JOM GFLI C< =yC@:@K<I ;< J8 >LyI@JFE 8GIßJ C8 >I8M< D8C8;@< HL@ CË8M8@K =I8GGy ÁD<KQ# <K C8 :FE=<JJ@FE GL9C@HL< ;< J<J
Gy:?yJ%
@cj\i„afl`khl\;`\lX`ki\e[lcXjXek„XlIf`#\k`ccË\eXi\d\iZ`„[Xejj\jgi`…i\j%@cc\gi`\Xljj`gflihlË`c½dX`ek`\ee\[XejcËd\
[\Mfki\DXa\jk„aljhlË~cXdfikcXjX`ek\[`jgfj`k`fe[XejcXhl\cc\\cc\jË\jkkiflm„\¾[XejZ\k„m„e\d\ek¿
+(*%
Gifjg\ifC8D9<IK@E@#9<EFáKO@M(-.,$(.+'$(.,/ %9LCC<dXeljZi`k\\ejfeefd#Ifd\~JXekXDXi`XDX^^`fi\-al`e(.++2j`^eXkli\j
[\Z_XeZ\cc\i`\2m„c`efYc%`e$]fc%Xm\Zc\kki`e\jZXcc`^iXg_`„\j#g\k`kJ:<8L\egcfdYg\e[XekjliZfi[\c\kk\2\ecXk`e\eZX[i„\ %
*''&+''
9LCC<G8G8C<8;I<JJy<ÁCËF==@:@8C;<9<C>@HL<#gflic\m\icË\dg†Z_\d\ek[\j\dXi`\ig\jXekjlilecX‹Z\kle\Ôcc\\eZ\`ek\#ZfejXe^l`ej#
\k\ejl`k\~\ec\m\ic\Z_k`d\ek[Ë\oZfddle`Xk`fe¿
+(+%
:
XicfI<QQFE@:F#:CyD<EKO@@@(-0*$(.,/$(.-0 %C%8%J%½:%:Xi[c\I\qqfe`Zf¾#GX[fl\))dXij(.+0#XlZXi[`eXcDF:<E@>F#~JXeDXiZf
~M\e`j\2(gX^\g\k`k`e$]fc%2\e`kXc`\e%
.''&/''
9\cc\c\kki\f“`ci\d\iZ`\c\ZXi[`eXc[\jXYfek„\kj\i„afl`k[\jXm\el\\egi„jX^\ekc\gclj_\li\lojlZZ…jgflijfe„^c`j\^iZ\
~jfe„cfhl\eZ\%@cj\d\kjfljjXgifk\Zk`fe#\k\jk`dgXk`\ek[\c\lii\eZfeki\¿
+(,%
:XicfI<QQFE@:F#:CyD<EKO@@@(-0*$(.,/$(.-0 %9LCC<dXeljZi`k\\ejfeefd#:Xjk\c>Xe[fc]f(\ial`e(.,02efdYi\lj\jj`^eXkli\j
[\Z_XeZ\cc\i`\2m„c`e`e$gcXefXm\ZY\c\e$k†k\ZXcc`^iXg_`„~dfk`]jÕfiXlo#J:<8L\egcfdY~jfeefdg\e[XekjliZfi[\c\kk\2\e
cXk`e%
*''&+''
9\cc\g`…Z\ZfeZ\ieXekc\gi†ki\Afj\g_;<JD8I8@J[l[`fZ…j\[\C`df^\j%
+(-%
Cfi\eqf>8E>8E<CC@#:CyD<EKO@M(.',$(.-0$(..+ %C%8%J%½=%Cfi\eqf>Xe^Xe\cc`:fejlck\¾#Ifd\/[„Z\dYi\(.+-#~cË@ehl`j`k\li
.''&/''
9FJ:?@#~M\e`j\fl9\cclef2(gX^\`e$+#X[i\jj\2\e`kXc`\e%
8ljla\k[\cXd`jj`fe[\9<IE8I;@~8ZhlXg\e[\ek\#\k[ËXlki\jZXe[`[Xkj\kd`e`jki\ji„hl`j`k`fee„j¿
8eZ`\ee\Zfcc\Zk`fe9\eaXd`e=@CCFEe—)+-- %
(''
+(.%
Cfi\eqf>8E>8E<CC@#:CyD<EKO@M(.',$(.-0$(..+ %C%J%Xm\ZZfdgc`d\ekXlkf^iXg_\½[`Zlfi\=iXCfif:Xi[\>Xe^Xe\cc`¾#Ifd\
)+[„Z\dYi\(.-+#~>`fmXee`98KK8II8~I`d`e`2(gX^\g\k`k`e$]fc%#X[i\jj\Xm\ZjZ\XlXloXid\jjfljgXg`\i2\e`kXc`\e% +''&,''
@cc\i\d\iZ`\[\j\jmÅlo~cËfZZXj`fe[\Ef‡c¿
+(/%
>
`fmXee`8e^\cf9I8J:?@#G@<M@(.(.$(..,$(.00 %G%8%J%½>`XeeXe^—9iXjZ_`¾#Ifd\)0j\gk\dYi\(.-+2(gX^\fYc%`e$/2\e`kXc`\e%
+''&,''
I\ƒl[lZ_XeZ\c`\iK`ijfG8JK@8I@E@),jZl[`jlijXg\ej`fe¿
8eZ`\ee\Zfcc\Zk`fe9\eaXd`e=@CCFEe—)+-/ %
+)'% >
`fmXee` 8e^\cf 9I8J:?@# G@< M@ (.(.$(..,$(.00 % C%J% ½ G`lj GG% M@% ¾# Ifd\ ~ JXekX DXi`X DX^^`fi\ (, al`cc\k (.0.# R~ EXgfc„fe
9FE8G8IK<6T2)gX^\j`e$]fc%dfl`ccli\jjlileYfi[Xm\Zg\k`kjdXehl\j 2\e`kXc`\e%
(%'''&(%,''
@EKyI<JJ8EK;F:LD<EKJLICË8GGC@:8K@FE;LKI8@Ky;<KFC<EK@EF(0]„mi`\i(.0. %
@c X i\Zfeel Xm\Z gcX`j`i cX Zfem\ek`fe gi„c`d`eX`i\ gXjj„\ \eki\ jfe Z_Xi^„ [ËX]]X`i\j c\ Zfdk\ >FI@IFJJ@ \k c\ Z`kfp\e ?8CC<I#
X[d`e`jkiXk\li[\jÔeXeZ\j\e@kXc`\gflicXI„glYc`hl\=iXeƒX`j\#hl`mXg\id\kki\cËXggc`ZXk`fe[\jZfe[`k`fej[\cË8id`jk`Z\\k[l
KiX`k„[\GX`o[\Kfc\ek`ef%@c\jkgi†k~cËXggiflm\i\kc\iXk`Ô\i#dX`jjfcc`Z`k\le\df[`ÔZXk`feXlodf[\j\k[„cX`j[\gX`\d\ek%
@cZ_Xi^\jfeYXehl`\i>`fmXee`KLICFE@8[\e„^fZ`\iZ\kfYa\kXm\Z?Xcc\i\kjfeZfii\jgfe[Xek#hlË`cXjjli\[\jfe\jk`d\¿
+)(%
`fmXee` 8e^\cf 9I8J:?@# G@< M@ (.(.$(..,$(.00 % 9LCC< dXeljZi`k\ \e jfe efd# Ifd\ ~ JXekX DXi`X DX^^`fi\ , efm\dYi\ (.0* 2
>
efdYi\lj\jj`^eXkli\j[\Z_XeZ\cc\i`\2m„c`e`e$gcXefXm\Z\e$k†k\fie„[\dfk`]jÕfiXlo# J:<8L\egcfdY~jfeefdg\e[Xekjli
Zfi[\c\kk\ifl^\2\ecXk`e%
*''&*,'
9\cc\g`…Z\ZfeZ\ieXek[\jgi†ki\j[lZ_Xg`ki\[\cXZXk_„[iXc\[\C@ß><%
+))%
>
i\^fi`f:?@8I8DFEK@#G@<M@@(.+)$(/''$(/)* %C%8%J%½>%:Xi[\:_`XiXdfek`¾#@dfcX),fZkfYi\(.0*#~leZXi[`eXc2)gX^\jg\k`k`e$
]fc%2\e`kXc`\e%
/''&(%'''
@cj\d\kjfljcXgifk\Zk`fe[\Jfeyd`e\eZ\ki…jm„e„i„\2`c„mfhl\le\[„dXiZ_\Xlgi…j[lEfeZ\[\=cfi\eZ\\kcËXiZ_\m†hl\
[\9fcf^e\¿
FEAF@EKle`dgi`d„1;„gXik[lGXg\[\=fekX`e\Yc\Xl#jZ…e\kflZ_Xek\¿@dgi%[\C%G%J„k`\iÔcj #`e$+[\+g%Xm\ZgfikiX`k^iXm„
[\G`\M@@%
+)*%
i\^fi`f:?@8I8DFEK@#G@<M@@(.+)$(/''$(/)* %C%J%½G`ljGG%M@@%¾#Ifd\~JXekXDXi`XDX^^`fi\0al`cc\k(/(+#~CFL@JOM@@@2(gX^\
>
`e$]fc%2\e`kXc`\e%
/''&(%'''
9<CC<C<KKI<JLIC<I<KFLI<E=I8E:<;<CFL@JOM@@@%
G`\M@@\ogi`d\~Cfl`jOM@@@kflk\cXaf`\hlË`cX„giflm„\
[\jXi\jkXliXk`fejlic\Kie\[\=iXeZ\%@ccËXjjli\hl\i`\e
[\ gclj Z_\i e\ gflmX`k cl` Xii`m\i# \k jX ZfejfcXk`fe \jk
k\cc\hlË\cc\cl`]X`kflYc`\ic\jg\`e\jhlË`cXjfl]]\ik\j%@c
Z_Xi^\c\gi`eZ\[\CyFE#hl`i\kflie\~GXi`j#[\cl`gfik\i
j\j]„c`Z`kXk`fej¿
+)*
('(
+)+%
>
i\^fi`f:?@8I8DFEK@#G@<M@@(.+)$(/''$(/)* %9LCC<dXeljZi`k\\ejfeefd#Ifd\~JXekXDXi`XDX^^`fi\(*aXem`\i(/'*2j`^eXkli\j
[\ Z_XeZ\cc\i`\ 2 m„c`e `e$gcXef Xm\Z jfe efd \e k†k\ ZXcc`^iXg_`„ Xm\Z dfk`]j ÕfiXlo# J:<8L \e gcfdY ~ jfe efd g\e[Xek jli
Zfi[\c\kk\aXle\\kifl^\2\ecXk`e%
*''&*,'
9<CC<JC<KKI<J;Ë89JFCLK@FE%
+),%
8
ee`YXc\J<ID8KK<@;<CC8><E>8#CyFEO@@(.-'$(/)*$(/)0 %G%J%½C\fGG%O@@¾#MXk`ZXe*]„mi`\i(/).2(gX^\\k[\d`\`e$]fc%2\e`kXc`\e
gfikiX`k^iXm„af`ek %
),'&*''
8l[fj[Ële\i\hl†k\[lZfdgkXYc\8e^\cf>Xcc`#gfligi\e[i\\eZfdgk\jfeXeZ`\ee\k„#c\GXg\[fee\jfeXZZfi[¿
+)-% = iXeZ\j:fJXm\i`f:8JK@>C@FE<#G@<M@@@(.-($(/)0$(/*' %C%8%J%½=%J%:Xi[%:Xjk`^c`fe`¾#:\j\eX()j\gk\dYi\(/(0#~GXfcfGFC@;FI@~
Ifd\2(gX^\`e$]fc%#X[i\jj\Xm\ZZXZ_\kZ`i\ifl^\2\e`kXc`\e%
-''&/''
:LI@<LJ<C<KKI<%@c„mfhl\le`dYif^c`f]X`k~Ifd\#XcfijhlË`cj˄kX`k\dYXihl„%@cgXic\[l½C`Y\i`Xef¾\k[l½CXq`Xc\ZlY`ZlcXi`f¾#
[Ële\`dgi\jj`feZXYXc`jk`hl\#[\cX½JZlfcX[\ËGXiilZfe`¾2gl`j#~gifgfj[l[„^k[\jLe`m\ij`k„j^\idXe`hl\j#`c[„gcfi\hl\cX
K\lkfe`\g„e…ki\\e@kXc`\[\gl`j.'Xej\em`ife#~ZXlj\[\cXgfc`k`hl\[`XYfc`hl\[\=iXGXfcf¿<kZ%
+).%
= iXeZ\jZfJXm\i`f:8JK@>C@FE<#G@<M@@@(.-($(/)0$(/*' %C%J%Xm\ZZfdgc`d\ekXlkf^iXg_\½Ld`c`jj`df;`mfk`jj`df\[FYc`^Xk`jj`df
J\im`kfi\=iXeZ\jZfJXm\i`f:Xi[%:Xjk`^c`fe`M\jZfmf[`:\j\eX¾#:\j\eX))efm\dYi\(/(-#~CFL@JOM@@@2(gX^\`e$]fc%2\e`kXc`\e%
*''&+''
@c\emf`\j\jmÅlo~JXDXa\jk„Ki…j:_i„k`\ee\~cËfZZXj`fe[\Ef‡c¿
+)/% = iXeZ\jZfJXm\i`f:8JK@>C@FE<#G@<M@@@(.-($(/)0$(/*' %C%J%½G`ljGXgXM@@@¾#Ifd\~JXekXDXi`XDX^^`fi\*(dXij(/)0#R~:?8IC<JOT2
(gX^\`e$]fc%2\e`kXc`\e%
-''&/''
9<CC<C<KKI<:FDD<G8G<C<AFLIDÜD<;<JFEyC<:K@FE%@c\jkXZZXYc„[\mf`ij\jgXlmi\jd„i`k\j„c\m„jXl_Xlk^iX[\[\cËy^c`j\:Xk_fc`hl\%
@c\jg…i\Z\g\e[Xekhl\c\If`XZZl\`cc\iX]XmfiXYc\d\ekZ\kk\„c„mXk`fe\kgi`\iXgflicl`#Zfdd\cl`gi`\;`\l[\[fee\i~cX=iXeZ\
cXgifjg„i`k„\kcXgX`o¿
+)0%
RG@<M@@@(.-($(/)0$(/*' T%9lcc\k`e[\i\Z\ej\d\ek[\mfk\j#*'dXij(/)02`e$gcXef`dgi`d„Xm\Zefk\jdXeljZi`k\j%
-''&/''
:LI@<LO ;F:LD<EK JLI C< :FE:C8M< ;< (/)0 <K CËyC<:K@FE ;< G@< M@@@% CX ]\l`cc\ `dgi`d„\ gfik\ c\j efdj [\ - „m†hl\j# +) gi†ki\j \k
('[`XZi\j2))g\ijfee\jjfekZfdgk„\jZfdd\mfkXekj2~[if`k\[\jefdj#feXgfik„c\efdYi\[\jmfk\j#\k~^XlZ_\cËXZZ\jj`k%
Feg\lkmf`ihl\c\jZXi[`eXlo:Xjk`^c`fe\\k;\>i\^fi`fXmX`\ekkflj[\loi\Zl\`cc`(0mfk\j#dX`j;\>i\^fi`feËXhl\+XZZ\jj`kj
