#()3, 6- *65;,5;: 4769;(5; 05-694(;065 01:=0 49>?,77,?4:9 ',10?D 491:=8,?4:9 &0,>:9> 1:= /,8,20 '6<9 5,> *662,9 (30 .:9?=:7 ;,907 @9.?4:9 >070.?:= /0;09/492 :9 8:/07 (08;0=,?@=0 >070.?:= /0;09/492 :9 8:/07 :9?=:7 -@??:9> ,9/ /4>;7,D ;,907 (D;0> :1 30,?492 $A09 ,9/ >307A492 ,..0>>:=40> ::7492 1,9 ,-69, <:05.
#()3, 6- *65;,5;: (9, (5+ *3,(505. $A09 0C?0=4:= $A09 70,9492 1@9.?4:9 70,9492 ?30 27,>> ;,907> 70,9492 ?30 =,47> '0,7 ..0>>:=40> #96<)3,:/66;05. &0;7,.492 ?30 :A09 7423? -;,9C:(3,: :,9=0*, (*2(.05.
4769;(5; 05-694(;065 &0,/ ?34> 49>?=@.?4:9 8,9@,7 .,=01@77D $97D ?309 B477 D:@ -0 ,-70 ?: :;0=,?0 D:@= .::60= >,107D ,9/ .:==0.?7D (30 8,9@1,.?@=0= /:0> 9:? ,..0;? ,9D =0I >;:9>4-474?D 41 ?30 49>?=@.?4:9 8,9@,7 4> 9:? 1:77:B0/ %70,>0 600; ?30 49>?=@.?4:9 ,9/ 49>?,77,?4:9 8,9@,7 49 , >,10 ;7,.0 %70,>0 ;,>> :9 ?30 49>?=@.?4:9 8,9@,7 ?: ?30 90B :B90= 41 D:@ >077 ?30 ,;;74,9.
"(-,;@ 05-694(;065 6; 6=,5 (34> ,;;74,9.0 4> 49?09/0/ 1:= /:80>?4. @>0 :97D $97D @>0 ?30 .::60= 1:= 1::/ ;=0;,=,?4:9 $;09 ?30 :A09 /::= .,=01@77D :? >?0,8 8,D 0>.,;0 #0A0= ?:@.3 ?30 49?0=9,7 >@=1,.0> :1 ?30 :A09 := ?30 30,?492 070809?> (30=0 4> , =4>6 :1 -@=9492 347/=09 8@>? -0 60;? ,? , >,10 /4>?,9.0 1=:8 ?30 ,;;74,9.0 #0A0= >?:=0 .:8-@>?4-70 4?08> 49 ?30 :A09 &4>6 :1 14=0 #0A0= .7,8; 70,/> :1 070.?=4.,7 ,;;74,9.0> 49 ?30 3:? :A09 /::= (30 49>@7,?4:9 :9 ?30 70,/> .
66305. >0;/ ;/, 6=,5 +669 67,5 $97D 70,A0 ?30 :A09 ?: .::7 B4?3 ?30 /::= .7:>0/ : 9:? ,77:B ,9D?3492 ?: -0.:80 ?=,;;0/ 49 ?30 :A09 /::= A09 41 D:@ :97D 70,A0 ?30 :A09 /::= :;09 >7423?7D ?30 1=:9?> :1 ,/5,.09? @94?> 8,D -0.:80 /,8,20/ :A0= ?480 %,9@ +09;@ 6=,5 :,(3 1 ?30 :A09 >0,7 4> A0=D /4=?D ?30 :A09 /::= B477 9: 7:920= .7:>0 ;=:;0=7D B309 ?30 :A09 4> 49 @>0 (30 1=:9?> :1 ,/5,.09? @94?> .:@7/ -0 /,8,20/ 00; ?30 :A09 >0,7 .70,9 $:05.
