CWdkWb<WhcWYej[hWf
kj_Ye
I[hl_eZ[<Whc|Y_Wr+°;Z_er(&&/
(r
Fh[\|Y_e
;c(&&/"eCWdkWb<WhcWYej[hWf
kj_YeY^[]W}ikW+°[Z_e$I[kYedj[Zel[c
WYecfWd^WdZejeZWW[lebkeZeiWYedj[Y_c[djeiZe>eif_jWbIWcWh_jWde"
fWiiekf[bWWYh[Z_jWeZW@e_dj9ecc_ii_ed?dj[hdWj_edWb@9?[c(&&*"f[bW
h[WYh[Z_jWeZW@9?[c(&&-"[l[ci[]k_dZei[kYWc_d^edWYedjh_Xk_eZW
l_ieZe>eif_jWbf[bWikf[hWeZW[nf[YjWj_lWZ[i[kiYb_[dj[i$
EiYb_[dj[iZeCWdkWb<WhcWYej[hWf
kj_Ye"YecfeijefehjeZeieifheÓii_edW_i
Wii_ij[dY_W_i"j[hecW_ikcWl[p[cikWiceikc_dijhkc[djefWhWWYedikbjW
h|f_ZW"Yec_d\ehcW[iieXh[jeZeieic[Z_YWc[djeifWZhed_pWZeifehc[_eZ[
ikWicede]hWÓWih[ikc_ZWi"[cgk[YedijWckie"feiebe]_W[fh[YWk[i$
;ijW[Z_eZecWdkWb[ij|cW_i[dnkjW"cWicWdjcec[icefWZheZW[Z_e
Wdj[h_eh"YecWWjkWb_pWeZ[jeZWiWi_d\ehcW[iieXh[eideleic[Z_YWc[djei
fWZhed_pWZeif[bW9ec_iieZ[<Whc|Y_W[J[hWf
kj_YW$
;if[hWceiYedjh_Xk_hfWhWWic[b^eh[ifh|j_YWidWkj_b_pWeZ[c[Z_YWc[djei
Z[ijW_dij_jk_eYecWZ_ii[c_dWeZ[_d\ehcW[ijYd_YWii[]khWi"XWi[WZWi
[cb_j[hWjkhWih[Yed^[Y_ZWide~cX_jedWY_edWb[_dj[hdWY_edWb$
7]hWZ[Y[ceiWjeZeiWgk[b[igk[YebWXehWhWcZ[\ehcWZ_h[jWek_dZ_h[jW
dW[bWXehWeZW+°[Z_eZecWdkWb"Z[cedijhWdZecW_ikcWl[pe
Yecfhec[j_c[djeYecWgkWb_ZWZ["j_YW[fheÓii_edWb_ice$
9ehZ_Wbc[dj["
I[hl_eZ[<Whc|Y_W
r)
Ikc|h_e
f|]$
Fh[\|Y_e
7Xh[l_W[i
?djheZke
FWZhed_pWefeh9bWii_ÓYWeJ[hWf
kj_YW
7][dj[:_W]dij_Ye
7dWb]i_Ye"7dj_f_hj_Ye 7dWb]i_YeDWhYj_Ye
7dWb]i_YeKh_d|h_e
7d[iji_Ye=[hWb
7d[iji_YeBeYWb
7d[iji_YeEYkbWh
7d[iji_YeJf_Ye
7di_ebj_Ye
7djW]ed_ijWZ[7d]_ej[di_dW?? 7dj_|Y_Ze
7dj_W]h[]Wdj[FbWgk[j|h_e
7dj_Wd
c_Ye
7dj_Wd]_deie 7dj_Whhjc_Ye 7dj_YeW]kbWdj[ 7dj_Yeb_dh]_Ye"7dj_#I[Yh[jeh
7dj_Yeb_d[ij[h|i_Ye
7dj_Yedlkbi_lWdj[
7dj_Z[fh[ii_le 7dj_Z_Whh_YeÅH[fei_jehZ[<behW?dj[ij_dWb
7djZeje
7dj_[cj_Ye"FheY_dj_Ye 7dj_[cj_Ye"7dj_l[hj_]_deie
7dj_[dnWgk[Yeie
7dj_[ifWicZ_Ye
7dj_[ifWicZ_Ye"7dWb]i_Ye
7dj_[ifWicZ_YeKh_d|h_e
7dj_Óij_Ye
7dj_\d]_YeI_ij
c_Ye 7dj_\d]_YeJf_Ye
7dj_]bWkYecWjeie"?dZkjehZ[C_ei[
7dj_]ejeie
7dj_#>[cehhe_Z|h_e
7dj_#>_f[hj[di_le
7dj_#>_ijWcd_Ye>'
7dj__dÔWcWjh_e;ij[he_ZWb9ehj_Y_Z[I_ij
c_Ye 7dj__dÔWcWjh_e;ij[he_ZWb9ehj_Y_Z[Jf_Ye
7dj__dÔWcWjh_ede#;ij[he_ZWb7_d[I_ij
c_Ye
7dj__dÔWcWjh_ede#;ij[he_ZWb7_d[I[b[j_leZW9en#(
7dj__dÔWcWjh_ede#;ij[he_ZWb7_d[Jf_Ye
7dj__dÔWcWjh_eE\j|bc_Ye
7dj_c_YheX_Wde7c_de]b_YeiZ[e 7dj_c_YheX_Wde7dW[hX_Ye
7dj_c_YheX_Wde7d\[d_Yeb
*r
)
.
/
')
')
'*
'*
'*
'+
'+
'+
'+
',
',
',
''''.
'.
'.
'.
'/
(&
(&
(&
(&
('
('
('
('
('
((
((
((
((
()
()
(*
(*
(+
(+
(,
(,
(,
(,
(,
(-
7dj_c_YheX_Wde9WhXWf[d
c_Ye 7dj_c_YheX_Wde9[\Wbeifeh_dW'°=[hWe
7dj_c_YheX_Wde9[\Wbeifeh_dW(°=[hWe
7dj_c_YheX_Wde9[\Wbeifeh_dW)°=[hWe
7dj_c_YheX_Wde9[\Wbeifeh_dW*°=[hWe
7dj_c_YheX_Wde=b_Y_bY_Yb_dWi
7dj_c_YheX_Wde=b_Yef[fjZ[e
7dj_c_YheX_WdeB_dYeiWc_ZW
7dj_c_YheX_WdeCWYhebZ[e
7dj_c_YheX_WdeCedeXWYj~c_Ye 7dj_c_YheX_WdeD_jhe\khWde
7dj_c_YheX_WdeE\j|bc_Ye
7dj_c_YheX_WdeE\j|bc_Ye!9ehj_Y_Z[
7dj_c_YheX_WdeEnWpeb_Z_dedW
7dj_c_YheX_WdeF[d_Y_b_dW
7dj_c_YheX_WdeFeb_c_n_dW
7dj_c_YheX_WdeGk_debedW
7dj_c_YheX_WdeIkb\W
7dj_c_YheX_WdeJf_Ye 7dj_c_YheX_WdeJf_Ye!9ehj_Y_Z[
7dj_c_YheX_WdeJkX[hYkbeij|j_Ye 7dj_d[khj_Ye 7dj_fWhWi_j|h_e"7dj_#>[bcdj_Ye 7dj_fWha_died_Wde
7dj_fhkh_]_deie 7dj_fi_Yj_Ye"D[khebfj_Ye
7dj_#Ifj_Ye8kYWb
7dj_#Ifj_YeEYkbWh
7dj_#Ifj_YeJf_Ye
7dj_jWXW]_ice 7dj_jkii][de
7dj_kbY[heie
7dj_lWh_Yeie
7dj_l[hj_]_deie 7dj_l_hWb
8[jWXbegk[WZeh 8begk[WZehZe9WdWbZ[9|bY_e
8begk[WZehD[kheckiYkbWh
8hedYeZ_bWjWZeh 9WhZ_ejd_Ye
9Wkj[h_pWdj[
9eb_dh]_Ye":_i\kdeL[i_Ye[iÓdYj[h_WdW
9edij_fWdj[?dj[ij_dWb :[Xh_ZWdj[
:[iYed][ij_edWdj[DWiWb
:_][ij_le
:_khj_Ye
;b[jhb_je":_bk[dj[
;b[jhb_jeEhWb ;ij_ckbWdj[7Zh[dh]_Ye ((((.
(.
(.
(.
(.
(.
(/
(/
(/
(/
(/
(/
)&
)&
)'
)'
)'
)'
)(
)(
)(
)(
)(
))
))
))
)*
)*
)*
)*
)+
)+
)+
)+
),
),
),
),
))))))).
)/
)/
r+
;ij_ckbWdj[9[h[XhWb
;ij_ckbWdj[ZW<ehcWeZ[9bkbWiIWd]kd[Wi
;ij_ckbWdj[Kj[h_de
;nfWdiehZ[Lebkc[FbWic|j_Ye <WjehZ[9eW]kbWe
>[ceij|j_Ye
>[fWjefhej[jeh >_ZhWjWdj["Fhej[jeh;f_Zhc_Ye >_feb_f
c_Ye >_fdj_Ye
>_fdj_Ye7dWb]i_Ye
>_fe]b_Y[c_Wdj[
>ehcd_e7dZhe]
d_Ye >ehcd_e7dj_WdZhe]
d_Ye
>ehcd_e7dj_Z_khj_Ye >ehcd_e7dj_j_h[e_Z_Wde
>ehcd_eJ_h[e_Z_Wde ?ckde]beXkb_dW ?ckdeceZkbWZeh
?ckdeiikfh[iieh
?d_X_ZehZW;97 ?hh_]WeL[i_YWb BWnWdj[
BkXh_ÓYWdj[E\j|bc_Ye C_Zh_|j_Ye
C_iY[b~d[W
CkYebj_Ye
Dkjh_[dj[FWh[dj[hWb
Fh[l[deZeFWhjeFh[cWjkhe
FheijW]bWdZ_dW Fhej[dW9H[Wj_lW
H[bWnWdj[CkiYkbWh
H[i_dWZ[JheYW?d_YW
I[di_X_b_pWZehZ[9|bY_e IebkefWhW9edi[hlWeZ[ãh]e
IebkefWhW:_|b_i[
Iebl[dj[
Ikh\WYjWdj[
J[hWf
kj_YWFheij|j_YW
Jf_YeEjeb]_Ye
JhecXebj_Ye
LWY_dW7dj_j[j~d_YW
LWieZ_bWjWZehF[h_\h_Ye%9[h[XhWb L_jWc_dW
,r
)/
*&
*&
*&
*&
*&
*'
*'
*'
*(
*(
*(
*(
*(
*)
*)
*)
*)
*)
*)
**
**
**
**
*+
*+
*+
*+
*+
*,
*,
*,
*,
*,
*,
*******.
*.
*.
7d[nei
=k_WZ[Z_bk_e[WZc_d_ijhWeZ[_d`[j|l[_i
C[Z_YWc[djeikiWZei[c_djen_YW[i
FhejeYebeZ[Wdj_X_ej_YefheÓbWn_W[cY_hkh]_Wifh[Yed_pWZef[beI9?>Ze>eif_jWbIWcWh_jWde
9ehh[bWe[djh[]ejWi[c_b_b_jhe JWX[bWZ[Yehh[ifedZ
dY_WZ[c;gfh[i[dj[dei[b[jhb_jei
JWX[bWZ[fej
dY_Wih[bWj_lWi[Zei[i[gk_lWb[dj[iZ[Yehj_Y_Z[ii_ij
c_Yei
=k_WZ[kj_b_pWeZ[c[Z_YWc[djeiZkhWdj[W]hWl_Z[p[bWYjWe
9ecfWj_X_b_ZWZ[[djh[c[Z_YWc[djei[h[Y_f_[dj[iZ[iehe
C[Z_YWc[djeigk[Z[l[ci[hfhej[]_ZeiZWbkp
?dikb_dWi^kcWdWi%Wd|be]WifWZhed_pWZWide>eif_jWbIWcWh_jWde
),(
*&.
*&/
*')
*'+
*'+
*',
*+-
*+*+.
8_Xb_e]hWÓW
ßdZ_Y[H[c_ii_le
;nf[Z_[dj[
*+/
*,&
*.,
r-
7Xh[l_W[i
.r
2C[deh
c]C_b_]hWcW
4CW_eh
C]CW]di_e
3?]kWb
c_dC_dkje
9W9|bY_e
cBC_b_b_jhe
9bYh9b[WhWdY[Z[Yh[Wj_d_dW
ccebC_b_ceb
:FE9:e[dWfkbcedWheXijhkj_lWYhd_YW
DWIZ_e
ZB:[Y_b_jhe
d]DWde]hWcW
;97;dp_cWYedl[hiehWZ[Wd]_ej[di_dW
f>Fej[dY_Wb^_Zhe][d_d_Ye
<[<[hhe
I9IkXYkj~d[W
]=hWcW
I<IeheÓi_eb]_Ye
^>ehW
I=Iehe]b_YeiWZe
?C?djhWckiYkbWh
ID9I_ij[cWd[hleieY[djhWb
?DH?dj[hdWj_edWbdehcWb_p[ZhWj_e
JJF7J[cfeZ[jhecXefbWij_dWfWhY_WbWj_lWZe
?E?djhW#ii[W
KKd_ZWZ[
?L?djhWl[deie
K?Kd_ZWZ[_dj[hdWY_edWb
AFej|ii_e
K?9Kd_ZWZ[i_d_X_ZehWiZ[YWb_Yh[dW
a]Gk_be]hWcW
KJHKd_ZWZ[jkhX_Zeh[ZkjehW
C7ECedeWc_de#en_ZWi[
L_j$L_jWc_dW
cY]C_Yhe]hWcW
LEL_WehWb
c;gC_b_[gk_lWb[dj[
leb$Lebkc[
?djheZke
7fh[i[djWeZeI[hl_eZ[<Whc|Y_W>eif_jWbWh
7c_iieZeI[hl_eZ[<Whc|Y_Wfhecel[hekiehWY_edWbZ[c[Z_YWc[djei"fehc[_eZW
[ÓY_[dj[kj_b_pWeZeih[Ykhiei"_dj[]hWdZe#i[}[gk_f[ckbj_fheÓii_edWbZ[ceZeWYedjh_Xk_h
fWhWe[ijWX[b[Y_c[dje[eX[c#[ijWhZefWY_[dj[$
EI[hl_eYecfeijefehkcW9[djhWbZ[7XWij[Y_c[dje"h[ifedi|l[bf[beWhcWp[dWc[dje
Zei[ijegk[i1fehkcW9[djhWbZ[:_ijh_Xk_e"h[ifedi|l[bf[beWj[dZ_c[djeWeifWY_[dj[i
_dj[hdWZeidWiKd_ZWZ[iZ[?dj[hdWe1[fehgkWjhe<Whc|Y_WiIWjb_j[i"Z_ijh_XkZWi[ckd_ZWZ[i
[ijhWj]_YWi"de9[djhe9_hh]_Ye"dWKd_ZWZ[Z[J[hWf_W?dj[di_lW7Zkbje"deFhedje#IeYehhe
7Zkbje[dWKd_ZWZ[F[Z_|jh_YW$
79[djhWbZ[7XWij[Y_c[djeikfh[jeZWiWiZ[cWdZWiZW9[djhWbZ[:_ijh_Xk_e"ZWi<Whc|Y_Wi
IWjb_j[i"ZeiI[hl_eiZ[7knb_eWe:_W]dij_Ye[J[hWf_W"ZW9[djhWbZ[CWj[h_Wb;ijh_b[ZWi
Z[cW_i|h[Wigk[ieb_Y_jWcfheZkjeiWei[kYedikce$
Ei_ij[cWZ[Z_ijh_Xk_e_dZ_l_ZkWb_pWZe[Wb_WZe}WkjecWefehc[_eZeiYZ_]eiZ[XWhhWi"e
gk[jehdWefheY[iieck_jei[]kheWefWY_[dj[$
EI[hl_eZ[<Whc|Y_WYeehZ[dWjh
i\h[dj[iZ[jhWXWb^egk[Zeikfehj[jYd_Ye}YWZ[_WZ[
ikfh_c[djeiZ[fheZkje"i[dZe[ij[iWgkWb_ÓYWejYd_YWZei\ehd[Y[Zeh[i"W9ec_iie
Z[<Whc|Y_W[J[hWf
kj_YW9<J[W9ec_iieZ[FWZhed_pWeZ[CWj[h_W_i
CZ_Ye#>eif_jWbWh[i9FCC>$
GkWb_ÓYWeJYd_YWZei<ehd[Y[Zeh[i
EI[hl_eZ[<Whc|Y_WZe>eif_jWbIWcWh_jWdefeiik_kcfhe]hWcWfWhWWlWb_Wh[gkWb_ÓYWh
j[Yd_YWc[dj[ei\ehd[Y[Zeh[iZ[c[Z_YWc[djei[cWj[h_W_icZ_Ye#^eif_jWbWh[i[Y_hh]_Yei$
EI[hl_ejWcXcfWhj_Y_fWZe=hkfeZ[7lWb_WeZ[<ehd[Y[Zeh[i=7<Egk[jhWXWb^Wde
Z[i[dlebl_c[djeZ[delei\ehd[Y[Zeh[i[dWYedijWdj[Wd|b_i[ZWgk[b[i`|ikXc[j_ZeiWe
fheY[iieZ[WlWb_We$;ii[]hkfe\ehcWZefeh\WhcWY
kj_Yeigk[h[fh[i[djWceifh_dY_fW_i
^eif_jW_iZ[IeFWkbe$
EjhWXWb^eZ[gkWb_ÓYWejYd_YWZei\ehd[Y[Zeh[ifh[b_c_dWhfWhWgk[i[kifheZkjeifeiiWc
i[hWdWb_iWZeif[bWiYec_ii[iZ[fWZhed_pWeZe>eif_jWb9<J[9FCC>$
r/
9ec_iieZ[<Whc|Y_W[J[hWf
kj_YW9<J
EfWf[bZeI[hl_eZ[<Whc|Y_WZ[[njh[cWh[ifediWX_b_ZWZ["W[b[Yecf[j[e[ijkZe[W
Wfh[i[djWeZ[jeZeecWj[h_WbjYd_YeZ[YWZWc[Z_YWc[djeik][h_ZeWi[h_dYbkZedWi[b[e
Z[c[Z_YWc[djei"fWhWWWd|b_i[ÓdWbZW9<J$
EI[hl_eZ[<Whc|Y_Wj[cYeceeX`[j_le_dY[dj_lWhWfh[iYh_eZeic[Z_YWc[djeifWZhed_pWZei
Z[\ehcWW]WhWdj_hWZ_\kie[eYkcfh_c[djeZWfWZhed_pWeZ[c[Z_YWc[djei$
9ec_iieZ[FWZhed_pWeZ[CWj[h_W_iCZ_Ye#>eif_jWbWh[i9FCC>
EeX`[j_leZ[Ód_h[fWZhed_pWhe[b[dYeZ[cWj[h_W_icZ_Ye#^eif_jWbWh[iWi[hcWdj_Ze[c
[ijegk["XWi[WdZe#i[dWgkWb_ZWZ["dWidehcWijYd_YWi[dWi[n_]
dY_WiZWb[]_ibWe
iWd_j|h_Wl_][dj[$
EI[hl_eZ[<Whc|Y_WYeehZ[dWjeZeieij[ij[i[fWh[Y[h[ijYd_YeiieXh[eicWj[h_W_iZ[djheZe
>eif_jWb"h[Wb_pWWYedikbjWWeii[kih[]_ijheideC_d_ijh_eZWIWZ[[WlWb_W[Yedec_YWc[dj[
ikWl_WX_b_ZWZ[$
7j[de<WhcWY
kj_YW
7Wj_l_ZWZ[ZW7j[de<WhcWY
kj_YW[ij|eh]Wd_pWZW[cdeiiei[hl_efehc[_eZ[l|h_Wi
W[i"YeceZWYed\[h
dY_WZWfh[iYh_ecZ_YW1Weh_[djWe\WhcWY
kj_YWWeifWY_[dj[i[
WYecfWd^Wdj[i1WlWb_ZWeZeic[Z_YWc[djeifhfh_ei[ckief[befWY_[dj[1WZ_\kieZW
fh|j_YWZefhejeYebeZ[Wdj_X_ej_YefheÓbWn_W1WYediY_[dj_pWeieXh[eif[h_]eiZWWkjec[Z_YWe
WeifWY_[dj[i[\Wc_b_Wh[i1[Weh_[djWegkWdjeWekieZeic[Z_YWc[djeifh[iYh_jeidWWbjW
^eif_jWbWh[deWYecfWd^Wc[djeZ[fhejeYebeiYbd_Yei$
<Whc|Y_W9bd_YW
D[ijWWj_l_ZWZ[_d_Y_WZW[c(&&-"e\WhcWY
kj_YeYbd_Ye[ij|_di[h_ZedW[gk_f[
ckbj_fheÓii_edWb"fWhj_Y_fWZWil_i_jWiWeifWY_[dj[i[Z_iYkj[YecW[gk_f[Wc[b^ehfhefeijW
j[hWf
kj_YWfWhWYWZWfWY_[dj[$>e`["[ii[WYecfWd^Wc[djeYbd_Yeh[Wb_pWZe[c()b[_jei
Z[ij_dWZeiWfWY_[dj[iYhj_Yei$
'&r
9[djheZ[?d\ehcW[iieXh[C[Z_YWc[djei9?C
E9?CefbeZ_lkb]WZehZ[_d\ehcW[iieXh[c[Z_YWc[djeiZe>eif_jWbIWcWh_jWde$E9[djhe
_cfh[iY_dZl[bWjeZeieifheÓii_edW_iWii_ij[dY_W_iZe>eif_jWb["i[cZl_ZWWb]kcW"Weikfehj[
ZejhWXWb^eZW7j[de<WhcWY
kj_YW[ZW<Whc|Y_W9bd_YW$
Fh_dY_fW_iWj_l_ZWZ[i0
Fh[ijWeZ[ikfehj[jYd_Ye[Ybd_YeWeikik|h_ei1fheZkeZ[_d\ehc[i[Xeb[j_di\WhcWY
kj_Yei
YecXWi[dWiieb_Y_jW[iZ[_d\ehcW[iWeikik|h_ei1[ijkZeZWicede]hWÓWiZ[c[Z_YWc[djei
ik][h_ZeifWhWW_dYbkief[bW9<J1Wkjeh_W[WjkWb_pWeZeCWdkWb<WhcWYej[hWf
kj_Ye1YWZWijhe
Z[c[Z_YWc[djei1Z[i[dlebl_c[djeZ[fhejeYebeiYbd_Yei1[h[ifedi|l[bf[beFhe]hWcWZ[
<WhcWYel_]_b~dY_W[J[Ydel_]_b~dY_WZe>eif_jWb$
EI[hl_eZ[<Whc|Y_WZe>eif_jWbIWcWh_jWdefeiik_kcfhe]hWcWZ[Dej_ÓYWeZ[;l[djei
7Zl[hiei[:[il_eZ[GkWb_ZWZ["Wjh[bWZeWe9?C$
7fWhj_hZ[(&&."fWiiWceiWh[Wb_pWhWXkiYWWj_lW}ih[W[iWZl[hiWi"egk[jhekn[kc
_dYh[c[djeWeWYecfWd^Wc[djeZWgkWb_ZWZ[Zeih[ikbjWZeiZ[deiieWhi[dWbj[hWf
kj_Ye[
ZWdeiiWfh|j_YWdWkj_b_pWeZeic[Z_YWc[djei"Wj[djejeZeiei[l[djei[hWcdej_ÓYWZei
[nYbki_lWc[dj[Z[\ehcW[ifedj~d[W$
EI[hl_eZ[<Whc|Y_WWlWb_WWidej_ÓYW[iZ[[l[djeiWZl[hiei;7[Widej_ÓYW[iZ[Z[il_eZ[
gkWb_ZWZ[[Wi[dYWc_d^WWe\WXh_YWdj[[Weih]ei]el[hdWc[djW_i$
B[cXhWceigk[;7gkWbgk[heYehh
dY_WcZ_YW_dZ[i[`|l[bgk[i[Wfh[i[dj[ZkhWdj[kc
jhWjWc[djeYecefheZkje\WhcWY
kj_Ye["fWhWWii[]khWhkcWYecfWd^Wc[djeWZ[gkWZe
Zeh[ikbjWZeZeifheZkjeikj_b_pWZeide>eif_jWb"fh[Y_iWceiZe[dlebl_c[djeZ[jeZeiei
fheÓii_edW_iZWWii_ij
dY_WdW_Z[dj_ÓYWe[dWdej_ÓYWe[ifedj~d[WZei[l[djei$
r''
Fehc[_eZWidej_ÓYW[i"Yedjh_XkceifWhW0
WZ[j[Yefh[YeY[ZWih[W[iWZl[hiWi"ieXh[jkZeWicW_i]hWl[i1
e[ijWX[b[Y_c[djeZW_dY_Z
dY_WZWih[W[iWZl[hiWi1
WZ[j[hc_dWeZei\Wjeh[igk[fh[Z_if[cWh[W[iWZl[hiWi1
eZ[i[dlebl_c[djeZ[fhe]hWcWiZ[_d\ehcW[iieXh[c[Z_YWc[djeiZ_h_]_ZeiWfheÓii_edW_i
Z[iWZ[1
Wh[j_hWZWZec[hYWZeZ[c[Z_YWc[djei[fheZkjei_dWZ[gkWZei1
WYebeYWeZ[h[ijh_[iZ[kiedWXkbWZefheZkje$
EI[hl_eZ[<Whc|Y_WfWhj_Y_fW[Yedjh_Xk_[cWb]kdiYec_j
i"Yecee9ec_j
Z[xj_YW[c
F[igk_iW"9ec_j
Z[;ZkYWeWeFWY_[dj["=hkfeZ[7j[dZ_c[dje;if[Y_Wb_pWZe[cB[i[iZ[
F[b[=hW[b"I[hl_eZ[9edjheb[Z[?d\[Ye>eif_jWbWhI9?>"DYb[eZ[7ii_ij
dY_WWe:_WXj_Ye
DkcWZ"9ec_j
Z[<b[X_j["9ec_j
Z[:[hcWj_j["9ec_j
Z[Gk[ZW[9ec_iieZ[7lWb_WeZ[
FheXb[cWiH[bWY_edWZeiWC[Z_YWc[djeiFHC$
7[gk_f[ZeI[hl_eZ[<Whc|Y_W[ij|i[cfh[[cXkiYWZ[Yed^[Y_c[djei[YWfWY_jWefWhWe
WbYWdY[Ze[ijWX[b[Y_c[djeZWic[b^eh[ifh|j_YWidWkj_b_pWeZeic[Z_YWc[djei[cWj[h_W_i"
Yec\eYedeh[ikbjWZeZeYb_[dj["deiiefWY_[dj[$
'(r
FWZhed_pWefehYbWii_ÓYWej[hWf
kj_YW
7][dj[:_W]dij_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_Ze7Yj_Ye
ÜY_Ze7Yj_Ye(\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
ÜY_Ze7Yj_Ye
ÜY_Ze7Yj_Ye)\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
ÜY_Ze7Yj_Ye
ÜY_Ze7Yj_Ye+\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
ÜY_Ze=WZejh_Ye
:ejWh[c&"+cceb%cB\hWiYe#WcfebW'&cB
7pkbZ[C[j_b[de
7pkbZ[C[j_b[de(WcfebW+cBÅC[Z_YWc[djeCWd_fkbWZe
7pkbFWj[dj[
7pkbFWj[dj[("+WcfebW(cBÅC[Z_YWc[djeCWd_fkbWZe
7c_Zejh_peWjeZ[IZ_e[
7c_Zejh_peWjeZ[C[]bkc_dW
F_[be]hW\-,)-&c]Z[_eZe%cB\hWiYe#WcfebW(&cB
xij[h[i;jb_YeiZ[ÜY_Zei=hWnei
Z[ãb[eZ[FWfekbW?eZWZe
B_f_eZebK<WcfebW'&cB*.&c]Z[_eZe%cB
<bkeh[iY[dW
<bkeh[iY[dWiebkee\j|bc_YW'\hWiYe)cB
=WZeZ_Wc_ZW
Ecd_iYWd\hWiYe#WcfebW($.-&c]%'&cB
=WZel[hi[jWc_ZW
Efj_CWha\hWiYe#WcfebW)$)&/c]%'&cB
?eX_jh_Zeb
>[d[j_n)&&\hWiYe#WcfebW+&cB)&&c]Z[_eZe%cB
?eZ[jeZ[Fej|ii_e!?eZe!Ü]kW:[ij_bWZW Bk]eb<ehj[+\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
?eZ_nWdeb
L_i_fWgk[)(&\hWiYe#WcfebW+&cB
?e[neb
Ecd_fWgk[)&&\hWiYe#WcfebW+&cB
?efWc_Zeb
?efWc_hed)&&\hWiYe#WcfebW+&cB)&&c]Z[_eZe%cB
?ejWbWcWjeZ[C[]bkc_dW
9edhWo,&%H[b_[l,&\hWiYe#WcfebW)&$&&&c]%+&cB
?el[hieb
Efj_HWo)(&,.\hWiYe+&cB)(&c]Z[_eZe%cB
?el[hieb
Efj_HWo)(&i[h_d]Wfh[[dY^_ZW'(+cB)(&c]Z[_eZe%cB
?el[hieb
Efj_HWo)+&i[h_d]Wfh[[dY^_ZW'&&cB)+&c]Z[_eZe%cB
?el[hieb
Efj_HWo)+&i[h_d]Wfh[[dY^_ZW'(+cB)+&c]Z[_eZe%cB
?enW]bWjeZ[C[]bkc_dW[Z[IZ_e
>[nWXh_n)(&\hWiYe#WcfebW+&cB)(&c]Z[_eZe%cB
?en_jWbWcWjeZ[C[]bkc_dW[Z[IZ_e
J[b[Xh_n9ehedWh\hWiYe#WcfebW'&&cB)+&c]Z[_eZe%cB
ãn_ZeZ[<[hheH[l[ij_Ze
Bkc_h[c&"'-+&c]<[%cB\hWiYe)&&cB
7dWb]i_Ye"7dj_f_hj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_Ze7Y[j_biWb_Yb_Ye
77I_d\Wdj_b%IecWb]_dYecfh_c_Ze'&&c]
:_f_hedWIZ_YW
DelWb]_dWWcfebW'$&&&c]%(cB
:_f_hedWIZ_YW
7dWZeh%CW]def_heb%DelWb]_dW]ejWi+&&c]%cB\hWiYe'&cB
:_f_hedWIZ_YW
DelWb]_dWiebkeehWb+&c]%cB\hWiYe'&&cB
:_f_hedWIZ_YW
DelWb]_dWikfei_jh_e)&&c]
FWhWY[jWceb
:h_Ye%Job[debYecfh_c_Ze-+&c]
FWhWY[jWceb
:h_Ye%Job[deb]ejWi(&&c]%cB\hWiYe'+cB
r')
7dWb]i_YeDWhYj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7b\[djWd_bW
HWf_\[dWcfebW("+c]%+cB
9eZ[dW!FWhWY[jWceb
Job[nYecfh_c_ZeYeZ[dW-"+c]!fWhWY[jWceb+&&c]
9eZ[dW!FWhWY[jWceb
Job[nYecfh_c_ZeYeZ[dW)&c]!fWhWY[jWceb+&&c]
<[djWd_bW
<[djWd_b[if_d^WbWcfebW'&&cY]%(cB
<[djWd_bW
<[djWd_b%<[djWd[ijWcfebW(+&cY]%+cB
<[djWd_bW
:khe][i_YWZ[i_lejhWdiZhc_Ye(+cY]%^
<[djWd_bW
:khe][i_YWZ[i_lejhWdiZhc_Ye+&cY]%^
<[djWd_bW!:hef[h_Zeb
D_bf[h_Zeb\[djWd_bW'&&cY]!Zhef[h_Zeb+cY]WcfebW(cB
C[f[h_Z_dW
:ebWdj_dWWcfebW'&&c]%(cB
C[jWZedW
C[jWZedYecfh_c_Ze'&c]
C[jWZedW
C[jWZedWcfebW'&c]%'cB
CehÓdW
:_ceh\Yecfh_c_Ze'&c]
CehÓdW
:_ceh\Yecfh_c_Ze)&c]
CehÓdW
:_ceh\%CehÓdWÅC[Z_YWc[dje=[dh_YeWcfebW&"(c]%'cB
CehÓdW
:_ceh\%CehÓdWÅC[Z_YWc[dje=[dh_YeWcfebW'&c]%'cB
DWbXkÓdW
DkXW_dWcfebW'&c]%'cB
En_YeZedW
EnoYedj_dYecfh_c_Ze'&c]
H[c_\[djWd_bW
Kbj_lW\hWiYe#WcfebW'c]
H[c_\[djWd_bW
Kbj_lW\hWiYe#WcfebW(c]
H[c_\[djWd_bW
Kbj_lW\hWiYe#WcfebW+c]
Ik\[djWd_bW
Ik\[djW[if_d^WbWcfebW'&cY]%(cB
Ik\[djWd_bW
<Wij\[d%Ik\[djWWcfebW+&cY]%cB
Ik\[djWd_bW
<Wij\[d%Ik\[djWWcfebW(+&cY]%+cB
JhWcWZeb
JhWcWbY|fikbW+&c]
JhWcWZeb
IobWZeh%JhWcWbWcfebW'&&c]%(cB
JhWcWZeb
7dWb]i_YeKh_d|h_e
JhWcWb]ejWi'&&c]%'cB\hWiYe'&cB
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
<[dWpef_h_Z_dW
Foh_Z_kcZh|][W'&&c]
7d[iji_Ye=[hWb
'*r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9[jWc_dW
A[jWc_dI+&c]%cBWcfebW(cB
;jec_ZWje
>ofdec_ZWj[WcfebW(&c]%'&cB
?ieÔkhWde
<ehWd[%?ie\eh_d[\hWiYe'&&cB
Fhefe\eb
:_fh_lWd%<h[ie\eb'WcfebW(&&c]%(&cB
Fhefe\eb
:_fh_lWd(\hWiYe#WcfebW'$&&&c]%+&cB
Fhefe\eb
:_fh_lWdF$<$I$'i[h_d]W+&&c]%+&cB
Fhefe\eb
:_fh_lWdF$<$I$(i[h_d]W'$&&&c]%+&cB
I[leÔkhWde
I[lehWd[\hWiYe(+&cB
J_ef[djWb
J^_ef[djWn\hWiYe#WcfebW+&&c]
7d[iji_YeBeYWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8kf_lWYWdW
D[eYWdW&"(+i[cWZh[dWb_dW\hWiYe#WcfebW(&cB
8kf_lWYWdW
CWhYWdW%D[eYWdW&"+i[cWZh[dWb_dW\hWiYe#WcfebW(&cB
8kf_lWYWdW!7Zh[dWb_dW
CWhYWdW&"+YecWZh[dWb_dW\hWiYe#WcfebW(&cB
8kf_lWYWdW!=b_Yei[
CWhYWdWf[iWZW%D[eYWdWf[iWZW&"+WcfebW*cB
B[leXkf_lWYWdW
DelWXkf__ieX|h_YWWcfebW&"+*cB
B_ZeYWdW
Nob[ij[i_d'i[cWZh[dWb_dW\hWiYe#WcfebW(&cB
B_ZeYWdW
Nob[ij[i_d(i[cWZh[dWb_dW\hWiYe#WcfebW(&cB
B_ZeYWdW
Nob[ij[i_d(i[cWZh[dWb_dWWcfebW+cB
B_ZeYWdW
Nob[ij[i_d(i[cWZh[dWb_dWjkX[j['".cB
B_ZeYWdW!7Zh[dWb_dW
Nob[ij[i_d(YecWZh[dWb_dW\hWiYe#WcfebW(&cB
B_ZeYWdW!7Zh[dWb_dW
Nob[ij[i_d(YecWZh[dWb_dWjkX[j['".cB
B_ZeYWdW!=b_Yei[
Nob[ij[i_df[iWZW+WcfebW(cB
C[f_lWYWdW!7Zh[dWb_dW
C[f_lWYWdW(YecWZh[dWb_dWjkX[j['".cB
Hef_lWYWdW
DWhef_d&"-+WcfebW(&cB
Hef_lWYWdW
DWhef_d'WcfebW(&cB
7d[iji_YeEYkbWh
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
Fhen_c[jWYWdW
7d[ijWbYed&"+\hWiYe+cB
7d[iji_YeJf_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8[dp[jd_e!8[dpeYWdW!
8[dpen_gk_dW!C[djeb
7dZebXWifhWoX[dp[jd_e'c]!X[dpeYWdW*+c]!
X[dpen_gk_dW'(c]!c[djeb+c]%]jkXe*)]
9_dY^eYWdW
Dkf[hYW_dWbfecWZWjkXe(&]
B_ZeYWdW
Nob[ij[i_d][b_W(i[h_d]Wfh[[dY^_ZW'&cB
B_ZeYWdW
NobeYWdWfecWZW+jkXe(&]
B_ZeYWdW
NobeYWdW%Nob[ij[i_difhWo'&\hWiYe+&cB
D[ejkjeYWdW
D[ejkjeYWdWiebke(\hWiYe'+cBÅC[Z_YWc[djeCWd_fkbWZe
Fh_beYWdW!B_ZeYWdW
;cBWYh[c[X_idW]W+]
7di_ebj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7bfhWpebWc
<hedjWbYecfh_c_Ze&"(+c]
r'+
8hecWp[fWc
B[nejWdYecfh_c_Ze)c]
9beXWpWc
<h_i_kcYecfh_c_Ze'&c]
9behZ_Wp[fn_Ze
Fi_Yei[Z_dYecfh_c_Ze(+c]
9benWpebWc
EbYWZ_bYecfh_c_Ze'c]
:[nc[Z[jec_Z_dW
Fh[Y[Z[n\hWiYe#WcfebW(&&cY]%(cB
:_Wp[fWc
:_[dfWn%LWb_kcYecfh_c_Ze+c]
:_Wp[fWc
:_[dfWn%LWb_kcYecfh_c_Ze'&c]
:_Wp[fWc
:_Wp[fWc_b%:_Wp[fWcÅC[Z_YWc[dje=[dh_Ye%
LWb_kcWcfebW'&c]%(cB
BehWp[fWc
BehWnYecfh_c_Ze'c]
BehWp[fWc
BehWn%CWnFWnYecfh_c_Ze(c]
D_jhWp[fWc
Ied[XedYecfh_c_Ze+c]
7djW]ed_ijWZ[7d]_ej[di_dW??
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
BeiWhjWd
9epWWhYecfh_c_Ze'("+c]
BeiWhjWd
9epWWhYecfh_c_Ze+&c]
BeiWhjWd
BeiWhjWdiebkeehWbZ_[jj_YWi[cYehWdj[(+c]%+cB
\hWiYe+&cBÅC[Z_YWc[djeCWd_fkbWZe
J[bc_iWhjWdW
C_YWhZ_iYecfh_c_Ze*&c]
LWbiWhjWdW
:_elWdYecfh_c_Ze.&c]
7dj_|Y_Ze
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9|bY_e9WhXedWje
9WbiWdYecfh_c_ZecWij_]|l[b+&&c]Z[9W(!
>_Zhn_ZeZ[7bkcd_e
F[fiWcWh][behWb)&-"+c]%+cB\hWiYe(*&cB
>_Zhn_ZeZ[7bkcd_e!>_Zhn_ZeZ[
CW]di_e!:_c[j_YedW
CWWbenFbkiikif[dieehWb^_Zhn_ZeZ[Wbkcd_e'.+c]!
^_Zhn_ZeZ[cW]di_e(&&c]!Z_c[j_YedW(+c]%+cB\hWiYe
(*&cB%CobWdjWFbkiikif[dieehWb^_Zhn_ZeZ[Wbkcd_e *&&c]!^_Zhn_ZeZ[cW]di_e*&&c]!Z_c[j_YedW)&c]%+cB
\hWiYe(*&cB
7dj_W]h[]Wdj[FbWgk[j|h_e
',r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_Ze7Y[j_biWb_Yb_Ye
77I_d\Wdj_bYecfh_c_Ze'&&c]
ÜY_Ze7Y[j_biWb_Yb_YeJWcfedWZe
IecWb]_djWcfedWZeYecfh_c_Ze'&&c]
7XY_n_cWX[
H[efhe\hWiYe#WcfebW'&c]%+cB
9_beijWpeb
9[XhWbWjYecfh_c_Ze+&c]
9bef_Ze]h[b
?iYel[h%FbWl_nYecfh_c_Ze-+c]
:_f_h_ZWceb
F[hiWdj_dYecfh_c_Ze-+c]
:_f_h_ZWceb
F[hiWdj_dWcfebW'&c]%(cB
J_Ybef_Z_dW
J_Yb_Z%Jh_YbeXWbYecfh_c_Ze(+&c]
J_he\_XWde
7]hWijWj\hWiYe#WcfebW'("+c]%+&cB
7dj_Wd
c_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_Ze<b_Ye
;dZe\eb_dYecfh_c_Ze+c]
ÜY_Ze<b_Ye!L_jWc_dW9
;dZe\eb_d]ejWi|Y_Ze\b_Ye&"(c]!|Y_ZeWiYhX_Ye+&c]%cB
\hWiYe)&cB
;h_jhefe[j_dW
;fh[ni[h_d]W($&&&K?%&"+cB
>_Zhn_ZeZ[<[hheFeb_cWbjeiWZe
Deh_fkhkcYecfh_c_Ze'&&c]Z[<[)!
>_Zhn_ZeZ[<[hheFeb_cWbjeiWZe
Deh_fkhkc?LWcfebW'&&c]Z[<[)!%+cB
>_Zhn_ZeZ[<[hheFeb_cWbjeiWZe
Deh_fkhkc?CWcfebW'&&c]Z[<[)!%(cB
>_Zhn_ZeZ[<[hheFeb_cWbjeiWZe
Deh_fkhkc]ejWi+&c]Z[<[)!%cB\hWiYe'+cB
Ikb\Wje<[hheie
Ikb\[hhebZh|][W(+&c]Ikb\Wje<[hheie
Ikb\Wje<[hheie
<[h#?d#Ieb]ejWi(+c]%cB<[hhe;b[c[djWh\hWiYe)&cB
7dj_Wd]_deie
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
:_bj_Wp[c
8WbYeh%9WhZ_p[dYecfh_c_Ze,&c]
:_bj_Wp[c
8WbYeh\hWiYe#WcfebW(+c]
?ieiiehX_ZW:_d_jhWje
?iehZ_bYecfh_c_ZeikXb_d]kWb+c]
?ieiiehX_ZW:_d_jhWje
?iehZ_bYecfh_c_Ze'&c]
?ieiiehX_ZWCeded_jhWje
9ehedWh%CedeYehZ_bYecfh_c_Ze(&c]
?ieiiehX_ZWCeded_jhWje
9ehedWh%CedeYehZ_bWcfebW'&c]%'cB
D_\[Z_f_dW
7ZWbWjY|fikbWikXb_d]kWb'&c]
D_\[Z_f_dW
7ZWbWjH[jWhZYecfh_c_Ze'&c]
D_\[Z_f_dW
7ZWbWjEheiYecfh_c_Ze)&c]
D_jhe]b_Y[h_dW
D_jheZ[hcJJIZ_iYejhWdiZhc_Ye+c]%Z_W
D_jhe]b_Y[h_dW
D_jheZ[hcJJIZ_iYejhWdiZhc_Ye'&c]%Z_W
D_jhe]b_Y[h_dW
Jh_Z_bWcfebW+&c]%'&cB
FhefWj_bd_jhWje
IkijhWj[Yecfh_c_Ze'&c]
Jh_c[jWp_Z_dW
LWijWh[bYecfh_c_Ze(&c]
L[hWfWc_b
:_bWYehedYecfh_c_Ze.&c]
7dj_Whhjc_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7Z[dei_dW
7Z[deYWhZWcfebW,c]%(cB
7c_eZWhedW
7c_eXWb%7dYehed%7jbWdi_bYecfh_c_Ze(&&c]
7c_eZWhedW
7dYehed%7jbWdi_bWcfebW'+&c]%)cB
7c_eZWhedW 7dYehed]ejWi(&&c]%cB
r'-
9Whl[Z_beb
9eh[]%:_l[bebYecfh_c_Ze)"'(+c]
9Whl[Z_beb
9eh[]%:_l[bebYecfh_c_Ze'("+c]
:_bj_Wp[c
8WbYeh%9WhZ_p[dYecfh_c_Ze,&c]
:_bj_Wp[c
8WbYeh\hWiYe#WcfebW(+c]
;icebeb
8h[l_XbeYWcfebW($+&&c]%'&cB
C[jefhebeb
I[bea[dYecfh_c_Ze'&&c]
C[jefhebeb
I[bea[di[h_d]W+c]%+cB
FheYW_dWc_ZW
FheYWc_Z[WcfebW+&&c]%+cB
FhefW\[dedW
H_jcedehcYecfh_c_Ze)&&c]
FhefhWdebeb
?dZ[hWbYecfh_c_Ze'&c]
FhefhWdebeb
?dZ[hWb%FhefhWdebebYecfh_c_Ze*&c]ÅC[Z_YWc[dje=[dh_Ye
Gk_d_Z_dW
Gk_d_YWhZ_d[Yecfh_c_Ze(&&c]
L[hWfWc_b
:_bWYehedYecfh_c_Ze.&c]
7dj_YeW]kbWdj[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
;denWfWh_dW
9b[nWd[i[h_d]W(&c]%&"(cB
;denWfWh_dW
9b[nWd[i[h_d]W*&c]%&"*cB
;denWfWh_dW
9b[nWd[i[h_d]W,&c]%&",cB
;denWfWh_dW
9b[nWd[i[h_d]W.&c]%&".cB
>[fWh_dWIZ_YW
B_gk[c_d[%FWh_d[n\hWiYe#WcfebW+$&&&K?%&"(+cB
>[fWh_dWIZ_YW 7Yj_fWh_d%>[fWh_d%>[fjWh%FWh_d[n\hWiYe#WcfebW(+$&&&K?%+cB
Feb_iikb\WjeZ[CkYefeb_iiWYWhZ[e
>_hkZe_Z)c]%]fecWZW*&]
LWh\Wh_dW
9ekcWZ_dYecfh_c_Ze'c]
LWh\Wh_dW
9ekcWZ_dYecfh_c_Ze+c]
7dj_Yeb_dh]_Ye"7dj_#I[Yh[jeh
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7jhef_dW
7jhef_edWcfebW&"(+c]%'cB
7dj_Yeb_d[ij[h|i_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
:ed[f[p_bW
;hWdpYecfh_c_Ze+c]
7dj_Yedlkbi_lWdj[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_ZeLWbfh_Ye
:[fWa[d[Yecfh_c_Zeh[l[ij_Ze+&&c]
ÜY_ZeLWbfh_Ye:[fWa[d[Y|fikbW(+&c]
ÜY_ZeLWbfh_Ye
'.r
:[fWa[d[nWhef[(+&c]%+cB\hWiYe'&&cB
9WhXWcWp[f_dW
J[]h[jebYecfh_c_Ze(&&c]
9WhXWcWp[f_dW
J[]h[jebikif[dieehWb(&c]%cB\hWiYe'&&cB
9bedWp[fWc
H_lejh_bYecfh_c_Ze&"+c]
9bedWp[fWc
H_lejh_bYecfh_c_Ze(c]
9bedWp[fWc
H_lejh_b]ejWi("+c]%'cB\hWiYe(&cB
:_lWbfheWjeZ[IZ_e
:[fWaej[Yecfh_c_Zeh[l[ij_Ze(+&c]
<[d_jedW
;f[b_dikif[dieehWb'&&c]%+cB\hWiYe'(&cB
<[d_jedW
>_ZWdjWbYecfh_c_Ze'&&c]
<[d_jedW
>_ZWdjWbWcfebW(+&c]%+cB
<[deXWhX_jWb
=WhZ[dWbYecfh_c_Ze'&&c]
<[deXWhX_jWb
<[deYh_i?LWcfebW(&&c]%(cB
<[deXWhX_jWb
=WhZ[dWbf[Z_|jh_Ye]ejWi*&c]%cB\hWiYe(&cB
=WXWf[dj_dW
D[khedj_dY|fikbW)&&c]
>_ZhWjeZ[9behWb
>_ZhWjeZ[9behWb'&&c]%cB\hWiYe(&cBÅ
C[Z_YWc[djeCWd_fkbWZe
BWcejh_]_dW
BWc_YjWbYecfh_c_Ze+&c]
EnYWhXWp[f_dW
Jh_b[fjWbYecfh_c_Ze)&&c]
EnYWhXWp[f_dW
Jh_b[fjWbikif[dieehWb,&c]%cB\hWiYe'&&cB
Jef_hWcWje
JefWcWnYecfh_c_Ze(+c]
L_]WXWjh_dW
IWXh_bYecfh_c_Ze+&&c]
7dj_Z[fh[ii_le
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7c_jh_fj_b_dW
JhofjWdebYecfh_c_Ze(+c]
8kfhef_edW
M[bbXkjh_dIHYecfh_c_ZeZ[Wefhebed]WZW'+&c]
9_jWbefhWc
9_fhWc_bYecfh_c_Ze(&c]
9bec_fhWc_dW
7dW\hWd_bZh|][W'&c]
9bec_fhWc_dW
7dW\hWd_bZh|][W(+c]
:kben[j_dW
9ocXWbjWY|fikbWZ[b_X[hWeYedjhebWZW)&c]
;iY_jWbefhWc
B[nWfheYecfh_c_Ze'&c]
<bken[j_dW
;k\ehYecfh_c_ZeY|fikbW(&c]
?c_fhWc_dW
Je\hWd_bZh|][W(+c]
Bj_e
9WhXeb_j_kcYecfh_c_Ze)&&c]
C_hjWp[f_dW
H[c[hedIebjWXYecfh_c_Ze'+c]
Dehjh_fj_b_dW
FWc[behY|fikbW'&c]
FWhen[j_dW
7hefWnYecfh_c_Ze(&c]
I[hjhWb_dW
Pebe\jYecfh_c_Ze+&c]
JhWpeZedW
:edWh[dYecfh_c_Zeh[l[ij_Ze+&c]
L[dbW\Wn_dW
;\[nehYecfh_c_Ze)-"+c]
Pef_YbedW
?celWd[Yecfh_c_Ze-"+c]
r'/
7dj_Z_Whh_Ye"H[fei_jehZ[<behW?dj[ij_dWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
IWYY^WhecoY[iXekbWhZ__
<behWj_bY|fikbW'&&c]
BWYjeXWY_bbkiYWi[_!Ijh[fjeYeYYki\W[YWb_i
OWakbjH?[dl[bef['$&&&c]BWYjeXWY_bbkiYWi[_(+&c]!
Ijh[fjeYeYYki\W[YWb_i(+c]
7djZeje
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜbYeeb7Xiebkje//",E=B
ÜbYeeb7XiebkjeWcfebW'&cBÅC[Z_YWc[djeCWd_fkbWZe
7pkbZ[C[j_b[de
7pkbZ[C[j_b[de(WcfebW+cBÅC[Z_YWc[djeCWd_fkbWZe
8_f[h_Z[de
9_d[jebWcfebW+c]%'cB
9Whle7j_lWZe
9Whle7j_lWZe[dl[bef['&]ÅC[Z_YWc[djeCWd_fkbWZe
:[\[henWc_dW
:[i\[hWb\hWiYe#WcfebW+&&c]
<bkcWp[d_b
BWd[nWjWcfebW&"+c]%+cB
DWbenedW
DWhYWdWcfebW&"*c]%'cB
D[eij_]c_dW
Fheij_]c_d[WcfebW&"+c]%'cB
FhejWc_dW
FhejWc_dW'$&&&WcfebW+$&&&K?%+cB
7dj_[cj_Ye"FheY_dj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7b_pWfh_ZW
Ikf[hWdWcfebW+&c]%(cB
8hecefh_ZW
:_][iWdY|fikbW%FbWc[jYecfh_c_Ze'&c]
8hecefh_ZW
:_][iWd%FbWc[jWcfebW'&c]%(cB
8hecefh_ZW
:_][iWd%FbWc[j]ejWi*c]%cB\hWiYe(&cB
:ecf[h_ZedW
Cej_b_kcYecfh_c_Ze'&c]
:ecf[h_ZedW
Cej_b_kcikif[dieehWb'c]%cB\hWiYe'&&cB
C[jeYbefhWc_ZW
FbWi_bYecfh_c_Ze'&c]
C[jeYbefhWc_ZW
FbWi_bWcfebW'&c]%(cB
C[jeYbefhWc_ZW
FbWi_biebkeehWb'c]%cB\hWiYe'&&cB
C[jeYbefhWc_ZW
;kY_b%FbWi_bf[Z_|jh_Ye]ejWi*c]%cB\hWiYe'&cB
C[jeYbefhWc_ZW
;kY_bWZkbje]ejWi'&c]%cB\hWiYe'&cB
C[jeYbefhWc_ZW
;kY_bikfei_jh_e_d\Wdj_b+c]
EdZWdi[jhed
Pe\hWdYecfh_c_Ze*c]
EdZWdi[jhed
LedWk%Pe\hWdWcfebW*c]%(cB
7dj_[cj_Ye"7dj_l[hj_]_deie
(&r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
:_c[d_Zh_dWje!L_jWc_dW8,
:hWc_d8,Yecfh_c_ZeZ_c[d_Zh_dWje+&c]!l_j$8,'&c]
:_c[d_Zh_dWje!L_jWc_dW8,
:hWc_d8,Z_c[d_Zh_dWje+&c]!l_j$8,+&c]WcfebW'cB
:_c[d_Zh_dWje!L_jWc_dW8,
:hWc_d8,f[Z_|jh_Ye]ejWiZ_c[d_Zh_dWje(+c]!l_j$8,+c]%
cB\hWiYe(&cB
:_c[d_Zh_dWje!L_jWc_dW8,
!=b_Yei[!<hkjei[
:hWc_d8,:BZ_c[d_Zh_dWje)&c]!l_j$8,+&c]!
]b_Yei[']!\hkjei[']WcfebW'&cB
7dj_[dnWgk[Yeie
Fh_dYf_eWj_le
:__Zhe[h]ejWc_dW!FWhWY[jWceb!
9W\[dW
7fh[i[djWeYec[hY_Wb
FWhY[bZh|][WZ__Zhe[h]ejWc_dW'c]!fWhWY[jWceb*+&c]!
YW\[dW*&c]
?iec[j[fj[de!9W\[dW!:_f_hedW
D[eiWbZ_dWZh|][W_iec[j[fj[de)&c]!YW\[dW)&c]!
Z_f_hedW)&&c]
H_pWjh_fjWde
CWnWbjZ_iYeikXb_d]kWb'&c]
IkcWjh_fjWdW
IkcWnYecfh_c_Ze+&c]
7dj_[ifWicZ_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
D#8kj_b[iYefebWc_dW
8kiYefWdi_cfb[iZh|][W'&c]
D#8kj_b[iYefebWc_dW
8kiYefWdi_cfb[iWcfebW(&c]%cB
D#8kj_b[iYefebWc_dW
8kiYefWdi_cfb[i]ejWi'&c]%cB\hWiYe(&cB
F_dWlh_e
:_Y[j[bYecfh_c_Ze+&c]
7dj_[ifWicZ_YeKh_d|h_e
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
En_Xkj_d_dW
H[j[c_YYecfh_c_Ze+c]
7dj_[ifWicZ_Ye"7dWb]i_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7Z_\[d_dW!:_f_hedW!Fhec[jWp_dW
B_iWZehYecfh_c_ZeWZ_\[d_dW'&c]!Z_f_hedW+&&c]!
fhec[jWp_dW+c]
7Z_\[d_dW!:_f_hedW!Fhec[jWp_dW
B_iWZehWZ_\[d_dW(+c]!Z_f_hedW-+&c]!fhec[jWp_dW(+c]
WcfebW(cB
7Z_\[d_dW!:_f_hedW!Fhec[jWp_dW
B_iWZeh]ejWiWZ_\[d_dW'&c]!Z_f_hedW+&&c]!fhec[jWp_dW
+c]%'"+cB\hWiYe(&cB
D#8kj_b[iYefebWc_dW!:_f_hedW
8kiYefWdYecfeijeYecfh_c_ZeD#Xkj_b[iYefebWc_dW'&c]!
Z_f_hedW(+&c]
D#8kj_b[iYefebWc_dW!:_f_hedW
8kiYefWdYecfeijeD#Xkj_b[iYefebWc_dW(&c]!Z_f_hedW
($+&&c]WcfebW+cB
D#8kj_b[iYefebWc_dW!:_f_hedW
8kiYefWdYecfeije]ejWiD#Xkj_b[iYefebWc_dW,",-c]!
Z_f_hedW)))"*c]%cB\hWiYe(&cB
7dj_Óij_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
:_c[j_YedW
Bk\jWbYecfh_c_Ze*&c]
:_c[j_YedW
Bk\jWb]ejWi-+c]%cB\hWiYe'+cB
r('
7dj_\d]_YeI_ij
c_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7d\ej[h_Y_dW8
7d\eh_Y_d8%<kd]_8%<kd]_ped\hWiYe#WcfebW+&c]
7d\ej[h_Y_dW8B_feiecWb
7cX_iec[\hWiYe#WcfebW+&c]
9Wife\kd]_dW
9WdY_ZWi\hWiYe#WcfebW+&c]
9Wife\kd]_dW
9WdY_ZWi\hWiYe#WcfebW-&c]
<bkYedWpeb
Pebj[YY|fikbW+&c]
<bkYedWpeb
Pebj[YY|fikbW'&&c]
<bkYedWpeb
Pebj[Y%<bkYedWpebÅC[Z_YWc[dje=[dh_YeXebiW(&&c]%'&&cB
D_ijWj_dW
C_YeijWj_d%D_ijWj_dWikif[dieehWb'&&$&&&K?%cB\hWiYe+&cB
ÅC[Z_YWc[dje=[dh_Ye
Leh_YedWpeb
L\[dZYecfh_c_Ze(&&c]
Leh_YedWpeb
L\[dZ\hWiYe#WcfebW(&&c]
7dj_\d]_YeJf_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9[jeYedWpeb
D_pehWbYh[c[(&c]%]X_idW]W)&]
9[jeYedWpeb!8[jWc[jWiedW
9WdZ_YehjX[jWc[jWiedW&"+c]!Y[jeYedWpeb(&c]%]
X_idW]W)&]
9bejh_cWpeb
9Wd[ij[dYh[c['X_idW]W(&]
>_Zhen_gk_deb_dW!Jh_[jWdebWc_dW
9[hkc_dXehWjeZ[.#^_Zhen_gk_deb_dW&"*c]!jh_[jWdebWc_dW
'*&c]%cB\hWiYe.cB
D_ijWj_dW
C_YeijWj_dYh[c[lW]_dWb'&&$&&&K?%*]jkXe,&]
D_ijWj_dW!ãn_ZeZ[P_dYe
:[hceZ[nfecWZWd_ijWj_dW'&&$&&&K?!n_ZeZ[p_dYe
(&&c]%]jkXe,&]
J_eYedWpeb
JhWb[dYh[c[Z[hcWjeb]_Ye'X_idW]W)&]
J_eYedWpeb
JhWb[dfZ[hcWjeb]_Ye'\hWiYe)&]
7dj_]bWkYecWjeie"?dZkjehZ[C_ei[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9WhXWYeb
Ef^jYeb&"&'\hWiYe#WcfebW(cB
F_beYWhf_dW
F_beYWhf_dWiebkee\j|bc_YW(\hWiYe'&cB
J_cebeb
J_cefjebiebkee\j|bc_YW&"+\hWiYe+cB
7dj_]ejeie
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7befkh_deb
Pobeh_YYecfh_c_Ze'&&c]
7befkh_deb
Pobeh_YYecfh_c_Ze)&&c]
9ebY^_Y_dW
9ebY^_iYecfh_c_Ze&"+c]
((r
7dj_#>[cehhe_Z|h_e
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
B_ZeYWdW!>_ZheYehj_iedW!ãn_ZeZ[
P_dYe!IkXWY[jWjeZ[7bkcd_e
B_ZeYWdW+&c]!>_ZheYehj_iedW7Y[jWje("+c]!ãn_Ze
Z[P_dYe'.&c]!IkXWY[jWjeZ[7bkcd_e)+c]%]i[h_d]WfWhW
Wfb_YWejf_YW+]ÅC[Z_YWc[djeCWd_fkbWZe
Jh_X[deiZ[e!B_ZeYWdW
FheYje#=bol[debYh[c[h[jWbjh_X[deiZ[e+!b_ZeYWdW
Ybeh_ZhWje(X_idW]W'+]
Jh_X[deiZ[e!B_ZeYWdW
FheYje#=bol[debikfei_jh_ejh_X[deiZ[e*&&c]!b_ZeYWdW*&c]
7dj_#>_f[hj[di_le
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7cBeZ_f_dW
7dbeZ_XWb%DehlWiYYecfh_c_Ze+c]
7j[debeb
7d]_fh[ii%7j[deXWb%7j[debYecfh_c_Ze(+c]
7j[debeb
7j[debYecfh_c_Ze+&c]
9Wfjefh_b
9Wfej[dYecfh_c_Ze'("+c]
9Wfjefh_b
9WfeXWb%9Wfej[dYecfh_c_Ze(+c]
9Wfjefh_b
9Wfjefh_biebkeehWbZ_[jj_YWi[cYehWdj['c]%cB\hWiYe)&cB
ÅC[Z_YWc[djeCWd_fkbWZe
9Whl[Z_beb
9eh[]%:_l[bebYecfh_c_Ze)"'(+c]
9Whl[Z_beb
9eh[]%:_l[bebYecfh_c_Ze'("+c]
9bed_Z_dW
7j[di_dWYecfh_c_Ze&"'c]
:_bj_Wp[c
8WbYeh%9WhZ_p[dYecfh_c_Ze,&c]
:_bj_Wp[c
8WbYeh\hWiYe#WcfebW(+c]
;dWbWfh_b
;dWbWXWb%H[d_j[YYecfh_c_Ze+c]
;dWbWfh_b
H[d_j[YYecfh_c_Ze(&c]
>_ZhWbWp_dW
7fh[ieb_dWZh|][W(+c]
>_ZhWbWp_dW
D[fh[iebWcfebW(&c]%'cB
?dZWfWc_ZW
DWjh_b_nIHYecfh_c_ZeZ[b_X[hWefhebed]WZW'"+c]
B_i_defh_b
LWie`[j%P[ijh_bYecfh_c_Ze+c]
BeiWhjWd
9epWWhYecfh_c_Ze'("+c]
BeiWhjWd
9epWWhYecfh_c_Ze+&c]
BeiWhjWd
BeiWhjWdiebkeehWbZ_[jj_YWi[cYehWdj[(+c]%+cB\hWiYe
+&cBÅC[Z_YWc[djeCWd_fkbWZe
C[j_bZefW
7bZec[jYecfh_c_Ze(+&c]
C[jefhebeb
I[bea[dYecfh_c_Ze'&&c]
C[jefhebeb
I[bea[di[h_d]W+c]%+cB
D_\[Z_f_dW
7ZWbWjY|fikbWikXb_d]kWb'&c]
D_\[Z_f_dW
7ZWbWjH[jWhZYecfh_c_Ze'&c]
D_\[Z_f_dW
7ZWbWjEheiYecfh_c_Ze)&c]
D_jhefhkii_WjeZ[IZ_e
D_fh_Z[%D_jhefh[ii7XXejj\hWiYe#WcfebW+&c]
FhefhWdebeb
?dZ[hWbYecfh_c_Ze'&c]
FhefhWdebeb
?dZ[hWb%FhefhWdebebYecfh_c_Ze*&c]ÅC[Z_YWc[dje=[dh_Ye
r()
HWc_fh_b
Jh_Wj[YYecfh_c_Ze("+c]
J[bc_iWhjWdW
C_YWhZ_iYecfh_c_Ze*&c]
LWbiWhjWdW
:_elWdYecfh_c_Ze.&c]
L[hWfWc_b
:_bWYehedYecfh_c_Ze.&c]
7dj_#>_ijWcd_Ye>'
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
:[nYbeh\[d_hWc_dW
FebWhWc_d[Yecfh_c_Ze(c]
:_\[d_ZhWc_dW
:_\[d_Zh_dWcfebW+&c]%'cB
>_Zhen_p_dW
>_n_p_d[%Fhkh_p_dYecfh_c_Ze(+c]
>_Zhen_p_dW
Fhkh_p_d%>_Zhen_p_dWÅC[Z_YWc[djeCWd_fkbWZeiebkeehWb '&c]%+cB\hWiYe'&&cB
BehWjWZ_dW
9bWh_j_dYecfh_c_Ze'&c]
Fhec[jWp_dW
<[d[h]WdYecfh_c_Ze(+c]
Fhec[jWp_dW
<[d[h]WdWcfebW+&c]%(cB
EbefWjWZ_dW FWjWdebIiebkee\j|bc_YW[ijh_b(c]%cB\hWiYe("+cB
7dj__dÔWcWjh_e;ij[he_ZWb9ehj_Y_Z[I_ij
c_Ye
(*r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8[Ybec[jWiedW
8[Ybeieb%9b[d_bdWiWbifhWo+&cY]%Zei[\hWiYe(&&Zei[i
8[jWc[jWiedW7Y[jWje!8[jWc[jWiedW
<ei\Wje:_iiZ_Ye
9[b[ijed[IebkifWdWcfebWX[jWc[jWiedWWY[jWje)c]!
X[jWc[jWiedW\ei\WjeZ_iiZ_Ye)c]%'cB
8[jWc[jWiedW:_fhef_edWje!
8[jWc[jWiedW<ei\Wje:_iiZ_Ye
:_fheifWdWcfebWX[jWc[jWiedWZ_fhef_edWje+c]!
X[jWc[jWiedW\ei\WjeZ_iiZ_Ye(c]%'cB
8kZ[ied_ZW
Fkbc_YehjjkhXk^Wb[h(&&cY]%Zei[jkXe'&&Zei[i
8kZ[ied_ZW
Fkbc_Yehjikif[diefWhWd[Xkb_pWe&"+c]%cB\hWiYe(cB
8kZ[ied_ZW!<ehcej[heb
IocX_YehjjkhXk^Wb[hXkZ[ied_ZW(&&cY]!\ehcej[heb
\kcWhWje,cY]%Zei[jkXe,&Zei[i
:[ÔWpWYehj
9WbYehjYecfh_c_Ze,c]
:[ÔWpWYehj
9WbYehjYecfh_c_Ze)&c]
:[nWc[jWiedW
:[YWZhedYecfh_c_Ze&"+c]
:[nWc[jWiedW
:[YWZhedYecfh_c_Ze&"-+c]
:[nWc[jWiedW
:[YWZhedYecfh_c_Ze*c]
:[nWc[jWiedW
:[YWZhedWcfebW(c]%'cB
:[nWc[jWiedW
:[YWZhed\hWiYe#WcfebW'&c]%("+cB
:[nWc[jWiedW
:[YWZhed[b_n_h&"+c]%+cB\hWiYe'(&cB
:[nWc[jWiedW!L_jWc_dW8'!
L_jWc_dW8,!L_jWc_dW8'(
:[nW#9_jed[kh_dWcfebW?l_j$8''&&c]!l_j$8,'&&c]!l_j$
8'(+$&&&cY]%(cB!WcfebW??Z[nWc[jWiedW*c]%'cB
<bkZheYehj_iedW
<beh_d[\[Yecfh_c_Ze&"'c]
<bkj_YWiedW
<b_nej_Z[ifhWo+&cY]%Zei[\hWiYe'(&Zei[i
<bkj_YWiedW
<b_nej_Z[ifhWo(+&cY]%Zei[\hWiYe,&Zei[i
<bkj_YWiedW
<b_nedWi[ifhWodWiWb+&cY]%Zei[\hWiYe'(&Zei[i
>_ZheYehj_iedW
IkYY_dWjeZ[>_ZheYehj_iedWÅC[Z_YWc[dje=[dh_Ye \hWiYe#WcfebW'&&c]
>_ZheYehj_iedW
IkYY_dWjeZ[>_ZheYehj_iedWÅC[Z_YWc[dje=[dh_Ye \hWiYe#WcfebW+&&c]
C[j_bfh[Zd_iebedW7Y[jWje
:[fe#C[Zheb\hWiYe#WcfebW.&c]%(cB
C[j_bfh[Zd_iebedWIkYY_dWje
Iebk#C[Zheb\hWiYe#WcfebW*&c]
C[j_bfh[Zd_iebedWIkYY_dWje
Iebk#C[Zheb\hWiYe#WcfebW'(+c]
C[j_bfh[Zd_iebedWIkYY_dWje
Iebk#C[Zheb\hWiYe#WcfebW+&&c]
Fh[Zd_iebedW
EhWbfh[Z%Fh[Zi_c%Fh[bed[iebkeehWb)c]%cB\hWiYe,&cB
Fh[Zd_iedW
C[j_Yehj[d%Fh[Zd_iedYecfh_c_Ze+c]
Fh[Zd_iedW
C[j_Yehj[d%Fh[Zd_iedYecfh_c_Ze(&c]
Jh_WdY_debedW
Jh_WdY_b\hWiYe#WcfebW+cB(&c]%cB
7dj__dÔWcWjh_e;ij[he_ZWb9ehj_Y_Z[Jf_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8[jWc[jWiedWLWb[hWje
8[jdelWj[Yh[c[&"'X_idW]W)&]
8[jWc[jWiedW!9[jeYedWpeb
9WdZ_YehjX[jWc[jWiedW&"+c]!Y[jeYedWpeb(&c]%]
X_idW]W)&]
9beX[jWieb
Fieh[nYh[c[&"+c]%]jkXe)&]
<bkZhen_Yehj_ZW
:h[d_iedYh[c[&"'(+c]%]X_idW]W)&]
>_ZheYehj_iedW
8[hb_iedfecWZW'&c]%]X_idW]W'+]
Jh_WdY_debedW
EcY_bedÅ7ehWXWi['c]%]X_idW]W'&]
7dj__dÔWcWjh_ede#;ij[he_ZWb7_d[I_ij
c_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9[jefhe\[de
Fhe\[d_Z?CWcfebW'&&c]%(cB
9[jefhe\[de
Fhe\[d_Z?L\hWiYe#WcfebW'&&c]
9[jehebWYeJhec[jWc_dW
JehW][i_YYecfh_c_ZeikXb_d]kWb'&c]
9[jehebWYeJhec[jWc_dW
JehWZeb%JehW][i_YWcfebW)&c]%'cB
:_Ybe\[dWYe
LebjWh[dYecfh_c_Ze+&c]
:_Ybe\[dWYe
LebjWh[d%:_Ybe\[dWYeÅC[Z_YWc[dje=[dh_YeWcfebW-+c]%)cB
:_Ybe\[dWYe
LebjWh[dikfei_jh_e+&c]
:_Ybe\[dWYe
9WjWÔWd]ejWi'+c]%cB\hWiYe'&cB
?Xkfhe\[de
:Wbioikif[dieehWb'&&c]%+cB\hWiYe'&&cB
?dZec[jWY_dW
?dZeY_ZY|fikbW(+c]
?dZec[jWY_dW
?dZeY_dF:7\hWiYe#WcfebW'c]
C[ben_YWc
CelWj[YWcfebW'+c]%'"+cB
C[iWbWp_dW
F[djWiWYecfh_c_ZeZ[b_X[hWeb[djW+&&c]
DWfhen[de
DWfheiodYecfh_c_Ze(+&c]
r(+
D_c[ikb_ZW
D_c[ikXWb%D_ikb_Z%IYWÔWd%D_c[ikb_ZWÅ
C[Z_YWc[dje=[dh_YeYecfh_c_Ze'&&c]
D_c[ikb_ZW
D_ikb_Z]ejWi+&c]%cB\hWiYe'+cB
F_hen_YWc
<[bZ[d[Yecfh_c_ZeikXb_d]kWb(&c]
J[den_YWc
J_bWj_bYecfh_c_Ze(&c]
J[den_YWc
J_bWj_b%J[den_YWcÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW(&c]
7dj__dÔWcWjh_ede#;ij[he_ZWb7_d[I[b[j_leZW9en#(
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
;jeh_Yen_X[
7hYen_WYecfh_c_Ze,&c]
7dj__dÔWcWjh_ede#;ij[he_ZWb7_d[Jf_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8[dp_ZWc_dW
<be]e#HeiWfX[dp_ZWc_dW&"+][dl[bef[/"*]
8[dp_ZWc_dW
<be]ehWbYebkjh_e'"+c]%cB\hWiYe'+&cB
:_Ybe\[dWYe
9WjWÔWd[ckb][b'X_idW]W,&]
7dj__dÔWcWjh_eE\j|bc_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9[jehebWYeZ[Jhec[jWc_dW
7YkbWhiebkee\j|bc_YW\hWiYe+cB
<bkehc[jebedW
<behWj[ikif[diee\j|bc_YW&"'\hWiYe+cB
Fh[Zd_iebedW
Fh[Z<ehjikif[diee\j|bc_YW\hWiYe+cB
7dj_c_YheX_Wde7c_de]b_YeiZ[e
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7c_YWY_dW
DelWc_d%7c_YWY_dWÅC[Z_YWc[dje=[dh_YeWcfebW
'&&c]%(cB
7c_YWY_dW
DelWc_d%7c_YWY_dWÅC[Z_YWc[dje=[dh_YeWcfebW
+&&c]%(cB
=[djWc_Y_dW
=WhWc_Y_dWWcfebW,&c]%'"+cB
=[djWc_Y_dW
=WhWc_Y_dWWcfebW.&c]%(cB
D[ec_Y_dW
Ikb\WjeZ[D[ec_Y_dWY|fikbW+&&c]ÅC[Z_YWc[djeCWd_fkbWZe
JeXhWc_Y_dW
JeXh[niebkee\j|bc_YW&")\hWiYe+cB
JeXhWc_Y_dW
JeXh[nfecWZWe\j|bc_YW&")jkXe)"+]
7dj_c_YheX_Wde7dW[hX_Ye
(,r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
C[jhed_ZWpeb
<bW]ob%C[jhed_ZWpebÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze(+&c]
C[jhed_ZWpeb
<bW]ob%C[jhed_ZWpebÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze*&&c]
C[jhed_ZWpeb
C[jhedWY%C[jhed_Ô[n%C[jhed_ZWpebÅC[Z_YWc[dje=[dh_Ye
\hWiYe+&&c]%'&&cB
7dj_c_YheX_Wde7d\[d_Yeb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9behWd\[d_Yeb
Gk[c_Y[j_dWZh|][W(+&c]
9behWd\[d_Yeb
L_nc_Y_dW%9behWd\[d_YebÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
9behWd\[d_Yeb!7c_de|Y_Zei
!L_jWc_dW7
;f_j[pWdfecWZWe\j|bc_YWYbehWd\[d_Yeb+c]!Wc_de|Y_Zei
)&c]!l_j$7'&$&&&K?%]jkXe)"+]
9behWd\[d_Yeb!9ebW][dWi[
?hknebfecWZWYebW][dWi[&",K?!YbehWd\[d_Yeb&"&']%]
X_idW]W)&]
9behWd\[d_Yeb!:[ien_hh_XedkYb[Wi[
!<_Xh_deb_i_dW
<_XhWi[fecWZWYbehWd\[d_Yeb'&c]!Z[ien_hh_XedkYb[Wi[,,,K
!ÓXh_deb_i_dW'KX_idW]W)&]
7dj_c_YheX_Wde9WhXWf[d
c_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
;hjWf[d[c
?dlWdp']\hWiYe#WcfebW
?c_f[d[c
J_[dWc+&&\hWiYe#WcfebW_c_f[d[c+&&c]!Y_bWijWj_dWiZ_YW
+&&c]
C[hef[d[c
C[hed[c%C[hef[d[cÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
7dj_c_YheX_Wde9[\Wbeifeh_dW'°=[hWe
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9[\WZhen_b
9[\Wcen%9[\WZhen_bÅC[Z_YWc[dje=[dh_YeY|fikbW+&&c]
9[\WZhen_b
9[\Wcen%9[\WZhen_bÅC[Z_YWc[dje=[dh_Yeikif[dieehWb (+&c]%+cB\hWiYe'&&cB
9[\Wb[n_dW
9[feh[n_d%A[Ô[n%9[\Wb[n_dWÅC[Z_YWc[dje=[dh_YeZh|][W
+&&c]
9[\Wb[n_dW
A[Ô[n%9[\Wb[n_dWÅC[Z_YWc[dje=[dh_Yeikif[dieehWb(+&
c]%+cB\hWiYe'&&cB
9[\Wbej_dW
A[Ô_d%9[\Wbej_dWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
9[\Wpeb_dW
A[\Wpeb%9[\Wpeb_dWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
7dj_c_YheX_Wde9[\Wbeifeh_dW(°=[hWe
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9[\en_j_dW
A[\en?C%?L%9[\en_j_dWÅC[Z_YWc[dje=[dh_Ye?L\hWiYe#
WcfebW']
9[\khen_cW
P_ddWjYecfh_c_Ze(+&c]
9[\khen_cW
P_dWY[\%9[\khen_cWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW-+&c]
9[\khen_cW
P_ddWjikif[dieehWb(+&c]%+cB\hWiYe+&cB
r(-
7dj_c_YheX_Wde9[\Wbeifeh_dW)°=[hWe
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9[\ejWn_cW
9bW\ehWd\hWiYe#WcfebW']
9[\jWp_Z_cW
<ehjWp%9[\jWp_Z_cWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
9[\jh_WnedW
HeY[Ód?L\hWiYe#WcfebW+&&c]
9[\jh_WnedW
HeY[Ód%9[\jh_WnedWÅC[Z_YWc[dje=[dh_Ye?L\hWiYe#WcfebW']
9[\jh_WnedW
9[\jh_WnedWIZ_YWÅC[Z_YWc[dje=[dh_Ye?C\hWiYe#WcfebW']
7dj_c_YheX_Wde9[\Wbeifeh_dW*°=[hWe
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9[\[f_cW
CWnY[\\hWiYe#WcfebW+&&c]
9[\[f_cW
CWnY[\%9[\[f_cWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
7dj_c_YheX_Wde=b_Y_bY_Yb_dWi Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
J_][Y_Yb_dW
Jo]WY_b\hWiYe#WcfebW+&c]
7dj_c_YheX_Wde=b_Yef[fjZ[e
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
J[_YefbWd_dW
JWh]eY_Z\hWiYe#WcfebW(&&c]
LWdYec_Y_dW
LWdYeY_dW%LWdYe7XXejj%LWdYec_Y_dWÅC[Z_YWc[dje=[dh_Ye
\hWiYe#WcfebW+&&c]
7dj_c_YheX_WdeB_dYeiWc_ZW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9b_dZWc_Y_dW
:WbWY_d#9Y|fikbW)&&c]
9b_dZWc_Y_dW
:WbWY_d#9%9b_dZWc_Y_dWÅC[Z_YWc[dje=[dh_YeWcfebW
)&&c]%(cB
B_dYec_Y_dW
<hWZ[c_Y_dWWcfebW,&&c]%(cB
7dj_c_YheX_WdeCWYhebZ[e
(.r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7p_jhec_Y_dW
P_jhecWn%7p_jhec_Y_dWÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze+&&c]
7p_jhec_Y_dW
P_jhecWn\hWiYe#WcfebW+&&c]
9bWh_jhec_Y_dW
AbWh_Y_Z%9bWh_jhec_Y_dWÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze+&&c]
9bWh_jhec_Y_dW
AbWh_Y_Z%9bWh_jhec_Y_dWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW
+&&c]
9bWh_jhec_Y_dW
AbWh_Y_Z%9bWh_jhec_Y_dWÅC[Z_YWc[dje=[dh_Yeikif[dieehWb
'(+c]%+cB\hWiYe,&cB
7dj_c_YheX_WdeCedeXWYj~c_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7pjh[edWc
7pWYjWc%7pjh[edWcÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW+&&c]
7pjh[edWc
7pWYjWc\hWiYe#WcfebW']
7dj_c_YheX_WdeD_jhe\khWde
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
D_jhe\khWdjedW
CWYheZWdj_dWY|fikbW'&&c]
7dj_c_YheX_WdeE\j|bc_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9_fheÔenWY_de
8_Wcej_bfecWZWe\j|bc_YW)c]%]jkXe)"+]
9_fheÔenWY_de
8_Wcej_biebkee\j|bc_YW)c]%cB\hWiYe+cB
9behWd\[d_Yeb!7c_de|Y_Zei
!L_jWc_dW7
;f_j[pWdfecWZWe\j|bc_YWYbehWd\[d_Yeb+c]!Wc_de|Y_Zei
)&c]!l_j$7'&$&&&K?%]jkXe)"+]
=Wj_ÔenWY_de
PocWhiebkee\j|bc_YW\hWiYe+cB
EÔenWY_dW
EÔeniebkee\j|bc_YW&")\hWiYe+cB
7dj_c_YheX_WdeE\j|bc_Ye!9ehj_Y_Z[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9_fheÔenWY_de!:[nWc[jWiedW
8_Wcej_b:%9_beZ[nikif[diee\j|bc_YWY_fheÔenWY_de)"+c]
!Z[nWc[jWiedW'c]%cB\hWiYe+cB
9_fheÔenWY_de!:[nWc[jWiedW
8_Wcej_b:fecWZWe\j|bc_YWY_fheÔenWY_de)"+c]!
Z[nWc[jWiedW'"&c]jkXe)"+]
7dj_c_YheX_WdeEnWpeb_Z_dedW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
B_d[peb_ZW
PolenYecfh_c_Ze,&&c]
B_d[peb_ZW
PolenXebiW,&&c]%)&&cB
7dj_c_YheX_WdeF[d_Y_b_dW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7cen_Y_b_dW
7cen_b%7cen_Y_b_dWÅC[Z_YWc[dje=[dh_YeY|fikbW+&&c]
7cen_Y_b_dW
7cen_b%>_YedY_b%7cen_Y_b_dWÅC[Z_YWc[dje=[dh_Ye
ikif[dieehWb(+&c]%+cB\hWiYe'+&cB
7cen_Y_b_dW!9bWlkbWdWjeZ[Fej|ii_e
9bWlkb_d%7cen_Y_b_dW!9bWlkbWdWjeZ[Fej|ii_eÅC[Z_YWc[dje
=[dh_Yeikif[dieehWbWcen_Y_b_dW(+&c]!YbWlkbWdWjeZ[
fej|ii_e,("+c]%+cB\hWiYe-+cB
7cen_Y_b_dW!9bWlkbWdWjeZ[Fej|ii_e
9bWlkb_d%7cen_Y_b_dW!9bWlkbWdWjeZ[Fej|ii_eÅC[Z_YWc[dje=[dh_Ye
Yecfh_c_ZeWcen_Y_b_dW+&&c]!YbWlkbWdWjeZ[fej|ii_e'(+c]
7cen_Y_b_dW!9bWlkbWdWjeZ[Fej|ii_e
9bWlkb_d\hWiYe#WcfebWWcen_Y_b_dW+&&c]!YbWlkbWdWjeZ[
fej|ii_e'&&c]
r(/
7cen_Y_b_dW!9bWlkbWdWjeZ[Fej|ii_e
9bWlkb_d%7cen_Y_b_dW!9bWlkbWdWjeZ[Fej|ii_eÅC[Z_YWc[dje
=[dh_Ye\hWiYe#WcfebWWcen_Y_b_dW '$&&&c]!YbWlkbWdWjeZ[
fej|ii_e(&&c]
7cf_Y_b_dW
8_dejWb%7cf_Y_b_dWÅC[Z_YWc[dje=[dh_YeY|fikbW+&&c]
7cf_Y_b_dW
Kd_7cf_b_Y_d\hWiYe#WcfebW']
7cf_Y_b_dW
7cfbWY_b_dW%Kd_7cf_Y_b_d\hWiYe#WcfebW']
7cf_Y_b_dW!IkbXWYjWc
KdWpod%7cf_Y_b_dW!IkbXWYjWcÅC[Z_YWc[dje=[dh_Ye\hWiYe#
WcfebWWcf_Y_b_dW'"&]!ikbXWYjWc&"+]
EnWY_b_dW
EnWf[d%IjWÓY_b_d%EnWY_b_dWÅC[Z_YWc[dje=[dh_Ye\hWiYe# WcfebW+&&c]
F[d_Y_b_dW=8[dpWj_dW
8[dp[jWY_b%Bed]WY_b_d\hWiYe#WcfebW,&&$&&&K?
F[d_Y_b_dW=8[dpWj_dW
8[dp[jWY_b%Bed]WY_b_d\hWiYe#WcfebW'$(&&$&&&K?
F[d_Y_b_dW=Fej|ii_YW
8[cp_bf[d_Y_b_dW=Fej|ii_YW%9h_ijWbf[d\hWiYe#WcfebW
+$&&&$&&&K?
F[d_Y_b_dW=FheYWdW!F[d_Y_b_dW
=Fej|ii_YW
8[dWf[d%:[ifWY_b_dW\hWiYe#WcfebW*&&$&&&K?f[d_Y_b_dW=
fheYWdW)&&$&&&K?!f[d_Y_b_dW=fej|ii_YW'&&$&&&K?
F_f[hWY_b_dW!JWpeXWYjWc
JWpeY_d%F_f[hWY_b_dW!JWpeXWYjWcÅC[Z_YWc[dje=[dh_Ye
\hWiYe#WcfebWf_f[hWY_b_dW*]!WpeXWYjWc+&&c]
7dj_c_YheX_WdeFeb_c_n_dW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
Feb_c_n_dW8
8[Z\ehZfebo8%Ikb\WjeZ[Feb_c_n_dW8\hWiYe#WcfebW+&&$&&&K?
ÅC[Z_YWc[dje=[dh_Ye
7dj_c_YheX_WdeGk_debedW
)&r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9_fheÔenWY_de
9_fhe%FheY_d%9_fheÔenWY_deÅC[Z_YWc[dje=[dh_Ye\hWiYe (&&c]%'&&cB
9_fheÔenWY_de
9_fhe%FheY_d%9_fheÔenWY_deÅC[Z_YWc[dje=[dh_Ye\hWiYe *&&c]%(&&cB
9_fheÔenWY_de
9_fhe%9_fheÔenWY_deÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze+&&c]
9_fheÔenWY_de
8_Wcej_bfecWZWe\j|bc_YW)c]%]jkXe)"+]
9_fheÔenWY_de
8_Wcej_biebkee\j|bc_YW)c]%cB\hWiYe+cB
B[leÔenWY_de
B[lWgk_d%JWlWd_Y\hWiYe%B[leÔenWY_deÅC[Z_YWc[dje=[dh_Ye
Yecfh_c_Ze+&&c]
B[leÔenWY_de
B[lWgk_dXebiW%JWlWd_Y%B[leÔenWY_deÅC[Z_YWc[dje=[dh_Ye
XebiW+&&c]%'&&cB
Cen_ÔenWY_de
7lWbenXebiW*&&c]%(+&cB
Cen_ÔenWY_de
7lWbenYecfh_c_Ze*&&c]
DehÔenWY_de
<benWY_d%DehÔenWY_deÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze
*&&c]
EÔenWY_dW
EÔeniebkee\j|bc_YW&")\hWiYe+cB
7dj_c_YheX_WdeIkb\W
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
Ikb\Wc[jenWpeb!Jh_c[jefh_cW
8WYjh_c%Ikb\Wc[jenWpeb!Jh_c[jefh_cWÅC[Z_YWc[dje
=[dh_YeYecfh_c_Zeikb\Wc[jenWpeb*&&c]!jh_c[jefh_cW.&c]
Ikb\Wc[jenWpeb!Jh_c[jefh_cW
8WYjh_c<%Ikb\Wc[jenWpeb!Jh_c[jefh_cWÅC[Z_YWc[dje
=[dh_YeYecfh_c_Zeikb\Wc[jenWpeb.&&c]!jh_c[jefh_cW',&c]
Ikb\Wc[jenWpeb!Jh_c[jefh_cW
8WYjh_c%Ikb\Wc[jenWpeb!Jh_c[jefh_cWÅC[Z_YWc[dje
=[dh_Yeikif[dief[Z_|jh_YWikb\Wc[jenWpeb(&&c]!
jh_c[jefh_cW*&c]%+cB\hWiYe'&&cB
Ikb\Wc[jenWpeb!Jh_c[jefh_cW
8WYIkbÓjh_dikb\Wc[jenWpeb*&&c]!jh_c[jefh_cW.&c]
WcfebW+cB
Ikb\WZ_Wp_dW
Ikb\WZ_Wp_dWY|fikbW+&&c]ÅC[Z_YWc[djeCWd_fkbWZe
Ikb\WiiWbWp_dW
7pkbÓdYecfh_c_Ze+&&c]
7dj_c_YheX_WdeJf_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8WY_jhWY_dW!D[ec_Y_dW
D[XWY[j_dfecWZWXWY_jhWY_dW(+&K?!d[ec_Y_dWikb\Wje
+c]%]X_idW]W'+]
9behWd\[d_Yeb!9ebW][dWi[
?hknebfecWZWYebW][dWi[&",K?!YbehWd\[d_Yeb&"&']%]
X_idW]W)&]
9behWd\[d_Yeb!:[ien_hh_XedkYb[Wi[!
<_Xh_deb_i_dW
<_XhWi[fecWZWYbehWd\[d_Yeb'&c]!Z[ien_hh_XedkYb[Wi[,,,K
!ÓXh_deb_i_dW'KX_idW]W)&]
Ckf_heY_dW
8WYjheXWdfecWZW(jkXe'+]
D_jhe\khWpedW
<khWY_diebke&"(\hWiYe)&cB
H_\Wc_Y_dW
H_\eY_dWifhWo'&c]%cB\hWiYe(&cB
Ikb\WZ_Wp_dWZ[FhWjW
:[hcWp_d[Yh[c['jkXe+&]
Jh_YbeiWd
IeWf[n&")iWXed[j[bgk_Ze\hWiYe'&&cB
7dj_c_YheX_WdeJf_Ye!9ehj_Y_Z[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
=hWc_Y_Z_dW!D[ec_Y_dW!D_ijWj_dW!
Jh_WdY_debedW
EcY_bedÅ7ÇCÈfecWZW]hWc_Y_Z_dW&"(+c]!d[ec_Y_dW
("+c]!d_ijWj_dW'&&$&&&K?!jh_WdY_debedW'c]%]jkXe)&]
=hWc_Y_Z_dW!D[ec_Y_dW!D_ijWj_dW!
Jh_WdY_debedW
EcY_bedÅ7ÇCÈYh[c[]hWc_Y_Z_dW&"(+c]!d[ec_Y_dW("+c]
!d_ijWj_dW'&&$&&&K?!jh_WdY_debedW'c]%]jkXe)&]
8[jWc[jWiedW!9b_egk_deb!
=[djWc_Y_dW!JebdW\jWje
GkWZh_Z[hcYh[c[X[jWc[jWiedW&"+c]!Yb_egk_deb'&c]!
][djWc_Y_dW'c]!jebdW\jWje'&c]%]jkXe(&]
7dj_c_YheX_WdeJkX[hYkbeij|j_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
F_hWp_dWc_ZW
F_hWp_dWc_ZWYecfh_c_Ze+&&c]
H_\Wcf_Y_dW
H_\WbZ_dY|fikbW)&&c]
r)'
7dj_d[khj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
:[nWc[jWiedW!L_jWc_dW8'!
L_jWc_dW8,!L_jWc_dW8'(
:[nW#9_jed[kh_dWcfebW?l_j$8''&&c]!l_j$8,'&&c]!l_j$
8'(+$&&&cY]%(cB!WcfebW??Z[nWc[jWiedW*c]%'cB
L_jWc_dW8'!L_jWc_dW8,!
L_jWc_dW8'(
9_jed[kh_d+$&&&Zh|][Wl_j$8''&&c]!l_j$8,'&&c]!l_j$8'(
+$&&&cY]
L_jWc_dW8'!L_jWc_dW8,!
L_jWc_dW8'(
9_jed[kh_d+$&&&l_j$8''&&c]!l_j$8,'&&c]!l_j$8'(
+$&&&cY]WcfebW)cB
7dj_fWhWi_j|h_e"7dj_#>[bcdj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7bX[dZWpeb
P[dj[b%7bX[dZWpebÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze(&&c]
J_WX[dZWpeb
J^_WX[dYecfh_c_Ze+&&c]
7dj_fWha_died_Wde
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7cWdjWZ_dW
CWdj_ZWdYecfh_c_Ze'&&c]
8_f[h_Z[de
7a_d[jedYecfh_c_Ze(c]
8_f[h_Z[de
9_d[jebWcfebW+c]%'cB
B[leZefW!9WhX_ZefW
9hedec[jYecfh_c_Zeb[leZefW(&&c]!YWhX_ZefW+&c]
B[leZefW!9WhX_ZefW
I_d[c[jYecfh_c_Zeb[leZefW(+&c]!YWhX_ZefW(+c]
B[leZefW!8[di[hWp_ZW
FhebefWYecfh_c_Zeb[leZefW(&&c]!X[di[hWp_ZW+&c]
C[cWdj_dW
;X_nYecfh_c_Ze'&c]
H_lWij_]c_dW
;n[bedYecfh_c_Ze'"+c]
I[b[]_b_dW
D_WhYecfh_c_Ze+c]
JebYWfedW
JWicWhYecfh_c_Ze'&&c]
7dj_fhkh_]_deie
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8[dp[jd_e!8[dpeYWdW!
8[dpen_gk_dW!C[djeb
7dZebXWifhWoX[dp[jd_e'c]!X[dpeYWdW*+c]!
X[dpen_gk_dW'(c]!c[djeb+c]%]jkXe*)]
7dj_fi_Yj_Ye"D[khebfj_Ye
)(r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9behfhecWp_dW
7cfb_Yj_bYecfh_c_Ze(+c]
9behfhecWp_dW
7cfb_Yj_bWcfebW(+c]%+cB
9behfhecWp_dW
7cfb_Yj_b*]ejWi\hWiYe(&cB
>Wbef[h_Zeb
>WbZebYecfh_c_Ze'c]
>Wbef[h_Zeb
>WbZebYecfh_c_Ze+c]
>Wbef[h_Zeb
>WbZebWcfebW+c]%'cB
>Wbef[h_Zeb
>WbZeb]ejWi(c]%'cB\hWiYe)&cB
B[lec[fhecWp_dW
D[ep_d[Yecfh_c_Ze(+c]
B[lec[fhecWp_dW
D[ep_d[*]ejWi\hWiYe(&cB
EbWdpWf_dW
Pofh[nWYecfh_c_Ze+c]
F[h_Y_Wp_dW
D[kb[fj_b*]ejWi\hWiYe(&cB
Gk[j_Wf_dW
I[hegk[bYecfh_c_Ze(+c]
H_if[h_ZedW
H_if[hZWbYecfh_c_Ze(c]
7dj_#Ifj_Ye8kYWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8[dp_ZWc_dW
<be]ehWbYebkjh_e'"+c]%cB\hWiYe'+&cB
8_YWhXedWjeZ[IZ_e
Ü]kW8_YWhXedWjWZWiebke+\hWiYe*&&cBÅ
C[Z_YWc[djeCWd_fkbWZe
9[j_bf_h_Zd_e
9[fWYebiebke&"+c]%cB\hWiYe)&&cB
9[j_bf_h_Zd_e!8[dpeYWdW
9[fWYWdWfWij_b^WY[j_bf_h_Zd_e'"*,,c]!X[dpeYWdW'&c]
9[j_bf_h_Zd_e!8[dpeYWdW
CWbledWiebkeY[j_bf_h_Zd_e+c]!X[dpeYWdW'c]!XehWje
Z[iZ_e)&&c]%+cB\hWiYe(&&cB
9beh[n_Z_dW
F[h_e=WhZiebke&"'(\hWiYe(+&cB
BWYje\[hh_dW!BWYjef[hen_ZWi[!
B_iep_cW!=b_Yei[En_ZWi[
8_ejd[iebke\hWiYe(*&cB
>[nWc_Z_dW!J[jhWYWdW
>[nec[Z_d[ifhWo^[nWc_Z_dW'c]!j[jhWYWdWYbeh_ZhWje
&"+c]%cB\hWiYe+&cB
F[hn_ZeZ[>_Zhe]
d_e
F[henobiebke'"+\hWiYe(),cB
Feb_l_d_bf_hheb_ZedW?eZe
FLF?jf_YeWbcejeb_W'&&cB
7dj_#Ifj_YeEYkbWh
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_Ze8h_Ye
Ü]kW8eh_YWZWiebke)\hWiYe'&&cB
D_jhWjeZ[FhWjW
D_jhWjeZ[FhWjWiebkee\j|bc_YW'\hWiYe)cBÅ C[Z_YWc[djeCWd_fkbWZe
7dj_#Ifj_YeJf_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜbYeeb-&
ÜbYeeb-&Wbcejeb_W'&&cB
ÜbYeeb-&
ÜbYeeb-&XebiW'$&&&cB
8|biWceZ[F[hk
8|biWceZ[F[hk\hWiYe'+cBÅC[Z_YWc[djeCWd_fkbWZe
9beh[n_Z_dW
9beh[n_Z_dWbeeWgkeiW&"(Wbcejeb_W'&&cB
9beh[n_Z_dW
9beh[n_Z_dWWbYeb_YW&"+Wbcejeb_W'&&cB
9beh[n_Z_dW
9beh[n_Z_dWZ[][hcWdj[(Wbcejeb_W'&&cB
9beh[n_Z_dW
9beh[n_Z_dWZ[][hcWdj[(XebiW.&&cB
9beh[n_Z_dW
9beh[n_Z_dWZ[][hcWdj[(\hWiYe'$&&&cB
?eZ[jeZ[Fej|ii_e!?eZe!Ü]kW:[ij_bWZW Bk]eb<ehj[+\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
D_jhWjeZ[FhWjW
D_jhWjeZ[FhWjWXWije+]ÅC[Z_YWc[djeCWd_fkbWZe
F[hcWd]WdWjeZ[Fej|ii_e
F[hcWd]WdWjeZ[Fej|ii_eÔWYed[j[)+c]ÅC[Z_YWc$CWd_fkbWZe
r))
F[hn_ZeZ[>_Zhe]
d_e
Ü]kWEn_][dWZW'&leb$Wbcejeb_W'&&cB
F[hn_ZeZ[>_Zhe]
d_e
Ü]kWEn_][dWZW'&leb$\hWiYe'$&&&cB
Feb_l_d_bf_hheb_ZedW?eZe
FLF?Z[][hcWdj[Wbcejeb_W'&&cB
Feb_l_d_bf_hheb_ZedW?eZe
FLF?Z[][hcWdj[\hWiYe'$&&&cB
Feb_l_d_bf_hheb_ZedW?eZe
FLF?j_djkhWWbcejeb_W'&&cB
Feb_l_d_bf_hheb_ZedW?eZe
FLF?jf_YeWbcejeb_W'&&cB
IkX]WbWjeZ[8_ickjeCedeX|i_Ye
IkX]WbWjeZ[8_ickje[dl[bef[+]ÅC[Z_YWc[djeCWd_fkbWZe
J_djkhWZ[8[d`e_c
J_djkhWZ[8[d`e_c(&Wbcejeb_W'&&cB
7dj_jWXW]_ice
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
D_Yej_dW
D_gk_j_dWZ[i_lejhWdiZhc_Ye-c]
D_Yej_dW
D_gk_j_dWZ[i_lejhWdiZhc_Ye('c]
7dj_jkii][de
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9bef[hWij_dW
I[a_ikif[dieehWb(c]%cB\hWiYe'(&cB
9eZ[dW!<[d[j_bWc_dW!>ecWjhef_dW
!F[dj[jhWpeb
8[bWYeZ_Z]ejWi\hWiYe'&cB
7dj_kbY[heie
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
;iec[fhWpeb
D[n_kcYecfh_c_Ze(&c]
Ec[fhWpeb
Bei[YCkfiYecfh_c_Ze(&c]
Ec[fhWpeb
=Wif_h[d%Bei[Y%L_Yjh_n%Ec[fhWpebÅC[Z_YWc[dje=[dh_Ye
\hWiYe#WcfebW*&c]
FWdjefhWpeb
FWdjepeb%FWdjefhWpebÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW
*&c]
HWd_j_Z_dW
7djWa%Pob_kcYecfh_c_Ze'+&c]
HWd_j_Z_dW
7djWa%Pob_kc%HWd_j_Z_dWÅC[Z_YWc[dje=[dh_YeWcfebW
+&c]%(cB
HWd_j_Z_dW
Pob_kcWcfebW+&c]%+cB
HWd_j_Z_dW
7djWanWhef['+&c]%'&cB\hWiYe'(&cB
IkYhWb\Wje
IkYhWÓbcYecfh_c_ZecWij_]|l[b']
7dj_lWh_Yeie
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9kcWh_dW!Jhen[hhkj_dW
L[dWbejZh|][WYkcWh_dW'+c]!jhen[hhkj_dW/&c]
:_eic_dW!>[if[h_Z_dW
:WÔed+&&Yecfh_c_ZeZ_eic_dW*+&c]!^[if[h_Z_dW+&c]
Cede[jWdebWc_dWEb[Wje
;j^Wceb_d+WcfebW(cB
)*r
7dj_l[hj_]_deie
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8[jW_ij_dW
8[jWi[hY%BWX_h_dYecfh_c_Ze',c]
<bkdWh_p_dW
L[hj_nYecfh_c_Ze'&c]
7dj_l_hWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7Y_Ybel_h
Pel_hWnYecfh_c_Ze(&&c]
7Y_Ybel_h
Pel_hWnfecWZWe\j|bc_YW)&c]%]X_idW]W*"+]
7Y_Ybel_h
Pel_hWnYh[c[+X_idW]W'&]
7Y_Ybel_h
Pel_hWn\hWiYe#WcfebW(+&c]
?dZ_dWl_h
9h_n_lWdY|fikbW*&&c]
BWc_lkZ_dW!P_ZelkZ_dW
8_el_hY|fikbWbWc_lkZ_dW'+&c]!p_ZelkZ_dW)&&c]
LWbWY_Ybel_h
LWbjh[nYecfh_c_Ze+&&c]
8[jWXbegk[WZeh
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7j[debeb
7j[deXWb%7j[deb%7d]_fh[iiYecfh_c_Ze(+c]
7j[debeb
7j[debYecfh_c_Ze+&c]
9Whl[Z_beb
9eh[]%:_l[bebYecfh_c_Ze)"'(+c]
9Whl[Z_beb
9eh[]%:_l[bebYecfh_c_Ze'("+c]
C[jefhebebIkYY_dWje
I[bepeaYecfh_c_ZeZ[b_X[hWeYedjhebWZW(+c]
C[jefhebebJWhjWhWje
I[bea[dYecfh_c_Ze'&&c]
C[jefhebebJWhjWhWje
I[bea[di[h_d]W+c]%+cB
FhefhWdebeb
?dZ[hWbYecfh_c_Ze'&c]
FhefhWdebeb
?dZ[hWb%FhefhWdebebYecfh_c_Ze*&c]Å
C[Z_YWc[dje=[dh_Ye
8begk[WZehZ[9WdWbZ[9|bY_e
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7cBeZ_f_dW
7dbeZ_XWb%DehlWiYYecfh_c_Ze+c]
:_bj_Wp[c
8WbYeh%9WhZ_p[dYecfh_c_Ze,&c]
:_bj_Wp[c
8WbYeh\hWiYe#WcfebW(+c]
D_\[Z_f_dW
7ZWbWjY|fikbWikXb_d]kWb'&c]
D_\[Z_f_dW
7ZWbWjH[jWhZYecfh_c_Ze'&c]
D_\[Z_f_dW
7ZWbWjEheiYecfh_c_Ze)&c]
D_ceZ_f_dW
D_ceXWb%D_cejef%En_][dYecfh_c_Ze)&c]
D_ceZ_f_dW
D_cejef%En_][d\hWiYe#WcfebW'&c]
L[hWfWc_b
:_bWYehedYecfh_c_Ze.&c]
r)+
8begk[WZehD[kheckiYkbWh
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9_iWjhWYh_e
D_cX_kcWcfebW'&c]%+cB
FWdYkhd_e
FWlkbed%FWdYkhedWcfebWZ[*c]%(cB
HeYkhd_e
;ic[hed\hWiYe#WcfebW+&c]%+cB
IknWc[jd_e
Gk[b_Y_d\hWiYe#WcfebW'&&c]%+cB
L[Ykhd_e
DehYkhedWcfebW*c]%'cB
L[Ykhd_e
L[hYkhed\hWiYe#WcfebW'&c]
8hedYeZ_bWjWZeh
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7c_deÓb_dW
7c_deÓb_dWIWdZepYecfh_c_Ze'&&c]
7c_deÓb_dW
>o\_b_dWWcfebW(*&c]%'&cB
7c_deÓb_dW
7c_de\_b_dWIWdZep]ejWi(*&c]%cB\hWiYe'&cB
8Wc_Ób_dW
8Wc_\_nZh|][W)&&c]
<[dej[heb
8[hej[Y&"+]ejWi\hWiYe(&cB
<ehcej[heb
<ehWZ_b%<bk_hY|fikbW_dWbWjh_W'(cY]_dWbWZeh)&Zei[i
?fhWjhf_e
7jhel[dj&"&(+]ejWi\hWiYe(&cB
Cedj[bkYWij[
I_d]kbW_hYecfh_c_ZecWij_]|l[b+c]
Cedj[bkYWij[
I_d]kbW_h8WXoiWY^
*c]
IWbXkjWceb
7[heb_difhWo'&&cY]%Zei[\hWiYe(&&Zei[i
IWbXkjWceb!=kW_\[d[i_dW
7[heÔkniebkeehWb]kW_\[d[i_dW'&&c]!iWbXkjWceb(c]%
+cB\hWiYe'(&cB
IWbc[j[heb
I[h[l[djifhWo(+cY]%Zei[\hWiYe,&Zei[i
J[eÓb_dW
J[ebed]Y|fikbW'&&c]
J[eÓb_dW
J[ebed]Y|fikbW(&&c]
J[eÓb_dW
J[ebed]Y|fikbW)&&c]
J[hXkjWb_dW
J[hXkj_bWcfebW&"+c]%'cB
J_ejhf_e
If_h_lWY|fikbW_dWbWjh_W'.cY]_dWbWZeh'&Zei[i
9WhZ_ejd_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
:_]en_dW
:_]eXWb%:_]en_dWYecfh_c_Ze&"(+c]
:_]en_dW
:_]en_dW[b_n_h&"&+c]%cB\hWiYe,&cB
C_bh_dedW
Fh_cWYeh\hWiYe#WcfebW(&c]
9Wkj[h_pWdj[
),r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_ZeJh_YbeheWYj_Ye
ÜY_ZeJh_YbeheWYj_Ye.+\hWiYe'+cBÅC[Z_YWc[djeCWd_fkbWZe
D_jhWjeZ[FhWjW
D_jhWjeZ[FhWjWXWije+]ÅC[Z_YWc[djeCWd_fkbWZe
9eb_dh]_Ye":_i\kdeL[i_Ye[iÓdYj[h_WdW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8[jWd[Yeb
B_X[hWdYecfh_c_Ze(+c]
9edij_fWdj[?dj[ij_dWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
Bef[hWc_ZW
?cei[YYecfh_c_Ze(c]
:[Xh_ZWdj[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9behWd\[d_Yeb!9ebW][dWi[
?hknebfecWZWYebW][dWi[&",K?!YbehWd\[d_Yeb&"&']%]
X_idW]W)&]
9behWd\[d_Yeb!:[ien_hh_XedkYb[Wi[
!<_Xh_deb_i_dW
<_XhWi[fecWZWYbehWd\[d_Yeb'&c]!Z[ien_hh_XedkYb[Wi[,,,K
!ÓXh_deb_i_dW'KX_idW]W)&]
9ebW][dWi[
?hknebcede'"(K?%]X_idW]W)&]![if|jkbW
FWfWdW
FWfWdWf,$&&&K?%c]ÔWYed[j[']ÅC[Z_YWc[djeCWd_fkbWZe
FWfWdW
FWfWdW*][bi[h_d]W'&]ÅC[Z_YWc[djeCWd_fkbWZe
FWfWdW
FWfWdW'&][bi[h_d]W'&]ÅC[Z_YWc[djeCWd_fkbWZe
:[iYed][ij_edWdj[DWiWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8[dpWbYd_e!IZ_e9beh[je
H_deiehe%Ieh_d[iebkedWiWbX[dpWbYd_e&"'c]!iZ_e
Ybeh[je/c]%cB\hWiYe)&cB
;\[Zh_dW
;\[Zh_dW(iebke\hWiYe'+cBÅC[Z_YWc[djeCWd_fkbWZe
En_c[jWpeb_dW
7\h_d_d\Wdj_biebkedWiWb&"(+c]%cB\hWiYe(&cB
En_c[jWpeb_dW
7\h_dWZkbjeiebkedWiWb&"+c]%cB\hWiYe'&cB
:_][ij_le
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_ZeKhieZ[ien_Yb_Ye
KhiWYebYecfh_c_Ze'+&c]
7c_bWi[!B_fWi[!Fhej[Wi[
FWdpojhWjY|fikbWWc_bWi[(($+&&K?!b_fWi[(+$&&&K?!fhej[Wi[
'$(+&K?
:_khj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7Y[jWpebWc_ZW
:_WcenYecfh_c_Ze(+&c]
7c_beh_ZW!>_ZheYbehej_Wp_ZW
CeZkh[j_YYecfh_c_ZeWc_beh_ZW+c]!^_ZheYbehej_Wp_ZW+&c]
9behjWb_ZedW
>_]hejedYecfh_c_Ze(+c]
9behjWb_ZedW
9behjWb_ZedWYecfh_c_Ze'("+c]ÅC[Z_YWc[dje=[dh_Ye
;if_hedebWYjedW
7bZWYjed[%If_heYjWdYecfh_c_Ze(+c]
;if_hedebWYjedW
7bZWYjed[%If_heYjWdYecfh_c_Ze'&&c]
r)-
;if_hedebWYjedW
;if_hedebWYjedWiebkeehWbZ_[jj_YWi[cYehWdj[(c]%cB\hWiYe
)&cBÅC[Z_YWc[djeCWd_fkbWZe
<khei[c_ZW
BWi_nYecfh_c_Ze*&c]
<khei[c_ZW
BWi_nWcfebW(&c]%(cB
<khei[c_ZW
<khei[c_ZWiebkeehWbZ_[jj_YWi[cYehWdj['c]%cB\hWiYe )&cBÅC[Z_YWc[djeCWd_fkbWZe
>_ZheYbehej_Wp_ZW
9behWdWYecfh_c_Ze(+c]
>_ZheYbehej_Wp_ZW
>_ZheYbehej_Wp_ZWiebkeehWbZ_[jj_YWi[cYehWdj[(c]%cB
\hWiYe)&cBÅC[Z_YWc[djeCWd_fkbWZe
CWd_jeb
IebkeZ[CWd_jebW(&\hWiYe(+&cB
;b[jhb_je":_bk[dj[
).r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
Ü]kW:[ij_bWZW
Ü]kW:[ij_bWZWWcfebW'&cB
Ü]kW:[ij_bWZW
Ü]kW:[ij_bWZW\hWiYe'&&cB
Ü]kW:[ij_bWZW
Ü]kW:[ij_bWZW\hWiYe(+&cB
Ü]kW:[ij_bWZW
Ü]kW:[ij_bWZW\hWiYe+&&cB
Ü]kW:[ij_bWZW
Ü]kW:[ij_bWZW\hWiYe'$&&&cB
Ü]kW:[ij_bWZW
Ü]kW:[ij_bWZW]Wbe+$&&&cB
8_YWhXedWjeZ[IZ_e
8_YWhXedWjeZ[IZ_e)WcfebW'&cBÅ
C[Z_YWc[djeCWd_fkbWZe
8_YWhXedWjeZ[IZ_e
8_YWhXedWjeZ[IZ_e."*WcfebW'&cB
8_YWhXedWjeZ[IZ_e
8_YWhXedWjeZ[IZ_e."*\hWiYe(+&cB
8_YWhXedWjeZ[IZ_e
8_YWhXedWjeZ[IZ_e'&WcfebW'&cB
9|bY_e9beh[je
9beh[jeZ[9|bY_e'&-ccebZ[9W(!%'&cBWcfebW'&cB
ÅC[Z_YWc[djeCWd_fkbWZe
9|bY_e=bkYedWje
>ofeY|bY_e'&&"*+c;g%cBZ[9W(!WcfebW'&cB
=b_Y[he\ei\WjeZ[IZ_e
=boYef^ei (c;g%cBWcfebW'&cB
=b_Yei[
=b_Yei[+XebiW'&&cB
=b_Yei[
=b_Yei[+XebiW(+&cB
=b_Yei[
=b_Yei[+XebiW+&&cB
=b_Yei[
=b_Yei[+XebiW'$&&&cB
=b_Yei[
=b_Yei['&XebiW+&&cB
=b_Yei[
=b_Yei[(+WcfebW'&cB
=b_Yei[
=b_Yei[+&WcfebW(&cB
=b_Yei[!IZ_e9beh[je
Iehe=b_Ye#<_i_eb]_Ye]b_Yei[(+]!Ybeh[jeZ[iZ_e*"+]XebiW+&&cB
=b_Yei[!IZ_e9beh[je
Iehe=b_Ye#<_i_eb]_Ye]b_Yei[+&]!Ybeh[jeZ[iZ_e/]XebiW'$&&&cB
CW]di_eIkb\Wje
CW]deijed'&&".'c;g%cBZ[C](!WcfebW'&cB
Fej|ii_e9beh[je
9beh[jeZ[Fej|ii_e'/"'WcfebW'&cB
Fej|ii_e<ei\Wje
<ei\WjeZ[Fej|ii_e(c;g%cBWcfebW'&cB
IebkeZ[H_d][h
H_d][hBWYjWjeYbeh[jeZ[iZ_e)]!bWYjWjeZ[iZ_e'"++]!Ybeh[je
Z[fej|ii_e&"'+]!Ybeh[jeZ[Y|bY_e^_ZhWjWZe&"']XebiW+&&cB
IebkeZ[H_d][h
H_d][hI_cfb[iYbeh[jeZ[iZ_e*")]!Ybeh[jeZ[fej|ii_e&"'+]!
Ybeh[jeZ[Y|bY_e^_ZhWjWZe&"',+]XebiW+&&cB
IZ_e9beh[je
Iehe<_i_eb]_Ye&"/WcfebW'&cB
IZ_e9beh[je
Iehe<i_eb]_Ye&"/XebiW'&&cB
IZ_e9beh[je
Iehe<_i_eb]_Ye&"/XebiW(+&cB
IZ_e9beh[je
Iehe<_i_eb]_Ye&"/\hWiYe+&&cB
IZ_e9beh[je
Iehe<_i_eb]_Ye&"/XebiW+&&cB
IZ_e9beh[je
Iehe<_i_eb]_Ye&"/XebiW'$&&&cB
IZ_e9beh[je
Iehe<_i_eb]_Ye&"/XebiW($&&&cB
IZ_e9beh[je
9beh[jeZ[IZ_e(&WcfebW'&cB
;b[jhb_jeEhWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9|bY_e9WhXedWje
9WbiWdYecfh_c_ZecWij_]|l[b+&&c]Z[9W(!
9|bY_e9WhXedWje!9|bY_eBWYje]b_YedWje
9|bY_eIWdZep<Yecfh_c_Ze[\[hl[iY[dj[+&&c]Z[9|bY_e
9|bY_e9WhXedWje!9eb[YWbY_\[heb
Ei#9Wb:Yecfh_c_Zeh[l[ij_ZeY|bY_e+&&c]!l_j$:(&&K?
;b[jhb_jei
F[Z_Wboj[*+iWXeh]kWhWd|Ybeh[jeZ[iZ_e'"&(+]!Y_jhWjeZ[
fej|ii_ecede_ZhWjWZe'"&.]!Y_jhWjeZ[iZ_eZ__ZhWjWZe&"*/]!
]b_Yei[''")-+]\hWiYe+&&cB
;b[jhb_jei
F[Z_Wboj[/&iWXehdWjkhWbYbeh[jeZ[iZ_e(")*&]!Y_jhWjeZ[ fej|ii_ecede_ZhWjWZe'"&.]!Y_jhWjeZ[iZ_eZ__ZhWjWZe&"*/]!
]b_Yei['&]\hWiYe+&&cB
CW]di_eF_ZebWje
F_ZecW]ÔWYed[j['"+]%'&cB[gk_lWb[dj[W')&c]Z[C](!
Fej|ii_e9beh[je
IbemAZh|][W,&&c].c;gZ[A!
Fej|ii_e9beh[je
9beh[jeZ[Fej|ii_enWhef[,&".c;g%cBZ[A!\hWiYe'&&cB ÅC[Z_YWc[djeCWd_fkbWZe
;ij_ckbWdj[7Zh[dh]_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7Zh[dWb_dW
7Zh[dWcfebW'c]%'cB
DehWZh[dWb_dW
>ofedeh%Deh[f_d[\h_dW%Deh[f_d[WcfebW*c]%*cB
:eXkjWc_dW
:eXkjh[nWcfebW(+&c]%(&cB
:efWc_dW
H[l_lWd%:efWc_dWÅC[Z_YWc[dje=[dh_YeWcfebW+&c]%'&cB
;\[Zh_dW
Ikb\WjeZ[;\[Zh_dWWcfebW+&c]%'cB
<[d_b[\h_dW
<[d_b[\h_dWcfebW'&c]%'cB
?iefh[dWb_dW
?iefh[dWb_dW&"(c]%cBWcfebW'cB
C[jWhWc_deb
7hWc_dWcfebW'&c]%'cB
;ij_ckbWdj[9[h[XhWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9eZ[h]eYh_dW
>oZ[h]_d[Yecfh_c_Ze*"+c]
9eZ[h]eYh_dW
>oZ[h]_d[WcfebW&")c]%'cB
r)/
9eZ[h]eYh_dW
>oZ[h]_d[iebkeehWb'c]%cB\hWiYe)&cB
=_da]e8_beXW
J[Xed_dYecfh_c_Ze*&c]
;ij_ckbWdj[ZW<ehcWeZ[9bkbWiIWd]kd[Wi
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
<_b]hWij_cW
=hWdkbea_d[\hWiYe#WcfebW)&&cY]
;ij_ckbWdj[Kj[h_de
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
;h]ec[jh_dW
;h]ejhWj[Yecfh_c_Ze&"(c]
C[j_b[h]ec[jh_dW
C[j^[h]_dZh|][W&"'(+c]
C[j_b[h]ec[jh_dW
C[j^[h]_dWcfebW&"(c]%'cB
En_jeY_dW
DWen%IodjeY_dedWcfebW+K?%cB
En_jeY_dW
IodjeY_dedifhWodWiWb*&K?%cB\hWiYe+cB
;nfWdiehZ[Lebkc[FbWic|j_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7bXkc_dW>kcWdW
7bXkc_dW>kcWdW=h_\ebi(&\hWiYe'&cB
7bXkc_dW>kcWdW
7bXkc_dW>kcWdW=h_\ebi%7bXkh[n%8[h_Xkc_d%8bWkX_cWn EYjWbXkc_d%FbWiXkc_d(&\hWiYe+&cB
>_Zhen_[j_bWc_Ze
Lebkl[diebke,\hWiYe+&&cB
IebkeZ[=[bWj_dW
=[bW\kdZ_d\hWiYe+&&cB
<WjehZ[9eW]kbWe
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
<WjehL??WZ[9eW]kbWe
Delei[l[d\hWiYe#WcfebW,&AK?'"(c]Å
C[Z_YWc[dje9edi_]dWZe
>[ceij|j_Ye
*&r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_Zexfi_bed#7c_deYWfh_Ye
?fi_bed\hWiYe#WcfebW']%(&cB
ÜY_ZeJhWd[n~c_Ye
JhWdiWc_dWcfebW(+&c]%+cB
7fhej_d_dW
JhWiobeb\hWiYe#WcfebW+&&$&&&K?%+&cB
:[icefh[ii_dW
::7LFWcfebW*cY]%'cB
IecWjeijWj_dW
Ij_bWc_dWcfebW)c]%'cB
EYjh[ej_ZW
IWdZeijWj_dWcfebW&"'c]%'cB
EYjh[ej_ZW
IWdZeijWj_dWcfebW&"+c]%'cB
I[bWdj[Z[<_Xh_dW
8[h_fbWijF\hWiYe'cB
J[hb_fh[ii_dW
=bofh[ii_d\hWiYe#WcfebW'c]Yehh[ifedZ[dj[W&".,c]
Z[j[hb_fh[ii_dW
L_jWc_dWA<_jec[dWZ_edW
AWdWa_edCCf[Z_|jh_YeWcfebW(c]%&"(cB
L_jWc_dWA<_jec[dWZ_edW
AWdWa_edCCWZkbjeWcfebW'&c]%'cB
L_jWc_dWA<_jec[dWZ_edW
AWl_j?CWcfebW'&c]%'cB
>[fWjefhej[jeh
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
Ehd_j_dW
>[fW#C[hp]hWdkbWZeÅ[dl[bef[)]
Ehd_j_dW
>[fW#C[hp&"+]%cBWcfebW'&cB
>_ZhWjWdj["Fhej[jeh;f_Zhc_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_Zei=hWnei;ii[dY_W_i!7iieY_W[i
FWii_edZ[hc[%Fh_ceZ[hc%IWd_#Ia_dbee\hWiYe(&&cB
ÜY_Zei=hWnei;ii[dY_W_i!7iieY_W[i
7j_leZ[hc[%:[hiWd_%Ikfh_Z[hc[b[e\hWiYe'&&cB
7bWdjedW!Jh_YbeiWd
FheZ[hc[ckbie\hWiYe'+&cB
9Wb
dZkbW!9Wcec_bW!ãn_ZeZ[P_dYe
8WXoYh[c[jkXe'&cB
9Wcec_bWÅ;njhWje
AWc_bbeiWdYh[c[X_idW]W(&]
9h[c[8Whh[_hW
9h[c[8Whh[_hW9ebefbWijjkXe,&cB
9h[c[Kd_l[hiWb
9h[c[Kd_l[hiWbC[hYajkXe,&]
:[nfWdj[deb
8[fWdjebfecWZW+X_idW]W)&]
:[nfWdj[deb
8[fWdjebiebke+\hWiYe+&cB
=b_Y[h_dW
IWXed[j[L[][jWbZ[=b_Y[h_dWXWhhW/&]
=b_Y[h_dW
IWXed[j[Bgk_ZeZ[=b_Y[h_dW@@%=hWdWZe8[X
\hWiYe(+&cB
BWdeb_dW
BWdi_de^fecWZWX_idW]W-]
CWdj[_]WZ[9WYWk
CWdj[_]WZ[9WYWkDWjkhWl[d[XWjecjkXe)]
D_ijWj_dW!ãn_ZeZ[P_dYe
:[hceZ[nfecWZWd_ijWj_dW'&&$&&&K?!n_ZeZ[p_dYe
(&&c]%]jkXe,&]
ãn_ZeZ[P_dYe
:[hceZ[nFh[l[djYh[c[X_idW]W*+]
ãn_ZeZ[P_dYe!L_j$7!L_j$:
>_fe]bifecWZWn_ZeZ[p_dYe'+&c]!l_j$7+$&&&K?!l_j$:
/&&K?%]X_idW]W*+]
ãb[eZ[7c
dZeWi
ãb[eZ[7c
dZeWi\hWiYe+&cB
ãn_ZeZ[P_dYe!JWbYe!=b_Y[h_dW
FWijWZÊÜ]kW\hWiYe'&&]
LWi[b_dW
LWi[b_dWBgk_ZW[ijh_bWcfebW'&cBÅC[Z_YWc[djeCWd_fkbWZe
LWi[b_dW
LWi[b_dWBgk_ZWWbcejeb_W'&&cB
LWi[b_dW
LWi[b_dWIb_ZWfej[(&]
I_b_YWjeZ[CW]di_e>_ZhWjWZe
JWbYe;ijh_b\hWiYe(&]ÅC[Z_YWc[djeCWd_fkbWZe
>_feb_f
c_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7jehlWijWj_dW
B_f_jehYecfh_c_Ze'&c]
9eb[ij_hWc_dW
Gk[ijhWdb_]^jf[dl[bef[*]
I_dlWijWj_dW
I_dlWiYeh%PeYehYecfh_c_Ze'&c]
FhWlWijWj_dW
FhWlWYebYecfh_c_Ze'&c]
HeiklWijWj_dW
9h[ijehYecfh_c_Ze'&c]
r*'
>_fdj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
<bkd_jhWp[fWc
He^ofdebYecfh_c_Ze'c]
<bkhWp[fWc
:WbcWZehcYecfh_c_Ze)&c]
C_ZWpebWc
:ehc_h[%:ehced_ZYecfh_c_Ze'+c]
C_ZWpebWc
:ehc_h[%:ehced_ZWcfebW+c]%+cB
C_ZWpebWc
:ehc_h[%:ehced_Z%C_ZWpebWcÅC[Z_YWc[dje
=[dh_YeWcfebW'+c]%)cB
C_ZWpebWc
:ehc_h[%:ehced_ZWcfebW+&c]%'&cB
C_ZWpebWc
:ehc_h[iebkeehWb(c]%cB\hWiYe'&cB
Pef_YbedW
?celWd[Yecfh_c_Ze-"+c]
Pebf_Z[c
Ij_bdenYecfh_c_Ze'&c]
>_fdj_Ye7dWb]i_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
:[nc[Z[jec_Z_dW
Fh[Y[Z[n\hWiYe#WcfebW(&&cY]%(cB
>_fe]b_Y[c_Wdj[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
=b_X[dYbWc_ZW
:Wed_bYecfh_c_Ze+c]
=b_YbWp_ZW
:_Wc_YhedCHYecfh_c_Ze)&c]
=b_c[f_h_ZW
7cWhob%=b_c[f_ZWbYecfh_c_Ze(c]
?dikb_dW7ifWhj
DeleHWf_Z'&&K%cB<b[nF[d)cB
?dikb_dW=bWh]_dW
BWdjkiEfj_i[j'&&K%cBYWhfkb[)cB!i_ij[cWZ[Wfb_YWe
?dikb_dW>kcWdWDF>
>kckb_dDF[dÓbb%Deleb_dDF[dÓbb'&&K%cBYWhfkb[)cB
?dikb_dW>kcWdWH[]kbWh
>kckb_dHF[dÓbb%Deleb_dHF[dÓbb'&&K%cBYWhfkb[)cB
?dikb_dWB_ifhe
>kcWbe]F[dÓbb'&&K%cBYWhfkb[)cB
C[j\ehc_dW
=bkYe\ehc_dYecfh_c_Ze+&&c]
C[j\ehc_dW
=bkYe\ehc_dYecfh_c_Ze.+&c]
F_e]b_jWpedW
7YjeiYecfh_c_Ze'+c]
H[fW]b_d_ZW
FhWdZ_dYecfh_c_Ze&"+c]
Hei_]b_jWpedW
7lWdZ_WYecfh_c_Ze*c]
>ehcd_e7dZhe]
d_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
DWdZhebedW
:[YW#:khWXeb_dWcfebW(+c]%'cB
>ehcd_e7dj_WdZhe]
d_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
<_dWij[h_ZW
FheiYWhYecfh_c_Ze+c]
*(r
>ehcd_e7dj_Z_khj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
:[icefh[ii_dW
::7LFWcfebW*cY]%'cB
:[icefh[ii_dW
::7LFifhWodWiWb'&cY]%Zei[\hWiYe("+cB
>ehcd_e7dj_j_h[e_Z_Wde
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
J_WcWpeb
JWfWpebYecfh_c_Ze+c]
>ehcd_eJ_h[e_Z_Wde
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
B#J_hen_dW
FkhWdJ*Yecfh_c_Ze(+cY]
B#J_hen_dW
FkhWdJ*Yecfh_c_Ze..cY]
B#J_hen_dW
FkhWdJ*Yecfh_c_Ze'&&cY]
?ckde]beXkb_dW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
?ckde]beXkb_dW>kcWdW
?ckde]beXkb_d%IWdZe]beXkb_dW\hWiYe#WcfebW']
?ckde]beXkb_dW>kcWdW
IWdZe]beXkb_dW\hWiYe#WcfebW)]
?ckde]beXkb_dW>kcWdW
?ckde]beXkb_d%;dZeXkb_d%<b[Xe]WccW\hWiYe#WcfebW+]
?ckde]beXkb_dW>kcWdW
IWdZe]beXkb_dW\hWiYe#WcfebW,]
?ckde]beXkb_dW7dj_#H^&:
CWj[h]WcWcfebW)&&cY]'$+&&K?%'"+cB
?ckde]beXkb_dW7dj_#H^&:
FWhje]WcWI:<i[h_d]W))&cY]'$,+&K?%'")(cB
?ckde]beXkb_dW7dj_j[j~d_YW
J[jWde]WccWWcfebW(+&K?%'cB
?ckdeceZkbWZeh
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
?dÔ_n_cWX[
H[c_YWZ[\hWiYe#WcfebW'&&c]
?ckdeiikfh[iieh
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7pWj_efh_dW
?ckhWdYecfh_c_Ze+&c]
C_Ye\[debWjeZ[Ce\[j_bW
9[bb9[fjYecfh_c_Ze+&&c]
9_Ybeifeh_dW
IWdZ_cckd(+&c]%+cBWcfebW
9_Ybeifeh_dW
IWdZ_cckd+&c]%'cBWcfebW
9_Ybeifeh_dW
IWdZ_cckdD[ehWb'&&c]Y|fikbW
r*)
?d_X_ZehZW;97
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9Wfjefh_b
9Wfej[dYecfh_c_Ze'("+c]
9Wfjefh_b
9WfeXWb%9Wfej[dYecfh_c_Ze(+c]
9Wfjefh_b
9Wfjefh_biebkeehWbZ_[jj_YWi[cYehWdj['c]%cB\hWiYe)&cB
ÅC[Z_YWc[djeCWd_fkbWZe
;dWbWfh_b
;dWbWXWb%H[d_j[YYecfh_c_Ze+c]
;dWbWfh_b
H[d_j[YYecfh_c_Ze(&c]
B_i_defh_b
LWie`[j%P[ijh_bYecfh_c_Ze+c]
HWc_fh_b
Jh_Wj[YYecfh_c_Ze("+c]
?hh_]WeL[i_YWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
CWd_jeb
;dZed_jeb)\hWiYe($&&&cB
BWnWdj[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8_iWYeZ_b
:kbYebWnZh|][W+c]
<ei\WjeZ[IZ_e:_X|i_Ye!<ei\WjeZ[
IZ_eCedeX|i_Ye
<ei\Wje<b[[j[d[cW\ei\WjeZ[iZ_eZ_X|i_Ye&"&,]!\ei\WjeZ[
iZ_ecedeX|i_Ye&"',]%cB\hWiYe')&cB
=b_Y[h_dW
=b_Y[h_dW'(iebke\hWiYe+&&cB!iedZWYb_ij[h
=b_Y[h_dW
FÓp[hIkfei_jh_eZ[=b_Y[h_dW_d\Wdj_b'"**]Z[]b_Y[h_dW
=b_Y[h_dW
FÓp[hIkfei_jh_eZ[=b_Y[h_dWWZkbje(",.]Z[]b_Y[h_dW
BWYj_jeb
I_]cWbWYf[dl[bef[("+]
BWYjkbei[
BWYjkbedWnWhef[iWXehWc[_nW,,-c]%cB\hWiYe'(&cB%
:kf^WbWY,,-c]%cB\hWiYe(&&cB
CWd_jeb
IebkeZ[CWd_jebW(&\hWiYe(+&cB
ãb[eC_d[hWb
Dk`eb\hWiYe(&&cB
FbWdjW]eElWjWÓXhWiZ[Fiobb_kc
C[jWckY_b[dl[bef[+".]Yehh[ifedZ[dj[W)"*]Z[ckY_b_Z[ ^_ZhÓbeZ[Fiobb_kc
I[d[!7iieY_W[i
JWcWh_d[Y|fikbW
I[d[!7iieY_W[i
JWcWh_d[][b_Wfej['+&]
IehX_jeb!BWkh_bIkb\WjeZ[IZ_e
C_d_bWnbWkh_bikb\WjeZ[iZ_e&"&+]!iehX_jeb-&*",*][d[cW
X_idW]W,"+]
BkXh_ÓYWdj[E\j|bc_Ye
**r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
ÜY_ZeFeb_WYhb_Ye
H[\h[i^%L_iYej[Whi][bbgk_Ze(c]%]jkXe'&]
9WhXen_c[j_bY[bkbei[
<h[i^J[Whi'B_gk_][b\hWiYe'+cB
:[njhWde-&!>_fhec[bei[!=b_Y[heb
Jh_iehXiebkee\j|bc_YW\hWiYe'+cB
>_WbkhedWje
FheL_iY'&c]%cBi[h_d]W&"++cB
C[j_bY[bkbei[
C[j_bY[bkbei[iebkeeYkbWh(i[h_d]W'"+cBÅ C[Z_YWc[djeCWd_fkbWZe
C_Zh_|j_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7jhef_dW
7jhef_dW'iebkee\j|bc_YW\hWiYe+cB
9_Ybef[djebWje
9_Ybefb]_Ye'iebkee\j|bc_YW\hWiYe+cB
9_Ybef[djebWje!<[d_b[\h_dW
9_Ybef[djebWje&"+!<[d_b[\h_dW("+iebkee\j|bc_YW\hWiYe
+cBÅC[Z_YWc[djeCWd_fkbWZe
<[d_b[\h_dW
<[d_b[\h_dW'&iebkee\j|bc_YW\hWiYe+cB
Jhef_YWc_ZW
CoZh_WYob'iebkee\j|bc_YW\hWiYe+cB
C_iY[b~d[W
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9edZhe_j_dW!>_WbkhedWje
L_iYeWjikb\WjeiZ_YeZ[YedZhe_j_dW(&c]!^_WbkhedWjeZ[ iZ_e'+c]i[h_d]W&"+cB
>_bWde=#<(&
Iodl_iYi[h_d]W',c]%(cB
Iebke9WhZ_efb]_YW
IebkefWhW9WhZ_efb[]_WIWd]kd[W?dZke\hWiYe#WcfebW
Iebke9WhZ_efb]_YW
IebkefWhW9WhZ_efb[]_WIWd]kd[WCWdkj[de%H[f[h\kie \hWiYe#WcfebW
IebkeIWb_dWfWhW?hh_]We
8IIiebke_djhW#eYkbWhXebiW(+&cB
IebkeIWb_dWfWhW?hh_]We
8IIiebke_djhW#eYkbWh\hWiYe+&&cB
CkYebj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7Y[j_bY_ij[dW
<bk_ckY_bf[Z_|jh_Ye[dl[bef['&&c]
7Y[j_bY_ij[dW
<bk_ckY_b%7Y[j_bY_ij[dW[dl[bef[(&&c]Å C[Z_YWc[dje=[dh_Ye
7Y[j_bY_ij[dW
<bk_ckY_b:[dl[bef[,&&c]
7Y[j_bY_ij[dW
<bk_ckY_b%7Y[j_bY_ij[dWÅC[Z_YWc[dje=[dh_Ye
WcfebW)&&c]%)cB
7cXheneb
CkYeieblWdnWhef[WZkbje)&c]%+cB\hWiYe'(&cB
IeXh[heb
IeXh[f_dWcfebWZ[W[heieb*&c]%)cB
Dkjh_[dj[FWh[dj[hWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
;ckbieB_fZ_YWC9J%B9J
B_fe\kdZ_dC9J%B9J'&\hWiYe+&&cB
Fh[l[deZeFWhjeFh[cWjkhe
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
?ienikfh_dW
?d_X_dWYecfh_c_Ze'&c]
r*+
?ienikfh_dW
?d_X_dWWcfebW'&c]%(cB
F_f[h_ZebWje!>[if[h_Z_dW!L_jWc_dW9
:WYj_b#E8Zh|][WYbeh_ZhWjef_f[h_ZebWje'&&c]!^[if[h_Z_dW#
Yecfb[ne+&c]!l_j$9+&c]
FheijW]bWdZ_dW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7bfheijWZ_b
8[Z\ehZWbfheij\hWiYe#WcfebW+&&cY]%'cB
C_iefheijeb
FheijeaeiYecfh_c_ZelW]_dWb(+cY]
C_iefheijeb
FheijeaeiYecfh_c_ZelW]_dWb(&&cY]
Fhej[dW9H[Wj_lW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
:hejh[Ye]_dW7b\W
N_]h_i\hWiYe#WcfebW+c]ÅC[Z_YWc[dje9edi_]dWZe
H[bWnWdj[CkiYkbWh
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8WYbe\[de
B_eh[iWbYecfh_c_Ze'&c]
9_YbeX[dpWfh_dW
C_eiWdYecfh_c_Ze+c]
:Wdjheb[de
:Wdjheb[d\hWiYe#WcfebW(&c]
J_eYebY^_Yei_Ze
9ebjhWnYecfh_c_Ze*c]
J_eYebY^_Yei_Ze
9ebjhWnWcfebW*c]%(cB
J_pWd_Z_dW
I_hZWbkZYecfh_c_Ze(c]
Jen_dW8ejkbd_YW
8ejen\hWiYe#WcfebW'&&K?
H[i_dWZ[JheYW?d_YW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9eb[ij_hWc_dW
Gk[ijhWdb_]^jf[dl[bef[*]
Feb_[ij_h[deiikb\edWjeZ[9|bY_e
IehYWb[dl[bef[)&]
Feb_[ij_h[deiikb\edWjeZ[9|bY_e
IehYWbÔWYed[j[']
I[di_X_b_pWZehZ[9|bY_e
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
B[lei_c[dZWdW
I_cZWn("+c]%cB\hWiYe#WcfebW+cBÅ
C[Z_YWc[dje9edi_]dWZe
IebkefWhW9edi[hlWeZ[ãh]e
*,r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
IebkefWhW9edi[hlWeZ[ãh]e
8[bp[hKMXebiW'$&&&cB
IebkefWhW9edi[hlWeZ[ãh]e
9[bi_ehXebiW'$&&&cB
IebkefWhW:_|b_i[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8Wd^eZ[:_|b_i[Iebke
;b[jhebj_YW&",'
8Wd^e:_|b_i[iebke[b[jhebj_YW&",'iZ_e'&+c;g%B!
cW]di_e'"+c;g%BXebiW($.+&cB
9_jhWjeJh_iiZ_Ye
9_jhWjeJh_iiZ_Ye'(&]XebiW)$&&&cBÅIebkeCWd_fkbWZW
9beh[jeZ[IZ_e&"*+
9beh[jeZ[IZ_e')"+]XebiW)$&&&cBÅIebkeCWd_fkbWZW
IebkefWhW:_|b_i[F[h_jed[Wb
:_Wd[WbF:#(]b_Yei['"+!Y|bY_e)"+c;gXebiW+$&&&cB
IebkefWhW:_|b_i[F[h_jed[Wb
:_Wd[WbF:#(]b_Yei[*"(+!Y|bY_e)"+c;gXebiW+$&&&cB
IebkefWhW>[ceZ_|b_i[
BWYjWiebXebiW+$&&&cB
9edY[djhWZeÜY_ZefWhW>[ceZ_|b_i[<)
9edY[djhWZeÜY_ZeiZ_e').c;g%B"fej|ii_e'c;g%B"Y|bY_e
)"+c;g%B"cW]di_e'c;g"Ybeh[je'&."*c;g%B"WY[jWjeZ[iZ_e
)c;g%B"X_YWhXedWjeZ[iZ_e)(c;g%BXebiW+$&&&cB
9edY[djhWZe8|i_YefWhW>[ceZ_|b_i[<) 9edY[djhWZe8|i_YeX_YWhXedWjeZ[iZ_e."*]%'&&cBXebiW+$&&&cB
Iebl[dj[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7Y[jedW!ÜbYeeb;jb_Ye
H[cel[ZehZ[;icWbj[\hWiYe'&&cB
8[dp_dWH[j_ÓYWZW
8[dp_dWH[j_ÓYWZW\hWiYe'$&&&cB
Ikh\WYjWdj[
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
8[hWYjWdje
IkhlWdjW(+c]%cB\hWiYe*cB
J[hWf
kj_YWFheij|j_YW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
<_dWij[h_ZW
FheiYWhYecfh_c_Ze+c]
JWdikbei_dW
I[Yej[nY|fikbW&"*c]
Jf_YeEjeb]_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
=[djWc_Y_dW!8[jWc[jWiedW
=WhWied[iebkeeje#e\j|bc_YWX[jWc[jWiedW'c]!
][djWc_Y_dW)c]%cB\hWiYe'&cB
>_Zhen_gk_deb_dW!Jh_[jWdebWc_dW
9[hkc_dXehWjeZ[.#^_Zhen_gk_deb_dW&"&&&*]!jh_[jWdebWc_dW
&"'*]%cB\hWiYe.cB
JhecXebj_Ye
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
7bj[fbWi[
7Yj_boi[\hWiYe#WcfebW+&c]
;ijh[fjegk_dWi[
Ijh[fjWi[%Ijh[fjedWi[\hWiYe#WcfebW-+&$&&&K?
;ijh[fjegk_dWi[
Ijh[fjWi[%Ijh[fjea_d\hWiYe#WcfebW'$+&&$&&&K?
>_Wbkhed_ZWi[
>oWbep_cWWcfebW($&&&KJH
J[d[Yj[fbWi[
C[jWboi[\hWiYe#WcfebW+&c]
r*-
LWY_dW7dj_j[j~d_YW
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
Jen_Z[J[j~d_Ye
J[jWlWni[h_d]W*&K?%&"+cB
LWieZ_bWjWZehF[h_\h_Ye"9[h[XhWb
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9_dWh_p_dW
Ijk][hedYecfh_c_Ze(+c]
9_dWh_p_dW
Ijk][hedYecfh_c_Ze-+c]
D_ceZ_f_dW
D_ceXWb%D_cejef%En_][dYecfh_c_Ze)&c]
D_ceZ_f_dW
D_cejef%En_][d\hWiYe#WcfebW'&c]
D_jhe]b_Y[h_dW
D_jheZ[hcJJIZ_iYejhWdiZhc_Ye+c]%Z_W
D_jhe]b_Y[h_dW
D_jheZ[hcJJIZ_iYejhWdiZhc_Ye'&c]%Z_W
D_jhe]b_Y[h_dW
Jh_Z_bWcfebW+&c]%'&cB
FWfWl[h_dW
>ofel[h_dWcfebW'&&c]%(cB
F[djen_Ób_dW
Jh[djWbYecfh_c_Ze*&&c]
F[djen_Ób_dW
Jh[djWbWcfebW'&&c]%+cB
L_jWc_dW
*.r
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
9WbY_jh_eb
HeYWbjhebY|fikbW&"(+cY]
:[nWc[jWiedW!L_jWc_dW8'!
L_jWc_dW8,!L_jWc_dW8'(
:[nW#9_jed[kh_dWcfebW?l_j$8''&&c]!l_j$8,'&&c]!l_j$
8'(+$&&&cY]%(cB!WcfebW??Z[nWc[jWiedW*c]%'cB
Feb_l_jWcd_YeLE
Fhejel_jFbki]ejWi\hWiYe(&cB
Feb_l_jWcd_Ye!IW_iC_d[hW_i
IkfhWZodZh|][W
L_jWc_dW7!L_jWc_dW:)
7Z#j_b]ejWil_j$7+&$&&&K?!l_j$:)'&$&&&K?%cB\hWiYe'&cB
L_jWc_dW8'J_Wc_dW
8[d[hlWYecfh_c_Ze)&&c]
L_jWc_dW8'J_Wc_dW
J_Wc_dWWcfebW'&&c]%cBÅC[Z_YWc[djeCWd_fkbWZe
L_jWc_dW8'!L_jWc_dW8,!
L_jWc_dW8'(
9_jed[kh_d+$&&&Zh|][Wl_j$8''&&c]!l_j$8,'&&c]!l_j$8'(
+$&&&cY]
L_jWc_dW8'!L_jWc_dW8,!
L_jWc_dW8'(
9_jed[kh_d+$&&&l_j$8''&&c]!l_j$8,'&&c]!l_j$8'(
+$&&&cY]WcfebW)cB
L_jWc_dW8,F_h_Zen_dW
I[_i8Yecfh_c_Ze'&&c]
L_jWc_dW8,F_h_Zen_dW
F_h_Zen_dWWcfebW+&c]%'cBÅC[Z_YWc[djeCWd_fkbWZe
L_jWc_dW8'(>_ZheneYeXWbWc_dW
HkXhWdelWWcfebW+$&&&cY]%(cB
L_jWc_dW9ÜY_Ze7iYhX_Ye
9[m_dYecfh_c_Ze+&&c]
L_jWc_dW9ÜY_Ze7iYhX_Ye
>ol_j9WcfebW']%+cB
L_jWc_dW9ÜY_Ze7iYhX_Ye
H[Zened]ejWi(&&c]%cB\hWiYe(&cB
L_jWc_dWiZe9ecfb[ne8
9ecfb[ne8Zh|][W
L_jWc_dWiZe9ecfb[ne8
9ecfb[ne8]ejWi\hWiYe(&cB
L_jWc_dWiZe9ecfb[ne8
>ofb[n8WcfebW(cB
L_jWc_dW;7b\WJeYe\[heb
;f^odWb%L_jW;Y|fikbWeb[eiW*&&c]
L_jWc_dWA<_jec[dWZ_edW
AWdWa_edCCf[Z_|jh_YeWcfebW(c]%&"(cB
L_jWc_dWA<_jec[dWZ_edW
AWdWa_edCCWZkbjeWcfebW'&c]%'cB
L_jWc_dWA<_jec[dWZ_edW
AWl_j?CWcfebW'&c]%'cB
r*/
B_ijWZeic[Z_YWc[djeiYedjhebWZeif[bWFehjWh_W)**%/.
fWZhed_pWZeide>eif_jWbIWcWh_jWde B_ijWÅ7'
B_ijWZWiikXij~dY_Wi[djehf[Y[dj[i$
Ik`[_jWiWdej_ÓYWeZ[H[Y[_jW7Dej_ÓYWe7cWh[bW!H[Y[_jWZ[9edjheb[;if[Y_WbH[Y[_jW8hWdYW$
Dec[9ec[hY_Wb
Dec[=[dh_Ye
:_ceh\
CehÓdW :ebWdj_dW
C[f[h_Z_dW
:khe][i_Y%<[djWd[ij%<[djWd_b
<[djWd_bW
<Wij\[d%Ik\[djW
Ik\[djWd_bW
C[jWZed
C[jWZedW
D_bf[h_Zeb
<[djWd_bW!:hef[h_Zeb
EnoYedj_dl[h7Z[dZe'
En_YeZedW
HWf_\[d
7b\[djWd_bW
Kbj_lW
H[c_\[djWd_bW
7Z[dZe'ÅIk`[_jeWf[dWi}H[Y[_jWZ[9edjheb[;if[Y_Wb[cZkWil_Wi$ B_ijWÅ7(
B_ijWZWiikXij~dY_Wi[djehf[Y[dj[iZ[kief[hc_j_Zeiec[dj[[cYedY[djhW[i[if[Y_W_i$
Ik`[_jWiWDej_ÓYWeZ[H[Y[_jW7Dej_ÓYWe7cWh[bW!H[Y[_jWZ[9edjheb[;if[Y_WbH[Y[_jW8hWdYW$
Dec[9ec[hY_Wb
Dec[=[dh_Ye
+&r
8[bWYeZ_Zl[h7Z[dZe(
9eZ[dW!<[d[j_bWc_dW!F[dj[jhWpeb!
>ecWjhef_dW
Job[nl[h7Z[dZe(
9eZ[dW!FWhWY[jWceb
IobWZeh%JhWcWbl[h7Z[dZe(
JhWcWZeb
DkXW_dl[h7Z[dZe(
DWbXkÓdW
7Z[dZe(ÅIk`[_jeWf[dWi}H[Y[_jWZ[9edjheb[;if[Y_Wb[cZkWil_Wi$ B_ijWÅ8'
B_ijWZWiikXij~dY_Wifi_Yejhf_YWi$
Dec[Yec[hY_Wb
Dec[=[dh_Ye
:WbceZehc
<bkhWp[fWc
:_[dfWn%:_Wp[fWc_b%LWb_kc
:_Wp[fWc
:ehc_h[%:ehced_Z
C_ZWpebWc
<[deYh_i%=WhZ[dWbl[h7Z[dZe)
<[deXWhX_jWb
<h_i_kc
9beXWpWc
<hedjWb
7bfhWpebWc
?celWd[l[h7Z[dZe)
Pef_YbedW
B[nejWd
8hecWp[fWc
BehWn%CWnFWn
BehWp[fWc
EbYWZ_b
9benWpebWc
Fi_Yei[Z_d
9behZ_Wp[fn_Ze H_lejh_b
9bedWp[fWc
He^ofdeb
<bkd_jhWp[fWc
Ij_bdenl[h7Z[dZe)
Pebf_Z[c
Ied[Xed
D_jhWp[fWc
J^_ef[djWn
J_ef[djWb
7Z[dZe)ÅIk`[_jeWf[dWi}H[Y[_jWZ[9edjheb[;if[Y_Wb[cZkWil_Wi$
B_ijWÅ9'
B_ijWZWiekjhWiikXij~dY_Wiik`[_jWiWYedjheb[[if[Y_Wb$
Ik`[_jWiiec[dj[}H[Y[_jWZ[9edjheb[;if[Y_Wb[cZkWil_WiH[Y[_jW8hWdYW$ Dec[9ec[hY_Wb
Dec[=[dh_Ye
7a_d[jed%9_d[jeb
8_f[h_Z[de
7cfb_Yj_b
9behfhecWp_dW
7dW\hWd_b
9bec_fhWc_dW
7d[ijWbYed
Fhen_c[jWYWdW 7hefWn
FWhen[j_dW
9WhXeb_j_kc
Bj_e
9_Ybefb]_Ye
9_Ybef[djebWje
9_Ybef[djebWje!<[d_b[\h_dWCWd_fkbWZe
9_Ybef[djebWje!<[d_b[\h_dW
9_fhWc_b
9_jWbefhWc
9ocXWbjW
:kben[j_dW
:[fWa[d[
ÜY_ZeLWbfh_Ye :[fWaej[
:_lWbfheWjeZ[IZ_e
:_fh_lWd
Fhefe\eb
:edWh[d
JhWpeZedW
;X_n
C[cWdj_dW
;\[nehNH
L[dbW\Wn_dW
;hWdp
:ed[f[p_bW
;k\eh
<bken[j_dW
;n[bed
H_lWij_]c_dW
<ehWd[%?ie\eh_d[
?ieÔkhWde
<h[ie\eb
Fhefe\eb
>WbZeb
>Wbef[h_Zeb
>_ZWdjWb%;f[b_d
<[d_jedW
>_ZhWjeZ[9behWbCWd_fkbWZe
>_ZhWjeZ[9behWb >ofdec_ZWj[
;jec_ZWje
?cei[Yl[h7Z[dZe*
Bef[hWc_ZW
A[jWc_dI
9[jWc_dW
BWc_YjWb
BWcejh_]_dW
r+'
BWd[nWj
<bkcWp[d_b
B[nWfhe
;iY_jWbefhWc
CWdj_ZWd
7cWdjWZ_dW
DWhYWd
DWbenedW
D[ep_d[
B[lec[fhecWp_dW
D[kb[fj_b
F[h_Y_Wp_dW
D[khedj_d
=WXWf[dj_dW
D_Wh
I[b[]_b_dW
FWc[beh
Dehjh_fj_b_dW
Fh[Y[Z[n
:[nc[Z[jec_Z_dW
Fheijeaei
C_iefheijeb
H[c[hed
C_hjWpWf_dW
H_if[hZWb
H_if[h_ZedW
IWXh_b
L_]WXWjh_dW
I[hegk[b
Gk[j_Wf_dW
I[lehWd[
I[leÔkhWde
J[]h[jeb
9WhXWcWp[f_dW Je\hWd_b
?c_fhWc_dW
JefWcWn
Jef_hWcWje
Jh_b[fjWb
EnYWhXWp[f_dW
JhofjWdeb
7c_jh_fj_b_dW
Pebe\j
I[hjhWb_dW
Pofh[nW
EbWdpWf_dW
M[bbXkjh_dIH
8kfhef_edW
7Z[dZe*ÅL[dZWYecfh[iYh_ecZ_YWi[cWh[j[deZWh[Y[_jW$
EXi$0WiZ[cW_iZhe]WiY_jWZWiWY_cW[ijeik`[_jWi}h[j[deZWh[Y[_jW$
B_ijWÅ9*
B_ijWZWiikXij~dY_WiWdj_#h[jhel_hW_i$
Ik`[_jWiWh[Y[_jk|h_eZefhe]hWcWZW:IJ%7?:I[H[Y[_jWZ[9edjheb[;if[Y_Wb[cZkWil_WiH[Y[_jW8hWdYW$
Dec[9ec[hY_Wb
Dec[=[dh_Ye
8_el_hl[h7Z[dZe+
BWc_lkZ_dW!P_ZelkZ_dW 9h_n_lWdl[h7Z[dZe+
?dZ_dWl_h
7Z[dZe+ÅEic[Z_YWc[djei}XWi[Z[ikXij~dY_WiWdj_#h[jhel_hW_iWY_cW[b[dYWZWi"gkWdZeZ_if[diWZei[c
\Whc|Y_Wi[Zhe]Wh_Wi"ÓYWcik`[_jei}l[dZWieXH[Y[_jWZ[9edjheb[;if[Y_Wb[cZkWil_Wi$
+(r
B_ijWÅ9+
B_ijWZWiikXij~dY_WiWdWXeb_pWdj[i$
Ik`[_jWi}H[Y[_jWZ[9edjheb[;if[Y_Wb[cZkWil_WiH[Y[_jW8hWdYW$
Dec[9ec[hY_Wb
Dec[=[dh_Ye
:[YW#:khWXeb_d
DWdZhebedW
B_ijWZWiikXij~dY_Wifh[YkhiehWiZ[[djehf[Y[dj[i[%ekfi_Yejhf_Yei$ Ik`[_jWiWh[Y[_jWcZ_YWi[ch[j[de$
B_ijWÅ:'
Dec[9ec[hY_Wb
Dec[=[dh_Ye
;\[Zh_dWCWd_fkbWZe
;\[Zh_dW
;h]ejhWj[
;h]ec[jh_dW
C[j^[h]_d
C[j_b[h]ec[jh_dW
Ikb\WjeZ[;\[Zh_dWCWd_fkbWZe
;\[Zh_dW
B_ijWÅ:(
B_ijWZ[_dikceigkc_Yeikj_b_pWZeifWhW\WXh_YWe[idj[i[Z[[djehf[Y[dj[i[%ekfi_Yejhf_Yei$
Ik`[_jeiWYedjheb[ZeC_d_ijh_eZW@kij_W$
Dec[9ec[hY_Wb
F[hcWd]WdWjeZ[Fej|ii_eCWd_fkbWZe
Dec[=[dh_Ye
F[hcWd]WdWjeZ[Fej|ii_e
r+)
H[bWeZeic[Z_YWc[djeifWZhed_pWZei
de>eif_jWbIWcWh_jWde
7XY_n_cWX[
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H[efhe\hWiYe#WcfebW'&c]%+cB
Kiei
9eceWZ`klWdj[ZW^[fWh_dW[ZWWif_h_dWfWhWfh[l[deZ[Yecfb_YW[iYWhZWYWi_igk
c_YWi[cfWY_[dj[i
ikXc[j_Zei}_dj[hl[deYehed|h_Wf[hYkj~d[W1fWY_[dj[iYecWd]_dW_dij|l[bh[\hWj|h_W$
Feiebe]_W
7ZkbjeiÅ&"(+c]%a][cXebki"i[]k_Zei_c[Z_WjWc[dj[fehkcW_d\kie_djhWl[deiWYedjdkW
Z[&"'(+cY]%a]%c_dWjkcWjWnWc|n_cWZ['&cY]%c_d$
;ijWX_b_pWeZ[fWY_[dj[iYecWd]_dW[ij|l[bÅWZei[[cXebki"i[]k_ZWf[bW_d\kieYedjdkW"Z[l[i[h
_d_Y_WZW(*^ehWiWdj[iZ[kcWfeiil[bWd]_efbWij_WjhWdibkc_dWbYehed|h_W[YedYbkZW'(^ehWiWfi
W_dj[hl[de$
FWhWfh[l[deZ[Yecfb_YW[iYWhZWYWi_igk
c_YWi[cfWY_[dj[iikXc[j_Zei}Wd]_efbWij_W
jhWdibkc_dWbYehed|h_WÅWZei[[cXebkiZ[l[i[hWZc_d_ijhWZW'&#,&c_dkjeiWdj[iZW_dj[hl[dei[]k_ZW"
_c[Z_WjWc[dj["fehkcW_d\kieYedjdkWfeh'(^ehWi$
Fh[YWk[i
FWY_[dj[iYecZe[dWih[dW_iekYecZe[dWilWiYkbWh[if[h_\h_YWifeZ[cj[hX[d[\Y_eih[Zkp_Zei$
7Y[jWpebWc_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_WcenYecfh_c_Ze(+&c]
Kiei
H[ZkeZWfh[iie_djhW#eYkbWhdeiYWieiZ[]bWkYecW1YeceZ_khj_Ye1WZ`klWdj[dejhWjWc[djeZ[Yh_i[i
[f_bfj_YWi1fh[l[deZ[Ze[dWZWWbj_jkZ[[b[lWZW1[f_b[fi_WY[djhe#[dY[\|b_YWi1h[ZkeZWfheZkeZ[
Ôk_ZeYh[Xhe#[if_d^WbdW^_ZheY[\Wb_W$
Feiebe]_W
LE
D[edWjei[9h_WdWiZ['c
i#'Wde
>_ZheY[\Wb_WÅ+c]%a]%Zei[WYWZW,^ehWi"Wkc[djWdZefWhW(+c]%a]%Z_WWjec|n_ceZ['&&c]%a]%Z_W$
9h_WdWi
=bWkYecWÅ.#)&c]%a]%Z_Wek)&&#/&&c]%c(%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
;Z[cWÅ+c]%a]%Zei[ek'+&c]%c(%Zei['l[pWeZ_W$
;f_b[fi_WÅ*#',c]%a]%Z_WZ_l_Z_Zei[c'#*Zei[i$:ei[c|n_cWÅ)&c]%a]%Z_Wek']%Z_W$
7Zkbjei
=bWkYecWZ[~d]kbeWX[hjeÅ(+&c]'#*l[p[ifehZ_W$
;Z[cWÅ(+&#)-+c]%Z_W$
;f_b[fi_WÅ*#',c]%a]%Z_WZ_l_Z_Zei[c'#*Zei[i$:ei[c|n_cWÅ)&c]%a]%Z_Wek']%Z_W$
:e[dWZWWbj_jkZ[[b[lWZWÅ(+&c]WYWZW.#'(^ehWi$
+*r
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWhWYWZW'(^ehWi$
9bYh2'&cB%c_dÅ[l_jWhekie$
7
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecWY_Zei[h[if_hWjh_W"Ze[dWfkbcedWhYhd_YWeXijhkj_lW"Z_WX[j[i
c[bb_jki"]ejW$
7Y[j_bY_ij[dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<bk_ckY_bf[Z_|jh_Ye%7Y[j_bY_ij[dWÅC[Z_YWc[dje=[dh_Ye[dl[bef['&&c]
<bkY_ij[_d%<bk_ckY_b%7Y[j_bY_ij[dWÅC[Z_YWc[dje=[dh_Ye[dl[bef[(&&c]
<bk_ckY_b:%7Y[j_bY_ij[dWÅC[Z_YWc[dje=[dh_Ye[dl[bef[,&&c]
<bkY_ij[_d%<bk_ckY_b%7Y[j_bY_ij[dWÅC[Z_YWc[dje=[dh_YeWcfebW)&&c]%)cB
Kiei
8hedgk_j[iYhd_YWi"W]kZWi"jWX|]_YWi[Wic|j_YWi1[dÓi[cWfkbcedWh1XhedYefd[kced_Wi1WXY[iiei
fkbcedWh[i1Xhedgk_[YjWi_Wi1Wj[b[YjWi_WifkbcedWh[i1jhWjWc[djeZ[Yecfb_YW[ifkbcedWh[ifi#
Y_hh]_YWi1ckYel_iY_Zei[1h_d_j[ickYeYheijeiWi[ckYefkhkb[djWi1h_de\Wh_d]_j[i[bWh_d]ejhWgk[j[i1ej_j[i
YWjWhhW_i[fkhkb[djWi1i_dki_j[1fh[fWhWefWhWXhedYe]hWÓWi[XhedYeWif_hW[i1WdjZejedWjen_Y_ZWZ[
W]kZWfehfWhWY[jWceb$
Feiebe]_W
9ececkYebj_Ye
?C
9h_WdWiÅh[Zkp_hWZei[fhefehY_edWbc[dj[[ch[bWe}Zei[WZkbjW$
7ZkbjeiÅ)&&c]'WcfebW'#(l[p[iWeZ_W$
L_W?dWbWjh_W
9h_WdWi[7ZkbjeiÅ)&&c]'WcfebWZ_bkZei[cI<&"/"[c'#(i[ii[ifehZ_W"ZkhWdj[+#'&Z_Wi$
DWiWb%Wkh_YkbWh
7ZkbjeiÅ_dij_bWh'&#(&]ejWifehl[pdWiYWl_ZWZ[i(#)l[p[iWeZ_W$
;dZejhWgk[eXhedgk_Wb
7ZkbjeiÅ_dij_bW[ifehiedZWif[hcWd[dj[iekXhedYeiYf_eiZ[)&&c]'WcfebWfehl[p'#(l[p[iWeZ_W$
LEÅZ_iiebl[he[dl[bef[[c'%(YefeYec|]kW$
9h_WdWiÅ'&&c](#*l[p[iWeZ_W"Yed\ehc[W_ZWZ[$
7ZkbjeiÅ(&&c](#)l[p[iWeZ_Wek,&&c]'l[pWeZ_W"fh[\[h_l[bc[dj[WeZ[_jWh$
?djen_YWefehfWhWY[jWceb
LE
9h_WdWi[7ZkbjeiÅ'*&c]%a]"i[]k_ZeiZ['-Zei[iZ[-&c]%a]WYWZW*^ehWi1h[f[j_hWZei[dWeYehh
dY_W
Z[
c[i[Z[djheZ['^ehWWfWhj_hZWWZc_d_ijhWe1Wj[hWf_WZ[l[Yedj_dkWhWjgk[jeZWiWiZei[i[`Wc
WZc_d_ijhWZWi"c[icegk[edl[bfbWic|j_YeZ[fWhWY[jWcebj[d^WYWZeWXW_neZWjWnWjn_YW$
Fh[YWk[i
Ei[dl[bef[iZ['&&c][(&&c]Yedj
ciWYWhei[[deZ[l[ci[hkiWZeifehfWY_[dj[iZ_WXj_Yei$
r++
7Y[jedW!ÜbYeeb;jb_Ye
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H[cel[ZehZ[;icWbj[\hWiYe'&&cB
Kie
H[ceeZ[[icWbj[ZWikd^Wi$
Feiebe]_W
Jf_YeÅ[cX[X[hWb]eZeYecefheZkje[Wfb_YWhdWikd^WiWjh[cel[hjejWbc[dj[e[icWbj[$
Fh[YWk[i
7_dWbWefeZ[YWkiWhcehj[$:[l[i[hcWdj_Ze[cbeYWbi[]khe"bed][Ze\e]e[ZeWbYWdY[Z[Yh_WdWi$
7Y_Ybel_h
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Pel_hWnYecfh_c_Ze(&&c]
Pel_hWnfecWZWe\j|bc_YW)&c]%]X_idW]W*"+]
Pel_hWnYh[c[+X_idW]W'&]
Pel_hWn\hWiYe#WcfebW(+&c]
Kiei
JhWjWc[dje_d_Y_Wb[fheÓbWn_WZ[^[hf[ii_cfb[i[c_d\[Y[iZWckYeiW[Ykj~d[W1[dY[\Wb_j[ifeh^[hf[i
i_cfb[i1_d\[Y[ifeh^[hf[i#pij[h1lWh_Y[bW#pij[h[cfWY_[dj[iiWkZ|l[_i1fWY_[dj[i_ckdeYecfhec[j_Zei$
Feiebe]_W
LE
9h_WdWi[7Zkbjei
>[hf[ii_cfb[i][d_jWb"fh_c[_hW_d\[YeÅ'$&&&c]%Z_WZ_l_Z_Zei[c+Zei[iek'$(&&c]%Z_W[c)Zei[i
Z_l_Z_ZWiZkhWdj[-#'&Z_Wi$:ei[c|n_cW[cYh_WdWiÅ.&c]%a]%Z_WZ_l_Z_Zei[c)#+Zei[i$
>[hf[ii_cfb[i][d_jWb"_d\[Yeh[Yehh[dj[Å'$&&&c]%Z_WZ_l_Z_Zei[c+Zei[iek'$(&&c]%Z_WZ_l_Z_Zei
[c)Zei[iek'$,&&c]%Z_WZ_l_Z_Zei[c(Zei[iZkhWdj[+Z_Wi$:ei[c|n_cW[cYh_WdWiÅ.&c]%a]%Z_W
Z_l_Z_Zei[c(#+Zei[i$
>[hf[ii_cfb[i][d_jWbh[Yehh[dj[[cfWY_[dj[i[cj[hWf_Wikfh[ii_lWÅ.&&#'$&&&c]%Z_W[c(#+Zei[i
Z_l_Z_ZWi$:ei[c|n_cW[cYh_WdWiÅ.&c]%a]%Z_W[c(#+Zei[iZ_l_Z_ZWi$
>[hf[ii_cfb[i[cfWY_[dj[i_ckdeYecfhec[j_ZeiÅ'$&&&c]%Z_WZ_l_Z_Zei[c)#+Zei[iZkhWdj[-#'*Z_Wi$
:ei[c|n_cWÅ.&c]%a]%Z_WZ_l_Z_Zei[c)#+Zei[i$
FheÓbWn_WZ[^[hf[ii_cfb[i[cfWY_[dj[i_ckdeYecfhec[j_Zeiiehefei_j_leiÅ,&&#'$&&&c]%Z_WZ_l_Z_Zei
[c)#+Zei[iZkhWdj[eif[heZeiZ[h_iYe$:ei[c|n_cW[cYh_WdWiÅ.&c]%a]%Z_WZ_l_Z_Zei[c)#+Zei[i$
>[hf[i#pij[h[cfWY_[dj[i_ckdeYecf[j[dj[iÅ*$&&&c]%Z_WZ_l_Z_Zei[c+Zei[iZ_l_Z_ZWiZkhWdj[+#-
Z_Wi$:ei[c|n_cW[cYh_WdWiÅ.&c]%a]%Z_WZ_l_Z_Zei[c+Zei[i$
>[hf[i#pij[h[cfWY_[dj[i_ckdeYecfhec[j_Zei
9h_WdWiÅ(+&#,&&c]%c(%Zei[*#+l[p[ifehZ_W$
7ZkbjeiÅ.&&c]WYWZW*^ehWi+l[p[ifehZ_WZkhWdj[-#'&Z_Wi1fheÓbWn_WÅ*&&c]+l[p[ifehZ_W$
LWh_Y[bW#pij[h[cfWY_[dj[i_ckdeYecf[j[dj[iÅ.&c]%a]%Z_WZ_l_Z_Zei[c*Zei[iZkhWdj[+Z_Wi$:ei[
c|n_cWÅ)$(&&c]%Z_W$
FheÓbWn_WZ[Y_jec[]WbelhkiÅ.&&#)$(&&c]%Z_W[c'#*Zei[iZ_l_Z_ZWiZkhWdj[ef[heZeZ[h_iYe$:ei[
+,r
c|n_cW[cYh_WdWiÅ.&c]%a]%Z_W[c)#*Zei[iZ_l_Z_ZWi$
?L
>[hf[ii_cfb[i
D[edWjeifh[cWjkheiÅ(&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiZkhWdj['*#('Z_Wi$
D[edWjeiÅ'$+&&c]%c(%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWiek'+#)&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW
.^ehWiZkhWdj['*#('Z_Wi$
9h_WdWi[7Zkbjei
>[hf[ii_cfb[iÅ-+&c]%c(%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWiZkhWdj[+#-Z_Wi$
>[hf[ii_cfb[i[cfWY_[dj[i_ckdeYecfhec[j_Zei
9h_WdWi2'WdeÅ'+#)&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWiZkhWdj[-#'*Z_Wi$
9h_WdWi4'WdeÅ-+&#'$+&&c]%c(%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWiek'+#)&c]%a]%Z_W[cZei[i
Z_l_Z_ZWiWYWZW.^ehWiZkhWdj[-#'*Z_Wi$
FheÓbWn_WZ[^[hf[ii_cfb[i[cfWY_[dj[i_ckdeYecfhec[j_Zeiiehefei_j_leiÅ-+&c]%c(%Z_W[cZei[i
Z_l_Z_ZWiWYWZW.^ehWiZkhWdj[ef[heZeZ[h_iYe$
;dY[\Wb_j[feh^[hf[ii_cfb[iÅ'$+&&c]%c(%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWiek)&c]%a]%Z_W[cZei[i
Z_l_Z_ZWiWYWZW.^ehWiZkhWdj['*#('Z_Wi$
LWh_Y[bW#pij[h[cfWY_[dj[i_ckdeYecfhec[j_Zei[_ckdeYecf[j[dj[i
9h_WdWi2'WdeÅ)&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWiZkhWdj[-#'&Z_Wi$
9h_WdWi4'WdeÅ'$+&&c]%c(%Z_WZ_l_Z_ZeiWYWZW.^ehWiek)&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.
^ehWiZkhWdj[-#'&Z_Wi$
FheÓbWn_WZ[Y_jec[]Wbelhki[cfWY_[dj[i_ckdeYecfhec[j_ZeiÅ'$+&&c]%c(%Z_WZ_l_Z_ZeiWYWZW.
^ehWiZkhWdj[ef[heZeZ[h_iYe$
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWh+l[p[iWeZ_W[c_dj[hlWbeiZ[Wfhen_cWZWc[dj[*^ehWi"ikfh_c_dZe#i[W
Wfb_YWedef[heZedejkhde$
Jf_Yee\j|bc_Ye
7fb_YWh'YcdeiWYeYed`kdj_lWb_d\[h_eh+l[p[ifehZ_W"W_dj[hlWbeiZ[Wfhen_cWZWc[dj[*^ehWi$
7
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
D[edWjei?L
IYh&".#'"'c]%ZBÅWZc_d_ijhWh(&c]%a]%Zei[WYWZW'(^ehWi$
IYh'"(#'"+c]%ZBÅWZc_d_ijhWh(&c]%a]%Zei[WYWZW(*^ehWi$
IYh4'"+c]%ZBÅWZc_d_ijhWh'&c]%a]%Zei[WYWZW(*^ehWi$
9h_WdWi¨,c[i[i[7ZkbjeiLE
:ei[kikWb
9b[WhWdY[Z[Yh[Wj_d_dW
7`kij[Z[Zei[
(&&c]+l[p[iWeZ_W
9bYh2'&cB%c_d
7Zc_d_ijhWh(&&c]WYWZW'(^ehWi
.&&c]+l[p[iWeZ_W
9bYh'&#(+cB%c_d
9bYh2'&cB%c_d
7Zc_d_ijhWh.&&c]WYWZW.^ehWi
7Zc_d_ijhWh.&&c]WYWZW'(^ehWi
?L
9bYh(+#+&cB%c_dÅWZc_d_ijhWhWZei[dehcWbWYWZW'(^ehWi$
9bYh'&#(+cB%c_dÅWZc_d_ijhWhWZei[dehcWbWYWZW(*^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWh+&ZWZei[dehcWbWYWZW(*^ehWi$
Fh[YWk[i
7`kijWhWZei[[cfWY_[dj[iYecZ_i\kdeh[dWb$
r+-
ÜY_Ze7Yj_Ye
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
ÜY_Ze7Yj_Ye(\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
ÜY_Ze7Yj_Ye)\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
ÜY_Ze7Yj_Ye+\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
;c[nWc[iZ_W]dij_YeifWhWZ[j[YjWh>FLFWf_becWLhki>kcWdki"Yeceiebkeh[W][dj[[cYebfeiYef_W
[f[d_iYef_W$
E|Y_ZeWYj_YeWfb_YWZe[c[nWc[iYebfeiYf_YeifWhWeXi[hlWeZWiYWhWYj[hij_YWiZe[f_jb_eY[hl_YWb$
Feiebe]_W
7fb_YWhiec[dj[ieXeh_[djWecZ_YW$
ÜY_Ze7Y[j_biWb_Yb_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
77I_d\Wdj_bYecfh_c_Ze'&&c]
IecWb]_djWcfedWZeYecfh_c_Ze'&&c]
Kiei
JhWjWc[djeZ[ZehikWl[[ceZ[hWZW1_dÔWcWe[\[Xh[1fheÓbWn_WZ[_d\WhjeW]kZeZec_eY|hZ_e[[f_iZ_ei
jhWdi_jh_eiZ[_igk[c_W1jhWjWc[djeZ[Whjh_j[h[kcWj_Z[$
Feiebe]_W
LE
9h_WdWi§'WdeÅWYh_jh_ecZ_Ye$
9h_WdWiZ['#(WdeiÅ'%(#'Yecfh_c_Ze$
9h_WdWiZ[)#+WdeiÅ'#(Yecfh_c_Zei$
9h_WdWiZ[,#/WdeiÅ(#)Yecfh_c_Zei$
9h_WdWiZ['&#'(WdeiÅ*#+Yecfh_c_Zei$
EXi$0[iiWiZei[ifeZ[ci[hh[f[j_ZWiWj)l[p[iWeZ_W"feZ[dZelWh_Whi[]kdZeeh_[djWecZ_YW$
7Zkbjei
7dj_W]h[]Wdj[fbWgk[j|h_eÅ+&#)(+c]%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh2'&cBÅ[l_jWhekie$
:_|b_i[Å(&#'&&Z_Wb_i|l[b$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ[iehZ[difbWgk[j|h_Wi"^[cehhW]_Wi"fheXb[cWih[dW_i"Z[i_ZhWjWe"
]Wijh_j["bY[hW$9h_WdWiekWZeb[iY[dj[ideZ[l[ckiWh[ii[c[Z_YWc[djefWhWYWjWfehWeki_djecWi
]h_fW_iWdj[igk[kccZ_Yei[`WYedikbjWZeieXh[WidZhec[Z[H[o["kcWhWhW"cWi]hWl[Ze[dW
WiieY_WZWW[ii[c[Z_YWc[dje$
+.r
ÜY_Ze8h_Ye
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ü]kW8eh_YWZWiebke)\hWiYe'&&cB
Kie
Jf_YeÅYeceWdj_#ifj_Ye[cYkhWj_lei[YeceWdj_#ifj_Ye[cYecfh[iiWieYkbWh[i$
Fh[YWk[i
7_d][ijeWY_Z[djWbZ[l[i[hjhWjWZW_c[Z_WjWc[dj["fheYkhWdZeeh_[djWecZ_YW$
ÜY_Zexfi_bed#7c_deYWfh_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?fi_bed\hWiYe#WcfebW']%(&cB
Kiei
JhWjWc[djeZ[^[cehhW]_W_dZkp_ZWfeh^_f[hÓXh_db_i[ekÓXh_db_i[kh_d|h_W1Yedjheb[Z[^[cWjh_W
Y_hh]_YW[de#Y_hh]_YWfhel[d_[dj[ZWX[n_]W"fhijWjW[kh[jhW1fheÓbWn_WZ[^[cehhW]_WfheleYWZWfeh
Y_hkh]_WZ[dj|h_W$
Feiebe]_W
9h_WdWi
?LÅZei[_d_Y_WbÅ'&&#(&&c]%a]$:ei[Z[cWdkj[deÅ'&&c]%a]%Zei[WYWZW,^ehWi$:ei[c|n_cWÅ)&]$
7Zkbjei
?LÅ*#+]ZkhWdj[W'°^ehW"i[]k_ZeiZ[_d\kieYedjdkW1j_jkbWhWZei['#'"(+]%^$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
Eb_]kh_Wek[ij|]_eÓdWbZWZe[dWh[dWbÅh[Zkp_hWZei[[c(+$
Fh[YWk[i
E|Y_ZeWc_deYWfh_YefeZ[i[WYkckbWh[cfWY_[dj[iYec\kdeh[dWbZ_c_dkZW$KiWhYecYWkj[bW[c
fWY_[dj[iYecZe[dWiYWhZWYW"h[dWb"^[f|j_YW[fWY_[dj[iYecj[dZ
dY_WYed^[Y_ZWWjhecXei[$
ÜY_Ze<b_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;dZe\eb_dYecfh_c_Ze+c]
;dZe\eb_d]ejWi|Y_Ze\b_Ye&"(c]!|Y_ZeWiYhX_Ye+&c]%cb\hWiYe)&cb'cb3(&#((]ejWi
Kiei
JhWjWc[djeZ[Wd[c_WcWYheYj_YW[c[]WbeXb|ij_YW1Z[ÓY_
dY_WZ[\ebWje1ikfb[c[djedWZ_[jWfWhW
fh[l[deZ[Z[ÓY_
dY_WdejkXed[khWb$
r+/
Feiebe]_W
LE
Fh[cWjkhei[BWYj[dj[iÅ&"&+#&"'c]$
9h_WdWiZ[(#*WdeiÅ&"'#&"(c]$
9h_WdWi4*WdeiÅ&"(#&"*c]$
7Zkbjei
:ei[kikWbÅ(c]ek+c]'l[pWeZ_W$
Fh[l[deZ[cWb\ehcWeZejkXed[khWbÅ(c](l[p[iWeZ_Wek+c]'l[pWeZ_W"ZkhWdj[jeZeef[heZe
\hj_bZWckb^[hi[nkWbc[dj[Wj_lW$Fhebed]Whekief[bec[deiZkhWdj[Wi*fh_c[_hWii[cWdWiZ[][ijWe$
7
ÜY_Ze=WZejh_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:ejWh[c&"+cceb%cB\hWiYe#WcfebW'&cB
Kiei
x_dZ_YWZeYeceYedjhWij[hWZ_eb]_Yefhefh_[ZWZ[iefWY_ÓYWdj[ifWhWkie[c[nWc[iZ[_cW][cfeh
h[iied~dY_WcW]dj_YW[cYWieiZ[Ze[dWiY[h[XhW_i[[if_d^W_i"Ze[dWiZWYebkdWl[hj[XhWb[ekjhWi
fWjebe]_WiZ[jeZeeYehfe"_dYbk_dZeWd]_e]hWÓW$
Feiebe]_W
7Zkbjei[9h_WdWiÅZei[h[Yec[dZWZWÅ&"'cceb%a]ek&"(cB%a]$
9Wiei[nY[fY_edW_i
;cWb]kdiYWiei"feZ[i[hd[Y[ii|h_WWWZc_d_ijhWeZ[kcWi[]kdZW_d`[e$:ei[h[Yec[dZWZWÅ
&"(cceb%a]$
Fh[YWk[i
7Zc_d_ijhWhiec[dj[[[ijh_jWc[dj[fehl_W_djhWl[deiW"gkWbgk[hlebkc[h[i_ZkWbde\hWiYeZ[l[i[h
Z[iYWhjWZe$DeZ[l[i[hWZc_d_ijhWZefeh_d`[eikXWhWYd_Z[Wek[f_ZkhWb$:khWdj[e[nWc[
Yedl[d_[dj[Yedi[hlWhkcWl_WZ[WY[iiel[deie"WÓcZ[gk[feiiWZWhjeZWWj[hWf
kj_YW
i_djec|j_YWd[Y[ii|h_W$
ÜY_ZeFeb_WYhb_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H[\h[i^%L_iYej[Whi][bbgk_Ze(c]%]jkXe'&]
Kiei
9eceikXij_jkjeZebgk_ZebWYh_cWb[cYWieiZ[idZhec[Z[h[ii[YWc[djeeYkbWh1f[bYkbWbWYh_cWb
fWjeb]_YWek_dikÓY_[dj[Yece[cidZhec[Z[I`]h[d1i[YkhWZWYhd[W[Yed`kdj_lWdWfi#c[defWkiW[
i[d_b_ZWZ[1cel_c[dje_dYedijWdj[ZWf|bf[XhWZkhWdj[Wd[ij[i_WekYecW[cKJ?1\[Y^Wc[dje_dikÓY_[dj[
ZWf|bf[XhWeki[di_X_b_ZWZ[h[Zkp_ZWZWYhd[W$
Feiebe]_W
9h_WdWi[7Zkbjei
Jf_Yee\j|bc_YeÅ']ejW)#*l[p[iWeZ_W1feZ[#i[Wkc[djWhW\h[g
dY_WZ[f[dZ[dZeZW]hWl_ZWZ[ZeYWie$
,&r
Fh[YWk[i
Dekj_b_pWhb[dj[iZ[YedjWjeZkhWdj[ejhWjWc[dje$
7
ÜY_Zei=hWnei;ii[dY_W_i!7iieY_W[i
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7j_leZ[hc[%:[hiWd_%Ikfh_Z[hc[b[e\hWiYe'&&cB
FWii_edZ[hc[%Fh_ceZ[hc%IWd_#Ia_dbee\hWiYe(&&cB
Kiei
9ecedehcWb_pWZehZe[gk_bXh_e^_Zheb_fZ_YeZWf[b[i[YW"h[ii[YWZWekgk[d[Y[ii_j[Z[Yk_ZWZeiWZ_Y_edW_i
Z[l_Ze}Z[i_ZhWjWe1cWdkj[deZW^_ZhWjWe[dkjh_eZWf[b[dehcWb1f[iieWiWYWcWZWi[[nfeijWiW
YedZ_[i[njh[cWiZeWcX_[dj["YeceWh#YedZ_Y_edWZe$
Feiebe]_W
9h_WdWi[7Zkbjei
Jf_YeÅWfb_YWhdWf[b[Z[jeZeeYehfe"Wfi^_]_[d_pWe")l[p[iWeZ_W$7fb_YWhiec[dj[ieXh[Wf[b[dj[]hW$
Fh[YWk[i
DeZ[l[i[hWfb_YWZeieXh[b[i[iZWf[b[0Z[iYWcWeYecb[ie[f_Zhc_YW"\[h_ZWi[ekjhei$DecWiiW][Wh
ieXh[|h[Wi_igk
c_YWi"cWiiec[dj[Wei[kh[Zeh$
ÜY_ZeJhWd[n~c_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
JhWdiWc_dWcfebW(+&c]%+cB
Kiei
FheÓbWn_W[jhWjWc[djeZ[^[cehhW]_Wfi#Y_hkh]_WZ[dj|h_W"[c^[ce\b_Yei1jhWjWc[djeZ[^[cehhW]_Wfi#
Y_hh]_YW1jhWjWc[djeZ[^[cehhW]_W_dZkp_ZWfeh^_f[hÓXh_db_i[1jhWjWc[djeZ[Wd]_eZ[cW^[h[Z_j|h_e$
Feiebe]_W
?L
9h_WdWi[7ZkbjeiÅ'&c]%a]_c[Z_WjWc[dj[Wdj[iZWY_hkh]_W1[dje"(+c]%a]%Zei[$
LE
)#*l[p[ifehZ_WZkhWdj[(#.Z_Wi$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
Dl[bih_YeZ[Yh[Wj_d_dWc]%ZB
:ei[?L
'"),#(".)
