01#2(-+ ./+3 -1(- MNNN) -+, ,(%2(1$( · b0;? k%eb:;>

!"# $%# &' %()"*(+) ,-*- *& -+-./%# 01#2(-+ ./+3 "-1(*-*-+, ,(%*2(1$*(&+

!"#$ % &'!(') &*+,- .*/' 012 (#3"*! ,-+,#3"*%4

!"#$%&'#()(% (* +,-)&$%. !/01+. //2+1. /)345' (% 6)37%,)'. 8999 :)&*. ;*&<5-),= )"( >?'<&)()

@%"A*&) () /)7%BC ).D. DEF9 G),%"BC ). ;*&<5-),

4$55-2/

67 -567 0 80796 :07; <= >;? 567@ 76?;7>A;62 012 =709B61;62 70196) #C67>01 8@1DHI"J 4)&(#"5' <AAE7 >1 76B<;6 B<E1;0>1<E? A<E1;7@ 0; 8<F 261?>;@) FG676 ;G6<18@ >1=<7B0;><1 0C<E; ;G6 ?:6A>6? A<B:7>?6? 76A<72? <= >1A>261;08 ?>9G;>19?

<C;0>162 C@ >1HE>7@I #1 ;G>? ?;E2@ F6 26568<:62 01 0::7<0AG =<7 HE01;>=@>198@1DJG0C>;0; 7680;><1?G>:? 012 2>?;7>CE;><1 :0;;671? =79G;>19 20;0) E?>19

76A<72? =71 MNNOJNPI87 Q0C>;0; F0? 26?A7>C62 >1 ;67B? <= 8012 A<567) ;<:<970:G@) GEB01 2>?;E7C01A6

012 70CC>; 0CE1201A6) >1 RPSTBR A688? ?E77<E12>19 8@1D ?>9G;>19? 012 0; 7012<B8<A0;><1? F>;G>1 ;G6 ?;E2@ 0760I

97 !@1D ?>9G;>19? F676 A<1?>?;61;8@ 0??<A>0;62 F>;G :762>A;0C86 G0C>;0; =60;E76?I%>9G;>19 :7<C0C>8>;>6? 6?;>B0;62 =7?;>A 76976??><1 B<268 >1A760?62 F>;G;G6 0CE1201A6 <= 70CC>;? 012 ;G6 :7<:<7;><1 <= 8012 A<56762 C@ ;088

(62>;67701601 B0HE>?) 012 26A8>162 F>;G 7<02 261?>;@ 012 ;G6 0B<E1; <= 26568S<:62 8012I UG>? B<268 >261;>V62 A<776A;8@ WPXYZ <= 8@1D ?>9G;>19?[ 0; ;G6 ?0B6

;>B6 <18@ ROXYZ <= ;G6 7012<1? F676 B>?A80??>V62I:7 #12>A6? <= GEB01 :76?61A6 F676 16567 0??<A>0;62 :<?>;>568@ F>;G 8@1D ?>9G;>19?)

?E996?;>19 ;G0; <C?6750;><1 :0;;671? F676 1<; >1\E61A62 C@ ;G6 ?:0;>08 2>?;7>CES;><1 <= :<;61;>08 <C?67567?I

;7 ]7>9>19 F0? E?62 ;< >1;67:<80;6 ?:0;>088@ C6;F661 ?>9G;>19 :7<C0C>8>;>6? 267>562=7?;>A B<268 >1 <7267 ;< :7<2EA6 0 B0: <= ?>9G;>19 :<;61;>08 =<7 ;G6

#C67>01 8@1D >1 F6?;671 '890756I /0ATST1>=6 76?0B:8>19 0??6??62 ;G6 0AAE70A@ <=;G>? B0:I UG766 F688S26V162 0760? <= G>9G ?>9G;>19 :<;61;>08 F676 >261;>V62) :7<CS0C8@ 76:76?61;>19 ;G6 8@1D A<76 0760? >1 ;G>? 769><1I

<7 -E7 0108@?>? <= 8@1D ?>9G;>19 76A<72? ?E996?;? ;G0; ;G6?6 20;0 B0@ :7<5>26 0V7?; 0::7<D>B0;><1 ;< 8@1D G0C>;0; 012 2>?;7>CE;><1 FG61 =E7;G67 >1=<7B0;><1 >?

80AT>19I UG6 0::8>A0;><1 <= ;G>? 0::7<0AG ;< <;G67 7076 012 76A8E?>56 ?:6A>6? >? 2>?SAE??62I

K%ILM*&('N A<1?6750;><1) 96<?;0;>?;>A?) 8<9>?;>A 76976??><1) HI"J 4)&(#"5') 70CC>;?I

O*5&"), *P +44,#%( ?B*,*-I KMNNNL 9<= WMRJWR^

0+*2&,$>*(&+

UG6 #C67>01 8@1D HI"J 4)&(#"5' U6BB>1AT G0?

76A61;8@ C661 A<1?>26762 ;G6 B<?; 6120196762 F>82S

A0; >1 ;G6 F<782 K_<F68 ` /0AT?<1 MNNaLI UG>? ?:6S

A>6? <18@ <AAE7? >1 &<7;E908 012 %:0>1) F>;G 01

6?;>B0;62 :<:E80;><1 <= 0C<E; bPO C7662>19 =6B086?

K,<27c$ 9E6d ` +68>C6? MNNRLI UG6 70196 <= ;G6

#C67>01 8@1D >? AE7761;8@ 567@ =709B61;62) F>;G <18@

;F< :<:E80;><1? 807967 ;G01 ROO >12>5>2E08? 012

<AAE:@>19 B<76 ;G01 ROOO TBR K,<27c$ 9E6d `

+68>C6? MNNRLI #1 ;G6 :0?;) ;G6 8@1D G02 0 BEAG

F>267 70196 F>;G>1 ;G6 #C67>01 &61>1?E80) CE; ;G>?

G0? 26A760?62 ?;602>8@ ?>1A6 ;G6 MNPO? K+68>C6? MNYN[

&08B0 MNWOLI %656708 =0A;<7? B0@ G056 A<1;7>CE;62

;< ;G>? 26A8>16) CE; ;G6 B0>1 760?<1? 076 :7<C0C8@

;G6 26?;7EA;><1 <= (62>;67701601 ?A7EC8012 012

=<<2 ?A07A>;@ K+68>C6? MNYNLI UG6 #C67>01 8@1De? ?;0S

:86 :76@ >? ;G6 70CC>; Q&IB<*,)-5' B5"#B5,5' !I

K+68>C6? %< ),I MNYP[ +68>C6? MNWO[ &08B0 MNWOL)

FG>AG G0? ?Ef6762 F>26?:7602 26A8>16 2E6 ;< B@D<Sg<776?:<1261A6h +7 &627< .6i0 K=0D jbPM WN WMWbPb[ 6S

B0>8 :C6i0kE089I:;LI

O*5&"), *P

+44,#%( ?B*,*-I

MNNN) 9<)

WMRJWR^

! MNNN .7>;>?G*A<8<9>A08 %<A>6;@

B0;<?>? K%EB:;><1 ` l8<F6726F MNWPLI ,6A61;8@)

<E;C760T? <= 5>708 G06B<77G09>A 2>?60?6 A<1;>1E6 ;<

26:76?? 70CC>; :<:E80;><1? Km>880=E67;6 %< ),I MNN^L)

762EA>19 =E7;G67 ;G6 0CE1201A6 <= 8@1D =<<2

76?<E7A6? Kg0?;7< ` &08B0 MNNaLI

+6;0>8? <= ;G6 =0A;<7? 0f6A;>19 8@1D 0CE1201A6

012 2>?;7>CE;><1 076 :<<78@ 2<AEB61;62) 6DA6:; =<7

;G6 F688S?;E2>62 +<1n 010 :<:E80;><1 >1 ?<E;GSF6?S

;671 %:0>1 K&08<B076? %< ),I MNNa 012 76=6761A6?

;G676>1LI '; +<1n 010) 70CC>; 261?>;@ 012 GEB01 2>?S

;E7C01A6 G056 C661 ?G<F1 ;< >1\E61A6 ?;7<198@ ;G6

8<A08 8@1D :<:E80;><1 K+68>C6? MNWO[ &08<B076? %< ),I

MNNM) MNNa[ l677670? %< ),I MNNRL) CE; ;G>? >1=<7B0S

;><1 B0@ C6 <= 8>B>;62 508E6 =<7 ;G6 A<1?6750;><1

B01096B61; <= ;G6 ?:6A>6? 68?6FG676I +<1n 010 >?

70;G67 0;@:>A08 >1 ;G0; 8@1D <AAE7 0; G>9G 261?>;>6? >1

0 \0; 012 A<0?;08 ?012@ 0760) FG6760? B<?; <;G67

:<:E80;><1? <AAE:@ B<E1;0>1<E? A<E1;7@) FG676 ;G6

01>B08? ;612 ;< 8>56 0; 8<F 261?>;@) :7<C0C8@ F01267

F>268@ 012 26=@ 768>0C86 <C?6750;><1I #1 ;G6?6 A>7S

AEB?;01A6?) ;G6 ?;0;E? <= ;G6 ?:6A>6? G0? C661

>1=67762 =71A>261;08 ?>9G;>19?) <C;0>162 C@ 0?TS

>19 ;G6 8<A08 GEB01 :<:E80;><1? K?G6:G672?) 90B6S

T66:67?) GE1;67? 012 =07B67?L) ;<96;G67 F>;G V682

?E756@? 0>B62 0; 26;6A;>19 ?>91? <= 8@1D :76?61A6)

?EAG 0? ?A0;? 012 =<<;:7>1;? K,<27c$ 9E6d ` +68>C6?

MNNR[ -76i0 ` m0$ dHE6d MNNa[ &08B0 MNNaLI (01@

?;E2>6? G056 :7<5>262 7<E9G 0AA<E1;? <= 8@1DJG0C>S

;0; 7680;><1?G>:? >1 ;G6?6 0760?) CE; ;G6?6 G056 96167S

088@ C661 C0?62 <1 ;G6 ?ECi6A;>56 0::76A>0;><1 <=

:0;;671? <= ?>9G;>19 012 ?>91 <AAE7761A6I

#1 &<7;E908) ;G6 B<?; >B:<7;01; 8@1D :<:E80;><1

<AAE7? >1 ;G6 76B<;6 B<E1;0>1<E? 0760? <= '890756

Kg0?;7< ` &08B0 MNNaL) FG676 ;G6 01>B08? 076 76A8ES

?>56 012 :7<C0C8@ 8>56 0; 8<F 261?>;@ K&08B0 MNNaLI

Q676) 0;;6B:;? ;< A0:;E76 8@1D =<7 702><;686B6;7@

G056 :7<562 E1?EAA6??=E8 012 8>;;86 20;0 A01 C6

<C;0>162 =791 ?E756@?I '? >1 <;G67 0760? >1

&<7;E908) ;G6 B0>1 ?<E7A6 <= >1=<7B0;><1 =<7 ;G>?

:<:E80;><1 >? ;G7<E9G >1HE>7>6? F>;G 8<A08 76?>261;?)

FG>AG 70768@ @>682 B<76 ;G01 0 G012=E8 <= >1A>261;08

?>9G;>19? <= 8@1D :67 @607I +6?:>;6 ;G>? :0EA>;@ 012

7680;>568@ :<<7 HE08>;@ <= >1=<7B0;><1 050>80C86) A<1S

?6750;><1 B01096B61; B60?E76? =<7 ;G>? :<:E80;><1

1662 ;< C6 ;0T61I "7961; 0A;><1 >? 16A6??07@ ;<

268>160;6 C<E1207>6? =<7 8@1D A<1?6750;><1 0760?)

?686A; ;0796;? =<7 G0C>;0; >B:7<56B61;) 012 ;< 0??6??

;G6 615>7<1B61;08 >B:0A; <= 16F 26568<:B61;? ?EAG

0? =<76?;7@ :7<i6A;? 012 ;G6 A<1?;7EA;><1 <= >1=70S

?;7EA;E76? K20B?) 7<02?) 6;AILI (<76<567) ;G6

*E7<:601 +>76A;>56 NRo^bo**g 8>?;? ;G6 #C67>01 8@1D

0? 0 :7><7>;@ ?:6A>6?) ;GE? 10;><108 A<1?6750;><1

0961A>6? 076 76HE>762 ;< 26?>910;6 A<1?6750;><1

0760? =<7 ;G6 ?:6A>6? 012 ;< 0??6?? ;G6 :<;61;>08

1690;>56 >B:0A;? <= GEB01 0A;>5>;>6? <1 ;G6>7 G0C>S

;0;? 012 :<:E80;><1?I UG>? 76HE>76? 0 9<<2 T1<F8S

6296 <= 8@1D 2>?;7>CE;><1 :0;;671? 012 G0C>;0;

7680;><1?G>:?) FG>AG 1662 ;< C6 >1=67762 =780C86 ?>9G;>19 20;0I

&765><E? 76?607AG G0? ?G<F1 ;G0;) 26?:>;6 ?656708

?G<7;A19?) ?>9G;>19 20;0 076 0 508E0C86 ?<E7A6 <=

>1=<7B0;><1 =<7 7076 012 6120196762 F>828>=6 ?:6A>6?

K'966 %< ),I MNWN[ %;<B? %< ),I MNNbLI p6 ?<E9G; ;<

26568<: 0 HE01;>;0;>56 0::7<0AG =<7 0108@?>19 ;G6

6D>?;>19 20;0C0?6 <= 8@1D <C?6750;><1? >1 F6?;671

'890756 >1 <7267 ;< 0>2 >261;>VA0;><1 <= ;G6 B0>1

G0C>;0; 76HE>76B61;? 012 2>?;7>CE;><1 A61;76?I UG6

?:6A>VA <Ci6A;>56? <= ;G>? ?;E2@ F676 ;< 26;67B>16 >=

8@1D ?>9G;>19? 076 0??<A>0;62 F>;G :76@ 0CE1201A6)

GEB01 0A;>5>;>6? 012 8012 A<567 AG070A;67>?;>A? >1

;G6 ?E77<E12>19 0760) 012) >= ?<) ;< B<268 ?>9G;>19

:<;61;>08 0? 0 =E1A;><1 <= G0C>;0; 0;;7>CE;6?I -16

0>B <= ;G>? B<2688>19 6D67A>?6 F0? ;< 267>56 0 B0:

<= 8@1D ?>9G;>19 :<;61;>08) =708 >1;67:<80S

;><1 <= ?>9G;>19 :7<C0C>8>;>6? C6;F661 8<A0;><1?