<5*;065 :,3,*;69 +,7,5+05. 65 46+,3 )>0 ?30 1@9.?4:9 >070.?:= ?: >070.? ?30 ?D;0 :1 30,?492 1:= ?30 :A09 !! / 43:*38.43&1 -*&8 3 48 &.6 â 48 &.6 ,6.11.3, . 48842 -*&8.3, à !&).&38 ,6.11 @ 72&11 &6*& á !&).&38 ,6.11 @ 1&6,* &6*& *309 D:@ >070.? , 1@9.?4:9 ?30 :A09 7423? >B4?.30> :9 (30 ?08;0=,?@=0 .:9?=:7 >3:B> , 1::/ ?D;0 >: ?3,? 41 D:@ ?@=9 ?30 69:- @9?47 ?30 9,80 :1 ?30 1::/ ,;;0,=> 49 , A0=?4.,7 ;:>4?4:9 D:@ B477 -0 .::6492 ,? ?30 ?08;0=,?@=0 =0.
(30 ?08;0=,?@=0 .:9?=:7 >3:B> , 1::/ ?D;0 >: ?3,? 41 D:@ ?@=9 ?30 69:- @9?47 ?30 9,80 :1 ?30 1::/ ,;;0,=> 49 , A0=?4.,7 ;:>4?4:9 D:@ B477 -0 .::6492 ,? ?30 ?08;0=,?@=0 =0.:8809/0/ 1:= ?30 ?D;0 :1 1::/ >070.?0/ 4769;(5; 0- @6< +6 56; >(5; ;/0: @6< *(5 0.569, ;/, *65;963 (5+ :,3,*; (5@ ;,47,9(;<9, @6< 9,8<09, 9033 3,=,3: +:@ .,9 ,/5@>? ?30 2=477 >0??492 :9 ?30 =,/4,9? 2=477 @>492 ?30 ?08;0=,?@=0 >070.?:= *309 @>492 ?30 2=477 1:= 8:=0 ?3,9 849@?0> :1 .
#67 )6;;64 /,(;05. >0;/ /6; (09 1,9 7:.,?0/ :9 ?30 =0,= B,77 :1 ?30 :A09 /4>;0=>0> ?30 30,? 0A097D (34> ?D;0 :1 30,?492 4> ;,=?4.@7,=D @>01@7 1:= .,60> (34> .::6492 80?3:/ 4> <@4.60= ?3,9 ?30 ;=0A4:@> :90 ,9/ 70,A0> 1::/ .=4>;0= 6;;64 /,(; >0;/ /6; (09 (34> :;?4:9 :;0=,?0> ?30 -:??:8 30,? ,9/ 1,9 ;=:A4/492 209?70 30,? 1=:8 ?30 ?:; >0.?4:9 (34> ?D;0 :1 30,?492 4> ;,=?4.@7,=7D >@4?,-70 1:= /00;I1=:E09 1::/> ? 4> 4/0,7 1:= .::6492 ;4EE,> .
!(+0(5; .9033 3(9., (9,( (30 09?4=0 ,=0, @9/0= ?30 2=477 070809? -0.:80> 3:? (34> 4> 4/0,7 41 D:@ B4>3 ?: .::6 >0A0=,7 >?0,6> >,@>,20> 14>3 := >74.0> :1 ?:,>? =,5 (5+ :/,3=05. (**,::690,: (30 >3071 .,9 -0 49>0=?0/ ,? /4110=09? 30423?> 49 ?30 :A09 ':80 :1 ?30>0 70A07> 8,D 3,A0 >74/0> B34.3 8,60 4? ;:>>4-70 ?: =08:A0 ,..0>>:=40> B4?3:@? ?308 ?4;;492 (34> 8,60> 4? 0,>D ?: =08:A0 /4>30> **,::690,: ..0>>:=40> .,9 -0 ;@=.3,>0/ 1=:8 ?30 ?0.394.,7 ,>>4>?,9.0 >0=A4.0 := >;0.
6<::(2( 7(5 /0,7 1:= -,60> 8,/0 1=:8 .::60/ := =,B 492=0/409?> (30 8:@>>,6, ;,9 4> ,7>: >@4?,-70 1:= @>492 ,> ,9 :;09 /4>3 1:= =:,>?492 80,? 49 ? .,9 ,7>: -0 @>0/ ?: .,?.3 /=4;;492 1,? B309 D:@ ,=0 2=477492 /4=0.?7D :9 ?30 B4=0 =,.6 %7,.0 ?30 ?=,D :9 ?30 >74/0> >00 48,20 ",60 >@=0 ?3,? ?30 3:70> 1,.0 :@?B,=/> %7,.0 ,9/ 14? ?30 ?=,D :9 ?30 >74/0> ??,.3 ?30 3::6> ?: ?30 ?=,D 0AA( ;9(@ /0,7 1:= ;4EE, 1=:E09 1::/> ,9/ 7,=20 =:@9/ .,60> 1:= 0C,8;70 +:@ .
