r(Q@LRGwM@L2S@D`LÆ

Q@I(UK@DBMr(L@MÆr(Q@L@DQÇTOTØU
Q@LøRC@B@Q@DQ@ID-¸@DI@MJ(OHS 

FZX@DUQDZXoUQCOQLDsQ
IM@C1M@DHIS@HL`OQ@V$1JeX@DIM 

HUs@HL`HeX@DC@-SY`THI"#`TS@OM
RU1\RU1CDU@HCYQZX@DU@HKLC1M 

\@MÃ@5X@DOHQ"#D
@DU@&L(R3XpSYTHB
\@MF,X@D}%e\NQ7UR(eS@OU@MÆ 

THSL@M@3LU@MÆU(Q@DHISÖ@DW@DHQLC1M
HUsmO@DHUY@K@<eÃTOHQU%@D}% 

YNEFWQr(L@MÆJ@$RKDX@DMR4XJ
HUOTK@R@DLG@DQ2JOQLDt(OQ@X: 

R3XpSR3XR-W@DFTkOQLW@HL1J
K@DJ\@DK@DJU-
oK@DJ@3L@K@DJJ•3OQ 
r(Q@LRGwM@L2S@D`LÆ Page 2 of 16

M@HCÃ1FU@MÆRD5X@DHISL@X@DQÇ4bG
Q@L@DCX@JQ@DC<RU1\RU1O@UM 

g|ZX@DM(HSL@MÆF@DÏ@RU1CDULX@DGHQ
RT-CQO(SU@R@oR4`J@QOTQ@SM 

R@$,X@DLGH1J@DCZE(RU1\RU1J@DHUC
JHURT(UUQCRU1OTZX@HWJeC 

Ã5X@DHIS@HQEUF@D1LG@DCQ@DÇM@YM
RTJ(HS1Q@HCOTkJ@-SOTZXJ•S@FL 

J+LoSTA@1¤RU@1U@R@D¯Q@RC
H2LSÃ@(HMU^@3L@2LHSL@MÆU(X1U@MÆeÃT 

W(Q@DC@-S@DÇM9X@LRU@1XTWHUY@QC
7X@3LX@DFHMKXRTLM@KyL:@I 

RU1S(V1LXY4QRU1X\ KeC
X\2UmO(X\DY@DIQ@LQ:UHI1S 

U:@1rLJQ@DU:(1Y`THISÆOTk@D^L
HUÃ(:eHSt@S@OQL@3L@OQ@3OQ 
r(Q@LRGwM@L2S@D`LÆ Page 3 of 16