Zfeki\-~jfei`mXchl`j\iX„cl%
+*'% 9Xikfcfd\f8cY\ikf:8GG<CC8I@#>Iy>F@I<OM@(.-,$(/*($(/+- %C%8%J%½>i\^fi`ljGG%OM@¾#Hl`i`eXc).al`e(/*(#~Dfej`^efi\2[\d`$
gX^\`e$+2\e`kXc`\e%
+''&,''
8ljla\k[\cË\o$m`ZX`i\^„e„iXc[\DfekXckf\k[l>iXe[$;lZ%%%
+*(%
9
Xikfcfd\f8cY\ikf:8GG<CC8I@#>Iy>F@I<OM@(.-,$(/*($(/+- %C%J%½>i\^fi`ljGGOM@¾#Ifd\,aXem`\i(/**#~M`kXc\CFJ:?@#„m†hl\
[\GXid\2(gX^\`e$]fc%#X[i\jj\Xm\ZZXZ_\k[\Z`i\ifl^\XloXid\j2\ecXk`e%
*''&+''
9\cc\c\kki\[\i\d\iZ`\d\ekjgflic\jmÅloX[i\jj„jXlGXg\gXic˄m†hl\[\GXid\%
+*)%
`fmXee`DXi`XD8JK8@=<II<KK@#G@<@O(.0)$(/+-$(/./ %C%8%J%#R@dfcXT),R[„Z\dYi\T#~ J8 E@ß:<cXZfdk\jj\M`i^`e`XD8JK8@8IJ@CC@~
>
J\e`^Xcc`X2[\d`$gX^\`e$+#X[i\jj\Xm\ZZXZ_\k[\Z`i\ifl^\~j\jXid\j2\e`kXc`\e%
,''&-''
9\cc\c\kki\Zfdd\ZXi[`eXcXiZ_\m†hl\[Ë@dfcX#i\d\iZ`XekjXe`…Z\[\j\jmÅlo2`c„Zi`k[XejcXel`k[\Ef‡c#XmXek[\Z„c„Yi\i
cËf]ÔZ\jfc\ee\cg\e[Xekc\hl\c`cgi`\iXc\J\`^e\ligfli\cc\¿
8eZ`\ee\Zfcc\Zk`fe9\eaXd`e=@CCFEe—)+.- %
+**%
>
`fmXee`DXi`XD8JK8@=<II<KK@#G@<@O(.0)$(/+-$(/./ %G%J%Xm\ZcX[Xk\\k)dfkjXlkf^iXg_\j#>X…k\)/aXem`\i(/+02(gX^\`e$]fc%2
\e`kXc`\e%
*''&+''
8lYXj[Ële\i\hl†k\[Ë8ekfe`f:FJ:@:?#[\dXe[XekcXY„e„[`Zk`fegfek`ÔZXc\gflicl`\kjX]Xd`cc\¾#`c„Zi`k1½:Xa\k\[`\)/AXe%
(/+0Gif>iXk`XG`ljGG%@O¾%
8eZ`\ee\Zfcc\Zk`fe9\eaXd`e=@CCFEe—)+.. %
+*+%
>
`fmXee`DXi`XD8JK8@=<II<KK@#G@<@O(.0)$(/+-$(/./ %G%J%Xm\ZXgfjk`cc\Xlkf^iXg_\#GXcX`j[lMXk`ZXe((al`cc\k(/-(2(gX^\fYc%`e$
]fc%#ZXZ_\kj\ZXloXid\jgfek`ÔZXc\j%
*''&+''
C\c`\lk\eXek>L@FE@:#.\i„^`d\ek[Ë`e]Xek\i`\[l[`fZ…j\[\MXee\j#jfcc`Z`k\½cXY„e„[`Zk`feXgfjkfc`hl\\kcË`e[lc^\eZ\gc„e`…i\
~cËXik`Zc\[\cXdfikgfliDcc\?„c…e\C8E:F\kkflk\jX]Xd`cc\aljhlËXlkif`j`…d\[\^i„¾%%%G`\@OXZZfi[\jX^iZ\%
+*,%
>`XZfdf;<CC8:?@<J8#9<EFáKOM(/,+$(0(+$(0)) %9LCC<dXeljZi`k\\ejfeefd#Ifd\~JX`ek$G`\ii\*j\gk\dYi\(0(/2j`^eXkli\j
[\Z_XeZ\cc\i`\2m„c`e`e$gcXefXm\Zjfeefd\ek†k\ZXcc`^iXg_`„Xm\Zle\^iXe[\C<KKI@E<Zfcfi„\\ki\_Xljj„\[Ëfi#J:<8L\egcfdY
g\e[XekjliZfi[\c\kk\ki\jj„\2\ecXk`e%
*''&+''
9<CC<G@ß:<%C\kki\jgfliFc`m`\iDXi`\[\;LI=FIK;<:@MI8:;<CFI><#„m†hl\[\CXe^i\j#efdd„~c˄m†Z_„[\Gf`k`\ij\ei\dgcXZ\d\ek
[\D^iCfl`j?LD9I<:?K%GXid`c\jZ_XeZ\c`\ijj`^eXkX`i\j#c\ZXi[`eXcFZkXm\:8>@8EF%
(')
+*-%
C fl`j$A\Xe$DXi`\[\9fliYfe#[lZ[\G<EK?@ßMI<(.),$(.0* Xd`iXc#^iXe[$m\e\li#^flm\ie\li[\9i\kX^e\%C%8%J%#GXi`j()aXem`\i
(.++2[\d`$gX^\`e$+%
(''&()'
@ci\d\iZ`\jfeZfii\jgfe[Xekgfli½c\Zfdgc`d\ekhl\mfljXm„jY`\emflcld\]X`i\jlidfedXi`X^\RXm\ZDXi`\$K_„i…j\$
=„c`Z`k„[Ë<jk\$Df[…e\T2aËpi\Zfeef`jmfjki\Xd`k`„gflidf`#\kdXd\i\e\dËXgXjcX`jj„`^efi\ihl\mfljdË\eXm`„j[fee„[ËXlki\j
dXihl\jhl`Xmf`\ekg\l„ZcXk„#dX`jhl`eË\e\jkf`\ekgXjdf`ej\jj\ek`\cc\j¾¿
+*.%
G_`c`gg\ GyK8@E (/,.$(0,( % G%J%# j`^e„\ Xljj` gXi (( Xlki\j g\ijfeeXc`k„j \k fie„\ [Ële\ 8HL8I<CC< fi`^`eXc\ j`^e„\ [\ GXlc$yd`c\
*''&+''
C<:FDK<2(gX^\^i%`e$]fc%#ilYXeki`Zfcfi\\k^iXe[jZ\XlZ`i\ifl^\G„kX`edXi„Z_Xc[\=iXeZ\(0(0g\k`kj[„]Xlkj %
:FLM<IKLI<;<D<EL;<98EHL<KGFLI=ÜK<IJFED8Iy:?8C8KRG„kX`eXmX`ki\ƒlc\Ykfe[\jdX`ej[lgi„j`[\ekGf`eZXi„c\/[„Z\dYi\(0(/#
[XejD\kqi\Zfehl`j\T%JfljcËXhlXi\cc\[\GXlc$yd`c\C<:FDK<(/..$(0,' i\gi„j\ekXeklem`ccX^\[„mXjk„gXi[\jYfdYXi[\d\ekj
(0#,o(0Zd #c\jj`^eXkli\j[\[flq\Zfem`m\j1flki\c\dXi„Z_XcGyK8@E#c\j^„e„iXlo:_Xic\jD8E>@E#?\ei`>FLI8L;#=i„[„i`Z$>\fi^\j
?<II#A%$9%D8I:?8E;#yd`c\=8PFCC<#M`Zkfi9FÞCC<#<[dfe[9L8K#\kZ%FEAF@EKc\gcXef]ÔZ`\c[\jkXYc\j[lYXehl\k%
+*/%
E
`ZfcXj$DXi`\$?`cX`i\G@:8I;(..0$6 ZXg`kX`e\[\ZXmXc\i`\%)(C%8%J%#(/'-$(/(*#~JFE=IßI<Cfl`jG@:8I;)~c\lig…i\ 2,/gX^\j`e$+
fl`e$/#X[i\jj\j#efdYi\lj\jdXihl\jgfjkXc\j>iXe[\8id„\#8id„\[Ë@kXc`\#8id„\[Ë8cc\dX^e\flDXp\eZ\le\Xm\ZdXehl\j %
-''&/''
9<CC< :FII<JGFE;8E:< ;ËLE :8G@K8@E< ;< :8M8C<I@< ;<J 8IDy<J E8GFCyFE@<EE<J# [\gl`j cË8lki`Z_\# cË8cc\dX^e\ \k cX 9`„cfiljj`\% ;Xej [\j
c\kki\j[Xk„\j[\M`\ee\#Clbn#>d•e[\e#=iXeb\edXibk#Fjk\id\k`e^gi…jJXcqYfli^#9ilejn`Zb#<i]lik#DXp\eZ\#JZ_eY\Zbgi…j
DX^[\Yfli^#JZ_n\[k#Gfcfkjb#?XY\ijkX[k#;i\j[\#\kZ%#G`ZXi[[fee\[\jXg\iƒlj[\cXm`\d`c`kX`i\1`c\jkX`[\[\ZXdg[l^„e„iXc
[\9<I:B?<@D#„Zlp\i[\JXDXa\jk„(/'0 ¿Jligi`jgXic\[`mfiZ\[\cË<dg\i\li#`cZfem`\ekhl\Z˄kX`k½e„Z\jjX`i\¾(/(' ¿@ci\^i\kk\
[\e\gXj†ki\Xm\ZcX>iXe[\8id„\gi…j[\DfjZfl(/() #dX`jg\ej\jl`mi\cË<dg\i\li[XejjX½Zflij\iXg`[\¾gfli[„c`mi\ic\j
gcXZ\j]fik\j\e8cc\dX^e\(/(* ¿<kZ%FEAF@EKle\C%8%J%[ËleXd`~C%G`ZXi[#DXp\eZ\(/(*%RC\ZXg`kX`e\G`ZXi[\jkcËfeZc\[\cËXmfZXk
\k_fdd\gfc`k`hl\<ie\jkG`ZXi[%T
+*0%
C fl`jG_„cpg\Xlo#Zfdk\[\GFEK:?8IKI8@E(-+*$(.). Z_XeZ\c`\i[\=iXeZ\%C%J%#M\ijX`cc\j/dXij(-0,#~Cfl`j$8cg_fej\[\
(''&()'
M8C9<CC<#„m†hl\[\JX`ek$Fd\i2)gX^\j`e$]fc%
<e(-0,#Cfl`jO@MX\ofe„i„c\Zc\i^„[\cXZXg`kXk`fe\eZfeki\gXik`\[l[fe^iXkl`khl\Z\[\ie`\ij\[`jgfj\~cl`XZZfi[\i%C\
jflm\iX`e\jk[`jgfj„~]X`i\Y„e„ÔZ`\ic\[`fZ…j\[\JX`ek$Fd\i[\cXd†d\]Xm\liY`\ehlË`ce\]Xjj\gXjgXik`\[lZc\i^„[\=iXeZ\%
½JXDXa\jk„XpXekmflclc\kiX`kk\i\eZ\cXXljjp]XmfiXYc\d\ekhl\c\Zfigj[l:c\i^„#<cc\e\[flk\gf`ekhl\j`mfljmflc\qclp
]X`i\]X`i\hl\chl\Xkk\ek`fecX[\jjlj#`ce\j\gfik\[\clpd\jd\\eZfej`[„iXk`fe[\jY\jf`ej[\cË<jkXk~XZZfi[\iXlIfphl\chl\
jfdd\gXi]fid\[\jlYj`[\mfcfekX`i\%JXDXa\jk„dËXZfddXe[„[\mflj]X`i\jƒXmf`ihlË<cc\jË\ei\d\k~mfki\q…c\[\]X`i\cX
[\jjljZ\hl\mfljal^\i\q~gifgfjgflic\Y`\e[\cË<jkXk\kgflicË_fee\li[l:c\i^„[\mfki\[`fZ…j\¾¿
++'% IyMFCLK@FE%,`dgi`d„j[\J8@EK$ALJKflDXo`d`c`\eIF9<JG@<II<#Xe@@(.0*$(.0+ 2`e$+fl`e$/%
(,'&)''
IXggfikjXlefd[\j:fd`k„j[\JXclkglYc`Z\k[\J”i\k„^„e„iXc\#gfikXekjlicXgfc`Z\#cXaljk`Z\#c\jg\ijfee\j`eZXiZ„i„\j#c\j
]XZk`fej„kiXe^…i\j#c\jiXggfikj[\j`[„\ji\c`^`\lj\j\kdfiXc\jXm\Zc\jgi`eZ`g\ji„glYc`ZX`ej#\kZ%FEAF@EK('c\kki\jflg`…Z\j#cX
gclgXik[\c˄gfhl\i„mfclk`feeX`i\gXjj\gfik#Z\ik`ÔZXk#iX[`Xk`fe[\cXc`jk\[\j„d`^i„j#`dgi`d„j %
++(%
IyMFCLK@FE%*C%J%flG%J%#(.0,$(.0/2`e$]fc%#^iXe[`e$]fc%\k`e$gcXef#\e$k†k\j\km`^e\kk\j%
(''&()'
8d`iXc9IL@O(.0/#i\d\iZ`\d\ekjgflicË\emf`[\I„jlckXkj[\jfYj\imXk`fejXjkifefd`hl\j%%%[\=\ii\i %C<KFLIE<LI\kG<K@<K(.0-#
Yi\m\k[\g\ej`feXZZfi[„gXic\;`i\Zkf`i\#jZ\XljfljgXg`\i %C%8%G@CC<(.0,#Yi\m\k[\Z_\][\YXkX`ccfegfliyk`\ee\<peXi[ %
++)% IyMFCLK@FE\k<DG@I<%**c\kki\jflg`…Z\j#cXgclgXikC%J%flG%J%2hhj\e$k†k\j\km`^e\kk\j%
()'&(,'
;%9fi\c[\9i\k`q\c#A%A%9fjhl`ccfe#C%>%9flk\m`cc\Xl^„e„iXc<jkflid\c #:Xdg`j\Zi„kX`i\[\ClZ`\e9feXgXik\ #:Xife[l:fl[iXp#
:_XYifc[\Mfcm`Zgi„]\k[\cXJ\`e\ #:i\jjXZ[\ClYi`XZ#;iflXik#A%C%?XiXe\[\i#:_%AXem`\ij\Zi„kX`i\[\Cfl`j9feXgXik\ #8ekf`e\
AXp Xl dXi„Z_Xc 9ile\ # ?l^l\j DXi\k# yk`\ee\ D„aXe j\Zi„kX`i\ [l gi`eZ\ <l^…e\ # ?fefi„ DliX`i\# =iXeƒf`j [\ E\l]Z_k\Xl#
I\^eXl[[\JX`ek$A\Xe[Ë8e^„cp~DliXk #\kZ%
++*%
8ekf`e\IFJJ@>EFC(-''$(-/) Zfej\`cc\i[lif`#Zipgkfcf^l\#ZfeZ\gk\li[l½>iXe[:_`]]i\¾\k`e`k`Xk\li[l½:XY`e\kef`i¾jflj
Cflmf`j%C%8%J%#GXi`j#+Xmi`c(-*02[\d`$gX^\g\k`k`e$+%
