Sunteți pe pagina 1din 162

!

JOURNEY TO EQUALITY:
10 YEARS OF THE PROTOCOL ON THE RIGHTS
OF WOMEN IN AFRICA

EDITED BY
D r.BRENDA KOMBO, RAINATOU SOW & FAIZA JAMA MOHAMED

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


#-$)#(.#(#.#.#0)

#&#..3









(#((#&&3/**),.3





d

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

%./0 ,1(%/$!  dbce 5 -1(%05 +3 +* !$(" +" 0$! +(% .%05 "+. ".%* +)!*Q/ %#$0/ WX
+(%0%+*H0$!".%*+))%//%+*+* 1)** !+,(!/Q%#$0/* '!2!.5+)*+1*0WX
$00,JT333K!-1(%05*+3K+.#
$00,JT333K/+3.K+.#
$00,JT333K,$.K+.#
$00,JT333K'!2!.5+)*+1*0K+.#
+,5.%#$0_dbce+(% .%05"+.".%*+)!*Q/%#$0/H0$!".%*+))%//%+*+* 1)** !+,(!/Q
%#$0/* '!2!.5+)!*+1*0
((.%#$0/.!/!.2! K! %/0.%10%+*+"0$!)0!.%(,.!/!*0! %*0$%/3+.'%/!*+1.#! 50$!,1(%/$!.H
,.+2% !  0$! +.%#%*( 0!40 %/ *+0 (0!.! H 0$0 0$! +.%#%*( /+1.! %/ ,.+,!.(5 *  "1((5 '*+3(! #!  * 
0$00$!+&!0%2!+".! %/0.%10%+*%/*+0"+.+))!.%(#%*K(!/!+*000$!,1(%/$!.%"5+13%/$0+
.!,.+ 1!H.! %/0.%10!+.0.*/)%0H%**5"+.)+.5*5)!*/H0$%/3+.'+.*5,+.0%+*0$!.!+"K
.+ 1! 5-1(%05+3
%/0.%10! 5* 
.%*0! 5+(+1.,.%*0 0 


e

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

%()1&!'(.
/0$!!.!0.%0+"0$!+(% .%05"+.".%*+)!*Q/%#$0/WX+(%0%+*H-1(%05+3%/1*%-1!(5
,(!  0+ ++. %*0! *  "%(%00! 0$! ,1(%0%+* +" (.+'2 -( *.%"-28 KJ +, ( -! +(-((% (' -!
" !-,((&'"'+"3$%$%/&+%*0%*%0%0%2!+"H$!""%!+"0$!,!%(,,+.0!1.+*0$!
%#$0/ +" +)!* %* ".% +" $! ".%* +))%//%+* +* 1)* *  !+,(!/Q %#$0/ *  '! 2!.5
+)*+1*0K
!.!#.0!"1(0+((10$+./T+*0.%10+./3$+/$.! $!.!0$!%.2.%+1/!4,!.%!*!/%*1/%*#0$!.+0++(
0+0$!".%*$.0!.+* 1)** !+,(!/Q%#$0/+*0$!%#$0/+"+)!*%*".%K1.,,.!%0%+*/
(/+#+0+ KK./K +5!* H.!/% !*0+"0$!!,1(%+"(3%H*  KK.K'+/6*()%*%M1)H
$%.,!./+*+"0$!".%**%+*+))%//%+*H"+.0$!%.+))%0)!*00+0$!$1)*.%#$0/+"".%*3+)!*
* "+./$.%*#0$!%.2%/%+*%*0$%/,1(%0%+*K
!(/+,,.!%0!0$!"%**%(/1,,+.0.!!%2! ".+)0$!".%*+)!*Q/!2!(+,)!*01* * 4")
!*(%*# 1/ 0+ !2!(+, *  ,1(%/$ 0$%/ %),+.0*0 .!2%!3 +" ,.+#.!// ) ! %* 0$! 0!* 5!./ 0$0 0$!
.+0++(3/%*!4%/0!*!K
%6 )+$)! 
%.+%""%!%.!0+.
-1(%05+3















f

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

#-&#',
$!2%!3/* +,%*%+*/!4,.!//! %*0$%/,1(%0%+*.!0$+/!+"0$!10$+./+"0$!2.%+1/.0%(!/*  +
*+0*!!//.%(5.!"(!00$!+""%%(,+(%5+.,+/%0%+*+"0$!+(% .%05"+.".%*+)!*Q/%#$0/+(%0%+*H
0$!".%*+))%//%+*+* 1)** !+,(!/Q%#$0/H'!2!.5+)!*+1*0* -1(%05+3K


g

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


 
!//#!".+) KK.!/% !*0 +5!* KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKcf
!//#!".+) KK.K'+/6*()%*%M1)KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKcg
+.!3+. KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKch

*0.+ 10%+*KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKci

>   
MU
3*!./$%,+"0$!".%*+)!*Q/%#$0/.+0++(* %*M%*/!"+.!,+.0%*#KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKck
.%*#Q%.0$*  2+5"+.0%"%0%+** 
),(!)!*00%+*+"0$!.+0++(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKeg
001/+"0%"%0%+*+"0$!.+0++(HdbbeMdbceKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKfb
**(5/%/+"0$!.+0++(0+0$!".%*$.0!.+* 1)** !+,(!/Q%#$0/+*0$!%#$0/+"+)!*%*".%KKKKKKKKKKKKKKKKKKKKKKKKKKKfe


>


 



   
 

   
PT
+)!/0%0%+** 
),(!)!*00%+*+"0$!.+0++(W.0%(!/dHhHjHcfHdcXKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKfj
* %*#!)(!!*%0(10%(0%+*%*".%KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKgg
+(%0%(.0%%,0%+*KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKhb
%#$00+!!* 0$!.+0!0%+*+"+)!*%*.)! +*"(%0/KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKhj
*2!.2%!3+"0$!%.($%( Q/!//0+ 10%+*%*".%KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKif
+*+)%* +%(!(".!%#$0/KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKij
!,.+ 10%2! !(0$%#$0/J$!1!/0+! 1!$!
*% !*!".!2!*0(!0!.*(!0$/KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKjb
!#(0%+*+*0$!.+0++("+.+)!*Q/ * %#$0/KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKjg


>



  
UL
$!/00!+" +)!/0%0%+*+"0$!,.+0++(%*1.'%*/+KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKkb
+)!/0%0%+** 
),(!)!*00%+*+"0$!.+0++(%*+10$".%KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKkf
+)!*3%0$%/%(%0%!/* 0$!.+0++(J$!/!+"%)3!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKkk
3* Q/ %#$+(%0%(%((J.+)+))%0)!*00+0%+*H$%#$5%!( /".+)0$!"%!( KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKcbe
$!+)!*Q/0dbcb+"$!)%KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKcbh

>:
< 

  
MMM
$!+0!*0%(+"0$!.+0++("+.1.(+)!*KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKccc
$!%#$00+-1(.+0!0%+*+"0$! 3M+)!*Q/%*$!.%0*!.%#$0/%*0$!/!+")1/%* 0$!./2)*0!(!* *+0$!.cci
%#$00+
*"+.)0%+** !(".+0!0%+*"+.+)!*W.0KcfW XW!XH,10+.+0++(X1* !..!*0(,0M10
!/0%*#+(%5
%*+0/3*J/!01 5KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKcdc
$!+)!*Q/.+0++(* +2!.!%#*05J +2! 0!!(0%+*/$%,KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKcdi
>

  
<:: 
>  
MNU
%/%*# !.+%!J'%*#%#$0/!("+.+)!*%*0$!)%KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKcdk
* ).' !#%/(0%+*+*!* !./! %+(!*!%*%#!.%J +3/ !0$!%""!.!*!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKceh
),%#*%*#"+.0%"%0%+*H+)!/0%0%+** 
),(!)!*00%+*+"0$!.+0++(%*#* M$!+)!*%./0+(%0%+*KKKKKKKKKKKcek

),(!)!*00%+** +*%0+.%*#+"0$!.+0++(+*+)!*Q/%#$0/M1(0%M/!0+.(,,.+$KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKcfd



MPS



MPU




h

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#






*#&"(%-

$!+(% .%05"+.".%*+)!*Q/%#$0/+(%0%+*3%/$!/0+0$*'0$!"+((+3%*# +*+./3$+$2!/1,,+.0! %0/3+.'
!03!!*dbbf* dbceJ
W
'%)!-"%(++X


.#)(#

 ,#()'(@-0&)*'(./(

()(3')/-)(),


.",)/!"2 '

),)/(.#)(

)/(.#)(*()#.3
(-.#./.

)/(.#)(.),)').*()#.3

&)&/( ),)'(

*-&&#( ), ,#

 ,#

'-"

*(#-"/( ), ,#()'(@-'*)1,'(.

1#&)/(.#)(

*()#.3
(#.#.#0 ),-. ,#

*()#.3 /-.#
(#.#.#0

2 '

2 ')0#

#!,#/-#(!,/-.

,/-. ,#

1),%

#&&((#/''*#!(




i

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 




 
D"'%)!-"%(++2%,-'&E

  
 %/ 0$! !  +" +))1*%0%+*/ 0 0$! ".%* +)!*Q/ !2!(+,)!*0 *  +))1*%0%+* !03+.'
WXK+**!03%0$$!.0

^KK +.
jh^ KH+*03%00!.^
jh+.
+*$!.(+#
jhKK
 /,!%(%6!/%*+*"(%0!/+(10%+*H!!M1%( %*#* !1.%0501 %!/K$!$/3+.'! * +*/1(0! !40!*/%2!(5
"+.*1)!.+"%*0!.*0%+*(H.!#%+*(* *0%+*(%*/0%010%+*/+*%//1!/.!(0%*#0+!!M1%( %*#H/!1.%05* &1/0%!.!"+.)* 
#!* !.K
 Q%/$1)*.%#$0/(35!.3%0$#. 10! !#.!!%*%*0!.*0%+*(+*"(%0)*#!)!*0K*0%(!!)!.dbcdH/$!
3/0$!!*%+..+#.)""%!."+.".%00$!
*0!.*0%+*(+)!*Q/.+#.)H,!*+%!05+1* 0%+*/


 %/0$! ! +"""%!* *".%*.+#.),!%(%/000$!(*
*0!.*0%+*(".%**%+* %%/+*B
*M".%.+#.)""%!H %/H0$%+,%K

K^ M

 K
K
 M
 $/,.0%! )! %%*!/%*!ckibK$!%/!((+3+"0$!!/0".%*+((!#!
+"$5/%%*/* *.'&!((+3+"0$!+5(+((!#!+"/0!0.%%*/* 5*!+(+#%/0/+"0$! K$!,.!2%+1/(5/!.2! /
$*Q/%*%/0!.+" !(0$".+)ckkhMckkj* H/1/!-1!*0(5H3/$*Q/)// +.0+0$!!0$!.(* /K%*!dbbcH/$!$/
!!*%!.!/% !*0"+.".%0
,/H3$!.!/$!(! /0$!
,/".%((%*!"+.+)!*Q/!,.+ 10%2! !(0$* %#$0/K
)5%/*+%/0$!+))1*%0%+*/* 1(%0%+*/""%!.0'!2!.5+)*+1*0K$!$+( /*%*%+(!*!H+*"(%0* 
!2!(+,)!*001 %!/".+)0$!$++(+".%!*0(* ".%*01 %!/* %*+(%0%(%!*!".+)!((!/(!5+((!#!K
 %/!#%+*( 2%/+.0++)!*+*.!#%+*(%*%0%0%2!/* (%%/+*3%0$0$!".%**%+** K
$!%//! %*0$!+)!*0$%+,%""%!K$!,.!2%+1/(5/!.2! /0$!!,.!/!*00%2!0+0$%+,%H* H* "+.)!.(5
/!#%+*(.+#.))!%.!0+."+.
K
   %/ 0$!  2+5 %.!0+.H  ,.+#.))! %* -1(%05 +3Q/ +* +* +""%!K 0.0%*# %* 0$! !.(5 ckjb/H $!.
,%+*!!.%*#3+.'+*$/+*0.%10! 0+0$!%*0!.*0%+*(.!+#*%0%+*+"/,1(%$!(0$* $1)*.%#$0/%//1!K


$+( /*%*+(%0%(+*+)5+"%+(!*!H+*"(%0* !2!(+,)!*0K !%/ 1)*%#$0/* !2!(+,)!*0
+*/1(0*0%* 2+5H+))1*%0%+*/* '*+3(! #!)*#!)!*00'!2!.5+)*+1*0K
  %/0$!4!10%2!%.!0+.+"!3%!( +1* 0%+*H3$+/!#.*0//1,,+.0.1.(3+)!** 0$!%.+.#*%60%+*/%*
".%W333K*!3"%!( "+1* K+.#XK$!$/3+.'! "+.)*55!./3%0$.1.(+))1*%0%!/H,.0%1(.(5%*
* %H
.*H!/0".%H
* 0$! K
K K $+( /+0+.0!+"$%(+/+,$5* /0!./+" 3".+)0$!*%2!./%05+"!($%H
* %K$!,.0%! (3
%*
* %".+)ckkfUdbbcH3$!*/$!&+%*! 0$!(3/$++(00$!%2!'** 
*/0%010!+".+"!//%+*(01 %!/H!($%K%*!dbbgH
/$!$/!!*0!$%*#%*0$!!,.0)!*0+" 300$!*%2!./%05+"+0/3*WXK$!%/(/+)!)!.+"
*/0%010%+*(!2%!3
+. W
X0
 
 %/  ..%/0!. 5 0.%*%*# *  %/ 1..!*0(5 0$! !#( ""%!. "+. 4")Q/ *M".% .+#.))!K $! $+( / *
1* !.#. 10! !#.!! %* (3 ".+) 0$! *%2!./%05 +" !*0H  ,+/0M#. 10! %,(+) %* 3 ".+) 0$! *%2!./%05 +" .%/0+(H *  
/0!./!#.!!%*%+(!*!+*A%0* !2!(+,)!*0H".+)0$!$++(+".%!*0(* ".%*01 %!/K
    %/ ".+) !/+0$+K $! %/  (35!. *  !2!(+,)!*0 3+.'!.K $! $/ !4,!.%!*! %* !/%#*H %),(!)!*00%+* * 
)*#!)!*0 +" #.// .++0  2+5 ,.+#.))!/ +* 3+)!*Q/Q .%#$0/K $! %/ 1..!*0(5 *  /01 !*0 0 0$! !*0.! "+. 1)*
%#$0/00$!*%2!./%05+".!0+.%H+10$".%H)&+.%*#%* 1)*%#$0/* !)+.0%/0%+*%*".%K

j

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


    %/  $1)* .%#$0/ 00+.*!5 /!  0 0$! +10$!.* ".% %0%#0%+* !*0.!K 2!. 0$! 5!./H /$! $/
/,!%(%/! %*(%0%#0%+*H,+(%5 !2!(+,)!*0*  2+5+*%//1!/.!(0%*#0+3+)!*Q/.%#$0/H#!* !.M/! 2%+(!*!H
T

* 0$!.%#$0/+"/!41()%*+.%0%!/K

  

M %/ 0$! %.!0+. +" 0$! +)!*H !* !. *  !2!(+,)!*0 %.!0+.0! 0 0$! ".%* *%+*
+))%//%+*"0!./!.2%*#"+."+1.5!.//0$! 2%/+.+*!* !.H.(%)!*0.5""%./* %2%(+%!05.#*%60%+*/00$!!3
.0*!./$%,"+.".%Q/!2!(+,)!*0WX!.!0.%0K

  
 


 $+( /  /0!./ +" 3/ W KX !#.!! %*
*0!.*0%+*( $1)* .%#$0/ (3 ".+) 0$! !*0.(
1.+,!* *%2!./%05 *   $!(+. +" 3/ W KX !#.!! ".+) 0$! *%2!./%05 +" %.+%K $! $/ !!* 0$! .+#.) ""%!. "+.
!41(%+(!*!* .""%'%*#%*-1(%05+3Q/%.+%+""%!/%*!dbbhH"0!.$2%*#%*0!.*! 0-1(%05+3%*dbbfK


%//,!%(%/0%*!* !.* !! %/%,(%*!/3%0$!4,!.%!*!%* !/%#*%*#* %),(!)!*0%*#/0.0!#%!/
0+ .!//3+)!*Q/%//1!/K$!%/1..!*0(50$!!* !. 2%/+.00$!!* !.+*%0+.%*#""%!H*%*/0%010%+*0$0%/.!/,+*/%(!
"+.)+*%0+.%*##!* !.)%*/0.!)%*#H!* !./! %+(!*!* 0$!%),(!)!*00%+*+"%*0!.*0%+*(+))%0)!*0/%*3* K

K%/(35!.".+)0$!!)+.0%!,1(%+"+*#+* .!/!.$!.0!*0.!<#%+*( !/ .+%0/ !(Q +))!
!0 !/.+%0/%*0!.*0%+*($1)*%0%.!W X+"0$!0$+(%*%2!./%05+"1'21%*/+10$ %21K$!%/1..!*0(5* 
/01 !*000$!!*0.!"+. 1)*%#$0/00$!*%2!./%05+".!0+.%H+10$".%H)&+.%*#%* 1)*%#$0/* !)+.0%/0%+*
%*".%K

 M %/  +(%%0+. *   2+0! +" 0$! %#!.%* 1,.!)! +1.0K ! $+( /   ".+) 0$! *%2!./%05 +"
.!0+.%H+10$".%3$!.!$!%/1..!*0(5* * % 0!K
K^
K
 3/1*0%(,.%(dbceH0$!!#%+*(+(%5//+%0!0
,/K$!$/+2!.cd5!./+"!4,!.%!*!%*3+)!*
.%#$0/ 2+5K2!(5*!$+( /*%*!* !.* !2!(+,)!*0".+)0$!*%2!./%05+"%.+%* $!(+.+" 3/".+)1*!
*%2!./%05W
* %XK2!(5*!&+%*! 0$!!*0!."+.!,.+ 10%2!%#$0//!#%+*(%.!0+."+.".%%*5dbceK



%/*%*0!.*0%+*($1)*.%#$0/(35!.* 0$!+)!*\/+(%0%(.0%%,0%+*++. %*0+.0'!
2!.5+)*+1*0K$!$+( /* ".+)0$!*%2!./%05+"*.*%/+$++(+" 3H* %/* 2+0!+"0$! %#$+1.0
+"#* * ((+1.0//1+. %*0!0$!.!0+K
 
   M
%/,.%20!(!#(,.0%0%+*!.H3%0$$!.+3*(3"%.)H+.+ +$)!./K$!%/3+)*Q/
.%#$0/  2+0! 3$+ $/ #!*!.((5 !!* %*2+(2!  %* +))!.%( (3 *  ,.0%!H / 3!(( / +*/1(0*%!/ +* 2.%!  /1&!0/
%*(1 %*#!*2%.+*)!*0((3* ,+(%%!/H$%( .!** #!* !.(!#%/(0%+** ,+(%5K

%/(35!.H0%2%/0* 3.%0!.K !+0%*! $%/(3 !#.!!".+)0$!*%2!./%05+"+0/3*3$!.!$!3/
/01 !*00%2%/0K.*0+%/0$!$%.,!./+*+"+0/3*!03+.'+*0$%/H
T *  1)*%#$0/W X* /!.2!/
/+. )!)!.%*0$!! %
*/0%010!+"+10$!.*".%H+0/3*$,0!.W
XK
  
%/3+)!*Q/.%#$0/0%2%/01..!*0(53+.'%*#/.+&!0/*#!."+.!+,(!,,+/%*#+)!*1/!
WX%*+10$".%KKKK
 
 $+( / /0!./ %* 1)* .%#$0/ *  /+%( &1/0%! ".+) 0$! +* +* !0.+,+(%0* *%2!./%05 *   $!(+. +"
3/W X".+)+(2!.$),0+**%2!./%05K$!!)!0$!.+#.)""%!."+.-1(%05+3Q/%.+%""%!%*dbbkH"0!.
$2%*#3+.'! /+*/1(0*0%*dbbjK$!,.!2%+1/(5%*0!.*! 3%0$0$! %#$+))%//%+*!."+. 1)*%#$0/%*!*!2H3$!.!
/$!.!2%!3! +1*0.5,!.%+ %.!,+.0/* +* 10! .!/!.$* ,.!,.0%+*"+.$1)*.%#$0/0.!05+ %!/)!!0%*#/K
      %/ ".+) +6)%-1!K $! %/  )!)!. +" 0$! !*0.! "+. 1)* %#$0/ +" 0$! 1(05 +" 3 +" 0$!
*%2!./%05 1. ++* (*!3$!.!/$!3+.'//*//%/0*0.!/!.$!.K$!%/1..!*0(5* /01 !*000$!!*0.!"+. 1)*
%#$0/00$!*%2!./%05+".!0+.%H+10$".%H)&+.%*#%* 1)*%#$0/* !)+.0%/0%+*%*".%
 
 %/ +*! +" 0$! +M"+1* %*# )!)!./ +" K $! 3+.'/ 3%0$ 0$! ,!* +%!05
*%0%0%2! "+. /0!.* ".%
W
X/!#%+*(.+#.)""%!.MT".%K$!/!.2!/+*0$!4!10%2!+. +"0$!".%*+)!*Q/!2!(+,)!*01* 
WXK

k

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


  KK  $+( /  /0!./ !#.!! %* 1(% 3 *   !.0%"%0! +"  2*!  01 %!/ %* 1)* %#$0/K ! %/ 
)#%/0.0!/3!((/,.0M0%)!(!01.!.* 0.%*!.%*$1)*.%#$0/K !%/1..!*0(50$!!$*%( 2%/+.+"0$!1.'%*/+
%*%/0!.+"%*!/* *!.#5/3!((/)!)!.+"+%4 !!))!/K



cb

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 



 
D
'%)!-"%(++E
  
      
  
 W X %/ %* !,!* !*0H *+*M,.+"%0 .!#%+*(
$1)*.%#$0//! %**&1(H$!)%K$! ,.+)+0!/$1)*.%#$0/*  !)+.5%//1!/%*0$!".%*+*0%*!*0
0$.+1#$0.%*%*#H 2+5H*!03+.'%*#H0%+*M+.%!*0! .!/!.$H,1(%0%+*/*  +1)!*00%+*K333K $./K+.#

Q 

 WX%/,*M".%*!03+.'/!01,%*ckjj
0+  2*! ".%* 3+)!*\/ .%#$0/K  $/ ,(5!   !*0.( .+(! %* /$.%*# %*"+.)0%+*H !4,!.%!*!/H % !/ *  /0.0!#%!/
)+*#".%*3+)!*%*+. !.0+/0.!*#0$!*3+)!*\/,%050+,.0%%,0!!""!0%2!(5* !*/1.!0$0".%*3+)!*2+%!/.!
),(%"%! * %*"(1!*! !%/%+*/) !0*0%+*(H.!#%+*(* #(+((!2!(/K333K"!)*!0K+

   
 WX %/ * %*0!.*0%+*(H *M".%*H *+*M#+2!.*)!*0( !2!(+,)!*0 +.#*%60%+* "+. ".%*
3+)!*/! %* ),(H#* K33/!/0(%/$! 0+.!0!/,!"+.".%*+)!*0++.#*%6!10+*+)+1/(5H*!03+.'
3%0$!$+0$!.H/$.!/'%((/* !4,!.0%/!H% !*0%"5%//1!/+"+*!.** /,!'"+.P0$!)/!(2!/QK333K'%*))3".%'K+.#

  
 
 W
X %/ 0$! %* !,!* !*0 3+)!*Q/ 3%*# +" 0$! *M".%* ! !.0%+* +" 0$! %/(! 
WXH * 1).!(( +" %/(!  !+,(!Q/ .#*%60%+*/ %* ".%K 
 3/ "+1* !  %* . !/ () %* dbbdK  $! +2!.((
+&!0%2!+"
%/0+#%2!3+)!*3%0$ %/%(%0%!/%*".%2+%!* 0+(+5"+.0$!.%#$0/H2%/%%(%05H)%*/0.!)%*#+"#!* !.
*  %/%(%05* !),+3!.)!*0+"3+)!*3%0$ %/%(%0%!/K333K %3K3/

H+1* ! %*ckkd%/*+.#*%60%+*0$0 2+0!/"+.0$!$1)*.%#$0/+"3+)!** #%.(/.+1* 0$!3+.( 5
.%/%*#%*0!.*0%+*(2%/%%(%05+"%* %2% 1(/!/+"1/!H)+%(%6%*#,1(%/1,,+.00$.+1#$#(+()!)!./$%,H* 3%!( %*#
/0.0!#%,+(%0%(,.!//1.!0+!*/1.!0$0#+2!.*)!*0/!*0+.!*"+.!(3/* ,+(%%!/0$01,$+( 0$!.%#$0/+"3+)!** #%.(/K
333K!-1(%05*+3K+.#
     

M
 W X3/"+.)! %*dbbh/*+*M,.+"%0)'%*#//+%0%+*) !1,+"
"!)(! )!)!./ +" 0$! (!#( ,.+"!//%+*K   %)/ 0+ 1(0%)0!(5 ,.+1.! $*#!/ 0+ 0$! (3/ +" $! )% "+. 0$!
,.+0!0%+** 3!((!%*#+"3+)!** $%( .!*K33K"(#K#)T)%
 
 

 WX %/  *+*M#+2!.*)!*0( +.#*%60%+* WXH .!0!  5 ".%* 3+)!* (! !./H 3%0$+10
.%(+..!(%#%+1/#!* /H1/%*#%*0!.*0%+*(%*/0.1)!*0//1$/0$!!/+(10%+*cedg/%0/)%*+*!,01(".)!3+.'"+.
#1% %*#%0/,.+#.))!/K333K"/*#+K+.#
   

 
 WX   %/ 10+*+)+1/ + 5 !/0(%/$!  5 0$! +2!.*)!*0 +" 3* 
0$.+1#$ 0$! 0%+*( +*/0%010%+* +" 1*! dbbeH / )!* !  0+ 0!H 3%0$  )* 0! +" )+*%0+.%*# *  !2(10%*# 0$!
%),(!)!*00%+* +" #!* !. ,.%*%,(!/ *  0$! "%#$0 #%*/0 #!* !. /!  2%+(!*! %* (( /!0+./ *  0 (( (!2!(/ %* 3* K
333K#)+K#+2K.3

%/*%*0!.*0%+*(*+*M,.+"%0+.#*%60%+*3%0$)%//%+*0+.! 1!)0!.*( !0$/* %*&1.%!/ 1!0+1*/"!+.0%+** 0+


%*.!/! 3+)!*Q/ %(%05 0+ !4!.%/! 0$!%. /!41( *  .!,.+ 10%2! .%#$0/H 3%0$  /,!%( "+1/ +* 0$! .%#$0 0+ /"! +.0%+*K
333K%,/K+.#
 WX %/5+1*#".%*3+)!*M(! +.#*%/0%+*"+1* ! %*!!)!.dbcb3%0$)%//%+*0+
/0.!*#0$!*0$!2+%!/* 3+.'+"".%*3+)!** #%.(/0$.+1#$0$!1/!+"%*"+.)0%2!* %*0!.0%2!+*(%*!.!/+1.!/K
,.+2% !/  '!5 ,(0"+.) ".+) 3$%$ ".%* 3+)!*Q/ ,.0%%,0%+* %* (( .!/ +" !2!(+,)!*0 %/+1./! %/ ,.+)+0! K
333K'!2!.5+)*+1*0K+.#
  
   WX %/  R"!)%*%/0H 3+)!*Q/ .%#$0/ +.#*%/0%+* 0$0 ,.+2% !/ +0$ /!.2%!/H * 
!*##!/%* 2+5%*+. !.0+!*/1.!0$!.!(%/0%+*+"3+)!*Q/.%#$0/* 0$!.!5%),.+2!3+)!*Q/-1(%05+"(%"!SK3/
cc

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


"+.)!  %* +10$ ".% %* ckik 5  #.+1, +" 3+)!* 2+(1*0!!./ %* +. !. 0+ ,.+2% ! .!"!..( /!.2%!/ *  /$!(0!. 0+ 3+)!*
!4,!.%!*%*# +)!/0%2%+(!*!K333K,+3K+K6



Q
 WX%/+(%0%+*+"fe%2%(/+%!05+.#*%60%+*/%*de".%*+1*0.%!/
! %0! 0+,.+0!0%*#*  2*%*#".%*3+)!*Q/.%#$0/K%/3+.'%*#0+!*/1.!0$00$!.+0++(0+0$!".%*$.0!.
+* 1)** !+,(!/Q%#$0/+*0$!%#$0/+"+)!*%*".%.!)%*/+*0$!#!* +",+(%5)'!./* 0+1.#!((".%*
(! !./0+/"!#1. 0$!.%#$0/+"3+)!*0$.+1#$.0%"%0%+** %),(!)!*00%+*+"0$!.+0++(K333K/+3.K+.#



.!0! %*dbbb3%0$%0/$! -1.0!./%*1# +1#+1%*1.'%*/+K
0%/+),.%/! 
+")!** 3+)!** $/0$!#+(+"+*0.%10%*#0+0$!,+,1(.%60%+** ,.+)+0%+*+"3+)!*Q/.%#$0/K
0"+1/!/+*3+)!*%*
#!*!.(* ,.0%1(.(50$+/!3$+.!)+/0%**!! K
 H 
WX+"0$!".%**%+*+))%//%+*WX3/.!0! %*
dbbe/,.0+"0$!,10+/0.101.!* ,(! %*0$!""%!+"0$!$%.,!./+*+"0$!+))%//%+*0+#!0$!.3%0$+0$!.+(%5* 
0.0!#% %.!0+.0!/ %* 0$! +))%//%+*K $! )* 0! +" 0$! %.!0+.0! %/ 0+ )%*/0.!) #!* !. !-1(%05 *  3+)!*Q/
!),+3!.)!*0 WX %* 0$!  +))%//%+* *  3+.' 3%0$  +.#*/H !#%+*( +*+)% +))1*%0%!/ W/X *  !)!.
/00!/"+.0$!$%!2!)!*0+"
Q 
    
  
 WX %/  *0%+*( *+*M#+2!.*)!*0(
+.#*%/0%+* .!#%/0!.!  3%0$ 0$! +.,+.0! ""%./ +))%//%+* +" %#!.%K +1* !  %* .$ ckkkH %0 %/ * +.#*%60%+* +" )!*H
3+)!*H* 5+10$3%0$+2!.edHbbb.!#%/0!.! )!)!./K%/(! %*#2+%!%*0$! 2+5* ),%#*#%*/0%+(!*!
#%*/0+)!*WX%*((%0/.)%"%0%+*/K333K3.,*%#!.%K+.#


cd

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 


K   %/  /+%+1(01.( *0$.+,+(+#%/0 3$+/! )%* .! +" %*0!.!/0 %/ (!#( *0$.+,+(+#5H 3%0$  "+1/ +* 0$!
+**!0%+*/!03!!*#!* !.2%+(!*!H$1)*.%#$0/H* 1(01.!K$!$/3+.'! /!*%+..+#.)""%!.* H/1/!-1!*0(5H/
+*/1(0*00-1(%05+3Q/%.+%""%!3$!.!/$!3/.!/,+*/%(!"+.)*#%*#0$!),%#*+"0$!+(% .%05"+.".%*
+)!*Q/ %#$0/ +(%0%+* WX *  /1,,+.0%*# -1(%05 +3Q/ %/.%)%*0%+* %* 3 ,.+#.)K $! $/ (/+ 3+.'!  / 
!/!.$!((+300$!!*0.!"+.!* !.* +%(!2!(+,)!*000$!*%0! 0%+*/+*+)%+))%//%+*"+.".%* /
/1M+*/1(0*0"+.0$!1!%(%#!*!.+&!0+*/00!.!/,+*/%%(%050+!(%)%*0!2%+(!*!#%*/03+)!*K

    $+( /  /0!./ %* 1/%*!//  )%*%/0.0%+* ".+) 0$! (%"+.*% 00! *%2!./%05 0 .!/*+K $! (/+
-1%.! $1)*.%#$0/ %,(+)%*ckkj".+)0$!
*/0%010!+"+%(01 %!/W
X0$! #1!H$!!0$!.(* /H* $/)+.!
0$* db 5!./ +" !4,!.%!*! 3+.'%*# 3%0$ %*0!.*0%+*( +.#*%60%+*/K $! $/ !!* -1(%05 +3Q/ %.+% ""%! %.!0+. /%*!
dbbbK.%+.0+0$0/$!3/*0%2!)!)!.+"0$!3+)!*Q/)+2!)!*0%*+)(%"+.)*55!./* 3/%*/0.1)!*0(%*0$!
+(%0%+*1%( %*#+"3+)!*Q/+.#*%60%+*/3%0$"+1/+*,.+)+0%*#,!!H#!* !.!-1(%05*  2+5"+.3+)!*Q/.%#$0/K
*
ckkjH /$! .!!%2!  0$! 1* .!  !.+%*!/ 3.  "+. .!+#*%0%+* +" $!. 0%2%/) %* /1,,+.0 +" 0$! $1)* .%#$0/ +" 3+)!* %*
+)(%K
*dbbjH/$!3/3. ! 0$!".%.%6!+"0$! 1*#!..+&!0K

%/0$!"+1* !.* 0$!4!10%2!%.!0+.+"'!2!.5+)*+1*0WXK$!$+( //0!.\/ !#.!!%*

*0!.*0%+*( !(0%+*/ *  3K % $/ 3+.'!  3%0$ 0$!


*0!.*0%+*( .#*%/0%+* "+. %#.0%+* W
XH +.(  !(0$
.#*%/0%+*H *%!"H *  /$! $/ (/+ 3+.'!  0 0$! 
 !! +)!* .+&!0 +*  cedgTcjdb %* !3 +.'K % 3/
3. ! .!+#*%0%+*/0$!]+/0
*/,%.0%+*(+)*+"0$!!.dbcd]5+)!*f".%K+.!/#6%*!(/+*)! %+*!
+"0$!Rdb+1*#!/0+3!.+)!*%*".%dbcdSK
! 3%/$ 0+ !4,.!// +1. /%*!.! #.0%01 ! 0+ !*.5 %0!H .. 0!3.  *  /+* %*0(%"" "+. 0$!%. 3+* !."1( $!(, * 
+*0.%10%+*/0+)'!0$%/.!,+.0,+//%(!K




ce

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 KK
 


0 %/  ,(!/1.! "+. )! 0+


+*0.%10!
0+
0$!
+))!)+.0%+* +" *
!2!*0 0$0 $/ #.!0
%),+.0*! "+. 0$! ".%*
+*0%*!*0H *)!(5H 0$! cb0$
**%2!./.5+"0$!.+0++(
0+ 0$! ".%* $.0!. +*
1)** !+,(!/Q%#$0/
+* 0$! %#$0/ +" 3+)!* %*
".%K

0 %/  (%00(! +2!. +*! 5!. *  03+ )+*0$/ /%*!


 //1)! 
0$!.!/% !*5+"0$!!,1(%+"(3%%*,.%(dbcd* 

"!!( $+*+.!  5 0$! /1,,+.0 0$0
 +*0%*1! 0+ .!!%2! ".+)
0$!,!+,(!+"(3%/3!((/".+)+0$!.".%*+1*0.%!/
* 0$!3+.( +2!.K$%//1,,+.0 !)+*/0.0!/0$0".%%/
%*.!/%*#(5 ,.+)+0%*# #!* !. !-1(%05 *  $/ !).! 
3+)!*Q/ (! !./$%,K
 3/ ,.+1  0+ !+)! 0$! /!+* 
"!)(! $!  +" /00! %* ".%Q/ $%/0+.5 "0!. !. 4!((!*5
.!/% !*0 ((!* +$*/+* %.(!" +" %!.%H * H 0 0$! /)!
0%)! 0$! "%./0 "!)(! !  +" 00! %* 0$!  !#%+* M

'*!30$00$%/3/) !,+//%(!5+((!0%2!!""+.0* 0$!
!0!.)%*0%+* +" 0$! ,!+,(! +" (3% 0+ ,.+)+0!
!)+.5* ,!!K
(3% !,+/%0!  %0/ %*/0.1)!*0 +" .0%"%0%+* +" 0$!
.+0++( +* 0$! %#$0/ +" +)!* %* ".% %* 1*! dbbgH
!+)%*# +*! +" 0$! "%./0 "%"0!!* +1*0.%!/ 0+ .0%"5 0$!
.+0++( 0+ !*(! %0/ !*0.5 %*0+ "+.!K %*! 0$!*H )*5
!""+.0/$2!!!*) !0+!*/1.!0$0+0$0$!.+0++(* 
+0$!. %*0!.*0%+*( %*/0.1)!*0/ .! +)!/0%0! K 1$
!""+.0/ %*(1 ! 0$! ,//#! +" 0$! !* !. -1(%05 %(( %*0+
(3%*,.%(dbceI0$!(1*$+"0$!.!/% !*0%(
*%0%0%2!+*
0!.*( !(0$ *  "! +0$!.$++  %* dbcdI *  0$!



cf

+*+)%!+2!.5(*0+1/$%+*0$!!+*+)%$. /$%,/
0$0 0$! *0%+* $/ !!* "%*# 3!(( !"+.!
 0++' +2!. 0$!
(! !./$%,+"0$!+1*0.5K!!*0(5H
$2!(/+(1*$! 0$!
1 6%.*/"+.)0%+*.1/00+1,(%"00$!(%2%*#/0* . /+"
0$!.1.(,++.+"3$%$0$!)&+.%05+"0$!).!3+)!*K
!0H (3% %/ *+0 (+*! %* )'%*# /1$ !""+.0/K $%/
,1(%0%+* $%#$(%#$0/ %2!./! !""+.0/ ) ! 5 #+2!.*)!*0/
*  %2%( /+%!05 0+./ .+// 0$! +*0%*!*0 *  !(!.0!/
0$! #%*/ ) ! %* 3+)!*Q/ .%#$0/ /%*! dbbeK !2!.0$!(!//H
)*53+)!** #%.(//0%(("!*1)!.+1/$((!*#!/%*0$!%.
%(5(%2!/V$((!*#!/0$0
/3"%./0$* * 0.%! 0+"%#$0
/  /+%( &1/0%! *  $1)* .%#$0/ 0%2%/0K ++ )*5
3+)!* +* 0$! +*0%*!*0 %! 3$%(! #%2%*# %.0$N ++ )*5
$%( .!*.!1*(!0+!*!"%0".+)-1(%05! 10%+*N++
)*5 3+)!* *  )!* "!  %(5 /0.1##(! 0+ "!!  0$!%.
")%(%!/ *  )'! +0$!. !* / )!!0N *  0++ )*5 +" 0$!%.
(%2!(%$++ / $2! !!* !2/00!  5 0$! %),0 +" (%)0!
$*#!N $%(! 0$%/ ,1(%0%+*  .!//!/ /+)! +" 0$!/!
$((!*#!/H %0 (/+ /!!'/ 0+ ,.+2% ! /+)! /+(10%+*/H )*5 +"
3$%$ * ! .!(%6!  0$.+1#$ !""!0%2! ,.0*!./$%,/
!03!!*#+2!.*)!*0/H0$!,.%20!/!0+.H%2%(/+%!050+./H
*  !2!(+,)!*0,.0*!./K

 +))!*  0$! +(% .%05 "+. ".%* +)!*Q/ %#$0/


+(%0%+* WXH '! 2!.5 +)* +1*0H *  0$!
,!%( ,,+.0!1. +* 0$! %#$0/ +" +)!* %* ".% "+.
,.!,.%*# 0$%/ ,1(%0%+* * H %* /+ +%*#H .!)%* %*# 1/ +"
3$!.! 3! $2! +)! ".+) *  1.#%*# 1/ 0+ )+2! "+.3. 
3%0$ !2!* #.!0!. 0!*%05H +1.#!H *   +))+* 2%/%+*K
$! ,+0!*0%( +" 0$! ".%* +*0%*!*0 %/ %*0.%*/%((5 (%*'! 
3%0$0$!,+0!*0%(+"%0/3+)!** 3!)1/03+.'0+#!0$!.
0+!*/1.!0$00$%/,+0!*0%(%/.!(%6! K
==,-#(. )3(:
,-#(.) ."*/&#) &1#

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 KKK  



M

* 0$! +/%+* +"
0$!
cb0$
5!.
+))!)+.0%+* +"
0$! ".%* *%+*Q/
.+0++( 0+ 0$!
".%* $.0!. +*
1)*
* 
!+,(!/Q %#$0/ +*
0$!
%#$0/
+"
+)!* %* ".%H
 3%/$ 0+ +*2!5  )!//#! +" 3.)
+*#.01(0%+*/0+((".%*3+)!*"+.3$+)0$%/.+0++(
3/ +,0! H+* 1(5ccHdbbe%*,10+H+6)%-1!K$%/
**%2!./.5 %/ /,!%( !1/! %0 +%*% !/ 3%0$ 0$! +( !*
1%(!! +" 0$! .#*%60%+* +" ".%* *%05T".%* *%+*
WTX"+1* ! gb5!./#++*dg0$5ckhe%* %/
H 0$%+,%K $%/ .+0++( %/  0!/0%)+*5 0$0 0$!
"+1* %*# "0$!./ *  )+0$!./ +" 0$! T  *  0$! *
".%* +)!*Q/ .#*%60%+* WX %  *+0 (%!.0! %0/
)!* *  3+)!* %* 2%*K
* !! H 0$! T $/ +)! 
(+*# 35 %* .!(%)%*# 0$! .%#$0"1( ,+/%0%+* "+. %0/ %0%6!*/
* (/+$!.,!+,(!/Q* $1)*.%#$0/0$.+1#$0$!$.0!.K

0%/"+.0$%/.!/+*0$0"0!.)*55!./+"(+5%*#3%0$%*
0$!* 53+)!*Q/.%#$0//1,,+.0!./H0$00$!.+0++(
3/ +,0! %*,10+K
(0$+1#$0$!".%*$.0!.%/0$!,.%).50.!05,.+2% %*#
 ".)!3+.' "+. $1)* *  ,!+,(!/Q .%#$0/ %* ".%H %0/
,.+2%/%+*/ +* 3+)!*Q/ .%#$0/ .! (.#!(5 %* !-10!K $%(!
0$! $.0!. .!+#*%6!/ *  ""%.)/ 3+)!*Q/ .%#$0/ %* 0$.!!
,.+2%/%+*/J .0KdH e *  cjWeXH 0$! .+0++( 3/ !!)! 
*!!//.5 0+ +),(!)!*0 0$! $.0!. *  (/+ .!%*2%#+.0!
0$! $.0!.Q/ +))%0)!*0 0+ 3+)!*Q/ !-1(%05 5  %*#
.%#$0/0$03!.!)%//%*#H/3!((/(.%"5%*#0$!+(%#0%+*/
+"+2!.*)!*0/3%0$.!/,!00+3+)!*Q/.%#$0/K
$!.+0++(!*0!.! %*0+"+.!+*dg+2!)!.dbbg"0!.
/!1.%*# cg .0%"%0%+*/ 5  !)!. 00!/K / )*5 +"
5+1'*+3H0$! +,0%+*+"0$!.+0++(3/*+0#1.*0!!
0$0 %0 3+1(  10+)0%((5 !*0!. %*0+ "+.!K
0 0++' 0$!
 2+5 +" ".%* 3+)!* 3$+ 3+.'!  (+/!(5 3%0$ 0$!
+))%//%+*Q/+)!*H!* !.* !2!(+,)!*0%.!0+.0!
WX *  0$! +(% .%05 "+. ".%* +)!* %#$0/
WXH 0+ /!1.! 0$! )%*%)1) *1)!. +" "%"0!!*
.0%"%0%+*/ .!-1%.!  "+. %0 0+ !*0!. %*0+ "+.! *  (/+ 0+
/!1.! 0$! eh .0%"%0%+*/ 0$0 3! .! /+ ,.+1  +" 0+ 5K
+. %*#0+0$!dbcdW+(!)*!(.0%+*+*!* !.
-1(%05 %* ".%X .!,+.0H 0$.!!  %0%+*( +1*0.%!/ $2!
!!* % !*0%"%!  / *."$ 0"',H 3$%$ 3%0$ $!%#$0!*! 
 2+5 +),*%!  5 /+(% .%05 )%//%+*/ (%#*!  0+ 0$!
Tgb0$**%2!./.5+1( .0%"50$!.+0++( 1.%*#0$!
Q/5!.(+*#!(!.0%+*/K

cg



 /1!//"1( +10+)! +" 0$!/! !""+.0/ 3+1(  .%*# 0$! 0+0(
*1)!.+".0%"%0%+*/0+"+.05K
/3!!(!.0!0$%/)%(!/0+*!H
3%/$0+.!)%* 1/0$00$!
3+.' +" 0$! +))%//%+* *   %/ !4,!0!  0+ /$%"0 0+
+)!/0%0%+** %),(!)!*00%+*+"0$!.+0++(H*+30$0
&1/0 +2!. 03+M0$%. / +" +1. !)!. 00!/ $2! (.! 5
.0%"%!  %0K
 (( 1,+* (( +" 1/ *  ,.0%1(.(5 0$! 
+(%0%+*)!)!./0$0$2!!!*3+.'%*#3%0$1//3!((/
!2!(+,)!*0 ,.0*!./ 0+ ! !2!* )+.! 2%#%(*0 / 3! )+2!
0+3. /%),(!)!*00%+*K

* )5 i0$ .!,+.0 0+ 0$!  //!)(5 +" ! / +" 00!/ * 
+2!.*)!*0 %* 5 0$%/ 5!.H
 .!,+.0!  +* 0$! ,.+#.!//
!)!. 00!/ $2! !!* )'%*# +* 0$! .0%"%0%+* +" 0$!
.+0++( 1* !. .0%(! k +" 0$! +(!)* !(.0%+* "+.
!* !. -1(%05 %* ".% WXK $%(!
 ) ,(!/!  0+
*+0! 0$0 0+ 0! fc )!)!. /00!/ $2! .!,+.0!  +* 0$!
.+0++(H
$2!(/+*+0! 0$0fk+"!)!.00!/$2!
.!,+.0! +*0$!+*2!*0%+*+*(%)%*0%+*+"((+.)/
+" %/.%)%*0%+* #%*/0 +)!* WXK $%/ (!.(5
%* %0!/0$00$!*3+.'3%0$1/0+3. /.! 1%*#0$!
.!,+.0%*#1. !*+*!)!.00!/0$.+1#$+*2!.#!*!+"
0$!03+/%/0!.%*/0.1)!*0/K
1.0$!.)+.!H $.)+*%6!  .!,+.0%*# +*  *  0$!
.+0++( +1(  ,.!/!*0  3%*M3%* /%010%+* *  *!! / 0+ !
!4,(+.! H (+*#/% ! 0$! ,+//%%(%05 +" * %* !,!* !*0
.+0++( .!,+.0 / 3! )+2! %*0+ +)!/0%0%+* * 
%),(!)!*00%+* )+ !K
 0$!.!"+.! (( +* .!(!2*0 
.#*Q/ *  ,.0%1(.(5 0$! ".%* +))%//%+* +* 1)*
* !+,(!/Q%#$0/* 0$!".%*+1.0+* 1)*%#$0/
0+,(50$!%..!/,!0%2!.+(!/%*0$%/.!#. K
/ 3! +*"% !*0(5 ).$ +* 0+ dbheH %0 %/ !2% !*0 0$0 0$!
(!2!(+"+3*!./$%,+"0$!.+0++(/+". !)+*/0.0! 5
!)!. 00!/ %/ 3%0$+10 -1!/0%+*H 3$%(! 0$! /,!!  +" %0/
.0%"%0%+* %/ 1*,.((!(! K / 0$!  !(!.0!/ %0/ gb0$
**%2!./.5H 0$! ".%* 3+)!* (++' "+.3.  0+ +0$
(%)%*#0$!".%*+)!*Q/! !WdbcbMdbdbX* (/+
0$!Q/#!* dbhe+**!-1(/%/3%0$)!*K$%/((/
"+. 0$! "1(( %),(!)!*00%+* +" 0$! .0%(!/ %* 0$! .+0++(
)+*#+0$!./* ,. %#)/$%"03$%$3%((#1.*0!!0$0
".%* 3+)!*H 0$!%. $%( .!* *  #.* $%( .!* !*&+5 
,!!"1(* ,.+/,!.+1/+*0%*!*00,!!3%0$%0/!("+*0$!
.+ 0+dbheK

0$*'5+1K
==,=%)-4(&'#(#/':
""#,*,-)() ." ,#((#)()''#--#

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



* 0$! cc0$ +" 1(5 dbbeH
3$!* ".%* ! / +"
00! *  +2!.*)!*0
 +,0! 0$!.+0++(0+0$!
".%* $.0!. +* 1)*
*  !+,(!/Q %#$0/ +* 0$!
%#$0/ +" +)!* %* ".%
%* ,10+H +6)%-1!H %0
/!!)! 0$0".%3/!*0!.%*#*!3!.$.0!.%6! 5
/%#*%"%*0,.+)%/!"+.#%.(/* 3+)!*K!/,%0!/+)!+"0$!
+*0!*0%+*/ +2!. 2.%+1/ ,.+2%/%+*/ 1.%*# 0$! ."0%*#
,.+!//H 0$!  +,0%+* +" 0$! %*/0.1)!*0 !)+*/0.0!  0$!
+*/!*/1/+"".%*(! !./+*!.*%*#0$!*!! 0+,.+0!0H
,.+)+0!H *  "1("%( 3+)!*Q/ .%#$0/ +* 0$! +*0%*!*0K $%/
+*/!*/1/ 3/ /1/!-1!*0(5 .!""%.)!  %* 0$! +(!)*
!(.0%+* +" ! / +" 00! *  +2!.*)!*0 +* !* !.
-1(%05 %* ".%  +,0!  %* 1(5 dbbfK $! $%/0+.% 5 %*
1(5 dbbe ,.+2% !  ".%* 3+)!* 3%0$  +),.!$!*/%2!
%((+".%#$0/0$0/,+'!0+0$!%./0.1##(!/* $((!*#!/10
(/+.!+#*%6! 0$!%.+*0.%10%+*/* ,+0!*0%(K
/0$!,!%(,,+.0!1.+*0$!%#$0/+"+)!*%*".%H
0$%/ 5!. $/ ,.0%1(. /%#*%"%*! "+. 0$! )!$*%/) "+.
3$%$
).!/,+*/%(!K+0+*(5.!3!!(!.0%*#0$!cb0$
**%2!./.5 +" 0$! ".%* *%+* WX *  gb0$ **%2!./.5
+"0$!.#*%60%+*+"".%**%05H10(/+H0$!.+0++(+*
0$!%#$0/+"+)!*%*".%3%((!cb5!./+( K
%*! dbbeH /%#*%"%*0 ,.+#.!// $/ !!* *+0!  %* 0$!
+)%* +" 3+)!*Q/ .%#$0/K 1..!*0(5H *!.(5 ibl +" 
!)!. 00!/ $2! .0%"%!  0$! .+0++( *  /!2!.( $2!
) !!""+.0/0+ +)!/0%0!* %),(!)!*0%0K
$! ),%#* "+. !(!.0!  ! 10%+* +" 0!.*(
+.0(%05 %* ".% WX *  0$! ".% %
),%#* 0+ *  %+(!*! #%*/0 +)!* $2! !!*
(1*$! * .!1* !.35%*2.%+1/,.0/+"0$!+*0%*!*0K
1.0$!.)+.!H0$!".%*+)!*Q/! !WdbcbMdbdbX%/%*
%0/ 0$%.  5!. *  3+)!* .! %*.!/%*#(5 ,.0%%,0%*# %*
!%/%+*M)'%*# 0 (( (!2!(/V%*(1 %*# 3%0$%* 0$! ".%*
*%+*+))%//%+*H3$%$!(!0! %0/"%./0"!)(!$%.,!./+*
(/0 5!.K
*  %0%+*H ".%* +1*0.%!/ $2! %*.!/%*#(5
!/,+1/! #!* !.!-1(%05%*0$!%.+*/0%010%+*/* %*(1 ! 
%0%*0$!%. !2!(+,)!*0,(*/H,+(%%!/* ,.+#.)/K



!2!.0$!(!//H !/,%0! 0$!/! *  +0$!. #%*/H 0$!.! %/ )1$


0$0.!)%*/0+! +*!K*M#+%*#+*"(%0/+*0$!+*0%*!*0
+*0%*1! 0+ /1&!0 3+)!* *  #%.(/ 0+ /!41( 2%+(!*! * 
0+.+0$!)+"! 10%+*(* !+*+)%+,,+.01*%0%!/K
".% .!)%*/ ,(#1!  5 /+)! +" 0$! $%#$!/0
)0!.*( *  %*"*0 )+.0(%05 .0!/ %* 0$! 3+.(  * 
3+)!* +* 0$! +*0%*!*0 3%(( +*0%*1! 0+ !
%/,.+,+.0%+*0!(5 ""!0!  5
 *  
 %"  !-10!
)!/1.!/ .! *+0 0'!* 0+ .!2!./! 0$! 1..!*0 0.!* /K
*
)*5 ,.0/ +" 0$! +*0%*!*0H 3+)!* /0%(( (' !// 0+
,.+ 10%2! .!/+1.!/H &1/0%!H !%/%+*M)'%*# .!*/H * H
)+.! .+ (5H 0+ +,,+.01*%0%!/ 0$0 * !%/%2!(5 /$,!
0$!%."101.!/K
$%/2+(1)!H3$%$%/0$!.!/1(0+"+((+.0%+*!03!!*0$!
+(% .%05"+.".%*+)!*Q/%#$0/+(%0%+*H'!2!.5
+)* +1*0H *  )5 +""%!H %/ * 00!),0 0+ //!// 0$!
,.+#.!//) !%*0$!,.+)+0%+** ,.+0!0%+*+"3+)!*Q/
.%#$0/ +* 0$! +*0%*!*0 /%*! 0$!  +,0%+* +" 0$! .+0++(
3$%(! +*/% !.%*# 0$! $((!*#!/ *  +,,+.01*%0%!/ "+.
".%* +)!*K  $/ !!* 0 0$! "+.!".+*0 +"
(+5%*# "+. 0$! .0%"%0%+* *  %),(!)!*00%+* +" 0$!
.+0++( /%*! dbbfK $! +(%0%+* $/ !2!(+,!  ".1%0"1(
+((+.0%+* 3%0$ 0$! ".%* +))%//%+* +* 1)* * 
!+,(!/Q %#$0/ 0$.+1#$ 2.%+1/ %*%0%0%2! %*2+(2%*# 0$!
)!$*%/) +" 0$! ,!%( ,,+.0!1.H *+0(5H /1,,+.0 0+
0$! ."0%*# ,.+!// *  %//!)%*0%+* +" #1% !(%*!/ "+.
.!,+.0%*#"+.!)!.00!/1* !..0%(!dh+"0$!,10+
.+0++(H / 3!(( / 0$! ."0%*# ,.+!// +" 0$! !*!.(
+))!*0/0+.0%(!cfWcXW X* W!X+"0$!.+0++(K$1/H%0
%/,00$00$!+(%0%+*$/0'!*+*'!5.+(!%*.!2%!3%*#
0$!/001/+"0$!.+0++(K

0 %/ )5 $+,! 0$0 0$%/ ,1(%0%+* 3%(( ,.+2% ! "1.0$!.


%),!01/ 0+ !)!. 00!/ 0+ 1*%2!./((5 .0%"5 * 
%),(!)!*00$!.+0++(K00$!/)!0%)!H
$+,!0$0%03%((
/!.2! /  1/!"1( .!/+1.! *+0 +*(5 "+. 0$!)H 10 (/+ "+.
3+)!*Q/ .%#$0/ 0%2%/0/H #!* !. ,.0%0%+*!./H *  "+. ((
3$+$+,!"+.!00!.(%2!/"+.".%Q/3+)!** #%.(/K
)''#--#)(,)3.#!
*#&**),./,)(."#!".-) )'(#(
 ,#:" ,#()''#--#)()( /'((
)*&-@#!".-

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



,( )')(#4)"'

* !.1.5 dbbhH 3$!*  ce 5!.M+(  )%* /$++( #%.(


3/ .,!  5 $!. 0!$!.H 0$! .+0++( +* 0$! %#$0/ +"
+)!* %* ".% W0$! .+0++(X 3/ +*! +" 0$! 0++(/ 0$0
"%(%00! &1/0%!KKKH0$!.2!5+1*##%.(3$+3/1* !.
$!. 1*0Q/ #1. %*/$%,H /1!  0$! 0!$!.H 0$! /$++(H
%*%/0.5 +"  10%+*H *  0$! )%* 00+.*!5 !*!.(H
%0%*# .0%(!/ f *  cd +" 0$! .+0++( W3$%$ )%
.0%"%!  %* 5 dbbhX %*  %0%+* 0+ +0$!. %*0!.*0%+*(
%*/0.1)!*0/ %* $!. /1)%//%+* 0+ 0$! %#$ +1.0 +" )%K

* 1*! dbbjH 0$! %#$ +1.0 .!* !.!   .1(%*# %* 3$%$
+*+.(! 1/0%! $%((%, 1/+*  %0!  .0%(! f +" 0$!
.+0++(H 3$%$ !(+.0!/ R.%#$0/ 0+ (%"!H %*0!#.%05 * 
/!1.%05 +" 0$! ,!./+*SK
* 0$! &1 #)!*0H 0$! %#$ +1.0
.!"!..!  0$! /! 0+ 0$! %.!0+. +" 1(% .+/!10%+*/ "+.
.%)%*( $.#!/ #%*/0 0$! ,!.,!0.0+.H %.!0!  0$!
%*%/0.5 +"  10%+* 0+ 0'! )!/1.!/ 0+ ,.+0!0 /01 !*0/H
*  3. !  /%#*%"%*0 +),!*/0%+* 0+ KK $%/ /!H 
,.%)! !4),(! +" 3+)!*Q/ .%#$0/ ,1(% %*0!.!/0 (%0%#0%+*cH
00!/0/0+0$!,+0!*0%(+"0$!.+0++(d0+.!)! 52%+(0%+*/
* $*#!(%2!/K!2!.0$!(!//H0$!/!%/+*(5+*!+""!3
3!((M'*+3* (* ).' /!/ 1/%*# 0$! .+0++( 0 0$!
*0%+*( (!2!(K 1..!*0(5H eh +" 0$! gf ".%* *%+* WX
!)!.00!/$2!.0%"%! 0$!.+0++(* H/)!)!./+"
0$!+(% .%05"+.".%*+)!*Q/%#$0/+(%0%+*WX
/1##!/0!  %*  dbbf ,1(%0%+*H %0 %/ 5!0 0+ "1((5 !+)! R
"+.!"+.".!! +)SK


'',-&,.#(!!(J-(()/('(.) 
/*)'#(!,.# #.#)(

$! ."0%*#+"0$!.+0++(3/%*%0%0! %*0$!(0!ckkb//


 .!/1(0 +" 0.*/"+.)0%+*/ 3%0$%* 0$! .#*%60%+* +"
".%**%05+1,(! 3%0$0$!(! !./$%,+"3+)!*Q/.%#$0/
0%2%/0/ *  %2%( /+%!05 +.#*%60%+*/V%*(1 %*# +)!*
%* 3 *  !2!(+,)!*0 %* ".% W% XH 0$!
ci

*0!.*0%+*(+))%//%+*+" 1.%/0/W
 XH0$!".%*!*0!.
"+.!)+.5*  1)*%#$0/01 %!/H".%*+)!*Q/
+))1*%0%+* *  !2!(+,)!*0 !03+.' WX * 
2.%+1/ )!)!./ +" 3$0 3+1(  (0!. !+)! eV
3+.'%*# %* ,.0*!./$%, 3%0$ 0$! ".%* +))%//%+* +*
1)* *  !+,(!/Q %#$0/ W XK (0$+1#$ .0%(!/ d
*  cjWeX +" 0$! ".%* $.0!. +* 1)* *  !+,(!/Q
%#$0/ f !4,(%%0(5  .!// #!* !. %/.%)%*0%+*H 0$!/!
,.+2%/%+*/ "%(!  0+ "+/0!. %*.!/!  .!/,!0 "+. * 
,.+)+0%+* +" 3+)!*Q/ .%#$0/ %* ".% 5 00!/ .0%!/K
*
0$%/(%#$0H0$! +,0%+*+"0$!.+0++(50$!//!)(5+"
! /+"00!* +2!.*)!*0+*0$!cc0$+" 1(5dbbe3/
.!2+(10%+*.5N $! .+0++(Q/ ,.+2%/%+*/ 3!.! /%010!  %*
".%* +*0!),+..5 .!(%0%!/ *  %**+20%2!(5  .!//! 
,.!//%*#%//1!//1$/,.+0!0%+*+"3+)!*".+)
T
H
.%#$0/ +" 3% +3/ *  %/(!  3+)!*H "!)(! #!*%0(
)10%(0%+** +0$!.$.)"1(,.0%!/H.%#$0/0+/1/0%*(!
!2!(+,)!*0* 0+,!!H)+*#+0$!./K00$!/)!0%)!H
,.+2%/%+*/+*.!,.+ 10%2!.%#$0/* .%#$0/0+"++ /!1.%05
3!.! )+*# /!2!.( ,.+2%/%+*/ 0$0 /!0 0$! .+0++( ,.0
".+) 0$! +*2!*0%+* +* 0$! (%)%*0%+* +" (( +.)/ +"
%/.%)%*0%+*#%*/0+)!*K
!0H 0!* 5!./ "0!. 0$! .+0++(Q/  +,0%+*H .! ".%*
3+)!* !00!. +""O + 3$0 !40!*0 $/ *0%+*( (!#%/(0%+*
!!* $.)+*%6!  3%0$ 0$! .+0++(O 2! 00!/ .0%!/ 0+
0$! .+0++( 0'!* *5 %**+20%2! /0!,/ 0+ )'! 0$!
%*/0.1)!*0Q/ ,.+2%/%+*/  .!(%05 "+. 3+)!*O $0 .+(! *
%2%(/+%!05+.#*%60%+*/W/X,(5%*0$%/,.+!//O$!/!
.! /+)! +" 0$! -1!/0%+*/H 3$%$ 0$%/ ,1(%0%+* /!!'/ 0+
*/3!.K
!/,%0! /00! .!,+.0%*# +(%#0%+*/ *  0$!  Q/
!(+.0%+*V%*,.0*!./$%,3%0$%2%(/+%!05V+"."%"',
(+ )(+-"' H *+ /00!/ $2! +),.!$!*/%2!(5 .!,+.0!  +*
%),(!)!*00%+* * H 0+ 0!H 0$!.! $2! !!* *+ /01 %!/
//!//%*# 0$! /001/ +" %),(!)!*00%+* %* 0$! eh +1*0.%!/
0$0$2!.0%"%! 0$!.+0++(gK(0$+1#$0$%/,1(%0%+*%/
5 *+ )!*/  +),.!$!*/%2! .!2%!3 +" ,.+#.!// 0 0$!
*0%+*(* .!#%+*((!2!(/H%0/!!'/0+,.+2% !*!2(10%+*
+",.+#.!//) !%*2.%+1/+1*0.%!/* .+//0$!.!#%+*
%* %),(!)!*0%*# ,.0%1(. ,.+2%/%+*/K 0 0$! /)! 0%)!H %0
$%#$(%#$0/ !/0 ,.0%!/ +" +0$ )!)!. 00!/ *  /
,.+)+0%*# 0$! .+0++(I !4)%*!/ #,/ *  $((!*#!/ %*
%),(!)!*00%+*I +*/% !./ (!//+*/ (!.*!  5 /I * 
)'!/.!+))!* 0%+*/"+."101.!0%+*K
$!,1(%0%+*.%*#/0+#!0$!.+*0.%10%+*/".+)+2!.03+
+6!* %* %2% 1(/ *  %*/0%010%+*/ 3.%0%*# +* 0$!%. .!/ +"

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


!4,!.0%/!K +((+3%*# .0
H 3$%$ ,.!/!*0/ '#.+1* 
%*"+.)0%+* +10 0$! .+0++( *  0$! +*#+%*# 
),%#*H .0

 !4)%*!/ 0$! !40!*0 +" +)!/0%0%+* * 


%),(!)!*00%+* +" ,.+2%/%+*/ +2!.%*# 0$! "+((+3%*# %//1!/J
*+*M %/.%)%*0%+*H "!)(! #!*%0( )10%(0%+* WXH
)..%#!H !// 0+ &1/0%!H ,+(%0%( ,.0%%,0%+*H .%#$0 0+
,!!H ,.+0!0%+* +" 3+)!* %* .)!  +*"(%0H ! 10%+*H
!+*+)%* 3!(".!.%#$0/H$!(0$* .!,.+ 10%2!.%#$0/H
(*  *  %*$!.%0*! .%#$0/H *  .%#$0/ +" 3+)!* 3%0$
%/%(%0%!/K
*.0%

H+*0.%10+./$%#$(%#$0!""+.0/) !5
0$! #+2!.*)!*0/ +" 1.'%* /+H $! )%H 3* H
+10$ ".%H *  %)3! 3%0$ .!#.  0+ 0$! .+0++(K
1/!-1!*0(5H .0
 .%*#/ 0+#!0$!. .0%(!/ "+1/%*# +*
2.%+1/ #,/ *  $((!*#!/ 10 (/+ +* 0$! ,+0!*0%( 0+
.!(%6! 0$! .+0++(K .0  /$.!/ ,!./,!0%2!/ ".+) 0$.!!
 )!)!./H 0$! ".%* !*0.! "+. !)+.5 * 
1)* %#$0/ 01 %!/H +)!*Q/ %#$0/  2*!)!*0 * 
.+0!0%+* (0!.*0%2!/H *  '%* ) 3 ".%'H 3$+
$2! /1!//"1((5  2+0!  "+. *  /1,,+.0!  0$!
.!(%60%+*+"3+)!*Q/.%#$0/1/%*#0$!.+0++(K$!/!0%+*
(/+%*(1 !/*.0%(!+10$+3)1(0%M/!0+.(,,.+$
* "%(%00! !""!0%2! %),(!)!*00%+* +" 0$! %),+.0*0
".%*3+)!*Q/.%#$0/%*/0.1)!*0K%*((5H.0
,.!/!*0/
 "!3 '!5 .!+))!* 0%+*/ "+. )!)!. /00!/H 0$! ".%*
*%+* +))%//%+*H !2!(+,)!*0 ,.0*!./H *  %2%( /+%!05
+.#*%60%+*/K
-1(%05 +3H +* !$(" +" H 3%/$!/ 0+ '*+3(! #!
'! 2!.5 +)* +1*0 *  +50 %#H 0$! ,!%(
,,+.0!1. +* 0$! %#$0/ +" +)!* %* ".%H "+. 0$!%.
,.0*!./$%, %* 0$%/ %*%0%0%2!K $!%. +))%0)!*0 0+
)!(%+.0%*#3+)!*Q/(%2!/+*0$!+*0%*!*0%/%*/,%.0%+*(N
$%/ ,1(%0%+* 3+1(  (/+ *+0 $2! !!* ,+//%(! 3%0$+10
0$! %2!./!+*0.%10%+*/".+)%* %2% 1(/* +.#*%60%+*/
.+// 0$! +*0%*!*0H 0+ 3$+) 0$! ! %0+./ .! 1* *0(5
#.0!"1(N $! ! %0+./ .! ,.0%1(.(5 0$*'"1( 0+ !.
4!((!*5 +5!* H.!/% !*0+"0$!!,1(%+"(3%H
"+. $!. /1,,+.0 "+. 0$%/ +))!)+.0%2! ,.+&!0 *  "+. $!.
!(+-1!*0 )!//#!K $! ! %0+./ .! (/+ #.0!"1( 0+ !.
4!((!*5.K'+/6*()%*%M1)H0$!$%.,!./+*+"



cj

0$! ".%* *%+* +))%//%+*H "+. $!. !(+-1!*0 )!//#!K


!. 4!((!*5 $/ ,.%+.%0%6!  #!* !. !-1(%05 %* 0$!
+))%//%+*Q/ 3+.' *  3! .! +,0%)%/0% 0$0 1* !. $!.
(! !./$%,H0$!+))%//%+*3%((.%*#+10,+/%0%2!$*#!
"+. +0$ ".%Q/ 3+)!* *  )!*K 1.0$!.)+.!H 0$! ! %0+./
(/+ 3%/$ 0+ 0$*' 0$! ".%* +)!*Q/ !2!(+,)!*0 1* 
*  4") "+. 0$!%. "%**%( /1,,+.0 +" 0$%/ ,.+&!0 *  ((
0$!+0$!. +*+./(%/0! +*,#!i"+.0$!%.#!*!.+1//1,,+.0
+" 0$!  ),%#*K .0*!./$%,/ (%'! (( +" 0$!
"+.!)!*0%+*! $2!*+0+*(5#.!0(5!*.%$! -1(%05+3
*  0$!  +(%0%+*Q/ 3+.'H 10 $2! +*0.%10!  0+
1%( %*# 1, *  /1,,+.0%*# 0$! ".%* 3+)!*Q/ .%#$0/
)+2!)!*0K(10+*0%*1N
/ /1##!/0!  5 /!2!.( +*0.%10+./H /+)! ,.+#.!// $/
!!*) !%*0$!%),(!)!*00%+*+"0$!.+0++(/%*!dbbeK
$%/ %*(1 !/ 0$!  +,0%+* +" (!#%/(0%+*  .!//%*#
%/.%)%*0%+* *  2%+(!*! #%*/0 3+)!*H %*.!/! 
%*0!#.0%+* +" #!* !. !-1(%05 +*!.*/ %*0+ *0%+*(
!2!(+,)!*0 ,(*/ *  ,+(%%!/ 5 ".%* #+2!.*)!*0/H
!""+.0/0+%*.!/!#%.(/Q!//0+! 10%+*H-1+0/%)! 0
%),.+2%*# 3+)!*Q/ ,+(%0%( ,.0%%,0%+*H )+*# +0$!./
!/.%!  %* 0$%/ ,1(%0%+*K  "!3 $%!2!)!*0/ +" 0$!
),%#*H/$%#$(%#$0! %**!2(10%+*+* 10! 
!.(%!. 0$%/ 5!. .!J /1!//"1(  2+5 "+. .0%"%0%+* %*
2.%+1/+1*0.%!/I/,!.$! %*#* /0.!*#0$!*%*#*0%+*(M
(!2!( +(%0%+*/H 3$%$ $2! +*0.%10!  0+ 0$! .+0++(Q/
+)!/0%0%+*%*$!)%H %!.%H+6)%-1!H%#!.%H
+10$ ".%H *6*%H #* I *  !/%#*%*# * 
%),(!)!*0%*# 0%2%0%!/ %)!  0 $*#%*# )%* /!0/ )+*#
%""!.!*0 1 %!*!/H 3%0$  "+1/ +* %*"+.)%*# * 
+*0.%10%*#0+0$!!),+3!.)!*0+".1.(3+)!*K +3!2!.H
0$!.! %/ /0%(( *!!  "+. "1.0$!. 0.#!0!  *  +((+.0%2!
0%+* %" 3+)!* .! 0+ "1((5 !*!"%0 ".+) 0$%/ .!2+(10%+*.5
%*/0.1)!*0K !0 1/ $!!  0$! (( +" .K *#!( !(+H +.)!.
,!%(,,+.0!1.+*0$!%#$0/+"+)!*%*".%WdbbcM
dbbiXHR!.+ '-'-(0(+$-(0+,-!+-""-"(''
-"/ "&)%&'--"(' ( -! +(-((% .+ '-%2 ",  +-
!%%' 6 2-  .-2 0 %% (0 -( )(,-+"-2 ' -( +"9


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


&   

 
Q
  
M




#."/-3#'#>!(

$! .+0++( 0+ 0$! ".%* $.0!. +* 1)* *  !+,(!/Q
 
%#$0/+*0$!%#$0/+"+)!*%*".%!(!.0!/cb5!./
0$%/ 5!. /%*! 0$! ".%* *%+*  +,0!  0$! (* ).'

* 0!.)/ +"  2+5 0$! ".%* *%+* +))%//%+*Q/


.+0++( +* 1(5 ccH dbbe %* ,10+H +6)%-1!H 0+
+)!*H !* !. *  !2!(+,)!*0 %.!0+.0! WX
/1,,(!)!*0 0$! ".%* $.0!. +* 1)* *  !+,(!Q/
$/ 3+.'!  2!.5 (+/!(5 3%0$ 0$! +(% .%05 "+. ".%*
%#$0/K $! .+0++(H 3$%$ !*0!.!  %*0+ "+.! +* dg
+)!* %#$0/ WXH  +(%0%+* +" +2!. fb / 0$0
+2!)!. dbbg "0!. /!1.%*# cg .0%"%0%+*/ 5 
$2! !!* 3+.'%*# / ,.0*!./ %* ,.+)+0%*# 0$! ,.+0!0%+*
!)!. 00!/H ,.+2% !/ .+  ,.+0!0%+* "+. 3+)!*Q/
"+.0$!$1)*.%#$0/+"".%*3+)!*1/%*#0$!.+0++(0+
$1)* .%#$0/H %*(1 %*# #!* !. !-1(%05 *  &1/0%!K $%/
0$! ".%* $.0!. +* 1)* *  !+,(!/Q %#$0/ +* 0$!
**%2!./.5 +%*% !/ 3%0$ 0$! +( !* 1%(!! +" 0$!
%#$0/ +" +)!* %* ".% /  '!5 %*/0.1)!*0K 
*
.#*%60%+* +" ".%* *%05T".%* *%+* WTX
!,0!)!. dbbgH  *   +M+*2!*!  
"+1* !  gb 5!./ #+ +* dg0$ 5 ckhe %*  %/ H
+*"!.!*! R! +(-((% -( -! +"' !+-+ (' .&'
0$%+,%K/0(%/$! +*!5!."0!.0$!+1* %*#+0$!./+"
' ()%,> " !-, (' (&'>, " !-, "' +"8 +(&
0$! * ".%* +)!*Q/ .#*%60%+* WX $  )!0 %*
+-""-"(' -( -! +%"3-"(' ( +"' 0(&'>, !.&'
. !/ ()H *6*%H 0$!  $/ +)!  (+*# 35 %*
+" !-,@ "+. %2%( /+%!05 +.#*%60%+*/ *  ".%* *%+*
(%)%*# %0/ .%#$0"1( ,+/%0%+* %* 0$! #(+( ,+(%0%( ), %*
!)!.00!/K
*dbbhH0$!5&+%*0(5,.+ 1! ++'0%0(! 
#!*!.(H *  %* ,.0%1(. %* //!.0%*# 0$! ".%* !+,(!/Q
R+-!"'  " "'-( -! +"' '"(' +(-((% (' (&'>,
*  1)*%#$0/%*(1 %*#3+)!*Q/.%#$0/K
" !-, "' +"S *  %* ,.%( dbbi 0$!5 &+%*0(5 $+/0!  
+*"!.!*! +* R%+-"'  -! -""-"(' ( -! 
$! +,0%+*+"0$!.+0++(H0$!.!"+.!H.!)%*/)%(!/0+*!
+(-((% (' -! " !-, ( (&' "' +"@ 3$%$ 0.#!0! 
%* 0$!  2*!)!*0 +" 3+)!*Q/ $1)* .%#$0/H ,.+2% %*# 
*+*M.0%"5%*# +1*0.%!/ %* +.0$ *  !/0 ".% *  #%*
+),.!$!*/%2! ".)!3+.' "+. 0$! ,.+)+0%+*H ,.+0!0%+*
.+1#$0 0+#!0$!. !)!. 00!/ *  %2%( /+%!05
*  .!/,!0 "+. 0$! .%#$0/ +" 3+)!* %* ".%K + 0!H 0$!
+.#*%60%+*/ 0$0 .! !*##!  %* 0$%/ ),%#*K
*
.+0++( $/ !!* .0%"%!  5 eh  !)!. 00!/ * 
+2!)!. dbbjH 0$! +))%//%+* 0$.+1#$ 0$! 
/%#*!  5 fj )'%*# %0 +*! +" 0$! $%#$!/0 .0%"%! 
+.#*%6! &+%*0(53%0$0$!g0$!.+))!)+.0%+*
%*/0.1)!*0/ %* 0$! ".%* *%+*K +. %*# 0+ 0$! dbcd
+" 0$! .+0++( %* %.+%H !*5K $!/! *  +0$!. .!(0! 
 .!,+.0H e +1*0.%!/H *)!(5 (#!.%H $  *  %!..
%*0!.2!*0%+*/ !*+1.#!  )*5 +1*0.%!/ 0+ .0%"5 +. /%#*
!+*!.!%*0$!0!#+.5+"*."$0"',* 3%0$$!%#$0!*! 
0$!
.+0++(H 3$+/! ,.+#.!// %/ .!,+.0!  %* 0$! +(!)*
 2+5 +),*%!  5 /+(% .%05 )%//%+*/ (%#*!  0+ 0$!
!(.0%+*+*!*
!.-1(%05%*".%W 1(5dbbfXK
T gb0$ **%2!./.5 *  0$! .+0++(Q/ cb0$
**%2!./.5H 0$%/ +1(  .%*# 0$! *1)!. +" .0%"%0%+*/ 0+
0$%.05M*%*!K*(5e+1*0.%!/$2!*!%0$!./%#*! *+..0%"%! 
0$! .+0++(K  !)!. 00!/ .! '*+3(! #!  "+. 0$!%.
(! !./$%,* +3*!./$%,+"0$!.+0++(* 0$!+(% .%05
"+. ".%* +)!*Q/ %#$0/ WX "+. 0$!%.  2+5 +*
0$! .+0++( *  ,.0%1(.(5 "+. 0$!%. .!0%2%05H
+))%0)!*0 *  /1,,+.0 0+ 0$! ,.+!// 0$0 $/ 3%0*!//! 
0$! $%#$ *1)!. +" /%#*01.!/ *  .0%"%0%+* +" 0$%/
%),+.0*0.+0++(K

ck

  Q
 
(0$+1#$0$!".%*$.0!.%/0$!,.%).50.!05,.+2% %*#
".)!3+.'"+.$1)*.%#$0/%*0$!.!#%+*H%0/,.+2%/%+*/+*
3+)!*Q/ .%#$0/ .! (.#!(5 /!!* / %*!""!0%2! * 
%* !-10!K $%(! 0$! $.0!. .!+#*%6!/ *  ""%.)/
3+)!*Q/ .%#$0/ %* 0$.!! ,.+2%/%+*/J .0KdH e *  cjWeXH 0$!
.+0++( .!%0!.0!/ 0$0 R !/,%0! 0$! .0%"%0%+* +" 0$!
".%* $.0!.H 3+)!* %* ".% +*0%*1! 0+ ! 2%0%)/ +"
%/.%)%*0%+* *  $.)"1( ,.0%!/KS $! .+0++(H 3$%$
.!/1(0!  ".+) 5!./ +" 0%2%/) 5 3+)!*Q/ .%#$0/

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

/1,,+.0!./ %* 0$! .!#%+*H $/ 00!),0!  0+ .!%*2%#+.0! 0$!


".%* $.0!.Q/ +))%0)!*0 0+ 3+)!*Q/ !-1(%05 5
 %*# .%#$0/ 0$0 3!.! )%//%*# ".+) 0$! $.0!. * 
(.%"5%*# 0$! +(%#0%+*/ +" +2!.*)!*0/ 3%0$ .!/,!0 0+
3+)!*Q/.%#$0/K
 Q 
    
 

$! .+0++( %/ 0$! +*(5 0.!05 0+ /,!%"%((5  .!//
3+)!*Q/ .%#$0/ %* .!(0%+* 0+
T
/ *  0+ % !*0%"5
,.+0!0%+* ".+)
T
/H /  '!5 +),+*!*0 +" 3+)!*Q/
/!41(* .!,.+ 10%2!.%#$0/K +,0! %*0$!dc/0!*01.5H
0$! .+0++( 3!*0 !5+*  0. %0%+*( $!(0$ +1* .%!/ 0+
 .!// .!,.+ 10%2! $!(0$ .%#$0/ +" ".%* 3+)!* * 
#%.(/K
*  %0%+* 0+ #1.*0!!%*# 3+)!*Q/ .%#$0/ 0+
,.+0!0%+* ".+) /!41((5 0.*/)%00!  %*"!0%+*/H %*(1 %*#

T
/H 0$! .+0++( #1.*0!!/ 3+)!*Q/ .%#$0/ 0+
 !-10!H ""+. (!H *  !//%(! $!(0$ /!.2%!/K
0 (/+
.0%1(0!/  00!Q/ 105 0+ ,.+0!0 #%.(/ *  3+)!* ".+)
,.0%!/ *  /%010%+*/ 0$0 %*.!/! 0$!%. .%/' +" %*"!0%+*H
/1$ / $%(  )..%#!I /!41( 2%+(!*!H *   !0K $!
.+0++(  %0%+*((5 #1.*0!!/ 3+)!*Q/ .%#$0 0+ ")%(5
,(**%*# ! 10%+*H 0$1/ .!""%.)%*# 0$! .%#$0 0+ ")%(5
,(**%*# !4,(%%0(5 .!+#*%6!  %* 0$! +*2!*0%+* +* 0$!
(%)%*0%+* +" (( +.)/ +" %/.%)%*0%+* #%*/0 +)!*
WX *  0$!  +*2!*0%+* +* 0$! %#$0/ +" 0$! $%( 
WXK
$! .+0++( #+!/ !5+*  !4%/0%*# #(+( *  .!#%+*(
0.!0%!/5""+. %*#/,!%"%(!#(,.+0!0%+*#%*/0#!* !.M
/!  2%+(!*!H %* +0$ 0$! ,1(% *  ,.%20! /,$!.!H
%*(1 %*# +)!/0% 1/! *  ).%0( .,!K $! .+0++(
/%#*%"%*0(5  2*!/ 3+)!*Q/ .%#$0/ 5 .!(+0%*#
!2!.5 5 1/!/ %* 0$! .!() +" .%#$0/ 2%+(0%+*/ "+. 3$%$
00!/)1/0!$!( +1*0(!K
* %0%+*H0$!.+0++(%/
1*%-1! %* %0/ !4,.!// #1.*0!! +" 3+)!*Q/ .%#$0/ 0+ !
,.+0!0! ".+)0$.!0/+"+0$,$5/%(* 2!.(2%+(!*!K
* !.0$!".%*$.0!.+* 1)** !+,(!/Q%#$0/H0$!
(' +" /,!%"%%05 +* %/.%)%*0%+* #%*/0 3+)!* $/ (!"0
0$!) 21(*!.(! 0+ .#1)!*0/ 0$0 R1(01.( 2(1!/S * 
+))1*%05*+.)//$+1( ,.!2%(H!2!*3$!*,$5/%($.)
.!/1(0/K %*! 3+)!* .! 1* !..!,.!/!*0!  %* 0$! 1 %%.5
*  (!#( +))1*%05H 0$!/! .#1)!*0/ $2! ..!(5 !!*
.!1""! K$!.+0++(""%.)/0$!,.%)5+"3+)!*Q/.%#$0/
0+*+*M %/.%)%*0%+*K
0.!-1%.!/00!/0+!(%)%*0!1(01.(
*  0. %0%+*( ,.0%!/ 0$0 %/.%)%*0! #%*/0 3+)!*
* %*0$%/.!/,!0H0$!.+0++()'!/(!.3$00$!".%*
$.0!. +)%00! J 0$0 0$! (!#( ,.+0!0%+* +" 0. %0%+* !* /
3$!.! %/.%)%*0%+* #%*/0 3+)!* !#%*/K $! .+0++(
"1.0$!.,.+2% !/0$0R3+)!*/$(($2!0$!.%#$00+(%2!%*

db

,+/%0%2!1(01.(+*0!40* 0+,.0%%,0!0(((!2!(/%*0$!
!0!.)%*0%+*+"1(01.(,+(%%!/SW.0KciXK
$!.+0++(%/1*%-1!)+*##(+($1)*.%#$0/0.!0%!/%*
!4,.!//(5 .0%1(0%*# #%.(/ *  3+)!*Q/ .%#$0 0+ !
,.+0!0!  ".+) /!41( $.//)!*0 /  '!5 +),+*!*0 +"
0$!%..%#$00+!-1(%05%*! 10%+*K$!.+0++((/+""%.)/
3+)!*Q/ .%#$0 0+ ! ".!! ".+) /!41( $.//)!*0 /  /%
/+%( *  !+*+)% .%#$0 *  /  '!5 +),+*!*0 +" 0$!%.
.%#$00+3+.'K1.0$!.)+.!H0$!.+0++(,.+2% !/(!.(5"+.
0$!,.+0!0%+*+"3+)!*%*.)! +*"(%0/%010%+*/H!( !.(5
3+)!*H 3+)!* 3%0$ %/%(%0%!/ *  3+)!* %* %/0.!//
#%*/0 (( "+.)/ +" %/.%)%*0%+*H %*$1)* *  !#. %*#
0.!0)!*0H (( "+.)/ +" 1/! *  2%+(!*!K $! .+0++(
,(!/ * +(%#0%+* +* 00! ,.0%!/ 0+ !*/1.! 0$0 /1$
3+)!*.!0.!0! 3%0$ %#*%05* 0$00$!%./,!%(*!! /
.! !-10!(5,.+2% ! "+.W.0Kcc* ddXK
+.!+2!.)+*#+0$!.,.+2%/%+*/H0$!.+0++(,.+2% !/"+.
0$! !-1( ,.+0!0%+* !"+.! 0$! (3 *  3+)!*Q/ .%#$0 0+
!// 0+ &1/0%! %*(1 %*# &1 %%( *  (!#( %  /!.2%!/K
00! ,.0%!/ .! +(%#!  0+ !*/1.! 0$! !""!0%2! ,.+)+0%+*
* !*"+.!)!*0+"#!* !.!-1(%05W.0KjXK
+ +10H 0$! .+0++( .!)%*/ 0$! )%* (!#( ".)!3+.'
*  10$+.%05 +* ".%* +)!*Q/ %#$0/ *  *+0 +*(5
+),(%)!*0%*#H10(/+!%*#)+.!,.+#.!//%2!K





T
 
 
/ +" 0$! j0$ ".%* !#%+*( +*"!.!*! +" !%&%*# mcgH
"+.05M/%4 !)!. 00!/ $  /%#*!   *  dk $ 
.0%"%!  0$! .+0++( 0+ 0$! ".%* $.0!. +* !+,(! * 
1)* %#$0/ +* %#$0 +" +)!* %* ".%K + 0!
 )
$,,5 0+ /00! 0$0 eh +1*0.%!/ $2! .0%"%!  0$! .+0++(
* fc$2!/1)%00! .!,+.0/1* !..0%(!k+"0$!+(!)*
!(.0%+* "+. !* !. -1(%05 %* ".% WXK +.05M
*%*! +1*0.%!/ $2! 0$1/ ". ! ! T.0%"%!  K $%/
#%2!/ #++  &1/0%"%0%+* 0+ 3+.' 0+3. / .! 1%*# 0$!
.!,+.0%*#1. !*+*!)!.00!/5/!!'%*#+*2!.#!*!
+"0$!03+/%/0!.%*/0.1)!*0/K
!"+.! +),.%*# 0$! ,.+#.!// ) ! 5 +0$  * 
0$! .+0++( %* .0%"%0%+* *  .!,+.0%*#H  .%!" +10(%*! +"
0$!".%**%+*Q/!* !..$%0!01.!WX%/,.+2% ! 
!(+3 0+ +*0!401(%6! 0$! *+.)0%2! ".)!3+.' 0$0 0$!
+))%//%+*$/,10%*,(!0+$%!2!#!* !.!-1(%05* 
3+)!*Q/ !),+3!.)!*0H *  3$%$ +2!./ .0%"%0%+* * 
.!,+.0%*# )+*# +0$!. .!/K $!  !* !. .$%0!01.!
+*/0%010!/h,%((./J

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

cK

$! +*/0%010%+*( .)!3+.'I .0%(! fW X +" 0$!


+*/0%010%2! 0 3$%$ !*/$.%*!/ 0$! #!* !.
!-1(%05,.%*%,(!WdbbdX

dK

$! !#( ".)!3+.'I $! .+0++( 0+ 0$! $.0!.


+* 1)* *  !+,(!/ %#$0/ +* 0$! %#$0/ +"
+)!*%*".%WdbbeX

eK

+(!)* !(.0%+* +* !* !. -1(%05 %* ".%


WXI$!!,+.0%*#".)!3+.'

fK

".%**%+*!* !.+(%5I$!+(%5".)!3+.'

gK

".%* +)!*Q/ ! !I $!


),(!)!*00%+*
.)!3+.'

hK

1*  "+. ".%*


!$*%/)

+)!*I

$!

%**%*#

$! %),+.0*! +" 0$! +2! .$%0!01.! **+0 ! +2!.


!),$/%6!  #%2!* ,!./%/0!*0 #,/ !03!!* 0$! *+.)0%2!
".)!3+.' *  0$! 01( %),(!)!*00%+* +* 0$! #.+1* K
$%/%/0$!.!/+*3$50$!//!)(5 !(.! dbcbMdbdb0$!
".%* +)!*Q/ ! !H .!0%*#  (0"+.) "+.

),(!)!*00%+* +" 0$! +))%0)!*0/ %* (( 0$! +0$!.


".)!3+.'/K
$!  ,!.!%2!/ 0$! .+0++( 0+ 0$! ".%* $.0!. +*
1)* *  !+,(! %#$0/ +" +)!* %* ".% / %0/
$+)!#.+3*  *  !4,!0/ 0$0 .!,+.0%*# +* 
+1( !/%(5+))+ 0!.!,+.0%*#+*0$!.+0++(0+2+% 
1,(%0%+*K/0$!.+0++().'/%0/cb5!./**%2!./.5H
%0(++'/1,0+H*  .3/+*Q/ed5!./+".!,+.0%*#
!4,!.%!*! 0+ "1.0$!. .!"%*! *  (%#* .!,+.0%*#
.!-1%.!)!*0/K


dc

0 %/ "+. 0$%/ .!/+* 0$0 0$%/ /!0%+* .!"(!0/ +* !4,!.%!*!/
.3* ".+) Q/ eb 5!./ *  0$! .+0++(Q/ cb 5!./
3%0$ .!#.  0+ .0%"%0%+*T!//%+* *  .!,+.0%*# +* +0$
%*/0.1)!*0/%*+. !.0+!4,(+.!,+//%%(%0%!/+".! 1%*#0$!
1. !* +" .!,+.0%*# +* !)!. 00!/K  .!//%*# 0$!
.!,+.0%*#1. !*)5 %0%+*((5%*!*0%2%6!.0%"%0%+*+"
0$!.+0++(5)+.!!)!.00!/K
* !! H0$!.+(!+"
 .#*/H ,.0%1(.(5 0$! ".%* 1)* %#$0/
+))%//%+* *  0$! ".%* +1.0 +" 1)* *  !+,(!/Q
%#$0/ 3%(( !+)! )+.! ,.+)%*!*0 !1/! 0$!5 3%(( !
.!-1%.!  0+ )*#! 0$! .+0++( +),(%*! .!,+.0/
%* !,!* !*0(5K
$! 0(!/ !(+3 ,.!/!*0 0$! 1..!*0 /001/ +*
.0%"%0%+*T!//%+** .!,+.0%*#+*0$!03+%*/0.1)!*0/
*  3%(( $!(, !)+*/0.0! 0$! *!!  "+. $.)+*%6! 
.!,+.0%*#0+$%!2!#.!0!.+$!.!*!H)'!)+.!!""%%!*0
1/! +" 0!$*%( *  %*/0%010%+*( .!/+1.!/ *  2+% 
1,(%0%+*K


A,)'#-#-,)'#-=#' ),.#)(-K ,#()&/.#)(-.)
 ,#(,)&'-").)

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


 



:
  
:

C   
 
 @
  
 

 


 






)=

C











C








dkTcdTdbbe

M

M

.0%(!/ dH kH ! ! 


cgHchHdk

ddTbcTdbbi

ebTbjTdbbi

bkTccTdbbi

+*!

! ! 

ccTbdTdbbf

ebTbkTdbbg

ceTcbTdbbg

+*!

%#*! * .0%"%! 

M

M

M

+*!

! ! 

dhTbdTdbbf

bkTbhTdbbh

bkTbjTdbbh

+*!

beTcdTdbbe

M

M

+*!

%#*! * .0%"%! 

dgTbiTdbbh

ceTbkTdbcd

djTcdTdbcd

+*!

%#*! * .0%"%! 

ciTbhTdbbj

M

M

+*!

! ! 

M

dcTbhTdbbg

ddTbiTdbbg

+*!

! ! 

bhTcdTdbbf

M

M

+*!

! ! 

diTbdTdbbf

bgTcbTdbcc

bkTbeTdbcd

+*!

! ! 

dhTbdTdbbf

cjTbeTdbbf

chTbfTdbbf

+*!

! ! 
.0%"%! 

H%#*! 

* 

diTbdTdbbf

cfTcdTdbcc

bhTbjTdbcd

+*!

! ! 
.0%"%! 

H%#*! 

* 

H%#*! 

* 

H%#*! 

* 

H%#*! 

* 

-,0.#)(
.)

.# #.#)(
)
,).))&

(#!.%

*#+(

!*%*

+0/3*

1.'%*/+

1.1* %

)!.++*

!*0.(".%*!,K

,!!. !

cb

$ 

cc

?0! Q
2+%.!

cd

+)+.+/

ce

+*#+

cf

&%+10%

cjTcdTdbbe

bdTbdTdbbg

bfTbdTdbbg

+*!

! ! 
.0%"%! 

cg

!)+.0% !,K +"


bgTcdTdbbe
+*#+

bkTbhTdbbj

bkTbdTdbbk

+*!

! ! 

ch

#5,0

M

M

M

.0%(!/ dH kH ! ! 


chHdk
.0%"%! 

ci

-10+.%(1%*!

ebTbcTdbbg

diTcbTdbbk

dkTbhTdbcc

+*!

! ! 

cj

.%0.!

dgTbfTdbcd

M

M

+*!

! ! 

ck

0$%+,%

bcTbhTdbbf

M

M

.0%(!dk

! ! 
.0%"%! 

dd

."

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

)=

C

db

+*

dc

)%

dd

$*

de

1%*!M%//1

df

1%*!

dg

!*5

dh

%5

di

!/+0$+

dj

%!.%

dk

 #/.

eb

(%

ec

(3%

ed

+6)%-1!

ee

1.%0*%

ef

1.%0%1/

eg

)%%

eh

%#!.%

de











C








diTbcTdbbg

cbTbcTdbcc

ccTbkTdbbe

-,0.#)(
.)

.# #.#)(
)
,).))&

."

cbTbdTdbcc

+*!

! ! 
.0%"%! 

H%#*! 

* 

dgTbgTdbbg

bhTbkTdbbg

+*!

! ! 
.0%"%! 

H%#*! 

* 

ecTcbTdbbe

ceTbhTdbbi

dbTbiTdbbi

+*!

! ! 
.0%"%! 

H%#*! 

* 

bjTbeTdbbg

ckTbhTdbbj

cfTcbTdbbj

+*!

! ! 
.0%"%! 

H%#*! 

* 

chTcdTdbbe

chTbfTdbcd

ciTbkTdbcd

+*!

! ! 
.0%"%! 

H%#*! 

* 

ciTcdTdbbe

bhTcbTdbcb

ceTcbTdbcb

+*!

! ! 

bgTccTdbbe

deTbgTdbbf

ebTbhTdbbf

.0%(!d

! ! 
.0%"%! 

H%#*! 

* 

diTbdTdbbf

dhTcbTdbbf

bgTccTdbbf

+*!

! ! 

chTcdTdbbe

cfTcdTdbbi

cgTbiTdbbj

.0%(!/dHch

! ! 

djTbdTdbbf

M

M

+*!

! ! 
.0%"%! 

H%#*! 

* 

bkTcdTdbbe

ceTbcTdbbg

beTbdTdbbg

+*!

! ! 

M

dbTbgTdbbg

dkTbhTdbbg

+*!

! ! 
.0%"%! 

H%#*! 

* 

cgTcdTdbbe

bkTcdTdbbg

ebTcdTdbbg

.0%(!/bHcHdH ! ! 
eH fH gH hH iH jH
kH cbH ccH cdH
ceH cfH cgH chH
ciH cjH ckH dbH
dcH ddH deH dfH
dgH dhH diH djH
dkHeb

M

dcTbkTdbbg

cfTcdTdbbg

.0%(!/ccHdk

dkTbcTdbbg

M

M

.0%(!/ kH chH ! ! 


dk

bkTcdTdbbe

ccTbjTdbbf

dhTbjTdbbf

+*!

! ! 

chTcdTdbbe

chTcdTdbbf

cjTbdTdbbg

+*!

! ! 

! ! 

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

)=

C

ei

%#!.

ej

3* 

ek

+10$".%

fb

$.3%
!)+.0%
!,1(%

fc

!*!#(

fd

!5$!((!/

fe

%!.. !+*!

ff

+)(%

fg

+
+)!
.%*%,!

fh

1 *

fi

+10$1 *

fj

36%(* 

fk

*6*%

gb

+#+

gc

1*%/%

gd

#* 

ge

)%

gf

%)3!

.

B











C








bhTbiTdbbf

M

M

.0%(!/ dH gH ! ! 


cgHchHdk

ckTcdTdbbe

dgTbhTdbbf

bcTbiTdbbf

+*!

! ! H
.0%"%! 

%#*! 

* 

chTbeTdbbf

ciTcdTdbbf

cfTbcTdbbg

+*!

! ! H
.0%"%! 

%#*! 

* 

dbTbhTdbbh

M

M

+*!

! ! H
.0%"%! 

%#*! 

* 

dhTcdTdbbe

diTcdTdbbf

ebTbcTdbbg

+*!

! ! H
.0%"%! 

%#*! 

* 

dfTbcTdbbh

bkTbeTdbbh

dgTbfTdbbh

-,0.#)(
.)

.# #.#)(
)
,).))&

."

bkTcdTdbbe

M

M

.0%(!/ dH kH ! ! 


cgHchHdk

deTbdTdbbh

M

M

+*!

! ! 

bcTbdTdbcb

M

M

+*!

%#*! * .0%"%! 

ebTbhTdbbj

M

M

+*!

! ! 

dfTbcTdbce

M

M

+*!

biTcdTdbbf

bgTcbTdbcd

bhTccTdbcd

+*!

%#*! * .0%"%! 

bgTccTdbbe

beTbeTdbbi

biTbgTdbbi

+*!

%#*! * .0%"%! 

ebTcdTdbbe

cdTcbTdbbg

dhTcbTdbbg

+*!

! ! 

M

M

M

+*!

! ! 

cjTcdTdbbe

ddTbiTdbcb

ddTbiTdbcb

+*!

! ! 

beTbjTdbbg

bdTbgTdbbh

biTbhTdbbh

+*!

! ! 

cjTccTdbbe

cgTbfTdbbj

bgTbkTdbbj

+*!

! ! H
.0%"%! 

-,0.#)(
.)

.# #.#)(
)
,).))&

%#*! 

."

* 

),#(!.)&
)0PUEUL=SVF ,#()/(.,#-"0C,.# #.):1"#&PTETT=TVF"0-#!((ORERS=RF
"0,.# #",).))&="#-')(-.,.-"#!")''#.'(.3." ,#((#)(',-..-.))'(@-#!".-#(-.,/'(.=
(
.# .".#' .),#-#(.)."(&3-#-:#.#-0#(.."..",).))&ENLLOF"-*, ),''/"..,."(EMUSUF
( ."#- /,.", )( #,'-  ,#( )/(.,#- )1(,-"#* )  ."#, )1( ,).))& ( ,.#(&3 #(#.- ." 2#-.( )  *)&#.#& 1#&& #(
0(#(! 1)'(@- ,#!".- #( ." )(.#((.: -*#. ." "&&(!- .". 2#-. #( ($)3#(! ."- ,#!".- / .) -&)1 )'-.#.#)( (
#'*&'(..#)() -/"#(-.,/'(.-=

df

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


 





    E    F

=

cK

dK

eK



*),.#(!../-)(,).))&
/(,,.#&U) *),.-

*),.#(!-../-.)."
)''#..

(#!.%

e%*dbbiHdbcbBdbce

+1* e 1!hTbk

*#+(

M

+1* h 1!cbTbj

!*%*

c%*dbcb

+1* f 1!bfTbg


+1* g 1!fTbk

fK

gK

+0/3*

c%*dbce

+1* cTdTe/1)%00! cbTbj

1.'%*/+

d%*dbbjB

+1* h/1)%00! gTbk

dbcb
hK

iK

jK

kK

1.1* %

c%*dbbi

+1* e 1!dTce

)!.++*

d%*dbbjBdbce

+1* fTg 1!kTcg

,!!. !

M

+1* iTj 1!kTcb

!*0.(".%*
!,1(%

M

+1* c 1!iTkd


+1* d 1!iTkh
+1* e 1!iTbb
+1* f 1!iTbf
+1* g 1!iTbj

cbK 

+)+.+/

M

+1* c 1!iTkh


+1* d 1!iTbb
+1* e 1!iTbf
+1* f 1!iTbj

dg

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

=

ccK 



+*#+

*),.#(!../-)(,).))&
/(,,.#&U) *),.-

*),.#(!-../-.)."
)''#..

d%*dbcbBdbcd

+1* c 1!ccTkg


+1* d 1!ccTkk
+1* e 1!ccTbe
+1* f 1!ccTbj

cdK 

ceK 



M

+1* hTi 1!jTbi

+0!Q
2+%.!

c%*dbbj

+1* c 1!cTki


+1* d 1!cTbc
+1* e 1!cTbg
+1* f 1!
cTbk

cfK 

cgK 

&%+10%

c%*dbcb

+1* hTi 1!ccTcc

#5,0

c%*dbcb

+1* c 1!cTbd


+1* d 1!cTbf
+1* e 1!cTbj

chK 
ciK 

cjK 

ckK 

dbK 

dcK 

ddK 

dh

-10+.%(1%*!

c%*dbcd

+1* hTi/1)%00! dTbj

.!0.%

M

+1* h 1!ccTbg

0$%+,%

d%*dbbiHdbcb

+1* f 1!cbTbj

+*

d%*dbcbBdbcd

+1* hTi 1!cbTbh

)%

c%*dbcb

+1* hTi 1!dTbj

$*

d%*dbbjHdbcb

+1* f 1!gTbh

1%*!

c%*dbce

+1* hTi 1!dTcc

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

=

deK 

dfK 

dgK 

dhK 



*),.#(!../-)(,).))&
/(,,.#&U) *),.-

*),.#(!-../-.)."
)''#..

1%*!%//1

M

+1* iTj 1!kTcc

!*5

M

+1* cTdTeTfTgTh/1)%00! 
kTbj

!/+0$+

d%*dbbiHdbcb

+1* i 1!fTbk

%!.%

c%*dbcb

+1* c 1!kTkh


+1* d 1!kTbb
+1* e 1!kTbf
+1* f 1!kTbj

diK 

djK 

dkK 

ebK 

ecK 

edK 

eeK 

efK 

egK 

ehK 

eiK 

di

%5

c%*dbcb

+1* cTdTeTfTgTh/1)%00! 
cbTbj

 #/.

c%*dbce

+1* hTi 1!hTcf

(3%

M

+1* hTi 1!fTcf

(%

c%*dbbj

+1* h/1)%00! fTbj

1.%0*%

c%*dbce

+1* hTi 1!cbTcb

1.%0%1/

d%*dbbiHdbcb

+1* dTe 1!hTcb

+6)%-1!

M

+1* hTi 1!jTbk

)%%

d%*dbbiHdbcb

+1* gTh 1!iTcf

%#!.

d%*dbbkHdbcb

+1* eTf 1!gTcb

%#!.%

e%*dbbjHdbcbBdbce

+1* fTg 1!cdTbk

3* 

e%*dbbjHdbccBdbce

+1* eTf/1)%00! gTbk

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

=

ejK 

ekK 

fbK 



*),.#(!../-)(,).))&
/(,,.#&U) *),.-

*),.#(!-../-.)."
)''#..

$.3%.
!)+.0%
!,1(%

d%*dbcdBdbce

+1* iTj 1!iTcf

++)!* 
.%*%,!

M

+1* iTjTk 1!kTcf

!*!#(

g%*dbbiHdbbkHdbcbHdbcdHdbce

+1* c 1!iTbf


+1* d 1!iTbj

fcK 

!5$!((!/

d%*dbcbBdbcd

+1* e 1!eTkf


+1* f 1!eTkj
+1* g 1!eTbd
+1* h 1!eTbh

fdK 

%!.. !+*!

c%*dbce

+1* c 1!hTke


+1* d 1!hTki
+1* e 1!hTbc
+1* f 1!hTbg
+1* g 1!hTbk

feK 

ffK 

+)(%

M

OOO

+10$".%

d%*dbbiBdbcc

+0.0%"%! 


fgK 

1 *

c%*dbce

+1* e 1!cTbg




dj

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

=

fhK 



+10$1 *

*),.#(!../-)(,).))&
/(,,.#&U) *),.-

*),.#(!-../-.)."
)''#..

M

+0.0%"%! 


fiK 

36%(* 

c%*dbcb

+1* c 1!fTbg


+1* d 1!fTbk

fjK 

*6*%

c%*dbcd

+1* iTj 1!kTcf




fkK 

$ 

c%*dbcb

+1* hTi 1!cbTbj




gbK 

gcK 

+#+

c%*dbcb

+1* gTh/1)%00! fTbk

1*%/%

c%*dbbi

+1* g 1!jTbd




gdK 

#* 

d%*dbcbBdbce

+1* g 1!iTbd


+1* h 1!iTbh

geK 

gfK 

)%

e%*dbccHdbcdBdbce

!,+.0%*#/001/0+0$!
+))%00!!

%)3!

c%*dbbk

+1* e 1!hTbk

),#(!.)&

)0:&& ,#()/(.,#-2*. ),)'&#()/."/(:"0,*),.)(="#-'%-.).&


) QN)/(.,#-),UR=OV) ."@-',..-=),.3>)()/(.,#-ESQ=UF"0,*),.)(.",).))&="#-')(-.,.-
"#!")''#.'(.3." ,#((#)(',..-.),*),.)(=#0(@-ON3,-) 2*,#(:1#." /&&>
.#'.(#(!)''#..E.),#0:**,#-(*,)0# %.)',..-:F:."(#&2*,.#-"-(/'/&.
)0,."3,-(',..-"0#(-.#./.#)(&#4#(."#,*&((#(!*,)---=

dk

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


 





  C

  


)=

)/(.,3

../-

)''(.-

c

+0/3*

!%0$!./%#*! +.0%"%! 
.+0++(

!,+.0! +*
dbcd

%#*! .+0++(

!,+.0! +*
dbbi


d

1.1* %


e

!*0.(
!,1(%

".%* %#*! .+0++(

!2!.!,+.0! +*


f

#5,0


g

.%0.!

!%0$!. /%#*!  +. 0%"%!  !,+.0! +*


dbcb
.+0++(
%#*! .+0++(

!2!.!,+.0! +*

%#*! .+0++(

!,+.0! +*
dbce

%#*! .+0++(

!,+.0! +*
dbccd

%#*! .+0++(

!,+.0! +*
dbcd

%#*! .+0++(

!,+.0! +*
dbbkHdbcb

%#*! .+0++(

!2!.!,+.0! +*

%#*! .+0++(

!,+.0! +*
dbcd

%#*! .+0++(

!,+.0! +*
dbcb


h

0$%+,%


i

 #/.


j

1.%0%1/


k

%#!.


cb

++)!* .%*%,!


cc

%!.. !+*!


cd

$ 


eb

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

ce

1*%/%

!%0$!. /%#*!  +. 0%"%!  !,+.0! +*


dbbi
.+0++(




),#(!.)&

:",)/(.,#-('&3).-1(:!3*.(/(#-#."."0&,3C,.# #"0(#.",
-#!((),,.# #.",).))&=.).&) ML)/(.,#-"0-#!(.",).))&/.().,.# #;1"#&(#.#)(&ML)/(.,#-
"0,*),.)(#(&/#(!).-1(:!3*.(/(#-#:/."0(#.",-#!(),,.# #.",).))&=",)/(.,#-<
(.,& ,#*/&#:,#.,())'(,#(#*:"0(0,,*),.)(&.")/!"."3"0-#!(."*,).))&=

ec

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



 
<

:
    


)=

)/(.,3

../-

)''(.-

c

*#+(

%#*! * 0%"%! .+0++(

!! / %#$ !2!( 2+5* +(% .%05)%//%+*

0%"%! .+0++(

!! / %#$ !2!( 2+5* +(% .%05)%//%+*


d

,!!. !


e

!*0.(
!,1(%

".%* %#*! .+0++(

.#!*0(5!! / %#$ !2!( 2+5* +(% .%05)%//%+*


f

+)+.+/

%#*! * 0%"%! .+0++(

!! / %#$ !2!( 2+5* +(% .%05)%//%+*

%#*! .+0++(

.#!*0(5!! / %#$ !2!( 2+5* +(% .%05)%//%+*

%#*! * 0%"%! .+0++(

!! / %#$ !2!( 2+5* +(% .%05)%//%+*

%#*! * 0%"%! .+0++(

!! / %#$ !2!( 2+5* +(% .%05)%//%+*

%#*! * 0%"%! .+0++(

!! / %#$ !2!( 2+5* +(% .%05)%//%+*

%#*! * 0%"%! .+0++(

!! / %#$ !2!( 2+5* +(% .%05)%//%+*


g

.%0.!


h

1%*!%/1


i

!*5


j

(3%


k

+6)%-1!


cb

+
+)!
.%*%,!