eL@:Ã4S@D¯\D1XO4:1OQOTQIX
M-S}HuQ@M-C@DWMTUD1C@DWMTW1Q 

FT:@JQ@DFT:rDtRH×C@M-CHUG
HÃU-
@DLG@J@X@DHUsJL@1HUY@QC 

HUM(S@3L@U(SQ@F2SO2U(Y@DIMDsQ
J+X@:eJ•HSJ+ORUD1YRU1J@LC 

<XOTkR@<(JDYUOTk@D^L
K@DJ@7X<@DLG@L@X@DHUÃ(:UQeC 

@M-CHUG@D)X@DHSG1MTL3eÃTQ5XX
@HI:TRGM@DÃ@DÄ@R3XU@C(A¤rTS 

RTNCJ@Q:JS@1ÃUA-WHUL@DBM
CDUB4E@LH:MD1S@g|ZX@Dg|UW1M 

RR@Q@D^@QJ@DQ@LRU1¯NHUL@D<J•SÆ
HUb^L@DHUsJS@1HUsGS@1BHUsJ•SÆ 

HM3X@DHMXSJ+X@:R(S@Y@DJHUM@YJ•SÆ
J@J—32VOTZEQ(J@<@DHUs@HL`ÃX@OG 
r(Q@LRGwM@L2S@D`LÆ Page 4 of 16

L@Q(BLVM@DQ@L@DHUQ@WUWOHZES
¯2U„M@YM@DQ,XHJQ(P(H`CY@HWO 

LG@WMTL1G@J@X@DÃ(L@DÃ(LOQ@ÖL
S_U2UmO(S_U\2S_UU@C(RTHUÖL 

Ã4S@3L@Ã4SJ•32U@L(J@K\@M(LG@OPT
HMHU1Z:@DFT:@G(HMJK–JK–G@ 

2UÃ@UøY`TÔJDYU2V@:TQ(sQ
Ã4S@HCY,ÃTQ@HC3X2VHUtY@sS@DŠTU 

JUB(J—ZEK(BÖ(NEF(ÃÄIMHeX
L3XTI1-LQHGSRU1HI3RU1F@DBQ 

MT^L@DeLDX@3L@RU@1HCFT1:R@FQ
RLRL@3L@RLF@DIP@LTJ—PLHZES 

IDXRU1Ã4S@3L@HUU*RDM@DLG@SO@
K@DJ@7X<@DLG@A@¤QLS@DUDCHU^L 

RHG:TR¶HSY@2S@HUsX@DHML1G@
THS
S(-¸=HI1Se@YTkOD-¸@DU@LM@DAK( 
r(Q@LRGwM@L2S@D`LÆ Page 5 of 16

WMTUD1C@DHUW@S@Bg|@HU:ToYJQ
GR@DLQ(HBF@D1HU-C@DQ‰FÃ@D1LG@LHS 

5X@R@DU@B2OHSRU1CHO1S@RTQLC1M
I@MJ(U¢ÃO4)XeJPe(HSUW1M 

R,ÃU@DS(H-¸X@DUD
@DHMCD1Y@DI@,AU3eÃT
LCM@DLVM@D5X@O(HUsmO@DHMQšM 

M@Q@X:@D:(R@WTI1P@XTe(HSUW1M
M$JmO@DIFº@VRTQJ@X1HGS2UÃ4 

HISÖ@DW@DHIS@Q@HS/KUF@HWOQ@)XC
URTCRTÃTI@DM$JL@X@DÃ5XeL@DCM 

BZE@YTHRHµCJ+OYQ:@FSU3RK
FC@DQ@DFGS@1BL¼\@DL¼Ã@UM 

R@$HLH`U3RK@DWTX@D15XÄ@5XÄ2UmOWJ
UHRt@D@L:(r(L@MMTJKHeXUC 

STKR@H_UJ@DW(QYQ@RMHUY@QC
)XDtRU1FT:@DODSYHÄL@2S@PJ@-SJ 
r(Q@LRGwM@L2S@D`LÆ Page 6 of 16

U$J—Z0e@H:M@e@:JL0JLK@OHS
F@DUW1MWQ@DL32XmOJ@kZXR@FQ 

J—,ÃJ:1eÃD^@BF@DHOF@DO@KRUS