(''&()'
½A\gifd\kj[\eki\k\e`i[\lo_fdd\jgfli\jZi`i\Xlgi\j[\dfpdfp\eeXekcXg\ej`fe[\[flq\d`cc`mi\jhl`cXgc\lXlIfp[\
dXZZfi[\i¾%%%I8I<%Feaf`ekle\G%J%#i\ƒl(-.( %
]+++% ILJJ@<%<C@J89<K?@(.'0$(.-) %G%J%#(/dXij(.*.2[\d`$gX^\`e$]fc%2\eiljj\%
+''&,''
;„Zi\k`dg„i`XcXccflXek,''iflYc\j~cX:_XeZ\cc\i`\gXki`dfe`Xc\[\jX:_XdYi\#Xm\Zfi[i\[\Zfej`^e\icXjfdd\[Xejc\c`mi\
[\i\m\elj%%%
('*
]++,% ILJJ@<%8C<O8E;I<@@(/(/$(//( %G%J%#BiXjef\J\cf((al`cc\k(/-.2(gX^\\k[\d`\`e$]fc%~jfe\e$k†k\2\eiljj\%
),'&*''
;„Zi\k`dg„i`Xc[\efd`eXk`fej[\Z_\mXc`\ij[XejcËFI;I< @DGyI@8C <K IFP8C ;<J8@EKJK8E@JC8J1c\c`\lk\eXek$Zfcfe\c@mXe><I8J@DFM#
Z_\][˄kXk$dXafi[\cX*\[`m`j`fe[Ë`e]Xek\i`\#c\jZXg`kX`e\j[˄kXk$dXafi[\ji„^`d\ekj[Ë`e]Xek\i`\[l^„e„iXcgi`eZ\D\ej_`bfm1
MXjj`c`9<CFM<F;JB@P#G`fkiC@JPEFM\kG_`c`g;FD8EKFM@:?%
++-% I
\kiX`k\[\ILJJ@<%:cXl[\$8ekf`e\J<:IyK8EK(../$(/,, f]ÔZ`\i%D8ELJ:I@KXlkf^iXg_\j`^e„#I\kiX`k\[\DfjZfl2mfcld\`e$/
ZXii„#+0gX^\j#i\c`li\[\d`$YXjXe\Yile\%
/''&(%'''
Iy:@K ;< C8 I<KI8@K< ;<ILJJ@<gXile½c`\lk\eXekXl0\i„^`d\ek[\:l`iXjj`\ijZ_\mXc`\i[\cXC„^`fe[Ë_fee\liXdglk„[\cXZl`jj\
[if`k\jlic\Z_Xdg[\YXkX`cc\[\cXDfjbfmXc\.[\.Yi\(/()#\ei\kiX`k\~8i`ek_f[[„gk[lALI8¾%
CX i\cXk`fe jËflmi\ ~ cX YXkX`cc\ [\ cX DFJBFN8 f“ cËf]ÔZ`\i ]lk Xkk\`ek gXi le Yflc\k% @c iXZfek\ jfe „mXZlXk`fe ~ cËXii`…i\# j\j
`dgi\jj`fej[\^iXe[Yc\jj„#cË`eZ\e[`\[\DfjZfl\kcXc\ek\i\kiX`k\m`XcXC`klXe`\#cXGfcf^e\#cXI_„eXe`\#aljhlË~jXm`cc\eXkXc\#
8i`ek_f[#f“`cXii`m\c\(-dXij(/(*¿Fepc`k[Ë`ek„i\jjXekjk„df`^eX^\jjlic\jXdYlcXeZ\j#c\jY`mflXZj#c\jm`ZklX`cc\j[\]fikle\#
[\j kiX`kj [\ ^„e„ifj`k„ [\ j\j ZXdXiX[\j# c\ ^iXe[ [„jfi[i\%%% Fe i\eZfeki\ Xljj` c\j efdj [\ EXejflkp# Dfik`\i# Gfe`Xkfnjb`#
Fl[`efk#;fld\iZ#;fie…j#8l^\i\Xl#:XlcX`eZflik#\kY`\e\ek\e[lEXgfc„fe¿
FE 8 I<C@y~cXÔele\Zfg`\dXeljZi`k\Xkki`Yl„~Cfl`jD<JJ<K ;<C8D98JC<#½XeZ`\eZ_`ili^`\eX`[\$dXafiXl-(\[\c`^e\\khl`
Xm\Zjfe]i…i\J„m…i\#d„[\Z`eXl0\Zl`iXjj`\ij#XXljj`]X`kkflk\cXZXdgX^e\[\Iljj`\%Æ@cj]li\ekc`Z\eZ`„j~cËXid„\[\cXCf`i\
\ki\emfp„jjXejkiX`k\d\ek[Xejc\lij]fp\ij¾*+gg% %GcljcXZfg`\[\hhjc\kki\j]Xd`c`Xc\j[fekle\[feeXekcXe„Zifcf^`\[\
J\Zi„kXekgXil\[XejCXJ\ek`e\cc\[lAliX-gg% %
++.%
:
cXl[\$G`\ii\$DXo`d`c`\eIX[`o[\J8@EK<$=FP(.+-$(/(' jli`ek\e[Xek[\jÔeXeZ\j[lZfdk\[Ë8ikf`j[fek`c„kX`kg\lk$†ki\c\
ÔcjeXkli\c #Xd`[\;Xekfe\k[\KXcc\piXe[#X^\ekifpXc`jk\%)C%J%#GXi`j)/\k*'al`cc\k(./'#~D%J<E@CC<#gk`jj`\i~=fekX`e\Yc\Xl2
)gX^\j`e$]fc%
(''&()'
C\Zfdk\[Ë8IKF@JZfej\im\~J\e`cc\cXZ_Xi^\[\gk`jj`\i[fek`cX„k„gfliml~cXZi„Xk`fe[\jXdX`jfe#XlkiX`k\d\ek[\--'
c`mi\jgXiXe%%%
++/% 8ekf`e\$Afj\g_J8EK<II<(.,)$(/'0 ^„e„iXc[\cXI„mfclk`fe%G%J%#fZkfYi\(.0)2*gX^\j`e$]fc%
*''&+''
½ykXk[\jXggf`ek\d\ej~gXp\iXlo:`kfp\ej<dgcfp„j[Xejc\j9li\Xlo[\cË<kXkDXafi¾[\cX>8I;<E8K@FE8C<G8I@J@<EE<[fek`c
\jkc\ZfddXe[Xek #gflic\df`j[ËfZkfYi\(.0)1*-\dgcfp„j[lj\Zi„kXi`Xk#[\cXZX`jj\#[\jZfemf`j#ZXj\ie\j#\kZ%#fek„dXi^„#
gfli[\jjfdd\jXccXek[\,''~-']iXeZj%
++0%
A \Xe$9Xgk`jk\$G`\ii\J8LI@E<(.**$(/(* „m†hl\Zfejk`klk`fee\c\kZfem\ek`fee\cCXe[\j %C%8%J%#M\ijX`cc\j+dX`(./02)gX^\j\k
[\d`\`e$+jfljm\ii\ %
,''&.''
D8>E@=@HL<C<KKI<I8:FEK8EKCËFLM<IKLI<;<JyK8KJ$>yEyI8LO%
@cX„k„gi„j\ek„XlIf`1½HlË\jk$Z\hl\Z\kk\gi„j\ekXk`fe6C\^iXe[dXŠki\[\jZ„i„dfe`\jmflj]X`kd\kki\~cXÔc\cËle[\
cËXlki\\kmflj]X`kgXjj\i[\mXekc\ifpXlhl\c`cmfljefdd\cËleXgi…jcËXlki\#mflj]X`k\jle\gif]fe[\i„m„i\eZ\~JXdXa\jk„#
\kgl`jmf`c~kflk¾¿8lafli[Ë_l`#`cpX\lle\gifZ\jj`fejfc\ee\cc\gflicËflm\ikli\[\jykXkj>„e„iXlo1½efljXmfej\lfi[i\[\
eflji\e[i\~j\gk_\li\[ldXk`e~c˄^c`j\Efki\$;Xd\#c\ifp\kcX]Xd`cc\ifpXc\\kkfljc\j^iXe[j[\cXZflijËpjfeki\e[ljXljj`#
efljjfdd\jkfljgXik`j[\c~Xm\ZcËXiZ_\m†hl\[\GXi`jhl`f]ÔZ`f`kR¿T\kfejË\jki\e[l~c˄^c`j\JX`ek$Cfl`j%Kflk\jc\jkiflg\j
[\cXdX`jfe[lifp„kf`\ekjfljc\jXid\jXm\Zc\lijgcljY\cc\j[„ZfiXk`fej#c\jdX`jfej„kf`\ekkXg`jj„\j#\kc\jil\jZflm\ik\j
[\jXYc\#kflk\jc\ji`Z_\jj\j[lkie\#\kc\jgcljY\Xlod\lYc\j[\cXZflifee\#„kf`\ek„kXc„jXlop\lo[\jjg\ZkXk\lij#`cpXmf`k
leg\lgc\`eefdYiXYc\R¿T%C\gXm„[\c˄^c`j\Jk$Cfl`j„kf`kkflkZflm\ik[\kXg`ji\_Xljj„j\eÕ\lij[\cpj[Ëfi#efljdXiZ_`fej
jlicËfi\kcËXi^\ekXljj`]Xd`c`…i\d\ekhl\jlicXk\ii\¾¿CX]flc\XXZZcXd„cfe^l\d\ekc\if`\kcXi\`e\#dX`jXljj`c\K`\ij$ykXk2cX
dlj`hl\ifpXc\]lkjfdgkl\lj\#\kc\j\idfe[\D^iC8=8I<#c˄m†hl\[\EXeZp#ki…jXggcXl[`¿½KflkZ\jg\ZkXZc\„kf`kj`Y\Xl#j`
`ek„i\jjXek\kj`dX^e`Ôhl\hlË`c\jk`dgfjj`Yc\[\jË\e]X`i\le\`[„\jXejcËXmf`iml%@ddX^`e„jkflkZ\hl\mfljmfl[i„j[\]iXggXek
\k[\dXa\jkl\lo#mfljj\i„j\eZfi\cf`e[\cXgfdg\\k[\cX^iXe[\li[\Z\aflihl`X„k„gflic\ifpc\gcljY\Xlafli[\jXm`\¾¿
;\dX`eXc`\lcËflm\ikli\[\jykXkj>„e„iXlo#f“E<:B<I[f`kgXic\ig\e[Xekkif`j_\li\j#X`ej`hl\[ËXlki\j1½al^„j[\cXZfim„\hl`
eflj\jkgi„gXi„\¾¿@cXaflk\hl\c\gXiZ[\M\ijX`cc\j„kX`kdX^e`Ôhl\1½feXmf`kd`j\ea\lkflk\jc\jg`…Z\j[Ë\XlgflijXk`j]X`i\
cXZli`fj`k„[lg\lgc\\kgflijfc\de`j\ilej`Y\Xlafli#XlkXekhl\cXgl`jjXeZ\ifpXc\g\lkj˄k\e[i\¾¿C\If`\kjX]Xd`cc\[f`m\ek
Xljj`†ki\~cËflm\ikli\[\jykXkj¿
+,'% J
8MF@<%:?8IC<J$=yC@O(.-,$(/*( if`[\JXi[X`^e\\k[lZ[\JXmf`\%C%J%#Kli`edXij(/)+#XlZXi[`eXc98I;8O@2[\d`$gX^\`e$]fc%#
X[i\jj\Xm\ZjZ\XljfljgXg`\iXloXid\j2\e`kXc`\e%
/'&(''
@cc\i\d\iZ`\[\j\jmÅlogflicXEf‡c%
+,(%
('+
:
XicmfeJ:?<IQ<I(/)($(0'* \ogcfiXk\li#eXkliXc`jk\\k[`gcfdXk\Xlki`Z_`\e%),C%8%J%#(/-+$(/.+2.'gX^\j`e$/2))\e]iXeƒX`j%
*''&+''
@EKyI<JJ8EK< :FII<JGFE;8E:< 8D@:8C< yMFHL8EK J<J KI8M8LO# J<J GL9C@:8K@FEJ <K C8 J@KL8K@FE GFC@K@HL< 8LKI@:?@<EE<% (\i ]„mi`\i (/-+# jli jfe
\og„[`k`fe1½@ce\jËX^`kgXj[Ële\d`jj`fejZ`\ek`Ôhl\dX`jkflkYfee\d\ekgXile\\og„[`k`fe[\]X`i\[\jkiX`k„jXm\Zc\J`Xd#
cX:_`e\\kc\AXgfeR¿TC\^flm\ie\d\ekdËXf]]\ik[ËXZZfdgX^e\icË\og„[`k`feZfdd\:fdd`jjX`i\@dg„i`Xc\k[\e„^fZ`\ic\j
kiX`k„j¾¿CXZ[\:d\()dXij(/-+#`cXÔe`jfej\Zfe[mfcld\1½ZË\jkcX]flc\[\]X`kjhl\aËX`iXdXjj„j\khl`j\kiflm\ekdX`ek\eXek
[XejZ\kk\flmiX^\hl`d„i`k\iX`kcËXkk\ek`feglYc`hl\¾¿(0dX`(/-,#`cgXjj\iXc˄k„\eJkpi`\gflikiXmX`cc\i~cXgXik`\\k_ef^iXg_`hl\
[\jfe\og„[`k`fe~Yfi[[\CXEfmXiX¿M`\ee\+[„Z\dYi\(/-,#YcdXekcËXkk`kl[\[\j?fccXe[X`j[Xejc\lijZfcfe`\j1½C\jAXmXeX`j
jlikflkjfekkiX`k„jZfdd\c\je…^i\j\e8d„i`hl\[lEfi[¾¿(\ial`cc\k(/--1½GflicË8lki`Z_\\kgflicË8cc\dX^e\cË8[i`Xk`hl\\jk
`e[`jg\ejXYc\%JXejZ\cXeflje\j\ifejaXdX`jhlËle\eXk`fe[\j\Zfe[fi[i\%:Ë\jkle\kZ_\`dd\ej\gflidXgXlmi\eXk`fe[\
ZfdYXkki\~[\loZk„j%R¿TaË\jg…i\hl\eflji\kflie\ifejmX`ehl\lij¾%%%<kZ%FEAF@EKledXeljZi`kXlkf^i%\eXcc\dXe[+g% %
]+,)% 8cY\ikJ:?N<@KQ<I(/.,$(0-, %Efk\Xlkf^iXg_\#R(0-(T2(gX^\fYc%`e$()%
(''&(,'
Efk\jjlile\\em\cfgg\ZfeZ\ieXekjX½[„ZcXiXk`fe[\i\m\elj\e(0-'¾#j\jgX`\d\ekjgXiZ_…hl\eld„ifjefk„j \kc\j[Xk\j
[\ji\ƒlj#Xm\Z[\jZfdgk\j%FEAF@EKle\\em\cfgg\Xlkf^i%#\kle\c\kki\\k\em\cfgg\~cl`X[i\jj„\jgXic\[`i\Zk\li[\CX;\ie`…i\