*  %#*! .+0++(

.#!*0(5!! / %#$ !2!( 2+5* +(% .%05)%//%+*


),#(! .) &
: -0( )  ." )/(.,#- .". "0 (0, ,*),. )( : ('&3 (!)&: * ,: )'),)-: /#(
#--/: (3:&1#:)4'#+/"0&,3,.# #.",).))&:1"#&.").",.",E(.,& ,#*/&#:,#.,:)
)' ( ,#(#*F "0 -#!( ." ,).))& ( : /. "0 (#.", -#!( (), ,.# # ."  ,).))&=  .).& )  ML
)/(.,#-"0."/-(0,,*),.)(="#-'(-.".1#."&#..&0)3:."S)/(.,#-."."0&,3,.# #."
,).))&)/&&-),*),.)(( #!" 0&0)3'#--#)(#-,)''(.)0(."#-)$.#0=- ),."O
)/(.,#-."."0)(&3-#!(((0,,*),.)(.",).))&:'), ),.#-,+/#,.)..,/(,-.(1"..",-)(-
'3 : #( ),, .) -/-+/(.&3 ,' -/**),.= ( /,!(.&3 #& #!" 0& 0)3 ( )&#,#.3 '#--#)( #- &-)
,)''(K

ed

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



 




  
 C

  

cf

+)(%

!%0$!./%#*! +.0%"%! .+0++(

!2!.!,+.0! +*

cg

+10$1 *

!%0$!./%#*! +.0%"%! .+0++(

!2!.!,+.0! +*

&  *,-(.- .1) -*#& --: ('&3 )'&# ( )/." /(=  )." )/(.,#- "0 (). -#!(: ,.# # C .) #.",
),.",).))& ),." )&&)1#(!,-)(-=(.#& /&3NLMN:)/."/(#().2#-.--*,.(#(*((.',
..:1"#&)'&#1-,!,A-..&--B/(.#&."NLMN&.#)(-1"(.")/(.,3,!#(-.."))-../-= /'(:."(#&:
#((#& ( #(-.#./.#)(& -/**),. - 1&& - -)&#,#.3 1#&& --#-. )." )/(.,#- .) ,/#&  ,#!".->- !)0,(( -3-.' .".
',-1)'(@-,#!".-:((&-).")/(.,#-.),.# 3C(,*),.)()."(.",).))&==


 




  
 

 

  


)

)/(.,3

../-

c

.
!,1(%
+"
$.3%

)''(.-

+1*0.5 )!)!. +"  10 *+0


.!+#*%6!  5 +0 .!+#*%6!  5
!%0$!. ! ! T0%"%!/ *%0! 0%+*/
 10 $/ /%#*! 
0$!.+0++(


d

%*# +)
+"
+.++

!%0$!. ! ! T0%"%!/ +1*0.5 *+0 )!)!. +" ".%*


 .+0+( 10 $/ *%+* 10 )!)!. +"  .!+#*%6!
! ! T.0%"%!  *%0! )!)!.+"*%0! 0%+*/

&
&-)*,-(.-().",-*#&-) .1))/(.,#-:('&3.",*/&#) ",1#(." #(!)') ),))=)."
)/(.,#-,/(#+//-)(#-',) ."/.().,)!(#43."(#..#)(-1"#&.").",#-().'',) ."
 ,#( (#)( /. #-  ', )  ." (#. .#)(-= /-+/(.&3: ." ,-*.#0 )0,('(.- )  " )/(.,3 ) (). ,)!(#4
#(-.,/'(.- ), ,!(#4.#)(- .) 1"#" ."3 , (). ',-= )10,: )." "0 ,)!(#4 . &-. )( )  ." .1) )'(@- #!".-
#(-.,/'(.-:("0-#!((,.# #,-*.#0&3=

ee

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



M


  
/ * ! /!!* ".+) 0$! +2! 0(!/ *  *(5/%/H 0$! 
.+0++( 0+ 0$! ".%* $.0!. +* 1)* *  !+,(!/Q
%#$0/+*0$!%#$0/+"+)!*%*".%* 0$!+*2!*0%+*
+* (%)%*0%+* +" (( +.)/ +" %/.%)%*0%+* #%*/0
+)!*$2!0$!/)!+&!0%2!H*)!(50+.!/0+.!3+)!*Q/
$1)*.%#$0/*  %#*%05K$!+))%//%+*/0.+*#(5!(%!2!/
0$0 .!,+.0/ 0$0 !)!. 00!/ /1)%0 0+  +1( 
!/%(5+))+ 0!/,!%"%.!,+.0%*#+*0$!.+0++(K%0$
/+)! $.)+*%60%+* +" 0$! .!/,!0%2! .!,+.0%*# 0++(/H 
+))+* .!,+.0%*# ".)!3+.' +1(  !  +,0!  0+ 2+% 
1,(%0%+*K
/0$!.+0++().'/%0/cb5!./**%2!./.5* (++'/0+
Q/ 0$.!! ! !/ +" .!,+.0%*# !4,!.%!*!H !00!.
$.)+*%60%+*+"0$!03+/%/0!.%*/0.1)!*0/*!$%!2! K

* ,.!,.0%+* "+. 0$! *!40 cb 5!./H %0 %/ (!. 0$0 3$%(!
 2+5 3%(( /0%(( ! %),+.0*0 "+. .0%"%0%+* +" 0$!
.+0++( 5 !)!. 00!/ 0$0 $2! *+0 5!0 +*! /+H )+.!
"+1/ /$+1(  /$%"0 0+ +)!/0%0%+*H %),(!)!*00%+* * 
.!,+.0%*#+*0$!.+0++(/%*!(.! 5)+.!0$*03+0$%. /
WhiKhlX$2!*+3.0%"%! K

+*0$!.+0++(.!,.0+"0$!H%0%/(/+%),+.0*0
0+ *+0! 0$0 %*%0%( .!,+.0/ .! 1/1((5 0$+.+1#$H 3$%(!
/1/!-1!*0.!,+.0/.!(!///+K$%/+1( !(++,$+(!%*
.!,+.0%*#+*0$!.+0++(/,.0+"0$!K

* 0$! +0$!. $* H 0$! 0!$*%( *01.! * 
+),.!$!*/%2!*!// +" 0$! %* !,!* !*0  .!,+.0
"1.0$!. +*"%.)/ 0$! *!!  "+. * %* !,!* !*0 .!,+.0 +*
0$! .+0++(K
0 (/+ %* %0!/ !%0$!. 0$! !4%/0!*! +"
0!$*%( //%/0*! 0+ ".%* +1*0.%!/ %* /1,,+.0 +"
.!,+.0%*#+.0$!!4%/0!*!+".!,+.0%*#,%05%*!)!.
00!/ 0+ .!,+.0 +* K $!.! %/  *!! H 0$!.!"+.!H 0+
),(%"5 0$! .!,+.0 +* 0$! .+0++( %* !,!* !*0 +" 0$!
 .!,+.0K $%/ )5 !  2%(! +,0%+*K 1.0$!.)+.!H
0$! $.)+*%60%+* +" 0$! .!,+.0%*# +*  *  0$!
.+0++( 3+1(  ,.!/!*0  3%*M3%* /%010%+* 3$!.!5 0$!
.!,+.0+*3+1( !)+ %"%! 0+)!!00$!*!! /+"
0$! .+0++( "+. 0$+/! +1*0.%!/ 0$0 $2! .0%"%!  +0$
%*/0.1)!*0/ *  2%! 2!./K
*  %0%+*H 1/%*# /%)%(.
0!),(0!/ *  0!$*%( /1,,+.0 ".+)  #!*%!/ +1( 
(!  0+  (!* *  !""%%!*0 .!,+.0%*# ".)!3+.' "+. 0$!
03+/%/0!.%*/0.1)!*0/K
0+1( (/+.!/1(0%*0$!%*.!/! 
+3*!./$%,+"0$!.+0++(* K
 






  
$%(! 0$! /1)%//%+* +" .!,+.0/ +* 0$! .+0++( ".+)
"+.05M+*!+1*0.%!/%/#++ /0.0H0$!"00$0%0%/,.0+"
0$!.!,+.0/$+1( $2!) !%0!/%!."+.!)!.
00!/0+.!,+.0K +3!2!.H3%0$eh.0%"%0%+*/!1.! "+.
0$! .+0++( WhiKh lXH %0 %/ 0%)! 0+ +*/% !. %* !,!* !*0
.!,+.0%*# %" 0$! 00! .0%!/ .!,+.0/ $2! 0+ ,01.! *+0
+*(5 +),(%*! 10 (/+ .!,+.0%*# +* +)!/0%0%+* * 
%),(!)!*00%+*K$%(!%0%/!*+1.#%*#0$00$0.!,+.0/




ef

*+*(1/%+*H%0%/!2% !*00$00$!(!2!(+"+3*!./$%,+"0$!
,10+ .+0++( /+ ". !)+*/0.0!  5  !)!. 00!/
%/3%0$+10-1!/0%+*3$%(!0$!/,!! +".0%"%0%+*%/#(+((5
1*,.((!(! K / 0$!  !(!.0!/ %0/ gb0$ **%2!./.5 * 
+*"% !*0(5 ).$!/ 0+3. / dbheH ".%* 3+)!* (++'
"+.3.  0+ +0$ (%)%*# 0$! ".%* +)!*Q/ ! !
WdbcbMdbdbX 10 (/+ 0+ (%)%*# 0$! Q/ #!*  dbhe +*
*!-1(/%/3%0$)!*K$%/((/"+.0$!'%* +"(! !./$%,
0$0 3%(( /$%"0 0$! ,. %#) "+. ".%* 3+)!* 0+ .!(%6! 
0.1(5,!!"1(* ,.+/,!.+1/+*0%*!*00,!!3%0$%0/!("K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#





Q
 



 

  
,3(#


0 %/ cb 5!./ /%*! 0$! ".%* *%+* WX +(-((% -( -!
+"'!+-+(' .&''()%,>" !-,('-!" !-,(
(&'"'+"3/ +,0! +* 1(5ccK
0%/(/+'*+3*/
0$! P,10+ .+0++(Q ((1 %*# 0+ 0$! %05 3$!.! %0 3/
 +,0! H +. 0$! ".%* +)!*Q/ .+0++( W$!.!"0!.
.!"!..!  0+ / 0$! .+0++(XK $! .+0++(  .!//!/
+),.!$!*/%2!(5H"+.0$!"%./00%)!H3+)!*Q/$1)*.%#$0/%*
".% *  /00! +(%#0%+*/ 0+ 1,$+( H ,.+0!0 *  ,.+)+0!
0$!)K $! .+0++( !*1)!.0!/  .+  .*#! +" 3+)!*Q/
.%#$0/H %*(1 %*# 0$! !(%)%*0%+* +" %/.%)%*0%+* #%*/0
3+)!*H0$!.%#$00+ %#*%05H0$!.%#$00+(%"!H0$!%*0!#.%05* 
/!1.%05 +" 0$! ,!./+*H 0$! ,.+0!0%+* +" 3+)!* %* .)! 
+*"(%0/H 0$! .%#$0 0+ ! 10%+* *  0.%*%*#H !+*+)% * 
/+%(3!(".!.%#$0/H* $!(0$* .!,.+ 10%2!.%#$0/K$!
)%*"+1/+"0$%/,,!.%/0+,.+2% !$%/0+.%(+2!.2%!3+"
0$! +,0%+*H.0%"%0%+** %),(!)!*00%+*+"0$!.+0++(
*  0$! .+(! 0$0 0$! +(% .%05 "+. ".%* +)!*Q/ %#$0/
+(%0%+* WX $/ ,(5! K $! ,,!. +*(1 !/ 3%0$ 
$%#$(%#$0+"$%!2!)!*0/0$0*!00.%10! 0+Q/
%*0!.2!*0%+*/K


'',-/,#(!."J!,(,J'*#!(#(/$:
#!,#E (/,3NLLQF

M

$! !2!(+,)!*0 +"  .+0++( +* 3+)!*Q/ .%#$0/ %* ".%
3/ 0.%##!.!  5 0$! +10+)! +" 0$! (+% ('+' ('
.&' " !-, $!(  %* %!**H 1/0.%H %* ckke 0$0
!),$/%6! H R$! $1)* .%#$0/ +" 3+)!* *  +" 0$! #%.(
$%(  .! * %*(%!*(!H %*0!#.( *  %* %2%/%(! ,.0 +" 0$!
1*%2!./($1)*.%#$0/SK$1/0$!/(+#*0$0!)!.#! ".+)
%!**J %   "

eg

!2!.( )!!0%*#/ 0++' ,(! /0.0%*# 3%0$ +*! +.#*%/!  5


+)!* %* 3 *  !2!(+,)!*0 %* ".% W% X %*
.$ ckkg %* +)<H +#+K $! )!!0%*# ((!  "+. 0$!
!2!(+,)!*0 +"  .+0++( 0+ 0$! +"'!+-+(' .&'
' ()%>, " !-, D! !+-+E +* 3+)!*Q/ .%#$0/K
+*/!-1!*0(5H %*"+.)!  5 0$! .!(%/0%+* 0$0 0$! !+-+6
/  +,0!  %* ckjcH $  *+0  .!//!  3+)!*Q/ $1)*Q/
.%#$0/  !-10!(5H 0$! .#*%/0%+* +" 0$! ".%* *%05 %*
1*!ckkg)* 0! 0$!".%*+))%//%+*+* 1)** 
!+,(!/Q%#$0/W X0+!(+.0!.+0++(+*0$!.%#$0/
+"3+)!*%*".%K
$! "%./0 ."0 3/ ,.!,.!  5 * !4,!.0/\h#.+1, )!!0%*#
+.#*%/!  5 0$!   *  0$!
*0!.*0%+*( +))%//%+*
+" 1.%/0/ W
 X %* ,.%( ckki *  /1)%00!  0+ 0$! dd* 
!//%+* +" 0$!   %* 0+!. ckkiK $! ."0 3/ (/+
%.1(0!  0+ / "+. +))!*0/ *  3/ !*.%$!  5
2.%+1/ )!!0%*#/ 0$0 "+((+3! K $!   "+.3. !  0$!
."0 .+0++( 0+ 0$!  !.!0.%0 %* ckkkK $!
*0!.
".% +))%00!! W
X *    )!0 0+ )!.#! 0$! ."0
+*2!*0%+* +* . %0%+*( .0%!/ 3%0$ 0$! ."0 .+0++(
%* dbbb *  0$!* /1)%00!  0$! ."0 0+  ,+(%5 +.#*/
"+. +,0%+*K
$! "%./0  +2!.*)!*0 4,!.0/Q !!0%*# .!2%!3!  * 
)!* ! 0$!."0.+0++(%*dbbc* ((! +*0$!0+
/$! 1(!  /!+*   !4,!.0/Q )!!0%*# %* dbbd 0+ +*/% !.
0$! ."0 !"+.! %0 3/ ,.!/!*0!  0+ 0$!  )%*%/0!.%(
)!!0%*# "+.  +,0%+*K +3!2!.H 0$0 3/ *+0 0+ !H / 0$!
 %  *+0 )*#! 0+ $%!2! 0$! )* 0+.5 -1+.1) %*
dbbdK".%*3+)!*Q/+.#*%/0%+*/3%0$/1,,+.0".+)0$!
*%0! 0%+*/1* "+.+)!*W
M*+3+)!*X
00!* !  / +/!.2!./K $! ".%* +)!*Q/ !2!(+,)!*0
*  +))1*%0%+*/ !03+.' WX *+0!  0$0 0$!
."0 .+0++( 3/ 35 !(+3 %*0!.*0%+*( /0* . / +*
3+)!*Q/.%#$0/K/1/!-1!*0(5!/0(%/$! *!M)%(
(%/0 /!.2! 0$0 !*(!  0$! %//!)%*0%+* +" 0$! ."0H
%/1//%+* *  "+.)1(0%+* +" %*,10/ 0+  .!// 0$! #,K
-1(%05+3%*0!#.0! * 0.'! 0$!,.+,+/(/.!!%2! 
%*0$!."0.+0++(K
$%/ 3/ "+((+3!  5 0$! +*2!*%*# +" ".%* 3+)!*Q/
+.#*%/0%+*/ 5 -1(%05 +3 ".% !#%+*( ""%! %*
+((+.0%+* 3%0$ 0$! 0$%+,%* +)!* 35!./
//+%0%+* W X *   ij%* *1.5 dbbeK $!
)!!0%*#,++(! ,.+,+/(/* %*0!#.0! 0$!)%*0+."0

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




.+0++( $%#$(%#$0%*# 3!' ,.+2%/%+*/ *  ,.+,+/%*#


(*#1#!%*+((!0%2!).'M1,0+(%#*%03%0$%*0!.*0%+*(
/0* . /K  )1(0%M,.+*#!   2+5 /0.0!#5 "+. 0$!
 +,0%+*+"0$!,.+,+/(/50$!!.!0.%0* )!)!.
/00!/ 3/ (/+ !2!(+,! K  "0!. 0$! )!!0%*#H 0$!
+.#*%/0%+*/ )!0  !.!0.%0 +""%%(/ *  /1!//"1((5
 2+0!  "+. 0$! !4,!.0/ *  )%*%/0!.%( )!!0%*#/ +* 0$!
.+0++(0+!/$! 1(! "+..$dbbeK
$!.!"0!.H 0$! +.#*%/0%+*/ !).'!  +* *0%+*( (!2!(
 2+50.#!0%*#)%*%/0.%!/+" 1/0%!* !* !.0+J +,0
0$! ,.+,+/(/ 0+ /0.!*#0$!* 0$! ."0H +*"%.) 0$!%.
,.0%%,0%+* %* 0$!  !4,!.0/ *  )%*%/0!.%( )!!0%*#/H
+))%0 0+ /!*  !(!#0!/ 3%0$ (!#( *  $1)* .%#$0/
!4,!.0%/! ".+) 0$!%. ,%0(/ *  0+ %*(1 ! 3+)!*Q/ .%#$0/
+.#*%/0%+*/%*0$!+""%%( !(!#0%+*/K
.%+.0+0$!4,!.0/* %*%/0!.%(!!0%*#/H-1(%05+3\/
".% !#%+*( ""%! +*2!*!   /!+*  )!!0%*# +"
3+)!*\/ .%#$0/ 0%2%/0/ *  +.#*%60%+*/ *  * %*"+.)(
)!!0%*# 3%0$ !.)*!*0 !,.!/!*00%2!/ 0+ 0$! ".%*
*%+*H %* +. !. 0+ !*/1.! 0$0 0$! /1/0*0%2! ,.+2%/%+*/ +"
0$! ."0.+0++(3!.!/0.!*#0$!*!  1.%*#0$!!4,!.0/* 
)%*%/0!.%()!!0%*#/K
$%/ .!/1(0!  %*  /%#*%"%*0(5 %),.+2!  ."0 .+0++( 0$0
*+0 +*(5 )!0 10 /1,!./! !  %*0!.*0%+*( $1)* .%#$0/
/0* . / +* 3+)!*Q/ .%#$0/ / %/1//!  %* +0$!. /!0%+*/
%* 0$%/ ,1(%0%+*K $! ."0 3/ /1/!-1!*0(5  +,0!  +*
1(5 ccH dbbe 5 0$!  //!)(5 +" ! / +" 00! * 
+2!.*)!*0K $!  2+5 5 3+)!*Q/ +.#*%/0%+*/
.!,.!/!*0/  /1!//"1( )+ !( +" ++,!.0%+* )+*#
*0%+*(H .!#%+*( *  %*0!.*0%+*( 3+)!*\/ / 3%0$
+*.!0!.!/1(0/H*)!(50$!/0.!*#0$!*%*#+"0$!"%*(0!40+"
$!.+0++(K
  


    
  
 


.+0++(/* 0.!0%!/+"0$!!*0!.%*0+"+.!0$%.05 5/
"0!.0$! !,+/%0+"0$!"%"0!!*0$%*/0.1)!*0+".0%"%0%+*K5
.$dbbfH+*(5+*!)!)!./00!+"0$!M$!+)+.+/M
$  .0%"%!  %0K (!.(5H 0$! ,.+!// +" .0%"%0%+* 3/
,.+!! %*# /(+3(5 *  1.#!*0 0%+*/ 3!.! *!! !  0+
,.+)+0!H ,.+0!0 *  .!(%/! 0$! .%#$0/ +" 3+)!*K +0%*#
0$0 0.!* H "+1. +.#*%/0%+*/k)! 0+#!0$!. 0+ .!"(!0 +*
$+3 0+ 1%(  0$! )+)!*01) #%*!  ".+)  2+5 "+.
 +,0%+* 0+ !)*  "+. .0%"%0%+*K +*/!-1!*0(5H ci
+.#*%/0%+*/ cb M*0%+*(H .!#%+*(H %*0!.*0%+*(M0$0 $ 
 2+0! "+.0$! +,0%+*+"0$!.+0++(&+%*! 0+#!0$!.0+
"+.)  +(%0%+*M+(% .%05 "+. ".%* +)!*Q/ %#$0/
WX *  %0/ )!)!./$%, $/ /%*! #.+3* 0+ fe
+.#*%/0%+*//,.! 0$.+1#$+100$!+*0%*!*0K%*!dbbfH
eh

 $/ "+1//!  +* 0$! .0%"%0%+*H ,+,1(.%/0%+*H


+)!/0%0%+* *  %),(!)!*00%+* +" 0$! .+0++(K $!
+(%0%+* !/%#*!  /!2!.( ),%#*/ "+. 0$! .0%"%0%+* +"
0$!.+0++(K

*%0%((5 %0 (1*$!  0$! "%./0 !2!. )+%(! ,$+*! /$+.0 0!40
/!.2%!T)!//#! ),%#* 1!  R-1- '(0 N 0(&'>,
+" !-,SK+%(!,$+*!1/!./.+//0$!3+.( /!*0/$+.00!40
)!//#!/".+)0$!%.)+%(!,$+*!/0+/%#**+*(%*!,!0%0%+*
%* /1,,+.0 +"  ),%#* 1.#%*# ".%* #+2!.*)!*0/ 0+
.0%"50$!.+0++(K0+0(+"gcc)!//#!/%*/1,,+.0+"
0$! ,!0%0%+* 3!.! .!!%2!  ".+) dk ".%* +1*0.%!/H 3$%(!
)+.! 0$* cbbb ,!+,(! /%#*!  1, 0+ *  (!.0 (%/0 %*
+. !. 0+ .!!%2! 1, 0!/ +10 0$! ),%#* cc K $!
0!$*+(+#5!*(! 0$+1/* /+"".%*!((,$+*!1/!./0+
&+%* 0$! ),%#* *  .!!%2! 1, 0!/ +* 0$! ,.+#.!// +"
.0%"%0%+*K
!+* (5H%//1! *+*(%*!(("+..0%(!/%*/1,,+.0
+".0%"%0%+*+"0$!.+0++(0$03!.!,1(%/$! %*/,!%(
%//1! +" &3.$ 0, R*"%*%/$!  1/%*!//S * 
%.1(0! 0+(()!)!./00!/K
$! P+(+1.!  . / ),%#*Q 3/ 0$! 0$%.  /0.0!#5
0.#!0%*# +.!%#* ""%./ %*%/0!./ 0  1))%0/K $!5
.!!%2!  .! H 5!((+3 +. #.!!* . / !,!* %*# +* 0$!%.
/001/+".0%"%0%+*+"0$!.+0++(J.! M. "+./00!/0$0
$  *!%0$!. /%#*!  *+. .0%"%! I 5!((+3M.  "+. /00!/ 0$0
$ /%#*! 10*+0.0%"%! * I#.!!*. 0+$+*+1./00!/
0$0 $  /%#*!  *  .0%"%!  "+. 0$!%. +))%0)!*0 0+
3+)!*Q/.%#$0/K
$! "+1.0$ /0.0!#5 3/ &+%*0 "1* .%/%*# 5  0+
!*(! )!)!./ 0+ ..5 +10 *0%+*( ),%#*/ "+.
.0%"%0%+* 0 *0%+*( (!2!(K +. !4),(!H 4") 
/1!//"1((5 .%/!  "1* / 0+ /1,,+.0  ),%#*/
W1* !.0$!%/%*# !.+%!.+&!0X"+..0%"%0%+** T+.
%),(!)!*00%+* +" 0$! .+0++( %* /!2!* +1*0.%!/I $!
)%H %!.%H +6)%-1!H %#!.%H +10$ ".%H
*6*% *  #* K $! .0%"%0%+* 5 #* H 0$!
,//#! +" 2%+(!*! #%*/0 3+)!* (!#%/(0%+* %*
+6)%-1!* %#!.%* 0$!+)!*Q/%((%*0$!)%
.!'!5$%!2!)!*0/+"0$0),%#*K
%"0$(5H/!%6! 0$!,.%2%(!#!+. ! 0+)!)!./
/00!/ 0+ $+/0  +*"!.!*!/ *  1))%0/ 0+ !)+*/0.0!
0$!%. +))%0)!*0 0+ 3+)!*Q/ .%#$0/ 5 .0%"5%*# 0$!
.+0++(,.%+.0+0$!!2!*0/K535+"!4),(!H%* !*5%*
dbcbH ,.%+. 0+ !*5Q/ $+/0%*# +" 0$! (1*$ +" 0$! 
+)!*Q/ ! ! dbcbMdbdbH .0%"%0%+* 3/ /!1.!  5
)!)!./M
M !*5H+(%0%+*+*%+(!*!#%*/0
+)!* WXH H *  -1(%05 +3 ".%
!#%+*(""%!K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




%)%(.(5H %* #* H  )!)!./ (!  5 '%* )


3".%'W)XH%*+((+.0%+*3%0$0$!0%+*(".%
!!. !2%!3 !$*%/) WX +2!.*%*# +1*%( * 
/1,,+.0 ".+) +0$!.  )!)!./H #+0 +))%0)!*0 0$0
#* 3+1( .0%"50$!.+0++(,.%+.0+0$!$+/0%*#+"0$!
1))%0%* ),(%* 1(5dbcbH3$%$3/$%!2! K
*
-10+.%(1%*!H)!)!.//!%6! 0$!+,,+.01*%05
+"0$!%.,.!/!*!%*(+%* 1(5dbcc"+.0$!1))%0
0+ 2+0!"+..0%"%0%+*+"0$!.+0++(K$%/5%!( ! ".1%0
3$!*0$!%*%/0!."+.+%(""%./* 0$! 2*!)!*0+"
+)!* !,+/%0!  0$! %*/0.1)!*0 +" .0%"%0%+* 3%0$ 0$!
$%.,!./+*+"0$!+))%//%+*%*(+%*0$!,.!/!*!
+")!)!.MK
$! .!/%(%!*! +"  )!)!./ %*  2+0%*# "+. 0$!
.0%"%0%+* +" 0$! .+0++( !4,(%*/ %0/ "/0 !*0.5 %*0+ "+.!M
cj )+*0$/ +*(5 "+((+3%*# %0/  +,0%+* 0$!.!5 .!'%*# *
 .!+. N M*  0$! !2!. %*.!/%*# *1)!. +" .0%"%0%+*/
0$0/0++ 0eh+10+"gf)!)!./00!//+" 1*!dbceK
%/ !0!.)%*!0+$%!2!1*%2!./(.0%"%0%+** H%*
dbcdH+* 10! ),,%*#/01 5.+//+1*0.%!/0$0$2!
*+0 .0%"%!  cb 5!./ /%*! 0$! .+0++( 3/  +,0!  5 0$!
K $! /01 5 $/ $%#$(%#$0!  0$! +/0(!/ 0+ .0%"%0%+*
*  ) ! .!+))!* 0%+*/ 0$0 $2! !!* %*+.,+.0! 
%*0+0$!+(%0%+*Q/ 2+5/0.0!#%!/K


      J





$/(/+%*2!/0! %*!*/1.%*#0$0%0%6!*/.!3.!
+" 0$! +*0!*0/ +" 0$! .+0++( %* +. !. 0+ !)*  "+. %0/
%),(!)!*00%+*K $%/ $/ !!* $%!2!  0$.+1#$ 2.%+1/
/0.0!#%!/K $! "%./0 %/ ,1(%0%+* +" /!2!.( ++'/ * 
/,!%( %//1!/ +" )61' !3/ cd W+*(%*! *!3/(!00!.
,1(%/$!  5   3%0$ 3% ! .!$ %* ".% * 
!5+* XK $! ,1(%0%+*/H !2!(+,!  0$.+1#$ R(( "+.
.0%(!/SH+2!. %""!.!*00$!)!/+*0$!.+0++(/1$/0$!
,.!M.0%"%0%+*H g0$ **%2!./.5 +" 0$! .+0++(H 0$!
!%&%*#mcg ,.+!// *  (%*'#!/ !03!!* 0$! .+0++( * 
0$! !%&%*# (0"+.) "+. 0%+*H 0$! eb0$ **%2!./.5 +" 0$!
+*2!*0%+*+*0$!(%)%*0%+*+"((+.)/+"%/.%)%*0%+*
#%*/0 +)!* WX !0K  (/+ ,1(%/$!/ 
-1.0!.(5 +*(%*! *!3/(!00!. %* *#(%/$H .%H .!*$ * 
+.01#1!/! 0+ %//!)%*0! )!)!./Q ),%#*/H $((!*#!/
* ,.+#.!//* (!//+*/(!.*0K
!+* (5H  )!)!./ $2! ,(5!   .%0%( .+(! %*
!2!(+,%*# ,+,1(. 2!./%+*/ +" 0$! .+0++( *  0.*/(0%*#
*  %//!)%*0%*# 0$! .+0++( %* ".%* (*#1#!/ %*
/!2!.(+1*0.%!/K
$%. (5H  *    !2!(+,!  * 3. 
3%**%*# %+.)R.+//.+ /S0$0$/!!*0.*/(0! 
ei

%*0+ /!2!* (*#1#!/ *  1/!  .+// 0$! +*0%*!*0M !*5H


+#+H #* H !*!#( *  +10$!.* ".%K $! .) $/
!!* * !""!0%2! 0++( 0+ ,+,1(.%6! 0$! .+0++( %*.!/%*#
3.!*!// * 
!)*  "+. %0/ .0%"%0%+* * 
%),(!)!*00%+*K
$! "+1.0$ /0.0!#5 %/  "+1/ +* 0$! 5+10$K 
+.#*%6!   5+10$ !//5 +),!0%0%+* (!  5 ((%*!/ "+.
".%H -1(%05 +3H   *  K +1*# ,!+,(!
3!.!/'! 0+.!/,+* 0+0$!-1!/0%+*R$5%/0$!.+0++(
+* 0$! %#$0/ +" +)!* %* ".% %),+.0*0 0+ 5+1OS %* *
!//5+")4%)1)+"dbbb3+. /%**#(%/$+..!*$K$!
/%43%**%*#!//5/3!.!,1(%/$! +*&3.$0,K$!
3%**!./3!.!"%(%00! 50+00!* 0$!1))%0
%* *1.5dbcdK
%"0$H  $+/0/ *  +M+*2!*!/ 3%0$ ,.0*!./ 2.%+1/
,1(% !0!/H )!!0%*#/H +'0%(/ 0+ ,+,1(.%/! 0$!
.+0++(K  /!%6!/ 0$! +,,+.01*%0%!/ ,.+2% !  5 0$!
**1(0.0!#5!2%!3* (**%*#!!0%*#/H0$!
%M**1(  1))%0/ *  **%2!./.%!/ +" 0$! .+0++( 0+
+.#*%/!1(%!2!*0/+*0$!.+0++(K
%*((5H  $/ !2!(+,!  3+.'%*# .!(0%+*/$%,/ 3%0$
%""!.!*0+.#*/* +""%!/+"0$!*%0! 0%+*/* 0$!
/ 3!(( / #+2!.*)!*0/H &1.%/0/ *  ,.(%)!*0.%*/ 0
*0%+*((!2!(K%0$%*0$!H3+.'/3%0$0$! H
$! * ".%* .(%)!*0H 0$! ".%* *%+* +))%//%+*
W+%( ""%./H ""%! +" 0$! !#( +1*/!( *  $! +)!*
!* !. *  !2!(+,)!*0 %.!0+.0!XK $! ,.0*!./$%,/
$2! !*(!   0+ ,.+2% ! 0!$*%( /1,,+.0 3$!.!
*!!//.5H +M$+/0 )!!0%*#/ *  0.%*%*# /!//%+*/ * 
!2!(+, &+%*0 /0.0!#%!/ "+. 0$! %*/0%010%+*/ 0+ /1,,+.0
)!)!./00!/0+%),(!)!*00$!.+0++(+.0+ +)!/0%0!
0$! .+0++( 3%0$%* 0$!%. )* 0!K / !)+*/0.0!  5
,.0*!./$%,/ .+1*  0$! ,1(%0%+* +" 0$%/ ++'H 
+*0%*1!/ 0+ %*2%0! *  .!/,+*  0+ %*2%00%+*/ ".+) +0$!.
+(%0%+*/H *!03+.'/ *  +.#*%/0%+*/ 0+ %*"(1!*! 
,.+!//!/*  !%/%+*/+*3+)!*Q/.%#$0/K


 

 

Q
J



 

$! +2!..$%*# %) +" 0$! .+0++( %/ 0+ !*$*! 0$!
!*&+5)!*0H ,.+0!0%+* *  ,.+)+0%+* +" 3+)!*Q/ $1)*
.%#$0/ 0 *0%+*( (!2!(K
0 %/ (1 (! 0$0 )+.! 0$* $(" +"
)!)!./00!/$2!.0%"%! 0$!.+0++(K +3!2!.H3%0$
0$!!4!,0%+*+"3* H0$!/(+3,!+"%),(!)!*00%+*+.
(' 0$!.!+" 5 /00!/ 0$0 $2! .0%"%!  %0 %/ %/,,+%*0%*#K
$%/+*!.*(%!/00$!$!.0+"%*0!.2!*0%+*//%*!
dbcb 0+  .!// 0$! #,/ !03!!* +))%0)!*0 * 
%),(!)!*00%+*+"0$!.+0++(K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




$! "%./0 %*0!.2!*0%+* %/ !*+1.#%*# 0$! ,,(%0%+* +" 


)1(0%M/!0+. ,,.+$ )+ !( !2!(+,!  5  +)!* %*
dbcbceK  %* /0.0!#% ,.0*!./$%, 3%0$  +)!*
%%/+* ""%! 3%0$ 0$! ".%* *%+* $2! !).'!  +*
!2!(+,%*#  ,++( +" *0%+*( .!/+1.!M,!./+*/ 0+ ,.+)+0!
* /1,,+.00$! !2!(+,)!*0+")1(0%M/!0+.".)!3+.'/0
*0%+*((!2!(0+"/00.' !(%2!.5+".%#$0/!*/$.%*! %*0$!
.+0++(K $! )+ !( 1%( / +* 0$! !4,!.%!*!/ *  (!//+*/
(!.*! ".+))1(0%M/!0+.,,.+$!/1/! %*+0$!.0$!)0%
.!//1$/0$!,.+)+0%+*+"1*%2!./(,.%).5! 10%+*H
*  .%/%*# ,1(% 3.!*!// +*
 *  
K $! )1(0%M
/!0+.,,.+$,.!)%/! .3/".+)0$!,.%*%,(!0$0!$
+.#* *  !,.0)!*0 +" #+2!.*)!*0 %/ .!/,+*/%(! * 
+1*0(!"+."1("%((%*#0$!%.+(%#0%+*/1* !.0$!.+0++(
2%/M7M2%/3+)!*Q/.%#$0/"((%*#3%0$%*%0/)* 0!K

!)!.00!/%**#(%/$H.!*$* +.01#1!/!K +,!"1((5


0$!/! !""+.0/ 3%(( !*+1.#! /00! ,.0%!/ 0+ 0$! .+0++( 0+
%),(!)!*0%0* /1)%0.!,+.0/K

 *   +)!* %* ,.0*!./$%, 3%0$ 0$! 


+))%//%+* $2! &+%*0(5 +*2!*!  03+ +*"!.!*!/ 3$!.!
0$! )1(0%M/!0+. ".)!3+.' 3/ %*0.+ 1!  0+ dj +1*0.%!/
0$0 $2! .0%"%!  0$! .+0++(K $!5 $2! (/+ +.#*%/! 
0.%*%*# "+. #+2!.*)!*0 +""%%(/ *  %2%( /+%!05 +* 0$!
".)!3+.' *  )+%(%6!   %0%+*( /1,,+.0 "+. !%#$0
+1*0.%!/ 0$0 .! 3%((%*# 0+ ,%(+0 0$! ".)!3+.'K
0 %/
!*2%/#!  0$0 0$! !4,!.%!*!/ *  .!/1(0/ +" 0$! !%#$0 3%((
,.+),0 +0$!. +1*0.%!/ 0+ %),(!)!*0 0$! ".)!3+.' / 
0++("+. +)!/0%0%+** %),(!)!*00%+*+"0$!.+0++(K

$! /!+*  /0.0!#5 $/ !!* 0+ ++/0 ,%05 "+. 0$!
%),(!)!*00%+* +" 0$! .+0++( %* (%0%#0%+*K
* 0$%/ .!#. H
-1(%05 +3H +* !$(" +" H !2!(+,!   R." -(
,"' -!+(-((%('-!" !-,((&'(+  %-"('@0+
$!(,&1.%/0/* 0%2%/0/0+"%(%00!0$!!4!.%/!+"0$!.%#$0/
/!0 +10 %* 0$! .+0++( %* /!/ .+1#$0 !"+.! +)!/0%
+1.0/ *  $+3 0+ .%*# +),(%*0/ +" 2%+(0%+*/ +" 0$!
.+0++(0+.!#%+*(&1 %%()!$*%/)//1$/0$! 
*  0$! ".%* +1.0 +* 1)* *  !+,(!/Q %#$0/K
-1(%05+3T$/#+*!"1.0$!.0++.#*%/!0.%*%*#
"+.(35!./H3+)!*Q/.%#$0/0%2%/0/* (3//+%0%+*/0+
1/!0$!)*1(0+!*"+.!0$!.+0++(K
$! 0$%.  %*0!.2!*0%+* %/ +* .!,+.0%*#K 00!/ 0$0 $2!
.0%"%!  0$! .+0++( .! .!-1%.!  0+ .!,+.0 !2!.5 03+ 5!./
+* 0$! (!#%/(0%2!H &1 %%(H  )%*%/0.0%2! *  +0$!.
)!/1.!/ 0'!* 0+3. / "1(( .!(%/0%+* +" 0$! .%#$0/ * 
".!! +)/ +" 3+)!* !*/$.%*!  %* 0$! .+0++(K + "%(%00!
0$0H  0$.+1#$ %0/ )!)!.M!*0.! "+. 1)* %#$0/H
*%2!./%05 +" .!0+.%M ,.+2% !  0!$*%( /1,,+.0 0+ 0$!
 0+ !2!(+,#1% !(%*!/+*.!,+.0%*#0$03!.! +,0! 
50$! %*dbcbK
*dbccH,.0*!.! 3%0$0$!
,!%( ,,+.0!1. +* 0$! %#$0/ +" +)!* %* ".% %*
+.#*%6%*# 0.%*%*# +* #1% !(%*!/ +* .!,+.0%*# +* 0$!
.+0++(K $!*H %* dbcdH  /1,,+.0!  0$! ,!%(
,,+.0!1.%* %//!)%*0%*#+,%!/+"0$!1% !(%*!/0+
ej

./(.- ,)'."'#1# ,3-"))&) &-",.

(.,(.#)(&)'(J-3',"#(),.", /,>").)

  






dbbfO
 $/ )*#!  0+ 1%(   "+.)% (! +(%0%+* 0
.!#%+*( *  *0%+*( (!2!(/ 0$0 +*/%/0!*0(5 !*/1.!/ 0$0
0$! .+0++( .!)%*/ +* 0$! #!*  +"  )!)!. /00!/K
$!  +(%0%+*Q/ )+ !(J P+*! 1*%0!  2+%! +* 
+))+* #!*  .%*#%*# 0+#!0$!.
%2!./! #.+1,/
W%*0!.*0%+*(H .!#%+*(H *0%+*( *  (+(X 0,,%*# %*0+
2.%+1/ *!03+.'/ *  .!(0%+*/$%,/ 0+ ,// +*! )!//#!
1/%*# )1(0%,(! )! % *  (*#1#!/Q +1(  ! !)1(0!  5
+0$!.),%#*/K
$! 2+5"+.0$!.0%"%0%+** %),(!)!*00%+*+"0$!
.+0++($/.!0! /0.+*#3+)!*Q/)+2!)!*0/0*0%+*(
(!2!(K+.!4),(!H0$!+)!*%./0+(%0%+*%*#* H$!
%#!.%*   +(%0%+*H *  0$! !* !. 0%+* !) %* 0$!
)% $2! /0.!*#0$!*!  3+)!*Q/ 2+%!/ %* !)* %*#
*0%+*( (!2!( .0%"%0%+* *  0$! %),(!)!*00%+* +" 0$!
.+0++(K (0$+1#$ #!* !. !-1(%05 *  3+)!*Q/
!),+3!.)!*0 %/ 5!0 0+ ! "1((5 $%!2!  %* ".%H 3%0$
3+)!*Q/ )+2!)!*0/ (%'!  *  !)!.#%*# *0%+*(
(!2!( +(%0%+*/H #+2!.*)!*0/ **+0 !/,! 0$! ,.!//1.! 0+
3('0$!%.0('+*3+)!*Q/.%#$0/+))%0)!*0/K
 $/ !)+*/0.0!  0$0 0.!0%!/ *  .+0++(/ *!! 
*+00'!5!./0++)!%*0+"+.!%"%2%(/+%!05+.#*%/0%+*/
..5+10%*0!*/!),%#*/K$!.+0++()!%*0+"+.!%*
.!+. !%#$0!!*)+*0$/ 1!0+Q/ 2+5H0$!.!5
!+)%*# 0$! "/0!/0 $1)* .%#$0/ %*/0.1)!*0 0+ +)! %*0+
"+.!%*0$!$%/0+.5+"0$!TK+ 0!eh+10+"gf
)!)!./00!/$2!.0%"%! %0K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




$!.+0++(,.+2% !/*!3/0* . 0$0*0%+*(* /1M


.!#%+*( (3/ +* 3+)!*Q/ .%#$0/ )1/0 )!!0K 3*  %/ 
/! %* ,+%*0 3$!.! %0 $/ %),(!)!*0!  0$! .+0++( .+//
(( #+2!.*)!*0 /!0+./ *  $! )% $/  +,0!  
P+)!*Q/ %((Q 0+ %),(!)!*0 %0/ +))%0)!*0/ +* 3+)!*Q/
.%#$0/ !*0!.!  %*0+ 0 0$! .!#%+*( *  %*0!.*0%+*( (!2!(/
%*(1 %*#0$!.+0++(K
0 0$! /1M.!#%+*( (!2!(H 0$!  ),%#* +""!./ 
)+ !("+.+((+.0%+** &+%*00%+*)+*#+.#*%/0%+*/
0+ !)*  "+. 3+)!*Q/ .%#$0/ %*/0.1)!*0/ 3%0$ 0$!
+*+)% +))1*%05 +" !/0 ".%* 00!/ WXH
+10$!.* ".% !2!(+,)!*0 +))1*%05 WX *  /0
".%* +))1*%05 WX  +,0%*# +.
!2!(+,%*#
!(.0%+*/ +* #!* !. !-1(%05 /  .!/1(0 +"  2+5
+..+3%*#".+)Q/),%#*K
1!0+Q/,1(%/!*/%0%60%+*),%#*/H0$!.+0++(
$/!+)!,1(%! 10%+*0++(+*3+)!*Q/.%#$0/00$!
*0%+*( *  #.//.++0/ (!2!(/K  )!)!./ %* $!
)%H %!.%* *6*%$2!0.*/(0! 0$!,.+2%/%+*/
+" 0$! .+0++( %*0+ /+*#/K 0$!.  )!)!./ $2!
,1(%/$!  /%),(%"%!  2!./%+*/ +" 0$! .+0++( * T+.
0.*/(0!  0$! .+0++( %*0+ (+( (*#1#!/ 0+ "%(%00!
!// 5 3+)!* *  0$! ,1(% 0 (.#!K $%/ $/
!*+1.#! %0%6!*/0+ !)* "+.0$!%),(!)!*00%+*+"0$!
.+0++(Q/ ,.+2%/%+*/K +. !4),(!H 0$! .+0++( $/ !!* 
)&+. ++/0 0+ 0$! ),%#* #%*/0 "!)(! #!*%0(
)10%(0%+*WX%* %!.%* *6*%K

0!$!.H0$!/$++(H0$!00+.*!5!*!.(H* 0$!%*%/0.5+"
 10%+* "+. "%(%*# 0+ ,.+0!0 $!. ".+) /!41( 2%+(!*!
3$%(!/$!3/%*0$!/$++(K1.%*#0$!0.%(H0$!(35!.%0! 
0$! .+0++( #%2!* 0$0 )% %/  /00! ,.05 0+ 0$!
.+0++(K $! &1 #!H %* $%/ !%/%+*H .!"!.!*!  0$! (35!.Q/
1/! +" 0$! .+0++( *  -1+0!  .0%(! fK $%/ %/  +))+*
3 &1 #)!*0 0$0 * ! 1/!  /  ,.!! !*0 %* +0$!.
+))+* (3 +1*0.%!/ 3$!* %0%*# %*/0*!/ 3$!* 0$!
#+2!.*)!*0 $/ !!* $!(  +1*0(! "+. 0$! 2%+(0%+* +"
.%#$0/,.+2% ! "+.%*0$!.+0++(K
%*((5H Q/ ,+,1(.%60%+* +" 0$! .+0++( $/
!4,* !  0$! %/+1./! +* 3+)!*Q/ .%#$0/ %* ".% %*0+
.!/ 0$0 3!.! $%0$!.0+ +*/% !.!  P*+ #+ 6+*!/Q /!00%*#
*!3 %*0!.*0%+*( /0* . / +* /!41(H .!,.+ 10%2! $!(0$
* .%#$0/H"!)(!#!*%0()10%(0%+*WX* ,+(5#)5K
 

$!.! %/ *+ +10 0$0 0$! .+0++( %/ 1/!(!// %" %0 +!/ *+0
+*0.%10! 0+ /1/0*0%( $*#!/ %* 0$! /%010%+* +" 0$!
".%*3+)!** #%.(/K$!.!(0!/0+")!)!./00!/Q
+))%0)!*00+3+)!*Q/.%#$0/(%!/%*0$!%.0%+*/0+3. /
0$!%),(!)!*00%+*+"0$!.+0++(K
0%/,00+.!((0$0I
$! .+0++( +""!./ 1/  0++( "+. 0.*/"+.)%*# 0$! 1*!-1(
,+3!. .!(0%+*/ !03!!* )!* *  3+)!* 0$0 (%! 0 0$!
$!.0+"#!* !.%*!-1(%05* 3+)!*Q/+,,.!//%+*K

H 0$.+1#$ -1(%05 +3H $/ (/+ +*0.%10!  0+ 0$!


 2*!)!*0 +" *0%+*( &1.%/,.1 !*! +* 3+)!*Q/ .%#$0/K

* )%H  ce 5!.M+(  #%.( 3/ .,!  5 $!. 0!$!.K


$.+1#$(35!.H%2%(/1%03/%*/0%010! #%*/00$!

$0 3! *!!  %/ "+.  0+ ! &+%*!  5 +0$!./ 0+ ,1/$
* #!*  0+ !)*  +*.!0! 0%+* 5 ".%* (! !./ 0+
0$! !4%/0%*# +))%0)!*0/ %* 0$! .+0++(K $%/ %/ *+0 0+
!*!"%0 3+)!* +*(5 10 (( ".%* %0%6!*/ U )!* * 
3+)!*K

ek

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



001/+"0%"%0%+*+"0$!.+0++(HdbbeMdbce 

"0!.0$! +,0%+*+"0$!.+0++(0+0$!".%*$.0!.+* 1)** !+,(!/Q%#$0/+*0$!%#$0/+"+)!*%*".%%* 1(5
dbbeH3+)!*Q/* $1)*.%#$0/+.#*%60%+*/3!.!+*!.*! +100$!(#%*.0%"%0%+**  +)!/0%0%+*+"0$!.+0++(K
*
,.%( dbbfH 0$!/! +.#*%60%+*/ *+0!  0$0 +*! 5!. "0!.  +,0%+*H +*(5 +*! +1*0.5H $! +)+.+/H $  .0%"%!  0$! .+0++(K
*
.!/,+*/!H /!2!.( *0%+*(H .!#%+*( *  %*0!.*0%+*( +.#*%60%+*/ "+.)!  0$! +(% .%05 "+. ".%* +)!*Q/ %#$0/ +(%0%+*
WX3$+/!)%//%+*3/0+!*/1.!0$!.0%"%0%+*H +)!/0%0%+*H%),(!)!*00%+*H* ,+,1(.%60%+*+"0$!.+0++(K

* *1.5 dbbgH 1.%*# 0$! ".%* *%+* WX 1))%0 %* 1&H %#!.%H  )!)!./ 1/!  * %**+20%2! +(+1. . 
),%#* 0+ $%#$(%#$0 0$! !(5 %* .0%"%0%+* *   2+0! "+. /,!! %!. 0%+* +* 0$! ,.0 +" !)!. 00!/K 0 0$! 1))%0H
 )!)!./ %/0.%10!  #.!!* . / 0+ .!,.!/!*00%2!/ +" !)!. 00!/ 0$0 $  .0%"%!  0$! .+0++(H 5!((+3 . / 0+
.!,.!/!*00%2!/ +" 0$+/! /00!/ 0$0 $  /%#*! H 10 *+0 .0%"%!  0$! .+0++(H *  .!  . / 0+ 0$+/! 3$+ $  *!%0$!. /%#*!  *+.
.0%"%! 0$!.+0++(K
%*!dbbgH$/1/! 1))%0//*+,,+.01*%050+.!)%* !)!.00!/+"0$!%.+))%0)!*00+.0%"50$!.+0++(/
.!""%.)! %*0$!+(!)*!(.0%+*+*!* !.-1(%05%*".%* 0+1.#!0$!)0+ +/+/)00!.+"1.#!*5K
$! ),/ ,.!/!*0!  %* 0$! "+((+3%*# ,#!/ +(+1. + ! +1*0.%!/ /!  +* 0$!  .  ),%#* *  %* %0! 0$! /001/ +"
.0%"%0%+*%*dbbe/+),.! 0+dbce

fb

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


../-) .# #.#)(',NLLO

W(.+-,2((2"-(.6!&.-0(+$,(+("% .,-"6LJKMX


fc

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



../-) .# #.#)(3NLMO


W(.+-,2((2"-(.6!&.-0(+$,(+("% .,-"6LJKMX



fd

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




 
   
   Q

  
 



/.")(#/,##."#


* ".%H 3+)!*Q/ .%#$0/ $2! +"0!* !!* 2%!3!  /


+*0.+2!./%(H .!0%*#  (1..5 (%*! !03!!* 0$! *!!  0+
,.+0!0 $1)* .%#$0/ %* #!*!.( *  0$! ,.!/!.20%+* +"
".%* % !*0%05H 1(01.! *  )+.(%05K $%/ %/ !/,%0! 0$!
1*%2!./( .0%"%0%+* +" 0$! ".%* $.0!. +* 1)* * 
!+,(!/Q%#$0/W0$!R".%*$.0!.SX5".%*/00!/* 
0$! !4,(%%0 $1)* .%#$0/ #1.*0!!/K $! ".%* $.0!.
!#%*/ 5 /00%*# 0$0 (( %* %2% 1(/ .! !*0%0(!  0+ 0$!
!*&+5)!*0 +" 0$! .%#$0/ *  ".!! +)/ 3%0$%* %0 3%0$+10
%/0%*0%+* +" *5 '%*  %*(1 %*# /!4cfK + "1.0$!. .!%*"+.!
/00!+(%#0%+*/0+3. /3+)!*H0$!".%*$.0!.((! 
+* 00! .0%!/ 0+ !*  (( "+.)/ +" %/.%)%*0%+* #%*/0
3+)!* *  0+ #1.*0!! 0$! ,.+0!0%+* +" 3+)!* /
,.+2% !  "+. 3%0$%* +0$!. %*0!.*0%+*( %*/0.1)!*0/ 0$0
/00! ,.0%!/ $2! .0%"%! Kcg!/,%0! 0$!/! (!. ,.+2%/%+*/
3%0$%* 0$! ".%* $.0!.H 3+)!*Q/ .%#$0/ $2! /0%(( !!*
1* !..0!  !/,!%((5 3$!* &140,+/!  3%0$ 0$! ".%*
$.0!.,.+2%/%+*/+*0$!,.+0!0%+*+"0$!")%(51*%0H3$%$
%/0$!1/0+ %*+")+.(%05* 0. %0%+*(2(1!/chK$!'!5
$((!*#! +" +1./! %/ *+0 0$! ,.+0!0%+* +" 0$! ")%(5 1*%0
100$!2#1!*!//+"0$!+*!,0/+"P)+.(%05* 0. %0%+*(
2(1!/QK
++ +"0!* 1(01.! %/ 1/!  /  &1/0%"%0%+* "+. 0$! !*%( +"
3+)!*Q/ .%#$0/K $%(! !2!.5 +))1*%05 $/ 0. %0%+*/ * 
1/0+)/ 3$%$ %0 $+( / !.H /+)! * ! !*!"%%( 0+ 0$!
3$+(!+))1*%05* +0$!./*!$.)"1(0+3+)!*H"+.
!4),(!H !)(! !*%0( 10%(0%+* WXI !.(5 )..%#!I
!*%(+",.+,!.05.%#$0/* %*$!.%0*!0+)!*0%+*"!3K
$%/('+"(.%05+"$1)*.%#$0/2%/M7M2%/0$!,.!/!.20%+*
+" 0. %0%+*/H +1,(!  3%0$ 0$! )// 2%+(0%+*/ #%*/0
".%*3+)!*H(! 0+0$!3+)!*Q/)+2!)!*0 !)* %*#*
".%* (!#( ".)!3+.' !.%2%*# ".+) 0$! ".%* $.0!.
0$03+1( /,!((+10(!.(50$!.%#$0/+"3+)!*%*".%2%/M
7M2%/1(01.!* .!(%#%+** +*!* "+.((!* 0$! !0!
+* 3$!0$!. +. *+0 ".%* 3+)!* 3!.! !*0%0(!  0+ 0$!
,.+0!0%+*/#1.*0!! 3%0$%*0$!".%*$.0!.* +0$!.
$1)*.%#$0/%*/0.1)!*0/0$0".%*+1*0.%!/$ .0%"%! K
$! .+0++( 0+ 0$! ".%* $.0!. +* 1)* *  !+,(!/Q
%#$0/+*0$!%#$0/+"+)!*WR$!.+0++(SX3/ +,0! 
+* cc 1(5 dbbe 5 0$! !  +" 00!/ *  +2!.*)!*0/ +"
0$! ".%* *%+* WXH !+)%*# 0$! "%./0 3+)!*Q/ .%#$0/
(!#( ".)!3+.' "+. 0$! ,.+0!0%+* +" 3+)!*Q/ .%#$0/ %*
".% *  .!0%*# * +(%#0%+* +* /00! ,.0%!/ 0+ .!/,!0
* ,.+0!00$!/!.%#$0/K*dg0$+2!)!.dbbgH0$!
fe

.+0++( )! %*0+ "+.! ).'%*#  01.*%*# ,+%*0 "+. 0$!


3+)!*+"".%K
/3!!(!.0!0!*5!./+"0$! +,0%+*+"0$!.+0++(5
0$!H%0%/3+.0$50+!4)%*!/+)!+"0$!,.+)%/!/0$00$!
.+0++(,.!/!*0/K$%/,,!.3%(((++'0*1)!.+".%#$0/
*  ".!! +)/ 3%0$%* 0$! .+0++(H /%010! 0$! /)! 3%0$%*
0+ 5Q/ +*0!40 0!* 5!./ "0!. %0/  +,0%+*H *  % !*0%"5
+,,+.01*%0%!/ "+. 0$! .!(%60%+* +" 0$!/! .%#$0/K $! ,,!.
3%(( (/+ % !*0%"5 /+)! /$+.0+)%*#/ +" 0$! .+0++( * 
,.+,+/! 35/ 0+ .!)! 5 0$!/!K (0$+1#$ 0$! ,,!. 3%(( *+0
 .!// !$ +" 0$! .+0++(Q/ %* %2% 1( ,.+2%/%+*/H %0 3%((
%*0!.(%*' 0$!)H .!+#*%6%*# 0$! +2!..$%*# %//1!/ 0$0
2.%+1/,.+2%/%+*/ .!//K
 

$!.+0++($/!!*$%(! /+*!+"0$!)+/0,.+#.!//%2!
3+)!*Q/ .%#$0/ %*/0.1)!*0 #(+((5 *  (0$+1#$ %0
+..+3! $!2%(5".+)0$!+*2!*0%+*+*0$!(%)%*0%+*+"
(("+.)/+"%/.%)%*0%+*#%*/0+)!*WXH%00++'
/+)! +(  /0!,/ 0+ .0%1(0!  %0%+*( 3+)!*Q/ $1)*
.%#$0/ 0$0 $  *+0 !!* !4,(%%0(5 ,.+2% !  "+. 3%0$%*
 *  +0$!. %*0!.*0%+*( $1)* .%#$0/ %*/0.1)!*0/K

* %0/ ,.!)(!H 0$! .+0++( +/!.2!/ 0$0 /00! ,.0%!/ .!


?-+&"' -( ',.+ -! +" !-, ( 0(&' + )+(&(-6
+%"3')+(--"'(++(+-!&-('#(2.%%2%%-!"+
!.&'+" !-,9@$%/*!/!!*0+!"%.)+))%0)!*05
/00!,.0%!/0+$+*+1.((0$!.%#$0/3%0$%*0$!.+0++(* 
!(%2!.0$!,.+)%/!+"0$!"1((.!(%60%+*+"3+)!*Q/$1)*
.%#$0/K






*5 ,+/0M%* !,!* !*! +*/0%010%+*/ MM/1$ / 0$! +( 
!*5* +*/0%010%+* *  0$! 1..!*0 )%* +*/0%010%+*
)+*# +0$!./MM,.+2% !  "+. *+*M %/.%)%*0%+* *  #!* !.
!-1(%05 (1/!/ ci 10 ,(!  * !4!),0%+* 0+ 0$!%.
,,(%%(%05 %* .!(0%+* 0+ )00!./ +" ,!./+*( (3H 3$!.!
1/0+).5 (3 3/ %*/0!  ,,(%! K 1 #!/ %* 0$!/!
&1.%/ %0%+*/ %*0!.,.!0!  0$!/! +*/0%010%+*( !.+#0%+*
,.+2%/%+*/ / ,!.)%00%*# 0$! ,,(%0%+* +" ,.+2%/%+*/ +"
1/0+).5(30$0 %/.%)%*0!#%*/03+)!*cjH"%(%*#0+
0'! %*0+ +*/% !.0%+* 0$! /00!Q/ +(%#0%+*/ 1* !.
%*0!.*0%+*( *  .!#%+*( $1)* .%#$0/ %*/0.1)!*0/K 
*
 .!//%*#0$%/$((!*#!H?-!+(-((%%%,(',--)+-",

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




-( %"&"'- %% (+&, ( ",+"&"'-"('  "',- 0(&'6 '


"1.0$!.1.#!/0$!)0+=&("2-!,("%'.%-.+%)--+',
( ('.-:0"-!  /"0 ( !"/"'  %"&"'-"(' ( !+&.%
.%-.+%'-+"-"('%)+-",0!"!+,('-!"
("'+"(+"-2(+-!,.)+"(+"-2("-!+(-!,1,9>&*
+ 2+%  *5 +10 / 0+ 0$! /0*! +" 0$! .+0++( +* 0$!
,,(%0%+* +" *!#0%2! 1/0+).5 (3/ *  ,.0%!/H %0
,.+2% !/"+.0$!.%#$0/+"3+)!*%*)..%#!*  %//+(10%+*
+" )..%#!dbH .!M!),$/%6!/ 0$! )%*%)1) #! +" )..%#!
/ !%#$0!!* 5!./H *  ,.+2% !/ "+. ,.+0!0%+* +" 3+)!* %*
,+(5#)+1/)..%#!/dcK$!.%#$0/%*)..%#!*  %2+.!
.! %*0.%0!(5 (%*'!  0+ 3+)!*Q/ !// 0+ (*  * 
,.+,!.05K ..%#! "+. )*5 3+)!* %* ".% %/ 0$! )!*/
0$.+1#$ 3$%$ 0$!5 #%* !// 0+ (*  *  ,.+,!.05K
0
,.+2% !/ !// 0+ (*  &1/0 / (+*# / 0$! 3+)* %/ /0%((
)..%!  0+ 0$! )*K ,+* %2+.! +. !0$ +" 0$! $1/* H
3+)!*+"0!*"%* 0$!)/!(2!/ !*%! !//0+0$!(* * 
,.+,!.05H/0$!5 +*+0$2!0$!.%#$01* !.1/0+).5(3
0+%*$!.%0K
$!.+0++(0++'+#*%6*!+"0$!/!"0+./* ,.+!! ! 
0+/,!((+10(!.(50$!.%#$0/+"3% +3/%*(1 %*#0$!.%#$0/
0+!0$!#1. %*+"0$!%.$%( .!*H0$!.%#$00+.!M)..5* 
0+ )..5  ,!./+* +" 0$!%. $+%!dd/ 3!(( / 0$!%. .%#$0 0+
%*$!.%0 0$!%. !!/!  $1/* Q/ ,.+,!.05 *  0$! .%#$0 0+
(%2!%*0$!)0.%)+*%($+)!Kde+)!*(/+$2!0$!.%#$00+
%*$!.%0%*!-1%0(!/$.!/0$!%.,.!*0/Q,.+,!.0%!/K

 

*!+"0$!)+/0,.+#.!//%2!!(!)!*0/+"0$!.+0++(%/0$0
%0 ,.+2% !  (.%05 +* 0$! ,1(%T,.%20! %$+0+)5 !0!H
!/,!%((5 .!2+(2%*# .+1*  /00! +(%#0%+* 0+ ,.+0!0
3+)!*".+)2%+(!*!K
0/,!%"%((5((/+*00!.0%!/0+
!*0 *  !*"+.! (3/ 0+ ,.+0!0 3+)!* *  #%.(/ ".+) ((
"+.)/+"2%+(!*!3$!0$!.0$%/2%+(!*!0'!/,(!%*,1(%
*  ,.%20!Kdf+.  (+*# 0%)!  !0! $/ !*/1!  )+*#
/00!/ *  $1)* .%#$0/ /$+(./ +* 0$! !40!*0 0+ 3$%$
/00!/ * %*0!.2!*! %* 0$! ,.%20! /,$!.!K
0 3/ *+0!  5
)*5 0$0 /00! (!#( .!#1(0%+*/ 3%0$%* 0$! ,1(% /,$!.!
3/*01.(* *!!//.5H3$!.!//%)%(..!#1(0%+*%*0$!
,.%20! /,$!.! %*0!."!.!  3%0$ 0$! .%#$0 0+ ,.%25K
*"+.01*0!(5"+.)*53+)!*H%0%/3%0$%*/+((! P,.%20!
/,$!.!/Q 0$0 *1)!.+1/ $1)* .%#$0/ 2%+(0%+*/ +1.H "+.
!4),(! +)!/0% 2%+(!*!H .,! *  +0$!. "+.)/ +" /!41(
2%+(!*! ,!.,!010!  5 ,!./+*/ +"0!* 3!(( '*+3* 0+ 0$!/!
3+)!*K!)%*%/0/$2!.#1! "+.(+*#0%)!0$0/$%!( %*#
0$!,.%20!/,$!.!".+),1(%/.10%*5/!.2!/0+,!.,!010!
)(! +)%*0%+*%*0$!")%(5dg* H
3+1(  H&1/0%"50$!
2%+(!*!+1..%*#3%0$%*0$!/!/,!/K

ff

$!.+0++(*+0!/*1)!.+"2%+(0%+*/.!(0! 0+0$!.%#$0
0+ (%"!H %*0!#.%05 *  /!1.%05dh+" 0$! ,!./+* %*(1 %*# 0$!
,.+0!0%+* +" 3+)!* ".+) 0.""%'%*#K
0 *+0!/ 0$0 3+)!*
/$+1( !,.+0!0! ".+))! %(* /%!*0%"%!4,!.%)!*0/
3%0$+10 0$!%. %*"+.)!  +*/!*0 *  %),+.0*0(5 ((/ +*
/00! ,.0%!/ 0+ ((+0!  !-10! 1 #!0.5 *  +0$!.
.!/+1.!/ "+. 0$! %),(!)!*00%+* *  )+*%0+.%*#
%*0!.2!*0%+*/ #!.!  0+3. / ,.!2!*0%*# *  !. %0%*#
2%+(!*! #%*/0 3+)!*K .+) +1. !4,!.%!*!H ,.+/!10%+*
+" 2%+(!*! #%*/0 3+)!* *  )+.! /,!%"%((5 /!41(
2%+(!*!%/2!.5 %""%1(0K+2!.*)!*0/+"0!*()!*00$00$!5
+ *+0 $2! .!/+1.!/ 0+ ,.+2% !  !-10! /!.2%!/ "+.
/1.2%2+./ +" /!41( 2%+(!*! +.H .!(0!  0+ 0$%/ ,.+2%/%+*H
!*/1.!!-1(!//0+&1/0%!"+.0$!/!3+)!*K$!"%(1.!+"
/00! )$%*!.5 0+ ,.+2% !  !-10! .!)! 5 "+. 0$!/!
2%+(0%+* "1.0$!. +*0.2!*!/ .0%(! dg 3$%$ .!-1%.!/
/00!/ 0+ ,.+2% ! P,,.+,.%0! .!)! %!/Q "+. (( 2%+(0%+*/
3%0$%* 0$! .+0++( *  !*/1.! 0$0 .!)! %!/ .!
!0!.)%*!  5 +),!0!*0 10$+.%0%!/K $!.! +2!.*)!*0/
"%( 0+ ,.+0!0 3+)!* *  #%.(/H 0%2%/0/ )1/0 "%*  35/ 0+
$+( 0$!)+1*0(!K+.!4),(!%*)%Hce5!.+( 
#%.(/1! 0$!+2!.*)!*0+")%di"+./!41(1/!%*0$!
/$++(* 3/3. !  )#!/"+.$!.,%** /1""!.%*#
3%0$0$! !%/%+*%0%*#.0%(!fWcX* WdX+"0$!.+0++(
+*0$!%#$0/+"+)!*H3$%$/,!((+10(!.(5/00!,.0%!/Q
+(%#0%+*/0+,.+0!03+)!*".+)(("+.)/+"2%+(!*!* 
0$! *!!  0+ ,(! )!/1.!/ 0+ ,.!2!*0 *   .!// /!41(
2%+(!*!K$! 1 #!3!*0$! 0+((+*0$!+2!.*)!*00+
,10 %* ,(! #1% !(%*!/ 0+  .!// /!41( 2%+(!*! %*
/$++(/djK $%/ /! * ! /!!* / +*! 35 0$0 0$! .%#$0/
3%0$%*0$!.+0++($2!!!*.!(%6! +2!.0$!(/0cb5!./
* /$+3/$+30$!.+0++(*!0++("+.$*#!K
 

 

$!.+0++(%/0$!"%./0$1)*.%#$0/0.!050+!4,(%%0(5((
"+. 0$! !(%)%*0%+* +" dk*  +0$!. 0. %0%+*( ,.0%!/
0$0 *!#0%2!(5 ""!0 0$! $1)* .%#$0/ +" 3+)!*K 00!
,.0%!/.!(/+.!-1%.! 0+P!. %0!!(!)!*0/%*0. %0%+*(
*  1(01.( !(%!"/H ,.0%!/H /0!.!+05,!/ 3$%$ (!#%0%)%6!
*  !4!.0! 2%+(!*! #%*/0 3+)!*QH 0+ !*/1.! "1.0$!.
(.%05+*$.)"1(0. %0%+*(,.0%!/H* 0+!* (("+.)/
+" $.)"1( ,.0%!/ 0$0 *!#0%2!(5 ""!0 0$! $1)* .%#$0/
+" 3+)!*K  $%(! ((%*# "+. 0$! !(%)%*0%+* +" $.)"1(
0. %0%+*( ,.0%!/H 0$! .+0++( .!+#*%6!/ 0$0 1(01.! %/
*+0 ((   *  ,.+2% !/ "+. 0$! .%#$0 0+  ,+/%0%2! 1(01.(
+*0!40 3$!.! 3+)!* * +*0.%10! 0+ 0$! ,.+#.!//%2!
!2!(+,)!*0+"0$!%.1(01.!K$%/,.+2%/%+*+""!./*1)!.
+" +,,+.01*%0%!/ *  0$! 3+)!*Q/ )+2!)!*0 $2! 0$!
$*! 0+
!0!.)%*! 0$.+1#$ ,.+#.!//%2! &1 %%(
%*0!.,.!00%+*/ 3$0 0$%/ )!*/ "+. 3+)!*H %*(1 %*#
3+)!*Q/.+(!%*/$,%*#0$!1(01.!3%0$%*0$!%./+%!0%!/K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




+.!4),(!H*0$%/,.+2%/%+*!1/! 0+ 2+0!"+.)+.!


3+)!* %* 0. %0%+*( (! !./$%, /0.101.!/ 0+ .!"(!0 0$!
5*)% *01.! +" 1(01.!O  $%/ -1!/0%+* 3/ .!!*0(5
.%/!  %* !/+0$+H 3$!.! 0$! 1#$0!. +"  $%!" $((!*#! 
0$! %*# +)\/$%!"0%*/$%,0H3$%$+*(5((+3! )!*0+
/1!!  0$!%. "0$!./ 0+ $%!"0%*/$%,K *"+.01*0!(5H 0$!
+*/0%010%+*( +1.0 .1(!  0$0 0$! (3 3/ *+0
%/.%)%*0+.5Keb$%/ !%/%+* +*0. %0/ 0$! ,.+2%/%+*/ +"
0$! .+0++( *  +0$!. %*0!.*0%+*( $1)* .%#$0/
%*/0.1)!*0/ *  )5 ,.!/!*0 * +,,+.01*%05 0+ (%0%#0!
!"+.!.!#%+*($1)*.%#$0/)!$*%/)/K

H
   
  ec
*! +" 0$! !10%!/ +" 0$! ".%* $.0!. %/ 0$0 %0
'*+3(! #!  %* %0/ ,.!)(! 0$0 %0 3/ %),+.0*0 0+ ?)2
--'-"(' -( -! +" !- -( /%()&'- ' -!- "/"% '
)(%"-"% +" !-, ''(-  ",,,("- +(& ('(&"6 ,("%
' .%-.+% +" !-,@ *  3!*0 "1.0$!. 0+ /5 0$0 ?-!
,-",-"(' ( ('(&"6 ,("% ' .%-.+% +" !-, ", 
.+'-(+-!'#(2&'-("/"%')(%"-"%+" !-,@9

0%/0$!.!"+.!*+3+* !.0$00$!.+0++("+((+3/0$!/)!
,0$ *  % !*0%"%!/ 3+)!*Q/ +*+)% +%( *  1(01.(
%#$0/.!(%6%*#0$00$!/!.%#$0/H&1/0(%'!+0$!..%#$0/H,,(5
0+ 3+)!* %""!.!*0(5H 10 )+.! /+ 0$0 %0 %/ 0$! !*%( +"
0$!/!.%#$0/0$0(!2!3+)!*21(*!.(!0+"1.0$!.1/!K
0
'*+3(! #!/ 3+)!*Q/ .%#$0 0+ 3+.' *  !// 0+
+,,+.01*%05 *  ,(!/ /00! .!/,+*/%%(%05 0+ !*/1.! 0$0
3+)!* +2!.+)! 0$! ..%!./ "!  %* .!'%*# 0$! #(//
!%(%*#%*,1./1%0+"0$!%..!!./,%.0%+*/K
0%/%*0!.!/0%*#
0+*+0!0$00$!.+0++('*+3(! #!/0$!/00!,.0%!/* 
,.%20!/!0+./$2%*#/!+* .5.!/,+*/%%(%05%*0$!.!
+"$%( .!*K*!+"0$!0$%*#//00!,.0%!/*!.!-1%.! 0+
+%/ +,0,.+#.!//%2!,+(%%!/0$0/1,,+.0)+0$!./%*0$!
3+.' ,(! *  .!0! +* 1%2! 3+.'%*# !*2%.+*)!*0 "+.
)+0$!./ 5 ,.+2% %*# $%(  .! "%(%0%!/ *  +0$!.
)!/1.!/%)! 0!*(%*#3+)!*0+!//+,,+.01*%0%!/K
$!.+0++((/+,.+2% !/"+.0$!.%#$00+"++ /!1.%05* 
 !-10! $+1/%*# *  !2!* #+!/  /0!, "1.0$!. 0+ *+0! 0$0
3+)!*$2!.%#$0/0+$!(0$5* /1/0%*(!!*2%.+*)!*0
/ 3!(( / /1/0%*(! !2!(+,)!*0K $!/! ,.+2%/%+*/ .!
2!.5.!(!2*0%*".%H00%)!3$!*+))1*%0%!/.!"! 
3%0$ "++  /$+.0#!/ *  0$! +*0%*1+1/ !.+/%+* +" 0$!
!*2%.+*)!*0 5 2.%+1/ 0+./ %*(1 %*# )1(0%M*0%+*(
+),*%!/ %* +((+.0%+* 3%0$ #+2!.*)!*0/K $! .+0++(
,.!/!*0/  #!* !.!  ,!./,!0%2! 0$0 * !  +,0!  %*
0'(%*#0$!/!%//1!/3$%$.!+"0!**+02%!3! /.!(0%*#
0+3+)!*+..0$!.P#!* !.%//1!/Q 1!0+0$!(%)%0! /+,!
+* 0$! 1* !./0* %*# +" 3+)!*Q/ .%#$0/K $! 3+)!*Q/
)+2!)!*0 $2! /% /0* . / 0$.+1#$ 0$! .+0++( 0$0
0$!5*!4,* 0+!*(!0$!)0+".)!,+(%%!/+*"++ 
fg

/!1.%05H!+*+)%* /+%( !2!(+,)!*0%*".%* 0$!


,.!/!.20%+*+"0$!!*2%.+*)!*03$%(!!*/1.%*#0$03+)!*
.!00$!+.!* !*0.!+"0$!/! !0!/+*0%*!*0((5K
 

 
$! .+0++( 3/ 0$! "%./0 $1)* .%#$0/ %*/0.1)!*0 0+
!4,(%%0(5,.+2% !"+.0$!.%#$00+)! %(+.0%+*%*/,!%"%
%*/0*!/ /1$ / .,!H %*!/0 *  3$!.! 0$! +*0%*1! 
,.!#**5!* *#!./0$!(%"!+"0$!)+0$!.K$%/%/$%#$(5
+*0.+2!./%( ,.+2%/%+* 3%0$%* 0$! .+0++( *  $/ /!!* 
*1)!. +" /00!/ ,(! .!/!.20%+* +* 0$! /)!H %*(1 %*#
!*5* #* K
$! .+0++( (!.(5 .0%1(0!/ 0$! .!,.+ 10%2! .%#$0/ +"
3+)!*H 3$%$ .! 2!.5 %*0.%0!(5 .!(0!  3%0$ (( +0$!.
$1)*.%#$0/3%0$%*0$!.+0++(K$!/!.%#$0/3!.!"1.0$!.
!(+.0!  3$!* 0$! ".%* +))%//%+* %//1!  %0/ "%./0 /!0
+" !*!.( +))!*0/ +* 0$! .+0++(K $!/! +))!*0/ +*
.0%(!/ cfWcXW X *  W!X 3!.!  +,0!  0 0$! ".%*
+))%//%+*Q/ gd*  !//%+* %* )+1//+1'.+H ?0! Q
2+%.!H
*  ,.+2% ! #1% *! 0+ 00!/ ,.0%!/ +* "1("%((%*#
+(%#0%+*/3%0$.!#. 0+3+)!** #%.(/Q.%#$0/%*.!(0%+*
0+
K

 

$!.+0++(*+0!/0$0!2!*)+*#3+)!*H0$!.!.!0$+/!
3$+.!)+.!21(*!.(! 1!0+*1)!.+""0+./* )5
*!!   %0%+*( ,.+0!0%+* 0+ !*/1.! 0$0 0$!5 .! *+0
%/.%)%*0!  #%*/0K $! .+0++( 0'!/ *+0! +" !( !.(5
3+)!*//,!%(#.+1,I.!"1#!!/* %*0!.*((5 %/,(! 
3+)!*I 3+)!* 3%0$ %/%(%0%!/I ,.!#**0 3+)!* %*
!0!*0%+*I* ,++.3+)!*5((%*#+*00!.0%!/0+*
!*2%.+*)!*0/1%0(!0+0$!%.+* %0%+** ,.+2% !"+.0$!%.
/,!%(*!! /Ked
 

!/,%0! 0$! *1)!.+1/ ,.+#.!//%2! ,.+2%/%+*/ +* 0$!
.+0++(H%0 +!/$2!/+)!(%)%00%+*/* )5$2!)%//! 
+*+,,+.01*%0%!/0+ .!//*1)!.+"%//1!/0$0+*0%*1!
0+ ,(#1! ".%* 3+)!*K !(+3
 $%#$(%#$0 /+)! +" 0$!/!
/$+.0+)%*#/* +,,+.01*%0%!/"+.+2!.+)%*#0$!)K
   
$! .+0++( ((/ 0+ 0$+/! /00!/ 0$0 /0%(( $2! 0$! !0$
,!*(05 *+0 0+ ..5 0$! !0$ /!*0!*! +* ,.!#**0 * 
*1./%*#)+0$!./K5 +%*#/+%0(!#%0%)%6!/0$! !0$,!*(05
* )%//!/*+,,+.01*%050+!*+1.#!/00!/0+.!)+2!0$!
!0$,!*(05%*0+0(%05H0$1/+*0.%10%*#0+#(+(

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




!2!(+,)!*0 +" $1)* .%#$0/ 3$!.! )+.! *  )+.! /00!/


.! .!,!(%*# 0$! /!*0!*! +" !0$ ,!*(05K !.$,/ %0 3/
0++)1$"+.0$!.+0++(0+ +00$!0%)!K +3!2!.H%"0$!
/)! .+0++( )!*0%+*!  0$0 )+*+#)5 /$+1(  !
!*+1.#!  / 0$! ,.!"!..!  "+.) +" )..%#! !/,%0! 0$!
+*0.+2!./5H 3$5 *+0 $2! /%)%(. ,.+2%/%+*/ 0$0
!*+1.#!  +. ,1/$!  /00!/ 0+ +(%/$ 0$! !0$ ,!*(05O
+10$".%%/0$!+*(5+1*0.50$0!*0!.! .!/!.20%+*+*
0$%/ .0%(! *+0%*# 0$0 %0 %  *+0 /1,,+.0 0$! !0$ ,!*(05
* 3+1( *+0!/!!*0+!+* +*%*#0$!/)!K
 
 



$%(!0$!.+0++(%/(!.+*0$!!(%)%*0%+*+"(("+.)/+"
%/.%)%*0%+* #%*/0 3+)!*H *+0(5 %0 +!/ *+0 ,+/! *
+(%#0%+*+*/00!/0+ .!//0$!%//1!+"0$!.%#$00+,//
+* *0%+*(%05 *  %0%6!*/$%, 0+ +*!Q/ $%( .!*K
*/0!  %0
/00!/ / "+((+3/J  ? 0(&' '  &' ,!%% !/ *.%
+" !-,60"-!+,)--(-!'-"('%"-2(-!"+!"%+'  
             
              # ((
*5 +1*0.%!/ $2! (!#%/(0%2! (%)%00%+*/ +* 0$! .%#$0 +"
3+)!* 0+ ,// *0%+*(%05 0+ 0$!%. $%( .!*H "+. !4),(!
1*0%(dbcb0$!+*/0%010%+* +" !*5+*(5,!.)%00! )!*0+
,// +* 0$!%. *0%+*(%05K +0/3* $  0$! /)! (3 1*0%(
0$!/!+"--(+'2'+%/,9'"-2(0MN3$!.!0$!+1.0
+",,!(1,$!( 0$! !%/%+*0$0/!0%+*+"0$!%0%6!*/$%,
0H3$%$,.+$%%0! 3+)!*".+)+*"!..%*#%0%6!*/$%,0+
$%( .!* +.*! +" "+.!%#* "0$!./H 3/ %/.%)%*0+.5K
*"+.01*0!(5"+.3+)!*%*)*5+0$!.+1*0.%!/+*(5)!*
* ,// 0$!%. *0%+*(%05 0+ 0$!%. $%( .!*K $!.!"+.!H 0$!
.+0++(%*0$%/%*/0*!"%(! 0+#1.*0!!0$!!-1(.%#$0/
+" 3+)!* %* .!/,!0 0+ *0%+*(%05 (!2%*# %0 0 0$! /00!
,.0%!/Q %/.!0%+* !/,%0! 0$! "0 0$0 0$%/ ,.+2%/%+*
+*0. %0/ .0%(! d +* 0$! !(%)%*0%+* +" (( "+.)/ +"
%/.%)%*0%+* #%*/0 3+)!*K
0 %/ 3+.0$3$%(! /!!'%*# *
 2%/+.5 +,%*%+* ".+) 0$! ".%* +))%//%+* +* 1)*
*  !+,(!/Q %#$0/ +. 0$! ".%* +1.0 +* 1)* * 
!+,(!/Q %#$0/ 2%/M7M2%/ 0$! .%#$0/ 0+ *+*M %/.%)%*0%+* /
(.! 5*0%+*(+1.0/$2!0'!*,.+#.!//%2!/0* H/%*
0$!/!+"*%05+3H%* !(.%*#0$%/ %""!.!*0%(0.!0)!*0
!03!!* )!* *  3+)!* %/.%)%*0+.5K !/,%0! 0$! "0
0$00$!.+0++(,,(%!/0++0$)!** 3+)!*H(++'%*#0
0$!3% !/,.! ,,(%%(%05+"0$!/!05,!/+"(3/H%0%/(!.
0$!5(35/ %/ 2*0#!3+)!** *+0)!*K

.%#$0/ *  .! %/.%)%*0!  3$!* !//%*# 0$!/! /!.2%!/K


!!*0(50$! %#$+1.0+")%%%*0$!/!+" 6
'
 /,9!(/+'&'-(-!).%"(&""MO$!(  0$!
+2!.*)!*0+")%%(%(!"+.0$!/0!.%(%60%+*+"3+)!*
(%2%*# 3%0$
T
 3%0$+10 0$!%. +*/!*0 %* +2!.*)!*0
$+/,%0(/H ,100%*# +* .!+.  0$0 0$!/! 2%+(0%+*/ 3!.!
+1..%*# %* #+2!.*)!*0 $+/,%0(/ *  ,.+2% %*# )+*!0.5
+),!*/0%+*0+0$!3+)!*"+.0$!%./1""!.%*#K
$! +1.0H $+3!2!.H "%(!  0+ "%*  0$0 0$!/! /0!.%(%60%+*/
3!.! ,!."+.)!  +* 0$! 3+)!* 1! 0+ 0$!%.
 /001/
!/,%0!0$!+2!.3$!()%*#!2% !*!0$00$%/,.+! 1.!3/
+*(5 +*! 0+
 ,+/%0%2! 3+)!* *  *+0
 *!#0%2!
3+)!*K $! /! !)+*/0.0!/ 0$! )#*%01 ! +" 0$!
,.+(!) *  /%)%(. /!/ $2! !!* 0'!* 1, %* +10$
".% *  !*5K !0 0$! .+0++( 3/ /%(!*0 +* 0$!/! * 
+0$!.2%+(0%+*/#%*/0
,+/%0%2!3+)!*K
$! .+0++( 3/ (/+ (%*  0+ 0$! %),(%0%+*/ 0$0 !.0%*
,+(%%!/*$2!+*3+)!*(%2%*#3%0$
T
K.0%(!cf
W!X,.+2% !/"+.0$!.%#$00+!%*"+.)! +*+*!Q//001/* 
0$0+"+*!Q/,.0*!.K+)!*Q/!//0+$!(0$.!%/+"0!*
+),+1* !  3%0$ /+%(H !+*+)% *  ,+(%0%(
%*!-1(%0%!/Keh1! 0+ 0$!%. .!,.+ 10%2! .+(! 3+)!* 2%/%0
)! %(!*0.!/)+.!".!-1!*0(50$*)!** 1* !.#+

0!/0 1.%*#,.!*0(.!K
 *+3%*#3$03!'*+3+103+)!*Q/(%2! !4,!.%!*!/%*
 /+%!05 3$!.! 3+)!* "! %/.%)%*0%+*H 2%+(!*! * 
+0$!. "+.)/ +" 2%+(0%+*/H 0$! .!2!(0%+* +"  3+)*Q/

/001/ 0+ $!. ,.0*!. * $2! 2!.5 %.! !""!0/ %*(1 %*#
 *  !4+))1*%0%+* ".+) $!. ")%(5K $%/
.!-1%.!)!*01* !.0$!.+0++(0'!/353+)!*Q/.%#$00+
,.%25 *  +*"% !*0%(%05 *  )5 .!/0.%0 3+)!* ".+)
/!!'%*# )! %( 00!*0%+* 3%0$ 0$! "!. 0$0H +*! 0$!%.
/001/3/ %/+2!.! H0$!%.,.0*!./3+1( !*+0%"%! K
$! .+0++( "%(!  0+  .!//
T
 ".+)  $1)*
.%#$0/ ,!./,!0%2! 5 +)%00%*# 0+ +**!0 %0 3%0$ +0$!.
3+)!*Q/$1)*.%#$0//1$/".!! +)".+) %/.%)%*0%+*H
".!! +)".+)2%+(!*!H.%#$00+ %#*%05* + %(5%*0!#.%05K
+3!2!.H (( %/ *+0 (+/0H / .0%(! cf /$+1(  ! %*0!.,.!0! 
3%0$%* 0$! /,%.%0 +" 0$! .+0++( *  %*0!.(%*'!  0+ +0$!.
$1)* .%#$0/ 0+ !*/1.! +),.!$!*/%2! ,.+0!0%+* "+.
3+)!* (%2%*# 3%0$
T
 / !),$/%6!  %* 0$! !*!.(
+))!*0/ +* .0%(! cfWcXW X *  W!X 0$0 0$! ".%*
+))%//%+*.!!*0(5 +,0! K


 


 
T

$!.+0++()%//! 0$!+,,+.01*%050+,.+0!00$!.%#$0/+"
3+)!*(%2%*#3%0$
T
//,!%(%*0!.!/0#.+1,3$+
/1""!. 1! 0+ 0$!%.
T
 /001/K +)!* (%2%*# 3%0$

T
"!2%+(0%+*/+*0$!%..!,.+ 10%2!* $!(0$
fh

 


0 %/ '*+3(! #!  0$0 0$! .+0++( %/ 0$! ,.+ 10 +" !%#$0
5!./+"*!#+0%0%+*/!03!!*!)!.00!/+"0$!".%*
*%+** %2%(/+%!05* 0$!.!"+.!)*5,.+2%/%+*/3!.!

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




30!.!  +3* 0+ #%* 0$! +*/!*/1/ +" 0$! !)!. 00!/K
+3!2!.H !/,%0! 0$%/H 0%2%/0/ $2! * +,,+.01*%05 0+
!4,*  0$!/! .%#$0/ "1.0$!. 0$.+1#$ 0$! ".%* 1)*
%#$0/ )!$*%/)/ *  0$.+1#$ 0$! ,,(%0%+* +" .!0%2!
/0.0!#%!/K
$%/ ,,!. $/ ,.!/!*0!  * *(5/%/ +" /+)! +" 0$!
%*0!.!/0%*# ,.+2%/%+*/ %* 0$! .+0++( *  0$! +,,+.01*%0%!/
%0,.+2% ! K



fi

0%/(!.0$0/+)!+"0$!%//1!/ .!//! 50$!.+0++(


$2!!#1*0+! .!//! * )+.!*!! /0+! +*!K
0%/
*!!//.5 0+ 0!/0 0$!/! ,.+2%/%+*/ 3%0$%* (+( *  .!#%+*(
+1.0/ 0+ .!(%6! 0$!/! .%#$0/ +* !$(" +" 3+)!*K
 %0%+*((5H 0$! .+0++( )1/0 0.1(5 !+)! 0$! (1! ,.%*0
"+.0$!!2+(10%+*+"".%*3+)!*Q/.%#$0/* +*/!-1!*0(5
3+)!*Q/ .%#$0/ #(+((5K !* 5!./ $2! ,//!  /%*! %0/
 +,0%+*K !0Q/!*/1.!0$0%*0$!*!400!*5!./3+)!*3%((
/0.00+(%2!0$! .!)+"0$!.+0++(K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#






& 


  



  
 
 
   



 
  W
 dHhHjHcfHdcX
(., ), /'(#!".-:(#0,-#.3) ,.),#

$%/ ,,!. $%#$(%#$0/ /+)! $%!2!)!*0/ *  $((!*#!/ %*
%),(!)!*00%+* +" 0$! "+((+3%*# /!(!0!  ,.+2%/%+*/ +" 0$!
.+0++( 0+ 0$! ".%* $.0!. +* 1)* *  !+,(!/Q
%#$0/+*0$!%#$0/+"+)!*%*".%W.+0++(XJ.0%(!d
W*+*M %/.%)%*0%+*XI.0%(!hW)..%#!XI.0%(!jW!//
0+ &1/0%!XI .0%(! cf W$!(0$ *  .!,.+ 10%2! .%#$0/XI * 
.0%(! dc W%*$!.%0*!XK +)! ,.+)%/%*# ,.0%!/ .! (/+
$%#$(%#$0! K  $! !4),(!/ %*(1 !  %* 0$%/ ,,!. 3!.!
.3* ".+) !4%/0%*#  !)% *(5/%/ +* 0$!
%),(!)!*00%+*+"0$!.+0++(/3!((/+1*0.5.!,+.0/0+
0$! ".%* +))%//%+* +* 1)* *  !+,(!/Q %#$0/H
.!,+.0/ 0+ 0$! *%0!  0%+*/ 0.!05 + %!/ / 3!(( /
%*"+.)0%+*,.+2% ! 53+)!*Q/+.#*%/0%+*/3+.'%*#+*
%),(!)!*00%+*+"0$!.+0++(%*".%K

 dJ









%+(0%+*/ +" 3+)!*Q/ $1)* .%#$0/ .! )*%"!/00%+*/ +"
%/.%)%*0%+* #%*/0 3+)!*K  $!.!"+.!H *+*M
%/.%)%*0%+* %/ +*! +" 0$! )+/0 %),+.0*0 ,.%*%,(!/
!*/$.%*!  %* 0$! .+0++(K .0%(! c +" 0$! .+0++( %*(1 !/
0$! !"%*%0%+*+" %/.%)%*0%+*#%*/03+)!*K
0)!*/*5
%/0%*0%+*H !4(1/%+*H .!/0.%0%+* +. *5 %""!.!*0%(
0.!0)!*0 /!  +* /!4 *  3$+/! +&!0%2!/ +. !""!0/
+),.+)%/! +. !/0.+5 0$! .!+#*%0%+*H !*&+5)!*0 +. 0$!
!4!.%/! 5 3+)!*H .!#. (!// +" 0$!%. ).%0( /001/H +"
$1)* .%#$0/ *  "1* )!*0( ".!! +)/ %* (( /,$!.!/ +"
(%"!K

fj

.0%(! d ,.+2% !/ 0$0 00!/ ,.0%!/ /$(( +)0 (( "+.)/
+" %/.%)%*0%+* #%*/0 3+)!* 0$.+1#$ ,,.+,.%0!
(!#%/(0%2!H%*/0%010%+*(* +0$!.)!/1.!/K+3. / +%*#
/+H*1)!.+"/,!%"%)!/1.!/.!!*1)!.0! %*(1 %*#J
0+ %*(1 ! 0$! ,.%*%,(! +" !-1(%05 %* *0%+*( +*/0%010%+*/
* (!#%/(0%+*I!*0* !""!0%2!(5%),(!)!*0(!#%/(0%+*0+
!(%)%*0! %/.%)%*0%+* #%*/0 3+)!*I 0+ %*0!#.0! 
#!* !. ,!./,!0%2! %* ,+(%5
!%/%+*/H (!#%/(0%+*H
!2!(+,)!*0 ,(*/H ,.+#.))!/ *  0%2%0%!/H *  ((
/,$!.!/+"(%"!I*  0+0'!+..!0%2!* ,+/%0%2!0%+*0+
!(%)%*0! %/.%)%*0%+* #%*/0 3+)!*K  !+#*%6%*# 0$!
(%)%0/ +" 0$! +2! ,.!/.%,0%+*/H )% /0 ,0.%.$5 * 
!!,(5 !*0.!*$!  #!* !. /0!.!+05,!/ *  .+(!/H 0$!
.+0++( +..+3!  ".+) 0$!  +*2!*0%+* +* 0$!
(%)%*0%+* +" (( +.)/ +" %/.%)%*0%+* #%*/0 +)!*
* ,.+2% ! 0$0J
=--, )+-", ,!%% (&&"- -!&,%/, -( &("2 -! ,("%
' .%-.+% )--+', ( ('.- ( 0(&' ' &' -!+(. !
).%" .-"('6 "'(+&-"('6 .-"(' ' (&&.'"-"('
,-+- ",60"-!/"0-(!"/"' -!%"&"'-"('(!+&.%
.%-.+% ' -+"-"('% )+-", ' %% (-!+ )+-",
0!"!+,('-!"(-!"'+"(+"-2(+-!,.)+"(+"-2
( "-!+ ( -! ,1,6 (+ (' ,-+(-2) +(%, (+ 0(&' '
&'9>
$%/ %/ .#1(5 +*! +" 0$! )+/0 %""%1(0 ,.+2%/%+*/ +" 0$!
.+0++( 0+ %),(!)!*0H *  +*! +" 0$! )+/0 %""%1(0
,.+2%/%+*/0+)!/1.!%*0!.)/+",.+#.!//K%0$.!/,!00+
+0$!. +),+*!*0/ +" .0%(! dH /,!%"% ,.+#.!// * 
$((!*#!/*!*+0! K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



*+. *!3%0$.0%(!d+"0$!.+0++(H((00!,.0%!/
$2! 0$! ,.%*%,(! +" !-1(%05 %* 0$!%. +*/0%010%+*K  +)!
+*/0%010%+*/ #+ "1.0$!. 0+ #1.*0!! !-1(%05H /1$ / 0$!
+*/0%010%+*/ +" 36%(*  *  !/+0$+H 3$%$ ,.+2% ! "+.
""%.)0%2! 0%+*K ei $! !*5* +*/0%010%+* !*/$.%*!/
!-1(%05 +" 0.!0)!*0 *  +,,+.01*%05 %* ,+(%0%( !+*+)%
* 1(01.(/,$!.!/* ,.!#**5%/%*(1 ! /#.+1* 
"+.*+*M %/.%)%*0%+*Kej$%/+*/0%010%+*(/+.!-1%.!/0$0
*+ )+.! 0$* 03+ 0$%. / +" 0$! )!)!./ +" !(!0%2! +.
,,+%*0! + %!//$((!+"0$!/)!#!* !.K%)%(.(5H0$!
+*/0%010%+*+"3*  !.!!/-1+0+"ebl+"3+)!*%*
!%/%+*M)'%*# ,+/%0%+*/H 3$%$ $/ (!  0+  /%#*%"%*0
%*.!/!+"3+)!*%*.(%)!*0Kek
()+/0((+1*0.%!/$2!!/0(%/$! %*%/0.5 ! %0! 0+
#!* !. !-1(%05K  +))+*(5 +0$!. %*/0%010%+*( )!/1.!/
$2! !!* ,10 %* ,(!H /1$ / %* !,!* !*0 #!* !.
+))%//%+*/ +. #!* !. "+( ,+%*0/ %* +0$!. #+2!.*)!*0
)%*%/0.%!/K  *5 +1*0.%!/ $2! (/+ %*0!#.0!   #!* !.
,!./,!0%2! %*0+ ,+(%%!/ *  ,.+#.))!/ %* +. *!
3%0$.0%(!dK+.!4),(!H0$!#+2!.*)!*0+"3* $/
 +,0!  /0.0!#%!/ 0+ !*/1.! #!* !. ,.%05 %* /!+* .5
/$++(/* 1*%2!./%0%!/0$.+1#$!""!0%2!%),(!)!*00%+*+"
0$! +*+)% !2!(+,)!*0 *  +2!.05 ! 10%+*
0.0!#5Kfb
*dbbkH?0! \
2+%.! +,0! 0$!0%+*(+(%5
+1)!*0 +* -1( ,,+.01*%05H -1%05 *  !* !. 0+
%*(1 ! 3+)!* %* (( /!0+./ *  .!0!   %*%/0.5 +"
)%(5* %.!0+.0!"+.-1(%05* !* !..+)+0%+*K
$!(3%.+30$* !2!(+,)!*00.0!#5$/%*(1 ! 
#!* !.)%*/0.!)%*#/+*!+"0$!,.%+.%05.!/K
  
$! !4%/0!*! +" (3 ' (1/!/ 3$%$ (%)%0 0$! .%#$0 0+
".!! +) ".+) %/.%)%*0%+*H ,.0%1(.(5 %* 0$! ,,(%0%+*
+" 1/0+).5 (3H .!)%*/  $((!*#! %* )*5 +" 0$!
)!)!. /00!/K
* )% "+. %*/0*!H 0$! +*/0%010%+*
,!.)%0/ %/.%)%*0+.5(3/%*0$!.!/+",!./+*((3* 
1/0+).5 (3K fc 0$!. ".%* +1*0.%!/ /$.! /%)%(.
,!./+*( (3 !4!),0%+*/ ".+) %/.%)%*0%+* %* 0$!
+*/0%010%+*K$!5%*(1 !1.1* %H$*H !/+0$+H(3%H
1.%0%1/H%#!.%H%!.. !+*!H$!)%* %)3!K

fk

3/0$0+*0%* %/.%)%*0+.5,.+2%/%+*/.!+/0(!/0+
%),(!)!*00%+* +" 0$! .+0++(K  +. %*/0*!H %* %#!.%H 
"!)(! ,+(%! +""%!.H +* "%./0 ,,+%*0)!*0 /$(( !
1*)..%! "+.*%*%0%(,!.%+ +"03+5!./"0!.3$%$/$!
+1( ,,(5%*3.%0%*#"+.,!.)%//%+*0+#!0)..%! Kfd
*0$!
!)+.0%!,1(%+"+*#+H(%'!)*5+0$!..*+,$+*!
+1*0.%!/H 0$! )%(5 + ! ,(!/ 0$! 3%"! 1* !. ).%0(
10$+.%05H 3$%$ (%)%0/ 3+)!*Q/ !*&+5)!*0 +" *1)!.+1/
.%#$0/H %*(1 %*# 0$! .%#$0 0+ .!,.+ 10%2! 10+*+)5K  (%
 +,0!   *!3 )%(5 + ! %* dbccH 3$%$H 1*"+.01*0!(5H
"%(!  0+ 0'! +#*%6*! +" /!2!.( +" %0/ +(%#0%+*/ 1* !.
0$!.+0++(H* %*/0! H,!.,!010!/ %/.%)%*0%+*#%*/0
3+)!*K  +. !4),(!H %0 ,.+2% !/ 0$0 0$! (!#( #! "+.
)..%#! %/ cj 5!./ "+. )(!/ *  ch "+. "!)(!H )!* .!
+*/% !.!  0$! $!  +" 0$! ")%(5H *   3+)* )1/0 +!5
$!.$1/* Kfe
(1.( (!#( /5/0!)/ !4%/0 %* (( +1*0.%!/ %* 0$! .!#%+*K
$!.!/0010+.5(3,.+0!0/3+)!*".+) %/.%)%*0%+*H%0
%/ *+0 !*"+.!  *  3+)!* .! *+0 3.! +" 0$! ,.+2%/%+*/
+" 0$! (3 *  1*(! 0+ 1/! %0 0+ (%) 0$!%. .%#$0/K

*$!.%0*! %/ +*! .! %* ,.0%1(.H 3$!.! /0010+.5 (3


* 1/0+).5,.0%!+"0!*+*"(%0* 3+)!*.!1*(!
0+(%)0$!%..%#$0/K
*!*%*H"+.!4),(!H3+)!*+*0%*1!
0+ ! /1&!0 0+ P(.-.&"+ . !(&2> 3$%$ (%)%0/ 0$!%.
.%#$0/ 0+ %*$!.%0*! %* 2%+(0%+* +" .0%(!/ heb *  hec +"
0$! )%(5 + ! +" dbbf 3$%$ .!+#*%/! 0$! /)! .%#$0 0+
%*$!.%0*!"+.)!** 3+)!*Kff
1(01.( *  0. %0%+*( ,.0%!/ 0$0 %/.%)%*0! #%*/0
#%.(/* 3+)!*.!(/+,.!2(!*0%*".%K$%(!,.0%!/
%""!.H +. %*# 0+ 0$! .!#%+*H "!)(! #!*%0( )10%(0%+*H
3% +3 %*$!.%0*!H !.(5 *  "+.!  )..%#!H *  2%+(!*!
#%*/0 P3%0$!/Q .! /+)! !4),(!/ +" 0. %0%+*( ,.0%!/
0$0.!$.)"1(*  %/.%)%*0+.5K*5+"0$!/!,.0%!/
+*0%*1! 3%0$%* ,(1.( (!#( /5/0!)/ !/,%0! /0010+.5
,.+2%/%+*/H3$%$,.+$%%00$!)K+.!4),(!H)*5".%*
+1*0.%!/$2!+10(3! H5!0%0%//0%((3% !(5,.0%! K
(0$+1#$ )+/0 /00! ,.0%!/ $2! %*/0%010%+*( )!$*%/)/
"+. #!* !. !-1(%05H /1$ / 3+)!*Q/ )%*%/0.%!/H 0$!/! .!
1/1((51* !..!/+1.! 3%0$.!/,!00+$1)** "%**%(
.!/+1.!/H* +*/!-1!*0(51*(!0++,!.0!!""!0%2!(5K


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




,)'#-#(!,.#-
+6)%-1! *  %)3! $2! !/0(%/$!  +)!*Q/ %#$0/ +))%//%+*/H 3$%$ .! $.#!  3%0$ ,!.%+ %((5
//!//%*#0$!!""!0%2!*!//+"(3/Kfg
$! 3* * !* !. +*%0+.%*# ""%! 3/ !/0(%/$!  %* dbbe %* +. !. 0+ )+*%0+. ,.+#.!// +* #!* !. !-1(%05 * 
 .!//%*#Kfh

*0$!H0$!1* "+.0$!),+3!.)!*0* .+0!0%+*+"+)!** $%( .!*WX$/!!*!/0(%/$! 0+


)+%(%/!.!/+1.!/0+"1* ,.+&!0/%*%0%0! 53+)!*Kfi

*!.1.5dbceH(3%,//! 0$!!* !.-1(%05 3H3$%$!4,(%%0(5,.+$%%0/ %/.%)%*0%+*H/!41($.//)!*0


* $.)"1(1(01.(,.0%!/K
+  .!// /0!.!+05,!/ #%*/0 3+)!* *  #%.(/H 1.'%* /+H .!)+2!  /0!.!+05,!/ +" 3+)!* ".+) 0!40++'/ * 
0!$%*#+*0!*0Kfjfk


 hJ

.0%(!h+"0$!.+0++(.!-1%.!/00!,.0%!/0+!*/1.!0$0
+0$)!** 3+)!*!*&+5!-1(.%#$0/* .!.!#. ! /
!-1( ,.0*!./ %* )..%#!H *  0+ !*0 ,,.+,.%0!
*0%+*( (!#%/(0%2! )!/1.!/ 0+ #1.*0!! 0$!/! .%#$0/K $!
.+0++( .!-1%.!/ (!#%/(0%2! )!/1.!/ 0+ %*(1 ! ,.+2%/%+*
.!-1%.%*# ".!! *  "1(( +*/!*0 +" +0$ ,.0%!/H * 
,.!/.%!/ cj 5!./ / 0$! )%*%)1) #! "+. )..%#! +"
3+)!*K $! .+0++( #+!/ "1.0$!. 0+ /5 )+*+#)5 %/ 0$!
,.!"!..!  "+.) +" )..%#! 10 (( "+.)/ +" )..%#!/ .!
,.+0!0! K
0 (/+ .!-1%.!/ 0$0 !2!.5 )..%#! /$(( !
.!+#*%6!  *  .!#%/0!.! K $! !-1( .%#$0 0+ $++/! 0$!
)0.%)+*%( .!#%)! *  .!/% !*! *  0$! .%#$0 0+ .!0%*
*  1/! $!. )% !* *)!H &+%*0(5 *  /!,.0!(5 3%0$ $!.
$1/*  .! (/+ .!+#*%/! K * !. 0$! .+0++(H  3+)*
/$(( $2! 0$! .%#$0 0+ .!0%* $!. *0%+*(%05 +. -1%.! 0$!
*0%+*(%05 +" $!. $1/*  *  $2! !-1( .%#$0/ 3%0$
.!/,!00+0$!*0%+*(%05+"0$!%.$%( .!*!4!,03$!.!0$%/
%/ +*0..5 0+  ,.+2%/%+* %* *0%+*( (!#%/(0%+* +. %/
+*0..5 0+ *0%+*( /!1.%05 %*0!.!/0/K $%/ .!-1%.!)!*0
1* !. 0$! .+0++( 3!'!*/ 0$! .%#$0 !1/! /00!/ $2!
*0%+*( (!#%/(0%+* /!  +* ,0.%.$5K $! .+0++(
#1.*0!!/ 0$! .%#$0/ +" 3+)!* 0+ &+%*0(5 +*0.%10! 0+
/"!#1. %*# 0$! %*0!.!/0/ +" 0$! ")%(5H ,.+0!0%*# * 
! 10%*# 0$!%. $%( .!* *  0+ ".!!(5 +3* *   )%*%/0!.
,.+,!.05 1.%*#$!.)..%#!K


*)*5".%*+1*0.%!/0$!(!#(#!"+.)..%#!%/cj"+.
)!** 3+)!*K+.!4),(!1.'%*/+H,!!. !H


&%+10%H -10+.%( 1%*!H (% *  36%(* H $2!
(!#%/(0! cj/0$!)%*%)1)#!"+.)..%#!K
$! .+0++( ,.+2% !/ (/+ 0$0 )+*+#)5 ! !*+1.#! 
10 )*5 /00! ,.0%!/ /0%(( .!+#*%/! ,+(5#)5 /  (!#(
).%0( .!#%)!K
* 0$0 .!#. H %* &%+10%H 0$! dbbd )%(5
+ ! ,.+2% !/ 1* !. .0%(! dd 0$0 ,+(5#)5 %/ 10$+.%6! 
10 3+)!* $2! 0$! .%#$0 0+ $((!*#! 0$! $1/* Q/ *!3
)..%#!Kgb
-10+.%( 1%*! .!+#*%6!/ !-1( .%#$0/ * 
.!/,+*/%%(%0%!/ +" /,+1/!/ %* 0$! #1. %*/$%, +" 0$!%.
$%( .!* %* (%*! 3%0$ 0$! .!-1%.!)!*0 +" 0$! .+0++(Kgc
*
+10$ ".%  +*/0%010%+*( /! "+1*  0$0 (3/ ((+3%*#
+*(5)(!/0+%*$!.%01* !.1/0+).5(33!.!%*2(% * 
1*+*/0%010%+*(Kgd
  
.(5 *  "+.!  )..%#! %/  $((!*#! %* )*5 ".%*
+1*0.%!/K+.!4),(!H0$!(!#()%*%)1)#!+")..%#!%/
dc %* 36%(* H 10 3%0$ ,.!*0( +*/!*0  "!)(! *
)..5 0 ch *   )(! 0 !%#$0!!* 5!./K  1/0+).5
)..%#!/ $2! *+ )%*%)1) #!H *  #%.(/ .! +*/% !.! 
.! 5 0+ )..5 1,+* .!$%*# ,1!.05K
* 0$! +)+.+/H
1* !. 1/(%) (3H 0$! #! "+. )&+.%05 %/ cf *  %* 0$!
)%(5 + ! %0 %/ cjK $! %*+*/%/0!*5 !03!!* /0010+.5
(3 *  1(01.( +. .!(%#%+1/ (3/ %/  ,.+(!) 0$0 ((+3/
!.(5)..%#!0+"(+1.%/$geK
.(5 )..%#! %/ !4!.0!  5 1(01.( *+.)/H ,+2!.05
*  %((%0!.5K .(5 )..%#! (%)%0/ 0$! +,,+.01*%05 +" #%.(/
0+ #+ 0+ /$++( *  %0 !4,+/!/ 0$!) 0+ 0$! .%/' +" !.(5
,.!#**5* $%( %.0$H3$%$%/0$!(! %*#1/!+" !0$

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




"+. #%.(/ #!/ cgMck %* !2!(+,%*# +1*0.%!/Kgf$! .%/' +"


!4,!.%!*%*# ,$5/%( *  !)+0%+*( 1/!H / 3!(( /
,$5/%(* ,/5$+(+#%(0.1)%/$%#$%*!.(5)..%#!/K
.(5 )..%#! (/+ +*0.%10!/ 0+ 0$! $%#$ ,.!2(!*! .0!
+"
)+*#/0#%.(/*  +(!/!*0/K

!#%/(0%*#  )%*%)1) #! +" cj "+. )..%#! %/ *+0


/1""%%!*0 0+ !(%)%*0! 0$! ,.0%! %* 0$! .!#%+*H 3$%$ %/
3$5 0$! .+0++( (/+ .!-1%.!/ /00!/ 0+ $*#! /+%( * 
1(01.( ,00!.*/ +" !$2%+1. 0$.+1#$ ! 10%+* *  +0$!.
)!/1.!/K


,)'#-#(!,.#-

* 36%(* H 0. %0%+*( )..%#!/ .! .!#%/0!.!  *  3%2!/ 3%(( +0%*  !.0%"%0! %* +. *! 3%0$ 0$!
.!-1%.!)!*0+".!+#*%0%+** .!#%/0.0%+*+")..%#!/%*+. !.0++""!.(!#(,.+0!0%+*+*0$!/%/+"(3Kgg

!*5H %5 *  3*  $2! .!"+.)!  0$!%. *0%+*(%05 (3/ 0+ ((+3 3+)!* 0+ ,// 0$!%. *0%+*(%05 0+ 0$!%.
$%( .!*K
*3* .0%(!h+"0$!dbbj0%+*(%05+ !,.+2% !/0$0((%* %2% 1(/+.*".+)3* !/!,.!*0/
W)(!+."!)(!X*-1%.!3* !/!*0%+*(%05K
* !*5H.0%(!cf+"0$!+*/0%010%+*,.+2% !/0$0*0%+*(%05
*!-1%.! %",!./+*%/+.*".+) !*5*,.!*0/%..!/,!0%2!+"#!* !.K %5 +,0! %* 1(5dbcb0$! 3+
df+*0$!.+2%/%+*/+" %5*0%+*(%05%*3$%$3+)!*3$+.!)..%! 0+"+.!%#*/,+1/!/*,//0$!%.+3*
*0%+*(%050+0$!%.$%( .!*K








  jJ   
   

  
!/,%0! +*/0%010%+*( *  /0010+.5 #1.*0!!/ +" !-1(%05H
0$! .!(%05 %/ 0$0 "+. )*5 ".%* 3+)!* &1/0%! .!)%*/
+10 +" .!$H 5!0 &1/0%! %/ !//!*0%( 0+ 0$! .!(%60%+* +"
3+)!*Q/$1)*.%#$0/Kgh$!.+0++(.!+#*%6!/!-1(%05+"
)!* *  3+)!* !"+.! 0$! (3K
0 .!-1%.!/ /00! ,.0%!/ 0+
!*/1.! 0$0 3+)!* .! !-1((5 .!,.!/!*0!  %* 0$! &1 %%.5
* !/0(%/$!/,,.+,.%0!)!/1.!/0+/!*/%0%6!+*3+)!*
.%#$0/ *  0+ .!0! (!#( "1* / 0+ ,.+)+0! 3+)!*Q/ !//
0+&1/0%!K

++),(53%0$0$!+(%#0%+*/1* !.0$!.%#$0"+.3+)!*0+
!// &1/0%!H /+)! /00!/ ,.0%!/ $2! !/0(%/$!  (!#(
"1* /0+%),.+2!3+)!*Q/!//0+0$!(3K+.%*/0*!H%*
1.'%*/+H0$!#+2!.*)!*0.!0! (!#(//%/0*!"1* 
0+ %),.+2! !// 0+ ,1(% (!#( %  /!.2%!/K
* 3* H
0$.+1#$0$!,(**%*#+".!+*/0.10%+*,.+#.))!/H3+)!*
$2!!!*,,+%*0! &1 #!/0+0$! %#$+1.0%* %#(%K
  


gc

+)!* "! /+%( $((!*#!/H /1$ / (+3 (!2!(/ +"


! 10%+*H (!// )+*!5 *  (!// 0%)! 0+ ,1./1! &1/0%!K
1.0$!.)+.!H /+%( ,.!//1.!/ ".+) 3%0$%* 0$! ")%(5 * 
+))1*%05 +"0!* ,.!2!*0 3+)!* ".+) !//%*# &1/0%!K
$%/%/,.0%1(.(5,.!2(!*0%*/!/+" +)!/0%2%+(!*!Kgi
$! (!#( ,%05 +" 3+)!* 0+ ,,.+$ +1.0/ 1*//%/0! 
5)(!.!(0%2!/+./,+1/!/*(/+,.!/!*0$((!*#!K+.
%*/0*!H%*0$!H.0%(!ffj+"0$!)%(5+ !.!-1%.!/
,.%+. 10$+.%60%+* ".+) 0$! $1/*  "+. %*/0%010%*# (!#(
,.+!! %*#/K
*+0$!. $((!*#! %/ 0$0 0$! .!$ +" "+.)( &1/0%! %/
1/1((5%*0$! )%*%/0.0%2!0+3*/K+.!4),(!H+)!*
.!,+.0/ 0$0 %* %!.. !+*!H 0$!.! .! &1/0 cbb 0.%*! 
(35!./ 3+.'%*# )+/0(5 %* 0$! ,%0( %05 /!.2%*# 
,+,1(0%+* +" g )%((%+* ,!+,(!Kgj$! '(+# +" /!/ %*
)+/0+1.0/H/3!((/0$!(*#1#!..%!./%*,.+!! %*#/H
.!)%*+/0(!/"+.3+)!*0+!//%*#&1/0%!K
$! (' +" $.)+*%60%+* %* *0%+*( (!#( /5/0!)/ %/
,.+(!)0%/3!((K
*%#!.%H"+.!4),(!H(3/+*2%+(!*!
#%*/0 3+)!* 2.5 ".+) /00! 0+ /00!K $!.! .! /+)!
/00!/ 0$0 $2!  (3 +* +)!/0% 2%+(!*!H 10 0$!.! %/
1..!*0(5*+*0%+*((3K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




,)'#-#(!,.#-
$! $10$16!( .! !*0!./ (+0!  %* $+/,%0(/ %* +10$ ".% $2! .!!%2!  %*0!.*0%+*( (%) / !/0 ,.0%!K
$!5,.+2% !2%0%)/+"/!41(//1(03%0$(!#(* ,/5$+(+#%(//%/0*!K !/+0$+$/"+((+3! /1%05!/0(%/$%*#
0$! ,!*# .! !*0!. "+. 2%0%)/ +" 2%+(!*!H 3$%$ (/+ %)/ 0+ /!.2! /  +*! /0+, !*0!. "+. (!#( )! %(
,/5$+(+#%(* /"!05$+1/!"+.2%0%)/K
$!#+2!.*)!*0+"1.'%*/+.!0! (!#(//%/0*!"1* %*dbbkH3$%$$/(! 0+%),.+2!!//0+,1(%(!#(
% /!.2%!/* $/%*.!/! +)!*Q/!//0+&1/0%!K
$.+1#$ 0$! .+#.) "+. !"+.) +" 0$! 1/0%! /!0+. WdbcbMdbcfX (% %/ 3+.'%*# 0+ 
+1.0/K

.!// +/0(!/ 0+ !// 0+

$! #+2!.*)!*0 +" %!.. !+*! 3+.'!  3%0$ 0%+* % 


*0!.*0%+*( 0+ %),(!)!*0 0$! 1/0%! !0+. !"+.)
.+#.))!K+(%!+""%!./3!.!0.%*! %*%*2!/0%#0%2!* ,.+/!10+.%(/'%((/H,.0%1(.(5.!(0%*#0+3+)!*Q/.%#$0/
/!/H* 2%+(!*!#%*/03+)!*Kgk
$! +6)%* #+2!.*)!*0 $/ 3+.'!  3%0$ %2%( /+%!05 +.#*%60%+*/ 0+ %*0.+ 1! 3+)!*Q/ .%#$0/ +1./!/ %*0+
0.%*%*#00$!+(%! !)5K$!)%*+(%!.%*%*#+((!#!$/(/+%*0!#.0! #!* !.2%+(!*!0.%*%*#%*0+%0/
1..%1(1)K



 cfJ
   
 
00!,.0%!/.!+1* 5.0%(!cf0+!*/1.!0$00$!.%#$0/
+" 3+)!* .! ,.+0!0!  0+ +*0.+( 0$!%. "!.0%(%05H 0+ !% !
3$!0$!.0+$2!$%( .!** 0$!*1)!.* 0$!/,%*#+"
$%( .!*K* !.0$!.+0++(H3+)!*%*".%(/+$2!0$!
.%#$00+$++/!*5)!0$+ +"+*0.!,0%+*H0+!%*"+.)! 
+* 0$!%. $!(0$ /001/ *  +* 0$! $!(0$ /001/ +" 0$!%.
,.0*!.H ,.0%1(.(5 %" ""!0!  3%0$ /!41((5 0.*/)%00! 
%*"!0%+*/H %*(1 %*#
T
K $! .%#$0 0+ /!("M,.+0!0%+*
*  0$! .%#$0 0+ ! ,.+0!0!  #%*/0 /!41((5 0.*/)%00! 
%*"!0%+*/ %*(1 %*#
T
 .! (/+ !*/1.! K $%/H (+*#
3%0$ 0$! .%#$0 0+ )! %( +.0%+* 1* !. /,!%"%! 
%.1)/0*!/H.!!4),(!/+"%**+20%+*/%*0$!.+0++(K

+)! +1*0.%!/ $2! 0'!* ,+/%0%2! /0!,/ 0+ ,.+2% !
%*0!#.0!  *  +),.!$!*/%2! ")%(5 ,(**%*# /!.2%!/H
)0!.*( $!(0$H .! 1%*# %*"*0 )+.0(%05 *  )+.% %05H
*  ,.!2!*0%*# *  0.!0%*# /!41((5 0.*/)%00!  %/!/!/
W/XH%*(1 %*#
T
K+.!4),(!%* %!.%H!//0+
/!41( *  .!,.+ 10%2! $!(0$ /!.2%!/ %/ ,.+2% !  ".!! +"
$.#!0$!(0$"%(%0%!/K



gd


$!.! $/ (/+ !!* ,.+#.!// %* (3% %* .! 1%*# 0$!
)0!.*( )+.0(%05 .0! ".+) kjf !0$/ ,!. cbbHbbb (%2!
%.0$/%*dbbf0+heg%*dbcbKhb
  
!/,%0! %),.+2!)!*0/ %* 0$! !// +" .!,.+ 10%2! $!(0$
/!.2%!/H /+)! +1*0.%!/ $2! .!+. !  !/(0%*# )0!.*(
)+.0(%05 .0!/K  +. !4),(!H +10$ ".%Q/ )0!.*(
)+.0(%05.0%+$/)+.!0$*-1 .1,(! %*0$!(/0 ! !H
%*.!/%*# ".+) cgb 0+ hdg !0$/ ,!. cbbHbbb (%2!
%.0$/K hc
* +6)%-1! (+3 1/! +" +*0.!,0%2!/H

,.!2(!*!H *  )0!.*( )+.0(%05 1! 0+ 1*/"! +.0%+*
.!)%* ,!./%/0!*0 ,.+(!)/ "+. 0$! +1*0.5K 1.0$!.)+.!H
0$!,.!2(!*!+")+ !.*+*0.!,0%2!1/!)+*#)..%! 
3+)!*$/.!)%*! 0+*(5cclKhd

.!)%*//%#*%"%*0$((!*#!%*0$!.!#%+** 3+)!*
.! %/,.+,+.0%+*0!(5 %*"!0!  *  ""!0! K  +/0 .!!*0
"%#1.!/ %* %0! 0$0 3+)!* +),.%/! gkl +" ,!+,(! (%2%*#
3%0$
 %* 0$%/ .!#%+*K he 
* 1M$.* ".%H 5+1*#
3+)!*#! cg0+df5!./.!/)1$/!%#$00%)!/)+.!
(%'!(50$*)!*0+!(%2%*#3%0$
Khf

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




,)'#-#(!,.#-
$!".%*+))%//%+* +,0! !*!.(+))!*0/+*.0%(!cfWcXW X* W!X0+,.+2% !(.%05+*/00!+(%#0%+*/3%0$
.!/,!00+0$!/!,.+2%/%+*/K

* *#+(H 0$! #+2!.*)!*0 (1*$!  ),%#*/ 0+ ! 10! 3+)!* +* 0$!%. .%#$0/ %* .!#.  0+ .!,.+ 10%2! $!(0$ * 

T
%//1!/Khg$!+)!*Q/ !(0$.+#.))!(1*$! 50$!/00!+*0.%10! 0+.! 1!0$!)+.0(%05.0!* 0+
(!0%0%6!*/'*+30$!%.$!(0$/001/Khh

*(3%H0$!00! +,0! 0$!"!)+0$!.$++ 0.*/,+.0,(*/0+ .!//0.*/,+.00%+** !)!.#!*5+/0!0.%.!K

*0$0.!#. H0.%*%*#$/!!*,.+2% ! "+.%.0$00!* *0/%*2%((#!/* 0!(!,$+*!/* . %+/$2!!!*%*/0((! %*


/+)!$!(0$!*0.!/0++))1*%0!3%0$0$!.!"!..($+/,%0(* .!-1!/0)1(*!0.*/,+.0"+.3+)!*%* %/0.!//Khi






 dcJ
 
 

$! .%#$0 0+ %*$!.%0*! %* ".% %/  )+ ! +" -1%.%*#
,.+,!.050+/1/0%*(%2!(%$++ /* 0+1/!0+!.*)+*!5* 
#1.*0!!(%"!3%0$ %#*%05K$!.%#$00+%*$!.%0*!%/.1%(
"+.0$!/1.2%2+./,+1/!/* $%( .!*K
.0%(! dc +" 0$! .+0++( /00!/ 0$0H 3+)!* *  )!* /$((
$2! 0$! .%#$0 0+ %*$!.%0 !-1%0(! /$.!/ +" 0$!%. ,.!*0Q/
,.+,!.0%!/K% +3//$(($2!0$!.%#$00+*!-1%0(!/$.!
%*0$!%*$!.%0*!+"0$!,.+,!.05+"$!.$1/* H%*(1 %*#
0$!.%#$00++*0%*1!(%2%*#%*0$!)0.%)+*%($+1/!!2!*%*
0$!/!+".!)..%#!K

!2!.( +1*0.%!/ $2! .!,!(!  %/.%)%*0+.5 %*$!.%0*!
(3/ *  !*0!  *!3 (3/ %* +*"+.)%05 3%0$ 0$!
.!-1%.!)!*0/ +" 0$! .+0++(K (3% !*0!  0$! !!/! 
/00!/ 0 *+ cf +" dbccH 3$%$ ,.+2% !/ 3% +3/Q
%*$!.%0*!.%#$0/*  1#$0!./Q!-1(.%#$0/0+%*$!.%0Khj

* 1.%0%1/H 3+)!* $2! !-1( %*$!.%0*! .%#$0/ !2!* %"


0$! !!/!  % *+0(!2!3.%00!*3%((K$!.!.!*+(!#(
+.1/0+).5.!/0.%0%+*/0$0"2+1.)(!$!%./+2!.




ge


!)(!/Khk
*3* H0$!dbbg *  3"+.)((5+(%/$! 
0. %0%+*(1/0+).5(3(* .%#$0/* 3+)!**%*$!.%0
,.+,!.05".+)0$!%."0$!./* $1/* /Kib
  
+)!*\/ (!#( .%#$0/ 0+ (*  .! /0%(( 1* !.)%*!  5 0$!
+*0%*10%+* +" 1/0+).5 %/.%)%*0+.5 ,.0%!/H 3$%$
,!.,!010! *!#0%2! 00%01 !/ 0+3. / 3+)!*\/ (*  .%#$0/K

* 36%(* H 0$! 0. %0%+*( ,+(%0%( /5/0!) '*+3* / 0$!


