Sunteți pe pagina 1din 13

(

(
-%(8-#$8"1&-%(4!-?!"%%$#-%:!"?!"%%$#-%(+'(!"@-!8'(
4%$A*$B&!$.'( '1&$8'1$.-8$')( 1-( 9!'%$)C( *8'( '1B)$%"(
+'(%'D+"(8"1&')(1'(4"!%4".&$#'(+'(4%$.-)-?$'(%-.$')(
.!E&$.'((
&F"(4!-?!"%%$#":!"?!"%%$#"(8-#"8"1&%(-@(!"@-!8(4%G.F$'&!$.('%G)*8%($1(
9!'H$)C('1('1')G%$%(-@(8"1&')(F"')&F(@!-8(&F"(4"!%4".&$#"(-@(.!$&$.')(
%-.$')(4%G.F-)-?G(
(
"

(
')*E%$-(!"##"$#%&+"()$8'(4X/+/'(
Y*1$#"!%$+'+(@"+"!')(+-(."'!B(:(9WTOKQZ/(
(
(

!IJKLKM2C(<5(MI('N2OP2(MIQ(;<0<(R('JISPTM2C(0=(MI(12UKIVLWI(MIQ(;<0<(

!"%*8"1(

"OPI(TWP[J\Q2(PKI]I(J2V2(2L^IPKU2(T]TQK_TW`(MIOMI(\]T(SIWOSIJPKUT(MI(QT(SOKJ2Q2N[T(O2JKTQ`(IQ(JTVS2(MI(QT(OTQ\M(VI]PTQ(
I]( 9WTOKQ( a( Q2O( MIOTb[2O( TJP\TQIO( STWT( \]T( IbKJT_( MIOK]OPKP\JK2]TQK_TJKc]( a( IVT]JKSTJKc]( O2JKTQ/( .2]( IOPI( bK]`(
SWIOI]PTV2O(0Z(IQ(MIOTWW2QQ2(MI(QTO(KMITO(TQKI]KOPTO(a(QT(TSQKJTJKc](MIQ(VT]KJ2VK2(J2V2(\](MKOS2OKPKU2`(PI]KI]M2(I](
J\I]PT(O\(\O2(J2V2(\](K]OPW\VI]P2(MI(QT(TMVK]KOPWTJKc](O2JKTQ(a(QT(]TP\WTQK_TJKc](MI(QT(MIOKN\TQMTMd(;Z(SWIOI]PTV2O(
Q2O(TUT]JIO(a(WIPW2JIO2O(MI(QT(WIb2WVT(MI(Q2O(TOKQ2O(SOKe\KfPWKJ2O`(V2OPWT]M2(QT(PWT]Ob2WVTJKc](K]KJKTMT(I](0g=7(J2](IQ(
82UKVKI]P2(MI(&WTLT^TM2WIO(MI(QT(%TQ\M(8I]PTQ(a(QT(KVS2WPT]JKT(MI(QT()Ia(0</;05h;<<0(e\I(WI2WNT]K_c(QT(TPI]JKc](MI(
P2MT(QT(OTQ\M(VI]PTQ(I](9WTOKQ(a(3Z(T(STWPKW(MI(QT(SWIOI]PTJKc](MI(Q2O(SW2LQIVTO(e\I(I]bWI]PT(QT(WIb2WVT(MI(Q2O(TOKQ2O(
SOKe\KfPWKJ2O(P2Vc(]2PT(MI(QT(SIWOKOPI]JKT(MI(\]T(WTJK2]TQKMTM(e\I(KVSIMI(QT(PWT]Ob2WVTJKc](WTMKJTQ(MI(QTO(WIQTJK2]IO(
I]PWI(Q2O(SW2bIOK2]TQIO(e\I(OI(K]OJWKLI](I](IQ(fVLKP2(MI(QT(OTQ\M(VI]PTQ(a(QTO(SIWO2]TO(e\I(WIJKLI](IQ(MKTN]2OPKJ2(
SOKe\KfPWKJ2/( .2]JQ\KV2O( IOPI( TWP[J\Q2( TWN\VI]PT]M2( e\I( ]\IOPW2( VTa2W( WIP2( IO( IOJTSTW( MI( J\TQe\KIW( VKWTMT(
]2OPfQNKJT(TQ(STOTM2(a(\](b\P\W2(OK](IOSIWT]_T`(TO\VKI]M2(P2MTO(QTO(J2]OIJ\I]JKTO(J2](]\IOPWT(JTSTJKMTM(MI(SI]OTW(IQ(
SWIOI]PI/((&
(%)%*#%+&,)%-".&4OKJ2Q2N[T(%2JKTQ`(%TQ\M(8I]PTQ`(!Ib2WVT(4OKe\KfPWKJT(I](9WTOKQ`(4OKJ2Q2N[T(MI(QT(%TQ\M/(

'9%&!'.&(

&XKO(TWPKJQI(TKVO(TP(T]TQa_K]N`(K](T(O2JKTQ(SOaJX2Q2Na(SIWOSIJPKUI`(PXI(J2\WOI(2b(VI]PTQ(XITQPX(K](9WT_KQ(T]M(J\WWI]P(
JXTQQI]NIO( b2W( IbbIJPKUI( MIOK]OPKP\PK2]TQK_TPK2]( T]M( O2JKTQ( IVT]JKSTPK2]/( iI( MIV2]OPWTPI( 0Z( PXI( MIUIQ2SVI]P( 2b(
TQKI]KOPO( KMITO( ( T]M( KVSQIVI]PTPK2]( PXI( TOaQ\V( TO( T( PIJ]2Q2Na( \OIM( P2( K]OPW\VI]P( 2b( O2JKTQ( TMVK]KOPWTPK2]( T]M(
]TP\WTQK_TPK2]( 2b( K]Ie\TQKPa`( ;Z( PXI( MIUIQ2SVI]P( T]M( TMUT]JIO( P2( ( SOaJXKTPWKJ( WIb2WV`( OX2jK]N( PXI( PWT]Ob2WVTPK2](
K]KPKTPIM( K]( 0g=7( jKPX( PXI( 82UIVI]P( b2W( 8I]PTQ( FITQPX( i2WkIWO( T]M( PXI( KVS2WPT]JI( 2b( QTj( 0</;05h;<<0( K]( PXI(
WI2WNT]K_TPK2](2b(VI]PTQ(XITQPX(JTWI(K](9WT_KQ(T]M(3Z(PXI(SWIOI]PTPK2](2b(PXI(SW2LQIVO(bTJIM(La(PXI(WIb2WV(SOaJXKTPWKJ(
T]M(PXI(SIWOKOPI]JI(2b(T(WTPK2]TQKPa(PXTP(MKbbKJ\QP(T(WTMKJTQ(PWT]Ob2WVTPK2](2b(WIQTPK2]OXKSO(LIPjII](SW2bIOOK2]TQO(jX2(
TWI(I]PIWIM(K](PXI(bKIQM(2b(VI]PTQ(XITQPX(T]M(K]MKUKM\TQO(\]MIWN2K]N(SOaJXKTPWKJ(MKOJ2\WOI/(iI(J2]JQ\MI(PXKO(TWPKJQI(
TWN\K]N(PXTP(2\W(LKNNIOP(JXTQQI]NI(KO(P2(IOJTSI(T]a(]2OPTQNKJ(Q22k(TP(PXI(STOP(T]M(b2W(T(b\P\WI(jKPX2\P(X2SI`(TOO\VK]N(
TQQ(PXI(J2]OIe\I]JIO(jKPX(2\W(TLKQKPa(P2(PXK]k(PXKO(K](SWIOI]P/(
/"0&12#3+.&%2JKTQ(4OaJX2Q2Na`(8I]PTQ(FITQPX`(4OaJXKTPWKJ(!Ib2WV(K](9WT_KQ`(FITQPX(4OaJX2Q2Na/(
0/(4W2bIOO2W(M2(.\WO2(MI(4OKJ2Q2NKT(I(8IOPWTM2(IV(%TlMI(MT(@TV[QKT/(*]KUIWOKMTM(@IMIWTQ(M2(.ITWf(:(*@.`(%2LWTQ(."`(9WTOKQ/(
"VTKQC(TQ\KOK2QKVTmX2PVTKQ/J2V
!""!"#$%&'(%')*+(,(%-.$"+'+""!"(#/(0""!"(12/(3""!""44/(056((077"!""%"4&$"89!"(:(+$.$"89!""!"";<0<"!"$%%1(<70=:7>76"!

')*E%$-(@"!!"$!'(+"()$8'(

!" #$%&'%$($)'" *+,$-'*$+." -'*'" &'./($-+" #0"


+#*$,$%(1+23'" %'-$+.4" %'510" +" -1$+23'" #'"
+.$0,+#'"0"+",+(61+.$7+23'"#+%"#0%$86+.#+#0%""""
"
9*5'1+" '" *+,$-:*$'" %'*0,(0" +&+102+" -'*'"
#$%&'%$($)';" '<$-$+." #0" (1+(+*0,('" #0" $,#$)/#6'%"
10-',=0-$#'%"-'*'".'6-'%"+&>%"'"+,'"#0";?@@"
,'" A1+%$.B" ,3'" C" ,0,=6*+" ,')$#+#0" D60" #0%#0"
;EFG"HI"0J$%($%%0"'"$%'.+*0,('"#0%%0%"$,#$)/#6'%"
$,#0%0HI)0$%" ,+%" K+,(+%" L+%+%" #0" M$%01$->1#$+"
0" D60" 0*" *0+#'%" #'" %C-6.'" NOPPP" HI" #$%&6,=+"
GHFDVLQKDVGHGRLGRV 3RVWHOH4XpWHO
&Q" FR@SQ" !%" *+,$-:*$'%" 0<0($)+*0,(0" %013'"
$,+6861+#'%" #61+,(0" '" %086,#'" 10$,+#'" T;?F;U
;??VSQ" K3'" 0.0%4" '" W'%&/-$'" X'*" Y0#1'" PP"
<6,#+#'" 0*" ;?E@B" ,'" Z$'" #0" [+,0$1'\" 0*" K3'"
Y+6.'B" 0*" ;?E@B" 0%(+#'" 0*" D60" +" '<0,%$)+" #+"
-$],-$+"-'*"10.+23'"+'%"#'0,(0%"*0,(+$%"=+)$+"
-'*02+#'" 0*" ;?F?B" -'*" +" .0$" &1')$,-$+." D60"
)$%+)+"-1$+1"6*"W'%&/-$'""%'*0,(0"$,+6861+#'"
0*" ;?E@" ,+" ^)0,$#+" K3'" ['3'B" D60" <6,-$','6"
+(C" ;?RFB" D6+,#'" <'$" (1+,%<01$#'" &+1+" 6*+"
-=I-+1+" ,+" _+#0$1+" `+5+($,8601+\" 0*"
Y01,+*56-'B"0*";?R;\",+"A+=$+B"0*";?aF"0",'"
Z$'"b1+,#0"#'"K6."0*";??FQ"c'"0%(+#'"#0"K3'"
Y+6.'B" 0*" ;?V@B" '" #'6('1" d1+,-'" #+" Z'-=+" <'$"
-',)$#+#'"&0.'"8')01,'"#'"0%(+#'"+"'1$0,(+1"'%"
0%(6#'%" %'510" +%%$%(],-$+" +'%" +.$0,+#'%B"
10%6.(+,#'" #$%%'" +" -',%(1623'" #'" W'%&/-$'"
[6D601eB" -',-.6/#+" 0*" ;VfGQ" ^$,#+" ,'" +,'" #0"
;VfGB")'(+U%0"+"&1$*0$1+".0$"D60"1086.+*0,(+"+%"
$,(01,+2g0%B" D60" &+%%+1+*" +" %01" 0<0($)+#+%"
%'*0,(0"%0"'"$,#$)/#6'"&+%%+%%0"&'1"6*"0J+*0"
#0" %06" 0%(+#'" *0,(+.Q" ^" *0%*+" .0$" -1$'6" +"
#$)$%3'" 0,(10" '" 0,-+1-01+*0,('" #'%" #'0,(0%"
*0,(+$%" 0" -1$*$,'%'%B" ('1,+,#'" ,0-0%%I1$+%" +%"
-',%(162g0%"#0",')'%"='%&/-$'%"&+1+"+.$0,+#'%"
-1$*$,'%'%" 0" &+1+" +.$0,+#'%" #0.$,D60,(0%"
TY'%(0." 0" h6C(0.B" @fffB" &QFRaSQ" ^" #$<010,2+"
+&+10-0",+"&1IJ$%B",+"-',-0&23'"#0"+.$0,+23'"0"
,'"*C('#'"#0"(1+(+*0,('"#'%"$,#$)/#6'%Q""
"
Y+1+" $,(0.0-(6+$%" 51+%$.0$1'%" #0%%0" &01/'#'B"
-'*'"A1+,#3'"T;V;?SB"&'1"0J0*&.'B"+"(0'1$+"#+"
#080,010%-],-$+" #0%0,)'.)$#+" &'1" M'10." "
(0>1$-'"D60"10.+-$',+)+"+"+.$0,+23'"#$10(+*0,(0"
-'*" +" =01+,2+" 80,C($-+B" +" 1+2+B" +" =$8$0,0" 0" '"
-.$*+" B" %01)$1I" &+1+" %6%(0,(+1" +" #$<010,2+"
0,(10" '%" %010%" =6*+,'%B" #$)$#$,#'U'%" 0*"
$,<01$'10%" 0" %6&01$'10%B" 0*" 6*" *'*0,('"
0( +I( TJ2WM2( J2V( 'NTVLI]( Y;<<g`( S/( ><Z( MKOS2OKPKU2( S2MI( OIW(
HQWHQGLGRFRPRTXDOTXHUFRLVDTXHWHQKDGHDOJXPPRGRD
JTSTJKMTMI( MI( JTSP\WTW`( 2WKI]PTW`( MIPIWVK]TW`( K]PIWJISPTW`(
V2MIQTW`( J2]PW2QTW( I( TOOIN\WTW( 2O( NIOP2O`( TO( J2]M\PTO`( TO(
RSLQL}HVHRVGLVFXUVRVM2O(K]MKU[M\2O/!