'&c]%a](l[p[iWeZ_W
4(".)#+",,
'&c]%a]'l[pWeZ_W
4+",,
'&c]%a]WYWZW*.^ehWiek
+c]%a]WYWZW(*^ehWi
r,'
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZe[dWYWhZ_elWiYkbWh"h[dWb"Y[h[XhelWiYkbWh"fheijWj[Yjec_WjhWdikh[jhWb$
DeZ[l[i[hWZc_d_ijhWZeYedYec_jWdj[c[dj[W\Wjeh?N[ekjheiYecfb[neiYeW]kbWdj[i_d_X_jh_ei$
7
ÜY_ZeJh_YbeheWYj_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
ÜY_ZeJh_YbeheWYj_Ye.+\hWiYe'+cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
9eceW][dj[jf_YeYWkj[h_pWdj[[ch[ceeZ[l[hhk]Wi1Wbj[hdWj_lWc[dj[dejhWjWc[djeZ[l[hhk]Wi
][d_jW_i%f[h_WdW_i[nj[hdWi[l[hhk]WilW]_dW_i[WdW_i$
Feiebe]_W
7Zkbjei
Jf_YeÅWfb_YWhdWl[hhk]WWfiWh[ceeZej[Y_ZeYWbeie$9eXh_hfeh+#,Z_WiWdj[iZWh[ceeZWl[hhk]W$
H[Wfb_YWhi[d[Y[ii|h_e$
Fh[YWk[i
;ii[c[Z_YWc[djeYedjhW#_dZ_YWZe[cb[i[icWb_]dWiekfh#cWb_]dWi$
ÜY_ZeKhieZ[ien_Yb_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
KhiWYebYecfh_c_Ze'+&c]
Kiei
:_iiebkeZ[Y|bYkbeiX_b_Wh[i\ehcWZeifehYeb[ij[heb[cfWY_[dj[igk[0Wfh[i[djWcb_jWi[fehY|bYkbeide#
hWZ_efWYei"YecZ_~c[jhe_d\[h_ehW'Yc"[cl[iYkbW\kdY_edWdj[ekYWdWbYebZeYe1h[YkiWhWcW_dj[hl[de
Y_hh]_YWekWfh[i[djWcYedjhW#_dZ_YW[ifWhW[ijW1Wfh[i[djWcikf[hiWjkhWeX_b_WhZ[Yeb[ij[hebdW
Wd|b_i[ZWX_b[Yeb^_ZWfehYWj[j[h_iceZkeZ[dWb1jhWjWc[djeZW\ehcWi_djec|j_YWZ[Y_hhei[X_b_Whfh_c|h_W1
Wbj[hW[igkWb_jWj_lWi[gkWdj_jWj_lWiZWX_b[1Yeb[Y_ijefWj_WYWbYkbeiW[cl[iYkbWX_b_Wh\kdY_edWdj[1b_jWi[
h[i_ZkWbZ[YebZeYeekh[Y_Z_lWiWfi_dj[hl[deieXh[l_WiX_b_Wh[i1idZhec[Z_iffj_Ye#ZebeheiWZ[
Yeb[Y_ijefWj_WiYeceki[cY|bYkbei[fi#Yeb[Y_ij[Yjec_W1Z_iY_d[i_WiZ[l_WiX_b_Wh[i[idZhec[iWiieY_WZWi1
Wbj[hW[ib_f
c_YWifehWkc[djeZ[Yeb[ij[heb[%ekjh_]b_Yh_Z[i1j[hWf
kj_YWYeWZ`klWdj[Z[b_jejh_fi_W$
Feiebe]_W
LE
9h_WdWiZ['c
i#'WdeZ[_ZWZ[
7jh[i_WX_b_WhÅ'&#'+c]%a]%Z_W'l[pWeZ_W$
C[b^ehWZec[jWXeb_ice^[f|j_YeZ[|Y_Zei]hWneidWÓXhei[Yij_YW
9h_WdWiZ['#'(WdeiÅ)&c]%a]%Z_WZ_l_Z_Zei[c(Zei[i$
:_iiebkeZ[Y|bYkbeiX_b_Wh[i
7ZkbjeiÅ.#'&c]%a]%Z_WZ_l_Z_Zei[c(#)Zei[i$
:ei[Z[cWdkj[deÅ(+&c]%Z_WdW^ehWZ[Zehc_hZkhWdj[,c[i[iW'Wde$
Fh[l[deZeY|bYkbeX_b_WhÅ)&&c](l[p[iWeZ_W$
9_hhei[X_b_Whfh_c|h_WÅ')#'+c]%a]%Z_WZ_l_Z_Zei[c*Zei[i$
,(r
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZe[dW^[f|j_YWYhd_YW$
7
ÜY_ZeLWbfh_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:[fWa[d[Yecfh_c_Zeh[l[ij_Ze+&&c]
:[fWa[d[nWhef[(+&c]%+cB\hWiYe'&&cB
:[fWa[d[Y|fikbW(+&c]
Kiei
9ececedej[h|f_Ye[cgkWZheiZ[Wki
dY_Wi_cfb[i"Yecfb[nW[Yedlkbi[i\[Xh_i1[c[igk[cWi
j[hWf
kj_YeiWiieY_WZeideYWieZ[Wki
dY_WYecfb[nWekWjf_YWc_eYbd_YW"[ifWicei_d\Wdj_iidZhec[
Z[M[ij[Yh_i[iWY_dj_YWi1j[hWf
kj_YWWZ`klWdj[feZ[i[h_dij_jkZW[cYWieiZ[Yh_i[ijd_Ye#Ybd_YWi
]hWdZ[cWb"Yh_i[i\eYW_iYeci_djecWjebe]_W[b[c[djWh[Yecfb[nW"Yh_i[i\eYW_iYec][d[hWb_pWe
i[YkdZ|h_W[\ehcWic_ijWi$
Feiebe]_W
LE
:ei[_d_Y_Wbh[Yec[dZWZWÅ'+c]%a]%Z_W"feZ[dZei[hWkc[djWZW[c_dj[hlWbeii[cWdW_iZ[+#'&c]%a]%
Z_W"Wjgk[i[eXj[d^WeYedjheb[ZWiYedlkbi[iekWjedZ[ei[\[_jeiYebWj[hW_if[hc_jWc$
:ei[c|n_cWÅ,&c]%a]%Z_W$I[WZei[Z_|h_WjejWb[nY[Z[h(+&c]"[ijWZ[l[h|i[hWZc_d_ijhWZWZ[
\ehcW\hWY_edWZW$
Fh[YWk[i
DeZ[l[i[hWZc_d_ijhWZe[cfWY_[dj[iYecZe[dW^[f|j_YW$;l_jWhkieZkhWdj[W]hWl_Z[pZ[l_ZeWfeiil[_i
[\[_jeij[hWje]
d_Yei$
7Z[dei_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7Z[deYWhZWcfebW,c]%(cB
Kiei
JhWjWc[djeZ[jWgk_YWhZ_WfWhenij_YWikfhWl[djh_YkbWh"_dYbk_dZeidZhec[Z[Meb\\#FWha_died#M^_j[1
jhWjWc[djeZ[jkceh[iY[h[XhW_i$
Feiebe]_W
?L
D[edWjeiÅZei[_d_Y_WbÅ&"&+c]%a]1i[deeXj_l[h[\[_jeZ[i[`WZe[c(c_dkjei"Wkc[djWhWZei[[c&"&+
c]%a]"Wkc[djWdZeWYWZW(c_dkjeiWjWZei[c|n_cWZ[&"(+c]%a]ekWjYedjhebWheii_djecWi$
:ei[d_YWc|n_cWÅ'(c]$
9h_WdWiZ['c
i#'(Wdei
JWgk_YWhZ_WfWhenij_YWikfhWl[djh_YkbWhÅZei[_d_Y_WbÅ&"&+c]%a]1i[deeXj_l[h[\[_je[c(c_dkjei"
Wkc[djWhWZei[[c&"&+c]%a]"Wkc[djWdZeWYWZW(c_dkjeiWjWZei[c|n_cWZ[&"(+c]%a]ekWj
YedjhebWheii_djecWi$:ei[d_YWc|n_cWÅ'(c]$
r,)
7ZkbjeiÅ,c]1i[deeXj_l[h[\[_jeZ[i[`WZeZ[djheZ['#(c_dkjei"Wfb_YWhcW_i'(c]"feZ[dZeh[f[j_h[c
Xebki'(c]i[d[Y[ii|h_e$:ei[d_YWc|n_cWÅ'(c]$
7
7Z_\[d_dW!:_f_hedW!Fhec[jWp_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
B_iWZehYecfh_c_ZeWZ_\[d_dWYbeh_ZhWje'&c]!Z_f_hedWiZ_YW+&&c]!fhec[jWp_dWYbeh_ZhWje+c]
B_iWZehWZ_\[d_dWYbeh_ZhWje(+c]!Z_f_hedWiZ_YW-+&c]!fhec[jWp_dWYbeh_ZhWje(+c]WcfebW(cB
B_iWZeh]ejWiWZ_\[d_dWYbeh_ZhWje'&c]!Z_f_hedWiZ_YW+&&c]!fhec[jWp_dWYbeh_ZhWje+c]%'"+cB
\hWiYe(&cB'cB3(&]ejWi
Kiei
CWd_\[ijW[iZebeheiWi[c][hWb1Wdj_jhc_Ye1Zeh[i[if|ij_YWi[c][hWb"YeceYb_YWiZejhWje]Wijh_dj[ij_dWb"
Yb_YWih[dW_i[^[f|j_YWi"Y[\Wb_Wi"d[lhWb]_Wi"c_Wb]_Wi"WhjhWb]_Wi"Zeh[ifi#ef[hWjh_Wi$
Feiebe]_W
9h_WdWi
LE
)c[i[i#(WdeiÅ*#.]ejWi[c_dj[hlWbeicd_ceiZ[,^ehWi$
4(WdeiÅ.#',]ejWi[c_dj[hlWbeicd_ceiZ[,^ehWi1Zei[icW_eh[iWYh_jh_ecZ_Ye$
7Zkbjei
LEÅ'#(Yecfh_c_Zei"[c_dj[hlWbeicd_ceiZ[,^ehWiek)&#,&]ejWi[c_dj[hlWbeicd_ceiZ[,^ehWi1
Zei[icW_eh[iWYh_jh_ecZ_Ye$
?CÅZei[cZ_WÅ'%(#'WcfebW[c_dj[hlWbeicd_ceiZ[,^ehWi1Zei[icW_eh[iZ[l[ci[hYk_ZWZeiWc[dj[
YedjhebWZWif[becZ_Ye$
Fh[YWk[i
DekiWh[cYh_WdWiWXW_neZ[)c[i[i[Yecc[deiZ[+a]$
7Zh[dWb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7Zh[dWcfebW'c]%'cB
Kiei
JhWjWc[djeZ[XhedYe[ifWice1h[WeWdWÓb|j_YW1fWhWZWYWhZWYW1jhWjWc[djeZ[]bWkYecWZ[~d]kbeWX[hje$
Feiebe]_W
?L%?djhWj[YWb
D[edWjeiÅ&"&'#&"&)c]%a]WYWZW)#+c_dkjeiYeced[Y[ii|h_e$
?C
9h_WdWiZ['c
i#'(WdeiÅ&"&'c]%a]12)&a]Å&"'+c]14)&a]Å&")c]$
I9Å&"&'c]%a]"de[nY[Z[h&"+c]$
8hWZ_YWhZ_W
?LÅ&"&'c]%a]$
?djhWj[YWbÅ&"'c]%a]"h[f[j_hWZei[WYWZW)#+c_dkjeiYeced[Y[ii|h_e1Zei[iWY_cWZ[&"(c]%a]feZ[c
i[hkiWZWi$
,*r
7ii_ijeb_W[fWhWZWYWhZWYW
?L%?djhW#ii[WÅ&"&'c]%a]"feZ[dZei[hh[f[j_ZWWYWZW)#+c_dkjeiYeced[Y[ii|h_e"YWiedei[eXj[d^We
[\[_jeZ[i[`WZe"WZei[feZ[i[hWkc[djWZW[c&"'c]%a]WYWZW)#+c_dkjeiYeced[Y[ii|h_e$
?d\kieYedjdkWÅ&"'#'cY]%a]%c_d"j_jkbWhWZei[Wjgk[i[eXj[d^We[\[_jeZ[i[`WZe$
D[Xkb_pWeÅ&"(+#&"+cBW("(+$
7Zkbjei
?L
7ii_ijeb_WÅ&"'c]%a]Å+c]WYWZW)#+c_dkjei$
?djhWjhWgk[WbÅ'c]$
?C%I9Å&"'#&"+c]WYWZW'&#'+c_dkjei$
?d\kieYedjdkWÅZei[_d_Y_WbÅ'cY]%c_d"j_jkbWhWZei[Wjgk[i[eXj[d^We[\[_jeZ[i[`WZe$
7
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ_WX[j[ic[bb_jki"Ze[dWYWhZ_elWiYkbWh"^_f[hj_he_Z_ice"^_fej_he_Z_iceek
Whj[h_eiYb[hei[Y[h[XhWb$
Ü]kW:[ij_bWZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ü]kW:[ij_bWZWWcfebW'&cB
Ü]kW:[ij_bWZW\hWiYe'&&cB
Ü]kW:[ij_bWZW\hWiYe(+&cB
Ü]kW:[ij_bWZW\hWiYe+&&cB
Ü]kW:[ij_bWZW\hWiYe'$&&&cB
Ü]kW:[ij_bWZW]Wbe+$&&&cB
7bWdjedW!Jh_YbeiWd
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FheZ[hc[ckbie\hWiYe'+&cB
Kiei
>_ZhWjWeZWf[b[Z[Yh_WdWi[WZkbjei"fh_dY_fWbc[dj[Wfi[nfei_efhebed]WZWWeieb$
Feiebe]_W
Jf_Ye
KiWhZ_Wh_Wc[dj[WfiYWZWjheYWZ[\hWkZW"Wfi[nfei_efhebed]WZWWeiebeki[cfh[gk[d[Y[ii|h_e$
Fh[YWk[i
;l_j[eYedjWjeYeceieb^ei$
r,+
7bX[dZWpeb
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
P[dj[b%7bX[dZWpebÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze(&&c]
Kiei
JhWjWc[djeZWi_d\[Y[ii_cfb[iekc_ijWiYWkiWZWifehfWhWi_jWi_dj[ij_dW_i$;ijkZeiYbd_YeiceijhWc
gk[WbX[dZWpeb[\[j_ledejhWjWc[djeZ[7iYWh_ibkcXh_Ye_Z[i"Jh_Y^kh_ijh_Y^_khW";dj[heX_kil[hc_YkbWh_i"
7dYobeijecWZkeZ[dWb["D[YWjehWc[h_YWdki"JW[d_Wiff"Ijhed]obe_Z[iijh[YehWb_i[=_|hZ_WZkeZ[dWb_i
[cYh_WdWi$
Feiebe]_W
LE
9h_WdWi[7Zkbjei
D[kheY_ij_Y[hYei[
2,&a]Å'+c]%a]%Z_W[c(Zei[iZ_l_Z_ZWiZkhWdj[.#)&Z_Wi$:ei[c|n_cWÅ.&&c]%Z_W$
¨,&a]Å*&&c](l[p[iWeZ_WZkhWdj[.#)&Z_Wi$
9_ije^_Z|j_Ye
2,&a]Å'+c]%a]%Z_WZ_l_Z_Zei[c(Zei[iZkhWdj['#,c[i[i$:ei[c|n_cWÅ.&&c]%Z_W$
¨,&a]Å*&&c](l[p[iWeZ_WZkhWdj['#,c[i[i$
7dYobeijecWYWd_dkc"7iYWh_ibkcXh_Ye_Z[i"Jh_Y^kh_ijh_Y^_khWÅ*&&c][cZei[d_YW$
9Wf_bWh_Wi[Å*&&c]'l[pWeZ_WZkhWdj['&Z_Wi$
9bedehY^_ii_d[di_iÅ'&c]%a]%Z_W'l[pWeZ_WZkhWdj[-Z_Wi$
BWhlWc_]hWdiYkj~d[WÅ*&&c]'l[pWeZ_WZkhWdj[)Z_Wi$
;dj[heX_kil[hc_YkbWh_iÅ*&&c]Zei[d_YW"h[f[j_hWZei[[c(i[cWdWi$
CWdied[bbWf[hijWdiÅ*&&c](l[p[iWeZ_WZkhWdj['&Z_Wi$
Jh_Y^_d[bbWif_hWb_iÅ*&&c](l[p[iWeZ_WZkhWdj[.#'*Z_Wi$
BWhlWc_]hWdil_iY[hWbÅ*&&c](l[p[iWeZ_WZkhWdj[+Z_Wi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWi^[f|j_YeiekYecYedjW][cZ[b[kYY_jeiZ_c_dkZW$
:[iYedj_dkWhekiei[^ekl[hi_]d_ÓYWdj[[b[lWeZWi[dp_cWi^[f|j_YWi"Yedj_dkWdZeWj[hWf_WgkWdZeW
YedY[djhWeZWi[dp_cWi^[f|j_YWiZ_c_dk_h$9ehj_Yeij[h_Z[iZ[l[ci[hWZc_d_ijhWZei'#(Z_WiWdj[iZe
_dY_eZWj[hWf_WYecWbX[dZWpeb$
7bXkc_dW>kcWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7bXkc_dW>kcWdW=h_\ebi(&\hWiYe'&cB
7bXkc_dW>kcWdW=h_\ebi%7bXkh[n%8[h_Xkc_d%8bWkX_cWn%EYjWbXkc_d%FbWiXkc_d(&\hWiYe+&cB
Kiei
;ijWZeiZ[Y^egk[1gk[_cWZkhWi1jhWjWc[djefh[fi#ef[hWjh_e1jhWjWc[djeZ[[Z[cWiW]kZei1
^_feWbXkc_d[c_WYhd_YW1YeceWZ`klWdj[ZkhWdj[[niWd]k_dejhWdi\kiefWhWjhWjWhW^_f[hX_b_hhkX_d[c_W"
kcWl[pgk[WWbXkc_dWi[b_]W}X_b_hhkX_dW1Z[i[gk_bXh_eZ[Ôk_ZeiZkhWdj[W]hWl_Z[p$
,,r
Feiebe]_W
>_fefhej[_d[c_W
D[edWjei"9h_WdWiZ['c
i#'(Wdei[7ZkbjeiÅ&"+#']%a]%Zei["feZ[dZe#i[h[f[j_hWYWZW'#(Z_Wi$
>_feleb[c_W
D[edWjeiÅZei[kikWbÅ&"+]%a]%Zei[1\W_nWkikWbÅ&"(+#&"+]%a]%Zei[$
9h_WdWiZ['c
i#'(WdeiÅ&"+#']%a]%Zei["h[f[j_dZeWZei[i[d[Y[ii|h_e$:ei[c|n_cWÅ,]%a]%Z_W$
7ZkbjeiÅ(+]1dei[Z[l[cWZc_d_ijhWhcW_iZegk[(+&][c*.^ehWi$
7
Fh[YWk[i
7h|f_ZW_d\kieZ[WbXkc_dWfeZ[YWkiWhieXh[YWh]WlWiYkbWh$DeWZc_d_ijhWhWbXkc_dW[cfWY_[dj[iYec
gk[_cWZkhWiZkhWdj[Wifh_c[_hWi(*^ehWiWfiWgk[_cWZkhW$
ÜbYeeb7Xiebkje//",e=B
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
ÜbYeeb7XiebkjeWcfebW'&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
JhWjWc[djeZ[_djen_YWefeh[j_b[de]b_Yebekc[jWdeb1jhWjWc[djeZ[fWhjefh[cWjkhe1Wkc[djeZ[
_d][ijeYWbh_YW$
Feiebe]_W
7Zkbjei
JhWjWc[djeZ[_djen_YWefeh[j_b[de]b_Yebekc[jWdeb
?L
:ei[Z[WjWgk[Å-",#'&cB%a]Z[kcWiebkeZ[[jWdebW'&$
CWdkj[deÅkiWhiebkeZ[[jWdebW'&$
Kik|h_eYhd_YeZ[[jWdebÅ'"/+cB%a]%^fehf[bec[dei+Z_WidW_djen_YWefehc[jWdeb[)Z_WidW
_djen_YWefeh[j_b[de]b_Yeb$
Kik|h_eceZ[hWZeZ[[jWdebÅ'")/cB%a]%^fehf[bec[dei+Z_WidW_djen_YWefehc[jWdeb[)Z_WidW
_djen_YWefeh[j_b[de]b_Yeb$
Dekik|h_eZ[[jWdebÅ&"./cB%a]%^fehf[bec[dei+Z_WidW_djen_YWefehc[jWdeb[)Z_WidW_djen_YWe
feh[j_b[de]b_Yeb$
>[ceZ_|b_i[fWhWdl[_iZ[[jWdebWY_cWZ[+&c]%ZB"_dikÓY_
dY_WYWhZWYWYed][ij_lWiec[dj[
[j_b[de]b_Yeb"_dikÓY_
dY_Wh[dWb"WdehcWb_ZWZ[i|Y_Ze#XWi[i[l[hWieki_djecWil_ikW_iiec[dj[c[jWdeb
>[ceZ_|b_i[[jWdebW'&?L
Kik|h_eYhd_YeZ[[jWdebÅ)".+cB%a]%^feh'Z_WekWjWiebkeZeiWY^WZeiYbd_Yei$
Kik|h_eceZ[hWZeZ[[jWdebÅ)"(/cB%a]%^feh'Z_WekWjWiebkeZeiWY^WZeiYbd_Yei$
Dekik|h_eZ[[jWdebÅ("-)cB%a]%^feh'Z_WekWjWiebkeZeiWY^WZeiYbd_Yei$
JhWjWc[djeZ[fWhjefh[cWjkhe[jWdebW'&
:ei[Z[WjWgk[Å?LÅ-"+cB%a]%^feh(^ehWi$
CWdkj[deÅ_d\kie[dZel[deiWÅ'"+cB%a]%^fehWj'&^ehWi$
7kc[djeZW_d][ijeYWbh_YW
?d\kie[dZel[deiWÅ'#(B%Z_W"[ckcWjWnWZ[_d\kieb[djWZ[(&&cB%^fWhWkcW_d`[eZ[|bYeebW+[
Z['&&cB%^fWhWkcW_d`[eZ[|bYeebW'&$
r,-
Fh[YWk[i
:[l[#i[[l_jWhekieZ[[jWdeb[cfWY_[dj[i[f_bj_Yei"WbYebWjhWiiWbledeYWieZ[jhWjWc[djeZ[WXij_d
dY_W"
fWY_[dj[iYecZe[dWi^[f|j_YWi"Y_hkh]_WYhWd_WdWZ[l_ZeW\hWjkhW"fi#fWhje"_dikÓY_
dY_Wh[dWbYhd_YW"
Z_WX[j[ic[bb_jki"]ejWW]kZW[[cYWieiZ[Z[fh[iieZei_ij[cWd[hleieY[djhWb$
7
ÜbYeebFeb_l_db_Ye!Fel_ZedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H[\h[i^iebkee\j|bc_YW[ijh_bÔWYed[j[&"*cB
Kiei
BkXh_ÓYWdj[deiYWieiZ[eb^ei[Ye"Yeceb|]h_cWWhj_ÓY_Wb[fWhWZ[iYed\ehje[_hh_jWeYWkiWZeif[bekieZ[
b[dj[iZ[YedjWje$
Feiebe]_W
?dij_bWh'ek(]ejWideeb^eW\[jWZei[cfh[gk[d[Y[ii|h_eekZ[WYehZeYeceh_[djWecZ_YW$
Fh[YWk[i
DeZ[l[i[hkiWZe[cfWY_[dj[iYeci[di_X_b_ZWZ[Yed^[Y_ZWWgkWbgk[hkcZeiYecfed[dj[iZW\hckbW$
I[ikh]_hZeheYkbWh"Wbj[hW[iZ[l_ie"l[hc[b^_Zeek_hh_jWeYedjdkWZeeb^e"eki[f[hi_ij_hekf_ehWhW
YedZ_eeYkbWhfehcW_iZegk[-(^ehWi"Z[iYedj_dk[ekieZefheZkje[Yedikbj[i[kcZ_Ye$
ÜbYeeb-&
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
ÜbYeeb-&Wbcejeb_W'&&cB
ÜbYeeb-&XebiW'$&&&cB
Kiei
>_]_[d_pWeWi[YeZWf[b[$
Feiebe]_W
Jf_Ye
7fb_YWhf[gk[dWgkWdj_ZWZ[ZefheZkjefkheieXh[Wf[b[[\h_YY_edWhcWiiW][WdZeikWl[c[dj[WjW
WXiehejejWbZefheZkje$
Fh[YWk[i
DeWfb_YWhgkWdZe^ekl[h\[h_c[djeidWf[b[$;l_jWhekiefhn_ceWeieb^ei[ckYeiWi$;ii[fheZkjede
ikXij_jk_eiWXed[j[[WbWlW][cYec|]kW$;ii[fheZkje_dÔWc|l[bÅcWdj[hW\WijWZeZe\e]e[ZeYWbeh$;c
YWieZ[gk[_cWZkhWi"bWlWhW|h[WYec|]kWYehh[dj[$;cYWieZ[_d][ije"defheleYWhlc_je[YedikbjWh
_c[Z_WjWc[dj[eY[djheZ[_djen_YW[ieki[hl_eZ[iWZ[cW_ifhn_ce$DeZ
dWZWfehl_WehWbWkcW
f[iieW_dYediY_[dj[$CWdj[h\ehWZeWbYWdY[Z[Yh_WdWi[Wd_cW_iZecij_Yei$
,.r
7b\[djWd_bW
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
HWf_\[dWcfebW("+c]%+cB
Kiei
Ikfb[c[djWeZ[WdWb][i_WdWcWdkj[deZ[Wd[ij[i_WYecXWhX_jh_Ye%n_Zed_jheie%en_]
d_efWhW
fheY[Z_c[djeiY_hh]_YeiYkhjei1WdWb][i_W[cWd[ij[i_W][hWb"feh_d\kieYedjdkWYecn_Zed_jheie%
en_]
d_e1_dZkeWd[iji_YW$
Feiebe]_W
7Zkbjei
?L
?dZkeWd[iji_YW
:ei[_d_Y_WbÅ')&#(*+cY]%a]$
:ei[Z[cWdkj[deÅ&"+#'"+cY]%a]$
Fh[YWke
FeZ[eYehh[hZ[fh[iiedei_ij[cWd[hleieY[djhWb"Z[fh[iieh[if_hWjh_W[^_fej[dieehjeij|j_YW$7Zei[
fWhWYh_WdWic[deh[iZ['(Wdeide[ij|[ijWX[b[Y_ZW$
7b_pWfh_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ikf[hWdWcfebW+&c]%(cB
Kiei
9eceWdj_[cj_Ye[Wdj_dWki[eie"[b[j_lWc[dj[ZkhWdj[Wj[hWf_WWdj_d[efb|i_YW$
Feiebe]_W
9h_WdWiÅdeiYWieiW]kZei"Yec[WhYec(+c]fehl_W?Cek?L"fheii[]k_dZeYecW\ehcW]ejWiWii_cgk[
feiil[b$
7ZkbjeiÅ'&&#(&&c]WeZ_Wfehl_W?Cek?L$
Fh[YWk[i
Defh[iYh[l[hWb_pWfh_ZW[cfWY_[dj[iYecikif[_jWZ[\[eYheceY_jecWi[cYedjheb[cZ_Yeh_]eheie$KiWh
YecYWkj[bW[cfWY_[dj[iYecfheXb[cWih[dW_i]hWl[i$7ZkhWeZejhWjWc[djedeZ[l[kbjhWfWiiWh'
i[cWdW$;l_jWhekiedW]hWl_Z[p$
7befkh_deb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Pobeh_YYecfh_c_Ze'&&c]
Pobeh_YYecfh_c_Ze)&&c]
r,/
Kiei
JhWjWc[djeZ[[iYeb^WfWhW]ejWje\|Y[WYhd_YW1fheÓbWn_WZejhWjWc[djeZ[^_f[hkh_Y[c_W1fheÓbWn_W[
jhWjWc[djeZ[d[\hefWj_Wfeh|Y_Zeh_Ye1fheÓbWn_WZ[Y|bYkbeih[dW_iZ[|Y_Zeh_Ye[Z[enWbWjeZ[Y|bY_e$
7
Feiebe]_W
LE
9h_WdWi§'&Wdei
:ei[kikWbÅ'&c]%a]%Z_W[c(#)Zei[iZ_l_Z_ZWiek(&&#)&&c]%c(%Z_W[c(#*Zei[iZ_l_Z_ZWi$:ei[
c|n_cWÅ.&&c]%Z_W$
2,WdeiÅ'+&c]%Z_W[c)Zei[iZ_l_Z_ZWi$
,#'&WdeiÅ)&&c]%Z_W[c(#)Zei[iZ_l_Z_ZWi$
9h_WdWi4'&Wdei[7Zkbjei
:ei[kikWbÅ,&&#.&&c]%Z_W[c(#)Zei[iZ_l_Z_ZWi$
=ejW
:e[dWceZ[hWZWÅ(&&#)&&c]%Z_W$
:e[dWi[l[hWÅ*&&#,&&c]%Z_W$
H[Yehh
dY_WZ[Y|bYkbeih[dW_iZ[enWbWjeZ[Y|bY_e
9h_WdWi4'&Wdei[7ZkbjeiÅ(&&#)&&c]Z_Wh_Wc[dj[[cZei[iZ_l_Z_ZWiek[cZei[d_YW$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh4+&cB%c_dÅdeWbj[hWhWZei[$
9bYh'&#+&cB%c_dÅh[Zkp_hWZei[W+&ZWh[Yec[dZWZW$
9b 2'&cB%c_dÅh[Zkp_hWZei[W)&ZWh[Yec[dZWZW$
Yh
Fh[YWk[i
DekiWhdejhWjWc[djeWii_djec|j_YeZW^_f[hkh_Y[c_W$FeZ[^Wl[hWkc[djeZeh_iYeZ[[hkf[iYkj~d[Wi
[cfWY_[dj[i\Wp[dZekieZ[Wcen_Y_b_dW[Wcf_Y_b_dW$
7bfhWpebWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<hedjWbYecfh_c_Ze&"(+c]
Kiei
JhWjWc[djeZWWdi_[ZWZ[1WZ`klWdj[dejhWjWc[djeZWWdi_[ZWZ[WiieY_WZW}Z[fh[iie[WejhWdijehdeZef~d_Ye$
Feiebe]_W
7Zkbjei
7di_[ZWZ[Å&"+#&"*c]%Z_W[cZei[iZ_l_Z_ZWi"h[Yec[dZW#i[Yec[WhejhWjWc[djeYecZei[i&"(+#&"+c])
l[p[iWeZ_W$:ei[c|n_cWÅ*c]%Z_W$
:[fh[iieÅZei[cZ_W[n_]_ZWÅ("+#)c]%Z_W[cZei[iZ_l_Z_ZWi$
JhWdijehdeZef~d_YeÅck_jeifWY_[dj[ieXj
ch[ikbjWZeiYecZei[iZ[(c]%Z_W1Zei[iZ[,c]%Z_WfeZ[c
i[hh[gk[h_ZWi$
Fh[YWk[i
9edlkbi[ifeZ[ceYehh[h[djh[eifh_c[_hei)Z_WiWfi_dj[hhkfeWXhkfjWZejhWjWc[dje$9edjhW#_dZ_YWZe
[cfWY_[dj[iYecc_Wij[d_W]hWl[$
-&r
7bfheijWZ_b
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[Z\ehZWbfheij\hWiYe#WcfebW+&&cY]%'cB
Kiei
J[hWf_WfWb_Wj_lW"deZ[Ód_j_lW"Z[cWdkj[deZWfWj
dY_WZeZkYjkiWhj[h_eikiWjgk[i[`Wh[Wb_pWZWkcW
Y_hkh]_WfWb_Wj_lWekYehh[j_lW[cd[edWjeigk[Wfh[i[djWcc|#\ehcWeYWhZWYW[gk[Z[f[dZ[cZ[kc
ZkYjkifWj[dj[fWhWieXh[l_l[h$JW_ic|i#\ehcW[iYWhZWYWi_dYbk[cWjh[i_WfkbcedWh"[ij[dei[fkbcedWh"
Wjh[i_Wjh_Yif_Z["j[jhWbe]_WZ[<Wbbej"_dj[hhkfeZeWhYeWhj_Ye"YeWhYjWeZWWehjWekjhWdifei_eZei
]hWdZ[ilWieiYeceki[cekjhWiWdecWb_Wi$
Feiebe]_W
D[edWjei
?d\kie[dZel[deiWÅZei[_d_Y_WbÅ&"&+#&"'cY]%a]%c_d1Wii_cgk[Wh[ifeijWj[hWf
kj_YW\ehWj_d]_ZW"
h[Zkp_hWjWnWZ[_d\kiefWhW\ehd[Y[hWc[dehZei[feiil[bYWfWpZ[cWdj[hWh[ifeijW1i[Wh[ifeijWZ[
&"&+cY]%a]%c_d\eh_dWZ[gkWZW"Wkc[djWhWZei[Wj&"*cY]%a]%c_d$
Fh[YWk[i
FeZ[eYehh[hWfd_W"ieXh[jkZe[cd[edWjeiYecf[ie_d\[h_ehW(a]WedWiY[h"gk[WfWh[Y["[c][hWb"
ZkhWdj[Wfh_c[_hW_d\kie$FehjWdje"[ii[fheZkjeZ[l[i[hkiWZe[cbeYW_iedZ[^W`W[gk_fWc[djeZ[
l[dj_bWeZ_ifedl[b$
7bj[fbWi[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7Yj_boi[\hWiYe#WcfebW+&c]
Kiei
JhWjWc[djeÓXh_debj_Ye[c_d\WhjeW]kZeZec_eY|hZ_e1jhWjWc[djejhecXebj_Ye[c[cXeb_WfkbcedWh
W]kZW]hWl["Yec_dijWX_b_ZWZ[^[ceZ_d~c_YW1jhWjWc[djejhecXebj_YeZ[WY_Z[dj[lWiYkbWhY[h[XhWb
_igk
c_YeW]kZe$
Feiebe]_W
7Zkbjei
JhWjWc[djeZ[_d\WhjeW]kZeZec_eY|hZ_e
H[]_c[Z[WZc_d_ijhWeWY[b[hWZWZkhWdj[/&c_dkjeifWhWfWY_[dj[igk[ie\h[hWc_d\WhjeZec_eY|hZ_e"
deigkW_iejhWjWc[djefeiiWi[h_d_Y_WZeZ[djheZ[,^ehWiWfie_dY_eZeii_djecWi$
FWY_[dj[i¨,+a]ÅkcWZei[Z['+c][cXebki_djhWl[deie"i[]k_ZWZ[+&c][c_d\kie_djhWl[deiW"
ZkhWdj[eifh_c[_hei)&c_dkjei"i[]k_ZeiZ[)+c]feh_d\kie_djhWl[deiWZkhWdj[ei,&c_dkjeii[]k_dj[i
WjWZei[c|n_cWZ['&&c]$
FWY_[dj[i2,+a]ÅkcWZei[Z['+c][cXebki_djhWl[deie"i[]k_ZWZ[_d\kieZ[&"-+c]%a]Wjde
c|n_ce+&c]"ZkhWdj[eifh_c[_hei)&c_dkjei"i[]k_ZeifehkcW_d\kieZ[&"+c]%a]ZkhWdj[ei,&
c_dkjeii[]k_dj[i$
H[]_c[Z[WZc_d_ijhWeZkhWdj[)^ehWifWhWfWY_[dj[ideigkW_iejhWjWc[djefeiiWi[h_d_Y_WZe[djh[,[
'(^ehWiWfie_dY_eZeii_djecWiÅkcWZei[Z['&c][cXebki_djhWl[deie$7i[]k_h"WZc_d_ijhWhWZei[
r-'
Z[+&c]feh_d\kie_djhWl[deiWZkhWdj[W'W^ehW"i[]k_ZWfeh_d\kieZ[Zei[Z[*&c]ZkhWdj[Wi(^ehWi
i[]k_dj[i$:ei[c|n_cWÅ'&&c]$
FWY_[dj[i2,+a]ÅZei[c|n_cWÅ'"+c]%a]$
JhWjWc[djeZ[[cXeb_WfkbcedWhÅ'&c][cXebki_djhWl[deie"ZkhWdj['#(c_dkjei[/&c]Yece_d\kie
_djhWl[deiWZkhWdj[(^ehWi$
FWY_[dj[i2,+a]ÅZei[c|n_cWÅ'"+c]%a]$
JhWjWc[djeZ[WY_Z[dj[lWiYkbWhY[h[XhWb_igk
c_YeÅ&"/c]%a]"_d\kdZ_ZeiZkhWdj[,&c_dkjei"Yec
'&ZWZei[jejWbWZc_d_ijhWZW[cXebki_djhWl[deie$EjhWjWc[djeZ[l[i[h_d_Y_WZeWj)^ehWiWfie
WfWh[Y_c[djeZeii_djecWi$
7
Fh[YWke
EjhWjWc[djejhecXebj_Yeh[gk[hYk_ZWZeiWWj[deWjeZeieibeYW_ifeiil[_iZ[^[cehhW]_W$
7cWdjWZ_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CWdj_ZWdYecfh_c_Ze'&&c]
Kiei
;ij|_dZ_YWZWdejhWjWc[djeZ[fWha_died_ice1dWih[W[i[njhWf_hWc_ZW_i_dZkp_ZWifehZhe]Wi1fheÓbWn_W[
jhWjWc[djeZeii_dW_i[i_djecWiZ[_d\[Y[iYWkiWZWif[belhki_dÔk[dpW7$
IdZhec[Z[FWha_diedÅjhWjWc[djeZWZe[dWZ[FWha_died_Z_ef|j_YW"fWha_died_icefi#[dY[\Wb_j["
fWha_died_icefi#jhWkcWj_iceiek_djen_YWefehcedn_ZeZ[YWhXede$JWcXc[ij|_dZ_YWZedWgk[b[i
fWY_[dj[i_ZeieiYecFWha_diedWiieY_WZeWWbj[hW[iWhj[h_eiYb[hj_YWi$
H[W[i[njhWf_hWc_ZW_i_dZkp_ZWifehZhe]WiÅjhWjWc[djeZWih[W[i[njhWf_hWc_ZW_i_dZkp_ZWifeh
Zhe]Wi"YeckcWc[deh_dY_Z
dY_WZ[[\[_jeiYebWj[hW_iZegk[eieXi[hlWZeifehekjheiYeb_dh]_Yei$
FheÓbWn_W[jhWjWc[djeZ[_d\[Y[if[belhki_dÔk[dpW7Å_dZ_YWZedWfheÓbWn_WdeigkWZheifheZkp_Zei
feh_dÔk[dpW7gkWdZeWlWY_dWe[ij|YedjhW#_dZ_YWZWek_dZ_ifedl[b$JWcXc_dZ_YWZedejhWjWc[dje
Z[Ze[dWiZejhWjeh[if_hWjh_edeYecfb_YWZWiYWkiWZWif[belhki_dÔk[dpW$
Feiebe]_W
7iZei[iZ[WcWdjWZ_dWZ[l[ci[hh[Zkp_ZWi[cYWieZ[_dikÓY_
dY_WYWhZWYWYed][ij_lW"[Z[cWf[h_\h_Ye"
^_fej[dieehjeij|j_YWek_dikÓY_
dY_Wh[dWb$
FheÓbWn_W[jhWjWc[djeZ[_d\[Yef[be^[ceÓbki7Å(&&c]%Z_W$
;c_dZ_lZkei4,+WdeiÅZei[Z['&&c]%Z_W$
FWha_died_iceÅZei[kikWbÅ'&&c](l[p[iWeZ_W"gkWdZekiWZe_iebWZWc[dj[$Ei[k_dY_eZ[WeZ[
Y[hYWZ[*.^ehWi$;c_dZ_lZkeiYecZe[dWicZ_YWiWiieY_WZWiekh[Y[X[dZeekjheiWdj_fWha_died_Wdei"W
Zei[_d_Y_WbZ[l[i[hZ['&&c]%Z_W[feZ[i[hWkc[djWZWfWhW(&&c]%Z_W"i[d[Y[ii|h_e$
GkWdZeWWcWdjWZ_dW_djheZkp_ZWYecWb[leZefWYedYec_jWdj[c[dj["efWY_[dj[[n_X[h|f_Zei[\[_jei
j[hWf
kj_Yei$7WcWdjWZ_dWZ[l[i[hcWdj_ZW[cZei[iYedijWdj[iZ['&&c]%Z_Wek(&&c]%Z_W$
H[W[i[njhWf_hWc_ZW_i_dZkp_ZWifehZhe]WiÅ(&&#)&&c][cZei[iZ_l_Z_ZWi$:ei[c|n_cWÅ*&&c]%Z_W$
Fh[YWk[i
EkieZ[WcWdjWZ_dWdeZ[l[i[h_dj[hhecf_ZeWXhkfjWc[dj["fe_ieifWY_[dj[ifeZ[cWfh[i[djWhgkWZhe
YWhWYj[h_pWZefehkcWZ[j[h_ehWeYbd_YW$7iZei[iZ[WcWdjWZ_dWZ[l[ci[hh[Zkp_ZWiYWieWfWh[Wc
[\[_jeiWjhefd_YeiYecekieZWZhe]W$?dj[hhkf[iW]kZWidejhWjWc[djefeZ[cfh[Y_f_jWhW]_jWe"Z[bh_ei"
WbkY_dW[i"h[W[ifWhWd_Z[i"[ijkfeh"Wdi_[ZWZ["Z[fh[iie[\WbWfWijeiW$
-(r
IdZhec[d[khebfj_YWcWb_]dWÅieh[bWjWZeihWheiYWieiZ[feiil[bidZhec[d[khebfj_YWcWb_]dWWfi
WZ_c_dk_eekWXij_d
dY_WZWWcWdjWZ_dW$FehjWdje"eifWY_[dj[iZ[l[ci[heXi[hlWZeiYk_ZWZeiWc[dj[
gkWdZeWZei[ZWWcWdjWZ_dW\ehh[Zkp_ZWek_dj[hhecf_ZWWXhkfjWc[dj["[if[Y_Wbc[dj[[cfWY_[dj[iYec
kieZ[d[khebfj_Yei$
:e[dWih[dW_iÅ[nYh[jWZef[bWkh_dW"fehjWdje"eii[kidl[_ifbWic|j_YeiWkc[djWcgkWdZe^|
Z_c_dk_eZW\kdeh[dWb$
>[fWjefWj_WiÅ[cfWY_[dj[iYecZe[dWi^[f|j_YWi"WWcWdjWZ_dWZ[l[i[hWZc_d_ijhWZWYecYk_ZWZe"
[cXehWkcWh[bWe[if[YÓYW[djh[WWcWdjWZ_dW[Wbj[hW[ih[dW_ide[ij[`WX[cYbWhW$
9WhZ_efWj_WiÅWZei[d[Y[ii_jWi[hW`kijWZW[cfWY_[dj[iYec_dikÓY_
dY_WYWhZWYWYed][ij_lW"[Z[cW
f[h_\h_Yeek^_fej[dieehjeij|j_YW[fWY_[dj[iYec^_ijh_YeZ[_dikÓY_
dY_WYWhZWYWYed][ij_lWZkhWdj[e
jhWjWc[djeYecWcWdjWZ_dW$
FWY_[dj[iYechWi^Ykj~d[e[fi_Yei[iZ[iYecf[diWZeijWcXcZ[l[ci[hced_jehWZei$
=hWl_Z[p[bWYjWeÅ[ij[c[Z_YWc[dje[nYh[jWZedeb[_j[cWj[hde$
C|#\ehcWeYWhZ_elWiYkbWh`|\e_eXi[hlWZW}[nfei_ecWj[hdWZWWcWdjWZ_dW'&&c]%Z_WZkhWdj[Wi(
fh_c[_hWii[cWdWiZ[]hWl_Z[p$
7
7cXheneb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CkYeieblWdnWhef[WZkbje)&c]%+cB\hWiYe'(&cB
Kiei
9ecej[hWf
kj_YWi[Yh[jebj_YW[[nf[YjehWdj[[cW\[Y[iXhedYefkbcedWh[iW]kZWi[Yhd_YWi"WiieY_WZWi}
i[Yh[eckYeiWWdehcWb[WjhWdijehdeiZejhWdifehj[ckYeie$
Feiebe]_W
LE
9h_WdWi2(WdeiÅ-"+c](l[p[iWeZ_W$
9h_WdWiZ[(#+WdeiÅ-"+c])l[p[iWeZ_W$
9h_WdWiZ[+#'&WdeiÅ'+c])l[p[iWeZ_W$
7Zeb[iY[dj[i[7ZkbjeiÅ)&c])l[p[iWeZ_W$
7c_YWY_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DelWc_dWcfebW'&&c]%(cB
7c_YWY_dWWcfebW'&&c]%(cBÅC[Z_YWc[dje=[dh_Ye
DelWc_dWcfebW+&&c]%(cB
7c_YWY_dWWcfebW+&&c]%(cBÅC[Z_YWc[dje=[dh_Ye
Kiei
JhWjWc[djeZ[_d\[Y[i[djh_YWifeh]hWc#d[]Wj_leih[i_ij[dj[iW][djWc_Y_dW[jeXhWc_Y_dW1WWc_YWY_dW
[\[j_lWYedjhWfi[kZecedWi"Ab[Xi_[bbW";dj[heXWYj[h"I[hhWj_W"Fhej[ki[;$Yeb_1_d\[Y[iZ[c_YeXWYjh_Wi
ikiY[jl[_iWWc_YWY_dW$
r-)
Feiebe]_W
?C%?L
D[edWjei
&#*i[cWdWi"2'"(a]Å-"+c]%a]%Zei[WYWZW'.#(*^ehWi$
§-Z_Wi
'"(#(a]Å-"+c]%a]%Zei[WYWZW'(^ehWi$
4(a]Å-"+#'&c]%a]%Zei[WYWZW'(^ehWi$
4-Z_Wi
'"(#(a]Å-"+#'&c]%a]%Zei[WYWZW.#'(^ehWi$
4(a]Å'&c]%a]%Zei[WYWZW.^ehWi$
9h_WdWiZ['c
i#'(WdeiÅ'+#(("+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
JhWjWc[djeZ[_d\[Yefehc_YeXWYjh_Wide#jkX[hYkbeiWiÅ'+#)&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(#
(*^ehWi"YecefWhj[Z[kch[]_c[Z[cbj_fbWiZhe]Wi$:ei[c|n_cWÅ'"+]%Z_W$
7ZkbjeiÅ'+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.#'(^ehWi$:ei[c|n_cWÅ'"+]%Z_W$
JhWjWc[djeZ[_d\[YefehC$Wl_kcYecfb[neÅ-"+#'+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(#(*^ehWi"
YecefWhj[Z[kch[]_c[Z[cbj_fbWiZhe]Wi$
7
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh4-&cB%c_dÅckbj_fb_YWhWZei[Z[cWdkj[defeh&".+[WZc_d_ijhWh?LWYWZW.^ehWi$
9bYh+&#,/cB%c_dÅckbj_fb_YWhWZei[Z[cWdkj[defeh&".+[WZc_d_ijhWh?LWYWZW'(^ehWi$
9bYh(+#*/cB%c_dÅckbj_fb_YWhWZei[Z[cWdkj[defeh&".+[WZc_d_ijhWh?LWYWZW(*^ehWi$
9bYh2(+cB%c_dÅZei[Z[WjWgk[Å+#-"+c]%a]$
EXi$0W`kijWhWZei[XWi[WdZe#i[dWiYedY[djhW[iih_YWi[deic_Yheeh]Wd_icei$
Fh[YWk[i
EiWc_de]b_YeiZ[ei[ijeZ_h[jWc[dj[WiieY_WZeiYecd[\hejen_Y_ZWZ[[ejejen_Y_ZWZ["i[dZeWejejen_Y_ZWZ[
Z_h[jWc[dj[fhefehY_edWb}gkWdj_ZWZ[Z[Zhe]WZWZW[}ZkhWeZejhWjWc[dje$7c_de]b_YeiZ[eifeZ[c
YWkiWhZWdei\[jW_i[cckb^[h[i]h|l_ZWi[j
ci_ZeWiieY_WZeiWZ_l[hieiYWieiZ[ikhZ[pYed]
d_jWX_bWj[hWb
_hh[l[hil[b[cfWY_[dj[if[Z_|jh_YeigkWdZeie[nfeijeiWeiWc_de]b_YeiZ[eiW_dZWdej[he$
7c_Zejh_peWjeZ[IZ_e!7c_Zejh_peWjeZ[C[]bkc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F_[be]hW\-,)-&c]Z[_eZe%cB\hWiYe#WcfebW(&cB
9WZWcBYedjc0Wc_Zejh_peWjeZ[iZ_e&"']!Wc_Zejh_peWjeZ[c[]bkc_dW&",,]
Kiei
9ecec[_eZ[YedjhWij[[cjeZe[nWc[hWZ_eb]_YeYedjhWijWZe"[nY[jkWdZe#i[c_[be]hWÓW$
Feiebe]_W
?L
Khe]hWÓW[nYh[jehW
9h_WdWi2,c[i[iÅ("*#)"*cB%a]
9h_WdWiZ[,c[i[i#'&WdeiÅ'"+cB%a]
9h_WdWi4'&WdeiWj)&a]Å&".cB%a]
7Zkbjei-&a]Å,&cB
-*r
7ehje]hWÓW
7Zkbjei-&a]Å'+#*&cB"feZ[dZeh[f[j_hi[d[Y[ii|h_e$:ei[c|n_cWÅ',&cB$
7hj[h_e]hWÓWf[h_\h_YW
7Zkbjei-&a]Å',#*&cBfWhWWehjW[_bWYWi[.#(*cBfWhW_bWYWi[\[ckhW_i$:ei[c|n_cWYkckbWj_lW
Å',&cB$
7hj[h_e]hWÓWh[dWbi[b[j_lW
7Zkbjei-&a]Å)"+#.cB[cXebki$
7hj[h_e]hWÓWl_iY[hWbi[b[j_lW
7Zkbjei-&a]Å'+#)+cB"feZ[dZeh[f[j_hi[d[Y[ii|h_e$:ei[c|n_cWÅ',&cB$
7hj[h_e]hWÓWYehed|h_Wi[b[j_lWYeceki[cl[djh_Ykbe]hWÓW[igk[hZW
9h_WdWiÅ&".#'"(cB%a]$:ei[c|n_cWYkckbWj_lWÅ*cB%a]$
7ZkbjeiÅ(#'&cBfWhWWWhjh_WYehed|h_W[igk[hZW[(#,cBfWhWWZ_h[_jW$FWhWl[djh_Ykbe]hWÓW[igk[hZW
kj_b_pW#i[(+#)&cB$:ei[c|n_cWYkckbWj_lWÅ',&cB$
EXi$0Z[l[#i[ced_jehWhe[b[jheYWhZ_e]hWcWZkhWdj[efheY[Z_c[dje1[cWd]_e]hWÓWZ_]_jWb"WZei[feZ[i[h
h[Zkp_ZW[c+&$
Jece]hWÓWYecfkjWZeh_pWZW
9h_WdWiÅ&".#("*cB$
7Zkbjei-&a]Å*&#'&&cB$:ei[c|n_cWÅ'+&cB$
7
Fh[YWk[i
DeZ[l[i[hkiWZe[cfehjWZeh[iZ[c_[becWcbj_fbe$KiWhYecYWkj[bW[cfWY_[dj[iYec_dikÓY_
dY_W
h[dWbek^[f|j_YW]hWl[$BWYjWdj[iZ[l[c_dj[hhecf[hWWcWc[djWefeh*.^ehWiWfiW_d`[eZeic[_ei
Z[YedjhWij[i$:[l[#i[cWdj[hW^_ZhWjWedehcWbi[ch[ijh_e}_d][ijeZ[bgk_Zei"i[dZeh[Yec[dZWZe
`[`kc*^ehWiWdj[iZe[nWc[$
7c_bWi[!B_fWi[!Fhej[Wi[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FWdpojhWjY|fikbW+&&c]Wc_bWi[(($+&&K?!b_fWi[(+$&&&K?!fhej[Wi['$(+&K?
Kiei
x_dZ_YWZefWhWfWY_[dj[iYecZ[ÓY_
dY_WZ[[dp_cWifWdYh[|j_YWi[n][dWiYeceWgk[eYehh[dWii[]k_dj[i
YedZ_[i0ÓXhei[Yij_YW"fWdYh[Wj_j[Yhd_YW"fi#fWdYh[Wj[Yjec_W"fi#Y_hkh]_W]Wijh_dj[ij_dWbZej_feÇXo#
fWiiÈ"eXijhkeZeZkYjefWdYh[|j_Yefehd[efbWi_Wi$
Feiebe]_W
LE
9h_WdWi[7ZkbjeiÅ'#(Y|fikbWiZkhWdj[YWZWh[\[_e['Y|fikbWYecbWdY^[i$;l[djkWbc[dj["kcW)W
Y|fikbWfeZ[h|i[hd[Y[ii|h_W"Z[f[dZ[dZeZWh[ifeijW_dZ_l_ZkWb[ZWid[Y[ii_ZWZ[ifWhWYedjheb[WZ[gkWZe
ZW[ij[Wjehh_W$
Fh[YWk[i
DeZ[l[i[hWZc_d_ijhWZe[cf[iieWigk[j[d^WcWb[h]_WWfhej[dWZ[eh_][cfehY_dW$
r-+
7c_beh_ZW!>_ZheYbehej_Wp_ZW
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CeZkh[j_YYecfh_c_ZeWc_beh_ZW+c]!^_ZheYbehej_Wp_ZW+&c]
Kiei
?dZ_YWZefWhWfWY_[dj[ideigkW_i^|ikif[_jWZ[Z[fb[eZ[fej|ii_eekdWgk[b[i[cgk[[iiWZ[fb[e
fh[l_ijW$7YecX_dWeZeYbeh_ZhWjeZ[Wc_beh_ZWYecW^_ZheYbehej_Wp_ZWc_d_c_pWWfeii_X_b_ZWZ[Z[
Z[i[dlebl_c[djeZ[f[hZW[nY[ii_lWZ[fej|ii_e[cfWY_[dj[iikXc[j_ZeiWkcWZ_kh[i[_dj[diWfehf[heZei
fhebed]WZei$9eceWZ`klWdj[WekjheiWdj_#^_f[hj[di_leifWhWjhWjWc[djeZ[^_f[hj[die"[Z[cWZ[eh_][c
YWhZWYW"Y_hhei[^[f|j_YWYecWiY_j[[[Z[cW$
Feiebe]_W
LE
>_f[hj[dieÅ'Yecfh_c_Ze'l[pWeZ_Wek[cZei[i\hWY_edWZWi$
;Z[cWZ[eh_][cYWhZWYWÅZei[_d_Y_WbÅ'Yecfh_c_ZeWeZ_W1Wfeiebe]_WfeZ[i[hWkc[djWZWi[d[Y[ii|h_e"
cWideZ[l[[nY[Z[h(Yecfh_c_ZeiWeZ_W1Wfeiebe]_W_Z[WbZ[j[hc_dWZWf[bWh[ifeijWZ_khj_YWWZ[gkWZW
[f[bedl[bih_YeZ[fej|ii_e$
9_hhei[^[f|j_YWYecWiY_j[ÅZei[_d_Y_WbÅ'Yecfh_c_ZeWeZ_W1i[d[Y[ii|h_e"Wfeiebe]_WfeZ[i[h
Wkc[djWZW]hWZkWbc[dj[Wjgk[^W`WZ_kh[i[[\[j_lW$
Fh[YWk[i
Dekj_b_pWh[ii[c[Z_YWc[dj[i[[ij_l[hWcWc[djWdZe$Deh[Yec[dZWZeekie[cYh_WdWi$H[Wb_pWhW
ced_jeh_pWeYk_ZWZeiWZeidl[_iih_YeiZ[fej|ii_e$
7c_deÓb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7c_deÓb_dWIWdZepYecfh_c_Ze'&&c]
>oÓb_dWWcfebW(*&c]%'&cB
7c_deÓb_dWIWdZep]ejWi(*&c]%cB\hWiYe'&cB'cB3(&]ejWi
Kiei
:e[dWiYWhWYj[h_pWZWifehXhedYe[ifWice"fWhj_YkbWhc[dj[WicWXhdgk_YWekXhedYe[ifWiceWiieY_WZe
YecXhedgk_j[Yhd_YW[[dÓi[cW1h[if_hWeZ[9^[od[#Ijea[i$
Feiebe]_W
LE
7Zc_d_ijhWhWYWZW,^ehWi
9h_WdWi2'WdeÅQ&")n_ZWZ[[ci[cWdWi!.Sc]%a]%Z_W$
9h_WdWiZ['#'(WdeiÅ,c]%a]%Zei[$:ei[c|n_cWÅ(*c]%a]%Z_W$
9h_WdWiZ['(#',WdeiÅ+c]%a]%Zei[$:ei[c|n_cWÅ(&c]%a]%Z_W$
9h_WdWi4',WdeiÅ*c]%a]$:ei[c|n_cWÅ',c]%a]%Z_W$
7Zkbjei
JhWjWc[djefhebed]WZeZ[WicWXhdgk_YW[XhedYe[ifWiceÅ'&&#(&&c](#)l[p[iWeZ_WWfiWih[\[_[i$
?L
9h_WdWi
7fd_Wd[edWjWb
-,r
:ei[Z[WjWgk[Å("+#+c]%a][c_d\kieb[djWZ[(&c_dkjei$
:ei[Z[cWdkj[deÅ'#'"+c]%a][c_d\kieb[djWZ[)&c_dkjei"Yec_dj[hlWbeiZ['(^ehWi"WjWj_d]_h#i[
Zei[j[hWf
kj_YW$
;ijWZeZ[cWbWic|j_YeWfiZei[Z[WjWgk[_d_Y_Wb
?d\kieYedjdkW
9h_WdWiZ[,#+(i[cWdWiÅQ_ZWZ[[ci[cWdWin&"&&.!&"('Sn&".c]%a]%^$
9h_WdWiZ['#/WdeiÅ&",*c]%a]%^$
9h_WdWiZ[/#'(WdeiÅ&"+,c]%a]%^$
9h_WdWiZ['(#',Wdeide#\kcWdj[iÅ&"+,c]%a]%^$
9h_WdWiZ['(#',Wdei\kcWdj[iÅ&"*&c]%a]%^$
JhWjWc[djeZ[WicWXhdgk_YWW]kZW"_dYbki_l[[ijWZeZ[cWbWic|j_Ye[h[if_hWe9^[od[#Ijea[i
7ZkbjeiÅ(*&#*.&c]'#(l[p[iWeZ_W"WZc_d_ijhWZeib[djWc[dj[[c+#'&c_dkjei$
7
Fh[YWk[i
7WZc_d_ijhWe?LZ[l[i[h\[_jWYec[if[Y_WbYWkj[bW[c_Zeiei"fehjWZeh[iZ[_dikÓY_
dY_WYWhZWYW"
YehfkbcedWb[[_dikÓY_
dY_W^[f|j_YW$;c][hWb"h[Yec[dZW#i[WjWnWZ[_d\kieZ[&"',c]%a]%^$;ii[
c[Z_YWc[djedeZ[l[i[hkiWZe[cYWieZ[]Wijh_j[Wj_lW"bY[hWffj_YWWj_lWek^_ijh_WZ[bY[hWffj_YW$
7c_eZWhedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7c_eXWb%7dYehed%7jbWdi_bYecfh_c_Ze(&&c]
7dYehed%7jbWdi_bWcfebW'+&c]%)cB
7dYehed]ejWi(&&c]%cB\hWiYe+&cB
Kiei
?dZ_YWZe[cZ_ijhX_ei]hWl[iZeh_jceYWhZWYe"_dYbki_l[Wgk[b[ih[i_ij[dj[iWekjhWij[hWf
kj_YWiYece
feh[n[cfbe"Ze[dWZ[9^W]Wi"jWgk_YWhZ_Wl[djh_YkbWhZeYkc[djWZW"jWgk_YWhZ_WikfhWl[djh_YkbWh
ZeYkc[djWZW"Wbj[hW[iZeh_jceWiieY_WZWiWidZhec[Z[Mebb\#FWha_died#M^_j[$
Feiebe]_W
LE
7Zkbjei
JhWjWc[djeZ[WjWgk[Åe[igk[cWfeieb]_Ye^WX_jkWbZ[,&&#'$&&&c]%Z_WZkhWdj[.#'&Z_Wi$
JhWjWc[djeZ[cWdkj[deÅZ[j[hc_dWhWZei[cd_cW[ÓYWp"gk[feZ[lWh_WhZ['&&#*&&c]%Z_W$
JWcXcj[ci_ZeWZejWZee[igk[cWZ[Ç`Wd[bWj[hWf
kj_YWÈ"WZc_d_ijhWdZe#i[ec[Z_YWc[djeZkhWdj[+
Z_Wi[_dij_jk_dZe_dj[hlWbeZ[(Z_Wii[cc[Z_YWe$;cYWieZ[h[Yec[dZWeZ[feiebe]_WXW_nW"feZ[#i[
WZc_d_ijhWh(&&c][cZ_WiWbj[hdWZei$
9h_WdWiÅ)#(&c]%a]%Z_W$
?d\kie[dZel[deiW
JhWjWc[djeZ[WjWgk[Å[ccZ_W+c]%a]"WZc_d_ijhWZeiZ[(&c_dkjeiW(^ehWi"(#)l[p[ifehZ_W$
JhWjWc[djeZ[cWdkj[deÅ'&#(&c]%a]%Z_W[ccZ_W,&&#.&&c]%Z_W"feZ[dZeY^[]WhWj'"(]%Z_W$
?L[cXebkiÅ+c]%a]"WZc_d_ijhWZei[c)c_dkjei$
Fh[YWk[i
7WZc_d_ijhWe_djhWl[deiW[cXebkiYedjhW#_dZ_YWZW[cYWieZ[^_fej[die"_dikÓY_
dY_Wh[if_hWjh_W
]hWl["c_eYWhZ_efWj_Wek_dikÓY_
dY_WYWhZWYW$
r--
7c_jh_fj_b_dW
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
JhofjWdebYecfh_c_Ze(+c]
Kiei
JhWjWc[djeZ[Z[fh[iiec[djWb1jhWjWc[djeZ[Z_ijhX_eZef~d_Ye1jhWjWc[djeZ[Zehd[khe]
d_YW1
jhWjWc[djeZ[idZhec[Z[dWhYeb[fi_W%YWjWfb[n_W1jhWjWc[djeZ[Xkb_c_Wd[hleiW1fheÓbWn_WZ[Y[\Wb_W"
_dYbki_l[[dnWgk[YW^_ijWcd_YW$
Feiebe]_W
LE
9h_WdWi
JhWjWc[djeZ[ZehÅZei[_d_Y_WbÅ&"'c]%a]dW^ehWZ[Zehc_h"feZ[dZeWkc[djWhWZei[[c(#)i[cWdWi
fWhW&"+#(c]%Z_W"WZc_d_ijhWZeidW^ehWZ[Zehc_h$
7Zeb[iY[dj[iÅZei[_d_Y_WbÅ(+#+&c]%Z_W[cZei[iZ_l_Z_ZWi"Wkc[djWdZe]hWZkWbc[dj[fWhW'&&c]%Z_W
[cZei[iZ_l_Z_ZWi$
7ZkbjeiÅ)&#'&&c]%Z_W[cZei[d_YWek[cZei[iZ_l_Z_ZWidW^ehWZ[Zehc_h1feZ[#i[Wkc[djWh
]hWZkWbc[dj[fWhWWj)&&c]%Z_W1gkWdZeYedjhebWZeieii_djecWi"Z_c_dk_hWZei[]hWZkWbc[dj[$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ_ijhX_eidWYedZkeYWhZWYW"fWY_[dj[iYec^_f[hj_he_Z_ice"fheXb[cWi
h[dW_i[^[f|j_Yei$9WhXWcWp[f_dW"\[deXWhX_jWb[h_\Wcf_Y_dWfeZ[cWkc[djWhec[jWXeb_iceZW
Wc_jh_fj_b_dW"h[ikbjWdZedWZ_c_dk_eZei[k[\[_je$
7cBeZ_f_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7dbeZ_XWb%DehlWiYYecfh_c_Ze+c]
Kiei
JhWjWc[djeZ[^_f[hj[die[Wd]_dW$
Feiebe]_W
7Zkbjei
LE
>_f[hj[dieÅZei[_d_Y_WbÅ("+#+c]%Z_W1Zei[kikWbÅ+c]%Z_W$:ei[c|n_cWÅ'&c]%Z_W$
7d]_dWÅZei[kikWbÅ'&c]1kiWhZei[ic[deh[ifWhWfWY_[dj[i_Zeiei[YecfheXb[cWi^[f|j_Yei$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YWÅWZc_d_ijhWh("+c]%Z_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWih[dW_i[^[f|j_Yei"fWY_[dj[iYec?99"Z_i\kdei[l[hWZe
l[djhYkbe[igk[hZe"[Z[cW"kieYedYec_jWdj[YecX[jW#Xbegk[WZeh[i[Z_]en_dW$
-.r
7cen_Y_b_dW
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7cen_b%7cen_Y_b_dWÅC[Z_YWc[dje=[dh_YeY|fikbW+&&c]
7cen_b%>_YedY_bikif[dieehWb(+&c]%+cB\hWiYe'+&cB
7cen_Y_b_dWikif[dieehWb(+&c]%+cB\hWiYe'+&cBÅC[Z_YWc[dje=[dh_Ye
Kiei
JhWjWc[djeZ[ej_j[cZ_W"i_dki_j[i[_d\[Y[i[dlebl[dZeejhWjeh[if_hWjh_e"f[b[[jhWjekh_d|h_eZ[l_Ze
W>$_dÔk[dpW["D$]edehh^e[W[";$Yeb_"F$c_hWX_b_i";$\W[YWb_i"Ijh[fjeYeYYki"IjWf^obeYeYYkidefheZkjeh[i
Z[f[d_Y_b_dWi[1jhWjWc[djeZWZe[dWZ[Boc[[cYh_WdWic[deh[iZ[.WdeiZ[_ZWZ[1fheÓbWn_WZW
[dZeYWhZ_j[XWYj[h_WdW1fheÓbWn_Wfi#[nfei_Y_edWbWeWdjhWn$
Feiebe]_W
LE
D[edWjei[9h_WdWi§)c[i[iÅ(&#)&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
9h_WdWiZ[)c[i[i#'(WdeiÅ(+#+&c]%a]%Zei[[cZei[iZ_l_Z_ZWiWYWZW.#'(^ehWi$
Ej_j[cZ_WW]kZWYWkiWZWfehI$fd[kced_W[WbjWc[dj[h[i_ij[dj[Å.&#/&c]%a]%Z_W[cZei[iZ_l_Z_ZWiW
YWZW'(^ehWi$
=edehh_Wde#Yecfb_YWZW
2(WdeiÅekieZ[fheX[d[Y_Z[YedjhW#_dZ_YWZefWhW[ii[]hkfeZ[fWY_[dj[i$
¨(WdeiÅ+&c]%a]"WiieY_WZeiWfheX[d[Y_Z[(+c]%a][cZei[d_YW$
FheÓbWn_WZ[[dZeYWhZ_j[Å+&c]%a]'^ehWWdj[iZefheY[Z_c[dje$
FheÓbWn_Wfi#[nfei_Y_edWbWeWdjhWn
2*&a]Å*+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
¨*&a]Å+&&c]WYWZW.^ehWi$
7ZkbjeiÅ(+&#+&&c]WYWZW.^ehWiek+&&#.-+c](l[p[iWeZ_W$:ei[c|n_cWÅ(#)]%Z_W$
=edehh_Wde#Yecfb_YWZWÅ)][cWiieY_WeWfheX[d[Y_Z[']"[cZei[d_YW$
FheÓbWn_WZ[[dZeYWhZ_j[Å(]'^ehWWdj[iZefheY[Z_c[dje$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#)&cB%c_dÅWZc_d_ijhWhWYWZW'(^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW(*^ehWi$
Fh[YWk[i
xYedjhW#_dZ_YWZefWhWfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWi$
7cen_Y_b_dW!9bWlkbWdWjeZ[Fej|ii_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9bWlkb_dYecfh_c_ZeWcen_Y_b_dW+&&c]!YbWlkbWdWjeZ[fej|ii_e'(+c]
7cen_Y_b_dW+&&c]!9bWlkbWdWjeZ[Fej|ii_e'(+c]Yecfh_c_ZeÅC[Z_YWc[dje=[dh_Ye
9bWlkb_d\hWiYe#WcfebWWcen_Y_b_dW+&&c]!YbWlkbWdWjeZ[fej|ii_e'&&c]
9bWlkb_d\hWiYe#WcfebWWcen_Y_b_dW'$&&&c]!YbWlkbWdWjeZ[fej|ii_e(&&c]
7cen_Y_b_dW'$&&&c]!9bWlkbWdWjeZ[Fej|ii_e(&&c]\hWiYe#WcfebWÅC[Z_YWc[dje=[dh_Ye
9bWlkb_dikif[dieehWbWcen_Y_b_dW(+&c]!YbWlkbWdWjeZ[fej|ii_e,("+c]%+cB\hWiYe-+cB
7cen_Y_b_dW(+&c]!9bWlkbWdWjeZ[Fej|ii_e,("+c]%+cBikif[dieehWb\hWiYe-+cBÅ
C[Z_YWc[dje=[dh_Ye
r-/
Kiei
JhWjWc[djeZ[_d\[Y[iXWYj[h_WdWiZejhWjeh[if_hWjh_eikf[h_eh[_d\[h_eh1_d\[Y[iZejhWje][d_jkh_d|h_e1
_d\[Y[iZWf[b[[j[Y_Zeiceb[i1_d\[Y[iZeieiiei[Whj_YkbW[i1WXehjeifj_Ye1i[fi[fk[hf[hWb1i[fi[
_djhW#WXZec_dWb1i[fj_Y[c_W1f[h_jed_j[1_d\[Y[ifi#Y_hh]_YWi1fheÓbWn_WZ[_d\[Y[i[cfheY[Z_c[djei
Y_hh]_YeiZ[]hWdZ[fehj["jW_iYeceei]Wijh_dj[ij_dW_i"fbl_Yei"ZWYWX[W[f[iYee"YWhZWYei"h[dW_i"
h[ijWkhWeZWiWhj_YkbW[i[ZejhWjeX_b_Wh$
7
Feiebe]_W
JhWjWc[djeZ[_d\[Y[i
LE
9h_WdWi2'WdeÅ,("+c]Z[Wcen_Y_b_dW)l[p[iWeZ_W1Zei[kikWbÅ(+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW
.^ehWi$
9h_WdWiZ['#,Wdei'&#'.a]Å'(+c]Z[Wcen_Y_b_dW)l[p[iWeZ_W$
9h_WdWi4,Wdei'.#*&a]Å(+&c]Z[Wcen_Y_b_dW)l[p[iWeZ_W$
9h_WdWi4'(Wdei[7ZkbjeiÅ+&&c])l[p[iWeZ_W$
?L
9h_WdWiZ[&#)c[i[iÅ(+c]%a]Z[Wcen_Y_b_dWWYWZW'(^ehWifWhWYh_WdWifh[cWjkhWiekh[Yc#dWiY_ZWi
ZkhWdj[ef[heZef[h_dWjWb1feij[h_ehc[dj["Wkc[djWhfWhW_dj[hlWbeiZ[.[c.^ehWi$
9h_WdWiZ[)c[i[i#'(WdeiÅ(+c]%a]Z[Wcen_Y_b_dWZ[.[c.^ehWi$;c_d\[Y[icW_i]hWl[i"Wkc[djWhW
\h[g
dY_WfWhW_dj[hlWbeiZ[,[c,^ehWi$
9h_WdWi4'(Wdei[7ZkbjeiÅ']Z[Wcen_Y_b_dWZ[.[c.^ehWi$;c_d\[Y[icW_i]hWl[i"Wkc[djWhW
\h[g
dY_WfWhW_dj[hlWbeiZ[,[c,^ehWi$
FheÓbWn_WY_hh]_YW
7ZkbjeiÅ?LÅ']Z[Wcen_Y_b_dWdW_dZkeWd[iji_YW1Y_hkh]_WicW_ibed]Wih[gk[h[cZei[iZ[']$:ei[
c|n_cWÅ*][c(*^ehWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
De^|ZWZeiZ_ifedl[_iZ[W`kij[Z[Zei[[cfWY_[dj[if[Z_|jh_YeiYec_dikÓY_
dY_Wh[dWb"de[djWdje"W
Zei[Z[l[i[hW`kijWZW$H[Yec[dZW#i[W`kijWhWZei[Z[WZkbjeiZWi[]k_dj[\ehcW0
9bYh'&#)&cB%c_dÅWZc_d_ijhWh']Z[Wcen_Y_b_dW?L"i[]k_ZeiZ[+&&c]?LZ['([c'(^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWh']Z[Wcen_Y_b_dW?L"i[]k_ZeiZ[+&&c]?LWYWZW(*^ehWi1WZ_|b_i[h[Zkp
WiYedY[djhW[iih_YWiZec[Z_YWc[dje"[kcWZei[WZ_Y_edWbZ[+&&c]?LfeZ[i[hd[Y[ii|h_WZkhWdj[W
Z_|b_i[[deÓdWbZ[bW$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYec[l_Z
dY_WiZ[Z_i\kde^[f|j_YW]hWl[$xYedjhW#_dZ_YWZefWhWfWY_[dj[i
Yec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWi$
7cf_Y_b_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8_dejWb%7cf_Y_b_dWÅC[Z_YWc[dje=[dh_YeY|fikbW+&&c]
Kd_7cf_Y_b_d\hWiYe#WcfebW+&&c]
7cfbWY_b_dW\hWiYe#WcfebW']
Kiei
JhWjWc[djeZ[_d\[Y[iXWYj[h_WdWiikiY[jl[_ic_Yheeh]Wd_iceide#fheZkjeh[iZ[X[jW#bWYjWcWi[YWkiWZWifeh
Ijh[fjeYeYYki"Fd[kceYeYYki";dj[heYeYYki"IjWf^obeYeYYkidefheZkjeh[iZ[f[d_Y_b_dWi["B_ij[h_W"C[d_d]eYeYYki"
Wb]kcWib_d^W][diZ[>$_dÔk[dpW["F$c_hWX_b_i"IWced[bbW"I^_][bW";$Yeb_";dj[heXWYj[h[Ab[Xi_[bbW$
.&r
Feiebe]_W
D[edWjei
?L%?C
§-Z_Wi
§Z[(a]
C[d_d]_j[Å+&c]%a]%Zei[WYWZW'(^ehWi$
EkjhWi_d\[Y[iÅ(+c]%a]%Zei[WYWZW'(^ehWi$
4(a]
C[d_d]_j[Å+&c]%a]%Zei[WYWZW.^ehWi$
EkjhWi_d\[Y[iÅ(+c]%a]%Zei[WYWZW.^ehWi$
4-Z_Wi
2'"(a]
C[d_d]_j[Å+&c]%a]%Zei[WYWZW'(^ehWi$
EkjhWi_d\[Y[iÅ(+c]%a]%Zei[WYWZW'(^ehWi$
'"(#(a]
C[d_d]_j[Å+&c]%a]%Zei[WYWZW.^ehWi$
EkjhWi_d\[Y[iÅ(+c]%a]%Zei[WYWZW.^ehWi$
4(a]
C[d_d]_j[Å+&c]%a]%Zei[WYWZW,^ehWi$
EkjhWi_d\[Y[iÅ(+c]%a]%Zei[WYWZW,^ehWi$
9h_WdWiZ['c
i#'(Wdei
?C%?LÅ'&&#*&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*#,^ehWi$
C[d_d]_j[Å(&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*#,^ehWi$:ei[c|n_cWÅ'(]%Z_W$
9h_WdWi
LEÅ+&#'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$:ei[c|n_cWÅ(#)]%Z_W$
7Zkbjei
LEÅ(+&#+&&c]WYWZW,^ehWi$
?CÅ+&&c]#'"+]WYWZW*#,^ehWi$
?LÅ+&&c]#)]WYWZW*#,^ehWi$:ei[c|n_cWÅ'(]%Z_W$
I[fi[%c[d_d]_j[Å'+&#(+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW)#*^ehWi$
7
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh)&#+&cB%c_dÅWZc_d_ijhWhWYWZW,#.^ehWi$
9bYh'&#)&cB%c_dÅWZc_d_ijhWhWYWZW.#'(^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW'(^ehWi$
>[ceZ_|b_i[_dj[hc_j[dj[ÅWcf_Y_b_dWi_]d_ÓYWdj[c[dj[h[cel_ZWZkhWdj[i[iie#fWZheZ[^[ceZ_|b_i["
Z[l[dZei[hWZc_d_ijhWZWkcWZei[WZ_Y_edWbZ[&"+#']WfiYWZWi[iie$
Fh[YWk[i
xYedjhW#_dZ_YWZefWhWfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWi$
7cf_Y_b_dW!IkbXWYjWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
KdWpod\hWiYe#WcfebWWcf_Y_b_dW'"&]!ikbXWYjWc&"+]
7cf_Y_b_dW'"&]!IkbXWYjWc&"+]\hWiYe#WcfebWÅC[Z_YWc[dje=[dh_Ye
r.'
Kiei
JhWjWc[djeZ[_d\[Y[iXWYj[h_WdWiikiY[jl[_i"_dYbk_dZe_d\[Y[iZWf[b[[ikWi[ijhkjkhWi"_d\[Y[i_djhW#
WXZec_dW_i"_d\[Y[i]_d[Yeb]_YWi1feiik_Wj_l_ZWZ[YedjhWc_Yheeh]Wd_iceifheZkjeh[iZ[X[jW#bWYjWcWi[
YeceI$Wkh[ki">$_dÔk[dpW[";$Yeb_"Ab[Xi_[bbW"7Y_d[jeXWYj[h[WdW[hX_ei$
7
Feiebe]_W
?C%?L
9h_WdWi¨'c
iÅ'&&#'+&c]Z[Wcf_Y_b_dW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
C[d_d]_j[Å(&&#)&&c]Z[Wcf_Y_b_dW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
9h_WdWiÅ'&&#(&&c]Z[Wcf_Y_b_dW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
C[d_d]_j[Å(&&#*&&c]Z[Wcf_Y_b_dW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$:ei[c|n_cWÅ.]Z[
Wcf_Y_b_dW%Z_W$
7ZkbjeiÅ'#(]Z[Wcf_Y_b_dWWYWZW,#.^ehWi$:ei[c|n_cWÅ'(]Z[Wcf_Y_b_dW%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'+#(/cB%c_dÅWZc_d_ijhWhWYWZW'(^ehWi$
9bYh+#'*cB%c_dÅWZc_d_ijhWhWYWZW(*^ehWi$
Fh[YWk[i
xYedjhW#_dZ_YWZefWhWfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWi$
7d\ej[h_Y_dW8
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7d\eh_Y_d8%<kd]_8%<kd]_ped\hWiYe#WcfebW+&c]
Kiei
JhWjWc[djeZ[fWY_[dj[iYec_d\[Y[i\d]_YWifhe]h[ii_lWifej[dY_Wbc[dj[]hWl[i"ZWZWWi[di_X_b_ZWZ[
Z[[ifY_[iZe]
d[he07if[h]_bbki"8bWijecoY[i"9WdZ_ZW"9eYY_Z_e_Z[i"9hofjeYeYYki">_ijefbWicW"eiW][dj[i
YWkiWZeh[iZ[ckYehc_Yei[i_dYbk_dZeWi[ifY_[ii[dil[_iZe]
d[he7Xi_Z_W"CkYeh[H^_pefki"[[ifY_[i
i[dil[_ih[bWY_edWZWiZ[9ed_Z_eXebki"8Wi_Z_eXebki[Ifehej^h_n$
Feiebe]_W
?d\kie?L
9h_WdWiZ['c
i#'(Wdei
:ei[#j[ij[Å&"'c]%a]%Zei["c|n_ceZ['c]_d\kdZ_ZeZkhWdj[(&#,&c_dkjei$
:ei[Z[cWdkj[deÅ&"(+#'c]%a]%Z_W'l[pWeZ_Wek_d\kdZ_ZeiZkhWdj[(#,^ehWi$KcWl[p[ijWX[b[Y_ZWW
j[hWf_W"feZ[i[hWZc_d_ijhWZe[cZ_WiWbj[hdWZeidWZei[Z['#'"+c]%a]%Zei[$
:ei[YkckbWj_lWÅ'"+#(]fehf[bec[dei,#'&i[cWdWi$
7Zkbjei
:ei[#j[ij[Å'c]_d\kdZ_ZeZkhWdj[(&#)&c_dkjei$
:ei[Z[cWdkj[deÅZei[kikWbZ[&"(+#'"+c]%a]%Z_W1'#'"+c]%a]WYWZW*#,^ehWifeZ[ci[hZWZei
[cZ_WiWbj[hdWZeikcWl[p[ijWX[b[Y_ZWWj[hWf_W1Wif[h]_bei["ckYehc_Yei["ÓYec_Yei[h_deY[h[XhWb
\h[g[dj[c[dj[[n_][cZei[iZ['#'"+c]%a]%Z_W$:ei[c|n_cWÅ'"+c]%a]%Z_W$
7ZkhWeZWj[hWf_WZ[f[dZ[ZWdWjkh[pWZW_d\[Ye1ZkhWekikWbÅ*#'(i[cWdWi1Zei[YkckbWj_lWÅ'#*]$
?djhWj[YWb
C[d_d]_j[YeYY_Z_e_ZWbekYh_fjeYY_YW
9h_WdWiÅ(+#'&&cY]WYWZW*.#-(^ehWi1Wkc[djWhfWhW+&&cY]}c[Z_ZWgk[\ehjeb[hWZe$
.(r
7ZkbjeiÅZei[_d_Y_WbÅ(+#)&&cY]WYWZW*.#-(^ehWi1Wkc[djWhfWhW+&&cY]W'c]}c[Z_ZWgk[\eh
jeb[hWZe$:ei[c|n_cWjejWbÅ'+c]$
9_ij_j[feh9WdZ_ZW
?hh_]Wel[i_YWbÅ_hh_]WhYeciebke+&cY]%cB"gk[Z[l[h|i[h_dij_bWZWf[h_eZ_YWc[dj[ekYedj_dkWc[dj[
ZkhWdj[+#'&Z_WiekWjYkbjkhWd[]Wj_lW$
7
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
:_i\kdeh[dWb[c\kdeZWZhe]WÅh[Zkp_hWZei[[c+&ekWZc_d_ijhWhWZei[kikWb[cZ_WiWbj[hdWZei$
7j[hWf_WZ[l[Yedj_dkWhWjgk[eidl[_iZ[Yh[Wj_d_dWih_YWYec[Y[cWZ_c_dk_h$
Fh[YWk[i
:khWdj[e[cfh[]e_djhWl[deie"YeckcWeYehh
dY_WZ[h[W[iW]kZWijW_iYece0YWbW\h_ei"\[Xh["Wdeh[n_W"
d|ki[Wi"lc_jei"Zeh[iZ[YWX[W"c_Wb]_W"WijhWb]_W[^_fej[die$7_d\kie_djhWl[deiW[cc[deiZ['^ehW
Z[l[i[h[l_jWZW$
7d\ej[h_Y_dW8B_feiecWb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7c8_iec[\hWiYe#WcfebW+&c]
Kiei
JhWjWc[djeZ[c_Yei[ifhe\kdZWi[%eki_ij
c_YWii[l[hWi[cgk[Wjen_Y_ZWZ[fWhj_YkbWhc[dj[
d[\hejen_Y_ZWZ[_cfeii_X_b_jWekieZWWd\ej[h_Y_dW8Yedl[dY_edWbi_ij
c_YW[cZei[i[\[j_lWi1jhWjWc[dje
Z[_d\[Y[i\d]_YWii_ij
c_YWi[cfWY_[dj[i_ckdeYecfhec[j_ZeiYecedeYWieZ[fWY_[dj[iYecW_Ziek
Y~dY[h1j[hWf_Wfh_c|h_WZWb[_i^cWd_ei[l_iY[hWb[cfWY_[dj[i_ckdeYecf[j[dj[ijWdje[cWZkbjeiYece
[cYh_WdWi1j[hWf_Wfh_c|h_WZ[b[_i^cWd_ei[l_iY[hWb[cfWY_[dj[i_ckdeYecfhec[j_Zeifeh[n[cfbe"
fWY_[dj[i>?Lfei_j_le1jhWjWc[djeZ[YWdZ_ZWi[Z_ii[c_dWZW"Wif[h]_bei["ckYehc_Yei["c_Y[jecWYhd_Ye"
b[_i^cWd_ei[[c[d_d]_j[Yh_fjeYeYi_YW$
Feiebe]_W
7Zkbjei[9h_WdWi
?d\kie?L
C_Yei[ii_ij
c_YWiÅZei[Z_|h_WZ['c]%a]"Wkc[djWh]hWZWj_lWc[dj[fWhW)c]%a]"Yed\ehc[d[Y[ii_ZWZ[$
FheÓbWn_WZ[_d\[Y[i\d]_YWi_dlWi_lWi[cfWY_[dj[ih[Y_f_[dj[iZ[jhWdifbWdj[Z[\]WZeÅZei[Z_|h_WZ[
'c]%a]%Z_WZkhWdj[+Z_WiYedi[Ykj_leiWfiejhWdifbWdj[$
9h_fjeYeYei[Z_ii[c_dWZWWiieY_WZWWe>?LÅ)c]%a]%Z_WfehWj*(Z_WifeZ[ci[hkiWZei"fehc"
Z[l_ZeWeWbjeh_iYeZ[h[_dY_Z
dY_W"kcWj[hWf_WZ[cWdkj[deZ[bed]WZkhWefeZ[i[hd[Y[ii|h_WWfi
ÓdWb_pWeZejhWjWc[dje$
JhWjWc[djeZWb[_i^cWd_ei[l_iY[hWbÅ'#'"+c]%a]%Z_WZkhWdj[('Z_WiekYeceWbj[hdWj_lWWZei[Z[)c]%
a]%Z_WZkhWdj['&Z_Wi$
;cfWY_[dj[i_ckdeYecfhec[j_Zeifeh[n[cfbe"fWY_[dj[i>?Lfei_j_leÅ'#'"+c]%a]%Z_WZkhWdj[('Z_Wi$
7Zkbjei[9h_WdWi4'c
i
?d\[Y[i\d]_YWii_ij
c_YWiÅ)#+c]%a]%Z_WWZc_d_ijhWZei[ckcWd_YW_d\kieZ_|h_W1Zei[iWbjWiYece
'&c]%a]%Z_Wj
ci_ZekiWZWifWhWfWY_[dj[iYec_d\[Yefeh7if[h]_bbki$
C[d_d]_j[Yh_fjeYY_YW[cfWY_[dj[iYec>?LÅ,c]%a]%Z_W[cd_YW_d\kieZ_|h_W$
JhWjWc[djeZWb[_i^cWd_ei[l_iY[hWbÅ)c]%a]%Z_WZ_Wi'#+1)c]%a]%Zei[Z_Wi'*[('$
FWY_[dj[i_ckdeYecfhec[j_ZeiÅ*c]%a]%Zei[Z_Wi'#+1*c]%a]%Zei[Z_Wi'&"'-"(*")'").$
r.)
Fh[YWk[i
:[l[i[h\[_jWWWlWb_WebWXehWjeh_WbZWi\kd[ih[dWb"^[f|j_YWek^[cWjefe_j_YWh[]kbWhc[dj["f[be
c[dei'l[pfehi[cWdW$:[l[i[hfh[ijWZWfWhj_YkbWhWj[deWeifWY_[dj[ih[Y[X[dZej[hWf_WYedYec_jWdj[
YecZhe]Wid[\hejn_YWi$:_WXj_Yei0YWZW\hWiYe#WcfebWYedjcY[hYWZ[/&&c]Z[iWYWhei[$
7
7fhej_d_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
JhWiobeb\hWiYe#WcfebW+&&$&&&K?%+&cB
Kiei
KiefheÓb|j_YeÅfWhWh[Zkp_hf[hZWZ[iWd]k[f[h_ef[hWjh_W[cfWY_[dj[iikXc[j_ZeiWY_hkh]_WiZ[]hWdZ[
fehj["[if[Y_Wbc[dj[Y_hkh]_WYWhZ_elWiYkbWh"ehjefZ_YW"kheb]_YW"]_d[Yeb]_YW[ekjhWi$FeZ[h[Zkp_he
iWd]hWc[djef[h_ef[hWjh_eZ[fWY_[dj[igk[Wfh[i[djWcYeW]kbefWj_WiYed]
d_jWi^[ceÓb_WiekWZgk_h_ZWi
^[fWjefWj_Wi[[ckieZ[W][dj[iWdj_fbWgk[j|h_ei|Y_ZeWY[j_biWb_Yb_Ye$
Kiej[hWf
kj_YeÅ^[cehhW]_WiZ[Yehh[dj[iZ[^_f[hÓXh_db_i[fi#ef[hWjh_W[fi#jhWkc|j_YW$
Feiebe]_W
9_hkh]_WYWhZ_elWiYkbWhYecY_hYkbWe[njhWYehfh[WÅ'&$&&&K?9?LYeceZei[#j[ij["i[]k_ZeiZ['$&&&$&&&#
($&&&$&&&K?9?Lb[djWek[c_d\kie[dZel[deiWZkhWdj['+#(&c_dkjeiWdj[iZW[ij[hdejec_W$KcWZei[
WZ_Y_edWbZ['$&&&$&&&#($&&&$&&&K?9feZ[i[hWZ_Y_edWZWWefh_c[Zeen_][dWZehZeY_hYk_je[njhWYehfh[e$
:ei[Z[cWdkj[deÅ(+&$&&&#+&&$&&&K?9%^ZkhWdj[jeZWWY_hkh]_W$:ei[c|n_cWÅ-$&&&$&&&K?9$
>[cehhW]_W^_f[hÓXh_debj_YWÅ+&&$&&&K?9?L"i[]k_ZeiZ[(&&$&&&K?9WYWZW*^ehWi$
:_ijhX_ei^[ceij|j_Yei[c]_d[Yebe]_W[eXij[jhY_WÅ'$&&&$&&&K?9?L"i[]k_ZeiZ[(&&$&&&K?9%^"Wjgk[W
^[cehhW]_WY[ii[$
Fh[YWk[i
?dZ_lZkeiYec^_f[hi[di_X_b_ZWZ[c[Z_YWc[djeiWh[gk[h[cWc|n_cWfh[YWke["[l[djkWbc[dj["W
WZc_d_ijhWefhl_WZ[Wdj_#^_ijWcd_Yei$EkieZ[Wfhej_d_dW[cfWY_[dj[i`|jhWjWZeiWdj[h_ehc[dj[h[gk[h
Yk_ZWZeiWWlWb_Weh_iYeÅX[d[ÓY_e"kcWl[pgk[feZ[ceYehh[hh[W[iWbh]_YWi$
7j[debeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7d]_fh[ii%7j[deXWb%7j[debYecfh_c_Ze(+c]
7j[debYecfh_c_Ze+&c]
Kiei
JhWjWc[djeZ[^_f[hj[die[ccedej[hWf_Wek[cYecX_dWeYecekjheiW][dj[i1jhWjWc[djeZ[
Wd]_dW1Whh_jc_Wi$
Feiebe]_W
LE
9h_WdWiÅZei[_d_Y_WbÅ&".#'c]%a]%Zei[Z_Wh_Wc[dj[$<W_nWkikWbÅ&".#'"+c]%a]%Z_W$
:ei[c|n_cWÅ(c]%a]%Z_W"deZ[l[dZe[nY[Z[hWZei[c|n_cWfWhWWZkbjeiZ['&&c]%Z_W$
7ZkbjeiÅZei[_d_Y_WbÅ(+#+&c]%Zei[Z_Wh_Wc[dj[1Zei[kikWbÅ+&#'&&c]%Zei[Z_Wh_Wc[dj[$
.*r
:ei[c|n_cWÅ'&&c]%Z_W^_f[hj[die[(&&c]%Z_WWd]_dW$
7
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'+#)+cB%c_dÅ+&c]#'c]%a]%Zei[Z_Wh_Wc[dj[$
9bYh2'+cB%c_dÅ+&c]#'c]%a]%Zei[[cZ_WiWbj[hdWZei$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb"_dikÓY_
dY_WYWhZWYWYed][ij_lW"Ze[dWi
XhedYefkbcedWh[i"Z_WX[j[ic[bb_jki[^_f[hj_he_Z_ice$
7jehlWijWj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Bf_jehYecfh_c_Ze'&c]
Kiei
9eceWZ`kdje[cZ_[jWfWhWh[ZkeZeB:B[Wkc[djeZe>:B[cfWY_[dj[iYec^_f[hYeb[ij[heb[c_Wj_fei
??W"??X[??Y$KiWZe[cfWY_[dj[i^_f[hYeb[ij[heb
c_Yeii[c[l_Z
dY_WYbd_YWZ[Ze[dWYehed|h_WfWhWh[Zkp_h
eh_iYeZ[_d\WhjeZec_eY|hZ_e1h[Zkph_iYeZ[h[lWiYkbWh_pWe[Z[cehj[fehfheXb[cWiYWhZ_elWiYkbWh[i1
WZ`kdjedWZ_[jWZ[<h[Zh_Yaiedj_fe?L[j_fe??$
Feiebe]_W
LE
7ZkbjeiÅZei[_d_Y_WbÅ'&c]'l[pWeZ_W1j_jkbWhWZei[Wj.&c]%Z_Wi[d[Y[ii|h_e$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[igk[Wfh[i[djWcZ_i\kde^[f|j_YW[gk[\Wp[ckie[nY[ii_leZ[|bYeeb$
7jhef_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7jhef_dW'iebkee\j|bc_YW\hWiYe+cB
7jhef_edWcfebW&"(+c]%'cB
Kiei
Iebkee\j|bc_YWÅeXj[deZ[c_ZhWi[[Y_Ybefb[]_W$
Iebke_d`[j|l[bÅ_dZ_YWZeYecec[Z_YWefh#Wd[iji_YWfWhWh[Zkp_hiWb_lWe[i[Yh[eZejhWje
h[if_hWjh_e[fWhWXbegk[Whh[Ô[ne_d_X_jh_elW]WbdeYehWeZkhWdj[_djheZkeZ[Wd[ij[i_W[[djkXWe1
jhWjWc[djeZ[Whh_jc_WiekXhWZ_YWhZ_Wi_dkiWbi[l[hW[idYef[Z[l_ZeW^_f[hWj_l_ZWZ[Zeh[Ô[nei_de#
YWhejZ[e1Yedjheb[ZeXbegk[_eWjh_el[djh_YkbWhZ[Yehh[dj[Z[kcWkc[djeZWWj_l_ZWZ[lW]Wb1Yece
YeWZ`klWdj[[chWZ_e]hWÓWi]Wijh_dj[ij_dW_i1jhWjWc[djeZ[fWha_died_ice1fheÓbWn_W[jhWjWc[djeZ[
_djen_YW[ifeh_d_X_Zeh[iZWYeb_d[ij[hWi["Zhe]WiYeb_dh]_YWi[ckiYWh_dW$
Feiebe]_W
Iebkee\j|bc_YW
7Zkbjei
r.+
Jf_Yee\j|bc_YeÅ_dij_bWh'#(]ejWideiWYeYed`kdj_lWbekWYh_jh_ecZ_Ye$9ecfh_c_heiWYebWYh_cWbfeh'#(
c_dkjeiWfiW_dij_bWefWhWh[Zkp_hek[l_jWhWWXiehei_ij
c_YW$
Iebke_d`[j|l[b
D[edWjei[9h_WdWiZ['c
i#'(Wdei
Fh#Wd[iji_Ye
?C%?L%I9
2+a]Å&"&(c]%a]%Zei[")&#,&c_dkjeidefh#ef[hWjh_e[WYWZW*#,^ehWiYed\ehc[d[Y[ii|h_e$
4+a]Å&"&'#&"&(c]%a]%Zei[Wjec|n_ceZ[&"*c]%Zei[")&#,&c_dkjeiWdj[iZefheY[Z_c[dje$:ei[
cd_cWÅ&"'c]$
8hWZ_YWhZ_W
?L%_djhWj[YWb%_djhW#ii[WÅ&"&(c]%a]1Zei[cd_cWÅ&"'c]1Zei[d_YWc|n_cWÅ&"+c][cYh_WdWi['c][c
WZeb[iY[dj[i"feZ[dZei[hh[f[j_ZW[c+c_dkjei$:ei[c|n_cWjejWbÅ'c][cYh_WdWi[(c][cWZeb[iY[dj[i$
9h_WdWi
;dl[d[dWc[djefeheh]Wdei\ei\ehWZeiekYWhXWcWjei
?LÅ&"&(#&"&+c]%a]WYWZW'&#(&c_dkjeiWjgk[i[eXi[hl[[\[_je1[dje"WZc_d_ijhWhWYWZW'#*^ehWi
ZkhWdj[f[bec[dei(*^ehWi$
7Zkbjei
7iiijeb[[XW_nWWj_l_ZWZ[[bjh_YWfkbi|j_b
?LÅ'c]"feZ[dZeh[f[j_hWYWZW)#+c_dkjei$:ei[c|n_cWÅ&"&*c]%a]$
Fh#Wd[iji_Ye
?C%?L%I9Å&"*#&",c]")&#,&c_dkjeiWdj[iZefheY[Z_c[dje$
8hWZ_YWhZ_W
?LÅ&"+#'c]WYWZW+c_dkjei$:ei[c|n_cWÅ(c]ek&"&*c]%a]$
;dl[d[dWc[djefeheh]Wde\ei\ehWZeiekYWhXWcWjei
?LÅ'#(c]%Zei[WYWZW'&#(&c_dkjeiWjgk[i[eXi[hl[e[\[_je1[dje"WZc_d_ijhWhWYWZW'#*^ehWi
ZkhWdj[f[bec[dei(*^ehWi1[cYWieZ[_djen_YWei[l[hW"feZ[ci[hWZc_d_ijhWZWiZei[iZ[Wj+&c]dWi
fh_c[_hWi(*^ehWi[Z[(]ZkhWdj[Wb]kdiZ_Wi$
7
Fh[YWk[i
Iebkee\j|bc_YWÅfWhW[l_jWh[\[_jeii_ij
c_Yei"_dij_bWhWiebke[cZei[[\h[g
dY_Wc[deh"Yed\ehc[W
h[ifeijWZefWY_[dj[$C[Z_hWfh[iie_djhW#eYkbWh[cfWY_[dj[i_Zeiei$
Iebke_d`[j|l[bÅkiWhYecYWkj[bW[cYh_WdWiYecfWhWb_i_W[if|ij_YWY[h[XhWbekZWdeY[h[XhWb$;c
Yh_WdWi"^|kch_iYecW_ehZ[h|f_ZW[b[lWeZWj[cf[hWjkhWYehfh[W"fehikfh[iieZWWj_l_ZWZ[ZW
]b~dZkbWikZehfWhW"[feZ[eYehh[h^_f[h[nY_jWX_b_ZWZ[$9h_WdWiYecidZhec[Z[:emdj
ccW_eh
i[di_X_b_ZWZ[fWhWWeYehh
dY_WZ[[\[_jeiYWhZWYei[c_ZhWi[$
7pWj_efh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?ckhWdYecfh_c_Ze+&c]
Kiei
9eceWZ`klWdj[YecekjheiW][dj[i"dWfh[l[deZ[h[`[_eZ[h]eiib_ZeijhWdifbWdjWZei$7hjh_j[
h[kcWj_Z[i[l[hWWj_lW"de#h[ifedi_lWWekjheiW][dj[i1ekjhWiZe[dWiWkje#_ckd[ibfki[h_j[cWjeie
i_ij
c_Ye"jhecXeY_jef[d_W_ckdebe]_YWc[dj[c[Z_WZW"[iYb[hei[cbj_fbW"Ze[dWZ[9he^d$
Feiebe]_W
9h_WdWi[7Zkbjei
.,r
LE
JhWdifbWdj[Z[h]eiib_ZeiÅZei[_d_Y_WbÅ(#+c]%a]%Z_W1Zei[Z[cWdkj[deÅ'#(c]%a]%Z_W$
7Zkbjei
7hjh_j[h[kcWj_Z[Å'c]%a]%Z_WZkhWdj[,#.i[cWdWi1Wkc[djWhZ[&"+c]%a]WYWZW*i[cWdWiWjgk[i[
eXj[d^Wh[ifeijW$:ei[c|n_cWÅ("+c]%a]%Z_W$
7
7`kij[Z[Zei[fWhWfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh-+ZWZei[dehcWbZ_Wh_Wc[dj[$
9bYh2'&cB%c_dÅWZc_d_ijhWh+&ZWZei[dehcWbZ_Wh_Wc[dj[$
Fh[YWk[i
7_ckdeiikfh[iieYhd_YWWkc[djWeih_iYeiZ[d[efbWi_W$;ii[c[Z_YWc[djej[cfej[dY_WbckjW]
d_YefWhW
^ec[di[ckb^[h[i"Yecfeiil[bjen_Y_ZWZ[^[cWjeb]_YW$KiWhYecfh[YWke[cfWY_[dj[iYecZe[dWi
^[f|j_YWi[_dikÓY_
dY_Wh[dWb$Ced_jehWh\kde^[cWjeb]_YWh_]eheiWc[dj[$
7p_jhec_Y_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
P_jhecWn%7p_jhec_Y_dWÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze+&&c]
P_jhecWn\hWiYe#WcfebW+&&c]
Kiei
JhWjWc[djeZ[_d\[Y[iZejhWjeh[if_hWjh_e_d\[h_eh"_dYbki_l[Xhedgk_j[[fd[kced_W1jhWjWc[djeZ[
_d\[Y[iZWf[b[[j[Y_Zeiceb[i1jhWjWc[djeZ[ej_j[cZ_W1jhWjWc[djeZ[_d\[Y[iZejhWjeh[if_hWjh_e
ikf[h_eh"_dYbk_dZei_dki_j[[\Wh_d]_j[%jedi_b_j[1jhWjWc[djeZ[_d\[Y[i][d_jW_ide#Yecfb_YWZWiYWkiWZWi
feh9^bWcoZ_WjhWY^ecWj_i[D[_ii[h_W]edehh^e[W[1jhWjWc[djeZ[YWdYheZ[l_ZeW>W[cef^_bkiZkYh[o_1
fheÓbWn_WZ[[dZeYWhZ_j[$
Feiebe]_W
LE
9h_WdWi¨,c[i[i
Ej_j[cZ_W[fd[kced_WWZgk_h_ZWdWYeckd_ZWZ[Å'&c]%a]de'±Z_WZei[c|n_cWÅ+&&c]%Z_W"
i[]k_ZeiZ[+c]%a]%Z_W'l[pWeZ_WdeiZ_Wi(#+$:ei[c|n_cWÅ(+&c]%Z_W$
9h_WdWi¨(Wdei
<Wh_d]_j[i[jedi_b_j[iÅ'(c]%a]%Z_WZ_Wh_Wc[dj[ZkhWdj[+Z_Wi$:ei[c|n_cWÅ+&&c]%Z_W$
7Zeb[iY[dj[i4',Wdei[7Zkbjei
?d\[Y[iZWf[b["j[Y_Zeiceb[i[ZejhWjeh[if_hWjh_eÅ+&&c]de'±Z_W"i[]k_ZeiZ[(+&c]%Z_WdeiZ_Wi
(#+$:ei[c|n_cWÅ+&&c]%Z_W$
Kh[jh_j[%Y[hl_Y_j[de#Yecfb_YWZWYWkiWZWfeh9^bWcoZ_WekYWdYh_Z[Å'][cZei[d_YW$
Kh[jh_j[de#]edeYY_YWZ[l_ZeW9$jhWY^ecWj_iÅ'][cZei[d_YW$
FheÓbWn_WZeC$Wl_kcZ_ii[c_dWZe[cfWY_[dj[iYec>?LWlWdWZeÅ,&&c]%Z_W[cYecX_dWeYec
[jWcXkjeb'+c]%a]$
FheÓbWn_WZW[dZeYWhZ_j[Å+&&c]'^ehWWdj[iZefheY[Z_c[dje$
?L
7Zkbjei
Fd[kced_WÅ+&&c][cZei[d_YWZ_|h_Wfeh"decd_ce"(Z_Wi$EjhWjWc[djeZ[l[i[hi[]k_Zefeh
Wp_jhec_Y_dWl_WehWb[cZei[d_YWZ_|h_WZ[(+&c]WjYecfb[jWhkcY_Ybej[hWf
kj_YeZ[-W'&Z_Wi$
r.-
:e[dW_dÔWcWjh_Wfbl_YWÅ+&&c][cZei[d_YWZ_|h_WZkhWdj['#(Z_Wi$EjhWjWc[djeZ[l[i[hi[]k_Ze
fehWp_jhec_Y_dWl_WehWb[cZei[d_YWZ_|h_WZ[(+&c]WjYecfb[jWhkcY_Ybej[hWf
kj_YeZ[-Z_Wi$
7
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecZ_i\kde^[f|j_YW1feZ[eYehh[hZ[ÓY_
dY_W^[f|j_YWYeceki[c_Yj[hY_W
fh_dY_fWbc[dj[[cYh_WdWicW_il[b^Wi[[cWZkbjei$
JeZeieilebkdj|h_eigk[h[Y[X[hWcWiebkeh[Yedij_jkZWZ[Wp_jhec_Y_dW?L[ckcWYedY[djhWe_]kWbW
("&c]%cBWfh[i[djWhWch[W[idebeYWbZW_d\kie"fehjWdjeZ[l[ci[h[l_jWZWiYedY[djhW[icW_i[b[lWZWi$
7pjh[edWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7pWYjWc%7pjh[edWcÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW+&&c]
7pWYjWc\hWiYe#WcfebW']
Kiei
?dZ_YWZe[c_d\[Y[iYWkiWZWifehc_Yheeh]Wd_icei]hWc#d[]Wj_leijW_iYece_d\[Y[iZWil_Wikh_d|h_Wi"
_d\[Y[iZWil_Wih[if_hWjh_Wi_d\[h_eh[i"XWYj[h[c_W%i[fj_Y[c_W"c[d_d]_j[YWkiWZWfeh>W[cef^_bki
_dÔk[dpW["D[_ii[h_Wc[d_d]_j_Z_i"_d\[Y[iZWf[b[[[ijhkjkhWiYkj~d[Wi"_d\[Y[i_djhW#WXZec_dW_i[
_d\[Y[i]_d[Yeb]_YWi$
Feiebe]_W
?C%?L
D[edWjei
§-Z_Wi
§(a]Å,&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4(a]Å/&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4-Z_Wi
2'"(a]Å,&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
'"(#(a]Å/&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4(a]Å'(&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
9h_WdWi4'c
iÅ/&#'(&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$
<_Xhei[Yij_YWÅ+&c]%a]%Zei[WYWZW,#.^ehWi$:ei[c|n_cWÅ.]%Z_W$
7Zkbjei
?d\[Y[iZejhWjekh_d|h_eÅ+&&c]#']WYWZW.#'(^ehWi$
?d\[Y[ii_ij
c_YWiceZ[hWZWc[dj[i[l[hWiÅ']?Lek?Cek(]?LWYWZW.#'(^ehWi$
?d\[Y[ii_ij
c_YWii[l[hWi[if[Y_Wbc[dj[i[YWkiWZWfehFi[kZecedWiW[hk]_deiWÅ(]?LWYWZW,#.
^ehWi$:ei[c|n_cWÅ.]%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#)&cB%c_dÅh[Zkp_hWZei[[c+&[WZc_d_ijhWhde_dj[hlWbekikWb$
9bYh2'&cB%c_dÅh[Zkp_hWZei[[c-+[WZc_d_ijhWhde_dj[hlWbekikWb$
Fh[YWk[i
9eceeWpjh[edWc[nYh[jWZedeb[_j[cWj[hde"h[Yec[dZ|l[bWZ[iYedj_dkWej[cfeh|h_WZW
WcWc[djWeZkhWdj[ejhWjWc[dje$:[l[i[hkiWZeZkhWdj[W][ijWeiec[dj[gkWdZeYbWhWc[dj[
d[Y[ii|h_e$7i[]khWdW[W[ÓY|Y_W[cfWY_[dj[ic[deh[iZ['i[cWdWieb_c_jWZWi$
..r
7pkbZ[C[j_b[de
7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7pkbZ[C[j_b[de(WcfebW+cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
9eceWdjZejeZ[\[dWpef_h_Z_dW[d_jh_jei1jhWjWc[djeZ[c[jW#^[ce]beX_d[c_W1YeceZ[cWhYWZehY_hh]_Ye$
Feiebe]_W
?L
9h_WdWi[7ZkbjeiÅ_d\kieYedjdkWdWYedY[djhWeZ[+&c]%+&&cB'&&cY]%cB$9edY[djhWec|n_cW
Å-c]%cBZ[iebke$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecZ[ÓY_
dY_WZ[]b_Yei[#,#\ei\WjeZ[i_Zhe][dWi[$;l_jWh_d\kieh|f_ZW$7bjWi
Zei[idW_d\kiej
ci_ZeWiieY_WZWi}^[cb_i[$xYedjhW#_dZ_YWZe[cfWY_[dj[iYecfheXb[cWih[dW_i$FeZ[
eYehh[hd[Yhei[j[Y_ZkWbi[^ekl[h[njhWlWpWc[djeWej[Y_ZeikXYkj~d[e$
7pkbFWj[dj[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7pkbFWj[dj[("+WcfebW(cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
;ijkZeZWY_hYkbWeb_d\|j_YW1beYWb_pWeZeilWieib_d\|j_Yei[cb_d\e]hWÓW[[cY_hkh]_W1beYWb_pWeZ[
|h[Wid[YheiWZWiZ[gk[_cWZkhWilWijWi[fhe\kdZWi1beYWb_pWeZ[j[hh_jh_eiWhj[h_W_i1Yece_dZ_YWe
Yecfb[c[djWhdWbeYWb_pWeZ[eh_\Y_eikh[jhW_i[Z[eh_\Y_eiZeiYWdW_iiWb_lWh[ideZ[Yehh[hZWi_Wbe]hWÓW$
Feiebe]_W
I9
9h_WdWiÅWiZei[iZ[l[ci[hh[Zkp_ZWi[WiYedY[djhW[iZ[l[ci[hc[dei[b[lWZWi$
C[cXhei_d\[h_eh[i
7ZkbjeiÅ_d`[e&"+#'cBdedl[bZefh_c[_he[ifWe_dj[hc[jWjWhi_Wde"dWXWi[ZeZ[Ze]hWdZ[Zef"fedje
[cgk[eib_d\|j_YeiiecW_i\WY_bc[dj[[dYedjhWZei[cW_iYeceZWc[dj[beYWb_pWZei$
C[cXheiikf[h_eh[i
7ZkbjeiÅ_d`[eZ['cBdedl[bZefh_c[_he[ifWe_dj[hc[jWYWhf_Wdeekdej[Y_ZeY[bkbWhZW_c_d
dY_W
j
dWhek^_fej
dWhek"W_dZW"dWfh[]WZeYejel[be$
Fh[YWk[i
Be]eWfiW_d`[e"eXi[hlW#i[deij[Y_ZeikcWYebehWeWpkbWZWgk[Z[iWfWh[Y[[djh[(*#*.^ehWi1deYWie
Z[[ijWi[b_d\|j_YWekfheXb[cWiY_hYkbWjh_ei"[iiWYebehWef[hcWd[Y[h|fehkcj[cfecW_eh1d[ii[YWie"
fh[\[hl[b_d`[jWhkcWgkWdj_ZWZ[cd_cWZefheZkje"deZ[l[dZeYed\kdZ_hWf[hcWd
dY_WYecY_Wdei[$
Dei[WYedi[b^WekieZkhWdj[W][ijWe$
r./
8WY_jhWY_dW!D[ec_Y_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8
D[XWY[j_dfecWZWXWY_jhWY_dW(+&K?!d[ec_Y_dWikb\Wje+c]%]X_idW]W'+]
Kiei
JhWjWc[djeZ[_d\[Y[iXWYj[h_WdWiZWf[b[[ckYeiWi"YWkiWZWifehc_Yheeh]Wd_iceii[dil[_i0f_eZ[hc_j[i"
_cf[j_]e"[Yp[cWi_d\[YjWZei"ej_j[[nj[hdW"_d\[Y[iZWckYeiWdWiWb"\khdYkbei"WdjhWp"[Yj_cW"WXiY[iiei"
WYd[_d\[YjWZW"_dj[hjh_]e"bY[hWiYkj~d[Wi[gk[_cWZkhWi_d\[YjWZWi1fheÓbWn_WZ[_d\[Y[iYkjWd[eckYeiWi
Z[Yehh[dj[iZ[Yehj[i_dYbki_l[Z[eh_][cY_hh]_YW"WXhWi[i"gk[_cWZkhWifekYe[nj[diWi"\[h_c[djei
fheZkp_Zeifehc_Yheeh]Wd_iceii[dil[_i$
Feiebe]_W
Jf_Ye
9h_WdWi[7Zkbjei
7fb_YWhieXh[Wh[]_eW\[jWZWkcWÓdWYWcWZW(#+l[p[ifehZ_WYecWknb_eZ[kcW]Wp[1ejhWjWc[djeZ[l[
i[hYedj_dkWZeZkhWdj[(#)Z_WiWfieii_djecWij[h[cZ[iWfWh[Y_Zei$
Fh[YWk[i
GkWdZeWfb_YWZe[c]hWdZ[i|h[Wi"feZ[eYehh[hWXiehei_ij
c_YWi_]d_ÓYWj_lWYech_iYeZ[d[\hejen_Y_ZWZ[
ekejejen_Y_ZWZ["[if[Y_Wbc[dj[i[W\kdeh[dWb[ij_l[hYecfhec[j_ZW$:[l[#i[kiWhYecYWkj[bW[c
fWY_[dj[i\Wp[dZekieYedYec_jWdj[W\|hcWYeid[\hejn_Yei[ejejn_Yeii_ij
c_Yei$
8WYbe\[de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
B_eh[iWbYecfh_c_Ze'&c]
Kiei
;ifWij_Y_ZWZ[ZeiciYkbei[igk[bj_Yei[c[iYb[hei[cbj_fbW1[ijWZei[if|ij_Yei[cc_[befWj_WiZ[eh_][c
_d\[YY_eiW"Z[][d[hWj_lW"jhWkc|j_YW"d[efb|i_YWekZ[iYed^[Y_ZW"feh[n[cfbe0fWhWb_i_W[if_dWb[ifWicZ_YW"
[iYb[hei[bWj[hWbWc_ejhÓYW"i_h_d]ec_[b_W"c_[b_j[jhWdil[hiW"fWhWfb[]_WekfWhWfWh[i_WjhWkc|j_YW[
Yecfh[iieZeYehZec[ZkbWh1[ifWiceckiYkbWhZ[eh_][cY[h[XhWb"[if[Y_Wbc[dj[Z[Yehh[dj[Z[fWhWb_i_W
Y[h[XhWb_d\Wdj_b"Wii_cYeceZ[Yehh[dj[Z[WY_Z[dj[iY[h[XhelWiYkbWh[iekdWfh[i[dWZ[Ze[dWY[h[XhWb
Z[][d[hWj_lWekd[efb|i_YW$
Feiebe]_W
LE
9h_WdWiÅZei[_d_Y_WbÅ&")c]%a]%Z_W"feZ[dZe#i[[b[lWhWZei["Yk_ZWZeiWc[dj["[c_dj[hlWbeiZ['#(
i[cWdWi$<W_nWkikWbÅ&"-+#(c]%a]$9h_WdWi4'&WdeifeZ[ch[Y[X[hZei[ic|n_cWiZ[("+c]%a]%Z_W$
7ZkbjeiÅZei[_d_Y_WbÅ+c])l[p[iWeZ_W1Wkc[djWhWZei[Z[+c])l[p[iWeZ_W"WYWZW)Z_Wi$<W_nWkikWb
Å)&#.&c]%Z_W$FWY_[dj[i^eif_jWb_pWZeifeZ[ch[gk[h[hZei[idW\W_nWZ['&&#'(&c]%Z_W$
7`kij[Z[Zei[fWhWfWY_[dj[iYec_dikÓY_
dY_Wh[dWb%^[ceZ_|b_i[ÅY[hYWZ[+c]%Z_WZ[XWYbe\[de$
Fh[YWk[i
Ced_jehWhekieZ[XWYbe\[de[cfWY_[dj[i_Zeiei[[cfWY_[dj[iYec[ijWZei[if|ij_YeiZ[eh_][cY[h[XhWb$
/&r
8|biWceZ[F[hk
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8
8|biWceZ[F[hk\hWiYe'+cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
:_khj_Ye1l[hc\k]e1XWbi~c_Ye1Wdj_#ifj_Ye1fWhWi_j_Y_ZW1Y_YWjh_pWdj[1][hc_Y_ZW1Wdj_Wic|j_Ye1
[nf[YjehWdj[1jd_Ye1[ij_ckbWdj[$
Feiebe]_W
7Yh_jh_ecZ_Ye$
Fh[YWk[i
EX|biWcefeZ[fheleYWh_dÔWcWeZWf[b["_hh_jWe[h[W[iWbh]_YWi$
8Wc_Ób_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8Wc_ÓnZh|][W)&&c]
Kiei
7icWXhdgk_YW1Ze[dWfkbcedWhYhd_YWeXijhkj_lWYeckcYecfed[dj[[if|ij_Ye1Xhedgk_j[iWicWj_\ehc[i$
Feiebe]_W
LE
9h_WdWi4+WdeiÅ)&&c](l[p[iWeZ_W"f[bWcWd^[}de_j["ek)&c]%a]%Z_W$
7ZkbjeiÅ,&&c][cZei[d_YW"ek)&&c](l[p[iWeZ_W"f[bWcWd^[}de_j[$7feiebe]_WfeZ[h|lWh_WhZ[
/&&#'$.&&c]%Z_W$
Fh[YWk[i
;ii[c[Z_YWc[djedeZ[l[i[hkiWZe[cYWieZ[_d\WhjeW]kZeZec_eY|hZ_e$:[l[i[hkiWZeYecYWkj[bWdei
YWieiZ[_dikÓY_
dY_W^[f|j_YWekh[dWb"bY[hW]|ijh_YW[^_f[hj_he_Z_ice$
8Wd^eZ[:_|b_i[Iebke;b[jhebj_YW&",'
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8Wd^eZ[:_|b_i[Iebke;b[jhebj_YWiZ_e'&+c;g!cW]di_e'"+c;g%'$&&&cBXebiWYec)$&&&cBÅ
IebkeCWd_fkbWZW
Kiei
FWY_[dj[iYec_dZ_YWeZ[j[hWf_WZ[ikXij_jk_eh[dWbYec_dijWX_b_ZWZ[^[ceZ_d~c_YW"^[fWjefWj_Wi"JJF7
4,&i[]kdZei"?DHfhejWc_dW4("fbWgk[jWi2+&W-&$&&&[iWd]hWc[djei$
r/'
8[Ybec[jWiedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8
8[YbeiebdWiWbifhWo+&cY]%Zei[\hWiYe(&&Zei[i
9b[d_bdWiWbifhWo+&cY]%Zei[\hWiYe(&&Zei[i
9b[d_bifhWo(+&cY]%Zei[\hWiYe(&&Zei[i
Kiei
H_d_j[iWbh]_YWi[lWiecejehWi"h_de\Wh_d]_j[i"i_dki_j[i[[cekjhWiW\[Y[iWbh]_YWi[_dÔWcWjh_WiZWi
YWl_ZWZ[idWiW_i[fWhWdWiW_i1WicWXhdgk_YW"Xhedgk_j[[fheY[iiei_dÔWcWjh_eiZWil_WiWh[Wiikf[h_eh[i$
Feiebe]_W
DWiWb
H_d_j[iWbh]_YWi"h_de\Wh_d]_j[i
9h_WdWi4,WdeiÅ'_dWbWe#Zei[[cYWZWdWh_dWWYWZW'(^ehWi$
7ZkbjeiÅ'_dWbWe#Zei[[cYWZWdWh_dW*l[p[iWeZ_W$
?dWbWeehWb
7icWceZ[hWZWeki[l[hW
9h_WdWi2+WdeiÅh[Yec[dZW#i[_d_Y_WhYec(&&#+&&cY]%Z_W$
9h_WdWi4+WdeiÅh[Yec[dZW#i[_d_Y_WhYec+&&#'$&&&cY]%Z_W$
7ZkbjeiÅ(_dWbW[i#Zei[(l[p[iWeZ_W1[cYWieZ[d[Y[ii_ZWZ["feZ[#i[Wkc[djWhfWhW(_dWbW[i#Zei[)#*
l[p[iWeZ_W$
Fh[YWk[i
7kj_b_pWeZ[bed]efhWpeZWWfh[i[djWeZ[kiedWiWbfeZ[h|ZWheh_][cW\[dc[deiZ[i[di_X_b_pWe["
[nY[fY_edWbc[dj["Wei[\[_jeiYebWj[hW_ii_ij
c_YeiYb|ii_YeiZec[Z_YWc[dje$E[\[_jeZWWfh[i[djWeZ[kie
dWiWb"Z_\[h[dj[c[dj[ZWgk[b[ZeilWieYedijh_jeh[idWiW_i"de_c[Z_Wje1fWhWeXj[deZe[\[_jej[hWf
kj_Ye
[ÓYWp"d[Y[ii_jW#i[kj_b_pWeYedjdkW$E_dWbWZehXkYWbZ[l[i[hWZc_d_ijhWZeYecYWkj[bW[cfWY_[dj[i
_Zeiei[iec[dj[kj_b_pWZe[c][ijWdj[i[cYWieZ[d[Y[ii_ZWZ[WXiebkjW$
8[dpWbYd_e!IZ_e9beh[je
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H_deieheiebkedWiWbX[dpWbYd_e&"'c]!iZ_eYbeh[je/c]%cB\hWiYe)&cB
Ieh_d[iebkedWiWbX[dpWbYd_e&"'c]!iZ_eYbeh[je/c]%cB\hWiYe)&cB
Kiei
9eceWdj_#ifj_Ye[Z[iYed][ij_edWdj[dWiWb$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅ_dij_bWh(#*]ejWi*#,l[p[iWeZ_W$
/(r
8[dp[jd_e!8[dpeYWdW!8[dpen_gk_dW!C[djeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8
7dZebXWifhWoX[dp[jd_e'c]!X[dpeYWdW*+c]!X[dpen_gk_dW'(c]!c[djeb+c]%]jkXe*)]
Kiei
x_dZ_YWZeYeceWdj_#ifj_Ye"Wdj_fhkh_]_deie[Wd[iji_Yejf_Ye"fWhWWbl_eh|f_Ze[j[cfeh|h_eZ[Zeh[i
[fhkh_ZeiZWf[b[Yedi[g[dj[iZ[gk[_cWZkhWiiebWh[i"f[gk[dei\[h_c[djei"f_YWZWiZ[_di[je"WXhWie
[gk[_cWZkhWib[l[i1defi#[f_i_ejec_W[^[cehhe_Z[Yjec_W1fh[l[de[cf[gk[dei\[h_c[djei"
gk[_cWZkhWib[l[i[WhhWd^WZkhWi$
Feiebe]_W
9h_WdWi4'(Wdei[7ZkbjeiÅWfb_YWhieXh[W|h[WW\[jWZW)#*l[p[ifehZ_W$
8[dp_ZWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<be]e#HeiWfX[dp_ZWc_dW&"+][dl[bef[/"*]
<be]ehWbYebkjh_e'"+c]%cB\hWiYe'+&cB
Kiei
8[dp_ZWc_dWfÅlkblelW]_d_j[i[Y[hl_Y_j[iZ[gkWbgk[hj_feekeh_][c$9ecefheÓb|j_Ye"defh[fi#
ef[hWjh_elW]_dWb$>_]_[d[dj_cWZefi#fWhje$9eceYeWZ`klWdj[ZejhWjWc[djeZ[YWdZ_ZWi[[
jh_YecedWi[lW]_dWb$
8[dp_ZWc_dWYebkjh_eÅW\jWi"]beii_j[i"[ijecWj_j[i"][d]_l_j[iZ[Z_\[h[dj[i[j_ebe]_Wi"f[h_eZedjefWj_Wi"
Wd]_dWi"Wc_]ZWb_j[i"\Wh_d]_j[i[bWh_d]_j[i$?dÔWcW[iZWckYeiW[YWl_ZWZ[ehWbfheleYWZWifeh\Wjeh[i
\i_YeihWZ_ej[hWf_W"[djkXWe1defi#ef[hWjh_eZ[Wc_]ZWb[Yjec_Wi"Z[\hWjkhWiZWcWdZXkbW"Z[Y_ijei
cWn_bWh[i"Z[YWbYkbei[iiWb_lWh[i[jY$
Feiebe]_W
8[dp_ZWc_dWf
9h_WdWi[7ZkbjeiÅZ_iiebl[heYedj[ZeZ['#([dl[bef[i[c'b_jheZ[|]kWÓbjhWZWek\[hl_ZW[kiWh[c
bWlW][dilW]_dW_i"'#(l[p[iWeZ_W"Yed\ehc[h[Yec[dZWecZ_YW$
8[dp_ZWc_dWYebkjh_e
9h_WdWi4(Wdei[7ZkbjeiÅ(")ekcW_iXeY^[Y^eiek]Wh]Wh[`eiWeZ_WYec''%(Yefe#c[Z_ZW'+cBZ[
Yebkjh_efkheekZ_bkZe[ckcfekYeZ[|]kW$
Fh[YWk[i
8[dp_ZWc_dW]ejWiZ[l[i[hWZc_d_ijhWZWWfiWih[\[_[i$xYedjhW#_dZ_YWZWfWhWfWY_[dj[iYecfheXb[cWi
^[f|j_Yei[h[dW_i]hWl[i[ZkhWdj[e'ejh_c[ijh[Z[]hWl_Z[p$
8[dp_dWH[j_ÓYWZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[dp_dWH[j_ÓYWZW\hWiYe'$&&&cB
r/)
Kie
9eceZ_iiebl[dj[Z[kie[nj[hde$
Fh[YWk[i
CWd_fkbWhefheZkje[cbeYWbl[dj_bWZeekYecl[dj_bWebeYWb[nWkijehW"fWhWcWdj[hWYedY[djhWe[c
dl[_i_d\[h_eh[iWeb_c_j[Z[jeb[h~dY_W$Kj_b_pWh[gk_fWc[djeZ[fhej[e_dZ_l_ZkWbWecWd_fkbWhefheZkje
Óbjhegkc_YefWhWlWfeh[ieh]~d_Yei"YkbeiZ[i[]khWdWekfhej[e\WY_Wb"bklWiZ[FL9$
8
8[hWYjWdje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IkhlWdjW\hWiYe#WcfebW'&&c]%*cB
Kiei
Fh[l[de[jhWjWc[djeZ[idZhec[ZeZ[iYed\ehjeh[if_hWjh_e[cd[edWjeifh[cWjkhei1fh[l[de[c
d[edWjeiYecf[ie_d\[h_ehW'$(+&]YeccW_ehh_iYeZ[Z[i[dlebl[hidZhec[ZeZ[iYed\ehjeh[if_hWjh_e
ek[cd[edWjeiYecZ[ÓY_
dY_WZ[ikh\WYjWdj[1jhWjWc[djeZ[d[edWjeiYecidZhec[ZeZ[iYed\ehje
h[if_hWjh_eYedÓhcWZWfehhW_e#N[Yecd[Y[ii_ZWZ[Z[l[dj_bWec[Y~d_YW$
Feiebe]_W
D[edWjei
?djhWjhWgk[WbÅWZc_d_ijhWh*cB%a]ZWiebkeW(+c]%cBZ[\ei\ebf_Z[iWii_cgk[feiil[b1feZ[ci[h
WZc_d_ijhWZWi*Zei[iZkhWdj[Wifh_c[_hWi*.^ehWiZ[l_ZW"[ckcW\h[g
dY_WZ[Wj,^ehWi$7d[Y[ii_ZWZ[
Z[Zei[iWZ_Y_edW_iZ[j[hc_dWZWf[bWYedj_dk_ZWZ[Z[Z[iYed\ehjeeki[WYh_WdWW_dZW[ij_l[h[djkXWZW"
h[gk[h[dZef[bec[dei)&Z[en_]
d_efWhWcWdkj[de$
Fh[l[deÅZ[l[#i[WZc_d_ijhWh"Wii_cgk[feiil[b"fh[\[h[dY_Wbc[dj[Z[djheZ['+c_dkjeiWfiefWhje$
JhWjWc[djeÅZ[l[#i[WZc_d_ijhWh"Wii_cgk[feiil[b"fh[\[h[dY_Wbc[dj[Wdj[iZ[Yecfb[jWh.^ehWiZ[l_ZW$
Fh[YWk[i
De^|[ijkZeiZ[kieZ[X[hWYjWdje[cYh_WdWiYecf[ie_d\[h_ehW,&&]ekikf[h_ehW'$-+&]$
8[jW_ij_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[jWi[hY%BWX_h_dYecfh_c_Ze',c]
Kiei
x_dZ_YWZedejhWjWc[djeZeii_djecWigk[YWhWYj[h_pWcWidZhec[Z[Cd_h["jW_iYecel[hj_][cYec
d|ki[Wi[lc_jei"f[hZWZ[WkZ_e[pkcX_Ze"dejhWjWc[djei_djec|j_YeZWjedjkhWZ[eh_][cl[ij_XkbWh$
Feiebe]_W
LE
7Zkbjei
:ei[kikWbÅ(*#*.c]fehZ_W$
/*r
Fh[YWk[i
FWY_[dj[iYecWicWXhdgk_YWekfehjWZeh[iZ[\[eYheceY_jecWZ[l[ci[hced_jehWZeiZkhWdj[Wj[hWf_W"
Wii_cYecefWY_[dj[iYec^_ijh_YeZ[bY[hWffj_YW$
8
8[jWc[jWiedW!9b_egk_deb!=[djWc_Y_dW!JebdW\jWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
GkWZh_Z[hcYh[c[X[jWc[jWiedW&"+c]!Yb_egk_deb'&c]!][djWc_Y_dW'c]!jebdW\jWje'&c]%]
jkXe(&]
Kiei
:[hcWjei[iYWkiWZWi"Yecfb_YWZWiekWc[WWZWifeh_d\[YeXWYj[h_WdWek\d]_YW"_dYbki_l[ced_bWi[1
fh[l[de[jhWjWc[djeZ[_d\[Y[iYWkiWZWifehXWYjh_Wiek\kd]ei[c]hWdZ[lWh_[ZWZ[Z[[Yp[cWi[
ekjhWiZ[hcWjei[iWbh]_YWi[_dÔWcWjh_Wi1jhWjWc[djeZ[Z[hcWjei[_d]k_dWb"Z[hcWjei[iYhd_YWiZWi
[njh[c_ZWZ[i"[h_jhWicW"ej_j[Zeekl_Ze[nj[hde"XWbWdefeij_j["^[hf[i#pij[h"Z[hcWj_j[[Yp[cWj_Z["
Z[hcWj_j[Z[YedjWje"Z[hcWj_j[c_YheX_WdW"Z[hcWj_j[\eb_YkbWh"Z[i_Zhei["fWhWgk[hWjei["fWhedgk_W"
fhkh_ZeWdWb"[Yp[cWi[Xehh_Ye"_dj[hjh_]e"Z[hcWj_j[i[Xehh_YW"WYd[fkijkbeiW"_cf[j_]eZeYekheYWX[bkZe"
d[kheZ[hcWj_j["[ijecWj_j[Wd]kbWh"Z[hcWj_j[feh\ejeii[di_X_b_ZWZ["Z[hcWjeÓjei[_d]k_dWbb_gk[d_ÓYWZW[
_d\[Y[ifehJ_d[Wf[Z_i"J_d[WYhkh_i[J_d[WYehfeh_i$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWhf[gk[dWgkWdj_ZWZ[ieXh[W|h[Wb[iWZW(#)l[p[iWeZ_W1W\h[g
dY_WZW
Wfb_YWeZ[l[i[hXWi[WZWdW]hWl_ZWZ[ZW_d\[Ye"[WZkhWeZejhWjWc[djei[h|Z[j[hc_dWZWf[bW
h[ifeijWZefWY_[dj[$;cYWieZ[J_d[Wf[Z_i"feZ[i[hd[Y[ii|h_ekcjhWjWc[djecW_ifhebed]WZe
(#*i[cWdWi$
Fh[YWk[i
FeZ[ceYehh[h[\[_jeii_ij
c_YeiYecYehj_Yeij[h_Z[ijf_Yei"fh_dY_fWbc[dj[[cYh_WdWi[h[Yc#dWiY_Zei$
8[jWc[jWiedW7Y[jWje!8[jWc[jWiedW<ei\Wje:_iiZ_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9[b[ijed[IebkifWdWcfebWX[jWc[jWiedWWY[jWje)c]!X[jWc[jWiedW\ei\WjeZ_iiZ_Ye)c]%'cB
Kiei
x_dZ_YWZWfWhWj[hWf_WZ[Ze[dWiZ[_dj[di_ZWZ[ceZ[hWZWW]hWl["Ze[dWiW]kZWi[Yhd_YWiWkjeb_c_jWZWi"
h[ifedi_lWiWYehj_Yeij[h_Z[ii_ij
c_Yei"i[dZe[if[Y_Wbc[dj[j_b[cfWY_[dj[igk[defeZ[ckiWh[ii[
c[Z_YWc[djefehl_WehWb1jhWjWc[djeZ[W\[Y[ieij[eWhj_YkbWh[i"W\[Y[iZ[hcWjeb]_YWi"W\[Y[idef1
kieWdj[iZefWhjedWfh[l[deZ[idZhec[ZWWd]ij_Wh[if_hWjh_W[cfh[cWjkhei1Ze[dWid[efb|i_YWi$
Feiebe]_W
9h_WdWi[7Zkbjei
7Zc_d_ijhWei_ij
c_YWÅ'cB?Ch[f[j_Zei[cWdWbc[dj[ekcW_i\h[g[dj[c[dj[gkWdZed[Y[ii|h_e$
;ijWZeZ[cWbWic|j_Ye[bfki[h_j[cWjeieÅ(cB?C"Z[l[dZeWZei[i[hcWdj_ZWekW`kijWZWWjgk[kcW
h[ifeijWiWj_i\Wjh_Wi[`WeXi[hlWZW$
r/+
J[dZ_d_j[i"c_ei_j[i"ÓXhei_j[i"f[h_j[dZ_d_j[i[[ijWZei_dÔWcWjh_eif[h_Whj_YkbWh[iÅ)#*_d`[[ibeYW_iZ[
'cBYWZW"[c_dj[hlWbeiZ['ek(i[cWdWidWcW_eh_WZeiYWiei"W_d`[eZ[l[i[hWfb_YWZWdWiXW_d^WiZei
j[dZ[iW\[jWZei[dede_dj[h_ehZ[ij[i$
7hjh_j[h[kcWj_Z[[eij[eWhjh_j[Å&"(+cB#(cB_djhW#Whj_YkbWhZ[WYehZeYecejWcWd^eZWWhj_YkbWe$
8
Fh[YWk[i
DeZ[l[i[hkiWZefehl_W?LekI91WZc_d_ijhWhfehl_W_djhWckiYkbWh[YecYWkj[bW[cfWY_[dj[iYec
fhfkhWjhecXeY_jef
d_YW_Z_ef|j_YW$?d`[[ih[f[j_ZWi[cWhj_YkbW[iYeceij[eWhjh_j[feZ[cWkc[djWh
WZ[ijhk_eWhj_YkbWh$:[l[c#i[[l_jWhWi_d`[[iYecYehj_Yeij[h_Z[iZ_h[jWc[dj[dWiikXij~dY_WiZei
j[dZ[iZ[l_ZeWh[bWjeiZ[hkfjkhWijWhZ_WiZeij[dZ[i$
8[jWc[jWiedW:_fhef_edWje!8[jWc[jWiedW<ei\Wje:_iiZ_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_fheifWdWcfebWX[jWc[jWiedWZ_fhef_edWje+c]!X[jWc[jWiedW\ei\WjeZ_iiZ_Ye(c]%'cB
Kiei
JhWjWc[djeZ[Ze[dWiW]kZWi[Yhd_YWih[ifedi_lWiWeiYehj_Y_Z[i$7j[hWf_W^ehcedWbYeWZ`klWdj[[de
ikXij_jk_Wj[hWf
kj_YWYedl[dY_edWb$
Feiebe]_W
9h_WdWi[7Zkbjei
:ei[kikWbÅ'#(cB?CdWcW_eh_WZWiYedZ_[i"h[f[j_dZe#i[Wj[hWf_WgkWdZed[Y[ii|h_e$
Fh[YWk[i
DeZ[l[i[hkiWZefehl_W[dZel[deiWekikXYkj~d[W$
8[jWc[jWiedWLWb[hWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[jdelWj[Yh[c[&"'X_idW]W)&]
Kiei
;Yp[cW_dYbki_l[Wjf_Ye"_d\Wdj_b[Z_iY_Z[1fiehWi["[nY[jefiehWi[[cfbWYWZ_ii[c_dWZW1
d[kheZ[hcWjei[i"_dYbk_dZebgk[di_cfb[i[bgk[dfbWde1Z[hcWj_j[i[Xehh_YW[Z[hcWj_j[Z[YedjWje1bfki
[h_j[cWjeieZ_iY_Z[1[h_jheZ[hcW][d[hWb_pWZe1f_YWZWiZ[_di[jei1gk[_cWZkhWiiebWh[i1c_b_|h_WhkXhW$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWhikWl[c[dj["[cf[gk[dWigkWdj_ZWZ[i"ieXh[W|h[WW\[jWZW"(#)l[p[iWeZ_W"Wj
gk[^W`Wc[b^ehW$;dje"Wfb_YWh'l[pWeZ_Wek[cZ_WiWbj[hdWZei$EjhWjWc[djedeZ[l[i[hYedj_dkWZefeh
cW_iZ[-Z_Wii[cikf[hl_iecZ_YW$
Fh[YWk[i
FeZ[ceYehh[hWbj[hW[iWjhÓYWidWf[b[$EYedjWjeYeceieb^eifeZ[h[ikbjWh[c]bWkYecW$
/,r
8[jWd[Yeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8
B_X[hWdYecfh_c_Ze(+c]
Kiei
JhWjWc[djeZ[h[j[dekh_d|h_Wde#eXijhkj_lWW]kZWfi#ef[hWjh_W[fi#fWhje"Z[h[j[dekh_d|h_W
YWkiWZWfehWjed_Wd[khe]
d_YWZWX[n_]W1h[Ôkne]Wijhe[ie\|]_Ye$
Feiebe]_W
LE
7ZkbjeiÅ'&#+&c](#*l[p[iWeZ_W$
8_YWhXedWjeZ[IZ_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8_YWhXedWjeZ[IZ_e."*WcfebW'&cB'&c;g%'&cB
8_YWhXedWjeZ[IZ_e'&WcfebW'&cB''"/(c;g%'&cB
8_YWhXedWjeZ[IZ_e."*\hWiYe(+&cB(+&c;g%(+&cB
Ü]kW8_YWhXedWjWZWiebke+\hWiYe*&&cBÅC[Z_YWc[djeCWd_fkbWZe[dnW]kWjh_eXkYWb
Kiei
?LÅWY_Zei[c[jWXb_YWdeiYWieiZ[Z_WX[j[i1Z_Whh_W1_djen_YW[ifeh|Y_Zei[n][deiXh_Ye"iWb_Yb_Ye1
h[j[deZ[|Y_Zeide#leb|j[_i1kh[c_W1WY_Zei[b|j_YW1fWhWZWYWhZWYWYech[iikiY_jWe$
LEÅWY_Zei[c[jWXb_YW[c_dikÓY_
dY_Wh[dWbYhd_YW1WY_Zei[c[jWXb_YWZ[l_ZeWWY_Zei[jkXkbWhZ_ijWbek
fhen_cWb1Wbl_eZ[^_f[hWY_Z[p]|ijh_YW1_dZkeZ[WbYWb_d_pWekh_d|h_W$
8kYWbÅWbYWb_d_pWe%^_]_[d_pWeZWYWl_ZWZ[ehWb$
Feiebe]_W
EXi$0Zei[[nfh[iiW[cj[hceiZeiWbX_YWhXedWjeZ[iZ_e$
?L
9h_WdWi4,Wdei[7Zkbjei
FWhWZWYWhZWYWÅ'c;g%a]?L"i[]k_ZeZ[&"+c;g%a]Z['&[c'&c_dkjeiWjgk[Wh[iikiY_jWe
i[`WYecfb[jW$
7Y_Zei[c[jWXb_YW[YeceWbYWb_d_pWdj[kh_d|h_eÅ_d\kie?LZ[(#+c;g%a]Z[f[ieYehfehWbfehkcf[heZe
gk[feZ[lWh_WhZ[*#.^ehWi$
LE
7Y_Zei[c[jWXb_YW[c_dikÓY_
dY_Wh[dWbYhd_YW
9h_WdWiÅ'#)c;g%a]%Z_W[cZei[iZ_l_Z_ZWi$7`kijWhWZei[fWhWcWdj[heX_YWhXedWjeih_Yedei
dl[_iZ[i[`WZei$
7ZkbjeiÅ(&#),c;g%Z_W[cZei[iZ_l_Z_ZWi$7`kijWhWZei[fWhWcWdj[heX_YWhXedWjeih_Yedeidl[_iZ[i[`WZei$
7Y_Zei[c[jWXb_YWZ[l_ZeWWY_Zei[h[dWbZejXkbeZ_ijWb
9h_WdWiÅ(#)c;g%a]%Z_W[c*#+Zei[iZ_l_Z_ZWi$
7ZkbjeiÅ&"+#(c;g%a]%Z_W[c*#+Zei[iZ_l_Z_ZWi$
7Y_Zei[c[jWXb_YWZ[l_ZeWWY_Zei[h[dWbZejXkbefhen_cWb
9h_WdWi[7ZkbjeiÅ+#'&c;g%a]%Z_W"_d_Y_Wbc[dj["[c*#+Zei[iZ_l_Z_ZWi$7`kijWhWZei[fWhWcWdj[he
X_YWhXedWjeih_Yedeidl[_iZ[i[`WZei$
7bl_eZ[^_f[hWY_Z[p]|ijh_YW
r/-
7ZkbjeiÅ&")#(]'#*l[p[iWeZ_W$
?dZkeZ[WbYWb_d_pWekh_d|h_W
9h_WdWiÅ'#'&c;g%a]%Z_W.*#.*&c]%a]%Z_WWYWZW*#,^ehWi$J_jkbWhWZei[Z[WYehZeYecef>kh_d|h_e$
7ZkbjeiÅZei[_d_Y_WbÅ*]1Zei[Z[cWdkj[deÅ'#(]WYWZW*^ehWi$J_jkbWhWZei[Z[WYehZeYece
f>kh_d|h_e$
8
Fh[YWk[i
8_YWhXedWjeZ[iZ_eYedjhW#_dZ_YWZedWfh[i[dWZ[[Z[cWi"WbYWbei[c[jWXb_YWekh[if_hWjh_W"fh[i[dW
Z[Ybeh[jeYWkiWZWfehlc_jeekZh[dW][c]Wijh_dj[ij_dWb[^_feYWb[c_W$DeZ[l[i[hkiWZedW]hWl_Z[p
[bWYjWe$
8_f[h_Z[de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7a_d[jedYecfh_c_Ze(c]
9_d[jebWcfebW+c]%'cB
Kiei
JhWjWc[djei_djec|j_YeZ[fWha_died_iceWhj[h_eiYb[hj_Ye"_Z_ef|j_Ye[fi#[dY[\Wbj_Ye1Wbl_eZ[h[W[i
[njhWf_hWc_ZW_i_dZkp_ZWifeh\|hcWYei1_djen_YWefeheh]Wde\ei\ehWZeiekd_Yejd_Yei$
Feiebe]_W
9h_WdWiÅ?C%?L
9h_WdWi2'WdeÅdei[feZ[WZc_d_ijhWhcW_iZ['c]$
9h_WdWi'#,WdeiÅWZc_d_ijhWhdec|n_ce(c]$
9h_WdWi-#'&WdeiÅWZc_d_ijhWhdec|n_ce)c]$;cYWieZ[d[Y[ii_ZWZ["WZei[feZ[i[hh[f[j_ZWWfi
)&c_dkjei$
H[W[i[njhWf_hWc_ZW_i_dZkp_ZWifeh\|hcWYei[nY[jeZ_iY_d[i_WjWhZ_WÅ&"&*c]%a]?C1[iiWZei[feZ[i[h
h[f[j_ZWWYWZW*^ehWii[d[Y[ii|h_e"dei[Z[l[dZejecWhcW_iZ[*Zei[iYedi[Ykj_lWidef[heZeZ[
(*^ehWi$
7Zkbjei
LE
FWha_died_iceWhj[h_eiYb[hj_Ye"_Z_ef|j_Ye[fi#[dY[\|b_YeÅ_d_Y_Wbc[dj[(c])l[p[iWeZ_W1Wkc[djWh
]hWZkWbc[dj[Wj(&c]Z_Wh_Wc[dj[Yed\ehc[d[Y[ii_ZWZ[[jeb[h~dY_W$
H[W[i[njhWf_hWc_ZW_i_dZkp_ZWifeh\|hcWYeiÅ(c]'#)l[p[iWeZ_W$
?C%?L
IdZhec[ifWha_died_WdWiÅdeiYWiei]hWl[i[\Wi[W]kZW"WZei[cZ_Wh[Yec[dZWZWZ['&#(&c]"gk[
Z[l[i[hZ_ijh_XkZWWebed]eZeZ_WZ[ceZekd_\ehc[$
JhWdijehdei[njhWf_hWc_ZW_ic[Z_YWc[djeieiÅfWhW[lebkeh|f_ZWZeii_djecWi"WZc_d_ijhW#i['Zei[Z[
("+#+c]$;cYWieZ[d[Y[ii_ZWZ["feZ[#i[h[f[j_hWc[icWZei[Wfi)&c_dkjei$
:ei[c|n_cWÅ'&#(&c]%Z_W$
?djen_YW[iÅdeiYWieiZ[_djen_YWeW]kZWfehd_Yej_dW"h[Yec[dZW#i["WbcZWic[Z_ZWi^WX_jkW_i"W
WZc_d_ijhWeZ[+#'&c]fehl_W_djhWckiYkbWh["[cYWiei]hWl[i"+c]fehl_W_djhWl[deiWb[djW$
Fh[YWk[i
9k_ZWZe[if[Y_WbZ[l[i[hjecWZeYecfWY_[dj[ifehjWZeh[iZ[]bWkYecWZ[~d]kbe[ijh[_je"[ij[dei[i
c[Y~d_YWiZef_behe[c[]WYbed$;cZe[dWigk[feiiWcb[lWh}jWgk_YWhZ_Wi[l[hW"X_f[h_Z[deZ[l[h|i[h
WZc_d_ijhWZeYecYWkj[bW1["[cfWY_[dj[iikiY[jl[_iWY_XhWi"Z[l[i[hZeiWZeYk_ZWZeiWc[dj[$
/.r
8_iWYeZ_b
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8
:kbYebWnZh|][W+c]
Kiei
9edij_fWe_dj[ij_dWb1fheY[Z_c[djeiZ_W]dij_Yei1fh[fi#ef[hWjh_e1[cYedZ_[igk[[n_][ckcW
[lWYkWe\WY_b_jWZW$
Feiebe]_W
LE
9h_WdWiZ[)#'(WdeiÅ+#'&c]ek&")c]%a]%Z_W[cZei[d_YW$
9h_WdWi¨'(Wdei[7ZkbjeiÅ+#'+c]%Z_W[cZei[d_YW$:ei[c|n_cWÅ)&c]$
Fh[YWk[i
Ekie[nY[ii_lWc[dj[fhebed]WZefeZ[YWkiWhkcZ[i[gk_bXh_e[b[jhebj_Ye[^_feYWb[c_W"feZ[dZefh[Y_f_jWh
eWfWh[Y_c[djeZ[kcWYedij_fWeZ[h[Xej[$
8hecWp[fWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
B[nejWdYecfh_c_Ze)c]
Kiei
7di_[ZWZ["j[die[ekjhWigk[_nWiiec|j_YWiekfi_Yeb]_YWiWiieY_WZWiWidZhec[Z[Wdi_[ZWZ[1WZ`klWdj[
dejhWjWc[djeZ[Wdi_[ZWZ[[W]_jWeWiieY_WZWWjhWdijehdeifi_gk_|jh_Yei"YecejhWdijehdeZ[^kceh
[[igk_pe\h[d_W$
Feiebe]_W
LE
7ZkbjeiÅWZei[feZ[lWh_Wh[djh['"+#'(c](#)l[p[iWeZ_W$
Fh[YWk[i
9edjhW#_dZ_YWZe[cfWY_[dj[iYecc_Wij[d_W]hWl[[_dikÓY_
dY_Wh[if_hWjh_WYhd_YW$DekiWh[cc[deh[i
Z['.Wdei$
8hecefh_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FbWc[jYecfh_c_Ze'&c]
:_][iWdY|fikbW'&c]
:_][iWd%FbWc[jWcfebW'&c]%(cB
:_][iWd%FbWc[j]ejWi*c]%cB\hWiYe(&cB'cB3(*]ejWi
r//
Kiei
:_ijhX_eiZ_][ij_leifi_Yeiiec|j_YeiZ[i[d[YjkZ[[[ijW\Wc[djWb1Z_iY_d[i_Wi]WijheZkeZ[dW_i[X_b_Wh[i1
YebefWj_Wi[ifWicZ_YWi1[dnWgk[YW[cWb#[ijWhZ[eh_][cY[bWYW1d|ki[Wi1lc_jei1Wdeh[n_W1[nWc[i
hWZ_eb]_YeiZejkXeZ_][ij_le1lc_jeiWd[iji_Yei1iebkei1c[j[eh_iceWXZec_dWbfi#ef[hWjh_e1
cWd_\[ijW[iZ_][ij_lWiWfiWfb_YWeZ[hWZ_ej[hWf_W$
8
Feiebe]_W
9h_WdWi
Iebke_d`[j|l[bÅ&"+#'c]%a]%Z_W"l_W?C$
=ejWif[Z_|jh_YWiÅ&"+#'c]%a]%Z_W$
7Zkbjei
Iebke_d`[j|l[bÅ'&#(&c]WeZ_W"?C%?L"feZ[dZeWZei[i[hWkc[djWZWekZ_c_dkZWZ[WYehZeYece
YWieYbd_Ye$
9|fikbWi%Yecfh_c_ZeiÅ*&#,&c]WeZ_W[c)#*jecWZWi$
Fh[YWk[i
KiWhYecYWkj[bWZkhWdj[e'±jh_c[ijh[Z[]hWl_Z[p$FWY_[dj[iikXc[j_ZeiWdj[h_ehc[dj[Wd[khebfj_Yei
feZ[cWfh[i[djWhkcWi[di_X_b_ZWZ[[if[Y_WbWefheZkje$xfhkZ[dj[defh[iYh[l[hXhecefh_ZW[cfWY_[dj[i
Yecikif[_jWZ[\[eYheceY_jecWi[cYedjheb[cZ_Yeh_]eheie$
8kZ[ied_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Fkbc_YehjjkhXk^Wb[h(&&cY]%Zei[jkXe'&&Zei[i
Fkbc_Yehjikif[diefWhWd[Xkb_pWe&"+c]%cB\hWiYe(cB
Kiei
FWY_[dj[iYecWicWXhdgk_YWgk[h[gk[h[cjhWjWc[djeZ[cWdkj[deYec]b_YeYehj_Yeij[h_Z[ifWhW
Yedjheb[ZW_dÔWcWeZWil_WiWh[Wi$
Feiebe]_W
:ei[_d_Y_Wb
9h_WdWi¨,c[i[iÅZei[Z_|h_WjejWbÅ&"(+#&"+&c]1[cfWY_[dj[iZ[f[dZ[dj[iZ[]b_YeYehj_Yeij[h_Z[iehW_i"
kcWZei[_d_Y_WbcW_eh"feh[n[cfbe"Zei[Z_|h_WjejWbZ['c]feZ[i[hYedi_Z[hWZW$
7Zkbjei[?ZeieiÅZei[Z_|h_WjejWbÅ'#(c]$
:ei[Z[cWdkj[deÅWZei[Z[l[i[h_dZ_l_ZkWb_pWZW$7fij[hWj_d]_Zee[\[_jeYbd_YeZ[i[`WZe"WZei[Z[
cWdkj[deZ[l[i[h]hWZkWbc[dj[h[Zkp_ZWWecd_ced[Y[ii|h_efWhWeYedjheb[Zeii_djecWi$
9h_WdWi¨,c[i[iÅZei[Z_|h_WjejWbÅ&"(+#(c]$
7Zkbjei[?ZeieiÅZei[Z_|h_WjejWbÅ&"+&#*c]$;cYWieick_je]hWl[i"WZei[feZ[i[hWkc[djWZW
feij[h_ehc[dj["WYh_jh_ecZ_Ye$
:ei[d_YWZ_|h_W
9h_WdWi[7ZkbjeiÅ&"(+#'c]%Z_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecjkX[hYkbei[fkbcedWh"_d\[Y[il_hW_iek\d]_YWi"[cfWY_[dj[iieX
jhWjWc[djeYecZhe]Wi_ckdeiikfh[iiehWi[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YW[h[dWb$
'&&r
8kZ[ied_ZW!<ehcej[heb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8
IocX_YehjjkhXk^Wb[hXkZ[ied_ZW(&&cY]!\ehcej[heb\kcWhWje,cY]%Zei[jkXe,&Zei[i
Kiei
JhWjWc[djeh[]kbWhZ[WicW[cYWiei[cgk[ekieZ[kcWWiieY_WeWfhefh_WZe$
Feiebe]_W
?dWbWeehWb
9h_WdWi4*WdeiÅ'_dWbWe(l[p[iWeZ_W$:ei[c|n_cWÅ(_dWbW[i%Z_W$
9h_WdWi4'(Wdei[7ZkbjeiÅ(_dWbW[i'#(l[p[iWeZ_W$:ei[c|n_cWÅ*_dWbW[i%Z_W$:khWdj[kcWf_ehW
ZWWicW"WZei[feZ[i[hWkc[djWZWfWhWec|n_ceZ[*_dWbW[i"(l[p[iWeZ_W$
Fh[YWk[i
EjhWjWc[djedeZ[l[i[h_d_Y_WZeZkhWdj[kcW[nWY[hXWe]hWl[$7WZc_d_ijhWeZ[Zei[i[b[lWZWifeZ[
Z_c_dk_hWYedY[djhWeZefej|ii_eih_Ye$
8kf_lWYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D[eYWdW&"(+i[cWZh[dWb_dW\hWiYe#WcfebW(&cB
CWhYWdW%D[eYWdW&"+i[cWZh[dWb_dW\hWiYe#WcfebW(&cB
Kiei
7d[ij[i_Wfeh_dÓbjhWegkWdZei[Z[i[`Wbed]WZkhWe"feh[n[cfbe"fWhWWdWb][i_Wfi#ef[hWjh_W1
Xbegk[_eiZ[bed]WZkhWeekWd[ij[i_Wf[h_ZkhWb"[cgk[WWZh[dWb_dWYedjhW#_dZ_YWZW[eh[bWnWc[dje
ckiYkbWhfej[dj[ded[Y[ii|h_eekZ[i[`|l[b1Wd[ij[i_W[ceXij[jhY_W$
Feiebe]_W
8begk[_eYWkZWb
9h_WdWiÅ'#)"-c]%a]$
7ZkbjeiÅ'+#)&cBdWiYedY[djhW[i&"(+ek&"+$
8begk[_e[f_ZkhWb
9h_WdWiÅ'"(+c]%a]%Zei[$
7ZkbjeiÅ'&#(&cBdWiYedY[djhW[i&"(+ek&"+$
8begk[_ei_cf|j_YeÅ(&#+&cBÅ&"(+$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWi^[f|j_Yei$Deh[Yec[dZWZeekie[cYh_WdWic[deh[iZ['(Wdei$
8kf_lWYWdW!7Zh[dWb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CWhYWdW&"+YecWZh[dWb_dW\hWiYe#WcfebW(&cB
D[eYWdW&"+YecWZh[dWb_dW\hWiYe#WcfebW(&cB
r'&'
Kiei
8begk[_eiZ[bed]WZkhWe"feh[n[cfbe"fWhWWdWb][i_Wfi#ef[hWjh_W1eXij[jhY_W$
Feiebe]_W
8begk[_eYWkZWb
9h_WdWiÅ'#)"-c]%a]$
7ZkbjeiÅ'+#)&cBdWiYedY[djhW[i&"(+ek&"+$
8begk[_eZ[d[hleif[h_\h_YeiÅZei[Z[+cBdWiYedY[djhW[i&"(+ek&"+'("+#(+c]$
:ei[c|n_cWÅ*&&c]%Z_W$
8
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWi^[f|j_Yei$Deh[Yec[dZWZeekie[cYh_WdWic[deh[iZ['(Wdei$
8kf_lWYWdW!=b_Yei[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CWhYWdWf[iWZW%D[eYWdWf[iWZW&"+WcfebW*cB
Kiei
HWgk_Wd[ij[i_WfWhWY_hkh]_W"YeceY_hkh]_Wkheb]_YW[Zeic[cXhei_d\[h_eh[iZ[(#)^ehWiZ[ZkhWe"
Y_hkh]_WWXZec_dWbZ[*+#,&c_dkjeiZ[ZkhWe$
Feiebe]_W
7ZkbjeiÅ'&#(&c]ek(#*cB$
Fh[YWk[i
FeZ[ceYehh[h^_fej[die[XhWZ_YWhZ_W$
8kfh[dehÓdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J[c][i_YYecfh_c_Ze&"(c]
J[c][i_YWcfebW&")c]%'cB
Kiei
JhWjWc[djeZWZehceZ[hWZWWi[l[hW$
Feiebe]_W
?L%?C
9h_WdWi¨')Wdei[7ZkbjeiÅ&")#&",c]WYWZW,^ehWii[d[Y[ii|h_e$
?ZeieiÅ&"'+c]WYWZW,^ehWi$
'&(r
8kfhef_edW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
M[bbXkjh_dIHYecfh_c_ZeZ[Wefhebed]WZW'+&c]
Kiei
;ij|_dZ_YWZe[cYWieiZ[Z[fh[iieW]kZWekdWfh[l[deZ[h[Y_Z_lWi[h[Xej[iZ[[f_iZ_eiZ[fh[ii_lei
Wfih[ifeijW_d_Y_WbiWj_i\Wjh_W$JWcXcfeZ[i[hkiWZeYeceWZ`klWdj[dejhWjWc[djeZ[Z[f[dZ
dY_WZW
d_Yej_dW"Z[WYehZeYeceh_[djWecZ_YW$
9
Feiebe]_W
7Zkbjei
LE
JhWjWc[dje_d_Y_WbÅWZei[_d_Y_WbÅ'+&c]"WZc_d_ijhWZWYeceZei[d_YWZ_|h_W$9Wiede^W`WkcW
h[ifeijWWZ[gkWZW}Zei[Z['+&c]%Z_WfehfWhj[ZefWY_[dj["WZei[feZ[i[hWkc[djWZWWj)&&c]%
Z_W$7Zei[d_YWc|n_cWdeZ[l[i[hcW_ehZegk['+&c]$:ei[icW_eh[iZegk['+&c]%Z_WZ[l[ci[h
WZc_d_ijhWZWi[c(jecWZWiZ_|h_Wi"Yec_dj[hlWbeiZ[f[bec[dei.^ehWi[djh[[bWi$Ik][h[c#i[Zei[i
fhn_cWiZe^eh|h_eZ[Zehc_h$EWkc[djeZWZei[fWhW)&&c]%Z_WiZ[l[eYehh[hWfikc_dj[hlWbecd_ce
Z[Y[hYWZ[,#-Z_Wi"[cfh[]WdZeWZei[Z['+&c]%Z_W$:ei[Z[cWdkj[deÅ)&&c]%Z_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec^_ijh_YeZ[jhWkcWj_iceYhWd_Wde"jkcehdei_ij[cWd[hleieY[djhWb"
^_ijh_YeZ[Yedlkbi[i$DeWZc_d_ijhWhYedYec_jWdj[c[dj[Wc[Z_YWc[djeigk[XW_n[ceb_c_Wh
ZWYedlkbie$
9|bY_e9WhXedWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9WbiWdYecfh_c_ZecWij_]|l[b+&&c]Z[9W(!