%*'$1* ( /5/0!) ).#%*(%6!/ 3+)!* 0 !%/%+*M)'%*#
(!2!(/H3$%$+*/%/0!*0(5/% !(%*!/3+)!*%*0+*+*M,+(%0%(
0. %0%+*(.+(!/K+)!*%*36%(* /0%(($2!(%)%0! (* 
*  %*$!.%0*! .%#$0/ *  %* dbcbH  /! +" (*  .%#$0/
#.*0!  0+  3+)* 3/ +2!.01.*!  5 0$! 1,.!)!
+1.0K ic +)!* %* +.0$!.* $* .! ,.0%1(.(5
21(*!.(! / %0 %/  ,0.%(%*!( /+%!05I %*$!.%0*! * 
/1!//%+*,//0$.+1#$0$!)(!(%*!K !*!H3+)!* +*+0
0. %0%+*((5+3*,.+,!.05H(.#!(%2!/0+'+.(* * /+.!
1*(!0+/1,,+.00$!)/!(2!/* 0$!%.")%(%!/Kid
*1.1* %H
.0%(! dc +" 0$! .+0++( $/ !)!.#!  / +*! +" 0$!
+/0(!/ 0+ 0$! .0%"%0%+* ,.+!//K
* (%#$0 +" +*0!*0%+*/
+2!.3$!0$!.+.*+03+)!*/$+1( !((+3! 0+%*$!.%0H0$!
1.1* %* #+2!.*)!*0 $/ +))%//%+*!   /01 5 +*
%*$!.%0*!H3$%$3%((%*"+.)%0/ !%/%+*+*3$!0$!.+.*+0
0+ ,(!  .!/!.20%+* +* 0$%/ ,.0%1(. ,.+2%/%+*K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




,)'#-#(!,.#-

*3* H,.+! 1.!/0+!*/1.!0$03+)!*.!%*(1 ! %*0$!(* .!#%/0.0%+*,.+!//$2!!!*,10%*,(!K/H


/1$ / * !0 3* H
).# *  #1.1'H $2! %//!)%*0!  %*"+.)0%+* ++'(!0/ +* 0$! 1!//%+* 3H
!4,(%*%*# 0$!%. +*0!*0 %* /%),(! 0!.)/ "+. !2!.5+*! 0+ 1* !./0* K !/!.$ +* 0$! %),0 +" 0$! (3/ +* 3+)!*Q/
(* .%#$0/%*3* "+1* 0$0(!#($*#!/.!""!0%*#(* %*$!.%0*!,00!.*/%*,.0%!* )*5)(!")%(5
$! /+))!*0! 0$01* !.0$!*!3(30$!5"!(0+(%#! 0+#%2!0$!%. 1#$0!./(* Kie

* )%%H 0+  .!// 0$! 0. %0%+*( ,.0%! '*+3* / P3% +3 $/%*#Q +. P,.+,!.05 #.%*#QH 0$! #+2!.*)!*0 %/
%*.!/%*# 0$! *1)!. +" ,.0%%,0%+* +" 3+)!* %* 0. %0%+*( +1.0/ .!"!..!  0+ / 0$! P1'3)% . %0%+*(
10$+.%05QKif



 

!/,%0! ,.+#.!// %* 0$! !*0)!*0 +" (3/ *  ,+(%%!/H 0$!
.+0++( .!-1%.!/ 00!/ 0+ #+ "1.0$!. 0+ $*#! /+%(
1(01.( ,00!.*/ +" !$2%+1. 0$.+1#$  2+5 * 
! 10%+* *  /00!/ .! /0%(( ('%*# !$%*  %* 0$%/
+(%#0%+*K


gf


1.0$!.)+.!H /0.!*#0$!*%*# 3+)!*Q/ !// 0+ &1/0%!H %*
+. !.0+,.+0!00$!%..%#$0/H%//0%(($((!*#!K1(01.(* 
0. %0%+*( ,.0%!/ **+0 ! $*#!  +2!.*%#$0 * 
.!-1%.!)+.!!""+.0//1$/! 10%+** %*(1/%+*+")!*
* +5/0+! .!//! K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#





 
 




,1#43( /),%())
/ 3! !(!.0! 0$! cb0$ 5!. **%2!./.5 +" 0$! .+0++(Q/
 +,0%+** /1/!-1!*0!*0.5%*0+"+.!H%0%/%),+.0*0"+.
1/0+.!"(!0+*0$!#%*/) !%*,.+0!0%*##%.(/* 3+)!*
".+) $.)"1( ,.0%!/H ,.0%1(.(5 "!)(! #!*%0(
)10%(0%+*WXK
.0%(!g+"0$!.+0++(((/1,+*/00!/,.0%!/0+,.+$%%0
*  +* !)* (( "+.)/ +" $.)"1( ,.0%!/H 3$%$
*!#0%2!(5""!00$!$1)*.%#$0/+"3+)!*H0$.+1#$,1(%
3.!*!// *  ! 10%+* %* ,.0%%*# +))1*%0%!/K $!
,.+2%/%+* (/+ +(%#0!/ 00! ,.0%!/ 0+  +,0 (!#%/(0%2!
)!/1.!/ '!  5 /*0%+*/H %*(1 %*# ,.+0!0%+* +"
3+)!* 3$+ .! 0 .%/' +" !%*# /1&!0!  0+ $.)"1(
,.0%!/ +. (( +0$!. "+.)/ +" 2%+(!*!H 1/! * 
%*0+(!.*!K 00! ,.0%!/ .! (/+ .!-1%.!  0+ ,.+2% !
*!!//.5 /1,,+.0 0+ 2%0%)/ +"  0$.+1#$ /% /!.2%!/
/1$/$!(0$/!.2%!/H(!#(* &1 %%(/1,,+.0H!)+0%+*(
*  ,/5$+(+#%( +1*/!((%*# / 3!(( / 2+0%+*( 0.%*%*#
0+)'!0$!)/!("M/1,,+.0%*#K
$!.+0++(,(!/*+(%#0%+*+*0$!/00!,.0%!/"+.0$!
!2!(+,)!*0 +" !*(%*# +* %0%+*/ 0$0 3+1(  "%(%00!
#%.(/ *  3+)!*Q/ "1(( !*&+5)!*0 +" .%#$0/ /!0 +10 %* 0$%/
.0%(!K $%/ .0%(! !/.%!/ 0$! 1..!*0 /001/ +" 
!(%)%*0%+* *  $%#$(%#$0/ /+)! +" 0$! $((!*#!/ %*
%),(!)!*0%*# .0%(! g +" 0$! .+0++( %* 0$! ,.0%%*#
".%*+1*0.%!/K
 +),.%/!/ (( ,.+! 1.!/ %*2+(2%*# ,.0%( +. 0+0(
.!)+2( +" 0$! !40!.*( "!)(! #!*%0(% +. +0$!. %*&1.5 0+
0$! "!)(! #!*%0( +.#*/ "+. *+*M)! %( .!/+*/K ig $!
+.(  !(0$ .#*%60%+* W X !/0%)0!/ 0$0 #(+((5
cbbMcfb )%((%+* 3+)!* *  #%.(/ $2! !4,!.%!*!  /+)!
"+.)+"Kih

gg


 


 iiJ

5,!
J .0%( +. 0+0( .!)+2( +" 0$! (%0+.%/
* T+.0$!,.!,1!W(%0+.% !0+)5X

5,!

J .0%( +. 0+0( .!)+2( +" 0$! (%0+.%/ * 


0$! (% )%*+.H 3%0$ +. 3%0$+10 !4%/%+* +" 0$!
(%)&+.W!4%/%+*X

5,!

J ..+3%*# +" 0$! 2#%*( +.%"%! 3%0$


.!0%+* +"  +2!.%*# /!( 5 100%*# *  .!M
/0%0$%*#0$!(%)%*+.* T+.0$!(%)&+.H
3%0$ +. 3%0$+10 !4%/%+* +" 0$! (%0+.%/
W%*"%1(0%+*X

5,!
J *(//%"%!  U (( +0$!. $.)"1(
,.+! 1.!/0+0$!"!)(!#!*%0(%"+.*+*M)! %(
,1.,+/!/H "+. !4),(!H ,.%'%*#H ,%!.%*#H %*%/%*#H
/.,%*#* 10!.%60%+*

%/ +1)!*0! 0+!,.0%/! %*dj+1*0.%!/%*".%


W!*%*H 1.'%* /+H )!.++*H !*0.( ".%* !,1(%H
$ H ?0! Q
2+%.!H !)+.0% !,1(% +" +*#+H &%+10%H
#5,0H 0$%+,%H .%0.!H $! )%H $*H 1%*!M%//1H
1%*!H !*5H %!.%H (%H 1.%0*%H %#!.H %#!.%H
!*!#(H %!.. !+*!H +)(%H 1 *H *6*%H +#+ * 
#* XK /0%)0!/ /!  +* 0$! )+/0 .!!*0 ,.!2(!*!
0 %* %0! 0$0 kcKg )%((%+* #%.(/ *  3+)!* +2! k
5!./+( %*".%.!1..!*0(5(%2%*#3%0$0$!+*/!-1!*!/
+" "!)(! #!*%0( )10%(0%+*Kij$.!! )%((%+* #%.(/ %* ".%
.! !/0%)0!  0+ ! 0 .%/' +" 1* !.#+%*# 0$! ,.+! 1.!
!2!.55!.K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

   
  
   
 $#(
+
(+
'+
&+
%+
$+
#+
"+
!+
+
+


$! #! 0 3$%$ 0$!  ,.+! 1.! %/ ,!."+.)!  2.%!/
".+) +*! +))1*%05 0+ *+0$!.K
0 %/ ..%!  +10 1.%*#
%*"*5H+*#%.(/1* !.0!*5!./+( W+. +(!/!*0#%.(/X* 
+/%+*((5 +*  1(0 3+)!*H %*(1 %*# ,.!#**0 3+)!*K
+/0!4,!.0/#.!!0$00$!#!03$%$%/,!."+.)! %/
!.!/%*# *  (0$+1#$  +*0%*1!/ 0+ ! )+/0(5
,!."+.)!  5 3+)!* 3$+ 1/! .1 ! '*%2!/ 3%0$+10
*!/0$!0%/H 0$!.! %/  *+0%!(! 0.!*  0+3. /
)! %(%60%+*+"%*/+)!+1*0.%!/K+.!0$*cjl+"
((#%.(/* 3+)!*3$+$2!!!*/1&!0! 0+%*0$!
+1*0.%!/H ".+) 3$%$ 0 .! 2%((!H $2! $  0$!
,.+! 1.!,!."+.)! +*0$!)5$!(0$M.!,.+2% !.* 
0$!0.!* %/%*.!/%*#Kik
$! )#!  +!/ 0+ "!)(! /!41( +.#*/ *  0$!%.
"1*0%+*/ %/ +0$ !40!*/%2! *  %..!2!./%(!K /% ! ".+) 0$!
,$5/%(H,/5$+(+#%(* !)+0%+*( )#!3$%$%*(1 !
!4.1%0%*# ,%* *  0.1) / 3!(( / .%/'/ +"
$!)+..$#!H %*"!0%+* *  !0$ 0 0$! 0%)! +" 0$!
,.+! 1.!H0+!"+((+3! 5(+*#0!.)$!(0$+),(%0%+*/
/1$/,%** ('+",(!/1.(!/!41(/!*/0%+* 1.%*#
%*0!.+1./!H5/0/* '!(+% "+.)0%+*H0$!.!%/!2% !*!+"
%*.!/! .%/'+"+),(%0%+*/0$%( %.0$,100%*#)+0$!./
* *!3M+.*/0.%/'jbK


,.0 ".+) 0$! ,+0!*0%( $!(0$ .%/'/ //+%0!  3%0$ H


0$!,.0%!%/.!+#*%/! / %/.%)%*0%+*/! +*/!4H/
%0 %/ .++0!  %* #!* !. %*!-1(%0%!/ *  ,+3!. %)(*!/
!03!!*)!** 3+)!*H%*$%%0%*#3+)!*Q/"1((* !-1(
!*&+5)!*0 +" 0$!%. $1)* .%#$0/I *  %/ +*/% !.!  
2%+(0%+* +" %*0!.*0%+*( *  .!#%+*( $1)* .%#$0/
%*/0.1)!*0/Kjc %/ ()+/0 (35/ ..%!  +10 +* )%*+./
3$+ + *+0 $2! /1""%%!*0 '*+3(! #! 0+ 1* !./0*  %0/
%),(%0%+*/* 3$+**+03%0$$+( 0$!%.+*/!*0Kjd
+. %*#0+!)+#.,$%*  !(0$1.2!5/W X* 0$!

 1(0%,(!
* %0+. (1/0!. 1.2!5/ W
/X ..%! 
+10 %*  *1)!. +" +1*0.%!/H 0$! ,.0%! %/ !(%*%*# %*
/+)!+1*0.%!/Kje$%/*!+/!.2! 3$!*(++'%*#0 0
".+) +1*0.%!/ %* 3$%$ 0 (!/0 03+ /1.2!5/ .! 2%((!H
/$+3%*# 2*! ,.!2(!*!%**1)!.+"+1*0.%!/K$%/
*(/+!+/!.2! 5+),.%*#0$!5+1*#!/0* +( !/0
#!M#.+1, %* +*! /1.2!5H /$+3%*# 0$0 3+)!* #!  cgUck
5!./.!(!//(%'!(50+$2!!!*/1&!0! 0+0$*.!
3+)!*%*+( !.#!#.+1,/K$! !.!/!%**1)!.+"#%.(/
!%*# /1&!0!  0+  * ! 00.%10!  0+ +*M#+%*#
.%#+.+1/ ),%#*/ .+// 0$! +*0%*!*0 3%0$ )*5
%* %2% 1(/ *  +.#*%60%+*/ 3+.'%*# 0%.!(!//(5 0+ !*  0$!
,.0%!K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#






    
   
'
$'
#'
"'
!'
'
'

  $
  $

'
'
'
'


 10%+** 3.!*!//!""+.0/.!00$!+.!+"/0.0!#%!/
0+!* %*".%H100$!5(+*!3%((*+0!/1""%%!*00+
!* /%*0$!"%*(*(5/%/H$/0+ +3%0$#!* !.
,+3!. +*0.+(K .!/ 3$!.! *0%M !""+.0/ .! $+(%/0% %*
+)%*%*# ! 10%+*H (!#%/(0%+* *  ,.+0!0%+* )!/1.!/
.!!#%**%*#0+/!!.! 10%+*%*K

'!5!4),(!*!/!!*%*1.'%*/+H3$!.!0$!.!$/
!!*  +,0%+* +" * \!*  \ ,+(%5 /%*! ckjeH * 
%),(!)!*00%+* +"  *0%+*( ,(* +" 0%+* 0+ !*  K
$!/!!""+.0/$2!+*0.%10! 0+0$! !(%*!%*0$!*1)!.
+"#%.(/1* !.#+%*#H/,!+,(!.!3.!+"0$!(3* 
.! ".%  0+ ! 1#$0 %* 0$! 0K  
 .!,+.0 /$+3/
0$0 +*(5 ceKebl #%.(/ #!  !03!!* b *  cf 5!./ $2!
!!*10Kjf


 


 J
 (%"-"%0"%%8/,!%"%(3**%*#3/,//! %*ckkh
0$0 %/ !*"+.! H *  .!0%+* +"  /!.!0.%0H 3$%$ %/

#+2!.*)!*0M"1* ! H 0+ +2!./!! 3+.' +*  0 *0%+*(


(!2!(K
.%-")%""-2("'-+/'-"(',8
* %0%+*0+0$!!*"+.!)!*0+"
0$! *0%M (3H 0$!.! %/ %*2+(2!)!*0 +" /!2!.(  2+0!/
".+) )*5 /!0+./M.!(%#%+1/ (! !./H )!)!./ +" 0$! ,+(%!
"+.!H )! %( ,.+"!//%+*(/H 0!$!./H 5+10$ *  3+)!*\/
+.#*%/0%+*/K $%/ $/ !*/1.!  0$0 )!//#!/ +*  .!
.+ (5 %//!)%*0!  0+ .!$ 0$! 3% !. ,1(%K +/0
%),+.0*0(5H)!//#!/.!)%*/0.!)! 3%0$%*!4%/0%*#
!2!(+,)!*0* .!,.+ 10%2!,.+#.))!/K
.-+!8  .*#! +" .!/+1.!/ *  +10.!$ ,.+#.))!/
!4%/0H %*(1 %*# 3.!*!//M.%/%*# ),%#*/ 5 0$! ,+(%!
*  .)5 0!)/H %*"+.)0%+*H ! 10%+*H *  +))1*%0%+*
,.+&!0/H )! % !4,+/1.! *   ".!! $%(  !(, $+0(%*! "+.
+0$ 0$! ,1(% 0+ .!,+.0 /1/,!0!  /!/ +"  *  "+.
/1.2%2+./+.+0$!.""!0! ,.0%!/0+.!!%2!+1*/!((%*#K
%"'"J
* %0%+*0+%*0!#.0%*#%*0+.!,.+ 10%2!$!(0$
,.+#.))!/H1.'%*/+%/ !2!(+,%*#/,!%(%/0(%*%0+
 .!//0$!+),(%0%+*/+"K
-J '!!,%*# 1,M0+M 0! %*"+.)0%+* +* 0$! ,.!2(!*! +*
H0$!#+2!.*)!*0%/(!0+)+*%0+.0.!* /* +0$!.


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



!$2%+1.( "0+./ %*"(1!*%*#  0$.+1#$ ,!.%+ %  
/1.2!5/K$! 0$!(,/0$!#+2!.*)!*0)+ %"5/0.0!#%!/0+
0'(!0$!"0+./0$0/1/0%*0$!,.0%!Kjg

* .+' %/0.%0 +" !*5H 0$!.! 3/ .! 10%+* %* 


,.!2(!*! ".+) kel WdbbeX 0+ iel WdbbkXK jh /.1
0+)+*+'
*%0%0%2!W
XH+))1*%05M/! +.#*%/0%+*
$/ !!* 3+.'%*# %* .+' "+. )+.! 0$*  ! !K 

,.+)+0!/  )1(0%,(! /0.0!#5 ),%#* 0+ !*/1.! 2.%+1/
/0'!$+( !./.!.!$! * %*"(1!*! Jji
 .-"(''0+',,0"-!"'-!(&&.'"-2J
+* 10/
/!2!.( %*0!.#!*!.0%+*( %(+#1!/ 3%0$%* 0$! /%
+))1*%05 0+ .%/! 3.!*!// +*  *  +0%* 0$!
+))1*%05 +*/!*/1/ 0+ !*  0$! ,.0%!K $! 0.#!0 #.+1,
%*(1 !/ !( !./H $%!"/H ,.0%0%+*!./H 3+)!*H )!*H 5+10$H
)! %H$!(0$3+.'!./H0!$!./* (3!*"+.!)!*0+""%!./K

 +(--"('( "+%,+(&J
.!0! 0!),+..5/$!(0!.
"+. #%.(/ .1**%*# 35 ".+)  *  !.(5 )..%#! 3$%$
$/ $+1/!  +2!. ebb #%.(/K $! #%.(/ .! /1,,+.0!  )+.((5H
/+%((5 *  ! 10%+*((5H *  .! !2!*01((5 .!M%*0!#.0! 
3%0$0$!%.")%(%!/0$.+1#$.!+*%(%0+.5,.+!//H%*2+(2%*#
+))1*%05 !( !./ *  $%( .!* +""%!./H 3+.'%*# 3%0$%* 
/00! /0.101.! 0$0 30$!/ +10 "+. 0$! %*0!.!/0 +" $%( .!*K

 %-+'-"/+"-(),, J 3%0$%* 0$! /% +))1*%05H 0$!
,.0%/! +"  ).'/  .%0! +" ,//#! 0+ 3+)*$++ K
1.%*#0$!%*%0%0%+*0$!#%.(/.!01#$00$!.+(!+"0$!3+)*
%*0$!")%(5* +))1*%05%*,.!,.0%+*"+.)..%#!K

%*0.+ 1!  * (0!.*0%2! .%0! +" ,//#!H 3$%$ ((+3/ 0$!
#%.(/ 0+ 1* !.#+ 0.%*%*# *  #. 10! %*0+ 3+)*$++ 
3%0$+100$!10K

 "+%>,.-"('J
!*/1.!/0$0((.1*35#%.(/3$+/050
0$! !*0.! .!)%* %* /$++(K /%*# .+(! )+ !(/ 3%0$%* 0$!
+))1*%05 +10.!$ ,.+#.))!H 
 !),$/%/!/ 0$!
%),+.0*! +" ! 10%*# 0$! #%.(/ %*/0!  +" )..5%*# 0$!)
+""K
.0%(! g +" 0$! .+0++( +* 0$! .%#$0/ +" 3+)!* %* ".%
,(!/*+(%#0%+*+*/00!/,.0%!/0+,.+2% !R,,.+,.%0!
)!/1.!/S %* 0$!%. +)!/0% (!#( /5/0!)/ 0+ !*/1.! 0$!
,.0%! %/ !(%)%*0! K *"+.01*0!(5H ".%* #+2!.*)!*0/
$2!(!"00$%/%//1!"+.%2%(/+%!050+ !(3%0$"+.".0++(+*#
* *!! 0+/0!,1,0$!%.3+.'0+!(%)%*0!0$%/.10(%05+*!
* "+.((K1..!*0(5dc+10+"0$!djM,.0%%*#".%*
+1*0.%!/ $2! (3/ #%*/0 0$! ,.0%!K 10 !2!* 0$+1#$
(3/$2!!!*,//! %*0$!/!+1*0.%!/0$!.!.!"!3/!/
0$0 $2! #+*! 0$.+1#$ 0$! +1.0/K +. %*# 0+ Q/
**1(.!,+.0+"dbccH+2!.cfc/!/+"2%+(0%+*/+"*0%+*(
(3/ #%*/0  3!.! ,.+/!10!  %* "%"0!!* +1*0.%!/

gj

W1.'%* /+ hdH .%0.! gfH 0$%+,% jH !*5 gH !*!#( dH
* 1 *eXKjj
$!.! (3/ $2! !!* %),(!)!*0! H (!*%!*0 /!*0!*!/ $2!
!!* #%2!* *  ,!.,!0.0+./ $2! !!* (!0 +"" 3%0$ 
/1/,!* !  /!*0!*!H 3$%$ /!* / 0$! 3.+*# )!//#! 0$0
 3%(( ! 0+(!.0! K $! 00! +" %#!.H "+. !4),(!H "%(! 
0+ "+((+3 0$! )%*%)1) /!*0!*%*# .!-1%.!)!*0/ %* %0/ 
(3 3%0$ ,!.,!0.0+./ !%*# (!"0 +"" 0$! $++' 3%0$ (%#$0
/!*0!*!/K
* *1.5dbcbH*%*!,.!*0/* *!4%/+.3!.!
+*2%0!  +" /1&!0%*# /!2!* #%.(/ 0+ K $!5 3!.! !$
/!*0!*!  0+ 0$.!! )+*0$/ /1/,!* !  &%( 0!.) *   "%*! +"
fbHbbb  W` jkXH 3$%$ %/ +*0..5 0+ 0$! )%*%)1)
/!*0!*! +" /%4 )+*0$/ 0+ 0$.!! 5!./ *  %/ %*!""!0%2! / 
!0!..!*00++))1*%0%!/..5%*#+100$!,.0%!K
!/,%0! .0%"5%*# 0$! .+0++( +* 0$! %#$0/ +" +)!* %*
".%H +1*0.%!/ /1$ / 0$! !)+.0% !,1(% +" +*#+H
%!.%H $! )%H (% *  %#!.% .! /0%(( .!(10*0 0+
%*0.+ 1! (3/ 0$0 ,.+$%%0 K +)!* *  #%.(/ +*0%*1!
0+!"+.%(5)10%(0!  1!0+('+"(3/0+,.+0!00$!)K
*
%!.%H 10$ !..5 !( 3/ '% *,,!  ".+) $!. $+)! * 
)10%(0! 503+3+)!*".+)0$!'/+%!05U,+(%0%((5
%*"(1!*0%( /!.!0 3+)!*Q/ //+%0%+*K 10$ "%(!   (3/1%0
#%*/00$!03+3+)!*3$+ .1##! $!.H .##! $!.%*0+0$!
1/$ *  "+.%(5 )10%(0!  $!.K 10$ /+1#$0 &1/0%! 0$.+1#$
0$!+1.0/K!/,%0!.!!%2%*#*1)!.+1/ !0$0$.!0/H/3!((
/ !%*# /!*0 0+ ,.%/+* +* 03+ +/%+*/H 0$! +1.0 "%*((5
"+1*  0$! 03+ !"!* *0/ #1%(05 +" '% *,,%*#H "!(+*%+1/
.!/0.%*0 *  0$!"0 +" ,.+,!.05H *  0$!5 3!.! /!*0!*!  0+
0$.!! 5!./ %),.%/+*)!*0K
* dbcdH  &+1.*(%/0 3/ "+.! 
%*0+$% %*#/)!)!./+"'/+%!050$.!0!*! 0+"+.%(5
/1&!0 $!. 0+  "0!. ,1(%/$%*#  /0+.5K
* (%H 0$!
+1*0.5\/ 0%+*( *0%M .+#.))! .!,+.0!  0$0 +2!.
cHcch (%* 3+)!* .!!%2!  )! %( 0.!0)!*0 "+.
+),(%0%+*/ .%/%*# /  .!/1(0 +"  %* dbcd (+*!Kjk
+)!** #%.(/.!!%*#"%(! 50$!%.#+2!.*)!*0/5*+0
! 10%*# 0$! ,1(% *  !*0%*# *  %),(!)!*0%*# (3/
#%*/0K
$! ".%* *%+* WX ,//!   .!/+(10%+* +* c/0 1(5 dbcc
%* /1,,+.0 +"  .!/+(10%+* 0 0$! *%0!  0%+*/ !*!.(
//!)(5WX0+*0$!,.0%!K$%/3/"%(%00! 5
0$!$1)*.%#$0/#.+1,M+!!%0$+10 1/0%!3+.'%*#%*
,.0*!./$%, 3%0$ 0$!
*0!.M".%* +))%00!! +* .)"1(
. %0%+*( .0%!/H -1(%05 +3 *  #.//.++0/ #.+1,/
0%2! %* 0$! ),%#* #%*/0 K $! *%0!  0%+*/
!*!.( //!)(5 ,//!   .!/+(10%+* **%*#  #(+((5
+*0$!db!!)!.dbcdK$!.!/+(10%+*.!M""%.)/1*%2!./(
#.!!)!*0 0$0  +*/0%010!/  2%+(0%+* +" $1)* .%#$0/H
3$%$ (( +1*0.%!/ +" 0$! 3+.(  /$+1(   .!// 0$.+1#$ R((
*!!//.5 )!/1.!/H %*(1 %*# !*0%*# *  !*"+.%*#
(!#%/(0%+* 0+ ,.+$%%0  *  0+ ,.+0!0 3+)!* *  #%.(/
".+) 0$%/ "+.) +" 2%+(!*!H *  0+ !*  %),1*%05SKkb(0$+1#$

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


0$! .!/+(10%+* %/ *+0 %* %*# 0+ )!)!. /00!/ %0 ..%!/
+*/% !.(! )+.( *  ,+(%0%( 3!%#$0K
0 (/+ /!.2!/ / 
.!)%* !. +" )!)!. /00!/\ +))%0)!*0 0+ 3+.' 0+3. /
!(%)%*0%+* +" H %*(1 %*# ,.+)+0%*# *  ,.+0!0%*# 0$!
$1)*.%#$0/+"3+)!** #%.(/K


)'(*,.##*.#)(#(."KMR3-'*#!(K#( #,#>
").)

gk




)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#






 



%0,3)'()/(.EF
$!%)/+".0%(!k+"0$!,10+.+0++(.!0+ .!//
%*/0%010%+*( 2%+(!*! #%*/0 3+)!*H *  /1,,+.0 0$!
!),+3!.)!*0+"3+)!*0+$*#!0$!,+(%0%((* /,!+"
".%K
0/+.!"1*0%+*/.!0+%*.!/!0$!,.0%%,0%+** 
.!,.!/!*00%+*+"3+)!*%*#+2!.**!H* .+ !*!//
* !-1(%05"+.3+)!*%*,+(%0%/* ,+/%0%+*/+",+3!.K
$!%),0+"0$!,10+.+0++(+*0$!.!,.!/!*00%+** 
,.0%%,0%+* +" 3+)!* %* #+2!.**! *  ,+(%0%( (%"! %*
".% %/ %""%1(0 0+ )!/1.! 1.0!(5 / 0$!.! .! )*5
%* %0+./ 0+ +*/% !.K 1)!./ +" "!)(! )!)!./ +"
,.(%)!*0* "!)(!)%*%/0!./%*#+2!.*)!*0.!03+'!5
%* %0+./ $+3!2!.H *  0$!/! .! 3$0 3! 3%(( "+1/ +1.
00!*0%+* +* %* .!2%!3%*# 0$! %),0 +" 0$! .+0++( +*
3+)!*Q/ .%#$0 0+ ,.0%%,0%+* %* 0$! ,+(%0%( *  !%/%+*M
)'%*#,.+!//K

$!.! .! )*5 !4),(!/ +" ,.+#.!// .+// 0$! +*0%*!*0I


3*  +*0%*1!/ 0+ !  3+.(  (! !. %* "!)(!
.!,.!/!*00%+* *  %* dbcdH !*!#( ) ! 0$! $%#$!/0
!(!0+.( #%* "+. 3+)!*H 3%0$ "!)(! !)!./ +"
.(%)!*0.!$%*#fdKilK$!.!$/(/+!!*,.+#.!//%*
+.0$ ".%H 3$!.! (#!.% ) ! /%#*%"%*0 #%*/ * 
!)! 0$! "%./0 . +1*0.5 0+ .!$ ebl "!)(!
.!,.!/!*00%+*%*,.(%)!*0K

* (%#$0 +" 0$! $%!2!)!*0/ )!*0%+*!  +2!H 3! +*/% !.


/+)! +" 0$! .!)%*%*# $((!*#!/ 0+ 0$! .!(%60%+* +" 0$!
#+(/ +" 0$! .+0++(H //!// 0$! ,.+#.!// ) ! .+// 0$!
+*0%*!*0 %* 0!.)/ +" .!,.!/!*00%+* 0 ,.(%)!*0.5 (!2!(
*  0 !%/%+*M)'%*# (!2!(/H *  )'! .!+))!* 0%+*/
"+."101.!0%+*K!!#%*3%0$0$!!*0.($%!2!)!*0/+"
".%*00!/%*0$!%.+))%0)!*00+.0%(!k+"0$!,10+
.+0++(K

0,!*,)*),.#)() -.-"&31)'(#( ,#((.#)(&*,&#'(.- ,)'NLLN.)NLMM:3-..-1"#""


-#!(."*/.),).))&3NLMO



%*!0$! +,0%+*+"0$!,10+.+0++(%*dbbeH0$!.!$/
!!*/%#*%"%*0,.+#.!//) !%*3+)!*Q/,+(%0%(

hb


,.0%%,0%+** .!,.!/!*00%+*0(((!2!(/)+*#)!)!.
/00!/+"0$!".%**%+*K
+)!* $2! $%!2!  )&+. ,+/%0%+*/ +" ,+3!. %* ".%H
%*(1 %*#((!* +$*/+*%.(!"+" %!.%!%*#!(!0! /0$!

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

"%./0 ".%* "!)(! !  +" 00! %* dbbh *  +5! * 


!+)%*#.!/% !*0+"(3%%*,.%(dbcdK
$! 1..!*0 $%. +" 0$! ".%* *%+* +))%//%+*H
'+/6*()%*%M1)+"+10$".%%/0$!"%./03+)*
0+$! 0$!+))%//%+*%*dbcdK
$! ,.+#.!// %* 1%( %*# /%#*0+.%!/ *  .0%"%0%+* +" 0$!
,10+.+0++((/+ !)+*/0.0!//0.!*#0$!*%*#,+(%0%(
3%((* +))%0)!*00+3+)!*Q/,+(%0%(,.0%%,0%+*Kkc

* />",(  ,# 0+ 5H 3+)!* +1,5 * 2!.#! +"


ckl+"/!0/%**0%+*(,.(%)!*0/H*%*.!/!".+)kKjl
%* dbbgK kd  1M$.* ".% %/  3+.(  (! !. %*
%),(!)!*0%*# -1+0/ 0$0 !*$*! 3+)!*Q/ .!,.!/!*00%+*
%* ,.(%)!*0K 5 0$! !*  +" dbcdH 0$! .!#%+* 2!.#! 
dbKfl3+)!*/H/%#*%"%*0#%*".+)ceKhl2!.#!
%*dbbdKke
),."  ,# $  (/+ !4,!.%!*!  * %*.!/! %* "!)(!
,+(%0%( ,.0%%,0%+* )%  0$! . ,.%*# .!2+(10%+*/I
3+)!* .!
!)* %*# )+.! ,+(%0%( /,! * 
.!,.!/!*00%+* %* +1*0.%!/ (%'! (#!.%H #5,0H %5 * 
1*%/%K (#!.% $/ ) ! /%#*%"%*0 ,.+#.!// %* .!(0%+* 0+
0$! /001/ +" 3+)!* /%*! %0 /%#*!  0$! ,10+ .+0++( %*
!!)!. dbbeK !03!!* dbbd *  dbbiH 3+)!* ) ! 1,
jKdhl +" .!,.!/!*00%2!/ %* (+( #+2!.*)!*0K kf $!
!(!0%+*/ %* 1*! dbbd /3 0$! ,,+%*0)!*0 +" "%2! 3+)!*H
+*!)%*%/0!.* "+1. !(!#0!)%*%/0!./K10&1/0"+1.5!./
(0!. 0$! *1)!. +" "!)(! )%*%/0!./ $  .+,,!  #%* 0+
0$.!!H (0$+1#$ %* dbbfH +1%/ *+1*! !)! 0$! "%./0
3+)*0+.1*"+..!/% !*0%*(#!.%kgK
.%+. 0+ 0$! dbcd !(!0%+*/H (#!.%  +,0!   -1+0 (3
/0%,1(0%*# ebl +" 3+)!*Q/ ,.0%%,0%+*Kkh $%/ !*(! 
iHibb 3+)!* * % 0!/ 0+ ! ,.!/!*0 +* ,.05 (%/0/H *
$%!2!)!*0 %* %0/!(" +*/% !.%*# 0$! 2!.5 "!3 3+)!* 3$+
$  ,.!2%+1/(5 ) ! %0 0$%/ ". 0+ !%*# !(!0! K $! -1+0/
!*(!  3+)!* 0+ )'! 1, ecl +" 0$! *!3 ,.(%)!*0H *
%*.!/! ".+) &1/0 il 0 0$! dbbi !(!0%+*/Kki+ 5 0$!
0%+*((#!.%*//!)(5%*(1 !/cfh"!)(!)!)!./Kkj
+),.%*#dbcdQ/(!#%/(0%2!!(!0%+*0+0$!!(!0%+*%*dbbiH
3+)!*) !/0.+*##%*/%*.!,.!/!*00%+*%*0$!(#!.%*
,,!. *  +3!. $+1/!/K (#!.% 3!*0 ".+) !%*# %* 0$!
3+.( Q/ccd0$,(!"+.0$!*1)!.+"3+)!*%*,.(%)!*0
0+ dj0$ ,(!Kkk
* dbcdH (#!.% !)! 0$! "%./0 *  +*(5
+1*0.5 %* 0$! . 3+.(  0+ $2! )+.! 0$* ebl +" %0/
,.(%)!*0.5 /!0/ $!(  5 3+)!*Kcbb$%/ /$., %*.!/!
".+)iKil%*dbbi3/ 1!0+*(+ '"%0H3$%$.!-1%.!/
!03!!*dbMgbl+"0$!* % 0!/0+!3+)!*Kcbc

hc

* -.  ,#H !*!#( %/ ,.+2% %*#  /0.+*# !4),(! "+.


,.+)+0%*# *  %*.!/%*# 3+)!*Q/ ,+(%0%( ,.0%%,0%+*K
%*! .0%"5%*# 0$! ,10+ .+0++( %* !!)!. dbbfH
!*!#( $/  +,0!  (3/ *  ,+(%%!/ %)!  0 %),.+2%*#
.!/,!0 "+. 3+)!*Q/ .%# $0/K  0%+*( 0.0!#5 "+. !* !.
-1(%05  +,0!  %* dbbg "+. 0$! ,!.%+  1*0%( dbcg "+1/!/
+* %*.!/%*# 3+)!*Q/ /+%( /0* %*# 5 %*2!/0%*# %* 0$!%.
!+*+)% ,+0!*0%(H *  .%/%*# 0$!%. !+*+)% /001/ %*
.1.(* 1.*.!/Kcbd
!*!#(Q/!(!0+.((33/)!* ! %*dbcbH0+!.!,(! 
3%0$%),.+2! !(!0+.((!#%/(0%+*H3$%$+(%#0! 0$0$("
+"!$,.05Q/* % 0!/)1/0!3+)!*Kcbe$!.!"+.)! 
!(!0+.( (3 3/ ,,(%!  "+. 0$! "%./0 0%)! 1.%*# 0$! dbcd
,.(%)!*0.5 !(!0%+*/K $! (3H 3$%$ 3/ 3!(+)!  * 
,.%/!  5 3+)!*Q/ #.+1,/ *  //+%0%+*/H $/ !!*
.! %0!  3%0$ +1(%*# 0$! .!,.!/!*00%+* +" 3+)!* %* 0$!
*0%+*( //!)(5K cbf  .!+.  *1)!. +" 3+)!* 3!.!
!(!0! 0+!*!#(Q/,.(%)!*0%*dbcdK/%405M"+1.WfdKhilX
3+)!* *+3 $2! /!0/ %* 0$! +1*0.5Q/ cgbM)!)!.
0%+*( //!)(5H 1, ".+) 03!*05M/!2!* WcjlX %* dbbicbg
%*,.0 1!0+0$%/(3K
1.%*#0$!dbcd!(!0%+*/%*!*!#(Hd+"0$!ce,.!/% !*0%(
* % 0!/3!.!3+)!*H/!00%*#*%),+.0*0,.!! !*0"+.
!*!#(!/!3+)!*,.0%%,0%*#00$!$%#$!/0*0%+*((!2!(H
.!%*"+.%*# 0$! %),0 +" %!.%Q/ .!/% !*0 ((!* +$*/+*
%.(!"%*0$!.!#%+*K

* -.  ,#: /00!/ .! +%*# 3!(( %* 0!.)/ +" 3+)!*Q/
.!,.!/!*00%+* *  )*5 $2! /!!* 0.!)!* +1/ ,.+#.!//
!/,%0!.!+2!.%*#".+)%2%(3.* ,+(%0%(!)!.#!*%!/K
3*  %/ 1..!*0(5 5 ". 0$! )+/0 "!)(! ".%!* (5
(!#%/(01.! %* 0$! 3+.( H 3%0$ 3+)!* $+( %*# +2!. gbl +"
0$! ,.(%)!*0.5 /!0/Kcbh#*  .0%"%!  0$! .+0++( +*
dd*  1(5 dbcbK
* dbccH !!  # !)! #* Q/
"%./0 !2!. "!)(! /,!'!.H 3%0$ 3+)!* )'%*# 1, egl +"
)!)!./+",.(%)!*0Kcbi
!*5Q/ +*/0%010%+* +" dbcb .!-1%.!/ 0$0 3+)!*
.!,.!/!*00%2!/.!!(!0! %*!$+" !*5Q/fi+1*0%!/H
!*$).'1/! %*0$!.!!*0(5+*(1 ! !(!0%+*/+".$
dbceK$%/%/$+,! 0+).'/%#*%"%*0/0!,"+.3. ".+)
0$! !(!0%+*/ %* dbbiH 3$!* 3+)!* ) ! 1, +*(5 kKjl+"
,.(%)!*0Kcbj !*5 $/ (/+ /!!* / * %*.!/! 3+)!*
/!.2%*#/)%*%/0!./H)'%*#1,h+"0$!dd)!)!./+"0$!
%*!0 WdilXH 3$%$ %/  "%./0 "+. !*5K +)!* $2! (/+
0'!*1,,+.0"+(%+/0$03!.!0. %0%+*((5.!/!.2! "+.)!*
/1$/!"!*!* +.!%#*""%./K
3*  .0%"%!  0$! ,10+ .+0++( %* 1*! dbbf *  $/
/$+3* #.!0 +))%0)!*0 5 +)!/0%0%*# %0/ ,.+2%/%+*/
%*0+ (3H .!"(!0%*# %0/ /%#*%"%*0 ,.+#.!// %* 3+)!*Q/

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

,+(%0%( ,.0%%,0%+*K
* 0+!. dbbeH 3+)!* 3+* fjKjl
+"0$!/!0/%*3* Q/ +3!. +1/!+".(%)!*0Kcbk$%/
1%(01,+*0$!+*/0%010%+*(+))%0)!*00+#!* !.!-1(%05
 +,0!  %* 5 dbbeK ccb 
* dbbjH 3*  ) ! $%/0+.5
3$!*ghl+"(!#%/(0+./!(!0! 0+,.(%)!*03!.!3+)!*H
0$!$%#$!/0%*0$!3+.( K
3* Q/ .)0%#%*/$2!"+((+3! /,!%"%)!$*%/)/
1/!  0+ %*.!/! 3+)!*Q/ ,+(%0%( ,.0%%,0%+*H )+*#
0$!)  +*/0%010%+*( #1.*0!!H  -1+0 /5/0!) * 
%**+20%2! !(!0+.( /0.101.!/Kccc$! #!*+% ! 3/ (/+ 
+*0.%10%*#"0+.0+3+)!*Q/%*.!/! .+(!%*,1(%(%"!%*
3* H(!2%*#/+%!053%0$ )+.!/1.2%2%*#3+)!*0$*
)!*K3* $/,.((!(/5/0!)+"3+)!*Q/+1*%(/* 
3+)!*Q/+*(5!(!0%+*/#1.*0!!%*#3+)!*Q/)* 0!"+.
(( !(!0!  + %!/K $! !(!0+.( (3 "+. (+( 10$+.%0%!/
!*/1.!/ 0$0 ebl +" )!)!./ %* (( %* %.!0(5 !(!0! 
+1*%(/0 %/0.%0* %05+" %#(%(!2!(//$((!3+)!*Kccd
+. %*# 0+ 0$! !* !. +*%0+.%*# ""%!H 3+)!*
)//%2!(5,.0%%,0! %*0$!!.1.5M.$(+(!(!0%+*/H
3%0$gfKgl+"0$!.!#%/0!.! 2+0!./!%*#3+)!*Kcce
)/.",( ,#%/$+)!0+/+)!+"0$!%##!/0 !)+.%!/
%* ".% 3%0$ +10$ ".% $2%*# chk WfdKdglX 3+)!*
)!)!./ +" ,.(%)!*0K ccf +10$ ".% (/+ $/  gbMgb
#!* !. !-1(%05 ,+(%5 3$%$ $/ /1,,+.0!  "!)(! 2+0%*#
.!#%/0.0%+*I %* 0$! dbbk !(!0%+*/ cdHiddHhdd 3+)!* 3!.!
.!#%/0!.!  +),.!  0+ cbHfgkHeig )!*K ccg +10$ ".%
.0%"%! 0$!.+0++(%*!!)!.dbbfK

$! 0.!*  +" %*.!/%*# 3+)!*Q/ ,+(%0%( ,.0%%,0%+* $/


!!* ) ! %* 0$! .!#%+*H %*(1 %*# !/+0$+H 3$%$ 0 gjl
$/ 0$! $%#$!/0 *1)!. +" 3+)!* %* (+( #+2!.*)!*0cch%*
,.0!1/!+"-1+0(3/!0%*,(!0+ .!//%*!-1(%05K
!#%+*((5 0$! +10$ ".%* !2!(+,)!*0 +))1*%05
WX +1*0.%!/  +,0!   .+0++( +* !* !. * 
!2!(+,)!*0 %* 1#1/0 dbbjH 3$%$ $/ "1.0$!. .!"(!0! 
0$!%. +))%0)!*0 0+ $%!2%*# )*5 +" 0$! #+(/ +" 0$!
,10+.+0++(K
(3% $/ !!* 2!.5 ,.+#.!//%2! %* %0/ ,1./1%0 "+. #!* !.
!-1(%05 %* ,+(%0%( ,.0%%,0%+* *  .!,.!/!*00%+*K
*
dbcdH (3% !)! 0$! /!+*  )!)!. /00! +" 0$!
".%* *%+* 0+ $2!  "!)(! ,.!/% !*0H +5! * H
!/,%0! "%*# 0.!)!* +1/ .!/%/0*! ".+) )(!
,+(%0%%*/Kcci(3%1..!*0(5$/ddKdjl"!)(!)!)!./
+",.(%)!*0Kccj
%#*%"%*0)%(!/0+*!/$2!!!*$%!2! +*0$!,.+#.!//+"
3+)!*Q/,.0%%,0%+** .!,.!/!*00%+*%*".%*,+(%0%/H
*  0$! %*"(1!*! +" .0%(! k $/ /$,!  )*5 /00!/Q
.!"+.)/K !0 0$!.! %/ )1$ ,.+#.!// /0%(( 0+ +)!H *  0$!
% !*0%"%0%+* +" $((!*#!/ 0+ "1.0$!. !4,*  3+)!*Q/
,+(%0%( .%#$0/H *  .%/'/ +" .!#.!//%+*H %/ *!!//.5 0+
!*/1.! 0$0 0$!%. "1(( .!(%60%+* * ! $%!2!  .+//
".%





0,!*,)*),.#)() -.-"&31)'(#((.#)(&*,&#'(.-)  ,#(-..- ,)'


NLLN.)NLMM:3."#,*/.),).))&../-#(NLMO

/,,(.*/.)
,).))&../-

hd

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

  
$ /0.1##(! "+. 3+)!*Q/ ,.0%%,0%+* *  .!,.!/!*00%+*
%* 0$! ,1(% /,$!.! %/ %/0%*0H *  !$ 0%2%/0 "!/ *!3
$((!*#!/ *  +,,+.01*%0%!/ ,.0%1(. 0+ 0$!%. +3*
+))1*%05H .!#%+* +. *0%+*K 10 0$!.! .! 0$!)!/ * 
0$.! /0$0.1*0$.+1#$0$!/!/0.1##(!/K
.0%(!k+"0$!,10+.+0++(+))%0/,.0%%,0%*#/00!/
0+ 0%2!(5 /1,,+.0 0$!  2*!)!*0 +" 3+)!* %* ,+(%0%(
/,!/J / .!,.!/!*00%2!/H / (! !./ *  / 0%2!
%0%6!*/Kcck$!,%05+"".%*/00!/2.%!/+*/% !.(5H
0$!.!"+.!0$!.!(0%2!/1!//*  1.%(%05+"!""+.0/.+//
0$! +*0%*!*0 +1#$0 0+ ! 1* !./0++  3%0$%* 0$!/! .+ !.
$((!*#!/ +" *0%+*( +$!/%+* *  /00! .!/+1.!/K !0
.+// 0$!/! +*0!40/ 3! * % !*0%"5 +))+* .!/ %*
3$%$ (( /00!/ * %*2!/0K  $! +.! .!/ 3! /!! .+//
".%Q/ /0.1##(!/ "+. #!* !. !-1(%05 %* ,+(%0%/ .!J 0$!
"+.)( !4,*/%+* +" ,+(%0%( /,! "+. 3+)!*I !4,* %*#
!// 0+ 2+0%*# *  !(%)%*0%*# 2%+(!*0 ,+(%0%(
/1,,.!//%+*I 0$! .!+*%(%0%+* +" 3+)!*Q/ $1)* .%#$0/
3%0$ 0. %0%+*( %*/0%010%+*/I *  0$! +2!.+)%*# +" /+%+M
!+*+)%..%!./0+"1((,+(%0%(,.0%%,0%+*K
4,* %*# /,! "+. ,+(%0%( 0%2%05 %/ "1* )!*0( 0+
/1/0%*(! .!"+.)/ %* #!* !. ,+(%0%/ *  "!)(!
.!,.!/!*00%+*K 0.+*# #.//.++0/ 0%2%05H (!  5 %2!./!
((%*!/ +" 3+)!*H !*/1.!/ 0$0 .!"+.)/ .! *+0 /%),(5
1*/1,,+.0! 0+,M +3* %'00/10.!/01,+*0$!+*/!*0* 
,.0%%,0%+*+"%0%6!*/K,!"+./1$*0%2!%2%(/+%!05
%/+,!*! 1,5.!)+2%*#.!,.!//%2!(3/* ,.0%!/0$0
(%)%0 ,+(%0%( )!!0%*#/ *  +.#*%60%+*H *  .!+#*%/! 0$!
.+(!+",!!"1(,.+0!/0H),%#*%*#H* %* 1/0.%(0%+*%*
)+ !.*/00!Kcdb
*3!'!.* ".#%(!/00!/H3$%$(+/!(5
+*0.+( ,+(%0%( 0%2%05H 0$!/! $((!*#!/ .! /%#*%"%*0(5
#.!0!.K
* 0$!/! /%010%+*/H 0$! +2!..$%*# $((!*#! %/ 0+
%/0%*#1%/$ ,+(%0%( 0%2%05 0$0 0$.!0!*/ *0%+*( /!1.%05
".+) 0$0 3$%$ /0.!*#0$!*/ /00! (!#%0%)5 *  %0%6!*
,.0%%,0%+*H / *+0 0+ (!0 0$! 0$.!0 +" %*/0%(%05 +2!..% !
0$!0$.!0+"05.**5Kcdc
$%(!,.!2!*0%*#2%+(!*!#%*/03+)!*%/,.%*%,(!%)
+" 3+)!*Q/ !),+3!.)!*0H !4,* %*# 0$! ,+(%0%(
,.0%%,0%+* +" 3+)!* %/ (/+ +*0%*#!*0 1,+*  .!//%*#
2%+(!*! %.!0(5K $! (' +" /"! !//%(! 2+0%*# "+.
3+)!* .!)%*/  $((!*#!I !2!* 3%0$+10 0$! /,!%"%
0.#!0%*# +" 3+)!*H !(!0%+*/ .! +"0!* 0.%##!./ "+.
3% !/,.! 1*.!/0* 2%+(!*!(!2%*#3+)!*,.0%1(.(5
21(*!.(!K cdd !/0.%*0/ /1$ / 1(01.( *  .!(%#%+1/
+*2!*0%+*/H 3$%$ ,.!2!*0 3+)!* ".+) $2%*# 0$!
+,,+.01*%050+2+0!* 00!* ,1(%)!!0%*#/H)1/0(/+!
!4,(%%0(5 .!//! K,!%(00!*0%+*)1/0!#%2!*0+0$+/!


3%0$ %/%(%0%!/ *  $!(0$ $((!*#!/H 0$+/! 3$+ .!
,.!#**0+.$2! !,!* *0/.!-1%.%*#.!K
!2!(+,)!*0H #.+30$ * 
!)+.0%/0%+* .! *+
#1.*0+./ +" 3+)!*Q/ ,+(%0%( !),+3!.)!*0K $((!*#!/
0+3+)!*Q/.+(!/%*,1(%(%"!+)!".+)0. %0%+*((! !./H
,+(%0%( #.+1,/H )! % +10(!0/ *  .!(%#%+1/ %*/0%010%+*/H
,.0%1(.(5%* %//1 %*#3+)!*0+.1*"+.+""%!Kcde
0%/1,
0+ /00!/ 0+ .!+*%(! 0$!/! %*0!.!/0/ 3%0$ 0$+/! +" 0$!
3+)!*Q/ )+2!)!*0H .%*#%*# 0. %0%+*( ,.!! !*0/ "+.
"!)(! ,.0%%,0%+* 0+ 0$! "+.!H *  1%( %*#  +*/!*/1/
.+1*  0$! 1*%2!./( !*!"%0/ +" "!)(! (! !./$%, * 
.!,.!/!*00%+*K *"+.%*# 3+)!*Q/ .%#$0/ *  !// 0+
,+(%0%( ,.0%%,0%+* ".+) 0$! /00! (!2!( %/ * /+(10!
*!!//%05H 5!0 3%0$+10  ,1(% +*/!*/1/ *5 #%*/ .!)%*
".#%(!K
+)!*Q/ %*0!.!/0/ .! .+  *  %2!./!H *  3+)!* +"
,++.!. *  ).#%*(%/!  '#.+1* / .! %*2.%(5 ,++.(5
.!,.!/!*0! K /% ! ".+) 0$! $((!*#! +" #%*%*# 0$! 0%)!H
/'%((/H ! 10%+* *  .!/+1.!/ .!-1%.!  "+. +.#*%6%*# * 
!*##%*# ,+(%0%((5H "+.)( +/0/ +" .1**%*# "+. !(!0%+*H
/1$ /  ((+0 !,+/%0H *  "1* %*#  ),%#* .! (/+
)&+.+/0(!/K+.'%*#/.!,.!/!*00%2!+"0!*.!-1%.!/
#%2%*# 1, * %*+)!H /+ *+0$!. $%!2(! #+( "+. /00!/
3+1(  ! 0+ !*/1.!  !-10! +),!*/0%+* "+. !(!0! 
,+/%0%+*/ %* +. !. 0+ ((+3 0$+/! 3%0$+10 ,!./+*( "%**%(
/1,,+.0 0+ ! !""!0%2! .!,.!/!*00%2!/H *   %0%+*((5 0+
)'!.!,.!/!*00%2!/(!///1/!,0%(!0++..1,0%+*K



1+0/ .! 0$! ,.%).5 0++( "+. %*.!/%*# 3+)!*Q/
.!,.!/!*00%+* *  ,.0%%,0%+* %* !(!0!  + %!/ %* ".%K
5 !*/1.%*# ,+(%0%( ,.0%!/ /!(!0 )+.! "!)(! * % 0!/
*  (/+ !*/1.%*# ,.(%)!*0/ $2!  )%*%)1) *1)!. +"
"!)(! )!)!./H 0$! 1(01.( *  ,+(%0%( ..%!./ "+.
3+)!* !*0!.%*# ,+(%0%/ .! +1*0!.(*! K $%/ %/
!4,.!//!  %* .0%(! k +" 0$! ,10+ .+0++( 3$!.! %0
/0%,1(0!/0$0"+&-"/-"(')1/0!0'!*0+R,.+)+0!
,.0%%,0%2! #+2!.**! *  0$! !-1( ,.0%%,0%+* +"
3+)!*KScdf
+.0$".%%/!$%* 0$!.!/0+"".%Q/.!#%+*/%*3+)!*Q/
.!,.!/!*00%+* *  $/ (/+ ) ! (!/0 +))%0)!*0 0+ 0$!
.+0++(K +3!2!.H0$!.,.%*#$/(! 0+3% !.1/!+"
0$! -1+0 /5/0!) %* 0$! .!#%+*H (! %*# 0+  )+ !/0
%),.+2!)!*0 %* 0$! ,.+,+.0%+* +" ,.(%)!*0.5 /!0/ $!( 
53+)!*K

* 0+!. dbccH 1*%/% %),(!)!*0!   P6%,,!.!  (%/0Q


#!* !. -1+0 %* ,.(%)!*0.5 !(!0%+*/H .!-1%.%*# ((
,+(%0%( ,.0%!/ 0+ !*/1.!#!* !. ,.%05 %* 0$!%. * % 0!

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


(%/0/K$%(!0$%/ +!/*+0#1.*0!!0$00$!.!3%((!+2!.((
#!* !. ,.%05 %* 0$! (!#%/(01.!H %0 $/$!(,!  "!)(!
* % 0!/3%*del+",.(%)!*0.5/!0/Kcdg
#5,000!),0! /%)%(.6%,,!.! (%/0-1+0".)!3+.'10
3+)!* 3!.! *+0 .!-1%.!  0+ ! 0 0$! 0+, +" 0$! * % 0!
(%/0H.!/1(0%*#%*+*(5cb3+)!*!(!0! 0+*!.(5gbb/!0

*9++)<* .=*%,!H3$%$/%#*! 0$!.+0++(10$/


*+ -1+0 /5/0!) %* ,(!H 3+)!*Q/ .!,.!/!*00%+* $/ (/+
%*.!/!  /%#*%"%*0(5 ".+) iKel %* dbbh 0+ cjKdl %*
dbcbKcdj1+0/ .! *+0 0$! +*(5 %*"(1!*! +2!. 0$! (!2!( +"
3+)!*Q/,+(%0%(,.0%%,0%+*K0$!.'!5"0+./%*(1 !0$!
/0.!*#0$ +" !(!0+.( /5/0!)/H #!* !. /!*/%0%2! !(!0+.(
..*#!)!*0/ *  !//%%(%05I "!)(! (%0!.5I 0$! %),0
+" ")%(5 (3/I 2%/%%(%05 +" "!)(! * % 0!/I *  2%+(!*!
1.%*# !(!0%+*/K cdk $%(! 0$!/! "0+./ .! *+0 !4,(%%0(5
 .!//!  %* 0$! .+0++(H 0$!/! .! !4),(!/ +" R/,!%"%
,+/%0%2! 0%+*S 0$0 * ! 0'!* 0+  .!// 3+)!*Q/
.!,.!/!*00%+** ,+(%0%(,.0%%,0%+*K
".%* /00!/H 3$%$ $2! .0%"%!  0$! .+0++(H $2! ) !
0$! )+/0 ,.+#.!// %* %*.!/%*# "!)(! .!,.!/!*00%+* %*
,.(%)!*0/K $!/! /00!/ $2!H ,.%+. 0+ .0%"5%*# 0$!
.+0++(H 01((5 !#* 3%0$  (+3!. ,.+,+.0%+* +" 3+)!*
%* ,.(%)!*0 %* dbbdH 3%0$ * 2!.#! +" ccKjl "!)(!
.!,.!/!*00%+*+),.! 0+cdKil2!.#!.!,.!/!*00%+*
"+./00!/3$%$$ *+05!0/%#*! 0$!.+0++(K!0H3%0$%*

(!#%/(01.!Kcdh
* +*0./0H /0!.* *  +10$!.* ".% $2!
)+.!00!/0$0$2!$ -1+0/5/0!)/%*,(!"+.(+*#!.
,!.%+ / *  $2! /1!//"1((5 *  /!!)%*#(5 /1/0%*(5H
%*.!/!  0$! *1)!. +" 3+)!* %* ,.(%)!*0/K 1.1* %
,//! 0$!)%(!/0+*!+"ebl.!,.!/!*00%+*+"3+)!*%*0$!
(+3!. $+1/! *  .!$!  * %),.!//%2! fhKel %* %0/ 1,,!.
$+1/!H 1!%*(.#!,.00+0$!%),0+"%0/-1+0/5/0!)Kcdi

! !H 0$! )!)!. /00!/ 0$0 .0%"%!  0$! .+0++( (! 
0$+/! 0$0 $  *!%0$!. /%#*!  *+. .0%"%!  0$! .+0++( 5
+2!. glH 3%0$  dbKjl 2!.#! "!)(! .!,.!/!*00%+* %*
dbcc+),.! 3%0$)+.!/0#**0cgKfl2!.#!+"0$+/!
0$0*!%0$!./%#*! *+..0%"%! K
$%(!".%*/00!/Q+2!.((2!.#!$/%*.!/! )+ !/0(5H
0$+/! 0$0 $2! /%#*!  * T+. .0%"%!  0$! .+0++( $2!
) ! !00!. ,.+#.!// 0$* 0$+/! 0$0 $2! *+0K (0+#!0$!.
/00!/ $2! %*.!/!  "!)(! .!,.!/!*00%+* 5 +2!. jlH
".+)cbKhl2!.#!%*dbbd0+*cjKjl2!.#!%*dbccK
00!/0$0/%#*! 10$2!*+05!0.0%"%! 0$!.+0++($ 
2!.5(+32!.#!%*dbbc+"&1/0iKhl"!)(!.!,.!/!*00%+*
%*,.(%)!*0/K!00$%/#.+1,+"00!/$2!) !()+/0/
/0.+*##%*//0$!#.+1,/+"00!/3$%$/%#*! '.0%"%! 
0$! .+0++(H )+.! 0$*
+1(%*# 0$!%. 2!.#!
.!,.!/!*00%+* 0+ cgKflMM* %*.!/! +" iKjlMM5!0 3%0$ *
2!.#!/0%((*!.(5gKfl/$+.0+"0$!2!.#!+"0$+/!/00!/
3$%$+0$/%#*! * .0%"%! 0$!.+0++(K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


 

$!.!%//0.+*#!2% !*!0$00$!/00!/H3$%$$2!.0%"%! 
0$! .+0++(H $2! )1$ /0.+*#!. "!)(! (! !./$%, 0
)%*%/0!.%( (!2!( *  0$! 0.!*  /$+3/ %0 0+ ! %*.!/%*#
/0! %(5K $%/ )5 (/+ %* %0! 0$0 .0%"%0%+* +" 0$!
.+0++(3/!""!0! 50$!.+(!+""!)(! !%/%+*)'!./
%* #+2!.*)!*0H 3$%(! 0$+/! 3$+ $  *+0 .0%"%!  +. /%#*! 
0$!.+0++($ "!3!."!)(!)%*%/0!./%*#+2!.*)!*0* 
//1$) !(!//,.+#.!//!03!!*dbbg* dbcbK
$ .!#%+* +" ".% /$+3!  * %*.!/! %* "!)(!
(! !./$%, 0 )%*%/0!.%( (!2!( 3%0$ 0$! *+0(! !4!,0%+* +"
+.0$".%H !(%*%*#".+)iKgl0+hKgl2!.#!!03!!*






dbbg *  dbcb 0+ *!.(5 cbl !(+3 0$! 3+.(  2!.#!K


*
+*0./00$!2!.#!"+.1M$.*".%*/00!/3/+2!.
el $%#$!. 0$* 0$! 3+.(  2!.#! %* dbcbK $%/
!)+*/0.0!/  (!. .!#%+*( %2% ! +2!. 0$! ,.+#.!// +"
"!)(!(! !./$%,%*".%H3%0$/0!.** +10$!.*".%
)%*0%*%*# 0$! $%#$!/0 2!.#!H *  !*0.( ".% )'%*#
0$! "/0!/0 ,.+#.!// +2!. 0$%/ ,!.%+ K $!/! .!#%+*(
%""!.!*!/.!"(!0%*/0%010%+*(* 1(01.(+/0(!/H/3!((
/ 3$!0$!. /00!/ /%#*!  *  .0%"%!  0$! .+0++( +. *+0K
$%(! 1*%/% *  (#!.%H 3$%$ %  *+0 .0%"5 0$! 0.!05H
!$ $  "!3!. "!)(! )%*%/0!./ +2!. 0$%/ ,!.%+ H
1.%0*%H 3$%$ %  .0%"5 0$! 0.!05H %*.!/!  %0/ "!)(!
)%*%/0!./ 5 cflK .+#.!// 3/ (/+ *+0!  %* #5,0H 3$%$
(0$+1#$ %0 %  *+0 /%#* 0$! .+0++(H $/ %),(!)!*0!  %0/
+3*!(!0+.(.!"+.)/K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#
















$%(!)!/1.%*#0$!*1)!./+"3+)!*%*)%*%/0!.%((!2!(
,+/%0%+*/ %/ *+0  +),(!0! %((1/0.0%+* +" 0$! $*#!/ 0+
"!)(! ,+(%0%( !%/%+*M)'%*# .+(!/H %0 +!/ ,.+2% ! 
.!/+*(5 %*"+.)0%2! %* %0+. +" 0$! ,.+#.!// %* !$ +"
0$!/!/00!/K1.0$!..!/!.$/$+3%*#0$!05,!/+".+(!/* 
/!*%+.%05 +" 3+)!* %* ,+(%0%(H )+*!0.5H %2%( *  )%(%0.5
,+/%0%+*/+",+3!.3+1( $!(,.+ !*+1.1* !./0* %*#+"
0$!,.+#.!//+""!)(!(! !./$%,%*".%K


$! ckkg !%&%*# +1.0$ +.(  +*"!.!*! +* +)!*
.!+))!* ! )*5,.+#.)/0+,.+)+0!3+)!*Q/,+(%0%(
,.0%%,0%+* *  !%/%+*M)'%*#K +3!2!.H .!!*0 0
%* %0! 0$0 0$! ,.+!// $/ !!* /(+3 *  $/ $%!2! 
1*!2!* .!/1(0/ 3+.( 3% !K +),.0%2! /01 %!/ +" 3+)!*\/
.!,.!/!*00%+* %* "+.)( ,+(%0%( ,+/%0%+*/ .!2!( 0$0
!/,%0! /+)! ,.+#.!//H 0$! (!2!( +" 3+)!*\/ ,+(%0%(
.!,.!/!*00%+* %/ /0%(( 2!.5 (+3K +(%0%( $((!*#!/ "%*#
3+)!* %*(1 ! 1*"2+1.(! !(!0+.( /5/0!)/H  (' +"
,+(%0%( ,.05 /1,,+.0H *   $%/0+.5 +" )(!M +)%*0! 
(! !./$%,%*,+(%0%/* #+2!.*)!*0(%*/0%010%+*/K
$!!%&%*#+*"!.!*!.!+))!* ! 0$00$!%*0!.*0%+*(
+))1*%05 *  %2%( /+%!05 W%*(1 %*# *+*M#+2!.*)!*0(
+.#*%60%+*/* 0$!,.%20!/!0+.X0'!/0.0!#%0%+*%*
+. !. 0+ .! 1! %*!-1(%05 !03!!* )!* *  3+)!* %*
hh

,+3!. /$.%*# *  !%/%+*M)'%*#K !/,%0! ,+(%0%(H


/+%!0(H 1(01.(H !+*+)%H *  ,/5$+(+#%( ..%!./H
3+)!*.!"%* %*#35/0+,.0%%,0!%*0$!,+(%0%((%"!%*
.!+.  *1)!./K .+// ".% 3+)!* .! ,1/$%*# 0+ #%*
)+.! .!,.!/!*00%+* %* 0$! (+( *  *0%+*( (!#%/(01.!/
3$!.!0$!5*(+5"+.0$!*!! /+"3+)!** #%2!0$!)
2+%!%*,+(%0%/K

*+. !.0+!*$*!3+)!*Q/,+(%0%(,.0%%,0%+*H!)!.
/00!/+"0$!".%**%+*/$+1( J


%)0+/!1.!#!* !.,.%05%*(( !%/%+*M)'%*#


+ %!/H 5 !/0(%/$%*# %*.!)!*0( 0%)!M+1* 
0.#!0/ "+. %*.!/%*# 3+)!*Q/ .!,.!/!*00%+*K

1.*0!! 0$0 !/% !/ *0%+*( (3/H .!(!2*0
%*0!.*0%+*( %*/0.1)!*0/ .!(0%*# 0+ "1(( ,+(%0%(
.%#$0/"+.3+)!*H/1$/0$!*%2!./(!(.0%+*
+" 1)* %#$0/H 0$! +*2!*0%+* +* 0$!
(%)%*0%+* +" (( +.)/ +" %/.%)%*0%+* #%*/0
+)!* WXH *  0$! ,10+ .+0++( .!
.0%"%! H %*0!#.0!  %*0+ *0%+*( (3 * 
%),(!)!*0! H!/,!%((5%*+1*0.%!/3$!.!3+)!*
.! /0%(( !*%!  0$! .%#$0 0+ 2+0! *  /0*  "+.
!(!0%+*K

/0(%/$ +. /1,,+.0 ,.+#.))!/ ,.+2% %*#
0.%*%*# 0+ 3+)!* * % 0!/ %* 0$! /'%((/ *!! ! 

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




hi

"+. !""!0%2! ),%#*%*#H *  0+ /1,,+.0 !(!0! 


3+)!*%*0$!/'%((/*!! ! "+.!""!0%2!(5..5%*#
+10 0$!%. "1*0%+*/ *  ,1./1%*# !-1(%05
+&!0%2!/K
*(5/! 0$! !4%/0%*# +*/0%010%+*(H ,+(%0%(H
(!#%/(0%2!H* .!#1(0+.5".)!3+.'/H,.0%1(.(5
%* +1*0.%!/ %* 0.*/%0%+* *  ,+/0M+*"(%0 /00!/H
"+. ,.+2%/%+*/ 0$0 )5 $%* !. 3+)!*Q/ !-1(
,.0%%,0%+*H/1$/.1(!/.!-1%.%*#$%#$*1)!./
+" /%#*01.!/ 0+ .!#%/0!. /  * % 0! +. $%#$
)+*!0.5 !,+/%0/ 0$0 * ! %/.%)%*0+.5
#%*/03+)!** % 0!/K
*/1.! 0$0 3+)!* *  )!* $2! !-1(
+,,+.01*%0%!/ 1.%*# !(!0%+* ),%#*/H /1$ /

,.+2% %*#,1(%"1* %*#H!//0+0$!/00!)! %H


/!00%*#),%#*/,!* %*#(%)%0/H* !*/1.%*#0$0
),%#*"%**!/* !4,!* %01.!/.! %/(+/! K
+/0!. *  ,.+)+0! #!* !.M/!*/%0%2! 1..%1(1)
*  0.%* /$++( 0!$!./ +* %2% ! 10%+* "+.
)!** 3+)!*K
.+)+0! *  /1,,+.0 0$! /! +"
 0.%*%*# / 
0++( %* ! 10%+* *  0.%*%*# !""+.0/H %* ,.0%1(.
0+ +2!.+)! 0$! %#%0( %2% ! !03!!* )!* * 
3+)!* %* 0$! 1/! +" *!3 0!$*+(+#%!/ *  0+
,.+2% ! 3+)!* 3%0$ !-1( !// 0+ %*"+.)0%+*K
 +,0 0!),+..5 )!/1.!/ /1$ / -1+0/ 0+
!(!.0! ,.+#.!// 0+3.  #!* !. (*! %*
!(!0! +""%!K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#





  



''- ,#)&#,#.EF
1..!*0 +*"(%0 0.!* / %* ".% /$+3 %*.!/!  .! 10%+*/
%* %*0!.M/00! +*"(%0/H $+3!2!. %*0.M/00! *  +))1*(
.)!  +*"(%0/ .!)%* +* 0$! .%/!K / .!!*0 !2!(+,)!*0/
%* 0$! !*0.( ".%* !,1(%H 0$! !)+.0% !,1(% +"
+*#+H !*5H (%H %#!.% *  +10$ 1 * $/ /$+3*H
0$!/! +*"(%0/ 1* !.)%*! ".%Q/ ,.+#.!// 0+3. / /+%+M
!+*+)% !2!(+,)!*0 *  0$! +*/+(% 0%+* +" ,!! * 
/0%(%05*  2!./!(5""!0/0$!(%2!/* (%2!(%$++ /+"%0/
,!+,(!H !/,!%((5 3+)!*H $%( .!*H 0$! #!  *  %/(! K
!2!.0$!(!//H ".% $/ ) ! /%#*%"%*0 !""+.0/ 0+ /!00(!
+*"(%0/H%*%0%0%*#*1)!.+"$+)!M#.+3*/+(10%+*/K
2!. 0$! (/0 ! !H 0$! ".%* *%+* *  ".%* /1M
.!#%+*( +.#*%60%+*/ $2! )+*# +0$!./H +,!.0%+*(%6! 
0$! ".% !! *  !1.%05 .$%0!01.!H 3%0$ 0$! %) +"
!*$*%*# ".%* ,%0%!/ 0+ ,.!2!*0H )*#! * 
.!/,+*  0+ +*"(%0/K ".% $/ (/+ 1* !.0'!*  2.%!05 +"
%*%0%0%2!/ %)!  0  .!//%*# 0$! *!#0%2! %),0 +"
+*"(%0/+*0$!(%2!/* (%2!(%$++ /+"%0/,!+,(!/H!/,!%((5
3+)!* *  $%( .!*K
0 %/ %* 0$%/ .!/,!0 0$0 0.!)!* +1/
,.+#.!// $/ !!* ) ! 0+ +)!/0%0! *  %),(!)!*0
.0%(!/ cb *  cc +" 0$! .+0++(H 3$%$ .!/,!0%2!(5 "+1/
+*0$!P+" !-(0(&'-()Q* 0$!P)+(--"('(0(&'
"',"-.-"(',(+&('%"-/QK
".%* +2!.*)!*0/H .!#%+*( %*/0%010%+*/ *  %2%( /+%!05
+.#*%60%+*/ $2! %* %2% 1((5H +((!0%2!(5 *  3%0$ 0$!
/1,,+.0+"0$!%.%*0!.*0%+*(,.0*!./H1* !.0'!*2.%!05
+" %*%0%0%2!/ %)!  0 !*/1.%*# 0$! ,.+2%/%+*/ +" 0$!
.+0++(H%*0$!/!.!/H.!$%!2! K$%/%/3%0$.!/,!00+
0$! ,.0%%,0%+* +" 3+)!* %* ,.+#.))!/ +" ,!!
! 10%+** 1(01.!+",!!I%*/0.101.!/* ,.+!//!/
"+. +*"(%0 ,.!2!*0%+*H )*#!)!*0 *  .!/+(10%+*I %*
/0.101.!/ "+. 0$! )*#!)!*0 +" ),/ *  /!00(!)!*0/I
*  %* (( ,(**%*#H "+.)1(0%+* *  %),(!)!*00%+*
,.+!//!/"+.,+/0M+*"(%0.!+*/0.10%+**  !2!(+,)!*0K
,!%"% !""+.0/ *  %*%0%0%2!/ $2! !-1((5 !!* ) !
0+3. /!*/1.%*#0$0%*/%010%+*/+".)! +*"(%0/H00!
.0%!/ *  ,.0%!/ %* +*"(%0 1* !.0'! 0+H *  !*/1.!
.!/,!0 "+. 0$! .1(!/ +" %*0!.*0%+*( $1)*%0.%* (3H 5
,.+0!0%*# %2%(%*/H %*(1 %*# 3+)!* #%*/0 (( "+.)/ +"
2%+(!*!H .,! *  +0$!. "+.)/ +" /!41( !4,(+%00%+*K
+*!.0!  !""+.0/ %* 0$!/! .!/ $2! (/+ (!  0+ 0$!
.%)%*(%60%+* +" .,! *  0!#+.%60%+* +" *5 0/ +"
2%+(!*! #%*/0 /5(1) /!!'!./H %*(1 %*# 3+)!* /
.!"1#!!/H.!01.*!!/* %*0!.*((5 %/,(! ,!./+*//3!((
/ 0$! .!.1%0)!*0 *  1/! +" $%( .!*H %*(1 %*# #%.(/ (!//

hj

0$*cj5!./+"#!H/3..%)!/H#!*+% !* T+..%)!/


#%*/0$1)*%05K

0%/%* %/,10(!0$00$!/!!""+.0/$2!.!/1(0! %*%*.!/! 


.!+#*%0%+*+"3+)!*Q/.%#$00+,!!H%*(1 %*#3%0$.!/,!0
0+0$!%.,.+0!0%+*%*/%010%+*/+".)! +*"(%0/K
0$/(/+
"%(%00!  *  ,.+)+0!  0$! ,.0%%,0%+* +" 3+)!* %*
,.+!//!/ *  /0.101.!/ "+. $1)*%0.%* //%/0*! * 
,!! 1%( %*#K +3!2!.H %0 %/ (/+ 3+.0$ *+0%*# 0$0 0$!
%),(!)!*00%+* +" !/,!%((5 .0%(!/ cb *  cc +" 0$!
.+0++( $/ !!* !(!.0!  *  1+5!  1, 5
/%)1(0*!+1/ !""+.0/ 0+ +)!/0%0!H $.)+*%6! * 
%),(!)!*0 0$! *%0!  0%+*/ !1.%05 +1*%( !/+(10%+*
cedgWcedgX+"0+!.dbbb+*+)!*H!!* 
!1.%05K %'! 0$! .+0++(H  cedg !),$/%/!/ * 
((/ "+. 0$! ,.!2!*0%+* +" 2%+(!*! #%*/0 3+)!*H
 .!//!/ 0$! %*+. %*0! *  %""!.%*# %),0 +" 3./ * 
.)!  +*"(%0/ +* 0$! (%2!/ +" 3+)!*H *  0'!/  .%#$0/M
/!  ,,.+$ %* )'%*# 0$! .+(! *  ,.0%%,0%+* +"
3+)!* ,%2+0( 0+ ,.+!//!/ *  /0.101.!/ "+. +*"(%0
,.!2!*0%+*H ,!!'!!,%*#H +*"(%0 .!/+(10%+* *  ,!!
1%( %*#K2!.0$!(/0 ! !H/ %""!.!*0".%*+1*0.%!/
*  ".%* .!#%+*( +.#*%60%+*/ %*0!*/%"%!  !""+.0/ 0+
!2!(+,* %),(!)!*0*0%+*(* .!#%+*(0%+*,(*/+*
0$!.!/+(10%+*Hcedg$//1/0%*! )+)!*01)+*0$!
,.+)+0%+*+"0$!.%#$0/+"3+)!*0+,!!* ,.+0!0%+*%*
/%010%+*+".)! * ,+/0+*"(%0/K
!0H !/,%0! 0$%/ 1( ,,.+$ 0+3. / 0$! /)! #+(H
%),(!)!*00%+* +*0%*1!/ 0+ (# !$%* K .+#.!// %*
%),(!)!*00%+* $/ +0$ !!* 1*!2!* .+// 0$! +*0%*!*0
*  3%0$ .!/,!0 0+ !.0%* /,!0/ +" 0$! ,.+2%/%+*/ +"
.0%(!/cb* ccK+.%*/0*!H+1*0.%!/%*+*"(%0+.,+/0M
+*"(%0/1$/ %!.%H3* * %!.. !+*!$2!) !
)+.! #%*/ %* %),(!)!*00%+*H 0$* +1*0.%!/ 0$0 .! %*
P,!!QK $!.! $/ !!* )+.! /%#*%"%*0 ,.+#.!// %* 0$!
"+.)1(0%+* +" *0%+*( (3/ *  ,+(%%!/ceb0+ +)!/0%0!
!.0%* /,!0/ +" 0$!/! .0%(!/ 0$* 0$!.! $/ !!* 3%0$
.!/,!0 0+ 0'%*# +*.!0! R)!/1.!/ 0+ .! 1! )%(%0.5
!4,!* %01.! /%#*%"%*0(5 %* "2+1. +" /,!* %*# +* /+%(
!2!(+,)!*0 %* #!*!.(H *  0$! ,.+)+0%+* +" 3+)!* %*
,.0%1(.ScecK
 /01 5 5 0$! 0+'$+()
*0!.*0%+*( !! !/!.$

*/0%010! W

X 0$0 +),.!  )%(%0.5 *  /+%( W$!(0$
*  ! 10%+*X /,!* %*# %* ".% ".+) ckkj 0+ dbbcced
.!2!(/ 0$!/! %/,.%0%!/K
*  %0%+*H /+)! ".% +1*0.%!/
$2! "1.0$!. 0'!* (!#( *  ,+(%5 )!/1.!/ 0+ ,.!2!*0
.! 10%+*/%*)%(%0.5!4,!* %01.!K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




* "0H 0$! +2!.*)!*0 +" !*5H "+. !4),(!H !*0!.!  


.!/!.20%+* +* .0%(! cbWeX +" 0$! .+0++(H .!#. %*# /1$
!""+.0/ 0+ .! 1! )%(%0.5 !4,!* %01.!K %'!3%/! 0$!.! $/
!!*1*!2!*,.+#.!//%*0$!%),(!)!*00%+*+")!/1.!/0+
,.+0!03+)!*#%*/0(("+.)/+"2%+(!*!H.,!* +0$!.
"+.)/ +" /!41( !4,(+%00%+*K
),(!)!*00%+* %/ ,.0%1(.(5
(##%*# 3%0$ .!/,!0 0+ )!/1.!/ 0+ !*  %),1*%05 %*(1 %*#
5 ,.+/!10%*# ,!.,!0.0+./ +" /1$ 2%+(!*! !"+.! 
+),!0!*0.%)%*(&1.%/ %0%+*K


0.1(5 $%!2!  0$.+1#$ +),.!$!*/%2!H )1(0% %)!*/%+*(
* %*0!#.0! ,,.+$!/0$0%*(1 !+0$,.!2!*0%+** 
.!/,+*/!)!/1.!/H.+//.*#!+",+(%%!/* /!0+./K

$%(! !""+.0/ /$+1(  ! ) ! 0+ !(!.0! 0$! "1((


%),(!)!*00%+* +" 0$! ,.+2%/%+*/ +" .0%(!/ cb *  ccH
!/,!%((5%*.!/3$!.!0$!(!/0,.+#.!//$/!!*) !H
%0/$+1( !*+0! 0$!.!%/$1#!+/0//+%0! 3%0$0'%*#
+*(5 .!0%2! 0%+* %* 0$! "0!.)0$ +" 0$! 2%+(0%+* +" 0$!
.%#$0/+"3+)!*0+,!!* ,.+0!0%+*%*.)! +*"(%0/K
.!2!*0%2!)!/1.!/.!)+.!+/0M!""!0%2!* /1/0%*(!
*  0$!.!"+.!H /$+1(  ! ,.%+.%0%6! K )+*# +0$!./H 0$%/
3+1(  !*0%( )!/1.!/ 0$0 %) 0+ .!0!  1(01.! +" ,!!
*  6!.+M0+(!.*! "+. 2%+(0%+*/ +" 0$! .%#$0/ +" 3+)!* %*
+0$/%010%+*/+",!!* +*"(%0K
$%/H $+3!2!.H .!-1%.!/ +((!0%2! .!/,+*/%%(%05 *  0%+*
02.%+1/(!2!(/H0+,.!2!*02%+(!*!#%*/03+)!*/3!((
/ ,.+0!0 *  ,.+)+0! 3+)!*Q/ .%#$0/ %* (( /+%(H
!+*+)%H,+(%0%(H)%(%0.5H$1)*%0.%**  !2!(+,)!*0
/,$!.!/K
$%/ /!0%+* .%!"(5 //!//!/ !""+.0/ ) ! %* +)!/0%0%*#
* %),(!)!*0%*#.0%(!/cb* cc+"0$!.+0++(+*0$!
/%/ +" 03+ .+  0$!)0% .!/H P+*"(%0 *  2%+(!*!
,.!2!*0%+*Q *  P+*"(%0 *  2%+(!*! )*#!)!*0 * 
.!/+(10%+*QK
0%+*/ 1* !. 0$!/! 03+ .+  0$!)0% .!/ $2!
+((!0%2!(5 %)!  0+ ,.+)+0! 3+)!*Q/ .%#$0 0+ ,!!
W.0%(! cbX *  ,.+0!0 3+)!* %* .)!  +*"(%0 W.0%(!
ccXK

* +0$ .!/H 3! $%#$(%#$0  2.%!05 +" %*%0%0%2!/ *  !/0


,.0%!/ +*H / 3!(( / $((!*#!/ *  #,/ 0+H 0$! "1((
,.0%%,0%+* +" 3+)!* %* /0.101.!/ *  ,.+!//!/ "+.
+*"(%0 *  2%+(!*! ,.!2!*0%+*H )*#!)!*0 * 
.!/+(10%+*K
$!%)%/0+$%#$(%#$0,.+#.!//%*%),(!)!*00%+** .!/
3$!.! %0%+*(!""+.0/.!.!-1%.! K
/ 0$! /!0%+* /$+3/H 0$!.! %/ /0%((  (+0 )+.! "+1/ +*
P.!0%2!Q .0$!. 0$* P,.!2!*0%2!Q )!/1.!/K !0H /
!4,!.%!*!/ .+// ".% $/ /$+3*H 0$! .%#$0 +" 3+)!* 0+
,!!* 0$!,.+0!0%+*+"3+)!*%*.)! +*"(%0/**+0
!$%!2! 0$.+1#$".#)!*0! )!/1.!/K
0*+*(5!
hk


)'(,,3*&,-1#."'--!-) */,#(!
,.,3>(,&( #>'))(0#-#.#(>").)



 
J

*%0%0%2!/ 0+ ,.!2!*0 +*"(%0 *  2%+(!*! #%*/0 3+)!*


$2! .*#!  ".+) 0$! "+.)1(0%+* *  !*0)!*0 +" ,+(%5
*  (!#( ".)!3+.'/ 0$0 /,!%"%((5 +10(3 #!* !.M/! 
2%+(!*! *  ,.+)+0! 3+)!*Q/ .%#$0/I 0+ 0$! !(%2!.5 +"
.!(0! 0.%*%*#/"+.2.%!05+"0+./3+.'%*#%*/0.101.!/
*  ,.+!//!/ "+. +*"(%0 ,.!2!*0%+*H .!/+(10%+* * 
)*#!)!*0K
0 $/ (/+ %*(1 !  0$! !2!(+,)!*0 +" ,(*/
+" 0%+* *  %* /+)! /!/ 0$! !/0(%/$)!*0 +" 3+)!* +.
#!* !.M.!(0!  /0.101.!/ 0$0 .! ,.%).%(5 .!/,+*/%(! "+.
%),(!)!*00%+*K +.! /,!%"%((5H %0 $/ %*2+(2!  0$!
%*0!#.0%+*+"#!* !.,!./,!0%2!/* %*%0%0%+*+"0.#!0! 
0%+* 0+ %*(1 ! 3+)!* %* /0.101.!/ "+. +*"(%0 !.(5
3.*%*# *  .!/,+*/!K !!*0 0.!* / %* 0$%/ .! $2!
%*(1 ! !""+.0/0+!/0(%/$3+)!*Q//%010%+*.++)/K0$!.
,.!2!*0%2!)!/1.!/%*(1 !0%+*/0$0$2!!!*0'!*%*
 *1)!. +" +1*0.%!/H 0+ .%)%*(%6! .,! *  +0$!. /!41(
2%+(0%+*/K !$*%/)/ /1$ / 0$! ,!%( ,,+.0!1. +*
%#$0/ +" +)!* +" 0$! ".%* +))%//%+* +* 1)* * 
!+,(!/Q %#$0/ $2! !!* !-1((5 %*/0.1)!*0( "+. 0'%*#
,.+0%2! *  ,.!2!*0%2! 0%+* 0+ ,.+)+0! 3+)!*Q/ .%#$0/
0+,!!* 0$!%.,.+0!0%+*%*/%010%+*/+".)! +*"(%0/K
%0$ .!/,!0 0+ (3/ *  ,+(%%!/H 0$! +*/0%010%+*/ +" ((
".%*+1*0.%!/,.+2% !0$0!2!.5+*!$/%*$!.!*0.%#$0/H
3$%$ .! 1*%2!./( *  "1* )!*0(H *  /$+1(  !
.!/,!0!  *  ,.+0!0! K +)! +*/0%010%+*/ 0'!  "1.0$!.
/0!, 5 ,.+2% %*# /,!%"% (1/!/ 3%0$ .!/,!0 0+ 3+)!*K
+.%*/0*!H0$!+*/0%010%+*+"0$!!)+.0%!,1(%+"
+*#+ ,.+2% !/ "+. 0$! R!(%)%*0%+* +" (( "+.)/ +"
%/.%)%*0%+* #%*/0 3+)!*S cee *  )* 0!/ R,1(%

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


10$+.%0%!/ 0+ 0'! )!/1.!/ 0+ "%#$0 (( "+.)/ +" 2%+(!*!
+*! 0+ 3+)!* %* ,1(% *  ,.%20! (%"!KScef%)%(.(5H 0$!
+*/0%010%+*+"0$%+,%#1.*0!!/0$0R3+)!*/$((H%*0$!
!*&+5)!*0 +" .%#$0/ *  ,.+0!0%+*/ ,.+2% !  "+. 5 0$%/
+*/0%010%+*H $2! !-1( .%#$0 3%0$ )!*Sceg*  ((/ +* 0$!
00!0+,.0%1(.(5R!*"+.!0$!.%#$0+"3+)!*0+!(%)%*0!
0$!%*"(1!*!/+"$.)"1(1/0+)/KSceh

*  %0%+*H /+)! +1*0.%!/ $2! !*0!  "1.0$!. *0%+*(


(!#%/(0%+* *  +0$!. )!/1.!/ 0+ ,.!2!*0 #!* !.M/! 
2%+(!*!H !/,!%((5 /!41( *  +)!/0% 2%+(!*!K %!.%
,//!   .%)%*( (3 +* .,! %* dbbh *  %* dbbj !*0! 
0$!!* !.* !41((5/! %+(!*!0H3$%$,.+2% ! 
"+. 0$! !/0(%/$)!*0 +"  /,!%(%/!  +1.0 0+ 0.5 /!/ +"
/!41( 2%+(!*!K %!.% $/ (/+ !2!(+,!   0%+*(
!* !.M/! %+(!*!(*+"0%+*WdbbhX* 0%+*(
+(%5+*%.(/Q 10%+*WdbbhXH%* %0%+*0+.0%"5%*#0$!
,10+ .+0++( %* dbbjK $! #+2!.*)!*0 *  %2%( /+%!05
+.#*%60%+*/ $2! (/+ 1* !.0'!* /,!%"% ),%#*/ * 
+10.!$ 0%2%0%!/ 0+ .%/! 3.!*!// +* 0$! %//1! +" .,!
0$.+1#$ %((+. / *  . %+ .+ /0/H )+*# +0$!./K
!*5 $/ ,//!  0$! !41( ""!*/!/ 0 %* dbbhceiI +10$
".% %0/ .%)%*( 3 W!41( ""!*!/ *  !(0! 
00!./X )!* )!*0 0 %* dbbi cej I *  )%% %0/
+)0%*#+",!0%*dbbbcekK
(!2!* ".%* +1*0.%!/ $2! (/+ !2!(+,!  *  .!
%),(!)!*0%*#0%+*(0%+*(*/+*cedgW* %0/
 %0%+*( .!/+(10%+*/X 0$0 %*(1 ! 0%+*/ 0+ ,.!2!*0
2%+(!*! #%*/0 3+)!* *  ,.+)+0! 0$! ,.0%%,0%+* +"
3+)!*%*/0.101.!/* ,.+!//!/"+.+*"(%0,.!2!*0%+*0
(( (!2!(/K $!/! %*(1 ! 1.1* % WdbccXH +0! Q
2+%.!
WdbbiXH  WdbcbXH $* WdbcbXH 1%*! WdbccXH 1%*!
%//1 WdbccXH %!.% WdbbkXH 3*  WdbcbXH !*!#(
WdbccXH%!.. !+*!WdbcbX* #* WdbbhXKcfb
$! 0/ +" +10(3%*# .,! *  +0$!. /!41( 2%+(!*! * 
!2!(+,%*# +*.!0! ,(*/ +" 0%+* 0+ (!2!.#! 0$!
,.+0!0%+* +" 3+)!*Q/ .%#$0/ *  ,.+)+0! 0$! ,.0%%,0%+*
+" 3+)!* %* +*"(%0 ,.!2!*0%+* %/ %* !!  #++  ,.0%!K
+3!2!.H "%(1.! 0+ %),(!)!*0H +. %* !-1%!/ %*
%),(!)!*00%+* $2! 1* !.)%*!  0$! .!(!2*! +" /1$
0%+*/ "+. 0.*/"+.)%*# 0$! (%2!/ +" 3+)!*K "0!*H ,+(%0%(
3%((%/('%*#* 3$!.!%0!4%/0/H +!/*+00.*/(0!%*0+0$!



ib

((+0%+* +" ,,.+,.%0! .!/+1.!/ "+. %),(!)!*00%+* * 


!*"+.!)!*0K
* )*5 .!)+0! ,.0/ +" ".%H 0$!.! %/ 0$!
/!*!+"/00!,.!/!*!* 10$+.%05K+*/!-1!*0(50$!/!
(3/H ,+(%%!/ *  0%+* ,(*/ .!)%* (.#!(5 1*'*+3*K
$!.! '*+3*H %),(!)!*00%+* %/ /0%(( 1* !.)%*!  5
,!./%/0%*# ,0.%.$( 1(01.( ,.0%!/ 0$0 .! !*0.!*$! 
%* 0. %0%+*( ".%* /+%!0%!/K $! .+(! +" *+*M/00!
%*/0%010%+*/H /0.101.!/ *  0+./H %*(1 %*# 0. %0%+*( * 
.!(%#%+1/H %/ !//!*0%( %* 0$%/ .!#. K +3!2!.H 0$!%.
!*##!)!*0 $/ !!* (.#!(5   $+ .0$!. 0$* /5/0!)0%
* /1/0%*! K
.%*%*# %/ (/+ +*! '!5 )!0$+ +(+#5 0$0 $/ !!*
".!-1!*0(51/! 0+.%/!3.!*!//*  !2!(+,,%0%!/0+
,.!2!*0+*"(%0* 2%+(!*!H,.+0!03+)!** /0.!*#0$!*
3+)!*Q/ ,%0%!/ 0+ ,.0%%,0! %* .!(0!  /0.101.!/ * 
,.+!//!/K ,!%"% 0%2%0%!/ $2! .*#!  ".+) 0$!
!2!(+,)!*0*  !(%2!.5+"0.%*%*#1..%1(1)+*+*"(%0
!.(5 3.*%*# *  .!/,+*/!H #!* !. )%*/0.!)%*# *  0$!
,.+0!0%+* +" %2%(%*/H 0+ #!* !.M/!  2%+(!*! %*(1 %*#
/!41(!4,(+%00%+** 1/!H,.0%1(.(5"+.,!!'!!,!./K
+. %*/0*!H 0$! ".%* *%+*Q/ +)!*H !* !. * 
!2!(+,)!*0 %.!0+.0!H 3%0$ 0$! /1,,+.0 +" M+)!*H
!2!(+,! !* !..%*%*#*1("+.!!'!!,!./0+
/!.2!/.!/+1.!"+.0$!".%*0* 5+.!* +0$!.
$5.%  +,!.0%+*/H ,!!'!!,%*# 0.%*%*# %*/0%010%+*/ * 
0.++,M+*0.%10%*# +1*0.%!/K
0 +*0%*1!/ 0+ ,.0*!. 0$!
".%* !! 1,,+.0 .%*!./Q //+%0%+* WX 0+
!(%2!. 0.%*%*# +* 0$%/K %)%(.(5H !))!/ ".% +(% .%0!
WXH 0$.+1#$ %0/ *M".%* !* !. .%*%*# !*0.!H %/
,.0*!.%*# 0$! *%2!./%05 +" !! *  $!%'$ *0 %+,
*%2!./%05 0+ +*/+(% 0! !""+.0/ 0+ (1*$  /0!.Q/
.+#.))!%*!* !.* !!'!!,%*#K$!+)!*H!!
*  !1.%05 !03+.' ".% %* +((+.0%+* 3%0$ 

W*+3  +)!*X *  0$! %!.. !+*! %*%/0.5 +" +%(
!(".!H!* !.* $%( .!*Q/""%./H!*##! 0$!%*%/0.5
+" !"!*! 0+ !2!(+,  !* !. .%*%*# *1( "+. 0$!
!,1(%+"%!.. !+*!.)! +.!/%*dbcbK$!".%*
+)!*Q/ !2!(+,)!*0 *  +))1*%0%+* !03+.'
WX !2!(+,!   .%*%*# *1( +* !* !.M/! 
%+(!*! %* dbbg cfc *  $/ 1/!  0$%/ !40!*/%2!(5 %* %0/
0.%*%*# ,.+#.))!/H ,.0%1(.(5 "+. %2%( /+%!05
+.#*%/0%+*/K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



 ,#(.#)(&.#)(&(-)(-)&/.#)(MONQ

)/(.,3

') &(

,)*.C /("

/,/(#

(* Q0%+*0%+*(dbcdMdbchU(* Q0%+*,+1.()%/!!*@12.!


!(</+(10%+*cedgWdbbbX 1+*/!%( !<1.%0< !/0%+*/*%!/

dbcc

6.@
0)#,

(**0%+*( Q0%+* !(</+(10%+*cedgTdbbb 1+*/!%( !


<1.%0< !(QWdbbjMdbcdX

dbbi

'),.#
(* Q0%+* 1 +12!.*!)!*0 ! ( <,1(%-1! <)+.0%-1! 1
*/&# )  +*#+ ,+1. (Q,,(%0%+* ! ( </+(10%+* cedg 1 +*/!%( ! <1.%0<
)(!)
!/0%+*/*%!/

dbcb

"(

$* 0%+*( 0%+* (* "+. 0$!


),(!)!*00%+* +" 0$! *%0! 
0%+*/!1.%05+1*%(!/+(10%+*cedg+*+)!*!!* !1.%05
W cedgX

dbcb

/#(

(**0%+*( Q0%+*/0.0<#%-1!,+1.()%/!!*@12.! !/</+(10%+*/


cedg!0cjdb 1+*/!%( !<1.%0< !/0%+*/*%!/

dbcc

/#(
#--/

(*+ !:9+%+*(,.
),(!)!*0:9+ !/+(1:9+cedg

dbcc

#,#

$! %!.%* 0%+*( 0%+* (* "+. 0$!


),(!)!*00%+* +" *%0! 
0%+*/!/+(10%+*cedg

dbbk

1(

0%+*( 0%+* (* dbbkMdbcdJ $! *%0!  0%+*/ !1.%05 +1*%(


!/+(10%+*cedgTdbbb+*+)!*H!!* !1.%05

dbcb

(!&

(* Q0%+**0%+*(U%/!!*@12.!1<*<#( !(</+(10%+*cedg


WdbbbX 1+*/!%( !<1.%0< !/0%+*/*%!/

dbcc

#,, )(

$! %!.. !+*! 0%+*( 0%+* (* "+. 0$! 1((


),(!)!*00%+* +"
*%0!  0%+*/ !1.%05 +1*%( !/+(10%+* cedg WdbbbX *  cjdb
WdbbjX

dbcb

!(

$! #*  0%+* (* +*  !1.%05 +1*%( !/+(10%+*/ cedg B
cjdb* 0$!+)!(.0%+*

dbbh


$!+*+)%+))1*%05+"!/0".%*00!/WX
$/ %*0!#.0!   #!* !. %)!*/%+* %*0+ %0/ %* %0+./ "+.
!.(53.*%*#K*1)!.+"3+)!*Q/+.#*%60%+*/$2!(/+
+* 10! 0.%*%*#,.+#.))!/0$0.!/,!%"%((5 ,0! 
0+ 0$! *!! / +" 3+)!* %* 0$! .!/ +" $1)* .%#$0/ * 
%*0!.*0%+*( $1)*%0.%* (3H !.(5 3.*%*# *  +*"(%0
,.!2!*0%+*H +*"(%0 .!/+(10%+*H %(+#1! *  .!+*%(%0%+*H
%2% ! 10%+* %*(1 %*# ),%#* /0.0!#%!/H *!#+0%0%+*
* (! !./$%,H)+*#+0$!./K
$!* .%0%((5 //!//! H 0$!/! ,.+#.))!/ $2! +"0!* *+0
!!* 0.1(5 !""!0%2!K $%/ %/ !1/! 0$!5 0!*  0+ !   $+
.0$!.0$*/5/0!)0%I3%0$+10+*.!0!)!/1.!/0+!*/1.!
ic

+*M#+%*#/1,,+.0* .!%*"+.!)!*0K+.0.%*%*#+*#!* !.


0$0 %)/ 0 -1(%00%2! *  0.*/"+.)0%2! $*#!H
+*0%*1+1/ (!.*%*# %/ !//!*0%(K +3!2!.H #!* !. 0.%*%*#
+"0!*0!* /0+/,*!03!!*+*!$+1.W3$!*%*0!#.0! %*
.+ !.0.%*%*##!* X* +*!3!!'W3$!*/0.101.! /
/0* M(+*!,.+#.))!XK!* !.0.%*%*#(/+0!* /0+!
/0.0 *  1*.!(%/0%K $%/ %/ +"0!* !1/! #!* !.
0.%*!./..!(5(%#*0.%*%*#0+0$!.!(3+.'.!-1%.!)!*0+"
0.%*!!/K$!)+.!0!$*%(0$!.!%/H"+.%*/0*!)%(%0.5
!4,!* %01.!H 0$! (!// (%'!(5 .! #!* !. 0.%*!./ 0+ %*(1 !
,.0%! +* .!( &+ .!-1%.!)!*0/ %*0+ 0$! /!//%+*/K $%/
1* !.)%*!/ 0.%*!!/Q %(%05 0+ 0.*/(0! *  ,,(5 (!.*%*#
0+0$!&+* 0$1/.!(!#0!#!* !.0.%*%*#0+)!.!

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




3.!*!//M.%/%*# /!//%+*/K !.! #%*H  !-10! ,+(%0%(


3%((W%*(1 %*#+*0$!,.0+"0$!0.%*!!/X* .!/+1.!/.!
.1%("+.+*0%*1+1/(5!*##%*#* +),*5%*#0.%*!!/
%* 0$!%. 5M0+M 5 3+.' 0+ !*(! 0.%*!./ 0+ ,.+2% !
0!$*%( 2%!0$0%/,,(%(!0+0$!&+K
 .!!*0 0.!*  3%0$ .!/,!0 0+ +*"(%0 *  2%+(!*!
,.!2!*0%+*%/0$!,$!*+)!*+*+"+)!*Q/%010%+*++)/K
$!/! 3!.! %*%0%0!  5  *  0$! *#%! .++'/

*0!.*0%+*(!*0.!W
X/R,+(%0%(,.+!//0$0%)/
0 )+%(%6%*#H $.*!//%*# *  !),(+5%*# 0$! !4,!.0%/! * 
!4,!.%!*!/+"3+)!*%*0'%*#0%+*0+,.!2!*0+.)%0%#0!
,+0!*0%(+*"(%00$0+1( !)!.#!!"+.!H 1.%*#* "0!.
0$! !(!0%+*/KScfd 
0 %*2+(2!/  3% ! .*#! +" 0%2%0%!/ 0+
,.+)+0! 3+)!*Q/ +*0.%10%+* 0+ ,!! *  /0%(%05K
0
!*0%(/,.+!//+"+*/1(00%+*3%0$!(!0+.(/0'!$+( !./
%)!  0 .!0%*# /,!/ "+. 3+)!*Q/ %*2+(2!)!*0 %* ,!!
 2+5H )! %0%+*H ++. %*0%+*H ,+(%0%( *(5/%/H
+/!.20%+*H*  +1)!*00%+*K/ !0!..!*0* )!/1.!
"+. ,!!"1( !(!0%+*/H 0$!5 .! %*2+(2!  %* 0$%/ ,.+!//
0$.+1#$  !!. !! .+!// 0$0 !*(!/ 0$!) 0+ !4,.!//
0$!)/!(2!/ 1.%*# 0$! !(!0%+*/ 3%0$+10 $2%*# 0+ .!/+.0 0+
0/ +" 2%+(!*!K $! +)!*Q/ %010%+* ++) R+""!./ 
1*%-1! +,,+.01*%05 0+ ,,(5 0$! .' 3+ +. P%0%6!*
%,(+)5Q 3$%$ %/ * %*"+.)( *  1*+""%%( "+.) +"
+*"(%0 .!/+(10%+*KScfe$! +)!*Q/ %010%+* ++) )+ !(
$/ !!* %),(!)!*0!  %* %!.% WdbccXH !*!#( WdbcdXH
%!.. !+*!WdbcdX*  !*5WdbceXK/)// +.**!
* !./+* +"
.!(*  *+0! H 0$! +)!*Q/ %010%+* ++) R%/
#.!0!4),(!+"#.//.++0/%*%0%0%2!0+!),+3!.3+)!*
,!! 1%( !./ 0+ ,.+0%2!(5 #!0 %*2+(2!  %* ,.!2!*0%*#
+*"(%0ScffK
$! ,.+!// +" !/0(%/$%*# 0$! +)!*Q/ %010%+* ++) %/
$%#$(5 ,.0%%,0+.5K / %*!0 %+,H 0$! .!/% !*0 +" H
.!+1*0! H 0$! ,.+!// +" /!00%*# 1, 0$! +)!*Q/ %010%+*
++)%*!*!#(,,(%! 0$!ReScfg,.%*%,(!/K$!*+0! %0
+))!*!  3%0$ * +10.!$ *  &("%"3-"(' ),%#*
%*2+(2%*# cHbbb 3+)!* 0$0 %)!  0+ ,.!//1.%6! ,+(%0%(
,.0%!/ 0+ .!+#*%6! *  %*+.,+.0! 3+)!*Q/ +*!.*/ %*
0$!%.#!* /K
0(/+!*0%(! 0$!"+.)0%+*+"((%*!/3%0$
+0$!.'!5+*/0%01!*%!//1$/5+10$/* 0$!10%(%60%+*+"
*+*M0. %0%+*( 0++(/ /1$ / 0$! /+%( )! %K $! ,.+!//
(/+ +),.%/!  +"  &"-"(' !(!)!*0 0$0 !*0%(!  0$!
.!0%+* +"  R+*00 #.+1, +" 3%/! 3+)!*Scfh3$+/! .+(!
3/ 0+ !*+1.#! *  "%(%00! %(+#1! !03!!* .%2(
,+(%0%( ,.0%!/K  %0%+*((5H 0$! +*00 #.+1, +" 3%/!
3+)!* !*##!  0. %0%+*( *  .!(%#%+1/ (! !./ %* %0/
,.!2!*0%2! %,(+)5 3+.'K /0(5 0$! ,.+!// %*(1 !  
"1* )!*0( &('"-(+"'  +),+*!*0 3%0$ !(!)!*0/ +"
0.%*%*# +" !(!0%+* +/!.2!./H !,(+5)!*0 +" "%!(  0!)/ 0+
,+((%*#/00%+*/* $+1.(5.!,+.0%*#+"%*% !*!/K$!"%!( 

id

0!)/ +),.%/!  +" 0.%*!  R*(5/0/ +* (!#( +.


+*/0%010%+*(H #!* !. *  ,+(%0%( ""%./ / 3!(( / 
0!$*%( 0!)/ +" /00%/0%%*/H "%() .!3/ *  ,$+*!
+,!.0+./ScfiK
$!R!* !.%/)5#!* ),%#*SW
X00$!".%*
*%+* %* *1.5 dbcd +* 0$! ).#%*/ +" 0$! cj0$".%*
*%+* ! / +" 00! 1))%0 %*  %/   +,0!  0$!
+)!*Q/%010%+*++)/R!/0,.0%!S* /'! "+.%0
0+ ! .!,(%0!  %* (( !(!0+.( ,.+!//!/ %* ".%K
0/
(//%"%0%+* /  !/0 ,.0%! %/ (%*'!  0+ %0/ %.!0
+*0.%10%+* 0+ %*.!/%*# 0$! ,.0%%,0%+* +" 3+)!* %*
,+(%0%/H/%*0$!/!+"0$!(/0!(!0%+*/%*!*!#(H3$!.!
0$! !(!0!  *1)!./ +" 3+)!* %*.!/!  ".+) Rcil 0+
felScfjK
* +. !. 0+ /1/0%* 0$%/ ,.0%!H .!/% !*0 ((!*
+$*/+*%.(!"+" %!.%3/.!-1!/0! H* /$!#.!! H0+
!0$!$),%+*+"0$!%010%+*++)* /1,,+.0!.+"%0/
.!,(%0%+*K
* !! H 0$! %*%0%0%2! %/ +*! 0$0 * !  ,0! 
0+ +0$!. 0$!)0% %//1!/ *  .!/ /1$ / 2%+(!*! #%*/0
3+)!*H ),/ *  /!00(!)!*0/ )*#!)!*0H *  !// 0+
&1/0%! "+. 3+)!*K $%/H $+3!2!.H 3%(( .!-1%.! ,.! %0(!
*  /1/0%*!  "1* %*# / 3!(( / ,+(%0%( 3%(( 0+ 1* !.0'!
0%)!(50%+*H%"%0%/0+.%*#+10.!($*#!/"+.3+)!*K

 
J

* /%010%+*/ +" +*"(%0 *  ,+/0M+*"(%0H  .*#! +" 0%+*/


$2!!!*1* !.0'!*0+,.+0!03+)!** ,.+)+0!0$!%.
.%#$0/ 0+ ,!!K
* ?0! Q
2+%.!Q/ ,+/0M!(!0%+*/ .%/!/H
#5,0Q/.!2+(10%+*.5.%/!/H%!.. !+*!H %!.%* 1 *H
3+)!*Q/ #.+1,/ $2!  2+0!  "+. 0$!%. %*2+(2!)!*0 %*
+0$ /0%(%60%+* *  ,!! ,.+!//!/H !/,!%((5 3%0$
.!/,!00+0$!*!#+0%0%+*/+",!!#.!!)!*0/K$%(!/+)!
#%*/$2!!!*) !H3+)!*Q/!*##!)!*0%*0$%/,.+!//
%/ /0%(( *+0  #%2!*K $! !4(1/%+* +" 3+)!* ".+) 0$!/!
,.+!//!/ ,+0!*0%((5 +),.+)%/! 0$!%. ,.+0!0%+* * 
.%#$0/ 0+ ,!!H !/,!%((5 %* 0$! ."0%*# +" *!3
+*/0%010%+*/ 0$0 !)!.#!K $!.!"+.!H %0 %/ %),!.0%2! 0$0
,.+0%2!)!/1.!/(/+!0'!*0+!*/1.!0$03+)!** 
3+)!*Q/ ,!./,!0%2!/ .! * %*0!#.( ,.0 +" ,!!
,.+!//!/K
,!%"% 0%+*/ $2! (/+ !!* ) ! 0+ ,.+)+0! 3+)!*Q/
,.0%%,0%+* %* !(!0+.( ,.+!//!/K 0.+*# !4),(!/ +" 0$!
,+/%0%2!%),0+"0$!/!)!/1.!/+)!".+)3* H%!..
!+*! / 3!(( / %!.%cfk3$!.! 0$! "%./0 "!)(! ,.!/% !*0
3/!(!0! K*1)!.+"+1*0.%!/$2!0'!*)!/1.!/0+
,.+)+0! 3+)!*Q/ ,.0%%,0%+* %* 0$%/ .!K +. %*/0*!H
1.'%* /+ *  #*  $2! +*/0%010%+*( -1+0/ 0$0
.!/!.2! /!0/ %* *0%+*( ,.(%)!*0 "+. 3+)!*K 1 * $/
* !(!0+.( (3 -1+0H 3$%$ %/ !*/$.%*!  %* *0%+*(
(!#%/(0%+*I3$%(!+10$".%* +6)%-1!$2!,.05

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




-1+0/"+.3+)!*K$%(!0$!/!)!/1.!/.!!/0,.0%!/H
3+)!*Q/ ,.0%%,0%+* %* 0$! ,+(%0%( *  !(!0+.( ,.+!//
%/ /0%(( 1* !.)%*!  5 0$! ,.!2(!*! +" %/.%)%*0+.5
1(01.( ,.0%!/H %*0%)% 0%+*H $.//)!*0 *  /+)!0%)!/
2%+(!*!H('+".!/+1.!//3!((/%((%0!.5K
*5 +1*0.%!/ .+// 0$! +*0%*!*0 $2! (/+ !/0(%/$! 
! %0!  /0.101.!/ 0$0 .! ,.%).%(5 .!/,+*/%(! "+.
%),(!)!*0%*# *  ++. %*0%*# *0%+*( (!2!( !""+.0/ +*
3+)!*Q/ .%#$0/K $!/! %*(1 ! *0%+*( #!* !. +. 3+)!*Q/
)%*%/0.%!/H *0%+*( +))%00!!/ +* 2%+(!*! #%*/0 3+)!*
+. +* #!* !.M/!  2%+(!*!H #!* !. +. 3+)!*Q/ /1,,+.0
1*%0/ 3%0$%* /!1.%05 /!0+. %*/0%010%+*/H 3+)!*Q/ /$!(0!./
*  /"! $+1/!/H )+*# +0$!./K / ,.0 +" 0$!/!H 3+)!* +.
#!* !. "+( ,+%*0/ $2! (/+ !!* ,,+%*0! K $%(! 0$!
%),+.0*!+"/1$/0.101.!/**+0!+2!.!),$/%6! H%0
/$+1( !/0.!//! 0$0+"0!*0$!/!/0.101.!/.!1*(!0+
+,!.0%+*(%6! 0$!%. )* 0!/ )%*(5 !1/! +" 0$! (' +"
W !-10!X.!/+1.!/* ,+(%0%(3%((K

*.!/%*#(5 0$! 2.%+1/ )1(0% %)!*/%+*( ,!!'!!,%*#


+,!.0%+*/ +* 0$! +*0%*!*0 $2! )* 0!/ +* #!* !.H
/!41( 2%+(!*! *  0$! ,.+0!0%+* +" %2%(%*/ / !2% !*0 %*
."1.H1 *H+10$1 *H %!.%* %!.. !+*!K'!5
$((!*#!"+.0$!/!)%//%+*/H$+3!2!.H%/$+30+/1/0%*0$!
#%*/ 0$0 .! ) ! "+. 3+)!*K
*2!/0%*# %* (+( ,%05
1%( %*# %/ %),!.0%2! $!.!H %*(1 %*# /0.!*#0$!*%*# 0$!
,%0%!/ +" *0%+*( #!* !. )%*%/0.%!/ *  #!* !. +.
3+)!*Q/ /0.101.!/ %* 2.%+1/ /!0+./H /1$ / 0$! &1/0%!
*  /!1.%05 /!0+.K  .!//%*# 0$! ,.+(!) +" %),1*%05 %/
(/+!//!*0%($!.!K
%0$ .!/,!0 0+ 0$! )*#!)!*0 +" ),/ *  /!00(!)!*0/H
.!/!.$cgb/$+3/ 0$0 0$%/ $/ %),.+2!  /%#*%"%*0(5 3%0$
.!#.  0+ 3+)!*Q/ ,.0%%,0%+* %* "++  %/0.%10%+*
+))%00!!/ %* *6*%H !*5 *  #* K +3!2!.H
3+)!*Q/ ,.0%%,0%+* %/ (+3!. %* !%/%+*M)'%*#
/0.101.!//1$/),)*#!)!*0+))%00!!/H/.!/1(0
+" 1(01.( ,.!&1 %!/K !/1.!/ .! .!-1%.!  0+ %),.+2!
3+)!*Q/ %*2+(2!)!*0 %* 0$!/! )*#!)!*0 /0.101.!/H
%*(1 %*# 0$.+1#$ /!*/%0%60%+* ),%#*/H /'%((/ 0.%*%*#H
 1(0 (%0!.5 ,.+#.)/ *  -1+0/ 0+ %*.!/! 0$!
.!,.!/!*00%+* +" 3+)!* *  ,.!/!*! +" "!)(! /0""K
!41( *  #!* !.M/!  2%+(!*!H ,.0%1(.(5 #%*/0
3+)!*H (/+ .!)%*/  ,.!2%(%*# ,.+(!) %* .!"1#!! * 
%*0!.*((5 %/,(!  ),/K $! *%0!  0%+*/ %#$
+))%//%+* "+. !"1#!!/ W X $/ !2!(+,!  !41(
*  +0$!. "+.)/ +" #!* !.M/!  2%+(!*! WX 0* . 
,!.0%*# .+! 1.!/ "+. %0/ "%!(  +""%!/ 0+ $!(, 0'(! 0$%/
,.+(!)K +3!2!.H 0$! +((!0%+* +" +),.!$!*/%2! * 
.!(%(!/00%/0%( 0H)+*#+0$!./H.!)%*/,.+(!)K

ie

* /,%0! +" 0$! )5.%  +" (3/ *  ,+(%%!/ ,.+$%%0%*# 0$!