?\li\[\9ilo\cc\jXm\Zefk\jXlkf^i%(0-* %
+,*%
J:@<E:<J%(,c\kki\jflg`…Z\j#cXgclgXikC%8%J%
)''&),'
Alc\j9<JJFEE<8L* #Alc\j;<JEFP<IJ#Afj\g_=FLI@<I#8ieXl[[\>I8DFEK#AXZhl\j$;feXk`\eC<I8P;<:?8LDFEKjlicXZi`jkXcc`jXk`fe[l
jXcg†ki\#(..) #8cZ`[\[ËFI9@>EP* #c\d„ZXe`Z`\eI@M<P#>`fmXee`IFJ@E@#>`fi^`fJ8EK@#Cfl`jKF>E<K~EXgfc„fe@@@ #\kZ%FE AF@EKle
dXeljZi`k1Gifa\k[Ële\;`jj\ikXk`fejlicX;`m`j`Y`c`k„[\cXDXk`…i\~cË@eÔe`#\kjlic\jGXik`\jgi`d`k`m\jflIX[`ZXc\j#[fek\cc\\jk
Zfdgfj„\()g% 2\k*ZX_`\ij[\Z_`d`\m\ij(/0' %
+,+
+,+%
J<I><EKJ;<C8IF:?<CC<%EFK<JXlkf^iXg_\jgXiD%[\=I8J8EJ#Xf”k$j\gk\dYi\(/))2c`Xjj\[\/(gX^\jg\k`k`e$+% (%'''&(%,''
EFK<J;Ë8L;@<E:<G8ILE;<J:FEJ<@CC<IJ;<C8:FLI;Ë8JJ@J<J#D%;<=I8J8EJ#CFIJ;L:yCß9I<GIF:ßJ;<JHL8KI<J<I><EKJ;<C8IF:?<CC<#8::LJyJ;<
:FEJG@I8K@FE:8I9FE8I@JK<%C\gifZ…jX\lc`\l[l)(Xf”kXl,j\gk\dYi\(/))#\kc\jhlXki\j\i^\ekj#9fi`\j#Gfdd`\i#IXflco\k>flY`e#
hl`ZfdgXiX`jjX`\ek\ekfli„j[Ële\m`e^kX`e\[\½Zfdgc`Z\j¾#]li\ekZfe[Xde„j~dfik%
Efdj[\jZfej\`cc\ijZfdgfjXekcX:fli[ËXjj`j\j#gi„j`[„\gXiD%[\Dfed\ihl„#\k[\cËXmfZXk^„e„iXcDXiZ_Xe^p 2c`jk\[\j
ali„j#\k[\jali„ji„Zlj„j[fekc\Zfdk\[\CXIfZ_\]flZXlc[\k;lg\iife 2Z_\]j[ËXZZljXk`fe2[„ZcXiXk`fej[\jk„df`ej~Z_Xi^\\k
(',
~[„Z_Xi^\2efk\j\ki\ej\`^e\d\ekjjliZ_XZle[\jXZZlj„j#Xm\Zefd[\c\li[„]\ej\li#c\lij[„ZcXiXk`fej#gl`jc\al^\d\eki\e[l
½efe$ZflgXYc\¾#Zfe[Xde„~dfik#XlokiXmXlo]fiZ„j#~cË\dgi`jfee\d\ek ¿
:`kfejZ\k\okiX`ki„jldXekc\j½Zi`d\j¾m`jXek[flq\½XZZlj„j[ËXmf`igi`jgXik~leZfdgcfkXpXekgfliYlk#jf`k[\[„kil`i\fl
[\Z_Xe^\ic\^flm\ie\d\ekflcËfi[i\[\jlZZ\jj`Y`c`k„Xlkie\2jf`k[Ë\oZ`k\ic\jZ`kfp\ejfl_XY`kXej~jËXid\iZfeki\cËXlkfi`k„
ifpXc\2jf`k[Ë\oZ`k\icX^l\ii\Z`m`c\¾¿:`kfej\eZfi\c\[„Ylk[\jefk\jZfeZ\ieXekc\j\i^\ek9FI@<J1½CËXZZljXk`fecl``dglk\[ËXmf`i
„k„c\]fe[Xk\li\kc\gi„j`[\ek[\cXm\ek\d`c`kX`i\„kXYc`\[Xejc\+,\i„^`d\ek%8cËflm\ikli\[\j[„YXkj#`ce`\Z\]X`k2`c[„ZcXi\
j\lc\d\ekhlË`cpXmX`k[Xejc\i„^%le\jfZ`„k„g_`cXekifg`hl\[\j\Zflijdlkl\chl\c\jd\dYi\jjfljZi`mX`\ek[\(]iXeZgXidf`j
gflij\j\Zfli`idlkl\cc\d\ek\eZXj[\dXcX[`\#hlË`cjgi†kX`\ekj\id\ek[\^Xi[\ic\j\Zi\k[\Z\kk\jfZ`„k„#R¿Tgflicl`[fee\ile
X`i[\dpjk`Z`k„hl`cX]Ški\jj\dYc\i~cX]iXeZ_\dXƒfee\i`\#dX`jhlËfee\jËpfZZlgX`kelcc\d\ek[\gfc`k`hl\#Z%¾¿
+,,%
JL@JJ<%(*g`…Z\jdXeljZi`k\j#m\ij(.)+$(.)-2+*gX^\j`e$]fc%fl`e$+2)\eXcc\dXe[%
)''&),'
\i
:fg`\j\kkiX[lZk`fej[˄gfhl\[\cXZfii\jgfe[XeZ\„Z_Xe^„\\eki\=Iy;yI@:$>L@CC8LD<@ #If`[\Giljj\#\kc\jXlkfi`k„j[\9<IE<
\kE<L=:?ÛK<C#ZfeZ\ieXekc\jgi`m`c…^\j\k]iXeZ_`j\jhl\c\if`m\lki\d\kki\\eZXlj\#gcljle½D„df`i\[\J%<%dfej`\lic\YXife
[\JK|EB<E;<i\d`jXl:fej\`c[\cXm`cc\[\E\l]Z_k\cc\((Xfljk(.),¾#Xm\Z\ei\^Xi[#c\j½I„gfej\j[l:fej\`c[\cXm`cc\[\
E\l]Z_k\c¾%
+,-% :_Xic\j$DXli`Z\[\K8CC<PI8E;(.,+$(/*/ %C%J%#GXi`j(/giX`i`XcO@@.al`e(/'+ #~Afj\g_<J:?8JJyI@8LO2[\d`$gX^\`e$]fc%(,'&)''
Efd`eXk`fe[Ë<jZ_Xjj„i`XloXlgfjk\[\½Z_Xi^„[ËX]]X`i\jgi…jc\>flm\ie\d\ek[\cXI„glYc`hl\[lMXccX`j%CXdXe`…i\[fek
mfljXm\qi\dgc`c\j[`]]„i\ek\j]feZk`fejhl`mfljfek„k„ZfeԄ\j#[fee\~JXDXa\jk„cË<dg\i\lile^X^\Xjjli„[lq…c\Xm\Zc\hl\c
mfljmfljXZhl`kk\i\q[\Z\kk\eflm\cc\d`jj`fe¾¿
FEAF@EK+gfikiX`kj^iXm„j[Ë<J:?8JJyI@8LO#\kjfeflmiX^\C\kki\jlic\MXcX`jGXi`j#DXiX[Xe#(/'-2`e$/#i\c%[\d`$dXifhl`eifl^\%
+,.%
:
_Xic\j$DXli`Z\[\K8CC<PI8E;%C%J%#GXi`j))k_\id`[fiO@@@('Xf”k(/', #~Afj\g_<J:?8JJyI@8LO#½Z_Xi^„[ËX]]X`i\j[\=iXeZ\\e
MXcX`j¾2(gX^\`e$]fc%
(,'&)''
DPJKyI@<LJ<8==8@I<#Xljla\k[Ële\efk\i\d`j\gXiD%EFMFQ@CKQFNZfeÔ[\ek[lKjXi8c\oXe[i\@\i\k\jg`feiljj\ XmXekjfe[„gXik
[\9\ic`e1½c\j]Xljj\jXcc„^Xk`fejhlË\cc\Zfek`\ek\kcXglYc`Z`k„hlË\cc\Xi\ƒl\#gflmXek]X`i\gi\e[i\c\Z_Xe^\jlic\jml\j\kjli
c\j[„dXiZ_\j[\jXDXa\jk„¾#Z\cc\$Z`cl`fi[fee\[\gi„j\ek\iXl^flm\ie\d\ek[lMXcX`jle\efk\#gl`j½[ËfYj\im\icË\]]\khlË\cc\
XliXgif[l`k#\k[\dË\e[fee\i`eZ\jjXdd\ekZfeeX`jjXeZ\¾¿
FEAF@EK(C%J%[Ë8ekf`e\8L>LJK@E@#>iXe[9X`cc`[lMXcX`j#)+Xf”k(/',#Xld†d\#ZfeZ\ieXekcXd†d\X]]X`i\%
+,/% :
_Xic\j$DXli`Z\[\K8CC<PI8E;%C%J%#JkiXjYfli^)*m\e[„d`X`i\O@M(,fZkfYi\(/', #~Afj\g_<J:?8JJyI@8LO#½Z_Xi^„[ËX]]X`i\j[\
=iXeZ\~J`fe¾2(gX^\\khlXik`e$]fc%
)''&),'
;\dXe[\[Ë\okiX[`k`fe[Ëlegi`jfee`\ig`„dfekX`j[„k\el[Xejle\gi`jfe[lMXcX`j#AfXZ_`dJ<II8#hl`½j˄kX`ki\e[lZflgXYc\
[ËXjjXjj`eXk\ekiXmX`ccXek~cXiflk\[lJ`dgcfe¾%:\k`e[`m`[l#ZfejZi`k\e(.0(#gl`j[„j\ik\li[l)*\i„^`d\ek[\c`^e\#XmX`k[„a~„k„
Xii†k„gflimfc[XejjfegXpj¿
FE AF@EK(C%8%J%[Ë8ekf`e\8L>LJK@E@#>iXe[9X`cc`[lMXcX`j#),fZkfYi\(/',#Xld†d\#i„gfe[Xekgfj`k`m\d\ek~Z\kk\[\dXe[\
[Ë\okiX[`k`fe#\k„mfhlXekcX^iXe[\m`Zkf`i\[ËLcd#cXj`klXk`feki`fdg_Xc\[\cË8id„\=iXeƒX`j\#\kZ%
+,0%
8
e[i„K?FL@E(.+.$(/)* YfkXe`jk\%G%J%Zfdd\j\Zi„kX`i\[lDlj„ld[Ë?`jkf`i\eXkli\cc\#GXi`j*m\ekfj\M@@)(]„mi`\i(.00 2(gX^\
`e$+#\e$k†k\Dlj„ldEXk`feXc[Ë?`jkf`i\eXkli\cc\#m`^e\kk\%
.'&/'
Efd`eXk`fe[\ClZXj#Ôcj[l^Xi[\[\j^Xc\i`\j[lDlj„ld#Zfdd\X[af`ekjlim\`ccXek¿
+-'% A XZhl\j$8ee\$Afj\g_C\Gi\jki\#Zfdk\[\M8L98E(.,+$(/(- X`[\[\ZXdg[\IfZ_XdY\Xl\e8d„i`hl\#le[\jZ_\]j[\cX
dXc_\li\lj\\og„[`k`feifpXc`jk\[\Hl`Y\ife#Xii`…i\$g\k`k$e\m\l[ldXi„Z_Xc[\MXlYXe%C%8%J%#0dX`(./.#~Dfej\`^e\li2jli
(gX^\`e$]fc%
/'&(''
½G\ijfee\gcljhl\c\D`j[\DLJJ<KeË\jk[`^e\[ËfYk\e`icXgcXZ\[\c`\lk\eXek[\d\jj`\lijc\jdXi„Z_Xlo[\=iXeZ\hl\mflj
mflc„jY`\ecl`XZZfi[\i%@c\jkki…jYfe^\ek`c_fdd\2\jki`Z_\2\kgXicXdXe`…i\[fek`cXj\im``cd„i`k\mfjYfek„j¾¿RC\dXihl`j
Cfl`j$8c\oXe[i\$DXi`\[\DLJJ<KR(.,*$(/*0T#d`c`kX`i\#„Zi`mX`e\k_fdd\gfc`k`hl\#„kX`kc\gXiiX`e[Ë8c]i\[[\Dljj\k%T
+-(%
:_Xic\j[\9fliYfe#ZXi[`eXc[\M<E;åD<(,-'$(,0+ ZXi[`eXc\kXiZ_\m†hl\[\Ifl\e#Ôcj[lgi`eZ\[\:fe[„#`ck\ekX[\j\
]X`i\ i\ZfeeXŠki\ if` gXi cX C`^l\ Xgi…j cX dfik [\ jfe feZc\# c\ ZXi[`eXc [\ 9fliYfe% C%8%J%# FiZXe FlijZXdgj gi…j :fdg`…^e\ )+j\gk\dYi\(,/-#~D%[\M@CC<IFP#gi\d`\ij\Zi„kX`i\[ËykXk[lIf`2[\d`$gX^\`e$]fc%#X[i\jj\Xlm\ijf%
),'&*''
@cXeefeZ\hl\c\ZXi[`eXc[\9fliYfe#jfefeZc\#m`\e[iX~FlijZXdgj½fld\jj`\lijc\j:Xi[`eXc[lZ[\>l`j\j\[\Ymf`\ek
kiflm\i%JXejZ\cXa\e\ljj\gXj]X`ccp[\c\mflj\jZi`i\X]Ôe[\e\cX`jj\iXlIfpR?\ei`@@@TXlZle\jljg`k`fe[\d\jXZk`fej#e\
i\jg`iXekhl\cXÔ[\c`k\hl\a\[f`YjXlj\im`Z\[\jXDXa\jk\¾¿
+-)% C fl`j @@ [\ M<E;åD< R(-()$(--0T [lZ [\ M\e[d\# [lZ [Ë<kXdg\j \k Zfdk\ [\ G\ek_`…mi\# `c „gfljX CXli\ DXeZ`e`# e`…Z\ [\
DXqXi`e2`c\ekiX[Xejc\jfi[i\j~cXdfik[\jfe„gflj\(-,( \k]lkefdd„ZXi[`eXc$[`XZi\gXic\gXg\8c\oXe[i\M@@%C%8%J%#Ifd\
))dX`(--.2(gX^\`e$+%
(,'&)''
8cfijc„^Xk[\=iXeZ\~Ifd\#`cXeefeZ\cXDFIK;LG8G<8C<O8E;I<M@@c\aflid†d\#~*_\li\j[\cËXgi…j$d`[`1½Xgi\j\ekefljmf`j`
\ej`\^\mXZXekc\gXg\m\eXek[\og`i\i[XejZ\dfd\ek[Xlafli[_l`\ee\l]jaflijeflj\eki\ifej[Xejc\ZfeZcXm\[\j[\dX`ea\
Zfdd\eZ\iX`[\eki\i[Xejc\jZfe^i\^Xk`fejR¿Ta\eflYc`\iX`i`\e[XejZ\keflm\c\dgcf`R`cXmX`k„k„efdd„C„^Xk[\=iXeZ\~Ifd\
c\.dXij(--.Thl`gl`jj\dXihl\idfeq\c\ki\jÔ[\c\gflic\j\im`Z\[\JD¾¿
('-
+-+
+-,
('.