=$%(>1$-'" ,'" D6+." +" (0'1$+" #0" i1+0&0.$," " D60"


=+)$+" %0" <'1*+#'" ,+" 0%-'.+" '18+,$-$%(+" 0"
,061'&+('.>8$-+"+.0*3"0"&1'&'%('"-.+%%$<$-+2g0%"
%6-0%%$)+%" %'510" #'0,2+%" *0,(+$%" 0*" %06"
7UDWDGR GH 3VLTXLDWULD " 01+" =080*:,$-+"
*6,#$+.*0,(0Q" ^.$I%B" 0*5'1+" (0,=+*" '-'11$#'"
+.86*+%" +.(01+2g0%" #0" -6,='" H61/#$-'B" +"
-',-0&23'" #0" +.$0,+23'" =080*',$-+*0,(0"
+#'(+#+"01+"+"#0"`0$J0$1+"A1+,#3'Q"^"(0'1$+"#+"
#080,010%-],-$+" (0)0" 6*" #6&.'" 0<0$('" #0"
+6('1$7+1"-'*"%6+%"=$&>(0%0%"+"10'1$0,(+23'"#'"
+.$0,$%*'"0"+"<'1*6.+23'"#0"6*",')'"&1'H0('"#0"
&1'<$.+J$+"+"&+1($1"#'"+%$.'",'"A1+%$.Q"
"
^"$,<.6],-$+"#0%%+",')+"$#0'.'8$+"#'*$,+,(0"
&'#0" %01" )$%(+" ,'" -+%'" #+" -1$+23'" #+" _$8+"
A1+%$.0$1+" #0" W$8$0,0" M0,(+.B" 0*" ;V@GB" ,+"
-$#+#0"#'"Z$'"#0"[+,0$1'B"&'1"b6%(+)'"Z$0#0.Q"^"
$,%($(6$23'" (1+5+.=+)+" -'*" '%" +&'1(0%" #+"
&%$-'.'8$+" 0" *+,($,=+" 6*" .+5'1+(>1$'" 0" 6*"
6HPLQiULR %UDVLOHLUR GH 3VLFRORJLD TXH VH
106,$+"%0*+,+.*0,(0"0"+,6+.*0,(0"'18+,$7+)+"
DV -RUQDGDV %UDVLOHLUDV GH 3VLFRORJLD 2
'5H0($)'"$,$-$+."#+%"_$8+%"01+"&0,%+1"+"*0.='1$+"
#+"+%%$%(],-$+"+'"+.$0,+#'Q"L',(6#'B"+"&+1($1"#0"
;V@RB" 0%%0" '5H0($)'" <'$" -0#0,#'" .68+1" &+1+" +"
$#0'.'8$+" 068],$-+B" +" &1'<$.+J$+" 0" +" +#+&(+23'"
#'%" $,#$)/#6'%" &'1" *0$'" #+" 0#6-+23'" 0" #+"
&10)0,23'B" D60" +-+5'6" &'1" 10#67$1" +%" _$8+%" +"
DPEXODWyULRV RQGH HUDP DWHQGLGRV QHXUyWLFRV
0" &%$->($-'%" *0,'%" 81+)0%B" D60" 10-05$+*B"
0%&0-$+.*0,(0B" (1+WDPHQWRV PHGLFDPHQWRVRV
Tj+=,B";VEEB"&QFfSQ"
"
c$,+" Z'#1$860%B" 6*" #'" *+$%" 10%&0$(+#'%"
$,(0.0-(6+$%" 51+%$.0$1'%" #+" C&'-+" #0<0,#01I" D60"
'%" $,#$)/#6'%" D60" ,3'" %0" +#0D6+%%0*" k%"
(01+&$+%" +#+&(+($)+%" #0)01$+*" %01" )$%('%" -'*'"
+*0+2+%" %'-$+$%" 0" 10($1+#'%" #+" %'-$0#+#0B"
$,#0&0,#0,(0*0,(0" #0" %6+" 1+2+Q" ^" &1>&1$+"
+.$0,+23'" 01+" 0,(0,#$#+" +" &+1($1" #0%%+"
+1($-6.+23'" 0,(10" &0,%+*0,('" &1$*$($)'" 0"
$,+#+&(+23'" k" %'-$0#+#0Q" ^%" &1'&'%$2g0%" #0"
c$,+"Z'#1$860%"&65.$-+#+%"#0%#0"!"#$%&'#()"')"
(%*&%+)" ,%-%$" .*#/%$&%*)0" #1)'+#2&'+)/" 2&(%,)3
$&4#&/" #)" 1*)5&,+)" (&" ,6(%4)" ,%-%$B" 0*" ;Vf;B!
<'1(+.0-01I"+"+15$(1+1$0#+#0"#0"$,(01&10(+23'"0*"
10.+23'" +'" D60" %01$+" -',%$#01+#'" ,*%2&B"
$*&6(+,#'" +'" -1$*$,'%'" +" 0($'.'8$+" #+"
-1$*$,+.$#+#0"+%%'-$+#+"k"$#0$+"#+"*0,(+.$#+#0"
&1$*$($)+B" $%0,(+,#'" +%%$*B" +" $,<.6],-$+" #+%"
-',#$2g0%" %'-$+$%" ,+" -',%(1623'" #'" -1$*$,'%'B"
+'" *0%*'" (0*&'" D60" +" %'-$0#+#0" 01+"
0,(0,#$#+"-'*'")/($*+"#'"$,#$)/#6'"-1$*$,'%'B"'"
D60"10<010,#+)+"+"0J-.6%3'"#'%"#080,01+#'%"0"

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(((

055(

-O(V2UKVI]P2O(SW2NWIOOKU2O:WINWIOOKU2O(MT(WIb2WVT(SOKe\KfPWKJT(T]PKVT]KJ2VKTQ(]2(LWTOKQC(\VT(T]fQKOI(MT(OTlMI(VI]PTQ(]T(SIWOSIJPKUT(MT(
SOKJ2Q2NKT(O2JKTQ(JW[PKJT(
(
(
(

+" 1080,01+23'" #'%" $,#$)/#6'%Q" K6+" $,<.6],-$+"


%01I" 0J&./-$(+" ,+" *0#$-$,+" %'-$+.B" &%$-'.'8$+"
<'10,%0" 0" -1$*$,+.B" #0" +6('10%" -'*'" !%-+1"
d10$10B" d.I*/,$'" d+)01'B" ^.*0$#+" [6,$'1B"
Y+-=0-'" 0" K$.)+" 0B" &1$,-$&+.*0,(0B" 0*" ^1(=61"
Z+*'%Q" 9%(0" l.($*'" +6('1B"-',%$#01+#'" 6*" #'%"
<6,#+#'10%" #'" -+*&'" #+" Y%$-'.'8$+" K'-$+."
51+%$.0$1+B"<'$"#$%-/&6.'"#0"c$,+"Z'#1$860%"0"6*"
#'%" *+$%" $*&'1(+,(0%" 0" )00*0,(0%" #0<0,%'10%"
#+" (0'1$+" #+" #080,010%-],-$+" ,'" A1+%$.B"
&65.$-+,#'" )I1$+%" '51+%" D60" &1'-61+)+*"
0,<'-+1" +" $,<01$'1$#+#0" 1+-$+." 0" +" #080,01+23'"
&%/D6$-+"#'%"&'510%B"+%%$*"-'*'"+%"<'1*+%"#0"
0J&10%%3'"+<1'U51+%$.0$1+%Q"
"
c+" %'-$0#+#0" 0*" D60" '" #$%-61%'" (C-,$-'U
-$0,(/<$-'" 0J$8$+" +" $*&.0*0,(+23'" #+" #$%-$&.$,+"
D60" 8+1+,($1$+" +" '1#0*" 0" '" &1'810%%'B" +"
+.$0,+23'" ('1,'6U%0" 6*" -',-0$('" l($." &+1+"
0J&.$-+1" +" 16&(61+" #'" 0D6$./51$'" $,#$)$#6+." 0"
-'.0($)'Q" L',-0$('" D60B" &'1" %6+" )07B" $,$-$+" '"
&01/'#'" #0" +*&.$+23'" #+" +23'" #'" 9%(+#'" ,+"
0%<01+" &1$)+#+" D60" %086$1I" #0%(0" &01/'#'" +(C"
*0+#'%" #+" K086,#+" b6011+" M6,#$+.Q" !"
(1+(+*0,('" *'1+.B" &'1" %6+" )07B" &+%%'6" +" %01"
6($.$7+#'" -'*'" $,(01)0,23'" -$0,(/<$-+" &+1+" '"
-',(1'.0" 0" +" -'11023'" #'%" $,#$)/#6'%" ,3'"
-',)0,-$',+$%B" 10&0($,#'" +" =$%(>1$+" #'%" &+/%0%"
061'&06%"0"#'%"9%(+#'%"m,$#'%Q"^%"-+6%+%"#+"
+.$0,+23'" &+%%+*" +" %01" 10.+-$',+#+%" +" <+('10%"
&10#$%&',0,(0%" " '" -.$*+B" +" %0J6+.$#+#0B" +"
$#+#0B"'"(0*&01+*0,('B"+"&1'<$%%3'"0"'"*'#'"#0"
)$#+" " 0" +" -+6%+%" #0(01*$,+,(0%B" '6" %0H+B"
<+('10%"</%$-'%"T-'*&'1(+*0,('%"=010#$(I1$'%"#0"
#$%(l15$'%" &+('.>8$-'%S" 0" 0*'-$',+$%" T#0)$#'" +"
&1'5.0*+%"<+*$.$+10%SQ"
"
K086$,#'" +" $,<.6],-$+" ,'1(0U+*01$-+,+B" '"
A1+%$.B"+"&+1($1"#0";VRfB"*+$%"&10-$%+*0,(0"+&>%"
+" &65.$-+23'" #'" X0-10('" FVQVaFB" #0" @;" #0"
H+,0$1'" #0" ;VR;B" &1'*')0" 6*+" ,')+" 10<'1*+"
&%$D6$I(1$-+Q" ^" ,')$#+#0" ,'" #0-10('" 0%(I" ,+"
$,)01%3'" #+" $,(01,+23'" #'" +.$0,+#'B" #'"
&%$-'&+(+B"-'*'"0.0*0,('"$,#$%&0,%I)0."&+1+"+"
'1#0*"%'-$+.B"&+1+"#0%%0"*'*0,('"0*"#$+,(0B"+"
#0%$,(01,+23'" &1'810%%$)+" #0%%0%" $,#$)/#6'%Q"
9*"'6(1+%"&+.+)1+%B"0<0($)+*0,(0"0%%+"10<'1*+"
+&0,+%" &1'*')06" +" %65%($(6$23'" #'" (01*'"
GRHQoD PHQWDO SRU VD~GH PHQWDO H HIHWXRX
6*" 714*#(&" ,+" (0-,'.'8$+" &%$D6$I(1$-+"
(1+#$-$',+.B"D60"&'#01$+"+8'1+"+51$1"+%"&'1(+%"#+"
$,%($(6$23'" &%$D6$I(1$-+" &+1+" D60" '6(1'%" %+5010%"
%0" ('1,+%%0*" &+1-0$1'%Q" L'*" +" +#'23'" #+"
057(

0&$#0*$'.'8$+" -'*'" 10<01],-$+" &1$,-$&+." ,+"


0.+5'1+23'" #+%" &'./($-+%" TA1+%$.B" ;VR;B" ^1(Q" ?GSB"
+5+,#',+*U%0" +%" &10'-6&+2g0%" -'*" +" '1#0*"
&l5.$-+" " (3'" &10%0,(0%" ,+%" $#0$+%" 0" .0$%" #0"
&01/'#'%" +,(01$'10%" 0" D60" 10#67$+*" '%"
&1'5.0*+%" &'./($-'%U%'-$+$%U0-',:*$-'%" +'%"
+(1$56('%" $,#$)$#6+$%" 0%&0-/<$-'%" #'" &')'"
51+%$.0$1'" B" 0" &+%%+U%0" +" $#0,($<$-+1" '%" -+%'%"
SDUWLFXODUHVWtSLFRVRTXHSRVVLELOLWDLGHQWLILFDU
'" $*&+-('" #+%" +2g0%" #0" %+l#0" *0,(+." #+"
&'&6.+23'B" D60" &+%%+1$+" +" %01" -+#+" )07" *+$%"
*0#$-+.$7+#+Q" P%%'" *'%(1+" D60" '" &1'H0('" #0"
#0%$,%($(6-$',+.$7+23'" " D60" ,+" )01#+#0" <'$"
+&0,+%"#0"#0%$,(01,+23'B"+'"&+%%'"D60",3'"%0"
D60%($',+)+" +" $,%($(6$23'" &%$D6$I(1$-+" "
&1'&'%(+"+"&+1($1"#0";VR;",'"A1+%$.B",3'"<'$"6*"
10%6.(+#'" #" 1)/+&*%)*%" #0" ,0,=6*" *')$*0,('"
%'-$+.B" &0.'" -',(1I1$'B" <'$" #" 1*%)*%" *+$%" 6*+"
0%(1+(C8$+" #0" +H6%(0" &'./($-'U0-',:*$-'" D60" %0"
*'%(1'6" -'*'" 6*" 10(1'-0%%'" k" .>8$-+"
*+,$-'*$+.Q"
"
9%&01+)+U%0" D60" '" L>#$8'" c+-$',+." #0"
K+l#0" &6#0%%0" 8+1+,($1" +" 10#623'" #+%"
$,(01,+2g0%" &%$D6$I(1$-+%" 0" +*&.$+1" +"
+%%$%(],-$+" k" -'*6,$#+#0B" 0" D60B" &+1+"
(+,('B"
*6.($&.$-+1U%0U$+*"
'%"
0D6$&+*0,('%" &+1+U='%&$(+.+10%" 0"
+,0J'%"&%$D6$I(1$-'%",'%"='%&$(+$%"801+$%Q"
c+" &1I($-+B" '-'110" '" $,)01%'\"
&+1+#'J+.*0,(0B" '-'1101I" H6%(+*0,(0"
,0%%0" &01/'#'" +" 81+,#0" 0J&+,%3'" #'%"
*+,$-:*$'%" ,'" A1+%$.Q" !" A1+%$.B" D60" ,'"
$*0#$+('" &>%U86011+" 0%(+)+" -+&$(+.$7+#'B"
<'1,0-06" +%" -',#$2g0%" ,0-0%%I1$+%" &+1+"
D60"#'$%"#'-6*0,('%"#+(+#'%"#0";VFR"0"
;VFa" <'%%0*" -',(0*&.+#'%" 0"
50,0<$-$+%%0*"
0*&100,#0#'10%"
SULYDGRV >@ (P  HP PHLR j
K086,#+" b6011+" M6,#$+.B" 0J$%($+*" RE"
='%&$(+$%" &%$D6$I(1$-'%" ,'" A1+%$." TG;"
&01(0,-$+*" k" 10#0" &l5.$-+" 0" GF" k"
&1$)+#+SQ" ^&>%" '" Y.+,'" K+.(0B" *+$%"
&10-$%+*0,(0" 0*" ;VR;B" 0J$%($+*" ;Ff"
='%&$(+$%" TEF" &l5.$-'%" 0" ?R" &1$)+#'%SQ"
c'%" ;f" +,'%" D60" %086$1+*B" 0*" D60"
'-'1106"+"*+$'1"&1$)+($7+23'"#'%"%01)$2'%"
#0" %+l#0" #+" =$%(>1$+" 51+%$.0$1+B" 0*" ('#'"
(011$(>1$'" ,+-$',+." 0J$%($+*" GFf" ='%&$(+$%"
TRG" &l5.$-'%" 0" @aa" &1$)+#'%SQ" 9,(10" '%"
+,'%" #0" ;Va;" 0" ;V?;" ,0,=6*" ='%&$(+."
&l5.$-'" <'$" +501('B" +'" &+%%'" D60" '"
,l*01'" #0" ='%&$(+$%" &%$D6$I(1$-'%"