.!.1%0)!*0 +" $%( .!* %* .)!  +*"(%0/H .+// ".%
$%( .!* W+0$ +5/ *  #%.(/X +*0%*1! 0+ ! .!.1%0!  5
,.0%!/%*+*"(%0/%*(1 %*#%*0$!!*0.(".%*!,1(%H
(%* 0$!!)+.0%!,1(%+"+*#+K$!""%!+"0$!
,!%( !,.!/!*00%2! +" 0$! *%0!  0%+*/ !.!0.5M
!*!.(+*!41(%+(!*!%*+*"(%0* 0$!*%0! 0%+*/
$%( .!*1* W
X$2!!!*-1%0!!""!0%2!%*.%/%*#
3.!*!// +* 0$%/ ,.+(!)H / 3!(( / %* #!00%*# ,.0%!/ %*
+*"(%0 0+ /%#* #.!!)!*0/ +))%00%*# 0$!)/!(2!/ 0+ !* 
/!41( 2%+(!*! ,.0%1(.(5 #%*/0 3+)!* *  #%.(/K
.+#.!// %* 0$! %),(!)!*00%+* *  )+*%0+.%*# +" 0$!/!
#.!!)!*0/%/$+3!2!.(##%*#K


 
H

  
/ /$+3*H 2.%+1/ %*%0%0%2!/ $2! !!* 1* !.0'!* 3%0$%*
0$!)%0+"+*"(%0,.!2!*0%+*H)*#!)!*0* .!/+(10%+*
0+ ,.+)+0! 3+)!*Q/ .%#$0/ 0+ ,!! *  0$!%. ,.+0!0%+* %*
.)! +*"(%0/K$%(!/%#*%"%*0#%*/$2!!!*) !%*
*1)!.+".!/H,.+#.!//%/(##%*#%*+0$!./K*0$!3$+(!H
(!#(* ,+(%5+))%0)!*0/$2!*+0!!*+))!*/1.0!
0+ %),(!)!*00%+*K 1(01.( ,.!&1 %!/H (' +" ,+(%0%( 3%((H
* %* !-10!* ,.! %0(!.!/+1.!/H)+*#+0$!./H((
+*0.%10! 0+ 1* !.)%*! %),(!)!*00%+*K
* (%#$0 +" 0$!/!
,!./%/0%*# $((!*#!/H ,.!2!*0%+* .!)%*/ 0$! !/0 /+(10%+*
*  ,,.+$K $%/ !*0%(/ ,.+0%2%05 %* 1* !.0'%*#
/5/0!)0% *  /1/0%*!  )!/1.!/ 0+ 1%(   1(01.! +"
,!! *  *+*M2%+(!*! %)!  0 .%*#%*# +10
0.*/"+.)0%2! $*#!/ "+. 3+)!* *  0$!%. +))1*%0%!/K
1$  1(01.! +" ,!! *  *+*M2%+(!*! 3%(( ,.!2!*0 0$!
+1..!*! +. .!(,/! 0+ +*"(%0 *  2%+(!*! "+. !*0%.!
+))1*%0%!/K+!.!(!2*0* )!*%*#"1(H/1$1(01.!
+",!!* *+*M2%+(!*!)1/0!.+//100%*#H.%#$0/M/! 
*  !)! !  %* .+  .!$ +" !2!(+,)!*0 #+(/
%*(1 %*# %* 0$! ,+(%0%(H /+%+M!+*+)% / 3!(( / ,!!
*  /!1.%05 /,$!.!/K
0 )1/0H +" !//!*!H %*(1 ! +((!0%2!
.!/,+*/%%(%05 *  +*!.0!  0%+* 5  2.%!05 +" 0+./H
+,!.0%*# ".+)  )1(0% %)!*/%+*( ,,.+$ 10 %* *
%*0!#.0!  )**!.K
* 0$%/ .!#. H 3+)!*Q/ .%#$0 0+ ,!!
* ,.+0!0%+*%*.)! +*"(%0//$+1( *+0!,!.!%2! /
 3+)!*M+*(5 %//1!I (0$+1#$ 0$! %*2+(2!)!*0 +" 3+)!*
)1/0!+.!0+0$!/!!""+.0/0(((!2!(/K
*!//!*!H.0%(!/
cb *  cc +" 0$! .+0++( )1/0 ! )%*/0.!)!  %*0+ ((
*0%+*( *  .!#%+*( ,(*/H ,.+!//!/ *  /0.101.!/ "+.
/+%+M!+*+)% !2!(+,)!*0* ,!!* /!1.%05K




)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#





 
 
Q



"#%4#(3(1/((/),>!/()4/#%

 10%+* %/  /% $1)* .%#$0 "+. (( $%( .!*K $%/ 3/
.!+#*%/! +2!.hb5!./#+%*0$!*%2!./(!(.0%+*+"
1)* %#$0/H '*+3(! #!  *  #.!!  0+ 5 )*5
#+2!.*)!*0/.+//0$!3+.( K +3!2!.H%*".%)%((%+*/+"
$%( .!*H ,.0%1(.(5 #%.(/H .! /0%(( !*%!  0$! .%#$0 0+
! 10%+** .!1*(!0+!//0$!'*+3(! #!H/'%((/* 
,%(%0%!/*!!//.50+0'!*!),+3!.! * !-1(.+(!
%*/+%!05K$%/2%+(0%+*+"/%.%#$0/%/1*&1/0* )1/0!
$*#! Kcgc
$! %/ 2*0#!  ,+/%0%+* /1""!.!  5 3+)!* *  0$! #%.(
$%(  %* ".% %/ ,!.,!0.0!  5 1*".%!* (5 1/0+).5 (3
,.0%!/K
* )+/0 ".%* +))1*%0%!/H 0$! #%.( $%(  %/
!*%!  !// 0+ "%(%0%!/ 0$0 0$! +5 3+1(  +. %*.%(5 !
((+3! 0+!*!"%0".+)K$!%/ +)!/0%1. !*!.!.H*+0
)!*0 0+ ! /!!*H $!.  +. !2!* ((+3!  0+ +*0.%10! 0+
#!*!.( %/1//%+* %* 0$! ")%(5K $! %/  $00!(H 3%0%*# 0+
! .0!  35 5 ,.+/,!0%2! /1%0+./ 3$+ %* )+/0 (%)!/
3!.! 0$! +*!/ 0$0 !)!.#!  / 0$! $%#$!/0 % !./K $!
+*0%*1!  %*&1/0%! /1""!.!  5 0$! #%.( $%(  .!/1(0/ ".+)
0$!%.(+3!*.+()!*0.0%+%*0$!/$++(/5/0!)Kcgd/% !".+)
0$! ,++. !*.+()!*0H ,++. +),(!0%+* .0!/ .! (/+ )&+.
$((!*#!/ 0$0 0$! #%.( $%(  "!/Kcge$! (0!/0  10%+*
"+. (( WX (+( +*%0+.%*# .!,+.0 dbcd ,0(5 ,01.!/
0$! "0 0$0 ".% $/ 0$! (.#!/0 #(+( ,+,1(0%+* +"
"!)(!/ 3$+ $2! *!2!. 00!* !  /$++( / 3!(( / 0$!
$%#$!/0 *1)!. +" #%.(/ 3$+ .! .+,,%*# +10 +" /$++(K
0+./ +/%+*%*# 0$%/ .! (%*'!  0+ 1(01.( ,.0%!/H
/0!.!+05,!/H *  2%+(!*! #%*/0 #%.(/H ,+2!.05H /!41(
!4,(+%00%+** *+*M2%(%(%05+"! 10%+*("%(%0%!/K
$! %),+.0*! +" ! 10%+* **+0 ! +2!. !),$/%6! K
$!  ,!%( ,,+.0!1. +* 0$! .%#$0 0+ ! 10%+*
!/.%!/ %0 /  /%/ +* 3$%$ 0$! .!(%60%+* +" +0$!.
$1)*.%#$0/%/,.!)%/! Kcgf"1*3+,%*!/0$0! 10%+*
%0/!(" %/ 0$! +*(5 )!*/ 0$.+1#$ 3$%$ * %* %2% 1( %/
!)*%,0!  ".+) 0$! (10$!/ +" ,+2!.05 *  *1.01.!  0+
!""!0%2!(5+*0.%10!0+$%//+%!05Kcgg
!(%/%*# 0$! *!!  "+. 0$! ,.+0!0%+*H ,.+)+0%+* * 
"1("%()!*0 +" 3+)!*Q/Q .%#$0/H 0$! %*0!.*0%+*( +))1*%05
,10 %* ,(! 0$! +*2!*0%+* +* (%)%*0%+* +" (( "+.)/ +"
%/.%)%*0%+* #%*/0 +)!* WXK '%*# %*0+
+*/% !.0%+* 0$! 1.#!*5 0+ /,!%"%((5 ,.+2% ! "+. 0$!
,.+0!0%+* +" 3+)!*I 0$! )!)!. /00!/ +" 0$! ".%*
*%+*  +,0!   .+0++( 0+ 0$! ".%* $.0!. +* 0$!
%#$0/ +" +)!* %* dbbeK $! .+0++( 3$%$ %/ (/+
if

+))+*(5 .!"!..!  0+ / R0$! ,10+ .+0++(S ,.+2% !/ %*
!0%( /0!,/ 0$0 )1/0 ! 0'!* 0+ !*/1.! 0$! ,.+0!0%+* +"
0$! .%#$0/ +" 3+)!* *  #%.(/ .! %*(1/%2!K +3!2!.H 0$!
/%010%+* +" 0$! #%.( $%(  /0%(( .!)%*/ ,++. (( +2!. 0$!
+*0%*!*0K cgh +. %*# 0+ (*
*0!.*0%+*(Q/ .!,+.0
)!*0%+*!  ,.!2%+1/(5H +10 +" 0$! dk )%((%+* ,.%).5M#! 
$%( .!* 1..!*0(5 +10 +" /$++( %* /1M$.* ".%H gfl
.! #%.(/ *  %* /1M$.* ".% )+.! 0$* gbl +" #%.(/
#%2! %.0$ 5 0$! #! +" dbK  %.(/ /0%(( /1""!. ".+) +)!/0%
2%+(!*!H.,!H"+.! (+1.Hcgi('+"!//0+/$++(/* 
$.)"1(1(01.(,.0%!/Kcgj
/%*# 0$! ,10+ .+0++(H 0$! ".%* $.0!. +* 1)*
*  !+,(!/ %#$0/ W XH 0$! ".%* $.0!. +* 0$!
%#$0/ *  !(".! +" 0$! $%(  WX *  +0$!. .!(0! 
0.!0%!//".)!3+.'H0$%/,,!.*(5/!/0$!/%010%+*+"
0$! #%.( $%(  3%0$ ,.0%1(. .!/,!0 0+ !// 0+ ! 10%+*K
$!!##%*#-1!/0%+*%/J$/0$!#%.($%( !!**1.01.! "+.
,1(% %*0!#.0%+* *  %(%05 0+ +*0.%10! ,+/%0%2!(5 0+ 0$!
+))1*%05O$0(3/%"*5*!.!(%! +*0+,1./1!0$!
.!(%60%+*+"!//0+! 10%+*+"0$!#%.($%( O$!,,!.
%//0.101.! %*0+"%2!,.0/K.0c,.+2% !/*%*0.+ 10%+*
*  '#.+1*  %*"+.)0%+*I .0 d %/1//!/ 0$!
%),+.0*! +" ! 10%+* 0+ 0$! #%.( $%( K .0 e !(/ 3%0$
0$!$((!*#!/"%*##%.($%( !//0+! 10%+** .0f
)'!/  (!#( *(5/%/ +" .0%(! cd +" 0$! .+0++( +* 0$!
%#$0+"+)!*%*".%3%0$2%!30+/!.0%*%*#$+3%0
+1( +)!0+0$!.!/1!+"0$!#%.($%( %*0!.)/+"!//0+
! 10%+*%*".%K

  
$! %),+.0*! +" ! 10%+* 3/ "%./0 !(+.0!  %* 0$!
*%2!./( !(.0%+* +" 1)* %#$0/ W X 3$%$ )!
%*0+ "+.! %* ckfjKcgk0$!. %*0!.*0%+*( (3 %*/0.1)!*0/
/1$ / 0$!
*0!.*0%+*( +2!**0 +* %2%( *  +(%0%(
%#$0/ W
XHchb
*0!.*0%+*( +2!**0 +* +*+)% * 
+%( %#$0/ W
X (/+ ,.+2% ! "+. 0$! %),+.0*! +"
! 10%+*Kchc!#%+*((5 %* ".%H 0$!   *  
+0$ .!%0!.0! 0$! %),+.0*! +" 0$! .%#$0 0+ ! 10%+*Kchd
+3!2!.H %0 %/ 0$! .+0++( +" 0$! ".%* $.0!. +* 0$!
%#$0/ +" +)!* 0$0 )'!/ /,!%"% )!*0%+* +" 0$! #%.(
$%(  %* .!(0%+* 0+ 0$! "1* )!*0( .%#$0 0+ ! 10%+*K $!
.+0++(,.+2% !/0$0P00!,.0%!/P)1/00'!((*!!//.5
)!/1.!/ 0+ !*/1.! 0$! !(%)%*0%+* +" (( "+.)/ +"
%/.%)%*0%+*#%*/03+)!*3%0$2%!3+"!*/1.%*#!-1(

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




+,,+.01*%0%!/QKche+.!/,!%"%((5H0$!.+0++(%*/!!'%*#0+
,.+0!0 0$! .%#$0/ +" 0$! #%.( $%(  0+ ! 10%+*H /,!%"%((5
)!*0%+*/ 0$! #%.( $%(  5 ,.+2% %*# "+.J ,.+0!0 3+)!*H
!/,!%((5 0$! #%.(M$%(  ".+) (( "+.)/ +" 1/!H %*(1 %*#
/!41( $.//)!*0 %* /$++(/ *  +0$!. ! 10%+*(
%*/0%010%+*/ *  ,.+2% ! "+. /*0%+*/ #%*/0 0$!
,!.,!0.0+./+"/1$,.0%!/KPN
$! %),+.0*! +" 0$! +2! ,.+2%/%+* .!%0!.0!/ 0$! *!! 
"+. !)*%,0%*# 0$! #%.( $%(  0+ !+)!  )&+. 0%2!
,.0%%,*0%*0$!""%./+"$!.(%"!0(0!./0#!%*(%"!K


 
 

$! !*!"%0/ +" ! 10%+* .!)%* !*+.)+1/ * 
1*-1*0%"%(!K  10%+* .%*#/ +10 P/+1*  '*+3(! #!H
3!((M %*"+.)!  $%0/H /+1*  % !/H /'%((/ *  !*$*!)!*0
+",+/%0%2!00%01 !/KKK%0%/0$!.!"+.!!//!*0%(/*%),+.0*0
.% #! +" /+%(H !+*+)% *  ,+(%0%( )+%(%05QK chg $!
! 10%+* +"  #%.( )!*/ P0$0 /  3+)*H /$! %/
!),+3!.!  *  )+.! (%'!(5 0+ ,.0%%,0! %* !2!(+,)!*0
!""+.0/ *  %* ,+(%0%( *  !+*+)% !%/%+*M)'%*#QKchh
 10%+*3%((!*$*!0$!#%.(/Q%(%050+!(!0+!+)!
%*0!#.0! %*0$!1(01.((%"!+"$!.+))1*%05* /!!'/!("M
.!(%*!Kchi
+ "1.0$!. 1* !./0*  0$! %),+.0*! +" ! 10%+* 0+ 0$!
#%.( $%( H %0 %/ %),+.0*0 0+ #.,,(! 3%0$ 0$! *#!./ +" 0$!
(' +" %0K *! 0$!* )1/0 ,,.!%0! 0$! "0 0$0 3%0$+10
! 10%+*H 0$! #%.( $%(  %/ 1*(! 0+ "1((5 .!(%6! $!. /+%(
* ,+(%0%(/,%.0%+*/K
*)+/0".%*/+%!0%!/3$!.!0$!
$((!*#!+",.%)+#!*%01.!/0%((.!%#*/H0$!#%.($%( %/+"0!*
0(+//3$!*0$!"0$!. %!/%*0!/00!K+0$0$!#%.(* $!.
)+0$!. %* )+/0 /%010%+*/ .! 1*(! 0+ (!* +* 3$0!2!.
(!#%!/3!.!(!"0!$%* 50$!(0!"0$!.K%0$! 10%+*
$+3!2!.H '*+3(! #! +" .1(! .%#$0/ 3%(( !),+3!. 0$!
#%.( 0+ (5 (%)H 5 )!*/ +" 0$! (3 *  ,+(%5H 0+ 3$0
/$+1(  ! $!. %*$!.%0*!K chj  $1/H 3%0$+10 ! 10%+*
!// 0+ ,.+,!.05 !+)! 2%.01((5 *+*M!4%/0!*0K chk $!
$*!/ +" /1""!.%*# ".+) +)!/0% 2%+(!*! (/+ +1* 
3%0$ 0$! #%.( $%(  *+0 !%*# 3.! +" 3$0!2!. .%#$0/ 0$0
)5.1!0+$!.%**5/1$%.1)/0*!/K
*/1)).5H
*+*M! 10!  #%.( $%(  %/ )+.! 21(*!.(! 0$* $!. )(!
+1*0!.,.0K
  

 



$! #%.( $%(  +"0!* "!/ %/.%)%*0%+* ".+) 0$! !.(%!/0
/0#!/+"(%"!H0$.+1#$$%( $++ * %*0+ 1(0$++ K !.(+3
/001/ %/ .!"(!0!  %* 0$! !*%( +" "1* )!*0( *!! / * 
.%#$0/* %*/1$$.)"1(00%01 !/* ,.0%!//
ig

,.!"!.!*! "+. /+*/H !.(5 )..%#!H "!)(! #!*%0(


)10%(0%+*H +)!/0% 1/!H %*!/0H /!41( !4,(+%00%+*H
%/.%)%*0%+*H(!//"++ * (!//!//0+! 10%+*Kcib
0$+1/!$+( * +))1*%05(!2!(H,+2!.05%/)%*"0+.
1* !.)%*%*# #%.(/Q .%#$0 0+ ! 10%+*K cic $++( "!!/ * 
 %0%+*( +/0/ /1$ / 0.*/,+.0H (+0$%*# *  ++'/
.!%*"+.! 0$! #!* !. #, !03!!* )(!/ *  "!)(!/ %*
!// 0+ ! 10%+*K cid 
* +)(%H %#!. %!.%H (%H
1.'%* /+ *  !*%*H &1/0 0+ )!*0%+*  "!3 ".%*
+1*0.%!/3%0$/!.%+1/! 10%+*#!* !.#,!03!!*+5/
* #%.(/H0$!+2!)!*0%+*! %//1!/+*0.%10!0+'!!,%*#
#%.(/ +10 +" /$++(K  $!* ,++. ")%(%!/ **+0 ""+.  0+
! 10! (( 0$!%. $%( .!*H %0 %/ +"0!* 0$!%. 1#$0!./ 3$+
$2!0+/05$+)!1*0%(0$!5#!0)..%! Kcie
++. %*"./0.101.! (/+ %*$%%0/ !// 0+ ! 10%+*(
%*/0%010%+*/5#%.(/Kcif
*)+/0+))1*%0%!/.+//".%"+.
%*/0*!H 0$! /!*! +" /*%0.5 "%(%0%!/ !4,+/! #%.(/ 0+
/!41( 1/! *  (/+ #%.(/ .! 1/!  / 1. !* !.!./ 0+
,.+2% ! 30!. ".+) ". /0.!)/K $! !""!0 +" 0$%/ %/ 0$0
)+/0 #%.(/ /'%, /$++( "+. "!. *  0$! /0.!// 0$!5 )5 !
/1&!0!  0+Kcig+. %*# 0+ 
 0$! /%010%+* %/ /1$
0$0P(!//0$*$("+"((/$++(/%*(3%,.+2% !"+.!//
0+ /"! 30!. *  (!// 0$* fb ,!. !*0 $2!  !-10!
/*%00%+*"%(%0%!/QKcih

* %0%+*0+0$!+2!H!.(5)..%#!* ,.!#**5(/+


(!  0+ #%.(/ .+,,%*# +10 +" /$++(Kcii / (.! 5 /00! H
#!* !./0!.!+05,!/(! %*#0+#!* !.%/(/++*0.%10!/0+
.+,+10.0!/5#%.(/H+/%+*! 5%* !-10!'*+3(! #!
+" /!41( ! 10%+*H 3$%$ .!/1(0/ %* ,.!#**5 *  !.(5
)+0$!.$++ K $%/ /0!.!+05,! P..%!/ 0$! 3!%#$0 +" *
% !+(+#5H*+)00!.3$!0$!.%0/,.!2(!*!%/+),.0%2!(5
/0.+*# +. 3!' +. %*# 0+ 0$! 1(01.( )%(%!1Q 0$!.!5
3% !*%*# 0$! #, !03!!* 0$! )(! *  "!)(! %* !// 0+
! 10%+*Kcij
*+0$!.)&+.$((!*#!%/%*0$!-1(%05+"! 10%+*K+/0
/$++(/ %* .1.( ".%* +))1*%0%!/H "+. %*/0*!H ('
 !-10! /0.101.( *  $1)* .!/+1.!/K $%/ /%010%+*
+*/!-1!*0(5 $/ 0'!*  0+(( %* 0$! -1(%05 +" ! 10%+*
!(%2!.! K +. %*# 0+  (*
*0!.*0%+*( .!,+.0H R%*
*6*%H dbl +" ,.%).5 /$++( (!2!./ **+0 .!  
/%),(! /!*0!*!L %* #*  0$! .0! %/ +2!. dglH *  %*
(% +2!. kbl +" . ! d /01 !*0/ .! 1*(! 0+ .!  
/%*#(! 3+.  +" +**!0!  0!40KScik* *(5/%/ +" 0$! 1)*
!2!(+,)!*0
* !4 W 
X cjb /$+3/ 0$0 0$! -1(%05 +"
! 10%+*+"".%*00!/%//0%((2!.5,++.K



)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




*+0$!. $1#! $((!*#! 0$0 !.+ !/ !// 0+ ! 10%+* 5
0$! #%.( $%(  %* ".% %/ 0$! %//1! +" %/.%)%*0%+*K /
%/1//! +2!H0$!-1(%05+"! 10%+*%/#!*!.((5,++.%*
".%* 0$!#%.($%( %/)+.! %/ 2*0#! %*0$%/.!#. K
%/.%)%*0%+*%*0$!/$++(/,10/0$!#%.($%( 0#.!0!.
.!!%2%*#!* 3%0$1/!".+)+0$0!$!./* ,1,%(/* 
(! / 0+ 2%+(!*! #%*/0 #%.(/K +. %*/0*!H %* %#!.%Q/
*+.0$!.* .!#%+*H /!2!.( #%.( $%( .!* .! 00'!  +* 0$!%.
35 0+ *  ".+) /$++( 5 0$!
/()%/0 /!0 +" +'+
.)K KRK 1.0$!. %/.%)%*0+.5 !$2%+1. )!0!  +10
#%*/0 0$! #%.( $%(  %/ (/+ /$+3* %* 0$! 05,! +" P+.,+.(
,1*%/$)!*0 *  ,1(% /$)%*# 5 /$++( 10$+.%0%!/ * 
0!$!./ 3$%$ ,!.,!010!/ 5(!/ +" %/.%)%*0%+* 3$%$
! 10%+*%/ /1,,+/!  0+ $((!*#! *  .!'QK cjd

*.!/%*#(5 0$! "+1/ +* #%.(/ ! 10%+* 5 #+2!.*)!*0/H


+*+./ *  +0$!. /0'!$+( !./ .+// ".% $/ 0$!
0!* !*5 0+ ! %*0!.,.!0!  0+ )!* 0$0 +5/ *  0$!%.
! 10%+*%/!%*#(!"0!$%* K$%/%/".".+)0$!.!(%05+*
0$!#.+1* H"+.)+/0(*! * #!* !."+1/! ! 10%+*
,+(%%!/ *  %*0!.2!*0%+*/ .! !*/1.%*# 0$0 0$! #!* !. #,
%/(+/! K
$! "0 %/ 0$0 %* )*5 +1*0.%!/ .+// ".%H 0$!.! $/
!!*  .!+. !  %*.!/! %* 0$! *1)!. +" +5/ *  #%.(/
!//%*# ! 10%+*H $+3!2!. 0$! .+,+10 .0! "+. #%.(/ ".
+10M/0.%,/0$0+"+5/* %*/+)!/!/)'!%..!(!2*00$!
!.(%!.%*.!/! #%.($%( /$++(!*.+()!*0K
0%/(/+"0
0$0 3$!.! 0$! /$++( !*2%.+*)!*0 $/ !!* ) !
+* 1%2!"+.0$!#%.($%( %0(/+!*!"%0/0$!+5/K

! 10%+* +" #%.(/ *  !*/1.%*# 0$!%. /$++( 00!* *!


!5+* ,.%).5! 10%+*.!)%*/(%)%0! * 1*.!/+(2! K
$! (%)%00%+* %* 0$! ,,(%0%+* +" 0$! ,.+2%/%+*/ +" 0$!
.+0++(%/00.%10! 0+0$!/0%((!4%/0%*# %/.%)%*0+.5(3/
#%*/03+)!*%*)+/0,+(%5* (!#(".)!3+.'/%*/+)!
".%* 00!/Kcjf +3!2!.H !/,%0! 0$! $((!*#!/H %0 %/ +1.
+*2%0%+*0$0*,,(%0%+*+"0$!,.+2%/%+*/+".0%(!cd
+" 0$! .+0++( *  .0%(! cc +" 0$! ".%* $%(  %#$0/
$.0!.3+.'%*#0+#!0$!.H3%((!*$*!0$!!*!"%0+"0$!#%.(
$%(  0 (!/0 %* /00!/ 0$0 $2! .0%"%!  0$! .+0++(K
0 %/
(/+ 0$! +*2%0%+* +" 0$! 10$+./ 0$0 / 0$! ".%* *%+*
!(!.0!/ %0/ "%"05 5!./ +" !4%/0!*! *  0!* 5!./ +" 0$!
.+0++( 0$!.! %/ *!!  "+.  !!, .!"(!0%+* +* $+3 ". 0$!
+*0%*!*0$/#+*!*  +*!"+.%0/3+)!** 0$!#%.($%( K
$! *!!  0+ !).! 0$! ,.+2%/%+*/ +" 0$! .+0++( 3%0$
,.0%1(. .!/,!0 0+ .0%(! cd *  +0$!. .!(0!  0.!0%!/
0$!.!+"%/$%*#! +*0$!2!.5,++./%010%+*+"0$!#%.($%( 
%*".%0+3. /.!(%/%*#! 10%+*K+.%*/0*!H%*%!..
!+*!H0$!%((%0!.5.0!.!)%*/+2!.iblKcjg$!/%010%+*
%* %!.. !+*! %/ *+0 )1$ %""!.!*0 ".+) 3$0 !4%/0/ %*
+0$!.!/0".%*+1*0.%!/Kcjh
* *(5/%/ +" 0$! +*0!*0 +" .0%(! cd +" 0$! .+0++( ((/
"+.+*!.0! !""+.0%*0$!,.+0!0%+*+"0$!#%.($%( 5
cK

dK

 

  
  
%*! 0$!  +,0%+* +" 0$! .+0++( %* dbbeH eh +10 +" gf
".%*+1*0.%!/$2!.0%"%! 0$!.+0++(Kcje*5+"0$!/!
".%* /00!/ $2! %*0.+ 1!  *0%+*( ,+(%%!/ 0+ !*0
0$!%. +))%0)!*0/ 0+ #%.(/Q ! 10%+* 1* !. 0$!/!
%*0!.*0%+*( *  .!#%+*( ".)!3+.'/ (%'! 0$! ,10+
.+0++(K  +(%%!/ %)%*# "+. 0$! $%!2!)!*0 +" 1*%2!./(
,.%).5 ! 10%+* *  0$! .!)+2( +" /$++( "!!/ .!
+))+* .+// 0$! +*0%*!*0K  %0$ 0$! +(%0%+* +" /$++(
"!!/ %* )*5 +1*0.%!/H 0$! (/0 ! ! $/ /!!*  .,% 
%*.!/! %* ,.%).5 /$++( !*.+()!*0 .0!/K   +. %*# 0+
 WdbccX %* 1M$.* ".% *  %0%+*( gd
)%((%+*$%( .!*!*.+((! %*,.%).5! 10%+*".+)ckkk0+
dbbjH *  1.%*# 0$! /)! ,!.%+  #%.(/Q ,.%).5 !*.+()!*0
%*.!/!  ".+) gfl 0+ iflK !/,%0! 0$%/ ,.+#.!//H dk
)%((%+* $%( .!* .!)%* +10 +" /$++( %* 0$! .!#%+*H gfl +"
0$!).!#%.(/K$!(%'!(%$++ +"$%!2%*#1*%2!./(,.%).5
! 10%+* %* ".% 5 dbcg 0$1/ (++'/ %*.!/%*#(5 .!)+0!K

* 0$! .! +" ! 10%+* 0$!.!"+.!H !/,%0! 0$! +*.!0!


,.+#.!//) !5/+)!".%*+1*0.%!/H0$!,.+(!)+"0$!

ih

!*/1.%*#!(%)%*0%+*+"(("+.)/+"1/!H
%*(1 %*#/!41($.//)!*0%*/$++(/* +0$!.
! 10%+*(%*/0%010%+*/I* 

,.+2% %*#"+./*0%+*/#%*/00$!,!.,!0.0+./+"
/1$,.0%!/K

$%/0$!.!"+.!((/"+.*%*.!/! ,+(%0%(3%((5".%*
+1*0.%!/ 0+ ,10 %* ,(!  !-10! (3/ *  ,+(%%!/ 0+ #%2!
!""!0 0+ 0$! .+0++( *  +0$!. .!(0!  0.!0%!/K $!.! %/ 
*!!  0+ 1* !.0'!  #!* !. .!2%!3 +" *0%+*( ! 10%+*
/!0+. ,(*/ 3%0$  2%!3 0+ ,.+)+0%*# #%.( ".%!* (5
! 10%+*(!*2%.+*)!*0/K$!.!%/(/+0$!1.#!*0*!! 0+
.!)+2! /+%+M1(01.( ..%!./ 0+ #%.(/ *  3+)!*Q/
! 10%+*H)'%*#/1.!0$00$!.!.!,,.+,.%0!)!/1.!/
%* ,(! 0+ ,.!2!*0 $%(  )..%#! *  !*"+.! ,+(%%!/ * 
(3/ 0+ !*(! ,.!#**0 #%.(/ *  5+1*# )+0$!./ 0+ .!)%*
%*/$++(K
+)!".%*+1*0.%!/(%'!+6)%-1!$2!,10)!/1.!/
%* ,(! 0+ .!M%*0!#.0! 5+1*# )+0$!./ ' 0+ /$++( "0!.
0$!5 $2! $  0$!%. %!/ *  /+)! +0$!. +1*0.%!/ .!
"+((+3%*# 0$%/ (%*! +" ,.0%!K  $! *!!  "+. %*.!/! 
 2+5 ".+) 0$! +))1*%05 0+ 0$! +*0%*!*0( (!2!(/ %/
#!.)*! *  !*/1.%*# !""%%!*0 *   !-10! /*0%+*
)!$*%/)/#%*/0*5+*!"+1* 0+!2%+(0%*#


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



0$! .%#$0/ +" 0$! #%.( $%(  %* ! 10%+*( %*/0%010%+*/K +
$%!2! 0$%/H 0$! %*2+(2!)!*0 +" 0$! (!#( ".)!3+.' %*
!*##%*# %* ,1(% %*0!.!/0 (%0%#0%+* )1/0 ! "1!((!  5
+*0%*1%*# ! 10%+* 0!$%*# *  !4,+/1.! 0+ (%0%#0%*#
/0.0!#%!/K $! *!!  "+. ,.+,!. 0.%*%*# *  .!0.%*%*# +"
0!$!./ 0+ !*/1.! 0$0 0$!5 .! *+0 #!*0/ +" ,!.,!0.0%*#
%/.%)%*0+.50!* !*%!/%*0$!/$++(,(!%/(/+!-1((5
%),+.0*0K  +*/!-1!*0(5 #%2%*# (%"! 0+ 0$! (!00!. +" 0$!
.+0++( %* !*/1.%*#  /"! *  #%.( ".%!* (5 ! 10%+*
!*2%.+*)!*03%((!*$*!0$!!//0+! 10%+*+"0$!#%.(
$%( K
0%+*((3/* ,+(%%!/)1/0(/+!(%#*! 0+)!!03%0$
0$! +(%#0%+*/ +" 00! ,.0%!/ %* !*/1.%*# 0$! !/%.!  01.*
.+1* %*0$!! 10%+*/!0+.K


 

$!/00!+"! 10%+*+"0$!#%.($%( /0%(((!2!/)1$0+!
!/%.!  "+. %* ".%K
//1!/ +" %/.%)%*0%+*H ,+2!.05 * 
1(01.(+.%!*00%+*.!)%*//+)!+"0$!)&+.+/0(!/0+
0$!.!(%/0%+*+"! 10%+*+"0$!#%.($%( K$!%),+.0*!
+"! 10%+*0+0$!0+0(* !""!0%2!*!//+"0$!#%.($%( %/
(/+ *+0 .#1(!I $+3!2!.H 0$! *!!  0+ !*/1.!  /"!
! 10%+*(!*2%.+*)!*0"+.0$! #%.($%( %/%),+.0*0K$!
,.+2%/%+* +" .0%(! cd +" 0$! .+0++( +* 0$! %#$0/ +"
+)!* %* ".% ,.+2% !/  #++  /%/ 0+3. / 0$!
!*$*!)!*0 +" 0$! .%#$0 0+ ! 10%+* +" 0$! #%.( $%(  * 
0$!.!"+.! 00!/ ,.0%!/ 0+ 0$! .+0++( .! !*+1.#!  0+
/$+3/1""%%!*0,+(%0%(3%((5!*/1.%*#0$!%),(!)!*00%+*
* "1("%((%*#0$!%.+(%#0%+*/1* !.0$!.+0++(K




)3-(!#,&-!)#(!.)-"))&#()!)

ii

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#







  
 
#&/&'&#%

.0%(! ce +" 0$! .+0++( 0+ 0$! ".%* $.0!. +* 1)*
* !+,(!Q/%#$0/+*0$!%#$0/+"+)!*%*".%H!00!.
'*+3* / 0$! ,10+ .+0++( *  .!"!..!  0+ / 0$!
.+0++( $!.!3%0$H .!"!./ 0+ +*+)% *  +%( !(".!
%#$0/ +" +)!* *  %.(/K $!/! .%#$0/ !*+),// !-1(
+,,+.01*%0%!/%*$+%!+"* !//0+ !!*0!),(+5)!*0H
!-1( ,5 "+. !-1( 3+.'H !+*+)% +,,+.01*%0%!/H /+%(
,.+0!0%+* %*(1 %*# 0$+/! %* %*"+.)( /!0+./H .!+#*%0%+*
*  .! %/0.%10%+* +" 3+.' ..%!  +10 %* 0$! $+)!H 
)%*%)1)3#!H* ,.!2!*0%+** ,1*%/$)!*0+"(("+.)/
+"!4,(+%00%+*H%*(1 %*#/!41(!4,(+%00%+*K
+*+)%* /+%(3!(".!.%#$0/**+0!+2!.(++'! +.
1* !./00! K"0!.((H%0%/0$.+1#$0$!/!.%#$0/H0$03+)!*
* #%.(/.!(!0+!+)!#!*0/+"0$!%.+3*#.+30$* 
!2!(+,)!*0 / +,,+/!  0+ !*!"%%.%!/ +" +0$!.Q/ $.%05K
$%/3%((((+3"+./1/0%*(! !2!(+,)!*00$03%((!*(!
0$!0.*/"+.)0%+*+"(%2!/"+.#!*!.0%+*/0++)!K
0%/3%0$
0$%/(%*!+"0$+1#$0H0$0!//H+*0.+(+2!.H* +3*!./$%,
+" .!/+1.!/H %*  %0%+* 0+ .!+#*%0%+*H .!)1*!.0%+* * 
.! %/0.%10%+* +" 1*,%  .! 3+.' $/ !!*  '!5 /' +"
3+)!*Q/.%#$0/+.#*%60%+*/%*".%* 3+.( 3% !%*0$!
*!3 +/0 dbcg !2!(+,)!*0 ".)!3+.'cji0$0 3%(( "+((+3
"0!.0$!!4,%.0%+*+"0$!%((!**%1)!2!(+,)!*0+(/%*
dbcgK
.0%(!ce%/,.0%1(.(5%),+.0*0+*/% !.%*#0$0#(+((5H
gel +" 3+.'%*# 3+)!* .! !),(+5!  %* 21(*!.(! &+/H
3%0$)+.!0$*jbl+"3+)!*%*/1M$.*".%%*0$%/
05,! +" !),(+5)!*0Kcjj1(*!.(! &+/H +0$ %* 0$! "+.)(
* %*"+.)(/!0+./+""!.2!.5(%00(!H%"*5/+%(,.+0!0%+*
*  !*!"%0/K 1! 0+ 0$!%. *01.!H 0$!5 .! ..!(5 .!#1(0! H
,2%*#0$!35"+.3% !/,.! 1/!* !4,(+%00%+*K$%/
%/ ,.0%1(.(5 0$! /! %* 0$! %*"+.)( !+*+)5 %* ".%H
3$%$!*##!/*!/0%)0! *%*!+10+"0!*.1.(* 1.*
3+.'!./H )+/0 +" 3$+) .! 3+)!* *  5+1*# ,!+,(! 3$+
!,!* +*0$!%*"+.)(!+*+)5"+./1.2%2(Kcjk
+*+)% *  /+%( 3!(".! .%#$0/H )+.!+2!.H **+0 !
!4)%*! +*0$!%.+3*H10.0$!.)1/0!1* !./0++ %*0$!
3% !. +*0!40 +" 3+)!*Q/ .%#$0/ *  )+.! /,!%"%((5H 0$!
!(%)%*0%+* +" %/.%)%*0%+* #%*/0 3+)!* W.0%(! dX
3$%$ %/ 0 0$! .++0 +" %*!-1%0%!/ !03!!* )!* *  3+)!*
* #%.(/* +5/K.0%(!/eW%#$00+%#*%05X* .0%(!f
W%#$0 0+ %"!H
*0!#.%05 *  !1.%05 +" !./+*X "1.0$!.
ij

.!%*"+.! 0$%/K  %0$+10  .!//%*# #!* !. %*!-1(%05 * 


%*!-1%0%!/ %* (( .!/H 0$!.! **+0 ! /%#*%"%*0 * 
/1/0%*!   2*!/ %* !+*+)% *  /+%( 3!(".!K 
3+)*H 3$+ !.*/ * %*+)! 0+ /1/0%* $!./!(" *  $!.
")%(5 "+. !4),(!H )5 /0%(( *+0 $2!  /5 +. +*0.+( +2!.
$!. !.*%*#/ %* 0$! $+)!H 0$0 %/ 0+ /5 0$0 1*!2!* ,+3!.
%/0.%10%+*3%0$%*")%(%!/*.!/1(0%*R$% !*,+2!.05SKckb
%'!3%/!H %*!-1%0%!/ %* !// 0+ ! 10%+* 3%0$ %*.!/%*#
.+,M+10 .0!/ "+. #%.(/ +2!. +5/ 1! 0+ !.(5 *  $%( 
)..%#!H !.(5 ,.!#**%!/H (' +" /!#.!#0!  0+%(!0/ * 
/*%0.5 , /H 1. !* +" .! %* 0$! $+1/!$+(  )+*#/0
)*5 +0$!. "0+./ $2! /%#*%"%*0 %),(%0%+*/ "+.
,.+#.!//H +. (' 0$!.!+" "+. 0$! .!(%60%+* +" 3+)!*Q/
!+*+)%* /+%(.%#$0/K


)'(( &."

$! ,0%+*( .+0++( 0+ 0$!


*0!.*0%+*( +2!**0 +*
+*+)%H+%(* 1(01.(%#$0/!*0!.! %*0+"+.!+*g
5 dbceH #%2%*# !-1( 3!%#$0 0+ !+*+)%H /+%( * 
1(01.( .%#$0/ %* 0$! .+ !. +*0!40 +" $1)* .%#$0/K $%/
)!*/ 0$0 %* %2% 1( +),(%*0/ .!(0%*# 0+ 2%+(0%+*/ +"
!+*+)%H /+%( *  1(01.( .%#$0/ U %*(1 %*# 1/!/
.!(0!  0+ ,+2!.05H %/.%)%*0%+* *  *!#(!0 *H "+. 0$!
"%./0 0%)!H ! ) ! 0 0$! %*0!.*0%+*( (!2!(Kckc(0$+1#$ 
*1)!.+"".%*+1*0.%!/$2!/%#*! +*0+0$%/,0%+*(
.+0++(H*+*!+"0$!)$2!.0%"%! %0Kckd(0$+1#$0$%/(%)%0/
%0%6!*/+"".%*)!)!./00!/".+)!*!"%0%*#".+)0$%/H
0$! ,.+2%/%+*/ +10(%*!  %* 0$! ,10+ .+0++( !*0%0(!/

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


%0%6!*/+"0$!eh".%*)!)!./00!/3$+$2!.0%"%! %0
/ +" 5 kH dbceH 0+ $+(  0$!%. +3* #+2!.*)!*0/
+1*0(! 0+ 0$! ,10+ .+0++( 0$.+1#$ 0$! ".%*
+))%//%+* +* 1)* *  !+,(!Q/ %#$0/ 3$%$ 3/
!/0(%/$!  1* !. .0%(! eb +" 0$! ".%* $.0!. %*
 %0%+* 0+ 0$! ".%* +1.0H (0$+1#$ 0$%/ %/ (%)%0!  0+ 0$!
2!.5 "!3 +1*0.%!/ 3$+ $2! ) ! 0$! .!-1%.! 
!(.0%+*Kcke
$((!*#!/ $.)+*%/%*# 0. %0%+*( *+.)/ *  1/0+).5
(3 3%0$ *0%+*( (3/ *  0$! ,.+2%/%+*/ +" 0$! ,10+
.+0++( $2! .!/1(0!  %* %""%1(0%!/ %),(!)!*0%*# 0$!
.+0++(H *  .0%(! ce %/ *+ !4!,0%+*K $! !+*+)% * 
/+%( .%#$0/ !*/$.%*!  %* .0%(! ce **+0 ! .!(%6! 
3%0$+10 (/+ .!(%6%*# 0$! /%H %2%(H ,+(%0%( *  1(01.(




ik

.%#$0/% !*0%"%! %*0$!+0$!..0%(!/+"0$!,10+.+0++(K

),(!)!*00%+* +" .0%(! ce .!-1%.!/ .!+#*%0%+* 0$0 0$!


%*$!.!*0 %#*%05 *  %*0!#.%05 +" #%.(/ *  3+)!* )1/0 !
1,$!( H0$00$!5)1/0*+0!/1&!0! 0+$.)"1(,.0%!/H
0$!5 )1/0 $2! !-1( .%#$0/ !"+.!H 1.%*# *  "0!.
)..%#!H ,.+2% %*# 0$!) !// 0+ &1/0%! "+. .! .!//H
!*(%*# 0$!%. ,.0%%,0%+* %* !%/%+*M)'%*#H ,+(%0%(
.!*/H ,.+)+0%+* +" /!41( *  .!,.+ 10%2! $!(0$H "++ 
/!1.%05 *  /%)%(. ,.+2%/%+*/ +10(%*!  %* 0$! ,10+
.+0++(K $! /)! * ! /%  +10 0$!/! .%#$0/I 0$!5
**+0 ! +),.!$!*/%2!(5  .!//!  3%0$+10 .!+#*%6%*#
0$!%),+.0*!* .!(%60%+*+"!+*+)%* /+%(.%#$0/K
+0$.!)101((5!*"+.%*#H* 3%(((! 0+0.*/"+.)0%+*
0$0 3%(( (/0 *+0 +*(5 "+. 0$! 5!./ 0+ +)!H 10 "+.
#!*!.0%+*/0++)!K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#





   
 J  

 
  

'--),,/(#,))%'('#--"(0&3(*)()

    


 


$!+.(  !(0$.#*%60%+*!/0%)0!/0$00$!.!3!.!hKc
)%((%+*1*/"!+.0%+*/%*".%%*dbbjK
*0$!/)!5!.H
+2!. dkHbbb ".%* 3+)!* %!  ".+) +),(%0%+*/ +"
1*/"!(5,.+1.! +.0%+*/H"%#1.!3$%$%/)+.!0$*$("
0$! #(+( 0+0(K */"! +.0%+* (/+ +1*0/ "+. +2!. g
)%((%+* %/%(%0%!/**1((5Kckf
0!.*( )+.0(%05 %/ 3% !(5 '*+3(! #!  /  #!*!.(
%* %0+.+"0$!+2!.(($!(0$+",+,1(0%+*H+"0$!/001/+"
3+)!* %* /+%!05H *  +" 0$! "1*0%+*%*# +" 0$! $!(0$
/5/0!)K
0 %/ 1/!"1( "+.  2+5 ,1.,+/!/H %* 0!.)/ +" +0$
.3%*# 00!*0%+* 0+ .+ !. $((!*#!/ "!  5
#+2!.*)!*0/* /"!)+0$!.$++ Kckg(+((5H0$!.!3!.!*
!/0%)0!  djiHbbb )0!.*( !0$/ %* dbcbK !2!(+,%*#
+1*0.%!/ +1*0!  "+. kkl +" (( #(+( )0!.*( !0$/
3%0$ /1M$.* ".% +1*0%*# "+. ghlK 0  +1*0.5
(!2!(H 03+ +1*0.%!/ +1*0!  "+. +*! 0$%.  +" (( #(+(
)0!.*( !0$/J
* % 0 ckl +" (( #(+( )0!.*( !0$/
"+((+3! 5%#!.%0cflKckh
*/"!+.0%+*%/ !"%*! 50$!+.(  !(0$.#*%60%+*
W X /  ,.+! 1.! "+. 0!.)%*0%*# * 1*%*0!* ! 
,.!#**5H ..%!  +10 !%0$!. 5 ,!./+*/ ('%*# 0$!
*!!//.5/'%((/+.%**!*2%.+*)!*00$0 +!/*+0+*"+.)
0+)%*%)()! %(/0* . /H+.+0$Kcki
$!1* !.(5%*#1/!/+"0$%/.!#%+*(,* !)%%*(1 !0$!
,.!2%(%*# (' +" 2(1! +" 3+)!* *  0$! #.+// *!#(!0 +"
3+)!*Q/.!,.+ 10%2!$!(0$* .%#$0/H%*(1 %*#!//0+
/"!+.0%+*/K*/"!+.0%+*/!* *#!.3+)!*Q/$!(0$%*



jb

0$! !2!(+,%*# 3+.( H *  )!.%0 0$! /)! %/,//%+*0!H


/%!*0%"% ,,.+$ 0+ /+(10%+*/ 0$0 +0$!. 0$.!0/ 0+ ,1(%
$!(0$.!+. ! K$!*3+)!*.!+* !)*! 0+ %!+.
/1""!. %(( $!(0$ ".+) 1*/"!(5 ,.+1.!  +.0%+*/ 0$!%.
$%( .!*H ")%(%!/H *  +))1*%0%!/ (( /1""!.K $! .!)! %!/
"+.,.!2!*0%*#1*/"!+.0%+*/.!((2%((!02!.5(+3
+/0K +3!2!.H #+2!.*)!*0/ %* !2!(+,%*# +1*0.%!/H
%*(1 %*#%*".%H+"0!* +*+0$2!0$!,+(%0%(3%((0+ +
3$0%/.%#$0* *!!//.5K


Q
 



$!+.(  !(0$.#*%/0%+*!/0%)0!/0$0%*dbbjH0$!.!
3!.! dKf )%((%+* 1*/"! +.0%+*/ %* /0!.* ".% *  cKj
)%((%+* %* !/0 ".%K /0!.* *  !*0.( ".% $  0$!
$%#$!/0 %*% !*! +" 1*/"! +.0%+* +" *5 /1M.!#%+* 3%0$
eh +.0%+*/ ,!. cbbb 3+)!* #!  cgUffH 3$%(! 0$!
+10$!.* ".% /1M.!#%+* $  0$! (+3!/0H 0 k ,!. cbbbK
$!.!3/$%#$+*0.!,0%2!,.!2(!*!.0!%*+10$!.*
".%)+*#)..%! 3+)!*3%0$+1,(!/.!(5%*#)%*(5+*
)+ !.* )!0$+ /Kckj
0 %/ 0$!.!"+.! *+0 /1.,.%/%*# 0$0 0$%/
1 .!#%+* $/ (+3!. 1*/"! +.0%+* .0!/ 0$* /0!.*
".%K
0%/$+3!2!.%),+.0*00+*+0!0$00$!/!"%#1.!/.!
+*(5  .!"(!0%+* +" 0$! R0%, +" 0$! %!!.#SK 1..!*! +"
1*/"!+.0%+*0!* /0+!1*.!,+.0! +.1* !..!,+.0! %*
/1.2!5/ *  %* $+/,%0( .!+. /K +)!* .! +"0!* .!(10*0
0+  )%0 0+ $2%*# $  * %* 1!  +.0%+*H *  1* !.
.!,+.0%*#+1./!2!*3$!.!%0%/(!#(K$!.!.!*+.!+. /
2%((! +" 3+)!* 3$+ $2! $  1*/"! +.0%+*
+),(%0%+*/ 10 %  *+0 /!!' ,+/0 +.0%+* .!Kckk$!
,.+(!) +" 1*/"! +.0%+* %/ 0$!.!"+.! )+.! /!.%+1/ 0$*
0$!/00%/0%//$+3K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



-.#'.,)*),.#)() (- ),.#)(-#( ,#(!#)(-#(NLLT

*+)%) 
#) 
&)+)%) 
*+)%) 

* (( ".%* +1*0.%!/H +.0%+* %/ (!#( "+. 0 (!/0 +*!
%* %0%+*J0+/2!0$!(%"!+"0$!3+)*K*5$2!/!2!.(
+0$!. (!#( %* %0%+*/K +3!2!. "0+./ /1$ / .!(%#%+1/
"1* )!*0(%/)H ,0.%.$( 1(01.! *  .!/0.%0%2!
%*0!.,.!00%+*+"(3/*!#0!0$!"1((.!(%60%+*+"0$!(!00!.
*  /,%.%0 +" 0$!/! (3/K  +1*0.5Q/ (3 +* +.0%+* * 
2%(%(%05 +" (!#( /"! /!.2%!/ 3%(( (.#!(5 /$,! 0$! ,0$
0$0  3+)* $++/!/ 3$!* "!  3%0$ * 1*%*0!* !  * 
1*3*0! ,.!#**5K
(/+H 0$! %),0 +" 1*/"! +.0%+* +* (.! 5 !(!#1!.! 
$!(0$ /5/0!)/ %/ .%,,(%*#K  01 %!/ %* /!2!.( ".%*
+1*0.%!/ +1)!*0 0$0 1, 0+ 0$.!!M-1.0!./ +" !)!.#!*5
#5*!+(+#%(  )%//%+*/ 0+ $+/,%0(/ .! +" 3+)!*
/1""!.%*# ".+) +.0%+* +),(%0%+*/K  .! "+. 0$!/!
,0%!*0/+*/1)!(.#!,!.!*0#!+",!./+**!(0%)!H! /H
(++ H )! %%*!/H *  +0$!. .!/+1.!/ V $!25 1. !* +*
".%*+1*0.%!/3%0$/.!$!(0$.!/+1.!/Kdbb






jc

 Q 
$! ,.%).5 +&!0 +" 0$! ".%* *%+* .+0++( 0+ 0$!
".%*$.0!.+* 1)** !+,(!/Q%#$0/+*0$!%#$0/
+" +)!* %* ".%V$! ,10+ .+0++(H * !
/1)).%6! /+*/+(% 0%*#H/3!((/ 2*%*#H3+)!*Q/
.%#$0/00$!".%.!#%+*((!2!(3%0$"+1/+*!-1(%05* 
*+*M %/.%)%*0%+*K dbc $! ,10+ .+0++( ""%.)/
.!,.+ 10%2! $+%!/ *  10+*+)5 +" 0$! 3+)* / '!5
$1)*.%#$0/K

0 %/ 0$! "%./0 0.!05 0+ !4,(%%0(5 +(%#0! 00! ,.0%!/ 0+
(!#(%6! +.0%+*K 5 %),+/%*# 1,+* /00!/  105 0+ ,!.)%0
+.0%+*+*0$!,.!/.%! #.+1* /H.0%(!cf!*#.2!/%*0+
0$! /1/0*0%2! ,.+2%/%+*/ +" * %*0!.*0%+*( 0.!05 
+..!/,+* %*#3+)*\/.%#$00++.0%+*Kdbd


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

,.#&MPENFEF) .",).))&*,)0#-.".<
             !
$       
   
             
                         
 "


%(( $!(0$ *  (+*#M0!.)
%*"!.0%(%05K

5 +. %*# +.0%+* .%#$0/  $1)* .%#$0/ /001/H 0$!


.+0++( $/ 0$! ,+0!*0%( 0+ %),0 ,+/%0%2!(5 +* !// 0+
+.0%+*%*e)%*.!/J
cK
dK

eK

00'!/"+.3. 0$!#(+(+*/!*/1/+*+)0%*#
+.0%+*/)&+.,1(%$!(0$+*!.*K

0 ,.+2% !/ ".%* +1*0.%!/ 3%0$ *+0 &1/0 *


%*!*0%2!H 10 (/+H  (!#( )* 0! "+. .!"+.)%*#
+.0%+*(3/%*0.*/,.!*0)**!.I* 

"%),(!)!*0! %*0$!+*0!40+"0.!050$0$/*
1* !.,%**%*# ,$%(+/+,$5 !*0.!  +* $%!2%*# 0$!
!-1(%05 *  *+*M %/.%)%*0%+* +" 3+)!*H 0$!
.+0++( $/ 0$! ,+0!*0%( 0+ +*0.%10! 0+3. /
0.*/"+.)%*# +.0%+* (3/ ".+)  .%)! * 
,1*%/$)!*0 )+ !(H 3$%$ $/ $.0!.%6! 
".%* +.0%+* (3/ %* 0$! +(+*%( * 
,+/0+(+*%( ,!.%+ /H 0+  .!,.+ 10%2! $!(0$
)+ !(Kdbe

 3+)*M!*0.!  ,,.+$ 0+ 0$! .%#$0 0+ +.0%+* %/ 3!((


.0%1(0!  %* 0$! +*!,0 +" +),.!$!*/%2! +.0%+* .!M
H 3$%$ +),.%/!/ !""+.0/ 0+ .! 1! !0$ *  /1""!.%*#
".+) +),(%0%+*/ +" 1*/"! *  /,+*0*!+1/ +.0%+*H /
3!(( / ,.+2%/%+* +" /"! %* 1!  +.0%+* "+. (( (!#(
%* %0%+*/H((+"3$%$.!"1* )!*0("+.0$!.! 10%+*+"
)0!.*()+.0(%05K
+),.!$!*/%2! +.0%+* .! %/ ,.!)%/!  +* e (!2!(/ +"
)! %(/!.2%!/%*(1 %*#J

+"&+2 )+/'-"('J +" 1*3*0!  ,.!#**5


0$.+1#$+*0.!,0%+*K

W +3!2!.H !// 0+ /"!H !""!0%2! +*0.!,0%+* *


/1/0*0%((5 .! 1!V10 *!2!. !(%)%*0!U0$! *!!  "+.
+.0%+*0+.!#1(0!"!.0%(%05XKdbf

('+2)+/'-"('8 %*2+(2!/ !.(5 %#*+/%/ * 


)*#!)!*0 +" 1*3*0!  ,.!#**5 0$.+1#$
,.+2%/%+*+"/"!+.0%+*/!.2%!/K
+-"+2 )+/'-"(' 0$.+1#$ ,+/0 +.0%+* .! +"
3+)!* 3$+ $2! (.! 5 1* !.#+*! 1*/"!
+.0%+*/3$%$$!(,/,.!2!*0 !0$/* )%0%#0!/

)#! %*(1 %*#

  
 
 
 Q
 

!2!.("0+./%*"(1!*!0$!%(%05+"3+)!*0+"1((5.!(%6!
0$!%. .%#$0 0+ !// /"! +.0%+*H !2!* 3$!.! 0$! (3/
,!.)%0/%0K$!/!%*(1 !J

' +" 3.!*!// +" 3$0 0$! (3 ,!.)%0/ )+*#


$!(0$,.+"!//%+*(/* 0$!#!*!.(,1(%K*(!//
3+)!* .! "1((5 3.! +" 3$0 0$%/ .%#$0 !*0%(/H
0$!53%((*+0/!!'/"!+.0%+*/!.2%!/I
*3%((%*#*!// )+*# ,+(%5M)'!./ *  $!(0$
,.+"!//%+*(/ 0+ %),(!)!*0 /"! +.0%+* /!.2%!/
%* /,%0! +" ,!.)%//%2! (3/ *  0.!0%!/ * 
#.!!)!*0/ 0$0 0$!%. +1*0.%!/ $2! /%#*!  +* 0+I
* 
+%( *  1(01.( !(%!"/ *  /0%#) .+1* 
+.0%+* *  0$! $+/0%(! 00%01 ! +" $!(0$
,.+2% !./H 3$%$ ,.!2!*0 3+)!* ".+) /!!'%*#H
*!! ! .!K







 
  
$!.! $/ !!* /+)! )+ !/0 ,.+#.!// %* %),.+2%*# !//
0+/"!+.0%+*/!.2%!/%*0$!.!#%+*K
!*5 .0%"%!  0$! ,10+ .+0++( %* 0+!. dbcb 3%0$
.!/!.20%+* +* .0%(! cf WdX WX /00%*# 0$0 R$!
+2!.*)!*0 +" 0$! !,1(% +" !*5 +!/ *+0 +*/% !. /
%* %*#1,+*%0/!("0$!,.+2%/%+*/+".0%(!cbWeX* .0%(!
cf WdX WX 3$%$ %/ %*+*/%/0!*0 3%0$ 0$! ,.+2%/%+*/ +" 0$!
3/+" !*5+*$!(0$* .!,.+ 10%2!.%#$0/KSdbg
+3!2!.H .0%(! dhWfX +" 0$! !*5* +*/0%010%+* ,!.)%0/
+.0%+* %"H %* 0$! +,%*%+* +"  0.%*!  $!(0$ ,.+"!//%+*(H
0$!.!%/*!! "+.!)!.#!*50.!0)!*0+.0$!(%"!+.$!(0$+"
0$!3+)*%/%* *#!.+.%",!.)%00! 5*5+0$!.3.%00!*
(3K $! !*5* +*/0%010%+* 3/ ,//!  %* 1#1/0 dbcb

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


!"+.! !*5 .0%"%!  0$! .+0++( +* 0$! %#$0/ +" +)!*
* H 0$!.!"+.!H %0 %  *+0 )'! (!#( /!*/! 0+ $2! /1$ 
.!/!.20%+*K +.!+2!.H .0%(! d WfX +" 0$! +*/0%010%+*
,.+2% !/ 0$0 *5 (3 0$0 %/ %*+*/%/0!*0 3%0$ 0$!
+*/0%010%+* %/ 2+%  0+ 0$! !40!*0 +" 0$! %*+*/%/0!*5 * 
*5 0 +. +)%//%+* %* +*0.2!*0%+* +" 0$! +*/0%010%+* %/
%*2(% K dbh$!.!"+.!H "+. ,1.,+/!/ +" .!,+.0%*# 1* !. 0$!
$.0!. *  0$! .+0++(H !*5 *!! / 0+ ,,.%/! 0$!
".%* +))%//%+* +* 1)* *  !+,(!/ %#$0/ +* 0$!
!""+.0/ %0 %/ ,100%*# %* ,(! 0+3. / "1(( %),(!)!*00%+* +"
0$!.0%(!+*+.0%+*K+".H !*5$/*+0.!,+.0! 1* !.
.0%(!cfWdXWX+"0$!.+0++(K
!*5$/0'!*/0!,/0+%),(!)!*00$!+.0%+*,.+2%/%+*/
%* 0$! +*/0%010%+* 5 !2!(+,%*# !.2%! 0* . / * 
1% !(%*!/"+..! 1%*#+.% %05* +.0(%05".+)*/"!
+.0%+* 3$%$ /%((5 /!0/ +10 0$! .! )%*%)1)
/0* . /0$0!$$!(0$"%(%05* /!.2%!,.+2% !.)1/0
)!!0%*+""!.%*#+.0%+*.!(0! /!.2%!/K
!*5$/(/+ !2!(+,! R$!%*%/0.5+" !(0$1% !(%*!/
+*! %(*#!)!*0+",!* !41(%+(!*!S3$%$
,.+2% !/ 0$0 %" /1.2%2+./ +" /!41( 2%+(!*! ,.!/!*0
0$!)/!(2!/ 0+  $!(0$ .! ,.+2% !. 3%0$  ,.!#**5
.!/1(0%*#".+)0$!.,!H0$!5/$+1( !!(%#%(!"+./"!(!#(
+.0%+*Kdbi
3*  .0%"%!  0$! ,10+ .+0++( %* dbbf 3%0$
.!/!.20%+*+*.0%(!cfWdXWX100$%/3/3%2! %*dbcdH
5.!/% !*0%(+. !.K$!3* *+*/0%010%+*,.+2% !/
%*.0%(!ckb0$0+*2!*0%+*/.0%"%! 50$!00!.!,.0
+" +)!/0% (3 *  0'! ,.!! !*! +2!. 0/ +"
.(%)!*0K
(0$+1#$0$!.!2%/! 3* *!*(+ !WdbcdX((+3/"+.
0!.)%*0%+* +" ,.!#**5 %* /!/ +" .,! *  %*!/0H 0$!.!
.! +*/% !.(! ..%!./ 0+ 0$! "1(( .!(%60%+* +" 0$!/!
.%#$0/K$!/!%*(1 !J


je

$! )* 0+.5 .!-1%.!)!*0 %* /!/ +" .,! "+. 


!.0%"%0! 0+ ! %//1!  5  +1.0 +" (3 !"+.! *
+.0%+*,!.)%00! 5(3%/((+3! 0+0'!,(!K
$%/ 3%(( !0!. 3+)!* ".+) /!!'%*# /!.2%!/ !2!*
0$+1#$ 0$! /!.2%!/ .! (!#(K $! 1)!./+)!
,.+!// +*(5 *!#0!/ 0$%/ 0%)! /!*/%0%2! .%#$0 * 
3%((%*"0 .%2!3+)!*H!/,!%((5 +(!/!*0/H0+
/!!'%((!#(* 1*/"!+.0%+*/H
$! .!-1%.!)!*0 5 (3 +"  +0+. 0+ #%2!  2%!
+* 0$! *!!  "+. +.0%+* $%* !./ 0$! ,.+2%/%+* +"
0$%/ /!.2%! %*  +1*0.5 3%0$  (%)%0!  *1)!. +"
+0+./K+.0%+*%//%),(!,.+! 1.!0$0*!
,!."+.)!  5 0.%*!  $!(0$ ,.+"!//%+*(/ +0$!.
0$* +0+./M(%*%(+""%!./H*1./!/* )% 3%"!/M

3$+ * ! !/%(5 !//!  !/,!%((5 5 (+3


%*+)!H.1.(* 5+1*#3+)!*H

$! .!-1%.!)!*0 "+.  +0+. 0+ +*/1(0 *+0$!.
+0+. !"+.! ,.+2% %*# /"! +.0%+* /!.2%!
.!0!/ * 1**!!//.5 ..%!.H 3$%$ %/ *+0
.!,(%0!  %* (3 3%0$ +0$!. $!(0$ +* %0%+*/
.!-1%.%*#0.!0)!*0K

1$..%!./*!2+% !  1.%*#+.0%+*(3 ."0%*#5
%),.+2%*# (!#( (%0!.5 +* +.0%+* )+*# (35!./ * 
+0$!..!(!2*0+""%%(/K
+10$ ".%Q/ $+%! +" !.)%*0%+* +" .!#**5 0 +"
ckkh /,!%"%((5 ((+3/ "+. (!#( +.0%+* 0 0$! .!-1!/0 +"
0$! 3+)* %* 0$! "%./0 03!(2! 3!!'/ +" ,.!#**5 * 
!5+* 0$00%)!%*/!/+".,!H/!41(//1(0* %*!/0K
$! +10$ ".% 0 ,.+)+0!/ .!,.+ 10%2! .%#$0/ * 
!40!* / ".!! +) +" $+%! 5 ""+. %*# !2!.5 3+)* 0$!
.%#$0 0+ $++/! /"! *  (!#( 0!.)%*0%+* +" ,.!#**5
+. %*#0+$!.%* %2% 1(!(%!"/K

*  (1 (! )+2! 0$! #+2!.*)!*0 +" %)3! %* 1#1/0


dbcdH%//1! *!3,+(%50$0$!(0$.!3+.'!./*+(+*#!.
$2! 0+ .!,+.0 3+)!* /!!'%*# ,+/0M+.0%+* .! 0+ 0$!
,+(%!K $! %),0 +" 0$%/ %/ !/%!. !// 0+ ,+/0 +.0%+*
.!Kdbj +3!2!.%)3!.0%"%! 0$!+)!*Q/.+0++(%*
dbbj *  *!! / 0+ )+2! +* 0+ %),(!)!*0 /"! +.0%+*
/!.2%!/K
0$%+,%.+ !*! %* %0%+*/"+.(!#(+.0%+*%*dbbg0+
+2!.%*% !*!/+".,!H%*!/0H"+!0(%*1.(!* /!.%+1/
!"+.)%05H.%/'0+(%"!+.$!(0$+"0$!)+0$!.H.%/'0+$!(0$
+"0$!$%( H+.,$5/%(* )!*0(%*,%05V%*(1 %*#5
.!/+*+")%*+.%05Kdbk

*$*H+.0%+*3/) !(!#("+.!.0%*%* %0%+*/5


 ckjg (3 0$0 )!* !  0$! .%)%*( + ! +" ckhbK
+.0%+* %/ (!#((5 ,!.)%00!  %" 0$! ,.!#**5 %/  .!/1(0 +"
.,!H !"%(!)!*0 +. %*!/0H 3$!* 0$!.! %/ .%/' 0+  3+)*Q/
)!*0( +. ,$5/%( $!(0$H +. 1! 0+ /!.%+1/ "+!0(
!"+.)%05K dcb 
* dbbhH $* !2!(+,!  0* . / * 
1% !(%*!/ 0+ %),(!)!*0 0$! +.0%+* (3/K $! #1% !(%*!/
,.+2% !)!*/"+.%*0!.,.!0%*#0$!(3H"%((%*#%*(!#(#,/H
* (.%"5%*#(!2!(/+".!/,+*/%%(%05+"2.%+1/0!#+.%!/+"
/!.2%! ,.+2% !./ "+. +),.!$!*/%2! +.0%+* .! .+//
0$! $!(0$ /5/0!) / 3!(( / ,,.+2!  )!0$+ / +"
0!.)%*0%+*+",.!#**5Kdcc

*dbbjH*!/0%)0! kdl+"3+)!*+"$%( !.%*##!%*


".%(%2! %*+1*0.%!/3%0$.!/0.%0%2!+.0%+*(3/Kdcd


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#





 
 

$! ".%* +))%//%+* +* 1)* *  !+,(!/ %#$0/ $/


0'!*+#*%6*!+"0$!*!! 0+%),(!)!*0.0%(!cfWdXWX+"

*  %0%+* 0+ 0$! ,10+ .+0++(H 0 0$! ".% .!#%+*(


(!2!(H 0$! ".%* *%+* 1))%0 +" ! / +" 00! * 
+2!.*)!*0/H %* ),( %* dbcb  +,0!  '!5 0%+*/ 0+
%),.+2! )0!.*( $!(0$ *  %.!0!  0$0 **1( /001/
.!,+.0/+"0!.*(H!+*0(* $%(  !(0$!/1)%00! 
0+ 0$! //!)(5K dce$%/ %/  (!. %* %0%+* 0$0 0 0$!
$%#$!/0,+(%0%((!2!(H0$!,.+(!)+"$%#$)0!.*( !0$/%*
".% $/ !!* .!+#*%6!  *  !""+.0/ .! !%*# ) ! 0+
 .!// %0 (!%0 )%*%)((5K ".%\/ +3* .!#%+*( ,(* "+.
$%!2%*#0$!%((!**%1)!2!(+,)!*0+(/W/XH3$%$
.!.0%1(0! %*0$!,10+(*+"0%+* +,0! %*dbbhH
$//+*!+"%0/*%*!1.#!*00%+*/H0$!!*0%*#+"!*(%*#
(!#( ".)!3+.'/ "+. .! 1%*# 0$! $%#$ .0!/ +" 1*/"!
+.0%+*/%*0$!.!#%+*K

$!,10+.+0++(+*!//0+/"!+.0%+** %*dbcc
0$!+))%//%+*.!+))!* ! 0+0$!+2!.*)!*0+"%#!.%
0+ ,.+2% !  !-10! *  +),.!$!*/%2! )0!.*( "%(%0%!/
"+. 3+)!*H %*(1 %*# !*/1.%*# 0$0 1*/"! +.0%+*/ .!
,.!2!*0! Kdcg%2%( +%!05 *!! / 0+ 0'!  2*0#! +" 0$%/
.!+#*%0%+*50$!+))%//%+** ,.+2% !0$!+))%//%+*
3%0$  !-10! %*"+.)0%+* 0+ !*(! %0 0+ $2! )!*%*#"1(
%(+#1!3%0$00!,.0%!/+*0$!%./001/+"%),(!)!*00%+*
+".0%(!cfWdXWX+"0$!.+0++(K

+ +),(!)!*0 !""+.0/ 0 0$! .!#%+*( (!2!(H ".%*


#+2!.*)!*0/ *!!  0+ %*0!#.0! 0$! .+0++( %*0+ *0%+*(
!2!(+,)!*0 ,(*/ *  ,+(%%!/H 3$%(! ".%* %2%( /+%!05
+.#*%60%+*/ /$+1(  "+1/ +* !""+.0/ 0+ !*/1.! 0$0 0$!
.+0++(%/,.%+.%0%6! 3%0$%*.!(!2*0/00!,.+#.))!/K
%2%(/+%!05+.#*%60%+*//$+1( (/+")%(%.%6!0$!)/!(2!/
3%0$ .!#%+*( *  *0%+*( %/,!*/0%+*/ +* /"! +.0%+*
* !*/1.!+1*0%(%05+*+*0%*1+1//%/"+.!4),(!H
5/1)%00%*#R/$ +3S.!,+.0/0$0 !(3%0$!//0+/"!
+.0%+*/.%#$00+0$!".%*+))%//%+*+* 1)** 
!+,(!/Q%#$0/dcfK

jf

 

".%* 3+)!* +*0%*1! 0+ %! *  /1""!. %((M$!(0$ ".+)
1*/"! +.0%+* !1/! +" (%00(! +. *+ ,+(%0%( 3%(( 0 0$!
)!)!./00!(!2!(0+%),(!)!*0/"!+.0%+*/!.2%!/0$0
$2!!!*#.!! +*00$!".%**%+*(!2!(K$!,10+
.+0++( +""!./ * 2!*1! 0+ )!*%*#"1((5 !.!/! 0$!
1**!!//.5 *  0.#% !0$/ +" 3+)!* ".+) 1*/"!
+.0%+*K
+)!*Q/ .%#$0/  2+0!/ /$+1(  3+.' 0+3. / %),.+2%*#
0$%/ /00! +" ""%./ 5 ")%(%.%6%*# 0$!)/!(2!/ 3%0$ 0$%/
%//1! *  !)* %*# 0$0 0$!%. #+2!.*)!*0/ "1("%( 0$!
,.+)%/! +" 0$! .+0++( 0+ !(%)%*0! ,.!2!*0(! )0!.*(
!0$/".+)1*/"!+.0%+*K


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




 
  Q 
 
),($#1



*  %/ * %*0!#.( +),+*!*0 +" ".%Q/ !2!(+,)!*09
*
0$! 1M$.* .!#%+* 0$! #.%1(01.( /!0+. +1*0/ "+.
,,.+4%)0!(5 hi ,!. !*0 +" !),(+5)!*0H fb ,!. !*0 +"
!4,+.0/H *  +2!. db ,!. !*0 +" 0$! .+// +)!/0%
.+ 10Kdch+)!* "+.) ,,.+4%)0!(5 ib ,!. !*0 +" 0$!
+*0%*!*0Q/#.%1(01.(3+.'!./* jb,!.!*0+"$!."++ 
,.+ 1!./Kdci+)!* (/+ 1* !.0'! hbMkb ,!. !*0 +" 0$!
.1.( ).'!0%*#H )'%*# 1, )+.! 0$* 03+M0$%. / +" 0$!
3+.'"+.!%*#.%1(01.(,.+ 10%+*Kdcj

".%*3+)!*Q/!//0+* +3*!./$%,+"(* %/.%0%(H


*+0+*(50+!+*+)% !2!(+,)!*0100+!* %*#,+2!.05* 
!*/1.%*# "++  /!1.%05 +* 0$! +*0%*!*0K !/,%0! 0$%/H 0$!
)&+.%05+" !2!(+,)!*0/0.0!#%!/ +,0! 5".%*/00!/
* 0$!(!#(..*#!)!*0/0$0+)!3%0$0$!) +*+00'!
%*0++1*00$!.+(!+"3+)!*%* !2!(+,)!*0+.0$!.%#$0
+" 3+)!* 0+ +3*H +*0.+( *  !// (* K !/,%0! 0$!%.
+*0.%10%+* 0+ #.%1(01.!H *  5 !40!*/%+* 0+ ".%Q/
!2!(+,)!*0H +*(5 dl +" (*  0%0(!/ .! .!#%/0!.!  0+
3+)!*Kdck
(+( "%**%(H "++  *  "1!( .%/!/H ,+,1(0%+* #.+30$H
(%)0! $*#! *  ,.%20%60%+* +" (.#! ,+.0%+*/ +"
1/0+).5 (*  0$.+1#$ (*  #./ +*0.%10! 0+ 0$!
,.!//1.! +* (*  *  ,+/!  /%#*%"%*0 0$.!0 0+ 3+)!*Q/
(.! 5".#%(!(* .%#$0/K

.#! + 5 +" 3+.' $/ !!* +*! +1)!*0%*# 3+)!*Q/


,.!.%+1/ /%010%+* 3%0$ .!#.  0+ 0$!%. .%#$0 0+ (*  * 
)1$+"0$!3+.'0+/!1.!3+)!*Q/(* .%#$0/$/(.! 5
!#1*K +)!* 0 0$! #.//.++0/ .!  +,0%*# 2.%+1/
/0.0!#%!/0+/!1.!0$!%.(* .%#$0/J

* !*5* (3%H3+)!*$2!"+.)! 30$ +##.+1,/
3%0$0$!%)+"$+( %*#(! !./0++1*0"+.(*  !(/Kddc

* )%H 3+)!* $2! "+.)!  +((!0%2!/ 0+ 15 (*  %*


#.+1,/H/0.0!#51/! 0++2!.+)!$%#$(* ,.%!/* 0+
!*/1.! 0$0 3+)!* #%* /!1.! 0%0(! 0+ (* Kddd
* *6*%
3+)!*H 3%0$ 0$! $!(, +" !2!(+,)!*0 ,.0*!./H .!
*!#+0%0%*#"+.(* +3*!./$%,3%0$0. %0%+*((! !./Kdde
!/,%0! 0$!/! %*%0%0%2!/H 3+)!* /0%(( "! *1)!.+1/
$((!*#!/ %* /!1.%*# 0$!%. (*  .%#$0/ 0$.+1#$ 0$! (!#(
,.+!//K 3/* ,+(%%!/0*0%+*(* (+((!2!(/"+/0!.
%/.%)%*0%+*#%*/03+)!*%*%//1!/+"+3*!./$%,H!//
*  +*0.+( +" (* K
* +1*0.%!/ 3$!.! (3/ 0$0 ,.+0!0
3+)!*Q/ .%#$0 0+ (*  !4%/0H 0$!/! (3/ *  ,+(%%!/ .!
,++.(5 %),(!)!*0!  +. *+0 %),(!)!*0!  0 ((K !* !.M
*!10.( ,.+#.))0% %*0!.2!*0%+*/ *  %*%0%0%2!/ %*
#.%1(01.! +"0!* /!.2! 0+ +),+1*  %/.%)%*0+.5
,.0%!/0$03+)!*"!3$!*!4!.%/%*#0$!%.(* .%#$0/K

* 0$! (/0 ! !H "+.!%#* +),*%!/ +. #+2!.*)!*0/ $2!


-1%.! ddi)%((%+*$!0.!/+"(* %*".%H+. %*#0+
 .!!*0 .!,+.0 5 4")Kddb .+3%*# ,.!//1.!/ +* (* 
)!*/ 0$0 3+)!* .! .+10%*!(5 %/,+/!  +" (* H +. (+/!
3$0(%00(!!//.%#$0/0$!5)5$2!K
?
& QJ2+,'
!/%(,-&2%'-(-!(+" '+,
0!(&').-',+(.'(.+%',-!2!/-(%.,
-!2(. !--!%'9
!'+&"' ('-!",%'(+&(+
-!' OJ 2+,9
 ., -( +(0 &"36 ,0- )(--(,6 0-+
&%(', ' ',9 2 &"%2 ! '(. ! -( - .- '(0 0
!/ -( +%2 (' )" #(, ' (( )+%, -!- &2 (-!+
!"%+' ,'9@ D1&6 ?+(&",,6 (0+6 ' (/+-28
(+)(+- ' %, ' .+% (&' "' +"@ 1&
+""' )+KQJ6S)+"%LJKME
$! %*!-1(%05 0$0 3+)!* !4,!.%!*!H 3$!* %0 +)!/ 0+
!// *  +*0.+( +" (* H $),!./ 0$! -1!/0 "+. 3% !(5
/$.! H!*2%.+*)!*0((5/1/0%*(!* /+%((5.!/,+*/%(!
!+*+)%#.+30$K




)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




   


 


dbbeJ
 Q

 
+)!* *  3+)!*Q/ +.#*%60%+*/ $2! !!* 0 0$! ".+*0
(%*!H / 0$! )%* #!*0/ %*  2+0%*# 1(01.(H 00%01 %*(H
*  (!#%/(0%2! $*#! 3%0$ .!#.  0+ 3+)!*Q/ .%#$0/
#!*!.((5 *  3+)!*Q/ (*  .%#$0/ %* ,.0%1(.K
+*/!-1!*0(5H +2!. 0$! (/0 0!* 5!./ 0$!.! $/ !!*
!40.+. %*.5 #.+30$ %* 0!.)/ +" 0$! !2!(+,)!*0 +" (3/
*  ,+(%%!/ +* 3+)!*Q/ .%#$0/ #!*!.((5 *  )+.!
/,!%"%((5 +* 3+)!*Q/ .%#$0 0+ +3*H !// *  +*0.+(
(* K
0 0$! +*0%*!*0( (!2!(H 0$!/! ".)!3+.'/ /!0 0$! /0* . 
+*3+)!*Q/(* .%#$0//3!((/ !(%*!0!(!.* /,!%"%
.!/,+*/%%(%0%!/ +" *0%+*( #+2!.*)!*0/ .!-1%.%*# 0$0 0$!
".%* *%+* )!)!.Q/ /00!/ 0'! 0%+* 0+ !*/1.!
3+)!*Q/(* .%#$0/.!,.+0!0! K
$! .+0++( 0+ 0$! ".%* $.0!. +* 1)* *  !+,(!/\
%#$0/ +* 0$! %#$0/ +" +)!* %* ".% .!+#*%6!/ 0$!
%),+.0*0 .+(! 3+)!* ,(5 %* #.%1(01.! *  /1/0%*(!
!2!(+,)!*0K  .0%(!/ cg *  ck +" 0$! .+0++( .!-1%.!
".%* 00!/ 0+ ,.+0!0  3+)*Q/ .%#$0 0+ ,.+,!.05 * 
(* H 3$%(! .0%(! dc /0%,1(0!/ 0$!%. .%#$0 0+ %*$!.%0*!K
$!.+0++(/,!%"%((5.!-1%.!/".%*/00!/0+R,.+)+0!
3+)!*Q/ !// 0+ *  +*0.+( +2!. ,.+ 10%2! .!/+1.!/
/1$ / (*  *  #1.*0!! 0$!%. .%#$0 0+ ,.+,!.05KS $!
.+0++( 0$!* #+!/ "1.0$!. !/0(%/$%*# 3+)!*Q/ .%#$0 0+
"++ /!1.%05*  !-10!$+1/%*#K
+)!* 0%2%/0/ $2! (+%!  "+. 0$! .0%"%0%+* +" 0$!
.+0++( 0 0$! *0%+*( (!2!(I /  .!/1(0 +" 0$!/! !""+.0/ eh
+10 gf ".%* 00!/ $2! .0%"%!  0$! ".%* +)!*Q/
%#$0/.+0++(K
     

   


 
 '')()- 2 -! +"' '"(' "' LJJS6 %%, ('
,--, -( ',.+ *."-% ,, -( %' ' +( '"3, -!
+(%((%('"3-"('"'&'-"' )-+"+!2"'%'(0'+,!")
%0,2?('++"' -"-%'"'!+"-'+" !-,('&%&"%2
&&+,@ ' )+&"--"'  ",+"&"'-"('  "',- 0(&' ('
&--+, ( )+,('% %0 D&++"  ' "'!+"-'E9 ! 
'(%"2+( '"3,-!'-(+(+&'-"('%% ",%-"('
-()+(--0(&'>,%',,--"' 8
?
 %0 ' )(%"2 + -( ++,, '+ "&%', "' %'
!(%"' '.,6"-",',,+2-((',-+.-6+(',-+.-'
+;(')-.%"31",-"' +.%,()+()+-2"'%'.'+(-!
.,-(&+2',--.-(+2%0"'02,-!-,-+' -!'0(&'>,
,, ' ('-+(% ( %' 0!"% +,)-"'  &"%2 ' (-!+
,("%'-0(+$,9@
jh

!+&0(+$%%,(' (/+'&'-,-(?)+"(+"-"3%')(%"2
/%()&'-'',.+-!-%'%0,)+(/"(+*."-%
,,-(%''+%-)+(,,,&(' %%%'.,+,9@
!#%+*( !+*+)% (+'/ $2! %*+.,+.0!  0$! ".%*
+)!*Q/ %#$0 .+0++( %*0+ 0$!%. (!#%/(0%2! *  ,+(%5
".)!3+.' 5  +,0%*# #!* !. ,+(%%!/ $!2%(5 /!  * 
%*"+.)!  5 0$! ".%* +)!*Q/ .+0++(K $! +10$!.*
".%* !2!(+,)!*0 +))1*%05 WX $/ 0$! 
,).))& )( (, ( 0&)*'(. ddg H 3$%$
.!+#*%6!/ )%*/0.!)%*# +" #!* !. / '!5 0+ /1/0%*(!
!2!(+,)!*0K   $/  (, )&#3: *  0$!
 .(%)!*0 $/ !2!(+,!   cb 5!. 
(, .,.!3 0$0 .1*/ ".+) dbcbMdbdb ddh )!*0 0+
!*/1.!0$!+1*0.%!/)!!0+*0%*!*0(* .!#%+*(
+(%#0%+*/%*(1 %*#+(%#0%+*/+*3+)!*Q/(* .%#$0/=




 
 

Q 


 
  
    
+)!*Q/(* .%#$0//!(+.0! %*0$!".%*.+0++(+*
+)!*Q/ %#$0/ .! *+0 %*0!* !  0+ ! !/.%,0%2! +.
.!"(!0%2!I .0$!. 0$! .%#$0/ !*/$.%*!  %* 0$! .+0++( .!
%* %*#+*00!.0%!/0+0$!.+0++(* .!%*0!* ! 0+
! 0++(/ "+. (!#( .!"+.) *  .!0%+* +" +*0%*!*0( *+.)/
*  /0* . / +* 3+)!*Q/ .%#$0/K $! ,+3!."1( ,.+)%/! +"
3+)!*Q/ .%#$0/H %*(1 %*# 3+)!*Q/ (*  .%#$0/H %/ 0$0
3+)!*3%((!(!0+!//0$!)K
00$!*0%+*((!2!(H3+)!*Q/+.#*%60%+*/$2! 2+0! 
"+.+*/0%010%+*(* (!#(.!"+.)0+!*/1.!0$!.!)+2(+"
0$! %/.%)%*0+.5 +*/0%010%+*( *  (!#( ,.+2%/%+*/ +*
3+)!*Q/ .%#$0/K +)!*Q/ .%#$0/ +.#*%60%+*/ $2! 3+.'! 
3%0$#+2!.*)!*0/0+!*/1.!*0%+*(+*/0%010%+*/* (3/
.! (%#*!  0+ %*0!.*0%+*(H +*0%*!*0( *  .!#%+*(
/0* . /+*3+)!*Q/(* .%#$0/K
/  +*/!-1!*!H %* 0$! (/0 "%2! 5!./ /!2!.( ".%*
+1*0.%!/ $2! .!"+.)!  0$!%. *0%+*( +*/0%010%+*/ * 
(3/ 0+ .!"(!0 ,.%*%,(!/ +* !-1(%05 3%0$ .!#. / 0+ 0$!
.%#$0 0+ (* Kddi+. %*/0*!H !*5Q/ +*/0%010%+* *  $!.
0%+*( *  +(%5 .!"(!0 +0$ 0$! ,.%*%,(! *  /,%.%0 +"
0$! ".%* +)!*Q/ .+0++( *  0$!  *  +(%5
.)!3+.' *  1% !(%*!/H ,.+2% %*# !-1(%05 .%#$0/ * 
!// 0+ (*  "+. 3+)!*K $%/ %/ )%..+.!  %* !*5Q/ * 
0/,//! %*dbcdK
*6*%Q/ +*/0%010%+* *  (3/ )'! !-1( ,.+2%/%+* "+.
)!* *  3+)!* 0+ +3* *  +*0.+( (* ddj*  ,.+$%%0/
%/.%)%*0%+*+*0$!/%/+"#!* !.Kddk*6*%Q/ * 0
*  %((#! *  0/ $2! !!* .!"+.)!  *  +*0%*
,.+2%/%+*/"+.!2!.53+)*0+HR-1%.!H$+( H1/!*  !(

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




3%0$(* S1* !.0$!/)!.1(!//0$!%.)(!+1*0!.,.0/K


$! %((#! *  0 #+!/ "1.0$!. 0+ ,.+$%%0 ,,(%0%+* +"
1/0+).5 (*  (3 3$!* %0 %/.%)%*0!/ #%*/0 3+)!*Q/
(3"1(!//H+3*!./$%,H+1,*5* 1/!+"(* Kdeb
#* Q/ +*/0%010%+* ,.+2% !/ "+. ""%.)0%2! 0%+* dec H
!-1(%05 !03!!* )!* *  3+)!*ded%*(1 %*# !-1(%05 %*
0$!.!+"(* .%#$0/K.0%(!eeWhX+"#* Q/+*/0%010%+*
/,!%"%((5 ,.+$%%0/H R(3/H 1(01.!/H 1/0+)/ +. 0. %0%+*/
3$%$ .! #%*/0 0$! %#*%05H 3!(".! +. %*0!.!/0 +" 3+)!*
+.3$%$1* !.)%*!0$!%./001/KS
+10$ ".%Q/ +*/0%010%+*H +.* +10 +" 0$! ,.0$!% 
/0.1##(!H ,.+2% !/ "+. !-1(%05 !"+.! 0$! (3 *  *+*M
%/.%)%*0%+* +* 0$! /%/ +" #!* !.K .0%(! dg +" +10$
".%Q/ +*/0%010%+* 3$%$ !(/ /,!%"%((5 3%0$ ,.+,!.05
.%#$0/,.+2% !/0$0*++*!)5! !,.%2! +",.+,!.05* 
+(%#0!/ 0$! #+2!.*)!*0 0+ 0'! .!/+*(! (!#%/(0%2!
)!/1.!/ 0+ !*(! %0%6!*/ 0+ #%* !// 0+ (*  +* *
!-1%0(!/%/K$%(!0$%/,.+2%/%+*%/#!* !.*!10.(%0 +!/
,.+2% !/0.+*#/%/"+.3+)!*0+(%)0$!%.(* .%#$0/K


+6)%-1!Q/ *  3 +" ckkiH 3/ (1 !  "+. %0/


,.+0!0%+*+"(* .%#$0/+"(+(,!+,(!K$!(3,.+0!0/0$!
!-1( .%#$0/ +" )!* *  3+)!* 0+ +3* (*  /!  +* 0$!
!-1(%05 *  *+*M %/.%)%*0%+* (1/!/ +" 0$! +1*0.5Q/
+*/0%010%+*K
+3!2!. 0$! !4%/0!*! +" !-1(%05 *  *+*M %/.%)%*0%+*
(3/ +!/*+0.!/1(0%*!-1%0(!+10+)!/"+.3+)!*/".
/0$!%.(* .%#$0/.!+*!.*! K1.0$!.)+.!H !/,%0!0$!
+)!/0%0%+* +" 0$! .+0++(Q/H "+. %*/0*! %* 0$! )%
3$%$$/ +)!/0%0! 0$!.+0++(()+/03$+(!/(!%*0$!
+)!*Q/0dbcbH,.+2%/%+*/+*(* (3* 0$!!4%/0!*!
+" !-1( .%#$0 0+ ,.+,!.05 (1/!/H 3+)!* .! /0%((
%/ 2*0#! 3$!*%0+)!/0+0$!!4!.%/%*#+"0$!%.(* 
.%#$0/K

* )*5 +1*0.%!/ +*0. %0+.5 (3/ /0%(( !4%/0 3%0$%* 0$!


.!()+"3+)!*Q/(* .%#$0/H,.0%1(.(5%*0$!.!+"0$!
%*$!.%0*! .%#$0/ +" 3+)!* *  #%.(/K $%(! /0010+.5 (3
)5 ,.+2% ! "+. 3+)!*Q/ !-1( .%#$0 0+ -1%.! *  %*$!.%0
(* 1/0+).5* .!(%#%+1/(3)5,.+$%%00$!/)!K
*
,(1.((!#(/5/0!)/0$!$+%!+"3$%$(30+,,(5%/+"0!*
(!"00+ %/.!0%+*+"&1 #!/+.(+(&1/0%! )%*%/0.0%+*K

--./3<
(%'%/dg5!.+( 3% +33$+/!$1/* .!!*0(5 %! +"
H* /$!$/g$%( .!*1* !.0$!#!iK(%'"+.)!.(5(%2! 
* ".)! $!.(0!$1/* Q/(* K$!(* ,.+2% ! $!.")%(53%0$"++ * 0$!/1.,(1//$!/+( 00$!).'!0K%*!0$! !0$
+"$!.$1/* H$!.$1/* Q/")%(5$/'%'! (%'+10+"0$!).%0($+)!* +""0$!")%(5(* H* ()! $!."+.$!.
$1/* Q/ !0$K
(%'$/#+*!0+0$!2%((#!$%!"+100$!%//1!K +3!2!.H/$!$/.!!%2! *+/1,,+.0H/0. %0%+*((53+)!*.!..! ".+)
%*$!.%0%*# (* K (%' $/ #+*! 0+ 0$! .+2%*%(  )%*%/0.0%+* 0+ /' "+. $!(, 3%0$ $!. (*  %//1!K +3!2!.H 0$! .+2%*%(
10$+.%0%!/ $2! /'!  $!. 0+ ,5 gHbbb /$%((%*#/ !"+.! 0$!5 (++' 0 $!. /!K (%' $/ !!* 1*(! 0+ 0$! .%/! 0$! gHbbb
/$%((%*#/* $/0.%! 0+#+'0+$!.,.!*0/$+)!3$!.!/$!$+,! 0$!5)%#$0#%2!$!.,+.0%+*+"0$!%.(* 0+/1/0%*$!.
"%2!$%( .!** $!./!("K
+3!2!.$!.,.!*0/$2!(!"0)+/0+"0$!(* 0+$!..+0$!./K(%'$/*+3+)!0+0$!%05* %/(%2%*#3%0$$!."%2!$%( .!*
%*+*!+"0$!%05Q/(.#!/0%*"+.)(/!00(!)!*0/* 3+.'%*#/)% K(%'(%2!/%* !*5K !*5$/.0%"%! 0$!.+0++(+*
+)!*Q/ %#$0/ *  $/  ,.+#.!//%2! +*/0%010%+* 0$0 ,.+2% !/ "+. 0$! !-1(%05 *  *+*M %/.%)%*0%+* / 3!(( / ,.+2% !/ "+.
3+)!*Q/!-1(.%#$00++3*(* K +3!2!.H(%'$/!!*1*(!0+!//0$!/!.%#$0/K

?,+ +,-!+(-((%6,)2+-""-"(')+(,,(,'(-
%02,+"' (.--!,"++,.%-,B"99 '+*.%"-29,
 (+&+ %0 +(+&+ (+ %&(,- KM 2+,6
 ' -,-"2 -!-
-! +( ! ", ,-"%% %(' 9 .,6 -+ -! )+(,,, (
+-""-"(' ' (&,-"-"(' + (&)%-6 "- ", ,-"%%
"&)(+-'- -( ',.+ -!- %% -! 0(&' + 0+ ( -!
1",-'(%0'$'(0!(0-(.,-!%0,-(+%"3-!"+
+" !-,@ 2+0!%!*!3*/H+.)!.+))%//%+*!.
"+.+%(""%./dee
ji

 
  
Q 

 
!/,%0! 0$! $((!*#!/ 0$0 .!)%*H 0$! (3 +*/0%010!/ 
,+3!."1( 0++( 0+ %),.+2! 0$! /%010%+* +" 3+)!*K 0%+*(
+1.0/$2!!!*3%((%*#0+ .3".+)0$!%*0!.*0%+*(* 
+*0%*!*0(%*/0.1)!*0/0+*!#0!1/0+).5(3/0$0

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


%/.%)%*0!#%*/03+)!*K*6*%Q/ %#$+1.0$/!!*
,.0%1(.(5 ,.+#.!//%2! %* 0$%/ .!#. H *  %* /!2!.(
%*/0*!/ $/ .1(!  "+. 0$! *1((%"%0%+* +" 1/0+).5 (3/
0$0 %/.%)%*0!#%*/03+)!*%*0$!.!+"(* .%#$0/K
+.%*/0*!%* " H#0#&**)=MO) NLLM:
(4= #!"./!%*2+(2%*# %/,10!!03!!*0$!3% +3
*  0$! .+0$!. +"  !!/!  )*Q/ !/00!H 0$! *6*%*
%#$ +1.0 +*"%.)!   (+3!. +1.0 !%/%+* 0+ .!,(! 0$!
!!/! Q/ .+0$!. 3%0$ 0$! !!/! Q/ 3% +3 / 0$!
 )%*%/0.0+. +" 0$! !!/! Q/ !/00!K $! %#$ +1.0 $!( 
0$00$!*6*%*+*/0%010%+*,.+2% ! 0$0]!2!.5,!./+*
%/!*0%0(! 0++3*,.+,!.05* $/.%#$00+0$!,.+0!0%+*
+" 0$0 ,.+,!.05 $!(  %* +. *! +" 0$! (3] *  0$0
.0%(! kWX *  W"X +" 0$! +*/0%010%+* #!*!.((5
+)!/0%0! $1)*.%#$0/%*/0.1)!*0/.0%"%! 5*6*%H
%*(1 %*# 0$! *0%M %/.%)%*0%+* ,.%*%,(!/ +*0%*!  %*
.0%(!dWX* W"X+"K
$%/,.!! !*0$/!!*"+((+3! %*+0$!./!/J  
"   : #0#& ** PQ )  GNLLMH E(4= #!" .F 0$!
*6*% %#$ +1.0 "+1*  0$0 1/0+).5 (3 3. %*#
()+/0 (( +" 0$! ).%0( //!0/ 0+ 0$! )* 1,+* %2+.!H
3%0$+10 !0!.)%*%*# 0$! +*0.%10%+* +" !$ /,+1/! 0+ 0$!
-1%/%0%+* +" ,.+,!.05 1.%*# )..%#!H 2%+(0!  0$!
,.+$%%0%+* #%*/0 %/.%)%*0%+* /!  +* #!* !. 1* !.
0$!+*/0%010%+** K

*dbcbH36%(* +1.0+2!.01.*! (30$0,.+$%%0! 


3+)!* )..%!  1* !. +))1*%05 (3 ".+) $2%*#H
P%))+2!(! ,.+,!.05Q .!#%/0!.!  %* 0$!%. *)!K $! .1(%*#
!!)!  0$! (3 0+ ! %* +*0.2!*0%+* +" 0$! ,.+2%/%+*/ +"
0$!(3+*!-1(%05!03!!*)!** 3+)!*Kdef
*0+!.
dbcdH 0$! %#$ +1.0 +" +0/3* %//1!   (* ).'
!%/%+* +* 3+)!*\/ %*$!.%0*! .%#$0/H "+. 0$! "%./0 0%)!
+. %*#3+)!*0$!.%#$00+%*$!.%0")%(5$+)! !/,%0!
1/0+).5(3,.0%!/K$!+1.0$!( 0$00.%((30$0
#2!0$0.%#$0/+*(50+0$!5+1*#!/0M+.*/+*/+*0.2!*! 
0$! +1*0.5\/ +*/0%010%+*H 3$%$ #1.*0!!/ #!* !.
!-1(%05Kdeg


   
Q 
 
(%'Q/ /%010%+* %/ *+0 1*+))+*I )*5 3+)!* .!
%/,+//!//! +"0$!%.(* "+.('+"%(%050+*!#+0%0!(* 
.%#$0/H %/.%)%*0%+*H0$!0!*/%+*!03!!*/0010+.5(3* 
0. %0%+*(1/0+).5,.0%!H('+"'*+3(! #!+10(* 
.%#$0/H ,+2!.05 *  0$! (' +" .!/+1.!/ 0+ !// "+.)(
&1/0%! )!$*%/)/K 2%*# 0$! (!#( .%#$0 0+ (*  +!/ *+0
)!*0$03+)!**!//(* K
+)!*Q/ %(%05 0+ !//H +3* *  +*0.+( (*  +!/ *+0
0'! ,(! +*  (!2!( ,(5%*# "%!( K $! (3 ,.+2% !/ 
,+3!."1( 0++( 0+ 0'(! 0$! ,+3!. /5))!0.%!/ 0$0 !4%/0
3%0$.!#. 0+3+)!*Q/%(%050+!4!.%/!$!.(* .%#$0/K
*
/%010%+*/ 3$!.! 0$! *0%+*( (3/ %/.%)%*0! #%*/0
3+)!*H+*0%*!*0(".)!3+.'//1$/0$!.+0++(+*
+)!*Q/ %#$0/ *  0$!  *  +(%5 "+.) 0$! /%/ +"
(!#%/(0%2!%*0!.2!*0%+*/* $*#%*# %/.%)%*0+.5(3/K
$!.! 0$! .+0++( $/ !!* +)!/0%0!  +. 3$!.! 0$!
(3/ +* 3+)!*Q/ (*  .%#$0/ .! ,.+#.!//%2!H 0$! .+0++(
"+.)/ 0$! /%/ "+. %*0!.2!*0%+*/ "+1//!  +* /0.!*#0$!*%*#
!4%/0%*# (!#( %*/0.1)!*0/H *  1%( %*# ,+(%0%( 3%(( * 
,%05+"*0%+*(#+2!.*)!*0/0+%),(!)!*0,.+2%/%+*/+"
0$!.+0++(+*3+)!*Q/(* .%#$0/K
+/0 %),+.0*0(5 0$! .+0++( "+.)/ 0$! /%/ "+.
!),+3!.%*# 3+)!* 0+ (5 (!#( (%) +" 0$!%. (*  .%#$0/
0$.+1#$ .%/%*# 3.!*!// +" 0$! !4%/0!*! +" 0$! .%#$0/H
%*.!/%*# 0$! P'*+3M$+3Q +" 3+)!* 0+ ,,(5 0$! (3 0+
(%) 0$!%. .%#$0/H *  /1,,+.0%*# 0$! 3+)!* 0+ (%) 0$!%.
.%#$0/K  !#( !),+3!.)!*0 3+1(  !*(! 3+)!* 0+ $2!
#.!0!. +*0.+( +2!. 0$! ,.+!//!/ 0$0 ""!0 0$!%. (* 
.%#$0/K


* +1*0.%!/ 3$!.! !.0%* ,.+2%/%+*/ +" 0$! .+0++( $2!


