You are on page 1of 23

!

" "
* +!,#--.**. +!* /.)0-.* +(,0-(12(+. !) *# ()+2,0-(# 3# %#-#*!*. #* +! *#,
/."2)(/#/(.)!, #+# 3!4 !, "&, )!/!,#-(. +(,%.)!- +! +(,%.,(0(3., ()0!*('!)0!, %#-#
-!#*(4#- !* /.)0-.* . *# ,2%!-3(,(5) -!".0#6 0#)0. +! %-./!,., +! 7#1-(/#/(5)6 /.". +!
#*"#/!)#"(!)0. . +(,0-(12/(5) ., ,(,0!"#, . -!+!, +! /."2)(/#/(5) !"%*!#+., !)
!)0.-)., ()+2,0-(#*!, ,! !)/2!)0-#) ,."!0(+., # 2)# %-.1*!"&0(/# !,%!/87(/# 92!
/.)+(/(.)# !).-"!"!)0! ,2 +(,!:. ; *., +(7!-!)/(# +! *#, -!+!, +! +#0., . -!+!,
.7("&0(/#,
<#/(# *., #:., = ,! /."!)4#-.) # ()0-.+2/(- *., /."%20#+.-!, !) !* /.)0-.* +!
%-./!,.,6 72)+#"!)0#*"!)0! %#-# -!#*(4#- 0#-!#, +! 3('(*#)/(# * /."%20#+.- ,! !)/#-'#1#
+! ,2%!-3(,#- *#, 3#-(#1*!, /.)0-.*#+#, %#-# +!0!/0#- )(3!*!, #)5"#*.,6 '!)!-#)+. !)0.)/!,
*#, #*#-"#, %!-0()!)0!, ; '!)!-#)+. ()7.-"!, ,.1-! !* !,0#+. +!* ,(,0!"# .,0!-(.-"!)0!6
,! /."!)45 # ()/*2(- 0#"1(>) !) *#, *#1.-!, +! /.)0-.*6 ;# 92! +!1(+. # ,2 /#%#/(+#+ +!
/&*/2*. %.+8# ,2,0(02(- #* %#)!* +! /.)0-.* ; 0!)!- %-.'-#"#+., *., 12/*!, +! /.)0-.* *
%-()/(%#* ()/.)3!)(!)0! 92! ,! %*#)0!#1# !-# *# "#;.- +!1(*(+#+ +!* ,(,0!"# #* !?(,0(- 2)
%2)0. +! 7#**. /-80(/.6 !* %-.%(. .-+!)#+.- )# %.,(1*! ,.*2/(5) /.),(,0! !) +2%*(/#- !*
!92(%.6 +(,%.)(!)+. +! 2) .-+!)#+.- +! -!,%#*+.6 /."2)(/#+. /.) !* %-("!-.6 ; /#%#4 +!
,!'2(- /.) !* /.)0-.* +!* %-./!,. !) /#,. +! 7#**.
* +!,#--.**. +! *., "(/-.%-./!,#+.-!,6 "(/-./.)0-.*#+.-!, ; *., /.)0-.*#+.-!,
*5'(/., %-.'-#"#1*!, @ ,A +(. *2'#- # *# #%#-(/(5) +!* /.)0-.* +(,0-(12(+. ) !,0! 0(%.
+! !,92!"#6 2) . 2) "(/-.%-./!,#+.- /.)0-.*# 2)# . "&, 3#-(#1*!, +!* ,(,0!"#
-!#*(4#)+. 2) /.)0-.* +(-!/0. +! *#, "(,"#, ,0., !92(%., +! /.)0-.* *./#* ,! /."2)(/#)
/.) .0-., !*!"!)0., +! ,2 )(3!* ; /.) !* )(3!* ,2%!-(.- +! ,2%!-3(,(5) * 7#**. +! 2)
!*!"!)0. +!* )(3!* ,2%!-(.- ). /."%-."!0! )!/!,#-(#"!)0! !* 72)/(.)#"(!)0. +! *.,
!92(%., +! /.)0-.* *./#*6 "()("(4#)+. ,2 ()/(+!)/(# !) !* ,(,0!"#
+!"&,6 *# #%#-(/(5) +! ,!),.-!, ()0!*('!)0!, ; !*!"!)0., %-.'-#"#1*!, @"&92()#,
+! /.)0-.* )2">-(/.6 ,6 -.1.0,6 !0/ A 92! 7#3.-!/!) *# #20."#0(4#/(5) ; 7*!?(1(*(4#) !*
%-./!,. %-.+2/0(3.6 +!"#)+# *# )!/!,(+#+ +! %!-"(0(- ,2 %-.'-#"#/(5) ; /.)0-.* +! 7.-"#
-!".0#
!,+! !* %2)0. +! 3(,0# !"%-!,#-(#*6 *# )!/!,(+#+ +! /."2)(/#/(5) ). ,! -!,0-()'!
,5*. # *# %-.+2//(5) 0-., +!%#-0#"!)0., +! *# !"%-!,# 0#"1(>) %2!+!) %#-0(/(%#- !) *#
-!+ +! /."2)(/#/(.)!, %#-# %!-"(0(- 2) /.)0-.* '*.1#* +!* ,(,0!"# ! !,0! ".+.6 ). ,5*.
,! /.)0-.*#-8# !* %-.%(. 72)/(.)#"(!)0. +! *# %*#)0# +! 7#1-(/#/(5)6 ,(). 92! !) 72)/(5) +!
*#, +!/(,(.)!, 0."#+#, !) *#, /#%#, #+"()(,0-#0(3#, +! *# !"%-!,#6 %.+-8# #/02#-,!
+(-!/0#"!)0! ,.1-! *# %-.+2//(5) ! !,0#1*!/! 2) ,(,0!"# +! #$%&'$( )*'+',-./+0$ /.".
!* 92! ,! -!%-!,!)0# !) *# 7('2-#
#+# 2). +! *., )(3!*!,6 #+!"&, +! **!3#- # /#1. *#1.-!, !,%!/87(/#,6 -!#*(4# 2)
0-#0#"(!)0. ; 7(*0-#+. +! *# ()7.-"#/(5) 92! !, 0-#),"(0(+# !) ,!)0(+. #,/!)+!)0! .
+!,/!)+!)0! %.- *# %(-&"(+! ,8 ,! *("(0#) *., 7*2B., +! ()7.-"#/(5) # *., !,0-(/0#"!)0!
)!/!,#-(., %#-# /#+# )(3!* #"1(>) !?(,0! 2) 0-&7(/. !) ,!)0(+. C.-(4.)0#* +!)0-. +! /#+#
)(3!*6 /.) +(,0()0#, /.)+(/(.)!, !) /#+# 2). +! !**.,
* )(3!* ()7!-(.- -!#*(4# !* #$%&'$( 0.1.&+( 0.'*#&$ +! *#, 3#-(#1*!, +!* ,(,0!"# . !*
/.)0-.* +! *., !*!"!)0., +! 7#1-(/#/(5) @!) ,(,0!"#, +! 7#1-(/#/(5) 7*!?(1*!A ! #+92(!-!)
+#0., +! *., ,!),.-!, ; ,! #/0D# !) 72)/(5) +! *., #*'.-(0"., +! /.)0-.* ; /.),(')#,
,!*!//(.)#+#, %.- !* )(3!* ,2%!-(.- ! !B!/20#) %-.'-#"#, +! "!/#)(4#/(5) .
!"# $%&'()#
"#)(%2*#/(5)6 ,! #/0(3#) #*#-"#, ; ,! 0-#),"(0!) *., "!),#B!, ! ()7.-"#/(.)!, .%.-02)#,
#* )(3!* ,2%!-(.-

(' (3!*!, B!-&-92(/., !) *# #20."#0(4#/(5) ()+2,0-(#*


* ,('2(!)0! )(3!* !, !* +! 2-3*'4.2.5% #* )(3!* +! />*2*# +! 7#1-(/#/(5) . +! /.)0-.*
*#1.-# *# ()7.-"#/(5) %-./!+!)0! +!* )(3!* ()7!-(.- ; ,! ()7.-"# #* .%!-#-(. +! *# ,(02#/(5)
+! *#, 3#-(#1*!, ; +! *#, #*#-"#, .--('! #*'.-(0"., +! /.)0-.*6 /.),(')#, ; %-.'-#"#,
* 0!-/!- )(3!* **!3# # /#1. *#1.-!, +! #$$'0.%+#.5% 0* (+ 3(+%&+ .)0-.*# ;
.-'#)(4# 0.+. !* &-!# +! %-.+2//(5) 0-#0#)+. +! .%0("(4#- 1#*#)/!, +! "#0!-(#, ; !)!-'8#
@7*2B., !)0-! #*"#/>)6 %*#)0#6 +(,0-(12/(5) ! ()/*2,. %-.3!!+.-!,A #-# !**. !,0#1*!/! *#,
/.)+(/(.)!, +! .%!-#/(5) +! /#+# %-./!,. +!* &-!# ; *#, !)38# # /#+# /.)0-.* ,2%!-3(,.-
%#-# 92! !,0., *#, #+#%0!) ; +(,0-(12;#) !)0-! *., /.)0-.*!, +(-!/0.,
) !* ,('2(!)0! )(3!* ,! -!#*(4# *# 3(+%.6.#+#.5% +! *# %-.+2//(5) +!* /.)B2)0. +! *#
7#/0.-8# ! !)/2!)0-#) !) !* 0#"1(>) *., !*!"!)0., +! .7(/()# 0>/)(/# 92! "!+(#)0!
C!--#"(!)0#, G G %!-"(0!) !* +(,!:. +! %-.+2/0., ; *# !*#1.-#/(5) #20."&0(/#
+! %-.'-#"#, %#-# *., !*!"!)0., +! 7#1-(/#/(5)
) !* )(3!* ,2%!-(.- ,! !,0#1*!/! *# 3$(7&.#+ 0* (+ 3'$0-##.5% +!* /.)B2)0. +! *#
!"%-!,# !) 72)/(5) +! *., -!/2-,., ; /.,0!, +!* "!-/#+. ) !* ,! ()/*2;!) *#1.-!, +!
/.)0#1(*(+#+ ; '!,0(5) !"%-!,#-(#*
# /.),!/2/(5) +! *# ("%*!"!)0#/(5) /."%*!0# +! 0.+., !,0., )(3!*!, +# *2'#- # *#
#%#-(/(5) +!* @ $83-&**' %&*1'+&*0 +%-6+#&-'.%1A ). +! *., %-()/(%#*!,
()/.)3!)(!)0!, %#-# !* *.'-. +! !,0# ()0!'-#/(5) ,! !)/2!)0-# !) *., %-.1*!"#, 92! %-!,!)0#
*# ()0!-/."2)(/#/(5) +! *., !*!"!)0., +! *# 1#,! +! *# %(-&"(+!

) !* !,92!"# %(-#"(+#* 92! ,! %-!,!)05 !) !* #%#-0#+. #)0!-(.-6 !?(,08#) +(7!-!)0!,


)(3!*!, +! /."2)(/#/(5)6 /#+# 2). +! !**., /.) +(7!-!)0!, )!/!,(+#+!, .+!"., C#1*#- !)
-!#*(+#+ +! +., 0(%., +! -!+!,H '*0*2 0* #$%&'$( ; '*0*2 0* 0+&$2 #, -!+!, +! /.)0-.*
!,0&) *('#+#, # *# %#-0! 1#B# +! *# %(-&"(+!6 "(!)0-#, 92! *#, -!+!, +! +#0., @. +! .7("&0(/#A
!,0&) "&, *('#+#, # *#, %#-0!, #*0#, +! *# B!-#-928#
) '!)!-#*6 *#, '*0*2 0* 0+&$2 !,0&) .-(!)0#+#, #* 0-#),%.-0! +! '-#)+!, %#92!0!, +!
+#0.,6 92! #%#-!/!) +! 7.-"# !,%.-&+(/# @1#B# /#-'#A6 ; /.) 2) '-#) #)/C. +! 1#)+# %#-#
%!-"(0(- !* !)38. -&%(+. +! 2)# '-#) /#)0(+#+ +! +#0., ) /.)0-#,0!6 *#, '*0*2 0* #$%&'$(
,! !)7-!)0#) # 2) 0-&7(/. 7.-"#+. %.- 2) '-#) )D"!-. +! %!92!:., %#92!0!,6
!"# $%&'()#
()0!-/#"1(#+., /.) 7-!/2!)/(# !)0-! 2) #*0. )D"!-. +! !,0#/(.)!, 92! 7.-"#) *# -!+ ; 92!
"2/C#, 3!/!, 0-#1#B#) !) 0(!"%. -!#*