Kiei
9eceWdj_|Y_Ze1jhWjWc[dje[fh[l[deZ[Z[ÓY_
dY_WZ[Y|bY_eek^_f[h\ei\Wj[c_W"Yece[ceij[efehei["
eij[ecWb|Y_W"_dikÓY_
dY_Wh[dWbb[l[WceZ[hWZW"^_fefWhWj_he_Z_ice"eij[efehei[fi#c[defWkiW"hWgk_j_ice$
Feiebe]_W
LE
>_feYWbY[c_W
D[edWjeiÅ+&#'+&c]%a]%Z_W[c*#,Zei[iZ_l_Z_ZWi$:ei[c|n_cWÅ']%Z_W$
9h_WdWiÅ*+#,+c]%a]%Z_W[c*Zei[iZ_l_Z_ZWi$
7ZkbjeiÅ'#(]%Z_WekcW_i[c)#*Zei[iZ_l_Z_ZWi$
Ikfb[c[djeZ_[jj_Ye
7ZkbjeiÅ+&&c]#(][cZei[iZ_l_Z_ZWi(#*l[p[iWeZ_W$
7dj_|Y_Ze
7ZkbjeiÅ&"+#']"feZ[dZeh[f[j_hWZei[WYWZW'#(^ehWi$:ei[c|n_cWÅ,]%Z_W$
Eij[efehei[
7Zkbjei4+'WdeiÅ'"(]%Z_W$
r'&)
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2(+cB%c_dÅfeZ[ci[hd[Y[ii|h_eiW`kij[iZ[f[dZ[dZeZeidl[_iih_YeiZ[Y|bY_e$
Fh[YWk[i
xYedjhW#_dZ_YWZe[cYWieZ[^_f[hYWbY[c_W"Y|bYkbeih[dW_i[^_fe\ei\Wj[c_W$7WXieheZeYWhXedWjeZ[
Y|bY_efh[`kZ_YWZW[cWYbeh_Zh_WYeckc[c_Zeiei$>_f[hYWbY[c_W[^_f[hYWbY_h_WeYehh[cYeccW_eh
fheXWX_b_ZWZ[[cfWY_[dj[iYec^_fefWhWj_he_Z_ice[dWgk[b[ih[Y[X[dZeWbjWiZei[iZ[l_jWc_dW:$
9
9|bY_e9WhXedWje!9|bY_eBWYje]b_YedWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9|bY_eIWdZep<Yecfh_c_Ze[\[hl[iY[dj[+&&c]Z[Y|bY_e
Kiei
Eij[efehei[Z[l|h_Wi[j_ebe]_Wifi#c[defWkiWb"i[d_b"_dZkp_ZWfehYehj_Yeij[h_Z[i[YeceYedi[g
dY_WZ[
]Wijh[Yjec_WekZ[_ceX_b_pWe"\h[g[dj[c[dj[[cWiieY_WeYecc[Z_YWeYecfb[c[djWh1fh[l[de
Z[Z[ic_d[hWb_pWeii[Wfh[fi#c[defWkiWb1YeceYeWZ`klWdj[dWj[hWf_W[if[YÓYWZ[hWgk_j_ice[
eij[ecWb|Y_W1j[jWd_WbWj[dj[1Wkc[djeZWid[Y[ii_ZWZ[iZ[Y|bY_edW]hWl_Z[p[bWYjWe[[cYh_WdWi[c
\Wi[iZ[Yh[iY_c[dje1YedZ_[iWbh]_YWijhWjWc[djeZ[ikfehj[$
Feiebe]_W
LE
:ei[Z_|h_WkikWbÅ+&&#'$&&&c]Z[Y|bY_e[b[c[djWh)+#'&ZWid[Y[ii_ZWZ[iZ_[jj_YWih[Yec[dZWZWi$
9Wiei]hWl[iÅWj($&&&c]dWifh_c[_hWii[cWdWi$
Fh[YWk[i
;cfWY_[dj[iYec^_f[hYWbY_h_Wb[l[[nY[Z[dZe)&&c]3-"+cceb%(*^ehWiYecYecfhec[j_c[djeb[l[
ekceZ[hWZeZW\kdeh[dWbekYec^_ijh_WZ[Z[fi_jeikh_d|h_ei"d[Y[ii|h_WWced_jehWeZW[nYh[e
Z[Y|bY_edWkh_dW$FWhWfWY_[dj[ifh[Z_ifeijei}\ehcWeZ[Y|bYkbeidejhWjekh_d|h_e"h[Yec[dZW#i[kc
Wkc[djedW_d][ijeZ[bgk_Zei$
9|bY_e9WhXedWjWZe!9eb[YWbY_\[hebL_jWc_dW:
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ei#9Wb+&&!:Yecfh_c_Zeh[l[ij_Ze
Kiei
x_dZ_YWZeYeceYecfb[c[djeZWid[Y[ii_ZWZ[ieh]~d_YWiZ[Y|bY_e"Yedj[dZel_jWc_dW:"gk[Wkn_b_WdW
WXieheZ[Y|bY_e$x_dZ_YWZejWcXcdWfh[l[deZ[eij[efehei[$
Feiebe]_W
7Zkbjei
:ei[h[Yec[dZWZWZ[Ei#9Wb+&&!:Å'W)Yecfh_c_ZeiWeZ_W"ZkhWdj[Wih[\[_[i$
Fh[YWk[i
KieYh_j[h_eie[cfWY_[dj[iZ_WXj_Yei"eYecfh_c_ZeYedjcWYWh$
'&*r
9|bY_e9beh[je
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9beh[jeZ[9|bY_e'&-ccebZ[9W(!%'&cBWcfebW'&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
>_feYWbY[c_W1YeceWdjW]ed_ijW[b[jheÓi_eb]_Ye[c^_f[hYWb[c_Wek^_f[hcW]d[i[c_W1Yece_dejhf_Ye"
kj_b_pWZeYed`kdjWc[dj[dejhWjWc[djefehel[hZei[Z[Xbegk[WZeh[iZ[YWdW_iZ[Y|bY_e$
9
Feiebe]_W
?L
9h_WdWiÅ(cB%a]%Z_W$
9WieiZ[h[iikiY_jWeÅ&"(cB%a]%Zei["h[f[j_Zeii[d[Y[ii|h_eiec[dj['l[p[c'&c_dkjeifeh_d`[e
[dZel[deiWb[djW$:ei[c|n_cWÅ'&cB$
>_feYWbY[c_WÅ("+#)cB%a]%Z_W"ZWZeifeh_d\kie_dj[hc_j[dj[$
7Zkbjei
>_feYWbY[c_WW]kZWÅ_d_Y_Wbc[dj["("(#-ccebZWZeilW]WheiWc[dj[fehXebki"_d\kieYedjdkWek_d\kie
_dj[hc_j[dj[$:ei[c|n_cWÅ)+cceb%Z_W$
Fh[YWk[i
KiWhYWkj[beiWc[dj[[cfWY_[dj[iYecZ_i\kdeh[dWb$Ced_jehWhi_dW_il_jW_i[[b[jheYWhZ_e]hWÓWZkhWdj[
WWZc_d_ijhWe$
9|bY_e=bkYedWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>ofeY|bY_e'&&"*+c;g%cBZ[9W(!WcfebW'&cB
Kiei
JhWjWc[dje[fh[l[deZ[^_feYWbY[c_W1jhWjWc[djeZ[jjWde1Z_ijhX_eiYWhZWYeifeh^_f[hYWb[c_W1
h[iikiY_jWeYWhZWYWgkWdZeW[f_d[fh_dW\Wb^WdWc[b^ehWZWYedjhWeZec_eY|hZ_e1^_feYWbY[c_Wek
jen_Y_ZWZ[fehXbegk[WZeh[iZ[YWdW_iZ[Y|bY_e$
Feiebe]_W
EXi$0Zei[[nfh[iiW[cj[hceiZeiWb]bkYedWjeZ[Y|bY_e$
>_feYWbY[c_W
?L
D[edWjeiÅ(&&#.&&c]%a]%Z_W[c_d\kie?Lek[c*Zei[iZ_l_Z_ZWi$
9h_WdWiZ['c
i#'(WdeiÅ(&&#+&&c]%a]%Z_W[c_d\kie?Lek[c*Zei[iZ_l_Z_ZWi$
7ZkbjeiÅ(#'+]%Z_W[c_d\kie?Lek[cZei[iZ_l_Z_ZWi$
FWhWZWYWhZWYWdWfh[i[dWZ[^_f[hYWb[c_Wek^_feYWbY[c_W"jen_Y_ZWZ[fehcW]di_eekfehWdjW]ed_ijWi
Z[Y|bY_e
?L%?E
D[edWjei[9h_WdWiWj'(WdeiÅ,&#'&&c]%a]%Zei[$:ei[c|n_cWÅ)]$
7ZkbjeiÅ+&&#.&&c]$:ei[c|n_cWÅ)]$
>_feYWbY[c_Wi[YkdZ|h_W}_d\kieZ[iWd]k[Y_jhWjWZeÅ&"*+c;gZ[9W(!?LfWhWYWZW'&&cBZ[iWd]k[
Y_jhWjWZe_d\kdZ_Ze$
r'&+
JjWde
?L
D[edWjeiÅ'&&#(&&c]%a]%Zei["i[]k_ZeiZ[+&&c]%a]%Z_W[c_d\kie?Lek[c)#*Zei[iZ_l_Z_ZWi$
9h_WdWiZ['c
i#'(WdeiÅ'&&#(&&c]%a]%Zei["WZc_d_ijhWZei[c"decd_ce"+#'&c_dkjei"feZ[dZe[iiW
Zei[i[hh[f[j_ZWWYWZW,^ehWiekWZc_d_ijhWhkcWZei[Z[+&&c]%a]%Z_W[c_d\kie?L$
7ZkbjeiÅ'#)]feZ[ci[hWZc_d_ijhWZeiWjgk[Wh[ifeijWj[hWf
kj_YWeYehhW$
9
Fh[YWk[i
;l_jWhWZc_d_ijhWe[dZel[deiWh|f_ZW$KiWhYecYWkj[bW[cfWY_[dj[iZ_]_jWb_pWZei"Yec^_fe\ei\Wj[c_W
i[l[hW"_dikÓY_
dY_Wh[if_hWjh_WekWY_Zei[$DeZ[l[i[hkiWZe[cÓXh_bWel[djh_YkbWhZkhWdj[
h[iikiY_jWeYWhZWYW"h_iYeZ[jen_Y_ZWZ[Z_]_j|b_YW"Z_i\kd[ih[dW_iekYWhZWYWi"^_f[hYWbY[c_W[[c
^_ijh_YeZ[Y|bYkbeih[dW_i$
9WbY_jh_eb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
HeYWbjhebY|fikbW&"(+cY]
Kiei
Eij[efehei[1eij[eZ_ijheÓWh[dWb[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWbYhd_YW"[c[if[Y_WbWgk[b[i[c
^[ceZ_|b_i[1^_fefWhWj_he_Z_icefi#ef[hWjh_e1^_fefWhWj_he_Z_ice_Z_ef|j_Ye1fi[kZe#^_fefWhWj_he_Z_ice1
hWgk_j_icel_jWc_dW:#Z[f[dZ[dj[1hWgk_j_ice^_fe\ei\Wj
c_Yel_jWc_dW:#h[i_ij[dj[$
Feiebe]_W
LE
9edjheb[Z[^_feYWbY[c_W[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWbYhd_YW[cfheY[Z_c[djeZ[^[ceZ_|b_i[
9h_WdWiÅ&"(+#(cY]%Z_W$
7ZkbjeiÅ&"(+cY]"feZ[dZeWkc[djWhZ[&"(+cY][c_dj[hlWbeiZ[*#.i[cWdWi$<W_nWkikWbÅ&"+#'cY]%Z_W$
I[cfheY[Z_c[djeZ[^[ceZ_|b_i[
?dikÓY_
dY_Wh[dWbceZ[hWZWWi[l[hW9bYh'+#++cB%c_d1Yehh_]_Zefehikf[h\Y_[Yehfh[W[cYh_WdWi
9h_WdWi2)WdeiÅ&"&'#&"&'+cY]%a]'l[pWeZ_W$
9h_WdWi¨)Wdei[7ZkbjeiÅ&"(+cY]%Z_W$:ei[c|n_cWÅ&"+cY]%Z_W$
>_fefWhWj_he_Z_ice%fi[kZe#^_fefWhWj_he_Z_ice
9h_WdWi2'WdeÅ&"&*#&"&.cY]%a]'l[pWeZ_W$
9h_WdWiZ['#+WdeiÅ&"(+#&"-+cY]'l[pWeZ_W$
HWgk_j_icel_jWc_dW:#Z[f[dZ[dj[
9h_WdWi[7ZkbjeiÅ'cY]'l[pWeZ_W$
HWgk_j_ice^_fe\ei\Wj
c_Yel_jWc_dW:#h[i_ij[dj[
9h_WdWi[7ZkbjeiÅZei[_d_Y_WbÅ&"&'+#&"&(cY]%a]'l[pWeZ_W1Zei[Z[cWdkj[deÅ&"&)#&"&,cY]%a]
'l[pWeZ_W$:ei[c|n_cWÅ(cY]'l[pWeZ_W$
>_feYWbY[c_W[cfh[cWjkheiÅ'cY]'l[pWeZ_WZkhWdj[+Z_Wi$
Fh[YWk[i
J[hWf_W[nY[ii_lWYecYWbY_jh_ebfeZ[_dZkp_h^_f[hYWbY[c_W["feii_l[bc[dj["^_f[hYWbY_dh_W$Ced_jehWh
h_]eheiWc[dj[eidl[_iih_YeiZ[Y|bY_e$
'&,r
9Wb
dZkbW!9Wcec_bW!ãn_ZeZ[P_dYe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8WXoYh[c[jkXe'&cB
Kiei
Fh[l_d[eikh]_c[djeZ[WiiWZkhWi[Wkn_b_WdWh[][d[hWeZWf[b[$
9
Feiebe]_W
Kj_b_pWhWYWZWjheYWZ[\hWbZWekZ[WYehZeYeceh_[djWecZ_YW$
9Wcec_bWÅ;njhWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
AWc_bbeiWdYh[c[X_idW]W(&]
EXi$0YWZW]hWcWYedjc(&c]Z[[njhWje[jWdb_YeZ[ÔehZ[YWcec_bW$
Kiei
;ij|_dZ_YWZefWhWfh[l[de[jhWjWc[djeZ[WiiWZkhWiZ[\hWbZWi$7fiYehj_Yej[hWf_WZWiW\[Y[iYkj~d[Wi
_dÔWcWjh_Wi"jW_iYece0Z[hcWj_j[Z[YedjWje"[Yp[cWZ[YedjWje"[Yp[cWlkb]Wh"fheÓii_edWb"[Yp[cW[c
Yh_WdWi[Z[hcWj_j[Wjf_YW$
Feiebe]_W
Jf_Ye
7fb_YWhkcWÓdWYWcWZWieXh[W|h[WW\[jWZW)l[p[iWeZ_WekWYh_jh_ecZ_Ye$7ii_cgk[i[eXi[hlWh
c[b^ehWZegkWZheYbd_Ye"Wfb_YWh(l[p[iWeZ_W$
Fh[YWk[i
<Wp[hkcWXeW^_]_[d_pWeZebeYWbWdj[iZ[kj_b_pWhefheZkje$
9Wfjefh_b
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9Wfej[dYecfh_c_Ze'("+c]
9WfeXWb%9Wfej[dYecfh_c_Ze(+c]
9Wfjefh_biebkeehWbZ_[jj_YWi[cYehWdj['c]%'cB\hWiYe)&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
JhWjWc[djeZ[^_f[hj[die"_dikÓY_
dY_WYWhZWYWYed][ij_lW1j[hWf_Wfi#_d\WhjeZec_eY|hZ_e1dWc[b^ehW
Ybd_YW[cfWY_[dj[iYecZ_i\kdel[djh_YkbWh$
Feiebe]_W
LE
H[Yc#dWiY_ZeiÅ&"&'c]%a](#)l[p[iWeZ_W1W`kijWhWZei[Yed\ehc[jeb[hWX_b_ZWZ[$
9h_WdWiÅ&")&c]%a])l[p[iWeZ_W1Wkc[djWh"i[d[Y[ii|h_e"[c&")&c]%a][c_dj[hlWbeiZ[.#(*^ehWiWj
Zei[cd_cW[ÓYWp$
r'&-
7Zkbjei
7dj_#^_f[hj[di_leÅ'("+c](#)l[p[iWeZ_W1Wkc[djWh"i[d[Y[ii|h_e"Wfi'#(i[cWdWifWhW(+c]
WZc_d_ijhWZei(#)l[p[iWeZ_W$
?dikÓY_
dY_WYWhZWYWYed][ij_lWÅ'("+c](#)l[p[iWeZ_W1Wkc[djWhZ_Wh_Wc[dj["i[d[Y[ii|h_e"Wj+&c]
(#)l[p[iWeZ_W$
:ei[c|n_cWÅ*+&c]%Z_W$
9
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh-+ZWZei[kikWb$
9bYh2'&cB%c_dÅWZc_d_ijhWh+&ZWZei[kikWb$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecZ_i\kdeh[dWb"[if[Y_Wbc[dj[dWgk[b[iYec[ij[dei[i[l[hWZWWhjh_W
h[dWb"[[cfWY_[dj[iYecZe[dWYeb|][dWlWiYkbWh$
9WhXWYeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ef^jYeb&"&'\hWiYe#WcfebW(cB
Kiei
:_c_dk_eZWfh[iie_djhW#eYkbWhdejhWjWc[djeZ[]bWkYecW1_dZkjehZ[c_ei[ZkhWdj[Y_hkh]_W$
Feiebe]_W
7Zkbjei
?djhW#eYkbWhÅ_dij_bWh&"+cBZWiebkeW&"&'de_dj[h_ehZWY~cWhWWdj[h_eh"Wdj[iekWfiikjkhW
Z[i[]khWdW$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iieXWd[ij[i_W][hWb[dWfh[i[dWZ[WXhWieZWYhd[W$
9WhXWcWp[f_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J[]h[jebYecfh_c_Ze(&&c]
J[]h[jebikif[dieehWb(&c]%cB\hWiYe'&&cB
Kiei
DW[f_b[fi_W"[cYh_i[ifWhY_W_iYecfb[nWieki_cfb[iYeceki[cf[hZWZ[YediY_
dY_W"Yeceki[c
][d[hWb_pWei[YkdZ|h_W1Yh_i[ijd_Ye#Ybd_YWi][d[hWb_pWZWi1cWd_WW]kZW[jhWjWc[djeZ[cWdkj[de[c
Z_ijhX_eiW\[j_leiX_febWh[i1idZhec[Z[WXij_d
dY_WWbYeb_YW1d[khWb]_W_Z_ef|j_YWZejh_]
c_e1d[khWb]_W
]beiie\Whd][W_Z_ef|j_YW1d[khefWj_WZ_WXj_YWZebeheiW1Z_WX[j[i_dif_ZWY[djhWb$
Feiebe]_W
LE
9h_WdWi2,WdeiÅZei[_d_Y_WbÅ'&#(&c]%a]%Z_W(#)l[p[iWeZ_WYecfh_c_Zeek*l[p[iWeZ_Wikif[die
'&.r
ehWb1Wkc[djWhWZei[WYWZWi[cWdWWjgk[Wh[ifeijW_Z[Wb[eidl[_ij[hWf
kj_Yeii[`WcWbYWdWZei$
:ei[c|n_cWÅ)+c]%a]%Z_W$
9h_WdWiZ[,#'(WdeiÅZei[_d_Y_WbÅ'&&c](l[p[iWeZ_WYecfh_c_Zeek+&c]*l[p[iWeZ_Wikif[die"
Zei[Z[cWdkj[deÅ*&&#.&&c]%Z_W$:ei[c|n_cWÅ'$&&&c]%Z_W$
9h_WdWi4'(Wdei[7ZkbjeiÅZei[_d_Y_WbÅ(&&c](l[p[iWeZ_WYecfh_c_Zeek'&&c]*l[p[iWeZ_W
ikif[die1Zei[kikWbÅ.&&#'$(&&c]%Z_W$
Fh[YWk[i
:[iYedj_dkWhejhWjWc[djeYec_d_X_Zeh[iZWC7Edecd_ce'*Z_WiWdj[iZ[_d_Y_WhejhWjWc[djeYec
YWhXWcWp[f_dW$KieYWkj[beie[cfWY_[dj[iYecfheXb[cWiYWhZWYei"h[dW_i"^[f|j_Yei[^_ijh_YeZ[
^_f[hi[di_X_b_ZWZ[WekjheiWdj_Yedlkbi_lWdj[i$
9
9WhXen_c[j_bY[bkbei[IZ_YW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<h[i^J[Whiiebkee\j|bc_YW\hWiYe'+cB
Kiei
xkcWiebkegk[Wfh[i[djWYecfei_eck_jei[c[b^Wdj[}Yecfei_eZWib|]h_cWidWjkhW_i[_dZ_YWZW
fWhWc[b^ehWhW_hh_jWe"eWhZeh[Wi[YkhWeYkbWh"gk[feZ[ci[hYWkiWZeif[bW[nfei_eWel[dje"ieb"
YWbeh"Whi[Ye"[jWcXcYecefhej[jehYedjhW_hh_jW[ieYkbWh[i$xjWcXc_dZ_YWZWYecebkXh_ÓYWdj[[
h[kc_Z_ÓYWdj[ZkhWdj[ekieZ[b[dj[iZ[YedjWje$
Feiebe]_W
7fb_YWhZ['#(]ejWideieb^eiW\[jWZei"jWdjWil[p[igkWdjWi\eh[cd[Y[ii|h_Wi$
Fh[YWk[i
EfheZkjedeYWkiWfheXb[cWieYkbWh[ieki_ij
c_YeigkWdZeWfb_YWZe[cZei[i[nY[ii_lWi"de^Wl[dZe
YedZkjWi[if[Y_W_id[ii[YWie$;l_j[eYedjWjeZeYedjW#]ejWiZe\hWiYeYecgkWbgk[hikf[h\Y_[fWhW[l_jWh
YedjWc_dWe$Def[hc_jWgk[WfedjWZe\hWiYe[djh[[cYedjWjeZ_h[jeYeceieb^ei$CWdj[d^WWjWcfWZe
\hWiYeX[c\[Y^WZWWfiei[kkie$
9Whle7j_lWZe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9Whle7j_lWZe[dl[bef['&]ÅC[Z_YWc[djeCWd_fkbWZe
Kiei
JhWjWc[djedWi_djen_YW[i"fh_dY_fWbc[dj[i[eieYehhe\ehjWhZ_e$
Feiebe]_W
LE
9h_WdWiZ[,c[i[i#'WdeÅ']%a]1WZc_d_ijhWh)Zei[iYedi[Ykj_lWiWYWZW*^ehWi$
9h_WdWiZ['#'(WdeiÅZei[jejWbÅ(+#+&]$
7Zeb[iY[dj[i[7ZkbjeiÅZei[jejWbÅ(+#'&&]$
r'&/
Fh[YWk[i
DekiWh[cYh_WdWiYecc[deiZ[,c[i[iZ[_ZWZ["fWY_[dj[iZ[X_b_jWZeiekh[Yc#ef[hWZeiZe_dj[ij_de"
gkWdZe^ekl[hZ_c_dk_eWY[djkWZWZejh~di_je_dj[ij_dWb[gkWdZe^ekl[h_d][ijeZ[Y|kij_Yei$
9
9Whl[Z_beb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_l[bebYecfh_c_Ze)"'(+c]
9eh[]Yecfh_c_Ze)"'(+c]
:_l[bebYecfh_c_Ze'("+c]
9eh[]Yecfh_c_Ze'("+c]
Kiei
?dZ_YWZedejhWjWc[djeZ[_dikÓY_
dY_WYWhZWYWb[l[ekceZ[hWZWYbWii[??ek???DO>7Z[eh_][c_igk
c_YW
ekc_eY|hZ_YW"[cWiieY_WeYecZ_]_jWb"Z_khj_Yeiek_d_X_Zeh[iZW;97"fWhWh[jWhZWhWfhe]h[iieZW
Ze[dWekfWhWWkn_b_WhdeW`kij[Z[ekjhWic[Z_YW[i$FeZ[i[hkiWZe[cfWY_[dj[igk[dejeb[hWc
_d_X_Zeh[iZW;97"X[cYece[cfWY_[dj[igk[[ij[`Wcekdeh[Y[X[dZeZ_]_jWb"^_ZhWbWp_dWekd_jhWjei$
x_dZ_YWZedejhWjWc[djeZ[^_f[hj[die[ii[dY_Wbekfh_c|h_W"feZ[dZei[hkiWZeYececedej[hWf_Wek
WiieY_WZeWekjheiW][dj[iWdj_#^_f[hj[di_lei"[if[Y_Wbc[dj[Z_khj_YeiZej_fej_WpZ_Yei$
Feiebe]_W
7Zkbjei
?dikÓY_
dY_WYWhZWYWYed][ij_lWÅZei[_d_Y_WbÅ)"'(+c](l[p[iWeZ_WZkhWdj[(i[cWdWi$I[[ijW\eh
jeb[hWZW"Z[l[h|[djei[hZeXhWZWWYWZW(i[cWdWiWjWYedY[djhWecW_iWbjWjeb[hWZWf[befWY_[dj[ekW
Yh_jh_ecZ_Ye$:ei[c|n_cWÅ(+c](l[p[iWeZ_WfWhWfWY_[dj[iYecc[deiZ[.+a]1[+&c](l[p[iWe
Z_WfWhWfWY_[dj[iYeccW_iZ[.+a]$
>_f[hj[dieÅZei[_d_Y_WbÅ,"(+c](l[p[iWeZ_WZkhWdj['#(i[cWdWi$I[[ijW\ehjeb[hWZW"feZ[h|i[h
Wkc[djWZW"i[d[Y[ii|h_e"fWhW'("+c](l[p[iWeZ_W[ZeXhWZWWYWZW'#(i[cWdWiekWYh_jh_ecZ_Ye$:ei[
c|n_cWÅ+&c]%Z_W$
Fh[YWk[i
DeZ[l[i[hZ[iYedj_dkWZeWXhkfjWc[dj["fWhj_YkbWhc[dj[[cfWY_[dj[iYec_igk[c_WYehedWh_WdW"
Z[l[dZe"fehjWdje"i[hZ[iYedj_dkWZe[ckcf[heZeZ['#(i[cWdWi$
9Wife\kd]_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9WdY_ZWi\hWiYe#WcfebW+&c]
9WdY_ZWi\hWiYe#WcfebW-&c]
Kiei
J[hWf_W[cfh_YW[cfWY_[dj[id[kjhef
d_Yei\[Xh_i1YecYWdZ_ZWi[_dlWi_lW"YWdZ_ZWi[[ie\|]_YW[
ehe\Whd][W"Wif[h]_bei[_dlWi_lW$
Feiebe]_W
?d\kie?L
''&r
J[hWf_W[cfh_YW[cfWY_[dj[id[kjhef
d_Yei\[Xh_iÅ-&c]de'±Z_W"i[]k_ZeiZ[+&c]Z_Wh_Wc[dj[$
FWY_[dj[iYecWY^WZeiZ[_d\[Ye\d]_YWZ[l[ci[hjhWjWZeifeh"decd_ce"'*Z_Wi[ejhWjWc[djeZ[l[
Yedj_dkWhfehf[bec[dei-Z_WiWfiWh[iebkeZWd[kjhef[d_W[Zeii_djecWiYbd_Yei$
9WdZ_ZWi[_dlWi_lWÅ-&c]de'±Z_W"i[]k_ZeiZ[+&c]Z_Wh_Wc[dj[$7j[hWf_WWdj_\d]_YWZ[l[Yedj_dkWh
fehf[bec[dei'*Z_WiWfiWbj_cWYkbjkhWfei_j_lW$
9WdZ_ZWi[[ie\|]_YW[ehe\Whd][WÅ+&c]Z_Wh_Wc[dj[$
7if[h]_bei[_dlWi_lWÅ-&c]de'±Z_W"i[]k_ZeiZ[+&c]Z_Wh_Wc[dj[$
9
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kde^[f|j_YWceZ[hWZWiYeh[Z[9^_bZ#Fk]]^-W/ÅWZc_d_ijhWh
-&c]dWZei[Z[WjWgk[gkWdZe_dZ_YWZe[)+c]Z_Wh_Wc[dj[$
7Zc_d_ijhWeYedYec_jWdj[W_dZkjeh[i[dp_c|j_Yei[\Wl_h[dp"d[l_hWf_dW"h_\Wcf_Y_dW"Z[nWc[jWiedW"
\[d_jedW[YWhXWcWp[f_dWÅ-&c]Z_Wh_Wc[dj[$
Fh[YWk[i
EkieYedYec_jWdj[WY_Ybeifeh_dWdeh[Yec[dZWZe$DeZ[l[i[hkiWZedW]hWl_Z[p"Wec[deigk[i[`W
[ijh_jWc[dj[d[Y[ii|h_e$Ckb^[h[igk[[ij[`Wc\Wp[dZekiedeZ[l[cWcWc[djWh$
9[\WZhen_b
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9[\Wcen%9[\WZhen_bÅC[Z_YWc[dje=[dh_YeY|fikbW+&&c]
9[\Wcen%9[\WZhen_bÅC[Z_YWc[dje=[dh_Yeikif[dieehWb(+&c]%+cB\hWiYe'&&cB
Kiei
JhWjWc[djeZ[_d\[Y[iXWYj[h_WdWiYWkiWZWifeheh]Wd_iceiikiY[jl[_i"_dYbk_dZe\Wh_d]_j[[Wc_]ZWb_j[
YWkiWZWifehIjh[fjeYeYYkiX[jW#^[cebj_YeZe]hkfe71_d\[Y[iZWf[b[[j[Y_Zeiceb[iYWkiWZWifeh
Ijh[fjeYeYYki[IjWf^obeYeYYki1_d\[YeZejhWjekh_d|h_efehAb[Xi_[bbW";$Yeb_[Fhej[kic_hWX_b_i$
Feiebe]_W
LE
9h_WdWiÅ)&c]%a]%Z_WZ_l_Z_Zei[c(Zei[i$:ei[c|n_cWÅ(]%Z_W$
7Zeb[iY[dj[i[7ZkbjeiÅ'#(]%Z_WZ_l_Z_Zei[c(Zei[i$:ei[c|n_cWfWhWWZkbjeiÅ*]%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#(+cB%c_dÅWZc_d_ijhWhWYWZW(*^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW),^ehWi$
Fh[YWk[i
DeZ[l[i[hkiWZe[cfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWiekWY[\Wbeifeh_dWi$:[l[i[hkiWZe
YecYWkj[bW[cfWY_[dj[iYec^_ijh_YeZ[Ze[dW]Wijh_dj[ij_dWb"[cfWhj_YkbWhYeb_j[$KiWhYecYWkj[bW[c
bWYj[dj[i"fh[cWjkhei[h[Yc#dWiY_ZeiYecc[deiZ[,"+i[cWdWi$
9[\Wb[n_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
A[Ô[n%9[feh[n_d%9[\Wb[n_dWÅC[Z_YWc[dje=[dh_YeZh|][W+&&c]
A[Ô[n%9[\Wb[n_dWÅC[Z_YWc[dje=[dh_Yeikif[dieehWb(+&c]%+cB\hWiYe'&&cB
r'''
Kiei
JhWjWc[djeZ[_d\[Y[iXWYj[h_WdWiikiY[jl[_i"_dYbk_dZeWgk[bWiYWkiWZWifehIjh[fjeYeYYkiX[jW#^[cebj_Ye
Ze]hkfe7"IjWf^obeYeYYki"Ab[Xi_[bbWfd[kced_W[";$Yeb_[Fhej[kic_hWX_b_i1_d\[Y[iikiY[jl[_iZejhWje
h[if_hWjh_e1_d\[Y[iZWf[b[[ikWi[ijhkjkhWi1_d\[Y[iii[Wi1_d\[Y[iZejhWje][d_jkh_d|h_e[ej_j[
cZ_W1WY[\Wb[n_dWdefeiik_Wj_l_ZWZ[YedjhW[dj[heYeYei$
9
Feiebe]_W
LE
9h_WdWiÅ(+#'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$:ei[c|n_cWÅ*]%Z_W$
7ZkbjeiÅ(+&#+&&c]WYWZW,^ehWi$:ei[c|n_cWÅ*]%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#*&cB%c_dÅWZc_d_ijhWhWYWZW.#'(^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW'(#(*^ehWi$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYec^_ijh_YeZ[Yeb_j[$DeZ[l[i[hkiWZe[cfWY_[dj[iYec
^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWiekWY[\Wbeifeh_dWi$
9[\Wbej_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
A[Ô_d%9[\Wbej_dWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
Kiei
?d\[Y[iZejhWjeh[if_hWjh_eYWkiWZWifehI$fd[kced_W["[ijWÓbeYeYeifheZkjeh[i[de#fheZkjeh[i
Z[f[d_Y_b_dWi["I$foe][d[i"Ab[Xi_[bbWif[>$_dÔk[dpW[1_d\[Y[iZWf[b[[Zeij[Y_Zeiceb[i"_dYbk_dZe
f[h_jed_j[YWkiWZWfeh[ijWÓbeYeYeifheZkjeh[i[de#fheZkjeh[iZ[f[d_Y_b_dWi["I$foe][d[i"Ab[Xi_[bbWif
[>$_dÔk[dpW[1_d\[Y[iZejhWje][d_jkh_d|h_eYWkiWZWifeh;$Yeb_"F$c_hWX_b_i"Ab[Xi_[bbWif1i[fi[_dYbk_dZe
[dZeYWhZ_j[YWkiWZWfehI$fd[kced_W["[ijWÓbeYeYeifheZkjeh[i[de#fheZkjeh[iZ[f[d_Y_b_dWi["I$
foe][d[i"I$l_h_ZWdi";$Yeb_"F$c_hWX_b_i"Ab[Xi_[bbWif1_d\[Y[i]Wijh_dj[ij_dW_iYWkiWZWifehIWbced[bbW[
I^_][bbWif1c[d_d]_j[YWkiWZWfehI$fd[kced_W["I$foe][d[i[[ijWÓbeYeYeifheZkjeh[i[de#fheZkjeh[i
Z[f[d_Y_b_dWi[1_d\[Y[iii[Wi[Whj_YkbWh[iYWkiWZWifeh[ijWÓbeYeYeifheZkjeh[i[de#fheZkjeh[iZ[
f[d_Y_b_dWi[1fheÓbWn_W[cY_hkh]_W$
Feiebe]_W
?L
D[edWjei
§-Z_Wi
§(a]Å*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4(a]Å,&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4-Z_Wi
2'"(a]Å*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
'"(#(a]Å,&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4(a]Å.&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
9h_WdWi
?C%?LÅ.&#'+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*#,^ehWi$:ei[c|n_cWÅ'(]%Z_W$
Fhe\_bWn_WZ[_d\[Yedef[h_ef[hWjh_eÅ(&#)&c]%a]?L)&#,&c_dkjeiWdj[iZWY_hkh]_W"[(&#)&c]%a]W
''(r
YWZW,^ehWi"ZkhWdj[decW_iZegk[(*^ehWiWfiWY_hkh]_W"Z[f[dZ[dZeZefheY[Z_c[dje$
7Zkbjei
?C%?LÅ+&&c]#(]WYWZW*#,^ehWi$:ei[c|n_cWÅ'(]%Z_W$
Fhe\_bWn_WZ[_d\[Yedef[h_ef[hWjh_eÅ'#(]?L)&#,&c_dkjeiWdj[iZWY_hkh]_W"['#(]WYWZW,^ehWi"
ZkhWdj[decW_iZegk[(*^ehWiWfiWY_hkh]_W"Z[f[dZ[dZeZefheY[Z_c[dje$
9
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWhWYWZW,#.^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW'(^ehWi$
Fh[YWk[i
KieYecYWkj[bW[cfWY_[dj[iYec^_ijh_YeZ[Yeb_j[$DeZ[l[i[hkiWZe[cfWY_[dj[iYec
^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWiekWY[\Wbeifeh_dWi$
9[\Wpeb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
A[\Wpeb%9[\Wpeb_dWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
Kiei
JhWjWc[djeZ[_d\[Y[iZejhWjeh[if_hWjh_e"ZWf[b[[Z[[ijhkjkhWiZWf[b["jhWjekh_d|h_e"jhWjeX_b_Wh"
_d\[Y[iZeieiiei[Whj_YkbW[i"i[fj_Y[c_WZ[l_ZWWYeYei[nY[je[dj[heYeYei]hWc#fei_j_lei[Wb]kdi
]hWc#d[]Wj_lei;$Yeb_"Fhej[ki[Ab[Xi_[bbW1fheÓbWn_Wdef[h_ef[hWjh_e1fheÓbWn_WZ[[dZeYWhZ_j[XWYj[h_WdW
[cfheY[Z_c[djeiZ[dj|h_ei[ZejhWjeh[if_hWjh_eikf[h_eh$
Feiebe]_W
?L%?C
D[edWjei
§-Z_WiÅ*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4-Z_Wi
§(a]Å*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4(a]Å,&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
9h_WdWiZ['c
i#'(WdeiÅ+&#'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$:ei[c|n_cWÅ,]%Z_W$
FheÓbWn_WZ[[dZeYWhZ_j[XWYj[h_WdW[cfheY[Z_c[djeiZ[dj|h_ei[ZejhWjeh[if_hWjh_eikf[h_eh[c
fWY_[dj[iWbh]_YeiWf[d_Y_b_dWiÅ(+c]%a])&c_dkjeiWdj[iZefheY[Z_c[dje$:ei[c|n_cWÅ']$
7ZkbjeiÅ&"+#(]WYWZW,#.^ehWi$:ei[c|n_cWÅ'(]%Z_W$
FheÓbWn_WZ[[dZeYWhZ_j[XWYj[h_WdW[cfheY[Z_c[djeiZ[dj|h_ei[ZejhWjeh[if_hWjh_eikf[h_eh[c
fWY_[dj[iWbh]_YeiWf[d_Y_b_dWiÅ'])&c_dkjeiWdj[iZefheY[Z_c[dje$
FheÓbWn_Wdef[h_ef[hWjh_eÅ'])&#,&c_dkjeiWdj[iZWY_hkh]_W1&"+#']WYWZW.^ehWi"ZkhWdj[(*^ehWi
WfiWY_hkh]_W"Z[f[dZ[dZeZefheY[Z_c[dje$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#)&cB%c_dÅWZc_d_ijhWhWYWZW'(^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW(*^ehWi$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYec^_ijh_YeZ[Yeb_j[$DeZ[l[i[hkiWZe[cfWY_[dj[iYec
^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWiekWY[\Wbeifeh_dWi$
r'')
9[\[f_cW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CWnY[\\hWiYe#WcfebW+&&c]
CWnY[\%9[\[f_cWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
9
Kiei
?d\[Y[iZejhWjeh[if_hWjh_e_d\[h_eh1Y[bkb_j[1ekjhWi_d\[Y[iZWf[b[[j[Y_Zeiceb[i1_d\[Y[iZejhWje
kh_d|h_e1cedej[hWf_W[cfh_YW[cd[kjhef[d_W\[Xh_b1YedjhWXWYjh_WiW[hX_YWi]hWc#d[]Wj_lWi"_dYbk_dZe
Fi[kZecedWiW[hk]_deiW1YedjhWWb]kcWiXWYjh_Wi]hWc#d[]Wj_lWih[i_ij[dj[iWY[\Wbeifeh_dWiZ[)°][hWe1
YedjhWXWYjh_Wi]hWc#fei_j_lWiYeceIjWf^obeYeYYkiWkh[ki$
Feiebe]_W
?C%?L
9h_WdWiZ[(c[i[i#',Wdei§*&a]Å+&c]%a]%Zei[WYWZW'(^ehWi$
D[kjhef[d_W\[Xh_bÅ+&c]%a]%Zei[WYWZW.^ehWi$
7ZkbjeiÅ'#(]WYWZW'(^ehWi1ZeiW][dicW_eh[ifeZ[ci[hh[gk[h_ZWi[c_d\[Y[ifehFi[kZecedWi$
?d\[Y[iZejhWjekh_d|h_eÅ+&&c]WYWZW'(^ehWi$
Cedej[hWf_W[cfh_YWdWd[kjhef[d_W\[Xh_bÅ(]WYWZW.^ehWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh)&#,&cB%c_d
?d\[Yeb[l[WceZ[hWZWÅ&"+#']?C%?LWYWZW(*^ehWi$
?d\[YeceZ[hWZWWi[l[hWÅ'#(]?LWYWZW(*^ehWi$
?d\[Yei[l[hWÅ(]?LWYWZW(*^ehWi$
9bYh''#(/cB%c_d
?d\[Yeb[l[WceZ[hWZWÅ&"+]?C%?LWYWZW(*^ehWi$
?d\[YeceZ[hWZWWi[l[hWÅ&"+#']?LWYWZW(*^ehWi$
?d\[Yei[l[hWÅ']?LWYWZW(*^ehWi$
9bYh2'&cB%c_d
?d\[Yeb[l[WceZ[hWZWÅ&"(+]?C%?LWYWZW(*^ehWi$
?d\[YeceZ[hWZWWi[l[hWÅ&"(+#&"+]?LWYWZW(*^ehWi$
?d\[Yei[l[hWÅ&"+]?LWYWZW(*^ehWi$
Fh[YWk[i
DeZ[l[i[hkiWZe[cfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWiekWY[\Wbeifeh_dWi$
9[\ejWn_cW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9bW\ehWd\hWiYe#WcfebW']
Kiei
?d\[Y[iikiY[jl[_iZejhWjeh[if_hWjh_e_d\[h_eh1_d\[Y[iZWf[b[[ikWi[ijhkjkhWi1_d\[Y[iZ[eiiei[
Whj_YkbW[i1_d\[Y[i_djhW#WXZec_dW_i[ZejhWje][d_jkh_d|h_e1jhWjWc[djeZ[c[d_d]_j[ZeYkc[djWZWek
ikif[_jWZ[l_ZeWc_Yheeh]Wd_iceiikiY[jl[_iYece>$_dÔk[dpW[[D$c[d_d]_j_Z_i1_d\[Y[ifehD[_ii[h_W
]edehh^e[W[_dYbk_dZe]edehh_WY[hl_YWb[kh[jhWbde#Yecfb_YWZW[]edehh_Wfbl_YW_dÔWcWjh_W1
''*r
_d\[Y[i]hWc#d[]Wj_lWide#fi[kZecedWi"[cfWY_[dj[iieXh_iYeZ[Z[i[dlebl[hd[\hejen_Y_ZWZ[[%ek
ejejen_Y_ZWZ[_dZkp_ZWifehWc_de]b_YeiZ[ei$
Feiebe]_W
?C%?L
D[edWjei
&#*i[cWdWi"2'"(a]Å'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
§-Z_Wi
'"(#(a]Å'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4(a]Å'&&#'+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.#'(^ehWi$
4-Z_Wi
'"(#(a]Å'+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4(a]Å'+&#(&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$
9h_WdWiZ['c
i#'(Wdei
2+&a]Å'&&#(&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$
C[d_d]_j[Å(&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi1((+#)&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW
,#.^ehWij
ci_ZekiWZeidejhWjWc[djeZ[c[d_d]_j[fd[kceYY_YW_dlWi_lW$
¨+&a]
?d\[Y[iceZ[hWZWiWi[l[hWiÅ'#(]WYWZW,#.^ehWi$
?d\[Y[iYech_iYeZ[l_ZWÅ(]%Zei[WYWZW*^ehWi$:ei[c|n_cWÅ'(]%Z_W$
9h_WdWi4'(Wdei[7ZkbjeiÅ'#(]WYWZW,#.^ehWi$:ei[c|n_cWÅ'(]%Z_W$
9
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2(&cB%c_dÅh[Zkp_hWZei[[c+&$
Fh[YWk[i
?d`[e[cXebki[ij|WiieY_WZWWWhh_jc_Wifej[dY_Wbc[dj[\WjW_i$DeZ[l[i[hkiWZe[cfWY_[dj[iYec
^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWiekWY[\Wbeifeh_dWi$
9[\en_j_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
A[\en?C%?L\hWiYe#WcfebW']
9[\en_j_dW?L\hWiYe#WcfebW']ÅC[Z_YWc[dje=[dh_Ye
Kiei
;c_d\[Y[iZejhWjeh[if_hWjh_e_d\[h_eh1_d\[Y[iZWf[b[[ikWi[ijhkjkhWi1_d\[Y[iZ[eiiei[
Whj_YkbW[i1_d\[Y[iZejhWje][d_jkh_d|h_e1i[fi[1_d\[Y[i]_d[Yeb]_YWi1_d\[Y[i_djhW#WXZec_dW_i1
YedjhWc_Yheeh]Wd_iceiWdW[hX_ei"_dYbk_dZe[ifY_[iZe]
d[he8WYj[he_Z[iZejhWje]Wijh_dj[ij_dWb1
YedjhWXWY_bei[djh_Yei]hWc#d[]Wj_lei"_dYbk_dZe;$Yeb_"Ab[Xi_[bbW[Fhej[ki1YedjhWck_jWib_d^W][diZ[D$
]edehh^e[W[1fheÓbWn_WZefh#ef[hWjh_e1defeiik_Wj_l_ZWZ[YedjhW;dj[heXWYj[hif$
Feiebe]_W
?C%?L
D[edWjeiÅ/&#'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
9h_WdWi¨)c[i[iZ[_ZWZ[
?d\[Y[ib[l[iWceZ[hWZWiÅ.&#'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$
?d\[Y[ii[l[hWiÅ'&&#',&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*#,^ehWi$:ei[c|n_cWÅ'(]%Z_W$
r''+
FheÓbWn_Wdef[h_ef[hWjh_eÅ)&#*&c]%a])&#,&c_dkjeiWdj[iZWY_hkh]_W"i[]k_ZeiZ[)&#*&c]%a]%Zei[W
YWZW,^ehWifehdecW_iZegk[(*^ehWiZ[fe_iZWY_hkh]_W"Z[f[dZ[dZeZefheY[Z_c[dje$
7Zeb[iY[dj[i[7ZkbjeiÅ'#(]WYWZW,#.^ehWi$:ei[c|n_cWÅ'(]%Z_W$
:e[dWfbl_YW_dÔWcWjh_WÅ(]?LWYWZW,^ehWiZkhWdj[(*#*.^ehWi"Wfic[b^ehWZegkWZheYbd_Ye"[c
YecX_dWeYecZen_Y_Yb_dW?LekLE'&&c]WYWZW'(^ehWiZkhWdj['*Z_Wi$
FheÓbWn_Wdef[h_ef[hWjh_eÅ'#(])&#,&c_dkjeiWdj[iZWY_hkh]_W"i[]k_ZeiZ['#(]WYWZW,#.^ehWifeh
decW_iZegk[(*^ehWiWfiWY_hkh]_W"Z[f[dZ[dZeZefheY[Z_c[dje$
9
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh)&#+&cB%c_dÅWZc_d_ijhWhWYWZW.#'(^ehWi$
9bYh'&#)&cB%c_dÅWZc_d_ijhWhWYWZW'(#(*^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW(*#*.^ehWi$
Fh[YWk[i
KieYecYWkj[bW[cfWY_[dj[iYec^_ijh_YeZ[Yeb_j[$DeZ[l[i[hkiWZe[cfWY_[dj[iYec
^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWiekWY[\Wbeifeh_dWi$
9[\jWp_Z_cW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<ehjWp%9[\jWp_Z_cWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
Kiei
?d\[Y[iZejhWjeh[if_hWjh_e1_d\[Y[iZejhWjekh_d|h_e1_d\[Y[iZWf[b[[ikWi[ijhkjkhWi1_d\[Ye
_djhW#WXZec_dWb1eij[ec_[b_j[1i[fi[1c[d_d]_j[YWkiWZWfehc_Yheeh]Wd_iceiW[hX_ei]hWc#d[]Wj_lei
ikiY[jl[_iWii_cYece[dj[heXWYjh_Wi[Fi[kZecedWi1_d\[Y[ifehFi[kZecedWi[cfWY_[dj[iYech_iYe
Z[Z[i[dlebl[hd[\hejen_Y_ZWZ[[%ekejejen_Y_ZWZ[_dZkp_ZWifehWc_de]b_YeiZ[ei1jhWjWc[dje[cfh_YeZ[
fWY_[dj[i]hWdkbeY_jef
d_Yei$
Feiebe]_W
?C%?L
D[edWjei
&#*i[cWdWi"2'"(a]Å'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
§-Z_Wi
'"(#(a]Å'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4(a]Å'&&#'+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.#'(^ehWi$
4-Z_Wi"¨'"(a]Å'+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
9h_WdWiZ['c
i#'(WdeiÅ'&&#'+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$:ei[c|n_cWÅ,]%Z_W$
C[d_d]_j[iÅ'+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
:ei[c|n_cWÅ,]%Z_W$
7ZkbjeiÅ'#(]WYWZW.#'(^ehWi$
?d\[Y[iZejhWjekh_d|h_eÅ(+&#+&&c]WYWZW'(^ehWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh)&#+&cB%c_dÅWZc_d_ijhWhWYWZW'(^ehWi$
9bYh'&#)&cB%c_dÅWZc_d_ijhWhWYWZW(*^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW(*#*.^ehWi$
'',r
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYec^_ijh_WZ[Yeb_j[$DeZ[l[i[hkiWZe[cfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[
Wf[d_Y_b_dWiekWY[\Wbeifeh_dWi$
9
9[\jh_WnedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
HeY[Ód?L\hWiYe#WcfebW+&&c]
A[\jhed%HeY[Ód%9[\jh_WnedWIZ_YWÅC[Z_YWc[dje=[dh_Ye?L\hWiYe#WcfebW']
9[\jh_WnedWIZ_YW?C\hWiYe#WcfebW']ÅC[Z_YWc[dje=[dh_Ye
Kiei
?d\[Y[ifehc_Yheeh]Wd_iceii[dil[_i0i[fi["c[d_d]_j["Xehh[b_ei[Z[Boc[Z_ii[c_dWZW[ij|]_ei_d_Y_W_i
[jWhZ_eiZWZe[dW1_d\[Y[i_djhW#WXZec_dW_if[h_jed_j[i"_d\[Y[iZejhWje]Wijh_dj[ij_dWb[X_b_Wh1
_d\[Y[iii[Wi"Whj_YkbWh[i"j[Y_Zeiceb[i"f[b[[\[h_ZWi1_d\[Y[i[cfWY_[dj[iYecc[YWd_iceiZ[Z[\[iW
Yecfhec[j_Zei1_d\[Y[ih[dW_i[ZejhWjekh_d|h_e1_d\[Y[iZejhWjeh[if_hWjh_e"fWhj_YkbWhc[dj[fd[kced_W
[_d\[Y[iejehh_debWh_d]eb]_YWi1_d\[Y[i][d_jW_i"_dYbki_l[]edehh_W1fheÓbWn_WZ[_d\[Y[ifh#ef[hWjh_Wi$
Feiebe]_W
?C%?L
D[edWjei
§-Z_WiÅ+&c]%a]%Z_WWYWZW(*^ehWi$
4-Z_Wi
§(a]Å+&c]%a]%Z_WWYWZW(*^ehWi$
4(a]Å+&#-+c]%a]%Z_WWYWZW(*^ehWi$
?d\[Y[iYWkiWZWifeh]edeYeYei
FheÓbWn_WÅ(+#+&c]%a][cZei[d_YW$:ei[c|n_cWÅ'(+c]$
?d\[YeÅ(+#+&c]%a]%Z_WWYWZW(*^ehWiZkhWdj[-Z_Wi["dec|n_ce"'&#'*Z_Wi"i[Wc[d_d]_j[\eh
ZeYkc[djWZW$:ei[c|n_cWÅ'(+c]$
9h_WdWiZ['c
i#'(WdeiÅ+&#-+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(#(*^ehWi$
C[d_d]_j[Å.&#'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(#(*^ehWi$:ei[Z[WjWgk[Å-+c]%a]$:ei[
c|n_cWÅ*]%Z_W$
Gk_c_efheÓbWn_WfehYedjWjeZ[Wbjeh_iYeZ[fWY_[dj[iYec_d\[Yec[d_d]eYY_YW_dlWi_lW
§'(WdeiÅ'(+c]?C[cZei[d_YW$
4'(WdeiÅ(+&c]?C[cZei[d_YW$
?d\[Y[i]edeYY_YWide#Yecfb_YWZWi"WiiZ_ei[nkWb[fheÓbWn_WZ[Ze[dWii[nkWbc[dj[jhWdic_iil[_i
Å'(+c]?C[cZei[d_YW$
?d\[Ye]edeYY_YWYecfb_YWZW
?C%?L
2*+a]
F[h_jed_j["Whjh_j["XWYj[h[c_WÅ+&c]%a]%Z_W'l[pWeZ_WZkhWdj[-Z_Wi$:ei[c|n_cWÅ']%Z_W$
9ed`kdj_l_j[Å+&c]%a][cZei[d_YW$:ei[c|n_cWÅ']$
C[d_d]_j[ek[dZeYWhZ_j[Å+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiZkhWdj['&#'*Z_Wic[d_d]_j[
ek(.Z_Wi[dZeYWhZ_j[$:ei[c|n_cWÅ(]%Z_W$
4*+a]
?d\[Y[iZ_ii[c_dWZWifeh]edeYeYeiÅ']%Z_WZkhWdj[-Z_Wi$
C[d_d]_j[Å'#(]%Zei[WYWZW'(^ehWiZkhWdj['&#'*Z_Wi$
;dZeYWhZ_j[Å'#(]%Zei[WYWZW'(^ehWiZkhWdj[(.Z_Wi$
r''-
9ed`kdj_l_j[Å']?C[cZei[d_YW$
9WdYh_Z[Å+&c]%a]?C[cZei[d_YW$:ei[c|n_cWÅ(+&c]$
;f_Z_Z_c_j[W]kZWÅ(+&c]?C[cZei[d_YW$
H[bWfieekf[hi_ij
dY_WZ[ej_j[W]kZWcZ_WÅ+&c]%a]'l[pWeZ_WZkhWdj[)Z_Wi$:ei[c|n_cWÅ']%Z_W$
7ZkbjeiÅ'#(]WYWZW'(#(*^ehWiZ[f[dZ[dZeZej_fe[ZWi[l[h_ZWZ[ZW_d\[Ye$:ei[c|n_cWÅ*]%Z_W$
9
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2'&cB%c_dÅWZei[Z[Y[\jh_WnedWdeZ[l[[nY[Z[h(]%Z_W$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecZ_i\kd[iZWl[iYkbWX_b_Wh"ZejhWjeX_b_Wh"Ze\]WZeekf~dYh[Wi$
KiWhYecYWkj[bW[cYWieZ[^_ijh_YeZ[Yeb_j[$DeZ[l[i[hkiWZe[cfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[W
f[d_Y_b_dWiekWY[\Wbeifeh_dWi$
9[\khen_cW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
P_ddWjYecfh_c_Ze(+&c]
P_dWY[\%9[\khen_cWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW-+&c]
P_ddWjikif[dieehWb(+&c]%+cB\hWiYe+&cB
Kiei
JhWjWc[djeZ[_d\[Y[iYWkiWZWifehIjWf^obeYeYYkiikiY[jl[_i"Ijh[fjeYeYYki]hkfe8"Fd[kceYeYYki">$
_dÔk[dpW[j_fe7[8";$Yeb_";dj[heXWYj[h"Ab[Xi_[bbW1jhWjWc[djeZ[_d\[Y[iikiY[jl[_iZejhWjeh[if_hWjh_e
ikf[h_eh[_d\[h_eh1jhWjWc[djeZ[ej_j[cZ_W1i_dki_j[XWYj[h_WdWW]kZWZecWn_bWh1_d\[Y[iZejhWje
kh_d|h_e1_d\[Y[iZWf[b[[j[Y_Zeiceb[i1_d\[Y[iii[Wi1i[fi[$
Feiebe]_W
?C%?L
D[edWjeiÅ+&#'&&c]%a]%Z_W?L[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
9h_WdWiÅ-+#'+&c]%a]%Z_W?L[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$:ei[c|n_cWÅ,]%Z_W$
7ZkbjeiÅ-+&#'$+&&c]%Zei[WYWZW.^ehWi$
LE
9h_WdWi¨)c[i[i#'(Wdei
<Wh_d]_j[i%jedi_b_j[iÅ'(+c]WYWZW'(^ehWi$
Ej_j[W]kZWcZ_W"i_dki_j["_cf[j_]eÅ(+&c]WYWZW'(^ehWi$
7Zeb[iY[dj[i[7ZkbjeiÅ(+&#+&&c](l[p[iWeZ_W$
?d\[Y[ide#Yecfb_YWZWiZejhWjekh_d|h_eÅ'(+#(+&c]WYWZW'(^ehWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#(&cB%c_dÅWZc_d_ijhWhWYWZW'(^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW(*^ehWi$
Fh[YWk[i
FWY_[dj[iYecZ_i\kd[ih[dW_iek^[f|j_YWi"YecYWh
dY_Wdkjh_Y_edWb"fh[l_Wc[dj[[ijWX_b_pWZei[c
j[hWf_WWdj_YeW]kbWdj[ekgk[j[d^Wch[Y[X_Zej[hWf_WWdj_c_YheX_WdWfehbed]ej[cfe"Wfh[i[djWch_iYe
Z[gk[ZWdWWj_l_ZWZ[ZWfhejhecX_dW$7i[]khWdW[W[ÓY|Y_W[cYh_WdWic[deh[iZ[)c[i[ide\ehWc
[ijWX[b[Y_ZWi$DeZ[l[i[hkiWZe[cfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWiekWY[\Wbeifeh_dWi$
''.r
9[jWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
A[jWc_dI+&c]%cBWcfebW(cB
Kiei
?dZke[cWdkj[deZ[Wd[ij[i_W][hWb"[if[Y_Wbc[dj[gkWdZeWZ[fh[iieYWhZ_elWiYkbWhZ[lWi[h[l_jWZW1
i[ZWe[WdWb][i_W$
9
Feiebe]_W
9h_WdWi
?CÅ)#-c]%a]$
?LÅ&"+#(c]%a]"kiWhZeiW][dic[deh[i&"+#'c]%a]fWhWi[ZWe[cf[gk[deifheY[Z_c[djei1ZeiW][c
kikWbÅ'#(c]%a]$
?d\kieYedjdkWÅ+#(&cY]%a]%c_dfWhWi[ZWe$
7Zkbjei
?CÅ)#.c]%a]$
?LÅ'#*"+c]%a]"ZeiW][ckikWbfWhW_dZkeÅ'#(c]%a]$
Fh[YWk[i
7bkY_dW[i[Z[bh_eieYehh[c[c'(ZeifWY_[dj[i"i[dZecW_iYeckcgkWdZeWZc_d_ijhWZe[cfWY_[dj[i
YeccW_iZ[,+Wdei[gkWdZeWfb_YWZel_W?C$
9[j_bf_h_Zd_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9[fWYebiebke&"+c]%cB\hWiYe)&&cB
Kiei
9eceWdj_#ifj_YeXkYWb$
Feiebe]_W
9h_WdWi4,Wdei[7ZkbjeiÅ'c[Z_ZWjWcfWZWiebkefkhWek[c_]kWbgkWdj_ZWZ[Z[|]kW"[c
XeY^[Y^eiek]Wh]Wh[`ei$
Fh[YWk[i
DeZ[l[i[hkiWZe[cYh_WdWic[deh[iZ[,WdeiZ[_ZWZ[$
9[j_bf_h_Zd_e!8[dpeYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9[fWYWdWfWij_b^WY[j_bf_h_Zd_e'"*,,c]!X[dpeYWdW'&c]
CWbledWiebkeY[j_bf_h_Zd_e+c]!X[dpeYWdW'c]!XehWjeZ[iZ_e)&&c]%+cB\hWiYe(&&cB
Kiei
FWij_b^WÅfWhWeWbl_eh|f_Ze[j[cfeh|h_eZWiZeh[i[_hh_jW[iZWXeYW[ZW]Wh]WdjWfheleYWZWifeh
r''/
\Wh_d]_j[i"Wc_]ZWb_j[i"[ijecWj_j[i"h[i\h_WZei[fehfheY[Z_c[djeieZedjeb]_Yei[f[gk[dWiY_hkh]_WiZW
XeYW[ZW]Wh]WdjW$
IebkeÅ_dZ_YWZedWiW\[Y[iXkYe\Wh_d][WdWijW_iYeceW\jWi"][d]_l_j[i"Wc_]ZWb_j[i"[ijecWj_j[i[
\Wh_d]_j[i$9ece[dnW]kWjh_edW^_]_[d[XkYWbZ_|h_W[dWfh[l[deZW^Wb_jei[$
Feiebe]_W
9h_WdWi4,Wdei[7Zkbjei
FWij_b^WÅZ[_nWhZ_iiebl[hdWXeYW'fWij_b^W"Z[WYehZeYecWid[Y[ii_ZWZ[i"de[nY[Z[dZe,fWij_b^Wifeh
Z_W"eki[]kdZeYh_jh_ecZ_Ye$
IebkeÅZ_bk_h'Yeb^[hZ[Y^|+cB[c'%(YefeZÊ|]kW\h_WekcehdWfWhWXeY^[Y^eiek]Wh]Wh[`eiZ[*#+
l[p[iWeZ_W$
9
Fh[YWk[i
DekiWh[cYh_WdWic[deh[iZ[,WdeiZ[_ZWZ[$:_WXj_Yei0WfWij_b^WYedjcWYWh$
9[jeYedWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D_pehWbYh[c[(&c]%]X_idW]W)&]
Kiei
JhWjWc[djejf_YeZ[c_Yei[iikf[hÓY_W_i"_dYbk_dZeZ[hcWje\_jei[iJ_d[WYehfeh_i"J_d[WYhkh_i"J_d[WcWdkc
[J_d[Wf[Z_i"YWdZ_ZWi[Ykj~d[W[f_j_hWi[l[hi_Yebeh$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWhdWi|h[Wi_d\[YjWZWi'l[pWeZ_W1ejhWjWc[djeZ[l[i[hcWdj_Zefehf[heZei
WZ[gkWZei"[ij[dZ[dZe#i[fehcW_iWb]kdiZ_WiWfiZ[iWfWh[Y_c[djeZeii_djecWi[ZWib[i[i$EXi[hlWc#
i[h[ikbjWZei\Wleh|l[_iWfi*i[cWdWiZ[jhWjWc[dje"Z[f[dZ[dZeZej_feZ[c_Yei["[nj[die[
_dj[di_ZWZ[ZWib[i[i$:[l[ci[hWfb_YWZWic[Z_ZWi][hW_iZ[^_]_[d[fWhWWkn_b_WhdeYedjheb[Z[\Wjeh[iZ[
YedjWc_dWeekh[_d\[Ye$
9[jeYedWpeb!8[jWc[jWiedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9WdZ_YehjYh[c[X_idW]WZ[)&]
Kiei
:[hcWjei[i_dÔWcWjh_Wii[YkdZWh_Wc[dj[W\[jWZWiekfej[dY_Wbc[dj[W\[jWZWifeh\kd]eiekb[l[ZkhWi$
:[hcWjei[i[c\Wi[c_ZW"YeceZ[hcWj_j[i[Xehh_YW"_dj[hjh_]e"Z_i_Zhei["d[kheZ[hcWj_j["[Yp[cWi$
Feiebe]_W
7fb_YWhkcWYWcWZWÓdWieXh[W|h[WW\[jWZW'l[pWeZ_W$;cWb]kdiYWiei"feZ[i[hd[Y[ii|h_WWWfb_YWe(
l[p[iWeZ_W$
'(&r
9h_WdWi
2'(WdeiÅkj_b_pWhf[gk[dWigkWdj_ZWZ[iZ[Y[jeYedWpeb!X[jWc[jWiedW$
Dekj_b_pWhcW_iZegk[*+]fehi[cWdW$
Fh[YWk[i
DeZ[l[i[hkj_b_pWZefehf[heZeicW_eh[iZegk[(i[cWdWi$
GkWbgk[hh[WeWZl[hiWh[bWjWZWYecekiei_ij
c_YeZ[Yehj_Yeij[h_Z[i"_dYbk_dZeikfh[iieikfhW#h[dWb"
jWcXcfeZ[eYehh[hYecekiejf_YeZ[ij[i"[if[Y_Wbc[dj[YecbWYj[dj[i[Yh_WdWi$
9
9[jefhe\[de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Fhe\[d_Z?CWcfebW'&&c]%(cB
Fhe\[d_Z?L\hWiYe#WcfebW'&&c]
Kiei
FheY[iieih[kc|j_YeiWhjh_j[h[kcWj_Z["[ifedZ_b_j[Wdgk_beiWdj["]ejW"YedZheYWbY_dei["h[kcWj_ice
fieh_|j_Ye"bfki[h_j[cWjeiei_ij
c_Ye"[iYb[heZ[hc_W"f[h_Whjh_j[deZeiW"eij[eWhjh_j["f[h_Whjh_j[[iY|fkbe#
kc[hWb"Xkhi_j[i"YWfikb_j[i"i_del_j[i"j[deii_del_j[i"j[dZ_d_j[i"[f_YedZedZ_b_j[i"idZhec[Z[H[_j[h"fi[kZe#
Whjh_j[h_pecb_YW1b[i[ijhWkc|j_YWi"YeceYedjki[i"[icW]Wc[djei"\hWjkhWi"[djehi[i"bknW[i1Wb]_Wi
Z_l[hiWiYeced[lhWb]_WiY[hl_YeXhWdgk_Wb"Y[hl_YWb]_W"becXWb]_W"Y_|j_YW"jhWjWc[djeZWZehdefh[fi#
ef[hWjh_e[ekjhWifWjebe]_WiZebeheiWi$
Feiebe]_W
?C
7ZkbjeiÅ'&&c](#)l[p[ifehZ_W$
?L
7ZkbjeiÅ'&&#)&&c]%Z_Wfehkcf[heZec|n_ceZ[*.^ehWi$
Fh[YWk[i
FWY_[dj[iYecbfki[h_j[cWjeiei_ij
c_YefeZ[cWfh[i[djWhfh[Z_ifei_e}jen_Y_ZWZ[feh7_d[i$CWdj[hW
Zei[cd_cW[\[j_lW[cfWY_[dj[i_Zeiei$KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWbek^[f|j_YW"gk[
Z[l[ci[hcWdj_ZeiYecWZei[cd_cW[\[j_lW$DeZ[l[i[hkiWZe[cfWY_[dj[ic[deh[iZ['.Wdei$
9_YbeX[dpWfh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C_eiWdYecfh_c_Ze+c]
Kiei
JhWjWc[djeZ[[ifWiceickiYkbWh[iWiieY_WZeiYecZehW]kZW[Z[[j_ebe]_WckiYkbe[igk[bj_YW"Yece[c
becXWb]_Wi"jehY_Yebei"ÓXhec_Wb]_W"f[h_Whjh_j[[iYWfkbekc[hWb"Y[hl_YeXhWgk_Wb]_Wi1YeceYeWZ`klWdj[Z[
ekjhWic[Z_ZWifWhWWbl_eZeii_djecWi"jW_iYeceÓi_ej[hWf_W[h[fekie$
Feiebe]_W
LE
7ZkbjeiÅZei[kikWbÅ(&#*&c]%Z_WZ_l_Z_Zei[c(#*l[p[iWeZ_W$:ei[c|n_cWÅ,&c]%Z_W$
r'('
Fh[YWk[i
EkieZefheZkjefehf[heZeiikf[h_eh[iW(#)i[cWdWiZ[l[i[h\[_jeYeceZ[l_ZeWYecfWd^Wc[djecZ_Ye$
FeZ[_d_X_hWi[Yh[eiWb_lWh$7Zc_d_ijhWhYecYWkj[bW[cfWY_[dj[i_Zeiei$
9
9_Ybef[djebWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9_Ybefb]_Ye'iebkee\j|bc_YW\hWiYe+cB
Kiei
9ecec_Zh_|j_Ye[Y_Ybefb]_Ye1YeceWZ`klWdj[de[ijkZeZWh[\hWeekdWe\jWbceiYef_W1jhWjWc[djeZ[
Z_ijhX_ei_dÔWcWjh_eiZeieb^ei_h_j["_h_ZeY_Yb_j["Y[hWj_j["Yehe_Z_j[$
Feiebe]_W
Jf_Yee\j|bc_Ye
9h_WdWi[7ZkbjeiÅ[nYbki_lWc[dj[Yec_dZ_YWe[Yh_jh_ecZ_Ye$=[hWbc[dj["'#(]ejWiied[Y[ii|h_Wi$
Fh[YWk[i
KiWhYecYWkj[bW[c_Zeieiek[cfWY_[dj[i[cgk[Wfh[iie_djhW#eYkbWhfeiiW[ijWhWkc[djWZW$FWhW[l_jWh
W_dZkeZ[]bWkYecWZ[~d]kbe[ijh[_je"WYedi[b^|l[bWlWb_WhWWX[hjkhWZe~d]kbeZWY~cWhWWdj[h_eh$FWhW
c_d_c_pWhWWXiehei_ij
c_YW"eiWYebWYh_cWbZ[l[i[hYecfh_c_Zefeh(#)c_dkjeiWfiW_dij_bWe$KiWh
YecYWkj[bW[cYh_WdWi$EY_Ybef[djebWjefeZ[W\[jWhfWY_[dj[ifehjWZeh[iZ[Z_ijhX_eiYWhZ_elWiYkbWh[i"
^_f[hj[dieek^_f[hj_he_Z_ice$Fhej[][heieb^eiZW_bkc_dWe[nY[ii_lW$
9_Ybef[djebWje!<[d_b[\h_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9_Ybef[djebWje&"+!<[d_b[\h_dW("+iebkee\j|bc_YW\hWiYe+cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
9ecec_Zh_|j_YefWhWWh[Wb_pWeZ[[nWc[Z[\kdZeZ[eb^e[cYh_WdWi$
9_Ybeifeh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IWdZ_cckd(+&c]%+cBWcfebW
IWdZ_cckd+&c]%'cBWcfebW
IWdZ_cckdD[ehWb'&&c]Y|fikbW
Kiei
;cjhWdifbWdj[iZ[h]eiib_Zei"fh[l_d[Wh[`[_eZe[dn[hjeWfijhWdifbWdj[iWbe]
d_YeiZ[h_c"
\]WZe"YehWe"fkbce"YehWe#fkbceekf~dYh[Wi$JhWjWc[djeZWh[`[_eZ[jhWdifbWdj[i[cfWY_[dj[i
fh[l_Wc[dj[jhWjWZeiYecW][dj[i_ckdeiikfh[iieh[i$;cjhWdifbWdj[iZ[c[ZkbWii[W"fh[l_d[Wh[`[_eZe
[dn[hjeWfiejhWdifbWdj[$Fh[l[deekjhWjWc[djeZWZe[dW[dn[hje#l[hiki#^eif[Z[_he=L>:$
'((r
Feiebe]_W
?L
JhWdifbWdj[Z[h]eiib_Zei
7Zkbjei[9h_WdWi
:ei[_d_Y_WbÅ)#+c]%a]"Z[l[#i[_dY_Wh'(^ehWiWdj[iZWY_hkh]_W[cWdj_ZWfeh'#(i[cWdWi$
:ei[Z[cWdkj[deÅ&"-#(c]%a]$
JhWdifbWdj[Z[c[ZkbWii[W
7Zkbjei[9h_WdWiÅ)#+c]%a]%Z_W$
LE
JhWdifbWdj[Z[h]eiib_Zei
7Zkbjei[9h_WdWiÅ'&#'+c]%a]"WZei[WZc_d_ijhWZW'(^ehWiWdj[iZWY_hkh]_WZ_l_Z_ZW[c(jecWZWi$
;iiWZei[Z_|h_WZ[l[i[hcWdj_ZWZkhWdj['#(i[cWdWi$
JhWdifbWdj[Z[c[ZkbWii[W
7Zkbjei[9h_WdWiÅ'("+#'+c]%a]%Z_W"Z_l_Z_Zei[c(jecWZWi"_d_Y_WdZe#i[dWlif[hWZejhWdifbWdj[$
9
Fh[YWk[i
7Y_Ybeifeh_dWWkc[djWeh_iYeZ[^_f[hYWb[c_W"[if[Y_Wbc[dj[[cfWY_[dj[iYecZ_i\kdeh[dWb$xd[Y[ii|h_e
Yk_ZWZeWei[jhWjWhfWY_[dj[iYec^_f[hkh_Y[c_W$
9_beijWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9[XhWbWjYecfh_c_Ze+&c]
Kiei
x_dZ_YWZefWhWZe[dWlWiYkbWhf[h_\h_YW"h[ZkeZei_djecWZWYbWkZ_YWe_dj[hc_j[dj[1fh[l[deZW
h[Yehh
dY_WZ[WY_Z[dj[lWiYkbWhY[h[XhWb$
Feiebe]_W
LE
7ZkbjeiÅ+&#'&&c](l[p[iWeZ_W[c`[`kc["decd_ce"'%(^ehWWdj[iek(^ehWiZ[fe_iZeYW\ZWcWd^
[Ze`WdjWh$
Fh[YWk[i
xYedjhW#_dZ_YWZefWhWfWY_[dj[iYec_dikÓY_
dY_WYWhZWYWYed][ij_lW"gkWZhe^[cehh|]_Ye[fWhW][ijWdj[i
[bWYjWdj[i$
9_dWh_p_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ijk][hedYecfh_c_Ze(+c]
Ijk][hedYecfh_c_Ze-+c]
Kiei
JhWjWc[djeZ[l|h_eij_feiZ[[ifWiceilWiYkbWh[if[h_\h_Yei[%ekY[h[XhW_i"_dYbk_dZeYbWkZ_YWe
r'()
_dj[hc_j[dj[1jhWjWc[djei_djec|j_YeZ[d|ki[W[l[hj_][cZ[l_Ze}Ze[dWZ[Cd_h[[ekjheiZ_ijhX_ei
bWX_hdj_Yei1fh[l[de[jhWjWc[djeZ[Y_d[jei[1fheÓbWn_WZ[[dnWgk[YW$
Feiebe]_W
LE
7Zkbjei
:_ijhX_eiZWY_hYkbWeY[h[XhWbÅ(+c])l[p[iWeZ_Wek-+c]%Z_W$
:_ijhX_eiZWY_hYkbWef[h_\h_YWÅ+&#-+c])l[p[iWeZ_Wek'+&#((+c]%Z_W$
:_ijhX_eiZe[gk_bXh_eÅ(+c])l[p[iWeZ_Wek-+c]%Z_W$
:_ijhX_eiZecel_c[djeÅ(+c]'%(#'^ehWWdj[iZ[_d_Y_WhWl_W][c[h[f[j_hWYWZW,^ehWi$:ei[c|n_cW
Å((+c]%Z_W$
9
Fh[YWk[i
7Zc_d_ijhWheiYecfh_c_ZeiWfiWih[\[_[ifWhWh[Zkp_h[\[_jei]Wijh_dj[ij_dW_i$;cfWY_[dj[iYecZe[dW
Z[FWha_died"Z[l[i[hkiWZeiec[dj[i[eiX[d[\Y_eiikf[hWh[ceh_iYeZ[W]hWlWc[djeZWZe[dW$
9_dY^eYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Dkf[hYW_dWbfecWZWjkXe(&]
Kiei
xkj_b_pWZeYeceWd[iji_YefWhWWbl_eZWZeh[fhkh_ZeZ[l_ZeWf_YWZWiek\[hheWZWiZ[_di[jei"gk[_cWZkhWi
b[l[i"gk[_cWZkhWiiebWh[i"ÓiikhWiWdW_i"fhkh_Zei[d_b[fhkh_ZelkblWh$
Feiebe]_W
Jf_Ye
9h_WdWiÅ-]%Z_W[cWfb_YW[iZ_l_Z_ZWi'#)l[p[iWeZ_W$
7ZkbjeiÅ)&]%Z_W[cWfb_YW[iZ_l_Z_ZWi'#)l[p[iWeZ_W"deZ[l[dZe[nY[Z[h'&#'+]fehWfb_YWe$
9_fheÔenWY_de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9_fhe%FheY_d%9_fheÔenWY_deÅC[Z_YWc[dje=[dh_Ye\hWiYe(&&c]%'&&cB
9_fhe%9_fheÔenWY_deÅC[Z_YWc[dje=[dh_Ye\hWiYe*&&c]%(&&cB
9_fhe%FheY_d%9_fheÔenWY_deÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze+&&c]
8_Wcej_bfecWZWe\j|bc_YW)c]%]jkXe)"+]
8_Wcej_biebkee\j|bc_YW)c]%cB\hWiYe+cB
Kiei
JhWjWc[djeZ[_d\[Y[ifehFi[kZecedWidejhWjeh[if_hWjh_e"jhWjekh_d|h_e"f[b["j[Y_Zeiceb[i"eiiei[
Whj_YkbW[i"eb^ei[ekl_Zei1jhWjWc[djeZ[_d\[Y[iYWkiWZWifehXWY_bei]hWc#d[]Wj_lei"Wb]kdieh]Wd_icei
]hWc#fei_j_leiYeceIjWf^obeYeYYki[CoYeXWYj[h_kcjkX[hYkbei_i1jhWjWc[djeZ[Z_Whh_WYWkiWZWfeh
9WcfobeXWYj[h`[`kd_"I^_][bbWekIWbced[bbW1eij[ec_[b_j[YWkiWZWfeheh]Wd_iceiikiY[jl[_i1ÓXhei[Yij_YW1
j[hWf_W_d_Y_WbekfheÓbWn_Wfi#[nfei_YeZ[_d\[Y[ifehWdjhWn$
'(*r
Feiebe]_W
9h_WdWi
LEÅ(&#)&c]%a]%Z_W[c(Zei[iZ_l_Z_ZWi$:ei[c|n_cWÅ'"+]%Z_W$
?LÅ(&#)&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$:ei[c|n_cWÅ.&&c]%Z_W$
7djhWn
JhWjWc[dje_d_Y_WbÅ(&#)&c]%a]%Z_W?L[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiZkhWdj[,&Z_Wi$:ei[c|n_cW
Å.&&c]%Z_W$
FheÓbWn_Wfi#[nfei_Y_edWbÅ(&#)&c]%a]%Z_WLE[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiZkhWdj[,&Z_Wi$:ei[
c|n_cWÅ'$&&&c]%Z_W$
<_Xhei[Yij_YWÅLEÅ*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$:ei[c|n_cWÅ(]%Z_W$
?LÅ)&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.#'(^ehWi$:ei[c|n_cWÅ'"(]%Z_W$
7Zkbjei
LE
:ei[kikWbÅ(+&#-+&c]WYWZW'(^ehWiZ[f[dZ[dZeZWi[l[h_ZWZ[[ZWikiY[j_X_b_ZWZ[ZW_d\[Ye$
H[]_c[Z[gk_c_efheÓbWn_WfehYedjWjeZ[Wbjeh_iYeZ[Ze[dWc[d_d]eYY_YW_dlWi_lWÅ+&&c][c
Zei[d_YW$
=edehh_Wde#Yecfb_YWZWÅ+&&c][cZei[d_YW$
9WdYh_Z[Å+&&c](l[p[iWeZ_WZkhWdj[)Z_Wi$
FheÓbWn_Wfi#[nfei_Y_edWbWeWdjhWnÅ+&&c]WYWZW'(^ehWiZkhWdj[,&Z_Wi$
?L
:ei[kikWbÅ(&&#*&&c]WYWZW'(^ehWiZ[f[dZ[dZeZWi[l[h_ZWZ[ZW_d\[Ye$
JhWjWc[djeZ[_d\[YefehWdjhWnÅ*&&c]?LWYWZW'(^ehWiZkhWdj[,&Z_WiikXij_jk_hfWhWj[hWf_WehWb
Wii_cgk[feiil[b$
9
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2)&cB%c_dÅWZc_d_ijhWhWYWZW'.#(*^ehWi$
Jf_Yee\j|bc_Ye
7Zkbjei
Iebkee\j|bc_YW
çbY[hWZ[Yhd[WÅ_d_Y_Wbc[dj["(]ejWiWYWZW'+c_dkjei"ZkhWdj[Wifh_c[_hWi,^ehWi1deh[ijWdj[ZeZ_W"
_dij_bWh(]ejWiWYWZW)&c_dkjei$De(±Z_W"Wfb_YWh(]ejWiWYWZW'^ehW$Dei)±#'*±Z_Wi"_dij_bWh(]ejWiW
YWZW*^ehWi$EjhWjWc[djefeZ[h|Yedj_dkWhfehcW_iZ['*Z_Wi"dWWki
dY_WZ[h[[f_j[b_pWeZWYhd[W$
9ed`kdj_l_j[XWYj[h_WdWÅ_dij_bWh'#(]ejWiWYWZW(^ehWiZkhWdj[eifh_c[_hei(Z_Wi$;dje"_dij_bWh'#(]ejWi
WYWZW*^ehWiZkhWdj[eifhn_cei+Z_Wi$
FecWZWe\j|bc_YWÅWfb_YWhkcWf[gk[dWgkWdj_ZWZ[deiWYeYed`kdj_lWb_d\[h_eh")#*l[p[iWeZ_WekW
Yh_jh_ecZ_Ye$FWhWcW_ehYeceZ_ZWZ["Wiebkee\j|bc_YWfeZ[h|i[hkj_b_pWZWZkhWdj[eZ_W[WfecWZW
e\j|bc_YW"WeZ[_jWh#i[$
Fh[YWk[i
Deh[Yec[dZWZefWhWc[deh[iZ['.Wdei$KiWhYecYWkj[bW[cfWY_[dj[iYecWfefb[n_W[
Z_i\kd[ih[dW_i$
9_iWjhWYh_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D_cX_kcWcfebW'&c]%+cB
r'(+
Kiei
x_dZ_YWZefWhWi[hkj_b_pWZeZkhWdj[fheY[Z_c[djeiY_hh]_Yei[ekjheifheY[Z_c[djei[[cj[hWf_W_dj[di_lW$
xkj_b_pWZeYeceWZ`klWdj[Z[Wd[ij[i_Weki[ZWe[ckd_ZWZ[Z[j[hWf_W_dj[di_lWfWhWh[bWnWheiciYkbei
[igk[bj_Yei"\WY_b_jWh[djkXWe[dZejhWgk[Wb[l[dj_bWec[Y~d_YW$
Feiebe]_W
?LXebki
9h_WdWiZ[(#'(WdeiÅZei[_d_Y_Wbh[Yec[dZWZWÅ&"'c]%a]WZc_d_ijhWZei[c+#'&i[]kdZei$
:ei[Z[cWdkj[deÅ&"&(c]%a]fhefehY_edWcWfhen_cWZWc[dj[/c_dkjeiZ[Xbegk[_ed[kheckiYkbWh
Yb_d_YWc[dj[[ÓYWpWZ_Y_edWbZkhWdj[WWd[ij[i_Wfeh^WbejWde$
9h_WdWi4'(Wdei[7Zkbjei
;djkXWe[dZejhWgk[WbÅ&"'+c]%a]"WZc_d_ijhWZeihWf_ZWc[dj[Z[djheZ[+#'&i[]kdZei$
:ei[Z[cWdkj[deÅ&"&)c]%a]fhefehY_edWcWfhen_cWZWc[dj[(&c_dkjeiWZ_Y_edW_iZ[Xbegk[_e
d[kheckiYkbWhYb_d_YWc[dj[[ÓYWpZkhWdj[Wd[ij[i_Wfehef_|Y[eiekfhefe\eb$
?d\kie_djhWl[deiW
9h_WdWi(Wdei[7Zkbjei
CWdkj[deZeXbegk[_ed[kheckiYkbWhÅ&"'.c]%a]%^1Wfi[ijWX_b_pWe"ceZ_ÓYWhWl[beY_ZWZ[Z[
_d\kiefWhW&"&,#&"'(c]%a]%^$
9
Fh[YWk[i
:khWdj[WWZc_d_ijhWe"Z[l[c[ijWhZ_ifedl[_i[gk_fWc[djeifWhW[djkXWe[dZejhWgk[Wb"cWdkj[de
ZWl[dj_bWefkbcedWh[en_][dWeWhj[h_WbWZ[gkWZW$
9_jWbefhWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9_fhWc_bYecfh_c_Ze(&c]
Kiei
JhWjWc[djeZ[Z[fh[iie"jhWdijehdeiZef~d_YeYeceki[cW]ehW\eX_W[jhWdijehdeeXi[ii_le#Yecfkbi_le$
Feiebe]_W
7Zkbjei
LE
JhWjWc[djeZ[Z[fh[iieÅ(&c]%Z_W1Z[f[dZ[dZeZWh[ifeijW_dZ_l_ZkWbZ[YWZWfWY_[dj[[ZW]hWl_ZWZ[ZW
Z[fh[iie"WZei[feZ[i[hWkc[djWZWWjec|n_ceZ[,&c]%Z_W$
JhWdijehdeZef~d_YeÅ'&c]dW'°i[cWdWWdj[iZ[i[Wkc[djWhfWhW(&c]fehZ_W1WZei[feZ[i[h
Wkc[djWZWWZ_Y_edWbc[dj[Wjec|n_ceZ[,&c]%Z_W"Z[f[dZ[dZeZWh[ifeijW_dZ_l_ZkWbZ[
YWZWfWY_[dj[$
JhWdijehdeeXi[ii_le#Yecfkbi_leÅZei[_d_Y_WbÅ(&c]1i[d[Y[ii|h_e"WZei[feZ[i[hWkc[djWZWWj,&c]"
Yed\ehc[Yh_jh_ecZ_Ye$
FWY_[dj[i_Zeiei4,+WdeiZ[_ZWZ[
JhWjWc[djeZ[Z[fh[iieÅ(&c]%Z_W1Z[f[dZ[dZeZWh[ifeijW_dZ_l_ZkWbZ[YWZWfWY_[dj[[ZW]hWl_ZWZ[ZW
Z[fh[iie"WZei[feZ[i[hWkc[djWZWWjec|n_ceZ[*&c]%Z_W$
JhWdijehdeZef~d_YeÅ'&c]dW'°i[cWdW"Wdj[iZ[Wkc[djWhWZei[fWhW(&c]%Z_W$7Zei[feZ[i[h
Wkc[djWZWWZ_Y_edWbc[dj[Wjec|n_ceZ[*&c]%Z_W"Z[f[dZ[dZeZWh[ifeijW_dZ_l_ZkWbZ[YWZWfWY_[dj[$
'(,r
Fh[YWk[i
DeWZc_d_ijhWhYec_d_X_Zeh[iZWC7E$
9_jhWjeJh_iiZ_Ye
9
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9_jhWjeJh_iiZ_Ye'(&]%)$&&&cBÅIebkeCWd_fkbWZW
Kiei
FWY_[dj[iYec_dZ_YWeZ[j[hWf_WZ[ikXij_jk_eh[dWbYec_dijWX_b_ZWZ[^[ceZ_d~c_YW"^[fWjefWj_W"JJF7
4,&i[]kdZei"?DHfhejWc_dW4("fbWgk[jWi2+&W-&$&&&[iWd]hWc[djei$
9bWh_jhec_Y_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
AbWh_Y_Z%9bWh_jhec_Y_dWÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze+&&c]
AbWh_Y_Z%9bWh_jhec_Y_dWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW+&&c]
AbWh_Y_Z%9bWh_jhec_Y_dWÅC[Z_YWc[dje=[dh_Yeikif[dieehWb'(+c]%+cB\hWiYe,&cB
Kiei
JhWjWc[djeZ[_d\[Y[iZ[l_WiWh[Wiikf[h_eh[i[_d\[h_eh[i[Z[_d\[Y[iZWf[b[[Zeij[Y_Zeiceb[i
YWkiWZWifehjeZeieic_Yheeh]Wd_iceii[dil[_i}YbWh_jhec_Y_dW1jhWjWc[djeZ[_d\[Y[iZ_ii[c_dWZWi
ekbeYWb_pWZWiYWkiWZWifehc_YeXWYjh_Wi1fh[l[deZ[_d\[YefehCoYeXWYj[h_kcWl_kcYecfb[n[c
fWY_[dj[i_d\[YjWZeifeh>?L1[cWiieY_WeYecbWdiefhWpeb[Wcen_Y_b_dW"dW[hhWZ_YWeZe>$fobeh_"
h[ikbjWdZe[cZ_c_dk_eZWh[Y_Z_lWZ[bY[hWiZkeZ[dW_i$
Feiebe]_W
LE
9h_WdWi¨,c[i[iÅ'+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiZkhWdj['&Z_Wi$
?d\[Yefehc_YeXWYjh_Wifh[l[de[jhWjWc[djeÅ-"+c]%a](l[p[iWeZ_W"feZ[dZeY^[]WhW+&&c]
(l[p[iWeZ_W$
FheÓbWn_WZW[dZeYWhZ_j[XWYj[h_WdWÅ'+c]%a]'^ehWWdj[iZefheY[Z_c[dje$:ei[c|n_cWÅ+&&c]$
7ZkbjeiÅ(+&#+&&c]WYWZW'(^ehWiZkhWdj[-#'*Z_Wi$
?d\[Y[iZejhWjeh[if_hWjh_eikf[h_ehÅ(+&#+&&c]WYWZW'(^ehWiZkhWdj['&#'*Z_Wi$
<Wh_d]_j[%jedi_b_j[Å(+&c]WYWZW'(^ehWiZkhWdj['&Z_Wi$
I_dki_j[cWn_bWhW]kZWÅ+&&c]WYWZW'(^ehWiZkhWdj['*Z_Wi$
?d\[Y[iZejhWjeh[if_hWjh_e_d\[h_ehÅ(+&#+&&c]WYWZW'(^ehWiZkhWdj[-#'*Z_Wi$
;nWY[hXWeW]kZWdWXhedgk_j[Yhd_YWYWkiWZWfeh0
C$YWjWhh^Wb_i"I$fd[kced_W[Å(+&c]WYWZW'(^ehWiZkhWdj[-#'*Z_Wi$
>$_dÔk[dpW[Å+&&c]WYWZW'(^ehWiZkhWdj[-#'*Z_Wi$
Fd[kced_WYWkiWZWfeh0
C$fd[kced_W["I$fd[kced_W[Å(+&c]WYWZW'(^ehWiZkhWdj[-#'*Z_Wi$
>$_dÔk[dpW[Å(+&c]WYWZW'(^ehWiZkhWdj[-Z_Wi$
?d\[Y[ifehc_YeXWYjh_Wifh[l[de[jhWjWc[djeÅ+&&c](l[p[iWeZ_WkiWhYecekjhWiZhe]Wi
Wdj_c_YeXWYj[h_WdWi$
r'(-
FheÓbWn_WZW[dZeYWhZ_j[XWYj[h_WdWÅ+&&c]'^ehWWdj[iZefheY[Z_c[dje$
?d\[YeZWf[b[[Zeij[Y_Zeiceb[ide#Yecfb_YWZWÅ(+&c]WYWZW'(^ehWiZkhWdj[-#'*Z_Wi$
?d\[Yefeh>$fobeh_ÅZ[(+&c](l[p[iWeZ_WW+&&c])l[p[iWeZ_Wj[hWf_WYecX_dWZW$
?L
9h_WdWi4'(Wdei[7ZkbjeiÅZei[h[Yec[dZWZWÅ']%Z_W"[c_d`[eb[djWfehf[bec[dei,&c_dkjei"[c
Zei[iZ_l_Z_ZWiWYWZW'(^ehWi$
9
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh-+ZWZei[kikWb$
9bYh2'&cB%c_dÅWZc_d_ijhWh+&#-+ZWZei[kikWb$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYec\kde^[f|j_YWWbj[hWZW$
9b_dZWc_Y_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:WbWY_d#9Y|fikbW)&&c]
:WbWY_d#9%9b_dZWc_Y_dWÅC[Z_YWc[dje=[dh_YeWcfebW)&&c]%(cB
Kiei
JhWjWc[djeZ[_d\[Y[iZejhWjeh[if_hWjh_e"ZWf[b[[Zeij[Y_Zeiceb[i"i[fi["_d\[Y[i_djhW#WXZec_dW_i
[_d\[Y[iZejhWje][d_jWb[ZWf[bl[[cckb^[h[i1fheÓbWn_WZ[[dZeYWhZ_j[XWYj[h_WdW[cfheY[Z_c[djei
Z[dj|h_ei[ZWil_WiWh[Wiikf[h_eh[i"[cfWY_[dj[iWbh]_YeiWf[d_Y_b_dWi1jhWjWc[djeZ[XWX[i_ei[1Yece
Wdj_XWYj[h_Wde_djhWlW]_dWb$
Feiebe]_W
?C%?L
D[edWjei
§-Z_Wi
§(a]Å'&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4(a]Å'+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4-Z_Wi
2'"(a]Å'&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
'"(#(a]Å'+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4(a]Å(&#)&c]%a]%Z_WWYWZW,#.^ehWi$
9h_WdWiZ['c
i#'(Wdei
LEÅ'&#)&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$:ei[c|n_cWÅ'".]%Z_W$
?C%?LÅ(+#*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$:ei[c|n_cWÅ*".]%Z_W$
FheÓbWn_WZ[[dZeYWhZ_j[XWYj[h_WdW[cfheY[Z_c[djeiZ[dj|h_ei[ZWil_WiWh[Wiikf[h_eh[i"[cfWY_[dj[i
Wbh]_YeiWf[d_Y_b_dWiÅ(&c]%a]LE'^ehWWdj[iZefheY[Z_c[djeek(&c]%a]?L)&c_dkjeiWdj[iZe
fheY[Z_c[dje$:ei[c|n_cWÅ,&&c]$
8WX[i_ei[ÅLEÅ(&#*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi"[cYecX_dWeYecgk_d_dW$
7Zeb[iY[dj[i[7Zkbjei
LEÅ'+&#*+&c]%Zei[WYWZW,#.^ehWi$:ei[c|n_cWÅ'".]%Z_W$
?C%?LÅ'"(#'".]%Z_WZ_l_Z_Zei[c(#*Zei[i$:ei[c|n_cWÅ*".]%Z_W$
FheÓbWn_WZ[[dZeYWhZ_j[XWYj[h_WdW[cfheY[Z_c[djeiZ[dj|h_ei[ZWil_WiWh[Wiikf[h_eh[i"[cfWY_[dj[i
Wbh]_YeiWf[d_Y_b_dWiÅLE%?LÅ,&&c]"'%(#'^ehWWdj[iZefheY[Z_c[dje$
'(.r
:e[dW_dÔWcWjh_Wfbl_YWÅ/&&c]?LWYWZW.^ehWiZkhWdj[(*#*.^ehWiWfic[b^ehWYbd_YWi_]d_ÓYWdj["
i[]k_ZeiZ[,&&c]LE)l[p[iWeZ_W"fWhWYecfb[jWh'*Z_WiZ[jhWjWc[dje$
8WX[i_ei[
?LÅ'"(](l[p[iWeZ_W"[cYecX_dWeYecgk_d_dW$
LEÅ,&&c])l[p[iWeZ_WZkhWdj[-Z_Wi"[cYecX_dWeYecgk_d_dW$
9
Fh[YWk[i
FeZ[YWkiWhYeb_j[i[l[hW[feii_l[bc[dj[\WjWb$7Zei[Z[l[i[hh[Zkp_ZW[cfWY_[dj[iYecZ_i\kde^[f|j_YW
ekh[dWb$
9beXWpWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<h_i_kcYecfh_c_Ze'&c]
Kiei
JhWjWc[djeZWWdi_[ZWZ[Z[jeZWiWi\ehcWi1Wdi_[ZWZ[h[bWY_edWZWYeccWd_\[ijW[iiec|j_YWi$
Feiebe]_W
LE
7ZkbjeiÅ'&c](#)l[p[iWeZ_W$:ei[c|n_cWÅ.&c]%Z_W$
9h_WdWi)#'+WdeiÅ+#'&c]%Z_W$
Fh[YWk[i
9edjhW#_dZ_YWZe[cfWY_[dj[iYecc_Wij[d_W]hWl[$Ced_jehWheifWY_[dj[iYecZ_i\kdeh[dWbek^[f|j_YW"
feZ[dZei[hd[Y[ii|h_WWh[ZkeZWZei[$
9beX[jWieb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Fieh[nYh[c[&"+c]%]jkXe)&]
Kiei
?dZ_YWZedejhWjWc[djejf_YeZWfiehWi[[nYbk_dZeW\ehcWZ_ii[c_dWZWZWZe[dW"[Yp[cWih[YWbY_jhWdj[i"
bgk[dfbWde"bfki[h_j[cWjeieZ_iY_Z[[ekjhWiZ[hcWj_j[igk[deh[ifedZWciWj_i\Wjeh_Wc[dj[W
[ij[h_Z[ic[deifej[dj[i$
Feiebe]_W
Jf_Ye
9h_WdWi4'(Wdei[7Zkbjei
7fb_YWhf[gk[dWgkWdj_ZWZ[dW|h[WW\[jWZW'#(l[p[iWeZ_WWjgk[eYehhWc[b^ehW$
Fh[YWk[i
FeZ[ceYehh[hh[Y_Z_lWiekh[Xej[i"Z[i[dlebl_c[djeZ[jeb[h~dY_W"h_iYeZ[fiehWi[fkijkbWh][d[hWb_pWZW[
Z[i[dlebl_c[djeZ[jen_Y_ZWZ[beYWbeki_ij
c_YWZ[l_Ze}\kde_d[ÓY_[dj[ZWXWhh[_hWZhc_YW$DekiWh[c
Yh_WdWic[deh[iZ['(Wdei$
r'(/
9bec_fhWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7dW\hWd_bZh|][W'&c]
7dW\hWd_bZh|][W(+c]
9
Kiei
:[fh[iie[dZ][dW"h[Wj_lW"d[khj_YW"eh]~d_YW"cWiYWhWZW[ikWi\ehcWi_dlebkY_edW_i1Z[fh[iie
h[bWY_edWZW}[igk_pe\h[d_W[jhWdijehdeiZWf[hiedWb_ZWZ[1idZhec[iZ[fh[ii_lWiYWkiWZWifehfh#
i[d_b_ZWZ[[i[d_b_ZWZ[1fehYedZ_[iZebeheiWiYhd_YWi1fehZe[dWiiec|j_YWiYhd_YWi1Z_ijhX_ei
Z[fh[ii_leiZe^kcehZ[dWjkh[pWfi_Yef|j_YW"d[khj_YWekh[Wj_lW1idZhec[ieXi[ii_le#Yecfkbi_lWi1
YedZ_[iZebeheiWiYhd_YWi1\eX_Wi1Yh_i[Z[f~d_Ye1YWjWfb[n_WWiieY_WZW}dWhYeb[fi_W"[`WYkbWefh[YeY[[
[dkh[i[dejkhdWWf[dWi[cfWY_[dj[iWY_cWZ[+Wdei[Z[iZ[gk[WiYWkiWieh]~d_YWij[d^Wc
i_Ze[nYbkZWi$
Feiebe]_W
LE
7Zeb[iY[dj[i4'(Wdei[7Zkbjei
:[fh[iie"idZhec[eXi[ii_le#Yecfkbi_lW[\eX_WiÅ_d_Y_WhejhWjWc[djeYec(+c](#)l[p[iWeZ_W"
Z[l[dZeWZei[i[hWkc[djWZW]hWZkWbc[dj["feZ[dZeY^[]WhWjec|n_ceZ[(+&c]%Z_W$
7jWgk[iZ[f~d_Ye"W]ehW\eX_WÅ_d_Y_WhejhWjWc[djeYec'&c]%Z_W"feii_l[bc[dj[[cYecX_dWeYeckc
X[dpeZ_Wp[fd_Ye1Wfeiebe]_WZ_|h_WlWh_WZ[(+#'&&c]%Z_WZ[f[dZ[dZeZ[YWZWfWY_[dj[$
9WjWfb[n_WWYecfWd^WdZedWhYeb[fi_WÅZei[Z_|h_WÅ(+#-+c]$
;dkh[i[dejkhdW
9h_WdWi+#.WdeiÅ'&c](#)l[p[iWeZ_W$
9h_WdWi/#'(WdeiÅ(+c]'#(l[p[iWeZ_W$
9h_WdWi4'(WdeiÅ(+c]'#)l[p[iWeZ_W$
;`WYkbWefh[YeY[ÅZei[_d_Y_WbÅ(+c]1i[d[Y[ii|h_e"Wkc[djWhfWhW+&c]Wfi(i[cWdWi$:ei[Z[
cWdkj[deÅ(+#+&c]%Z_W"feZ[dZei[hWZc_d_ijhWZW[c'jecWZW}de_j[ek(l[p[iWeZ_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[ifehjWZeh[iZ[^_f[hj_he_Z_iceek[cfWY_[dj[i[cjhWjWc[djeYedYec_jWdj[Yec
W][dj[ij_he_Z_WdeiZ[l_Ze}feii_X_b_ZWZ[Z[jen_Y_ZWZ[YWhZWYW$
9bedWp[fWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H_lejh_bYecfh_c_Ze&"+c]
H_lejh_bYecfh_c_Ze(c]
H_lejh_b]ejWi("+c]%cB\hWiYe(&cB'cB3(+]ejWi
Kiei
?dZ_YWZe_iebWZWc[dj[ekYeceWZ`klWdj[dejhWjWc[djeZWiYh_i[i[f_bfj_YWic_eYbd_YWi"WY_dj_YWi"
Wki
dY_Wijf_YWi[Wjf_YWiidZhec[Z[B[dden#=WijWkj1Yecec[Z_YWeZ[i[]kdZWb_d^W[c[ifWicei
_d\Wdj_iidZhec[Z[M[ij1Yh_i[i[f_bfj_YWiYbd_YWi]hWdZ[cWb"fWhY_W_ii_cfb[i"fWhY_W_iYecfb[nWi
[jd_Ye#Ybd_YWi][d[hWb_pWZWii[YkdZ|h_Wi1jhWdijehdeiZWWdi_[ZWZ["jhWdijehdeiZe^kceh"idZhec[
fi_Yj_YW"idZhec[ZWif[hdWi_dgk_[jWi"l[hj_][c[idZhec[ZWXeYWWhZ[dj[$
')&r
Feiebe]_W
LE
9h_i[[f_bfj_YW
9h_WdWiZ['c
i#'Wde[9h_WdWi2'&Wdeiek)&a]
:ei[_d_Y_WbÅ&"&'#&"&)c]%a]%Z_WZei[_d_Y_Wbc|n_cWÅ&"&+c]%a]%Z_WZ_l_Z_Zei[c(#)Zei[i1Wkc[djWh
decW_iZegk[&"+c]WYWZW)Z_WiWjgk[WiYh_i[i[ij[`WcYedjhebWZWieki[`WeXi[hlWZWWeYehh
dY_WZ[
[\[_jeiWZl[hiei$
:ei[Z[cWdkj[deÅ&"'#&"(c]%a]%Z_WZ_l_Z_Zei[c)Zei[iWeZ_W1de[nY[Z[h&"(c]%a]%Z_W$
9h_WdWi¨'&Wdeiek)&a][7Zkbjei
:ei[_d_Y_WbÅde[nY[Z[h'"+c]Z_l_Z_Zei[c)Zei[i"feZ[dZeWkc[djWh[c&"+#'c]WYWZW)Z_WiWjgk[
WiYh_i[ii[`WcYedjhebWZWieki[`WeXi[hlWZWWeYehh
dY_WZ[[\[_jeiWZl[hiei$
:ei[Z[cWdkj[deÅ&"&+#&"(c]%a]%Z_W1de[nY[Z[h(&c]fehZ_W$
IdZhec[Zef~d_Ye
¨'.Wdei[7ZkbjeiÅZei[_d_Y_WbÅ&"(+c](l[p[iWeZ_W1Wkc[djWhWZei[[c&"'(+#&"(+c]WYWZW)Z_Wi$
:ei[c|n_cWÅ*c]%Z_W$
7Zkbjei
9eceWdi_ebj_YeÅ&"(+#*c]%Z_W$;c][hWb"WZei[h[Yec[dZWZWZ[l[lWh_Wh[djh[&"+#'"+c]WeZ_W[cZei[i
Z_l_Z_ZWi)l[p[iWeZ_W$
JhWjWc[djeZW\eX_WieY_WbÅ&"(+#,c]%Z_W("&c])l[p[iWeZ_W$;c][hWb"WZei[h[Yec[dZWZWZ[l[lWh_Wh
[djh['#("+c]%Z_W$
JhWjWc[djeZeijhWdijehdeiZe^kceh
JhWdijehdeW\[j_leX_febWhjhWjWc[djeZWcWd_WÅ'"+#.c]%Z_W$;c][hWb"WZei[h[Yec[dZWZWZ[l[lWh_Wh
[djh[(#*c]%Z_W$
:[fh[iiecW_ehYeceWZ`klWdj[Z[Wdj_Z[fh[ii_leiÅ&"+#,c]%Z_W$;c][hWb"WZei[h[Yec[dZWZWZ[l[
lWh_Wh[djh[(#*c]%Z_W$
;cfh[]e[cidZhec[ifi_Yj_YWi
JhWjWc[djeZWWYWj_i_WÅ&"+#*"+c]%Z_W$;c][hWb"WZei[h[Yec[dZWZWZ[l[lWh_Wh[djh[&"+#)c]%Z_W$
JhWjWc[djeZWidZhec[ZWif[hdWi_dgk_[jWiÅ&"+#(c]%Z_W$
JhWjWc[djeZeicel_c[djeif[h_Z_YeiZWif[hdWiZkhWdj[eiedeÅ&"+#(c]%Z_W$
JhWjWc[djeZWl[hj_][c[i_djecWih[bWY_edWZei}f[hjkhXWeZe[gk_bXh_eÅ&"+#'c][cZei[iZ_l_Z_ZWi
(l[p[iWeZ_W$EWkc[djeZWZei[deWkc[djWe[\[_jeWdj_l[hj_]_deie[Zei[iikf[h_eh[iW'c]deie
h[Yec[dZ|l[_i"fe_ifeZ[c[n[hY[h[\[_jeYedjh|h_e"eki[`W"f_ehWhWl[hj_][c$EWkc[djeZWZei[feZ[i[hj_b
dejhWjWc[djeZ[^_f[hi[di_X_b_ZWZ[Wiedi_dj[diei"fh[iiedeiekl_Zei[pkcX_Ze$
JhWjWc[djeZWidZhec[ZWXeYWWhZ[dj[Å&"(+#,c]%Z_W$;c][hWb"WZei[h[Yec[dZWZWZ[l[lWh_Wh[djh[
'#(c]%Z_W$
9
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZe[dWh[if_hWjh_WYhd_YW"Z_i\kde^[f|j_YW[h[dWb$7h[j_hWZWWXhkfjWZe
c[Z_YWc[djefeZ[YWkiWhYh_i[iYedlkbi_lWi$
9bed_Z_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7j[di_dWYecfh_c_Ze&"'c]
Kiei
JhWjWc[djeZW^_f[hj[die$
r')'
Feiebe]_W
LE
9h_WdWi
>_f[hj[dieÅZei[_d_Y_WbÅ+#'&cY]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.#'(^ehWi1i[d[Y[ii|h_e"Wkc[djWhW
Zei[]hWZkWbc[dj[Wj+#(+cY]%a]%Z_W"[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$:ei[c|n_cWÅ&"/cY]%Z_W$
7Zkbjei
>_f[hj[dieÅZei[_d_Y_WbÅ&"'c](l[p[ifehZ_W$:ei[Z[cWdkj[deÅ&"(#'"(c]%Z_WZ_l_Z_Zei[c(#*
Zei[i$:ei[c|n_cWÅ("*c]%Z_W$
9
Fh[YWk[i
De_dj[hhecf[hejhWjWc[djeWXhkfjWc[dj[$7`kijWhWZei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb$
9bef[hWij_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I[a_ikif[dieehWb(c]%cB\hWiYe'(&cB
Kiei
J[hWf
kj_YWi_djec|j_YWZ[jeZWiWi\ehcWiZ[jeii[$
Feiebe]_W
LE
9h_WdWi[7Zkbjei
:ei[kikWbÅ(c]%a]%Z_W'cB%a]%Z_WZ_l_Z_Zei[c*Zei[i0'f[bWcWd^"'}jWhZ[[(Wdj[iZ[Z[_jWh$
Fh[YWk[i
DeZ[l[i[hWZc_d_ijhWZedei)fh_c[_heic[i[iZ[][ijWe$;c_Zeiei"ejhWjWc[djeZ[l[i[h_d_Y_WZeYecW
Zei[cd_cW$7Ybef[hWij_dWfeZ[Wkc[djWhe[\[_jei[ZWj_leZeiZ[fh[iieh[iZeID9$
9bef_Ze]h[b
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FbWl_n%?iYel[hYecfh_c_Ze-+c]
Kiei
JhWjWc[djeZWh[ZkeZ[[l[djeiWj[heiYb[hj_Yei"jW_iYece_d\WhjeZec_eY|hZ_e"WY_Z[dj[lWiYkbWhY[h[XhWb"
Yedi[g
dY_WiZWZe[dWlWiYkbWhf[h_\h_YW$
Feiebe]_W
LE
7ZkbjeiÅ-+c]'l[pWeZ_W$
Fh[YWk[i
KieYWkj[beie[cfehjWZeh[iZ[_dikÓY_
dY_W^[f|j_YW"[ch_iYeZ[^[cehhW]_W[cYedi[g
dY_WZ[jhWkcWek
Y_hkh]_W$Ikif[dZ[h-Z_WiWdj[iZ[Y_hkh]_W[cgk[dei[Z[i[`[[\[_jeWdj_WZ[i_lefbWgk[j|h_e$
')(r
9behWd\[d_Yeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Gk[c_Y[j_dWZh|][W(+&c]
L_nc_Y_dW%9behWd\[d_YebÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
9
Kiei
JhWjWc[djeZ[[iYeb^WZW\[Xh[j_\_Z[W]kZW1jhWjWc[djeZ[_d\[Y[ifeh>$_dÔk[dpW[Zej_fe8h[i_ij[dj[}
Wcf_Y_b_dW_dYbk_dZeWhjh_j[ifj_YW"Y[bkb_j["[f_]bej_j["c[d_d]_j["fd[kced_W"i[fj_Y[c_W"_djhW#WXZec_dW_i
[ii[Wi1jhWjWc[djeZ[WXiY[iieY[h[XhWb"WYj_dec_Yei["WdjhWp"XhkY[bei["\[Xh[h[Yehh[dj["\[Xh[fWhWj_\_Z["
\[Xh[G"]hWdkbecW_d]k_dWb"c[d_d]_j[[ijh[fjeYY_YW"c[d_d]_j[c[d_d]eYY_YW"f[ij[XkXd_YW"f_djW"
fijkbWh_gk[ji_WdW"i[fj_Y[c_WXWYj[h_WdW"i_dki_j[$
Feiebe]_W
?L
D[edWjei
:ei[Z[WjWgk[Å(&c]%a]$
:ei[Z[cWdkj[de'(^ehWiWfiWZei[Z[WjWgk[
§-Z_WiÅ(+c]%a]%Z_WWYWZW(*^ehWi$
4-Z_Wi"§(a]Å(+c]%a]%Z_WWYWZW(*^ehWi$
4-Z_Wi"4(a]Å+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
C[d_d]_j[
9h_WdWiZ['c
i#'(WdeiÅZei[Z[cWdkj[deÅ-+#'&&c]%a]%Z_WZ_l_Z_ZeiWYWZW,^ehWi$
EkjhWi_d\[Y[i
9h_WdWiZ['c
i#'(WdeiÅ+&#-+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$:ei[c|n_cWÅ*]%Z_W$
7ZkbjeiÅ+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$:ei[c|n_cWÅ*]%Z_W$
LE
7Zkbjei
:ei[kikWbÅ+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
C[d_d]_j[[WXiY[iieY[h[XhWb
D[edWjeiÅZei[jejWbZ[(+c]%a]%Z_WWYWZW'(^ehWi$
9h_WdWiÅ+&#-+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
7ZkbjeiÅ'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
Fh[YWk[i
:_iYhWi_WiiWd]kd[Wi]hWl[ifeZ[ceYehh[h$KieYecYWkj[bW[cfWY_[dj[iYecZ[ÓY_
dY_WdW[dp_cW=#,F:"
_dikÓY_
dY_Wh[dWb"^[f|j_YW[[cd[edWjei$
9behWd\[d_Yeb!7c_de|Y_Zei!L_jWc_dW7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;f_j[pWdfecWZWe\j|bc_YWYbehWd\[d_Yeb+c]!Wc_de|Y_Zei)&c]!l_j$7'&$&&&K?%]jkXe)"+]
Kiei
Fhecel[h[fhej[][hW[f_j[b_pWeZeij[Y_ZeieYkbWh[ib[iWZei$
Feiebe]_W
Jf_Yee\j|bc_Ye
9h_WdWi[7ZkbjeiÅWfb_YWhY[hYWZ['YcZWfecWZWdeiWYeYed`kdj_lWb_d\[h_eh)#*l[p[iWeZ_W$
r'))
9behWd\[d_Yeb!9ebW][dWi[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?hknebfecWZWYebW][dWi[&",K?!YbehWd\[d_Yeb&"&']%]X_idW]W)&]
Kiei
FWhWWb_cf[pWZ[b[i[i"_dZ[f[dZ[dj[c[dj[Z[ikWeh_][cekbeYWb_pWe0[ckbY[hW[i[d[Yhei[i
bY[hWlWh_YeiW"bY[hWZ[Z[YX_je"]Wd]h[dWiZWi[njh[c_ZWZ[i"[if[Y_Wbc[dj[]Wd]h[dWZ_WXj_YW[
Yed][bWc[djei1[cb[i[iZ[Z_\Y_bYkhWb[i[ifi#ef[hWjh_Wi"feh_hhWZ_We[fehWY_Z[dj[i1Wdj[iZ[
jhWdifbWdj[iYkj~d[ei$
9
Feiebe]_W
9h_WdWi[7Zkbjei
Jf_YeÅWfb_YWhWfecWZWkd_\ehc[c[dj["Yec[if[iikhWZ[Y[hYWZ[(cc$E[\[_jedWid[Yhei[iYheijeiWi
c[b^ehWZe\Wp[dZe#i[kcYehj[deY[djhe["[cWb]kdiYWiei"dWicWh][di"i[]k_ZeZ[Wfb_YWeZW
fecWZWjWdjefehXW_negkWdjefehY_cWZWYheijW$;l_jWhi[YWhWb[ie"fe_iWkc_ZWZ[Wkc[djWWWj_l_ZWZ[
[dp_c|j_YW$CWj[h_Wbd[Yhj_Yei[YeekZkheZ[l[i[hWceb[Y_Zefh_c[_hWc[dj[fehc[_eZ[Yecfh[iiWi
c_ZWi$7fiWWfb_YWeZWfecWZW"YeXh_hWb[ieYec]Wp[[kc[Z[Y
#bWYec|]kWZ[ij_bWZWekiehe
Ói_eb]_Ye$<Wp[hYkhWj_leZ_Wh_Wc[dj[1feiil[bWkc[djWhe[\[_je[dp_c|j_YeWfb_YWdZeWfecWZW(l[p[i
WeZ_W$7dj[iZ[Wfb_YWh"jeZeecWj[h_Wbd[Yhj_YeZ[ifh[dZ_ZeZ[l[i[hh[cel_ZeYeckcW]Wp[[cX[X_ZW
[ciebkeZ[f[hn_ZeZ[^_Zhe]
d_eekbgk_ZeZ[:Wa_d"i[]k_ZWZWWfb_YWeZ[iebkeiWb_dW$9eXh_hWi
XehZWiZWi\[h_ZWiYecfWijWZ[n_ZeZ[p_dYeekekjhWi[c[b^Wdj["hej_d[_hWc[dj[ekgkWdZe_hh_jWZWi$E
jhWjWc[djeZ[l[i[hj[hc_dWZegkWdZeeZ[iXh_ZWc[djeZej[Y_Zed[Yhj_Ye\ehYecfb[jWZe[ej[Y_ZeZ[
]hWdkbWe[ij_l[hX[c[ijWX[b[Y_Ze$
Fh[YWk[i
7lWh_WeZ[f>_Z[Wbi_jkW#i[[djh[,#.$LWbeh[iZ_\[h[dj[iZ[ii[ifeZ[cW\[jWhWWj_l_ZWZ[[dp_c|j_YW"
X[cYecefehZ[j[h][dj[i"ediZ[c[jW_if[iWZei"Yecec[hYh_e[fhWjW$FWY_[dj[iZ[X_b_jWZeiZ[l[ci[h
ced_jehWZeiYech[bWeW_d\[Y[iXWYj[h_WdWii_ij
c_YWi$;l_jWhYedjWjeYeceieb^ei[YWl_ZWZ[ehWb$
;cfWY_[dj[iZ_WXj_Yei"Wi]Wd]h[dWii[YWiZ[l[ci[hkc[Z[Y_ZWi$7ÓcZ[i[[l_jWhWfeii_X_b_ZWZ[Z[
h[_d\[Ye"^_]_[d_pWhebeYWbWdj[iZWWfb_YWeZWfecWZW$Ekiefhebed]WZeZ[Wdj_X_j_YeifeZ[h[ikbjWh
deZ[i[dlebl_c[djeZ[c_Yheeh]Wd_iceide#ikiY[jl[_i"_dYbki_l[\kd]ei$9Wie_iieeYehhW"Z[iYedj_dkWhe
jhWjWc[dje$;ii[c[Z_YWc[djedeZ[l[i[hkiWZefeh][ijWdj[ii[ceh_[djWecZ_YW"`|gk[eYbehWd\[d_Yeb
WjhWl[iiWWfbWY[djW$KiWhYecYWkj[bW[cd[edWjei"fWhW[l_jWhjen_Y_ZWZ[$
9behWd\[d_Yeb!:[ien_hh_XedkYb[Wi[!<_Xh_deb_i_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<_XhWi[fecWZWYbehWd\[d_Yeb'&c]!Z[ien_hh_XedkYb[Wi[,,,K!ÓXh_deb_i_dW'KX_idW]W)&]
Kiei
JhWjWc[djeZ[b[i[i_d\[YjWZWi"Yecegk[_cWZkhWi"bY[hWi[\[h_ZWi[cgk[WZkfbWWeYeceW][dj[
Z[Xh_ZWdj[[Wdj_X_j_Yejf_Yeh[gk[h_ZW$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅYedi_Z[hWdZeW]hWdZ[lWh_WeZW_dj[di_ZWZ[deigkW_ii[kkie_dZ_YWZe"ecZ_Ye
Z[l[h|W`kijWhZ[l_ZWc[dj[WiWfb_YW[ifWhWYWZWYWie$FWhWeikY[iieZeZ[Xh_ZWc[dje[dp_c|j_Ye"Z[l[#
')*r
i[h[cel[hY_hkh]_YWc[dj[gkWbgk[h[iYWhWi[YW[YecfWYjW"W[dp_cWZ[l[[ijWh[cYedjWjeYedijWdj[Yece
ikXijhWje[i[hWfb_YWZWdecd_ce'l[pWeZ_W[Z[l[c#i[h[cel[hZ[Xh_id[Yhj_YeiWYkckbWZeif[h_eZ_YWc[dj[$
Fh[YWk[i
DekiWhZkhWdj[]hWl_Z[p[WcWc[djWe$
9
9behZ_Wp[fn_Ze
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Fi_Yei[Z_dYecfh_c_Ze(+c]
Kiei
JhWjWc[djeZWWdi_[ZWZ[[i_djecWiZ[WXij_d
dY_WZe|bYeeb$
Feiebe]_W
9h_WdWi4,Wdei
7di_[ZWZ[
?C%LEÅ&"+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$
7Zkbjei
7di_[ZWZ[
LEÅ'+#'&&c][cZei[iZ_l_Z_ZWi)#*l[p[ifehZ_W$
?C[?LÅZei[_d_Y_WbÅ+&#'&&c]1i[]k_ZeiZ[(+#+&c])#*l[p[ifehZ_Wi[d[Y[ii|h_e$
7Xij_d
dY_WZe|bYeeb
LE%?L%?CÅ+&#'&&c]"feZ[dZeWZei[i[hh[f[j_ZWZ[(W*^ehWii[d[Y[ii|h_e$:ei[c|n_cWÅ)&&c]%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh2'&cB%c_dÅWZc_d_ijhWh+&ZWZei[$
Fh[YWk[i
9edjhW#_dZ_YWZefWhWfWY_[dj[iYecc_Wij[d_W]hWl[$
9beh[n_Z_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZede>eif_jWbIWcWh_jWde
F[h_e=WhZiebke&"'(\hWiYe(+&cB
9beh[n_Z_dWbeeWgkeiW&"(Wbcejeb_W'&&cB
9beh[n_Z_dWWbYeb_YW&"+Wbcejeb_W'&&cB
9beh[n_Z_dWZ[][hcWdj[(Wbcejeb_W'&&cB
9beh[n_Z_dWZ[][hcWdj[(XebiW.&&cB
9beh[n_Z_dWZ[][hcWdj[(\hWiYe'$&&&cB
Kiei
F[h_e=WhZÅ_dZ_YWZedeiYWieiZ[fbWYWXWYj[h_WdW"][d]_l_j[[cWk^|b_je$
BeeWgkeiWÅbeefWhW^_]_[d_pWeZ_|h_WZWf[b[dj_cWZ[^ec[di[ckb^[h[i$9edj[dZe_d]h[Z_[dj[i
WjkWdj[idWii_jkW[igk[[n_][cYecfb[c[djWeZeWii[_eYehfehWb"Yed\[h[ikWl_ZWZ[dWWfb_YWeZ_|h_W
deih]ei][d_jW_i[nj[hdei"e\[h[Y[dZefh[l[deh|f_ZW[i[]khWYedjhWfheb_\[hWeZ[eZeh[ieYWi_edW_i$
r')+
IebkeZ[][hcWdj[[iebkeWbYeb_YWÅkiWZedWZ[][hcWeZWiceiZeifheÓii_edW_igk[jhWXWb^Wc[c
|h[WiYhj_YWi$DWZ[][hcWe[Wdj_#i[fi_WZeYWcfeef[hWjh_e$8Wd^eifh#Y_hh]_YeiZ[fWY_[dj[i[h[Yc#
dWiY_ZeiiebkeWbYeb_YW$FWY_[dj[ii[dil[_iWeiYecfeijei_eZWZei$
Feiebe]_W
8kYWb
F[h_e=WhZÅXeY^[Y^Wh'+cBZ[iebkede#Z_bkZW'jWcfWY^[_W"f[bWcWd^[}de_j["Wfi
^_]_[d[XkYWb$
Jf_YW
BeeWgkeiWÅWfb_YWhefheZkjeieXh[Wf[b[YecWknb_eZ[]Wp["Wb]eZeekfeh_hh_]We$
IebkeZ[][hcWdj[ÅfWhWWZ[][hcWeZ[cei[XhWei"Z[l[#i[Wfb_YWh[[ifWb^WhYec\h_YeieXh[Wi
cei[XhWeifh[l_Wc[dj[ceb^WZei[[iYelWhZkhWdj[Wfhen_cWZWc[dj[)c_dkjei$9eceWknb_eZ[kcW
[iYelW"b_cfWhWeh[ZehZWikd^Wi[[djh[eiZ[Zei$;dnW]kWhX[cWfWhj_hZWiceifWhWeiYejel[bei"dkdYW
[ci[dj_ZeYedjh|h_e$;dnk]WhWicei[Wdj[XhWeiYecjeWb^W[ijh_b$
:[][hcWeZeYWcfeef[hWjh_eÅkc[Z[Y[hWf[b[YecYecfh[iiW[cX[X_ZW[c|]kW[Wfb_YWhefheZkje"
\h_YY_edWdZeikWl[c[dj[ZkhWdj[ej[cfe_dZ_YWZeWejWcWd^eZW|h[WZeYWcfeef[hWjh_e$;dnW]kWhYec
Yecfh[iiWi[cX[X_ZWi[c|]kWWjh[j_hWhjeZW[ifkcW$
8Wd^ei[c][hWbÅH[Yc#dWiY_Zei"9h_WdWi[7ZkbjeiÅkc[Z[Y[heYehfe[Wfb_YWhefheZkje$9eceWknb_e
ZWicei[[ifed`Wi"\h_YY_edWhikWl[c[dj[WjWeXj[deZ[[ifkcW$;dnW]kWh[i[YWh$Fhej[][heieb^eiZWi
Yh_WdWi[h[Yc#dWiY_ZeigkWdZeZWWfb_YWeZefheZkje$
IebkeWbYeb_YWÅWfib_cfWh[Z[i[d]ehZkhWhWf[b["Wfb_YWh[[i\h[]WhebeYWbYec]Wp[[ij[h_b_pWZWZkhWdj[
)c_dkjei$:[_nWhi[YWh[h[f[j_hefheY[Z_c[dje$
9
Fh[YWk[i
Dekj_b_pWh[cYWl_ZWZ[i_djhWYehfh[W$FeZ[eYehh[hikhZ[pjejWbeYWi_edWZWf[bekieZ[Ybeh[n_Z_dW[c
ef[hW[iZeekl_Ze_dj[hdeekcZ_e$
9behfhecWp_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7cfb_Yj_bYecfh_c_Ze(+c]
7cfb_Yj_bWcfebW(+c]%+cB
7cfb_Yj_b*]ejWi\hWiYe(&cB'cB3*&]ejWi
Kiei
JhWjWc[djeZ[d|ki[W[lc_je"fi_Yei[i"idZhec[Z[Jekh[jj["cWd_W"iebke_djhWj|l[b"fheXb[cWi
YecfehjWc[djW_i[cYh_WdWi$
Feiebe]_W
9h_WdWi4,c[i[i
Fi_Yei[
LEÅ&"+#'c]%a]%Zei[WYWZW*#,^ehWi1Yh_WdWicW_il[b^WifeZ[ch[gk[h[h(&&c]%Z_WekZei[icW_iWbjWi$
?L%?CÅ&"+#'c]%a]%Zei[WYWZW,#.^ehWi$
:ei[c|n_cWfWhWYh_WdWi2+Wdei(("-a]Å*&c]%Z_W$
:ei[c|n_cWfWhWYh_WdWiZ[+#'(WdeiÅ-+c]%Z_W$
D|ki[W[lc_je
LEÅ&"+#'c]%a]%Zei[WYWZW*#,^ehWi$
'),r
?C%?LÅ&"+#'c]%a]%Zei[WYWZW,#.^ehWi$
:ei[c|n_cWfWhWYh_WdWi2+Wdei(("-a]Å*&c]%Z_W$
:ei[c|n_cWfWhWYh_WdWiZ[+#'(WdeiÅ-+c]%Z_W$
7Zkbjei
Fi_Yei[
LEÅ)&#.&&c]%Z_WZ_l_Z_Zei[c'#*Zei[i1_d_Y_WhYecZei[ic[deh[i[Wkc[djWhYed\ehc[d[Y[ii_ZWZ[1
Zei[kikWbÅ(&&c]%Z_W"i[dZegk[Wb]kdifWY_[dj[ifeZ[ch[gk[h[hZei[iZ['#(]%Z_W$
?C%?LÅZei[_d_Y_WbÅ(+c]"feZ[dZeh[f[j_h(+#+&c][c'#*^ehWi1Wkc[djWhWZei[]hWZkWbc[dj["
feZ[dZeY^[]WhWec|n_ceZ[*&&c]%Zei[WYWZW*#,^ehWiWjgk[WYh_i[[ij[`WYedjhebWZW1
Zei[kikWbÅ)&&#.&&c]%Z_W$
Iebke_djhWj|l[b
LE%?CÅ(+#+&c])#*l[p[iWeZ_W$
D|ki[W[lc_je
LEÅ'&#(+c]WYWZW*#,^ehWi$
?C%?LÅ(+#+&c]WYWZW*#,^ehWi$
?Zeiei
?d_Y_Wbc[dj[Å'&#(+c]'#(l[p[iWeZ_W1Wkc[djWh[c_dj[hlWbeiZ[*#-Z_Wi[c_dYh[c[djeiZ[
'&#(+c]%Z_W$:ei[c|n_cWÅ.&&c]%Z_W$
9
Fh[YWk[i
KiWhYecfh[YWke[cfWY_[dj[iYecikfh[iieZWc[ZkbWii[W"fheXb[cWi^[f|j_Yei"^_fej[die"
fh_dY_fWbc[dj[i[\ehWZc_d_ijhWZel_WfWh[dj[hWb$DeZ[l[i[hWZc_d_ijhWZe[cYh_WdWic[deh[iZ[(Wdei
Z[_ZWZ[$
9behjWb_ZedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>_]hejedYecfh_c_Ze(+c]
9behjWb_ZedWYecfh_c_Ze'("+c]ÅC[Z_YWc[dje=[dh_Ye
Kiei
JhWjWc[djeZW^_f[hj[dieb[l[[ceZ[hWZW"Yececedej[hWf_WekWiieY_WZeYecekjhei\|hcWYei1
jhWjWc[djeZ[[Z[cWWiieY_WZeYec_dikÓY_
dY_WYWhZWYWYed][ij_lW1idZhec[d[\hj_YWek]hWl_Z[p$
Feiebe]_W
LE
9h_WdWiÅ(c]%a]%Zei[)l[p[ifehi[cWdWek'#(c]%a]%Z_W$
7Zkbjei
;Z[cWÅ+&#'&&c]%Z_Wek'&&c]Z_W[cZ_WiWbj[hdWZei"feZ[dZeWkc[djWhfWhW(&&c]$
>_f[hj[dieÅZei[_d_Y_WbÅ(+c]%Z_W1Wkc[djWhb[djWc[dj[fWhW'&&c]%Z_WekWZ_Y_edWhekjhei
Wdj_#^_f[hj[di_lei$
?ZeieiÅ'("+#(+c]%Z_Wek[cZ_WiWbj[hdWZei$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW*.^ehWi$
r')-
9bejh_cWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9Wd[ij[dYh[c['X_idW]W(&]
Kiei
:[hcWjec_Yei[i0c_Yei[i_dj[hZ_]_jW_i"ZWf[b[[fh[]WiYkj~d[Wi"f_j_hWi[l[hi_Yebeh"[h_jhWicW1_d\[Y[ifeh
Y~dZ_ZWlkbl_j[[XWbWd_j[dW][d_j|b_W[nj[hdW\[c_d_dWekcWiYkb_dW$
9
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWh&"+YcieXh[W|h[WW\[jWZW(#)l[p[iWeZ_W"egk[ikÓY_[dj[fWhWejhWjWc[dje
Z[kcW|h[WZ[Wfhen_cWZWc[dj[ejWcWd^eZWce$
Fh[YWk[i
FeZ[h[Zkp_hj[cfehWh_Wc[dj[Wi[]khWdW[[ÓY|Y_WZ[fheZkjei}XWi[Z[b|j[n"Yecefh[i[hlWj_lei[
Z_W\hW]cWi"gkWdZeWfb_YWZedW][d_j|b_W[nj[hdW\[c_d_dWekcWiYkb_dW$
9benWpebWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
EbYWZ_bYecfh_c_Ze'c]
Kiei
JhWjWc[djeZWWdi_[ZWZ["c[Ze"\eX_W"j[die"_dgk_[jkZ["Wij[d_W[i_djecWiZ[fh[ii_lei"Z_ijhX_ei
YecfehjWc[djW_i"Z_ijhX_eiZeiede"i_djecWiiec|j_Yei"fh#c[Z_YWeWd[iji_YW"jhWjWc[djeYeWZ`klWdj[
[cfi_YefWj_W"h[jWhZec[djWb"fi_Yei[i"Z[fh[iie[dZ][dW[fi_Ye]
d_YW"Z_ijhX_ei][h_|jh_Yei$
Feiebe]_W
LE
7Zeb[iY[dj[i4'+Wdei[7Zkbjei
FWY_[dj[iYecZ_ijhX_eiZ[]hWkb[l[ekceZ[hWZeÅ'#)c]%Z_W$
FWY_[dj[iYecZ_ijhX_eiZ[]hWkceZ[hWZeeki[l[heÅ(#,c]%Z_W$
:ei[Z[cWdkj[deÅfWhWYWieib[l[i"Z[(#,c]%Z_W1fWhWYWiei]hWl[i"Z[,#'(c]%Z_W[c
Zei[i\hWY_edWZWi$
Fh[YWk[i
9edjhW#_dZ_YWZe[cfWY_[dj[iYecc_Wij[d_W]hWl[$
9eZ[dW!<[d[j_bWc_dW!F[dj[jhWpeb!>ecWjhef_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[bWYeZ_Z]ejWi\hWiYe'&cB'cB3)*#*&]ejWi
9WZWcBYedjc0YeZ[dW&"&(&]!\[d[j_bWc_dWY_jhWje&"&'&]!f[dj[jhWpeb&"&(&]!d_jhWjeZ[D#c[j_b#
^ecWjhef_dW&"&&']
').r
Kiei
9eceYWbcWdj[dWijeii[ii[c[nf[YjehWe1cWd[`eZWiZeh[iceZ[hWZWiekc[dei_dj[diWiek
[ifWicZ_YWi1dWi_dÔWcW[iZWjhWgk_W"bWh_d]_j[i[\Wh_d]_j[i"Z_c_dk_dZeW_hh_jWX_b_ZWZ[ZWickYeiWi[Wi
i[Yh[[iYWjWhhW_i1YeceWkn_b_WhdejhWjWc[djeZWiXhedgk_j[i1Yecei[ZWj_le[Wdj_[ifWicZ_Ye[c][hWb$
Feiebe]_W
LE
9h_WdWiZ[)#,WdeiÅ']ejW%WdeZ[_ZWZ[*l[p[iWeZ_W$
9h_WdWiZ[-#'(WdeiÅ(]ejWi%WdeZ[_ZWZ[*l[p[iWeZ_W$
9h_WdWi4'(Wdei[7ZkbjeiÅ)&#*&]ejWi*l[p[iWeZ_W$
9
Fh[YWk[i
DeZ[l[i[hkiWZe[cfWY_[dj[igk[feiikWc]bWkYecWZ[~d]kbe\[Y^WZeek]bWkYecWZ[~d]kbe[ijh[_je
[djh[Wh_i[WYhd[W"[cfWY_[dj[iYecb[efWhWbj_Ye"^_f[hjheÓWZWfhijWjW"[ij[dei[f_bh_YW"[f_b[fi_W[
ekjhWiZ[iehZ[diYedlkbi_lWi"b[ieY[h[XhWb[YedZ_[idWigkW_iWfh[iie_djhWYhWd_WdW[ij|[b[lWZW"Yh_i[
Z[WicWXhdgk_YW"_dikÓY_
dY_WYWhZWYWi[YkdZ|h_W"Ze[dWfkbcedWhYhd_YW$
9eZ[dW!FWhWY[jWceb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Job[nYecfh_c_ZeYeZ[dW-"+c]!fWhWY[jWceb+&&c]
Job[nYecfh_c_ZeYeZ[dW)&c]!fWhWY[jWceb+&&c]
Kiei
Job[n)&c]Å_dZ_YWZefWhWeWbl_eZ[Zeh[iZ[]hWkceZ[hWZeW_dj[die"YecedWiZ[Yehh[dj[iZ[
jhWkcWj_icei"fi#ef[hWjh_e"d[khWb]_W"becXWb]_W"Zeh[iZ[eh_][cWhj_YkbWh[YedZ_[ii_c_bWh[i
ekYedjki[i$
Job[n-"+c]Å_dZ_YWZefWhWeWbl_eZ[Zeh[iZ[_dj[di_ZWZ[b[l["YeceWigk[WYecfWd^Wcei[ijWZei
]h_fW_i[f[gk[dei\[h_c[djei$
Feiebe]_W
LE
9h_WdWi4)Wdei[7Zkbjei
Job[n-"+c]Å'Yecfh_c_ZeWYWZW*^ehWi$
Job[n)&c]Å'Yecfh_c_ZeWYWZW*^ehWi$
9eZ[h]eYh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>oZ[h]_d[Yecfh_c_Ze*"+c]
Kiei
I_dW_i[i_djecWiZ[Z[j[h_ehWec[djWb"[if[Y_Wbc[dj[Wgk[b[ih[bWY_edWZeiWe[dl[b^[Y_c[djejedjkhW"
Y[\Wb_W"fekYWYedY[djhWe"Z[ieh_[djWe"Yecfhec[j_c[djeZWc[ch_W"\WbjWZ[_d_Y_Wj_lW"Z[fh[iieZe
^kceh"_dieY_WX_b_ZWZ["Z_ÓYkbZWZ[YecWiWj_l_ZWZ[iZ_|h_Wi[YeceiYk_ZWZeif[iieW_i1Ze[dWlWiYkbWh
Y[h[XhWbW]kZW1Z_ijhX_eilWiYkbWh[if[h_\h_YeiikX`[j_lei}^_f[hj[dieWhj[h_Wb$
r')/
Feiebe]_W
7Zkbjei
LEÅ'#,c]Z_l_Z_Zei[c)Zei[iZ_|h_Wi"fh[\[h[dY_Wbc[dj[Wdj[iZWih[\[_[iek[cZei[d_YWZ_|h_WZ[*"+c]$
;cZ_ijhX_eiY[h[XhelWiYkbWh[iW]kZeiÅWiieY_WhWl_WehWb}fWh[dj[hWb$
?L%_d\kie[dZel[deiWÅ&")c]feh_d\kie]ejWW]ejWek_d`[e[dZel[deiWb[djW[c(&cBZWiebke
]b_YeiWZWW+ekiWb_dW'#(l[p[iWeZ_W$
?C%I9Å&")c]'ekcW_il[p[iWeZ_W$
9Wieib[l[iZ[cebij_WilWiYkbWh[if[h_\h_YWiÅWiieY_WhWl_WehWb}fWh[dj[hWb$
?C%I9Å&")#&",c]"fh[\[h[dY_Wbc[dj[Z_bkZei[c'&#(&cBZ[iebkeiWb_dW$
9
Fh[YWk[i
EjhWjWc[djeYecYeZ[h]eYh_dWZ[l[i[hh[]kbWh[Yedjdke"fe_iikWWeWkc[djWfhe]h[ii_lWc[dj[WfWhj_h
ZW(°i[cWdWZ[jhWjWc[dje"f[hi_ij_dZeZkhWdj[WcWdkj[deZ[ij[$
9ebW][dWi[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?hknebcede'"(K?%]X_idW]W)&]![if|jkbW
Kiei
FWhWWb_cf[pWZ[b[i[iZhc_YWi"_dZ[f[dZ[dj[c[dj[Z[ikWeh_][cekbeYWb_pWe0[ckbY[hW[i[
d[Yhei[ibY[hWlWh_YeiW"bY[hWZ[Z[YX_je"]Wd]h[dWiZWi[njh[c_ZWZ[i"[if[Y_Wbc[dj[]Wd]h[dWZ_WXj_YW"
[Yed][bWc[djei1[cb[i[iZ[Z_\Y_bYkhWb[i[ifi#ef[hWjh_Wi"feh_hhWZ_We[fehWY_Z[dj[i1Wdj[iZ[
jhWdifbWdj[iYkj~d[ei$
Feiebe]_W
9h_WdWi[7Zkbjei
Jf_YeÅWfb_YWhWfecWZWkd_\ehc[c[dj["Yec[if[iikhWZ[Y[hYWZ[(cc$E[\[_jedWid[Yhei[iYheijeiWi
c[b^ehWZe\Wp[dZe#i[kcYehj[deY[djhe["[cWb]kdiYWiei"dWicWh][di"i[]k_ZeZ[Wfb_YWeZW
fecWZWjWdjefehXW_negkWdjefehY_cWZWYheijW$;l_jWhi[YWhWb[ie"fe_iWkc_ZWZ[Wkc[djWWWj_l_ZWZ[
[dp_c|j_YW$CWj[h_Wbd[Yhj_Yei[YeekZkheZ[l[i[hWceb[Y_Ze"fh_c[_hWc[dj[fehc[_eZ[Yecfh[iiWi
c_ZWi$7fiWWfb_YWeZWfecWZW"YeXh_hWb[ieYec]Wp[[kc[Z[Y
#bWYec|]kWZ[ij_bWZWekiehe
Ói_eb]_Ye$<Wp[hYkhWj_leZ_Wh_Wc[dj[1feiil[bWkc[djWhe[\[_je[dp_c|j_YeWfb_YWdZeWfecWZW(l[p[i
WeZ_W$7dj[iZ[Wfb_YWh"jeZeecWj[h_Wbd[Yhj_YeZ[ifh[dZ_ZeZ[l[i[hh[cel_ZeYeckcW]Wp[[cX[X_ZW
[ciebkeZ[f[hn_ZeZ[^_Zhe]
d_eekbgk_ZeZ[:Wa_d"i[]k_ZWZWWfb_YWeZ[iebkeiWb_dW$I[cfh[
gk[^ekl[h_d\[Ye"Z[l[#i[kiWhWdj_X_j_YeZ[kiejf_YeWfhefh_WZe"gk[Z[l[i[hWfb_YWZedWb[ieWdj[i
ZWfecWZW$I[W_d\[Yedeh[ifedZ[h"Z[iYedj_dkWhekieZWYebW][dWi[Wjgk[^W`WYkhWZW_d\[Ye$E
jhWjWc[djeZ[l[i[hj[hc_dWZegkWdZeeZ[iXh_ZWc[djeZej[Y_Zed[Yhj_Ye\ehYecfb[jWZe[ej[Y_ZeZ[
]hWdkbWe[ij_l[hX[c[ijWX[b[Y_Ze$
Fh[YWk[i
7lWh_WeZ[f>_Z[Wbi_jkW#i[[djh[,#.$LWbeh[iZ_\[h[dj[iZ[ii[ifeZ[cW\[jWhWWj_l_ZWZ[[dp_c|j_YW"
X[cYecefehZ[j[h][dj[i"ediZ[c[jW_if[iWZei"Yecec[hYh_e[fhWjW$FWY_[dj[iZ[X_b_jWZeiZ[l[ci[h
ced_jehWZeiYech[bWeW_d\[Y[iXWYj[h_WdWii_ij
c_YWi$;l_jWhYedjWjeYeceieb^ei[YWl_ZWZ[ehWb$
;cfWY_[dj[iZ_WXj_Yei"Wi]Wd]h[dWii[YWiZ[l[ci[hkc[Z[Y_ZWi$7ÓcZ[i[[l_jWhWfeii_X_b_ZWZ[Z[
h[_d\[Ye"^_]_[d_pWhebeYWbWdj[iZWWfb_YWeZWfecWZW$
'*&r
9ebY^_Y_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9ebY^_iYecfh_c_Ze&"+c]
Kiei
7dj__dÔWcWjh_e_dZ_YWZedejhWjWc[djeZ[Yh_i[iW]kZWiZ[]ejW[dWfh[l[deZWiYh_i[iW]kZWidei
Ze[dj[iYhd_YeiWhjh_j[]ejeiWW]kZW[Yhd_YW$FeZ[i[h_dZ_YWZW"W_dZW"[cYWieiZ[[iYb[heZ[hcW"
feb_Whjh_j[ZWiWhYe_Zei[[fiehWi[ek\[Xh[\Wc_b_WhZeC[Z_j[hh~d[e$
9
Feiebe]_W
:[l[#i[b[lWh[cYedi_Z[hWeWikW[ijh[_jWcWh][cZ[i[]khWdW$7gkWdj_ZWZ[jejWbZ[YebY^_Y_dWgk[i[
d[Y[ii_jWfWhWYedjhebWhWZeh[W_dÔWcWeZkhWdj[kcWjWgk[W]kZeZ[]ejWeiY_bW^WX_jkWbc[dj[[djh[*#'&c]$
7Zkbjei
Fh[l[deÅ'Yecfh_c_ZeZ[&"+c]'#)l[p[iWeZ_W$
FWY_[dj[iikXc[j_Zei}Y_hkh]_WZ[l[cjecWh'Yecfh_c_Ze)l[p[iWeZ_W"ZkhWdj[)Z_WiWdj[i[)Z_WiZ[fe_i
ZW_dj[hl[deY_hh]_YW$
JhWjWc[djeÅ_d_Y_Wbc[dj["&"+#'"+c]i[]k_ZeZ['Yecfh_c_ZeW_dj[hlWbeiZ['#(^ehWi"Wjgk[eYehhWe
Wbl_eZWZehekWfWh[Wcd|ki[Wi"lc_jeiekZ_Whh_W$
Fh[YWk[i
DejhWjWc[djeZ[WjWgk["WlWb_WhYecWj[deeiYWieiZ[_dikÓY_
dY_Wh[dWbek^[fWjeX_b_Wh$Kj_b_pWhYec
ceZ[hWZeh[iZ[jh~di_je_dj[ij_dWbekYecWdj_Z_Whh_Yei"YWieeYehhWZ_Whh_WekYebefWj_W[lebkj_lW$
7ifWY_[dj[iZ[l[ci[heh_[djWZWiWde[d]hWl_ZWhZkhWdj[ejhWjWc[dje"fe_iWYebY^_Y_dWfeZ[i[hj[hWje]
d_YW$
EZedjebe]_WÅfeZ[fheZkp_h[\[_jeib[kYef
d_Yei[jhecXeY_jef
d_Yei"gk[feZ[cfheleYWhWkc[djeZW
_dY_Z
dY_WZ[_d\[Yec_YheX_WdW"h[jWhZeZ[Y_YWjh_pWe[^[cehhW]_W][d]_lWb$EfWY_[dj[Z[l[i[h
eh_[djWZe"[ejhWjWc[djeZ[l[i[h_dj[hhecf_ZeWjeh[jehdeZWdehcWb_ZWZ[iWd]kd[W$
9eb[ij_hWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Gk[ijhWdb_]^jf[dl[bef[*]
Kiei
<|hcWYeZ[[iYeb^WfWhWjhWjWc[djeZ[^_f[hYeb[ij[heb[c_Wfh_c|h_W1jhWjWc[djeZ[Z_Whh_WYWkiWZWfeh
Wkc[djeZ[|Y_ZeiX_b_Wh[ideYbedWfiY_hkh]_W1jhWjWc[djeZ[^_f[henWbh_W1jhWjWc[djeZ[_djen_YWe
fehikf[hZei[Z[]b_YeiZ[eiZ_]_j|b_Yei1Wbl_eZ[fhkh_ZeWiieY_WZeYeceXijhkefWhY_Wb[Y_hhei[X_b_Wh[i1
fh[l[deZ[YehedWh_efWj_W[c^ec[di[djh[)+#+/WdeifehjWZeh[iZ[^_f[hYeb[ij[heb[c_Wfh_c|h_W1Wbl_e
i_djec|j_YeZ[Z_Whh_WiikXi[g[dj[iWfheXb[cWideb[e"WlW]Wjed_WekYebed_pWeXWYj[h_WdWde
_dj[ij_deZ[b]WZe$
Feiebe]_W
LE
9h_WdWi4,WdeiÅ.](l[p[iWeZ_WdWih[\[_[i$
7ZkbjeiÅ*]'#(l[p[iWeZ_WZkhWdj[W'°i[cWdW1Yed\ehc[Wjeb[h~dY_W"f[hc_j[#i[Wkc[djWhWZei[fWhW.
](l[p[iWeZ_WdW(Wi[cWdW"[fWhW'(](l[p[iWeZ_WZW[cZ_Wdj[1i[eYehh[h[ch[W[iWZl[hiWi"WZei[
Z[l[i[hh[Zkp_ZWj[cfehWh_Wc[dj[$
r'*'
Fh[YWk[i
Dei[h[Yec[dZWekie[cYh_WdWic[deh[iZ[,Wdei$;cfWY_[dj[iWY_cWZ[,&Wdei"j[c#i[W_dY_Z
dY_W
Z[[\[_jeiYebWj[hW_i]Wijh_dj[ij_dW_i[dkjh_Y_edW_iWkc[djWZei$;cfWY_[dj[iYedij_fWZei"WZei[Z[l[h|i[h
Z_c_dkZW"fe_ifeZ[fheleYWh[cfWY^Wc[dje$
9
9ebZ_e;b|ij_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9ebZ_e;b|ij_Yeiebke\hWiYe+&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
9ecefhej[jehjf_Ye$7fb_YWZeieXh[Wf[b["[lWfehWZee|bYeeb[ej[h"ÓYWkcWf[bYkbWWZ[h[dj[Z[
f_hen_b_dWh_Yd_YW$
Feiebe]_W
Jf_YeÅWfb_YWhkcWYWcWZWieXh[W|h[WW\[jWZW"[c_dj[hlWbeiZ[(*^ehWi$
9edY[djhWZeÜY_ZefWhW>[ceZ_|b_i[<)
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9edY[djhWZeÜY_Ze<)ÅXebiWYec+$&&&cB
9edY[djhWeÓdWb
IZ_e')."&c;g%B
Fej|ii_e'"&c;g%B
9|bY_e)"+c;g%B
CW]di_e'"&c;g%B
9beh[je'&."*c;g%B
7Y[jWjeZ[IZ_e)"&c;g%B
:[njhei[7d_ZhW)+"&&]
8_YWhXedWjeZ[IZ_e)("&c;g%B
=b_Yei['"&]%B
<hckbWZ[Yecfei_e
9beh[jeZ[IZ_e('&"-&]
9beh[jeZ[Fej|ii_e(")&]
9beh[jeZ[9|bY_e/"&]
9beh[jeZ[CW]di_e)"++]
ÜY_Ze7Yj_Ye''")&cB
Ü]kWFkh_ÓYWZWgif'$&&&cB
9edY[djhWZe8|i_YefWhW>[ceZ_|b_i[<)
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9edY[djhWZe8|i_Ye<)X_YWhXedWjeZ[iZ_e."*]%'&&cBXebiWYec+$&&&cB
7b[hjW0kiWheXh_]Wjeh_Wc[dj[Yece9edY[djhWZeÜY_Ze<)Yehh[ifedZ[dj[$
'*(r
9edZhe_j_dW!>_WbkhedWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
L_iYeWjikb\WjeiZ_YeZ[YedZhe_j_dW(&c]!^_WbkhedWjeZ[iZ_e'+c]i[h_d]W&"+cB
Kiei
9eceWkn_b_WhdWiY_hkh]_WiZ[i[]c[djeWdj[h_eh"_dYbk_dZe[njhWeZ[YWjWhWjW[_cfbWdj[Z[b[dj[
_djhW#eYkbWh"fWhWcWdj[hkcWY~cWhWfhe\kdZWZkhWdj[WiY_hkh]_WiZ[i[]c[djeWdj[h_eh"c[b^ehWhW
l_ikWb_pWeZkhWdj[efheY[Z_c[djeY_hh]_Ye[fhej[][he[dZejb_eYehd[Wde[ekjheij[Y_ZeieYkbWh[i$7
l_iYe[bWij_Y_ZWZ[ZWiebkecWdjcWfei_edehcWbZW\WY[ljh[W[fh[l_d[W\ehcWeZ[kcWY~cWhW
hWiWZkhWdj[WY_hkh]_W$
9
Feiebe]_W
?djhW#eYkbWh
7ZkbjeiÅ_djheZkp_hWiebkel_iYe[b|ij_YW"Wj[cf[hWjkhWWcX_[dj["dWY~cWhWWdj[h_ehWfiYk_ZWZeiWb_cf[pW$
9h[c[8Whh[_hW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9h[c[8Whh[_hW9ebefbWijjkXe,&cB
Kiei
Fhej[eZWf[b[YedjhWWcWY[hWe[_hh_jWeYWkiWZWf[bWWfb_YWeYedijWdj[Z[WZ[i_lei$x^_Zhe\X_Ye
h[f[b[[|]kW$<ehcWkcWXWhh[_hW"_cf[Z_dZeeWY[iieZ[|]kWdebeYWbfhej[]_Ze$Defeiik_d[d^kcWWe
j[hWf
kj_YWY_YWjh_pWdj[$
Feiebe]_W
Jf_Ye
7dj[iZWWfb_YWe"d[Y[ii|h_WkcWWii[fi_WZWf[b[[cgk[i[h|kj_b_pWZe$7fb_YWhYeccWiiW][diikWl[i"
\ehcWdZekcWYWcWZWÓdW$H[j_hWhe[nY[iieYeckcj[Y_ZecWY_e$
Fh[YWk[i
Dekj_b_pWhWdj[iZWWfb_YWeZ[WZ[i_lei$Deh[YebeYWhdW[cXWbW][cfeh[iZ[Yh[c[dekj_b_pWZe$
9h[c[Kd_l[hiWb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9h[c[Kd_l[hiWbC[hYajkXe,&]
Kiei
DW^_ZhWjWeZWf[b[Zeheije[ZWi|h[WicW_ii[dil[_i"fe_i^_feWb[h]
d_YeYecf>_]kWbWeZWf[b[$
Feiebe]_W
Jf_YeÅWfb_YWhYecWfedjWZeiZ[Zeideheije[f[iYee"cWiiW][WdZeYeccel_c[djeiY_hYkbWh[i$
r'*)
9kcWh_dW!Jhen[hhkj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
L[dWbejZh|][WYkcWh_dW'+c]!jhen[hhkj_dW/&c]
Kiei
IdZhec[ilWh_YeiWi1lWh_p[i1^[cehh_ZWi1bY[hWZWif[hdWi1Ô[X_j[i1jhecXeÔ[X_j[i1f[h_Ô[X_j[i1idZhec[i
fi#Ô[Xj_YWi1[ijWi[ib_d\|j_YWi1b_d\Wd]_j[i1b_d\WdZ[d_j[i1b_d\[Z[cWi1[ijWi[il[deiWi1[Z[cWi1Whjh_j[i1
fheÓbWn_WZWjhecXei[fh[fi#ef[hWjh_W[dW]hWl_Z[p1fheÓbWn_W[jhWjWc[djeZ[[Z[cWi[[ijWi[i
b_d\|j_YWifi#ef[hWjh_Wi[fi#jhWkc|j_YWi1XhWgk_Wb]_Wi1Y[hl_YWb]_Wi[becXWb]_Wi$
:
Feiebe]_W
LE
7ZkbjeiÅ'Zh|][W)l[p[iWeZ_W"ÓYWdZegkWbgk[hckZWdWd[iiWfeiebe]_WWYh_jh_ecZ_Ye$
Fh[YWk[i
EkieZkhWdj[e'ejh_c[ijh[Z[][ijWeh[gk[hWlWb_WecZ_YWZWh[bWeh_iYeÅX[d[ÓY_e$EkieZ[Zei[i
WbjWicW_iZ[)Zh|][WifehZ_W"[cjhWjWc[djeifhebed]WZeicW_iZ['c
i"Z[l[i[hWYecfWd^WZeZ[
WlWb_WecZ_YWZW\kde^[f|j_YW$
:Wdjheb[de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:Wdjheb[d\hWiYe#WcfebW(&c]
Kiei
Defhekfi#Y_hh]_YefWhWfh[l[d_hekWj[dkWheZ[i[dlebl_c[djeZ[i_dW_iYbd_Yei[bWXehWjeh_W_iZ[
^_f[hj[hc_WcWb_]dW[cfWY_[dj[iikiY[jl[_i$
Feiebe]_W
?L
FheÓbWn_Wfh#ef[hWjh_WZ[^_f[hj[hc_WcWb_]dW
9h_WdWi[7ZkbjeiÅ_d\kdZ_h"fehf[bec[dei'^ehW"("+c]%a]"'^ehW['+c_dkjeiWdj[iZWY_hkh]_W1feZ[c
i[hd[Y[ii|h_WiZei[i_djhW#ef[hWjh_Wi$
9h_i[Z[^_f[hj[hc_WcWb_]dW
9h_WdWi[7ZkbjeiÅ'c]%a]1h[f[j_h"i[d[Y[ii|h_e"WjkcWZei[YkckbWj_lWZ['&c]%a]1deYWieZ[
h[WfWh[Y_c[djeZ[WdehcWb_ZWZ[i"h[f[j_heh[]_c[Z[WZc_d_ijhWe$
7YecfWd^Wc[djefi#Yh_i[Z[^_f[hj[hc_WcWb_]dW
9h_WdWi[7ZkbjeiÅ_dZ_l_ZkWb_pWhWiZei[i"_d_Y_WdZeYec'c]%a]ekcW_i"Z[WYehZeYecWi_jkWeYbd_YW$
IdZhec[d[khebfj_YWcWb_]dW
9h_WdWi[7ZkbjeiÅ'c]%a]1h[f[j_h"i[d[Y[ii|h_e"WjWZei[c|n_cWZ['&c]%a]$
Fh[YWk[i
KiWhefheZkjeYecYWkj[bW[cfWY_[dj[iYec_dikÓY_
dY_WYWhZWYW"_dikÓY_
dY_WfkbcedWhekYec^_ijh_Ye
Z[fheXb[cWifkbcedWh[iWdj[h_ehc[dj[$
'**r
:[\[henWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:[i\[hWb\hWiYe#WcfebW+&&c]
Kiei
DW_djen_YWeW]kZW"gkWdZeedl[bih_YeZ[\[hhe\ehcW_ehZegk[*+&#+&&cY]%cBekgkWdZeWfh[i[djWh
i_dW_iYbd_YeiZ[_djen_YWe1ieXh[YWh]WYhd_YWZ[\[hheZ[l_ZeWcbj_fbWijhWdi\ki[i1j[ij[Z_W]dij_Ye
fWhWieXh[YWh]WZ[\[hhe1^[ceYhecWjei[1h[ceeZW\[hhk][cZWYhd[W"i[]k_ZWZ[h[ceeZ[
Yehfei[ijhWd^ei$
:
Feiebe]_W
9h_WdWi
?djen_YWeW]kZWfeh\[hhe
?CÅ+&c]%a]%Zei[WYWZW,^ehWi$:ei[c|n_cWÅ,]%Z_W$
?LÅ'+c]%a]%^$:ei[c|n_cWÅ,]%Z_W$
IeXh[YWh]WZ[\[hheYhd_YW
?LÅ'+c]%a]%^$:ei[c|n_cWÅ'(]%Z_W$
I9Å(&#+&c]%a]%Z_WWYWZW.#'(^ehWi$:ei[c|n_cWÅ(]%Z_W$
7Zkbjei
?djen_YWeW]kZWfeh\[hhe
?CÅ']de_dY_e1[dje"&"+]WYWZW*^ehWifWhW(Zei[i1Zei[WZ_Y_edWbZ[&"+]WYWZW*#'(^ehWi"feZ[dZe
Y^[]WhWj,]%Z_WZ[f[dZ[dZeZWh[ifeijWYbd_YWZefWY_[dj[$
?LÅ'+c]%a]%^$:ei[c|n_cWÅ,]%Z_W$
IeXh[YWh]WZ[\[hheYhd_YW
?CÅ&"+#']%Z_W$
?LÅ'+c]%a]%^$:ei[c|n_cWÅ'(]%Z_W$
I9Å'#(]%Z_WWYWZW.#(*^ehWi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWih[dW_ii[l[hei"f_[bed[\h_j[$FeZ[Wkc[djWhWikiY[j_X_b_ZWZ[fWhW
O[hi_d_W[dj[heYebj_YW$
:[ÔWpWYehj
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9WbYehjYecfh_c_Ze,c]
9WbYehjYecfh_c_Ze)&c]
Kiei
JhWjWc[djeZ[Ze[dWih[kc|j_YWi"Ze[dWiZej[Y_ZeYed`kdj_le"Ze[dWiZ[hcWjeb]_YWi"[ijWZeiWbh]_Yei"
Ze[dWih[if_hWjh_Wi"Ze[dWieYkbWh[i"Z_ijhX_ei^[cWjeb]_Yei"Ze[dWi]Wijh_dj[ij_dW_i"Ze[dWi
d[efb|i_YWi"d[kheb]_YWi"h[dW_i[[dZYh_dWi$
Feiebe]_W
LE
:ei[_d_Y_Wb
r'*+
9h_WdWiÅ&"((#'",+c]%a]%Z_Wek[cZ_WiWbj[hdWZei$
7ZkbjeiÅ,#/&c]%Z_WZ[f[dZ[dZeZW]hWl_ZWZ[Zeii_djecWi$
:ei[Z[cWdkj[deÅZ[l[i[hW`kijWZW_dZ_l_ZkWbc[dj[$
:[icefh[ii_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:
::7LFWcfebW*cY]%'cB
::7LFifhWodWiWb'&cY]%Zei[\hWiYe("+cB
Kiei
Iebke_d`[j|l[bÅZ_WX[j[i_dif_ZkiY[djhWbfWhWZ[YhiY_ceZW\h[g
dY_Wkh_d|h_W[ZWdeYjh_W1j[ij[Z[
YWfWY_ZWZ[ZWYedY[djhWeh[dWbfWhWj[ijWhWYWfWY_ZWZ[[cYedY[djhWhWkh_dW"YeceZ_W]dij_YeWkn_b_Wh
de[nWc[Z[\kdeh[dWb[deZ_W]dij_YeZ_\[h[dY_Wb[djh[eidl[_iZ[_d\[YeZejhWjekh_d|h_e1^[ceÓb_W
7[Ze[dWZ[ledM_bb[XhWdZfWhWYedjheb[[fheÓbWn_WZ[^[cehhW]_W1ekjhWiZ[iehZ[di^[cehh|]_YWi
[dYkhjWc[djeekdehcWb_pWeZej[cfeZ[iWd]hWc[djeWdj[iZ[kcWj[hWf
kj_YW_dlWi_lWekef[hWe
Z_W]dij_YW1fWhWYedjheb[Z[iWd]hWc[dje[cfWY_[dj[iYec^[cehhW]_Wfhebed]WZW"YeceYedi[g
dY_W
Z[Z_i\kdejhecXeYj_YWYed][d_jWbek_dZkp_ZWfehZhe]Wi1kh[c_W1Y_hhei[^[f|j_YW1j[cfefhebed]WZeZ[
^[cehhW]_WZ[[j_ebe]_WZ[iYed^[Y_ZW$
IfhWodWiWbÅZ_WX[j[i_dif_ZkiY[djhWb1j[ij[Z[YWfWY_ZWZ[ZWYedY[djhWeh[dWb1jhWjWc[djeYkhjeZW
[dkh[i[dejkhdWfh_c|h_W[cYh_WdWiYec+WdeiekcW_igk[j
cYWfWY_ZWZ[dehcWbZ[YedY[djhWhWkh_dW$
Feiebe]_W
Iebke_d`[j|l[b
:_WX[j[i_dif_ZkiY[djhWb
?L
9h_WdWi2'WdeÅ&"(#&"*cY]&"&+#&"'cB'#(l[p[iWeZ_W$
9h_WdWi4'WdeÅ&"*#'cY]&"'#&"(+cB'#(l[p[iWeZ_W$
7ZkbjeiÅ'#*cY]&"(+#'cB'#(l[p[iWeZ_W$
J[ij[Z[YWfWY_ZWZ[Z[YedY[djhWeh[dWb
?C%I9
9h_WdWi2'(c[i[iÅ&"*cY]&"'cB$
9h_WdWi4'(c[i[iÅ'#(cY]&"(+#&"+cB$
7ZkbjeiÅ*cY]'cB$
9edjheb[j[hWf
kj_YeZeiWd]hWc[djeekYecec[Z_ZWfheÓb|j_YWWdj[iZ[ef[hWe_dlWi_lW
9h_WdWi[7Zkbjei
?d\kie?LÅ&")cY]%a]"Z_bkZei[c+&#'&&cBZ[ieheÓi_eb]_Ye"WZc_d_ijhWZeiZkhWdj['+#)&c_dkjei1i[
\eheXj_Ze[\[_jefei_j_le"WZei[_d_Y_WbfeZ[i[hh[f[j_ZW'#(l[p[i"[c_dj[hlWbeiZ[,#'(^ehWi$
IfhWodWiWb
?djhWdWiWb
:_WX[j[i_dif_ZkiY[djhWb
7ZkbjeiÅZei[cZ_WZ_|h_WZ[(&#*&cY]"[cZei[d_YWek[c(#)Zei[iZ_l_Z_ZWi$
J[ij[Z[YWfWY_ZWZ[Z[YedY[djhWeh[dWb
9h_WdWi2'(c[i[iÅ'&cY]$
9h_WdWi4'(c[i[iÅ'&#(&cY]$
7ZkbjeiÅ*&cY]$
EXi$0WfiWWZc_d_ijhWe"gkWbgk[hfeiil[bkh_dWZ[djheZ['^ehWZ[iYWhjWZW$:khWdj[Wifhn_cWi.
'*,r
^ehWi"(feh[iZ[kh_dWieYeb[jWZWifWhWWc[Z_ZWZWeicebWh_ZWZ[$
;dkh[i[dejkhdWfh_c|h_W
9h_WdWiÅZei[_d_Y_WbÅ(&cY]WeZ[_jWheXi[hlWh_d][ijeh[ijh_jWZ[bgk_Zei$<W_nWkikWbÅ'&#*&cY]$
Fh[YWk[i
Fh[YWk[ifWhWfh[l[d_he[nY[iieZ[Ôk_ZeZ[l[ci[hjecWZWideiYWieiZ[fWY_[dj[ick_je`el[di"_Zeiei"
[cYedZ_[iYWhWYj[h_pWZWifehZ[i[gk_bXh_e[b[jhebj_YeekÔkZ_Ye"[fWY_[dj[iYech_iYeZ[Wkc[dje
ZWfh[iie_djhWYhWd_WdW$CkZWdWidWckYeiWdWiWb"Yece[Z[cWekekjhWiZe[dWi"feZ[cYWkiWh
[hhe"WXiehe_dikÓY_[dj[["d[ii[iYWiei"Z[icefh[ii_dWdeZ[l[i[hkiWZWfehl_W_djhWdWiWb$GkWdZe
Z[icefh[ii_dW_d`[j|l[b\ehkiWZWYece^[ceij|j_Ye"c[Z_ZWifWhW[l_jWhe[nY[iieZ[bgk_ZeZ[l[ci[h
jecWZWi"[cYedZ_[igk[h[gk[h[cjhWjWc[djeYecW][dj[iWdj_Z_khj_Yei$;cYh_WdWic[deh[iZ['Wde"e
j[ij[Z[YWfWY_ZWZ[Z[YedY[djhWeh[dWbZ[l[i[hh[Wb_pWZeieXikf[hl_ieYk_ZWZeiW[c^eif_jWb$
:
:[nWc[jWiedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:[YWZhedYecfh_c_Ze&"+c]
:[YWZhedYecfh_c_Ze&"-+c]
:[YWZhedYecfh_c_Ze*c]
:[YWZhedWcfebW(c]%cB
:[YWZhed\hWiYe#WcfebW'&c]%("+cB
:[YWZhed[b_n_h&"+c]%+cB\hWiYe'(&cB
Kiei
Kiei_ij
c_YeÅjhWjWc[djeZW_dÔWcWeYhd_YW"Wbh]_YW"^[cWjeb]_YW"d[efb|i_YW[Ze[dWWkje#_ckd[1
jhWjWc[djeZ[[Z[cWY[h[XhWb"Y^egk[ifj_Ye1YeceW][dj[Z_W]dij_Ye1YeceWZ`kdjedejhWjWc[dje
Wdj_[cj_YedWgk_c_ej[hWf_W1jhWjWc[djeZe[Z[cW1Z_ifbWi_WXhedYefkbcedWh[cd[edWjei$
Feiebe]_W
D[edWjei
?L
;Z[cWZ[l_WiWh[WiÅZei[kikWbÅ&"(+c]%a]%Zei["WZc_d_ijhWh*^ehWiWdj[iZW[njkXWe["[dje"WYWZW
.^ehWi"dejejWbZ[)Zei[i$<W_nWkikWbÅ&"(+#'c]%a]%Zei[dejejWbZ['#)Zei[i$
:ei[c|n_cWÅ'c]%a]%Z_W$;cYWieicW_i]hWl[i"feZ[i[hd[Y[ii|h_WkcWj[hWf_WcW_i[nj[diW$
:_ifbWi_WXhedYefkbcedWhÅ\W_nWkikWbÅ&"+#&",c]%a]%Z_WLE"?L"WZc_d_ijhWZe[cZei[iZ_l_Z_ZWiWYWZW
'(^ehWiZkhWdj[)#-Z_Wi1[dje"Z_c_dk_hfWhW'#,i[cWdWi$
9h_WdWi
LE"?C"?L
;Z[cWZ[l_WiWh[WiÅ&"+#(c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi1Z[l[dZe_d_Y_Wh(*^ehWi
Wdj[iZW[njkXWe[Yedj_dkWhfeh*#,Zei[iZ[fe_iZW[njkXWe$
7dj_[cj_YeÅZei[_d_Y_WbÅ'&c]%c(%Zei[?L"[dje+c]%c(%Zei[WYWZW,^ehWi$
:ei[c|n_cWÅ(&c]$
7dj__d\bWcWjh_eÅ&"&.#&")c]%a]%Z_Wek("+#'&c]%c(%Z_WLE"?C"?L[cZei[iZ_l_Z_ZWiWYWZW
,#'(^ehWi$
9h_WdWi4(c[i[i
C[d_d]_j[XWYj[h_WdWÅ&",c]%a]%Z_W?L[cZei[iZ_l_Z_ZWiWYWZW,^ehWideifh_c[_hei*Z_WiZ[
jhWjWc[djeYecWdj_X_j_Ye1_d_Y_WhZ[nWc[jWiedW`kdje}'WZei[ZeWdj_X_j_Ye$
;Z[cWY[h[XhWbÅZei[Z[WjWgk[Å'#(c]%a]%Zei[LE"?C"?L$:ei[Z[cWdkj[deÅ'#'"+c]%a]%Z_W
r'*-
[cZei[iZ_l_Z_ZWiWYWZW*#,^ehWi$
H[fei_e\_i_eb]_YWÅ&"&)#&"'+c]%a]%Z_Wek&",#&"-+c]%c(%Z_WLE"?C"?L[cZei[iZ_l_Z_ZWiWYWZW
,#'(^ehWi$
7Zkbjei
LEÅWiZei[iielWh_|l[_i[Z[l[ci[h_dZ_l_ZkWb_pWZWidWXWi[ZWZe[dW[ZWh[ifeijWZefWY_[dj[1W
Zei[_d_Y_WblWh_WZ[&"-+#/c]%Z_W"Z[f[dZ[dZeZWZe[dWgk[[ij|i[dZejhWjWZW$
?djhW#Whj_YkbWhek_djhWb[i_edWbÅ&"(#&",c]_d_Y_Wbc[dj[[h[f[j_ZeiW_dj[hlWbeiZ[)Z_Wiek)
i[cWdWi"i[d[Y[ii|h_e$
?C%?LÅ&"+#/c]%Z_W$
;Z[cWY[h[XhWbÅ'&c]?Li[]k_ZeiZ[*c]?CW_dj[hlWbeiZ[,^ehWiWjWc[b^ehWYbd_YW$FWhW
cWdkj[de"(c]?CWYWZW.#'(^ehWi$
9^egk[Y_hYkbWjh_eÅ(&c]?Li[]k_ZeiZ[)c]%a]%Z_W[c_d\kieYedjdkWek'c]%a][c
Zei[d_YW$
:
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecjkX[hYkbei["_d\[Y[ii_ij
c_YWi"^[hf[ieYkbWhi_cfb[i"
^_f[hj_he_Z_ice"Y_hhei["Yeb_j[kbY[hWj_lW"^_f[hj[die"eij[efehei["j[dZ
dY_WijhecXe[cXb_YWi"
_dik\_Y_
dY_WYWhZWYWYed][ij_lW"Yedlkbie"c_Wij[d_W]hWl["jhecXe\b[X_j[i"bY[hWffj_YW"Z_WX[j[i$E
kiefhebed]WZefeZ[YWkiWhYWjWhWjWek]bWkYecW$
:[nWc[jWiedW!9_fheÔenWY_de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8_Wcej_b:%9_beZ[nikif[diee\j|bc_YWYbeh_ZhWjeZ[Y_fheÔenWY_de)"+c]!Z[nWc[jWiedW'"&c]%cB
\hWiYe+cB
8_Wcej_b:fecWZWe\j|bc_YWYbeh_ZhWjeZ[Y_fheÔenWY_de)"+c]!Z[nWc[jWiedW'"&c]%]jkXe)"+]
Kiei
?d\[Y[ieYkbWh[iYWkiWZWifehc_Yheeh]Wd_iceiikiY[jl[_i"gkWdZe\ehd[Y[ii|h_WWWeWdj__dÔWcWjh_W
ZWZ[nWc[jWiedW$8b[\Wh_j[i"Xb[\WheYed`kdj_l_j[i[Yed`kdj_l_j[iYWkiWZWifeh][hc[ii[dil[_i"_dYbk_dZe
IjWf^obeYeYYkiWkh[ki"IjWf^obeYeYYki[f_Z[hc_Z_i[Ijh[fjeYeYYkifd[kced_W[$
Feiebe]_W
?dij_bWh'#(]ejWiWYWZW*^ehWifehkcf[heZeWfhen_cWZeZ[-Z_Wi$:khWdj[Wifh_c[_hWi(*#*.^ehWi"W
ZeiW][cfeZ[i[hWkc[djWZWfWhW'#(]ejWiWYWZW(^ehWi"Z[WYehZeYeceYh_jh_ecZ_Ye$
FecWZWe\j|bc_YWÅWfb_YWhkcWf[gk[dWgkWdj_ZWZ[deiWYeYed`kdj_lWb_d\[h_eh")#*l[p[ifehZ_W"ekW
Yh_jh_ecZ_Ye$
8b[\Wh_j[ÅWfb_YWh'YcZWfecWZWdeiWYeYed`kdj_lWb_d\[h_eh")#*l[p[ifehZ_W"ekWYh_jh_ecZ_Ye"
h[Yec[dZWdZe#i[h[Zkp_h]hWZWj_lWc[dj[Wfeiebe]_W[cjhWjWc[djeifhebed]WZei$
Fh[YWk[i
Ekiefhebed]WZeZ[Y_fheÔenWY_defeZ[eYWi_edWbc[dj[\Wleh[Y[hW_d\[Yefehc_Yheeh]Wd_iceide#
i[dil[_i"_dYbki_l[\kd]ei$;cjhWjWc[djeifhebed]WZei"WYedi[b^|l[beYedjheb[\h[g[dj[ZWfh[iie
_djhW#eYkbWh"ekieZefheZkjeZ[l[i[h_dj[hhecf_ZeWefh_c[_hei_dWbZ[[hkfeYkj~d[WekgkWbgk[hekjhW
h[WeZ[^_f[hi[di_X_b_ZWZ[$Ekiefhebed]WZeZ[Z[nWc[jWiedWfeZ[h[ikbjWh[cefWY_ÓYWeZeYh_ijWb_de
YWjWhWjW"Wkc[djeZWfh[iie_djhW#eYkbWh[cfWY_[dj[ii[dil[_i[_d\[Y[ii[YkdZ|h_Wi$
'*.r
:[nWc[jWiedW!L_jWc_dW8'!L_jWc_dW8,!L_jWc_dW8'(
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:[nW#9_jed[kh_dWcfebW?l_j$8''&&c]!l_j$8,'&&c]!l_j$8'(+$&&&cY]%(cB!WcfebW??
Z[nWc[jWiedW*c]%'cB
Kiei
9eceWdj__dÔWcWjh_e"Wdj_|b]_Ye[Wdj_d[khj_Ye$
:
Feiebe]_W
?CÅWif_hWh[ci[h_d]WZ[YWfWY_ZWZ[cd_cWZ[)cBeYedj[ZeZWiWcfebWi?[??$
7ZkbjeiÅ'_d`[eWYWZW(#)Z_Wi$DWcW_eh_WZeiYWiei")_d`[[iieikÓY_[dj[i$
Fh[YWk[i
KiWhiec[dj[[cYWieZ[[njh[cWd[Y[ii_ZWZ[[cfWY_[dj[iYecfheY[iiei_d\[YY_eieiXWYj[h_Wdeiek
l_hj_Yei[[cYWieZ[eij[efehei[$;cfWY_[dj[i^_fej_h[_Z_YeiekYecY_hhei[^[f|j_YW"feZ[^Wl[h[\[_je
Wkc[djWZeZeYehj_Y_Z[$FWY_[dj[ifi_gk_|jh_YeifeZ[cj[hi[kii_djecWi[nWY[hXWZeif[bekie
Z[Yehj_Y_Z[i$
DeZ[l[i[hkiWZeZkhWdj[WbWYjWe$:khWdj[ejhWjWc[dje"eifWY_[dj[ideZ[l[ci[hikXc[j_ZeiW
lWY_dWi_ckd_pWdj[i$
:[nYbeh\[d_hWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FebWhWc_d[Yecfh_c_Ze(c]
Kiei
H_d_j[Wbh]_YWiWpedWbekf[h[d[1Yed`kdj_l_j[Wbh]_YW1Wd]_eZ[cW1fhkh_Zei[khj_Y|h_W1f_YWZWZ[_di[je1
Z[hcWj_j[Wjf_YW1[Yp[cWiWbh]_Yei$
Feiebe]_W
LE
9h_WdWi
(#+WdeiÅ&"+c]WYWZW*#,^ehWiek'+&cY]%a]*l[p[iWeZ_W$
,#''WdeiÅ'c]WYWZW*#,^ehWiek'+&cY]%a]*l[p[iWeZ_W$
7ZkbjeiÅ(c]WYWZW*#,^ehWi$
:[nc[Z[jec_Z_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Fh[Y[Z[n\hWiYe#WcfebW(&&cY]%(cB
Kiei
9ecei[ZWj_le[WdWb]i_YefWhWfWY_[dj[igk[d[Y[ii_jWcZ[jhWjWc[dje_dj[di_le$
r'*/
Feiebe]_W
7Zkbjei
?d\kie?LÅZei[_d_Y_WbÅ'cY]%a]feh'&c_dkjei1Zei[Z[cWdkj[deÅ&"(#&"-cY]%a]%^$?dZ_l_ZkWb_pWh[
j_jkbWhWZei["Z[WYehZeYece[\[_jeYbd_YeZ[i[`WZe$
?Zeiei[fWY_[dj[iYecZ_i\kde^[f|j_YWÅfeZ[i[hd[Y[ii|h_Wh[ZkeZ[Zei[$
Fh[YWk[i
:[l[i[hkiWZeYecYWkj[bW[cfWY_[dj[iYecXbegk[_eYWhZWYeWlWdWZe[%ekZ_i\kdel[djh_YkbWh]hWl[$
>_fej[die[%ekXhWZ_YWhZ_WfeZ[ci[hcW_i\h[g[dj[i[cfWY_[dj[i^_feleb
c_Yei"Z_WXj_Yei"^_f[hj[diei
[_Zeiei$FeZ[eYehh[hWcfb_WeZe[\[_jeZWZ[nc[Z[jec_Z_dWYecekieYedYec_jWdj[Z[lWieZ_bWjWZeh[i[
Yhedejhf_Yei$Ced_jehWhYedj_dkWc[dj[e[b[jheYWhZ_e]hWcW"Wfh[iieiWd]kd[W[WiWjkhWeZ[en_]
d_e$
:
:[nfWdj[deb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[fWdjebfecWZWX_idW]W)&]
8[fWdjebiebke+\hWiYe+&cB
Kiei
Fh[l[de[jhWjWc[djeZWZ[hcWj_j[Z[\hWbZWiWiiWZkhWi"fh[l[de[jhWjWc[djeZWiÓiikhWihWY^WZkhWi
Z[f[b[[ckYeiWicWc_bei"b|X_ei[h[]_eWdWb"\[h_ZWi\[h_c[djeib[l[i"[iYeh_W[i[[iYWhWi$
Feiebe]_W
7fb_YWhefheZkjeZ_h[jWc[dj[ieXh[Wf[b[b_cfW$7iebkefeZ[i[hkj_b_pWZWfkhWekZ_bkZW[cgkWdj_ZWZ[
_]kWbZ[|]kW$
Fh[l[de[jhWjWc[djeZWiZ[hcWj_j[iZ[\hWbZWiekWiiWZkhWiÅWfb_YWhefheZkjeWYWZWjheYWZ[\hWbZW$
Fh[l[de[jhWjWc[djeZWib[i[iZeicWc_beiekÓiikhWicWc|h_WiÅWfb_YWhefheZkjeWYWZWcWcWZW$
:[cW_ib[i[iZ[f[b[ÅWfb_YWhefheZkje'W)l[p[iWeZ_WekYed\ehc[eh_[djWecZ_YW$
:[njhWde-&!>_fhec[bei[!=b_Y[heb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Jh_iehXiebkee\j|bc_YWÅ\hWiYe+cB
Kiei
?dZ_YWZefWhWi[h_dij_bWZedeieb^eii[cfh[gk[d[Y[ii|h_efWhWfhefehY_edWheWbl_eZeii_djecWiZ[
eb^ei[Ye[_hh_jWe$xh[Yec[dZWZefWhWi[hkiWZedejhWjWc[djeZeWhZeh[_hh_jWeZ[l_ZWWeeb^ei[Ye
[Z[iYed\ehjeYWkiWZefehYedZ_[iWcX_[djW_i"jW_iYece\kcWW"f"febk[dj[i"fheZkjeigkc_Yei"hW_ei
iebWh[i"l[dje[YWbeh[nY[ii_le$
Feiebe]_W
?dij_bWh'#(]ejWii[cfh[gk[\ehd[Y[ii|h_e$
'+&r
Fh[YWk[i
FWhW[l_jWhWYedjWc_dWeZWiebke"dejeYWheYedjW#]ejWi[cgkWbgk[hikf[h\Y_[$9edi[hlWhe\hWiYeX[c
\[Y^WZe$Dekj_b_pWhefheZkjei[^ekl[hWbj[hWeZWYehZWiebkeeki[[ijWi[jehdWhjkhlW$I[W_hh_jWe
f_ehWhekf[hi_ij_hfehcW_iZ[-(^ehWi"_dj[hhecfWekieZefheZkje[Yedikbj[ee\jWbcebe]_ijW$
:_Wp[fWc
:
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_[dfWn%LWb_kcYecfh_c_Ze+c]
:_[dfWn%LWb_kcYecfh_c_Ze'&c]
:_Wp[fWc_b%LWb_kc%:_Wp[fWcÅC[Z_YWc[dje=[dh_YeWcfebW'&c]%(cB
Kiei
JhWjWc[djeZeiZ_ijhX_ei][hW_iZWWdi_[ZWZ[[idZhec[Zef~d_Ye1i[ZWefh#ef[hWjh_W1fh#Wd[ij[i_W1
Wcdi_W1[ijWZe[f_bj_Ye1i_djecWiZ[WXij_d
dY_WZe|bYeeb1h[bWnWdj[ckiYkbWh$
Feiebe]_W
9h_WdWi
I[ZWefh#ef[hWjh_WÅ&"(#&")c]%a]Zei[c|n_cWÅ'&c]LE*+#,&c_dkjeiWdj[iZefheY[Z_c[dje$
I[ZWe"h[bWnWc[djeckiYkbWh[Wdi_[ZWZ[Å&"'(#&".c]%a]%Z_WLE[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$
?C%?LÅ&"&*#&")c]%a]%Zei[WYWZW(#*^ehWi"feZ[dZeWkc[djWhfWhW"dec|n_ce"&",c]%a]WYWZW.^ehWi
i[d[Y[ii|h_e$
9h_WdWiZ['c
i#+Wdei
;ijWZe[f_bj_YeÅ&"&+#&")c]%a]%Zei[?LZkhWdj[(#)c_dkjeiWYWZW'+#)&c_dkjei$:ei[c|n_cWÅ+c]$
H[f[j_hWfi(#*^ehWii[d[Y[ii|h_eek'c]%Zei[ZkhWdj[(#)c_dkjeiWYWZW(#+c_dkjei$:ei[c|n_cWÅ+c]$
9h_WdWi4+Wdei
;ijWZe[f_bj_YeÅ&"&+#&")c]%a]%Zei[?LZkhWdj[(#)c_dkjeiWYWZW'+c_dkjei$H[f[j_hWfi(#*^ehWii[
d[Y[ii|h_eek'c]%Zei[ZkhWdj[(#)c_dkjeiWYWZW(#+c_dkjei$:ei[c|n_cWÅ'&c]$
7Zeb[iY[dj[i
I[ZWefh#ef[hWjh_WÅ'&c]LE"+c]?L"WYh[iY[djWdZe(#+c]i[d[Y[ii|h_e$
7Zkbjei
I[ZWe"h[bWnWc[djeckiYkbWh[Wdi_[ZWZ[Å(#'&c]LE(#*l[p[ifehZ_W"(#'&c]?C[?L"feZ[dZeh[f[j_h
WZei[WYWZW)#*^ehWii[d[Y[ii|h_e$
;ijWZe[f_bj_YeÅ+#'&c]?LWYWZW'&#(&c_dkjei"feZ[dZei[hWkc[djWZWfWhW)&c][ckcf[heZeZ[.
^ehWi"h[f[j_h[c(#*^ehWii[d[Y[ii|h_e$
Fh[YWk[i
FeZ[ceYehh[hh[W[ifWhWZenW_i"cW_iYeckdi[c_Zeiei$DeZ[l[i[hkiWZeZkhWdj[W]hWl_Z[p$9edjhW#
_dZ_YWZe[cfWY_[dj[iYecc_Wij[d_W]hWl[$
:_Ybe\[dWYe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
LebjWh[dYecfh_c_Ze+&c]
LebjWh[d%:_Ybe\[dWYeÅC[Z_YWc[dje=[dh_YeWcfebW-+c]%)cB
9WjWÔWd]ejWi'+c]%cB\hWiYe'&cB'cB3)&]ejWi
r'+'
9WjWÔWd[ckb][b'X_idW]W,&]
LebjWh[dikfei_jh_e+&c]
Kiei
Kiei_ij
c_YeÅjhWjWc[djeW]kZeZWZehceZ[hWZW1jhWjWc[djeYhd_Ye[W]kZeZWWhjh_j[h[kcWj_Z[
eij[eWhjh_j["Whjh_j[h[kcWj_Z[`kl[d_b1jhWjWc[djeZW]ejW[ZWZ_ic[dehh_W$
Kiejf_YeÅWbl_eZW_dÔWcWe"Zeh[[Z[cW[c0_dÔWcW[iZ[eh_][cjhWkc|j_YWZeij[dZ[i"b_]Wc[djei"
ciYkbei[Whj_YkbW[i"Z[l_ZeW[djehi[i"b[i[i[Yedjki[iekZeh[idWiYeijWi1\ehcWibeYWb_pWZWiZ[
h[kcWj_iceiZ[j[Y_Zeiceb[i"Yecej[dZ_d_j["[f_YedZ_bWb]_W[nj[hdW1Wb]kdij_feiZ[Whjh_j[ib[l[i[
beYWb_pWZWiXhWei"f[hdWiekYeijWi$
:
Feiebe]_W
Kiei_ij
c_Ye
LE
9h_WdWi¨Z['Wde
7hjh_j[`kl[d_bYhd_YWÅ&"+#(c]%a]Z_l_Z_Zei[c(#)Zei[i$
LE%h[jWb%?C
9h_WdWi4'*Wdei[7Zkbjei
:ei[kikWb_d_Y_WbÅ'&&#'+&c]%Z_W[c(#)Zei[iZ_l_Z_ZWi1[cYWieicW_ib[l[iek[cj[hWf_Wifhebed]WZWi"W
Zei[Z[-+#'&&c]%Z_WfeZ[i[hikÓY_[dj[$
:ehdejkhdW[h_]_Z[pcWj_dWbÅZei[c|n_cWÅ'+&c]%Z_W$
:_ic[dehh_Wfh_c|h_WÅ+&#'+&c]%Z_W$:ei[c|n_cWÅ(&&c]%Z_W$
Kiejf_Ye
7fb_YWhieXh[Wh[]_eW\[jWZW)#*l[p[iWeZ_WZkhWdj[dec|n_ce'*Z_Wi"cWiiW][WdZeikWl[c[dj[1W
gkWdj_ZWZ[d[Y[ii|h_WZ[f[dZ[ZW[nj[dieZW|h[WZebeh_ZW0(#*]Ze[ckb][bieikÓY_[dj[ifWhWjhWjWhkcW
|h[WZ[Y[hYWZ[*&&#.&&Yc)$DeZ[l[i[hkiWZefehcW_iZ['*Z_Wi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZe[dWi]Wijh_dj[ij_dW_i[[cfWY_[dj[i\Wp[dZekieZ[Wdj_YeW]kbWdj[i$
7Wfh[i[djWe?CdeZ[l[i[hWZc_d_ijhWZWfehcW_iZ[(Z_Wi$I[d[Y[ii|h_e"ejhWjWc[djeZ[l[i[h
Yedj_dkWZeYecYecfh_c_Zeiekikfei_jh_ei$
:_\[d_ZhWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_\[d_Zh_dWcfebW+&c]%'cB
Kiei
DWih[W[iWbh]_YWiWeiWd]k[ekfbWicW1[cWdWÓbWn_W1YeceWZ`kdjeZW[f_d[\h_dW1fheÓbWn_WZe
ikh]_c[djeZ[h[W[iWdWÓb|j_YWiekWbh]_YWiZkhWdj[Y_hkh]_WZ[fWY_[dj[iWbh]_Yei1Yedjheb[Z[i_djecWi
W]kZei[fWhWekjhWiYedZ_[iWbh]_YWide#Yecfb_YWZWigkWdZeWj[hWf_WehWb[ij|_cfeii_X_b_jWZWek
YedjhW#_dZ_YWZW1jhWjWc[djeZ[d|ki[Wi1idZhec[Z[FWha_died[c_Zeieigk[jeb[hWcikXij~dY_WicW_i
fej[dj[i1jhWjWc[djeZ[l[hj_][c1d|ki[Weklc_jeZWY_d[jei[$
Feiebe]_W
?C%?L
H[W[iWbh]_YWiceZ[hWZWi[i[l[hWi
9h_WdWiÅ+c]%a]%Z_Wek'+&c]%c(%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$:ei[c|n_cWÅ)&&c]%Z_W$
7ZkbjeiÅ(+#+&c]WYWZW*^ehWi$:ei[c|n_cWÅ*&&c]%Z_W$
'+(r
H_d_j[Wbh]_YW[[d`e[cjhWdifehj[i
9h_WdWiZ[(#,Wdei_dYecfb[jeiÅ,"(+c]WYWZW*#,^ehWi$
:ei[c|n_cWÅ)-"+c]%Z_W$
9h_WdWiZ[,#'(Wdei_dYecfb[jeiÅ'("+#(+c]WYWZW*#,^ehWi$
:ei[c|n_cWÅ'+&c]%Z_W$
9h_WdWi¨'(Wdei[7ZkbjeiÅ(+#+&c]WYWZW*#,^ehWi$
:ei[c|n_cWÅ)&&c]%Z_W$
:[iYed\ehjedW^ehWZ[Zehc_h)&c_dkjeiWdj[iZ[Z[_jWh
9h_WdWiZ[(#'(Wdei_dYecfb[jeiÅ'c]%a]%Zei[$:ei[c|n_cWÅ+&c]%Zei[$
9h_WdWi¨'(Wdei[7ZkbjeiÅ+&c]
:
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec]bWkYecWZ[~d]kbe\[Y^WZe"bY[hWffj_YW"eXijhkekh_d|h_W"
^_f[hj_he_Z_ice$FeZ[eYehh[hh[WefWhWZenWb[c`el[di[Yh_WdWi$
:_]en_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_]eXWb%:_]en_dWYecfh_c_Ze&"(+c]
:_]en_dW[b_n_h&"&+c]%cB\hWiYe,&cB
Kiei
JhWjWc[djeZW_dikÓY_
dY_WYWhZWYWYed][ij_lW[cgk[efheXb[cWZec_dWdj[WZ_i\kdei_ijb_YW1
jWgk_YWhZ_WikfhWl[djh_YkbWh"fWhj_YkbWhc[dj[ÓXh_bWe[%ekÔkjj[hWjh_Wb$
Feiebe]_W
9h_WdWi4'&Wdei[7Zkbjei
:_]_jWb_pWeÅ&"(+c]Z_Wh_Wc[dj["i[]k_ZeifehZei[iZ[cWdkj[deWfhefh_WZWi$7c[b^ehWYbd_YWZ[l[
i[heXi[hlWZWZ[djheZ['i[cWdW$:ei[Z[cWdkj[deÅ&"(+c]Z_Wh_Wc[dj[$
9h_WdWi2'&Wdei
:_]_jWb_pWeÅ&"&'#&"&(c]%a]WYWZW,^ehWi"Wjgk[eh[ikbjWZej[hWf
kj_Yei[`WeXj_Ze"][hWbc[dj[WfiW
WZc_d_ijhWeZ[(#*Zei[i$:ei[Z[cWdkj[deÅ&"&'#&"&(c]%a]%Z_W[cZei[d_YW$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh(+#-+ZWZei[Z_|h_WdehcWbekWZc_d_ijhWhWZei[dehcWbWYWZW),^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWh'&#(+ZWZei[Z_|h_WdehcWbekWZc_d_ijhWhWZei[Z_|h_WdehcWbWYWZW
*.^ehWi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec^_fen_W"^_f[hj_he_Z_ice"c_eYWhZ_j[W]kZW"Z[iehZ[di[b[jhebj_YWi[_d\Whje
W]kZeZec_eY|hZ_e$
:__Zhe[h]ejWc_dW!FWhWY[jWceb!9W\[dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FWhY[bZh|][WZ__Zhe[h]ejWc_dW'c]!fWhWY[jWceb*+&c]!YW\[dW*&c]
r'+)
Kiei
JhWjWc[djei_djec|j_YeZWiY[\Wb_Wi$
Feiebe]_W
LE
7ZkbjeiÅ'#(Zh|][Wi"h[f[j_dZe#i["i[d[Y[ii|h_e"Wfi)&c_dkjei$:ei[c|n_cWÅ,Zh|][Wi%Z_W$
Fh[YWk[i
Dekj_b_pWhZkhWdj[W]hWl_Z[p[WcWc[djWe$Kj_b_pWh[ii[c[Z_YWc[djeiec[dj[[c[f_iZ_eiZebeheiei
fehfekYeiZ_Wi"deZ[l[dZei[h[cfh[]WZe[cjhWjWc[djeifhebed]WZeiekfh[l[dj_lWc[dj[$
:
:_bj_Wp[c
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8WbYehYecfh_c_Ze,&c]
9WhZ_p[dYecfh_c_Ze,&c]
8WbYeh\hWiYe#WcfebW(+c]
Kiei
JhWjWc[djeZWWd]_dWYhd_YW[Wd]_dWYWkiWZWfeh[ifWiceYehed|h_e"jhWjWc[djeZW^_f[hj[die"ÓXh_bWe
Wjh_Wb"jWgk_YWhZ_WikfhWl[djh_YkbWhfWhenij_YW$
Feiebe]_W
LE
9h_WdWi
>_f[hj[dieÅZei[_d_Y_WbÅ'"+#(c]%a]%Z_WZ_l_Z_Ze[c)#*Zei[i$:ei[c|n_cWÅ)"+c]%a]%Z_W$
7Zeb[iY[dj[i[7Zkbjei
>_f[hj[dieÅ)&#'(&c])#*l[p[iWeZ_W"WZeiW][cZ[l[i[hWkc[djWZW]hWZkWbc[dj[[c_dj[hlWbeiZ['#(
Z_WifWhWgk[i[j[d^WkcWXeWh[ifeijW$
?L
7Zeb[iY[dj[i[7Zkbjei
7dj_Whhjc_YeÅZei[_d_Y_WbÅ&"(+c]%a][cXebkiWYWZW(c_dkjei1i[h[ifeijW_dWZ[gkWZW"Wkc[djWhWZei[
fWhW&")+c]%a]"feZ[dZei[hWZc_d_ijhWZWWfi'+c_dkjei$
?d\kieYedjdkWÅ+#'+c]%^fehWj(*^ehWi$
Fh[YWk[i
FeZ[eYehh[hXhWZ_YWhZ_W"^_fej[die"b[i[i^[f|j_YWi[feZ[W]hWlWhW_dikÓY_
dY_WYWhZWYWYed][ij_lW$
:_c[d_Zh_dWje!L_jWc_dW8,
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:hWc_d8,Yecfh_c_ZeZ_c[d_Zh_dWje+&c]!l_j$8,'&c]
:hWc_d8,Z_c[d_Zh_dWje+&c]!l_j$8,+&c]WcfebW'cB
:hWc_d8,f[Z_|jh_Ye]ejWiZ_c[d_Zh_dWje(+c]!l_j$8,+c]%cB\hWiYe(&cB'cB3(&]ejWi
'+*r
Kiei
D|ki[Wi[lc_jei[c][hWb"_dYbki_l[dW]hWl_Z[p1d|ki[Wi[lc_jeiWiieY_WZeiW\hWgk[pW][hWbYecefeh
[n[cfbe"fi#jhWjWc[djeihWZ_ej[h|f_Yei1jhWjWc[dje[fh[l[deZeilc_jei[d|ki[Widefh[fi#
ef[hWjh_ei1jhWjWc[djeZ[bWX_h_dj_j[i[Zei[ijWZeil[hj_]_deieiZ[eh_][cY[djhWb$
Feiebe]_W
LE
9h_WdWi¨)&Z_Wi]ejWif[Z_|jh_YWiÅ']ejW%a]"[gk_lWb[dj[W'"(+c]%a]"WYWZW,#.^ehWiekWYh_jh_e
cZ_Ye"dekbjhWfWiiWdZe-+c]%Z_WfWhWYh_WdWiZ[Wj,Wdei"'+&c]fWhWYh_WdWiZ[,#'(Wdei[)&&c]
fWhWYh_WdWicW_eh[i$
7ZkbjeiÅ'Yecfh_c_Ze[c_dj[hlWbeicd_ceiZ[*^ehWi$
?C
9h_WdWiÅh[Yec[dZW#i[WZc_d_ijhWh'"(+c]%a]WYWZW,#.^ehWiekWYh_jh_ecZ_Ye"dekbjhWfWiiWdZe
-+c]%Z_WfWhWYh_WdWiZ[Wj,Wdei"'+&c]%Z_WfWhWYh_WdWiZ[,#'(Wdei[)&&c]fWhWYh_WdWicW_eh[i$
7ZkbjeiÅ'cB[c_dj[hlWbeicd_ceiZ[*^ehWi$
:
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iWic|j_Yei"Yec]bWkYecW"[dÓi[cW"Ze[dWfkbcedWhYhd_YW"Z_ÓYkbZWZ[i
[ch[if_hWh[Z_ÓYkbZWZ[i[ckh_dWh$7iebke_d`[j|l[bZ[l[i[hWZc_d_ijhWZW[nYbki_lWc[dj[feh
l_W_djhWckiYkbWh$
:_c[d_Zh_dWje!L_jWc_dW8,!=b_Yei[!<hkjei[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:hWc_d8,:BZ_c[d_Zh_dWje)&c]!l_j$8,+&c]!]b_Yei[']!\hkjei[']WcfebW'&cB
Kiei
D|ki[Wi[lc_jei[c][hWb"_dYbki_l[dW]hWl_Z[p1d|ki[Wi[lc_jeiWiieY_WZeiW\hWgk[pW][hWbYecefeh
[n[cfbe"fi#jhWjWc[djeihWZ_ej[h|f_Yei1jhWjWc[dje[fh[l[deZeilc_jei[d|ki[Widefh[fi#
ef[hWjh_ei1jhWjWc[djeZ[bWX_h_dj_j[i[Zei[ijWZeil[hj_]_deieiZ[eh_][cY[djhWb$
Feiebe]_W
?L
9h_WdWiÅ'"(+c]%a]Wj*l[p[iWeZ_W"dekbjhWfWiiWdZe)&&c]WeZ_W$
7ZkbjeiÅ'WcfebWWYWZW.^ehWieki[]kdZeYh_jh_ecZ_Ye$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iWic|j_Yei"Z_WXj_Yei"Yec]bWkYecW"[dÓi[cW"Ze[dWfkbcedWhYhd_YW"
Z_ÓYkbZWZ[i[ch[if_hWh[Z_ÓYkbZWZ[i[ckh_dWh$:[l[i[hWfb_YWZe[nYbki_lWc[dj[fehl_W[dZel[deiWdW
l[beY_ZWZ[Z['cB%c_d$
:_c[j_YedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Bk\jWbYecfh_c_Ze*&c]
Bk\jWb]ejWi-+c]%cB\hWiYe'+cB'cB3)&]ejWi
r'++
Kiei
?dZ_YWZedeYWieZ[[nY[iieZ[]Wi[ideWfWh[b^e]Wijh_dj[ij_dWb"Yedij_jk_dZe_dYceZe"cej_leZ[Zeh[iek
Yb_YWi_dj[ij_dW_i"jW_iYece0c[j[eh_ice"[hkYjWe"XehXeh]ce"W[he\W]_W"fi#ef[hWjh_e[YedlWb[iY[dW"
Z_ijhX_ei\[hc[djWj_lei_dj[ij_dW_i"fh[fWhe_dj[ij_dWbZ[fWY_[dj[ifWhWhWZ_e]hWÓWZ[WXZc[d$
Feiebe]_W
LE
9ecfh_c_ZeiÅjecWh'Yecfh_c_Ze)l[p[iWeZ_W}ih[\[_[i"feZ[dZeWZei[i[hWkc[djWZWWYh_jh_ecZ_Ye$
=ejWi
BWYj[dj[i[9h_WdWiÅ*#,]ejWi)l[p[iWeZ_W$
9h_WdWiWj'(WdeiÅ,#'(]ejWi)l[p[iWeZ_W$
9h_WdWi4'(Wdei[7ZkbjeiÅ',]ejWi)l[p[iWeZ_W$
:
:_eic_dW!>[if[h_Z_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:WÔed+&&Yecfh_c_ZeZ_eic_dW*+&c]!^[if[h_Z_dW+&c]
Kiei
JhWjWc[djeZWicWd_\[ijW[iZW_dikÓY_
dY_Wl[deiWYhd_YW"\kdY_edWb[eh]~d_YWZeic[cXhei_d\[h_eh[i1
jhWjWc[djeZeii_djecWi\kdY_edW_ih[bWY_edWZei}_dikÓY_
dY_Wl[deiWZefb[ne^[cehhe_Z|h_e$
Feiebe]_W
LE
7ZkbjeiÅZei[kikWbÅ(Yecfh_c_Zeih[l[ij_ZeiWeZ_W"'f[bWcWd^['}de_j["Z[fh[\[h
dY_W}ih[\[_[i$
9h_i[^[cehhe_Z|h_WW]kZWÅ,Yecfh_c_Zeih[l[ij_ZeiWeZ_WZkhWdj[ei*fh_c[_heiZ_Wi["[ci[]k_ZW"*
Yecfh_c_Zeih[l[ij_ZeiWeZ_WZkhWdj[)Z_Wi$
:_f_h_ZWceb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F[hiWdj_dYecfh_c_Ze-+c]
F[hiWdj_dWcfebW'&c]%(cB
Kiei
?dZ_YWZeYeceYeWZ`klWdj[Z[YeW]kbWdj[iehW_idWfheÓbWn_WZ[jhecXei[iZ[Yehh[dj[iZ[l|blkbWiYWhZWYWi$
Feiebe]_W
LE
9h_WdWiÅ)#,c]%a]%Z_WZ_l_Z_Zei[c)Zei[i$
7ZkbjeiÅ-+#*&&c]%Z_WZ_l_Z_Zei[c)#*Zei[i$
?L
7ZkbjeiÅ&"'*(c]%a]%c_d$
:ei[c|n_cWÅ&".*c]%a]$
'+,r
:_f_hedWIZ_YW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DelWb]_dWWcfebW'$&&&c]%(cB
DelWb]_dW]ejWi+&&c]%cB\hWiYe'&cB'cB3(&]ejWi
7dWZeh]ejWi+&&c]%cB\hWiYe'&cB'cB3)&]ejWi
CW]def_heb]ejWi+&&c]%cB\hWiYe'&cB'cB3(&]ejWi
DelWb]_dWiebkeehWb+&c]%cB\hWiYe'&&cB
DelWb]_dWikfei_jh_e_d\Wdj_b)&&c]
:
Kiei
7dWb]i_Ye[Wdj_f_hj_Ye$
Feiebe]_W
LE]ejWi
9h_WdWi
)#''c[i[i+#.a]Å+&#'(+c][cZei[d_YW$:ei[c|n_cWÅ+&&c]Z_l_Z_Zei[c*jecWZWi$
'#)Wdei/#'+a]Å-+#(+&c][cZei[d_YW$:ei[c|n_cWÅ']Z_l_Z_Ze[c*jecWZWi$
*#,Wdei',#()a]Å'(+#)-+c][cZei[d_YW$:ei[c|n_cWÅ'"+]Z_l_Z_Ze[c*jecWZWi$
-#/Wdei(*#)&a]Å(&&#+&&c][cZei[d_YW$:ei[c|n_cWÅ(]Z_l_Z_Zei[c*jecWZWi$
'&#'(Wdei)'#*+a]Å(+&#-+&c][cZei[d_YW$:ei[c|n_cWÅ)]Z_l_Z_Zei[c*jecWZWi$
')#'*Wdei*,#+)a]Å)-+#.-+c][cZei[d_YW$:ei[c|n_cWÅ)"+]Z_l_Z_Zei[c*jecWZWi$
7Zeb[iY[dj[i4'+Wdei[7ZkbjeiÅ+&&c]#'][cZei[d_YW$:ei[c|n_cWÅ*]Z_l_Z_Zei[c*jecWZWi$
LEiebkeehWb
9h_WdWi
)#''c[i[i+#.a]Å'"(+#("+cB[cZei[d_YW$:ei[c|n_cWÅ'&cBZ_l_Z_Zei[c*jecWZWi$
'#)Wdei/#'+a]Å("+#+cB[cZei[d_YW$:ei[c|n_cWÅ(&cBZ_l_Z_Zei[c*jecWZWi$
*#,Wdei',#()a]Å)"-+#-"+cB[cZei[d_YW$:ei[c|n_cWÅ)&cBZ_l_Z_Zei[c*jecWZWi$
-#/Wdei(*#)&a]Å+#'&cB[cZei[d_YW$:ei[c|n_cWÅ*&cBZ_l_Z_Zei[c*^ehWi$
'&#'(Wdei)'#*+a]Å-"+#'+cB[cZei[d_YW$:ei[c|n_cWÅ,&cBZ_l_Z_Zei[c*jecWZWi$
')#'*Wdei*,#+)a]Å."-+#'-"+cB[cZei[d_YW$:ei[c|n_cWÅ-&cBZ_l_Z_Zei[c*jecWZWi$
7Zeb[iY[dj[i4'+Wdei[7ZkbjeiÅ'&#(&cBZei[d_YW$:ei[c|n_cWÅ(&cB*l[p[iWeZ_W$
?L%?C
BWYj[dj[i+#.a]Å&"'#&"(cB?C$
9h_WdWi
/#'+a]Å&"(#&"+cB$
',#()a]Å&")#&".cB$
(*#)&a]Å&"*#'cB$
)'#*+a]Å&"+#'"+cB$
*,#+)a]Å&".#'".cB$
7Zeb[iY[dj[i4'+Wdei[7ZkbjeiÅ(#+cBWj*l[p[iWeZ_W$:ei[c|n_cWÅ'&cB%Z_W$
H[jWbikfei_jh_e
9h_WdWi4*WdeiÅ'ikfei_jh_eZ[)&&c]Wj*l[p[iWeZ_W$
Fh[YWk[i
DekiWh[cYh_WdWic[deh[iZ[)c[i[iZ[_ZWZ[ekYh_WdWif[iWdZec[deiZegk[+a]$
r'+-
:_lWbfheWjeZ[IZ_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:[fWaej[Yecfh_c_Zeh[l[ij_Ze(+&c]
Kiei
JhWjWc[djeZW[f_b[fi_WYececedej[h|f_YeekYecej[hWf_WYeWZ`klWdj["cWd_W[fheÓbWn_WZW[dnWgk[YW$
:
Feiebe]_W
9h_WdWi¨'&Wdei[7Zkbjei
9h_i[ifWhY_W_iYecfb[nWiÅZei[_d_Y_WbÅ'&#'+c]%a]%Z_W1WZei[Z[l[i[hWkc[djWZW[c
+#'&c]%a]%i[cWdWWjWj_d]_hkcWh[ifeijWYbd_YWj_cW$:ei[c|n_cWh[Yec[dZWZWÅ,&c]%a]%Z_W$
9h_i[iZ[Wki
dY_Wi_cfb[i[Yecfb[nWiÅWZei[h[Yec[dZWZWZ['+c]%a]%Z_W"Z[l[dZei[hWkc[djWZW
[c+#'&c]%a]%Z_W[c_dj[hlWbeiZ['i[cWdWWjeYedjheb[ZWiYedlkbi[iekWjgk[ei[\[_jeiYebWj[hW_i
_cf[WceWkc[djeZWZei[$:ei[c|n_cWh[Yec[dZWZWÅ,&c]%a]%Z_W$
CWd_WÅWZeiW][c_d_Y_Wbh[Yec[dZWZWZ[-+&c]Z_Wh_Wc[dj["[cZei[iZ_l_Z_ZWi$
;dnWgk[YWÅWZei[_d_Y_Wbh[Yec[dZWZWZ[(+&c](l[p[iWeZ_W"Wb]kdifWY_[dj[ifeZ[ci[X[d[ÓY_WhYec
Zei[iZ[Wj'$&&&c]%Z_W$
Fh[YWk[i
DeZ[l[i[hWZc_d_ijhWZe[cfWY_[dj[iYecZe[dW^[f|j_YWi_]d_ÓYWj_lW$;l_jWhkieZkhWdj[W]hWl_Z[p
Z[l_ZeWfeiil[_i[\[_jeij[hWje]
d_Yei$
:eXkjWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:eXkjh[nWcfebW(+&c]%(&cB
Kiei
;ijWZeiZ[^_fef[h\kiedeigkW_ieZX_jeYWhZWYe_dikÓY_[dj[fWhWikfehjWhWiZ[cWdZWiY_hYkbWjh_Wi1
jhWjWc[djeZ[i_jkW[iZ[fh[iieZ[[dY^_c[djel[djh_YkbWhWdehcWbc[dj[Wkc[djWZW"feZ[dZeb[lWhW
kch_iYeZ[Yed][ijefkbcedWh[[Z[cW1fWhWWkc[djWhWYedjhWj_b_ZWZ[YWhZWYWdW_dikÓY_
dY_WYWhZWYW
W]kZWh[ikbjWdj[jWdjeZ[Ze[dWYWhZWYWeh]~d_YWYeceZ[fheY[Z_c[djeiY_hh]_YeiYWhZWYei1fWhW
Wkc[djWhWYedjhWj_b_ZWZ[YWhZWYWdWZ[iYecf[diWeYWhZWYWZW?99ekdWYedjhWj_b_ZWZ[Z[fh_c_ZWZ[l_Ze
WY_hkh]_WYWhZWYWeklWiYkbWhZ[]hWdZ[fehj[$
Feiebe]_W
?d\kie?L
9h_WdWiÅkikWbc[dj[+#(&cY]%a]%c_d$
7ZkbjeiÅ_d_Y_WhYecWZei[cW_iXW_nW("+cY]%a]%c_d[j_jkbWh[c_dj[hlWbeiZ[Wb]kdic_dkjei$:ei[
kikWbÅ("+#'&cY]%a]%c_d$:ei[c|n_cWÅ*&cY]%a]%c_d$
Fh[YWk[i
DeZ[l[i[hkiWZW[cYWieZ[[ij[dei[ikXWhj_YW^_f[hjhÓYW_Z_ef|j_YW"\[eYheceY_jecW"jWgk_Whh_jc_Wiek
ÓXh_bWel[djh_YkbWh"YWhZ_ec_efWj_W^_f[hjhÓYWeXijhkj_lW$
'+.r
:ecf[h_ZedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Cej_b_kcYecfh_c_Ze'&c]
Cej_b_kcikif[dieehWb'c]%cB\hWiYe'&&cB
Kiei
IdZhec[iZ_iffj_YWi\h[g[dj[c[dj[WiieY_WZWiWkch[jWhZeZ[[ilWp_Wc[dje]|ijh_Ye"h[Ôkne
]Wijhe[ie\|]_Ye[[ie\W]_j[0i[diWeZ[[cfWY^Wc[dje[f_]|ijh_Ye"iWY_[ZWZ[fh[YeY["Z_ij[dieWXZec_dWb"
ZehWXZec_dWbWbjW1[hkYjWe"ÔWjkb
dY_W1d|ki[Wi[lc_jei1Wp_W"gk[_cWe[f_]|ijh_YWYeceki[c
h[]kh]_jWeZ[Yedj[Ze]|ijh_Ye1d|ki[Wi[lc_jeiZ[eh_][c\kdY_edWb"eh]~d_YW"_d\[YY_eiW"Wb_c[djWhek
_dZkp_ZWfehhWZ_ej[hWf_WekjhWjWc[djeifehZhe]WiWdj__dÔWcWjh_ei[Wdj_d[efb|i_Yei1d|ki[Wi[lc_jei
_dZkp_Zeif[beiW]ed_ijWiZefWc_dh]_YeikiWZeidWZe[dWZ[FWha_diedYeceWB#ZefW[XheceYh_fj_dW$
:
Feiebe]_W
IdZhec[iZ_iffj_YWi
LE
9h_WdWiÅ("+cBZWikif[dieehWbfWhWYWZW'&a]Z[f[ieYehfehWb")l[p[iWeZ_W"Y[hYWZ[)&c_dkjeiWdj[i
ZWih[\[_[i["i[d[Y[ii|h_e"'Zei[WeZ[_jWh"h[if[_jWdZeWZei[Z_|h_Wc|n_cWZ[("*c]%a]de[nY[Z[hW
Zei[Z_|h_Wc|n_cWZ[.&c]$
I[eih[ikbjWZeide\eh[ciWj_i\Wjh_ei"feZ[#i[ZeXhWhWZei[[cWZkbjei[Yh_WdWicW_eh[iZ['WdeZ[
_ZWZ["h[if[_jWdZeWZei[Z_|h_Wc|n_cWZ[.&c]$
7ZkbjeiÅ'&c])l[p[iWeZ_W'+#)&c_dkjeiWdj[iZWih[\[_[i["i[d[Y[ii|h_e"'&c]WeZ[_jWh"h[if[_jWdZe
WZei[Z_|h_Wc|n_cWZ[.&c]$
D|ki[Wi[lc_jei
9h_WdWiÅ("+cBZWikif[dieehWbfWhWYWZW'&a]Z[f[ieYehfehWb)l[p[iWeZ_WWdj[iZWih[\[_[i[We
Z[_jWh$7Zei[feZ[i[hZeXhWZW"i[d[Y[ii|h_e"h[if[_jWdZeWZei[Z_|h_Wc|n_cWZ[("*c]%a]de[nY[Z[hW
Zei[Z_|h_Wc|n_cWZ[.&c]$
7ZkbjeiÅ'&c])l[p[iWeZ_WWdj[iZWih[\[_[i[WeZ[_jWh"h[if[_jWdZeWZei[Z_|h_Wc|n_cWZ[.&c]$
Fh[YWk[i
Fehi[hkcc[Z_YWc[djeWbjWc[dj[c[jWXeb_pWZef[be\]WZe"Z[l[i[hkiWZeYecYWkj[bW[cfWY_[dj[iYec
b[ie^[f|j_YW$7dj_|Y_ZeiekW][dj[iWdj_#i[Yh[jeh[ideZ[l[ci[hjecWZeii_ckbjWd[Wc[dj[
YecZecf[h_ZedW$
:ed[f[p_bW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;hWdpYecfh_c_Ze+c]
Kiei
?dZ_YWZefWhWejhWjWc[djeZ[Ze[dWZ[7bp^[_c[hZ[_dj[di_ZWZ[b[l[WceZ[hWZW$
Feiebe]_W
LE
7ZkbjeiÅZei[_d_Y_WbÅ+c]'l[pWeZ_W$I[d[Y[ii|h_e"eWkc[djeZWZei[feZ[i[h\[_jeZ[fe_iZ[*#,
i[cWdWiZ[jhWjWc[dje$
:ei[c|n_cWÅ'&c]%Z_W$
r'+/
Fh[YWk[i
De[n_ij[c[ijkZeiWZ[gkWZeifWhWZeYkc[djWhWi[]khWdW[[ÓY|Y_W[cgkWbgk[hj_feZ[Ze[dW
eYehh[dZe[cYh_WdWi$
:efWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:
H[l_lWd%:efWc_dWÅC[Z_YWc[dje=[dh_YeWcfebW+&c]%'&cB
Kiei
JhWjWc[djeZWZ[iYecf[diWeYWhZWYW"YeceWgk[bW[dYedjhWZWdW_dikÓY_
dY_WYWhZWYWYed][ij_lW
Yhd_YWek_dikÓY_
dY_WYWhZWYWW]kZW$JhWjWc[djeZ[^_fej[dieW]kZWfh[i[dj[dWidZhec[Z[Y^egk[
YWkiWZWfeh_d\WhjeZec_eY|hZ_e"jhWkcW"i[fj_Y[c_W[dZejn_YW"Y_hkh]_WYWhZWYWek_dikÓY_
dY_Wh[dWb$
Feiebe]_W
?d\kie?L
D[edWjeiÅ'#(&cY]%a]%c_d1j_jkbWhWZei[Wjgk[i[eXj[d^WWh[ifeijWWZ[gkWZW$
9h_WdWiZ['c
i#'(WdeiÅ'#(&cY]%a]%c_d1j_jkbWhWZei[Wjgk[i[eXj[d^WWh[ifeijWWZ[gkWZW$
:ei[c|n_cWÅ+&cY]%a]%c_d$
7ZkbjeiÅ'#+&cY]%a]%c_d1j_jkbWhWZei[Wjgk[i[eXj[d^WWh[ifeijWWZ[gkWZW$
Fh[YWk[i
E[njhWlWiWc[djej[Y_ZkWbfeZ[fheleYWhd[Yhei[$7dj[iZejhWjWc[dje"Z[l[#i["i[feiil[b"Yehh_]_h
Yecfb[jWc[dj[W^_feleb[c_W"ekYeciWd]k[jejWbekYec[nfWdieh[iZefbWicW$
:hejh[Ye]_dW7b\W
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
N_]h_i\hWiYe#WcfebW+c]ÅC[Z_YWc[dje9edi_]dWZe
Kiei
H[ZkeZWcehjWb_ZWZ[[cfWY_[dj[iYeci[fi[]hWl[WiieY_WZWYecZ_i\kdeeh]~d_YWW]kZW$
Feiebe]_W
?d\kie?L
7ZkbjeiÅ(*cY]%a]%^"dkcWZkhWejejWbZ[/,^ehWi$
Fh[YWk[i
FeZ[Wfh[i[djWhfej[dY_WbZ[_ckde][d_Y_ZWZ[$Feh\WbjWZ[[ijkZei"iZ[l[i[hkiWZe[c][ijWdj[i[cYWie
Z[[njh[cWd[Y[ii_ZWZ[$;cbWYjWdj[i"Z[l[#i[efjWhf[bWikif[dieZWWcWc[djWeekZWZhe]W$DeZ[l[
i[hkiWZe[cfWY_[dj[ic[deh[iZ['.Wdei$
',&r
:kben[j_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9ocXWbjWY|fikbWiZ[b_X[hWeYedjhebWZW)&c]
Kiei
?dZ_YWZWdejhWjWc[djeZ[jhWdijehdeZ[fh[ii_lecW_eh[Zehd[khef|j_YWWiieY_WZWWd[khefWj_W
Z_WXj_YWf[h_\h_YW$
Feiebe]_W
LE
7ZkbjeiÅ,&c]'l[pWeZ_W$
:ei[c|n_cWÅ'(&c](l[p[iWeZ_W$
;
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh2)&cB%c_dÅdeh[Yec[dZWZWWWZc_d_ijhWe$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kde^[f|j_YW
DeZ[l[i[hkj_b_pWZe[cfWY_[dj[iYecZ_i\kde^[f|j_YW$
9h_WdWi
De[n_ij[c[ijkZeiZ[[ÓY|Y_W[i[]khWdW[cYh_WdWi$
;\[Zh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ikb\WjeZ[;\[Zh_dWWcfebW+&c]%'cB
;\[Zh_dW(iebke\hWiYe'+cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
9ed][ijedWiWb1XhedYe[ifWiceW]kZe1^_fej[deehjeij|j_YW_Z_ef|j_YW1YeceWZ`klWdj[dejhWjWc[dje
Z[Y^egk[$
Feiebe]_W
Iebke_d`[j|l[b
JhWjWc[djeZ[XhedYe[ifWiceW]kZeh[l[hil[b[cfWY_[dj[iYecWicWek:FE9
7Zkbjei
?C%?L%I9Å'("+#(+c]$:ei[c|n_cWÅ'+&c]%Z_W$
JhWjWc[djeZW^_fej[dieZkhWdj[Wd[ij[i_W[if_d^Wbekekjheij_feiZ[Wd[ij[i_Wde#jf_YW%Wfi
i_cfWj[Yjec_W%el[hZei[Z[Zhe]WiYec[\[_jei^_fej[di_lei
9h_WdWi
?L%I9Å)c]%a]%Z_Wek'&&c]%c(%Z_W[c*#,Zei[iZ_l_Z_ZWi$:ei[c|n_cWÅ)c]%a]%Z_W$
7Zkbjei
?LÅ'&#(+c]"b[djWc[dj["feZ[dZe#i[h[f[j_h[c_dj[hlWbeiZ[+#'&c_dkjei"i[d[Y[ii|h_e$
?C%I9Å(+#+&c]$:ei[c|n_cWÅ'+&c]%Z_W$
Iebkejf_YW
9eceZ[iYed][ij_edWdj[dWiWb%[ijWdYWc[djeZ[iWd]hWc[djeidWiW_i
9h_WdWi[7Zkbjei
Jf_YeÅYebeYWhWckYeiWdWiWb[cYedjWjeYecWb]eZe[cX[X_Ze[ciebkeZ[[\[Zh_dW$
r','
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYec^_f[hj_he_Z_ice"Z_WX[j[i"^_f[hjheÓWfheij|j_YW"_dikÓY_
dY_WYehedWh_WdW
[Wd]_dW$
;b[jhb_jei
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F[Z_Wboj[*+iWXeh]kWhWd|Ybeh[jeZ[iZ_e'"&(+]!Y_jhWjeZ[fej|ii_ecede_ZhWjWZe'"&.]!Y_jhWjeZ[
iZ_eZ__ZhWjWZe&"*/]!]b_Yei[''")-+]\hWiYe+&&cB
F[Z_Wboj[/&iWXehdWjkhWbYbeh[jeZ[iZ_e(")*&]!Y_jhWjeZ[fej|ii_ecede_ZhWjWZe'"&.]!Y_jhWjeZ[
iZ_eZ__ZhWjWZe&"*/]!]b_Yei['&]\hWiYe+&&cB
;
Kiei
7cXWiWiWfh[i[djW[iie[ÓYWp[idWcWdkj[deZW^_ZhWjWeWfi\Wi[Z[h[_ZhWjWe[[cgkWZhei
Z[Ze[dWZ_Whh_YWW]kZWZ[gkWbgk[h[j_ebe]_W"jWdje[cYh_WdWiYece[cWZkbjei$F[Z_Wboj[*+_dZ_YWZe
[nYbki_lWc[dj[fWhWfh[l[deZWZ[i_ZhWjWe1[F[Z_Wboj[/&_dZ_YWZedWh[fei_eZ[f[hZWiWYkckbWZWi
Z[|]kW[[b[jhb_jeih[_ZhWjWe$
Feiebe]_W
LE
9h_WdWi[7ZkbjeiÅ'&#+&cB%a]%Z_WekWYh_jh_ecZ_Ye$
Fh[YWk[i
:[ifh[pWhefheZkjeYWiedei[`WYedikc_Ze[cWj(*^ehWi$
;ckbieB_fZ_YWC9J%B9J
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
B_fe\kdZ_dC9J%B9J'&\hWiYe+&&cB
C9JÅjh_]b_Yh_Z[iZ[YWZ[_WcZ_W
B9JÅjh_]b_Yh_Z[iZ[YWZ[_Wbed]W
Kiei
<edj[Z[YWbeh_WifWhWfWY_[dj[igk[h[gk[h[cdkjh_efWh[dj[hWb1\edj[Z[|Y_Zei]hWnei[ii[dY_W_idei
YWiei[cgk[Wdkjh_efWh[dj[hWbh[gk[h_ZWfehf[heZeiZ[j[cfeikf[h_eh[iW+Z_Wi"fWhWWfh[l[d_h
cWd_\[ijW[iYbd_YWih[ikbjWdj[iZ[ij[i$
Feiebe]_W
?d\kie?L
D[edWjeiÅ(&#)&cB%a]%Z_WZ[[ckbieb_fZ_YWW'&$:ei[c|n_cWÅ*&cB%a]%Z_W$
9h_WdWiZ['c
i#,WdeiÅ'&#)&cB%a]%Z_WZ[[ckbieb_fZ_YWW'&$
9h_WdWi4,Wdei[7ZkbjeiÅ'&#(&cB%a]%Z_WZ[[ckbieb_fZ_YWW'&$
Fh[YWk[i
7i_d\ki[iZ[]ehZkhWZ[l[ci[hWZc_d_ijhWZWidWl[beY_ZWZ[cW_iXW_nWfeiil[b$:khWdj[eifh_c[_hei'+
',(r
c_dkjei"WjWnWZ[_d\kiedeZ[l[[nY[Z[h&"+#'cB%a]%^Z[[ckbieb_fZ_YWW'&$I[de\eh[ceXi[hlWZWi
h[W[iWZl[hiWi"feZ[#i[Wkc[djWhWjWnWfWhW'"+#(cB%a]%^$
;dWbWfh_b
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;dWbWXWb%H[d_j[YYecfh_c_Ze+c]
H[d_j[YYecfh_c_Ze(&c]
;
Kiei
JhWjWc[djeZ[^_f[hj[die[_dikÓY_
dY_WYWhZWYWYed][ij_lW$
Feiebe]_W
LE
D[edWjeiÅZei[_d_Y_WbÅ&"'c]%a]%Z_WWYWZW(*^ehWi1WZei[[e_dj[hlWbefeZ[ci[hWkc[djWZeiWYWZW
(#)Z_Wi$
9h_WdWiÅZei[_d_Y_WbÅ&"'c]%a]%Z_WZ_l_Z_Ze[c'#(Zei[i"feZ[dZeWZei[i[hWkc[djWZW[c(i[cWdWi
fWhW"dec|n_ce"&"+c]%a]%Z_W$
7Zeb[iY[dj[i[7ZkbjeiÅZei[_d_Y_WbÅ("+#+c]%Z_W"feZ[dZe#i[Wkc[djWhi[d[Y[ii|h_e$
:ei[kikWbfWhWjhWjWc[djeZ[^_f[hj[dieÅ'&#*&c]%Z_WZ_l_Z_Zei[c'#(Zei[i$
:ei[kikWbfWhWjhWjWc[djeZ[?99Å+#(&c]%Z_WZ_l_Z_Zei[c(Zei[i$
:ei[c|n_cWÅ*&c]%Z_W$
:_i\kdel[djh_YkbWh[igk[hZWWii_djec|j_YWÅZei[_d_Y_WbÅ("+c](l[p[iWeZ_W1Wkc[djWhZ[WYehZeYec
ejhWjWc[dje$:ei[kikWbÅ(&c]%Z_WZ_l_Z_Zei[c(Zei[i$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh-+#'&&ZWZei[$
9bYh2'&cB%c_dÅWZc_d_ijhWh+&ZWZei[$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecZ_i\kdeh[dWb"[if[Y_Wbc[dj[dWgk[b[iYec[ij[dei[i[l[hWZWWhjh_W
h[dWb"[cfWY_[dj[iYec^_fedWjh[c_W"^_feleb[c_W"_dikÓY_
dY_WYWhZWYWYed][ij_lWi[l[hW"eXijhkeZe
Ôknel[djh_YkbWh[igk[hZeekj[hWf_WZ_khj_YWYed`kdjW$
;denWfWh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9b[nWd[i[h_d]W(&c]%&"(cB
9b[nWd[i[h_d]W*&c]%&"*cB
9b[nWd[i[h_d]W,&c]%&",cB
9b[nWd[i[h_d]W.&c]%&".cB
Kiei
JhWjWc[djeZWjhecXei[l[deiWfhe\kdZW`|[ijWX[b[Y_ZW1fheÓbWn_WZejhecXe[cXeb_icel[deie[h[Y_Z_lWi"
WiieY_WZe}Y_hkh]_WehjefZ_YWek}Y_hkh]_W][hWb1fheÓbWn_WZejhecXe[cXeb_icel[deie[h[Y_Z_lWi[c
fWY_[dj[iWYWcWZei"Z[l_ZeWZe[dWiW]kZWi"_dYbk_dZe_dikÓY_
dY_WYWhZWYW"_dikÓY_
dY_Wh[if_hWjh_W"
r',)
_d\[Y[i]hWl[i[Ze[dWih[kc|j_YWi1fh[l[deZWYeW]kbWeZeY_hYk_jeZ[Y_hYkbWe[njhWYehfh[W
ZkhWdj[W^[ceZ_|b_i[1jhWjWc[djeZWWd]_dW_dij|l[b[Ze_d\WhjeZec_eY|hZ_ei[cedZWG"WZc_d_ijhWZe
YedYec_jWdj[c[dj[}Wif_h_dW$
Feiebe]_W
I9
7Zkbjei
FWY_[dj[iY_hh]_Yei
H_iYeceZ[hWZeZ[jhecXe[cXeb_iceÅ(&c]'l[pWeZ_W"dWY_hkh]_W][hWb1W'°_d`[eZ[l[i[h
WZc_d_ijhWZW(^ehWiWdj[iZW_dj[hl[deY_hh]_YW$
7bjeh_iYeZ[jhecXe[cXeb_iceÅ*&c]'l[pWeZ_W1'W_d`[eZ[l[i[hWfb_YWZW'(^ehWiWdj[iZW_dj[hl[de$
FWY_[dj[iYbd_Yei
*&c]%Z_WZkhWdj[,Z_Wi"Z[l[dZei[hYedj_dkWZeWjWZ[WcXkbWeZefWY_[dj[$
?L
JhecXei[l[deiWfhe\kdZWÅ'"+c]%a]'l[pWeZ_Wek'c]%a](l[p[iWeZ_W$FWhWfWY_[dj[iYec
jhecXe[cXeb_iceYecfb_YWZe"h[Yec[dZW#i[WZei[Z['c]%a](l[p[iWeZ_W$
JhWjWc[djeZ[Wd]_dW_dij|l[b[_d\WhjeZec_eY|hZ_ei[cedZWGÅ'c]%a]WYWZW'(^ehWiWZc_d_ijhWZe
YedYec_jWdj[c[dj[YecWWif_h_dW'&&#)(+c]'l[pWeZ_W1d[ii[ifWY_[dj[i"ejhWjWc[djeZ[l[i[h
fh[iYh_jefeh"decd_ce"(Z_Wi[cWdj_ZeWjW[ijWX_b_pWeYbd_YW$7ZkhWedehcWbZejhWjWc[djeZ[
(#.Z_Wi$
;
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
FWhWkiej[hWf
kj_Ye
:ei[#fWZhe
?dikÓY_
dY_Wh[dWbi[l[hW
'c]%a](l[p[iWeZ_W
'c]%a]'l[pWeZ_W
'"+c]%a]'l[pWeZ_W
'c]%a]'l[pWeZ_W
FWhWkiefheÓb|j_Ye
:ei[#fWZhe
?dikÓY_
dY_Wh[dWbi[l[hW
*&c]%a]'l[pWeZ_W
(&c]%a]'l[pWeZ_W
(&c]%a]'l[pWeZ_W
(&c]%a]'l[pWeZ_W
Fh[YWk[i
DeWZc_d_ijhWhfehl_W_djhWckiYkbWh$KieYWkj[beie[cfWY_[dj[iYecWbjeh_iYeZ[^[cehhW]_W$Ced_jehWhe
dc[heZ[fbWgk[jWi$
;h]ec[jh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;h]ejhWj[Yecfh_c_Ze&"(c]
',*r
Kiei
Fh[l[de[jhWjWc[djeZW^[cehhW]_Wfi#fWhje[fi#WXehje"Z[l_ZeWWjed_Wkj[h_dW$
Feiebe]_W
>[cehhW]_WWfiefWhjeÅ&"(#&"*c]LEWYWZW,#'(^ehWi"Wjgk[ef[h_]eZ[Wjed_Wkj[h_dWj[d^WfWiiWZe"
][hWbc[dj[[c*.^ehWi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec^_f[hj[dieWhj[h_Wb"Ze[dWYWhZWYW"i^kdjl[de#Whj[h_Wb"[ij[dei[ZW
l|blkbWc_jhWb"Ze[dWlWiYkbWheXijhkj_lW"i[fj_Y[c_Wek_dikÓY_
dY_W^[f|j_YWekh[dWb$7^_feYWbY[c_WfeZ[
fh[`kZ_YWhWh[ifeijWWZhe]W$
;
;h_jhefe[j_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;fh[ni[h_d]W($&&&K?%&"+cB
Kiei
JhWjWc[djeZWWd[c_WZ[l_Ze}_dikÓY_
dY_Wh[dWbYhd_YW[cfWY_[dj[iieXZ_|b_i[ek[cfh#Z_|b_i[1
jhWjWc[djeZWWd[c_WWiieY_WZWWeY~dY[hc_[b_Z[[j[hWf
kj_YWgk_c_ej[h|f_YWc_[beiikfh[iiehWek
d[\hejn_YW[dWWd[c_WZefehjWZehZ[W_Zi[ikXc[j_ZeWejhWjWc[djeYecp_ZelkZ_dW7PJ$;ij|_dZ_YWZe"
jWcXc"fWhW\WY_b_jWhefhe]hWcWZ[Yeb[jWiWd]kd[WWkjbe]Wdkc[igk[cWZ[fh#Z[fi_je[fWhWh[Zkp_h
eh_iYeh[bWY_edWZeWjhWdi\ki[iWbe]
d_YWi[cfWY_[dj[igk[Wfh[i[djWcjWnWZ[^[cWjYh_deZ[))#)/"
eigkW_ii[heikXc[j_ZeiWkcW]hWdZ[Y_hkh]_W[b[j_lW[gk[i[fh[ikc[i[hd[Y[ii|h_WcW_ehgkWdj_ZWZ[Z[
iWd]k[Zegk[WeXj_ZWf[bWjYd_YWWkjbe]W"i[cWZc_d_ijhWeZ[[h_jhefe[j_dW$;ij|_dZ_YWZe[cWZkbjei
Yecb[l[ekceZ[hWZWWd[c_W^[ce]beX_dW4'&ek§')]%ZBgk[i[heikXc[j_ZeiWkcWY_hkh]_W[b[j_lW
fWhWgkWbi[[if[hWceZ[hWZWf[hZWZ[iWd]k[(#*kd_ZWZ[iek/&&#'$.&&cB"fWhWh[Zkp_hW[nfei_e}i
jhWdi\ki[iWbe]
d_YWi[fWhW\WY_b_jWhWh[Ykf[hWe[h_jhefe_j_YW$
Feiebe]_W
7Zkbjei
FWY_[dj[i[c^[ceZ_|b_i[
<Wi[Z[Yehh[eÅ+&K?%a]?L)l[p[ifehi[cWdW$GkWdZed[Y[ii|h_e"eiW`kij[iZ[Zei[Z[l[ci[h\[_jei[c
_dYh[c[djeiZ[(+K?)l[p[ifehi[cWdW[c_dj[hlWbeiZ[f[bec[dei*i[cWdWi"Wjgk[WYedY[djhWe
_Z[WbZ[^[ce]beX_dWi[`WWj_d]_ZW$
<Wi[Z[cWdkj[deÅZei[kikWbÅ)&#'&&K?%a]?L)l[p[ifehi[cWdW$
FWY_[dj[i[cZ_|b_i[f[h_jed[Wb
<Wi[Z[Yehh[eÅ+&K?%a]?L(l[p[ifehi[cWdW$GkWdZed[Y[ii|h_e"eiW`kij[iZ[Zei[Z[l[ci[h\[_jei[c
_dYh[c[djeiZ[(+K?(l[p[ifehi[cWdW[c_dj[hlWbeiZ[f[bec[dei*i[cWdWi"Wjgk[WYedY[djhWe
_Z[WbZ[^[ce]beX_dWi[`WWj_d]_ZW$
<Wi[Z[cWdkj[deÅZei[kikWbÅ(+#+&K??L(l[p[ifehi[cWdW$
FWY_[dj[i[cfh#Z_|b_i[
<Wi[Z[Yehh[eÅ+&K?%a]?LekI9)l[p[ifehi[cWdW$GkWdZed[Y[ii|h_e"eiW`kij[iZ[Zei[Z[l[ci[h
\[_jei[c_dYh[c[djeiZ[(+K?%a])l[p[ifehi[cWdW[c_dj[hlWbeiZ[f[bec[dei*i[cWdWi"Wjgk[W
YedY[djhWe_Z[WbZ[^[ce]beX_dWi[`WWj_d]_ZW$
<Wi[Z[cWdkj[deÅZei[kikWbÅ'-#))K?%a])l[p[ifehi[cWdW$
9h_WdWi
FWY_[dj[i[c^[ceZ_|b_i[
r',+
<Wi[Z[Yehh[eÅ+&K?%a]?L)l[p[ifehi[cWdW$GkWdZed[Y[ii|h_e"eiW`kij[iZ[Zei[Z[l[ci[h\[_jei[c
_dYh[c[djeiZ[(+K?%a])l[p[ifehi[cWdW[c_dj[hlWbeiZ[f[bec[dei*i[cWdWi"Wjgk[WYedY[djhWe
_Z[WbZ[^[ce]beX_dWi[`WWj_d]_ZW$
<Wi[Z[cWdkj[deÅYh_WdWiYecf[ie_d\[h_ehW)&a]h[gk[h[ckcWZei[Z[cWdkj[decW_ehZegk[Wi
Yh_WdWiYecf[ieikf[h_ehW)&a][WZkbjei$
2'&a]Å-+#'+&K?%a]$
'&#)&a]Å,&#'+&K?%a]$
4)&a]Å)&#'&&K?%a]$
JhWjWc[dje[fh[l[deZWWd[c_W[cfWY_[dj[iYecY~dY[h
'+&K?%a]I9)l[p[ifehi[cWdW$I[Wfi*i[cWdWiZ[jhWjWc[djeeWkc[djedeidl[_iZ[^[ce]beX_dW\eh
c[dehZegk[']%ZB"WZei[Z[l[i[hWkc[djWZWfWhW)&&K?%a]feh*i[cWdWi$I[Wfi*i[cWdWiZ[j[hWf_WYec
)&&K?%a]W^[ce]beX_dWj_l[hWkc[djWZec[deiZ[']%ZB"Wh[ifeijWWe_dZ_lZke_cfhel|l[b"[ejhWjWc[dje
Z[l[i[hZ[iYedj_dkWZe$
FWY_[dj[ifehjWZeh[iZ[W_ZijhWjWZeiYecp_ZelkZ_dW7PJ
<Wi[Z[Yehh[eÅ'&&K?%a]I9ek?L)l[p[ifehi[cWdWZkhWdj[.i[cWdWi$9Wiedei[eXj[d^Wh[ifeijW
iWj_i\Wjh_WWfi.i[cWdWiZ[jhWjWc[dje"WZei[Z[l[i[hWkc[djWZW[c+&#'&&K?%a])l[p[ifehi[cWdW
[c_dj[hlWbeiZ[f[bec[dei*i[cWdWi$
<Wi[Z[cWdkj[deÅWfiWeXj[deZWh[ifeijWZ[i[`WZW"WZei[Z[l[i[hj_jkbWZWfWhWcWdkj[de
Ze^[cWjYh_je[djh[)&#)+XWi[WZe[c\Wjeh[iYecelWh_W[idWZei[Z[p_ZelkZ_dW[Wfh[i[dW
Z[_d\[Y[i_dj[hYehh[dj[iek[f_iZ_ei_dÔWcWjh_ei$I[e^[cWjYh_je[nY[Z[h*&"WZei[Z[l[i[h
Z[iYedj_dkWZWWjgk[e^[cWjYh_jeZ_c_dkWW),$
Fhe]hWcWZ[fh#ZeWeZ[iWd]k[Wkjbe]e[cfWY_[dj[iWZkbjeiWi[h[cikXc[j_Zei}Y_hkh]_W
,&&K?%a]?L(l[p[ifehi[cWdW$
FWY_[dj[ifh#Y_hh]_Yei
7Zei[h[Yec[dZWZWZ[,&&K?%a]fehi[cWdWZkhWdj[)i[cWdWiZ_Wi('"'*[-Wdj[iZWY_hkh]_W[deZ_W
ZWY_hkh]_W$
;
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfehÓh_W"^_f[hj[die[^_ijh_YeZ[Yedlkbi[i$:[l[#i[YedjhebWhedl[bZ[
\[hheWdj[i[ZkhWdj[Wj[hWf_W$7iebkedeZ[l[i[hW]_jWZW"fe_ifeZ[Z[idWjkhWhW]b_Yefhej[dW$
;hjWf[d[c
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?dlWdp\hWiYe#WcfebW']
Kiei
?d\[Y[i_djhW#WXZec_dW_iYecfb_YWZWi"_d\[Y[iYecfb_YWZWiZ[f[b[[Wd[nei_dYbk_dZefZ_WXj_Ye"
fd[kced_WWZgk_h_ZWdWYeckd_ZWZ["_d\[Y[iYecfb_YWZWiZejhWjekh_d|h_e"_d\[Y[ifbl_YWiW]kZWi"
i[fj_Y[c_WXWYj[h_WdW$
Feiebe]_W
?L%?C
9h_WdWi
2)c[i[iÅ[ÓY|Y_W[i[]khWdWde[ijWX[b[Y_ZWi$
)c[i[i#'(WdeiÅ'+c]%a]feh'&#'*Z_Wi$
¨')WdeiÅZei[_]kWbWeWZkbje$
7ZkbjeiÅ']'l[pWeZ_W$
',,r
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh2)&cB%c_dÅ+&&c]%Z_W$
7Zc_d_ijhWh[hjWf[d[cdecd_ce,^ehWiWdj[iZW^[ceZ_|b_i[$9WieeYehhWWZc_d_ijhWeWdj[iZ[ii[
f[heZe"h[Yec[dZW#i[WZei[ikfb[c[djWhZ['+&c]$
Fh[YWk[i
7dj[iZ[_d_Y_WhejhWjWc[dje"Z[l[#i[\Wp[hkcb[lWdjWc[djec_dkY_eieZWih[W[iZ[^_f[hi[di_X_b_ZWZ[W
f[d_Y_b_dWi"Y[\Wbeifeh_dWi"ekjheiX[jWbWYj~c_Yei[ekjheiWbh][dei$
;
;iY_jWbefhWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
B[nWfheYecfh_c_Ze'&c]
Kiei
JhWjWc[dje[fh[l[deZ[h[YWZWekh[Yehh
dY_WZ[Z[fh[iie1jhWjWc[djeZ[jhWdijehdeiZef~d_Ye"Yecek
i[cW]ehW\eX_W$
Feiebe]_W
LE
7Zc_d_ijhWh[cZei[d_YWZ_|h_W$
7Zkbjei2,+Wdei
JhWjWc[djeZWZ[fh[iieÅZei[kikWbÅ'&c]%Z_W$:ei[c|n_cWÅ(&c]%Z_W$=[hWbc[dj["ied[Y[ii|h_Wi
(#*i[cWdWifWhWi[eXj[hh[ifeijW$
JhWjWc[djeZ[jhWdijehdeZef~d_YeÅZei[_d_Y_WbÅ+c]dW'Wi[cWdWZ[jhWjWc[dje"Wkc[djWdZefWhW'&
c]%Z_W$:ei[c|n_cWÅ(&c]%Z_W$7[ÓY|Y_Wc|n_cWWj_d]_ZWWfiWfhen_cWZWc[dj[)c[i[i$
?Zeiei4,+WdeiÅh[Yec[dZW#i[c[jWZ[ZWZei[kikWb[kcWZei[c|n_cWcW_iXW_nW$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kde^[f|j_YWekfheXb[cWidWc[jWXeb_pWef[bW9OF(9'/
H[Yec[dZW#i[Zei[_d_Y_WbZ[+c]ZkhWdj[Wi(fh_c[_hWii[cWdWiZ[jhWjWc[dje$:ei[c|n_cWÅ'&c]%Z_W$
Fh[YWk[i
7e_dj[hhecf[hejhWjWc[dje"WZei[Z[l[i[h]hWZkWbc[dj[h[Zkp_ZW$:[l[#i[kiWhYecYWkj[bW[c
fWY_[dj[iYecZ_i\kdeh[dWb]hWl[$;cfWY_[dj[iZ_WXj_Yei"feZ[Wbj[hWheYedjheb[]b_Y
c_Ye"Yecfeiil[b
d[Y[ii_ZWZ[Z[W`kij[Z[Zei[Z[_dikb_dW[%ek^_fe]b_Y[c_Wdj[iehW_i$
;icebeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8h[l_XbeYWcfebW($+&&c]%'&cB
Kiei
JWgk_YWhZ_WikfhWl[djh_YkbWhfWhWh|f_ZeYedjheb[ZW\h[g
dY_Wl[djh_YkbWh[cfWY_[dj[YecÓXh_bWeWjh_Wb
[cY_hYkdij~dY_Wif[h_ef[hWjh_Wi"fi#ef[hWjh_Wi"[djh[ekjhWi1dWjWgk_YWhZ_Wi_dkiWbde#Yecf[diWjh_W1
jWgk_YWhZ_W[%ek^_f[hj[die_djhW[fi#ef[hWjh_WZkhWdj[W_dZke[[djkXWejhWgk[Wb"ZkhWdj[W
Y_hkh]_W"dW[c[h]
dY_WZ[Wd[ij[i_W[def[heZefi#ef[hWjh_e$
r',-
Feiebe]_W
?d\kie?L
7Zkbjei
:ei[Z[WjWgk[Å+&&cY]%a]%c_dZkhWdj['c_dkje$
:ei[Z[cWdkj[deÅ+&cY]%a]%c_dZkhWdj[*c_dkjei$
9WieWh[ifeijWj[hWf
kj_YWdei[`WWj_d]_ZW"h[f[j_hWZei[Z[WjWgk[ZkhWdj['c_dkje[WZc_d_ijhWhZei[
Z[cWdkj[deZ['&&cY]%a]%c_dZkhWdj[*c_d$9edj_dkWhefheY[iieZ[W`kij[Wjgk[i[Wj_d`We[\[_je
Z[i[`WZeekWjkcWZei[Z[cWdkj[deZ[(&&cY]%a]%c_d$<W_nWkikWbÅ+&#(&&cY]%a]%c_d$
Fh[YWk[i
;ii[c[Z_YWc[djedeZ[l[i[hkj_b_pWZe[cfehjWZeh[iZ[XhWZ_YWhZ_Wi_dkiWb"Xbegk[_eYWhZWYe"_dikÓY_
dY_W
YWhZWYWZ[iYecf[diWZWekY^egk[YWhZ_e]
d_Ye$?dj[hhecf[hekiei[eYehh[hXhedYe[ifWice$KiWh
YecYWkj[bW[cYWieZ[Z_WX[j[ic[bb_jki"^_fe]b_Y[c_W"_dikÓY_
dY_Wh[dWb$;icebebfeZ[Wkc[djWhWi
YedY[djhW[iih_YWiZWZ_]en_dWekj[eÓb_dW[feZ[j[hikWYedY[djhWeWkc[djWZWf[bWcehÓdW$
;
;iec[fhWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D[n_kcYecfh_c_Zei(&c]
Kiei
;iec[fhWpeb[\[j_ledejhWjWc[djeZ[Ze[dWi|Y_Ze#ffj_YWi[Wbl_eZeii_djecWiZ[Wp_W"h[]kh]_jWe
|Y_ZWekZeh[f_]|ijh_YW$
:e[dWZeh[Ôkne]Wijhe[ie\|]_Ye:H=;
ÅJhWjWc[djeZW[ie\W]_j[Z[h[Ôkne[hei_lW$
ÅJhWjWc[djeZ[cWdkj[defWhWfh[l[d_hWh[Y_Z_lWZ[[ie\W]_j[$
ÅJhWjWc[djeZeii_djecWiZW:H=;"jW_iYecef_hei[Wp_W"h[]kh]_jWe|Y_ZWgk[_cWeh[jhe[ij[hdWb[
Zeh[f_]|ijh_YW$
ÅJhWjWc[djeZWbY[hWZkeZ[dWbWiieY_WZWWe>[b_YeXWYj[hfobeh_$
Å;hhWZ_YWeZe>[b_YeXWYj[hfobeh_[cWiieY_WeYeckcjhWjWc[djeWdj_XWYj[h_WdeWZ[gkWZe$
Feiebe]_W
EiYecfh_c_ZeiZ[l[ci[h_d][h_ZeiYecbgk_Zei[deZ[l[ci[hcWij_]WZeiek[icW]WZei$;cfWY_[dj[i
YecZ_ÓYkbZWZ[fWhWZ[]bkj_heiYecfh_c_Zei_dj[_hei"feZ[#i[Z_if[hiWheYecfh_c_Ze[c'%(YefeZ[
|]kWi[c]|iekikYeZ[\hkjW"c[n[dZeWjeYecfh_c_ZeZ[i_dj[]hWh$7Z_if[hieZ[l[i[h_d][h_ZWek
WZc_d_ijhWZWWjhWliZ[iedZWdWie#[dj[hWbID;[cWj)&c_dkjei$I[f[hi_ij_h[cc_Yhe]h~dkbeiWZ[h_Zei}
fWh[Z[ZeYefeekZWiedZW"_d`[jWhkcfekYecW_iZ[bgk_Ze$
7Zkbjei
:e[dWZeh[Ôkne]Wijhe[ie\|]_Ye
JhWjWc[djeZW[ie\W]_j[Z[h[Ôkne[hei_lWÅ*&c]'l[pWeZ_Wfeh*i[cWdWi$
JhWjWc[djeZ[cWdkj[defWhWfh[l[d_hWh[Y_Z_lW[cfWY_[dj[iYec[ie\W]_j[Å(&c]'l[pWeZ_W$
JhWjWc[djeZeii_djecWiZW:H=;"jW_iYecef_hei["h[]kh]_jWe|Y_ZW[Zeh[f_]|ijh_YWÅ(&c]'l[pWeZ_W
fWhWeifWY_[dj[igk[deWfh[i[djWc[ie\W]_j[$KcWl[ph[iebl_Zeieii_djecWiZW:H=;"[iec[fhWpebfeZ[
i[hkiWZedWZei[Z[(&c]%Z_WgkWdZed[Y[ii|h_e$
JhWjWc[djeZWbY[hWZkeZ[dWbWiieY_WZeWe>$fobeh_Å(&c]Z[[iec[fhWpebYec']Z[Wcen_Y_b_dW[
+&&c]Z[YbWh_jhec_Y_dW"jeZei(l[p[iWeZ_WZkhWdj[-Z_Wi$
',.r
FWY_[dj[iYec_dikÓY_
dY_W^[f|j_YWÅded[Y[ii|h_eeW`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W
^[f|j_YWb[l[WceZ[hWZW$FWhWeifWY_[dj[iYecZ_i\kde^[f|j_YW]hWl["Z[l[#i[kiWhkcWZei[c|n_cWZ[
(&c]%Z_WZ[[iec[fhWpeb$
FWY_[dj[iYec_dikÓY_
dY_Wh[dWb[?ZeieiÅded[Y[ii|h_eW`kij[Z[Zei[$
Fh[YWk[i
EifWY_[dj[iieXjhWjWc[djefhebed]WZe"fWhj_YkbWhc[dj[Wgk[b[ijhWjWZeifehcW_iZ[kcWde"Z[l[ci[h
cWdj_ZeiieXikf[hl_iecZ_YWYedijWdj[$
FWY_[dj[i[cjhWjWc[djeZ[l[ci[h_dijhkZeiWYedjWYjWhi[kcZ_Yei[eii_djecWickZWh[cZ[YWhWYj[hij_YW$
GkWdZefh[iYh[l[h[iec[fhWpebfWhW[hhWZ_YWeZe>$fobeh_"Z[l[#i[Yedi_Z[hWhWifeiil[_i_dj[hW[i
c[Z_YWc[djeiWifWhWjeZeieiYecfed[dj[iZWj[hWf_Wjh_fbW$7YbWh_jhec_Y_dWkcfej[dj[_d_X_ZehZe
9OF)7*["fehjWdje"WiYedjhW#_dZ_YW[i[_dj[hW[iZWYbWh_jhec_Y_dWZ[l[ci[hYedi_Z[hWZWigkWdZeW
j[hWf_Wjh_fbWkj_b_pWZW[cfWY_[dj[ijhWjWZeiYecekjhei\|hcWYeic[jWXeb_pWZeil_W9OF)7*"Yece
WY_iWfh_ZW$
FWY_[dj[iYecfheXb[cWi^[h[Z_j|h_eihWheiZ[_djeb[h~dY_W}\hkjei["c|WXieheZ[]b_Yei[#]WbWYjei[ek
_dikÓY_
dY_WZ[iWYWhWi[#_iecWbjWi[deZ[l[ch[Y[X[h[ii[c[Z_YWc[dje$
=hWl_Z[p[bWYjWeÅ[ijkZei[cWd_cW_iYecWc_ijkhWhWY
c_YWde_dZ_YWc[\[_jeideY_leiZ_h[jeiek
_dZ_h[jeiYech[bWe}]hWl_Z[p"fWhjeekZ[i[dlebl_c[djefi#dWjWb$:[l[#i[jecWhYk_ZWZedWfh[iYh_e
fWhWckb^[h[i]h|l_ZWi$Dei[iWX[i[e[iec[fhWpeb[nYh[jWZedeb[_j[^kcWde$D[d^kc[ijkZe[c
bWYjWdj[i\e_h[Wb_pWZe$FehjWdje"[iec[fhWpebdeZ[l[i[hkiWZeZkhWdj[WWcWc[djWe$
;
;if_hedebWYjedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7bZWYjed[%If_heYjWdYecfh_c_Ze(+c]
7bZWYjed[%If_heYjWdYecfh_c_Ze'&&c]
;if_hedebWYjedWiebkeehWbZ_[jj_YWi[cYehWdj[(c]%'cB\hWiYe)&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
JhWjWc[djeZe[Z[cWWiieY_WZeYec_dikÓY_
dY_WYWhZWYWYed][ij_lW"Y_hhei[^[f|j_YWWYecfWd^WZWZ[
[Z[cWekWiY_j[i"idZhec[d[\hj_YW1jhWjWc[djeZW^_f[hj[die"^_f[hWbZeij[hed_icefh_c|h_e"^_f[hYWb[c_W
[^_hikj_ice$
Feiebe]_W
D[edWjei
:_khj_YeÅ'#)c]%a]%Z_WWYWZW'(#(*^ehWi$
9h_WdWi
:_khj_Ye"^_f[hj[dieÅ'"+#)")c]%a]%Z_Wek,&c]%c(%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#(*^ehWi$
:_W]dij_YeZ[WbZeij[hed_icefh_c|h_eÅ'&&#*&&c]%c(%Z_WZ_l_Z_Zei[c'#(Zei[i$
7Zkbjei
;Z[cW"^_f[hj[die"^_feYWb[c_WÅ(+#(&&c]%Z_WZ_l_Z_Zei[c'#(Zei[i$
:_W]dij_YeZ[WbZeij[hed_icefh_c|h_eÅ*&&c]%Z_W1i[eZ_W]dij_Ye\ehfei_j_le"Yedj_dkWhejhWjWc[dje
Yec'&&#*&&c]%Z_WZ_l_Z_Zei[c'#(Zei[i$
>_hikj_ice[cckb^[h[iÅ+&#(&&c]%Z_WZ_l_Z_Zei[c'#(Zei[i$
r',/
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWhWYWZW'(#(*^ehWi$
9bYh2'&cB%c_dÅ[l_jWhekie$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iZ[i_ZhWjWZei"Yec^_fedWjh[c_W"_dikÓY_
dY_W^[f|j_YW[h[dWb"fWY_[dj[i\Wp[dZe
kieZ[ekjheiZ_khj_YeiekZei[iikfb[c[djWh[iZ[fej|ii_e$
xij[h[i;jb_YeiZeiÜY_Zei=hWneiZeãb[eZ[FWfekbW?eZWZe
;
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
B_f_eZebK<WcfebW'&cB*.&c]Z[_eZe%cB
Kiei
B_d\e]hWÓW1i_Wbe]hWÓW1Óijkbe]hWÓW$
Feiebe]_W
Kj_b_pWh+#-cBfehl_Wb_d\|j_YWfWhWefWY_ÓYWeZ[kcc[cXheceZkbWZe[c\kdeZW|h[WYehfehWbZe
fWY_[dj["i[dZe[dje'&#'*cBfWhWkcW[nfbehWeX_bWj[hWb$
Fh[YWk[i
;l_jWh[ijhkjkhWilWiYkbWh[i"[chWpeZeh_iYeZ[[cXeb_W]ehZkheiW$De_d`[jWh[c|h[Wi^[cehh|]_YWiek
jhWkcWj_pWZWi$;nWc[iZWj_h[_Z[Z[l[ci[hh[Wb_pWZei"i[d[Y[ii|h_e"Wdj[iZei[nWc[ihWZ_eb]_Yei"fe_iW
b_d\e]hWÓWiWjkhWWj_h[_Z[fehl|h_eic[i[i$7dj[iZ[kcW_d`[eZ[c[_eZ[YedjhWij[hWZ_eb]_Ye_d`[j|l[b
l_W_djhWb_d\|j_YW"_dZ_if[di|l[biWX[hi[efWY_[dj[feiik_Wdj[Y[Z[dj[Wbh]_YeekZ[_djeb[h~dY_W$;cYWie
Z[b_d\e]hWÓW"WhWZ_e]hWÓWZejhWn_dZ_if[di|l[b"fe_iW[n_ij
dY_WZ[kcW_dikÓY_
dY_WYWhZ_ehh[if_hWjh_W
YedjhW#_dZ_YWe[nWc[$xd[Y[ii|h_eh[Zkp_hWZei[Wi[h_d`[jWZW"YWieefWY_[dj[j[d^Wi_ZeikXc[j_Ze
h[Y[dj[c[dj[}gk_c_ej[hWf_W"fe_iei]~d]b_eiZ_c_dk[cZ[jWbceZegk[h[j
cfekYWgkWdj_ZWZ[
Z[YedjhWij[$D[ii[YWie"kcYedjheb[hWZ_eb]_YeekhWZ_eiYf_YedeZ[Yehh[hZe[nWc[f[hc_j[[l_jWh
ikf[hZeiW][c$7_dZ_YWefWhWkcWb_d\e]hWÓWZ[l[i[hh_]eheiWc[dj[fedZ[hWZW[cYWieZ[fWY_[dj[i
_Zeiei$7_d`[e[cY[hjWi\ijkbWiek[cWb]kdiYedZkjeiZ[l[i[hfhWj_YWZWYec[njh[cWfh[YWke"Z[
\ehcWW[l_jWhkcWf[d[jhWelWiYkbWh$
;ijh[fjegk_dWi[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ijh[fjWi[\hWiYe#WcfebW-+&$&&&K?