!!*
+)!/0%0!  10 .! *+0 !%*# !""!0%2!(5
%),(!)!*0! H /0.0!#% (%0%#0%+* * !  ,+3!."1( 0++( "+.
/0.101.(* (!#%/(0%2!$*#!K
0.0!#% (%0%#0%+* %/ .+  *  )1(0%M"!0!  %* *01.!I %0
+!/ *+0 +*/%/0 +"  /%*#(! /0.0!#5 *  %/ !"%*%0!(5 *+0 *
%*/0*0.!)! 5"+./!1.%*#3+)!*Q/(* .%#$0/K00$!+.!
+" /0.0!#% (%0%#0%+* %/ 0$! 1/! +" (3 0+ /,!%"%((5
/0.!*#0$!*H (.%"5 *  0.*/"+.) 0$! *0%+*( (!#%/(0%+* +*
3+)!*Q/ (*  .%#$0/ *  .%*#/ %0 %*0+ (%#*)!*0 3%0$
+*0%*!*0(+(%#0%+*/1* !.0$!.+0++(K

jj

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




jk

0 0$! +*0%*!*0( (!2!(H %*0!.*0%+*( *  ".%*


+.#*%/0%+*/ /$+1(  !*/1.! 0$0H %*  %0%+* 0+
%*(1 %*# 3+)!* %* !2!(+,)!*0 +" +*0%*!*0(
,+(%%!/ +* (* H 3+)!* *  3+)!*Q/ .%#$0/
+.#*%/0%+*/ .! %*(1 !  0 0$! !*0.! +" 0$!
!2!(+,)!*0,.+!//* .0%1(0%*#0$!%./,!%"%
+*!.*/K

* 0$! !2!(+,)!*0 +" 0$! *!3 ".%* *%+*


+))%//%+* 0.0!#5 *  0$! ".% *%+* #!* 
dbhe0$!".%**%+*+))%//%+*/$+1( !*/1.!
0$0 3+)!* *  3+)!*Q/ (*  .%#$0/ .! *+0
%/,(!  %* 0$! ,1/$ "+. 0$! !+*+)% #.+30$ +"
0$!+*0%*!*0K
0 0$! *0%+*( (!2!(H #+2!.*)!*0/ /$+1( 
1* !.0'! #!* !.M/!*/%0%2! (*  .!"+.)K $!5
/$+1(  1 %0 *0%+*( (3/ *  +*/0%010%+*/ "+.
+),(%*!3%0$3+)!*Q/(* .%#$0/,.+2%/%+*/H/
,.+2% !  "+. 1* !. 0$!  .+0++( +* +)!*Q/
%#$0//3!((/0$! * +(%5K0%+*((* 
1 %0/H* ,1(%(5!//%(!(* .!#%/0.%!/


/$+1( !!/0(%/$! * .!%*"+.! 5+))1*%05


),,%*#0$0!*##!/3+)!*K
!#( (*  .!"+.)/ /$+1(  *+0 0'! ,(! %*
%/+(0%+* *  /$+1(   .!// 0$! .1%( %//1! +"
(* 0!*1.!.!#%)!/H/0$!/!$2!0. %0%+*((5* 
%*)+ !.*0%)!/!!* %/ 2*0#!+1/0+3+)!*K
!#(/!.2%!//$+1( !!40!* ! 0+.1.(3+)!*H
%*(1 %*#+1.0* ,.(!#(/5/0!)/K
+. !2!(+,)!*0 ,.0*!./ *  / 3+.'%*# +*
3+)!*Q/(* .%#$0/H 1(0.'$+(%/0%,,.+$
/$+1(  ! 0'!* 0+ (!#( !),+3!.)!*0J 0 0$!
+))1*%05(!2!(H3+)!*/$+1( !0.%*! +*0$!%.
(* .%#$0/* $+30+(%)0$!/!.%#$0/K +3!2!.H
/ 0$!/! .%#$0/ + *+0 +,!.0! %* %/+(0%+*H
+))1*%05 )!)!./ *  &1/0%!  )%*%/0.0+./
/$+1(  (/+ ! 0.%*!  +* 0$! 3+)!*Q/ (*  .%#$0/
* $+30+,,(5* !*"+.!0$!)K
0.!*#0$!* 0$! ,%05 +" ).#%*(%/!  3+)!*
*  3+)!*Q/ +.#*%/0%+*/ 0+ 0%2!(5 !*##!
#+2!.*)!*0/ 5 $+( %*# 0$!) 0+ +1*0 0 (+(H
*0%+*( *  0 0$! +*0%*!*0( ,+(%5M)'%*#
"+.1)/K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#






&

 

  
 

  


-& ==)',5
1.'%* /+ %/  +1*0.5 *!/0(!  %* 0$! $!.0 +" !/0!.*
".%K  $! +1*0.5 .!01.*!  0+ !)+.5 %* ckkcH
"+((+3%*#0$! +,0%+*+"+*/0%010%+*deh
1.'%* /+ /%#*!  0$! ".%* +)!* %#$0/ .+0++(
W$!.+0++(X+* 1(5ccHdbbeK$!.0%"%! %0+**.',
R: NLLR 0$.+1#$ !.!! *p dbbhMcik +" ,.%( dfH
dbbhW6!00!pck+"5ccHdbbhX* ".+)0$0 0!%0
%/%*"+.!%*1.'%*/+K
+3*+*!//!//0$!,/00!*5!./+"%),(!)!*00%+*+"
0$!.+0++(O











*1.'%*/+H0$!+*/0%010%+* !2+0!/.0%(!c0+0$!
,.+$%%0%+*+" %/.%)%*0%+*deiK
!2!.("+.)/+" %/.%)%*0%+*,!./%/0K +3!2!.H((0$!/!
%/.%)%*0%+*/.!*+0*!!//.%(50$!.!/1(0+"0$!/00!\/
('+",.%*%,(!/H)!/1.!/+. !%/%+*/H+.!2!*!+*+)%
+./+%(,+(%%!/K0$!."0+./)1/0!+*/% !.! H/1$/
/+%(* 1(01.("+.!/* $.)"1(0. %0%+*(,.0%!/K
 
 


%#*%05%/(/+!*/$.%*! %*0$!+*/0%010%+*+"1.'%*/+
* %*%*0!.*0%+*(%*/0.1)!*0/"+.0$!,.+0!0%+*+"$1)*
.%#$0/0+3$%$0$!00!+"1.'%*/+$//1/.%! K$!
+1*0.5 $/  + ! +" !./+*/ *  0$!)%(5H 3$%$ $/
!/0(%/$! 0$!,.%*%,(!+"0$!,!.)*!*0,.+0!0%+*+"0$!
%#*%05+"3+)!*K
 
 
H



 
!)(! %.1)%/%+* !4%/0/ %* 1.'%* /+ *  0$! /+%(
!4(1/%+*+"3+)!*1/! +"3%0$."0%//!.%+1//+%(
%//1! 0$0 %/ /0%(( ,.!2(!*0 %* /,%0! +" %0/ .!,.!//%+*K $!/!
03+ ,$!*+)!* .! ,.!&1 %%( 0+ 0$! (%2!/ +" 3+)!* * 
1* !.)%*!0$!%./"!05K

*  5!0H 0$! #+2!.*)!*0 $/ 0'!* 0$! *!!//.5 /0!,/H 0


0$!%*/0%#0%+*+"0$!%2%(/+%!05K1.'%*/+$/!*0! 
(!#%/(0%+*0+"%#$0#%*/0"!)(!%.1)%/%+*K +3!2!.H0$!
+1*0.5 * ! .%0%%/!  "+. *+0 $2%*#  /,!%"% 0!40
 .!//%*#3%0$."0K



  

$!/! .! .!)**0/ +" !(%!" %* 0$! "+1* %*# 0. %0%+*/ +"
,+/0M)+ !.* /+%!0%!/ ,%*"1((5 (++'%*# "+. 0$!%. ,+%*0/ +"
.!"!.!*!K !/,%0! 0$! !4%/0!*! +" ,.+0!0%2! (!#%/(0%+*H
.!,.!//%+*$/.!(5/!.2! / !0!..!*0* /!*/%0%/0%+*
"%(/0++*2%*!K


.!! +) +" )..%#! %/ !*/$.%*!  %* 0$! 1.'%*!
+*/0%010%+*K
0 +2!./ 0$! ".!! +) 0$0 (( ,!./+*/ $2! 0+
)..50$!,!./+*+"0$!%.$++/%*#H+.*+00+)..53$%$%/
+*/%/0!*03%0$.0%(!hWX+"0$!.+0++(K
$!+ !+"!./+*/* 0$!)%(5%/(!.J*+)..%#!%/
(!#%0%)0! 1*(!// %0 %/ ,!."+.)!  %* 0$! ,.!/!*! +"  %2%(
!#%/0.. *  0$%/ %/ %* +),(%*! 3%0$ .0%(! hW X +" 0$!
.+0++(K
$! 1.'%*! + ! )'!/ ,.+2%/%+*/ "+. ,+(5#)5 / *
+,0%+** %/*+0%*(%*!3%0$0$!/,%.%0+"0$!.+0++(H3$%$
!*+1.#!/ )+*+#)5 W.0%(! hWXXK $%/ +,0%+* 3/
.%0%%/!  3$!* 1.'%* /+ 1* !.3!*0 0$! *%2!./(
!.%+ %!2%!3K
 
H
 


%2+.!%/0$!%* %.!0.!/1(0+"0$!".!! +)+")..%#!K*!
%/ ".!! 0+ %2+.!H 3$!* +1,(!/ *+ (+*#!. 3%/$ 0+ .!)%*
3%0$%*0$!)..%#!+* H%*+. *!3%0$0$!+* %0%+*/
/!0"+.0$50$!(3K
!#(/!,.0%+*%/(/+,.+2% ! "+.K
0*!0!),+..5
)!/1.!00$!.!-1!/0+"+*!+.+0$/,+1/!/H10%0*(/+
!  0.*/%0%+*( )!/1.! (! %*# 0+ 0$! **1()!*0 +" 
)..%#!K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


+3!2!.H%*)+/0/!/H&1 #!/*+0!0$!!4%/0!*!+" !"0+
(!#( /!,.0%+*/K !*!.((5H %0 %/ 3$!* !(%*# 3%0$ *
,,(%0%+*"+./,+1/(/1,,+.0/,.0+"0$!/!,.0%+*0$0
0$!&1 #!"%* /*  .3/(!#(+*(1/%+*/H1/1((5%*"2+1.
+" 3+)!*K /!/ %* 3$%$ )!* .!-1!/0 /,+1/( /1,,+.0 .!
..!K

$!.! %/ *+ .)! H %*0!.*( +. %*0!.*0%+*( +*"(%0 %*


1.'%*K +3!2!.H 0$! /+%+M,+(%0%( 1*.!/0 3$%$ $/
+1..!  /%*! 0$! ckhb/ *  0$! 00!* *0 2%+(0%+*/ +"
$1)* .%#$0/ $2! *+0 /,.!  3+)!*H (!%0 %* %.!0(5
0$.+1#$0$!(+//+"0$!%.$1/* /H/+*/+.,.!*0/K
 
 




 
 

  
!//0+!-1(,.+0!0%+*!"+.!0$!(3%/+*/0%010%+*(
.%#$0K
0 )!*/ 0$0 !2!.5 ,!./+* .!#. (!// +" /!4H +(+1.H
.!H!+*+)%/001/+.!0$*%%05/$+1( !,.+0!0! 50$!
(3 *  $/ !// 0+ &1/0%!K $%/ +*"+.)/ 0+ .0%(! j +"
0$!.+0++(K
 
 





 


M


* 1.'%* /+H 0$! +(%0%+* +" 3+)!*Q/ +.#*%/0%+*/


3%0$%*0$!%2%(/+%!05/!1.! (3+*#!* !.-1+0".+)
0$!+2!.*)!*0%*dbcbK$%/(3%*/0%010!/)%*%)1)(!2!(
+" ebl .!,.!/!*00%+* +" !$ +" 0$! /!4!/ +* 0$! !(!0+.(
(%/0/+"+0$)1*%%,(* (!#%/(0%2!!(!0%+*/K +3!2!.H%0
%/(!.".+)0$!(/0!(!0%+*/0$0/+)!,+(%0%(,.0%!/ % 
*+0)!!00$%/(!#(.!-1%.!)!*0K+.0$+/!0$0 $!.! 0+%0H
0$!)&+.%05+"0$!3+)!*3!.!(0!.*0!/K+)!*Q/.%#$0/
+.#*%60%+*/ +* 10!   ,+/0M!(!0+.( .!2%!3 * 
!,(+.!  0$! *+*M.!/,!0 +" 0$! (3 5 ()+/0 (( ,+(%0%(
,.0%!/K
 
 
$%/ .%#$0 +!/ *+0 ,!.0%* /,!%"%((5 0+ 3+)!*K 1.'%*
/+%//0(!+1*0.50$0%/*+003.K +3!2!.H%0)1/0
! *+0!  0$0 3+)!* 3!.! .,!  1.%*# 0$! .%/%/ .+1#$0
+1055+1*#/+( %!./".+)0$!.)5K$%/ !)+*/0.0!/H%"
0$!.! %/ *5 *!!  0+ + /+H 0$0 0$!5 .! 0$! "%./0 2%0%)/
3$!* ,!! %/ +),.+)%/! K $! )%(%0.5 )10%*!!./ 3!.!
..!/0!  *  .! 3%0%*# 0.%(K !.0%* %2%(%*/ .! (/+
,!.,!0.0+./+".,!K
0%/*!!//.5"+.2%0%)/0+.!,+.00$!
.%)!/ *  0.5 0+ % !*0%"5 0$! ,!.,!0.0+./ 3%0$ 0$!
//%/0*!+"0$!,+(%!K








kc

*((/00%/0%/H0$!.0!+"! 10%+** 0.%*%*#"+.3+)!*


%* 1.'%* /+ %/ ". !(+3 0$0 +" )!*K $! !(5 %*
 .!//%*#0$%/%//1!%/#(.%*#* 0$! %2% !!*+.)+1/K

* /,%0! +" 0$! !4%/0!*! +" ,+(%%!/ %* /1,,+.0 +" #%.(/ * 
3+)!*H 0$! ,.+(!) .!)%*/ .!(!2*0K %*! 0$! ckkb/H 0$!
#+2!.*)!*0 $/ %*0.+ 1!   ,+(%5 +" ""%.)0%2! 0%+* %*
"2+1.+"#%.(/00!* %*#/$++(H1000$!!* +"0$! 5H0$!
.!/1(0/.!)%4! K$++( .+,+10.0!/)+*##%.(/.!$%#$K
$! /)! $((!*#!/ $2! !!* +/!.2!  %* 0$! .! +"
0.%*%*#K


  
 
+)!*\/ !+*+)% .%#$0/ .! ,.+0!0!  %* 1.'%* /+K
*"+.01*0!(5H 0$! +)%*!  !""!0/ +" %((%0!.5 *  (' +"
! 10%+** 0.%*%*#)!*0$00$!5.!*+0(35/(!0+
!*!"%0".+)0$!+,,+.01*%0%!/2%((!0+0$!)%*0!.)/+"
!//0+.! %0"%(%0%!/0+*!//%+*.5%*0!.!/0.0!/".+)
0$!*'%*#/5/0!)H!4!),0%+*/!0K
%0$ .!#.  0+ /+%( ,.+0!0%+*H 0$%/ .!)%*/ 3!'H #%2!*
0$0%0$/"+.(+*#0%)!"+1/! +*%2%(/!.2*0/3$+.!
0$! )%*+.%05K $! /% /+%( /!.2%!/ +*(5 ,.+2% ! 0$!
)%*%)1).!-1%.!)!*0H3$%$%/*+0 !-10!K
 
      
 


$!.! .! !""+.0/H 3$%$ $2! !!* #.!!  1,+* 5
/0'!$+( !./ %* 0$! ,1(% /!0+.H 0+ )'! $!(0$ /!.2%!/
!//%(!%*0!.)/+"0$! %/0*!+2!.! * +/0K
0!.*( *  $%(  !(0$ /!.2%!/ ,.+2% ! $!(0$ +2!. %*
0!.)/ +" )+*%0+.%*# ,.!#**%!/ *  /1/% %/%*# +/0/ +"
!(%2!.5H +""!.%*# ".!! /% %))1*%/0%+* /!.2%!/ * 
"+((+3M1, +" %!/Q !(0$K 2!* 0$+1#$ 0$!/! /!.2%!/ .!
,.+2% ! H !40.!)! ,+2!.05 *  0$! +* %0%+* +" .+ / %*
/+)! .!/ )'! )! %( !210%+* 0+ .!"!..( $!(0$
"%(%0%!/H3$%$!4%/0%*!2!.5.!#%+*H %""%1(0%*/+)!.!/K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 
 

$! .%#$0 0+ "++  /!1.%05 %/ +*! 0$0 %/ %""%1(0 0+ $%!2!K
+.!+2!.H %0 ((/ "+. !2!.5+*!Q/ ,.0%%,0%+*H  !-10!
.%*"((* "+.%*/!0/0+!+*0.+((!  1.%*#0$!$.2!/0%*#
/!/+*K


+(. !*!.#5 (),/ *  %),.+2!  $+)!/ $2! !!*
,+,1(.%/! K $!/! !""+.0/ .! %*0!* !  0+ %*1(0!
!*2%.+*)!*0( 3.!*!// )+*# 0$! ,!+,(!K +3!2!.H 0$!
%*.!/! %* %*%0%0%2!/ 0.#!0%*# 3+)!* +"0!* ('
++. %*0%+* *  )'! %0 %),+//%(! 0+ '*+3 0$!%. .!(
%),0%*0!.)/+"-1*0%05* -1(%05K

+ !*(! 0$! )+/0 21(*!.(! #.+1,/H (.#!(5 +),+/!  +"


3+)!*H0+!*!"%0H0$!00!$/!*0! (* (3* (/+
.1.((* ,+(%5K$%/,+(%5.!%0!.0!/0$!!-1(!//0+
(* %*,.! +)%**0(5#.%1(01.(+1*0.5K

/1/0%*(!!*2%.+*)!*0%/+*!0$0%/,.+0!0! ".+)0$!
+2!. !4,(+%00%+* +" *01.( .!/+1.!/ *  * !*2%.+*)!*0
,.+0!0!  ".+) ,+((10%+*K 1.'%* /+ !4,!.%!*!/
,.+(!)/ +" ,+((10%+* !/,!%((5 %* %# %0%!/ 3$!.! 0$!.! %/
0$!$((!*#!+"$+1/!$+( 3/0!.!)+2(K

 
  


$! %##!/0 ,.+(!)/ .!J 0$! !/0.10%2! !4,(+%00%+* +"


3++ "1!(H3* !.%*#*%)(/H1/$"%.!/* 0$!1/%2!1/!
+",!/0%% !/* 5*% !5#+( )%*!./= +*/!-1!*!/.!
)*%"!/0! !//!*0%((5%*.!(0%+*0+0$!/+%(-1(%05H3$%$%/
,++.K$!5.!(/+)!/1.! %*!+*+)%0!.)/"+.3+)!*H
%*0!.)/+"(+/0.!2!*1!K

$! %*%/0.5 +" +1/%*# $/ ..%!  +10 /!*/%0%/0%+*


/!//%+*/ +* $+3 0+ +*/0.10 $+1/!/ 1/%*# 0. %0%+*(
)0!.%(/ *  (/+ $+3 0+ 1%(  $+1/!/ %*  /1/0%*(!
)**!.K +((+3%*# 0$! !,0!)!. dbbk "(++ /H 0$!
#+2!.*)!*0 .!(%6!  0$! *!!//%05 *  1.#!*5 +" /!1.%*#
$+1/!/K+.3*0+",.+2% %*#$+1/%*#0+!*!"%00$!,!+,(!H
0!$*%%*/ /!*/%0%6!  0$! ,!+,(! +* $+3 0+ +*/0.10 3%0$
(+()0!.%(/%* 1.(!* /!1.!)**!.K %0%+*((5H
0$! +*/0.10%+* 3+.' "+. /$!(0!./ "+. ""!0!  ,+,1(0%+*/
0++' #!* !. %*0+ +1*0 5 !),(+5%*# 3+)!* "+. 0$!
+*/0.10%+*+"1(2!.0/* +0$!.(+1.%*0!*/%2!3+.'K


Q
 
% +3/ $2! .%#$0/ %* 1.'%* /+K $! + ! +" !./+*/
*  0$! )%(5 .!+#*%/!/ 0$!%. .%#$0/ !4!,0 %* /%010%+*/
3$!.!0$!53!.!*+0)..%! 0+0$! !!/! /,+1/!K$!*
3+)!* $2! $%( .!*H 0$! + ! ,.+2% !/ "+. 0$!%. 1,'!!,
* 0$!)*#!)!*0+",.+,!.05K

 
 

  

1.'%* /+ %/ .!+#*%/!  0$.+1#$+10 0$! 3+.(  / *
%),+.0*0 1(01.( .+//.+ / W
H XK 1(%*.5
.0/+),!0%0%+*/.!+.#*%/! 3%0$0$!%)+",!.,!010%*#
* +*/!.2%*#0$!1(01.($!.%0#!0$0%/,!1(%.0+!$
.!#%+*K $!/! .! +.#*%/!  5 //+%0%+*/ 3%0$ /1,,+.0
".+) #+2!.*)!*0 /0.101.!/K $+3/ %*%0%0!  5 3+)!* +*
$+30++.#*%6!")%(5* ! 10!$%( .!*.!.+ /0
%* %""!.!*0 (*#1#!/K +)!* .! +3*!./ +" ,.%20! . %+
/00%+*/ !%0$!. / %* %2% 1(/ +. %* #.+1,/K $! /,!/ * 
+,,+.01*%0%!/ 0+ .! !"%*! ,+/%0%2! 1(01.( 2(1!/ .! *+0
('%*#K !2!.0$!(!//H 1* !. .1(! +" (3H +*(5 0$! (3 *
+*0.+(+./1,,.!//!$2%+1./0$0$/*!#0%2!%),0+*
+))1*%05(%"!K
 
    
 


%0$ 0$! //%/0*! +" 0!$*%( *  "%**%( ,.0*!./H
$+1/!$+( / *H "0!. )'%*#  /)(( +*0.%10%+*H !*!"%0
".+) 0$! +*/0.10%+* +" (0.%*!/H /!,0% 0*'/ "+. 0$!
.!)+2(+"3/0!30!.* %+M %#!/0!."+.0$!,.+ 10%+*
+"*01.(#/".+)+3 1*#K

$!(+//+"!.0%*0. %0%+*(2(1!/+"/+(% .%05H/3!((/


0$! !+*+)% %""%1(0%!/ "!  5 0$! 00!H +*0.%10!/ 0+
3!'!*%*# 0$! /%010%+* +" 3+)!* *  +.,$*/ 3$+ .!
+"0!* (!"0 0+ 0$!)/!(2!/K )%(5 /+(% .%05 %/ !+)%*# ..!
* 3% +3/.!* +*! 0+0$!%."0!/K

 
 

$! .%#$0 0+ %*$!.%0*! %/ '*+3(! #!  "+. +0$ )!* * 
3+)!*3%0$+10*5"+.)+" %/.%)%*0%+*K+)!*%*$!.%0
".+) )!* *  2%! 2!./K +. 0$%/ 0+ ! !""!0! H  (!#(
)..%#!%/,.!.!-1%/%0!K

 
  
( !. 3+)!* 3$+ "+.) 0$! )&+.%05 +" 0$! ,+,1(0%+* +"
/!*%+./ %* 1.'%* /+ + *+0 $2! /,!%"% ,.+0!0%+*
//+%0! 3%0$0$!%.#!K+./!/0%((H+( !.3+)!*.!+"0!*
2%0%)/+"/+%(!4(1/%+*K

 

 






)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


+)!* 3%0$ %/%(%0%!/ .! "%.(5 3!(( ,.+0!0! K
* )+/0
/!/H 0$!5 "+.) //+%0%+*/ *  !*##! %* %*+)!
#!*!.0%*# 0%2%0%!/K $!5 )5 $2! !// 0+ "%**%*#K
+3!2!.H".!!1.** %*0!.%050.*/,+.0H!//.),/%*
,1(%1%( %*#/H.!+"0!**+*M!4%/0!*0H%*/,%0!0$!!4%/0!*!
+"%* %*#(!#%/(0%+*K

 



0!,/ .! !%*# 0'!* 5 0$! !* !. %*%/0.5 / 3!(( /
!.0%*%2%(/+%!05+.#*%60%+*/0++))+ 0!0$!,(%#$0
+" 3+)!*K $! +1*/!((%*# !*0.!/H !*0.!/ "+. ".!! (!#(
 2%! *  0$! +,,+.01*%05 0+ .!,+.0 0+ 0$! ,+(%!H 0$!
#!* .)!.%! +. 0$! &1/0%! /5/0!) !4%/0K *"+.01*0!(5H
&1/0%! ,.+!// %/ /(+3 0+ .!/,+*  *  0$!.! %/ *+ -1%'
,.+!//+10/% !0$!*+.)(,.+! 1.!0+$* (!0$!/!05,!/
+"!)!.#!*%!/

 

$! %),(!)!*00%+* +" 0$! .+0++( %/ *+0 0$! /+(!
.!/,+*/%%(%05 +" *5 )%*%/0.5 +" $1)* .%#$0/ +. 3+)!*\/
.%#$0/K$!%//1!+"3+)!*\/.%#$0/%/.+//M100%*#+*!0$0
.!-1%.!/ 0$! !""+.0/ +" (( /0'!$+( !./J #+2!.*)!*0H 0$!
%2%(%* ,+,1(0%+* *  0$! %2%( /+%!05K
* /1$  /!*.%+H
0$! )1(0%M/!0+.%( ,,.+$ /!!)/ 0+ ! 0$! !/0 "+. %0/
%),(!)!*00%+* %* +1*0.%!/ 0$0 $2! (.! 5 .0%"%!  0$!
.+0++(* /0.0! 0+%),(!)!*0%0K



+*%0+.%*# /$+1(  ! ..%!  +10 ,!.%+ %((5 *  3%0$+10
+),(!*5K !/,+*/%%(%0%!/ )1/0 ! !/0(%/$!  %* +. !.
0+ )+2! "+.3. K
* 0$%/ .!#. H #+2!.*)!*0/ 3%(( $2! 0+
!)+*/0.0! 0.!)!* +1/ ,+(%0%( 3%(( %* +. !. 0+ +1*0!.
/+%+M1(01.(+*/0.%*0/* $.)"1(0. %0%+*(,.0%!/K



+)!* * +0%* .!,.0%+* ".+) ,!.,!0.0+./ +"  .%)!
+.%* %.!0(5".+)0$!/00!!1/!%0$/"%(! 0+$+*+1.%0/
*0%+*( *  %*0!.*0%+*( +))%0)!*0/ 5 0'%*# (( 0$!
/0!,/*!!//.5"+.0$!%.,.+0!0%+*K
$!,.+!//%/2!.50!$*%(* (+*#K
0((/"+.,0%!*!H
)+*!510(/+")%(%.%053%0$0$!,.+!//K
+. !4),(!H / ,.0 +" 0$! *0%+*( .!+*%(%0%+* ,.+!//H
!.0%* 3+)!* 3$+ .! %.!0 *  %* %.!0 2%0%)/H +. 0$!%.
!,!* !*0/$2!!!*(!0+!*!"%0".+).!,.0%+*/".+)
0$!#+2!.*)!*0K,.0".+)0$%/%),+.0*0,.+!//H3+)!*
.!#1(.(5 .%*# /!/ !"+.! 0$! +1.0/ 0+ (%) 0$!%. .%#$0/
W/,+1/( /1,,+.0H ,.+,!.05H %2+.!H 1/0+ 5 +" $%( .!*H +.
2%+(!*!XK



 

0%"%0%+* +" 0$! .+0++( %/ *+0 !*+1#$ 0+ !*/1.! 0$0 ((
0$! .%#$0/ +" 3+)!* .! %),(!)!*0!  *  .!/,!0! K $
00!/$((!*/1.!0$%/50'%*#%*0!.*((!#()!/1.!/K
2!. *  +2! 0$!/! )!/1.!/H %0 /$+1(  !*/1.! 0$!
!""!0%2!*!// +" 0$!/! .%#$0/ )+*# ,!+,(! %* 0$! /+%(H
,+(%0%( *  !+*+)% /,$!.!/ %* +. !. 0+ )+*%0+. 0$!
/(%#$0!/0 !"%%!*%!/K  $%/ !""!0%2!*!// .!-1%.!/ /+%(H
!+*+)%* (!#(,+(%%!/K
+3!2!.H .!/,+*/%%(%05 "+. 0$! !""!0%2!*!// +" 3+)!*Q/
.%#$0/ (%!/ *+0 +*(5 3%0$ 0$! 00! 10 3%0$ !2!.5+*!H
!#%**%*#3%0$0$!00!K
$%/((/"+.1(01.!+"$1)*.%#$0/0$0%),(%!/+,!**!//
0+1*%2!./(%05K


ke

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#







 
  
 

)("&("&#(
$! -1!/0%+* +" +10$ ".%Q/ +)!/0%0%+* * 
%),(!)!*00%+* +" 0$! ,10+ .+0++( W0$! .+0++(X %/ *
%),+.0*0H (!%0 +*0!*0%+1/ +*!K $%/ ,,!. /!!'/ 0+
!4,(+.! 0$! !40!*0 0+ 3$%$ 0$! +1*0.5 $/ +)!/0%0! 
*  %),(!)!*0!  0$! .+0++(H !/,!%((5 3%0$ .!#. / 0+
.0%(!f0$0.!"!./0+%//1!/+*2%+(!*!#%*/03+)!*K$!
+1*0.5Q/ (!#%/(0%2! ".)!3+.' .!-1%.!/ 0$0 %*0!.*0%+*(
%*/0.1)!*0//1$/0$!,10+.+0++(! +)!/0%0! %"
0$!5 .! 0+ ! "1((5 .!+#*%6!  / ,.0 +" *0%+*( (3K $%/
,,!.  2*!/ 0$! .#1)!*0 0$0H #%2!* +10$ ".%Q/
.!(0%2!(5 ,.+#.!//%2! (!#%/(0%2! *  ,+(%5 ".)!3+.' +*
0$! ,.+0!0%+* *  ,.+)+0%+* +" 3+)!*Q/ .%#$0/H 0$!.! )5
*+0 !  *!!  "+. 0$! +1*0.5 0+ 1* !.#+  +)!/0%0%+*
,.+!//H10.0$!.H0$!!*!"%0* 2(1!+"0$!.+0++((%!/
%* 0$! !""+.0/ 0+ ,+,1(.%6! %0/ !4%/0!*! *  ,.+)+0! %0/
%),(!)!*00%+*K




+10$ ".% .0%"%!  0$! ,10+ .+0++( +* 0$! ci0$ +"
!!)!.dbbf*  !,+/%0! %0/
*/0.1)!*0+"0%"%0%+*
3%0$ 0$! $%.,!./+* +" 0$! ".%* *%+* +))%//%+* +*
cf0$ *1.5dbbgdejK00$!0%)!+".0%"%0%+*H+10$".%
) !0$.!!.!/!.20%+*/* 03+%*0!.,.!00%2! !(.0%+*/
0+0$!.+0++(K$!.!/!.20%+*/3!.!!*0!.! 3%0$.!/,!0
0+.0%(!fW&X3$%$ !(/3%0$0$!%),+/%0%+*+"0$! !0$
,!*(05 +* ,.!#**0 *  *1./%*# )+0$!./ !1/! %0 $/
!!* +(%/$!  %* 0$! +1*0.5I .0%(! h W X +* 0$!
.!#%/0.0%+* +" 1/0+).5 )..%#!/ !1/! 0$! *0%+*(
(3/ (.! 5 ,.+2% ! "+. /1$ .!#%/0.0%+* %* +. !. "+. 0$!
)..%#!/ 0+ ! .!+#*%6! I .0%(! h W$X 3$%$ +*"!./
!-1(%05!03!!*0$!)** 0$!3%"!3$!.!0$!*0%+*(%05
+"0$!%.$%( .!*%/+*!.*! H+10$".%+*/% !./0$0%0/
*0%+*( (3/ +* %0%6!*/$%, .! )+.!  2*0#!+1/ "+. 0$!
$%( .!*0$*0$%/,.+2%/%+*+"0$!.+0++(K+10$".%(/+
) ! %*0!.,.!00%2! !(.0%+*/ 0+ .0%(! cW"X 3$%$
!"%*!/ P %/.%)%*0%+* #%*/0 3+)!*Q *  .0%(! ec 0$0
!(/ 3%0$ 0$! -1!/0%+* +" 3$!0$!. 0$! +10$ ".%*
+*/0%010%+*+""!./)+.!"2+1.(!$1)*.%#$0/,.+0!0%+*
0$* 0$! .+0++(dekK .0%(! ecH 3/ (/+ %*0!.,.!0!  %* 
)**!. 0$0 3+1(  ,.!(1 ! 0$! 2%+(0%+* 5 0$! *0%+*(
(3/ +" 0$! .%#$0/ #1.*0!!  %* 0$! .+0++(Kdfb.#1(5H
0$!/! .!/!.20%+*/ *  %*0!.,.!00%2! !(.0%+*/ $2! *+0
%* *5 35 1* !.)%*!  0$! !*&+5)!*0 5 +10$ ".%*
3+)!* +" 0$! .!(!2*0 .%#$0/ *  ".!! +)/ #1.*0!!  %*
0$! .+0++(K  * 0$! +*0..5H 0$!5 +""!. )+.! "2+1.(!
+* %0%+*/"+.0$!!*&+5)!*0+"0$+/!.%#$0/* ".!! +)/K



O
*!  /00! $/ .0%"%!  0$! 0.!05H 0$! *!40 /0#! %/ 0+
!*/1.! 0$0 0$0 0.!05 %/ +)!/0%0!  %*0+ )1*%%,( +.
*0%+*( (3K +)!/0%0%+* .!"!./ 0+ 0$! ,.+!// +"
0.*/"+.)%*# +. %*+.,+.0%*# %*0!.*0%+*( (3/ %*0+
*0%+*( (!#( /5/0!)/K
* 0$! +10$ ".%* +*0!40H 0$!
+*/0%010%+* ,.+2% !/ /+)! #1% *! %* 1* !./0* %*# 0$!
.+(! +" %*0!.*0%+*( (3 *  0$! 35/ %* 3$%$ %0 * * 
/$+1( !%),(!)!*0! K!0%+*decWfX,.+2% !/0$0J
?' "'-+'-"('%  +&'- (&, %0 "' -! ).%"
0!'"-",'-"'-(%02'-"('%% ",%-"('7.-,%;
1.-"'  )+(/","(' ( '  +&'- -!- !, ' ))+(/
2 +%"&'- ", "' -! ).%" .'%,, "- ", "'(',",-'- 0"-!
-!(',-"-.-"('(+'-(+%"&'-@9LNK
. %*.%(5H+10$".%3+1( !.!-1%.! 0+ +)!/0%0!
0.!05 /1$ / 0$! ,10+ .+0++( !1/! %0 %/ *+0  /!("M
!4!10%*# 0.!05K +3!2!.H #%2!* 0$0 %* )*5 %*/0*!/H
+10$ ".%Q/ (!#%/(0%2! *  ,+(%5 ".)!3+.' !4!! / 0$!
,.+2%/%+*/ (%  +10 %* 0$! .+0++(H 0$! *!!//%05 +" %0/
+)!/0%0%+* !+)!/ !0(!K $! +10$ ".%*
+*/0%010%+*.!+#*%6!/H,.+)+0!/* ,.+0!0/3% !.*#!
+" $1)* *  3+)!*Q/ .%#$0/K $%/ +1,(!  3%0$ *
!40!*/%2! *0%+*( (!#( ".)!3+.' +" (3/ *  ,+(%%!/
%)!  0 ,.+)+0%*# 3+)!*Q/ 10+*+)5H 0$!%. ,+(%0%(
,.0%%,0%+*H *  !""+.0/ 0+3. / #!* !. !-1(%05 "1.0$!.
-1!/0%+*/ 0$! (!#%0%)5 *  +/0 !*!"%0 +" +)!/0%0%*#
0$! .+0++(K +/0 +" 0$! ,.+2%/%+*/ +" 0$! ,10+ .+0++(
+..!/,+* 0+0$!,.+2%/%+*/+"0$!%((+"%#$0/%*0$!+10$
".%* +*/0%010%+*K +. !4),(!H 3$%(! 0$! .+0++(
%),+/!/+(%#0%+*/+*)!)!./00!/R0+!*/1.!)4%)1)
,.+0!0%+* +" 3+)!*Q/ .%#$0/H ,.!2!*0 %/.%)%*0%+* * 
1* !.0'!)!/1.!/0+!*/1.!3+)!*.!#%2!*,,.+,.%0!
/,! "+. !2!(+,)!*0H !-1( +,,+.01*%0%!/ *  "1((
,.+0!0%+* +" /+%(H !+*+)% *  %2%( .%#$0/HS dfd +* 0$!
+0$!. $*  0$! %(( +" .%#$0/H %*  %0%+* 0+ 0$! "1(( .*#! +"
.%#$0/ ,.+2% !  "+.H (/+ %*(1 !/ /!0%+*/ 0$0 .! !/%#*! 
/,!%"%((50+,.+0!00$!.%#$0/+"3+)!*K
*"0H%0$/!!*
.#1! 0$0%0%/0$!%*0.+ 10%+*+"0$!%((+"%#$0/0$0(! 
0+0$!"+.)(.!+#*%0%+*+"3+)!*/!-1(%0%6!*/%*+10$
".%Kdfe
+.! /,!%"%((5H 0$! ,.+2%/%+* +* !-1(%05 /0%,1(0!/ 0$0
R!2!.5+*! %/ !-1( !"+.! 0$! (3 *  )5 *+0 !
%/.%)%*0!  #%*/0SI *  "1.0$!. ,.+2% !/ 0$0
R""%.)0%2!0%+** "%. %/.%)%*0%+*.!((+3! SdffK

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




$!+*!,0+"!-1(%05%/(/+"%.)(5!*0.!*$! %*0$!2(1!
/5/0!) +" 0$! +1*0.5 / /!0 +10 %* $,0!. c +" 0$!
+*/0%010%+*HR0$! !)+.0%/00!%/"+1* ! +*0$!2(1!/
+"$1)* %#*%05H$%!2!)!*0+"!-1(%05*  2*!)!*0
+" $1)* .%#$0/ *  ".!! +)/I *  *+*M.%/) *  *+*M
/!4%/)KSdfg
+10$ ".%Q/ +*/0%010%+*( ,.+2%/%+* %/ "1.0$!. .!%*"+.! 
5 /,!%"% +(%#0%+*/ 1* !. 0$! .+)+0%+* +" -1(%05 * 
.!2!*0%+* +" *"%. %/.%)%*0%+* 0 +" dbbbKdfh$%/ 0
,.+,+/!/ 0$! /!00%*# 1, +" ,!%(%/0 -1(%05 +1.0/ 3$%$
"+1/+* %/.%)%*0%+*/!/K$%(!0$!0%+*( 10%+*
+(%5 0 WckkhX ,.+2% !/  ".)!3+.' 0+ $%!2! !-1(%05
%* 0!.)/ +" !// 0+ ! 10%+*H 3%0$ 0$! 1.0$!.  10%+*
* .%*%*#0WckkjX/!00%*#0$!/%/"+.!-1(!//0+
"1.0$!. ! 10%+* "+. ).#%*(%/!  ,!./+*/H %*(1 %*#
3+)!*K %0%+*((5H0$!0%+*( !(0$0dbbf,.+)+0!/
!-1( !// 0+ $!(0$ .! *  #!* !.M/!*/%0%2! )!/1.!/
3%0$.!#. /0+,.%25*  %#*%05%*0$!$!(0$.!/!0+.K
%*((5H 0$! ),(+5)!*0 -1%05 0 !*/1.!/ * !-1(
!*&+5)!*0+"0$!.%#$00+3+.'Kdfi
 ! 0+0$%/H0$!+10$".%*0%+*(+(%5.)!3+.'
"+. +)!*Q/ ),+3!.)!*0 *  !* !. -1(%05 WdbbbX
(/+ ,.+2% !/ "+. 0$! !/0(%/$)!*0 +"  +),.!$!*/%2!
0%+*( !* !. $%*!.5 WX *  0$! (+0%+* +"
!* !. +( +%*0/ %* *0%+*( !,.0)!*0/ / 0$!
+,!.0%+*( .) +" +2!.*)!*0 0+ .%2! 0$! #!* !. #!* 
%*0$!+1*0.5K$!+(%5(/+,.+2% !/"+.0$!++. %*0%+*
+"0$!/!/0.101.!/K
*0$%/.!#. H++. %*0%+*)!$*%/)
"+. 0$!  3/ !/0(%/$!  %* dbbcK %*! dbbdH 0$!
)!$*%/) )!!0/ ".!-1!*0(5H 05,%((5 +*! %* 03+ )+*0$/H
0+!2(10!0$!,.+#.!//%*$%!2%*#!-1(%05"+.3+)!*%*
(( /,$!.!/ +" (%"!K 0$!. %* !,!* !*0 + %!/ +*/0%010! *
%),+.0*0+),+*!*0+"0$!K$!/!%*/0%010%+*/%*(1 !
0$! &1 %%.5H 0$! +))%//%+* "+. !* !. -1(%05 WH
!* !. +))%//%+*XH *  0$! +10$ ".%* 1)* %#$0/
+))%//%+* W H 1)* %#$0/ +))%//%+*XK %0$%*
0$! 1 %%.5H 0$! -1(%05 +1.0/ .! ,.0%1(.(5 )* 0! 
0+ .!//%//1!/.!(0! 0+ %/.%)%*0%+*%*(1 %*##!* !.
%/.%)%*0%+*K
0 (/+ ,.+2% !/ "+. 0$! !/0(%/$)!*0 +" 
+))%//%+*+*!* !.-1(%05H3$%$%/* 2%/+.5+ 5H
3$%$ )+*%0+./ *  !2(10!/ #+2!.*)!*0 )!/1.!/ 0+
!*/1.!0$0#!* !.!-1(%05%/,.+0!0! * ,.+)+0! Kdfj
+*/!-1!*0(5H %* (%#$0 +" 0$! +1*0.5Q/ +),.!$!*/%2!
(!#%/(0%2! *  ,+(%5 ".)!3+.' "+. .!/,+* %*# 0+ %//1!/
.!(0%*# 0+ !-1(%05H %/.%)%*0%+* #%*/0 3+)!*H 2%+(!*!
#%*/0 3+)!* *  /!41( +""!*!/H %0 $/ !!* .#1!  0$0
0$!.+0++()5*+0+""!.)1$%*0$!35+"%),.+2!)!*0
"+.+10$".%Q/(!#%/(0%2!* ,+(%5".)!3+.'Kdfk
* !! H
#%2!* 0$0 0$! +1*0.5Q/ (!#%/(0%+* *  ,+(%%!/ (.! 5
.!"(!00$!,.+2%/%+*/%*0$!,10+.+0++(H* %*)+/0
kg

%*/0*!/H.!!2!*)+.!,.+#.!//%2!H0$%/,,!..#1!/0$0
%0 3%(( 0$1/ *+0 ! *!!//.5 +. !2!* 1/!"1( 0+ +)!/0%0!
0$! .+0++(K 0$!.H 0$! .+0++( $+( / )+.! ,!./1/%2!
2(1!0++10$".%,.+2% %*#0$!)%*%)1)/0* . /* 
".)!3+.' "+. 0$! ,.+0!0%+* *  ,.+)+0%+* +* 3+)!*Q/
.%#$0/%*0$!+1*0.5K+.!/,!%"%((5H0$!.+0++($/0$!
,+0!*0%( +" +*0.%10%*# 0+ 0$! !*$*!)!*0 +" ,+(%5
!2!(+,)!*0 %* .!/ /1$ / $.)"1( 0. %0%+*( ,.0%!/H
*  !!,!*%*# %/1//%+*/.+1* 0$!%),(%0%+*/+"(%2%*#
 ,+/%0%2! 1(01.( (%"!K  %0%+*((5H 0$! .+0++( /!.2!/ 0+
,.+2% !  P#!*0(! .!)%* !.Q 0+ %),.+2! +10$ ".%Q/ 0.'
.!+.  +* /(+3 *  1*!2!* %),(!)!*00%+* +" (!#%/(0%+*H
,+(%%!/* ,.+#.))!/Kdgb

 
J    
+((+3%*# +)!/0%0%+*H 0$! /00! ,.05 0+ 0$! 0.!05 )1/0
0$!*!#%*0$!,.+!//+"%),(!)!*00%+*M0.*/(0%*#,+(%5
%*0+ ,.0%! "+. 0$! !*!"%0 +" 0$! 3+)* +* 0$! #.+1* K
/!  +* 0$! //1),0%+* 0$0H 5 2%.01! +" %0/ .!(0%2!(5
,.+#.!//%2! (!#%/(0%+* *  +*/0%010%+*H +10$ ".% $/
/+)!3$0 #%2!* !""!0 0+ *  5 !"1(0 ) ! !""+.0/
0+3. / %),(!)!*0%*# 0$! .+0++(H 3! *!!  0+ %*0!..+#0!
0$! !40!*0 0+ 3$%$ 0$%/ $/ !!* !""!0%2!K
* !! H 0$%/ %/
3$!.! 0$! .!( $((!*#!/ (%!K %*! 5!./ $2! ,//!  /%*!
0$! .0%"%0%+* +" 0$! .+0++(H 5!0 3+)!* %* +10$ ".%
/0%(( +*0%*1! 0+ "! 0$! /)! $((!*#!/ 3%0$ 2!.5 (%00(!
.!+1./!"+.0%+*K+.,1.,+/!/+"0$%/,,!.H+*(5.0%(!f
+" 0$! .+0++( W.!(0%*# 0+ 2%+(!*! #%*/0 3+)!*X 3%(( !
+*/% !.!  %* +. !. 0+ /!.0%* 0$! !40!*0 0+ 3$%$
%),(!)!*00%+*$/!!*$%!2! K
!*!! 0+.!(%/!0$03$%(!0$!+10$".%*+*/0%010%+*
,(5/  $1#! .+(! %* + %"5%*# #!* !. .%#$0/H 0$%/ %/ &1/0 0$!
/0.0%*# ,+%*0K $! /%#*%*# *  .0%"%0%+* +" ,.+0++(/ * 
0$! !*0%*# +" (3/ (+*! %/ $. (5 !*+1#$ 0+ $%!2!
0.*/"+.)0%+** ,+/%0%2!$*#!/"+.3+)!*K$!/0.'

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




.!(%05%/0$0 !/,%0!0$!.!)+2(+" %/.%)%*0+.5(3/* 


,+(%%!/H ,0.%.$5 $/ !+)! /+ 3!(( ,!."!0!  %* +1.
/+%!0%!/ 0$0 3+)!* .! 1*(! 0+ %))! %0!(5 !*&+5 0$!
!*!"%0/ !1/! 0$! ,.!//1.!/ +" /+%!05 !)*  0$0
3+)!* .!)%* %* * %*"!.%+. ,+/%0%+* 0+ )!*dgcK $!.! %/
0$!.!"+.!  *!!  0+ %*/0%010%+*(%/! !)+.0% *+.)/ +"
3+)!*Q/ !-1(%05H 10+*+)5 *  ".!! +) %* /+%!05K $%/
)!*/0$00$!,.%*%,(!/* 2(1!/!*0.!*$! %*(3/* 
,+(%5 )1/0 ! 0.*/(0!  %*0+ 0$! ,.%20! /,$!.!/ +"
3+)!*Q/ (%2!/K  +2!.*)!*0 *!! / 0+ !/%#*  #!* !.! 
,,.+$ 0+  .!//%*# 0$! /% %//1!/ +" ,+2!.05 %" 0$!
.!/1(0/ +" +/0(5 (!#%/(0%2! .!"+.) ,.+!//!/ .! 0+ !
!*&+5! dgdK
.0%(! f +" 0$! .+0++( )* 0!/ /00!/ 0+ !*0 * 
!*"+.! (3/ 0$0 ,.+$%%0 (( "+.)/ +" 2%+(!*! #%*/0
3+)!* %* ,.%20! +. ,1(% (%"!K %+(!*! $/ !!* "+1*  0+
%*.!/! 3+)!*Q/ 21(*!.%(%05 0+
 %*"!0%+* *  +10$
".%$/+*!+"0$!$%#$!/0.0!/+"#!* !.M/! 2%+(!*!
.!,+.0!  +3%*# 0+ 2.%+1/ "0+./ %*(1 %*# * %*!""!0%2!
.%)%*(&1/0%!/5/0!)Kdge
+10$ ".% $/ 1* !.0'!* (!#( .!"+.) 0+ ,.+2% !
,.+0!0%+** /1,,+.0/!.2%!/"+./1.2%2+./* 2%0%)/+"
/!41(+""!*!/*  +)!/0%2%+(!*!K.!/0$0$2!!!*
/0.!*#0$!*!  %*(1 ! /!*0!*%*# *  2%0%) !),+3!.)!*0K
0*+,!.0%+*((!2!(H)1(0%M/!0+.%(%*0!#.0! ,,.+$
"+1/!/ +* ,.!2!*0%+*H .!,+.0%*#H 0.*/"+.)0%+* +" 0$!
.%)%*( &1/0%! /5/0!)H *  "/0M0.'%*# !""!0%2!
,.+!//%*# +" /!/K  1.0$!.H 2%0%) /1,,+.0 /!.2%!/ $2!
!!* /0.!*#0$!*!  0$.+1#$ 0$! !2!(+,)!*0 +"  !.2%!
$.0!. "+. %0%)/ +" .%)!K * *0%M.,! /0.0!#5 $/ (/+
!!* !2!(+,! H 3%0$ #1% !(%*!/ "+. /!.2%! ,.+2% !./ /1$
/ 0$! ,+(%! *  $!(0$M.! 3+.'!./K $!.! .! (/+ 03+
*0%+*( ,.!2!*0%+* *  3.!*!//M.%/%*# ),%#*/J 0$!
ehg50%+*(*0+* !* !.%+(!*!* 0$!ch5/
+"0%2%/)),%#*K
+3!2!.H !/,%0! 0$! ,,.!*0 #++  ,+(%5 *  (!#%/(0%2!
".)!3+.'H *  0$! "0 0$0 0$! +*/0%010%+*( +1.0 $/
,.+2% !  ),(! #1% *! 0+ 0$! /00! *  (.%"%!  0$!
+*0!*0+"3+)!*Q/.%#$0//!*0.!*$! %*0$!+*/0%010%+*H
2%+(!*! #%*/0 3+)!* %* +10$ ".% +*0%*1!/ 1*0! 
*  ,!.,!0.0+./ +*0%*1! 0+ !*&+5 3% !/,.!  %),1*%05K
1.0$!.H *1)!.+1/ ,%!!/ +" (!#%/(0%+* *  ,+(%%!/ $2!
!!*
!2!(+,!  *   +,0! H 5!0
!/,%0! 0$!/!
!2!(+,)!*0/H 0$! "+((+3%*# $((!*#!/ W0$+1#$ *+0
!4$1/0%2!X.!%),+.0*00+*+0!J

   
  

 





kh

+10$ ".% $/ /+1#$0 0+ !2!(+,  +),.!$!*/%2!


.!/,+*/! 0+  0$0 %*(1 !/ (!#%/(0%+*H ,1(% 3.!*!//
,.+#.))!/ *  /$!(0!./ "+. 1/!  3+)!*K +3!2!.H
)*53+)!*.!)%*0.%/'%*+10$".%H3$%$$/+*!+"
0$! $%#$!/0 #(+( .0!/ +" K ""%%( /00%/0%/ .!
1*.!(%(! 1! 0+ 1* !.M.!,+.0%*#H +..1,0%+* *  (' +"
%/##.!#0%+*K 2!* %" +*! 1/!/ +*(5 0$! +""%%( /00%/0%/H
0$!.! %/ *+ +10 0$0 0$! .0! +" 2%+(!*! #%*/0 3+)!*
.!)%*/!40.!)!(5$%#$K+10$".%*+(%!!.2%!/WX
/00%/0%/"+..!,+.0! .,!3!.!hkHcci%*dbbfTgHhjHbih%*
dbbgThHhgHdbc%*dbbhTiHheHjcj%*dbbiTjH* icHgbb%*
dbbjTkKdgf
!#%/(0%2!* ,+(%5".)!3+.'
.' "' 1",-"'  % ",%-"('J %* 0$!+.5H 0$! +)!/0%
%+(!*! 0 %/ %* !!   ,.+#.!//%2! ,%!! +" (!#%/(0%+*K
+3!2!.%0 +!/$2!/+)!(++,$+(!//%0"%(/0+0'!%*0+
+1*0 $+3 2%+(!*!H ,+2!.05 * 
 *  
 .!(0!
.+// /!0+./ +" /+%!05K
0 +!/ *+0 )'! .!"!.!*! 0+

T
 *53$!.! %* 0$! 0!40 !/,%0! 0$! "0 0$0 0$!
)&+.%05 +" 3+)!* ""!0!  *  %*"!0!  5
T
 (/+
!4,!.%!*! +)!/0%2%+(!*!K*+0$!.!4),(!%/0$!/%(!*!
%* .!/,!0 0+ !(5/ %* .%)%*( 0.%(/ *  %0/ %),0 +*
+),(%**0/I 0$! .%)%*( .+! 1.! 0 +*(5 ,.+0!0/ 0$!
.%#$0/+"0$!1/! 0+/,!! 50.%(dggK
 





  
 
M

 
!/,%0! 0$! ,//%*# +" 0$! )%*%)1) /!*0!*%*# (!#%/(0%+*H
+1.0/ +*0%*1! 0+ %/.!#.  0$! )%*%)1) /!*0!*%*#
,.%*%,(!/ *  +*0%*1! 0+ #%2! +10 (!*%!*0 /!*0!*!/K *!
/1$ !4),(! %/ 0$! /! +" +(!"!H  +*2%0!  .,%/0 3$+
3/ #%2!*  /!*0!*! +" +*(5 "+1. 5!./ %*/0!  +" 0$!
,.!/.%!  (%"! /!*0!*! !1/! $! 3/  R3!(( ! 10! 
)*S* 0$!+),(%**03/R#.+3*1,3+)*SKdgh$!
+1.0 "%(!  0+ 0'! %*0+ +*/% !.0%+* 0$0 +(!"! 3/ (/+
"%*#$.#!/+"/!41((5//1(0%*#ce+0$!.3+)!*K


 

 
 
 
 

$! !41( ""!*!/ 0 ,.+2% !/ "+. /1.2%2+./ 0+ #%2! 0$!%.
/00!)!*0/ 0+ "!)(! ,+(%! +""%!./H %* ,.0%! 0$%/ +"0!*
.!/1(0/ %* !(5/ 3$%(! /1.2%2+./ 3%0 "+. "!)(! +""%!./ 0+
!((! 0+0'!0$!/00!)!*0/I/01 5+* 10! %*dbbg
"+1*  0$0 *+ /,!%"% 1 #!0
! %0!  0+ %0/
%),(!)!*00%+* *  0$0 ((+0%+*/ 3!.! +*(5 "+.  M$+
+*! +"" ,.+&!0/ "+. 0.%*%*# *  ,1(%%05 .+1*  0$!
+)!/0%%+(!*!0* 0$00$!/!"1* /3!.!,.+2% ! 

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




5 %*0!.*0%+*( +*+./ .0$!. 0$* 0$! 00! W+( )*


1 (!* !.HckkkI !00!* *  $*H dbbdXK 1.0$!.)+.!
!/,%0! 0$! 00!Q/ .!(%*! +* %2%( /+%!05 +.#*%60%+*/ 0+
,.+2% ! /!.2%!/ 0+ /1.2%2+./ +" 2%+(!*!H %0 "%(/ 0+
 !-10!(5 .!/+1.! 0$!/! +.#*%60%+*/K %0$+10 0$! /
*  +))1*%05M/!  +.#*%/0%+*/H 3+)!* !4,!.%!*%*#
#!* !.M/! 2%+(!*!3+1( $2!2!.5"!3+,0%+*/K1* %*#
5 #+2!.*)!*0 %/ 2!.5 %""%1(0 0+ !// !/,%0! %0 !%*#
2%((!K *5 +.#*%/0%+*/ *!!  "1* %*# / 0$!5 ,.+2% !
/!.2%!/ /1$ / /$!(0!./ +. +1.0 ,.+#.))!/H 3$%$ .!
!//!*0%((5#+2!.*)!*0"1*0%+*/K

0$!/!!*0.!/0$+$+5* +1* 0(6W"+.!4),(!X*


+*(5 #+ $!  3%0$ +*+. "1* %*#K  *+0$!. !4),(! %/ ((
0.%*%*# %* /1,,+.0 +" 0$! !/0(%/$)!*0 +" 0$! /!41(
+""!*!/ +1.0/H 0$0 .! * %*0!#.( ,.0 +" 0$! +*!M/0+,
!*0.! +*!,0H %/ 1..!*0(5 "1* !  5 %*0!.*0%+*( +*+./
/1$/0$!* %* %#$+))%//%+*cjK+)!*%*!)%/
3$+)'!1/!+"0$!$10$16!(!*0.!/$2!.!2!(! 0$0
%* )+/0 %*/0*!/ 0$! 3+)!* .! *+0 "1((5 %*"+.)!  +" 0$!
,.+!// .!(0%*# 0+ )! %(!4)%*0%+*H %* /+)! %*/0*!/
.!!%2!*+0.!0)!*00((H* +),(%*+"0$!%*/!*/%0%2%05
+"0$!)! %(,!./+**!(H$!*!/!+* .52%0%)%60%+*5
#+2!.*)!*0%*/0%010%+*Kdgi

),(!)!*00%+*+"(3/* ,+(%%!/
+10$ ".% %/ #.!0(5 $((!*#!  5 * ,,.!*0 (' +"
,+(%0%( 3%(( 0+ %),(!)!*0 (3/ 0$0 $2! !!* !/%#*!  0+
,.+0!0 3+)!* ".+) 2%+(!*! *  %/.%)%*0%+*K  .!!*0
/01 5 +))%//%+*!  5 0$! !,.0)!*0 +" 1/0%! +*

),(!)!*00%+* +" 0$! +)!/0% %+(!*! 0 !)+*/0.0!/


0$! $1#! #,/ !03!!* 0$!+.5 *  ,.0%!K *! /1$
!4),(! %/ +2!.*)!*0 "1* %*# "+. 0$! !/0(%/$)!*0 * 
+,!.0%+*+"$10$16!(.!!*0.!//"(#/$%,.!/,+*/!
0+ 0$! *!!  "+. +*!M/0+, /!.2%!/ "+. /1.2%2+./ +" 2%+(!*!K
+3!2!.H"1* %*#$/!!*)%*%)(K$!!/0(%/$)!*0+"

 

00! .!/,+*/! 0+ &1/0%! %/ #.+//(5 %*!""%%!*0 *  1/!/
"1.0$!.2%0%)%60%+*+"/1.2%2+./+"/!41(2%+(!*!H3$%$%*
01.*.!0!/..%!.0+!//0+&1/0%!K$%/%/+*!+"0$!
.!/+*/ "+. (+3 .!,+.0%*# .0!/ *  +*/!-1!*0(5 "1.0$!.
%*,,.+,.%0! !2!(+,)!*0 +" /0.101.!/ *  %*/0%010%+*/ 0+
.!/,+* 0+/!41(2%+(!*!K%#1.!c%/(!.%((1/0.0%+*+"
#.+// !(5/* ,++..!/,+*/!/+"0$!&1 %%(/5/0!)3$!.!
,,.+,.%0!*!// *  ,+(%0%( 3%(( %/ (!"0 0+ %**+20%2! * 
/1/0%*! !*##!)!*0+"%2%(/+%!05K$%/%/%*(%#$0+"0$!
"0 0$0 %2%( /+%!05 "1* %*# 5 #+2!.*)!*0 %/ )%*%)1)K


/-.#&3
15%/%3!3/#*#.,! %*dbbg* "%(! $.#!/#%*/0!%#$0)!*K1!0+0$!!,.0)!*0+" 1/0%!*!#(%#!*!I(+//+"$!.
+""%%(/00!)!*0* 0.*/.%,0/".+)0$!%($!.%*#H%*dbbh$!./!3//0.1'+""0$!+1.0.+((* 0$!)!*3!.!.!(!/! 
3%0$+100.%(K+(%0%+*+"/Q),%#*J*!%*%*!),%#*/H0$!!,.0)!*0+" 1/0%!* 0%+*(.+/!10%*#10$+.%05
'*+3(! #! 0$!*!#(%#!*!* .!%*/00! 0$!/!K +3!2!.H0$%/3/3%0$+10.!M..!/0%*#+"0$!1/! K1.%*#0$!,!.%+ 
".+)dbbg0+dbbk0$!/!$/!!*/0.1'".+)0$!.+((03%!H,+/0,+*! )+.!0$*03!*05M03+0%)!/+3%*#0+/!2!.(.!/+*/
.*#%*#".+)/!*!+"1/! H !"!*!+1*/!(H&1 #!/H* )%//%*#+1.0 +1)!*0/K2!*01((50.%( 0!3//!0"+.dc/0+"
,.%(dbbk* 0$!1/! 3!.!+*/!-1!*0(5"+1* #1%(05* /!*0!*! %*!,0!)!.dbbkK$!0.2!/053/0$015%/%3!$ 
0+3%0"+1.5!./!"+.!&1/0%!3//!.2! K
c%*k),%#*dbbk




 

 


$! .%)%*( &1/0%! /5/0!) %* +10$ ".% "%(/ 0+ .!/,+* 
 !-10!(5 0+ %*% !*0/ +" 2%+(!*! #%*/0 3+)!*K $!
/5/0!),(!/)+.!2(1!* +*/% !.0%+*+*0$!.%#$0/+"
0$!1/! %* %.!0+*"(%03%0$0$!.%#$0/+"0$!/1.2%2+.K
 .,! /1.2%2+. W1/1((5 3+)!*X #+!/ 0$.+1#$ .%#+.+1/
,.+!//!/0+!//&1/0%!+*(50+$2!0$!1/! .!!%2!
(!*%!*0 /!*0!*!K $! (!#( ,.+!// %* %0/!(" 0!* / 0+ !
0.1)0%"+..,!/1.2%2+./K$!+*/0%010%+*(+1.0%*
(+5%/1))! 1,0$!/%010%+*/"+((+3/IR!
ki

"'-"/',, ( -! +"&"'% #.,-" ,2,-& "' +,,"' 


&"%2 /"(%' "'-',"", -! ,.(+"'-"(' ' !%)%,,',,
(-!/"-"&,9!",%,(,','.'&",-$%&,, -(-!
0!(% ( ,("-2 -!- -! "%2 -+.& ( /,- '.&+, (
0(&'(.'-,(+%"--%9!-++(+",-"('("'"/".%/"-"&,
", -!., (&)(.' 2  ,', -!- (&,-" /"(%' ",
"'/"-%9 --+', ( ,2,-&" !/"(.+ + '(+&%",
+-!+-!'(&-@K
$!.!"+.!H 0$! "%(1.! +" 0$! +2!.*)!*0 0+  .!// 0$!
,.+(!)/+"'(+#*  !(5%*)*5+1.0/5/0!)/+1( 
+*/0%010! !*%(+"!//0+&1/0%!K!/,%0!$2%*#+1.0/

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


0$0 .! /,!%"%((5 !/%#*0!  0+ $* (! /!41( +""!*!
)00!./H)*5.!1* !.M10%(%6! +.$2!!/! 0+"1*0%+*
((0+#!0$!.K(!.(5(3/$2!*+0)*%"!/0! 0$!)/!(2!/%*
/1/0*0%($*#!%*0$!(%2!/+",!+,(!3%0$%*+))1*%0%!/
*  (!#%/(0%+* %/ *+0 !%*# %),(!)!*0!  0 /1""%%!*0 /,!! 
0+ !*/1.! 0$0 0$! .%#$0/ !*/$.%*!  %* 0$! +*/0%010%+*
!+)!.!(%05%*,!+,(!Q/ %(5(%2!/K

*+*(1/%+*H%"3+)!*%*+10$".%.!0+"1((5!*&+50$!
!*!"%0/+"0$!+1*0.5Q/.0%"%0%+*+"0$!,10+.+0++(H
%0 %/ %),+.0*0 0$0 0$!.! ! #.!0!. ,+(%0%( 3%(( * 
!0!.)%*0%+*".+)#+2!.*)!*00+/!!%00+%0/"1((

%),(!)!*00%+*K%2!*0$!+1*0.5Q/!*(%*#(!#%/(0%2!* 
,+(%5 ".)!3+.'H 0$! .+0++( ,.+2% !/ "+.  )%*%)1)
/0* .  *  #!*0(! .!)%* !. 0+ +))%0)!*0/ (.! 5
) !K $! /%#*%*# *  .0%"%0%+* +" %*0!.*0%+*(
%*/0.1)!*0/* 0$!!*0%*#+"*0%+*((3/* ,+(%%!/%/
#++ /0.0%*#,+%*0H5!00$0(+*!%/*+0!*+1#$K+)!*%*
+10$ ".% *!!  )1$ )+.! 0$* .%#$0/ 3.%00!* +* ,,!.
*  /0+.!  %* 1,+. /K $! ,.0%( %),(!)!*00%+* +"
0$!/! .%#$0/ %/ %* !!  +" )1$ 1.#!*5 %" 3+)!* %* +10$
".% .! 0+ "1((5 !*&+5 0$!%. .%#$0/H !/,!%((5 3%0$ .!/,!0
0+2%+(!*!#%*/03+)!*K


kj

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#





 



  J 


#-&)'(#( ,#E
F


$! .+0++( +* 0$! %#$0/ +" +)!* %*(1 !/ /,!%"%
,.+2%/%+*/ +* 0$! .%#$0/ +" 3+)!* 3%0$ %/%(%0%!/K .0%(!
de+"0$!.+0++(!(+.0!/00!/.0%!/Q.!/,+*/%%(%050+
,.+2% ! /,!%( ,.+0!0%+* 0+ /1$ 3+)!*H %*(1 %*# 0'%*#
)!/1.!/ 0+ R"%(%00! 0$!%. !// 0+ !),(+5)!*0H
,.+"!//%+*( *  2+0%+*( 0.%*%*# / 3!(( / 0$!%.
,.0%%,0%+*%* !%/%+*M)'%*#S/3!((/0+,.+0!00$!)
".+) 2%+(!*! *  %/.%)%*0%+*K %)3! .0%"%!  0$!
.+0++(%*!,0!)!.dbbjK%*!0$!*H%)3!$/) !
/+)!,.+#.!//%*0$!%),(!)!*00%+*+"0$!.+0++(K
+)!*.!$1)*!%*#/* 0$!5.!!*0%0(! 0+((.%#$0/
/,.!/.%! %*0$!*%2!./(!(.0%+*+" 1)*%#$0/K
$!/! %*(1 ! )+*# +0$!./H .%#$0 0+ ,.0%%,0!H .%#$0 0+
! 10%+*H .%#$0 0+ $!(0$H .%#$0 0+ ,.+0!0%+*H .%#$0 0+ (+2!
* "+1* ")%(5K
*%)3!H/+)!+"0$!/!.%#$0/$2!
!!* ,.+)+0! H 10 0+  (!//!. !40!*0K +)! +" 0$!
$%* .*!/)5!.++0! %*1(01.('#.+1* /K
*!.(%!.
5!./H  #%.( $%( Q/ *!! / 3+1(  ! /.%"%!  +2!.  +5
$%( H *  0$%/ 3+1(  .!/1(0 %*  #%.( $%(  *+0 00!* %*#
/$++(!5+* 0$!,.%).5(!2!(K
*! +/!.2!/ 0$0H  #%.( $%(  3%0$  %/%(%05 3/ * 
+*0%*1!/0+!3+./!+""0$*+0$!.$%( .!*K%./0H"+.!%*#
*".%*#%.(* H/!+* (5H"+.$2%*# %/%(%05U0$%/%/
+1(! $((!*#! "+. $!.K ""+.0/ $2! !!* ) ! 5 0$!
+2!.*)!*0 +" %)3! 0+ ,.+)+0! ,!./+*/ 3%0$
%/%(%0%!/0$.+1#$/%#*%*#0$!%*0!.*0%+*(0.!0%!/H100$!
%),(!)!*00%+*%/(%)%0! K


*! .! +" ,.+#.!// %* %)3! %/ %* 0$! gbTgb -1+0
/5/0!)/K (0$+1#$H 0$! /5/0!) %/ .0$!. /(+3H 3+)!* $2!
0'!*1,,+/%0%+*/+"%!.!/% !*0/* /!.2! /!)!./
+" .(%)!*0K +)!* (/+ /!!) 0+ ! #%*%*# !// 0+
!),(+5)!*0* 0$!5.!+1,5%*#)*#!.%(,+/%0%+*//
3!((K+.!4),(!H0$!.!.!.!/!.2! /!0/%*,.(%)!*0!K#K
0$! %! .!/% !*0 /!0K
0 %/ $+,!  0$0 0$%/ %*.!/%*#
.!,.!/!*00%+*+"3+)!*3%((+*0.%10!0+!00!.,.+)+0%+*
*  .!/,!0 "+. 3+)!*Q/ .%#$0/ *  0$0 3+)!* 3%0$
%/%(%0%!/3%(((/+!%*.!/%*#(5.!,.!/!*0! %* !%/%+*M
)'%*#,+/%0%+*/K



kk

%)3!$/)*#! 0+ !2!(+,* 10%+*,+(%5* 


$/ %//!)%*0!  /1/!-1!*0 %.1(./H 3$%$ (!.(5 /00!
0$0 (( $%( .!* $2!  .%#$0 0+ !// ! 10%+*K (0$+1#$
0$! (!2!(/ +" !*.+()!*0 +" #%.(/ *  +5/ )5 2.5H /+)!
,+/%0%2!$*#!/$2!!!**+0! 3$!.!0$!)%* M/!0+"0$!
+))1*%05 $/ /(%#$0(5 $*#!  *  *+3 ,!+,(! #!*!.((5
2%!3! 10%+*/*%),+.0*0"0+."+.+0$/!4!/U1*(%'!
%*0$!!.(%!.5!./3$!.!+5$%( 3/)+.!2(1! 0$*
 #%.( $%( K ""%.)0%2! 0%+* $/ (/+ !!* $!(,"1( %*
!*(%*#  #%.( $%(  0+ .!$ 0!.0%.5 ! 10%+*K $%/ *+3
,10/  #%.( $%(  %*  +),!0%0%2! ,+/%0%+* 3%0$ $!.
+1*0!.,.0H %* 0!.)/ +" ).'!0%*# $!./!(" "+. &+/K $!
/!(!0%+*%/*+33% !.0$*!"+.!K


$! 10%+*,+(%5%/2%0(0++(H10%0 +!/*+00'!%*0+
+#*%6*! +" 0$! "0 0$0 5 0$! 0%)! 0$!/! $%( .!* #+ 0+
/$++(H0$!53+1( $2!(.! 5!!*/+%(%6! %*0+1*!-1(
,+/%0%+*/K +)! /$+(./ $2! "(##!  0$0 #!* !.
%""!.!*!/ .! %*1(0!  %*0+ 0$! $%( .!* 5 0$! #! +"
0$.!!K %0$ 0$%/ %* 2%!3H 0$!.! %/ *!!  "+. 0$!  10%+*
,+(%50+ !2%/!/0.0!#%!/0$0 .!//0$!*+)(5K
$! +2!.*)!*0 +" %)3! $/ (/+ %*0.+ 1!  /%
 10%+* //%/0*! + 1(! WXK $%/ %)/ 0+ ,.+2% !
! 10%+*M.!(0! //%/0*!0+0$!(!// 2*0#! $%( .!*
* %0(!.(5/00!/0$!-1+0/5/0!)+"0$!!*!"%%.%!/K/
 .!/1(0H (!// %/ 2*0#!  $%( .!*H .!#. (!// +" 0$!%. /!4
!*.+(%*/$++(/K
$! ,!%( !! /  10%+* %*%0%0%2! $/ /!!* -1%0! 
*1)!. +" ,!./+*/ 3%0$ %/%(%0%!/H %*(1 %*# #%.(/ * 
3+)!*H!*.+((%*#%*/$++(/K$%/%*%0%0%2!0'!/%*0+

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


+1*0 0$! %""!.!*0 ! 10%+*( *!! / +" ,!+,(! 3%0$
%/%(%0%!/K $%/ $/ (/+ (!  0+ 0$! %*0.+ 10%+* +"
)%*/0.!) /$++(/ 3$!.! %/(!  $%( .!* *  *+*U
%/(!  $%( .!* !*.+( %* +*! /$++(K !/,%0! 0$%/ )+2!H
0$!.! .! #,/ 0$0 *!!  0+ !  .!//!  3$!* %0 +)!/ 0+
)%*/0.!) /$++(/K +)! +" 0$! /$++( "%(%0%!/ .! *+0
%/%(%05".%!* (5* 0$%//0%(($%* !.//+)!+"0$!,!./+*/
3%0$ %/%(%0%!/".+)00!* %*#/$++(K%0$%*0$! %/%(%05
#.+1,/H 0$!.! .! 0$+/! 3$+ 1/! 3$!!($%./ "+. )+%(%05H
+0$!./ 1/! .10$!/H *  /+)! .! 2%/1((5 +. $!.%*#
%),%.! H0+*)!10"!3K
"((+"0$!/!%* %2% 1(/.!%*
+*! (//H 0$!* %0 )!*/ 0$0 0$! /$++( 0!$!./ /$+1(  !
2%((! 3$+ '*+3 $+3 0+ 1/! .%((! *  /%#* (*#1#!H
*  0$0 /$++( 1%( %*#/ +. (//.++)/ .! !//%(! 0+
((+3 %/(!  $%( .!* 0+ )+2! +10 ".!!(5 (%'! *5 +0$!.
$%( .!*K$!0.*/,+.0/5/0!)3$%$0'!/0$!)".+)0$!%.
$+)!/0+/$++(* '3%((*!! 0+! %/%(%05".%!* (5K
$!(!.*%*#)0!.%(/3%(($2!0+!%*!//%(!"+.)0/K
$!  10%+* ,+(%5 %/ #++ H 10 /1$ ,.+2%/%+*/ .! *+0
)!*0%+*! H )'%*# %0 1*(!. $+3 0$!/! %//1!/ 3%(( !
 .!//! K
$!%*0.+ 10%+*+"/0!((%0!/$++(/%*)+/0.1.(.!/%/
#++  !2!(+,)!*0 / 0$%/ $/ /!!* /+)! /$++( $%( .!* %*
.1.( .!/ 0.2!((%*# /$+.0!. %/0*!/ 0+ #!0 0+ /$++(K *
0$! +0$!. $* H /+)! $%( .!* 3%0$ %/%(%0%!/ )5 /0%(( !
""!0! * *+000!* /$++(%"0$!0!..%*%/ /0$%/3%((
%),+/!,$5/%(..%!./0+0$!)K
* .0%(! %* 0$! 1* 5 !3/ +" ec .$ dbce /1##!/0! 
0$0%)3!%//0%(((+*#35".+)!*/1.%*#0$0$%( .!*
3%0$ %/%(%0%!/ .! ! 10! K  $! .0%(! 0('!  +10
%//1!/ +" !//H (' +" 0.%*%*# 0+ !( 3%0$ $%( .!* 3%0$
2.%+1/ %/%(%0%!/ *  0$! *!!  0+ /!*/%0%6! ,.!*0/ +"
$%( .!* 3%0$ %/%(%0%!/ +* 0$! *!!  0+ /!*  0$!%. $%( .!*
0+ /$++(K   10%+* %/ * %),+.0*0 /% 0++(K
0 !*(!/
+*!0+)'!%*"+.)!  !%/%+*/K
0!*(%#$0!*//+)!+*!K10
%"$%( .!*3%0$ %/%(%0%!/.!*+0!//%*#! 10%+*H0$!*
%0!+)!/.!%,!"+. %//0!."+.0$!"101.!K

$! %)3! +2!.*)!*0H 


 *  %*0!.*0%+*(
+*+./ $2! "+.)1(0!   "%2!M5!. ,(* 0%0(!  0$! !(0$
.*/%0%+*1* 0+.! 1!$%#$)0!.*(* $%( )+.0(%05
.0!/K +(%/$%*# $!(0$M.! 1/!. "!!/ %/ +*! +" 0$! ,(*Q/
'!5#+(/K
+((+3%*#0$!"+.)0%+*+"0$!+2!.*)!*0+"0%+*(*%05
%* !.1.5 dbbkH 0$! #+2!.*)!*0 !2!(+,!  0$! 0%+*(
!(0$0.0!#5"+.%)3!K$!(0$M/!0+..!+2!.5,(*
/+1#$0 0+ .!2!./! 0$! !(%*! %* 0$! ,!."+.)*! +" 0$!
+1*0.5\/$!(0$ !(%2!.5/5/0!)H!/,!%((5/%0%),0! +*
1*%2!./( !// 0+ ,.%).5 $!(0$ .! 5 21(*!.(!
,+,1(0%+*/K$!#+(/+"0$!,(*%*(1 ! 0'(%*#(!2!(/+"
$!(0$"%**%*#* 0$1/%),.+2%*#!//0+/%)! %(
!-1%,)!*0 *  !//!*0%( )! %%*!/I 0'%*# /0!,/ 0+ 00.0
*  .!0%* $!(0$ 3+.'!./ %* 0$! ,1(% $!(0$ /!0+.I * 
(5%*# 0$! "+1* 0%+*/ "+. * %*2!/0)!*0 ,+(%5 0+ "1*  0$!
.!$%(%00%+* *  !2!(+,)!*0 +" 0$! $!(0$M/!.2%!/
%*"./0.101.!K
#%* 0$! %//1! +" !//H ,$5/%( *  00%01 %*( ..%!./
$%* !./  3+)* 3%0$  %/%(%05 %* 0$!%. !*&+5)!*0 +"
!//0+$!(0$"%(%0%!/* %*"+.)0%+*K +/,%0(! /.!
0++ $%#$ "+. 0$!) *  $!(0$ )0!.%( %/ *+0 %/%(%05
".%!* (5H )+*# +0$!. $((!*#!/K $+/! 3%0$ 2%/1( * 
$!.%*# %),%.)!*0 "%*  %0 %""%1(0 0+ #!0 //%/0*! /
!4,!0! H3$!*0$!*!! .%/!/K
#*  .!!*0(5 )! 1, 3%0$  +1)!*0.5 +* !4 5
  *+0 5 $+%!K $%/ %/ !%*# /%  5 3+)!* 3%0$
%/%(%0%!/%*.1.(#* K
"0$!5$2!/!45$*!H3$0
+!/ %0 )!* 0+ 0$!%. #!*!.( $!(0$ *  0$!%. .!,.+ 10%2!
$!(0$O
0 )!*/ 0$0 0$!5 .! +* 0$! +00+) +" 0$! ( !.
3$!* %0 +)!/ 0+ *!#+0%0%*# /"! /!4 *  0$%/ )'!/ 0$!)
21(*!.(! 0+
 T 
 .!(0!  %/!/!/K
* 0$! /)!
+1)!*0.5H$!(0$+""%!.+*"%.)! 0$0%0%/ %""%1(00+
,.+2% ! $!(0$ /!.2%!/ 3$!* 3+)!* 3%0$ %/%(%0%!/ 2%/%0
0$! $!(0$ !*0.!/H 1! 0+ ,$5/%( *  +))1*%0%+*
..%!./K

  


 
 
 






+. %*# 0+ 0$! %)3! !(0$ .!,+.0 WdbccXH 0$!


!0!.%+.0%+* %* %)3!Q/ $!(0$M.! /!.2%!/ +%*% ! 
3%0$"((%* !)* "+./!.2%!/H"+((+3%*#0$!%*0.+ 10%+*
+"1/!."!!/K$!/!"!!/H3$%$.!+"0!*,,(%! %** $+
35* /+2.5".+),.+2% !.0+,.+2% !.H0/..%!.0+
/%$!(0$/!.2%!/"+.)*5+"0$!)+/021(*!.(!,!+,(!
%*%)3!K+2!.*)!*0,+(%5%/0+,.+2% !".!!M+"M$.#!
$!(0$/!.2%!/"+.,.!#**0* (00%*#)+0$!./H$%( .!*
1* !."%2!* 0$+/!#! hb5!./* +2!.H100$!,+(%5
$/,.+2! 0+! %""%1(00+%),(!)!*0K

   .!,+.0 !/0%)0!/ 0$0 cgl +" 0$! 3+.(  ,+,1(0%+*


.! ,!./+*/ 3%0$ %/%(%0%!/K $%/ %/  %# +*/0%01!*5K
*
".%H 0$! ,!.!*0#! +1(  !2!* ! $%#$!. 1! 0+ ,+2!.05H
3./*  %/!/!/(%'!
T
K+. %*#0+0$!1..!*0
,+,1(0%+*!*/1/H%0%/.!,+.0! 0$00$!.!.!)+.!3+)!*
%*%)3!0$*)!** ()+/0hbl+"3+)!*/05%*0$!
.1.( .!/K $! /)! )5 ! 0.1! "+. 3+)!* 3%0$
%/%(%0%!/ 3$+ )5 ! )+.! .!/0.%0!  0$* 0$!%.
+1*0!.,.0/K

cbb

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


$%/)!*/0$03+)!*3%0$ %/%(%0%!//$+1( !0.#!0! 
0 (( (!2!(/ *  /,!0/ +" !2!(+,)!*0 %" $*#! %/ 0+ !
00%*! $+(%/0%((5K!0$1/.!+))!* 0$!"+((+3%*#J

cbc

%)3! %/ 1.#!  0+ .0%"5 0$! *%0!  0%+*/


+*2!*0%+* +* 0$! %#$0/ +" !./+*/ 3%0$
%/%(%0%!/ WXK $!  (!.(5
/0.!//!/ 0$! *!!  0+ !),+3!. ,!./+*/ 3%0$
%/%(%0%!/K $! )% #+2!.*)!*0 $/
!/0(%/$! *
* !,!* !*0+*%0+.%*#*%0W
XH
3$%$ )+*%0+./ 0$! %),(!)!*00%+* +" 0$!
K !./+*/ 3%0$ %/%(%0%!/ .! ,.0 +" 0$%/
*%0K $!5 .!,+.0!  ,+/%0%2! ,.+#.!//K dgj

!!  0+ )%*/0.!) #!* !. *  %/%(%05 0 ((
(!2!(/K 
 $/ !2!(+,!   )*1( +* 0$%/K $%/
0.%*%*# )*1( .%*#/ 0+#!0$!. 03+ '!5 %//1!/H
*)!(5H #!* !. *  %/%(%05 M /,!0/ 0$0 $2!H
"+.  (+*# 0%)!H !!* 0.!0!  %* !,!* !*0(5 5
 2+0!/ +" !%0$!. #!* !. +.
%/%(%05
)%*/0.!)%*#K+. %*#(5H0$%/0.%*%*#)*1(%/
* %*/0.1)!*0 "+. ,%05 !2!(+,)!*0 /+ 0$0
,.0%%,*0/ 1/! 0$! #%*!  '*+3(! #! 0+ ,.+)+0!
#!* !. * 
%/%(%05 )%*/0.!)%*# %*
!2!(+,)!*0,.+!//!/K

,.!2!*0%+*/0.0!#5/$+1( (/+0.#!0,!./+*/
3%0$
%/%(%0%!/H !/,!%((5 3+)!* 3%0$
%/%(%0%!/K3.!*!//*!! /0+!.%/! +*/!41(
*!! / +" 3+)!* 3%0$ %/%(%0%!/K $!5 .! *+0
/!41( *  R2%.#%* .,!/S /$+1(  /0+,K %0$ /1$
)50$/H 3+)!* 3%0$
%/%(%0%!/ .! )+.!
21(*!.(!0+
T
K !*!0$!*!! 0+0.#!0
0$!)+*$!(0$.!(0! %//1!/H%*(1 %*#
T
K

* ,.%( dbceH 3*  $!(   *0%+*( 3+.'/$+,


"+1//%*# +* 0$!%.
 ,.!2!*0%+* /0.0!#5H 3$%$
3/ *+0 !*!"%0%*# ,!./+*/ 3%0$ %/%(%0%!/K $!
.!+))!* 0%+*/ ) ! %*(1 !  0$! "+((+3%*#J

$! %*%/0.5 +" !(0$ *  3*  %+)! %(
!*0!. WX /$+1(  !*/1.! "+((+3 1, +*
 / 
%/(%*# %/!/!* 0$!%),0+"0$!/% !!""!0/
+"/3$%$%/.!+. ! /"0+.0$0%*.!/!/
0$!*1)!.+",!+,(!(%2%*#3%0$ %/%(%0%!/I
* 0$!).!((+"!+,(!3%0$%/%(%0%!/%*
0$!%#$0#%*/0
* 
%*3* W X
/$+1(  +* 10  +),.!$!*/%2! //!//)!*0 +*
2%(%(%05 *  !//%%(%05 +"
 *  $!(0$
/!.2%!/5!+,(!%0$%/%(%0%!/W/XI
((
 .! *  0.!0)!*0 0+./ /$+1(  !*/1.!
0$0 0$!
 )%*%)1) ,'#! %/ ) ! !//%(!
0+/I
0!#+.%60%+*+",!./+*/3%0$ %/%(%0%!/H+2!. 1!
/%*!dbcbW+. %*#0+%*%/0!.%(+. !.+"

dbbkX /$+1(  ! 1* !.0'!* 3%0$+10 !(5K $%/


0%2%05H 1* !. 0$! .!/,+*/%%(%05 +" 0$! %*%/0.5 +"
!(0$ *  2.%+1/ ,.0*!./H 3%(( /!.2! / 
"+1* 0%+* "+. 0$! %),(!)!*00%+* +" 2.%+1/
#+2!.*)!*0 ,+(%%!/H / 3!(( / /1,,+.0 0$!
)%*/0.!)%*# +" %/%(%05 %*0+ 0$! ,(**%*#
,.+!//!/ +" 2.%+1/ $!(0$ *  !2!(+,)!*0(
0+./I
.+2%/%+*//$+1( !) !0+2%(/00!1 #!0
((+0%+*0$0*$!(,0+/!.2!/""!0! * 
%*"!0! 5
B
I
/01 5+*0$!.!(0%+*/$%,!03!!*!##%*#* 
0$!.%/'/+"%*"!0%+*3%0$
/$+1( !+* 10! I

+((+.0%+*3%0$%/(! !+,(!Q/.#*%/0%+*/
* !*##%*#3%0$,!./+*/3%0$ %/%(%0%!/
0$!)/!(2!/%/'!5"+. !2!(+,)!*0K$%/,,.+$
3%((!*(!((+*!.*! 0+!3.!+" %""!.!*0
*!! /+"3+)!*3%0$ %/%(%0%!/K$%/3%((0$!*
%*"+.) !%/%+*)'!./0++)!1,3%0$
,.+#.))!/* 1 #!0/0$0.! %/%(%05
".%!* (5K



Q 

* +*! +" %0/ ,.+&!0/H 


 3/ %)%*# 0+ (+5 "+. 0$!
+)!/0%0%+* +" 0$! *%0!  0%+*/ +*2!*0%+* +* 0$!
%#$0/ +" !./+*/ 3%0$ %/%(%0%!/ *   dH "+1//%*# +*
 10%+** .%*%*#+" %/(! 3+)!*3%0$%*+10$!.*
* /0!.*".%K$!,.+&!00.#!0/+1*0.%!/%*+10$!.*
*  /0!.* ".% 3$%$ $2! .0%"%!  0$! +*2!*0%+*H * 
%* 3$%$ 0$! %/%(%05 3+)!* )+2!)!*0 /0.101.!/ *!! 
/1,,+.0".+)
K$!0.#!0! +1*0.%!/%*(1 !0$%+,%H
!*5H !/+0$+H (3%H +6)%-1!H )%%H 3* H
*6*%H#* * )%K
$!)%*+&!0%2!+"0$!,.+&!0%/0++*0.%10!0+3. /0$!
.!(%60%+*+".0%(!/hW+)!*3%0$%/%(%0%!/X* df

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


W
*(1/%2!  10%+*X +" 0$! +*2!*0%+* +* 0$! %#$0/ +"
!./+*/3%0$%/%(%0%!/%*+10$!.** /0!.*".%K$!
+0$!.+&!0%2!%/+*.%/%*#3.!*!//+"0$!#!*!.(,1(%
/+0$00$!5.!%*"+.)! +100$!$((!*#!/0$0 %/(! 
3+)!* !/,!%((5 %/(!  #%.(/ "! %* 0.5%*# 0+ !// 0$!
! 10%+*/5/0!)K



cbd

eK

fK

&$&+)&$$%+ &%*&$ %&,+&+ *')&!+


%#,5
cK

dK

1.*%*# 0$! 
 0.%*%*# )*1( %*0+ .!"!.!*!
)0!.%( "+. 0$! *!03+.' )!)!./ 5
%*+.,+.0%*# 0$! $* M+10/ %*0+ 0$! )*1(K $!
.!"!.!*! )0!.%( +1(  (/+ ! 1/!  5 
 +.


gK

hK

%0/ *0%+*( *!03+.'/ 0+ +.#*%/! "+((+3 1,


0.%*%*#K
0.!*#0$!*%*# 0$! +1*0.5 0!)/ 0+ !*/1.! 0$0
/0.+*#!.*0%+*(*!03+.'/.!!/0(%/$! 0+/0.0
0$!,.+!//+"$*#!00$0(!2!(K

*+.,+.0%*#)!*/)!)!./+"0$!*!03+.'* 
,.0*!./ "+. !""!0%2! $*#! 5 0$! *!03+.' 0
*0%+*(* .!#%+*((!2!(/K
/0(%/$ (+/! 3+.'%*# .!(0%+*/$%, 3%0$ +0$!.
*!03+.'/%*0$!/0".%*.!#%+*/1$/H
* +0$!./"+.*!03+.'%*#,1.,+/!/K
*+1.#%*# %*0!.M.!#%+*( +.,+.0%+*H *  "+/0!.
(!.*%*# "+. !4),(! !03!!* 0$! /0!.* * 
+10$!.*".%**!03+.'/
+1)!*0%*# 0$! !4,!.%!*!/ +" 0$! +1*0.5 (!2!(
*!03+.'/ *  (!.*%*# ".+) 0$!%. !4,!.%!*!/ 0+
!2!(+,.!#%+*(/0.0!#%!/"+.0%+** $*#!K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

Q
 

 
J

H
 
 
 
 
#'5/4#,((!

?! --"'&'- ' -! )+(&(-"(' ( 0(&'>, +" !-, "'
0' ", '(-  &"+%6 .- -! +,.%- ( -+&'(., (+-,
& 2 -( 2 2 -! %+,!") ( 0' 0"-! -! %"
-!- '-"('% /%()&'- ", ('%2 )(,,"% 0"-! *.%
)+-"")-"('((-!&''0(&'9?
.+) 0$!%. /001/ / /!+* M(// %0%6!*/ %*  ,0.%.$(
/+%!05 *+0 /+ (+*# #+H 3* * 3+)!* *+3 $2! #%*! 
!-1( .%#$0/ 0+ (*  *  %*$!.%0*!H *  )+.! #%.(/ .! !*M
.+((!  %* /$++( 0$* !2!. !"+.!K 3*  $/ !*/1.! 
.0%"%0%+*H +)!/0%0%+* *  %),(!)!*00%+* +" /!2!.(
%),+.0*0 #!* !.M.!(0!  %*/0.1)!*0/H )+*# 0$!) 0$!
.+0++( 0+ 0$! ".%* $.0!. +* 1)* *  !+,(!/\
%#$0/+*0$!%#$0/+"+)!*%*".%H3$%$%0.0%"%! %*
1(5 dbbfK $! !*"+.!)!*0 5 +)!/0% +1.0/ / 3!(( /
+0$!. #+2!.*)!*0( + %!/ %/ 0'%*# .++0 /+ / 0+ .! 1!
#!* !. %*!-1(%05 *  !*/1.! !""!0%2! 3+)!*Q/
!),+3!.)!*0 "+. /1/0%*(! !2!(+,)!*0K
* 0$%/ .!#. H
0$! +2!.*)!*0 +" 3*  $/ ) ! /%#*%"%*0 !""+.0/ 0+
!*/1.!0$!.!/,!0+"3+)!*Q/.%#$0/K3* ,.+$%%0/* 
+* !)*/ (( "+.)/ +" $.)"1( ,.0%!/ 3$%$ *!#0%2!(5
""!0 0$! $1)* .%#$0/ +" 3+)!* *  $/ 0'!* *!!//.5
(!#%/(0%2!* +0$!.)!/1.!/0+!(%)%*0!/1$,.0%!/K
*
*  +10/% ! 3* H +*! 3+1(  /'H ")1 #. #- *)--#& .)
#'*&'(. ." ,).))&= $! */3!. 0$0
 "%*  )+/0
,.#)0% %/J "#!" *)&#.#& 1#&& > ,)' )''#.'(. .)
.#)(=
$!*
,!./+*((5"+((+3 %/4!((!*50$!.!/% !*0+"0$!
!,1(% +" 3* MM%* ,.%*0H .+ /0 *  (%2!MM-1%0!
+"0!*H$!0('/+10)!** 3+)!*/#.#4(-%*0$!,0$
0+ "+(W)!*%*#R %#*%05S%* %*5.3* XK
010/.+//
)5 )%*  *  1%( / +*"% !*! %* )! 0+ 1* !./0*  0$0 A

'1((#.#4(:
'1)'(:
"0#!(#.3* H
.", ),:,-*.(*,)-*,#.3B=
%./0 +" ((H %* .0%(! ccH 0$! +*/0%010%+* +" 0$! !,1(% +"
3* +"f0$ 1*!dbbe/)!* ! 0+ 0!/0%,1(0!/HR((
3* */ .! +.* ".!! *  !-1( %* .%#$0/ *  10%!/K
%/.%)%*0%+*+"3$0!2!.'%* /! +*H%*0!.(%H!0$*%H
+.%#%*H0.%!H(*H+(+1.H/!4H.!#%+*H/+%(+.%#%*H.!(%#%+*+.
"%0$H +,%*%+*H !+*+)% /001/H 1(01.!H (*#1#!H /+%(
/001/H ,$5/%( +. )!*0( %/%(%05 +. *5 +0$!. "+.) +"
%/.%)%*0%+*%/,.+$%%0! * ,1*%/$(!5(3K )- #.
(",?):."#-'*"-#-)(+/&#.3,)--/.-,)--
&1-: *)&##-: -.,.!#- ( 0,#)/- #(#.#.#0-= 1%0!


+"0!*H !),$/%/ %/ ) ! +* #!* !. +1*0%(%05 *  0$!


"00$0'!5$%!2!)!*0/$2!/+".!!*.!(%6! /$+1( 
! 0$! /%/ 0+ 00%* !2!* )+.! * H +2! ((H +*0%*1! 
,.+)+0%+** ,.+0!0%+*+"3+)!*Q/.%#$0/K
/ 0$! .!/% !*0 +" 0$! !,1(% +" 3*  /00!  0 0$!
he.  *%0!  0%+*/ !*!.( //!)(5 %* !3 +.' Wde
!,0!)!.dbbjXJ
?"-! + +, -( &)(0+"'  0(&' ' )+(&(-"'  -!"+
,("( ('(&" ' )(%"-"% )+-"")-"('6 0 ('-"'. -(
&$ &(,- )+( +,,9  %"/ -!-6 ,", "&)+(/"' 
'+ +%-"(', "' (.+ (.'-+26 -!", &+$, !%-!2 )+( +,,
-(0+, +%"3"'  (.+ /","(' (  .'"-6 &(+-" '
)+(,)+(.,0'@9LOS
 O
3*  $/ +)!/0%0!  *  %),(!)!*0!  0$! .+0++(
* $/!*/1.! (%#*)!*03%0$0$!.+0++(K$!(! !./$%,
+" 3*  $/ +""!.!  )*5 +,,+.01*%0%!/ 0$0 +*0.%10!
,+/%0%2!(5 0+ 0$! ,.0%%,0%+* +" 3+)!* *  ,.+)+0%+* +"
3+)!*Q/.%#$0// !2!(+,)!*0#+(K$%/% !(%/!4,(%%0(5
.0%1(0!  %* *0%+*( (!#( *  ,(**%*# %*/0.1)!*0/ * 
0$! %),(!)!*00%+* +" /1$ %*/0.1)!*0/ %/ 0.!)!* +1/(5
$%(! +0$0!*0.(*  !!*0.(%6! (!2!(/K





+)!*Q/ ,.0%%,0%+* %* ,+(%0%( /,$!.!/ %/ !),$/%6! 
*  %/ %),+.0*0 %* (( +.#*/ +" 0$! #+2!.*)!*0K $!
/%#*%"%*0#%*/"+.3+)!*Q/.!,.!/!*00%+*%*3* %/
.!/1(0 +" 0$! $%#$!/0 ,+(%0%( 3%(( 0$0 %/ !)! !  %* 0$!
+*/0%010%+*( #1.*0!!H 0$! -1+0 /5/0!) *  %**+20%2!
!(!0+.( /0.101.!/ !/0(%/$!  3%0$ /,!%"% )!$*%/)/
1/! 0+%*.!/!3+)!*Q/,+(%0%(,.0%%,0%+*K+ 5H%0%/
%),+.0*00+*+0!0$03* %/.*'! *1)!.+*!%*0$!
3+.(  "+. *1)!./ +" 3+)!* %* ,.(%)!*0H *)!(5 ghKelK
$!.!/3+)!*.!,.!/!*0eiKehl%*0$!%*!0* fcKcl
%*0$!&1 %%.5H0$!3* * !!*0.(%60%+*,+(%5!-1((5
,.+)+0!/ 0%2! .!,.!/!*00%+* +" 3+)!* *  /00%/0%/
/$+3 0$0 3+)!* .!,.!/!*0 ejKil +" 2%((#! !4!10%2!
+))%00!!/H feKkl +" !(( +*/1(00%2! +))%00!!/ * 
ffKjl +" /!0+. +*/1(00%2! +))%00!!/ dhb W!* !.
+*%0+.%*#""%!dbcdXK

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


$! ,.0%%,0%+* +" 3+)!* %* !%/%+*M)'%*# +.#*/ %/
(/+ .!+#*%/! K +)!* (! !./ %* 3*  .! *+0(! %*
0$!%. ,+/%0%+*/ / $! / +" %""!.!*0 +.#*%60%+*/H +0$ %*
#+2!.*)!*0 *  %* 0$! ,.%20! /!0+.K $!5 +1,5 /!*%+.
,+/%0%+*/ *  0 (( (!2!(/H (! %*# %),+.0*0 /!0+./ +"
!2!(+,)!*0(%'! !(0$H#.%1(01.!* *%)( 1/* .5H
!* !. *  )%(5 .+)+0%+*H %//0!. .!,.! *!// * 
!"1#!!/ ""%./H +.!%#* ""%./ *  .! (/+ $+( %*#
/%#*%"%*0,+/0//1$/H0$!,!'!.+"0$!.(%)!*0H$%!"
)1 /)*H* )*5)+.!K

  H
H
H

 

 
*5".%*3+)!* .!)+10$2%*#!//0+,.+,!.05
* %*$!.%0*!.%#$0/K+)!*Q/!//0+(* * ,.+,!.05
%* 3*  $/ $%/0+.%((5 !!* (%*'!  0+ 0$!%. .!(0%+*/$%,
3%0$0$!%.%.0$+.).%0(")%(5* 0$1/2!.5"!33+)!*
%* 3*  +3*!  (*  %* 0$!%. +3* .%#$0K
* 0$%/ .!#. H
3*  $/ ,10 %* ,(!  (!#( ".)!3+.' 0$0 ,(5/ 
/1/0*0%( .+(! %* +2!.+)%*# !+*+)% $1. (!/ * 
!/,!%((5 /!1.%*# 3+)!*Q/ (*  .%#$0/ %* 3*  3$!.!
0$!#!*+% !#%*/00$!10/%$/.!/1(0! %*"!)(!M$! ! 
$+1/!$+( / +*/0%010%*# ebl dhc +" (( $+1/!$+( / %* 0$!
+1*0.5K $!/! %*(1 !H )+*# +0$!./ 0$! (3 *p ddTkk +"
cdTccTckkk +* )0.%)+*%( .!#%)!/H (%!.(%0%!/ * 
/1!//%+* 3$%$ #%2!/ #%.(/ *  3+)!* 0$! /)! .%#$0 0+
%*$!.%0/+5/* )!** (/+,.+2% !/"+.0$!,.+0!0%+*
+" ,.+,!.05 .%#$0/ 3%0$%* )..%#!K $! (*  (3 * 
/1/!-1!*0(5 /5/0!)0% (*  .!#%/0.0%+* %* dbbkH 3$%$
3/ "+((+3!  5 %//1%*# (*  0%0(! *  (!/! +1)!*0/H
#1.*0!!/ 0$0 (*  %/ .!#%/0!.!  %* 0$! *)! +" +0$ 
$1/*  *  3%"!H *  $%( .!*H .! %*(1 !  / (!#(
!*!"%%.%!/H !*/1.%*# 0$0 (( $+1/!$+(  )!)!./ !*&+5
!-1(.%#$0/0+(* 1/!K
+)!* !*&+5 0$!%. .%#$0/ 0+ ,.+,!.05K / !(.!  5 
3+)* %* 0$! .1.( 5*%' 2%((#! +" 1.!. %/0.%0 %* 0$!
+.0$!.*.+2%*!+"3* HR1)2*!6!.!3!'1)"%0!
%5!)!6+ 5Q110' '%.% )1 )6%* 5*&5!H 11*/$++.
#1"10 %5!)!6+ '15+ *$%*#)+dhdS W
 ) $,,5 +10
$2%*# 0$! (*  0%0(! %* )5 *)!K
 * *+3 !% ! 3$0 0+
,(*0+*)5(* XK

* +. !. 0+ .!0! +* %0%+*/ 0+ ,.+)+0! *  /1,,+.0 0$!


+1,0%+*/ *  !+*+)% 0%2%0%!/ +" 3+)!*H 3%0$%* 0$!
%*"+.)( /!0+. %* ,.0%1(.H  (+0 $/ !!* +*! 5 0$!
(! !./$%, +" 3* K
* dbcdH 0$! #+2!.*)!*0 +" 3* 
0$.+1#$ 0$! %*%/0.5 +" !* !. *  )%(5 .+)+0%+*H * 
0$! %*%/0.5 +" +10$H
*"+.)0%+* *  +))1*%0%+*
!$*+(+#5H%*+((+.0%+*3%0$0$!1/%*!//!2!(+,)!*0
1*  *  0$! 3*  ++,!.0%2!/ #!*5 /'!0$!  +10 
,.+#.)0$0 .!//!/0$!"%**%(..%!./"! 5
cbf

3+)!*K $%/ !*0%(!  0$! !/0(%/$)!*0 +"  1/%*!//


!2!(+,)!*0 1*  3%0$ .! %0 #1.*0!! 3$%$ ,.+2% !/
/1,,(!)!*0.5+((0!.("+.3+)!** %*.!/!/!//0+
!0 "%**%*# "+. 3+)!* *  5+10$M(!  )(( *  ! %1)
*0!.,.%/!/ 3$+ 3+1(  +0$!.3%/! "%( 0+ .%/!  !-10!
/!1.%05 "+.  (+*K $%/ 3/ %*%0%0!  / 0$! )1.!*#!
/ W.! %0 *  2%*# $!)!/ 0 #.//.++0/ (!2!(/X
0'!/$,!* #.+3* 0$1/ !!,!*"%**%(!//0+0$!
.1.( 3+)!* *  5+10$ +..+3!./ !1/! +" 0$!%.
,.+4%)%05 *  +*2!*%!*! 0+ 0$! .%0%( )//!/ * 
#!+#.,$%(+10.!$K
!// 0+ /% ! 10%+* %/ *+ (+*#!.  ,.+(!) "+. 0$!
3* * #%.( $%( K $! +2!.*)!*0 $/ !,(+5! 
+*/% !.(! !""+.0/ 0+ ,.+)+0! 0$! !// +" #%.(/ 0+
! 10%+*K $! !2!(+,)!*0+(%5* 0$! %.(Q/ 10%+*
+(%5%*,.0%1(.H%*/%/0+*0$!%*0!.2!*0%+** +*0$!.+(!
+"  3+)* %* /+%+M!+*+)% !2!(+,)!*0K
0 %/ "+. 0$0
.!/+*0$00$!#%.(%/00$!!*0.!/0#!H!/,!%((5/"./
$!. ! 10%+* %/ +*!.*! K 
* "0H %0 %/ 0$! +*(5 35 0+
!),+3!. #%.(/ *  3+)!* +" 0$! +1*0.5 /+ 0$0 0$!5 .!
(!0+,(50$!%..+(!.!/,+*/%(5%*0$! !2!(+,)!*0+"0$!
+1*0.5K %.(/Q ! 10%+* %*%0%0%2!/ .! /,!.$! !  5 !.
4!((!*5 0$! %./0  5 0$.+1#$ 0$!
)10+ +1* 0%+*K
$! %./0  5 $/ *+0 +*(5 ,.+)+0!  #%.(/Q ! 10%+* 10
(/+ $%( .!*Q/ .%#$0/H 5+10$ *  5+1*# ,.+"!//%+*(/H * 
%*%0%0! (%0!.5* .! %*#),%#*/H/3!((///%/0%*#
3% +3/* +.,$*/+"0$!ckkf#!*+% !#%*/010/%* 

T
K + 5H 0$!
)10+ +1* 0%+* !(!.0!/ 0$!
$1* .! /+"5+1*##%.(/*+3.!!%2%*#*! 10%+*0$.+1#$
%0//$+(./$%,,.+#.)H0$!0$+1/* /+"")%(%!/3$+$2!
.!!%2!  $!(0$ .! *  !+)! !+*+)%((5 %* !,!* !*0
0$.+1#$ %0/ %*+)! #!*!.0%*# 0%2%0%!/ ,.+#.) *  0$!
#!*!.0%+* +" 5+1*# 3* */ 3$+ $2! !!* !),+3!.! 
0+0'!,.0%*1%( %*# %#*%"%! *0%+*K
$!  10%+* "+. (( +(%5H 0$0 !).!/ 0$! %*! !.
/% 10%+*W*%*!5!./+"".!!+),1(/+.5! 10%+*"+.
(( 3* !/! /$++( $%( .!*I +5/ *  #%.(/X %)/ 0
!*"+.%*# 0$! ,.%*%,(! 0$0 3%0$ *+ %/.%)%*0%+*H !2!*
#%.(/ *  +5/ ".+) ,++. ")%(%!/ * !// ".!! ! 10%+*
3$%$+*/%/0/+"/%45!./+",.%).5! 10%+** 0$!"%./0
0$.!!5!./+"/!+* .5/$++(K
!2!.0$!(!//H%0%/*!!//.50+.!)%* 0$!#%.(/* 3+)!*
+"3* 0$00$!$((!*#!%/*+30$!%./K
0%/1,0+0$!)0+
)'! * !""+.0 *  //1)! 0$!%. .!/,+*/%%(%05K ! .! *+
(+*#!. %* 0$! !. 3$!* 0$! 3+)* 3/ +*"%*!  %* 0$!
'%0$!** 0$+)!K!.! 2*! * 3+)*/$+1( 
,(5 0$! /)! .+(! *  $2! 0$! /)! .!/,+*/%%(%05 / $!.
.+0$!.K


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


   
 H








 


//!.0%*#0$!%),+.0*!+"3+)!*Q/!//0+/"!* (!#(
+.0%+*H 0$! 3* * +2!.*)!*0 0++' *+0$!. .%0%(
/0!, "+.3.  %* %0/ !""+.0/ 0+ .!/,!0 3+)!*Q/ "1* )!*0(
.!,.+ 10%2! *  $1)* .%#$0/ 5 !4,* %*# 0$! #.+1* /
1,+* 3$%$ +.0%+* %/ (!#((5 ,!.)%00! K +)!* 3$+
!+)! ,.!#**0 /  .!/1(0 +" .,!H %*!/0H +. "+.! 
)..%#! +. 3$+/! ,.!#**5 !* *#!./ 0$!%. $!(0$ .!
*+3 (!#((5 !*0%0(!  0+ /"! +.0%+* /!.2%!/H 0$1/
10$+.%6%*# )! %( +.0%+* %* 0$0 .!#. K W.0KchgH
.#*%(3%*/0%010%*#0$!,!*(+ !H 1*!dbcdXdhe
$!,.!2!*0%+** "%#$0#%*/0*5"+.)+"2%+(!*!#%*/0
3+)!* *  #%.(/ *  %/.%)%*0%+* %/ +* 0$! *0%+*(
#!* K $! 3 + gkTdbbjH ,.!2!*0%*# *  ,1*%/$%*#
!* !. /!  %+(!*! *  /1/!-1!*0(5 0$! dbcd .#*%
(3 %*/0%010%*# 0$! ,!*( + ! %/ * %),+.0*0 .!/,+*/!
%* !! K
0 .!(0!/ 0+ #!* !. /!  2%+(!*! .*#%*# ".+)
.,!H$%(  !"%(!)!*0H/!41($.//)!*0H 10%+*H).%0(
.,!H#!* !.M/! $1)*0.""%'%*#H)+*#+0$!./K
$! +2!.*)!*0Q/ %*%0%0%2! 0+ !!*0.(%6! &1/0%!H * 
,.+2% ! 2%!* /1,,+.000$!+))1*%05(!2!(H$/!!*
0$! !/0(%/$)!*0 +" %/+*/ Q;/ 7 ( 1/0%! W!// 0+
&1/0%!1.!1/X3$%$3!.!"1((5!/0(%/$! %*(( %/0.%0/
5 dbccdhfK $!/! 0!)/ .! +),+/!  +" 0$.!! "1((M0%)!
!),(+5!!/+"0$!%*%/0.5+" 1/0%!J+*!%*$.#!+"#!* !.M
/!  2%+(!*! *  03+ )+.! .!/,+*/%(! "+. +0$!. /!/K
%#*%"%*0(5H 0$!5 /!*/%0%6! +))1*%0%!/H ,.0%1(.(5
21(*!.(! #.+1,/H +* (!#( ".)! 3+.'/H 0$!%. .%#$0/ 0+
!//%*# &1/0%! *  ,.+2% !  2%! *  /1,,+.0 3%0$+10
*5+/0K
0.!*#0$!*%*# ++. %*0%+*H +((+.0%+* *  1%( %*#
/5*!.#5 0+ !*/1.!  +),.!$!*/%2! )1(0%M %/%,(%*.5
.!/,+*/! 0+ #!* !.M/!  2%+(!*! *  2%+(!*! #%*/0
3+)!*T#%.(/ %/ * !""!0%2! ,,.+$ 0+3. /  .!//%*#
#!* !.M/! 2%+(!*!K$!!/0(%/$)!*0+"
/*#!*!0+,
!*0!. %/ * %),+.0*0 (!//+* 0+ (!.* ".+) 3* Q/
!4,!.%!*! *  0$! %),+.0*! +" ,,.+$%*#  %* 
$+(%/0%)**!.K$%/!*0.!H(+0! %* %#(%3%0$"%2!)+.!
+1*0.53% !H ,.+2% !/  +),.!$!*/%2! .!/,+*/! 0+ K 
,(*0+/(!%01,0 !!*0.(%6! (!2!(/%/+*M#+%*#K
//00! 5%*"3+*H0$!+)!*!#%+*(%.!0+.
W00$!
*0!.*0%+*(+*"!.!*!+*J %#(%HdbccXJ
?
-","&)(+-'--($'(0% -!1&)%+2+(%)%22
0'',.+"-2(+ ',"'" !-"' 6(-!-!(&'('


cbg

)$)"' &",,"(',6'",'"',)"+-"('(+(-!+
(.'-+",9D"'0(' " %"LJKKELPO
 
3*  $/ !2!(+,!   +),.!$!*/%2! )+*%0+.%*# ,(*
3%0$ #!* !. /!*/%0%2! %* %0+./ "+. 2.%+1/ +(%#0%+*/ %*
%""!.!*0#!* !.M.!(0! %*0!.*0%+*(%*/0.1)!*0/K$!,(*
%*(1 !/ (!. )!$*%/)/ +"
%//!)%*0%+* * 
%),(!)!*00%+*H (!. .!/,+*/%%(%0%!/ "+. 0$! %*/0%010%+*/
%*2+(2!  %* %0/ %),(!)!*00%+*H *   )+*%0+.%*# * 
.!,+.0%*# ,.+!//K 
0 %/ *+*!0$!(!// .%0%( 0$0 %*.!/! 
,%05 1%( %*# "+. %),(!)!*0%*# %*/0%010%+*/ 0 +0$
!*0.( *  !!*0.(%6!  (!2!(/ ! ..%!  +10 %* +. !. "+.
0$!) 0+ $2!  #++  1* !./0* %*# *  %*.!/! 0$!
!""!0%2!*!// %* 0$! %),(!)!*00%+* +" 0$! ,(*H %*(1 %*#
+1)!*00%+* +" %/##.!#0!  0 5 /!4K %0$ 0$!
 +,0%+* +" 0$! /!+*  #!*!.0%+* +" 0$! +*+)%
!2!(+,)!*0 *  +2!.05 ! 10%+* 0.0!#5 %* dbceH 0$!
(1*$ +" 0$! !* !. 00%/0%( .)!3+.' 5 0$! !* !.
+*%0+.%*# ""%! *  0$! 0%+*(
*/0%010! +" 00%/0%/ +"
3* H 3+)!*Q/ .%#$0/ %* (( ,.+2%/%+*/ +" 0$! .+0++( 0+
0$! ".%* $.0!. +* 1)* *  !+,(!/\ %#$0/ +* 0$!
%#$0/ +" +)!* %* ".% 3%(( ! !""!0%2!(5 %),(!)!*0! H
+1)!*0! * .!,+.0! K

* (%#$0 +" 0$! 1,+)%*# **%2!./.5 +" 0!* 5!./ /%*! 0$!
 +,0%+*+"0$!.+0++(+*0$!%#$0/+"+)!*%*".%H

+1#$0 0+ +))!*  0$! (! !./$%, +" 3*  "+.
$),%+*%*# 3+)!*Q/ .%#$0/K
0 +!/ *+0 )!*H $+3!2!.H
0$00$!/0.1##(!$/!* ! K*53+)!*%*3* /0%(((%2!
!(+3 0$! ,+2!.05 (%*! *  )'! 0$!%. (%2%*# %* /!! 5
,.+"!//%+*/(%'!,.+/0%010%+** $3'%*#H3$%$/+)!0%)!/
,100$!%.(%2!/0.%/'K
//00! H5 %/4!((!*50$!.!/% !*0+"0$!!,1(%+"
3* W0%+*(.(%)!*0HdbcbXJ
?!,-+. %-(!"/ '+*.%"-2(,'(-,0!'
01)+"'0/"-(+",9'-!('-++26-!,-$,+
+",/'!" !+'0,%+,+!%%' -($)('
+.''"' 6-(+.'/',-+6'-!"'$!((.+-"&,9@LPP
$!.!"+.!H3+)!*)1/0)'!#++ 1/!+"0$!+,,+.01*%05%*
+. !. 0+ 1%(  0$! *0%+* *  !*/1.! 0$! 3!((!%*# +" ((
3+)!*H #%.(/ *  0$!%. ")%(%!/I 0$0 0$! (! !./$%,
+*0%*1+1/(5 ,.+)+0!/ 3+)!*Q/ .%#$0/ / !)! !  %* ((
#!* !.M.!(0!  %*/0.1)!*0/ *  0 (( (!2!(/I *  0$0 0$!
5%!( /%*0$!"%!( 3$%$3* *3+)!*3%(('!!,!*&+5%*#
* !(!.0%*#K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 Qdbcb 

(.&&"$#

00%)!3$!**1)!.+"".%*00!/.!#.,,(%*#3%0$
0$! $((!*#!/ +" .0%"%0%+* *  +)!/0%0%+* +" 0$!
+*2!*0%+*+*0$!(%)%*0%+*+"(("+.)/+"%/.%)%*0%+*
#%*/0 +)!*H *  0$! .+0++( 0+ 0$! ".%* $.0!. +*
1)** !+,(!/Q%#$0/+*0$!%#$0/+"+)!*%*".%
W.+0++(XH $! )% $/ 0'!* 0$! +(  *  ,.+#.!//%2!
/0!,+"!*0%*#0$!+)!*Q/0HdbcbK
$!+)!*Q/0HdbcbH3/!*0! +*0$!cd0$,.%(dbcbK
$!,//#!+"0$%/0%/$%/0+.%* +))!* (!"+.$!
)%/*0%+*K
0/!.2!///+1.!+"$+,!H,!!* 
,.+/,!.%05 "+. +0$ )!* *  3+)!* %* $! )%H / %0
.!+#*%/!/ *  #%2!/ (!#( !""!0 *  "+.! 0+ $! )%Q/
%*0!.*0%+*( (!#( +(%#0%+*/ *  +))%0)!*0/ ) !
0+3. /1,$+( %*#0$!(!#(/001/+"3+)!*K

,1.,+/%2! %*0!.,.!00%+* %/ ,,(%! K $1/H %0 * ! .#1! 