('2-# H ."%.-0#"(!)0. +! *# -!+ 0C!-)!0 #)0! 3#-(#/(.)!, +!* 0#"#:. +! *., %#92!0!,

) %-()/(%(.6 *#, -!+!, +! +#0., !,02+(#+#, C#,0# #C.-# %.+-8#) !"%*!#-,! %#-# ,2 2,.
/.". -!+!, +! /.)0-.*6 ,() !"1#-'.6 !, !3(+!)0! 92! ). -!,2*0#) #+!/2#+#, %#-# *#,
)!/!,(+#+!, +! !,0! 0(%. +! #%*(/#/(.)!, .- !B!"%*.6 !, ,#1(+. 92! *# -!+ 0C!-)!0 0(!)!
2)# '-#) !7(/(!)/(#6 C#,0# !* $ IJ +! *# /#%#/(+#+ +!* /#)#* /2#)+. *., "!),#B!, ,.)
*#-'., ; ,27(/(!)0!"!)0! !,%#/(#+., () !"1#-'.6 *# /#)0(+#+ +! ()7.-"#/(5) 92! 2)# -!+
0C!-)!0 !, /#%#4 +! 0-#),%.-0#- /#! 1-2,/#"!)0! /2#)+. ,! 20(*(4# %.- !)/("# +!* IJ +!
*# /#%#/(+#+ +!* /#)#*6 ,( !* 0#"#:. +! *., "!),#B!, !, %!92!:. ) *#, -!+!, +! /.)0-.* !,
C#1(02#* !)/.)0-#- !,0! 0(%. +! /#-'#6 %.-92! !* 0-&7(/. +! *# -!+ +!%!)+! +(-!/0#"!)0! +!
!3!)0., !?0!-)., 92! !,0&) ,(!)+. /.)0-.*#+., @. ".)(0.-(4#+.,A %.- *., +(7!-!)0!, ).+.,
92! *# /."%.)!) "!)2+.6 3#-(., ).+., )!/!,(0#) !)3(#- ()7.-"#/(5) ,("2*0&)!#"!)0!
!) 72)/(5) +! 2). . "&, !3!)0., !?0!-)., ,0! C!/C.6 B2)0. /.) !* '-#) )D"!-. +! ).+.,
92! ,2!*!) !,0#- %-!,!)0!,6 ("%*(/# *# !?(,0!)/(# +! 7-!/2!)0!, %!-(.+., !) *., 92! "2/C#,
!,0#/(.)!, !)38#) %!92!:., %#92!0!, +! ()7.-"#/(5)
.- 0.+#, !,0#, -#4.)!,6 !, )!/!,#-(. +(,!:#- 2)# #-92(0!/02-# +! -!+ #+#%0#+# # *#,
/#-#/0!-8,0(/#, %#-0(/2*#-!, +! !,0! 0(%. +! 0-&7(/. ) !* +(,!:. ,! +!1!-&) 0!)!- !) /2!)0#
#,%!/0., /.". *., 0(%., +! %-.0./.*., 20(*(4#+.,6 *# ()0!-.%!-#1(*(+#+6 *# 0.%.*.'8# ; *#
7#/(*(+#+ +! #+"()(,0-#/(5)
!1!) 2,#-,! 3'$&$#$($2 +9.*'&$26 +(,%.)(1*!, %.- 0.+# *# /."2)(+#+ +! 7#1-(/#)0!,
; 2,2#-(., ,0! #,%!/0. !, 1&,(/. %#-# /.),!'2(- 92! !92(%., +! +(7!-!)0!, 7#1-(/#)0!,
%2!+!) 0-#1#B#- !) /.)B2)0. !) 2)# "(,"# -!+ #"1(>) B2!'# 2) %#%!* 72)+#"!)0#*

!"# $%&'()#
+!0!-"()#- !* 0(%. +! ()7.-"#/(5) 92! 3(#B#-& %.- *# -!+ ) *#, -!+!, .7("&0(/#,6 !,0#
()7.-"#/(5) /.),(,0! 1&,(/#"!)0! !) +#0., +! 2,2#-(. ; !) #*'2)#, ./#,(.)!, ()7.-"#/(5)
%#-# *# #+"()(,0-#/(5) ; !* "#)0!)("(!)0. +! *# %-.%(# -!+ ) 2)# -!+ +! /.)0-.*6 !,0#
!*!//(5) !, "!)., /*#-# ;# 92! !* /.--!/0. 72)/(.)#"(!)0. +! *# -!+ !, 3(0#*

.+. .+.

*0
1*%:'.#+

.+. .+.

*0 0* 0+&$2 *0 0* #$%&'$(
#"#:. '-#)+! +! %#92!0! #"#:. %!92!:. +! %#92!0!
#B# 0#,# +! %#92!0!, *0# 0#,# +! %#92!0!,
-!# !?0!),# !92(,(0., +! 0(!"%. -!#*

%&*'6+#* 0* '*0 %&*'6+#*0* '*0

'$#*2+0$' '$#*2+0$'
(/-./.)0-.*#+.-
,0#/(5) +! 0-#1#B. (/-.%-./!,#+.-
#()7-#"!6

%&'+0+; +(.0+ %&'+0+; +(.0+


!-"()#* !),.-
"%-!,.-#6 .0-., /02#+.-

('2-# H ."%#-#/(5) !)0-! -!+!, +! +#0., ; -!+!, +! /.)0-.*

2!+!) +(,0()'2(-,! +., 0(%., +! -!+!, ,!'D) *# ()7.-"#/(5) 92! 0-#),%.-0!)H '*0*2
9+2+0+2 *% #$8+%0$2 ; '*0*2 9+2+0+2 *% *2&+0$ ) *#, -!+!, 1#,#+#, !) /."#)+.,6 *#
()7.-"#/(5) /.),(,0! !) 2)# .-+!) /.) *# 92! 2) ).+. /.)0-.*# !* 72)/(.)#"(!)0. +! .0-.
* %-()/(%#* %-.1*!"# -#+(/# !) 92! ,( ,! +(,%.)! +! 2) #"%*(. /.)B2)0. +! 0(%., +! ).+.,6
C#1-& 2) #2"!)0. !?%.)!)/(#* +!* )D"!-. +! %.,(1*!, /."#)+., ; +! *# ,.1-!/#-'# 92!
,2%.)! ,2 %-./!,#"(!)0. ) *#, -!+!, .-(!)0#+#, # !,0#+. *#, /.,#, ,.) "&, ,!)/(**#, )
!,0! /#,.6 *# 72)/(.)#*(+#+ +! 2) ).+. ). +!%!)+! +! )()'D) .0-. #+# ).+. !)3(#-&
"!),#B!, !) *., 92! ()+(/#-& # *., +!"&, !* !,0#+. !) 92! ,! !)/2!)0-# ., ).+., 92!
-!/(1#) !,0., "!),#B!, ".+(7(/#-&) ,2 !,0#+. !) 72)/(5) +! *# )2!3# ()7.-"#/(5) ?(,0!)
("%*!"!)0#/(.)!, 92! /."1()#) #"1., ">0.+.,
.- *. 92! ,! -!7(!-! #* 0(%. +! &$3$($17+ 92! +!1!) #+.%0#- *#, -!+!, +! /.)0-.*6 /#1!
+!,0#/#- 92! /2#*92(!-# +! *#, 0.%.*.'8#, /*&,(/#, +! *#, -!+!, +! +#0., !, 3&*(+# #+# 2)#
+! !**#, /.) ,2, %-.%(#, 3!)0#B#, ; *("(0#/(.)!, 2#*92(!-# %2!+! ,#0(,7#/!- *#,
)!/!,(+#+!, +! /#1*!#+.6 %-!,0#/(.)!, ; /.,0! +! #*'D) 0(%. +! #%*(/#/(5) # !*!//(5) !,0&
+!0!-"()#+# 72)+#"!)0#*"!)0! %.- !* /.)0-.* +! #//!,. #* "!+(. ; !* 0(%. +! "!+(. 92! ,!
!"%*!# * /.)B2)0. 7.-"#+. %.- !* "!+(.6 !* /.)0-.* +! #//!,. ; *# 0.%.*.'8#6 #7!/0#
%-&/0(/#"!)0! # /2#*92(!- .0-. #,%!/0. +! *# -!+ +! /.)0-.*H /.,0!6 7#/(*(+#+ +! (),0#*#/(5)6
7(#1(*(+#+6 %-!,0#/(.)!,6 7#/(*(+#+ +! "#)0!)("(!)0. ; !?%#),(5)

!"# $%&'()#
# ,!*!//(5) +! *# 0.%.*.'8# ,2!*! C#/!-,! 1#,&)+.,! !) *., -!92(,(0., !,%!/87(/., +!
/#+# ,(,0!"# !) /2#)0. # /.,0! +! (),0#*#/(5) ; 0.*!-#)/(# # 7#**., 2/C#, -!+!, +! /.)0-.*
%!-"(0!) !* 2,. +! +(,0()0#, 0.%.*.'8#,
* #$%&'$( 0* +##*2$ +( 8*0.$ !, 3(0#* *!'(+# 2)# 0.%.*.'8#6 C#; 92! +!7()(- /.".
#//!+!-& /#+# ).+. # *# -!+ * .1B!0(3. !, -!+2/(- *#, /.*(,(.)!, @(+!#*"!)0! !*("()#-*#,A
!)0-! *., %#92!0!, +! +#0., ; -!+2/(- !* 0(!"%. 92! 0#-+# 2) ).+. !) '#)#- !* #//!,. #*
"!+(. ; /."!)4#- # 0-#),"(0(- !* %#92!0! ) .0-#, %#*#1-#,6 "#?("(4#- *# !7(/(!)/(# +! *#
-!+ ; -!+2/(- !* -!0#-+. +! #//!,. #* "!+(. ,0! D*0(". %#-&"!0-. !, !* 7#/0.- %-()/(%#* # *#
C.-# +! +!0!-"()#- ,( 2)# -!+ ,(-3! %#-# +3(.#+#.$%*2 *% &.*83$ '*+( . ).
* 0.'*##.$%+8.*%&$ +! *., ).+., !, .0-. +! *., #,%!/0., /*#3!, ) 2)# -!+ +!
/.)0-.*6 *# ()7.-"#/(5) %2!+! ,!- .-('()#+# ;G. -!/(1(+# %.- /2#*92(!- ).+. # 7.-"# !)
92! ,! +(-!//(.)!) *., %#92!0!, +! ()7.-"#/(5) #7!/0#-& +! 7.-"# ("%.-0#)0! # *# !7(/(!)/(#
; *# 7(#1(*(+#+ '*.1#* +! *# -!+ ! %2!+!) +(,0()'2(- 0-!, 0(%., +! +(-!//(.)#"(!)0.H
#A H * %#92!0! !, !)3(#+. # 2) D)(/. ).+. +! +!,0().
1A H * %#92!0! !, !)3(#+. # 2) '-2%. +! ).+., ,("2*0&)!#"!)0!
/A H * %#92!0! !, !)3(#+. # 0.+., *., ).+., +! *# -!+ ,("2*0&)!#"!)0!
* +(-!//(.)#"(!)0. 9'$+0#+2& %-!,!)0# *# 3!)0#B# +! ,2 ,!)/(**!4 , #+!/2#+. %#-#
-!+!, 1#,#+#, !) ()7.-"#/(5) +! !,0#+. #+# ).+. ()7.-"# # 0.+., *., +!"&, +! /2&* !,
!,0#+. #/02#* * %-()/(%#* ()/.)3!)(!)0! !, 92! *., ).+., %2!+!) 0!)!- 92! %-./!,#-
%#92!0!, 92! ). *!, #7!/0!) +(-!/0#"!)0! ., !,92!"#, +! +(-!//(.)#"(!)0. -%.#+2& ;
8-(&.#+2& ,.) "&, !7(/(!)0!,6 ; 7#/(*(0#) .%!-#/(.)!, /.". !* #/2,! +! -!/(1. ; !* -!!)38.6
/#-#/0!-8,0(/#, 92! #2"!)0#) *# 7(#1(*(+#+ +!* ,(,0!"# ) -!+!, +! /.)0-.*6 !, "2; C#1(02#*
!)/.)0-#- !,92!"#, +! +(-!//(.)#"(!)0. +!* 0(%. 8+*2&'$ *2#(+4$ ,0! 0(%. +! !,92!"#,
%!-"(0! %*#,"#- /(!-0., #,%!/0., B!-#-92(/., +!* /.)0-.* +! 7.-"# ,!)/(**#6 # *# 3!4 92!
,("%*(7(/# !* 72)/(.)#"(!)0. +! *# -!+ ; %.- 0#)0. #1#-#0# *., /.,0!, +! *# ()0!-7#4 78,(/#
# !*!//(5) +!* 8*0.$ 672.#$ #7!/0# # #,%!/0., 0#*!, /.". *# 3!*./(+#+ +!
0-#),"(,(5)6 +(,0#)/(# !)0-! ).+., ; 7(#1(*(+#+ ) "2/C#, -!+!, +! /.)0-.* ,! -!/2--! # 2)#
"!4/*# +! +(,0()0., "!+(., 78,(/., %#-# /2"%*(- /.) *., -!92(,(0., +! +(7!-!)0!, ,!//(.)!,
#* "!).- /.,0! %.,(1*! ! ()/.-%.-#-&) *., !)/#"()#+.-!,6 %2!)0!, . -!%!0(+.-!,
)!/!,#-(., %#-# #,!'2-#- !* .1B!0(3. +! 2)# /."2)(/#/(5) !?0-!". # !?0-!". 0-#),%#-!)0!6
#* "!).- /.,0! %.,(1*!6 ; ,() 92! *# ()0!'-#/(5) /.)**!3! 2)# +(,"()2/(5) +! *#,
%-!,0#/(.)!,
* #$%&'$( *% &.*83$ '*+( +!"#)+# +! *#, -!+!, +! /.)0-.* 12!)., 0(!"%., +!
-!,%2!,0# .- !B!"%*.6 !* -!0#-+. !)0-! *# +!0!//(5) +! 2) .1B!0. !) 2)# *8)!# +! ".)0#B!
+! #*0# 3!*./(+#+ ; !* #--#)92! +! 2)# "&92()# +! %()0#+. %2!+! ,!- +!* .-+!) +! +!/!)#,
+! "(*(,!'2)+., ) '!)!-#*6 *#, -!+!, +! +#0., ). )!/!,(0#) 2)# -!,%2!,0# !) 0(!"%. -!#*
/2#)+. !)38#) '-#)+!, /.)B2)0., +! +#0., # 0-#3>, +! *# -!+ * /.)0-.* +! #//!,. #* "!+(.
; !* )D"!-. +! /#%#, ("%*!"!)0#+#, !) *# #-92(0!/02-# +! -!+ -!,2*0#) +!0!-"()#)0!, # *#
C.-# +! 7(B#- *# 3!*./(+#+ +! -!,%2!,0# +! *# -!+ # ("%*!"!)0#/(5) +! *#, ,(!0! /#%#, +!*
".+!*. ("%*(/# 2)# "#;.- %.0!)/(# +! %-./!,. %.- *# ,.1-!/#-'# 92! /.)**!3# /.)
-!,%!/0. # 2) ,(,0!"# "&, ,!)/(**. 92! %.- !B!"%*. ,5*. ("%*!"!)0#,! *#, +., %-("!-#,
/#%#, ) ./#,(.)!,6 *., 1!)!7(/(., 92! #%.-0#) *#, /#%#, #+(/(.)#*!, /."%!),#) *#
,.1-!/#-'# #+(/(.)#* @92! ("%*(/# 2) "#;.- /.,0!A6 ,.1-! 0.+. # "!+(+# 92! #2"!)0# *#
72)/(.)#*(+#+ +!"#)+#+# +! *# -!+ ; "!B.-# *# 0!/).*.'8# +(,%.)(1*! 2#)+. *# 3!*./(+#+
!, !* 7#/0.- !,!)/(#*6 /.". ./2--! /.) "2/C., 6 !* ".+!*. %2!+! #*('!-#-,!