66305. -(5 (30 :A09 4> 14??0/ B4?3 , .::7492 1,9 ? >B4?.30> 4?>071 :9 ,9/ :11 ,> 90.0>>,=D (30 B,=8 ,4= 0>.,;0> ,-:A0 ?30 /::= ,-69, <:05. -69 ;/, -09:; ;04, (34> >0.?4:9 B477 ?077 D:@ 0A0=D?3492 D:@ 900/ ?: /: -01:=0 @>492 ?30 .::60= 1:= ?30 14=>? ?480 0,? ?30 :A09 ,9/ .70,9 ?30 ,..0>>:=40> &0,/ ?30 >,10?D 49>?=@.?4:9> 49 ?30 F 8;:=?,9? 491:=8,?4:9 >0.?4:9 4=>?7D .30.6 ?: >00 41 ?30 j >D8-:7 ,9/ ?3=00 E0=:> ,=0 17,>3492 49 ?30 /4>;7,D - ;/, j :@4)63 (5+ ;/9,, A,96: (9, -3(:/05.
",;;05. ;/, 6=,5 +:@ 3,A0 A,=4:@> :;?4:9> 1:= >0??492 ?30 :A09 ">0;*/05. 6-- ;/, 6=,5 4(5<(33@ *309 D:@= 80,7 4> =0,/D >B4?.3 :11 ?30 :A09 D:@=>071 #/, 6=,5 :>0;*/,: 6-(<;64(;0*(33@ +:@ .,9 70,A0 ?30 64?.309 1:= , 7:92 ;0=4:/ #/, 6=,5 :>0;*/,: 65 (5+ 6-- (<;64(;0*(33@ +:@ .,9 ;@? D:@= 80,7 49 ?30 :A09 49 ?30 8:=9492 1:= 0C,8;70 ,9/ >0? ?30 :A09 >: ?3,? D:@= 80,7 4> =0,/D ,? 84//,D #()3,: (5+ ;07: (30 .:==0.? >0??492> 1:= 8,9D /4>30> .,9 -0 1:@9/ 49 ?30 (,-70> ,9/ ?4;> >0.?4:9 ">0;*/05.
">0;*/05. 6-- 'B4?.3 :11 ?30 1@9.?4:9 >070.?:= B309 ?30 80,7 4> =0,/D /(5.05. ;/, :,;;05. +:@ 8,D .3,920 ?30 ?08;0=,?@=0 := 2=477 >0??492 ,? ,9D ?480 - ;/, 6=,5 0: ;6 :>0;*/ 6-(<;64(;0*(33@ %0=1:=8 ?30 >0??492> ,> /0>.=4-0/ 49 4?08> ,9/ '0? ?30 .::6492 ?480 /@=,?4:9 1:= D:@= 80,7 C,8;70 ::6492 ?480 :1 H849@?0> %=0>> ?30 j .7:.6 -@??:9 (30 .::6492 ?480 >D8-:7 ? B477 17,>3 '0? ?30 .
",;;05. ;/, *66205. ;04, >/,5 ;/, *36*2 ;04, 0: /0++,5 - ;/, 6=,5 0: ;6 :>0;*/ 65 (5+ 6-(<;64(;0*(33@ %=0>> ?30 j .7:.6 -@??:9 ?B4.0 ,9/ ;0=1:=8 ?30 >0??492 ,> /0>.=4-0/ 49 4?08 %70,>0 =0808-0= ?3,? 0,>47D >;:470/ 1::/> 8@>? 9:? -0 ,77:B0/ ?: =08,49 49 ?30 :A09 1:= ?:: 7:92 %0=1:=8 ?30 >0??492> ,> /0>.=4-0/ 49 4?08> :A09 >?,=?> ?: (30 C,8;70 8,2490 4? > H, 8 (30 80,7 B477 ?,60 H849@?0> ?: .::6 ,9/ 8@>? -0 =0,/D ,? ;8 %=0>> ?30 j .7:.