L@X@U(5X@OJ@D5X@O(Q$:TJDXAK@OG 

HOM@JLVM@DU-
RLV@D1FkE7UI
K@DJ`X@rX@DK@DJBHQS@DÃQS@I 

r(WQR¶HSK@D1JR@<(M@Q@X:@DATW
LM@DUDF(LM@DmO(O4:1OTkOTØU 

X¯rDt@DX¯OHSÃ41S@U@RRTHUÖL
SDI@DWQ@DWQ@W@QoSTL41HS1L1G@HMHW 

B@:4QLC1M@DHC5XY@-S@DÃQSUH-CS
Y!C@HSF@DFÃ(Q@3L@J@DLK@ØeI@FQ 

K@DJFÃ1YDY@X(<(Q@H!WHMKX@DLK
@3LX@DHMQC(M@3L@RGw@<RGwO@SÆ 

LS@YTL1G@FÃ@D1HMU^HUX2OG
H`J@K\@DLTHMR@<(HUG@XRFHSJ•S( 
r(Q@LRGwM@L2S@D`LÆ Page 7 of 16

OI1-XJ—LTC@DÃ4S@U@RJLKK@DBM
r(U3RU<@r(U@R@DU(QG@KyL:@I 

K@DJ@HÃQ@L@DK@DJ@HQLC1MRDUJHeX
RM@SMSL@DLDÇ9X@LK@DQ@<R@-SJ•SÆ 

HC5X@XTWWQr(L@MeLDX@DHISDH-¸X
Ã4CDUU-
@DIMJHeXJ•3eHOS@LG 

^LR@H_UJR3XR3XR-WHvHUÖL
RTpSRTKÃR4yLRTÇ@DRTNCRTW( 

C@L@DCQ@D"XTSY@Ø(1U@LM@DLWTQ@HWO
CDUJ(M-CMY@$HQY4QJ$PÃLC1M 

RÏS@KeÃD^@BHL`UYeUW1M
J@K2UmO(J@K@3L@J@KJ+X@:CJHU 

RU3RQ;STO<@DÐXMHCUR@DXTF
2S5X@DHUHUÄ@DHMKD1ORU15X@O(HMQ@J—K
M@HCHMWMRU1K@DJO4)X@DHMQ@LX 
r(Q@LRGwM@L2S@D`LÆ Page 8 of 16

QR@DQR\R@Q\@DK@DJR@Q@DQR@3LJ
RU1¯N@HSF@DHU
@Q@HYOQLF@DBQ 

YD@DHUYD@DHUFSJ+L@DQÇTM@XJ
U:1rDt@DU:1U@Ð@DUZX@D1UZX1FT:@D))UK 

JL1R@yXLQrDt@DCDUCDURTNeC
CDU@HWCDU@DCDUH1CD1U@RTQML2J•S 

RU1CDULXoÖ(Y@Ø1O@:(QÇ4^L
LM@DATHµQGJ@QeJ•HSOTk@D5XX 

G+X@O@UM2U@L(HOSÃÄ@DUQeC
-X@X@D-X@X(MX(r(L@ºX@DMFWQ@DŠTU 

KyL(HUs,ÃQ@ÃS@1CDUD-¸@DAHKLC1M
U@:@HQLC1M@DX)U@MT^L@DLTHMRDHUS 

CDU@:(HYU7X@MS3OQOQLOQ
R@LFDXHeX@D֍QOTZXJ(HS1RTK@DBM 

OTZXOTZX@HWJO4U1O4:1O4QHXS@QHU
IHPKJ+L7U@-SeÚMHUÃ@URT 
r(Q@LRGwM@L2S@D`LÆ Page 9 of 16

5XÄK<:@D5XÄ@DCY@2XHbOJDRQ(
JK@HMHWJK@M@V@DJLK@M-CUW1M 

IX(HIS@HQRU@1HCYLM@DÃUÚM
KJHQ:TQBK@DQ@DHB:THU1ÖL@D^L 

@YTY!COHSY!C@F@DBQ@DQšM@DQÇT
HMY!Ce:U@DL@K(2V4KR4yL@DHUK<: 