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(

')*E%$-(@"!!"$!'(+"()$8'(

&1$)+#'%"&+%%'6"#0"@aa"&+1+"GR@"T_$*+B"
@f;fB"&Q"VEUVaSQ"
"
d$-+" -+#+" )07" *+$%" 0J&./-$('" '" <+('" #0" D60" +"
=$%(>1$+" #+" -',%'.$#+23'" #+" %+l#0" *0,(+." ,'"
A1+%$." C" 6*+" =$%(>1$+" #0" 10<'1*+%" *+,$-'*$+$%"
$,$-$+#+%" -',-10(+*0,(0" #0%#0" '" $,/-$'" #'"
%C-6.'"NN"0"D60"+&>%";VRf"%086$6"#6+%"<10,(0%4"
'" <'1(+.0-$*0,('" #'%" *+,$-:*$'%" &1$)+#'%" 0" '"
+6*0,('" #+" $,(01)0,23'" &%$D6$I(1$-+" ,+"
-'*6,$#+#0B" -'*" <'1(0%" (0,#],-$+%" +"
&%$D6$+(1$7+23'" #'" %'-$+.B" 0*" D60" '" &%$D6$+(1+"
#0)0"*&/1)'/#.%$%8#*3/&B"+*&%'#*"'%"+80,(0%",3'U
&1'<$%%$',+$%B" (+$%" -'*'4" )$7$,='%B" +80,(0%"
10.$8$'%'%B" ./#010%" -'*6,$(I1$'%" 0(-Q" K0,#'"
+%%$*B")0*'%"D60"*0%*'"'"-',-0$('"#0"%+l#0"
*0,(+." %6180" +%%'-$+#'" +" 6*" &1'-0%%'" #0"
+#+&(+23'" #'" %'-$+.B" +&',(+,#'" 6*" &+#13'"
+*&.$+#'" #0" +,'1*+.$#+#0B" #'" *0%*'" *'#'"
-'*'" '-'1106" ,'%" 9%(+#'%" m,$#'%" TK7+%7B"
;VVFSQ" 9,(10(+,('B" (+*5C*")01$<$-+10*'%" ,0%%0"
&01/'#'" D60" -',-'*$(+,(0*0,(0" k%" (0,(+($)+%"
#0" +H6%(+*0,('" #0%%+" -'*6,$#+#0" $*+8$,+#+"
T^,#01%',B"@ff?SB"D60",3'"%0"10%(1$,8$6"+&0,+%"
k" %+l#0" *0,(+.B" *+%" %$*" +" ('#+" &'./($-+"
,+-$',+.B" %618$13'" <'1*+%" #0" 10%$%(],-$+"
+#)$,#+%" (+,('" #0" *')$*0,('%" 6,$)01%$(I1$'%"
-'*'" #'%" *')$*0,('%" &'&6.+10%4" +%" *$,'1$+%"
*'%(1+*U%0"-'*'"*+$'1$+%"%$.0,-$'%+%Q"""
Y'1" <+.+1" 0*" 0%-'.=+%B" ,'" D60" %0" 10<010" k"
&1>&1$+" -',-0&23'" #0" #0*'-1+-$+B" #0<0,#$#+"
-'*'" 6*+" #+%" 5+,#0$1+%" D60" H6%($<$-+)+*" (+."
10<'1*+" &%$D6$I(1$-+B" %0" ('1,+" 0)$#0,(0" D60" '"
-+*$,='"%086$#'"&'1"0%%+"&'./($-+"#0"$#0,($#+#0"
<'$" '" #0" +51$1" *3'" #+" 0.$*$,+23'" #+"
#0%$86+.#+#0" 0" .6(+" &'1" 10#$%(1$56$23'"
0-',:*$-+""(3'"0J&./-$(+",'%"-+%'%"0*"D60"'"
#$+8,>%($-'" &%$D6$I(1$-'" <'$" 6($.$7+#'" ,+" =$%(>1$+"
#+" #'0,2+" *0,(+." ,'" A1+%$." B" 0" +%%6*$1" +"
5+,#0$1+" #'" 10-',=0-$*0,('" #+" #$<010,2+B" #+"
+,6.+23'" #+" #081+#+23'" 0" #0%10%&0$('B"
8+1+,($,#'" 0*&108'" &+1+" '%" 0%&0-$+.$%(+%"
0,)'.)$#'%"-'*"+"%+l#0"*0,(+.Q"K+,('%"T@ff@S"
+-10#$(+" D60" +" +#'23'" #0%%+" &01%&0-($)+"
&'./($-'U%'-$+." (0*" 6*+" 10.+23'" #$10(+" -'*" +"
=01+,2+"&'./($-+"#+"#$(+#61+"D60")$)0,-$+*'%"0"
&'%%$5$.$(+,#'" '" +&1'<6,#+*0,('" #0" &1'-0%%'%"
$,$-$+#'%"+"&+1($1"#0";VGfQ"
"
^" #$(+#61+" *$.$(+1B" +.C*" #0" -',%'.$#+1"
,')+%" 0%(16(61+%" %>-$'U0-',:*$-+%" #0"
&'#01B" &1'#67$6" 6*" *'#0.'" #0" 9%(+#'"
D60" ,'" $,/-$'" #+" #C-+#+" #0" '$(0,(+" %0"
0,-',(1+)+" HI" 0*" &1'<6,#+" -1$%0Q" 9*"
*0+#'%" #+" #C-+#+B" +" (1+,%$23'"

#0*'-1I($-+" +)+,2'6B" &',#'" <$*" +'"


*'#0.'" #0" #'*$,+23'" &'./($-+B" *+%" ,3'"
-',<1',('6" +%" 0%(16(61+%" #0" &'#01"
0-',:*$-'"0"%'-$+.",0*"#06"&1$'1$#+#0"k"
10<'1*+" #'" 9%(+#'Q" d'$" ,0%%0" -',(0J('"
D60" +%" 0.$(0%" -',%01)+#'1+%"-+)+.8+1+*"
-'*" ]J$('" +" (1+,%$23'" #0*'-1I($-+B"
+&1')0$(+,#'" 0" 10<'12+,#'" +" -1$%0" #'"
9%(+#'" &+1+" 0,(108+1" '" &+/%" k" ,')+"
'1('#'J$+" ,0'.$501+." ',#0" )$01+*" +%"
,')+%"'&'1(6,$#+#0%"&+1+"10&1'#67$1"%06"
&'#01"TK+,('%B"@ff@B"&Q;GSQ"
"""
^"+%%6,23'"#0%%+"&1'&'%(+"-',-$.$+#'1+"('1,+1U
%0UI" *+$%" 0)$#0,(0" +" &+1($1" #0" ;Va?B" D6+,#'"
%01I" <6,#+#'" '" M')$*0,('" #0" `1+5+.=+#'10%"
0*" K+l#0" M0,(+." " M`KMB" D60" +1($-6.'6" +%"
10$)$,#$-+2g0%" (1+5+.=$%(+%B" -'*" '" #$%-61%'"
=6*+,$(I1$'Q"9%%0"*')$*0,('"<'1(+.0-06U%0",'%"
+,'%"%086$,(0%"0".$#01'6"'%"+-',(0-$*0,('%"D60"
<$701+*"
+)+,2+1"
+(C"
%06"
-+1I(01"
<6,#+*0,(+.*0,(0" +,($*+,$-'*$+." T^*+1+,(0B"
;VVEB" &QFV@SQ" ^%" #$%-6%%g0%" (1+7$#+%" &'1" 0%%0"
*')$*0,('" #0" (1+5+.=+#'10%" 0%(+)+*" )'.(+#+%"
&+1+" +" 8+1+,($+" #0" #$10$('%" #'%" &+-$0,(0%B" '"
+&01<0$2'+*0,('" 0" 6,$)01%+.$7+23'" #'%"
$,%(16*0,('%" 6($.$7+#'%" +(C" 0,(3'B" '6" %0H+B" '"
#$10$('"k"%+l#0"-'*'"D60%(3'"&'./($-'U%'-$+.Q"
"
$VH[SHULrQFLDVEHPVXFHGLGDVUHDOL]DGDV
&0.'" Y1'81+*+" #0" K+l#0" M0,(+." #0" K+,('%" 0"
&0.'" L0,(1'" #0" ^(0,23'" Y1'<0%%'1" _6$7" #+"
Z'-=+" L01D60$1+B" 0*" K3'" Y+6.'B" %3'" )$%(+%"
-'*'" *+1-'%" $,+6861+$%" #+" l.($*+" 10<'1*+"
&%$D6$I(1$-+" D60" )$)0,-$+1/+*'%" +(C" '" &10%0,(0"
*'*0,('Q" c'" -+%'" #'" Y1'81+*+" #0" K+l#0"
M0,(+."#0"K+,('%B"D60"%6180"+&>%"+"$,(01)0,23'"
*'($)+#+" &0.+%" #0,l,-$+%" T-'*&1')+#+%S" #0"
*'1(0%B" %6&01.'(+23'B" +5+,#','" 0" *+6%U(1+('%B"
)010*'%" D60" %618$13'" '%" cl-.0'%" #0" ^(0,23'"
Y%$-'%%'-$+." " c^YKB" 0" D60" %01I" 6*+" #+%"
*6$(+%"0J&01$],-$+%"#'-6*0,(+#+%"0"#$%-6($#+%"
0*" #$%%01(+2g0%" #0" *0%(1+#'" 0" #'6('1+#'" +"
&+1($1"#0";V??"T_0+.B";VVF\"i'#+B"@ff@SQ"c0%%+"
&1'&'%(+"'" %01)$2'" #0" +(0,#$*0,('" C" 10+.$7+#'B"
0*" 801+.B" #61+,(0" '" #$+" 0" k" ,'$(0" '" $,#$)/#6'"
)'.(+" &+1+" -+%+B" '" D60" ('1,+" *6$('" *0,'%"
-6%('%'" %6+" *+,6(0,23'Q" 9%%0" +(0,#$*0,('"
&'%%$5$.$(+" D60" '" &+-$0,(0" -'*&+102+" ('#'%" '%"
#$+%" #+" %0*+,+" %0" ,0-0%%I1$'" 0" (0,=+" 6*"
+-'*&+,=+*0,('"*6.($&1'<$%%$',+.Q"
"
&RPDGLIXVmRGRVXFHVVRFDGDYH]PDLRU
#0%%0" ,')'" *'#0.'" +%" -',#$2g0%" &+1+" +"
FRQFUHWL]DomR GR PRYLPHQWR SHOD QRYD

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(((

05=(

-O(V2UKVI]P2O(SW2NWIOOKU2O:WINWIOOKU2O(MT(WIb2WVT(SOKe\KfPWKJT(T]PKVT]KJ2VKTQ(]2(LWTOKQC(\VT(T]fQKOI(MT(OTlMI(VI]PTQ(]T(SIWOSIJPKUT(MT(
SOKJ2Q2NKT(O2JKTQ(JW[PKJT(
(
(
(

Z0<'1*+"
Y%$D6$I(1$-+B"
#0"
)01(0,(0"
+,($*+,$-'*$+.B" ('1,+*U%0" &'%%/)0$%Q" X'$%"
0)0,('%" '-'11$#'%" 0*" ;V?aB" $,-.6%$)0B" %013'" '"
*+1-'" #0%%+" -',%'.$#+23'B" %3'" 0.0%4" +" P"
L',<01],-$+" c+-$',+." #0" K+l#0" M0,(+." 0" '" PP"
9,-',(1'" c+-$',+." #'%" `1+5+.=+#'10%" 0*"
K+l#0"M0,(+.Q"9%%0"l.($*'"C"&.+,0H+#'"#61+,(0"
+" P" L',<01],-$+B" +&>%" +" -',%(+(+23'" #0" D60" +"
&01%&0-($)+" %+,$(+1$%(+" #0" $,-'1&'1+1" +%"
&1'&'%(+%" 10<'1*$%(+%" ,+%" &'./($-+%" #'" &01/'#'"
)$,=+" %'<10,#'" +" 10%$%(],-$+" #+" 10#0" ='%&$(+.+1"
&1$)+#+Q""
"
O+.0" 10<'12+1" +D6$" D60" +" _0$" ;fQ@;RB"
+&1')+#+" 0*" @ff;" TA1+%$.B" @ffFSB" ('1,'6"
<$,+.*0,(0" &'%%/)0." +" 0J0-623'" #'" &.+,'" D60B"
-'*'")$*'%B"HI"01+")$%6+.$7+#'"0*";VR;B"'"D60"
C" &'%%/)0." '5%01)+1" ,'" #0%0,)'.)$*0,('" D60" +"
QRYD UHIRUPD SVLTXLiW1$-+" +,($*+,$-'*$+." (01I"
+"&+1($1"#'"*'*0,('"0*"D60"+",')+".0$"-'*02'6"
+" )$8'1+1Q" c'" *0%*'" +,'B" &'1" 0J0*&.'B" <'$"
-',)'-+#+"+"PPP"L',<01],-$+"c+-$',+."#0"K+l#0"
M0,(+." TA1+%$.B" @ff@SB" D60" %086,#'" '" 10.+(>1$'"
0.+5'1+#'" +'" <$,+." #'" 0)0,('B" +%" 0(+&+%"
*6,$-$&+." 0" 0%(+#6+." 0,)'.)01+*" -01-+" #0"
@GQfff" &0%%'+%B" 0" +" 0(+&+" <$,+." -',('6" -'*"
;QF?f" #0.08+#'%B" 0,(10" 10&10%0,(+,(0%" #0"
6%6I1$'%B" *')$*0,('%" %'-$+$%B" <+*$.$+10%" 0"
&1'<$%%$',+$%Q" L'*" '" 0)0,('B" '" ,')'" -$-.'" #+"
10<'1*+" &%$D6$I(1$-+" 51+%$.0$1+" C" <0-=+#'B"
&1'<$%%$',+$%B" &0%D6$%+#'10%B" 6%6I1$'%" 0"
<+*$.$+10%B"+%%6*0*"0%%0"*'#0.'"-'*'"'"$#0+."
+" %01" 56%-+#'Q" 9*" @ffFB" 10+.$7+U%0" '" &1$*0$1'"
L',810%%'" A1+%$.0$1'" #0" L0,(1'%" #0" ^(0,23'"
Y%$-'%%'-$+.B" 0*" K3'" Y+6.'B" D60" %086,#'" '"
M$,$%(C1$'" #+" K+l#0" 106,$6" #'$%" *$."
(1+5+.=+#'10%"0"6%6I1$'%"TA1+%$.B"@ffESQ"
"
c'"n*5$('"H61/#$-'B"+"_0$";fQ@;Rof;"(+*5C*"
&'#0" %01" -',%$#01+#+" 6*" *+1-'" #+" 10('*+#+"
#+" +6(','*$+" 0" =080*',$+" &%$D6$I(1$-+B" 6*+"
)07" D60" +" &+1($1" #0%%+" .0$" 0%(+" $,%($(6$23'" )'.(+"
,')+*0,(0"+"(01".0$%"0"&'1(+1$+%"0%&0-/<$-+%"&+1+"
%6+" '18+,$7+23'" 0" <$,+,-$+*0,('Q" M+$%" (+1#0B"
$,-.6%$)0B" %013'" -1$+#+%" .$,=+%" 0%&0-/<$-+%" #0"
<$,+,-$+*0,('"&0.'"M$,$%(C1$'"#+"K+l#0"&+1+"'%"
%01)$2'%" +501('%" 0" %65%($(6($)'%" +'" *'#0.'"
*+,$-'*$+.B" +%%$*" -'*'" %013'" -1$+#+%" ,')+%"
,'1*+%" &+1+" <$%-+.$7+23'" 0" -.+%%$<$-+23'" #'%"
='%&$(+$%" &%$D6$I(1$-'%Q" P%%'" <'$" 6*" +)+,2'" #'"
&',('"#0")$%(+"#+"'18+,$7+23'"0"#$%(1$56$23'"#0"
10-61%'%B" &'$%" +(C" ;VV@B" &'1" 0J0*&.'B" '" &+/%"
WLQKD  &$36 >&HQWURV GH $WHQomR
05g(

Y%$-'%%'-$+.pB" *+%" -01-+" #0" VGq" #'%" 10-61%'%"


#'" M$,$%(C1$'" #+" K+l#0" &+1+" +" K+l#0" M0,(+."
+$,#+" r01+*p" #0%($,+#'%" +'%" ='%&$(+$%"
SVLTXLiWULFRV %UDVLO  S  ( ILQDOPHQWH
,+" 0%<01+" +-+#]*$-+B" &'1" %6+" )07B" '"
-10%-$*0,('" #+%" &0%D6$%+%" D60" %0" )'.(+1+*"
&+1+" '" #0%0,)'.)$*0,('" #0" (0-,'.'8$+%" &+1+"
%+l#0"*0,(+.B"#0%$,%($(6-$',+.$7+23'B"-1/($-+"+'%"
='%&$(+$%" &%$D6$I(1$-'%" 0(-QB" %086$6" '" *0%*'"
*')$*0,('" #0" 0J&+,%3'" #'%" %01)$2'%"
%65%($(6($)'%B"6*+")07"D60"+&'%"+"+&1')+23'"#+"
_0$" ;fQ@;Ro;f" +" &1'#623'" #0" (0%0%" ,0%%0"
-+*&'"#0"-',=0-$*0,('"+6*0,('6"0*"*+$%"#0"
;ffq"TL<Q"_$*+B"@f;fB"&Q";;RU;@fSQ"
"
^" 10<'1*+" &%$D6$I(1$-+" +,($*+,$-'*$+." -'*'"
&1'&'%(+" 0*+,-$&+(>1$+4" %'510" +" ,08+23'" 0" '"
-',%0,($*0,('"#+%"&1I($-+%"*+,$-'*$+$%"
"
L'*'" &'#0" %01" '5%01)+#'" +'" .',8'" #0" ,'%%'"
(0J('B"'"A1+%$."&+%%'6"&'1")I1$+%"10<'1*+%"#0%#0"
+" $*&.0*0,(+23'" #+" .>8$-+" *+,$-'*$+." -'*'"
#$%&'%$($)'"#0"(1+(+*0,('"#'"+.$0,+#'Q"`+*5C*"
0)$#0,-$+U%0" D60" #0%#0" *0+#'%" #0" ;VRf"
%618$1+*"+.86,%"*')$*0,('%"%'-$+$%B"D60"<'1+*"
'18+,$7+#'%" 0<0($)+*0,(0" +" &+1($1" #'" <$,+." #+"
#C-+#+" #0" af" 0" $,/-$'" #+" #C-+#+" #0" ?fB" D60"
D60%($',+1+*" +%" -',#$2g0%" #0" -6$#+#'" 0" +"
)+.$#+#0"#'%"#$+8,>%($-'%B"10%6.(+,#'",'"D60"C"
-=+*+#'"#0"10<'1*+"&%$D6$I(1$-+"+,($*+,$-'*$+."
D60"
($,=+"
-'*'"
&10%%6&'%('"
+"
#0%$,%($(6-$',+.$7+23'Q""^.$I%B",'"D60"%0"10<010"+"
0%%+" 10<'1*+" &%$D6$I(1$-+" +,($*+,$-'*$+."
-',%$#01+U%0" D60" &10%0,-$+*'%" +(6+.*0,(0" ,'"
A1+%$." '" (01-0$1'" *'*0,('" #0" %06"
#0%0,)'.)$*0,('B" )+.0,#'" +" &0,+" 10('*IU.'%" 0"
+&1'<6,#IU.'%Q"
"
!"&1$*0$1'"*'*0,('"#+"10<'1*+"&%$D6$I(1$-+"
51+%$.0$1+B" D60" ('*+" -'*'" *+1-'" $,+6861+." +"
<6,#+23'B" 0*" ;Va?B" #'" M')$*0,('" #0"
`1+5+.=+#'10%"0*"K+l#0"M0,(+."TM`KMSB"<'$"'"
$,%(+,(0"#0"D60%($',+*0,('"#+"&'./($-+"#0"%+l#0"
*0,(+." #0%0,)'.)$#+" ,'" A1+%$.B" D60" " 0*5'1+"
#0%#0" ;VR;" &10-',$7+%%0" '%" %01)$2'%" #0"
(1+(+*0,('" 0*" %+l#0" *0,(+." %$(6+#'%" ,'%"
(011$(>1$'%"
"
-',($,6+)+"
<$,+,-$+,#'"
*+%%$)+*0,(0" '%" +%$.'%" &1$)+#'%" #0%#0" ;VFRB"
$,%($(6$2g0%" D60B" &'1" %6+" )07B" %'<1$+*" )I1$+%"
-1/($-+%" &'1" %010*" 0%&+2'%" #0" %08108+23'"
&0%%'+."0"+,$D6$.+23'"%65H0($)+"Td'6-+6.(B";VV;\"
d'6-+6.(B" @ffR\" b'<<*+,B" ;VaF\" _+$,8B" ;VaE\"
K7+%7B" ;Vaa\" K7+%7B" ;VaVSQ" K0,#'" D60" '" D60"