FG676 G0C>;0; 0;;7>CE;6? G02 C661 6?;>B0;62I UG6

76?E8;? <= ;G6 ?;E2@ F676 E?62 ;< >1=67 ;G6 B<?;

8>T68@ =0A;<7? 8>B>;>19 ;G6 ?B088 #C67>01 8@1D :<:E80S

;><1 >1G0C>;>19 ;G6 E:8012? <= '890756) 012 ;< :E;

=<7F072 ?<B6 B01096B61; 012 8012SE?6 76A<BB61S

20;><1? 769072>19 ;G6 A<1?6750;><1 <= ;G>? :<:E80S

;><1I l756) F6 08?< 2>?AE??

;G6 0::8>A0C>8>;@ <= <E7 0::7<0AG ;< <;G67 01>B08

:<:E80;><1? >1 :07;? <= ;G6>7 70196 FG676 ;G6@ 076

567@ 7076I

4*$,/ -2#-

UG6 ?;E2@ F0? A077>62 <E; >1 ;G6 7E9962 A<0?;08 012

B<E1;0>1 769><1? <= F6?;671 '890756 K?<E;GSF6?;

&<7;E908L) >1 01 0760 <= 0C<E; MPOO TBR 61A<B:0??S

>19 0 A8E?;67 <= 8@1D ?>9G;>19? Kl>9I ML ?6:070;62

=71 60?;671 '890756 012 ?<E;GS

F6?; '861;6i< C@ ?66B>198@ E1?E>;0C86 G0C>;0;I

*8650;><1 70196? =7B0;68@ OB ;<

NOOB 0I?I8I UG6 A8>B0;6 >? <= (62>;67701601 ;@:6[

B601 011E08 ;6B:670;E76? 507@ =71=088 >? A<1A61;70;62 C6;F661

_<56BC67 012 (07AG) 7019>19 =71S

;<:?I UG6 10;E708 5696;0;><1 <= ;G6 0760 >? :7>B07>8@

656797661 ?A867<:G@88<E? ?A7EC8012 K,>50?S(07;c$ 16d

%< ),I MNNOL) 210;62 0; B<?; 8<A0;><1? C@ /#'<5'

,)()"#P%& !I) 012 <AAE:@>19 0C012<162 =07B8012

=<7B678@ 265<;62 ;< 6D;61?>56 A67608 A7<::>19I #1

76B<;6 0760? 012 <1 ;G6 ?;66:6?; ?8<:6? ;G676 076

:0;AG6? <= B<76 B0;E76 (62>;67701601 5696;0;><1)

>1A8E2>19 A<7T <0T R5%&B5' '57%& !I F<<28012? 012

0 ;088 012 261?6 B0HE>? 210;62 C@ +&75<5'

5"%(* !I 012 ?&#B) )&7*&%) !I +E7>19 ;G6 MNYO? 012

MNWO? 80796S?A086 0f<76?;0;><1 F>;G ?5B),I4<5' -,*L

75,5' !0C>88I <AAE7762 >1 ;G6 E:8012?) 76:80A>19

B01@ 0C012<162 097>AE8;E708 V682? 012 0760? F>;G

10;E708 5696;0;><1 ;G0; G02 C661 ?:0762 =75>;>6?I #1 7E9962 ;6770>1 097>AE8;E708

?69HS ;),3).

;S T%U) V

2S 1*(&#-5%'

! MNNN .7>;>?G*A<8<9>A08 %<A>6;@O*5&"), *P +44,#%(?B*,*-I) 9<)WMRJWR^

0A;>5>;>6? 076 1<F 6D;76B68@ 762EA62 012 GEB01

<AAE:0;><1 >? 76?;7>A;62 ;< ?B088 5>88096? 012 ?<B6

AE8;>50;62 50886@?I UG6 :0;;671 AG0196? 0; ;G6 A<0?;)

FG676 ;G676 076 F>267 097>AE8;E708 0760?) ?A0;;6762

G0C>;0;><1 012 ?<B6 ;<E7>?; A61;76?I

@#*"&,%

!q_r %#3QU#_3 +'U'

!@1D ?>9G;>19? 0108@?62 >1 ;G>? ?;E2@ 076 >1A8E262 >1

0 20;0C0?6 A<B:>862 C@ ;G6 &<7;E9E6?6 A<1?6750;><1

0961A@ K#1?;>;E;< 20 g<1?6750As 0n < 20 _0;E76d0L)

FG>AG >1A<7:<70;6? 76A<72? =<7 088 ;G6 A<E1;7@ 20;S

>19 AG>6\@ =79G;>19? =7<1 <=

F6?;671 '890756 >1 ;G6 :67><2 C6;F661 l6C7E07@

MNNO 012 (0@ MNNP Kl>9I MLI %>9G;>19 8<A0;><1? F676

0??>9162 ;< MSTBR "1>567?08 U701?567?6 (67A0;<7

K"U(L 97>2 A688? ;< 0AA<E1; =<7 ;G6 B0D>BEB 96<S

970:G>A08 E1A67;0>1;@ 0??<A>0;62 F>;G 0 8@1D <C?67S

50;><1I Q<F6567) B<?; 8<A0;><1? F676 =07 B<76

0AAE70;6 ;G01 ;G>?) 012 >12662 =<7 B01@ ?>9G;>19?

;G6 6D0A; 96<970:G>A08 :<?>;><1 A<E82 C6 26;67B>162

F>;G 5>7;E088@ 1< 677<7) F>;G ;G6 G68: <= ;G6 <C?67567

>15<8562I

(<?; 20;0 F676 <C;0>162 2E7>19 0 ?E756@ A077>62

<E; >1 '890756 012 F6?;671 '861;6i< C@ <16 <= E?

K!I &08B0L) =7AG >1A8E262 B<76

;G01 ROO >1;675>6F? F>;G ?G6:G672?) =07B67? 012

GE1;67?) 0B<19 <;G67?I +E7>19 ;G6 ?E756@ :07;>AE807

A076 F0? ;0T61 ;< 0?A67;0>1 ?>9G;>19 768>0C>8>;@ =7:;><1? <= 8@1D 0?:6A; 012 C6G05><E7I

-18@ V7?;SG012 <C?6750;><1? F676 0AA6:;62 0? 768>S

0C86) 012 FG616567 :<??>C86 ;G6 6D0A; V682 8<A0;><1?

FG676 <C?6750;><1? G02 <AAE7762 F676 AG6AT62 F>;G

;G6 <C?67567?I (<?; <C?6750;><1 0760? F676 ?607AG62

=<7 8@1D ?>91? K6I9I =06A6? 012 ;70AT?L) CE; ;G6 :0ES

A>;@ <= >1=<7B0;><1 <C;0>162 C@ ;G>? B6;G<2 B026 >;

E1?E>;0C86 =<7 E?6 <1 0 ?@?;6B0;>A C0?>?I ,6?E8;? <=

;G6 ?E756@ 076 76:<7;62 >1 26;0>8 68?6FG676 K&08B0

MNNaLI

'8;G<E9G RN ?>9G;>19? B0@ C6 A<1?>26762 0 70;G67

?B088 20;0 ?6; =<7 >1=677>19 8@1D G0C>;0; 012 2>?;7>S

CE;><1 <567 01 0760 <= MPOO TBR >1 F6?;671 '890756)

>1A760?>19 ;G6 ?0B:86 ?>d6 C@ 6D;612>19 ;G6 ?;E2@

:67><2 F<E82 G056 C661 >1026HE0;6I UG>? >? C6A0E?6

8@1D ?>9G;>19? 076 76:<7;62 0; 0 567@ ?8<F 011E08

70;6) 012 0 8<19 ;>B6 F<E82 C6 166262 =<7 01@ ?>9S

1>VA01; >1A760?6 >1 ;G6 20;0 ?6;I %;E2>6? C0?62 <1

:0?; ?>9G;>19? <= ;0796; ?:6A>6? G056 ;< 768@ <1 ;G6

0??EB:;><1 ;G0; G0C>;0; A<12>;><1? 76B0>1 =0>78@

A<1?;01; <567 ;G6 :67><2 =<7 FG>AG ;G6 <C?6750;><1?

F676 90;G6762 K'966 %< ),I MNWN[ %;<B? %< ),I MNNbLI

UG>? 0??EB:;><1 A<E82 1<; C6 B6; >1 F6?;671

'890756 G02 0 :67><2 BEAG 8<1967 ;G01 P @607? C661

?686A;62) C6A0E?6 <= =0>78@ 70:>2 8012?A0:6 AG0196?

K6I9I F>82V76?) =<76?;7@ 012 26?67;><1 <= 097>AE8;E76LI

UG6 ?;E2@ :67><2 KMNNOJNPL ;GE? 76:76?61;? 0 A<BS

:7?6 C6;F661 ;G6 1662? =<7 0 20;0 ?6; 0? 80796 0?

:<??>C86) 012 ;G6 76HE>76B61; =<7 ?;0C86 G0C>;0; A<1S

2>;><1?I

%U"+q +*%#3_ '_+ Q'.#U'U m',#'.!*%

%>9G;>19 0 8@1D >? ;< 0 80796 6D;61; 0 7012; >? 8>T68@ ;G0; ;G6 :76A>?6 8<A0;><1

<= 01 <C?6750;><1 >? B0>18@ 26;67B>162 C@ ;G6 050>8S

0C>8>;@ <= <C?67567?) 012 1<; 2>76A;8@ C@ ;G6 AG070AS

;67>?;>A? <= ;G6 G0C>;0; 0; ;G6 ?>;6I Q<F6567)

A()7 67 (0: <= F6?;671 '890756 K&<7;E908L ?G<F>19 ;G6 8>B>;? <= ;G6 ?;E2@ 0760 012 ;G6 8<A0;><1 <= ;G6 RN #C67>01 8@1D ?>9G;S>19? >1 MNNOJNP 0108@?62 KC80AT 2<;?LI UG6 B0>1 5>88096? 076 >12>A0;62 C@ A>7A862 2<;?I UG6 7>567 16;F<7T >? 08?< ?G<F1I

?6:+"),I'#' *P

W7%&#)" ,I"J

'#-A<#"-'

:7<5>262 8@1D 076 <AAE77>19 F>;G>1 0760? <= ?E>;0C86

G0C>;0;) 012 1<; 7012<B8@ F>;G>1 ;G6 ?;E2@ 0760)

8@1D ?>9G;>19? ?G<E82 76\6A; G0C>;0; 0;;7>CE;6? >1 0

C7<0267 0760 ?E77<E12>19 ;G6 ?>9G;>19 8<A0;><1I UG>?

G@:<;G6?>? F0? >156?;>90;62 >1 ;G>? ?;E2@) C@ 26;67S

B>1>19 G0C>;0; AG070A;67>?;>A? >1 RPSTBR A688? ?E7S

7<E12>19 ;G6 RN 8@1D ?>9G;>19?) 012 A<B:07>19 ;G6?6

F>;G ;G6 A<12>;><1? ?E77<E12>19 01 6HE08 1EBC67 <=

7012<1? F>;G>1 ;G6 ?;E2@ 0760I UG6 RPSTBR

CEf67 F0? ?686A;62 A<1?>267>19 ;G6 ?>d6 <= 011E08

G<B6 70196? <AAE:>62 C@ B086 #C67>01 8@1D >1 :<<7

G0C>;0;? Kl677670? %< ),I MNNYLI ' 7680;>568@ 80796 0760

F0? ?686A;62 A<B:0762 F>;G ;G0; E?62 C@ 01>B08?

8>5>19 >1 <:;>B08 G0C>;0; Kl677670? %< ),I MNNYL) =<7

HI"J ?:6A>6? ;612 ;< ?G<F BEAG 61807962 G<B6

70196? 0; 8<F 261?>;@ Kp072 ` ]76C? MNWP[ ]1>AT

MNNO[ &<<86 MNN^LI ,0121 0 ;7E8@ 701219 ;G6

97>2 ;6AG1>HE6 KQ0@?) %EBB67? ` %6>;d MNWMLI pG61

70121;? =688 F>;G>1 RPSTBR A688? ?E77<E12>19

8@1D ?>9G;>19?) ;G6?6 8<A0;><1? F676 >91<762 012 16F

<16? ?686A;62I

l<7 60AG RPSTBR A688) MR G0C>;0; 507>0C86? F676

76A<7262 0? B60?E76? <= 8012 A<567) :G@?><91<B@)

GEB01 2>?;E7C01A6 012 :76@ 0CE1201A6 KU0C86 MLI

!012SA<567 20;0 F676 267>562 =71;67:76;0S

;><1 <= 067>08 :G<;<970:G@ K0::7<D>B0;6 ?A086

M h MOOOOL =719 ;G6 :<>1; 97>2

;6AG1>HE6 KQ0@?) %EBB67? ` %6>;d MNWMLI

m696;0;><1 A<567 F0? A0;69<7>d62 >1 V56 C7<02

?;7EA;E708 ;@:6?) 0??EB>19 ;G0; 26;0>8? <= \<7>?;>A

A<B:<?>;><1 ?G<E82 C6 >77686501; ;< 8@1DI

g80??>VA0;><1 <= ;@:6? <1 ;G6 067>08 :G<;<970:G@

F0? ?;70>9G;=<7F072) C6A0E?6 <= 0 :765><E? 26;0>862

97<E12 ?E756@ 012 AG070A;67>?;>A ;6D;E76 012 A<8<E7

<= ;G6 2>f6761; A0;69<7>6?I !012?A0:6 2>567?>;@ F0?