+-*%
=iXeƒf`jM@;F:H(..,$(/,. %C%J%#GXi`j(\iaXem`\i(/+(#~D%IFL98C<K#_l`jj`\i~EXeZp2)gX^\j`e$+~jfe\e$k†k\M`[fZh#9i\m\k„[l
If`#<o$:_\][\cXGfc`Z\[\j”i\k„hlË`cXZi„„\\k[`i`^„\g\e[Xekgclj[\)'Xej¿#X[i\jj\]\ek\i„gXi„\ %
(,'&)''
@ccË`em`k\~kiX`k\i[\jXZi„XeZ\jliA%$9%JXl^e`\i#XeZ`\ed`c`kX`i\Xl(0\c„^\i1.+']iXeZj\o`^`Yc\c\(0Xf”k(/+0Xm\Z`ek„i†kj#
½jXl]c\ZXj[\[„Z…j[\cXd…i\[l[„Y`k\lic\hl\cZXjXii`mXek#i\e[iX`kcXZi„XeZ\\o`^`Yc\Xgi…jj`odf`j[lafli[\Z\[„Z…j¾¿
@cc\i\d\iZ`\Xljj`[\cl`Xmf`igifZli„cXZc`\ek…c\[\D%D\cc\k1½kflk\jc\jg\ijfee\jhl`d\j\ifekgi„j\ek„\jgXimfljj\ifek
kflaflijZ\ikX`e\j[ËleYfeXZZl\`c\k[Ëlejf`ekflkgXik`Zlc`\igflic\lijX]]X`i\j¾¿
+-+% C fl`j$K_fdXjM@CC8I<K$AFP<LJ<(.,'$(/() Xd`iXc%D8ELJ:I@KXlkf^iXg_\#AflieXc[lmfpX^\[\cXÕlkk\[lIfpc\:fifdXe[\c
[\jk`e„\gfliGfe[`Z_\ip\kZfddXe[„\gXidfeji[\Jk=\c`oc`\lk[\jmX`jj\Xlo[lIfp#jl`m`[\:XdgX^e\[\cXZfim\kk\[lIfp
CË8k_XcXek\ZfddXe[„\gXiDic\Z_\i[\Jk=\c`oc`\lk[\mXl#)-al`cc\k(..+$)/al`e(..-2lemfcld\`e$]fc%[\(.0gX^\j`e$]fc%#i\c`li\
[\c˄gfhl\gXiZ_\d`e%
/%'''&('%'''
AFLIE8C;<E8M@>8K@FE;8EJCËF:y8E@E;@<E#k\elXcfijhl\M`ccXi\k„kX`kZXg`kX`e\Xlcfe^Zflij%
<eki„\jhlfk`[`\ee\jkXekhl\c\:fifdXe[\c\jk\ed\i#[\gl`jc\[„gXik[\cË@jc\[\=iXeZ\c\)-al`cc\k(..+#ZfdgfikXek[\j
gi„Z`j`fejjlic\k\dgj#cXd\i#c\lij`klXk`fe#c\jdfl`ccX^\j#c\j[`jkXeZ\jgXiZflil\j\kc\jYk`d\ekji\eZfeki„j¿@cjdfl`cc\ek\e
iX[\[\Gfe[`Z_„ipc\(*j\gk\dYi\%C\)0j\gk\dYi\#`cjgXik\ekgfli½9\e^Xc¾\ki\dfek\ekc\>Xe^\½Efljgi\efejaflie\cc\d\ek
[\jkfikl\jhl`efljjfek[Ële\^iXe[\lk`c`k„gflic\jdXcX[\j[fekc\efdYi\j\dlck`gc`\¾¿ 2c\*(fZkfYi\#dfl`ccX^\[XejcXiX[\
[\>flcgp%J„afli~C`eX^fi%(-efm\dYi\#\ogc`ZXk`fej[Ële\k\ekXk`m\gfliZ_Xe^\ic\limX`jj\XlZfeki\legcljg\k`k#gfli[`d`el\i
c\j[„g\ej\j#\kjlicXjfclk`fekiflm„\gXiD%[\J8@EK$=yC@O1`cjË\jk½[\]X`k[\kflkjfe„hl`gX^\~cXi\j\im\[\jXd\jkiXeZ\\e
]Xm\li[\Di[\KIF9I@8E;\kefljXmfejgi`jZ`ehlXek\hlXki\cXjZXi[j\ei\dgcXZ\d\ek¾¿)-[„Z\dYi\#[„gXik[\C`eX^figflile
kiXejgfik[\Yc„\k[\i`q~Gfe[`Z_„ip#f“`cjdfl`cc\ekc\(-]„mi`\i(..,¿@cj\ei\gXik\ekc\()dXijXljf`i¿0Xmi`c1½Efljjfdd\j
Xdgc\d\ek[„[fdX^„j[\cË`eZfddf[`k„[\cXgclp\gXicËXmXekX^\hlË\cc\efljgifZli\[\]X`i\[\cË\Xlgflic\jY\jk`\Xlo2kflk
c˄hl`gX^\d†d\\e]X`kXdgc\gifm`j`fedXc^i„jfeXd\ikld\#`cj\if`k~[„j`i\ihlË`ckfdYkXljj`~Yfi[hl\chl\^iX`e[\mfccX`cc\
ZXiefjZXeXi[j[`d`el\ekZfej`[„iXYc\d\ekkXekgXicXZfejfddXk`fehl\gXicXdfikXc`k„¾¿C\)*dX`(..,#Xlgfik[\cX9X`\[l
KfdY\Xlác\[\=iXeZ\ #½efljXmfeji\d`jc\mX`jj\XlXlIfpXgi…jcXmf`i[„Z_Xi^„¾¿
;…jc\(,al`cc\k(..,#`ci\gXik#kflaflijjfljc\ZfddXe[\d\ek[\J8@EK$=yC@O#jlicXZfim\kk\cË8kXcXek\#~[\jk`eXk`fe[\cXZfcfe`\
[\Gfe[`Z_„ip1:Xg:fdfi`e#gf`ek\[\>Xcc\j#^fc]\[\DXeXXi¿C\()Xf”k#`c[\jj`e\~cXgcld\cXZk\`e[`\ee\¿C\(-Xf”k#
cË8kXcXek\Xkk\`ekc\dfl`ccX^\[\Gfe[`Z_„ip%C\),fZkfYi\#`cjhl`kk\ekGfe[`Z_„ipgfliDX_„#f“`cjdfl`cc\ekc\)/efm\dYi\2
g\e[XekcXeXm`^Xk`fe#ledXi`ekfdY\[\cX^iXe[\_le\[XejcXd\i¿
CË8kXcXek\XggXi\`cc\[\DX_„c\0dXij(..-#\kdfl`cc\c\*(\eiX[\[\Gfe[`Z_„ip#hlË\cc\hl`kk\c\(,Xmi`cgflicË@jc\[\=iXeZ\2
c\aflieXc[\Yfi[jË`ek\iifdgkc\)/al`e#~cXml\[\cˊc\If[i`^l\%
FEAF@EKle\gX^\Xlkf^iXg_\[Ële½\o\dgc\¾[\ZXcZlc[\[`jkXeZ\j%
I\gif[lZk`fegX^\('.
+-,% C fl`j$K_fdXjM@CC8I<K$AFP<LJ<%D8ELJ:I@KXlkf^iXg_\#AflieXc[lmX`jj\Xlc\KiXaXeZfddXe[„gXic\:Xg`kX`e\M`ccXi\kAfp\lj\
ZfddXe[XekcX[`m`j`fe[\jk`e„\~gifk„^\ic\jZk\j[\cXM\e[„\\kc\DfiY`_Xe¿#0Xmi`c$('fZkfYi\(.0*2ZX_`\i^iXe[`e$]fc%[\
0)gX^\jgclj]]%YcXeZj %
+%'''&,%'''
AFLIE8C ;< 9FI;%@cgfik\\ek†k\c˄kXk[\jmX`jj\Xlo\k]i„^Xk\j[fekj\Zfdgfj\cX[`m`j`fe#Xm\Zc\jefdj[\c\lijZXg`kX`e\j1
c\KiXaXeM`ccXi\k$Afp\lj\ #c\Jlg\iY\9f`jjXlm\li #c\A\Xe9Xik:f‡ke\dgi\e #\kZ%FYj\imXk`fejjlic\k\dgj#c\jdfl`ccX^\j#c\j
Zfddle`ZXk`fejXm\Zc\d`e`jk…i\\kc\jX[d`e`jkiXk\lij[\j[„gXik\d\ekj[lc`kkfiXc¿I„Z\gk`fe[\[„c„^l„j[\cX:fem\ek`fe
eXk`feXc\#[ËleZclY[\9i\jk#[\jXid„\j[\cXI„glYc`hl\¿8cclj`fej]i„hl\ek\jXl½^„e„iXc¾#c\m`Z\$Xd`iXcDFI8I;;<>8CC<J#~cX
k†k\[\cËXid„\eXmXc\¿C\)fZkfYi\#[„YXihl\d\ek[\jkiflg\j1½a\Zif`jhl\cXgfc`k`hl\XY\XlZflg[\gXik~Z\[„YXihl\d\ek
Z\j[\loZXg`kX`e\j„kX`\ek]fikd„Zfek\ej[\Z\kk\kiflg\hlËfemX#[`k$fe#\emfp\i[XejcXM\e[„\%AËX`[„YXihl„Z\dXk`ekflj
d\jYXkk\XlocXZ_Xcflg\X„k„~k\ii\gfik\iXgi…j[„a\le„\em`ifeZ\ek_fdd\jhl`mfekgifd\e\ialjhlË~Z\jf`i%C\jgi`j\jhl`
fek\eki„Z\jaflij[\ie`\ijjfekZfdd\a\cËXmX`jZfea\Zkli„[\j[„Yi`j[lZfemfp_fccXe[X`jhl`X„k„m”gXicXGifj\ig`e\\kcX
:XidX^e`fc\hl`fek\ec\m„j\`q\[\Z\jYXk`d\ej%:\kk\[\ie`\i\]i„^Xkk\\jki\eki„\\kcXlki\\jkkflaflij~cXgflijl`kk\[\Z\jZ\ek
jf`oXek\[\lomf`c\jhl\eflj\ljj`fejZ\ikX`e\d\ek\l\ekfkXc`k„jXejcË`ejlii\Zk`fehl`efljX]fiZ„j[\i\eki\i¾¿
I\gif[lZk`fegX^\('.
+--% C fl`j$K_fdXjM@CC8I<K$AFP<LJ<%D8ELJ:I@KXlkf^iXg_\#MfpX^\[\cXDXik`e`hl\#(+k_\id`[fi$)+]ilZk`[fiO)Xf”k$((j\gk\dYi\
(/') #jl`m`[\Efkk\jjliJk;fd`e^l\2ZX_`\i^iXe[`e$]fc%[\)0gX^\j%
)%,''&*%'''
@EKyI<JJ8EKAFLIE8C;<9FI;;L:8G@K8@E<>yEyI8C;<C8D8IK@E@HL<<K;<J8@EK<$CL:@<#~Yfi[[lA\ddXg\j#Xl[„gXik[\9i\jk%
½C\gi\d`\iZfejlcdËXpXekefdd„XlZfddXe[\d\ek[\cXDXik`e`hl\\k[\Jk\ClZ`\gXiXii\kk„[l()giX`i`Xc#a\i\ƒljfi[i\[l
D`e`jki\[\cXDXi`e\c\(*d\jj`[fi[\d\i\e[i\~9i\jkgflipgi\e[i\c\ZfddXe[\d\ek[le\[`m`j`fe„hl`g„\[XejZ\gfikgfli
d\gfik\i~dX[\jk`eXk`feXm\Z[`oj\gkZ\ekj_fdd\j[\kiflg\jgflic\j[`m`jfej[\KXYX^f#cXDXik`e`hl\\kJk\ClZ`\%AXii`mX`
~9i\jkc\)-[ld\d\df`j2aXiYfiX`dfegXm`ccfe~Yfi[[lA\ddXgg\jc\).2\kc\)/a\]lj`ejg\Zk\ic\9\in`b#cË@eZfiilgk`Yc\#cX
KfiZ_\#cX9X[`e\#c\=\jk`e#c\Jfl]Õ\li#\kc\j[\lo^f\c\kk\jcX=`e\\kcX:fli\lj\ZfdgfjXekdfe\jZX[i`cc\%KflkjZ\jYXk`d\ekj
„kX`\ekgi\kj~]X`i\mf`c\~Z\kk\„gfhl\%CXk\eXZ`k„[\jm\ekj[ËFl\jkXj\lc\i\kXi[„efki\[\gXikaljhl\j~Z\jf`i(+hlËle\Yi`j\
[\E<c\liXjlZZ\[„Xgi…jle`ek\ii\^e\[\()_\li\j[\ZXcd\¾¿
M`ccXi\k$Afp\lj\d†c\~j\jfYj\imXk`fej[\eXm`^Xk\lic˄mfZXk`fe[Ë`eZ`[\ekj^X`jflki`jk\j[\cXkiXm\ij„\%<emf`[\cX9X[`e\~
9i\jkgflikflZ_\ile\]fik\jfdd\gifd`j\gXic\j<jgX^efcjgflicËX[d`e`jkiXk`fe[\cXDXik`e`hl\\k[\KfYX^f¿I„Zlg„iXk`fe
('/
[\dXk\cfkj½kiX`je\lij¾¿;„Zflm\ik\[\½]\dd\j[\dXlmX`j\m`\¾~Yfi[[lA\ddXg\j#[fekle\[„^l`j„\\eZ_Xjj\li¿9X`e[\
d\igflihl\chl\(,'_fdd\j#Xm\Zd\jli\jgi`j\jgflicXjXlm\^Xi[\[\Z\lohl`e\jXmX`\ekgXjeX^\i2c\d†d\jf`i#½leki…j^ifj
i\hl`e¾\ec…m\½kflk\cXm`Xe[\[legcXk[f]ÔZ`\ijdXi`e`\ijhl`\kX`k~[\jjXc\ic\cfe^[\Yfi[¾¿;Še\iXm\Zc\j^„e„iXloM@CC<E<LM<
\kEF>LßJ¿:iX`ek\[\dXcX[`\[XejcË\jZX[i\¿:„i„dfe`\[lYXgk†d\[lKifg`hl\#½~cX^iXe[\jXk`j]XZk`fe[\jdXk\cfkj\k[\j
jfc[Xkj#\k~cXd`\ee\ZXiXlgcX`j`i^\e\iXcj\af`^eX`kc\Yfe_\li[\]X`i\^iXe[Z_\d`e¾¿8ZZ`[\ek]XkXc[\YXcXeƒf`i\1Xldfd\ek
f“fegfik\j\Zflij~cË_fdd\~cXd\i#½c\dXc_\li\loZflc\\k[`jgXiX`k~aXdX`j¾¿GifYc…d\j[\[`jg\ij`fe[\cË\jZX[i`cc\#ml\
[ËleYk`d\ekhlË`cjflgƒfee\[ˆki\Xe^cX`j#fYj\imXk`fejjlic\liiflk\#c\jm\ekj#cXd\i¿ÁcXjl`k\[laflieXc#„YXlZ_\[ËleiXggfik
~cË`ek\ek`fe[lGi\d`\i:fejlc#Efkk\jjliJk;fd`e^l\#]X`jXekmXcf`ihl\½Jk;fd`e^l\e\gfliiX\ki\lk`c\gflicX=iXeZ\gXij\j
gif[l`kjhlXlkXekhl\c\j[\ei_„\jhl\cc\\ek`i\iXgfliifekjflk\e`icXZfeZlii\eZ\¾Xm\ZZ\cc\jhl\cË8e^c\k\ii\#cX?fccXe[\#c\
;Xe\dXib\kcXJl…[\i\k`i\ek[\c\lijZfcfe`\j2c\jXlki\jeXk`fej½e\jfekgXj[XejcfYc`^Xk`fe[\[fee\iXloef`ijhl`Zlck`m\ek
c\lijY`\ejlehlXik[\Z\hl`cjgif[l`j\ekXmXekd\d\hl\[Xmf`igi\c\m„c\j]iX`j¾¿
FEAF@EKle\G%J%½Ifjj`^efc¾#~Yfi[[lmX`jj\XlXd`iXcc\A\ddXg\j#(,$(-]ilZk`[fiO)$*j\gk\dYi\(/') #]X`jXekc\gf`ek%
('0
:FE;@K@FEJ>yEyI8C<J;<M<EK<
8M@J@DGFIK8EK8LO8:?<K<LIJ%
JKF:B8><<K<ECßM<D<EK
;<J8:?8KJ%
<JK@D8K@FEJ
C\jXZhl„i\lijjfek`em`k„j~\oXd`e\ic\jY`\ej
gflmXekc\j`ek„i\jj\i\k~ZfejkXk\ic\li„kXkXmXek
cXm\ek\Xlo\eZ_…i\j#efkXdd\ekg\e[Xekc\j
\ogfj`k`fej%G`XjXj\k`\ek~c\li[`jgfj`k`fegflic\li
]flie`i[\jiXggfikjjlic˄kXk[\jcfkj%
<eZfej„hl\eZ\j#XlZle\i„ZcXdXk`fee\j\iX
i\Z\mXYc\[…jcËX[al[`ZXk`fegifefeZ„\%
:FE;@K@FEJ;<M<EK<
( C<JD<L9C<J#K89C<8LO<KF9A<KJ
MFCLD@E<LOhl`eËXlifekgXj„k„i\k`i„jgXic\lij
XZhl„i\lijc\c\e[\dX`e[\cXm\ek\#XmXek('_\li\j#
\ejXcc\~;iflfkI`Z_\c`\lj\ifek\eki\gfj„jXl
*\jflj$jfc[\cË_k\c;iflfkf“`cjgfliifek†ki\i\k`i„j
Xlo_fiX`i\jjl`mXekj1
/_$('_&()_$(*_&(,_$(._*'[lcle[`Xlm\e[i\[`
/_$()_c\jXd\[`
DX^Xj`eX^\1
-Y`j#il\Ifjj`e`$.,''0GXi`j$K„c%1**' (+/'')',Kfljc\j]iX`j[\jkfZbX^\[ljXloZfe[`k`fejkXi`]X`i\j
\em`^l\li[\mifek†ki\i„^c„jXldX^Xj`eX^\[\cË_k\c
;iflfkXmXek\ec…m\d\ek[\jcfkj\kjligi„j\ekXk`fe
[lYfi[\i\XlXZhl`kk„%
;Xejc\ZXkXcf^l\#c\gi`o[\m\ek\\jk`d„Ô^li\~cXjl`k\[\Z_Xhl\cfk%@ce\jËX^`khl\[Ële\`e[`ZXk`fe#c\gi`o