@3LX@DHMQX@DHMoRÏHIÒRGwO@SÆ
RM@SMSLw&U(ODYK@DIHUM@UQ 

YHÄL@°YœÃº@VFC@O¹QV@ØÃSÆ
HMQ@DG@DHMHU1J+OoHB¸”O@DU(SR@7UR 

YS@MMRGw@<YSL4HS1Ç1MeÃ
z3OTZEQ(JYXMJH0M@D¸UUB 

@DGOHSr(L@MÆRLV@D1MV1M@YM
WL1Y`4Q<@DÔOTkSOTkuTS 

g|FÃ@D1AG¶Ã@D1WL1WDMTW1M@FL
HGQZXFÃ@D1)X@DHSL@MÆRTKK@PRTHUÖL 
r(Q@LRGwM@L2S@D`LÆ Page 10 of 16

HYUO4I@QSr(L@MÆÃU@M(HeXJ•bY(
MQ@DM@Q@X:9X@LJOC(1M(KK@DHGS 

k¸OYTOHS2V@:THU1s@HL`@DHbIDsQ
L@S@LG@DL@SHQs@HUHQ®@DHUuQrU@ 

<@D>XRU1Ã4S@M@BZER3XOQ@ÖL
U@KHN+X@DLG@J+OJ+OU<JK@WQ 

HMC@Ç2SOM@DL@DÇÎy:OQAK@OzSÆ
JA-WLVM@DHC5XJ,AT(UHYUHeX 

Yœ@DHMKRTHMOºRTKÃHYHYQ@3LJ
RRu@DHSHVY4QeL@V(O@OM@YJ•SÆ 

URTrU@J5XU@GeSÏ@DHUsÃ@DIM
Q@L@DM(K@D3OK9X@L@D\@M2J-W@DLG@
THS 

OHU`O@CO@O@HQL1H:O4Q@DMÃ@DFHS
^@Q:@D¯J•HSG@¯W1@D1¯RG@DÃX 

LSDY@DLSUOTW1L(1WL1J•O@JQ
ÃF@D1HUU2U@M@HC3X@DX@DF@B@X@D1HCU2OHS 
r(Q@LRGwM@L2S@D`LÆ Page 11 of 16

C@QJ(HS1k
@DF(U@LXRCR-LX
M<`L@K(M@JDY2U@HWt@ME@rX 

BSTU1F1 K@DU:(1YHÄ`X KHMHW

HMW@MFÃ@D1HM5X@1I@DHFQ(Y@D5X@KLC1M 

r(U¢ÃHYU@Q,ÃY@H-SÃ1¸RLšR
Ã4YX@DÃ4HSJ•a”HSÃ41:@DÃ4SU@GM 

J@X@DÃÄJ@X2VJ@K\@M(LG@UPT
OQ@V1UH^QBK@DHUHUÄrTHSR@FQ 

2UÃ@Uø@DL7X2VRR@QÃXM@YM
UD
@DU$
@DHUX¶@DÏ@RU@1LQLTM(sQ 

RTQD-¸JQ:JL1JL1J•3J,X1W@D<I
7XDX@DWTX@D1WQ@W(YRJ+OYU1Q(OHS 

OQL@V1FTkU1µYTHBQ@HrSU3RK
HU:THI1:THU1ÃTU1-
@DX\DY@DX\O@KJ 

eÃHU:T1HR:ToK@DJ@3L@K@DJÃ@UM
JDYUJDHYG@J@5XJHUJ@Q:J@Q:LÆ 
r(Q@LRGwM@L2S@D`LÆ Page 12 of 16

J@KJS@1J@KYD@DU@RTCDUOTkuTS
@HCJS@1UQ@GoL@WU@DLWTR4CM 

M@Q@X:@DMQ@DGR@DHUU*RDM@DIM@C1M
HUsJS@1LG@X\@D)X@DHSL@MÆOTk@D^L 

U$J—Z0OTZEQ(J@<J•:R4X1RTQ@HB1S
M@QHRG@DLG@Ã(L@DUÖCu@DMN@XTW 

@HCCDU@DIF3JS@1X@DF(Y@DFkE7UI
F@DHU-C@DF@DOHSF@D1Ï@Ã4OHSÃT1UMDsQ 

O¹M@Ã@Dz(JDY@DW@S@C@L@DCQeÃT
H`HUÖLHvK@DJDY@Dg|DYe(HSUW1M 

U@LM@D¯uCLM@DF@DHU-C@DF@DOU¢Ã
ÃÄHeX@D"XTSR3XR3XJ(HS1W1HS2LHS 

J@kZXJk:@D5X@RO@OG@Y@H-SUW1M
R-X@R(Y@vS_U\@DL-CQ@H¸HMJDSM 