A08AE80;62 C@ %G011<1Jp>6167e? 6HE0;><1 K]76C?

MNWNL) E?>19 ;G6 :7<:<7;><1? <= 2>f6761; A<567 ;@:6?I

#12>A6? <= 8012 7E996216??) 270>1096 261?>;@ 012

7<02 261?>;@ F676 267>562 =7126D <= 8012 7E996216?? F0? A08AE80;62 C@ A<E1;>19

;G6 1EBC67 <= ;>B6? ;G6 8>16? <1 01 <56780@ >1;67S

A6:;62 6567@ V=;G A<1;<E7 8>16 KPOB) MOOB) I I I L <1

;G6 ;<:<970:G>A B0:I UG6 <56780@ F0? 0 ?HE076

76:76?61;>19 01 0760 <= RPSTBR) FG676 =<E7 702>08

8>16? 7E11>19 1<7;GJ?<E;G) 60?;JF6?;) 1<7;GSF6?;J

?<E;GS60?; 012 1<7;GS60?;J?<E;GSF6?;) G02 C661

270F1I !>T6F>?6) ;G6 >12>A6? <= 270>1096 261?>;@ 012

7<02 261?>;@ F676 A08AE80;62 C@ A<E1;>19 ;G6 1EBS

C67 <= >1;67A6:;><1? F>;G) 76?:6A;>568@) ;G6 ?;760B?

012 :0562 7<02? 76:76?61;62 <1 ;G6 B0:I +>?;01A6

;< ;G6 16076?; 5>88096 F0? A08AE80;62 =71; <= ;G6 RPSTBR A688?) 08?< <1 M h RPOOO B0:?I

#1 7680;><1 ;< :76@ 0CE1201A6 <18@ ;G6 70CC>; F0?

A<1?>26762) =<7 ;G>? >? ;G6 ?;0:86 =<<2 =<7 ;G6 #C67>01

8@1D K+68>C6? %< ),I MNYP[ +68>C6? MNWO[ &08B0 MNWOLI

' ?>1986 <C?67567 ?0B:862 70CC>; 050>80C>8>;@ >1

^N 20@?) C6;F661 RW ':7>8 012 W /E8@ MNNaI l<7 60AG

RPSTBR A688) ;G6 :76?61A6 012 7680;>56 0CE1201A6 <=

70CC>;? F676 ?E756@62 08<19 RPOSB ;701?6A;?) <16

=<7 60AG <= MO 7012<B8@ ?686A;62 MSTBR "U( 97>2

A688?I U701?6A;? F676 B026 08<19 2>7; 7<02? =<88<FS

>19 G>88 7>296?) FG676 :768>B>107@ <C?6750;><1? G02

?E996?;62 ;G0; ;G6 :76?61A6 <= 70CC>;? F0? B<?; :76S

2>A;0C86I '; 60AG ;701?6A; ?>91? <= 70CC>; 0A;>5>;@

KF07761?) ;70AT?) =06A08 :6886;?) ?A70;AG6? 012 <C?67S

50;><1 <= 01>B08?L F676 76A<7262 012 80;7>16? F676

A<E1;62 >1 0 ?;7>: >1A8E2>19 RB C6@<12 60AG ?>26 <=

;G6 7<02I !0;7>16? 076 ?:6A>08 A<BBE108 ?>;6? FG676

70CC>;? 26:<?>; =06A08 :6886;?) >1 022>;><1 ;< 26:<?>;S

!-1.# 67 Q0C>;0; 507>0C86? E?62 >1 ;G6 0108@?>? <= =0A;<7? 0f6A;>19 ;G6 8>T68>G<<2 <= #C67>01 8@1D <C?6750;><1 >1 F6?;671'890756I %66 ;G6 ?;E2@ 0760 ?6A;><1 =<7 0 B<76 26;0>862 26?A7>:;><1 <= 8012 A<567 ;@:6?

,0196 <= 508E6?

m07>0C86? 'CC765>0;><1 (>1>BEB (601 (0D>BEB

B-+, >&C#2Z <= 0760 F>;G <0T F<<28012? Z <0T O P RPZ <= 0760 F>;G ;088 B0HE>? Z B0HE>? Y MR bNZ <= 0760 F>;G 656797661 ?A867<:G@8<E? ?A7EC8012 Z ?A7EC Y ba YMZ <= 0760 0f<76?;62 Z 0f<76?;62 O RN aNZ <= 0760 F>;G =07B8012 Z =07B8012 M MY Y^Z <= 0760 F>;G 26568<:62 8012 Z 26568<:62 O R MM!012?A0:6 2>567?>;@ +>567?>;@ OX^O OXPP OXYM

D"/%(&)+&5/#126D <= 270>1096 261?>;@ +70>1096 OXaP bXaO PXaO#126D <= 8012 7E996216?? ,E996216?? OXNO bXYO aXOO

E$5-+ ,(%*$21-+>##126D <= 7<02 261?>;@ ,<02? OXOO OXMa OXYO+>?;01A6 ;< ;G6 16076?; 5>88096) TB +>?;01A6 OXOP MXWb ^XRO

D2#/ -1$+,-+>#'567096 1EBC67 <= 80;7>16? :67 ;701?6A; ,0CC>; OXOO RXPO NXRO

?6;HS ;),3).

;S T%U) V

2S 1*(&#-5%'

>19 =06A6? 0::0761;8@ 0; 70127

70196 K%1622<1 MNNMLI g<E1;? <= =06A08 :6886;? G056

C661 F>268@ E?62 =<7 6?;>B0;>19 70CC>; 2>?;7>CE;><1

012 7680;>56 0CE1201A6 K,<967? ` (@67? MNYNL) ;G>?

B6;G<2 C6>19 :07;>AE8078@ 0::7<:7>0;6 =<7 0760?

FG676 ;G6 0A;E08 <C?6750;><1 <= >12>5>2E08? >? 2>tS

AE8; 012 ;G6 ?<>8 >? 96167088@ E1?E>;0C86 =<7 76A<72>19

;70AT? 012 ?A70;AG6?I Q<F6567) >1 ;G>? A0?6 ;G6 261?6

012 ;088 ?A7EC :76A8E262 ;G6 A<E1;>19 <= ?A0;;6762

:6886;?) G61A6 <18@ 80;7>16? F676 A<1?>26762I '1

>126D <= 70CC>; 0CE1201A6 F0? A<B:E;62 C@ A<1?>2S

67>19 ;G6 0567096 1EBC67 <= 80;7>16? :67 ;701?6A;I

+'U' '_'!q%#%

!<9>?;>A BE8;>:86 76976??><1 KQ<?B67 ` !6B6?G<F

MNWNL F0? A<12EA;62 E?>19 *3,*U K%*,g MNNML ;<

:762>A; ;G6 :7<C0C>8>;@ <= 8@1D <C?6750;><1 0? 0

=E1A;><1 <= G0C>;0; A<12>;><1? 0; RPSTBR A688?I

Q<F6567) ?<B6 <= ;G6 507>0C86? E?62 =<7 26?A7>C>19

8@1D G0C>;0; F676 >1;7>1?>A088@ >1;6726:61261; KBE8;>S

A<88>1607>;@L) ;GE? 0 ?EC?;01;>08 :07; <= ;G6 >1=<7B0S

;><1 >1 <16 <7 B<76 <= ;G6?6 507>0C86? B0@ C6

762E1201; 012 ;G6 A<1A8E?><1? 270F1 =7<1 0108@?>? B0@ C6 0BC>9E<E? K3801;d `

%8>1T67 MNNOLI &7>1A>:08 A<B:<161;? 76976??><1

K3801;d ` %8>1T67 MNNOL F0? E?62 ;< A<B:61?0;6 =<7

E105<>20C86 BE8;>A<88>1607>;@ 0B<19 ;G6 20;0I UG>?

B6;G<2 E?6? 0? >126:61261; 507>0C86? ;G6 0D>?

<C;0>162 =7107@ :7>1A>:08 A<B:<161;?

0108@?>? K&g'LI UG6 :7>1A>:08 A<B:<161;? A<1;0>1

;G6 ?0B6 >1=<7B0;><1 0? ;G6 <7>9>108 507>0C86? 012

G056 ;G6 C616V; <= C6>19 26V162 >1 0 F0@ ?< ;G0;

;G6@ 076 BE;E088@ E1A<77680;62 012 ;G0; ;G676 >? 1<

762E1201; >1=<7B0;><1 C6;F661 ;G6BI U< >B:7<56

;G6 0108@?>? =E7;G67 012 ;< <C;0>1 ?>B:867 012 B<76

>1;67:76;0C86 A<B:<161;?) ;G6 &g' 0D6? F676

7<;0;62 E?>19 ;G6 507>B0D A7>;67>0 K]>B ` (E68867

MNYWLI

UG6 B<268 CE>82>19 ?;70;69@ >1A8E262 0 :768>B>1S

07@ 0108@?>? <= ;G6 >?<80;6 6f6A; <= 60AG 7<;0;62 &g'

A<B:<161;) E?>19 E1>507>0;6 8<9>?;>A 76976??><1 010S

8@?>? KQ<?B67 ` !6B6?G<F MNWNLI .<;G p082 012

8>T68>G<<2 70;>< ;6?;? K!RL F676 A<B:E;62) =<7 ;G6@=76HE61;8@ :7<5>26 2>f6761; 76?E8;?I .6A0E?6 F6

?<E9G; ;< >261;>=@ 6561 ;61E<E? A<77680;6? <= 8@1D

<AAE7761A6) 088 26?A7>:;<7? F>;G ;S508E6? uOXRP >1

6>;G67 ;6?; F676 76;0>162 =<7 BE8;>507>0;6 8<9>?;>A

76976??><1 0108@?>?I U< 26;6A; :<??>C86 <E;8>67? >1 ;G6

20;0) >1\E61;>08 <C?6750;><1? F676 6?;>B0;62 =7507>0;6 76976?S

?><1 B<268I ' 268;0SC6;0 >? 01 0::7<D>B0;><1 <= ;G6

0B<E1; ;G0; 01 6?;>B0;62 76976??><1 :070B6;67

F<E82 AG0196 >= 0 9>561 <C?6750;><1 F0? ;;62

=7<1 V;) 80796 AG0196? >12>A0;>19 ;G0;

;G6 <C?6750;><1 B0@ =088 <f ;G6 :0;;671 65>261;

=71T67 MNNO[

%*,g MNNMLI

UG6 507>0C86? 76;0>162 >1 ;G6 :768>B>107@ ?A7E;>1@

F676 ;G61 ?ECi6A;62 ;< 0 =<7F072 ?;6:F>?6 :7<A6S

2E76) >1 <7267 ;< 961670;6 B<76 :07?>B<1><E? BE8;>S

507>0;6 8<9>?;>A B<268?I '88 ;G6 507>0C86? =<7 FG>AG

;G6 ?A<76 ;6?; G02 ;S508E6? ?B08867 ;G01 OXM F676

61;6762 >1;< ;G6 B<268) =<88<F>19 ;G6 :7<A62E76

050>80C86 >1 *3,*U K%*,g MNNMLI UG6 B<268?

26568<:62 F676 AG6AT62 =<7 C><8<9>A08 :80E?>C>8>;@)

012 507>0C86? F676 ;G61 61;6762 >1;<) <7 76B<562

=7<B) ;G6 B<268?) >1 <7267 ;< >B:7<56 ;G6>7 9<<2S

16??S<=SV;I p6 08?< ;6?;62 =<7 ;G6 :76?61A6 <= 1<1S

8>1607>;@ 012 >1;670A;><1? C6;F661 507>0C86?) =<88<FS

>19 ;G6 :7<A62E76? ?E996?;62 C@ Q<?B67 `

!6B6?G<F KMNWNLI

UG6 ?>91>VA01A6 <= 8<9>?;>A B<268? F0? 0?A67;0>162

=7T68>G<<2 70;>< ?;0;>?;>A?) C@ A<B:07>19

;G6 265>01A6 =<7 ;G6 B<268? <= >1;676?; 090>1?; ;G6

265>01A6 =<7 ;G6 B<268 V;;62 <18@ ;< ;G6 >1;67A6:; "<KQ<?B67 ` !6B6?G<F MNWNLI g80??>VA0;><1 ;0C86?

F676 08?< E?62 =<7 0??6??>19 ;G6 9<<216??S<=SV;

KQ<?B67 ` !6B6?G<F MNWNLI l<7 ;G>?) ;G6 6?;>B0;62

:7<C0C>8>;>6? <C;0>162 =7<1 B<268?

F676 A<1567;62 ;< 2>AG<;<B<E? OJM 20;0 ;G7<E9G

?:6A>VA0;><1 <= 0 AE;S<f :<>1;I (<5>19 ;G6 AE;S<f

:<>1;? C@ >1A76B61;? <= OXM 08<19 ;G6 vO)Mw :7<C0C>8S

>;@ >1;67508 088<F? 6?;>B0;6? <= <:;>B08 AE;S<f :<>1;?

;< C6 B026 C@ >261;>=@>19 ;G6 508E6? =<7 FG>AG B<?;

?EAA6??6? 076 A<776A;8@ A80??>V62) FG>86 B>1>B>d>19

;G6 1EBC67 <= =0>8E76? K&676>70 ` #;0B> MNNMLI

g80??>VA0;><1 0AAE70A@ <= ;G6 B<268 F0? ;G61 A<BS

:0762 F>;G ;G0; 0;;0>10C86 C@ AG01A6 E?>19 g<G61e?