[ËX[al[`ZXk`fegflmXekmXi`\i%
CËX[al[`ZXkX`i\j\iXc\gcljf]]iXek\k[\ie`\i\eZ_„i`jj\li#\kXliXgflifYc`^Xk`fe[\i\d\kki\j\jefd\kX[i\jj\%
8lZlecfke\j\iXi\d`jXloXZhl„i\lijXmXekXZhl`kk\d\ek[\cË`ek„^iXc`k„[\jjfdd\j[l\j%
<eZXj[\gX`\d\ekgXiZ_…hl\flgXim`i\d\ek#cX[„c`miXeZ\[\jfYa\kj#gfliiX†ki\[`]]„i„\aljhlË~cË\eZX`jj\d\ek%
C\j]iX`j[\[„gkjfek#\eZ\ZXj#~cXZ_Xi^\[\cËX[al[`ZXkX`i\%@c[\miXXZhl`kk\i#\ejlj[ldfekXek[\cË\eZ_…i\#
gXicfk#c\j]iX`j\kkXo\jjl`mXekj1
=I8@J;<M<EK<
).#,'/KK:jlic\jgi\d`\ij(,%'''?)*?K"KM8(0#-
Gl`j)*#0)KK:[\(,%''(?~-''%'''?)'?K"KM8(0#-
<k(+#*,)KK:Xl$[\c~[\-''%'''?()?K"KM8(0#-
Gflic\jc`mi\j1
)+#)-,KK:jlic\jgi\d`\ij(,%'''?)*?K"KM8,#,
Gl`j)(#('KK:[\(,%''(?~-''%'''?)'?K"KM8,#,
<k()#--'KK:Xl$[\c~[\-''%'''?()?K"KM8,#,
<e ZXj [\ Zfek\jkXk`fe Xl dfd\ek [\j X[al[`ZXk`fej# ZË\jk$~$[`i\ jË`c \jk „kXYc` hl\ [\lo fl gclj`\lij
\eZ_„i`jj\lijfekj`dlckXe„d\ekgfik„le\\eZ_…i\„hl`mXc\ek\#jf`k~_Xlk\mf`o#jf`kgXij`^e\#\ki„ZcXd\ek
\e d†d\ k\dgj Z\k fYa\k Xgi…j c\ gifefeZ„ [l dfk ½ X[al^„ ¾# c\ [`k fYa\k j\iX `dd„[`Xk\d\ek i\d`j \e
X[al[`ZXk`feXlgi`ogifgfj„gXic\j\eZ_„i`jj\lij\kkflkc\glYc`Zgi„j\ekj\iXX[d`j~\eZ_„i`i~eflm\Xl%
C\j „m\ekl\cc\j df[`ÔZXk`fej Xlo Zfe[`k`fej [\ m\ek\ fl Xlo [\jZi`gk`fej [l ZXkXcf^l\ j\ifek XeefeZ„\j
m\iYXc\d\ekg\e[XekcXm\ek\\kefk„\jjlic\gifZ…j$m\iYXc%
G8@<D<EK
) C<J8:?8KJ;<G<K@KMFCLD<j\ifekkiXejgfik„j
Z_\qG@8J8f“`cjj\ifek^Xi[„j~k`ki\^iXZ`\lo[liXek
hlXkfiq\aflij%GXjj„Z\[„cX`[\j]iX`j[\[„gkj\ifek
jlggfik„jgXic\jXZhl„i\lijXlkXi`][\*??KgXiafli
ZXc\e[X`i\\kgXicfk%
G@8J8jl^^…i\m`m\d\ekXloXZ_\k\lij[\cË`e]fid\i
[\c\lij`ek\ek`fej[Xejc\[„cX``dgXik`[\(+aflij
XÔe[\c\li„m`k\i[\j]iX`j`elk`c\j%
* 8JJLI8E:<
;…jcËX[al[`ZXk`fegifefeZ„\#c\jfYa\kjX[al^„jjfek
gcXZ„jjfljcË\ek`…i\i\jgfejXY`c`k„[\cËXZ_\k\li%@ccl`
XggXik`\e[iX[\]X`i\Xjjli\ic\jcfkj[…jcËX[al[`ZXk`fe%
C\jY`\ejefei\k`i„jj\ifek\eki\gfj„jXlo]iX`j#
i`jhl\j\kg„i`cj[\cËXZ_\k\li%G@8J8e\j\iXk\el\
[ËXlZle\^XiXek`\ZfeZ\ieXekZ\j[„gkj%
( cXm\ek\j\iXZfe[l`k\\e<lifj%C\i…^c\d\ek[\jfYa\kj#X`ej`hl\Z\cl`[\jkXo\jjËpXggc`hlXek#j\iX\]]\Zkl„
[XejcXd†d\dfeeX`\%
) c\gX`\d\ek[f`k†ki\\]]\Zkl„`dd„[`Xk\d\ekXgi…jcXm\ek\%
* cËX[al[`ZXkX`i\gfliiXjËXZhl`kk\igXic\jdfp\ejjl`mXekj1
$GXiZXik\YXeZX`i\\ejXcc\1M@J8\kD8JK<I:8I;%
$GXi Z_…hl\ YXeZX`i\ Z\ik`Ԅ \e \lifj Xm\Z gi„j\ekXk`fe fYc`^Xkf`i\ [Ële\ g`…Z\ [Ë`[\ek`k„ \e Zflij [\
mXc`[`k„%
$GXim`i\d\ekYXeZX`i\\e\lifj1
Code SWIFT :
Numéro de compte international (IBAN) :
BNPPARB PARIS A CENTRALE
FR 76 3 000 4008 2 800 0105 9294 176
BIC (Bank identification Code) :
PIASA SA DEPOT CLIENT :
16 boulevard des Italiens 75009 Paris
BNPAFRPPPAC
SVV ART L 321 6 CC
Code banque
Code guichet
Numéro de compte
Clé
3 0004
00828
00010592941
76
+ c\jZ_…hl\jk`i„jjlile\YXehl\„kiXe^…i\e\j\ifekXlkfi`j„jhlËXgi…jcËXZZfi[gi„XcXYc\[\G@8J8#gfliZ\cX#
`c\jkZfej\`cc„XloXZ_\k\lij[ËfYk\e`i#XmXekcXm\ek\#le\c\kki\XZZi„[`ki`m\[\c\liYXehl\gflile\mXc\li
Xmf`j`eXekc\li`ek\ek`fe[ËXZ_Xk#hlË`ckiXejd\kkifek~G@8J8%
, \e\jg…Z\j1
$aljhlË~*'''`]iX`j\kkXo\jZfdgi`j\jcfijhl\c\[„Y`k\liXjfe]fp\iÔjZXc\e=iXeZ\flX^`kgflic\j
Y\jf`ej[Ële\XZk`m`k„gif]\jj`fee\cc\%
$aljhlË~(,'''`]iX`j\kkXo\jZfdgi`j\jcfjhl\c\[„Y`k\lialjk`Ô\hlË`ceËXgXjjfe[fd`Z`c\ÔjZXc\e=iXeZ\
\keËX^`kgXjgflic\jY\jf`ej[Ële\XZk`m`k„gif]\jj`fee\cc\%
G`XjX$:fdgkXY`c`k„8Z_\k\lij\jkflm\ik\XloaflijflmiXYc\j[\0_~(/_jXej`ek\iilgk`fe1K„c%"**' (,**+('(.
FI;I<J;Ë8:?8K
Le\eZ_„i`jj\lie\gflmXekXjj`jk\i~cXm\ek\[\miXi\dgc`ic\]fidlcX`i\[Ëfi[i\[ËXZ_Xk
`eZclj[XejZ\ZXkXcf^l\%
G@8J8X^`iXgflic\Zfdgk\[\cË\eZ_„i`jj\li#j\cfec\j`ejkilZk`fejZfek\el\j[Xejc\]fidlcX`i\[Ëfi[i\
[ËXZ_Xk#\kXld`\lo[\j`ek„i†kj[\Z\[\ie`\i%
C\jfi[i\j[ËXZ_Xk„Zi`kjflc\j\eZ_…i\jgXik„c„g_fe\jfekle\]XZ`c`k„gflic\jZc`\ekj%E`G@8J8#e`j\j
\dgcfp„je\gfliifek†ki\k\eljgflii\jgfejXYc\j\eZXj[Ë\ii\lij„m\ekl\cc\j
flfd`jj`fej[Xejc\li\o„Zlk`feZfdd\\eZXj[\efe\o„Zlk`fe[\Z\lo$Z`%
Cfijhl\[\lofi[i\j[ËXZ_Xkjfek`[\ek`hl\j#cXgi`fi`k„i\m`\ekXlgi\d`\ifi[i\i\ƒl%
@ce\j\iXXZZ\gk„XlZle\\eZ_…i\k„c„g_fe`hl\gflic\jcfkj[fekcË\jk`dXk`fe\jk`e]„i`\li\~*''`%
G@8J8<EC@>E<
J`mfljjfl_X`k\qi\Z\mf`i^iXkl`k\d\ekgXi\$dX`cefjZXkXcf^l\jX`ej`hl\c\j`e]fidXk`fejjliefjm\ek\j\egi„gXiXk`fe#m\l`cc\qefljX[i\jj\igXi\$dX`c~1ZfekXZk7g`XjX%]i
mfjefd#X[i\jj\\keld„if[\k„c„g_fe\\ed\ek`feeXekc\jjg„Z`Xc`k„jhl`i\k`\ee\ekgXik`Zlc`…i\d\ekmfki\Xkk\ek`fe%
Mfljgflm\qXljj``dgi`d\imfjfi[i\j[ËXZ_Xk#Zfejlck\iefjZXkXcf^l\jX`ej`hl\c\ji„jlckXkjZfdgc\kj[\efjm\ek\jjliefki\j`k\1nnn%g`XjX%]i
:FE;@K@FEJF=J8C<
@DGFIK8EKEFK@:<KF9LP<IJ
FEJKFI8><:FCC<:K@FE
F=GLI:?8J<J
Gfk\ek`XcgliZ_Xj\ijXi\`em`k\[kf\oXd`e\Xe[Xjj\jj
k_\Zfe[`k`fef]`k\djk_\pdXpn`j_kfYlpY\]fi\
k_\XlZk`fe#efkXYcp[li`e^k_\gi\$jXc\m`\n`e^%
G@8J8`j_Xggpkfgifm`[\Zfe[`k`fei\gfikj]fi
`e[`m`[lXccfkjlgfei\hl\jk%EfZcX`djn`cck_\i\]fi\
Y\\ek\ikX`e\[X]k\ik_\]Xccf]k_\_Xdd\i%
( 9LCBP@K<DJ=LIE@KLI<#G@:KLI<JF9A<:KJ gliZ_Xj\[XkXlZk`fe#Xe[efkZfcc\Zk\[]ifdk_\
jXc\iffdYp('Xdk_\[XpX]k\ik_\jXc\#n`ccY\jkfi\[
`e9Xj\d\ekC\m\c*Xkk_\?k\c;iflfk#Xe[ZXeY\
Zfcc\Zk\[Xkk_\]fccfn`e^
k`d\j1
Dfe[Xp$=i`[Xp1
/$('Xd&()effe$(gd&*$,1*'gd
JXkli[Xp1/Xd$()effe
nXi\_flj\1
-Y`j#il\Ifjj`e`.,''0GXi`j$K\c%1"**' (+/'')',K_\Yfi[\i\XlY`[[`e^jc`g #`e[`ZXk`e^giff]f]
gXpd\ek#dljkY\gi\j\ek\[n_\egifg\ikp`j
Zfcc\Zk\[%JkfiX^\ZfjkjXi\[l\Xkk_\Zlii\ekiXk\%
) JD8CC@K<DJgliZ_Xj\[XkXlZk`feXe[efk
Zfcc\Zk\[X]k\ik_\jXc\n`ccY\kiXejgfik\[kfk_\
G@8J8f]ÔZ\jXe[b\gk]i\\f]Z_Xi^\]fiX]fike`^_k%
K_\i\X]k\ik_\gliZ_Xj\in`ccY\Z_Xi^\[jkfiX^\Zfjkj
Xkk_\iXk\f]`*"kXo#g\i[XpXe[g\icfk%
KfXmf`[lee\Z\jjXipZfjkj#G@8J8jkife^cpX[m`j\j
gliZ_Xj\ijkf`e]fidk_\df]k_\`i`ek\ek`fejn`k_`e
(+[Xpjf]k_\jXc\%
* @EJLI8E:<
8kk_\]Xccf]k_\_Xdd\ik_\k`kc\f]gifg\ikpj_XccY\
kiXej]\ii\[kfk_\gliZ_Xj\i#n_fXjjld\j`dd\[`Xk\
i\jgfej`Y`c`kp]fi`ejliXeZ\%LeZfcc\Zk\[gifg\ikpn`cc
Y\jkfi\[Xkk_\Ylp\iËji`jbXe[\og\ej\%
G@8J8[\Zc`e\jc`XY`c`kp]ficfkjgcXZ\[`ejkfiX^\%
<JK@D8K<J
8e\jk`dXk\`e\lifjf]k_\c`b\cpjXc\gi`Z\`jglYc`j_\[X]k\i\XZ_cfk%K_`j`jgifm`[\[]fi`e[`ZXk`fefecp%K_\
_Xdd\igi`Z\dXpf]Zflij\Y\XYfm\fiY\cfnk_`j\jk`dXk\%
:FE;@K@FEJF=J8C<
K_\_`^_\jkXe[ÔeXcY`[[\i`j[\\d\[kfY\k_\gliZ_Xj\i#Xe[dljkgifm`[\_`j&_\ieXd\Xe[X[[i\jj%
Efcfkn`ccY\kiXej]\ii\[kfk_\gliZ_Xj\iY\]fi\`k_XjY\\egX`[]fi`e]lcc%
@ek_\\m\ekf]gXpd\ekYpZ_\hl\fiYXebkiXej]\i#gifg\ikpdXpY\n`k__\c[lek`cgXpd\ek_XjY\\eZc\Xi\[%
8epjkfiX^\Zfjkjk_XkdXpi\jlckXi\kfY\gX`[Ypk_\gliZ_Xj\i%
@eX[[`k`fekfk_\Xdflekf]k_\n`ee`e^Y`[#k_\]fccfn`e^gi\d`ldg\icfk`jXcjf[l\1
9LP<IËJGI<D@LD
).%,'/`eZ%kXo#lgkf(,%'''?)*"M8K(0%-
)*%0)`eZkXo#]ifd(,%''(?kf-''%'''?)'"M8K(0%-
(+#*,)`eZ%kXo#lgkf-''%'''?()"M8K(0%-
=fiYffbj1
)+%)-,`eZ%kXo#lgkf(,%'''?)*"M8K,%,
)(%('`eZkXo#]ifd(,%''(?kf-''%'''?)'"M8K,%,
()%--'`eZ%kXo#lgkf-''%'''?()"M8K,%,
@ek_\\m\ekf]X[`jglk\Xkk_\]Xccf]k_\_Xdd\i#`%\%`]knffidfi\Y`[[\ijj`dlckXe\fljcpdXb\k_\jXd\
Y`[#\`k_\imfZXccpfiYpj`^e#Xe[ZcX`dk`kc\kfk_\cfkX]k\ik_\nfi[½X[al^„¾_XjY\\egifefleZ\[#k_\jX`[
cfkj_XccY\`dd\[`Xk\cpi\f]]\i\[]fijXc\#Xkk_\gi`Z\f]k_\ÔeXcY`[#Xe[Xcck_fj\gi\j\ekdXpkXb\gXik`e
k_\Y`[[`e^%
8epZ_Xe^\jkfk_\Zfe[`k`fejf]jXc\fikfk_\[\jZi`gk`fej`ek_\ZXkXcf^l\j_XccY\XeefleZ\[m\iYXccp[li`e^
k_\jXc\#Xe[Xgg\e[\[kfk_\f]ÔZ`XcjXc\i\Zfi[gifZ…j$m\iYXc %
G8PD<EK
( k_\jXc\j_XccY\Zfe[lZk\[`e\lifj%8ccgXpd\ekjdljkY\\]]\Zk\[`ek_\jXd\Zlii\eZp%
) gXpd\ek`j[l\`dd\[`Xk\cpX]k\ik_\jXc\%
* gifg\ikpdXpY\gX`[]fi`ek_\]fccfn`e^nXpj1
$YpZi\[`kZXi[`ek_\jXc\iffdM@J8fiD8JK<I:8I;
$YpZifjj\[Z_\hl\`e\lifj#lgfegi\j\ekXk`fef]mXc`[giff]f]`[\ek`kp
$YpYXebkiXej]\i`e\lifj1
Code SWIFT :
Numéro de compte international (IBAN) :
BNPPARB PARIS A CENTRALE
FR 76 3 000 4008 2 800 0105 9294 176
BIC (Bank identification Code) :
PIASA SA DEPOT CLIENT :
16 boulevard des Italiens 75009 Paris
BNPAFRPPPAC
SVV ART L 321 6 CC
Code banque
Code guichet
Numéro de compte
Clé
3 0004
00828
00010592941
76
+ n_\i\m\igXpd\ek`jdX[\YpZ_\hl\]ifdX]fi\`^eYXebXZZflek#k_\gliZ_Xj\n`ccefkY\[\c`m\i\[lek`c
G`XjXi\Z\`m\jk_\YXebX^i\\d\ek%
, `eZXj_1
$lgkf?*'''`eZ%gi\d`ld ]fi=i\eZ_Z`k`q\ejfigif]\jj`feeXcXZk`m`k`\j%
$lgkf?(,'''`eZ%gi\d`ld ]fi]fi\`^eefegif]\jj`feXcZ`k`q\ejlgfegi\j\ekXk`fef]mXc`[giff]f]`[\ek`kp%
G@8J8Ëj9lp\ijË8ZZflekj;\gXikd\ek`jfg\en\\b[Xpj
0Xd$-gd%
k\c"**' (,**+('(.