!"# $%&'()# I
;# 92! !) *# "#;.- %#-0! +! !,0! 0(%. +! #%*(/#/(.)!, *#, /#%#, +! -!+6 0-#),%.-0!6 ,!,(5) ;
%-!,!)0#/(5) ). ,.) )!/!,#-(#,

+3+2 +'*+2 &73.#+2 +2.1%+0+2 *,-.2.&$2 *% '*0*2 0* #$%&'$(

!"&)0(/# +! 2,2#-(. 1B!0., +! +#0.,


%*(/#/(5) -#),7!-!)/(# +! 7(/C!-., ,0-2/02-#, !,0#)+#-(4#+#, +! -!+
."%-!,(5) +! *., +#0., ,0-2/02-#, +! -!+
-!,!)0#/(5) .)3!-,(5) +! +#0., +! 2,2#-(. )0!-%-!0#/(5) +! +#0.,
()/-.)(4#/(5) 20!)0(7(/#/(5)
!,(5) ,0-2/02-# +! +(&*.'. +"()(,0-#/(5) +! -!+
-#),7!-!)/(# +! +#0., 7(#1*! !/.)./("(!)0. !?0-!". # !?0-!".
-#),%.-0! ."2)(/#/(5) !?0-!". # !?0-!". !0!//(5) +! +2%*(/#+.,6 -!()0!)0. #20."&0(/.
(-!//(.)!, *5'(/#,6 !)/#"()#"(!)0. (-!//(.)#"(!)0.H 2)(/#,06 "2*0(/#,06 1-.#+/#,0
!+
)0!-7#/! ()+!%!)+(!)0! +!* .20!-,
!/#)(,". +! #//!,. #* "!+(. 6 !3(0#-G+!0!/0#- /.*(,(5)
)*#/!
.--!//(5) +! !--.-!, ; !,0-2/02-#/(5) !) 0-#"#, ,0-2/02-#/(5) !) 0-#"#,6 /.+(7(/#/(5) +! +#0.,
!7()(/(5) +!* ()0!-7#/! 78,(/. 6 /C!92!. +! !--.-!,
8,(/. -(.-(+#+
)0!-7#/! -#),/!(3!-
-#),/!(3!-,

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

('2-# H #%#, +!* ".+!*. G ; ,2 -!*#/(5) /.) *#, -!+!, +! /.)0-.*


0-# 7.-"# +! 7#3.-!/!- 2) 0(!"%. +! -!,%2!,0# %!92!:. !, *# /#%#/(+#+ %#-#
!,0#1*!/!- 8*%2+)*2 #$% 0.6*'*%&*2 3'.$'.0+0*26 +! 7.-"# 92! "!),#B!, +! #*0# %-(.-(+#+
@/.". %.- !B!"%*. 2)# #*#-"#A 0!)'#) "&, 7#/(*(+#+ %#-# #//!+!- #* "!+(.
.- D*0(".6 C#; 92! +!,0#/#- !* %#%!* 92! B2!'# *# 2*1-'.0+0 0* (+ '*0 .+!".,
+!,0#/#- +., )(3!*!, +(7!-!)0!, +! ,!'2-(+#+ .- 2)# %#-0! *# %-.0!//(5) 7-!)0! # #//!,., ).
#20.-(4#+., # *# -!+6 ; %.- .0-# %#-0! *# %-.0!//(5) 7-!)0! # 7#**., +!* ,(,0!"# ; #3!-8#,
* %-("!- %-.1*!"# !, !* "!)., '-#3!6 ;# 92! *# "#;.- %#-0! +! *#, -!+!, +! /.)0-.*
). !,0&) /.)!/0#+#, # -!+!, !?0!-)#, # *# 7&1-(/# +!"&,6 !) *# %-&/0(/#6 *# "#;.- %#-0! +!
*#, 3!/!,6 *#, -!+!, %!-0!)!/(!)0!, # *., !,/#*.)!, "&, 1#B., +! *# %(-&"(+! ). !,0&)
/.)!/0#+#, ,(92(!-# /.) *#, -!+!, +! )(3!* ,2%!-(.- +!)0-. +! *# %-.%(# 7&1-(/# ) /2#*92(!-
/#,.6 *., "!/#)(,"., +! %-.0!//(5) ,.) ,("(*#-!, # *., !"%*!#+., !) *#, -!+!, +! +#0.,H
/*#3!, +! 2,2#-(. ; #20!)0(7(/#/(5) +! *., ).+., +! *# -!+
# %-.0!//(5) 7-!)0! # 7#**., B2!'# 2) %#%!* "2/C. "&, ("%.-0#)0!6 +!1(+. # 92! ,!
+!1! !3(0#- # 0.+# /.,0#6 92! !,0! C!/C. #7!/0! )!'#0(3#"!)0! # *# %*#)0# .- !B!"%*.6 *.,
,(,0!"#, +! -!7-('!-#/(5) +! 2)# /!)0-#* )2/*!#- ). %2!+!) 1*.92!#-,! %.-92! *# ()0!-7#4 +!
/."2)(/#/(.)!, +! 2) ).+. +! *# -!+ ,! #3!-8! #-# !**. !, 72)+#"!)0#* 92! *., ).+.,
%2!+#) +!0!/0#- ,( *# -!+ !,0& 72)/(.)#)+. /.--!/0#"!)0! . ).6 ; !) /#,. +! #3!-8# %2!+#)
%#,#- # 2) #*'.-(0". +! /.)0-.* 92! "#)0!)'# *# %*#)0# !) 2) %2)0. ,!'2-. ( !* ,(,0!"# !,
/-80(/.6 ,! +!1!) ()/*2(- !92(%., -!+2)+#)0!,6 92! -!!"%*#/!) #* #3!-(#+. +! 7.-"#
#20."&0(/# !) /#,. +! #3!-8# # 8$%.&$'./+#.5% 0* (+ '*0 ; *# #+3+#.0+0 0* 0.+1%52&.#$
-!%-!,!)0#) %.- 0#)0. +., %2)0., 1&,(/., +! /2#*92(!- -!+ +! /.)0-.*
# )!/!,(+#+ +! 12!)#, <*''+8.*%&+2 0* 8+%&*%.8.*%&$ = +08.%.2&'+#.5% +! *#
-!+ ,.) 3(0#*!, . ,5*. %.- *. +(/C. #)0!-(.-"!)0! ,(). 92! 0#"1(>) %.-92! !) *#, -!+!, +!
/.)0-.* *#, .%!-#/(.)!, +! -!/.)7('2-#/(5) ; #/02#*(4#/(5) +! *# -!+ ,.) 7-!/2!)0!,

#-# /."%!0(- /.) *#, /."%#:8#, B#%.)!,#, 7#1-(/#)0!, +! #20."53(*!,6 *# E!)!-#*


.0.-, 92!-8# !,0#1*!/!- 2)# -!+ 92! /21-(!-# 0.+#, ,2, .7(/()#,6 7&1-(/#,6 +(,0-(12(+.-!, ;
!"# $%&'()# K
%-.3!!+.-!, # (+!# /!)0-#* !-# 92!6 /2#)+. 2) /*(!)0!6 *./#*(4#+. !) /2#*92(!- %#-0! +!*
"2)+.6 .-+!)#-# 2) /./C! #* +(,0-(12(+.-6 >,0! *! !)3(#-# ()"!+(#0#"!)0! ,2 .-+!)
"!+(#)0! ,2 .-+!)#+.- /.)!/0#+. # *# E!)!-#* .0.-, /.)0()2#/(5) *# /."%#:8#
).0(7(/#-8# ,2, )!/!,(+#+!, # ,2, %-.3!!+.-!,
)# %#-0! ("%.-0#)0! +! *# -!+ +! E!)!-#* .0.-, 72! *# #20."#0(4#/(5) +! *# 7&1-(/#6
!) *# 92! 0.+., *., -.1.0, 20(*(4#+., !) *#, *8)!#, +! !),#"1*#+. ,! /.)!/0#-8#) %.- "!+(.
+! 2)# #+. 92! *., /./C!, ".)0#+., ,.1-! *# *8)!# +! !),#"1*#+. ,! "2!3!) # 2)#
3!*./(+#+ /.),0#)0!6 ()+!%!)+(!)0!"!)0! +! ,( *., -.1.0, !,0&) *(,0., . ).6 ,! +!0!-"()5
92! !-# 72)+#"!)0#* 0!)!- 2) *8"(0! ,2%!-(.- +!* 0(!"%. +! 0-#),"(,(5) !) !* %!.- /#,.
0C!-)!0 ). +(,%.)! +! +(/C# /#-#/0!-8,0(/#6 !, "&, 2) "!),#B! %.+-8# ). **!'#- # !)3(#-,!
)2)/# ! .%05 %.- 2) "!/#)(,". +! %#,. +! 0!,0('. !) 12, @ A !) !* 92! *#,
"&92()#, 3#) %#,&)+.,! !* 02-).6 %-.+2/(!)+. #,8 2) /."%.-0#"(!)0. 0*&*'8.%.2&+
E!)!-#* .0.-, ; .0-#, /."%#:8#, /.) ()0!->, !) *# #20."#0(4#/(5) +! 7&1-(/#,6
3(!-.) /*#-#"!)0! *# )!/!,(+#+ +! #+.%0#- %-.0./.*., !,%!/87(/., !) /#+# 2)# +! *#, /#%#,
%#-# !3(0#- ()/."%#0(1(*(+#+!, %.,0!-(.-!, ,0! 0-#1#B. +(. .-('!) #* -.0./.*. +!
#1-(/#/(5) 20."#0(4#+# @ A6 !* /2#* 72! ()(/(#*"!)0! #+.%0#+. /.) -#%(+!4 %.- 3#-(#,
/."%#:8#,
%-.?("#+#"!)0! %.- *# "(,"# >%./#6 *# /."%#:8# .!()' ,! ()0!-!,5 !) !*
!,0#1*!/("(!)0. +! ).-"#, %#-# *# #20."#0(4#/(5) +! .7(/()#, -!7(-(5 2,#- /.". 1#,! *#
-!+ *./#* 0C!-)!0 ;# 92! ). *! %-!./2%#1# 2) 72)/(.)#"(!)0. +!0!-"()(,0# +! *# "(,"#
@*., #3(.)!, ). ,! 7#1-(/#) !) /#+!)#, +! ".)0#B!A6 ; 0C!-)!0 !,0#1# "2; !?0!)+(+# .1-!
!,0# -!+ *./#*6 .!()' +!,#--.**5 2) /.)B2)0. +! %-.0./.*., .-(!)0#+., # *# #20."#0(4#/(5)
+! .7(/()#, **#"#+. @ -.0./.*. >/)(/. ; +! 7(/()#A6 92! 3#-(#, /."%#:8#, 0#"1(>)
#+.%0#-.) %#-# *# #20."#0(4#/(5) +! ,2, %-.%(#, .7(/()#, 2)92! ; %-!,!)0#)
+(7!-!)/(#, !) ,2, /#%#, ()7!-(.-!,6 ,2, ("%2*,.-!, +!/(+(!-.) /.*#1.-#- %#-# #,!'2-#- 92!
*#, /#%#, +! )(3!* "!+(. ; ,2%!-(.- 72!-#) 0.0#*"!)0! /."%#0(1*!,
#, 0.--!, +! %-.0./.*., +! *#, -!+!, ; ,('2!) /#%# # /#%# !* ".+!*.
# %-()/(%#* +(7!-!)/(# !)0-! #"1#, -!+!, !,0& !) !* "!+(. 78,(/. ; !) !* /.)0-.* +! #//!,.
#* "!+(. (!)0-#, *#, -!+!, ,5*. /.)0!"%*#) !* 2,. +! %#,. +! 0!,0('. !) 12, +!
#/2!-+. /.) !* ,0#)+#-+ 6 *# -!+ %!-"(0! 0#)0. !* 2,. +! 0C!-)!0 @.
A6 /.". +! %#,. +! 0!,0('. !) #)(**. @ IA
* -!,0. +! %-.0./.*., ,.) /.()/(+!)0!, #-# *# #+3+ 0* *%(+#*6 #"1#, -!+!, ,!
1#,#) !) !* %-.0./.*. @ A6 .%!-#)+. !) !* ".+. ,() /.)!?(5) /.". 2) ,!-3(/(.
.7-!/(+. # *# /#%# +! -!+
# #+3+ 0* '*0 20(*(4# !* %-.0./.*. = 6 92! !, "2; %#-!/(+. #* %-.0./.*.
# -#45) +! !,0# !*!//(5) !, %.-92! /.) !* /.)./("(!)0. 92! ,! 0!)8# ,.1-! *# ()0!-/.)!?(5)
+! -!+!, !) @!* .-('!) +! )0!-)!0A6 ,! +!".,0-5 92! !* %*#)0!#"(!)0. +#0#'-#"# !,
"&, 7*!?(1*! ; -.12,0. /2#)+. ,! /.)!/0#) -!+!, C!0!-.'>)!#, "D*0(%*!,6 92! !, 2) #,%!/0.
("%.-0#)0! %#-# *#, -!+!, ;
# #+3+ 0* &'+%23$'&* ,! 1#,# !) !* %-.0./.*. = 6 20(*(4#)+. 2) ,!-3(/(. +!
/*#,! ! ,2%.)! 92! *# /#%# +! -!+ ). !, +!* 0.+. 7(#1*! ; '!,0(.)# !* /.)0-.* +! !--.- ;
+! 7*2B. ! !,0# 7.-"# ; C#) %.+(+. /.)!/0#-,! # /#,( /2#*92(!- 0(%. +! -!+6 ,()
("%.-0#- *#, +!7(/(!)/(#, +! >,0#, * %-!/(. 92! ,! %#'# !, *# )!/!,(+#+ +! 0!)!- 2)# /#%#
+! 0-#),%.-0! /."%*(/#+# %#-# ./2%#-,! +!* ,!-3(/(. ). 7(#1*! +! *# -!+
#, #+3+2 0* 2*2.5% = 3'*2*%&+#.5% 20(*(4#) *., %-.0./.*., =!
-!,%!/0(3#"!)0! #, ).-"#, 0#"1(>) ,! 20(*(4#) !) *# #+3+ 0* +3(.#+#.5%6