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(

')*E%$-(@"!!"$!'(+"()$8'(

-+1+-(01$7+)+" '%" &+-$0,(0%" &%$D6$I(1$-'%B"


DOLHQDGRV ORXFRV GRHQWHV PHQWDLV HWF
HUDRIDWRGHVHUHPGHVWLWXtGRVGHVHXVGLUHLWRV
0"&'#010%"&+1+"-.+%%$<$-+10*U%0"+"%$"'6"+"'6(1'%B"
0"(010*"%$#'"(1+(+#'%"6,$-+*0,(0"-'*'"'5H0('%"
#0" -.+%%$<$-+23'" &0.+" %'-$HGDGH 6]DV] 
&Q"EaS"0B"0%&0-$+.*0,(0B"&'1"0%&0-$+.$%(+%Q""
"
^%%6*0U%0B" -'*" '" D60%($',+*0,('" #+"
&'./($-+" #0" %+l#0" *0,(+." #0%%0" &01/'#'B" '"
#0%+<$'" k" %6&01+23'" #0%%+%" $,%($(6$2g0%" D60"
01+*" =080*:,$-+%" ,'" &+/%Q" ^%" #$%-6%%g0%"
0%(+)+*")'.(+#+%"&+1+"+"8+1+,($+"#0"#$10$('%"#'%"
&+-$0,(0%B"'"+&01<0$2'+*0,('"0"6,$)01%+.$7+23'"
#'%"$,%(16*0,('%"6($.$7+#'%"+(C"0,(3'B"'6"%0H+B"'"
#$10$('" k" %+l#0" -'*'" D60%(3'" &'./($-'U%'-$+.Q"
L'*'" <'$" +%%$,+.+#'" +,(01$'1*0,(0B" +%"
0J&01$],-$+%" &$',0$1+%B" 50*" %6-0#$#+%" 0"
$%'.+#+%B"-'*'"'"Y1'81+*+"#0"K+l#0"M0,(+."#0"
K+,('%"0"&0.'"L0,(1'"#0"^(0,23'"Y1'<0%%'1"_6$7"
#+" Z'-=+" L01D60$1+B" ,'" 0%(+#'" #0" K3'" Y+6.'B"
+%%'-$+23'"-'*"+"K+l#0"Yl5.$-+",'"Z$'"b1+,#0"
#'" K6.B" +%" $,-61%g0%" ,'" Z$'" #0" [+,0$1'B" %013'"
6($.$7+#+%" -'*'" 10<01],-$+" &+1+" +" &1'&'%(+" #0"
6*+" %'-$0#+#0" %0*" *+,$-:*$'%" ,+" P"
L',<01],-$+" c+-$',+." #0" K+l#0" M0,(+." 0" ,'" PP"
9,-',(1'" c+-$',+." #'%" `1+5+.=+#'10%" 0*"
K+l#0"M0,(+.Q"
"
!"%086,#'"*'*0,('"#+"10<'1*+"&%$D6$I(1$-+"
51+%$.0$1+B" &'1" %6+" )07B" %0" -',-10($7'6" -'*"
-1$+23'" #'" M')$*0,('" #0" _6(+" ^,($*+,$-'*$+.B"
D60" %0" 0%&+.='6" &0.'" &+/%" -'*" +" %6%(0,(+23'"
GH XP GLVFXUVR DOWHUQDWLYR DR VLVWHPD
*+,$-'*$+." +" &+1($1" #+" $,)0,23'" #0" ,')'%"
#$%&'%$($)'%" 0" (0-,'.'8$+%" #0" -6$#+#'B"
%65%($(6$,#'" +" -./,$-+" <0-=+#+" &'1" $,%(16*0,('%"
+501('%B"#$)01%$<$-+#'%B"#0",+(6107+"-'*6,$(I1$+B"
D60" 8+1+,($1$+*" +" #0%$,%($(6-$',+.$7+23'Q" s"
$*&'1(+,(0"<1$%+1"D60"0*5'1+"<'%%0"10$)$,#$-+#'"
'" <0-=+*0,('" #'%" ='%&$(+$%" &%$D6$I(1$-'%" 0"
+501(61+" #0" %01)$2'%" %65%($(6($)'%B" +"
#0%$,%($(6-$',+.$7+23'"&1'&'%(+"&0.'"M')$*0,('"
#0" _6(+" ^,($*+,$-'*$+." ,3'" %0" 10%6*$+" k"
#0%'%&$(+.$7+23'Q"L'*'"50*"+%%$,+.'6"A+%+8.$+"
T@ffESB"+6('1"#0"<'1(0"$,<.6],-$+",'"A1+%$.",0%%0"
&01/'#'B" '" +('" &'./($-'" D60" #0)01$+*" +%%6*$1"
('#'%" '%" 0,)'.)$#'%" ,'" *')$*0,('"
+,($*+,$-'*$+." #0)01$+" %01" '" #+" 10)$1+)'.(+"
$,%($(6-$',+." 0" -LHQWtILFD TXH UHFXVDULD R DWR
(01+&]6($-'"-'*'"10%'.6($)'"#0"-',<.$('%"%'-$+$%B"
D60" ,3'" &'#0*" %01" %6&01+#'%" *0#$+,(0" +"
DGDSWDomR GH TXHP RV VRIUH %DVDJOLD 
&Q;fESQ" c0%%0" %0,($#'B" +" #0%$,%($(6-$',+.$7+23'"
&%$D6$I(1$-+" %0" -',-10($7+1$+" &0.+" %65)01%3'" #+"

%$(6+23'" -$0,(/<$-+" 0%-.01>($-+" #+" &%$D6$+(1$+"


FOiVVLFD VDtGD GD UHIHUrQFLD GRV SDUDGLJPDV
10#6-$',$%(+%B"
%$*&.$%(+%B"
)6.8+10%"
0"
'$('-0,($%(+%B" -',%($(6/#'%" &+1+" -',(1'.+1B" #0"
*'#'" 16#$*0,(+1" 0" 81'%%0$1'B" +%" -.+%%0%"
%65+.(01,+%"0"('#+%"+%"<'1*+%"#0"#0%)$'B"0*"6*"
*'*0,('" 0*" D60" 01+" ,0-0%%I1$'" 6*" 1I&$#'"
SURFHVVR GH DFXPXODomR FDSLWDOLVWD 5RWHOOL
@ffRB"&Q"Gf;SQ"
"
c+" )$1+#+" #'" %C-6.'" NNB" &10%0,-$+U%0" '"
(01-0$1'" *'*0,('" #+" 10<'1*+" &%$D6$I(1$-+B"
&'%%$5$.$(+#'"&0.+"&+6.+($,+"0,(1+#+"#0"*$.$(+,(0%"
#'" *')$*0,('" +,($*+,$-'*$+." ,'" $,(01$'1" #'%"
+&+10.='%" #0" 9%(+#'Q" L'*" +" +&1')+23'" #+" _0$"
,t" ;fQ@;R"#0" R" #0"+51$." #0"@ff;" TA1+%$.B"@ffFSB"
D60" -',(0*&.+)+" +" X0-.+1+23'" #0" L+1+-+%" #0"
;F" #0" ,')0*51'" #0" ;VVfB" '"D60" +(C" 0,(3'" 01+"
6*+" &1'&'%$23'" +.(01,+($)+" k" &'./($-+" #0" %+l#0"
*0,(+." #0%0,)'.)$#+B" (1+,%<'1*+U%0B" ,0%%0"
*'*0,('B" 0*" 6*+" &'./($-+" #0" 9%(+#'Q" 9*"
'6(1+%" &+.+)1+%B" +D6$.'" D60" 01+" '&'%$23'" +'"
%$%(0*+" ('1,'6U%0" &'%$23'" #'" %$%(0*+B" +&'$+#+"
0*" 6*+" .0$" <0#01+." D60" '18+,$7+1$+" +" %+l#0"
*0,(+.",'"&+/%"0"-',-10($7+1$+"6*+"-'*&.0J+"0"
%$%(0*I($-+" &'./($-+" &l5.$-+" 0*5+%+#+" 0*" .0$%B"
&'1(+1$+%" *$,$%(01$+$%B" .0$%" *6,$-$&+$%" 0"
0%(+#6+$%B"0(-Q""
"
L01(+*0,(0" D60" *0%*'" -'*" +" &65.$-+23'"
#0" 6*+" _0$" d0#01+.B" &'1(+1$+%" #0"
1086.+*0,(+23'" 0" +&'$'" 8')01,+*0,(+.B" '"
#0%+<$'"+%%6*$#'"&0.+"10<'1*+"&%$D6$I(1$-+"01+"0"
-',($,6+" +" %01" 81+,#$'%'Q" ^<$,+.B" +.C*" #'%"
&1'5.0*+%" $,0)$(I)0$%" D60" %01$+*" 0,-',(1+#'%"
0*" 6*+" &'./($-+" #0" 10#623'" #0" .0$('%" #'%"
*+,$-:*$'%" &1$)+#'%" " &'./($-+" D60"
(1+,%<'1*+1$+" 1+#$-+.*0,(0" +" <'1*+" '<$-$+." #0"
(1+(+*0,('"#0%($,+#+"k"#'0,2+"*0,(+.",'"A1+%$."
#0%#0" +" &65.$-+23'" #'" X0-10('" ,Qt" ;;G@" 0*"
;VfG" TA1+%$.B" ;VfGS" B" +" 10<'1*+" &%$D6$I(1$-+"
+$,#+" (01$+" D60" .$#+1" -'*" (1]%" '6(1+%" D60%(g0%4"
;S" -',%(16$1" +.(01,+($)+%" 0" %6%(0,(+1" 6*+" 10#0"
%65%($(6($)+"+'"*'#0.'"*+,$-'*$+."0J$%(0,(0\"@S"
-1$+1" ,')'%" #$%&'%$($)'%" -./,$-'%" 0" (01+&]6($-'%"
'1$0,(+#'%" &0.+" ,'23'" #0" -6$#+#'" 0" &1'*'23'"
#+" +6(','*$+\" 0" GS" 8+1+,($1" +"
#0%$,%($(6-$',+.$7+23'"&'1"*0$'"#+"&1'*'23'"#0"
-$#+#+,$+" 0" +*&.$+23'" #'%" 0%&+2'%" #0"
%'-$+5$.$#+#0B" D60" %$8,$<$-+"#$10$('" k" +%%$%(],-$+"
%'-$+." T*'1+#$+B" -'*$#+B" )0%($*0,(+%SB" #$10$('" +"
&'%%$5$.$#+#0%" */,$*+%" #0" %'510)$)],-$+" 0" #0"
10-',=0-$*0,('"-'*'"%6H0$('"#0"#$10$('Q"""
"

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(((

07<(

-O(V2UKVI]P2O(SW2NWIOOKU2O:WINWIOOKU2O(MT(WIb2WVT(SOKe\KfPWKJT(T]PKVT]KJ2VKTQ(]2(LWTOKQC(\VT(T]fQKOI(MT(OTlMI(VI]PTQ(]T(SIWOSIJPKUT(MT(
SOKJ2Q2NKT(O2JKTQ(JW[PKJT(
(
(
(

9" #0" <+('B" ,'" D60" %0" 10<010" k" 10#$%(1$56$23'"


#0" 10-61%'%" 0" +*&.$+23'" #'%" %01)$2'%"
%65%($(6($)'%B" &01-050U%0" D60" '" 9%(+#'" (0*"
-',%086$#'" 8+1+,($1" '" &1'H0('" #0" 10<'1*+"
&%$D6$I(1$-+Q" !%" 8+%('%" -'*" '%" %01)$2'%"
%65%($(6($)'%" (]*" -=08+#'" +" 6.(1+&+%%+1" '%"
#0%($,+#'%" &+1+" '%" ='%&$(+$%" &%$D6$I(1$-'%Q" K0"
0*";VVaB"&'1"0J0*&.'B"01+*"8+%('%"VaB;Fq"#'%"
10-61%'%"-'*"'%"='%&$(+$%"&%$D6$I(1$-'%"0"RB?Rq"
-'*" '%" %01)$2'%" 0J(1+U='%&$(+.+10%B" ,'" +,'" #0"
@ffRB" <'1+*" 8+%('%" F?BRaq" #'%" 10-61%'%" -'*"
'%" ='%&$(+$%" &%$D6$I(1$-'%" 0" E;BGGq" -'*" '%"
%01)$2'%" 0J(1+U='%&$(+.+10%Q" !" ,l*01'" #0"
L0,(1'%" #0" ^(0,23'" Y%$-'%%'-$+." " L^YK"
-10%-06" 0,(10" @ffG"0" @ffRB"#0" Eff" &+1+" ;f;;B"
+6*0,(+,#'"0*"*+$%"#0";ffq"0*"+&0,+%"(1]%"
+,'%Q" 9,D6+,('" $%%'B" ,'" *0%*'" &01/'#'B" '"
,l*01'" #0" .0$('%" 0*" W'%&$(+$%" Y%$D6$I(1$-'%"
#$*$,6$6" *+$%" @@qB" -+$,#'" #0" F?" *$." &+1+" GV"
*$.B"'6"%0H+B"0*"(01*'%"+5%'.6('%B"0,(10"'%"+,'%"
#0" @ffG" 0" @ffRB" <'1+*" 10#67$#'%" ;;Q?@R" .0$('%"
,'" A1+%$." 0" <'1+*" $,%(+.+#'%" Eff" L^YKQ" ^'"
*0%*'" (0*&'" <'1+*" $,%(+.+#'%B" ,'" &01/'#'" #0"
@ff@" +" @ffaB" @BF" *$." .0$('%" &%$D6$I(1$-'%" 0*"
W'%&$(+$%"b01+$%"0*"('#'"'"&+/%"TA1+%$.B"@ffaSQ""
"
s"-01('"D60"0J$%(0"+(6+.*0,(0"6*"+*5$0,(0"
<+)'1I)0." &+1+" '" 0%(+50.0-$*0,('" #0" &1I($-+%"
+.(01,+($)+%" 0" $,')+#'1+%Q" `'#+)$+B" +$,#+"
&01%$%(0*" ,'%" %01)$2'%" +" *+,6(0,23'" #0"
&1I($-+%" (1+#$-$',+$%" #0" #$+8,>%($-'" 0"
(1+(+*0,('B" D60" M+-=+#'" 0" _+)1+#'1" T@ff;SB"
LGHQWLILFDUDP FRPR GHVHMRV GH PDQLF{PLR H
D60"%0"10<010*"0%&0-$<$-+*0,(0"+'"&1'-0%%'"#0"
+&1$%$',+*0,('" #'%" (C-,$-'%" k%" -+(08'1$+%"
(1+#$-$',+$%" D60" -',<$861+*" '" 0%(010>($&'" #'"
.'6-'B" D60" 0*" %6+" *+(01$+.$7+23'" -'($#$+,+" %0"
0J&10%%+*" -'*'" <'1*+%" #0" 10-',=0-$*0,('"
&01)01%'" T_$*+B" @f;fS" 0" ,'" *IJ$*'" (0,(+*"
10%'.)01" &1'5.0*+%" #0" '1#0*" %'-$+." -'*" +"
+#*$,$%(1+23'"#0"*0#$-+*0,('%"TK7+%7B"@ff?SQ"
"
A+%(+" '5%01)+1" '" -',%6*'" +5%61#'" #0"
*0#$-+*0,('%"-',(1'.+#'%",'"A1+%$.B"'<010-$#'%"
&0.'%"%01)$2'%"#0"%+l#0"*0,(+."-'*'"%0"<'%%0*"
+%&$1$,+%" &+1+" #'1" #0" -+502+Q" c+" &0%D6$%+"
10+.$7+#+"&'1"^,+"L.I6#$+"Y+%%'%B"D60")01$<$-'6"
+"6($.$7+23'"#0"&%$-'<I1*+-'%"0*"6*"*6,$-/&$'"
#'" 0%(+#'" #'" L0+1I" <$-'6" 0)$#0,-$+#'" D60" +"
*C#$+" #0" -',%6*'" #0" *0#$-+*0,('%" #'%"
6%6I1$'%" #'" L^YK" #0%%0" *6,$-/&$'" 01+" #0" ;BE"
&'1" &0%%'+Q" ^" *+$'1$+" #+%" &0%%'+%" Ta?BGqS"
6($.$7+)+*" #0" <'1*+" -',(/,6+" '%" *0#$-+*0,('%"
070(