Ijh[fjedWi[\hWiYe#WcfebW-+&$&&&K?
Ijh[fjea_d\hWiYe#WcfebW'$+&&$&&&K?
Kiei
JhWjWc[djeZ[jhecXei[i[l[hWh[Y[dj[[Z[jhecXei[l[deiWfhe\kdZW1[cXeb_WfkbcedWh1_d\WhjeZe
c_eY|hZ_e1jhecXei[Whj[h_Wbek[cXeb_ice1Y~dkbWiWhj[h_el[deiWieXijhkZWi$
Feiebe]_W
9h_WdWi
'-&r
JhecXei[Å?LÅZei[_d_Y_WbZei[Z[WjWgk[Å($&&&K?%a]"i[]k_ZeiZ[($&&&K?%a]%^feh,#'(^ehWi1
Wb]kdifWY_[dj[ifeZ[ch[gk[h[hjhWjWc[djeicW_ibed]eiekcW_iYkhjei"fehjWdje"_dZ_l_ZkWb_pWhZei[iZ[
WYehZeYecWh[ifeijWj[hWf
kj_YW$
9Wj[j[hYecYe|]kbeÅkiedeh[Yec[dZWZeZ[l_Ze}feii_X_b_ZWZ[Z[h[W[iWbh]_YWiYecZei[i
h[f[j_ZWiÅ'&$&&&#(+$&&&K?"Z_bkZWi[cieheÓi_eb]_Ye&"/Wkclebkc[ÓdWb[gk_lWb[dj[Welebkc[Ze
YWj[j[h$?dij_bWhdeYWj[j[h"cWdj[hdebeYWbfeh'^ehW"Wif_hWheYedj[Ze[fh[[dY^[heYWj[j[hYeciehe
Ói_eb]_Ye&"/$
7Zkbjei
JhecXei[Å?LÅ(+&$&&&K?_d_Y_Wbc[dj[1Wfi"'&&$&&&K?%^"feh(*#-(^ehWiZ[f[dZ[dZeZWbeYWb_pWe$
EYbkieZ[Y~dkbWÅkiedeh[Yec[dZWZeZ[l_Ze}feii_X_b_ZWZ[Z[h[W[iWbh]_YWiYecZei[ih[f[j_ZWi
Å_djheZkp_h(+&$&&&K?de_dj[h_ehZWY~dkbW"\[Y^Whfeh(^ehWi"Wif_hWheYedj[Ze[fh[[dY^[heYWj[j[h
YecieheÓi_eb]_Ye&"/$Ek)$&&&K?%^feh'(#(*^ehWi"_d\kdZ_Zei[cYWZWbc[d$
;
Fh[YWke
;l_jWhkie?C"fe_ifeZ[eYehh[hiWd]hWc[dje$
;jec_ZWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>ofdec_ZWj[WcfebW(&c]%'&cB
Kie
?dZkeZWWd[ij[i_W][hWb$
Feiebe]_W
?L
9h_WdWi4'&Wdei[7ZkbjeiÅ&"(#&",c]%a]feh)&#,&i[]kdZeifWhW_dZkeZWWd[ij[i_W$
Fh[YWk[i
DeZ[l[i[hkiWZeZkhWdj[W]hWl_Z[p"bWYjWe[[cYh_WdWic[deh[iZ['&Wdei$
;jeh_Yen_X[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7hYen_WYecfh_c_Ze,&c]
Kiei
JhWjWc[djeW]kZe[Yhd_YeZeii_dW_i[i_djecWiZWeij[eWhjh_j[[ZWWhjh_j[h[kcWj_Z[1jhWjWc[djeW]kZe
ZW]ejW1Wbl_eZWZehW]kZW[Yhd_YW1jhWjWc[djeZWZ_ic[dehh_Wfh_c|h_W$
Feiebe]_W
7Zc_d_ijhWeLE"Yeceki[cWb_c[djei$
:ehYhd_YWÅ,&c]%Z_W$
7hjh_j["eij[eWhjh_j[Å,&c]%Z_W$
7hjh_j[h[kcWj_Z[Å/&c]%Z_W$
9h_i[W]kZWZ[]ejWÅ'(&c]%Z_W$
r'-'
Fh[YWk[i
Deh[Yec[dZWZefWhWfWY_[dj[iYecZe[dWh[dWbWlWdWZW$:[l[#i[j[hYWkj[bWWe_d_Y_WhejhWjWc[dje[c
fWY_[dj[iYecZ[i_ZhWjWeYedi_Z[h|l[b$Kj_b_pWhYecYWkj[bW[cfWY_[dj[igk[`|j[d^WcWfh[i[djWZeYh_i[i
W]kZWiZ[WicW"khj_Y|h_Wekh_d_j[YWkiWZWif[bekieZ[iWb_Y_bWjei$
<WjehL??WZ[9eW]kbWe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Delei[l[d\hWiYe#WcfebW,&AK?'"(c]ÅC[Z_YWc[dje9edi_]dWZe
Kiei
JhWjWc[djeZ[]hWl[iWd]hWc[dje1fh[l[deZ[iWd]hWc[dje[nY[ii_leWiieY_WZeWY_hkh]_W[cfWY_[dj[i
Yec_d_X_Zeh[iZei\Wjeh[iZ[YeW]kbWe<L???ek<?N$
<
Feiebe]_W
9h_WdWi[7Zkbjei
?L[cXebki(#+c_d
:ei[_d_Y_WbÅ*"+AK?/&c]%a]$
<W_nWkikWbÅ)#,AK?,&#'(&c]%a][cZei[d_YW"ZkhWdj[(#)i[cWdWi$
Fh[YWk[i
EcZ_YeZ[l[h|[ijWhY_[dj[Z[fWY_[dj[iYecWii[]k_dj[iYedZ_[i0Y_hkh]_Wh[Y[dj["Ze[dW]hWl["
Yecfb_YW[ijhecXj_YWi"Ze[dWWj[heiYb[hj_YWWlWdWZW"_djen_YWeiWd]kd[W"Wb[h]_WWhWjei"^Wcij[hi
ek]WZe[]hWl_Z[p$
<[dWpef_h_Z_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Foh_Z_kcZh|][W'&&c]
Kiei
7bl_eZWZeh"WhZ
dY_W"c_Ye_cf[h_eiW[\h[g
dY_WZeWjeZ[kh_dWh"WiieY_WZWiYec_hh_jWeZejhWje
kh_d|h_e_d\[h_eh$
Feiebe]_W
LE
9h_WdWiÅ'(c]%a]%Z_WZ_l_Z_Zei[c)Zei[i[WZc_d_ijhWZeiWfiWih[\[_[iZkhWdj[(Z_Wi$
7ZkbjeiÅ'&&#(&&c])l[p[iWeZ_W"Z[fe_iZWih[\[_[iZkhWdj[(Z_WigkWdZekiWZeYedYec_jWdj[c[dj[
YecW][dj[Wdj_XWYj[h_Wde$
Fh[YWke
DeZ[l[i[hkiWZe[cfWY_[dj[iYec9bYh2+&cB%c_d$
'-(r
<[d_b[\h_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<[d_b[\h_dW'&iebkee\j|bc_YW\hWiYe+cB
<[d_b[\h_dWcfebW'&c]%'cB
Kiei
Iebkee\j|bc_YWÅYecec_Zh_|j_YefWhWWZ_bWjWeZWfkf_bW[ckl[j[ii_dgk_Wifeij[h_eh[i"Y_hkh]_Wi"
h[\hWec_ZhWi[i[cY_Ybefb[]_W"e\jWbceiYef_WZ_h[jWek_dZ_h[jW[fheY[Z_c[djeiZ_W]dij_Yei$
Iebke_d`[j|l[bÅcWdkj[deZedl[bWZ[gkWZeZ[fh[iieiWd]kd[WZkhWdj[WWd[ij[i_Wfeh_dWbWe
[[if_d^Wb1jhWjWc[djeZW_dikÓY_
dY_WlWiYkbWh[cY^egk[i"[ijWZeii_c_bWh[iWY^egk[i"^_fej[die[
^_f[hi[di_X_b_ZWZ[_dZkp_ZWfehZhe]Wi1h[l[hieZ[jWgk_YWhZ_WfWhenij_YWikfhWl[djh_YkbWh1fhebed]Wc[dje
ZWWd[ij[i_W[if_d^Wb1lWieYedijh_e[cWd[ij[i_Wh[]_edWb$
<
Feiebe]_W
Iebkee\j|bc_YWÅJf_Yee\j|bc_Ye
7ZkbjeiÅ_dij_bWhdeiWYeYed`kdj_lWb"WYh_jh_ecZ_Ye$
Iebke_d`[j|l[b
>_fej[die%9^egk[
9h_WdWi
?C%I9Å&"'c]%a]%Zei[WYWZW'#(^ehWiYed\ehc[d[Y[ii|h_e$:ei[c|n_cWÅ+c]%Zei[$
?LXebkiÅ+#(&cY]%a]%Zei[WYWZW'&#(+c_dkjei"Yed\ehc[d[Y[ii|h_e$
?d\kie[dZel[deiWÅ&"'#&"+cY]%a]%c_d1j_jkbWhfWhWeXj[he[\[_jeZ[i[`WZe$
7Zkbjei
?C%I9Å(#+c]%Zei[WYWZW'#(^ehWiYed\ehc[d[Y[ii|h_e$:ei[_d_Y_Wbc|n_cWÅ+c]$
?LXebkiÅ&"'#&"+c]%Zei[WYWZW'&#'+c_dkjei"Yed\ehc[d[Y[ii|h_e$:ei[_d_Y_Wbc|n_cWÅ&"+c]$
?d\kie?LÅ'&&#'.&cY]%c_d1j_jkbWhfWhWeXj[h[\[_jeZ[i[`WZe1Wfi[ijWX_b_pWe"WjWnW[\[j_lWZ[
cWdkj[deZ[*&#,&cY]%c_d$
JWgk_YWhZ_WfWhenij_YWikfhWl[djh_YkbWh
?L
9h_WdWiÅ+#'&cY]%a][c_dj[hlWbeiWY_cWZ[(&#)&i[]kdZei$
7ZkbjeiÅ&"(+#&"+c][c_dj[hlWbeiWY_cWZ[(&#)&i[]kdZei$
Fh[YWk[i
Iebkee\j|bc_YWÅZ[l[#i[kiWhYecYWkj[bW[cfWY_[dj[iYecWj[heiYb[hei[WlWdWZWek^_f[hj[diei[l[hW$
Dei[h[Yec[dZWekie[cfWY_[dj[iYec]bWkYecW"[nY[jegkWdZekcWZ_bWjWej[cfeh|h_WZWfkf_bW
Z[l[i[hkj_b_pWZWfWhWb_X[hjWhWZ[h
dY_WiekgkWdZei[Z[l[[cfh[]WhWYedijh_eZeilWiei_djhdi[YeifWhW
XW_nWhWj[die_djhW#eYkbWh$;iiWilWdjW][diYecf[diWcj[cfehWh_Wc[dj[eh_iYeZWZ_bWjWeZWfkf_bW$
Iebke_d`[j|l[bÅi[kiWZW[cYed`kdjeYecZhe]WieY_jY_YWi"e[\[_jefh[iiehfej[dY_Wb_pWZe$Ekie
YedYec_jWdj[YecfheZkjeiYedj[dZec[jWX_iikbÓjeZ[iZ_efeZ[YWkiWhh[W[iWbh]_YWi"_dYbk_dZei_djecWi
WdWÓb|j_Yei[h_iYeZ[l_ZWek[f_iZ_eiWic|j_Yei[cf[iieWiikiY[jl[_i$KiWhYecYWkj[bW[cfWY_[dj[i_Zeiei
ek[cYWieiZ[^_f[hj_he_Z_ice"XhWZ_YWhZ_W"Xbegk[_efWhY_WbZeYehWe"Ze[dWiZec_eY|hZ_eekWj[heiYb[hei[$
?d\ehcWhecZ_YedeYWieZ[]hWl_Z[p[dekiWh[ii[c[Z_YWc[djei[WfWY_[dj[[ij_l[hWcWc[djWdZe$
<[d_jedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;f[b_dikif[dieehWb'&&c]%+cB\hWiYe'(&cB
r'-)
>_ZWdjWbYecfh_c_Ze'&&c]
>_ZWdjWbWcfebW(+&c]%+cB
Kiei
9h_i[iYedlkbi_lWi[f_bj_YWi[fWhY_W_i1Yh_i[iYedlkbi_lWifehjhWkcWj_iceYh~d_e#[dY[\|b_Ye1Yh_i[i
Yedlkbi_lWii[YkdZ|h_Wi1d[kheY_hkh]_W1jhWjWc[djeZWiYh_i[iYedlkbi_lWi"Whh_jc_Wil[djh_YkbWh[i"_dYbk_dZe
Wgk[bWiWiieY_WZWiYec_djen_YWeZ_]_j|b_YW$
Feiebe]_W
;ijWZe[f_bj_Ye
?L
:ei[Z[WjWgk[
D[edWjeiÅ'+#(&c]%a][cZei[d_YWek\hWY_edWZW$
9h_WdWi4'c
i[7ZkbjeiÅ'+#'.c]%a][cZei[d_YWek\hWY_edWZW$
:ei[Z[cWdkj[de_d_Y_Wh'(^ehWiWfiWZei[Z[WjWgk[
D[edWjeiÅZei[_d_Y_WbÅ+c]%a]%Z_W[c(Zei[iZ_l_Z_ZWi1Zei[kikWbÅ+#.c]%a]%Z_W[c(Zei[iZ_l_Z_ZWi1
Wb]kdifWY_[dj[ifeZ[ch[gk[h[hWZc_d_ijhWeWYWZW.^ehWi$
9h_WdWi4'c
iÅZei[_d_Y_WbÅ+c]%a]%Z_WZ_l_Z_Zei[c(#)Zei[i$
:ei[kikWbfWhWYh_WdWi
,c[i[i#)WdeiÅ.#'&c]%a]%Z_W$
*#,WdeiÅ-"+#/c]%a]%Z_W$
-#/WdeiÅ-#.c]%a]%Z_W$
'&#',WdeiÅ,#-c]%a]%Z_W$
7ZkbjeiÅZei[kikWbÅ)&&c]%Z_Wek*#,c]%a]%Z_W[c(#)Zei[iZ_l_Z_ZWi$
9eceWdj_Yedlkbi_lWdj[
LE
9h_WdWi4'c
i[7Zkbjei
:ei[Z[WjWgk[Å'+#(&c]%a]1XWi[WZedWYedY[djhWeih_YWZ[\[d_jedW[h[Y[dj[^_ijh_YeZ[ZeiW][c"
WZc_d_ijhWhWZei[Z[WjWgk[[c)Zei[iZ_l_Z_ZWiZWZWiWYWZW(#*^ehWifWhWZ_c_dk_hei[\[_jei
]Wijh_dj[ij_dW_i[Wii[]khWhWYecfb[jWWXieheehWb$
:ei[Z[cWdkj[deÅc[icWZeiW][cZWj[hWf_W?L$
7hh_jc_WiYWhZWYWi
9h_WdWi4'c
i[7Zkbjei
:ei[Z[WjWgk[?LÅ'"(+c]%a]WYWZW+c_dkjei"feZ[dZeh[f[j_hWZei[Wjgk[i[Wj_d`WkcjejWbZ[
'+c]%a]$
:ei[Z[cWdkj[de?L%LEfWhWYh_WdWiÅ+#'&c]%a]%Z_WZ_l_Z_Zei[c(#)Zei[i$
:ei[Z[WjWgk[LEfWhWWZkbjeiÅ(+&c]*l[p[iWeZ_WZkhWdj['Z_W"(+&c](l[p[iWeZ_WZkhWdj[(Z_Wi1
[dje"Zei[Z[cWdkj[deZ[)&&#*&&c]%Z_W[cZei[iZ_l_Z_ZWi'#*l[p[ifehZ_W$
<
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfehÓh_W$:[iYedj_dkWhekieYWieeYehhW[hkfeYkj~d[W[b_d\eZ[defWj_W$
CeZ_ÓYWhZeiW][c[cfWY_[dj[iYecZ_i\kdeh[dWb[^[f|j_YW$
<[deXWhX_jWb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
=WhZ[dWbYecfh_c_Ze'&&c]
'-*r
<[deYh_iWcfebW(&&c]%(cB
=WhZ[dWbf[Z_|jh_Ye]ejWi*&c]%cB\hWiYe(&cB'cB3*&]ejWi
Kiei
9h_i[ijd_Ye#Ybd_YWi][d[hWb_pWZWi[fWhY_W_ii_cfb[i1Yh_i[iYWkiWZWif[bWWXij_d
dY_WXWhX_jh_YW[c
_dZ_lZkeiZ[f[dZ[dj[i1[ijWZeZ[cWb[f_bj_Ye1^_f[hX_b_hhkX_d[c_W[ch[Yc#dWiY_Zei$
Feiebe]_W
?L
;ijWZe[f_bj_Ye
D[edWjeiÅ'+#(&c]%a][cZei[d_YWek\hWY_edWZW$
9h_WdWiZ['c
i#'(Wdei[7ZkbjeiÅ'+#'.c]%a][cZei[d_YWek\hWY_edWZW$:ei[Z[WjWgk[kikWb
c|n_cWÅ(&c]%a]$
:ei[Z[cWdkj[de?L[LE_d_Y_Wh'(^ehWiWfiWZei[Z[WjWgk[
D[edWjeiÅ)#*c]%a]ZWZW'l[pWeZ_W"WlWb_WhWYedY[djhWeih_YW1Wkc[djWhfWhW+c]%a]%Z_W
i[d[Y[ii|h_e$
9h_WdWiZ['#+WdeiÅ,#.c]%a]%Z_WZ_l_Z_Zei[c'#(Zei[i$
+#'(WdeiÅ*#,c]%a]%Z_WZ_l_Z_Zei[c'#(Zei[i$
4'(Wdei[7ZkbjeiÅ'#)c]%a]%Z_WZ_l_Z_Zei[c'#(Zei[i$
9h_WdWiZ['#'(Wdei
I[ZWeÅ(c]%a]LE)l[p[iWeZ_W$
>_fdj_YeÅ)#+c]%a]?L%?C%I9dW^ehWZ[Zehc_h$
>_f[hX_b_hhkX_d[c_W[c2'(WdeiÅ)#.c]%a]%Z_WLEZ_l_Z_Zei[c(#)Zei[i$
I[ZWedefh#ef[hWjh_eÅ'#)c]LE%?C%?L"'#'"+^ehWWdj[iZefheY[Z_c[dje$
7Zkbjei
I[ZWeÅ)&#'(&c]%Z_WLE%?CZ_l_Z_Zei[c(#)Zei[i$
>_fdj_YeÅ'&&#)(&c]LE%?C%?L%I9dW^ehWZ[Zehc_h$
>_f[hX_b_hhkX_d[c_WÅ/&#'.&c]%Z_WLEZ_l_Z_Zei[c(#)Zei[i$
I[ZWedefh#ef[hWjh_eÅ'&&#(&&c]?C"'#'"+^ehWWdj[iZefheY[Z_c[dje$
<
Fh[YWk[i
7h[j_hWZWWXhkfjWfeZ[YWkiWhYedlkbi[i$KieYWkj[beie[cfWY_[dj[iYecZ_i\kdeh[dWb[^[f|j_YW$
<[dej[heb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[hej[Y&"+]ejWi\hWiYe(&cB'cB3(&]ejWi
Kiei
JhWjWc[djei_djec|j_YeZ[Yh_i[iW]kZWiZ[WicW1fheÓbWn_WZWWicW_dZkp_ZWfeh[n[hYY_e1jhWjWc[dje
i_djec|j_YeZWWicWXhdgk_YW[Z[ekjhWi[d\[hc_ZWZ[iYecYedijh_eh[l[hil[bZWil_WiWh[Wi"feh
[n[cfbe"Xhedgk_j[eXijhkj_lWYhd_YW$:[l[#i[Yedi_Z[hWhWWZeeZ[kcjhWjWc[djeWdj__dÔWcWjh_e
YedYec_jWdj[fWhWfWY_[dj[iYecWicWXhdgk_YWek:FE9gk[h[ifedZWWejhWjWc[djeYec[ij[h_Z[i$
Feiebe]_W
LE
JhWjWc[djei_djec|j_YeZWWicWXhdgk_YW[Z[ekjhWi[d\[hc_ZWZ[iYec[ijh[_jWc[djeh[l[hil[bZWil_Wi
Wh[Wi"YeceXhedgk_j[Yhd_YW
r'-+
9h_WdWi§'WdeÅ)#-]ejWi(#)l[p[iWeZ_W$
9h_WdWiZ['#,WdeiÅ+#'&]ejWi)l[p[iWeZ_W$
9h_WdWiZ[,#'(WdeiÅ'&]ejWi)l[p[iWeZ_W$
7Zeb[iY[dj[i4'(Wdei"7Zkbjei[?ZeieiÅ'&#(&]ejWi)l[p[iWeZ_W$
?dWbWe
9h_WdWi2,Wdei2((a]Å+&cY]%a]%Zei[Wj)l[p[iWeZ_W"ieXikf[hl_iecZ_YW$
9h_i[iW]kZWiZ[WicW
9h_WdWiZ[,#'(WdeiÅkikWbc[dj[&"&+#&"'cB'#(]ejWi1YWieii[l[heiÅ&"(cB*]ejWi"feZ[dZe#i[
Y^[]WhW&")cB,]ejWiieXikf[hl_iecZ_YW$
7Zeb[iY[dj[i4'(Wdei"7Zkbjei[?ZeieiÅkikWbc[dj[&"'cB(]ejWi1YWieii[l[heiÅ&"(+cB+]ejWi"
feZ[dZe#i[Y^[]WhW&"*cB.]ejWiieXikf[hl_iecZ_YW$
FheÓbWn_WZWWicW_dZkp_ZWfeh[n[hYY_e
9h_WdWiZ[,#'(WdeiÅ&"'cB(]ejWifehWZc_d_ijhWeWj*l[p[iWeZ_W$
7Zeb[iY[dj[i4'(Wdei"7Zkbjei[?ZeieiÅ&"'cB(]ejWifehWZc_d_ijhWeWj*l[p[iWeZ_W$
7icWXhdgk_YW[ekjhWi[d\[hc_ZWZ[iYecYedijh_eh[l[hil[bZWil_WiWh[Wi
9h_WdWiZ[,#'(WdeiÅ&"'cB(]ejWifehWZc_d_ijhWeWj*l[p[iWeZ_W$
7Zeb[iY[dj[i4'(Wdei"7Zkbjei[?ZeieiÅ&"'cB(]ejWifehWZc_d_ijhWeWj*l[p[iWeZ_W$
<
Fh[YWk[i
KiWhYec[njh[cWYWkj[bW[cfWY_[dj[iYecZ_WX[j[ic[bb_jkiZ[iYecf[diWZei"_d\WhjeZec_eY|hZ_eh[Y[dj["
]hWl[iWbj[hW[ilWiYkbWh[iekYWhZWYWiZ[eh_][ceh]~d_YW"^_f[hj_he_Z_ice[\[eYheceY_jecW$
<[djWd_bW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<[djWd_b[if_d^WbWcfebW'&&cY]%(cB
<[djWd[ij%<[djWd_bWcfebW(+&cY]%+cB
:khe][i_YWZ[i_lejhWdiZhc_Ye(+cY]%^
:khe][i_YWZ[i_lejhWdiZhc_Ye+&cY]%^
Kiei
I[ZWe1Wbl_eZWZeh1fh#ef[hWjh_e1Yecfb[c[djedWWd[ij[i_W][hWbekh[]_edWb1jhWjWc[djeZWZeh
Yhd_YWWZ[i_lei$
Feiebe]_W
Iebk[i_d`[j|l[_i
9h_WdWiZ['#'(Wdei
I[ZWe[cf[gk[dWiY_hkh]_Wi[WdWb][i_WÅ'#(cY]%a]%Zei[?C"?L"feZ[#i[h[f[j_hWZeiW][c[c
_dj[hlWbeiZ[)&#,&c_dkjei$9h_WdWiZ['.#),c[i[ifeZ[ch[gk[h[hZeiW][diZ[(#)cY]%a]%Zei[$
I[ZWeYedjdkW[Wd[ij[i_WÅ_d_Y_WhYec'#(cY]%a][cXebkii[]k_ZeZ['cY]%a]%^[cXebki$
:ei[kikWbÅ'#)cY]%a]%^$
9h_WdWi4'(Wdei[7Zkbjei
I[ZWe[cf[gk[deifheY[Z_c[djei[WdWb][i_WÅ&"+#'cY]%a]%Zei[?C"?L$:eiW][dicW_iWbjWiiekiWZWi
[cfheY[Z_c[djeicW_eh[i$
I[ZWedefh#ef[hWjh_e"_dZkeWWd[ij[i_Wh[]_edWb"Zehdefi#ef[hWjh_eÅ+&#'&&cY]%Zei[?C"?L$
?dZkedWWd[ij[i_W][hWbÅ(#+&cY]%a]?C"?L$
7Z`kdje[cWd[ij[i_W][hWbÅ+&#'&&cY]%a]Yecen_]
d_e[h[bWnWdj[ckiYkbWh$
7Z[i_lejhWdiZhc_YeÅfh[ii_edWheWZ[i_leZkhWdj[)&i[]kdZeidebeYWbZ[Wfb_YWe$:[_nWhfeh-(^ehWi$
'-,r
I[WWdWb][i_W\eh_dikÓY_[dj["WZei[Z[l[h|i[hWkc[djWZWWfi)Z_Wi$FWhWZei[iikf[h_eh[iW'&&cY]%Z_W"
feZ[i[hkiWZecW_iZ['WZ[i_leWeZ_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh-+ZWZei[dehcWb$
9bYh2'&cB%c_dÅWZc_d_ijhWh+&ZWZei[dehcWb$
Fh[YWk[i
:[l[i[hkiWZeYecYWkj[bW[cfWY_[dj[iYecZe[dWfkbcedWheXijhkj_lWYhd_YWekekjhWifWjebe]_Wigk[
Z_c_dkWcWYWfWY_ZWZ[h[if_hWjh_W$
<
<[djWd_bW!:hef[h_Zeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D_bf[h_Zeb\[djWd_bW'&&cY]!Zhef[h_Zeb+cY]WcfebW(cB
Kiei
7dWb][i_W[i[ZWe[cfheY[iieiY_hh]_Yei[[cfheY[Z_c[djeiZ_W]dij_Yei"feZ[dZei[hkj_b_pWZe[c
d[kheb[fjeWdWb][i_WYecWÓdWb_ZWZ[Z[fhefehY_edWhfhej[ed[khel[][jWj_lW[YWhZ_eY_hYkbWjh_W[c
gkWbgk[hj_feZ[_dj[hl[deY_hh]_YW"gkWbgk[hgk[i[`WWYedZ_e\i_YWZefWY_[dj[1kj_b_pWZedWfh#
c[Z_YWe"dW_dZke[cWd[ij[i_W][hWbWiieY_WZWekdeWkc^_fdj_Ye"[YeceYecfb[c[djeZ[
cWdkj[deZWWd[ij[i_W][hWb[h[]_edWb$
Feiebe]_W
9h_WdWi4(Wdei
Fh#c[Z_YWeÅ&"(+cBfWhWYWZW'&a]Z[f[ieYehfehWb"WZc_d_ijhWZel_W?C*+#,&c_dkjeiWdj[iZW
Y_hkh]_WYeceki[cWjhef_dW$
9ecfb[c[djeZWWd[ij[i_W][hWbÅWZei[jejWbYecX_dWZWfWhW_dZke[cWdkj[de"[ccZ_W"Z[&"+cB
fWhWYWZW'&a]Z[f[ieYehfehWb$
7Zkbjei
9ecfb[c[djeZWWd[ij[i_W][hWbÅ_dZke"'cBfWhWYWZW'&#'(a]Z[f[ieYehfehWbfeZ[i[hWZc_d_ijhWZe
b[djWc[dj[fehl_W[dZel[deiW$
Kiei[cWd[iji_Ye][hWb[cfheY[Z_c[djeiZ_W]dij_YeiÅWZc_d_ijhWhfehl_W_djhWckiYkbWh1WZei[
h[Yec[dZWZWZ[fh#c[Z_YWe&"+#("&cB"*+#,&c_dkjeiWdj[iZefheY[Z_c[dje$
9ecfb[c[djeZWWd[ij[i_Wh[]_edWbÅ'#(cBfeZ[ci[hWZc_d_ijhWZeifehl_W_djhWckiYkbWhek[dZel[deiW
b[djW"gkWdZei[d[Y[ii_jWZ[i[ZWeWZ_Y_edWb[WdWb][i_W$
<_b]hWij_cW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
=hWdkbea_d[\hWiYe#WcfebW)&&cY]
Kiei
H[ZkedWZkhWeZ[d[kjhef[d_W[_dY_Z
dY_WZ[d[kjhef[d_W\[Xh_bdeifWY_[dj[ifehjWZeh[iZ[d[efbWi_Wi
de#c_[b_Z[i"jhWjWZeiYecgk_c_ej[h|f_YeiY_jejn_Yei1jhWjWc[djeZ[d[kjhef[d_WYhd_YW]hWl[1
jhWjWc[djeZ[d[kjhef[d_W_dZkp_ZWfeh\|hcWYei1jhWjWc[djeZ[fWY_[dj[iYecW_ZiYecd[kjhef[d_W
r'--
YWkiWZWf[bWfhfh_WZe[dWek_d\[YeZ[eh]Wd_iceiefehjkd_ijWiYeceeiY_jec[]Wbelhkiekfeh
W][dj[iWdj_#h[jhel_hW_iZ_ZWdei_dW"pWbY_jWX_dW"p_ZelkZ_dW1fhebed]Wc[djeZWieXh[l_ZWZ[fWY_[dj[igk[
ie\h[hWcjhWdifbWdj[Z[c[ZkbWii[WWkjbe]WWbe]
d_YW[cgk[e[dn[hjeZ[cehWZeek\e_h[`[_jWZe"dW
fh[i[dWekWki
dY_WZ[_d\[Ye1WY[b[hWeZWh[Ykf[hWeZ[[dn[hjec_[b_Z[[cfWY_[dj[iYecb_d\ecW
de#>eZ]a_d"b[kY[c_Wb_d\eXb|ij_YWW]kZW[Ze[dWZ[>eZ]a_dgk[ie\h[hWcjhWdifbWdj[Wkjbe]eZWc[ZkbW
ii[W1jhWjWc[djeZ[idZhec[ic_[beZ_ifb|ij_YWi$
Feiebe]_W
I9%_d\kie?L
D[edWjeiÅ+#'&cY]%a]%Z_W'l[pWeZ_WZkhWdj[)#+Z_Wi$
9h_WdWi[7ZkbjeiÅ+#'&cY]%a]%Z_WWfhen_cWZWc[dj['+&#)&&cY]%c(%Z_W'l[pWeZ_WZkhWdj[Wj'*
Z_WiekWjgk[WYedjW][cWXiebkjWZ[d[kjhÓbeiWj_d`W'&$&&&%cc)$
CeX_b_pWeZ[YbkbWifh[YkhiehWiZeiWd]k[f[h_\h_YeÅ'&cY]%a]%Z_WI9ZkhWdj[*Z_Wi"Wdj[iZWfh_c[_hW
b[kYeW\h[i[[Yedj_dkWhWjWbj_cW$
D[kjhef[d_WYed]
d_jWÅZei[_d_Y_WbÅ,cY]%a]%Zei[I9(l[p[iWeZ_W$
D[kjhef[d_WYYb_YWek_Z_ef|j_YWÅ+c]Y%a]%Z_WI9'l[pWeZ_W$
FWY_[dj[iYecY~dY[hh[Y[X[dZejhWdifbWdj[Z[c[ZkbWii[WÅ_d\kie?L%I9Å+#'&cY]%a]%Z_W"
WZc_d_ijhWZei[ckcf[heZe¨(*^ehWiWfigk_c_ej[hWf_WY_jejn_YW[[ckcf[heZe¨(*^ehWiWfi
_d\kieZ[c[ZkbWii[W$
<
Fh[YWk[i
KiWhYecYWkj[bW[ccWb_]d_ZWZ[YecYWhWYj[hij_YWic_[b_Z[i"]ejW"fiehWi[[[l[djeiYWhZWYeiYece
_d\WhjeZec_eY|hZ_eekWhh_jc_Wi$
<_dWij[h_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FheiYWhYecfh_c_Ze+c]
Kiei
DejhWjWc[djeZW^_f[hfbWi_Wfheij|j_YWX[d_]dWi_djec|j_YW1YWblY_[[c^ec[di$
Feiebe]_W
7ZkbjeiZei[necWiYkb_de
LE
>_f[hfbWi_Wfheij|j_YWX[d_]dWÅ+c]%Z_W[cZei[d_YW1h[ifeijWiYbd_YWieYehh[cZ[djheZ['(i[cWdWiW
,c[i[iZe_dY_eZWj[hWf_W1kcWWZc_d_ijhWeWbed]efhWpeh[Yec[dZWZWfWhWh[ifeijWc|n_cW$
9WblY_[Å'c]Z_Wh_Wc[dj[$
Fh[YWk[i
KiWhYecYk_ZWZe[cfWY_[dj[iYecZ_i\kd[i^[f|j_YWi$Ced_jehWhYWkj[beiWc[dj[eifWY_[dj[iYec]hWdZ[
lebkc[h[i_ZkWbkh_d|h_eekZ_c_dk_ei[l[hWZeÔknekh_d|h_efehkhefWj_WeXijhkj_lW$
'-.r
<bkYedWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Pebj[YY|fikbW+&c]
Pebj[YY|fikbW'&&c]
Pebj[Y%<bkYedWpebÅC[Z_YWc[dje=[dh_YeXebiW(&&c]%'&&cB
Kiei
9h_fjeYeYei[_dYbk_dZec[d_d]_j[Yh_fjeYY_YW[_d\[Y[i[cekjheibeYW_iYece"feh[n[cfbe"fkbcedWh[i
[Ykj~d[Wi1YWdZ_ZWi[i_ij
c_YW_dYbk_dZeYWdZ_Z[c_W"YWdZ_ZWi[Z_ii[c_dWZW[ekjhWi\ehcWiZ[_d\[Ye
_dlWi_lWfehY~dZ_ZW"_dYbk_dZe_d\[Y[iZef[h_jd_e"[dZeY|hZ_e"eb^ei[jhWjefkbcedWh[kh_d|h_e1
YWdZ_ZWi[Z[ckYeiW_dYbk_dZeehe\Whd][W"[ie\|]_YW"_d\[Y[iXhedYefkbcedWh[ide#_dlWi_lWi"YWdZ_Zh_W"
YWdZ_ZWi[ckYeYkj~d[W[YWdZ_ZWi[ehWbWjhÓYWYhd_YW1fh[l[deZ[_d\[Y[i\d]_YWi[cfWY_[dj[iYec
Ze[dWicWb_]dWi[gk[[ijefh[Z_ifeijeiWjW_i_d\[Y[iZ[l_Ze}gk_c_ej[hWf_WY_jejn_YW[hWZ_ej[hWf_W$
<
Feiebe]_W
LE%?L
D[edWjeifh[cWjkhei
§(/i[cWdWiZ[][ijWe
H[Yc#dWiY_Zei&#'*Z_WiÅ+#,c]%a]%Zei[WYWZW-(^ehWi$
H[Yc#dWiY_Zei4'*Z_WiÅ+#,c]%a]%Zei[WYWZW*.^ehWi$
)&#),i[cWdWiZ[][ijWe
H[Yc#dWiY_Zei&#'*Z_WiÅ)#,c]%a]%Zei[WYWZW*.^ehWi$
D[edWjeiYeccW_iZ['*Z_Wi[9h_WdWiZ['c
i#'(Wdei
9WdZ_ZWi[ehe\Whd][WÅ,c]%a]de'±Z_W"i[]k_ZeiZ[)c]%a]ZkhWdj['*Z_Wi$
9WdZ_ZWi[[ie\|]_YWÅ,c]%a]de'±Z_W"i[]k_ZeiZ[)#'(c]%a]%Z_WZkhWdj[('Z_Wi$
9WdZ_ZWi[i_ij
c_YWÅ,#'(c]%a]%Z_WZkhWdj[(.Z_Wi$
C[d_d]_j[Yh_fjeYY_YWW]kZWÅ'(c]%a]de'±Z_W"i[]k_ZeiZ[,#'(c]%a]%Z_W'&#'(i[cWdWiZ[fe_iZ[
Yeb^_ZeÔk_ZeYh[Xhe#[if_d^Wb[YkbjkhWd[]Wj_lW$
7Zkbjei
9WdZ_ZWi[lW]_dWbÅ'+&c]LE"[cZei[d_YW$
FheÓbWn_W[cfWY_[dj[ijhWdifbWdjWZeiÅ*&&c]%Z_WLE%?L'l[pWeZ_W$
9WdZ_ZWi[ehe\Whd][WÅ(&&c]de'±Z_W"i[]k_ZeiZ['&&c]ZkhWdj['*Z_Wi$
9WdZ_ZWi[[ie\|]_YWÅ(&&c]de'±Z_W"i[]k_ZeiZ['&&#*&&c]ZkhWdj[('Z_Wi$
9WdZ_ZWi[i_ij
c_YWÅ*&&c]de'±Z_W"i[]k_ZeiZ[(&&#.&&c]ZkhWdj[(.Z_Wi$
C[d_d]_j[Yh_fjeYY_YWW]kZWÅ*&&c]de'±Z_W"i[]k_ZeiZ[(&&#.&&c]ZkhWdj['&#'(i[cWdWiZ[fe_iZ[
Yeb^_ZeÔk_ZeYh[Xhe#[if_d^Wb[YkbjkhWd[]Wj_lW$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh('#+&cB%c_dÅWZc_d_ijhWh+&ZWZei[h[Yec[dZWZW$
9bYh2(&cB%c_dÅWZc_d_ijhWh(+ZWZei[h[Yec[dZWZW$
Fh[YWk[i
FWY_[dj[igk[Z[i[dlebl[hWcj[ij[iWdehcW_iZ[\kde^[f|j_YWZkhWdj[Wj[hWf_WYecÔkYedWpebZ[l[ci[h
ced_jehWZeigkWdje}eYehh
dY_WZ[ZWdeicW_ii[l[heiWe\]WZe$I[i_dW_i[i_djecWiZ[Z[i[dlebl_c[dje
Z[Ze[dW^[f|j_YW\eh[cWjh_XkZeiWeÔkYedWpeb"Z[l[#i[Z[iYedj_dkWhekie$KiWhYecYWkj[bW[cfWY_[dj[i
\Wp[dZekieZ[Y_iWfh_ZWekWij[c_peb$
r'-/
<bkZheYehj_iedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<beh_d[\[Yecfh_c_Ze&"'c]
Kiei
JhWjWc[djeZ[_dikÓY_
dY_WWZh[deYehj_YWbYhd_YWfh_c|h_W"Yecej[hWf_WZ[h[fei_efWhY_Wb1jhWjWc[djeZ[
^_fej[dieehjeij|j_YW_Z_ef|j_YW"[cYed`kdjeYec_d][ijeWkc[djWZWZ[iZ_e1jhWjWc[djeZW^_f[hfbWi_W
WZh[dWbYed]
d_jW1jhWjWc[dje[Wkn_b_WhZ[Z_W]dij_YeZWWY_Zei[jkXkbWhh[dWbZej_fe?LWiieY_WZWYec
^_feWbZeij[hed_ice^_fehh[d_d
c_Ye$
Feiebe]_W
LE
9h_WdWiZ['c
i#'(WdeiÅ&"&+#&"'c]%Z_W$
7ZkbjeiÅ&"&+#&"(c]%Z_W$
<
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec^_f[hj[die"[Z[cWekZ_i\kdeh[dWb$
<bkZhen_Yehj_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:h[d_iedYh[c[&"'(+c]%]X_idW]W)&]
Kiei
?dZ_YWZedeWbl_eZ[cWd_\[ijW[i_dÔWcWjh_Wi[fhkh_]_deiWiZ[Z[hcWjei[igk[h[ifedZ[cWYehj_Yeij[h_Z[i$
Feiebe]_W
Jf_Ye
9h_WdWi[7Zkbjei
B[i[ic_ZWiÅkcWf[gk[dWgkWdj_ZWZ[Z[l[i[h\h_YY_edWZWYk_ZWZeiWc[dj[ieXh[W|h[WW\[jWZW(#)
l[p[iWeZ_W$
B[i[ii[YWi[[iYWceiWiÅWfb_YWh[c\_dWiYWcWZWidWi|h[WiW\[jWZWi(#)l[p[iWeZ_W$
Fh[YWk[i
7WXiehei_ij
c_YWZ[Yehj_Yeij[h_Z[ijf_YeiYWkiWikfh[iieh[l[hil[bZe[_ne^_fej|bWceÅ^_fÓi[Å
ikfhW#h[dWb"cWd_\[ijW[iZWidZhec[Z[9ki^_d]"^_f[h]b_Y[c_W[]b_Yeih_W[cWb]kdifWY_[dj[i$
<bkcWp[d_b
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
BWd[nWjWcfebW&"+c]%+cB
Kiei
9eceWdjW]ed_ijWX[dpeZ_Wp[fd_Ye1deWdjW]ed_pWei[\[_jeiZ[ekjheiW]ed_ijWiZeh[Y[fjeh=7871de
h[l[hj[ei[\[_jeiZ[dWhYj_Yei$
'.&r
Feiebe]_W
?L
9h_WdWi4'Wde
H[l[hieZWi[ZWeYediY_[dj[ekWd[ij[i_W][hWb_dZkp_ZWfehX[dpeZ_Wp[fd_YeiÅZei[_d_Y_WbÅ&"&'
c]%a]Wj&"(c]feh?L[c"decd_ce"'+i[]kdZei1feZ[#i[h[f[j_hWZei[Z[&"&'c]%a]Wj&"(c]Wfi
*+i[]kdZei["[dje"WYWZWc_dkje"WjWZei[YkckbWj_lWc|n_cWZ[&"&+c]%a]"ek'c]"Wgk[bWgk[\eh
c[deh$:ei[kikWbc|n_cWÅ&"&.#'c]$
JhWjWc[djeZ[_djen_YWefehX[dpeZ_Wp[fd_YeiÅZei[_d_Y_WbÅ&"&'c]%a]Wj&"(c]"YecZei[i
h[f[j_ZWiZ[&"&'c]%a]Wj&"(c]WYWZWc_dkje$:ei[YkckbWj_lWc|n_cWÅ'c]1YeceWbj[hdWj_lW"feZ[#
i[h[f[j_hWZei[[cXebki"i[]k_ZWZ[_d\kieYedjdkWZ[&"&&+#&"&'c]%a]%^$
7Zkbjei
H[l[hieZWi[ZWeYediY_[dj[ekWd[ij[i_W][hWb_dZkp_ZWfehX[dpeZ_Wp[fd_YeiÅ&"(c]?L"
WZc_d_ijhWZei[c"decd_ce"'+i[]kdZei"feZ[dZeh[f[j_hWZei[Z[&"(c]Wfi*+i[]kdZei["[dje"Wj
,&i[]kdZei"Wjkcc|n_ceZ['c]$:ei[kikWbc|n_cWÅ&",#'c]$;c[l[djeiZ[h[ii[ZWe"feZ[c#i[
h[f[j_hZei[i[c_dj[hlWbeiZ[(&c_dkjeiYecZei[c|n_cWZ['c]%Zei[&"(c]%c_d$:ei[c|n_cWÅ)c]
[c'^ehW$
;ckd_ZWZ[Z[j[hWf_W_dj[di_lWekWXehZW][cZ[_dYediY_
dY_WZ[YWkiWZ[iYed^[Y_ZWÅZei[_d_Y_Wb
Å&")c]1i[e]hWkZ[i[`WZeZ[YediY_
dY_WdeeXj_Ze[c,&i[]kdZei"Zei[iikXi[g[dj[ifeZ[ci[h
WZc_d_ijhWZWiWjefWY_[dj[ÓYWhZ[if[hjeekWjgk[i[Wj_d`WWZei[YkckbWj_lWZ[(c]$9Wie^W`Wh[jehde
ZWiedeb
dY_W"j[c#i[ceijhWZej_b_d\kieZ[&"'#&"*c]%^$7l[beY_ZWZ[Z[_d\kieZ[l[i[hW`kijWZW
_dZ_l_ZkWbc[dj[WjeZ[i[`|l[bdl[bZ[Z[if[hjWh$9WiekcWc[b^ehWi_]d_ÓYWj_lWde[ijWZeZ[YediY_
dY_W[
dW\kdeh[if_hWjh_Wdei[`WeXj_ZWWfiZei[ih[f[j_ZWiZ[ÔkcWp[d_b"Z[l[#i[f[diWhdkcW[j_ebe]_W
deX[dpeZ_Wp[fd_YW$
JhWjWc[djeZ[_djen_YWefehX[dpeZ_Wp[fd_YeiÅ&"(c]?LWZc_d_ijhWZei[c"f[bec[dei")&i[]kdZei1
feZ[#i[WZc_d_ijhWhZei[Z[&")c]Wfi)&i[]kdZei"YWieedl[bZ[YediY_
dY_WZ[i[`WZedej[d^Wi_Ze
eXj_Ze1Zei[iWZ_Y_edW_iZ[&"+c]feZ[ci[hZWZWi[c_dj[hlWbeiZ[)&i[]kdZeiW'c_dkjeWjkcWZei[
YkckbWj_lWZ[)c]$:ei[YkckbWj_lWkikWbÅ'#)c]1hWhWc[dj["fWY_[dj[iYech[ifeijWifWhY_W_iWZei[iZ[
)c]feZ[ch[gk[h[hWj_jkbWeZWZei[WjkcjejWbZ[+c]$;c[l[djeiZ[h[ii[ZWe"feZ[c#i[h[f[j_h
Zei[i[c_dj[hlWbeiZ[(&c_dkjeic|n_ceZ['c]%Zei[$:ei[c|n_cWÅ)c][c'^ehW$
<
Fh[YWk[i
FeZ[YWkiWhWXij_d
dY_W[cfWY_[dj[iZ[f[dZ[dj[iZ[X[dpeZ_Wp[fd_Yei$DekiWh[cfWY_[dj[igk[[ij[`Wc
\Wp[dZejhWjWc[djeYecWdj_Z[fh[ii_leijh_YYb_Yei$FeZ[eYehh[hh[ii[ZWeYecekieZ[ÔkcWp[d_b"Z[l_ZeW
ikWc[_W#l_ZWYkhjW$
<bkdWh_p_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
L[hj_nYecfh_c_Ze'&c]
Kiei
JhWjWc[djeZ[Z\_Y_jid[kheb]_YeiWiieY_WZeiYec^[cehhW]_WikXWhWYd_Z[W1fheÓbWn_W[jhWjWc[djeZ[
_dikÓY_
dY_Wl[deiWf[h_\h_YW"Ze[dWWhj[h_WbeYbki_lW[YbWkZ_YWe_dj[hc_j[dj[1fheÓbWn_WZW[dnWgk[YW1
fheÓbWn_WZWil[hj_][di$
Feiebe]_W
LE
7ZkbjeiÅ'&c](l[p[iWeZ_WYec_dj[hlWbeZ['(^ehWi$
r'.'
Fh[YWk[i
9edjhW#_dZ_YWZedeYWieZ[Z[fh[ii[i]hWl[i[dW\Wi[W]kZWZ[WY_Z[dj[lWiYkbWhY[h[XhWb$
<bkd_jhWp[fWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
He^ofdebYecfh_c_Ze'c]
Kiei
JhWjWc[djeZ[YkhjWZkhWeZW_did_W$
<
Feiebe]_W
LE
7ZkbjeiÅWZei[h[Yec[dZWZWZ[&"+#'c]WeZ_W1[cYWiei[nY[fY_edW_i"WZei[feZ[i[hWkc[djWZW
Wj(c]$
Fh[YWk[i
H[W[ifWhWZenW_iYece_dgk_[jWe"W]_jWe"_hh_jWX_b_ZWZ["W]h[ii_l_ZWZ["Z[bh_ei"\kheh"f[iWZ[bei"
WbkY_dW[i"fi_Yei["YecfehjWc[dje_dWZ[gkWZe[ekjhei[\[_jeiYecfehjWc[djW_iWZl[hieifeZ[c
h[Yed^[Y_ZWc[dj[eYehh[hYecX[dpeZ_Wp[fd_Yei$I[eYehh[h[c"ekieZec[Z_YWc[djeZ[l[i[h
_dj[hhecf_Ze$JW_i[\[_jeiiecW_ifhel|l[_i[c_Zeiei$
<bkeh[iY[dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<bkeh[iY[dWiebkee\j|bc_YW'\hWiYe)cB
Kiei
?dZ_YWZefWhWeZ_W]dij_YeZ[Y[hWj_j[i"bY[hWiZ[Yhd[W[b[i[iZ[Yed`kdj_lW1WZWfjWeZ[b[dj[iZ[
YedjWjeYedl[dY_edW_i$
Fh[YWk[i
Dekj_b_pWhYecb[dj[iZ[YedjWje][bWj_deiWi$
<bkehc[jebedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<behWj[ikif[diee\j|bc_YW&"'\hWiYe+cB
Kiei
9edZ_[iZ[_dÔWcW[ieYkbWh[i"_dYbk_dZegk[hWj_j[i"_h_j[i"Y_Yb_j[i[Yed`kdj_l_j[i$
'.(r
Feiebe]_W
Jf_Yee\j|bc_Ye
9h_WdWi4(Wdei[7Zkbjei
?d\[Y[i]hWl[iÅ'#(]ejWidWXebiWYed`kdj_lW"WYWZW^ehW"ZkhWdj[eZ_W"[WYWZW(^ehWiZkhWdj[Wde_j[Wj
gk[i[`WeXj_ZWkcWh[ifeijW\Wleh|l[b1[dje"Wfb_YW#i[']ejWWYWZW*^ehWi$
?dÔWcW[ib[l[iekceZ[hWZWiÅ'#(]ejWidWXebiWYed`kdj_lW(#*l[p[iWeZ_W$
Fh[YWk[i
Deh[Yec[dZWZeekie[cYh_WdWic[deh[iZ[(Wdei$Ekiefhebed]WZefeZ[h[ikbjWh[c]bWkYecW"
Wkc[djeZWfh[iie_djhW#eYkbWhekekjheiZWdeieYkbWh[i$
<
<bken[j_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;k\ehYecfh_c_Ze(&c]
Kiei
JhWjWc[djeZWZ[fh[iie"idZhec[eXi[ii_le#Yecfkbi_lW"Xkb_c_Wd[hleiW"j[diefh#c[dijhkWb$
Feiebe]_W
LE
7Zkbjei
:[fh[iieekidZhec[eXi[ii_le#Yecfkbi_lWÅZei[_d_Y_WbÅ(&c]%Z_W"WZc_d_ijhWZeif[bWcWd^"feZ[dZe
Wkc[djWh[c(&c]%Z_W"WfiWb]kcWii[cWdWi$:ei[c|n_cWÅ.&c]%Z_W$
8kb_c_Wd[hleiWÅ,&c]%Z_W"WZc_d_ijhWZeif[bWcWd^$
J[diefh#c[dijhkWbÅ(&c]%Z_W$:ei[c|n_cWÅ.&c]%Z_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWih[dW_i[^[f|j_Yei"fWY_[dj[i[f_bj_Yei"fWY_[dj[iYecZ_i\kd[i
YWhZWYWi[Z_WXj_Yei$KieYWkj[beie[cfWY_[dj[iYecWbjeh_iYeZ[ik_YZ_e1WZ_Y_edWhek_d_Y_Whekjhei
Wdj_Z[fh[ii_leiWj+i[cWdWiZ[fe_iZ[fWhWhejhWjWc[djeYecÔken[j_dW$
<bkhWp[fWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:WbcWZehcYecfh_c_Ze)&c]
Kiei
JhWjWc[dje_dj[hc_j[dj[Z[_did_WZ[bed]efhWpe1j[hWf_WZ[YkhjefhWpegkWdZei[Z[i[`WX[dpeZ_Wp[fd_Ye
Yecl_ZWcZ_WZ[[b_c_dWebed]W[[\[_jeWdi_ebj_YeZ_khdeh[ikbjWdj[$
Feiebe]_W
LE
9h_WdWi4'+WdeiÅ'+c]dW^ehWZ[Zehc_h$
7ZkbjeiÅ'+#)&c]dW^ehWZ[Zehc_h$
r'.)
Fh[YWk[i
9edjhW#_dZ_YWZe[cYh_WdWic[deh[iZ['+WdeiZ[_ZWZ[$
<bkj_YWiedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<b_nej_Z[ifhWo+&cY]%Zei[\hWiYe'(&Zei[i
<b_nej_Z[ifhWo(+&cY]%Zei[\hWiYe,&Zei[i
<b_nedWi[ifhWodWiWb+&cY]%Zei[\hWiYe'(&Zei[i
Kiei
IfhWodWiWbÅfheÓbWn_W[jhWjWc[djeZWh_d_j[Wbh]_YWiWpedWb"_dYbki_l[\[Xh[Ze\[de[h_d_j[Yhd_YW$
?dWbWeehWbÅjhWjWc[djeZWWicWb[l["ceZ[hWZW[]hWl[$
<
Feiebe]_W
DWiWb
9h_WdWiZ[*#''WdeiZ[_ZWZ[Å'Zei[+&cY][cYWZWdWh_dW"'l[pWeZ_W"fh[\[h[dY_Wbc[dj[f[bWcWd^$
;cWb]kdiYWiei"feZ[i[hd[Y[ii|h_WWWZc_d_ijhWeZ['Zei[+&cY][cYWZWdWh_dW(l[p[iWeZ_W$:ei[
c|n_cWZ_|h_WÅ(Zei[i[cYWZWdWh_dW$
9h_WdWi¨'(Wdei[7ZkbjeiÅ(Zei[i+&cY][cYWZWdWh_dW"'l[pWeZ_W"Z[fh[\[h
dY_Wf[bWcWd^$;c
Wb]kdiYWiei"feZ[i[hd[Y[ii|h_WWWZc_d_ijhWeZ[(Zei[i[cYWZWdWh_dW'&&cY](l[p[iWeZ_W$:ei[
c|n_cWZ_|h_WÅ*Zei[i[cYWZWdWh_dW$
?dWbWeehWb
9h_WdWi4*WdeiÅ+&#(&&cY](l[p[iWeZ_W$
7Zeb[iY[dj[i4',Wdei[7ZkbjeiÅ'&&#'$&&&cY](l[p[iWeZ_W$
7icWb[l[Å'&&#(+&cY](l[p[iWeZ_W$
7icWceZ[hWZWÅ(+&#+&&cY](l[p[iWeZ_W$
7icW]hWl[Å+&&#'$&&&cY](l[p[iWeZ_W$
<ehcej[heb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<bk_hY|fikbW_dWbWjh_W'(cY]_dWbWZeh)&Zei[i
<ehWZ_bY|fikbW_dWbWjh_W'(cY]_dWbWZeh)&Zei[i
Kiei
JhWjWc[djeZ[cWdkj[deZWWicW[ZWXhedYeYedijh_edW:FE91fh[l[deZeXhedYe[ifWice[c
fWY_[dj[icW_eh[iZ[+WdeiYecZe[dWfkbcedWheXijhkj_lWh[l[hil[b1fh[l[deZeXhedYe[ifWice
_dZkp_Zefeh[n[hYY_ei[cYh_WdWicW_eh[iZ['(Wdei[WZkbjei$
Feiebe]_W
?dWbWeehWb
8hedYeZ_bWjWeWicWek:FE9
9h_WdWi¨+Wdei[7ZkbjeiÅ'(cY](l[p[iWeZ_WWYWZW'(^ehWi$
Fh[l[deZWWicW_dZkp_ZWfeh[n[hYY_e
9h_WdWi¨'(Wdei[7ZkbjeiÅ'(cY]'+c_dkjeiWdj[iZe[n[hYY_e$
'.*r
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWiYWhZ_elWiYkbWh[i"Yh_i[iYedlkbi_lWi[j_h[ejen_Yei[$
<ei\WjeZ[IZ_e:_X|i_Ye!<ei\WjeZ[IZ_eCedeX|i_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<b[[j[d[cW\ei\WjeZ[iZ_eZ_X|i_Ye&"&,]!\ei\WjeZ[iZ_ecedeX|i_Ye&"',]%cB\hWiYe')&cB
F^ei\e[f[d[cW\hWiYe')&cB
Kiei
9ecebWnWdj[dejhWjWc[djeZWYedij_fWe1[ilWp_Wc[djeZeYbeddefh[fi#fWhje"fh[fi#ef[hWjh_e[
dWfh[fWhWefWhW[nWc[ifheYjeb]_Yei[hWZ_eb]_Yei$
<
Feiebe]_W
H[jWb
9h_WdWi4'(Wdei[7ZkbjeiÅ'(&cB"[cZei[d_YW1ded[Y[ii|h_e[ilWp_WhYecfb[jWc[dj[e\hWiYe"
fehgk[[b[YedjcgkWdj_ZWZ[Z[bgk_Zeikf[h_eh}d[Y[ii|h_WfWhWkie[ÓYWp$
Fh[YWk[i
;ii[fheZkjeYedjhW#_dZ_YWZe[cc[deh[iZ['(Wdei"fehjWZeh[iZ[_dikÓY_
dY_W^[f|j_YWekh[dWb"
Wf[dZ_Y_j["eXijhke_dj[ij_dWb"iWd]hWc[djeh[jWb"Yeb_j[kbY[hWj_lW"?99"^_f[hj[dieWhj[h_Wb$;l_jWhekie
h[f[j_Ze[c_dj[hlWbeiYkhjei$
<khei[c_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
BWi_nYecfh_c_Ze*&c]
BWi_nWcfebW(&c]%(cB
<khei[c_ZWiebkeehWbZ_[jj_YWi[cYehWdj['c]%'cB\hWiYe)&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
JhWjWc[djeZe[Z[cWWiieY_WZeYec_dikÓY_
dY_WYWhZWYWYed][ij_lW[_dikÓY_
dY_W^[f|j_YWekh[dWb1Yece
cedej[hWf_WekWiieY_WZeWekjheiWdj_#^_f[hj[di_leidejhWjWc[djeZW^_f[hj[die$
Feiebe]_W
D[edWjei[fh[cWjkhei
LEÅ'#*c]%a]%Zei['#(l[p[iWeZ_W$
?C%?LÅ'#(c]%a]%Zei[ZWZeiWYWZW'(#(*^ehWi$
9h_WdWiZ['c
i#'(Wdei
LEÅ'#,c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#'(^ehWi$
?C%?LÅ'#(c]%a]%Zei[WYWZW,#'(^ehWi$
?d\kieYedjdkWÅ&"&+c]%a]%^1j_jkbWhWZei[Wjgk[i[eXj[d^WWh[ifeijWYbd_YWd[Y[ii|h_W$
7Zkbjei
LEÅZei[_d_Y_WbÅ(&#.&c]%Zei["feZ[dZeWkc[djWh(&#*&c]%Zei[[c_dj[hlWbeiZ[,#.^ehWi1WZei[feZ[
i[hj_jkbWZWWj,&&c]%Z_W[c[ijWZei[Z[cWjeieii[l[hei$
?C%?LÅ(&#*&c]%Zei[1h[f[j_h[c'#(^ehWi1Wkc[djWh[c(&c]%Zei[Wjgk[e[\[_jeZ[i[`WZei[`WeXj_Ze$
r'.+
;Z[cWfkbcedWhÅZei[kikWbÅ*&c]?L[c_dj[hlWbeiZ[,#'(^ehWi"feZ[dZeWkc[djWhfWhW.&c]YWieW
h[ifeijWYbd_YWdei[`WeXj_ZW$
?d\kieYedjdkWÅZei[_d_Y_Wb[cXebkiÅ&"'c]%a]"i[]k_ZeZ[_d\kieYedjdkWZ[&"'c]%a]%^"ZeXhWdZeW
Zei[WYWZW(^ehWiWjec|n_ceZ[&"*c]%a]%^$
Fh[YWk[i
F[hZWZ[[b[jhb_jei[Y_hhei[^[f|j_YW$
=WXWf[dj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D[khedj_dY|fikbW)&&c]
=
Kiei
7Z`klWdj[dejhWjWc[djeZ[Yh_i[iYedlkbi_lWifWhY_W_i"Yeceki[cYh_i[i][d[hWb_pWZWi[cfWY_[dj[i
[f_bj_YeicW_eh[iZ['(Wdei1WZ`klWdj[dejhWjWc[djeZ[Yh_i[ifWhY_W_i[cfWY_[dj[if[Z_|jh_YeiZ[
)#'(Wdei$
Feiebe]_W
LE
7dj_Yedlkbi_lWdj[
9h_WdWiZ[)#'(WdeiÅ'&#'+c]%a]%Z_W"_d_Y_Wbc[dj["[c)Zei[iZ_l_Z_ZWi1j_jkbWhWjWZei[[\[j_lWfehf[be
c[dei)Z_Wi$
9h_WdWiZ[)#*WdeiÅZei[[\[j_lWÅ*&c]%a]%Z_W[c)Zei[iZ_l_Z_ZWi$
9h_WdWiZ[+#'(WdeiÅZei[[\[j_lWÅ(+#)+c]%a]%Z_W[c)Zei[iZ_l_Z_ZWi$
9h_WdWi4'(Wdei[7ZkbjeiÅZei[_d_Y_WbÅ)&&c])l[p[iWeZ_W"feZ[dZeWkc[djWhi[d[Y[ii|h_e$:ei[
c|n_cWÅ'$.&&c]%Z_W$
:ei[Z[cWdkj[deÅ/&&#'$.&&c]%Z_W[c)Zei[iZ_l_Z_ZWi$
:ehd[khef|j_YWÅ)&&#'$.&&c]%Z_W[c)Zei[iZ_l_Z_ZWi$
:_ijhX_eX_febWhÅ)&&#)$&&&c]%Z_W[c)Zei[iZ_l_Z_ZWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWbÅ9h_WdWi4'(Wdei[7Zkbjei
9bYh4,&cB%c_dÅ'$(&&c]%Z_W*&&c])l[p[iWeZ_W$
9bYh)&#,&cB%c_dÅ,&&c]%Z_W)&&c](l[p[iWeZ_W$
9bYh'+#)&cB%c_dÅ)&&c]%Z_W'l[pWeZ_W$
9bYh2'+cB%c_dÅ'+&c]%Z_W)&&c]Z_Wi_c"Z_Wde$
Fh[YWk[i
7ikif[dieWXhkfjWZWc[Z_YWefeZ[fh[Y_f_jWhe[ijWZeZ[cWb[f_bj_Ye$De[ÓYWpdWiYh_i[iZ[
Wki
dY_W$;l_jWhekiedW]hWl_Z[p[bWYjWe$
'.,r
=WZeZ_Wc_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ecd_iYWd\hWiYe#WcfebW($.-&c]%'&cB
Kiei
C[_eZ[YedjhWij[fehh[iied~dY_WcW]dj_YWHCZeYh~d_e[YebkdWl[hj[XhWb[fWhWHC][hWbZeYehfeWfi
WZc_d_ijhWe_djhWl[deiW$EfheZkjee\[h[Y[YWfjWeZ[YedjhWij[[\WY_b_jWWl_ikWb_pWeZ[[ijhkjkhWi
WdehcW_iekb[i[i[cZ_l[hiWifWhj[iZeYehfe"_dYbk_dZeei_ij[cWd[hleieY[djhWbID9$
Feiebe]_W
ID9
7Zkbjei[9h_WdWiÅZei[h[Yec[dZWZWÅ&"'cceb%a][gk_lWb[dj[W&"(cB%a]Z[f[ieYehfehWbWj
'&&a]$FWhWkcf[ieYehfehWbcW_ehZegk['&&a]"(&cB][hWbc[dj[ieikÓY_[dj[ifWhWWbYWdWhYedjhWij[
WZ[gkWZeWeZ_W]dij_Ye$
7ZkbjeiÅgkWdZe^ekl[hikif[_jWZ[c[j|ijWi[Y[h[XhWb"feZ[#i[WZc_d_ijhWhkcWZei[Z[&")cceb%a]
[gk_lWb[dj[W&",cB%a]Wj'&&a]Z[f[ieYehfehWb$FWhWfWY_[dj[iYecf[ieYehfehWbcW_ehZegk['&&a]"e
jejWbZ[,&cB][hWbc[dj[ikÓY_[dj[$
;nWc[YehfehWbjejWb
7ZkbjeiÅZei[h[Yec[dZWZWÅ&"'cceb%a][gk_lWb[dj[W&"(cB%a]Wj'&&a]$FWhWfWY_[dj[iYecf[ie
YehfehWbcW_ehZegk['&&a]"kcWZei[Z[(&#,&cB][hWbc[dj[ikÓY_[dj[$
9h_WdWi¨,c[i[iZ[_ZWZ[Åh[Yec[dZW#i[&"'cceb%a][gk_lWb[dj[W&"(cB%a]$
7d]_e]hWÓW
7ZkbjeiÅZei[h[Yec[dZWZWÅ&"'cceb%a][gk_lWb[dj[W&"(cB%a]$DeiYWieiZ[[ij[dei[ZWiWhjh_Wi
WXZec_dW_i[_bWYWi"ceijhek#i[gk[kcWZei[cW_iWbjWZ[Wj&"&)cceb%a]\ehd[Y[_d\ehcW[i
Z_W]dij_YWiWZ_Y_edW_i$
=
Fh[YWk[i
=WZeZ_Wc_ZW_dj[h\[h[dWic[Z_[iZeY|bY_eih_Ye[cWb]kdicjeZeiYebeh_cjh_YeikiWZeiYeckc[dj[
[c^eif_jW_i$JWcXcfeZ[_dj[h\[h_hdWiZ[j[hc_dW[iZ[ekjhei[b[jhb_jei"Yece\[hhefeh[n[cfbe$
H[Yec[dZW#i[gk[[ii[icjeZeidei[`WckiWZeifeh'(#(*^ehWiWfiWWZc_d_ijhWeZeYedjhWij[$
EfheZkjedeZ[l[i[hkj_b_pWZeZkhWdj[W]hWl_Z[p$EWb[_jWc[djecWj[hdeZ[l[i[hikif[dieWdj[iZW
WZc_d_ijhWeZ[]WZeZ_Wc_ZW[Z[l[i[hh[_dij_jkZeWjf[bec[dei(*^ehWiZ[fe_i$
EXi[hlW[i
=WZeZ_Wc_ZWZ[l[i[hWif_hWZeZWi[h_d]W_c[Z_WjWc[dj[Wdj[iZekie$DeZ[l[i[hc_ijkhWZeZ_h[jWc[dj[
YecekjhWiZhe]Wi$:[l[#i[kiWhkcWi[h_d]W[W]kb^Wi[fWhWZWi$
=WZel[hi[jWc_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Efj_CWha)$)&/c]%'&cB<7
Kiei
I_ij[cWd[hleieY[djhWbÅ_dZ_YWZefWhWekie[ch[iied~dY_WcW]dj_YW[cfWY_[dj[iYecXWhh[_hW
^[cWje[dY[\|b_YWWdehcWbeklWiYkbWh_pWeWdehcWbZeYh[Xhe"YebkdWl[hj[XhWb[j[Y_ZeiWiieY_WZei$
r'.-
<]WZeÅ_dZ_YWZefWhWkie[ch[iied~dY_WcW]dj_YWfWhWc[b^ehWheYedjhWij[[\WY_b_jWhWl_ikWb_pWe
ZWib[i[iYeclWiYkbWh_pWeWdehcWbde\]WZe[cfWY_[dj[iYecikif[_jWWbjWZ[WdehcWb_ZWZ[iZW
[ijhkjkhW^[f|j_YWWe[nWc[fehjece]hWÓWYecfkjWZeh_pWZW$
Feiebe]_W
:[l[i[hWZc_d_ijhWZeieXW\ehcWZ[_d`[e_djhWl[deiWf[h_\h_YW[cXebki"dWZei[Z[&"(cB%a][jWnW
Z['#(cB%i$
Fh[YWk[i
9Wkj[bWZ[l[i[h[n[hY_ZW[cfWY_[dj[igk[feiiWc[ijWhkiWdZec[Z_YWc[djeiekj[hWdehcWb_ZWZ[i
c[jWXb_YWi"YWhZWYWiekekjhWigk[feiiWcfh[Z_ifehWWhh_jc_WiYWhZWYWi$KcWl[pgk[W
]WZel[hi[jWc_ZWZ[fkhWZWZeeh]Wd_icefehÓbjhWe]bec[hkbWh"Z[l[#i[[n[hY[hYWkj[bW[cfWY_[dj[i
YecZ_i\kdeh[dWb$7ibWYjWdj[iZ[l[c_dj[hhecf[hWWcWc[djWe[Z[iYWhjWheb[_j[Wj-(^ehWiWfiW
WZc_d_ijhWeZ[]WZel[hi[jWc_ZW$
=
=Wj_ÔenWY_de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
PocWhiebkee\j|bc_YW\hWiYe+cB
Kiei
x_dZ_YWZefWhWejhWjWc[djeZ[Yed`kdj_l_j[iXWYj[h_WdWiYWkiWZWifehY[fWii[dil[_iZei
i[]k_dj[ic_Yheeh]Wd_icei0
8WYjh_Wi]hWc#fei_j_lWiW[hX_WiÅ9ehod[XWYj[h_kcfhef_dgkkc 1IjWf^obeYeYYkiWkh[ki1IjWf^obeYeYYki
[f_Z[hc_Z_i1Ijh[fjeYeYYkic_j_i1Ijh[fjeYeYYkifd[kced_W[$
8WYjh_Wi]hWc#d[]Wj_lWiW[hX_WiÅ>W[cef^_bki_dÔk[dpW[ $
7[ÓY|Y_WfWhW[ii[ic_Yheeh]Wd_icei\e_[ijkZWZW[cc[deiZ['&_d\[Y[i$
Feiebe]_W
'[(Z_WZ[jhWjWc[djeÅ_dij_bWh']ejWdeeb^eW\[jWZeWYWZW(^ehWiZkhWdj[ef[heZeZ[l_]b_W"Wj.
l[p[iWeZ_W$
)We-Z_WÅ_dij_bWh']ejWdeeb^eW\[jWZeWj*l[p[iWeZ_WZkhWdj[ef[heZeZ[l_]b_W$
Fh[YWk[i
7ii_cYecefWhWekjheiW][dj[i_d\[YY_eiei"ekiefhebed]WZefeZ[h[ikbjWh[cikf[h_d\[Yefeh
c_Yheeh]Wd_iceide#i[dil[_i"_dYbk_dZe\kd]ei$I[eYehh[hikf[h_d\[Ye"ekieZ[l[i[hZ[iYedj_dkWZe
[Z[l[i[h_dij_jkZejhWjWc[djeWbj[hdWj_le$EifWY_[dj[iZ[l[ci[hWZl[hj_ZeiWdekj_b_pWhb[dj[iZ[
YedjWjei[Wfh[i[djWh[ci_dW_i[i_djecWiZ[Yed`kdj_l_j[XWYj[h_WdW$EifWY_[dj[iZ[l[ci[h_d\ehcWZei
gk[eYehh[hWch[W[iZ[^_f[hi[di_X_b_ZWZ[c[iceWfikcWd_YWZei[[gk[Z[l[c_dj[hhecf[he
jhWjWc[dje_c[Z_WjWc[dj[[YedjWjWhei[kcZ_YeWefh_c[_hei_dWbZ[[hkfeYkj~d[WekZ[
h[W[iWbh]_YWi$
'..r
=[djWc_Y_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
=WhWc_Y_dWWcfebW,&c]%'"+cB
=WhWc_Y_dWWcfebW.&c]%(cB
Kiei
JhWjWc[djeZ[_d\[Y[iikiY[jl[_i"dehcWbc[dj[feheh]Wd_icei]hWc#d[]Wj_lei"_dYbk_dZeFi[kZecedWi"
;$Yeb_"Fhej[ki"I[hhWj_W"[]hWc#fei_j_leiYeceIjWf^obeYeYYki1_d\[Y[iii[Wi1_d\[Y[iZei_ij[cWd[hleie
Y[djhWb1_d\[Y[iZejhWjeh[if_hWjh_e1_d\[Y[iZWf[b[[j[Y_Zeiceb[i1_d\[Y[i_djhW#WXZec_dW_i1_d\[Y[i
ZejhWjekh_d|h_e"[dZeYWhZ_j[i"i[fj_Y[c_W"feZ[i[hkiWZe[cYecX_dWeYecWcf_Y_b_dWdWj[hWf_W[cfh_YW
ZWi[fi[[ch[Yc#dWiY_Zei1fh[l[deZW[dZeYWhZ_j[XWYj[h_WdWWdj[iZefheY[Z_c[djeY_hh]_Ye[c
fWY_[dj[iZ[Wbjeh_iYe$
Feiebe]_W
?C%?L
D[edWjei
Fh[cWjkhei2'a]Å)"+c]%a]%Zei[WYWZW(*^ehWi$
&#*i[cWdWi2'"(a]Å("+c]%a]%Zei[WYWZW'.#(*^ehWi$
§-Z_WiÅ("+c]%a]%Zei[WYWZW'(^ehWi$
4-Z_Wi
'"(#(a]Å("+c]%a]%Zei[WYWZW.#'(^ehWi$
4(a]Å("+c]%a]%Zei[WYWZW.^ehWi$
9h_WdWi2+WdeiÅ("+c]%a]%Zei[WYWZW.^ehWi$
FheÓbWn_WZ[[dZeYWhZ_j[Å'"+c]%a]")&c_dkjeiWdj[iZefheY[Z_c[djeYecWcf_Y_b_dWeklWdYec_Y_dW
fWY_[dj[iWbh]_YeiWWcf_Y_b_dW$:ei[c|n_cWÅ'(&c]$
?d\[YefkbcedWhdWÓXhei[Yij_YWÅ("+#)")c]%a]%Zei[WYWZW,#.^ehWi$
FWY_[dj[i[c^[ceZ_|b_i[Å'"(+#'"-+c]%a]%Zei[Wfi^[ceZ_|b_i[$
9h_WdWi¨+WdeiÅ(#("+c]%a]%Zei[WYWZW.^ehWi$
FheÓbWn_WZW[dZeYWhZ_j[Å'"+c]%a]")&c_dkjeiWdj[iZefheY[Z_c[djeYecWcf_Y_b_dWeklWdYec_Y_dW
fWY_[dj[iWbh]_YeiWWcf_Y_b_dW$:ei[c|n_cWÅ'(&c]$
?d\[YefkbcedWhdWÓXhei[Yij_YWÅ("+#)")c]%a]%Zei[WYWZW,#.^ehWi$
FWY_[dj[i[c^[ceZ_|b_i[Å'"(+#'"-+c]%a]%Zei[Wfi^[ceZ_|b_i[$
7ZkbjeiÅ)#,c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
FheÓbWn_WZW[dZeYWhZ_j[Å'"+c]%a]")&c_dkjeiWdj[iZefheY[Z_c[djeYecWcf_Y_b_dWeklWdYec_Y_dW
fWY_[dj[iWbh]_YeiWWcf_Y_b_dW$:ei[c|n_cWÅ'(&c]$
FWY_[dj[i[c^[ceZ_|b_i[Å&"+#&"-c]%a]%Zei[Wfi^[ceZ_|b_i[$
=
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh4-&cB%c_dÅckbj_fb_YWhWZei[Z[cWdkj[defeh&".+[WZc_d_ijhWh?LWYWZW.#'(^ehWi$
9bYh+&#,/cB%c_dÅckbj_fb_YWhWZei[Z[cWdkj[defeh&".+[WZc_d_ijhWh?LWYWZW'(^ehWi$
9bYh(+#*/cB%c_dÅckbj_fb_YWhWZei[Z[cWdkj[defeh&".+[WZc_d_ijhWh?LWYWZW(*^ehWi$
9bYh2(+cB%c_dÅckbj_fb_YWhWZei[Z[cWdkj[defeh&".+[WZc_d_ijhWhZei[i?LXWi[WZWidWi
YedY[djhW[iih_YWi$
Fh[YWk[i
KiWhYecYWkj[bW[cd[edWjei"Z[l_Ze}_cWjkh_ZWZ[h[dWb"[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWbfh[[n_ij[dj["
Z_ijhX_eiWkZ_j_lei[l[ij_XkbWh[i"^_feYWbY[c_W"c_Wij[d_W]hWl[[[cYedZ_[iZ[Z[fh[iieZW
jhWdic_iied[kheckiYkbWh$
r'./
=[djWc_Y_dW!8[jWc[jWiedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
=WhWied[iebkeeje#e\j|bc_YWikb\WjeZ[][djWc_Y_dW)"&c]!\ei\WjeZ_iiZ_YeZ[X[jWc[jWiedW'"&c]%
cB\hWiYeYec'&cB
Kiei
8[jWc[jWiedW!][djWc_Y_dWiebkeeje#e\j|bc_YW[ij|_dZ_YWZWfWhWejhWjWc[djeZ[_dÔWcWeeYkbWh
gkWdZed[Y[ii|h_eekieYedYec_jWdj[Z[kcW][dj[Wdj_c_YheX_Wde$JWcXc[ij|_dZ_YWZedejhWjWc[dje
Z[b[i[iZeYedZkjeWkZ_j_le[nj[hde"Yeceej_j[[nj[hdWW]kZWekYhd_YW"Z[hcWj_j[[Yp[cWjeiW"Z[hcWj_j[
i[Xehh_YW[Z[hcWj_j[fehYedjWjeYec_d\[Yei[YkdZ|h_WfheZkp_ZWfehc_Yheeh]Wd_iceii[dil[_i
W][djWc_Y_dW$
Feiebe]_W
Kiee\j|bc_Ye
H[Yec[dZW#i[Wfb_YWhZ['#(]ejWiZ[X[jWc[jWiedW!][djWc_Y_dWde\kdZeZeiWYeYed`kdj_lWbZeeb^e
W\[jWZe")#*l[p[ifehZ_W$;cYWieiW]kZei"[iiW\h[g
dY_WfeZ[h|i[hWkc[djWZWfWhWWj(]ejWiZ[^ehW[c
^ehWekZ[(#(^ehWi$
Kieejeb]_Ye
Feiebe]_W_d_Y_WbZ[X[jWc[jWiedW!][djWc_Y_dWÅ)#*]ejWi"(#*l[p[ifehZ_W$
=
Fh[YWk[i
GkWdZeX[jWc[jWiedW!][djWc_Y_dW\ehWfb_YWZWdeeb^efeh'&Z_WiekcW_i"Wfh[iie_djhW#eYkbWhZ[l[h|
i[hced_jehWZW"h[Yec[dZWdZe#i[[nWc[Yecb~cfWZWZ[\[dZW[jedec[jh_W$
=_da]e8_beXW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J[Xed_dYecfh_c_Ze*&c]
Kiei
L[hj_][c[pkcX_Zeih[ikbjWdj[iZ[Z_ijhX_eiY_hYkbWjh_eiek\[dc[deih[bWY_edWZeiWe[dl[b^[Y_c[dje1
YbWkZ_YW[i_dj[hc_j[dj[i"YeceeX`[j_leZ[Wkc[djWhWZ_ij~dY_Wf[hYehh_ZWi[cZeh[cZe[dWiWhj[h_W_i
eYbki_lWif[h_\h_YWi[ij|]_e??Z[<edjW_d[1jhWjWc[djei_djec|j_YeZeiZ_ijhX_eiZeZ[i[cf[d^eY[h[XhWb
YWkiWZeif[bW_dikÓY_
dY_WY[h[XhWbeh]~d_YW"Z[djheZeYedj[nje][hWbZ[jhWjWc[djeZWiidZhec[i
Z[c[dY_W_i_dYbki_l[Z[YhiY_ceZWYWfWY_ZWZ[c[djWb"gk[j[cYececWd_\[ijW[i0ZÓY_jZ[c[ch_W"
ZÓY_jZ[YedY[djhWe"^kcehZ[fh[ii_le"l[hj_][di"pkcX_Zei[Y[\Wb_Wi$
Feiebe]_W
LE
9h_WdWi4'(Wdei[7ZkbjeiÅ*&c])l[p[iWeZ_W$
Fh[YWk[i
DeZ[l[i[hkj_b_pWZe[cYh_WdWic[deh[iZ['(Wdei$
'/&r
=b_X[dYbWc_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:Wed_bYecfh_c_Ze+c]
Kiei
JhWjWc[djeehWbZ[Z_WX[j[ij_fe??$
Feiebe]_W
LEÅ("+#+c]%Z_W"_d_Y_Wbc[dj["feZ[dZe#i[Wkc[djWhWZei[]hWZkWbc[dj[W'+c]["[cYWiei[nY[fY_edW_i"
(&c]$7'°Zei[Z[l[i[hWZc_d_ijhWZW_c[Z_WjWc[dj[Wdj[iZW'°h[\[_eikXijWdY_Wb$FWhWeiYWieigk[
[n_]_h[ccW_iZ['Yecfh_c_Ze+c]WeZ_W"h[Yec[dZW#i[Z_l_Z_hWZei[[cZkWiWZc_d_ijhW[i0kcWWdj[i
ZW'°h[\[_eikXijWdY_Wb[ekjhWWdj[iZe`WdjWh$
Fh[YWk[i
;ii[c[Z_YWc[djedekcikXij_jkjefWhWWfhfh_WeXi[hl~dY_WZWi_dijhk[iZWZ_[jW$7[ijh_jWÓZ[b_ZWZ[
}Z_[jW[Wh[]kbWh_ZWZ[dW_d][ijeZeiYecfh_c_Zeiie[ii[dY_W_ifWhWcWdj[hW[ÓY_
dY_Wj[hWf
kj_YW
[fh[l[d_h^_f[hek^_fe]b_Y[c_W$;cYedZ_[i[nY[fY_edW_iZ[[ijh[ii[[ZkhWdj[WbWYjWe"kcWjheYW
j[cfeh|h_WfWhWW_dikb_dWfeZ[i[hd[Y[ii|h_W$
=
=b_Y[h_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
=b_Y[h_dW'(iebke\hWiYe+&&cB!iedZWYb_ij[h
FÓp[hikfei_jh_eZ[]b_Y[h_dW_d\Wdj_b'"**]Z[]b_Y[h_dW
FÓp[hikfei_jh_eZ[]b_Y[h_dWWZkbje(",.]Z[]b_Y[h_dW
IWXed[j[L[][jWbZ[=b_Y[h_dWXWhhW/&]
IWXed[j[Bgk_ZeZ[=b_Y[h_dW@@\hWiYe(&&cB
IWXed[j[Bgk_ZeZ[=b_Y[h_dW=hWdWZe8[X
\hWiYe(+&cB
Kiei
Iebkeh[jWbÅdW[ned[hWeZeXebe\[YWb1YecebWnWdj[$
Ikfei_jh_eÅjhWjWc[dje[%ekfh[l[deZWfh_ieZ[l[djh[1fWhWfheleYWh[lWYkWe$
Feiebe]_W
H[jWb
Ikfei_jh_e
D[edWjei[9h_WdWi§'WdeÅ'ikfei_jh_e_d\Wdj_bWeZ_WekWYh_jh_ecZ_Ye$
9h_WdWiZ['#'(WdeiÅ'ikfei_jh_e_d\Wdj_bWeZ_WgkWdZed[Y[ii|h_eekWYh_jh_ecZ_Ye$?djheZkp_he
ikfei_jh_eWjhWliZWl_Wh[jWb[fheYkhWhh[j
#beWjgk[WZl[d^WWledjWZ[Z[[lWYkWh$
7ZkbjeiÅ'ikfei_jh_eWZkbjeWeZ_WgkWdZed[Y[ii|h_eekWYh_jh_ecZ_Ye$?djheZkp_heikfei_jh_eWjhWli
ZWl_Wh[jWb[fheYkhWhh[j
#beWjgk[WZl[d^WWledjWZ[Z[[lWYkWh$
Iebkeh[jWbÅWYh_jh_ecZ_Ye$
r'/'
Fh[YWk[i
Ikfei_jh_eÅeiWZkbjeiZ[l[c_d][h_hZ[,#.YefeiZ[|]kWfehZ_WfWhWWkn_b_WheWceb[Y_c[djeZWi\[p[i$
Dei[Z[l[\Wp[hkieZ[bWnWdj[ifehcW_iZ['i[cWdWi[cZ[j[hc_dWecZ_YW$7lWb_Whh_iYe#X[d[\Y_e
[ci_jkW[iYbd_YWiYece^_f[hj[dieek?99$KiWhYecfh[YWke[cfWY_[dj[iYech_iYeZ[^_f[hleb[c_W"
_dikÓY_
dY_WYWhZWYWekZ_ijhX_eh[dWb$;cf[iieWiZ[i_ZhWjWZWi"feZ[^Wl[hW]hWlWc[djeZ[ijWYedZ_e$
Iebkeh[jWbÅYedjhW#_dZ_YWZW[cfWY_[dj[iYecd|ki[Wi"lc_jei"Zeh[iWXZec_dW_iek^_f[hi[di_X_b_ZWZ[}
]b_Y[h_dW"Wf[dZ_Y_j[[eXijhke_dj[ij_dWb$
=b_YbWp_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_Wc_YhedCHYecfh_c_ZeZ[b_X[hWeceZ_ÓYWZW)&c]
=
Kiei
:_WX[j[ide#_dikb_deZ[f[dZ[dj[1Z_WX[j[ideeX[ie1Z_WX[j[ide_Zeie1Z_WX[j[iYeceki[c
Yecfb_YW[ilWiYkbWh[i$
Feiebe]_W
LE
7ZkbjeiÅZei[d_YWZ_|h_WÅ)&#'(&c]"YeceYW\ZWcWd^$:[l[#i[_d_Y_WhejhWjWc[djeYec)&c]
Z_|h_ei1Wkc[djWh[c_dYh[c[djeiZ[)&c]WYWZW(i[cWdWi"[c\kdeZWh[ifeijW]b_Y
c_YW$
Fh[YWk[i
DeZ[l[i[hkiWZeZkhWdj[W]hWl_Z[p$;cYWieZ[_dj[hl[deY_hh]_YW"Z[l[#i[Yedi_Z[hWhekieZ[_dikb_dW$
=b_Yei[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
=b_Yei[+XebiW'&&cB
=b_Yei[+XebiW(+&cB
=b_Yei[+XebiW+&&cB
=b_Yei[+XebiW'$&&&cB
=b_Yei['&XebiW+&&cB
=b_Yei[(+WcfebW'&cB
=b_Yei[+&WcfebW(&cB
Kiei
Iebk[iW+#'&ÅkiWZWifWhW\ehd[Y[hYWbeh_WigkWdZei[[n_][h[fei_eZ[Ôk_Zei[YWbeh_Wi$
IebkeW+&ÅjhWjWc[djeZW^_fe]b_Y[c_W_dikbd_YW^_f[h_dikb_d[c_WekY^egk[_dikbd_YefWhWh[ijWkhWh
eidl[_iZ[]b_Yei[iWd]kd[W$
'/(r
Feiebe]_W
?L
JhWjWc[djeZW^_fe]b_Y[c_W
D[edWjeifh[cWjkheiÅ&"'#&"(]%a]%Zei["i[]k_Zefeh_d\kieYedjdkWZ[*#,c]%a]%c_d$
9h_WdWi§,c[i[iZ[_ZWZ[Å&"(+#&"+]%a]%Zei[$:ei[c|n_cWÅ(+]%Zei[$
9h_WdWi4,c[i[i#'(WdeiZ[_ZWZ[Å&"+#']%a]%Zei[$
:ei[c|n_cWÅ(+]%Zei[$
7Zeb[iY[dj[i[7ZkbjeiÅ'&#(+]
JhWjWc[djeZ[^_f[hYWb[c_W[cYecX_dWeYec_dikb_dW
9h_WdWiZ['c
i#'(WdeiÅ&"+#']%a]"YecX_dWZeYec'kd_ZWZ[Z[_dikb_dWh[]kbWhfWhWYWZW*#+]Z[
]b_Yei[WZc_d_ijhWZW1_d\kdZ_h[cf[bec[dei(^ehWi[h[f[j_h"i[d[Y[ii|h_e$
7Zeb[iY[dj[i[7ZkbjeiÅ&"'cB%a]Z[iebkeW+&"YecX_dWZeYec'kd_ZWZ[Z[_dikb_dWh[]kbWhfWhWYWZW
*#+]Z[]b_Yei[WZc_d_ijhWZW1h[f[j_hi[d[Y[ii|h_e$
Fh[YWk[i
KiWhYecYWkj[bW[cfh[cWjkhei"[if[Y_Wbc[dj[dWgk[b[iYecXW_nef[ieWedWiY[h"`|gk[ckZWdWih|f_ZWi
dWeicebWh_ZWZ[feZ[cfheleYWh[\[_jeifhe\kdZeideYh[Xhe$KiWhYecYWkj[bW[cfWY_[dj[iZ_WXj_Yei$
=
=b_Yei[!IZ_e9beh[je
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Iehe=b_Ye#<_i_eb]_Ye]b_Yei[(+]!Ybeh[jeZ[iZ_e*"+]\hWiYe+&&cB
Iehe=b_Ye#<_i_eb]_Ye]b_Yei[+&]!Ybeh[jeZ[iZ_e/]\hWiYe'$&&&cB
Kiei
x_dZ_YWZWYece\edj[Z[|]kW"[b[jhb_jei[YWbeh_Wi$
Feiebe]_W
7Zei[Z[f[dZ[ZW_ZWZ[[ZegkWZheYbd_YeZefWY_[dj[$
=b_c[f_h_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7cWhob%=b_c[f_ZWbYecfh_c_Ze(c]
Kiei
JhWjWc[djeehWbZ[Z_WX[j[ij_fe??gkWdZeeidl[_iZ[]b_Yei[defeZ[ci[hWZ[gkWZWc[dj[YedjhebWZei
fehc[_eZ[Z_[jWWb_c[djWh"[n[hYY_ei\i_Yei[h[ZkeZ[f[ie1[cWiieY_WeYecekjheiWdj_Z_WXj_Yei
ehW_igk[de[ij_ckbWcWi[Yh[eZ[_dikb_dW1[cWiieY_We}c[j\ehc_dWgkWdZeeidl[_i]b_Y
c_Yeide
feZ[ci[hWZ[gkWZWc[dj[YedjhebWZeifehc[_eZ[Z_[jWWb_c[djWh"[n[hYY_ei\i_Yei[kieZ[c[j\ehc_dWek
]b_c[f_h_ZW[ccedej[hWf_W1[cWiieY_WeYec_dikb_dW$
r'/)
Feiebe]_W
7Zkbjei
LE
FWhWWj_d]_heYedjheb[c[jWXb_YeZ[i[`WZe
:ei[_d_Y_WbkikWbÅ'c]%Z_W"feZ[dZeWkc[djWhWZei[Z[WYehZeYeceYedjheb[ZW]b_Y[c_W[Z[\ehcW
]hWZkWb"[c_dj[hlWbeiZ['#(i[cWdWi"Z[WYehZeYecWii[]k_dj[i[jWfWi0'c]"(c]")c]"*c]",c]$
FWhWfWY_[dj[iYecZ_WX[j[iX[cYedjhebWZei
:ei[_d_Y_WbkikWbÅ'#*c]%Z_W$:ei[iZ_|h_Wiikf[h_eh[iW,c]Wj.c]iec[dj[ie[ÓYWp[ifWhWkcW
c_deh_WZ[fWY_[dj[i"fehjWdje"deZ[l[ci[hkj_b_pWZWi$DehcWbc[dj["kcWd_YWZei[Z_|h_WikÓY_[dj[1
h[Yec[dZW#i[WZc_d_ijhWh_c[Z_WjWc[dj[Wdj[iZW'°h[\[_eikXijWdY_Wbekh[\[_efh_dY_fWb$x_cfehjWdj[
Wb_c[djWh#i[X[cWfiWWZc_d_ijhWe$
Fh[YWk[i
IeXYedZ_[iZ[[ijh[ii["feZ[eYehh[hkcWZ[ih[]kbWeZedl[biWd]kd[eZ[]b_Yei["\Wp[dZe#i[d[Y[ii|h_e
ikXij_jk_he^_fe]b_Y[c_Wdj[ehWbfeh_dikb_dW$:khWdj[Wifh_c[_hWii[cWdWiZ[jhWjWc[dje"eh_iYeZ[
eYehh
dY_WZ[^_fe]b_Y[c_WfeZ[[ijWhWkc[djWZe[d[Y[ii_jWZ[ced_jehWeWZ[gkWZW$=b_c[f_h_ZWde
Z[l[i[hWZc_d_ijhWZWZkhWdj[W]hWl_Z[p[WcWc[djWe"Z[l_ZeWeh_iYeZ[ZWde}Yh_WdW$7i[di_X_b_ZWZ[
}_dikb_dWWkc[djW}c[Z_ZWgk[c[b^ehWeYedjheb[ZeZ_WX[j[i"fehjWdje"Wid[Y[ii_ZWZ[iZ[]b_c[f_h_ZW
feZ[cZ_c_dk_hZkhWdj[ejhWjWc[dje$
=
=hWc_Y_Z_dW!D[ec_Y_dW!D_ijWj_dW!Jh_WdY_debedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
EcY_bed#7ÇCÈfecWZW]hWc_Y_Z_dW&"(+c]!d[ec_Y_dW("+c]!d_ijWj_dW'&&$&&&K?!jh_WdY_debedW
'c]%]jkXe)&]
EcY_bed#7ÇCÈYh[c[]hWc_Y_Z_dW&"(+c]!d[ec_Y_dW("+c]!d_ijWj_dW'&&$&&&K?!jh_WdY_debedW
'c]%]jkXe)&]
Kiei
DeWbl_eZWicWd_\[ijW[i_dÔWcWjh_Wi[fhkh_]_deiWiZ[Z[hcWjei[i"YecfheXWX_b_ZWZ[Z[jehdWh[c#i[ek
`|[ijWh[c_d\[YjWZWi$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWhieXh[W|h[WW\[jWZW(#)l[p[iWeZ_W$
Fh[YWk[i
;chWpeZeh_iYefej[dY_WbZ[d[\hejen_Y_ZWZ[[ejejen_Y_ZWZ["deZ[l[i[hkiWZe[cfWY_[dj[iYecZWdei
Ykj~d[ei[nj[dieiekekjhWiYedZ_[idWigkW_ifeiil[bWWXieheZWd[ec_Y_dW$FeZ[ceYehh[h[\[_jei
i_ij
c_YeiYecYehj_Yeij[h_Z[ijf_Yei$
'/*r
>Wbef[h_Zeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>WbZebYecfh_c_Ze'c]
>WbZebYecfh_c_Ze+c]
>WbZebWcfebW+c]%'cB
>WbZeb]ejWi(c]%'cB\hWiYe)&cB'cB3(&]ejWi
Kiei
JhWjWc[djeZ[fi_Yei[i"idZhec[Z[Jekh[jj["fheXb[cWiYecfehjWc[djW_ii[l[hei[cYh_WdWi1i[ZWeZ[
[c[h]
dY_W[cfWY_[dj[iYecW]_jWei[l[hW[Z[bh_ei1dWh[ZkeZ[cel_c[djei_dlebkdj|h_eiWiieY_WZei
}Ze[dWZ[>kdj_d]jed$
Feiebe]_W
LE
9h_WdWiZ[)#'(Wdei'+#*&a]
:ei[_d_Y_WbÅ&"&+c]%a]%Z_Wek&"(+#&"+c]%Z_WZ_l_Z_Zei[c(#)Zei[i1Wkc[djWh[c&"(+#&"+c]WYWZW+#-
Z_Wi$:ei[c|n_cWÅ&"'+c]%a]%Z_W$
:ei[Z[cWdkj[de
7]_jWeek^_f[hY_d[i_WÅ&"&'#&"&)c]%a]%Z_W"'l[pWeZ_W$
:_i\kd[ide#fi_Yj_YWiÅ&"&+#&"&-+c]%a]%Z_W[c(#)Zei[iZ_l_Z_ZWi$
:_i\kd[ifi_Yj_YWiÅ&"&+#&"'+c]%a]%Z_W[c(#)Zei[iZ_l_Z_ZWi$
7ZkbjeiÅ&"+#+c](#)l[p[iWeZ_W1Zei[kikWbc|n_cWÅ)&c]%Z_W"i[dZegk[Wb]kdifWY_[dj[ifeZ[c
h[gk[h[hZei[iZ[Wj'&&c]%Z_W$
?ZeieifWY_[dj[ide#fi_Yj_Yei"YecfehjWc[djeZ[Z[c
dY_WÅ&"(+#&"+c]'#(l[p[iWeZ_W1Wkc[djWh
WZei[[c&"(+#&"+c]%Z_W[c_dj[hlWbeiZ[*#-Z_Wi1Wkc[djWhe_dj[hlWbe[djh[WiZei[iYed\ehc[W
d[Y[ii_ZWZ[fWhWYedjhebWhWh[ifeijW[ei[\[_jeiYebWj[hW_i$:ei[c|n_cWÅ+&c]%Z_W$
?C
9h_WdWiZ[,#'(WdeiÅ'#)c]%Zei[WYWZW*#.^ehWi$:ei[c|n_cWÅ&"'+c]%a]%Z_W$
7ZkbjeiÅ(#+c]WYWZW*#.^ehWiYed\ehc[d[Y[ii_ZWZ[$
>
Fh[YWk[i
EXi[hlWheYehh
dY_WZ[^_fej[diegkWdZeWZc_d_ijhWZe?C[?L$KiWhYecYWkj[bW[cZ[fh[iieZeID9ek
Ze[dW^[f|j_YWekYWhZWYWi[l[hW$
>[fWh_dWIZ_YW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
B_gk[c_d[%FWh_d[nWcfebWikXYkj~d[W+$&&&K?%&"(+cB
7Yj_fWh_d%FWh_d[n%>[fWh_d%>[fjWh\hWiYe#WcfebW(+$&&&K?%+cB
Kiei
FheÓbWn_W[jhWjWc[djeZWiZ[iehZ[dijhecXe[cXb_YWi$
Feiebe]_W
9h_WdWiZ['#'(Wdei
?L_dj[hc_j[dj[ÅZei[Z[+&#'&&K?%a]WYWZW*^ehWi$
r'/+
?L_d\kieÅZei[_d_Y_WbÅ+&kd_ZWZ[i%a]1[dje"'+#(+kd_ZWZ[i%a]%^1Wkc[djWhWZei[[c(#*kd_ZWZ[i%a]%^
WYWZW,#.^ehWi"i[d[Y[ii|h_e$
7Zkbjei
I9
FheÓbWn_WÅ+$&&&kd_ZWZ[iWYWZW.#'(^ehWi$
?L_dj[hc_j[dj[ÅZei[_d_Y_WbÅ'&$&&&K?1[dje"+&#-&K?%a]WYWZW*#,^ehWi$
?L_d\kie
JhWjWc[djeZejhecXe[cXeb_iceÅ.&K?%a]?L"i[]k_ZeiZ[_d\kieYedjdkWZ['.kd_ZWZ[i%a]%^1cWdj[he
j[cfefWhY_WbZ[Wj_l_ZWZ[ZWjhecXefbWij_dW[c,&#.&i[]kdZei$
IdZhec[YehedWh_WdWW]kZW
JhWjWc[djeZe_d\WhjeZec_eY|hZ_eÅZei[_d_Y_WbÅ,&K?%a]1[dje"'(kd_ZWZ[i%a]%^feh_d\kieYedjdkW1
Wkc[djWhWZei[[c+K?%a]%^WYWZW*^ehWiZ[WYehZeYeceh[ikbjWZeZ[[nWc[Zej[cfefWhY_WbZ[
jhecXefbWij_dW1l[beY_ZWZ[kikWbZ[_d\kieÅ'&#)&K?%^$
JhWjWc[djeZWWd]_dW_dij|l[bÅZei[_d_Y_WbÅ,&#-&K?%a][cXebkiZei[c|n_cWÅ+$&&&K?"i[]k_ZeiZ[
_d\kie_d_Y_WbZ['(#'+K?%a]%^Zei[c|n_cWÅ'$&&&K?%^$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYeccW_iZ[,&WdeiZ[_ZWZ[$
>
>[nWc_Z_dW!J[jhWYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>[nec[Z_d[ifhWo^[nWc_Z_dW'c]!j[jhWYWdWYbeh_ZhWje&"+c]%cB\hWiYe+&cB
Kiei
JhWjWc[djebeYWbZWi_dÔWcW[ib_c_jWZWi}YWl_ZWZ[ehWb[ehe\Whd][W0\Wh_d]_j[i"W\jWi"[ijecWj_j[i[Wd]_dWi$
Feiebe]_W
9h_WdWi4)Wdei[7Zkbjei
8kYWbÅWfb_YWh)d[Xkb_pW[iWjZ[*[c*^ehWi1Z[l[#i[Wfb_YWhWid[Xkb_pW[iZ_h[Y_edWdZeeWfb_YWZeh
fWhWehe\Wh_d][1YWZWd[Xkb_pWeYedjc&"'&cBZ[Yebkjh_e$
Fh[YWk[i
:[l_Ze}feii_X_b_ZWZ[Z[^_f[hi[di_X_b_ZWZ[ZWh[]_eehe\Whd][WYWkiWZWf[bekieZ[ij[c[Z_YWc[djeYec
h[ZkeZeh[Ô[ne\Whd][e"deeWZc_d_ijhWhWdj[iZWWb_c[djWeek_d][ijeZ[X[X_ZWi$KieYWkj[beie[c
Yh_WdWic[deh[iZ['(WdeiZ[_ZWZ[$:_WXj_Yei0YedjcWYWh$
>_WbkhedWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FheL_iY'&c]%cBi[h_d]W&"++cB
Kiei
9eceWkn_b_WhdWY_hkh]_We\j|bc_YWZei[]c[djeWdj[h_ehZkhWdj[W[njhWeZ[YWjWhWjWi[W_cfbWdjWeZ[
b[dj[i_djhW#eYkbWh[i$
'/,r
Feiebe]_W
?djhW#eYkbWh
9_hkh]_WZ[YWjWhWjWÅkj_b_pWhkcWY~dkbWekkcWW]kb^WfWhW_d`[jWhb[djW[Yk_ZWZeiWc[dj[kcW
gkWdj_ZWZ[ikÓY_[dj[dWY~cWhWWdj[h_eh$7WZc_d_ijhWefeZ[i[h\[_jWWfiWh[ceeZeYh_ijWb_de$FeZ[
i[hkiWZefWhWh[YeXh_he_dijhkc[djeY_hh]_Ye[Wib[dj[i_djhW#eYkbWh[iWdj[iZWikW_cfbWdjWe$FeZ[#
i[_d`[jWhkcWgkWdj_ZWZ[WZ_Y_edWbZecWj[h_Wbl_iYe#[b|ij_YeZkhWdj[WY_hkh]_W"WÓcZ[[dlebl[hjeZee
cWj[h_Wbgk[j[d^Wi_Zef[hZ_ZeZkhWdj[WcWd_fkbWeY_hh]_YW$
Fh[YWk[i
:[l[#i[YedjhebWhWfh[iie_djhW#eYkbWhZkhWdj[WWZc_d_ijhWe$
>_Wbkhed_ZWi[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>oWbep_cWWcfebW($&&&KJH
>
Kiei
FWhWWkc[djeZWZ_if[hie[ZWWXieheZ[ekjhWiZhe]Wi1fWhWWkc[djeZWjWnWZ[WXieheZ[Ôk_Zei
fWh[dj[hW_i"ZWZeifeh^_feZ[hceYb_i[1Yedjheb[Z[[njhWlWiWc[djei[dZel[deiei$
Feiebe]_W
9eceWZ`klWdj[deWkc[djeZWWXiehe[Z_if[hieZ[ekjhWiZhe]Wi
?C%I9
9h_WdWiZ['c
i#'(WdeiÅWfb_YWh+_d`[[iZ[&"(cBYWZW"dWYedY[djhWeZ['+KJH%cB$
FWhWWXiehe[Z_if[hieZ[Zhe]Wi
?C%I9
7ZkbjeiÅ'+&KJH"WZ_Y_edWZeiWel[YkbeYedj[dZeWZhe]W$
>_feZ[hcYb_i[
I9Å'+KJH"WZ_Y_edWZeiWYWZW'&&cBZeÔk_Ze[dZel[deieWi[hWZc_d_ijhWZe$
Fh[cWjkheiZ['c
i#'Wde[D[edWjeiÅelebkc[Z[kcWd_YWZei[deZ[l[[nY[Z[h(+cB%a]"
WZc_d_ijhWZeidWjWnWZ[(cB%c_d$
9h_WdWi2)WdeiÅelebkc[Z[kcWd_YWYb_i[deZ[l[[nY[Z[h(&&cB$
9h_WdWi¨)Wdei[7ZkbjeiÅjWnW[lebkc[Z[kcWd_YWYb_i[deZ[l[c[nY[Z[hWgk[b[ikiWZeifWhW
_d\kieZ[Ôk_Zei[dZel[deiei$
Fh[YWk[i
7^_Wbkhed_ZWi[deZ[l[i[hWfb_YWZW[c|h[Wi_d\[YY_edWZWif[bWfeii_X_b_ZWZ[Z[Z_\kieZefheY[iie
_d\[YY_eie"jWcfekYedWifhen_c_ZWZ[iZ[d[efbWi_Wi[[cf[iieWii[dil[_iW^_Wbkhed_ZWi[$I[WZc_d_ijhWZW
fehl_W[dZel[deiW"_dWj_lWZWf[bW^[fWh_dW$
>_ZhWbWp_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7fh[ieb_dWZh|][W(+c]
D[fh[iebWcfebW(&c]%'cB
r'/-
Kiei
JhWjWc[djeZW^_f[hj[diei[l[hW[ceZ[hWZW"_dikÓY_
dY_WYWhZWYWYed][ij_lW"^_f[hj[diei[YkdZ|h_W
fh#[YbWcfi_W"[YbWcfi_W"^_f[hj[diefkbcedWhfh_c|h_W$
Feiebe]_W
LE
9h_WdWiZ['c
i#'(WdeiÅZei[_d_Y_WbÅ&"-+#'c]%a]%Z_WZ_l_Z_Zei[c(#*Zei[i1de[nY[Z[h(+c]%Zei[1
Wkc[djWhWYWZW)#*i[cWdWiWjWZei[c|n_cWZ[+c]%a]%Z_W[cYh_WdWic[deh[iZ['Wde[-"+c]%a]%
Z_W[cYh_WdWiZ['#'(Wdei"Z_l_Z_Zei[c(#*Zei[i$:ei[c|n_cWÅ(&&c]%Z_W$
7ZkbjeiÅZei[_d_Y_WbÅ'&c]*l[p[iWeZ_W"Wkc[djWdZeZ['&#(+c]%Zei[WYWZW(#+Z_Wi$:ei[c|n_cW
Å)&&c]%Z_W$
?L%?C
9h_WdWiÅZei[_d_Y_WbÅ&"'#&"(c]%a]%Zei[de[nY[Z[h(&c]WYWZW*#,^ehWi1i[d[Y[ii|h_e"Wkc[djWhW
Zei[Wj'"-#)"+c]%a]%Z_WZ_l_Z_Zei[c*#,Zei[i$
7Zkbjei
>_f[hj[dieÅZei[_d_Y_WbÅ'&#(&c]%Zei[WYWZW*#,^ehWi1i[d[Y[ii|h_eWkc[djWhfWhW*&c]%Zei[$
Fh#[YbWcfi_W%[YbWcfi_WÅ+c]%Zei[["Wfi"+#'&c]WYWZW(&#)&c_dkjeii[d[Y[ii|h_e$
>
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWhWYWZW.^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW.#',^ehWi[cYWieZ[h|f_ZWWY[j_bWe['(#(*^ehWi[c
WY[j_bWeb[djW$
Fh[YWk[i
Ced_jehWhWfh[iieWhj[h_WbgkWdZe\ehWZc_d_ijhWZWl_W?L$CeZ_ÓYWhWZei[[cfWY_[dj[iYec_dikÓY_
dY_W
h[dWbi[l[hW[WY_Z[dj[lWiYkbWhY[h[XhWb$
>_ZhWjeZ[9behWb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>_ZhWjeZ[9behWb'&&c]%cB\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
I[ZWj_le[^_fdj_YekiWZeWdj[iZ[fheY[Z_c[djeij[hWf
kj_Yei[Z_W]dij_Yei$
Feiebe]_W
LE
D[edWjeiÅ(+c]%a]%Zei[fWhWi[ZWeWdj[iZefheY[Z_c[dje$
9h_WdWiZ['c
i#'(Wdei
I[ZWe[Wdi_[ZWZ[Å(+#+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$:ei[c|n_cWÅ+&&c]%Zei[$
7dj[iZe[b[jhe[dY[\Wbe]hWcWÅ(+#+&c]%a]%Zei[)&#,&c_dkjeiWdj[iZe[nWc["feZ[dZeh[f[j_hWje
c|n_ceZ['&&c]%a]ekjejWbZ[']fWhWYh_WdWiZ['c
i#'Wde"[(]fWhWYh_WdWiZ['#'(WdeiZ[_ZWZ[$
>_fdj_YeÅ+&c]%a]$:ei[c|n_cWÅ(]%Zei[%Z_W$
7Zkbjei
I[ZWe[Wdi_[ZWZ[Å(+&c])l[p[ifehZ_W$
>_fdj_YeÅ+&&#'$&&&c]dW^ehWZ[Zehc_hek)&c_dkjeiWdj[iZefheY[Z_c[dje1de[nY[Z[h(][c
(*^ehWi$
'/.r
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh¨+&cB%c_dÅded[Y[ii|h_eeW`kij[ZWZei[$
9bYh§+&cB%c_dÅ[l_jWhekie$
Fh[YWk[i
KieYWkj[beie[cd[edWjei$7Zhe]W[i[kic[jWXb_jeifeZ[ci[WYkckbWhYecWh[f[j_eZWZei[$Ekiefhebed]W#
Ze[cd[edWjei[ij|WiieY_WZeZ_h[jWc[dj[Yec^_f[hX_b_hhkX_d[c_W$KieYWkj[beie[cfWY_[dj[iYecfehÓh_W$
>_ZheYbehej_Wp_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9behWdWYecfh_c_Ze(+c]
>_ZheYbehej_Wp_ZWiebkeehWbZ_[jj_YWi[cYehWdj[(c]%'cB\hWiYe)&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
JhWjWc[djeZW^_f[hj[dieb[l[[ceZ[hWZW1jhWjWc[djeZe[Z[cWdW_dikÓY_
dY_WYWhZWYWYed][ij_lW[
idZhec[d[\hj_YW$
>
Feiebe]_W
LE
D[edWjei[9h_WdWi2,c[i[iÅ(#*c]%a]%Z_WZ_l_Z_Zei[c(Zei[i$
:ei[c|n_cWÅ)-"+c]%Z_W$
9h_WdWiZ[,c[i[i#'(WdeiÅ(c]%a]%Z_WZ_l_Z_Zei[c(Zei[i$
:ei[c|n_cWÅ(&&c]%Z_W$
7ZkbjeiÅ'("+#'&&c]%Z_WZ_l_Z_Zei[c'#(Zei[i$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb[^[f|j_YW"]ejW"bfki[h_j[cWjeie[Z_WX[j[ic[bb_jki$
>_ZheYehj_iedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IkYY_dWjeZ[>_ZheYehj_iedWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW'&&c]
IkYY_dWjeZ[>_ZheYehj_iedWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW+&&c]
8[hb_iedfecWZW'&c]%]X_idW]W'+]
Kiei
Kiei_ij
c_YeÅZ_ijhX_eiWbh]_Yei0WicWXhdgk_YW1^_f[hi[di_X_b_ZWZ[WZhe]WiY^egk[WdWÓb|j_Ye1
Z[hcWj_j[Wjf_YW1[Z[cWbWhd][e1[d\[hc_ZWZ[Zeiehe1khj_Y|h_Wfi#jhWdi\ki_edWb1Z_ijhX_ei[dZYh_dei1
_dikÓY_
dY_WWZh[deYehj_YWbfh_c|h_Weki[YkdZ|h_W1_dikÓY_
dY_WWZh[deYehj_YWbW]kZW1Y^egk[h[i_ij[dj[W
j[hWf
kj_YWYedl[dY_edWbgkWdZei[ikif[_jWZ[_dikÓY_
dY_WWZh[deYehj_YWb1W\[Y[ih[kc|j_YWi[f_iZ_ei
W]kZeiek[nWY[hXW[iZ[Whjh_j[h[kcWj_Z["i_del_j["Xkhi_j[[Whjh_j[]ejeiW"bfki[h_j[cWjeie
i_ij
c_Ye"Z[hcWjec_ei_j[[YWhZ_j[h[kc|j_YWW]kZW1Ze[dWi]Wijh_dj[ij_dW_i1Ze[dWih[if_hWjh_Wi1
Z_ijhX_ei^[cWjeb]_Yei$
Kiejf_YeÅZ[hcWj_j[i[Xehh_YW1[Yp[cWZ[YedjWje"fheÓii_edWb"dkckbWh"Z_i_Zhj_Ye"c_YheX_Wde"
Z[][d[hWj_le1[Yp[cWWjf_Ye_d\Wdj_b"[dZ][de"d[kheZ[hc_j[1[Yp[cWf[h_WdWb1[Yp[cWZ[[ijWi[de
r'//
Wfb_YWhec[Z_YWc[djeZ_h[jWc[dj[ieXh[WpedWkbY[hWZWWX[hjW1[h_j[cWiebWh1gk[_cWZkhWZ['±]hWk1
f_YWZWiZ[_di[je$
Feiebe]_W
?L%?C
9h_WdWi[7ZkbjeiÅ+&#(&&c]%a]%Z_WZ[WYehZeYecW]hWl_ZWZ[ZegkWZheYbd_Ye[WiYedZ_[iZe
fWY_[dj[1WZc_d_ijhWhfehl_W?C["deiYWieiZ[[c[h]
dY_W"fehl_W[dZel[deiW$
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWhkcWÓdWYWcWZW(#)l[p[iWeZ_W"ieXb_][_hW\h_Yei[\ehfeiil[b1Wfic[b^ehW
ZegkWZheYbd_YeWfb_YWh'l[pWeZ_W$
Fh[YWk[i
EkieZ[WbjWiZei[ifehf[heZeifhebed]WZeifeZ[YWkiWhkcWkc[djedWfh[iieWhj[h_Wb"h[j[deZ[iWb[
|]kW[Wkc[djeZW[nYh[eZ[fej|ii_e[Y|bY_e$:khWdj[ejhWjWc[djeYec]b_YeYehj_Y_Z[i"efWY_[dj[dkdYW
Z[l[i[hlWY_dWZeYedjhWiWhWcfe[ekjhWi_d\[Y[il_hW_i"fe_ifeZ[^Wl[hYecfb_YW[id[kheb]_YWi$
>
>_Zhn_ZeZ[7bkcd_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F[fiWcWh][behWb)&-"+c]%+cB\hWiYe(*&cB
Kie
JhWjWc[djeZW^_f[hWY_Z[p[^_f[h\ei\Wj[c_W$
Feiebe]_W
LE
çbY[hW]|ijh_YW
9h_WdWiZ['#'(WdeiÅ+#'+cB%Zei[WYWZW)#,^ehWiek'#)^ehWiWfiWih[\[_[i[dW^ehWZ[Zehc_h$
7ZkbjeiÅ'+#*+cBWYWZW)#,^ehWiek'#)^ehWiZ[fe_iZWih[\[_[i[dW^ehWZ[Zehc_h$
>_f[h\ei\Wj[c_W
9h_WdWiÅ+&#'+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*#,^ehWi1ced_jehWhdl[_iZ[\i\ehe$
7ZkbjeiÅ+&&#'$.&&c])#,l[p[ifehZ_W"[djh[Wih[\[_[i[dW^ehWZ[Zehc_h$
7dj_|Y_Ze
7ZkbjeiÅ)&cB'#)^ehWiZ[fe_iZeYW\ZWcWd^[dW^ehWZ[Zehc_h$
Fh[YWk[i
>_f[h\ei\Wj[c_WfeZ[eYehh[h[cWZc_d_ijhW[ifhebed]WZWiekZei[iWbjWi1_djen_YW[ifehWbkcd_e[
eij[ecWb|Y_WfeZ[ceYehh[h[cfWY_[dj[iYeckh[c_W$
>_Zhn_ZeZ[7bkcd_e!>_Zhn_ZeZ[CW]di_e!:_c[j_YedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CWWbenFbkiikif[dieehWb^_Zhn_ZeZ[Wbkcd_e'.+c]!^_Zhn_ZeZ[cW]di_e(&&c]!
Z_c[j_YedW(+c]%+cB\hWiYe(*&cB
CobWdjWFbkiikif[dieehWb^_Zhn_ZeZ[Wbkcd_e*&&c]!^_Zhn_ZeZ[cW]di_e*&&c]!
Z_c[j_YedW)&c]%+cB\hWiYe(*&cB
(&&r
Kiei
JhWjWc[djei_djec|j_YeZWWp_WWiieY_WZWWeh[Ôkne]|ijh_Ye"[ie\W]_j[Z[h[Ôkne"^hd_WZ[^_Wje[
^_f[hWY_Z[p1YeceWdj_ÔWjkb[djefWhWWbl_eZeii_djecWiZe[nY[iieZ[]Wi[i"_dYbki_l[deigkWZhei
fi#ef[hWjh_ei$
Feiebe]_W
LE
9h_WdWiÅ+cB'#(l[p[iWeZ_W$
7ZkbjeiÅ'&#(&cB*l[p[iWeZ_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb"kcWl[pgk[e^_Zhn_ZeZ[cW]di_efeZ[YWkiWh
Z[fh[iieZei_ij[cWd[hleieY[djhWbdWfh[i[dWZ[ii[Z_ijhX_e$
>_Zhn_ZeZ[<[hheFeb_cWbjeiWZe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>
Deh_fkhkcYecfh_c_Ze'&&c]Z[<[
Deh_fkhkc?LWcfebW'&&c]Z[<[)!%+cB
Deh_fkhkc?CWcfebW'&&c]Z[<[)!%(cB
Deh_fkhkc]ejWi+&c]Z[<[)!%cB\hWiYe'+cB'cB3(&]ejWi
)!
Kiei
DejhWjWc[djeZ[idZhec[i\[hhef
d_YWibWj[dj[i[ceZ[hWZWi"Wd[c_Wi\[hhefh_lWiZ[l_ZWi}ikXdkjh_eek
YWh
dY_WiWb_c[djWh[igkWb_jWj_lWi[gkWdj_jWj_lWi"Wd[c_WiZWiidZhec[iZ_iWXiehj_lWi_dj[ij_dW_i"Wd[c_W
\[hhefh_lWZW]hWl_Z[p[ZWbWYjWe"Wd[c_Wfeh^[cehhW]_WiW]kZWiekYhd_YWi[[cYedZ_[i[cgk[i[`W
Yedl[d_[dj[ikfb[c[djWeZei\Wjeh[i^[cWje]
d_Yei$
Feiebe]_W
LE
Fh[cWjkhei"BWYj[dj[i[9h_WdWi2*Wdei
7d[c_W\[hhef
d_YWb[l["ceZ[hWZWek]hWl[Å("+#+c]%a]%Z_W[cZei[d_YW"feZ[dZe[ijWi[hWkc[djWZW
ekZ_c_dkZWWYh_jh_ecZ_Ye$
9h_WdWiZ[*#'(Wdei
7d[c_W\[hhef
d_YWb[l[WceZ[hWZWÅ+c]%a]%Z_W[cZei[d_YW"feZ[dZei[hWkc[djWZW[cYWieicW_i
]hWl[iekZ_c_dkZWWYh_jh_ecZ_Ye$
7Zeb[iY[dj[i[7Zkbjei
7d[c_W\[hhef
d_YWb[l[[ceZ[hWZWÅ'&&c]%Z_W$
7d[c_W\[hhefh_lWcWd_\[ijWÅ'&&#(&&c]Z_l_Z_Zei[c'ekcW_ijecWZWi1[cYWieicW_i]hWl[i"WZei[
feZ[i[hWkc[djWZWWj)&&c]$
?C
9h_WdWiÅZ[f[dZ[Zef[ieYehfehWb$:ei[c|n_cWÅ(+c][cYh_WdWiZ[Wj+a][+&c][cYh_WdWiZ[+#'&a]$
7ZkbjeiÅ'&&c]WYWZW(Z_Wiek'&&#(&&c]%Z_W"[c_dj[hlWbeicW_eh[i$:ei[c|n_cWÅ(&&c]$
9h_WdWiÅ)c]Z[<[%a]%Z_W(#)l[p[ifehi[cWdW"Z[f[dZ[dZeZeifWh~c[jhei^[cWjeb]_Yei$
:ei[c|n_cWÅ-c]_d\kdZ_Zei[c)"+^ehWi$
?L
7Zkbjei[?ZeieiÅ'&&#(&&c](#)l[p[ifehi[cWdW"Z[f[dZ[dZeZeifWh~c[jhei^[cWjeb]_Yei$:ei[
c|n_cWÅ(&&c]%Z_W$
r(&'
Fh[YWk[i
7iebke[dZel[deiWZ[l[i[hWZc_d_ijhWZWfehl_W_djhWl[deiW[dkdYWl_W_djhWckiYkbWh"fe_i"[c\kde
Zei[kWbjef>"feZ[YWkiWhd[Yhei[j[Y_ZkWb$:[l[i[hWZc_d_ijhWZWYecYWkj[bWdWfh[i[dWZ[WbYeeb_ice"
^[fWj_j["_d\[Y[iW]kZWi[[ijWZei_dÔWcWjh_eiZejhWje]Wijh_dj[ij_dWb[dj[h_j[i"Yeb_j[kbY[hWj_lW"
fWdYh[Wj_j[[bY[hWffj_YW$
>_Zhen_[j_bWc_Ze
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Lebkl[diebke,\hWiYe+&&cB
Kiei
?dZ_YWZe[cfbWdeij[hWf
kj_YeiZ[cZ_WZkhWe[dlebl[dZejhWjWc[dje[fheÓbWn_WZ[^_feleb[c_W[
Y^egk[1i_jkW[i[cgk[i[d[Y[ii_jWZ[j[hWf_W[fheÓbWn_WZ[^_feleb[c_W[Y^egk[0fh_c[_heiieYehhei
[cWY_Z[dj[i1_dj[hl[d[iY_hh]_YWiekjhWkcWjeb]_YWi1jhWjWc[djeYbd_Ye][d[hWb_pWZe1j[hWf_W_dj[di_lW1
^[ceZ_bk_edehceleb
c_YWW]kZWWkjejhWdi\kie[c_dj[hl[d[iY_hh]_YWi1jWcXc_dZ_YWZefWhW
Z_bk_ej[hWf
kj_YWZeiWd]k[^[ceZ_bk_ekj_b_pWZW[cZ_ijhX_eiY_hYkbWjh_eiedje]
d_Yei[fbWgk[j|h_ei$
>
Feiebe]_W
7ZkbjeiÅWZei[Z_|h_W[WjWnWZ[_d\kieZ[f[dZ[cZWf[hZWZ[iWd]k[ZefWY_[dj["ZWcWdkj[deek
h[ijWkhWeZW^[ceZ_d~c_YW[ZW^[ceZ_bk_e[\[_jeZ[Z_bk_e$:ei[c|n_cWÅ+&cB%a]%Z_W$
Fh[YWk[i
;cfWY_[dj[iYec_dikÓY_
dY_WYWhZWYWekZ_i\kd[ih[dW_i]hWl[i"Z[l[i[hb[lWZe[cYedi_Z[hWeeh_iYe
Wkc[djWZeZ[^_f[h#^_ZhWjWe1Wfeiebe]_WZ[l[i[hWZWfjWZW$
>_Zhen_[j_bY[bkbei[!=b_Y[h_dW!Fhef_b[de]b_Yeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
A#O][bX_idW]W+&]
Kiei
9ecebkXh_ÓYWdj[[kc[YjWdj[dj_ce$
Feiebe]_W
7Zkbjei
Jf_YeÅWfb_YWhdW|h[WWi[hbkXh_ÓYWZW$
>_Zhen_gk_deb_dW!Jh_[jWdebWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9[hkc_dXehWjeZ[.#^_Zhen_gk_deb_dW&"&&&*]!jh_[jWdebWc_dW&"'*]%cB\hWiYe.cB
(&(r
Kiei
H[ceeZ[heb^WZ[Y[hkc[$
Feiebe]_W
9h_WdWi[7Zkbjei
Jf_YeÅf_d]Wh+]ejWiZWiebkedeekl_Ze)l[p[iWeZ_W$7Wfb_YWeZ[l[i[h\[_jWYecefWY_[dj[Z[_jWZe
[Yeceekl_ZeW\[jWZelebjWZefWhWY_cW$CWdj[hWfei_efeh+c_dkjeifWhW\WY_b_jWhWf[d[jhWeZe
fheZkje$Eh[ÔkneZWiebkeWXiebkjWc[dj[dehcWb$
Fh[YWk[i
;l_jWhYedjWjeYeceieb^ei[Wf[b["fe_ifeZ[YWkiWh_hh_jWe$7_dij_bWeWY_Z[djWbdedWh_pfeZ[YWkiWh
_hh_jWe$9Wie_iieeYehhW"Z[l[ci[bWlWhWidWh_dWiYec|]kW[cWXkdZ~dY_W$
>_Zhen_p_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>
>_n_p_d[%Fhkh_p_dYecfh_c_Ze(+c]
Fhkh_p_d%>_Zhen_p_dWÅC[Z_YWc[djeCWd_fkbWZeiebkeehWb'&c]%+cB\hWiYe'&&cB
Kiei
JhWjWc[djeZWWdi_[ZWZ[1i[ZWj_lekiWZedefh#ef[hWjh_e1YeceWdj_fhkh_]_deie[Wdj_[cj_Ye$
Feiebe]_W
LE
9h_WdWiÅ(c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$
7Zkbjei
7di_[ZWZ[Å(+#'&&c]*l[p[iWeZ_W$:ei[c|n_cWÅ,&&c]%Z_W$
I[ZWj_lefh#ef[hWjh_eÅ+&#'&&c]$
Fhkh_ZeÅ(+c])#*l[p[iWeZ_W$
7`kij[Z[Zei[fWhWfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh§+&cB%c_dÅfeZ[i[hd[Y[ii|h_WkcWh[ZkeZWZei[[c+&$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec]bWkYecWZ[~d]kbe[ijh[_je"^_f[hjheÓWfheij|j_YW"eXijhkekh_d|h_W"WicW
ekZe[dWfkbcedWheXijhkj_lWYhd_YW$
>_bWde=#<(&
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Iodl_iYi[h_d]W',c]%(cB
Kiei
9eceikXij_jkjej[cfeh|h_e[ikfb[c[djefWhWebgk_Zei_del_Wb"iec[dj[fWhWkie_djhW#Whj_YkbWhde
jhWjWc[djeZWZehWiieY_WZWYecWeij[eWhjhei[Z[`e[b^e$
r(&)
Feiebe]_W
7Zkbjei
?djhW#Whj_YkbWhÅ)_d`[[iZ[',c]dWWhj_YkbWeZe`e[b^e"Yec_dj[hlWbeZ['i[cWdW$7Zei[c|n_cWZ[,
_d`[[iZ[',c]dkcf[heZeZ[,c[i[i"Yeckc_dj[hlWbecd_ceZ[*i[cWdWi[djh[eiY_YbeiZ[jhWjWc[dje$
Fh[YWk[i
DeZ[l[i[hkj_b_pWZei[^ekl[hkc]hWdZ[Z[hhWc[_djhW#Whj_YkbWh$I[kkiede\e_WlWb_WZe[cfWY_[dj[i
c[deh[iZ['.Wdei[[c][ijWdj[i$FehYedj[hf[gk[dWigkWdj_ZWZ[iZ[fhej[dWiZ[Wl[i"deZ[l[i[hkiWZe
[cfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[h[bWY_edWZW$
>_feiikbÓjeZ[IZ_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>_feiikbÓjeZ[IZ_e'&\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
Fj_hWi[l[hi_Yebeh$;b_c_dWhWYebehWeWcWh[be#WYWijWd^WZWZ[_nWZWde[f_jb_eYehWZef[be_eZe"WfieJ[ij[
Z[IY^_bb[h$
?
Feiebe]_W
Kie[nj[hde$7fb_YWhdW|h[WW\[jWZW$
?Xkfhe\[de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:Wbioikif[dieehWb'&&c]%+cB\hWiYe'&&cB
Kiei
JhWjWc[djeZ[Ze[dWi_dÔWcWjh_Wi[Z[iehZ[dih[kc|j_YWi"_dYbk_dZeWhjh_j[h[kc|j_YW`kl[d_b1jhWjWc[dje
Z[ZehceZ[hWZW"[dnWgk[YW"\[Xh["Z_ic[dehh_W[]ejW$
Feiebe]_W
LE
9h_WdWi
7dWb]i_YeÅ*#'&c]%a]%Zei[WYWZW,#.^ehWi$
7dj_f_hj_Ye
9h_WdWiZ[,c[i[i#'(Wdei
J[cf[hWjkhW2)/e9Å+c]%a]%Zei[$
J[cf[hWjkhW4)/e9Å'&c]%a]%Zei[ZWZeiWYWZW,#.^ehWi$:ei[c|n_cWÅ*&c]%a]%Z_W$
7hjh_j[h[kcWj_Z[`kl[d_bÅ)&#+&c]%a]%Z_W[c*Zei[iZ_l_Z_ZWi$:ei[c|n_cWÅ("*]%Z_W$
7Zeb[iY[dj[i[7Zkbjei
:e[dWi_dÔWcWjh_WiÅ*&&#.&&c]%Zei[)#*l[p[ifehZ_W$:ei[c|n_cWÅ)"(]%Z_W$
:eh"\[Xh[[Z_ic[dehh_WÅ(&&#*&&c]%Zei[WYWZW*#,^ehWi$:ei[c|n_cWÅ'"(]%Z_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_WYWhZWYWYed][ij_lW"^_f[hj[die"_dikÓY_
dY_Wh[dWbek^[f|j_YW
[fWY_[dj[i\Wp[dZeekieZ[Wdj_YeW]kbWdj[i$<[d_bY[jedh_Yei0Yedjc\[d_bWbWd_dW$
(&*r
?c_f[d[c!9_bWijWj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J_[dWc+&&\hWiYe#WcfebW_c_f[d[c+&&c]!Y_bWijWj_dWiZ_YW+&&c]
Kiei
x_dZ_YWZefWhWejhWjWc[djeZWii[]k_dj[i_d\[Y[i"gkWdZeYWkiWZWifeheh]Wd_iceiikiY[jl[_i0_d\[Y[i
_djhW#WXZec_dW_i1_d\[Y[iZejhWjeh[if_hWjh_e_d\[h_eh1_d\[Y[i]_d[Yeb]_YWi1i[fj_Y[c_Wi1_d\[Y[iZe
jhWje][d_jkh_d|h_e1_d\[Y[iZeieiiei[Whj_YkbW[i1_d\[Y[iZWf[b[[Zeij[Y_Zeiceb[i1[dZeYWhZ_j[1
_d\[Y[ic_ijWiYWkiWZWifehY[fWiikiY[jl[_iZ[XWYjh_WiW[hX_Wi[WdW[hX_Wi$
Feiebe]_W
?d\kie?L
D[edWjei
&#*i[cWdWi2'"(a]Å(&c]%a]%Zei[WYWZW'.#(*^ehWi$
§-Z_Wi'"(#'"+a]Å*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4'"+a]Å+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4-Z_WiÅ'"(#'"+a]Å*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4'"+a]Å-+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
9h_WdWiZ[*i[cWdWi#)c[i[iÅ'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
9h_WdWi¨)c[i[iÅ,&#'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$:ei[c|n_cWÅ*]%Z_W$
7Zkbjei
?d\[Y[i]hWl[iÅ(#*]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
?d\[Y[ib[l[iWceZ[hWZWiÅ'#(]%Z_WZ_l_Z_Zei[c)#*Zei[i$
?
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh*'#-&cB%c_dÅh[Zkp_hWZei[[c+&[WZc_d_ijhWhWYWZW,^ehWi$
9bYh('#*&cB%c_dÅh[Zkp_hWZei[[c,)[WZc_d_ijhWhWYWZW.^ehWi$
9bYh,#(&cB%c_dÅh[Zkp_hWZei[[c-+[WZc_d_ijhWhWYWZW'(^ehWi$
Fh[YWk[i
?c_f[d[cdeh[Yec[dZWZe[cfWY_[dj[if[Z_|jh_YeiYec_d\[YeZei_ij[cWd[hleieY[djhWb$
?c_fhWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Je\hWd_bZh|][W(+c]
Kiei
JhWjWc[djeZ[jeZWiWi\ehcWiZ[Z[fh[iie"_dYbk_dZe#i[Wi\ehcWi[dZ][dWi"eh]~d_YWi"fi_Ye]
d_YWi[W
Z[fh[iieWiieY_WZWYecZ_ijhX_eiZ[f[hiedWb_ZWZ[ekYecWbYeeb_iceYhd_Ye1f~d_Ye1YedZ_[iZebeheiWi
Yhd_YWi1j[hhehdejkhde1[dkh[i[dejkhdWWf[dWi[cfWY_[dj[icW_eh[iZ[+WdeiZ[_ZWZ[[iec[dj[i[Wi
YWkiWieh]~d_YWij_l[h[ci_Ze[nYbkZWi$
Feiebe]_W
LE
9h_WdWi
:[fh[iieÅ'"+c]%a]%Z_W"Wkc[djWdZeWZei[[c'c]%a]WYWZW)#*Z_WiWjkcc|n_ceZ[+c]%a]%Z_W"
r(&+
Z_l_Z_Zei[c'#*Zei[i1ced_jehWhYk_ZWZeiWc[dj["[if[Y_Wbc[dj[dWWZc_d_ijhWeZ[Zei[i¨)"+c]%a]%Z_W$
;dkh[i[
¨,WdeiÅ'&#(+c]dW^ehWZ[Zehc_h1i[Wh[ifeijW\eh_dWZ[gkWZWWfi'i[cWdWZ[j[hWf_W"Wkc[djWhW
Zei[[c(+c]%Z_W"deZ[l[dZe[nY[Z[h("+c]%a]%Z_W$
,#'(WdeiÅ+&c]dW^ehWZ[Zehc_h$
¨'(WdeiÅ-+c]dW^ehWZ[Zehc_h$
7Z`kdjedejhWjWc[djeZWZeh[cY~dY[hÅZei[_d_Y_WbÅ&"(#&"*c]%a]dW^ehWZ[Zehc_h1WZei[feZ[i[h
Wkc[djWZW[c+&WYWZW(#)Z_Wi"feZ[dZeY^[]WhW'#)c]%a]%Z_WdW^ehWZ[Zehc_h$
7Zeb[iY[dj[iÅZei[_d_Y_WbÅ(+#+&c]%Z_W"Wkc[djWdZeWZei[]hWZkWbc[dj[$:ei[c|n_cWÅ(&&c]%Z_W[c
Zei[d_YWekZ_l_Z_ZW$
7ZkbjeiÅZei[_d_Y_WbÅ(+c])#*l[p[ifehZ_W"Wkc[djWdZeWZei[]hWZkWbc[dj[$:ei[c|n_cWÅ)&&c]%Z_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZe[dWiYWhZWYWi"[f_b[fi_W"h[j[dekh_d|h_W"Wdeh[n_W"^_f[hj_he_Z_ice[
fWY_[dj[i\Wp[dZekieZ[W][dj[ij_he_Z_Wdei$
?ckde]beXkb_dW7dj_#H^&:
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?
CWj[h]WcWcfebW)&&cY]'$+&&K?%'"+cB
FWhje]WcWI:<i[h_d]W))&cY]'$,+&K?%'")(cB
FWhje]WcWI:<i[h_d]W(+&cY]%'cB'$(+&K?%'cB
Kiei
Fh[l[de[i[di_X_b_pWe}\ehcWeZ[Wdj_YehfeiWdj_#H^&:dWii[]k_dj[iY_hYkdij~dY_Wi0Wdj[iZefWhje"
dWi(.°#)&°i[cWdWiZ[][ijWe[cckb^[h[igk[ieH^#Zek:k!ejhWjWc[djeZ[l[i[hcWdj_ZeWfie
fWhje1WfiefWhje[cc[ZH^#[Yh_WdW:H^!"c[ZH^#[Yh_WdW:k:k!"c[:k:k![Yh_WdW
:H^!1[cckb^[h[iH^#Zek:k!Wfil[hie[nj[hdW"jhWkcWWXZec_dWb"iWd]hWc[djefi[kZec[dijhkWb
ZkhWdj[W][ijWe"WXehje[ifedj~d[e"WXehjefheleYWZe"][ijWe[Yjf_YW"cebW^_ZWj_\ehc[WfWhj_hZW
,°i[cWdWZ[][ijWe[WfiYWZWWcd_eY[dj[i[ekX_fi_WZ[Yh_e1[cf[iieWiH^#"WfijhWdi\kieZ[
iWd]k[H^#_dYecfWjl[biWd]k[jejWbekYedY[djhWeZ[^[c|Y_Wi$
Feiebe]_W
7Zkbjei
?C
;ch[bWe}][ijWe"fWhje["gkWdZeWfb_Y|l[b"[c_dj[hl[d[i]_d[Yeb]_YWi$
FheÓbWn_WYec[WdZeWdj[iZefWhjeÅ)&&cY]'$+&&K?ZWi(.°#)&°i[cWdWiZ[][ijWe1[cWb]kdiYWiei"
WYedi[b^|l[bYec[WhWfheÓbWn_WcW_ifh[YeY[c[dj["i[]k_ZWZ[ekjhWZei[Z[)&&cY]'$+&&K?[djh[("[
decW_iZegk[-(^ehWiWfiefWhje"i[ed[edWje\ehH^!:ek:k$
FheÓbWn_WYec[WdZeWfiefWhjeÅ)&&cY]'$+&&K?Z[djheZ[(#-(^ehWiWfiefWhje1i[eX[X
\eh:k!"
h[Yec[dZW#i[Zei[Z[+&&cY]($+&&K?$
;cYWiei[if[Y_W_iWfiWXehje[ifedj~d[e"WXehjefheleYWZe"][ijWe[Yjf_YW"l[hie[nj[hdW"jhWkcW
WXZec_dWb"iWd]hWc[djefi[kZec[dijhkWbZkhWdj[W][ijWe"cebW^_ZWj_\ehc[
7dj[iZW'(°i[cWdWZ[][ijWeÅ'(&#'+&cY],&&#-&&K?"i[feiil[b"Z[djheZ[-(^ehWiZe[l[dje$
7fiW'(°i[cWdWZ[][ijWeÅ(+&#)&&cY]'$(+&#+$&&&K?"i[feiil[b"Z[djheZ[-(^ehWiZe[l[dje$
7fiWcd_eY[dj[i[ekX_fi_WZeYh_eÅ(+&#)&&cY]'$(+&#+$&&&K?"i[feiil[b"Z[djheZ[-(^ehWiWfi
W_dj[hl[de$
;cYWieiZ[jhWdi\kieiWd]kd[WH^#_dYecfWjl[biWd]k[jejWbekYedY[djhWZeZ[^[c|Y_WiÅ
(&,r
'&&#(+&cY]+&&#'$(+&K?%'&cBZ[iWd]k[jhWdi\kdZ_Ze"Wi[hWZc_d_ijhWZe[c\hW[i"ZkhWdj[kcf[heZe
Z[l|h_eiZ_Wi$
Fh[YWk[i
DeZ[l[i[hWZc_d_ijhWZefehl_W_djhWlWiYkbWh"fe_ifeZ[ceYehh[hi_djecWiZ[Y^egk[$H[Yec[dZW#i[
WWif_hWefWhWi[Y[hj_ÓYWhZ[gk[d[d^kcWl[_W\e_f[d[jhWZW$;cfWY_[dj[iYecZ[ÓY_
dY_W]hWl[Z[
fbWgk[jWiekekjheiZ_ijhX_eiZ[YeW]kbWe"deigkW_iWi_d`[[i_djhWckiYkbWh[iieYedjhW#_dZ_YWZWi"[ii[
c[Z_YWc[djefeZ[i[hWZc_d_ijhWZel_WikXYkj~d[W$
?ckde]beXkb_dW7dj_j[j~d_YW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J[jWde]WccWWcfebW(+&K?%'cB
Kiei
FheÓbWn_WZ[jjWde[c_dZ_lZkeiYec\[h_c[djeh[Y[dj["de#_ckd_pWZeiekYecfb[jWc[dj[_ckd_pWZei1
jhWjWc[djeZ[jjWdeYb_d_YWc[dj[cWd_\[ije$
?
Feiebe]_W
9h_WdWi[7Zkbjei
FheÓbWn_W
?CÅ(+&K?Z[_ckde]beXkb_dWWdj_j[j~d_YWYec&"+cBZ[jen_Z[j[j~d_Ye[cbeYW_iZ_\[h[dj[iZeYehfe1
fWhW\[h_c[djeigk[defeiiWci[hYedjhebWZeiY_hkh]_YWc[dj[Z[cWd[_hWiWj_i\Wjh_Wekgk[\ehWc
d[]b_][dY_WZei[fWhWgk[_cWZkhWi[nj[diWi"WZei[h[Yec[dZWZWZ[+&&K?1[cbj_ceYWie"WYedi[b^|l[b
WZc_d_ijhWhkcWi[]kdZWZei[Z[(+&K?Z[_ckde]beXkb_dWWdj_j[j~d_YWWejhc_deZW\Wi[[nikZWj_lWY[hYW
Z[),^ehWiWfiWgk[_cWZkhW$
JhWjWc[dje
?CÅ_d_Y_WhYec+$&&&K?ek'&$&&&K?de'±Z_W[Yedj_dkWhYec)$&&&K?%Z_W$
E_dj[hlWbe[djh[Wi_d`[[i[WZkhWeZejhWjWc[dje_h|Z[f[dZ[hZegkWZheYbd_Ye$
Fh[YWk[i
DeZ[l[i[hkiWZefehl_W[dZel[deiW$FWhWfheÓbWn_Wi_ckbj~d[W[cfWY_[dj[iikXc[j[dZe#i[}j[hWf_W
Wdj_YeW]kbWdj["[ii[c[Z_YWc[djefeZ[i[hWZc_d_ijhWZefehl_WikXYkj~d[W$KcW_d`[e_djhWlWiYkbWhfeZ[
b[lWhefWY_[dj[WZ[i[dlebl[hi_djecWii[c[b^Wdj[iWeY^egk["[if[Y_Wbc[dj[[cYWieZ[Z[ÓY_
dY_WZ[
Wdj_Yehfe$FehjWdje"h[Yec[dZWZeWii[]khWhfehWif_hWegk[d[d^kclWiej[d^Wi_Zef[d[jhWZe$
?ckde]beXkb_dW>kcWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?ckde]beXkb_d%IWdZe]beXkb_dW\hWiYe#WcfebW']
IWdZe]beXkb_dW\hWiYe#WcfebW)]
?ckde]beXkb_d%;dZeXkb_d%<b[Xe]WccW\hWiYe#WcfebW+]
IWdZe]beXkb_dW\hWiYe#WcfebW,]
Kiei
?dZ_YW[iYecfhelWZWi0
r(&-
ÅFheÓbWn_W[jhWjWc[djeZ[_d\[Y[ifWhWZ[\[iW[ikfehj[YedjhW[ijWi$
ÅIdZhec[ZW_ckdeZ[ÓY_
dY_Wfh_c|h_W"fh_dY_fWbc[dj[0W]WcW]beXkb_d[c_W_d\Wdj_b"idZhec[Z[
_ckdeZ[ÓY_
dY_WlWh_|l[bYec^_fe]WcW]beXkb_d[c_WekW]WcW]beXkb_d[c_W"Z[\[_jeiZWikXYbWii[Z[?]=
YecYecfhelWZWZ[ÓY_
dY_WZ[Wdj_YehfeiYedjhWc_Yheeh]Wd_icei_d\[YY_eiei[n_ij[dj[ifehjeZWWfWhj[$
Å?ckdeZ[ÓY_
dY_Wi[YkdZ|h_W"fh_dY_fWbc[dj[0b[kY[c_Wb_d\|j_YWYhd_YWYec^_fe]WcW]beXkb_d[c_W[
ikiY[j_X_b_ZWZ[Wkc[djWZWfWhW_d\[Y[i"_d\[Yefeh>?L[ch[Yc#dWiY_Zei[Yh_WdWifWhWfheÓbWn_WZ[
_d\[Y[iYecXWYjh_Wif_he]
d_YWi[n_ij[dj[ifehjeZWWfWhj["jhWdifbWdj[Wbe]
d_YeZ[c[ZkbWii[WfWhW
h[Zkp_hW\h[g
dY_WZ[_d\[Y[i[ceZ_ÓYWheÇ[dn[hjel[hikih[WeZe^eif[Z[_heÈ$
Å?ckdeceZkbWe[fh[l[deZ[_dÔWcWe0fhfkhWjhecXeY_jef
d_YW_ckd[FJ?Yhd_YW[W]kZW[c
Yh_WdWi[WZkbjei"idZhec[Z[AWmWiWa_$
Üh[WiZ[kie0
ÅFheÓbWn_W[jhWjWc[djeZ[_d\[Y[iWiieY_WZWiWY_jeij|j_Yei[_ckdeiikfh[iieh[i$
ÅJhWjWc[djeZ[_d\[Y[iXWYj[h_WdWiekl_hW_i]hWl[i[cYecX_dWeYecWj[hWf_WZ[Wdj_X_j_Yei[Wdj_l_hW_i$
ÅFheÓbWn_WZ[_d\[Y[i[ch[Yc#dWiY_Zeifh[cWjkhei[Yecf[ieWedWiY[h_d\[h_ehW'$+&&]$
ÅJhWjWc[djeZ[d[kjhef[d_WWkje#_ckd[[Wd[c_W^[cebj_YW$
ÅJhWjWc[djeZ[Wd[c_WWkje#_ckd[de#h[][d[hWj_lWWfbWi_WfkhWZ[]bXkbeil[hc[b^ei$
ÅJhWjWc[djeZ[jhecXeY_jef[d_Wi_ckd[i"jW_iYeceffkhWfi#jhWdi\kie[jhecXeY_jef[d_WWbe_ckd[
[cd[edWjei$
ÅJhWjWc[djeZW^[ceÓb_W_d_X_ZehWYWkiWZWfehWkje#Wdj_YehfeiZ[YeW]kbWeZe\WjehL???$
ÅJhWjWc[djeZWidZhec[Z[=k_bbW_d#8Whh[ZWfeb_d[khefWj_WZ[ic_[b_d_pWZehWYhd_YW$
ÅJhWjWc[djeZWfeb_Whjh_j[h[kc|j_YW`kl[d_b$
ÅJhWjWc[djeZWc_Wij[d_W]hWl[$
ÅFheÓbWn_WZ[WXehjei^WX_jkW_i$
?
Feiebe]_W
?d\kie[dZel[deiW
IdZhec[ZW_ckdeZ[ÓY_
dY_Wfh_c|h_W
9h_WdWi[7ZkbjeiÅ&")#&"*]%a]WYWZW)#*i[cWdWi1kcWYedY[djhWeih_YWZ[?]=Z[decd_ce+]%BZ[l[
i[hWj_d]_ZWfh[l_Wc[dj[fWhWW_d\kiei[hh[f[j_ZW1[cWb]kdifWY_[dj[i"WZei[Z[&"(]%a]WYWZW*i[cWdWi
ikÓY_[dj[1[cYh_WdWi"[cfWhj_YkbWh"kcWWbjWZei[Z[&",#&".]%a]WYWZW)#*i[cWdWifeZ[i[h_dZ_YWZW$
?ckdeZ[ÓY_
dY_Wi[YkdZ|h_W
D[edWjei[Yh_WdWi_d\[YjWZWifeh>?LÅ&")#&"*]%a]WYWZW)#*i[cWdWi$
FWY_[dj[iYecb[kY[c_Wb_d\|j_YWYhd_YW[ikiY[j_X_b_ZWZ[cWhYWdj[W_d\[Y[iÅ&"*]%a]WYWZW*i[cWdWi1
kcWYedY[djhWeih_YWZ[?]=Z[decd_ce,"*]%BZ[l[i[hWj_d]_ZWWdj[h_ehc[dj[fWhWW_d\kiei[hh[f[j_ZW$
JhWdifbWdj[Wbe]
d_YeZ[c[ZkbWii[WÅ&"+]%a]"Yec_dY_eZ[-Z_WiWdj[iZejhWdifbWdj[["[dje"
i[cWdWbc[dj[Wje/&±Z_W[ÓdWbc[dj[[c_dj[hlWbeiZ[*i[cWdWiWje),&±Z_WWfiejhWdifbWdj[$
?ckdeceZkbWe[fh[l[deZW_dÔWcWe
<ehcWiYhd_YWiW]kZWiZ[FJ?[c9h_WdWi[7ZkbjeiÅZei[_d_Y_WbÅ&"*#']%a]'l[pek[c(Z_Wi
Yedi[Ykj_lei1Zei[Z[cWdkj[deÅ&"*]%a]WYWZW'#*i[cWdWi$
IdZhec[Z[AWmWiWa_Å'",#(]%a]Z[(#*Z_WiejhWjWc[djeWYecfWd^Wj[hWf_W#fWZheYecfheZkjei
Yedj[dZe|Y_ZeWY[j_biWb_Yb_Ye$
?d\[Y[iXWYj[h_WdWi]hWl[ii[fi[[_d\[Y[il_hW_iÅ&"*#']%a]Z_Wh_Wc[dj[ZkhWdj['#*Z_Wi$
FheÓbWn_WZ[_d\[Y[i[ch[Yc#dWiY_Zeifh[cWjkhei[[ch[Yc#dWiY_ZeiYecf[ieWedWiY[h2'$+&&]
Å&"+#']%a]WYWZW'#(i[cWdWi$
IdZhec[Z[=k_bbW_d#8Whh[feb_d[khefWj_WZ[ic_[b_d_pWdj[Yhd_YWÅ&"*]%a]Z_Wh_Wc[dj["ZkhWdj[+Z_Wi
Yedi[Ykj_lei1feZ[#i[h[f[j_h[iiWZei[WYWZW*i[cWdWi"i[d[Y[ii|h_e$
(&.r
Fh[YWk[i
;cfWY_[dj[iYecW]WcW]beXkb_d[c_Wek^_fe]WcW]beXkb_d[c_W]hWl["W_d\kieZ[l[h|i[hced_jehWZW
ZkhWdj[eifh_c[_hei'+c_dkjei"l_ijegk[feZ[ceYehh[hh[W[i_dÔWcWjh_Wi$DkdYW[nY[Z[hWjWnWZ[
_d\kiec|n_cW$Ced_jehWhYk_ZWZeiWc[dj[eifWY_[dj[iYk`ebj_cejhWjWc[dje\e_^|cW_iZ[.i[cWdWi"
fWY_[dj[igk[h[Y[dj[c[dj[j_l[hWc_d\[YeW]kZW[fWY_[dj[iYecfWhWfhej[_d[c_W$
?dZWfWc_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DWjh_b_nIHYecfh_c_ZeZ[b_X[hWefhebed]WZW'"+c]
Kiei
?dZ_YWZe[cYWieiZ[^_f[hj[dieWhj[h_Wb[ii[dY_Wb$
Feiebe]_W
:ei[kikWbÅ'Yecfh_c_ZefehZ_W$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YW
7h[ZkefeZ[i[hd[Y[ii|h_W"kcWl[pgk[W_dZWfWc_ZW[nYh[jWZWf[be\]WZe1kj_b_pWhYecfh[YWke[c
Ze[dj[i^[f|j_Yei$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh4)&cB%c_dÅded[Y[ii_jWZ[W`kij[Z[ZeiW][c$
9bYh2)&cB%c_dÅdeZ[l[i[hWZc_d_ijhWZe$
?
Fh[YWk[i
GkWdZeW\kde^[f|j_YWZ[ÓY_[dj["eiZ_khj_Yeij_WpZ_Yei[i_c_bWh[ifeZ[cYWkiWh[dY[\WbefWj_W
^[f|j_YW$D[ii[YWie"WWZc_d_ijhWeZeZ_khj_YeZ[l[i[h_dj[hhecf_ZW_c[Z_WjWc[dj[$
?dZ_dWl_h
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9h_n_lWdY|fikbW*&&c]
Kiei
JhWjWc[djeZ[_d\[Yef[be>?L#'[cWZkbjei$
Feiebe]_W
LE
7ZkbjeiÅ.&&c]WYWZW.^ehWiYececedej[hWf_Wek[cWiieY_WeYecekjheiW][dj[iWdj_l_hW_i$
Fh[YWk[i
;l_jWhekieYeceii[]k_dj[i\|hcWYei0j[h\[dWZ_dW"Wij[c_peb[Y_iWfh_ZW"fehgk[WYecf[j_ef[be
Y_jeYheceF)7*feZ[_d_X_hikWiX_ejhWdi\ehcW[i[][hWhWhh_jc_WiYWhZWYWi$H[Zkp_hWZei[[cfWY_[dj[i
YecfheXb[cWih[dW_i[^[f|j_Yei$
r(&/
?dZec[jWY_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?dZeY_ZY|fikbW(+c]
?dZeY_dF:7\hWiYe#WcfebW'c]
Kiei
JhWjWc[djeZ[Ze[dWi_dÔWcWjh_Wi[Z[iehZ[dih[kc|j_YWi"jhWjWc[djeZWZehceZ[hWZW"jhWjWc[djeZW
]ejW$7\ehcW?LkiWZWYeceWbj[hdWj_lWde\[Y^Wc[djeZeZkYjeWhj[h_Wb[cd[edWjei$
Feiebe]_W
?L
D[edWjeiÅZei[_d_Y_WbÅ&"(c]%a]i[]k_ZWZ[(Zei[iZ[f[dZ[dZeZW_ZWZ[$
2*.^ehWiÅ&"'c]%a][c_dj[hlWbeiZ['(#(*^ehWi$
(#-Z_WiÅ&"(c]%a][c_dj[hlWbeiZ['(#(*^ehWi$
4-Z_WiÅ&"(+c]%a][c_dj[hlWbeiZ['(#(*^ehWi$
LE
:e[dWi_dÔWcWjh_Wi%Z[iehZ[dih[kc|j_YWi
9h_WdWi¨(WdeiÅ'#(c]%a]%Z_W[cZei[iZ_l_Z_ZWi(#*l[p[ifehZ_W"de[nY[Z[h'+&#(&&c]%Z_W$:ei[
c|n_cWÅ*c]%a]%Z_W$
7ZkbjeiÅ(+#+&c]%Zei[(#)l[p[ifehZ_W$:ei[c|n_cWÅ(&&c]%Z_W$
?
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ_i\kd[iYWhZWYWi"^_f[hj[die"fWY_[dj[iYec_dikÓY_
dY_Wh[dWb[
^[f|j_YW"[f_b[fi_W"fWY_[dj[i\Wp[dZekieZ[Wdj_YeW]kbWdj[i[\Wp[dZejhWjWc[djeZWWhjh_j[
h[kcWj_Z[`kl[d_b$
?dÔ_n_cWX[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H[c_YWZ[\hWiYe#WcfebW'&&c]
Kiei
7hjh_j[h[kcWj_Z[h[ZkeZ[i_dW_i[i_djecWi"fh[l[deZ[b[ieWhj_YkbWh[ijhkjkhWb"Yece[hei[i[
[ijh[_jWc[djeZe[ifWeWhj_YkbWh"c[b^ehWZeZ[i[cf[d^e\i_Ye[cfWY_[dj[iYecZe[dWWj_lWWf[iWh
Z[jhWjWc[djeYecc[jejh[nWje1jhWjWc[djeZ[Ze[dWZ[9he^dceZ[hWZWW]hWl["fWhWWh[ZkeZ[
i_dW_i[i_djecWi[cfWY_[dj[iYech[ifeijW_dWZ[gkWZW}ij[hWf_WiYedl[dY_edW_i1jhWjWc[djeZ[\ijkbWi
[dj[heYkj~d[WiYecZh[dW][c[cfWY_[dj[iYecZe[dWZ[9he^dÓijkb_pWdj[$;ifedZ_b_j[$
Feiebe]_W
7Zkbjei
?d\kie[dZel[deiW
7hjh_j[h[kcWj_Z[WZc_d_ijhWh[cYecX_dWeYecc[jejh[nWjeÅWZc_d_ijhWh"_d_Y_Wbc[dj[")c]%a]
ZkhWdj[(^ehWi"i[]k_ZeiZ[)c]%a]dWii[cWdWi([,WfiWfh_c[_hW_d\kie["WfWhj_hZ[[dje"WYWZW.
i[cWdWi1Wfi((i[cWdWiZ[jhWjWc[dje"WZei[feZ[i[hWkc[djWZWfWhWWj'&c]%a]$
:e[dWZ[9he^dceZ[hWZWW]hWl[Å_d\kie[dZel[deiWd_YWZ[+c]%a][ckcf[heZeZ[(^ehWifWhWe
jhWjWc[djeZ[fWY_[dj[iYech[ifeijW_dWZ[gkWZW}ij[hWf_WiYedl[dY_edW_i$
:e[dWZ[9he^dÓijkb_pWdj[Å+c]%a][ckcf[heZeZ[(^ehWi"i[]k_ZeiZ[Zei[iWZ_Y_edW_iZ[+c]%a]
('&r
dWii[cWdWi([,"WfiWfh_c[_hW_d\kie$
;ifedZ_b_j[Wdgk_beiWdj[Å+c]%a][ckcf[heZeZ[(^ehWi"i[]k_ZeiZ[Zei[iWZ_Y_edW_iZ[+c]%a]dWi
i[cWdWi([,"WfiWfh_c[_hW_d\kie["WfWhj_hZ[[dje"WYWZW.i[cWdWi$
Fh[YWk[i
;ii[c[Z_YWc[djeYedjhW#_dZ_YWZefWhWfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Yed^[Y_ZWWfhej[dWickh_dWi
[fWhWfWY_[dj[iYeci[fi[$DWeYehh
dY_WZ[h[W[iW]kZWi"h[Zkp_hWl[beY_ZWZ[Z[_d\kieek
_dj[hhecf
#bWj[cfehWh_Wc[dj[$
?dikb_dW7ifWhj
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DeleHWf_Z'&&K%cB<b[nF[d)cB
?dY_eZ[WeÅ'&#(&c_dkjei
F_YeZ[WeÅ'#)^ehWi
:khWeZ[WeÅ)#+^ehWi
?
Kiei
JhWjWc[djeZ[fWY_[dj[iYecZ_WX[j[ic[bb_jki$
Feiebe]_W
9h_WdWi4,Wdei[7Zkbjei
I9ÅWZei[Z[l[i[h_dZ_l_ZkWb_pWZWZ[WYehZeYecefWY_[dj["WYh_jh_ecZ_Ye$7WZc_d_ijhWeZ[l[i[h\[_jW
_c[Z_WjWc[dj[Wdj[iZWh[\[_e$
Fh[YWk[i
7ZeiW][c_dWZ[gkWZWekWZ[iYedj_dkWeZejhWjWc[djefeZ[c"[if[Y_Wbc[dj[deZ_WX[j[ij_fe?"YWkiWh
^_f[h]b_Y[c_W[Y[jeWY_Zei[Z_WXj_YW$:e[dWiYedYec_jWdj[i"[if[Y_Wbc[dj[_d\[Y[i"Wkc[djWcW
d[Y[ii_ZWZ[Z[_dikb_dW$:[ÓY_
dY_Wh[dWbek^[f|j_YWfeZ[Z_c_dk_hWd[Y[ii_ZWZ[Z[_dikb_dWf[befWY_[dj[$
FeZ[eYehh[h^_fe]b_Y[c_Wi[efWY_[dj[_d`[jWhkcWZei[Z[_dikb_dWcW_ehZegk[Wd[Y[ii|h_W"i[Z[_nWh
Z[\Wp[hkcWZWih[\[_[ieki[fhWj_YWh[n[hYY_ei[c[nY[iie"WbcZe^WX_jkWb$7fh[i[dWZ[\Wjeh[igk[
Wkc[djWcWikiY[j_X_b_ZWZ[}^_fe]b_Y[c_Wh[gk[hced_jehWeYk_ZWZeiW[feZ[d[Y[ii_jWhZ[W`kij[Z[Zei[$
?dikb_dW=bWh]_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
BWdjkiEfj_i[j'&&K%cBYWhfkb[)cB!i_ij[cWZ[Wfb_YWe
?dY_eZ[WeÅ'#(^ehWi
F_YeZ[WeÅi[c
:khWeZ[WeÅ(*^ehWi
Kiei
JhWjWc[djeZ[fWY_[dj[iYecZ_WX[j[ic[bb_jkij_fe?[??"[cWZkbjeigk[d[Y[ii_jWcZ[_dikb_dWXWiWbbed]W
ZkhWefWhWeYedjheb[ZW^_f[h]b_Y[c_W$
r(''
Feiebe]_W
7Zkbjei
I9ÅWYh_jh_ecZ_Ye"Yedi_Z[hWdZe#i[gk[Wb_X[hWeZ[_dikb_dWZ[(KWjkcWZei[d_YWc|n_cWZ[*&K$
Fh[YWk[i
?dikb_dW]bWh]_dWdeW_dikb_dWZ[[iYeb^WfWhWejhWjWc[djeZ[Y[jeWY_Zei[Z_WXj_YW"Z[l[dZe#i[fh[\[h_h
_dikb_dW_djhWl[deiWZ[YkhjWZkhWe$7ZeiW][c_dWZ[gkWZWekWZ[iYedj_dkWeZejhWjWc[djefeZ[c"
[if[Y_Wbc[dj[deZ_WX[j[ij_fe?"YWkiWh^_f[h]b_Y[c_W[Y[jeWY_Zei[Z_WXj_YW$:e[dWiYedYec_jWdj[i"
[if[Y_Wbc[dj[_d\[Y[i"Wkc[djWcWd[Y[ii_ZWZ[Z[_dikb_dW$:[ÓY_
dY_Wh[dWbek^[f|j_YWfeZ[Z_c_dk_h
Wd[Y[ii_ZWZ[Z[_dikb_dWf[befWY_[dj[$FeZ[eYehh[h^_fe]b_Y[c_Wi[efWY_[dj[_d`[jWhkcWZei[Z[_dikb_dW
cW_ehZegk[Wd[Y[ii|h_W"i[Z[_nWhZ[\Wp[hkcWZWih[\[_[ieki[fhWj_YWh[n[hYY_ei[c[nY[iie"WbcZe
^WX_jkWb$7fh[i[dWZ[\Wjeh[igk[Wkc[djWcWikiY[j_X_b_ZWZ[}^_fe]b_Y[c_Wh[gk[hced_jehWeYk_ZWZeiW
[feZ[d[Y[ii_jWhZ[W`kij[Z[Zei[$
?dikb_dW>kcWdWDF>
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>kckb_dDF[dÓbb'&&K%cBYWhfkb[)cB
Deleb_dDF[dÓbb'&&K%cBYWhfkb[)cB
?
?dY_eZ[WeÅ'['%(^ehW
F_YeZ[WeÅ*#'(^ehWi
:khWeZ[WeÅ(&^ehWi
Kiei
JhWjWc[djeZ[fWY_[dj[iYecZ_WX[j[ic[bb_jki$
Feiebe]_W
9h_WdWi[7Zkbjei
I9ÅWZei[Z[l[i[h_dZ_l_ZkWb_pWZWZ[WYehZeYecefWY_[dj["WYh_jh_ecZ_Ye$
Fh[YWk[i
7ZeiW][c_dWZ[gkWZWekWZ[iYedj_dkWeZejhWjWc[djefeZ[c"[if[Y_Wbc[dj[deZ_WX[j[ij_fe?"YWkiWh
^_f[h]b_Y[c_W[Y[jeWY_Zei[Z_WXj_YW$:e[dWiYedYec_jWdj[i"[if[Y_Wbc[dj[_d\[Y[i"Wkc[djWcW
d[Y[ii_ZWZ[Z[_dikb_dW$:[ÓY_
dY_Wh[dWbek^[f|j_YWfeZ[Z_c_dk_hWd[Y[ii_ZWZ[Z[_dikb_dWf[befWY_[dj[$
FeZ[eYehh[h^_fe]b_Y[c_Wi[efWY_[dj[_d`[jWhkcWZei[Z[_dikb_dWcW_ehZegk[Wd[Y[ii|h_W"i[Z[_nWh
Z[\Wp[hkcWZWih[\[_[ieki[fhWj_YWh[n[hYY_ei[c[nY[iie"WbcZe^WX_jkWb$7fh[i[dWZ[\Wjeh[igk[
Wkc[djWcWikiY[j_X_b_ZWZ[}^_fe]b_Y[c_Wh[gk[hced_jehWeYk_ZWZeiW[feZ[d[Y[ii_jWhZ[W`kij[Z[Zei[$
?dikb_dW>kcWdWH[]kbWh
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>kckb_dHF[dÓbb'&&K%cBYWhfkb[)cB
Deleb_dHF[dÓbb'&&K%cBYWhfkb[)cB
?dY_eZ[WeÅ'%(^ehW
('(r
F_YeZ[WeÅ'#)^ehWi
:khWeZ[WeÅ.^ehWi
Kiei
JhWjWc[djeZ[fWY_[dj[iYecZ_WX[j[ic[bb_jki$
Feiebe]_W
9h_WdWi[7Zkbjei
I9%?C%?LÅWZei[Z[l[i[h_dZ_l_ZkWb_pWZWZ[WYehZeYecefWY_[dj["WYh_jh_ecZ_Ye$
Fh[YWk[i
KcWY[hjWgkWdj_ZWZ[Z[_dikb_dWfeZ[i[hWZiehl_ZWdecWj[h_WbZ[_d\kie"fehjWdje"h[Yec[dZW#
i[ced_jehWheidl[_iiWd]kd[eiZ[]b_Yei[ZkhWdj[W_d\kie$:[l_ZeWeh_iYeZ[fh[Y_f_jWe"de
Z[l[i[hWZc_d_ijhWZeWjhWliZ[XecXWiZ[_dikb_dW$7ZeiW][c_dWZ[gkWZWekWZ[iYedj_dkWeZe
jhWjWc[djefeZ[c"[if[Y_Wbc[dj[deZ_WX[j[ij_fe?"YWkiWh^_f[h]b_Y[c_W[Y[jeWY_Zei[Z_WXj_YW$:e[dWi
YedYec_jWdj[i"[if[Y_Wbc[dj[_d\[Y[i"Wkc[djWcWd[Y[ii_ZWZ[Z[_dikb_dW$:[ÓY_
dY_Wh[dWbek^[f|j_YW
feZ[Z_c_dk_hWd[Y[ii_ZWZ[Z[_dikb_dWf[befWY_[dj[$FeZ[eYehh[h^_fe]b_Y[c_Wi[efWY_[dj[_d`[jWhkcW
Zei[Z[_dikb_dWcW_ehZegk[Wd[Y[ii|h_W"i[Z[_nWhZ[\Wp[hkcWZWih[\[_[ieki[fhWj_YWh[n[hYY_ei
[c[nY[iie"WbcZe^WX_jkWb$7fh[i[dWZ[\Wjeh[igk[Wkc[djWcWikiY[j_X_b_ZWZ[}^_fe]b_Y[c_Wh[gk[h
ced_jehWeYk_ZWZeiW[feZ[d[Y[ii_jWhZ[W`kij[Z[Zei[$
?
?dikb_dWB_ifhe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>kcWbe]F[dÓbbB_ifhe'&&K%cBYWhfkb[)cB
?dY_eZ[WeÅ'+c_dkjei
F_YeZ[WeÅ'#)^ehWi
:khWeZ[WeÅ+^ehWi
Kiei
JhWjWc[djeZ[fWY_[dj[iYecZ_WX[j[ic[bb_jki$
Feiebe]_W
9h_WdWi[7Zkbjei
I9%?LÅWZei[Z[l[i[h_dZ_l_ZkWb_pWZWZ[WYehZeYecefWY_[dj["WYh_jh_ecZ_Ye$7WZc_d_ijhWeZ[l[i[h
\[_jW_c[Z_WjWc[dj[Wdj[iZWh[\[_e$
Fh[YWk[i
7ZeiW][c_dWZ[gkWZWekWZ[iYedj_dkWeZejhWjWc[djefeZ[c"[if[Y_Wbc[dj[deZ_WX[j[ij_fe?"YWkiWh
^_f[h]b_Y[c_W[Y[jeWY_Zei[Z_WXj_YW$:e[dWiYedYec_jWdj[i"[if[Y_Wbc[dj[_d\[Y[i"Wkc[djWcW
d[Y[ii_ZWZ[Z[_dikb_dW$:[ÓY_
dY_Wh[dWbek^[f|j_YWfeZ[Z_c_dk_hWd[Y[ii_ZWZ[Z[_dikb_dWf[befWY_[dj[$
?eX_jh_Zeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>[d[j_n)&&\hWiYe#WcfebWZ[+&cB)&&c]Z[_eZe%cB
r(')
Kiei
7d]_e]hWÓWf[h_\h_YW1Wd]_e]hWÓWY[h[XhWb1jece]hWÓWYecfkjWZeh_pWZW1khe]hWÓW_djhWl[deiW1
Wd]_eYWhZ_e]hWÓW[Wd]_e]hWÓWZ_]_jWb$
Feiebe]_W
LWh_W[c\kdeZe[nWc[ZefWY_[dj[$7Yh_jh_eZecZ_Ye$
Fh[YWk[i
:khWdj[Wh[Wb_pWeZe[nWc["Yedl[d_[dj[eWYecfWd^Wc[djeZ[kccZ_Ye[WcWdkj[deZ[kcW
l_WZ[WY[iiel[deie$7Yedi[b^W#i[fhkZ
dY_W[cYWieZ[fWY_[dj[iYec_dikÓY_
dY_Wh[dWb[^[f|j_YW]hWl[$
xWYedi[b^|l[bcWdj[h"debeYWbZe[nWc["eic[_eid[Y[ii|h_eifWhWh[l[hj[hkcgkWZheZ[kh]
dY_W$;iiW
eXi[hlWefWhj_YkbWhc[dj[_cfehjWdj[[cfWY_[dj[igk[kj_b_pWcX[jWXbegk[WZeh[i"fe_iWWZh[dWb_dW[
W_d`[eZ[Ôk_ZeiZ[]hWdZ[lebkc[ceijhWc#i[_d[ÓYWp[i$7Yedi[b^W#i[fhkZ
dY_W[cYWieZ[fWY_[dj[i
Yec_dikÓY_
dY_Wh[if_hWjh_W"Wdj[Y[Z[dj[iWbh]_Yei[Wdj[Y[Z[dj[iZ[i[di_X_b_ZWZ[We_eZeekWeic[_eiZ[
YedjhWij[_eZWZei$7fh#c[Z_YWe[cfWY_[dj[iZ[h_iYeZ[l[i[h_dZ_YWZWYed\ehc[eYWie[WYh_jh_e
ZecZ_Ye$
?eZ[jeZ[Fej|ii_e!?eZe!Ü]kW:[ij_bWZW
?
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Bk]eb<ehj[+\hWiYe(&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
De[nWc[]_d[Yeb]_Yehej_d[_he"h[Wb_pWZeeJ[ij[Z[IY^_bb[h"gk[Yedi_ij[[cWfb_YWhBk]ebdeYebeZej[he
fWhWbeYWb_pWhYbkbWiek]hkfWc[djeiY[bkbWh[i[cgk[e_eZed[]Wj_le$xkj_b_pWZedW|h[WY_hh]_YWYece
Wdj_#ifj_Ye"][hc_Y_ZW"\kd]_Y_ZW$
Feiebe]_W
Kie[nj[hdeÅ(#)Wfb_YW[iieXh[Wh[]_eW\[jWZWekWYh_jh_ecZ_Ye$
Fh[YWk[i
Dekj_b_pWhZkhWdj[ef[heZeZ[][ijWe[WcWc[djWe$Ikif[dZ[hekiei[^ekl[hckZWdWZ[YebehWe
ekeZehZWiebke$
?eZ_nWdeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
L_i_fWgk[)(&\hWiYe#WcfebW+&cB
Kiei
C[_eZ[YedjhWij[hWZ_e]h|ÓYefWhWWd]_eYWhZ_e]hWÓW"Wd]_e]hWÓWY[h[XhWbYedl[dY_edWb[Wd]_e]hWÓWfeh
ikXjhWeZ_]_jWb_djhW#Whj[h_Wb"Whj[h_e]hWÓWf[h_\h_YWYedl[dY_edWb[Wd]_e]hWÓWfehikXjhWeZ_]_jWb_djhW#
Whj[h_Wb"Wd]_e]hWÓWWXZec_dWbWd]_e]hWÓWfehikXjhWeZ_]_jWb_djhW#Whj[h_Wb"khe]hWÓW"l[de]hWÓW"J9Yec
YWfjWeZ[YedjhWij[$C_[be]hWÓWbecXWh"jeh|Y_YW[Y[hl_YWb$
('*r
Feiebe]_W
7feiebe]_WfeZ[lWh_Whi[]kdZeej_feZe[nWc["e[ijWZe][hWbZefWY_[dj["W_ZWZ["ef[ie"eZX_jeYWhZWYe
[WjYd_YWkj_b_pWZW$
Kie_djhW#Whj[h_Wb
7hj[h_e]hWÓW
9[h[XhWbi[b[j_lWÅ+#'&cB$
7ehje]hWÓWÅ*&#,&cB$
F[h_\h_YWÅ)&#,&cB$
7d]_eYWhZ_e]hWÓW
7ZkbjeiÅ_d`[el[djh_YkbWh[igk[hZW[[chW_pWhj_YWÅ+#'&cB$
7hj[h_e]hWÓWYehedWh_WdWi[b[j_lWÅ*#.cB$
9h_WdWiÅZei[jejWbc|n_cWÅ'&cB%a]$
Kie_djhWl[deie
Khe]hWÓW
7ZkbjeiÅ*&#.&cB$
9h_WdWi2-a]Å(#*cB$
9h_WdWi4-a]Å(#)cB$
L[de]hWÓWJ9YecYedjhWij[
7ZkbjeiÅJ9Z[Yh~d_eÅ+&#'+&cB$
7ZkbjeiÅJ9Z[YehfeÅ-+#'+&cB$
9h_WdWiÅJ9Z[Yh~d_e[YehfeÅ(#)cB%a]Wj+&cB$
Kie_djhWj[YWb
C_[be]hWÓWjeh|Y_W[becXWhÅ'&cB$
C_[be]hWÓWY[hl_YWbÅ'&cB$
?
Fh[YWk[i
KcW^_ijh_Wfei_j_lWZ[Wb[h]_W"WicWekh[W[iWZl[hiWiYedjhWc[_eiZ[YedjhWij[_eZWZei_dZ_YWW
d[Y[ii_ZWZ[Z[i[h[cWZejWZWifh[YWk[i[if[Y_W_i$D[ii[iYWiei"feZ[#i[Yedi_Z[hWhWfh#c[Z_YWeYec
Yehj_Yeij[h_Z[iekWdjW]ed_ijWi>'[>(ZW^_ijWc_dW$:[l[#i[j[hkcWYWkj[bW[if[Y_WbdeifWY_[dj[iYec
YWhZ_efWj_Wi]hWl[i[^_f[hj[diefkbcedWhfehgk[[b[ifeZ[cWfh[i[djWhWbj[hW[i^[ceZ_d~c_YWiek
Whh_jc_Wi$:[l[#i[j[hYWkj[bW[if[Y_WbYeceifWY_[dj[iWfh[i[djWdZeWbj[hW[i]hWl[idW\kdeh[dWb[
^[f|j_YW"fehgk[W[b_c_dWeZec[_eZ[YedjhWij[feZ[[ijWhi_]d_ÓYWj_lWc[dj[h[jWhZWZW$EifWY_[dj[i
ieX^[ceZ_|b_i[feZ[ch[Y[X[hc[_eiZ[YedjhWij[fWhWfheY[Z_c[djeihWZ_eb]_Yei"Z[iZ[gk[WZ_|b_i[
i[`Wh[Wb_pWZW_c[Z_WjWc[dj[WfiefheY[Z_c[dje$7WZc_d_ijhWeZ[c[_eiZ[YedjhWij[_eZWZeifeZ[
W]hWlWheii_djecWiZWc_Wij[d_W]hWl[$7eifWY_[dj[iYec\[eYheceY_jecWikXc[j_ZeiWfheY[Z_c[djei
_dlWi_lei"Z[l[c#i[e\[h[Y[hWb\WXbegk[WZeh[iYecefheÓbWn_WfWhWYh_i[i^_f[hj[di_lWi$:[l[#i[j[hYk_ZWZe
[if[Y_WbYeceifWY_[dj[iYec^_f[hj_he_Z_ice$7gk[b[iYecXY_eckbj_deZkbWhfeZ[c[ijWhieXh_iYe
Z[^_f[hj_he_Z_iceWfiWWZc_d_ijhWeZ[c[_eiZ[YedjhWij[_eZWZei$JWcXcZ[l[#i[j[h[cc[dj[W
feii_X_b_ZWZ[Z[_dZkp_h^_fej_he_Z_icejhWdi_jh_e[cbWYj[dj[ifh[cWjkheigk[h[Y[X[cc[_eiZ[YedjhWij[$
?e[neb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ecd_fWgk[)&&\hWiYe#WcfebW+&cB
Kiei
C[_eZ[YedjhWij[hWZ_eb]_YefWhWkie[cWZkbjei[Yh_WdWideii[]k_dj[ifheY[Z_c[djei0YWhZ_eWd]_e]hWÓW"
Whj[h_e]hWÓW"khe]hWÓW"Ô[Xe]hWÓW[jece]hWÓWYecfkjWZeh_pWZW$C_[be]hWÓWbecXWh"jeh|Y_YW[Y[hl_YWb"
r('+
jece]hWÓWYecfkjWZeh_pWZWZWiY_ij[hdWiXWiW_i"Wfi_d`[eikXWhWYd_Z[W$7hje]hWÓW"fWdYh[Wje]hWÓW
h[jh]hWZW[dZeiYf_YWFH;"Yeb~d]_efWdYh[Wje]hWÓWh[jh]hWZW[dZeiYf_YW9FH;"^[hd_e]hWÓW"
^_ij[heiiWbf_d]e]hWÓW"i_Wbe]hWÓW[[ijkZeiZejhWje]hWijh_dj[ij_dWb$
Feiebe]_W
Kie_djhWl[deie
Khe]hWÓW
7ZkbjeiÅ*&#.&cB$
9h_WdWi2-a]Å)cB%a]$
9h_WdWi4-a]Å(cB%a]$
<b[Xe]hWÓWf[hdWÅ(&#'&&cB%f[hdW$
7d]_e]hWÓWfehikXjhWeZ_]_jWbÅ(&#,&cB$
Jece]hWÓWYecfkjWZeh_pWZW
7ZkbjeiÅ'&&#(&&cB$
9h_WdWiÅ'#)cB%a]Wj*&cB$
Kie_djhW#Whj[h_Wb
7hj[h_e]hWÓW
7ehje]hWÓWZ[WhYeÅ)&#*&cB$
9[h[XhWbi[b[j_lWÅ+#'&cB$
<[cehWbÅ)&#+&cB$
9WhZ_eWd]_e]hWÓW
9h_WdWiÅZ[f[dZ[dZeZW_ZWZ["Zef[ie[ZWfWjebe]_W1Zei[c|n_cWÅ.cB%a]$
7d]_e]hWÓWfehikXjhWeZ_]_jWbÅ'#'+cB$
Kie_djhWj[YWb
C_[be]hWÓWY[hl_YWb_d`[ebecXWhÅ-#'&cB$
C_[be]hWÓWY[hl_YWb_d`[eY[hl_YWbbWj[hWbÅ,#.cB$
9Wl_ZWZ[iZeYehfe
7hjhe]hWÓWÅ+#'+cB$
>_ij[heiiWbf_d]e]hWÓWÅ'+#(+cB$
I_Wbe]hWÓWÅ&"+#(cB$
?
Fh[YWk[i
Kc^_ijh_Yefei_j_leZ[Wb[h]_W"WicWekZ[h[W[iZ[iW]hWZ|l[_iWc[_eiZ[YedjhWij[_eZWZei_dZ_YWW
d[Y[ii_ZWZ[Z[Yk_ZWZei[if[Y_W_i$KcWfh#c[Z_YWeYecYehj_Yeij[h_Z[iekWdjW]ed_ijWi^_ijWcd_Yei
feZ[i[hYedi_Z[hWZWd[ii[iYWiei$Eic[_eiZ[YedjhWij[de#_d_YeiWfh[i[djWcc[dei[\[_jeieXh[e
i_ij[cWZ[YeW]kbWe_dl_jhe"YecfWhWZeiYeceic[_eiZ[YedjhWij[_d_Yei$7eh[Wb_pWhfheY[Z_c[djeiZ[
YWj[j[h_pWelWiYkbWh"Z[l[#i[bWlWheYWj[j[h\h[g[dj[c[dj[fWhWc_d_c_pWheh_iYeZ[jhecXei[ek[cXeb_W
h[bWY_edWZWiWefheY[Z_c[dje$JWcXci[Z[l[j[hYk_ZWZeYecfWY_[dj[igk[Wfh[i[djWc^_f[hj[die
fkbcedWh[Ze[dWYWhZWYW]hWl["fe_i[b[ifeZ[heZ[i[dlebl[hWbj[hW[i^[ceZ_d~c_YWi[Z_ijhX_ei
[b[jhebj_Yei$EifWY_[dj[iYecfWjebe]_WY[h[XhWbW]kZW"jkceh[iek^_ijh_YeZ[[f_b[fi_Wj
cfh[Z_ifei_e
fWhWYedlkbi[i[c[h[Y[cYk_ZWZe[if[Y_Wb$EiWbYeb_Yei[Z[f[dZ[dj[iZ[Zhe]Wij
ccW_ehh_iYeZ[
Yedlkbi[i[h[W[id[kheb]_YWi$
?efWc_Zeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?efWc_hed)&&\hWiYe#WcfebW+&cB)&&c]Z[_eZe%cB
(',r
Kiei
?dZ_YWZefWhWc_[be]hWÓW"Y_ij[hde]hWÓW[l[djh_Ykbe]hWÓW"fWhWjeZWiWi[nfbehW[iWd]_e]h|ÓYWifeh
ikXjhWeZ_]_jWb:I7[Wd]_eYWhZ_e]hWÓW"jeZWiWi[nfbehW[ikhe]h|ÓYWi[fWhWh[WbY[Z[YedjhWij[[c
jece]hWÓWYecfkjWZeh_pWZW$IkWifhefh_[ZWZ[ijWcXcf[hc_j[cWl_ikWb_pWeZ[YWl_ZWZ[iYehfehW_i
feh[n[cfbe"Whjhe]hWÓW"Óijkbe]hWÓW"l[i_Ykbe]hWÓW"YebWd]_efWdYh[Wje]hWÓW[dZeiYf_YWh[jh]hWZWÅ;H9F"
^_ij[heiiWbf_d]e]hWÓW$
Feiebe]_W
?djhWlWiYkbWh
:ei[iZ[&"/#'"+]Z[_eZefeha]Z[f[ieYehfehWbYehh[ifedZ[dj[iW)#+cBZ[_efWc_Zeb)&&feha]Z[f[ie
YehfehWb][hWbc[dj[ieX[cjeb[hWZWi[\ehd[Y[c_d\ehcWeZ_W]dij_YWWZ[gkWZWdWcW_eh_WZeiYWiei$
:ei[ih[Yec[dZWZWifWhW_d`[[id_YWi
7d]_e]hWÓWYedl[dY_edWb
7hj[h_e]hWÓWY[h[XhWb
+#'&cBZ[_efWc_Zeb)&&
7ehje]hWÓWjeh|Y_YW
+&#.&cBZ[_efWc_Zeb)&&
7ehje]hWÓWWXZec_dWb
+&#.&cBZ[_efWc_Zeb)&&
7hj[h_e]hWÓWf[h_\h_YW
)&#+&cBZ[_efWc_Zeb)&&
?
:I7_djhWl[deiW
:ei[h[Yec[dZWZWÅ)&#+&cBZ[_efWc_Zeb)&&$
:I7_djhW#Whj[h_Wb
9edY[djhW[icW_i[b[lWZWiekZei[icW_eh[iZ[c[_eZ[YedjhWij[feh[n[cfbe")#)&cBZWiebkede#
Z_bkZWekZWiebkeZ_bkZW'0(#*feZ[ci[hd[Y[ii|h_Wi[cWb]kdiYWieifWhWZ[cedijhWheilWieiZW
[njh[c_ZWZ[_d\[h_ehYece"feh[n[cfbe"i[WcXWiWif[hdWi\eh[c[nWc_dWZWi$
Jece]hWÓWYecfkjWZeh_pWZWJ9YhWd_WbÅ&"+#("&cB%a]Z[f[ieYehfehWbZ[_efWc_Zeb$
Khe]hWÓW_djhWl[deiW
H[Yc#dWiY_Zei2'c
i
'"(]Z[_eZe%a]
*"&cB%a]Z[_efWc_Zeb
BWYj[dj[i'c
i#(Wdei
'"&]Z[_eZe%a]
)"&cB%a]Z[_efWc_Zeb
9h_WdWi(#''Wdei
&"+]Z[_eZe%a]
'"+cB%a]Z[_efWc_Zeb
7Zeb[iY[dj[i[7Zkbjei
+&#'&&cBZ[_efWc_Zeb
?djhWj[YWb
C_[behhWZ_Ykbe]hWÓWÅ+#'&cBZ[_efWc_Zeb$
9_ij[hde]hWÓW[l[djh_Ykbe]hWÓWÅ)#'&cBZ[_efWc_Zeb$
9Wl_ZWZ[iYehfehW_i
Khe]hWÓWh[jh]hWZWÅ+#(&&cBZ[_efWc_Zebde#Z_bkZeekZ_bkZe'0(#*$
r('-
Fh[YWk[i
:[l[#i[_dj[hhecf[hekieZ[X_]kWd_ZWi*.^ehWiWdj[i[Wj*.^ehWiWfiWWZc_d_ijhWeZec[_eZ[
YedjhWij[[h[_dij_jk_hejhWjWc[djeiec[dj[WfiWZ[gkWZWh[Ykf[hWeZW\kdeh[dWb$
9edlkbi[iZ[eh_][cY[h[XhWbh[fh[i[djWcYedjhW#_dZ_YWeh[bWj_lWfWhWkie_djhWj[YWbZ[c[_eiZ[
YedjhWij[$FWY_[dj[iYec^_ijh_WZ[[f_b[fi_Wgk[[ij[`Wch[Y[X[dZej[hWf_WWdj_Yedlkbi_lWdj[Z[l[ci[h
cWdj_Zeid[iiWj[hWf_W[dgkWdjeh[Y[X[h[cc[_eZ[YedjhWij[fehl_W_djhWj[YWb$
7feii_X_b_ZWZ[Z[]hWl_Z[pZ[l[[ijWh[nYbkZWWdj[iZWh[Wb_pWeZ[^_ij[heiiWbf_d]e]hWÓW$
?ejWbWcWjeZ[C[]bkc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9edhWo,&\hWiYe#WcfebW)&$&&&c]%+&cB
Kiei
x_dZ_YWZefWhWkie[ckhe]hWÓW[nYh[jehW"Wd]_e]hWÓWY[h[XhWb"Whj[h_e]hWÓWf[h_\h_YW"l[de]hWÓW"
Whjhe]hWÓW"YebWd]_e]hWÓWZ_h[jW"YebWd]_efWdYh[Wje]hWÓW[dZeiYf_YWh[jh]hWZW"h[WbY[ZWi_cW][diZe
Yh[Xhefehjece]hWÓWYecfkjWZeh_pWZW"Wd]_ejece]hWÓWYecfkjWZeh_pWZWYhWd_Wb"Wd]_e]hWÓW_djhWl[deiW
Z_]_jWbZ[ikXjhWe[Wd]_e]hWÓWWhj[h_WbZ_]_jWbZ[ikXjhWe$
FeZ[i[hkj_b_pWZefWhWh[WbWhWfh[i[dW[W[nj[dieZ[Y[hjWid[efbWi_Wi[i[hX[dÓYedeh[WbY[ZW_cW][c
Z[b[i[ide#d[efb|i_YWi$
?