!"# $%&'()# =
%#-0(/2*#-"!)0! !* %-.0./.*. +! 0-#),7!-!)/(# +! #-/C(3., ; !* +! 0!-"()#* 3(-02#* # 1#,!
+! !,0# /#%# +! #%*(/#/(5) ,.) *., ,!-3(/(., @ ,,./(#0(.) .)0-.* !-3(/! *!"!)0A
!-"(0!) !* !,0#1*!/("(!)0. +! /."2)(/#/(.)!, !)0-! #%*(/#/(.)!, ; "#)!B# !*
()0!-/#"1(. +! +#0.,H
K G H !-3(/(.
KI G H -.0./.*.
.1-! !,0., ,!-3(/(., 72)/(.)#) .0-., /2#0-. %-.0./.*.,H
!-3(/(., +! +(-!/0.-(.H G I
E!,0(5) +! !+H G I I! G I K
@ (*! -#),7!- //!,, #)+ #)#'!"!)0AH I=
@ #)27#/02-()' !,,#'!, !-3(/!AH G I K
* %-.0./.*. 6 !,%!/(#*"!)0! +(,!:#+. %#-# #%*(/#/(.)!, ()+2,0-(#*!,6 !,0#1*!/!
2) ,!-3(/(. +! "!),#B!, !)0-! /.)0-.*#+.-!, ()+2,0-(#*!, %#-# -!#*(4#- *#, ,('2(!)0!,
72)/(.)!,H
//!,. # 3#-(#1*!,
#)!B. +! !3!)0.,
.)0-.* +! !B!/2/(5) +! *., %-.'-#"#,
."2)(/#/(5) /.) !* .%!-#-(.
#,. +! 7(/C!-.,
#)!B. +! -!/2-,., /."2)!, @,!"&7.-.,A
//!,. #* !,0#+. +! #%#-#0., -!".0.,
#-'# +! %-.'-#"#,
E-#1#/(5) C(,05-(/# +! !3!)0.,
) 2)# -!+ 6 !) 0!.-8#6 0.+., *., ).+., **!3#) ("%*#)0#+#, *#, = /#%#, +!*
".+!*. +! -!7!-!)/(# * '-#+. +! /."%*!B(+#+ 92! !,0. ,2%.)! ; !* 0(!"%. )!/!,#-(.
%#-# !* ()0!-/#"1(. +! 2)(+#+!, +! %-.0./.*. +! /#+# /#%#6 C# %-.3./#+. *# #%#-(/(5) +!
2)# .%/(5) "&, ,!)/(**# , !* /#,. +! 6 92! %#-# #'(*(4#- *#, /."2)(/#/(.)!,
%-!,/()+! +! *#, /#%#, # *# K #"1(>) ,! ".+(7(/#-.) *#, /#%#, 78,(/# ; +! !)*#/!
) *# /#%# 78,(/# ,! %-!,/()+! +!* ,(,0!"# +! 0-#),"(,(5) !) 1#)+# #)/C# ,.1-! /#1*!
/.#?(#* ; ,! %#,# # 2)# 0-#),"(,(5) !) 1#)+# %.-0#+.-#6 0#"1(>) ,.1-! /.#?(#*6 92! #1#-#0#
!).-"!"!)0! !* ,(,0!"# +! /#1*!#+. ; ,.1-! 0.+. !* ()0!-7#4 +! -!+ 92! %-!/(,# /#+#
+(,%.,(0(3. ,0. %!-"(0! 92! %2!+# ,!- !"%*!#+. /.) !*!"!)0., +! /.)0-.* !) 0(!"%. -!#*
+! 1#B. /.,0!
) *# /#%# +! !)*#/!6 !) !* ,! ,2,0(02;! *# ).-"# +! 0(%. %.- *#
+! 0(%. ,0# D*0("# %-.%.-/(.)# *., ,!-3(/(., +! %47$ 0* 0+&$2 #$% +#-2*
0* '*#.9$ ; +! *&.#.5% 0* 0+&$2 #$% '*23-*2&+ ,0. .1*('# # 2)# ()0!-.%!-#1(*(+#+ !)0-!
!* ; !* 6 0!)(!)+. !,0! D*0(". 92! ()/.-%.-#- *# .%/(5) +! %-(.-(+#+ +! -!,%2!,0#
()"!+(#0# , +!/(-6 *# !,0#/(5) 92! 0-#),"(0! /!+! @B2)0. /.) !* "!),#B! 92! !)38#A !*
0!,0('. # *# -!/!%0.-# %#-# 92! !,0# #/2,! -!/(1. . -!,%.)+# # *# %!0(/(5) +! +#0., +! 7.-"#

!"# $%&'()#
()"!+(#0# ,0. *5'(/#"!)0! %!-"(0! "()("(4#- *., 0(!"%., +! -!,%2!,0# /.) !* 7() +!
.7-!/!- 2) 12!) ,!-3(/(. !) 0(!"%. -!#*
# /#%# +! #%*(/#/(5) ()/.-%.-# *., "(,"., ,!-3(/(., 92! 6 *. 92!
%!-"(0! 92! !,0# /#%# ,! %2!+# /."2)(/#- /.) 2)# C."5*.'# !) 2)# -!+ # 0-#3>, +!
2)# %#,#-!*# 92! ()/.-%.-! *#, /#%#, 92! *! 7#*0#) # $
# 7#*0# +! *# /#%# +! -!+ ("%(+! 92! C#;# /."2)(/#/(5) !?0-!". # !?0-!". !)0-!
).+., 92! ,! !)/2!)0-#) !) ,!'"!)0., ,!%#-#+., %.- !)/#"()#+.-!, @-.20!-,A ,0. ).
%*#)0!# )()'D) ()/.)3!)(!)0! %2!,0. 92! !*!"!)0., 92! C#) +! 0-#1#B#- !) 0(!"%. -!#*
+!1!) /.)!/0#-,! #* "(,". 12,6 %#-# !3(0#- *#, +!".-#, 92! ()0-.+2/(-8#) *., !*!"!)0.,
()0!-"!+(., .- .0-. *#+.6 *#, 72)/(.)!, +! *# +!,#%#-!/(+# /#%# +! 0-#),%.-0! ,.)
#,2"(+#, %.- !* 0(%. ; !* "#%!#+. +! *#, 72)/(.)!, !)0-! !* ; !*

) 12, +! /#"%. !, 2) 0>-"(). '!)>-(/. 92! +!,/-(1! 2) /.)B2)0. +! -!+!, +!


/."2)(/#/(5) %#-# 2,. ()+2,0-(#*6 /2;. .1B!0(3. !, ,2,0(02(- *#, /.)!?(.)!, %2)0. # %2)0.
!)0-! *., !*!"!)0., +! /#"%. ; !* !92(%. +! /.)0-.* # 0-#3>, +!* 0-#+(/(.)#* 12/*! +!
/.--(!)0! +! $ " 8%(/#"!)0! ,.) -!+!, +('(0#*!,6 1(+(-!//(.)#*!,6 "2*0(%2)0.6
".)0#+#, ,.1-! 2) 12, ,!-(!6 92! /.)!/0#) +(,%.,(0(3., +! /#"%. /.". ,6
0-#),+2/0.-!,6 #/02#+.-!, ; ,!),.-!, #+# +(,%.,(0(3. +! /#"%. ()/.-%.-# /(!-0# /#%#/(+#+
+! %-./!,.6 92! *. /.)3(!-0! !) 2) +(,%.,(0(3. ()0!*('!)0!6 "#)0!)(!)+. ,(!"%-! 2) /.,0!
1#B. #+# 2). +! !,0., !*!"!)0., ,!-& /#%#4 +! !B!/20#- 72)/(.)!, ,("%*!, +!
#20.+(#')5,0(/.6 /.)0-.* . "#)0!)("(!)0.6 #,8 /.". +! /."2)(/#-,! 1(+(-!//(.)#*"!)0! #
0-#3>, +!* 12,
* .1B!0(3. !, -!!"%*#4#- *., ,(,0!"#, +! /.)0-.* /!)0-#*(4#+., %.- -!+!, %#-# /.)0-.*
+(,0-(12(+. /.) *#, 92! "!B.-#- *# /#*(+#+ +!* %-.+2/0.6 -!+2/(- /.,0!, ; "!B.-#- *#
!7(/(!)/(# #-# !**. ,! 1#,# !) 92! *# ()7.-"#/(5) 92! !)38#) ;G. -!/(1!) *., +(,%.,(0(3.,
+! /#"%. !, +('(0#*6 *. 92! -!,2*0# "2/C. "&, %-!/(,. 92! ,( ,! -!/2--! # ">0.+.,
#)#*5'(/., +!"&,6 /#+# +(,%.,(0(3. +! /#"%. !, 2) +(,%.,(0(3. ()0!*('!)0! ; %2!+! **!3#-
# /#1. 72)/(.)!, %-.%(#, +! /.)0-.*6 "#)0!)("(!)0. ; +(#')5,0(/. ! !,0# 7.-"#6 /#+#
).+. +! *# -!+ %2!+! ()7.-"#- !) /#,. +! 7#**. +!* +(,%.,(0(3. #,./(#+.6 ; !) '!)!-#* ,.1-!
/2#*92(!- #)."#*8# #,./(#+# #* +(,%.,(0(3. ,0# ".)(0.-(4#/(5) %!-"(0! #2"!)0#- *#
!7(/(!)/(# +!* ,(,0!"# ; -!+2/(- *# /#)0(+#+ +! C.-#, +! "#)0!)("(!)0. )!/!,#-(#,

# %-()/(%#* 3!)0#B# 92! .7-!/!) *., 12,!, +! /#"%.6 ; *# 92! *., C#/! "&, #0-#/0(3.,
# *., 2,2#-(., 7()#*!,6 !, *# '*0-##.5% 0* #$2&*2 * #C.--. %-.3(!)! 72)+#"!)0#*"!)0! +!
0-!, 72!)0!,H #C.--. !) /.,0! +! (),0#*#/(5)6 #C.--. !) !* /.,0! +! "#)0!)("(!)0. ; #C.--.,
+!-(3#+., +! *# "!B.-# +!* 72)/(.)#"(!)0. +!* ,(,0!"#
)# +! *#, %-()/(%#*!, /#-#/0!-8,0(/#, +! *., 12,!, +! /#"%. !, 2)# ,(')(7(/#0(3#
-!+2//(5) !) !* /#1*!#+. )!/!,#-(. %#-# !* /.)0-.* +! 2)# (),0#*#/(5) #+# />*2*# +!
%-./!,. ,5*. -!92(!-! 2) /#1*! %#-# *# /.)!?(5) +! *., +(3!-,., ).+., ! !,0("# 92! %2!+!
.7-!/!- 2)# -!+2//(5) +! I # !) *., /.,0!, +! /#1*!#+. ) /."%#-#/(5) /.) .0-., 0(%.,