# K%>6968 ` g0?;68801 MNWW[ .7<F1 ` !>;50>;>? MNNPLI#126:61261; 508>20;><1 <= ;G6 B<268? C@ A08AE80;>19

A80??>VA0;><1 677<7 70;6? =<7 20;0 1<; E?62 >1 ;G6

B<268 CE>82>19 F0? 1<; :<??>C86) C6A0E?6 <= ;G6

?B088 ?0B:86 ?>d6?I

('&&#_3 -l %#3QU#_3 &,-.'.#!#U#*%

' B0: <= ?>9G;>19 :<;61;>08 =<7 ;G6 #C67>01 8@1D >1

F6?;671 '890756 F0? 267>562 =708 >1;67S

:<80;><1 C6;F661 ?>9G;>19 :7<C0C>8>;>6? 6?;>B0;62

=7?;>A B<268I 'B<19 ;G6 2>f6761; >1;67S

:<80;><1 B6;G<2? 050>80C86) T7>9>19 F0? E?62

C6A0E?6 ;G>? >? :7<C0C8@ ;G6 B<?; 026HE0;6 =<7 A<1S

?;7EA;>19 B0:? 26?A7>C>19 HE01;>;0;>56 ;7612? >1 0

?:6A>6? 0CE1201A6) 0? >; ;0T6? >1;< 0AA<E1; ;G6

B0;G6B0;>A08 AG070A;67>?;>A? <= ;G6 9616708 ?;7EA;E76

<= ;G6 ?:0;>08 :G61<B61<1 ?;E2>62 K(0E767 MNN^[

m>88072 ` (0E767 MNNaLI ]7>9>19 >? 0 F6>9G62 B<5S

>19 0567096 ;6AG1>HE6) F>;G F6>9G;? 26:612>19 <1

;G6 ?:0;>08 :0;;671? <= A<507>01A6 C6;F661 ?0B:8>19

:<>1;? K.E77<E9G? MNWYLI UG6?6 :0;;671? 076

<C;0>162 C@ V;;>19 0 ;G6<76;>A08 B0;G6B0;>A08 B<268

;< 01 6D:67>B61;08 507><970B K.E77<E9G? MNWY[

(0E767 MNN^L) FG>AG 76:76?61;? ;G6 0567096 269766

<= ?>B>807>;@ C6;F661 ?0B:8>19 8<A0;><1? 0? 0 =E1AS

;><1 <= 96<970:G>A08 2>?;01A6 C6;F661 ;G6B K,<??>

?6<+"),I'#' *P

W7%&#)" ,I"J

'#-A<#"-'

%< ),I MNNRLI UG>? B<268 >? ;G6 ?<E7A6 <= >1=<7B0;><1

0C<E; ;G6 0567096 2>?;01A6 F>;G>1 FG>AG ;G6 ?0B:86?

76B0>1 A<77680;62 ?:0;>088@ K>1;67:<80;><1 F>12<FL)

012 ;G6 F6>9G;? ;G0; BE?; C6 E?62 >1 ;G6 >1;67:<80S

;><1 K.E77<E9G? MNWYLI UG6 507><970B 08?< A<1;0>1?

>1=<7B0;><1 <1 ;G6 x1E996; 507>01A6e) ;G0; >? ;G6 ?:0S

;>08 507>0C>8>;@ 0; 2>?;01A6? ?B08867 ;G01 ;G6 ?B0886?;

?0B:8>19 2>?;01A6 K,<??> %< ),I MNNRLI m07><970B?

F676 :7<2EA62 F>;G ;G6 :7<970B m',#-p#_ RIR

K&0110;>67 MNNaL) 012 >1;67:<80;><1 F0? A077>62 <E;

E?>19 %",l*, PIOM K3<8261 %<=;F076 MNN^LI

#1;67:<80;><1 F0? <18@ A<B:E;62 =<7 8<A0;><1?

FG676 ;G676 F676 0; 860?; ;G766 20;0 :<>1;? <AAE:@S

>19 0 B>1>BEB <= ;F< HE02701;? F>;G>1 ;G6 >1;67:<S

80;><1 F>12<FI

*77<7? >1 B0::>19 ?>9G;>19 :7<C0C>8>;>6? ;G7<E9G

>1;67:<80;><1 F676 0??6??62 C@ i0ATST1>=6 76?0B:8>19

K_<7;G ` ,6@1<82? MNNaLI -16 <C?6750;><1 F0?

76B<562 =71>19 20;0 F676

?:0;>088@ >1;67:<80;62) 012 ;G6 16F B0: 267>562 F0?

E?62 ;< 6?;>B0;6 ;G6 :7<C0C>8>;@ <= ?>9G;>19 8@1D 0;

;G6 8<A0;><1 <= ;G6 <C?6750;><1 ;;62I UG>? :7<A6??

F0? 76:60;62 =<7 60AG <C?6750;><1 >1 ;G6 20;0 ?6;)

012 ;G6 :7<C0C>8>;>6? ;GE? <C;0>162 F676 E?62 ;<

A<1?;7EA; 0 16F A80??>VA0;><1 ;0C86) A<1?>267>19 ;G6

?0B6 AE;S<f :<>1; 0? C6=<76I g<G61e? # F0? E?62 ;<0??6?? A80??>VA0;><1 0AAE70A@ <= ;G6 >1;67:<80;62 6?;>S

B0;6?I p6 08?< 76976??62 ;G6 ?>9G;>19 :7<C0C>8>;>6?

267>562 =7=6 0::7<0AG <1 ;G<?6 6?;>S

B0;62 2>76A;8@ =7?;>A B<268) ;< 26;6A; 01@

?>91>VA01; 26:07;E76 =7<1?G>:)

Jy II

F#%$.*%

#_U*,,*!'U#-_% '(-_3 Q'.#U'U

m',#'.!*%

&7>1A>:08 A<B:<161;? 0108@?>? <= ;G6 G0C>;0; 507>S

0C86? A<1V7B62 ;G6 :76?61A6 <= ?67><E? BE8;>A<88>S

1607>;@) ;G6 A<12>;><1 1EBC67 =<7 ;G6 V7?;

6>961508E6 K$y %B0Do%B>1yMY^XbL C6>19 =07 0C<56;G6 ;G76?G<82 =<7 A<1A671 KMOOLI !<02>19? <= ;G6

G0C>;0; 507>0C86? <1 ;G6 7<;0;62 &g' 0D>? 076 ?G<F1

>1 U0C86 RI UG6 507>B0D 7<;0;><1 F0? 567@ ?EAA6??=E8

>1 B>1>B>d>19 ;G6 8<02>19? <= 60AG 507>0C86 <1 088

CE; <16 0D>?I UG6 6DA6:;><1? F676 ;G6 507>0C86?

Z?A7EC 012 Z0f<76?;62) FG>AG F676 C<;G 0?A7>C62

;< 0D>? #I UG6 ?;7<19 7680;><1?G>: C6;F661 ;G6?6 ;F<

507>0C86? F0? :7<C0C8@ C6A0E?6 ;G6 0760? <= 27@ A67S

608 =07B8012 0C012<162 >1 ;G6 80?; 26A026? 6>;G67

76567;62 ;< /#'<5' ,)()"#P%& !I ?A7EC8012) <7 F676

0f<76?;62 F>;G 6EA08@:;E?I *0AG 0D>? =79G 8<02>19? KzOXYOL =<7 0 ?>1986 G0C>;0;

507>0C86) 012 F0? 08B<?; 1<; 7680;62 ;< 01@ <;G67

507>0C86 K8<02>19? uOX^LI UG676=<76) 60AG <= ;G6?6

0D6? B0@ C6 ;G<E9G; ;< 76:76?61; ;G6 :<7;><1 <=

507>0C>8>;@ <= 0 9>561 G0C>;0; 507>0C86 ;G0; >? >126S

:61261; <= ;G6 76B0>1>19 507>0C86?I 'D>? r## 2>2

1<; ?G<F G>9G 8<02>19? =<7 01@ G0C>;0; 507>0C86)

;GE? >; F0? 2>?A07262 =7?I

g-m',#'U*% -l !q_r %#3QU#_3%

UG6 E1>507>0;6 8<9>?;>A 76976??><1 0108@?>? KU0C86 bL

?G<F62 0 A8607 1690;>56 0??<A>0;><1 C6;F661 8@1D

?>9G;>19? 012 7<02 261?>;@ K0D>? m###L) 012 0 ?;7<19

:<?>;>56 0??<A>0;><1 F>;G ;G6 0CE1201A6 <= 70CC>;?

Kr#L 012 86?? ?< F>;G ;088 B0HE>? K#mLI m696;0;><1

2>567?>;@ K##L) 8012 7E996216?? K#rL 012 26568<:62

8012 KrL ?G<F62 F60T K;uOXRPL 1690;>56 0??<A>0S

;><1? F>;G 8@1D <C?6750;><1?) CE; ;G6@ F676 76;0>162

=<7 =E7;G67 0108@?>?I

UG6 >1?:6A;><1 <= 268;0SC6;0? =<7 ;G6 26;6A;><1 <=

>1\E61;>08 20;0 :<>1;? 76560862 ;G0; ;G676 F0? <18@

<16 8@1D ?>9G;>19 A86078@ =088>19 <f ;G6 :0;;671 =<7

;G6 76B0>1>19 20;0) 0; 860?; =<7 ;G6 0D>? 7680;62 ;<

;G6 :67A61;096 A<567 C@ 26568<:62 8012I UG>? <C?67S

50;><1 F0? B026 A8<?6 ;< 0 5>88096) >1 01 0760 F>;G 0

!-1.# 87 &7>1A>:08 A<B:<161; 8<02>19? 012 6D:80>162 507>01A6 KZ m07IL =<7 507>B0D 7<;0;62 &g 0D6? #Jr## 26?A7>C>19 ;G67680;><1?G>:? C6;F661 507>0C86? E?62 ;< 0108@?6 8@1D G0C>;0; >1 F6?;671 '890756I l<7 60AG 0D>? <18@ ;G6 ;G766 507>0C86? F>;G;G6 G>9G6?; 8<02>19? 076 9>561

'D>? Z m07I l0A;<7 8<02>19?

# MPXP Z ?A7EC KOXN^L Z 0f<76?;62 KJOXWRL ,E996216?? KJOX^RL## WXR +>567?>;@ KOXWWL Z <0T KOXb^L Z ?A7EC KJOXMYL### WXY ,0CC>; KOXNWL ,<02? KJOXMYL Z 26568<:62 KJOXM^L#m NX^ Z B0HE>? KOXNbL ,E996216?? KOXbML Z 26568<:62 KJOXMNLm MOX^ Z =07B8012 KOXNRL Z 26568<:62 KOXbYL Z 0f<76?;62 KJOXbRLm# WXW +>?;01A6 KOXNPL ,<02? KJOXRML Z 26568<:62 KJOXMWLm## WXN +70>1096 KOXNOL Z 0f<76?;62 KOXRPL ,E996216?? KOXRbLm### WXb ,<02? KOXWYL Z 26568<:62 KOXRNL Z <0T KOXMYL#r PXP ,E996216?? KOXYRL Z 0f<76?;62 KOXMNL Z 26568<:62 KJOXMaLr YXO Z 26568<:62 KOXYYL Z 0f<76?;62 KJOXRPL Z =07B8012 KOXROLr# NXO Z <0T KOXNML +>567?>;@ KOXbWL ,<02? KOXRMLr## OXb Z 0f<76?;62 KOXMPL Z ?A7EC KOXONL Z <0T KJOXOO^L

?6GHS ;),3).

;S T%U) V

2S 1*(&#-5%'

BEAG ?;7<1967 GEB01 <AAE:0;><1 ;G01 <;G67 ?>;6?

FG676 ;G6 ?:6A>6? F0? ?>9G;62I pG61 ;G>? <C?6750S

;><1 F0? 76B<562 =7507>0;6 0108@?>?) 0

?;7<19 1690;>56 0??<A>0;><1 C6;F661 8@1D 012 26568S

<:62 8012 6B67962 K"yJMXROa[ "o%* K"LyJRXâM[;yOXOM^L) >12>A0;>19 ;G0; ;G>? 20;0 :<>1; B0@ C6

01 <E;8>67I .6A0E?6 <= ;G>?) ;G6 <C?6750;><1 F0? 2>?S

A07262 =7?I

UG6 BE8;>507>0;6 8<9>?;>A B<268 A<1567962 <1 0

=<7BE80;><1 >1A8E2>19 ;G6 0D>? 7680;62 ;< 70CC>;

0CE1201A6 K###L) A<567 C@ ;088 B0HE>? K#mL) 7<02

261?>;@ Km###L 012 A<567 C@ 26568<:62 8012 KrL 0?

;G6 ?;0;>?;>A088@ ?>91>VA01; 507>0C86? K;uOXM[

U0C86 ^LI g86078@) ?>9G;>19 <= 0 8@1D >? B<76 8>T68@ >1

0760? FG676 =<<2 76?<E7A6? K70CC>;?L 012 A<567 K;088

B0HE>?L 076 0CE1201;) 012 FG676 GEB01 2>?;E7S

C01A6 K7<02? 012 26568<:62 8012L >? 762EA62I UG>?

?686A;><1 <= 507>0C86? F<E82 G056 76B0>162 >261;>A08)

G02 F6 7680D62 ;G6 >1A8E?><1 A7>;67>0 ;< A<1?>267

507>0C86? F>;G 0 ?A<76 ;6?; ;uOXRI UG6 B<268 F0?

?0;>?=0A;<7@) C6A0E?6 0; ;G6 AE;S<f 86568 @>682>19 ;G6

80796?; :67A61;096 <= A<776A; A80??>VA0;><1? KOXPL >;

>261;>V62 A<776A;8@ WPXYZ <= 8@1D A688?[ 0; ;G6 ?0B6

;>B6 <18@ ROXYZ <= ;G6 7012?A80??>S

V62I g80??>VA0;><1 0AAE70A@ F0? 9760;67 ;G01

6D:6A;62 C@ AG01A6 K#yOXaP) ;uOXOOMLI

('&&#_3 -l %#3QU#_3 &,-.'.#!#U#*%

UG6 507><970B Kl>9I RL A08AE80;62 =708

2>?;7>CE;><1 <= 8@1D ?>9G;>19 :7<C0C>8>;>6? >1 F6?;671

'890756 >12>A0;62 ;G0; ;G6 B0D>BEB ?6B>S507>01A6

<AAE7? 0; 809? <= 0C<E; MR TB) 012 ;G0; :<>1;?