89J<EK<<9@;J
9`[[\ijleXYc\kfXkk\e[k_\jXc\dljkZfdgc\k\k_\XYj\ek\\Y`[]fid`ek_`jZXkXcf^l\%G@8J8n`ccXZkfe
Y\_Xc]f]k_\Y`[[\i#`eXZZfi[XeZ\n`k_k_\`ejkilZk`fejZfekX`e\[`ek_\
XYj\ek\\Y`[]fid#Xe[kipkfgliZ_Xj\k_\cfkj Xkk_\cfn\jkgfjj`Yc\gi`Z\#`eefZ`iZldjkXeZ\j\oZ\\[`e^
k_\dXo`dldXdflekjk`glcXk\[Ypk_\Y`[[\i%
Ni`kk\eXYj\ek\\Y`[jXe[k\c\g_fe\Y`[[`e^Xi\j\im`Z\jgifm`[\[]fiZc`\ekj%G@8J8Xe[`kj\dgcfp\\j
[\Zc`e\i\jgfej`Y`c`kp]fiXep\iifijfifd`jj`fejk_XkdXpfZZli%
J_flc[knfni`kk\eY`[jY\`[\ek`ZXc#k_\Ôijkfe\j_XcckXb\gi\Z\[\eZ\%
K\c\g_fe\Y`[jXi\efkXZZ\gk\[]ficfkj\jk`dXk\[c\jjk_Xe*''?%
G@8J8FEC@E<
@]pfln`j_kfi\Z\`m\`e]fidXk`feXYflkflijXc\j#gc\Xj\ZfekXZk1ZfekXZk7g`XjX%]i
hlfk`e^pflieXd\#X[[i\jj#k\c\g_fe\eldY\i#Xe[Ô\c[jf]`ek\i\jk%
Kfgi`ekflkXYj\ek\\Y`[]fidjXe[ZfejlckfliZXkXcf^l\jXe[XlZk`fei\jlckj#gc\Xj\m`j`kflin\Yj`k\1nnn%g`XjX%]i
C@MI<J
G8><J;?@JKF@I<
C<KKI<J<KD8ELJ:I@KJ8LKF>I8G?<J
C<KKI<J<KD8ELJ:I@KJ8LKF>I8G?<J
(*=yMI@<I)''0$G8I@J$;IFLFKI@:?<C@<L$J8CC<-\k.;y:<D9I<)'('$G8I@J$;IFLFKI@:?<C@<L$J8CC<((
+\k,D8@)'('$G8I@J$;IFLFKI@:?<C@<L$J8CC<)
FI;I<;Ë8:?8K
( C<JD<L9C<J#K89C<8LO<KF9A<KJ
MFCLD@E<LOX[al^„jhl`eËXlifekgXj„k„i\k`i„j
gXic\lijXZhl„i\lijc\c\e[\dX`e[\cXm\ek\XmXek
gXic\lijXZhl„i\lijc\c\e[\dX`e[\cXm\ek\XmXek
('_\li\j\ejXcc\~;iflfkI`Z_\c`\lj\ifek
('_\li\j\ejXcc\~;iflfkI`Z_\c`\lj\ifek
\eki\gfj„jXl*…d\jflj$jfc[\cË_k\c;iflfk
\eki\gfj„jXl*\jflj$jfc[\cË_k\c;iflfk
f“`cjgfliifek†ki\i\k`i„jXlo_fiX`i\jjl`mXekj1
f“`cjgfliifek†ki\i\k`i„jXlo_fiX`i\jjl`mXekj1
/_$('_&()_$(*_&(,_$(._*'[lcle[`Xlm\e[i\[`
/_$('_&()_$(*_&(,_$(._*'[lcle[`Xlm\e[i\[`
/_$()_c\jXd\[`
/_$()_c\jXd\[`
DX^Xj`eX^\1
-Y`j#il\Ifjj`e`$.,''0$G8I@J$K„c%1**' (+/'')',DX^Xj`eX^\1
Kfljc\j]iX`j[\jkfZbX^\[ljXloZfe[`k`fejkXi`]X`i\j
-Y`j#il\Ifjj`e`$.,''0$G8I@J$K„c%1**'
(+/'')',\em`^l\li[\mifek†ki\i„^c„jXldX^Xj`eX^\[\
Kfljc\j]iX`j[\jkfZbX^\[ljXloZfe[`k`fejkXi`]X`i\j
cË_k\c;iflfkXmXek\ec…m\d\ek[\jcfkj\kjli
\em`^l\li[\mifek†ki\i„^c„jXldX^Xj`eX^\[\
gi„j\ekXk`fe[lYfi[\i\XlXZhl`kk„%
cË_k\c;iflfkXmXek\ec…m\d\ek[\jcfkj\kjli
gi„j\ekXk`fe[lYfi[\i\XlXZhl`kk„%
) C<J8:?8KJ;<G<K@KMFCLD<
j\ifekkiXejgfik„jZ_\qG@8J8f“`cjj\ifek^Xi[„j
) C<J8:?8KJ;<G<K@KMFCLD<
~k`ki\^iXZ`\lo[liXekhlXkfiq\aflij%
GXjj„Z\[„cX`[\j]iX`j[\[„cX`jj\ifekjlggfik„j
j\ifekkiXejgfik„jZ_\qG@8J8f“`cjj\ifek^Xi[„j
gXic\jXZhl„i\lijXlkXi`][\*??KgXiafli
~k`ki\^iXZ`\lo[liXekhlXkfiq\aflij%
ZXc\e[X`i\\kgXicfk%
GXjj„Z\[„cX`[\j]iX`j[\[„cX`jj\ifekjlggfik„j
Kflkcfkefe\ec\m„[Xejc\jhlXki\j\dX`e\jjl`mXek
gXic\jXZhl„i\lijXlkXi`][\*??KgXiafli
cXm\ek\gfliiX]X`i\cfYa\k[lekiXejgfik[Xejc\j
ZXc\e[X`i\\kgXicfk%
cfZXlo[\cL%:%?%M%~9X^efc\k#Xlo]iX`j[\
cXZhl„i\li\kXloZfe[`k`fejkXi`]X`i\j[\jkfZbX^\
Kflkcfkefe\ec\m„[Xejc\jhlXki\j\dX`e\jjl`mXek
jl`mXek\j1
cXm\ek\gfliiX]X`i\c
fYa\k[lekiXejgfik[Xejc\j
$=iX`jÔo\jgXicfk*'??Kd`e`dld%
cfZXlo[\cL%:%?%M%~9X^efc\k#Xlo]iX`j[\
L%:%?%M%
cXZhl„i\li\kXloZfe[`k`fejkXi`]X`i\j[\jkfZbX^\
*-&,-il\Cfl`j;Xm`[
jl`mXek\j1
0*(.'9X^efc\k
$*'??Kd`e`dld#gXicfk%
K„c%1**' (+00*')0'
L%:%?%M%
=Xo1**' (+00*''/,
^Xi[\$d\lYc\j%lZ_m7nXeX[ff%]i
*-&,-il\Cfl`j;Xm`[
<E:?<I<JG8IK<C<G?FE<
Efd\kgi„efd1
8[i\jj\1
K„c„g_fe\1
GfikXYc\1
K„c„g_fe\g\e[XekcXm\ek\1
<$dX`c&=Xo1
›Af`e[i\fYc`^Xkf`i\d\ekleI@9
Af`e[i\fYc`^Xkf`i\d\ekleI@9X`ej`hlËle\Zfg`\[Ële\g`…Z\[Ë`[\ek`k„gXjj\gfikflZXik\eXk`feXc\[Ë`[\ek`k„
%
9Xehl\1
G\ijfee\~ZfekXZk\i1
8[i\jj\1
K„c„g_fe\1
Eld„if[lZfdgk\1
:f[\YXehl\&:f[\^l`Z_\k1
&
C<JFI;I<J;Ë8:?8Ky:I@KJFLC<J<E:?ßI<JG8IKyCyG?FE<JFEKLE<=8:@C@KyGFLIC<J:C@<EKJ%
E@G@8J8#E@J<J<DGCFPyJE<GFLIIFEKÜKI<K<ELJI<JGFEJ89C<J<E:8J;Ë<II<LIJyM<EKL<CC<J
FLFD@JJ@FE;8EJC<LI<Oy:LK@FE:FDD<<E:8J;<EFE<Oy:LK@FE;<:<LO$:@%
CFKE—
;<J:I@GK@FE;LCFK
C@D@K<
<E<LIFJ
0*(.'9X^efc\k
K„c%1**' (+00*')0'
=Xo1**' (+00*''/,
^Xi[\$d\lYc\j%lZ_m7nXeX[ff%]i
AËX` gi`j ZfeeX`jjXeZ\ [\j Zfe[`k`fej ^„e„iXc\j#
`e]fidXk`fej\kXm`j`dgi`d„j[Xejc\ZXkXcf^l\\k
XZZ\gk\[ˆki\c`„\ gXic\liZfek\elX`ej`hl\gXi
kflk\df[`]`ZXk`fegflmXekc\li†ki\Xggfik„\#jf`k
gXiXm`jX]]`Z_„[XejcXjXcc\[\m\ek\#jf`kgXiXeefeZ\
]X`k\XmXekflg\e[XekcXm\ek\%A\mfljgi`\[ËXZhl„i`i
gflidfeZfdgk\g\ijfee\c#Xloc`d`k\j\e\lifj#c\j
cfkjhl\aËX`[„j`^e„jZ`$Zfeki\c\jc`d`k\je\Zfdgi\$
eXekgXjc\j]iX`j~cXZ_Xi^\[\cËXZ_\k\li %
;8K<1
J`^eXkli\fYc`^Xkf`i\
c\jfi[i\j[ËXZ_Xk[f`m\ek†ki\i\ƒljXldf`ej)+_\li\jXmXekcXm\ek\$MFLJGFLM<Q8LJJ@@DGI@D<IMFJFI;I<J;Ë8:?8K<EC@>E<JLI1
nnn%g`XjX%]i
C\jfi[i\j[ËXZ_Xk[f`m\ek†ki\i\ƒljXldf`ej)+_\li\jXmXekcXm\ek\$MFLJGFLM<Q8LJJ@@DGI@D<IMFJFI;I<J;Ë
8:?8K<EC@>E<JLI1nnn%g`XjX%]i
,#il\;iflfk.,''0GXi`j$K\c%1"**' (,**+('('$=Xo1"**' (,**+('(($ZfekXZk7g`XjX%]i$nnn%g`XjX%]i
g
g
,#il\;iflfk.,''0G8I@J$K„c%**' (,**+('('$=Xo1**' (,**+('(($nnn%g`XjX%]i$ZfekXZk7g`XjX%]i
K_`\iip9F;@E - Les Autographess=Xo1**
=Xo1**'(+,+/0)-.
'(+,+/0)-.$$c\jXlkf^iXg_\j7nXeX[ff%]i
c\jXlkf^iXg_\j7nXeX[ff%]i
G8><JF=?@JKFIP
9FFBJD8ELJ:I@GKJ
C<KK<IJD8ELJ:I@GKJ
k_
K?K?
)''0$G8I@J$;IFLFKI@:?<C@<L$J8C<IFFD=<9IL8IP(*
)'('$G8I@J$;IFLFKI@:?<C@<L$J8C<IFFD)
D8P+,
.K?