ACQ(HMKXY@-S2SO2U(U$
TSeÃ
Ã4S@U@R@DFTG@U@Rr(HMU@RHrXOHS 
r(Q@LRGwM@L2S@D`LÆ Page 13 of 16

SO@DU@R@DLTC@U@RR3XU@RRM@SM
OTkOTJQOTZXOTJQ@<@DLGDsQ 

O4:1L4HS1OTQ@:\OTZXCe(HSUW1M
Yœ(BÖ(FC(Y@Ø(1K@ØK(LTRK(GK( 

HJQ(P(J—ZEK(G@Q(LDNK(JUB(7UI(
X@Dµ@IDS@LG@U(X1Y`THI"#`TS@OM 

Y@2S@Y@vJQY@vYJQYJQ2STS
R@QHVR@H_UJ2U@L(R@LUDCHeXRL 

OUMRGSYHÄR,O4:@1ØRLHµL@MÆ
2UF1CJ@LCr(CJ(HS1C@DJ(HS1M@YM 

L@D<COTZEQ(J@<<(Q@H!WJ•SJDSM
RU@13L@RU1K@DJDYeDQJO@OM@YM 

RU15X@O(IFº@VRU1K@DJLGDsQ
RF1H2V3X-SJ•´DURU1K@DJRTN@UG 

<8XY@sS@DM-S<XUHµHUUHI1S
HMKD1O@DHMFT1:R4yL@DHMHU1J@Q@DHMQšM 
r(Q@LRGwM@L2S@D`LÆ Page 14 of 16

RU@D1O@HWHUHMLT1ÄR^@L@`5XUH2VS
HWJ@Q(HUÃTHM13XOQL@3L@RM@SM 

BK@DHML1K@D5X@O(HM3XSÏ@DHMQ@rX
9X@L@DXTU@K@DHGS@<@DC(Ï@2X@DHLSÃ@: 

@I@MTA@¤RTLTNHRG2J-W@DLG@ÃTI
R3XU@MÆFT:R,Oº2UXSDI@RTC(HÏL@MÆ 

J@K@3L@ÃFU@MÆJ@KJ@KBÖeUS1J
M@Q@X:OQ)X@DHSOQL@3L@RM@SM 

HUsRHEUsF@DÏ@BHUsÃ@DÄ@BY@sS
HUsDsQ@DHUsL4HS1HU1s@3L@HUsÃ@UM 

RU1Ã4SRTz"#@-SRU1Ã4S@MTJ,OM
RUD1sQDsQRU1r(L@M@HrSU3RK 

RU1FRU1Ã4SDYRU1Ã4S@YXH2VS
>X-SQ2V2SLR9#D^@M@Q@X:OQ 

M@HCHMWMwu@eI@OHSOHSG1HQ
MQHRG@Dz(JDYRU@13L@RU1}&UY( 
r(Q@LRGwM@L2S@D`LÆ Page 15 of 16

IFS2S2VTo$UeÃTMD1S@RM@SM
JS@1W@S@HUW@S@BRUD1@eÃTQ(sQ 

RGwL4HS1HU1s@3L@HU:THU1s}F5XX
OTQ@:OTkwu@RGw@<RGwO@SÆ 

S_UM@Q@X:@DHU:TU@1RTCDURM@SM
OQL@3L@OQg|RH×C@M-CHUG 

OQ)X@DHSOQW@LOQ@J@YOQ@3OQ
"XTSOTkJ•:Y@sSHYUsQ 

HM3XRU1FS2V@:TkR@<(eI@OHS
HGQZXFÃ1RHUS@K@DJJ•¢@DJÃHbÃT 

Q@Lr(L@MÆLG@HU:THI1:TCD1UHGS@UG
S_U@3L@S@QJg|Y@sSRU1HRHµC 

J@QU@"X@DÃFU@MÆr(Ã41K(K@OHSOTL@MÆ
RU1K@DJDsQr(L@MÆRU1\RU1S@DLTN 

2U@L(RTY(KRTKÃRU1\RU1YHÄL@MÆ
HM3XR,O4:1J@LoM$RHF1JRTz3RTN( 
r(Q@LRGwM@L2S@D`LÆ Page 16 of 16

J•O@O(X4IKHWYQZXRU1CDHGM@LÆ
r(L@º@Q@X:2U@L(IFS@OHSQ(sQ 

r(YYQZX@DÃ4S@M@RHrS@Ã(uC@XJ
M-Sr(OS(Q@L@DFT:ÃHºFT1:@DLG@MÆ 

ÅHSr(Q@LRGwM@L2S@D`R,O4:1LÆ