Feiebe]_W
Khe]hWÓW[nYh[jehW
7ZkbjeiÅ)&#,&cB$
7d]_e]hWÓWY[h[XhWb
7d]_e]hWÓWZWYWhj_ZW[l[hj[XhWbÅ_d`[eh|f_ZWZ[,#'&cB$
7d]_e]hWÓWY[h[XhWbXhWgk_Wbh[jh]hWZWÅ_d`[eh|f_ZWZ[)+#+&cBdWWhjh_WXhWgk_WbZ_h[_jW$
7hjhe]hWÓW
@e[b^e"gkWZh_bÅ+#'+cB$
EcXhe"jehdep[beÅ+#'&cB$
EkjheiÅ'#*cB$
9ebWd]_e]hWÓWZ_h[jWÅZkhWdj[WY_hkh]_W"WZei[kikWbZ['&cB"cWifeZ[ci[hd[Y[ii|h_eiWj(+cB
Z[f[dZ[dZeZeYWb_Xh[ZeiZkYjei$
9ebWd]_efWdYh[Wje]hWÓW[dZeiYf_YWh[jh]WZWÅfeZ[lWh_Wh[djh['&#'&&cBfWhWWl_ikWb_pWeZeZkYje
X_b_WhYeckc[[djh[(#'&cBfWhWl_ikWb_pWeZeZkYjefWdYh[|j_Ye$
H[WbY[ZeYedjhWij[[cjece]hWÓWYecfkjWZeh_pWZWZ[_cW][cZWYWX[WÅZei[kikWb[cWZkbjei[
Yh_WdWiÅ(cB%a]?L"de[nY[Z[dZeWZei[jejWbZ['+&cB$
7d]_ejece]hWÓWYhWd_WbYecfkjWZeh_pWZWÅ[cWZkbjei"feZ[#i[WZc_d_ijhWh+&cB[cXebkii[]k_ZWZ[
_d\kieh|f_ZWZ['+&cBek'&&cB[cXebkii[]k_ZWZ['&&cB[c_d\kieh|f_ZW$
H[WbY[ZeYedjhWij[[cjece]hWÓWYecfkjWZeh_pWZWZeYehfeÅ\Wi[fhebed]WZWZ[h[WbY[Whj[h_Wbekl[deie
[fWhWh[WbY[Z[b[i[i[if[YÓYWi"_d\kieh|f_ZWZ['+&cB$
7d]_e]hWÓW_djhWl[deiWZ_]_jWbZ[ikXjhWeÅZ[f[dZ[dZeZW|h[WWi[hl_ikWb_pWZW"WZei[lWh_W[djh[
(&#*&cB$7i_d`[[ifeZ[ci[hh[f[j_ZWii[d[Y[ii|h_e$
7d]_e]hWÓWWhj[h_WbZ_]_jWbZ[ikXjhWeÅWhjh_WiYWhj_ZWekl[hj[XhWbÅ)#.cB1WhYeWhj_YeÅ'+#(+cB1
Whjh_WiikXYbWl_WdW[XhWgk_WbÅ+#'+cB1fh_dY_fW_ihWc_ÓYW[iZWWehjWÅ+#(&cB1WehjWbecXWhÅ'&#(+cB$
Fh[YWk[i
FWY_[dj[igk[h[Y[X[cc[_eZ[YedjhWij[_eZWZe_djhWlWiYkbWhZ[l[ci[h_dijhkZeiW_d\ehcWhWecZ_Ye
('.r
Wfh[i[dWZ[]hWl_Z[p"Z_WX[j[iekc_[becWcbj_fbe"\[eYheceY_jecW"Wd[c_W\WbY_\ehc[ekZe[dWZW
j_h[_Z[1Wb[h]_WWZhe]Wi"Wb_c[djeieki[j[l[gkWbgk[hh[Wefhl_W}_d`[eYedj[dZec[_eZ[YedjhWij[1
kieYedYec_jWdj[Z[gkWbgk[hekjhec[Z_YWc[dje"_dYbk_dZeWgk[b[idefh[iYh_jei$
?el[hieb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Efj_HWo)(&,.\hWiYeiZ[+&cB)(&c]Z[_eZe%cB
Efj_HWo)(&i[h_d]Wfh[[dY^_ZW'(+cB)(&c]Z[_eZe%cB
Efj_HWo)+&i[h_d]Wfh[[dY^_ZW'(+cB)+&c]Z[_eZe%cB
Kiei
x_dZ_YWZefWhWWd]_e]hWÓWY[h[XhWb[l[de]hWÓW["jWcXc"fWhWh[WbY[Z[YedjhWij[[cjece]hWÓW
YecfkjWZeh_pWZWZeYh~d_e[ZeYehfe[khe]hWÓW[nYh[jehW_djhWl[deiW$
x_dZ_YWZe[cYh_WdWifWhWWd]_eYWhZ_e]hWÓW"h[WbY[Z[YedjhWij[[cjece]hWÓWYecfkjWZeh_pWZWZeYh~d_e[
Yehfe[khe]hWÓW[nYh[jehW_djhWl[deiW$
Feiebe]_W
7hj[h_e]hWÓWY[h[XhWbÅW_d`[ekikWbfWhWl_ikWb_pWeZWYWhj_ZWekWhjh_Wil[hj[XhW_iZ[(#'(cB"
h[f[j_dZei[d[Y[ii|h_e$7_d`[edeWhYeWhj_YefWhW[ijkZei_ckbj~d[eZ[gkWjhelWieih[gk[h(&#+&cB$7
Zei[jejWbdeZ[l[kbjhWfWiiWh(&&cB$
7hj[h_e]hWÓWf[h_\h_YWÅÇHkd#e\\ÈZWWehjW_bWYWÅ,&cB"lWh_WdZe[djh[(&#/&cB1_bWYWYeckc"\[cehWb
Å*&cB"lWh_WdZe[djh['&#+&cB1ikXYb|l_W"XhWgk_WbÅ(&cB"lWh_WdZe[djh['+#)&cB$
7hj[h_e]hWÓWh[dWb"l_iY[hWb[Wehje]hWÓWÅWehjWÅ*+cB"lWh_WdZe[djh['&#.&cB1Whjh_WY[bWYWÅ*+cB"
lWh_WdZe[djh['(#,&cB1Whjh_Wc[i[djh_YWikf[h_ehÅ*+cB"lWh_WdZe[djh['+#,&cB1Whjh_Wc[i[djh_YW
_d\[h_ehekh[dWbÅ/cB"lWh_WdZe[djh[,#'+cB$
7hj[h_e]hWÓWYehedWh_WdW[l[djh_Ykbe]hWÓW[igk[hZWÅWhjh_WYehed|h_W[igk[hZWÅ.cB"lWh_WdZe[djh[
(#'&cB1Whjh_WYehed|h_WZ_h[_jWÅ,cB"lWh_WdZe[djh['#'&cB1l[djhYkbe[igk[hZeÅ*&cB"lWh_WdZe[djh[
)&#+&cB$
7d]_eYWhZ_e]hWÓWf[Z_|jh_YWÅfWhWd_YW_d`[el[djh_YkbWh"WZei[WZc_d_ijhWZWZ['"(+cB%a]$GkWdZe
cbj_fbWi_d`[[iieWfb_YWZWi"WZei[WZc_d_ijhWZWdeZ[l[[nY[Z[h+cB%a]Wjkclebkc[jejWbZ[
(+&cB$
L[de]hWÓWÅZei[kikWbÅ+&#'&&cBfeh[njh[c_ZWZ[Yeclebkc[icW_eh[iekc[deh[i_dZ_YWZei[cWb]kdi
YWiei$De[nY[Z[h(+&cBZWZei[$7fiefheY[Z_c[dje"ei_ij[cWl[deieZ[l[i[hbWlWZeYecI<ekI=+$
CWiiW][c[[b[lWeieh[gk[h_ZeifWhW[b_c_dWhec[_eZ[YedjhWij[ZWi[njh[c_ZWZ[i$
Jece]hWÓWYecfkjWZeh_pWZW
7ZkbjeiÅ+&#'+&cB$
9h_WdWiÅ'#)cB%a]$
7d]_e]hWÓW_djhWl[deiWZ_]_jWbfehikXjhWeÅlWh_W[djh[)&#+&cBZ[f[dZ[dZeZW|h[WWi[h[nWc_dWZW$7
Zei[jejWbZefheY[Z_c[djedeZ[l[[nY[Z[h(+&cB$xh[Yec[dZWZebWlWhWl[_W_c[Z_WjWc[dj[Yeclebkc[
Wfhefh_WZe(&#(+cBZ[I<ekI=+$
Khe]hWÓW_djhWl[deiW
7ZkbjeiÅZei[kikWbÅ+&#-+cBfWhWkhe]hWÓW[nYh[jehWZ[hej_dW$
;cfWY_[dj[i_ZeieiekYecZ_i\kdeh[dWbgkWdZekcWl_ikWb_pWehk_c[if[hWZWÅ'"+#(cB%a]
c|n_ceZ['+&cB$
9h_WdWiÅ'#'"+cB%a]$7Zei[jejWbWZc_d_ijhWZWdeZ[l[[nY[Z[h)cB%a]$
?
r('/
Fh[YWk[i
EifWY_[dj[iZ[l[ci[hX[c^_ZhWjWZeiWdj[i[ZkhWdj[WWZc_d_ijhWeZeYedjhWij[$7feii_X_b_ZWZ[Z[
eYehh
dY_WZ[h[W[iih_Wi"_dYbk_dZeh_iYeZ[l_ZW"Y^egk[WdWÓb|j_Yeekh[W[iYWhZ_elWiYkbWh[i"Z[l[i[h
i[cfh[Yedi_Z[hWZW$
;iiWZhe]WZ[l[i[hkj_b_pWZWZkhWdj[W]hWl_Z[piec[dj[gkWdZe[ijh_jWc[dj[d[Y[ii|h_e"fe_ide\ehWc
h[Wb_pWZei[ijkZeiWZ[gkWZei[YedjhebWZei[cckb^[h[i]h|l_ZWi$7[nYh[eZ[_el[hiebdeb[_j[^kcWde
Z[iYed^[Y_ZW$;djh[jWdje"ck_jeiW][dj[iZ[YedjhWij[_d`[j|l[_iie[nYh[jWZei_dWbj[hWZeideb[_j[^kcWde$
;cYh_WdWi"Wi[]khWdW[[ÓY|Y_WZe_el[hieb\ehWc[ijWX[b[Y_ZWi[ch[WbY[ZeYedjhWij[Z[jece]hWÓW
YecfkjWZeh_pWZWZ[Yh~d_e[Yehfe[khe]hWÓW[nYh[jehW_djhWl[deiW$
?enW]bWjeZ[C[]bkc_dW[Z[IZ_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>[nWXh_n)(&\hWiYe#WcfebW+&cB)(&c]Z[_eZe%cB
Kiei
De[nWc[]_d[Yeb]_Yehej_d[_he"h[Wb_pWZeeJ[ij[Z[IY^_bb[h"gk[Yedi_ij[[cWfb_YWhBk]ebdeYebeZej[he
fWhWbeYWb_pWhYbkbWiek]hkfWc[djeiY[bkbWh[iedZ[e_eZed[]Wj_le$xkj_b_pWZedW|h[WY_hh]_YWYeceWdj_#
ifj_Ye"][hc_Y_ZW"\kd]_Y_ZW$
?
Feiebe]_W
Kie[nj[hdeÅ(#)Wfb_YW[iieXh[Wh[]_eW\[jWZWekWYh_jh_ecZ_Ye$
Fh[YWk[i
Dekj_b_pWhZkhWdj[ef[heZeZ[][ijWe[WcWc[djWe$Ikif[dZ[hekiei[^ekl[hckZWdWZ[YebehWe
ekeZehZWiebke$
7dj[iZe[nWc["Z[l[ci[hYedÓhcWZeieXec[ijWZeZ[^_ZhWjWeZWfWY_[dj[[Wfh[i[hlWeZ[ikW\kde
h[dWb$7fh#c[Z_YWe[cfWY_[dj[iZ[h_iYeZ[l[i[h_dZ_YWZWYed\ehc[eYWie[WYh_jh_ecZ_Ye$:khWdj[
e[nWc["WYedi[b^|l[beYedjheb[Ybd_Ye"[cfWhj_YkbWhZWfkbiWe[ZWfh[iieWhj[h_Wb"[WcWdkj[de
Z[kcWl_WZ[WY[iiel[deie"Z[ceZeWf[hc_j_hkcjhWjWc[djeZ[kh]
dY_W$:[l_ZeWeYWh|j[h_cfh[l_il[b
Zei[\[_jeiYebWj[hW_i"h[Yec[dZWceicWdj[h"debeYWbZe[nWc["YedZ_[id[Y[ii|h_WifWhWh[l[hj[hkc
gkWZheZ[kh]
dY_W$7Yedi[b^W#i[fhkZ
dY_W[cYWieiZ[fWY_[dj[igk[Wfh[i[dj[c_dikÓY_
dY_Wh[if_hWjh_W"
Wdj[Y[Z[dj[iWbh]_Yei[Wdj[Y[Z[dj[iZ[i[di_X_b_ZWZ[We_eZeekWeic[_eiZ[YedjhWij[_eZWZei$
?en_jWbWcWjeZ[C[]bkc_dW[Z[IZ_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J[b[Xh_n9ehedWh\hWiYe#WcfebW'&&cB)+&c]Z[_eZe%cB
Kiei
7d]_e]hWÓWYWhZWYW[Whje]hWÓW"khe]hWÓW_djhWl[deiW"jece]hWÓWYecfkjWZeh_pWZW"^_ij[heiiWbf_d]e]hWÓW$
Feiebe]_W
LWh_W[c\kdeZe[nWc[[ZefWY_[dj[$7Yh_jh_ecZ_Ye$
((&r
Fh[YWk[i
I[dZekcfheZkjekheWd]_e]h|ÓYe^_f[hjd_Ye"Yedl[d_[dj[cWdj[hefWY_[dj[WZ[gkWZWc[dj[^_ZhWjWZe$
JeZeYk_ZWZeZ[l[i[hjecWZeYecf[iieWigk[Wfh[i[dj[cWdj[Y[Z[dj[iWbh]_Yei"`kij_ÓYWdZekcWfh#
c[Z_YWeYecWdj_#^_ijWcd_YeiekYehj_Y_Z[i$
?fhWjhf_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7jhel[dj&"&(+]ejWi\hWiYe(&cB'cB3(&]ejWi
Kiei
JhWjWc[djeZ[cWdkj[deZeXhedYe[ifWiceWiieY_WZeWZe[dWfkbcedWheXijhkj_lWYhd_YW"_dYbk_dZe
Xhedgk_j[Yhd_YW"[dÓi[cW[WicW$
Feiebe]_W
?dWbWe
JhWjWc[djeZ[cWdkj[de
9h_WdWi2,WdeiÅ&"*#'cB.#(&]ejWi)#*l[p[iWeZ_W$
9h_WdWiZ[,#'(WdeiÅ'cB(&]ejWi)#*l[p[iWeZ_W$
7Zeb[iY[dj[i4'(Wdei"7Zkbjei[?ZeieiÅ(cB*&]ejWi)#*l[p[iWeZ_W$
JhWjWc[djeZWYh_i[W]kZW
9h_WdWi2,WdeiÅ&"*#'cB.#(&]ejWi"feZ[dZe#i[h[f[j_hWZei[Wjgk[efWY_[dj[[ij[`W[ij|l[b$
9h_WdWiZ[,#'(WdeiÅ'cB(&]ejWi"feZ[dZe#i[h[f[j_hWZei[Wjgk[efWY_[dj[[ij[`W[ij|l[b$
7Zeb[iY[dj[i4'(Wdei"7Zkbjei[?ZeieiÅ(cB*&]ejWi"feZ[dZe#i[h[f[j_hWZei[Wjgk[efWY_[dj[
[ij[`W[ij|l[b$
?
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecfh[Z_ifei_eW]bWkYecWZ[~d]kbe\[Y^WZe"eXijhkeZeYebel[i_YWb
ek^_f[hfbWi_Wfheij|j_YW$FWY_[dj[iYecÓXhei[Yij_YWfeZ[c[ijWhcW_iik`[_jeiWZ_ijhX_eidW
cej_b_ZWZ[]Wijh_dj[ij_dWb$
?ieÔkhWde
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<ehWd[%?ie\eh_d[\hWiYe'&&cB
Kiei
?dZ_YWZedW_dZke[cWdkj[deZWWd[ij[i_W][hWb$
Feiebe]_W
97CYedY[djhWeWbl[ebWhcd_cW
7d[ij[i_W][hWb
D[edWjeiÅ97CZ['",[cE($
9h_WdWiZ['#,c[i[iÅ97CZ['".-[cE($
9h_WdWiZ[,#'(c[i[iÅ97CZ['".&[cE($
Fh#c[Z_YWeÅ_d_Y_WhYeckcWYedY[djhWeZ[&"+1YedY[djhW[iWZ[gkWZWiZ['"+#)"&Z[_ieÔkhWde
r(('
kikWbc[dj[fheZkp[cWd[ij[i_WY_hh]_YW[c-#'&c_dkjei$
CWdkj[deÅdl[_iY_hh]_YeiZ[Wd[ij[i_WfeZ[ci[hcWdj_ZeiYecYedY[djhW[iZ['"&#("+Z[
_ieÔkhWdegkWdZeWZc_d_ijhWZe[cc_ijkhWiZ[E(%D(E$FeZ[ci[hd[Y[ii|h_WiYedY[djhW[iWZ_Y_edW_iZ[
&"+#'"&gkWdZe_ieÔkhWdeWZc_d_ijhWZe[cE(Wf[dWi$
7Zkbjei
(&WdeiZ[_ZWZ[Å97CcZ_WZ['"(.[cE($
*&WdeiZ[_ZWZ[Å97CcZ_WZ['"'+[cE($
,&WdeiZ[_ZWZ[Å97CcZ_WZ['"&+[cE($
Fh[YWk[i
7kc[djejhWdi_jh_edWh[j[deZ[Xheceiikb\Wb[dW"]b_Yei[iWd]kd[W[Yh[Wj_d_dWih_YW"YecZ_c_dk_e
Zed_jhe]
d_ekh_YeiWd]kd[e"Yeb[ij[hebih_Ye[\ei\WjWi[WbYWb_dW1^_f[hj[hc_WcWb_]dW"^_fej[die[
Z[fh[iieh[if_hWjh_WWkc[djWc}c[Z_ZWgk[i[Wfhe\kdZWWWd[ij[i_W1dekiWhZkhWdj[W]hWl_Z[p
[bWYjWe$
?iec[j[fj[de!9W\[dW!:_f_hedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?
D[eiWbZ_dWZh|][W_iec[j[fj[de)&c]!YW\[dW)&c]!Z_f_hedWiZ_YW)&&c]
Kiei
9ecWdWb]i_Ye[Wdj_[ifWicZ_Ye$
Feiebe]_W
LE
9h_WdWi*&#+&a]Å'#(Zh|][Wi$:ei[c|n_cWÅ.Zh|][Wi%Z_W$
¨'+Wdei[7ZkbjeiÅ'#(Zh|][Wi$:ei[c|n_cWÅ.Zh|][Wi%Z_W$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYk`Wfh[iieiWd]kd[Wi[`WWXW_neZ['&&cc>]ekYk`W\kdeY_hYkbWjh_W
i[`W_dYedijWdj[[[cfWY_[dj[iYecWicWXhdgk_YWek_d\[Y[ih[if_hWjh_WiYhd_YWi$
?ied_Wp_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?ied_Wp_ZWYecfh_c_Ze'&&c]
Kiei
JhWjWc[djeZ[_d\[Y[ic_YeXWYj[h_WdWiYWkiWZWifehC$jkX[hYkbei_iikiY[jl[_i[fheÓbWn_W[c_dZ_lZkei
[nfeijeiWjkX[hYkbei[$
Feiebe]_W
LE
9h_WdWiZ['c
i#'(Wdei
JhWjWc[djeÅ'&#'+c]%a]%Z_W[cZei[iZ_l_Z_ZWi'#(l[p[iWeZ_W$:ei[c|n_cWÅ)&&c]%Z_W$
FheÓbWn_WÅ'&c]%a]%Z_W'l[pWeZ_W$:ei[c|n_cWÅ)&&c]%Z_W$
7Zkbjei
(((r
JhWjWc[djeÅ+c]%a]%Z_WZ_Wh_Wc[dj[$:ei[kikWbÅ)&&c]$
:e[dWZ_ii[c_dWZWÅ'&c]%a]%Z_W[cZei[iZ_l_Z_ZWi'#(l[p[iWeZ_W$
FheÓbWn_WÅ)&&c]%Z_WZ_Wh_Wc[dj[$
Fh[YWk[i
FeZ[eYehh[h^[fWj_j[Wj\WjWbWfil|h_eic[i[iZ[jhWjWc[dje$EkieWiieY_WZeYech_\Wcf_Y_dWWkc[djWW
^[fWjejen_Y_ZWZ[$
?iefh[dWb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?iefh[dWb_dW&"(c]%cBWcfebW'cB
Kiei
xkci_cfWjec_cj_Yegk[WjkWgkWi[[nYbki_lWc[dj[deih[Y[fjeh[iX[jW#WZh[dh]_Yei$;ij_ckbWeID9"
YWkiWlWieZ_bWjWef[h_\h_YW[feiik_fhefh_[ZWZ[iXhedYeZ_bWjWZehWi$7_iefh[dWb_dWkiWZW[cl|h_ei
Z_ijhX_eiYWhZWYei"[cXhWZ_YWhZ_Wi[l[hW$
?
Feiebe]_W
?C
7Zkbjei
8begk[_eWjh_el[djh_YkbWhÅ&"&(c]#'c]Z[f[dZ[dZeZWh[ifeijWYbd_YW$
I9
7Zkbjei
8begk[_eWjh_el[djh_YkbWhÅ&"'+c]#&"(c]Z[f[dZ[dZeZWh[ifeijWYbd_YW$
?L
7Zkbjei
8begk[_eWjh_el[djh_YkbWhÅ'#(c]Z[f[dZ[dZeZWh[ifeijWYbd_YW$
9^egk[^_feleb
c_Ye[ifj_YeÅ&"&+#&"(cY]%a]%c_dfWhWfWY_[dj[i[cY^egk[$:ei[kikWbÅ(#'&cY]%c_d
feh_d\kie?L$
9h_WdWi
8hWZ_YWhZ_W%XhedYeZ_bWjWe
:ei[kikWbÅ&"'#'cY]%a]%c_d$7kc[djWh&"'cY]%a]%c_dWjeXj[he[\[_jeZ[i[`WZe$
D[edWjei
:ei[kikWbÅ&"&+#&"+cY]%a]%c_d[c_d\kieYedjdkWWje[\[_jeZ[i[`WZe$
:ei[c|n_cWÅ'cY]%a]%c_d$
?ieiiehX_ZW:_d_jhWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?iehZ_bYecfh_c_Ze'&c]
?iehZ_bYecfh_c_ZeikXb_d]kWb+c]
Kiei
Fh[l[de[jhWjWc[djeZWWd]_dWZef[_je1_dikÓY_
dY_WYWhZWYWYed][ij_lW1Wbl_eZWZehdWZ_i\W]_W[
[ifWice[ie\W]_WdeYech[Ôkne$
r(()
Feiebe]_W
7Zkbjei
LE
7d]_dWÅ+#*&c]*l[p[iWeZ_W$
?dikÓY_
dY_WYWhZWYWYed][ij_lWÅZei[_d_Y_WbÅ'&c])l[p[iWeZ_W$:ei[c|n_cWÅ.&c])l[p[iWeZ_W$
IkXb_d]kWbÅ("+#'&c]WYWZW*#,^ehWi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iWfh[i[djWdZeWkc[djeZWfh[iie_djhWYhWd_Wb"^_fej[die"^_feleb[c_W
ek]bWkYecW$
?ieiiehX_ZWCeded_jhWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CedeYehZ_b%9ehedWhYecfh_c_Ze(&c]
CedeYehZ_b%9ehedWhWcfebW'&c]%'cB
Kiei
J[hWf_WZ[WjWgk[[Z[cWdkj[dedW_dikÓY_
dY_WYehed|h_W1jhWjWc[dje[cfheÓbWn_WZWWd]_dWZ[[i\ehe
Wd]_dWi[YkdZ|h_W"Wd]_dW[ij|l[bekWd]_dWYhd_YW"Wd]_dWZ[h[fekieWd]_dWfh_c|h_W"Wd]_dW_dij|l[b"
Wd]_dWZ[fh_dpc[jWbekWd]_dWlWie#[if|ij_YW[Wd]_dWfi#_d\Whje1j[hWf_WZ[WjWgk[[Z[cWdkj[dedW
_dikÓY_
dY_WYWhZWYWW]kZWekYhd_YW"[cWiieY_WeWYWhZ_ejd_Yei"Z_khj_Yei[jWcXcW_d_X_Zeh[iZW
;971ZkhWdj[WeYehh
dY_WZ[Yh_i[iZ[Wd]_dWek[ci_jkW[igk[feiiWcZ[i[dYWZ[|#bWi$
?
Feiebe]_W
7Zkbjei
LEÅ'&#(&c](#)l[p[iWeZ_WekWYh_jh_ecZ_Ye$FWhWeXj[deZe[\[_jej[hWf
kj_Yec|n_ce"jWdjedW
_dikÓY_
dY_WYehed|h_WYecedW_dikÓY_
dY_WYWhZWYW"h[Yec[dZW#i[e_dY_eZejhWjWc[djeYecf[gk[dWi
Zei[i"Wkc[djWdZe#Wifhe]h[ii_lWc[dj["Z[WYehZeYecWh[ifeijWj[hWf
kj_YW[Wjeb[hWX_b_ZWZ[$
?LÅ(&#.&c]WYWZW.#'(^ehWicZ_W&".c]%a]$
?djhWYehedWh_WdeÅ'&#(&c]$
?d\kieYedjdkWÅ&".c]%a]Yehh[h[c(#)^ehWiWYWZW.#'(^ehWi$
Fh[YWk[i
9eceeYehh[YecjeZeieid_jhWjei"h[Yec[dZW#i[YWkj[bWgkWdZeWZc_d_ijhWZeWfWY_[dj[iYec]bWkYecW"
^_f[hj_he_Z_ice"Wd[c_Wi[l[hW"jhWkcWj_iceYhWd_Wdeh[Y[dj[[^[cehhW]_WY[h[XhWb$
?ienikfh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?d_X_dWYecfh_c_Ze'&c]
?d_X_dWWcfebW'&c]%(cB
Kiei
H[bWnWdj[kj[h_de[cYWieiZ[Wc[WWZ[WXehje[Z[fWhjefh[cWjkhe1lWieZ_bWjWef[h_\h_YW[cWj[heiYb[hei[
eXb_j[hWdj[jhecXeWd]_j["eXb_j[hWdj["Ze[dWZ[8kh][h1Ze[dWZ[HWodWkZ1Z_ijhX_eilWiYkbWh[if[h_\h_Yei
eh_kdZeiZ[lWh_p[i1WYheY_Wdei[1[ifWiceilWiYkbWh[i[i_djecWiWiieY_WZeiW_dikÓY_
dY_WY[h[XhelWiYkbWh$
((*r
Feiebe]_W
7c[WWZ[WXehje[fWhjefh[cWjkhe
?d_Y_Wb
?LÅ'&&c]'&WcfebWiZ_bkZei[c+&&cBZ[I=+"_d_Y_WdZeYec(&#)&]ejWi%c_d1Wkc[djWh
]hWZWj_lWc[dj[Wj+&]ejWi%c_d"WjY[iiWh[cWiYedjhW[ikj[h_dWi$
?CÅ'&#(&c]'#(WcfebWi"fheii[]k_dZeYec'&c]'WcfebWWYWZW'%(^ehW$
CWdkj[de
?LÅY[iiWZWiWiYedjhW[ikj[h_dWi"WZc_d_ijhWh_d_Y_Wbc[dj['&c]'WcfebWWYWZW*^ehWi["
feij[h_ehc[dj["WYWZW,^ehWi"ZkhWdj[*#.Z_Wiek"i[d[Y[ii|h_e"feh,i[cWdWi$
LEÅ'&c]Wfi*.^ehWiZejhc_deZWiYedjhW[ikj[h_dWi"*l[p[iWeZ_W"ZkhWdj[(i[cWdWi$
9edjhW[ikj[h_dWij[j~d_YWi
?d_Y_Wb
?LÅ'&c]'&WcfebWiZ_bkZei[c+&&cBZ[I=+"_d\kdZ_dZe'&#*&]ejWi%c_d$
CWdkj[de
?CÅY[iiWZWiWiYedjhW[ij[j~d_YWi"WZc_d_ijhWh'&c]'WcfebW"h[f[j_dZeWWZc_d_ijhWeWYWZW
'%(^ehW"i[d[Y[ii|h_e$
9ecelWieZ_bWjWZehf[h_\h_Ye
?CÅ'&c]'WcfebW)#*l[p[iWeZ_W$
LEÅ(&c])#*l[p[iWeZ_WWfiWih[\[_[i$
Fh[YWk[i
EfheZkjeZ[l[i[hkj_b_pWZe_d_dj[hhkfjWc[dj[fehf[heZeifhebed]WZei"fe_iWc[b^ehWfeZ["[cWb]kdiYWiei"
WfWh[Y[hWfi,#'&i[cWdWiZ[jhWjWc[dje$:_c_dk_hWZei[]hWZWj_lWc[dj[WjkcWZei[Z[cWdkj[de
iec[dj[Wfic[b^ehWi_]d_ÓYWj_lW$
B
BWYj_jeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I_]cWbWYf[dl[bef[("+]
Kiei
x_dZ_YWZeYeceh[]kbWZehZWcej_b_ZWZ[_dj[ij_dWb[fWhWjhWjWc[djei_djec|j_YeZWYedij_fWe_dj[ij_dWb$
Kj_b_pWZefWhWfh[l[de[jhWjWc[djeZWi[dY[\WbefWj_Wi^[f|j_YWih[Yehh[dj[iek[f_iZ_YWi"fheÓbWn_WZ[
fh#YecW[YecW^[f|j_Ye[jhWjWc[djeZeii_djecWid[khefigk_YeiikXYbd_Yei[cfWY_[dj[iY_hhj_Yei$
;cYedZ_[ifWjeb]_YWi[if[Y_W_iYece"feh[n[cfbe"defi#ef[hWjh_eekWfi_dj[hdW[ifhebed]WZWi"e
c[Z_YWc[djefeZ[i[hkj_b_pWZedejhWjWc[djeZW[ijWi[_dj[ij_dWb$
Feiebe]_W
7h[ifeijWYbd_YWj_cWfeZ[i[hWbYWdWZWYecWZWfjW[idWZeiW][cZ[+]Z[bWYj_jebWeZ_W"fWhWcW_iek
fWhWc[dei[cWZkbjei"[Z[']%Z_WfWhWkief[Z_|jh_Ye"iWble[cYWieifWhj_YkbWh[i"Yece"feh[n[cfbe"YecW
^[f|j_YeW]kZe$Ei[\[_jeiZ[bWYj_jebjehdWc#i[dehcWbc[dj[[l_Z[dj[iWfhen_cWZWc[dj['#(Z_WiWfiW
fh_c[_hWWZc_d_ijhWeZec[Z_YWc[dje$
7Zkbjei
JhWjWc[djeZWYedij_fWe_dj[ij_dWbÅh[Yec[dZW#i['&#(&]%Z_Wek&")]%a]%Z_W"jecWZei
fh[\[h[dY_Wbc[dj[WeZ[_jWh$
<Wi[W]kZWZ[[dY[\WbefWj_W^[f|j_YWÅ&"*#&".]%a]%Z_W"Y[hYWZ[)&#,&]Z_|h_ei"Z_l_Z_Zei[c)jecWZWi
`kdje}ifh_dY_fW_ih[\[_[i$
Fh[l[deek\Wi[i[ijWX_b_pWZWiZW[dY[\WbefWj_WÅ&")]%a]%Z_W"Y[hYWZ['&#(&]Z_|h_ei$
;ijWi[_dj[ij_dWbÅ(&]%Z_W[ckcWd_YWWZc_d_ijhWe}de_j[WeZ[_jWh$
r((+
9h_WdWi
7Zc_d_ijhWhkcWd_YWl[pWeZ_W"Z[cWd^YecWfh_c[_hWh[\[_e$
JhWjWc[djeZ[Yedij_fWe_dj[ij_dWbÅ(&&#*&&c]%a]%Z_W$
;ccZ_W"9h_WdWi4,WdeiÅ+#'&]%Z_W$
9h_WdWiZ[(#,WdeiÅ+]%Z_W$
BWYj[dj[iÅ("+]%Z_W$
<Wi[W]kZWZW[dY[\WbefWj_W^[f|j_YWÅ+&&#-&&c]%a]%Z_W$
Fh[l[deek\Wi[i[ijWX_b_pWZWiZW[dY[\WbefWj_WÅ(&&#*&&c]%a]%Z_W$
;ijWi[_dj[ij_dWbÅ'+&#)&&c]%a]%Z_W$
Fh[YWk[i
DWfh[i[dWZ[[\[_jei_dZ[i[`|l[_iYecec[j[eh_ice"ÔWjkb
dY_W[Yb_YWi"_d_Y_WhejhWjWc[djeYecW
Zei[cd_cW_dZ_YWZW"Wkc[djWdZe#W]hWZkWbc[dj[Yed\ehc[h[ifeijWYbd_YW$BWYj_jebdeYedjcWYWh
WXiehll[bf[be_dj[ij_de"fehjWdjefeZ[i[hWZc_d_ijhWZe[cfWY_[dj[iZ_WXj_Yei$7fijhWjWc[djefhebed]WZe
ekkieYedYec_jWdj[Yecc[Z_YWc[djeigk[feiiWcWbj[hWhe[gk_bXh_e_d_YeZeeh]Wd_ice"^|feii_X_b_ZWZ[
Z[cWd_\[ijW[idWf[hZWZ[[b[jhb_jei"[eYedjheb[bWXehWjeh_Wbh[Yec[dZWZe$EkieYedjdkeZ[bWnWdj[i
feZ[fheleYWh^|X_jei[%ekZ_ijhX_eiZ[Z_l[hieij_fei$
BWYjeXWY_bbkiYWi[_!Ijh[fjeYeYYki\W[YWb_i
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
B
OWakbjH?[dl[bef[']BWYjeXWY_bbkiYWi[_(+&c]!Ijh[fjeYeYYki\W[YWb_i(+c]
Kiei
JhWjWc[djeZWZ_Whh_W[\[p[iWceb[Y_ZWi"fh_ieZ[l[djh["h[ijWkhWeZWÔehW_dj[ij_dWb_dj[hdW$
Feiebe]_W
LE
9h_WdWiZ[)c[i[i#+WdeiÅ'%*Ze[dl[bef[)l[p[iWeZ_W$
+#.WdeiÅ'%)Ze[dl[bef[)l[p[iWeZ_W$
.#''WdeiÅ'%([dl[bef[)l[p[iWeZ_W$
''#'+WdeiÅ(%)Ze[dl[bef[)l[p[iWeZ_W$
9h_WdWi4'+Wdei[7ZkbjeiÅ'[dl[bef[)l[p[iWeZ_W$
Fh[YWk[i
Deh[Yec[dZWZefWhWYh_WdWic[deh[iZ[)c[i[iZ[_ZWZ[$
BWYje\[hh_dW!BWYjef[hen_ZWi[!B_iep_cW!=b_Yei[En_ZWi[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8_ejd[iebke\hWiYe(*&cB
Kiei
;cfWY_[dj[iYec_d\[Y[iehW_iYece0[ijecWj_j[i"\[h_ZWidWXeYWW\jWiek_dÔWcWeZWi][d]_lWi"
gk[_cWeXkYWb"ckYei_j["YWdZ_ZWi[1fWY_[dj[ifh[fi#Y_hh]_Yei1fWY_[dj[i[cYecW1fWY_[dj[i
WYWcWZei"\i_YWekc[djWbc[dj[Z[X_b_jWZei$
((,r
Feiebe]_W
8kYWb
:[l[c#i[h[Wb_pWhXeY^[Y^eiYec'Yeb^[hZ[iefW"ZkhWdj[)&i[]kdZei"[b_c_dWdZeefheZkje[ci[]k_ZW$De
YWieZ[fWY_[dj[i[cYecW"Z[l[#i[Wfb_YWhWiebke[cjeZWWXeYWYeckcW^Wij[Z[Wb]eZe$
BWYjkbei[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
BWYjkbedWnWhef[iWXehWc[_nW,,-c]%cB\hWiYe'(&cB
:kf^WbWY,,-c]%cB\hWiYe(&&cB
Kiei
JhWjWc[djei_djec|j_YeZWYedij_fWe_dj[ij_dWb1fh[l[de[jhWjWc[djeZ[[dY[\WbefWj_W^[f|j_YW"jWdjede
fh#YecWgkWdjedeYecW^[f|j_Ye$
Feiebe]_W
LE
9edij_fWe_dj[ij_dWbYhd_YWÅW`kijWhWfeiebe]_WfWhWgk[i[eXj[d^W(#)[lWYkW[iZ_Wh_Wc[dj[1
WZc_d_ijhWhfh[\[h[dY_Wbc[dj[[cZei[d_YWf[bWcWd^ek}de_j["iep_d^eekYecWb_c[djeiek"W_dZW"
c_ijkhWZWWikYeZ[\hkjW"b[_j["_e]khj["|]kWekekjhebgk_Ze$
BWYj[dj[iÅ+cB%Z_W$
9h_WdWiZ['#+WdeiÅ+#'&cB%Z_W$
9h_WdWiZ[,#'(WdeiÅ'&#'+cB%Z_W$
9h_WdWi4'(Wdei[7ZkbjeiÅ'+#)&cB%Z_W$
;dY[\WbefWj_W^[f|j_YW"fh#YecW[YecW^[f|j_YeÅWZei[feh\W_nW[j|h_WZ[Ód_ZWWYh_jh_ecZ_Ye
_d_Y_WhYec,&cB%Z_W"feZ[dZeY^[]WhW'+&cB%Z_W"[cYWiei]hWl[i$
B
Fh[YWk[i
FehjWZeh[iZ[[dY[\WbefWj_W^[f|j_YWZ[l[ci[hced_jehWZeigkWdjeWeh_iYeZ[WY_Zei[$9edjhebWhdl[_i
ih_YeiZ[[b[jhb_jei[c_Zeiei[Z[X_b_jWZei$;ii[c[Z_YWc[djedeZ[l[i[hkiWZefehckb^[h[i]h|l_ZWii[c
eh_[djWecZ_YW$EkieYedYec_jWdj[Z[c[Z_YWc[djeigk[_dZkpWc^_feYWb[c_Wek^_fecW]d[i[c_WZ[l[
i[hYWkj[beie"fe_ifeZ[eYehh[h[\[_jeYWhZ_ejn_Ye$EkieZ[Wdj_|Y_ZeifeZ[_d_X_hWWeZWbWYjkbei[$9edjc
]WbWYjei[[bWYjei[$
BWc_lkZ_dW!P_ZelkZ_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8_el_hY|fikbWbWc_lkZ_dW'+&c]!p_ZelkZ_dW)&&c]
Kiei
JhWjWc[djeZ[_d\[Yefeh>?L[cWZkbjei[WZeb[iY[dj[icW_eh[iZ['(WdeiZ[_ZWZ[$
Feiebe]_W
LE
7Zeb[iY[dj[i4'(Wdei[7ZkbjeiÅ'Yecfh_c_Ze(l[p[iWeZ_W$
r((-
BWcejh_]_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
BWc_YjWbYecfh_c_Ze+&c]
Kiei
xkcWZhe]WWdj_[f_bfj_YW_dZ_YWZWYeceWZ`klWdj[WejhWjWc[djeZ[Yh_i[iYedlkbi_lWifWhY_W_i[Yh_i[i
][d[hWb_pWZWi"_dYbk_dZeYh_i[ijd_Ye#Ybd_YWi[cWZkbjei[Yh_WdWicW_eh[iZ['(WdeiZ[_ZWZ[$
Feiebe]_W
9h_WdWi4'(Wdei[7Zkbjei
J[hWf_WYecX_dWZWÅ[cfWY_[dj[ih[Y[X[dZelWbfheWje"Yeceki[cekjhWZhe]WWdj_[f_bfj_YW"WZei[_d_Y_Wb
Z[bWcejh_]_dWZ[(+c]"[cZ_WiWbj[hdWZei"feh(i[cWdWi"i[]k_ZWfeh(+c]'l[pWeZ_Wfeh(i[cWdWi$
;ci[]k_ZW"WZei[Z[l[i[hWkc[djWZWWjec|n_ceZ[(+#+&c]WYWZW'#(i[cWdWi"Wjgk[kcWh[ifeijW
WZ[gkWZWi[`WWbYWdWZW$:ei[Z[cWdkj[deÅ'&&#(&&c]%Z_W"WZc_d_ijhWZei'l[pWeZ_Wek\hWY_edWZei
[c(jecWZWi$
FWY_[dj[i\Wp[dZekieZ[Zhe]Wi_dZkjehWi[dp_c|j_YWiYeceki[cekjhWiZhe]WiWdj_[f_bfj_YWi[nY[je
lWbfheWjeÅZei[_d_Y_WbÅ+&c]'l[pWeZ_Wfeh(i[cWdWi"i[]k_ZWZ['&&c]%Z_W"WZc_d_ijhWZei[c(Zei[i
\hWY_edWZWi"feh(i[cWdWi$7fWhj_hZW"WZei[Z[l[i[hWkc[djWZWWjec|n_ceZ['&&c]WYWZW'#(i[cWdWi"
Wjgk[kcWh[ifeijWWZ[gkWZWi[`WWbYWdWZW$:ei[Z[cWdkj[deÅ(&&#*&&c]%Z_W"WZc_d_ijhWZei[c(
Zei[i\hWY_edWZWi$7b]kdifWY_[dj[ifeZ[cd[Y[ii_jWhZ[Wj-&&c]%Z_WfWhWWbYWdWhWh[ifeijWZ[i[`WZW$
Fh[YWk[i
:[l[i[hYedi_Z[hWZWWfeii_X_b_ZWZ[Z[h[Wec[Z_YWc[djeiW[cYh_WdWigk[Z[i[dlebl[ci_djecWiZ[
[nWdj[cW[\[Xh[ZkhWdj[Wifh_c[_hWi.i[cWdWiZ[jhWjWc[dje"[ikif[dZ[h_c[Z_WjWc[dj[ekie$DekiWh
ZkhWdj[W]hWl_Z[p[[cYh_WdWic[deh[iZ['(WdeiZ[_ZWZ[$
B
BWdeb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
BWdi_de^fecWZWX_idW]W-]
Kiei
;cc[igk[[ij[`WcWcWc[djWdZe"fWhWW`kZWhWYkhWhcWc_bei\[h_Zei[hWY^WZei$
Feiebe]_W
Ckb^[h[i7ZkbjWi
Jf_YeÅWfb_YWhdeicWc_bei$Ded[Y[ii|h_eh[cel[hWfecWZWWdj[iZWWcWc[djWe$
B[leXkf_lWYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DelWXkf__ieX|h_YWWcfebW&"+
Kiei
?dZ_YWZWfWhWjeZWiWijYd_YWiZ[hWgk_Wd[ij[i_WYece0WXZc[d_d\[h_ehÅY_hkh]_Wi]_d[Yeb]_YWi1Y_hkh]_Wi
((.r
kheb]_YWi1Y_hkh]_WiehjefZ_YWi1ekjhWi_dZ_YW[iYecfWjl[_iYecWjYd_YWZ[hWgk_Wd[ij[i_W_ieX|h_YW$x
_dZ_YWZWfWhWWfheZkeZ[Wd[ij[i_WbeYWbekh[]_edWb[cY_hkh]_W[eXij[jhY_W[fWhWeYedjheb[ZWZeh
fi#ef[hWjh_W$
7d[ij[i_WY_hh]_YWÅf[h_ZkhWb"Xbegk[_eZ[d[hlef[h_\h_Ye1_dÓbjhWebeYWb$
9edjheb[ZWZehÅ_d\kief[h_ZkhWbYedjdkWekXbegk[_ed[khWbf[h_ZkhWb_dj[hc_j[dj[1Xbegk[_ed[khWb
f[h_\h_YeYedjdkeek_dj[hc_j[dj[ek_dÓbjhWebeYWb$
FWhWWdWb][i_Wf[h_ZkhWbYedjdkW"feZ[i[hWZc_d_ijhWZW[cYecX_dWeYec\[djWd_bWf[h_ZkhWbekYbed_Z_dW$
Feiebe]_W
7ZeiW][ccZ_Wh[Yec[dZWZWfWhWWhWgk_Wd[ij[i_WZ[)#*cB'+#(&c]$
7Z_\[h[dWZ[[nj[die[djh[WiZei[iZ[)#*cBZ[Wfhen_cWZWc[dj[(i[]c[djei$EcW_ehlebkc[
fhefehY_edWWd[ij[i_W'%(W'^ehWcW_iZkhWZekhWdeii[]c[djeibecXWh[i[kcXbegk[_ecejeh
cW_ifhebed]WZe$
De\ehWc[ijkZWZei[\[_jeiZ[Zei[iikf[h_eh[iW*cB"fehjWdjedei[h[Yec[dZWc[ii[ilebkc[i$
Fh[YWk[i
FWY_[dj[i_ZeieiekZ[X_b_jWZei[fWY_[dj[i[c[ijWZe]hWl[d[Y[ii_jWcZ[Zei[ic[deh[i$:ei[ih[Zkp_ZWi
jWcXcie_dZ_YWZWifWhWfWY_[dj[iYecfh[iie_djhW#WXZec_dWbWkc[djWZW_dYbk_dZe#i[Wi
fWY_[dj[ieXijjh_YWi$
7]_jWe"Wdi_[ZWZ["\WbW_dYe[h[dj["Yh_i[Z[Wki
dY_W"Zehc
dY_W[\ehc_]Wc[djeZWXeYW[Zeib|X_ei"]eije
c[j|b_Ye"jedjkhW"pkcX_Zei"l_ied[XkbeiW"jh[ceh[i"Z[fh[iie[iedeb
dY_WfeZ[ci[hi_dW_ifh[cWjkheiZ[
Wb[hjWZWeYehh
dY_WZ[jen_Y_ZWZ[Zei_ij[cWd[hleieY[djhWb$
:[l_Ze}_dYWfWY_ZWZ[Z[c[jWXeb_pWhdehcWbc[dj[eiWd[iji_YeibeYW_i"fWY_[dj[iYecZe[dWi^[f|j_YWi
]hWl[iWfh[i[djWccW_ehh_iYeZ[Z[i[dlebl_c[djeZ[YedY[djhW[ifbWic|j_YWijn_YWi$
JWcXcZ[l[ci[hkiWZeiYecYWkj[bW[cfWY_[dj[iYec\kdeYWhZ_elWiYkbWhWbj[hWZW"fehgk[[b[i
j
cc[dehYWfWY_ZWZ[Z[Yecf[diWhWickZWdWi\kdY_edW_iWiieY_WZWiWefhebed]Wc[djeZWYedZke
Wjh_el[djh_YkbWhfheleYWZefeh[iiWiZhe]Wi$
B
B[leZefW!8[di[hWp_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FhebefWYecfh_c_Zeb[leZefW(&&c]!X[di[hWp_ZW+&c]
Kiei
:e[dWZ[FWha_died[idZhec[ifWha_died_WdWiZ_l[hiWi"[nY[jeWgk[bWiZ[eh_][cc[Z_YWc[djeiW$
Feiebe]_W
LE
:ei[kikWbÅejhWjWc[djeZ[l[i[h_d_Y_WZe]hWZkWbc[dj["WZei[Z[l[i[h[ijWX[b[Y_ZW_dZ_l_ZkWbc[dj[[
Wkc[djWZW]hWZWj_lWc[dj[Wjej_c_pWeZe[\[_je$
JhWjWc[dje_d_Y_WbÅh[Yec[dZW#i[_d_Y_WhejhWjWc[djeYec'%*ZeYecfh_c_Ze,("+c])#*l[p[i
WeZ_W1Wii_cgk[i[YedÓhcWhWjeb[hWX_b_ZWZ[We[igk[cW_d_Y_Wb"WZei[feZ[h|i[hWkc[djWZW
b[djWc[dj[Z[WYehZeYecWh[ifeijWZefWY_[dj[$7ej_c_pWeZe[\[_je[c][hWbeXj_ZWYeckcWZei[
Z_|h_WYehh[ifedZ[dj[W)&&#.&&c]Z[b[leZefW!-+#(&&c]Z[X[di[hWp_ZW"Z_l_Z_Zei[c)ekcW_i
WZc_d_ijhW[i$FeZ[ci[hd[Y[ii|h_Wi*#,i[cWdWifWhWi[Wj_d]_he[\[_je_Z[Wb1i[\eh[cd[Y[ii|h_ei
_dYh[c[djeiWZ_Y_edW_i"[ij[iZ[l[ci[hh[Wb_pWZei[c_dj[hlWbeic[diW_i$
JhWjWc[djeZ[cWdkj[deÅ'%(Yecfh_c_Zeb[leZefW'&&c]!X[di[hWp_ZW(+c])#,l[p[iWeZ_W1e
dc[he_Z[WbZ[WZc_d_ijhW[i[ikWWZc_d_ijhWeWebed]eZeZ_WZ[l[ci[hjhWjWZeifWhWYWZWfWY_[dj[$
r((/
Fh[YWk[i
DeZ[l[i[hkj_b_pWZeZkhWdj[W]hWl_Z[p[bWYjWe"[cYh_WdWi[WZkbjeiYecc[deiZ[(+Wdeiek[c
fWY_[dj[igk[[ij[`Wc\Wp[dZe"ekgk[Óp[hWc"kieZ[_d_X_Zeh[iZWC7E$;cfWY_[dj[iYec]bWkYecWZ[
~d]kbeWX[hje"h[Yec[dZW#i[c[Z_hh[]kbWhc[dj[Wfh[iie_djhW#eYkbWh"fe_ib[leZefWj[eh_YWc[dj[feZ[
Wkc[djWhWfh[iie_djhW#eYkbWh$
B[leZefW!9WhX_ZefW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9hedec[jYecfh_c_Zeb[leZefW(&&c]!YWhX_ZefW+&c]
I_d[c[jYecfh_c_Zeb[leZefW(+&c]!YWhX_ZefW(+c]
Kiei
:e[dWZ[FWha_diedgkWdZeeii_djecWi_dj[h\[h[ci_]d_ÓYWj_lWc[dj[dWiWj_l_ZWZ[iZ_|h_WidehcW_i$
Feiebe]_W
LE
7ZkbjeiÅ_d_Y_Wbc[dj["'%(Yecfh_c_Ze'#(l[p[iWeZ_W"WYh[iY[djWdZe'%(Yecfh_c_ZeWYWZWZ_Wek[cZ_Wi
Wbj[hdWZeiWjWj_d]_hWZei[j_cW$
:ei[Z[cWdkj[deÅ)#.Yecfh_c_ZeifehZ_W$
B
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec^_ijh_YeZ[_d\WhjeZec_eY|hZ_e"Whh_jc_Wi"WicW[]bWkYecWZ[~d]kbeWX[hje$
B[leÔenWY_de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
B[lWgk_d%JWlWd_Y%B[leÔenWY_deÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze+&&c]
B[lWgk_dXebiW+&&c]%'&&cB
B[leÔenWY_de\hWiYe+&&c]%'&&cBÅC[Z_YWc[dje=[dh_Ye
Kiei
?d\[Y[iZejhWjeh[if_hWjh_e_d\[h_eh[ikf[h_eh"_dYbk_dZei_dki_j["[nWY[hXW[iW]kZWiZ[Xhedgk_j[Yhd_YW
[fd[kced_W1_d\[Y[iZWf[b[[j[Y_ZeiikXYkj~d[eijW_iYece_cf[j_]e"WXiY[iiei"\khkdYkbei["Y[bkb_j[[
[h_i_f[bW1_d\[Y[iZejhWjekh_d|h_e_dYbk_dZef_[bed[\h_j[1eij[ec_[b_j[$
Feiebe]_W
7Zkbjei
LE%?d\kie?L
8hedgk_j[Yhd_YWÅ+&&c]WYWZW(*^ehWiZkhWdj[-Z_Wi$
Fd[kced_WWZgk_h_ZWdWYeckd_ZWZ[Å+&&c]WYWZW(*^ehWiZkhWdj[-#'*Z_Wi$
I_dki_j[cWn_bWhW]kZWÅ+&&c]WYWZW(*^ehWiZkhWdj['&#'*Z_Wi$
?d\[Y[iYkj~d[Wide#Yecfb_YWZWiÅ+&&c]WYWZW(*^ehWiZkhWdj[-#'&Z_Wi$
?d\[YeZejhWjekh_d|h_e[f_[bed[\h_j[W]kZWÅ(+&c]WYWZW(*^ehWiZkhWdj['&Z_Wi$
JkX[hYkbei[h[i_ij[dj[WZhe]WiÅ+&&#'$&&&c]WYWZW(*^ehWi$:ei[c|n_cWÅ']$
:_Whh_WZeil_W`Wdj[iÅ+&&c]WYWZW(*^ehWiZkhWdj[Wj)Z_Wi$
()&r
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh(&#*/cB%c_dÅWZc_d_ijhWh(+&c]WYWZW(*^ehWi$:ei[_d_Y_WbÅ+&&c]$
9bYh'&#'/cB%c_dÅWZc_d_ijhWh(+&c]WYWZW*.^ehWi$:ei[_d_Y_WbÅ+&&c]dWcW_eh_WZWi_d\[Y[i1
(+&c]fWhW_d\[Y[iZejhWjekh_d|h_eekf_[bed[\h_j[$
Fh[YWk[i
Deh[Yec[dZWZeekie[cc[deh[iZ['.Wdei$
B[lec[fhecWp_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D[ep_d[Yecfh_c_Ze(+c]
D[ep_d[*]ejWi\hWiYe(&cB'cB3*&]ejWi
Kiei
;igk_pe\h[d_W1Z_ijhX_eifi_Yj_Yei1Zeh1i[ZWefh#Y_hh]_YW1i[ZWefh#Wd[iji_YW1ZeheXijjh_YW1Zehfi#
ef[hWjh_W1WZ`klWdj[Z[Wd[ij[i_W$
Feiebe]_W
LE%?C
9h_WdWiZ[(#'+WdeiÅ&"'#&"(c]%a][c(*^ehWi$
7Zkbjei
Fi_gk_Wjh_WÅ_d_Y_WhYec(+#+&c]Z_l_Z_Zei[c(#*jecWZWiWeZ_W1deiZ_WiikXi[g[dj[i"Wkc[djWhW
Zei[Z[cWd[_hWb[djW[fhe]h[ii_lWWji[Wj_d]_hWZei[Z_|h_Wj_b'+&#(+&c]1de_dY_eZejhWjWc[dje"e
fWY_[dj[Z[l[h|f[hcWd[Y[hZ[_jWZefeh'^ehWWfiWWZc_d_ijhWeZ[YWZWZei[$
D[khei[i[W\[Y[ifi_Yeiiec|j_YWiÅWZei[j_bi[i_jkW"][hWbc[dj["[djh[,#'(c]"WgkWbWj_d]_ZW
fhe]h[ii_lWc[dj[[Z_l_Z_ZW[c)WZc_d_ijhW[iZ_|h_Wi}ih[\[_[i"h[i[hlWdZe#i["][hWbc[dj["WcW_ehZei[
fWhWWde_j[$
7b]_WiÅWZc_d_ijhWh+&c](#+l[p[iWeZ_W1Wkc[djWhfhe]h[ii_lWc[dj[WZei["i[d[Y[ii|h_e"Wj)&&c]ek
+&&c]1[ci[]k_ZWh[Zkp_hfhe]h[ii_lWc[dj[WjkcWZei[Z["[ccZ_W"+&#-+c]WeZ_W$
7dWb][i_Wfi#ef[hWjh_WÅdef[heZefi#ef[hWjh_e_c[Z_Wje"WZc_d_ijhWh'Zei[_d_Y_WbZ[("+#-"+c]"Z[iZ[
gk[ei[\[_jeih[i_ZkW_iZeiW][dj[iWd[iji_Yei[ekjhWic[Z_YW[ifeiiWci[hiecWZei$7Zc_d_ijhWh[c
_dj[hlWbeiZ[*#,^ehWii[d[Y[ii|h_e[ikf[hl_i_edWhWZ[WcXkbWe$
C[Z_YWefh#Wd[iji_YWÅWZc_d_ijhWh(#(&c]"*+c_dkjeiW)^ehWiWdj[iZWY_hkh]_W$<h[g[dj[c[dj["W
Zei[Z['&c]iWj_i\Wjh_W"i[dZegk['+#(&c]feZ[ci[hkj_b_pWZeifWhWi[eXj[hkcWi[ZWecW_eh$
?ZeieiÅZei[_d_Y_WbÅ+#'&c]?C$7kc[djWhWiZei[iikXi[g[dj[i]hWZWj_lWc[dj["i[d[Y[ii|h_e$
B
Fh[YWk[i
FWY_[dj[i_Zeieifeiik[cWbjWi[di_X_b_ZWZ[W[ii[c[Z_YWc[dje"feZ[dZeeYehh[hi[ZWe[^_fej[die
ehjeij|j_YWZ[l[#i[ced_jehWhWfh[iieWhj[h_Wb["}il[p[i"h[Wb_pWh[nWc[i[b[jhe[dY[\Wbe]h|ÓYeid[ii[i
fWY_[dj[i$DeYWieZWWfh[i[djWe]ejWi"[ijWiZ[l[ci[hZ_bkZWi[c|]kWWkYWhWZW[dkdYW_dij_bWZWi
Z_h[jWc[dj[dWbd]kW$7l_W_djhWl[deiWZ[kieb_c_jWZe$
B[lei_c[dZWd
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I_cZWn("+c]%cB\hWiYe#WcfebW+cBÅC[Z_YWc[dje9edi_]dWZe
r()'
Kiei
DWj[hWf_WWZ_Y_edWb"[cYWiei[cgk[Wj[hWf_WYedl[dY_edWbde\ehikÓY_[dj[0_dikÓY_
dY_WYWhZWYWYec
XW_nWf[h\kiej[Y_ZkWb1_dikÓY_
dY_WYWhZWYWYhd_YWZ[iYecf[diWZW1_dikÓY_
dY_WYWhZWYWZ[_dY_eh[Y[dj[
Wfi_d\WhjeW]kZeZec_eY|hZ_e$
Feiebe]_W
?d\kie?L
7ZkbjeiÅfWhWeXj[hWYedY[djhWeZ[&"&(+c]%cB"c_ijkhWh+cBZ[b[lei_c[dZWd("+c]%cBYec+&&cB
Z[]b_Yei[W+$
:ei[_d_Y_WbÅ'(cY]%a]_d\kdZ_Zei[c'&c_dkjei"i[]k_ZeiZ[_d\kieZ[&"'cY]%a]%c_d1l[h_ÓYWhW
h[ifeijWZefWY_[dj[Wfi)&#,&c_d1i[\eh`kb]WZW[nY[ii_lW"Z_c_dk_hedZ_Y[Z[_d\kiefWhW&"&+cY]%c_d
["i[\ehjeb[hWZW"Wkc[djWhfWhW&"(cY]%a]%c_d$
F[ie
a]
B
:ei[_d_Y_Wb"_d\kdZ_ZWZkhWdj[
'&c_dkjeicB%^
:ei[Z[cWdkj[de
'(cY]%a]
&"&+cY]%
a]%c_d
&"'cY]%
a]%c_d
&"(cY]%a]%c_d
*&
''+
+
'&
'/
+&
'**
,
'(
(*
,&
'-)
-
'*
(/
-&
(&(
.
'-
)*
.&
()&
'&
'/
).
'&&
(..
'(
(*
*.
''&
)'-
')
(,
+)
'(&
)*,
'*
(/
+.
Fh[YWk[i
xYedjhW#_dZ_YWZe[cfWY_[dj[iYeceXijhk[ic[Y~d_YWicWhYWdj[igk[W\[j[cefh[[dY^_c[djeek
[ilWp_Wc[djel[djh_YkbWhekWcXei[jWcXc[cc[deh[iZ['.Wdei$:khWdj[ejhWjWc[dje"Z[l[c#i[
ced_jehWhe[b[jheYWhZ_e]hWcW"Wfh[iieiWd]kd[W[W\h[g
dY_WYWhZWYW$7_d\kieZ[l[i[h\[_jWYec
YWkj[bW[cfWY_[dj[iYec^_fej[die"jWgk_YWhZ_WekÓXh_bWeWjh_Wbi_]d_ÓYWj_lWi"Yech[ifeijWl[djh_YkbWh
h|f_ZW"_igk[c_WYehed|h_Wl_][dj["^_ijh_YeZ[ÇjehiWZ[Z[fe_dj[iÈ"_dj[hlWbeZ[GJYbed]e$
B_ZeYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Nob[ij[i_d'i[cWZh[dWb_dW\hWiYe#WcfebW(&cB
Nob[ij[i_d(i[cWZh[dWb_dW\hWiYe#WcfebW(&cB
Nob[ij[i_d(i[cWZh[dWb_dWWcfebW+cB
Nob[ij[i_d(i[cWZh[dWb_dWjkX[j['".cB
Nob[ij[i_d][b_W(i[h_d]Wfh[[dY^_ZW'&cB
NobeYWdWfecWZW+jkXe(&]
NobeYWdW%Nob[ij[i_d® ifhWo'&\hWiYe+&cB
()(r
Kiei
;ij|_dZ_YWZW[cWd[ij[i_WbeYWbekh[]_edWbfehjYd_YWiZ[_dÓbjhWeYeceW_d`[ef[hYkj~d[W1feh
Wd[ij[i_Wh[]_edWb_djhWl[deiW1fehjYd_YWiZ[Xbegk[_eZ[d[hlef[h_\h_YeYecefb[neXhWgk_Wb[_dj[hYeijWb1
fehjYd_YWid[khW_iY[djhW_i"YeceeiXbegk[_eif[h_ZkhWbbecXWh[YWkZWb$
NobeYWdW][b_W(ÅWd[iji_YeZ[ikf[h\Y_[[bkXh_ÓYWdj[fWhWWkh[jhW\[c_d_dW[cWiYkb_dWZkhWdj[
Y_jeiYef_W"YWj[j[h_pWe"[nfbehWefehiedZW[ekjheifheY[Z_c[djei[dZekh[jhW_i1jhWjWc[djei_djec|j_Ye
ZWZeh[cYed[neYecY_ij_j[[kh[jh_j[$
NobeYWdWfecWZW+ÅWbl_ej[cfeh|h_eZWZehWiieY_WZWWgk[_cWZkhWib[l[i[WXhWi[iZWf[b[1Wd[ij[i_W
Z[ckYeiWi$
NobeYWdWifhWo'&ÅdWfh[l[deZWZehWiieY_WZWYecfkdeZeii[_eicWn_bWh[i1Wd[ij[i_WZW
\Wh_d][fWhWfh[l[d_hd|ki[W[lc_jeZkhWdj[W_dijhkc[djWe1ZkhWdj[e[ij|]_eÓdWbZefWhje1[Wdj[iZW
[f_i_ejec_W[ikjkhWf[h_d[WbYeceWZ`klWdj[deYedjheb[ZWZeh$
Feiebe]_W
?dÓbjhWe
F[hYkj~d[WÅ+#)&&c]W&"+#'"&$
H[]_edWb_djhWl[deiWÅ+&#)&&c]W&"+$
8begk[_ed[hleief[h_\h_Ye
8hWgk_WbÅ((+#)&&c]W'"+$
?dj[hYeijWbÅ)&c]W'"&$
FWhWl[hj[XhWbÅ)&#+&c]W'"&$
FWhWY[hl_YWb
7dWb][i_WeXijjh_YWÅ'&&c]W'"&$
8begk[_ed[hleiei_cf|j_Ye
9[hl_YWbÅ+&c]W'"&$
BecXWhÅ+&#'&&c]W'"&$
8begk[_ed[khWbY[djhWbf[h_ZkhWb
Jeh|Y_YeÅ(&&#)&&c]W'"&$
BecXWhÅ(+&#)&&c]W'"&$
7dWb][i_WÅ((+#)&&c]W'"+$
7d[ij[i_WÅ(&&#)&&c]W("&$
9WkZWb
7dWb][i_WeXijjh_YWÅ(&&#)&&c]W'"&$
7d[ij[i_WY_hh]_YWÅ((+#)&&c]W'"+$
:ei[c|n_cWf[hc_j_ZW
7ZkbjeiÅ*"+c]%a]$
9h_WdWiÅ)#*c]%a]$
NobeYWdW][b_W(
9h_WdWi2'(WdeiÅde[nY[Z[h,c]%a]$
Kh[jhWcWiYkb_dWÅW][b_WZ[l[i[h_dij_bWZWb[djWc[dj[Wjgk[efWY_[dj[j[d^Wi[diWeZ[j[dieekWj
ekieZ[c[jWZ[ZeYedj[ZeZejkXe$7fb_YW#i["[dje"kcWf_dWf[d_WdWfehWb]kdic_dkjei$7Wd[ij[i_W
ikÓY_[dj[fWhWYWj[j[h_icei$GkWdZeWWd[ij[i_W[if[Y_Wbc[dj[_cfehjWdj["feh[n[cfbe"ZkhWdj[
iedZW][cekY_jeiYef_W"feZ[#i[_dij_bWheh[ijWdj[ZW][b_W"f[Z_dZeWefWY_[dj[gk[i[[i\ehY[Yecei[\eii[
kh_dWh$7][b_WfWiiWh|Wkh[jhWfeij[h_eh$7fb_YW#i[kcWf_dWf[d_WdW[[if[hW#i[feh+#'&c_dkjei$
Kh[jhW\[c_d_dWÅ)#+]fWhWeXj[h#i[WWd[ij[i_WWZ[gkWZW"Z[l[#i[W]kWhZWhWb]kdic_dkjeifWhWh[Wb_pWh
e[nWc[$
NobeYWdWfecWZW+
9h_WdWi2'(WdeiÅWZei[d_YWdeZ[l[[nY[Z[h&"']%a]Z[f[ieYehfh[eYehh[ifedZ[W+c]Z[
b_ZeYWdW%a]Z[f[ieYehfh[e$DecW_iZegk[)Zei[iZ[l[ci[hWZc_d_ijhWZWiZkhWdj[(*^ehWi$
;nWc[i[dZeiYf_eiÅ'#(]Wdj[iZW[djkXWe[dZejhWgk[Wb$
NobeYWdWifhWo'&
B
r())
Ejehh_debWh_d]ebe]_WÅ)Wfb_YW[ifWhWfkdeZWYWl_ZWZ[cWn_bWh$
:khWdj[efWhjeÅWj(&Wfb_YW[i$
:khWdj[W_dijhkc[djWeÅWj(&Wfb_YW[i(&&c]Z[b_ZeYWdWXWi[$
EXi$0YWZWWfb_YWeb_X[hW'&c]Z[b_ZeYWdWXWi[$
Fh[YWk[i
FWY_[dj[i_Zeiei"Z[X_b_jWZei"fWY_[dj[iYecZe[dWiW]kZWi[Yh_WdWiZ[l[heh[Y[X[hZei[ih[Zkp_ZWi
Z[WYehZeYecikW_ZWZ[[YedZ_[i\i_YWi$KieYWkj[beie[cfWY_[dj[iYecfheXb[cWi^[f|j_Yei[
YWhZ_elWiYkbWh[i$7b_ZeYWdWWjhWl[iiWWXWhh[_hWfbWY[dj|h_W[feZ[f[d[jhWhdeij[Y_Zei\[jW_i$DeZ[l[
i[hWfb_YWZW[cYh_WdWic[deh[iZ[+WdeiZ[_ZWZ[ekWXW_neZ[(&a]$:ei[i[nY[ii_lWiZ[b_ZeYWdW[c
f[gk[dei_dj[hlWbeiZ[j[cfefeZ[ch[ikbjWh[cdl[_ifbWic|j_YeiWbjei[h[W[iWZl[hiWi]hWl[i$
B_ZeYWdW!7Zh[dWb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Nob[ij[i_d(YecWZh[dWb_dW\hWiYe#WcfebW(&cB
Nob[ij[i_d(YecWZh[dWb_dWjkX[j['".cB
Kiei
7d[ij[i_WbeYWbZ[_d\_bjhWe$
B
Feiebe]_W
9h_WdWiÅkiWhdWiYedY[djhW[iZ[&"+#'feZ[dZei[hcW_iZ_bkZWfWhWZ_c_dk_hWfeii_X_b_ZWZ[Z[
jen_Y_ZWZ["deh[f[j_h[c(^ehWi$:ei[c|n_cWÅ-c]%a]%Zei[$
7ZkbjeiÅlWh_WYecefheY[Z_c[dje"]hWkZ[Wd[ij[i_Wd[Y[ii|h_W"lWiYkbWh_pWeZej[Y_Ze"ZkhWeZW
Wd[ij[i_W[YedZ_e\i_YWZefWY_[dj[$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ_i\kde[dZYh_dW"^[f|j_YW"Yehed|h_W[j_h[_Z[$
B_ZeYWdW!=b_Yei[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Nob[ij[i_df[iWZW+WcfebW(cB
Kiei
;ij|_dZ_YWZWdWfheZkeZ[Xbegk[_eikXWhWYd_Z[$
Feiebe]_W
7Zkbjei
8begk[_e[if_d^WbXW_neekXbegk[_e[ci[bWÅeXij[jhY_W
FWhjedehcWbÅ+&c]ek'cB$
9[iWh_WdWÅ-+c]ek'"+cB$
7d[ij[i_WY_hh]_YWÅ-+#'&&c]ek'"+#(cB$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ_i\kde^[f|j_YW[\kdeYWhZ_elWiYkbWhWbj[hWZW$7i[]khWdW[W
[\[j_l_ZWZ[[cYh_WdWic[deh[iZ['.WdeiW_dZWde\ehWc[ijWX[b[Y_ZWi$
()*r
B_ZeYWdW!>_ZheYehj_iedW!ãn_ZeZ[P_dYe!IkXWY[jWjeZ[7bkcd_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
B_ZeYWdW+&c]!>_ZheYehj_iedW7Y[jWje("+c]!ãn_ZeZ[P_dYe'.&c]!IkXWY[jWjeZ[7bkcd_e)+c]
i[h_d]WfWhWWfb_YWejf_YW+]ÅC[Z_YWc[djeCWd_fkbWZe
Kiei
JhWjWc[djeZWZeh"fhkh_Ze[Z[iYed\ehjegk[eYehh[c[c_hh_jW[iWdehh[jW_iYece"feh[n[cfbe"
^[cehh_ZWi"fhkh_ZeWdWb"fheYj_j["\ehcWib[l[iZ[ÓiikhWiWdW_i[deWbl_eZWZehfi#ef[hWjh_W$
Feiebe]_W
Kie[nj[hdeÅWfb_YWhkcWÓdWYWcWZWZ[fecWZWl|h_Wil[p[iWeZ_WdW|h[WW\[jWZW1dekiWhcW_iZ[,]
WeZ_W$
Kie_djhW#h[jWbÅWfb_YWhWfecWZWkj_b_pWdZeWfb_YWZeh[if[Y_Wb"egkWbZ[l[i[hb_cfebe]eWfiekie$
Fh[YWk[i
:ei[i[nY[ii_lWiZ[fheZkjeiYecb_ZeYWdWekf[gk[dei_dj[hlWbei[djh[WiZei[ifeZ[ch[ikbjWhdl[_i
fbWic|j_YeiWbjei[h[W[iWZl[hiWi]hWl[i$
B_dYec_Y_dW
B
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<hWZ[c_Y_dWWcfebW,&&c]%(cB
Kiei
JhWjWc[djeZ[_d\[Y[ii[l[hWiYWkiWZWifehXWYjh_WiW[hX_Wi]hWc#fei_j_lWi"_dYbk_dZe[ijh[fjeYeYei"
[ijWÓbeYeYei_dYbki_l[eifheZkjeh[iZ[f[d_Y_b_dWi[[fd[kceYeYei$DeWj_lWYedjhWIjh[fjeYeYYki\W[YWb_i"
b[l[ZkhWiekXWYjh_Wi]hWc#d[]Wj_lWiYeceD$]edehh^e[W[[>$_dÔk[dpW[$
Feiebe]_W
9h_WdWi4'c
i
?CÅ'&c]%a]WYWZW(*^ehWi1[c_d\[Y[icW_i]hWl[iÅ'&c]%a]WYWZW'(^ehWiekcW_i\h[g[dj[c[dj[$
?LÅ'&#(&c]%a]%Z_WWYWZW.#'(^ehWi"Z[f[dZ[dZeZW]hWl_ZWZ[ZW_d\[Ye1[c_d\[Y[ifeh[ijh[fjeYeYei
X[jW#^[cebj_Yei"ejhWjWc[djeZ[l[Yedj_dkWhfehf[bec[dei'&Z_Wi$
:ei[c|n_cWÅ.]%Z_W$
7Zkbjei
?CÅ,&&c]WYWZW(*^ehWi1[c_d\[Y[icW_i]hWl[iÅ,&&c]WYWZW'(^ehWiekcW_i\h[g[dj[c[dj[$
?LÅ,&&c]W']WYWZW.ek'(^ehWi1feZ[#i[Wkc[djWhWZei[[c_d\[Y[igk[Wc[WY[cWl_ZW$
:ei[c|n_cWÅ.]%Z_W$
:ei[
Lebkc[Z[Z_bk[dj[
J[cfeZ[WZc_d_ijhWe
,&&c]
'&&cB
'^
']
'&&cB
'^
(]
(&&cB
(^
)]
)&&cB
)^
*]
*&&cB
*^
r()+
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2'&cB%c_dÅh[Zkp_hWZei[[c-&#-+$Ced_jehWhYedY[djhW[iih_YWi[cj[hWf_WZ[WbjWiZei[i$
Fh[YWk[i
7Zc_d_ijhWhYecYWkj[bW[cfWY_[dj[iYec^_ijh_YeZ[Ze[dW]Wijh_dj[ij_dWbfh_dY_fWbc[dj[Yeb_j["WicW
Xhdgk_YWekWb[h]_Wi_]d_ÓYWj_lW$DeZ[l[i[hkiWZedejhWjWc[djeZ[c[d_d]_j[$DWj[hWf_Wfhebed]WZW"
Z[l[#i[ced_jehWhW\kdeh[dWb"^[f|j_YW[iWd]kd[W$
B_d[peb_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
PolenYecfh_c_Ze,&&c]
PolenXebiW,&&c]%)&&cB
Kiei
JhWjWc[djeZ[fd[kced_WWZgk_h_ZWdWYeckd_ZWZ["fd[kced_WWZgk_h_ZW[c^eif_jWb"_d\[Y[iZWf[b[
[j[Y_Zeiceb[i"XWYj[h[c_WYWkiWZWfehc_Yheeh]Wd_iceih[i_ij[dj[i}lWdYec_Y_dWYece;dj[heYeYYki
\W[Y_kc"Ijh[fjeYeYYkifd[kced_W["IjWf^obeYeYYkiWkh[ki"_dYbk_dZeY[fWih[i_ij[dj[i}c[j_Y_b_dW"
Ijh[fjeYeYYkifoe][d[iekIjh[fjeYeYYkiW]WbWYj_W[$
B
Feiebe]_W
9h_WdWi
LE%?LÅ'&c]%a]%Zei[WYWZW'(^ehWi$
7Zkbjei
?d\[Y[iYkj~d[Wide#i[l[hWi
LEÅ*&&c]WYWZW'(^ehWiZkhWdj['&#'*Z_Wi$
?d\[Y[iYkj~d[Wii[l[hWi"fd[kced_WdeieYec_WbekWZgk_h_ZWdWYeckd_ZWZ["_dYbk_dZe
XWYj[h[c_Wi_ckbj~d[W
LE%?LÅ,&&c]WYWZW'(^ehWiZkhWdj['&#'*Z_Wi$
?d\[Y[i[dj[heYY_YWi
LE%?LÅ,&&c]WYWZW'(^ehWiZkhWdj['*#(.Z_Wi$
Fh[YWk[i
B_d[peb_ZWkc_d_X_Zehh[l[hil[bde#i[b[j_leZWC7EYecefej[dY_WbZ[_dj[hW]_hYecck_jeiekjhei
_d_X_Zeh[iZWC7E"Z[l[dZei[h[l_jWZei[kkieYecWdj_Z[fh[ii_leijh_YYb_Yei[_d_X_Zeh[ii[b[j_leiZW
h[YWfjWeZ[i[hejed_dW$KiWhYecYWkj[bW[cfWY_[dj[iYec^_f[hj[die"^_f[hj_he_Z_ice"_dikÓY_
dY_Wh[dWb
ek^[f|j_YWi[l[hW$
B_i_defh_b
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
LWie`[j%P[ijh_bYecfh_c_Ze+c]
Kiei
JhWjWc[djeZW^_f[hj[die"_dikÓY_
dY_WYWhZWYWYed][ij_lW"_d\WhjeW]kZeZec_eY|hZ_e"Yecfb_YW[ih[dW_i
[h[j_dW_iZ[Z_WX[j[ic[bb_jki$
(),r
Feiebe]_W
7Zkbjei
>_f[hj[dieÅZei[_d_Y_WbÅ'&c]'l[pWeZ_W$:ei[i_d_Y_W_ic[deh[iied[Y[ii|h_WidWfh[i[dWZ[
Yecfhec[j_c[djeZW\kdeh[dWb"[cfWY_[dj[ideigkW_iWj[hWf_WZ_khj_YWdefeiiWi[hZ[iYedj_dkWZW"
[cfWY_[dj[iZ[fb[jWZeiZ[lebkc[[%ekiWb[[cfWY_[dj[iYec^_f[hj[dieh[delWiYkbWh$:ei[Z[
cWdkj[deÅ(&c]'l[pWeZ_W$:ei[c|n_cWÅ.&c]%Z_W$
FWY_[dj[ijhWjWZeiYecZ_khj_YeiÅ[cfWY_[dj[i^_f[hj[dieideigkW_ieiZ_khj_YeidefeiiWci[h
Z[iYedj_dkWZei"Wj[hWf_WZ[l[i[h_d_Y_WZWYecWZei[Z[+c]$7feiebe]_WikXi[g[dj[Z[l[h|i[hW`kijWZW
Z[WYehZeYecWh[ifeijWZWfh[iieWhj[h_Wb$I[d[Y[ii|h_e"Wj[hWf_WZ_khj_YWfeZ[Yec[Wh$
>_f[hj[dieh[delWiYkbWhÅWb]kdifWY_[dj[iYec^_f[hj[dieh[delWiYkbWh"[if[Y_Wbc[dj[Wgk[b[iYec
[ij[dei[X_bWj[hWbZWWhjh_Wh[dWbek[ij[dei[ZWWhjh_Wh[dWb[ch_cd_Ye"feZ[cZ[i[dlebl[hh[ifeijW
[nW][hWZW}fh_c[_hWZei[$FehjWdje"h[Yec[dZW#i[kcWZei[_d_Y_WbZ[("+#+c]$7fWhj_hZW"Wfeiebe]_WfeZ[
i[hW`kijWZWZ[WYehZeYecWh[ifeijWZWfh[iieWhj[h_Wb$
?dikÓY_
dY_WYWhZWYWYed][ij_lWÅYecejhWjWc[djeWZ`klWdj[YecZ_khj_Yei["edZ[Wfhefh_WZe"Yec
Z_]_j|b_Yei"feZ[i[h_d_Y_WZeYecZei[_d_Y_WbZ[("+c]'l[pWeZ_W$FWhWh[Zkp_heh_iYeZ[cehjWb_ZWZ[[
^eif_jWb_pWe"WZei[Z[l[i[hWkc[djWZWdec|n_ce'&c]WYWZW(i[cWdWi$EW`kij[ZWZei[Z[l[i[h
XWi[WZedWh[ifeijWYbd_YWZefWY_[dj[$:ei[c|n_cWÅ)+c]'l[pWWeZ_W$
?d\WhjeW]kZeZec_eY|hZ_eÅejhWjWc[djefeZ[i[h_d_Y_WZe(*^ehWiWfie_dY_eZeii_djecWi$7fh_c[_hW
Zei[Z[+c]"i[]k_ZeiZ[+c]Wfi(*^ehWi"'&c]Wfi*.^ehWi["[dje"'&c]'l[pWeZ_W$FWY_[dj[i
YecXW_nWfh[iiei_ijb_YW'(&cc>]ekc[deiZ[l[ch[Y[X[hkcWZei[c[dehÅ("+c]ÅgkWdZee
jhWjWc[dje\eh_d_Y_WZeekZkhWdj[ei)fh_c[_heiZ_WiWfie_d\Whje$I[eYehh[h^_fej[diefh[iiei_ijb_YW
c[dehek_]kWbW'&&cc>]"kcWZei[Z_|h_WZ[cWdkj[deZ[+c]feZ[i[hWZc_d_ijhWZWYech[Zk[i
j[cfeh|h_WiW("+c]"i[d[Y[ii|h_e$I[eYehh[h^_fej[diefhebed]WZWfh[iiei_ijb_YWc[dehek_]kWbW
/&cc>]fehcW_iZ['^ehW"Z[l[i[hZ[iYedj_dkWZe$7WZc_d_ijhWeZ[l[Yedj_dkWhZkhWdj[,i[cWdWi$
FWY_[dj[igk[Z[i[dlebl[c_dikÓY_
dY_WYWhZWYWZ[l[cYedj_dkWhejhWjWc[dje$
9ecfb_YW[ih[dW_i[h[j_dW_iZ[Z_WX[j[ic[bb_jkiÅ[cfWY_[dj[iZ_WXj_Yeidehcej[diei_dikb_de#
Z[f[dZ[dj[i"WZei[Z_|h_WZ['&c]'l[pWeZ_W$JWbZei[feZ[i[hWkc[djWZWfWhW(&c]'l[pWeZ_W"i[
d[Y[ii|h_e"fWhWgk[i[Wj_d`WWfh[iieZ_Wijb_YWZ[-+cc>]$;cfWY_[dj[iZ_WXj_Yei^_f[hj[dieide#
_dikb_de#Z[f[dZ[dj[i"WZei[Wc[icWWY_cWfWhWgk[i[Wj_d`Wfh[iieZ_Wijb_YWZ[/&cc>]$
B
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh)'#-&cB%c_dÅZei[_d_Y_Wb+#'&c]$
9bYh'&#)&cB%c_dÅZei[_d_Y_Wb("+#+c]$
9bYh2'&cB%c_dÅZei[_d_Y_WbZ[("+c]$
Fh[YWk[i
xYedjhW#_dZ_YWZe[cfWY_[dj[iYec^_ijh_YeZ[[Z[cWWd]_ed[khj_Yeh[bWY_edWZeWejhWjWc[djefhl_eYec
_d_X_ZehZW;97[[cfWY_[dj[iYec[Z[cWWd]_ed[khj_Ye^[h[Z_j|h_eek_Z_ef|j_Ye$
Bj_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9WhXeb_j_kcYecfh_c_Ze)&&c]
Kiei
JhWjWc[djeZWcWd_WW]kZW"Z[fh[iieX_febWh[Z[fh[iie$
Feiebe]_W
LE
9h_WdWiÅ'+#,&c]%a]%Z_WZ_l_Z_Zei[c)#*Zei[i"deZ[l[dZe[nY[Z[hWZei[kikWbWZkbjW1_d_Y_Whe
r()-
jhWjWc[djeYeckcWZei[c[deh[W`kijWhi[cWdWbc[dj[Z[WYehZeYeceidl[_iih_Yei$
7Zeb[iY[dj[iÅ,&&#'$.&&c]%Z_WZ_l_Z_Zei[c)#*Zei[i$
7ZkbjeiÅ)&&c])#*l[p[ifehZ_W$:ei[c|n_cWkikWbÅ("*]%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh+&#-+ZWZei[dehcWb$
9bYh2'&cB%c_dÅWZc_d_ijhWh(+#+&ZWZei[dehcWb$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZe[dWiYWhZWYWi"j_he_Z_WdWi[h[Y[X[dZeZ_khj_Yei$Ced_jehWhdl[_iih_Yei
\h[g[dj[c[dj[$
Bef[hWc_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?cei[YYecfh_c_Ze(c]
Kiei
JhWjWc[djeZWZ_Whh_W1h[ZkeZW\h[g
dY_W[Ôk_Z[pZWi\[p[i[cfWY_[dj[iYecYebeijec_Wi[_b[eijec_Wi$
B
Feiebe]_W
:_Whh_WW]kZW
LE
9h_WdWiZei[_d_Y_WbdWifh_c[_hWi(*^ehWi
(#+WdeiÅ'c])l[p[iWeZ_W$
,#.WdeiÅ(c](l[p[iWeZ_W$
.#'(WdeiÅ(c])l[p[iWeZ_W$
7fiZei[_d_Y_WbÅ&"'c]%a]Wfi[lWYkWeZWi\[p[i1de[nY[Z[hWZei[_d_Y_Wb$
7ZkbjeiÅZei[_d_Y_WbZ[*c]"i[]k_ZeiZ[(c]WfiW[lWYkWeZWi\[p[i"feZ[dZeY^[]WhWj',c]fehZ_W$
:_Whh_WYhd_YW
&"&.#&"(*c]%a]%Z_W[cZei[iZ_l_Z_ZWi(#)l[p[ifehZ_W$:ei[c|n_cWÅ(c]%Zei[$
Fh[YWk[i
9Wieeii_djecWidei[`WcYedjhebWZei[c*.^ehWi"ekieZ[l[i[hZ[iYedj_dkWZe$;l_jWhekie[cd[edWjei$
BehWjWZ_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9bWh_j_dYecfh_c_Ze'&c]
Kiei
7bl_eZeii_djecWidWiW_i[de#dWiW_iZWh_d_j[Wbh]_YW1jhWjWc[djeZWkhj_Y|h_W_Z_ef|j_YWYhd_YW$
Feiebe]_W
LE
9h_WdWiZ[(#+WdeiÅ+c]'l[pWeZ_W$
9h_WdWi4,Wdei[7ZkbjeiÅ'&c]'l[pWeZ_W$
().r
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2)&cB%c_dÅWZc_d_ijhWhWZei[_dZ_YWZW[cZ_WiWbj[hdWZei$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[igk[\Wp[ckieZ[Y[jeYedWpeb"_djhWYedWpeb"ÔkYedWpeb"[h_jhec_Y_dW"
YbWh_jhec_Y_dW[ekjhWiZhe]Wigk[feiiWc_dj[hl_hdec[jWXeb_ice^[f|j_YeZWbehWjWZ_dW$
BehWp[fWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
BehWnYecfh_c_Ze'c]
BehWn%CWnFWnYecfh_c_Ze(c]
Kiei
JhWjWc[djeZWWdi_[ZWZ[1[ijWZe[f_bj_Ye1i[ZWefh#ef[hWjh_W1Wcdi_W$
Feiebe]_W
LE
9h_WdWi
7di_[ZWZ[[i[ZWeÅZei[kikWbÅ&"&+c]%a]%Zei[WYWZW*#.^ehWi1Zei[Z[WbYWdY[&"&(#&"'c]%a]$
:ei[c|n_cWÅ(c]%Zei[$
7Zkbjei
7di_[ZWZ[[i[ZWeÅ'#'&c]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.#'(^ehWi1Zei[kikWbÅ(#,c]%Z_W[c
Zei[iZ_l_Z_ZWi$
?did_WÅ(#*c]dW^ehWZ[Zehc_h$
B
Fh[YWk[i
FeZ[ceYehh[hh[W[ifWhWZenW_i"cW_iYeckdi[c_Zeiei$DeZ[l[i[hkiWZeZkhWdj[W]hWl_Z[p$;ii[
fheZkjeYedjceYehWdj[l[hc[b^eZ[jWhjhWp_dW"gk[feZ[YWkiWhh[W[iZ[dWjkh[pWWbh]_YW"[djh[WigkW_i
WicWXhdgk_YW"[if[Y_Wbc[dj[[cf[iieWiWbh]_YWiWe|Y_ZeWY[j_biWb_Yb_Ye$xYedjhW#_dZ_YWZe[cfWY_[dj[i
Yecc_Wij[d_W]hWl[$
BeiWhjWd
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9epWWhYecfh_c_Ze'("+c]
9epWWhYecfh_c_Ze+&c]
BeiWhjWdiebkeehWbZ_[jj_YWi[cYehWdj[(+c]%+cB\hWiYe+&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
JhWjWc[djeZW^_f[hj[die1_dikÓY_
dY_WYWhZWYWYed][ij_lW1h[ZkeZeh_iYeZ[cehX_ZWZ[[cehjWb_ZWZ[
YWhZ_elWiYkbWh[cfWY_[dj[i^_f[hj[dieiYec^_f[hjheÓWl[djh_YkbWh[igk[hZW1fhej[eh[dWb[cfWY_[dj[i
YecZ_WX[j[ij_fe??$
Feiebe]_W
7Zkbjei
r()/
>_f[hj[dieÅWZei[kikWb[Z[cWdkj[deZ[+&c]'l[pWeZ_WfWhWWcW_eh_WZeifWY_[dj[i$E[\[_je
Wdj_#^_f[hj[di_lec|n_ceWbYWdWZe)#,i[cWdWiWfie_dY_eZejhWjWc[dje$7b]kdifWY_[dj[ifeZ[c
eXj[hX[d[\Y_eWZ_Y_edWbi[WZei[\ehWkc[djWZWfWhW'&&c]'l[pWeZ_W$FWhWfWY_[dj[iYecZ[fb[eZ[
lebkc[_djhWlWiYkbWhfeh[n[cfbe"fWY_[dj[ijhWjWZeiYecWbjWiZei[iZ[Z_khj_Yei"Z[l[i[hYedi_Z[hWZWW
Zei[_d_Y_WbZ[(+c](l[pWeZ_W$
H[ZkeZeh_iYeZ[cehX_ZWZ[[cehjWb_ZWZ[YWhZ_elWiYkbWh[cfWY_[dj[i^_f[hj[dieiYec^_f[hjheÓW
l[djh_YkbWh[igk[hZWÅZei[_d_Y_WbkikWbÅ+&c]'l[pWeZ_W$KcWZei[XW_nWZ[^_ZheYbehej_Wp_ZWZ[l[i[h
WZ_Y_edWZW[%ekWZei[Z[beiWhjWdZ[l[i[h[b[lWZWfWhW'&&c]'l[pWeZ_W"YecXWi[dWh[ifeijWZW
fh[iieWhj[h_Wb$
?dikÓY_
dY_WYWhZWYWÅZei[_d_Y_WbÅ'("+c]'l[pWeZ_W$=[hWbc[dj["WZei[Z[l[i[hj_jkbWZW[c_dj[hlWbei
i[cWdW_iWjWZei[kikWbZ[cWdkj[deZ[+&c]'l[pWeZ_W"Z[WYehZeYecWjeb[hWX_b_ZWZ[ZefWY_[dj[$
Fhej[eh[dWb[cfWY_[dj[iYecZ_WX[j[ij_fe??[fhej[_dh_WÅZei[_d_Y_WbkikWbÅ+&c]'l[pWeZ_W$;iiW
Zei[feZ[i[hWkc[djWZWfWhW'&&c]'l[pWeZ_WYecXWi[dWh[ifeijWZWfh[iieWhj[h_Wb$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YW[_ZeieiÅh[Zkp_hWZei[_d_Y_WbfWhW(+c]1ceZ_ÓYWh
e_dj[hlWbeZ[Zei[fWhW(l[p[iWeZ_W$
Fh[YWk[i
;cfWY_[dj[igk[Wfh[i[djWcZ[fb[eZ[lebkc[_djhWlWiYkbWhfeh[n[cfbe"Wgk[b[ijhWjWZeiYecWbjWi
Zei[iZ[Z_khj_Yei"feZ[eYehh[h^_fej[diei_djec|j_YW$
B
B#J_hen_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FkhWdJ*Yecfh_c_Ze(+cY]
FkhWdJ*Yecfh_c_Ze..cY]
FkhWdJ*Yecfh_c_Ze'&&cY]
Kiei
J[hWf_WZ[h[fei_eekikfb[c[djWe[c^_fej_he_Z_ice1Yedjheb[ZeXY_ede#jn_Ye1j_he_Z_j[b_d\eY_j|h_W
Yhd_YW1YeceYeWZ`klWdj[dWj[hWf_WYecW][dj[iWdj_j_h[e_Z_Wdei[cj_hejen_Yei[fWhWfh[l[d_h]
d[i[Ze
XY_e[^_fej_he_Z_ice$
Feiebe]_W
LE
D[edWjei[9h_WdWi
&#,c[i[iÅ.#'&cY]%a]%Z_Wek(+#+&cY]%Z_W$
,#'(c[i[iÅ,#.cY]%a]%Z_Wek+&#-+cY]%Z_W$
'#+WdeiÅ+#,cY]%a]%Z_Wek-+#'&&cY]%Z_W$
,#'(WdeiÅ*#+cY]%a]%Z_Wek'&&#'+&cY]%Z_W$
4'(WdeiÅ(#)cY]%a]%Z_Wek¨'+&cY]%Z_W$
7fiYh[iY_c[dje[fkX[hZWZ[Yecfb[jWÅ'",cY]%a]%Z_W$
7ZkbjeiÅ'("+#+&cY]%Z_W"_d_Y_Wbc[dj[1Wkc[djWhZ[(+#+&cY]%Z_W[c_dj[hlWbeiZ[(#*i[cWdWi$:ei[
cZ_WÅ'&&#(&&cY]%Z_W$
J[hWf_WZ[ikfh[iieZWj_h[_Z[Å(#,cY]%a]%Z_Wfeh-#'&Z_Wi$
Fh[YWk[i
:ei[iWbjWifeZ[cfheZkp_h[\[_jeijn_Yeiih_ei[WjYech_iYeZ[l_ZW"fWhj_YkbWhc[dj[gkWdZeW
(*&r
b#j_hen_dWkiWZWYecWb]kcWiZhe]WiWdeh[n][dWi$KiWhYec[njh[cWYWkj[bW[cfWY_[dj[iYecZe[dWi
YWhZ_elWiYkbWh[i"_dikÓY_
dY_WZWWZh[dWb"^_f[hj[dieekZe[dWWhj[h_WbYehedWh_WdW$FWY_[dj[iYecZ_WX[j[i
c[bb_jki[_di_f_ZkifeZ[cj[hi[kii_djecWi[nWY[hXWZeiekW]hWlWZei$
CW]di_eF_ZebWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F_ZecW]ÔWYed[j['"+]%'&cB[gk_lWb[dj[W')&c]Z[C](!
Kiei
H[ijWX[b[Y_c[djeZeidl[_idehcW_iZ[cW]di_e0h[fei_e[b[jhebj_YW1Whh_jc_Wi[WfiY_hkh]_WiYWhZWYWi1Wiie#
Y_Wei_dh]_YWYecWdj_#^_f[hj[di_lei1WZ`klWdj[dWh[fei_eZ[fej|ii_eZkhWdj[ejhWjWc[djeYecZ_khj_Yei
[dWh[fei_e[ijhe]
d_YWdWc[defWkiW1dW^_f[hj[die][ijWY_edWbekdWfh[l[deZW[YbWcfi_W1YedjhW[i
kj[h_dWi[nY[ii_lWi1Wfilc_jeiekZ_Whh_Wi1Wbj[hW[iZe^kceh"jW_iYeceWdi_[ZWZ[ek_hh_jWX_b_ZWZ[$
Feiebe]_W
9h_WdWi[7ZkbjeiÅLEÅ(,&c]Z[C](!WeZ_WekWYh_jh_ecZ_Ye$
CW]di_eIkb\Wje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C
CW]deijed'&&".'c;g%cBZ[C](!WcfebW'&cB
Kiei
JhWjWc[dje[fh[l[deZ[^_fecW]d[i[c_W[fh[l[deZ[Yedlkbi[i[cfh#[YbWcfi_Wi[l[hWek
[YbWcfi_W1d[\h_j[W]kZW[cYh_WdWi1jhWjWc[djeWYkhjefhWpeZ[Yedij_fWe"Zefi#_d\WhjeZec_eY|hZ_e[
Z[ÇjehiWZ[Z[fe_dj[iÈ$
Feiebe]_W
>_fecW]d[i[c_W
D[edWjeiÅ(+#+&c]%a]%Zei[&"(#&"*c;g%a]%Zei[Z[C](!?LWYWZW.#'(^ehWi"feh(#)Zei[i$
9h_WdWiÅ(+#+&c]%a]%Zei[&"(#&"*c;g%a]%Zei[Z[C](!?L%?CWYWZW*#,^ehWi"feh)#*Zei[i$:ei[d_YW
c|n_cWÅ(]',c;gZ[C](!1feZ[#i[h[f[j_hWZei[YWief[hi_ijWW^_fecW]d[i[c_W1Zei[Z[cWdkj[de
Å)&#,&c]%a]%Z_W?L&"(+#&"+c;g%a]%Z_WZ[C](!$
7ZkbjeiÅ?C%?LÅ']WYWZW,^ehWifeh*Zei[i$
9edjheb[Z[Yedlkbi[i[^_f[hj[die
9h_WdWiÅ?C%?LÅ(&#'&&c]%a]%Zei[WYWZW*#,^ehWi"Yed\ehc[d[Y[ii_ZWZ[$
;YbWcfi_W%fh#[YbWcfi_W
7ZkbjeiÅ?CÅ'#*]WYWZW*^ehWi$
?LÅ*]"_d_Y_Wbc[dj[1Wfi"ckZWhfWhWWZc_d_ijhWe?CekWZc_d_ijhWh'#*]%^feh_d\kieYedjdkW$:ei[
c|n_cWÅ)&#*&]%Z_W$
Fh[YWk[i
DeZ[l[i[hkiWZe[cYWieZ[Xbegk[_eYWhZWYe"Yecfhec[j_c[djeZec_eY|hZ_e"^[fWj_j[[Ze[dWZ[
7ZZ_ied$KiWhYecYWkj[bW[cfWY_[dj[iZ_]_jWb_pWZei$;cYWieZ[_dikÓY_
dY_Wh[dWbi[l[hW9bYh2(+cB%c_d"
[ii[c[Z_YWc[djedeZ[l[i[hkiWZeekeidl[_iZ[cW]di_eZ[l[ci[hced_jehWZeih_]eheiWc[dj[$
r(*'
CWd_jeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;dZed_jeb)\hWiYe($&&&cB
IebkeZ[CWd_jebW(&\hWiYe(+&cB
Kiei
IebkeW)Å_hh_]WefWhWh[ii[YejhWdikh[jhWbZWfhijWjW[ekjheifheY[Z_c[djeijhWdikh[jhW_i$
IebkeW(&Åh[ZkeZeWkc[djeZWfh[iie_djhWYhWd_WdWh[bWY_edWZWYec[Z[cWY[h[XhWb1fheceeZW
Z_kh[i[dWfh[l[de[%ekjhWjWc[djeZWeb_]h_WekWdh_WZ[l_ZeW_dikÓY_
dY_Wh[dWbW]kZW1h[ZkeZe
Wkc[djeZWfh[iie_djhW#eYkbWh1[nYh[ekh_d|h_WZ[ikXij~dY_Wijn_YWi$
Feiebe]_W
IebkeW)
JhWdikh[jhWbÅWfeiebe]_WZ[_hh_]Wel[i_YWbZ[j[hc_dWZWf[becZ_Ye$H[Yec[dZW#i[h[]kbWhWfh[iie
cZ_WZ[_hh_]Wef[bWWbjkhWZeh[Y_f_[dj["gk[deZ[l[i[hikf[h_ehW+&#,&YcZedl[bZWX[n_]W$
IebkeW(&
9h_WdWi
?L
:ei[j[ij[WlWb_WeZW\kdeh[dWbÅ(&&c]%a]WYWZW)#+c_dkjeiWji[eXj[hkcÔknekh_d|h_eZ[
'cB%a]%^ZkhWdj['#)^ehWi$:ei[c|n_cWÅ'("+]$:ei[_d_Y_WbÅ&"+#']%a]$:ei[Z[cWdkj[deÅ
&"(+#&"+]%a]WYWZW*#,^ehWi$
7Zkbjei
:ei[j[ij[WlWb_WeZW\kdeh[dWbÅ'("+](&&c]%a]WYWZW)#+c_dkjeiWji[eXj[hkcÔknekh_d|h_e
Z[)&#+&cB%^ZkhWdj[Wifhn_cWi(#)^ehWi$:ei[_d_Y_WbÅ&"+#']%a]$:ei[Z[cWdkj[deÅ&"(+#&"+]%a]W
YWZW*#,^ehWi$
Fh[iie_djhWYhWd_WdW
;Z[cWY[h[XhWbÅ'"+#(]%a]%Zei[ZkhWdj[decd_ce)&c_dkjei1cWdj[heicebWh_ZWZ[ih_YWZ[
)'&#)(&cEic%a]$
Fh#ef[hWjh_eZ[d[kheY_hkh]_WÅ'"+#(]%a]"'#'"+^ehWWdj[iZWY_hkh]_W$
C
Fh[YWk[i
IebkeW)ÅdeZ[l[i[hkiWZWfehl_W[dZel[deiWekikXYkj~d[W$9k_ZWZei[if[Y_W_iZ[l[ci[hjecWZei
deYWieZ[fWY_[dj[iYec_dijWX_b_ZWZ[YWhZ_elWiYkbWhek\kdeh[dWbZ_c_dkZW$xYedjhW#_dZ_YWZWdei
Z_ijhX_ei]hWl[iZe[gk_bXh_e|Y_Ze#X|i_Yeek[b[jhebj_Ye$
IebkeW(&ÅYedjhW#_dZ_YWZW[ceb_]h_Wde#h[ifedi_lWWecWd_jeb$
CWdj[_]WZ[9WYWk
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CWdj[_]WZ[9WYWkDWjkhWl[d[XWjecjkXe)]
Kiei
9ecefhej[jehbWX_WbdWjkhWbfWhW[l_jWhhWY^WZkhWi[h[ii[YWc[djeideib|X_ei[dWifWhj[ii[dil[_iZeYehfe$
Feiebe]_W
Jf_YeÅWfb_YWhdeib|X_eiekdWifWhj[ii[dil[_iZeYehfe$
(*(r
C[ben_YWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CelWj[YWcfebW'+c]%'"+cB
Kiei
JhWjWc[djei_djec|j_YeZWWhjh_j[h[kcWj_Z[1jhWjWc[djei_djec|j_YeZ[eij[eWhjh_j[iZebeheiWiWhjhei["
Ze[dWiZ[][d[hWj_lWiZWiWhj_YkbW[i$
Feiebe]_W
?C
7ZkbjeiÅ'+c]%Z_Wfehl_W?Cfhe\kdZW$
7WZc_d_ijhWe_djhWckiYkbWhiZ[l[i[hkj_b_pWZWZkhWdj[eifh_c[_heiZ_WiZ[jhWjWc[dje1fWhW
Yedj_dk_ZWZ[ZejhWjWc[djeZ[l[#i[efjWhf[bWWZc_d_ijhWeehWb$
Fh[YWk[i
Jen_Y_ZWZ[]Wijh_dj[ij_dWb]hWl["YeceiWd]hWc[dje"kbY[hWe[f[h\khWeZe[ijcW]e[ZkeZ[de"feZ[
eYehh[hWgkWbgk[hcec[djeZejhWjWc[djeYeceki[ci_djecWi"Z[l[dZe"Z[iiWcWd[_hW"i[kkiei[h
YWkj[beie[cfWY_[dj[iYec^_ijh_YeZ[Ze[dWkbY[heiW[iWd]hWc[dje]Wijh_dj[ij_dWbWbje$DkdYWkj_b_pWhW
l_W[dZel[deiW$
C[cWdj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C
;X_nYecfh_c_Ze'&c]
Kiei
:e[dWZ[7bp^[_c[hceZ[hWZWc[dj[]hWl[ek]hWl[[[cekjhWiZ[c
dY_WiYWhWYj[h_pWZWifehZ_ijhX_ei
b[l[i[ceZ[hWZWc[dj[]hWl[iZW\kdeY[h[XhWb$?dZ_YWZWjWcXcdW[ifWij_Y_ZWZ[Y[h[XhWb[[if_d^Wb"
Yece"feh[n[cfbe"h[ikbjWdj[ZWZ_i\kdeY[h[XhWb[cYh_WdWi1jhWkcWj_iceiYhWd_Wdei1[iYb[hei[cbj_fbW1
fWhWfb[]_W1WY_Z[dj[ilWiYkbWh[i[dY[\|b_Yei1Ze[dWZ[FWha_died1idZhec[fWha_died_WdW$
Feiebe]_W
7Zkbjei
:ei[Z_|h_Wc|n_cWÅ(&c]%Z_W$
?d_Y_W#i[ejhWjWc[djeYec+c]%Z_W'%(Yecfh_c_ZeZkhWdj['i[cWdW$DW(Wi[cWdW"'&c]%Z_W'%(
Yecfh_c_Ze"(l[p[iWeZ_W["dW)Wi[cWdW"h[Yec[dZW#i[WZei[Z['+c]%Z_W"i[dZe'Yecfh_c_Zef[bW
cWd^['%(Yecfh_c_Ze}jWhZ[$7fWhj_hZW*Wi[cWdW"WZei[Z[cWdkj[deh[Yec[dZWZWZ[(&c]%Z_W
'Yecfh_c_Ze(l[p[iWeZ_W$
Fh[YWk[i
xh[Yec[dZWZWYWkj[bW[cfWY_[dj[igk[ie\hWcZ[[f_b[fi_W$7kj_b_pWeYedYec_jWdj[YecWcWdjWZ_dW"
Y[jWc_dWekZ[njhec[jeh\WdeZ[l[h|i[h[l_jWZW$;ii[iYecfeijeiWjkWcdec[icei_ij[cWh[Y[fjehgk[W
c[cWdj_dW["feh[iiWhWpe"Wih[W[iWZl[hiWiWec[Z_YWc[djeh[bWY_edWZWiWei_ij[cWd[hleieY[djhWb
i[hecW_i\h[g[dj[iekcW_iWY[djkWZWi$7ef[hWeZ[c|gk_dWi[l[YkbeiZ[l[h|i[hYh_j[h_eiWc[dj[
WlWb_WZW"b[lWdZe[cYedi_Z[hWeWfeii_X_b_ZWZ[Z[gk[ekieZWc[Z_YWeYedjh_XkWfWhWh[Zkp_hW
^WX_b_ZWZ[d[Y[ii|h_W}[n[YkeZ[jW_ijWh[\Wi$
r(*)
C[f[h_Z_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:ebWdj_dWWcfebW'&&c]%(cB
Kiei
JhWjWc[djeZWZehceZ[hWZWWi[l[hW1Yecfb[c[djedWWd[ij[i_W[i[ZWedefh#ef[hWjh_e$
Feiebe]_W
9h_WdWi
?L%?C%I9Å'#'"+c]%a]%Zei[WYWZW)#*^ehWii[d[Y[ii|h_e1Zei[d_YWZ['#(c]feZ[i[hkiWZWdefh#
ef[hWjh_e$:ei[c|n_cWÅ'&&c]$
7Zkbjei
?L%?C%I9Å+&#'+&c]%Zei[WYWZW)#*^ehWii[d[Y[ii|h_e$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh-+ZWZei[dehcWb$
9bYh2'&cBÅWZc_d_ijhWh+&ZWZei[dehcWb$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ[iehZ[di^[f|j_YWi"fkbcedWh[i[h[dW_i$9ecWbjWiZei[iZ[c[f[h_Z_dW"
eYehh[eWYckbeZ[dehc[f[h_Z_dWc[jWXb_jeWj_le"YWkiWdZeYedlkbi[i[jh[ceh[i$
C
C[f_lWYWdW!7Zh[dWb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C[f_lWYWdW(YecWZh[dWb_dWjkX[j['".cB
Kiei
7d[ij[i_WbeYWb[Xbegk[_ed[hleie"dekiWh[cWd[ij[i_W[if_d^Wb$
Feiebe]_W
9h_WdWi[7Zkbjei
7d[ij[i_WbeYWbÅlWh_WYecefheY[Z_c[dje"]hWkZ[Wd[ij[i_Wd[Y[ii|h_W"lWiYkbWh_pWeZej[Y_Ze"ZkhWeZW
Wd[ij[i_W[YedZ_e\i_YWZefWY_[dj[$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWiYWhZWYei"h[dW_i[^_f[hj_he_Z_ice$
C[hef[d[c
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C[hed[c\hWiYe#WcfebW+&&c]
C[hed[c%C[hef[d[cÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW']
(**r
Kiei
x_dZ_YWZedejhWjWc[djeZWii[]k_dj[i_d\[Y[iYWkiWZWifehkcWekcbj_fbWiXWYjh_Wii[dil[_i[Yece
jhWjWc[dje[cfh_YeWdj[h_eh}_Z[dj_ÓYWeZec_Yheeh]Wd_iceYWkiWZeh0_d\[Y[iZejhWjeh[if_hWjh_e
_d\[h_eh1_d\[Y[iZejhWjekh_d|h_e"_dYbk_dZe_d\[Y[iYecfb_YWZWi1_d\[Y[i_djhW#WXZec_dW_i1_d\[Y[i
]_d[Yeb]_YWi"_dYbk_dZe_d\[Y[ifk[hf[hW_i1_d\[Y[iZWf[b[[Wd[nei1c[d_d]_j[1i[fj_Y[c_W1jhWjWc[dje
[cfh_Ye"_dYbk_dZecedej[hWf_W_d_Y_WbfWhW_d\[Y[ifh[ikc_ZWc[dj[XWYj[h_WdWi"[cfWY_[dj[i
d[kjhef
d_Yei1_d\[Y[ifeb_c_YheX_WdWiZ[l_ZeWei[kWcfbe[if[YjheZ[Wj_l_ZWZ[XWYj[h_Y_ZWYedjhW
XWYjh_Wi]hWc#fei_j_lWi[]hWc#d[]Wj_lWi"W[hX_Wi[WdW[hX_Wi1ÓXhei[Yij_YW$
Feiebe]_W
?L
D[edWjei
&#-Z_WiÅ(&c]%a]%Zei[WYWZW'(^ehWi$
4-Z_Wi
'"(#(a]Å(&c]%a]%Zei[WYWZW'(^ehWi$
4(a]Å(&c]%a]%Zei[WYWZW.^ehWi$
9h_WdWi¨)c[i[iÅ,&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
C[d_d]_j[Å'(&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$:ei[c|n_cWÅ,]%Z_W$
7Zkbjei
?d\[Y[ib[l[iWceZ[hWZWiÅ'"+#)]%Z_WZ_l_Z_ZeiWYWZW.^ehWi$
C[d_d]_j[Å,]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh(,#+&cB%c_dÅWZc_d_ijhWhWZei[#fWZheWYWZW'(^ehWi$
9bYh'&#(+cB%c_dÅWZc_d_ijhWh'%(Zei[WYWZW'(^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWh'%(Zei[WYWZW(*^ehWi$
FWY_[dj[i[c^[ceZ_|b_i[Åc[hef[d[c[b_c_dWZeZWY_hYkbWefeh^[ceZ_|b_i["i[dZeWii_c"kcWZei[
WZ_Y_edWbZ[l[i[hWZc_d_ijhWZWWfiefheY[Z_c[dje"WÓcZ[h[_dij_jk_hjhWjWc[dje[\[j_le$
C
Fh[YWk[i
7i[]khWdW[[ÓY|Y_W[cYh_WdWic[deh[iZ[)c[i[ide\ehWc[ijWX[b[Y_ZWi$KiWhYecYWkj[bW[c
fWY_[dj[iYec^_ijh_YeZ[Yedlkbi[i"Ze[dWZei_ij[cWd[hleieY[djhWbek_d\[YeZei_ij[cW
d[hleieY[djhWb$
C[iWbWp_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F[djWiWYecfh_c_ZeZ[b_X[hWeb[djW+&&c]
Kiei
9eceWdj__dÔWcWjh_edWh[ZkeZWih[W[i_dÔWcWjh_Wigk[WYec[j[cWickYeiWi]Wijh_dj[ij_dW_idW
Yeb_j[kbY[hWj_lW_Z_ef|j_YW[Ze[dWZ[9he^d1fh[l[de[h[ZkeZWih[Y_Z_lWiZ[iiWi[d\[hc_ZWZ[i$
Feiebe]_W
LE
9eb_j[kbY[hWj_lW
9h_WdWi4(Wdei
JhWjWc[djeW]kZe[Z[cWdkj[deÅZei[_dZ_l_ZkWbÅ(&#)&c]%a]%Z_W[cZei[iZ_l_Z_ZWi$
r(*+
7Zkbjei
JhWjWc[djeW]kZeÅZei[_dZ_l_ZkWbÅWj*]Z_l_Z_ZeiWebed]eZeZ_W$
CWdkj[deÅZei[_d_Y_WbÅ'"+]%Z_W[cZei[iZ_l_Z_ZWi$
:e[dWZ[9he^d
9h_WdWi4(Wdei
JhWjWc[djeW]kZe[Z[cWdkj[deÅZei[_dZ_l_ZkWbÅ(&#)&c]%a]%Z_W[cZei[iZ_l_Z_ZWi$
7Zkbjei
JhWjWc[djeW]kZe[Z[cWdkj[deÅZei[_dZ_l_ZkWbÅWj*]%Z_W[cZei[iZ_l_Z_ZWi$
Fh[YWk[i
C[iWbWp_dWYedjhW#_dZ_YWZW[cYWieiZ[^_f[hi[di_X_b_ZWZ[Yed^[Y_ZWWeiiWb_Y_bWjei[[cZe[dWi^[f|j_YWi
ekh[dW_ii[l[hWi$7lWb_Whf[h_eZ_YWc[dj[eidl[_iih_YeiZ[Yh[Wj_d_d[c_W$:[iYedj_dkWhejhWjWc[dje[c
YWieZ[^_f[hi[di_X_b_ZWZ[YWhZWYW[Z_iYhWi_WiiWd]kd[Wiih_Wi$
C[jWZedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Coj[ZecYecfh_c_Ze'&c]
Coj[ZecWcfebW'&c]%'cB
Kiei
7bl_eZWZehW]kZW1jhWjWc[djeZ[Z[i_djen_YWedWidZhec[Z[WXij_d
dY_Wfehef__Z[i$
C
Feiebe]_W
IdZhec[Z[WXij_d
dY_W[ch[Yc#dWiY_ZeiÅZei[_d_Y_WbÅ&"&+#&"(c]%a]%Zei[LEek?LZWZWWYWZW'(#(*
^ehWiek&"+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
9h_WdWi
7dWb][i_W
?LÅZei[_d_Y_WbÅ&"'c]%a]%Zei[WYWZW*^ehWifeh(#)Zei[i"[djeWYWZW,#'(^ehWii[d[Y[ii|h_e$:ei[
c|n_cWÅ'&c]%Zei[$
LE%?C%I9ÅZei[_d_Y_WbÅ&"'c]%a]%Zei[WYWZW*^ehWifeh(#)Zei[i"[djeWYWZW,#'(^ehWii[d[Y[ii|h_e
ek&"-c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*#,^ehWii[d[Y[ii|h_e$:ei[c|n_cWÅ'&c]%Zei[$
7Zkbjei
7dWb][i_W
LE%?C%?L%I9Å("+#'&c]WYWZW)#.^ehWii[d[Y[ii|h_e"Wkc[djWhfWhW+#(&c]WYWZW,#.^ehWi$
:[i_djen_YWeÅ'+#*&c]%Z_WLE$
CWdkj[dedWZ[f[dZ
dY_WZ[ef_|Y[eiÅ(&#'(&c]%Z_WLE$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh2'&cBÅWZc_d_ijhWh+&#-+ZWZei[dehcWb$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecfheXb[cWih[if_hWjh_ei$
(*,r
C[jWhWc_deb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7hWc_dWcfebW'&c]%'cB
Kiei
Fh[l[de[jhWjWc[djeZei[ijWZei^_fej[di_leigk[eYehhWcWiieY_WZei}hWgk_Wd[ij[i_W1jhWjWc[djeZW
^_fej[dieZ[l_ZW}^[cehhW]_W"h[W[ic[Z_YWc[djeiWi"Yecfb_YW[iY_hh]_YWi[Y^egk[WiieY_WZeYec
ZWdeY[h[XhWbZ[l_ZeWjhWkcW[jkceh$
Feiebe]_W
Fh[l[deZ[^_fej[die
?C%I9
9h_WdWiÅ&"'c]%a]ek)c]%c(1h[f[j_h"i[d[Y[ii|h_e"[cf[bec[dei'&c_dkjei$
7ZkbjeiÅ(#'&c]1h[f[j_h"i[d[Y[ii|h_e"[cf[bec[dei'&c_dkjei$
7Z`klWdj[dejhWjWc[djeZeY^egk[
?L
9h_WdWiÅ&"&'c]%a]ek&")c]%c(1feZ[#i[i[]k_hYeckcW_d\kieZ[&"*c]%a]ek'(c]%c($
7ZkbjeiÅ&"+#+c]1feZ[#i[i[]k_hYeckcW_d\kieZ['+#'&&c]$
Fh[YWk[i
EkieZ[Wc_dWii_cfWjec_cj_YWiYec_d_X_Zeh[iZWC7EekWdj_Z[fh[ii_leijh_YYb_YeifeZ[h[ikbjWhdkcW
fej[dY_Wb_pWeZe[\[_jefh[iieh$
C
C[j\ehc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
=bkYe\ehc_dYecfh_c_Ze+&&c]
=bkYe\ehc_dYecfh_c_Ze.+&c]
Kiei
9edjheb[Z[Z_WX[j[ij_fe??Yececedej[hWf_WgkWdZeW^_f[h]b_Y[c_WdefeZ[i[hYedjhebWZWiec[dj[feh
Z_[jW1feZ[i[hkiWZWYedYec_jWdj[c[dj[Yecikb\ed_bkh_WgkWdZeWikb\ed_bkh_WekWZ_[jW[Wc[j\ehc_dW
iep_d^Wideh[ikbjWcdkcYedjheb[WZ[gkWZeZW]b_Y[c_W$
Feiebe]_W
9edjheb[ZeZ_WX[j[ij_fe??
LE
9h_WdWiZ['&#',Wdei
9ecfh_c_ZeiZ[+&&c]Å+&&c](l[p[iWeZ_W_d_Y_Wbc[dj[`kdje}ih[\[_[iZWcWd^[de_j[1Wkc[djWh
WZei[Z_|h_WZ[+&&c]%Z_W[c_dj[hlWbeii[cWdW_iZei[iZ_|h_WiWZc_d_ijhWZWi\hWY_edWZWc[dj[$
:ei[c|n_cWÅ($&&&c]%Z_W$
7Zkbjei¨'-Wdei
9ecfh_c_ZeiZ[+&&c]Å+&&c](l[p[iWeZ_W_d_Y_Wbc[dj[`kdje}ih[\[_[iZWcWd^[de_j[1Wkc[djWh
WZei[Z_|h_WZ[+&&c]%Z_W[c_dj[hlWbeii[cWdW_iZei[iZ_|h_WiWZc_d_ijhWZWi\hWY_edWZWc[dj[$
:ei[c|n_cWÅ($+&&c]%Z_W$:ei[iZ[Wj($&&&c]%Z_WfeZ[ci[hWZc_d_ijhWZWi(l[p[iWeZ_W$9WiekcW
Zei[Z[($+&&c]%Z_Wi[`Wh[gk[h_ZW"feZ[i[hcW_iX[cjeb[hWZW)l[p[iWeZ_WYecWih[\[_[i$
9ecfh_c_ZeiZ[.+&c]Å.+&c]'l[pWeZ_W_d_Y_Wbc[dj[YecWh[\[_ecWj_dWb1Wkc[djeiZ[Zei[Z[l[c
r(*-
i[h\[_jei[c_dYh[c[djeiZ[.+&c]%Z_W[c_dj[hlWbeiZ[YWZWfhn_cWi[cWdWZei[iZ_|h_WiWZc_d_ijhWZWi
\hWY_edWZWc[dj[$:ei[c|n_cWÅ($++&c]%Z_W1Zei[Z[cWdkj[deÅ.+&c](l[p[iWeZ_W`kdje}i
h[\[_[iZWcWd^[de_j[1Wb]kdifWY_[dj[ifeZ[ch[gk[h[h.+&c])l[p[iWeZ_W"YecWih[\[_[i$
Fh[YWk[i
7Y_Zei[b|j_YWhWhW"fehckcWYedi[g
dY_Wfej[dY_Wbc[dj[i[l[hWZWj[hWf_WYecc[j\ehc_dW$Ikif[dZ[h
Wj[hWf_W[cYWieZ[^_fen[c_W"Z[i_ZhWjWeeki[fi[$7dj[iZ[_d_Y_WhejhWjWc[djeYecc[j\ehc_dW"W
Yh[Wj_d_dWih_YWZ[l[i[hc[Z_ZWdl[bih_Ye2'"+c]%ZB[c^ec[diWZkbjei[2'"*c]%ZB[cckb^[h[i
WZkbjWi["Wi[]k_h"ced_jehWZWh[]kbWhc[dj[$FWY_[dj[iYec\kdeh[dWbWXW_neZeb_c_j[dehcWbfWhWW
_ZWZ[deZ[l[c\Wp[hkieZ[c[j\ehc_dW$
C[j_bY[bkbei[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C[j_bY[bkbei[iebkeeYkbWh(i[h_d]W'"+cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
9eceiebkel_iYe#[b|ij_YWfWhWfhej[eZe[dZejb_eYehd[Wde[cY_hkh]_Wie\j|bc_YWi$
Feiebe]_W
?djhW#eYkbWhÅ&"(#&",cBZWiebkeW($
C
C[j_bZefW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7bZec[jYecfh_c_Ze(+&c]
Kiei
JhWjWc[djeZW^_f[hj[dieceZ[hWZWWi[l[hW$
Feiebe]_W
LE
9h_WdWiÅZei[_d_Y_WbÅ'&c]%a]%Z_WZ_l_Z_Zei[c(#*Zei[i1Wkc[djWhWZei[WYWZW(Z_WiYed\ehc[
d[Y[ii_ZWZ[$:ei[c|n_cWÅ,+c]%a]%Z_W"deZ[l[dZe[nY[Z[h)]%Z_W$
7ZkbjeiÅZei[_d_Y_WbÅ(+&c](#)l[p[iWeZ_W1Wkc[djWhWZei[WYWZW(Z_WiYed\ehc[d[Y[ii_ZWZ[1Zei[
kikWbÅ+&&c]#(]%Z_WZ_l_Z_Zei[c(#*Zei[i$:ei[c|n_cWÅ)]%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9h_WdWi[7Zkbjei
9bYh4+&cB%c_dÅWZc_d_ijhWhWZei[dehcWbWYWZW.^ehWi$
9bYh'&#+&cB%c_dÅWZc_d_ijhWhWZei[dehcWbWYWZW.#'(^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWZei[dehcWbWYWZW'(#(*^ehWi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb$C[jWXb_jeiWj_leifeZ[cWYkckbWh[ckh[c_W$
(*.r
C[j_b[h]ec[jh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C[j^[h]_dZh|][W&"'(+c]
C[j^[h]_dWcfebW&"(c]%'cB
Kiei
9edjheb[Wj_leZej[hY[_he[ij|]_eZejhWXWb^eZ[fWhjeYecÓdWb_ZWZ[Z[fhecel[hWi[fWhWeZWfbWY[djW
[h[Zkp_hWf[hZWZ[iWd]k[1jhWjWc[djeZWWjed_W[ZW^[cehhW]_Wkj[h_dWgk[eYehh[cZkhWdj[[Wfie
j[hY[_he[ij|]_eZejhWXWb^eZ[fWhje"WiieY_WZWiYecef[hWeY[iWh_WdW[defi#WXehje1jhWjWc[djeZW
ikX_dlebkeZej[he"ZWbegk_ec[jh_W[ZW^[cehhW]_Wfk[hf[hWb$
Feiebe]_W
9edjheb[Wj_leZej[hY[_he[ij|]_eZejhWXWb^eZ[fWhjeÅWZc_d_ijhWh&"'#&"(c]?Lb[djW"WfiWiWZWZe
ecXheWdj[h_ehek"ecW_ijWhZWh"_c[Z_WjWc[dj[WfiedWiY_c[djeZWYh_WdW$7[nfkbieZWfbWY[djW"gk[
dehcWbc[dj[i[fWhWZWf[bWfh_c[_hW\ehj[YedjhWeWfiWWZc_d_ijhWeZWc[j_b[h]ec[jh_dW"Z[l[h|i[h
Wkn_b_WZWcWdkWbc[dj[c[Z_Wdj[cWdeXhWiYecfh[ii_lWiieXh[e\kdZeZej[he$
FWhjeieXWd[ij[i_W][hWbÅ&"(c]$
JhWjWc[djeZWWjed_W[^[cehhW]_Wkj[h_dWÅ&"(c]?Cek&"'#&"(c]?Lb[djW$FeZ[#i[h[f[j_hWYWZW(#*
^ehWi["gkWdZed[Y[ii|h_e"WY_cWZ[+Zei[iZ[djheZ[(*^ehWi$
JhWjWc[djeZWikX_dlebke"begk_ec[jh_W[^[cehhW]_Wfk[hf[hWbÅ&"'(+#&"(+c]LEek&"'#&"(c]?Cek
I9"Wj)l[p[iWeZ_W$
Fh[YWk[i
GkWdZeWWfh[i[djWefbl_YWek[cekjheiYWieiZ[Wfh[i[djWeWdehcW_i"c[j_b[h]ec[jh_dWdeZ[l[i[h
WZc_d_ijhWZWWdj[igk[edWiY_c[djeZWYh_WdW[ij[`WÓdWb_pWZe["[c]hWl_Z[pcbj_fbW"iec[dj[WfidWiY[h
Wbj_cWYh_WdW$7i_d`[[i_djhWl[deiWiZ[l[ci[hWZc_d_ijhWZWib[djWc[dj[fehkcf[heZecd_ceZ[,&
i[]kdZei"Yecced_jehWc[djeYWkj[beieZWfh[iieiWd]kd[W$xYedjhW#_dZ_YWZe[cYWieiZ[^_f[hj[die]hWl[$
C
C[j_bfh[Zd_iebedW7Y[jWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:[fe#C[Zheb\hWiYe#WcfebW.&c]%(cB
Kiei
FWhWWZc_d_ijhWe_djhWckiYkbWh
:_ijhX_ei[dZYh_deiÅ_dikÓY_
dY_WWZh[deYehj_YWbfh_c|h_Weki[YkdZ|h_W1_dikÓY_
dY_WWZh[deYehj_YWb
W]kZW1^_f[hfbWi_WWZh[dWbYed]
d_jW1j_h[e_Z_j[de#ikfkhWj_lW1^_f[hYWbY[c_WWiieY_WZWWeY~dY[h$
:_ijhX_eih[kc|j_YeiÅYecej[hWf_WWZ`klWdj[fWhWWZc_d_ijhWeWYkhjefhWpe[ceij[eWhjh_j[fi#
jhWkc|j_YW1i_del_j[Z[eij[eWhjh_j[1Whjh_j[h[kcWj_Z["_dYbk_dZeWhjh_j[h[kcWj_Z[`kl[d_b1Xkhi_j[W]kZWek
ikXW]kZW1[f_YedZ_b_j[1j[deii_del_j[W]kZWde#[if[YÓYW1Whjh_j[]ejeiWW]kZW1[ifedZ_b_j[Wdgk_beiWdj[1
Whjh_j[fieh_|j_YW$
:e[dWiZeYeb|][deÅZkhWdj[kcW[nWY[hXWeekYecej[hWf_WZ[cWdkj[de[cYWieii[b[Y_edWZeiZ[
bfki[h_j[cWjeiei_ij
c_Ye1YWhZ_j[h[kc|j_YWW]kZW1Z[hcWjec_ei_j[i_ij
c_YWfeb_c_ei_j[$
:e[dWiZ[hcWjeb]_YWiÅf
dÓ]e1[h_j[cWckbj_\ehc[]hWl[idZhec[Z[Ij[l[di#@e^died1c_Yei[
\kd]_Z[1Z[hcWj_j[[i\eb_Wj_lW1Z[hcWj_j[^[hf[j_\ehc[Xeb^eiW1Z[hcWj_j[i[Xehh_YW]hWl[1fiehWi[]hWl[$
;ijWZeiWbh]_Yeide#h[ifedi_leiWejhWjWc[djeYedl[dY_edWbÅWicWXhdgk_YW1Z[hcWj_j[Wjf_YW1h_d_j[
r(*/
Wbh]_YWiWpedWbekf[h[d[1h[W[iZ[jhWdi\ki[ij_fekhj_Y|h_W1Z[hcWj_j[Z[YedjWje1Ze[dWZeiehe1h[W[i
Z[^_f[hi[di_X_b_ZWZ[}Zhe]W1[Z[cWW]kZede#_d\[YY_eieZ[bWh_d][$
:e[dWie\j|bc_YWiÅ^[hf[i#pij[he\j|bc_Ye1_h_j[1_h_ZeY_Yb_j[1Yeh_ehh[j_d_j[1kl[j[feij[h_ehZ_\kiW1d[\h_j[
fj_YW1_dÔWcWeZei[]c[djeWdj[h_eh1Yed`kdj_l_j[Wbh]_YW1bY[hWicWh]_dW_iZWYhd[W"Wbh]_YWi1gk[hWj_j[$
:e[dWi]Wijh_dj[ij_dW_iÅYeb_j[kbY[hWj_lW1[dj[h_j[h[]_edWbj[hWf_Wi_ij
c_YW$
:e[dWih[if_hWjh_WiÅjkX[hYkbei[fkbcedWh\kbc_dWdj[ekZ_ii[c_dWZW"gkWdZekiWZW
YedYec_jWdj[c[dj[Yecgk_c_ej[hWf_WWdj_jkX[hYkbei[Wfhefh_WZW1fd[kced_j[fehWif_hWe1iWhYe_Zei[
i_djec|j_YW1X[h_b_ei[1idZhec[Z[Be[\Ô[hgk[defZ[i[hYedjhebWZWfehekjheic[_ei$
:_ijhX_ei^[cWjeb]_YeiÅWd[c_W^[cebj_YWWZgk_h_ZWWkje#_ckd[1jhecXeY_jef[d_Wi[YkdZ|h_W[c
WZkbjei1[h_jheXbWijef[d_W1Wd[c_WYed]
d_jW^_fefb|i_YW[h_jh_Z[$
:e[dWid[efb|i_YWiÅfWhWYedjheb[fWb_Wj_leZ[b[kY[c_Wi[b_d\ecWi1b[kY[c_WW]kZWZW_d\~dY_W$
;ijWZei[Z[cWjeieiÅfWhW_dZkp_hZ_kh[i[ekh[c_iieZ[fhej[_dh_WdWidZhec[d[\hj_YW"i[ckh[c_W"Ze
j_fe_Z_ef|j_YeekWgk[bWZ[l_ZeWebfki[h_j[cWjeie$
I_ij[cWd[hleieÅ[nWY[hXWeW]kZWZ[[iYb[hei[cbj_fbW$
C_iY[b~d[WÅc[d_d]_j[jkX[hYkbeiWYecXbegk[_eikXWhWgk_d_Z[ekXbegk[_e_c_d[dj[gkWdZekiWZe
Yed`kdjWc[dj[Yecgk_c_ej[hWf_WWdj_jkX[hYkbei[Wfhefh_WZW1jh_gk_dei[Yec[dlebl_c[djed[kheb]_Ye
ekc_eY|hZ_Ye$
FWhWWZc_d_ijhWe_djhW#i_del_Wbekdej[Y_Zeceb[Åi_del_j[Z[eij[eWhjh_j[1Whjh_j[h[kcWj_Z[1Xkhi_j[
W]kZW[ikXW]kZW1Whjh_j[]ejeiWW]kZW1[f_YedZ_b_j[1j[deii_del_j[W]kZWde#[if[YÓYW1eij[eWhjh_j[
fi#jhWkc|j_YW$
FWhWWZc_d_ijhWe_djhWb[i_edWbÅgk[b_Z[i1b[i[i^_f[hjhÓYWi"_dÓbjhWZWi"_dÔWcWjh_WiZ[0bgk[dfbWde"
fbWYWifieh_|j_YWi"]hWdkbecWWdkbWh"b_Y^[di_cfb[nY^hed_Ykid[kheZ[hcWj_j[1bfki[h_j[cWjeieZ_iY_Z[1
d[YheX_ei_ib_fe_Z_YWZ_WX[j_Yehkc"Wbef[Y_WWh[WjW$
FWhWWZc_d_ijhWe_djhW#j[YWbÅYWieiZ[Yeb_j[kbY[hWj_lW$
Feiebe]_W
7Zc_d_ijhWefWhW[\[_jebeYWbÅWhjh_j[h[kcWj_Z[[eij[eWhjh_j[$
C
C[j_bfh[Zd_iebedWIkYY_dWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Iebk#C[Zheb\hWiYe#WcfebW*&c]
Iebk#C[Zheb\hWiYe#WcfebW'(+c]
Iebk#C[Zheb\hWiYe#WcfebW+&&c]
Kiei
:_ijhX_ei[dZYh_dei1Z_ijhX_eih[kc|j_Yei1Ze[dWiZeYeb|][deZe[dWiZeYecfb[ne_ckdeb]_Ye1
Ze[dWiZ[hcWjeb]_YWi1[ijWZeiWbh]_Yei1Ze[dWie\j|bc_YWi1Ze[dWi]Wijh_dj[ij_dW_i1Ze[dWi
h[if_hWjh_Wi1Z_ijhX_ei^[cWjeb]_Yei1Ze[dWid[efb|i_YWi1[ijWZei[Z[cWjeiei"i_ij[cWd[hleie"YedZ_[i
YWhZ_elWiYkbWh[i"c_iY[b~d[W$
Feiebe]_W
9h_WdWi[7Zkbjei
9ecej[hWf_WWkn_b_Wh"deiYWieiYech_iYeZ[l_ZWÅWZei[h[Yec[dZWZWZ[)&c]%a]?Lfehkcf[heZeZ["
f[bec[dei")&c_dkjei$;iiWZei[feZ[i[hh[f[j_ZWWYWZW*#,^ehWifeh*.^ehWi$
7\[Y[ih[kc|j_YWiÅ']%Z_W?L"ZkhWdj['#*Z_Wi"ek']fehc
i?LZkhWdj[,c[i[i$
Bfki[h_j[cWjeiei_ij
c_YeÅ']%Z_W?L"ZkhWdj[)#+Z_Wi$
;ijWZei[Z[cWjeieiÅ)&c]%a]?L[cZ_WiWbj[hdWZei"feh*Z_Wi"ek']%Z_WZkhWdj[)"+ek-Z_Wi$
(+&r
;iYb[hei[cbj_fbWÅ']%Z_W?LZkhWdj[)Z_Wiek']%Z_WZkhWdj[+Z_Wi$
Fh[l[deZ[d|ki[W[lc_jeWiieY_WZeiWgk_c_ej[hWf_WÅ(+&c]?L[c"decd_ce"+c_dkjei"'^ehW
Wdj[i"de_dY_e[deÓdWbZWgk_c_ej[hWf_W$;cYWieii[l[hei"feZ[i[hWiieY_WZe}c[jeYbefhWc_ZW"[c
Zei[iWZ[gkWZWi$
EkjhWi_dZ_YW[iÅWZei[_d_Y_WbfeZ[lWh_Wh[djh['&#+&&c]"Z[f[dZ[dZeZeYWie$:ei[icW_eh[ifeZ[ci[h
d[Y[ii|h_WifWhWYedjheb[WYkhjefhWpeZ[YedZ_[i]hWl[i[W]kZWi$7Zei[_d_Y_Wb"Z[Wj(+&c]"Z[l[i[h
WZc_d_ijhWZWfehl_W?Lfehkcf[heZecd_ceZ[+c_dkjei1i[WZei[\ehcW_ehZegk[(+&c]"ef[heZe
cd_cefWhWWZc_d_ijhWeZ[l[i[hZ[)&c_dkjei$7iZei[iikXi[g[dj[ifeZ[ci[hWZc_d_ijhWZWifehl_W
?Lek?C[c_dj[hlWbeiZ[j[hc_dWZeif[be[ijWZeYbd_Ye[f[bWh[ifeijWZefWY_[dj[$
C[jeYbefhWc_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FbWi_bYecfh_c_Ze'&c]
FbWi_bWcfebW'&c]%(cB
FbWi_biebkeehWb'c]%cB\hWiYe'&&cB
FbWi_bf[Z_|jh_Ye]ejWi*c]%cB\hWiYe'&cB'cB3(']ejWi
;kY_bf[Z_|jh_Ye]ejWi*c]%cB\hWiYe'&cB'cB3(&]ejWi
;kY_bWZkbje]ejWi'&c]%cB\hWiYe'&cB'cB3(&]ejWi
;kY_bikfei_jh_e_d\Wdj_b+c]
Kiei
H[Ôkne]Wjhe[ie\|]_Ye1fh[l[deZ[d|ki[W[lc_jeWiieY_WZeWgk_c_ej[hWf_W1defi#ef[hWjh_e1fWhW
\WY_b_jWhW[djkXWeZe_dj[ij_deZ[b]WZe1jhWjWc[djeZ[Z_ijhX_ei]|ijh_YeiYWkiWZeif[beZ_WX[j[i$
C
Feiebe]_W
;djkXWeZe_dj[ij_deZ[b]WZefWhW\WY_b_jWhe[nWc[hWZ_e]h|ÓYeZejhWje]Wijh_dj[ij_dWbikf[h_eh
?L
9h_WdWi
2,WdeiÅ&"'c]%a]$
,#'*WdeiÅ("+#+c]$
9h_WdWi4'*Wdei[7ZkbjeiÅ'&c]$
H[Ôkne]Wijhe[ie\|]_Ye
LE%?L%?C
D[edWjei[9h_WdWiZ['c
i#'(WdeiÅ&"*#&".c]%a]%Z_W[c*Zei[iZ_l_Z_ZWi$
7ZkbjeiÅ'&#'+c]*l[p[iWeZ_W$
?ZeieiÅ+c]*l[p[iWeZ_W")&c_dkjeiWdj[iZWih[\[_[i[dW^ehWZ[Zehc_h1Wkc[djWhWZei[fWhW'&c]
*l[p[iWeZ_WYWiedeeXj[d^Wh[ifeijWZ[i[`WZW$
D|ki[W[lc_jedefi#ef[hWjh_e
?L
9h_WdWiÅ&"'#&"(c]%a]%Zei[h[f[j_hWYWZW,#.^ehWii[d[Y[ii|h_e$
9h_WdWi4'*Wdei[7ZkbjeiÅ'&c]"h[f[j_hWYWZW,#.^ehWii[d[Y[ii|h_e$
?C
7ZkbjeiÅ+c]Wdj[i[Z[fe_iZWY_hkh]_W"feZ[dZeh[f[j_hWZei[i[d[Y[ii|h_e$
?ZeieiÅ+c]Wdj[i[Z[fe_iZWY_hkh]_W"feZ[dZeh[f[j_hWZei[i[d[Y[ii|h_e$
7dj_[cj_Yegk_c_ej[hWf_W
LE%?L
9h_WdWi[7ZkbjeiÅ'#(c]%a]%Zei[WYWZW(#*^ehWi1efh#jhWjWc[djeYecZ_\[d_ZhWc_dWZ_c_dk_eh_iYeZ[
r(+'
h[We[njhWf_hWc_ZWb$
:_ijhX_ei]Wijh_dj[ij_dW_iYWkiWZeif[beZ_WX[j[i
7ZkbjeiÅ'&c]LE%?LWdj[iZWih[\[_[i[dW^ehWZ[Zehc_hZkhWdj[(#.i[cWdWi$
>_fecej_b_ZWZ[]Wijh_dj[ij_dWb
LE
7ZkbjeiÅ'&c]")&c_dkjeiWdj[iZWih[\[_[i[dW^ehWZ[Zehc_hZkhWdj[(#.i[cWdWi$
?ZeieiÅZei[_d_Y_WbÅ+c]")&c_dkjeiWdj[iZWih[\[_[i[dW^ehWZ[Zehc_hZkhWdj[(#.i[cWdWi"
Wkc[djWhWZei[fWhW'&c]i[d[Y[ii|h_e$
?L
7ZkbjeiÅ'&c]WYWZW'#(c_dkjei1fWhWgk[i[eXj[d^WkcWXeWh[ifeijW"feZ[ci[hd[Y[ii|h_ei'&Z_Wi
Z[j[hWf_W$
?ZeieiÅZei[_d_Y_WbÅ+c]WYWZW'#(c_dkjei1Wkc[djWhfWhW'&c]i[d[Y[ii|h_e$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9h_WdWi[7Zkbjei
9bYh*&#+&cB%c_dÅWZc_d_ijhWh-+ZWZei[h[Yec[dZWZW$
9bYh'&#*&cB%c_dÅWZc_d_ijhWh+&ZWZei[h[Yec[dZWZW$
9bYh2'&cB%c_dÅWZc_d_ijhWh(+#+&ZWZei[h[Yec[dZWZW$
Fh[YWk[i
FWY_[dj[iYec_dikÓY_
dY_Wh[dWb"^_f[hj[dieekZ[fh[iie"fWY_[dj[iYec_dikÓY_
dY_WYWhZWYWYed][ij_lW
[Y_hhei[^[f|j_YWfeZ[cWfh[i[djWhh[j[deZ[Ôk_Zei[ieXh[YWh]WZ[lebkc[1kiWhYecYWkj[bWd[ii[i
fWY_[dj[i[Z[iYedj_dkWhWj[hWf_Wi[eii_djecWiZ[h[j[deZ[lebkc[YehfehWbf[hi_ij_h[c$
C
C[jefhebebIkYY_dWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I[bepeaYecfh_c_ZeZ[b_X[hWeYedjhebWZW(+c]
Kiei
FWhWh[ZkeZWfh[iieWhj[h_Wb"cehX_ZWZ[[h_iYeZ[cehjWb_ZWZ[Z[eh_][cYWhZ_elWiYkbWh[Yehed|h_W"
_dYbk_dZecehj[iX_jW1Wbj[hW[iZeh_jceYWhZWYe_dYbk_dZe[if[Y_Wbc[dj[jWgk_YWhZ_WikfhWl[djh_YkbWh1
Wd]_dWf[Yjeh_i1jhWjWc[djeZ[cWdkj[deWfi_d\WhjeZec_eY|hZ_e1Wbj[hW[iYWhZWYWi\kdY_edW_i
YecfWbf_jW[i1fheÓbWn_WZW[dnWgk[YW[YecekcWZ`klWdj[dWj[hWf_WZW_dikÓY_
dY_WYWhZWYWYhd_YW
i_djec|j_YW"b[l[W]hWl[$
Feiebe]_W
>_f[hj[dieb[l[WceZ[hWZWÅ+&c]'l[pWeZ_W$;cfWY_[dj[igk[deh[ifedZ[cWZei[Z[+&c]%Z_W"
[ijWfeZ[i[hWkc[djWZWfWhW'&&#(&&c]'l[pWeZ_W"ekYecX_dWZWYecekjheiW][dj[iWdj_#^_f[hj[di_lei$
7d]_dWf[Yjeh_iÅ'&&#(&&c]'l[pWeZ_W$I[d[Y[ii|h_efeZ[i[hYecX_dWZWYecekjhei
W][dj[iWdj_Wd]_deiei$
?dikÓY_
dY_WYWhZWYWYhd_YWÅ(+c]'l[pWeZ_WZkhWdj[Wi(fh_c[_hWii[cWdWi$H[Yec[dZW#i[gk[ei
fWY_[dj[iYecYbWii[i\kdY_edW_i???#?LZ[DO>7Yec[Y[cYec'%(Yecfh_c_ZeZ[(+c]'l[pWeZ_WdW
fh_c[_hWi[cWdW$7Zei[feZ[i[hZeXhWZWWYWZW(i[cWdWi"WjkcWZei[c|n_cWZ[(&&c]'l[pWeZ_W$
7hh_jc_WiYWhZWYWiÅ'&&#(&&c]'l[pWeZ_W$
JhWjWc[djeZ[cWdkj[deWfi_d\WhjeZec_eY|hZ_eÅ(&&c]'l[pWeZ_W1[cjhWjWc[djeZ[bed]efhWpe"
h[Zkpeh_iYeZ[cehj[[h[Zkpeh_iYeZ[h[_d\WhjejWcXc[cfWY_[dj[iYecZ_WX[j[ic[bb_jki$
7bj[hW[iYWhZWYWi\kdY_edW_iYecfWbf_jW[iÅ'&&c]'l[pWeZ_W"feZ[dZei[hWkc[djWZWfWhW(&&c]$
FheÓbWn_WZW[dnWgk[YWÅ'&&#(&&c]'l[pWeZ_W$
(+(r
C[jefhebebJWhjWhWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I[bea[dYecfh_c_Ze'&&c]
I[bea[di[h_d]W+c]%+cB
Kiei
JhWjWc[djeZW^_f[hj[die"Wd]_dW[Whh_jc_Wi1fh[l[deZe_d\WhjeZec_eY|hZ_e[ZW[dnWgk[YW$
Feiebe]_W
?L
7hh_jc_WiYWhZWYWiÅ_d_Y_Wbc[dj["Wj+c]_d`[jWZei_djhWl[deiWc[dj[}hWpeZ['#(c]%c_d1W_d`[e
Z[l[i[hh[f[j_ZW[c_dj[hlWbeiZ[+c_dkjei"Wjgk[i[eXj[d^WkcWh[ifeijWiWj_i\Wjh_W$=[hWbc[dj[kcW
Zei[Z['&#'+c]ikÓY_[dj[$
?d\WhjeZec_eY|hZ_eÅZ[l[i[hWZc_d_ijhWZeecW_ih|f_Zefeiil[bWfie_dY_eZeii_djecWiZe_d\Whje
W]kZeZec_eY|hZ_e1WZc_d_ijhWh)_d`[[i[cXebkiZ[+c]YWZW[c_dj[hlWbeiZ[(c_dkjei"Z[f[dZ[dZe
ZWiYedZ_[i^[ceZ_d~c_YWi"ieXced_jeh_pWe_dj[di_lW$:ei[Z[cWdkj[deÅ'&&c](l[p[iWeZ_WLE
ek(&&c]?L'l[pWeZ_W$
LE
7d]_dW%^_f[hj[dieÅ'&&c][cZei[d_YWek\hWY_edWZW1Wkc[djWhWZei[[c_dj[hlWbeii[cWdW_iWje
c|n_ceZ[*+&c]%Z_W$
9[\Wb_WlWiYkbWhÅ+&#'&&c](#*l[p[iWeZ_W$
Fh[YWk[i
Deh[Wb_pWhWZc_d_ijhWe_djhWl[deiWZ[WdjW]ed_ijWiZ[Y|bY_e$KiWhYecYWkj[bW[cfWY_[dj[iYec
Ze[dWXhedYe[if|j_YW[[cfWY_[dj[iZ_WXj_Yei$Ekiefehkcf[heZeZ[j[cfefhebed]WZefeZ[YWkiWh
_dikÓY_
dY_WYWhZWYW$
C
C[jhed_ZWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<bW]ob%C[jhed_ZWpebÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze(+&c]
<bW]ob%C[jhed_ZWpebÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze*&&c]
C[jhedWY%C[jhed_Ô[n%C[jhed_ZWpebÅC[Z_YWc[dje=[dh_Ye\hWiYe+&&c]%'&&cB
Kiei
FheÓbWn_W[jhWjWc[djeZWi_d\[Y[iYWkiWZWifehXWYjh_WiWdW[hX_WiYece8WYj[he_Z[i\hW]_b_i[ekjhei
XWYj[h_Z[i"<kieXWYj[h_kcif"9beijh_Z_kcif";kXWYj[h_kcif[YeYeiWdW[hX_ei1fheÓbWn_W[jhWjWc[djeZWi
_d\[Y[ifi#Y_hh]_YWi"dWigkW_ieiWdW[hX_eij[d^Wci_Ze_Z[dj_ÓYWZeiekikif[_jWZei$
Feiebe]_W
LE
=_WhZWi[
9h_WdWiZ['#+WdeiÅ'(+c](l[p[iWeZ_WZkhWdj[+Z_Wi$
9h_WdWiZ[+#'&WdeiÅ'(+c])l[p[iWeZ_WZkhWdj[+Z_Wi$
7Zei[fWhWYh_WdWifeZ[i[hYWbYkbWZWi[]kdZeWh[bWeZ['+#)&c]%a]%Z_W"[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
9h_WdWi4'(Wdei[7ZkbjeiÅ(+&c])l[p[iWeZ_WZkhWdj[+Z_Wi$
r(+)
7c[XWi[
9h_WdWiÅ'("+c]%a]*l[p[iWeZ_WZkhWdj[+#-Z_WiWc[XWi[_dj[ij_dWbek-#'&Z_WiWc[XWi[^[f|j_YW$
7ZkbjeiÅ+&&c]*l[p[iWeZ_WZkhWdj[+#-Z_WiWc[XWi[_dj[ij_dWbek-#'&Z_WiWc[XWi[^[f|j_YW$
Jh_YecedWi[
9h_WdWi4'(Wdei[7ZkbjeiÅ(][cZei[d_YWek(+&c](l[p[iWeZ_WZkhWdj['&Z_Wiek*&&c](l[p[i
WeZ_WZkhWdj[-Z_Wi$7Zei[feZ[i[hWkc[djWZWWYh_jh_ecZ_Ye"Wfi*#,i[cWdWi$EifWhY[_heii[nkW_i
Z[l[ci[hjhWjWZeiYec(][cZei[d_YW"WÓcZ[fh[l[d_hh[Y_Z_lWi[h[_d\[Y[ih[YfheYWi$
LW]_d_j[i[kh[jh_j[ifeh=WhZd[h[bbWlW]_dWb_i
9h_WdWi4'(Wdei[7ZkbjeiÅ(][cZei[d_YWde'±[)±Z_WiZ[jhWjWc[djeek*&&#+&&c](l[p[iWeZ_W
ZkhWdj[-Z_Wi$EYd`k][Z[l[i[hjhWjWZeYec(][cZei[d_YW$
?d\[Y[iWdW[hX_Wi
9h_WdWi2'(WdeiÅ-"+c]%a])l[p[iWeZ_WZkhWdj[-Z_WiekWYh_jh_ecZ_Ye$
9h_WdWi4'(Wdei[7ZkbjeiÅ*&&c])l[p[iWeZ_WZkhWdj[-Z_WiWfiWih[\[_[i$
?d\kie?L
9h_WdWi2'(WdeiÅ-"+c]WYWZW.^ehWiek(("+c]%a][cZei[d_YW$
9h_WdWi4'(Wdei[7ZkbjeiÅ+&&c]WYWZW.^ehWiek'"+][cZei[d_YW$?dij_jk_hWc[Z_YWeehWbdWZei[
Z[*&&c])l[p[iWeZ_W"Wii_cgk[feiil[b$
Fh[l[de
9h_WdWi2'(WdeiÅ(("+c]%a]'^ehWWdj[iZWY_hkh]_W$GkWdZeeYehh[h_d\[YeZkhWdj[eWjeY_hh]_Yeek
Z[_iY
dY_WZ[WdWijecei["Z[l[#i[h[f[j_h[iiWZei[(*^ehWiWfi$
9h_WdWi4'(Wdei[7ZkbjeiÅ+&&c]'^ehWWdj[iZWY_hkh]_W$GkWdZeeYehh[h_d\[YeZkhWdj[eWje
Y_hh]_YeekZ[_iY
dY_WZ[WdWijecei["Z[l[#i[h[f[j_h[ijWZei[(*^ehWiWfi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2'&cB%c_d[Z_|b_i[f[h_jed[WbÅWZc_d_ijhWhWYWZW'(^ehWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YWi[l[hWÅZ_c_dk_hWZei[[c+&#,-ZWZei[$
C
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecfheXb[cWi^[f|j_YeiZ[l_ZeWei[kfej[dY_WbWYkckbWj_le[eYehh
dY_W
Z[Z_iYhWi_WiiWd]kd[Wi$:[l[#i[h[Zkp_hWZei[[cfWY_[dj[iYecZe[dWiZei_ij[cWd[hleieY[djhWb[
Z_i\kdeh[dWb[^[f|j_YWi[l[hW$
C_Ye\[debWjeZ[Ce\[j_bW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9[bb9[fjYecfh_c_Ze+&&c]
Kiei
FheÓbWn_WZWh[`[_eW]kZWZ[h]ei[jhWjWc[djeZ[h[`[_eh[\hWj|h_WZ[h]e[cfWY_[dj[ih[Y[X[dZe
jhWdifbWdj[h[dWbWbe]
d_Ye1fheÓbWn_WZWh[`[_eW]kZWZ[h]ei[[dn[hjeWkc[djWZe[cfWY_[dj[i
h[Y[X[dZejhWdifbWdj[YWhZWYeWbe]
d_Ye1fheÓbWn_WZWh[`[_eW]kZWZ[h]ei[cfWY_[dj[ih[Y[X[dZe
jhWdifbWdj[^[f|j_YeWbe]
d_Ye$
EXi$0c_Ye\[debWjeZ[ce\[j_bWZ[l[i[hkiWZeYedYec_jWdj[c[dj[YecY_Ybeifeh_dW[Yehj_Yeij[h_Z[i$
Feiebe]_W
7Zkbjei
LE
FheÓbWn_WZWh[`[_eh[dWbWZc_d_ijhWhWZei[_d_Y_WbZ[djheZ[-(^ehWiWfiejhWdifbWdj[Å'](l[p[iWeZ_W$
(+*r
JhWjWc[djeZ[h[`[_eh[\hWj|h_WÅ'"+](l[p[iWeZ_W$
FheÓbWn_WZ[h[`[_eYWhZWYWÅ'"+](l[p[iWeZ_W"_d_Y_WdZe+Z_WiWfiejhWdifbWdj[$
FheÓbWn_WZ[h[`[_e^[f|j_YWWZc_d_ijhWhWZei[_d_Y_WbecW_ihWf_ZWc[dj[feiil[bWfiejhWdifbWdj[
Å'"+](l[p[iWeZ_W$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2(+cB%c_d%'"-)c)Å[l_jWhZei[icW_eh[iZegk[(]%Z_W$
FWY_[dj[iYecd[kjhef[d_W
9edjW][cWXiebkjWZ[d[kjhÓbei2'")n'&)ªBÅh[Zkp_hWZei[ek_dj[hhecf[hejhWjWc[dje$
Fh[YWk[i
DeZ[l[i[hkj_b_pWZeZkhWdj[W]hWl_Z[p[bWYjWe$FeZ[#i[Wkc[djWhW_dY_Z
dY_WZ[eYehh
dY_WZ[b_d\ecWi
[ekjheijkceh[icWb_]dei$
C_ZWpebWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:ehc_h[%:ehced_ZYecfh_c_Ze'+c]
:ehc_h[%:ehced_ZWcfebW+c]%+cB
:ehc_h[%:ehced_Z%C_ZWpebWcÅC[Z_YWc[dje=[dh_YeWcfebW'+c]%)cB
:ehc_h[%:ehced_ZWcfebW+&c]%'&cB
:ehc_h[iebkeehWb(c]%cB\hWiYe'&cB
C
Kiei
I[ZWedefh#ef[hWjh_e1i[ZWeWdj[iZeZ_W]dij_YeekfheY[Z_c[djehWZ_e]h|ÓYe1_dZkeZWWd[ij[i_W1
cWdkj[deZWWd[ij[i_W$
Feiebe]_W
9h_WdWi
LE
I[ZWe[cfheY[Z_c[djeieki[ZWedefh#ef[hWjh_eÅ&"(+#&"+c]%a][cZei[d_YWWdj[iZe
fheY[Z_c[dje"feZ[dZeY^[]WhWj(&c]$
?CÅ&"'#&"'+c]%a]Wdj[iZWY_hkh]_WekZefheY[Z_c[dje1\W_nWkikWbÅ&"&+#&"'+c]%a]1Zei[iZ[Wj
&"+c]%a]\ehWckiWZWi[cfWY_[dj[iWdi_eiei$:ei[c|n_cWÅ'&c]$
?L
9h_WdWiZ[,c[i[i#+WdeiÅZei[_d_Y_WbÅ&"&+#&"'c]%a]1j_jkbWhWZei[Yk_ZWZeiWc[dj[1Zei[iZ[&",c]%a]
feZ[ci[hkiWZWi$:ei[c|n_cWÅ,c]$
9h_WdWiZ[,#'(WdeiÅZei[_d_Y_WbÅ&"&(+#&"&+c]%a]1j_jkbWhWZei[Yk_ZWZeiWc[dj[1Zei[iZ[&"*c]%a]
feZ[ci[hkiWZWi$:ei[c|n_cWÅ'&c]$
9h_WdWiZ['(#',WdeiÅkiWhc[icWZei[Z[WZkbjei$:ei[c|n_cWÅ'&c]$
7Zkbjei
LEÅZei[kikWbÅ'#(Yecfh_c_ZeiZ[-"+c]$
I[ZWedefh#ef[hWjh_e
?CÅ&"&-#&"&.c]%a])&#,&c_dkjeiWdj[iZWY_hkh]_WekfheY[Z_c[dje1Zei[kikWbÅ+c]$
?LÅ&"&(#&"&*c]%a]1h[f[j_hWYWZW+c_dkjeiWjeXj[he[\[_jeZ[i[`WZeekWjeXj[hZei[Z[&"'#&"(c]%a]$
7d[ij[i_W
FWY_[dj[ide#c[Z_YWZeiÅ&")#&")+c]%a]"feZ[dZeY^[]WhWj&",c]%a][cYWieicW_ih[i_ij[dj[i$
FWY_[dj[ifh#c[Z_YWZeiÅ&"'+#&")+c]%a]$
CWdkj[deZWWd[ij[i_WÅ&"&+#&")c]%a]Yeced[Y[ii|h_e"ek_d\kieYedjdkWZ[&"(+#'"+c]%a]%c_d$
r(++
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_WYWhZWYWYed][ij_lW"Ze[dWfkbcedWh"Z_i\kdeh[dWb[^[f|j_YW$
?Zeiei[fWY_[dj[igk[[ij[`Wch[Y[X[dZedWhYj_YeiYedYec_jWdj[c[dj[feZ[cie\h[hZ[fh[iieh[if_hWjh_W$
C_bh_dedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Fh_cWYeh\hWiYe#WcfebW(&c]
Kiei
JhWjWc[djeZ[YkhjefhWpeZ[_dikÓY_
dY_WYWhZWYWYed][ij_lW$
Feiebe]_W
D[edWjei[9h_WdWiZ['c
i#'(Wdei
:ei[Z[WjWgk[Å+&cY]%a]WZc_d_ijhWZeiWYWZW'+c_dkjeii[]k_Zeifeh_d\kieYedjdkWZ[
&"+cY]%a]%c_d1\W_nWkikWbÅ&"(+#&"-+cY]%a]%c_d1j_jkbWhWZei[Wjgk[i[eXj[d^We[\[_jeZ[i[`WZe$
7Zkbjei
:ei[Z[WjWgk[Å+&cY]%a]WYWZW'&c_dkjei"i[]k_Zeifeh_d\kieYedjdkWZ[&"+cY]%a]%c_d1\W_nWkikWb
Z[&")-+#&"-+cY]%a]%c_d$:ei[c|n_cWÅ'"')c]%a]%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWbfWhW_d\kieYedjdkW
9bYh+&cB%c_d%'"-)c(ÅWZc_d_ijhWh&"*)cY]%a]%c_d$
9bYh*&cB%c_d%'"-)c(ÅWZc_d_ijhWh&").cY]%a]%c_d$
9bYh)&cB%c_d%'"-)c(ÅWZc_d_ijhWh&"))cY]%a]%c_d$
9bYh(&cB%c_d%'"-)c(ÅWZc_d_ijhWh&"(.cY]%a]%c_d$
9bYh'&cB%c_d%'"-)c(ÅWZc_d_ijhWh&"()cY]%a]%c_d$
9bYh+cB%c_d%'"-)c(ÅWZc_d_ijhWh&"(cY]%a]%c_d$
C
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec^_ijh_YeZ[Whh_jc_Wil[djh_YkbWh[i[ÓXh_bWeWjh_Wb[%ekÔkjj[hWjh_Wb1[c
fWY_[dj[iYec_dikÓY_
dY_Wh[dWb"WZei[Z[l[i[hW`kijWZW$
C_hjWp[f_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H[c[hedIebjWXYecfh_c_Ze'+c]
Kiei
JhWjWc[djeZWZ[fh[iie$
Feiebe]_W
7Zkbjei
JhWjWc[djeZWZ[fh[iieÅZei[_d_Y_WbÅ'+c]LEZkhWdj[Wde_j[1j_jkbWhWZei[Wj'+#*+c]%Z_W$
(+,r
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec^_ijh_YeZ[cWd_Wek^_fecWd_W"[f_bj_Yei"fWY_[dj[i_ckdeYecfhec[j_Zei"
_Zeiei"ckb^[h[i]h|l_ZWiekWcWc[djWdZe$
C_iefheijeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FheijeaeiYecfh_c_ZelW]_dWb(+cY]
FheijeaeiYecfh_c_ZelW]_dWb(&&cY]
Kiei
?dj[hhkfeZW]hWl_Z[p[c][ijW[iWj[hceekfhn_cWiWej[hce1_dZkeZefWhje[c\[jecehjeWdj[i
ZWi)&i[cWdWi$
Feiebe]_W
?dj[hhkfeZ[]hWl_Z[p[cjehdeZ[)&i[cWdWiÅ(+cY]1i[de\ehikÓY_[dj["+&cY][ckcWiWfb_YWe$
?dZkeZ[fWhjeYec\[jecehjeWdj[iZ[)&i[cWdWiÅ_d_Y_WhYec+&cY]"W]kWhZWh,^ehWi["YWiede^W`W
h[ifeijW"Wkc[djWhWZei[fWhW'&&cY]$
7Xehjeb[]WbÅ(&&cY]WYWZW,^ehWi$
:ei[c|n_cW
7ZkbjeiÅ.&&cY]%Z_W$
Fh[YWk[i
DeYWieZ[_dj[hhkfeZW]hWl_Z[pWj[hceekYece\[jel_le"e_dj[hlWbe[djh[Wi(Zei[ideZ[l[i[hc[deh
Zegk[,^ehWi$@WcW_iWfb_YWhkcWdelWZei[gkWdZe`|[n_ij[YedjhWj_b_ZWZ[kj[h_dW(ekcW_iYedjhW[i[c
'&c_dkjei$
C
Cede[jWdebWc_dWEb[Wje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;j^Wceb_d+WcfebW(cB
Kiei
JhWjWc[dje[iYb[heiWdj[ZWif[gk[dWilWh_p[i[%eklWhYkbWi"i[c_dikÓY_
dY_WlWblkbWh1jhWjWc[djeZ[
lWh_p[ih[i_ZkW_iWfiY_hkh]_W$
Feiebe]_W
?L
7ZkbjeiÅ(#+cBZ_l_Z_Zei[c)#*feh[iWi[h[c_d`[jWZWi[cl[_WiZ_\[h[dj[i$EjhWjWc[djefeZ[i[h
h[f[j_Ze[c_dj[hlWbeii[cWdW_i"WjWeYbkieYecfb[jWZeilWiei$
Fh[YWk[i
7Zei[Z[l[i[hZ_c_dkZW[cfWY_[dj[iYecZ_i\kde^[f|j_YW$
r(+-
Cedj[bkYWij[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I_d]kbW_hYecfh_c_ZecWij_]|l[b+c]
I_d]kbW_h8WXoiWY^
*c]
Kiei
FheÓbWn_W[jhWjWc[djeYhd_YeZWWicW1fh[l[deZ[i_djecWiZ_khdei[dejkhdei[ZWXhedYeYedijh_e
_dZkp_ZWfeh[n[hYY_ei1jhWjWc[djeZ[fWY_[dj[iYecWicWi[dil[_i}Wif_h_dW1Wbl_eZeii_djecWiZ[h_d_j[
Wbh]_YW"_dYbk_dZeYed][ijedWiWb"h_dehh_W"fhkh_ZedWiWb"[if_hhei"bWYh_c[`Wc[dje"^_f[h[c_WeYkbWh$
Feiebe]_W
LE
7icW
9h_WdWiZ[,c[i[i#(WdeiÅ*c]%Z_W$
7icW[%ekh_d_j[Wbh]_YW
9h_WdWiZ[(#+WdeiÅ*c]%Z_W$
9h_WdWiZ[,#'*WdeiÅ+c]%Z_W$
7Zeb[iY[dj[i¨'+Wdei[7ZkbjeiÅ'&c]%Z_W$
Fh[YWk[i
Cedj[bkYWij[dej[c[ÓY|Y_WfWhWejhWjWc[djeZ[WjWgk[W]kZeZ[WicW"_dYbk_dZecWbWic|j_Ye[
XhedYe[ifWice$KiWhYecYWkj[bW[cfWY_[dj[igk[h[Zkp_hWcWZei[Z[Yehj_Yeij[h_Z[ii_ij
c_Yei$
<[d_bY[jedh_Yei0Yedjc\[d_bWbWd_dW$
C
CehÓdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_ceh\Yecfh_c_Ze'&c]
:_ceh\Yecfh_c_Ze)&c]
:_ceh\%CehÓdWÅC[Z_YWc[dje][dh_YeWcfebW&"(c]%'cB
:_ceh\%CehÓdWÅC[Z_YWc[dje][dh_YeWcfebW'&c]%'cB
Kiei
7bl_eZWZehceZ[hWZWWi[l[hW"W]kZW[Yhd_YW1Zehde_d\WhjeZec_eY|hZ_e1\Wb
dY_WW]kZWZel[djhYkbe
[igk[hZe[[Z[cWfkbcedWh1Yecec[Z_YWefh#Wd[iji_YW$
Feiebe]_W
9h_WdWi
LEÅ&"(#&"+c]%a]%Zei[WYWZW*#,^ehWii[d[Y[ii|h_e$
?C%?L%I9Å&"'#&"(c]%a]%Zei[WYWZW(#*^ehWii[d[Y[ii|h_e1feZ[#i[_d_Y_WhejhWjWc[djeYecZeiW][diZ[
&"&+c]%a]%Zei[$:eiW][ckikWbc|n_cWÅ'+c]%Zei[$
?L%I9%_d\kieYedjdkW
:ehZ[Y~dY[hÅ&"&(+#(c]%a]%^$
:ehdefi#ef[hWjh_eÅ&"&'#&"&*c]%a]%^$
I[ZWe[WdWb][i_W[cY_hkh]_WiÅ&"&+#&"'c]%a]?L+c_dkjeiWdj[iZWY_hkh]_W$
7Zeb[iY[dj[i4'(Wdei
I[ZWe[WdWb][i_W[cY_hkh]_WiÅ)#*c]?Lh[f[j_h"[c+c_dkjeii[d[Y[ii|h_e$
(+.r
7Zkbjei
LEÅ'&#)&c]WYWZW*^ehWii[d[Y[ii|h_e1deYedjheb[ZWZeh"WZei[Z['+#)&c]WYWZW.#'(^ehWi$
?C%?L%I9Å("+#(&c]%Zei[WYWZW(#,^ehWii[d[Y[ii|h_e$:ei[kikWbÅ'&c]WYWZW*^ehWii[d[Y[ii|h_e$
?L%I9%_d\kieYedjdkWÅ&".#'&c]%^1Wkc[djWhWZei[Z[f[dZ[dZeZW_dj[di_ZWZ[ZWZeh[Zei[\[_jei
YebWj[hW_i1\W_nWkikWbÅ.&c]%^$
;f_ZkhWbÅ+c]dWh[]_ebecXWh1i[deeXj_l[h[\[_jeZ[i[`WZe"WZc_d_ijhWh'#(c]$:ei[c|n_cWÅ'&c]%Z_W$
?djhWj[YWbÅ&"(#'c]%Zei[1deh[f[j_hWZei[$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh-+ZWZei[dehcWb$
9bYh2'&cB%c_dÅWZc_d_ijhWh+&ZWZei[dehcWb$
Fh[YWk[i
:[fh[iieh[if_hWjh_W"fh_dY_fWbc[dj[[cYh_WdWic[deh[iZ[)c[i[i$KieYWkj[beie[cfWY_[dj[iYec
fheXb[cWi^[f|j_Yei[h[if_hWjh_ei$
Cen_ÔenWY_de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7lWbenYecfh_c_Ze*&&c]
7lWbenXebiW*&&c]
Kiei
JhWjWc[djeZ[_d\[Y[ih[if_hWjh_Wiikf[h_eh[i[_d\[h_eh[ii_dki_j[W]kZW"[nWY[hXW[iW]kZWiZ[Xhedgk_j[
Yhd_YW"fd[kced_WWZgk_h_ZWdWYeckd_ZWZ[1jhWjWc[djeZ[_d\[Y[iYkj~d[Wi[Z[j[Y_Zeiceb[i$
C
Feiebe]_W
LE%?d\kie?L
7ZkbjeiÅ*&&c]%Z_W$
:khWeZejhWjWc[dje
;nWY[hXWeW]kZWZ[Xhedgk_j[Yhd_YWÅ+Z_Wi$
Fd[kced_WWZgk_h_ZWdWYeckd_ZWZ[Å'&Z_Wi$
I_dki_j[W]kZWÅ-Z_Wi$
?d\[Y[iZ[f[b[[j[Y_Zeiceb[iÅ-Z_Wi$
Fh[YWk[i
DeZ[l[i[hkiWZe[cYh_WdWi[WZeb[iY[dj[i[c\Wi[Z[Yh[iY_c[dje[[cckb^[h[i]h|l_ZWiekgk[[ij[`Wc
WcWc[djWdZe$:WZegk[ejhWjWc[djefeZ[fheleYWhYh_i[iYedlkbi_lWi"Z[l[#i[kj_b_pWhYecYWkj[bW[c
fWY_[dj[iYecjhWdijehdeiYed^[Y_Zeiekikif[_jeiZei_ij[cWd[hleieY[djhWb$FeZ[fhebed]Whe_dj[hlWbeZWi
edZWiGJZe[b[jheYWhZ_e]hWcWZ[Wb]kdifWY_[dj[i$:[l[i[hkiWZeYecYWkj[bWdeifWY_[dj[i[cYedZ_[i
fh#Whhjc_YWi$FeZ[ceYehh[h_dÔWcWe[hkfjkhWZ[j[dZ[i"ieXh[jkZe[c_Zeiei[[cYWieZ[kie
YedYec_jWdj[Z[Yehj_Yeij[h_Z[i$
Ckf_heY_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8WYjheXWdfecWZW(jkXe'+]
r(+/
Kiei
JhWjWc[djejf_YeZ[_d\[Y[i$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWhkcWÓdWYWcWZWieXh[W|h[WW\[jWZW)l[p[iWeZ_W$EjhWjWc[djedeZ[l[
[nY[Z[h'&Z_Wi"Z[f[dZ[dZeZWh[ifeijWWefheZkje$
Fh[YWk[i
:[l[#i[kiWhYecYk_ZWZedejhWjWc[djeZ[gk[_cWZkhWi[nj[diWi"kbY[hW[ijhÓYWi[ekjhWib[i[icW_eh[i"
Z[l_ZeWefej[dY_Wbd[\hejn_YeZe[nY_f_[dj[feb_[j_b[de]b_Yeb$9k_ZWZei[if[Y_W_iZ[l[ci[hjecWZei[c
fWY_[dj[iYecYecfhec[j_c[djeh[dWbceZ[hWZeek]hWl[$
DWbXkÓdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DkXW_dWcfebW'&c]%'cB
Kiei
7bl_eZWZehceZ[hWZWWi[l[hW1WdWb][i_Wdefh#ef[hWjh_e[fi#ef[hWjh_e1YeceWdWb]i_YeZkhWdj[e
jhWXWb^eZ[fWhje$
Feiebe]_W
?C%?L%I9
9h_WdWiZ['#'*Wdei
Fh#c[Z_YWeÅ&"(c]%a]$:ei[c|n_cWÅ(&c]%Zei[$
7dWb][i_WÅ&"'#&"'+c]%a]WYWZW)#,^ehWii[d[Y[ii|h_e$
7ZkbjeiÅ'&c]%-&a]WYWZW)#,^ehWii[d[Y[ii|h_e$:ei[d_YWc|n_cWÅ(&c]$:ei[c|n_cWZ_|h_W
Å',&c]$
D
Fh[YWk[i
:_c_dk_eZW\kde^[f|j_YW[h[dWb$FeZ[YWkiWhZ[fh[iieh[if_hWjh_W$KieYWkj[beie[cfWY_[dj[iYec
_d\WhjeW]kZeZec_eY|hZ_eh[Y[dj["Y_hkh]_WZejhWjeX_b_Wh"Z[f[dZ
dY_WWZhe]Wi[]hWl_Z[p$
DWbenedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DWhYWdWcfebW&"*c]%'cB
Kiei
H[l[hieZ[YWieiZ[Z[fh[iiedei_ij[cWd[hleieY[djhWb[Z[fh[iieh[if_hWjh_W[c_djen_YWefeh
dWhYj_Yei1Z[fh[iie[ch[Yc#dWiY_ZeiYWkiWZWfehef_|Y[ei1YecWZ[[j_ebe]_WZ[iYed^[Y_ZW$
Feiebe]_W
?C%?L%_djhWj[YWb%I9
9h_WdWi
(,&r
H[l[hieWd[iji_YWÅ&"&'c]%a]"feZ[dZeh[f[j_hWYWZW(#)c_dkjeiZ[WYehZeYecWh[ifeijWZefWY_[dj[$
?djen_YWefehef_|Y[ei
H[Yc#dWiY_Zei"Fh[cWjkhei[9h_WdWi2+Wdeiek2(&a]Å&"'c]%a]1h[f[j_hWYWZW(#)c_dkjeiYece
d[Y[ii|h_e"feZ[dZeh[f[j_hWZei[WYWZW(&#,&c_dkjei$
9h_WdWi4+Wdeiek¨(&a]Å(c]%Zei[1i[deeXj[hh[ifeijW"Wkc[djWhWYWZW(#)c_dkjei"feZ[dZeh[f[j_h
WZei[WYWZW(&#,&c_dkjei$
?d\kieYedjdkW
9h_WdWi[7ZkbjeiÅ&"&*#&"',c]%a]%^ZkhWdj[(#+Z_Wi[cYh_WdWi[Wj&".c]%a]%^[cWZkbjei$
7Zkbjei
?djen_YWefehef__Z[iÅ&"*#(c]WYWZW(#)c_dkjeiYeced[Y[ii|h_e"feZ[dZeh[f[j_hWZei[WYWZW(&#,&
c_dkjei1YWied[d^kcWh[ifeijWi[`WeXi[hlWZWWfiWZei[Z['&c]"gk[ij_edWhZ_W]dij_Ye$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZe[dWiYWhZ_elWiYkbWh[i$:ei[i[nY[ii_lWiZ[l[ci[h[l_jWZWiZ[fe_iZe
kieZ[ef__Z[idWY_hkh]_W"_iiefehgk[dWbenedWfeZ[YWkiWhWkc[djeZWfh[iieiWd]kd[W[_dl[hieZW
Wd[ij[i_W$FeZ[fh[Y_f_jWhi_djecWiZ[h[j_hWZW[cfWY_[dj[il_Y_WZei[cef_|Y[ei1[djh[eii_djecWi[ije
Zeh"^_f[hj[die"ikeh"_hh_jWX_b_ZWZ[[\WbjWZ[Wf[j_j[$
DWdZhebedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:[YW#:khWXeb_dWcfebW(+c]%'cB
Kiei
9eceYeWZ`klWdj[fWhWj[hWf_Wi[if[YÓYWi[c[Z_ZWiZ_[jj_YWi[cl|h_WiYedZ_[ifWjeb]_YWi
YWhWYj[h_pWZWifehkcXWbWded[]Wj_leZ[d_jhe]
d_efeh[n[cfbe"ZkhWdj[Ze[dWiZ[X_b_jWdj[iYhd_YWi"
ZkhWdj[j[hWf_Wifhebed]WZWiYec]b_YeYehj_Y_Z[i"Wfi]hWdZ[Y_hkh]_WekjhWkcW1eij[efehei[1jhWjWc[dje
fWb_Wj_leZ[YWieii[b[Y_edWZeiZ[YWhY_decWcWc|h_eZ_ii[c_dWZe[cckb^[h[i$
D
Feiebe]_W
?Cfhe\kdZW
9eceYeWZ`klWdj[fWhWj[hWf_Wi[if[YÓYWi[c[Z_ZWiZ_[jj_YWi[cl|h_WiYedZ_[ifWjeb]_YWi
YWhWYj[h_pWZWifehkcXWbWded[]Wj_leZ[d_jhe]
d_e
7ZkbjeiÅ(+#+&c]WYWZW)i[cWdWi$
9h_WdWi
2'&a]Å+c]WYWZW)i[cWdWi$
'&#(&a]Å+#-"+c]WYWZW)i[cWdWi$
(&#)&a]Å-"+#'&c]WYWZW)i[cWdWi$
4)&a]Å'+c]WYWZW)i[cWdWi$
Eij[efehei[Å+&c]WYWZW(#)i[cWdWi$
JhWjWc[djefWb_Wj_leZ[YWieii[b[Y_edWZeiZ[YWhY_decWcWc|h_eZ_ii[c_dWZe[cckb^[h[iÅ+&c]W
YWZW(#)i[cWdWi$
EXi$0fWhWkc[\[_jej[hWf
kj_Ye\Wleh|l[b"d[Y[ii|h_eWZc_d_ijhWhZei[iWZ[gkWZWiZ[l_jWc_dWi"c_d[hW_i[
fhej[dWi[ckcWh_YWZ_[jWYWbh_YW$
Fh[YWk[i
DeYWieZ[WfWh[Y_c[djeZ[l_h_b_pWe"WZ[iYedj_dkWeZejhWjWc[djeZ[l[i[hYedi_Z[hWZW$Ced_jehWh
fehjWZeh[iZWii[]k_dj[iYedZ_[i0_dikÓY_
dY_WYWhZWYWcWd_\[ijWekbWj[dj["Z_i\kdeh[dWb"^_f[hj[die"
r(,'
[f_b[fi_Wek[dnWgk[YW"Z_WX[j[i"Yh[iY_c[dje[ijhkjkhWb_dYecfb[je"c[j|ijWi[ii[WZ[YWhY_decWcWc|h_e
[Z_i\kde^[f|j_YW$
DWfhen[de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DWfheiodYecfh_c_Ze(+&c]
Kiei
:e[dWi_dÔWcWjh_Wi[Z[iehZ[dih[kc|j_YWi"_dYbk_dZeWhjh_j[h[kcWj_Z[`kl[d_b"]ejWW]kZW1Zeh
ceZ[hWZW[Z_ic[dehh_W$
Feiebe]_W
LE
9h_WdWi4(Wdei
7dWb][i_WÅ+#-c]%a]%Zei[WYWZW.#'(^ehWi$
:e[dWi_dÔWcWjh_WiÅ'&#'+c]%a]%Z_WZ_l_Z_Zei[c(Zei[i$
:ei[c|n_cWÅ'$&&&c]%Z_W$
7Zkbjei
7hjh_j[h[kcWj_Z["eij[eWhjh_j[[[ifedZ_b_j[Wdgk_beiWdj[Å+&&#'$&&&c]%Z_WZ_l_Z_Zei[c(Zei[i$
=ejWW]kZWÅ(+&c]WYWZW.^ehWi$
:ehb[l[WceZ[hWZW[Z_ic[dehh_WÅZei[_d_Y_WbÅ+&&c]"Z_c_dk_dZefWhW(+&c]WYWZW,#.^ehWi$:ei[
c|n_cWÅ'$(+&c]%Z_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZe[dWi]Wijh_dj[ij_dW_i"YWhZWYWi"h[dWb[^[f|j_YW"fWY_[dj[ih[Y[X[dZe
Wdj_YeW]kbWdj[i$
D
D#8kj_b[iYefebWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8kiYefWdi_cfb[iZh|][W'&c]
8kiYefWdi_cfb[iWcfebW(&c]%cB
8kiYefWdi_cfb[i]ejWi'&c]%cB\hWiYe(&cB'cB3(&]ejWi
Kiei
;ifWiceiZejhWje]Wijh_dj[ij_dWb1[ifWicei[Z_iY[d_WiZWil_WiX_b_Wh[i1[ifWiceiZejhWje][d_jkh_d|h_e$
Feiebe]_W
LE]ejWi
BWYj[dj[iÅ'&]ejWi)l[p[iWeZ_W$
9h_WdWiZ['#,WdeiÅ'&#(&]ejWi)l[p[iWeZ_W$
9h_WdWi4,Wdei[7ZkbjeiÅ(&#*&]ejWi)#+l[p[iWeZ_W$
LEZh|][W
9h_WdWi4,Wdei[7ZkbjeiÅ'#(Zh|][Wi)#+l[p[iWeZ_W$
(,(r
?L%?C%I9
BWYj[dj[i[9h_WdWiÅ[cYWiei]hWl[i"&")#&",c]%a]l|h_Wil[p[iWeZ_W$:ei[c|n_cWÅ'"+c]%a]%Z_W$
9h_WdWi4'(Wdei[7ZkbjeiÅ(&#*&c]"deZ[l[dZe[nY[Z[hWZei[Z_|h_WZ['&&c]$
Fh[YWk[i
DeZ[l[i[hkiWZe[cYWieZ[c_Wij[d_W]hWl[[c[]WYbed$KiWhYecYWkj[bW[cfWY_[dj[ifhef[dieiW
]bWkYecWZ[~d]kbe\[Y^WZe"Wii_cYece[cfWY_[dj[iikiY[jl[_iWeXijhk[i_dj[ij_dW_iekkh_d|h_Wi[
fWY_[dj[ifhef[dieiWjWgk_YWhZ_Wi$
D#8kj_b[iYefebWc_dW!:_f_hedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8kiYefWdYecfeijeYecfh_c_ZeD#Xkj_b[iYefebWc_dWXhec[je'&c]!Z_f_hedWiZ_YW(+&c]
8kiYefWdYecfeijeD#Xkj_b[iYefebWc_dWXhec[je(&c]!Z_f_hedWiZ_YW($+&&c]WcfebW+cB
8kiYefWdYecfeije]ejWiD#Xkj_b[iYefebWc_dWXhec[je,",-c]!Z_f_hedWiZ_YW)))"*c]%cB\hWiYe(&
cB'cB3(&]ejWi
Kiei
FheceeZ[Wbl_eh|f_Ze[fhebed]WZeZ[Yb_YWi"Zeh[i[Z[iYed\ehjeWXZec_dWb$
Feiebe]_W
LEYecfh_c_Ze
7ZkbjeiÅ'#(Yecfh_c_Zei)#*l[p[iWeZ_W$
LE]ejWi
9h_WdWiZ['#,WdeiÅ+#'&]ejWi)#*l[p[iWeZ_W$
9h_WdWi4,WdeiÅ'&#(&]ejWi)#*l[p[iWeZ_W$
7ZkbjeiÅ(&#*&]ejWi)#*l[p[iWeZ_W$
?L
7ZkbjeiÅdeiYWieiZ[Yb_YWiX_b_Wh[iekh[dW_i"Wii_cYecedeigkWZhei[if|j_Ye#Zebeheiei]hWl[i"Wfb_YWh'
WcfebWZ[+cBfehl_W_djhWl[deiWb[djWi[feiil[bYecefWY_[dj[Z[_jWZe$
D
Fh[YWk[i
KieZ[fheZkjeiYedj[dZeZ_f_hedW[cYWieiZ[Wc_ZWb_j[ekgkWbgk[hekjhWW\[YeZWXkYe\Wh_d][Z[l[
c[h[Y[hYk_ZWZeh[ZeXhWZe0[iiWW\[Yefh[[n_ij[dj[feZ[cWiYWhWheifh_c[_heii_djecWiZ[W]hWdkbeY_jei["
eYehh
dY_WhWhW"cWifeiil[b$
D[ec_Y_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ikb\WjeZ[D[ec_Y_dWY|fikbW+&&c]ÅC[Z_YWc[djeCWd_fkbWZe
Kiei
Defh[fWheZejhWje]Wijh_dj[ij_dWbfWhWY_hkh]_W1jhWjWc[djeZ[_d\[Y[ib[l[iZWf[b[1jhWjWc[djeZWZ_Whh_W
YWkiWZWfeh;$Yeb_1YeceWZ`klWdj[dejhWjWc[djeZW[dY[\WbefWj_W^[f|j_YW$
r(,)
Feiebe]_W
LE
D[edWjei
:_Whh_WÅ+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
9h_WdWiÅ+&#'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$
Fh#ef[hWjh_e_dj[ij_dWbÅ/&c]%a]%Z_WZ_l_Z_ZeiWYWZW*^ehWiZkhWdj[(Z_Wi$
9ecW^[f|j_YeÅ("+#-]%c(%Z_WZ_l_Z_ZeiWYWZW*#,^ehWiZkhWdj[+#,Z_Wi$:ei[c|n_cWÅ'(]%Z_W$
:_Whh_WYWkiWZWfeh;$Yeb_[dj[hefWje]
d_YWÅ+&c]%a]%Z_WZ_l_Z_ZeiWYWZW,^ehWiZkhWdj[(#)Z_Wi$
7ZkbjeiÅ+&&#($&&&c]WYWZW,#.^ehWi$
Fh#ef[hWjh_e_dj[ij_dWbÅ']%^feh*Zei[i"i[]k_ZeZ[']WYWZW*^ehWidkcjejWbZ[+Zei[i$
9ecW^[f|j_YeÅ*#'(]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*#,^ehWi$
:_Whh_WYWkiWZWfeh;$Yeb_[dj[hefWje]
d_YWÅ)]%Z_WZ_l_Z_ZeiWYWZW,^ehWi$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb"Z_i\kd[iWkZ_j_lWifh[[n_ij[dj[i[
Z_i\kd[id[kheckiYkbWh[i$
D[eij_]c_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Fheij_]c_d[WcfebW&"+c]%'cB
Kiei
:_W]dij_Ye[jhWjWc[djeZWc_Wij[d_W]hWl[[fh[l[de[jhWjWc[djeZWZ_bWjWeZWX[n_]W[h[j[de
kh_d|h_Wdefi#ef[hWjh_e1_dl[hieZei[\[_jeiZ[Xbegk[WZeh[id[kheckiYkbWh[iZ[fe_iZWY_hkh]_W$
D
Feiebe]_W
?C
:_W]dij_YeZ[c_Wij[d_W]hWl[
9h_WdWiÅ&"&(+#&"&*c]%a][cZei[d_YW$
7ZkbjeiÅ&"(c]%a][cZei[d_YW$
JhWjWc[djeZ[c_Wij[d_W]hWl[
9h_WdWiÅ?C%?L%I9Å&"&'#&"&*c]%a]WYWZW(#*^ehWi$
7ZkbjeiÅ?C%?L%I9Å&"+#("+c]WYWZW'#)^ehWiWj'&c]%Z_W$
H[l[hieZei[\[_jeiZ[Xbegk[WZeh[id[kheckiYkbWh[iZ[fe_iZWY_hkh]_WYecWjhef_dW
?L
9h_WdWi2'WdeÅ&"&(+#&"'c]%a]%Zei[$
9h_WdWiZ['#'(WdeiÅ&"&(+#&"&.c]%a]%Zei[$
7ZkbjeiÅ&"+#("+c]"deZ[l[dZe[nY[Z[h+c]$
7jed_WZWX[n_]W
7ZkbjeiÅ?C%I9
Fh[l[deÅ&"(+c]WYWZW*#,^ehWiZkhWdj[(#)Z_Wi$
JhWjWc[djeÅ&"+#'c]WYWZW)^ehWifWhW+Zei[iWfie[ilWp_Wc[djeZWX[n_]W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh+&ZWZei[dehcWb$
9bYh2'&cB%c_dÅWZc_d_ijhWh(+ZWZei[dehcWb$
(,*r
Fh[YWk[i
DeWdjW]ed_pW[feZ[fhebed]WhW\Wi[Z[Z[ifebWh_pWeZ[h[bWnWdj[ickiYkbWh[i$KieYWkj[beie[c
fWY_[dj[iYec[f_b[fi_W"WicW"XhWZ_YWhZ_W"^_f[hj_he_Z_ice"Whh_jc_WiYWhZWYWi[bY[hWiffj_YWi$
D[ejkjeYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D[ejkjeYWdWiebke(\hWiYe'+cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
7d[ij[i_Wjf_YWZedWh_p[ZW]Wh]WdjWekfWhW_cf[Z_hh[Ô[neibWhd]_Yei[[ie\|]_YeiWdj[iZ[
fheY[Z_c[djeiZ_W]dij_Yei$Ê
Feiebe]_W
7Zkbjei
Jf_Ye[cckYeiWiÅWiebkeW(kikWbc[dj[Z_bkZW[c|]kW"iebkeÓi_eb]_YWekiebke]b_YeiWZW$
7fb_YWeZ_h[jWZ[iebkeZ_bkZWW&"(+ek&"+ek_dWbWeehWbZ[kcWiebked[Xkb_pWZWW&"+$
DWWd[ij[i_WZ[jhWgk_W"bWh_d][ek[i\W]e"WZei[jejWbdeZ[l[[nY[Z[h(&c]'cBZWiebkeW([
h[Yec[dZW#i[WWZ_eZ[&"&,cBZ[kcWiebkeW&"'Z[[f_d[\h_dWfWhWYWZWcBZ[Wd[iji_YekiWZe"fWhW
Z_c_dk_hWWXiehei_ij
c_YW$
Fh[YWk[i
De^|Zei[f[Z_|jh_YWh[Yec[dZWZW$:ei[i[nY[ii_lWigk[Z[i[dYWZ[_Wch|f_ZWWXiehe"fheZkp_dZeWbjei
dl[_iih_Yei"feZ[cfheZkp_hh[W[ijn_YWii_ij
c_YWi"b[lWdZe}fWhWZWYWhZWYW[cehj[$
D
D_Yej_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D_gk_j_dWZ[i_lejhWdiZhc_Ye-c]
D_gk_j_dWZ[i_lejhWdiZhc_Ye('c]
Kiei
?dZ_YWZefWhWeWbl_eZeZ[i[`eZ[\kcWh"_dYbki_l[ZeZ[i[`ecWj_dWb_dj[die$7bl_eZeii_djecWiZ[
WXij[deZe\kce"jW_iYece0cWk^kceh"_hh_jWX_b_ZWZ["\hkijhWe"Wdi_[ZWZ["Z_ÓYkbZWZ[Z[YedY[djhWe
WiieY_WZWiYecWikif[dieZe\kce$
Feiebe]_W
:eiW][c
:khWe
'°[jWfW
('c]
,i[cWdWi_d_Y_W_i
(°[jWfW
'*c]
(i[cWdWii[]k_dj[i
)°[jWfW
-c]
(i[cWdWiÓdW_i
<kcWdj[ib[l[i\Wp[ckieZ[c[deiZ['&Y_]Whhei%Z_WZ[l[c_d_Y_WhejhWjWc[dje`|dW(±[jWfW'*c]"
ZkhWdj[,i[cWdWi"Z_c_dk_dZeWYedY[djhWefWhW-c]dWi(i[cWdWiÓdW_iZejhWjWc[dje$
r(,+
Fh[YWk[i
EWZ[i_leZ[l[i[hWfb_YWZe_c[Z_WjWc[dj[WfiWh[j_hWZWZe[dl[bef["deZ[l[i[hWfb_YWZeieXh[Wf[b[
Wl[hc[b^WZWek_hh_jWZW$7fi(*^ehWi"eWZ[i_lekj_b_pWZeZ[l[i[hh[cel_Ze[kcdeleWZ[i_leZ[l[i[hWfb_YWZe
[ckcbeYWbWZ[gkWZeZWf[b["eic[iceibeYW_iZWf[b[deZ[l[ci[hh[kj_b_pWZeifehf[bec[dei-Z_Wi$
D_\[Z_f_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7ZWbWjY|fikbWikXb_d]kWb'&c]
7ZWbWjH[jWhZYecfh_c_Ze'&c]
7ZWbWjEheiYecfh_c_Ze)&c]
Kiei
JhWjWc[djeZWWd]_dW"YWhZ_ec_efWj_W^_f[hjhÓYW"^_f[hj[die$
Feiebe]_W
LE
9h_WdWi
9h_i[^_f[hj[di_lWÅ&"(+#&"+c]%a]%Zei[$:ei[c|n_cWÅ'&c]%Zei[1feZ[#i[h[f[j_hWZei["i[d[Y[ii|h_e"W
YWZW*#,^ehWi"ced_jehWdZeYk_ZWZeiWc[dj[$:ei[c|n_cWÅ'#(c]%a]%Z_W$
9WhZ_ec_efWj_W^_f[hjhÓYWÅ&",#&"/c]%a]%Z_WZ_l_Z_Zei[c)#*Zei[i$
>_f[hj[dieYhd_YWÅb_X[hWeYedjhebWZWÅZei[_d_Y_WbÅ&"(+#&"+c]%a]%Z_W'l[pWeZ_WekZ_l_Z_Zei[c(
Zei[iWeZ_W1j_jkbWhWZei[Wjgk[i[eXj[d^We[\[_jeZ[i[`WZe$:ei[c|n_cWÅ)c]%a]%Z_WWj'.&c]%Z_W$
7Zeb[iY[dj[i[7ZkbjeiÅZei[_d_Y_WbÅ'&c])l[p[iWeZ_WY|fikbWiek)&#,&c]'l[pWeZ_Wb_X[hWe
YedjhebWZW$:ei[Z[cWdkj[deÅ'&#)&c])#*l[p[iWeZ_WY|fikbWi$:ei[c|n_cWÅ'.&c]%Z_W
Y|fikbWiek'(&c]%Z_Wb_X[hWeYedjhebWZW$
D
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YWÅWZei[ehWbZ[l[i[hh[Zkp_ZW[c+&#,&[cYWie
Z[Y_hhei[$
Fh[YWk[i
FeZ[Wkc[djWhW\h[g
dY_W"ZkhWe[i[l[h_ZWZ[ZWWd]_dWekWkc[djWheh_iYeZ[_d\WhjeW]kZeZe
c_eY|hZ_eZkhWdj[e_dY_eZWj[hWf_W$KiWhYecYWkj[bW[cfWY_[dj[iYec_dikÓY_
dY_WYWhZWYWYed][ij_lW$
D_c[ikb_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D_c[ikXWb%D_ikb_Z%IYWÔWd%D_c[ikb_ZWÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze'&&c]
D_ikb_Z]ejWi+&c]%cB\hWiYe'+cB'cB3(&]ejWi
Kiei
JhWjWc[djeZ[[ijWZeiÔe]ij_YeiZebeheiei[de#Zebeheiei"WYecfWd^WZeiekdefeh\[Xh["_dYbki_l[ei
h[bWY_edWZeiWeWfWh[b^eeij[eWhj_YkbWh$
Feiebe]_W
LE
(,,r
9h_WdWi4)Wdei
=ejWiÅ("+c]%a](l[p[iWeZ_WZ_h[jWc[dj[dWXeYWZWYh_WdWek"i[fh[\[h_h"Z_bkZW[ckcfekYeZ[
|]kWWkYWhWZW$
9h_WdWi4'(Wdei[7Zkbjei
9ecfh_c_ZeiÅ+&#'&&c](l[p[iWeZ_W"feZ[dZeWbYWdWhWj(&&c](l[p[iWeZ_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_WYWhZWYWYed][ij_lW"^_f[hj[die"fh[`kpeZW\kdeh[dWbek
Z[fb[eZelebkc[[njhWY[bkbWh"gk[ieWbjWc[dj[ikiY[jl[_iWkcWh[ZkeZeÔkneiWd]kd[eh[dWb$
H[Zkp_hWZei[[cfWY_[dj[iYecYb[WhWdY[Z[Yh[Wj_d_dWZ[)&#.&cB%c_d$
D_ceZ_f_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D_ceXWb%D_cejef%En_][dYecfh_c_Ze)&c]
D_cejef%En_][d\hWiYe#WcfebW'&c]
Kiei
FheÓbWn_W[jhWjWc[djeZWiZ[ÓY_
dY_Wid[kheb]_YWi_igk
c_YWiYWkiWZWifeh[ifWiceiZeilWieiY[h[XhW_i
Wfi^[cehhW]_WikXWhWYd_Z[WYedi[g[dj[WWd[kh_icW1fheÓbWn_WZWiZ[ÓY_
dY_Wid[kheb]_YWi_igk
c_YWi
Wfi^[cehhW]_WikXWhWYd_Z[WZ[eh_][cjhWkc|j_YW1jhWjWc[djeZWiWbj[hW[ieh]~d_YWiY[h[XhW_i
Z[Yehh[dj[iZe[dl[b^[Y_c[dje"YeceWbj[hW[iZ[c[ch_W"YecfehjWc[dje"YedY[djhWe"bWX_b_ZWZ[
[ceY_edWb[h[ZkeZWYWfWY_ZWZ[_dj[b[YjkWb$
Feiebe]_W
Fh[l[deZ[lWie[ifWiceY[h[XhWbWfi^[cehhW]_WikXWhWYd_Z[
?d\kie[dZel[deiWÅ_dY_eÅ'c]%^"ZkhWdj[Wifh_c[_hWi(^ehWi'+cY]%a]%^1i[\ehl[h_ÓYWZWXeW
jeb[h~dY_W"ZeXhWhWZei[fWhW(c]%^)&c]%a]%^$;cfWY_[dj[iYecf[ie_d\[h_ehW-&a][%ekYecfh[iie
Whj[h_Wbb|X_b"_d_Y_WhejhWjWc[djeYec&"+c]%^$
>[cehhW]_WikXWhWYd_Z[WZ[Yehh[dj[Z[Wd[kh_icW
LEWfiekieZ[iebkefWhW_d\kiefeh+#'*Z_WiÅ,&c],l[p[iWeZ_WZkhWdj[-Z_Wi$
>[cehhW]_WikXWhWYd_Z[WZ[eh_][cjhWkc|j_YW
LEWfiekieZ[iebkefWhW_d\kiefeh-#'&Z_WiÅ,&c],l[p[iWeZ_WZkhWdj[''#'*Z_Wi$
7bj[hW[ieh]~d_YWiY[h[XhW_iZ[Yehh[dj[iZe[dl[b^[Y_c[dje
LEÅ)&c])l[p[iWeZ_W$
D
Fh[YWk[i
FWhWejhWjWc[djeZ[Wbj[hWeeh]~d_YWY[h[XhWbZ[_Zeiei"deZ[l[ci[hWZc_d_ijhWZeiYecfh_c_Zei}gk[b[i
Yec_dikÓY_
dY_W^[f|j_YW]hWl[$:[l[#i[j[hYWkj[bWYecfWY_[dj[i_ZeieiYec_dikÓY_
dY_WZ[cbj_fbeih]ei$
D_ijWj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C_YeijWj_d%D_ijWj_dWÅC[Z_YWc[dje=[dh_Yeikif[dieehWb'&&$&&&K?%cB\hWiYe+&cB
C_YeijWj_dYh[c[lW]_dWb'&&$&&&K?%*]jkXe,&]
r(,-
Kiei
LEÅjhWjWc[djeZWYWdZ_ZWi[ZejhWjeZ_][ij_le1jhWjWc[djeZWYWdZ_ZWi[ZWYWl_ZWZ[XkYWb[ZejhWje
Z_][ij_leikf[h_eh[ie\W]_j[fehY~dZ_ZW$
Jf_YelW]_dWbÅjhWjWc[djeZ[YWdZ_ZWi[lW]_dWbced_bWi[$
Feiebe]_W
LE
Fh[cWjkhei[9h_WdWiZ[XW_nef[ieÅ'&&$&&&K?*l[p[iWeZ_W$
BWYj[dj[iÅ'&&$&&&#(&&$&&&K?*l[p[iWeZ_W$
DeibWYj[dj[i[Yh_WdWic[deh[i"Z[l[#i[YebeYWhWc[jWZ[ZWZei[kj_b_pWZW[cYWZWbWZeZWXeYW$
9h_WdWi[7ZkbjeiÅ'&&$&&&#,&&$&&&K?*l[p[iWeZ_W$7iebkeZ[l[i[hXeY^[Y^WZW[cWdj_ZWfehWb]kc
j[cfedWYWl_ZWZ[ehWbWdj[iZ[i[h[d]eb_ZW$
Jf_YelW]_dWb
7ZkbjeiÅkikWbc[dj["'Wfb_YWZehY^[_e'&&$&&&K?fehZ_WZkhWdj['*Z_Wi$;cYWieicW_i]hWl[i"(
Wfb_YWZeh[iY^[_ei(&&$&&&K?feZ[ci[hd[Y[ii|h_ei$
Fh[YWk[i
Fh[fWhW[iehW_iZ[d_ijWj_dWdeZ[l[ci[hkiWZWidejhWjWc[djeZ[c_Yei[ii_ij
c_YWi$7iWfb_YW[iZe
Yh[c[lW]_dWbZ[l[ci[h_dj[hhecf_ZWiZkhWdj[ef[heZec[dijhkWb$
D_ijWj_dW!ãn_ZeZ[P_dYe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:[hceZ[nfecWZWd_ijWj_dW'&&$&&&K?!n_ZeZ[p_dYe(&&c]%]jkXe,&]
D
Kiei
Fhej[e[jhWjWc[djeZWiWiiWZkhWi_d\Wdj_i1_dj[hjh_]eicWc|h_ei"f[h_WdWb"_dj[hZ_]_jWb"Wn_bWh1fWhedgk[Wi
fehcedb_W$
Feiebe]_W
Jf_Ye
7ZkbjeiÅWfb_YWh(ekcW_il[p[iWeZ_WdWi|h[WiW\[jWZWi$:khWdj[W\Wi[W]kZWZWWiiWZkhWf[h_WdWb"Z[l[c#
i[[b_c_dWheih[iZkeieh]~d_Yeifeh^_]_[d[beYWb[i[YW][cWdj[iZWWfb_YWe$
9h_WdWiÅb_cfWhWf[b[Yec|]kW[iWXe"i[YWh[Wfb_YWhWfecWZWdeibeYW_iW\[jWZei"Z[\ehcWgk[Ógk[kcW
YWcWZWieXh[Wf[b[gk[fhej[`WYedjhWkh_dW[\[p[i$:khWdj[W\Wi[W]kZWZWWiiWZkhW"Wfb_YWhjeZWiWil[p[i
gk[WYh_WdW\ehjheYWZW$:[fe_iZ[YkhWZW"Yecefhej[e"Wfb_YWhWfib_cf[pWZ[cWj[h_Wb\[YWbWZ[h_Ze}f[b[$
D_jhWjeZ[FhWjW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D_jhWjeZ[FhWjWiebkee\j|bc_YW'\hWiYe)cBÅC[Z_YWc[djeCWd_fkbWZe
D_jhWjeZ[FhWjWXWije+]ÅC[Z_YWc[djeCWd_fkbWZe
Kiei
;ch[Yc#dWiY_Zei"fWhW[l_jWhWe\jWbc_Wd[edWjehkc1Yece][hc_Y_ZWdWYWkj[h_pWeZ[\[h_ZWiek
cWY^kYWZei1h[ceeZej[Y_ZeZ[]hWdkbWe[l[hhk]Wi$
(,.r
Feiebe]_W
Jf_Yee\j|bc_Ye
D[edWjei
IebkeÅ_dij_bWh(]ejWi[cYWZWiWYeYed`kdj_lWb"_c[Z_WjWc[dj[WfiedWiY_c[djedecW_iZegk[
'^ehWZ[fe_i$
Jf_Ye
8WijeÅWfb_YWh[ijh_jWc[dj[ieXh[WfWhj[Wi[hjhWjWZW$
Fh[YWk[i
DeZ[_nWhefheZkje[cYedjWjeYecWbkp$7ecWdki[WhefheZkje"i\Wp[hYedjWjeYecWfWhj[W\[jWZW$
D_jhWp[fWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ied[XedYecfh_c_Ze+c]
Kiei
?did_WZ[dWjkh[pWiZ_l[hiWi$
Feiebe]_W
LE
9h_WdWi4,WdeiÅ("+#+c]WeZ[_jWh$
7ZkbjeiÅ+#'&c]WeZ[_jWh$
FWY_[dj[i?Zeieiek:[X_b_jWZeiÅ("+#+c]$
D
Fh[YWk[i
9edjhW#_dZ_YWZe[cfWY_[dj[iYecc_Wij[d_W]hWl[$Dekj_b_pWhZkhWdj[W]hWl_Z[p$
D_jhe\khWdjedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CWYheZWdj_dWY|fikbWi'&&c]
Kiei
JhWjWc[djeZWi_d\[Y[ikh_d|h_WiW]kZWi[Yhd_YWifheZkp_ZWifehXWYjh_Wii[dil[_i}d_jhe\khWdjedW"
Yece0Y_ij_j[i"f_[b_j[i"f_[beY_ij_j[i[f_[bed[\h_j[i$
Feiebe]_W
LE
9h_WdWiÅ+#-c]%a]%Z_WZ_l_Z_Zei[c*l[p[iWeZ_W"ZkhWdj[-#'&Z_Wi$
7ZkbjeiÅ+&#'&&c]*l[p[iWeZ_WZkhWdj[-#'&Z_Wi$
x_cfehjWdj[gk[Wj[hWf_Wi[`WYedj_dkWZW"decd_ce"fehcW_i)Z_Wi"WfiWkh_dWjehdWh#i[[ijh_b$
Fh[YWk[i
9WieiZ[Wd[c_W^[cebj_YW\ehWch[bWjWZei$GkWbgk[hi_dWbZ[^[cb_i[_dZ_YWWikif[dieZejhWjWc[dje"
fe_i[bWh[l[hil[bYecWh[j_hWZWZec[Z_YWc[dje$
EjhWjWc[djeZ[l[h|i[hikif[die[cYWieiZ[h[W[ifkbcedWh[iW]kZWi"ikXW]kZWi[Yhd_YWi$
r(,/
7i[]khWdWZWd_jhe\khWdjedWdW]hWl_Z[p[bWYjWede\e_[ijWX[b[Y_ZW"hWpef[bWgkWbei[k[cfh[]e"
d[iiWiYedZ_[i"[n_][WlWb_WeYh_j[h_eiWZeih_iYei[X[d[\Y_ei$
7d[khefWj_Wf[h_\h_YWfeZ[h|hWhWc[dj[eYehh[h[cfWY_[dj[ifehjWZeh[iZ[Z_WX[j[i"^_fel_jWc_dei[8"
d[\heek^[fWjefWj_W"Wd[c_W[Ze[dWiZ[X_b_jWdj[i$
D_jhe\khWpedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<khWY_diebke&"(\hWiYe)&cB
Kiei
7Z`klWdj[[cj[hWf_WZ[gk[_cWZkhWiZ[fh_c[_he[i[]kdZe]hWk[jhWjWc[djeZ[[dn[hjeZ[f[b[1feiik_
Wj_l_ZWZ[XWYj[h_Y_ZWYedjhWc_Yheeh]Wd_icei]hWc#fei_j_lei[]hWc#d[]Wj_lei$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWh'l[pWeZ_WekYWZW(#)Z_WiZ_h[jWc[dj[dWb[ieekdW]Wp[$H[Wfb_YWh
Z_Wh_Wc[dj[ekf[h_eZ_YWc[dj["Z[f[dZ[dZeZWYedZ_eWi[hjhWjWZW$
Fh[YWk[i
KiWhYecYWkj[bW[cYWieZ[_dikÓY_
dY_Wh[dWb$
D_jhe]b_Y[h_dW
D
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D_jheZ[hcJJIZ_iYejhWdiZhc_Ye+c]%Z_W
D_jheZ[hcJJIZ_iYejhWdiZhc_Ye'&c]%Z_W
Jh_Z_bWcfebW+&c]%'&cB
Kiei
JhWjWc[djeW]kZe[fheÓbWn_WZWWd]_dWf[Yjeh_i1jhWjWc[dje[dZel[deieZW_dikÓY_
dY_WYWhZWYWYed][ij_lW
[if[Y_Wbc[dj[gkWdZeWiieY_WZWW_d\WhjeZec_eY|hZ_e1^_f[hj[diefkbcedWh1eYehh
dY_WZ[[c[h]
dY_Wi
^_f[hj[di_lWidef[h_ef[hWjh_e[if[Y_Wbc[dj[ZkhWdj[Y_hkh]_WlWiYkbWh$
Feiebe]_W
9h_WdWi
?d\kieYedjdkWÅ_d_Y_Wbc[dj["&"(+#&"+cY]%a]%c_d1j_jkbWhZ[&"+#'cY]%a]%c_d"WYWZW)#+c_dkjei
Yed\ehc[d[Y[ii|h_e1Zei[kikWbÅ'#)cY]%a]%c_d$:ei[c|n_cWkikWbÅ+#(&cY]%a]%c_d$
7Zkbjei
?d\kieYedjdkWÅ_d_Y_Wbc[dj["+cY]%c_d1Wkc[djWhZ[+cY]%c_dWYWZW)#+c_dkjeiWj(&cY]%c_d1
Wkc[djWhZ['&cY]%c_dWYWZW)#+c_dkjei"Yed\ehc[d[Y[ii|h_e"Wj(&&cY]%c_d$
JhWdiZhc_YeÅ_d_Y_Wbc[dj["&"(#&"*c]%^1j_jkbWhfWhW&"*#&".c]%^$
(-&r
Fh[YWk[i
FeZ[YWkiWhi[l[hW^_fej[die$KiWhYecYk_ZWZe[c^_feleb[c_W"^_fej[die[_d\Whjel[djh_YkbWhZ_h[_je$
D_jhefhkii_WjeZ[IZ_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D_fh_Z[%D_jhefh[ii7XXejj\hWiYe#WcfebW+&c]
Kiei
JhWjWc[djeZ[Yh_i[i^_f[hj[di_lWi[_dikÓY_
dY_WYWhZWYWYed][ij_lW1Yedjheb[ZW^_fej[dieZkhWdj[WWd[ij[i_W$
Feiebe]_W
?d\kieYedjdkW
9h_WdWi
>_f[hj[diefkbcedWhÅZei[_d_Y_WbÅ'cY]%a]%c_d1Wkc[djWh[c'cY]%a]%c_d[c_dj[hlWbeiZ[(&#,&
c_dkjei1j_jkbWhWZei[Wjgk[i[eXj[d^WWh[ifeijWZ[i[`WZW$:ei[c|n_cWÅ+cY]%a]%c_d$
:ei[kikWbÅ)cY]%a]%c_d$
7ZkbjeiÅ_d_Y_WhYec&")#&"+cY]%a]%c_d1Wkc[djWhWZei[[c&"+cY]%a]%c_d1j_jkbWhWZei[Wjgk[i[
eXj[d^We[\[_je^[ceZ_d~c_YeWZ[gkWZeekWjeWfWh[Y_c[djeZ[Y[\Wb_Wiekd|ki[Wi$:ei[c|n_cW
Å'&cY]%a]%c_d$
:ei[kikWbÅ)cY]%a]%c_d$
Fh[YWk[i
GkWdj_ZWZ[i[nY[ii_lWifeZ[cYWkiWhjen_Y_ZWZ[fehY_Wd[jedehcWbc[dj["eYehh[[cfWY_[dj[iYec\kde
^[f|j_YWZ_c_dkZWekjen_Y_ZWZ[fehj_eY_WdWjedehcWbc[dj["eYehh[[cfWY_[dj[iYecZ_c_dk_eZW\kde
h[dWbekfWY_[dj[iYec\kdeh[dWbdehcWb"cWigk[\Wp[ckiefhebed]WZe$KiWhYecYWkj[bW[cfWY_[dj[i
Yec^_fej_he_Z_ice"_dikÓY_
dY_Wh[dWb[^[f|j_YWi[l[hW"^_fedWjh[c_W"Wkc[djeZWfh[iie_djhWYhWd_WdW$
D
DehWZh[dWb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>ofedeh%Deh[f_d[\h_dW%Deh[f_d[WcfebW*c]%*cB
Kiei
9edjheb[ZWfh[iieiWd]kd[W[cY[hjei[ijWZei^_fej[di_leiW]kZei\[eYheceY_jec[Yjec_W"i_cfWj[Yjec_W"
feb_ec_[b_j["_d\WhjeZec_eY|hZ_e"i[fj_Y[c_W"jhWdi\kieiWd]kd[W[h[W[iWZhe]Wi1YeceYeWZ`klWdj[de
jhWjWc[djeZWfWhWZWYWhZWYW[^_fej[diefhe\kdZW$
Feiebe]_W
?L
9h_WdWiÅZei[_d_Y_WbÅ&"&+#&"'cY]%a]%c_d"j_jkbWhWZei[Wjgk[i[eXj[d^We[\[_jeZ[i[`WZe$:ei[
c|n_cWÅ'#(cY]%a]%c_d$
7ZkbjeiÅZei[_d_Y_WbÅ*cY]%c_d"j_jkbWhZei[Wjgk[i[eXj[d^We[\[_jeZ[i[`WZe$:ei[kikWbÅ
.#'(cY]%c_d$
r(-'
Fh[YWk[i
:[l[i[hZ_bkZeWdj[iZekie$Ced_jehWh[ijWZe^[ceZ_d~c_Ye$KieYWkj[beieZkhWdj[Wd[ij[i_WYec
Y_YbefhefWde[^WbejWde[[cfWY_[dj[iYecZe[dWlWiYkbWheYbki_lW$
DehÔenWY_de
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<benWY_d%DehÔenWY_deÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze*&&c]
Kiei
?d\[Y[iceZ[hWZWiZejhWjekh_d|h_e[Y_ij_j[YWkiWZWfehc_Yheeh]Wd_icei]hWc#d[]Wj_lei[]hWc#fei_j_lei
ikY[jl[_i1Ze[dWii[nkWbc[dj[jhWdic_iil[_iYWkiWZWifehD$]edehh^e[W[[fheijWj_j[ifeh;$Yeb_$
Feiebe]_W
LE
7Zkbjei
?d\[Y[iZejhWjekh_d|h_eÅ*&&c](l[p[iWeZ_WZkhWdj[)#('Z_Wi"Z[f[dZ[dZeZWi[l[h_ZWZ[ZW_d\[Ye[
ZWi[di_X_b_ZWZ[Zeeh]Wd_ice$:ei[c|n_cWÅ.&&c]%Z_W$
=edehh_WÅ.&&c][cZei[d_YW$
FheijWj_j[iÅ*&&c]WYWZW'(^ehWiZkhWdj[*i[cWdWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#)&cB%c_dÅWZc_d_ijhWhWYWZW(*^ehWi$
9bYh2'&cB%c_dÅdekiWh$
D
Fh[YWk[i
Deh[Yec[dZWZeekie[cc[deh[iZ['.Wdei$
Dehjh_fj_b_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FWc[behY|fikbW'&c]
Kiei
JhWjWc[djeZ[l|h_Wi\ehcWiZ[Z[fh[iie"\h[g[dj[c[dj[[cYed`kdjeYecekjheiWdj_Z[fh[ii_lei1
jhWjWc[djeZ[[dkh[i[dejkhdW[cYh_WdWi$JWcXcZ[cedijhek[ÓY|Y_WdejhWjWc[djeZWZehYhd_YW$
Feiebe]_W
LE
;dkh[i[dejkhdW
9h_WdWiZ[,#-Wdei(&#(+a]Å'&c]%Z_W$
9h_WdWiZ[.#''Wdei(+#)+a]Å'&#(&c]%Z_W$
9h_WdWi4''Wdei)+#+*a]Å(+#)+c]%Z_W$
(-(r
:[fh[iie
7Zeb[iY[dj[iÅ)&#+&c]%Z_W[cZei[iZ_l_Z_ZWi$
7ZkbjeiÅ(+c])#*l[p[ifehZ_W"feZ[dZeY^[]WhWj'+&c]%Z_W$
?ZeieiÅZei[_d_Y_WbÅ'&#(+c]dW^ehWZ[Zehc_h"feZ[dZeWkc[djWh[c(+c]WYWZW)Z_Wi[cfWY_[dj[i
_dj[hdWZei[i[cWdWbc[dj[[cfWY_[dj[iWcXkbWjeh_W_i$:ei[Z[cWdkj[deÅ-+c]dW^ehWZ[Zehc_h$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWidWYedZkeYWhZWYW"fWY_[dj[iYec^_ijh_YeZ[^_f[hj_he_Z_ice$
9WhXWcWp[f_dW"\[deXWhX_jWb[h_\Wcf_Y_dWfeZ[cWkc[djWhec[jWXeb_iceZWdehjh_fj_b_dW"Z_c_dk_dZei[k[\[_je$
EYjh[ej_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IWdZeijWj_dWcfebW&"'c]%'cB
IWdZeijWj_dWcfebW&"+c]%'cB
Kiei
9edjheb[i_djec|j_Ye[h[ZkeZeidl[_ifbWic|j_YeiZe^ehcd_eZeYh[iY_c[dje[ZW?=<#'[cfWY_[dj[i
YecWYhec[]Wb_W"_dWZ[gkWZWc[dj[YedjhebWZeifehY_hkh]_WekhWZ_ej[hWf_W$JhWjWc[djeZ[fWY_[dj[i
WYhec[]|b_Yei_dWfjeiW"ekgk[deZ[i[`[c"ikXc[j[h#i[}Y_hkh]_Wek"W_dZW"def[heZeZ[_dj[hlWbeWj
gk[WhWZ_ej[hWf_Wi[jehd[Yecfb[jWc[dj[[ÓYWp$7bl_eZeii_djecWiWiieY_WZeiYecjkceh[i[dZYh_dei
]Wijhe[dj[hefWdYh[|j_Yei\kdY_edW_i0jkceh[iYWhY_d_Z[iYecYWhWYj[hij_YWiZWidZhec[YWhY_dZ["
L?FecWi"]bWkYecWi"]Wijh_decWi%idZhec[Z[Pebb_d][h#;bb_ied"][hWbc[dj[[cWiieY_WeYecj[hWf_WZ[
_d_X_Zeh[iZWXecXWZ[fhjediekYecWdjW]ed_ijW>("Yeceki[cWdj_|Y_Zei"_dikb_decWifWhWYedjheb[fh#
ef[hWjh_eZ[^_fe]b_Y[c_W[j[hWf_WZ[cWdkj[de"=H<ecWi"Yedjheb[Z[Z_Whh_Wh[\hWj|h_WWiieY_WZWYec
W_Zi1fh[l[deZ[Yecfb_YW[iWfiY_hkh]_WfWdYh[|j_YW1Yedjheb[[c[h][dY_WbfWhW[ijWdYWheiWd]hWc[dje
[fhej[][hYedjhWeh[iiWd]hWc[djeYWkiWZefehlWh_p[i]Wijhe[ie\|]_YWi[cfWY_[dj[iYecY_hhei[$EYjh[ej_ZW
Z[l[i[hkiWZWYecjhWjWc[dje[if[YÓYe"YeceW[iYb[hej[hWf_W[dZeiYf_YW$
E
Feiebe]_W
I9%?L
7Yhec[]Wb_WÅ_d_Y_Wbc[dj["&"&+#&"'c]I9WYWZW.#'(^ehWi1dWcW_eh_WZeifWY_[dj[i"WZei[Z_|h_W_Z[Wb
Z[&")c]$:ei[c|n_cWÅ'"+c]%Z_W$
Jkceh[i[dZYh_dei]Wijhe[dj[hefWdYh[|j_YeiÅ_d_Y_Wbc[dj["&"&+c]'#(l[p[iWeZ_W$:[f[dZ[dZe
ZWh[ifeijWYbd_YWZe[\[_jeieXh[eidl[_iZei^ehcd_eifheZkp_Zeif[bejkceh[cYWieiZ[jkceh[i
YWhY_d_Z[i"ZW[nYh[ekh_d|h_WZ[|Y_Ze+#^_Zhen__dZebWYj_Ye[ZWjeb[hWX_b_ZWZ["Wfeiebe]_WfeZ[i[h
]hWZkWbc[dj[Wkc[djWZWfWhW&"'#&"(c])l[p[iWeZ_W$
:_Whh_Wh[\hWj|h_Wh[bWY_edWZWWW_ZiÅeiZWZeiik][h[cgk[&"'c])l[p[iWeZ_WYedij_jk_WZei[
_d_Y_Wb_Z[Wb$I[WZ_Whh_Wde\ehYedjhebWZWWfi'i[cWdWZ[jhWjWc[dje"WZei[Z[l[i[hj_jkbWZW[c
XWi[_dZ_l_ZkWb[cWj&"(+c])l[p[iWeZ_W1YWiedei[eXj[d^WWh[ifeijWd[Y[ii|h_W[c'i[cWdW"e
jhWjWc[djeZ[l[i[hZ[iYedj_dkWZe$
9ecfb_YW[iWfiY_hkh]_WfWdYh[|j_YWÅ&"'c])l[p[iWeZ_WZkhWdj[-Z_WiYedi[Ykj_lei"WYec[WhdeZ_W
ZWef[hWe"f[bec[dei'^ehWWdj[iZWbWfWhejec_W$
LWh_p[i]Wijhe[ie\|]_YWiiWd]hWdj[iÅ_d\kieYedjdkWÅ(+cY]%^ZkhWdj[+Z_Wi$;cfWY_[dj[iY_hhj_Yei
YeclWh_p[i]Wijhe[ie\|]_YWiiWd]hWdj[i"Zei[iZ[+&cY]%^ZkhWdj[+Z_Wi$
r(-)
Fh[YWk[i
H[Yec[dZW#i[[nWc[kbjhW#iede]h|ÓYeZWl[iYkbWX_b_WhWdj[iZe_dY_eZejhWjWc[dje[[c_dj[hlWbeiZ[,#'(
c[i[i"Z[l_Ze}WbjW_dY_Z
dY_WZ[\ehcWeZ[Y|bYkbeiX_b_Wh[iYecejhWjWc[dje'+#)&$;cfWY_[dj[i
de#Z_WXj_Yei[YecZ_WX[j[ij_fe??"Yech[i[hlWiZ[_dikb_dWfWhY_Wbc[dj[_djWYjWi"WWZc_d_ijhWefeZ[
h[ikbjWh[cWkc[djefhWdZ_WbZW]b_Y[c_W$xeXh_]Wjh_WWced_jehWeZeidl[_iZ[]b_Y[c_W$
EÔenWY_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
EÔeniebkee\j|bc_YW&")\hWiYe+cB
Kiei
JhWjWc[djeZ[_d\[Y[ieYkbWh[iikf[hÓY_W_i"[dlebl[dZeWYed`kdj_lWekWYhd[W"feheh]Wd_iceiikiY[jl[_i$
Feiebe]_W
Jf_Yee\j|bc_Ye
9h_WdWi4'Wde[7ZkbjeiÅ_dij_bWh'#(]ejWideeb^e_d\[YjWZeWYWZW(#*^ehWideifh_c[_hei(Z_Wi1[dje"
Wfb_YWh*l[p[ifehZ_Wdeifhn_cei+Z_Wi$
EbWpWcf_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Pofh[nWYecfh_c_Ze+c]
Kiei
JhWjWc[djeZWicWd_\[ijW[ifi_Yj_YWi1jhWjWc[djeZ[YkhjefhWpeZei[f_iZ_eiZ[cWd_WW]kZWWiieY_WZW
YecZ[fh[iieX_febWh$
E
Feiebe]_W
LE
7Zkbjei4'.Wdei
;igk_pe\h[d_WÅZei[kikWb_d_Y_WbÅ+#'&c]'l[pWeZ_W"Wkc[djWhfWhW'&c]'l[pWeZ_WWfi+#-Z_Wi1
[dje"Wkc[djWh+c]%Z_WWYWZWi[cWdW"feZ[dZeY^[]WhWec|n_ceZ[(&c]%Z_W"Zei[iZ[)&#+&c]
feZ[ci[hh[gk[h_ZWi$
CWd_WX_febWhÅZei[kikWb_d_Y_WbÅ'&#'+c]'l[pWeZ_W1Wkc[djWh+c][c_dj[hlWbeiZ["decd_ce"(*
^ehWi$:ei[c|n_cWÅ(&c]%Z_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZe[dWYWhZ_elWiYkbWh"Ze[dWY[h[XhelWiYkbWh"^_feleb[c_W"Z[i_ZhWjWe"
Yedlkbi[i"7bp^[_c[h"Z_i\kde^[f|j_YW"Z_i\kdefheij|j_YW"^_f[hjheÓW"]bWkYecWZ[~d]kbeWX[hje"
Y~dY[hZ[cWcW"b[efWhWbj_Ye"_Zeiei"ckb^[h[i]h|l_ZWiekWcWc[djWdZe$
(-*r
ãb[eZ[7c
dZeWi
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
ãb[eZ[7c
dZeWi\hWiYe+&cB
Kiei
Fhej[jehZWf[b[[[ceb_[dj[$
Feiebe]_W
Jf_Ye
9ebeYWhf[gk[dWgkWdj_ZWZ[dWiceiekWb]eZe[[ifWb^WhieXh[Wf[b[$
ãb[eC_d[hWb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Dk`eb\hWiYe(&&cB
Kiei
9ecebWnWdj[dejhWjWc[djeZWYedij_fWe_dj[ij_dWb\kdY_edWb1fh#ef[hWjh_e1[ilWp_Wc[djeZeYbedfWhW
h[Wb_pWeZ[[nWc[i1dWf[b["Yece[ceb_[dj[fWhWWcWY_WhWi|h[Wih[ii[YWZWi[|if[hWi$
Feiebe]_W
LE
9h_WdWi2,WdeiÅiec[dj[WYh_jh_ecZ_Ye$
9h_WdWi4,WdeiÅ'%(Yeb^[hZ[iefW-"+cBek'#(cB%a]}de_j[ekf[bWcWd^$
7ZkbjeiÅ'Yeb^[hZ[iefW'+cB}de_j[[ekjhWdeZ_Wi[]k_dj["WeZ[if[hjWh$9Wiedei[eXj[d^W
n_je"
Wkc[djWhWZei[fWhW(Yeb^[h[iZ[iefW)&cB}de_j[[kcWf[bWcWd^$
E
Fh[YWk[i
EkieYhd_YeZkhWdj[W]hWl_Z[pfeZ[YWkiWh^_fefhejhecX_d[c_W[Ze[dW^[cehh|]_YWZeh[Yc#dWiY_Ze$
9h_WdWic[deh[iZ[,Wdei"_Zeiei"Z[X_b_jWZei[_dZ_lZkeiYecZ_i\W]_W[ijecW_iik`[_jei}Wif_hWeZ[
]ejYkbWiZ[b[e"gk[feZ[b[lWh}fd[kced_Wb_fZ_YW$
EbefWjWZ_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FWjWdeb&"(iebkee\j|bc_YW[ijh_b
Kiei
?dZ_YWZWfWhWjhWjWc[djeZeii_dW_i[i_djecWiZWYed`kdj_l_j[Wbh]_YW$
Feiebe]_W
7Zkbjei[9h_WdWi
:ei[h[Yec[dZWZWÅ']ejW[cYWZWeb^eW\[jWZe"'l[pfehZ_W$
r(-+
Fh[YWk[i
FWhW[l_jWhYedjWc_dWeZefheZkje"de[dYeij[eYedjW#]ejWiZe\hWiYe[cgkWbgk[hikf[h\Y_[$
Deki[b[dj[Z[YedjWjei[eieb^ei[ij_l[h[cl[hc[b^ei$EbefWjWZ_dWdeZ[l[i[hkiWZWfWhWjhWjWh
_hh_jWeh[bWY_edWZWWb[dj[iZ[YedjWje$FWY_[dj[igk[kiWcb[dj[iZ[YedjWje][bWj_deiWi[Yk`eieb^ei
de[ij_l[h[cl[hc[b^eiZ[l[c[if[hWhf[bec[dei'&c_dkjeiWfiekieZ[ebefWjWZ_dWfWhWYebeY|#bWi
delWc[dj[deieb^ei$
Ec[fhWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Bei[YCkfiYecfh_c_Ze(&c]
=Wif_h[d%Bei[Y%L_Yjh_n%Ec[fhWpebÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW*&c]
Kiei
JhWjWc[dje[cWdkj[deZW[ie\W]_j[[hei_lW1jhWjWc[djeZWbY[hWZkeZ[dWb1jhWjWc[djeZWbY[hW]|ijh_YW
X[d_]dWWj_lW1jhWjWc[djeZeh[Ôkne]Wijhe[ie\|]_Yei_djec|j_Ye1jhWjWc[djeZ[^_f[hi[Yh[[ifWjeb]_YWi1
jhWjWc[djeZWbY[hWffj_YW1YeceWZ`kdjedejhWjWc[djeZWbY[hWZkeZ[dWbWiieY_WZWWe>$fobeh_$
Feiebe]_W
LE
9h_WdWi
H[Ôkne]Wijhe[ie\|]_Ye"bY[hW[[ie\W]_j[Å'c]%a]%Z_W'#(l[p[iWeZ_W$
9eceWZ`kdjedWj[hWf_WZWbY[hWZkeZ[dWbWiieY_WZWWe>$fobeh_
9h_WdWiZ['+#)&a]Å'&c](l[p[iWeZ_W$
9h_WdWi4)&a]Å(&c](l[p[iWeZ_W
7Zkbjei
çbY[hWZkeZ[dWbWj_lWÅ(&c]%Z_WZkhWdj[*#.i[cWdWi$
çbY[hW]|ijh_YWÅ*&c]%Z_WZkhWdj[*#.i[cWdWi$
H[Ôkne]Wijhe[ie\|]_Ye[[ie\W]_j[[hei_lWi[l[hWÅ(&c]%Z_WZkhWdj[*#.i[cWdWi$
>_f[hi[Yh[eÅ,&c]%Z_W_d_Y_Wbc[dj[1Zei[iZ[Wj'(&c])l[p[iWeZ_WfeZ[ci[hWZc_d_ijhWZWi1Zei[i
cW_eh[iZ[.&c]Z[l[ci[hZ_l_Z_ZWi$
9eceWZ`kdjedWj[hWf_WZWbY[hWZkeZ[dWbWiieY_WZWWe>$fobeh_Å(&c](l[p[iWeZ_Wek*&c]'l[pWeZ_W$
?L
FWY_[dj[iYec_cfeii_X_b_ZWZ[Z[i[h[cjhWjWZeifehl_WehWbÅ*&c]%Z_W$
IdZhec[Z[Pebb_d][h#;bb_iedÅZei[_d_Y_WbÅ,&c]1Zei[iZ_|h_WicW_eh[ifeZ[ci[hd[Y[ii|h_Wi[Z[l[ci[h
W`kijWZWi_dZ_l_ZkWbc[dj[$
FheÓbWn_WZ[Wif_hWeÅ*&c]_djhWl[deieZ[l[i[hWZc_d_ijhWZe'^ehWWdj[iZWY_hkh]_W1i[WY_hkh]_Wie\h[h
WjhWieZ[cW_iZ[(^ehWi"Z[l[#i[WZc_d_ijhWhkcW_d`[eWZ_Y_edWbZ[*&c]$
E
EdZWdi[jhed
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Pe\hWdYecfh_c_Ze*c]
LedWk%Pe\hWdWcfebW*c]%(cB
(-,r
Kiei
Fh[l[deZWd|ki[W[lc_jeWiieY_WZe}gk_c_ej[hWf_WceZ[hWZWekWbjWc[dj[[c[je]
d_YWdejhWjWc[dje
Z[Y~dY[h1hWZ_ej[hWf_W[cfWY_[dj[ih[Y[X[dZehWZ_Week\hW[iZ[ijWideWXZc[d1fi#ef[hWjh_e"
gkWdZeWd|ki[W[
c[i[Z[l[ci[h[l_jWZWi$
Feiebe]_W
9h_WdWiZ[*#'.Wdei
LE
Lc_je_dZkp_Zefehgk_c_ej[hWf_W
9h_WdWiZ[*#''WdeiÅ*c])&c_dkjeiWdj[iZWgk_c_ej[hWf_W1h[f[j_h*#.^ehWiZ[fe_iZW'°Zei[1[dje"
WZc_d_ijhWh*c]WYWZW.^ehWiZkhWdj['#(Z_WiZ[fe_iZ[Yecfb[jWZWWgk_c_ej[hWf_W$
9h_WdWi¨'(WdeiÅc[icWfeiebe]_WZ[WZkbje$
?L
D|ki[W[lc_jedefi#ef[hWjh_e
9h_WdWiZ[(#'(Wdei
§*&a]Å&"'c]%a]Zei[d_YW$
4*&a]Å*c]Zei[d_YW$
Lc_je_dZkp_Zefehgk_c_ej[hWf_WÅ&"'+c]%a]%Zei[WZc_d_ijhWZe)&c_dkjeiWdj[iZWgk_c_ej[hWf_W1
h[f[j_h*#.^ehWiZ[fe_iZW'°Zei[$
9h_WdWi¨'(Wdei[7Zkbjei
LE
Gk_c_ej[hWf_WWbjWc[dj[[c[je]
d_YWÅ(*c]WZc_d_ijhWZei)&c_dkjeiWdj[iZe_dY_eZWgk_c_ej[hWf_W$
Gk_c_ej[hWf_WceZ[hWZWc[dj[[c[je]
d_YWÅ.c]WYWZW.^ehWi"i[dZe(Zei[i)&c_dkjeiWdj[iZe_dY_e
ZWgk_c_ej[hWf_W1[dje".c]WYWZW'(^ehWiZkhWdj['#(Z_WiZ[fe_iZWgk_c_ej[hWf_W$
D|ki[W[lc_jedefi#ef[hWjh_eÅ',c]'^ehWWdj[iZW_dZkeWd[iji_YW$
?L
Lc_je_dZkp_Zefehgk_c_ej[hWf_WÅcbj_fbWiZei[iÅ)Zei[iZ[&"'+c]%a]WZei[_d_Y_WbZWZW)&
c_dkjeiWdj[iZWgk_c_ej[hWf_W[h[f[j_ZW*#.^ehWiZ[fe_iZW'°Zei[$:ei[d_YWÅ)(c]_d\kdZ_Zei[c
'+c_dkjei"Yec[WdZe)&c_dkjeiWdj[iZe_dY_eZWgk_c_ej[hWf_W$
D|ki[W[lc_jedefi#ef[hWjh_eÅ?C%?LÅ*c][cZei[d_YWWdj[iZe_dY_eZW_dZkeWd[iji_YW$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YWÅ[cYWieZ[Yecfhec[j_c[djei[l[heZW\kde
^[f|j_YW"WZei[deZ[l[[nY[Z[h.c]%Z_W$
E
Fh[YWk[i
FWY_[dj[iYeci_dW_iZ[eXijhke_dj[ij_dWbikXW]kZWZ[l[ci[hced_jehWZeiWfiWWZc_d_ijhWe$Dei[
h[Yec[dZWekieZkhWdj[W]hWl_Z[p[bWYjWe$
Ehd_j_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>[fW#C[hp]hWdkbWZe[dl[bef[)]
>[fW#C[hp&"+]%cBWcfebW'&cB
Kiei
Kj_b_pWZedejhWjWc[djeZ[^_f[hWced[c_WfheZkp_ZWfehZe[dWi^[f|j_YWiW]kZWi[Yhd_YWi"Yecefeh
[n[cfbe0Y_hhei[^[f|j_YW"\]WZeWZ_feie"^[fWj_j["[if[Y_Wbc[dj[fWhWWj[hWf_WZ[jhWdijehdeic[djW_i
_dY_f_[dj[ifh#YecWekYecfb_YW[id[kheb]_YWi[dY[\WbefWj_W^[f|j_YW$
r(--
Feiebe]_W
LE
EYedj[ZeZe[dl[bef[Z[l[h|i[h_d][h_Ze'ek(l[p[iWeZ_W"YecWih[\[_[iekYecXWijWdj[bgk_Ze$:[
WYehZeYecWid[Y[ii_ZWZ[iZefWY_[dj["[iiWZei[feZ[h|i[hWkc[djWZW$
?L
?d\kieZ[Wj*WcfebWiZ_|h_Wi$DeYWieZ[jhWdijehdec[djWb_dY_f_[dj[fh#YecWekeXdkbWec[djWb
YecW"Wj.WcfebWiZkhWdj[(*^ehWi"Z[f[dZ[dZeZe]hWkZ[]hWl_ZWZ[$
Fh[YWk[i
;cXehWeWifWhjWjeZ[ehd_j_dWi[`WkcWikXij~dY_WYedijWdj[deYehfe^kcWde"h[Yec[dZW#i[gk[[ii[
c[Z_YWc[djei[`Wkj_b_pWZeZkhWdj[W]hWl_Z[piec[dj[ieXfh[iYh_ecZ_YWekZeY_hkh]_e#Z[dj_ijW$
7dj[iZ[jecWhec[Z_YWc[dje"l[h_Ógk[i[^|fheXb[cWideh_c"Wf[iWhZ[dei[Yed^[Y[h[cfh[YWk[i
[if[YÓYWifWhWekie[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb%^[f|j_YW$
EnWY_b_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
EnWf[d%IjWÓY_b_d%EnWY_b_dWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW+&&c]
Kiei
JhWjWc[djeZ[_d\[Y[iXWYj[h_WdWiYeceeij[ec_[b_j["i[fj_Y[c_W"[dZeYWhZ_j[[_d\[Y[iZei_ij[cW
d[hleieY[djhWb"Z[l_ZeWb_d^W][diZ[IjWf^obeYeYYkiikiY[jl[_ifheZkjeh[iZ[f[d_Y_b_dWi[$
Feiebe]_W
?C%?L
D[edWjei
§-Z_Wi
§(a]Å+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
4(a]Å-+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4-Z_Wi
2'"(a]Å+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
'"(#(a]Å-+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4(a]Å'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
9h_WdWi
?d\[Y[ib[l[iWceZ[hWZWiÅ'&&#'+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
?d\[Y[ii[l[hWiÅ'+&#(&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*#,^ehWi$:ei[c|n_cWÅ'(]%Z_W$
7ZkbjeiÅ(+&c]#(]fehZei[WYWZW*#,^ehWi$
E
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2'&cB%c_dÅWZc_d_ijhWheb_c_j[_d\[h_ehZWZei[kikWb$
Fh[YWk[i
xYedjhW#_dZ_YWZefWhWfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWi$D[edWjeifeiik[cjWnWZ[
[b_c_dWeZ_c_dkZW$
(-.r
EnYWhXWp[f_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Jh_b[fjWbYecfh_c_Ze)&&c]
Jh_b[fjWbikif[dieehWb,&c]%cB\hWiYe'&&cB
Kiei
Cedej[hWf_Wekj[hWf_WWZ`klWdj[dejhWjWc[djeZ[Yh_i[iYedlkbi_lWi[cWZkbjei[f_bj_Yei[j[hWf_W
WZ`klWdj[dejhWjWc[djeZ[Yh_i[ifWhY_W_i[cYh_WdWi$
Feiebe]_W
LE
9h_WdWi
J[hWf_WWZ`klWdj[
:ei[_d_Y_WbÅ.#'&c]%a]%Z_WZ_l_Z_Zei[c(Zei[i$:ei[c|n_cWÅ,&&c]%Z_W$
:ei[Z[cWdkj[deÅZ[l[i[hWj_d]_ZW[c"decd_ce"(i[cWdWi$
(&#(/a]Å/&&c]%Z_WZ_l_Z_Zei[c(Zei[i$
(/"'#)/a]Å'$(&&c]%Z_WZ_l_Z_Zei[c(Zei[i$
4)/a]Å'$.&&c]%Z_WZ_l_Z_Zei[c(Zei[i$
7Zkbjei
J[hWf_WWZ`klWdj[Å_d_Y_Wbc[dj[")&&c](l[p[iWeZ_W"feZ[dZe#i[Wkc[djWhWZei[W,&&c]%Z_W
i[cWdWbc[dj[$:ei[h[Yec[dZWZWÅ'$(&&c]%Z_WZ_l_Z_Zei[c(Zei[i$
9edl[hiefWhWcedej[hWf_WÅ,&&c]%Z_WZ[enYWhXWp[f_dWZ_l_Z_Zei[c(Zei[i"[dgkWdje_d_Y_W#i[W
h[Zkei_ckbj~d[WZWZhe]WWdj_[f_bfj_YWYedYec_jWdj[1Wikif[dieZWZhe]WYedYec_jWdj[Z[l[i[h
\[_jW[c)#,i[cWdWi"[dgkWdjeWZei[c|n_cWZ[enYWhXWp[f_dWZ[l[i[hWj_d]_ZW[c(#*i[cWdWi$:ei[
h[Yec[dZWZWZ[enYWhXWp[f_dWÅ($*&&c]%Z_W$
?dY_eZWcedej[hWf_WÅ,&&c]%Z_WZ_l_Z_Zei[c(Zei[i1j_jkbWhWZei[[c_dYh[c[djeiZ[)&&c]%Z_WWYWZW
)Z_WiWjWZei[ÓdWbZ['$(&&c]%Z_WZ_l_Z_Zei[c(Zei[i$
E
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2)&cB%c_dÅ_d_Y_WhWj[hWf_WYec+&ZWZei[kikWb_d_Y_Wb"Wkc[djWdZelW]WheiWc[dj[WjeXj[hW
h[ifeijWYbd_YWZ[i[`WZW$
Fh[YWk[i
FeZ[#i[Z[i[dlebl[h^_fedWjh[c_WYb_d_YWc[dj[i_]d_ÓYWj_lW$7ikif[dieZWZhe]WZ[l[i[h]hWZkWb$FeZ[
[ijWhWiieY_WZWW[l[djeiWZl[hieih[bWY_edWZeiWei_ij[cWd[hleieY[djhWbYeceZ_ijhX_eifi_Yecejeh[i"
Z_ÓYkbZWZ[Z[YedY[djhWe"fheXb[cWidW\WbW"\WZ_]W"iedeb
dY_W[WdehcWb_ZWZ[iZ[YeehZ[dWe"_dYbk_dZe
WjWn_W[Z_ijhX_eZeicel_c[djei$
En_Xkj_d_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H[j[c_YYecfh_c_Ze+c]
Kiei
7bl_eZeii_djecWikheb]_Yeih[bWY_edWZeiYecWc_Ye"jW_iYece0_dYedj_d
dY_Wkh_d|h_W"kh]
dY_W
c_YY_edWb"deYjh_W[_dYedj_d
dY_W[cfWY_[dj[iYecX[n_]Wd[khe]
d_YW[if|ij_YWde#_d_X_ZW[X[n_]W
d[khe]
d_YWh[Ô[nW$
r(-/
Feiebe]_W
LE
9h_WdWi
4+WdeiÅZei[kikWbÅ+c](l[p[iWeZ_W$:ei[c|n_cWÅ+c])l[p[iWeZ_W$
7Zkbjei
:ei[kikWbÅ+c](#)l[p[iWeZ_W$:ei[c|n_cWÅ+c]*l[p[iWeZ_W$
Fh[YWk[i
:[l[ci[hjecWZWifh[YWk[igkWdjeWekie[c_Zeiei[[cjeZeieifWY_[dj[iYecd[khefWj_Wi
h[bWY_edWZWiYecei_ij[cWd[hleieekYecW\[Y[i^[f|j_YWiekh[dW_i$7en_Xkj_d_dWfeZ[W]hWlWhei
i_djecWiZe^_f[hj_he_Z_ice"Z_ijhX_eiYWhZWYeiZ[eh_][cYehed|h_W"_dikÓY_
dY_WYWhZWYWYed][ij_lW"
Whh_jc_WYWhZWYW"jWgk_YWhZ_W"^_f[hj[die[^_f[hjheÓWZWfhijWjW$
En_YeZedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
EnoYedj_dYecfh_c_ZeZ[b_X[hWeYedjhebWZW'&c]
Kiei
JhWjWc[djeZWZehceZ[hWZW[i[l[hW"dehcWbc[dj[kiWZe[cYecX_dWeYecWdWb]i_Yeide#dWhYj_Yei$
Feiebe]_W
7ZkbjeiÅ'&c]WYWZW'(^ehWi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWih[if_hWjh_ei"_dikÓY_
dY_W^[f|j_YW[h[dWb$
E
ãn_ZeZ[<[hheH[l[ij_Ze
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Bkc_h[c&"'-+&c]<[%cB\hWiYe)&&cB
Kiei
Fehl_WehWbÅbeYWb_pWeZejkXeZ_][ij_le[c_cW][cfehh[iied~dY_WcW]dj_YW"\WY_b_jWdZeWWlWb_WeZW
[nj[dieZ[jkceh[if[bl_Wdei["[cfWhj_YkbWh"Wf[igk_iWZ[WZ[defbWi_Wi$
Fehl_Wh[jWbÅbeYWb_pWeZejkXeZ_][ij_le[c_cW][cfehh[iied~dY_WcW]dj_YW"\WY_b_jWdZeWZ[b_c_jWe
Zeih]ei[WbeYWb_pWeZ[b[i[i$
Feiebe]_W
L_WehWb
7ZkbjeiÅZei[c|n_cWÅ/&&cB"feZ[dZei[hW`kijWZWZ[ceZeWi[WZ[gkWhWej_feZ[[nWc[[WefWY_[dj[$
;djh[jWdje"kccd_ceZ[,&&cBZ[l[i[h_d][h_Ze$;iiWZei[Z[l[i[hWZc_d_ijhWZWWefWY_[dj[[c)
feh[i"Yec'^ehWZ[Wdj[Y[Z
dY_WZe[nWc[$
L_Wh[jWb
7ZkbjeiÅZei[c|n_cWÅ)&&#,&&cB"WZWfjWZW[c\kdeZWdWjkh[pWZe[nWc[[ZefWY_[dj[$x
WZc_d_ijhWZWWefWY_[dj[feh_dij_bWeh[jWbdecec[djeZe[nWc[$
(.&r
Fh[YWk[i
C[icegk[d[d^kcWfWiiW][cZ[\[hhef[bWXWhh[_hW]Wijh_dj[ij_dWbj[d^Wi_Ze[l_Z[dY_WZWZkhWdj[ei
[ijkZei^kcWdei"Yedl[d_[dj[dei[hh[Wb_pWZWd[d^kcWWd|b_i[Ybd_YWZ[ZeiWc[djeZ[\[hheiWd]kd[e$
;cYWieZ[h[]_c[Z[iZ_e"Yedi_Z[hWhgk[efheZkjeYedjc'&&c]Z[iZ_efWhWYWZW'&&cB$
ãn_ZeZ[P_dYe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:[hceZ[nFh[l[djYh[c[X_idW]W*+]
Kiei
Fh[l[deZ[WiiWZkhWi$
Feiebe]_W
9h_WdWi
Jf_YeÅWfb_YWhkcWYWcWZWÓdWWfieXWd^e[WYWZWjheYWZ[\hWbZWi$
ãn_ZeZ[P_dYe!JWbYe!=b_Y[h_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FWijWZÊÜ]kW\hWiYe'&&]
Kiei
9ecei[YWj_le"[ceb_[dj[[dWfh[l[deZ[Yh[iY_c[djeZ[c_Yheeh]Wd_iceiYWkiWZeh[iZ[WiiWZkhWi[cX[X
i$
Feiebe]_W
9h_WdWi
Jf_YeÅkiWhWfieXWd^e[WYWZWjheYWZ[\hWbZWi"Wfb_YWdZef[gk[dWigkWdj_ZWZ[iieXh[Wf[b[b_cfW[
i[YW"\h_YY_edWhWh[]_eWjWYecfb[jWWXieheZefheZkje$
E
Fh[YWk[i
DekiWhfhn_ce}XeYW[WedWh_p$
ãn_ZeZ[P_dYe!L_jWc_dW7!L_jWc_dW:
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>_fe]bifecWZWn_ZeZ[p_dYe'+&c]!l_j$7+$&&&K?!l_j$:/&&K?%]X_idW]W*+]
Kiei
Fhej[][WZ[b_YWZWf[b[ZeiX[X
iYedjhWWiiWZkhWi$
Feiebe]_W
9h_WdWi
Jf_YeÅWYWZWjheYWZ[\hWbZWi"b_cfWhYk_ZWZeiWc[dj[Wf[b[ZeX[X
[Wfb_YWhkcWYWcWZWZWfecWZWieXh[
W|h[WWfhej[][h"cWiiW][WdZeikWl[c[dj[$
r(.'