)'('$G8I@J$;IFLFKI@:?<C@<L$J8C<IFFD((
;<:<D9<I89J<EK<<9@;
( 9LCB@K<DJ=LIE@KLI<#G@:KLI<J
F9A<:KJ gliZ_Xj\[XkXlZk`fe#Xe[efkZfcc\Zk\[
]ifdk_\jXc\iffdYp('Xdk_\[XpX]k\ik_\jXc\#n`cc
Y\jkfi\[`e9Xj\d\ek
C\m\c*Xkk_\?k\c;iflfk#Xe[ZXeY\Zfcc\Zk\[
Xkk_\]fccfn`e^k`d\j1
Dfe[Xp$=i`[Xp1
/$('Xd&()effe$(gd&*$,%*'gd
JXkli[Xp1
/Xd$()effe
NXi\_flj\1
-Y`j#il\Ifjj`e`$.,''0$G8I@J
K„c%1**' (+/'')',K_\Yfi[\i\XlY`[[`e^jc`g #`e[`ZXk`e^giff]f]
gXpd\ek#dljkY\gi\j\ek\[n_\egifg\ikp`j
Zfcc\Zk\[%JkfiX^\ZfjkjXi\[l\Xkk_\Zlii\ekiXk\%
) JD8CC@K<DJgliZ_Xj\[XkXlZk`feXe[efk
Zfcc\Zk\[X]k\ik_\jXc\n`ccY\kiXejgfik\[kfk_\
G@8J8f]]`Z\jXe[b\gk]i\\f]Z_Xi^\]fiX]fike`^_k%
K_\i\X]k\ijkfiX^\Zfjkjn`ccY\Z_Xi^\[kf
k_\gliZ_Xj\iXkk_\iXk\f]?*"kXo#g\i[Xp
Xe[g\icfk%
Gifg\ikpefkZfcc\Zk\[n`k_`e]flin\\bjf]k_\
jXc\n`ccY\kiXejgfik\[kfk_\L%:%?%M%nXi\_flj\
Xkk_\Zfjkf]k_\gliZ_Xj\i#Xe[jlYa\Zkkfk_\
]fccfn`e^jkfiX^\Zfjkj1
$D`e`dldZfjkg\icfk#?*'
L%:%?%M%
*-&,-il\Cfl`j;Xm`[
0*(.'9X^efc\k
K„c%1**' (+00*')0'
=Xo1**' (+00*''/,
^Xi[\$d\lYc\j%lZ_m7nXeX[ff%]i
9@;;@E>9PK<C<G?FE<
JlieXd\=`ijkEXd\1
8[[i\jj1
K\c\g_fe\1
:\ccg_fe\1
K\c\g_fe\[li`e^k_\jXc\1
<$dX`c&=Xo1
›Gc\Xj\\eZcfj\pfliYXeb[\kX`cj
Gc\Xj\\eZcfj\pfliYXeb[\kX`cjXe[XZfgpf]pfli`[\ek`kpZXi[fipfligXjjgfik%
9Xeb1
G\ijfekfZfekXZk1
8[i\jj1
K\c\g_fe\1
8ZZflekeldY\i1
9XebZf[\&9iXeZ_Zf[\1
&
89J<EK<< 8E; K<C<G?FE< 9@;;@E> 8I< J<IM@:<J F==<I<; KF :C@<EKJ% E<@K?<I G@8J8 EFI @KJ
JK8== :8E 8::<GK C@89@C@KP =FI 8EP <IIFIJ FI FD@JJ@FEJ K?8K D8P F::LI @E :8IIP@E>
FLKK?<J<J<IM@:<J%
CFKE—
C@D@K
@E<LIFJ
CFK;<J:I@GK@FE
@XdXZhlX`ek\[n`k_k_\k\idjXe[Zfe[`k`fejf]
@ _Xm\ i\X[ k_\ k\idj Xe[ Zfe[`k`fej f] jXc\ Xj
gi`ek\[
`e k_\ ZXkXcf^l\
Xe[ X^i\\
kfXZZ\gk
Y\ Yfle[
Yp
jXc\ Xj gi`ek\[
`e k_\ ZXkXcf^l\
Xe[
kf Y\
k_\`i
Zfek\ekj Xj n\cc Xj Yp Xep df[`ÔZXk`fej k_Xk
Yfle[Ypk_\`iZfek\ekjXjn\ccXjYpXepdf[`]`ZX$
dXp
Y\ dX[\ kf k_\d# `e[`ZXk\[ \`k_\i Yp efk`Z\ `e
k`fejk_XkdXpY\dX[\kfk_\d#`e[`ZXk\[\`k_\iYp
k_\
jXc\iffd
fi Xj XeefleZ\[
Y\]fi\ fi Y\]fi\
[li`e^ k_\
efk`Z\
`e k_\ jXc\iffd
fi Xj XeefleZ\[
fi
jXc\%Gc\Xj\Y`[fedpY\_Xc]lgkfk_\c`d`kjk`glcXk\[
[li`e^k_\jXc\%Gc\Xj\XZhl`i\fedpY\_Xc]#n`k_`ek_\
`e\lifj#]fik_\cfkj [\j`^eXk\[fggfj`k\\oZclj`m\
jk`glcXk\[ c`d`k `e \lifj# k_\ cfkj [\j`^eXk\[ fe
f]Ylp\iËjgi\d`ld %
fggfj`k\\oZclj`m\f]Ylp\ijgi\d`ld %
;8K<1
J`^eXkli\fYc`^Xkfip 8Yj\ek\\9`[=fidjdljkY\i\Z\`m\[Xkc\Xjk)+_flijY\]fi\k_\jXc\$89J<EK<<9@;=FIDJD8P8CJF9<GI@EK<;=IFDFLIN<9J@K<1
nnn%g`XjX%]i
,#il\;iflfk.,''0GXi`j$K\c%1"**' (,**+('('$=Xo1"**' (,**+('(($ZfekXZk7g`XjX%]i$nnn%g`XjX%]i
K_`\iip9F;@E - Les
g
g
=Xo1**'(+,+/0)-.
'(+,+/0)-.$$c\jXlkf^iXg_\j7nXeX[ff%]i
c\jXlkf^iXg_\j7nXeX[ff%]i
Autographess=Xo1**
9<-96<6;")91:
%H3
)?
+65;)+;71):).9
000+&-#,
"1):)$
'-5;-:=6365;)19-:)<?-5+0I9-:7<*318<-:
)/9H4-5;5C
3-?1:'-331-;-591"1-99-%-1::I,9-
-37015-,-6<9;9@3-:,19-+;-<9:
:65;F=6;9-,1:76:1;165
76<9-:;14-9=6:B<=9-:6<+633-+;165:
-5=<-,-=-5;-7)9;)/-,);1656<)::<9)5+-
-2/1-21/$,0$(&,$+$,1-2/$,#$63-20
+$/"(#$"-,1 "1$/ 2/$,"$200 /1
8*
*#200 /1.( 0 %/
/($+8*($(&, *
%H3
4)71/5)371):).9
18.' ,($/(% 2#
%H3
:;91.)<,71):).9
1
4(+$/ (*
%H3
4/9)1371):).9
1
11
18.' ,($/(% 2#
%H3
:;91.)<,71):).9
1
1
$,-:1$/1/ ,#
%H3
**-9;9)5,71):).9
$,-:1$/1/ ,#
%H3
**-9;9)5,71):).9
COMPTABILITÉ
COMPTABILITÉ
1
ACHETEURS
ACHETEURS
%&#$::
>X‡cc\C\;i„Xl
%@//))5?%8
9**$$/8 2
K„c%1"**'
(,**+('(.
%H3
.VC
^%c\[i\Xl7g`XjX%]i
/3-,9-)<71):).9
>C<;I<8LG@8J8=I
VENDEURS
'!&#$::
VENDEURS
F[`c\[\:fl[\e_fm\
#(*$#$-2#$,'-3$
(-/)()28()1,29)
%H3
K„c%1"**'
(,**+()/,
.VC
,-+6<,-506=-71):).9
f%[\Zfl[\e_fm\7g`XjX%]i
F;<:FL;<E?FM<G@8J8=I
MAGASINS
<3<5,1)<=-5,9-,1
MAGASINS
;lcle[`Xlm\e[i\[`
,-0F
0
LCLE;@8LM<E;I<;@
[\0_~(/_
;<?S?
D"E%$
$,-:1$/1/
DÉPÔTS
DÉPÔTS,#::
%H3
9\efŠk9\ikiXe[
)12A7)575%1(
4/<@6;71):).9
K„c%1"**'
(,**+()/0
.VC
Y%Y\ikiXe[7g`XjX%]i
#%#%$%$
99<IKI8E;G@8J8=I
2"$(&2$**-24
RETRAIT
RETRAIT DES
DES ACHATS
ACHATS ::
%H3
ClZC\M`^l\ccflo
8') -+8)//28;
33-=1/<-336<?71):).9
K„c%1"**'
(,**+('(+
.VC
c%c\m`^l\ccflo7g`XjX%]i
CC<M@>L<CCFLOG@8J8=I
%H3
ABONNEMENT
CATALOGUES
ABONNEMENT+65;)+;71):).9
CATALOGUES
K„c1"**'
(,**+('('
.VC
ZfekXZk7g`XjX%]i
:FEK8:KG@8J8=I
TABLEAUX
TABLEAUX ET
ET DESSINS
DESSINS ANCIENS
ANCIENS
FINS ET SPIRITUEUX
VINS
0" *$2+!$/1
%5-)0?/-)-+1%/
yd`c`\>iXe[`e
%H3
.VC
K„c%1"**'
(,**+('(,
70<4*-9;71):).9
D8G@>E8CG@8J8=I
\%^iXe[`e7g`XjX%]i
=0-/-)5%1(-1
.VC
2*($$""
*#(
TABLEAUX,
DESSINS
<>I8E;@EG@8J8=I
%H3
ET SCULPTURES
2+-++)3,171):).9
XX e SIÈCLES
DES
XIX e ETDESSINS
$-%%/-5-00
2+$
TABLEAUX,
%H3
ESTAMPES
ET SCULPTURES
/26::)<4-71):).9
8ee\$Jfg_`\Glafcc\
DES XIX e ET XX e SIÈCLES
K„c%1"**'
ESTAMPES(,**+()/'
Xj%glafcc\7g`XjX%]i
11)23,-)8.2//)
((
2
.VC
MOBILIER
ET OBJETS D’ART
,,$-.'($2)-**$
8JGLAFCC<G@8J8=I
%H3
PHOTOGRAPHIES
):7<2633-71):).9
CHASSE
ANIMALIER
MOBILIERETETART
OBJETS
D’ART
ARMES
ET SOUVENIRS HISTORIQUES
PHOTOGRAPHIES
VINS
FINS ET SPIRITUEUX
GXjZXc\?ldY\ik
0" *$2+!$/1
K„c%1"**'
(,**+('(0
%H3
CHASSE ET
ART ANIMALIER
SOUVENIRS HISTORIQUES
g%_ldY\ik7g`XjX%]i
70<4*-9;71):).9
ARMES ET
%6'%/)80&)57
ART
CONTEMPORAIN
.VC
7+(*($/
,#(,
Alc`\:\ZZXc[`
G?LD9<IKG@8J8=I
%H3
K„c%1"**' (,**+(''-/9)5,1571):).9
a%Z\ZZXc[`7g`XjX%]i
ART CONTEMPORAIN
>\f]]ifpAfjjXld\
8/-))''%/(7+(*($/
,#(,
K„c%1"**'
(,**+('')
.VC
%H3
^%afjjXld\7g`XjX%]i
A:<::8C;@G@8J8=I
-/9)5,1571):).9
)2**52<266%80)
.VC
,,$-.'($2)-**$
>AFJJ8LD<G@8J8=I
%H3
):7<2633-71):).9
LETTRES
ET MANUSCRITS
LIVRES ANCIENS
$,-:1$/1/
,#
AUTOGRAPHES
ET MODERNES
%H3
CÉRAMIQUE
LETTRES ET MANUSCRITS
**-9;9)5,71):).9
BIJOUX
ET ARGENTERIE
AUTOGRAPHES
1
Jk„g_Xe`\Ki`]Xl[
CÉRAMIQUE
$,-:1$/1/
,#
K„c%1"**'
BIJOUX ET(,**+('(*
ARGENTERIE
%H3
j%ki`]Xl[7g`XjX%]i
7?3,%1-)5-*%8(
**-9;9)5,71):).9
.VC
LIVRES
ANCIENS
JKI@=8L;G@8J8=I
18.'
,($/(% 2#
ET MODERNES
%H3
DXi`\$8d„c`\G`^eXc
ART NOUVEAU
:;91.)<,71):).9
K„c%1"**'
ART DÉCO(,**+('()
dX%g`^eXc7g`XjX%]i
DESIGN
%;-0)5%-/
0" *$2+!$/1
ART
NOUVEAU
%H3
.VC
70<4*-9;71):).9
ART
DÉCO
D>I8@CG@8J8=I
DESIGN
DXo`d\>iX`c
$,-:1$/1/
,#
HAUTE-ÉPOQUE
K„c%1"**'
(,**+('('
%H3
ART D’ASIE
d%^iX`c7g`XjX%]i
**-9;9)5,71):).9
ART ISLAMIQUE
ARCHÉOLOGIE
ART
MODEISLAMIQUE
ET
ARCHÉOLOGIE
JOUETS
0" *$2+!$/1
ANCIENS
MODE
ET
%H3
)12A7)575%1(
JOUETS
ANCIENS
70<4*-9;71):).9
.VC
HAUTE-ÉPOQUE
99<IKI8E;G@8J8=I
9\efŠk9\ikiXe[
$,-:1$/1/
,#
K„c%1"**' (,**+()/0
%H3
Y%Y\ikiXe[7g`XjX%]i
**-9;9)5,71):).9
VENTES GÉNÉRALISTES
%52/)-0?216
11
VENTES GÉNÉRALISTES
.VC
/-*$(+8-,0
:Xifc\J`d„fej
:J@D<FEJG@8J8=I
%H3
K„c%1"**' (,**+()*0
+:14-65:71):).9
Z%j`d\fej7g`XjX%]i
Chassaing-Marambat
%--&)$,(
.
IL<;dJKFI>.FLCFLJ<
9<-,:;69/
%6<36<:.VC
%H3
8O
)?
IM:?8JJ8@E>>D8@C:FD
9=+0)::)15//4)13+64
O8M@<ID8I8D98K>D8@C:FD
?)=1-94)9)4*);/4)13+64
MARSEILLE & LYON
Jean-Baptiste Renart
IL<I<K<L@C'8IJ<@CC<
")+.&-.""),.
.VC )9:-133
9<-9-;-<13
IL<!8JG8I@E
&PFE
%H3
.VC
9<-):7)915@65
*FIK
%H3
A9I<E8IKFI8E><=I
"69;
2*9-5)9;69)5/-.9
NOTRE CORRESPONDANT
EN BELGIQUE
Michel Wittamer
&!%"'&..(",
M<EL<&FL@J<
=-5<-6<1:FYK<ILO<CC<J
6J;-
9<?-33-:
.VC
%H3
>8C<I@<N@KK8D<IJN@E>9<
/)3-91->1;;)4-9:>15/*-
/-69/-:/)<;1-9>)5),66.9
TOULOUSE
: lot 585,dequatrième
"9-41I9-,-+6<=-9;<9-36;
,-<?1I4-,-+6<=-9;<9-36;
8<);91I4-,-+6<=-9;<9-36;
,H;)13
Première
et deuxième
couverture
de :couverture
: lot 520
1SFNJoSFEFDPVWFSUVSFMPUEFVYJoNFEFDPVWFSUVSFMPURVBUSJoNFEFDPVWFSUVSFMPU
Première
de
couverturede: lot
366 – Quatrième
couverture
lot 39
*NQSFTTJPO%SBQFBV(SBQIJD5nM
65+-7;165/9)7018<-9)5G61:-6<9*1:-;091:;1)5#65,-;
#-:765:)*3-H,1;691)3-+669,15);165-;9H)31:);165,<+);)36/<-<+1-D3H6569-#1=-965
Photos
:: Jean-Yves
Photos
Jean-Yves et
et Nicolas
Nicolas Dubois
DUBOIS – Roland DREYFUS
479-::165%-331-A644<51+);165%H3
NANTES & ANGERS
Georges Gautier
"*,$"-/.&",
GC8:<!I8JC@E(8EK<J
73)+-9):315!)5;-:
.VC
%H3
IL<;<JIWE<J
E><IJ
9<-,-:9I5-:5/-9:
.VC
%H3
*FIK
"69;
><FI><J>8LK@<IN8E8;FF=I