0$0H3$!.!0$!.!%/#,+.(1*%*0$!(3H0$!.!*!
.!+1./! 0+ 0$! +.%#%*( 0!40 +" 0$!/! 03+ %*/0.1)!*0/0+ "%((
0$! #, +* 0$! /%/ +" 0$! +*# %0(! / * %  0+ 0$!
%*0!.,.!00%+*+"0$!0K$%/%/-1%0!%**+20%2!H/%0*!
"1.0$!. %*0!.,.!0!  0+ )!* 0$0H !2!* %"  ,.0%1(.
,.+2%/%+* +" 0$!/! 03+ %*/0.1)!*0/ $2! *+0 !!* ,.+2% ! 
%*0$!(3H%0*!,,(%! * !*"+.! H5$2%*#.!+1./!
0+ 0$! +.%#%*( 0!40 / /%#*!  *  .0%"%!  5 $! )%H
3%0$+10*5.!/!.20%+*/Kdhj$%/$/*+0!!*0!/0! 5!0K

$%/ ,,!. .%!"(5 !4)%*!/ 0$! +)!*Q/ 0H dbcbK


*
 %0%+*H %0 $%#$(%#$0/ (!#( /!/ 1/%*# 0$! +)!*Q/ 0 %*
/!1.%*# &1/0%! "+. 3+)!* *  #%.(/ 3$%(!  .!//%*# 0$!
$((!*#!/ *  ,.+/,!0/K $! ,,!. "%*((5 !4,(+.!/ 0$!
+,,+.01*%0%!/"+.(%0%#0%*#3+)!*Q/.%#$0/%*$!)%K
 QHdbcb
.%+. 0+ 0$! ,//#! +" 0$! 0H 0$! +.%#%*( %(( $  #+*!
0$.+1#$  2!.5 3% ! *  +),.!$!*/%2! +*/1(00%2!
,.+!// 0$0 %*2+(2!  (( /0'!$+( !./ %*(1 %*# 0$! (!#(
,.+"!//%+*H 0$! &1 %%.5H ,.(%)!*0.%*/H /!*%+.
#+2!.*)!*0 +""%%(/ *  ,+(%5 )'!./H .!(%#%+1/ * 
0. %0%+*( (! !./H #.// .++0/ 3+)!*H +))1*%05 (! !./H
* %2%(/+%!05+.#*%60%+*/K
$! +*#%0(!+"0$!0,.+2% !/0$0H%0%/J
='--("&)%&'--!% %)+(/","(',(-"('%(%"2(+
-! /'&'- ( &"' (&' ' "+%,6 ' -(
"'(+)(+-''(+-!'"--"(',('/'-"('('-!
%"&"'-"('(%%(+&,(",+"&"'-"(' "',-(&''
-! +(-((% -( -! +"' !+-+ (' .&' ' ()%,>
" !-,('-!" !-,((&'"'+"9>
$! 0 %*+.,+.0!/ *  +)!/0%0!/ (( 0$! ,.+2%/%+*/ +"
* 0$!".%*+)!*Q/.+0++(K
0 +!/*+0(%)%0
+. .!/0.%0 0$! %*+.,+.0%+* *  !*"+.!)!*0 +" *5
,.+2%/%+*/+"0$!/!03+%*/0.1)!*0/K
$! +*# %0(! %/ 1/!  %* %*0!.,.!00%+* 0+ /!.0%* 0$!
,1.,+/! +. /+,! +" (!#%/(0%+*Kdhi$%/ %/ 0+ !*/1.! 0$0 
cbh



 
$! 0 %/ %2% !  %*0+ 03!(2! ,.0/ *  * !4)%*0%+* +"
0$!/! ,.+2%/%+*/ %/ *!!//.5 0+ !0!.)%*! 0$! !40!*0 0+
3$%$ 0$! 0 $/ $*#!  0$! (!#( *  (!#%/(0%2!
".)!3+.'.!(0%*#0+0$!.%#$0/+"3+)!*%*$!)%K
$! "%./0 ,.0 )!.!(5 !(/ 3%0$ ,.!(%)%*.5 )00!./H
3$!.!/ .0/ 03+ 0+ 0!*H ,.+2% ! "+. /1/0*0%2! .%#$0/
+. !  0+ 3+)!*K .0/ !(!2!* 0+ 03!(2! +* 0$! +0$!.
$* H ,.+2% ! "+.  )%*%/0.0%2! )00!./ .!(0%*# 0+ 0$!
+2!.*%*# +1*%( %K!K 0$! 0%+*( +)!*Q/ +1*%(H 0$!
4!10%2!.)%K!K$!0%+*(+)!*Q/1.!1H* +0$!.
)%/!((*!+1/ )00!./ .!(0%*# 0+  )%*%/0.0%+*H "%**%(
,.+2%/%+*/ *  0$! ,+3!. 0+ "+.)1(0! ,+(%%!/ .!(0%*# 0+
0$!.%#$0/* 3!(".!+"3+)!*K
  8   
 
 
$%/ ,.0 ,.+2% !/ "+. 3+)!*Q/ $1)* .%#$0/ ,.+0!0%+*
.!(0%*# 0+ 0$! .%#$0 0+ %#*%05H /!1.%05 +" 0$! ,!./+*H

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


,.+0!0%+*".+)2%+(!*!H&1/0%!* !-1(,.+0!0%+*!"+.!
0$! (3H ".!! +) +" !4,.!//%+* *  ,.+0!0%+* ".+)
%/.%)%*0%+* *  +0$!. .!(!2*0 ,.+2%/%+*/K dhk $!/!
,.+2%/%+*/ %*+.,+.0! 0$! +*/0%010%+*( ,.+2%/%+*/ 1* !.
$,0!. 
 .!(0%*# 0+ ,.+0!0%+* +" 1* )!*0( 1)*
%#$0/H 3$%(! )'%*# 0$!) )+.! /,!%"%((5 ,,(%(! 0+
3+)!*K$!,.+2%/%+*.!(0%*#0+,.+0!0%+*".+)2%+(!*!%/
%**+20%2!H / %0 ,.+2% !/ "+.  ,.+0!0%+* *+0 $%0$!.0+
,.+2% ! "+.%*0$!ckki+*/0%010%+*+.*5+0$!.(3%*$!
)%K
0.! /J
WcX 2!.53+)*/$((!,.+0!0! #%*/0*5"+.)
+",$5/%(H/!41(H,/5$+(+#%(+.!+*+)%
$.)H/1""!.%*#H+.2%+(!*!3$!0$!.+1..%*#%*
,1(%+.,.%20!(%"!K

WdX *5"+.)+"2%+(!*!#%*/03+)!*%/$!.!5
,.+$%%0! K
WeX ((+2!.*)!*0!,.0)!*0/H#!*%!/H+.#*/H
,1(%+.,.%20!%*/0%010%+*//$((0'!,,.+,.%0!
)!/1.!/0+,.+)+0!* ,.+0!03+)!*Q/.%#$0/
* 0$!%.(!#(/001/".+)*5"+.)+"1/!5
*5,!./+*H!*0!.,.%/!H+.#*%60%+*+.%*/0%010%+*K

0 %/ ,!.0%*!*0 0+ +/!.2! 0$0 0$! +(%#0%+* 0+ ,.+0!0


3+)!*".+)2%+(!*!%/%),+/! +*+2!.*)!*0* ,1(%
%*/0%010%+*/H +.#*/ *  #!*%!/ *  (/+ ,.%20!
!*0!.,.%/!/K
  8

 

  




 
!0%+*cf+"0$!0 !(/3%0$0$!+2!.*)!*0/Q+(%#0%+*/
0+!(%)%*0!(("+.)/+" %/.%)%*0%+*#%*/03+)!*K$!
,.+2%/%+* %/ -1%0! +),.!$!*/%2! *  ((/ +* +2!.*)!*0
!,.0)!*0/ *  +0$!. ,1(% %*/0%010%+*/ 0+ %),(!)!*0
)!/1.!/H,+(%%!/* /0.0!#%!/0+!(%)%*0! %/.%)%*0%+*H
%*(1 %*# ,!.%+ % 0.%*%*# +" ,!./+**!( +* #!* !. * 
$1)* .%#$0/H *  )%*/0.!)%*# #!* !. ,!./,!0%2! %*
,(**%*#* ,.+#.))%*#+"((0%2%0%!/* %*%0%0%2!/K
 
  
  
!0%+* cg !(/ 3%0$ 0!),+..5 /,!%( )!/1.!/ 0+ !
 +,0! 5!2!.5+.#*H+ 5H,1(%%*/0%010%+*H10$+.%05+.
,.%20! !*0!.,.%/! %)!  0 !(!.0%*# ! "0+ !-1(%05
!03!!*)!** 3+)!*K* !.0$%//!0%+* %/0%*0%+*%/
) ! !03!!* ! "0+ *  ! &1.! %/.%)%*0%+*K
+*/% !.%*# 0$! /+%( *  1(01.( /!0 1, +" $! )%H
0$!.!)5!%*/0*!/3$!.!!2!*0$+1#$0$!(3 +!/*+0


cbi

.!0! +. 1/! *5 %),! %)!*0 "+. 3+)!*H 0$! /+%( * 
1(01.( !*2%.+*)!*0 )5 *+0 ! +* 1%2! "+. 0$!
$%!2!)!*0 +" !-1(%05K !.!H +2!.*)!*0 *  (( ,.%20!
%*/0%010%+*/.!((! 1,+*0+0'!,+/%0%2!/0!,/0+$%!2!
#!*1%*! !"0+!-1(%05K$%/!+)!/)+.!.!(!2*0%*0$!
,+(%0%( .!* *  !%/%+*M)'%*# 0 (( (!2!(/H 3$!.!
3+)!* .! *+0 (!#((5 ..!  ".+) ,.0%%,0%*# !""!0%2!(5
+* * !-1( "++0%*# 3%0$ )!*H 10 )5 *+0 ! (! 0+ + /+
1! 0+ 1(01.( %/ %* "2+1. +" )!*H *  /0!.!+05,%(
,!.!,0%+*/+"0$!.+(!+"3+)!*K



 



 
 
 
    
$%/,.0%/+""1* )!*0(%),+.0*!0+0$!+*0.%10%+*+"
3+)!*%*0$!/+%+M!+*+)% !2!(+,)!*0+"0$!+1*0.5K
0
!*/1.!/ 0$0 3+)!* .! +. !  !-1( +,,+.01*%05 * 
!-1( .%#$0/ %* 0$! "%!(  +" !),(+5)!*0K
0 (/+ !*/1.!/ 0$0
 !-10! /1,,+.0 /!.2%!/ *  "%(%0%!/ .! ,10 %* ,(! "+.
3+)!*0++*0%*1!0+0'!,.0%**0%+*1%( %*# 1.%*#0$!
.1%( ,!.%+  +" ,.!#**5H (00%+*H $%(  !.%*# * 
1,.%*#%*# %* #!*!.(K $! ,.+2%/%+* .!+#*%/!/ 0$!
+*0.%10%+* +" 3+)!* 1.%*# 0$! ,!.%+  +" )0!.*%05H * 
)'!/ )* 0+.5  !-10! +),!*/0%+* 1.%*# 0$%/
,!.%+ K

0 +2!./ ,.+2%/%+*/ /1$ / ".!! $+%! +" !),(+5)!*0 * 


,.+"!//%+*H /+%( /!1.%05 !*!"%0/H ,.+0!0%+* +" $!(0$ * 
/"!05 0 3+.'H )0!.*%05 (!2!H /1,,+.0 /!.2%!/H * 
,.+0!0%+* 1.%*# )..%#!K dib  "1* )!*0( * 
,.+#.!//%2! %**+20%+* %/ "+1*  %* !0%+* db !(%*# 3%0$
)0!.*%05H3$%$,.+2% !/0$0J
WcX 2!.53+)*%/!*0%0(! 0+,!.%+ +"/%4)+*0$/
)0!.*%05(!2!3%0$,5+.3%0$+),.(!/+%(
!*!"%03%0$+10(+//+"!),(+5)!*0H/!*%+.%05+.
/%)%(.!*!"%0/K
WdX
*+. !.0+.!%*"+.!0$!+))+*.!/,+*/%%(%05+"
)!** 3+)!*%*0$!1,.%*#%*#* 
!2!(+,)!*0+"0$!%.$%( .!*H!2!.5"0$!.%/
!*0%0(! 0+.!/+*(!,!.%+ +"0%)!*+0
!4!! %*#0!* 5//,0!.*%05(!2!H"+.!2!.5
$%(  !(%2!.! "+.$%)K
$! !)(! 35!.Q/ //+%0%+*M)% W X 0!  +*
!$("+"0+1**!$W*)!3%0$$!( X3$+/!+*0.03/
0!.)%*0!  5 $!. !),(+5!. 1,+*  .!-1!/0 0+ 0'! 1, $!.
+*"%*!)!*0 (!2! "+. /%4 )+*0$/ "0!. !(%2!.5 %* *1.5
dbcd%*,1./1*!+"/!0%+*dbWcX+"0$!0K$!+),*5
+*(5 #.!!  0+ ,5 "+. e )+*0$/ )0!.*%05 !/,%0! 0$!
,.+2%/%+*/+"0$!+)!*Q/0K1.(%!*03//1/!-1!*0(5
 2%/! 0$00$!0%+*/+"0$!+),*50+3. /!* %*#$!.
+*0.0* .!"1/%*#0+,5"+./%4)+*0$/+"$!.)0!.*%05

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


(!2! %/ %* 2%+(0%+* +" 0$! +)!*Q/ 0 *  0$1/ 00.0/
/+)! ,1*%0%2! )!/1.!/K $! +),*5 /1/!-1!*0(5 ,% 
$!. )0!.*%05 (!2! *  .!%*/00!  $!.K $%/ (!.(5 /$+3/
0$00$!,,(%0%+*+"/!0%+*db+"0$!+)!*Q/0!*/1.!/
0$03+)!*%*$!)%.!*+0 %/ 2*0#! %**535
1.%*#0$%/.1%(,!.%+ K



 



 
 
 

 
$!.!(!2*!+"! 10%+** 3.!*!//%*0$!,.+!//+"
!)*%,0%+*+"3+)!** 5+1*##%.(/%/.!+#*%/! 1* !.
0$%/ ,.0K
0 #1.*0!!/ 0$! .%#$0 0+ /% ! 10%+* %* (%*!
3%0$ 0$! +*/0%010%+* +" $! )%K
0 (/+ %),+/!/ *
+(%#0%+* +* +2!.*)!*0 0+ !*/1.! 0$0 0$! .%#$0
1..%1(1) %/ 01#$0 %* /$++(/ *  0$0 /1$ 1..%1(1)
3+1(  ! #!.!  0+3. / 0$! !(%)%*0%+* +" /0!.!+05,%*# +"
3+)!** #%.(/* !*/1.!0$!%.0+0(%*0!#.0%+*%**0%+*
1%( %*#0(((!2!(/K!0%+*/di* dj%*,.0%1(.H!*/1.!
0$! +*0%*1!  ! 10%+* +" 5+1*# #%.(/ 3$+ .! 2%0%)/ +"
!.(5)..%#!+.0!!*#!,.!#**5H* !4,.!//(5,.+$%%0
0$!!4,1(/%+*+"#%.(/+*0$!/%/+",.!#**5K

    
$%/ .0 +" 0$! 0 /!!'/ 0+ ,.+0!0 0$! $!(0$ * 
.!,.+ 10%2! .%#$0/ +" 3+)!*K
0 !4,.!//(5 #1.*0!!/
3+)!* 0$! .%#$0 0+ $!(0$H !// 0+ ,,.+,.%0! /!.2%!/H
* 0+0'! !%/%+*/+*!.*%*#0$!%./00!+"$!(0$K
0#+!/
"1.0$!.0+%),+/!*+(%#0%+*+*+2!.*)!*0H%*(%*!3%0$
 *  0$! .+0++(H 0+ ,10 %* ,(!  !-10! "%(%0%!/
*  /!.2%!/ 0+ !*/1.! 0$0 0$! $!(0$ .%#$0/ #1.*0!!  0+
3+)!* .! .!/,!0! K $! !""!0%2! %),(!)!*00%+* +" 0$%/
.0%/%* !! .1%(H/%0((!2%0!/3+)!*Q//1""!.%*#".+)
0$! )!*! +" $%#$ .0!/ +" )0!.*( )+.0(%05H 3$%$
.!)%*/  ,.+(!) %* ".%H 3%0$ $! )% !%*# *+
!4!,0%+*K $! )% $/  .!(0%2!(5 $%#$ 0!.*(
+.0(%050%++"+10ggh,!.cbbHbbb(%2!%.0$/Kdic
   
$%/ .0 .!+#*%/!/ 0$! ,.0%1(. *  /,!%"% ,.+(!)/
"!  5 1.( +)!*K
0 /,!%"%((5 %),+/!/ * +(%#0%+*
+* +2!.*)!*0H 0+ 0'! /0!,/ 0+ !*/1.! 0$0 .1.( 3+)!*
0'!,.0%*0$!"+.)1(0%+** %),(!)!*00%+*+",+(%50
(((!2!(/H!*!"%0 %.!0(5".+)+%(!1.%05H$2!!//0+
.! %0* ,,.+,.%0!0!$*+(+#50+ !2!(+,0$!%.,%05H
* 0+!*!"%0".+)0.%*%*#* ! 10%+*I+0$"+.)(* 
%*"+.)(K

 


cbj

$%/.0%*+.,+.0!/0$!,.+2%/%+*+"+0$* 0$!
.+0++( .!(0%*# 0+ )..%#! *  0$! ")%(5K  $!
%*+.,+.0%+* +" 0$!/! ,.+2%/%+*/ %* +1. (3/ %/
+))!* (!H / * !.(5 00!),0 0+ (!#%/(0! "+. /1$
,.+2%/%+*/$ !!*+.0%2!K/".'/ckjjH0$! 3
!"+.)+))%//%+*/+1#$00++ %"5
/()% 3.!(0%*#0+
)..%#! 1* !. 0$! !#%/ +" 0$! +$))! * ..%#!/
W+.)0%+* *  %//+(10%+*X %((K  $! ,.+,+/(/ ".+) 0$!
+))%//%+*3!.!*+0!,0! * H/.!/1(0H0$!%(( %! 
 2!.5 1**01.( !0$ !2!* !"+.! %0 /3 0$! (%#$0 +" 5K
$%/.0+2!./)00!./+",!./+*((3H3$%$.!/! +*
0. %0%+*( +. .!(%#%+1/ ,.0%!/ *  +* +*!,0/ +"
%/0%*0%2! .+(!/ *  .%#$0/ "+. )!* *  3+)!*K $!/! .!
.!/0$0$ +*0%*1! 0+,+/!+*/% !.(!,.+(!)/"+.
3+)!*2%/M7M2%/0$!%.(!#(/001/* .%#$0/0+)..%#!* 
")%(5 (%"!K
0 +2!./ ,.+2%/%+*/ /1$ / .%#$0 0+ )..5H
+*/!*0H .!#%/0.0%+*H .%#$0 0+ .!0%* )% !* *)!H .%#$0 0+
-1%.! ,.+,!.05H /!,.0%+*H %2+.! *  **1()!*0 +"
)..%#!H3% +3Q/.%#$0/* .%#$00+%*$!.%0*!Kdid
(0$+1#$ 0$%/ .0 /1!//"1((5 %*+.,+.0!/ 0$! .!(!2*0
,.+2%/%+*/ +"  *  0$! .+0++(H /!0%+*/ fe *  ff
!(%*# 3%0$ 3% +3Q/ .%#$0/ *  .%#$0 0+ %*$!.%0*! .!
/1&!00+,!./+*((3K$!/!03+,.+2%/%+*/$2!0$!!""!0
+" )%*0%*%*# 0$! /001/ -1+ *  .!"(!0%*# 0$! ,+/%0%+* +"
0$!(3,.%+.0+0$!!*0)!*0+"0$!+)!*Q/0K$%/%/
.%0%(.!0+! .!//! /%0(/+ !(/3%0$0$!/+1.!/
+" )%* (3/ / ,.+2% !  %* /!0%+* i +" 0$! ckki
+*/0%010%+* 3$%$ %*(1 !/ 1/0+).5 (3 *  $.% (3
.!(0%*#0+)..%#!H %2+.!* %*$!.%0*!K


  
   
$! ,.+2%/%+*/ +" 0$%/ .0 2%.01((5 )%..+. 0$! .!(!2*0
.0%(!/ +" 0$! .+0++( /1$ / .%#$0 0+ ,!!H ,.+0!0%+*
1.%*# .)!  +*"(%0H "++  /!1.%05H  !-10! $+1/%*#H
,.+0!0%+* +" !( !.(5 3+)!*H 3+)!* 3%0$ %/%(%05 * 
3+)!* %* %/0.!//H / 3!(( / 1 #!0.5 ((+0%+*/Kdie$%/
+*/0%010!/3$+(!/(!%*+.,+.0%+*+"0$!.!(!2*0.0%(!/
+"0$!.+0++(K$!/!,.+2%/%+*//!!'0+/%010!*  .!//
0$! /,!%"% ,.+(!)/ +" ".%* +)!*H /  /,!%( #.+1,H
!/!.2%*# /,!%( .! *  00!*0%+*K $! .0 (/+
,.!/.%!/ "+. *!!//.5 1 #!0.5 ((+0%+* 0+ ! ,10 %*
,(!0+!*/1.!0$0((0$!.%#$0/#1.*0!! * ,.+0!0! 
1* !.0$!0*!!""!0%2!(5%),(!)!*0! K


 Q
'!5 !"%%!*5+"0$!+)!*Q/0%/0$!/!*!+".0%(!
g +" 0$! .+0++(H !(%*# 3%0$ P(%)%*0%+* +" .)"1(
. %0%+*( .0%!/K $! /2%*# #.! 3%0$ .!#.  0+ 0$%/
,.0%1(..0%(!+"0$!.+0++(*!"+1* %*/!0%+*ck

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


+" 0$! $%( .!*Q/ 0 dbbgH 3$%$ !4,.!//(5 ,.+$%%0/ * 
!(%)%*0!/ (( $.)"1( 0. %0%+*( ,.0%!/ / ,,(%(! 0+
$%( .!*1* !.0$!#!+"!%#$0!!*K +3!2!.H%0"%(/0+ !"%*!
+.!),$/%/!,.0%1(.,.0%!/K

*0$!)%H0$!,.!2(!*!+"/0%((.!)%*//$%#$/
ijKelH (0$+1#$  .!!*0 
 /01 5 %* %0!/  .! 10%+*
3%0$  *!3 ,.!2(!*! +" hf ,!. !*0Kdif$%/ ((/ "+. 
+*!.0!  !""+.0 0+ .%/! 3.!*!// +* 0$! .!(!2*! +"
,.+$%%0%*# *  !(%)%*0%*# +" $.)"1( 0. %0%+*( ,.0%!/K
$!.! 3!.! 0$.!! %((/ *)!(5 0$! !41( %+(!*! %((H 0$!
+)!/0% %+(!*! %(( *  0$!  %(( ."0!  0$.+1#$ 
/01 5 +))%//%+*!  5 0$! +)!*Q/ 1.!1 +* !* !.
/!  %+(!*! WXKdig$! +)!/0% %+(!*! *  !41(
%+(!*!%((/$2!!!*.! %(5!,0! * (+5%*#%/+*M
#+%*# "+. 0$!%. !*0)!*0K +3!2!.H 0$!  %(( 3/
/$!(2! K$!.!.!1..!*0(5!""+.0/+*#+%*#"+.0$!,//#!
+"  +),.!$!*/%2! %(( "+. 0$! .+$%%0%+* +" K !2!.(
%2%( /+%!05 +.#*%/0%+*/ .! ##.!//%2!(5  2+0%*# "+.
/1$  %((H 3%0$ /!2!.( +*/1(00%+*/ $!(  3%0$ $%!"/ * 
+1*%( +" ( !./H +)!* ! !./H !1.%05 ""%!./H
+))1*%05 ! !./H *  %.1)%/!./H *  5+1*# ,!+,(!
3$+(((("+. 3#%*/0Kdih
+03%0$/0* %*#H0$!+)%//%+*/* /$+.0+)%*#/%*0$!0H
%0%/+))!* (!%**+20%+*0'!*5$!)%"+.0$!
+)!/0%0%+* +"  *  0$! ".%* .+0++(K
0 %/ (/+
,!.0%*!*00+*+0!0$0H+),(%*!3%0$0$!0%/)* 0+.5
*  *+*M+),(%*! )5 00.0 .%)%*( ,!*(05 /
,.!/.%! %*!0%+*/ie* if+"0$!0K



Q
 
 

%0%#0%+* * /!.2! / * 2!*1! "+. .!(%/%*# 0$! .%#$0/ +"
3+)!* / !*/$.%*!  %* %*0!.*0%+*( *  *0%+*(
(!#%/(0%+*K $! !)(! 35!./ //+%0%+*M)%
W Xdii!),(+5/  5*)% ,,.+$ 0+ 3+)!*Q/ .%#$0/
 2+5 %)!  0 /!1.%*# #!* !. !-1(%05 %* $! )%
*  !*/1.%*# !// 0+ &1/0%! "+. 3+)!* *  #%.(/ 3$+/!
.%#$0/ .! 2%+(0! K %0%#0%*# 3+)!*Q/ .%#$0/ /!/ .!)%*/
 Q/ "(#/$%, !2% !*0 %* 03+ .!!*0 1*,.!! !*0! 
(* ).' !%/%+*/ .!(0%*# 0+ 0$! !*"+.!)!*0 +" 0$!
+)!*Q/ 0K $! %#$ +1.0 %* 005 5! 2 3 
3.dij*  .( !%0 2 1/0,$ ),$dik !(.! 
!-1%0(! /$.! +" 0$! &+%*0 ,.+,!.05 %* +. *! 3%0$
!0%+*fe+"0$!+)!*Q/0H3$%$%/.!,(%+".0%(!i
+"0$!".%*+)!*Q/.+0++(+*!-1%0(! %/0.%10%+*+"
)0.%)+*%(,.+,!.05K

*0$!/!+"0055!H/$!3/)..%! 0+3 "+.dh


5!./ *  $  0$.!! $%( .!*K 0 /+)! ,+%*0 1.%*# 0$!%.
)..%#!H 0$! +1,(! +1,%!  0$! )0.%)+*%( ,.+,!.05K 0
0$!0%)!0$!5)+2! %*0+0$!,.+,!.05H%03/%*+),(!0!K
cbk

$! $1/*  $  (+/0 $%/ &+ *  3/ 1*!),(+5! K 005


,!./+*((5 !4,!* !   +*/% !.(! )+1*0 +" )+*!5 %*
!2!(+,%*# *  +),(!0%*# 0$! ,.+,!.05H 3$%$ 3/
.!#%/0!.!  %* 0$! $1/* Q/ *)!K $! 3/ (! 0+ ,.+ 1!
/+)! .!!%,0/ +" 0$! )0!.%(/ /$! +1#$0 *  +0$!.
+*0.%10%+*/ /$! ) ! 0+3. / 0$! +*/0.10%+*H
+),(!0%+* *  )%*0!**! +" 0$! ,.+,!.05K (( 0$!
+*0.%10%+*/ ) ! 0+3. / 0$! )0.%)+*%( $+)! 3!.!
) ! +* 0$! (!. 1* !./0* %*# 0$0 %0 3/  &+%*0
)0.%)+*%( ,.+,!.05 3%0$ 0$! "1(( +*/!*0 +" $!. $1/* K
005 (/+ 0++' .!/,+*/%%(%05 "+. 0$! ")%(5 3$%(! $!.
$1/* 3//%'* +10+"3+.'K
005 ,,.+$!    "+. //%/0*! %* dbcb 3$!* $!.
$1/*  /1))+*!  $!. 0+ 0$! *%"%*#  % +1.0 /!!'%*#
"+. %2+.!K$!3/%*/0.10! 50$! %0+)+2!+10+"
0$! )0.%)+*%( ! .++) 1*0%( "0!. 0$! P
Q djb  
%*0!.2!*!  +* $!. !$(" *  /$! /05!  %* 0$! )0.%)+*%(
! .++)/,.!/.%! 5$.%K

* 1#1/0 dbccH /$! 3/ (+'!  +10 +" 0$! ,.+,!.05 +* 0$!
%*/0.10%+*+"$!.$1/* H3$+"1.0$!."%(! *!2%0%+*/1%0
%*0$!#%/0.0!Q/+1.0K .!,.!/!*0! $!.H/+1#$0"+.
/05+",.+!! %*#/"0!./1%03/"%(! +*$!.!$("%*0$!
%#$+1.0/!!'%*# !(.0%+*0$0/$!3/!*0%0(! 0+*
!-1%0(! /$.! +" 0$! )0.%)+*%( ,.+,!.05 %* +. *!
3%0$0$!+)!*Q/0dbcbK
$! %#$ +1.0 $!(  0$0 0$! ,.+,!.05 3/  &+%*0
)0.%)+*%(,.+,!.05!1/!0055!/,!*0$!.)+*%!/
%*0$! !2!(+,)!*0+"0$!,.+,!.05* /! +*0$!+* 10
+"+0$,.0%!/H0$!.!3/*%*0!*0%+*0$00$!,(%*0%""$ 
!*!"%%( %*0!.!/0 %* 0$! ,.+,!.05K ,+* ,,(5%*# 0$!
,.%*%,(! 0$0 P!-1%05 %/ !-1(%05HQ 1/0%! $+*!5 !(.! 
0$0 005 5! $  * !-1%0(! /$.! +" cgdHiie
W,,.+4%)0!(5 `fbbbX *  0$0 /$! 3/ 0+ .!)%* %* 0$!
,.+,!.05 1*0%( 0$! /%  )+1*0 3/ ,% K "0!. 3%**%*# $!.
/!H0055!/% JR
)/+#.0!"1(0+ "+.0'%*#1,
)5 /! *  !*/1.%*# 0$0
 + *+0 #!0 '%'!  +10 ".+) 
$+1/!
(/++3*! KS
-1%0(!/$.!%*)0.%)+*%(,.+,!.053/(/+""%.)! 
50$! %#$+1.0%*0$! .( !%0/!%*dbcdK .(3/
)..%! 0+0$!!/,+* !*0%*ckhi* $ j$%( .!*3%0$
$%)K  $! ,,(%*0Q/ 1*(! /+(  0$!)  ,(+0 +" (*  &+%*0(5
3$%$ /$! ,%  $(" *  0$! !/,+* !*0 0$! +0$!. $("H 10
0$!,.+,!.053/,10%*0$!!/,+* !*0Q/*)!K+0$,.0%!/
&+%*0(5 1%(0 0$! $+1/!K $! !/,+* !*0 (0!. !)! (%* 
.+1* ckjc3$!*0$!,,(%*0!)!0$!.! 3%**!.+"
0$!")%(5K$!,,(%*00$.+1#$$!.".)%*#* /!((%*#+"
2!#!0(!/ 3/ (! 0+ +),(!0! 0$! $+1/! *  "!  * 
(+0$!  0$!%. $%( .!* 0$.+1#$ /$++(K $!* %* dbbeH 0$!
!/,+* !*0 )..%!   /!+*  3%"! *  /1/!-1!*0(5

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


%2+.! 0$!,,(%*0K$!!/,+* !*00$!*/+1#$00+$2!
0$!,,(%*0!2%0! ".+)0$!,.+,!.05K !*!H/$!) !*
,,(%0%+* "+.  !(.0%+* 0$0 /$! 3/ !*0%0(!  0+ *
!-1%0(! /$.! +" 0$! ,.+,!.05K $! +1.0 "+1*  0$0 0$!
,,(%*0Q/$. !.*! )+*!53!*0%*0+0$!,1.$/!+"0$!
,.+,!.05 *  0+3. / 0$! +*/0.10%+* +" 0$! )0.%)+*%(
$+)!K
03/0$!.!"+.! !(.! 0$0/$!3/!*0%0(! 0++*!
$("+"0$!+),+1* * 0$!1%( %*#/H3$%$"+.)! 0$!%.
&+%*0)0.%)+*%(,.+,!.05K
$!/!/!/(!.(5%((1/0.0!0$00$!+)!*Q/0dbcb*
! %*/0.1)!*0( %* !*/1.%*# 0$0 3+)!* !*&+5 0$!%. .%#$0/
W!K#K ,.+,!.05 .%#$0/X %* /! +" /!,.0%+*H %2+.! +.
**1()!*0+")..%#!K
0(/+!*/1.!/0$0 %2+.! 3+)!*
3%(( *+ (+*#!. ! %/ 2*0#!  3$!.! 0$!5 $2!
+*0.%10!  /1/0*0%((5 +* 0$! -1%/%0%+* * 


ccb

!2!(+,)!*0 +" )0.%)+*%( ,.+,!.0%!/H %..!/,!0%2! +"


3$!0$!. 0$! ,.+,!.05 %/ .!#%/0!.!  %* 0$!%. *)!/ +. 0$!
*)!/+"0$!%./,+1/!/K
 

$! +)!*Q/ 0H dbcb %/ 0$! )+/0 ,.+#.!//%2! ,%!! +"
(!#%/(0%+* 0$0 $/ !!* !*0!  5 0$! 0%+*( //!)(5K
$!(* ).'/!/3$%$10%(%/!,.+2%/%+*/+"0$!+)!*Q/
0/! +*0$! +)!/0%0%+*+"0$!.+0++(*$2!0$!
,+/%0%2!!""!0+"1,(%"0%*#* %),.+2%*#0$!/+%+M!+*+)%
".%+"$!)%H"+.0$!!*!"%0+"(()!*H3+)!*H+5/
*  #%.(/K $.+1#$ )+.! 0%2! !*##!)!*0 3%0$ 0$! +1.0/
*  10%(%60%+* +" 0$! +)!*Q/ 0 dbcbH %0 3%(( !*/1.! 0$0
3+)!*Q/!//0+&1/0%!%///1.! K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#





&$
%  

 
 
    
," )-)(

$! .+0++( 0+ 0$! ".%* $.0!. +* 1)* *  !+,(!/Q
 ,!%( ,,+.0!1. +* 0$! %#$0 0+ ++ H (%2%!. !
%#$0/ +* 0$! %#$0/ +" +)!* %* ".% W0$! .+0++(X $/
$100!.H (/+ /00!/ 0$0 ]/$.%*# ,+3!. 3%0$ 3+)!* %/ 
0$! ,+0!*0%( 0+ !*!"%0 0!*/ +" )%((%+*/ +" ".%* 3+)!*
/$+.010 0+ .! 1%*# $1*#!. *  )(*10.%0%+* *  %/ 0$!
(%2%*# %* .1.( .!/ 3$!* #+2!.*)!*0/ *+0 +*(5 .0%"5 10
/%*#(!)+/0!""!0%2!/0!,0+.!(%6%*#0$!.%#$00+"++ K]djd
!*/1.!%0/ +)!/0%0%+*%**0%+*((33%0$+),*5%*#
.!/+1.!/ "+. %0/ %),(!)!*00%+*K .0%(!/ iH ceH cjH ckH dc
* df$2!,.0%1(..!(!2*!"+..1.(3+)!*%*0!.)/+"
0$!%. !+*+)% 0%2%0%!/H !*2%.+*)!*0H %*$!.%0*!H * 
,.+ 10%2!.!/+1.!/K

* ,.0*!./$%, 3%0$ %2%( /+%!05 +.#*%60%+*/H 00!


10$+.%0%!/0!2!.5(!2!($2!0$!+,,+.01*%050+%*"+.)* 
/1,,+.0 .1.( 3+)!* *  0$!%. +.#*%60%+*/ 0+ !+)!
")%(%. 3%0$H *  1/! 0$! .+0++( 0+ 0$! !*!"%0 +" 0$!%.
")%(%!/ *  +))1*%0%!/ +*  3% ! /(!K  1.( 3+)!*Q/
+.#*%60%+*/H+"3$%$0$!.!.!)*5H*0'!(! !./$%,
0+!*/1.!0$!%.)!)!./!*!"%0".+)0$!.+0++(H100$!5
* + /+ +*(5 %" 0$!5 .!  #%2!* 0$! +,,+.01*%05 *  .!
/1,,+.0! 3%0$.!/+1.!/H%*"+.)0%+** ,%051%( %*#K
$%/ .0%(! $%#$(%#$0/ 0$.!! ,.0%( 35/ %* 3$%$
#+2!.*)!*0/H %2%( /+%!05 +.#*%60%+*/ *  "1* !./ *
 2*! .1.( 3+)!*Q/ '*+3(! #! *  10%(%60%+* +" 0$!%.
.%#$0/ U 0$.+1#$ ,.(!#( /!.2%!/H +))1*%05 )! %H * 
.1.(3+)!*Q//!("M+.#*%6%*#K
0#%2!/!4),(!/+"%*%0%0%2!/
0$0 $2! %),.+2!  0$! (%2!/ +" .1.( 3+)!*H 0$!%. ")%(%!/
* +))1*%0%!/%*/%#*%"%*035/K

),(!)!*0%*# 0$! .+0++( %* .1.( +))1*%0%!/ %/


$((!*#%*#* .!/+1.!%*0!*/%2!H100$!+,,+.01*%0%!/"+.
$*#!.!/%#*%"%*0K
 

Q
!/,%0! 0$! )*5 +*/0.%*0/ 0$!5 "!H .1.( 3+)!* * 
0$!%. +.#*%60%+*/ ,(5 * %),+.0*0 .+(! %* $%!2%*# 
/!1.! "101.! "+. ".%K +.)!.  !.!0.5M!*!.( * 
+!(!!(1.!0!H +"%***/00!/0$0RL+1."+1/+*
%),.+2%*# 0$! ,.+ 10%2%05 *  ,.+"%0%(%05 +" /)(($+( !.
".)!./ U )+/0 +" 3$+) .! 3+)!* U **+0 32!.K $!5
.! 0$! +*!/ 3$+ ,10 "++  +* +1. 0(!/K $!5 .! 0$! +*!/
3$+.!"+.+1.(* * 30!..!/+1.!/K
*0$!!* H0$!5
3%(( ! 0$! +*!/ 0+ ,.+,!( 0$! !+*+)% #.+30$ * 
!2!(+,)!*0+"".%%*0$!dc/0!*01.5KSdjc


,)/*-0#(!'.#(!) 1)'(J-),!(#-.#)(#(-'(
(!&E*").)>1#&)/(.#)(F

  
$! +*0.%10%+* *  .%#$0/ +" .1.( 3+)!* .! !4,(%%0(5
'*+3(! #! %*0$!.+0++(K

* ,.0%1(.H ,.#& MT< #!". .)  &."3 (


/-.#(& (0#,)('(.  2+0!/ 00! .0%!/  R',.+
+-+)+-"")-"('(0(&'"'-!)%''"' 6&' &'-
' )+,+/-"(' ( -! '/"+('&'- ' -! ,.,-"'% .,
( '-.+% +,(.+, - %% %/%,@7 , 0%% , -( ?)+(-- '
'% -! /%()&'- ( 0(&'>, "'" '(., $'(0% 
,2,-&,@9
,.#& MU< /-.#(& 0&)*'(. .!+))!* / 0$0
00!/ .0%!/ 0'! (( ,,.+,.%0! )!/1.!/ 0+ ?)+(&(-
0(&'>,,,-('('-+(%(/+)+(.-"/+,(.+,,.!
,%'' .+'--!"++" !--()+()+-2@7*  R,.+)+0!
3+)!*Q/ !// 0+ .! %0H 0.%*%*#H /'%((/ !2!(+,)!*0 * 
!40!*/%+* /!.2%!/ 0 .1.( *  1.* (!2!(/ %* +. !. 0+
,.+2% ! 3+)!* 3%0$  $%#$!. -1(%05 +" (%"! *  .! 1! 0$!
(!2!(+",+2!.05)+*#3+)!*SKdje

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

(/+*+0!3+.0$5"+..1.(3+)!*.!,.#& SW/!,.0%+*H
%2+.! *  **1()!*0 +" )..%#!XH ,.#& MO W!+*+)%
* /+%(3!(".!.%#$0/H3%0$/,!%"%.!"!.!*!/0+3+)!*
3+.'%*# %* 0$! %*"+.)( /!0+.XH ,.#& NM W.%#$0 0+
%*$!.%0*!X* ,.#& NPW/,!%(,.+0!0%+*+"3+)!*%*
%/0.!//XK


 

""!0%2! %),(!)!*00%+* %/ !//!*0%( %" 0$! .+0++( %/ 0+
$2! )!*%*# "+. .1.( 3+)!*K 0  dbcd 3+.'/$+, +* 0$!
%),(!)!*00%+* +" 0$! .+0++(H '!5*+0! /,!'!. +*K  5
1/0%! &+'%  1*#Q1 +" 0$! 1,.!)! +1.0 +" !*5
!),$/%6! 0$0.0%"%0%+*+"0$!.+0++(3/0$!"%./0/0!,
0+3. / 0.*/"+.)0%+*H 10 0$0 R3%0$+10 ,100%*# %* ,(!
*0%+*( (3/H /0.101.!/ *  ,.+!//!/ 0$0 ,+,1(.%6!H
+)!/0%0! *  %),(!)!*0 0$! .+0++(H %0 .!)%*/ &1/0 
,%!! +" ,,!.SKdjf$! "1.0$!. .!"!..!  0+ 0$! $((!*#! +"
+**!0%*# 0$! .%#$0/ *  ".!! +)/ /!0 +10 %* 0$! .+0++(
3%0$ 3+)!*Q/ .%#$0/ %* .!( (%"!K R$! +/0 +" %*0%+* 3%((
%*!2%0(5!"+1* %*)+0$!./ 5%*#3$%(!#%2%*#%.0$H#%.(/
+10 +" (//H 3+)!* 00!.!  5 0$!%. (+2!./H *  ".)!./
,.+ 1%*#"++ +*(* 0$!5$2!*+0%0(!+./!1.%05"+.KS
 

 
1.( 3+)!* +),.%/! /+)! egl +" ".%Q/ ,+,1(0%+*djg
10 !4,!.%!*! (%)%0!  .%#$0/ %* 0$!%. %(5 (%2!/H !/,%0!
/%#*%"%*0%),.+2!)!*0/%*0$!.%#$0/* /001/+"3+)!*
%**0%+*(H.!#%+*(* %*0!.*0%+*(,+(%%!/Kdjh$!%.(%2!/
.! )+/0(5 +1*  5 1/0+).5 *  .!(%#%+1/ (3H )(!
+*0.+(H (+3 /+%+M!+*+)% /001/H $!25 )*1( (+1.H
* .!/,+*/%%(%050+"!! * .!"+.0$!")%(53%0$2!.5
"!3 .!/+1.!/K dji $!5 .! "1.0$!. $),!.!  5 (%)%0! 
!// 0+ ! 10%+*H %*"+.)0%+*H $!(0$ /!.2%!/H * 
0!$*+(+#5I )*5 !4,!.%!*! !.(5 )..%#! *  +)!/0%
2%+(!*!Kdjj
!0/+)!ibl+"".%Q/"++ %/,.+ 1! * ,.+!//! 5
3+)!*K djk / /)(($+( !. ".)!./H 0$!5 $2! !40!*/%2!
'*+3(! #! *  ,.0%( !4,!.%!*! +" (%)0!H /+%(H /!! H
,(*0/* *%)(/Kdkb
*)*5,(!/H0$!5.!0$!#1. %*/
+" 0$!%. +))1*%0%!/Q /,%.%01( *  /+%+M1(01.(
.!(0%+*/$%, 3%0$ 0$! (* H "+.!/0/ *  30!./H dkc 10
%*.!/%*#(50$!%.(%2!(%$++ /* 35+"(%"!.!1* !.0$.!0
1! 0+ (.#! /(! (*  -1%/%0%+*/ *  *01.( .!/+1.!
!4,(+%00%+*K dkd  $!%. %/,(!)!*0 %/ (%'!(5 0+ (!  0+
#.!0!. ,+2!.05 *  $1*#!.H (!// 10+*+)5H *   #.!0!.
21(*!.%(%050+.%/%*#,.%!/K
!2!.0$!(!//H 0$! !""+.0/ *  "+1/ +" 0$! (/0 ! ! .!
.%*#%*#/+)!!*!"%0H,.0%1(.(53%0$! 10%+*"+..1.(
ccd

#%.(/Hdke.! 10%+*%*

.0!/H* *%*.!/!%*.1.(
3+)!*Q/ /2%*#/ #.+1,/K dkf 1.( 3+)!* *  0$!%.
+.#*%60%+*/ .! +*0.%10%*# 0+H *  !*!"%00%*# ".+)H 0$!
!""+.0/0+,.!2!*02%+(!*!#%*/03+)!*H0+$%!2!,.%05
0 (( (!2!(/ +" 0$! ,+(%0%( /5/0!)H *  0+ $%!2! "++ 
/!1.%05 5 ,.+ 1%*# *10.%0%+1/ "++  "+. 0$!%. $+1/!$+( /
*  +))1*%0%!/H 3$%(! /"!#1. %*# /+%(H /!!  * 
%+ %2!./%05K$+1#$%*"*0* )0!.*()+.0(%05.0!/"+.
.1.(.!//$+30$00$!.!%//0%(((+*#350+#+Hdkg.1.(
3+)!*.! !)+*/0.0%*#0$!%.(! !./$%,%*)1(0%,(!35/
/ 0$!5  ,0 0+ $*#%*# %.1)/0*!/ *  /$+3 0$!%.
!0!.)%*0%+* 0+ 0'!  2*0#! +" +,!*%*#/ %* ,+(%0%(H
!+*+)%* /+%(/,!/K


H
 
$*#!/ %* *0%+*( (3 ""!0%*# 0$! /001/ *  .%#$0/ +"
3+)!*.!+"0!*/(+30+.!$.1.(3+)!*K2!*3%0$0$!
.,%   +,0%+* +" 0$! !(( ,$+*! /  )!*/ +"
+))1*%0%+*H )*5 3+)!* .!)%* %#*+.*0 +" 0$!%.
.%#$0/K %0$ .1.( 3+)!*Q/ $%#$ .0!/ +" %((%0!.5H (%)%0! 
".!! +) +" )+2!)!*0H *  $!25 3+.'(+ /H +))1*%05
. %+ %/ * !""!0%2! 35 0+ !*##! 0$!%. %*0!.!/0 0$.+1#$
(+((*#1#!.+ /0%*#K
00!/0$0.!3%((%*#0++. (%!*/!/"+.+))1*%05. %+
+"0!*/!!0$!#.+30$+" 5*)%(+()! %0$0/!.2!/0$!
*!! / +" %0/ +))1*%05 3%0$ .!(!2*0 %*"+.)0%+*H 0$1/
!*(%*#  #.!0!. 3.!*!// +" +*0!),+..5 %//1!/K
*
,.0/+"!/0".%H%*(1 %*#1.'%*/+H$ H(%* 
!*!#(H 3+)!* 0%2%/0/ $2! !/0(%/$!  ((M3+)!*
+))1*%05 . %+ /00%+*/ 0$0 "+1/ +* #!* !. %//1!/ * 
 2*!(%/0!*!./Q'*+3(! #!+103+)!*Q/.%#$0/K+/0+"
0$!/!/00%+*/$2!(.#!1 %!*!+"3+)!*(%2%*#%*.1.(
.!/K
.+#.)/*+0+*(5,.+2% !%*"+.)0%+*H10+""!. %/1//%+*
* %*/%#$0%*0+0$!+,,+.01*%0%!/H$((!*#!/*  %(!))/
"%*#3+)!*%*0$!%. %(5(%2!/* $+3/1$.%#$0/)%#$0
$!(,0$!)K+2!.#!+"0$!.+0++(50$!/!3+)!*Q/. %+
/00%+*/ $/ !!* (%)%0! H /%*! %0 $/ *+0 5!0 !!*
+)!/0%0!  +. %),(!)!*0!  %* 0$!%. +1*0.%!/H /+ %0/
.!(!2*! %/ /0%(( +*/% !.!  (%)%0! K !2!.0$!(!//H 3+)!*Q/
+))1*%05 . %+/ +*0%*1! 0+ ,.+2% ! /%#*%"%*0 +2!.#!
+" %//1!/ ""!0%*# .1.( 3+)!*H %*(1 %*# (*  .!"+.)H (* 
.%#$0/H#.%1(01.(,+(%5H* 3+)!*Q/.%#$0/%*2.%!05+"
35/K

* /)*!H %* /+10$!.* !*!#(H +.(   10%+* 1* !.


0$! (! !./$%, +" +1*0.5 %.!0+.  +1 .. $/
!/0(%/$!   *!03+.' +" .1.( . %+/ "+. ,!! * 
!2!(+,)!*0 0+  .!// 0$! "0!.)0$ +" 03!*05 5!./ +"

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

+*"(%0K $!/! . %+ /00%+*/ .! +3*!  *  .1* 5


+))1*%05 +.#*%60%+*/H %*(1 %*# ,!/*0 ".)!.
//+%0%+*/ *  5+10$ +.#*%60%+*/K */$.%*!  %* 0$! 5M
(3/ *  ,+(%%!/ +" 0$! . %+ /00%+*/ .! /,!%"%
.!-1%.!)!*0/ %* .!(0%+* 0+ #!* !.H !0$*%%05H *  5+10$K
+*/!-1!*0(5H .1.( 3+)!* ,(5 * 0%2! .+(! +* 0$!
#+2!.*%*# + %!/H %* )*#!)!*0H / 0!$*%%*/H ,.+#.)
,.+ 1!./* ,.!/!*0!./K
/ .. 3.%0!/ %* $%/ ++'H R
0 %/ %),+.0*0 0+ .!#1(0! 0$!
)(!T"!)(! %$+0+)5 0 0$! . %+ /00%+* +. 0$! %//1! +"
#!* !. 3%(( *!2!. ! ,.+,!.(5 0.!0! K
* %2% 1(/ * 
,.0*!. +.#*%60%+*/ *!!  0+ !),$/%6! #!* !. 0+
+2!.+)! 0$! $((!*#! +" $2%*# #++  "!)(!
.!,.!/!*00%+*00$!. %+/00%+*/K+)!**!! /1,,+.00+
+2!.+)!0$! 2!./%05+")!*Q/ !/%.!0++*0.+(. %+* 
0+ .2! 0$! 0. %0%+*/ 0$0 '!!, 3+)!* ".+) ,.0%%,0%*#
L*+0$!.$((!*#!%/0+!*/1.!0$03+)!*3$+ ++)!0+
3+.'"+.+))1*%05. %+.!*+00.!0! 1*!-1((5+.#%2!*
/!+* .0!+.1*%),+.0*0&+/L
0%/%),+.0*00$03+)!*
.! %* (( +" 0$! #+2!.*%*# + %!/H 0$! )*#!)!*0
+))%00!!/H* 0$!0!)/+"0!$*%%*/* $+/0/K+)!*
)1/0 ! ,(!  %* (( +" 0$!/! ,+/%0%+*/ %* +. !. 0+ 0%2!(5
,.0%%,0!%* !%/%+*)'%*#KSdkh
..(/+ !/.%!/$+3+))1*%05. %+* .!//%//1!/
0$0 .! .!(!2*0 0+ 0$! +))1*%05 /  3$+(!H 10 0$0 .!
(/+ +" ,.0%1(. !*!"%0 0+ 3+)!*H / %((1/0.0!  %* 0$!
"+((+3%*#/0+.5J
?(+ -! '/"+('&'-6 (&&.'"-2 +"( ,--"(', !/ &
)+( +,, "' !%)"'  !'  -! ('" .+-"(' ( -!"+ +,9
'"--!,('&""' ",,% '60!"!
" +&+$% 0(+$ )+(--"'  -!  D++" %"E9
!", 1-+&%2 .,.% -+ "' -! !% ", "' -! &"%2 (
% .&, ' !,  ,-+('  )"-2 -( -+',+ '"-+( ' +(&
-!"+-('+"!,("%9!!,-''2-(%(,%%("-,
%/,.+"' -!+"'2,,(',("-(,'(-"'-++0"-!-!
)%'-, +(0"' -"-,,"6.,-!+",'(,!"' -!-",
!+&.%-(-!"+ +(0-!''"-+( ',.))%2",+-!+,,'-"%
-( -!"+ /%()&'-9 ! (-!+ '"- ( -!  ", -!- "-
)+(., +."- "' -! (+& ( )(, -!- !/  /+2 !" !
'.-+"-"('%/%.'+-'2,!)6--%' (-,9!
)(,+.,.%%2!+/,-20(&'0!(,%%-!&-(!++,
0!( ., -!& -(  -!"+ '"&%,9 !2 + ., -( --'
'"&%,)+(."' &"%$9"'%%2-!",)+"3(+"-,0((6
0!"!",.,(+-"&+(+.%9
?(+ %% ( "-, '"-,6 -! ++" %"6 (+ 6 ", /+2
-!+-'"'-!+(",%'"-,'" !(.+,9!-+
'(+,-+/",!/&(+-,-(',.+"-,)+(--"('
.- (.% '(- ,-() -! +&) 9 !)!+,6 +-",', '
+&+,0!(%"/('-!%'6,0%%,-!(,+(&%,0!+6
cce

!/ ,+"(.,%2 /,-- -! 9  0"-! -!", & 6
-! (&&.'"-", %.'!  )+( +& -( )+(-- ' ,.,-"'
-! ., ( -!", -+6 0"-! -! (+,- +/" +,)(',"% (+
)+(--"'  -! 9 ! (&&.'"-", &"'%2 (., (' -!
&" &)" ' ('.- 2 ' &" 9 ! )+( +& -(
)+(-- -!  !, .''"%2 '  ,.,,9 -+ -!+
2+, ( "'-', (&&.'"-"(' (.- -! ' +, ( 
,-+.-"(' -( -! +>, +,"'-, ' -!"+ .-.+
'+-"(',6'-!'"-,(-!",-+-(-!,("%'+(),6
-!+ 0,  +&+$% + '+-"(' ( -!  "' -!
('+' +,9 +   -!- 0+ ''.%%2 )+.' 2
,!)!+, (+ .- (0' 2 %( +, (+ +&+,6 !/ ,' 
-+&'(., + '+-"('9 (.' +  !/ ,)('-'(.,%2
+(0' "' -! "% ' %%(0, !/ '"- +(& + .%+
&"'-'' +(& -! +&+,6 0!"! !, % -(  +)"
"'+, "' -!"+ )().%-"('9 ! + !, !' 
(',"+%26 0"-! &(+  -!- + &(+ /%()6
)+(."'  )(, -!- + '/+ -$' 2 -! (&&.'"-29
(&' !/ ,' ' "'+, "' -!"+ ,%, ( )(, '
+&+, ' !++, !/ )+("- +(& )+(--"'  -! -+,
., -!2 '+"! -! ,("%9 !, /'- , 0+ - -!
!+- ( -! (&&.'"-2 +"( )+( +&, -!+(. !(.- -!
&)" '9 ! /%.-"(', -!- (%%(0 ,!(0 -!- -!
(&&.'"-2+"(,--"('," '""'-%2!%),/-!"'
-!+:('0(&'+(& .+%%4F,"G(.--!+(%(
+))1*%05 . %+ %* ,.+0!0%*# 0$!  J R$!   $2!
.!#!*!.0!  *  ((+3!  (( +" 0$! 3+)!* %* 0$! 2%((#!/ %*
0$%/.!0+$.2!/0(.#!-1*0%0%!/+"%0/".1%03$%$3!/!((
0 #++  ,.%!/ (+*# 0$! )%* .+10!/ *  3!!'(5 ).'!0/K
$! %*.!/! %* .!2!*1! $/ !!* 2!.5  2*0#!+1/K !
3%(( (35/ ! 0$! "%./0 0+ !"!*  0$!   0+ ,.+0!0 +1.
%*+)!K!*+(+*#!.*!! 0$!0!.* +.!/0!.2%!0+
)+*%0+.0$! I3!3+)!*.!(.! 5 +%*#%0KSdki
$%(! 0$%/ !4),(! .!(0!/ 0+ 0$! !*2%.+*)!*0 .0$!. 0$*
3+)!*Q/ .%#$0/H %0 *!2!.0$!(!// !)+*/0.0!/ 0$! #!*5 +"
.1.(3+)!** 0$!!*!"%0/0$0.1! 0+0$!)!1/!
+" 0$! "+1/!  ),%#* +* .1.( . %+ ),%#*K %0$ 0$!
%),(!)!*00%+*+"0$!.+0++(H%*"+.)0%+*+1( !/$.! 
*  %/1//%+*/ $!(  +*  2.%!05 +" 3+)!*Q/ .%#$0/ %//1!/
+2!.!  5 0$! .+0++( 0$0 .! ,.0%1(.(5 .!(!2*0 0+
.1.( 3+)!*K $!/! +1(  %*(1 ! /!1.! !// 0+ "!.0%(!
(* H )*#!)!*0 +" *01.( .!/+1.!/H *  .!+#*%0%+* +"
%* %#!*+1/ '*+3(! #!K ),%#*/ +1(  (/+ ! !2!(+,! 
5 .1.( 3+)!* 0$!)/!(2!/ 0$0 0.#!0 /,!%"% $*#!/
3%0$%*0$!%.+3*+))1*%0%!/K
 
!%*#%*"+.)! +100$!%..%#$0/ +!/*+0*!!//.%(5)!*
0$03+)!*3%((0'!0%+*H,.0%1(.(5.1.(3+)!*H#%2!*
0$! )*5 +*/0.%*0/ 0$!5 "! *  0$! +1.#! %0 0'!/ 0+

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

$((!*#!0$!!4%/0%*#,+3!./0.101.!%*0$!")%(5* 0$!
+))1*%05K 1.( 3+)!* .! )+.! (%'!(5 0+ 0  0+ $*#!
0$!%. /%010%+* 3$!* 0$!5 .! +),*%!  5 ,!+,(! 0$!5
'*+3 3$+ .! 0.1/03+.0$5H '*+3(! #!(! +10 0$! (3H
2%((! "+. %/1//%+*H *  (! 0+ ,.+2% ! #1% *! +*
3$0 0+ +H 3$!.! 0+ #+H *  3$0 0$! (%'!(5 +*/!-1!*!/
3%(( !K 2%#0%*# 0$! &1/0%! /5/0!) M 3$!0$!. "+.)( +.
%*"+.)( U * ! %*0%)% 0%*# "+. .1.( 3+)!*H / 3!(( /
0%)! +*/1)%*# *  +/0(5K $! ,.!/!*! +"  ,.(!#( U
+"0!*"!)(!U/! %*0$!%.+))1*%05%//%#*%"%*0*!3
.!/+1.!"+..1.(3+)!*0+!//0$!%..%#$0/* %),.+2!
0$!%. (%2!/K $!* 0$! .+0++( %/ +)!/0%0!  * 
%),(!)!*0! H ,.(!#(/ 3%(( !  /%#*%"%*0 $**!(H (+*#
3%0$+))1*%05M. %+H53$%$.1.(3+)!*3%((!(!0+
(!.* +10 0$!%. !*$*!  .%#$0/ *  ,,(5 0$!) %* 0$!%.
%(5 (%2!/K %2%*# *  3+.'%*# %* 0$! +))1*%0%!/ 0$!5
/!.2!H +))1*%05M/!  ,.(!#(/ 1/! 0$!%. '*+3(! #! +"
0$! "+.)( &1/0%! /5/0!)H (0!.*0%2! )!*/ +" .!/+(10%+*
/1$ / )! %0%+*H *  +))1*%05 ! 10%+* ,.0%!/ 0+
$!(, 0$! ,++. *  ).#%*(%6!   .!// 0$!%. &1/0%!
,.+(!)/K

* %!.. !+*!H "+. !4),(!V3$!.! 0$!.! .! +*(5 cb


&1 #!/ *  +10 cbb (35!./ 0+ )!!0 0$! &1/0%! *!! / +"
+2!.0$.!!)%((%+*,!+,(!V,.(!#(/.!$!(,%*#0+.!/+(2!
(*  %/,10!/H *!#+0%0! %2+.! /!00(!)!*0/H ! 10!
+))1*%0%!/+100$!%..%#$0/H%*.!/!%0%6!*/Q#!*5* 
$!(,0$!) !)* )+.!".+)0$!%.#+2!.*)!*0/Kdkj

* 1(5 dbcdH )+.! 0$* "%"05 +.#*%60%+*/ ".+) 03!*05


".%* +1*0.%!/ 1.#!  #+2!.*)!*0/ 0+ !).! 0$!
,+0!*0%(+"+))1*%05,.(!#(/K$! &)%%+-"('
(' (&&.'"-2 +% %, dkk .!"(!0/  *!3 ,1/$ 0+ /!!'
3% !. #+2!.*)!*0 .!+#*%0%+* +" 0$! .+(! +" ,.(!#(/ %*
.!/+(2%*# +*"(%0H /1,,+.0%*# !// 0+ /00! /!.2%!/H * 
"%#$0%*#+..1,0%+*K$! !(.0%+*((/+*#+2!.*)!*0/0+
%*2!/0%*0$!/(!M1,+",.(!#(!""+.0/K$%//!!)/$%#$(5
.!(!2*0 "+. 0$! +)!/0%0%+* *  %),(!)!*00%+* +" 0$!
.+0++(K

* .!*$ /,!'%*# !/0 ".%H 0$! +*!,0 *  1/! +"


+))1*%05M/! ,.(!#(/0+%*"+.).1.(3+)!*+"0$!%.
.%#$0/ $/ #.+3* /%#*%"%*0(5 /%*! 0$!  +1.0$ +.( 
+*"!.!*! +* +)!* $!(  %* !%&%*# %* ckkgK  /1M
.!#%+*( *!03+.' +" (35!./H / *  //+%0%+*/ ".+)
!*%*H1%*!H(%H%#!.H!*!#(H* +#+)!0%*ckkj%*
)'+* !4,* ! 0$!+*!,0+",.(!#(/K/.!/1(0H
0$!//+%0%+*"+.0$!!"!*!+"0$!%#$0/+"$%( .!** 
+)!* %* 1%*! WMX !).'!  +*  ,.(!#(
,.+#.)K %0$ "1* %*# ".+) !*0.! Q01 !/ !0 !
++,!.0%+*
*0!.*0%+*(!W
XHM(1*$! ,%(+0
,.+&!0%*"%2!+))1*%0%!/%*0$!,%0(+*'.5K

ccf

+ 5H M $/ ,.+ 1!  0.%*%*# )0!.%(/ *  0!40/


%* )1(0%,(! (+( (*#1#!/K
0 $/ 0.%*!  hdb ,.(!#(/ %*
dd ,.!"!01.!/ %* (( ,.0/ +" 0$! +1*0.5 *  ,.+2% ! 
3.!*!//.%/%*#3+.'/$+,/+*$1)*.%#$0/* 0$!.%#$0/
+"3+)!*0+cfbHjbb,!+,(!H+"3$+)cebHbhb3!.!3+)!*K
$%/ +!/ *+0 %*(1 ! 0$+/! .!$!  0$.+1#$ +))1*%05
. %+ .+ /0/K  !/1(0/ %*(1 !H )+*# +0$!./H 0$!
.!/+(10%+*+"deb/!/+"%*$!.%0*!.%#$0/* jb/!/+"
2%+(!*!#%*/03+)!*K
$!.! $/ !!* * %*.!/! %* %2%( )..%#!/H 0$!
* +*)!*0+")*5,.0%!/0$02%+(0!3+)!*Q/.%#$0/
W/1$/"+.! * !.(5)..%#!/XH#. 1(.! 10%+*%*
0$! .0! +" 2%+(!*!H *   #.!0!. 3%((%*#*!// 0+ .!,+.0
1/!/* #%2!0!/0%)+*5Kdjb,.(!#(/$2!(/+.!!%2! 
0.%*%*#%*0$! !)+.0%* !(!0+.(,.+!//Kebb
.%0%( 0+ 0$%/ 3+.' $/ !!* MQ/ !*##!)!*0 3%0$
(+( 10$+.%0%!/ 0+ /1,,+.0 %0/ 0%2%0%!/ *  0+ ,.+2% !
0.%*%*# 0+ +""%%(/ 0+ %*.!/! 0$!%. 1* !./0* %*# +" 0$!
(3 *  0$! .%#$0/ +" %0%6!*/K M 3+.'/ (+/!(5 3%0$
0$! %*%/0.5 +" +%( ""%./ "+. 0$! .+)+0%+* +" +)!*
* $%( .!*H0$!!,.0)!*0+" 1/0%!H* 0$!%*%/0.5"+.
!1.%05* 0$!
*0!.%+.K
0$//!1.!  %0%+*("1* %*#0+
/1,,+.00$!,.(!#(,.+#.)* 03+(!#((%*%/".+)0$!
1*  "+. (+( 1)* %#$0/H 0%+*( * +3)!*0 "+.
!)+.5* !3%!( +1* 0%+*K
0%/%*0$!,.+!//+"
+*/1(0%*# 3%0$ ,.(!#(/ +* $+3 0$!5 * ! /!("M
/1/0%*%*#H,!.$,/3%0$0$!%.+3*10+*+)+1/*!03+.'K
$!3+.'+"M/$+3/$+300!,.0%!/H%2%(/+%!05
+.#*%60%+*/H "1* !./ *  +))1*%05 )!)!./ * 3+.'
0+#!0$!."+.0$!!*!"%0+"((%0%6!*/H%*(1 %*#.1.(3+)!*K
1%*! .0%"%!  0$! .+0++( %* !,0!)!. dbcdH 0$1/ (5%*#
0$! #.+1*  "+. +)!/0%0%+* 0+ !*$*! 1%*!Q/ !4%/0%*#
(3/ *  + !/ 0$0 /1,,+.0 3+)!*Q/ .%#$0/K %0$  /0.+*#
,.(!#( /5/0!) %* ,(! 0$0 %/ (.! 5 .!$%*# .1.(
3+)!* .+// 0$! +1*0.5H 1%*! $/ 0$! ,+0!*0%( 0+
%),(!)!*0 0$! .+0++( %*  )!*%*#"1( 35 "+. !2!* %0/
)+/0).#%*(%6! * %/+(0! %0%6!*/K
$!%*%/0.5+" 1/0%!%*!*!#(%/(/+0'%*#/0!,/0++""!.
(!#(/!.2%!/0+%0/%0%6!*/%*,++.*!%#$+1.$++ /0$.+1#$
/5/0!)+"P%/+* ! 1/0%!QK1* ! 50$!00!* (+(
10$+.%0%!/H0$!%/+* ! 1/0%!,.+2% !/(!#(%*"+.)0%+*
+*.!-1!/0* $!(,/.!/+(2!%//1!/00$!+))1*%05(!2!(H
0$.+1#$ )! %0%+* *  .%0.0%+* 3%0$%* 0$! (!#(
".)!3+.'K$%/)!*//!/*!,.+!//! )+.!-1%'(5H
%0 .! 1!/ 0$! *!!  0+ 0'! /!/ 0+ +1.0H *  0$1/ #.!0(5
(%)%0/0$!0%)!* +/0/+".!$%*#.!/+(10%+*K
*0.+ 1! 
%* /!2!.( %0%!/ %* !*!#( ".+) dbbb +*H 0$! %/+* !
1/0%! 3/ +,!*!  %* dbbj %* %#1%*$+.H 0$! ,%0( +"

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

/)*! %* /+10$!.* !*!#(H * .! 0$0 %/ /0%((


.!+2!.%*#".+)/+)!03!*055!./+"+*"(%0K

* dbcdH 0$! %#1%*$+. %/+* ! 1/0%! .!!%2!  gce


.!-1!/0/"+.%*"+.)0%+*Weeb".+))!*Hcje".+)3+)!*XK
$! #.!0!/0 *1)!. +" %*-1%.%!/ ".+) 3+)!* "+1/!  +*
0$! +(%#0%+*/ +"  (* (+.  *  0!**0I !.0%"%0! +"
*0%+*(%05I !0$ !.0%"%0!/I *  )00!./ .!(0%*# 0+ 0$!
%.0$H %*(1 %*# %.0$ !.0%"%0!/ *  0$! **1()!*0 +"
%*+..!0%.0$!.0%"%0!/I,.+! 1.!"+.0$!(0! !(.0%+*
+")..%#!I* 0$!+*/!-1!*!/+" %2+.!K
$!%/+* ! 1/0%!%*%#1%*$+.(/+/3*%*.!/!%*
dbcd %* .!-1!/0/ "+. )! %0%+*H ,.0(5 !1/! +" 0$!
%//!)%*0%+* +" %*"+.)0%+* +10 %0/ /!.2%!/ 0$.+1#$
+))1*%05 . %+K ekk +//%!./ 3!.! ,.!/!*0!  "+.
)! %0%+*H$("+"3$%$)! %.!0(5".+)%0%6!*/H* $("
+" 3$%$ 3!.! .!"!..!  5 0$! ,.+/!10%+* *  0$! ,+(%!K
gil3!.!/!/"+.)!*Ifel"+.3+)!*K"0$!ekk/!/H
hiKfcl WdhkX 3!.! /0%/"0+.%(5 .!/+(2! H dfKecl WkiX
3!.! *+0 .!/+(2! H hKdhl WdgX .! /0%(( %* ,.+!//H *  dl
WjX 3!.! 3%0$ .3*K $! #.!0!/0 *1)!. +" )! %0%+*
/!/ "+. +0$ 3+)!* *  )!* .!(0!  0+ )+*%!/ +3%*#H
0!**0 (!/!/H //1(0 *  +*"(%0 %* 0$! 3+.',(!K $!.!
3/  ).'!  %""!.!*! %* !.0%* .!/ +" /!/ .+1#$0
"+.3. 5)!*W(* H".1 * .!$+"0.1/0X* 3+)!*
W,1(% %*&1.5H .!/,+*/%%(%05 "+. "!! %*# 0$! ")%(5H * 
"%(1.!0+)%*0%*0$!")%(5XKebc

+. %*#0+0$!2!.(.!,+.0+"+*!,.(!#(H3$+%//! 
%*  .1.( +))1*%05 %* %#1%*$+. %/0.%0H .1.( 3+)!*
$2! !!* ,.0%1(.(5 %*0!.!/0!  %* %.0$ !.0%"%0!/ "+.
0$!%. $%( .!*K %0$+10 0$%/ +""%%( % !*0%"%0%+*H 0$!%.
$%( .!* 3%(( *+0 -1(%"5 "+. %0%6!*/Q .%#$0/H 3%(( *+0 ! (!
0+!//.!/+1.!/H+.#%*/$++( %,(+)/K#.!0!""+.0%/
!%*# ) ! 5 .1.( 3+)!* 0+ -1%.! !.0%"%0!/ 0$0 .!
1.0! *  10$!*0%H /+ / 0+ 2+%  %""%1(0%!/ %* 0$!
"101.!K$%/+"0!*)!*/0%)!+*/1)%*#,.+!//0+#0$!.
!2% !*!* ,.!/!*0%00+0$!10$+.%0%!/H,.0%1(.(5%"0$!
%.0$ !.0%"%0!/ .! !%*# /+1#$0 /!2!.( 5!./ "0!. 0$!
%.0$+"$%( K
*! 2%((#! 3+)* 3$+ $  !!* * +*!  5 $!.
$1/*  3/ !0!.)%*!  0+ #!0 +""%%( +1)!*00%+* "+.
0$!%. "%2! $%( .!*H 3$+) /$! $  .%/!  +* $!. +3*K $!
/+1#$0 0$!  2%! +" 0$! ,.(!#( %* $!. +))1*%05H 3$+
/,+'! 3%0$  +((!#1! +" 0$! 3+)*Q/ $1/*  * 
%*"+.)!  $%) +" 0$! /%010%+* *  !4,(%*!  0$! .%#$0/ +"
0$!/!$%( .!*0+%0%6!*/$%,K$%/)*%*01.* %/1//! 0$!
)00!. 3%0$ 0$! $1/* H 3$+ !2!*01((5 #.!!  0+ ,.+2% !
+*"%.)0%+* +" 0$! !4%/0!*! *  %.0$ 0!/ +" 0$! "%2!
$%( .!*K ! (/+ #.!!  0+ /0.0 ,.+2% %*# /+)! "%**%(
/1,,+.0 "+. 0$! "%2! $%( .!* %* .!+#*%0%+* +" $%/
.!/,+*/%%(%0%!//0$!%."0$!.K

* %),+.0*0 -1!/0%+* %/ $+3 0+ !40!*  0$! /!.2%!/ +" 0$!
%/+* ! 1/0%!0+,!+,(!(%2%*#%*.1.(.!/H,.0%1(.(5
3+)!* 3$+ $2! (!// +,,+.01*%05 0+ 0.2!( ".+) 0$!%.
2%((#!/H0+.!!%2!%*"+.)0%+*H* 0++2!.+)!0. %0%+*(
* .!(%#%+1/.!-1%.!)!*0/0+/!!'$!(,!(/!3$!.!K*!'!5
"0+.%/0$0,.(!#(/$2!0$!+,,+.01*%050+#+ %.!00+
0$!%/+* ! 1/0%!3%0$0$!%.+*!.*/* 0+,.0%%,0!
%* %0/ )*#!)!*0 +))%00!!K $%/ #.!0(5 %*.!/!/ 0$!
!// +" .1.( 3+)!* 0+ &1/0%!H *  0+ $2%*# 0$!%.
,.+(!)/ .!/+(2! K  .(!#(/ ,(5  .1%( %*0!.)! %.5
.+(!H / $/ !!* /$+3* %* 1%*! *  +0$!. ".%*
+1*0.%!/K
+. )*5 5!./H </!1 ".%%* ,+1. (! <2!(+,,!)!*0

*0<#.< W
X $/ !!* %),(!)!*0%*#  ,.(!#( ,.+#.)
%* !*!#(K
* dbbkH %0 !4,* !  %0/ .! +" "+1/ 0+
/)*!%*,.0*!./$%,3%0$03+,!/*0//+%0%+*/* 
 3+)!*Q/ *!03+.' "+. ,!!K 2!.  0$.!! 5!. ,!.%+ H %0
$/ ,.+2% !  0.%*%*# +*  .*#! +" 0+,%/ *  (!#(
%*/0.1)!*0/ 0+ cj +))1*%05 /!  ,.(!#(/ 3$+ %* 01.*
$2! ,.!/!*0!  %*"+.)0%+* +10 %0%6!* .%#$0/ 0+ ciHife
,!+,(! (%2%*# %* .1.( .!/H +" 3$+) cfHhkd WjdKjlX 3!.!
3+)!*Kebd

ccg


)'(J-))*,.#0),!(#-#(!>#,, )(E").)>1
#&)/(.#)(F

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

   Q




1/0/.1.(3+)!*".!-1!*0(5"! %/.%)%*0%+*H,.!&1 %!
* %*&1/0%!%*0$!%. %(5(%2!/H/+#.+1,/* +.#*%60%+*/
.1* 5 .1.( 3+)!* ".!-1!*0(5 "! /0%#)0%60%+* * 
).#%*(%60%+*H 3%0$ * 1*3%((%*#*!// 5 +))1*%05
(! !./H (+( 10$+.%0%!/H /H "1* !./ *  #+2!.*)!*0 0+
/1,,+.0 0$!%. #!*5 *  (! !./$%, 3%0$ .!/+1.!/H
0!$*%(/!.2%!/* ,%051%( %*#K

* )+/0 ".%* +1*0.%!/ %* 0$! %*"+.)( /!0+.H 0$!.! .!


0$+1/* / +" .1.( 3+)!*Q/ #.+1,/ *  //+%0%+*/ 0$0
$2! 0$!%. +3* 0%2%0%!/H 0$!%. +3* #+2!.**!H *  0$!%.
+3*/2%*#/K$%(!/+)!+"0$!/!.1.(3+)!*Q/#.+1,/.!
/0.+*#(5 ""%(%0!  3%0$  ,+(%0%( ,.05H )*5 .! *+0 * 
%*/0!  $2! 0$!%. +3* )%//%+* *  ,1.,+/! "+. !*!"%00%*#
3+)!* %* 0$! +))1*%05H .!#. (!// +" ,+(%0%( +. !0$*%
""%(%0%+*K  $%/ +*M0$!M#.+1*  %*"./0.101.! $/
0.!)!* +1/,+0!*0%("+.)+%(%6%*#$*#!H !(%2!.%*#




cch

%*"+.)0%+*H !*(%*# ).#%*(%6!  +))1*%0%!/ 0+ .!(%6!


0$!%. .%#$0/H *  /1,,+.0%*# .1.( 3+)!* 0+ %),.+2! 0$!%.
/%010%+** +*0.%10!0+/+%!05K
*5#.//.++0/+.#*%60%+*/0$0.!3!((+.#*%6! H$2!
(.#!)!)!./$%,H/0.+*#(! !./$%,)+*#.1.(3+)!*H
*  $2! 0$! ,%05 0+ .%*# 0$! +,,+.01*%0%!/ +" 0$!
.+0++(0+$1* .! /+"0$+1/* /+".1.(3+)!** )!*
%* +((+.0%+* 3%0$ (+( 10$+.%0%!/K + *)! 10  2!.5
"!3H!4),(!/%*(1 !//+%0%+*1*51 !/!))!/ !(
+)+<W1.'%*/+XH++. %*0%+* !///+%0%+*/!0
<)%*%*!/ W(%XH  ! !.0%+* "+ W1%*! %//1XH .++0/
W !*5XH !+,(!Q/ 1.,(1/ .+&!0 W+10$ ".%XH *  *%+
%+*( !),+*!/!/W+6)%-1!XK
+( 2%/%+*H(+*#3%0$0$!((+0%+*+".!/+1.!/0!2!.5
(!2!(H +*"% !*! %* (+( (! !./$%, * H +2! ((H
.!+#*%0%+* +" 0$! /0.!*#0$/ *  .%#$0/ +" .1.( 3+)!*Q/
#.+1,/0+.%*#+10$*#!%*0$!%.+3*+))1*%0%!/3%((
!*(! 0$! .+0++( 0+ .!$ %0/ ,+0!*0%( *  !+)! 
#!*1%*!(51/!"1(%*/0.1)!*0K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 
  
  MQ
 

 
 

   
((%,%)..,:(-"#')(.):(.) 1!'(!

$%/.0%(!"+1/!/+*0$!.!!*0+0/3* %#$+1.0/!
+" )1/% *  0$!./ 2 )*0!(! *  *+0$!.ebeH 3$%$
/+1#$00+!*$*!3+)!*Q/.%#$00+%*$!.%0*!%*+0/3*K
$! &1 #)!*0 %* 0$! %#$ +1.0 %/ +" /%#*%"%*0 %),+.0*!
0+ 3+)!* %* ".% /%*! %0 //!.0/ 0$! .%#$0 +" 3+)!* * 
)!* 0+ %*$!.%0 %* !-1%0(! /$.!/ ".+) 0$! ,.!*0/Q !/00!K
$!&1 #)!*0"1.0$!.!),$/%/!/0$!*!! "+.+1.0/H3$!*
%*0!.,.!0%*# 1/0+).5 (3H 0+ 0'! +#*%/*! +"
%*0!.*0%+*( *  .!#%+*( $1)* .%#$0/ (3H 3$%$
.!+#*%/!/3+)!*Q/.%#$0/K
 
+0/3* %/  /,./!(5 ,+,1(0!  (* (+'!  +1*0.5 %*
/+10$!.* ".%K $! +1*0.5 $/ %*.!/%*#(5 #%2!* "+.)(
.!+#*%0%+* 0+ 0$! .%#$0/ +" 3+)!*H %*(1 %*# ,//%*# 0$!
+(%0%+* +" .%0( +3!. 0 %* dbbf *  0$! +)!/0%
%+(!*! 0 %* dbbjK +0/3* $/ .!0%*!   1( (!#(
/5/0!) %* 3$%$ 1/0+).5 (3/ .!(0%*# 0+ )..%#!H
%2+.!H 1/0+ 5 *  %*$!.%0*! +*0%*1! 0+ #+2!.* )+/0
0/3*Kebf
%0$.!#. 0+3+)!*Q/%*$!.%0*!.%#$0/Q03+,.+2%/%+*/%*
0$!+0/3*+*/0%010%+*.!%),+.0*0J

!0%+* eWX +" 0$! +0/3* +*/0%010%+* ebg


,.+2% !/ 0$0 !2!.5 ,!./+* %/ !*0%0(!  0+ 0$!
"1* )!*0(.%#$0/* ".!! +)/+"0$!%* %2% 1(H
3$0!2!. $%/ +. $!. .!H ,(! +" +.%#%*H ,+(%0%(
+,%*%+*/H +(+1. .!!  +. /!4H %*(1 %*# ,.+0!0%+*
+"0$!(3K
!0%+* cgWcX +" 0$! +0/3* +*/0%010%+* /00!/
0$0 *+ (3 /$(( ! %/.%)%*0+.5 !%0$!. %* %0/!("
+.%*%0/!""!0/K$!0!.)R %/.%)%*0+.5S.!"!./0+
%""!.!*0 0.!0)!*0 ""+. !  0+ %""!.!*0 ,!./+*/
/!  +* .!H 0.%!H ,(! +" +.%#%*H ,+(%0%(
+,%*%+*/H +(+1.H .!!  +. /!4K $! 0!#+.5 R/!4S
3/ %*/!.0!  %* dbbgH "0!. 0$! #.+1* M.!'%*#
/! +" 00+.*!5M!*!.( 2 +3K ebh !/,%0! 0$%/
%*/!.0%+*H /!0%+* cgWfXH /+)!0%)!/ .!"!..!  0+ /
0$! (3M' ,.+2%/%+*H !4!),0/ ".+) 0$!
,.+$%%0%+*#%*/0 %/.%)%*0%+*H(3/.!(0%*#0+
R +,0%+*H )..%#!H %2+.!H 1.%(H !2+(10%+* +"
,.+,!.05 +* !0$ +. +0$!. )00!./ +" ,!./+*(
(3SK$!10$+./.#1!0$00$%//!0%+*/$+1( *+0
! %*0!.,.!0!  %*  )**!.H 3$%$ 3+1(  !4(1 !

1/0+).5 (3 ".+) &1 %%( /.10%*5 %* /!/


3$!.! /1$ 1/0+).5 (3/ (0*0(5 %/.%)%*0!
#%*/03+)!*K
+0/3*$/.0%"%! H10*+0 +)!/0%0! H0$!+*2!*0%+*
+* 0$! (%)%*0%+* +" %/.%)%*0%+* #%*/0 +)!*
WXK $! +0/3* #+2!.*)!*0H %* %0/ )+/0 .!!*0
,!.%+ % .!,+.0 0+ 0$! +))%00!! +* 0$! (%)%*0%+* +"
%/.%)%*0%+*#%*/0+)!*H/00! J
?
'-!-+"-"('%,-.)0(&'!/%"&"-"'!+"-'
+" !-,,/"'2-!))%"-"('(.,-(&+2%0:
. !-+, '+%%2!/'(+" !-,-("'!+"-:
'-!",+ +
-!%0-',-(-+-&''0(&'"+'-%29
-",&(+
)+('(.'"'"+.&,-',(.'&++"0(&'%"/"' "'
-!"+)+'-,>!(&,-9)('-!-!(-!"+)+'-,
.'&++"0(&'+%"$%2-(/"-2-!!"+9@MJQ

* 0$! +*(1 %*# /!.20%+*/ +" 0$! +))%00!! +* 0$!


(%)%*0%+* +" %/.%)%*0%+* #%*/0 +)!*H 0$!
+))%00!!1.#! 0$!+0/3*#+2!.*)!*00+J
!,!( /!0%+* cgWfX +" 0$! +0/3*
+*/0%010%+*Iebj

R%!3 1(01.! /  5*)% %)!*/%+* +" 0$!
+1*0.5Q/ (%"! *  /+%( ".%H /1&!0 0+ )*5
%*"(1!*!/ +2!. 0%)! *  0$!.!"+.! /1&!0 0+
$*#!Sebk

R'! ,,.+,.%0! )!/1.!/ 0+ !(%)%*0! (( "+.)/
+" %/.%)%*0%+* #%*/0 3+)!* 3%0$ .!/,!0 0+
+3*!./$%, *  %*$!.%0*! +" (* KS ecb

$!+))%00!!.!-1!/0! 0$00$!+0/3*#+2!.*)!*0H%*
%0/ *!40 .!,+.0H /,!%"%((5 +))!*0 +* 0$! /0!,/ 0'!* 0+
+)!/0%0!  *  0+ .!,!( /!0%+* cgWfX +" 0$!
+0/3*+*/0%010%+*K$!*!40,!.%+ %.!,+.0 +*
%/ 1!5+0/3*%*!.1.5dbcfK


+0/3*$/*!%0$!./%#*! *+..0%"%! 0$!.+0++(0+0$!


".%*$.0!.+* 1)** !+,(!/Q%#$0/+*0$!%#$0/
+"+)!*%*".%K
%0$ /!0%+* cgWfX /0%(( "%.)(5 !*0.!*$!  %* 0$! +0/3*
+*/0%010%+*H 0$! +0/3* +1.0/ $2! /+1#$0 0+ ,.+)+0!
0$!.%#$00+*+*M %/.%)%*0%+*0$.+1#$/!0%+*eWX%*/0! K
$1/H %* 0$! /! +" 00+.*!5M!*!.( 2 +3H 0$! +1.0 +"
,,!( $!(  0$0 /!0%+* eWX +*"!./  .%#$0 0+ !-1(

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


,.+0!0%+*+"0$!(3+*0$!%* %2% 1(H3$%$)* 0! 0$0
(3/ /$+1(  0.!0 (( ,!+,(! !-1((5K +3!2!.H 0$! +1.0/
$2! 2%((0!  !03!!*  (%!.( %*0!.,.!00%+* +" 0$!
+*/0%010%+*H#1% ! 5%*0!.*0%+*($1)*.%#$0/(3H/%*
0$! +3 /!H *   )+.! +*/!.20%2! ,,.+$H 3$%$
.#1!/ 0$0 %*0!.*0%+*( (3 %/ *+0 %* %*# +* +0/3*
+1.0/ *  0$0 0$! +1.0/ /$+1(  '!!, %* )%*  0$0
+0/3*%/+*/!.20%2!/+%!05K*!4),(!+"0$!(00!.
%/ 0$! /! +" **! 2  ecc 3$%$ +*/% !.!  0$!
!.%)%*(%/0%+* +" /)!M/!4 /!41( +* 10K $! +1.0 +"
,,!($!( 0$0%0$ 0+!#1% ! %*%0/ !%/%+*5P,1(%
%*0!.!/0QK

" ! #!!


'/-#- ),." #!")/,.<,#&):."**&#(.-J
(*"1:,- ( %)%)-"#')(.)(,-#."/-

 
$!,,(%*0/%*0$!/!.!"+1.!( !.(5/%/0!./3$+3!.!
+.* 0+ ,.!*0/ 3$+ %!  %* ckgd W"0$!.X *  ckjj
W)+0$!.X .!/,!0%2!(5K $! ,,(%*0/Q .+0$!./ $  %!  %*
0$!ckkb/K$!%./0!/,+* !*0H+(!"%%(+)*0!(!H%/
0$! /+* 0+ 0$! ,,(%*0/Q $("M.+0$!. 3$+H 0$!5 3!.!
%*"+.)! H 3/ +.* 0+ 0$!%. "0$!. *  *+0$!. 3+)* 10
3$+*!2!.(%2! %*0$!")%(5$+)!/0! K$%/$+)!/0! %/
0$!/1&!0+"0$!,,(%0%+*!"+.!0$! %#$+1.0H* *+3
+1.0 +" ,,!(H 3$%$ %/ 0$! $%#$!/0 +1.0 %* 0$! (* K  *
+. !. 3/ ) ! 5 0$! 1/0+).5 +1.0 +" ,,!( !2%0%*#
0$! %./0 ,,(%*0 ".+) 0$! ")%(5 $+)!/0!  +* 0$! /%/
0$0 0$! %./0 !/,+* !*0 3/ !*0%0(!  0+ 0$! $+)!/0! 
/%*! $! $  0+ %*$!.%0 %0 ".+) $%/ "0$!. $2%*# %*$!.%0!  %0
52%.01!+"!%*#0$!(/0+.*)(!$%( H/,!.#3'!0/!
1/0+).5 (3K
0 %/ 0$%/ +. !. 0$0 0$! %#$ +1.0
+2!.01.*! K
1 #)!*0 3/ $* !  +3* %* 0$! %#$ +1.0 %* .+*!
5 1/0%! . !5 %*#'! %* 0+!. dbcdK 1/0%! %*#'!
"+1*  %* "2+1. +" 0$! ,,(%*0/ *  $!(  0$0 0$!
#3'!0/! 1/0+).5 (3 .1(! 0$0 ,.+2% !/ 0$0 +*(5 0$!
(/0+.*/+*%/-1(%"%! /%*0!/00!$!%.0+0$!!4(1/%+*+"
$%/ "!)(! /%(%*#/H 2%+(0!/ /!0%+* e +" 0$! +0/3*
+*/0%010%+*%*0$0%02%+(0!/0$!,,(%*0/Q.%#$0/0+!-1(
,.+0!0%+* +" 0$! (3K $! %#$ +1.0 &1 #)!*0 3/ %* (%*!
3%0$.0%(!dcWdX+"0$!.+0++(+*0$!%#$0/+"+)!*%*
".%3$%$/00!/0$03+)!** )!*/$(($2!0$!.%#$0
0+%*$!.%0H%*!-1%0(!/$.!/H0$!%.,.!*0/\,.+,!.0%!/K
$! &1 #)!*0 $/ /%*! !!* ,,!(!  5 0$! %./0
!/,+* !*00+0$!+0/3*+1.0+",,!(K00$!0%)!+"
3.%0%*#H0$!/!$/*+05!0!!*.#1! !"+.!0$!+1.0+"
,,!(K
*0!.!/0%*#(5H0$!00+.*!5!*!.($/*+0(+ #! *
,,!( #%*/0 0$! %#$ +1.0 !%/%+*H !2!* 0$+1#$ 0$!
00+.*!5!*!.(+,,+/! 0$!,,(%0%+*00$! %#$+1.0K

ccj

  
$! !/,+* !*0/ /+1#$0  +*/!.20%2! ,,.+$ 0+ /!K
$!5.#1! 0$0%03/&1/0%"%(!"+.#3'!0/!1/0+).5
(30+ %""!.!*0%0!%*$!.%0*!/! +*#!* !.* ,+/%0%+*
+"%.0$H+*0$!/%/0$0J
$! ")%(5 $+1/! 3/ /0%(( 2%((! 0+ /%(%*#/ "+.
!2!*0/

+%!05 3/ *+0 .! 5 "+.  $*#! %* 1/0+).5
(3

!0%+* cgWfXWX ""+. !  ,.+0!0%+* 0+ 0$!
#3'!0/!1/0+).5(3.1(!+"%*$!.%0*!


*0!.*0%+*( (3 %/ *+0 %.!0(5 ,,(%(! %*


+0/3*/ 1(%/0/00!

!&!0%*# 0$! !/,+* !*0/Q .#1)!*0/H 0$! &1 #!)!*0
%*/0!  "+((+3!   (%!.( %*0!.,.!00%+* +" 0$! +*/0%010%+*K
$!+1.0$!( 0$0R1*"%. %/.%)%*0%+*,.%*%,((5)!*/
0.!0%*# ,!+,(! %""!.!*0(5 %*  35 3$%$ %),%./ 0$!%.
"1* )!*0( %#*%05 / $1)* !%*#/S W,. icXK $! &1 #!
.!"!..!  0+  .!!*0 .1(%*# %* 0$! +0/3* %#$ +1.0H %*
% %)(+ +'/! 2 !(!(! ,$+ !'#+/%*#H ecd 3$!.!
1/0%! !/!0! %/00! 0$01/0+).5.1(!0$0+),(!0!(5
%/.!#. / 0$! .%#$0 +" !-1(%05 *  !-1( ,.+0!0%+* +" 0$!
(3.1*/"+1(+"0$!,.+0!0%+*1* !./!0%+*eWX/%0#%2!/
)(!$%( "2+1.(!0.!0)!*0+*%*$!.%0*!52%.01!+"
$%//!4K


+. %*#0+ 1/0%!%*#'!%*0$!)1/%/!J


?
-''(-')-%#.,-""-"('-(,2"-",.%-.+%-(
",+"&"'-  "',- 0(&'7 ' -!- (',*.'-%2 ,.!
",+"&"'-"('&.,-%%(0-(('-"'.9.!'))+(!
0(.%6 0"-! +,)-6 &(.'- -( -! &(,- %+"'  -+2% (
-! 1)+,, )+(/","(', ( -! (',-"-.-"(' ' -! /%., "-

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


+)+,'-,9 !- ", )+-".%+%2 (#-"('% (.- -! %0
,(. !--("&). '","-,.'+%2"' &,, 6-!-"&)%",6
-!- 0(&' + ,(&!(0 %,,+ "' , -!' &'6 ' + "'
-"'+"(+-(&'@D)+,LJK'LJLE9
1/0%! %*#'! $!(  0$0 0$! !4(1/%+* +" 3+)!* ".+)
$!%./$%, )+1*0!  0+ !#. %*# 0.!0)!*0 *  * +""!*!
#%*/0 $1)* %#*%05K $! +1.0 $!(  0$0 1(01.! $*#!/
+2!. 0%)!H *  0$0 0$! +1.0/ /$+1(  *+0 $!/%00! 0+
,.+*+1*! 3$!* 1(01.! +*0.2!*!/ 0$! ,.+2%/%+*/ +" 0$!
+*/0%010%+*K $! &1 #! %0!  /! (3 ".+) $*H !*5H

* %H %#!.%H +10$ ".%H *6*%H 0$! *%0!  00!/ * 


0$!*%0!  %*# +)%*/1,,+.0+"$%/ !%/%+*K
$!&1 #!"1.0$!..#1! 0$0H0$+1#$%*0!.*0%+*((33/
*+0%* %*#+*0$!+1.0/H%0,.+2% !/1/!"1(#1% !0+//%/0
%*0$!%*0!.,.!00%+*+"+*/0%010%+*(,.+2%/%+*/W,.cjcXK
+)!/0%(3$/0+!%*0!.,.!0! %*)**!.0$0 +!/*+0
+*"(%03%0$0$!%*0!.*0%+*(+(%#0%+*/+"+0/3*W,.
ccfXK $! +1.0Q/ ,,.+$ 0+ .!#%+*( (3 %/ !/.%!  %*
)+.! !0%(!(+3K

  
   
 
 
  
.0%(! e +" 0$! ".%* $.0!. +* 1)* *  !+,(!Q/
%#$0/W X,.+2% !/0$0!2!.5%* %2% 1(/$((!!-1(
!"+.! 0$! (3 *  !*0%0(!  0+ !-1( ,.+0!0%+* +" 0$! (3K
+0/3* $/ .0%"%!  0$! ".%* $.0!. +* 1)* * 
!+,(!Q/ %#$0/K $! ".%* +))%//%+* $/ %*0!.,.!0! 
.0%(! e +" 0$!   0+ )!* 0$0 *+ ,!./+* +. (// +"
,!./+*/ /$(( ! !*%!  0$! /)! ,.+0!0%+* +" 0$! (3/
3$%$%/!*&+5! 5+0$!.,!./+*/+.(//+",!./+*/%*(%'!
%.1)/0*!/ %* 0$!%. (%2!/H (%!.05H ,.+,!.05H *  %* 0$!
,1./1%0+"$,,%*!//K
0/%),(5)!*/0$0/%)%(.(5/%010! 
,!./+*/)1/0.!!%2!/%)%(.0.!0)!*01* !.(3Kece
$!,,(%*0/* +1.0.!"!..! 0+.0%(!e+"0$! 
%*/1,,+.0+"0$!,,(%*0/Q.%#$00+!-1(%05* ,.+0!0%+*
+"0$!(3K$!,,(%*0/* 0$!+1.0 % *+0.!"!.0+0$!
.+0++( 0+ 0$! ".%* $.0!. +* 1)* *  !+,(!/Q
%#$0/ +* 0$! %#$0/ +" +)!* %* ".% ecf+. 0$! 
.+0++( +* !* !. *  !2!(+,)!*0H ecg )%*(5 !1/!
+0/3* $/ *+0 .0%"%!  !%0$!. +" 0$!/! %*/0.1)!*0/K  
+0/3* +*! /+H 0$!/! .+0++(/ 3+1(  *+ +10 $2!
!!* 1/!"1( %* /1,,+.0%*# 0$! %*0!.,.!00%+* +" 0$! .%#$0 0+
!-1(,.+0!0%+*+"0$!(3K
.0%(! jW"X +" 0$!   .+0++( +* 0$! %#$0/ +" +)!*
,.+2% !/0$0R3+)!** )!*.!!-1(!"+.!0$!(3* 
/$(( $2! 0$! .%#$0 0+ !-1( ,.+0!0%+* *  !*!"%0 +" 0$!
(3K 00! ,.0%!/ /$(( 0'! (( ,,.+,.%0! )!/1.!/ 0+
!*/1.! .!"+.) +" !4%/0%*# %/.%)%*0+.5 (3/ *  ,.0%!/
cck

%*+. !.0+,.+)+0!* ,.+0!00$!.%#$0/+"3+)!*SK.0%(!


dcWdX+"0$! .+0++(+*0$!%#$0/+"+)!*"1.0$!.
,.+2% !/ 0$0 R3+)!* *  )!* /$(( $2! 0$! .%#$0 0+
%*$!.%0H %* !-1%0(! /$.!/H 0$!%. ,.!*0/Q ,.+,!.0%!/KS
%)%(. .%#$0/ .! ,.+2% !  "+. %* 0$!  .+0++( +*
!* !.* !2!(+,)!*0Kech

0 %/H $+3!2!.H %*0!.!/0%*# 0$0 1/0%! %*#'! .!"!..! 


,!./1/%2!(5 0+ .0%(! e +" 0$!   *  0$! +2!
!%/%+* +" 0$! ".%* +))%//%+*H '*+3(! #%*# 0$!%.
/,!%"% ,,(%0%+* 0+ 3+)!*Q/ .%#$0/H %..!/,!0%2! +"
3$!0$!. +0/3* $  /%#*!  +*0+ 0$! .+0++( +* 0$!
%#$0/+"+)!*K
?
-",1"(&-"-!-2+-"2"' -!(/"'-+'-"('%% %
"',-+.&'-,6 ,--, )+-", (&&"- -!&,%/, -( &("2 -!
,("% ' .%-.+% )--+', ( ('.- -!- /+,%2 -
0(&' -!+(. ! ))+()+"- % ",%-"/6 "',-"-.-"('% '
(-!+ &,.+,6 0"-!  /"0 -( !"/"'  -! %"&"'-"(' (
!+&.% .%-.+% ' -+"-"('% )+-", ' %% (-!+
)+-",0!"!+,('-!"(-!"'+"(+"-2(+-!
,.)+"(+"-2 ( "-!+ ( -! ,1,6 (+ (' ,-+(-2) +(%, (+
0(&''&'@D)+KRQE9
$%(/00$! Q/.+0++(+*0$!%#$0/+"+)!* % *+0
!* 1,,(5%*#.+(!%*0$! %#$+1.0/!H%0%/$+,! 0$0
0$! !%/%+* +" 1/0%! %*#'!H 3$%$ .!+#*%/!/ 3+)!*Q/
.%#$0 0+ !-1( %*$!.%0*!H *  0$! !2!*01( !%/%+* +" 0$!
+1.0 +" ,,!(H 3%(( .+ !* 0$! +""%%( .!+#*%0%+* +"
3+)!*Q/.%#$0/1* !.1/0+).5(3H* .!0!(%)0!%*
3$%$ +0/3* /!!/ 0$! 2(1! %* .0%"5%*# 0$!  Q/
.+0++(+*0$!%#$0/+"+)!** 0$!.+0++(+*
!* !.* !2!(+,)!*0K
 
! /$+1(  ! /(+3 %* //1)%*# 0$0 0$!.! %/ +*(5 +*!
%*0!.,.!00%+*+"1/0+).5(3K
*0$!)1/%/!H+0$0$!
#3'!0/! $%/0+.5 *  )+ !.* 5 ,,(%0%+* +"
#3'!0/!1/0+).5(3$//$+3*%*.!/%*#.!+#*%0%+*
+"0$!*!! "+.3+)!*0+!(!0+%*$!.%0K+.!4),(!H%*
ckce0$!#3'!0/!$%!"/'! )!*%*$%/'#+0(0+$*#!
%*$!.%0*! (3/ !1/! )!* 3!.! 5%*# 3%0$+10
/+*/K eci+.0+* !4,(%*/ 0$0 0$%/ %*.!/!  !,0*! +"
3+)!*Q/ .%#$0 0+ %*$!.%0 "+((+3!  $)Q/ (3H $+3!2!.
/1/!-1!*00+0$%/H$,!.Q/ * ++'+"/3*(3* 
1/0+)H "%*(%6!  %* 0$! ckeb/H .!/00!  3+)!*Q/ ,.+,!.05
.%#$0/ / !%*# 3$0 %0 3/ %* 0$! !. ,.%+. 0+ $)Q/
3Kecj
$!%(%05+"3+)!*0+%*$!.%01* !.#3'!0/!1/0+).5
(3 $/ *!2!.0$!(!// !!* .!+#*%6!  %* ,.0%!K eck +.
!4),(!H %* 0$! ckib/H +!.0/ *  $,!. %0!   /!

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


3$!.!3+)!*$ !!*(!0++0%*00(!%*!-1(/$.!/
0+0$!%..+0$!./Kedb$!!/,+* !*0/%*0$! %#$+1.0(/+
%0!  /! (3 %* /1,,+.0 +" 0$! .#1)!*0 0$0 +1.0/
%*.!/%*#(5 ((+3 3+)!* 0+ %*$!.%0K !! "+. !4),(!H
+'+5)!2+'Kedc
$1/H0$!1/0+).5+1.0+",,!(+1( $2!%*0!.,.!0! 
#3'!0/! 1/0+).5 (3 %*  )**!. 3$%$ ((+3!  0$!
,,(%*0/*!-1(.%#$00+%*$!.%0H* %0%/%0/ !%/%+**+0
0+ +/+H3$%$%/,.+(!)0%K

*0$!+10$".%*+*/0%010%+*(+1.0/!+"$%(1*2
3)%03edd 1/0%!2* !.!/0$1%6!*/00! "+1."0+./
0$0 +1#$0 0+ ! +*/% !.!  %* !0!.)%*%*# 0$! +*0!*0 +" 
1/0+).5*+.)J





$!0. %0%+*/+"0$!+))1*%05+*!.*! 
$! ,+//%(! %/0+.0%+* +" .!+. / 1! 0+ 0$!
+(+*%(!4,!.%!*!
$! *!!  0+ ((+3 +))1*%0%!/ 0+ !2!(+,
1/0+).5*+.)/
$! "0 0$0 1/0+).5 (3H (%'! *5 +0$!. (3H
.!#1(0!/0$!(%2!/+",!+,(!


$!.! (%)%00%+*/ .!)%* %* *0%+*( +*/0%010%+*/H 3$%$
!4(1 !0$!/.10%*5+"0$!+1.0/%*/!/+" %/.%)%*0%+*
/! +*1/0+).5(3H%0%/1/!"1(0+.!(5+*%*0!.*0%+*(
* +),.0%2!(30+.#1!"+..+ !.%*0!.,.!00%+*+"
+*/0%010%+*( ,.+2%/%+*/K
* 0$! )1/% /!H 0$! ,,(%*0/
!*!"%00!  ".+) ,(%*# !"+.! 0$! +1.0 /1""%%!*0
%*"+.)0%+*+10%*0!.*0%+*(* +),.0%2!(3K

*.!/%*#(5H0$!)+*%/0T 1(%/0 %$+0+)5%/!+)%*#/0(!


*  +1.0/ .! /0!,,%*# !5+*  0$!/! +1* .%!/ * 
10%(%/%*# +10/% ! /+1.!/ 0+ /1,,+.0 0$!%. .#1)!*0/K +.

cdb

!4),(!H %* 0$! )% /! +" +*#3! 2


*0!.*0%+*(
+0!(/ede 1/0%!1/1)(%/00! J
?-""-"(' ( ,.! "',-+.&'-, 2  '-"('% ,-- 0"-!(.-
+,+/-"(',",%+-,-"&('2(-!0"%%"' ',,2-!,--
-(  (.' 2 -! )+(/","(', ( ,.! D"',-+.&'-,E9 "'
-!+ ", -!- 0"%%"' ',,6 " ' ",,. (&, (+ -!", (.+-
0!"! 0(.% '(-  (/+ 2 %(% % ",%-"(' .- 0(.% 
(/+ 2 ,.! "'-+'-"('% D"',-+.&'-E6
 0(.% -$
#.""%'(-"(-!--+-2('/'-"('"'&2+,(%.-"('(-!
",).-9@
$! !*5 +1.0 +" ,,!( /! +" +*+ 2 +*+edf %/ (/+
%*/0.10%2!K $! &1 #)!*0 !(0 3%0$  /%)%(. /!0%+* +*
%/.%)%*0%+* W/!0%+* jdX / /!0%+* cg +" 0$! +0/3*
+*/0%010%+*K $! /! +*!.*!  0$! %/0.%10%+* +" 0$!
!/00! +"  )* 3$+ 3/ %*  ,+(5#)+1/ )..%#!H 3%0$
/+*/ ".+) 0$! +*! )..%#! *  1#$0!./ ".+) 0$! +0$!.
)..%#!K$!+1.0$!( 0$00$!.!3+1( !*+.!/+*(!
"01( /%/ "+. .3%*#  %/0%*0%+* !03!!* 0$! /+*/ +*
0$! +*! $*  *  0$! 1#$0!./ +* 0$! +0$!.K !0%+*
jdedg+*0%*!  0$! /)! (%)%00%+* / /!0%+* cgWfX %* 0$!
+0/3* +*/0%010%+*K $! +1.0 %* 0$0 /! $!(  0$0
%*0!.*0%+*( (3 3/ .!(!2*0 %* +*/% !.0%+* +" 0$! /!
* 0$!%*0!.,.!00%+*+"0$!(%)%00%+*K
1/0+).5 (3H 3$%$ %/ %/.%)%*0+.5 0+3. / 3+)!*H %/
%*.!/%*#(5!%*#%*0!.,.!0! /!%*#R.!,1#**00+&1/0%!
*  #++  )+.(/SKedh1$ * %*0!.,.!00%+* %/ %* (%*! 3%0$
0$!,,.+$+"0$! .+0++(+*0$!%#$0/+"+)!*H
* ,,.+$ 3$%$ 3! /$+1(  !),$/%/! %* (( &1 %%( * 
(!#%/(0%2!,.+!//!/.!(0%*#0+0$!.%#$0/+"3+)!*K


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#





 

 
WKcfWXWXH
 X M



J
,=%" /',

+0/3* .0%"%!  0$! ".%* $.0!. +* 1)* * 
!+,(!/Q %#$0/ W X %* ckjhK .0Kch +" 0$! $.0!.
.!+#*%6!/0$!.%#$00+$!(0$%*#!*!.(K$!+(-((%-(-!
 ('-!" !-,((&'"'+"W+))+*(5.!"!..! 
0+ / 0$! ,10+ .+0++(XH 3/  +,0!  5 0$! ".%*
*%+* %* dbbeH *  !*0!.!  %*0+ "+.! %* dbbgK
0
+),(!)!*0/ 0$! ".%* $.0!. 5 !4,* %*# 0$!
/1/0*0%2!,.+0!0%+*+"3+)!*Q/.%#$0/%*".%H%*(1 %*#
0$!%. $!(0$ *  .!,.+ 10%2! .%#$0/K 1.%*# %0/OL'
+"'+2 ,,"('H0$! ".%* +))%//%+* +* 1)* * 
!+,(!/Q%#$0/ +,0! %0/"%./0!*!.(+))!*0+**5+"
%0/ % % "',-+.&'-,K $! !*!.( +))!*0/ ,!.0%* 0+
.0%(!cfWcXW X* W!X+"0$!.+0++(.!+#*%6%*#3+)!*Q/
.%#$0/0+,.+0!0%+*".+)
* 0+%*"+.)0%+*+100$!%.
+3*$!(0$/001/* 0$0+"0$!%.,.0*!./K
$!+))!*0/3!.! +,0! ,1./1*00+.0%(!fgWcXWX+"
0$!  H 3$%$ %.!0/ 0$! ".%* +))%//%+* 0+
%*0!.,.!00$!,.+2%/%+*/+"0$!".%*$.0!.K/.+0++(
0+ 0$! ".%* $.0!.H 0$! ,10+ .+0++( %%, 3%0$%* 0$!
%*0!.,.!00%2!)* 0!+"0$!+))%//%+*K+. %*#0+0$!
!*!.( +))!*0/H 3+)!* *  #%.(/  
A %/,.+,+.0%+*0! .%/' +"
 %*"!0%+* %* 1M$.*
".%B 3%0$ 3+)!* )'%*# 1, gkl +" ,!+,(! (%2%*# 3%0$

 %* 0$! .!#%+*H *  5+1*# 3+)!* #!  cg 0+ df !%*#
!%#$0 0%)!/ )+.! (%'!(5 0$* )!* 0+ ! (%2%*# 3%0$
K +
'!!,,!3%0$%0/+))%0)!*0/H%*dbbhH0$!+2!.*)!*0+"
+0/3*/!01,*
*0!.M%*%/0!.%(+))%00!!+*.!0%!/H
+*2!*0%+*/* .+0++(/3%0$0$!)* 0!0+"%(%00!0$!
%),(!)!*00%+* +" 0$! .!,+.0%*# +(%#0%+*/ +" +0/3*
1* !.0$!%*0!.*0%+*(%*/0.1)!*0/0+3$%$%0%/,.05K
0
%/ ,!.0%*!*0 0+ )!*0%+* +0/3* $/ *+0 5!0 .0%"%!  0$!
,10+ .+0++(K +3!2!.H +0/3* $/ 0$! /!+* 
$%#$!/0K
T
 .0! *+0 +*(5 %* 0$! ".%* .!#%+* 10 %*
0$! 3+.( K edi $! *1)!. +" 3+)!* #!  cg *  +2!
(%2%*# 3%0$
 .! chbHbbbedj%* 0$! +1*0.5 3%0$  0+0(
,+,1(0%+* +" d )%((%+*Kedk  /%)%(. (!2!((%*# +"" 0.!*  $/
!!* +/!.2!  )+*# ,.!#**0 3+)!* Wcg 0+ fk 5!./X
3$+/!,.!2(!*!.0!3/ebKf%*dbccKeeb
$%/ .0%(! /!!'/ 0+ % !*0%"5 #,/ *  +,,+.01*%0%!/ %*
.!(0%+*0+0$!.+0++(* 0$!.!5//!//3$0!*!"%0/* 
+,,+.01*%0%!/ 3+)!* %* +0/3* .! )%//%*# +10 !1/!
+0/3* $/ *+0 .0%"%!  0$! ,10+ .+0++(K / /00! 

+2! %* 0$! /1M$.* .!#%+*H +0/3* $/ 0$! /!+* 


$%#$!/0
 ,.!2(!*! WdeKklX %* 0$! 3+.(  W
H
dbbjXK %*! %0/ "%./0 ,,!.*! %* ckjgH 0$! /,.!  +" 0$!
%*"!0%+* %* +0/3* $/ !!* .,%  *  !4,(+/%2!K
+0/3*3/0$!"%./0".%*+1*0.50+%*0.+ 1!.+10%*!

 0!/0%*# W X %* ,1(% $!(0$ "%(%0%!/K $! R+,0M+10S
,,.+$ 0+ 0!/0%*# ,+(%5 %* +0/3* *  %0/ +10/0* %*#
.!/1(0/ %* )+0$!.M0+ $%(  0.*/)%//%+* WX /!/ $2!
!!* .! 1!  ".+) dbKi l %* dbbe 0+ fKj l %* dbbiKeec
!/,%0! 0$! +2%+1/ %* %2% 1( *  /+%!0( #%*/ ".+) /1$
*,,.+$H+0$%*+0/3*/3!((/%*+0$!.+1*0.%!/
3$!.! /%)%(. ,+(%%!/ $2! !!*  +,0! H 0$!.! .!)%*
1*/!00(!  %//1!/ /1..+1* %*#
M0!/0%*#K $! /%010%+* %*
+0/3* %/ +*0.+2!./%( !1/! "!3 +.#*%60%+*/ $2!
*5 1* !./0* %*# +" $+3 0$! .%#$0/ +" ,!+,(! (%2%*# 3%0$

T
 .! 2%+(0! Keed$! /1!// +"  ,.+#.)
$/ ) ! +0/3* * !4),(! "+. +0$!. ".%* *0%+*/K
!0H 0$! *0%.!0.+2%.( 0.!0)!*0 (+*! **+0 /+(2!
+0/3*\/ !2/00%*#
 *  
 .%/%/ 3%0$ .!#.  0+
$!(0$ *  .!,.+ 10%2! .%#$0/ +" %0/ 3+)!*K $!/! %//1!/
,,!. 0+ ! %*/1""%%!*0(5 ,,.!%0!  %* +0/3*H !2!*
0$+1#$ 0$!%. +*/% !.0%+* %/ !//!*0%( %" 0$! +1*0.5 %/ 0+
(%#* %0/ ,.0%!/ 3%0$ !4%/0%*# *0%+*( (3/ / 3!(( /
%*0!.*0%+*(T.!#%+*( +*2!*0%+*/ 0+ 3$%$ %0 %/  /00!
,.05K


)/(!').",-1."#(!0#).**,)!,'')((/.,#.#)(
.."-)#&(., ),1)'(#('%)>").)

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


 
J
 


 M


WKcfWcXWXWX 

Q
  


 
+. %*# 0+ 
T  +(%5 00!)!*0 W0$! +(%5XH
0$! +.*!./0+*!/ +"
M0!/0%*# /(!M1, )1/0 %*(1 !
,.+0!0%+*".+)/0%#)*  %/.%)%*0%+*/3!((///1.! 
!//0+%*0!#.0! ,.!2!*0%+*H0.!0)!*0* .!/!.2%!/K
$! +* %0%+*/ +" 0!/0%*# )1/0 ! *$+.!  %*  $1)*
.%#$0/ ,,.+$ 3$%$ ,.+0!0/ .%#$0/ *  ,5/ 1! .!/,!0
0+!0$%(,.%*%,(!/Keee$!,+(%5%*0.+ 1! 0$!,.0%!+"
.+10%*!H,.+2% !.M%*%0%0! R+,0M+10S0!/0%*#/+*!+"/!2!.(
,.!2!*0%2!/0.0!#%!/%*1/!K
PMQ


* /!00%*#/ 3$!.! ,.+2% !.M%*%0%0!  +""!./ +" 0!/0%*#H


3$!0$!."+.,1.,+/!/+"!/0(%/$%*#
/001//,.0+"*
%* %2% 1(Q/(%*%(.!* 0.!0)!*0H+.0++""!.,.!M*0(
 0+ ,.!#**0 3+)!* /$+1(  0$!5 ! "+1*  0+ !
M
,+/%0%2!H ,0%!*0/ )1/0 .!0%* 0$! .%#$0 0+ .!"1/! 0!/0%*#H %K!K
0+ P+,0 +10Q +" * +""!. +" /5/0!)0% 0!/0%*#Keef$! +(%5
)'!/ (!. 0$0 +,0M+10 0!/0%*# * +*(5 0'! ,(! %* 
/!00%*#3$!.!)!$*%/)/!4%/0"+.+1*/!((%*#* .!"!..(
"+.)! %(* ,/5$+/+%(/1,,+.0"0!.0!/0%*#K

 

H

 

.0%(! cf +" 0$! .+0++( ,0(5 .0%1(0!/ 3%0$%* %0/ )%0
0$! .+(! +"  /00! ,.05 %* ,.+0!0%*# 3+)!*Q/ .%#$0/ 0+
%*"+.)0%+* *   .!//%*# +*!.*/ / .%/!  5 0$!  
+(%5/00!)!*03%0$.!/,!00++,0M+100!/0%*#,.+!//K$!
,.)!0!./ 1* !. !*!.( +))!*0 2%/MM2%/ 0$! ,.%*%,(!
1* !.(5%*# 0$! +,0M+10 ,+(%5 / (%  +3* 5 0$! +.( 
!(0$.#*%/0%+*.!,.((!(0+!$+0$!.3%0$.!/,!00+
0$! .%#$0/ +" %*"+.)0%+*H /!("M,.+0!0%+* *  %*"+.)! 
+*/!*0%//1!/K
03+1( !/"!0+/00!0$00$!.+0++(%/
.!#%+*( !40!*/%+* +" 0$! .+  %*0!.*0%+*( /0* . / +"
.!,.+ 10%2!$!(0$* .0Kcf%/,!./1/%2!!*+1#$#+%*#
(+*# 35 %* )0!.%(%/%*# 0$!/! /0* . / +*!  +,0! 
(+((5K
J

 
 



$! +2!.*)!*0 +" +0/3* ,.+2% !/ ".!!  /!.2%!K
1..!*0(5H*!.(5((,.!#**03+)!*WkglX$2!*0!*0(


.!WXKeeg.!*0(0!/0%*#"+.
%/)&+.+),+*!*0
%*)*5*0%+*(/0.0!#%!/0+,.!2!*02!.0%(0.*/)%//%+*
+" 0$! %/!/! *  .! 1! 0$! 1. !* +"
T
K )+*#
!2!(+,%*# *0%+*/H 0$! +2!.*)!*0 $/ ) ! ,.0%1(.(5
%),.!//%2!/0.% !/%*+)0%*#0$! %/!/!H$%!2%*#.0!/
/%)%(.0+0$+/!+" !2!(+,! *0%+*/3$!.!0$!%*% !*!+"
*!+*0(
 $/ !!* 2%.01((5 !(%)%*0! K /  .!/1(0 +" 
,%+*!!.%*#,.+#.)%*0.+ 1! %*dbbf3$%$1/!/*R+,0M
+10S ,,.+$ 0+ 0!/0%*# %* *0!*0( .!H 0$! .0! +"
)+0$!.M0+M$%(  0.*/)%//%+* WX +"
 %* +0/3*
$/!!*.! 1! ".+)dbKil%*dbbe0+el%*dbcdKeehW!!
(/+ 
* %0+. 0H dbbjXK +0/3* % /
),0
1.2!5
 W

X !,+.0 W,.%( dbceX (/+ +*"%.)/ 0$0
1, 0+ khl +" %!/ +.* 0+
 ,+/%0%2! )+0$!./ .! +.*

 ".!! 0$.+1#$  ,.+#.))!K eei 
 ,.!2(!*!
)+*# ,.!#**0 3+)!* 00!* %*# *0!*0( (%*%/
%*.!/! ".+)ceKjl%*ckkd0+egKfl%*dbbd* ebKfl
%* dbccK  

 .!,+.0 %* %0!/ (+3
 0!/0%*# .0!/H
hbKil+"0$!,+,1(0%+*#! cgMfk$2!0!/0! "+.
* 
'*+30$!%./001/Keej









 cfWcXWXWX
  
!/,%0! 0$! +2%+1/ %* %2% 1( *  /+%!0( #%*/ ".+) /1$
*,,.+$H+0$%*+0/3*/3!((/%*+0$!.+1*0.%!/
3$!.! /%)%(. ,+(%%!/ $2! !!*  +,0! H 0$!.! .!)%*
1*/!00(!  %//1!/ /1..+1* %*# ,.!*0(
M0!/0%*#K $!
+1*0.5 $/ * +,0M+10 ,+(%5 10 3%0$+10 $!(0$ .%#$0/ %*
#!*!.(* %*,.0%1(.0$!/!41(* .!,.+ 10%2!.%#$0/
"+. %0/ 3+)!*K / 0$! +*/0%010%+* +" +0/3* + *+0
!)+ 5 !+*+)%H /+%( *  1(01.( .%#$0/ 3$%$ %*(1 !
.%#$00+$!(0$/3!((K$%(!+0/3*$/) !.!).'(!
,.+#.!// %* /+%( *  $1)* !2!(+,)!*0H 0$! (!2!( +"
,+2!.05 .!)%*/  )&+. +*!.* "+. * 1,,!.M)% (!M
%*+)! +1*0.5H 3%0$ dbKil +" 0$! ,+,1(0%+* (//%"%!  /
!40.!)!(5 ,++.K eek $! /01 %!/ $2! /$+3*  ,+/%0%2!
.!(0%+*/$%,!03!!*"!)(!M$! ! $+1/!$+( /W /X* 
,+2!.05 %* 1.* *  .1.( .!/ +" +0/3*K !(0$ .%/'
!$2%+1./ %*(1 !  1*,.+0!0!  /!4H (+$+( 1/!H * 
.!/0"!! %*# )+*# ,+0!*0%((5
 ,+/%0%2! )+0$!./K efb
/0,+2!.05*(5/%/(/+.!2!(! 0$0,+2!.05%*+0/3*
$/ %/0%*0 .1.( *  #!* !. %)!*/%+*/ 3%0$ $%#$!.
,.!2(!*! %* .1.( .!/ *  )+*# "!)(! $! ! 
$+1/!$+( / 3%0$ $%( .!* *  3% +3/Kefc
* 0$%/ /!*.%+H %0
%/.1%(0+% !*0%"5* ,,.+$0$!35/%*3$%$$!(0$
.%/'/H!4,!.%!*!/* +10+)!/"+.3+)!**!0.!0! %*
 $*#!  )**!.K %0$+10 .%0%( %*0!..+#0%+* +" ,+(%5
".+)3+)!*Q/$!(0$.%#$0/,!./,!0%2!/ 2+0! 50$!
,10+.+0++(H3+)!*.!)%*,//%2!.!!%2!./K,0'!+"
*0!*0(0!/0%*#3/(+3".+)ckkk0$.+1#$dbbeK

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

*dbbfH+0/3*\/.!/% !*0 !(.! 0$0


M0!/0%*#
/$+1( !.+10%*!10*+0+),1(/+.5%*)! %(/!00%*#/Kefd
 .%#$0/M/!  1* !./0* %*# +" ,.0%%,0%+* %* 0$!+.5 * 
,.0%! %* (%*! 3%0$ %*0!.*0%+*( /0* . / *  .!#%+*(
!2!(+,)!*0/ (+*#/% ! 0$! .%#$0/ +" 3+)!* %/ .1%( 0+
!4,(+.!K
*0$!/!+*0!40/0+#!0$!.3%0$.0KcfW XW!XH3$0
0$! .!(0%+*/$%, %/ !03!!* ,.0%%,0%+* *  !%/%+*M
)'%*# %* ,.!*0( 0!/0%*# *  !// 0+ %*"+.)0%+*H
.!+1./! 0+ 0.!0)!*0 *  +1*0%(%05 )+*# +0$!./ .!
%//1!//0%((1*!.0%*%*+0/3*K!*/%+*/)+*#0$!.%#$0/
+" /+%!05H 3+1( M! )+0$!./ *  0$! 1*+.* .%/! %""%1(0
!0$%( *  (!#( -1!/0%+*/ .!#. %*# !%/%+*M)'%*#H
.!/,!0 "+. 10+*+)5H +*"% !*0%(%05H ,1(% $!(0$ * 
%* %2% 1(W3+)!*Q/X.%#$0/0$0**+0!%#*+.! K
$!21(*!.%(%05+"#%.(/* 5+1*#3+)!*0+
T
$/
!!* +1)!*0!  %* )*5 /01 %!/ *  %/1//!  0 2.%+1/
*%0!  0%+*/ #!*%!/ *  ,(0"+.)/K +/0 /00!/ #.!!
0$05+1*#,!+,(!$2!0$!.%#$00+ !2!(+,0$!%.,%0%!/H
0+!//.*#!+"/!.2%!/* +,,+.01*%0%!/H0+(%2!H(!.*
*  !.* 3%0$%*  /"! *  /1,,+.0%2! !*2%.+*)!*0H *  0+
,.0%%,0!%* !%/%+*/* 0%+*/0$0""!00$!)Kefe

%# %. ++) +*,%))+HK?H@. +)*'++&


%&)$+ &%%*#<')&++ &%+ &# 0')&- *
++ %&)$&%*%+)(, )*.)%**&+
&##&. %5

0$!(%*%(* 0$!,.!2!*0%+*!*!"%0/+"0!/0%*#I
0$!.%#$00+.!"1/!I
0$!"+((+3M1,/!.2%!/+""!.! I* 
%*0$!!2!*0+",+/%0%2!0!/0.!/1(0H0$!*!! 0+
%*"+.)*5+*!3%0$*+*M#+%*#.%/'3$+3+1( 
+0$!.3%/!*+0/1/,!0$!T/$!3/!%*#!4,+/! 0+

%*"!0%+*K

%/+*!+"0$!'!5/0.0!#%!/"+.$(0%*#0$!/,.! +"

K*0%+*(,.+#.)%/%*,(!* %/"1*0%+*%*#
3!((K
0/+&!0%2!3/0+.! 1!+"
0+db,!.!*0
5 dbbh *  0+ cb ,!. !*0 5 dbbkKeff+10%*! 0!/0%*#H %*
3$%$ (( ,0%!*0/ .! 0!/0! H 1*(!// 0$!5 +,0 +10H /
.!+))!* !  5 
 *   H 3/ %*0.+ 1!  %*
+0/3*%*dbbfK*!'!5+*!.*+"0!/0%*#%/,.!*0(K
0
$/ !!* .%#$0(5 /1##!/0!  5 !**%! *  !$!0/ WdbbhXefg
0$0 %* /!00%*#/ ).'!  5 ,+2!.05H 3!' $!(0$M.! * 
%2%( /+%!05 %*"./0.101.!H #!* !. %*!-1(%0%!/H * 
,!./%/0!*0 /0%#)0%60%+* +" ,!+,(! 3%0$
T
H +,0M+10
0!/0%*# ,+(%%!/ )5 !+)! /,(%0 ".+) $1)* .%#$0/ % !(/
0$0 "%./0 )+0%20!  ((/ "+. 0$! 1*%2!./( !// 0+ 

0.!0)!*0K  .!*0( 0!/0%*#H  .1%( /!#)!*0 %* 0$%/
,.+!//H %/  /1/0*0%((5 *!#(!0!  /1&!0 %* !),%.%(

cde

.!/!.$H $1)* .%#$0/ )+*%0+.%*# *  !0$%( /.10%*5 %*


1* !. !2!(+,!  +1*0.%!/ %*(1 %*# +0/3*K $!
+1*0.5Q/ 0!/0%*# ,+(%5 ,+/!/ ,+0!*0%( 0$.!0/ 0+ 3+)!*Q/
.%#$0/0++*/!*0H+*"% !*0%(%05* +1*/!((%*#K

* /!00%*#/ 3$!.! ,.+2% !.M%*%0%0!  +""!./ +" 0!/0%*#H


3$!0$!."+.,1.,+/!/+"!/0(%/$%*#
/001//,.0+"*
%* %2% 1(Q/(%*%(.!* 0.!0)!*0H+.0++""!.,.!M*0(
*0%.!0.+2%.( 0.!0)!*0 0+ ,.!#**0 3+)!* /$+1(  0$!5 !
"+1*  0+ !
M,+/%0%2!H ,0%!*0/ )1/0 .!0%* 0$! .%#$0 0+
.!"1/! 0!/0%*#H %K!K 0+ P+,0 +10Q +" * +""!. +" /5/0!)0%
0!/0%*#Kefh$! +(%5 )'!/ (!. 0$0 +,0M+10 0!/0%*# *
+*(5 0'! ,(! %*  /!00%*# 3$!.! )!$*%/)/ !4%/0 "+.
+1*/!((%*# *  .!"!..( "+. )! %( *  ,/5$+/+%(
/1,,+.0 "0!. 0!/0%*#K $! ,.!M0!/0 +1*/!((%*# )5 ! 10
/$+.0 W+),.!  3%0$ XH 10 %/ /1""%%!*0 !*+1#$ 0+
,.+2% !%*"+.)! +*/!*0K


 M 
(+((5H
M0!/0%*# %/  ,.!.!-1%/%0! 0+ /(%*# 1, 0$!
.!/,+*/! 0+ 
H *  !// 0+ 0.!0)!*0K
0 )1/0 !
#.+1* !  %* /+1*  ,1(% $!(0$ ,.0%! *  (/+ .!/,!0H
,.+0!0%+*H *  "1("%()!*0 +" $1)* .%#$0/ *+.)/ * 
/0* . /K $! 2+(1*0.%*!// +" 0!/0%*# )1/0 .!)%* 0 0$!
$!.0 +" ((
 ,+(%%!/ *  ,.+#.)/H +0$ 0+ +),(5 3%0$
$1)* .%#$0/ ,.%*%,(!/ *  0+ !*/1.! /1/0%*!  ,1(%
$!(0$ !*!"%0/K $! "+((+3%*# '!5 "0+./H 3$%$ .!
)101((5.!%*"+.%*#H+. %*#0+
.!,+.0efiH*!! 
0+! .!//! /%)1(0*!+1/(5J






*/1.! * !0$%( ,.+!// "+. +* 10%*# 0$! 0!/0H


!"%*%*# 0$! ,1.,+/! *  !*!"%0/ +" 0!/0%*#I * 
//1.*!/+"(%*'#!/!03!!*0$!/%0!/3$!.!0$!
0!/0 %/ +* 10! I +*"% !*0%(%05 +" (( )! %(
%*"+.)0%+*I
 .!// 0$! %),(%0%+*/ +"  ,+/%0%2! 0!/0 .!/1(0H
/1$/!//0+/1/0%*(!0.!0)!*0* .!I
./!
T
M.!(0!  /0%#) *  %/.%)%*0%+*
0(((!2!(/H*+0(53%0$%*$!(0$.!/!00%*#/I
*/1.!  /1,,+.0%2! (!#( *  ,+(%5 ".)!3+.'
3%0$%* 3$%$ 0$! .!/,+*/! %/ /(!  1,H
/"!#1. %*# 0$! $1)* .%#$0/ +" 0$+/! /!!'%*#
/!.2%!/I
*/1.! !-10!,+/0M %#*+/0%%*"./0.101.!K
+10%*! 0!/0%*# 3/ )+.! !,0!  0$* 2+(1*0.5
0!/0%*# *  (!  0+ /1/0*0%( %*.!/!/ %* 0!/0
,.0%%,0%+* *   %*0!.2!*0%+*/ 3%0$+10
!0!0(!  2!./! +*/!-1!*!/K +0/3*\/
/0(! *  .!(0%2!(5 3!((M.!/+1.!  #+2!.*)!*0

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


%*"*0 "+.)1( 0 *+ +/0 0+ (%!*0/K
0 $/ 0$!
,+0!*0%(0+.! 1!2!.0%(0.*/)%//%+*".+)egl
0+fbl0+cl0+glKefj

$/ ,.+2% !  !40!*/%2! "1* %*# 0+ +)0 0$!



!,% ! !,% !)% *  /0.0!  ".%\/ "%./0 *0%+*(
,.+#.)"+.  +"
 %* ckkkH ,.+2% %*#
/$+.0M+1./ % +21 %*! WX "+. )+0$!./ * 


,>(.&-.#(!
,

MUUN

NLLNI

NLLO

NLLP

NLLQ

NLLR

NLLS

NLLTIIE.),>',
/,.,F

)=) 
*,!((.
1)'(V

ceKj

egKf

gd

ig

kd

je

kf

0+0(+"ccjig*!3
(%!*0/3!.!.!+. ! 