=E7;G67 0:07; ;G01 ;G>? ;612 ;< \EA;E0;6 >1 0 :?6E2<S

:67><2>A B01167I UG>? 76?E8; B0@ 267>56 =708 :0;;671 <= 0 ?:6A>6? ?G<F>19 <16 <7 0 =6F

A<76 0760?) >;? 0CE1201A6 26A760?>19 0F0@ =7<S

970B F0? C6?; 76:76?61;62 C@ 0 30E??>01 B<268)

F>;G 0 ?>88 <= OXMMW 012 0 70196 <= NXR TB) C6@<12

FG>AG ;G6 <C?6750;><1? B0@ C6 ;760;62 0? ?;0;>?;>S

A088@ >126:61261;I UG676=<76) ;G6 >1;67:<80;><1 F>1S

2<F F0? ?6; 6HE08 ;< ;G6 70196I UG6 1E996; 6f6A;

<C;0>162 F0? ?B088 KOXOMRL CE; >; F0? A<1?>26762 =<7

!-1.# 97 *f6A;? <= 60AG G0C>;0; 507>0C86 <1 ;G6 8>T68>G<<2 <= 8@1D ?>9G;>19 >1 F6?;671 '890756) 0? 0??6??62 =719 0 8<9>?;>A E1>507>0;6 B<268 ;< ;G6 507>B0D 7<;0;62 :7>1A>:08 A<B:<161;?I %;0;>?;>A08 ?>91>VA01A6 <= ;G6 G0C>;0; 0??<A>0S;><1? F0? <C;0>162 =7T68>G<<2 70;>< ;6?; K!R[ 2I=IyMLI " y 8<9>?;>A 76976??><1 A<6tA>61;?I %* K"Ly ?;012072 677<7? <= "

p082 ;6?; !>T68>G<<2 70;>< ;6?;

'D>? ,680;62 507>0C86? g<6tA>61; K"L "o%* K"L ; !R ;

# Z ?A7ECKjLZ 0f<76?;62 KJL

OXMYW OXaaa OXPOP OX^^Y OXPO^

## +>567?>;@ JOXbN^ JOX^b^ OXMPN RXON^ OXM^W### ,0CC>; OXY^P RXRPO OXOR^ aXRYN OXOMR#m Z B0HE>? OXPb^ MXYYW OXOYP bXPYO OXOPNm Z =07B8012 OXOMO OXObW OXNaN OXOOR OXNaNm# +>?;01A6 JOXORP JOXONa OXNRb OXOON OXNRbm## +70>1096 OXOPa OXRMR OXWbR OXO^P OXWbRm### ,<02? JOXPRY JMXYNN OXOYR bXPYR OXOPN#r ,E996216?? JOX^Mb JMXâY OXM^R RXRWW OXMbOr Z 26568<:62 JOX^Wb JMX^NM OXMba RXaWR OXMOMr# Z <0T JOXROO JOXYba OXâR OXPP^ OX^PY

!-1.# :7 .6?; BE8;>507>0;6 8<9>?;>A 76976??><1 B<268 26?A7>C>19 ;G6 7680;><1?G>: C6;F661 G0C>;0; A<12>;><1? 012 8@1D ?>9G;>19:7<C0C>8>;@ >1 F6?;671 '890756 K8>T68>G<<2 70;>< !RyRYXMMP[ ;uOXOOM[ 2I=Iy^LI " y 8<9>?;>A 76976??><1 A<6tA>61;?I %* K"Ly ?;012072 677<7? <= "I & y <22? 70;><

p082 ;6?; -22? 70;><

'D>? ,680;62 507>0C86? g<6tA>61; K"L "o%* K"L ; & NPZ g#

"< JOXRab JOXYO^ OX^WR J J### ,0CC>; MXMaM RXPR^ OXOMR bXMNb KMX^NW)aXWOaL#m (0HE>? OXYbP RXONb OXOba RXOWP KMXMYO)bXYM^Lm### ,<02? JOXaOY JMXYMM OXOWY OXP^P KOXbO^)OXNYaLr Z 26568<:62 JMXNb^ JRXaPb OXOOW OXM^P KOXO^b)OX^YNL

?6?+"),I'#' *P

W7%&#)" ,I"J

'#-A<#"-'

?:0;>08 >1;67:<80;><1 C6A0E?6 B0;7>D >1?;0C>8>;@ :7<S

C86B? >1 T7>9>19 076 <=;61 61A<E1;6762 FG61 E?>19 0

30E??>01 B<268 F>;G<E; 0 1E996; 6f6A; K&0110;>67

MNNaLI

UG6 ?>9G;>19 8>T68>G<<2 B0: 961670;62 C@ T7>9>19

F0? <56780>2 F>;G ?>9G;>19 8<A0;><1? ;< =0A>8>;0;6

A<B:07>?<1? C6;F661 <C?67562 ?:0;>08 :0;;671? <=

8@1D <AAE7761A6 012 ;G6 >1;67:<80;62 :7<C0C>8>;>6?

Kl>9I bLI '1<;G67 PY >1;67:<80;><1 B0:? F676 :7<S

2EA62 C@ i0ATST1>=6 76?0B:8>19) CE; >1 V56 A0?6? ;G6

B>1>BEB 1EBC67 <= 20;0 :<>1;? 16A6??07@ ;< A077@

<E; 6?;>B0;><1? F0? 1<; 050>80C86 F>;G>1 ;G6 >1;67:<S

80;><1 F>12<F <= ;G6 <C?6750;><1 76B<562 =791>VA01; 8>1607 7680;><1?G>:

C6;F661 ;G6 :7<C0C>8>;>6? 267>562 =7=6 :7<A62E76 012 2>76A;8@ =7?;>A B<268

K&RyOX^O) :M)POyb^XOaa) ;uOXOOML) CE; ;G6 ?8<:6

F0? ?>91>VA01;8@ 2>f6761; =71;67A6:; 2>f67S

61; =7? F0? C6A0E?6 T7>9>19 :7<2EA62 0 ?B<<;G62

;7612 ?E7=0A6) 012 ;GE? ?B088 :7<C0C>8>;@ 508E6?

F676 A<1?>?;61;8@ <5676?;>B0;62 012 80796 508E6?

E12676?;>B0;62I g076 ?G<E82 ;GE? C6 ;0T61 FG61

>1;67:76;>19 ;G6 B0: <= ?>9G;>19 :<;61;>08) =<7 <18@

;G6 9616708 ?:0;>08 ;7612? <= G>9G 012 8<F :7<C0C>8S

>;@) CE; 1<; ;G6 0A;E08 :7<C0C>8>;@ 508E6?) B0@ C6

B601>19=E8I #1 ?:>;6 <= ;G>?) ;G6 i0ATST1>=6 :7<C0C>8S

>;>6? A80??>V62 A<776A;8@ WOXWZ <= ;G6 <C?6750;><1? 0?

8@1D ?>9G;>19? <7 70121;?) A<1?>267>19 0 AE;S

<f :<>1; <= OXPI UG>? A80??>VA0;><1 0AAE70A@ >?

9760;67 ;G01 6D:6A;62 C@ AG01A6 K#yOXaR);uOXOOML

3>561 ;G6 8>B>;0;><1? :76?61;62 0C<56) ;G6 B0:

>12>A0;62 ;G6 :76?61A6 <= ;G766 A<76 0760? K?>9G;>19

:7<C0C>8>;@ zOXPL) FG676 B<?; <C?6750;><1? F676

A077>62 <E;h K>L 0 ?<E;GSF6?;671 0760) 7<E9G8@ A<776S

?:<12>19 ;< ;G6 G>88? <= *?:>1G0As < 26 g0n < 012 ;G6

02i<>1>19 A<0?;08 9E88>6?[ K>>L 0 1<7;G671 0760) >1A8E2S

>19 6??61;>088@ ;G6 7>567 %6>D6 F0;67?G62[ K>>>L 012 0

?<E;GS60?;671 0760) 61A<B:0??>19 ;G6 C0?>1 <= ;G6

7>567 -268<EA0I UG6 ;F< ?<E;G671 0760? ?66B62 ;<

C6 A<116A;62 C@ 0 ;G>1 A<77>2<7 F>;G ?>9G;>19 :7<CS

0C>8>;>6? =7HE6 B<E1;0>1) FG676 ?<B6 8@1D

<C?6750;><1? F676 B026) CE; ;G6@ 076 ?6:070;62

=78>;@ 90:

KOXRu;uOX^LI Q<F6567) F>;G>1 ;G>? 0::0761; 90:

;G676 F676 ?<B6 8@1D <C?6750;><1? A8<?6 ;< ;G6 5>8S

8096 <= '8i6dE7I

H(%>$%%(&+

!#(#U'U#-_% -l +'U' '_+ %-(*

'%%"(&U#-_%

UG6 76?E8;? :76?61;62 G676 ?G<F 0 A8<?6 09766B61;

C6;F661 ;G6 :762>A;62 2>?;7>CE;><1 <= 8@1D <C?6750S

;><1? C0?62 <1 G0C>;0; A7>;67>0 012 ;G6>7 0A;E08 ?>9G;S

>19?I Q<F6567) ;G6 ?;E2@ 2>2 1<; 02276?? 2>76A;8@

;G6 HE6?;><1 <= G0C>;0; ?686A;><1 C@ ;G6 8@1D) 01@

6A<8<9>A08 >1=6761A6? 76?;>19 <1 ;G6 0??EB:;><1 ;G0;

?>9G;>19? ?G<E82 76\6A; 01 E12678@>19 G0C>;0; :0;S

;671I UG6 B0>1 :7<C86B? F>;G ;G>? 0??EB:;><1 076

;G6 E1A67;0>1;@ 012 677<7 A<1;0>162 >1 ?>9G;>19 20;0)

012 ;G6 ;61261A@ =<7 <C?6750;><1? <= 7076 ?:6A>6? ;<

C6 8<A0;62 >1 :80A6? B<?; 0AA6??>C86 ;< <C?67567?

K%;<B? %< ),I MNNbLI UG6 V7?; <= ;G6?6 :7<C86B? F0?

:7<C0C8@ 68>B>10;62 >1 ;G>? ?;E2@ C@ A<1?>267>19

<18@ V7?;SG012 <C?6750;><1? 012 A076=E88@ AG6AT>19

=<7 A<1?>?;61A@ 088 ?>9G;>19 76:<7;?I UG6 ?6A<12 :7<S

C86B F0? :<;61;>088@ B<76 ?67><E?) =<7 B01@ ?>9G;S

>19? F676 A86078@ 0??<A>0;62 F>;G GEB01 0A;>5>;>6?h

<C?6750;><1? =7A86? 0; 1>9G;) 2E7>19 F>82

C<07 @5' 'B&*P) !I GE1;?) <7 C@ ?G6:G672? 9E072>19

;G6>7 \<AT? K&08B0 MNNaLI g<1?>267>19 ;G>?) >; F0?

0AA6:;62 ;G0; ?>9G;>19? 2< 1<; 76\6A; G0C>;0; A<12>S

;><1? >1 ;G6>7 >BB62>0;6 5>A>1>;@) CE; ;G0; ;G6@ B0@

C6 7680;62 ;< ;G6 8012?A0:6 AG070A;67>?;>A? >1 0 7680S

A()7 87 *D:67>B61;08 507><970B <= 8@1D ?>9G;>19 :7<C0C>8>;>6? 267>562 =7?;>A 76976??><1 B<268 >1 U0C86 ^I

?6IHS ;),3).

;S T%U) V

2S 1*(&#-5%'

;>568@ 80796 0760 KRP TBRL ?E77<E12>19 ;G6 :<>1; <=

<C?6750;><1I #; F0? 0??EB62 ;G0; ;G>? 0::7<0AG

?G<E82 762EA6 ;G6 C>0? 0??<A>0;62 F>;G ;G6 E16561

2>?;7>CE;><1 <= :<;61;>08 <C?67567? 0A7<?? ;G6 ?;E2@

0760I

g>7AEB?;01;>08 65>261A6 ?E996?;? ;G0; ;G6 0C<56S

B61;><162 :<;61;>08 677<7? :7<C0C8@ 2>2 1<; 0f6A;

;G6 0108@?>? 9760;8@I l>7?;) ?>9G;>19? C@ 2>f6761;

<C?67567? ;61262 ;< <AAE7 F>;G>1 F688S26V162 0760?)

?E996?;>19 ;G0; ;G676 F0? 0 A<1?>?;61; ?:0;>08 :0;;671

>1 8@1D <C?6750;><1?I UG>? ?:0;>08 :0;;671 >? 1<;

8>T68@ ;< G056 C661 A0E?62 C@ 0AA6??>C>8>;@ ;< <C?67S

567? =<7 8@1D ?>9G;>19? F676 1690;>568@ 0??<A>0;62

F>;G G0C>;0; 26?A7>:;<7? 7680;62 ;< GEB01 :76?61A6

KA<567 C@ 26568<:62 8012) 7<02 261?>;@ 012 2>?;01A6

;< ;G6 16076?; 5>88096LI %6A<128@) 8@1D <C?6750;><1?

2>?:80@62 0 A<1?>?;61; :<?>;>56 0??<A>0;><1 F>;G G0C>S

;0; 507>0C86? ;G0; G056 C661 ?G<F1 68?6FG676 ;<

>1\E61A6 ;G6 ?:6A>6?e 2>?;7>CE;><1 012 0CE1201A6)

10B68@ ;G6 0CE1201A6 <= 70CC>;?) 762EA62 GEB01

:76?61A6 012 ?E>;0C86 5696;0;><1 A<567 K&08<B076?

%< ),I MNNMLI UG6?6 76?E8;? 9>56 ?;7619;G ;< ;G6 A<1S

;61;><1 ;G0; 8@1D 076 96167088@ <AAE77>19 >1 0760? <=

?E>;0C86 G0C>;0;) 012 1<; 7012<B8@ F>;G>1 ;G6

769><1I UG>728@) B0::>19 <= ?>9G;>19 :7<C0C>8>;>6?