!"# $%&'()#
+! -!+!,6 +(,%.)! +! C!--#"(!)0#, +! #+"()(,0-#/(5) +!* 12, 92! %!-"(0!) *# -!+2//(5) +!*
)D"!-. +! C.-#, )!/!,#-(#, %#-# *# (),0#*#/(5) ; %2!,0# !) "#-/C#
* C!/C. +! 92! *., 12,!, +! /#"%. ,!#) "&, ,!)/(**., 92! .0-#, -!+!, +! 2,.
()+2,0-(#* /.". %.- !B!"%*. 6 C#/! 92! *#, )!/!,(+#+!, +! 8+%&*%.8.*%&$ 0* (+ '*0
,!#) "!).-!,6 +! ".+. 92! *# 7(#1(*(+#+ +!* ,(,0!"# # *#-'. %*#4. #2"!)0# +!"&,6 *.,
12,!, +! /#"%. %!-"(0!) # *., .%!-#+.-!, ".)(0.-(4#- 0.+., *., +(,%.,(0(3., 92! ()0!'-#)
!* ,(,0!"# ! ()0!-%-!0#- 7&/(*"!)0! *#, ()0!-#//(.)!, !)0-! !**., ! !,0# 7.-"#6 *# +!0!//(5)
+! *#, 72!)0!, +! %-.1*!"#, !) *# %*#)0# ; ,2 /.--!//(5) -!,2*0# "2/C. "&, ,!)/(**#6
-!+2/(!)+. *., /.,0!, +! "#)0!)("(!)0. ; !* 0(!"%. +! %#-#+# +! *# %*#)0#
., 12,!, +! /#"%. .7-!/!) "#;.- 6(*>.9.(.0+0 #* 2,2#-(. !) !* +(,!:. +!* ,(,0!"#
*'2)., #*'.-(0"., ; %-./!+("(!)0., +! /.)0-.* 92! /.) ,(,0!"#, +! /."2)(/#/(5)
0-#+(/(.)#*!, +!18#) ()/*2(-,! !) *., %-.%(., #*'.-(0"., +! /.)0-.*6 -#+(/#) #C.-# !) *.,
%-.%(., +(,%.,(0(3., +! /#"%.6 ,("%*(7(/#)+. !* ,(,0!"# +! /.)0-.* ; ,2, %.,(1*!,
#"%*(#/(.)!,
#"1(>) C#; 92! 0!)!- !) /2!)0# 92! *#, %-!,0#/(.)!, +!* ,(,0!"# "!B.-#) /.) !* 2,.
+! *# 0!/).*.'8# +! *., 12,!, +! /#"%. +!1(+. # *# 2.83(.6.#+#.5% !) *# 7.-"# +! .10!)!-
()7.-"#/(5) +! *# %*#)0# +!,+! *., +(,0()0., ,!),.-!, #, "!+(/(.)!, +! *., +(,0()0.,
!*!"!)0., +! *# -!+ !,0&) +(,%.)(1*!, %#-# 0.+., *., +!"&, +(,%.,(0(3., # ,("%*(7(/#/(5)
!) *# .10!)/(5) +! +#0., %!-"(0(-& !* +(,!:. +! ,(,0!"#, +! /.)0-.* "&, !7(/(!)0!,
.) *# 0!/).*.'8# +! *., 12,!, +! /#"%.6 ,! %!-"(0! *# #$8-%.#+#.5% 9.0.'*##.$%+(
!)0-! *., +(,%.,(0(3., +! /#"%. ; *., ,(,0!"#, +! /.)0-.*6 %!-. 0#"1(>) !)0-! *., %-.%(.,
+(,%.,(0(3., +! /#"%.
0-# 3!)0#B# +! *., 12,!, +! /#"%. !, 92! ,5*. ()/*2;!) /#%#, @ 8,(/#6 )*#/!6
%*(/#/(5) ; ,2#-(.A6 ; 2) /.)B2)0. +! 2*'4.#.$2 0* +08.%.2&'+#.5% * 2,2#-(. ). 0(!)!
92! %-!./2%#-,! +! *#, /#%#, +! !)*#/! . +! #%*(/#/(5) 5*. )!/!,(0# ,#1!- /2#* !,
72)/(.)#*(+#+ * 2,2#-(. ,5*. ,! *! !?('! 0!)!- 2) /.)./("(!)0. "8)(". +! *., ,!-3(/(.,
+! #+"()(,0-#/(5) +! *# -!+6 ;# 92! %#-0! +! *# ()7.-"#/(5) '!)!-#+# %.- +(/C., ,!-3(/(.,
%2!+! ,!- )!/!,#-(# %#-# *# -!%#-#/(5) +! #3!-8#, !) !* ,(,0!"# ! C!/C.6 %-&/0(/#"!)0!6 !*
2,2#-(. ,5*. +!1! %-!./2%#-,! +! *# /#%# 78,(/# ; *# /#%# +! 2,2#-(.

!1(+. # *# 7#*0# +! !,0&)+#-!,6 +(7!-!)0!, /."%#:8#, C#) +!,#--.**#+. +(7!-!)0!,


,.*2/(.)!,6 /#+# 2)# +! !**#, /.) +(7!-!)0!, %-!,0#/(.)!, ; /#"%., +! #%*(/#/(5) ) 2)#
%-("!-# /*#,(7(/#/(5) %.+-8#"., +(3(+(-*., !) *., ,('2(!)0!, '-2%.,H

-2*2 0* +(&+ 4*($#.0+0 = 9+)+ 6-%#.$%+(.0+0


(,!:#+., %#-# ()0!'-#- +(,%.,(0(3., ,("%*!, /.". 7()#*!, +! /#--!-#6 7.0./>*2*#,6
-!*>, ; #/02#+.-!, ,("%*!,6 72)/(.)#)+. !) #%*(/#/(.)!, +! 0(!"%. -!#*6 ; #'-2%#+., !) 2)#
%!92!:# 4.)# +! *# %*#)0#6 08%(/#"!)0! 2)# "&92()# 2!*!) !,%!/(7(/#- *#, /#%#, 78,(/# ;
+! !)*#/! +!* ".+!*. 6 !, +!/(-6 ,!:#*!, 78,(/#, ; %#0-.)!, +! 1(0, +! *#, 0-#"#, *'2).,
!B!"%*., ,.)H
H (,!:#+. .-('()#*"!)0! %#-# ,2 #%*(/#/(5) !) 3!C8/2*.,
H 2, %#-# *# ()0!'-#/(5) +! ,!),.-!, ; #/02#+.-!,6 1#,#+. !)
H 2, ,!-(! +(,!:#+. %.- (!"!), %#-# *# ()0!'-#/(5) +! ,!),.-!, ;
#/02#+.-!,
!"# $%&'()#
-2*2 0* +(&+ 4*($#.0+0 = 6-%#.$%+(.0+0 8*0.+
! 1#,#) !) !* +(,!:. +! 2)# /#%# +! !)*#/! %#-# !* !)38. !7(/(!)0! +! 1*.92!, +!
+#0., +! 0#"#:. "!+(. ,0., "!),#B!, %!-"(0!) 92! !* +(,%.,(0(3. 0!)'# "#;.-
72)/(.)#*(+#+ +! ".+. 92! %!-"(0! ()/*2(- #,%!/0., /.". *# /.)7('2-#/(5)6 /#*(1-#/(5) .
%-.'-#"#/(5) +!* +(,%.,(0(3. .) 12,!, /#%#/!, +! /.)0-.*#- +(,%.,(0(3., +! /#"%.
/."%*!B.,6 +! 7.-"# !7(/(!)0! ; # 1#B. /.,0! .-"#*"!)0! ()/*2;!) *# !,%!/(7(/#/(5)
/."%*!0# +! *# /#%# +! #%*(/#/(5)6 *. 92! ,(')(7(/# 92! ,! +(,%.)! +! 72)/(.)!, 20(*(4#1*!,
+!,+! %-.'-#"#, 1#,#+., !) , %#-# #//!+!-6 /#"1(#- ; /.)0-.*#- *., +(3!-,.,
+(,%.,(0(3., 92! /.),0(02;!) !* ,(,0!"# *'2)., ()/*2;!) 72)/(.)!, !,0&)+#- %#-# +(,0()0.,
0(%., +! +(,%.,(0(3., @%!-7(*!,A 92! 7#/(*(0#) *# ()0!-.%!-1(*(+#+ +! +(,%.,(0(3., +! +(,0()0.,
7#1-(/#)0!, *'2)., !B!"%*., ,.)H
!3(/! !0H !,#--.**#+. %.- **!)$ -#+*!;6 20(*(4# /.". 1#,! !* 12, 6!
()/.-%.-# 2)# /#%# +! #%*(/#/(5) .-(!)0#+# # .1B!0.,
M.-N, !+ +!,#--.**#+# %.- /C!*.)
(0 2,H !+ +!,#--.**#+# %.-
!,, 2,H ,0&)+#- #*!"&) +! 12, +! (),0-2"!)0#/(5)6 1#,#+. !)
/."2)(/#/(5) $
)0!- 2,$ H 2, +! /#"%. #*!"&) +! 2,. /."D) !) #%*(/#/(.)!, "!+(#,

-2*2 0* +(&+2 3'*2&+#.$%*2


.) /#%#/!, +! ,.%.-0#- /."2)(/#/(.)!, # )(3!* +! 0.+# *# 7#/0.-8#6 !) "2; +(3!-,.,
0(%., +! #%*(/#/(.)!, 2)92! ,! 1#,#) !) 12,!, +! #*0# 3!*./(+#+6 #*'2)., %-!,!)0#)
%-.1*!"#, +!1(+. # *# ,.1-!/#-'# )!/!,#-(# %#-# #*/#)4#- *#, /#-#/0!-8,0(/#, 72)/(.)#*!, ;
+! ,!'2-(+#+ 92! ,! *!, !?('!) # /#%# +! #%*(/#/(5) .7!-0# 2) '-#) )D"!-. +! ,!-3(/(., #
*# /#%# +! 2,2#-(.6 C#1(02#*"!)0! 2) ,21/.)B2)0. +!* !,0&)+#- )0-! ,2,
/#-#/0!-8,0(/#, ()/*2;!)H
!+!, "2*0($"#!,0-. /.) -!+2)+#)/(#
."2)(/#/(5) "#!,0-.$!,/*#3. ,!'D) !* !,92!"# %-!'2)0#$-!,%2!,0#
!/2%!-#/(5) +! +#0., +!,+! !* !,/*#3. /.) 2) *8"(0! "&?(". +! 0(!"%.
#%#/(+#+ +! +(-!//(.)#"(!)0. 2)(/#,06 "2*0(/#,0 ; 1-.#+/#,0
!0(/(5) +! ,!-3(/(., # *., !,/*#3., 1#,#+# !) !3!)0.,
."2)(/#/(5) +! 3#-(#1*!, ; 1*.92!, +! +#0., .-(!)0#+# # .1B!0.,
!,/#-'# ; !B!/2/(5) -!".0# +! %-.'-#"#,
*0., )(3!*!, +! ,!'2-(+#+ +! *# -!+6 .%/(.)#*"!)0! /.) %-./!+("(!)0., +!
#20!)0(7(/#/(5)
.)B2)0. /."%*!0. +! 72)/(.)!, +! #+"()(,0-#/(5) +! *# -!+
*'2)., !B!"%*., ,.)H
-.7(12,

(!*+12, .2)+#0(.)

-2*2 3+'+ ?'*+2 0* 2*1-'.0+0 .%&'7%2*#+


)/*2;!) ".+(7(/#/(.)!, !) *# /#%# 78,(/# %#-# /2"%*(- /.) *., -!92(,(0., !,%!/87(/.,
+! ,!'2-(+#+ ()0-8),!/# !) #"1(!)0!, /.) #0"5,7!-#, !?%*.,(3#, # 2*1-'.0+0 .%&'7%2*#+
!, 2) 0(%. +! %-.0!//(5) %.- *# 92! !* #%#-#0. !) /2!,0(5) ). 0(!)!) %.,(1(*(+#+ +! %-.3./#-
!"# $%&'()#
2)# !?%*.,(5) !) *# #0"5,7!-# /(-/2)+#)0! ) /(-/2(0. !*>/0-(/. . 2)# %#-0! +! 2) /(-/2(0.
0(!)!) ,!'2-(+#+ ()0-8),!/#6 /2#)+. #*'2)# /C(,%# . !7!/0. 0>-"(/. !) !,0! /(-/2(0.
%-.+2/(+., !) *#, /.)+(/(.)!, +! %-2!1# !,0#1*!/(+#, %.- 2) !,0&)+#- @+!)0-. +!* /2#*
7('2-#) *#, /.)+(/(.)!, +! .%!-#/(5) ).-"#* ; +! 7#**. !,%!/87(/#,A ). %2!+! ./#,(.)#- 2)#
(')(/(5) *'2)., !B!"%*., ,.) < 6 -.7(12, .

$( !, 2) 12, +! /#"%. +!,#--.**#+. ()(/(#*"!)0! %.- (!"!),6 %#-# *#


()0!-/.)!?(5) +! #/02#+.-!, ; ,!),.-!, 1()#-(., /02#*"!)0! !,0& -!/.'(+. %.- !* !,0&)+#-
E =
)(3!* 78,(/.6 *# -!+ %2!+! #+.%0#- /2#*92(!- 0(%. +! 0.%.*.'8#H !,0-2/02-# !) 12,6 !)
&-1.*6 !) !,0-!**# . !) #)(**. !-"(0! *# ()0!-/.)!?(5) +! 2) "&?(". +! !,/*#3., #
*.)'(02+ "&?("# +! /#+# ,!'"!)0. !, +! "!0-., (,%.)! +! -!%!0(+.-!, 92! %!-"(0!)
*# 2)(5) +! C#,0# 0-!, ,!'"!)0.,6 ; +! %2!)0!, C#/(# -!+!, -.7(12, .". "!+(. 78,(/. +!
0-#),"(,(5)6 !"%*!# 2) D)(/. /#1*! 92! %!-"(0! 0#)0. *# 0-#),"(,(5) +! +#0., /.". *#
#*("!)0#/(5) +! *., +(,%.,(0(3., /.)!/0#+., # *# -!+ 2 +(,!:. !3(0# !--.-!, +! %.*#-(+#+ #*
/.)!/0#- )2!3., +(,%.,(0(3., # *# -!+ # ()/.-%.-#/(5) . !*("()#/(5) +! !*!"!)0., +! *#
-!+ ). -!92(!-! *# ".+(7(/#/(5) +!* /#1*!
.+(7(/#/(5) #)/C!,0!- )38. +! *# ,!:#* /.+(7(/#+#

('2-# IH .+(7(/#/(5) +! *# ()7.-"#/(5) !) !* 12, $(


* /#1*! /.),0# +! +., C(*., ,() #%#)0#**#"(!)0. #-# *.'-#- ()"2)(+#+ #* -2(+.6 *#
0-#),"(,(5) ,! C#/! 1#,&)+.,! !) 2)# /.+(7(/#/(5) #)/C!,0!- # ,!:#* /.) *#
/.+(7(/#/(5) #)/C!,0!- ,! 0-#+2/! !) %2*,., +! /.--(!)0!6 92! %-.+2/!) %2*,., %.,(0(3., ;
)!'#0(3., !) *# 0!),(5) +! #*("!)0#/(5)6 92! ()+(/#) *#, 0-#),(/(.)!, !) *# ,!:#* %#-0(- +!
*# +!0!//(5) +! +(/C#, 0-#),(/(.)!, ,! -!/.),0-2;! *# ,!/2!)/(# +! 1(0, 0-#),"(0(+#
!*!'-#"# "#!,0-. !,/*#3.