0" +" *+$'1$+" %0D601" =+)$+" %$#'" $,<'1*+#+" #'%"


1$%-'%" #0" 6($.$7IU.'%" &'1" (0*&'" &1'.',8+#'"
TaGBGqSQ" X0,(10" '%" ($&'%" #0" *0#$-+*0,('%"
6($.$7+#'%B" GRBEq" <+7$+*" 6%'" #0" +,%$'./($-'%" 0"
G;BEq" +,($#0&10%%$)'%Q" h6+,('" k" +D6$%$23'"
#0%%0%" *0#$-+*0,('%B" F;BRq" <'1+*" +#D6$1$#'%"
,+"<+1*I-$+"#'"L^YK"0"@FBGq"-'*&1+1+*Q"!%"
&1$,-$&+$%"*'($)'%"D60"801+1+*"'"-',%6*'"#'%"
SVLFRIiUPDFRV IRUDP QHUYRVLVPR LQV{QLD H
GHSUHVVmR FDXVDGRV SRU GHVHPSUHJR H
&1'5.0*+%"+<0($)'%"TY+%%'%B"@ff?SQ"
"
K0*" -',(+1" D60" '" &1>&1$'" *'#0.'" #0"
<$,+,-$+*0,('" #'%" %01)$2'%B" 5+%0+#'" ,+"
&1'#6($)$#+#0B" <+)'10-0" +" ,0-0%%$#+#0" #0"
*+,'51+%"D60"&'%%$5$.$(+*"'%"%01)$2'%"+($,8$10*"
'" (0('" #$%&',/)0." &+1+" '" %01)$2'" T#0,(10" 0.0%" '"
#$+8,>%($-'" $,#$%-1$*$,+#'" &+1+" &1'5.0*+%" #0"
'1#0*" %'-$+.SB" 0,D6+,('" D60" $*&'%%$5$.$(+*" +"
$*&.0*0,(+23'" #0" &1'H0('%" #0" $,(01)0,23'" D60"
0J(1+&'.0*" '%" *61'%" #'%" L^YK" 0" #0*+$%"
%01)$2'%" %65%($(6($)'%Q" !" 6%6I1$'" #'%" %01)$2'%"
%65%($(6($)'%B"-'*'"HI"+%%$,+.+)+"`='*+%"K7+%7"
+$,#+" ,'" <$,+." #'%" +,'%" RfB" (0*" %06"
10-',=0-$*0,('" 10#67$#'" k" -',#$23'" #0"
SDFLHQWH PHPEUR GH XP JUXSR H QXQFD FRPR
XPLQGLYtGXR S "
"
^" 10<'1*+" &%$D6$I(1$-+" +,($*+,$-'*$+." 51+%$.0$1+"
-'*'" 6*" &1'5.0*+" &+1+" +" Y%$-'.'8$+" K'-$+.4"
%'510" +" 1086.+23'" 0" +%" &'%%$5$.$#+#0%" #0"
0*+,-$&+23'"
!
9*5'1+"+"10<'1*+"&%$D6$I(1$-+"+(6+."%0"0,-',(10"
0*" &.0,'" #0%0,)'.)$*0,('B" *6$('%" &1'5.0*+%"
+$,#+"&01%$%(0*"0"6.(1+&+%%+*"'"#0%*',(0"#'%"
='%&$(+$%" &%$D6$I(1$-'%Q" ^<$,+.B" -'*'" HI" 01+"
0)$#0,(0" ,'" #$%-61%'" +,($*+,$-'*$+." 0" ,+"
&1'&'%(+" #0" #0%$,%($(6-$',+.$7+23'B" %'*0,(0"
%01$+" &'%%/)0." %6&01+1" +" .>8$-+" *+,$-'*$+." %0"
+%%6*/%%0*'%" +" %65)01%3'" #+" &1>&1$+"
-',-0&23'" #0" $,%($(6$23'" &%$D6$I(1$-+" -'*'"
%+501" =080*:,$-'Q" P%%'" 10D601" +%%6*$1"
1+#$-+.*0,(0"
6*"
&1'H0('"
#0"
#0%$,%($(6-$',+.$7+23'" D60" 6.(1+&+%%0" +%"
<1',(0$1+%" %+,$(I1$+%" 0" %0" (1+,%<'1*0" 0*" 6*+"
OXWD SROtWLFD WHyULFD H SUiWLFD TXH YLVD D
+1($-6.+1" 6*+" 10#0" -'*6,$(I1$+" #0" -6$#+#'%B"
0,8.'5+,#'" #$<010,(0%" %01)$2'%" %65%($(6($)'%" +'"
*+,$-:*$'B" D60" %0" -',0-(0" (+*5C*" +" '6(1'%"
HVSDoRVGDFLGDGH 'LPHQVWHLQS "
"

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(

')*E%$-(@"!!"$!'(+"()$8'(

^%"&0%D6$%+%"+-01-+"#'%"&1'5.0*+%"-'*"'%"
*+,$-:*$'%" #'" $,/-$'" #'" %C-6.'" NN" ,'" A1+%$."0"
#'%" L^YKB" L^YK+#" T0%&0-/<$-'%" &+1+"
(1+(+*0,('" #'%" 6%6I1$'%" #0" I.-''." 0" '6(1+%"
#1'8+%S" 0" #0*+$%" %01)$2'%" %65%($(6($)'%" +(6+$%"
Ti'#+B" @ff@\" h60$1'7B" @ffE\" c+#01B" ;VVfS"
*'%(1+*" D60" +%" <'1*+%" #0" $,(01)0,23'" ,'"
&1'H0('" &1'&'%('" &0.+" $,%($(6$23'" &%$D6$I(1$-+"
-',($,6+*" &1'#67$,#'" +" 0%($8*+($7+23'" 0" +"
*0#$-+.$7+23'"#'%"$,#$)/#6'%B"'"D60".0)+"+"$,(6$1"
D60"+"10<'1*+"&%$D6$I(1$-+"(0*"%0"#+#'"+&0,+%"
0*",/)0."$,%(16*0,(+.B"561'-1I($-'Q""
"
^'" D60" &+10-0B" +" -1/($-+" *+,$-'*$+." %0"
#$%%'.)0"+'".',8'"#'%"+,'%\"'%"<'-'%"#0"+(+D60"
%0" #$1$80*" +" +.)'%" %0-6,#I1$'%Q" 9*" ('#+%B" +"
$#0$+" #0" ,0-0%%$#+#0" #0" 10<'1*+" &%$D6$I(1$-+"
&01*+,0-0B" (6#'" %0" 10%6*0" +" (1+,%<'1*+2g0%"
#0" '1#0*" $,%(16*0,(+.Q" `+.)07" +/" 0%(0H+" +" 1+$7"
#'" &1'5.0*+4" '" -',-0$('" #0" 10<'1*+Q" ^"
.$501(+23'" #0)01$+" %01" #+%" -'110,(0%" #+"
$,%($(6$23'" &%$D6$I(1$-+B" $,%($(6$23'" D60B" -'*'"
)0*'%B" +$,#+" C" +" 5+%0" ,+" <'1*+23'" #'"
-',=0-$*0,('" -$0,(/<$-'" &+1+" .$#+1" -'*" <'1*+%"
,3'" -',)0,-$',+$%" #0" $,(01+23'Q" c6,-+" ,'"
%UDVLO VH SURS{V XPD UHYROXomR RX
HPDQFLSDomRSVLTXLiWULFD /LPDS 
*+%" %$*B" +H6%(0%" ,'%" #$%&'%$($)'%B" D60" -'*'"
50*"0,%$,'6"^8+*50,"T@ffVB"&Q"FfS"&'#0*"%01"
HQWHQGLGRVFRPRTXDOTXHUFRLVDTXHWHQKDGH
+.86*"*'#'"+"-+&+-$#+#0"#0"-+&(61+1B"'1$0,(+1B"
#0(01*$,+1B" $,(01-0&(+1B" *'#0.+1B" -',(1'.+1" 0"
+%%0861+1"'%"80%('%B"+%"-',#6(+%B"+%"'&$,$g0%"0"
RVGLVFXUVRVGRVLQGLYtGXRV"
"
^"&0%D6$%+"#0"_$*+"T@f;fS"+%%$,+.'6"D60"'"
.',8'"#'%"+,'%"-'*"+%"(1+,%<'1*+2g0%"(0>1$-'U
&'./($-+%B"%'*'6U%0"k"$#0,($#+#0"&10%%6&'%(+"#'"
1#,%&'+&" ()&'+&" 2&'+#$B" &1'&'%(+" &0.+"
$,%($(6$23'" &%$D6$I(1$-+B" 6*+" $#0,($#+#0"
&10%%6&'%(+" #'" ,%(#(9)" ()&'+&" 2&'+#$B" &0.'%"
*$.$(+,(0%" #+" %+l#0" *0,(+.B" D60" -6.*$,'6" ,'"
#0%0,)'.)$*0,('" #+" &'./($-+" #0" %+l#0" *0,(+."
51+%$.0$1+B" D60" )$)0,-$+*'%" +(6+.*0,(0B" +" D6+."
+%%6*0" 6*+" $#0'.'8$+" 0*" %6%(0,(+" D60" '"
&1'#6('1"#+"#0%6*+,$7+23'"#'"#'0,(0"*0,(+."C"
'" *+,$-:*$'" 0" D60" +" %'.623'" &+1+" 0%%+"
#0%6*+,$7+23'" 0%(I" ,+" +*&.$+23'B" +" &+1($1" #0"
#+#'%"
#0*'81I<$-'%B"
+%"
$,%($(6$2g0%"
%65%($(6($)+%B" $%('" CB" #'%" ,')'%" #$%&'%$($)'%" #0"
-',(1'.0"D60"&1'*')013'"+"$,-.6%3'"#'".'6-'",+"
%'-$0#+#0Q""
"
K0" %0" -',%$#01+1" '%" 0.0*0,('%" =$%(>1$-'%"
(1+7$#'%"+(C"+8'1+",3'"&+10-0"$,-'110('"+<$1*+1"

D60" +" &01%$%(],-$+" #+" =080*',$+" &%$D6$I(1$-+"


(0*" 10.+23'" -'*" +" +#'23'" #0" 6*+"
1+-$',+.$#+#0" $,%(16*0,(+." D60" &+%%+" +" %01"
6($.$7+#+" -'*'" 6*" $,%(16*0,('" l($." &+1+" '%"
&1'<$%%$',+$%" #+" %+l#0" *0,(+.B" D60" +-10#$(+*"
&'%%6$1B" %'5" <'1*+" #0" *','&>.$'B" '" l,$-'"
-',=0-$*0,('" )01#+#0$1'" 0" .08/($*'" %'510" +"
D60%(3'" #+" %+l#0" 0" #+" #'0,2+B" +.C*" #0"
+-10#$(+10*"0%(+1"$,)0%($#'%"#0"6*+"+6('1$#+#0"
-$0,(/<$-'U%'-$+." D60" '%" -'.'-+" -'*'" *$.$(+,(0%"
0%&0-$+.$%(+%" -+&+70%" #0" &10%-10)01" +%"
*0.='10%"<'1*+%"#0"$,-.6%3'"#+D60.0%"D60"0.0%"
*0%*'%" -+1$*5+*" -'*" '" #$+8,>%($-'"
0J-.6#0,(0Q" c3'" %0" D601" #$701" +D6$" D60" ,3'"
'-'1101+*" *6#+,2+%" D6+.$(+($)+%B" &0.'"
-',(1I1$'B" +" 10<'1*+" &%$D6$I(1$-+" 51+%$.0$1+" +(6+."
C" *+$%" =6*+,$7+#'1+" D60" +" .>8$-+" *+,$-'*$+."
%6%(0,(+#+"+(C"+"&65.$-+23'"#+"_0$";fQ@;Ro;fQ"
"
X0" <+('" '" D60" %0" D601" +<$1*+1" C" D60" +$,#+"
%6%(0,(+*'%" *6$(+%" )070%" 6*+" &1IJ$%"
10$(01+($)+B" D60" ,3'" &1'#67" 6*+" *6#+,2+"
UDGLFDO QD UHDOLGDGH SUHVHQWH QmR WUDQVIRUPD
-1$+#'1+*0,(0B"+$,#+"D60"-',(1$56+"&+1+"+*&.$+1"
+" I10+" #'" HI" -1$+#'" 0B" &'1(+,('B" *6.($&.$-+1"
D6+,($(+($)+*0,(0" 6*+" *6#+,2+" D6+.$(+($)+"
&1'#67$#+Q"c3'"-1$+\",3'"<+7"0*018$1"6*+",')+"
UHDOLGDGH KXPDQD 9DVTXH]  S  
^$,#+" 5+%0+#'%" ,'%" 0.0*0,('%" =$%(>1$-'%" C"
&'%%/)0." $,<01$1B" $,-.6%$)0B" D60" +(6+.*0,(0" '"
#$%-61%'"D60"#0%-10)0"+"$#0,($#+#0"&10%%6&'%(+"
#'"#'0,(0"*0,(+."-',($,6+"%0,#'"*','&'.$7+#'"
&0.+" $,%($(6$23'" &%$D6$I(1$-+B" -6H'" &1'H0('"
0,-',(1+U%0" *6$('" 50*" 0%(16(61+#'" 0" +.$,=+#'"
k%" ,0-0%%$#+#0%" #0" +#*$,$%(1+23'" -+&$(+.$%(+Q"
^D6$" +&+10-0" #0" <'1*+" 0J&./-$(+" '" &',('" #0"
#0%-',(0,(+*0,('" -'*" +" &1'&'%(+" #+" 10<'1*+"
&%$D6$I(1$-+" +,($*+,$-'*$+." 0" +" &'%(61+" #0"
JUDQGH SDUWH GRV HVSHFLDOLVWDV GD VD~GH
*0,(+." D60" ,3'" +%%6*0*" #0" <+('" 6*+" &'%(61+"
-1/($-+"<10,(0"+'"%06"'5H0('Q""
"
c3'" C" ,0,=6*+" ,')$#+#0" D60" '%"
0%&0-$+.$%(+%" (]*" <0-=+#'" '%" '.='%" 0*"
*'*0,('%" '&'1(6,'%" " #$+8,>%($-'B"
<+(61+*0,('" #'%" %01)$2'%" 0" *0#$-+.$7+23'" "
&+1+"'"<+('"#0"D60"-+#+")07"D60"'%"&%$D6$+(1+%B"
.+5'1+(>1$'%" 0o'6" -0,(1'%" #0" &0%D6$%+" -1$+*"
XPD QRYD UHJUD GH VD~GH PHQWDO FULDP XPD
,')+"-.+%%0"#0"$,#$)/#6'%"*0,(+.*0,(0"#'0,(0%"
" +%%$*" -'*'B" -+#+" )07" D60" '%" .08$%.+#'10%"
&1'*6.8+*" 6*+" ,')+" .0$" 10%(1$($)+B" -1$+*" 6*+"
,')+" FDWHJRULD GH GHOLQTHQWHV 6]DV] 
&Q" @aSQ" 9" D60" '" *0%*'" '-'110" #+" &+1(0" #'%"
#$+8,'%($-+#'%B" D60" D6+,#'" -6*&10*" +%"