Fh[YWk[i
;cYWieZ[h[WeWZl[hiW"_dj[hhecf[hekie_c[Z_WjWc[dj[$;cYWieZ[ikf[hZeiW][cWY_Z[djWb"fheYkhWh
Wknb_ecZ_Ye_c[Z_WjWc[dj[$
En_c[jWpeb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7\h_d_d\Wdj_biebkedWiWb&"(+c]%cB\hWiYe(&cB
7\h_dWZkbjeiebkedWiWb&"+c]%cB\hWiYe'&cB
Kiei
7bl_ei_djec|j_YeZWYed][ijedWiWb[dWie\Whd][WZ[Yehh[dj[iZeh[i\h_WZeYeckc"i_dki_j["\[Xh[ek
ekjhWiWb[h]_WiZejhWjeh[if_hWjh_eikf[h_eh$
Feiebe]_W
Jf_Ye
9h_WdWiZ[(#+WdeiÅ(#)]ejWiZWfh[fWhWe_d\Wdj_b[cYWZWdWh_dW(l[p[iWeZ_WcWd^[de_j[$
9h_WdWi4,Wdei[7ZkbjeiÅ(#)Wjec_pW[iZWfh[fWhWeWZkbjW[cYWZWdWh_dWWYWZW'(^ehWi$
Fh[YWk[i
De[nY[Z[hWfeiebe]_Wh[Yec[dZWZW[dekiWhfehcW_iZ[)Z_Wi$
En_jeY_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DWen%IodjeY_dedWcfebW+K?%cB
IodjeY_dedifhWodWiWb*&K?%cB\hWiYe+cB
E
Kiei
Iebke_d`[j|l[bÅ_dZkeZefWhjefehhWp[icZ_YWi][ijWefhebed]WZW"hkfjkhWfh[cWjkhWZWXebiW"
^_f[hj[die_dZkp_ZWf[bW]hWl_Z[pÅfh#[YbWcfi_W$;ijckbeZWiYedjhW[i[cYWieii[b[Y_edWZeiZ[_dhY_W
kj[h_dW$:khWdj[Wef[hWeY[i|h[W"Z[fe_iZWh[j_hWZWZWYh_WdW$Fh[l[de[jhWjWc[djeZWWjed_Wkj[h_dW
[^[cehhW]_Wfi#fWhje$JhWjWc[djeZW^[cehhW]_Wfk[hf[hWb"ikX_dlebkekj[h_dW[begk_ec[jh_W"Yece
Wbj[hdWj_lWWeiWbYWb_Z[ikj[hejd_YeiZe[h]ej"[cckb^[h[igk[Z[l[c[l_jWh[ii[i\|hcWYei$JWcXcfeZ[
[ijWh_dZ_YWZedei[ij|]_ei_d_Y_W_iZW]hWl_Z[pYecej[hWf_WWkn_b_WhZeWXehje_dYecfb[je"_d[l_j|l[bek\Wb^e
Yec\[jecehje$
IfhWodWiWbÅ[ij_ckbWeZW[`[eZ[b[_j[[cckb^[h[iYecZ_ÓYkbZWZ[ifWhWWcWc[djWhek[njhW_heb[_j[$
Fh[l[de[jhWjWc[djeZe_d]kh]_jWc[djeb|Yj[eZWicWcWi[fh[l[deZWcWij_j[$
Feiebe]_W
7Zkbjei
?dZkeZejhWXWb^eZ[fWhjeÅ&"&&'#&"&&(K?%c_d?L"Wkc[djWdZe[c&"&&'#&"&&(K?WYWZW'+#)&c_dkjei"
Wjgk[WiYedjhW[ij[d^Wci_Ze[ijWX_b_pWZWi$:ei[c|n_cWÅ(&K?%c_d$
>[cehhW]_WWfiefWhje
?CÅ'&K?WfiefWhje$
?LÅ'&#*&K?[c'$&&&cBZ[ieheÓi_eb]_Ye1_d\kdZ_hWjgk[i[eXj[d^WeYedjheb[ZWWjed_Wkj[h_dW$
IfhWoÅWZei[kikWbZ['d[Xkb_pWe'Zei[]hWZkWZWZ[*kd_ZWZ[iZ[en_jeY_dW"WZc_d_ijhWZW(#+
c_dkjeiWdj[iZ[WcWc[djWhebWYj[dj[ekZ[h[j_hWheb[_j[YecWXecXWZ[ikYe$
(.(r
Fh[YWk[i
En_jeY_dWiec[dj[Z[l[i[hWZc_d_ijhWZWieX_d\kie_djhWl[deiW]ejWW]ejW[dkdYWfeh_d`[eikXYkj~d[W"
_djhWckiYkbWhek_djhWl[deiW[cXebki$:[l_ZeWikWb[l[Wj_l_ZWZ[Wdj_Z_khj_YW"WikWWZc_d_ijhWe
_djhWl[deiWfhebed]WZW[cZei[iWbjWi"`kdjeYec]hWdZ[ilebkc[iZ[bgk_Ze"YecefeZ[eYehh[hde
jhWjWc[djeZeWXehje_d[l_j|l[bek\Wb^eYec\[jecehje"ekdejhWjWc[djeZW^[cehhW]_Wfi#fWhje"feZ[
fheleYWh_djen_YWeWiieY_WZW}^_fedWjh[c_W$
FWdYkhd_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FWlkbed%FWdYkhedWcfebW*c]%(cB
Kiei
x_dZ_YWZeYeceWZ`klWdj[ZWWd[ij[i_W][hWbfWhW\WY_b_jWhW[djkXWe[dZejhWgk[Wb[fhecel[he
h[bWnWc[djeZWckiYkbWjkhW[igk[bj_YWZkhWdj[eifheY[Z_c[djeiY_hh]_YeiZ[cZ_W[bed]WZkhWe$
Feiebe]_W
?L
D[edWjei[9h_WdWiWj'WdeZ[_ZWZ[Å&"'c]%a]WYWZW)&#,&c_dkjeii[d[Y[ii|h_e$
?d\kieYedjdkWÅ&"&(#&"&*c]%a]%^ek&"*#&",cY]%a]%c_d$
9h_WdWiZ['#'(WdeiZ[_ZWZ[Å&"'+c]%a]WYWZW)&#,&c_dkjeii[d[Y[ii|h_e$
?d\kieYedjdkWÅ&"&)#&"'c]%a]%^ek&"+#'"-cY]%a]%^$
7Zeb[iY[dj[i[7ZkbjeiÅ&"'+c]%a]WYWZW)&#,&c_dkjeii[d[Y[ii|h_e$
?d\kieYedjdkWÅ&"&(#&"&*c]%a]%^ek&"*#&",cY]%a]%c_d$
Fh[YWk[i
7h[l[hieZeXbegk[_ed[kheckiYkbWh_dZkp_Zef[befWdYkhd_efeZ[i[h_diWj_i\Wjh_W[cfWY_[dj[igk[
[ij_l[h[ch[Y[X[dZeikb\WjeZ[cW]di_efWhWjen[c_W]hWlZ_YW"fe_ieiiW_iZ[cW]di_efej[dY_Wb_pWce
Xbegk[_ed[kheckiYkbWh$FehjWdje"fWY_[dj[i[ckieZ[ikb\WjeZ[cW]di_eZ[l[ch[Y[X[hZei[ic[deh[iZ[
fWdYkhd_e"W`kijWZWiYk_ZWZeiWc[dj[}h[ifeijWZ[YedjhWj_b_ZWZ[ckiYkbWh$
F
FWdjefhWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FWdjepeb%FWdjefhWpebÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW*&c]
Kiei
JhWjWc[djeZ[bY[hWffj_YWekZkeZ[dWb[ZWi[ie\W]_j[iZ[h[Ôkne"gkWdZeWl_WehWbdefkZ[hi[hkj_b_pWZW$
Feiebe]_W
7ZkbjeiÅ?LÅ*&c]'l[pWeZ_W$
Fh[YWk[i
7[ÓY|Y_W[cfWY_[dj[if[Z_|jh_YeiW_dZWde[ij|X[cZ[Ód_ZW$
r(.)
FWfWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FWfWdWf,$&&&K?%c]ÔWYed[j[']ÅC[Z_YWc[djeCWd_fkbWZe
FWfWdW*][bi[h_d]W'&]ÅC[Z_YWc[djeCWd_fkbWZe
FWfWdW'&][bi[h_d]W'&]ÅC[Z_YWc[djeCWd_fkbWZe
Kiei
9eceZ[iXh_ZWdj[gkc_Ye1XWYj[h_eij|j_Ye"XWYj[h_Y_ZW[Wdj__dÔWcWjh_e1dWfheceeZ[Yh[iY_c[dje
j[Y_ZkWbkd_\ehc[1fWhWZ_c_dk_hW\ehcWeZ[gk[b_Z[if[beWkc[djeZW\ehWj
di_bZWY_YWjh_p$
Feiebe]_W
Jf_Ye
B[i[iYecj[Y_ZeZ[]hWdkbWeÅWfb_YWh[cWdj[h]Wp[i[cX[X_ZWi[ckcWiebkeW"dec|n_ce"($
<[h_ZW[nikZWj_lWekd[Yhei[Z[b_gk[\WeÅbWlWhW\[h_ZWYec`WjeiZ[iebkeZ[fWfWdWZ_bkZWW*#,
ekWfb_YWh[cWdj[h]Wp[i[cX[X_ZWid[iiWiebke1feZ[#i[kj_b_pWhkcYh[c[%][bdWc[icWYedY[djhWe$
B[i[iYecd[Yhei[Z[YeW]kbWeÅ[iYWh[Yjec_WÅkj_b_pWhiebkeZ[.#'&"Wfb_YWdZe#W[c]Wp[i
[cX[X_ZWid[iiWiebke[Z[_nWdZe#WieXh[W\[h_ZWfeh'&#'+c_dkjei1feZ[#i[kj_b_pWhkcYh[c[%][bdW
c[icWYedY[djhWe$
Fh[YWk[i
:[l[i[h[cfh[]WZWYecYWkj[bW[cfWY_[dj[i^[fWjefWjWi"gk[Wfh[i[dj[cZ[ÓY_
dY_WZ[Wb\WWdj_jh_fi_dW
ekZ_ijhX_eZ[YeW]kbWe$
FWfWl[h_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>ofel[h_d'&&c]%(cBWcfebW
Kiei
;cjeZeieij_feiZ[[ifWicei_dj[ij_dW_i"]|ijh_Yei[Xhedgk_W_i1Wd]_dWZef[_je1Z_ih_jc_WiYWhZWYWi1
[cXeb_WWhj[h_Wb"f[h_\h_YW[fkbcedWh$
F
Feiebe]_W
7Zkbjei
?djhW#Whj[h_WbÅ*&c]ZkhWdj['#(c_dkjei$
?L%?CÅ)&#'(&c]WYWZW)^ehWi$
?L[cYWieikh][dj[iÅ'&&c]b[djWc[dj[ZkhWdj[(c_dkjeiWYWZW)^ehWi$
9h_WdWiÅ,c]%a]WYWZW,^ehWi$
Fh[YWk[i
7WZc_d_ijhWe[dZel[deiWYedjhW#_dZ_YWZWfWhWfWY_[dj[iYeceXijhkeWjh_el[djh_YkbWh["[cjeZei
eifWY_[dj[i"Z[l[i[hb[djW"fe_ifeZ[b[lWhWWhh_jc_WiYWhZWYWi$:[l[#i[j[hWj[deYecfWY_[dj[iYec
]bWkYecWekZ[fh[iie\kdY_edWbZec_eY|hZ_egk[[ij_l[h[c\Wp[dZekieZ[fWfWl[h_dW$
(.*r
FWhWY[jWceb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Job[debYecfh_c_Ze-+&c]
:h_YeYecfh_c_Ze-+&c]
Job[deb]ejWi(&&c]%cB\hWiYe'+cB'cB3'*#',]ejWi
:h_Ye]ejWi(&&c]%cB\hWiYe'+cB'cB3(&]ejWi
Kiei
JhWjWc[djeZWZehceZ[hWZW[\[Xh[$
Feiebe]_W
9h_WdWi2'(WdeiÅ'&#'+c]%a]%Zei[WYWZW*#,^ehWiYeced[Y[ii|h_e1de[nY[Z[h+Zei[iZ_|h_Wi$
9h_WdWi¨'(Wdei[7ZkbjeiÅ+&&#'$&&&c]%Zei[Yec_dj[hlWbeiZ[*#,^ehWi[djh[YWZWWZc_d_ijhWe$:ei[
c|n_cWÅ*]%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWhWYWZW,^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW.^ehWi$
FWhen[j_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7hefWnYecfh_c_Ze(&c]
Kiei
JhWjWc[djeZWZ[fh[iie1idZhec[Zef~d_Ye1idZhec[eXi[ii_le#Yecfkbi_lW1Wdi_[ZWZ[$
Feiebe]_W
LE
7Zkbjei
:[fh[iie[Wdi_[ZWZ[Å(&c]'l[pWeZ_Wfh[\[h[dY_Wbc[dj[def[heZeZWcWd^$:ei[c|n_cWÅ
+&c]%Z_W$
FWY_[dj[i_Zeiei"Z[X_b_jWZei[YecfheXb[cWi^[f|j_Yeiekh[dW_iÅ_d_Y_WhjhWjWc[djeYec'&c]%Z_W1
W`kijWhWZei[[c_dj[hlWbeiZ['i[cWdW$:ei[c|n_cWÅ*&c]%Z_W$
IdZhec[Zef~d_Ye[idZhec[eXi[ii_le#Yecfkbi_lWÅWZei[Z_|h_Wh[Yec[dZWZWZ[*&c]1[iiW
Zei[Z[l[i[hZWZW["Z[fe_iZ[kcWWlWb_WeWZ[gkWZW"i[hWkc[djWZW[c(&c]%Z_W$
F
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec^_ijh_YeZ[Yedlkbi[i"cWd_W"fheXb[cWih[dW_i"YWhZWYei"fWY_[dj[i
ik_Y_ZWi"Yh_WdWi[ckb^[h[iWcWc[djWdZe$
F[d_Y_b_dW=8[dpWj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[dp[jWY_b%Bed]WY_b_d\hWiYe#WcfebW,&&$&&&K?
8[dp[jWY_b%Bed]WY_b_d\hWiYe#WcfebW'$(&&$&&&K?
r(.+
Kiei
?d\[Y[i[ijh[fjeYY_YWi]hkfe7"i[cXWYj[h[c_Wb[l[i[ceZ[hWZWiZejhWjeh[if_hWjh_eikf[h_eh[ZWf[b[1
_d\[Y[il[dh[WiYeceiÓb_i"XekXW"X[`[biÓb_i[dZ
c_YW[f_djW1fheÓbWn_WZW]bec[hkbed[\h_j[W]kZW[
Ze[dWh[kc|j_YW1fheÓbWn_WZ[h[Yehh
dY_WiZW\[Xh[h[kc|j_YW[%ekYeh_W$
Feiebe]_W
?C
D[edWjei
4'"(a]
IÓb_iYed]
d_jWWii_djec|j_YWÅ+&$&&&K?%a]fWhW'Zei[$
9h_WdWiZ['c
i#'(Wdei
?d\[Y[iZejhWjeh[if_hWjh_eikf[h_ehfehIjh[fjeYeYYki]hkfe7Å(+$&&&#+&$&&&K?%a][cZei[d_YW$:ei[
c|n_cWÅ'"(c_b^eZ[K?%Zei[$
2(-a]Å)&&$&&&#,&&$&&&K?[cZei[d_YW$
¨(-a]Å/&&$&&&K?[cZei[d_YW$
FheÓbWn_WZW\[Xh[h[kc|j_YWÅ(+$&&&#+&$&&&K?%a]ZkhWdj[)#*i[cWdWiYedi[Ykj_lWi$:ei[c|n_cWÅ
'"(c_b^eZ[K?%Zei[$
IÓb_iYed]
d_jWÅ+&$&&&K?%a]ZkhWdj[)i[cWdWi$:ei[c|n_cWÅ("*c_b^[iZ[K?%Zei[$
IÓb_iYeccW_iZ['WdeZ[ZkhWeÅ+&$&&&K?%a]ZkhWdj[)i[cWdWiYedi[Ykj_lWi$:ei[c|n_cWÅ
("*c_b^[iZ[K?%Zei[$
7Zkbjei
?d\[Y[iZejhWjeh[if_hWjh_eikf[h_ehfehIjh[fjeYeYYki]hkfe7Å'"(c_b^eZ[K?[cZei[d_YW$
FheÓbWn_WZW\[Xh[h[kc|j_YWÅ'"(c_b^eZ[K?WYWZW)#*i[cWdWiek,&&$&&&K?(l[p[ifehc
i$
IÓb_ifh_c|h_WÅZei[d_YWÅ("*c_b^[iZ[K?[c(beYW_iZ[Wfb_YWe$
IÓb_iYeccW_iZ['WdeZ[ZkhWeÅ("*c_b^[iZ[K?i[cWdWbc[dj[[c(beYW_iZ[Wfb_YWe"'l[pfeh
i[cWdWZkhWdj[)i[cWdWiYedi[Ykj_lWi$
Fh[YWk[i
xYedjhW#_dZ_YWZWfWhWfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWi$KiWhYecYWkj[bW[cfWY_[dj[iYec
9bYh2+&cB%c_d"[cfWY_[dj[iYecZ_i\kd[iYWhZWYWiekYedlkbi[ifh[[n_ij[dj[i$
F
F[d_Y_b_dW=Fej|ii_YW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9h_ijWbf[d%8[cp_bf[d_Y_b_dW=Fej|ii_YW\hWiYe#WcfebW+$&&&$&&&K?
Kiei
?d\[Y[ifehWb]kdic_Yheeh]Wd_icei]hWc#fei_j_lei"[c][hWb"Yec[nY[eZ[IjWf^obeYeYYkiWkh[ki1
_d\[Y[ifehWb]kdic_Yheeh]Wd_icei]hWc#d[]Wj_leiYeceD[_ii[h_W]edehh^e[W[[fehWb]kdiWdW[hX_ei
[[if_hegk[jWi$
Feiebe]_W
?C%?L
D[edWjei
2-Z_Wi"2(a]Å+&$&&&K?%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
2-Z_Wi"4(a]Å+&$&&&K?%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4-Z_Wi"2(a]Å-+$&&&K?%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
4-Z_Wi"4(a]Å'&&$&&&K?%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
(.,r
9h_WdWiZ['c
i#'(WdeiÅ'&&$&&&#(+&$&&&K?%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*^ehWi$
?d\[Yei[l[hWÅZei[Z[Wj*&&$&&&K?%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*^ehWi$:ei[c|n_cWÅ
(*c_b^[iZ[K?%Z_W$
IÓb_iYed]
d_jW
D[edWjeiÅ+&$&&&K?%a]%Z_W?LWYWZW.#'(^ehWiZkhWdj['&#'*Z_Wi$
9h_WdWiÅ+&$&&&K?%a]WYWZW*#,^ehWiZkhWdj['&#'*Z_Wi$
?d\[Y[i]edeYY_YWiZ_ii[c_dWZWieke\j|bc_YWiYWiej[d^Wi_ZefhelWZWi[di_X_b_ZWZ[Å
'&&$&&&K?%a]%Z_W[c(Zei[i_]kW_i*Zei[i_]kW_ifehZ_WfWhWYh_WdWiYeccW_iZ['i[cWdW$
C[d_d]_j[]edeYY_YWÅ'+&$&&&K?%a][c(Zei[i_]kW_i*Zei[i_]kW_ifWhWYh_WdWiYeccW_iZ['i[cWdW$
7ZkbjeiÅ(#(*c_b^[iZ[K?%Z_W[cZei[iZ_l_Z_ZWiWYWZW*^ehWi"Z[f[dZ[dZeZWi[di_X_b_ZWZ[Ze
eh]Wd_ice[ZWi[l[h_ZWZ[ZW_d\[Ye$
D[kheiiÓb_iÅ'.#(*c_b^[iZ[K?%Z_W[cZei[iZ_l_Z_ZWiWYWZW)#*^ehWiZkhWdj['&#'*Z_Wi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh)&#+&cB%c_dÅWZc_d_ijhWhWYWZW,^ehWi$
9bYh'&#)&cB%c_dÅWZc_d_ijhWhWYWZW.^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW'(^ehWi$
Fh[YWk[i
xYedjhW#_dZ_YWZefWhWfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWi$;l_jWhWZc_d_ijhWe_djhW#Whj[h_Wbek
_d`[eZ[djheekf[hjeZ[d[hleif[h_\h_Yeifh_dY_fW_iekl[_Wi"fe_ifeZ[eYehh[hZWded[khelWiYkbWhi[l[he
[%ekf[hcWd[dj[$KiWhYecYWkj[bW[cYWieZ[Yedlkbi[ifh[[n_ij[dj[iek^_ijh_YeZ[^_f[hi[di_X_b_ZWZ[$
F[d_Y_b_dW=FheYWdW!F[d_Y_b_dW=Fej|ii_YW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[dWf[d%:[ifWY_b_dW\hWiYe#WcfebW*&&$&&&K?f[d_Y_b_dW=fheYWdW)&&$&&&K?!f[d_Y_b_dW=fej|ii_YW
'&&$&&&K?
Kiei
;ij|_dZ_YWZedejhWjWc[djeZ[_d\[Y[iceZ[hWZWc[dj[ih_Wi"YWkiWZWifehc_Yheeh]Wd_iceii[dil[_i
}X[dp_bf[d_Y_b_dWYece0_d\[Y[i[ijh[fjeYY_YWi"_d\[Y[ifd[kceYY_YWi"_d\[Y[i[ijWÓbeYY_YWi"
\kie[if_hegk[jei["9ehodeXWYj[h_kcZ_f^j^[h_W["WdjhWp"fheÓbWn_WZW[dZeYWhZ_j[XWYj[h_WdW[cfWY_[dj[i
Yecb[i[iYWhZWYWiYed]
d_jWiekWZgk_h_ZWi"_dYbk_dZeWZe[dWh[kc|j_YW"gk[_heikXc[j[h#i[WY_hkh]_W
Z[dj|h_WekWfheY[Z_c[djeiY_hh]_YeidejhWjeh[if_hWjh_eikf[h_eh$
F
Feiebe]_W
?C
9h_WdWi[7Zkbjei
Fd[kced_Wfd[kceYY_YW"ceZ[hWZWc[dj[ih_Wde#Yecfb_YWZWÅ,&&$&&&#'$(&&$&&&K?%Z_W$
?d\[Y[i[ijh[fjeYY_YWiceZ[hWZWc[dj[ih_WiW]hWl[iÅ,&&$&&&#'$(&&$&&&K?%Z_Wdecd_cefeh'&Z_Wi$
?d\[Y[i[ijWÓbeYY_YWiceZ[hWZWc[dj[ih_WiW]hWl[iÅ,&&$&&&#'$(&&$&&&K?%Z_W$
Fd[kced_Wi[_d\[Y[i[ijh[fjeYY_YWi]hkfe7[[ijWÓbeYY_YWi[cYh_WdWi2(-a]Å)&&$&&&K?%Z_W$
:_\j[h_WYeceWZ`kdjeWWdj_jen_dWÅ)&&$&&&#,&&$&&&K?%Z_W$
:_\j[h_W[hhWZ_YWe[cfehjWZeh[iÅ)&&$&&&K?%Z_WZkhWdj['&Z_Wi$
7djhWpYkj~d[eÅ,&&$&&&#'$(&&$&&&K?%Z_W$
<khe[if_hegk[jei[i_d\[Y[iZ[L_Y[djÅ,&&$&&&#'$(&&$&&&K?%Z_W$
r(.-
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec^_ijh_YeZ[Wb[h]_W[%ekWicW$
F[djen_Ób_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Jh[djWbYecfh_c_Ze*&&c]
Jh[djWbWcfebW'&&c]%+cB
Kiei
:e[dWieYbki_lWiWhj[h_W_if[h_\h_YWi[Z_ijhX_eiWhj[h_el[deieiZ[dWjkh[pWWj[heiYb[hj_YWekZ_WXj_YW
YbWkZ_YWe_dj[hc_j[dj[[Zeh[ch[fekie[Z_ijhX_eijhÓYeibY[hWdWif[hdWi[]Wd]h[dW1Wbj[hW[i
Y_hYkbWjh_WiY[h[XhW_ii[g[bWiZ[Wj[heiYb[hei[Y[h[XhWbYece0Z_ÓYkbZWZ[Z[YedY[djhWe"l[hj_][c"
Yecfhec[j_c[djeZ[c[ch_W1[ijWZei_igk
c_Yei[fi#Wfefbj_Yei1Z_ijhX_eiY_hYkbWjh_eiZeieb^eiek
ekl_Ze_dj[hdeWiieY_WZeiWfheY[iieilWiYkbWh[iZ[][d[hWj_lei[Yecfhec[j_c[djeZWl_ieekWkZ_e$
Feiebe]_W
J[hWf_WYecX_dWZW
7Zkbjei
?d\kie[dZel[deiWÅh[Wb_pWh(_d\ki[iZ_|h_WiZ[(&&c]%(+&cBek)&&c]%+&&cBfehkcf[heZeZ[
'(&#'.&c_dkjeiYWZWkcW$
LEÅ.&&c]WfiW_d\kieZWjWhZ[$
;cZei[iYecX_dWZWiehWb![dZel[deiW$:ei[c|n_cWÅ'$(&&c]%Z_W$
GkWdZeWiYedZ_[if[hc_j_h[ciec[dj['_d\kieZ_|h_WÅWZc_d_ijhWh"WZ_Y_edWbc[dj[".&&c]Wec[_e#
Z_W[*&&c]}de_j["WfiW_d\kie$
9WieiWlWdWZeiZ[Zehi[l[hW[ch[fekie"]Wd]h[dWekkbY[hWeÅh[Wb_pWh_d\kie[dZel[deiW]ejWW]ejW
feh(*^ehWi$:ei[c|n_cWÅ'$(&&c]ek&",c]%a]%^$
J[hWf_WehWbÅ*&&c](#)l[p[iWeZ_W$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh2)&cB%c_dÅh[Zkp_hWZei[fWhW)&#+&$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YWÅh[Zkp_hWZei[_dZ_l_ZkWbc[dj[$
F
Fh[YWk[i
:[l[#i[_d_Y_WhejhWjWc[djeYecXW_nWiZei[i[cfWY_[dj[iYec^_fej[dieek[cfWY_[dj[iYk`WY_hYkbWe
_dij|l[b"Wii_cYecedWgk[b[igk[Wfh[i[djWch_iYe[if[Y_WbZ[Yehh[dj[Z[kcWh[ZkeZWfh[iieWhj[h_Wb$
F[h_Y_Wp_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D[kb[fj_b*]ejWi\hWiYe(&cB'cB3*&]ejWi
Kiei
JhWjWc[djeZ[Z_ijhX_eiZeYWh|j[h[ZeYecfehjWc[dje"h[l[bWdZe#i[fWhj_YkbWhc[dj[[ÓYWpde
jhWjWc[djeZ[Z_ijhX_eiYWhWYj[h_pWZeifehWkj_ice"d[]Wj_l_ice"Z[i_dj[h[ii["_dZ_\[h[dW"XhWZ_fi_gk_ice"
(..r
WfhW]cWj_ice"ikiY[j_X_b_ZWZ["_cfkbi_l_ZWZ["efei_e"^eij_b_ZWZ["_hh_jWX_b_ZWZ["W]h[ii_l_ZWZ["h[W[iZ[
\hkijhWe"^_f[h[cej_l_ZWZ["[]eY[djh_ice"_dijWX_b_ZWZ[fi_YecejehW[W\[j_lW"Z[iW`kijWc[djei$
Feiebe]_W
LE
9h_WdWi
;ijWZeiZ[W]h[ii_l_ZWZ[Å'c]fehWdeZ[_ZWZ[$
7Zkbjei
;ijWZeiZ[W]h[ii_l_ZWZ[Å'&#,&c]%Z_W$
Fi_Yei[iZ[[lebkebed]WÅ'&&#(&&c]%Z_W$:ei[Z[cWdkj[deÅ+&#'&&c]$
?Zeiei
;ijWZeiZ[W]h[ii_l_ZWZ[Å+#'+c]%Z_W$
Fh[YWk[i
:[l[#i[b[lWh[cYedi_Z[hWeWfh[i[dWZ[|bYeebdW\ehckbWeZefheZkje$7Wfh[i[djWe
Z[iWYedi[b^WZW[cf[iieWigk[j[d^WcWbj[hW[i^[f|j_YWi"[cYWieZ[WbYeeb_ice"[f_b[fi_W"Z_ijhX_ei
Y[h[XhW_iZ[eh_][cjhWkc|j_YWekc[Z_YWc[djeiW$
F[hcWd]WdWjeZ[Fej|ii_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F[hcWd]WdWjeZ[Fej|ii_eÔWYed[j[)+c]ÅC[Z_YWc[djeCWd_fkbWZe
Kiei
x_dZ_YWZefWhWb_cfWh[Z[ieZeh_pWhh[W[i[Yp[cWjeiWiikfkhWj_lWi[\[h_c[djei$
Feiebe]_W
Jf_Ye
:_bk_h)+c][c'$*&&cBZ[|]kW$<Wp[hYecfh[iiWdWib[i[iYed\ehc[Yh_jh_ecZ_Ye$
F
F[hn_ZeZ[>_Zhe]
d_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F[henobiebke'"+\hWiYe(),cB
Ü]kWEn_][dWZW'&leb$Wbcejeb_W'&&cB
Ü]kWEn_][dWZW'&leb$\hWiYe'$&&&cB
Kiei
Ü]kWEn_][dWZWÅYeceWdj_#ifj_YebeYWb[^[ceij|j_YedeYkhWj_leZ[\[h_c[djei$
F[henobÅYeceW][dj[Z[b_cf[pW[Z[h[ceeZ[j[Y_Zeib[iWZei[c\[h_c[djeiehW_i1fWhWkiej[cfeh|h_e
dWb_cf[pWZ[W\jWi[f[gk[dWib[i[iek_dÔWcW[iZW][d]_lWh[ikbjWdj[iZ[_dj[hl[d[ieZedjeb]_YWi1
h[ceeZ[h[iZkei\WY_b_jWdZeWYkhWdWjkhWb$
Feiebe]_W
Ü]kWEn_][dWZW
Jf_YeÅWfb_YWhZ_h[jWc[dj[dWb[ie(l[p[iWeZ_WekWYh_jh_ecZ_Ye$H[j_hWhe[nY[iieWfiWWfb_YWe$
r(./
F[henob
9h_WdWi4,Wdei[7Zkbjei
8kYWbÅXeY^[Y^WhYec'%(jWcfW(Yeb^[h[iZ[Y^|fehWfhen_cWZWc[dj['c_dkje$KiWhWj*l[p[iWeZ_W
WfiWih[\[_[i[dW^ehWZ[Zehc_hekYed\ehc[eh_[djWZef[beZ[dj_ijWekcZ_Ye$
Fh[YWk[i
7iebkefWhW[dn|][XkYWbdeZ[l[i[h_d][h_ZW[d[ckiWZW[cYh_WdWic[deh[iZ[,WdeiZ[_ZWZ[$
F_beYWhf_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F_beYWhf_dWiebkee\j|bc_YW(\hWiYe'&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
JhWjWc[djeZe]bWkYecWYhd_Yei_cfb[i1]bWkYecWZ[~d]kbe\[Y^WZe[fWhWh[l[hj[he[\[_jeZeYebh_eY_Ybef]_Ye$
Feiebe]_W
Jf_Yee\j|bc_Ye
7ZkbjeiÅ_dij_bWh'#(]ejWi(#*l[p[iWeZ_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ[i]Wij[dWYhd[W"_dikÓY_
dY_WYWhZWYWYed][ij_lW"WicW"bY[hWffj_YW"
eXijhkedejhWjekh_d|h_e"Ze[dWZ[FWha_died[]bWkYecWZ[~d]kbe[ijh[_je$
F_dWlh_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_Y[j[bYecfh_c_Ze+&c]
F
Kiei
JhWjWc[djei_djec|j_YeZWZehekZ[iYed\ehjeWXZec_dWb"ZeiZ_ijhX_eiZW\h[g
dY_WekYedi_ij
dY_W
ZWi[lWYkW[iYedij_fWeekZ_Whh_W[ZWZ_ij[dieWXZec_dWbZ[Yehh[dj[ZeijhWdijehdei\kdY_edW_i
Ze_dj[ij_de1jhWjWc[djei_djec|j_YeZWiZeh[iZ[Yehh[dj[iZeijhWdijehdei\kdY_edW_iZWil_WiX_b_Wh[i1
fh[fWhWeZ[[d[cWiefWYei$
Feiebe]_W
LE
H[Yec[dZW#i[WWZc_d_ijhWeZ['Yecfh_c_ZeZ[+&c])#*l[p[iWeZ_Wek'&&c](l[p[iWeZ_W$
;nY[fY_edWbc[dj["Wfeiebe]_WfeZ[i[hWkc[djWZWfWhW)&&c]%Z_W$
Fh[fWhWeZ[[d[cWiefWYeiÅ(&&c]%Z_Wdei)Z_WiWdj[h_eh[iWe[nWc[$
Fh[YWk[i
DeZ[l[i[hkiWZeZkhWdj[W]hWl_Z[p"fe_iWfh[i[dWZ[XhecefeZ[YWkiWhWbj[hW[id[kheb]_YWi[c
h[Yc#dWiY_Zei$
(/&r
F_e]b_jWpedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7YjeiYecfh_c_Ze'+c]
Kiei
JhWjWc[djeZeZ_WX[j[ic[bb_jkij_fe??1Yececedej[hWf_W[jWcXcfWhWkie[cYecX_dWeYec
ikb\ed_bkh_W"c[j\ehc_dW[_dikb_dW$
Feiebe]_W
LE
7ZkbjeiÅYececedej[hWf_Wek[cWiieY_WeYecekjheiWdj_Z_WXj_Yei"'+#)&c]%Z_W$7Zei[feZ[i[h
Wkc[djWZW"Z[WYehZeYecWh[ifeijWYbd_YW"Wjec|n_ceZ[*+c]%Z_W$
Fh[YWk[i
H_iYeZ[elkbWe[cckb^[h[idWfh#c[defWkiW$FeZ[Wkc[djWhelebkc[fbWic|j_Ye$:eiWh[dp_cWi
^[f|j_YWiWdj[iZe_dY_eZejhWjWc[dje[WYWZW(c[i[iZkhWdj[e'±WdeZ[jhWjWc[dje$
F_f[hWY_b_dW!JWpeXWYjWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
JWpeY_d%F_f[hWY_b_dW!JWpeXWYjWcÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebWf_f[hWY_b_dW*]!
jWpeXWYjWc+&&c]
Kiei
7ZkbjeiÅ_d\[Y[iZejhWjeh[if_hWjh_e_d\[h_eh1_d\[Y[iZejhWjekh_d|h_eYecfb_YWZWekde#Yecfb_YWZW1
_d\[Y[i_djhW#WXZec_dW_i1_d\[Y[iZWf[b[[ikWi[ijhkjkhWi1i[fj_Y[c_WXWYj[h_WdW1_d\[Y[i
]_d[Yeb]_YWi"_dYbk_dZe[dZec[jh_j[fi#fWhje[_dÔk
dY_W_dÔWcWjh_Wfbl_YW1_d\[Y[id[kjhef
d_YWi
\[Xh_i"[cWiieY_WeWkcWc_de]b_YeiZ[e1_d\[Y[ieij[eWhj_YkbWh[i1_d\[Y[ifeb_c_YheX_WdWi
c_Yheeh]Wd_icei]hWc#d[]Wj_lei%]hWc#fei_j_leiW[hX_ei[WdW[hX_ei$
9h_WdWiÅ_d\[Y[id[kjhef
d_YWi\[Xh_i[cWiieY_WeWkcWc_de]b_YeiZ[e1_d\[Y[i_djhW#WXZec_dW_i
[cYh_WdWi¨(Wdei$
F
Feiebe]_W
?L
9h_WdWi
2,c[i[iÅ'+&#)&&c]Z[f_f[hWY_b_dW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$
¨,c[i[iÅ(*&c]Z[f_f[hWY_b_dW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.^ehWi$
?d\[Y[ii[l[hWifehfi[kZecedWiÅ)&&#*&&c]Z[f_f[hWY_b_dW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
7ZkbjeiÅ*]Z[f_f[hWY_b_dWWYWZW.^ehWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh(&#*&cB%c_dÅZ_c_dk_hWZei[[c)&[WZc_d_ijhWhWYWZW,^ehWi$
9bYh2(&cB%c_dÅZ_c_dk_hWZei[[c)&[WZc_d_ijhWhWYWZW.^ehWi$
>[ceZ_|b_i[Å7ZkbjeiÅWZc_d_ijhWh("(+]f_f[hWY_b_dW!jWpeXWYjWcWYWZW.^ehWi"YeckcWZei[WZ_Y_edWb
Z[&"-+]f_f[hWY_b_dW!jWpeXWYjWcWfiYWZWZ_|b_i[$
r(/'
Fh[YWk[i
xYedjhW#_dZ_YWZWfWhWfWY_[dj[iYec^_f[hi[di_X_b_ZWZ[Wf[d_Y_b_dWi$KiWhYecYWkj[bW[cfWY_[dj[iYec
^_f[hi[di_X_b_ZWZ[WY[\Wbeifeh_dWiekekjhei_d_X_Zeh[iZ[X[jW#bWYjWcWi[[[cfWY_[dj[iYecYedlkbi[i
fh[[n_ij[dj[i$
F_f[h_ZebWje!>[if[h_Z_dW!L_jWc_dW9
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:WYj_b#E8Zh|][WYbeh_ZhWjef_f[h_ZebWje'&&c]!^[if[h_Z_dW#Yecfb[ne+&c]!l_j$9+&c]
Kiei
9eceWkn_b_WhdWfh[l[deZ[fWhjefh[cWjkhe$
Feiebe]_W
Ckb^[h[iÅLEÅ'Zh|][W*l[p[iWeZ_W"Z[f[dZ[dZeZWh[ifeijWZWfWY_[dj[$
F_hWp_dWc_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F_hWp_dWc_ZWYecfh_c_Ze+&&c]
Kiei
;cYecX_dWeYecekjheiWdj_jkX[hYkbeij|j_YeifWhWjhWjWc[djeZWjkX[hYkbei[YWkiWZWfeh
CoYeXWYj[h_kcjkX[hYkbei_i$
Feiebe]_W
LE
9h_WdWi[7Zeb[iY[dj[iÅ(&#*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(#(*^ehWideifh_c[_hei(c[i[iZ[
jhWjWc[dje$:ei[c|n_cWÅ(]%Z_W$
7ZkbjeiÅ'+#)&c]%a]%Z_W[cZei[iZ_l_Z_ZWi'#*l[p[ifehZ_Wdeifh_c[_hei(c[i[iZ[jhWjWc[dje$:ei[
c|n_cWÅ)]%Z_W$
F
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#+&cB%c_dÅ[ij[dZ[he_dj[hlWbeZ[Zei[fWhW*.#-(^ehWi$
9bYh2'&cB%c_dÅ[ij[dZ[he_dj[hlWbeZ[Zei[fWhW-(^ehWi$
Fh[YWk[i
KieYecYWkj[bW[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb"]ejW[Z_WX[j[ic[bb_jki$DekiWh[cfWY_[dj[iYec
Ze[dW^[f|j_YW$
F_hen_YWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
<[bZ[d[Yecfh_c_ZeikXb_d]kWb(&c]
(/(r
Kiei
:e[dWi_dÔWcWjh_Wi"Z[iehZ[dih[kc|j_YWi[Z_ic[dehh_W$
Feiebe]_W
LE%?L
7Zkbjei
7hjh_j[h[kcWj_Z["eij[eWhjh_j[[[ifedZ_b_j[Wdgk_beiWdj[ÅZei[_d_Y_Wbh[Yec[dZWZWÅ(&c]%Z_W"[cZei[
d_YW$7cW_eh_WZeifWY_[dj[ii[h|cWdj_ZWYec(&c]%Z_W"kcf[gk[de]hkfefeZ[i[hcWdj_ZeYec
'&c]%Z_W"[dgkWdjeekjheifeZ[hed[Y[ii_jWhZ[)&c][cZei[d_YWek\hWY_edWZW$
:_ijhX_eickiYkbe[igk[bj_YeiW]kZeiÅZ[l[#i[_d_Y_WhYec*&c]%Z_Wdeifh_c[_hei(Z_Wi[cZei[d_YWek
\hWY_edWZW$FWhWeiZ_Wih[ijWdj[i"Zef[heZeZ[jhWjWc[djeZ[-#'*Z_Wi"WZei[Z[l[i[hZ[(&c]%Z_W$
=ejWW]kZWÅ_d_Y_WhYeckcWd_YWZei[Z[*&c]%Z_W"i[]k_ZWdeifhn_cei*#,Z_Wifeh*&c]%Z_W[cZei[
d_YWek\hWY_edWZW$
:ehfi#jhWkc|j_YW[fi#ef[hWjh_WÅ_d_Y_WhYec(&c]%Z_W[cZei[d_YW$
:_ic[dehh_Wfh_c|h_WÅ_d_Y_Whbe]edeYec[eZeikh]_c[djeZeii_djecWiYec*&c][cZei[d_YWZ_|h_W"
dei(fh_c[_heiZ_WiZef[heZec[dijhkWb1i[d[Y[ii|h_e"(&c]%Z_W[cZei[d_YWZ_|h_Wde)±"*±[+±Z_W$
Fh[YWk[i
7feiebe]_W[W_dZ_YWefWhWekie[cYh_WdWiW_dZWde\ehWc[ijWX[b[Y_ZWi$
FbWdjW]eElWjWÓXhWiZ[Fiobb_kc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C[jWckY_b[dl[bef[+".]Yehh[ifedZ[dj[W)"*]Z[ckY_b_Z[^_ZhÓbeZ[Fiobb_kc
Kiei
JhWjWc[djeZWeXij_fWeYeceh[]kbWZeh_dj[ij_dWb1Ze[dWigk[[lebk[cYecWbj[hd~dY_WZ[[f_iZ_eiZ[
Z_Whh_W[Yedij_fWe_dj[ij_de_hh_j|l[b"Z_l[hj_Ykbei[1h[]kbWeZW[lWYkWe[cfWY_[dj[ifehjWZeh[iZ[
~dkiWhj_ÓY_WbYebeijec_W1Yedij_fWe_dj[ij_dWbYhd_YW^WX_jkWbekZ[Yehh[dj[ZWf[hcWd
dY_Wdeb[_je
Wfief[hW[iY_hh]_YWi"fehWbj[hW[iZWZ_[jW"l_W][diekjhWjWc[djeifhebed]WZeiYecbWnWdj[ifej[dj[i1
Z_Whh_WiZ[eh_][c\kdY_edWb[YeceWZ`klWdj[[cYWieiZ[Ze[dWZ[9he^d"X[cYeceZ[iWhhWd`e_dj[ij_dWb
YWkiWZefehc[Z_YWc[djeehb_ijWj1fheY[iieifheYjeb]_YeiYece^[cehh_ZWi"\ijkbWiWdW_iekWXY[iie
WdWb"Yech[ZkeZWZehZ[Z[\[YWe[\WY_b_jWeZW[lWYkWeZWi\[p[i1_d][ije_dikÓY_[dj[Z[ÓXhWi1
Yecfb[c[djeZW_d][ijeZ_|h_WZ[ÓXhWi"Yece[cZ_[jWiZ[[cW]h[Y_c[dje1Z_ijhX_eic[jWXb_YeiYece
^_f[hb_f[c_WdejhWjWc[djeYeWZ`klWdj[ZWj[hWf_W\ehcWb$
F
Feiebe]_W
LEÅZ[if[`WhWgkWdj_ZWZ[_dZ_YWZW[ckcYefelWp_e"Yecfb[jWheYefeYec|]kWekekjhWX[X_ZW[c
gkWdj_ZWZ[ikÓY_[dj[fWhW[l_jWheXijhkeZW]Wh]WdjW"W]_jWhYecl_]eh[X[X[h_c[Z_WjWc[dj[$E[\[_je
i[h|c[b^ehjecWdZe#i[kcYefeZ[|]kWWZ_Y_edWb$
9h_WdWi2,WdeiÅiec[dj[WYh_jh_ecZ_Ye$
9h_WdWiZ[,#'(WdeiÅ'%(iWY^
("/][c(*&cBZ[|]kWekekjhebgk_Ze'#)l[p[iWeZ_W$
7ZkbjeiÅ'iWY^
+".][c(*&cBZ[|]kWekekjhebgk_Ze'#)l[p[iWeZ_W$
Fh[YWk[i
DeZ[l[i[hkiWZe[cYWieiZ[eXijhke_dj[ij_dWbek_cfWYjWe\[YWb$DekiWhefheZkjeWdj[iZ[YedikbjWh
ecZ_Ye[cYWieZ[iWd]hWc[djeh[jWb"ZehWXZec_dWb"d|ki[Weklc_je"X[cYeceZ_Wdj[ZWikif[_jWZ[
c[]WYbedZ[[j_ebe]_WY^W]|i_YW$Deh[Yec[dZWZeekieYecZ_]_j|b_Yei"Wdj_Z_Whh_Yei[_d_X_Zeh[iZW
r(/)
cej_b_ZWZ[_dj[ij_dWbieXeh_iYeZ[eXijhke_dj[ij_dWb$DeYedjcWYWh$DeZ[l[i[hkiWZe
feh\[d_bY[jedh_Yei$
Feb_[ij_h[deiikb\edWjeZ[9|bY_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IehYWb[dl[bef[)&]
IehYWbÔWYed[j[']
']Z[IehYWbYedjc/&&c]Z[feb_[ij_h[deiikb\edWjeZ[Y|bY_e
Kiei
JhWjWc[djeZW^_f[hfejWii[c_W[cYWieiZ[_dikÓY_
dY_Wh[dWb$
Feiebe]_W
LE
9h_WdWi
>_f[hfejWii[c_WW]kZWÅ']%a]%Z_W[cZei[iZ_l_Z_ZWi$
JhWjWc[djeZ[cWdkj[eÅ&"+c]%a]%Z_W[cZei[iZ_l_Z_ZWi$
7ZkbjeiÅ'+])#*l[p[iWeZ_W$
H[jWbÅ[d[cWiZ[h[j[de$
9h_WdWiÅZei[decd_ce_]kWb}gk[Z[l[h_Wi[hWZc_d_ijhWZWfehl_WehWb"[cl[YkbeWgkeie$
7ZkbjeiÅ)&][cl[YkbeWgkeiec[j_bY[bkbei[W'ek'&&cBZ[iehX_jeb"Yece[d[cWZ[h[j[de
Z_Wh_Wc[dj[$E[d[cWZ[l[i[hh[j_Zefeh/^ehWi"i[]k_ZeZ[kc[d[cWZ[bWlW][c$
Fh[YWk[i
;ii[fheZkjedeZ[l[i[hWgk[Y_Ze"fe_iikWifhefh_[ZWZ[ifeZ[ci[hWbj[hWZWi$
Feb_c_n_dW8
F
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[Z\ehZfebo8%Ikb\WjeZ[Feb_c_n_dW8\hWiYe#WcfebW+&&$&&&K?ÅC[Z_YWc[dje=[dh_Ye
'&&c]Z[Ikb\WjeZ[Feb_c_n_dW8[gk_lWb[cW'$&&&$&&&K?
Kiei
Feiik_Wj_l_ZWZ[YedjhWeii[]k_dj[ic_Yheeh]Wd_icei0;dj[heXWYj[hW[he][d[i";$Yeb_">W[cef^_bki_dÔk[dpW[
X[jW#bWYjWcWi[fei_j_le[X[jW#bWYjWcWi[d[]Wj_le"Ab[Xi_[bbWfd[kced_W["Fi[kZecedWiW[hk]_deiW"I^_][bbWif$
Feiebe]_W
9h_WdWi2(Wdei
?CÅ(+$&&&#*&$&&&K?%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
?LÅ'+$&&&#*+$&&&K?%a]%Z_W"feh_d\kieYedjdkWek[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
?djhWj[YWbÅ(&$&&&K?Z_Wh_Wc[dj[ZkhWdj[)#*Z_Wi$
9h_WdWi¨(Wdei[7Zkbjei
?CÅ(+$&&&#)&$&&&K?%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
?LÅ'+$&&&#(+$&&&K?%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiekfeh_d\kieYedjdkW$:ei[c|n_cW
Å($&&&$&&&K?%Z_W$
(/*r
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh+#(&cB%c_dÅWZc_d_ijhWh+&ZWZei[kikWbZ_l_Z_ZWWYWZW'(^ehWi$
9bYh2+cB%c_dÅWZc_d_ijhWh'+ZWZei[kikWbZ_l_Z_ZWWYWZW'(^ehWi$
Fh[YWk[i
Ekie_djhWckiYkbWhZ[l[i[h[l_jWZe[cYh_WdWiZ[l_Ze}Zehi[l[hWdebeYWbZWWfb_YWe$
Feb_iikb\WjeZ[CkYefeb_iiWYWhZ[e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
>_hkZe_Z)c]%]fecWZW*&]
Kiei
DeifheY[iiei_dÔWcWjh_eibeYWb_pWZei"lWh_p[i"Ô[X_j[ifi#_d\kie[fi#l[dYb_i["jhecXeÔ[X_j[i
ikf[hÓY_W_i"bY[hWlWh_YeiW"b_d\Wd]_j[i"b_d\WZ[d_j[i"^[cWjecWi"\khdYkbei[cWij_j[$
Feiebe]_W
Jf_Ye
7fb_YWh'YWcWZWieXh[W[nj[dieZWh[]_eW\[jWZW"\h_YY_edWdZe")#*l[p[iWeZ_WekcW_i"Z[WYehZeYec
eYWieYbd_Ye$FeZ[i[hWfb_YWZeWeh[ZehZ[bY[hWikj_b_pWdZe#i[kcWYecfh[iiW$FeZ[#i[_dj[di_ÓYWhWWe
Wdj_YeW]kbWdj[\h_YY_edWdZe#i[WZ_Y_edWbc[dj[kcWYWcWZWZWfecWZWdkcWh[]_edeWj_d]_ZWfeh
[n[cfbe0YeijWi"YenWi$
Fh[YWk[i
Deh[Yec[dZ|l[bekie[c\[h_ZWiWX[hjWi"eb^ei[ckYeiWi$
Feb_l_d_bf_hheb_ZedW?eZe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F
FLF?Z[][hcWdj[Wbcejeb_W'&&cB
FLF?Z[][hcWdj[\hWiYe'$&&&cB
FLF?j_djkhWWbcejeb_W'&&cB
FLF?jf_YeWbcejeb_W'&&cB
Kiei
:[][hcWdj[ÅZ[][hcWeZ[cei[XhWeiZW[gk_f[Y_hh]_YW[fh[fWhWefh#ef[hWjh_WZWf[b[
Z[fWY_[dj[i$
J_djkhWÅZ[cWhYWeZeYWcfeef[hWjh_e[fh[fWhWefh#ef[hWjh_WZWf[b[ZefWY_[dj[[ZW[gk_f[Y_hh]_YW$
Jf_YeÅWdj_#i[fi_WZWckYeiWehWb[lW]_dWb"X[cYeceWfb_YWe[c\[h_ZWi[gk[_cWZkhWi$7dj_#i[fi_W
fh#ef[hWjh_WZWiceiZW[gk_f[Y_hh]_YW[ZeYWcfeef[hWjh_e$7dj_#i[fi_WZWf[b[fWhWÔ[Xejec_W"
YWkj[h_pWel[deiW"Whj[h_Wb[l[i_YWb"fkde"X_fi_W[_d`[[i_djhWckiYkbWh[i[[dZel[deiWi$
Feiebe]_W
:[][hcWdj[Å[ifWb^WhdWf[b[[cWiiW][Whfeh(c_dkjei"[dnW]kWhYec|]kWYehh[dj[[h[f[j_hWWfb_YWe
i[d[Y[ii|h_e"i[YWdZeWf[b[Yec]Wp[ekjeWb^W[ij[h_b_pWZW$
J_djkhWÅ[ifWb^WhdWf[b[[cWiiW][Whfeh(c_dkjei$:[_nWh[lWfehWhe|bYeebdehcWbc[dj[$
r(/+
Jf_YeÅW|h[W[cgk[i[h|Wfb_YWZWZ[l[i[h^_]_[d_pWZW[b_lh[Z[i[Yh[[ieYWi_edW_i"Wfb_YWh[ci[]k_ZW
YecWknb_eZ[kcW]Wp[ekWb]eZe$De[dnW]kWh$7fb_YWh(#)l[p[iWeZ_W$
Feb_l_jWcd_YeLE
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Fhejel_jFbki]ejWi\hWiYe(&cB'cB3(*]ejWi
9WZWcBYedjc0l_j$7Å)$&&&K?1l_j$8'Å(c]1l_j$8(Å'"+c]1d_Yej_dWc_ZWÅ'+c]1l_j$8+Å'&c]1l_j$8,
Å(c]1X_ej_dWÅ&"(c]1l_j$9Å.&c]1l_j$:Å/&&K?1l_j$;Å'+c]
Kiei
7fehj[WZ[gkWZeZ[l_jWc_dWifWhWh[Yc#dWiY_Zei"fh[cWjkhei[Yh_WdWi[c][hWb"Z[WYehZeYecWi
d[Y[ii_ZWZ[i_dZ_l_ZkW_i1Yehh[eZ[^_fel_jWc_dei[igk[feZ[ceYehh[h[cYWieZ[Z_ijhX_eiZWWXiehe"
Wb_c[djWe_dWZ[gkWZW%_dikÓY_[dj[ekdeiYWieiZ[Ze[dWiZ[bed]WZkhWe$
Feiebe]_W
9h_WdWi
LE
FWhWYeXh_hWid[Y[ii_ZWZ[iZ_|h_WiZ[l_jWc_dWiÅ']ejW%a]%Z_W$
FWhWjhWjWc[djeZ[YWh
dY_Wil_jWcd_YWiÅ'(]ejWi%Z_WekWYh_jh_ecZ_Ye$
Fh[YWk[i
xYedjhW#_dZ_YWZedW^_f[hl_jWc_dei[7[:[deiYWieiZ[_dikÓY_
dY_Wh[dWb$De[ij|_dZ_YWZede
jhWjWc[djeZ[^_fel_jWc_dei[i[if[YÓYWi]hWl[i[deZ[l[i[hWZc_d_ijhWZefehf[heZefhebed]WZe[c
Zei[iikf[h_eh[i}ih[Yec[dZWZWi$
Feb_l_jWcd_Ye!IW_iC_d[hW_i
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F
IkfhWZodZh|][W
9WZWZh|][WYedjc0l_j$7Å'&$&&&K?1l_j$8'Å(&c]1l_j$8(Å+c]1l_j$8+Å''",c]1l_j$8,Å'&c]1l_j$
8'(Å+c]1l_j$FFÅ+&c]1l_j$>Å&"(+c]1l_j$9Å'+&c]1l_j$:(Å+&&K?1l_j$;Å'&c]1Y|bY_eÅ'(/c]1
\[hheÅ+&c]1\i\eheÅ(+".c]1cW]di_eÅ,&c]1cWd]Wd
iÅ("&+c]1YeXh[Å)"/c]1p_dYeÅ(")c]1
ceb_XZ
d_eÅ&"(+c]1XeheÅ&"..c]
Kiei
DeiYWiei[cgk[[n_ij[_d][ije_dikÓY_[dj[Z[l_jWc_dWi[c_d[hW_iYeceh[ikbjWZeZ[kcWWb_c[djWe
_dWZ[gkWZW"Z_[jWi[if[Y_W_iekYedikceWkc[djWZeZ[X[X_ZWiWbYeb_YWi1dWfh[l[de[jhWjWc[djeZWi
Z[ÓY_
dY_Wi][hW_iZ[l_jWc_dWi[c_d[hW_igk[eYehh[c[c0YedlWb[iY[dWfi#ef[hWjh_W"WfiZe[dWiW]kZWi
[Yhd_YWi"ZkhWdj[Wkj_b_pWeZ[Wdj_X_j_Yei"gk_c_ej[h|f_Yeiekekjheic[Z_YWc[djei"ZkhWdj[kcWZ_[jW
[if[Y_WbekZ[iXWbWdY[WZW"ZkhWdj[e[i\ehefWhWh[Wb_pWhWj_l_ZWZ[i\i_YWiZ_|h_Wi"[c_ZeieifehZ_c_dk_eZW
_d][ije[WXiehe"[cZ_ijhX_ei]Wijh_dj[ij_dW_i"[cWZeb[iY[dj[ifehWkc[djeZ[Yedikce[XW_nW_d][ije$
Feiebe]_W
LEÅ'Zh|][WWeZ_WekWYh_jh_ecZ_Ye$
(/,r
Fej|ii_e9beh[je
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IbemAZh|][W,&&c].c;gZ[A!
9beh[jeZ[Fej|ii_e'/"'WcfebW'&cB("++c;g%cB
9beh[jeZ[Fej|ii_enWhef[,&".c;g%cBZ[A!\hWiYe'&&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
FheÓbWn_W[jhWjWc[djeZ[^_feYWb[c_W$
Feiebe]_W
Fh[l[deZ[^_feYWb[c_WdWj[hWf_WZ_khj_YW
LE
9h_WdWiÅ'#(c;g%a]%Z_W[c'#(Zei[iZ_l_Z_ZWi$
7ZkbjeiÅ(&#*&c;g%Z_W[c'#(Zei[iZ_l_Z_ZWi$
JhWjWc[djeZ[^_feYWb[c_W
9h_WdWiÅLEÅ'#(c;g%a]"_d_Y_Wbc[dj[1Wfi"WZc_d_ijhWhYecXWi[[ch[ikbjWZeibWXehWjeh_W_i1deYWieZ[
ZÓY_jiekf[hZWii_]d_ÓYWj_lWiZ[fej|ii_e"Wl_W_djhWl[deiWZ[l[i[hYedi_Z[hWZW$
?LÅ'c;g%a]"WZc_d_ijhWZe[c"decd_ce"'#(^ehWi"_d_Y_Wbc[dj[1h[f[j_hi[d[Y[ii|h_eYecXWi[[c
h[ikbjWZeibWXehWjeh_W_iZ[fb[ei[l[hWfeZ[h[gk[h[hcW_iZegk[(&&Zeib_c_j[idehcW_id[Y[ii|h_ei$
?d\kie_dj[hc_j[dj[ÅWZei[deZ[l[[nY[Z[hZ['c;g%a]%^ek*&c;g%^$:ei[c|n_cWÅ)c;g%a]%Z_Wek
*&c;g%c(%Z_W$
7Zkbjei
Fej|ii_eih_Ye4("+c;g%B
LEÅ,&#.&c;g%Z_W"YecZei[iWZ_Y_edW_ii[d[Y[ii|h_e$
?LÅ'&c;gWZc_d_ijhWZei[c"decd_ce"'^ehW"YecZei[iWZ_Y_edW_ii[d[Y[ii|h_e$
?d\kie_dj[hc_j[dj[Å'&c;g%^"dWYedY[djhWec|n_cWZ[*&c;g%B$:ei[c|n_cWÅ(&&c;g%Z_W$
Fej|ii_eih_Ye2("+c;g%B
LEÅZei[_d_Y_WbZ[Wj*&#,&c;g"YecZei[iWZ_Y_edW_iXWi[WZWideih[ikbjWZeibWXehWjeh_W_i$
?LÅZei[Z[Wj*&c;gWZc_d_ijhWZW[c"decd_ce"'^ehW"YecZei[iWZ_Y_edW_iXWi[WZWideih[ikbjWZei
bWXehWjeh_W_i1dl[_ifbWic|j_YeiZ[(c;g%BfeZ[ch[gk[h[hZei[iZ[*&&#.&&c;gZ[fej|ii_e$
?d\kie_dj[hc_j[dj[Å*&c;g%^"dWYedY[djhWec|n_cWZ[.&c;g%B$:ei[c|n_cWÅ*&&c;g%Z_W$
F
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecZe[dWYWhZWYW"_dikÓY_
dY_Wh[dWbi[l[hWek^_f[hYWb[c_W$
Fej|ii_e<ei\Wje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Fej|ii_e<ei\Wje(c;g%cBWcfebW'&cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
FheÓbWn_W[jhWjWc[djeZ[^_fe\ei\Wj[c_W1WZ`klWdj[dejhWjWc[djeZ[_d\[Y[iZejhWjekh_d|h_e1fheÓbWn_W
Z[Y|bYkbeih[dW_iZ[Y|bY_e$
Feiebe]_W
?d\kie?L
9h_WdWiÅ'"+#(cceb*,"+#,.c]Z[\i\eheWeZ_W$
7Zeb[iY[dj[i[7ZkbjeiÅ'&cceb)'&c]Z[\i\eheWeZ_W$
r(/-
Fh[YWk[i
xYedjhW#_dZ_YWZe[cYWieZ[]hWl_Z[p"^_f[h\ei\Wj[c_W"_dikÓY_
dY_W]hWl[ZW\kdeh[dWb[kheb_jWi[$
:[l[#i[b[lWh[cYedi_Z[hWeWh[bWeh_iYeÅX[d[\Y_egkWdZe[n_ij[ceii[]k_dj[ifheXb[cWicZ_Yei0
Z[i_ZhWjWeW]kZW1Ze[dWYWhZWYW"[if[Y_Wbc[dj[[cfWY_[dj[iZ_]_jWb_pWZei1Ze[dWh[dWbYhd_YW1
^_fefWhWj_he_Z_ice1_dikÓY_
dY_WWZh[dWb]hWl[Ze[dWZ[7ZZ_ied1_dikÓY_
dY_Wh[dWb]hWl[1c_ejed_W
Yed]
d_jW1eij[ecWb|Y_W1fWdYh[Wj_j[W]kZW1gk[_cWZkhWi]hWl[i1hWgk_j_ice$
FhWlWijWj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FhWlWYebYecfh_c_Ze'&c]
Kiei
Fh[l[defh_c|h_W[cfWY_[dj[i^_f[hYeb[ij[heb
c_Yeii[c[l_Z
dY_WYbd_YWZ[Ze[dWYehed|h_WfWhW
h[ZkeZeh_iYeZ[_d\WhjeZec_eY|hZ_e"h[ZkeZWd[Y[ii_ZWZ[Z[h[lWiYkbWh_pWeZec_eY|hZ_e"h[ZkeZe
h_iYeZ[cehjWb_ZWZ[fehZe[dWiYWhZ_elWiYkbWh[i$Fh[l[dei[YkdZ|h_W[cfWY_[dj[i^_f[hYeb[ij[heb
c_Yei
Yec[l_Z
dY_WYbd_YWZ[Ze[dWYehed|h_W"_dYbk_dZefhl_e_d\WhjeZec_eY|hZ_e1h[jWhZeZWfhe]h[iie
ZWWj[heiYb[hei[Yehed|h_W[h[ZkeZeh_iYeZ[fheXb[cWiYehed|h_ei$Fh[l[dei[YkdZ|h_W[cfWY_[dj[i
Yecfhl_e_d\WhjeZec_eY|hZ_e[dl[bZ[Yeb[ij[hebdehcWb"h[ZkeZeh_iYeZ[h[_dY_Z
dY_WZe_d\WhjeZe
c_eY|hZ_e"h[ZkeZeh_iYeZ[WjWgk[_igk
c_YejhWdi_jh_e$7Z`kdjedWZ_[jWfWhWh[ZkeZeYeb[ij[heb"B:B#
Yeb[ij[heb"Wfeb_fefhej[dW8[jh_]b_Yh_Z[i"Wkc[djeZe>:B#Yeb[ij[heb[cfWY_[dj[iYec^_f[hYeb[ij[heb[c_W
fh_c|h_W[Z_ib_f_Z[c_Wj_fe??W"??X"?L[???gk[deh[ifedZ[cWZ[gkWZWc[dj[WZ_[jWZ[<h[Zh_Yaied$
Feiebe]_W
LE
7ZkbjeiÅ'&#*&c]'l[pWeZ_WdW^ehWZ[Zehc_h$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWbÅWZc_d_ijhWh'&c]Z_Wh_Wc[dj[$
Fh[YWk[i
FeZ[YWkiWhc_Wb]_W[hWXZec_b_i["kieYWkj[beie[cfWY_[dj[igk[Yediec[c]hWdZ[igkWdj_ZWZ[iZ[|bYeeb
[fWY_[dj[iYec^_ijh_YeZ[Ze[dW^[f|j_YW$
F
Fh[Zd_iebedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Fh[Zi_c%Fh[bed[%EhWbfh[ZiebkeehWb)c]%cB\hWiYe,&cB
Fh[Z<ehjikif[diee\j|bc_YW'&c]%'cB\hWiYe+cB
Kiei
JhWjWc[djeZ[Z[iehZ[di[dZYh_dWi1Z[iehZ[dih[kc|j_YWi1Ze[dWiYeb|][dWi1Ze[dWiZ[hcWjeb]_YWi1
Ze[dWie\j|bc_YWi1Ze[dWih[if_hWjh_Wi1[ijWZeiWbh]_Yei1Z[iehZ[di^[cWjeb]_YWi1Ze[dWid[efb|i_YWi1
[Z[cW1Ze[dWi]Wijh_dj[ij_dW_i$7ikif[diee\j|bc_YWfeZ[i[hkj_b_pWZWdWi_dÔWcW[iZWYed`kdj_lW
XkbXWh[fWbf[XhWb"dWi_dÔWcW[iZWYhd[W[Zei[]c[djeWdj[h_ehZe]beXeikiY[jl[_iW[ij[h_Z[i$
(/.r
Feiebe]_W
LE
9h_WdWi
7icWW]kZWÅ'#(c]%a]%Z_W[cZei[iZ_l_Z_ZWi'#(l[p[ifehZ_WZkhWdj[)#'&Z_Wi$
9eceWdj__dÔWcWjh_eek_ckdeiikfh[iiehÅ&"'#(c]%a]%Z_W[cZei[iZ_l_Z_ZWi'#*l[p[iWeZ_W$
7ZkbjeiÅ+#,&c]%Z_W$
9ebh_eÅ_dij_bWh'#(]ejWideiWYeYed`kdj_lWb(#*l[p[iWeZ_W$:khWdj[Wi(*[*.^ehWi_d_Y_W_i"WZeiW][c
feZ[i[hWkc[djWZW[c(]ejWiWYWZW^ehW$
Fh[YWk[i
FeZ[eYehh[hikfh[iieZW]b~dZkbWWZh[dWbf_jk_j|h_W"_dikÓY_
dY_WWZh[dWbW]kZWYecWh[j_hWZWh[f[dj_dW
Z[fe_iZ[bed]ej[cfeZ[jhWjWc[dje$KieYWkj[beie[cfWY_[dj[iYec^_fej_he_Z_ice"Y_hhei["^[hf[ieYkbWh
i_cfb[i"bY[hWffj_YW"eij[efehei["c_Wij[d_W]hWl["^_f[hj[die"_dikÓY_
dY_WYWhZWYWYed][ij_lW"Yeb_j[
kbY[hWj_lW"Z_ijhX_eijhecXe[cXb_Yei[Z_i\kdeh[dWb$DeZ[iYedj_dkWhfh[cWjkhWc[dj[e
jhWjWc[djee\jWbceb]_Ye$
Fh[Zd_iedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C[j_Yehj[d%Fh[Zd_iedYecfh_c_Ze+c]
C[j_Yehj[d%Fh[Zd_iedYecfh_c_Ze(&c]
Kiei
?dikÓY_
dY_WWZh[deYehj_YWb1^_f[hYWbY[c_W1Z_i\kd[ih[kc|j_YWi[Yeb|][dWi1Ze[dWiZ[hcWjeb]_YWi"
eYkbWh[i"h[if_hWjh_Wi"]Wijh_dj[ij_dW_i[d[efb|i_YWi1jhWdifbWdj[Z[h]ei1Ze[dWiZ[eh_][c^[cWjeb]_YW"
Wbh]_YW"_dÔWcWjh_W[Wkje#_ckd[$
Feiebe]_W
LE
9h_WdWi
9eceWdj__dÔWcWjh_eek_ckdeiikfh[iiehÅ&"&+#(c]%a]%Z_W[cZei[iZ_l_Z_ZWi'#*l[p[iWeZ_W$
7icWW]kZWÅ'#(c]%a]%Z_W[cZei[iZ_l_Z_ZWi'#(l[p[iWeZ_WZkhWdj[)#+Z_Wi$
7bj[hdWj_lWc[dj[0
2'WdeÅ'&c]WYWZW'(^ehWi$
'#*WdeiÅ(&c]WYWZW'(^ehWi$
+#')WdeiÅ)&c]WYWZW'(^ehWi$
4')WdeiÅ*&c]WYWZW'(^ehWi$
J[hWf_WZ[bed]efhWpeZWWicW
2'WdeÅ'&c][cZ_WiWbj[hdWZei$
'#*WdeiÅ(&c][cZ_WiWbj[hdWZei$
+#')WdeiÅ)&c][cZ_WiWbj[hdWZei$
4')WdeiÅ*&c][cZ_WiWbj[hdWZei$
IdZhec[d[\hj_YW
:ei[_d_Y_Wb)fh_c[_hei[f_iZ_eiÅ(c]%a]%Z_Wek,&c]%c(%Z_W")#*l[p[iWeZ_WWjgk[Wkh_dW[ij[`W
_i[djWZ[fhej[dWifeh)Z_WiYedi[Ykj_leic|n_ceZ[(.Z_Wi1i[]k_hejhWjWc[djeYec'#'"+c]%a]%Zei[ek
*&c]%c(%Zei[[cZ_WiWbj[hdWZeiZkhWdj[*i[cWdWi$:ei[c|n_cWÅ.&c]%Z_W$
:ei[Z[cWdkj[deÅ&"+#'c]%a]%Zei[[cZ_WiWbj[hdWZeiZkhWdj[)#,c[i[i$
9h_WdWi[7Zkbjei
F
r(//
H[fei_eÓi_eb]_YWÅ*#+c]%c(%Z_W$
7ZkbjeiÅ+#,&c]%Z_W[c'#*Zei[iZ_l_Z_ZWi$
?ZeieiÅkiWhWc[dehZei[[\[j_lWZkhWdj[ec[deh_dj[hlWbeZ[j[cfefeiil[b$
Fh[YWk[i
7ikfh[iieZWfh[Zd_iedWZ[l[i[h\[_jW]hWZkWbc[dj[$DeZ[l[i[hkiWZW[cfWY_[dj[iYec_d\[Y[i
i[l[hWi[nY[jeY^egk[ifj_Ye[c[d_d]_j[jkX[hYkbeij|j_YW"_d\[Y[i\d]_YWii_ij
c_YWi"^_f[hi[di_X_b_ZWZ[
WeiYecfed[dj[ieklWh_Y[bW$KiWhYecYWkj[bW[cfWY_[dj[iYec^_fej_he_Z_ice"Y_hhei["^_f[hj[die"?99"
Yeb_j[kbY[hWj_lW"Z_i\kd[ijhecXe[cXb_YWi[[cfWY_[dj[iYech_iYeZ[bY[hWffj_YW$
Fh_beYWdW!B_ZeYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;cBWYh[c[X_idW]W+]
Kiei
7d[ij[i_Wjf_YWZWf[b[fWhWW_djheZkeZ[YWj[j[h[i_djhWl[deiei"fkdel[deiW[fheY[Z_c[djei
Y_hh]_Yeiikf[hÓY_W_i1Wd[ij[i_Wjf_YWZWckYeiW][d_jWbfWhWY_hkh]_Wiikf[hÓY_W_iekWdj[iZ[Wd[ij[i_W
_dÓbjhWj_lW1Wd[ij[i_Wjf_YWZ[bY[hWidWf[hdWfWhW\WY_b_jWhb_cf[pWc[Y~d_YWekZ[Xh_ZWc[dje$
Feiebe]_W
F[b[
9h_WdWi
F[gk[deifheY[Z_c[djeiYece_di[heZ[W]kb^W[jhWjWc[djeY_hh]_YeZ[b[i[ibeYWb_pWZWiÅ
Wfhen_cWZWc[dj[']%'&Yc($J[cfeZ[Wfb_YWeÅWfhen_cWZWc[dj['^ehW$
&#(c[i[iÅWj']['&Yc($
)#''c[i[iÅWj(][(&Yc($
'#+WdeiÅWj'&]['&&Yc($
,#''WdeiÅWj(&][(&&Yc($
9kh[jW][cZ[cebkiYeÅj[cfeZ[Wfb_YWeÅ)&c_dkjei$
7Zkbjei
F[gk[deifheY[Z_c[djeiYece_di[heZ[W]kb^W[jhWjWc[djeY_hh]_YeZ[b[i[ibeYWb_pWZWiÅ(]feh"de
cd_ce"'^ehW[c|n_ceZ[+^ehWi$
FheY[Z_c[djeiZhc_Yei[c]hWdZ[i|h[Wi"Yece[dn[hjeZ[f[b[ÅWfhen_cWZWc[dj['"+#(]%'&Yc(feh"de
cd_ce"(^ehWi[c|n_ceZ[+^ehWi$
JhWjWc[djeY_hh]_YeZ[b[i[ibeYWb_pWZWi"Yeceh[ceeZ[l[hhk]Wi][d_jW_i[Wdj[iZ[_d`[[iZ[
Wd[ij[i_WbeYWb"Ykh[jW][cY[hl_YWbÅWfhen_cWZWc[dj[+#'&]feh+#'&c_dkjei$Ded[Y[ii|h_WXWdZW][c
eYbki_lW$9ec[WhfheY[Z_c[dje_c[Z_WjWc[dj[Wfih[ceeÅ'&]bWj[hWbc[dj[WeYebekj[h_defeh
'&c_dkjei$
F[b[ZW][d_j|b_WcWiYkb_dW
7dj[iZ[_d`[jWhWd[iji_YebeYWbÅWfb_YWh']%'&Yc(feh'+c_dkjei$
F[b[ZW][d_j|b_W\[c_d_dW
7dj[iZ[_d`[jWhWd[iji_YebeYWbÅWfb_YWh'#(]%Yc(feh,&c_dkjei$
çbY[hWdWf[hdW
B_cf[pWc[Y~d_YW%Z[Xh_ZWc[djeZ[bY[hWZWf[hdWÅWfb_YWhÓdWYWcWZWZ[Wfhen_cWZWc[dj['#(]%'&Yc(
WjejejWbZ['&]dWbY[hWZ[f[hdW[YeXh_hYecXWdZW][ceYbki_lW$J[cfeZ[Wfb_YWeZ[f[bec[dei)&
c_dkjei$7j,&c_dkjei"feZ[c[b^ehWhW[\[j_l_ZWZ[ZWWd[ij[i_W1Wb_cf[pWZ[l[Yec[Whi[cZ[cehWWfi
Wh[ceeZeYh[c[$
F
)&&r
FheYW_dWc_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FheYWc_Z[WcfebW+&&c]%+cB
Kiei
JhWjWc[djeZWjWgk_YWhZ_Wl[djh_YkbWh"YedjhWel[djh_YkbWhfh[cWjkhW"jWgk_YWhZ_WWjh_WbfWhenij_YW[ÓXh_bWe
Wjh_Wb1fh[l[deZ[jWgk_YWhZ_Wl[djh_YkbWh"jWgk_YWhZ_WikfhWl[djh_YkbWhfWhenij_YW"ÓXh_bWeWjh_Wb$
Feiebe]_W
?C
9h_WdWiÅ+&c]%a]%Z_WZ_l_Z_Zei[cZei[iZ['%.#'%*WYWZW)#,^ehWiWjgk[Wj[hWf_WehWbi[`Wfeiil[b$
7ZkbjeiÅ&"+#']WYWZW*#.^ehWiWjgk[Wj[hWf_WehWbi[`Wfeiil[b$
?LÅWWZc_d_ijhWe_djhWl[deiWh[gk[hkieZWXecXWZ[_d\kie
9h_WdWiÅZei[Z[WjWgk[Å)#,c]%a]%Zei[WYWZW+c_dkjei"deZ[l[dZe[nY[Z[h'&&c]%Zei["feZ[dZe
h[f[j_hWYWZW+#'&c_dkjei"Wjec|n_ceZ['+c]%a]$
7ZkbjeiÅZei[Z[WjWgk[Å'+#'.c]%a]"WZc_d_ijhWZeifeh_d\kieb[djWWYWZW(+#)&c_dkjei1ek
'&&#(&&c]%Zei[[c+c_dkjeii[d[Y[ii|h_e"WjkcWZei[jejWbZ[']$:ei[Z[cWdkj[deÅ'#,c]%c_d
feh_d\kieYedjdkW$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWhWYWZW,#'(^ehWi$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW.#(*^ehWi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecb[iec_eY|hZ_YWekZe[dWYWhZWYWeh]~d_YWi[l[hW$FWY_[dj[iYecjeheZ[
fedjWifeZ[cf_ehWhi[\eh[cjhWjWZeiYecfheYW_dWc_ZW$
Fhec[jWp_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
F
<[d[h]WdYecfh_c_Ze(+c]
<[d[h]WdWcfebW+&c]%(cB
Kiei
7dj_#^_ijWcd_Ye1Wdj_[cj_Ye1i[ZWj_le$
Feiebe]_W
9h_WdWi
7dj_#^_ijWcd_YeÅLEÅ&"'c]%a]%Zei[WYWZW,^ehWiZkhWdj[eZ_W[&"+c]%a]%Zei[dW^ehWZ[Zehc_h"
Yed\ehc[Wd[Y[ii_ZWZ[$
7dj_[cj_YeÅLE%?C%?LÅ&"(+#'c]%a]*#,l[p[iWeZ_W"Yed\ehc[Wd[Y[ii_ZWZ[$
;d`e[cjhWdifehj[iÅLEÅ&"+c]%a]")&c_dkjeiW'^ehWWdj[iZ[[cXWhYWh1[dje"WYWZW'(^ehWi"
Yed\ehc[Wd[Y[ii_ZWZ[$
I[ZWeÅLE%?C%?LÅ&"+#'c]%a]%Zei[WYWZW,^ehWi"Yed\ehc[Wd[Y[ii_ZWZ[$
7Zkbjei
7dj_#^_ijWcd_YeÅLEÅ'("+c])l[p[iWeZ_W[(+c]dW^ehWZ[Zehc_h$
?C%?LÅ(+c]"feZ[dZeh[f[j_h[c(^ehWii[d[Y[ii|h_e1fWiiWhfWhWl_WehWbWii_cgk[feiil[b$
7dj_[cj_YeÅLE%?C%?LÅ'("+#(+c]WYWZW*^ehWi"Yed\ehc[Wd[Y[ii_ZWZ[$
r)&'
;d`e[cjhWdifehj[iÅLEÅ(+c]")&c_dkjeiW'^ehWWdj[iZ[[cXWhYWh1[dje"WYWZW'(^ehWi"Yed\ehc[
Wd[Y[ii_ZWZ[$
I[ZWeÅLE%?C%?LÅ(+#+&c]%Zei[1h[f[j_hWZei[WYWZW*#,^ehWi"Yed\ehc[Wd[Y[ii_ZWZ[$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWiYWhZWYei"\kde^[f|j_YWYecfhec[j_ZW"WicW[Yedlkbi[i$
;l_jWhekie[cfWY_[dj[iYecidZhec[Z[H[o[$
FhefW\[dedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H_jcedehcYecfh_c_Ze)&&c]
Kiei
JhWjWc[dje[fheÓbWn_WZ[jeZWiWi\ehcWiZ[[njhW#i_ijeb_Wil[djh_YkbWh[i[ikfhWl[djh_YkbWh[i"jWgk_YWhZ_Wi[
jWgk_Whh_jc_Wil[djh_YkbWh[i"ikfhWl[djh_YkbWh[i[idZhec[Z[Meb\\#FWha_died#M^_j[$
Feiebe]_W
LE
7ZkbjeiÅ'+&c]WYWZW.^ehWi1Wkc[djWhWZei[[c_dj[hlWbeiZ[)#*Z_WiWjWZei[c|n_cWZ[)&&c]W
YWZW.^ehWi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYech[Y[dj[_d\WhjeZec_eY|hZ_e"_dikÓY_
dY_WYWhZWYWYed][ij_lW[Z_i\kd[i
^[f|j_YWi[h[dW_i$FeZ[^Wl[hWkc[djedWYedY[djhWefbWic|j_YWZ[fhefhWdebeb"c[jefhebeb[Z_]en_dW
gkWdZeWZc_d_ijhWZeiYedYec_jWdj[c[dj[YecfhefW\[dedW$
FhefWj_bd_jhWje
F
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IkijhWj[Yecfh_c_Ze'&c]
Kiei
x_dZ_YWZe[cjeZWiWiYedZ_[igk[[n_`WckclWieZ_bWjWZehYehedWh_WdeZ[We_c[Z_WjW[fhebed]WZW"
Yec_dY_e[c++#'+&i[]kdZei1Wkc[djWi_]d_ÓYWj_lWc[dj[W[n[YkeZe[n[hYY_e"W_dZWgk[de^W`W
c[b^ehWYehh[ifedZ[dj[[cceZ_ÓYW[iZW_igk[c_W[c[b[jheYWhZ_e]hWcW$
Feiebe]_W
LE%IB
7ZkbjeiÅ'+#)&c]%Z_WekWYh_jh_ecZ_YeYedjhWeii_djecWiYWhZ_e[iYb[hj_Yei$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecWd[c_W_dj[diW"fh[iie_djhW#eYkbWh[b[lWZWekfh[iie
_djhWYhWd_WdWWkc[djWZW$
)&(r
Fhefe\eb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_fh_lWd'WcfebW(&&c]%(&cB
<h[ie\eb'WcfebW(&&c]%(&cB
:_fh_lWd(%<h[ie\eb(\hWiYe#WcfebW'$&&&c]%+&cB
:_fh_lWdF$<$I$'i[h_d]W+&&c]%+&cB
:_fh_lWdF$<$I$(i[h_d]W'$&&&c]%+&cB
Kiei
?dZkeZ[Wd[ij[i_W][hWbZ[YkhjWZkhWe1cWdkj[deZ[Wd[ij[i_W[cYed`kdjeYecekjheiW][dj[iYece
ef__Z[i[Wd[iji_Yeifeh_dWbWe1i[ZWeekWcdi_W1Yeceikfb[c[djeWWd[iji_Yeih[]_edW_i1jWcXc
kiWZe[cfheY[Z_c[djeigk[de[n_][cWdWb][i_W"YecedW[dZeiYef_W$
Feiebe]_W
?L
?dZke
9h_WdWi¨)WdeiÅ("+#)"+c]%a]$
7Zkbjei2++WdeiÅ(#("+c]%a]Wfhen_cWZWc[dj[*&c]WYWZW'&i[]kdZeiWje_dY_eZW_dZke$
7d[ij[i_WYWhZWYWÅ&"+#'"+c]%a]Wfhen_cWZWc[dj[(&c]WYWZW'&i[]kdZeiWje_dY_eZW_dZke$
FWY_[dj[d[kheY_hh]_YeÅ'#(c]%a]Wfhen_cWZWc[dj[(&c]WYWZW'&i[]kdZeiWje_dY_eZW_dZke$
?ZeieiZ[X_b_jWZei"^_feleb
c_YeiÅ'#'"+c]%a]Wfhen_cWZWc[dj[(&c]WYWZW'&i[]kdZeiWje_dY_e
ZW_dZke$
?L
CWdkj[de
9h_WdWi¨)WdeiÅZeiW][c_d_Y_WbÅ(&&#)&&cY]%a]%c_d"Z_c_dk_hZei[Z[fe_iZ[)&c_dkjeii[eii_dW_i
Ybd_YeiZWWd[ij[i_W[ij_l[h[cWki[dj[i$L[beY_ZWZ[Z[_d\kiekikWbÅ'(+#'+&cY]%a]%c_d1Yh_WdWi§+
WdeifeZ[ch[gk[h[hZeiW][dicW_eh[i"YecfWhWdZe#i[WYh_WdWicW_il[b^Wi$
7Zkbjei2++WdeiÅZeiW][c_d_Y_WbÅ(&&#)&&cY]%a]%c_dZkhWdj['&#'+c_dkjei"Z_c_dk_h[c)&#+&W
ZeiW][cZkhWdj[eifh_c[_hei)&c_dkjeiZ[cWdkj[de$:ei[kikWbÅ'&&#(&&cY]%a]%c_d$
FWY_[dj[id[kheY_hh]_YeiÅ'&&#(&&cY]%a]%c_d$
?ZeieiZ[X_b_jWZei"^_feleb
c_YeiÅ+&#'&&cY]%a]%c_d$
Fh[YWk[i
Ekie[cYh_WdWide\e_jejWbc[dj[[ijWX[b[Y_Ze"i[dZeYedjhW#_dZ_YWZefWhW[ijWi$DekiWhZkhWdj[
W]hWl_Z[p[ejhWXWb^eZ[fWhje$FeZ[eYehh[hZehjhWdi_jh_WdebeYWbZW_d`[e$FeZ[eYehh[hZ[fh[iie
YWhZ_elWiYkbWh[Z[fh[iieh[if_hWjh_WYecZei[[nY[ii_lW$
F
FhefhWdebeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?dZ[hWbYecfh_c_Ze'&c]
?dZ[hWb%FhefhWdebebÅC[Z_YWc[dje=[dh_YeYecfh_c_Ze*&c]
Kiei
JhWjWc[djeZW^_f[hj[die"Wd]_dWZef[_je"\[eYheceY_jecW"jh[ceh[i"Whh_jc_Wi1fh[l[deZe_d\WhjeZe
c_eY|hZ_e"[dnWgk[YW"[ij[dei[ikXWhj_YW^_f[hjhÓYW$
r)&)
Feiebe]_W
LE
JWgk_Whh_jc_W
9h_WdWiÅZei[_d_Y_WbÅ&"+#'c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi1Wkc[djWhWZei[WYWZW)#-Z_Wi$
:ei[kikWbÅ(#*c]%a]%Z_W$:ei[c|n_cWÅ',c]%a]%Z_Wek,&c]%Z_W$
7ZkbjeiÅ'&#)&c]%Zei[WYWZW,#.^ehWi$
?ZeieiÅZei[_d_Y_WbÅ'&c](l[p[iWeZ_W1Wkc[djWhWZei[WYWZW)#-Z_Wi1\W_nWkikWbÅ'&#)(&c]Z_l_Z_Zei
[c(Zei[i$
>_f[hj[die
9h_WdWiÅZei[_d_Y_WbÅ&"+#'c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#'(^ehWi"Wkc[djWdZe]hWZkWbc[dj[W
YWZW)#-Z_Wi$:ei[c|n_cWÅ(c]%a]%Z_W$
7ZkbjeiÅZei[_d_Y_WbÅ*&c](l[p[iWeZ_W"Wkc[djWdZeWZei[WYWZW)#-Z_Wi1Zei[kikWb§)(&c]
Z_l_Z_Zei[c(#)Zei[iWeZ_W$:ei[c|n_cWÅ,*&c]%Z_W$
7d]_dW
7ZkbjeiÅ.&#)(&c]%Z_W[cZei[iZ_l_Z_ZWi(#*l[p[iWeZ_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh)'#*&cB%c_dÅWZc_d_ijhWhWYWZW(*#),^ehWiekWZc_d_ijhWh+&ZWZei[dehcWb$
9bYh'&#)&cB%c_dÅWZc_d_ijhWhWYWZW(*#*.^ehWiekWZc_d_ijhWh+&ZWZei[dehcWb$
9bYh2'&cB%c_dÅWZc_d_ijhWhWYWZW*&#,&^ehWiekWZc_d_ijhWh(+ZWZei[dehcWb$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_WYWhZWYWYed][ij_lW"WicW"Z_WX[j[ic[bb_jki"^_f[hj_he_Z_ice$
FeZ[fej[dY_Wb_pWh^_fe]b_Y[c_W[cfWY_[dj[iZ_WXj_Yei$
FhejWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FhejWc_dW'$&&&WcfebW+$&&&K?%+cB
F
Kiei
?djen_YWefeh^[fWh_dW1d[kjhWb_pWeZW^[fWh_dWZkhWdj[fheY[Z_c[djeY_hh]_YeekZ_|b_i[$
Feiebe]_W
?LÅ'c]Z[fhejWc_dWfWhWYWZW'&&K?Z[^[fWh_dWWi[hd[kjhWb_pWZW$:ei[c|n_cWÅ+&c]$
I9Å'#'"+c]Z[fhejWc_dWfWhWYWZW'&&K?Z[^[fWh_dWWi[hd[kjhWb_pWZW$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iWbh]_YeiWf[_n[ek\Wp[dZekiefhl_eZ[fhejWc_dW$
Fhen_c[jWYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7d[ijWbYed&"+\hWiYe+cB
)&*r
Kiei
7d[iji_Yejf_Yedeii[]k_dj[ifheY[Z_c[djeie\j|bc_Yei0jedec[jh_W"h[ceeZ[Yehfei[ijhWd^ei[ikjkhWi
Z[Yhd[Wi"hWifW][cYed`kdj_lWbfWhWÓdiZ_W]dij_Yei[[nWc[i]ed_eiYf_ei"Wdj[iZ[Y_hkh]_WiYece
[njhWeZ[YWjWhWjWi$
Feiebe]_W
7Zkbjei
7d[ij[i_Wifhebed]WZWiYece[njhWeZ[YWjWhWjWiÅ_dij_bWh']ejWWYWZW+#'&c_dkjei$
H[ceeZ[ikjkhWiÅ_dij_bWh'#(]ejWi(#)c_dkjeiWdj[iZefheY[Z_c[dje$
H[ceeZ[Yehfei[ijhWd^eiÅ_dij_bWh'#(]ejWiWdj[iZW_dj[hl[de$
Jedec[jh_WÅ_dij_bWh'#(]ejWi_c[Z_WjWc[dj[Wdj[iZefheY[Z_c[dje$
Gk[j_Wf_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I[hegk[bYecfh_c_Ze(+c]
Kiei
JhWjWc[djeZeii_djecWiW]kZeiZW[igk_pe\h[d_W[ekjhWiZ[iehZ[difi_Yj_YWi$
Feiebe]_W
LE
7ZkbjeiÅWZei[jejWbZ_|h_WfWhWei*Z_Wi_d_Y_W_iZejhWjWc[dje+&c]de'±Z_W"'&&c]de(±Z_W"(&&
c]de)±Z_W[)&&c]de*±Z_W$7fWhj_hZe*±Z_WZ[jhWjWc[dje"WZei[Z[l[i[hW`kijWZWWjWj_d]_hW\W_nW
Yedi_Z[hWZW[ÓYWpZ[)&&#*+&c]%Z_W$:[f[dZ[dZeZWh[ifeijWYbd_YW[jeb[hWX_b_ZWZ[Z[YWZWfWY_[dj["W
Zei[feZ[i[hW`kijWZWdW\W_nWZ['+&#-+&c]%Z_W$
Fh[YWk[i
FeZ[_dZkp_h^_fej[dieehjeij|j_YWWiieY_WZWYecl[hj_][di$
G
Gk_d_Z_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Gk_d_YWhZ_d[Yecfh_c_Ze(&&c]
Kiei
FheÓbWn_W[jhWjWc[djeZWiWhh_jc_WiYWhZWYWi"YedjhW[iWjh_W_i[l[djh_YkbWh[ifh[cWjkhWi"ÓXh_bWe
Wjh_Wb[ijWX[b[Y_ZW"ÓXh_bWeWjh_WbfWhenij_YW"Ôkjj[hWjh_Wb"h_jce`kdY_edWb7LfWhenij_Ye"jWgk_YWhZ_WWjh_Wb
fWhenij_YW"jWgk_YWhZ_Wl[djh_YkbWhfWhenij_YWdeWiieY_WZWYecXbegk[_eYWhZWYeYecfb[je1jhWjWc[djeZ[
cWdkj[deWfiYedl[hie[bjh_YWZWÓXh_bWeWjh_Wb[%ekÔkjj[hWjh_Wb$
Feiebe]_W
LE
9h_WdWiÅ,c]%a]WYWZW*#,^ehWi$
7ZkbjeiÅ(&&c]WYWZW*#,^ehWi$
r)&+
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh2'&cB%c_dÅWZc_d_ijhWh-+ZWZei[dehcWb$
Fh[YWk[i
FeZ[eYehh[h^[cb_i[[cfWY_[dj[iYec=,F:Z[ÓY_[dj[$
HWc_fh_b
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Jh_Wj[YYecfh_c_Ze("+c]
Kiei
>_f[hj[dieWhj[h_Wb1_dikÓY_
dY_WYWhZWYWYed][ij_lW1h[ZkeZWcehjWb_ZWZ[[cfWY_[dj[ifi#_d\WhjeZe
c_eY|hZ_e1jhWjWc[djeZ[d[\hefWj_W]bec[hkbWhcWd_\[ijW[d[\hefWj_W_dY_f_[dj[[cfWY_[dj[iZ_WXj_Yei[
de#Z_WXj_Yei$
Feiebe]_W
7Zkbjei
LE
>_f[hj[dieWhj[h_WbÅ("+#+c]'l[pWeZ_W$:ei[c|n_cWÅ(&c]%Z_W$
H[ZkeZeh_iYeZe_d\WhjeÅ("+c]'l[pWeZ_WZkhWdj['i[cWdW1[dje"+c]%Z_WdWifhn_cWi)i[cWdWi"
feZ[dZeWZei[i[hWkc[djWZWWjec|n_ceZ['&c]'l[pWeZ_W$
?dikÓY_
dY_WYWhZWYWfi#_d\WhjeZec_eY|hZ_eÅZei[_d_Y_WbÅ("+c](l[p[iWeZ_W$:ei[c|n_cWÅ+c](
l[p[iWeZ_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh2*&cB%c_dÅWZc_d_ijhWh(+ZWZei[dehcWb$
?dikÓY_
dY_Wh[dWb[^_f[hj[dieÅ'"(+c]'l[pWeZ_W1j_jkbWhWZei[i[feiil[b$
?dikÓY_
dY_Wh[dWb[_dikÓY_
dY_WYWhZWYWÅ'"(+c]'l[pWeZ_W1Wkc[djWhfWhW'"(+c](l[p[iWeZ_W"
feZ[dZeY^[]WhWj("+c](l[p[iWeZ_W$
HWd_j_Z_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H
7djWa%Pob_kcYecfh_c_Ze'+&c]
7djWa%Pob_kc%HWd_j_Z_dWÅC[Z_YWc[dje=[dh_YeWcfebW+&c]%(cB
Pob_kcWcfebW+&c]%+cB
7djWanWhef['+&c]%'&cB\hWiYe'(&cB
Kiei
JhWjWc[djeZ[YkhjefhWpeZ[bY[hWZkeZ[dWb[bY[hW]|ijh_YWX[d_]dW"h[Ôkne]Wijhe[ie\|]_Ye1fheÓbWn_W
Z[bed]efhWpeZ[bY[hWZkeZ[dWb[[ijWZeiZ[^_f[hi[Yh[e]|ijh_YW1bY[hWh[Yehh[dj[ZejhWjWc[djefi#
ef[hWjh_e1jhWjWc[dje[fheÓbWn_WZW[ie\W]_j[[hei_lW1^[cehhW]_W]Wijh_dj[ij_dWbikf[h_eh1fh[l[deZ[
bY[hWiZ[[ijh[ii["WY_Z[p[ijecWYWb$
)&,r
Feiebe]_W
Fh[cWjkhei[H[Yc#DWiY_Zei2(i[cWdWi
LEÅ(c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
?LÅZei[_d_Y_WbÅ'"+c]%a]%Zei[$7fi'(^ehWi"_d_Y_WhWZei[Z[cWdkj[deZ['"+#(c]%a]%Z_W[cZei[i
Z_l_Z_ZWiWYWZW'(^ehWi$
9h_WdWi4'c
i#',Wdei
çbY[hW]|ijh_YW[ZkeZ[dWb
LE
JhWjWc[djeÅ(#*c]%a]%Z_W[cZei[iZ_l_Z_ZWi(l[p[iWeZ_W$:ei[c|n_cWÅ)&&c]%Z_W$
CWdkj[deÅ(#*c]%a]%Z_W[cZei[iZ_l_Z_ZWi(l[p[iWeZ_W$
?LÅ(#*c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$:ei[c|n_cWÅ(&&c]%Z_W$
H[Ôkne]Wijhe[ie\|]_Ye[[ie\W]_j[[hei_lW
LEÅ*#'&c]%a]%Z_W[cZei[iZ_l_Z_ZWi(l[p[iWeZ_W$:ei[c|n_cWÅ)&&c]%Z_WfWhWh[Ôkne
]Wijhe[ie\|]_Ye[,&&c]%Z_WfWhW[ie\W]_j[[hei_lW$
?LÅ(#*c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$:ei[c|n_cWÅ(&&c]%Z_W$
9h_WdWi4',Wdei[7Zkbjei
JhWjWc[djeZ[bY[hWZkeZ[dWb[bY[hW]|ijh_YW"h[Ôkne]Wijhe[ie\|]_Ye[cWdkj[deZW[ie\W]_j[[hei_lW
LEÅ'+&c]%Zei[(l[p[iWeZ_Wek)&&c]dW^ehWZ[Zehc_h$
>_f[hi[Yh[e]|ijh_YW
LEÅ'+&c](l[p[iWeZ_W$:ei[c|n_cWÅ,&&c]%Z_W$
?C%?LÅ+&c]%Zei[WYWZW,#.^ehWi$:ei[c|n_cWÅ*&&c]%Z_W$
7Y_Z[p[ijecWYWbÅ-+c])&#,&c_dkjeiZ[fe_iZWih[\[_[i1dekj_b_pWhcW_iZ[(Yecfh_c_ZeifehZ_W$
Fh[YWk[i
<[d_bY[jedh_Yei0Yedjc\[d_bWbWd_dW"fWY_[dj[iYec^_ijh_YeZ[fehÓh_WW]kZW$
H[c_\[djWd_bW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Kbj_lW\hWiYe#WcfebW'c]
Kbj_lW\hWiYe#WcfebW(c]
Kbj_lW\hWiYe#WcfebW+c]
Kiei
?dZke[cWd[ij[i_W][hWb[WdWb][i_WYedjdkW[cYh_WdWicW_eh[iZ[(WdeiZ[_ZWZ[[WZkbjei$
H
Feiebe]_W
?L%_d\kieYedjdkW
9h_WdWi¨(Wdei
7iZei[ifeha]ieWic[icWiZ[fWY_[dj[iWZkbjei$
7Zkbjei
:khWdj[W_dZkeÅ&"+#'cY]%a]%c_d$
:khWdj[WcWdkj[deÅYecn_Zed_jheie,,Å&"*cY]%a]%c_d$<W_nWkikWbÅ&"'#(cY]%a]%c_d$
9ec_ieÔkhWdeÅ&"(+cY]%a]%c_d$<W_nWkikWbÅ&"&+#(cY]%a]%c_d$
9ecfhefe\ebÅ&"(+cY]%a]%c_d$<W_nWkikWbÅ&"&+#(cY]%a]%c_d$
9edj_dkWeYeceWdWb]i_Yedef[heZefi#ef[hWjh_eÅ&"'cY]%a]%c_d$<W_nWkikWbÅ&"&(+#&"(cY]%a]%c_d$
r)&-
Fh[YWk[i
Deh[Yec[dZWZeYeced_YeW][dj[[cWd[ij[i_W][hWb"fehgk[Wf[hZWZWYediY_
dY_WdefeZ[i[h
]WhWdj_ZWZ[l_Ze}WbjW_dY_Z
dY_WZ[Wfd_W"^_fej[die"jWgk_YWhZ_W[h_]_Z[pckiYkbWh$
H[fW]b_d_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FhWdZ_dYecfh_c_Ze&"+c]
Kiei
;cfWY_[dj[iYecZ_WX[j[ij_fe??"Yk`W^_f[h]b_Y[c_WdecW_ifeZ[i[hYedjhebWZWiWj_i\Wjeh_Wc[dj[feh
Z_[jW"h[ZkeZ[f[ieek[n[hYY_ei1[cWiieY_We}c[j\ehc_dW[cfWY_[dj[iYecZ_WX[j[ij_fe??gk[de
[ij[`Wci[dZeiWj_i\Wjeh_Wc[dj[YedjhebWZeiWf[dWiYecWc[j\ehc_dW$
Feiebe]_W
7Zeb[iY[dj[i4'.Wdei[7ZkbjeiÅWWZc_d_ijhWeZ[l[i[h\[_jWdef[heZefh#fhWdZ_Wb[j_jkbWZW
_dZ_l_ZkWbc[dj[fWhWej_c_pWheYedjheb[]b_Y
c_Ye$
LE
:ei[_d_Y_WbÅ&"+c]"h[if[_jWdZe#i[kc_dj[hlWbeZ[Wfhen_cWZWc[dj['#(i[cWdWi[djh[Wi[jWfWiZ[
j_jkbWe$DeYWieZ[fWY_[dj[iikXc[j_ZeiWdj[h_ehc[dj[WjhWjWc[djeYecekjheW][dj[^_fe]b_Y[c_Wdj[
ehWb"WZei[h[Yec[dZWZWZ['c]$:ei[Z[cWdkj[deÅWj*c]"`kdjeYecWifh_dY_fW_ih[\[_[i$:ei[
c|n_cWÅ',c]%Z_W$
Fh[YWk[i
FeZ[eYehh[hf[hZWZeYedjheb[]b_Y
c_YegkWdZekcfWY_[dj[[ijWX_b_pWZef[bekieZ[gkWbgk[hW][dj[^_fe]b_Y
c_Ye
ehWb[nfeijeW[ijh[ii["jWbYece\[Xh["jhWkcW"_d\[YeekY_hkh]_WekgkWdZeZW[n_ij
dY_WZ[Z[ÓY_
dY_Wi
^[f|j_YWiekh[dW_i$;ii[c[Z_YWc[djedeh[Yec[dZWZefWhWc[deh[iZ['.WdeiekcW_eh[iZ[-+Wdei$
H_\Wc_Y_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H_\eY_dWifhWo'&c]%cB\hWiYe(&cB
H
Kiei
JhWjWc[djeZ[_d\[Y[iZ[ikf[h\Y_[YWkiWZWifehc_Yheeh]Wd_iceii[dil[_i}h_\Wc_Y_dW0\[h_c[djei[
\[h_ZWi_d\[YjWZWi1gk[_cWZkhWi1\khdYkbei1f_eZ[hc_j[i1Z[hcWjei[i_d\[YjWZWi1bY[hWilWh_YeiWi"fi#
Ô[Xj_YWi"Wj[heiYb[hj_YWi[Z_WXj_YWi1Z[hcWj_j[i[Yp[cWj_Z[i1YkhWj_leiZ[\[h_ZWifi#Y_hh]_YWi_d\[YjWZWi$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅfkbl[h_pWhW|h[WW\[jWZWWYWZW,#.^ehWiekWYh_jh_ecZ_Ye$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYec_Yj[hY_W$;c_d\[Y[iYWkiWZWifeh[ijh[fjeYeYYeiX[jW#^[cebj_Yei"
Z[l[#i[YecfhelWhWZ[iWfWh_eYecfb[jWZeic_Yheeh]Wd_iceifWhW[l_jWhekjhWiYecfb_YW[i$
)&.r
H_\Wcf_Y_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H_\WbZ_dY|fikbW)&&c]
Kiei
Kie[cYecX_dWeYecekjheiWdj_jkX[hYkbeij|j_YeidejhWjWc[djeZWjkX[hYkbei[Wj_lW1[b_c_dWeZ[
c[d_d]eYeYeiZ[fehjWZeh[iWii_djec|j_Yei1fheÓbWn_WZ[YedjWjeZ[fWY_[dj[iYec>W[cef^_bki_dÔk[dpW[[c
_d\[Y[iZej_fe81kiWZe[cYecX_dWeYecekjheiWdj__d\[YY_eieidejhWjWc[djeZ[_d\[Y[ifehIjWf^obeYeYYki$
Feiebe]_W
LE
JkX[hYkbei[
9h_WdWiZ['c
i#'(WdeiÅ'&#(&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(#(*^ehWi$
7ZkbjeiÅ'&c]%a]%Z_WWZc_d_ijhWZeiZ_Wh_Wc[dj[$:ei[c|n_cWÅ,&&c]%Z_W$
FheÓbWn_WZ[>$_dÔk[dpW[
D[edWjei2'c
iÅ'&c]%a]%Z_WWYWZW(*^ehWiZkhWdj[*Z_Wi$
9h_WdWiZ['c
i#'(WdeiÅ(&c]%a]%Z_WWYWZW(*^ehWiZkhWdj[*Z_Wi$:ei[c|n_cWÅ,&&c]%Zei[$
7ZkbjeiÅ,&&c]WYWZW(*^ehWiZkhWdj[*Z_Wi$
FheÓbWn_WZ[c[d_d]eYeYei
D[edWjei2'c
iÅ'&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiZkhWdj[(Z_Wi$
9h_WdWiZ['c
i#'(WdeiÅ(&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiZkhWdj[(Z_Wi$:ei[c|n_cW
Å,&&c]%Zei[$
7ZkbjeiÅ,&&c]WYWZW'(^ehWiZkhWdj[(Z_Wi$
FehjWZeh[idWiW_iZ[IjWf^obeYeYYkiWkh[ki
9h_WdWiÅ'+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiZkhWdj[+#'&Z_Wi"[cYecX_dWeYec
ekjheiWdj_X_j_Yei$
7ZkbjeiÅ,&&c]Z_Wh_Wc[dj[ZkhWdj[+#'&Z_Wi"[cYecX_dWeYecekjheiWdj_X_j_Yei$
I_d[h]_iceYecekjheiWdj_X_j_YeifWhWjhWjWc[djeZ[IjWf^obeYeYYkiWkh[ki
7ZkbjeiÅ)&&#,&&c](l[p[iWeZ_W"[cYecX_dWeYecekjheiWdj_X_j_Yei$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh§'&cB%c_dÅh[Zkp_hWZei[[c+&$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YW$
H
H_if[h_ZedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H_if[hZWbYecfh_c_Ze(c]
Kiei
JhWjWc[djeZWiZ[iehZ[difi_Yj_YWi[igk_pe\h[d_W[Z[i_djecWide#fi_Yj_YeiWiieY_WZeiYecZ[c
dY_W
[c_Zeiei$
Feiebe]_W
LE
r)&/
7Zkbjei
:ei[_d_Y_Wbh[Yec[dZWZWÅ'c](l[p[iWeZ_W1Wkc[djWhb[djWc[dj[WZei[Wjgk[i[Wj_d`WWZei[
WZ[gkWZWZ[*#,c]%Z_W1Zei[icW_eh[iZegk[,c]dejhWp[ccW_eh[iX[d[\Y_ei[W_dY_Z
dY_WZ[[\[_jei
YebWj[hW_icW_ehZegk[YecZei[ic[deh[i$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWbek^[f|j_YWÅ_d_Y_WhejhWjWc[djeYec&"(+#&"+c](l[p[i
WeZ_W$
H_lWij_]c_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;n[bedYecfh_c_Ze'"+c]
Kiei
JhWjWc[djeZ[fWY_[dj[iYecZ[c
dY_Wb[l[WceZ[hWZWc[dj[]hWl[Zej_fe7bp^[_c[h"jWcXcYed^[Y_ZW
YeceZe[dWZ[7bp^[_c[hfhel|l[bekZe[dWZ[7bp^[_c[h$
Feiebe]_W
LE
7Zkbjei
:ei[_d_Y_WbÅ'"+c](l[p[iWeZ_W'c]fWhWfWY_[dj[ii[dil[_iWYeb_dh]_Yei1i[WZei[\ehjeb[hWZW
Wfif[bec[dei(i[cWdWiZ[jhWjWc[dje"feZ[h|i[hWkc[djWZWfWhW)c](l[p[iWeZ_W1Wkc[djei
ikXi[g[dj[ifWhW*"+c]["[dje"fWhW,c](l[p[iWeZ_WjWcXcZ[l[c[ijWhXWi[WZeidWjeb[hWX_b_ZWZ[$
:ei[Z[cWdkj[deÅ'"+#,c](l[p[iWeZ_W$:ei[c|n_cWÅ,c](l[p[iWeZ_W$
Fh[YWk[i
FeZ[eYehh[hWkc[djeZWi[Yh[e|Y_Ze#]|ijh_YW[feZ[[nWY[hXWheXijhk[ikh_d|h_Wi[fh[Y_f_jWh
Yedlkbi[i1kiWhYecYWkj[bW[cfWY_[dj[ifh[Z_ifeijeiW[iiWifWjebe]_Wi$
H_pWjh_fjWde
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CWnWbjZ_iYeikXb_d]kWb'&c]
H
Kiei
JhWjWc[djeW]kZeZ[Yh_i[iZ[[dnWgk[YWYeceki[cYkhW$
Feiebe]_W
LE
7ZkbjeiÅ+#'&c][cZei[d_YW"feZ[dZeh[f[j_hWYWZW(^ehWi$:ei[c|n_cWÅ)&c]%Z_W$
EXi$0kiWh+c][cfWY_[dj[ikiWdZefhefhWdebeb"i[dZeWZei[c|n_cW'+c][c(*^ehWi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[i_Zeiei"fWY_[dj[iYecfheXb[cWi^[f|j_Yeiekh[dW_i"fWY_[dj[iYec^_ijh_YeZ[
^_f[hi[di_X_b_ZWZ[WeikcWjh_fjWdeek[\[_jeiWZl[hieiZeikcWjh_fjWde$<[d_bY[jedh_Yei0Yedjc\[d_bWbWd_dW$
)'&r
HeYkhd_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;ic[hed\hWiYe#WcfebW+&c]%+cB
Kiei
9eceWZ`klWdj[}Wd[ij[i_W][hWb"fWhW\WY_b_jWhW[djkXWe[dZejhWgk[Wb[cfheY[Z_c[djeiZ[hej_dW[Z[
_dZkeZ[i[g
dY_Wh|f_ZWZ[Wd[ij[i_W1deh[bWnWc[djeZWckiYkbWjkhW[igk[bj_YWZkhWdj[Wi_dj[hl[d[i
Y_hh]_YWi1YeceWZ`klWdj[dWkd_ZWZ[Z[j[hWf_W_dj[di_lWfWhW\WY_b_jWhW[djkXWe[dZejhWgk[Wb[W
l[dj_bWec[Y~d_YW$
Feiebe]_W
9h_WdWiZ['c
i#'*WdeiÅieXWWd[ij[i_WYec^WbejWde"Wfh[i[djWci[di_X_b_ZWZ[WeheYkhd_ei[c[b^Wdj[
WZeiWZkbjei$E_dY_eZWWecW_ih|f_Ze[cbWYj[dj[i[Yh_WdWiZegk[[cWZkbjei$7ZkhWeYbd_YW
cW_iYkhjW[cYh_WdWiZegk[[cWZkbjei$
7Zkbjei
;djkXWe[dZejhWgk[WbÅWZei[#fWZhefWhWW[djkXWeZkhWdj[WWd[ij[i_WZ[hej_dWZ[&",c]%a]$:ei[
Z[cWdkj[deÅ&"'+c]%a]$
?d\kieYedjdkWÅ&")#&",c]%a]%^$
Fh[YWk[i
>_feYWb[c_W"^_f[hcW]d[i[c_W"^_feYWbY[c_W"^_fefhej[_d[c_W"Z[i_ZhWjWe"WY_Zei["^_f[hYWfd_W[YWgk[n_W
feZ[cfej[dY_Wb_pWhei[\[_jeiZeheYkhd_e$
Hef_lWYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DWhef_d&"-+WcfebW(&cB
DWhef_d'WcfebW(&cB
Kiei
7d[ij[i_W[cY_hkh]_W1jhWjWc[djeZ[Zehdefi#ef[hWjh_e[fheY[Z_c[djeieXijjh_YeigkWdZeWd[ij[i_W
beYWbekh[]_edWb\ehd[Y[ii|h_W$FeZ[i[hWZc_d_ijhWZWfeh_dÓbjhWebeYWb"Xbegk[_e[f_ZkhWb"_d\kie[f_ZkhWb
ekXebki_dj[hc_j[dj[$
H
Feiebe]_W
7Zei[lWh_WZ[WYehZeYecefheY[Z_c[dje"]hWkZ[Wd[ij[i_WZ[i[`WZW"lWiYkbWh_pWeZeij[Y_Zei"ZkhWeZW
Wd[ij[i_W[YedZ_e\i_YWZefWY_[dj[$
7Zkbjei
8begk[_e[f_ZkhWbbecXWhÅ'+#)&cBZ[kcWiebkeZ[&"+#'$
8begk[_e[f_ZkhWbbecXWh[cY[iWh_WdWÅ(&#)&cBZ[kcWiebkeW&"+$
8begk[_e[f_ZkhWbjeh|Y_YefWhWWbl_eZ[Zehdefi#ef[hWjh_eÅ+#'+cBZ[kcWiebkeW&"+$
8begk[_ed[hleiecW_ehÅ)+#+&cBZ[kcWiebkeW&"+'-+#(+&c]$
8begk[_eZ[YWcfeÅ'#*&cBZ[kcWiebkeW&"++#(&&c]$
;f_ZkhWbbecXWhfWhWZehdejhWXWb^eZ[fWhjeÅZei[_d_Y_WbÅ'&#(&cBZ[kcWiebkeW&"(1_d\kie
YedjdkWÅ,#'*cB%^"Yec_d`[[iWZ_Y_edW_iZ['&#'+cB%^Z[kcWiebkeW&"($
r)''
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ_i\kde^[f|j_YW"YWhZWYW"d[kheb]_YW[fi_gk_|jh_YW$Deh[Yec[dZWZe
[ci_jkW[iZ[[c[h]
dY_W[cgk[WWZc_d_ijhWeh|f_ZWi[`Wd[Y[ii|h_W$
Hei_]b_jWpedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7lWdZ_WYecfh_c_Ze*c]
Kiei
9eceWkn_b_WhWZ_[jW[[n[hYY_eifWhWc[b^ehWheYedjheb[]b_Y
c_Ye[cfWY_[dj[iYecZ_WX[j[ic[bb_jkij_fe
??1Yececedej[hWf_Wek[cYecX_dWeYecc[j\ehc_dWekikb\ed_bkh_W$
Feiebe]_W
LE
7Zkbjei
:ei[_d_Y_WbÅ*c]$FWhWfWY_[dj[igk[h[ifedZ[c_dWZ[gkWZWc[dj[Wfi.#'(i[cWdWiZ[jhWjWc[dje"
Yed\ehc[Z[j[hc_dWZef[bWh[ZkeZW]b_Y[c_WZ[`[`kc"WZei[feZ[i[hWkc[djWZWfWhW.c]%Z_W$
Cedej[hWf_WÅZei[_d_Y_WbkikWbÅ*c]WZc_d_ijhWZeiYeceZei[d_YWZ_|h_W$
J[hWf_WYecX_dWZWYecc[j\ehc_dWÅ*c]WZc_d_ijhWZeiYeceZei[d_YWZ_|h_W$
J[hWf_WYecX_dWZWYecikb\ed_bkh_WÅ*c]WZc_d_ijhWZeiYeceZei[d_YWZ_|h_W$I[eifWY_[dj[ih[bWjWh[c
^_fe]b_Y[c_W"WZei[Z[ikb\ed_bkh_WZ[l[i[hh[Zkp_ZW$
:ei[c|n_cWh[Yec[dZWZWÅde[nY[Z[h.c]%Z_W"YeceZei[d_YWekZ_l_Z_ZW[c(l[p[iWeZ_W$
Fh[YWk[i
DeZ[l[i[hkiWZe[cfWY_[dj[iYecZ_WX[j[ij_fe?ek[cjhWjWc[djeZ[Y[jeWY_Zei[Z_WXj_YW$DeZ[l[
i[hkiWZe[cc[deh[iZ['.Wdei$7dj[iZe_dY_eZejhWjWc[dje"WiYWkiWii[YkdZ|h_WiZeYedjheb[]b_Y
c_Ye
_diWj_i\Wjh_efeh[n[cfbe"_d\[YeZ[l[ci[h_dl[ij_]WZWi[jhWjWZWi$
HeiklWijWj_dW9|bY_YW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9h[ijehYecfh_c_Zeh[l[ij_Ze'&c]
H
Kiei
x_dZ_YWZefWhWh[ZkeZeB:B#Yeb[ij[heb"Yeb[ij[hebjejWb"jh_]b_Yh_Z[i[b[lWZe[Wkc[djWhe>:B#Yeb[ij[heb[c
fWY_[dj[iYec^_f[hYeb[ij[heb[c_Wfh_c|h_W\Wc_b_Wh^[j[hep_]j_YW[de\Wc_b_Wh[Z_ib_f_Z[c_WYecX_dWZW
c_ijW<h[Zh_Yaiedj_fe??W[??X"jWcXcZ_c_dk_7feW8"ede>:B#9"LB:B#9"LB:B#J="[WihWp[iB:B#9%
>:B#9"9#jejWb%>:B#9%>:B#9"7fe8%7fe7#?[Wkc[djW7fe7#?d[iiWifefkbW[i$?dZ_YWZedejhWjWc[dje_iebWZe
Z[^_f[hjh_]b_Y[h_Z[c_W<h[Zh_Yaiedj_fe?L^_f[hb_f_Z[c_W"h[ZkeZeYeb[ij[hebjejWb[B:B#9[cfWY_[dj[i
Yec^_f[hYeb[ij[heb[c_W\Wc_b_Wh^ecep_]j_YW"jWdje_iebWZWc[dj[gkWdjeYeceWZ`klWdj[}Z_[jW[Wekjhei
jhWjWc[djeiZ[h[ZkeZ[b_fZ[eifeh[n[cfbe"W\h[i[Z[B:Bi[jW_ijhWjWc[djeide\eh[cikÓY_[dj[i$
Feiebe]_W
<W_nWZ[Zei[h[Yec[dZWZWÅ'&#*&c]"WZc_d_ijhWZeifehl_WehWb[cZei[d_YWZ_|h_W$KcWZei[Z[+c]
feZ[i[hWZc_d_ijhWZWfWhj_dZeeiYecfh_c_ZeiZ['&c]fWhWfWY_[dj[igk[fh[Y_iWcZ[kcWZ_c_dk_eZW
Zei[$:ei[c|n_cWZ_|h_WÅ*&c]$
)'(r
>_f[hYeb[ij[heb[c_Wfh_c|h_W_dYbk_dZe^_f[hYeb[ij[heb[c_W\Wc_b_Wh^[j[hep_]j_YW"Z_ib_f_Z[c_W
YecX_dWZW[^_f[hjh_]b_Y[h_Z[c_W_iebWZWÅZei[_d_Y_WbÅ'&c]'l[pWeZ_W$
>_f[hYeb[ij[heb[c_W]hWl[_dYbk_dZe^_f[hYeb[ij[heb[c_W\Wc_b_Wh^[j[hep_]j_YWÅZei[_d_Y_WbÅ(&c]$
>_f[hYeb[ij[heb[c_W\Wc_b_Wh^ecep_]j_YWÅZei[_d_Y_WbÅ(&c]'l[pWeZ_W$
?dikÓ
dY_Wh[dWb]hWl[Å+c]%Z_W$
?dikÓY_
dY_Wh[dWb^[f|j_YW]hWl[Å_d_Y_WhejhWjWc[djeYec+c]%Z_W$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[igk[Yediec[cgkWdj_ZWZ[i[nY[ii_lWiZ[|bYeebekgk[j[d^Wc^_ijh_WZ[
Ze[dW^[f|j_YW$FeZ[eYehh[hc_Wb]_W"c_efWj_W[hWhWc[dj[hWXZec_b_i[$FWY_[dj[igk[Z[i[dlebl[h[c
gkW_igk[hi_dW_ieki_djecWiZ[c_efWj_WZ[l[cj[heii[kidl[_iZ[Yh[Wj_dWY_dWi[9Ac[Z_Zei$E
jhWjWc[djeYecheiklWijWj_dWZ[l[h|i[h_dj[hhecf_Zei[eidl[_iZ[9A[ij_l[h[c[b[lWZei$
IWXed[j[=b_Y[h_dWZe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IWXed[j[Bgk_Ze@e^diedÊi\hWiYe(&&cB
IWXed[j[L[][jWbZ[=b_Y[h_dW=hWdWZe\hWiYe(&&cB
IWXed[j[L[][jWbZ[=b_Y[h_dW=hWdWZeXWhhW/&]
Kiei
IWXed[j[Bgk_ZeÅb_cf[pWZWf[b[[ZeiYWX[beiZeiX[X
i$
IWXed[j[[c8WhhWÅYece^_ZhWjWdj[^_feWb[h]
d_Ye_dZ_YWZefWhWb_cf[pWZ_|h_WZWf[b[$
Feiebe]_W
Jf_Ye
IWXed[j[Bgk_ZeÅWfb_YWhZ_h[jWc[dj[ieXh[eYehfe[YWX[beZeX[X
"[dnW]kWdZe[ci[]k_ZW$
IWXed[j[[c8WhhWÅWfb_YWhdeYehfeWj\Wp[h[ifkcW"[dnW]kWdZe[ci[]k_ZW$
Fh[YWk[i
9Wiei[eXi[hl[Wb]kcWh[WeWZl[hiW"Z[iYedj_dkWhekie$CWdj[h\ehWZeWbYWdY[Z[Yh_WdWi$
IWYY^WhecoY[iXekbWhZ__
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I
<behWj_bY|fikbW'&&c]
Kiei
?dZ_YWZeYeceWZ`klWdj[dejhWjWc[djeZWZ_Whh_WfheZkp_ZWfeh9beijh_Z_kcZ_\ÓY_b["fehWdj_X_ej_Yej[hWf_W
ekfehgk_c_ej[hWf_W1h[ijWkhWeZWÔehW_dj[ij_dWbÓi_eb]_YW$
Feiebe]_W
9h_WdWi[7Zkbjei
LE
DWiWbj[hW[iW]kZWiZWÔehW_dj[ij_dWb[dWZ_Whh_Wfeh9beijh_Z_kcZ_\ÓY_b[Å(&&c](l[p[iWeZ_W$
DWiWbj[hW[iYhd_YWiZWÔehW_dj[ij_dWbÅ'&&c](l[p[iWeZ_W$
r)')
Fh[YWk[i
De_d][h_hYecX[X_ZWiWbYeb_YWi$
IWbXkjWceb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7[heb_difhWo'&&cY]%Zei[\hWiYe(&&Zei[i
Kiei
JhWjWc[djeZ[Ze[dWfkbcedWheXijhkj_lW1fheÓbWn_WZ[XhedYe[ifWice_dZkp_Zefeh[n[hYY_e1Yedjheb[Z[
jhWXWb^eZ[fWhjefh[cWjkhe$
Feiebe]_W
?dWbWeehWb
7bl_eZeXhedYe[ifWiceW]kZeekYh_i[iZ[WicW
9h_WdWiÅ'&&#(&&cY]$
7ZkbjeiÅ'&&cY]"feZ[dZeWkc[djWhfWhW(&&cY]YWied[Y[ii|h_e$
Fh[l[deZ[Wb[h]_WekXhedYe[ifWicefheleYWZefeh[n[hYY_ei\i_Yei
9h_WdWiÅ'&&cY]Wdj[iZe[n[hYY_e"feZ[dZeWkc[djWhfWhW(&&cY]YWied[Y[ii|h_e$
7ZkbjeiÅ(&&cY]Wdj[iZe[n[hYY_e$
J[hWf_WYhd_YW
9h_WdWiÅWj(&&cY]*l[p[iWeZ_W$
7ZkbjeiÅWj(&&cY]*l[p[iWeZ_W$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[ifehjWZeh[iZ[j_h[ejen_Yei[$FeZ[eYehh[h^_feYWb[c_Wfej[dY_Wbc[dj[ih_W$
IWbXkjWceb!=kW_\[d[i_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7[heÔkniebkeehWbiWbXkjWceb(c]!]kW_\[d[i_dW'&&c]%+cB\hWiYe'(&cB
Kiei
;cZ[iehZ[dih[if_hWjh_Wi[cgk[eXhedYe[ifWice[Wi[Yh[e[nY[ii_lWie\Wjeh[iW]hWlWdj[iYece"feh
[n[cfbe"WicWXhdgk_YW"Xhedgk_j[Yhd_YW[[dÓi[cW$
I
Feiebe]_W
LE
9h_WdWiZ[(#,WdeiÅ("+#+cBZW\ehckbWe'#(c]Z[iWbXkjWceb(#)l[p[iWeZ_W$
9h_WdWiZ[,#'(WdeiÅ+cBZW\ehckbWe(c]Z[iWbXkjWceb(#)l[p[iWeZ_W$
9h_WdWi4'(Wdei[7ZkbjeiÅ+#'&cBZW\ehckbWe(#*c]Z[iWbXkjWceb(#)l[p[iWeZ_W$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecj_h[ejen_Yei[$FeZ[eYehh[h^_feYWb[c_Wfej[dY_Wbc[dj[ih_W$
)'*r
IWbc[j[heb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I[h[l[djifhWo(+cY]%Zei[\hWiYe,&Zei[i
Kiei
CWdkj[de[jhWjWc[djeZ[WicW1fh[l[deZ[XhedYe[ifWice[cfWY_[dj[iYecZe[dWeXijhkj_lW
h[l[hil[b1fh[l[deZ[XhedYe[ifWice_dZkp_Zefeh[n[hYY_e$
Feiebe]_W
?dWbWeehWb
9h_WdWi4*WdeiÅ(_dWbW[iZ[(+cY](l[p[iWeZ_W$
7Zkbjei
JhWjWc[djeZ[WicW[Xhedgk_j[Yhd_YWÅ(_dWbW[iZ[(+cY](l[p[iWeZ_W$
EXijhke]hWl[ZWil_WiWh[WiÅ*_dWbW[iZ[(+cY](l[p[iWeZ_W$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecZe[dWiYWhZ_elWiYkbWh[i"Yh_i[iYedlkbi_lWi[j_h[ejen_Yei[$
I[bWdj[Z[<_Xh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[h_fbWijF\hWiYe'cB
Kiei
x_dZ_YWZefWhWWZ[ieZ[j[Y_Ze1ikfehj[fWhWikjkhW1^[ceijWi_W1Yk_ZWZeZ[\[h_ZWY_hh]_YW1i[bW][cZ[
YWl_ZWZ[iYehfehW_i[[ifWeikXWhWYd_Z[e$
Feiebe]_W
7Zei[Z[f[dZ[ZW[nj[dieZWikf[h\Y_[Wi[hYeX[hjWekZWiZ_c[di[iZWb[ieWi[hjhWjWZW$
7fb_YWe
7\[h_ZWY_hh]_YWZ[l[[ijWhecW_ii[YWfeiil[bWdj[iZWWfb_YWe$FeZ[i[hkiWZW[cjeZeiei
fheY[Z_c[djeiY_hh]_Yei"_dYbki_l[[dZeiYef_W"feZ[dZejWcXci[hkiWZe[cikXckYeiWfWhWeXj[h
^[ceijWi_W[jhWjWh\[h_c[djei$7Wfb_YWefeZ[i[hh[f[j_ZW"i[d[Y[ii|h_e$DeYWieZ[^[cehhW]_W
WXkdZWdj["feZ[i[hd[Y[ii|h_eWZejWhc[Z_ZWiWZ_Y_edW_i0
ÅWfb_YWhWiebkeZ[ÓXh_de]
d_eWej[Y_Zegk[d[Y[ii_jWZ[WZ[ie[YeXh_h_c[Z_WjWc[dj[YecWiebke
Yedj[dZejhecX_dW1
Åeij[Y_Zeigk[d[Y[ii_jWcZ[WZ[iefeZ[ci[hcWdj_Zeidebk]Whfehl|h_eic_dkjeiWjgk[WZ[ie
fhel_ih_Wi[`WeXj_ZW1
ÅfeZ[i[hWfb_YWZe"jWcXc"YecWknb_eZ[Z_ifei_j_leZ[Wfb_YWegk[f[hc_jWkcWWfb_YWeYed`kdjWZWi
iebk[iZ[ÓXh_de]
d_e[jhecX_dWekfehekjheicjeZeiZ[Wfb_YWe"jW_iYecefedjWW[heiieb"YWj[j[h
ZkfbWc[dj[_dÔ|l[b[ckhebe]_W[YWj[j[hfWhW[dZeiYef_W1
ÅfWhWYeXh_h\[h_ZWiY_hh]_YWi[nj[diWi"eWZ[i_lefeZ[i[hfkbl[h_pWZe"kiWdZefedjWiZ[W[heiiebekkiWZe
[cYecX_dWeYech[Z[Z[Yeb|][de$GkWbgk[hiebkedekj_b_pWZWZ[l[i[hZ[iYWhjWZWWfhefh_WZWc[dj[$
I
Fh[YWk[i
EfheZkjeZ[l[hi[hkj_b_pWZefWhWkiebeYWbWf[dWi$DeWfb_YWhfehl_W_djhWlWiYkbWh"fe_ifeZ[YWkiWh
Yecfb_YW[ijhecXe[cXb_YWi$
r)'+
I[b[]_b_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
D_WhYecfh_c_Ze+c]
Kiei
9eceWZ`kdjedejhWjWc[djeZWZe[dWZ[FWha_died$
Feiebe]_W
LE
7ZkbjeiÅ+c](l[p[iWeZ_WYecbWdY^[ek'&c]f[bWcWd^$
?ZeieiÅZei[_d_Y_WbÅ+c]f[bWcWd^"feZ[dZeWkc[djWhfWhW'&c]%Z_W$
Fh[YWk[i
:ei[icW_eh[iZegk['&c]%Z_WfeZ[cWkc[djWheh_iYeZ[_d_X_eZW[dp_cWC7E$EkieYedYec_jWdj[
Yecc[f[h_Z_dWYedjhW#_dZ_YWZe$
I[d[!7iieY_W[i
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
JWcWh_d[Y|fikbW
9WZWY|fikbWYedjc09Wii_WWd]kij_\eb_WÅ(*&c]1JWcWh_dZki_dZ_YW[nj$i[YeÅ''"-c]19Wii_WÓijkbW[nj$
i[YeÅ''"-c]19eh_WdZhkciWj_lkcÅ+"*c]
JWcWh_d[][b_Wfej['+&]
9WZW+]Z[][b_WYedjc09Wii_WWd]kij_\eb_WÅ*&&c]1JWcWh_dZki_dZ_YW[nj$ceb[Å'/"+c]19Wii_WÓijkbW
[nj$ceb[Å'/"+c]19eh_WdZhkciWj_lkcÅ/c]1=boYohh^_pW]bWXhWÅ*c]
Kiei
F[hjkhXW[ieh]Wde\kdY_edW_iZ[cejh_Y_ZWZ[\kdY_edWb1jhWjWc[djei_djec|j_YeZ[Yedij_fWe"jWdje
Yhd_YWYecei[YkdZ|h_W1fh[fWhWefWhW[nWc[ihWZ_eb]_Yei[[dZeiYf_ei1Yecej[hWf_WYecfb[c[djWh
Z[Yedij_fWeZ[Yehh[dj[Z[l_W][difhebed]WZWi"f[heZec[dijhkWb"][ijWe"Z_[jWifi#ef[hWjh_Wi[
WY_Z[dj[ilWiYkbWh[iY[h[XhW_i$
Feiebe]_W
LE
9h_WdWi2'(WdeiÅWYh_jh_ecZ_Ye$
9h_WdWi4'(Wdei[7ZkbjeiÅ'#(Y|fikbWiek+]Z[][b_W"WfiWbj_cWh[\[_eekWYh_jh_ecZ_Ye$
?ZeieiÅ_d_Y_WhWZei[Yec'%(Zei[_dZ_YWZWfWhWWZkbjei$
I
Fh[YWk[i
;ij[c[Z_YWc[djeYedjhW#_dZ_YWZe[ch[jeYeb_j[i"Ze[dWZ[9he^d[idZhec[iZebeheiWiZ[eh_][c
Z[iYed^[Y_ZW$KiWhYecYWkj[bW[cfWY_[dj[i[ckieZ[Wdj_Whhjc_Yei"j_fegk_d_Z_dW"Wc_eZWhedW"
l_dYWc_dW"Z_]_j|b_Yei"Wd\ej[h_Y_dW8[Z_khj_Yei^_feYWb[c_Wdj[i$7\ehcW\WhcWY
kj_YW][b_W
YedjciWYWhei[$
)',r
I[hjhWb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Pebe\jYecfh_c_Ze+&c]
Kiei
JhWjWc[djeZ[i_djecWiZ[Z[fh[iie"_dYbk_dZeZ[fh[iieWYecfWd^WZWfehi_djecWiZ[Wdi_[ZWZ[[c
fWY_[dj[iYeceki[c^_ijh_WZ[cWd_W$7fikcWh[ifeijWiWj_i\Wjh_W"WYedj_dk_ZWZ[ZejhWjWc[dje
[ÓYWpjWdjedWZ[fh[iieZ[h[YWZWZei[f_iZ_ei_d_Y_W_iZ[Z[fh[iiegkWdjedWh[Yehh
dY_WZ[ekjhei
[f_iZ_eiZ[fh[ii_lei$x_dZ_YWZejWcXcdejhWjWc[djeZejhWdijehdeeXi[ii_le#Yecfkbi_le"jhWdijehdeZe
f~d_Ye"jhWdijehdeZe[ijh[ii[fi#jhWkc|j_Ye"jhWjWc[djeZWidZhec[ZWj[diefh#c[dijhkWb[\eX_WieY_Wb$
Feiebe]_W
LE
7ZkbjeiÅYec[WhejhWjWc[djeYec+&c]%Z_Wdef[heZeZWcWd^1Wkc[djWhWZei[[c+&c]%Z_WWYWZW
(#)Z_Wi"feZ[dZeY^[]WhW'&&c]%Z_W1i[\ehdejWZWiedeb
dY_W"WZc_d_ijhWhdW^ehWZ[Zehc_h$:ei[c|n_cW
Å(&&c]%Z_W$
?ZeieiÅ_d_Y_WhejhWjWc[djeYec(+c]%Z_Wdef[heZeZWcWd^[Wkc[djWh[c+&c]%Z_WWYWZW(#)Z_Wi
Wj'&&c]%Z_W$:ei[c|n_cWÅ(&&c]%Z_W$
Fh[YWk[i
DeWZc_d_ijhWhYec_d_X_Zeh[iZ[C7EZ[l_ZeWeh_iYeZ[idZhec[i[hejed_dh]_YW$
I[leÔkhWde
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I[lehWd[\hWiYe(+&cB
Kiei
?dZke[cWdkj[deZ[Wd[ij[i_W][hWb$
Feiebe]_W
9h_WdWi
?dZkeÅc_ijkhWZ[i[leÔkhWde%n_Zed_jheie%en_]
d_edWYedY[djhWeZ[)")"+."+[)."("h[if[Yj_lWc[dj[$
CWdkj[deÅYedY[djhWeZ[("&$
7Zkbjei
?dZkeÅ&"+#+lWfeh_pWZefehÔkneZ[en_]
d_eekc_ijkhWZ[en_]
d_e%n_Zed_jheie$
CWdkj[deÅYedY[djhWeZ[Wfhen_cWZWc[dj['"+[cfWY_[dj[iYeccW_iZ[,&WdeiZ[_ZWZ[[("&[c
fWY_[dj[icW_i`el[di$
I
Fh[YWke
KieYecYWkj[bW[cfWY_[dj[iYeci[di_X_b_ZWZ[ekWb[h]_WWei[leÔkhWdeekWekjheiWd[iji_Yei
^Wbe][dWZei"^_f[hj[hc_WcWb_]dW"]hWl_Z[p"bWYjWe$
r)'-
I_dlWijWj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I_dlWiYeh%PeYehYecfh_c_Ze'&c]
Kiei
?dZ_YWZe[cfWY_[dj[iieXWbjeh_iYeZ[Ze[dWYehedWh_WdWYeceki[c^_f[hb_f_Z[c_W"_ije"fWY_[dj[iYec
Z_WX[j[i"^_ijh_YeZ[WY_Z[dj[lWiYkbWhY[h[XhWbekZ[ekjhWZe[dWY[h[XhelWiYkbWh"Ze[dWlWiYkbWhf[h_\h_YW
ekYecZe[dWYehedWh_WdW$I_dlWijWj_dW[ij|_dZ_YWZWdWh[ZkeZeh_iYeZ[cehjWb_ZWZ[jejWbfehc[_e
Z[h[ZkeZ[cehj[ifehZe[dWYehedWh_WdW"h[ZkeZeih_iYeiZ[[l[djeilWiYkbWh[ih[b[lWdj[i"h[Zke
Zeih_iYeiZ[[l[djeiYehedWh_Wdeih[b[lWdj[i"h[ZkeZeih_iYeiZ[WY_Z[dj[lWiYkbWhY[h[XhWb"h[ZkeZW
d[Y[ii_ZWZ[Z[fheY[Z_c[djeiZ[h[lWiYkbWh_pWeZec_eY|hZ_e_dYbk_dZeXofWiiekWd]_efbWij_WYehedWh_WdW
jhWdibkc_dWbf[hYkj~d[W"h[ZkeZWd[Y[ii_ZWZ[Z[fheY[Z_c[djeiZ[h[lWiYkbWh_pWef[h_\h_YW[ekjhei
de#YehedWh_Wdei"h[ZkeZeh_iYeZ[^eif_jWb_pWefehWd]_dW"h[ZkeZeh_iYeZ[Yecfb_YW[if[h_\h_YWi
[cfWY_[dj[iZ_WXj_Yei"Z_c_dk_eZWfhe]h[iieYehedWh_WdW"h[Zkp_dZe"_dYbki_l["eZ[i[dlebl_c[djeZ[
delWib[i[i[delWieYbki[ijejW_i$9eceWZ`klWdj[}Z_[jWfWhWh[Zkp_heidl[_i[b[lWZeiZ[Yeb[ij[hebjejWb"
B:B#Yeb[ij[heb"Wfeb_fhej[dW8[jh_]b_Yh_Z[i[fWhWWkc[djWheidl[_iZ[>:B#Yeb[ij[heb$
Feiebe]_W
LE
9h_WdWi2'&WdeiÅ+c]'l[pWeZ_W"Wkc[djWdZefWhW'&c]'l[pWeZ_WWfi*i[cWdWi[(&c]'l[pWe
Z_WWfi.i[cWdWi"}c[Z_ZWgk[jeb[hWZe$
9h_WdWi¨'&WdeiÅ'&c]'l[pWeZ_W"Wkc[djWdZefWhW(&c]'l[pWeZ_WWfi,i[cWdWi[*&c]'l[pWe
Z_WWfi'(i[cWdWi"}c[Z_ZWgk[jeb[hWZe$
7ZkbjeiÅZei[_d_Y_WbÅ(&c]'l[pWeZ_WZkhWdj[Wde_j[$
H[ZkeceZ[hWZWZ[B:B#Yeb[ij[hebÅ_d_Y_WhYec'&c]'l[pWeZ_W$
H[Zke4*+Z[B:B#Yeb[ij[hebÅ_d_Y_WhYec*&c]'l[pWeZ_W$
:ei[Z[cWdkj[deÅ+#.&c]%Z_W[cZei[d_YWZkhWdj[Wde_j[$7iZei[iZ[l[ci[hW`kijWZWi[c
_dj[hlWbeiZ[*i[cWdWi$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh2'&cB%c_dÅ_d_Y_WhYec+c]%Z_W$
Fh[YWk[i
7i_dlWijWj_dWeYWi_edWbc[dj[YWkiWc_efWj_W"feZ[dZe[ijW"Wb]kcWil[p[i"Wiikc_hW\ehcWZ[hWXZec_b_i[
Yeceki[c_dikÓY_
dY_Wh[dWbW]kZWi[YkdZ|h_WWc_e]beX_dh_W$EkieZ[i_dlWijWj_dWYedYec_jWdj[c[dj[
Yec_jhWYedWpeb"Y[jeYedWpeb"[h_jhec_Y_dW"YbWh_jhec_Y_dW"_d_X_Zeh[iZWfhej[Wi[Ze>?Lekd[\WpeZedWZ[l[
i[h[l_jWZe$
I
IeXh[heb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IeXh[f_dWcfebWZ[W[heiieb*&c]%)cB
Kiei
8hedgk_j[iW]kZWiekYhd_YWi1Xhedgk_[YjWi_Wi1bWh_d]ejhWgk[eXhedgk_j[i1[cjeZWiWiW\[Y[iW]kZWiekYhd_YWi
ZeWfWh[b^eh[if_hWjh_e[cgk[^W`WWkc[djeZ[i[Yh[[iXhdgk_YWi"[if[Y_Wbc[dj[gkWdZeWiieY_WZWiW
_dikÓY_
dY_Wh[if_hWjh_WWicW[[dÓi[cW1fh[fi#ef[hWjh_eZ[_dj[hl[d[ideWfWh[b^eh[if_hWjh_e$
)'.r
Feiebe]_W
7ZkbjeiÅ*&c]fWhWYWZWd[Xkb_pWe"(l[p[iWeZ_W$
Fh[YWk[i
Dei[h[Yec[dZWekieZ[ieXh[hebZkhWdj[W]hWl_Z[p"ieXh[jkZeZkhWdj[e'±jh_c[ijh[$
IZ_e9beh[je
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9beh[jeZ[IZ_e&"*+\hWiYe)$&&&cBÅIebkeCWd_fkbWZW--c;g%BZ[DW!
Iehe<_i_eb]_Ye&"/WcfebW'&cB'+*c;g%BZ[DW!
Iehe<_i_eb]_Ye&"/\hWiYe'&&cB'+*c;g%BZ[DW!
Iehe<_i_eb]_Ye&"/\hWiYe(+&cB'+*c;g%BZ[DW!
Iehe<_i_eb]_Ye&"/\hWiYe+&&cB'+*c;g%BZ[DW!
Iehe<_i_eb]_Ye&"/XebiW+&&cB'+*c;g%BZ[DW!
Iehe<_i_eb]_Ye&"/XebiW'$&&&cB'+*c;g%BZ[DW!
Iehe<_i_eb]_Ye&"/XebiW($&&&cB'+*c;g%BZ[DW!
9beh[jeZ[IZ_e(&WcfebW'&cB)$*(*c;g%BZ[DW!