I ,

.1-'+ $8-%.#+#.5% 8+*2&'$ *2#(+4$

#+# !,/*#3. +(,%.)! +! C#,0# !)0-#+#,G,#*(+#,6 *. 92! C#/! 92! *# -!+ %2!+#
/.)0-.*#- C#,0# G +('(0#*!, # /."2)(/#/(5) ,('2! 2) !,92!"# "#!,0-. $ !,/*#3.6 !)
*# /2#* !* "#!,0-. ()0!--.'# # *#, !,0#/(.)!, !)3(&)+.*!, "!),#B!, @**#"#+., 0!*!'-#"#,A +!
1(0, ; !* !,/*#3. -!,%.)+! /.) 2) "!),#B! +! = 1(0, # +2-#/(5) +! /#+# /(/*. %-!'2)0# $

!"# $%&'()#
-!,%2!,0# !, +! I , ) /#+# /(/*. +! /."2)(/#/(5) ,! +!1!) /.),2*0#- 0.+., *.,
!,/*#3.,6 #:#+(!)+. +., /(/*., !?0-#, %#-# .%!-#/(.)!, +! #+"()(,0-#/(5) +!* 12,
@+!0!//(5) +! 7#**.,A * -!,2*0#+. !, 2) 0(!"%. +! /(/*. "&?(". +! I",
., 0!*!'-#"#, 0(!)!) 2) 7.-"#0. ,!)/(**. * 0!*!'-#"# +!* "#!,0-. /.)0(!)! *.,
,('2(!)0!, /#"%.,H

0
0H 1(0 +! ,0#-0 ()+(/# /."(!)4. +! *# 0-#"#
H (%. +! 0!*!'-#"# ()+(/# 0-#"# +! +#0., ; ()+(/# 0-#"# +! /."#)+.,
O H (-!//(5) +!* !,/*#3.
O H )7.-"#/(5)
H (0 +! %#-(+#+
H (0 +! 7()
* !,/*#3. -!,%.)+! /.) 2) 0!*!'-#"# +! = 1(0, +! *# 7.-"#H

0
0H 1(0 +! ,0#-0 ()+(/# /."(!)4. +! *# 0-#"#
O H )7.-"#/(5)
H (0 +! %#-(+#+
H (0 +! 7()

!, 2) 12, +! /#"%. %#-# *# ()0!-/.)!?(5) +! ,!),.-!, ; #/02#+.-!, #,


%#-0!, /*#3!, +! C#) ,(+. !,0#)+#-(4#+#, !) *!"#)(# %.- *# P @ !20,/C!
*!N0-.0!/C)(,/C! P.""(,,(.) %#-# ; A ) 6 ,! %21*(/5 *# ).-"#
I ,0# ).-"# /21-! *., %-.0./.*., +! 0-#),"(,(5) ; *., ,!-3(/(., 92! )!/!,(0# %#-# *#
/."2)(/#/(5) +! +#0., +! %-./!,. #, !,%!/(7(/#/(.)!, %#-# *# 0-#),"(,(5) +! %#-&"!0-.,
C#) ,(+. %21*(/#+#, !) !* !%.-0 K @ IA
,! 1#,# !) 2) !,92!"# "#!,0-.$!,/*#3.6 * "#!,0-. +!* 12, #/0D#
,("2*0&)!#"!)0! /.". ()0!-7#4 /.) *., )(3!*!, ,2%!-(.-!, +! *# B!-#-928# +!
/."2)(/#/(.)!, # 0.%.*.'8# !, +! #)(**.6 !, +!/(-6 0.+., *., +(,%.,(0(3., !,0&) /.)!/0#+.,
7.-"#)+. 2) /#"(). /!--#+. * #)(**. %-()/(%#* !, !* 92! %#-0! +!* "#!,0-.6 #2)92!
%2!+!) 7.-"#-,! .0-., #)(**., %#-# #+#%0#-,! # *# !,0-2/02-# %#-0(/2*#- +! /#+# ,(,0!"# ,0!
0(%. +! /.)!?(.)!, ,! **!3# # /#1. "!+(#)0! 2)., !92(%., +!)."()#+., "5+2*.,
0!-"()#+.-!, +! 12,
) -#,'. +(,0()0(3. +! !, 92! *#, *8)!#, +! !)38. ; -!/!%/(5) +! +#0.,
!,0&) /.)0!)(+#, +!)0-. +! 2) "(,". /#1*! 92! 2)! 0.+., *., +(,%.,(0(3., ! !,0# 7.-"#6
!* ,(,0!"# 0(!)! !* #,%!/0. 78,(/. +! 2) 12, . 2) &-1.* 8%(/#"!)0!6 *# /#%# 78,(/# ,! 1#,#
!) !* !,0&)+#- $ I !1(+. # *# !,0-2/02-# +! #)(**. ; # 92! !, )!/!,#-(. 0-#),%.-0#- *#
"#,# +! *#, ,!:#*!, *5'(/#,6 -!92(!-! 2) /#1*! +! /()/. C(*., %#-# ()0!-/.)!/0#-
+., !,0#/(.)!, .) 3!*./(+#+!, +! 0-#),"(,(5) +! I P1(0,6 %2!+!) #*/#)4#-,! +(,0#)/(#,
+! C#,0# " !)0-! +(,%.,(0(3., #+# +(,%.,(0(3. ()/.-%.-# 2)# 72)/(5) +! -!%!0(+.- 92!
%!-"(0! !?0!)+!- !* ,(,0!"# C#,0# 2)# *.)'(02+ 0.0#* +! P" #-# 7#/(*(0#- !*
72)/(.)#"(!)0. +! 6 !* )D"!-. "&?(". +! !,0#/(.)!, !,0& *("(0#+. # I
!"# $%&'()#
# !,0-2/02-# %2)0. # %2)0. +! ; ,2 +(3(,(5) !) #)(**. %-()/(%#* ;
,21#)(**., !, (+!#* %#-# *# ()/.-%.-#/(5) +! +(,0()0., "!+(., +! 0-#),"(,(5) !) +(,0()0#,
4.)#, +! *# %*#)0# ,( !,0. 72!,! )!/!,#-(. # !,0-2/02-# +! #)(**. .7-!/! +., 3!)0#B#, #
%-("!-# !, 92! %!-"(0! !* !)38. ; -!/!%/(5) ,("2*0&)!# +! +#0., @72** +2%*!?A ) ,!'2)+.
*2'#-6 *# /#%#/(+#+ +! #20.+(#')5,0(/. +!* ,(,0!"# ,! 3! "!B.-#+#6 ;# 92! *# /.)!?(5) +!
/#+# ).+. # *# -!+ !, #/0(3# %!-"(0! *# +!0!//(5) %-!3!)0(3# +! !--.-!, %.-
"!+(. +! 2)# !3#*2#/(5) !,0#+8,0(/# +! *# /#*(+#+ +! *#, 0-#),"(,(.)!, # +!0!-"()#/(5)
+! *# 7-!/2!)/(# +! *., !--.-!, +! 0-#),"(,(5) %!-"(0! %-!3!- *# #%#-(/(5) +! 7#**. !) 2)
/."%.)!)0! +! *# -!+
#-# 7#/(*(0#- *# +!0!//(5) +! !--.-!, ; *# %2!,0# !) "#-/C# +!* ,(,0!"#6
%!-"(0! *# +!,/.)!?(5) 0-#),%#-!)0! +! *., ,21#)(**., /.)!/0#+., #* #)(**. %-()/(%#* *
+(-!//(.)#"(!)0. ,! 1#,# !) *# %.,(/(5) 78,(/# +! /#+# ,(,0!"# +!)0-. +!* #)(**.6 #2)92!
.%/(.)#*"!)0! ,! +(,%.)! +! *# %.,(1(*(+#+ +!* !"%*!. +! +(-!//(.)!, *5'(/#, %#-# #//!+!-
# +(,%.,(0(3., ()+(3(+2#*!, ()+!%!)+(!)0!"!)0! +! ,2 %.,(/(5)

* %-.0./.*. +! 0-#),"(,(5) +! ,! !,0-2/02-# !) 0-!, /#%#, 92! ,!


/.--!,%.)+!) /.) /#%#, +!* ".+!*. # /#%# !, *# /#%# 78,(/# ,%!/(7(/# #,%!/0.,
/.". *# 3!*./(+#+6 ".+., +! /.+(7(/#/(5) +! *# ,!:#* 78,(/#6 !0/ # /#%# ,! /.--!,%.)+!
/.) *# /#%# +! !)*#/! E#-#)0(4# *# ()0!'-(+#+ +! *., +#0., ; %!-"(0! !* ,.%.-0! +! +., 0(%.,
+! +#0.,6 %.- 2)# %#-0! *., +#0., /.--!,%.)+(!)0!, # %-./!,., /8/*(/.,6 ; %.- .0-# %#-0! +#0.,
92! #%#-!/!) #,8)/-.)#"!)0! # /#%# +! !)*#/! !, +!0!-"()(,0#6 !, +!/(-6 '#-#)0(4# 2)
0(!"%. "&?(". %#-# !* 0-#),%.-0! +! +#0., !)0-! +(,%.,(0(3., * /.)0-.* +! #//!,. #* "!+(.
,! !)/2#+-# +!)0-. +! *., "!/#)(,". @ ("! (3(,(.) 2*0(%*! //!,,A6 !*("()#)+.
#,8 *# %.,(1(*(+#+ +! /.*(,(.)!, #+# +(,%.,(0(3. 0(!)! -!,!-3#+. 2) ,*.0 +! 0(!"%.
!"# $%&'()#
#+!/2#+. %#-# ,2 72)/(5) +!)0-. +!* ,(,0!"# * 0(!"%. +! /(/*. !, *# ,2"# +! *., 0(!"%.,
#,(')#+., # /#+# +(,%.,(0(3. 2!+!) +!7()(-,! ,*.0, #+(/(.)#*!, %#-# *# 0-#),"(,(5) +!
1*.92!, +! +#0., !) ".+. /.)!?(5) ! !,0# 7.-"# %2!+!) !)3(#-,! '-#)+!, 1*.92!, +!
+#0., # 0-#3>, +! 6 ,() #*0!-#- !* 0(!"%. +! /(/*. %#-# *., +#0., +! %-./!,. 0-#
3!)0#B# ("%.-0#)0! 92! ()/.-%.-# !,0! 0(%. +! /.)0-.* +! #//!,. #* "!+(.6 !, 92! 0.+., *.,
!*!"!)0., (),!-0#) ,2, +#0., !) !* 12, ,("2*0&)!#"!)0!6 *. 92! '#-#)0(4# 92! *#,
"!+(/(.)!, !) *#, 92! ,! 1#,#) *., 12/*!, +! /.)0-.*6 72!-.) -!#*(4#+#, ,("2*0&)!#"!)0!
,0! "!/#)(,". 0#"1(>) -!+2/! *# ,.1-!/#-'# /.) ()7.-"#/(5) /.--!,%.)+(!)0! #*
%-.0./.*.6 /.) *. 92! *# !7(/(!)/(# 92! ,! #*/#)4# !, #*0#
# 0-#"# ,! 7.-"# %.- /.)/#0!)#/(5) +! *., +#0., +! /#+# !,0#/(5) ! 7.-"# 78,(/#
,! -!#*(4# "!+(#)0! 2) -!'(,0-. #+# +(,%.,(0(3. ,! 2)! #* #)(**. "!+(#)0! 2) -!'(,0-. /2;#
*.)'(02+ +!%!)+! +! *# /#)0(+#+ +! ()7.-"#/(5) 92! +!1! 0-#),"(0(- ., +#0.,
%-.3!)(!)0!, +! *#, +(,0()0#, !,0#/(.)!, 3#) **!'#)+. #* "#,0!- !) 72)/(5) +! ,2 %.,(/(5)
+!)0-. +!* #)(**. #+# /(/*. +! 0-#),"(,(5) /."(!)4# /.) 2)# ,!/2!)/(# +! +#0., 92!
/.)0(!)! *# %#*#1-# +! *..%1#/N ,!'2(+# +! *., +#0., +! ,#*(+# +! *., +(,0()0., +(,%.,(0(3.,6
!) *# *8)!# +! ,#*(+# 2-#)0! !* !)38. +! +#0.,6 !* 7*2B. +! -!0.-). !)0-# !* "#!,0-. /.".
7*2B. +! !)0-#+# -#, !* !)38. +! *# 0-#"# /."%*!0#6 ,! !)38# 2) +! 1(0, !1(+. #
*# !,0-2/02-# +! /.)!?(.)!, %2)0. # %2)0.6 !* /&*/2*. ,(!"%-! ,! C#/! !)0-! /#+# +., ).+.,6
%.- *. 92! ). !, )!/!,#-(. +#- 2)# 32!*0# /."%*!0# #* #)(**. .- D*0(". ,! !)38# 2)#
%#*#1-# +! /.)0-.* %#-# ()+(/#- !* !,0#+. +! /#+# +(,%.,(0(3. @+!0!//(5) +! !--.-!, +!
0-#),"(,(5)6 !0/ A ( ). C21. !--.-!, /."(!)4# 2) )2!3. /(/*.
+!"&, +! *., /(/*., +! +#0.,6 0#"1(>) C#; /(/*., +! (+!)0(7(/#/(5) ,0! /(/*.
%!-"(0! *# #+"()(,0-#/(5) +!* 12, #+# +(,%.,(0(3. 0(!)! 2) /5+('. +! (+!)0(7(/#/(5) 92!
()+(/# !* 0(%. +! +(,%.,(0(3. +! 92! ,! 0-#0#6 ; !* 0#"#:. +! ,2 1*.92! +! +#0., #
/.)7('2-#/(5) +!* 12, ,! **!3# # /#1. %.- 2)# ,!/2!)/(# +! /(/*., +! (+!)0(7(/#/(5) !) *.,
92! !* "#!,0-. /."(!)4# # *!!- !) .-+!)6 *# (+!)0(7(/#/(5) +! *., +(,%.,(0(3., /.)!/0#+.,
) 72)/(5) +! !,0#, *!/02-#, ,! /.)7('2-# *# 0-#"# 92! /(-/2*#-& !) !* /(/*. +! +#0., !,+!
!* %2)0. +! 3(,0# 78,(/. 72)/(.)# ,!'D) 2) %-./!+("(!)0. #,8)/-.). +!
#--#)92! ; %#-#+# ! !)38# 2)# /#1!/!-# 92! /.)0(!)! ()7.-"#/(5) #+(/(.)#* /.". %.-
!B!"%*. *., +!*("(0#+.-!, +! 0-#"#6 /5+('. +! 72)/(5) ; 0(%. +! "!),#B!6 B2)0. /.) ./C.
1(0, +! +#0., #+(/(.)#*!, ., "."!)0., +! ()#/0(3(+#+ ,! ./2%#) /.) "!),#B!, +! !,0#+.
. /.)0(!)!) +#0., +! *# /#%# +! !)*#/! ; ,5*. ,(-3!) %#-# '#-#)0(4#- 2)# #/0(3(+#+
%!-"#)!)0! !) !* "!+(. +! 0-#),"(,(5) ( +(/C# #/0(3(+#+ ,! ()0!--2"%! +2-#)0! "&, +!
",6 ,! ()0!-%-!0# %.- 0.+., *., +(,%.,(0(3., /.". 2)# /#8+# +!* ,(,0!"# ) -!,%2!,0# # !,0#
,(02#/(5)6 *., +(,%.,(0(3., ,! +!,/.)!/0#) +! *# -!+ ; 3#) # 2) %2)0. ,!'2-. +!7()(+. /.)
#)0!*#/(5)
# 0!-/!-# +! *#, /#%#, +! /.--!,%.)+! *# /#%# +! #%*(/#/(5)
) !* "#!,0-. ,! !B!/20# +! 7.-"# /8/*(/# 2) %-.'-#"# 92! #/02#*(4# /.)08)2#"!)0!
*., +#0., /.--!,%.)+(!)0!, # *., +(,0()0., %-./!,., /.)!/0#+., # *# -!+6 ; *., +!B# #//!,(1*!,
%#-# !* ,(,0!"# +! /.)0-.*6 +! ".+. 92! %.- !B!"%*. 2) %2!+! #//!+!- # !**., +!
7.-"# ,!)/(**# "!+(#)0! (),0-2//(.)!, +! !)0-#+#G,#*(+# * 2,. +! 0>/)(/#, +! #//!,.
+(-!/0. # "!".-(# !3(0# !* 2,. +! ,!-3(/(., 92! )!/!,(0#) '-#)+!, 1*.92!, +! +#0.,6 *. 92!
7#/(*(0# *# /.),!/2/(5) +!* 0(!"%. -!#* * #//!,. +!,+! .-+!)#+.-!, ,! -!#*(4# "!+(#)0!
+-(3!-,
("%*!"!)0# !) *# /#%# +! #%*(/#/(5) 2) ,21/.)B2)0. +! ,!-3(/(.,
1#,#+., !) 92! ,! +!)."()# @ !-(%C!-#*, !,,#'! %!/(7(/#0(.)A )/*2;! 2).,
I ,!-3(/(., 92! %!-"(0!) *# /."2)(/#/(5) /.) +(,%.,(0(3., +! %-./!,. ()0!*('!)0!, ,0.,