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(((

07;(

-O(V2UKVI]P2O(SW2NWIOOKU2O:WINWIOOKU2O(MT(WIb2WVT(SOKe\KfPWKJT(T]PKVT]KJ2VKTQ(]2(LWTOKQC(\VT(T]fQKOI(MT(OTlMI(VI]PTQ(]T(SIWOSIJPKUT(MT(
SOKJ2Q2NKT(O2JKTQ(JW[PKJT(
(
(
(

&10%-1$2g0%" #+#+%" &0.'%" (C-,$-'%" #+" %+l#0"


*0,(+.B" '" <+70*" &'1D60" ,3'" D6010*" %01"
&0,+.$7+#'%" &0.'" ,3'" -6*&1$*0,('B" '6" &'1D60"
-',%$#01+*" H6%(+%B" '6" +-10#$(+*" D60" #0)0*"
10%&0$('"k%"+6('1$#+#0%"D60"(+,('"#$70*"D60"'%"
#0<0,#0*B"'6"&'1D60"0,(0,#0*"D60"%0",3'"%0"
%65*0(010*" k" .>8$-+" #'*$,+,(0" %013'"
+%%'*51+#'%" &0.'" <+,(+%*+" #'" *+,$-:*$'B"
#0*:,$'" &01%$%(0,(0" D60" +&+10-0" -'*'" l,$-+"
+.(01,+($)+" T0*" 10(1'-0%%'S" &+1+" '" *'#0.'" #0"
10<'1*+" +(6+.Q" ^.C*" #'" <+('" D60B" 6*+" )07" D60"
+(6+.*0,(0" +" #'0,2+" *0,(+." C" 6*+" <'1*+" #0"
0J$%(],-$+"D60"&'%%$5$.$(+"10-',=0-$*0,('"%'-$+."
0B" &1$,-$&+.*0,(0B" +-0%%'" k" 10,#+B" ,08+U%0"
(+*5C*" 6*+" &+-(6+23'" &01)01%+" 0,(10" +"
$,%($(6$23'"%65%($(6($)+"0"'"6%6I1$'"#'"%01)$2'Q"
"
Y0%D6$%+%"10-0,(0%"-'*'" +"#0"i$1$..'%"c0('"
T@ffaSB" 10+.$7+#+" 0*" K3'" Y+6.'B" +,+.$%+*" '%"
0<0$('%"#+"-$1-6.+23'"#'"#$%-61%'"&%$D6$I(1$-'"0*"
%01)$2'%" %65%($(6($)'%" #0" %+l#0" *0,(+." 0" ,'%"
*'%(1+""%0"10<01$,#'"+'"<0,:*0,'"#0"+#0%3'"
+" &1I($-+%" &%$-'<+1*+-'.>8$-+%" B" D60" (6#'" %0"
&+%%+" -'*'" %0" +'" +-0$(+1" +" ,+11+($)+" #+"
$,-.6%3'" '<010-$#+" &0.'" #$%-61%'" #+" %+l#0"
PHQWDO DR FRQIRUPDU VHXV SDUDGR[RV DRV
&1>&1$'%" &+1+#'J'%" #+" <'1*+23'" #0.$1+,(0B" '"
6%6I1$'" +-0$(+%%0" (+*5C*" 0B" +8'1+B" *+$%"
#'-$.*0,(0B" '" -',%6*'" #0" %65%(n,-$+%"
DQWLSVLFyWLFDV .LULOORV 1HWR  S  
0,-+1+#+%"+8'1+"-'*'"6*"#$10$('"$,#$)$#6+."0o'6"
6*" #0%0H'" &0%%'+." 0" ,3'" *+$%" +.8'" +" %01"
10%$%($#'Q""
"
c6*+" '6(1+" <+-0" #'" *0%*'" &1'5.0*+B"
)0*'%" D60" '" 9%(+#'" +&+10-0" 0" &01*+,0-0"
-'*'" +80,(0" #0" <+-$.$(+23'" #'" -+&$(+.$%*'"
(+1#$'B" -6H+%" 0%(1+(C8$+%" (1+,%<'1*+1+*U%0" +'"
.',8'" #'%" (0*&'%B" $,#'" #+%" (C-,$-+%" )$'.0,(+%"
#0" -',(0,23'" &+1+" +" ,06(1+.$7+23'" #+%"
&'%%$5$.$#+#0%" #0" '18+,$7+23'" %'-$+." #'%"
$,#$)/#6'%B" D60" 0J&.$-$(+1$+*" D60" '" &1'5.0*+"
,3'" &'#0" %01" 10#67$#'" k" =6*+,$7+23'" ,'"
(1+(+*0,('"#'"#'0,(0"*0,(+.Q"9%%+%"0%(1+(C8$+%"
#0" -',(0,23'" 0" ,06(1+.$7+23'B" +&01<0$2'+#+%"
#0%#0" '" $,/-$'" #0" ;VRfB" &'1" %6+" )07B"
#0%0*5'-+*" ,6*" <6,-$',+*0,('" %$,('*I($-'"
0*" (0*&'%" #0" 6*" -+&$(+.$%*'" -6H+" 56%-+" #0"
.08$($*+23'"(0,(+B"+'"*0%*'"(0*&'B"1086.+1"+%"
<'1*+%"#0"$,(01+23'"%'-$+."0"'"#0%0,)'.)$*0,('"
#+" +6('11086.+23'B" #0" 6*" .+#'B" 0" 0%($*6.+1" '"
-',%6*'"0"%+($%<+23'"$110%(1$(+B"#0"'6(1'Q"
073(

d$-+" 0)$#0,-$+#'" (+*5C*" D60" &+1($1" #+"


&'./($-+" #0" '<01(+" #0" ,')'%" %01)$2'%"
%65%($(6($)'%B"5+%0+#'%",+"0J&+,%3'"+"&+1($1"#0"
#+#'%"#0*'81I<$-'%"0",3'",0-0%%+1$+*0,(0"#+%"
#0*+,#+%" .'-+$%B" '" 9%(+#'" (0*" +(1+/#'" -+#+"
)07" *+$%" %$*&+($7+,(0%B" &1$,-$&+.*0,(0"
SURILVVLRQDLVGDViUHDVSVLTXHHQ[HUJDPQRV
0%&+2'%"%65%($(6($)'%"&'%%$5$.$#+#0%"#0"+(6+23'"
&1'<$%%$',+." 8+1+,($#+%" &'1" &'1(+1$+%" #0"
1086.+*0,(+23'"#'"M$,$%(C1$'"#+"K+l#0Q"K'5"'"
#0%.'-+*0,('"#+"1+$7"#'"&1'5.0*+"#+"10<'1*+B"'"
9%(+#'" (0*" &1'*')$#'" #$)01%'%" -61%'%" #0"
-+&+-$(+23'" #'%" &1'<$%%$',+$%B" <>16,%B"
-',810%%'%B"*+(01$+."5$5.$'81I<$-'B"I6#$'U)$%6+."0"
)$1(6+.B" D60" %'-$+.$7+" '" #$%-61%'" *C#$-'" 0"
&'&6.+1$7+" #0" <'1*+" &1'5.0*I($-+" +" %+l#0"
*0,(+.B" -'*'" 0J&.$-+" KC18$'" ^1+8+u$" T@ffRB"
&QGRS4"
"
9%%+" &'&6.+1$7+23'" #+" I10+B" .',80" #0"
&01*$($1" *0.='1" -',#$23'" #0" +-'1#'%"
0,(10" &1'<$%%$',+$%" #0" %+l#0" 0" %06%"
&+-$0,(0%B" 0*" 56%-+" #0" *0.='10%"
&'%%$5$.$#+#0%" #0" -',)$)01B" 10+<$1*+*"
kD60.0%" D60" #0%%+" I10+" %0" 6($.$7+*B" '%"
%06%" .68+10%" #0" &'#01" 0" #0" -',(1'.0"
%'-$+.Q" `'#'%" '%" -'*&'1(+*0,('%" 0"
%0,($*0,('%" =6*+,'%" &'#0*" %01" 0*"
+.86*" *'*0,('" %$,+$%" #0" +.8'" D60" ,3'"
0%(I" 50*B" D60" =I" 6*" &1'-0%%'"
&+('.>8$-'" HI" $,%(+.+#'" '6" %0" $,%(+.+,#'Q"
`6#'" &'#0" %01" +.)'" #0" (1+(+*0,('Q" 9"
(1+(+*0,('" $,-.6$" #0" <'1*+" 0%%0,-$+." +"
*0#$-+.$7+23'Q"
""
!"9%(+#'"(+*5C*"(0*"10-05$#'"+&'$'"0"+&'$+#'"
%0*" 10%01)+%" '" M')$*0,('" #+" _6(+"
^,($*+,$-'*$+.B" %0H+" &'1D60" *6$('" #'%"
10&10%0,(+,(0%" #'" 8')01,'" %3'" +,($8'%"
*$.$(+,(0%B"%0H+"&'1D60"'"+&'$'"k%"%6+%"&'./($-+%"
10&10%0,(+" T&0.'" *0,'%" =$&'(0($-+*0,(0S" 6*+"
*0.='1$+" ,'%" +&+10.='%" &l5.$-'%" #0" -6$#+#'B"
8+1+,($+" #0" *0#$-+*0,('%B" &10)$#],-$+" 0"
+6*0,('" #0" 0*&108'%" &+1+" '%" (C-,$-'%Q"
9*5'1+" #0" <'1*+" -',-10(+" )0H+*'%" '" #'0,(0"
*0,(+." %0,#'" 10-',=0-$#'" +&0,+%" -'*'"
&1'#6('B" -',(1$56$,(0" +($)'" 0" -',%6*$#'1" #0"
&1'#6('%" T&1$,-$&+.*0,(0" *0#$-+*0,('%S" 0"
%01)$2'%B" 10&10%0,(+,#'" 6*+" -$#+#+,$+" <1+-+"
D60"'"('1,+"6%6I1$'"T#0&0,#0,(0S"#'"%01)$2'"#0"
%+l#0" *0,(+.B" &+1+" %'*0,(0" #0&'$%" &1'*')01"
%6+" 10+5$.$(+23'" 0" $,-.6%3'" ,+" -'*6,$#+#0"
TA1+%$.B" @ffGSB" '6" -'*'" W+501*+%" T;VVfS"

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(

')*E%$-(@"!!"$!'(+"()$8'(

-'*&100,#0B"&+1+"%'*0,(0"#0&'$%"$,-'1&'1+1B"+"
&+1($1" #'" -',(1'.0" #0" -'*&'1(+*0,('B" 0%%0%"
$,#$)/#6'%",'"*01-+#'Q"
"
M+%" 0" %0" +" ,08+23'" #+" &01%$%(],-$+" #'"
#$%-61%'" &%$D6$I(1$-'" ,'" #$%-61%'" #+" %+l#0"
*0,(+." 10<.0($1" ,+" )01#+#0" 6*+" (0,(+($)+" #0"
1$%-+1" #+" *0*>1$+" -'.0($)+" %6+" -6.&+" &0.+"
-',%(1623'" #'" $,$*$8'" -'*6*4" '" *+,$-:*$'v"
L'*'" -',-10($7+1" 6*+" 10<'1*+" &%$D6$I(1$-+"
+,($*+,$-'*$+." %0" +" -',-0&23'" #0" .'6-61+"
#0%0,)'.)$#+" &0.+" $,%($(6$23'" &%$D6$I(1$-+" 0"
*+,($#+" &0.'%" (C-,$-'%" #+" %+l#0" *0,(+." +$,#+"
&01%$%(0" ,+" %'-$0#+#0" 0" 0%)+$6U%0" &+1+" +.C*"
#'%" *61'%" #'" &1>&1$'" *+,$-:*$'B" 0" -'*'"
0%-10)0" W+501*+%" T@ff@" &QGFESB" %01)0" #0"
$,%(16*0,('" %$%(]*$-'" #0" +#*$,$%(1+23'" %'-$+.v"
L'*'" .$501(+1" '" !6(1'" %0" 0.0" C" &'1" &1$,-/&$'" '"
'5H0('" ,0-0%%I1$'" #0" 6*" %+501" #0" .$501#+#0v"
L'*'" <+7]U.'" 10-',=0-01U%0" 0*" 6*" %+501" #'"
D6+."0.0",3'"CB"0*"&1$*0$1+"$,%(n,-$+B"&1'#6('1B"
*+%"10&1'#6('1v"
"
c3'" C" %$*&.0%" 10%&',#01" D60%($',+*0,('%"
(3'" -'*&.0J'%B" +<$,+.B" -'*'" %0" &'#0" &01-0501B"
0*5'1+" +&10%0,(0" $,0)$(+)0.*0,(0" +)+,2'%" 0*"
,/)0." .'-+." 0" ,+-$',+.B" +" 10<'1*+" &%$D6$I(1$-+"
+,($*+,$-'*$+." +$,#+" +&10%0,(+" #$)01%'%"
#0%+<$'%" 0" $*&+%%0%" &+1+" +" 0<0($)+23'" #0" 6*+"
10#0"#0"+(0,23'"0*"%+l#0"*0,(+.Q"9*"6*"&+/%"
&01$<C1$-'" 0" &>%U-'.',$+." -'*'" '" A1+%$.B" ',#0" +"
,+(61+.$7+23'" #+" #0%$86+.#+#0" %'-$+." &'#0" %01"
*+$%" +#0D6+#+*0,(0" &01-05$#+" -'*'"
-',%0D6],-$+" #'" #0%0H'" #0" *'#01,$7+23'" 0"
$*&'1(+23'" #'%" $#0+$%" 0680,$%(+%" 0" &'%$($)$%(+%"
$,$-$+#'%" ,'" %C-6.'" NPN" T_$*+B" @f;fSB" +"
-',%(1623'" #0" 6*" %$%(0*+" +%%$%(0,-$+." 0*"
%+l#0" *0,(+." $,%&$1+#'" ,'%" 10-.+*0%" #+"
#0%$,%($(6-$',+.$7+23'" &%$D6$I(1$-+" 0J$80" *6$('"
*+$%" #'" D60" +" $*&.+,(+23'" #0" &'./($-+%" 0"
&1'H0('%"(01+&]6($-'%"%65%($(6($)'%Q""
"
9,(10(+,('B" C" &10-$%'" D60" %0" #0%0,)'.)+"
6*+" 10<.0J3'" -1/($-+" #0" ('#'" '" &1'-0%%'" D60"
&'%%$5$.$(0" 0,-',(1+1" 6*+" *+,0$1+" #0" #0.$,0+1"
-'*" -.+107+" D6+$%" %3'" '%" #0%+<$'%" 0%&0-/<$-'%"
D60" 0%(0" ='1$7',(0" #0" (1+,%<'1*+23'" 0,<10,(+"
,+%" -',#$2g0%" #0" ,'%%'" &+/%Q" L'*'" 50*"
+%%$,+.'6"M+1($,UA+1>B"+$,#+",'"$,/-$'"#'%"+,'%"
;V?fB" +" K+l#0" M0,(+." ,+" &01%&0-($)+"
+,($*+,$-'*$+." #0$J+" #0" %01" 6*" &1'5.0*+"
(01*$,+." 0" %0" -',)01(0" 0*" 6*" &1'5.0*+"
<6,#+,(0"#0",'%%+%"%'-$0#+#0%Q"
"

c'" %0" (1+(+" #0" 6," <6,-$',+*$0,('"