6;, +:@ .,9 .3,920 ?30 >0??492 B3470 ?30 >D8-:7 4> 17,>3492 (30 >0??492 3,> -009 ,/:;?0/ 41 ?30 >D8-:7 7423?> @; ;0=8,909?7D +:@ 8,D .3,920 ?30 B,4?492 ?480 ?3,? 07,;>0> -01:=0 ?30 >0??492 4> ,/:;?0/ '00 ?30 ,>4. >0??492> >0.?4:9 1:= 8:=0 /0?,47> #04, *309 ?30 :A09 4> 14=>? .:990.?0/ := 1:77:B492 , ;:B0= .@? ?30 j >D8-:7 ,9/ ?3=00 E0=:> 17,>3 49 ?30 /4>;7,D '0? ?30 ?480 (30 1@9.?4:9 >070.?:= 8@>? -0 >B4?.30/ :11 ",;;05. 796*,+<9, C,8;70 %=0>> ?30 j .7:.
0+05. ;/, ;04, +:@ .,9 34/0 ?30 ?480 ? B477 ?309 :97D -0 A4>4-70 B309 D:@ ,=0 ;0=1:=8492 >0??492> (: /: ?34> D:@ 8@>? .3,920 ?30 -,>4. >0??492 '00 ?30 F ,>4. >0??492> >0.?4:9 #04,9 +:@ .,9 @>0 ?30 ?480= ,> , 64?.309 ?480= ? :;0=,?0> 49/0;09/09?7D :1 ?30 :A09 (30 ?480= 3,> , >;0.4,7 >429,7 (34> 80,9> ?3,? D:@ .,9 ?077 B30?30= ?30 >0? ?480= ;0=4:/ 3,> 07,;>0/ := ?30 .::6492 ?480 4> .:8;70?0 +:@ .,9 ,7>: >0? ?30 ?480= 41 ?30 .347/;=::1 7:.6 4> ,.?4A0 ",;;05.
#/, ;04, /(: ,3(7:,+ >429,7 >:@9/> %=0>> ?30 a ?480= -@??:9 (30 ?480= /4>;7,D a B477 2: :@? /(5.05. ;/, ;04,9 7,906+ %=0>> ?30 a ?480= -@??:9 3,920 ?30 ?480 @>492 ?30 := -@??:9 (5*,3305. ;/, :,;;05. %=0>> ?30 a ?480= -@??:9 %=0>> ?30 -@??:9 @9?47 ?30 /4>;7,D 4> ,? E0=: #/, ;04,9 (5+ *66205. ;04, *6<5; +6>5 :04<3;(5,6<:3@ (30 >D8-:7> 7423? @; (30 ?480= ;0=4:/ .:@9?> /:B9 A4>4-7D 49 ?30 /4>;7,D (: .,77 @; ?30 =08,49492 .::6492 ?480 ? 09/ ?480H? := ?480 j %=0>> ?30 j .7:.
/(5.05. ;/, )(:0* :,;;05.: (30=0 8@>? -0 9: ;=:2=,8 >0? C,8;70 4/492 ?30 ?480 %=0>> ?30 j .7:.6 -@??:9 ,9/ ?30 -@??:9 ,? ?30 >,80 ?480 @9?47 , 1 ,;;0,=> 49 ?30 /4>;7,D (34> 4> ?30 -,>4. >0??492 1:= ?30 ?480 49 ?30 1:=02=:@9/ 3,920 ?30 -,>4. >0??492 @>492 ?30 := -@??:9 :914=8 B4?3 ?30 j .7:.6 -@??:9 2 B477 ,;;0,= 49 ?30 /4>;7,D 1:= ?30 -,>4. >0??492 1:= ?30 >429,7 /@=,?4:9 3,920 ?30 -,>4. >0??492 ,> /0>.=4-0/ 49 >?0; ,9/ .:914=8 B4?3 ?30 j .7:.6 -@??:9 +:@ .,9 9:B .