!"# $%&'()# I
,!-3(/(., %!-"(0!) %.- !B!"%*. !* !,0#1*!/("(!)0. ; ".)(0.-(4#/(5) +! /.)!?(.)!,6 *!/02-#
; !,/-(02-# +! %#-&"!0-., . *# !B!/2/(5) -!".0# +! %-.'-#"#,

!
!, 2) 12, +! /."2)(/#/(.)!, ,!-(! !,0#)+#-(4#+. %.- 6 92! 72! +!,#--.**#+.
()(/(#*"!)0! # 7()#*!, +! *., %#-# *# ()+2,0-(# +!* #20."53(* ) ,2 !,%!/(7(/#/(5) 1&,(/#6
,! !?('8# #*0# 3!*./(+#+6 #*0# ()"2)(+#+ #* -2(+. ; /#%#/(+#+ %#-# *# +!0!//(5) +! /2#*92(!-
0(%. +! !--.- .) !* 0(!"%.6 C# %#,#+. +! *# ()+2,0-(# #20.".3(*8,0(/# # *#
7#1-(/#/(5) ; # *# ()+2,0-(# #!-.)#D0(/#
., %-.0./.*., +!7()(+., %.- ,! #B2,0#) # *# !,%!/(7(/#/(5) +!7()!
,5*. *#, +., /#%#, "&, 1#B#,H 78,(/# ; +! !)*#/! 0-#, -!+!, /.". . !3(/! !0
%-.%.-/(.)#) !,%!/(7(/#/(.)!, +! *# /#%# +! #%*(/#/(5) ,.1-! *# 1#,! +!
* "!+(. 78,(/. /.),(,0! !) 2) /#1*! +! %#- 0-!)4#+. /.) *., 0!-"()#+.-!, #+!/2#+.,
) *# !,%!/(7(/#/(5) 1&,(/# +! 6 *# 3!*./(+#+ "&?("# +! 0-#),"(,(5) !, +! I P1%,6
"(!)0-#, 92! !) *# 3!-,(5) #"%*(#+# #*/#)4# 3!*./(+#+!, +! 1%,
# ("%*!"!)0#/(5) 1&,(/# +! %-!,!)0# 2) 72!-0! #/.%*#"(!)0. !)0-! *# ; !*
/.)0-.*#+.- @92! ("%*!"!)0# *., %-.0./.*., +! /#%# 78,(/# ; +! !)*#/!A ., "!),#B!,
,.) +(72)+(+., %.- 0.+# *# -!+ ; ,.) /."%-.1#+., %.- *# +! /#+# 2)# +! *#, !,0#/(.)!,
92! *# 7.-"#) ,0! 0(%. +! 72)/(.)#"(!)0. +(,"()2;! !* #%-.3!/C#"(!)0. +! *# 3!*./(+#+
+! 0-#),"(,(5) +! *# -!+ ) *# 3!-,(5) /.)./(+# /.". Q 2** Q6 !* /.)0-.*#+.- +! -!+
()/.-%.-# 2) 7(*0-. +! ,!*!//(5) +! "!),#B!, !) 1#,! # 2) /#"%. +! (+!)0(7(/#/(5) ! !,#
7.-"# *# ,5*. -!/(1(-& #92!**., "!),#B!, 92! *! ()0!-!,!) C(*(%, !, !* %-()/(%#* *8+!-
+! *# 3!-,(5) 1&,(/# +! 6 "(!)0-#, 92! )0!* ; (!"!), *(+!-#) *# 3!-,(5) /."%*!0#
2** %!-"(0! +., 0#"#:., +(,0()0., +! (+!)0(7(/#+.-!, +! "!),#B!,H *# 3!-,(5)
%!-"(0! (+!)0(7(/#+.-!, +! 1(0, @ (+!)0(7(/#+.-!,A6 "(!)0-#, 92! *# 3!-,(5) !?0!)+(+#
@ A 0(!)! (+!)0(7(/#+.-!, +! 1(0,
# /#%# +! !)*#/! +!7()! !* 7.-"#0. ; *# 0!"%.-(4#/(5) 2,#+# %#-# *# 0-#),"(,(5) +!
*., "!),#B!, #, 0-#"#, 0(!)! +., 1;0!, +!,/-(%0.-!, ; C#,0# 1;0!, +! +#0., .,
+!,/-(%0.-!, +!7()!) *# %-(.-(+#+ +! *., "!),#B!, ; ,2 0(%. * %-("!- /#"%.6 . /#"%. +!
#-1(0-#B! !,0& 7.-"#+. %.- *., 1(0, +!* (+!)0(7(/#+.- @!) 0-#"#, 0(%. A ; !* 1(0 (
3#*! 6 ()+(/# 92! ,! 0-#0# +! 2)# 0-#"# +! +#0.,6 "(!)0-#, 92! ,( 3#*! ()+(/# 92! ,!
0-#0# +! 2)# %!0(/(5) +! +#0., ) !,! /#,.6 !* /#"%. +! +#0., ()+(/#-& *., 1;0!, 92!
7.-"#-&) *# -!,%2!,0#
-#"# 0(%.

!"# $%&'()# K
-#"# 0(%.

* /#"%. +! /.)0-.* !,0& 7.-"#+. %.- K 1(0, ., 1(0, - ; - !,0&) -!,!-3#+., %#-#
7202-#, #"%*(#/(.)!, +!* %-.0./.*. ., /2#0-. 1(0, 92! 7.-"#) !* ()+(/#) !* )D"!-.
+! 1;0!, 92! 7.-"#) *# 0-#"# +! +#0., ; 92! 3#) # /.)0()2#/(5)
* /#"%. +! +#0., /.)0(!)! +! /!-. # ./C. 1;0!, * 1(0 "&, ,(')(7(/#0(3. +! /#+#
1;0! !, !* %-("!-. 92! ,! 0-#),"(0! /.)0()2#/(5) C#; 2) /#"%. +! 6 92! /.)0(!)! 2)
/5+('. +! -!+2)+#)/(# /8/*(/# +! I 1(0, ; 2) 1(0 +!*("(0#+.- 92! ,(!"%-! 3#*! * /#"%.
+! #/2,! +! -!/(1. /.),(,0! !) +., 1(0, * %-("!- 1(0 ,! !)38# # ; !, %2!,0. # /!-. %.- *#,
!,0#/(.)!, 92! -!/(1!) /.--!/0#"!)0! !* "!),#B! * ,!'2)+. !, 2) 1(0 +!*("(0#+.- 92! 3#*!
* +!*("(0#+.- +! 7()#* +! 0-#"# /.),(,0! !) = 1(0, # -#, /#+# 0-#"# C#; 2) %!-8.+. +!
0-!, 1(0, @+!1!) !,0#- # A6 +!,0()#+. # +#- 2) 0(!"%. "8)(". # *#, !,0#/(.)!, # %-!%#-#-,!
%#-# *# -!/!%/(5) . !)38. +! .0-. "!),#B!
#, 0-#"#, +! 0(%. ,! +(7!-!)/(#) !) !* /#"%. +! #-1(0-#B! ) !,0! /#,. C#; 2)
%-("!- '-2%. +! 1(0, ,("(*#- #* +! *#, 0-#"#, +! 0(%. 6 ; 92! #/0D# /.". 3#*.- 1#,! +!*
(+!)0(7(/#+.- # ,!'2)+# %#-0! +!* (+!)0(7(/#+.- @ 1(0,A !, *# !?0!),(5) +!* (+!)0(7(/#+.-
#-# +(,0()'2(- #"1., 7.-"#0.,6 *# 0-#"# 0(%. ()/.-%.-# +., 1(0, 92! ,!%#-#) *., +.,
0-.4., +!* (+!)0(7(/#+.- * %-("!-. !, !* 1(0 @ 21,0(020! !".0! !92!,0A ! !)38#
,(!"%-! # %#-# +#- %-(.-(+#+ # *#, 0-#"#, +! +#0., !,0&)+#- +! 0(%. /.) !* "(,".
(+!)0(7(/#+.- 1#,! * 1(0 92! ,('2! #* 1(0 ,! !)38# ,(!"%-! # 6 ; %!-"(0!
+(,0()'2(- 0-#"#, 0(%. ; 0(%.