Kiei
Fh[l[deekjhWjWc[djeZ[Z[ÓY_
dY_WiZ[edYbeh[jeZ[iZ_e1fh[l[deZ[Y~_cXhWickiYkbWh[i1
fheijhWeWeYWbehfehf[hif_hWe[nY[ii_lWZkhWdj[[nfei_e}j[cf[hWjkhWWbjW1jhWjWc[djeZ[Z[ÓY_
dY_W
Z[iZ_e[Ybeh[jeZ[l_ZeWZ_kh[i[[nY[ii_lWekh[ijh_e[nY[ii_lWZ[iWb$
>[ceZ_|b_i[ÅfWY_[dj[iYec_dZ_YWeZ[j[hWf_WZ[ikXij_jk_eh[dWbYec_dijWX_b_ZWZ[^[ceZ_d~c_YW"
^[fWjefWj_Wi"JJF74,&i[]kdZei"?DHfhejWc_dW4("fbWgk[jWi2+&W-&$&&&[iWd]hWc[djei$
Feiebe]_W
7Zei[Z[l[i[h_dZ_l_ZkWb_pWZWZ[WYehZeYecegkWZheYbd_YeZ[YWZWfWY_[dj[
D[edWjeiFh[cWjkheiÅ(#.c;g%a]%Z_W$
D[edWjeiJ[hceiÅ'#*c;g%a]%Z_W$
9h_WdWiZ['c
i#'(WdeiÅ)#*c;g%a]%Z_W$:ei[c|n_cWÅ'&&#'+&c;g%Z_W$
7ZkbjeiÅ'+*c;g%Z_W$
Fh[YWk[i
7_d\kieZ[l[i[h\[_jWYecYWkj[bW[cfWY_[dj[iYec_dikÓY_
dY_WYWhZWYWYed][ij_lW"_dikÓY_
dY_W
Y_hYkbWjh_W"Z_i\kdeh[dWbek^_fefhej[_d[c_W$7Zc_d_ijhWhiebk[i^_f[hjd_YWiYWkj[beiWc[dj["fe_i
feZ[cYWkiWh[Z[cWfkbcedWh[^_f[heicebWh_ZWZ[$
I
Iebke9WhZ_efb]_YW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IebkefWhW9WhZ_efb[]_WIWd]kd[W?dZke\hWiYe#WcfebW
IebkefWhW9WhZ_efb[]_WIWd]kd[WCWdkj[de%H[f[h\kie\hWiYe#WcfebW
r)'/
Kiei
9h_WdWi[7Zkbjei
IebkeZ[_dZkeÅ_dZkeZWfWhWZWYecfb[jWZeiXWj_c[djeiYWhZWYei[dgkWdjei[h[Wb_pWeWjeY_hh]_Ye$
IebkeZ[cWdkj[de%h[f[h\kieÅcWdkj[deZWfWhWZWZeiXWj_c[djeiYWhZWYei[dgkWdjei[h[Wb_pWe
WjeY_hh]_Ye$
Feiebe]_W
IebkeZ[_dZkeÅZ_bk_hWiebke#c[W'0*YeciWd]k[$7Z_Y_edWh[c),&cBZ[I=+0'\hWiYeZ[
iebkeZ[_dZkefWfWl[h_dW"'\hWiYeZ[iebkeZ[_dZke|Y_ZeYjh_Ye"Y_jhWjeZ[iZ_e"Z[njhei["Ybeh[je
Z[fej|ii_e"ikb\WjeZ[cW]di_e"'\hWiYeZ[iebkeZ[_dZkeX_YWhXedWjeZ[iZ_e"'\hWiYeZ[iebke
]bkjWcWje#WifWhjWje$7Yh[iY[djWh'&kd_ZWZ[iZ[_dikb_dWi_cfb[i$
IebkeZ[cWdkj[de%h[f[h\kieÅZ_bk_hWiebke#c[W'0*YeciWd]k[$7Z_Y_edWh[c).&cBZ[I=+0
'\hWiYeZ[iebkeZ[_dZkefWfWl[h_dW"'\hWiYeZ[iebkeZ[cWdkj[de#h[f[h\kie|Y_ZeYjh_Ye"Y_jhWje
Z[iZ_e"Z[njhei["Ybeh[jeZ[fej|ii_e"ikb\WjeZ[cW]di_e"'\hWiYeZ[iebkeZ[cWdkj[de#h[f[h\kie
X_YWhXedWjeZ[iZ_e"'\hWiYeZ[iebke]bkjWcWje#WifWhjWje$7Yh[iY[djWh+kd_ZWZ[iZ[_dikb_dWi_cfb[i$
Fh[YWk[i
;ii[fheZkjeZ[ij_dWZeWkied_Ye$Dekj_b_pWhi[ebWYh[[ij_l[hl_ebWZe$7hcWp[dWh[cj[cf[hWjkhW
WcX_[dj[$KiWhWf[dWiieXikf[hl_iecZ_YW$
IebkeZ[=[bWj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
=[bW\kdZ_d\hWiYe+&&cB
Kiei
?dZ_YWZeYeceikXij_jkjefbWic|j_YeYebe_ZWbZelebkc[fWhWfheÓbWn_W[jhWjWc[djeZ[^_feleb[c_WWXiebkjW
[h[bWj_lW"fheÓbWn_WZW^_fej[die"^[ceZ_bk_eY_hYkbWe[njhWYehfh[W$
Feiebe]_W
>_feleb[c_Wb[l[
:ei[cZ_WÅ+&&#'$&&&cB
>_feleb[c_W]hWl[
:ei[cZ_WÅ+&&cB
>[ceZ_bk_e
:ei[cZ_WÅWWZc_d_ijhWeYehh[ifedZ[Welebkc[Z[iWd]k[[njhWZe$De[djWdje"WWZc_d_ijhWede
Z[l[[nY[Z[h(&cB%a]Zef[ieYehfehWb%Z_W$
9_hYkbWe[njhWYehfh[W
:ei[cZ_WÅ+&&#'$+&&cB
B[kYe\[h[i[
:ei[cZ_WÅ+&&#'$&&&cBfehb[kYe\[h[i[$
I
Fh[YWk[i
9eceeX`[j_leZ[i[Z[j[YjWhWWfWh_eZ[h[W[iWdWÓb|j_YWi"Z[l[#i[eXi[hlWhefWY_[dj[Wj[djWc[dj[
ZkhWdj[W_d\kie[fWhj_YkbWhc[dj[ZkhWdj[WWZc_d_ijhWeZeifh_c[_hei(&#)&cB$7_d\kieZ[l[i[h
_c[Z_WjWc[dj[_dj[hhecf_ZWgkWdZeikh]_hefh_c[_he_dZY_eZ[[\[_jeYebWj[hWb$
)(&r
IebkeZ[H_d][h
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
H_d][hBWYjWjeYbeh[jeZ[iZ_e)]!bWYjWjeZ[iZ_e'"++]!Ybeh[jeZ[fej|ii_e&"'+]!Ybeh[jeZ[Y|bY_e
^_ZhWjWZe&"']XebiW+&&cB
H_d][hI_cfb[iYbeh[jeZ[iZ_e*")]!Ybeh[jeZ[fej|ii_e&"'+]!Ybeh[jeZ[Y|bY_e^_ZhWjWZe&"',+]XebiW+&&cB
Kiei
?dZ_YWZWYece\edj[Z[|]kW[[b[jhb_jeiekYeceW][dj[WbYWb_d_pWdj[$
Feiebe]_W
7Zei[Z[f[dZ[ZW_ZWZ[[ZegkWZheYbd_YeZefWY_[dj[$
IebkefWhW9edi[hlWeZ[ãh]e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[bp[hKMXebiW'$&&&cB
9[bi_ehXebiW'$&&&cB
Kiei
;iiWiebkeZ_h[Y_edWZWfWhWbWlW][c[[ijeYW][cW\h_eZ[h]ei"_dYbk_dZeh_di"\]WZe[f~dYh[Wide
cec[djeZ[ikWh[ceeZeZeWZeh"[cfh[fWhWefWhWWhcWp[dWc[dje"jhWdifehj[[[l[djkWbjhWdifbWdj[
[ckc_dZ_lZkeh[Y[fjeh$
Feiebe]_W
BWlW][cWhj_YW_di_jk
9h_WdWiÅ+&cB%a]$
7ZkbjeiÅ(#*B$
?d\kie[n#l_le
<]WZel[_WfehjWb[i_ij[cWX_b_Wh
9h_WdWiÅ+&cB%a]$
7ZkbjeiÅ'$(&&cB$
F~dYh[Wiekh_di
9h_WdWiÅ'+&#(+&cB$
7ZkbjeiÅ)&&#+&&cB$
Fh[YWk[i
BWlWheh]eYecWiebke\h_WfWhW[ijeYW][c"Wdj[igk[Wh[f[h\kiei[`Wh[ijWX[b[Y_ZWde_dZ_lZke
h[Y[fjeh"fWhWgk[i[fh[l_dWWeYehh
dY_WZ[Yecfb_YW[iYWhZ_elWiYkbWh[ifej[dY_Wbc[dj[ih_WiYece"feh
[n[cfbe"^_f[hYWb[c_W"fWhWZWYWhZWYWekXhWZ_YWhZ_W$
I
IebkefWhW:_|b_i[F[h_jed[Wb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_Wd[WbF:#(]b_Yei['"+!Y|bY_e)"+c;gXebiW+$&&&cB
:_Wd[WbF:#(]b_Yei[*"(+!Y|bY_e)"+c;gXebiW+$&&&cB
r)('
Kiei
FWhWfWY_[dj[ifehjWZeh[iZ[_dikÓY_
dY_Wh[dWbYhd_YW"jhWjWZeiYecZ_|b_i[f[h_jed[WbWcXkbWjeh_WbYedjdkW$
Feiebe]_W
:_|b_i[Z[cWdkj[defWhWfWY_[dj[iYec_dikÓY_
dY_Wh[dWbYhd_YW
7iebkeZ[l[f[hcWd[Y[hdWYWl_ZWZ[f[h_jed[Wbfeh*#,^ehWiZkhWdj[eZ_W"[Z[.#'&^ehWiZkhWdj[Wde_j[$
7ejhc_deZ[YWZWf[heZeZ[f[hcWd
dY_W"Zh[dW#i[WiebkekiWZW[_d\kdZ[#i[WdelW$;ii[fheY[Z_c[dje
h[f[j_Ze)#+l[p[ifehZ_W"-Z_Wifehi[cWdW$7j[hWf_WfeZ[h|i[h_dZ_l_ZkWb_pWZWZ[WYehZeYecWi
d[Y[ii_ZWZ[iZ[kbjhWÓbjhWeZefWY_[dj[$
7Zkbjei
?djhWf[h_jed[WbÅ[c][hWb"'"+#(BZ[iebkefWhWZ_|b_i[Z[f[dZ[dZeZWYedij_jk_e\i_YWZefWY_[dj[$
9h_WdWiÅ?djhWf[h_jed[WbÅ)&#+&cB%a]$:ei[c|n_cWÅ(B$
Fh[YWk[i
7fih[ceeZe_dlbkYhefhej[jeh"l[h_ÓYWhW[n_ij
dY_WZ[c_YhelWpWc[djeiYecfh_c_dZe\ehj[c[dj[W
XebiWYedj[dZeWiebke$I[\eh[c[dYedjhWZeilWpWc[djei"Z[l[#i[Z[iYWhjWhWXebiW"fe_iW[ij[h_b_ZWZ[
feZ[h|[ijWhYecfhec[j_ZW$DeYWieZ[Wgk[Y_c[djeZWXebiW"[ij[Z[l[i[h\[_jeZ[djheZe_dlbkYhefhej[jeh$
IebkefWhW>[ceZ_|b_i[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
BWYjWiebXebiW+$&&&cB
Kiei
9eceikXij_jkjebgk_ZefWhWkieZkhWdj[W^[ceÓbjhWeWhj[h_el[deiWYedjdkW"^[ceÓbjhWel[del[deiW
YedjdkWek^[ceZ_WÓbjhWel[del[deiWYedjdkWdejhWjWc[djeZ[fWY_[dj[iYecZ[ÓY_
dY_Wh[dWbW]kZW"
YeceeX`[j_leZ[YedjhebWhe[gk_bXh_eZ[ÔkZei"YedjhebWh[b[jhb_jeidefbWicW"YedjhebWhe[gk_bXh_e|Y_Ze#
XWi[[h[cel[hfheZkjeiZeZ[i\Wb[Y_c[djeZej[Y_Ze[YWjWXeb_icefhej_Ye$
Feiebe]_W
?d\kie?L
9h_WdWiÅ'+#(&cB%a]%^$
7Zkbjei[?ZeieiÅ+&&#'$+&&cB%^$
EXi$0elebkc[WZc_d_ijhWZeZ[f[dZ[ZeXWbWde^Zh_YeZ[YWZWfWY_[dj["Zef[ieYehfehWb[ZWgkWdj_ZWZ[
Z[ÔkZegk[i[fh[j[dZ[h[cel[hZkhWdj[efheY[iieZ[^[ceÓbjhWe$
Fh[YWk[i
x_dYecfWjl[bYeciebk[igk[Yedj[d^WcX_YWhXedWje$7^[ceZ_d~c_YW"eiÔkZe"ei[b[jhb_jei[e
[gk_bXh_e|Y_Ze#XWi[ZefWY_[dj[Z[l[ci[hced_jehWZeiZkhWdj[efheY[Z_c[dje$
I
IebkeIWb_dWfWhW?hh_]We
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8IIiebke_djhW#eYkbWhXebiW(+&cB
8IIiebke_djhW#eYkbWh\hWiYe+&&cB
)((r
Kiei
?hh_]WeZkhWdj[_dj[hl[d[iY_hh]_YWiZeieb^ei"ekl_Zei"dWh_p[%ek]Wh]WdjW1_hh_]WeZWY~cWhWWdj[h_eh
ZkhWdj[Y_hkh]_WZ[YWjWhWjW1_hh_]WeZWY~cWhWWdj[h_ehZkhWdj[Y_hkh]_Wi_djhW#eYkbWh[i1_hh_]WeZe[nY[iie
Z[Wb\W#gk_cejh_fi_dWZWY~cWhWWdj[h_ehZkhWdj[pedkbb_i[[dp_c|j_YW1_hh_]WeZkhWdj[Y_hkh]_WieYkbWh[i
[nj[hdWi1_hh_]WeZei_ij[cWbWYh_cWb1_hh_]WeWfi_dij_bWeZ[Ôkeh[iY[dWdeiWYeYed`kdj_lWb1_hh_]We
Z[Yehfei[ijhWd^eiZeiWYeYed`kdj_lWb$
Feiebe]_W
9h_WdWi[7Zkbjei
?djhW#eYkbWh
8ebiWZ[(+&cBÅh[j_hWhe_dlbkYhefb|ij_Yefhej[jeh$F[h\khWheZ_W\hW]cWZej[hc_dWbZWXebiWfb|ij_YWYec
WY~dkbWf[h\kdYjh_WZei_ij[cWZ[WZc_d_ijhWe[YebeYWhWW]kb^WekY~dkbWZ[_hh_]Wedej[hc_dWbZe
i_ij[cW$F[hc_j_hWY_hYkbWeZebgk_ZeYecWÓdWb_ZWZ[Z[h[cel[heWhYedj_ZedejkXeWdj[iZe_dY_eZW
_hh_]We$H[]kbWheÔkneYecf_dWZ[[ijhWd]kbWc[dje$
<hWiYeZ[+&&cBÅkj_b_pWhi_ij[cWZ[WZc_d_ijhWeYeckcW[djhWZWZ[WhdefedjeZ[fkdeZ[fb|ij_Ye"
kcWl[pgk[e\hWiYedeYedjckcjkXeZ[Whi[fWhWZe$FknWhWWXWfWhWh[j_hWheWd[b[nj[hdeZ[Wbkcd_e
[Wfhej[eZ[fe[_hWZe\hWiYe$H[j_hWhei[beWpkbh[cell[b$B_cfWh[Z[i_d\[jWhWjWcfWZ[XehhWY^WkiWdZe
kcW]Wp[[ijh_bYec|bYeeb$KiWdZekcWjYd_YW"_di[h_hefedjeZ[fkdede\hWiYedebeYWb[ijWX[b[Y_ZeZW
jWcfWZ[XehhWY^W$F[hc_j_hWY_hYkbWeZebgk_ZeYecWÓdWb_ZWZ[Z[h[cel[heWhYedj_ZedejkXeWdj[iZe
_dY_eZW_hh_]We$
Fh[YWk[i
De_d`[jWhd[ckj_b_pWh[c_d\kie[dZel[deiW$:[iYWhjWheYedj[Zedekj_b_pWZe$;iiWiebkedeYedjc
Yedi[hlWdj[i[deZ[l[i[hkj_b_pWZWfehcW_iZ[kcfWY_[dj[$
IecWjeijWj_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ij_bWc_dWcfebW)c]%'cB
Kiei
JhWjWc[djeZ[^[cehhW]_WW]kZWi[l[hWZejhWje]Wijh_dj[ij_dWbWbje"h[ikbjWdj[Z[bY[hW]|ijh_YW[%ek
ZkeZ[dWb"[heie]|ijh_YW"]Wijh_j[^[cehh|]_YWeklWh_p[i[ie\|]_YWi1YeceWZ`klWdj[dejhWjWc[djeZ[
\ijkbWifWdYh[|j_YWi[_dj[ij_dW_i1jhWjWc[djefheÓb|j_YeZ[Yecfb_YW[ifi#ef[hWjh_WiYedi[g[dj[i}
_dj[hl[deY_hh]_YWieXh[ef~dYh[Wi$De[ij|_dZ_YWZedeiYWieiZ[^[cehhW]_WiZ[Whjh_WiZ[cZ_e[
]hWdZ[YWb_Xh["gkWdZei[\Wpd[Y[ii|h_WY_hkh]_W$
Feiebe]_W
?d\kieYedjdkW
JhWjWc[djeZ[^[cehhW]_WW]kZWi[l[hWZejhWje]Wijh_dj[ij_dWbWbjeÅ)"+cY]%a]%^"[ccZ_W(+&cY]%^$
KcWl[pY[iiWZWW^[cehhW]_W"ejhWjWc[djeZ[l[h|i[hYedj_dkWZefeh*.#-(^ehWi"YeceeX`[j_leZ[i[
[l_jWheh[iiWd]hWc[dje1ejhWjWc[djedeZ[l[[nY[Z[h'(&^ehWi$
JhWjWc[djefheÓb|j_YeZ[Yecfb_YW[ifi#ef[hWjh_WiYedi[g[dj[i}Y_hkh]_WfWdYh[|j_YWÅ(+&cY]%^
WZc_d_ijhWZeiZ[iZ[e_dY_eZWY_hkh]_W1ejhWjWc[djeZ[l[h|i[hcWdj_Zefeh+Z_Wi$
I
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[i_dikb_de#Z[f[dZ[dj[iZ[l_ZeWei[k[\[_je_d_X_ZehieXh[Wi[Yh[eZ[_dikb_dW[
]bkYW]ed1d[ii[iYWiei"h[Yec[dZWZeeYedjheb[]b_Y
c_YeW_dj[hlWbeih[]kbWh[iZ[)#*^ehWi$
r)()
IehX_jeb!BWkh_bIkb\WjeZ[IZ_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C_d_bWnbWkh_bikb\WjeZ[iZ_e&"&+]!iehX_jeb-&*",*][d[cWX_idW]W,"+]
Kiei
9ecebWnWj_leeicj_YedWYedij_fWe_dj[ij_dWb^WX_jkWbek[l[djkWb1fWhWdehcWb_pWeZe_dj[ij_dede
fi#ef[hWjh_e[defk[hfh_e1fWhW[ilWp_Wc[dje_dj[ij_dWbdefh[fWhefWhWWdkiYef_W"h[jeiYef_W"fWhjei[
khe]hWÓW[nYh[jehW1jhWjWc[djeZ[b[eWZ_d~c_Yedefi#ef[hWjh_e$
Feiebe]_W
9h_WdWi[7Zkbjei
H[jWbÅWfb_YWhjeZeeYedj[ZeZ[kcWX_idW]W1gkWdZed[Y[ii|h_e"feZ[ci[hWfb_YWZWi(Zei[i
ikY[ii_lWc[dj["[if[Y_Wbc[dj[[c\[YWbecW$9ecfh[iieÓhc["_di[h_hikWl[c[dj[WY~dkbW"Yecfh_c_hW
X_idW]WWji[h[nf[b_ZeeYedj[Ze$
Fh[YWk[i
;l_jWhekie[cYWieiZ[^[cehhW]_WiW]kZWiekYh_i[iZ[h[jeYeb_j[^[cehh|]_YW$
IkX]WbWjeZ[8_ickjeCedeX|i_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IkX]WbWjeZ[8_ickje[dl[bef[+]ÅC[Z_YWc[djeCWd_fkbWZe
Kiei
7][dj[^[ceij|j_Ye[Wdj__dÔWcWjh_e$
Feiebe]_W
Kie_dj[hde$7Yh_jh_ecZ_Ye$
IkYhWb\Wje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IkYhWÓbcYecfh_c_ZecWij_]|l[b']
I
Kiei
JhWjWc[djeZ[YkhjefhWpeZ[bY[hWZkeZ[dWb[bY[hW]|ijh_YW1fh[l[deZ[bY[hWZ[[ijh[ii["dejhWjWc[dje
Yec7_d[i$
Feiebe]_W
LE
9h_WdWiÅWZei[de[ij|Z[l_ZWc[dj[[ijWX[b[Y_ZW1Zei[iZ[*&#.&c]%a]%Z_WZ_l_Z_ZWiWYWZW,^ehWij
c
i_ZekiWZWi$
7Zkbjei
FheÓbWn_WZ[bY[hWZ[[ijh[ii[Å']*l[p[iWeZ_W$
JhWjWc[djeZ[bY[hWZ[[ijh[ii[Å']WYWZW*^ehWi$
)(*r
çbY[hWZkeZ[dWb
JhWjWc[djeÅ']*l[p[ifehZ_WZkhWdj[*#.i[cWdWi"ek(](l[p[iWeZ_W1WZkhWeh[Yec[dZWZWfWhWe
jhWjWc[dje[cWZkbjeiZ[*#.i[cWdWi$
CWdkj[de[fheÓbWn_WÅ'](l[p[iWeZ_W$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecfheXb[cWih[dW_iWYkckbWeZ[Wbkcd_e$EikYhWb\Wjefeiik_Wbje
fej[dY_WbfWhW_dj[hW]_hYecekjhWiZhe]Wi[Z[l[i[hWZc_d_ijhWZei[fWhWZWc[dj[[Yec_dj[hlWbeZ[(^ehWi
[djh[kcWc[Z_YWe[ekjhW$
Ik\[djWd_bW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ik\[djW[if_d^WbWcfebW'&cY]%(cB
<Wij\[d%Ik\[djWWcfebW+&cY]%cB
<Wij\[d%Ik\[djWWcfebW(+&cY]%+cB
Kiei
9eceikfb[c[djedWcWdkj[deZWWd[ij[i_W][hWb$
Feiebe]_W
9h_WdWi(#'(WdeiÅ'&#(+cY]%a]'&#'+cY]%a]ZeiW][ccW_iYeckcYec'&&Z[E($:ei[Z[
cWdkj[deÅWj'#(cY]%a]Zei[jejWb$
7ZkbjeiÅWZei[XWi[WZWdef[ieYehfh[e
;djkXWe[dZejhWgk[WbÅ'#(cY]%a]YecD(E%E($:ei[Z[cWdkj[deÅ'&#(+cY]i[d[Y[ii|h_e$
FheY[Z_c[djeiY_hh]_Yei_cfehjWdj[iÅ(#.cY]%a]YecD(E%E($:ei[Z[cWdkj[deÅ'&#+&cY]i[d[Y[ii|h_e$
H[bWnWdj[ckiYkbWhÅ.#)&cY]%a]Yec'&&Z[E(1Zei[icW_eh[iZegk[.cY]%a]cWdj
cfhe\kdZeidl[_i
Z[Wd[ij[i_W$:ei[Z[cWdkj[deÅ'&#+&cY]i[d[Y[ii|h_e$
Fh[YWk[i
FeZ[YWkiWhi[l[hWZ[fh[iieh[if_hWjh_W$KieYWkj[beie[cfWY_[dj[iYecZ_i\kd[i^[f|j_YWi[h[if_hWjh_Wi$
Ikb\WZ_Wp_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I
Ikb\WZ_Wp_dWY|fikbW+&&c]ÅC[Z_YWc[djeCWd_fkbWZe
Kiei
7Z`kdjedejhWjWc[djeZWjenefbWicei[1jhWjWc[djeZW_d\[Yekh_d|h_W[deYWhZ_ei[1fheÓbWn_WZW\[Xh[
h[kc|j_YW[cfWY_[dj[iWbh]_YeiWf[d_Y_b_dW1Yh_i[cWb|h_YWde#Yecfb_YWZW$
Feiebe]_W
LE
JenefbWicei[Yed]
d_jWÅ'&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWifeh'(c[i[i"WiieY_WZe}
f_h_c[jWc_dW'c]%a]%Z_WZ_Wh_Wc[dj[[ikfb[c[djWeYec|Y_Ze\ebd_Ye+c]WYWZW)Z_Wideifh_c[_hei
,c[i[i1[dje"f_h_c[jWc_dW'c]%a]%Z_W)l[p[ifehi[cWdW[|Y_Ze\ebd_Ye'&c])l[p[ifehi[cWdWdei
fhn_cei,c[i[i$
r)(+
9h_WdWi
JenefbWicei[Å'(&#(&&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi"WiieY_WZe}f_h_c[jWc_dW(c]%a]%Z_W
[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiZkhWdj[)Z_Wi"i[]k_ZeiZ['c]%a]%Z_WZ_Wh_Wc[dj[[ikfb[c[djWeZ[
|Y_Ze\ebd_Ye+#'&c]WYWZW)Z_Wi$:ei[c|n_cWÅ(+c]%Z_WZ[f_h_c[jWc_dW$
7Zkbjei
JenefbWicei[Å(#.]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi"WiieY_WZW}f_h_c[jWc_dW(+c]%Z_W[
ikfb[c[djWeYec|Y_Ze\ebd_Ye+#'&c]WYWZW)Z_Wi$
FheÓbWn_WZW\[Xh[h[kc|j_YW
§)&a]Å+&&c]Z_Wh_Wc[dj[$
4)&a]Å']Z_Wh_Wc[dj[$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#+&cB%c_dÅ[ij[dZ[he_dj[hlWbeZ[Zei[fWhW.#'(^ehWi$
9bYh2'&cB%c_dÅ[ij[dZ[he_dj[hlWbeZ[Zei[fWhW'(#(*^ehWi$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb[^[f|j_YW"Z[ÓY_
dY_WdW[dp_cW=,F:"h[j[dekh_d|h_W
[Z_iYhWi_WiiWd]kd[Wi$
Ikb\WZ_Wp_dWZ[FhWjW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:[hcWp_d[Yh[c['jkXe+&]
Kiei
7Z`kdjedWfh[l[de[dejhWjWc[djeZ[gk[_cWZkhWiZ[i[]kdZe[j[hY[_he]hWk$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWh'#(l[p[iWeZ_WYecbklW[ijh_bdW|h[W_d\[YjWZWZ[ceZegk[[ijWÓgk[
jejWbc[dj[YeX[hjWf[beYh[c[$
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYecZ[ÓY_
dY_WZW[dp_cW=,F:$;cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb[
^[f|j_YW"feZ[^Wl[hWYckbeZ[ikb\WZ_Wp_dWZ[fhWjW$
I
Ikb\Wc[jenWpeb!Jh_c[jefh_cW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8WYjh_cYecfh_c_Zeikb\Wc[jenWpeb*&&c]!jh_c[jefh_cW.&c]
8WYjh_c<Yecfh_c_Zeikb\Wc[jenWpeb.&&c]!jh_c[jefh_cW',&c]
8WYjh_cikif[dief[Z_|jh_YWikb\Wc[jenWpeb(&&c]!jh_c[jefh_cW*&c]%+cB\hWiYe'&&cB
8WYIkbÓjh_dikb\Wc[jenWpeb*&&c]!jh_c[jefh_cW.&c]WcfebW+cB
)(,r
Kiei
LEÅjhWjWc[djeZ[_d\[Yekh_d|h_Wfeh;$Yeb_"Ab[Xi_[bbW[;dj[heXWYj[hif"F$ceh]Wd__"F$c_hWX_b_i[F$
lkb]Wh_i1ej_j[cZ_WW]kZW[cYh_WdWi1[nWY[hXWeW]kZW[cXhedgk_j[Yhd_YW[cWZkbjeifeheh]Wd_icei
ikiY[jl[_iYece>$_dÔk[dpW[ekI$fd[kced_W[1fheÓbWn_WZ[fd[kced_WfehFd[kceYoij_iYWh_d__1Z_Whh_W
Zel_W`Wdj[feh;$Yeb_[dj[hejen_]
d_YWek9oYbeifehW$
?LÅjhWjWc[djeZ[_d\[Y[igkWdZeWj[hWf_WehWbdeWfb_Y|l[b[cYWieZ[fd[kced_WfehFd[kceYoij_i
YWh_d__1jhWjWc[djeZ[fd[kced_WfehFd[kceYoij_iYWh_d__[cfWY_[dj[i_ckdeYecfhec[j_Zei1jhWjWc[dje
Z[i^_][bei["\[Xh[j_\_Z["_d\[Y[ifehDeYWhZ_WWij[he_Z[i[ekjheic_Yheeh]Wd_iceiikiY[jl[_i$
Feiebe]_W
9h_WdWi4(c[i[i
?d\[Y[iceZ[hWZWiWi[l[hWi
LE%?LÅ.c]Z[jh_c[jefh_cW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$
?d\[Y[ii[l[hWi%Fd[kceYoij_i
?LÅ(&c]Z[jh_c[jefh_cW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
FheÓbWn_WZ[_d\[Y[iZejhWjekh_d|h_e
LEÅ(c]Z[jh_c[jefh_cW%a]%Zei[Z_Wh_Wc[dj[$
FheÓbWn_WZ[Fd[kceYoij_i
LE%?LÅ'&c]Z[jh_c[jefh_cW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi")Z_Wifehi[cWdW$:ei[c|n_cW
Å)(&c]Z[jh_c[jefh_cW['$,&&c]Z[ikb\Wc[jenWpeb")l[p[ifehi[cWdW$
9b[hW
LE%?LÅ+c]Z[jh_c[jefh_cW%a])l[p[iWeZ_W"ZkhWdj[)Z_Wi$
9oYbeifehW
LE%?LÅ+c]Z[jh_c[jefh_cW%a](l[p[iWeZ_W"ZkhWdj[-Z_Wi$
7Zkbjei
?d\[Y[iZejhWjekh_d|h_e%Xhedgk_j[Yhd_YW
LEÅ',&c]Z[jh_c[jefh_cWWYWZW'(^ehWi"ZkhWdj['&#'*Z_Wi$
I[fi[
?LÅ(&c]Z[jh_c[jhef_dW%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
JhWjWc[djeZ[Fd[kceYoij_iYWh_d__
LE%?LÅ(&c]Z[jh_c[jhef_dW%a]%Z_W[c)#*Zei[iZ_l_Z_ZWi$
9b[hW
LE%?LÅ',&c]Z[jh_c[jhef_dW(l[p[iWeZ_W"ZkhWdj[)Z_Wi$
9oYbeifehW
LE%?LÅ',&c]Z[jh_c[jhef_dW(l[p[iWeZ_W"ZkhWdj[-Z_Wi$
?d\[YefehDeYWhZ_W
LE%?LÅ,*&c]Z[jh_c[jefh_cW%Z_W[cZei[iZ_l_Z_ZWi"ZkhWdj[Wb]kdic[i[i$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
?L
9bYh'+#)&cB%c_dÅWZc_d_ijhWh("+#+c]%a]WYWZW'(^ehWi$
9bYh2'+cB%c_dÅWZc_d_ijhWh("+#+c]%a]WYWZW(*^ehWi$
LE
9bYh'+#)&cB%c_dÅWZc_d_ijhWh',&c]Z[jh_c[jefh_cWWYWZW(*^ehWiek.&c]Z[jh_c[jefh_cWWYWZW'(^ehWi$
9bYh2'+cB%c_dÅWZc_d_ijhWh("+#+c]%a]WYWZW(*^ehWi$
I
Fh[YWk[i
EjhWjWc[djeZ[l[i[hZ[iYedj_dkWZe_c[Z_WjWc[dj[Wefh_c[_hei_dWbZ[WfWh[Y_c[djeZ[hWi^Ykj~d[e
ekgkWbgk[hekjhWh[WeWZl[hiW]hWl[$:[l_Ze}feii_X_b_ZWZ[Z[^[cb_i["deZ[l[i[hWZc_d_ijhWZe[c
r)(-
fWY_[dj[ifehjWZeh[iZ[Z[ÓY_
dY_WZ[=,F:Wdei[h[cYWieiZ[WXiebkjWd[Y[ii_ZWZ[[[cZei[icd_cWi$
KiWhYecYWkj[bW[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb[^[f|j_YW$
Ikb\WiiWbWp_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7pkbÓdYecfh_c_Ze+&&c]
Kiei
JhWjWc[djeZ[Yeb_j[kbY[hWj_lW"Whjh_j[h[kcWj_Z[`kl[d_b[Ze[dWZ[9he^dWj_lW$
Feiebe]_W
LE
9h_WdWi¨(Wdei
9eb_j[kbY[hWj_lW
;nWY[hXWeb[l[Å*&#+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$
;nWY[hXWeceZ[hWZWWi[l[hWÅ+&#-+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*#,^ehWi$:ei[c|n_cWÅ
,]%Z_W$
CWdkj[deÅ)&#+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW*#.^ehWi$:ei[c|n_cWÅ(]%Z_W$
7hjh_j[h[kcWj_Z[`kl[d_bÅZei[_d_Y_WbZ['&c]%a]%Z_W1Wkc[djWhi[cWdWbc[dj[Z['&c]%a]%Z_W$:ei[
kikWbZ[)&#+&c]%a]%Z_WZ_l_Z_ZW[c(Zei[i$:ei[c|n_cWÅ(]%Z_W$
7ZkbjeiÅ'])#*l[p[iWeZ_WZ_l_Z_ZeWYWZW*#,^ehWi$:ei[c|n_cWÅ,]%Z_W$
CWdkj[deÅ(]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#'(^ehWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#)&cB%c_dÅWZc_d_ijhWh(l[p[iWeZ_W$
9bYh2'&cB%c_dÅWZc_d_ijhWh'l[pWeZ_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb"Z_iYhWi_WiiWd]kd[Wi"Z[ÓY_
dY_WdW[dp_cW=,F:[[c
fWY_[dj[iWic|j_Yei$
Ikb\Wje<[hheie
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I
Ikb\[hhebZh|][W(+&c]ikb\Wje\[hheie
<[h#?d#Ieb]ejWi(+c]%cB\[hhe[b[c[djWh\hWiYe)&cB'cB3(,]ejWi
Kiei
JhWjWc[dje[fh[l[deZ[Z[ÓY_
dY_WZ[\[hhe[cWd[c_Wi$
Feiebe]_W
LE
9h_WdWi
:[ÓY_
dY_Wi[l[hWZ[\[hheÅ*#,c]<[%a]%Z_WZ_l_Z_Zei[c)Zei[i$
:[ÓY_
dY_WceZ[hWZWZ[\[hheÅ)c]<[%a]%Z_WZ_l_Z_Zei[c'#(Zei[i$
)(.r
FheÓbWn_WÅ'#(c]<[%a]%Z_W$
7Zkbjei
:[ÓY_
dY_WZ[\[hheÅ)&&c](l[p[iWeZ_W1Wj)&&c]*l[p[iWeZ_W$
Fh[YWk[i
7WZc_d_ijhWeZ[\[hhefehf[heZeicW_eh[iZ[,c[i[iZ[l[i[h[l_jWZW"[nY[je[cfWY_[dj[iYec
^[cehhW]_WYedjdkW"c[dehhW]_W[]hWl_Z[p[ih[f[j_ZWi$
IkcWjh_fjWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IkcWnYecfh_c_Ze+&c]
Kiei
JhWjWc[djeZ[Yh_i[iW]kZWiZ[[dnWgk[YW"WYecfWd^WZWiekdeZ[Z_ijhX_eil_ikW_i"i[di_j_leiekZ[
lc_jei$DeZ[l[i[hkiWZeYecefheÓb|j_Ye$
Feiebe]_W
LE
7ZkbjeiÅ(+c]"+&c]ek'&&c][cZei[d_YW1i[de\eheXj_ZWh[ifeijWiWj_i\Wjh_W[c(^ehWi"feZ[i[h
WZc_d_ijhWZWkcW(°Zei[$:ei[c|n_cWÅ)&&c]%Z_W$
Fh[YWk[i
IkcWjh_fjWdW_dZ_YWZWiec[dj[[cfWY_[dj[icW_eh[iZ['.WdeiYeckcZ_W]dij_YeYbWheZ[[dnWgk[YW$
I_]d_ÓYWdj[[b[lWeZWfh[iieiWd]kd[W"_dYbk_dZeYh_i[^_f[hj[di_lW"\e_h[bWjWZW[cfWY_[dj[iYeceki[c
^_ijh_YeZ[^_f[hj[die$
IknWc[jd_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Gk[b_Y_d\hWiYe#WcfebW'&&c]%+cB
Kiei
H[bWnWc[djeckiYkbWh[cfheY[Z_c[djeiZ[YkhjWZkhWeYece[djkXWe[dZejhWgk[Wb[[dZeiYef_W$
I
Feiebe]_W
9h_WdWi
?CÅ("+#*c]%a]$:ei[c|n_cWÅ'+&c]$
?LÅZei[_d_Y_WbÅ'#(c]%a]$:ei[c|n_cWÅ'+&c]$
:ei[Z[cWdkj[deÅ&")#&",c]%a]WYWZW+#'&c_dkjei$
7Zkbjei
?C%?LÅ&",c]%a]1\W_nWkikWbÅ&")#'"'c]%a]$:ei[c|n_cWÅ'+&c]$
:ei[Z[cWdkj[deÅ&"&*#&"&-c]%a]WYWZW+#'&c_dkjei$
?d\kieYedjdkWÅ("+c]%c_d$<W_nWkikWbÅ&"+#'&c]%c_d$
r)(/
Fh[YWk[i
:[l_ZeWeh_iYeZ[^_f[hj[hc_WcWb_]dW"W_d\kieYedjdkWdeh[Yec[dZWZW[cYh_WdWi$KieYWkj[beie[c
fWY_[dj[iYec^_f[hYWb[c_Wfh[[n_ij[dj["fWhWfb[]_W[[nj[diWigk[_cWZkhWi$
JWdikbei_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I[Yej[nY|fikbW&"*c]
Kiei
JhWjWc[djeZeii_djecWi\kdY_edW_iZW^_f[hfbWi_Wfheij|j_YWX[d_]dW$
Feiebe]_W
7ZkbjeiZei[necWiYkb_de
LE
>_f[hfbWi_Wfheij|j_YWX[d_]dWÅ&"*c]%Z_WWfieZ[i`[`kc$
Fh[YWk[i
EjhWjWc[djeZ[fWY_[dj[iYec_dikÓY_
dY_Wh[dWb]hWl[9bYh2'&cB%c_dekZ[fWY_[dj[iYec_dikÓY_
dY_W
^[f|j_YW]hWl[Z[l[i[h\[_jeYecYWkj[bW$FWY_[dj[iYec^_ijh_WZ[^_fej[dieehjeij|j_YWfeZ[ci[hcW_i
fhef[diei}gk[ZWZWfh[iieWhj[h_Wb$
J[_YefbWd_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
JWh]eY_Z\hWiYe#WcfebW(&&c]
Kiei
JhWjWc[djeZ[_d\[Y[iYWkiWZWifehc_Yheeh]Wd_icei]hWc#fei_j_leii[dil[_i"_dYbk_dZeWgk[b[i
h[i_ij[dj[iWekjheiWdj_X_j_Yei"jW_iYecec[j_Y_b_dW[Y[\Wbeifeh_dWi0[dZeYWhZ_j["i[fj_Y[c_W"_d\[Y[i
eij[eWhj_YkbWh[i"_d\[Y[iZejhWjeh[if_hWjh_e_d\[h_eh"_d\[Y[iZWf[b[[Zeij[Y_Zeiceb[i"_d\[Y[i
kh_d|h_Wi[f[h_jed_j[WiieY_WZW}Z_|b_i[f[h_jed[WbYhd_YWWcXkbWjeh_Wb1jhWjWc[djeZ[_d\[Y[i
[cfWY_[dj[iWbh]_YeiWf[d_Y_b_dWekY[\Wbeifeh_dWi1fheÓbWn_W[cfWY_[dj[ideigkW_iW_d\[Yefeh
c_Yheeh]Wd_icei]hWc#fei_j_leifeZ[i[hf[h_]eiW$
Feiebe]_W
?C%?L
H[Yc#dWiY_Zei2(c[i[iÅZei[d_YWZ[WjWgk[Z[',c]%a]de'±Z_W1WiZei[iZ_|h_WiikXi[g[dj[iZ[l[c
i[hZ[.c]%a]$H[Yec[dZW#i[WZc_d_ijhWhWiZei[ifeh_d\kie_djhWl[deiWfeh)&c_dkjei$
9h_WdWiZ[(c[i[i#',Wdei
?d\[Y[i]hWl[ifeh]hWc#fei_j_leiek[cYh_WdWid[kjhef
d_YWiÅ'&c]%a]WYWZW'(^ehWifWhWWi)
fh_c[_hWiZei[i1WiZei[iZ_|h_WiikXi[g[dj[iZ[l[ci[hZ['&c]%a][cd_YW_d`[e?Lek?C$
?d\[Y[iceZ[hWZWiÅ'&c]%a]WYWZW'(^ehWifWhWWi)fh_c[_hWiZei[i1WiZei[iZ_|h_WiikXi[g[dj[i
Z[l[ci[hZ[,c]%a][cd_YW_d`[e?Lek?C$
7Zkbjei
?d\[Y[iceZ[hWZWiÅZei[d_YW_d_Y_WbÅ*&&c],c]%a]$:ei[Z[cWdkj[deÅ(&&c])c]%a]%Z_W$
J
))&r
?d\[Y[i]hWl[iÅZei[_d_Y_Wbd_YWÅ*&&c],c]%a]?LWYWZW'(^ehWi"fWhWWi)fh_c[_hWiZei[i"i[]k_ZW
Z[*&&c],c]%a]%Z_W?Cek?L$;cfWY_[dj[iYeccW_iZ[.+a]"Z[l[#i[kj_b_pWhWZei[Z[,c]%a]$;c
Wb]kcWii_jkW[i"jW_iYece[cfWY_[dj[iYecgk[_cWZkhWi]hWl[i_d\[YjWZWiek[dZeYWhZ_j[YWkiWZWfeh
IjWf^obeYeYYkiWkh[ki"feZ[i[hd[Y[ii|h_WZei[Z[cWdkj[deZ[Wj'(c]%a]?L$
FheÓbWn_WZ[[dZeYWhZ_j[]hWc#fei_j_lW[cY_hkh]_WZ[djWb[[cfWY_[dj[iYecZe[dWlWblkbWhÅ*&&c]
,c]%a]?Ldecec[djeZW_dZkeWd[iji_YW$
FheÓbWn_WZ[_d\[Y[i]hWc#fei_j_lWi[cY_hkh]_WehjefZ_YWlWiYkbWhÅ*&&c]?Ldecec[djeZW
_dZkeWd[iji_YW$
:_Whh_WWiieY_WZWWWdj_X_j_YeiÅWfih[Yedij_jk_eZefZe\hWiYe#WcfebWYeceiebl[dj["Wiebke
Z[l[i[hWZc_d_ijhWZWYeceiebkeehWbWiebkedej[c]eije$:ei[kikWbÅ(&&c](l[p[iWeZ_W
ZkhWdj[-#'*Z_Wi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWbiec[dj[WfWhj_hW+°Zei[
9bYh*&#,&cB%c_dÅh[Zkp_hWZei[fWhWW'%(ZW_d_Y_Wbkj_b_pWdZeWZei[_d_Y_WbWYWZW(Z_Wiek'%(Zei['l[p
WeZ_W$
9bYh2*&cB%c_d[Z_Wb_pWZeiÅh[Zkp_hWZei[W'%)ZW_d_Y_Wbkj_b_pWdZeWc[icWZei[_d_Y_WbWYWZW)Z_Wiek
'%)ZWZei['l[pWeZ_W$
Fh[YWk[i
:[l[i[hWZc_d_ijhWZWYecYWkj[bW[cfWY_[dj[iYecWdj[Y[Z[dj[iZ[^_f[hi[di_X_b_ZWZ[WlWdYec_Y_dW"fe_i
feZ[^Wl[h^_f[hi[di_X_b_ZWZ[YhkpWZW$<ehWch[bWjWZeiYWieiZ[jen_Y_ZWZ[^[cWjeb]_YW"WkZ_j_lW"^[f|j_YW[
h[dWb"feh_iieh[Yec[dZW#i[ced_jehWeWkZ_j_lW"^[f|j_YW[h[dWb$
J[bc_iWhjWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C_YWhZ_iYecfh_c_Ze*&c]
Kiei
JhWjWc[djeZW^_f[hj[dieWhj[h_Wb"Yececedej[hWf_Wek[cWiieY_WeYecekjheiW][dj[iWdj_#^_f[hj[di_lei$
Feiebe]_W
LE
7ZkbjeiÅZei[h[Yec[dZWZWÅ*&c]'l[pWeZ_W$7b]kdifWY_[dj[ifeZ[cWfh[i[djWhX[d[\Y_eYecZei[
Z_|h_WZ[(&c]$
:ei[c|n_cWÅ.&c]'l[pWeZ_W$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YWÅdei[Z[l[[nY[Z[hWZei[Z_|h_WZ[*&c]$
Fh[YWk[i
GkWdZei[Yedi_Z[hWhkcWkc[djeZ[Zei["Z[l[#i[b[lWh[cYedjWgk[ec|n_ce[\[_jeWdj_#^_f[hj[di_le
][hWbc[dj[Wj_d]_Ze*#.i[cWdWiWfie_dY_eZejhWjWc[dje$
J
J[d[Yj[fbWi[
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
C[jWboi[+&c]\hWiYe#WcfebW!iebkeZ_bk[dj['&cB
r))'
Kiei
JhWjWc[djejhecXebj_YeZ[_d\WhjeW]kZeZec_eY|hZ_e$
Feiebe]_W
7Zkbjei
F[ieYehfh[eZefWY_[dj[a] J[d[Yj[fbWi[K J[d[Yj[fbWi[c]
Lebkc[Yehh[ifedZ[dj[}
iebkeh[Yedij_jkZWcB
2,&
,$&&&
)&
,
¨,&W2-&
-$&&&
)+
-
¨-&W2.&
.$&&&
*&
.
¨.&W2/&
/$&&&
*+
/
¨/&
'&$&&&
+&
'&
:ei[c|n_cWÅ'&$&&&Kek+&c]Z[j[d[Yj[fbWi[$
Fh[YWk[i
J[d[Yj[fbWi[YedjhW#_dZ_YWZedW\W_nW[j|h_W[djh[&#'(Wdei$EjhWjWc[djeh[gk[hYk_ZWZeiWWj[deWjeZei
eifeiil[_i\eYeiZ[iWd]hWc[dje"[if[Y_Wbc[dj[[cfWY_[dj[iYeccW_iZ[-+Wdei$
J[den_YWc
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J_bWj_bYecfh_c_Ze(&c]
J_bWj_b\hWiYe#WcfebW(&c]
Kiei
JhWjWc[djeZ[Whjh_j[h[kcWj_Z["eij[eWhjh_j["Whjhei["[ifedZ_b_j[Wdgk_beiWdj["W\[Y[i[njhW#Whj_YkbWh[i"
]ejWW]kZW"Zehfi#ef[hWjh_W$
Feiebe]_W
LE%?L
7Zkbjei
7hjh_j[h[kcWj_Z["eij[eWhjh_j["Whjhei["[ifedZ_b_j[Wdgk_beiWdj["W\[Y[i[njhW#Whj_YkbWh[iÅ(&c]'l[p
WeZ_W$
:ehfi#ef[hWjh_WÅ*&c]'l[pWeZ_WZkhWdj[+Z_Wi$
=ejWW]kZWÅ*&c]'l[pWeZ_WZkhWdj[(Z_Wi["[ci[]k_ZW"(&c]%Z_WZkhWdj[+Z_Wi$
Fh[YWk[i
DeZ[l[i[hWZc_d_ijhWZe[cfWY_[dj[ic[deh[iZ['.Wdei$KieYWkj[beie[cfWY_[dj[iYecZe[dWi
]Wijh_dj[ij_dW_i"YWhZWYWi"h[dW_iek^[f|j_YWi[[cfWY_[dj[i\Wp[dZekieZ[Wdj_YeW]kbWdj[i$
J
J[eÓb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J[ebed]Y|fikbW'&&c]
))(r
J[ebed]Y|fikbW(&&c]
J[ebed]Y|fikbW)&&c]
Kiei
8hedgk_j[i[c][hWb1[dÓi[cW1Z_ifd_WiZ[eh_][ceXijhkj_lW1fWjebe]_Wigk[WYecfWd^[cXhedYe[ifWice[
_dikÓY_
dY_WYWhZWYWYed][ij_lW1WicWXhdgk_YW[ikWicWd_\[ijW[i$
Feiebe]_W
LE
9h_WdWiZ[)#,WdeiÅ'&&c](l[p[iWeZ_W$
9h_WdWiZ[,#'(WdeiÅ(&&c](l[p[iWeZ_W$
7ZkbjeiÅ)&&c](l[p[iWeZ_W$
Fh[YWk[i
9h_WdWifh[cWjkhWiYecXW_nef[ieWedWiY[hfeZ[cWfh[i[djWh_did_W"W]_jWe[%ekWdi_[ZWZ[$KiWh
YecYWkj[bW[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YW[%ekh[dWb"]ejW"bY[hW]|ijh_YW"^_f[hj[die[Ze[dWi
YWhZWYWi]hWl[i$
J[hXkjWb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J[hXkj_bWcfebW&"+c]%'cB
Kiei
7icWXhdgk_YW"Xhedgk_j[Yhd_YW"[dÓi[cW[ekjhWifd[kcefWj_Wigk[Wfh[i[dj[cXhedYe[ifWice1Yece
c_ehh[bWnWdj[kj[h_dedecWdki[_eZejhWXWb^eZ[fWhjede#Yecfb_YWZe$
Feiebe]_W
I9
9h_WdWi2'(WdeiÅ&"&&+#&"&'c]%a]%Zei[Wjec|n_ceZ[&")c]%Zei[WYWZW'+#(&c_dkjei"feh)Zei[i$
9h_WdWi4'(Wdei[7ZkbjeiÅ&"(+c]%Zei["h[f[j_ZWWf[dWi'l[pZ[djheZ['+#)&c_dkjei$:ei[c|n_cW
Å&"+c][ckcf[heZeZ[*^ehWi$
JeYb_i[
7ZkbjeiÅ("+#'&cY]%c_d1Wkc[djWh]hWZkWbc[dj[WYWZW'&#(&c_dkjei$:ei[c|n_cWÅ'-"+#)&cY]%c_d
_d\kieZ[f[bec[dei'(^ehWi$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh'&#+&cB%c_dÅWZc_d_ijhWh+&ZWZei[kikWb$
9bYh2'&cB%c_dÅ[l_jWhekie$
J
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYec^_f[hj_he_Z_ice$;cfWY_[dj[iZ_WXj_Yei"Z[l[c#i[h[Wb_pWhj[ij[i
WZ_Y_edW_iZ[]b_Y[c_W$DeZ[l[i[hkiWZe[cfWY_[dj[iYecYWhZ_ec_efWj_W^_f[hjhÓYW$;c][ijWdj[i"
feZ[ceYehh[hWkc[djeZW\h[g
dY_WYWhZWYW"Whh_jc_Wi"[Z[cWfkbcedWh[_igk[c_WZec_eY|hZ_e$De\[je"
feZ[ceYehh[hWkc[djeZW\h[g
dY_WYWhZWYW[^_fe]b_Y[c_W$
r)))
J[hb_fh[ii_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
=bofh[ii_d\hWiYe#WcfebW'c]Yehh[ifedZ[dj[W&".,c]Z[j[hb_fh[ii_dW
Kiei
JhWjWc[djeZ[^[cehhW]_WiZ[lWh_p[i[ie\|]_YWi$
Feiebe]_W
?L
7ZkbjeiÅ(c][cXebki"_d_Y_Wbc[dj[1WiZei[iikXi[g[dj[iZ[(c]Z[l[ci[hWZc_d_ijhWZWiWYWZW
*^ehWi"feZ[dZe[ijWii[h[ch[Zkp_ZWifWhW'c]fWhWfWY_[dj[iYeccW_iZ[+&a]ekfWhW'"+c]fWhW
fWY_[dj[iZ[+&#-+a]$
Fh[YWk[i
:khWdj[ejhWjWc[dje"Wfh[iieiWd]kd[W"W\h[g
dY_WYWhZWYW[eXWbWdeZ[Ôk_ZeiZ[l[ci[h
ced_jehWZeiYk_ZWZeiWc[dj[$KiWhYecYWkj[bW[cfWY_[dj[iYec^_f[hj[die[Ze[dWiYWhZWYWi$Ekie
ZkhWdj[W]hWl_Z[pfhe_X_j_le"fe_iYWkiWYedjhW[ikj[h_dWi[Z[YhiY_ceZeÔkneiWd]kd[ekj[h_de$x
YedjhW#_dZ_YWZe[cYWieZ[Y^egk[ifj_Ye$
J_WX[dZWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J^_WX[dYecfh_c_Ze+&&c]
Kiei
JhWjWc[djeZW[ijhe]_be_ZWi[1bWhlWc_]hWdiYkj~d[W1bWhlWc_]hWdil_iY[hWb1ZhWYkdYkbei[1jh_gk_dei[[
_d\[Y[iYWkiWZWifeh^[bc_djei$
Feiebe]_W
LE
9h_WdWi[7ZkbjeiÅ+&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWi$:ei[c|n_cWÅ)]$
;ijhe]_be_ZWi[Å+&c]%a]%Z_WZkhWdj[(Z_WiYedi[Ykj_lei1[c_d\[Y[icW_i]hWl[iZkhWdj[+Z_Wi$
BWhlWc_]hWdiYkj~d[WÅ+&c]%a]%Z_WZkhWdj[(#+Z_WiYedi[Ykj_lei$
Jh_gk_dei[Å+&c]%a]%Z_WZkhWdj[(#*Z_WiYedi[Ykj_lei$
7d]_eijhed]_bei[Å+&#-+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW.#'(^ehWiZkhWdj[)Z_Wi$
:hWYkdYkbei[Å+&#-+c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW'(^ehWiZkhWdj[)Z_Wi$
BWhlWc_]hWdil_iY[hWbÅ+&c]%a]%Z_WZkhWdj[+#-Z_WiYedi[Ykj_lei$
J
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ[ÓY_
dY_Wh[dWb"fWY_[dj[iWd
c_Yei[Z[i_ZhWjWZei$
J_WcWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
JWfWpebYecfh_c_Ze+c]
))*r
Kiei
JhWjWc[djefWb_Wj_leZ[^_f[hj_he_Z_ice1h[jehdeZefWY_[dj[^_f[hj_h_Z_YeWYedZ_[ic[jWXb_YWidehcW_i
Wdj[iZ[j_h[e_Z[Yjec_W1Yedjheb[Z[Yh_i[Z[j_h[ejen_Yei[gk[feZ[WYecfWd^Whj_h[e_Z[Yjec_W$
Feiebe]_W
LEÅWZc_d_ijhWh[c)Zei[i_]kWbc[dj[Z_l_Z_ZWi[c_dj[hlWbeiZ[.^ehWi$
9h_WdWiÅZei[_d_Y_WbÅ&"*c]%a]%Z_W[c)Zei[iZ_l_Z_ZWiek"Wbj[hdWj_lWc[dj["&"+#&"-c]%a]%Z_Wek
'+#(&c]%c(%Z_W[c)Zei[iZ_l_Z_ZWi$:ei[Z[cWdkj[deÅ'%)W(%)ZWZei[_d_Y_Wb"gkWdZeefWY_[dj[
[kj_h[_Z[e$:ei[c|n_cWÅ)&c]%Z_W$
7ZkbjeiÅZei[_d_Y_WbÅ'+c]%Z_WfWhW^_f[hj_he_Z_iceb[l[1)&#*&c]%Z_WfWhW^_f[hj_he_Z_ice
ceZ[hWZWc[dj[i[l[he1,&c]%Z_W[c^_f[hj_he_Z_icei[l[he$:ei[Z[cWdkj[deÅ+#'+c]%Z_W$
Fh[YWk[i
7Zei[Z[l[i[hW`kijWZWfWhWWj_d]_h[cWdj[heidl[_iih_YeiZ[J)"J*[JI>dW\W_nWdehcWb$:[l[i[h
kiWZeYecYWkj[bW[cfWY_[dj[ih[Y[X[dZeekjhWiZhe]Wigk[YWki[cc_[beiikfh[iie"fWhj_YkbWhc[dj[
W]hWdkbeY_jei["[[cfWY_[dj[iYeccW_iZ[*&Wdei$FeZ[eYWi_edWh^_fej_he_Z_ice[fheXb[cWiYed]
d_jei$
J_Ybef_Z_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J_Yb_Z%Jh_YbeXWbYecfh_c_Ze(+&c]
Kiei
H[ZkeZeh_iYeZ[WY_Z[dj[lWiYkbWhY[h[XhWbfh_c|h_eekh[Yehh[dj[1fh[l[deZ[WY_Z[dj[i_igk
c_Yei
[nj[diei"[if[Y_Wbc[dj[YehedWh_Wdei1[cfWY_[dj[iYecWhj[h_eiYb[hei[eXb_j[hWdj[Yhd_YWZeic[cXhei
_d\[h_eh[i"Yeci_djecWiZ[YbWkZ_YWe_dj[hc_j[dj[1fh[l[de[Yehh[eZeiZ_ijhX_eifbWgk[j|h_ei
_dZkp_ZeifehY_hYk_jei[njhWYehfh[ei1fh[l[deZ[eYbki[iikXW]kZWiWfi_cfbWdjWeZ[
Çij[djÈYehedWh_Wde$
Feiebe]_W
LE
7Zkbjei[?ZeieiÅ(+&c](l[p[iWeZ_WYecWb_c[djei$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[igk[feiik[ccW_ehh_iYeZ[^[cehhW]_W$FeZ[YWkiWhh[W[i^[cWjeb]_YWi"
_dYbk_dZed[kjhef[d_W[cW_ihWhWc[dj[fWdY_jef[d_W"Wii_cYecejhecXeY_jef[d_W_iebWZWek
[nY[fY_edWbc[dj[WiieY_WZWWWd[c_W^[cebj_YW$
J
J_][Y_Yb_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Jo]WY_b\hWiYe#WcfebW+&c]
Kiei
7j_][Y_Yb_dW_dZ_YWZWfWhWjhWjWc[djeZ[_d\[Y[iYecfb_YWZWiZWf[b[[ikWi[ijhkjkhWi"YWkiWZWifeh
Y[fWiikiY[jl[_iZ[;$Yeb_";dj[heYeYYki\W[YWb_iWf[dWi_iebWZeiikiY[jl[_iWlWdYec_Y_dW"IjWf^obeYeYYki
r))+
Wkh[ki_iebWZeiikiY[jl[_i[h[i_ij[dj[iWc[j_Y_Yb_dW"Ijh[fjeYeYYkiW]WbWYj_W["]hkfeZ[Ijh[fjeYeYYki
foe][d[i"8WYj[he_Z[i\hW]_b_i[cfWY_[dj[icW_eh[iZ['.Wdei$
7j_][Y_Yb_dW_dZ_YWZWfWhWejhWjWc[djeZ[_d\[Y[i_djhW#WXZec_dW_iYecfb_YWZWi"fheleYWZWifehY[fWi
ikiY[jl[_iZ[9_jheXWYj[h\h[kdZ__";dj[heXWYj[hYbeWYW[";$Yeb_"Ab[Xi_[bbWenojeYW"Ab[Xi_[bbWfd[kced_W["
;dj[heYeYYki\W[YWb_iWf[dWi_iebWZeiikiY[jl[_iWlWdYec_Y_dW"IjWf^obeYeYYkiWkh[kiWf[dWi_iebWZei
ikiY[jl[_iWc[j_Y_Yb_dW"]hkfeZeIjh[fjeYeYYkiWd]_deiki_dYbki_l[I$Wd]_deiki"I$_dj[hc[Z_ki"I$
Yedij[bbWjki"8WYj[he_Z[i\hW]_b_i"8WYj[he_Z[ij^[jW_ejWec_Yhed"8WYj[he_Z[ikd_\ehc_i"8WYj[he_Z[ilkb]Wjki"
9beijh_Z_kcf[h\h_d][di"F[fjeijh[fjeYeYYkic_Yhei[cfWY_[dj[icW_eh[iZ['.Wdei$
Feiebe]_W
7ZkbjeiÅZei[_d_Y_WbÅ'&&c]i[]k_ZWZ['Zei[Z[cWdkj[deZ[+&c]WYWZW'(^ehWiZkhWdj[+W'*
Z_Wi$
9h_WdWiÅekieZWj_][Y_Yb_dWdeh[Yec[dZWZe[cfWY_[dj[ic[deh[iZ['.Wdei$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YW
De^|d[Y[ii_ZWZ[Z[W`kij[Z[ZeiW][c[cfWY_[dj[iYecYecfhec[j_c[dje^[f|j_YeZ[b[l[WceZ[hWZe$
;cfWY_[dj[iYecYecfhec[j_c[dje^[f|j_Ye]hWl["WZei[_d_Y_WbZ[j_][Y_Yb_dWZ[l[i[hZ['&&c]"i[]k_ZW
Z['Zei[Z[cWdkj[deh[Zkp_ZWZ[(+c]WYWZW'(^ehWi$FWY_[dj[iYecYecfhec[j_c[dje^[f|j_Ye]hWl[
Z[l[ci[hjhWjWZeiYecYWkj[bW"ced_jehWdZe#i[ikWh[ifeijWWejhWjWc[dje$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
De^|d[Y[ii_ZWZ[Z[W`kij[Z[ZeiW][c[cfWY_[dj[iYecYecfhec[j_c[djeh[dWbek[cfWY_[dj[i
ikXc[j_Zei}^[ceZ_|b_i[$
Fh[YWk[i
:[l[#i[j[hYWkj[bWWeYe]_jWhekieZWj_][Y_Yb_dWYececedej[hWf_WfWhWfWY_[dj[iYec_d\[Y[i_djhW#
WXZec_dW_iYecfb_YWZWiZ[Yehh[dj[iZ[f[h\khWe_dj[ij_dWbYb_d_YWc[dj[WfWh[dj[$
EiWdj_X_j_YeiZWYbWii[ZWi]b_Y_bY_Yb_dWi"YeceWj_][Y_Yb_dW"ie[ijhkjkhWbc[dj[i[c[b^Wdj[iWei
Wdj_X_j_YeiZWYbWii[ZWij[jhWY_Yb_dWi"feZ[dZeWfh[i[djWh[\[_jeiWZl[hieii[c[b^Wdj[i$JW_i[\[_jeifeZ[c
_dYbk_h\ejeii[di_X_b_ZWZ["fi[kZejkcehY[h[XhWb"fWdYh[Wj_j[[WeWdj_WdWXb_YWgk[b[lWWeWkc[djeZe
dl[bZ[d_jhe]
d_ekh_YedeiWd]k["Wpej[c_W"WY_Zei[[^_fe\ei\Wj[c_W$EifWY_[dj[igk[[ij_l[h[c\Wp[dZe
kieZ[j_][Y_Yb_dWZ[l[ci[hced_jehWZeiWj[djWc[dj[ZkhWdj[ejhWjWc[dje"fe_iekieZ[j_][Y_Yb_dWfeZ[
h[ikbjWh[cikf[hYh[iY_c[djeZ[eh]Wd_iceide#ikiY[jl[_i"_dYbk_dZe\kd]ei$
J_cebeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J_cefjebiebkee\j|bc_YW&"+\hWiYe+cB
Kiei
JhWjWc[djeZW[b[lWeZWfh[iie_djhW#eYkbWhYece]bWkYecW[dW^_f[hj[dieeYkbWh$
J
Feiebe]_W
Jf_Yee\j|bc_Ye
9h_WdWi[7ZkbjeiÅ_dij_bWh']ejW(l[p[iWeZ_W"deZ[l[dZe[nY[Z[h[iiWZeiW][c$
Fh[YWk[i
Ck_jeifheZkjeiYedj
cikbÓjeigk[feZ[cYWkiWhh[W[iWbh]_YWi1Wb]kdifWY_[dj[ifeZ[cZ[i[dlebl[h
jWgk_ÓbWn_W$KieYWkj[beie[cfWY_[dj[iYec\kdeh[dWb[^[f|j_YWZ_c_dkZW$
)),r
J_djkhWZ[8[d`e_c
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J_djkhWZ[8[d`e_c(&Wbcejeb_W'&&cB
Kiei
9eceWdj_#ifj_YebeYWb"fhej[jeh[Y_YWjh_pWdj[$
Feiebe]_W
Jf_Ye
7fiWb_cf[pWYec|]kW[iWXe"Wfb_YWhdWb[ie")#*l[p[iWeZ_W
Fh[YWk[i
Dekj_b_pWh[c\[h_c[djeifhe\kdZei$;cYedjWjeYeceieb^ei"bWl|#beiWXkdZWdj[c[dj[[c|]kWYehh[dj[$
I[_d][h_Ze"X[X[h]hWdZ[gkWdj_ZWZ[Z[b[_j[ekYbWhWiZ[eleiXWj_ZWi[c|]kW$;cgkWbgk[hYWieY_jWZe
WY_cW"YedikbjWhkccZ_Ye$
J_eYebY^_Yei_Ze
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9ebjhWnYecfh_c_Ze*c]
9ebjhWnWcfebW*c]%(cB
Kiei
JhWjWc[djeZ[YedjhWjkhWickiYkbWh[iZWiidZhec[id[kheb]_YWi[ZWiW\[Y[ih[kc|j_YWi$
Feiebe]_W
LE
9h_WdWiÅ*#'(c]%Z_W"Z[f[dZ[dZeZW_ZWZ[$
7ZkbjeiÅZei[_d_Y_WbÅ*c]%Z_W1feZ[#i[Wkc[djWhWZei[WjW\W_nWZ['(#',c]%Z_W$
?C
9h_WdWiZ[)#*WdeiÅ(c]%Z_W$
7ZkbjeiÅ.c]%Z_W"ZkhWdj[.#'&Z_Wi$
J_eYedWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J
JhWb[dYh[c[Z[hcWjeb]_Ye'X_idW]W)&]
JhWb[dfZ[hcWjeb]_Ye'\hWiYe)&]
Kiei
?dZ_YWZefWhWejhWjWc[djejf_YeZ[_d\[Y[iYkj~d[WiYWkiWZWifeh\kd]eiikiY[jl[_iZ[hcWjÓbei[
b[l[ZkhWi[dWiYedZ_[i[cgk[XWYjh_Wi]hWc#fei_j_lWiikiY[jl[_ifeZ[cYecfb_YWhW_d\[Ye$;c
[ijkZeiYbd_Yei"j_eYedWpebi[ceijhek[ÓYWpdejhWjWc[djeZ[jeZWiWi_d\[Y[iYWkiWZWifehZ[hcWjÓbei
Wdjhefe\b_Yei[pee\b_Yei"[if[Y_Wbc[dj[Jh_Yef^ojedhkXhkc[Jh_Yef^ojedc[djW]hef^oj[i"YWdZ_ZWi["
f_j_hWi[l[hi_Yebeh[[h_jhWicW"kcW_d\[YeXWYj[h_WdWYWkiWZWf[be9ehod[XWYj[h_kcc_dkj_ii_ckc$
r))-
Feiebe]_W
9h[c[Z[hcWjeb]_Ye'ÅZ[l[i[hWfb_YWZeikWl[c[dj[dWi|h[WiYkj~d[WiW\[jWZWi[WZ`WY[dj[i'ek(
l[p[ifehZ_W"f[bWcWd^[%ek}de_j[$;c|h[Wi_dj[hjh_]_deiWi"eYh[c[Z[l[i[hWfb_YWZe[cYWcWZWiÓdWi[
X[c[ifWb^WZe"WÓcZ[[l_jWh[i\eb_WeZWf[b[$
FZ[hcWjeb]_Ye'ÅZ[l[i[hWfb_YWZeZ_h[jWc[dj[ieXh[Wi|h[WiW\[jWZWi[WZ`WY[dj[i"(l[p[ifehZ_W$
H[Yec[dZW#i[deWfb_YWhef[cgkWdj_ZWZ[[nY[ii_lWfWhWi[[l_jWh[i\eb_WeZWf[b[$
J_ef[djWb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J^_ef[djWn\hWiYe#WcfebW+&&c]
Kiei
?dZkeZWWd[ij[i_W][hWb1Wd[ij[i_WfWhWfheY[Z_c[djeiY_hh]_YeiZ[YkhjWZkhWe1ikfb[c[djWeZ[
ekjheiWd[iji_Yei1fheZkeZ[^_fdei[ZkhWdj[Wd[ij[i_W[gk_b_XhWZWYecekjheiW][dj[i1YeceWdWb]i_Ye[
c_ehh[bWnWdj[1cWdkj[deZ[Wd[ij[i_W[cfheY[Z_c[djeifhebed]WZei[cf[gk[dWiZei[i[[cWiieY_We
Yec^_fdeWdWb]i_Ye[n_Zed_jheie1jhWjWc[djeZ[[ijWZeiYedlkbi_lei1jhWjWc[djeZWfh[iie_djhWYhWd_WdW
Wkc[djWZW"dWhYed|b_i[[dWhYeiidj[i[1jhWjWc[djeZ[^_fn_W[_igk[c_WY[h[XhWb$
Feiebe]_W
?L
?dZke
D[edWjeiÅ)#*c]%a]$
9h_WdWiZ['c
i#'WdeÅ+#.c]%a]$
9h_WdWiZ['#'(WdeiÅ+#,c]%a]$
9h_WdWi4'(Wdei[7ZkbjeiÅ)#+c]%a]$
CWdkj[de
9h_WdWiÅ'c]%a]}c[Z_ZWgk[d[Y[ii|h_e$
7ZkbjeiÅ(+#'&&c]}c[Z_ZWgk[d[Y[ii|h_e$
7kc[djeZWfh[iie_djhWYhWd_WdW
9h_WdWiÅ'"+#+c]%a]%Zei["h[f[j_hWZei[Wjgk[i[eXj[d^WeYedjheb[ZWfh[iie_djhWYhWd_WdW$
9edlkbi[i
9h_WdWiÅ(#)c]%a]%Zei["h[f[j_h}c[Z_ZWgk[d[Y[ii|h_e$
7ZkbjeiÅ-+#(+&c]%Zei["h[f[j_h}c[Z_ZWgk[d[Y[ii|h_e$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYec^_fej[die"Ze[dWYWhZ_elWiYkbWh"Z_i\kde^[f|j_YWekh[dWb$:[l[#i[
[l_jWhWfb_YWe_djhW#Whj[h_Wb"fe_ifeZ[YWkiWhd[Yhei[Z[l_ZeWei[kf>$
J
J_ejhf_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
If_h_lWY|fikbW_dWbWjh_W'.cY]_dWbWZeh'&Zei[i
)).r
Kiei
JhWjWc[djeZ[cWdkj[deZ[fWY_[dj[iYecZe[dWfkbcedWheXijhkj_lWYhd_YW_dYbk_dZeXhedgk_j[
Yhd_YW[[dÓi[cW1Z_ifd_W1fh[l[deZ[[nWY[hXW[i$
Feiebe]_W
?dWbWeehWb
7ZkbjeiÅ'.cY]'l[pWeZ_W"i[cfh[dec[ice^eh|h_e$
Fh[YWk[i
DeZ[l[i[hkiWZe[c[f_iZ_eiW]kZeiZ[XhedYe[ifWice$
7WZc_d_ijhWeZ[l[i[hced_jehWZW[cfWY_[dj[iYec9bYh§+&cB%c_d$;l_jWhYedjWjeZe\|hcWYeYec
eieb^ei$
J_heÓXWde
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7]hWijWj\hWiYe#WcfebW'("+c]%+&cB
Kiei
;cYecX_dWeYecW^[fWh_dW"_dZ_YWZefWhWfWY_[dj[iYecWd]_dW_dij|l[bek_d\WhjeZec_eY|hZ_ei[c
[b[lWeZei[]c[djeIJ?CI;IJfWhWfh[l[d_hWeYehh
dY_WZ[[l[djeiYWhZWYei_igk
c_Yei$xjWcXc
_dZ_YWZefWhWfWY_[dj[iYecidZhec[iYehed|h_Wi_igk
c_YWiikXc[j_Zei}Wd]_efbWij_WYehed|h_Wek
Wj[h[Yjec_WfWhWfh[l[d_hWeYehh
dY_WZ[Yecfb_YW[iYehed|h_Wi_igk
c_YWih[bWY_edWZWiWe\[Y^Wc[dje
WXhkfjeZWWhjh_WYehed|h_WjhWjWZW$
Feiebe]_W
?L
7ZkbjeiÅ&"*cY]%a]%c_dfeh)&c_dkjei"Z[l[dZeYedj_dkWhYec&"'cY]%a]%c_d1WZei[Z[l[i[h
Yedj_dkWZWfehWd]_e]hWÓW['(#(*^ehWiZ[fe_iZWWd]_efbWij_WekWhj[h[Yjec_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh2)&cB%c_dÅh[Zkp_hWZei[[c+&$
Fh[YWk[i
9ecfb_YW[i^[cehh|]_YWiZkhWdj[Wj[hWf_W$KieYWkj[beie[cfWY_[dj[iYec2'+&$&&&fbWgk[jWi%cc)$
J_pWd_Z_dW
J
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I_hZWbkZYecfh_c_Ze(c]
Kiei
;ifWiceckiYkbWhZebeheieWiieY_WZeWZ_ijhX_ei[ij|j_Yei\kdY_edW_iZWYebkdWidZhec[Y[hl_YWb[becXWh1
WfiY_hkh]_WZ[^hd_WZ[Z_iYe_dj[hl[hj[XhWbekZ[eij[eWhjh_j[ZegkWZh_b1[ifWij_Y_ZWZ[Z[Yehh[dj[Z[
Z_ijhX_eid[kheb]_YeijW_iYece0[iYb[hei[cbj_fbW"c_[befWj_WYhd_YW"Ze[dWiZ[][d[hWj_lWiZWc[ZkbW
[if_d^Wb"WY_Z[dj[iY[h[XhelWiYkbWh[i[fWhWb_i_WY[h[XhWb$
r))/
Feiebe]_W
LE
7Zkbjei
7bl_eZei[ifWiceickiYkbWh[iZebeheieiÅ(#*c])l[p[iWeZ_W$;cYWiei]hWl[i"feZ[i[hWZc_d_ijhWZW
'Zei[Z[(c]ek*c]}de_j[$
;ifWij_Y_ZWZ[Z[Yehh[dj[Z[Z_ijhX_eid[kheb]_YeiÅWZWfjWh_dZ_l_ZkWbc[dj[1Zei[_d_Y_WbÅdec|n_ce
,c]%Z_W[c)Zei[iZ_l_Z_ZWi"feZ[dZeWkc[djWh]hWZWj_lWc[dj[Z[(#*c]"[c_dj[hlWbeiZ[)#*Z_WiekZ[
'%(i[cWdW$:ei[c|n_cWÅ),c]%Z_W$
Fh[YWk[i
;ii[c[Z_YWc[djede_dZ_YWZefWhWYh_WdWi["[c_Zeiei"Z[l[i[hkiWZeYWkj[beiWc[dj[$
JebYWfedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
JWicWhYecfh_c_Ze'&&c]
Kiei
?dZ_YWZefWhWkie[cWiieY_WeWb[leZefW%X[di[hWp_ZWekb[leZefW%YWhX_ZefW"[cfWY_[dj[iYecZe[dWZ[
FWha_died_Z_ef|j_YW[ÔkjkW[icejehWi"gk[h[ifedZ[cWb[leZefW"cWidefeZ[ci[hiWj_i\Wjeh_Wc[dj[
YedjhebWZeifehjeZeieic[Z_YWc[djeiZ_ifedl[_id[cieYWdZ_ZWjeiWekjhWiWbj[hdWj_lWij[hWf
kj_YWi$
Feiebe]_W
:ei[kikWbÅ'&&c])l[p[iWeZ_W"i[cfh[YeceWZ`klWdj[WejhWjWc[djeYecb[leZefW%X[di[hWp_ZWek
b[leZefW%YWhX_ZefW$7'°Zei[ZeZ_WZ[l[i[hjecWZW`kdjeYecW'°Zei[Zefh[fWhWZeZ[b[leZefW"[Wi
Zei[iikXi[g[dj[i"Wfhen_cWZWc[dj[,['(^ehWicW_ijWhZ[$
:ei[c|n_cWÅ(&&c])l[p[iWeZ_W$
Fh[YWk[i
;cY_hYkdij~dY_Wi[nY[fY_edW_i"gkWdZeeX[d[\Y_eYbd_Ye[if[hWZe`kij_ÓYWheWkc[djeZeh_iYeZ[h[W[i
^[f|j_YWi"ejhWjWc[djefeZ[i[hWkc[djWZefWhW(&&c])l[p[iWeZ_W$
9Wiedei[eXi[hl[Wkc[djeZeX[d[\Y_eYbd_YeYec(&&c])l[p[iWeZ_W[c)i[cWdWi"Z[l[#i[h[jehdWh}
Zei[Z['&&c])l[p[iWeZ_W$
;chWpeZeh_iYefej[dY_Wbc[dj[\WjWbZ[^[fWj_j[W]kZW\kbc_dWdj["jebYWfedWdeZ[l[i[hYedi_Z[hWZeW'°
[iYeb^WYeceWZ`klWdj[Wb[leZefW%X[di[hWp_ZWekb[leZefW%YWhX_ZefW$;chWpeZeh_iYeZ[b[ie^[f|j_YW"
[cfWY_[dj[igk[deZ[cedijh[cX[d[\Y_eYbd_Yei_]d_ÓYWdj[dWi)fh_c[_hWii[cWdWiZ[jhWjWc[dje"[ij[
Z[l[h|i[h_dj[hhecf_Ze$
J
Jef_hWcWje
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
JefWcWnYecfh_c_Zei(+c]
Kiei
Cedej[hWf_WjWdje[cfWY_[dj[iYec[f_b[fi_Wh[Y[dj[c[dj[Z_W]deij_YWZWYece[cfWY_[dj[igk[
h[Y[X_Wcj[hWf_WWZ`klWdj[[i[heYedl[hj_Zei}cedej[hWf_W$?dZ_YWZefWhWWZkbjei[Yh_WdWi"kj_b_pWZe
)*&r
jWcXcYeceWZ`klWdj[ZWiYh_i[iWiieY_WZWi}idZhec[Z[B[dden#=WijWkj$JhWjWc[djefheÓb|j_YeZW
[dnWgk[YW[cWZkbjei$
Feiebe]_W
:ei[_d_Y_Wbh[Yec[dZWZWÅ(+c]%Z_WWZc_d_ijhWZei}de_j["ZkhWdj['i[cWdW$Feij[h_ehc[dj["WZei[
Wkc[djWZW[c(+c]WYWZWi[cWdW[Z_l_Z_ZW[c(jecWZWiZ_|h_WiWjWZei[Z['+&c]%Z_W$:ei[Z_|h_W
kikWbÅ(&&#*&&c]Z_l_Z_Zei[c(jecWZWi$
9h_WdWiZ[(#',WdeiÅZei[_d_Y_WbÅ'#)c]%a]%Z_W}de_j["ZkhWdj['i[cWdW$7i[]k_h"WZei[feZ[i[h
Wkc[djWZWZ['#)c]%a]%Z_WWZc_d_ijhWZW[c(jecWZWiW_dj[hlWbeiZ['#(i[cWdWi"[cZei[Z_|h_WijejW_i
Z[+#/c]%a]%Z_W$
;dnWgk[YW
:ei[_d_Y_WbÅ(+c]}de_j[ZkhWdj['i[cWdW$7Zei[Z[l["[dje"i[hWkc[djWZW[c(+c]%Z_W'l[p
fehi[cWdW$
:ei[iC|n_cWi
7ZkbjeiÅ'$,&&c]%Z_W$
7Zeb[iY[dj[i4',WdeiÅ'$,&&c]%Z_W$
7Zeb[iY[dji§',WdeiÅ/c]%a]%Z_Wek'.c]%a]%Z_WfWhWidZhec[Z[B[dden#=WijWkj$
9h_WdWi¨(WdeiÅ/c]%a]%Z_Wek'.c]%a]%Z_WfWhWidZhec[Z[B[dden#=WijWkj$
9h_WdWi2(WdeiÅdeh[Yec[dZWZe$
Fh[YWk[i
;ii[c[Z_YWc[djeYedjcWYWh"fehjWdjeZ[l[i[hWZc_d_ijhWZeYecYWkj[bW[cZ_WXj_Yei$FWY_[dj[i
Yecfh[Z_ifei_e}d[\heb_jWi[feZ[cj[hh_iYeWkc[djWZeZ[\ehcWeZ[Y|bYkbeh[dWb[i_dW_i[i_djecWi
WiieY_WZei"YeceYb_YWh[dWb$:[l[#i[WZc_d_ijhWhYWkj[beiWc[dj[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YW"
kcWl[pgk[eYb[WhWdY[Zejef_hWcWjefeZ[[ijWhh[Zkp_Zed[ii[]hkfeZ[fWY_[dj[i$
Jen_dW8ejkbd_YWJ_fe7
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8ejen'&&K\hWiYe#WcfebW
Kiei
x_dZ_YWZefWhWejhWjWc[djeZe[ijhWX_ice[Xb[\WheifWiceWiieY_WZeYecZ_ijed_W"_dYbk_dZeXb[\WheifWice
[ii[dY_WbX[d_]deekZ_ijhX_eiZe-d[hle[cfWY_[dj[iYec_ZWZ[cW_ehgk['(Wdei$JWcXc
_dZ_YWZefWhWejhWjWc[djeZ[Z_ijed_WY[hl_YWb"[ifWice^[c_\WY_Wb"[ifWij_Y_ZWZ[ckiYkbWh"b_d^Wi\WY_W_i
^_f[hY_dj_YWi"^_f[h_Zhei[\eYWbfWbcWh[Wn_bWh"YecejhWjWc[djeYecfb[c[djWhZ[[ifWij_Y_ZWZ[Z_d~c_YW
Z[c[cXheiikf[h_eh[i[_d\[h_eh[i[cfWY_[dj[if[Z_|jh_YeiYecfWhWb_i_WY[h[XhWb[idZhec[Z[<h[o$
Feiebe]_W
7_d`[eZ[l[i[h_djhWckiYkbWh$Ekie[cfWY_[dj[i_Zeieideh[gk[hWZWfjWeZ[feiebe]_W"
h[Yec[dZWdZe#i[Wic[icWiZei[iZeWZkbje$;cYh_WdWi"Wfeiebe]_WZ[l[i[hYWbYkbWZW[c\kdeZef[ie
YehfehWb$7Zei[c|n_cWh[Yec[dZWZWfWhWgkWbgk[hciYkbedeZ[l[i[hcW_ehZegk[(+K$
;ifWij_Y_ZWZ[
;ifWij_Y_ZWZ[WiieY_WZWWWY_Z[dj[lWiYkbWhY[h[XhWbÅWZei[[nWjW[edc[heZeibeYW_iZ[_d`[eZ[l[c
i[hj_jkbWZei_dZ_l_ZkWbc[dj[YecXWi[dejWcWd^e"dc[he[beYWb_pWeZeiciYkbei[dlebl_Zei"ZW
]hWl_ZWZ[ZW[ifWij_Y_ZWZ["ZWfh[i[dWZ[\hWgk[pWckiYkbWhbeYWb[ZWh[ifeijWZefWY_[dj[W
jhWjWc[djeiWdj[h_eh[i$
J
r)*'
CiYkbe
:ei[jejWb1dc[heZ[beYW_i
8Y[fiZeXhWe
'&&#(&&K1Wj*beYW_i
<b[nehfhe\kdZeZeiZ[Zei
'+#+&K1'#(beYW_i
<b[nehikf[hÓY_WbZeiZ[Zei
'+#+&K1'#(beYW_i
<b[nehhWZ_WbZeYWhfe
'+#,&K1'#(beYW_i
<b[nehkbdWhZeYWhfe
'&#+&K1'#(beYW_i
7ZkjehZefeb[]Wh
(&K1'#(beYW_i
<b[nehbed]eZefeb[]Wh
(&K1'#(beYW_i
;ifWij_Y_ZWZ[h[bWY_edWZW}fWhWb_i_WY[h[XhWbf[Z_|jh_YWÅ8ejenh[Yedij_jkZe_d`[jWZefehl_W
_djhWckiYkbWhfWhWjhWjWc[djeZWcWhY^WWdehcWbZ[l_ZeWejdkickiYkbWhWkc[djWZe$Dei[ijkZeiYbd_Yei"
Zei[iZ[*#.K%a]\ehWcWZc_d_ijhWZWi[c(_d`[[i[c_dj[hlWbeiZ[*i[cWdWi"dWi[njh[c_ZWZ[ic[Z_Wb[
bWj[hWbZeciYkbe]WijheYd
c_YeZeic[cXheiW\[jWZei$7h[f[j_eZWZei[Z[l[i[h\[_jWgkWdZee[\[_je
Ybd_YeZW_d`[eWdj[h_ehZ_c_dk_h"cWiW\h[g
dY_WdeZ[l[i[h_d\[h_ehWYWZW(c[i[i$
:_ijed_Wi
;ifWice^[c_\WY_WbekZ_ijhX_eZe-±d[hleÅc[icejhWjWc[djeZ[Xb[\WheifWicekd_bWj[hWb$?d`[[i
WZ_Y_edW_ifeZ[ci[hd[Y[ii|h_WideYehhk]WZeh"p_]ec|j_Yefh_dY_fWb"ehX_YkbWhZWXeYW[ekjheiciYkbei[
Yed\ehc[W[nj[dieZe[ifWice$
:_ijed_WY[hl_YWbÅfeZ[c#i[_dYbk_h_d`[[iZ[8ejendeiciYkbei[ij[hdeYb[_ZecWijeZ[ei"[b[lWZehZW
[iY|fkbW"[iYWb[de"[ifb
d_eZWYWX[W[%ekjhWfp_e$;c[ijkZeicW_ih[Y[dj[i"WiZei[iZ[8ejenlWh_Wc
[djh[/+#),&K"YeccZ_WZ[(*&K$7ii_cYecefWhWgkWbgk[hc[Z_YWc[dje"WZei[_d_Y_Wb[ckcfWY_[dj[
Z[l[Yehh[ifedZ[h}Zei[[ÓYWpcW_iXW_nWfeiil[b$;c][hWb"WZei[jejWbZ[,K%a]WYWZW(c[i[ideZ[l[
i[hkbjhWfWiiWZWfWhWejhWjWc[djeZWZ_ijed_WY[hl_YWb$
>_f[h_Zhei[
>_f[h_Zhei[Wn_bWhÅ8ejenh[Yedij_jkZeYeciebkeiWb_dW[ijh_bi[cfh[i[hlWj_leW&"/
'&&K%*"&cB$Kj_b_pWdZekcWW]kb^WZ[YWb_Xh[)&"ie_d`[jWZWifehl_W_djhWZhc_YW"[cYWZWWn_bW"+&KZ[
8ejenZ_ijh_XkZWikd_\ehc[c[dj[[cl|h_eibeYW_iZ[Wfhen_cWZWc[dj['#(YcYWZWkc$
>_f[h_Zhei[fWbcWhÅ8ejenh[Yedij_jkZeYeciebkeiWb_dW[ijh_bi[cfh[i[hlWj_leW&"/'&&K%*"&cB$
Kj_b_pWdZekcWW]kb^WZ[YWb_Xh[)&"ie_d`[jWZWifehl_W_djhWZhc_YW"[cYWZWbeYWbZWfWbcW"(KZ[8ejen
Z_ijh_XkZWikd_\ehc[c[dj[[cl|h_eibeYW_iZ[Wfhen_cWZWc[dj['#(YcYWZWkc$
;ijhWX_ice
<e_Z[i[dlebl_ZefWhWWZc_d_ijhWedeiciYkbei[njhW#eYkbWh[i"kj_b_pWdZeWWj_l_ZWZ[[bjh_YWeXj_ZWWjhWli
ZWfedjWZWW]kb^W_d`[j|l[b"Yece]k_WfWhWWWfb_YWedeciYkbeZ[i[`WZe$
7iZei[i_d_Y_W_iZ[8ejenZ_bkZefhecel[cWfWhWb_i_WZeiciYkbei_d`[jWZei'#(Z_WiWfiWWfb_YWe"
Wkc[djWdZe[c_dj[di_ZWZ[ZkhWdj[W'°i[cWdW$
CiYkbeil[hj_YW_i[[ijhWX_ice^eh_pedjWb_d\[h_ehW(&Z_efjh_WiÅ'"(+#("+K[cgkWbgk[hciYkbe$
;ijhWX_ice^eh_pedjWbZ[(&#+&Z_efjh_WiÅ("+#+"&K[cgkWbgk[hciYkbe$
FWhWb_i_Wf[hi_ij[dj[Ze,d[hleYec'c
iekcW_iZ[ZkhWeÅ'"(+#("+KdeciYkbeh[jec[Z_Wb$
8b[\WheifWice
8ejenZ_bkZeWfb_YWZekj_b_pWdZe#i[kcWW]kb^W[ijh_bZ[YWb_Xh[(-#)&"Yeceki[c]k_W[b[jhec_e]h|ÓYe$
:ei[_d_Y_Wbh[Yec[dZWZWÅ'"(+#("+K&"&+cB#&"'cB[cYWZWbWZe"_d`[jWZWdeiciYkbeic[Z_Wb[bWj[hWb
ehX_YkbWhZWf|bf[XhWikf[h_eh[bWj[hWbZWf|bf[XhW_d\[h_eh$E[\[_jeZejhWjWc[djeZkhWWfhen_cWZWc[dj[
)c[i[i$I[eYehh[hkcWh[ifeijW\Wleh|l[bZWZei[Wdj[h_eh"cWigk[deZkh[feh,&Z_WiekcW_i"WiZei[i
ikXi[g[dj[ifeZ[ci[hWkc[djWZWi[cWj(l[p[i$7Zei[YkckbWj_lWZ[jen_dWXejkbd_YWdef[heZeZ[(
c[i[ideZ[l[[nY[Z[h(&&K$
J
)*(r
Fh[YWk[i
EicZ_Yeigk[Óp[h[ckieZ[8ejen[ci[kifWY_[dj[iZ[l[c[dj[dZ[hfhe\kdZWc[dj[ZWWdWjec_W
d[kheckiYkbWh[ehX_jWb"\WY_Wb"Y[hl_YWb"ZehiWb"Zeic[cXheiikf[h_eh[i[_d\[h_eh[i"X[cYece[ijWhWfWh
Z[gkW_igk[hWbj[hW[iWdWjc_YWigk[j[d^WceYehh_ZeYecefWY_[dj[Z[l_ZeWfheY[Z_c[djeiY_hh]_Yei
Wdj[h_eh[i$:[l[cYed^[Y[hjWcXcjYd_YWi#fWZheZ[[b[jhec_e]hWÓW$
9ecegkWbgk[hekjhefheZkjeZ[eh_][cX_eb]_YW"8ejenfeZ[fheleYWhh[W[iWdWÓb|j_YWi"feh_iieZ[l[c
[ijWhZ_ifedl[_ijeZeieih[Ykhieic[Z_YWc[djeiei[jYd_YeifWhWYecXWj
#bWi$:khWdj[WWZc_d_ijhWeZ[
8ejenfWhWejhWjWc[djeZ[[ijhWX_ice"feZ[eYehh[h^[cehhW]_Wh[jheXkbXWhikÓY_[dj[fWhWYecfhec[j[h
WY_hYkbWeh[j_dWb"Z[l_Ze}f[d[jhWeZWW]kb^WdWhX_jW$JWcXcj[ceYehh_ZeWf[d[jhWeZ[W]kb^Wi
de]beXeeYkbWh$Kce\jWbceiYf_eZ[l[[ijWhZ_ifedl[bfWhWZ_W]deij_YWh[iiWeYehh
dY_W$:[l[ci[h
h[Wb_pWZei[nWc[iYk_ZWZeieiZ[i[diWeYehd[WdW[ceb^eigk[\ehWcWdj[h_ehc[dj[ef[hWZei"X[cYece
i[Z[l[c[l_jWhWfb_YW[idW|h[WZWf|bf[XhW_d\[h_ehfWhW[l_jWhWeYehh
dY_WZ[[Yjhf_e[Z[l[#i[jhWjWh
Yk_ZWZeiWc[dj[gkWbgk[hZ_ijhX_e[f_j[b_Wb$?iiefeZ[h[gk[h[hekieZ[]ejWifhej[jehWi"fecWZWi"b[dj[i
Z[YedjWje][bWj_deiWij[hWf
kj_YWiekWeYbkieZeeb^e$8ejende[ÓYWpdejhWjWc[djeZ[[ijhWX_ice
fWhWbj_YeYhd_Ye"[nY[jefWhWh[Zkp_hWYedjhWjkhWWdjW]ed_ijW`kdjWc[dj[YecWh[fWhWeY_hh]_YW$
<e_h[bWjWZegk[fWY_[dj[iYeccWiiWckiYkbWhc[dehdef[iYeeekfWY_[dj[igk[h[gk[h[c_d`[[i
X_bWj[hW_ideciYkbe[ij[hdeYb[_ZecWijeZ[eWfh[i[djWccW_ehh_iYeZ[Z_i\W]_W$7Z_i\W]_WWjh_XkZW}
Z_ijh_Xk_eZWjen_dWfWhWWckiYkbWjkhW[ie\|]_YW$
Defhel|l[bgk[8ejeni[`W[ÓYWpfWhWc[b^ehWhWWcfb_jkZ[Z[cel_c[dje[cWhj_YkbWeW\[jWZWfeh
kcWYedjhWjkhWiWX_ZWc[dj[ÓnW$9WkiWii[YkdZ|h_WiZ[^_f[h_Zhei[Z[l[ci[hYedi_Z[hWZWifWhW[l_jWhe
jhWjWc[djeZW^_f[h_Zhei[i[ceZ_W]dij_YeekjhWjWc[djeZWZe[dWXWi[$
Jen_Z[J[j~d_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
J[jWlWni[h_d]W*&K?%&"+cB
Kiei
Fh[l[deZejjWde$
Feiebe]_W
9h_WdWi§(WdeiÅWfb_YWhWlWY_dWdWh[]_e~dj[he#bWj[hWbZWYenWekd|Z[]Wi$
9h_WdWi4(WdeiÅWZc_d_ijhWhWlWY_dWdWh[]_eZ[bj_Z[$
9h_WdWi[7Zkbjei
LWY_dWefh_c|h_WÅ[cYWieZ[lWY_dWefh_c|h_W_iebWZW[cWZkbjei"Z[l_ZeWeWbjefeZ[hWdj_]
d_YeZW
lWY_dW"(_d`[[iYec_dj[hlWbeiZ[*#,i[cWdWi$
H[\eheÅ'_d`[e'WdeWfiWbj_cW_d`[eZWih_[fh_c|h_W["Z[fe_i"WYWZW'&Wdei$
IehelWY_dWeÅWlWY_dWWZc_d_ijhWZWdec[iceZ_Wgk[eiehe"cWi[cekjhebeYWb$;cYWieZ[
YedÓhcWeZ[jjWde"WiehelWY_dWej[ci_Zeh[Yec[dZWZW$7_d`[eZ['Zei[Z[jen_Z[WZc_d_ijhWZW
`kdjeYecWiehej[hWf_W$?iie\[_jeWÓcZ[i[eXj[hkcWib_ZW_ckd_pWeZefWY_[dj["kcWl[pgk[W
Ze[dWdefeii_X_b_jWW_ckd_ZWZ[dWjkhWb$
J
Fh[YWk[i
9WiekcWh[WeZ[^_f[hi[di_X_b_ZWZ["Yece\[dc[deZ[7hj^kiek\[Xh[WY_cWZ[)/"*e9"eYehhWWfiW
WZc_d_ijhWeZWlWY_dWWZiehl_ZWWdj_j[j~d_YW"feZ[i[hkc_dZ_YWj_leZ[gk[efWY_[dj[feiik_dl[_iih_Yei
[b[lWZeiZ[Wdj_jen_dWj[j~d_YW[ded[Y[ii_jWZ[Zei[iWZ_Y_edW_iZejen_Z[j[j~d_Yefehf[bec[dei'&
Wdei$I[eYehh[hh[WeWbh]_YWi_ij
c_YWekd[kheb]_YW"efWY_[dj[deZ[l[h|h[Y[X[hekjhWiZei[iZWlWY_dW
[i_ckj_b_pWhW_ckde]beXkb_dWWdj_j[j~d_YW"gkWdZeeYehh[h\[h_c[djegk[`kij_Ógk[jWbfheY[Z_c[dje$
r)*)
JhWcWZeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
JhWcWbY|fikbW+&c]
IobWZeh%JhWcWbWcfebW'&&c]%(cB
JhWcWb]ejWi'&&c]%'cB\hWiYe'&cB'cB3*&]ejWi
Kiei
7bl_eZ[ZehceZ[hWZWWi[l[hW$
Feiebe]_W
9h_WdWi4'*Wdei[7Zkbjei
LEÅ+&#'&&c]$
?LÅ+&#'&&c]feh_d`[eb[djWek[ciebkefeh]ej[`Wc[dje$
?CÅ+&#'&&c]$
EXi$0WiZei[iWY_cWfeZ[ci[hh[f[j_ZWiWYWZW*#,^ehWi$:ei[c|n_cWÅ*&&c]%Z_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[i\Wp[dZekieZ[_d_X_Zeh[iZWC7EekekjheiZ[fh[iieh[iZei_ij[cWd[hleieY[djhWb$
JhWpeZedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:edWh[dYecfh_c_Zeh[l[ij_Ze+&c]
Kiei
7dj_Z[fh[ii_lekiWZedejhWjWc[djeZWZ[fh[iiec[djWbYeceki[c[f_iZ_eiZ[Wdi_[ZWZ["dWZeh
d[khe]
d_YWd[khefWj_WZ_WXj_YW[ekjheij_feiZ[Zeh[iYhd_YWi[dejhWjWc[djeZWZ[fh[iiecW_eh$
Feiebe]_W
7ZeiW][cZ[l[i[h_d_Y_WZW[cdl[bXW_ne[Wkc[djWZW]hWZkWbc[dj["eXi[hlWdZe#i[Wh[WeYbd_YW[
gkWbgk[h[l_Z
dY_WZ[_djeb[h~dY_W$
:ei[kikWbÅik][h[#i[Zei[_d_Y_WbZ[+&#'+&c]%Z_WZ_l_Z_ZW[c(l[p[iWeZ_WekWZc_d_ijhWZW[cZei[d_YW}
de_j[$7Zei[feZ[i[hWkc[djWZW[c+&c]%Z_WWYWZW)ek*Z_Wii[d[Y[ii|h_e[jeb[hWZe$
:ei[c|n_cWÅfWhWfWY_[dj[iWcXkbWjeh_W_i"de[nY[Z[h*&&c]%Z_W[cZei[iZ_l_Z_ZWi$FWhWfWY_[dj[i
^eif_jWb_pWZeifWY_[dj[icW_i]hWl[c[dj[Z[fh_c_Zei"feZ[#i[WZc_d_ijhWhWj,&&c]%Z_W[cZei[i
Z_l_Z_ZWi$:ei[icW_eh[iZegk[.&&c]iZ[l[ci[hkiWZWi[cYWieick_jei[l[hei$
Fh[YWk[i
Eh_iYeZ[jedjkhW%Z[bh_efeZ[Wkc[djWhgkWdZeec[Z_YWc[djeWZc_d_ijhWZe[c`[`kc$
J
Jh_WdY_debedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
EcY_bedÅ7ehWXWi['c]%]X_idW]W'&]
Jh_WdY_b(&c]%cB\hWiYe#WcfebW
)**r
Kiei
7fh[i[djWejf_YWÅjhWjWc[djeWkn_b_Wh[Wbl_ej[cfeh|h_eZ[i_djecWiWiieY_WZeiWb[i[i_dÔWcWjh_Wi
ehW_i[b[i[ikbY[hWj_lWih[ikbjWdj[iZ[jhWkcW$
7fh[i[djWe_d`[j|l[bÅ_dZ_YWZW[cYWieiZ[i_del_j[Z[eij[eWhjh_j["Xkhi_j[W]kZW[ikXW]kZW"[f_YedZ_b_j["
eij[eWhjh_j[fi#jhWkc|j_YW"Whjh_j[h[kcWj_Z["Whjh_j[W]kZWfeh]ejWh_YW"j[dei_del_j[de#[if[YÓYW$
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅWfb_YWhkcWf[gk[dWgkWdj_ZWZ["i[c[i\h[]Wh"ieXh[Wb[ieWjgk[i[\ehc[kcW
f[bYkbWÓdW$FeZ[ci[hd[Y[ii|h_WigkWdj_ZWZ[icW_eh[ifWhWYeXh_hWb]kcWib[i[i$:[l[i[hWfb_YWZWWe
Z[_jWh"WÓcZ[f[hc_j_hWe[ij[h_Z[[djhWh[cYedjWjeYecWb[ieZkhWdj[Wde_j[1Z[f[dZ[dZeZW]hWl_ZWZ[
Zeii_djecWi"feZ[i[hd[Y[ii|h_eWfb_YWhefh[fWhWZe(#)l[p[iWeZ_W"Z[fh[\[h
dY_WWfiWih[\[_[i$
?Jek_djhW#Whj_YkbWh
7Zkbjei
:ei[cZ_WÅ(#(&c]&"'#'cB$
7hj_YkbW[i]hWdZ[i`e[b^e"gkWZh_b[ecXheÅ'&#(&c]$
F[gk[dWi`kdjWic[jWYWhfe\WbWd]_WdW"_dj[h\WbWd]_WdWÅ(#,c]$
9ece_dj[hlWbeZ[)ek*i[cWdWiZ[Wfb_YWedWc[icWWhj_YkbWe$
Fh[YWk[i
KiWhYecYWkj[bW[iec[dj[ieX_dZ_YWecZ_YW[cfWY_[dj[iYecjkX[hYkbei["bY[hWffj_YWekZ_WX[j[ic[bb_jki$
Jh_X[deiZ[e!B_ZeYWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
FheYje#=bol[debYh[c[h[jWbjh_X[deiZ[e+!b_ZeYWdWYbeh_ZhWje(X_idW]W'+]
FheYje#=bol[debikfei_jh_ejh_X[deiZ[e*&&c]!b_ZeYWdW*&c]
Kiei
JhWjWc[djebeYWbZWi^[cehh_ZWi_dj[hdWi[[nj[hdWi$
Feiebe]_W
H[jWb
7ZkbjeiÅWfb_YWh'ikfei_jh_eekeYh[c[h[jWbf[bWcWd^[}de_j["Wjgk[eii_djecWiW]kZeij[d^Wc
Z[iWfWh[Y_Ze1[dje"h[Zkp_hWZei[fWhW'Wfb_YWeWeZ_W$
Fh[YWk[i
DeZ[l[i[hkiWZe[cfWY_[dj[igk[ie\hWcZ[Ze[dW^[f|j_YW]hWl[$
J
Jh_YbeiWd
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IeWf[n&")iWXed[j[bgk_Ze\hWiYe'&&cB
Kiei
9eceWdj_#ifj_YefWhWb_cfWh[fhej[][hWf[b[YedjhWc_Yheeh]Wd_iceideY_lei}iWZ[1b_cf[pWZWf[b[
Yecfhec[j_ZW[^_]_[d_pWeZWiceiZeifheÓii_edW_iZ[iWZ[$
r)*+
Feiebe]_W
Jf_Ye
9h_WdWi[7ZkbjeiÅcWiiW][WhikWl[c[dj[ieXh[Wf[b[kc[Z[Y_ZWWjeXj[h[ifkcW"[dnW]kWdZe
[ci[]k_ZW$
Fh[YWk[i
CWdj[h\ehWZeWbYWdY[Z[Yh_WdWi$?dj[hhecf[hekiei[^ekl[h_hh_jWe$
Jh_c[jWp_Z_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
LWijWh[bYecfh_c_Ze(&c]
Kiei
JhWjWc[djeZ[YWhZ_efWj_W_igk
c_YW"Wd]_dWZef[_je[idZhec[l[hj_]_deiW$
Feiebe]_W
H[Yec[dZWc#i[Z[(#)Yecfh_c_ZeiZ_|h_ei"\hWY_edWZei[c(#)jecWZWi"}ifh_dY_fW_ih[\[_[i$
Fh[YWk[i
:[iWYedi[b^W#i[ekieZkhWdj[W]hWl_Z[p[eWb[_jWc[dje$
Jhec[jWc_dW9[jehebWYe
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7YkbWhiebkee\j|bc_YW+c]%'cBÅ\hWiYe+cB
JehW][i_YYecfh_c_ZeikXb_d]kWb'&c]
JehW][i_YWcfebW)&c]%'cB
JehWZebWcfebW)&c]%'cB
Kiei
9edjheb[Z[YkhjefhWpeZ[ZehW]kZW"Z[ceZ[hWZWWi[l[hW_dj[di_ZWZ["gk[h[gk[_hWWdWb][i_W[cdl[bZ[
ef__Z[Yece"feh[n[cfbe"deifi#ef[hWjh_ei$
7iebkee\j|bc_YW_dZ_YWZWfWhWWbl_eZ[fhkh_ZeeYkbWhZ[l_ZeWYed`kdj_l_j[Wbh]_YWiWpedWb[h[ZkeZ[
Zeh[\eje\eX_W[cY_hkh]_Wih[\hWj_lWi$
Feiebe]_W
?C%?L
:ei[d_YW
9h_WdWi¨(WdeiÅ'c]%a]?Cek&"+#'c]%a]?L$
FWY_[dj[i2,+WdeiÅ'&#,&c]?C"Z[WYehZeYecW_dj[di_ZWZ[ZWZehek'&#)&c]?L$
FWY_[dj[i¨,+WdeiÅ'&#)&c]?Cek'&#'+c]?L$
Cbj_fbWiZei[i
9h_WdWi¨(WdeiÅ'c]%a]?Cek&"+#'c]%a]?L"i[]k_ZeiZ[&"+c]%a]?LWYWZW,^ehWi$
FWY_[dj[i2,+WdeiÅ'&#)&c]?CWYWZW*#,^ehWi"Wjec|n_ceZ[/&c]%Z_Wek'&#)&c]?LYeceZei[
_d_Y_Wb[cXebki"i[]k_ZeiZ['&#)&c]WYWZW,^ehWiYed\ehc[d[Y[ii_ZWZ["Wjec|n_ceZ[/&c]%Z_W1ek"
J
)*,r
W_dZW")&c]ZWZei[_d_Y_Wb?L"i[]k_ZeiZ[_d\kieYedjdkWZ[Wj)"-+c]%^[cWj(*^ehWi$
FWY_[dj[i¨,+WdeiÅ'&#'+c]?CWYWZW*#,^ehWi"Yed\ehc[Wd[Y[ii_ZWZ[1ek'&#'+c]?LWYWZW,^ehWi"
Yed\ehc[Wd[Y[ii_ZWZ[$:ei[c|n_cWÅ,&c]$
LE
FWY_[dj[i2,+WdeiÅ(&c][cZei[d_YWek'&c]WYWZW*#,^ehWi$
FWY_[dj[i¨,+Wdeiek2+&a]Å'&c]WYWZW*#,^ehWi$:ei[c|n_cWÅ*&c]%Z_W"f[bef[heZec|n_ceZ[
+Z_Wi$
Iebkee\j|bc_YW
:ei[h[Yec[dZWZWÅ']ejW*l[p[iWeZ_WfWhWWbl_eZefhkh_ZeeYkbWhZ[l_ZeWYed`kdj_l_j[Wbh]_YWiWpedWb$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
:ei[d_YWÅ'&#)&c]?Cek'&#'+c]?L$
Cbj_fbWiZei[iÅ'&#'+c]?CWYWZW*#,^ehWi"Yed\ehc[Wd[Y[ii_ZWZ[1ek'&#'+c]?LWYWZW,^ehWi"
Yed\ehc[Wd[Y[ii_ZWZ[$:ei[c|n_cWÅ,&c]$
LEÅ'&c]WYWZW*#,^ehWi$
Fh[YWk[i
De_dZ_YWZefWhWZehYhd_YW$KiWhYecYWkj[bW[cfWY_[dj[iYecZ_ijhX_eiZ[YeW]kbWe"
Z[iYecf[diWeYWhZWYW"^_f[hj[die[YedZ_[ii_c_bWh[i$FeZ[YWkiWh_hh_jWe]Wijh_dj[ij_dWb"
iWd]hWc[dje"bY[hW[f[h\khWe$
GkWdje}iebkee\j|bc_YW"h[Yec[dZW#i[gk[i[`WkiWZWYecYWkj[bW[cfWY_[dj[iYecYed^[Y_ZWij[dZ
dY_Wi
^[cehh|]_YWiekgk[[ij[`Wch[Y[X[dZeekjheic[Z_YWc[djeigk[feiiWcfhebed]Whej[cfeZ[iWd]hWc[dje$
I[kcWZei[[nY[ii_lW\ehYebeYWZWWY_Z[djWbc[dj[deeb^e"[ij[Z[l[h|i[hbWlWZeWXkdZWdj[c[dj[Yec|]kW
ekieheÓi_eb]_Ye$
Jhef_YWc_ZW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
CoZh_WYob'iebkee\j|bc_YW\hWiYe+cB
Kiei
9ecec_Zh_|j_Ye[Y_Ybefb]_Ye$
Feiebe]_W
Jf_Yee\j|bc_Ye
9h_WdWi[7ZkbjeiÅ_dij_bWh'#(]ejWiZWiebkee\j|bc_YW$:[Yehh_Zei+c_dkjei"_dij_bWhcW_i'#(]ejWi$I[e
fWY_[dj[de\ehWj[dZ_Zedei(&#)&c_dkjeiZ[Yehh_ZeiZW'°_dij_bWe"Z[l[i[h_dij_bWZW']ejWWZ_Y_edWb"W
ÓcZ[fhebed]Whei[\[_jeiY_Ybefb]_Ye[c_Zh_|j_Ye$
J
Fh[YWk[i
:[l[#i[jecWhYk_ZWZegkWdZeWfh[iie_djhW#eYkbWh\ehWbjWekZ[iYed^[Y_ZW[gkWdZeWY~cWhWWdj[h_eh
hWiW$:[l[#i[kiWhYecYWkj[bW[cfWY_[dj[igk[j[d^Wcfej[dY_WbfWhWWkc[djeZWfh[iie_djhW#eYkbWh[
[cfWY_[dj[i_Zeiei$9ecfh_c_heiWYebWYh_cWbfeh(#)c_dkjeibe]eWfiW_dij_bWe"fWhW[l_jWhWXiehe
i_ij
c_YW[nY[ii_lW$
r)*-
LWbWY_Ybel_h
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
LWbjh[nYecfh_c_Ze+&&c]
Kiei
JhWjWc[djeZ[^[hf[i#pij[h"_d\[Y[iZWf[b[[ckYeiWf[belhki^[hf[ii_cfb[n"_dYbk_dZe^[hf[i][d_jWb
_d_Y_Wb[h[Yehh[dj[$FheÓbWn_WZ[_d\[Ye[Ze[dWZeY_jec[]Wbelhki9CLWfiWbejhWdifbWdj[h[dWb$
Feiebe]_W
LE
7Zkbjei
JhWjWc[djeZe^[hf[i#pij[hÅ'$&&&c])l[p[iWeZ_W"ZkhWdj[-Z_Wi$
JhWjWc[djeZ[_d\[Y[ifeh^[hf[ii_cfb[nÅ+&&c](l[p[iWeZ_W"i[dZeZ[)W+Z_WifWhW[f_iZ_ei
h[Yehh[dj[i[+W'&Z_WifWhW[f_iZ_ei_d_Y_W_i"gk[feZ[ci[hcW_ii[l[hei$
FWY_[dj[i_ckdeYecfhec[j_ZeiÅ+&&c](l[p[iWeZ_W$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh4+&cB%c_dÅWZc_d_ijhWhWZei[kikWb"deW`kijWhWZei[$
9bYh)&#*/cB%c_dÅWZc_d_ijhWh'$&&&c]WYWZW'(^ehWi$
9bYh'&#(/cB%c_dÅWZc_d_ijhWh'$&&&c]WYWZW(*^ehWi$
9bYh2'&cB%c_dÅ+&&c]WYWZW(*^ehWi$
Fh[YWk[i
7ii[]khWh_d][ijeWZ[gkWZWZ[Ôk_Zei[cfWY_[dj[igk[Yehh[ch_iYeZ[Z[i_ZhWjWe"fWhj_YkbWhc[dj[ei
_Zeiei$:[l[#i[W`kijWhWZei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb$
9k_ZWZedWWZc_d_ijhWeZ[lWbWY_Ybel_h[cckb^[h[igk[[ij[`WcWcWc[djWdZe"fe_i[b[[nYh[jWZede
b[_j[cWj[hde$
LWbiWhjWdW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_elWdYecfh_c_Ze.&c]
Kiei
Cedej[hWf_Wekj[hWf_WYecX_dWZWYecekjheiWdj_#^_f[hj[di_leidejhWjWc[djeZW^_f[hj[die$
Feiebe]_W
LE
7ZkbjeiÅ.&c]%Z_W1feZ[#i[Wkc[djWhWj',&c]%Z_WYWied[Y[ii|h_e[\[_jeic|n_ceiieeXi[hlWZei[c
*#,i[cWdWi$:ei[c|n_cWÅ)(&c]%Z_W$
L
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YW
B[l[WceZ[hWZWÅZei[§.&c]%Z_W$
Fh[YWk[i
KiWhYecYWkj[bW[cYWieZ[kieYedYec_jWdj[Z[Z_khj_YeifekfWZeh[iZ[fej|ii_eekikfb[c[djeiZ[
fej|ii_e"[cfWY_[dj[iYecZ[fb[eZ[iZ_e%|]kW[[cfWY_[dj[i_Zeiei$;l_jWhekie[c_dikÓY_
dY_W
)*.r
YWhZWYWYed][ij_lW"]hWl_Z[p"_dikÓY_
dY_W^[f|j_YWi[l[hW"Y_hhei[X_b_WhekeXijhkeX_b_Wh"
^_f[hWbZeij[hed_icefh_c|h_e"[ij[dei[ZWWhjh_Wh[dWbX_bWj[hWb$KiWhYecYWkj[bW[cfWY_[dj[iYec
9bYh2'&cB%c_d$
LWdYec_Y_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
LWdYe7XXejj%LWdYeY_dW%LWdYec_Y_dWÅC[Z_YWc[dje=[dh_Ye\hWiYe#WcfebW+&&c]
Kiei
JhWjWc[djeZ[fWY_[dj[iYecWii[]k_dj[i_d\[Y[iekYedZ_[i0_d\[YefehI$Wkh[kic[j_Y_b_dW#h[i_ij[dj[i
ekIjWf^obeYeYYeiX[jW#bWYj~c_Yeih[i_ij[dj[i"YeW]kbWi[d[]Wj_lW"[dZeYWhZ_j["c[d_d]_j[[eij[ec_[b_j["
_d\[Y[ifeh[ijh[fjeYeYei[cfWY_[dj[iWbh]_YeiWf[d_Y_b_dWi[Y[\Wbeifeh_dWi"jhWjWc[djeZ[_d\[Y[i
WiieY_WZWiWYWj[j[hY[djhWb"i^kdji"[dn[hjeilWiYkbWh[i[l|blkbWiYWhZWYWi$
Feiebe]_W
?L
D[edWjei§-Z_Wi
2'"(a]Å'+c]%a]%Z_WWYWZW(*^ehWi$
'"(#(a]Å'&#'+c]%a]%Zei[WYWZW'(#'.^ehWi$
4(a]Å'&#'+c]%a]%Zei[WYWZW.#'(^ehWi$
D[edWjei4-Z_Wi
2'"(a]Å'+c]%a]%Z_WWYWZW(*^ehWi$
'"(#(a]Å'&#'+c]%a]%Zei[WYWZW.#'(^ehWi$
4(a]Å'+#(&c]%a]%Zei[WYWZW.^ehWi$
9h_WdWiZ['c
i#'(WdeiÅ*&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,#.^ehWi$
?d\[YedeID9fehIjWf^obeYeYYkiÅ,&c]%a]%Z_W[cZei[iZ_l_Z_ZWiWYWZW,^ehWi$:ei[c|n_cWÅ']%Zei[$
7ZkbjeiÅ&"+]WYWZW,^ehWiek']WYWZW'(^ehWi$:ei[c|n_cWÅ*]%Z_W$
FheÓbWn_WZ[[dZeYWhZ_j[[cfWY_[dj[iWbh]_YeiWf[d_Y_b_dWiÅfheY[Z_c[djei]Wijh_dj[ij_dW_i
ek][d_jkh_d|h_ei
9h_WdWiÅ(&c]%a]'^ehWWdj[iZefheY[Z_c[dje"[cYed`kdjeYec'"+c]%a]Z[][djWc_Y_dW")&c_dkjei
Wdj[iZefheY[Z_c[dje$
7ZkbjeiÅ']'^ehWWdj[iZefheY[Z_c[dje"[cYed`kdjeYec'"+c]%a]Z[][djWc_Y_dW")&c_dkjeiWdj[iZe
fheY[Z_c[dje$:ei[c|n_cWÅ'(&c]$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb
9bYh4/&cB%c_dÅWZc_d_ijhWhWZei[kikWbWYWZW,^ehWi$
9bYh-&#./cB%c_dÅWZc_d_ijhWhWZei[kikWbWYWZW.^ehWi$
9bYh*,#,/cB%c_dÅWZc_d_ijhWhWZei[kikWbWYWZW'(^ehWi$
9bYh)&#*+cB%c_dÅWZc_d_ijhWhWZei[kikWbWYWZW'.^ehWi$
9bYh'+#(/cB%c_dÅWZc_d_ijhWhWZei[kikWbWYWZW(*^ehWi$
:_i\kdeh[dWb%Ze[dWh[dWbj[hc_dWb%Z_Wb_pWZeiÅ'&#(&c]%a]1Zei[iikXi[g[dj[i[\h[g
dY_WZ[
WZc_d_ijhWeiecW_iX[cZ[j[hc_dWZWif[beidl[_iih_Yei[WlWb_WeZW_dikÓY_
dY_Wh[dWb$
L
Fh[YWk[i
KiWhYecYWkj[bW[cfWY_[dj[iYec_dikÓY_
dY_Wh[dWb$;l_jWhekie[cfWY_[dj[igk[[ij[`Wch[Y[X[dZe
ekjhWiZhe]Wid[\hejn_YWi[ejejn_YWi$
r)*/
LWh\Wh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9ekcWZ_dYecfh_c_Ze'c]
9ekcWZ_dYecfh_c_Ze+c]
Kiei
?dZ_YWZedWfheÓbWn_W[dejhWjWc[djeZ[jhecXei[l[deiW[ikW[nj[die[[c[cXeb_WfkbcedWh1fheÓbWn_W
[%ekjhWjWc[djeZ[Yecfb_YW[ijhecXe[cXb_YWiWiieY_WZWi}\_Xh_bWeWjh_Wb[%ek}ikXij_jk_eZ[l|blkbW
YWhZWYW"dWh[ZkeZeh_iYeZ[cehj[1h[Y_Z_lWZ[_d\WhjeZec_eY|hZ_e[[l[djeijhecXe[cXb_Yei"jW_iYece
WY_Z[dj[lWiYkbWhY[h[XhWbek[cXeb_pWei_ij
c_YWWfi_d\WhjeZec_eY|hZ_e$
Feiebe]_W
LE
9h_WdWiZ['c
i#'(WdeiÅ&"&+#&")*c]%a]%Z_W$
7ZkbjeiÅZei[_d_Y_WbÅ+c]%Z_WZkhWdj[(#+Z_Wi1W`kijWhZei[Z[WYehZeYecej[cfeZ[fhejhecX_dW$:ei[
Z[cWdkj[deÅ(#'&c]%Z_W$
Fh[YWk[i
KieYedYec_jWdj[Yecl_jWc_dWAfeZ[Z_c_dk_he[\[_jeWdj_YeW]kbWdj["ced_jehWhYk_ZWZeiWc[dj[$Kie
YedYec_jWdj[Yec_dZec[jWY_dW"7_d[i"\[d_bXkjWpedW[Wif_h_dWWkc[djWeh_iYeZ[_hh_jWe]|ijh_YW[Ze
[\[_jeWdj_YeW]kbWdj[$KieYWkj[beie[cfWY_[dj[iYecjkX[hYkbei[[Z_WX[j[ic[bb_jki$
LWi[b_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
LWi[b_dWBgk_ZW[ijh_bWcfebW'&cBÅC[Z_YWc[djeCWd_fkbWZe
LWi[b_dWBgk_ZWWbcejeb_W'&&cB
LWi[b_dWIb_ZWfej[(&]
Kiei
Jf_Ye
LWi[b_dWbgk_ZWÅYece[ceb_[dj[fWhWc[b^ehWhW[bWij_Y_ZWZ[ZWf[b[1Yecekc[YjWdj[dejhWjWc[djeZ[
hWY^WZkhWiZWf[b[1dWh[ceeZ[YheijWi"fecWZWi[Z[cW_ifheZkjeiWfb_YWZeiieXh[Wf[b[$
LWi[b_dWib_ZWÅYece[ceb_[dj[fWhWc[b^ehWhW[bWij_Y_ZWZ[ZWf[b[1Yecekc[YjWdj[dejhWjWc[djeZ[
hWY^WZkhWiZWf[b[$
LWi[b_dWWcfebWÅ[ci_jkW[igk[h[gk[h[cfheZkjei[ijh[_i"Yece[cYWieiZ[gk[_cWZkhWifWhW[l_jWh
WZ[h
dY_WZecWj[h_WbZeYkhWj_ledW\[h_ZW$
Fh[YWk[i
DeWfb_YWhYWcWZWi[if[iiWidWf[b[fWhWdeeXijhk_hfehei$Fhej[][hZeYWbeh[nY[ii_le"bkp[kc_ZWZ[$I[
_d][h_Ze"j[c[\[_jebWnWdj[$;cYedjWjeYeceieb^ei"bWl|#beiWXkdZWdj[c[dj[[c|]kWYehh[dj[$I[_d][h_Ze"
X[X[h]hWdZ[gkWdj_ZWZ[Z[b[_j[ekYbWhWiZ[eleXWj_ZWi[c|]kW$;cgkWbgk[hYWieY_jWZeWY_cW"YedikbjWh
kccZ_Ye$
L
)+&r
L[Ykhd_e
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
DehYkhedWcfebW*c]%'cB
L[hYkhed\hWiYe#WcfebW'&c]
Kiei
9eceWZ`kdjedWWd[ij[i_W"fWhW\WY_b_jWhW[djkXWe[dZejhWgk[Wb1h[bWnWc[djeZeiciYkbei[igk[bj_Yei
ZkhWdj[WY_hkh]_W$
Feiebe]_W
D[edWjeiÅ&"'c]%a]%Zei[$
:ei[Z[cWdkj[deÅ&"&)#&"'+c]%a]%Zei[WYWZW'#(^ehWi$
9h_WdWi4-i[cWdWi#'WdeÅ&"'c]%a]%Zei["h[f[j_hWYWZW'^ehW$
?d\kieYedjdkWÅ&"&,#&"&/c]%a]%^$
9h_WdWi4'WdeÅ&"'c]%a]%Zei["h[f[j_hWYWZW'^ehW$
?d\kieYedjdkWÅ&"&/#&"'+c]%a]%^$
7ZkbjeiÅ&"'c]%a]%Zei["h[f[j_hWYWZW'^ehW$
?d\kieYedjdkWÅ&"&/#&"'(c]%a]%^$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecZ[ÓY_
dY_W^[f|j_YW"Ze[dWd[kheckiYkbWh"c_Wij[d_W]hWl[$
L[dbW\Wn_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;\[nehNHYecfh_c_Ze)-"+c]
Kiei
JhWjWc[djeZ[Z[fh[iie[cWZkbjei$
Feiebe]_W
LE
7ZkbjeiÅ_d_Y_WhYec)-"+c]%Z_Wfeh*W-Z_Wi[Wkc[djWhfWhW-+c]%Z_W[cZei[d_YW$7Zei[feZ[i[h
Wkc[djWZW[c-+c]%Z_W[c_dj[hlWbeiZ[*Z_WiWjgk[i[Wj_d`WWZei[Z[((+#)-+c]%Z_W$
7`kij[Z[Zei[[cfWY_[dj[iYecZ_i\kdeh[dWb
9bYh'&#-&cB%c_dÅWZc_d_ijhWh-+ZWZei[dehcWb$
Fh[YWk[i
DekiWhYedYec_jWdj[c[dj[Yec_d_X_Zeh[iZ[C7E$
L
L[hWfWc_b
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
:_bWYehedYecfh_c_Ze.&c]
r)+'
Kiei
JhWjWc[djeZ[Wd]_dW[^_f[hj[die$
Feiebe]_W
LE
9h_WdWiZ['#+WdeiÅ*&#.&c]WYWZW.^ehWiek*#.c]%a]%Z_WZ_l_Z_Zei[c)Zei[i$
9h_WdWi4+WdeiÅ.&c]WYWZW,#.^ehWi$
7ZkbjeiÅ(*&#*.&c]%Z_WWZc_d_ijhWZei)#*l[p[iWeZ_Wek'#(l[p[iWeZ_W$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecfheXb[cWih[dW_i[^[f|j_Yei$FheleYWZ_c_dk_eZ[jhWdic_iie
d[kheckiYkbWh[cfWY_[dj[iYecZ_ijheÓWckiYkbWhZ[:kY^[d[[feZ[W]hWlWhWc_Wij[d_W]hWl[$
L_]WXWjh_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
IWXh_bYecfh_c_Ze+&&c]
Kiei
;ij|_dZ_YWZeYececedej[hWf_WekYecejhWjWc[djeYeWZ`klWdj[Z[[f_b[fi_WideYedjhebWZWi
iWj_i\Wjeh_Wc[dj[fehekjhWiZhe]WiWdj_[f_bfj_YWi1Yececedej[hWf_WdejhWjWc[djeZ[Yedlkbi[ifWhY_W_i[
Yedlkbi[ijd_Ye#Ybd_YWi][d[hWb_pWZWii[YkdZ|h_Wi"Wii_cYecedeYedjheb[Z[[ifWicei_d\Wdj_iidZhec[
Z[M[ij$
Feiebe]_W
7ZkbjeiÅZei[_d_Y_Wbh[Yec[dZWZWÅ'](Yecfh_c_ZeiWZc_d_ijhWZe[ccedej[hWf_WekWZ_Y_edWZe}
Zhe]WWdj_[f_bfj_YW[ckief[befWY_[dj[$I[d[Y[ii|h_e"Wfeiebe]_WfeZ[i[hWkc[djWZW]hWZkWbc[dj[[c
\hW[iZ[&"+]i[cWdWbc[dj[ek[c_dj[hlWbeicW_eh[i"Z[f[dZ[dZeZWh[ifeijWYbd_YWekjeb[hWX_b_ZWZ[$
7c|n_cW[ÓY|Y_W][hWbc[dj[eXj_ZWdWiZei[i[djh[(#*]%Z_W$KcWf[gk[dWc[b^ehWdW[ÓY|Y_W\e_
eXi[hlWZW[cZei[iZ[Wj,]%Z_W"fehcWiieY_WZWWWkc[djeZei[\[_jeiWZl[hiei$
9h_WdWiÅZei[_d_Y_Wbh[Yec[dZWZWÅ*&c]%a]%Z_W"Wkc[djWdZefWhW.&#'&&c]%a]%Z_W"Z[f[dZ[dZeZW
h[ifeijWj[hWf
kj_YW$
:ei[iZ[cWdkj[deh[Yec[dZWZWi
'&#'+a]Å&"+#']%Z_W$
'+#)&a]Å'#'"+]%Z_W$
)&#+&a]Å'"+#)]%Z_W$
4+&a]Å(#*]%Z_W$
Cedej[hWf_WZ[[ifWicei_d\Wdj_iidZhec[Z[M[ijÅZei[h[Yec[dZWZWÅ,&#'&&c]%a]%Z_W"Z[f[dZ[dZe
ZWi[l[h_ZWZ[Zei[ifWicei$I[d[Y[ii|h_e"[iiWZei[feZ[i[h\hWY_edWZWfehkcf[heZeZ['i[cWdW$:ei[i
Z[Wj'+&c]%a]%Z_WZ[cedijhWcXeWjeb[hWX_b_ZWZ[$
Fh[YWk[i
KieYWkj[beie[cfWY_[dj[iYecYb[WhWdY[Z[Yh[Wj_d_dW_d\[h_ehW,&cB%c_d$7]_jWe"Z[fh[iie"
f[diWc[djeiWdehcW_i"h[W[ifWhWd_YWi\ehWch[bWjWZeiZkhWdj[Wj[hWf_WYecl_]WXWjh_dW$
L
)+(r
L_jWc_dW7!L_jWc_dW:)
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
7Z#J_b]ejWil_j$7+&$&&&K?!l_j$:)'&$&&&K?%cB\hWiYe'&cB'cB3*&]ejWi
Kiei
>_fel_jWc_dei[i7[:1deYh[iY_c[djeZ[Yh_WdWi[cYWieiZ[hWgk_j_ice1[ifWiceÓb_W1eij[ecWb|Y_W1
Wkc[djeZWh[i_ij
dY_WW_d\[Y[i$
Feiebe]_W
LE
Fh[l[deZ[Z[ÓY_
dY_WiZ[l_jWc_dWi7[:
H[Yc#dWiY_Zei"BWYj[dj[i[9h_WdWiWj'(WdeiÅ(]ejWiWeZ_W$
7Zeb[iY[dj[i[7ZkbjeiÅ(]ejWiWeZ_W$
JhWjWc[djeZ[Z[ÓY_
dY_WiZ[l_jWc_dWi7[:
JhWjWc[djeZ[eij[ecWb|Y_W%hWgk_j_icei[YkdZ|h_e}Z[ÓY_
dY_WZ_[jj_YW
9h_WdWiÅ(]ejWiWeZ_W$
7ZkbjeiÅ(#*]ejWiWeZ_W"WjWYkhWYbd_YW1Wfi"(]ejWiWeZ_WYececWdkj[de$
JhWjWc[djeZeeij[ecWb|Y_W%hWgk_j_icei[YkdZ|h_eWkieZ[Wdj_Yedlkbi_lWdj[i
9h_WdWiÅ(]ejWiWeZ_W$
7ZkbjeiÅ(#*]ejWiWeZ_W$
?d][ije_dWZ[gkWZWZ[Wb_c[djeih_Yei[cl_jWc_dWi7[:
=[ijWdj[i[BWYjWdj[iÅ(#*]ejWiWeZ_W$:ei[c|n_cWZkhWdj[W][ijWeÅ.]ejWiWeZ_W$
Fh[YWke
EYedikceZ_|h_eZ[(+$&&&#*&$&&&K?Z[l_jWc_dW7ZkhWdj[e'±jh_c[ijh[Z[][ijWefeZ[Z[j[hc_dWh
WdehcWb_ZWZ[iYed]
d_jWide\[je$
L_jWc_dW8'J_Wc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
8[d[hlWYecfh_c_Ze)&&c]
J_Wc_dWWcfebW'&&c]%cBÅC[Z_YWc[djeCWd_fkbWZe
Kiei
JhWjWc[djeZ[Z[ÓY_
dY_WZ[j_Wc_dW"_dYbk_dZeX[h_Xh_1idZhec[Z[AehiWae\\#M[hd_Ya[1d[kh_j[i[
feb_d[kh_j[i1YWhZ_ec_efWj_W[d[kh_j[iYWkiWZWifehYedikce[nY[ii_leZ[|bYeeb1d[Y[ii_ZWZ[iWkc[djWZWi
Z[l_jWc_dW8']h|l_ZWi"bWYjWdj[i"_Zeiei$
Feiebe]_W
9eceikfb[c[djeZ_[jj_YeZ[WYehZeYeceYedj[ZeZ[YWhXe_ZhWjeiekYWbeh_WiZWZ_[jW
9h_WdWiZ['c
i#'Wde
LEÅ&")#&"+c]%Z_W$
9h_WdWiZ['#'(Wdei
LEÅ&"+#'c]%Z_W$
7Zkbjei
LEÅ'#(c]%Z_W$
:[ÓY_
dY_WZ[j_Wc_dWX[h_Xh_
L
r)+)
9h_WdWi
?C%?LÅ'&#(+c]%Zei["Z_Wh_Wc[dj[[cYWieZ[Ze[dWYhj_YW$
LEÅZei[_d_Y_WbÅ'&#+&c]%Zei["jeZeieiZ_Wifeh(i[cWdWi$:ei[Z[cWdkj[deÅ+#'&c]%Zei["
Z_Wh_Wc[dj[feh'c
i$
7Zkbjei
?C%?LÅZei[_d_Y_WbÅ+#)&c]%Zei[)l[p[iWeZ_W[cYWieZ[Ze[dWYhj_YW$
LEÅZei[Z[cWdkj[deÅ+#)&c]%Z_W[cZei[d_YWek\hWY_edWZW")l[p[iWeZ_WZkhWdj['c
i$
IdZhec[Z[AehiWae\\#M[hd_Ya[
7Zkbjei
?LÅZei[_d_Y_WbÅ'&&c]$
?C%?LÅZei[Z[cWdkj[deÅ+&#'&&c]%Z_WWjkcWZ_[jWXWbWdY[WZW$
:_i\kd[ic[jWXb_YWi
7Zkbjei
LEÅ'&#(&c]%Z_W$:ei[c|n_cWÅ*]%Z_W$
Fh[YWk[i
<hWY_edWhZei[iehW_ifWhWeXj[hkcWc[b^ehWXiehe$Kj_b_pWhl_WifWh[dj[hW_iYWkj[beiWc[dj[$
L_jWc_dW8'!L_jWc_dW8,!L_jWc_dW8'(
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9_jed[kh_d+$&&&Zh|][Wl_j$8''&&c]!l_j$8,'&&c]!l_j$8(+$&&&cY]
9_jed[kh_d+$&&&l_j$8''&&c]!l_j$8,'&&c]!l_j$8'(+$&&&cY]WcfebW)cB
Kiei
9eceWdj_d[khj_Ye"Wdj_d[kh|b]_Ye[ikfb[c[djel_jWcd_Ye$
Feiebe]_W
7Zkbjei
LEÅ(#*Zh|][WiWeZ_WekWYh_jh_ecZ_Ye$
D[kh_j[i[d[khWb]_Wi
?CÅZei[_d_Y_WbÅ'WcfebW"Z_Wh_Wc[dj["WjeZ[iWfWh[Y_c[djeZeii_djecWiZebeheieiW]kZei$:ei[Z[
cWdkj[deÅ'WcfebWWYWZW(#)Z_Wi$DeiYWieicW_ib[l[i"'WcfebW(#)l[p[ifehi[cWdWfeZ[i[hikÓY_[dj[$
7d[c_Wf[hd_Y_eiW
?CÅZei[_d_Y_WbÅ'WcfebWWYWZW(#)Z_WiWjWdehcWb_pWeZe^[ce]hWcW$DeiYWieicW_i]hWl[i"
WZc_d_ijhWh'WcfebW[cZ_WiWbj[hdWZei$:ei[Z[cWdkj[deÅWZei[i[h|[ijWX[b[Y_ZW_dZ_l_ZkWbc[dj[$;c
][hWb"'Wfb_YWec[diWbikÓY_[dj[$
Fh[YWk[i
FWY_[dj[iYecZe[dWZ[FWha_diedYeckieZ[b[leZefW_iebWZWdeZ[l[ckiWhZh|][WiZ[iiWWiieY_We$
FWY_[dj[iYecWd[c_WcWYheYj_YWdeZ[l[c_dj[hhecf[hXhkiYWc[dj[ekie[dZel[deieZ[iiWWiieY_We$
L
L_jWc_dW8,F_h_Zen_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
I[_i8Yecfh_c_Ze'&&c]
F_h_Zen_dWWcfebW+&c]%'cBÅC[Z_YWc[djeCWd_fkbWZe
)+*r
Kiei
Fh[l[de[jhWjWc[djeZ[Z[ÓY_
dY_WZ[l_jWc_dW8,1Yh_i[if_h_Zen_dW#Z[f[dZ[dj[i[cYh_WdWiZ['c
i
W'Wde1jhWjWc[djeZ[Z[ÓY_
dY_W_dZkp_ZWfehc[Z_YWc[djeiYece_ied_Wp_ZW[^_ZhWbWp_dW1jhWjWc[djeZ[
_djen_YWeW]kZWfeh_ied_Wp_ZW"Y_Ybei[h_dW"^_ZhWbWp_dW[Ye]kc[beiZe]
d[he=ohec_jhW$
Feiebe]_W
9h_i[if_h_Zen_dW#Z[f[dZ[dj[i
LE%?C%?L
D[edWjei[9h_WdWiZ['c
i#'WdeÅZei[_d_Y_WbÅ'&#'&&c]$:ei[Z[cWdkj[deÅLEÅ+&#'&&c]%Z_W$
:[ÓY_
dY_WZ_[jj_YW
LE
9h_WdWiÅZei[_d_Y_WbÅ+#(+c]%Z_Wfeh)i[cWdWi$:ei[Z[cWdkj[deÅ'"+#("+c]%Z_W$
7ZkbjeiÅZei[_d_Y_WbÅ("+#'&c]%Z_WWjgk[eii_dW_iYbd_Yeii[`WcYehh_]_Zei$:ei[Z[cWdkj[deÅ
(#+c]%Z_W$
D[kh_j[_dZkp_ZWfehZhe]Wi
LE
9h_WdWiÅjhWjWc[djeÅ'&#+&c]%Z_W1fheÓbWn_WÅ'#(c]%a]%Z_W$
7Zkbjei
D[kh_j[_dZkp_ZWfehY_Ybei[h_dWÅjhWjWc[djeÅ'&&#)&&c]%Z_W[cZei[i\hWY_edWZWi$
D[kh_j[_dZkp_ZWfeh_ied_Wp_ZWekf[d_Y_bWc_dWÅjhWjWc[djeÅ'&&#(&&c]%Z_Wfeh)i[cWdWi1fheÓbWn_W
Å(+#'&&c]%Z_W$
?djen_YWeW]kZW
9h_WdWi[7Zkbjei
>_ZhWbWp_dWÅ(+c]%a]0'%)ZWZei[?C[(%)ZWZei[[c_d\kie?LWY_cWZ[)^ehWi$
?ied_Wp_ZWÅZei[[gk_lWb[dj[}_ied_Wp_ZW_d][h_ZW"YecW'°Zei[?L'#*]"i[]k_ZeiZ[']?CWYWZW
)&c_dkjeiWjgk[WZei[[ij[`WYecfb[jW$
9e]kc[beiZe]
d[he=ohec_jhW
?LÅ(+c]%a]$H[f[j_hi[d[Y[ii|h_e$:ei[c|n_cWÅ'+#(&]$
Fh[YWke
GkWdZe\eh[cWZc_d_ijhWZWiWbjWiZei[i?L"Z[l[c#i[ced_jehWhWi\h[g
dY_WiYWhZWYW[h[if_hWjh_W[W
fh[iieWhj[h_Wb$
L_jWc_dW8'(>_ZheneYeXWbWc_dW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
HkXhWdelWWcfebW+$&&&cY]%(cB
Kiei
JhWjWc[djeZ[Wd[c_Wf[hd_Y_eiW[ekjhWiZ[ÓY_
dY_WiZ[l_jWc_dW8'(1Yeceikfb[c[djeZ_[jj_Ye"
fWhj_YkbWhc[dj[[cYedZ_[iZ[Wkc[djeZWZ[cWdZW][ijWe"j_hejen_Yei["^[cehhW]_W"cWb_]d_ZWZ["
Ze[dWih[dW_iek^[f|j_YWi1d[khefWj_Wii[dieh_W_iidZhec[id[kheb]_YWif[h_\h_YWi"d[lhWb]_WZ[
eh_][ch[kc|j_YW"d[lhWb]_Wijn_YWi[c[jWXb_YWi"d[lhWb]_WiehjefZ_YWi[jhWkc|j_YWi[d[kh_j[Z[
[j_ebe]_WZ[iYed^[Y_ZW$
L
Feiebe]_W
?C
J[ij[IY^_bb_d]Z_W]dij_YeZ[Z[ÓY_
dY_WZ[l_jWc_dW8'(
r)++
9h_WdWi[7ZkbjeiÅ'$&&&cY][cZei[d_YW$
:[ÓY_
dY_WZ[jhWdiYeXWbWc_dW
D[edWjeiÅ'$&&&cY](l[p[ifehi[cWdW$
:[ÓY_
dY_WZ[l_jWc_dW8'(ekWd[c_Wf[hd_Y_eiW
:e[dWde#Yecfb_YWZW
9h_WdWiÅZei[_d_Y_WbÅ'&&cY]%Z_Wfeh'&#'+Z_WijejWbÅ'#+c]$:ei[Z[cWdkj[deÅ,&cY]%c
i$
Ek)&#+&cY]%Z_Wfehf[bec[dei(i[cWdWijejWbÅ'#+c]$:ei[Z[cWdkj[deÅ'&&cY]%c
i$
7ZkbjeiÅZei[_d_Y_WbÅ)&cY]%Z_Wfeh+#'&Z_Wi$:ei[Z[cWdkj[deÅ'&&#(&&cY]%c
i$
Ek'$&&&cY]%Z_Wfeh+#'&Z_Wi"i[]k_ZeiZ['&&#(&&cY]%c
i$
Ek'&&cY]%Z_Wfeh'c
i"i[]k_ZeiZ['&&cY][cYWZWZ_Wi[]k_dj[feh(i[cWdWi$:ei[Z[cWdkj[deÅ
'&&cY]%c
i$
:e[dWYecfb_YWZW
7ZkbjeiÅ'$&&&cY]"`kdjWc[dj[Yec|Y_Ze\b_Ye'+c]'l[p"i[]k_ZeiZ['&&cY]%Z_W"`kdjWc[dj[Yec+
c]%Z_W|Y_Ze\b_YeehWb"feh'i[cWdW$
Fh[YWke
FWY_[dj[i^_f[hi[dil[_ifeZ[cZ[i[dlebl[hh[W[iWbh]_YWiZ[_dj[di_ZWZ[lWh_|l[b"[nY[fY_edWbc[dj[
_d`[[iZ[^_Zhen_YeXWbWc_dWfeZ[heZ[i[dYWZ[Whh[W[iWdWÓb|j_YWi"gk[feZ[cb[lWh}cehj[
ZefWY_[dj[$
L_jWc_dW9ÜY_Ze7iYhX_Ye
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9[m_dYecfh_c_Ze+&&c]
>ol_j9WcfebW']%+cB
H[Zened]ejWi(&&c]%cB\hWiYe(&cB'cB3(&]ejWi
Kiei
Fh[l[de[jhWjWc[djeZe[iYehXkje1WY_Z_ÓYWeZWkh_dW1ikfb[c[djWeZ_[jj_YW1fh[l[de[h[ZkeZW
i[l[h_ZWZ[Z[h[i\h_WZei$
Feiebe]_W
LE%?C%?L
;iYehXkje
9h_WdWiÅ'&&#)&&c]%Z_W[cZei[i\hWY_edWZWi$
7ZkbjeiÅ'&&#(+&c]'#(l[p[iWeZ_W$
7Y_Z_ÓYWekh_d|h_W
9h_WdWiÅ+&&c]WYWZW,#.^ehWi$
7ZkbjeiÅ*#'(]%Z_W[c)#*Zei[iZ_l_Z_ZWi$
Ikfb[c[djeZ_[jj_Ye
9h_WdWiÅ)+#'&&c]%Z_W$
7ZkbjeiÅ+&#(&&c]%Z_W$
Fh[l[de[jhWjWc[djeZ[h[i\h_WZei
7ZkbjeiÅ'#)]%Z_W$
FWhWeWkc[djeZW[nYh[eZ[\[hheZkhWdj[WZc_d_ijhWeZ[Z[\[henWc_dW
9h_WdWi[7ZkbjeiÅ'&&#(&&c]%Z_WZkhWdj[Wj[hWf_WYecZ[\[henWc_dW$
L
)+,r
L_jWc_dWiZe9ecfb[ne8
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
9ecfb[ne8Zh|][W
9WZWZh|][WYedjc0l_j$8'Å+c]1l_j$8(Å(c]1l_j$8,Å(c]1l_j$FFÅ(&c]1l_j$8+Å)c]
9ecfb[ne8]ejWi\hWiYe(&cB'cB3(&]ejWi
9WZWcBYedjc0l_j$8'Å+c]1l_j$8(Å(c]1l_j$8,Å(c]1l_j$FFÅ(&c]1l_j$8+Å)c]1l_j$>Å&"(+c]
>ofb[n8WcfebW(cB
9WZWWcfebWYedjc0l_j$8'Å.c]1l_j$8(Å(c]1l_j$8,Å*c]1l_j$FFÅ*&c]1fh#l_j$8+Å,c]
Kiei
>_fel_jWc_dei[iZeYecfb[ne81X[h_Xh_ikXYb|ii_Yefh#X[h_Xh_1f[bW]hW1YeceYeWZ`klWdj[ZWj[hWf
kj_YW
Wdj_XWYj[h_WdW"h[ijWX[b[Y_c[dje\i_Ye"Z_[jWZ[kbY[heiei[Z_WXj_Yei"[ijecWj_j["]beii_j["Yeb_j["Ze[dW
Y[bWYW"[ij[Wjehh_W"WbYeeb_iceYhd_Ye"YecW^[f|j_Ye1_dikÓY_
dY_W^[f|j_YW]hWl[1gk[bei[i1gk[hWj_j[Yec
lWiYkbWh_pWeYhd[W1Z[hcWj_j[i1Wdeh[n_W1Wij[d_W1d[kh_j[i[feb_d[kh_j[iZ[eh_][dilWh_WZWi1YheijWb|Yj[W$
Feiebe]_W
FheÓbWn_W
LE
BWYj[dj[i[9h_WdWiZ['#'(WdeiÅ'&]ejWiWeZ_W$
9h_WdWiZ['(#'.WdeiÅ'&#(&]ejWiWeZ_W$
7ZkbjeiÅ(&#*&]ejWiWeZ_Wek'#(Zh|][WiWeZ_W$
J[hWf
kj_YWÅZ[WYehZeYecW_dj[di_ZWZ[Zeii_djecWiZ[YWh
dY_W$
LE
BWYj[dj[i[9h_WdWiZ['#'(WdeiÅ'&]ejWi(#)l[p[iWeZ_W$
9h_WdWiZ['(#'.WdeiÅ'&#(&]ejWi(#)l[p[iWeZ_W$
7ZkbjeiÅ(&#*&]ejWi(#)l[p[iWeZ_Wek'#(Zh|][Wi(#)l[p[iWeZ_W$
?C
7ZkbjeiÅ'#(WcfebWifehZ_Wek[cZ_WiWbj[hdWZei$
Fh[YWk[i
FWY_[dj[iYecZe[dWZ[FWha_died[cjhWjWc[djeYecb[leZefWdeZ[l[c\Wp[hkieZ[l_jWc_dW8,"fe_i
[ijW_dj[h\[h[dejhWjWc[dje[if[YÓYe$DeWfb_YWhWWcfebWfehl_W[dZel[deiWi[cfhl_WZ_bk_e$
L_jWc_dW;7b\WJeYe\[heb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
;f^odWb%L_jW;Y|fikbWeb[eiW*&&c]
Kiei
9eceWZ`klWdj[dWfh[l[deZ[Ze[dWiYWhZ_elWiYkbWh[i1Z_ib_fefhej[_d[c_WiYecdZ_Y[iXW_neiZ[>:B
[dZ_Y[iWbjeiZ[B:B1Ze[dWiWiieY_WZWiWe[dl[b^[Y_c[dje7bp^[_c[h"FWha_died1YWh
dY_WZ[l_jWc_dW;
Z[l_ZeWZ_ijhX_eiZ[WXiehe_dikÓY_
dY_WfWdYh[|j_YW[nYh_dW"W\[Y[i^[fWjeX_b_Wh[iYecYeb[ijWi["
Wjh[i_WZWil_WiX_b_Wh[i"h[ZkeZWikf[h\Y_[Z[WXiehe_dj[ij_dWb1Ze[dWi^[cWjeb]_YWi^[h[Z_j|h_Wi
Z[ÓY_
dY_WZ[]b_Yei[#,#\ei\Wje#Z[i_Zhe][dWi[$
L
r)+-
Feiebe]_W
LE
:[ÓY_
dY_WZ[l_jWc_dW;
D[edWjei"Fh[cWjkhei[9h_WdWidWiY_ZWiYecXW_nef[ieÅ(+#+&c]%Z_Wb[lWcWdl[_idehcW_iZ[djheZ[
'i[cWdW$
9h_WdWiYecidZhec[Z[c|WXieheÅ'c]%a]%Z_W$
7ZkbjeiÅ,&#-+c]%Z_W$
Fh[l[deZ[Z[ÓY_
dY_WZ[l_jWc_dW;
D[edWjeiYecXW_nef[ieWedWiY[hÅ+c]%Z_W$
7ZkbjeiÅ)&c]%Z_W$
Fh[l[deZ[h[j_defWj_WZ[fh[cWjkheiek89Fi[YkdZ|h_W}j[hWf_WYecE(
D[edWjei[9h_WdWiZ['c
i#'WdeÅ'+#)&c]%a]%Z_WfWhWcWdj[heidl[_ifbWic|j_YeidW\W_nWZ[
'"+#(cY]%cB$:ei[c|n_cWÅ'&&c]%a]%Z_W$
<_Xhei[Yij_YW
9h_WdWiZ['c
i#'.WdeiÅ'&&#*&&c]%Z_W$
8[jW#jWbWii[c_W
9h_WdWiZ['c
i#'.WdeiÅ-+&c]%Z_W$
7d[c_W\Wbi_\ehc[
9h_WdWiZ['c
i#'.WdeiÅ*+&c]%Z_W$
Fh[YWke
Ekiei_ckbj~d[eYecWdj_YeW]kbWdj[iZ[h_lWZeiZWYkcWh_dWfeZ[b[lWh}^_fefhejhecX_d[c_W$
L_jWc_dWA<_jec[dWZ_edW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
AWdWa_edCCf[Z_|jh_YeWcfebW(c]%&"(cB
AWdWa_edCCWZkbjeWcfebW'&c]%'cB
AWl_j?CWcfebW'&c]%'cB
Kiei
JhWjWc[djeZ[^[cehhW]_Wiekh_iYeZ[^[cehhW]_WYeceh[ikbjWZeZ[i[l[hW^_fefhejhecX_d[c_W"Z[
l|h_Wi[j_ebe]_Wi"_dYbk_dZeikf[hZeiW][cZ[Wdj_YeW]kbWdj[iZej_feYkcWhd_Yei"ikWiYecX_dWeYec
\[d_bXkjWpedW[ekjhWi\ehcWiZ[^_fel_jWc_dei[A_Yj[hY_WeXijhkj_lWWii_cYeceZ_i\kd[i^[f|j_YWi
[_dj[ij_dW_i["WfijhWjWc[djefhebed]WZeYecWdj_X_j_Yei"ikb\edWc_ZWiekiWb_Y_bWjei1fheÓbWn_W[
jhWjWc[djeZ[^[cehhW]_W[ch[Yc#dWiY_Zei$
Feiebe]_W
;h_jheXbWijei[\[jWb
FheÓbWn_W
D[edWjeiiWZ_ei
LEÅ(c]WfiedWiY_c[dje1Wfi"(c][djh[e*±[-±Z_W$
?CÅZei[d_YWZ['c]fWhWYh_WdWifWhWWigkW_idei[Wii[]khWeh[Y[X_c[djeZ[kcW(WZei[fehl_WehWb
ek"deYWieZ[Yh_WdWi[cWb[_jWc[djecWj[hde"fWhWWigkW_idei[Wii[]khWeh[Y[X_c[djeZ[kcW)WZei[
l_WehWb$
9h_WdWiWcWc[djWZWi[nYbki_lWc[dj[Wei[_eÅ[cWZ_efWhWWih[Yec[dZW[ifWhWjeZeieid[edWjei"
Z[l[#i[WZc_d_ijhWhcW_i(c]l_WehWbWfi*#-i[cWdWi$
D[edWjeiYec\Wjeh[iZ[h_iYe[if[Y_W_ifh[cWjkhei"WiÓn_WZkhWdj[edWiY_c[dje"_Yj[hY_WeXijhkj_lW"
L
)+.r
_dYWfWY_ZWZ[fWhWZ[]bkj_h"kiecWj[hdeZ[Wdj_YeW]kbWdj[iekWdj_[f_bj_Yei
?C%?LÅ'c]WedWiY[hgkWdZede\ehfeiil[bWl_WehWb$
9h_WdWi2("+a]ÅdeZ[l[i[h[nY[Z_ZWWZei[Z[&"*c]%a]$
JhWjWc[dje
9h_WdWi2'Wde
?LÅ'c]"_d_Y_Wbc[dj[1WYedj_dkWeZejhWjWc[djeZ[f[dZ[h|ZegkWZheYbd_YeZefWY_[dj[$
>[cehhW]_Wii[l[hWi[fej[dY_Wbc[dj[\WjW_i
?L
9h_WdWi4'WdeÅ+#'&c]$
7ZkbjeiÅ'&#(&c]Wfb_YWZeib[djWc[dj[fehf[bec[dei)&i[]kdZei"YecWlWb_WeZ[JFWfi)^ehWi$:ei[
c|n_cWÅ+&c]%Z_W$
Fh[YWk[i
FWY_[dj[i_ZeieifeZ[ci[hcW_ii[dil[_i}h[l[hieZWYeW]kbWe$
Leh_YedWpeb
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
L\[dZ\hWiYe#WcfebW(&&c]
L\[dZYecfh_c_Ze(&&c]
Kiei
xkcW][dj[Wdj_\d]_Yejh_Wpb_YeZ[Wcfbe[if[Yjhe"_dZ_YWZefWhWjhWjWc[djeZ[Wif[h]_bei[_dlWi_lW"
_d\[Y[i_dlWi_lWi]hWl[ifehY~dZ_ZWh[i_ij[dj[WeÔkYedWpeb[fWhWjhWjWc[djeZ[_d\[Y[i\d]_YWi
]hWl[iYWkiWZWifehIY[Zeifeh_kciff$[<kiWh_kciff$:[l[h|i[hWZc_d_ijhWZefh_dY_fWbc[dj[WfWY_[dj[i
_ckdeYecfhec[j_ZeiYec_d\[Y[ifhe]h[ii_lWi[fWiil[_iZ[YWkiWhcehj[$
Feiebe]_W
7j[hWf_WYecleh_YedWpeb"fehl_W_djhWl[deiWekehWb"Z[l[i[h_d_Y_WZWYeceh[]_c[Z[Zei[Z[WjWgk[
[if[Y_ÓYWZe$L_Z[jWX[bWWXW_ne0
:ei[Z[WjWgk[
?L
,c]%a]WYWZW
'(^ehWidWi
fh_c[_hWi
(*^ehWi
:ei[Z[cWdkj[de
EhWb
FWY_[dj[iYec
*&a]ekcW_i
FWY_[dj[iYec
c[deiZ[*&a]
*&&c]WYWZW
'(^ehWidWi
fh_c[_hWi
(*^ehWi
(&&c]WYWZW
'(^ehWidWi
fh_c[_hWi
(*^ehWi
EhWb
?L
FWY_[dj[iYec
*&a]ekcW_i
FWY_[dj[iYec
c[deiZ[*&a]
*c]%a]WYWZW
'(^ehWi
(&&c]WYWZW
'(^ehWi
'&&c]WYWZW
'(^ehWi
L
LEÅZ[l[#i[WZc_d_ijhWhf[bec[dei'^ehWWdj[iek'^ehWWfiWh[\[_e$
9h_WdWi
LEÅi[WYh_WdW\ehYWfWpZ[Z[]bkj_heiYecfh_c_Zei"WZei[WWZc_d_ijhWhZ[l[i[hecW_ifhn_cefeiil[b
ZWZei[[cc]%a]Yehh[ifedZ[dj[Wef[ieZWYh_WdW"kiWdZefWhW_iieYecfh_c_ZeiZ[+&c]_dj[_hei$
r)+/
FWY_[dj[iF[Z_|jh_YeiZ[(W'(WdeiÅ
:ei[Z[WjWgk[
Dei[h[Yec[dZWZei[Z[
WjWgk[?L[ehWb$
:ei[Z[cWdkj[de
:ei[?L
:ei[ehWb
-c]%a](l[p[iWeZ_W
(&&c](l[p[iWeZ_W
7`kij[Z[Zei[
I[eifWY_[dj[idejeb[hWh[cejhWjWc[djeZ[*c]%a]WYWZW'(^ehWi"h[Zkp_hWZei[?LZ[cWdkj[defWhW
ecd_ceZ[)c]%a]WYWZW'(^ehWi$
9_Ybeifeh_dWÅgkWdZeejhWjWc[djeYecleh_YedWpeb\eh_d_Y_WZe[cfWY_[dj[igk[`|[ij[`Wch[Y[X[dZe
Y_Ybeifeh_dW"h[Yec[dZW#i[gk[WZei[Z[Y_Ybeifeh_dWi[`Wh[Zkp_ZWfWhW'%([gk[edl[bZ[ijWi[`W
Yk_ZWZeiWc[dj[ced_jehWZe$GkWdZeeleh_YedWpeb\ehZ[iYedj_dkWZe"eidl[_iZ[Y_Ybeifeh_dWZ[l[ci[h
Yk_ZWZeiWc[dj[ced_jehWZei[WZei[Z[l[i[hWkc[djWZW"Yed\ehc[Wd[Y[ii_ZWZ[$
JWYheb_ceÅgkWdZeejhWjWc[djeYecleh_YedWpeb\eh_d_Y_WZe[cfWY_[dj[igk[`|[ij[`Wch[Y[X[dZe
jWYheb_ce"h[Yec[dZW#i[gk[WZei[Z[ij[i[`Wh[Zkp_ZWfWhW'%)$GkWdZeeleh_YedWpeb\ehZ[iYedj_dkWZe"ei
dl[_iZ[jWYheb_ceZ[l[ci[hYk_ZWZeiWc[dj[ced_jehWZei[WZei[Z[l[i[hWkc[djWZWYed\ehc[
Wd[Y[ii_ZWZ[$
<[d_jedWÅW\[d_jedWfeZ[i[hYe#WZc_d_ijhWZWYecleh_YedWpeb"Z[iZ[gk[WZei[Z[cWdkj[deZe
leh_YedWpebi[`WWkc[djWZWfWhW+c]%a]"WYWZW'(^ehWi"feh?L"ekZ[(&&c]fWhW*&&c]"WYWZW'(^ehWi"
fehLE$
H_\WXkj_dWÅi[eiX[d[\Y_eiikf[hWh[ceih_iYei"WYe#WZc_d_ijhWefeZ[eYehh[hi[WZei[Z[cWdkj[deZe
leh_YedWpeb\ehWkc[djWZWfWhW+c]%a]fehl_W?L"WYWZW'(^ehWi"ekZ[(&&c]fWhW)+&c]fehLE$
Ec[fhWpebÅgkWdZeejhWjWc[djeYecleh_YedWpeb\eh_d_Y_WZe[cfWY_[dj[igk[`|[ij[`Wch[Y[X[dZe
ec[fhWpeb"h[Yec[dZW#i[gk[WZei[Z[ec[fhWpebi[`Wh[Zkp_ZWfWhW'%($
Ded[Y[ii|h_eW`kij[Z[Zei[[cfWY_[dj[i_Zeiei$
Fh[YWk[i
De[ij|h[Yec[dZWZefWhWYh_WdWic[deh[iZ[(WdeiZ[_ZWZ[$
Ced_jehWc[djeZW\kde^[f|j_YWÅfWY_[dj[ide_dY_eZejhWjWc[djeYecleh_YedWpeb[fWY_[dj[igk[
Wfh[i[djWcj[ij[Z[\kde^[f|j_YWWbj[hWZeZkhWdj[ejhWjWc[djeZ[l[ci[hced_jehWZeiYech[]kbWh_ZWZ[
gkWdjeWeZ[i[dlebl_c[djeZ[b[i[i^[f|j_YWicW_i]hWl[i$
DeZ[l[i[hkj_b_pWZeZkhWdj[W]hWl_Z[p"[WWcWc[djWeZ[l[i[h_dj[hhecf_ZWfWhW_d_Y_WhejhWjWc[dje$
EifWY_[dj[iZ[l[c[l_jWhWijWh[\Wifej[dY_Wbc[dj[f[h_]eiWi"jW_iYeceZ_h_]_hekef[hWhc|gk_dWi"fe_ie
leh_YedWpebfeZ[YWkiWhWbj[hW[ijhWdi_jh_Wi[h[l[hil[_idWl_ie"_dYbk_dZel_ie[cXWWZW"Wkc[djeek
Wbj[hWeZWf[hY[fel_ikWb[%ek\eje\eX_W$
Pebf_Z[c
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
Ij_bdenYecfh_c_Ze'&c]
Kiei
JhWjWc[djeZW_did_WeYWi_edWb"jhWdi_jh_WekYhd_YW$
P
),&r
Feiebe]_W
LEÅWZc_d_ijhWh_c[Z_WjWc[dj[Wdj[iZ[Z[_jWh$
?did_WeYWi_edWbÅjhWjWc[djeZ[(#+Z_Wi$
?did_WjhWdi_jh_WÅjhWjWc[djeZ[(#)i[cWdWi$
FWY_[dj[iZ['+#,+WdeiÅ'&c]%Z_W$
FWY_[dj[i4,+WdeiÅ+c]%Z_W"feZ[dZeWZei[i[hWkc[djWZWfWhW'&c]%Z_W[cYWiei[nY[fY_edW_i$
7`kij[Z[Zei[[cfWY_[dj[iYec_dikÓY_
dY_W^[f|j_YWÅ+c]%Z_W"feZ[dZeWZei[i[hWkc[djWZWfWhW
'&c]%Z_W[cYWiei[nY[fY_edW_i$
Fh[YWk[i
;l_jWhekieZkhWdj[W]hWl_Z[p[bWYjWe$FeZ[YWkiWhZ[f[dZ
dY_W\i_YW"_did_WZ[h[Xej[[Wcdi_W$;c
fWY_[dj[iYec_dikÓY_
dY_W^[f|j_YWi[l[hW"feZ[Z[i[dYWZ[WhkcgkWZheZ[[dY[\WbefWj_W$FeZ[[nWY[hXWhei
i_djecWiZ[c_Wij[d_W[YWkiWhZ[fh[iieh[if_hWjh_W$7ZkhWeZejhWjWc[djeZ[l[i[hWcW_iYkhjWfeiil[b"
deZ[l[dZekbjhWfWiiWh*i[cWdWi$
Pef_YbedW
7fh[i[djWeYec[hY_WbfWZhed_pWZWde>eif_jWbIWcWh_jWde
?celWd[Yecfh_c_Ze-"+c]
Kiei
JhWjWc[djeZW_did_W$
Feiebe]_W
LE
7ZkbjeiÅ-"+c])&#,&c_dkjeiWdj[iZ[i[Z[_jWh$
Fh[YWk[i
?dikÓY_
dY_Wh[if_hWjh_W]hWl[$7j[hWf_WdeZ[l[kbjhWfWiiWh(.Z_Wi$DekiWh[cYh_WdWic[deh[iZ['+Wdei$
P
r),'
),(r
H[Yedij_jk_hYec
'&cBZ[|]kW
Z[ij_bWZWekI<
Pel_hWn
\hWiYe#WcfebW
(+&c]
7Y[j_bY_ij[dW
ÜY_Zexfi_#
bed#7c_deYW#
fh_Ye
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
<bk_ckY_b
7Y[j_bY_ij[dW
ÅC[Z_YWc[dje
=[dh_YeWcfebW
)&&c]%)cB
7XY_n_cWX[
?fi_bed\hWiYe#
WcfebW']%(&
cB
@|l[c
h[Yedij_jkZe
H[efhe\hWiYe#
WcfebW'&c]%+
cB
7Y_Ybel_h
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
I<"I=+
I<"I=+"7:
?LZ_h[jWÅ
deh[Yec[dZ|l[b
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
h[Yec[dZ|l[b
?CÅde
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åi_c
?CÅde
?C
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
?d\kie_dj[hc_#
j[dj[Åcd_ce
Z['^ehW
UUUUUUUUU
?LZ_h[jWÅ'
c_dkje
?d\kieYedjdkW
Å'(^ehWi
J[cfe
h[Yec[dZWZe
Z[f[h\kie
?d\kieYedjdkW
ÅZ_bk_hWZei[
?LZ_h[jWÅb[djW#
fh[iYh_jW[c+&&
c[dj[
cBZ[I<&"/ek ?d\kie_dj[hc_#
I=+$?d\kie
j[dj[Å_d\kdZ_h
_dj[hc_j[dj[Å+&
[c'^ehW
cBZ[I<ekI=+ ?d\kieYedjdkW
fWhWYWZW]hWcW
Å']feh^ehW
ZWZhe]W
?d\kie_dj[hc_#
j[dj[Å
+&#'&&cBZ[I<
ekI=+
UUUUUUUUU
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
<|hcWYeifej[dY_Wbc[dj[l[i_YWdj[iek_hh_jWdj[i$
=k_WZ[Z_bk_e[WZc_d_ijhWeZ[_d`[j|l[_i
(&c]%cB
'&c]%cB
KJ?D[eÅ+
c]%cB
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
:_bk_he\hWiYe
'$&&&c]
fWhW+&cB
7fih[Yedi#
j_jk_eZe
\hWiYe
(+&c]"Z_#
bk_hWiebke
fWhW(+cB
UUUUUUUUU
UUUUUUUUU
Lebkc[
cd_ceZ[
Z_bk_e
_dZ_YWZe[c
YWieiZ[h[i#
jh_e^Zh_YW
f>0,"&W-",
f>0'&"+W''",
Eic0
'&c]%cB
I<Å)*(
+c]%cB
I<Å)',
'&c]%cBI=+
Å)',
+c]%cBI=+
Å(./
f>0,"(W-"(
f>0-"(
f>
EicebWh_ZWZ[
cEic%B
r),)
B_iWZeh(cB
WcfebW
7Z_\[d_dW!
:_f_hedW!
Fhec[jWp_dW
7Zh[dWcfebW
'c]%'cB
7Z[deYWhZ
WcfebW
,c]%(cB
7Z[dei_dW
7Zh[dWb_dW
@|l[c
h[Yedij_jkZe
JhWdiWc_d
WcfebW
(+&c]%+cB
ÜY_Ze
JhWd[n~c_Ye
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
I<"I=+
?CÅi_c
?LZ_h[jWÅde
?d\kieYedjdkW
Åde
?d\kie_dj[hc_#
j[dj[Åde
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
I9Åi_c
UUUUUUUUU
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅde
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
UUUUUUUUU
?LZ_h[jWÅ
b[djWc[dj[
?d\kie
_dj[hc_j[dj[Å
b[djWc[dj[
?LZ_h[jWÅ'&cB
Z[I<ek|]kW
Z[ij_bWZW$
?d\kie_dj[hc_#
j[dj[Å'&&cBZ[
I<ekI=+
?d\kieYedjdkW
Å(+&cBZ[I<ek
I=+
?LZ_h[jWÅ
'#(c_dkjei
?LZ_h[jWÅ
'cB%c_d
?d\kie_dj[hc_#
j[dj[Å
)&#,&c_d
?CÅfhe\kdZW
J[cfe
h[Yec[dZWZe
Z[f[h\kie
UUUUUUUUU
UUUUUUUUU
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[I<
ekI=+
Lebkc[
fWhWZ_bk_e
UUUUUUU
UUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[
cd_ceZ[
Z_bk_e
_dZ_YWZe[c
YWieiZ[h[i#
jh_e^Zh_YW
f>0("+W+"&
Eic0)*.
UUUUUUUU
f>0,"&W-"&
f>0,"+W."&
f>
EicebWh_ZWZ[
cEic%B
),*r
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
H[Yedij_jk_hYec
+&cBZ[|]kW
Z[ij_bWZW
7fh[i[djWe
Yec[hY_Wb
7bXkc_dW>k#
cWdW=h_\ebi
(&\hWiYe
'&cB
7bXkc_dW
>kcWdW=h_\ebi
(&\hWiYe
+&cB
8[h_Xkc_d%
7bXkh[n%
8bWkX_cWn%
EYjWbXkc_d%
FbWiXkc_d(&
\hWiYe+&cB
HWf_\[dWcfebW
("+c]%+cB
Ikf[hWdWc#
febW
+&c]%(cB
8[Z\ehZWbfheij
\hWiYe#WcfebW
+&&cY]%'cB
7Yj_boi[
\hWiYe#WcfebW
+&c]
Fh_dYf_e
Wj_le
7bXkc_dW
>kcWdW
7b\[djWd_bW
7b_pWfh_ZW
7bfheijWZ_b
7bj[fbWi[
I<"I=+
I<
?LÅ
deh[Yec[dZ|l[b
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
UUUUUUUUU
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
?LZ_h[jWÅi_c
?CÅi_c
I<"I=+
Iebk[i
YecfWjl[_i
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
L_WiZ[
WZc_d_ijhWe
?LZ_h[jWÅ
b[djWc[dj[
UUUUUUUUU
?LZ_h[jWÅ
'cBfehc_dkje
J[cfe
h[Yec[dZWZe
Z[f[h\kie
?d\kie_dj[hc_#
j[dj[Å
+&#'&&cBZ[I<
Z_bk_ec|n_cW
h[Yec[dZWZW
'0+
?LZ_h[jWÅ
'#(c_dkjei
?d\kieYedjdkW
?d\kieYedjdkW
Å(+#(+&cBZ[I<
Å'cY]%a]%c_d
ekI=+
UUUUUUUUU
UUUUUUUUU
EXi$0[ij|l[bfeh
*^ehWiWfiW
Z_bk_e
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
&"&.c]%cB
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
:_bk_hWcfebW
("+c]fWhW
)&cB
UUUUUUUUU
Lebkc[
cd_ceZ[
Z_bk_e
_dZ_YWZe[c
YWieiZ[h[i#
jh_e^Zh_YW
f>0-")
Eic0('+
I[cZWZei
f>0)"&W+"&
f>0*"&W,"&
f>0,"*W-"*
f>
EicebWh_ZWZ[
cEic%B
r),+
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
DelWc_d%
7c_YWY_dW
C[Z_YWc[dje
=[dh_YeWc#
febW'&&c]%(
cBDelWc_d%
7c_YWY_dW
C[Z_YWc[dje
=[dh_YeWcfebW
+&&c]%(cB
F_[be]hW\-,
)-&c]Z[_eZe%
cB\hWiYe#Wcfe#
bW(&cB
>oÓb_dWWcfebW
(*&c]%'&cB
7jbWdi_b%
7dYehedWcfe#
bW'+&c]%)cB
Fh_dYf_e
Wj_le
7c_YWY_dW
7c_Zejh_peW#
jeZ[IZ_e[
7c_Zejh_peW#
jeZ[C[]bk#
c_dW
7c_deÓb_dW
7c_eZWhedW
I<"I=+
I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
UUUUUUUUU
I<"I=+"
H_d][h
bWYjWje
Iebk[i
YecfWjl[_i
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
?LZ_h[jWÅi_c
?LZ_h[jWÅ
deh[Yec[dZ|l[b
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
L_WiZ[
WZc_d_ijhWe
?d\kie_dj[hc_#
j[dj[Å
)&c_dkjei
?LZ_h[jWÅ
c|n_ceZ[
(+c]%c_d
?LZ_h[jWÅ
)c_dkjei
?d\kie_dj[hc_#
j[dj[Å
(&c_dkjei
?LZ_h[jWÅ'&cB
Z[I=+
?d\kie_dj[hc_#
j[dj[Å
+&cBZ[I=+
?d\kieYedjdkW
Å+&&cBZ[
I=+
7Zc_d_ijhWe
[cXebkiWj)
c_dkjei$EXi$0
[cfWY_[dj[i
_ZeieiekYec
Z[iYecf[diWe
YWhZWYWYed^[Y_#
ZWekieXikif[_#
jW"WYedi[b^W#i[
gk[Wl[beY_ZWZ[
Z[f[h\kiei[`W
cW_ib[djW
?d\kie_dj[hc_#
j[dj[Å
)&#,&c_dkjei
J[cfe
h[Yec[dZWZe
Z[f[h\kie
?d\kie_dj[hc_#
j[dj[Å
+&cBZ[I<ek
I=+
?d\kieYedjdkW
Å+&&cBZ[I<ek
I=+
UUUUUUUUU
?d\kie_dj[hc_#
j[dj[Å
+&#'&&cBZ[I<
ekI=+
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
(&c]%cB
UUUUUUUUU
'&c]%cB
KJ?D[eÅ
+c]%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
:_bk_hWcfebW
(*&c]fWhW
'(cB
7iebke`|
l[cfhedjW
7fiWh[#
Yedij_jk_#
e"Z_bk_h
WWcfebW0
WcfebW'&&
c]ÅZ_bk_h
fWhW'&cB
7cfebW+&&
c]ÅZ_bk_h
fWhW+&cB
Lebkc[
cd_ceZ[
Z_bk_e
_dZ_YWZe[c
YWieiZ[h[i#
jh_e^Zh_YW
f>0*"&.
Eic0'++
f>0.",W/"&
I[cZWZei
f>0)"+W+"+
f>
EicebWh_ZWZ[
cEic%B
),,r
7fh[i[djWe
Yec[hY_Wb
Lebkc[fWhW
h[Yedij_jk_e
H[Yedij_jk_h
Yec)cBZ[
|]kWZ[ij_bWZW
H[Yedij_jk_hYec
)"(cBZ[
|]kWZ[ij_bWZW
H[Yedij_jk_hYec
'&cBZ[
|]kWZ[ij_bWZW
Kd_7cf_Y_b_d
\hWiYe#WcfebW
+&&c]
7cfbWY_b_dW
\hWiYe#WcfebW
']
KdWpodÅC[Z_#
YWc[dje=[dh_#
Ye\hWiYe#WcfebW
Wcf_Y_b_dW
'"&]!ikbXWYjWc
&"+]
7cf_Y_b_dW
7cf_Y_b_dW
IZ_YW!
IkbXWYjWc
7d\eh_Y_d8%
<kd]_8%
7d\ej[h_Y_dW8
<kd]_ped\hWi#
Ye#WcfebW+&c]
9bWlkb_d
\hWiYe#WcfebW
Wcen_Y_b_dW
<hWiYe']Åh[Yedi#
+&&c]!YbWlkbW#
j_jk_hYec(&cB
dWjeZ[fej|ii_e
7cen_Y_b_dW!
Z[|]kWZ[ij_bWZW
'&&c]9bWlkb_d
9bWlkbWdWje
<hWiYe+&&c]
ÅC[Z_YWc[dje
Z[Fej|ii_e
Åh[Yedij_jk_hYec
=[dh_Ye\hWiYe#
'&cBZ[|]kW
WcfebWWcen_#
Z[ij_bWZW
Y_b_dW'$&&&c]!
YbWlkbWdWjeZ[
fej|ii_e(&&c]
Fh_dYf_e
Wj_le
I<
Iebk[i
YecfWjl[_i
I<"I=+
I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?CÅi_c
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
I<"I=+"7:
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?CÅde
L_WiZ[
WZc_d_ijhWe
?d\kie
_dj[hc_j[dj[Å
+&&cBZ[I=+
?d\kie
_dj[hc_j[dj[Å
+&cBZ[I<ek
I=+
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[I<
ekI=+
<hWiYe']Å
Z_bk_hfWhW
'&&cB
<hWiYe+&&c]
ÅZ_bk_hfWhW
+&cB
Lebkc[
fWhWZ_bk_e
?d\kie
_dj[hc_j[dj[Å
,#'&^ehWi
&"'c]%cB
*+c]%cB
)&c]%cB
?LZ_h[jWÅ)#+
c_dkjeifWhWWi
Wfh[i[djW[iZ[
+&&c]1['&#'+
c_dkjeifWhW
Wfh[i[djW[i
Z[']
?d\kie
_dj[hc_j[dj[Å
)&#,&c_dkjei
?LZ_h[jWÅ
)c_dkjei
?d\kie
_dj[hc_j[dj[Å
'+#)&c_dkjei
?CÅfhe\kdZW
+&c]%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
?LZ_h[jWÅ
)#*c_dkjei
?d\kie
_dj[hc_j[dj[Å
)&#*&c_dkjei
J[cfe
h[Yec[dZWZe
Z[f[h\kie
7fih[Yedi#
j_jk_e"Z_bk_h
e\hWiYe
+&c]fWhW
+&&cB
7fiW
h[Yedij_jk_#
e"Z_bk_he
\hWiYe'"+]
fWhW
)*cB
7fiWh[#
Yedij_jk_e"
Z_bk_he\hWiYe0
\hWiYe']
ÅZ_bk_hfWhW
)+cB
<hWiYe
+&&c]Å
Z_bk_hfWhW
'-cB
FeZ[i[h
WZc_d_ijhWZe
WfiW
h[Yedij_jk_e
i[cZ_bk_e
feij[h_eh
Lebkc[
cd_ceZ[
Z_bk_e
_dZ_YWZe[c
YWieiZ[h[i#
jh_e^Zh_YW
f>0+"Eic0I=+Å(+,
f>0."&W'&
f>0."&W'&
f>0
7:Å."&W'&
f>
EicebWh_ZWZ[
cEic%B
r),-
?LZ_h[jWÅi_c
?d\kie_dj[h#
H[Yedij_jk_hYec)
c_j[dj[Åi_c
cBW'&cBZ[|]kW
?d\kieYedjdkWÅ
Z[ij_bWZW
deh[Yec[dZ|l[b
?CÅi_c
7pWYjWc%
7pjh[edWc
ÅC[Z_YWc[dje
=[dh_Ye\hWiYe#
WcfebW+&&c]
7pWYjWc
\hWiYe#WcfebW
']
7pjh[edWc
I<"I=+
I<"I=+
7p_jhec_Y_dW
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?CÅde
H[Yedij_jk_hYec
*".cBZ[|]kW
Z[ij_bWZW
P_jhecWn
\hWiYe#WcfebW
+&&c]
I<"I=+
@|l[c
h[Yedij_jkZe
7jhef_ed
WcfebW
&"(+c]%'cB
7jhef_dW
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Ådeh[Ye#
c[dZ|l[b
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
I9Åi_c
7fhej_d_dW
I<&"+"
I=+
@|l[c
h[Yedij_jkZe
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
JhWiobeb
\hWiYe#WcfebW
+&&$&&&K?%+&
cB
7d\ej[h_Y_dW
8B_feiiecWb
I=+
H[Yedij_jk_hYec
'(cBZ[|]kW
Z[ij_bWZW
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
7cX_iec[
\hWiYe#WcfebW
+&c]
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
?LZ_h[jWÅ
,#'&cBZ[|]kW
Z[ij_bWZW$
?d\kie_dj[hc_#
j[dj[Å
+&#'&&cBZ[I<
ekI=+
(+&cB
UUUUUUUU
UUUUUUUUU
?d\kie_dj[hc_#
j[dj[Å
+&&cBZ[I=+
Lebkc[
fWhWZ_bk_e
?LZ_h[jWÅ
)#+c_dkjei
?d\kie
_dj[hc_j[dj[Å
(&#,&c_dkjei
F[bec[dei
'^ehW
7Zc_d_ijhWh
hWf_ZWc[dj[
?LZ_h[jWÅb[djW
?d\kie
_dj[hc_j[dj[Å
'+#(&c_dkjei
?d\kie
_dj[hc_j[dj[Å
'#(^ehWi
J[cfe
h[Yec[dZWZe
Z[f[h\kie
,,c]%cB
KJ?D[eÅ
+&c]%cB
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
(c]%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
7fih[Yedi#
j_jk_e"Z_#
bk_he\hWiYe0
<hWiYe
']ÅZ_bk_h
fWhW',cB
<hWiYe
+&&c]Å
Z_bk_hfWhW
.cB
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
7fih[Yedi#
j_jk_e"Z_bk_h
e\hWiYe
+&c]fWhW
(+cB
Lebkc[
cd_ceZ[
Z_bk_e
_dZ_YWZe[c
YWieiZ[h[i#
jh_e^Zh_YW
f>0*"+W-"+
f>0,"(W,".
f>0)"&W,"+
f>0*"+W,"+
Eic0(-*W)'(
f>0+"&W,"&
f>
EicebWh_ZWZ[
cEic%B
),.r
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
9[b[ijed[Iebki#
fWdX[jWc[jW#
iedWWY[jWje
)c]!X[jWc[#
jWiedW\ei\Wje
Z_iiZ_Ye
)c]%'cB
:_fheifWd
WcfebWX[jW#
c[jWiedWZ_fhe#
f_edWje+c]!
X[jWc[jWiedW
\ei\WjeZ_iiZ_Ye
(c]%'cB
IkhlWdjW
\hWiYe#WcfebW
'&&c]%*cB
9_d[jebWcfebW
+c]%'cB
8[jWc[jWie#
dW7Y[jWje!
8[jWc[jWie#
dW<ei\Wje
:_iiZ_Ye
8[jWc[jW#
iedW:_fhe#
f_edWje!
8[jWc[jW#
iedW<ei\Wje
:_iiZ_Ye
8[hWYjWdje
8_f[h_Z[de
@|l[c
h[Yedij_jkZe
Lebkc[fWhW
h[Yedij_jk_e
7pkbFWj[dj[
("+WcfebW
(cB
7pkbZ[C[j_b[de
(WcfebW+cB
7fh[i[djWe
Yec[hY_Wb
7pkbFWj[dj[
iWbiZ_Ye
7pkbZ[
C[j_b[de
Fh_dYf_e
Wj_le
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Ådeh[Ye#
c[dZ|l[b?d\k#
ieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
Iec[dj[fWhW
WZc_d_ijhWe
[dZejhWgk[Wb
?C
?C
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
I<
?LZ_h[jWÅde
h[Yec[dZ|l[b
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅde
I9
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
?d\kie_dj[hc_#
j[dj[Å
+&#'&&cBZ[I<
Lebkc[
fWhWZ_bk_e
?LZ_h[jWÅ
+c_dkjei
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
?d\kie_dj[hc_#
j[dj[ÅWZc_d_i#
jhWhb[djWc[dj[
[cWb]kdi
c_dkjei
J[cfe
h[Yec[dZWZe
Z[f[h\kie
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[
cd_ceZ[
Z_bk_e
_dZ_YWZe[c
YWieiZ[h[i#
jh_e^Zh_YW
f>0*".W+".
Eic0)))",,
f>0,"(W-",
I[cZWZei
f>0Wfhen_cWZW#
c[dj[."+
I[cZWZei
I[cZWZei
f>
EicebWh_ZWZ[
cEic%B
r),/
I<
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
H[Yedij_jk_h[c
'&"+cBZ[I<$7fi
h[Yedij_jk_e"
WYedY[djhWe
ÓdWbi[h|0\hWiYe
-&c]Å-c]%cB
<hWiYe+&c]Å
+c]%cB
9WdY_ZWi
\hWiYe#WcfebW
+&c]
9WdY_ZWi
\hWiYe#WcfebW
-&c]
9Wife\kd]_#
dW
I<[I=+
@|l[c
h[Yedij_jkZe
9|bY_e
=bkYedWje
UUUUUUUUU
>ofeY|bY_e'&
&"*+c;gZ[
9W(!WcfebWYec
'&cB
'cB3."/c]Z[
9W(!
9|bY_e9beh[je
?LZ_h[jWÅi_c
?CÅi_c
?LZ_h[jWÅi_c
b[djWc[dj[
'&c_dkjei
?d\kie
_dj[hc_j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
@|l[c
h[Yedij_jkZe
9beh[jeZ[Y|bY_e
'&-cceb
Z[9W(!%'&cB
WcfebW'&cB
'cB3(-")c]
Z[9W(!
8hecefh_ZW
Iebk[i
YecfWjl[_i
I<[I=+
@|l[c
h[Yedij_jkZe
:_][iWd
FbWc[j
WcfebW
'&c]%(cB
L_WiZ[
WZc_d_ijhWe
?d\kie
_dj[hc_j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
?d\kie_dj[hc_#
j[dj[Å(+&cB
Z[I<
?d\kie_dj[hc_#
j[dj[ÅWfhen_#
cWZWc[dj[
'^ehW
&"*+c]%cB
=bkYedWje
Z[Y|bY_e
+&c]%cB
']Z[]bkYedWje
Z[YWbY_e'Wcf
ÅWY_cWZ[
)&c_d
?d\kie
_dj[hc_j[dj[Å
+&#'&&cB
Z[iebke
YecfWjl[b$
?d\kieYedjdkW
Å+&&#'$&&&
cBZ[iebke
YecfWjl[b
UUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
9beh[jeZ[
Y|bY_e
(&c]%cB
UUUUUUUUU
J[cfe
h[Yec[dZWZe
Z[f[h\kie
?d\kie
_dj[hc_j[dj[Å
+&#'&&cB
Z[iebke
']Z[Ybeh[jeZ[
YecfWjl[b$ Y|bY_e'WcfÅ
?d\kieYedjdkW WY_cWZ[)&c_d
Å+&&#'$&&&
cBZ[iebke
YecfWjl[b
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
7fih[Yedi#
j_jk_e"Z_#
bk_he\hWiYe0
+&c]Å
'&&cBZ[I<
-&c]Å'+&
cBZ[I<
(&cB
+&cB
UUUUUUUUU
Lebkc[
cd_ceZ[
Z_bk_e
_dZ_YWZe[c
YWieiZ[h[i#
jh_e^Zh_YW
f>0
I<Å-"*
f>0,W."(
Eic0(-,
f>0+"+W-"+
Eic0'-,+
f>0*"&W-"&
f>
EicebWh_ZWZ[
cEic%B
)-&r
I<"I=+
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
?CÅ
A[\Wpeb%
h[Yedij_jk_hYec
9[\Wpeb_dW
*cBZ[|]kW
ÅC[Z_YWc[dje
Z[ij_bWZW
=[dh_Ye\hWi#
?LÅ
Ye#WcfebW'] '][c'&cbZ[
|]kWZ[ij_bWZW
<hWiYe+&&c]
?CÅh[Yedij_#
jk_hYec'"+cB
Z[|]kWZ[ij_#
bWZWlebkc[
ÓdWb("(cB
CWnY[\
?LÅh[Yedij_jk_h
\hWiYe#WcfebW Yec+cBlebk#
?LZ_h[jWÅi_c
+&&c]
c[ÓdWb+"-cB
?d\kie_dj[hc_#
CWnY[\
<hWiYe']
j[dj[Åi_c
9[\[f_cW
?CÅh[Yedij_# ?d\kieYedjdkWÅ
ÅC[Z_YWc[dje jk_hYec)cBZ[ deh[Yec[dZ|l[b
=[dh_Ye\hWi#
|]kWZ[ij_bWZW
?CÅi_c
Ye#WcfebW']
lebkc[ÓdWb
*"*cB
?LÅh[Yedij_jk_h
Yec'&cBZ[
|]kWZ[ij_bWZW
lebkc[ÓdWb
''"*cB
9[\Wpeb_dW
9[\[f_cW
I<"I=+"
H_d][hbWY#
jWje"H_d][h
9[\Wbej_dW
Iebk[i
YecfWjl[_i
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
L_WiZ[
WZc_d_ijhWe
?CÅh[Yedij_#
jk_hYec*cB
A[Ô_d%
Z[|]kWZ[ij_#
9[\Wbej_dW
bWZW
ÅC[Z_YWc[dje
?LÅh[Yedij_#
=[dh_Ye\hWi#
jk_hYec'&cB
Ye#WcfebW']
Z[|]kWZ[ij_#
bWZW
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
?LZ_h[jWÅ+cB
Z[I<
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[I<
ekI=+
?LZ_h[jWÅ'&cBZ[
|]kWZ[ij_bWZW
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[I<
ekI=+
?LZ_h[jWÅ'&cBI<
ekI=+
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[I<
ekI=+
Lebkc[
fWhWZ_bk_e
?LZ_h[jWÅ
)#+c_dkjei
?d\kie
_dj[hc_j[dj[Å
)&c_dkjei
?CÅfhe\kdZW
?LZ_h[jWÅ
)#+c_dkjei
?d\kie
_dj[hc_j[dj[Å
'&#,&c_dkjei
?LZ_h[jWÅ
)#+c_dkjei
?d\kie
_dj[hc_j[dj[Å
)&#,&c_dkjei
J[cfe
h[Yec[dZWZeZ[
f[h\kie
*&c]%cB
').c]%cB
KJ?D[eÅ
(&c]%cB
'&&c]%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
f>0,W."+
Eic0
(&c]%cB
I=+Å))'
'&c]%cB
I=+Å(/,
(&c]%cB
I<Å)+-
'&c]%cB
I<Å)((
f>
EicebWh_ZWZ[
cEic%B
7fih[Yedi#
j_jk_eZe
\hWiYe"
+&&c]
Z_bk_hfWhW
'("+cB
f>0*"&W,"&
f>0*"+W,"&
Eic0
7fih[Yedi#
(&c]%cB
j_jk_e"Z_bk_h
I=+Å)('
e\hWiYe']
'&c]%cB
fWhW
I=+Å(/'
-"+cB
(&c]%cBI<Å)**
'&c]%cBI<Å)'-
').c]%cB7:Å*&*
7fih[Yedi#
j_jk_e"Z_bk_h
e\hWiYe']
fWhW
'&cB
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
r)-'
I<"I=+
I<"I=+
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
?CÅh[Yedij_#
jk_hYec(cB
ZeZ_bk[dj[
fhfh_e
?LÅh[Yedij_#
jk_h[c'&cB
ZeZ_bk[dj[
fhfh_e
9bW\ehWd
\hWiYe#WcfebW
']
?LÅh[Yedij_#
jk_hYec'&cB
A[\en?C%
?LZ_h[jWÅi_c
Z[|]kWZ[ij_#
?L%9[\en_j_dW
?d\kie_dj[hc_#
bWZW
ÅC[Z_YWc[dje
j[dj[Åi_c
?CÅh[Yedij_#
=[dh_Ye?L
?d\kieYedjdkWÅ
jk_hYec(cB
\hWiYe#
deh[Yec[dZ|l[b
Z[|]kWZ[ij_bW#
WcfebW']
?CÅi_c
ZWekb_ZeYWdW
'
?LÅh[Yedij_#
jk_hYec'&cB
?LZ_h[jWÅi_c
<ehjWp%
Z[|]kW
?d\kie_dj[hc_#
9[\jWp_Z_cW
Z[ij_bWZW
j[dj[Åi_c
ÅC[Z_YWc[dje ?CÅh[Yedij_#
?d\kieYedjdkWÅ
=[dh_Ye\hWi#
jk_hYec)cB
deh[Yec[dZ|l[b
Ye#WcfebW'] Z[|]kWZ[ij_bW#
?CÅi_c
ZWekb_ZeYW_dW
&"+#'"&
9[\ejWn_cW
9[\en_j_dW
9[\jWp_Z_cW
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
?LZ_h[jWÅ'&cBZ[
|]kWZ[ij_bWZW
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[I<ek
I=+
?LZ_h[jWÅ
'&cBZ[|]kW
Z[ij_bWZW
?d\kie_dj[hc_#
j[dj[Å
+&#'&&cBZ[I<"I=
+"7:
?LZ_h[jWÅ*cBZ[
|]kWZ[ij_bWZW
?d\kie_dj[hc_#
j[dj[Å
+&#'&&cBZ[I<"I=
+ek7:
Lebkc[
fWhWZ_bk_e
?LZ_h[jWÅ
)#+c_dkjei
?d\kie
_dj[hc_j[dj[Å
)&#,&c_dkjei
?LZ_h[jWÅ
)#+c_dkjei
?d\kie
_dj[hc_j[dj[Å
(&#)&c_dkjei
?LZ_h[jWÅ
)#+c_dkjei
?d\kie
_dj[hc_j[dj[Å
+&#,&c_dkjei
?CÅfhe\kdZW
J[cfe
h[Yec[dZWZeZ[
f[h\kie
*&c]%cB
*&c]%cB
KJ?D[eÅ
(&c]%cB
'+&c]%cB
KJ?D[eÅ
'&&c]%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
7fih[Yedi#
j_jk_e
Ze\hWiYe"
']Z_bk_h
fWhW(+cB
7fih[Yedi#
j_jk_e
Ze\hWiYe"
']Z_bk_h
fWhW(+cB
7fih[Yedi#
j_jk_eZe
\hWiYe"
']Z_bk_h
fWhW-cB
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0+"&W."&
Eic0
-&c]%cB
I=+Å+&)
,)c]%cBI<Å*.,
'(,c]%cB
7:Å)&(
f>0*"(W-"&
Eic0
+,c]%cBI<Å+&.
,(c]%cB
I=+Å+)'
''(%cB7:Å*)-
f>0+"&W-"+
Eic0
(&c]%cB
I=+Å)+&
'&c]%cB
I=+Å)'/
(&c]%cB
I<Å)-+
'&c]%cBI<Å)**
f>
EicebWh_ZWZ[
cEic%B
)-(r
I<"I=+
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Ådeh[Yec[d#
Z|l[b
?CÅi_c
?LZ_h[jWÅi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
?LÅh[Yedij_#
jk_hYec,cB
Z[|]kW
Z[ij_bWZW
?CÅh[Yedij_#
jk_hYec)cB
Z[|]kW
Z[ij_bWZW
@|l[c
h[Yedij_jkZe
A[jWc_dI
WcfebW'&&
c]%(cB
9[\khen_cW
9[jWc_dW
I<"I=+"
7:
Iebk[i
YecfWjl[_i
P_dWY[\%
9[\khen_cWÅ
C[Z_YWc[dje
=[dh_Ye
\hWiYe#WcfebW
-+&c]
L_WiZ[
WZc_d_ijhWe
9[\jh_WnedW
Lebkc[fWhW
h[Yedij_jk_e
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
7fh[i[djWe
Yec[hY_Wb
HeY[Ód?L
\hWiYe#WcfebW
+&&c]
<hWiYe']Åh[#
HeY[Ód%
Yedij_jk_hYec
9[\jh_WnedW
'&cBZ[|]kW
ÅC[Z_YWc[dje
Z[ij_bWZW
=[dh_Ye?L
<hWiYe+&&c]
\hWiYe#WcfebW
Åh[Yedij_jk_h
']
Yec+cBZ[
9[\jh_WnedW
|]kWZ[ij_bWZW
IZ_YWÅ
7fh[i[djWe
C[Z_YWc[dje ?CÅ)"+cBZ[
=[dh_Ye
b_ZeYWdWW'
?C\hWiYe#Wc#
febW']
Fh_dYf_e
Wj_le
?d\kieYedjdkW
Å(+&#+&&cBZ[I<
ekI=+
?LZ_h[jWÅ,cBZ[
|]kWZ[ij_bWZW
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[I<ek
I=+
?LZ_h[jWÅ'&cBZ[
|]kWZ[ij_bWZW
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[I<"I=
+ek7:
Lebkc[
fWhWZ_bk_e
')-c]%cB
KJ?D[eÅ
)&c]%cB
(c]%cB
?LZ_h[jWÅ
'c_dkje
?d\kieYedjdkW
Å+#(&cY]%a]%
c_d
*&c]%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
?LZ_h[jWÅ
)#+c_dkjei
?d\kie
_dj[hc_j[dj[Å
)&#,&c_dkjei
?LZ_h[jWÅ
(#*c_dkjei
?d\kie
_dj[hc_j[dj[Å
)&#,&c_dkjei
J[cfe
h[Yec[dZWZeZ[
f[h\kie
f>
EicebWh_ZWZ[
cEic%B
:_bk_he\hWiYe
'&&c]fWhW
+&cB
7fih[Yedi#
j_jk_eZe
\hWiYe"
-+&c]
Z_bk_hfWhW
+"+cB
f>0)"+W+"+
Eic0)--"))
f>0,"&W."+
Eic0
-,c]%cB
I=+Å+,.
,.c]%cB
I<Å+*'
')-c]%cB
7:Å*./
7fih[Yedi#
j_jk_e"Z_bk_h
f>0,",W,"e\hWiYe0<hWi#
Eic0
Ye']ÅZ_bk_h
+&c]%cB
fWhW(+cB
I=+Å)+'
<hWiYe+&&
+&c]%cBI<Å),*
c]ÅZ_bk_h
fWhW'("+cB
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
r)-)
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
9_fhe%
FheY_d%
9_fheÔenWY_de
ÅC[Z_YWc[dje
=[dh_Ye\hWiYe
(&&c]%'&&cB
9_fhe%Fhe#
Y_d%9_fheÔe#
nWY_deÅC[Z_#
YWc[dje=[d#
h_Ye\hWiYe
*&&c]%(&&cB
D_cX_kc
WcfebW'&
c]%+cB
9_Ybeifeh_dW
9_fheÔenWY_de
9_iWjhWYh_e
I<"I=+
@|l[c
h[Yedij_jkZe
IWdZ_cckd
9[jefhe\[de
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
I<[I=+
?d\kie_dj[hc_#
j[dj[Åi_c
?LZ_h[jWÅde
?CÅde
I9Åde
Fhe\[d_Z?L
Åh[Yedij_jk_h
Yec
+cBZ[I<ek
I=+
Fhe\[d_Z?C
`|l[c
h[Yedij_jkZe
Fhe\[d_Z?L
\hWiYe#WcfebW
'&&c]
Fhe\[d_Z?C
WcfebW
'&&c]%(cB
I<"I=+
Fhe\[d_Z?L
ÅI<"I=+
Fhe\[d_Z
?CÅde
d[Y[ii|h_e
Z_bk_h
Fhe\[d_Z?L
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?LZ_h[jWÅde
?CÅde
Fhe\[d_Z?C
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?LZ_h[jWÅde
?CÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅde
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
UUUUUUUUU
(&#'&&cB
Fhe\[d_Z?LÅ
'&&c][c
'&&cBZ[I<
ekI=+
Lebkc[
fWhWZ_bk_e
?LZ_h[jWÅ+#'&
i[]kdZei
?d\kieYedjdkW
Å(c]%cB
?d\kie_dj[hc_#
j[dj[Å
,&c_dkjei
(#,^ehWi
Fhe\[d_Z?L
Åb[djW"Wfhen_#
cWZWc[dj[(&
c_dkjei
Fhe\[d_Z?C
Åb[djWc[dj[
J[cfe
h[Yec[dZWZeZ[
f[h\kie
&"*c]%cB
KiWhi[cZ_bk_h
("+c]%cB
UUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
:_bk_hW
WcfebW
'&c]%+cB
fWhW(+cB
UUUUUUUUU
(&cB
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0)")W)".
f>0)"/#*"+
Eic0
I<Å(.+")W)'-"+
UUUUUU
f>0+"+W-"+
f>
EicebWh_ZWZ[
cEic%B
)-*r
7:
H[Yedij_jk_h
Yec
,&cBZ[7:
:Wdjheb[d
\hWiYe#WcfebW
(&c]
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
:Wdjheb[de
I<"I=+
@|l[c
h[Yedij_jkZe
>oZ[h]_d[
WcfebW&")
c]%'cB
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅi_c%I9Åi_c
9eZ[h]eYh_dW
I<
9behWd\[d_Yeb
9behfhecWp_dW
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
L_nc_Y_dW%
?L
9behWd\[d_Yeb
H[Yedij_jk_h
ÅC[Z_YWc[dje
Yec'&cBZ[
=[dh_Ye\hWi#
|]kWZ[ij_bWZW
Ye#WcfebW']
@|l[c
h[Yedij_jkZe
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
@|l[c
h[Yedij_jkZe
9b_dZWc_Y_dW
7cfb_Yj_b
WcfebW(+
c]%+cB
I<"I=+"
7:
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
:WbWY_d#9%
9b_dZWc_Y_dW
ÅC[Z_YWc[dje
=[dh_Ye
WcfebW)&&
c]%(cB
I<"I=+
9bWh_jhec_Y_dW
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
H[Yedij_jk_h
Yec
'&cBZ[|]kW
Z[ij_bWZW
Iebk[i
YecfWjl[_i
AbWh_Y_Z%
9bWh_jhec_Y_dW
ÅC[Z_YWc[dje
=[dh_Ye\hWi#
Ye#WcfebW
+&&c]
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
?LZ_h[jWÅ(&cBZ[
I<ekI=+
?d\kie
_dj[hc_j[dj[Å
+&cBZ[I<
?d\kieYedjdkW
Å+&&cBZ[I<
?LZ_h[jWÅ+cBZ[
|]kWZ[ij_bWZW
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[
I<ekI=+
?d\kie_dj[hc_j[d#
j[Å'&&#(+&cB
Z[I<"I=+ek7:
?d\kie_dj[hc_j[d#
j[Å(+&cBZ[I<
ekI=+
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
?LZ_h[jWÅ
b[djWc[dj[
?d\kie
_dj[hc_j[dj[Å
)&c_dkjei
?CÅfhe\kdZW
?LZ_h[jWÅ
)#+c_dkjei
?d\kie
_dj[hc_j[dj[Å
)&#,&c_dkjei
?d\kie
_dj[hc_j[dj[Å
(&c_dkjei
KJ?D[eÅ
)&c_dkjei
?CÅfhe\kdZe
?d\kie
_dj[hc_j[dj[Å
,&c_dkjei
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
UUUUUUUUU
'c]%cB
(&c]%cB
'.c]%cB
KJ?D[eÅ
,c]%cB
(c]%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
:_bk_hW
WcfebW
(+c]fWhW
(+cB
7fih[Yedi#
j_jk_eZe
\hWiYe"
']Z_bk_h
fWhW+&cB
:_bk_hW
WcfebW
)&&c]fWhW
'-cB
7fih[Yedi#
j_jk_eZe
\hWiYe"+&&
c]Z_bk_h
fWhW(+&cB
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0/"&W'&"&
Eic0(.-",,
f>0
7:Å*"(W+"(
f>0)"+W+"+
Eic0
(+c]%cBÅ(,(
f>0,"*W-"&
Eic0
(&c]%cB
I=+Å)*'
'&c]%cB
I=+Å)&)
(&cB%cBI<Å),.
'&c]%cBI<Å))&
f>0,W,")
Eic0
'(c]%cB
I<Å)&/
'(c]%cB
I=+Å(/)
f>0*".W,"&
f>
EicebWh_ZWZ[
cEic%B
r)-+
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
:[i\[hWb
\hWiYe#WcfebW
+&&c]
::7LF
WcfebW
*cY]%cB
:[YWZhed
WcfebW
(c]%'cB
:[YWZhed
\hWiYe#WcfebW
'&c]%("+cB
:[nW#9_jed[k#
h_dWcfebW?
l_j$8'
'&&c]!
l_j$8,
'&&c]!l_j$
8'(+$&&&cY]%
(cB!WcfebW
??Z[nWc[jW#
iedW
*c]%'cB
:[\[henWc_dW
:[icfh[ii_dW
:[nWc[jWiedW
:[nWc[jWiedW!
L_j$8'!L_j$8,!
L_j$8'(
?C
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
I9Åi_c
?LZ_h[jWÅi_c
?CÅi_c
?d\kieYedjdkW
Åde
?LÅh[Yedij_jk_h
?LZ_h[jWÅde
Yec+cBZ[
?d\kie_dj[hc_#
|]kWZ[ij_bWZW
j[dj[Åi_c
?CÅh[Yedij_#
?d\kieYedjdkW
jk_hYec(cB
Åi_c
Z[|]kW
?CÅi_c%I9Åi_c
Z[ij_bWZW
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
I<"I=+
I<
I<"I=+
Iebk[i
YecfWjl[_i
7fb_YWhb[djW[
fhe\kdZWc[dj[
?LZ_h[jWÅ
'c_dkje
?d\kie_dj[hc_#
j[dj[Åcd_ce
'&c_dkjei
?CÅb[djWc[dj[
?d\kie
_dj[hc_j[dj[Å
+&cBZ[I<
ekI=+
?d\kieYedjdkW
Å'WcfebW[c+&&
cBZ[I<ekI=+
UUUUUUUUU
?d\kie
_dj[hc_j[dj[Å
'+#)&c_dkjei
?LZ_h[jWÅ
'c_dkje
?d\kie
_dj[hc_j[dj[Å
'+c]%a]%^
J[cfe
h[Yec[dZWZeZ[
f[h\kie
?d\kie_dj[hc_j[d#
j[ÅWZkbjei[Yh_Wd#
Wi4'&a]Z_bk_h
[c+&cB
7Zkbjei[Yh_WdWi
2'&a]Z_bk_h[c
'&cB
?d\kie_dj[hc_j[d#
j[Å'&&#(+&cBZ[
I<ekI=+
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
&"(c]%cB
UUUUUUUUUU
(+&c]%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
I[cZWZei
f>0-"&W."+
Eic0(++
:_bk_he\hWi#
Ye0<hWiYe(
c]%cBÅ
Z_bk_hfWhW
'&cB
<hWiYe*c]%
cBÅZ_bk_h
fWhW+&cB
UUUUUUUUU
UUUUUUUUU
I[cZWZei
f>
EicebWh_ZWZ[
cEic%B
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
)-,r
8WbYeh
\hWiYe#WcfebW
(+c]
:_bj_Wp[c
@|l[c
h[Yedij_jkZe
H[Yedij_jk_h
Yec
+cBZ[|]kW
Z[ij_bWZW
:_\[d_ZhWc_dW
:hWc_d8,
WcfebW'cB
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c?CÅde
@|l[c
h[Yedij_jkZe
:_\[d_Zh_d
WcfebW+&
c]%'cB
:_Ybe\[dWYe
:_c[d_ZhWje!
L_j$8,
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
@|l[c
h[Yedij_jkZe
LebjWh[d%
:_Ybe\[dWYeÅ
C[Z_YWc[dje
=[dh_Ye
WcfebW-+
c]%)cB
:_Wp[fWc
?C
?C
UUUUUUUUUU
UUUUUUUU
I<"I=+
@|l[c
h[Yedij_jkZe
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
:_Wp[fWc_b%
LWb_kc%:_W#
p[fWcÅC[Z_#
YWc[dje=[d#
h_YeWcfebW
'&c]%(cB
I<"I=+
@|l[c
h[Yedij_jkZe
Fh[Y[Z[n
WcfebW
(&&cY]%(cB
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
:[nc[Z[jec_Z_dW
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
?d\kie
_dj[hc_j[dj[Å
'+c_dkjei
UUUUUUUU
?LZ_h[jWÅ
)c_dkjei
UUUUUUUUU
J[cfe
h[Yec[dZWZeZ[
f[h\kie
Defh[Y_iW
i[hZ_bkZe
UUUUUUUUUU
?d\kie_dj[hc_#
j[dj[ÅZ_bk_hWZei[
?LZ_h[jWÅ
fh[iYh_jWZ[ceZe
(c_dkjei
gk[i[eXj[d^WW
?d\kie
YedY[djhWeZ[
_dj[hc_j[dj[Å
'c]%cB$
'&#'+c]%^
?d\kieYedjdkW
?d\kieYedjdkW
Å(+&#+&&cBZ[I<
Å'&#'+c]%^
ekI=+
?d\kie
_dj[hc_j[dj[Å
+&cBZ[I<ekI=
+
UUUUUUUU
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[I<ek
I=+
?d\kie_dj[hc_j[d#
j[ÅZ_bk_hWWcfebW
fWhW+&cB
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
'c]%cB
(+c]%cB
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
7fiWh[#
Yedij_jk_e
ZWWcfebW
(+c]"Z_#
bk_h"fWhW
(+cB
:_bk_hW
WcfebW
+&c]
fWhW(cB
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0,"&W,"+
f>0)"-W*"'
f>0+"&W,"&
Eic0(*&
f>0
7:Å-"&W."+
f>0,"(W,"/
Eic0)*/
I[cZWZei
f>
EicebWh_ZWZ[
cEic%B
r)--
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
:hWc_d8,:B
WcfebW'&cB
F[hiWdj_d
WcfebW'&
c]%(cB
DelWb]_dW
WcfebW
'$&&&c]%(cB
:eXkjh[n
WcfebW(+&
c]%(&cB
H[l_lWd%
:efWc_dW
ÅC[Z_YWc[dje
=[dh_YeWc#
febW+&c]%'&
cB
:_c[d_ZhWje!