/03+7966- 36*2 (30 :A09 3,> , .347/;=::1 7:.6 ?: ;=0A09? .347/=09 1=:8 >B4?.3492 4? :9 ,..4/09?,77D 6*205. ;/, 6=,5 %=0>> ?30 p 60D -@??:9 @9?47 ?30 p >D8-:7 ,;;0,=> 49 ?30 /4>;7,D (34> B477 ?,60 ,;;=:C48,?07D >0.:9/> $536*205. %=0>> ?30 p 60D -@??:9 @9?47 ?30 p 2:0> :@? 6;,: +:@ .,9 >0? ?30 ?480= ,9/ ?30 .7:.6 0A09 B309 ?30 :A09 4> 7:.60/ (30 .347/;=::1 7:.6 >0??492 B477 -0 7:>? 41 ?30=0 4> , ;:B0= .@? (9, (5+ *3,(505. : 9:? @>0 3423I;=0>>@=0 .
=,5 #0A0= @>0 .:,=>0 >.:@=492 ;,/> := .70,9492 >;:920> $A09 .70,90= 8,D :97D -0 @>0/ :9 09,80770/ :A09 >@=1,.0> 69 ,(:, 6- *3,(505. D:@ .,9 >B4?.3 :9 ?30 :A09 7423? ,9/ /0?,.3 ?30 :A09 /::= ">0;*/05. 65 ;/, 6=,5 30./; '0? ?30 1@9.?4:9 >070.?:= ?: t ,;(*/05. ;/, 6=,5 +669 (30 :A09 /::= .,9 -0 0,>47D /0?,.30/ $;09 ?30 :A09 /::= 1@77D ":A0 ?30 ?B: 7:.6492 70A0=> :9 ?30 701? ,9/ =423?I3,9/ >4/0> ,71I.
3,(505. ;/, 6=,5 -3669 )>0 3:? >:,;D B,?0= := , A4902,= >:7@?4:9 ? 4> -0>? ?: @>0 :A09 .70,90= 41 ?30 :A09 4> A0=D /4=?D $97D @>0 :A09 .70,90= 49 , .:7/ :A09 #0A0= @>0 :A09 .70,90= :9 ?30 >071I.70,9492 =0,= B,77 :1 ?30 :A09 #:?0 9,807 4> -,60/ :9 ,? A0=D 3423 ?08;0=,?@=0> (34> .,9 .,@>0 >:80 >7423? .:7:@= A,=4,?4:9 (34> 4> 9:=8,7 ,9/ /:0> 9:? ,110.? ?30 1@9.?4:9 : 9:? @>0 .:,=>0 >.:@=492 ;,/> := >?=:92 .70,9492 ,209?> ?: =08:A0 >@.3 /4>.:7:=,?4:9> (30 0/20> :1 ?349 ?=,D> .,99:? -0 .
3,(505. ;/, .3(:: 7(5,3: (30 27,>> ;,907 :9 ?30 :A09 /::= .,9 -0 =08:A0/ ?: ,>>4>? 49 .70,9492 &08:A0 ?30 :A09 /::= ,9/ 7,D 4? :9 , .7:?3 B4?3 ?30 3,9/70 @9/0=90,?3 )9>.=0B ?30 .:A0= ,? ?30 ?:; :1 ?30 :A09 /::= (: /: ?34> @9/: ?30 =423? ,9/ 701?I3,9/ >.=0B> 42 '74/0 :@? ?30 ;,907 42 70,9 ?30 27,>> ;,907 B4?3 27,>> .70,90= ,9/ , >:1? .7:?3 %@>3 ?30 ;,907 -,.6 49 ",60 >@=0 ?3,? ?30 >8::?3 >@=1,.0 4> 1,.492 :@?B,=/> &0;7,.0 ?30 .:A0= ,9/ >.=0B 4? -,.
3,(505. ;/, 9(03: (30 =,47> .,9 -0 =08:A0/ 1:= .70,9492 (: @93::6 ?30 =,47> !41? ?30 =,47> ,? ?30 1=:9? 49 ,9 @;B,=/> /4=0.?4:9 ,9/ @93::6 ?308 ?309 ;@77 ?30 =,47> 1:=B,=/ ,9/ =08:A0 70,9 ?30 =,47> @>492 04?30= B,>3492I@; 74<@4/ ,9/ , >;:920 := , -=@>3 (: 3::6 =,47> -,.6 49?: ;:>4?4:9 9>0=? ?30 =,47> ,? ?30 =0,= ;@>3 ?308 -,.6B,=/> >7423?7D ,9/ 3::6 ?308 49 ,? ?30 1=:9? (30 =,47> 14? -:?3 ?30 701? ,9/ =423? >4/0> &0.