%+($%<+-('1$'" #0." $,#$)$#6'\" %0" (1+(+" #0"
6," -+1I-(01" 5I%$-'" #0" .+%" 10.+-$',0%"
=6*+,+%"D60"#0<$,0".+%"&'%%$5$.$#+#0%"
#0"=6*+,$7+-$>,"D60"%0"+510,"&+1+".'%"
*$0*51'%" #0" -+#+" %'-$0#+#" e" 816&'Q"
9," (C1*$,'%" *I%" #$10-('%B" .+" %+.6#"
*0,(+."-',%($(6e0"6,+"#$*0,%$>,"#0".+%"
10.+-$',0%" 0,(10" &01%',+%" e" 816&'%"
*I%" D60" 6," 0%(+#'" $,#$)$#6+.B" +6,D60"
0%+" #$*0,%$>," %0" 0,1+/-0" #0" *+,01+"
#$<010,(0"0,"0."'18+,$%*'"#0"-+#+"6,'"
#0".'%"$,#$)$#6'%"$,)'.6-1+#'%"0,"0%+%"
10.+-$',0%B" &1'#6-$0,#'" #$)01%+%"
*+,$<0%(+-$',0%" T%/,('*+%S" e" 0%(+#'%"
T%/,#1'*0%SQ"TM+1(/,UA+1>B";V?FS"""
"
^"-$(+23'"#0"M+1(/,UA+1>"10<'12+"+"$#0$+"#0"D60"
+" %+l#0" *0,(+." C" 6*+" D60%(3'" D60" ,3'" #0)0"
%01" &0,%+#+" #0" <'1*+" &'%(01$'1" k" $#0$+" #0"
+#'0-$*0,('"*0,(+.Q"c')+*0,(0")+.0"#$701"D60"
,3'"%0"(1+(+"#0"-1$+1*'%"%01)$2'%"0"(1+(+*0,('%"
D60" &'%%+*" 8+1+,($1" 6*" <6,-$',+*0,('"
%+($%<+(>1$'" #'%" $,#$)/#6'%B" *+%" #0" -1$+1*'%" 0"
+#*$,$%(1+1*'%" 6*+" -6.(61+" #0" =6*+,$7+23'"
D60"&'%%$5$.$(0"'"+-0%%'"#0"('#'%"'%"$,#$)/#6'%"
k" 0%<01+" &l5.$-+Q" 9%%+" +,I.$%0B" +.$I%B" ,3'" C"
,')+B" +%" #0,l,-$+%" 10+.$7+#+%" &0.'%" (1+5+.='%"
#0" b'<<*+," T;VaFS" %'510" +" -+110$1+" *'1+." #'%"
#'0,(0%" *0,(+$%\" #0" K7+%7" T;VaVS" %'510" +"
6($.$7+23'" #+" $#0'.'8$+" &%$D6$I(1$-+" 0" #+"
$,(01,+23'"-'*'"&1'-0%%'"#0"#0%6*+,$7+23'"0"
#0%10%&',%+5$.$7+23'" =6*+,+\" #0" A+%+8.$+"
T@ffES"%'510"+%%'-$+23'"#+"#'0,2+"*0,(+."-'*"
+" $*&1'#6($)$#+#0\" 0" #0" d'6-+6.(" T@ffRS" %'510"
+%" &1I($-+%" #0" %+501U&'#01" D60" %0" +&1'&1$+*"
#'%" %6H0$('%" &'1" *0$'" #'" #$%-61%'" &%$D6$I(1$-'B"
<'1+*" $*&'1(+,(0%" 10<010,-$+$%" &+1+" +"
-'*&100,%3'" #0" D60" '" &1'5.0*+" #'%"
*+,$-:*$'%" ,3'" 01+" +&0,+%" %06%" *61'%" +.('%B"
&'1(g0%" 0" -+#0+#'%B" *+%" %6+" -',#$23'" -'*'"
'5H0('"#0"0%($8*+($7+23'B"$%'.+*0,('B"0J-.6%3'B"
-',#0,+23'" *'1+.B" ('1(61+" 0" +,$D6$.+23'" </%$-+Q"
!"*+,$-:*$'B"-'*'"$,%($(6$23'"#0"(1+(+*0,('"#'"
+,'1*+.B"#0%%0"*'#'B",3'"&'#0"%01"10%6*$#'"k"
%6+" 0%(16(61+" </%$-+B" &'$%" -'*'" 50*" +%%$,+.'6"
&DVWRULDGLV  S  XPD LQVWLWXLomR p
6*+" 10#0" %$*5>.$-+B" %'-$+.*0,(0" %+,-$',+#+B"
',#0" %0" -'*5$,+*" 0*" &1'&'12g0%" 0" 0*"
10.+2g0%" )+1$I)0$%" 6*" -'*&',0,(0" <6,-$',+." 0"
XP FRPSRQHQWH LPDJLQiULR 8PD LQVWLWXLomR p
&'1(+,('B" (+*5C*" -',%($(6/#+" 0" %6%(0,(+#+" &'1"
#0(01*$,+#+%" .$,86+80,%" &+1($.=+#+%" 0,(10" +%"
&0%%'+%" D60" +" -'*&g0*" 0" &'1" #0(01*$,+#+%"

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(((

07>(

-O(V2UKVI]P2O(SW2NWIOOKU2O:WINWIOOKU2O(MT(WIb2WVT(SOKe\KfPWKJT(T]PKVT]KJ2VKTQ(]2(LWTOKQC(\VT(T]fQKOI(MT(OTlMI(VI]PTQ(]T(SIWOSIJPKUT(MT(
SOKJ2Q2NKT(O2JKTQ(JW[PKJT(
(
(
(

<'1*+%" -'*'" %0" 10.+-$',+*" ,'" 0%&+2'"


$,%($(6-$',+.Q"
"
_0*510*'%" D60" +" -1$+23'" #+" -6.(61+"
*+,$-'*$+."%'*0,(0"<'$"&'%%/)0.",'"A1+%$."+&>%"
6*" .',8'" &1'-0%%'" #0" -'.',$7+23'" #'"
$*+8$,I1$'" %'-$+.B" D60" #0.$*$('6" '" D60" %01$+"
,'1*+." 0" '" D60" %01$+" &+('.>8$-'" T_$*+B" @f;fSQ"
9%%+" -'.',$7+23'" %0" -',-10($7'6" +" &+1($1" #+"
)$,-6.+23'" #+%" 81+,#0%" ,+11+($)+%" -1$+#+%" &'1"
$,(0.0-(6+$%" 51+%$.0$1'%" D60" .$8+)+*" +" $#0$+" #0"
,'1*+.$#+#0" -'*" '" &1'810%%'" 0" D60"
&+6.+($,+*0,(0" <'1+*" %0" -',0-(+,#'" -'*" '"
-+&$(+.$%*'" 0" '%" *0-+,$%*'%" #0" 10&1'#623'"
%'-$+."#0%#0"'"$,/-$'"#'"%C-6.'"NNQ"c'"A1+%$."+"
+%%'-$+23'" ,'1*+.$#+#0" 0" &1'810%%'B" +.C*" #0"
8+1+,($1" +" -1$+23'" #'%" +%$.'%B" (+*5C*" <'$"
10%&',%I)0."&0.+"10-',<$861+23'"#0"6*+"0%<01+"
&l5.$-+B" D60" %0" ('1,'6" -+#+" )07" *+$%" $,-+&+7"
#0" %6&'1(+1" +" #$<010,2+B" +&100,#$#+" -'*'"
#'0,2+Q""
"
9*" 6*" -0,I1$'" -'*'" 0%%0" &+10-0" 0)$#0,(0"
D60" #0)0*'%" +%%6*$1" D60" '" D60" C" ')-)" ,+"
')-#"10<'1*+"&%$D6$I(1$-+"$,$-$+#+"0*";V?a"%3'"
+%" 0%(1+(C8$+%" #0" 8')01,+5$.$#+#0" 0" %06%"
#$%&'%$($)'%B"6*+")07"D60"'"$,(010%%0"+8'1+"%0"
(1+,%<010"#'"$,#$)/#6'"&1'5.0*I($-'"D60",3'"%0"
+.$,=+)+" +" .>8$-+" #+" &1'#623'" 0" +" '1#0*B" (+."
-'*'"&1'&6,=+*"A1+,#3'"0"c$,+"Z'#1$860%",'"
+680" #'" 0680,$%*'" 51+%$.0$1'B" 0" %0" #$1$80" +"
816&'%"$,(0$1'%B"-'*6,$#+#0%B"D60"#0)0*"+8'1+"
%01" $,-'1&'1+#'%" +" .>8$-+" #0" -',%6*'" ,0'U
.$501+.Q" 9,D6+,('" ,3'" -',%$#01+1*'%" $%%'"
0%(+10*'%" -'110,#'" '" &01$8'" #0" 10&1'#67$1" +"
.>8$-+" #+" ,08+23'" 0" -',%0,($*0,('" <10,(0" +'"
&1'H0('" #+" $,%($(6$23'" &%$D6$I(1$-+B" <$-+,#'"
$*&0#$#'%" #0" &0,%+1" 0*" 6*+" '6(1+" $&%+7*#"
#$+&*'#+%-#" k" +.(01,+($)+" 0,-',(1+#+" +(6+.*0,(0"
&+1+" .$#+1" -'*" +%" #'0,2+%" *0,(+$%Q" 9,D6+,('"
%0"<'-+1",'%%+"+(0,23'"+&0,+%"&+1+"'"0<0$('"#'"
*+,$-:*$'B" ,+%" &1I($-+%" *+$%" =6*+,$7+#'1+%"
#0" $,-.6%3'B" -',($,6+1U%0UI" $8,'1+,#'" D60"
)$)0*'%" 0*" 6*+" %'-$0#+#0" D60" &1'#67" 0"
10&1'#67" +" &1>&1$+" 0J-.6%3'" $,%($(6/#+" &'1D60"
+$,#+" ,3'" -',%086$6" %6&01+1" '" *+,$-:*$'" D60"
&01%$%(0"0*"%06"&1>&1$'"$*+8$,I1$'Q""
"
Y+1+"(+,('B"C",0-0%%I1$'"D60"%0"-'*&100,#+"
6180,(0*0,(0" -'*'" '%" &1'H0('%" #0"
#0%$,%($(6-$',+.$7+23'" #0" <+('" (]*" %0"
-',-10($7+#'" 0" -'*'" '%" 6%6I1$'%" #'%" %01)$2'%"
%65%($(6($)'%"(]*"%$#'"10-',=0-$#'%"%'-$+.*0,(0"
076(

,'%" 0%&+2'%" D60" <10D60,(+*" 0*" %6+%"


-'*6,$#+#0%Q" 9*" '6(1+%" &+.+)1+%B" C" &10-$%'"
DSUHHQGHU FRPR D FRQGLomR GH SRUWDG'1" #0"
VRIULPHQWR PHQWDO LQWHUIHUH RX SRVVLELOLWD TXH
#0(01*$,+#'" $,#$)/#6'" &'%%+" &01(0,-01" +'"
0%&+2'" &l5.$-'B" 0" +&100,#01" %0" +" -',#$23'" #0"
6%6I1$'" #'%" %01)$2'%" %65%($(6($)'%" #0" %+l#0"
*0,(+." &'%%$5$.$(+" D60" 0.0" #0%0,)'.)+" %6+"
+.(01$#+#0" 0" &'%%+" %01" 10-',=0-$#'" -'*'" 6*"
%6H0$('"#0"#$10$('Q"
^<$,+.B" C" $*&'1(+,(0" .0*51+1" D60"
0*5'1+" +" 10<'1*+" &%$D6$I(1$-+" +,($*+,$-'*$+."
%0H+"=080*:,$-+"+(6+.*0,(0",'"&+/%",0*"('#'%"
'%" $,(0.0-(6+$%" 0" &1'<$%%$',+$%" 51+%$.0$1'%"
-',-'1#+*" -'*" '%" 16*'%" D60" +" &'./($-+" #0"
,+-$',+." #0" %+l#0" *0,(+." (0*" %086$#'Q" " !%"
*$.$(+,(0%" #+" &%$D6$+(1$+" -.I%%$-+" %0860*"
#0<0,#0,#'" +" .08$($*$#+#0" #+" 10('*+#+" #'%"
*+,$-:*$'%" -'*'" *'#0.'" #0" (1+(+*0,('" #'%"
(1+,%('1,'%"*0,(+$%"TL<Q"b0,($.B"@ff;SQ""
d$,+.*0,(0B"C"$*&'1(+,(0"+%%$,+.+1"D60"
0*5'1+"+"+&100,%3'"#+"=$%(>1$+"&'%%+"-',#0,+1"
+.86*+%"&1I($-+%"#+"Y%$-'.'8$+"K'-$+.",'"-+*&'"
#+" %+l#0" *0,(+." 0" 0)$#0,-$+1" %6+" &+-(6+23'"
-'*" +" &1'#623'" #'" #$%-61%'" 0%($8*+($7+#'1" 0"
,+(61+.$7+#'1" #+%" #0%$86.#+#0%B" +" Y%$-'.'8$+"
K'-$+." L1/($-+" &'#0" -',(1$56$1" k" &1'*'23'" #0"
XPD UHYROXomR SVLTXLiWULFD XPD YH] TXH HOD
&'#0" 0)$#0,-$+1" -'*'B" ,+%" -',#$2g0%" %'-$+$%B"
&'./($-+%" 0" 0-',:*$-+%" +" D60" 0%(+*'%"
%65*0($#'%" +(6+.*0,(0B" '%" $,#$)/#6'%" (]*"
T10S-',%(16/#'" %6+%" $#0,($#+#0%B" 56%-+#'"
0*+,-$&+23'" +" &+1($1" #+%" -',#$2g0%" #0"
10-',=0-$*0,('" %'-$+." '<010-$#+%" 0" 0,<10,(+#'"
+%" &'./($-+%" #0" 9%(+#'Q" 9%%0B" %0*" %'*51+" #0"
#l)$#+%B" C" '" ,'%%'" *+$'1" #0%+<$'B" 0%-+&+1" #0"
D6+.D601"'.=+1"%+6#'%$%(+"#'"&+%%+#'"0"#0"6*"
<6(61'" %0*" 0%&01+,2+%B" +%%6*$,#'" -'*" ('#+%"
+%"-',%0D6],-$+%",'%%+"-+&+-$#+#0"#0"&0,%+1"
'"&10%0,(0Q"
"
"
Z9d9ZwcLP^K"
"
^8+*50,B" bQ" T@ffVSQ" !" :7&" ;" )"
,)'+&21)*<'&)=" >" )7+*)/" &'/#%)/Q"
L=+&0->4"^18'%Q"
^*+1+,(0B" YQ" T;VVESQ" c')'%" K6H0$('%B" c')'%"
X$10$('%4" '" X05+(0" 0*" `'1,'" #+" Z0<'1*+"
Y%$D6$I(1$-+Q" ?#(&*')/" (&" @#A(&" BA.$%,#Q"
Z$'" #0" [+,0$1'B" )Q" ;;B" ,Q" GB" H6.QU%0(QB" &&Q"
FV;UFVF"
"