A')&)$$- ## %-)0',# %+<%+## % 


AA-)HHGGG,%) 3L )IGGP6 #0 .*3&)&%&+*.%
+1.!/J+0/3*dbbj
!*0%*!(1.2!%((*! 0I+0/3*+1*0.5,!.0%+*((*WXdbcc


  M


  


 !,+.0 W,.%( dbceX +*"%.)/  /1/0*0%((5 $%#$
.0! +" +10+)! Wkhl %!/ +.*
 ".!!X 0$.+1#$ 0$!
 ,.+#.)K efk  +3!2!.H -1!/0%+*/ .+1*  3+)!*Q/
/!41( *  $!(0$ .%#$0/ /1..+1* %*# +,0M+10 ,+(%%!/ %*
,.!*0(/!/H* 0$!%),0+"/1$,+(%%!/+*3+)!*%*
%0/ 1(01.( /!00%*#/ (%'! +0/3*H (.#!(5 .!)%*
1* .!//! K $! /1&!0 !-1((5 /,%*/ .+1*  0$! +*"(%0
!03!!*3+)!*Q/.!,.+ 10%2!$!(0$.%#$0/* 0$!,1./1%0
+",1(%$!(0$#+(/H* 0$!,+0!*0%(!*!"%0/* .%/'/"+.
1*+.* $%( .!* *  )+0$!./M0+M!K 
*  ,1(% )!!0%*# %*
+.+*!H +0/3*H +.#*%6!  5  H  (+( 
%/1//!  0$! !0$%( %//1!/ %*2+(2!  %*
M0!/0%*#Kegb$!
!,+.0+"0$!)!!0%*#/00!/0$00%)!(5 %#*+/%/*((+3
!// 0+ *0%.!0.+2%.( 0.!0)!*0 "+. +,,+.01*%/0%
%*"!0%+*/ +. (+*#%01 %*( .!K +.%6+*0(
 0.*/)%//%+*
* ! ,.!2!*0!  0$.+1#$ '*+3(! #! +"
 /001/ * 
!$2%+1. $*#!H *  2!.0%( 0.*/)%//%+*H 0$.+1#$
/.!!*%*# *  /1/!-1!*0 %*0!.2!*0%+*/ +2!.
M,+/%0%2!
,.!#**0 3+)!*K 1.0$!.)+.!H
T
 3.!*!// * 
.%/' .! 10%+* )5 .!/1(0 %* 0$+/! 3$+ 0!/0
M*!#0%2!K
!/,%0! 0$! ,+0!*0%( !*!"%0/H 0$! )!!0%*# .!$!  0$!
+*/!*/1/ 0$0 +),1(/+.5
M0!/0%*#H !2!* %*  $%#$M
,.!2(!*!+1*0.5(%'!+0/3*H%/!0$%((51*!,0(!K
$%(!H 3!%#$%*# 1, 0$! .%/'/ *  !*!"%0/H 0$! %/1//%+*
#.+1, +*(1 !  0$0 .+10%*! 0!/0%*# "+.
T
 %* 0$!
+*0!40+"*+2!.3$!()%*#,1(%$!(0$$6. /%/!0$%((5
!"!*/%(!+*0$!+* %0%+*0$0%* %2% 1(.%#$0/.!




,.+0!0!  *  0$! *!#0%2! +*/!-1!*!/ +" !%*# 0!/0! 
W*  "+1* 
M,+/%0%2!X .! )%*%)%6!  5 ,,.+,.%0!
/+%(* %*/0%010%+*(/1,,+.0/!.2%!/Kegc

 

 
 UQ
 
+. %*# 0+ 0%+*( 1% !(%*!/ +*
 !/0%*#H egd R((
,0%!*0/+.(%!*0/M.!#. (!//+"0$!%.
/001/M/$+1( !
!),+3!.! * !*+1.#! 0+%*"+.)0$!%./!41(,.0*!.T/
+100$!%.
0!/0.!/1(0/K+.
,+/%0%2!(%!*0/3$+"!.
0+ %/(+/! 0$!%. .!/1(0/H 0$! /!.2%! ,.+2% !. /$+1(  +""!.
 %0%+*(H+*M#+%*#+1*/!((%*#0+$!(,0$!(%!*0%*"+.)0$!
,.0*!.K$!/!.2%!,.+2% !.)5%*"+.)0$!(%!*0Q//!41(
,.0*!.T/ +10 0$!
 0!/0 .!/1(0/ %* 0$! ,.!/!*! +" 0$!
(%!*0 *  +*(5 1,+* 0$! (%!*0Q/ .!-1!/0KS
* ,.((!(H
+0/3* 0%+*(
 .!0)!*0 1% !(%*!/ege/00!/ 0$0
0$! 1*%-1! $((!*#!/ "%*#
M%*"!0!  3+)!* /1$ /
$%( M.! !)* /H %/(+/1.! %//1!/H /0%#)H +)!/0%
2%+(!*!* /+%(+/0.%/))1/0!+*/% !.! K +3!2!.H
%0 !4,(%*/ *+0$%*# "1.0$!. +* $+3 /1$ !(%0!
%//1!/T*!! /*!$* (! K

U  

*ckkhH0$!+2!.*)!*0,.+)1(#0! 0$!0%+*(+(%5+*
+)!*%*!2!(+,)!*0K$%/,+(%500!),0/0+ .!//0$!
/%010%+*+"3+)!*%*+0/3*%**%*0!#.0! * )1(0%M
/!0+.)**!.K
0"+1/!/+*.!/%*(1 %*#!*$*!)!*0+*
3+)!*Q/ $!(0$H 3$%$ 3%(( ! $%!2!  0$.+1#$ ,.+)+0%*#
3+)!*Q/ $!(0$ %*(1 %*# .!,.+ 10%2! $!(0$ *  .%#$0/K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


(/+H %* 0$! /)! 5!.H ckkhH *+0$!. )%(!/0+*! %* 0$!
 2*!)!*0 +" 3+)!* %* +0/3* 3/ .!$!  3%0$ 0$!
+2!.*)!*0Q/ .0%"%0%+* +" 0$!  +*2!*0%+* +* 0$!
(%)%*0%+* +" (( +.)/ +" %/.%)%*0%+* #%*/0 +)!*
WXK
* ckki +0/3* /%#*!   !* !. * 
!2!(+,)!*0J  !(.0%+* 5 ! / +" 00! * 
+2!.*)!*0 +" +10$!.* ".%* !2!(+,)!*0 +))1*%05
WX WckkiXK +0/3* $/ ) ! )&+. /0.% !/ %* 0$!
 2*!)!*0 +" 3+)!* !/,%0! 0$! "0 0$0 0$!.! .! /0%((
#,/* +*/0.%*0/K+)!*Q/%//1!/.!/0%((2%!3! /0$!
!4(1/%2!.!/,+*/%%(%05+"0$!0%+*(+)!*Q/$%*!.5K
/ /1$H +0$!. !40!*/%+* !,.0)!*0/ +. %2%/%+*/ +*/% !.
.!/,+*/%%(%0%!/ %* 0$%/ .!#.  / +" /!+* .5 +*!.* 0+
0$!%..!#1(.3+.'K$!.!"+.!++,!.0%+*%/0$3.0! I0$!.!
%/ *+ #.!!)!*0 +* .!/,!0%2! .+(!/ *  .!/,+*/%%(%0%!/ +"
2.%+1/ #+2!.*)!*0 !,.0)!*0/K + ". / 0$! /00%/0%/
/$+3 0$0 )+/0 3+)!* %* +0/3* $/ *+0 5!0 !*!"%00! 
".+) 0$!/! !2!(+,)!*0/K $! )&+. $((!*#! %/ 0$0
3+)!*+*0%*1! 0+!1. !*! 5.!,.+ 10%2!.+(!/K$!
,+(%%!//0%((*!! 0+!*(5/! ".+)#!* !.,!./,!0%2!H
/'%((* +))%0)!*0)*5,+(%5)'!./ +*+0$2!Kegf
$! /1&!0 )00!.H $+3!2!.H %* %0!/ 0$! *!!//%05 "+.
+0/3* 0+ .0%"5 0$! ,10+ .+0++( %* +. !. 0+ !*/1.!
$1)* .%#$0/ )+*%0+.%*# +" 3+)!*Q/ $!(0$ .%#$0/ *+0 5!0
 2*!  %* +0/3*K +. %*# 0+ !**%! *  !$!0/
WdbbhXH (%'! 0$! +0/3* ,+(%5H 0$! 
T  ,+(%5
(!.(5 %)/ 0 ,.+ 1%*#  3%*M3%* /%010%+* %* 3$%$
#+2!.*)!*0/ * ,1./1! ,1(% $!(0$ #+(/ )+.!
##.!//%2!(5 3%0$+10 +),.+)%/%*# %* %2% 1(Q/ .%#$0/K 10
0$! +),(!4%0%!/ //+%0!  3%0$  #!*1%*! +*/% !.0%+* +"
$1)* .%#$0/H ,.0%1(.(5 %* .!/+1.!M,++. +1*0.%!/H .!
+"0!* +3*,(5!  5  2+0!/ +" 0$! *!3 .+10%*! 0!/0%*#
,+(%%!/Kegg
0%/3!((M +1)!*0! "00$00$!!,% !)%$/
$ #!* !.%/H)+.!!/,!%((5%*".%*.!#%+*/H(!.(5
'*+3(! #!  5 0$! ,10+ .+0++(K $! ,.!&1 %%(
1(01.( *  0. %0%+*( ,.0%!/ #%*/0 3+)!* %.!0(5
%*"(1!*! 0$!%. !%/%+* )'%*# %* /!41( *  .!,.+ 10%2!
$!(0$ %//1!/ / 3!((K
*.!/%*# ,+2!.05 )+*#/0 /%*#(!
"!)(!M$! !  $+1/!$+( / *  .%/%*# %*% !*! +" 2%+(!*!
%*(1 %*#.,!.!+0$!.+*0.%10%*#"0+./Kegh
+)!3+)!*)5!.!(10*00+!0!/0! "+.
H0+"+((+3
* *0%.!0.+2%.( 0.!0)!*0 .!#%)!* %" "+1*  0+ ! ,+/%0%2!H
+. 0+  +,0 $!(0$ !$2%+1./H /1$ / "+.)1( "!! %*# "+.
%!/H3$%$)%#$0!4,+/!0$!%.,+/%0%2!%*"!0%+*/001/0+
0$!%. ,.0*!./K
*  /+%!05 3$!.! )..%#!H /  /+%(
%*/0%010%+*H%/*+0/0.+*#H%0%/*+0/0.*#!0+"%* 0$0)..%! 
3+)!* +*+03*00+.%/'0$!%.)..%! /00!K.%1(0%+*/
/1$ / ,.0*!. 2%+(!*! //+%0!  3%0$
M0!/0%*# $2!
(/+!!*% !*0%"%! H"+.3+)!*%*,.0%1(.Kegi

!./ $2! !!* !4,.!//!  3%0$ 0$! $*#! %* !),$/%/ 0+
,.+2% !.M%*%0%0! 0!/0%*#H0$00$!10+*+)5W0$!%* %2% 1(
$1)*.%#$0X+"0$!,0%!*00+".!!(5 !(%*!+.!,00!/0%*#
+1( !1* !.)%*! K$!*!! 0++),(53%0$0$!10$+.%05
+"$!(0$/0""H('+"0%)!0++*/% !. !%/%+*%*"2+1.
+"0!/0%*#H* 0$!/0.+*#*+.)0%2!)!//#!0+R#!00!/0! S
)5 (( +*0.%10! 0+ 1* !.)%*%*# ,0%!*0 10+*+)5Kegj
"
%* %2% 1(/,!.!%2!0$!5('0$!".!! +)0+ !(%*!0!/00
$!(0$"%(%05H0$!5)5!%0$!.2+% 0$!"%(%05(0+#!0$!.
+. !(%*! 0$+/! /!.2%!/ /1$ / *0%M*0( .!H ,+/0M
!(%2!.5.!H0$0.!*+.)((500$! 3%0$
M0!/0%*#K
 .!//%*#
M.!(0!  /0%#) /$+1(  +),.%/! * %*0!#.(
,.0+"
M0!/0%*#,+(%%!/%*+0/3*H%*(1 %*#)!/1.!/
0+ ,.+0!0 0$+/! ""!0!  ".+) %/.%)%*0%+* %* $!(0$.!H
3+.'H *  +0$!. /!00%*#/K +(%%!/ 0$0 0.#!0
M.!(0! 
/0%#) )5 (/+ ,.!2!*0 "!./ +" !%*# 0!/0! K +0/3*
(.! 5 $/ /!2!.( %**+20%2! ,.+#.)/ %* ,(! %)!  0
 .!//%*# /0%#) %.!0(5H /1$ / )! % ),%#*/K egk
+3!2!.H  !!,!. 1* !./0* %*# +" 0$! %)!*/%+*/ +"
%/!/!M.!(0!  /0%#) *  0$! )!$*%/)/ 5 3$%$ %0
.!%*"+.!/ *  #!*!.0!/ /+%( %*!-1(%0%!/ .!(0!  0+
#!* !.H!0$*%%05H* (//H%//0%((.!-1%.! Kehb
 

$!.! %/H $+3!2!.H /0%((  *!!  0+ + )+.! %* 0$%/ .!#. 
!/,!%((5 %* 0$! .!/ +" .!,.+ 10%2! $!(0$ .%#$0/ +"
3+)!*K +. %*# 0+ +0/3*\/ .!/,+*/! 0+ 0$! !%&%*#
(0"+.) "+. 0%+*H ehc +0/3*Q/ "+1.0$ .%0%( .! +"
+*!.* %/ 3+)!* *  $!(0$K $! .!,+.0 "1.0$!. !4,(%*/
0$0 *5 $!(0$ +* %0%+*/ 0$0 ""!0 3+)!* *  )!* .!
/%)%(.H10)+/0+"0$!/!.!!4,!.%!*!  %""!.!*0(5K$!/!
%""!.!*!/ .!  .!/1(0 +" 0$! /!4 %)!*/%+*H 3$%$ %/ 0$!
%+(+#%(* ,$5/%+(+#%()'!M1,H10)+.!%),+.0*0(5H
0$!5 .!  +*/!-1!*! +" #!* !.K !1/! 3+)!* (' "1((
*  !-1( ,.0%%,0%+* %* ,.%20! *  ,1(% %*/0%010%+*/H
0$!5 !4,!.%!*! %""!.!*0 *   %0%+*( $!(0$ ..%!./ 0+
)!*K
&+. $((!*#!/ %*(1 ! 0$! %*.!/%*# .0! +" 
T

/ 3%0$%* 0$! ,+,1(0%+*H )!*Q/ (' +" ,.0%%,0%+* %*
$!(0$,.+#.))!/* ('+"!//0+.!,.+ 10%2!$!(0$
/!.2%!/ 5 0!!*#!./K $! %),0 +" %* !-10!
,.0%%,0%+* +" 3+)!* %* !%/%+*M)'%*# ,+/!/ 0$!
$((!*#!/+"%),.+2%*#0$!!+*+)%/001/+"3+)!*Kehd/
%/1//!  +2! 0$!.! %/ (!. (%*' !03!!* ,+2!.05H /+%(M
1(01.( "0+./H *  #!* !.M.!(0%+*/ 3%0$ %0/ %""!.!*0
+10+)!/+*3+)!*Q/,.0%%,0+.5.+(!%*.!,.+ 10%2!* 
/!41($!(0$%//1!/K
%2!*0$!!0$%(* $1)*.%#$0/+*!.*/0$0.!.%/! 
5
M0!/0%*#,+(%%!/+2!H,.0%1(.(5*R+,0M+10S,+(%5

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


/1$ / 0$0 %* "+.! %* +0/3*H %0 %/ /1##!/0!  0$0
.0%"%0%+* +" 0$! ,10+ .+0++( %/ *!!//.5K ++'%*# 0+
0$! 1..!*0 &1 %%( !2!(+,)!*0/ehe*  #!*!.0!  .!/,!0
"+. %*0!.*0%+*( /0* . /H %0 * ! !/0%)0!  0$0 %"
+0/3*.0%"%!/0$!.+0++(H0$!,.+/,!0/.!#++ +10
%0/%*0!.*(%60%+*+"0$!!*!.(+))!*0.0KcfW XW!XK
$! /,!%( /"!#1. / 3%0$ .!/,!0 0+ 3+)!*Q/ .%#$0 0+
%*"+.)0%+** /!("M,.+0!0%+*+*!,10%*,(!3%((!*/1.!
K


cdh

0$03+)!*3%(($2!((0$!%*"+.)0%+**!!//.50+)'!
* %*"+.)!  *  ".!! !%/%+* +10 !%*# 0!/0! H 0$0
3+)!* $2!  !-10! *  .! %(5 2%((! ,.+0!0%+*
#%*/0 2%+(!*! .!(0!  0+ 0$!%.
 /001/H *  0$0
%*"+.)0%+* .!(0%*# 0+ 0$!%. ,+/%0%2! /001/ 3%(( ! '!,0
+*"% !*0%( 0+ 0$! "1((!/0 !40!*0 ,+//%(!H 5 2%.01! +" %0/
+(%#0%+*/ 1* !. %*0!.*0%+*( + !/ *  +*2!*0%+*/

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 Q 
J   


,)&!(!@)
$!  +,0%+* +" 0$! .+0++( 0+ 0$! ".%* $.0!. +*
1)** !+,(!/P%#$0/+*0$!%#$0/+"+)!*%*".%
W0$! .+0++(X %* 1(5 dbbe 3/ ,.!! !  5 *!#+0%0%+*/
0$0 %*2+(2!  2.%+1/ #+2!.*)!*0 !,.0)!*0/ +" 0$!
!)!. 00!/ +" 0$! ".%* *%+*K !"+.! 0$! .+0++(
.!$! 0$!1))%0+"0$! ! /+"00!/* +2!.*)!*0H
0$!$%#$!/0+.#*%*0$!$%!..$5+"0$!".%**%+*H%0$ 
0+ $2!H 0 0$! 2!.5 (!/0H ,//!  0$.+1#$ 0$! !.)*!*0
!,.!/!*00%2!/+))%00!!WX* 0$!4!10%2!+1*%(
WXK$!/!03++.#*/+),.%/!0$!.!,.!/!*00%2!/+"0$!
)!)!./00!/3$+!*/1.!0$00$!%*0!.!/0/+"0$!/00!.!
%*(1 !  0+ 0$! #.!0!/0 !40!*0 ,+//%(! %* 0$! *!#+0%0%+*/
0$0.!1(0%)0!(5/(! 1,0+0$!1))%0K
0*0$!.!"+.!
! //1)!  0$0 0$! /%#*01.! +" (( )!)!. /00!/ 0 0$!
 +,0%+* +" 0$! .+0++( 3/  /%#*%"%0%+* +" 0$!%.
#.!!)!*03%0$0$!/,%.%0+"0$!.+0++(K
**5!2!*00$!%.
.!,.!/!*00%2!/ +* 0$!  *   $  0+ $2! +*0.%10! 
0+ 0$! ,.+!// +" 1%( %*# +))+* #.+1*  )+*# 0$!
)!)!./00!/+*%//1!/+*0%*! %*0$!.+0++(* 3$%$
3!.! !!)! 0+!%),+.0*010*+0 !-10!(5+2!.! %*
0$!+0$!.%*0!.*0%+*(%*/0.1)!*0/%*/"./0$!5.!(0! 
0+ ".%* 3+)!*K $!/! %*/0.1)!*0/ %*(1 ! 0$! ".%*
$.0!. +* 1)* *  !+,(!/Q %#$0/ *  0$! *%0! 
0%+*/ +*2!*0%+* +* 0$! (%)%*0%+* +" (( +.)/ +"
%/.%)%*0%+*#%*/0+)!*WXK
%2!* 0$0 0$! .+0++( 3/ /+ 3% !(5 !,0!  5 *+ (!//
0$*0$!0+,(! !./$%,+"0$!+*0%*!*0H/0.*#!.0+".%
3+1(  ! "+.#%2!* "+. //1)%*# 0$0 0$! .+0++(Q/
.0%"%0%+*+1*0/0* /0geTgf/00!/3%0$)+.!0$*$("
+" 0$!/! 0  2*!  /0#!/ %* 0$! +)!/0%0%+* * 
%),(!)!*00%+* ,.+!//K $! .!(%05 %/ %/,,+%*0%*#(5
%""!.!*0K / 0 1*! c/0H dbceH (+/! 0+ 0!* 5!./ "0!. 0$!
.+0++(3/ +,0! H0$!.0%"%0%+*+1*0/0* /0ehehfK
$! .+0++( !*0!.!  %*0+ "+.! +* +2!)!. dg0$H dbbgH
)+.! 0$* 03+ 5!./ "0!. 0$! 0+, (! !./ +" 0$! +*0%*!*0
$   +,0!  0$! .+0++( /  /%#* +" 0$!%. #.!!)!*0 3%0$
0$!/,%.%0+"0$%/.+0++(K+.3$0!2!.%0%/3+.0$H%0%/*+0! 
0$00$!(0!/0!//%+*0+0$!.+0++(3/536%(* +*
0+!. cbH dbcdehgK !//%+* 0+ 0$! .+0++( .!"!./ 0+ 0$!
/%#*01.! +. !,0*! +" 0$! 0!.)/ +" 0$! .+0++( 5 
/00!,.05+*!%0$/!*0!.! %*0+"+.!K$%/$/0$!/)!
!""!0 / .0%"%0%+*H 0$! +*(5 %""!.!*! !%*# 0$! 0%)%*# +"
0$! 0%+*K $! (/0 !,+/%0 5 )!.++* 3/ +* !!)!.
djH dbcd !2!* 0$+1#$ %0 $  .0%"%!  0$! .+0++( +*
!,0!)!.ceHdbcdK+),.!0$%/0+0$!"%./0.0%"%0%+*5
+)+.+/+*.$cjHdbbfehhK

+3$03+1( ,+//%(5.! 1!0$!$! 5)+)!*01)00$!


 +,0%+*+"0$!.+0++(%*dbbe0+*!.$(0/+/0+0'!
)+.!0$*03+5!./0+#!00$!*!!//.5cg.0%"%0%+*/0+
!*0!.%*0+"+.!O$0$,,!*! !03!!*0$! +,0%+** 
.0%"%0%+*O$!.! % 0$!#++ 3%((+"0$!/00!/#+O!"+.!

 $6.   .!/,+*/!H (!0 )!   0$0 / 0$! )+)!*01) $/


.! 1! H 0$! #++ 3%(( $/ 01.*!  %*0+ .!/!.20%+*/ %* /+)!
/!/K  2!* 0$!*H 3$5 $2! 0$! +0$!. cj *+0 ! !  0+ %0H
* e+"0$+/!*+0!2!*/%#*! 0$!.+0++(O



0 %/ /1##!/0!  $!.! 0$0 0$! .!/+* "+. 0$%/ %/ /+2!.!%#*05K
+1/!!H00$! +,0%+*0$!.!3/3$0+1( !!-10! 0+
3$0 1*0%*#0+* 0!.)/ / R0$! 1(01.( +)%*# 0+#!0$!. +"
$1)*%05 *  0$! %*.!/%*# !,0*! +" +))+* 2(1!/H
!(%!"/H +.%!*00%+*/H ,.0%!/ *  %*/0%010%+*/ 5 ,!+,(!/
0$.+1#$+100$!3+.( SK !#+!/$! 0+/50$00$%/)!*/
%*)+.!/,!%"%0!.)/0$00$!% !)5)!*R/+)!0$%*#/
0$0 .! ,.+"+1*  10 %..!(!2*0H /+)! 3$%$ .! .!(!2*0
10 *+0 ,.+"+1* H *  /+)! 3$%$ .! %..!(!2*0 * 
/1,!."%%(SehiK
$! *!#+0%0%+*/ .!"!..!  0+ +2! * ! *(5/!  #%*/0
0$%/0$!+.5 2*! 5 1*0%*#0+*K$!+)%*#0+#!0$!.0
0$! *!#+0%0%+*/ +" 0$! .+0++( 3/ %*!2%0(! /%*! 0$!5
+1..!  3%0$%* 0$! )%0 +" 0$! ".%* *%+* /0.101.!K
$!.!%/*+ +10+"+0$!.2.5%*#%//1!/+"%*0!.!/00+((0$!
/00!/ 0$0 3!.! .!,.!/!*0!  0 0$%/ *!#+0%0%+*K  !%*# 
,.+!//+"#%2!* 0'!H0$!/00!/+*/% !.! 0$!.!(!2*!
*  !,0$+"!$.0%(!+"0$!.+0++(H10%*0$!(+*#.1*
/3 *+ $.) %* /%#*%*# +*0+ 0$! .+0++(K "0!. ((H 0$!5
+1(  /0%(( "(( ' 0+ 0$! $.0!. %0/!(" / 0$! ,.!*0
+1)!*0H3$%$0.0%(!cjWeX,.+2% !/"+.0$!,.+0!0%+*
+" 3+)!* ".+) %/.%)%*0%+* *  %* !!  0$! ,.+0!0%+* +"
0$! .%#$0/ +" 3+)!* %* +. *! 3%0$ 0$! +0$!.
%*0!.*0%+*( %*/0.1)!*0/K 
0 %/ /1##!/0!  $!.! 0$0 )+/0
/00!/ /3 0$! 3+)!*Q/ .+0++( / .!(!2*0 10 *+0
,.+"+1* K
0 3/ #++  %,(+)0% !4!.%/! 0+  +,0 0$%/
.+0++(K !/H %,(+)0% /%*! )+/0 .0%"%0%+*/ $2! !!*
) ! +* 0$! ).#%*/ +" %),+.0*0 !2!*0/ %* 0$! .!(!2*0
+1*0.%!/ *  0$! #+2!.*)!*0/ *!!  0+ (++' #++ K '!
!*50$0.0%"%! +*0$!!2!+"0$!(1*$+"0$!+)!*Q/
! !%*%.+%H#* .0%"%! 00$!/0.0+"0$!".%*
*%+* 1))%0 Y ! / +" 00!/ *  +2!.*)!*0 W X
)!!0%*#Z* 0$!.0%"%0%+*/+*0%*1!0++)!$! +"0$!
1))%0/ +" 0$! ! / +" 00!/ *  +2!.*)!*0 0$0 +1.
03%!5!.K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


+%*#'0+/+2!.!%#*05MM* 5!/H %,(+)5%/*0%+*+"
/+2!.!%#*05MM%0 %/ .!%0!.0!  0$0 .0%"%0%+*/ .! $,,!*%*#
0  /(+3 ,! !1/! +" /+2!.!%#*05K  + 3$0 %/
/+2!.!%#*05O +2!.!%#*05 $/ !!* !"%*!  / 0$! R/1,.!)!
*  %* !,!* !*0 ,+3!. +. 10$+.%05 %* #+2!.*)!*0 /
,+//!//!  +. (%)!  5  /00! +. +))1*%05S ehj K $%/
)!*/0$0!2!*/0$!#+2!.*)!*0/*!#+0%0!H0$!5.!/!.2!
0$! .%#$0 0+ !4!.%/! %*$!.!*0 /1,.!)! *  %* !,!* !*0
,+3!.* 10$+.%05+2!.0$! !%/%+*/0$00$!5)'!/
.!/1(0 +" 0$! *!#+0%0%+*/K
*0!.!/0%*#(5H /00!/ * 
#+2!.*)!*0/ ,1.,+.0 0+ ! ! ,.0 +" 0$!%. /+2!.!%#*05 "+.
#.!0!.#++ * 0$!.!5!4!.%/!(%)%0! /+2!.!%#*05ehkK% 
0$!#+2!.*)!*0/! !,.0+"0$!%./+2!.!%#*05%*dbbe* 
3%0$ 0$! /1/!-1!*0 .0%"%0%+*/O $%/ ,,!. +*1./ 3%0$
+.#!*0$1H %* $%/ .#1)!*0 .+1*  %2%/%(! /+2!.!%#*05H
0$0 /+2!.!%#*05 "+. .!/+* +" %0/ /1,.!)5 %* 10$+.%05
)!*/ 0$0 *+ 03+ #.+1,/H ,+3!./ +. !*0%0%!/ * !
/+2!.!%#*3%0$%*0$!/)!0%)!* /,!K !.#1!/0$0$!
3$+ %/ /1,.!)! * $2! *+ /1,!.%+. +2! +. !/% !/
$%)eibK
0%/.#1! $!.!0$0%0%/0$%/. 0$0#+2!.*)!*0/
,(5 +*! /"!(5 ' %* 0$!%. &1.%/ %0%+*/ 35 ".+) 0$!
R/$.! /,!R+"0$!".%**%+*S+.+0$!."+.1)/K$0%/
3$5 /00!/ /%#*!  +*0+ 0$! .+0++( *  .!01.*!  $+)! 0+
R"+.#!0S+10%0"+.,!.%+ /+"1,0+0!*5!./* +1*0%*#K
$0 %/ (/+ 3$5 %*0!.*0%+*( (3 ((+3/ /00!/ 0+ !*0!.
.!/!.20%+*/ 0+ %*0!.*0%+*( %*/0.1)!*0/ 0$0 0$!5 .0%"5
!/,%0!0$!"00$00$!5#.!!3%0$0$!#!*!.(/,%.%0+"0$!
%*/0.1)!*0K$!.+0++(%/*+!4!,0%+*K


+ %/ (( (+/0 1* !. 0$! /!!)%*# 05.**5 +" /+2!.!%#*05O
$+1(  0$! 3+)!* +" ".% #%2! 1, +* 0$! 1*%2!./(
.0%"%0%+** %),(!)!*00%+*+"0$!.+0++(O$!*/3!.
%/ *+ *  /1##!/0%+*/ .! ) ! $!.! +* /+)! ,+//%(!
0%+*/ 0$0 * !*$*! 0$! !""+.0/ %)!  0 0$! "1((
%),(!)!*00%+* +" 0$! .+0++(K $!/! 0%+*/ )1/0H
$+3!2!.H ! 1* !.,%**!  +* .!0%2%05 *  %**+20%+* * 
0$! 3%((%*#*!// 0+ 0!/0 ,.+!//!/ 0$0 .! #!*!.((5 )+.!
!,0(!0+#+2!.*)!*0/K


cdj

%./0H0$!.+0++(*!0!/0! #%*/00$!%),(!)!*00%+*
+" .0%(! cjWeX +" 0$! ".%* $.0!. +* 1)* * 
!+,(!/Q %#$0/ / .!  3%0$ .0%(!/ hb *  hd 3$%$
,.+2% ! "+. 0$! %*0!.,.!00%+* +" 0$! $.0!. / %*/,%.!  5
,.%*%,(!/ +" %*0!.*0%+*( (3 *  /00! .!,+.0%*#
.!/,!0%2!(5K 5  2+0%*# .+1*  /00! .!,+.0/H 3+)!*Q/
.%#$0/ 0%2%/0/ * #%* 0.0%+* +* %//1!/ 0$0 $2! .+ 
%*0!.,.!00%+** *!%*(1 ! 1* !..0%(!cjWeXK"0!.
(( 0$! $.0!. $/ 00%*!  *!. 1*%2!./( .0%"%0%+* 3%0$
0$!!4!,0%+*+"0$!*!3/00!+"+10$1 *0$0&+%*! 0$!
*%+*%*dbccK
!+* (5H 0$! *+*M%),(!)!*00%+* +" 0$! ,.+2%/%+*/ +" 0$!
.+0++( * ! +*0%*1((5 $((!*#!  0 0$! (+( +*0!40
!/,!%((5%*/00!/0$0$2!+*/0%010%+*(,.+2%/%+*/3$%$
)'! %*0!.*0%+*( (3 10+)0%((5 ,,(%(! +*
.0%"%0%+*K$%/$/0+! +*!0$.+1#$&1 %%(0%2%/)* 
,1(% %*0!.!/0 (%0%#0%+* /  )!*/ +" !4$1/0%*# (+(
.!)! %!/K$!1(0%)0!#+(3+1( !0+0'!0$!/!/1,0+
0$! ".%* +))%//%+* +* 1)* *  !+,(!/Q %#$0/ +.
%.!0(5 0+ 0$! ".%* +1.0 +* 1)* *  !+,(!/Q %#$0/
"+. 0$+/! +1*0.%!/ 0$0 $2! ) ! !(.0%+*/ ((+3%*#
0$!%.%0%6!*/!//0+0$!+1.0K
 2+5 .+1*  '!5 !2!*0/ )1/0 +" *!!//%05 +*0%*1! /
0$%/$/,.+2! 0+!2!.5!""!0%2!K
%*((5H .%/%*# 3.!*!// +" 0$! .+0++( )1/0 +*0%*1! /+
0$0 0$! ,+,1(0%+*/ %* (( 0$! /00!/ %* ".% * !#%* 0+
1/!0$!.+0++(/0$!/%/"+. !)* %*#0$!,.+0!0%+*+"
0$!.%#$0/+"0$!%.3+)!*3$++*/0%010!)+.!0$*$("0$!
,+,1(0%+* +" 0$! +*0%*!*0K 1$ 3.!*!// 3+1(  .!0!
0$! *!!//.5 #.+1* /3!(( +* 0$! !)*  /% ! .+1* 
%//1!/%*)**!.0$0**+0!%#*+.! H!2!*%"0$!,+(%0%/
+"/+2!.!%#*05,1/$0$! +1)!*0'*+3*/0$!.+0++(+*
0$! %#$0/ +" +)!* 0+ 0$! ,!.%,$!.5K $! #.+1* /3!((
3+1(  1(0%)0!(5 ,(! 0$! .+0++( "%.)(5 0 0$! !*0.!
3$!.!%0!(+*#/K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

&

  
%$ $  
& 
 


 
J

  
 

 ,#((., ),'),3( /'(#!".-./#-E F


* $! )%H 0$! %/%*# !. +%! W X .+&!0 3/


)*#!  5 0$! ".%* !*0.! "+. !)+.5 *  1)*
%#$0/ 01 %!/ W XH * %* !,!* !*0H * ".%*
$1)* .%#$0/ *+*M#+2!.*)!*0( +.#*%/0%+* /!  %*
*&1(K   $! !*0.! 3+.'/ +* 0.%*%*#H +))1*%0%+*/H
*!03+.'%*# *   2+5 3%0$  "+1/ +* #!* !. !-1(%05H
+*"(%0 0.*/"+.)0%+*H #+2!.**! *  0$! .%#$0 0+
!2!(+,)!*0K
0 $/ !!* ".+) 0$! +10/!0 !!* %*2+(2!  %*
 2+5 "+. 0$! ."0%*#H  +,0%+* *  .0%"%0%+* +" 0$!
,10+ .+0++(K
0 %/ +*! +" 0$! "+1* %*# )!)!./ +" 0$!
+(% .%05 "+. ".%* +)!*Q/ %#$0/ +(%0%+* WXK
$! ,.+&!0H3$%$3/"1* ! 5
0$.+1#$4")
H %/  #(+( ,.+#.))! %)!  0 ,.+)+0%*# 3+)!*Q/
.%#$0/ *  0$!%. ,%05 0+ !*##! %* #+2!.**! 0 ((
(!2!(/K  $! ,.+&!0 3/ ..%!  +10 %* ci +1*0.%!/
3+.( 3% !K
* %0%+*0+0$!,.+&!0%*$!)%H
)!)!./ ..%!  +10 ,.+&!0/ %* %!.%H +6)%-1!H
%#!.%H +10$ ".%H *6*%H #*  *  0 0$!
+*0%*!*0((!2!(K
0 "%./0H 0$! !*0.! ),%#*! H 3%0$ /1,,+.0 ".+) +0$!.
+.#*%/0%+*//1$/0%+*% * 4")
*0!.*0%+*(H+*
0$! .0%"%0%+* +" ." ,).))&K  +*/!-1!*0(5H $! )%
%  .0%"5 %* dbbgH 3%0$ .!/!.20%+*/ +* .0%(!/ gH hH i * 
cfH3$%$.!%),+.0*0.0%(!/.!(0%*#0+)..%#!H %2+.!
*  $.)"1( 0. %0%+*( ,.0%!/ /1$ / K   $%/
/%010%+* *!!//%00!  0$0  H !* !. 0%+* !)
+0$!./H .! !/%#* 0$!%. /0.0!#5 "+. )+.! 0.#!0!   2+5
*  $!(  "+1/!  )!!0%*#/ 3%0$ .!,.!/!*00%2!/ ".+) 0$!
#+2!.*)!*0H%*,.0%1(.0$!%*%/0.5+"+)!*Q/""%./H/
3!(( / !)!./ +" .(%)!*0 *  0$+/! +* +))%00!!/
!(%*# 3%0$ #!* !. *  3+)!*Q/ %//1!/K  $! .!/!.20%+*/
3!.! !2!*01((5 .!)+2!  %* dbbhK $! ".%* !*0.! 3%0$
0$! )!)!./ +" 0$! !* !. 0%+* !) %* +((+.0%+*
3%0$0$!+)!*Q/1.!10$!*+*/+(% 0! %0/%*0!.2!*0%+*
5 .!%*"+.%*# %0/ /0.0!#5 0+ "%(%00! *  /0.!*#0$!*
 2+5 0%2%0%!/ +" %2%( /+%!05 +.#*%/0%+*/ 0+ )+*%0+.
0$!%),(!)!*00%+*+"0$!.+0++(H/01 5%*#+""%%(.!,+.0/
0+ 0$!  *  ".%* +))%//%+* +* +)!*Q/ %#$0/H * 
)'%*#+))!*0/K00$!,+%*03$!* 3/%*0.+ 1! H
0$! !*0.! 3/ .! 5 0+ /$%"0 %*0+ ),%#*%*# "+.
)'-.#.#)((#'*&'(..#)() .",).))&=


$%/ (!  0+ 0$! %*/0%010%+*(%/0%+* +" *  2+5 #.+1,


+),.%/!  +" +2!. 03!*05 +))1*%05M/!  *  *0%+*(
+.#*%/0%+*/ 3+.'%*# +* 3+)!*Q/ *  $%(  .%#$0/ %//1!/K
$1/H  +(%0%+* *)!  !* !. 0%+* !) WXH  3/
.!0!  %* dbbf "+. !00!. +.#*%/0%+* *  ++. %*0%+* +"
+((!0%2!!""+.0/H0+(!.** /$.!!4,!.%!*!//3!((/0+
&+%*0(5 2+0!+*0$! +)!/0%0%+** %),(!)!*00%+*+"
0$!".%*+)!*Q/.+0++((! %*#0+0$!,//#!+"0$!
dbcb+)!*Q/0K
$%/ 3/ 0$! "%./0 /1$ *!03+.' %* 0$! +1*0.5H *  0$!
)!)!./ 3!.! 1*!/5 0 "%./0H / 0$!5 3!.! )+.! 1/!  0+
+),!0%*# *  3+.'%*# %* %/+(0%+* 0$* +((+.0%*#K
**$ +./0!.H 0$! 4!10%2! %.!0+. +"  H
.!+1*0! HR!$ 0!!0$%*#,.+(!)/%*%0%((5H10(0!.0$!5
.!(%/! 0$!!//!*!+"3+.'%*#0+#!0$!.K+30$!5.!(%/!
0$0 0$!5 *!!  !$ +0$!. 0+ )'! %),0K  $%/ /5)%+0%
.!(0%+*/$%, "+.)/ 0$! "+1* 0%+* "+. 0$! !""!0%2!*!//
$%!2!  %* 0$!%. %*0!.2!*0%+*/K  ! (( $2! 0$! /)!
+&!0%2!/+",.+)+0%*#* ,.+0!0%*#0$!.%#$0/+"3+)!*H
*  5 !40!*/%+*H $%( .!*H /+ 3+.'%*# 0+#!0$!. ),(%"%!/
+1. +((!0%2! 2+%!/ *  !""+.0/ 0+ $%!2! +1. +))+*
+&!0%2!/KS
$!  $  .!#1(. )!!0%*#/ 0+ +*/1(0H ,(* * 
%),(!)!*0  2+5 +* 0$!
+)!/0%0%+* * 
%),(!)!*00%+* ,.+!//K    !*+1.#!  0$!
!/0(%/$)!*0 +" /)((!. 3+.'%*# #.+1,/ "+. +.#*%/0%+*/
3+.'%*# +* /%)%(. /1M0$!)!/ 0+ !*/1.! 0$0 0$!.! %/
/,!%(%/0%+* 3%0$%* 0$!  %* +. !. 0+ 2+%  1,(%0%+*
*  0+ .!%*"+.! 0$! )1$ *!! !  %2!./%05 +" '*+3(! #!
* /'%((/3%0$%*0$!3% !.#.+1,K
!*3$%(!H 2.%+1/ )0!.%(/ 3!.! .!,'#!  5 0$!
!*0.!H %*(1 %*# 0$! ,.+ 10%+* +" /%),(%"%! H 0.*/(0! 
2!./%+*/ +" 0$! .+0++( %*0+ 03+ )%* (+(
(*#1#!/HQ* %*' *  +(+"QH 0+ /1,,+.0 0$!
,+,1(.%/0%+* *  /!*/%0%/0%+* ,.+!//K +/0!./ 3!.!
!2!(+,!  0+ /$.! )!//#!/ %* 0$! .+0++(H 3$%$ 3!.!
(/+ 1/!  "+. "+1//!  #.+1, %/1//%+* 1.%*# 0.%*%*#K
.%*!  3+)!* &+1.*(%/0/H 0. %0%+*( +))1*%0+./ * 
+0$!. 3+)!*Q/ #.+1,/I / 3!(( / +.#*%/!  . %+ * 
0!(!2%/%+* ,*!( %/1//%+*/ $!(,!  0+ %//!)%*0! 0$!

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


,.+2%/%+*/ *  )!//#!/ +*0%*!  %* 0$! %*/0.1)!*0K


* %0%+*$! 2+0! * (+%! '!5,.0*!./* 


%* %2% 1(/ (%'! 0$! /,!'!. +" 0%+*( //!)(5H 0$! %!
.!/% !*0 *  +0$!. +))%00!!/ %* +((+.0%+* 3%0$ 0$!
+)!*Q/ 1.!1 "+. 0$! +)!/0%0%+* +" 0$! .+0++( * 
0$%/.!/1(0! %*0$! +,0%+*+"$!+)!*Q/0%*dbcb5
0$!)%*.(%)!*0K
0$//%*!!+)!0$!/%/+"0$!
*!03+.'Q/3+.'K*0$!+*!$* H)+.!,+(%5 2+53/
*!! ! H / 0$! 0 %0/!(" ('!  %),(!)!*0%*# )!$*%/)/
*  %  *+0 /0%,1(0! 0$! .! .!// "+. .%#$0/ 1/!/H * 
0$!.!"+.! .!-1%.!  /1,,+.0%*# %((/K  $!  *  +0$!.
,(5!./H (!  5 0$! +)!*Q/ 1.!1H $2! .!M/0.0!#%6! 
+. %*#(5* +))!*!  2+5H3%0$0$!,.0%%,0%+*
+" ,.0*!./H +* 0$! ,+//%%(%05 +" !2!(+,%*# 0$.!! %((/H 0+
!*(!0$!+,!.0%+*(%60%+*+"0$!0* /0.!*#0$!*%*#%0H
*)!(5+* +)!/0%2%+(!*!H/!41($.//)!*0* +*
%((/K%0%6!*/".+)((3('/+"(%"!3!.!+*/1(0! "+.!00!.
1* !./0* %*# +" 0$! ."0 %((/ )!*0%+*!  +2! *  0$!
dbcb +)!*Q/ 0 %*(1 %*# ,.(%)!*0.%*/H /!1.%05
#!*0/I (35!./ *  )#%/0.0!/I 0!$!./I .!(%#%+1/ * 
0. %0%+*( (! !./ *  0$! ,.%20! /!0+. 0+ .!0!
3.!*!//+"0$!0Q/,.+2%/%+*/%*.!(0%+*0+%//1!//1$/
#!* !.M/!  2%+(!*!I )0!.*%05 ,5 *  (!2!I 0$!
0.!0)!*0 +" 3+)!* ,.%/+*!./I )+*# +0$!./K $!5 (/+
3+.'! 3%0$0$!!)(! 35!.///+%0%+*.+1,W X
0+ /1,,+.0 ,+0!*0%( ,.+/!10%+* +" /!/ 1* !. 0$! 0 0+
!)+*/0.0!0$00.!* /$2!$*#! * 3+)!*.!.! 5
0+"+((+3 1!,.+!//0+R(%)0$!.%#$0/,.+2% ! 1* !.0$!
*!3 (3S / %* %0!  %* 0$! dbce )%   /! /01 5
.!,+.0K
*0$!+0$!.$* H0$! ,.+&!0$/!!**+,,+.01*%05
0+,#-1,(--+*0$!/1/0*!+"0$!".%*+)!*Q/
.+0++(I 0$! +)!*Q/ 0 dbcb *  +0$!. 3+)!*Q/ .%#$0/
".)!3+.'/H /1$ / H /+ 0$0 3+)!* *  0$!%.
 2+0!/ R'*+3 3$0 0$!5 .!H / +*0%*!  %* 0$! (3 +"
0$!(* /3!((/+0$!.+(%#0%+*/0$!/00!$/+))%00! 
%0/!("S **$+./0!.!4,(%*! HR!3*0! 0+!*$*!0$!
,%05+"3+)!*0+1* !./0* * 1/!!4%/0%*#(3/I* 
0+ (%*' 1, ,+(%5  2+5 3%0$ !2!(+,)!*0 3+.' 0 0$!
#.//.++0/KS $%/ /0.0!#5 3/ (/+ !/%#*!  0+ #(,-
)/(.#&#.3 ), 1)'(@- ,#!".- *  )+*%0+.
#+2!.*)!*0 +),(%*! 0+ /0* . /K   R
" 3+)!* .!
%*2+(2!  %*  2+5 ".+) 0$! +*/!0H 0$%/ 1%( / +3*!./$%,
* '*+3(! #!K$!53+1( '*+30$!3$+(!,.+!//".+)
0+U0$!53%((!%*,+/%0%+*0+"%#$0"+.0$+/!.%#$0/K$!5
.! 2+0!./H 0$!5 * )+*%0+. %),(!)!*00%+* *  0$!5 *
)'! !)* /+*0$!%.!(!0! .!,.!/!*00%2!/K+*!.!0$!
5/3$!*0$!0%+*(//!)(5*0'!0$!!(!0+.0!"+.
.% !K$!5*/!!5+1+*H(%/0!*0+5+1+*0$!. %+U
0$!5 '*+3 $+3 ". 5+1 .! #+%*# 0+ /1,,+.0 0$! 1/! +"
3+)!** #%.(/NS$!.!//1.!.+1,/* !* !.0%+*
ceb

!) )!)!./ (/+ "+1*  +10 0$0H !*##!)!*0 3%0$


#.//.++0/ 3+.' $/ #%2!* 0$!) !00!. 0 0+ %*(1 ! %*
+""%%(3+)!*Q/.%#$0/.!,+.0%*#K
+ )+2! !5+*  0$! ,.+&!0 0+3. /  /1/0%*(! /+%(
,.+!//H 0$! !*0.! 3+.'!  3%0$  )!)!./ 0+ /#&
."#, *#.3 .) 0&)* *,)!,'- "+. 0$! ,+(%0%(
!),+3!.)!*0 *  ,.0%%,0%+* +" 3+)!*H %*(1 %*# /'%((/
%* ,(**%*#H 1 #!0%*# *  .!,+.0%*#K  !)!./ 3%0$
#.//.++0/,.!/!*!3!.!0$!*,.+2% ! 3%0$/1,,+.00+-.
/* *,--/, !,)/*- 3%0$%* 0$!%. +*/0%01!*%!/H
+))!*%*# 3%0$ 3+)!* 0$!5 (.! 5 '*!3 *  3+.'! 
3%0$K %2! .!//1.! #.+1,/ 3!.! !/0(%/$!  %* (( 0$!
.!#%+*/ .+// 0$! +1*0.5H 3%0$ eb )!)!./ !$K $!
#.+1,/ 3!.! 0.%*!  5  )!)!. +.#*%/0%+*/ %*
3+)!*Q/ .%#$0/ *  .!/,+*/%%(%0%!/ 1* !. 0$! (3I %*
 2+5* (+5%*#0!$*%-1!/I%*,1(% !%/%+*M)'%*#
,.+!//!/I%*)! %0%+*H,!!1%( %*#* (! !./$%,/'%((/K
1*# % !! ".+) 0$! !*0.( %2!. ,.!//1.! #.+1, $ 
(.! 5 !!*  )!)!. +" 0$! %/0.%0 10$+.%05 "+. )*5
5!./H 10 /0%(( "+1*  0$%/ 3.!*!// .%/%*# 2!.5 .!(!2*0J
R$!.! 3/  ,!.!,0%+* 0$0 3+)!* /$+1(  *+0 ! %* /1$
,+/%0%+*/SH /$! /% H R$!*   )! *  0+(  1/ +" 0$!%.
2%/%+*3!0$+1#$0J5!/N+)!*$2!0$!3+.0$H %#*%05* 
0$%*'%*# 0+ ,.0%%,0!N $%/ /$+1(  $2! $,,!*!   (+*#
0%)!#+NS
"0!.%*%0%(0.%*%*#H!$,.!//1.!#.+1, !2!(+,! %0/+3*
.#)( *&(H %*(1 %*# 0$!%. /0.0!#%!/ "+. #%*%*# %*"(1!*!
%* 0$!%. 2.%+1/ +))1*%0%!/ *  !(%*# 3%0$ /,!%"%
.!"!.!*!0+%//1!/+"(+(+*!.*0+3+)!** 0+/1,,+.0
3+)!* 2+0!./H * % 0!/ *  (! !./K  +. !4),(!H %*
+.0$ *' 0$!5 #.!!  0+ .!,+.0 0+ 0$! +1*%( +" !( !./H
%*(1 %*#0$!.!(%#%+1/(! !./* +*2!*!)!!0%*#+"0$!
3$+(!2%((#!0+P/!*/%0%/!0$!)+*0$!*!! 0+!/0(%/$0$!
,.!//1.! #.+1,H 3%0$ ,.0%1(. .!"!.!*! 0+ 0$! .+(!/ * 
.!/,+*/%%(%0%!/KQ$!#.+1,#.!! 0++*/1(0* //%/0!$
+0$!. %* !(%*# 3%0$ /!/H *  +))%0 0$!%. P0%)!H !""+.0/H
!*!.#5 *  .!/+1.!/ "+.  ,.+#.!//%2! %),(!)!*00%+* +"
0$!%.0%+*,(*/K
*/+)!/!/0$!5#.!! 0++,!**'
+1*00+3$%$0$!53+1( ,!./+*((5+*0.%10!H%*+. !.
0+ +2!. 0.*/,+.00%+* *  )!!0%*# +/0/K 
* +*(1/%+*H
0$!5 #.!!  0$0 R$! .!//1.! .+1, !)!./ 3%(( !
/0! "/0 3%0$ 0$!%. 3+.' .!(%6%*# 0$0 /!*/%0%60%+* %/
!*+1#$*+3U%),(!)!*00%+*%/0$!1.#!*0#!* K+)!*
$2!(+0+",.+(!)//+3+)!*/$+1( /0* 1,* /,!'
+10"+.0$!)/!(2!/QQ/% +*!+"0$!,.!//1.!#.+1,)!)!./K
/ 0$! ,.!//1.! #.+1,/ !)! )+.! !/0(%/$! H  
0$.+1#$  (%*'!  0$!) 1, 5 $+( %*# -1.0!.(5 )!!0%*#/
*  !2!*01((5 ,.+2% !  !$ +))1*%05 "+( ,+%*0 3%0$
)+%(!/ 0+ !*(! 0$!) 0+ +))1*%0! !/%(5H "+.
%*"+.)0%+*/$.%*#* (!.*%*#* 0+/1,,+.0!$+0$!.K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


$! /$!)! %*(1 !  +))1*%05 $!(0$H /!1.%05 *  (!#(
/!.2%!,.+2% !./I)!)!./* +""%%(/00$!%*%/0.5
+"+)!*Q/""%./0$!.!5,.#(!(.#)(&:!,--,)).-
'/&.#>-.%")&, (.1),% (!! #( *,)').#)( ) 
1)'(@-"/'(,#!".-=

 

* %/1//%*# $+3 3+)!*Q/ !4,!.%!*! +" .%#$0/ $/


0.*/"+.)! 0$!%.(%2!/+2!.0$!(/003+#!*!.0%+*/0+*!
+" 0$! )!!0%*#/ $!(  %* 0$! .!#%+*/H 0$! ,.!//1.! #.+1,
)!)!./.!+#*%/! P3.!*!//.%/%*#Q//%#*%"%*0
+*0.%10+. 0+ /+%( $*#! *  3+)!*Q/ !),+3!.)!*0K
$!5.!.!"!..%*#)+.!/,!%"%((50+0$!(/0cb5!./3%0$
0$! ,.+(%"!.0%+* +"  0.%*%*# *  !),+3!.)!*0
,.+!//!/K   (0$+1#$ 0$!   .+&!0 $/ +*(5 !!*
%),(!)!*0!  "+. (!// 0$* $(" +" 0$+/! 5!./H 0 0$!
#.//.++0/ (!2!(H %0 3/ 1**%)+1/(5 #.!!  5 (( +" 0$!
,!+,(! %*2+(2!  %* 0$%/ ,.+&!0 0$0 %0 $/ /,.'!  /+)! %#
$*#!/%*0$!%.(%2!/K 0$!.!"+.!!(%!2!/0$00$!/!
$*#!/ /$+1(  ! /!!* %* 0$! +*0!40 +"  (+*#!.H .+ !.
* )1(0%M"!0! 1(01.(/$%"0,.+),0! $!*!!00!.(%2%*#
+* %0%+*/"+.3+)!*K


 
*! )&+. $*#! $/ !!* 0$! ,.#)( )  ." (,
.#)( 'H 3$%$ $/ "+. 0$! "%./0 0%)! %* $! )%
.+1#$0 0+#!0$!. +.#*%/0%+*/ 3+.'%*# +* 3+)!*Q/ .%#$0/
*  !),+3!.)!*0K  + 1 5*#H ".+) WXH
!4,(%*! J R!03+.'%*# )'!/ +1.  2+5 /0.+*#!. * 
$/ )*5 !*!"%0/K 
0 ,.+2% !/ 0$! +,,+.01*%05 "+. 1/ 0+
/$.! !4,!.%!*!/ *  %*"+.)0%+*H / 3!(( / 0+ &1 %%+1/(5
!//"1* /"+.0$!+))+*#++ K! +1.2+%!0+0$!
(( "+. $*#! %* ,+(%5 0 *0%+*( (!2!(H *  * .!0!
(%*'#!/ 0 *  !03!!* #.//.++0/ *  *0%+*( (!2!(/KS
!"+.! H 0$! 2.%+1/ +.#*%/0%+*/ $  0+ +),!0! "+.
/,! *  ,.+"%(!H / **$ +./0!. .!((! J R.!2%+1/(5
!2!.5 #.+1, $  0$!%. +3* !),%.!H *  %0 3/  1/! "+.
+*!.* 5 ,.0*!./ !/,!%((5 0$! %*%/0.5 +" +)!*Q/
""%./SK/*!10.(+ 5H0$!!*0.!$/!!*(!0+.%*#
1/WX0+#!0$!.3%0$0$!+))+*+&!0%2!+" 2+0%*#
"+.0$!.0%"%0%+*H +)!/0%0%+** %),(!)!*00%+*+"0$!
".%* +)!*Q/ .+0++(H *  (0!. 0$! +)!*Q/ 0K
!)!./ /3 0$0 0$! !*0.! 3/ (! %*# 5 !4),(!H *+0
'!!,%*#0$! "1* /"+.0$!%.+3*3+.'100+/1,,+.00$!
+))+*1/!K
+3  /  *!03+.' %/ 2%.*0 *  0%2!H *  )!)!./
/1,,+.0 !$ +0$!.Q/ 0%2%0%!/K 
0 $/ /0.+*# .!(0%+*/$%,/
3%0$ #+2!.*)!*0H )!)!./ +" ,.(%)!*0H (35!./H (!#(
,.0%0%+*!./ *  ,+(%0%( ,.0%!/H *  (3 !*"+.!)!*0
cec

+""%%(/H %*(1 %*# 0$! +(%! +.! )+*# %0/ )!)!./H


#%2%*# %0  /0.+*#  2*0#! %* ,1/$%*# "+. %),(!)!*00%+*
* 1/!+"0$!+)!*Q/0K$!0$/!!*1/! 5+1.0/
%* /!/ +" 2%+(!*! #%*/0 3+)!* *  )+.! 105M!.!./H
%*(1 %*# 0$! ,.%20! /!0+.H .! 3.! +" 0$!%.
.!/,+*/%%(%0%!/%*0$!0K$.+1#$%0/3+.'3%0$0$!".%*
+))%//%+* +* 1)* *  !+,(!/Q %#$0/ W XH
  $/ (/+ %*0.+ 1!  )!)!./ 0+ ,.0%%,0! %* 0$!
+.1) +* 0$! .0%%,0%+* +" / %* 0$! 3+.' +" 0$!
 /3!((/%*0$!+))%//%+*Q/+,!*/!//%+*K+)!+"
0$!) $2! #+*! "1.0$!. 0+ ,,(5 "+. *  !!* #.*0! 
+/!.2!./001/K
$! &+%*0  2+5 +" 0$! *!03+.' /1!//"1((5 ,1/$!  "+.
0$! ."0%*# *  ,//%*# +" 0$! +)!*Q/ 0H *  %/ *+3
"+1/!  +* 0$! 0$.!! /1,,(!)!*0.5 %((/K 0 0$! .!!*0
+,!*%*#+"0$!0%+*(//!)(5H%*,.%(dbceH 1.%*#0$!
"%!( .!/!.$"+.0$%//!/01 5H0$!.!/% !*0) !/,!%(
)!*0%+* +" 0$! !41( .//)!*0 *  +)!/0% %+(!*!
%((/H3$%$0$!!4,!00+!,//! 50$!!* +"dbceK
$%(! 0$! ,.+!// +"  +,0%+* +" 0$! !)(! !*%0(
10%(0%+* WX %(( $/ !!* !(5! H %0 %/ !*+1.#%*# 0+
*+0! 0$0 "0!.  *0%+*( +*/1(00%+*H !2!.5 /%*#(! $%!" %*
$! )% /%#*!  *  !* +./!  * 0%+* ,(* /1,,+.0%*#
0$! ."0%*# +" 0$! (3I  /%#*%"%*0 $%!2!)!*0K  $! 
!)!./.!&1/0%"%(5,.+1 H10.!(/+.!(%/0%J?+
,-+-"'  -( , +,.%-, '(06 .- "- ",  %('  -+& )+(,,9
(+6
2(. (.%'>- /' -%$ (.- 6 '(0 2(. '9   "+,- ,-)
(+0+<@,"('(-!&&+,-+/"0&-"' "'
(0+"/+ "('9






0 0$! #.//.++0/ (!2!( 0++H 0$! .!0%+* +" ,.!//1.! #.+1,/
* *0%+*(*!03+.'$/#%2!*3+)!*)+.!/1,,+.0* 
+*"% !*!0+,100$!)/!(2!/"+.3. * /0* 1,"+.0$!%.
.%#$0/K  % *5*# !),$/%/!  0$! %),+.0*! +" 0$!
#.//.++0/ *!03+.'%*#J  R! .! (( ".+) %""!.!*0
+))1*%0%!/ 10 3! 3+.' 0+#!0$!. (%'! ,!+,(! ".+) 0$!
/)! +))1*%05K $%/ $/ $!(,!  3%0$ )5 .!(0%+*/$%,/H
3%0$ ")%(5 )!)!./ *  +0$!./ (( +2!.K  ! $2! %* !! 
"+.#! *!3,.0*!./$%,/KS
#++ *1)!.+"!)!./$2!0'!*1,,+/%0%+*/%*
"+.)( #+2!.**! /0.101.!/H %*(1 %*# (+( +1.0/H 2%((#!
+1*%(/ *  %/0.%0 10$+.%0%!/K  (%' **!$H +*! +" 03+
3+)!* )!)!./ +" 0$! (+( 0.%1*( $!.%*# %2%( /!/H
!/.%! $+3 $ !),+3!.! $!.* $!.+((!#1!/K
R$!,.+&!0$!(,! 1/0+.!+#*%/!* '*+3+1..+(!/* 
.!/,+*/%%(%0%!/ %* 0$! +))1*%05 *  0$! %),+.0*! +"
,.0%%,0%*#%*(+(#+2!.**!K$!*
"%./0#+0%*2+(2! H

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


+1.3.!*!//+"3+)!*Q/$1)*.%#$0/*  10%!/3/2!.5
(+3H 3+)!* 3!.! *+0 !*##! H *+0 !1/! 0$!5 %  *+0
3*0 0+H *+0 0$0 0$!5 %  *+0 //!.0 0$!)/!(2!/ +.
,.0%%,0!%* !%/%+*)'%*#10!1/!+"0$!,0.%.$(
*01.! +" 0$%*#/H 0$!5 %  *+0 '*+3 0$!5 +1( K  %0$ 0$%/
,.+&!0H 3! $2! 3%0*!//!  %),.+2!  +))1*%0%+* * 
*!03+.'%*#)+*#3+)!*%*0$!.!#%+*KS
$!/! '%* / +" /!/ .! *+0 (%)%0!  0+ 0$! ,.!//1.! #.+1,
)!)!./I0$!)!)!./0++$2!!!*!),+3!.! * 
!*+1.#! 50$!%.!*##!)!*0* 0.%*%*#K0+1+1.5
.!!%2! 0.%*%*#".+) * 0!/0%"%! R
.!(%/! 0$0+1.
(* $/ (+0/ +" (*  10 %0 %/ +*(5 %/0.%10!  )+*# )!*K

"!(0 0$0 3+)!* 3!.! *+0 ,.0 +" +1. +3* (* *  $  *+



ced

.%#$0/K ! 3!.! ((!  +* 0+ $!(, *  +*0.%10! 0+ 0$!
+))1*%05 10 3!.! *+0 #%2!* +1. 1!K    .)!  ".+) )5
0.%*%*#H
3*0! 0+.%/!0$%/%//1!%*0$!(*K"0!.%*%0%(
%/1//%+* 3%0$ )5 "0$!.H
 .!(%/!  0$0 $! 3/ /.! K
+3!2!.H
 .!)%* !  $%) 0$0 0$!/! 0$%*#/ 3!.! %* 0$!
1.Q* *  -1+0!  3$!.! %0 3/ /%  0$0 (*  /$+1(  !
%/0.%10! !-1%0(5/+
3!*0$! K$!!( !./!2!*01((5
#.!! H/5%*#P5+1.% !%/2!.5#++ H3!3%(((++'%*0+%0QK

'!,0 0$! ,.!//1.! +*H *  0+ 5 +1. (* #%2!/ (*  0+
3+)!* *  )!* !-1((5K 
 ) $,,5 *+3 0$0 !( !./ .!
*+3 #%2%*# (*  0+ 3+)!* %* +0$!. (*/ 3%0$%* +1.
+))1*%05K  *5 )+.! 3+)!* $2! (*  0+ 5 0$* !2!.
!"+.!%*+1.+))1*%05KS

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#






 N

#(#-.,3

,#)

#*,-#(.(#(#-.,) )'(@- #,-

ckki0+ 0!

#(#-.,) /.#)(

ckkfTckkjIckkkTdbbf

#(#-.,) -#()(,3/.#)(

dbbf0+ 0!

#(#-., )  #!", /.#)(: -," #( 7 ecTcdTdbcb0+ 0!


"()&)!3
#(#-.,)  &."()#&& ,

ckkfTckkgIckkgTckkhI
ckkhMdbTbeTckkiI
bdTccTdbcc0+ 0!

#(#-.,)  /-.#(..),(3(,&

ckkjI

dbbjI

ckkfTckkgI ckkiTckkjI ckkjTdbbbI


dbbj

#(#-.,) )''/(#.#)(-:
( ),'.#)((
( ),'.#)( dbbgMbj
"()&)!3
beTckTdbbjUbdTbgTdbbk

( ),'.#)(()/,#-'

ckkfTckkg

#(#-., ),)/,#-'(/&./,

ckkhTdbbcI dbbcTdbbfI dbbfTdbbhI


dbbhTdbcb
fTbdTdbcb0+ 0!

*/.3#(#-.,) .,)&/'

dbbjTdbcdI

#(#-.,) .,)&/'

dbcd

#(#-.,) (0#,)('(.

!.1.5dbcd

#(#-.,) #-",#-(./,&-)/,-

dbbfTdbbh

#(#-.,) )/."(*),.-

ckkfTckkg

#(#-., ),)()'3(#((

dbbg

#(#-., ),
(/-.,3('*&)3'(.

dbbg


)/,-<"..*<CC111=-..")/-=!'"..*<CC111=!/#N1)'(&,-=)'C'#=".'



)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



 
$!,.0%!+""!)(!#!*%0()10%(0%+*%/,.!2(!*0%*$!
)%H *  $/ !!*  /0%'%*# ,+%*0 %* 0$! ,.+!//!/ +"

.0%"%0%+* *  +)!/0%0%+* +" 0$! .+0++(K   /!.%+1/
.%#$0/1/!%*%0/!("H%0(%*'/0+%//1!/+"$!(0$H/!41(%05* 
.!(0%+*/$%,/H *  .!%*"+.!/ ,0.%.$( 00%01 !/ +" )(!
+)%*0%+*+2!.3+)!*Q/+ %!/* (%2!/K!*/%0%/0%+*$/
!!*#+%*#+*"+.)*55!./H".+))*50+./H* $*#!
%/ /(+3 10 /0! 5K  2!* 3$!* ,!+,(! '*+3 0$!5 /$+1( 
/0+,H'*+33$5* !2!*(%)0$!5$2!/0+,,! H0$!5)5
/0%((+*0%*1!%*/!.!0H/)!)!./.!,+.0! H* 0$!.!
%/ /0%((  (+0 +" 3+.' 0+ ! +*! 3%0$ $%!"/ *  !%/%+*
)'!./0+/1,,+.00$!$*#!K
1.%*# %/1//%+*+*0+*!+"0$!)!!0%*#/H1*#
% !!H0$!!( !.+"0$!#.+1,00$!3+.'/$+,H/0++ 1,* 
!4,(%*!  %* *+ 1*!.0%* 0!.)/ 3$5 /$! !(%!2!  %0 /$+1( 
/0+,K
R! %*$!.%0!  H
 )5/!(" ,.0%!  %0H 10 /%*! 0$%/
,.+&!0
$2!!/! 0+,.0%!H
'*+30$!!""!0/%0$/+*
3+)!*K(! /0+e/!2!.!,%*/"+.3+)!*J
-

R$!,%*+*0$! 55+1.!%.1)%/! K$!5


(+/!0$!2#%*/+0$0*+)**,!*!0.0!K
0%/
,%*"1(H* 0$!.!%/(+0+"(++ K
R$!,%*+*0$! 5+"5+1.)..%#!3$!*0$!5
$2!0++,!*5+1K
0%/(%'!/!+* %.1)%/%+*K
R$0/)! 5H5+1$2!0+$2!/!43%0$5+1.
$1/* K
0%/,%*"1(K$!,%*)5!/!3$!*
5+1$!(10/+)!#%.(/$2!,.+(!)/+*0$! 5
+" !(%2!.5K

?
- ' ., "'+-"%"-29
- -, -! &',-+.% 2%6 "- '
.,"/(+"',(&,,.,-!,+,&$"-!+-(
)'-+-9
-",,-!-,(&0(&'%,(,.++(&",-.%
,  +,.%-9@  1*# !4,(%*!  0$0 +*(5 0$.+1#$ .!!%2%*#
0.%*%*#+1( 0$!5!#%*0+0('* /$.!!4,!.%!*!/H* 
%0%/+*(55)'%*#+))%0)!*00+#!0$!.0$!5+1( 3+.'
0+3. /,100%*#/0+,0+0$!,.0%!K?
-",,.!)+,('%6
,!&.% 1)+"' -!- 0(&' $) "- -( -!&,%/,9  
0+ +,+/ .'-"% -! -+"'"'  & %('  ' 0 + '(0
%-(-%$(.-"-@H/$!/% KR!/HS#.!! 0+1%(6?"-!
%% -! +,(', "/' 2 .' 6 )()% ,!(.%  ,"%2
('/"'(-!"%%,('-!'-(,-()9@
   
O
%/%*# !. +%! $/ (!.(5 ) ! * %),+.0*0
+*0.%10%+* 0+ 0$! ,.+)+0%+* +" 3+)!*Q/ .%#$0/ * 


,.0%%,0%+*%*$!)%K
0$//0.!*#0$!*! 0$!,%05
+" #.//.++0/ 3+)!* 0%2%/0/ *  0$! +.#*%/0%+*/ 0$0
3+.' 3%0$ *  "+. 3+)!*H *  $/ /0.!*#0$!*!  0$! 2+%!
*  %*"(1!*! +" 0$! 3+)!*Q/ )+2!)!*0 %* 0$! +1*0.5K

$!.! %/ !*+.)+1/ +3*!./$%, +" 0$! ,.+!// .+// 0$!
+. H!2% !*0%*0$! !/%.!+",!+,(!%*2+(2! %*0$!,.+!//
0(((!2!(/0+'!!,%0#+%*#H3%0$+.3%0$+10"1* /K
$! )&#.#)(%/*+33!((!/0(%/$! K
0/)!)!./.!
2!.5 )1$ 3.! +" 0$! 2(1! %0 $/ "+. 0$!) *  .!
+))%00! 0++*0%*1!K$!53*00+'!!,+*3%0$0$!&+%*0
 2+5"+.0$!0$.!!/1,,+.0%*#%((/H* 3+.')+.!3%0$
0. %0%+*( *  .!(%#%+1/ (! !./ *  ,+(%0%( ,.0%!/K  )%!
%(($ !4,(%*! J R3.!*!// +" 3+)!*Q/ .%#$0/ %/ *+3 0
.+1* jblH!2!.5+*!'*+3/3$0%/3.+*#* .%#$0K+3
3! *!!  0+ "%*  /0.0!#%!/ 0+ $((!*#! 0$! /001/ -1+K  !
*!!  %(+#1! *  (+5%*# 3%0$ 0. %0%+*( .1(!./H *0%+*(
#+2!.*)!*0 *  %2%( /+%!05 U !2!.5+*! *!! / 0+ !
%*2+(2! KS
 )!)!./ 3!.! "1(( +" % !/J 0+ !*##! /5),0$!0%
/$+(./ +"
/() 0+ !)5/0%"5 +*0.+2!./%( ,.0/ +" 0$!
1.Q* "+. 0.%*%*# )0!.%(H 3+.'%*# 3%0$ 0$!  +*
-1+0/ "+. 3+)!* %* ,+(%0%( ,.0%!/H )!*0+.%*# 3+)!* 0+
/0*  "+. !(!0%+* *  1%( %*# ,.!//1.! "+. .!"+.) +" 0$!
/5/0!)H *  (+5%*# "+. 0$! 0!$%*# +" .%#$0/ *  0$!
+*/0%010%+*%*0$!*0%+*(1..%1(1)K* "+.((+"0$%/H3!
$+,!0+.!!%2!)+.!0.%*%*#* /1,,+.0%*0$!"101.!U0+
+)! 1, 3%0$ 2%(! ,.+,+/(/H #++  .!/!.$H +*0%*1+1/
* !""!0%2! +1)!*00%+*H)+*%0+.%*#* !2(10%+*H* 
1(0%)0!(5 0+ ! %*  !00!. ,+/%0%+* 0+ #1% ! *  /1,,+.0
3+)!*0%2%/0/+*0$!#.+1* K
$! 1)'(@- !,)/*- 0++ .! "1(( +" !*!.#5 * 
+))%0)!*0K
*/,%.!  5 0$!%. ,.+#.!// *  /1!//!/H * 
!*&+5%*# )+.! /1,,+.0 0$* !2!. ".+) 0$!%. $1/* / * 
+))1*%0%!/H 0$!5 3%/$ 0+ .!)%* !*##!  %* 0$! ,.+!//K
$!5 3*0 )+.! /'%((/ 0+ 1%( H #.+3 *  .!/,+*  0+ *!3
$((!*#!/K/%*5*#/0.!//! 0+*!+"0$!3+.'/$+,/H
0$!5 3*0 0+ +*0%*1! 0+ (!.* ".+) !$ +0$!. *  /$.!
!4,!.%!*!/H 0+ '!!, )+2%*# "+.3.  0+#!0$!.H *  )!!0
3%0$0$!+0$!.#.+1,/0%*0!.2(/H!2!*%"*+0".!-1!*0(5K
$!(/+3*0/0++,!*1,* .%*#%*)+.!,!+,(!* 
)+.! +.#*%/0%+*/ 0+ !*.%$ *  .+ !* 0$! ,.+!//K
  $/ !2!* %##!. % !/K %0$ 0$!%. +*0%*!*0(
)* 0! *  0$.+1#$ 0$!  +(%0%+* *  +0$!.
*!03+.'/H0$!5*1%( +*0$!%.!4,!.%!*!/* /1!//!/
3%0$ 0+ !2!(+,0.%*%*#,.+#.))!/"+.+0$!./%*
0$! .!#%+*H +* .0%"%0%+* *  +)!/0%0%+*  2+5H
,+,1(.%/0%+* +" 0$! .+0++(H *  %),(!)!*00%+* 0$.+1#$
#.//.++0/ !*##!)!*0K  **$ +./0!. $+,!/ 0$0H %* 0$0

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


35H R!2 ' ., -! ,& ,-+- ", ' ))+(!, -(
&$  !' 9 "-! -! /"%"%"-2 ( ,.))(+-6 -! '1-
)!,, ( -! )+(#- (.% "'/(%/  '.&+ ( (.'-+",6

ceg

+-"' -!())(+-.'"-2(+%+'"' 6,!+"' 61!' /","-,


'(&)+-"/,-.",9@


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

  
 

 


J  


)'(@-#!".-0('(.(,)..#)(&.,(.#0-EX

+10 ibl +" 3+)!* 3+.( 3% ! !4,!.%!*! /+)! "+.) +"
2%+(!*!%*0$!%.(%"!0%)!H10%*%#!.%H0$0*1)!..%/!/0+
+*! %* 0$.!! "+. 3+)!* #!  !03!!* cg *  dfK
* *!.(5
$(" +" (( /!/ 0$! ,!.,!0.0+. %/ 0$! 3+)*Q/ ,.0*!. +.
$1/* H *  /$+'%*#(5H *!.(5 $(" +" (( /!/ .!
1*.!,+.0! K
),1*%05* H3+./!/0%((H#!* !./! 2%+(!*!
3%0$%*0$!,+(%!* /!1.%05"+.!/.!,.0+"0$!,.+(!)K
2!. ! !#+H%#!.%*+.#*%/0%+*/.!(%6! 0$0)+.!
0%+*3/*!! ! 0+ .!//2%+(!*!#%*/03+)!*%*0$!
+1*0.5K /  .!/1(0H %* dbbcH 0$! !#%/(0%2!  2+5
+(%0%+*+*%+(!*!#%*/0+)!*W XMM*!03+.'
+" %2%( /+%!05 #.+1,/H .!(%#%+1/ +.#*%60%+*/H %*0!.*0%+*(
$1)* .%#$0/ #.+1,/ *  +0$!. /0'!$+( !./ 3+.'%*# +*
2.%+1//,!0/+"3+)!*\/.%#$0/MM3/"+.)! K3/
!/%#*0! /0$!/!.!0.%0+"0$!+(%0%+*K

* 5 dbbdH 0$! H 3%0$ /1,,+.0 ".+) 0$!

*0!.*0%+*( 1)* %#$0/ 3 .+1,H *+3 H


.0%1(0!  *  /1)%00!  0+ 0$! 0%+*( //!)(5H  %((
0%0(! 0$!R%+(!*!#%*/0+)!*W.+$%%0%+*X%((HdbbeSK
+3!2!.H 0$! %(( 3/ *+0 ,//!  1.%*# 0$0 (!#%/(0%2!
/!//%+*K !/,%0! Q/ !""+.0/H 0$! %(( %  *+0 )'!
)1$ ,.+#.!// 1*0%( dbbjK +*!.*!  +10 0$! +*/%/0!*0
"%(1.!0+.!(%6!(!#(".)!3+.'0+ .!//0$!%*.!/%*#
,.!2(!*!+"2%+(!*!%*%#!.%H* 3%0$/1,,+.0".+)0$!

*+3 !"1*0!1.%05H 1/0%!* .+30$.+#.))!H
0$! +(%0%+* ++. %*0!  5  * 
*0!.*0%+*(
! !.0%+*+"+)!* 35!./W
X%#!.%1* !.0++'*
1 %0 +" %((/ /1)%00!  0+ 0$! 0%+*( //!)(5 0+ !40.0
*  $.)+*%6! 0$+/! 0$0 +.! ,.0%1(. .!(!2*! 0+ 0$!
%//1!/+"2%+(!*!#%*/03+)!*%*0++*!%((0$0+1( !
,.+)+0! "+.,//#!5((/0'!$+( !./K
$%/1 %03/"+((+3! 5%*0!*/%2! 2+5* ),%#*
0%2%0%!/H 3$%$ 3!.! $5,!  1.%*# 0$! dbbk %*0!.*0%+*(
+))!)+.0%+* +" ch 5/ 0%2%/) +* %+(!*! #%*/0
+)!*K $! ),%#* 3/ /1/0%*!  5 0$! )! % /1,,+.0
%0#!*!.0! * 0$!%((Q/3% !!* +./!)!*050$!%0%6!*/
+" %#!.%H )+/0 .%0%((5 5 '!5 0+./ %* 0$! 0%+*(
//!)(5H #+2!.*)!*0H 0$! &1 %%.5H (! !./ +" "%0$ /! 
*  0. %0%+*( %*/0%010%+*/K * 0$! dc/0 +" 1*! dbcdH 
)+0%+* 0+ .!%*0.+ 1! 0$! %(( 3/ .%/!  *  ,,.+2!  %*
0$! +1/! +" !,.!/!*00%2!/ *  0$!  %(( 3/
+))%00!  0+ 0$! +))%00!!/ +)!* ""%./H 1(!/ * 


1/%*!//H 1)* %#$0/ *  1/0%! "+. +*/% !.0%+*K $%/


"/0M0.'%*# 3/ +* +1*0 +" 0$! )%(!/0+*!/ $%!2! 
1.%*# 0$! 0!*1.! +" h0$ //!)(5 dbcbTdbccH 3$%$
%*(1 ! ,1(%$!.%*#* +),(!0%+*+".!,+.00+3. /
0$! e.  .! %*# 3$%$ +1(  *+0 ! 0'!* 1! 0+ 0$! dbcc
!(!0%+*/K
$!*H%*$%/0+.%)+2!H+*0$!cf0$+".$dbceH0$!ehb
)!)!. +1/!+"!,.!/!*00%2!/+"0$!0%+*(//!)(5
+" 0$! ! !.( !,1(% +" %#!.% U +* %0/ 0$%.  .! %*# M
,//!  0$! %+(!*! #%*/0 !./+*/ W.+$%%0%+*X dbcc
WX %((K $! '!5 #%*/ %* 0$! *!3 (3 U /1&!0 0+
,,.+2( 5 0$! !*0! U %*(1 !  )+.! +),.!$!*/%2!
!"%*%0%+* +" .,!H $./$!. /!*0!*!/ "+. +*2%0!  .,%/0/
*  +0$!. /!41( +""!*!/H +),!*/0%+* "+. .,! 2%0%)/H
%*/0%010%+*( /1,,+.0 "+. ,.+0!0%+* ".+) "1.0$!. 1/!
0$.+1#$,.+0!0%+*+. !./* *!3#!*5* .1/01* 
0+/1,,+.00$!.!$%(%00%+*+"2%0%)/+"2%+(!*!K+2!.%*#
0.#%/,!0.1)+"2%+(!*!H%*(1 %*#"!)(!%.1)%/%+*H
+)!/0% 2%+(!*!H !.(5 "+.!  )..%#!H .,! W%*(1 %*#
).%0(X *  $.)"1( 3% +3$++  ,.0%!/H 0$! !#%/(0%+*
%)/0+.!+#*%/!0$!.%#$0/+"((0+/"!0500$!3+.',(!
* %*0$!$+)!K$!%(((/+!4,.!//(5.!+#*%/!/0$!.%#$0
0+,$5/%(* ,/5$+(+#%(%*0!#.%05%*0%)!/+",!!* 
%*.!/+"+*"(%0K1* )!*0((5H0$!(3%)/0+!(%)%*0!H
+..! 1!0+)%*%)1)H0$!/!/+"#!* !./! 2%+(!*!K
$!%((%*)+/0,.0/.!"(!0/0$!/,%.%0* ,.+2%/%+*/+"0$!
 .+0++( +* +)!*Q/ .%#$0/K
0 % !*0%"%!/ *  !"%*!/ ((
"+.)/+"2%+(!*!%*(%*!3%0$0$!.!(%05* !4,!.%!*!/%*
%#!.%H *  0$! +1*0.5Q/ +(%#0%+*/ 1* !. %*0!.*0%+*(
*  .!#%+*( 0.!0%!/ !/,!%((5 H 0$! ".%* *%+*
.+0++( +* 0$! %#$0/ +" +)!*H *  0$! +)! 0010!K
*
(%*! 3%0$ '!5 ,.+2%/%+*/ +" 0$! .+0++( W.0%(!/ dI fI g WX
*  W XI / 3!(( / ceX +* 00! .0%!/ .!/,+*/%%(%0%!/H 0$!
(!#%/(0%+*(!.(5((+0//,!%(%6! .+(!/"+.(%*!%*/0%010%+*/
/1$ / /+%( 3!(".! !,.0)!*0/H $+/,%0(/H .!(%#%+1/
%*/0%010%+*/H0$!,+(%!H* +0$!.(3!*"+.!)!*0#!*%!/K
+3!2!.H +*! '!5 (+// "+. 0$! %(( 3/ 0$! .!)+2( +" 0$!
,.+2%/%+* +* )! %( +.0%+* %* /!/ +" /!41( //1(0H
.,!H %*!/0H *  3$!.! 0$! +*0%*1!  ,.!#**5 !* *#!./
0$!)!*0(* ,$5/%($!(0$+"0$!)+0$!.+.0$!(%"!+"0$!



)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


)+0$!. +. 0$! "+!01/K $%/ ,.+2%/%+* %)!  0+ "1("%( 0$!
/,%.0%+*+".0%(!cfWdXWX+"0$!.+0++(K
+H3$+* 3$0) !0$! %""!.!*!!03!!*0$!.!&!0%+*
+"0$!%((%*dbbe* %0/,,.+2(%*dbbjH3%0$+*(5)%*+.
)+ %"%0%+*/O  +*0!* / 0$0 %2%( /+%!05
+.#*%/0%+*/W/X,(5! '!5.+(!%*0$%/,.+!//K
 $/ "%./0M$*  !4,!.%!*! +" 0$! +*/!-1!*!/ +"
2%+(!*0 .%)!H ,.+2% %*# (!#( %  *  +1*/!((%*# /!.2%!/
/%*! ckkkK /  .!/1(0H  )!)!./ !!)!  0$!
+.#*%/0%+*/*,,.+,.%0!$+%!"+.0$!!.!0.%0K
/ !.!0.%0 "+. H  *  %0/ ,.0*!./ $2!
0%.!(!//(5 1%(0 1, ,.!//1.! +* ,.(%)!*0.%*/ 0+ 2+0! %*
0$!%((H,+3!.! 5*0%+*(* ,*M".%* 2+5
*  ,+(%5 +**!0%+*/ *  0$! .%0%( )// +" /!2!*0!!*
%2%( /+%!05H "%0$ *  +))1*%05 #.+1,/ #(2*%/%*#
/1,,+.0".+).+//%#!.%Q/!0$*%#.+1,/* /00!/K
?! ",,.,
 !/ (' -!+(. ! !/ & & +%", &2
+" !-,:9
 '(0 $'(0 -!- -!", " '(+' (  -!"'  ", 0!- ",
$"%%"' 0(&'9
!/"-(!%)(-!+0(&''-!
-!&(.--!"++" !-,.,-!",",0!-",!%)"' & -
$('&2-@-+".'%-,-"&('2@

* dbbjH  &+%*!  /!2!.( +0$!. )!)!./ +" 0$!


+(% .%05 "+. ".%* +)!*Q/ %#$0/ +(%0%+* %*  *!3
,.0*!./$%,3%0$0$!4").!0.%0%*H%/%*# !.+%!
.+#.))!W XK$*'/0+0$%/,.0*!./$%,H!#%**%*#%*
dbbkH  3/ ++. %*0!  5  1* !. 0$!  
,.+&!0H 3$+/! 0%2%0%!/ 3!.! %),(!)!*0!  ".+) dbbk 0+
dbcdK * !.  H  0+0( +" !%#$0!!* *+*M#+2!.*)!*0(H
+))1*%05 /!  *  "%0$ /!  %*/0%010%+*/ &+%*!  "+.!/
0+ ,.+)+0! *  ,.+0!0 3+)!*Q/ .%#$0/ %* %#!.%K $!/!
+.#*%/0%+*/ %*(1 ! +)!*\/ +*/+.0%1) +" %#!.%
WXH+"+.+)!*\/ 1)*%#$0/H((%*!/"+.
".%W"XH!* !.3.!*!//.1/0WXH !#1!+"
!)+.0% +)!* W XH +)!* %  +((!0%2!
W XH %2%( !/!.$ !2!(+,)!*0 *  +1)!*00%+*
!*0.! W
XH
*0!.*0%+*( ! !.0%+* +" !)(!
35!./W
X%#!.%H0%+*(+1*%(+"0$+(%+)!*
.#*%60%+* WXH ! !.0%+* +" 1/(%) +)!*
//+%0%+*/ WX %#!.%H 
 +))1*%05
!2!(+,)!*0 .+#.))! WXH .+&!0 #,!H .+&!0
(!.0H !* !. *  !2!(+,)!*0 0%+* WXH 0%+*(
+1*%( +" +)!* +%!0%!/ WXH (11 "+. !+,(!/
%#$0/ W
X *  +)!*\/ +*/+.0%1) +" %#!.%
WXK
   !  *!3 )+)!*01) 0+ 0$! ,1/$ "+. ,++. 3+)!*Q/
,.0%%,0%+* *  0$! +)!/0%0%+* +" 0$! ".%* *%+*
+)!*Q/ .+0++(H *  .!0$!  *!3 (%"! %*0+ Q/
cei

),%#*%*# *   2+5 .+1*  0$!  %((K  +.'%*#


/%)1(0*!+1/(5 0 .!#%+*(H *0%+*(H /00! *  #.//.++0/
(!2!(H /'%("1((5 .3%*# +* 0$! +(%0%+* )!)!./Q /0.!*#0$/
*  +**!0%+*/H  $/ !2!(+,!   /1%0! +"
%*0!.+**!0!  0%+*/ 0$0 %*!4+.(5 *  .!(!*0(!//(5
.+2!0$!%(("+.3. K
$!.! $2! !!* 3.!*!// .%/%*# *  ,1(% %*"+.)0%+*
),%#*/0+%*.!/!0$! !)* "+..%#$0/H)+'0.%1*(/
/0#!  0+ /$+3/! 1/!/ +" 3+)!*Q/ .%#$0/H !0!/ * 
+4 +, %* /$++(/ *  ).'!0 ,(!/K .(%)!*0.%*/
3!.! +). !  5 ,!./1/%2! 0!40/ )!//#!/ WXH 
"+.)!.  $%.!  0+ *2%#0! *  "/0 0.' 0$! %((Q/
,.(%)!*0.5 ,//#! *  /+*#/ * H /(+#*/ .!0!  3%0$
/%),(!H$.)+*%/! )!//#%*#K
%0$%* 0$!   ".)!3+.' ,.+)+0%*# 3+)!*Q/ ,+(%0%(
,.0%%,0%+*H )+.! 3+)!* %* !%/%+* )'%*# ,+/%0%+*/ %*
+))1*%05 !2!(+,)!*0 //+%0%+*/ )!*/ #!* !. /! 
2%+(!*!%/+"0!*+*0$!#!* K
*.!/! +*"% !*!)!*/
)+.! 3+)!* $2! !!* (! 0+ +((+.0! 3%0$ .!(%#%+1/
*  0. %0%+*( (! !./K .%*%*# +" &+1.*(%/0/ .+1*  0$!%.
+2!.#! +" 2%+(!*0 .%)!/H *  3+.' 3%0$ (3 !*"+.!)!*0
#!*0/ .! (/+ +*0.%10%*# 0+ 0$! /(+3 %*/0%010%+*( /!
$*#!K
$!%((Q/,,.+2(%/,+3!."1(!4),(!+"0$!,+3!.
+" +((!0%2! 0%+* *  0$! *!!  "+.  0++('%0 +" /'%((/J
(!#%/(0%2!  2+5H ,1(% ),%#*%*#H #.//.++0/
0%2%/)H +(%0%+* 1%( %*#H +))1*%0%+*/ * 
*!03+.'%*#K1(#%*# .!//++'%/(/+!//!*0%(K
Thank you and keep it up.
Through your SMS, we know what is happening in the
country. This is a good initiative and we support the
(VAPP) Bill.
Member, Federal House of House of Representatives,
Nigeria - Dec.201 2
!* %*#0$!%((Q/,,.+2(50$!!*0!!"+.!,//%*#%*0+
(3H0$%//$+.0/*%,,!0+"* 0$! +(%0%+*
)!)!./Q 3+.' * (!2! 1/ %* *+ +10 +" 0$!%. !*!.#5 0+
/1/0%* 0$! )+)!*01) "+. ,.+)+0! 3+)!*Q/ .%#$0/ 0$0
3+.'%*#0+3. /0$!%(($/#!*!.0! K
),(!/!*00+/J
((2 ('6!2(.' &'0!(+%2',+"%%2 ' ;
+)&(-!+,' +';&(-!+,0!(+-0'-! ,
(PJ'RJ2+,"')""',.$$ ('. .,--
   
   9%,!%)

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


-()+/'--!%"$%2+.++'(-!(,1-+&%2"'!.&'
-,'20!+"'" +"2,.))(+-"' -!),, (-!


















cej

"%%9 ;JRJMOSLQNKS9'-('KLAKKALJKL

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#






H


 
 
 
M 



%#('1 ,#E1F


* 1(5dbbeH".%* ! /+"00!* +2!.*)!*0 +,0! 


0$! ,).))& .) ."  ,#( ",., )( /'( (
)*&-@#!".-)(."#!".-) )'(#( ,# 1.%*#
0$!%. !+*  . %*.5 1))%0 3$%$ 3/ $!(  %* ,10+H
+6)%-1!K".%*%2%(/+%!05H1* !.0$!1).!((+"0$!
+(% .%05 "+. ".%* +)!*Q/ %#$0/ WXH 0$!
"+((+3%*#5!.%*dbbf!#*0+),%#*"+.0$!.0%"%0%+*
*  %),(!)!*00%+* +" 0$! ,.+2%/%+*/ !*/$.%*!  %* 0$!
.+0++(K 1! 0+ 0$!/! %2%( /+%!05 !""+.0/H 0$! .+0++(
!)!0$!"/0!/0".%*%*/0.1)!*00+!*0!.%*0+"+.!* 
0+ 5Heh".%*/+1*0.%!/$2!.0%"%! %0K
0 0$! *0%+*( (!2!( /%*! dbbgH '%* ) 3 ".%'
W3XH !#* 3+.'%*# 0+#!0$!. 3%0$ *0%+*( 3+)!*Q/
+.#*%60%+*/ +* ),%#*/ %)!  0 (+5%*# 0$!
#+2!.*)!*0 +" #*  0+ .0%"5 0$! .+0++(K
* dbbi 
+(%0%+* ((!  0$! .#)(& -% ), )( ."  ,#(
)'(@- ,).))&H 3$%$ (0!. )! 0+ ! ((!  0$!
+)!* %./0 +(%0%+*H 3/ "+.)!  3$%$ +),.%/!/ +"
,,.+4%)0!(5eb+.#*%60%+*/K

!*##!!""!0%2!(5%*#+2!.**!0(((!2!(/K$!+2!.((%)
+"   3/ 0+ ,+,1(.%6! *  ),%#* "+. 0$!
.0%"%0%+**  +)!/0%0%+*+"0$!,10+.+0++(K
$.+1#$/1/0%*!  2+550$!+)!*%./0+(%0%+*%*
,.0*!./$%, 3%0$ 0$! .!#%+*( ,.0*!. +(%0%+*H )&#,#.3
),  ,#( )'(@- #!".- EF *  0$! 3% !.
3+)!*Q/ )+2!)!*0 %* #* H #+2!.*)!*0 * 
!2!(+,)!*0 ,.0*!./H 0$! +2!.*)!*0 +" #*  .0%"%! 
0$! ,10+ .+0++( 3%0$ .!/!.20%+*/ +* ,.#& MP +" 0$!
.+0++( M &." 7 *,)/.#0 #!".- Wc *  Xeic+*
dd*  1(5 dbcb 1.%*# 0$! ".%* *%+* 1))%0 0$0 3/
!%*#$+/0! %*#* K$%/1/! /$%"0%*0$!),%#*
".+).0%"%0%+*0+ +)!/0%0%+** %),(!)!*00%+*K
 

B

 

%0$ 0$! *!3 $*#! %* %.!0%+* +" 0$! ),%#*H 0$!
+(%0%+* !2%/!  /0.0!#%!/ 0$0 3+1(  (!  0+ 0$!
+)!/0%0%+*+"0$!.+0++(50$!#* +2!.*)!*0K
$!/!%*(1 ! I

$!//!//)!*0+"0$!,%05+"0$!+(%0%+*
)!)!./%*+. !.0+/0.!*#0$!*0$!%.
),%#*%*#/'%((/"+.0$! +)!/0%0%+*+"
,10+.+0++(K
!2!(+,)!*0+"* 2+50.0!#50+//%/0
* #1% !0$! +)!/0%0%+*),%#*H0'%*#
%*0++1*00$0/+)!+"0$!.0%(!/%*0$!
.+0++(3!.!(.! 5 +)!/0%0! %*+0$!.
!4%/0%*#(3/K

$%/ .!-1%.!   (!#( 1 %0 +" 0$! 1..!*0 #* * (!#(
".)!3+.'/* ,+(%5%*%0%0%2!/%*.!(0%+*0+0$!.+0++(K
$!  2+5 0.0!#5 +),.%/!  +" e (!2!(/ +"  2+5J
(!#%/(0%2!0%+*I,+(%50%+** %*0!.M#!*50%+*K

 




*dbbkH0$!)'(#,-.)&#.#)(1* !.0$!(! !./$%,+"


3H ,.0*!.!  3%0$ 4")  0+ %),(!)!*0 0$! 
M
/1,,+.0!  .+&!0 ((!  A#-#(! , )# E FB= $!
"%2!M5!. ,.+#.) 3/ (1*$!  %* 1#1/0 dbbj *  .*
1*0%( .$ dbceK $! #*  %/%*# !. +%! .+&!0
W X,.+)+0! 0$!.%#$0/* ,%05+",++.3+)!*0+




  

Q 

* (%#$0 +" 0$! +2! /0.0!#%!/H 0$! +)!* %./0 +(%0%+*


#.!!  0+ "+1/ +* 03+ .0%(!/ 3%0$%* 0$! ,10+ .+0++(
*  +2!. 0$!) %* !,0$ %* +. !. 0+ $%!2! )!*%*#"1(
%),0K $! 03+ 3!.! ,.#& P D " #!".- .) # :

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

(.!,#.3 ( /,#.3 )  ." ,-)( ( ,.#& MP D


&."(*,)/.#0#!".-=
!/,%0! 0$! #*  +2!.*)!*0Q/ !""+.0/ 0+ .%*# )0!.*(
$!(0$ /!.2%!/ (+/!. 0+ #* *Q/ 0$.+1#$ !!*0.(%6! 
$!(0$ /!.2%!/H 0$! )0!.*( )+.0(%05 .0! %/ /0%(( 0$!
(! %*# 1/! +" !0$ )+*# ,.!#**0 3+)!* 0 ecb
!0$/TcbbHbbb (%2! %.0$/ WdbcbX eid *5 3+)!* %*
#* H !/,!%((5 .1.( 3+)!*H 2+%  #%2%*# %.0$ %*
$+/,%0(/ 1!0+0$!,++./00!+"0$!$!(0$"%(%0%!/K+)!*
3(' (+*# %/0*!/ 0+ !// $!(0$ /!.2%!/ *  %* /+)!
%*/0*!/ $+/,%0(/ + *+0 $2! 0$! )!*/ 0+ )!!0 0$!
!)* K $%/H 0+#!0$!. 3%0$ 3% !/,.!  ,+2!.05H .!/1(0/ %*
)*5!4,!0*0)+0$!./ !(%2!.%*#0$!%.%!/0$+)!* 
0 0%)!/ 3%0$+10 0$! /1,!.2%/%+* +"  $!(0$ 3+.'!.K $!
)&+.%05 .!(5 +* 0$! ]!4,!.0%/!] +" 0. %0%+*( %.0$
00!* *0/ W/XH ,100%*# 0$!%. (%2!/ %* *#!.H $!*!
%*.!/%*#0$!)0!.*()+.0(%05.0!K
#%*/0 0$%/ ' .+,H )!)!./ +" 0$! +(%0%+*
1**%)+1/(5 #.!!  0+ "+1/ 0$!   0%2%0%!/ +*
)0!.*($!(0$%*0$.!! %/0.%0/+"#* H*)!(5%05*
%/0.%0H 11' %/0.%0 *  , %/0.%0K $! 0%2%0%!/
"+1/!  +* !(0$ !*0.!

 0 0$! /1 +1*05 (!2!(K $%/


%*2+(2!  0$! +))1*%0%!/ 0$.+1#$ +))1*%05 %(+#1!/H %*
+. !. 0+ #!*!.0! %*"+.)0%+* $%#$(%#$0%*# 0$! $((!*#!/
,!+,(! "! 3$%(/0 !//%*# )0!.*( $!(0$ /!.2%!/K $!
#!*!.0!  %*"+.)0%+* %*"+.)!  0$! %/1//%+* 0$0 0$!
%),(!)!*0%*# ,.0*!./ W)+*# 0$! +(%0%+* )!)!./X $ 
3%0$$!(0$+""%%(/00$! !(0$!*0.!* 3%0$0$! %/0.%0
$!(0$+""%!./K
$!3+.'+*)0!.*($!(0$3/0+/0.!*#0$!*0$!3+.'0$!
+(%0%+*$ (.! 5+* 10!  1.%*#0$!%.,.0%%,0%+*+"
0$! -.  ,#( ,0( ), .,(& &.":  .2*
3%0$ 0$! 0$!)!H R0 +3 U + 3+)* /$+1(  %! 3$%(!
#%2%*#(%"!NS3$%$0.2!((! 0$.+1#$/0".%,.%+.0+0$!
".%**%+*1))%0$+/0! %* ),(%* 1(5dbcb 1.%*#
3$%$ ".%* ! / +" 00! *  +2!.*)!*0 %/1//! 
%//1!/+")0!.*(* $%( $!(0$K$%/.2*H3$%$3/
+.#*%6!  5 3 (+*# 3%0$  "+. !2!(+,)!*0H
 %((!**%1) ),%#* U ".% !#%+*H ".%* +)!*Q/
!2!(+,)!*0 *  +))1*%0%+* !03+.' WXH * 
H 3%0$ /1,,+.0 ".+) 2.%+1/ %),(!)!*0%*# ,.0*!./
0 0$! *0%+*( (!2!(H 3/ %)!  0 .%/%*# 3.!*!// +" 0$!
.%/%/ +" )0!.*( )+.0(%05 %* ".% *   2+0! "+.
#+2!.*)!*0/H $!(0$ .! ,.+2% !./H  +(!/!*0/H )!*H
3+)!* *  0$! )! % 0+ !$ ,(5 0$!%. ,.0 0+ /2!
3+)!*Q/* $%( .!*Q/(%2!/K
$! .2* !,.0!  ".+) %.+% +* 1(5 eH dbcbH * 
) ! /0+,/ %* .1/$H 3*6H %#(%H 01*H (!H
..H* /'!"+.!..%2%*#%* ),(+* 1(5cfH
cfb

dbcbK 0 !$ /0+,H ,1(% .((%!/ 3!.! $!( H .2* /0""
2%/%0!  $!(0$ "%(%0%!/H ,.+2% !  )! %( /!.2%!/ /1$ /
(++  ++/0!./H !M3+.)!./H ")%(5 ,(**%*# +1*/!((%*#H

 +1*/!((%*# *  .!"!..(/ "+. 0!/0%*#H ,.+2%/%+* +"
)+/-1%0+*!0/* ))'%0/H* /$.! %*"+.)0%+*+*0$!
.%#$0 0+ /!41( *  .!,.+ 10%2! $!(0$K .2* /0"" (/+
+((!0!  /%#*01.!/ +* 03+ (.#! ,!0%0%+*/H 1.#%*# ! / +"
00! *  +2!.*)!*0 00!* %*# 0$! cg0$  1))%0 %*
),( 0+ 0 +3 0+ ,.%+.%0%6! 3+)!*Q/ $!(0$ *  /2!
3+)!*Q/ (%2!/K 1* .! / +" 0$+1/* / +" /%#*01.!/ 3!.!
+((!0! K  $! .2* (/+ %//!)%*0!  %*"+.)0%+*
3% !(50+0$!)! %* 0+(.#!.+*/0%01!*50$.+1#$0$!
1/!+"*!3)! %/1$//+%(*!03+.'%*#/%0!/* (+#/K
* ..%2( %* ),( +* 1(5 cf0$H  ,.!// +*"!.!*! 3/
$!( H 00!* !  5 +2!. fb )!)!./ +" 0$! )! % * 
 +(!/!*0 /01 !*0/ ".+) !*#+ .%).5 $++(K H
H *  3 /0"" ,.+2% !  %*"+.)0%+* +* 0$!
.2* *  0$! %),+.0*! +" 0$! 1))%0 0$!)! * 
,.+2% !  %*"+.)0%+* ,'!0/ 0+ 0$! )! % +* )0!.*(H
/!41( *  .!,.+ 10%2! $!(0$K  $!5 (/+ 1.#!  #*  0+
!,+/%0 %0/ %*/0.1)!*0 +" .0%"%0%+* +" 0$! .+0++(K / 
.!/1(0+"%0/0%)!(%*!//* %0/%),0H0$!.2*$/!!*
(1 !  5 )*5 +.#*%60%+*/ /  !/0 ,.0%! %* %2%(
/+%!053.!*!//M.%/%*#*  2+5K


$! +)!* %./0 +(%0%+* (/+ $+/! 0+ "+1/ +* %+(!*!
#%*/0+)!*WXH,.%).%(5!41(%+(!*!H/*+0$!.
.!+""+1/)%*(5!1/!2.%+1/+(%0%+*)!)!./* 
+0$!. +.#*%60%+*/ $  !4%/0%*# *!03+.'/ (.! 5
+* 10%*#3+.'+*0$%/%//1!K
  
$!.!$2!!!*/+)!'!5$((!*#!/3%0$0$! +)!/0%0%+*
* %),(!)!*00%+*+"0$!.+0++(H3$%$%*(1 !J

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

$! 0!.*( +.0(%05 .0! %* #*  %/ /0%(( 2!.5


$%#$H0,,.+4%)0!(5ecb0+cbbHbbb(%2!%.0$/M
* %* %0+. +" 0$! #.2! %//1! +" 0$! /0%(( !4%/0%*#
,++. )0!.*( $!(0$ /%010%+* %* #* K

0 0$! /1M+1*05 (!2!(H !// 0+ )0!.*( $!(0$
"%(%0%!/ %/ /0%(( %""%1(0H 1! 0+ 0$! #.!0 %/0*!/
!4,!0*0)+0$!./.!+(%#! 0+0.2!(0+.!$0$!
2%((! $!(0$ (%*%/ *  $+/,%0(/K +/0 0%)!/H
0$!/! $!(0$ "%(%0%!/ .! 1* !./0""!  *  %((
!-1%,,! H 3$%$ %)%*%/$!/ 0$! -1(%05 +" 0$!
$!(0$
/!.2%!
,.+2%/%+*K

%)%0!  "1* %*# "+. 0$!   .+&!0
0%2%0%!/T%),(!)!*00%+**  +)!/0%0%+*+"0$!
.+0++(K

!/%/0*! ".+) .!(%#%+1/ + %!/ 3%0$ .!#. / 0+
%//1!/+"+.0%+** %.0$+*0.+(K



!/,%0! 0$! $((!*#!/ !4,!.%!*! H 0$!.! $2! !!* /+)!
$%!2!)!*0/0$0.!3+.0$!(!.0%*#J

cfc

+.! *  )+.! 3+)!* %* #*  .! !+)%*#


3.!+"0$!,10+.+0++(* %0//%#*%"%*!%*
0$!%.!2!.5 5(%2!/K
$! /1!// +" 0$! -.  ,#( ,0( )(
.,(& &."= $! %) +" 0$! /0 ".%*
.2* +* 0!.*( !(0$ 3/ 0+ .!0!
3.!*!// +* )0!.*( $!(0$ %//1!/ 0$.+1#$+10


0$! /0 ".%* !#%+*K


0 $%#$(%#$0!  0$! 1.#!*0
*!! 0+%),.+2!)0!.*($!(0$H 2+0! "+.0$!
$%!2!)!*0+"gW)0!.*($!(0$X* 
e W#!* !. !-1(%05X *  0$! .!(!2*! 0$! ,10+
.+0++( ,(5/ %* ,.!2!*0%*# )0!.*( )+.0(%05
* +0$!.)0!.*(.!(0! ,.+(!)/K
1! 0+ 0$!  2+5 3+.' +* ,+,1(.%6%*# 0$!
,10+.+0++(H0$!.!%/*+3%*.!/! 3.!*!//
+" 0$! %//1! +" 1*/"! +.0%+*/H *  %0/ !""!0/ +*
5+1*# #%.(/ *  3+)!*K $!.! $/ (/+ !!*
%*.!/!  )! % +2!.#! +* )0!.*( $!(0$ %*
#* H %* 0$! ,.%*0 )! % *  +* (+( 0!(!2%/%+*K
+. %*/0*!H .K (%2! !*01)3! M1#%/H 
+.(  !(0$ .#*%60%+* W X )%(5 B
+,1(0%+* 2%/+.H,.0%%,0! %*0$!/0".%*
.2* *  $/ 3.%00!* +10 )0!.*( $!(0$
%//1!/
%*
0$!
#* *
)! % eie K

1)!.+1/ 0%2%0%!/ +" 0$!   %*2+(2!  0$!
10%(%60%+* +" 0)3 &."  #,- 0+ //%/0
3%0$0$!#!*!.0%+*+"%*"+.)0%+*+*0$!/001/+"
)0!.*( $!(0$ /!.2%!/ 0 $!(0$ !*0.!/

Q/ /
0$!/1M+1*05(!2!(K$!/! 2+5 !(0$!)/
.! *+3 '*+3(! #!(! +" 0$! ,10+ .+0++(
"0!. 1* !.#+%*# /+)! 0.%*%*#K $%/ "+.) +"
 2+500$!#.//.++0/(!2!($/!!*/$+3*0+
!
!""!0%2!K

 *1)!. +" 0$! +)!* %./0 +(%0%+* )!)!./
)*#!  0+ "1* .%/! *  %),(!)!*0 0%2%0%!/ +"
0$! .+&!0K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 


  Q
 M
 
M  
&),(/.!1

$! .+0++( 0+ 0$! ".%* $.0!. +* 1)* *  !+,(!/Q
%#$0/ +* 0$! %#$0/ +" +)!* %* ".% W$!.!%*"0!.
.!"!..!  0+ /%),(5 / R0$! .+0++(SX 3/  +,0!  %* 1(5
dbbeK $! .+0++( !)+ %!/ (!#((5 %* %*# /0* . / +*
0$! .%#$0/ +" 3+)!* ,,(%(! 0+ ((H %..!/,!0%2! +" 0$!%.
).%0(H /+%+M!+*+)% *  ,+(%0%( /001/K
0 .!+#*%/!/
* 1%( /+*0$!+*2!*0%+*+*0$!(%)%*0%+*+"((+.)/
+" %/.%)%*0%+* #%*/0 +)!* WXK +0$
%*/0.1)!*0/,.+$%%0 %/.%)%*0%+*#%*/03+)!*H%*((%0/
"+.)/K$!.+0++(+(%#0!/((+1*0.%!/H+*.0%"%0%+*H0+
0'!(()!/1.!/*!!//.50+!*/1.!0$03+)!*!*&+5* 
.! (! 0+ !4!.%/! (( $1)* .%#$0/ *  "1* )!*0(
".!! +)/%*0$!,+(%0%(H!+*+)%H%2%(H/+%(H* 1(01.(
/,$!.!/+*0$!/%/+"!-1(%053%0$)!*K$%/)!*/0$!.!
)1/0 ! +0$ ! &1.! *  ! "0+ !-1(%05 +" .%#$0/ * 
+,,+.01*%0%!/"+.3+)!*5H)+*#+0$!.0$%*#/H

%*(1 %*#0$!,.%*%,(!+"!-1(%05%*0$!
+*/0%010%+** +0$!.(3/H
!*0%*#(!#%/(0%+*0$0,.+$%%0/ %/.%)%*0%+*H
%*0!#.0%*##!* !.,!./,!0%2!%*(( !%/%+*/
* 
!*/1.!$.)"1(0. %0%+*(,.0%!/.!!(%)%*0! K

$! .+0++( ,.+$%%0/ (( "+.)/ +" !4,(+%00%+*H .1!(H


%*$1)* +. !#. %*# ,1*%/$)!*0 *  0.!0)!*0K 00!
,.0%!/ .! 0$!.!"+.! +(%#0!  0+ !*0 *  !*"+.! (3/ 0+
,.+$%%0 (( "+.)/ +" 2%+(!*! #%*/0 3+)!*I % !*0%"5 0$!
1/!/ *  +*/!-1!*!/ +" 2%+(!*! #%*/0 3+)!* * 
0'! )!/1.!/ 0+ ,.!2!*0 *  !(%)%*0! /1$ 2%+(!*!H * 
0%2!(5 ,.+)+0! ,!! ! 10%+* %* +. !. 0+ !. %0!
!(!)!*0/ %* 0. %0%+*( *  1(01.( !(%!"/H ,.0%!/ * 
/0!.!+05,!/3$%$(!#%0%)%/!2%+(!*!#%*/03+)!*K00!
,.0%!/ )1/0 (/+ 0'! !""!0%2! )!/1.!/ 0+ ,.+/!10! * 
,1*%/$ ,!.,!0.0+./ *  %),(!)!*0 ,.+#.))!/ "+. 0$!
.!$%(%00%+*+"3+)!*2%0%)/K

 

$!.! $/ *+0 !!*  /%!*0%"% /1.2!5 +* 0$! !40!*0 +"
%),(!)!*00%+*+"0$!.+0++(+*+)!*Q/%#$0/%*".%K
$!.! %/ /+)! !2% !*! +" ,.+#.!// *  0$0 %/ 0+ !
+))!* ! K+.%*/0*!H/+)!+1*0.%!/*+/0+"J

*.!/! *1)!./+"3+)!*%**0%+*(,.(%)!*0/
* %*(+(#+2!.*)!*0/

*.!/!%*0$!*1)!.+"+1*0.%!/3%0$#!* !.
,+(%%!/H* %),(!)!*0%*#,.%*%,(!/+"#!* !.
1 #!0%*#

*.!/!%*0$!*1)!./+"+1*0.%!/.!,+.0%*#$2%*#
,+(%!1*%0 ! %0! 0+.!/,+* %*#0+2%+(!*!
#%*/03+)!** #%.(/K
*1)!.+"+1*0.%!/$2!%*0!#.0! !(!)!*0/+"
#!* !.!-1(%05%**0%+*( !2!(+,)!*0".)!3+.'/

+)!+1*0.%!/(%'!#* H*6*%H+10$".%H3* H


*  +6)%-1! $2! %),(!)!*0!  0!),+..5 )!/1.!/
W""%.)0%2!0%+*)!/1.!/XH/,.+2% ! "+.1* !.
*  0$! .+0++H( 0+ !*(! 0$! %*.!/!  ,.0%%,0%+* +"
3+)!** 0$!#%.($%( %*#+2!.**!* ! 10%+*K"!3
+1*0.%!/ $2! (!#%/(0%+* !4,(%%0(5 ,.+$%%0%*# /,!%"%
"+.)/ +" 2%+(!*! #%*/0 3+)!*H ,.0%1(.(5 +)!/0%
2%+(!*!H .,! *  !"%(!)!*0Keif
* *6*%H 0$! %*%/0.5
"+. +)!*Q/ ""%./ !2!(+,!  .! %0 #1% !(%*!/ 0+ //%/0 %*
%),.+2%*#3+)!*Q/!//0+.! %0K$%/3/ +*!"0!.*
//!//)!*0 +" 0$! /0.!*#0$/ *  3!'*!//!/ +" ,.!2%+1/
,.+&!0/ %)!  0 %*.!/%*# 3+)!*Q/ !// 0+ .! %0
"%(%0%!/K $! #+2!.*)!*0 +" *6*% (/+ !2!(+,! 
#!* !.M.!(0!  /00%/0%/ 0+ 1#)!*0 0$! #+2!.*)!*0Q/
!""+.0/ %* 0$! ,(**%*# ,.+!// "+. %),.+2%*# 0$! (%2!/ +"
3+)!* *  )!*Keig
* #5,0H 0$! !(!0.+*% )! % $/ !!*
1/!  0+ .!0! ,1(% 3.!*!// +10 ,.0%!/ 0$0 .!
$.)"1(0+3+)!*%*+. !.0+(+3!.0$!/$++( .+,+10.0!/
+"#%.(/".+)0$!"+.)(! 10%+*/5/0!)Keih
+3!2!.H 0$! *1)!. +" +1*0.%!/ .!#%/0!.%*# /1$
$%!2!)!*0/.!)%*/(+3H* 0$!.0!+",.+#.!//%//(+3H
* /%#*%"%*0$((!*#!/.!)%*K$!5%*(1 !J
cX

* 0$! .! +" #+2!.**!H 3$%(! 0$! ".%* *%+*


*  0$! !#%+*( +*+)% +))1*%0%!/ $2!
!2!(+,!  *+.)0%2! ".)!3+.'/ "+. $%!2%*#
#!* !.!-1(%05%*0$!#+2!.**!"%!( H0$%//1!//
$/*+0!!*)0$! 3%0$01(,+(%5,.0%!+*
0$! #.+1* K !3 ".%* +1*0.%!/ $2! ) !
.!).'(! ,.+#.!// %* $%!2%*# #!* !. !-1(%05
%* !%/%+*M)'%*#,+/%0%+*/!/,!%((5%*0$!0$.!!
.)/ +" #+2!.*)!*0 *)!(5 4!10%2!H !#%/(01.!
*  0$! 1 %%.5K $!.! %/ *!!  "+. #!* !.