F0? 0C86 ;< :>1:<>1; A86078@ 8@1D A<76 0760?) FG676

B<?; <C?6750;><1? F676 76A<7262) =E7;G67 6B:G0?>dS

>19 ;G6 >1G6761; A<1?>?;61A@ <= ;G6 20;0I

,6?E8;? >1 ;G6 :76?61; ?;E2@ 08?< >12>A0;6 :<??>C86

?<E7A6? <= 677<7 FG61 >1;67:76;>19 8@1D <C?6750S

;><1?I &7<C0C>8>;>6? <C;0>162 =7?;>A 76976?S

?><1 B<268 ?E996?; ;G0; ?<B6 ?>9G;>19? F676 A077>62

<E; >1 0760? FG676 ;G6 G0C>;0; F0? :<<7I ,60?<1?

=<7 ;G>? 076 E1A8607) CE; ?656708 1<1S6DA8E?>56

G@:<;G6?6? B0@ C6 :E; =<7F072 ;< 6D:80>1 ;G>? :0;S

;671I Q0C>;0; 6508E0;><1 F0? A077>62 <E; =708

:G<;<970:G? ;0T61 >1 'E9E?; MNNP 012 V682 ?0BS

:8>19 F0? A077>62 <E; >1 ?:7>19 012 6078@ ?EBB67

MNNa) FG6760? ;G6 8@1D 20;0 267>56? =7;0; AG0196?

B0@ G056 <AAE7762) 269702>19 G0C>;0; A<12>;><1? >1

7680;><1 ;< ;G6 :0?; ?>;E0;><1I UG>? B0@ C6 ;G6 A0?6

>1 ;G6 769><1 <= '8i6dE7) FG676 >1 /E8@ MNNP 270B0;>A

V76? 26?;7<@62 80796 0760? FG676 8@1D G02 C661

<C?67562) 762EA>19 ?E>;0C86 5696;0;><1 A<567 012

:<??>C8@ 70CC>; :<:E80;><1?I -C?6750;><1? <E;?>26

;G6 A<76 0760? B0@ C6 <= iE561>86 2>?:67?67? ?66T>19

16F 0760? ;< ?6;;86I l>1088@) >; >? 08?< :<??>C86 ;G0;

;G676 F676 ?<B6 <C?6750;><1? <= <82 >12>5>2E08? ;G0;

G056 B010962 ;< ?E75>56 F>;G>1 0 A<1;6D; <= :7<S

976??>568@ 269702>19 G0C>;0;?I

!q_r Q'.#U'U #_ (-"_U'#_-"% ',*'%

3>561 ;G6 0??EB:;><1? 012 8>B>;0;><1? <= ?>9G;>19

20;0 2>?AE??62 0C<56) >; >? :<??>C86 ;< 270F ?<B6

>1=6761A6? 0C<E; ;G6 =0A;<7? >1\E61A>19 #C67>01 8@1D

2>?;7>CE;><1 >1 ;G6 E:8012? <= '890756I UG6 0108@?>?

>1 ;G>? ?;E2@ >12>A0;6? ;G0; ;G6 :76?61A6 <= 8@1D >?

:<?>;>568@ 7680;62 ;< ;G6 0CE1201A6 <= 70CC>;? 012

A()7 97 &762>A;62 2>?;7>CE;><1 <= 8@1D ?>9G;>19 :7<C0C>8>;>6? >1 F6?;671 '890756 K&<7;E908LI UG6 ?;E2@ 0760 >? B0::62 <1 0 MSTBR "U( 97>2 A688 C0?>?I 'A;E08 ?>9G;>19? <= 8@1D >1 MNNOJNP 076 >12>A0;62 C@ 0 C80AT 2<;I

?8J+"),I'#' *P

W7%&#)" ,I"J

'#-A<#"-'

A<567 C@ ;088 B0HE>?) 012 1690;>568@ 7680;62 ;< 7<02

261?>;@ 012 A<567 C@ 26568<:62 8012I

UG6 A8<?6 0??<A>0;><1 C6;F661 70CC>;? 012 ;G6

#C67>01 8@1D G0? C661 0AT1<F862962 C@ ?656708

0E;G<7?) 8602>19 ;< ;G6 ?E996?;><1 ;G0; ;G6 26A760?6

>1 ;G6 0CE1201A6 <= 70CC>;? >? <16 <= ;G6 B0>1

A0E?6? =<7 ;G6 F>26?:7602 26A8>16 <= ;G6 8@1D

K,<27c$ 9E6d ` +68>C6? MNNR[ g0?;7< ` &08B0 MNNaLI

!>T6F>?6) >1 ?656708 _<7;G 'B67>A01 8@1D :<:E80S

;><1? ?:6A>08>d>19 <1 809<B<7:G?) :76@ 0CE1201A6 >?

0 2101; =0A;<7 26;67B>1>19 :<:E80;><1 261?>;>6?)

;G7<E9G 6f6A;? <1 G<B6 70196 ?>d6) ?:0;>08 <7901>d0S

;><1 012 76:7<2EA;>56 70;6? Kp072 ` ]76C? MNWP[

]1>AT MNNO[ &<<86 MNN^LI Q61A6) >; >? 8>T68@ ;G0; 70CS

C>; 0CE1201A6 B0@ :80@ 0 ?>B>807 7<86 >1 8>B>;>19

8@1D 0CE1201A6 012 2>?;7>CE;><1 F>;G>1 ;G6 ?;E2@

0760I U701?6A; A<E1;? <= 70CC>; 80;7>16? >1 ;G6

E:8012? <= '890756 ?G<F62 0 B07T62 :0;AG@ 2>?;7>S

CE;><1 <= ;G6 01>B08?) F>;G ;G6 0760? <= G>9G ?>9G;S

>19 :<;61;>08 =<7 8@1D Kl>9I bL C6>19 7<E9G8@

A<>1A>261; F>;G ;G<?6 FG676 70CC>;? F676 B<?; 0CE1S

201;I Q<F6567) 6561 F>;G>1 ;G6 0760? F>;G B<?; 70CS

C>;? ;G6>7 A<8<1>6? ?66B ;< C6 7680;>568@ 7076 012

?:07?68@ 2>?;7>CE;62 K(I &0>?) !I &08B0 ` &I .6i0)

E1:EC8>?G62 20;0LI UG6 8<F >1A>261A6 <= B@D<B0;<S

?>? 012 ;G6 0C?61A6 <= 5>708 G06B<77G09>A 2>?60?6 >1

E:8012 '890756 K%>B<n 6? MNNPL ?E996?;? ;G0; ;G6

A<B:86D ?:0;>08 :0;;671? <C?67562 076 1<; ?G0:62

:7>B07>8@ C@ 2>?60?6 <E;C760T? CE; B0@ C6 7680;62

;< G0C>;0; ?E>;0C>8>;@I l<88<F>19 ;G6 :7<976??>56

26:<:E80;><1 <= 7E708 E:8012? =71? <= '890756 G056 C661 <567S

;0T61 :7<976??>568@ C@ 6EA08@:;E? 0f<76?;0;><1 012

;G6 76A<567@ <= 10;E708 5696;0;><1I ,0CC>;? ?G<F 0

?;7<19 1690;>56 ?686A;><1 090>1?; 6EA08@:;E? :801;0S

;><1? 012 ;088 B0HE>?) 012 ;G6@ ;612 ;< 8>56 :7>B07>8@

0; ;G6 6296 <= :0;AG6? <= 6078@ ?EAA6??><108 ?A7ECS

8012) FG676 ;G6 7>9G; C8612 <= =<<2 012 A<567 B0@

:76?EB0C8@ C6 =<E12 K(I &0>?) !I &08B0 ` &I .6i0)

E1:EC8>?G62 20;0LI '; :76?61;) >; ?66B? ;G0; 70CC>;?

G056 2>tAE8;@ >1 B66;>19 ;G6>7 76HE>76B61;? F>;G>1

;G6 E:8012 8012?A0:6) C6>19 ?;7<198@ 26:61261; <1

?A07A6 012 ?A0;;6762 G0C>;0;?I UG676=<76) A<1?6750S

;><1 B01096B61; 2>76A;62 0; >B:7<5>19 ;G6 HE01;>;@

012 HE08>;@ <= G0C>;0; =<7 70CC>;? ?G<E82 G056 B0i<7

:<?>;>56 6f6A;? <1 ;G>? 8@1D :<:E80;><1I

UG6 :76?61A6 <= 8@1D F0? 08?< :<?>;>568@ 0??<S

A>0;62 F>;G ;G6 0760 <= ;088 B0HE>?) :76?EB0C8@

C6A0E?6 ;G>? 5696;0;><1 ;@:6 >? ;G6 <16 <f67>19 ;G6

B<?; ?6AE76 A<567 ;< ;G6 01>B08?I UG676 >? 8>;;86 :ECS

8>?G62 >1=<7B0;><1) G<F6567) 0C<E; 76?;>19 ?>;6

76HE>76B61;? <= ;G6 #C67>01 8@1D) 08;G<E9G >; >? =76S

HE61;8@ 0??EB62 ;G0; ;G6 050>80C>8>;@ <= ;G6?6 ?>;6?

B0@ 8>B>; ;G6 261?>;@ 012 2>?;7>CE;><1 <= ;G6 ?:6A>6?I

'1267?<1 KMNNOL =<E12 ;G0; C<CA0;? HI"J &5P5'

?686A; 76?; ?>;6? F>;G 0 261?6 5696;0;><1 A<567) :7<CS

0C8@ ;< <C;0>1 :7<;6A;><1 =712) 0? F688 0? =<7 A<1A608B61; 012 A<567

=7;@ 012 A<567 C@ 26568<:62 8012

?G<F62 0 ?;7<19 1690;>56 0??<A>0;><1 F>;G ;G6 <AAE7S

761A6 <= 8@1D) ;G676C@ A<1V7B>19 :765><E? >1=<7B0S

;><1 ?E996?;>19 ;G0; 8@1D 076 567@ ?E?A6:;>C86 ;<

GEB01 >1;67=6761A6I #1 ;G6 +<1n 010 _0;><108 &07T)

8@1D ;612 ;< C6 76?;7>A;62 ;< 0760? FG676 GEB01 :76S

?61A6 >? 762EA62 K&08<B076? %< ),I MNNM) MNNaL) 012

B<?; B<7;08>;@ >? 2>76A;8@ <7 >12>76A;8@ A0E?62 C@

GEB01? Kl677670? %< ),I MNNRLI .6?>26? >886908 ;70:S

:>19) 7<02 A0?E08;>6? G056 C661 >12>A0;62 0? ;G6

B<?; >B:<7;01; B<7;08>;@ =0A;<7 =<7 +<1n 010 8@1D

Kl677670? %< ),I MNNRLI UG6 1690;>56 7680;><1?G>:

C6;F661 7<02? 012 8@1D >? :07;>AE8078@ >1;676?;>19)

012 ?E996?;? ;G0; E17<0262 G0C>;0;? 076 508E0C86 =<7

;G>? ?:6A>6?) 0? =<E12 68?6FG676 =<7 <;G67 B0BB0S

8>01 A071>5<76?I (802261<f %< ),I KMNNPL ?G<F62 ;G0;

7<02 261?>;@ >? <16 <= ;G6 B<?; >B:<7;01; :762>A;<7

507>0C86? >1 8<9>?;>A 76976??><1 B<268? <= F<8= /)"#'

,545' G0C>;0; >1 ;G6 _<7;G671 3760; !0T6? ,69><1)

F>;G A<76 :0AT 0760? 8<A0;62 FG676 7<02 261?>;>6?

2< 1<; 6DA662 OXa TB TBJRI %>B>807 <C?6750;><1?

G056 C661 B026 >1 <;G67 769><1?) >12>A0;>19 ;G0;

F<856? 076 0C?61; >1 G>9G67 7<02 261?>;>6? KUG>68

MNWP[ (6AG %< ),I MNWWL <7 ;G6@ <AAE7 >1 8<F 1EBS

C67? :7<5>262 02i0A61; G0C>;0; >? 8>;;86 7<0262 K(6AG

MNWNLI %;7<19 1690;>56 76?:<1?6? ;< 7<02 261?>;>6?

G056 08?< C661 =<E12 =<7 97>dd8@ C607? !&'5' )&B<*'

A*&&#7#,#' C@ (0A6 %< ),I KMNNaL 012 =<7 ;701?8<A0;62

B<E1;0>1 8><1? :%,#' B*"B*,*& C@ .68261 `

Q0962<71 KMNNbLI g86078@) B<76 20;0 <1 ;G6 7680S

;><1?G>: C6;F661 #C67>01 8@1D 012 7<02? 076 166262I

#1 ;G>? ?;E2@ 1< 7680;><1?G>: F0? =<E12 C6;F661

0f<76?;0;><1 012 8@1D <AAE7761A6I UG>? F0? 70;G67

?E7:7>?>19) C6A0E?6 6EA08@:;E? =<76?;7@) C@ =07 ;G6

2101; ;766 97<F1 >1 ;G>? 769><1) G0? C661 >B:8>S

A0;62 >1 ;G6 26A8>16 <= 8@1D :<:E80;><1? Kg0?;7< `

&08B0 MNNaLI Q<F6567) >1 ;G6 E:8012? <= F6?;671

'890756 ;G6 0760? 0f<76?;62 076 >1;67?:67?62 F>;G

:0;AG6? <= ;088 B0HE>? 012 <;G67 10;E708 5696;0;><1I

_6567;G686??) >; >? 8>T68@ ;G0; 6EA08@:;E? 762EA6?

G0C>;0; ?E>;0C>8>;@ =<7 8@1D) C6A0E?6 70CC>;? ;612 ;<

C6 0C?61; =7<1? K!I &08B0) &I

.6i0 ` (I ,<27>9E6? E1:EC8>?G62 20;0LI

"%* -l %#3QU#_3 +'U' #_ g-_%*,m'U#-_

%U"+#*%

l<7 B01@ ;G760;6162) 7076 012 76A8E?>56 ?:6A>6?)