)# /#-#/0!-8,0(/# 72)+#"!)0#* +! !, 92! /2#)0. "!).- ,!# !* (+!)0(7(/#+.- +!*


"!),#B! "#;.- !, ,2 %-(.-(+#+ ( +., ).+., ()0!)0#) 0-#),"(0(- ,("2*0&)!#"!)0!6 !*
%-("!-. 92! !)38! 2) /!-. /2#)+. !* .0-. ()0!)0! !)3(#- 2) .10!)+-& !* #//!,. #* "!+(.6
;# 92! !* 3#*.- /!-. !, +."()#)0! 7-!)0! #* 3#*.- .". /#+# !,0#/(5) !, /#%#4 +!
".)(0.-(4#- !* "!+(. 78,(/.6 %.+-& +!0!/0#- ,( ,2 0-#"# C# ,(+. ,.1-!,/-(0# %.- .0-# +!
"#;.- %-(.-(+#+ @92! %!-"#)!/! ()#*0!-#+#A # !,0#/(5) 92! ). C# %.+(+. !)3(#- !*
"!),#B!6 -!()0!)0#-& !* !)38. !) /2#)0. +!0!/0! 2) %!-8.+. +! ()#/0(3(+#+ #, 3!)0#B#, +!
!,0! "!/#)(,". +! #//!,. ,.) *# "()("(4#/(5) +!* -!0#-+. !) !* #//!,. #* ). 0!)!- 92!
!,%!-#- %.- !* 02-). /.". ,2/!+! !) 2) ,(,0!"# +! %#,. +! 0!,0('.6 ; *# "!B.-# +! *#
!7(/(!)/(# #* !3(0#- *#, /.*(,(.)!, +!,0-2/0(3#, ., "!),#B!, ,.) !)3(#+., %.- .-+!) +!
%-(.-(+#+
!"# $%&'()# =
) 12, %2!+! 0!)!- 2) "&?(". +! ).+., * )D"!-. +! "!),#B!, %.-
,!'2)+. 3#-8# !)0-! ;I !) 2) 12, +! I P1%,6 ,!'D) !* )D"!-. +! 1;0!, %.-
"!),#B!
2)92! ,! C# +(/C. 92! ,! 1#,# !) 2) "!+(. 78,(/. +! %#- 0-!)4#+.6 0#"1(>)
!?(,0!) ()0!-7#/!, %#-# *# /.)!?(5) "!+(#)0! 7(1-# 5%0(/# * ">0.+. "&, /."D) !, !* %#-
0-!)4#+.6 +! ".+. 92! *#, ,!:#*!, ,! !)38#) "!+(#)0! 2)# +(7!-!)/(# +! 0!),(5) !)0-! *.,
+., C(*., ., C(*., -!/(1!) *., )."1-!, +! R< ; R 6 ; !) !,0#+. ()#/0(3. *#
+(7!-!)/(# +! 0!),(5) !)0-! #"1., !, +! I ) S S ,! !)38# /.*./#)+. R< # "&,
0!),(5) 92! R 6 "(!)0-#, 92! 2) /!-. ,! !)38# /.*./#)+. R # "&, 0!),(5) 92!
R< * 2,. +! 0!),(.)!, +(7!-!)/(#*!, %!-"(0! !* 2,. +! ()/*2,. ,( 2)# +! *#,
*8)!#, !,0& +#:#+#6 . !) #"1(!)0!, "2; -2(+.,.,

"

!"# $
!, 2)# !,%!/(7(/#/(5) +! 12, +! /#"%. %#-# 2)# #"%*(# '#"# +!
#%*(/#/(.)!, +!)0-. +! *., /#"%., +! 7#1-(/#/(5)6 ()+2,0-(# +! %-./!,., . #20."#0(4#/(5)
+! !+(7(/(., # !,0#)+#-(4#/(5) +! ,!'D) *# ).-"# I = '#-#)0(4# *#
()+!%!)+!)/(# +! *., 7#1-(/#)0!, ; *# ()0!-.%!-#%!-(1(*(+#+ +! +(,%.,(0(3., 7#1-(/#+., %.-
+(,0()0#, !"%-!,#, %2!+! ,!- 2,#+. 0#)0. !) #%*(/#/(.)!, !) *#, 92! !* 0(!"%.
+! -!,%2!,0# +! *#, /."2)(/#/(.)!, !, /-80(/.6 /.". !) -!+!, +! /."2)(/#/(.)!, /."%*!B#,
92! ()3.*2/-!) 2) '-#) )D"!-. +! )!/!,(+#+!, +! /."2)(/#/(5) ?(,0!) 0-!, 3!-,(.)!, +!
6 0.+#, !**#, /."%#0(1*!, !)0-! ,(

$ H %0("(4#+. %#-# #%*(/#/(.)!, +! #*0# 3!*./(+#+ ; 1#B. /.,0! !


+(,!:5 !,%!/87(/#"!)0! %#-# /21-(- *# /."2)(/#/(5) !)0-! ,(,0!"#, +! /.)0-.*
#20."&0(/. ; *# %!-(7!-(# +!,/!)0-#*(4#+# #* )(3!* +! +(,%.,(0(3. $
%2!+! 2,#-,! %#-# ,2,0(02(- *., #)0('2., 12/*!, +! /.--(!)0! +! $ "
!"# $%&'()#
$ H !,0& +(,!:#+. !,%!/(#*"!)0! %#-# *# #20."#0(4#/(5) !) *#
()+2,0-(# +! %-./!,., 2 %-()/(%#* +(7!-!)/(# /.) $ !, 92! *# /#%#
78,(/# %!-"(0! ,2 20(*(4#/(5) ()/*2,. !) 4.)#, +! ,!'2-(+#+ ()0-8),!/#
$ %!-"(0! *# /."2)(/#/(5) +! +#0., ; *# #*("!)0#/(5) +! *.,
!92(%., # 0-#3>, +! 2) D)(/. %#- +! C(*., ,('2(!)+. !* !,0&)+#- I $
$ H !, *# ,.*2/(5) +! %-.%5,(0. '!)!-#* %#-# *# /."2)(/#/(5) #*
)(3!* +! />*2*# ., ,!-3(/(., 92! ()/.-%.-# $ +.0#) #* ,(,0!"#
+! 2)# '-#) 7*!?(1(*(+#+

% & '
!,%!/(7(/# *#, /#-#/0!-8,0(/#, 0>/)(/#, ; 72)/(.)#*!, +! 2) 12, +! /#"%.
92! %!-"(0! *# 2)(5) +! *., !92(%., +! /.)0-.* /.) ,2 %!-(7!-(# +!,/!)0-#*(4#+#6 +!,+! !*
)(3!* +! /#"%. C#,0# !* )(3!* +! />*2*# ) *., ,(,0!"#, ,! +(7!-!)/(#) +.,
0(%., +! !,0#/(.)!,6 #!,0-., ; ,/*#3.,

., +(,%.,(0(3., #!,0-. +!0!-"()#) *#, /."2)(/#/(.)!, +! +#0., # 0-#3>, +!* 12,


) "#!,0-. %2!+! !)3(#- "!),#B!, ,() )!/!,(+#+ +! -!/(1(- 2)# %!0(/(5) !?0!-)# %#-# 92! *.
C#'# /2#)+. *.'-# !* /.)0-.* +! "!+(. "!+(#)0! *# /.),!/2/(5) +!* 0!,0('. )
0!-"().*.'8# 6 0#"1(>) ,! +!)."()#) !,0#/(.)!, #/0(3#,
., +(,%.,(0(3., !,/*#3. . +(,%.,(0(3., %!-(7>-(/., ()/*2;!) *., +(,%.,(0(3., +!
!)0-#+#G,#*(+#6 3&*32*#,6 #//(.)#+.-!, . +(,%.,(0(3., +! "!+(+# . 0(!)!) /#%#/(+#+ %#-#
#//!+!- +(-!/0#"!)0! #* 12, ; ,5*. %2!+!) !)3(#- #/2,!, +! -!/(1. +! "!),#B!, !)3(#+.,
%.- #*'D) "#!,0-.6 . /.)0!,0#- # *#, %!0(/(.)!, +! +#0., 92! >,0., *!, C#'#) .- !**.6 *.,
!,/*#3., 0#"1(>) ,! +!)."()#) !,0#/(.)!, %#,(3#, .". ,5*. )!/!,(0#) ("%*!"!)0#- 2)#
%#-0! +!* %-.0./.*. +! #//!,. #* "!+(.6 ,2 7#1-(/#/(5) -!,2*0# "&, 1#-#0#

() !
# #-92(0!/02-# +! %-.0./.*., +! ,! 1#,# !) !* ".+!*. +! -!7!-!)/(# 6
+! #/2!-+. /.) !* !,0&)+#- =

!"# $%&'()#
$ +!7()! *#, /#%#, 78,(/# ; +! !)*#/!6 #,8 /.". !* ()0!-7#4 +! 2,2#-(.
#, /#%#, # = ). !,0&) +!7()(+#, * @ (-!/0 #0# ()N #%%!-A %-.%.-/(.)# 2)
()0!-7#4 +! 2,2#-(. ,!)/(**. %#-# !* #//!,. # *# /#%# .". "!+(. 78,(/. ,! 2,# *#
0!/).*.'8# $ I6 7(1-# 5%0(/# . #"1#,
) $ ,! +!7()!) *#, /#%#, 78,(/#6 +! !)*#/! ; +! #%*(/#/(5) # /#%#
+! #%*(/#/(5) /.),(,0! !) !* @ (!*+12, !,,#'! %!/(7(/#0(.)A ; !* @ .T!- #;!-
)0!-7#/!A /.)0(!)! !* %-.0./.*. +! #%*(/#/(5) ; %-.%.-/(.)# #* 2,2#-(. 2) #"%*(.
/.)B2)0. +! ,!-3(/(., %!-"(0! %-.%.-/(.)#- # 2)# ()0!-7#4 ()+!%!)+(!)0! +!*
+(,%.,(0(3. /.) *# /#%# +! !)*#/! (/C# /#%# ("%*!"!)0# !* %-.0./.*. +! #//!,. #* 12, ; *#
,!'2-(+#+ +! +#0., .". "!+(. 78,(/. ,! !"%*!# $ I6 7(1-# 5%0(/# . #"1#,
$ 20(*(4# !* %-.0./.*. +! $ ; *! #:#+! /.". /#-#/0!-8,0(/#
%#-0(/2*#- *# +!7()(/(5) +! *., %!-7(*!, +! +(,%.,(0(3. .". "!+(. +! 0-#),"(,(5) 20(*(4# !*
!,0&)+#- I $ 6 *. 92! %!-"(0! ,2 20(*(4#/(5) !) 4.)#, +! ,!'2-(+#+ ()0-8),!/#
!+(#)0! 2) %2!)0! !, %.,(1*! #/.%*#- 7&/(*"!)0! *#, -!+!, $ /.) *#, -!+!,
$

.- ,2 %#-0!6 $ ; $ 2,#) *#, "(,"#, 0!/).*.'8#, +!


0-#),"(,(5) ; 2) %-.0./.*. 2)(7.-"! +! #//!,. #* "!+(.6 %.- !**.6 #"1#, %2!+!) .%!-#-
,("2*0&)!#"!)0! ,.1-! !* "(,". /#1*!

% ( !"# $
#, 0-!, 3!-,(.)!, +! 2,#) !* "(,". /.)0-.* +! #//!,. #* "!+(.6
()/*2;!)+. *., #,%!/0., -!*#/(.)#+., /.) *# ,!'2-(+#+ +! *., +#0., ; !* "#)!B. +! *.,
%-.0./.*., +! 0-#),"(,(5) ; *., 0!*!'-#"#, ) 6 *# /#%# ,! +!)."()#
@ (!*+12, #0# ()NA * !, +!0!-"()(,0#6 +! ".+. 92! ,5*. 2)# !,0#/(5) 0(!)!
+!-!/C. # 0-#),"(0(- !) /#+# "."!)0. ) %#-0(/2*#- C# ,(+. +(,!:#+. %#-# /2"%*(- +.,
.1B!0(3.,H

!"# $%&'()#
) *#, /."2)(/#/(.)!, !)0-! ,(,0!"#, #/0(3., @"#!,0-.,A6 !)/#-'#+., +! 0#-!#, +!
/.)0-.* /."%*!B#,6 +!1! #,!'2-#-,! 92! /#+# !,0#/(5) 0!)'# ,27(/(!)0! 0(!"%. %#-#
!B!/20#- ,2, 0#-!#, +! /."2)(/#/(5) +!)0-. +! 2) ()0!-3#*. +! 0(!"%. +!7()(+.
#, 0#-!#, +! /."2)(/#/(5) /8/*(/#, ,! ("%*!"!)0#-&) +! *# 7.-"# "&, ,!)/(**#
%.,(1*! %#-# %!-"(0(- *# /."2)(/#/(5) !)0-! 2) "#!,0-. ; 2). . 3#-(., !,/*#3.,
.- 0#)0.6 !* /.)0-.* +! #//!,. #* "!+(. +! ()/*2;! 2) ,(,0!"# +! %#,. +!
0!,0('. !) 12, @ .N!)$12,A !)0-! *., "#!,0-.,6 B2)0. /.) 2) ,(,0!"# +! /.),2*0# "#!,0-.$
!,/*#3. %#-# *# /."2)(/#/(5) !)0-! /#+# "#!,0-. ; ,2 %!-(7!-(#

* "!/#)(,". +! %#,. +! 0!,0('. '#-#)0(4# !* +!-!/C. # #//!+!- #* 12, +! /#+#


"#!,0-. +2-#)0! 2) +!0!-"()#+. %!-8.+. +! 0(!"%. * %#,. +! 0!,0('. !, 2) 0!*!'-#"#
!,%!/(#* 92! %!-"(0! *# /!,(5) #* ).+. 92! *. -!/(1!6 +!* +!-!/C. # #//!+!- #* 12, * 0!,0('.
,('2! 2)# ,!/2!)/(# ,!'D) 2) #)(**. *5'(/.6 /.) 2) 0(!"%. "&?(". %-!+!0!-"()#+. %#-# *#
-.0#/(5) /."%*!0# +!* 0!,0('.
# /."2)(/#/(5) "#!,0-.$!,/*#3. %!-"(0! 92! !* "#!,0-. 92! %.,!! !* 0!,0('. !) 2)
(),0#)0! +!0!-"()#+. ,! /."2)(92! /.) *., !,/*#3., 92! +!%!)+#) +! >* * "#!,0-. %2!+!
!)3(#- "!),#B!, # *., !,/*#3., ; *!!- *#, /.)0!,0#/(.)!, +! >,0., ! !,0# 7.-"# !, %.,(1*!
0!)!- 2) ,(,0!"# /.) 2) D)(/. "#!,0-. ; "D*0(%*!, !,/*#3.,6 2) ,(,0!"# 7.-"#+. ,5*. %.-
!,0#/(.)!, #/0(3#,6 . 2) ,(,0!"# C81-(+.
# /#%# +! !)*#/! 0#"1(>) !, !* !)/#-'#+. +! *# ,!'2-(+#+ +! *., +#0., .+., *.,
0!*!'-#"#, 0(!)!) +(,0#)/(# <#""()' 6 +!1(+. #* 2,. +! +!*("(0#+.-!, +! /."(!)4. ; 7()
+! 0-#"# !,%!/(#*!,6 #,8 /.". 2) 1(0 +! %#-(+#+ %#-# /#+# 1;0! ,!'D) ,! +!7()! !) !*
!,0&)+#- = $I$

* ".+. +! 72)/(.)#"(!)0. !, ,() /.)!?(5) !-"(0! 0#)0. !* +(-!//(.)#"(!)0.


2)(/#,0 /.". +(-!//(.)!, "2*0(/#,0 ; 1-.#+/#,0

!"# $%&'()#

You might also like