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

dX

eX

/!*/%0%2! !(!0+.( .!"+.)/ *  %*0.+ 10%+* +"


""%.)0%2! 0%+* )!/1.!/ %*(1 %*# #!* !.
-1+0/ %* +. !. 0+ $%!2! #!* !. !-1(%05 %*
#+2!.**!%*".%K
+)!*Q/ !// 0+H *  3%0$%*H !%/%+*M)'%*#
/0.101.!/ %/ .!(!2*0 %* 0$! +*0!40 +" #+2!.**!
*  $1)* .%#$0/K 2%((! 0 /$+3/ 0$0
)%((%+*/ +"  +(!/!*0 #%.(/ .+// ".% 0+ 5 +
*+0 !*&+5 !// 0+ -1(%05 ! 10%+*H /!41( * 
.!,.+ 10%2!$!(0$.!H/1,,+.0"+.)!*0($!(0$
%//1!/ *  %/%(%05H ,.+0!0%+* ".+) 2%+(!*! * 
+0$!. "+.)/ +" 1/! *  %/.%)%*0%+*K!* !.
%*!-1(%05 .! 1!/ 0$! %(%05 +" 5+1*# 3+)!* 0+
*!#+0%0!+* +)1/!* 0+!///!.2%!/%*0$!
+))1*%05 "+.
 0!/0%*#H 0.!0)!*0 *  .!
W+10$ B H dbcbH H XK /  .!/1(0
5+1*#".%*3+)!*)'!1,ijlH+.dKg)%((%+*H
+" 0$! 5+1*# ,!+,(! #!  cgMdf (%2%*# 3%0$
 %*
1M$.* ".% WH  dbccXK +1*#
#%.(/ .! /0%(( !%*# 0.#!0!  "+. .!.1%0)!*0 5
)%(%0.5 #.+1,/H 3$!0$!. 0+ ..5 3!,+*/ * 
,.0%%,0! %* +)0 +. "+. /!41( ,1.,+/!/ +.
+0$!.05,!/+"/!.2%01 !K
%+(!*!#%*/03+)!*%/!* !)%K(0$+1#$0$!.!
%/ )+.! %*"+.)0%+* %* 0$! ,1(% +)%*H * 
,1(% !0! +* 0$! %//1! +" 2%+(!*! #%*/0
3+)!*H 0$%/ 3.!*!// $/ *+0 0.*/(0!  %*0+ 
.! 10%+*%*%*% !*0/+"2%+(!*!0.#!0%*#3+)!*H
+. 0+ !00!. !// 0+ /!.2%!/ %*(1 %*# &1/0%! "+.
/1.2%2+./H +. 0+ /5/0!)0% ,,.+,.%0! .!/,+*/!/
0.#!0%*#,!.,!0.0+./+"0$!2%+(!*!K

".%Q/!+*+)%!/.!.!,10! 0+$2!".! .!/+*(53!((


%*/,%0!+"0$!#(+(!+*+)%.%/%/K
?"' LJJJ -! ('-"''- !, ,'  )+(%('  (&&("-2
((& ' ,.,-"' +(0-! -+'9 ' %-!(. ! +(0-!
,%(0 +(& ' /+  ( O9P )+ '- "' LJJLBLJJR -( L9L
)+ '- "' LJJSC!"- 2 -! %(% "''"% +",", ' ,-)
(( ' .% )+" +",,C+" *."$%2 +(/+ 0"-!
+(0-!(N9P)+'-"'LJKJ9!('-"''->, +(0-!,%"))
 "'"'LJKK(0"' -()(%"-"%-+',"-"('"'(+-!+"6.-
+(.',-+(' %2('&(+-(O9J)+'-"'LJKL6,)"-
-! %(%,%(0(0''.'+-"'-29@MQQ
".%Q/ )! %1) 0!.) #.+30$ ,.+/,!0/ .!)%* /0.+*# 0++
0H "+. !4),(!H fKj ,!. !*0 %* dbce *  gKc ,!. !*0 %*
dbcfK eij *"+.01*0!(5H )+/0 3+)!* +*0%*1! 0+ (%2! %*
!40.!)! ,+2!.05H *  .! (%'!(5 0+ )%// 0$! !*!"%0/ +" 0$!
,.+&!0!  !+*+)% #.+30$ *  /+M((!  ".%*
!*%//*! 1*(!// +*!.0!  0%+*/ .! 0'!* 0+ !*/1.!
!+*+)%H/+%(* ,+(%0%(.%#$0/"+.3+)!*K

cfe



 
  
 
 
$! %),(!)!*00%+* *  )+*%0+.%*# +" 0$! .+0++( %/ 0$!
.!/,+*/%%(%05+"0$!/00!,.0%!/K$!.+0++(,.+2% !/"+.
,!.%+ % .!,+.0%*#H %* 0$! +*0!40 +" 0$! ".%* $.0!. +*
1)** !+,(!/Q%#$0/eik5/00!/,.0%!//0$!"+.)(
)!$*%/)"+.)+*%0+.%*#%0/%),(!)!*00%+*K$!.!,+.0%*#
)!$*%/)!*/1.!/0$0+1*0.%!/1* !.0'!+),.!$!*/%2!
.!2%!3+"0$!*0%+*((!#%/(0%+*H&1 %%(H )%*%/0.0%2!* 
+0$!.)!/1.!/0'!*0+%),(!)!*00$!.+0++(H* .!,+.0
+* !$ /,!0 +" 0$!%. +(%#0%+*/ 1* !. 0$! .+0++(K $!
.!,+.0%*# #1% !(%*!/H %//1!  5 0$! ".%* +))%//%+* +*
1)* *  !+,(!/Q %#$0/ $2! !!* 3% !(5 %//!)%*0! K
!,+.0/ /1,,+.0 0$! /00! ,.0%!/H *  0$! +))%//%+* 0+
//!// 0$! (!2!( +" #+2!.*)!*0Q/ "1("%()!*0 +" %0/
+))%0)!*0/ *  0+ $+(  %0 +1*0(!K *"+.01*0!(5H
+1*0.%!/ 0$0 $2! /1)%00!  0+ 0$! ".%* +))%//%+*
$2! *+0 %*(1 !  %* 0$+/! .!,+.0/ !0%(/ +" 0%+*/H %" *5H
0'!* 0+ %),(!)!*0 0$! .+0++(H +. 0$! $((!*#!/
,.!2!*0%*# %),(!)!*00%+*K %)%(.(5H +1*0.%!/ .!,+.0%*#
1* !. 0$! +(!)* !(.0%+* +* !* !. -1(%05 %* ".%H
+*(5+*"%.).0%"%0%+*+"0$!.+0++(N
 
M 
 
 
 




$! .%0%( -1!/0%+* %/ 3$0 *!! / 0+ ! +*! 0+ !(!.0!
%),(!)!*00%+*H )+*%0+.%*# +"H *  .!,+.0%*# +* 0$!
.+0++( .+// (( /00! ,.0%!/K $!.! .! )*5 3+)!*Q/
.%#$0/ #.+1,/ 3$%$ .! ! %0!  0+  2+0%*# "+. 0$!
+)!/0%0%+* *  %),(!)!*00%+* +" 0$! .+0++(K $!5
%*(1 ! 0$! +(% .%05 "+. ".%* +)!*Q/ %#$0/ +(%0%+*
WXH *  !* !. %/ )5 #!*  W
XH 3$%$
!03!!* 0$!) +/0 +"  )!)!./$%, +" )+.! 0$* hb
+.#*%/0%+*/ *  *!03+.'/ ".+) %""!.!*0 ,.0/ +" ".%K
$!.! .! )*5 )+.! +.#*%/0%+*/ *  #.+1,/ 3+.'%*# 0
*0%+*( *  +))1*%05 (!2!(/H *  !2!(+,)!*0 ,.0*!./
.! 5 0+ 3+.' 3%0$ *  /1,,+.0 +1*0.%!/T#+2!.*)!*0/ 0+
0'! /%#*%"%*0 %*.!)!*0( 0%+*/ 0+ "1("%( 0$!%. .!/,!0%2!
+(%#0%+*/1* !.0$!.+0++(K
$! .+0++(  .!//!/ %""!.!*0 /,!0/ +" 0$! (%2!/ +"
3+)!*K .0%(! d +(%#0!/ /00!/ ,.0%!/ 0+ 0'! ((
,,.+,.%0! )!/1.!/M &1 %%(H (!#%/(0%2!H  )%*%/0.0%2!H
*  *5 +0$!. )!/1.!/ U 0+  .!// (( "+.)/ +"
%/.%)%*0%+*U %.!0* %* %.!0M%*((/,$!.!/+"(%"!K
0%/
0$!.!"+.! %),+.0*0 "+. 1/ 0+  .!// +1./!(2!/ 0+ 0$%/
-1!/0%+*J 3$+ %/ .!/,+*/%(! 3%0$%* 0$! /00! 0+ "1("%( 0$!
+(%#0%+*/ 1* !. 0$! .+0++(O $! )+/0 .0%+*( .!/,+*/!


)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

0+ 0$%/ -1!/0%+* %/ 0$0 /%*! 3+)!*Q/ .%#$0/ 1* !. 0$!
.+0++( +2!. (( .!/ !2!.5 /!0+. )%*%/0.5H !,.0)!*0
*  #!*5 +" #+2!.*)!*0 $/ 0+ 0'! .!/,+*/%%(%05K
%/.%)%*0%+* #%*/0 3+)!* %/  /+%( ,.+(!) 0$0 %/
)1(0%"!0! K %/.%)%*0%+* %* 0$! !+*+)% /,$!.! $/
(!. %),(%0%+*/ "+. 3+)!*Q/ %(%05 0+ ,.0%%,0! %*
,+(%0%/ +* * !-1( /%/ 3%0$ )!* *  2%! 2!./K
%/.%)%*0+.5 (3/ $2! .)%"%0%+*/ "+. 3+)!*Q/
,!./+*( /!1.%05H !// 0+ &1/0%!H *  0+ ,!./+*(
!),+3!.)!*0K $! !(%)%*0%+* +" %/.%)%*0%+* %* (( %0/
"+.)/0$!.!"+.!H.!-1%.!/)1(0%M %/%,(%*.5H)1(0%M/!0+.(
*  %*0!#.0!  ,,.+$K ""!0%2! %),(!)!*00%+* +" 0$!
.+0++( *  "%(%00%+* +"  )1(0%M/!0+.( *  %*0!#.0! 
,,.+$ .!-1%.!/ '*+3(! #!)!*0 +" 0$%/ !*0.(
.!/,+*/%%(%05 ".+) 0$! %""!.!*0 /!0+./ *  %2%/%+*/ +"
#+2!.*)!*0H %*(1 %*# 0$! )%*%/0.%!/ +" &1/0%!H !+*+)%
,(**%*#H "%**!H #.%1(01.!H 0. !H *  *01.( .!/+1.!/K
((/!0+./$2!0+0'!+*/,!%"%.!/,+*/%%(%0%!/* 3+.'
0+#!0$!.0+,.+)+0!#!* !.!-1(%05%*((/,$!.!/+"(%"!K
$! +),!0!*%!/ +" %""!.!*0 !,.0)!*0/ %* )'%*#
%*0!.2!*0%+*/3%0$%*0$!.+0++(".)!3+.'H%"$.*!//! %*
 +*!.0! H /1/0%*!  *  ++. %*0!  )**!.H *
/%#*%"%*0(5 .! 1! %/.%)%*0%+* #%*/0 3+)!*H * 
/1,,+.00$!!*&+5)!*0+"$1)*.%#$0/53+)!*+*/%/
+" !-1(%05K
*/0%010%+*(%6%*#  )1(0%M/!0+. ,,.+$ 3%((
(/+ $2!  ,+/%0%2! %),0 +* )+*%0+.%*# *  .!,+.0%*#K
%0$%*!$/!0+.**1(,(*/* 1 %0/H+((!0%+*+"/!4
%/##.!#0!  0* %),0/+",.+#.)/+*3+)!*3%((
!+)! .+10%*!H )'%*# )+*%0+.%*#H +),%(0%+* * 
,.!,.0%+* +" ,!.%+ % ,.+#.!// .!,+.0/ /1/0*0%2!H )+.!
)!*%*#"1(%*)+*%0+.%*#,.+#.!//H* (+0$!,!."+.0$!
*0%+*( )$%*!.5 "+. 3+)!* 0+ %),(!)!*0H / %0 3%(( !
0,,%*#%*0+0$!.!/+1.!/+"+0$!.#+2!.*)!*0 !,.0)!*0/
* )%*%/0.%!/K
$! +,0%+*+")1(0%U/!0+.(* %*0!#.0! ,,.+$0+
!(%)%*0! %/.%)%*0%+* #%*/0 3+)!* .!-1%.!/ 0$!
#+2!.*)!*0H%0/#!*%!/H* 0$!#!*!.(,1(%0+.!+#*%6!
%/.%)%*0%+* #%*/0 3+)!* /  ,.+(!) "+. 0$! !*0%.!
/+%!05H3%0$/+%(* !+*+)%+/0/0+0$!+1*0.5K$%/%/
"1* )!*0(/$%"0%*+*!,01(%6%*# %/.%)%*0%+*#%*/0
3+)!* U 1..!*0(5 2%!3!  /  ,.+(!) ""!0%*# 3+)!*
+*(5K!+* (5H0$!.!%/*!! "+.,+(%5+))%0)!*0/H00$!
$%#$!/0 (!2!( +" #+2!.*)!*0H 0+  )1(0%U/!0+.( * 
%*0!#.0!  ,,.+$ 0+ !(%)%*0! %/.%)%*0%+* #%*/0
3+)!*K $%/ .!-1%.!/ 0$!  +,0%+* +"  ".)!3+.'H 3%0$
#1% %*# ,.%*%,(!/ *  0.#!0/H *  (!. %* %0+./H
% !*0%"5%*# 0$! '!5 0+./ %* 0$! ,.+!//H '!  5
.!/+1.!/ ".+) %""!.!*0 #+2!.*)!*0 !,.0)!*0/H *  
++. %*0%+*)!$*%/)K$!*0%+*()$%*!.5"+.3+)!*
%*  +1*0.5 /$+1(  ,(5  0(50% .+(! 0+ !*/1.!

cff

+*/%/0!*5 %* 0$! 1* !./0* %*# +" 0$! )!*%*# *  /+,!


+" 0$! .+0++( )+*# 0$! %""!.!*0 /!0+./ *  0+ "%(%00!
,%05 1%( %*# "+. !""!0%2! ,.0%%,0%+* +" /!0+.
)%*%/0.%!/* #!*%!/K$!*0%+*()$%*!.5/$+1( (/+
,(5  .%0%(  2+5 .+(! 0+ )+%(%6! 0$! ,+(%0%(
+))%0)!*0 .!-1%.!  "+. 0$! /00! ,.05 0+ )!!0 %0/ (!#(
.+0++(+(%#0%+*/K
  



 )1(0%M/!0+.( ,,.+$ .!-1%.!/ 0$0 %""!.!*0 )%*%/0.%!/
+. !,.0)!*0/ +" #+2!.*)!*0 ,(5 (!  .+(!/ %* ,(**%*#H
1 #!0%*# "+.H *  %),(!)!*0%*# 0%+*/ 1* !. /,!%"%
.0%(!/ +" 0$! .+0++( 0+  .!// %/.%)%*0%+* +1..%*#
3%0$%* 0$!%. .!/,!0%2! )* 0!/K $! )%*%/0.%!/ +" (+1.
/$+1( "+.%*/0*!0'!0$!(! %*!*/1.%*#0$03+)!**
!*&+50$!.%#$00+3+.'%*((%0/,!./,!0%2!/K$!%*%/0.5+"
!(0$%/0$!+2%+1/(! %*!*/1.%*#0$!.%#$00+$!(0$"+.
3+)!*K$!%*%/0.5+" 1/0%!* +0$!.'!5,(5!./%*0$!
(3* +. !./!0+./$+1( !+1*0(!"+.0$!3+)!*Q/
.%#$0 0+ &1/0%!H !-1(%05 !"+.! 0$! (3H *  /!1.%05 +"
,!./+*H %*(1 %*# ".!! +) ".+) 2%+(!*! 0.#!0%*# 0$!) /
3+)!*K$!.! %/.%)%*0%+*0.*/!* /*5+*!"1*0%+*(
.! +" #+2!.*)!*0H *  %0/ !(%)%*0%+* +1#$0 *+0 0+ ! 0$!
.!/,+*/%%(%05 +" +*! )%*%/0.5H +((+.0%+* * 
++. %*0%+* %/ !//!*0%(K  +. !4),(!H .%#$0/ +" .1.(
3+)!* /$+1(  !  .!//!  5  *1)!. +" )%*%/0.%!/
%*(1 %*# 0$0 +" &1/0%!H #.%1(01.!H !*2%.+*)!*0H "%**!H
+))!.!
* 
%* 1/0.5H
30!.H
$!(0$H
.+ /T+))1*%0%+*H* !*!.#5K
$! )1(0%M/!0+.( ,,.+$ * 3+.' 3%0$%* !4%/0%*#
#+2!.*)!*0 /0.101.!/ *  ,.+!//!/K $ /!0+. )%*%/0.5
3+1(  *!!  0+ /0.!*#0$!* %0/ ,(**%*#H %),(!)!*00%+* * 
)+*%0+.%*# )!$*%/)/ 0+ !*/1.! 0$0 0$!5 $2! 0$!
,%050+*(5/!%//1!/".+)#!* !.,!./,!0%2!* *
% !*0%"5 .!/ 0$0 ,.+)+0! +. $%* !. $%!2!)!*0 +" !
"0+ !-1(%05 3%0$%* 0$!%. .!/,!0%2! )* 0!/K $!
,,.+$ * ! / !  0+ 0$! (+( #+2!.*)!*0 *  0+
%* %2% 1( !,.0)!*0((!2!(K
  

0%+*( *  (+3!. (!2!( //!)(%!/ $2!  .1%( .+(! 0+
,(5 %* 0$! %),(!)!*00%+* *  )+*%0+.%*# +" 0$! .+0++(
+* 3+)!*Q/ .%#$0/K %./0 +" ((H 0$!5 *!!  0+ !*/1.! 0$0 ((
(!#%/(0%+* %/ .+0++( +),(%*0K $! ,,.+$ !*2%/#!/
.!,.!/!*00%2!/ %* ,.(%)!*0 +. (+( +1*%(/ .!2%!3%*#
%((/ 0$0 .! ,(!  !"+.! 0$!) 0+ !*/1.! 0$0 0$!
,.+2%/%+*/ ,.+)+0! #!* !. !-1(%05 *  !-1%05 *  0$0
*+*! +" 0$! ,.+2%/%+*/ %/ (%'!(5 0+ .%*# +10 *5 "+.) +"

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

%/.%)%*0%+* #%*/0 )!* *  3+)!* %* (3 *  %*


,.0%!K.(%)!*0$/0$!+2!.((.!/,+*/%%(%050+/1,,+.0
*  !*0 (!#%/(0%+* 0$0 ,.+)+0!/ !-1(%05 *  +* !)*/
%/.%)%*0%+* #%*/0 3+)!*K !#%/(0%+* /$+1(  ,.+)+0!
,+/%0%2! 0%+* +* 0$! ,.0 +" #+2!.*)!*0 0+ )%*%)%6! 0/
0$0 .! %/.%)%*0+.5 +. 3$+/! !""!0/ .! %/.%)%*0+.5K
!)!./ +" ,.(%)!*0 /$+1(  $!' 0+ !*/1.! 0$0 0$!
1 #!0 ,.+,+/(/ ".+) (( /!0+. )%*%/0.%!/  !-10!(5
1 #!0"+.0%+*/0$0%),(!)!*00$!.+0++(K
  





%2%(/+%!05+.#*%60%+*/W/X.!%),+.0*0,.0*!./%*
!2!(+,)!*0K
*+1*0.%!/0$!3+.( +2!.H/H,.0%1(.(5
3+)!** $1)*.%#$0/+.#*%60%+*/.!%*0$!"+.!".+*0
+"  2+0%*# "+. !-1(%05 "+. ((K $!5 .! %*2+(2!  %*
+""!.%*# %.!0 /!.2%!/ (%'! (!#( % H  2+5 "+. (3 * 
,+(%5 .!"+.)H (!#( *  $1)* .%#$0/ 3.!*!// * 
! 10%+*H 0.%*%*# *  )+%(%6%*# .!/+1.!/ 0+ %*.!/!
!// 0+ .! %0 "%(%0%!/ "+. 3+)!* *  )!* %* +. !. 0+
!),+3!. %* %2% 1(/ *  +))1*%0%!/ 0+ 1/! 0$! (3 0+
!"!*  *  ,.+0!0 0$!%. .%#$0/K / 3+.' 0 (( (!2!(/M
%*0!.*0%+*(H .!#%+*(H *0%+*( *  0 0$! (+( (!2!(/M 5
0.*/,+/%*# #(+( %//1!/ %*0+ 0%+* 0 0$! (+( (!2!( * 
2%! 2!./K $!5 $2! 0$!.!"+.!H !2!(+,!  /%#*%"%*0
0!$*%(!4,!.0%/!%*0$!%),(!)!*00%+** )+*%0+.%*#+"
$1)* .%#$0/ %*/0.1)!*0/H %*(1 %*# 0$! .+0++( +*
+)!*Q/%#$0/K%2%(/+%!05+.#*%60%+*/*+),(!)!*0
0$!#+2!.*)!*0M(! )1(0%M/!0+.(,,.+$5J



+%(%6%*#* /!*/%0%6%*#+))1*%0%!/+*0$!.%#$0/
+"3+)!*H* .%/%*#3.!*!//+100$!.+0++(
.0%%,0%*#%*1%( %*#,%0%!/0 %""!.!*0(!2!(/
* %*.!(!2*0%*/0%010%+*/H%*(1 %*#)%*%/0.%!/* 
(+(#+2!.*)!*0/%*2+(2! %*0$!%),(!)!*00%+*+"
0$!.+0++(
.0%%,0%*#%** /1,,+.0%*#0$!+((!0%+*+" 0
*  +1)!*00%+*+"!/0,.0%!/* %),0+"0$!
2.%+1/,.+#.)/* 0%2%0%!/+*0$!(%2!/+"3+)!*
* /+%!05/3$+(!
 2+0%*#"+. %0%+*(.!/+1.!/0+%),(!)!*00$!
.+0++(

  
 



*%0! 0%+*/#!*%!/* 0$! +*+.+))1*%05(/+$2!
%),+.0*0 .+(!/ 0+ ,(5 %* 0$! 1/! +"  )1(0%M/!0+.( * 
%*0!#.0!  ,,.+$ /  )!*/ +" !(!.0%*# 0$!
!*&+5)!*0 +" .%#$0/ 5 3+)!*K $!5 * !*+1.#!
#+2!.*)!*0,.0*!./H/3!((/,.+2% !.!/+1.!/H0+ +,0
 ++. %*0!  )1(0%M/!0+.( ,,.+$ 0+ 3+)!*Q/ .%#$0/K
cfg

$!5 * /1,,+.0 0$! !2!(+,)!*0 +" ,%0%!/ "+. 0


+((!0%+*H* "+.)*#%*#0$!)+*%0+.%*#* .!,+.0%*#+*
,.+#.!//%*0$!%),(!)!*00%+*+"0$!.+0++(K
$!5 * //%/0 +1*0.%!/ 0+ ,.!,.! 0$!%. !(!#0!/ "+. 0$!
.!2%!3 )!!0%*#/ 5 0$! ".%* +))%//%+* +* 1)* * 
!+,(!/Q %#$0/K $! +*+. +))1*%05 *  0$!  #!*%!/
* "%(%00! (%*'#!/ *  (!.*%*# !03!!* %""!.!*0
+1*0.%!/K $%/ 3+1(  ,.+)+0! !4,!.%!*! /$.%*# * 
0,,%*# %*0+ +0$!. .!/+1.!/ 0$0 3+1(  /1,,+.0 0$!
%),(!)!*00%+*+"0$!.+0++(K
  
M 

 
$!,.+,+/! ,,.+$"+.0$!!(%)%*0%+*+" %/.%)%*0%+*
#%*/0 3+)!* 1%( / +* +),.(! !""+.0/ +2!. 0$! (/0
/!2!.( ! !/K 1(0%M/!0+.( *  %*0!#.0!  ,,.+$!/
$2! !!* 1/!  %*  .!//%*# %2!./! *  +),(!4 %//1!/
%*(1 %*# 2%+(!*! #%*/0 3+)!*H *  0$!
T

/+1.#!K
$!,.+,+/! )+ !(*)'!1/!+"* !*!"%0".+)0$!/!
,,.+$!/ 3$%$ $2! !!* 0.%!  *  0!/0! K
* dbbcH 0$!
*%0! 0%+*/!*!.(//!)(5 +,0! 0$!!(.0%+*+*

T
 *  ((!  +* #+2!.*)!*0/ 0+  +,0  )1(0%M
/!0+.(H%*0!#.0! ,,.+$0+
T
K
$%/ %*2+(2!/ 0$! +((+.0%+* +" 0$! ,1(% *  ,.%20!
/!0+. %*  .!//%*# 0$! ,.+(!)K
T
 %/ .!+#*%6! H
*+0&1/0/$!(0$%//1!100$!+*!.*+"!2!.5/!0+.K
*
0$0.!/,!0H!$/!0+.)1/0!/0(%/$%0/+3*+*0.%10%+*
0+ +)0%*# 0$!
T
 /+1.#! *  +,%*# 3%0$ %0/
!""!0/K +. )+/0 +1*0.%!/H  *0%+*( ,+(%5 *  /0.0!#%
".)!3+.'H *   +))%//%+* +. +))%00!! .! /!0 1, 0+
/0.!)(%*! *  ++. %*0! 0$! !""+.0/K $! *%0!  0%+*/
$/ !/0(%/$!  
 / 0$!  /!.!0.%0 "+. /1,,+.0
*  0!$*%( '/0+,,%*# +" +1*0.%!/ / 0$!5 !2!(+,
/0.0!#% ,(*/ *  !/0(%/$ +))%//%+*/ 0+ +.#*%6! * 
++. %*0!  )1(0%M/!0+.( ,,.+$Kejb/  .!/1(0 +" /1$
* ,,.+$H /+)! +1*0.%!/ (%'! #*  $2! .!#%/0!.!  
!(%*!%*
T
,.!2(!*!Kejc
 +),.(! ,,.+$ 3/
!2!(+,!  5 0$!
+))+*3!(0$ !.!0.%0 3%0$ 0$! %) +" /1,,+.0%*# * 
"%(%00%*#  )1(0%M/!0+.( *  %*0!#.0!  ,,.+$ "+. 0$!
!(%)%*0%+* +" #!* !.M/!  2%+(!*! #%*/0 3+)!*K $!
+))+*3!(0$ )+ !(H !2!(+,!  %* 0$! !.(5 ckkb/ $/
!!* +,0! * %/1..!*0(5!%*#%),(!)!*0! 5+2!.cg
+))+*3!(0$+1*0.%!/H%*(1 %*##* H !*5H(3%H
)%H *  1.%0%1/K $! )+ !( ,.+!! / +* 0$! /%/ +"
#+2!.*)!*0Q/ +))%0)!*0 0+  .!// 2%+(!*! #%*/0
3+)!* /  /+%( !2%( 3$+/! .++0 1/!/ *  !""!0/ .!

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

)1(0%"!0! K
0 !*2%/#!/ %""!.!*0 .)/ +" #+2!.*)!*0
,(5%*# /,!%"% .+(!/ 0$0 .! ++. %*0!  0$.+1#$ *
#.!! M1,+*)!$*%/)50$! %""!.!*00+./K%)!M+1* 
0.#!0/.!*!#+0%0! 0$.+1#$0$!)!$*%/)H&1/0/%/0$!
+2!.(()+*%0+.%*#+",.+#.!//K
$! %""!.!*0/0'!$+( !./%*/0%010%+*(%6!0$!,(*+. %*#
0+ 0$!%. .%0%( .!/ +" %*0!.2!*0%+*K * !. 0$! )+ !(H "+.
%*/0*!H 0$! %*%/0.5 +" 1/0%! W%*(1 %*# *5 (3 .!"+.)
+))%//%+*/X +1(  0'! 0$! ,.%).5 .!/,+*/%%(%05 "+.
!""!0%*# (!#( .!"+.)/ 0+ "%(%00! 0$! !(%)%*0%+* +"
2%+(!*!#%*/03+)!*H3$%(!0$!%*%/0.5+" 10%+*3%((
+*0.%10! 0+3. / $*#! +" 00%01 !/ 5 %*+.,+.0%*#
,,.+,.%0! (!.*%*# )0!.%(/ %* 0$! /5((% *  0!$!.
0.%*%*#K
%!.% $/ "+.)1(0!   *0%+*( .!/,+*/! "+. 0$!
,.!2!*0%+** /!)*#!)!*0+"0+!%),(!)!*0! 
1/%*# )1(0%M1(01.( *  )1(0%M %)!*/%+*( ,,.+$!/K $!
,(*%)/0+J





/0.!*#0$!*0$!$!(0$/!0+."+.!""!0%2!* !""%%!*0
.!/,+*/! 0+  /! )*#!)!*0H +1)!*00%+*
* .!,+.0%*#+*(%*%(!2% !*!
.!"+.) 0$! (!#( /5/0!) 0+ !( )+.! !""%%!*0(5 * 
!4,! %0%+1/(5 3%0$ 2%+(!*!H ,.0%1(.(5 3%0$ 0$!
/!1.%05+"3+)!** #%.(/
,10 %* ,(! /5/0!)/ *  +10.!$ /!.2%!/ "+.
,/5$+/+%(/1,,+.0* P/"!$+)!/Q"+./1.2%2+./+"

,.+2% ! ,,.+,.%0! /'%((/ 0+ /+%( *  $!(0$
,.+"!//%+*(/
/1,,+.0 "+. 3+)!* *  #%.(/Q !+*+)% *  /+%(
!),+3!.)!*0

$!,(*+"0%+*%/ !/%#*! 0+!%),(!)!*0! 5/!0+.(


)%*%/0!./H !2!(+,)!*0 ,.0*!./H  #!*%!/H %2%( /+%!05
+.#*%/0%+*/H +))1*%05 (! !./ *  0$! )! %K $!
#+2!.*)!*0 +" %!.% 3/ +*2%*!  0$0 0$!
%),(!)!*00%+* +" 0$%/ )1(0%M/!0+.( (* +" 0%+* 3+1( 
)+2! 0$! +1*0.5 (+/!. 0+3. / !%*#  +1*0.5 3$!.!
3+)!* *  #%.(/ * (%2! ".!! ".+) "!. *  2%+(!*! * 
!*&+5)101(.!/,!0* +*"% !*!KR!.! !0!.)%*! 0+
+)02%+(!*!#%*/03+)!** #%.(/* 0+,.+0!00$!
$1)* .%#$0/ +" (( ,!+,(!/ %* +1. /+%!05K ! 3%((
"1.0$!.)+.!!*"+.!0$!,! 3U3$%$)!%*0+!""!0
0$! 5"0!.)5%*1#1.0%+*U3%0$+10"!.+."2+1.HS/% 
KK.!/% !*0((!* +$*/+*M%.(!"Kejd
!2!.((!//+*/*! .3*".+)0$!/!!4,!.%!*!/K$!/!
%*(1 ! %*.!/!  (!2!( +" +))%0)!*0 +* 0$! ,.0 +"
#+2!.*)!*0/H %),.+2!  *(5/!/ *  0 +((!0%+*
,.0%!/ %* 0$! .!/,!0%2! .!H *   "+1/ +* ,%05
cfh

1%( %*#0+!*(!((0+./0+,.0%%,0!%* .!//%*#0$!


,.+(!)K $!.! $/ (/+ !!*  *+0%!(! %*.!/! %*
.!/+1.!/ ((+0!  "+. 0%2%0%!/H !/,!%((5 3%0$ .!#.  0+
0$! "%#$0 #%*/0
T
 *  %*.!/!  /$.%*# +"
%*"+.)0%+*K ++. %*0%+* *  +*/1(00%+* )+*#
#+2!.*)!*0 !,.0)!*0/*  %2%/%+*/$/(/+/%#*%"%*0(5
%),.+2! K $! $*#! 0+  )1(0%U/!0+.( *  %*0!#.0! 
,,.+$ $/ (/+ ,.+)+0!  0$! %*2+(2!)!*0 +" 0$! ,!+,(!
""!0! 50$!,.+(!)K$!5,.0%%,0!%*"+.)1(0%*#0$!
,+(%%!/ *  !/%#*%*# 0$! %*0!.2!*0%+* *  % !*0%"5%*#
,.0%(/+(10%+*/0+0$!%.,.+(!)/K
$! *%0!  0%+*/ *0%05 "+. !* !. -1(%05 *  0$!
),+3!.)!*0 +" +)!* W +)!*XH %* +((+.0%+*
3%0$ ,.0*!./ (%'! 0$!  +(%0%+*H H *  0$!
+)!*H !* !. *  !2!(+,)!*0 %.!0+.0! +" 0$! 
+))%//%+*H %/ ,.+)+0%*# 0$! 1/! +"  )1(0%M/!0+.(
,,.+$ 0+ 0$! %),(!)!*00%+* +" +0$  *  0$!
.+0++(K  +)!* $/ !2!(+,!  *  ,1(%/$!  
$* ++'eje0+ /!.2! /  0++( "+. 1/! 5 #+2!.*)!*0/ * 
0$!%. ,.0*!./K 2!. eb  )!)!. /00!/ $2! .!!%2! 
0.%*%*# +* $+3 0+ 1/! *   ,0 0$! #1% !(%*!/ %* 0$!
$* ++'0+0$!*0%+*(T(+(+*0!40K!2!.(+1*0.%!/.!
%* 0$! ,.+!// +" ,,(5%*# 0$! ,,.+$ %* 0$!%. .!/,!0%2!
+1*0.%!/K $! $((!*#! .!)%*/ $+3 0+ /1,,+.0 0$+/!
+1*0.%!/H /$.! 0$! #++  ,.0%!/ 3% !(5H *  !*+1.#!
+0$!./ 0+  +,0  )1(0%M/!0+.( ,,.+$ "+. !(!.0! 
%),(!)!*00%+* +" 0$! .+0++( 0+ 0$! ".%* $.0!. +*
1)* *  !+,(!/Q %#$0/ +* 0$! %#$0/ +" +)!* %*
".%K
 

%/.%)%*0%+* #%*/0 3+)!* %/ ,!.2/%2! *  10/ .+//
(("!0/+"(%"!K!/,%0!%* !-10!/00%/0%(".)!3+.'/0+
)!/1.! 0$! %),0 +" %/.%)%*0%+* +* /+%(H !+*+)%
* ,+(%0%( !2!(+,)!*0+"%* %2% 1(3+)!** )!*H%0/
*!#0%2! !""!0/ .! 3% !(5 '*+3*K $!  .+0++( 0+ 0$!
".%*$.0!.+* 1)** !+,(!/Q%#$0/+*0$!%#$0/
+"+)!*,.+2% !/".)!3+.'0$0!$.0%"5%*#+1*0.5
*1/!0+)'!* 0.',.+#.!//0+3. /0$!!(%)%*0%+*
+" %/.%)%*0%+* #%*/0 3+)!*K 5 !*(%/0%*# 0$!
%*2+(2!)!*0+"((,1(%* ,.%20!%*/0%010%+*/H0+ .!//
#!* !.M/! 
%/.%)%*0%+* 3%0$%* 0$!%. .!/,!0%2!
)* 0!/H  +)!* *  ,.0*!./ 0$0  2+0! "+. 0$!
 +,0%+* +"  )1(0%M/!0+.( ,,.+$ .!2+(10%+*%/!/ 0$!
+*!,01( *  /0.101.( ,.!)%/! ,.!2%(%*# %* )+/0
+1*0.%!/K $! ,,.+$ .%*#/ *0%M %/.%)%*0%+* 3+.'
3%0$%* 0$! +.! !2!(+,)!*0 ,(**%*# ,.+!// +"
#+2!.*)!*0H /1&!0 0+ 0$! **1( .!2%!3 *  1 #!0
((+0%+*/ (%'! +0$!. !2%(/ 0.#!0!  5 #+2!.*)!*0
,.+#.))%*#K

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#

 



 
Q
  
W*#+(H !*%*H 1.'%* /+H )!.++*H ,! !. !H ?0! Q
2+%.!H +)+.+/H +*#+H &%+10%H !)+.0% !,1(% +" +*#+H
-10+.%( 1%*!H +*H $! )%H $*H 1%*!M%//1H 1%*!H !*5H !/+0$+H %!.%H %5H (%H (3%H +6)%-1!H
1.%0*%H )%%H %#!.%H 3* H +10$ ".%H !*!#(H !5$!((!/H 36%(* H *6*%H +#+H #* H )% * 
%)3!X
*/1.!#%.(/!*&+5/"!! 10%+*(!*2%.+*)!*0I* !""!0%2!(5,.+/!10!2%+(0+./3$++))%0/!41(2%+(!*!#%*/0#%.(/

 +,0* ,,(5)1(0%M/!0+.(,,.+$0+ !(%2!.+*+(%#0%+*/1* !.0$!.+0++(

+((+30$!!4),(!+"$!)%* 3* 5.!)+2%*#.!/!.20%+*/!*0!.! #%*/0!.0%*,.+2%/%+*/+"0$!.+0++(K+.
!4),(!.0%(!cfWdXWX+*!,.+ 10%2! !(0$%#$0/

*/1.!3+)!** #%.(/.!(!#((5,.+0!0! ".+)"!)(!#!*%0()10%(0%+** 0'!/!.%+1/0%+*#%*/0,!.,!0.0+./

* (!#(*  !"0+ %/.%)%*0%+*#%*/03+)!*

*/1.!0$!,.!/!*!+""!)(!,.(!#(/3%0$%*+))1*%0%!/0+/1,,+.0.1.(3+)!*.!/+(2!(*  %/,10!/H*!#+0%0! %2+.!
/!00(!)!*0/H! 10!+))1*%0%!/+100$!%..%#$0/H%*.!/!%0%6!*/Q#!*5* $!(,0$!) !)* )+.!".+)0$!%.
#+2!.*)!*0/

0.0.!,+.0%*#+*,.+#.!//!%*#) !%*$+*+1.%*#+(%#0%+*/1* !.0$!.+0++(1/%*#0$!!,+.0%*#1% !(%*!/,.+2% ! 5
0$!".%*+))%//%+*+* 1)** !+,(!/Q%#$0/

%/!3.!*!//+"0$!,.+2%/%+*/+"0$!.+0++()+*#0$!#!*!.(,1(%H0$! 1 %%.5H* +""%%(/%*((#+2!.*)!*0/!0+./K









  <
 
   8
  
W(#!.%H +0/3*H 1.1* %H !*0.( ".% !,1(%H $ H #5,0H 0$%+,%H .%0.!H  #/.H 1.%0%1/H %#!.H $.3% .
!)+.0%!,1(%H++)!B.%*%,!H%!.. !+*!H+)(%H+10$1 *H$!1 ** 1*%/%X



/)00!.+"1.#!*5
0$!.+0++(+*0$!%#$0/+"+)!*%*".%3%0$+10*5.!/!.20%+*/K

"0!..0%"%0%+*%),(!)!*00$!.!+))!* 0%+*/) !+2!0+/00!,.0%!/K

 
 
 

 




,!*0$!1))%0/,!/"+.%2%(/+%!05+.#*%60%+*/0+!""!0%2!(5!*##!3%0$!)!.00!/+*%),(!)!*00%+*+"0$!.+0++(

+.'3%0$%2%(/+%!05+.#*%60%+*/0+.!(%6!0$!#+(/+"0$!".%*+)!*Q/! !K

*/1.!0$0%*0$! !2!(+,)!*0+"0$!*!3/0.0!#5* 0$!#!* dbhe0$03+)!** 3+)!*Q/(* .%#$0/.!*+0
%/,(! %*0$!,1/$"+.0$!!+*+)%#.+30$+"0$!+*0%*!*0K

    

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#




$.+1#$%(0!.(* )1(0%M(0!.(+((+.0%+*/1,,+.0!)!.00!/%*0$!,,(%0%+*+")1(0%M/!0+.(".)!3+.'0+"/0M
0.'%),(!)!*00%+*+"0$!.+0++(Q/2.%+1/,.+2%/%+*/K

1,,+.0%2%(/+%!05+.#*%60%+*/Q+),(!)!*0.5%*%0%0%2!/Q0$0/1,,+.0%),(!)!*00%+*+"2.%+1/,.+2%/%+*/+"0$!.+0++(/+
0$0".%*3+)!**.!,%0/!*!"%0/K






 
+1(!!""+.0/0/1,,+.0%*#* $+( %*#!)!.00!/+1*0(!0+$+*+1.0$!%.+))%0)!*0/0+3+)!*K


),(!)!*0,.+&!0/0$0.%*#.!($*#!0+0$!(%2!/+"3+)!** !/,!%((5.1.(3+)!*I* 3$%$!),+3!.0$!)0+


!4!.%/!0$!%.2.%+1/$1)*.%#$0/,.+2% ! "+.%*0$!.+0++(K




cfj

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#



c-1(%05+3/1,,+.0! 0$!/!0$.+1#$%0/ +(!/!*0%.(/ !#(!"!*!1* * $//%*!,.0*!.! 3%0$)%*+.#*%60%+*/Y),%#*
"+.!)(! 10%+*WXH+.1)"+.".%*+)!* 10%+*(%/0/+")%WXH(**! .!*0$++ //+%0%+*+")%
WXH+)!**  3%*+10$!.*".%W XU)%H+1*#+)!*Q/$.%/0%*//+%0%+*WX+1*%(+")%H)%//+%0%+*
"+.!/!.$* !2!(+,)!*0WXH)%! %+)!*Q///+%0%+*WXH)%0%+*(+)!*Q/ +5W XM!*Q/!03+.'Z
%*"+.)%*#*0%+*(+(%0%+*H$!%/1*#!*0$1'6%+(%0%+*WRSXH0$0/!!'/0+!* 2%+(!*!%*/$++(/K
$!.+0++(+*0$!%#$0/+"+)!*%*".%%/2%((!0J$00,JTT333K".%M
1*%+*K+.#T.++0T1T+1)!*0/T.!0%!/T!40T.+0++(ldb+*ldb0$!ldb%#$0/ldb+"ldb+)!*K, "
d

e$!/!)!)!./%*(1 !0$!
*0!.M".%*+))%00!!+* .)"1(. %0%+*(.0%!/""!0%*#0$! !(0$+"+)!** $%( .!*H
".%*+)!*Q/!2!(+,)!*0* +))1*%0%+*!03+.'H-1(%05+3H".%*!*0.!"+.!)+.5*  1)*%#$0/01 %!/H4")H'%*
)3".%'H* +)!*Q/%#$0/ 2*!)!*0* .+0!0%+*(0!.*0%2!/K
f

$!".%*$.0!.3/ +,0! %*ckjc* !*0!.! %*0+"+.!%*ckjhK

 +3!2!.H,1(%0%+*50$!!*0.!"+. 1)*%#$0/00$!*%2!./%05+".!0+.%W!
&)-(-!+"'!+-+'(&'>,+(-((%"'
,%-+"'--,H.!0+.%J.!0+.%*%2!./%05 3.!//HdbcdX+)!/(+/!/05!2(10%*#0$!%*"(1!*!+"0$!.+0++(W* ,.!*0$.0!.X
%*ck+1*0.%!/W!*%*H1.'%*/+H)!.++*H$ H+*#+H?0! Q
2+%.!H.%0.!H)%H !*5H !/+0$+H1.%0%1/H+6)%-1!H%#!.H%#!.%H
3* H!*!#(H%!.. !+*!H+10$".%* %)3!XK$!,1(%0%+*%/2%((!0J$00,JTT333K,1(,K1,KK6T0[dbcd[biK$0)(9
g

+),.%/%*#+")!)!./+"0$! H.!,.!/!*00%2!/+"".%*/* %*0!.*0%+*(+/!.2!./


!,.!/!*0! 00$!)!!0%*#3!.! H'%*)3".%H0$!//+%0%+*+"(%*+)!* 35!./W XH0$!//+%0%+*+"!*!#(!/!
(35!./W XH-1(%05+3H0$%+,%*3+)!*Q/ 35!.///+%0%+*W XH!))!/".%-1!+(% .%0!WXHH
H* K

".%*+)!*Q/!2!(+,)!*0* +))1*%0%+*/!03+.'WXH4")H * -1(%05+3".%!#%+*(""%!

".%*!*0.!"+.!)+.5*  1)*%#$0/01 %!/W XH'%*)3".%'H//+%0%+* !/ 1.%/0!/(%!**!/H!((1(! !


++. %*0%+*/1.(!/.0%-1!/. %0%+*!((!""!0*0(*0! !/!))!/!0 !/*"*0/H"+..!! +)+"4,.!//%+** //+%0! %#$0/
+(%0%+*+*%+(!*!#%*/0+)!*WXH-1(%05+3M".%!#%+*(""%!H HM
*0!.M".%*!03+.'+.+)!*H
! %H!* !.* !2!(+,)!*0H".%*+)!*Q/!2!(+,)!*0* +))1*%0%+*!03+.'WXH+1* 0%+*"+.+))1*%05!2!(+,)!*0
WXH4")H%/0!.)%%H*%+*0%+*(! !/!))!/ !&%+10%H*%2!./%05+".!0+.%!*0!."+. 1)*%#$0/H+)!*Q/%#$0/
 2*!)!*0* .+0!0%+*(0!.*0%2!/WXH+)!*%* 3* !2!(+,)!*0%*".%W% X
cb

cc

*&%H%.+6! WdbbiX("%!(',6 .&'" !-,'("% .,-""'+"H J +* +*

$!".%**%+*.+0++(+*0$!%#$0/+"+)!*%*".%J+05!0"+.!"+.".!! +)I$!.+0++(0+0$!".%*$.0!.+* 1)** 


!+,(!/Q%#$0/+*+)!*Q/%#$0/%*".%J.+).0%"%0%+*0+0$!!(%60%+*+"".%*3+)!*Q/$1)*.%#$0/W!,0!)!.dbbgXI!+* 
**%2!./.5+"0$!.+0++(+*0$!%#$0/+"+)!*%*".%J$((!*#!/$! W+2!)!.dbbiXI.!0$%*# %"!%*0+0$!".%**%+*.+0++(+*
+)!*Q/%#$0/%*".%I,1(%0%+*+))!)+.0%*#0$!g0$**%2!./.5+"0$!.+0++(Q/!*0.5%*0+"+.!
W$00,JTT333K,)61'K+.#T!*T%//1!TgbiXW+2!)!.dbcbXK
cd

ce

+)!*WdbcbX.%-",-(+%))+(!-((&'>," !-,"'+"8'.%

cf

.0%(!d+"0$!".%*$.0!.+* 1)** !+,(!/Q%#$0/ +,0! 50$!+*di 1*!ckjc* !*0!.! %*0+"+.!+*dc0+!.ckjh

cg

96.0%(!cjWeX

ch

H.0%(!cjWcX* WdX+"0$!$.0!.

H+*/0%010%+*+"0$!!,1(%+" !*5HW/)!* ! %*dbbjX.0%(!jdWfXWX* +*/0%010%+*+"0$!!,1(%+")%+"ckkcW/


)!* ! %*ckkhX.0%(!deWfXWX

ci

cj  1(+H1*H]".%*1/0+).5 3H1/0+)/H* +)!*\/%#$0/]WdbccXK(+'%% 0.%-2.%"-"(',9,!.


cjiK$00,JTT/$+(./$%,K(3K+.*!((K! 1T",1Tcji
ck

.0%(!dWdX+"0$!.+0++(+*0$!%#$0/+"+)!*%*".%

db

+2!.0%(!h

.0%(!hWX+"0$!.+0++(3/.!"!.!*! %*0$!+10$".%*/!+" ,,&/ (,YKK/0!.+"0$! %#$+1.0B0$!.//!+K


gibfTdbbfYdbbjZ+10$".%H %#$+1.0Z3$%$"'-+%"*+0! 0$!0$00$! !!/! 3%"!!2!*0$+1#$%*,+(5#)+1/1*%+*3/!*0%0(! 0+
%*$!.%0,+.0%+*+"0$! !!/! !/00!K
dc

dd

.0%(!db+"0$!.+0++(+*0$!%#$0/+"+)!*

de


96.0%(!dc

df

KH.0%(!fWdXWX

+* H +$**H(',-"-.-"('%1%.,"(',''+"'(&&('0%-!+"H+. $)


*0!.*0%+*( 3 +1.*(H2+(1)!ecH
//1!dHWdbbjX,K
ech
dg

dh

.0%(!f+"0$!.+0++(+*0$!%#$0/+"+)!*

cfk

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


di +/.%/$%0 0'3!2!./1/ 3.  '/!*'!* 0$!./H %#$+1.0+")%dbbhT Tbedi2%((!0
$00,JTT33eK(3/$++(K+.*!((K! 1T2+*!/+1.!/TM)%K, "

-1(%05+3/1,,+.0! K0+0'!1,%2%(/!#%*/0$!.0!$!. 1!0+0$!"00$00$!.%)%*(/5/0!)$ "%(! 0+,.+2% !.! .!//* 


,.+/!10!0$!.,%/0K !.(35!.0$!.!"+.!$+/!0+%*/0%010!%2%(/1%0#%*/00$!#+2!.*)!*0/0$%/3/#+2!.*)!*0/$++(K"0!.0$! !%/%+*H
-1(%05+3"%(%00! * /1,,+.0! +(%0%+*+")%*+.#*%60%+*0+"+((+31,3%0$0$!.!+))!* 0%+*/+"0$! 1 #!* "+.)1(0!
,.+&!00+ .!//2%+(!*!#%*/0#%.(/%*/$++(K+.)+.!%*"+.)0%+*/!!$00,JTT333K!-1(%05*+3K+.#T*+ !TffjT
dj

dk .0%(!g+"0$!.+0++(+*0$!%#$0/+"3+)!*,.+2% !//00!+(%#0%+*/%*
.!//%*#H%0)1/0!*+0! 0$00$!+))%00!!+*0$!
(%)%*0%+*+"%/.%)%*0%+*#%*/0+)!*W+))%00!!X%*ckkd) !!*!.(!+))!* 0%+*+Kck3$%$+10(%*! "!)(!
%.1)%/%+*/"+.)+"2%+(!*!$+3!2!.0$!(*#1#!%*0$!.!+))!* 0%+*3/*+0!4,(%%0*  % *+0+10(%*!3$0#+2!.*)!*0/+1(  +0+
!*/1.!3/!(%)%*0! K+.0$!"1(( +1)!*02%/%00$00,JTT333K1*K+.#T3+)!*30$T 3T! 3T.!+))!* 0%+*/T.!+))K$0)
eb

$00,JTT333K/+10$!.*".%(%0%#0%+*!*0.!K+.#T/!/T+*#+%*#M/!/T3+)!*/M.%#$0/T

ec

.0%(!ce+"0$!.+0++(+*0$!%#$0/+"+)!*

ed

.0%(!df+"0$!.+0++(+*0$!%#$0/+"+)!*

ee


96.0%(!hW$X

ef

00+.*!5M!*!.(2K+3H,,!(+1.0HckkfWhX c

 * 0$!./2+2!.*)!*0+"0$!!,1(%+")%%W
chbeTdbbjH
egcjTdbbjH
ebbiTdbbjXYdbcdZ dccWeb 1(5dbcdX2%((!0
$00,JTT333K/"(%%K+.#T*T/!/T TdbcdTdccK$0)(
eg

eh

!*0.!"+.!,.+ 10%2!%#$0/HR"'"'  +(.'8-((%(+/'"' )+(.-"/" !-, 0(+&SWdbbhX,Khi

ei

!0%+*db+"0$!+*/0%010%+*+"36%(* * /!0%+*cj* dh+"0$!+*/0%010%+*+" !/+0$+K

ej

.0%(!diK

ek

3* /00!.!,+.0dbbgMdbbh0%0$!".%*+))%//%+*+* 1)** !+,(!/Q%#$0/K

P0%+*(!2(10%+*.!,+.0+*%),(!)!*00%+*+"0$!!%&%*# !(.0%+** ,(0"+.)"+.0%+*WckkgX* 0$!+10+)!+"0$!03!*05M0$%. 


/,!%(/!//%+*+"0$!!*!.(//!)(5WdbbbXQ %#(%dbbk$00,JTT333K)%#!,.+"K#+2K.3T
T +T

[cg[MeK +W!//! bg5dbceX
fb

fc

.0%(!deK

fd

!0%+*cW X+"0$!""%%(6!00!+KcgK

(%*!3")%(5(3J3+)!*Q/.%#$0/ !*%! H %/.%)%*0%+*1,$!( $00,JTT333K"% $K+.#T(%M/M*!3M)%(5M 3M3+)!*M/W!//! g5


dbceX
fe

ff

!!/+%(%*/0%010%+*/* #!* !.%* !4.!,+.0

+))%00!! +* ".%* ""%./ +" 0$! !3 +.' %05 . dbbiH R!* !.M/!  %+(!*! 3/ %* 1M$.* ".%SH ,,K ikMjbK 2%((! 0J
$00,JTT333K*5.K+.#T, "T.!,+.0T!,+.0%*(dK, "W!//! cd,.%(dbceX
fg

fh

!!$00,JTT333K#)+K#+2K.3W!//! cd,.%(dbceX

#!*5"+.+M+,!.0%+** !/!.$%*!2!(+,)!*0WXHR.+0!0%+** !,.0%+** !.+*#+(!/! 3"+.1.2%2+./+"!41(


* 
!* !.M/! 
%+(!*!J
%010%+*(
*(5/%/
* 
.+/,!0/
"+.
!"+.)SH
1*!
dbcbK
2%((!
0J
$00,JTT333K+. %*0!.*0%+*(K+.#T/%(+T"%(!/T .MM,.+0!0%+*M* M.!,.0%+*M"+.M/1.2%2+./M+"M/!41(M* M#!* !./! M2%+(!*!K, "W!//!  cd
,.%(dbceX
fi

fj

+))%00!!+*(1 %*#/!.20%+*/dbcbH! 3TT"T+Th

fk

! 3.!,+.0dbcbH! 3TT"T+Th

gb

dbbd)%(5+ !

gc

-10+.%(1%*!333K1*!K+.#W!//! cd,.%(dbceX

gd

$!* +0$!./2K#%/0.0! $5!(%0/$dbbgc WX

ge

!!+)!*Q/.%#$0/%*+)+.+/2%((!0$00,JTT333K3%'%#!* !.K+.#W!//! cd,.%(dbceX

gf

*%0! 0%+*/$%( .!*Q/1* !%&%*#mcgJ.%*#%*##%.(/%*0+"+1/dbcb

gg

!* !.-1(%05%*36%(* $00,JTT333K#!* !.%* !4K+.#W!//! cd,.%(dbceX

gh

**0%05"+.!* !.-1(%05* 0$!!),+3!.)!*0+"+)!*P.+#.!//+"0$!3+.( Q/+)!*J


*,1./1%0+"&1/0%!QWdbccMdbcdXe

gi

*0%05"+.!* !.-1(%05* 0$!!),+3!.)!*0+"+)!*P.+#.!//+"0$!3+.( Q/+)!*J%*,1./1%0+"&1/0%!QWdbccMdbcdXgd

gj

*0%05"+.!* !.-1(%05* 0$!!),+3!.)!*0+"+)!*P.+#.!//+"0$!3+.( Q/+)!*J%*,1./1%0+"&1/0%!QWdbccMdbcdXge

gk

!!0%+*% .!,+.0+*P0.0!#%!/"+./1!//J!//0+&1/0%!"+.3+)!*K

hb

".%*3+)!*Q/ ! !WdbcbMdbdbXdbcd**1(.!2%!3di

hc

 1)*%#$0/0$dbcdH$00,JTT333K$.3K+.#T3+.( M.!,+.0MdbcdT3+.( M.!,+.0MdbcdM/+10$M".%W!//! +*dc!.1.5dbceX

!* !.!-1(%05%*+6)%-1!H/+%(%*/0%010%+*/* #!* !.%* !4dbcd2%((!+*$00,JTT#!* !.%* !4K+.#T+1*0.5T+6)%-1!W!//! 


dc!.1.5dbceX
hd

cgb

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


he

/+2!H"%#1.!/".+)dbcbK

hf


0/$!!0J+)!*H%.(/* 
WdbcdXK

hg

".%*+)!*Q/ ! !WdbcbMdbdbXdbcd**1(.!2%!3i

K
R!+,(!
.#! 
0+
+%*
+)!*\/
!(0$
.+#.))!KS
5
dg
dbcdK
$00,JTT333K,+.0(*#+,K+K+T)+0%4T!*[1/T*+0%%/T/1 !TdbcdTgTdgT!+,(!M1.#! M&+%*M3+)!*M$!(0$M,.+#.))!Hhie"hjMjeMfbM
j dbMejg efikii! K$0)(W!//! +*i.$dbceX
hh

!! P0!.*( )+.0(%05J ".%\/ 1. !*Q 2%((! 0 $00,JTT333fK3+.( *'K+.#T".T//0,T!/+1.!/T  T!* !.M
T+1.!ldbldb +1)!*0/T++(ldb %0/ldbBldb1% !/T0!.*(ldb !(0$T  cldb++('%0ldbBldb0!.*(ldb+.0(%05K, "
W!//! +*db,.%(dbceXK
hi

hj

!!/! /00!/0*+cf+"dbcc

!* !.-1(%05
*1.%0%1/H+%(
*/0%010%+*/* !* !.
* !4dbcd!//! ".+)$00,JTT#!* !.%* !4K+.#T+1*0.5T)1.%0%1/W!//! +*
dc!.1.5dbceX
hk

ib

".%*+)!*Q/ ! !WdbcbMdbdbXdbcd**1(.!2%!3ec



dbcbH$00,JTT333K%.%**!3/K+.#T!,+.0TjkgcbT
M+)!*M/M.%#$0/M0'!M+*!M/0!,M"+.3. M03+M/0!,/M'W!//! +*dc
!.1.5dbceX
ic

id

".%*+)!*Q/ ! !WdbcbMdbdbXdbcd**1(.!2%!3hk

ie

**0%05"+.!* !.-1(%05* 0$!!),+3!.)!*0+"+)!*P.+#.!//+"0$!3+.( Q/+)!*J%*,1./1%0+"&1/0%!QWdbccMdbcdXfd

$!
*0!.*0%+*(!2!(+,)!*0 3.#*%60%+*W
 XP!//%*#&1/0%!J)+ !(/H/0.0!#%!/* !/0,.0%!/+*3+)!*Q/!),+3!.)!*0Q
WdbceXdh
if

NL

 3
3 ?HPPN@3:#$##)# - -  ,###3%-3&)# #+)% *+ &%6

 WdbbbXH&% '"-%&.-"%-"('60$!!0+dfcH 1*!dbbbK!*!2H+.(  !(0$.#*%/0%+*0J


$00,JTT333K3$+K%*0T)! %!*0.!T"0/$!!0/T"/dfcT!*T

ih

 WdbbjXH?%"&"'-"' &%'"-%.-"%-"('6'
'-+ '2,--&'-6
!--)8AA0!*%"(90!(9"'-A).%"-"(',ALJJRASQRSLNKOSPNNLH' 9)H

ii

ij

+ !.H $*WdbbiXH.&+,(0(&'"+.&","'+"8!)+(.-"('(-(-%K(2!.0+*H.+


*0!.*0%+*(
*K

ik

 WdbceXHR!)(!!*%0(10%(0%+*S0$!!0+KdfcH$00,JTT333K3$+K%*0T)! %!*0.!T"0/$!!0/T"/dfcT!*T

 HWdbbhXHR!)(!#!*%0()10%(0%+** +/0!0.%+10+)!/J +((+.0%2!,.+/,!0%2!/01 5%*/%4".%*+1*0.%!/H /01 5#.+1,


+*"!)(!#!*%0()10%(0%+** +/0!0.%+10+)!/H$! *!0+(ehiHKcjeh
jb

jc $!+*2!*0%+*+*(%)%*0%+*+"((+.)/+"%/.%)%*0%+*#%*/0+)!*H0$!+*2!*0%+*+*0$!%#$0/+"0$!$%( H0$!!/+(10%+** 
0$!.+0++(+*0$!%#$0/+"+)!*%*".%
jd *%0! 0%+*/$%( .!*Q/1* HWdbbgXR!)(!!*%0(10%(0%+*T100%*#J/00%/0%(!4,(+.0%+*SH
$00,JTT333K1*%!"K+.#T,1(%0%+*/T"%(!/TM["%*([cb[0+!.K, "
OJ

 3IGHH39%,'+&% 8*.&)"&%$#% +#$,+ #+ &%? @:3


++'5;;''*6.&6 %+; ) *; +*+)$;HGMML;NGMJO;H; > >HH6HO>%6'

jf
OL


% 

 , %+&%&*+39 


* &+B,#+,)#B5
+
* &#% %*+&$%% )#*:

P$00,JTT333K$1""%*#0+*,+/0K+K1'T!"1M +.'!*++T"#)M%/M*+0M
1(01.([[dkibggeK$0)(O10)[$,[.!"n"B/.n/,B+))[.!"n"(/!a/nebddejiHn"!++'
jh

 !*5!)+#.,$%*  !(0$1.2!5dbbjTkH$00,JTT333K)!/1.! $/K+)T,1/T, "TcijTcijK, "H,Kdhf

ON

(,# +0 &.3?IGHH@3 !##!"!$!#


$##*& !%!%##
"$#" '
(3&#&,)') %+36HM
jj

T
HWdbccXHR[
 +%*0,.+#.))!+*!)(!!*%0(10%(0%+*T100%*#J!(!.0%*#$*#!SH**1(.!,+.0dbccH,Kd


HRcHcch#%.(/* 3+)!*0.!0! "+.%*(%(/05!.SH$00,JTT333K"%#+K+.#T*!3/TccchM#%.(/M* M3+)!*M0.!0! M"#)M)(%M(/0M5!.M
bbccceh
jk

*%0! 0%+*!*!.(//!)(5HWdbcdXH!/+(10%+*J
*0!*/%"5%*#(+(""+.0/"+.0$!(%)%*0%+*+"!)(!!*%0(10%(0%+*H
$00,JTT333K3 "K+.#T3,M+*0!*0T1,(+ /TdbceTbcT!/+(10%+*MM*#(%/$K, "

kb

PH

++'5;;...6')6&); %*+),$%+*;.&$%<')&+&&#;)+  + &%;

PI

++'5;;...6.&$%" %6&);,";IGHI;GN;#)+ %<'%<) <.&$%*<0;

PJ

++'5;;...6 ',6&);;',# + &%*;


IGHI6'

PK

++'5;;...6,%< %*+).6&); );%)#;.&$%<*<'&# + #<')+  '+ &%< %<#) <+,% * <%<$&)&&6+$#

PL

++'5;;...6/')** &%16&$;+,# +;HKPHPL<#&, *<%&,%<% +<<#)6+$#

cgc

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


PM

++'5;;...6,%6&);''*;%.*;*+&)0;6*'2 .*
TKIGIH*)TD6-1G

PN

++'5;;...6 ',6&);')# %<;)'&)+*;);IGGJ>GN6+$

PO

++'5;;...6 ',6&);')# %<;)'&)+*;IGGJ>6+$

PP

++'5;;...6 ',6&);.$%<;);#** JHGLGN6+$

HGG

++'5;;...6 ',6&);')# %<;)'&)+*;IGGJ>6+$

HGH

++'5;;...6 ',6&);')# %<;)'&)+*;IGGJ>6+$

HGI

++'5;;...6) K.&$%) +*6&);',# ;&** )&# $*;*%#; 6'

HGJ

++'5;;...6 ',6&);')# %<;)'&)+*;IINN>6+$

HGK

++'5;;...6$"-)0.&$%&,%+6&)

HGL

++'5;;...6 ',6&);')# %<;)'&)+*;IINN>6+$

HGM

++'5;;...6 ',6&)6.$%<;#** 6+$

HGN

++'5;;...6 ',6&);')# %<;)'&)+*;IJIP>6+$

HGO

++'5;;...6 ',6&);')# %<;)'&)+*;);IHMN>GN6+$

HGP

++'5;;...6 ',6&);')**<;%HNM6+$

HHG

++'5;;...6!)6&-6).;%;&%*+%>%6&

HHH

++'5;;...6 6 %+;',# + &%*;. 'I;,'#&;).%6'

HHI

++'5;;...6$"-)0.&$%&,%+6&); %/6''2&'+ &%T&$>&%+%+C- .T)+ #C TIGGO4).%<')# $%+)0<#+ &%<IGHHC+ TNJ5IGHH<


#+ &%*<$&% +&) %C+ $ THPM
HHJ

++'5;;...6##) 6&$;*+&) *;IGHHGMIKGIHJ

HHK

++'5;;...6 ',6&);')# %<;)'&)+*;IIPH>6+$

HHL

++'5;;...6 ',6&);')# %<;)'&)+*;IIPH>6+$

HHM

++'5;;...6%)# %"*6&)61;++$%+6''2> THHOKO

HHN

++'5;;...66&6,";%.*;.&)#<) <HNMMPHM

HHO

++'5;;...6 ',6&);')# %<;)'&)+*;IHPL>6+$

HHP

++'5;;...6) <,% &%6&);)&&+;,;&,$%+*;)+ *;/+;)&+&&#SIG&%SIG+SIG +*SIG&SIG&$%6'

HIG

++'5;;$,*6!,6,;!&,)%#*;)(;*,$$)0;-GIJ;IJ6H!,$& 6+$#

HIH

++'5;;...6'$1,"6&);,$&% +&);&$$%+*;JMJ

HII

++'5;;...6 %+)%+ &%#<#)+6&);* +*;,#+; #*;',# + &%*;IGHGHI&$%#+ &%* &#%*+) 6'

HIJ

++'5;;...6'$1,"6&);%;+&)0;&$$%+;NNKIJ;') %+

HIK

++'5;;...6'$1,"6&);%;+&)0;&$$%+;NNKIJ;') %+

HIL

++'5;;#&*6)6&);&#$%;IGHI;GH;HG;(,&+*<&)<.&$%*<'&# + #<')+  '+ &%;2 T&+>')+%)>* +<+#%+ SII

HIM

++'5;;#&*6)6&);&#$%;IGHI;GH;HG;(,&+*<&)<.&$%*<'&# + #<')+  '+ &%;2 T&+>')+%)>* +<+#%+ SII

HIN

++'5;;...6 ',6&);';',# + &%*;.$%')*'HG<6'

HIO

++'5;;...6 ',6&);';',# + &%*;.$%')*'HG<6'

HIP

++'5;;...6,%6&);$ ##%% ,$&#*;HH> SIG'&)+> 6'

+.%*/0*!H%X0$! %!.%0%+*(!* !.+(%5WdbbjX((/"+.0$!"1((* 0%2!,.0%%,0%+*+"3+)!*%*((,.+!//!/* /0.101.!/"+.


+*"(%0,.!2!*0%+*H.!/+(10%+** )*#!)!*0K
*dbcbH %!.%(/+1* !.0++'**(5/%/+"%0/*0%+*((3/0+ !0!.)%*!(3/* ,+(%%!/0$0
.!%/! +. %/.%)%*0+.5#%*/03+)!*KdX$!3* 0%+*(!* !.+(%5,.+2% !/".)!3+.'"+.0$!,.+)+0%+*+"#!* !.!-1(%05* 
0$!!),+3!.)!*0+"3+)!**  !)+*/0.0!/0$!+))%0)!*0+"0$!+2!.*)!*0+"3* 0+ .!//%*#(("+.)/+"#!* !.%*!-1(%05%*0$!
+1*0.5K$!3* *0%+*(%.(/ 10%+*+(%5WdbbjX%)/0+$%!2!#!* !.!-1(%05%*! 10%+*0(((!2!(/H%*(1 %*#3%0$.!/,!00+
,!!! 10%+*K

ceb

cec

".%**%+*WdbbeX.+0++(0+0$!".%*$.0!.+* 1)** !+,(!/Q%#$0/+*0$!%#$0/+"+)!*%*.%H,Kcd

0(%*!. +)HR-!((%( 2(+


'-+'-"('%(&)+",('((/+'&'-+"(+"-",KS

%(%0.54,!* %01.!/* .)/.+ 10%+*
.+&!0K2%((!0J$00,JTT3!K/%,.%K+.#T+*0!*0/T)%(,T)%(!4T#,,!./T)!4[,.%+.%0%!/[)!0$+ /K, "
ced

!)+.0%!,1(%+"0$!+*#+WdbbgX+*/0%010%+*J.0%(!cfK$00,JTT333K+*/0%010%+**!0K+.#T"%(!/TldbM
ldb+*#+ldb+*/0%010%+*K, "

cee

cef


% H!)+.0%!,1(%+"0$!+*#+WdbbgX+*/0%010%+*J.0%(!cf

! !.(!)+.0%!,1(%+"0$%+,%WckkgX+*/0%010%+*J.0%(!eg+*0$!R%#$0/+"+)!*SW/1M.0%(!cXK
$00,JTT333K3%,+K%*0T3%,+(!4T!*T0!40K&/,O"%(![% nckehhi
ceg

cgd

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


ceh


% H! !.(!)+.0%!,1(%+"0$%+,%WckkgX+*/0%010%+*J.0%(!egJf

 +.280$-%WdbbiX!* !.M/! %+(!*! 3/%*1M$.*".%K1(%/$! 50$!+))%00!!+*".%*""%./+"0$!!3+.'%05


.
cei

cej $!!,1(%+"+10$".%WdbbiX+2!.*)!*06!00!H+(KgcbHcf!!)!.dbbiH+Kebgkk
$00,JTT333K%*"+K#+2K6T2%!3T+3*(+ %(!0%+*O% niijhh
cek

)%%WdbbbX$!+)0%*#+",!0H+Kj+"dbbb$00,JTT333K(K+.#K*T(3/T, "T+).,!K, "

cfb

!!+)!*$00,JTT333K,!!3+)!*K+.#T*,/T(%/0M+"M*,/

".%*+)!*\/!2!(+,)!*0* +))1*%0%+*!03+.'WXWdbbgX.%*%*#*1(+*!* !.M/! %+(!*!K


$00,JTT333K,.!2!*0#2".%K+.#T/%0!/T !"1(0T"%(!/T.!/+1.!/T!)*!0[.%*%*#*1(K, "
cfc

cfd !//%'11$!H!))!/".%+(% .%0!WX$00,JTT1*3+)!*3!/0".%K(+#K+)T,.+#.)/MeT0$!M3+)!*Q/M/%010%+*M.++)MR,!!M%/M%*M+1.M


$* /ST
cfe

% H !//%'11$!H

!,+.0+"0$!*!(%/1//%+*+*R+)!*Q/%2%(+%!05.#*%/0%+*/%*.(5.*%*#* .!2!*0%*#+*"(%0J0$!+)!*Q/%010%+*++)
%*!*!#(SK
cff

+/0! 50$!!.)*!*0%//%+*+"
.!(* H0$!!.)*!*0%//%+*+"%*(* H* !))!/".%+(% .%0<I+2!)!.dbcdK
$00,JTT333K "K%!T1,(+ /T +1)!*0/T!3ldb+.'ldbTcdccbcldb,)1*ldb*5ldb"!))!/ldb".%ldb/+(% .%0<ldb!2!*0ldb+*ld
b3+)!*\/ldb/%010%+*ldb.++)ldb%*ldb/!*!#(K, "
cfg

% H%*!0%+,%*0$!!,+.0+"0$!*!(%/1//%+*+*0$!+)!*Q/%010%+*++)H+2!)!.dbcd

cfh

% H%*!0%+,H%*0$!!,+.0+"0$!*!(%/1//%+*+*0$!+)!*Q/%010%+*++)H+2!)!.dbcd

cfi

% H%*!0%+,%*0$!!,+.0+"0$!*!(%/1//%+*+*0$!+)!*Q/%010%+*++)H+2!)!.dbcd

cfj


% H !005$%3.H%*0$!!,+.0+"0$!*!(%/1//%+*+*0$!+)!*Q/%010%+*++)H+2!)!.dbcd

 %!.%%/*%*0!.!/0%*#+*0./0!1/!(0$+1#$0$!5$2!3+)*,.!/% !*0H3+)!*Q/.!,.!/!*00%+*%*0$!(!#%/(01.!.!)%*/2!.5(+3
W.+1* cflXK
cfk

cgb

.0 !.1%&*WdbbkXP$! %2%*#+* %0%+*/* !((M!%*#+"!"1#!!/QK 1)*!2!(+,)!*0!/!.$,!.

dbbkTdgK$00,JTT$ .K1* ,K+.#T!*T.!,+.0/T#(+(T$ .dbbkT,,!./T [dbbk[dgK, "


cgc

P!1/!
)%.(Q(*.+#.!//.!,+.0+*,.+#.!//* +/0(!/0+#%.(/Q! 10%+*%*".%HdbcdK

+./00%/0%/+"!*.+()!*0.0!%*".%/!!$00,JTT$1!(!.K(+#/,+0K+)TdbbhTbkT,.%).5M/$++(M!*.+(()!*0M%*MdbbfK$0)(W!//! .$
dhHdbceXK
cgd

cge

$00,JTT333K1*%!"K+.#T) #T#!* !.K$0)(W!//! .$dhHdbceXK

cgf

 +)/!2/'%H$!00!+"0$!%#$00+ 10%+*+.( 3% !.!!+.!!Jdbbh(+(!,+.0H+,!*$#!*HcbK

cgg

"1*3P %/0+.5+" 10%+*%*%#!.%QWckifX +* +*K!+.#!((!** *3%* 0 KdkK


*5!%'!* 
#1&3H**(50%(!2(10%+*+"0$!0.!* +",.%).5/$++(*.+()!*0%*+*5%/00!J$!/!+"0$!$((!*#!/"%*#
"!)(!$%( .!*".%* +1.*(+" 10%+** !$*+(+#5H+(1)!c1)!.eWdbccXH,,KfgMgdK
cgh

)*'3$H1(%05 10%+*.1%(0+* %.(M$%(  +1.H2%((!$00,JTT((".%K+)T/0+.%!/TdbbkbhcgcbdgK$0)(W!//! ,.%(cH


dbceXK
cgi

cgj

""+.)H%.(M$%( ! 10%+*%*".%fK$00,JTT333K%"13K+.#T"13T +/T%.(M$%( M 10%+*M".%M,.0dK, "W!//! ,.%(cHdbceXK

cgk

.0%(!dh K

chb

.0%(!cjWdXK

chc

.0%(!ceWcXK

chd

 .0%(!diKI.0%(!ccK

che

.+0++(+*0$!%#$0/+"+)!*.0%(!cdWcXK

chf

.+0++(+*0$!%#$0/+"+)!*.0%(!cdWcXK


*5!%'!* 
#1&3H**(50%(!2(10%+*+"0$!0.!* +",.%).5/$++(*.+()!*0%*+*5%/00!J$!/!+"0$!$((!*#!/"%*#
"!)(!$%( .!*".%* +1.*(+" 10%+** !$*+(+#5H+(1)!c1)!.eWdbccXH,,KfgMgdK
chg

chh

!* !.* ! 10%+*H2%((!0$00,JTT333K1*%!"K+.#T!/.+Tiecb[!* !.[* [! 10%+*K$0)(W!//! .$dhHdbceXK

0)0+,+1(+1P$0.!1(01.(.%#$0/O0$!*+.)0%2!+*0!*0+"0$!.%#$00+,.0%%,0!%*1(01.((%"!Q%*.%-.+%+" !-,"'"'-+'-"('%%0
+-"%LQ(-!'"/+,%%+-"('( .&'" !-,'2('ccbK
chi

chj !,+.0+*0$!00!+"! 10%+*%*".%J 10%+*0.0!#%!/%*0$!ckkb/.%!*00%+** 


$%!2!)!*0/Q$00,JTT333K1*!/+K+.#T! 10%+*T, "Tcg[gjK, "
chk

$00,JTT333K1*%!"K+.#T) #T#!* !.K$0)(W!//! .$dhHdbceXK

cib

$00,JTT333K1*K+.#T3+)!*30$T 3T"+((+31,T/!//%+*T,.!//'%0T"/cdK$0)W!//! .$eHdbceXK

cge

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


cic

*1+.M#1*+KWdbbfXH*,1(%/$!  $!/%/H*%2!./%05+"
(+.%*H
(+.%*%#!.%K,db

cid

 &11'+B +*!/*%2!./(.%).5 10%+*WX%*+*0!),+..5#* .%#$0+.,.%2%(!#!O 


3+.'%*#,,!.+jHcbK

cie

$00,JTT333K1*%!"K+.#T!/.+Tiecb[!* !.[* [! 10%+*K$0)(W!//! .$dhHdbceXK

cif

$00,JTT333K1*%!"K+.#T) #T#!* !.K$0)(W!//! .$dhHdbceXK

10$+./"%(! 0.%,+"0$!*).!/0 +(+2!.*)!*0+"%#!.%/$+3! 0$02%.01((5((+))1*%05/! /$++(/%*0$!.!('! 


/*%0.5"%(%0%!/* 0$00$!#%.(//05! +10+"/$++("+..!/+*/)!*0%+*! +2!K
cig

cih

$00,JTT333K1*%!"K+.#T!/.+Tiecb[!* !.[* [! 10%+*K$0)(W!//! .$dhHdbceXK

cii

$00,JTT333K1*%!"K+.#T!/.+Tiecb[!* !.[* [! 10%+*K$0)(W!//! .$dhHdbceXK

!,+.0+*0$!00!+"! 10%+*%*".%J 10%+*0.0!#%!/%*0$!ckkb/.%!*00%+** 


$%!2!)!*0/Q$00,JTT333K1*!/+K+.#T! 10%+*T, "Tcg[gjK, "K
cij

cik

P!1/!
)%.(Q(*.+#.!//.!,+.0+*,.+#.!//* +/0(!/0+#%.(/Q! 10%+*%*".%Hdbcd,ddK

cjb

$00,JTT333K,$+0%1/K+)T.*'%*#/T$1)*[ !2!(+,!)!*0[%* !4[ckigMdbbgK$0)(W!//! .$ebHdbceXK

cjc

$00,JTT333K,.+0!0%*#! 10%+*K+.#T*!3/T*%#!.%M/$++(M00!* *!M +3*M"0!.M+'+M$.)M00'/

W!//! .$ebHdbceXK
cjd

$5.!*Q0#%.(/%*#+%*#0+/$++(H2%((!0$00,JTT333K.%#$0M0+M! 10%+*K+.#T*+ !TckdW!//! ).$ebHdbceX

!!$00,JTT333K$,.K+.#T/!//%+*/Tgd* T%*0!./!//%+*M0%2%05M.!,+.0/T.%#$0/M+"M3+)!*TW!//! .$ebHdbceX"+.(%/0+"00!/0$0$2!


*+0.0%"%! 0$!.+0++(K.!!
$00,JTT4K5%)#K+)T'-T#.+1,/TdbhifheeTcefhfjikceT*)!Tm+/0!.m"+.m0$!mm.+0++(m+*m+)!*mMm*K, "W!//! ,.%(cH
dbceX
cje

!!$00,JTT333K$,.K+.#T/!//%+*/Tgd* T%*0!./!//%+*M0%2%05M.!,+.0/T.%#$0/M+"M3+)!*TW!//! .$ebHdbceX"+.(%/0+"00!/0$0$2!


*+0.0%"%! 0$!.+0++(K.gcK
cjf

cjg

$00,JTT333K%3.3M,K+.#T.!/+1.!/T, "T%!..ldb !+*!K, "W!//! .$ebHdbceXK

2(10%+*+"0$!+*0.%10%+*+"
0(%*1* ! .+&!0/0+* %*#%+(!*!#%*/0+)!** .+)+0%*#!* !.-1(%05%*!)!.
00!/,ebK
cjh

(&''('(&"+',(+&-"('(,-LJKO9$00,JTT333K"!)*!0K+T%* !4K,$,T!*T+0$!.M,1(%0%+*/T%0!)TchiM3+)!*M!+*+)%M
0.*/"+.)0%+*M,+/0Mdbcg
cji

cjj


'.+,."-( .,-"HdbccMdbcd.+#.!//+"0$!+.( Q/+)!*!,+.0K+)!*KdbccK#egK

cjk

!
'(+&%('(&2"'+"8+(&(-"' +',"-"('-((+&%"-28!%%' ,'-+- ",9
*0!.*0%+*(

+1.""%!H),(+5)!*0!0+.* +%(.+0!0%+*!0+.KM!*!2J
Hdbbk
ckb

' '+"' ("%%+" !-,9$*!((!2* !.!.#K$00,JTT+$.$K(3K+4KK1'TO,ncdfj

"%%20%(&,&#(++$-!+(. !'%"' "'"/".%(&)%"'-,('('(&"6,("%'.%-.+%+" !-,9!*!2Hh!.1.5dbceK


$00,JTT333K+$$.K+.#T!*T!3/2!*0/T#!/T%/,(5!3/K/,4O!3/
ncdkhjB *#
n
ckc

ckd

+-2(%%-"('K$00,JTT0.!0%!/K1*K+.#T#!/T%!3!0%(/K/,4O)0 /#[*+n
MeMB$,0!.nfB(*#n!*

cke

$00,JTT333K$,.K+.#T+10T

 WdbccXR',(+-"('%(%'+ "('%,-"&-,(-!"'"'(.',(+-"('',,("-&(+-%"-2"'LJJR6@h0$! *K J


!*!2

ckf

ckg

 WdbbhX?)+(.-"/!%-!"'"-(+,8."%"',(+-!"+ '+-"('6"'-+)+--"('''%2,",(+ %(%&('"-(+"' HS J!*!2

ckh

 WdbcdXR+',"'-+'%(+-%"-28KSSJ-(LJKJ9 6
6'(+%'$,-"&-,6@ !*!2

cki

 R(+-"('8-!'"%')(%"2 ."'(+!%-!,2,-&,HSd* ! K J!*!2

 WdbccXR',(+-"('%(%'+ "('%,-"&-,(-!"'"'(.',(+-"('',,("-&(+-%"-2"'LJJR6@h0$! *K J


!*!2

ckj

 WdbccXR',(+-"('%(%'+ "('%,-"&-,(-!"'"'(.',(+-"('',,("-&(+-%"-2"'LJJR6@h0$! *K J


!*!2

ckk

dbb  +. H!*/+* H+00/ B%((%*#/WdbbbXH?$ +(.')++)+(+8-"' ('+"(+"-",',"'-!+(',(+-"('HS


!*!2
dbc #3!*WdbcbXHR+(-((%-(-!+"'!+-+('-!" !-,((&'8
&)%"-"(',(+,,-((+-"('--!+ "('%%/%6@
*0!.*0%+*(
+1.*(+"5*!+(+#5* /0!0.%/ccbJcheUchh
dbd


% 

#3!*WdbcbXH?+(-((%-(-!+"'!+-+('-!" !-,((&'8
&)%"-"(',(+,,-((+-"('--!+ "('%%/%6S
*0!.*0%+*(
+1.*(+"5*!+(+#5* /0!0.%/ccbJcheUchh

dbe

dbf

 H?',(+-"('8-!)+/'-%)'&"6@!41(* !,.+ 10%2! !(0$ +1.*(,!.fK J!*!2

cgf

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


dbg

 WdbcbXHR
',-+.&'-(-""-"('(+(-((%-(!+"'!+-+(' .&''()%,>" !-,('-!" !-,((&'"'+"S

dbh

 WdbcbXHP!(',-"-.-"('( '2S

dbi

 WdbbkXHS."%"',('"%' &'-()'1.%"(%'HR,Kce

1'!.KWdbcdXHR+.!. J*//!//)!*0+"+10$!.*".%*!2!(+,)!*0+))1*%05!/,+*/!/* !,+.0%*#+*!41(* 


!,.+ 10%2! !(0$* %#$0/HS
+1*0%(%05
dbj

dbk

100)$!.
*/0%010!* 
,/WdbcbX?-,('.'"'-')+ ''2'(+-"('"'-!"()"@

dcb

.%)%*(+ !W)!* )!*0X 3H 3cbd+"ckjg/!gjWdXK

dcc

$* !(0$!.2%!B%*%/0.5+" !(0$WdbbhXR-'+,'+(-((%,(+-!)+/'-"(''&' &'-(.',(+-"('@9

dcd

100)$!.
*/0%010!WdbcdXR-,('(+-"('"'+"@

dce

WdbcdXH?+( +,,+)(+-(!(&&",,"('('-+'%0(+''!"% %-!HSJ

%/


dcg

 WdbccXH?('%."' ,+/-"(','(&&'-"(',('-!(.+-!+"(")(+-(-!+%).%"(" +"@

dch

$00,JTT333K"+K+.#T +.!,TbbeTcjhbT5cjhb!bfK$0)

dci

$00,JTT333K"+K+.#T +.!,TbdgbT4bdgb!beK$0)

+//$!.5(* !)WdbccXH$!+(!+"+)!*%*#.%1(01.!H++ * #.%1(01.(.#*%/0%+*+"0$!*%0! 0%+*/WX


$00,JTT333K"+K+.#T +.!,TbceT)ebi!T)ebi!bbK, "
dcj

dck

$!!* !.*  * %#$0/0/!H(1*$! %*dbcbH00!),0/0+,.+2% !

$&)&$')%* - %&)$+ &%')&,%+)05++'5;;...6&6&);%);(* .%#$0/


ddb

$00,JTT333K+4")K+.#K1'T.!/+1.!/T(!.*%*#T(* .%#$0/T +3*(+ /T(* [#.%*#[%*[".%[%),0/[B[,+(%5[.!/,+*/!/K, "

ddc


H]+ 2!* 0+ +( J+)!*\/,.+,!.05* %*$!.%0*!.%#$0/%*0$!+*0!40+"
T
%*/1M$.*".%]HdbbfH,Kfk

ddd

$00,JTT333K+4")(+#/K+.#T!/0".%TO,nhccg

dde

%1% %.&$%+#"&,+#%++'5;;...6&/$#&*6&);*+) ;2'TLPJP

ddf

 * +(%5%*".%J.)!3+.'0+0.!*#0$!* * %#$0/H*$*!.+ 10%2%05* !1.! %2!(%$++ /Hdbcc

ddg

.+0++(+*!* !.* !2!(+,)!*0$00,JTT333K/ K%*0T"%(!/TjiceTgdkdTjehfT.+0++([+*[!* !.[* [!2!(+,)!*0[dbbjK, "

!* !.0.0!#5H.(%)!*0dbcbMdbdb$00,JTT333K,.(!*0K+.#T!*T3,M
+*0!*0T1,(+ /TdbccTbfT+0$!.[,1(%0%+*/T!* !.[0.0!#5[[ [K, "
ddh

ddi

+0/3*H+10$".%H)%%H3* H+6)%-1!

ddj

.0%(!dfWcXR2!.5,!./+*%/!*0%0(! 0++3*,.+,!.05H* $/.%#$00+0$!,.+0!0%+*+"$%/,.+,!.05$!( %*+. *!3%0$0$!(39S

.0%(!cdWcXR(($1)*/.!+0$".!!* !-1(HS* IceWcX((,!./+*/.!!-1(!"+.!0$!(3* .!!*0%0(! H3%0$+10*5 %/.%)%*0%+*H


0+,.+0!0%+** !-1(%05!"+.!0$!(3
ddk

deb

!0%+*dbWdX+"0$!%((#! * 0ckkkH 3/+"*6*%

dec

eeWgXR3+)!*/$(($2!0$!.%#$00+""%.)0%2!0%+*"+.0$!,1.,+/!+".! .!//%*#0$!%)(*!/.!0! 5$%/0+.5H0. %0%+*+.1/0+)S

%*eeWcXHR3+)!*/$((!+. ! "1((* !-1( %#*%05+"0$!,!./+*3%0$)!*SeeWfXHR3+)!*/$(($2!0$!.%#$00+!-1(0.!0)!*03%0$


)!** 0$0.%#$0/$((%*(1 !!-1(+,,+.01*%0%!/%*,+(%0%(H!+*+)%* /+%(0%2%0%!/S
ded

dee

1/H*  !)!KH/(-"' (+(&'>," !-,81)+"',+(&(%"+"-2(++"'(&'>," !-,(%"-"('HHH

def

$00,JTT3%*".%K+.#TdbcbTbeT2%0+.5M"+.M/36%(* M3+)!*T

deg

$00,JTT&1.%/0K+.#T,,!.$/!TdbcdTcbT+0/3*M$%#$M+1.0M/0.%'!/M +3*M)(!M +)%*0! M%*$!.%0*!M(3M/5/0!)K,$,

deh

$!+*/0%010%+*!*/$.%*%*#0$!%.0$+"0$!"+1.0$.!,1(% +,0! 50$!,!+,(!+* 1*!bdHckkc

dei

$!+*/0%010%+* +,0! 0$.+1#$0$!.!"!.!* 1)+" 1*!dHckkc* .!2%/! 0$.+1#$ 3/1)!.J

bbdTkiT+"di0$ *1.5ckki
bbeMdbbbT+"cc0$,.%(dbbb
bbcMdbbdT+"dd*  *1.5dbbd
dej 1&16% KWdbbiXK$!.+0++(0+0$!".%*$.0!.+* 1)** !+,(!/Q%#$0/+*0$!%#$0/+"+)!*%*".%J+10$".%Q/
.!/!.20%+*/* %*0!.,.!00%2!!(.0%+*/K+0+.(!/!.$!.H%2%(+%!05.%/+*!"+.)
*%0%0%2!H+))1*%05 3!*0.!H*%2!./%05+"0$!
!/0!.*,!
dek

% K

dfb

.0%(!ec+"0$!".%*+)!*Q/.+0++(,.+2% !/0$!.+0++(*%**+352%+(0!*0%+*((3/3$%$.!)+.! 2*0#!+1/0+3+)!*K

dfc

+*/0%010%+*+"0$!!,1(%+"+10$".%H0cWcX+"0g+"dbbg

cgg

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


*&++KWdbbiXKP 1)*.%#$0/,.+#.)0 .2.  3$++(3+.'%*#,,!.J0$!.!+#*%0%+*+")1/(%*,!./+*((3/%*+10$".%J

),(%0%+*/"+.+)!*Q/%#$0/QXceK

dfd

),(!)!*00%+*+"0$!".%*$.0!.+* 1)** !+,(!/Q%#$0/* 0$!.+0++(0$!.!0++*0$!%#$0/+"+)!*%*".%%*/!(!0! 


".%*00!/!*%*H1.'%*/+H)!.++*H$ H+*#+H+0! Q
2+%.!H.%0.!H)%H !*5H !/+0$+H1.%0%1/H+6)%-1!H%#!.H%#!.%H
3* H!*!#(H%!.. !+*!H+10$".%B%)3!J+1*0.5!,+.0/W0+!.dbccX!*0.!"+. 1)*%#$0/H*%2!./%05+".!0+.%
dfe

dff

% K

dfg

+*/0%010%+*+"0$!!,1(%+"+10$".%H0cWcX+"0g+"dbbg

+10$".%Q/+)%*! d* 0+h0$!.%+ %!,+.00+0$!*%0! 0%+*/+))%00!!+*0$!(%)%*0%+*+"%(%/.%)%*0%+*+2!.%*#0$!


!.%+ dbbd0+dbccJ!,.0)!*0+" 1/0%!* +*/0%010%+*(!2!(+,)!*0
dfh

dfi

% K

dfj

% K

dfk

1'/!0(KWdbbjXK$!".%*+)!*Q/.+0++(J .*!//%*#+0!*0%("+.+/%0%2!$*#!I*!(!Hccd

dgb

% K

#!*#\+HKWdbbiXK
*0!.*0%+*(+)!*\/5M*3! .!!(!.0!O
*K1.*!00HK .)(%BK*&%W /KXH+6'"-2'%(*.'K
%.+%J$)1M!03+.'/"+.+%( 1/0%!K
dgc

dgd

% K

dge

!* !.U/! %+(!*!* 0$!.%)%*( 1/0%!5/0!)H

,!/00%/0%//+1.! ".+)$00,JTT333K/,/K#+2K6T/00%/0%/T.!,+.0/T.%)!/00/TdbbjT).$[,.%([dbbc[dbbjT0!#+.5T.,!K, "o%*


+"&"'%
'#.,-"8"(%' "',-(&'"'(.-!+"8!(0)(+-('"#"' TKOD+!LJKJE6H
 !#(!03+.'H+(% .%053%0$
3$+/,!'+10H J,#!h
dgf

dgg

+10$".%$ +3!,+.0WdbccX0++))%00!!Hfj0$!//%+*WU*,1(%/$!  ."0X

dgh

% K

dgi

% K

ILO

#*- * ++ ).* ++...6 $,1$ 6&)

LOS

+,"'-(-!).%"(0'--!PM+'"--"(','+%,,&%20(+$6LM)-&+LJJRAN

LPJ

7 '+
'"-(+,',%"' .%2LJKL

LPK

0'&( +)!" %-!.+/2LJKJ

LPL

(&'"'2'"$-(+6.++",-+"-66-(+LJKL"'D"&99DLJKME6 '+ ",-+-"(''('%"-"'0'8 '+)+,)-"/8) PQ

LPM

""%3--'I)"%(KN .'LJKL

LPN

(/+'&'-(0'''.%+)(+- .%2LJKJ; .'LJKK

LPO

"'0('--!"'-+'-"('%('+'('6&+LJJK

LPP

+,"'-(-!).%"(0'--! '+'%+,!")('+'6 " %"ALJKJ+))%0)!*0* 0%+*3%(( +1(!

dhi

1((%2*+" +('-!(',-+.-"('(,--.-,WckkfXdgfMdghK

dhj

$!.!/!.20%+*/) !5$!)%+*3%0$.!#. 0+0$!".%*+)!*Q/.+0++(3/1,(%"0! %*dbbhK

dhk

/!/fMce+"0$!+)!*Q/0HdbcbK

dib

/!/chMdg+"0$!+)!*Q/0HdbcbK

dic

$!)%0%+*(!* !.+(%5dbcbMdbdb

did

/!/efMff+"0$!+)!*Q/0HdbcbK

die

/!/fgMgg+"0$!+)!*Q/0HdbcbK

dif

$!)%1(0%,(!
* %0+.(1/0!.1.2!5W
fXdbcbK

 (($P!/'.!2%!3+"0$!*0%+*((3/H%*0!.*0%+*(+*2!*0%+*/H0.!0%!/* !/0,.0%!/H.!(0%*#0+!* !./! 2%+(!*!WXQ


dbcc+))%//%+*! 50$!+)!*Q/1.!1K
dig

dih

$!)%+))%00!!+*. %0%+*(.0%!/WX%/(! %*#0$!,.+!//K333K#)+0.,K#)K

dii

+.%*"+.)0%+*.!#. %*#0$!3+.'+" H/!!333K"(#K#)

dij

 fdiTccTTbgkTcI0055!3/.!,.!/!*0! 5 W./ *!0(($M&%!H"+.)!..!/% !*0* /K!*!$$)H1..!*0.!/% !*0XK

dik

 .( %!03/.!,.!/!*0! 5)(!(35!.H.K %.%//*/&*#%/+$+.3$+3+.'! (+/!(53%0$ K

IOG

7+ *+. + %') &&).&$%+&&*)-&##&. % **&#,+ &%&)$)) &)+)+$ *&),*%6

djc ,!*%*#!).'/00$!".%.!!*!2+(10%+*+.1)H!,0!)!.dbcdH.1/$H*6*%
W$00,JTT'+"%***"+1* 0%+*K+.#T*!3/.++)T/,!!$!/TdbcdX

cgh

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


djd !* !.* 0$!%#$00+++ H!!)!.dbcdH(%2%!. !$100!.
W$00,JTT333K/."++ K+.#T%)#!/T/0+.%!/T, "T+""%%(.!,+.0/Tdbcebebf[#!* !.[!*K, "X

.+0++(0+0$!".%*$.0!.+* 1)** !+,(!/Q%#$0/+*0$!%#$0/+"+)!*%*".%H +,0!  1(5dbbe50$!d* . %*.5!//%+*+"


0$!//!)(5+"0$!*%+*H,10+W$00,JTT333K/+3.K+.#T!*T1,.+0++(T.0%(!T0!40TX
dje

djf !,+.0+"0$!.%*%*#+*0$!,,(%0%+*+"0$!1(0%M!0+.(.)!3+.'0+
),(!)!*00$!".%*.+0++(+*0$!%#$0/+"+)!*H,1(%/$! 
5-1(%05+3+*!$("+"+(% .%05"+.".%*+)!*Q/%#$0/WXH+)!*H4")B".%**%+*+))%//%+*+)!*H!* !.* 
!2!(+,)!*0%.!0+.0!H,.%(dbcd
djg +.( .*%60%+*.+/,!0/H*%0! 0%+*/H!,.0)!*0+"+*+)%* +%(""%./H+,1(0%+*%2%/%+*H+,1(0%+*/0%)0!/* 
.+&!0%+*/!0%+*/HdbccW$00,JTT!/K1*K+.#T1*, T31,TMT.*M1.(M+,1(0%+*K$0)X
djh +),!* %1)+" !5 1)*%#$0/+1)!*0/"+.".%*+)!*H K1.5.+.!H".%*+)!*Q/!2!(+,)!*01* Hdbbk
W333K3 "K+.#T.!/+1.!/X
dji


*2!/0%*#%*+)!*)(($+( !./H0%+*% HdbccW$00,JTT333K0%+*% K+.#T,1(%0%+*/T%*2!/0%*#M3+)!*M/)(($+( !./XI

djj

1.(+2!.05!,+.0dbccH
*0!.*0%+*(1* "+.#.%1(01.(!2!(+,)!*0W
XHdbccW$00,JTT333K%" K+.#T.,.dbccTX

djk

!* !.%*#.%1(01.!+1.!++'H$!+.( *'3%0$* 


HdbbkW"0,JTT"0,K"+K+.#T +.!,T"+TbccT&djj!T&djj!K, "X


*0!.*0%+*(//!//)!*0+"#.%1(01.( *+3(! #!H%!*!* !$+*+(+#5"+.!2!(+,)!*0W
X!,+.0H*%0! 0%+*/2%.+*)!*0
.+#.))!HdbbjW$00,JTT333K1*!,K+.#T !3T//!//)!*0/T+/5/0!)/T
T0% TcbgjgeT!"1(0K/,4T +/Tcbgbg[++ !1.%05K, "X
dkb

dkc .+)%/!/H+3!.* +2!.05J+.,+.0! * !(/* 1.(+)!*%*".%H4")Hdbce


W$00,JTT333K+4")K+.#T!*T#.+3T,+(%5T,.+)%/!/M,+3!.M* M,+2!.05X
dkd +)!*Q/%#$0/0+01.(!/+1.!/J%/1//%+*,!.5!3%!( +1* 0%+*H!3%!( +1* 0%+*Hdbce
W$00,JTT333K*!3"%!( "+1* K+.#T, "/T+)!*/[%#$0/[0+[01.([!/+1.!/[0* . K, "X
dke %.(/.+3J%0(+.!%*1.(+*+)%!/H$!$%#++1*%(+*(+(""%./Hdbcc
W$00,JTT333K0$!$%#++1*%(K+.#T/!.%(!/T%(!T(+(#!2!(+,)!*0T!,+.0T%.(/.+3!,+.0%*([2kK, "XI* +3!.M$.%*#+ !("+.
5/0!)%$*#!H
),0!,+.0H),%#*"+.!)(! 10%+*WXHdbcb
W$00,/JTT)"! K+.#T)! %T1,(+ /T"%(!/T)"! [
),0[!,+.0K, "X

+(10%+*/"+.%**%(
*(1/%+*J!.2%*#1.(+)!*H+)!*Q/+.( *'%*#HdbccW$00,JTT333K/33K+.#T,1(%0%+*/T/+(10%+*/M
"%**%(M%*(1/%+*M/!.2%*#M.1.(M3+)!*X
dkf

dkg $!+.( Q/+)!*.!,+.0/J0!.*()+.0(%05* %*"*0)+.0(%05H*%0! 0%+*/00%/0%/%2%/%+*Hdbbg


W$00,JTT1*/00/K1*K+.#T1*/ T !)+#.,$%T,.+ 10/T%* 3)T33dbbgT0eK$0)X
dkh  ,"(,(&&.'.-"+,8.-"%,)+(&(-"(')(.+%)"16%.%-.+6%4&(+-"-%4/%())&'-'+"*.A(&&.'"-2"(,8((%,-(
)+(&(-)6.%-.+6&(+2'/%()&'-"'+"6 +1..H+.(  10%+*HdbccH$KiH!0%+*fH+))1*%05 %+00%+*/0$0

*0!#.0!!* !.* !"!* /+)!*Q/%#$0/W$00,JTT/!*!#(K3+.( ! K+.#T!01.!/T"!01.!/K$0)X


dki

%% K$,0!.iH!0%+*eJ+))1*%05 %+%*0$!%#$0#%*/0


T
* *2%.+*)!*0($.!0/

$!,!*+%!05 1/0%!
*%0%0%2!H+))1*%05M/! .(!#(/J.0%0%+*!./Q1% !H,!*+%!05+1* 0%+*/Hdbcb
W$00,JTT333K+,!*/+%!05"+1* 0%+*/K+.#T,1(%0%+*/T+))1*%05M/! M,.(!#(/M,.0%0%+*!./M#1% !X
dkj

dkk

$00,JTT333K*)0%K+.#T*!3/T*!3/"!! T'),(M !(.0%+*

0!(%!. Q$*#!//1.!,(+%!)!*0 !.&1.%/0!/!*%(%!11.(+))!10%( !.+)+0%+* !/.+%0/ !/!))!/H%#1%*$+.H!*!#(chMci


5dbceJ.!/!*00%+* 1.+&!0.&1.%/0!HMW1*,1(%/$! X
ebb

ebc

,,+.0 !/0%2%0!/dbcdH) +1 )%*!#*H%/+* ! 1/0%! !%#1%*$+.H%*/0!.! !( 1/0%!H!*!#(H5dbce

ebd

.!/!*00%+* 1.+#.))! !/.&1.%/0!/H</!1".%%*,+1.(!<2!(+,,!)!*0


*0<#.<H5dbceW1*,1(%/$! X

ebe

+0/3* %#$+1.0H jehTcb

!'$ 1).WdbbkX1/0+).5 3*  1)*%#$0/%*+0/3*H+.'%*#,,!.*+gcH2%((!0


$00,JTT333K 1K! 1T'+.!(T$.$3T3+.'%*#TdbbkTgdM'1).MdbbkK, "

ebf

+0/3*Q/+*/0%010%+*H 0!ckhhH%//%)%(.0+0$0+"+0$!."+.)!..%0%/$+(+*%!/3$%$)+ !((! 0$!%.+*/0%010%+*+*0$!!/0)%*%/0!.


+*/0%010%+*()+ !(K$!,.+2%/%+*/%*0$!+*/0%010%+* +*+0.! !/%(5* 0$!.%#$0/%*0$!+*/0%010%+*+*0%*)*5(%)%00%+*/K
ebg

ebh

ckkd cckK$!3+. R/!4S3/%*/!.0! %*/!0%+*cg,!.+*/0%010%+*(W)!* )!*0X%((H,1(%/$! !!)!.dbbfK

+*/% !.0%+*+"!,+.0//1)%00! 500!/.0%!/1* !..0%(!cj+"0$!+*2!*0%+*+*0$!(%)%*0%+*+"((+.)/+"%/.%)%*0%+*#%*/0


+)!*H+)%*! 
*%0%(H!+* * $%. !.%+ %!,+.0/+"00!/.0%!/W+0/3*XHTTTeWdb0+!.dbbjXK
ebi

ebj +))%00!!+*0$!(%)%*0%+*+"%/.%)%*0%+*#%*/0+)!*Hfg0$/!//%+*Hcj *1.5Ug!.1.5dbcbHTTTTeH,./cd* 


fdK
ebk

TTTTeH,.dfK

ecb

.fbK

ecc

dbbeWdX hiWX

cgi

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


ecd

 hhcTcbH,.cb

"&0 02+,(+ .&'" !-,'


',-"-.-(+ .&'" !-,'/%()&'-"'+"H+))KdkfTbfH,.kkK$!".%*+))%//%+*
-1+0! +(0'/(+(.-"('(()$efifjeWgfXK
ece

ecf $!.+0++(!*0!.! %*0+"+.!%*+2!)!.dbbgK+0/3*$/*+0.0%"%! 0$!.+0++(K$00,JTT333K".%M


1*%+*K+.#T.++0T1T+1)!*0/T.!0%!/T %/0T.+0++(ldb+*ldb0$!ldb%#$0/ldb+"ldb+)!*K, "

!*+1*0.%!/$2!.0%"%! 0$!.+0++(+*!* !.* !2!(+,)!*0M*#+(H !/+0$+H+6)%-1!H)%%H!5$!((!/H+10$


".%H36%(* H*%0! !,1(%+"*6*%H)%* %)3!K$!.+0++(!*0!.! %*0+"+.!%*.$dbceK
ecg

.0%(!iWX,.+2% !/1* !.0$!.%#$00+!-1(%05%*!//%*#&1/0%!UR!-1((!#(/001/* ,%05%*%2%(* 1/0+).5(3H%*(1 %*#H


)+*#/0+0$!.0$%*#/H"1((+*0.01(.%#$0/H0$!.%#$00+-1%.!* $+( .%#$0/%*,.+,!.05H0$!.%#$00+!-1(%*$!.%0*!* 0$!.%#$00+/!1.!
.! %0KS
ech

..5+.0+*WckkjX$!!2+(10%+*+"3+)!*Q/,.+,!.05.%#$0/%*+(+*%(+0/3*cjkbMckhhH(-,0' (.+'%(+"'-.",H+(cd+/
c* dHgMdcH,#!cbK

eci

..5+.0+*WckkjX$!!2+(10%+*+"3+)!*Q/,.+,!.05.%#$0/%*+(+*%(+0/3*cjkbMckhhH(-,0' (.+'%(+"'-.",H+(cd+/
c* dHgMdcH,#!ci

ecj

eck

**!.%""%0$/WdbccX!* !.!  5*)%/+"(* 0!*1.!%*+0/3*H (.+'%(  %%.+%",&'.'(""%%0H+heHdbccK

%)+*+!.0/* 
/$,!.WckjbXR#3'!0/!%*$!.%0*!J0$! !2+(10%+*+"00(!+*3+)!*%*/3*$%!" +)H+"' 0-.",
cjHheK
edb

edc dbbjWcX ejfWXH,!.!100 H%!0/)** 31) K$!/!+*!.*! 0$!.%#$0+"3% +30+%*$!.%0K


*0$%//!H0$!+1.0
+*"%.)! 0$!*!! 0+0'!+*/% !.0%+*+"0$!%*0!.,.!00%+*+"1/0+).5(3%*0$!.!%*3$%$%0%/,.0%! H5$2%*#.!#. 0+0$!2%!3/+"
0$!1/0+).5!( !./3$+.!0$!.!,+/%0+.%!/+"1/0+)/%*0$!%.+))1*%0%!/K
edd

dbbkWdXhhWX

ede

ckkeWf ddcX

edf

WdbbgX  cbiW !*5+1.0+",,!(X

edg

!*5 +,0! *!3+*/0%010%+*%*dbcbK

edh

'+-!,--('+0'.'*2..,2($WdbbgX! ebeTckkjH !*5 %#$+1.0K

K2(10%+*+"Q/.+(!* +*0.%10%+*/%*0$!
T
.!/,+*/!%*/+10$!.*".%* 0$%+,%HdbbhI
 
  


HdbcbI JTTKKT  
T  M
M
MMT
TT
edi

edj


!,+.0
H0%+*(
++. %*0%*##!*5WXH%(5!3/Hcj0$,.%(dbce,Kcd

edk

$00,JTT333K/+K#+2K3T%* !4K,$,O+,0%+*n+)[+*0!*0cB% ndB/%0!n!*/1/

eeb


!,+.0
H0%+*(
++. %*0%*##!*5WXH%(5!3/Hcj0$,.%(dbce,Kce

eec

H
* %0+.0HdbbiK

.5+%*/+*H"+.)!..!/% !*0+"
.!(* H%**+,!*%*#/!//%+*+"0$!
*0!.*0%+*(
+*"!.!*!Hdbbj/00! 0$0]!\2!*+0 +*!!00!.
"+.3+)!** #%.(/Y%*0$!"%#$0#%*/0
T
Z!1/!3!$2!*+0.!/,!0! 0$!%.$1)*.%#$0/".+)0$!!#%**%*#K]! %+HK$!*+1
$%*'+"+0/3** 
T
H$%*'+"0$!+)!*H %"-2!$Hh1#1/0dbbj!//! 0
$00,JTT333K.$.!(%05$!'K+.#T(+#TdbbjTbjTbhT3$!*M5+1M0$%*'M+0/3*M* M$%2% /M0$%*'M3+)!*
eed

eee

+(%500!)!*0H
Hdbbf,,!* %4c


T +(%500!)!*0dbbfK
M0!/0%*#3%0$+10+*/!*0)5!&1/0%"%! %*0$!..!%.1)/0*!%*3$%$,0%!*0%/1*+*/%+1/H
$%/+.$!.,.!*0+.#1. %*%//!*0H* '*+3(! #!+"
/001/%/*!!//.5"+.,1.,+/!/+"+,0%)(0.!0)!*0K
eef

+0/3*dbbj+1*0.5,!.0%+*((*WX2%((!0$00,JTT333K,!,".K#+2T+10T+,,(*bjTcbdbehK$0)I/!!(/+
$00,JTT333K%,/*!3/K*!0T*!3/T/0
eeg

/K$%,+!0(+H+0/3*.+#.))!H1(% !01.!H%*%/0.5+" !(0$H!,.0)!*0+"


* 
* 0$!+0/3* .2. 
.0*!./$%,H!*0.!"+.
* 
!/!.$$!*%2!./%05+"+0/3*Hdd,.%(dbce
eeh

eei

.)+*Kc

eej


"

eek

".%*+*+)%10(++'6+1*0.5*+0!/;(-,0'6dbceH!--)8AA0009+"'('(&"(.-%(($9(+ A'A(.'-+",A,(.-!+';+"A(-,0'A

'%*/+( H+,+2%$ H$!-1(%05+"(%"!+"")%(%!/+""!)(!M$! ! $+1/!$+( /%*+0/3*J/!+* .5*(5/%/+"/!/01 %!/H %-!


+(&'
'-9dbbd!,M+2IdeWhMiXJihcMid
efb

efc

$!*%0! 0%+*/$%( .!*Q/1* W


X+0/3*+1*0.5""%!dbcdH

$00,JTT333K1*%!"K+.#T+0/3*T[[**1([!,+.0[dbccK, "
efd .!!'H.5H01)5H!%,+*!H $1)+KH+#+ %KH !#3%(H!!(!H+%0!!0/3!I6$*%H$""!. KH0$*KH1!//"1(
*0.+ 10%+*+"
+10%*!,0M10
M0!/0%*#%**0!*0(.!%*+0/3*H (.+'%(*."+
&&.'""'22'+(&,J+(1)!fgWcXc5dbbi,,cbdMcbi

cgj

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


efe

(+1KKH+)!*H$!%.($%( * 
T
H!//! 0$00,JTT333K1*K+.#T3+)!*30$T 3T/3T0(+1dbbcK$0)

+0/3*%((!**%1)!2!(+,)!*0+(/HH$%!2!)!*0/H101.!$((!*#!/* $+%!/H--.,)(+-LJJN6!,1(%+"+0/3** *%0! 


0%+*/,Kgh
eff

efg 01.0KH!$!0/KH!/,!.0!(5!!'%*#.#!0/J$!0$%/+"+10%*!
M!/0%*#%* +3M
*+)!+1*0.%!/H.%%-"'(-!(+% %-!
+ '"3-"('dbbhWjfX,,KgdMgi


M0!/0%*#3%0$+10+*/!*0)5!&1/0%"%! %*0$!..!%.1)/0*!%*3$%$,0%!*0%/1*+*/%+1/H$%/+.$!.,.!*0+.#1. %*%//!*0H
* '*+3(! #!+"
/001/%/*!!//.5"+.,1.,+/!/+"+,0%)(0.!0)!*0K
efh

efi


%(%+'+(.)('
A
' .&'" !-,6dbbh

+(*K KH.!!*!.#KKH+3(!.KKH.!2%!3+"(%*%(0.%(/0+,.!2!*0)+0$!.M0+M$%( 
Mc0.*/)%//%+*%*".%* %*"+.).0%+*(
%*0!.2!*0%+*/0.0!#%!/K
Hdbbd.!"K".+)()9"-*Ke
efj

efk

1,.*Kc

+0/3*!03+.'+*0$%/H 3* 
T
W+*!(XK/'-+)(+-8+(.-"'/+,.,(&).%,(+2-,-dbbeK2%((!0
$00,JTT333K+*!(K+0/*!0K+K3T!,+.0/T!)%*.!,+.0K$0)
egb

egc


"

egd

0%+*(1% !(%*!/+*
!/0%*#* +1*/!((%*#WdbbkXH.0dKiKd
//1! 5%*%/0.5+" !(0$H+0/3*

+0/3*0%+*(
T
.!0)!*01% !(%*!/Jdbbj!./%+*H$,0!.iKc!*!.((%*%(.!+"
U
*"!0! +)!*H
//1! 5
%*%/0.5+" !(0$H+0/3*
ege

egf +0/3*\/.!/,+*/!0+0$!-1!/0%+**%.!0+#+2!.*)!*0/+*%),(!)!*00%+*+"0$!!%&%*#,(0"+.)"+.0%+*WckkgX* 0$!+10+)!+"0$!


03!*05M0$%. /,!%(/!//%+*+"0$!#!*!.(//!)(5WdbbbXK$00,JTT333K1*K+.#T3+)!*30$T 3T!2%!3T.!/,+*/!/TM*#(%/$K, "
egg

.)+*Kce

%.KKH'#+/%KKH6+(!+"!*%**0!*0(.!* .!2!*0%+*+"+0$!.0+$%( .*/)%//%+*.+#.)%*+0/3*H!/1(0/+"


-1(%00%2!/01 56,+!+(#-.'2-!.%-2(("%"',,+!'.%"-"('(&&"--dbbgH*%2!./%05+"+0/3*H
+.+*!H+0/3*
egh

egi )*H3)+ H +#*H!0(K


M,+/%0%2!3+)!*.!,+.0)+.!(%"!0%)!,.0*!.2%+(!*!J"%* %*#/".+)2+(1*0.5+1*/!(%*#* 
0!/0%*#(%*%%*.!/()H*6*%K& .%" %-!dbbdIkdJceecUceeiI%((. H!(%/H3*51)H!0(K1(*!.%(%05+"3+)!*%*
*".%*/!00%*#J(!//+*/"+.)+0$!.M0+M$%( 
0.*/)%//%+*,.!2!*0%+*,.+#.))!/K
dbbdIchJkeiUkekK+9+(&.%(%%"'"6,0M+10
M
0!/0%*#/0.0!#%!/4!10%2!/1)).5 1(%/$%*#.+1, %)%0! dbbhK
egj

.)+*Kce

+0/3*\//0.0!#50++)0
T
J !//+*/"+.".%* .!/% !*01/$\/!)!.#!*5,(*"+.
.!(%!"/$%*#0+*J$!!*0!."+.
0.0!#%* 
*0!.*0%+*(01 %!/KdbbfI).-1(, )/--)(>-.#!'.#4#(!(*)-#.#0&#0#(!:1* 50* . cb.$dbbjK
egk

ehb .'!.H##(!0+*KH
* 
M.!(0! /0%#)*  %/.%)%*0%+*J+*!,01(".)!3+.'* %),(%0%+*/"+.0%+*K("
dbbeWgiX,,ceUdf
ehc

.)+*Kdj

ehd


"

363

http://www.telegraph.co.uk/news/worldnews/africaandindianocean/botswana/9605346/Women-can-inherit-the-earth-rules-Botswana-judge.html

ehf

0!/$2!!!* !.%2! ".+)$00,JTT1K%*0T!*T/%0!/T !"1(0T"%(!/T%#$0/ldb+"ldb+)!*K, "

ehg

"

ehh

"

ehi

 1*0%*#0+*KJR$!(/$+"%2%(%60%+*/* 0$!'%*#+"+.( . !.SHckkhH%)+** $1/0!. +* +*H,gh

ehj

%0%+*.5K.!"!.!*!K+)

ehk

+.#!*0$1 K R+(%0%/)+*#0%+*/J$!0.1##(!"+.+3!.* !!HSh0$ Hdbbi (5*%1(%/$!./H,efc

eib

"

JNH

)&+&&#+&+) %)+)&% ,$%%&'#*8 +*&%+ +*&&$% %) = ',+&)&+&&#6)+ #HK #+%
')&,+ - +*=++*)+ **##%*,)+++) ++&#+&.&$%3 %#, %*/,#)')&,+ -#+ *)*'+%')&$&+6 *
%#,*5@+) ++&&%+)&#)+ # +04@+) ++&&&*%0$+&&&%+)'+ &%4++'5;;...6')6&); %*+),$%+*;.&$%<')&+&&#;DHK
eid


* !41* %HR#* 0!.*(+.0(%050!S$00,JTT333K%* !4)1* %K+)T1#* T)0!.*([)+.0(%05[.0!K$0)(

eie

$!/!.2!.!3/,,!.HR.2*0+%#$00!.*(+.0(%05S

++'5;;...6&*)-)6,; %/6''2&'+ &%T&$>&%+%+C- .T)+ #C TOMJI5)-%<+&< +<$+)%#<$&)+# +0C+ TLO5#+<# - %C
+$ TOP
eif

4),(!/%*(1 !K".%H*6*%H* /+)!! !.(/00!/%*%#!.%K

eig

*6*%TTTdMe,!.%+ %.!,+.0/H!,0!)!.ckkh

eih

TTTedg 1(5ckkhH,#ckK

cgk

)/,(3.)+/&#.3<ML,-) .",).))&)(."#!".-) )'(#( ,#


eii

+*+)%+))%//%+*"+.".%WdbceXH+*+)%!,+.0+*".%dbce0,#!jK

eij

%% 

eik

.0%(!hd+"0$!".%*$.0!.+* 1)** !+,(!/Q%#$0/I.0%(!dh+"0$!.+0++(K

ejb

$00,J333K1*% /K+.#K0+!.dbbe

ejc

%*%/0.5+" !(0$!,+.0H 1*!dbbc"+.


T
333K$!(0$K#+K1#

ejd

$%/.0%(!%//! +*.!/% !*0 +$*/+*%.(!"Q/2% !+,.!/!*00%+*0+0$!.1//!(//5),+/%1)

333K1*",K+.#T!)!.#!*%!/T/5),+/%1)bhT +/T 5+*!+,!*%*#/!//%+*&+$*/+*/%.(!"K +


JOJ

%#+)&% -)* &%&+%&&" *- ##+5++'5;;...6,%.&$%6&);.'<&%+%+;,'#&*;IGHH;GM;IGHG<$,#+ <*+&)#<'')&<.&$%*<


) +*<) 6'

chb

Solidarity for African Womens Rights Coalition (SOAWR)


c/o Equality Now Nairobi Office
PO Box 2018-00202
1st Floor Bishop Garden Towers
Bishops Road, Nairobi

African Commission on Human and Peoples Rights


31 Bijilo Annex Layout, Kombo North District
Western Region P.O. Box 673 Banjul
The Gambia

S-ar putea să vă placă și