?A>61;>VA >1=<7B0;><1 ;< >1=<7B A<1?6750;><1 0A;><1

>? <=;61 E1050>80C86 <7 76?;7>A;62 ;< 8>;;86 B<76 ;G01

0 B60976 20;0 ?6; <= >1A>261;08 ?>9G;>19? ?A0;;6762

<567 80796 769><1? 012 8<19 :67><2? <= ;>B6I +6?:>;6

;G>? ?G<7;096 <= 20;0) A7>;>A08 B01096B61; 26A>?><1?

076 16078@ 08F0@? 76HE>762 =<7 ;G<?6 ?:6A>6?)

08;G<E9G ;G6@ 076 =76HE61;8@ C0?62 <1 ?ECi6A;>56

0::76A>0;><1 <= FG0;6567 65>261A6 >? 050>80C86I

?86HS ;),3).

;S T%U) V

2S 1*(&#-5%'

Q<F6567) B01@ A<1?6750;><1 769E80;><1? G056 ?<A>08

012 6A<1A A<?;?) 012 076 ;GE? <:61 ;< BEAG 2>?S

:E;6 012 A<1;6?;) >1 :07;>AE807 FG61 ;G6@ 076 1<;

?E::<7;62 C@ G072 ?A>61;>VA 65>261A6I UG>? >? 0 A0?6

>1 :<>1; =<7 ;G6 #C67>01 8@1DI

,6A<72? <= 8@1D ?>9G;>19? G056 =<7B62 ;G6 C0?>?

<= 6D;61?>56 ?E756@? K,<27c$ 9E6d ` +68>C6? MNNR[

g0?;7< ` &08B0 MNNaL) 012 <567 80796 0760? 8>;;86

B<76 >1=<7B0;><1 ;G01 ;G>? >? 8>T68@ ;< C6 <C;0>162

>1 ;G6 1607 =E;E76I Q<F6567) ;G>? ;@:6 <= 20;0 G0?

C661 2>?B>??62 0? E1768>0C86 C@ B01@ 26568<:67?

012 26A>?><1 B0T67?) 6?:6A>088@ FG676 ;G676 >? A<1S

\>A; <567 ;G6 :7<;6A;><1 <= 8@1D G0C>;0; 012 16F

26568<:B61;?) ?EAG 0? 0f<76?;0;><1 :7<i6A;? <7 ;G6

A<1?;7EA;><1 <= >1=70?;7EA;E76? K20B?) 7<02?) 6;AILI

UG>? F0? ;G6 A0?6) =<7 >1?;01A6) FG61 ?>9G;>19 20;0

F676 E?62 =<7 ?E::<7;>19 ;G6 :7<:<?08 <= 8@1D A<1S

?6750;><1 0760? ;< ;G6 _0;E70 ROOO 16;F<7T) A760;62

C@ ;G6 *E7<:601 +>76A;>56 NRo^bo**gI '8?<) BEAG

:EC8>A 2>?AE??><1 G0? <AAE7762 76A61;8@ <567 ;G6

A7<??>19 <= ;G6 B<E1;0>1? <= '890756 C@ 0 G>9GF0@)

012 ;G>? F0? :07;8@ C6A0E?6 ;G6 7<02 F0? AE;;>19

>B:<7;01; 8@1D 0760?) iE2962 <1 ;G6 C0?>? <= ?>9G;S

>19?I *561;E088@) ;G6 7<E;6 :7<:<?62 C@ ;G6 9<5671S

B61; F0? AG01962 ?< ;G0; >; A7<??62 ;G6 B<E1;0>1

>1SC6;F661 ;F< A8E?;67? <= 8@1D ?>9G;>19? K0B<19

<;G67 10;E76 A<1?6750;><1 760?<1?LI

#1 ;G>? ?;E2@ F6 G056 A077>62 <E; 0 26;0>862

HE01;>;0;>56 0108@?>? <= 0 ;@:>A08 20;0 ?6; <= 8@1D

?>9G;>19?) A<B:<?62 <= 0 ?B088 1EBC67 <= <C?67S

50;><1? KRNL) <C;0>162 <567 0 80796 769><1

KMPOO TBRL 012 0 8<19 :67><2 KP @607?LI +6?:>;6

;G6 >261;>V62 :<;61;>08 C>0?6?) >1A8E2>19 ;G6 2>?:ES

;0C86 768>0C>8>;@ <= ;G6 <C?6750;><1?) ;G6 0108@?>?

2>2 ?EAA662 >1 0??<A>0;>19 8@1D ?>9G;>19? F>;G 0

:762>A;0C86 ?6; <= G0C>;0; A<12>;><1? >1 ;G6 ?E7S

7<E12>19 0760I lE7;G67B<76) ;G6 >1\E61;>08 G0C>;0;

507>0C86? 6B679>19 =7? 76?607AG F676 ;G<?6

=<E12 ;< 26;67B>16 8@1D 0CE1201A6 012 2>?;7>CES

;><1 >1 0760? FG676 ;G6 ?:6A>6? G0? C661 ?;E2>62

C@ B<76 ?;012072 012 :<F67=E8 ;6AG1>HE6? K6I9I

;686B6;7@L) ?E996?;>19 ;G0; ;G6 76?E8;? 76\6A;

E12678@>19 6A<8<9>A08 :7<A6??6? 012 1<; B676

?:E7><E? A<77680;><1?I UG>? ?E::<7;? ;G6 5>6F ;G0;

?>9G;>19? B0@ C6 E?62 =<7 ?E::<7;>19 8@1D A<1?67S

50;><1 B01096B61;) 012 ;G0; ;G6 0::7<0AG

26?A7>C62 G676 B0@ ?6756 0? 0 B<268 =<7 01

6D:01262 0108@?>? <= G>?;<7>A08 012 A<1;>1E>19

<C?6750;><1? <= 8@1D <567 96<970:G>A08 0760? 807S

967 ;G01 ;G6 AE7761; MPOOSTBR ?;E2@ 0760I U<

>B:7<56 A<1V261A6 >1 ;G6 0::7<0AG) G<F6567) >;

>? >B:<7;01; ;< E1267;0T6 0 B<76 A<B:76G61?>56

508>20;><1 <= ;G6 :7<A62E76 C@ 0::8@>19 >; >1

?>;E0;><1? FG676 ;G6 0A;E08 E?6 <= G0C>;0; C@ 8@1D

G0? C661 E1A<56762 C@ B<76 :<F67=E8 ;6AG1>HE6?)

?EAG 0? 702><;686B6;7@I

36<?;0;>?;>A08 B6;G<2? <= ?:0;>08 >1;67:<80;><1

F676 E?62 >1 ;G>? ?;E2@ ;< 267>56 0 B0: <= ?>9G;>19

:<;61;>08 =<7 8@1D) FG6760? B<?; <;G67 ?;E2>6? G056

768>62 <1 96<970:G>A >1=<7B0;><1 ?@?;6B? K3#%L =<7

;G>? :E7:<?6 K'966 %< ),I MNWN[ %;<B? %< ),I MNNbLI

UG>? F0? C6A0E?6 ?<B6 >B:<7;01; 507>0C86? >1\E61S

A>19 8@1D 2>?;7>CE;><1 A<E82 1<; C6 60?>8@ B0::62)

?EAG 0? 70CC>; 0CE1201A6) 012 ;GE? ;G6 16A6??07@

80@67? <= >1=<7B0;><1 ;< 267>56 0 3#% B0: <= ?>9G;S

>19 :<;61;>08 F676 1<; 050>80C86 >1 <E7 A0?6I UG>? A>7S

AEB?;01A6) G<F6567) >? 8>T68@ ;< C6 F>26?:7602 >1

#C67>01 8@1D ?;E2>6?) 0? F688 0? >1 ?;E2>6? <= <;G67

7076 ?:6A>6? 8>5>19 >1 76B<;6 :07;? <= ;G6 F<782I

UG676=<76) 0 96<?;0;>?;>A08 0::7<0AG ?>B>807 ;< <E7?

B0@ :7<5>26 0 508E0C86 012 <Ci6A;>56 F0@ ;< 6508ES

0;6 ;G6 :<;61;>08 ?E>;0C>8>;@ <= 0760? ;< ?E::<7;

:<:E80;><1? <= 6120196762 ?:6A>6?) FG61 B<76

26;0>862 20;0 076 1<; 050>80C86I #1 ;G>? ?;E2@) ;G6

8@1D A<76 0760? >261;>V62 ;G7<E9G >1;67:<80;><1 F676

7<E9G8@ A<>1A>261; F>;G ;G<?6 >261;>V62 :765><E?8@

=756 0::76A>0;><1 <= ?>9G;>19 :0;;671?

012 G0C>;0; ?E>;0C>8>;@ K&08B0 MNNaLI

#1 ?EBB07@) ;G>? ?;E2@ 022? ?E::<7; ;< ;G6 A<1S

;61;><1 ;G0; ?>9G;>19? B0@ >12662 :7<5>26 0 508E0C86

?<E7A6 <= >1=<7B0;><1 0C<E; 8@1D 2>?;7>CE;><1 012

G0C>;0; 0??<A>0;><1?) 9>5>19 A762>; ;< A<1?6750;><1

76A<BB6120;><1? 012 B01096B61; 26A>?><1? C0?62

<1 ;G>? ;@:6 <= 20;0I p6 076 A<1V261; ;G0; <E7

0::7<0AG B0@ C6 E?62 0? 0 B<268 ;< 0108@?6 ?>B>807

20;0 =<7 <;G67 7076 012 76A8E?>56 ?:6A>6?) :7<5>2>19 0

?<E7A6 <= <Ci6A;>56 >1=<7B0;><1 <1 ;G6>7 G0C>;0;

76HE>76B61;? 012 2>?;7>CE;><1 :0;;671? FG61 022>S

;><108 20;0 076 80AT>19I Q<F6567) B<1>;<7>19

?AG6B6? E?>19 B<76 ?0;>?=0A;<7@ ;6AG1>HE6? ?G<E82

C6 26?>9162 012 >B:86B61;62 K]612088 %< ),I MNNR[

{>68>1?T> ` %;0Ef67 MNNaL >= 026HE0;6 ;>B6 012

?A>61;>VA >1=<7B0;><1 076 050>80C86I -;G67F>?6) F6

C68>656 ;G0; ;G<7<E9G8@ 0108@?62 <C?6750;><1

76A<72? <C;0>162 =71HE>7>6? B0@ :7<5>26 0 E?6S

=E8 C0AT97<E12 =<7 G0C>;0; :7<;6A;><1 012 B01096S

B61;I

K>L+&M.#,)#5#+*%

UG>? ?;E2@ F0? =E1262 C@ ;G6 #1?;>;E;< 20

g<1?6750As 0n < 20 _0;E76d0 K#g_L 012 C@ ;G6

*E7<:601 "1><1 K&7<i6A; !#l* .^JbROOoN^oYaYLI

p6 076 567@ 970;6=E8 ;< Q68610 g6>0) !Ec$ ? ,<B0

g0?;7<) &0E80 'C76E 012 (07907>20 l6710126?) ;G6

8@1D A<1?6750;><1 97<E: <= ;G6 #g_) =<7 ?G07>19

?<B6 <= ;G6 20;0 E?62 >1 ;G>? 76?607AG 012 =<7 E?6=E8

2>?AE??><1? <1 8@1D A<1?6750;><1 >??E6?I UG6 >1;67S

:76;0;><1 <= 067>08 :G<;<970:G@ F0? B026 0; ;G6

#1?;>;E;< l8<76?;08 K!>?C<1L) FG676 >; C616V;62 =7?6 <= '10 l<1;6? 012 B01@ <;G67 A<8860S

9E6?I (0:? F676 :76:0762 F>;G ;G6 G68: <= !Ec$ ?

/<720n <1? C@ Q617>HE6 |E6>7<90 ;< ?;E2@

26?>91 012 ?;0;>?;>A08 0108@?6? F676 266:8@ 0::76S

A>0;62I l701A>?A< &08<B076?) l701A>?A< (<76>70)

Q01? ]7EET) (07>0 l>8<B610 (0908G0n 6?) (>T6

?88+"),I'#' *P

W7%&#)" ,I"J

'#-A<#"-'

+01>68?) ,E> .<7708G< 012 01 01<1@B<E? 76=6766

:7<5>262 G68:=E8 A<BB61;? 012 ?E996?;><1? ;G0;

>B:7<562 6078>67 567?><1? <= ;G6 :0:67I

F#'#2#+>#%

'966) /I]I) %;>;;) %IgIlI) _@HE>?;) (I ` ,<<;) ,I KMNWNL '96<970:G>A 0108@?>? <= G>?;<7>A08 97>dd8@ C607 ?>9G;>19?>1 ;G6 _<7;G g0?A026?I ;A*<*-&)33%<&#B ?"-#"%%&#"-)"( 1%3*<% @%"'#"-) ;;) MabYJMa^RI

'1267?<1) *I(I KMNNOL .<CA0; 2>E7108 8<0V19 ?>;6? >1?<E;G60?;671 g<8<702C>8>;@ <=;701?8<A0;>19 :01;G67? >1;< 1<7;G671 l8<7>20I O*5&"),*P X#,(,#P% 2)")-%3%"<) ;G) bWWJbNYI

.7<F1) 'I!I ` !>;50>;>?) /I'I KMNNPL Q0C>;0; =60;E76? 0??<SA>0;62 F>;G :7620;><1 <= _6F *198012 A<;;<1;0>8?hFG0; ?A086 >? 0::7<:7>0;6} /)")(#)" O*5&"), *PY**,*-I) G9) MOOPJMOMMI

.E77<E9G?) &I KMNWYL %:0;>08 0?:6A;? <= 6A<8<9>A08 20;0IZ)<) +"),I'#' #" /*335"#1961) ;G6_6;G678012?I

g0?;7<) !I,I ` &08B0) !I KMNNaL UG6 AE7761; ?;0;E?) 2>?;7>SCE;><1 012 A<1?6750;><1 <= #C67>01 8@1D >1 &<7;E908IO*5&"), *P X#,(,#P% 1%'%)&BA) 8) MYNJMWMI