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(

')*E%$-(@"!!"$!'(+"()$8'(

^,#01%',B"AQ"T@ff?SQ"?)27'%(#(&/"C2#4%'#(#/0"
D&E$&FG&/" /).*&" #" )*%4&2" &" #" (%E7/9)" ()"
'#,%)'#$%/2)Q" K3'" Y+6.'B" L'*&+,=$+" #+%"
_0(1+%Q"
^1+8+u$B" KQ" KQ" T@ffRSQ" !" #1*%/%)'#2&'+)" (&"
@&$-&/"&2"(%#4'6/+%,)/"'#"H*&#"(&"@#A(&"
I&'+#$J"`0%0"#0"X'6('1+#'"0*"Y%$-'.'8$+"
K'-$+.Q"K3'"Y+6.'B"YmLQ"
A01.$,uB" MQ" `Q\" M+8(+7B" ^Q" LQ" x" `0$J0$1+B" MQ" ^"
10<'1*+"
&%$D6$I(1$-+"
51+%$.0$1+4"
&01%&0-($)+%" 0" &1'5.0*+%Q" P,B" D&-%/+#"
K#+%')#2&*%,#'#"
(&"
B/%,)1#+)$)4%#"
L7'(#2&'+#$Q" K3'" Y+6.'4" 9#$('1+" 9%-6(+B"
@ff?Q"&Q@;U@aQ"
A1+,#3'B" [Q" LQ" `Q" T;V;?SQ" 9.0*0,('%"
<6,#+*0,(+0%" #0" &%e-=$+(1$+" 0" -.$,$-+"
<'10,%0Q" Z$'" #0" [+,0$1'B" _0$(0" Z$50$1'" x"
M+61$..'Q"
A1+%$.Q" T;VfGSQ" M&,*&+)" 'J" NJNOPJ" D&)*4#'%8#" #"
#//%/+&',%#"#"Q$%&'#()/J"PP"(&"(&8Q"
A1+%$.Q" T;VR;SQ" M&,*&+)" 'R" STJTUS3#J"
D&47$#2&'+#V" /)." #" (&')2%'#W9)" (&"
?6(%4)"X#,%)'#$"(&"@#A(&V"#"K&%"'R"PJONPV"
(&" O" (&" /&+&2.*)" (&" NTYSV" (&" X)*2#/"
Z&*#%/" @[.*&" M&E&/#" &" B*)+&W9)" (#"
@#A(&\Q"
A1+%$.Q" T@ff@SQ" K$%(0*+" y,$-'" #0" K+l#0Q"
L',%0.='" c+-$',+." #0" K+l#0Q" L'*$%%3'"
!18+,$7+#'1+"#+"PPP"LcKMQ"D&$#+6*%)"L%'#$"
(#" CCC" ?)'E&*]',%#" X#,%)'#$" (&" @#A(&"
I&'+#$J" A1+%/.$+B" L',%0.='" c+-$',+." #0"
K+l#0oM$,$%(C1$'"#+"K+l#0Q"
A1+%$.Q" T@ffGSQ" M$,$%(C1$'" #+" K+l#0Q" K0-10(+1$+"
#0" ^(0,23'" k" K+l#0Q" X0&+1(+*0,('" #0"
^2g0%"Y1'81+*I($-+%"9%(1+(C8$-+%Q"I#'7#$"
()"B*)4*#2#"M&"^)$+#"1#*#"?#/#J"A1+%/.$+B"
M$,$%(C1$'"#+"K+l#0Q"
A1+%$.Q" T@ffFSQ" _0$" ,Q" ;fQ@;RQ" X$%&g0" %'510" +"
&1'(023'" 0" '%" #$10$('%" #+%" &0%%'+%"
&'1(+#'1+%" #0" (1+,%('1,'%" *0,(+$%" 0"
10#$10-$',+" '" *'#0.'" +%%$%(0,-$+." 0*"
%+l#0" *0,(+.Q" R" #0" +51Q" @ff;Q" P,4" A1+%$.Q"
I%'%/+;*%)"(#"@#A(&J"@&,*&+#*%#3>F&,7+%-#J"
@&,*&+#*%#"(&"Q+&'W9)"_"@#A(&J"K&4%/$#W9)"
&2" @#A(&" I&'+#$0" NTT`3P``YQ" A1+%/.$+B"
M$,$%(C1$'"#+"K+l#0Q"E"0#Q"+*&.$+#+Q"
A1+%$.Q" T@ffESQ" ?)'E&*]',%#" D&4%)'#$" (&"
D&E)*2#" ()/" @&*-%W)/" (&" @#A(&" I&'+#$0"
NY" #')/" (&1)%/" (&" ?#*#,#/J" a*#/b$%#V"
I%'%/+;*%)"(#"@#A(&Q"
A1+%$.Q" T@ffaSQ" M$,$%(C1$'" #+" K+l#0Q" K0-10(+1$+"
#0" ^(0,23'" k" K+l#0oX^Y9Q" L''1#0,+23'"
b01+." #0" K+l#0" M0,(+.Q" @#A(&" I&'+#$" ')"
@c@0"#,&//)"#)"+*#+#2&'+)"&"27(#'W#"()"

2)(&$)" (&" #+&'W9)J" D&$#+6*%)" (&" Z&/+9)"


P``O3P``dQ"A1+%/.$+Q"
L+%('1$+#$%B" LQ" ^Q" T;V?@SQ" C'/+%+7%W9)" %2#4%'H*%#"
(#" /),%&(#(&Q" " Z$'" #0" [+,0$1'4" Y+7" 0"
`011+Q"RzQ"9#$23'Q"
A+%+8.$+B" dQ" T@ffESQ" >/,*%+)/" /&$&,%)'#()/" &2"
/#A(&" 2&'+#$" &" *&E)*2#" 1/%:7%H+*%,#Q" Z$'"
#0"[+,0$1'4"b+1+*',#Q"
X$*0,%(0$,B" MQ" X0%$,%($(6-$',+.$7+1" C"
6.(1+&+%%+1" <1',(0$1+%" %+,$(I1$+%4" '" #0%+<$'"
#+" $,(01%0('1$+.$#+#0" 0" #'" (1+5+.='" 0*"
10#0Q" P,B" ?#(J" a*#/J" @#A(&" I&'+#$B" )'.Q" ;B"
H+,U+51"@ffVQ"TLXUZ!MS"
d'6-+6.(B" MQ" T@ffRSQ" B*).$&2#+%8#W9)" ()"
@75&%+)0" B/%,)$)4%#V" B/%:7%#+*%#" &"
B/%,#'H$%/&J" `1+#623'" #0" O01+" _6-$+"
^)0..+1" Z$50$1'Q" Z$'" #0" [+,0$1'4" d'10,%0"
m,$)01%$(I1$+Q"
d'6-+6.(B" MQ" T;VV;SQ" e%/+6*%#" (#" $)7,7*#" '#"
C(#(&" ?$H//%,#Q" K3'" Y+6.'4" Y01%&0-($)+Q"
GzQ"9#$23'Q"
b0,($.B"OQ"T@ff;SQ"9#$('1$+.Q"D&-%/+#"a*#/%$&%*#"(&"
B/%:7%#+*%#B")Q"@GB",Q";B"&&Q"GURQ"
b'<<*+,B" 9Q" T;VaFSQ" I#'%,[2%)/V" B*%/G&/" &"
?)'-&'+)/Q"K3'"Y+6.'4"Y01%&0-($)+Q"
W+501*+%B" [Q" T;VVfSQ" B&'/#2&'+)" B6/3
I&+#Eb/%,)0" >/+7()/" L%$)/6E%,)/Q" Z$'" #0"
[+,0$1'B"`0*&'"A1+%$.0$1'Q"
W+501*+%B" [Q" T@ff@SQ" !" M%/,7*/)" L%$)/6E%,)" (#"
I)(&*'%(#(&0" M)8&" K%WG&/Q" K3'" Y+6.'B"
M+1($,%"d',(0%Q"
i'#+B"MQ"jQ"T@ff@SQ"M#"'&4#W9)"()"2#'%,[2%)"
_" ,)'/+*7W9)" (&" 72" 2)(&$)" /7./+%+7+%-)"
&2"/#A(&"2&'+#$0")"(%/,7*/)"(&"7/7H*%)/"&"
+*#.#$f#()*&/" (&" 72" XA,$&)" (&" Q+&'W9)"
B/%,)//),%#$Q"X$%%01(+23'"#0"M0%(1+#'"0*"
Y%$-'.'8$+Q"K3'"Y+6.'B"mKYQ"
ie1$..'%"c0('B"dQ"T@ffaSQ">E&%+)/"(&",%*,7$#W9)"()"
(%/,7*/)" &2" /&*-%W)/" /7./+%+7+%-)/" (&"
@#A(&" I&'+#$0" c2#" 1&*/1&,+%-#"
1/%,#'#$b+%,#Q" `0%0" #0" X'6('1+#'" 0*"
Y%$-'.'8$+"K'-$+.Q"YmLKYQ"
_+$,8B" ZQ" XQ" T;VaESQ" !" &7" (%-%(%()0" >/+7()"
&F%/+&',%#$" (#" /#'%(#(&" &" (#" $)7,7*#Q" Z$'"
#0"[+,0$1'4"9#$('1+"O'70%Q"@z"0#$23'Q""
_+)1+#'1B" MQ" LQ" LQ" T@ffaSQ" ^" Y%$-'.'8$+" 0" '%"
#0%+<$'%" -',(0*&'1n,0'%" #+" Z0<'1*+"
Y%$D6$I(1$-+Q" P,B"[+->UO$.0.+B"^Q" MQ" x" K+('B"
_Q" T'18%QS" M%H$)4)/" &2" B/%,)$)4%#" @),%#$J"
Y'1('"^.08104"9#$('1+"9)+,81+<"_(#+Q"&QGR;U
GRVQ"
_0+.B"9Q"T;VVFSQ"Q"')W9)"(&",%(#(#'%#",)2)"&%F)"
(#" 1*H+%,#" ,$b'%,#0" 72#" #'H$%/&" ()"
1*)4*#2#" (&" /#A(&" 2&'+#$" (&" @#'+)/Q"

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(((

075(

-O(V2UKVI]P2O(SW2NWIOOKU2O:WINWIOOKU2O(MT(WIb2WVT(SOKe\KfPWKJT(T]PKVT]KJ2VKTQ(]2(LWTOKQC(\VT(T]fQKOI(MT(OTlMI(VI]PTQ(]T(SIWOSIJPKUT(MT(
SOKJ2Q2NKT(O2JKTQ(JW[PKJT(
(
(
(

X$%%01(+23'" #0" M0%(1+#'Q" Z$'" #0" [+,0$1'B"


P,%($(6('"#0"M0#$-$,+"K'-$+."#+"m9Z[Q"
_$*+B"^Q"dQ"T@f;fSQ"I&+#2)*E)/&V"#'#2)*E)/&"&"
*&,)'f&,%2&'+)" 1&*-&*/)0" #" %(&'+%(#(&" '#"
1&*/1&,+%-#" (#" B/%,)$)4%#" @),%#$" ?*b+%,#Q"
K3'"Y+6.'4"9XmLQ"
M+-=+#'B"_Q"XQ"x"_+)1+#'1B"MQ"LQ"LQ"_'6-61+"0"
K65H0($)$#+#0Q" P,B" M+-=+#'B" _Q" XQ" x"
_+)1+#'1B" MQ" LQ" LQ" T'18%QS" g&F+7*#/" (#"
1/%,)$)4%#0" /7.5&+%-%(#(&" &" 1)$b+%,#" ')"
,)'+&21)*<'&)J" K3'" Y+6.'4" L+%+" #'"
Y%$->.'8'B"@ff;Q"&QFEUE?Q"
M+1(/,UA+1>B" PQ" T;V?FSQ" b6011+" e" K+.6#" M0,(+.Q"
P,B">/+A(%)/"?&'+*)#2&*%,#')/Q",Q"F@VoFGfQ"
c+#01B" ZQ" MQ" T;VVfSQ" B/%,)$)4%#" &"
g*#'/E)*2#W9)0" )/" ,#2%'f)/" 1#*#" #"
1*H+%,#" 1/%J" `0%0" #0" #'6('1+#'" 0*"
L$],-$+%Q"K3'"Y+6.'B"YmLQ"
c$,+"Z'#1$860%B"ZQ"T;Vf;SQ"!"#$%&'#()"')"(%*&%+)"
,%-%$" .*#/%$&%*)0" #1)'+#2&'+)/" 2&(%,)3
$&4#&/" #)" 1*)5&,+)" (&" ,6(%4)" ,%-%$Q" A+=$+B"
P*&10,%+"M'#01,+Q"
Y+%%'%B" ^Q" LQ" AQ" c+%$%8#W9)" (&" B/%,)EH*2#,)/"
&'+*&" )/" 7/7H*%)/" (#" Q+&'W9)" B*%2H*%#" ()"
27'%,b1%)" (&" I#*#,#'#AV" ?&#*HQ"
X$%%01(+23'" #0" M0%(1+#'" 0*" L$],-$+%"
d+1*+-]6($-+%Q"mdLB"@ff?Q"
Y'%(0.B" [Q" x" h6C(0.B" LQ" T!18%QS" T@fffSQ" X7&-#"
e%/+)*%#" (&" $#" B/%:7%#+*b#Q" " MCJ$-'B" d',#'"
#0"L6.(61+"9-',:*$-+Q"@"0#Q"
h60$1'7B" PQ" KQ" T@ffESQ" Q()W9)" (&" #WG&/" (&"
*&(7W9)" (&" (#')/" (%*&,%)'#()/" #)/"
7/7H*%)/"(&"(*)4#/0",)',&1WG&/"&"-#$)*&/"
(&" &:7%1&/" ()" 1*)4*#2#" (&" /#A(&" (#"
E#2b$%#Q" X$%%01(+23'" #0" M0%(1+#'" 0*"
Y%$-'.'8$+Q"mdMbQ"
Z'(0..$B" dQ" T@ffRSQ" 9*&10%+" K'-$+.4" -',%(16$,#'"
%6H0$('%" 0" #$10$('%Q" P,B" ^*+1+,(0B" YQ" T!18QS"
>'/#%)/0" /7.5&+%-%(#(&V" /#A(&" 2&'+#$V"
/),%&(#(&Q"Z$'"#0"H+,0$1'4"9#$('1+"d$'-167Q"
&Q"Gf;UGfRQ";+Q"Z0$*&Q"
K+1#$861%ueB" XQ" x" `+)+10%B" [Q" _Q" ^.86*+%"
-',%$#01+2g0%" %'510" '" &1'-0%%'" #0"
#0%$,%($(6-$',+.$7+23'Q" P,B" D&-J" K#+%')3
#2&*%,#'#" (&" >'E&*2#4&2Q" )QRB" ,Q@B" +51$."
;VV?Q"&Q@GU@aQ"
K7+%7B"`Q"KQ"T;VaaSQ"C(&)$)4%#"&"M)&'W#"I&'+#$0"
&'/#%)/" /).*&" #" (&/72#'%8#W9)"
1/%:7%H+*%,#" ()" f)2&2Q" Z$'" #0" [+,0$1'4"
{+=+1"9#$('10%Q"
"

K7+%7B" `Q" KQ" T;VaVSQ" !" 2%+)"(#" ()&'W#"2&'+#$0"


L7'(#2&'+)/" (&" 72#" g&)*%#" (#" ?)'(7+#"
B&//)#$Q"Z$'"#0"[+,0$1'4"{+=+1"9#$('10%Q"
K7+%7B" `Q" KQ" T;V?FSQ" Q" E#.*%,#W9)" (#" K)7,7*#0"
72"&/+7()",)21#*#3"+%-)"&'+*&"#"C':7%/%W9)"
&" )" 2)-%2&'+)" (&" @#A(&" I&'+#$Q" Z$'" #0"
[+,0$1'B"b6+,+5+1+Q"G"0#Q""
K7+%7B" `Q" KQ" T;VVFSQ" ?*7&$" ?)21#%F9)Q"
L+*&$,+%B"Y+&$16%Q"
K7+%7B" `Q" KQ" T@ff?SQ" B/h,f%#+*h0" +f&" @,%&',&" )E"
K%&/Q" Ke1+-6%0B" c0|" j'1u4" Ke1+-6%0"
m,$)01%$(e"Y10%%Q"
O+%D607B" ^Q" KQ" T;VaaSQ" L%$)/)E%#" (#" B*HF%/Q" Z$'"
#0"[+,0$1'B"Y+7"0"`011+Q"@"0#Q""
j+=,B" MQ" T;VEESQ" e%4%&'&" I&'+#$Q" K3'" Y+6.'B"
9#$81+<Q"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
^81+#0-$*0,('%"k"dmcL^Y"&0.'"+&'$'"10-05$#'Q"

077(

!"#$%&'(%')*+(,(%-.$"+'+((R((#/(0((R((12/(3((R((%"4&$"89!"(:(+$.$"89!"(R((;<0<(

S-ar putea să vă placă și