#96<)3,:/66;05. '3:@7/ , 8,71@9.?4:9 :..@= 4? 4> :1?09 :97D /@0 ?: , 849:= 1,@7? %70,>0 =0,/ ?30 1:77:B492 49>?=@.?4:9> -01:=0 .,77492 ?30 ,1?0= >,70> >0=A4.0 " #-* 4:*3 )4*7 348 ;460 14;3 +97* #-* (14(0 ).751&= +1&7-*7 4;*6 (98 ! % 440 .3 8-* +97* '4< &3) (-*(0 8-&8 8-* +97* .7 .3 ;460.3, 46)*6 -*(0 ;-*8-*6 8-* 0.8(-*3 1.,-8 7;.8(-*7 43 !,7(09: 4(@ 653@ ), *(990,+ 6<; )@ -<33@ ;9(05,+ (-;,9 :(3,: :,9=0*, ;,*/50*0(5: 8;=:;0= =0;,4=> 8,D .
!,73(*05. ;/, .3(:: *6=,9 (30 27,>> .:A0= :9 ?30 :A09 7423? 8@>? -0 =0;7,.0/ 41 4? 4> /,8,20/ &0;7,.0809? 27,>> .:A0=> 8,D -0 :-?,490/ 1=:8 ?30 ,1?0=I>,70> >0=A4.0 (: ?34> 09/ ;70,>0 >;0.41D ?30 9@8-0= ,9/ 9@8-0= :1 D:@= ,;;74,9.0 -;,9C:(3,: :,9=0*, $@= ,1?0=I>,70> >0=A4.0 4> ?30=0 1:= D:@ 41 D:@= :A09 900/> =0;,4=492 +:@ B477 149/ ?30 ,//=0>> ,9/ ?070;3:90 9@8-0= :1 D:@= 90,=0>? ,1?0=I>,70> >0=A4.0 .09?=0 49 ?30 ;3:90 -::6 (30 ,1?0=I>,70> >0=A4.0 .
(*2(.05. (5+ 63+ (7730(5*,: )9;,.6 ?30 ,;;74,9.0 ,9/ /4>;:>0 :1 ?30 ;,.6,2492 49 ,9 09A4=:9809?,77DI=0>;:9>4-70 8,990= 0:76:05. 05 (5 ,5=09654,5;(33@C 9,:765:0)3, 4(55,9 (34> ,;;74,9.0 4> 8,=60/ ,..:=/492 ?: ?30 @=:;0,9 /4=0.?4A0 :9 *,>?0 70.?=4.,7 ,9/ 70.?=:94. <@4;809? * (34> 2@4/07490 4> ?30 1=,80 :1 , @=:;0,9IB4/0 A,74/4?D :1 =0?@=9 ,9/ =0.D.7492 :9 *,>?0 70.?=4.,7 ,9/ 70.?=:94. <@4;809? #()3,: (5+ ;07: (2,: (5+ 7(:;90,: (30 ?08;0=,?@=0 ,9/ .::6492 ?480 D:@ >070.
,(; 76<3;9@ -0:/ (5+ .9(;05: (30 ?,-70> ,;;7D ?: 49>0=?4:9 49?: , .:7/ :A09 (30 ?480 >;0.414.,?4:9> ,=0 ;=:A4/0/ ,> 2@4/07490> :97D ,9/ /0;09/ :9 ?30 ?D;0 ,9/ <@,74?D :1 ?30 80,? (30 B0423?> 49/4.,?0/ 49 ?30 ?,-70 F%:@7?=D =010= ?: :A09I=0,/D ;:@7?=D B4?3:@? >?@11492 (@=9 B3:70 ;:@7?=D ,1?0= ?B: ?34=/> :1 ?30 2=477492 ?480 +=0*, 65 96(:;05. (30 =:,>?492 =0>@7? /0;09/> :9 ?30 ?D;0 ,9/ <@,74?D :1 80,? "0,? >3:@7/ -0 ?@=90/ 3,71 B,D ?3=:@23 ?30 .::6492 ?480 +=0*, 65 .903305. 1 ;:>>4-70 @>0 ;40.