+68>C6?) (I KMNYNL !6 8@1D 201? 80 &6$ 1>1?E86 #C6$ 7>HE6h76$ :07;>;><1 6; 76976??><1I T5,,%<#" 2%"'5%, (% ,[Q\B%])<#*"), (% ,) /A)''%. ]53%̂&* @4%B#),. @B#%"<#_`5% %<0%BA"#`5%. H% HI"J) ^MJâI

+68>C6?) (I KMNWOL l662>19 6A<8<9@ <= ;G6 %:01>?G 8@1D >1;G6 g<;< +<1n 010I +B<) 0A%&#*,*-#B)) 8;) bONJbRÎ

+68>C6?) (I) &080A><?) lI) 307d<1) /I ` g0?;7<5>6i<) /IKMNYPL _<;6? ?E7 8e08>B61;0;><1 6; 80 C><8<9>6 2E 8@1D:0726886) HI"J 4)&(#") KU6BB>1AT) MWR^L 61 *?:0916I2)33),#)) 9I) bWYJbWbI

l677670?) &I) '820B0) /I/I) .68;70$ 1) /IlI ` +68>C6?) (IKMNNRL ,0;6? 012 A0E?6? <= B<7;08>;@ >1 0 =709B61;62:<:E80;><1 <= #C67>01 8@1D :%,#' 4)&(#") KU6BB>1ATLIT#*,*-#B), /*"'%&$)<#*") <6) MNYJRORI

l677670?) &I) .68;70$ 1) /IlI) '820B0) /I/I ` +68>C6?) (IKMNNYL %:0;>08 <7901>?0;><1 012 8012 ;61E76 ?@?;6B <=;G6 6120196762 #C67>01 8@1D KHI"J 4)&(#"5'LI O*5&"),*P Y**,*-I. H*"(*") 8:9) MabJMWNI

3801;d) %I'I ` %8>1T67) .I]I KMNNOL ;&#3%& *P +44,#%(1%-&%''#*" )"( +"),I'#' *P G)&#)"B%I (A370FSQ>88#1;6710;><108) _6F q<7T) _qI

3<8261 %<=;F076 #1AI KMNN^L @!1:?1 P*& X#"(*M' !'%&['65#(%I 3<8261 %<=;F076 #1AI) 3<8261) g<8<702;d) pI KMNWML ?'<#3)<#"-X#,(,#P% a)7#<)< G)&#)7,%'I "%+# l>?G 012 p>828>=6%675>A6) p0?G>19;<1) +gI

Q<?B67) +IpI /7 ` !6B6?G<F) %I KMNWNL +44,#%( H*-#'<#B1%-&%''#*"I /<G1 p>86@ ` %<1?) _6F q<7T) _qI

]612088) ]IgI) (6;d907) !IQI) &0;;67?<1) +I'I ` %;6686).I(I KMNNRL &<F67 <= ?>91 ?E756@? ;< B<1>;<7 :<:E80S;><1 ;7612?I ?B*,*-#B), +44,#B)<#*"') 8) ^RRJ^bOI

]>B) /IS-I ` (E68867) gIpI KMNYWL :)B<*& +"),I'#'N@<)<#'<#B), 2%<A*(' )"( ;&)B<#B), W''5%'I %096&EC8>A0;><1?) .65678@ Q>88?) g'I

]1>AT) %IUI KMNNOL *A<8<9@ <= C<CA0;? 7680;>56 ;< 6D:8<>;0S;><1 012 0 :76@ 26A8>16 >1 %<E;G60?;671 #20G1?)_6F q<7T) _qI

(0A6) ,I+I) p08867) /I%I) (0186@) UI!I) !@<1) !I/I `{EE7>19) QI KMNNaL ,680;><1?G>:? 0B<19 97>dd8@ C607?)

7<02? 012 G0C>;0; >1 ;G6 %F01 (<E1;0>1?) (<1;010IO*5&"), *P +44,#%( ?B*,*-I) 99) MbNPJMÔÎ

(0E767) .I'I KMNN^L 6%*-&)4A#B), ;*45,)<#*" +"),I'#'I.80ATF688 %A>61;>VA &EC8>A0;><1?) -D=<72) "]I

(6AG) !I+I KMNWNL p<8= :<:E80;><1 ?E75>508 >1 01 0760 <=G>9G 7<02 261?>;@I +3%&#B)" 2#(,)"( ])<5&),#'<) 686)bWYJbWNI

(6AG) !I+I) l7>;;?) %IQI) ,0226) 3I!I ` &0E8) pI/I KMNWWLp<8= 2>?;7>CE;><1 012 7<02 261?>;@ >1 (>116?<;0IX#,(,#P% @*B#%AT86@) UI'I) Q0>9G;) ,I3I ` p@26561)'I&I KMNNPL ' 769><108 8012?A0:6 0108@?>? 012 :762>AS;><1 <= =05<70C86 970@ F<8= G0C>;0; >1 ;G6 _<7;G6713760; !0T6? 769><1I /*"'%&$)<#*" T#*,*-I) I) RYNJRNÎ

_<7;G) (I&I ` ,6@1<82?) /IQI KMNNaL (>A7<G0C>;0; 0108@S?>? E?>19 702><;686B6;7@ 8<A0;><1? 012 :<8@;<B<E?8<9>?;>A 76976??><1I O*5&"), *P X#,(,#P% 2)")-%3%"<) <J)abNJaPbI

_<F688) ]I ` /0AT?<1) &I KMNNaL X#,(B)<'N @<)<5'. @5&$%I)"( /*"'%&$)<#*" +B<#*" ;,)"S #"g_) 38012)%F>;d678012I

-76i0) /I ` m0$ dHE6d) /I KMNNaL %>;E0A><$ 1 268 !>1A6 #C6$ 7>A<61 %>6770 26 30;0I Z*"b)"). +B<) G%&<%7&)<)) 89) NMJNWI

&08B0) !I KMNWOL %<C76 0 2>?;7>CE>As 0n <) 6A<8<9>0 6 A<1?6750SAs 0n < 2< 8>1A6 >C6$ 7>A< 6B &<7;E908I W 1%5"#*̂"W7%&*)3%&#B) (% Y**̂,*-*' (% G%&<%7&)(*') 6) PaNJPWaI

&08B0) !I KMNNaL - 8>1A6 >C6$ 7>A< KHI"J 4)&(#"5'L 1<'890756 6 %E2<6?;6 2< '861;6i01>) /I(I ` +68>C6?) (IKMNNaL %:0;>08 7680;><1?G>:? C6;F661 #C67>01 8@1D 012<;G67 A071>5<76? >1 01 0760 <= ?<E;GSF6?;671 %:0>1IO*5&"), *P +44,#%( ?B*,*-I) 99) PJMbI

&08<B076?) lI) ,<27c$ 9E6d) 'I) !0t;6) ,I ` +68>C6?) (IKMNNML UG6 ?;0;E? 012 2>?;7>CE;><1 <= ;G6 #C67>01 8@1D:%,#' 4)&(#") KU6BB>1ATL >1 g<;< +<1n 010 0760) %p%:0>1I T#*,*-#B), /*"'%&$)<#*") ;G) MPNJMaNI

&0110;>67) qI KMNNaL G+1WQXW]N @*P<M)&% P*& @4)<#),Z)<) +"),I'#' #" eZI %:7>1967Sm67809) _6F q<7T) _qI

&676>70) /I(IgI ` #;0B>) ,I(I KMNNML 3#%SC0?62 G0C>;0;B<268>19 E?>19 8<9>?;>A BE8;>:86 76976??><1h 0 ?;E2@ <=;G6 (;I 370G0B 762 ?HE>7768I ;A*<*-&)33%<&#B?"-#"%%&#"- )"( 1%3*<% @%"'#"-) ;G) M^YPJM^WaI

&<<86) ]I3I KMNN^L gG070A;67>?;>A? <= 01 E1G0756?;62 8@1D:<:E80;><1 2E7>19 0 ?1<F?G<6 G076 26A8>16I O*5&"), *PX#,(,#P% 2)")-%3%"<) ;?) aOWJaMWI

,>50?S(07;c$ 16d) %I) !<E?0) (I) +>0d) UI*I) l6710$ 126dS3<1d0~ 86d) lI ` g<?;0) /IgI KMNNOL !0 5696;0A><$ 1 268?E7 26 &<7;E908 K%02<) '861;6i< @ '890756LI W<%"%&)6%*7*<)"#B)) 9) PJMRaI

,<27c$ 9E6d) 'I ` +68>C6?) (I KMNNRL gE7761; ?;0;E? <= ;G6#C67>01 8@1D :%,#' 4)&(#") U6BB>1AT MWR^ >1 %:0>1IT#*,*-#B), /*"'%&$)<#*") <6) MWNJMNaI

,<967?) &I ` (@67?) ]I KMNYNL *A<8<9@ <= ;G6 *E7<:601F>82 70CC>;) Q&IB<*,)-5' B5"#B5,5' K!IL) >1(62>;67701601 G0C>;0;?I #I +>?;7>CE;><1 >1 ;G6 8012S?A0:6 <= ;G6 g<;< +<1n 010) %I %:0>1I O*5&"), *P+44,#%( ?B*,*-I) 6<) aNMJYObI

,<??>) ,I*I) (E880) +I/I) /<E7168) 'I3I ` l701d) *IQIKMNNRL 36<?;0;>?;>A08 ;<<8? =<7 B<268>19 012 >1;67:76;S>19 6A<8<9>A08 ?:0;>08 26:61261A6I ?B*,*-#B),2*"*-&)4A') <8) RYYJbMÎ

%*,g KMNNML ?61?0N @<)<%L*PL<A%L+&< ?4#(%3#*,*-#B),/*345<#"-S %;0;>?;>A? 012 *:>26B<8<9@ ,6?607AGg<7:<70;><1) %60;;86) -,I

%>6968) %I ` g0?;68801) _I/I KMNWNL ]*"4)&)3%<&#B @<)<#'<#B'P*& <A% T%A)$#*&), @B#%"B%'I (A370FSQ>88#1;6710;><108) _6F q<7T) _qI

%>B<n 6?) ,I KMNNPL - A<68G<SC705<) Q&IB<*,)-5' B5"#B5,5'!I) 1< '890756I m>7<?6? 6 <E;7<? =0A;<76? 8>B>;01;6?I

?89HS ;),3).

;S T%U) V

2S 1*(&#-5%'

!>A61;>0;E76 UG6?>?I "1>567?>;@ <= U70$ ?S<?S(<1;6? 6

'8;< +<E7<) m>80 ,608) &<7;E908I

%1622<1) #I'I KMNNML !0;7>16 E?6 C@ ;G6 *E7<:601 70CC>;

KQ&IB<*,)-5' B5"#B5,5'LI O*5&"), *P 2)33),*-I) G8)

YaNJYYPI

%;<B?) +I(I) +05>?) lIpI) g<901) gI.I) &0>1G<) (I-I)

+E1A01) .IpI) %A6:01) /I ` %A<;;) /I(I KMNNbL

36<970:G>A 0108@?>? <= g08>=<71>0 g<12<7 ?>9G;>19

20;0I /*"'%&$)<#*" T#*,*-I) G) M^WJMPNI

%EB:;><1) ]I/I ` l8<F6726F) /I,I KMNWPL UG6 6A<8<9>A08

6f6A;? <= ;G6 26A8>16 >1 70CC>;? KQS B5"#B5,5' !IL 2E6 ;<

B@D<B0;<?>?I 2)33), 1%$#%M) 6;) MPMJMWaI

UG>68) ,I&I KMNWPL UG6 7680;><1?G>: C6;F661 7<02 261?>;>6?

012 F<8= G0C>;0; ?E>;0C>8>;@ >1 p>?A<1?>1I +3%&#B)"

2#(,)"( ])<5&),#'<) 669) Ô^JÔYI

m>880=E67;6) ,I) g0856;) gI) 3<7;0$ d07) gI ` (<761<) %IKMNN^L l>7?; 6:>d<<;>A <= 70CC>; G06B<77G09>A 2>?60?6>1 =766S8>5>19 :<:E80;><1? <= Q&IB<*,)-5' B5"#B5,5' 0;+<1n 010 _0;><108 &07T) %:0>1I O*5&"), *P X#,(,#P%Z#'%)'%') 9J) MYaJMYNI

m>88072) (IS'I ` (0E767) .I'I KMNNaL 36<?;0;>?;>A? 0? 0;<<8 =<7 6D0B>1>19 G@:<;G6?>d62 26A8>16? >1 B>970;<7@?<19C>72?I ?B*,*-I) GG) PNJaWI

p072) ,I(I&I ` ]76C?) gI/I KMNWPL .6G05><E708 76?:<1?6?<= 8@1D ;< 26A8>1>19 ?1<F?G<6 G076 0CE1201A6I/)")(#)" O*5&"), *P Y**,*-I) <9) RWMYJRWRÎ

{>68>1?T>) pI/I ` %;0Ef67) QI.I KMNNaL (<1>;<7>19 2)&<%':<:E80;><1? >1 g08>=<71>0h ?E756@ 26?>91 012 :<F670108@?>?I ?B*,*-#B), +44,#B)<#*"') <) MRP^JMRaYI

1%B%#$%( ff +4&#, fEE8= &%$#'#*" &%B%#$%( g +4&#, fEEE

?8:+"),I'#' *P

W7%&#)" ,I"J

'#-A<#"-'

01#2(-+ ./+3 -1(- MNNN) -+, ,(%2(1$( · b0;? k%eb:;>

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Transcript of 01#2(-+ ./+3 -1(- MNNN) -+, ,(%2(1$( · b0;? k%eb:;>

01#2(-+ ./+3 -1(*-* MNNN) -+, ,(%*2(1$*( · b0;? k%eb:;>

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Transcript of 01#2(-+ ./+3 -1(*-* MNNN) -+, ,(%*2(1$*( · b0;? k%eb:;>

01#2(-+ ./+3 -1(- MNNN) -+, ,(%2(1$( · b0;? k%eb:;>

Transcript of 01#2(-+ ./+3 -1(- MNNN) -+, ,(%2(1$( · b0;? k%eb:;>