L_j$8,!=b_Yei[!
<hkjei[
:_f_h_ZWceb
:_f_hedW
IZ_YW
:eXkjWc_dW
:efWc_dW
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
Iebk[i
YecfWjl[_i
I<"I=+
I<"I=+
I<"I=+
I<"I=+
I<"I=+"
7:
L_WiZ[
WZc_d_ijhWe
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?CÅde
?CÅde
I9Åde
?LZ_h[jWÅi_cZ_#
bkZe[c(&cB
?LZ_h[jWÅde
?L_dj[hc_j[dj[
Åi_c
?LYedjdkWÅde
?CÅi_c
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
?d\kie_dj[hc_j[d#
j[Å(&&cBÅ(+&
cBZ[I<"I=+
ek7:
?d\kie
_dj[hc_j[dj[Å
+&cBZ[I<
ekI=+
?L_dj[hc_j[dj[
Å+&cBZ[I<ek
I=+
(&#+&cB
Defh[Y_iW
i[hZ_bkZe
Lebkc[
fWhWZ_bk_e
?d\kie
_dj[hc_j[dj[Å
'#+cY]%a]%c_d"
feZ[dZei[hWk#
c[djWZWfWhW
+#'&cY]%a]%c_d
?d\kie_dj[hc_#
j[dj[ÅWl[be#
Y_ZWZ[Z[l[i[h
h[]kbWZWi[]kdZe
Wh[ifeijWYbd_YW
eXj_ZW
?d\kieYedjdkW
ÅWl[beY_ZWZ[
Z[l[i[hh[]kbWZW
i[]kdZe
Wh[ifeijWYbd_YW
eXj_ZW
?L_dj[hc_j[dj[
Å(&c_dkjei
?CÅfhe\kdZW
&"'*(c]%a]%c_d
Å*c_dkjei
&".*c]%a]Å
,#'&c_dkjei
'cBfehc_dkje"
b[djWc[dj[
J[cfe
h[Yec[dZWZeZ[
f[h\kie
)"(c]%cB
+c]%cB
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
:_bk_hW
WcfebW
+&c]fWhW
',cB
:_bk_hW
WcfebW
(+&c]fWhW
+&cB
UUUUUUUUU
(&cB
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0)")
f>0("+W+"+
Eic0),'
f>0,"&W."&
UUUUUUUUU
f>0+"+W,"&
f>
EicebWh_ZWZ[
cEic%B
)-.r
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅde
I9Åi_c
?L"?C
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
?LÅ
h[Yedij_jk_hYec
'&cBÅI<"7:
?CÅ
h[Yedij_jk_h
Yec)"(cBZ[
b_ZeYWdWi[c
WZh[dWb_dW'
ek(
9b[nWd[i[h_d#
]WYec(&c]"
*&c]"
,&c]".&c]
;fh[ni[h_d]W
(&$&&&
K?%&"+cB
?dlWdp
\hWiYe#WcfebW
']
;\[Zh_dW
;denfWh_dW
;h_jhefe[j_dW
;hjWf[d[c
I9Åi_c
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
I9Åi_c
Ikb\WjeZ[
;\[Zh_dW
WcfebW+&
c]%'cB
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
I<
UUUUUUUUU
I<"7:
I<"I=+
Iebk[i
YecfWjl[_i
*&cB
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
?LÅ)&c_dkjei
?LZ_h[jWÅ
'#+c_dkjei
UUUUUUUUU
?LZ_h[jWÅ
b[djWc[dj[
'&c]%c_d
J[cfe
h[Yec[dZWZeZ[
f[h\kie
(&c]%cB
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
_________
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
_________
f>0,",W-"(
Eic0((+W(-+
f>0+"+W-"+
f>0*"+W-
f>
EicebWh_ZWZ[
cEic%B
r)-/
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
H[Yedij_jk_h
Yec
+cBZ[I<
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
8h[l_XbeY
WcfebW($+&&
c]%'&cB
B_f_eZebK<
WcfebW'&cB
*.&c]Z[
_eZe%cB
Ijh[fjWi[%
Ijh[fjedWi[
\hWiYe#WcfebW
-+&$&&&K?
Ijh[fjWi[%
Ijh[fjea_d
\hWiYe#WcfebW
'$+&&$&&&K?
>ofdec_ZWj[
WcfebW
(&c]%'&cB
Fh_dYf_e
Wj_le
;icebeb
xij[h[i;jb_YeiZei
ÜY_Zei=hWneiZ[
FWfekbW?eZWZe
;ijh[fjegk_dWi[
;jec_ZWje
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅde
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
UUUUUUUUU
I<"I=+
UUUUUUUUU
I=+"I<
&"/
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
I9Åde
?djhWb_d\|j_YW
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
?d\kie_dj[hc_j[d#
j[Å'&&cBZ[I<
ekI=+
UUUUUUUUU
?LZ_h[jWÅde
cd_ce'c_dkje
?d\kie_dj[hc_#
j[dj[Å
'&#(&c_dkjei
?d\kie_dj[hc_#
j[dj[Å
)&#/&c_dkjei
UUUUUUUUU
:ei[Z[WjWgk[
Å+&&cY]%a]%
c_dZkhWdj['
c_dkje
?d\kie_dj[hc_j[d#
:ei[Z[cWdk#
j[Å($+&&c]fWhW
j[deÅ
(+&cBZ[kcWZWi +&cY]%a]%c_d
iebk[i
ZkhWdj[*c_dkjei
YecfWjl[_i
7l[beY_ZWZ[
Z[l[i[hh[]k#
bWZWi[]kdZeW
h[ifeijWYbd_YW
eXj_ZW
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
'&c]%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
7iebke`|
l[cfhedjW
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0*"&W-"&
f>0,".W-"+
I[cZWZei
f>0)"+W+"+
f>
EicebWh_ZWZ[
cEic%B
).&r
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
<[d_b[\h_d
WcfebW'&
c]%'cB
>_ZWdjWb
WcfebW(+&
c]%+cB
<[deYh_i
WcfebW'&&
c]%'cB
<[djWd_b%
<[djWd[ij
WcfebW(+&
cY]%+cB
<[djWd_b
[if_d^Wb
WcfebW
'&&cY]%(cB
D_bf[h_Zeb
\[djWd_bW'&&
cY]!
Zhef[h_Zeb
+cY]%(cB
Fh_dYf_e
Wj_le
<[d_b[\h_dW
<[d_jedW
<[deXWhX_jWb
<[djWd_bW
<[djWd_bW!
:hef[h_Zeb
I<
I<
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅde
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?CÅi_c
I=+
I<"I=+
I<"I=+
?LZ_h[jWÅi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
I9Åi_c
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
?d\kie
_dj[hc_j[dj[Å
'&cB[c
(+&cBZ[I=+
?d\kie_dj[hc_j[d#
j[Å'&&#+&&cBZ[
I<ekI=+
?d\kieYedjdkW
Å+&#'$&&&cBZ[I<
ekI=+
?d\kie_dj[hc_j[d#
j[ÅZ_bk_hWWcfebW
Z[(cB[c
/.cBZ[I<
?LZ_h[jWÅb[djW#
c[dj['#(cB
fehc_dkje
?d\kie_dj[hc_#
j[dj[Å
'cBWYWZW
'#(c_d
?LZ_h[jWÅ
+#'&c_dkjei
?LZ_h[jWÅ
b[djWc[dj[
?d\kie_dj[h#
c_j[dj[Å)&#,&
c]%c_d
?LZ_h[jWÅ
+c_dkjei
?d\kie_dj[hc_#
j[dj[Å
'&c_dkjei
?LZ_h[jWÅ
(&#)&i[]kdZei
?LZ_h[jWÅ/cBZ[
|]kWZ[ij_bWZW
?d\kieYedjdkW
Å+&&cBZ[I<ek
I=+
?d\kie_dj[hc_j[d#
j[ÅZ_bk_hWWcfebW
[c'&&cBZ[I<
J[cfe
h[Yec[dZWZeZ[
f[h\kie
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0)"(W)".
Eic0)&
f>0*W-"+
f>0/"(W'&"(
f>0'&W'(")
f>0)W,"+
Eic0(.*
f>
EicebWh_ZWZ[
cEic%B
r).'
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
=hWdkbea_d[
\hWiYe#WcfebW
)&&cY]
Pebj[Y%
<bkYedWpeb
ÅC[Z_YWc[dje
=[dh_YeXebiW
(&&c]%'&&cB
BWd[nWjie#
bke_d`[j|l[b
WcfebWZ[+cB
BWi_n
WcfebW(&
c]%(cB
Fh_dYf_e
Wj_le
<_b]hWij_cW
<bkYedWpeb
<bkcWp[d_b
<khei[c_ZW
Iebk[i
YecfWjl[_i
I=+
I<
I<"I=+
H_d][h
BWYjWje
I<"7:
L_WiZ[
WZc_d_ijhWe
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
I9Åi_c
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
+&cBZ[I<ek
I=+
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[
I<%I=+
?d\kieYedjdkW
Å+&&cBZ[
I<%I=+
UUUUUUUUU
?d\kie
_dj[hc_j[dj[Å
(&#+&cBZ[
I=+
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
?LZ_h[jWÅ
'#(c_dkjei
?d\kie_dj[hc_#
j[dj[Å'^ehW
?LZ_h[jWÅ
'+i[]kdZei
?d\kie_dj[hc_#
j[dj[ÅWZc_d_i#
jhWhi[]k_dZeW
h[ifeijW
ZefWY_[dj[
?d\kieYedjdkW
Å_d\kdZ_hZei[feh
Wj'(^ehWi
UUUUUUUUU
UUUUUUUUU
?d\kie
_dj[hc_j[dj[Å
'&cB%c_d
KiWhi[cZ_bk_h
KJ?D[eÅ
)&c_dkjei
?d\kie
_dj[hc_j[dj[Å
)&c_dkjei
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
UUUUUUUUU
7iebke`|
l[cfhedjW
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0.W/")
Eic0(.-
f>0*
f>0
I<Å*W.
Eic0)&&W)'+
f>0)".W*"(
f>
EicebWh_ZWZ[
cEic%B
).(r
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[ch[Yedi#
j_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
Ecd_iYWd
\hWiYe#WcfebW
($.-&c]%
'&cB
Efj_CWha
\hWiYe#WcfebW
))&"/c]%
'&cB
=WhWc_Y_dW
WcfebW
,&c]%'"+cB
=WhWc_Y_dW
WcfebW.&
c]%(cB
=oYef^ei
(&cBWcfebW
>WbZeb
WcfebW
+c]%'cB
Fh_dYf_e
Wj_le
=WZeZ_Wc_ZW
=WZel[hi[jWc_ZW
=[djWc_Y_dW
=b_Y[he\ei\Wje
Z[IZ_e
>Wbef[h_Zeb
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
UUUUUUU
?LZ_h[jWÅ
deh[Yec[dZ|l[b
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
?djhWl[deiWf[h_\#
h_YW[cXebki
?LZ_h[jWÅi_c
L_WiZ[
WZc_d_ijhWe
UUUUUUU
?d\kie_dj[hc_j[d#
j[Å'&&#(&&cBZ[
I<ekI=+
UUUUUUUUU
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
?LZ_h[jWÅ
I=+
'&#+&cBZ[
EXi$0[c
I=+
WbjWiYed#
?d\kie_dj[hc_j[d#
Y[djhW[i
j[Å+&#'&&cBZ[
'c]%cB
I=+
_dYecfWj#
?d\kieYedjdkW
l[bYecI<
Å+&&cBZ[
I=+
UUUUUUU
I<"I=+
UUUUUUUUU
FWhW]WhWd#
j_hW_d`[e
Yecfb[jW
Zec[_eZ[
YedjhWij["
feZ[#i[bW#
lWheYWj[j[h
_djhWl[deie
YecI<&"/
Iebk[i
YecfWjl[_i
?LZ_h[jWÅ
'c_dkje
?d\kie_dj[h#
c_j[dj[Å
)&c_dkjei
UUUUUUU
?d\kie
_dj[hc_j[dj[Å
)&#'(&c_dkjei
?d`[e_djhWl[#
deiWf[h_\h_YW
[cXebki"dWZei[
Z[&"(cB%a][
jWnWZ['#(cB%i
UUUUUUUUU
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUU
UUUUUUU
'c]%cB
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUU
UUUUUUU
7cfebW
,&c]ÅZ_bk_h
fWhW,&cB
7cfebW
.&c]ÅZ_bk_h
fWhW.&cB
7iebke`|
l[cfhedjW
7iebke`|
l[cfhedjW
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0)"&W)",
f>0-"*
Eic0(-,&
f>0)"&W+"+
Eic0
I<Å(-.
I=+Å(,(
I[cZWZei
f>0,WEic0-.&
f>
EicebWh_ZWZ[
cEic%B
r).)
H[Yedij_jk_h
Yec
+cBZ[7:
@|l[c
h[Yedij_jkZe
>oWbep_cW
WcfebW($&&&
KJH
D[fh[ieb
WcfebW(&
c]%'cB
>[fWh_dW
IZ_YW
>_Wbkhed_ZWi[
>_ZhWbWp_dW
>_ZheYehj_iedW
@|l[c
h[Yedij_jkZe
>[fWh_d%
FWh_d[n%
>[fjW
\hWiYe#WcfebW
(+$&&&K?%cB
FWh_d[n
WcfebW
ikXYkj~d[W
+$&&&K?%
&"(+cB
IkYY_dWje
IZ_YeZ[>_#
ZheYehj_iedW
ÅC[Z_YWc[dje
=[dh_Ye\hWi#
<hWiYe'&&c]
Ye#WcfebW
Å(cBZ[|]kW
'&&c]
Z[ij_bWZW
IkYY_dWje
<hWiYe+&&c]
IZ_YeZ[>_#
Å+cBZ[|]kW
ZheYehj_iedW
Z[ij_bWZW
ÅC[Z_YWc[dje
=[dh_Ye\hWi#
Ye#WcfebW
+&&c]
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
I9Åi_c
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
I9Åi_c
?djhWZhc_YWÅi_c
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
I9Åi_c
L_WiZ[
WZc_d_ijhWe
I<"I=+
I<"I=+
UUUUUUUUU
I<"I=+
Iebk[i
YecfWjl[_i
J[cfe
h[Yec[dZWZeZ[
f[h\kie
?LZ_h[jWÅ
+&c]%cB
?d\kie
_dj[hc_j[dj[Å
'c]%cB
?d\kie_dj[hc_j[d#
j[Å'&&cBZ[I<
ekI=+
UUUUUUUUU
?LZ_h[jWÅ
)#+c_dkjei
?L_dj[hc_j[dj[
Å(&c_dkjei
?LZ_h[jWÅb[djW
?d\kie_dj[hc_#
j[dj[Å
+c]%c_d
UUUUUUUUU
?LZ_h[jWÅZ_bk_h[c
(+#+&cBZ[I<ek
?d\kie
I=+
_dj[hc_j[dj[
?d\kie_dj[hc_j[d#
Å'$&&&K?%c_d
j[ÅZ_bk_h[c'&&
?LZ_h[jWÅl[beY_#
cBZ[I<ek
ZWZ[de
I=+
ikf[h_ehW
?d\kieYedjdkW
($&&&K?%c_d
Å'$&&&Z[I<ek
I=+
Lebkc[
fWhWZ_bk_e
+c]%cB
(&c]%cB
UUUUUUUUU
UUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
7fih[Yedi#
j_jk_e"Z_bk_h
ei\hWiYei0
<hWiYe'&&
c]ÅZ_bk_h
fWhW(&cB
<hWiYe+&&
c]ÅZ_bk_h
fWhW'&&cB
UUUUUUUUU
UUUUUUUUU
UUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0-"+W."+
f>0)"&W*"&
Eic0'$.(+
f>0,"*W-"*
f>0+W.
Eic0
+$&&&K?%+cB
Å(+-#)'+
f>
EicebWh_ZWZ[
cEic%B
).*r
@|l[c
h[Yedij_jkZe
CWj[h]Wc
WcfebW)&&
cY]'$+&&K?%
'"+cB%FWhje#
]WcWI:<
i[h_d]W))&
cY]'$,+&K?%
'")(cB
J[jWde]Wc#
cWWcfebW
(+&K?%'cB
?ckde]beXkb_dW
7dj_#H^e
?ckde]beXkb_dW
7dj_j[j~d_YW
?C
?C
@|l[c
h[Yedij_jkZe
J_[dWc
+&&c]\hWiYe#
WcfebW
?c_f[d[c!
9_bWijWj_dW
@|l[c
h[Yedij_jkZe
Deh_fkhkc?L
WcfebW'&&c]
Z[<[)!%+cB
>_Zhen_ZeZ[<[hhe
Deh_fkhkc
Feb_cWbjeiWZe
?CWcfebW
'&&c]Z[
<[)!%(cB
Iebk[i
YecfWjl[_i
Lebkc[
fWhWZ_bk_e
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
UUUUUUUUU
I<"I=+
UUUUUUUUU
UUUUUUUUU
?d\kie_dj[hc_j[d#
j[Å'&&cBZ[I<
ekI=+
UUUUUUUUU
UUUUUUUUU
?d\kie_dj[h#
c_j[dj[ÅZei[i
Z[(+&#+&&c]
Z[l[ci[h_d\kd#
Z_ZWi[c
(&#)&c_dkjei
:ei[iZ[']Z[#
l[ci[h_d\kdZ_#
ZWi[c
*&#,&c_dkjei
Deh_fkhkc?C
?LZ_h[jWÅde
?d\kie_dj[hc_#
Deh_fkhkc?C
j[dj[Åde
?CÅfhe\kdZW
?d\kieYedjdkW
dWh[]_e]bj[W
Åde
Deh_fkhkc?L Deh_fkhkc?L
?CÅi_c
Deh_fkhkc
?d\kie_dj[hc_j[d#
?LZ_h[jWÅ
Deh_fkhkc?L
?LÅI<
j[Å+&&cBZ[I<
'cBfehc_dkje
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
?d\kie_dj[hc_#
j[dj[Å
j[dj[Åi_c
)"+^ehWi
?d\kieYedjdkW
Åde
?CÅde
L_WiZ[
WZc_d_ijhWe
?LZ_h[jWÅde
?d\kie_dj[hc_#
H[Yedij_jk_h
j[dj[Åi_c
Yec'&&cBZ[
?d\kieYedjdkWÅ
I<ekI=+
deh[Yec[dZ|l[b
?CÅde
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
UUUUUUUUU
-c]%cB
KJ?D[eÅ
+c]%cB
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
:_bk_hfWhW
-&cB
'cB[c
(&cBZ[I<
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0,"/
f>0,".
f>0,"+W-"+
f>0
?LÅ'("&
?CÅ,"&
f>
EicebWh_ZWZ[
cEic%B
r).+
H[Yedij_jk_h
Yec'&cBZ[
|]kWZ[ij_bWZW
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
?dZeY_dF:7
\hWiYe#WcfebW
'c]
H[c_YWZ[
\hWiYe#WcfebW
'&&c]
DeleHWf_Z
'&&K%cB
<b[nF[d)cB
BWdjkiEfj_i[j
'&&K%cB
YWhfkb[
)cB!i_ij[cW
Z[Wfb_YWe
?dZec[jWY_dW
?dÔ_n_cWX[
?dikb_dW
7ifWhj
?dikb_dW
=bWh]_dW
I<
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?CÅde
H[Yedij_jk_h
Yec'#(cBZ[
|]kWZ[ij_bWZW
ekI<
I9
UUUUUUUUU
UUUUUUUUU
I<"
I=+"7:
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅde
@|l[c
h[Yedij_jkZe
?ckde]beXkb_dW
>kcWdWDehcWb
I9
I<"
I=+"
7:
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
Iebk[i
YecfWjl[_i
?ckde]beXkb_d
\hWiYe#WcfebW
']%IWdZe#
]beXkb_dW
\hWiYe#WcfebW
']%IWdZe]be#
Xkb_dW\hWiYe#
WcfebW)]
?ckde]be#
Xkb_d%;d#
ZeXkb_d%
<b[Xe]WccW
\hWiYe#WcfebW
+]
IWdZe]beXkb_#
dW\hWiYe#
WcfebW,]
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
UUUUUUUUU
?d\kie_dj[hc_j[d#
j[Å(+&cBZ[I<
Deh[Yec[dZWZW
WZ_bk_eWfiW
h[Yedij_jk_e
FWhWiebk[i[c
kcWYedY[djhWe
Z[)
<hWiYe']Å
))cBZ[I<
ekI=+
<hWiYe,]Å
'&&cBZ[I<
ekI=+
<hWiYe'(]Å(&&
cBZ[I<ekI=+
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
UUUUUUUUU
?d\kie_dj[hc_#
j[dj[Åde_d\[#
h_ehW(^ehWi
?LZ_h[jWÅ
+#'&i[]kdZei
?d\kie_dj[hc_#
j[dj[ÅFWY_[dj[i
jhWjWZeif[bW
fh_c[_hWl[pÅie#
bke)&"'#'
cB%c_ddei'+
c_dkjeii[]k_d#
j[i[Z[fe_ifWhW
(#("+cB%c_d
FWY_[dj[igk[
\Wp[ckieh[]k#
bWhc[dj[Å
'#'"+cB%c_d
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
:_bk_hei\hWi#
Yeih[Yedij_#
jkZeiZ['&&
c]fWhWe
lebkc[
ÓdWbZ[
(+&c]
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0*"&
f>0-"(W-",
f>0,"/W-"+
f>0,"&W-"+
Eic0
)[c7:Å'/(
f>
EicebWh_ZWZ[
cEic%B
).,r
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
>kckb_dD
F[dÓbb%
Deleb_dDF[d#
Ób'&&K%cB
YWhfkb[)cB
>kckb_dH
F[dÓbb%
Deleb_dHF[d#
Ób'&&K%cB
YWhfkb[)cB
>kcWbe]F[d#
Óbb'&&K%cB
YWhfkb[)cB
>[d[j_n)&&
\hWiYe#WcfebW
Z[+&cB)&&
c]Z[_eZe%cB
L_i_fWgk[)(&
\hWiYe#WcfebW
Z[+&cB
)(&c]Z[
_eZe%cB
Ecd_fWgk[
)&&\hWiYe#
WcfebWZ[
+&cB)&&c]
Z[_eZe%cB
?efWc_hed
)&&\hWiYe#Wc#
febW+&cB
Fh_dYf_e
Wj_le
?dikb_dW
>kcWdWDF>
?dikb_dW>kcWdW
H[]kbWh
?dikb_dWB_ifhe
?eX_jh_Zeb
?eZ_nWdeb
?e[neb
?efWc_Zeb
?djhWl[deie"
?djhWj[YWb
?djhW#Whj[h_Wb"?d#
jhWl[deie[
?djhWj[YWb
?djhW#Whj[h_Wb"?d#
jhWl[deie[
?djhWj[YWb
?djhW#Whj[h_Wb"
?djhWl[deie[
?djhWj[YWb
I9
?d\kieYedjdkW
Åi_c
?LZ_h[jWÅi_c
?CÅi_c
I9Åi_c
I9
L_WiZ[
WZc_d_ijhWe
I<
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Iebk[i
YecfWjl[_i
UUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
UUUUUUUUU
:[f[dZ[ZWl_W%
de[dYedjhWZe
[cb_j[hWjkhW
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUU
7iebke`|
l[cfhedjW
7iebke`|
l[cfhedjW
7iebke`|
l[cfhedjW
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
UUUUUUUUU
f>0,".W-",
Eic0&",*
f>0,".W-",
Eic0(/&
Eic0,/+
I[cZWZei
f>0-"&W-".
f>0,"/W-"+
f>
EicebWh_ZWZ[
cEic%B
r).-
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
9edhWo,&
\hWiYe#WcfebW
)&$&&&
c]%+&cB
Efj_HWo)(&
\hWiYe#WcfebW
,.\hWiYeiZ[
+&cB)(&c]
Z[_eZe%cB
Efj_HWo)(&
i[h_d]Wfh[[d#
Y^_ZW'(+cB
Efj_HWo)+&
i[h_d]Wfh[[d#
Y^_ZW'(+cB
>[nWXh_n
\hWiYe#WcfebW
+&cB
)(&c]Z[
_eZe%cB
J[b[Xh_n9ehe#
dWh\hWiYe#
WcfebW
'&&cB)+&
c]Z[_eZe%cB
Fh_dYf_e
Wj_le
?ejWbWcWjeZ[
C[]bkc_dW
?el[hieb
?enW]bWjeZ[C[#
]bkc_dW[Z[IZ_e
?en_jWbWcWjeZ[
C[]bkc_dW[
Z[IZ_e
?djhW#Whj[h_Wb"
?djhWl[deie
?djhW#Whj[h_Wb"
?djhWl[deie
?djhW#Whj[h_Wb"
?djhWl[deie
?djhW#Whj[h_Wb"
?djhWl[deie
L_WiZ[
WZc_d_ijhWe
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Iebk[i
YecfWjl[_i
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
UUUUUUUUU
9Wj[j[hY[djhWb
Ål[beY_ZWZ[Z[
'&#)&cB%i19W#
j[j[hf[h_\h_Ye
Å'(#(&cB%i
9Wj[j[hY[djhWb
Ål[beY_ZWZ[Z[
'&#)&cB%i19W#
j[j[hf[h_\h_Ye
Å'(#(&cB%i
EXi$0h[Yec[d#
Z|l[bbWlWhWl[_W
_c[Z_WjWc[dj[
Wfi_d`[e
YecY[hYWZ[
(&#(+cBZ[Z[n#
jhei[+[c
|]kWekI<
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
7iebke`|
l[cfhedjW
7iebke`|
l[cfhedjW
7iebke`|
l[cfhedjW
7iebke`|
l[cfhedjW
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
Eic0($',&
f>0,W-",
Eic0,&&
f>0,"&W-"*
Eic0(.+
f>0,"+W-"Eic0'$*&&
f>
EicebWh_ZWZ[
cEic%B
)..r
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
?iefh[dWb_dW
&"(c]%cB
WcfebW'cB
9ehedWh%
CedeYehZ_b
WcfebW'&
c]%cB
?d_X_dW
WcfebW'&
c]%(cB
DelWXkf__ie#
X|h_YWWcfebW
&"+
B[lWgk_d
XebiWJWlWd_Y%
B[leÔenWY_de
ÅC[Z_YWc[dje
=[dh_Ye\hWiYe
+&&c]%'&&cB
Nob[ij[i_d'
i[cWZh[dWb_dW
\hWiYe#WcfebW
(&cB%
Nob[ij[i_d(
i[cWZh[dWb_dW
\hWiYe#WcfebW
(&cB%
Nob[ij[i_d(
i[cWZh[dWb_dW
WcfebW+cB%
Nob[ij[i_d(
i[cWZh[dWb_dW
jkX[j['".cB
Fh_dYf_e
Wj_le
?iefh[dWb_dW
?ieiiehX_ZW
?ienikfh_dW
B[leXkf_lWYWdW
B[leÔenWY_de
B_ZeYWdW
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
I<"I=+
I<"I=+
UUUUUUUUU
I=+
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?LZ_h[jWÅde
?CÅi_c
F[h_ZkhWbÅi_c
I<"I=+
I<"I=+
Iebk[i
YecfWjl[_i
?LZ_h[jWÅi_c
?d\kieYedjdkW
Åi_c
?C"?L"I9"
FkbcedWh
L_WiZ[
WZc_d_ijhWe
?d\kieYedjdkW
Å(#)^ehWi
UUUUUUUUU
J[cfe
h[Yec[dZWZeZ[
f[h\kie
?d\kie
_dj[hc_j[dj[Å
,&#/&c_dkjei
UUUUUUUUU
Eilebkc[i[Wi
YedY[djhW[ih[W_iW
i[h[ckiWZWiZ[f[d#
Z[cZ[\Wjeh[ijW_i
Yeceej_fe[[nj[d#
ieZefheY[Z_c[dje
7Yh_jh_ecZ_Ye"
Y_hh]_Ye"W_dj[di_#
Z[WYehZeYece
ZWZ[ZWWd[ij[i_W[
fheY[Z_c[dje
W[nj[dieZeh[bW#
nWc[djeckiYkbWh
d[Y[ii|h_e"WZkhWe
d[Y[ii|h_WZWWd[ij[#
i_W[WYedZ_e\i_YW
ZefWY_[dj[
UUUUUUUUU
UUUUUUUUU
7c[WWZ[WXeh#
jeÅ(&#)&]ejWi%
?d\kie_dj[hc_j[d# c_dWkc[djWdZe
j[Å'&WcfebWi[c ]hWZWj_lWc[dj[
+&&cBZ[
Wj+&]ejWi%c_d
I=+
9edjhW[ikj[#
h_dWij[j~d_YWi
Å'&#*&]ejW%c_d
?d\kieYedjdkW
Å'&&cBZ[I<ek
I=+
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
KiWhi[cZ_bk_h
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0+"&W-"&
Eic0
'&c]%cBÅ(/,
(&c]%cBÅ
)+(
f>0)".W+".
f>0*"+W,"+
f>0*"+W,"&
f>0*"+W-"&
f>0+"&iebke'
[c7:
f>
EicebWh_ZWZ[
cEic%B
r)./
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
Nob[ij[i_d(
YecWZh[dWb_dW
\hWiYe#WcfebW
(&cB
Nob[ij[i_d(
YecWZh[dWb_dW
jkX[j['".cB
Nob[ij[i_d
f[iWZW+
WcfebW(cB
<hWZ[c_Y_dW
WcfebW
,&&c]%(cB
Fh_dYf_e
Wj_le
B_ZeYWdW!
7Zh[dWb_dW
B_ZeYWdW!
=b_Yei[
B_dYec_Y_dW
I<"I=+
I<"I=+
I<"I=+"
H_d][h
bWYjWje
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅi_c
Iebk[i
YecfWjl[_i
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
L_WiZ[
WZc_d_ijhWe
7Yh_jh_e
cZ_Ye"Z[
WYehZeYece
fheY[Z_c[dje
Eilebkc[i[Wi
YedY[djhW[ih[W_i
Wi[h[ckiWZWi
Z[f[dZ[cZ[\W#
jeh[ijW_iYecee
j_fe[W[nj[die
ZefheY[Z_c[dje
Y_hh]_Ye"W_dj[di_#
ZWZ[ZWWd[ij[i_W
[W[nj[dieZe
h[bWnWc[djecki#
YkbWhd[Y[ii|h_e"W
ZkhWed[Y[ii|h_W
ZWWd[ij[i_W[W
YedZ_e\i_YW
ZefWY_[dj[
?d\kie
_dj[hc_j[dj[Å
,&c_dkjei
7Yh_jh_e
cZ_Ye"Z[
WYehZeYece
fheY[Z_c[dje
Eilebkc[i[Wi
YedY[djhW[i
h[W_iWi[h[ckiW#
ZWiZ[f[dZ[cZ[
\Wjeh[ijW_iYece
ej_fe[[nj[die
ZefheY[Z_c[dje
Y_hh]_Ye"W_dj[di_#
ZWZ[ZWWd[ij[i_W
[W[nj[dieZe
h[bWnWc[djecki#
YkbWhd[Y[ii|h_e"W
ZkhWed[Y[ii|h_W
ZWWd[ij[i_W[W
YedZ_e\i_YW
ZefWY_[dj[
?d\kie_dj[hc_j[d#
j[Å'&&cBZ[I<
ekI=+
J[cfe
h[Yec[dZWZeZ[
f[h\kie
Lebkc[
fWhWZ_bk_e
'&c]%cB
KJ?D[eÅ
,c]%cB
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
:_bk_hW
WcfebW
,&&c]fWhW
,&cB
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0)"&W+"+
I[cZWZei
f>0)"+W+"+
f>
EicebWh_ZWZ[
cEic%B
)/&r
C[f[h_Z_dW
?C
UUUUUUUUU
I<"I=+
I<"I=+
@|l[c
h[Yedij_jkZe
:ebWdj_dW
WcfebW
'&&c]%(cB
C[ben_YWc
C[hef[d[c
@|l[c
h[Yedij_jkZe
CelWj[YWc#
febW'+c]%
'"+cB
CW]di_eIkb\Wje
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅ
deh[Yec[dZ|l[b
H[Yedij_jk_he
C[hed[c%
?LZ_h[jWÅi_c
\hWiYe0<hWiYe
C[hef[d[c
?d\kie_dj[hc_#
']Å(&cBZ[
ÅC[Z_YWc[dje
j[dj[Åi_c
|]kWZ[ij_bWZW
=[dh_Ye
?d\kieYedjdkWÅ
<hWiYe+&&c]Å
\hWiYe#WcfebW
deh[Yec[dZ|l[b
'&cBZ[
+&&c][']
?CÅde
|]kWZ[ij_bWZW
@|l[c
h[Yedij_jkZe
CW]deijed
'&&".'c;g%
cBZ[C](!
WcfebW'&cbÅ
'WcfYedjc
']Z[ikb\Wje
Z[cW]di_e
gk[Yehh[ifed#
Z[W.c;g
Z[C](!
UUUUUUUUU
Iebk[i
YecfWjl[_i
I<"I=+
@|l[c
h[Yedij_jkZe
PolenXebiW
,&&c]%)&&cB
B_d[peb_ZW
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
L_WiZ[
WZc_d_ijhWe
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
I9Åi_c
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
?d\kie_dj[hc_j[d#
j[Å(&&cBZ[I<
ekI=+
?d\kie_dj[hc_#
j[dj[Å
+&cBI<ek
I=+
?LZ_h[jWÅZ_bk_hW
WcfebW[c
'&cBZ[I<
ekI=+
UUUUUUUUU
?d\kie_dj[hc_#
j[dj[Å+&#'&&cB
Z[I<ekI=+
?d\kieYedjdkW
Å+&&#'$&&&cBZ[
I<ekI=+
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
?LZ_h[jWÅ
+c_dkjei
?d\kie_dj[hc_#
j[dj[Å
'+#)&c_dkjei
?d\kie
_dj[hc_j[dj[Å
'+#)&c_dkjei
?LZ_h[jWÅWZc_#
d_ijhWh[c
'#(c_dkjei
?CÅfhe\kdZW
+&c]%cB
KJ?D[eÅ
+c]%cB
'&c]%cB
UUUUUUUUU
?LZ_h[jWÅ
']Z[ikb\Wje
'+&c]%c_d
Z[cW]di_e'
?d\kie
Wcf$Z_bkZe
_dj[hc_j[dj[Å
[c4'&cBI<
2(]Å)&W
ekI=+Wdj[i
,&c_dkjei
ZW_d\kie
4(]Å)W*^ehWi
?d\kie
_dj[hc_j[dj[Å
)&#'(&c_dkjei
J[cfe
h[Yec[dZWZeZ[
f[h\kie
<hWiYe'
]Å(&cB
Z[|]kW
Z[ij_bWZW
<hWiYe+&&
c]Å'&cB
Z[|]kW
Z[ij_bWZW
:_bk_hW
WcfebW
'&&c]fWhW
'&cB
UUUUUUUUU
'&cB
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0-")W.")
f>0)"+W,
Eic0)&(
f>0."&W."/
f>0+"+W-"&
Eic0.&&
I[cZWZei
f>
EicebWh_ZWZ[
cEic%B
r)/'
C[j_bfh[Zd_iebedW
7Y[jWje
C[j_b[h]ec[jh_dW
:[fe#C[Zheb
\hWiYe#WcfebW
.&c]%(cB
C[j^[h]_d
WcfebW
&"(c]%cB
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
?djhW#Whj_YkbWh
Åi_c
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
I9Åi_c
UUUUUUUUU
UUUUUUUUU
I<"I=+
@|l[c
h[Yedij_jkZe
7hWc_d
WcfebW
'&c]%'cB
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅi_c
I9Åi_c
C[jWhWc_deb
I<
@|l[c
h[Yedij_jkZe
C[jWZed
WcfebW
'&c]%'cB
?LZ_h[jWÅde
?d\kieYedjdkW
Åde
?d\kie_dj[hc_#
j[dj[Åde
?CÅi_cI9Åi_c
I9YedjdkWÅi_c
C[jWZedW
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
UUUUUUUUU
?d\kie
_dj[hc_j[dj[Å+&&
cBZ[I<ekI=+
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
?LZ_h[jWÅ
decd_ce
,&i[]kdZei
UUUUUUUUU
UUUUUUUUU
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0)"+W-"&
f>0)"&W)"(
f>0)"(W*"+
Eic0(/&
f>0)W,"+
Eic0)*(",,
f>
EicebWh_ZWZ[
cEic%B
)/(r
Lebkc[fWhW
h[Yedij_jk_e
*&c]Å
'cBZ[|]kW
Z[ij_bWZW
'(+c]Å(cB
Z[|]kW
Z[ij_bWZW
+&&c]Å
.cBZ[
|]kWZ[ij_bWZW
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
Iebk#C[Zheb
\hWiYe#WcfebW
*&c]
Iebk#C[Zheb
\hWiYe#WcfebW
'(+c]
Iebk#C[Zheb
\hWiYe#WcfebW
+&&c]
FbWi_bWcfebW
'&c]%(cB
I[bea[d
+c]%+cB
i[h_d]W
C[jhedWY%
C[jhed_ZWpebÅ
C[Z_YWc[dje
=[dh_Ye\hWiYe
+&&c]%'&&
cBC[jhed_#
Ô[n\hWiYe+&&
c]%'&&cB
Fh_dYf_e
Wj_le
C[j_bfh[Zd_iebedW
IkYY_dWje
C[jeYbefhWc_ZW
C[jefhebeb
JWhjWhWje
C[jhed_ZWpeb
I<"I=+
?LZ_h[jWÅi_c
?L_dj[hc_j[dj[
Åi_c
?CÅde
I9Åde
I<"I=+
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅde
I<"I=+
Iebk[i
YecfWjl[_i
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
L_WiZ[
WZc_d_ijhWe
UUUUUUUUU
?d\kie
_dj[hc_j[dj[Å
'(+cB
?d\kie_dj[hc_#
j[dj[Å+&#'&&cB
Z[I<ekI=+
?d\kie_dj[hc_j[d#
j[Å+&#'&&cBZ[
I<ekI=+
?d\kieYedjdkW
ÅZ_bk_hWZei[
fh[iYh_jW[c
+&&cBZ[I<ek
I=+
Lebkc[
fWhWZ_bk_e
?d\kie
_dj[hc_j[dj[Å
(&c_dkjei
KJ?D[eÅ
,&c_dkjei
'#(c]%c_d
UUUUUUUUU
UUUUUUUUUU
UUUUUUUUU
UUUUUUUU
?LZ_h[jWÅ+c_#
dkjei$Dekb#
jhWfWiiWhWZei[
Z[+&&c]"fe_i
Zei[iikf[h_eh[i
[cj[cfe_d\[#
h_ehW'&c_dkjei
feZ[cYWkiWh
Whh_jc_WiYWhZ#
WYWi[YebWfie
Y_hYkbWjh_e
?d\kie
_dj[hc_j[dj[Å
'&#(&c_dkjei"
[cYWieZ[WbjWi
Zei[i"WZc_d_i#
jhWh[c
)&c_dkjei
?LZ_h[jWÅ
'#(c_dkjei
?d\kie
_dj[hc_j[dj[Å
'+c_dkjei
9edY[djhWe
c|n_cWZ[
Z_bk_e
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
UUUUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0+"&W-"&
Eic0)'&
f>0-"+
f>0)W,"+
Eic0(.&
f>0-W.
f>
EicebWh_ZWZ[
cEic%B
r)/)
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
:ehc_h[%
:ehced_Z
WcfebW+c]%+
cB
:ehc_h[%
:ehced_Z
%C_ZWpebWc
ÅC[Z_YWc[d#
je=[dh_Ye
WcfebW
'+c]%)cB
:ehc_h[%
:ehced_Z
WcfebW+&
c]%'&cB
Fh_cWYeh
\hWiYe#WcfebW
(&c]
Fh_dYf_e
Wj_le
C_ZWpebWc
C_bh_dedW
Cede[jWdebWc_dW ;j^Wceb_d+
Eb[Wje
WcfebW(cB
I<"
I=+"
7:
I<"I=+
I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅde
?d`[ebeYWbÅi_c
Iebk[i
YecfWjl[_i
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Ådeh[Ye#
c[dZ|l[b
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
L_WiZ[
WZc_d_ijhWe
UUUUUUUUU
?d\kie
_dj[hc_j[dj[Å
*&cBZ[I<
ekI=+
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
?LZ_h[jWÅ
'&c_dkjei
?d\kie_dj[hc_#
j[dj[ÅWZc_d_i#
jhWh[cXecXWZ[
_d\kiei[]kdZe
Wfeiebe]_Wfh[i#
Yh_jWf[becZ_Ye
?LZ_h[jWÅ'c]
[c)&i[]kdZei
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
I[cZWZei
f>0)"(W*"&
f>0Wfhen_cWZW#
c[dj[)
Eic0).+
f>
EicebWh_ZWZ[
cEic%B
)/*r
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
:_ceh\%
:_ceh\
WcfebW&"(
c]%'cB
:_ceh\%
CehÓdWÅ
C[Z_YWc[dje
=[dh_Ye
WcfebW
'&c]%'cB
7lWbenXebiW
*&&c]%(+&cB
DkXW_d
WcfebW
'&c]%'cB
:[YW#:khWXe#
b_dWcfebW
(+c]%'cB
8kiYefWdi_c#
fb[iWcfebW
(&c]%cB
8kiYefWd
YecfeijeD#Xk#
j_b[iYefebWc_dW
Xhec[je(&c]
!Z_f_hedWiZ_#
YW($+&&c]
WcfebW+cB
Fh_dYf_e
Wj_le
CehÓdW
Cen_ÔenWY_de
DWbXkÓdW
DWdZhebedW
D#8kj_b[iYefebW#
c_dW
D#8kj_b[iYefebW#
c_dW!:_f_hedW
?LZ_h[jWÅi_c
?CÅi_c
?LZ_h[jWÅi_c
?CÅi_c
I9Åi_c
?C
?LZ_h[jWÅi_c
?CÅi_c
I9Åi_c
I<
I[c_d\eh#
cW[i
UUUUUUUUU
I<"I='&
I<"7:"I=+
I<"I=+
9edY[djhWe
'&c]%cB
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
I9Åi_c
?djhWj[YWbÅi_c
9edY[djhWe
&"(c]%cB
?d\kieYedjdkW
Åi_c
?djhWj[YWbÅi_c
F[h_ZkhWbÅi_c
?LZ_h[jWÅi_c
?d\kieÅi_c
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
UUUUUUUUU
?LZ_h[jWÅZ_bk_h
[c'cBZ[|]kW
Z[ij_bWZW
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
?LZ_h[jWÅ
*#+cBZ[|]kW
Z[ij_bWZW
?d\kie_dj[hc_j[d#
j[Å+&#'&&cBZ[
I<ekI=+
?d\kieYedjdkW
Å+&&#'$&&&cBZ[
I<ekI=+
Lebkc[
fWhWZ_bk_e
?LZ_h[jWÅdec#
d_ce+c_dkjei
(#)c_dkjei
?CÅfhe\kdZW
?LZ_h[jWÅ
'&#'+c_dkjei
?d\kieÅZkhWdj[
,&c_dkjei
?LZ_h[jWÅ
b[djWc[dj[
?d\kie
_dj[hc_j[dj[Å
'+#)&c_dkjei
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
'",c]%cB
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
xfeiil[b
WZc_d_ijhWh
WXebiWi[c
fhl_W
Z_bk_e
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0+"&W,"&
f>0)"-W+"+
Eic0(*-W)'(
I[cZWZei
f>0)"+W)"Eic0(/&
I[cZWZei
f>0("+W,
Eic0
'&c]%cBÅ+*
f>
EicebWh_ZWZ[
cEic%B
r)/+
DehWZh[dWb_dW
@|l[c
h[Yedij_jkZe
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
D_jhe]b_Y[h_dW
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
Deh[f_d[\h_dW
WcfebW
*c]%*cB
Deh[f_d[
WcfebW
*c]%*cB
@|l[c
h[Yedij_jkZe
Jh_Z_bWcfebW
+&c]%'&cB
D_jhefhkii_WjeZ[
IZ_e
@|l[c
h[Yedij_jkZe
D_cejef%
En_][d\hWiYe#
WcfebW'&c]
D_ceZ_f_dW
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
@|l[c
h[Yedij_jkZe
Fheij_]c_d[
WcfebW&"+
c]%'cB
D[eij_]c_dW
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde?CÅi_c
I9Åi_c
L_WiZ[
WZc_d_ijhWe
D_fh_Z[
\hWiYe#Wc#
H[Yedij_jk_h
febW+&c]
Yec
D_jhefh[iWX#
(cBZefhfh_e
Xejj\hWiYe#
Z_bk[dj[
WcfebW+&c]
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
?LZ_h[jWÅ
b[djWc[dj[
J[cfe
h[Yec[dZWZeZ[
f[h\kie
I<"I=+
I=+
I<"I=+
?d\kieYedjdkW[
_d\kie_dj[hc_j[d#
j[Å(+&W'$&&&cB
Z[I=+%I<
?d\kie_dj[hc_j[d#
j[[YedjdkWÅ
(+&cB"+&&cBek
'$&&&cBZ[I=+
?d\kie_dj[hc_j[d#
j[Å+&&cBI<ek
I=+
?d\kieYedjdkW
Å+&&cBZ[I<ek
I=+
UUUUUUUUU
?d\kie_dj[hc_#
j[dj[[YedjdkW
ÅWl[beY_ZWZ[ZW
Wfb_YWeZ[l[
i[hh[]kbWZWZ[
WYehZeYecW
h[ifeijWYbd_YW
ZefWY_[dj[
UUUUUUUUU
?d\kie_dj[hc_#
?d\kie_dj[hc_j[dj[
j[dj[[YedjdkW
[YedjdkWÅZ[l[#i[
ÅgkWdZei[_d_#
I<"I=+ WZc_d_ijhWhZ_h[jW#
Y_WejhWjWc[dje"
EXi$0WWfb_#
c[dj[eYedj[Ze
Z[l[#i[
YWeZ[l[ Ze\hWiYeWjhWliZ[
WZc_d_ijhWh
i[h\[_jW[c
XecXWZ[_d\kie
'c]%^ZkhWdj[
Ye#_d\kie
[cYe#_d\kieYec
(^ehWi"i[Wje#
l_WO
I<"I=+"
b[h~dY_W\ehXeW"
=b_Ye#<_i_eb]_Ye"
feZ[#i[Wkc[d#
H_d][hbWYjWje
jWhfWhW(c]%^
UUUUUUUUU
Iebk[i
YecfWjl[_i
&"&',c]%cB
'c]%cB
&"*c]%cB
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
:_bk_hWWc#
febW*c]
fWhW(+&cB
7fiWh[#
Yedij_jk_e"
Z_bk_he\hWiYe
+&c]fWhW
+&cB
:_bk_hW
WcfebW
+&c]fWhW
'(+cB
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0)"&W*"+
Eic0)'/
f>0*"&W,"&
f>0)"&W,"+
Eic0
'c]%cBÅ(.'
f>0,"&W-"+
f>0Wfhen_cWZW#
c[dj[+"/
Eic0(+'
f>
EicebWh_ZWZ[
cEic%B
)/,r
@|l[c
h[Yedij_jkZe
>[fW#C[hp
WcfebW'&cB
&"+]%cB
EdZWdi[jhed
Ehd_j_dW
?d\kie
YedjdkWÅi_c
I<"I=+
I<"I=+
@|l[c
h[Yedij_jkZe
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
LedWk%
Pe\hWdWcfe#
bW*c]%(cB
I<"I=+
FWhWWfb_YWe Bei[Y"L_Yjh_n" Bei[Y"=Wif_h[d"
?LZ_h[jW=Wif_# Ec[fhWpebÅh[#
L_Yjh_n"
h[d%Bei[Y%
Yedij_jk_hYec
Ec[fhWpeb
L_Yjh_n%
'&cBZefh#
?LZ_h[jWÅi_c
Ec[fhWpeb
fh_eiebl[dj[
?d\kie_dj[hc_#
ÅC[Z_YWc[dje Bei[Y_d\kie
j[dj[Åde
=[dh_Ye
Åh[Yedij_jk_h
?d\kieYedjdkW
\hWiYe#WcfebW Yec'&cBZ[
Åde
*&c]
I<ekI=+
?CÅde
Ec[fhWpeb
I<"I=+
@|l[c
h[Yedij_jkZe
EYjh[ej_ZW
?LZ_h[jWÅ
deh[Yec[dZ|l[b
?d\kie_dj[hc_#
j[dj[Ådeh[Ye#
c[dZ|l[b
?d\kieYedjdkW
Åi_c
?CÅde
I9Åi_c
IWdZeijWj_d
WcfebW&"'c]%
cB%IWdZeijW#
j_dWcfebW
&"+c]%cB
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
?d\kie
_dj[hc_j[dj[Å
'+#)&c_dkjei
?d\kieYedjdkW
Å&"&(+#
&"&+c]%^
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
?d\kie
_dj[hc_j[dj[Å
+&cBZ[I<
ekI=+
?d\kieYedjdkWÅ
Z_bk_hWZei[
fh[iYh_jW[c
+&&cBZ[I<
ekI=+
?d\kieYedjdkW
Å+]%^
?LZ_h[jWÅ
'#(c_dkjei
?d\kie
_dj[hc_j[dj[Å
'+c_dkjei
?LZ_h[jWÅde
cd_ce("+
c_dkjei
?d\kie_dj[hc_#
j[dj[ÅZ[l[i[h
WZc_d_ijhWZe
?d\kie_dj[hc_j[d# fehkcf[heZe
j[Å'&&cBZ[I< cd_ceZ[(&#)&
ekI=+
c_dkjei"feZ[d#
Zei[hfhebed]WZe
fehWj'(^ehWi
gkWdZeZ_bkZe
[cI<[,^ehWi
gkWdZeZ_bkZe
[cI=+
?d\kie
_dj[hc_j[dj[[
YedjdkWÅ
+&#(&&cBZ[I<ek
I=+
Lebkc[
fWhWZ_bk_e
,c]%cB
'c]%cB
UUUUUUUUU
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
:_bk_hWWc#
febW*c]
fWhW*cB
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
UUUUUUUUU
f>0)")W*"&
Eic0
(c]%cBÅ(.'
f>0.".W/"(
f>0*"&W*",
Eic0(-/
f>
EicebWh_ZWZ[
cEic%B
r)/-
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅde
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
H[Yedij_jk_h
Yec
'&cBZ[I<
@|l[c
h[Yedij_jkZe
FWlkbed%
FWdYkhed
WcfebW
*c]%(cB
FWdjepeb%
FWdjefhWpeb
ÅC[Z_YWc[dje
=[dh_Ye
\hWiYe#WcfebW
*&c]
>ofel[h_d
WcfebW'&&
c]%(cB
En_jeY_dW
FWdYkhd_e
FWdjefhWpeb
FWfWl[h_dW
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
?djhW#Whj[h_WbÅi_c
UUUUUUUUU
I<"I=+
I<"I=+
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
DWen%
IodjeY_ded
WcfebW+K?%
cB
EnWY_b_dW
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅi_c
?LZ_h[jeÅh[#
Yedij_jk_hYec
+cBZ[I<ek
|]kWZ[ij_bWZW
?CÅh[Yedij_#
jk_hYec)cB
Z[|]kW
Z[ij_bWZW
EnWf[d%
IjWÓY_b_d%
EnWY_b_dWÅ
C[Z_YWc[dje
=[dh_Ye\hWi#
Ye#WcfebW
+&&c]
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
?LZ_h[jWÅ
'&cBZ[I<
?d\kie_dj[hc_j[d#
j[Å'&&cBZ[I<
ekI=+
UUUUUUUUU
?LZ_h[jWÅ
(c_dkjei
?LZ_h[jWÅdec#
d_ce(c_dkjei
?d\kie_dj[hc_#
j[dj[Å
'+c_dkjei
?LZ_h[jWÅh[Ye#
c[dZW#i[WWZ#
c_d_ijhWefh[#
\[h[dY_Wbc[dj[
[cXebkide[gk_#
feZ[_d\kie
?d\kie
_dj[hc_j[dj[Å
(#.]ejWi%c_d
?LZ_h[jWÅ
'&c_dkjei
?d\kie_dj[hc_#
j[dj[Å
'+#)&c_dkjei
?LZ_h[jWÅh[Yedij_#
jk_hYec+cBZ[I<
ek|]kWZ[ij_bWZW
?CÅh[Yedij_jk_h
Yec)cBZ[|]kW
Z[ij_bWZW
?d\kie_dj[hc_j[d#
j[Å+&#'&&cBZ[
I<ekI=+
?d\kie_dj[hc_#
j[dj[ÅZ_bk_h+K?
[c+&&cBZ[I<ek
I=+
J[cfe
h[Yec[dZWZeZ[
f[h\kie
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
*&c]%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
7fih[Yedi#
j_jk_e"Z_bk_h
e\hWiYe+&&
c]fWhW
'("+cB
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0)W*
Eic0
)&c]%cBÅ//
f>0/"&W'&"+
iebkeh[Yedij_#
jkZW
f>0*"&
Eic0(--
f>0("+W*"+
f>0,"&W."+
Eic0
7:Å(+&c]%'"+
cBÅ+/,
f>
EicebWh_ZWZ[
cEic%B
)/.r
H[Yedij_jk_h
Yec'&cBZ[
|]kWZ[ij_bWZW
H[Yedij_jk_h
Yec(cBZ[
|]kWZ[ij_bWZW
@|l[c
h[Yedij_jkZe
F[d_Y_b_dW=
Fej|ii_YW%
9h_ijWbf[d
\hWiYe#WcfebW
+$&&&$&&&K?
8[dWf[d%
:[ifWY_b_dW
\hWiYe#WcfebW
*&&$&&&K?
Jh[djWb
WcfebW
'&&c]%+cB
F[d_Y_b_dW=
8[dpWj_dW
F[d_Y_b_dW=
Fej|ii_YW
F[d_Y_b_dW=Fej|i#
i_YW!F[d_Y_b_dW=
FheYWdW
F[djen_Ób_dW
F_f[hWY_b_dW!
JWpWXWYjWc
<hWiYe,&&$&&&
K?Å*cBZ[
|]kWZ[ij_bWZW
<hWiYe'$(&&
K?Å
*cBZ[|]kW
Z[ij_bWZW
8[dp[jWY_b%
Bed]WY_b_d
\hWiYe#WcfebW
,&&$&&&K?
8[dp[jWY_b%
Bed]WY_b_d
\hWiYe#WcfebW
'$(&&$&&&K?
JWpeY_d
ÅC[Z_YWc[dje
=[dh_Ye\hWi#
H[Yedij_jk_h
Ye#WcfebW*"+] Yec(&cBZ[
f_f[hWY_b_dW* 7:"I<ekI=+
]!jWpeXWYjWc
+&&c]
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅde
?LZ_h[jWÅ
deh[Yec[dZ|l[b
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?CÅi_c
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
L_WiZ[
WZc_d_ijhWe
I<"I=+"
7:
I<"I=+
UUUUUUUUU
I<"I=+
UUUUUUUUU
Iebk[i
YecfWjl[_i
?LZ_h[jWÅ
(&cBZ[I<"I=+
ek7:
?d\kie_dj[hc_j[d#
j[Å+&#'+&cBZ[
I<"I=+ek7:
?d\kie_dj[hc_j[d#
j[Å'&&cBZ[I<
ekI=+
?d\kieYedjdkW
Å'&&cBZ[I<ek
I=+
UUUUUUUUU
?d\kie_dj[hc_j[d#
j[Å+&#'&&cBZ[
I<ekI=+
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
?LZ_h[jWÅ
)#+c_dkjei
?d\kie
_dj[hc_j[dj[Å
(&#)&c_dkjei
?LZ_h[jWÅ
b[djWc[dj[
?d\kie
_dj[hc_j[dj[Å
'&&c]%^
?d\kieYedjdkW
Å'&&c]%^
?CÅfhe\kdZW
?d\kie
_dj[hc_j[dj[Å
'+#)&c_dkjei
Yh_WdWi"'#(
^ehWiWZkbjei
?CÅfhe\kdZW
J[cfe
h[Yec[dZWZeZ[
f[h\kie
(&&c]%cB
KJ?D[eÅ
(&c]%cB
UUUUUUUUU
UUUUUUUUU
KJ?D[eÅ
+&$&&&K?%cB
UUUUUUUUU
9edY[djhWe
c|n_cWZ[
Z_bk_e
7fih[Yedi#
j_jk_e"Z_bk_h
e\hWiYe*"+]
fWhW(("+cB
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0+"&W-"+
f>0+"&W."+
f>0,"&W."+
f>0,"&W."+
Eic0
7:Å(+&$&&&K?%
cBÅ--,
I[cZWZei
f>
EicebWh_ZWZ[
cEic%B
r)//
Lebkc[fWhW
h[Yedij_jk_e
H[Yedij_jk_h
Yec
'&cBZ[|]kW
Z[ij_bWZW
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
8[Z\ehZfebo
8%Ikb\WjeZ[
Feb_c_n_dW8
\hWiYe#WcfebW
+&&$&&&K?
ÅC[Z_YWc[dje
=[dh_Ye
>ofb[n8
WcfebW(cB
9beh[jeZ[Fe#
j|ii_e'/"'
A3("+,c;g%
cBWcfebW
'&cB
<ei\WjeZ[
Fej|ii_e
(c;g%cB
WcfebW'&cB
'cB!(c;gZ[
fej|ii_e[
'"'cceb
Z[\i\ehe
Fh_dYf_e
Wj_le
Feb_c_n_dW8
Feb_l_jWcd_Ye
Å9ecfb[ne8
Fej|ii_e9beh[je
Fej|ii_e<ei\Wje
I=+
Iebk[i
YecfWjl[_i
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
I<[I=+
I<[I=+
;cYWieZ[
WZc_d_i#
jhWefeh
?LZ_h[jWÅde
_d\kie"[ijW
?d\kie_dj[hc_#
Z[l[h|i[h
j[dj[Ådeh[Ye#
\[_jW[c"de
c[dZ|l[b
cd_ce"
?d\kieYedjdkWÅ
+&&cBZ[
deh[Yec[dZ|l[b
I<"Z[l_Ze
?CÅi_c
Weh_iYeZ[
Y^egk[WdW#
Ób|j_Ye
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅ
deh[Yec[dZ|l[b
L_WiZ[
WZc_d_ijhWe
'.+cB
))&cB
UUUUUUUUU
?d\kie_dj[hc_j[d#
j[Å)&&#+&&cBZ[
I=+
Lebkc[
fWhWZ_bk_e
'cceb%^3
&"/cB%^
L_Wf[h_\h_YW
Å'&c;g%^3
)"/cb%^
L_WY[djhWbÅ
*&c;g%B3
',cB%^
UUUUUUUUU
?d\kie_dj[hc_#
j[dj[Å
,&#/&c_dkjei
J[cfe
h[Yec[dZWZeZ[
f[h\kie
UUUUUUUUU
7fih[#
Yedij_jk_e
Ze\hWiYe
+&&$&&&K?"
Z_bk_hfWhW
)&&cB
,cceB%
'&&cB
+"*cB%
'&&cB
'WcfebW%
'.+cB
'.+cB
L_Wf[h_\h_YW
.c;g%'&&cB L_WY[djhWbÅ
3'Wcf%))&cB (&c;g%'&&
cB3'
L_WY[djhWbÅ'+
c;g%'&&cB3 Wcf%')&cB
'Wcf%'-&cB
UUUUUUUUU
'$,,-K?%cB
KJ?D[e
Å'$&&&K?%cB
9edY[djhWe
c|n_cWZ[
Z_bk_e
Lebkc[c#
d_ceZ[Z_#
bk_e_dZ_YW#
Ze[cYWiei
Z[h[ijh_e
^Zh_YW
f>0-$&W-$.
Eic0'(&&
f>0+"*
Eic0+$'&&
I[cZWZei
f>0+"&W-"+
Eic0
7:Å+&$&&&K?%cB
Å'&
f>
EicebWh_ZWZ[
cEic%B
*&&r
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
FheYWc_Z[
WcfebW
+&&c]%+cB
<[d[h]Wd
WcfebW
+&c]%(cB
:_fh_lWd%
<h[ie\eb'
WcfebW
(&&c]%(&cB
:_fh_lWd(
\hWiYe#WcfebW
'$&&&c]%+&cB
:_fh_lWdF$<$I
'i[h_d]W+&&
c]%+&cB%:_#
fh_lWdF$<$I(
i[h_d]W'$&&&
c]%+&cB
FhejWc_dW'$&&&
WcfebW+$&&&
K?%+cB
Fh_dYf_e
Wj_le
FheYW_dWc_ZW
Fhec[jWp_dW
Fhefe\eb
FhejWc_dW
I<"I=+
?LZ_h[jWÅ
deh[Yec[dZ|l[b
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅde
UUUUUUUUU
I=+
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
UUUUUUUUU
UUUUUUUUU
?LZ_h[jWÅ'&cB
Z[I<ekI=+
?d\kie
_dj[hc_j[dj[Å
+&#'&&cBZ[I<
ekI=+
?d\kieYedjdkW%
_dj[hc_j[dj[Å
+&#(+&cBZ[I<
ekI=+
Lebkc[fWhW
Z_bk_e
?LZ_h[jWÅ
:ei['$&&&K?Å
'#)c_dkjei
:ei[+$&&&K?Å
'&c_dkjei
?LZ_h[jWÅ
(#*cBWYWZW'&
i[]kdZei
?d\kie
_dj[hc_j[dj[Å
'(c]%a]%^
?d\kieYedjdkW
Å&"'#&"(c]%
a]%c_d
?LZ_h[jWÅdec#
d_ce(c_dkjei
?d\kie
_dj[hc_j[dj[Å
)&#,&c_dkjei
?LZ_h[jWÅ
'cB%c_d
?d\kie
YedjdkW%_dj[h#
c_j[dj[Åde
kbjhWfWiiWh
+&c]%c_d
UUUUUUUUU
(c]%cB
UUUUUUUUU
UUUUUUUUU
J[cfe
9edY[djhW#
h[Yec[dZWZeZ[ ec|n_cW
f[h\kie
Z[Z_bk_e
UUUUUUUUU
IebkeW'
ÅZ_bk_hfWhW
'&&cB
IebkeW(
ÅZ_bk_hfWhW
+&&cB
:_fh_lWdF<I
ÅZ_bk_hfWhW
(+&cB
UUUUUUUUU
UUUUUUUUU
Lebkc[cd_#
ceZ[Z_bk_e
_dZ_YWZe[c
YWieiZ[h[ijh_#
e^Zh_YW
f>0,"&W-"&
Eic0
'&c]%cBÅ(/&
f>0-"&W."+
f>0*"&W+"+
Eic0(/'
f>0*"&W,"&
f>
EicebWh_ZWZ[
cEic%B
r*&'
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
<hWiYe'
c]Å+cB
<hWiYe(
c]Å+cB
<hWiYe+c]Å
+cB
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
7djWa%Pob_kc%
HWd_j_Z_dWÅ
C[Z_YWc[dje
=[dh_Ye
WcfebW
+&c]%(cB
Pob_kc
WcfebW
+&c]%+cB
Kbj_lW\hWiYe#
WcfebW
'c]%Kbj_lW
\hWiYe#WcfebW
(c]%Kbj_lW
\hWiYe#WcfebW
+c]
;ic[hed
\hWiYe#WcfebW
+&c]%+cB
DWhef_d&"-+
WcfebW
(&cB%DWhef_d
'WcfebW(&cB
Fh_dYf_e
Wj_le
HWd_j_Z_dW
H[c_\[djWd_bW
HeYkhd_e
Hef_lWYWdW
UUUUUUUUU
I<"I=+":
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
7Zc_d_ijhWe
f[h_ZkhWbÅi_c
?djhW#Whj_YkbWh
Åi_c
7:"I=+"I<
I<"I=+
Iebk[i
YecfWjl[_i
?LZ_h[jWÅi_c
?d\kieYedjdkW
Åi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?CÅde
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
L_WiZ[
WZc_d_ijhWe
UUUUUUUUU
?d\kie
_dj[hc_j[dj[%
YedjdkWÅ
'&&#+&&cBZ[I<
ekI=+
UUUUUUUUU
?LZ_h[jWÅ(&cB
Z[I<ekI=+
?d\kie
_dj[hc_j[dj[Å
'WcfebWYec
+&cBZ[I<[
I=+
Lebkc[fWhW
Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
?LZ_h[jWÅ
(c_dkjei
?d\kie
_dj[hc_j[dj[Å
(+c]%^
?d\kieYedjdkW
Å&"'(+#
&"(+&c]%a]%^
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
("+c]%cB
J[cfe
9edY[djhW#
h[Yec[dZWZeZ[ ec|n_cW
f[h\kie
Z[Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
:_bk_hWWcfebW
+&c]fWhW
(&cB
Lebkc[cd_#
ceZ[Z_bk_e
_dZ_YWZe[c
YWieiZ[h[ijh_#
e^Zh_YW
f>0*"&W,"&
f>0)".W*"(
Eic0)&&
f>0("+W)"+
iebke
h[Yedij_jkZW
f>0,"-W-")
Eic0
(c]%cB
I<Å(/*
'c]%cB
I<Å)&(
(c]%cB
I=+Å(+-
'c]%cB
I=+Å(,&
f>
EicebWh_ZWZ[
cEic%B
*&(r
Lebkc[fWhW
h[Yedij_jk_e
@|l[c
h[Yedij_jkZe
H[Yedij_jk_hYec
'cBZefhfh_e
Z_bk[dj[
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
9beh[jeZ[
IZ_e(&
)*c;g%WcfebW
9beh[jeZ[
IZ_e&"/
'"+c;g%WcfebW
Ij_bWc_d
WcfebW
)c]%'cB
<Wij\[d%
Ik\[djW
WcfebW
+&cY]%cB
<Wij\[d%
Ik\[djW
WcfebW(+&
cY]%+cB
Ik\[djW[if_d^Wb
WcfebW
'&cY]%(cB
8WYIkbÓjh_d
ikb\Wc[jenWpeb
*&&c]!jh_c[#
jefh_cW.&c]
WcfebW+cB
Fh_dYf_e
Wj_le
IZ_e9beh[je
IecWjeijWj_dW
Ik\[djWd_bW
Ikb\Wc[jenWpeb
!Jh_c[jhef_dW
I<"I=+
?LZ_h[jW–de
?d\kie_dj[hc_#
j[dj[–i_c
?d\kieYedjdkW
–de
?C–de
I<"I=+
?LZ_h[jW–de
?d\kie_dj[hc_#
j[dj[–de
?d\kieYedjdkW
–i_c
?C–de
I<"I=+
I<"I=+
?LZ_h[jWÅi_c
Z[iZ[gk[de
kbjhWfWii[
'c;g%a]%^
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅ
deh[Yec[dZ|l[b
?LZ_h[jW–i_c
?d\kieYedjdkW
–i_c
?C–de
;f_ZkhWb–i_c
Iebk[i
YecfWjl[_i
L_WiZ[
WZc_d_ijhWe
?d\kie_dj[hc_#
j[dj[–WZ_bk_e
XWi[WZW[c
kcWfhefehe
Z[(+#)&cBfWhW
YWZWcBZec[Z_#
YWc[dje
UUUUUUUUU
UUUUUUUUU
UUUUUUUUUUUU
Lebkc[fWhW
Z_bk_e
?d\kie
_dj[hc_j[dj[–
)&#,&c_dkjei
?LZ_h[jW–
b[djWc[dj[
?d\kieYedjdkW
–)"+cY]%a]%^
'c;g%a]%^
+cBZec[#
Z_YWc[dje
fWhW-+cB
ZeZ_bk[dj[
UUUUUUUUU
UUUUUUUUU
UUUUUUUU
J[cfe
9edY[djhW#
h[Yec[dZWZeZ[ ec|n_cW
f[h\kie
Z[Z_bk_e
:_bk_hWWcfebW
+cBfWhW
-+cB
UUUUUUUUU
UUUUUUUUU
UUUUUUUUUUUU
Lebkc[cd_#
ceZ[Z_bk_e
_dZ_YWZe[c
YWieiZ[h[ijh_#
e^Zh_YW
f>0Wfhen_cWZW#
c[dj['&
f>0)"+W,
f>0)"+W-"&
f>0*"+WEic0
DW9b(&Å,$.**
DW9b&"/Å)&.
f>
EicebWh_ZWZ[
cEic%B
r*&)
?d\kieYedjdkW
–de
?LZ_h[jW– s_c
?C– ne
I9–de
H[Yedij_jk_hYec
)cBZ[|]kW
Z[ij_bWZW
H[Yedij_jk_h
WZ_Y_edWdZee
Yedj[ZeYec#
fb[jeZWi[h_d]W
fh#YWhh[]WZWWe
\hWiYeYedj[dZe
effWhW_d`[e
H[Yedij_jk_h
Yec'&cBZe
fhfh_eZ_bk[dj[
ek|]kW
Z[ij_bWZW
@|l[c
h[Yedij_jkZe
JWh]eY_Z
\hWiYe#WcfebW
(&&c]
C[jWboi[
\hWiYe#WcfebW
+&c]
J_bWj_b%
J[den_YWd–
C[Z_YWc[dje
=[dh_Ye
\hWiYe#WcfebW
(&c]
J[hXkj_b
WcfebW
&"+c]%'cB
J[_YefbWd_dW
J[d[Yj[fbWi[
J[den_YWc
J[hXkjWb_dW
?LZ_h[jW– i_c
?d\kieYedjdkW
–i_c
?C–de
I9–i_c
?C–i_c
?LZ_h[jW–i_c
I<"I=+
?LZ_h[jW–i_c
?d\kie_dj[hc_#
j[dj[–i_c
?d\kieYedjdkW
–de
?C–i_c
IknWc[jd_e
I=+
UUUUUUUUU
I<
I<"I=+
Gk[b_Y_d
\hWiYe#WcfebW
'&&c]%+cB
Iebk[i
YecfWjl[_i
?LZ_h[jW–i_c
?d\kie_dj[hc_#
H[Yedij_jk_hYec
j[dj[–i_c
+cBZefhfh_e
?d\kieYedjdkW
iebl[dj[
–i_c
?C–
deh[Yec[dZ|l[b
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
?d\kieYedjdkW
–+c][c
'$&&&cBZ[
I=+
UUUUUUU
UUUUUUUUUUUUU
?d\kie
_dj[hc_j[dj[–
(&cB"+&cBek
'&&cBZ[I<"I=
+ekH_d][h
?d\kie_dj[hc_#
j[dj[–(+&cBZ[
I=ekI=+
?d\kieYedjdkW
–(+&#+&&cBZ[
I<ekI=+
Lebkc[fWhW
Z_bk_e
?LZ_h[jW–
+W'&c_dkjei
UUUUUUUUU
?LZ_h[jW–
+#'&i[]kdZei
?LZ_h[jW–
)#+c_dkjei
?d\kie_dj[hc_#
j[dj[–
)&c_dkjei
?d\kie
_dj[hc_j[dj[–
(#*c]%c_d
?d\kieYedjdkW
–(#*c]%c_d
J[cfe
h[Yec[dZWZe
Z[f[h\kie
'c]%cB
UUUUUUU
UUUUUUUUU
KJ?D[e–
(c]%cB
(c]%cB
9edY[djhW#
ec|n_cW
Z[Z_bk_e
UUUUUUUUUU
UUUUUUUUUU
UUUUUUUUUUU
UUUUUUUUU
7fih[Yedij_#
jk_e"Z_bk_he
\hWiYe'&&c]
fWhW+&cB
Lebkc[cd_#
ceZ[Z_bk_e
_dZ_YWZe[c
YWieiZ[h[ijh_#
e^Zh_YW
f>0)"&W+"&
Eic0
'c]%cBÅ(.)
Eic0
(&c]%(cB
Å&")(-
I[cZWZei
f>0-"(W-".
f>0)",
f>
EicebWh_ZWZ[
cEic%B
*&*r
?LZ_h[jW–i_c
?d\kie_dj[hc_#
j[dj[–de
?d\kieYedjdkW
–de
?C–de
?d\kieYedjdkW
–i_c
?LZ_h[jW–de
?C–de
I9–de
?C
?LZ_h[jW–i_c
?d\kie_dj[hc_#
j[dj[–i_c
?d\kieYedjdkW
–i_c
?C–de
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
H[Yedij_jk_hYec
+cBZefhfh_e
iebl[dj[
H[Yedij_jk_hYec
+")cBZ[I<&"/
ekI=+
EXi$0YWZW\hWiYe#
WcfebWYedjc
,[nY[Z[dj["
i[dZeWii_c"+
cBZ[iebke
h[Yedij_jkZW
[gk_lWb[W+&c]
Z[j_][Y_]b_dW$
H[j_hWh
+cBZ[ijWiebk#
efWhWfeij[#
h_ehZ_bk_e
@|l[c
h[Yedij_jkZe
H[Yedij_jk_hYec
'&cBZ[|]kW
Z[ij_bWZWI<ek
I=+
H[j_hWh+&cBZ[
kc\hWiYeZ[(+&
cBZ[I<ekI=
+[ikXij_jkW
feh+&cBZ[
7]hWijWj
=bofh[ii_d
\hWiYe#WcfebW
'c]
Jo]WY_b
+&c]\hWiYe#
WcfebW
9ebjhWn
WcfebW
*c]%(cB
J^_ef[djWn
\hWiYe#WcfebW
+&&c]
7]hWijWj
\hWiYe#WcfebW
'("+c]%+&cB
J[hb_fh[ii_dW
J_][Y_Yb_dW
J_eYebY^_Yei_Ze
J_ef[djWb
J_heÓXWde
L_WiZ[
WZc_d_ijhWe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUU
I<"I=+
UUUUUUUUU
I<"I=+
UUUUUUUUU
Iebk[i
YecfWjl[_i
UUUUUUUUU
?LZ_h[jW–
'&#(+cBZ[I<ek
I=+
?d\kie
_dj[hc_j[dj[–
+&#(+&cBZ[I<
ekI=+
UUUUUUUUU
?d\kieYedjdkW
–'&&cBZ[I<
ekI=+
ZeiW][diZ[
+&c]ek'&&c]
Z[l[ci[hZ_bk#
ZWi[c'&&cB
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
?d\kieYedjdkW
–)&#,&c_dkjei
UUUUUUUUU
J[cfe
h[Yec[dZWZe
Z[f[h\kie
UUUUUUUUU
+&c]%cB
UUUUUUUUU
'c]%cB
UUUUUUUUU
9edY[djhW#
ec|n_cW
Z[Z_bk_e
UUUUUUUUU
7fih[Yedij_#
jk_e"Z_bk_he
\hWiYe+&&c]
fWhW'&cB
UUUUUUUUUU
+&cBZ[
iebke
UUUUUUUUU
Lebkc[cd_#
ceZ[Z_bk_e
_dZ_YWZe[c
YWieiZ[h[ijh_#
e^Zh_YW
f>0+"+W,"+
f>0,"&W-"&
I[cZWZei
f>0)"&W*"&
f>
EicebWh_ZWZ[
cEic%B
r*&+
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
8ejen\hWiYe#
WcfebW'&&K?
IobWZeh%JhWcWb
WcfebW
'&&c]%(cB
Jh_WdY_b
(&c]%cB
\hWiYe#WcfebW
+cB
JehWZeb%
JehW][i_YWcfe#
bW)&c]%'cB
Jen_dW
8ejkbd_YW
J_fe7
JhWcWZeb
Jh_WdY_debedW
Jhec[jWc_dW
9[jehebWYe
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
I<"I=+
I<"I=+"7:
UUUUUUUU
?JÅi_c
?djhW#Whj_YkbWh
Åi_c
?LÅde
?CÅde
I9Åde
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
UUUUUUUUU
Iebk[i
YecfWjl[_i
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
?C
L_WiZ[
WZc_d_ijhWe
UUUUUUUUUU
9Wied[Y[ii|h_e"
Z_bk_hWWcfebW
[c+cB"'&cBek
(&cB"Z[f[dZ[d#
ZeZejWcWd^e
ZWb[ie
?LZ_h[jWÅ
)&i[]kdZei
?CÅfhe\kdZW
?LZ_h[jWÅb[djW#
c[dj[
?d\kie_dj[hc_#
j[dj[Å
)&#,&c_dkjei
?d\kieYedjdkW
Å'&#(&]ejWi%
c_dek)&#,&
cB%c_d"gk[
[gk_lWb[W
'(#**c]%^
?d\kie_dj[hc_#
j[dj[Å
+&cBZ[I<ek
I=+
?d\kieYedjdkW
ÅZ_bk_hWZei[
fh[iYh_jW[c
+&&cBI<ek
I=+
UUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
J[cfe
h[Yec[dZWZe
Z[f[h\kie
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
7Zei[c|#
n_cWh[Ye#
c[dZWZW
fWhWgkWb#
gk[hciYk#
bedeZ[l[
i[hcW_ehZe
gk[(+K
9edY[djhW#
ec|n_cW
Z[Z_bk_e
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[cd_#
ceZ[Z_bk_e
_dZ_YWZe[c
YWieiZ[h[ijh_#
e^Zh_YW
f>0,"/W-"/
UUUUUUUU
f>0,W,".
I[cZWZei
f>
EicebWh_ZWZ[
cEic%B
*&,r
Lebkc[fWhW
h[Yedij_jk_e
H[Yedij_jk_hYec
'&cBZ[
|]kWZ[ij_bWZW
<hWiYe#WcfebW
'&c]Å+cBZ[
|]kWZ[ij_bWZW
7cfebW*c]Å
'cBZ[
|]kWZ[ij_bWZW
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
7fh[i[djWe
Yec[hY_Wb
LWdYeY_dW%
LWdYe7XXejj%
LWdYec_Y_dW
ÅC[Z_YWc[dje
=[dh_Ye\hWiYe#
WcfebW+&&c]
L[hYkhed
\hWiYe#WcfebW
'&c]
DehYkhed
WcfebW
*c]%'cB
J_Wc_dWWcfebW
'&&c]%'cB
ÅC[Z_YWc[dje
CWd_fkbWZe
9_jed[kh_d+$&&&
WcfebWl_j$8'
'&&c]!l_j$8,
'&&c]!l_j$8'(
+$&&&cY])cB
F_h_Zen_dWWc#
febW
+&c]%'cB
ÅC[Z_YWc[dje
CWd_fkbWZe
Fh_dYf_e
Wj_le
LWdYec_Y_dW
L[Ykhd_e
L_jWc_dW8'
j_Wc_dW
L_jWc_dW8'!
L_jWc_dW8,!
L_jWc_dW8'(
L_jWc_dW8,
f_h_Zen_dW
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Ådeh[Ye#
c[dZ|l[b
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
UUUUUUUUU
UUUUUUUUU
I<"I=+
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Ådeh[Ye#
c[dZ|l[b
?d\kieYedjdkWÅ
deh[Yec[dZ|l[b
?CÅi_c
?C
I<"I=+
I<"I=+
Iebk[i
YecfWjl[_i
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅde
L_WiZ[
WZc_d_ijhWe
UUUUUUUUU
UUUUUUUUU
?LZ_h[jWÅZ_bk_h
fh[l_Wc[dj[Yec
'&cBZ[I<ek
I=+
UUUUUUUUU
?d\kie_dj[hc_#
j[dj[Å'&&cBZ[
I<ekI=+
Lebkc[
fWhWZ_bk_e
?LZ_h[jWÅ
b[djWc[dj[
?CÅfhe\kdZW
?LZ_h[jWÅ
b[djWc[dj[
?d\kieYedjdkW
7ZkbjeiÅ
&".#'"*cY]%a]%
c_d
?d\kie
_dj[hc_j[dj[Å
,&c_dkjei"de
c|n_ce
'&c]%c_d
J[cfe
h[Yec[dZWZe
Z[f[h\kie
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
+c]%cB
9edY[djhW#
ec|n_cW
Z[Z_bk_e
f>
EicebWh_ZWZ[
cEic%B
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
I[cZWZei
I[cZWZei
I[cZWZei
f>0Wfhen_cWZW#
c[dj[*
Eic0
*c]%cBÅ(/(
f>0
7:"I<Å)"/I=+
7fih[Yedij_#
Å("+W*"+
jk_eZe\hWiYe
Eic0
+&&c]"Z_bk_h +c]%cBÅI<Å(/'
fWhW'&&cB
+c]%cBÅI=+
Å(*/
+&c]%cBÅ7:Å+-
Lebkc[cd_#
ceZ[Z_bk_e
_dZ_YWZe[c
YWieiZ[h[ijh_#
e^Zh_YW
r*&-
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
@|l[c
h[Yedij_jkZe
H[Yedij_jk_hYec
'/cBZ[|]kW
Z[ij_bWZW
>ol_j9
WcfebW']%+cB
AWdWa_edCC
WZkbjeWcfebW
'&c]%'cB
AWdWa_edCC
f[Z_|jh_Ye
WcfebW
(c]%&"(cB
AWl_j?C
WcfebW
'&&c]%'cB
L\[dZ
\hWiYe#WcfebW
(&&c]
L_jWc_dW9
|Y_Ze
WiYhX_Ye
L_jWc_dWA
Ójec[dWZ_edW
L_jWc_dWA
Ójec[dWZ_edW
Leh_YedWpeb
@|l[c
h[Yedij_jkZe
HkXhWdelW
WcfebW+$&&&
cY]%(cB
L_jWc_dW8'(
^_ZheneYeXWbW#
c_dW
Lebkc[fWhW
h[Yedij_jk_e
7fh[i[djWe
Yec[hY_Wb
Fh_dYf_e
Wj_le
UUUUUUUUUU
I<"I=+
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åde
?LZ_h[jWÅde
I<"I=+
EXi$0[ijWi
iebk[iie
YecfWjl[_i
Wf[dWil_WO
AWdWa_edCC
WZkbje
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅde
AWdWa_edCC
f[Z_|jh_Ye
?LZ_h[jWÅi_c
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
Iec[dj[
Wfb_YWe?C
I<"I=+
UUUUUUUUU
Iebk[i
YecfWjl[_i
?LZ_h[jWÅ
deh[Yec[dZ|l[b
?d\kie_dj[hc_#
j[dj[Åi_c
?d\kieYedjdkW
Åi_c
?CÅi_c
?LZ_h[jWÅde
?d\kie_dj[hc_#
j[dj[Åde
?d\kieYedjdkW
Åde
?CÅi_c
L_WiZ[
WZc_d_ijhWe
UUUUUUUUUU
?LZ_h[jWÅ
'c_dkje
?LZ_h[jWÅ
b[djWc[dj[
?d\kie
_dj[hc_j[dj[Å
)&c_dkjei
?CÅfhe\kdZW
?d\kie_dj[hc_#
?d\kie
j[dj[ÅZ_bk_h[c
_dj[hc_j[dj[Å
*&Å*&&cBZ[I< )c]%a]%^ZkhWd#
ekI=+
j['W(^ehWi
UUUUUUUUUU
UUUUUUUUU
?d\kie_dj[hc_#
j[dj[Å
+&cBZ[I<ek
I=+
?d\kieYedjdkW
Å+&&cBZ[I<ek
I=+
UUUUUUUUU
Lebkc[
fWhWZ_bk_e
J[cfe
h[Yec[dZWZe
Z[f[h\kie
+c]%cB
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
9edY[djhW#
ec|n_cW
Z[Z_bk_e
7fih[Yedij_#
jk_e"Z_bk_h[c
*&cBZ[iebk#
eYecfWjl[b
UUUUUUUUUUUU
UUUUUUUUU
UUUUUUUUU
UUUUUUUUU
Lebkc[cd_#
ceZ[Z_bk_e
_dZ_YWZe[c
YWieiZ[h[ijh_#
e^Zh_YW
f>0+"+W-"+
UUUUUUUUUUUUUUU
UUUUUUU
f>0+")W,",
Eic0(.+
f>0+"+W-"&
I[cZWZei
f>
EicebWh_ZWZ[
cEic%B
C[Z_YWc[djeikiWZei[c_djen_YW[i
7djZeje
?dZ_YWe
C[YWd_iceZ[We
7Y[j_bY_ij[dW
FWhWY[jWceb
7kc[djWWYedY[djhWe^[f|j_YWZe]bkYWj_ed"gk[
_dWj_lWkcc[jWXb_je_dj[hc[Z_|h_eZefWhWY[jWceb
ÜY_Ze<ebd_Ye
C[jejhenWj["Jh_c[jhefh_c"
F_h_c[jWc_dW
;l_jWWWeZ[_d_X_Zeh[iZWZ__Zhe\ebWjeh[ZkjWi[
7jhef_dW
Eh]Wde\ei\ehWZei
8begk[_Weih[Y[fjeh[ickiYWhd_Yei
ÜbYeeb7Xiebkje
C[jWdeb[;j_b[de]b_Yeb
9ecf[j[YecW|bYeeb#Z[i_Zhe][dWi[[dp_cW"gk[Yedl[hj[
ec[jWdeb[c\ehcWbZ[Ze[|Y_Ze\hc_Ye
7pkbZ[C[j_b[de
<[dWpef_h_Z_dW"D_jh_jei
H[ZkpWc[j[ce]beX_dW[c^[ce]beX_dW
8_f[h_Z[de
Eh]Wde\ei\ehWZei"D_Yejd_Yei
8begk[_Wh[Y[fjeh[iZWWY[j_bYeb_dW"Z_c_dk_dZe
Wih[W[i[njhWf_hWc_ZW_i
9|bY_e=bkYedWje
ÜY_Ze<bkehZh_Ye"CW]di_e
<ehcWciW_iZ[Y|bY_egk[fh[Y_f_jWc
9Whle7j_le
?dc[heic[Z_YWc[djei"c[jW_i
f[iWZei"fhW]k_Y_ZWi
:_c_dk_WWXieheZe\|hcWYefehWZiehe
:[i\[henWc_d[
<[hhe
B_]W#i[We<[???\ehcWdZekcYecfb[ne[ij|l[b"
Wjn_Ye[iebl[b[b_c_dWZef[bWkh_dW
<_jec[bWZ_edW
:[h_lWZei9kcWhd_Yei
7j_lWWidj[i[Zei\Wjeh[il_jWc_dWAZ[f[dZ[dj[i
<bkcWp[d_b
8[dpeZ_Wp[fd_Yei
9ecf[j[Yecec[iceh[Y[fjehZeiX[dpeZ_Wp[fd_Yei
CW]di_eIkb\Wje
8|h_e
:_c_dk_WWXieheZeX|h_e
DWbenedW
Ef__Z[i
8begk[_Weh[Y[fjehef_|Y_e
FhejWc_dWIkb\Wje
>[fWh_dW%;denWfWh_dW
<ehcWeZeYecfb[nefhejWc_dW#^[fWh_dW
\WhcWYebe]_YWc[dj[_dWj_le
*&.r
FhejeYebeZ[Wdj_X_ej_YefheÓbWn_W[cY_hkh]_Wi
fh[Yed_pWZWif[beI9?>Ze>eif_jWbIWcWh_jWde
Fh[l[deZ[_d\[Yefi#ef[hWjh_W"fehcYec[ÓY|Y_Wb_c_jWZW$DeikXij_jk_
ekjhWic[Z_ZWi"d[cZ_c_dk_h_iYe[cYWieZ[gk[XhWZ[jYd_YW$
EX`[j_leZWfheÓbWn_W
7Zhe]W[iYeb^_ZWZ[l[h|i[hi[]khW"Z[\|Y_bWZc_d_ijhWe[YecfekYei[\[_jeiYebWj[hW_i$
7dj_X_j_YeiZ[Wcfbe[if[Yjhe[gk[feiiWci[hkj_b_pWZeifWhWjhWjWc[djeZ[l[ci[h[l_jWZei$
7iY[\Wbeifeh_dWiZ[fh_c[_hWeki[]kdZW][hWeieeiWdj_c_YheX_WdeicW_iWcfbWc[dj[
kj_b_pWZei"fe_i[ijeZ[WYehZeYeceih[gk_i_jeiWY_cW$
;iYeb^WZeWdj_X_j_Ye
GkWdZe_d_Y_Wh
EWdj_X_j_YeZ[l[i[h_d_Y_WZedW_dZkeWd[iji_YWek"dec|n_ce"'^ehWWdj[iZW_dY_ie$
FheÓbWn_W_d_Y_WZW(^ehWiWdj[iek)^ehWiWfiW_dY_iedej[c[ÓY|Y_WYecfhelWZW$;nY[e0
fheÓbWn_Wfi#Y[i|h[W"gk[\[_jWWfieYbWcf[Wc[djeZeYehZe$
:ei[i_djhW#ef[hWjh_Wi
Ied[Y[ii|h_WigkWdZeefheY[Z_c[djefhebed]WZeekgkWdZe
^ekl[hf[hZWiWd]kd[Wi_]d_ÓYWj_lW$
x_cfehjWdj[cWdj[hedl[bZ[Wdj_c_YheX_WdeWZ[gkWZeZkhWdj[jeZeeWjeef[hWjh_e"fe_iW
YedjWc_dWeZkhWdj[eWjeef[hWjh_eWfh_dY_fWbYWkiWZ[_d\[YeZ[ij_eY_hh]_Ye$
:khWeZWfheÓbWn_W
De^|[l_Z
dY_WifWhWWcW_eh_WZWiY_hkh]_WiZ[gk[Wkj_b_pWedefi#ef[hWjh_e
h[ZkpWWijWnWiZ[_d\[Ye$;cWb]kcWii_jkW[i"ekieZ[Wdj_c_YheX_Wdei
feZ[i[h[ij[dZ_ZefehWj(*#*.^ehWi$
7b[h]_W
9[hj_Ógk[#i[Z[gk[efWY_[dj[dei[`WWbh]_YeWeWdj_X_j_YeWi[hkj_b_pWZe$
B[lWh[cYedi_Z[hWeWf[dWi[l_Z
dY_WiYbWhWiZ[Wb[h]_W"khj_Y|h_W"fhkh_Ze"^_fej[die"
Wd]_e[Z[cW"XhedYe[ifWice"Whh_jc_Wi"\[Xh[fehZhe]Wi$
FheY[Z_c[djeY_hh]_Ye
7dj_X_ej_YefheÓbWn_Wh[Yec[dZWZW
9_hkh]_WYWhZWYWÅ
_cfbWdj[Z[fhj[i[
9[\khen_cW'"+]?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0-+&c]?L.%.^ehWifeh*.^ehWi$
Ek
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0'#(]?L.%.^ehWifeh*.^ehWi$
9_hkh]_WYWhZWYWÅ
h[lWiYkbWh_pWeZec_eY|hZ_e
9[\khen_cW'"+]?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0-+&c]?L.%.^ehWifeh(*^ehWi$
Ek
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0'#(]?L.%.^ehWifeh(*^ehWi$
9_hkh]_WYWhZWYWÅ
Wb[h]_W}f[d_Y_b_dW
LWdYec_Y_dW'"&]?LZ_bkZW[cI=+ekI<$?d_Y_Wh(^ehWiWdj[iZW_dY_ie[_d\kdZ_h[c
'^ehW$:ei[i_djhW#ef[hWjh_WiWYWZW,#'(^ehWi$
Defi#ef[hWjh_e0']?L'(%'(^ehWifeh(*^ehWiek*.^ehWiYec_cfbWdj[Z[fhj[i[$
Ek
9b_dZWc_Y_dW,&&#/&&c]?LdW_dZkeWd[iji_YW[WYWZW)#,^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0,&&c]?L,%,^ehWifeh(*^ehWiek*.^ehWiYec_cfbWdj[Z[fhj[i[$
BWfWhejec_W[nfbehWZehW
9[\Wpeb_dW'#(]?L!C[jhed_ZWpeb+&&c]?LdW_dZkeWd[iji_YW[Zei[i_djhW#
ef[hWjh_WiWYWZW(#+^ehWifWhW9[\Wpeb_dW[,#.^ehWifWhWeC[jhed_ZWpeb$
F~dYh[Wi[\]WZe
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e!
C[jhed_ZWpeb+&&c]?LdW_dZkeWd[iji_YW[WYWZW,#.^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e09[\Wpeb_dW'#(]?L.%.^ehWifeh(*^ehWi!C[jhed_ZWpeb+&&c]?L.%.
^ehWifeh(*^ehWi$
JhWjeX_b_Wh
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
9_hkh]_WZe[ijcW]e
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
9_hkh]_WZe[i\W]e
9[\en_j_dW(]?LdW_dZkeWd[iji_YW[Zei[i_djhW#ef[hWjh_WiWYWZW(#)^ehWi$
Defi#ef[hWjh_e0'#(]?L.%.^ehWifeh(*^ehWi$
Ek
7cen_Y_b_dW%9bWlkbWdWjeZ[Fej|ii_e']?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWide
_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0']?L.%.^ehWifeh(*^ehWi$
r*&/
FheY[Z_c[djeY_hh]_Ye
7dj_X_ej_YefheÓbWn_Wh[Yec[dZWZW
BWfWheiYf_YWÅ^[hd_efbWij_WYecj[bW
9eb[Y_ij[Yjec_WYecYebWd]_e]hWÓW
=WijhefbWij_Wh[ZkjehW
7f[dZ_Y[Yjec_W
9_hkh]_WZ[l_WiX_b_Wh[i
9eb[Yjec_W
>_ij[h[Yjec_W
EiWdj_X_j_Yeih[Yec[dZWZei[ej[cfeZ[kj_b_pWeieei
c[iceikj_b_pWZei[cY_hkh]_WYedl[dY_edWb$
>[hd_ehhWÓWÅh[Yec[dZWe
fWhWfWY_[dj[iZ[h_iYe0eX[iei"
Z_WXj_Yei"kieYhd_YeZ[
Yehj_Yeij[h_Z[i"kj_b_pWeZ[j[bW
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
=_d[Yeb]_YWiÅ^_ij[h[Yjec_W
lW]_dWbekWXZec_dWb
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
=_d[Yeb]_YWiÅfWhjeY[i|h[W
9[\Wpeb_dW'#(]?LWfiYbWcf[Wc[djeZeYehZe$
=_d[Yeb]_YWiÅcWij[Yjec_W
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
=_d[Yeb]_YWiÅc_ec[Yjec_W
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
=_d[Yeb]_YWiÅWXehjedefh_c[_he
jh_c[ijh[
7p_jhec_Y_dW+&&c]LE$
=_d[Yeb]_YWiÅWXehje
dei[]kdZejh_c[ijh[
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
EhjefZ_YWÅYebeYWe
Z[hj[i[ekfhj[i[
9[\khen_cW'"+]?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0-+&c]?L.%.^ehWifeh*.^ehWi$
Ek
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0'#(]?L.%.^ehWifeh*.^ehWi$
EhjefZ_YWÅh[ZkeZ[\hWjkhW
[nfeijWZej_fe?
9[\khen_cW'"+]?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0-+&c]?L.%.^ehWifeh-#'&Z_Wi$
Ek
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0'#(]?L.%.^ehWifeh-#'&Z_Wi$
EhjefZ_YWÅh[ZkeZ[\hWjkhW
[nfeijWZej_fe??[???
9[\khen_cWek9[\Wpeb_dWYeceZ[iYh_jeWY_cW!7c_de]b_YeiZ[eWc_YWY_dW"
][djWc_Y_dWekjeXhWc_Y_dW$
GkWdZe^ekl[hYedjWc_dWeYecj[hhW"WYh[iY[djWhYeX[hjkhWYedjhWWdW[hX_ei
f[d_Y_b_dWYh_ijWb_dW$
EhjefZ_YWÅeij[eiidj[i[
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e
EhjefZ_YWÅWcfkjWeZ[CC??
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
EhjefZ_YWÅWcfkjWeZ[CC??
dWl_]
dY_WZ[]Wd]h[dWekZ[
_d\[YebeYWb
?dZ_YWZeWdj_X_j_Ye[c[igk[cWj[hWf
kj_Ye$
EhjefZ_YWÅWhjheiYef_W
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
EhjefZ_YWÅWb[h]_W}f[d_Y_b_dW
LWdYec_Y_dW'"&]?LZ_bkZW[cI=+ekI<&"/$?d_Y_Wh(^ehWiWdj[iZW_dY_ie[
_d\kdZ_h[c'^ehW$:ei[i_djhW#ef[hWjh_WiWYWZW,#'(^ehWi$
Defi#ef[hWjh_e0']?L'(%'(^ehWifeh(*^ehWiek*.^ehWiYec_cfbWdj[Z[fhj[i[$
Ek
9b_dZWc_Y_dW,&&#/&&c]?LdW_dZkeWd[iji_YW[WYWZW)#,^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0,&&c]?L,%,^ehWifeh(*^ehWiek*.^ehWiYec_cfbWdj[Z[fhj[i[$
D[kheY_hkh]_WÅYhWd_ejec_W
9[\khen_cW'"+]?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWide_djhW#ef[hWjh_e$
Ek
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
D[kheY_hkh]_WÅYhWd_ejec_WYec
_dijWbWeZ[i^kdj
9[\khen_cW'"+]?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0-+&c]?L.%.^ehWifeh(*^ehWi$
Ek
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0'#(]?L.%.^ehWifeh(*^ehWi$
*'&r
FheY[Z_c[djeY_hh]_Ye
7dj_X_ej_YefheÓbWn_Wh[Yec[dZWZW
D[kheY_hkh]_WÅY_hkh]_WWjhWliZei
i[_eifWhWdWiW_iek
ckYeiW\Whd][W
7cen_Y_b_dW%9bWlkbWdWjeZ[Fej|ii_e'#(]?LdW_dZkeWd[iji_YW[WYWZW
)#*^ehWide_djhW#ef[hWjh_e$
D[kheY_hkh]_WÅWb[h]_W}f[d_Y_b_dW
LWdYec_Y_dW'"&]?LZ_bkZW[cI=+ekI<&"/$?d_Y_Wh(^ehWiWdj[iZW_dY_ie[
_d\kdZ_h[c'^ehW$:ei[i_djhW#ef[hWjh_WiWYWZW,#'(^ehWi$
Defi#ef[hWjh_e0']?L'(%'(^ehWifeh(*^ehWiYec_cfbWdj[Z[fhj[i[$
Ek
9b_dZWc_Y_dW,&&#/&&c]?LdW_dZkeWd[iji_YW[WYWZW)#,^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0,&&c]?L,%,^ehWifeh(*^ehWiYec_cfbWdj[Z[fhj[i[$
9ebe#h[jWb[ZeWf
dZ_Y[ÅY_hkh]_W
[b[j_lWZeYbedcWhYWZWfWhW
Wi.^ehWiZWcWd^ZeZ_W
i[]k_dj[Wefh[fWhe
D[ec_Y_dW']LE}i')"'*[()^ehWideZ_WWdj[h_eh}Y_hkh]_W$
Ek
D[ec_Y_dW']LE!C[jhed_ZWpeb']LEdeic[icei^eh|h_eiWY_cW$
<WYkbjWj_le0
9[\Wpeb_dW'#(]?L!C[jhed_ZWpeb+&&c]?LdW_dZkeWd[iji_YW[Zei[i_djhW#
ef[hWjh_WiWYWZW(#+^ehWifWhW9[\Wpeb_dW[,#.^ehWifWhWeC[jhed_ZWpeb$
Defi#ef[hWjh_e09[\Wpeb_dW'#(]?L.%.^ehWi!
C[jhed_ZWpeb+&&c]?L.%.^ehWifeh(*^ehWi$
Ek
9[\en_j_dW(]?LdW_dZkeWd[iji_YW[Zei[i_djhW#ef[hWjh_WiWYWZW(#)^ehWi$
Defi#ef[hWjh_e0'#(]?L.%.^ehWifeh(*^ehWi$
9ebe#h[jWb[ZeWf
dZ_Y[ÅY_hkh]_W
Z[[c[h]
dY_W
9[\en_j_dW(]?LdW_dZkeWd[iji_YW[Zei[i_djhW#ef[hWjh_WiWYWZW(#)^ehWi$
Defi#ef[hWjh_e0'#(]?L.%.^ehWifeh(*^ehWi$
Ek
9[\Wpeb_dW'#(]?L!C[jhed_ZWpeb+&&c]?LdW_dZkeWd[iji_YW[Zei[i_djhW#
ef[hWjh_WiWYWZW(#+^ehWifWhW9[\Wpeb_dW[,#.^ehWifWhWeC[jhed_ZWpeb$Defi#
ef[hWjh_e09[\Wpeb_dW'#(]?L.%.^ehWi!C[jhed_ZWpeb+&&c]?L.%.^ehWifeh(*^ehWi$
9ebe#h[jWb[ZeWf
dZ_Y[ÅWb[h]_W
9b_dZWc_Y_dW,&&c]?LekC[jhed_ZWpeb+&&c]?LdW_dZkeWd[iji_YW!
=[djWc_Y_dW,&W.&c]?L
:ei[i_djhW#ef[hWjh_Wi09b_dZWc_Y_dW)#,^ehWi
C[jhed_ZWpeb,#.^ehWi
=[djWc_Y_dW)#,^ehWi
9ebe#h[jWb[ZeWf
dZ_Y[ÅY_hkh]_W
ZeWf
dZ_Y[
EXi$0i[\ehZ[j[YjWZWf[h\khWe"e
Wdj_X_j_YeZ[l[h|i[hYedi_Z[hWZe
Yecej[hWf
kj_Ye
9[\Wpeb_dW'#(]?L!C[jhed_ZWpeb+&&c]?LdW_dZkeWd[iji_YW[Zei[i_djhW#
ef[hWjh_WiWYWZW(#+^ehWifWhW9[\Wpeb_dW[,#.^ehWifWhWeC[jhed_ZWpeb$
Ek
9[\en_j_dW(]?LdW_dZkeWd[iji_YW[Zei[i_djhW#ef[hWjh_WiWYWZW(#)^ehWi$
9ebe#h[jWb[ZeWf
dZ_Y[Å
^[cehhe_Z[Yjec_W
De_dZ_YWZW$
Kheb]_YWÅfheijWj[Yjec_WhWZ_YWb
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Kheb]_YWÅfheY[Z_c[djegk[
[dleblWYebeYWeZ[fhj[i[
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e!
=[djWc_Y_dW'"+c]%a]?LdW_dZke[WYWZW)#,^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e09[\Wpeb_dW'#(]?L.%.^ehWifeh(*^ehWi!=[djWc_Y_dW'"+c]%a]?L
.%.^ehWifeh(*^ehWi$
Kheb]_YWÅekjhWiY_hkh]_Wi
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Kheb]_YWÅX_fi_W
fheij|j_YWjhWdih[jWb
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW$
Ek
9_fheÔenWY_dW*&&c]?LdW_dZkeWd[iji_YW$
Kheb]_YWÅY_ij[Yjec_WYec
fb|ij_YW_dj[ij_dWb
7cen_Y_b_dW%9bWlkbWdWjeZ[Fej|ii_e']?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWi
de_djhW#ef[hWjh_e$
Jeh|Y_YW
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e09[\Wpeb_dW'#(]?L.%.^ehWifeh(*^ehWi$
Fb|ij_YW
H_iYeZ[_d\[YeXW_ne"de`kij_ÓYWZWWfheÓbWn_Whej_d[_hW$
EYkbWh
?dij_bWeZ[Yebh_eiYedj[dZeWdj_c_YheX_Wdei$
r*''
FheY[Z_c[djeY_hh]_Ye
7dj_X_ej_YefheÓbWn_Wh[Yec[dZWZW
LWiYkbWhÅY_hkh]_WWhj[h_WbYec
YebeYWeZ[fhj[i["Y_hkh]_WZW
WehjWWXZec_dWbekZeiCC??
9[\khen_cW'"+]?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0-+&c]?L.%.^ehWifeh*.^ehWi$
Ek
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0'#(]?L.%.^ehWifeh*.^ehWi$
LWiYkbWhÅY_hkh]_WWhj[h_WbZei
CCII
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
LWiYkbWhÅWb[h]_W}f[d_Y_b_dW
LWdYec_Y_dW'"&]?LZ_bkZW[cI=+ekI<&"/$?d_Y_Wh(^ehWiWdj[iZW_dY_ie[
_d\kdZ_h[c'^ehW$:ei[i_djhW#ef[hWjh_WiWYWZW,#'(^ehWi$
Defi#ef[hWjh_e0']?L'(%'(^ehWifeh*.^ehWiYec_cfbWdj[Z[fhj[i[$
Ek
9b_dZWc_Y_dW,&&#/&&c]?LdW_dZkeWd[iji_YW[WYWZW)#,^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0,&&c]?L,%,^ehWifeh*.^ehWiYec_cfbWdj[Z[fhj[i[$
Kheb]_YWÅekjhWiY_hkh]_Wi
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Kheb]_YWÅX_fi_W
fheij|j_YWjhWdih[jWb
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW$
Ek
9_fheÔenWY_dW*&&c]?LdW_dZkeWd[iji_YW$
Kheb]_YWÅY_ij[Yjec_WYec
fb|ij_YW_dj[ij_dWb
7cen_Y_b_dW%9bWlkbWdWjeZ[Fej|ii_e']?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWide
_djhW#ef[hWjh_e$
Jeh|Y_YW
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e09[\Wpeb_dW'#(]?L.%.^ehWifeh(*^ehWi$
Fb|ij_YW
H_iYeZ[_d\[YeXW_ne"de`kij_ÓYWZWWfheÓbWn_Whej_d[_hW$
EYkbWh
?dij_bWeZ[Yebh_eiYedj[dZeWdj_c_YheX_Wdei$
LWiYkbWhÅY_hkh]_WWhj[h_WbYec
YebeYWeZ[fhj[i["Y_hkh]_WZW
WehjWWXZec_dWbekZeiCC??
9[\khen_cW'"+]?LdW_dZkeWd[iji_YW[WYWZW)#*^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0-+&c]?L.%.^ehWifeh*.^ehWi$
Ek
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0'#(]?L.%.^ehWifeh*.^ehWi$
LWiYkbWhÅY_hkh]_W
Whj[h_WbZeiCCII
9[\Wpeb_dW'#(]?LdW_dZkeWd[iji_YW[WYWZW(#+^ehWide_djhW#ef[hWjh_e$
LWiYkbWhÅWb[h]_W}f[d_Y_b_dW
LWdYec_Y_dW'"&]?LZ_bkZW[cI=+ekI<&"/$?d_Y_Wh(^ehWiWdj[iZW_dY_ie[
_d\kdZ_h[c'^ehW$:ei[i_djhW#ef[hWjh_WiWYWZW,#'(^ehWi$
Defi#ef[hWjh_e0']?L'(%'(^ehWifeh*.^ehWiYec_cfbWdj[Z[fhj[i[$
Ek
9b_dZWc_Y_dW,&&#/&&c]?LdW_dZkeWd[iji_YW[WYWZW)#,^ehWide_djhW#ef[hWjh_e$
Defi#ef[hWjh_e0,&&c]?L,%,^ehWifeh*.^ehWiYec_cfbWdj[Z[fhj[i[$
*'(r
9ehh[bWe[djh[]ejWi[c_b_b_jhe
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
d±Z[
]ejWi%
cB
ÜY_Ze<b_Ye!L_jWc_dW9
;dZe\eb_d]ejWi|Y_Ze\b_Ye(c]!|Y_ZeWiYhX_Ye+&c]\hWiYe)&cB
(&#((
7Z_\[d_dW!:_f_hedW!
Fhec[jWp_dW
B_iWZeh]ejWiWZ_\[d_dWYbeh_ZhWje'&c]!Z_f_hedWiZ_YW+&&c]!
fhec[jWp_dWYbeh_ZhWje+c]%'"+cB\hWiYe(&cB
(&
7c_deÓb_dW
7c_deÓb_dWIWdZep]ejWi(*&c]%cB\hWiYe'&cB
(&
7c_eZWhedW
7dYehed]ejWi(&&c]%cB
)&
8hecefh_ZW
:_][iWd]ejWi*c]%cB\hWiYe(&cB
(*
8hecefh_ZW
FbWc[j]ejWi*c]%cB\hWiYe(&cB
(*
9bedWp[fWc
H_lejh_b]ejWi("+c]%cB\hWiYe(&cB
(+
9behfhecWp_dW
7cfb_Yj_b*]ejWi\hWiYe(&cB
*&
9eZ[dW!<[d[j_bWc_dW!
F[dj[jhWpeb!>ecWjhef_dW
8[bWYeZ_Z]ejWi\hWiYe'&cBYeZ[dW&"&(&]!\[d[j_bWc_dWY_jhWje
&"&'&]!f[dj[jhWpeb&"&(&]!d_jhWjeZ[D#c[j_b#^ecWjhef_dW&"&&']
)*#*&
:_Ybe\[dWYeFej|ii_Ye
9WjWÔWd]ejWi'+c]%cB\hWiYe'&cB
)&
:_c[d_Zh_dWje!L_jWc_dW8,
:hWc_d8,f[Z_|jh_Ye]ejWiZ_c[d_Zh_dWje(+c]!l_jWc_dW8,
+c]%cB\hWiYe(&cB
(&
:_c[j_YedW
Bk\jWb]ejWi-+c]%cB\hWiYe'+cB
)&
:_f_hedW
7dWZeh]ejWi+&&c]%cB\hWiYe'&cB
)&
:_f_hedW
CW]def_heb]ejWi+&&c]%cB\hWiYe'&cB
(&
:_f_hedW
DelWb]_dW]ejWi+&&c]%cB\hWiYe'&cB
(&
<[deXWhX_jWb
=WhZ[dWbf[Z_|jh_Ye]ejWi*&c]%cB\hWiYe(&cB
*&
<[dej[heb
8[hej[Y&"+]ejWi\hWiYe(&cB
(&
>Wbef[h_Zeb
>WbZeb]ejWi(c]%cB\hWiYe)&cB
(&
r*')
Fh_dYf_eWj_le
7fh[i[djWeYec[hY_Wb
d±Z[
]ejWi%
cB
>_Zhn_ZeZ[<[hheFeb_cWbjeiWZe
Deh_fkhkc]ejWi+&c]Z[<[)!%cB\hWiYe'+cB
(&
B[lec[fhecWp_dW
D[ep_d[*]ejWi\hWiYe(&cB
*&
C[jeYbefhWc_ZW
;kY_bf[Z_|jh_Ye]ejWi*c]%cB\hWiYe'&cB
(&
C[jeYbefhWc_ZW
;kY_bWZkbje]ejWi'&c]%cB\hWiYe'&cB
(&
C[jeYbefhWc_ZW
FbWi_bf[Z_|jh_Ye]ejWi*c]%cB\hWiYe'&cB
('
D#8kj_b[iYefebWc_dW
8kiYefWdi_cfb[i]ejWi'&c]%cB\hWiYe(&cB
(&
D#8kj_b[iYefebWc_dW!:_f_hedW
8kiYefWdYecfeije]ejWiD#Xkj_b[iYefebWc_dWXhec[je,",-c]
!Z_f_hedWiZ_YW)))"*c]%cB\hWiYe(&cB
(&
D_c[ikb_ZW
D_ikb_Z]ejWi+&c]%cB\hWiYe'+cB
(&
FWhWY[jWceb
:h_Ye]ejWi(&&c]%cB\hWiYe'+cB
(&
FWhWY[jWceb
Job[deb]ejWi(&&c]%cB\hWiYe'+cB
'*#',
F[h_Y_Wp_dW
D[kb[fj_bf[Z_|jh_Ye*]ejWi\hWiYe(&cB
*&
Feb_l_jWcd_Ye
Fhejel_jFbki]ejWi\hWiYe(&cB
9WZWcBYedjc0l_j$7Å)$&&&K?1l_j$8'Å(c]1l_j$8(Å'"+c]1
d_Yej_dWc_ZWÅ'+c]1l_j$8+Å'&c]1l_j$8,Å(c]1X_ej_dWÅ&"(c]1l_j$9
Å.&c]1l_j$:Å/&&K?1l_j$;Å'+c]
(*
Ikb\Wje<[hheie
<[h#?d#Ieb(+c]%cB\[hhe[b[c[djWh\hWiYe)&cB
(,
JhWcWZeb
JhWcWb]ejWi'&&c]%'cB\hWiYe'&cB
*&
L_jWc_dW7!L_jWc_dW:)
7Z#J_b]ejWi\hWiYe'&cB
9WZWcBYedjc0l_j$7Å+&$&&&K?1l_j:)Å'&$&&&K?
*&
L_jWc_dWiZe9ecfb[ne8
9ecfb[ne8]ejWi\hWiYe(&cB
9WZWcBYedjc0l_j$8'Å+c]1l_j$8(Å(c]1l_j$8,Å(c]1l_j$FFÅ(&
c]1l_j$8+Å)c]1l_j$>Å&"(+c]
(&
L_jWc_dW9
H[Zened]ejWi(&&c]%cB\hWiYe(&cB
(&
*'*r
JWX[bWZ[Yehh[ifedZ
dY_WZ[c;gfh[i[dj[dei[b[jhb_jei
FheZkje
9ÜJ?ED
ÚD?ED
c;g%cB
c]%cB
c;g%cB
c]%cB
7Y[jWjeZ[IZ_e'&
&"-
',"/
&"-
*)"*
7Y[jWjeZ[IZ_e(c;g%cB
("&
*,"&
("&
''."'
7Y[jWjeZ[Fej|ii_e(c;g%cB
("&
-."(
("&
''-"/
8_YWhXedWjeZ[IZ_e'&
'"(
(-"*
'"(
-(",
9beh[jeZ[IZ_e(&
)"*
-.",
)"*
'('"*
9beh[jeZ[IZ_e*c;g%cB
*"&
/("&
*"&
'*'".
9beh[jeZ[Fej|ii_e'/"'
(",
'&&"'
(",
/&"/
9beh[jeZ[Fej|ii_e(c;g%cB
("&
-."(
("&
-&"/
<ei\Wje:_|Y_ZeZ[Fej|ii_e(+
'".
-'".
'". +-"&
<ei\$Cede|Y_ZeZ[Fej|ii_e(+
("/
''(")
'"/ **"+
<ei\WjeZ[IZ_e(c;g%cB
("&
*,"&
'"' )*"(
<ei\WjeZ[Fej|ii_e(c;g%cB
("&
-/"&
'"' )*"-
=bkYedWjeZ[9|bY_e'&
&"+
."/
&"+
.-"&
Ikb\WjeZ[CW]di_e'&
&".
/"/
&".
)/"&
Ikb\WjeZ[CW]di_e(&
'",
'/".
'",
-."&
Ikb\WjeZ[CW]di_e+&
*"&
*/"+
*"&
'/+"&
Ikb\WjeZ[CW]di_e'c;g%cB
'"&
'("(
'"&
*."'
cceb%cB<i\ehe
JWX[bWZ[fej
dY_Wih[bWj_lWi[Zei[i
[gk_lWb[dj[iZ[Yehj_Y_Z[ii_ij
c_Yei
Fh_dYf_eWj_le
Fej
dY_W
Wdj__dÔWcWjh_W
h[bWj_lW
Fej
dY_W
h[bWj_lWZ[h[j[de
Z[iZ_e
:khWe
ZWWe
:ei[[gk_lWb[dj[
Wfhen_cWZW
c]
8[jWc[jWiedW
(+
&
B
&"-+
9ehj_iedW
&".
&".
9
(+
:[nWc[jWiedW
(+
&
B
&"-+
<bkZheYehj_iedW
'&
'(+
9
&
>_ZheYehj_iedW
'
'
9
(&
C[j_bfh[Zd_iebedW
+
&"+
?
*
Fh[Zd_iedW
*
&".
?
+
Jh_WdY_debedW
+
&
?
*
93c[_W#l_ZWX_eb]_YWYkhjWekZ[.W'(^ehWi$
?3c[_W#l_ZWX_eb]_YW_dj[hc[Z_|h_WekZ['(W),^ehWi$
B3c[_W#l_ZWX_eb]_YWbed]WZ[),W-(^ehWi$
7h[bWeZ[Zei[iWfb_YW#i[iec[dj[fWhWWZc_d_ijhWel_WehWb[_djhWl[deiW$7ifej
dY_Wih[bWj_lWifeZ[cZ_\[h_hgkWdZeWZc_d_ijhWZWil_W
_djhWckiYkbWhek[djh[Whj_YkbW[i$
r*'+
=k_WZ[kj_b_pWeZ[c[Z_YWc[djeiZkhWdj[W]hWl_Z[p[bWYjWe
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
7XY_n_cWX[
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
7Y[jWpebWc_ZW
9
J[hWje]
d_Ye[cWd_cW_i"i[c
[ijkZeiYedjhebWZei[cckb^[h[i
]h|l_ZWi$KieWYh_jh_ecZ_Ye
À
Fej[dY_W_i[\[_jeiWZl[hiei
WebWYj[dj[$:[iYedj_dkWhW
WcWc[djWeekekieZe\|hcWYe
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
7fhen_cWZWc[dj[)ZWZei[
ZWZW}c[[nYh[jWZWdeb[_j[
cWj[hde$Fehc"deYWkiWZWdei
h[b[lWdj[iWebWYj[dj[
9%:
De^|[ijkZeiYedjhebWZei
[c][ijWdj[ide'±jh_c[ijh[
YWj[]eh_W91;ijkZei
Z[cedijhWcgk[ekieZkhWdj[
e(±[)±jh_c[ijh[Z[][ijWe
feZ[YWkiWhZWdei\[jW_i
YWj[]eh_W:
¿
KieYecfWjl[bYecW
WcWc[djWe$Fehc"dei[
h[Yec[dZWWcWc[djWhi[WZei[
\ehWY_cWZ[)&&c]%Z_Wfehkie
fhebed]WZe"fe_i"d[ii[YWie"feZ[
jhWp[hZWdeWebWYj[dj[
ÜY_Ze
7c_deYWfh_Ye
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
ÜY_Ze<b_Ye
7
UUUU
¿
UUUU
8
H[]_ijhei[nf[h_c[djW_i
Z[cedijhWcgk[Wf[dWikc
dl[bXW_ne2'WjhWl[iiWW
XWhh[_hWfbWY[dj|h_W1[ijkZei
[cWd_cW_ideZ[cedijhWhWc
[\[_jeij[hWje]
d_Yei
*
Ikif[dZ[hWWcWc[djWefeh
Wb]kdiZ_WiWfiWh[Wb_pWeZe
[nWc[$7f[dWi[nYh[jWZef[be
b[_j[cWj[hde2'
9
Deh[Yec[dZWZekj_b_pWh
ZkhWdj[e'±jh_c[ijh[
Z[]hWl_Z[p
¿
EYehh[[nYh[eZ[Wf[dWi'[c
h[bWe}YedY[djhWefbWic|j_YW"
fekYWfheXWX_b_ZWZ[Z[[\[_je
ieXebWYj[dj[
8
I[c[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi$<WXh_YWdj[
h[Yec[dZWdekj_b_pWhZkhWdj[W
]hWl_Z[p"fe_iec[Z_YWc[djei[
ceijhekj[hWje]
d_Ye
[cWd_cW_i
¾
I[cZWZei
KieYh_j[h_eie
ÜY_ZeLWbfh_Ye
:
I[]kdZe_d\ehcW[iZW
b_j[hWjkhWcZ_YW"|Y_ZelWbfh_Ye
[i[kiiW_ifeZ[cfheZkp_h
[\[_jeij[hWje]
d_YeideYedY[fje
Z[ckb^[h[igk[h[Y[XWc[iiW
c[Z_YWeZkhWdj[W][ijWe
¾
ElWbfheWje[nYh[jWZedeb[_j[
cWj[hde$De^|ZWZeiYedYbki_lei
ieXh[WWeZelWbfheWje[c
h[Yc#dWiY_Zei$H[Yec[dZW#i[
deWcWc[djWh
7Z[dei_dW
9
UUUU
¾
I[cZWZei
KieYh_j[h_eie
Fh_dYf_eWj_le
7Y[j_bY_ij[dW
7Y_Ybel_h
ÜY_Ze7Y[j_biWb_Yb_Ye
ÜY_Ze=WZejh_Ye
ÜY_ZeJhWd[n~c_Ye
ÜY_Ze
KieZ[ien_Yb_Ye
*',r
Fh_dYf_eWj_le
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
7Z_\[d_dW!
Fhec[jWp_dW
!:_f_hedW
9
UUUU
¾
I[cZWZei
KieYh_j[h_eie
7Zh[dWb_dW
9
Deh[Yec[dZWZe"fe_ifeZ[
YWkiWhlWieYedijh_ekj[h_dW
¿
9ecfWjl[bYecWWcWc[djWe$x
[nYh[jWZedeb[_j[cWj[hde"fehc
_dWj_lWZedejkXeZ_][ij_leZe
h[Yc#dWiY_Ze
7bX[dZWpeb
9
Ceijhek#i[j[hWje]
d_Ye
[cWd_cW_i$I[c[ijkZei
YedjhebWZei[c^kcWdei
¿
UUUU
7bXkc_dW
>kcWdW(&
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi$KieWYh_jh_e
cZ_Ye"WlWb_WdZeh_iYeÅX[d[\Y_e
¿
UUUU
9
;ijkZei[cWd_cW_ide
Z[cedijhWhWc[\[_jei
j[hWje]
d_Yei"fehcde^|
[ijkZeiYedjhebWZei[cckb^[h[i
]h|l_ZWi$KieWYh_jh_ecZ_Ye"
WlWb_WdZeh_iYeÅX[d[\Y_e
¾
x[nYh[jWZedeb[_j[$H[Yec[dZW#i[
deWcWc[djWhWfi(*^ehWiZe
kieZec[Z_YWc[dje
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
7befkh_deb
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
*
I[cZWZei
KieYh_j[h_eie
7bfhWpebWc
:
EiX[dpeZ_Wp[fd_YeifeZ[c
YWkiWhc|#\ehcW[iWe\[je
¿
Ced_jehWheX[X
fWhW
[\[_jeiYebWj[hW_i
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
7cWdjWZ_dW
9
C|#\ehcWeYWhZ_elWiYkbWh
`|\e_eXi[hlWZWdW[nfei_e
cWj[hdW}WcWdjWZ_dW'&&c]%
Z_WZkhWdj[WiZkWifh_c[_hWi
i[cWdWiZ[]hWl_Z[p
¾
x[nYh[jWZedeb[_j[cWj[hde
KieYh_j[h_eie
7cXheneb
7
UUUU
¿
UUUU
8
;ijkZei[cWd_cW_ide
h[l[bWhWch_iYeiWe\[je"fehc
de^|[ijkZeiX[cYedjhebWZei
[cckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
GkWdZekiWZeif[bWc[fehl_W
fWh[dj[hWb"WfWh[Y[\WY_bc[dj[de
b[_j[cWj[hde"YedjkZe"WWXiehe
dejhWje]Wijh_dj[ij_dWbZebWYj[dj[
_di_]d_ÓYWdj[$Be]e"
i[]kheWcWc[djWh
7c_Zejh_peWjeZ[
IZ_e[7c_Zejh_peWje
Z[C[]bkc_dW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
7Yedi[b^W#i[_dj[hhecf[h
j[cfehWh_Wc[dj[WWcWc[djWe
WfiWkj_b_pWeZefheZkje
7c_bWi[!B_fWi[
!Fhej[Wi[
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
*
I[cZWZei
KieYh_j[h_eie
7b\[djWd_bW
7b_pWfh_ZW
7bj[fbWi[
7c_YWY_dW
9
r*'-
Fh_dYf_eWj_le
7c_beh_ZW!
>_ZheYbehej_Wp_ZW
7c_deÓb_dW
7c_eZWhedW
7c_jh_fj_b_dW
7cBeZ_f_dW
7cen_Y_b_dW
7cen_Y_b_dW!ÜY_Ze
9bWlkb~d_Ye
7cf_Y_b_dW
7cf_Y_b_dW!
IkbXWYjWc
7d\ej[h_Y_dW8
*'.r
9Wj[]eh_W
<:7
8
Eh_[djW[iÅ=hWl_Z[p
>|h[bWjeiZ[_Yj[hY_W\[jWbek
d[edWjWb"jhecXeY_jef[d_W["
feii_l[bc[dj["ekjhWih[W[i
WZl[hiWigk[eYehh[cdeWZkbje
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
¾
x[nYh[jWZedeb[_j[cWj[hde"
de^|[ijkZeiZeifeiil[_i
ZWdeiWe\[je"cWi\WXh_YWdj[
h[Yec[dZWdeWcWc[djWh$E
kieZ[l[i[hWlWb_WZef[becZ_Ye
Yehh[bWY_edWdZeh_iYe
[X[d[\Y_e
¿
xYecfWjl[bYecWWcWc[djWe
[cZei[i^WX_jkW_ifehYkhjei
f[heZei$7j_d][YedY[djhW[ide
b[_j[cWj[hdeZ[,"-#(&ZWZei[
j[hWf
kj_YWZeh[Yc#dWiY_Ze$
EXi[hlWh_hh_jWX_b_ZWZ["d|ki[Wi
[lc_jei
À
9edjhW#_dZ_YWZedWWcWc[djWe
f[beh_iYeZ[b_X[hWeZ[]hWdZ[
gkWdj_ZWZ[Z[_eZe[f[bWikW
[b_c_dWeb[djW(&W''.Z_Wi
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
:
H_iYej_h[e_Z[WdefWhWe\[je
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
9ecfWjl[bWj'+&c]%Z_W$
;ij_cW#i[gk[deb[_j[^W`W
Y[hYWZ['ZWZei[cWj[hdW$
EXi[hlWhiedeb
dY_W[[\[_jei
Wdj_Yeb_dh]_Yei"ieXh[jkZe[c
jhWjWc[djeifhebed]WZei
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
8W_nWiYedY[djhW[iZ[iiWi
Zhe]WiWfWh[Y[cdeb[_j[cWj[hde$
HWhWc[dj[ieeXi[hlWZei[\[_jei
YebWj[hW_i$EYWi_edWbc[dj["feZ[c
eYehh[hh[W[iWbh]_YWi"Yece
hWi^Ykj~d[e
¿
8W_nWiYedY[djhW[iZ[iiWiZhe]Wi
WfWh[Y[cdeb[_j[
cWj[hde$HWhWc[dj[ie
eXi[hlWZei[\[_jeiYebWj[hW_i$
EYWi_edWbc[dj["feZ[ceYehh[h
h[W[iWbh]_YWi"Yece
hWi^Ykj~d[e
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
8W_nWiYedY[djhW[iZ[iiWi
Zhe]WiWfWh[Y[cdeb[_j[cWj[hde$
HWhWc[dj[ieeXi[hlWZei[\[_jei
YebWj[hW_iEYWi_edWbc[dj["feZ[c
eYehh[hh[W[iWbh]_YWi"Yece
hWi^Ykj~d[e
8
;ijkZei[cWd_cW_ide
Z[cedijhWhWcZWdei\[jW_i"
fehcWi[]khWdW[c^kcWdei
W_dZWde[ij|
jejWbc[dj[[ijWX[b[Y_ZW
KieWYh_jh_ecZ_Ye
¾
x[nYh[jWZedeb[_j[cWj[hde
8
De\ehWch[Wb_pWZei[ijkZei
YedjhebWZei"[djh[jWdje"
[ckcf[gk[dedÏc[heZ[
YWieieXi[hlWZei"ekieZe
c[Z_YWc[djedee\[h[Y[k
[\[_jei_dZ[i[`|l[_iieXe\[je
¿
UUUU
Fh_dYf_eWj_le
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
7fhej_d_dW
8
I[c[ijkZei
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
7ifWhjWjeZ[Ehd_j_dW
I[c[ijkZei$H[Yec[dZW#
i[gk[][ijWdj[ii\WWce
kieZec[Z_YWc[djegkWdZe
h[Yec[dZWZef[becZ_Ye
¾
I[cZWZei
KieYh_j[h_eie
7j[debeb
7jhWl[iiWWXWhh[_hWfbWY[dj|h_W"
fehcde^|[ijkZei
YedYbki_leiieXh[eifeiil[_i
ZWdeiWe\[je
¾
Ced_jehWheiX[X
ifh[cWjkheiek
Yecc[deiZ['c
iZ[l_ZWfWhW
[\[_jeiYebWj[hW_i
À
7[nYh[eZ[WjehlWijWj_dWde
b[_j[cWj[hdedeYed^[Y_ZW$
:[l_ZeWefej[dY_WbZ[eYehh
dY_W
Z[h[W[iWZl[hiWi[cbWYj[dj[i"
dei[h[Yec[dZWWcWc[djWh
:
N
9edjhW#_dZ_YWZeZkhWdj[W
]hWl_Z[pFej[dY_W_ih_iYeiWe\[je
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
7_dZWgk[hWhWc[dj["[ijW
Zhe]WfeZ[YWkiWh[\[_jei
Wdj_ckiYWhd_YeideibWYj[dj[i"
jW_iYece0Yedij_fWe"XhWZ_YWhZ_W
jhWdi_jh_Wi[]k_ZWZ[jWgk_YWhZ_W"
fWbf_jW[i
:
9edjhW#_dZ_YWZeZkhWdj[W
]hWl_Z[p$7Z[Y_ieZ[cWdj[h
ekZ[iYedj_dkWhWpWj_efh_dW
ZkhWdj[W]hWl_Z[pek"W_dZW"Z[
ikif[dZ[hW]hWl_Z[p"Z[f[dZ[ZW
YedZ_eieXjhWjWc[dje"dWgkWb
eX[c#[ijWhj[cgk[i[hf[iWZe
YedjhWfeiil[_ih_iYeiWe\[je
À
UUUU
8
;ijkZeih[fheZkj_lei[cWd_cW_i
deh[l[bWhWcd[d^kcW
[l_Z
dY_WZ[ZWdeiWe\[je"fehc
de^|[ijkZeiX[cYedjhebWZei
[cckb^[h[i]h|l_ZWi
¿
UUUU
7pjh[edWc
8
;ijkZeih[fheZkj_lei[cWd_cW_i
deh[l[bWhWcd[d^kcW
[l_Z
dY_WZ[ZWdeiWe\[je"
fehcde^|[ijkZeiX[c
YedjhebWZei[c
ckb^[h[i]h|l_ZWi
¿
UUUU
7pkbZ[C[j_b[de
9
UUUU
¾
I[cZWZei
KieYh_j[h_eie
9
IWX[#i[gk[eXWYbe\[deWjhWl[iiW
WXWhh[_hWfbWY[dj|h_W1[ij[
c[Z_YWc[djedeZ[l["fehjWdje"
i[hkj_b_pWZeZkhWdj[W]hWl_Z[p"W
dei[hgk[eX[d[\Y_efej[dY_Wb
fWhWWic[iikf[h[eh_iYe
fej[dY_WbfWhWWYh_WdW
¾
EYehh[[nYh[edeb[_j[cWj[hde"
fehc"[cgkWdj_ZWZ[ije
f[gk[dWigk[defh[l
h[W[i
WZl[hiWiWebWYj[dj[
8
De\ehWceXi[hlWZeiYWieiZ[
jen_Y_ZWZ["fehch[Yec[dZW#i[
dekj_b_pWhde'±jh_c[ijh[[dei
Ïbj_ceiZ_WiZ[]hWl_Z[p
¾
I[cZWZei
KieYh_j[h_eie
7jehlWijWj_dW
7jhef_dW
7pWj_efh_dW
7p_jhec_Y_dW
8WYbe\[de
8Wc_Ób_dW
r*'/
Fh_dYf_eWj_le
8[Ybec[jWiedW
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
;\[_jeiWZl[hieijf_YeiZ[
Yehj_Yeij[h_Z[iiel_ijei
iec[dj[gkWdZe^|[nfei_e
i_ij
c_YWWWbjWiZei[i
7Wfb_YWefehl_W_dWbWjh_W
Z_h[jWWii[]khW[nfei_e
i_ij
c_YWcd_cW$;djh[jWdje"
dei[h[Yec[dZWWZc_d_ijhWe
de'±jh_c[ijh[ZW]hWl_Z[p
¿
UUUU
De^|[ijkZeiikÓY_[dj[iieXh[
ekieZec[Z_YWc[djeZkhWdj[
W]hWl_Z[p
¾
I[cZWZei
KieYh_j[h_eie
7jhWl[iiWWXWhh[_hWfbWY[dj|h_W
HWhWeYehh
dY_WZ[
YWjWhWjWYed]
d_jW
¿
UUUU
8[jW_ij_dW
8[jWc[jWiedW
9
À
Dei[iWX[i[eiYecfed[dj[i
Z[X[jWc[jWiedW!][djWc_Y_dW
ie[nYh[jWZeideb[_j[cWj[hde$
7WcWc[djWeZ[l[h|i[h
Z[iYedj_dkWZWgkWdZeefheZkje
[ij_l[hi[cZekj_b_pWZe
:[l[#i[j[hYk_ZWZegkWdZe
X[jWc[jWiedW!][djWc_Y_dW\eh
WZc_d_ijhWZeWbWYjWdj[i
9
;ijkZeiZ[cedijhWcgk[feZ[c
eYehh[hYecfb_YW[idefWhje
À
E\WXh_YWdj[h[Yec[dZWgk[W
WcWc[djWei[`Wikif[diWYWie
eYehhWWkj_b_pWe
Zec[Z_YWc[dje
8[jWd[Yeb
9
;ijkZei[cWd_cW_iZ[cedijhWc
_dZkp_hYedjhW[ikj[h_dWi
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
<WXh_YWdj[deh[Yec[dZW
kj_b_pWefeh][ijWdj[i
¾
I[cZWZei
KieYh_j[h_eie
8_f[h_Z[de
9
KieYedjhW#_dZ_YWZede'±
jh_c[ijh[Z[][ijWe
¾
KieYh_j[h_eie
;l_jWhekie"fe_ifeZ[_d_X_h
WbWYjWe
8_iWYeZ_b
9
7WcfbW[nf[h_
dY_Wdej[c
Z[cedijhWZe[\[_jeifh[`kZ_Y_W_i
ZkhWdj[W]hWl_Z[p"cWi"feh\WbjW
Z[[ijkZei[Yecefh[YWke"e
\WXh_YWdj[eh_[djWWde\Wp[hkie
dW][ijWe
¾
I[cZWZei
KieYh_j[h_eie
8hecWp[fWc
9
KieYedjhW#_dZ_YWZede'±
jh_c[ijh[Z[][ijWe
¿
UUUU
8hecefh_ZW
9
KieYedjhW#_dZ_YWZede'±
jh_c[ijh[Z[][ijWe
¿
UUUU
8
;ijkZeih[fheZkj_lei[cWd_cW_i
deh[l[bWhWcd[d^kcW
[l_Z
dY_WZ[ZWdeiWe\[je"
fehcde^|[ijkZeiX[c
YedjhebWZei[c
ckb^[h[i]h|l_ZWi
*
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
8[jWc[jWiedW!
=[djWc_Y_dW
8[jWc[jWiedW7Y[jWje
!<ei\WjeZ_iiZ_YeZ[
8[jWc[iedW
8kZ[ied_ZW
8kf_lWYWdW
*(&r
:
DeZ[l[i[hkiWZe[cckb^[h[i
]h|l_ZWi"Wc[deigk[eX[d[\Y_e
fej[dY_WbfWhWWc[`kij_Ógk[e
h_iYefWhWe\[je
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
*
I[cZWZei
KieYh_j[h_eie
9
FeZ[WjhWl[iiWhWXWhh[_hW
fbWY[dj|h_W"dei[dZe
h[Yec[dZWZei[kkie
[c][ijWdj[i
À
x[nYh[jWZedeb[_j[cWj[hde
H[Yec[dZW#i[deWcWc[djWh
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
x[nYh[jWZedeb[_j[cWj[hde
:[l_ZeWfeiil[_ih[W[i
WZl[hiWi"h[Yec[dZW#i[de
WcWc[djWh
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
x[nYh[jWZedeb[_j[cWj[hde
KieYh_j[h_eie
9%:
De^|[ijkZeiYedjhebWZei
[c][ijWdj[ide'±jh_c[ijh[
YWj[]eh_W9$;ijkZei
Z[cedijhWcgk[ekieZkhWdj[
e(±[)±jh_c[ijh[Z[][ijWe
feZ[cYWkiWhZWdei\[jW_i
YWj[]eh_W:
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9WhXWcWp[f_dW
:
>|feii_X_b_ZWZ[Z[Wkc[dje
Z[h_iYeZ[c|#\ehcWe\[jWb"
fh_dY_fWbc[dj[de'±jh_c[ijh[
Z[][ijWe
¿
EkiejehdW#i[Yh_j[h_eiegkWdZe
WZc_d_ijhWZWiZei[i[b[lWZWiek
dekiefhebed]WZe$DebWYj[dj["
feZ[fheleYWhi[ZWe"ikYe
\hWYW"]Wd^efedZ[hWb_dikÓY_[dj[
9WhXedWjeZ[9|bY_e
9
?dZ_YWZefWhWWkc[djeZ[Y|bY_e
ZkhWdj[W]hWl_Z[p[bWYjWe
KieWYh_jh_ecZ_Ye
¿
UUUU
C
7jhWl[iiWWXWhh[_hWfbWY[dj|h_W
[[nYh[jWZedeb[_j[cWj[hde"
fehcde^|[ijkZeiYedYbki_lei
ieXh[eifeiil[_iZWdeiWe\[je
¾
I[cZWZei
KieYh_j[h_eie
:
7b_j_ej[hWf_WZ[iWYedi[b^WZW
dei)fh_c[_heic[i[iZ[
]hWl_Z[p"fehj[hh_iYeWkc[djWZe
Z[fheleYWhWdecWb_WidW
][ijWe[if[Y_Wbc[dj[
[dlebl[dZeYehWe[]hWdZ[i
lWieiiWd]kd[ei
¾
Deh[Yec[dZWZe"fe_iW
i[]khWdWde\e_[ijWX[b[Y_ZW
IWX[#i[gk[[nYh[jWZedeb[_j[
¾
De[n_ij[c[l_Z
dY_WiZ[gk[e
YWhl[Z_bebi[`W[nYh[jWZedeb[_j[
^kcWde$:[l_ZeWh[W[iWZl[hiWi
fej[dY_Wbc[dj[ih_Wi[cYh_WdWi"
[if[Y_Wbc[dj[XhWZ_YWhZ_W"
Z[l[#i[efjWhfeh_dj[hhecf[hW
WcWc[djWeekZ[iYedj_dkWh
ekieZWZhe]W"b[lWdZe#i[[c
Yedi_Z[hWeW_cfehj~dY_WZe
jhWjWc[djefWhWWc[
Fh_dYf_eWj_le
8kf_lWYWdW!
7Zh[dWb_dW
8kf_lWYWdW!=b_Yei[
8kfhef_edW
9WbY_jh_eb
9Wfjefh_b
9WhXWYeb
9WhXedWjeZ[9|bY_e!
9eb[YWbY_\[hebl_j$:
9WhXedWjeZ[Bj_e
9Whl[Z_beb
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
r*('
Fh_dYf_eWj_le
9Wife\kd]_dW
9[\WZhen_b
9[\Wb[n_dW
9[\Wbej_dW
9[\Wpeb_dW
9[\[f_cW
9[\ejWn_cW
9[\en_j_dW
*((r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
¿
H[fh[i[djWfekYeh_iYefWhWe
X[X
"Z[l_Ze}[b[lWZWb_]WeYec
fhej[dWifbWic|j_YWicWj[hdWi
FehjWdje"Wf[dWikcWf[gk[dW
gkWdj_ZWZ[ZWZhe]WfWiiW
fWhWeb[_j[
>|feii_X_b_ZWZ[Z[ceZ_ÓYWeZW
ÔehW_dj[ij_dWb
¿
H[fh[i[djWfekYeh_iYefWhWe
X[X
"Z[l_Ze}[b[lWZWb_]WeYec
fhej[dWifbWic|j_YWicWj[hdWi
FehjWdje"Wf[dWikcWf[gk[dW
gkWdj_ZWZ[ZWZhe]WfWiiW
fWhWeb[_j[
>|feii_X_b_ZWZ[Z[ceZ_ÓYWeZW
ÔehW_dj[ij_dWb
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
H[fh[i[djWfekYeh_iYefWhWe
X[X
"Z[l_Ze}[b[lWZWb_]WeYec
fhej[dWifbWic|j_YWicWj[hdWi
FehjWdje"Wf[dWikcWf[gk[dW
gkWdj_ZWZ[ZWZhe]WfWiiW
fWhWeb[_j[
>|feii_X_b_ZWZ[Z[ceZ_ÓYWeZW
ÔehW_dj[ij_dWb
8
;ijkZei[cWd_cW_ide
Z[cedijhWc[\[_jei
j[hWje]
d_Yei"ei[ijkZeideie
Z[Ód_j_lei
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
KcWf[gk[dWgkWdj_ZWZ[
[nYh[jWZWf[beb[_j[cWj[hde
KieZ[l[i[hYh_j[h_eie
¿
H[fh[i[djWfekYeh_iYefWhWe
X[X
"Z[l_Ze}[b[lWZWb_]WeYec
fhej[dWifbWic|j_YWicWj[hdWi
FehjWdje"Wf[dWikcWf[gk[dW
gkWdj_ZWZ[ZWZhe]WfWiiW
fWhWeb[_j[
>|feii_X_b_ZWZ[Z[ceZ_ÓYWeZW
ÔehW_dj[ij_dWb
¿
H[fh[i[djWfekYeh_iYefWhWe
X[X
"Z[l_Ze}[b[lWZWb_]WeYec
fhej[dWifbWic|j_YWicWj[hdWi
FehjWdje"Wf[dWikcWf[gk[dW
gkWdj_ZWZ[ZWZhe]WfWiiWfWhWe
b[_j[
>|feii_X_b_ZWZ[Z[ceZ_ÓYWeZW
ÔehW_dj[ij_dWb
¿
H[fh[i[djWfekYeh_iYefWhWe
X[X
"Z[l_Ze}[b[lWZWb_]WeYec
fhej[dWifbWic|j_YWicWj[hdWi
FehjWdje"Wf[dWikcWf[gk[dW
gkWdj_ZWZ[ZWZhe]WfWiiW
fWhWeb[_j[
>|feii_X_b_ZWZ[Z[ceZ_ÓYWeZW
ÔehW_dj[ij_dWb
8
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
8
7jhWl[iiWWXWhh[_hWfbWY[dj|h_W"
fehcde^|[ijkZei
YedYbki_leiieXh[eifeiil[_i
ZWdeiWe\[je
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
Fh_dYf_eWj_le
9[\jWp_Z_cW
9[\jh_WnedW
9[\khen_cW
9[jWc_dW
9[jeYedWpeb
9[jefhe\[de
9_YbeX[dpWf_dW
9Wj[]eh_W
<:7
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
¿
H[fh[i[djWfekYeh_iYefWhWe
X[X
"Z[l_Ze}[b[lWZWb_]WeYec
fhej[dWifbWic|j_YWicWj[hdWi
FehjWdje"Wf[dWikcWf[gk[dW
gkWdj_ZWZ[ZWZhe]WfWiiW
fWhWeb[_j[
>|feii_X_b_ZWZ[Z[ceZ_ÓYWeZW
ÔehW_dj[ij_dWb
¿
H[fh[i[djWfekYeh_iYefWhWe
X[X
"Z[l_Ze}[b[lWZWb_]WeYec
fhej[dWifbWic|j_YWicWj[hdWi
FehjWdje"Wf[dWikcWf[gk[dW
gkWdj_ZWZ[ZWZhe]WfWiiW
fWhWeb[_j[
>|feii_X_b_ZWZ[Z[ceZ_ÓYWeZW
ÔehW_dj[ij_dWb
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
H[fh[i[djWfekYeh_iYefWhWe
X[X
"Z[l_Ze}[b[lWZWb_]WeYec
fhej[dWifbWic|j_YWicWj[hdWi
FehjWdje"Wf[dWikcWf[gk[dW
gkWdj_ZWZ[ZWZhe]WfWiiW
fWhWeb[_j[
>|feii_X_b_ZWZ[Z[ceZ_ÓYWeZW
ÔehW_dj[ij_dWb
9
<WXh_YWdj[eh_[djWWdekj_b_pWh
dW][ijWe"[cXehWdej[d^W
Z[iYh_jeei[ijkZei[feiil[_i
ZWdeiWe\[je
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
;ckiejf_Ye"deeYehh[
WXiehe["fehjWdje"de
_dj[h\[h[dW][ijWe"YWj[]eh_W7
@|[ckiei_ij
c_Ye"de^|
[ijkZei[h[Yec[dZW#i[de
kj_b_pWh"YWj[]eh_W9
¾
I[cZWZei
KieYh_j[h_eie
8%:
9edjhW#_dZ_YWZede'±[de
)±jh_c[ijh[ZW]hWl_Z[p"fe_i
jeZe_d_X_ZehZWidj[i[Z[
fheijW]bWdZ_dWfeZ[YWkiWh
\[jejen_Y_ZWZ[YWhZ_efkbcedWh
^_f[hj[diefkbcedWhYec
\[Y^Wc[djefh[cWjkheZe
ZkYjeWhj[h_Wb[h[dWbDeÓdWb
ZW][ijWe"Wc[[e\[je
j
cej[cfeZ[iWd]hWc[dje
fhebed]WZe$FeZ[jWcXc
h[jWhZWhejhWXWb^eZ[fWhje$
9Wj[]eh_W8Å'±jh_c[ijh[1[
YWj[]eh_W:Å)±jh_c[ijh[
¿
UUUU
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
8
Eh_[djW[iÅ=hWl_Z[p
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
r*()
Fh_dYf_eWj_le
9_Ybef[djebWYe
9_Ybeifeh_dW
9_beijWpeb
9_dWh_p_dW
9_fheÔenWY_de
9_iWjhWYh_e
9_jWbefhWd
9bWh_jhec_Y_dW
9b_dZWc_Y_dW
9beXWpWc
9bec_fhWc_dW
9bedWp[fWc
*(*r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
7_dZWgk[hWhWc[dj["[iiWZhe]W
e\j|bc_YWfeZ[YWkiWh[\[_jei
Wdj_ckiYWhd_YeideibWYj[dj[i"
jW_iYece0Yedij_fWe"XhWZ_YWhZ_W
jhWdi_jh_Wi[]k_ZWZ[jWgk_YWhZ_W"
fWbf_jW[i
9
De^|[ijkZeiWZ[gkWZei[
X[cYedjhebWZei[cckb^[h[i
]h|l_ZWi"fehjWdjeWY_Ybeifeh_dW
deZ[l[i[hkiWZWdW]hWl_Z[p
7lWb_Wheh_iYeÅX[d[\Y_e
À
9_Ybeifeh_dW[nYh[jWZWf[be
b[_j[cWj[hdeDeZ[l[i[h
kj_b_pWZeZkhWdj[ef[heZeZ[
WcWc[djWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
J[eh_YWc[dj["feZ[W\[jWhe
Z[i[dlebl_c[djeZWYWhj_bW][cZ[
Yh[iY_c[dje
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieYh_j[h_eie"fh_dY_fWbc[dj[de
'±jh_c[ijh[
¿
UUUU
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
H_iYeZ[Z_Whh_W[Yeb_j[$7
7YWZ[c_W7c[h_YWdWZ[F[Z_Wjh_W
'//*Yedi_Z[hWi[kkiei[]khe
ZkhWdj[WbWYjWe
9
De^|[ijkZeiYedjhebWZei
[cckb^[h[i]h|l_ZWi$9edjhW#
_dZ_YWZede'±jh_c[ijh[
Z[][ijWe
¾
Deh[Yec[dZWZe"fe_iW
i[]khWdWde\e_[ijWX[b[Y_ZW$
IWX[#i[gk[[nYh[jWZedeb[_j[
9
>|h[bWjei_iebWZeiieXh[kcW
feiil[bYehh[bWe[djh[ekie
Z[Wdj_Z[fh[ii_leijh_YYb_Yei
[WeYehh
dY_WZ[[\[_jei
WZl[hieide\[jeZ_ijÏhX_eide
Z[i[dlebl_c[dje$I[c
[ijkZeiYedYbki_lei
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
:
9edjhW#_dZ_YWZe
;ijkZeiik][h[c
c|#\ehcWeYed]
d_jW
¿
UUUU
EkiejehdW#i[Yh_j[h_eiegkWdZe
WZc_d_ijhWZWiZei[i[b[lWZWiek
dekiefhebed]WZe$DebWYj[dj["
feZ[fheleYWhi[ZWe"ikYe
\hWYW"]Wd^efedZ[hWb_dikÓY_[dj[
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
7jhWl[iiWWXWhh[_hWfbWY[dj|h_W
[feZ[h[Zkp_hW\h[g
dY_W
YWhZWYWZe\[je$De^|[ijkZei
WZ[gkWZeiZ[bed]efhWpe
Z[kj_b_pWe
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9bef[hWij_dW
9edjhW#_dZ_YWZede'±jh_c[ijh[
Z[][ijWe
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
9edjhW#_dZ_YWZef[be\WXh_YWdj["
fehc"de_d\ehcWeifeiil[_i
ZWdeiek[ijkZeih[Wb_pWZei
9bef_Ze]h[b
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
Ced_jeh_p[WYh_WdWfWhW^[cb_i[
[_Yj[hY_W$J[eh_YWc[dj["^|h_iYe
Z[Z[fh[iiedWc[ZkbWii[W"cWi
dkdYW\e_h[bWjWZe
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
KieYh_j[h_eie
FeZ[YWkiWhi[ZWedeX[X
9
Feii_l[bc[dj[de^|h_iYe
j[hWje]
d_Ye$7Yedi[b^W#i[
Z_c_dk_hWZeiW][cdeÓdWbZW
][ijWe$De[n_ij[cZWZei
ieXh[Wh[j[deY[h[XhWb\[jWb
ZeijhWjWc[djeid[khebfj_Yei
fh[iYh_jeiZkhWdj[W][ijWe$
<ehWchWhWc[dj[Z[iYh_jei
eii[]k_dj[ifheXb[cWi0
idZhec[i[njhWf_hWc_ZW_i
[i_dW_iZ_][ij_leib_]WZei
}ifhefh_[ZWZ[iWjhefd_YWi
Zei\[dej_Wpd_Yei"Yece"feh
[n[cfbe"Z_ij[dieWXZec_dWb
¾
I[cZWZei
KieYh_j[h_eie
8
EiZ_khj_Yeij_WpZ_Yei[djhWc
dWY_hYkbWe\[jWb[feZ[c
YWkiWhZ_ijÏhX_ei[b[jhebj_Yei$
<e_h[bWjWZWjhecXeY_jef[d_W
d[edWjWbYecekieZ[j_WpZ_Yei
[Z_khj_YeiYehh[bWjei$Dei[
h[Yec[dZWekieZkhWdj[W
][ijWe"Wc[deigk[de^W`W
Wbj[hdWj_lWcW_ii[]khW
¾
I[cZWZei
KieYh_j[h_eie
9benWpebWc
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9eZ[dW
:
DeZ[l[i[hkj_b_pWZe[c
ckb^[h[i]h|l_ZWi
À
x[nYh[jWZe[cZ_\[h[dj[i]hWki
Z[f[dZ[dZeZWZei[$Dei[
WYedi[b^WWcWc[djWeZkhWdj[
[ij[f[heZe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Fh_dYf_eWj_le
9bed_Z_dW
9behWd\[d_Yeb
9behZ_Wp[fn_Ze
9behfhecWp_dW
9behjWb_ZedW
9eZ[dW!FWhWY[jWceb
r*(+
Fh_dYf_eWj_le
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9eZ[h]eYh_dW
N
KieYedjhW#_dZ_YWZedW][ijWe"
fe_ieiWbYWb_Z[iZe[h]eie
[ij_ckbWdj[ikj[h_dei
¾
x[nYh[jWZedeb[_j[cWj[hde
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
Ekiefhebed]WZefeZ[Z_c_dk_hW
YedY[djhWeZWl_jWc_dWi7":";[
Adeb[_j[cWj[hde
9
Feiik__dZ_YWefWhW]hWl_Z[p[
Wb[_jWc[dje
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9kcWh_dW!
Jhen[hhkj_dW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
:Wdjheb[de
9
7jhWl[iiWWXWhh[_hWfbWY[dj|h_W[
Wi[]khWdWde\e_[ijWX[b[Y_ZW"
feh\WbjWZ[[ijkZeiYedjhebWZei$
EZWdjheb[deiZ_YeZ[l[i[h
WZc_d_ijhWZeZkhWdj[W]hWl_Z[p
Wf[dWii[Wh[bWeh_iYeÅ
X[d[\Y_ede\[je\eh`kij_ÓYWZW
¾
I[cZWZei
KieYh_j[h_eie
<WXh_YWdj[h[Yec[dZWW
deWcWc[djWh
9
7Z[\[henWc_dW[l_Z[dY_ekkc
feiil[bfej[dY_Wbj[hWje]
d_Ye
[cYe[b^ei$7jecec[dje"
jeZeieifWY_[dj[i[cgk[\e_
h[bWjWZWWWZc_d_ijhWeZe
c[Z_YWc[djeZkhWdj[W]hWl_Z[p
Z[hWc}bkpYh_WdWii[c
d[d^kcWc|#\ehcWe$:khWdj[
W]hWl_Z[p"[if[Y_Wbc[dj[dei)
fh_c[_heic[i[i
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De[n_ij[c[ijkZeiWZ[gkWZei
Z[h[fheZke^kcWdWYec
]b_YeYehj_Y_Z[i$J
ci_Ze
Z[iYh_jei[\[_jeij[hWje]
d_Yei
[cWd_cW_ifehkieZ[
]b_YeYehj_Y_Z[i
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9ebY^_Y_dW
9eb[ij_hWc_dW
9ecfb[ne8
:[\[henWc_dW
:[ÔWpWYehj
:[ibWdeiZ[e
:[icefh[ii_dW
*(,r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
9
De^|[ijkZeiZ[h[fheZke
^kcWdWYeceiYehj_Yeij[h_Z[i"
ekieZ[iiWiikXij~dY_WidW
]hWl_Z[pekdWckb^[h[c_ZWZ[
\hj_bh[gk[hgk[eiX[d[\Y_ei
fh[l_ijeii[`WcYed\hedjWZei
Yeceifeiil[_ih_iYeifWhWW
c[[e[cXh_eek\[je$9h_WdWi
dWiY_ZWiZ[c[igk[ZkhWdj[W
]hWl_Z[pj[d^Wch[Y[X_ZeZei[i
ikXijWdY_W_iZ[Yehj_Yeij[h_Z[i
Z[l[ci[hYk_ZWZeiWc[dj[
eXi[hlWZWigkWdjeWi_dW_iZ[
^_feWZh[dWb_ice
¿
9
EfheZkjeiZ[l[h|i[hkj_b_pWZe
dW]hWl_Z[pekdef[heZeZ[
WcWc[djWegkWdZeWYh_jh_e
cZ_Ye"eX[d[\Y_efWhWWc[
`kij_ÓYWhefej[dY_WbfWhWe\[je
ekWYh_WdW
À
Ec[Z_YWc[dje[nYh[jWZede
b[_j[cWj[hde
Ckb^[h[i\Wp[dZeekieZe
c[Z_YWc[djede
Z[l[cWcWc[djWh
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
EXi[hlWhiedeb
dY_W"
_hh_jWX_b_ZWZ["Y^ehe
FeZ[_d_X_hWbWYjWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
:[nfWdj[deb
FeZ[i[hkj_b_pWZeZkhWdj[W
]hWl_Z[pZ[iZ[gk[ieX
fh[iYh_ecZ_YW
¿
UUUU
:_Ybe\[dWYe
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
N
7_dZWdeYed^[Y_Zei[\[_jei
j[hWje]
d_Yei"WZ__Zhe[h]ejWc_dW
deZ[l[i[hWZc_d_ijhWZei
ZkhWdj[W]hWl_Z[pZ[l_Ze}
Wj_l_ZWZ[Z[[ij_ckbWekj[h_dW
À
:__Zhe[h]ejWc_dWdeZ[l[i[h
kj_b_pWZe[cckb^[h[i
[cWb[_jWc[dje
:_bj_Wp[c
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
:_c[d_ZhWje!
L_jWc_dW8,
8
<WXh_YWdj[_d\ehcWgk[feZ[i[h
kj_b_pWZeZkhWdj[W][ijWe
¿
UUUU
:_c[j_YedW
7
UUUU
¾
I[cZWZei
KieYh_j[h_eie
Fh_dYf_eWj_le
:[nWc[jWiedW
:[nWc[jWiedW!
9_fheÔenWY_de
:[nYbeh\[d_hWc_dW
:[nc[Z[jec_Z_dW
:_\[d_ZhWc_dW
:_]en_dW
:__Zhe[h]ejWc_dW!
FWhWY[jWceb!9W\[dW
Eh_[djW[iÅ7cWc[djWe
UUUU
9ecfWjl[bYecWWcWc[djWe"
fehcfeZ[_d_X_hWbWYjWe
;l_jWhkiefhebed]WZe
UUUU
r*(-
Fh_dYf_eWj_le
9Wj[]eh_W
<:7
:_eic_dW!
>[if[h_Z_dW
7
:_f_h_ZWceb
:_f_hedW
:_lWbfheWjeZ[IZ_e
:eXkjWc_dW
:ecf[h_ZedW
:ed[f[p_bW
:efWc_dW
:hejh[Ye]_dW7b\W
*(.r
Eh_[djW[iÅ=hWl_Z[p
UUUU
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
¾
I[cZWZei
KieYh_j[h_eie
¿
UUUU
¿
;l_jWhjhWjWc[djefhebed]WZe$
Ced_jehWheX[X
fWhW[\[_jei
YebWj[hW_iYeceWd[c_W^[cebj_YW"
j[cfeZ[iWd]hWc[djefhebed]WZe
[WY_Zei[c[jWXb_YW
8%9
Dei[[l_Z[dY_WjejWbi[]khWdW
dekieZ[ij[c[Z_YWc[dje
ZkhWdj[W]hWl_Z[p"fehc
j[ci_ZekiWZefehck_jei
WdeiZkhWdj[W][ijWei[c
WfWh[dj[i[\[_jei}iWÏZ[$;ijkZei
fh#Ybd_Yeide[l_Z[dY_WhWc
d[d^kch_iYe}iWÏZ[
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
8
Dekj_b_pWhde'±jh_c[ijh[Z[
]hWl_Z[p$Ekiede(±jh_c[ijh[
Z[l[i[hWlWb_WZef[becZ_Ye$
H[Yec[dZW#i[dekj_b_pWh
jWcXcde)±jh_c[ijh["
fe_i[n_ij[feii_X_b_ZWZ[Z[
\[Y^Wc[djefh[cWjkheZe
ZkYjeWhj[h_Wb[Z[Yecfb_YW[i
f[h_dWjW_iZ[l_ZeWefh[`kpeZW
W]h[]WefbWgk[j|h_WZWc[[
Zeh[Yc#dWiY_Ze
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
:
>|[ijkZeigk[[l_Z[dY_Wc
[\[_jeij[hWje]
d_Yei[ekjhWi
h[W[ii[kj_b_pWZeZkhWdj[e'±
jh_c[ijh[Z[]hWl_Z[p$
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
F[be\WjeZ[elWbfheWjei[h
[b_c_dWZef[beb[_j[cWj[hde[
Z[l_Ze}_d[n_ij
dY_WZ[ZWZei
YedYbki_leiieXh[WWeZe
c[Z_YWc[dje[ch[Yc#dWiY_Zei"
dei[h[Yec[dZWeWb[_jWc[dje
cWj[hdefehfWY_[dj[iieX
jhWjWc[djeYec[iiWc[Z_YWe
8
;ijkZei[cWd_cW_ide
[l_Z[dY_WhWc[\[_jei
j[hWje]
d_Yei"fehcde^|
[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
:[l[i[hkiWZeiec[dj[i[
eX[d[\Y_e[cfej[dY_WbZW
c[Z_YWe`kij_ÓYWheh_iYe
fej[dY_WbfWhWe\[je
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
;nf[h_
dY_WYbd_YWb_c_jWZW"de
h[Yec[dZWZWWWZc_d_ijhWe
[c][ijWdj[i"b[lWh[c
Yedi_Z[hWeeh_iYeÅX[d[\Y_e
À
Ec[Z_YWc[dje[nYh[jWZede
b[_j[cWj[hde"ckb^[h[i\Wp[dZe
kieZec[Z_YWc[djedeZ[l[c
WcWc[djWh
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
;denWfWh_dW
8
9ecede\ehWch[Wb_pWZei
[ijkZeiWZ[gkWZei[X[c
YedjhebWZei[c][ijWdj[i[ei
[ijkZeih[Wb_pWZei[cWd_cW_i
d[ci[cfh[ieXedi_dZ_YWj_lei
ZWh[ifeijW^kcWdW"Z[l[#i[
kj_b_pWh[denWfWh_dWiZ_YW
ZkhWdj[W]hWl_Z[piec[dj[
i[ecZ_YeYedi_Z[hWhYec
[ijh_jWc[dj[d[Y[ii|h_e
¾
7WXieheehWbf[bebWYj[dj[ZW
[denWfWh_dWiZ_YW_cfhel|l[b"
fehc"Yecefh[YWke"de
i[Z[l[WcWc[djWhZkhWdj[e
jhWjWc[djeYec[denWfWh_dW
;h]ec[jh_dW
N
EkieYedjhW#_dZ_YWZe"fe_i
kc[ij_ckbWdj[Z[
YedjhWekj[h_dW
¾
x[nYh[jWZedeb[_j[cWj[hde"
feZ[dZeYWkiWh[\[_jeiYebWj[hW_i
Yecelc_je[Z_Whh_W
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
7kj_b_pWei[]khWdW]hWl_Z[p
de\e_[ijWX[b[Y_ZW$;hjWf[d[c
Z[l[h|i[hkj_b_pWZeZkhWdj[W
]hWl_Z[piec[dj[gkWdZe\eh
YbWhWc[dj[d[Y[ii|h_e
À
;hjWf[d[c[nYh[jWZedeb[_j[
cWj[hde:[l[#i[j[hYk_ZWZe
gkWdZe[hjWf[d[cZWZeWkcW
ckb^[hgk[[ij|WcWc[djWdZe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9%:
7jhWl[iiWWXWhh[_hWfbWY[dj|h_W
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
7cW_ehfWhj[ZeiZ_khj_Yeiie
|Y_Zei\hWYei"gk[fWiiWcfekYe
fWhWeb[_j[cWj[hde$;djh[jWdje"
[cZei[i[b[lWZWi[fehj[cfe
fhebed]WZe"feZ[ch[Zkp_hW
fheZkeZ[b[_j[
Fh_dYf_eWj_le
:kben[j_dW
;\[Zh_dW
;dWbWfh_b
;h_jhec_Y_dW
;h_jhefe[j_dW
;hjWf[d[c
;iY_jWbefhWc
;icebeb
;iec[fhWpeb
;if_hedebWYjedW
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
r*(/
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
;cckb^[h[igk[kj_b_pWhWc
[jec_ZWje"eXi[hlek#i[gk[
^ekl["deiX[X
i"Z_c_dk_e
jhWdi_jh_WZeidl[_iZ[Yehj_ieb
fehWfhen_cWZWc[dj[,^ehWi"
cWiW_dZWZ[djheZei
dl[_idehcW_i
¾
I[cZWZei
KieYh_j[h_eie
;jeh_Yen_X[
De^|[ijkZeiYedjhebWZei
[c^kcWdei"cWiW[n[cfbe
Z[ekjhei_d_X_Zeh[iZ[
fheijW]bWdZ_dWi"Z[l[#i[[l_jWh
ekiefh_dY_fWbc[dj[deÓcZW
]hWl_Z[p"fehgk[feZ[YWkiWh
\[Y^Wc[djefh[cWjkheZe
ZkYjeWhj[h_eie
¾
I[cZWZei
KieYh_j[h_eie
<[dWpef_h_Z_dW
7jhWl[iiWWXWhh[_hWfbWY[dj|h_W
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
<[d_b[\h_dW
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
7_dZWgk[hWhWc[dj["[ijW
Zhe]WfeZ[YWkiWh[\[_jei
Wdj_ckiYWhd_YeideibWYj[dj[i"
jW_iYece0Yedij_fWe"XhWZ_YWhZ_W
jhWdi_jh_Wi[]k_ZWZ[
jWgk_YWhZ_W"fWbf_jW[i
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
EkiejehdW#i[Yh_j[h_eiegkWdZe
WZc_d_ijhWZWiZei[i[b[lWZWiek
dekiefhebed]WZe$DebWYj[dj["
feZ[fheleYWhi[ZWe"ikYe
\hWYW"]Wd^efedZ[hWb_dikÓY_[dj[
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
EkiejehdW#i[Yh_j[h_eiegkWdZe
WZc_d_ijhWZWiZei[i[b[lWZWiek
dekiefhebed]WZe$DebWYj[dj["
feZ[fheleYWhi[ZWe"ikYe
\hWYW"]Wd^efedZ[hWb_dikÓY_[dj[
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
FWiiWfWhWeb[_j[cWj[hde"
h[Yec[dZW#i[deWcWc[djWh
ZkhWdj[(*^ehWiWfi
WZc_d_ijhWeZec[Z_YWc[dje
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
À
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Fh_dYf_eWj_le
;ijh[fjegk_dWi[
;jec_ZWje
<[d_jedW
<[deXWhX_jWb
<[dej[heb
<[djWd_bW
<[djWd_bW!:hef[h_Zeb
<_b]hWij_dW
*)&r
UUUU
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
N
9edjhW#_dZ_YWZefWhWckb^[h[i
]h|l_ZWiek[cfej[dY_WbfWhW
[d]hWl_ZWh$:[l_Ze}YWfWY_ZWZ[
Z[ei_d_X_Zeh[iZW+#Wb\W#
h[ZkjWi["YeceWÓdWij[h_ZW"Z[
_d_X_hWYedl[hieZWj[ijeij[hedW
[cZ_#^_Zhej[ijeij[hedW"[iiWi
Zhe]Wi"_dYbk_dZeWÓdWij[h_ZW"
feZ[cYWkiWhWdehcWb_ZWZ[idW
][d_j|b_W[nj[hdWZ[\[jeiZei[ne
cWiYkb_degkWdZeWZc_d_ijhWZWi
WkcWckb^[h]h|l_ZW
À
KieYedjhW#_dZ_YWZe
9
Defeiik_[\[_jeijen_Yeb]_Yei
gkWdZeWZc_d_ijhWZWdWi
Zei[ih[Yec[dZWZWi
¿
UUUU
9
De[n_ij[c[ijkZeiYedjhebWZei
[cckb^[h[i]h|l_ZWi$;n_ij[c
h[bWjeiZ[WdehcWb_ZWZ[i
cÏbj_fbWiYed]
d_jWi[cYh_WdWi
Yk`Wic[i\ehWcjhWjWZWifWhW
YeYY_Z_e_Zec_Yei["YecWbjWi
Zei[i*&&#.&&c]%Z_WZ[
ÔkYedWpebfeh)c[i[iekcW_i$
EkieZkhWdj[W]hWl_Z[pZ[l[h|
i[h[l_jWZe"[nY[je[cfWY_[dj[i
Yec_d\[Y[i\Ïd]_YWi]hWl[iek
Yecfej[dY_WbZ[h_iYeZ[l_ZW[
dWigkW_ieifej[dY_W_iX[d[\Y_ei
feiiWcikf[hWheifeiil[_i
h_iYeiWe\[je
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
7WZc_d_ijhWeZ[ÔkcWp[d_b[c
i_jkW[iZ[[c[h]
dY_Wde[ij|
YedjhW#_dZ_YWZWZkhWdj[WbWYjWe
<bkdWh_p_dW
:[iWYedi[b^|l[bekie"
fh_dY_fWbc[dj[deifh_c[_hei)
c[i[iZ[][ijWe
¾
I[cZWZei
KieYh_j[h_eie
<bkd_jhWp[fWc
;cXehWWfWiiW][cZe
Ôkd_jhWp[fWcf[bWfbWY[djW
i[`Wf[gk[dWWfiZei[Ïd_YW"W
WZc_d_ijhWefhebed]WZWZ[l[
i[h[l_jWZWdeÏbj_cejh_c[ijh[Z[
][ijWe$I["fehcej_leicZ_Yei
_cf[h_eiei"eÔkd_jhWp[fWc
\ehWZc_d_ijhWZedW\Wi[
ÓdWbZW]hWl_Z[pekZkhWdj[
ejhWXWb^eZ[fWhje"feZ[c
eYehh[h[\[_jeideh[Yc#dWiY_Ze
Yece^_fej[hc_W"^_fejed_W[
Z[fh[iieh[if_hWjh_WceZ[hWZW"
Wjh_Xkl[_i}We\WhcWYeb]_YW
ZefheZkje
¿
Ced_jehWheX[X
fWhW
[\[_jeiYebWj[hW_i
<bkeh[iY[dW
;cXehWdej[d^W^Wl_Zeh[bWjei
Z[Yecfb_YWe\[jWb"[l_jWhW
kj_b_pWe[cckb^[h[i]h|l_ZWi"
[if[Y_Wbc[dj[de'±jh_c[ijh[
¾
J[ci_ZeZ[cedijhWZWgk[
[nYh[jWZWdeb[_j[cWj[hde$:[l[#i[
j[hYk_ZWZegkWdZeÔkeh[iY[dW
WZc_d_ijhWZWWkcWckb^[hbWYjWdj[
Fh_dYf_eWj_le
<_dWij[h_ZW
<_jec[dWZ_edW
l_j$A
<bkYedWpeb
<bkZheYehj_iedW
<bkcWp[d_b
9
Eh_[djW[iÅ7cWc[djWe
r*)'
Fh_dYf_eWj_le
<bkehc[jWbedW
<bken[j_dW
<bkhWp[fWc
<bkj_YWpedW
<ehcej[heb
<ei\WjeZ[Fej|ii_e
<ei\WjeIZ_Ye
CedeX|i_Ye
<ei\WjeIZ_Ye
:_X|i_Ye
<khei[c_ZW
*)(r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
7Yedi[b^W#i[fh[YWkedW
WZc_d_ijhWeZ[Ôkehc[jWbedW
dWWcWc[djWe" f[iWdZe
eiX[d[\Y_eifWhWeh_iYe"ek
Yedi_Z[hWhkccjeZeWbj[hdWj_le
Z[Wb_c[djWe_d\Wdj_b
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
N
Ec[jWXb_jeWj_leD#
Z[iWbgk_ÔkhWp[fWcWjhWl[iiWW
XWhh[_hWfbWY[dj|h_W$FeZ[c#i[
Z[j[YjWhYedY[djhW[iWj_lWi
deiWd]k[Ze\[je$9h_WdWi
dWiY_ZWiZ[c[igk[kiWhWc
X[dpeZ_Wp[fd_YeiYhed_YWc[dj[
deÏbj_cejh_c[ijh[Z[][ijWe
feZ[cZ[i[dlebl[hZ[f[dZ
dY_W
\i_YW[Wfh[i[djWhidZhec[Z[
WXij_d
dY_Wdef[heZefi#dWjWb
¾
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
H[Yec[dZW#i[Yk_ZWZeWe
WZc_d_ijhWhÔkj_YWpedW[c
ckb^[h[ibWYjWdj[i$Dei[iWX[i[
WÔkj_YWpedW[nYh[jWZWf[beb[_j[
cWj[hde
9
I[kkieZkhWdj[W]hWl_Z[pZ[l[h|
i[h[l_jWZe"Wdei[hgk[de
[n_ijWWbj[hdWj_lWcW_ii[]khW$
9eceekjhei[ij_ckbWdj[iX[jW(#
WZh[dh]_Yei"e\ehcej[hebfeZ[
_d_X_hejhWXWb^eZ[fWhje"fehi[k
[\[_jeh[bWnWdj[dWckiYkbWjkhW
b_iWkj[h_dW
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
7i[l_Z
dY_Wiie_dikÓY_[dj[i
fWhW[ijWX[b[Y[hkcWkj_b_pWe
i[]khWZkhWdj[W]hWl_Z[p$
7Zc_d_ijh[iec[dj[i[
\ehd[Y[ii|h_e
¾
Kj_b_p[YecYk_ZWZe[c
ckb^[h[ibWYjWdj[i
9
7i[l_Z
dY_Wiie_dikÓY_[dj[i
fWhW[ijWX[b[Y[hkcWkj_b_pWe
i[]khWZkhWdj[W]hWl_Z[p$
7Zc_d_ijh[iec[dj[i[
\ehd[Y[ii|h_e
¾
Kj_b_p[YecYk_ZWZe[c
ckb^[h[ibWYjWdj[i
9
7\khei[c_ZWWjhWl[iiWW
XWhh[_hWfbWY[dj|h_W$FehjWdje"
deZ[l[i[hWZc_d_ijhWZW
ZkhWdj[W]hWl_Z[pWc[deigk[
[ijh_jWc[dj[_dZ_YWZW[feh
Ykhjeif[heZeiZ[j[cfe
¿
7cW_ehfWhj[ZeiZ_khj_Yeiie
|Y_Zei\hWYei"gk[fWiiWcfekYe
fWhWeb[_j[cWj[hde$;djh[jWdje"
[cZei[i[b[lWZWi[fehj[cfe
fhebed]WZe"feZ[ch[Zkp_hW
fheZkeZ[b[_j[
UUUU
x[nYh[jWZedeb[_j[
H[Yec[dZW#i[deWcWc[djWh
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
De^|[ijkZeiWZ[gkWZei[
X[cYedjhebWZei[cckb^[h[i
]h|l_ZWi$Iec[dj[Z[l[i[h
kj_b_pWZWZkhWdj[W]hWl_Z[p
i[efej[dY_WbX[d[\Y_efWhWW
fWY_[dj[`kij_ÓYWhefej[dY_Wb
h_iYefWhWe\[je
¾
7]WXWf[dj_dW[nYh[jWZWde
b[_j[cWj[hde$:[l_ZeWe[\[_jede
bWYj[dj[i[hZ[iYed^[Y_Ze"Z[l[#i[
j[hYk_ZWZeWeWZc_d_ijhWh
[cbWYjWdj[i
=WZeZ_Wc_ZW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
À
Ikif[dZ[hWWcWc[djWeZkhWdj[
(*^ehWiWfiekie
=WZel[hi[jWc_ZW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
À
Ikif[dZ[hWWcWc[djWeZkhWdj[
-(^ehWiWfiekie
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
À
Dei[iWX[i[]Wj_ÔenWY_de
[nYh[jWZedeb[_j[cWj[hde$KcW
Z[Y_ieZ[l[i[hjecWZWfWhW
_dj[hhecf[hWWcWc[djWeek
Z[iYedj_dkWhWWZc_d_ijhWeZe
]Wj_ÔenWY_de"j[dZe[cYedjWW
_cfehWj~dY_WZe\|hcWYe
fWhWWc[
=[bWj_dWIebke
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
De[n_ij[_d\ehcWeWje
cec[djeh[\[h[dj[}fWiiW][cZ[
][bWj_dWiebkeWeb[_j[cWj[hde
=[djWc_Y_dW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
GkWdZekiWZeif[bWc[fehl_W
fWh[dj[hWb"WfWh[Y[\WY_bc[dj[de
b[_j[cWj[hde"YedjkZeWWXiehe
dejhWje]Wijh_dj[ij_dWbZebWYj[dj[
_di_]d_ÓYWdj[$Be]e"
i[]kheWcWc[djWh
=_da]eX_beXW
Eih_iYeiZWkj_b_pWeZ[
[hlWiieikf[h_eh[iWjeZei
eifej[dY_W_iX[d[\Y_eiZW
kj_b_pWeZkhWdj[W][ijWe$E
kieZ[]_da]eX_beXWZkhWdj[W
]hWl_Z[pdeh[Yec[djWZe
À
7WZc_d_ijhWeZ[]_da]e[c
ckb^[h[igk[[ijeWcWc[djWdZe
de\e_[ijkZWZW[de
h[Yec[dZWZW
=b_X[dYbWc_ZW
9edjhW#_dZ_YWZedW][ijWe$
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi$H[Yec[dZW#
i[ikXij_jk_hejhWjWc[dje
feh_dikb_dW
¾
H[Yec[dZW#i[ikXij_jk_he
jhWjWc[djefeh_dikb_dW
=b_YbWp_ZW
9edjhW#_dZ_YWZedW][ijWe$
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi$H[Yec[dZW#
i[ikXij_jk_hejhWjWc[dje
feh_dikb_dW
¾
H[Yec[dZW#i[ikXij_jk_he
jhWjWc[djefeh_dikb_dW
=b_c[f_h_ZW
9edjhW#_dZ_YWZedW][ijWe$
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi$H[Yec[dZW#
i[ikXij_jk_hejhWjWc[dje
feh_dikb_dW
¾
H[Yec[dZW#i[ikXij_jk_he
jhWjWc[djefeh_dikb_dW
Fh_dYf_eWj_le
=WXWf[dj_dW
=Wj_ÔenWY_de
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
9
9
9
9
9
r*))
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
GkWdZeYhd_YWi"Zei[i[b[lWZWi
ie[l_jWZWi$IW_iZ[Y|bY_e
fWh[Y[ci[hi[]khei[[ÓYWp[i
ZkhWdj[W]hWl_Z[pfWhWW`kZWh
WiWj_i\Wp[hWid[Y[ii_ZWZ[i
dkjh_Y_edW_i$De\ehWc
[dYedjhWZei[\[_jeij[hWje]
d_Yei
[ciW_iZ[Y|bY_e
¿
IW_iZ[Y|bY_efWh[Y[ci[hi[]khei
[[ÓYWp[iZkhWdj[WWcWc[djWe
fe_iW`kZWcWiWj_i\Wp[hWi
d[Y[ii_ZWZ[idkjh_Y_edW_i
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi"fehc"feZ[
YWkiWh^[cehhW]_Wfi#fWhje
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
>_WbkhedWjeZ[IZ_e
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
>_WbkhedWjeIZ_Ye!
9edZhe_j_dWjeIZ_Ye
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
>_Wbkhed_ZWi[
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
7dj[iZe)±jh_c[ijh["Z[l[i[h
[l_jWZW"fehcec[Z_YWc[dje
feZ[i[h[cfh[]WZedeÓdWbZW
]hWl_Z[pi[de[n_ij_hWbj[hdWj_lW
cW_ii[]khWekgkWdZeWZe[dW
Z[j[hc_dWhih_eih_iYeifWhWW
c[[%ekfWhWeh[Yc#dWiY_Ze"
Yece"feh[n[cfbe"deiYWieiZ[
fh#[Yb~cfi_W[%ek[Yb~cfi_W
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
x[nYh[jWZedeb[_j[
I[kkiefeZ[h|WYWhh[jWh[\[_jei
i[ZWj_leideX[X
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
7cW_ehfWhj[ZeiZ_khj_Yeiie
|Y_Zei\hWYei"gk[fWiiWcfekYe
fWhWeb[_j[cWj[hde$;djh[jWdje"
[cZei[i[b[lWZWi[fehj[cfe
fhebed]WZe"feZ[ch[Zkp_hW
fheZkeZ[b[_j[
Fh_dYf_eWj_le
=bkYedWjeZ[9|bY_e
>Wbef[h_Zeb
>[fWh_dWIZ_YW
>[nWc_Z_dW!
J[jhWYWdW
>_ZhWbWp_dW
>_ZhWjeZ[9behWb
>_ZheYbehej_Wp_ZW
*)*r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
¿
EiYehj_Yeij[h_Z[ikiWZeifeh
YkhjWZkhWeie][hWbc[dj[
YecfWjl[_iYecWWcWc[djWe
i[kj_b_pWZeiWj+&c]%Z_WZ[
[gk_lWb
dY_W}fh[Zd_iedWek
fh[Zd_iebedW$;djh[jWdje"Yece
j[hWf_WZ[bed]efhWpe"WZei[
Z[l[i[h_d\[h_ehW'&c]%Z_WZ[
[gk_lWb
dY_W}fh[Zd_iedW
ekfh[Zd_iebedW
8
De\ehWc[dYedjhWZeifWhW
fheZkp_h[\[_jeij[hWje]
d_Yei
[ie][hWbc[dj[Yedi_Z[hWZei
i[]kheiZkhWdj[W]hWl_Z[p
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
D[ceWbkcd_ed[cecW]di_e
\ehWc[dYedjhWZei[cb[_j[
cWj[hde"[de\ehWch[bWY_edWZei
fheXb[cWiYecekieZ[Wdj_|Y_Zei
ZkhWdj[WWcWc[djWe$
;djh[jWdje"Z[l_ZeWe\WjeZ[
Z_c[j_YedWdei[hWXiehl_ZW
i_ij[cWj_YWc[dj["fWh[Y[fekYe
fhel|l[bgk[i[`W[nYh[jWZWde
b[_j[cWj[hde
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
>_bWde=#<
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
?Xkfhe\[de
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
À
;cXehWde^W`W[ijkZei
YedYbki_lei"\WXh_YWdj[eh_[djW[c
XkbWgk[deZ[l[i[hkj_b_pWZe
dWWcWc[djWe
:
H[Yc#dWiY_ZeiYk`Wic[i
h[Y[X[hWcWdj_Z[fh[ii_lei
jh_YYb_YeiWjefWhje
Wfh[i[djWhWci_djecWiZ[
h[j_hWZWZe\|hcWYe"jW_iYece
Z_ifd_W"b[jWh]_W"Yb_YW"
_hh_jWX_b_ZWZ["^_fej[dieek
^_f[hj[die"jh[cehek[ifWicei$
FWhW[l_jWh#i[WeYehh
dY_WZ[ii[i
i_djecWi"ejhWjWc[djeZ[l[h|"
i[feiil[b"i[h]hWZkWbc[dj[
Z[iYedj_dkWZef[bec[dei-
i[cWdWiWdj[iZWZWjWfh[l_ijW
fWhWefWhje
¾
8W_nWiYedY[djhW[ideb[_j[
cWj[hde$EXi[hlWhiedeb
dY_W[
[\[_jeiWdj_Yeb_dh]_Yei"ieXh[jkZe
[cjhWjWc[djeifhebed]WZei
9
De[n_ij[c[l_Z
dY_WiZ[
[\[_jeid[]Wj_leideYkhieZW
]hWl_Z[p[%ekded[edWje
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
Fh_dYf_eWj_le
>_ZheYehj_pedW
>_Zhn_ZeZ[
7bkc_d_e!>_Zhn_Ze
Z[CW]di_e!
:_c[j_YedW
>_Zhen_p_dW
?c_f[d[d!9_bWij_dW
?c_fhWc_ZW
?ckde]beXkb_dW
7dj_#H>&
?ckde]beXkb_dW
>kcWdW
9Wj[]eh_W
<:7
9
Eh_[djW[iÅ=hWl_Z[p
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
UUUU
:[l[i[hWZc_d_ijhWZeYec
Yk_ZWZe[cckb^[h[ibWYjWdj[i$
Dei[iWX[i[W_ckde]beXkb_dW
[nYh[jWZWdeb[_j[cWj[hde
r*)+
Fh_dYf_eWj_le
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
?dZWfWc_ZW
:
DeZ[l[i[hkj_b_pWZeZkhWdj[
W]hWl_Z[p
À
DeZ[l[i[hkj_b_pWZeZkhWdj[
WWcWc[djWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
À
;cXehWdei[iW_XWi[eikb\Wje
Z[_dZ_dWl_h[nYh[jWZedeb[_j[
^kcWde"^|efej[dY_WbfWhW
[\[_jeiWZl[hieiZe_dZ_dWl_h
[cX[X
igk[[ijei[dZe
WcWc[djWZei$<WXh_YWdj[eh_[djW
fWhWgk[c[ideWcWc[dj[c
Yeckj_b_pWeZ[ij[c[Z_YWc[dje
:
7WZc_d_ijhWede
h[Yec[dZWZWZkhWdj[W][ijWe$
Ei[\[_jeiYed^[Y_ZeiZei
c[Z_YWc[djeiZ[ijWYbWii[
dei\[jei^kcWdeiZkhWdj[e
)±jh_c[ijh[ZW]hWl_Z[pie
eXijhkeZeiZkYjeiWhj[h_eiei"
Z_i\kdefbWgk[j|h_WYec
Yedi[g[dj[^[cehhW]_W"
Z_i\kdeek_dikÓY_
dY_Wh[dWb
Yeceb_]e#^_Zh~cd_e"^[cehhW]_W
ekf[h\khWe]Wijhe_dj[ij_dWb
[ckZWdWiZ[][d[hWj_lWi
c_eY|hZ_YWi
¾
;nYh[jWZedeb[_j[cWj[hde[c
Zei[ii_]d_ÓYWj_lWi$<e_h[bWjWZe
YWieiZ[Yedlkbi[ideX[X
¾
Dei[iWX[i[_dÔ_n_cWX[[nYh[jWZe
deb[_j[^kcWdeekWXiehl_Ze
i_ij[c_YWc[dj[Wfi_d][ijeZ[
b[_j[f[bebWYj[dj[$J[dZe[cl_ijWe
fej[dY_WbZ[_dÔ_n_cWX[fWhWh[W[i
WZl[hiWi[cbWYj[dj[i[cWb[_jWc[dje
cWj[hde"kcWZ[Y_ieZ[l[i[h
jecWZWWh[if[_jeZW_dj[hhkfe
ZWWcWc[djWeZkhWdj[f[be
c[dei,c[i[iWfiejhWjWc[dje"
Yedi_Z[hWdZe#i[W_cfehj~dY_WZe
c[Z_YWc[djefWhWWc[
?dZ_dWl_h
?dZec[jWY_dW
?dÔ_n_cWX[
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
?dikb_dW>kcWdW
H[]kbWh%DF>%
=bWh]_dW
8%9
JeZWiWiYWj[]eh_Wi8"[nY[jeW
]bWh]_dWYWj[]eh_W9
¿
UUUU
?eX_jh_Zeb
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
?eZ_nWdeb
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
À
Ikif[dZ[hWWcWc[djWeZkhWdj[
(*^ehWiWfiekie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
?efWc_Zeb
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
IZ[l[i[hWZc_d_ijhWZei[
WXiebkjWc[dj[d[Y[ii|h_e
À
Dei[iWX[i[e_efWc_Zeb
[nYh[jWZedeb[_j[cWj[hde$:[l[#i[
j[hYk_ZWZegkWdZe\ehWZc_d_ijhWZe
WkcWckb^[hbWYjWdj[
?ejWbWcWjeZ[
C[]bkc_dW
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
À
Ikif[dZ[hWWcWc[djWeZkhWdj[
(*^ehWiWfiekieZeYedjhWij[
?e[neb
*),r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
?enW]bWjeZ[
C[]bkc_dW[IZ_e
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
?en_jWbWcWjeZ[
C[]bkc_dW[IZ_e
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
?fhWjhf_e
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
?fhWjhf_e"gkWdZekj_b_pWZefeh
LE"dWiWbW[heiiebek_dWbWe"
[nYh[jWZedeb[_j[cWj[hde
[cgkWdj_ZWZ[icd_cWi$De
[djWdje"d[Y[ii|h_eYk_ZWZedW
WZc_d_ijhWe[cbWYjWdj[i
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
De^|[ijkZeiieXh[W[nYh[eZ[
_ieÔkhWdedeb[_j[cWj[hde
9
DeZ[l[i[hWZc_d_ijhWZe
ZkhWdj[W]hWl_Z[p"
[if[Y_Wbc[dj[deifh_c[_hei)
c[i[iekÏbj_cWi,i[cWdWiZ[
][ijWe"Wdei[hgk[
i[`WcWdZWjh_e
À
C[jWXb_jeiZWZ_f_hedWfWiiWc
fWhWeb[_j[cWj[hde$DeZ[l[i[h
WZc_d_ijhWZeZkhWdj[ef[heZe
Z[WcWc[djWe$I[d[Y[ii|h_e"W
WcWc[djWej[h|Z[
i[h_dj[hhecf_ZW
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
7jhWl[iiWWXWhh[_hWfbWY[dj|h_W
[j[ci_ZeWiieY_WZWW[\[_jei
YebWj[hW_iYecejWgk_YWhZ_W
[^_fe]b_Y[c_W
¾
I[cZWZei
KieYh_j[h_eie
BWYj_jeb
H[Yec[dZW#i[deWZc_d_ijhWh
ZkhWdj[e'±jh_c[ijh[Z[
][ijWe"Wdei[h[cYWiei
Z[[njh[cWd[Y[ii_ZWZ[[Yec
_dZ_YWeZecZ_Ye
¿
UUUU
BWYjkbei[
FeZ[i[hkj_b_pWZei[]khWc[dj[
feh][ijWdj[i"Z[iZ[gk[i_]W
Yehh[jWc[dj[Wi_dijhk[i
Z[kie
¿
FeZ[i[hkj_b_pWZei[]khWc[dj[feh
bWYjWdj[i"fe_iWWXiehei_ij
c_YW
cd_cW
Fh_dYf_eWj_le
?el[hieb
?ieÔkhWde
?iec[j[fj[de!
9W\[dW!:_f_hedW
?iefh[dWb_dW
?ieiiehX_ZW:_d_jhWje
?ieiiehX_ZW
Ceded_jhWje
?ienikfh_dW
8
I[cZWZei
KieYh_j[h_eie
r*)-
Fh_dYf_eWj_le
BWc_lkZ_dW!
P_ZelkZ_dW
BWcejh_]_dW
B[leXkf_lWYWdW
B[leZefW!
8[di[hWp_ZW
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
7i[]khWdWZWbWc_lkZ_dW
dW]hWl_Z[pW_dZWde\e_
[ijWX[b[Y_ZW$@|ekieZW
p_ZelkZ_dW[cckb^[h[i
]h|l_ZWi"YecjhWjWc[dje
ikXi[g[dj[Zeh[Yc#dWiY_Ze"
j[cZ[cedijhWZeh[ZkedW
jWnWZ[jhWdic_iieZe>?LZW
c[fWhWe\[je$;djh[jWdje"de
[n_ij[d[d^kcZWZei[c[b^Wdj[
fWhWWbWc_lkZ_dW$JWdjeW
bWc_lkZ_dWgkWdjeWp_ZelkZ_dW
j
cWYWfWY_ZWZ[Z[WjhWl[iiWh
WXWhh[_hWfbWY[dj|h_W$De
h[Yec[dZ|l[bdeifh_c[_hei)
c[i[iZ[]hWl_Z[p"Wc[deigk[
eX[d[\Y_efWhWWc[i[`WcW_eh
Zegk[efeiil[bh_iYefWhWe\[je
À
JWdjeWbWc_lkZ_dWgkWdjeW
p_ZelkZ_dWie[nYh[jWZWide
b[_j[^kcWde"[cYedY[djhW[i
i[c[b^Wdj[i}gk[bWi[dYedjhWZWi
defbWicW
9eceWbWc_lkZ_dW"Wp_ZelkZ_dW
[elhki>?LWjhWl[iiWceb[_j[
cWj[hde"h[Yec[dZW#i[gk[Wi
c[ideWcWc[dj[cWei[_e
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
KieYh_j[h_eie
;l_jWhekie"fe_ifeZ[_d_X_h
WbWYjWe
À
B[leZefW!YWhX_ZefWdeZ[l[
i[hWZc_d_ijhWZeWckb^[h[igk[
[ijeWcWc[djWdZe$7YWhX_ZefW
Z_ijh_XkZWdeb[_j[cWj[hde
[cf[gk[dWigkWdj_ZWZ[i$7
b[leZefW_d_X[WbWYjWe_d_X_dZe
Wb_X[hWeZ[fhebWYj_dW
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
:[l_ZeWefej[dY_WbZ[eYehh
dY_W
Z[h[W[iWZl[hiWi]hWl[idei
bWYj[dj[iZ[c[iieXjhWjWc[dje
YecWb[leÔenWY_dW"h[Yec[dZW#i[
dekj_b_pWhZkhWdj[WbWYjWe
B[lec[fhecWp_dW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
B_ZeYWdW
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
*
I[cZWZei
KieYh_j[h_eie
B[leZefW!9WhX_ZefW
B[leÔenWY_dW
B_ZeYWdW!7Zh[dWb_dW
*).r
Fh_dYf_eWj_le
B_ZeYWdW!Fh_beYWdW
B_dYec_Y_dW
B_d[peb_ZW
B_i_defh_b
Bef[hWc_ZW
BehWjWZ_dW
BehWp[fWc
BeiWhjWd
B#J_hen_dW
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
7b_ZeYWdW[Wfh_beYWdWie
fhelWl[bc[dj[i[nYh[jWZWide
b[_j[cWj[hde$FehjWdjeYk_ZWZe
WeWZc_d_ijhWhjef_YWc[dj[W
b_ZeYWdW[fh_beYWdW[cckb^[h[i
gk[[ijeWcWc[djWdZe
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
EiZWZeieXj_Zei[c[ijkZeiYec
Wd_cW_iik][h[cgk[Wb_d[peb_ZW
feiiWfWiiWhfWhWeb[_j[cWj[hde
["feh[iiWhWpe"WWcWc[djWe
Z[l[i[h_dj[hhecf_ZWWdj[iZWikW
WZc_d_ijhWe
:
EkieZ[b_i_defh_bZkhWdj[W
]hWl_Z[pdeh[Yec[dZWZe
GkWdZeW]hWl_Z[p\ehZ[j[YjWZW"
b_i_defh_bZ[l[i[h_dj[hhecf_Zee
cW_ih|f_Zefeiil[b
¾
Dei[iWX[i[eb_i_defh_b
[nYh[jWZedeb[_j[^kcWde
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
H[Yec[dZW#i[dekj_b_pWhZkhWdj[
WWcWc[djWe
De^|ZWZeiieXh[W[nYh[ede
b[_j[cWj[hde
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
;nYh[jWZedeb[_j[[cXW_nWi
YedY[djhW[idec|n_ce'"'ZW
Zei[cWj[hdW
:
KieZ[l[i[h[l_jWZe"
fh_Y_fWbc[dj[de'±jh_c[ijh[
Z[][ijWe$>|h[bWjeiZ[
i_djecWiZ[WXij_d
dY_W"de
f[heZefi#dWjWb"[ch[Yc#
dWiY_ZeiZ[c[igk[_d][h_hWc
X[dpeZ_Wp[fd_Yeifehl|h_Wi
i[cWdWiekcW_i"Wdj[iZefWhje
¿
UUUU
:
;cXehWde^W`W[nf[h_
dY_W
YecWkj_b_pWeZ[beiWhjWd
[cckb^[h[i]h|l_ZWi"ei
[ijkZeih[Wb_pWZeiYec
beiWhjWdfej|ii_Ye[cWd_cW_i
Z[cedijhWhWcZWdei[cehj[
Ze\[je[Zeh[Yc#dWiY_Ze"
Yk`ec[YWd_iceWYh[Z_jW#i[i[h
\WhcWYebe]_YWc[dj[c[Z_WZe
f[bei[\[_jeidei_ij[cW
h[d_dW#Wd]_ej[di_dW
¾
De^|ZWZeiieXh[W[nYh[e
deb[_j[cWj[hde
7
7jhWl[iiWWXWhh[_hWfbWY[dj|h_W
[cgkWdj_ZWZ[b_c_jWZW"cWie
i[kkiedWfh|j_YWcZ_YWde
ceijhek[\[_jeiWZl[hieiWe\[je"
Wii_cejhWjWc[djedefh[Y_iW
i[hceZ_ÓYWZe"fe_idee\[h[Y[
h_iYeiWe\[je
¿
UUUU
r*)/
Fh_dYf_eWj_le
CW]di_eIkb\Wje
C[ben_YWc
C[cWdj_dW
C[f[h_Z_dW
C[f_lWYWdW!
;f_d[\h_dW
C[hef[d[c
C[iWbWp_dW
C[jWZedW
C[jWhWc_deb
C[j\ehc_dW
**&r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
Eikb\WjeZ[cW]di_eWjhWl[iiW
WfbWY[djhWYec\WY_b_ZWZ[[feZ[
WbYWdWhWbjWiYedY[djhW[i
fbWic|j_YWi\[jW_i$KiWhYec
YWkj[bWZkhWdj[W][ijWe
¾
I[cZWZei
KieYh_j[h_eie
9
;cXehWei[ijkZeidej[d^Wc
[l_Z[dY_WZe[\[_jeij[hWje]
d_Yei"
e\WXh_YWdj[eh_[djWWdekj_b_pWh
ZkhWdj[W][ijWe
¾
I[cZWZeiieXh[W[nYh[ede
b[_j[cWj[hde
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
DeYedijWZWZeiieXh[W[nYh[e
deb[_j[cWj[hde
9
;cXehWWjecec[djede
j[d^Wci_ZeeXi[hlWZei[\[_jei
j[hWje]
d_YeiWjh_Xkl[_iWekie
Z[c[f[h_Z_dW"[ijWiec[dj[
Z[l[h|i[hkj_b_pWZWZkhWdj[W
]hWl_Z[pieXh_]eheiWikf[hl_ie
cZ_YW"kcWl[pgk[kbjhWfWiiW
WXWhh[_hWfbWY[dj|h_W"Wj_d]_dZe
e\[je"feZ[dZeb[lWh}Z[fh[iie
h[if_hWjh_WZeh[Yc#dWiY_Ze
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
;cWd_cW_i"\e_Z[j[YjWZW[nYh[e
deb[_j[
Feh\WbjWZ[ZWZei[c^kcWdei"
WYedi[b^W#i[deWcWc[djWh
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
7h[bWeh_iYeÅX[d[\Y_eZ[l[
i[hYedi_Z[hWZWgkWdZeZekie
Z[c[jWZedWfehfWY_[dj[i
]h|l_ZWi"fe_i\ehWch[bWjWZei
YWieiZ[ckb^[h[ifWhj_Y_fWdj[i
Z[fhe]hWcWiZ[cWdkj[de
WiieY_WZeiYecWd]Ïij_W\[jWbde
Ïj[he[XW_nef[ieZ[dWiY_c[dje
¾
EkieZWZhe]WfeZ[h|YWkiWh
Z[f[dZ
dY_W\i_YWdWYh_WdW
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[]khWdWde[ijWX[b[Y_ZW
Fh_dYf_eWj_le
C[j_bZefW
C[j_b[h]ejWc_dW
C[j_bfh[Zd_iebedW
C[jeYbefhWc_ZW
C[jefhebeb
C[jhed_ZWpeb
á
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
C[j_bZefWj[ci_ZekiWZWieX
h_]eheiWikf[hl_ieYbd_YW[
eXijjh_YWdejhWjWc[djeZ[
^_f[hj[dieZkhWdj[W]hWl_Z[p$
De^ekl[[l_Z
dY_WYbd_YWZ[
gk[YWkiWii[WdehcWb_ZWZ[i
\[jW_i$H[bWjeifkXb_YWZeiieXh[e
kieZ[c[j_bZefWZkhWdj[jeZei
eijh_c[ijh[i_dZ_YWcgk["i[
[ijWZhe]W\ehkiWZWZkhWdj[W
]hWl_Z[p"Wifeii_X_b_ZWZ[iZ[
ZWdei\[jW_ifWh[Y[ch[cejWi
¿
UUUU
9
EkieZkhWdj[W]hWl_Z[p
Yedi_Z[hWZeYedjhW#_dZ_YWZe
;cXehWdej[d^W[\[_jei
j[hWje]
d_Yei"deZ[l[i[h
WZc_d_ijhWZWZkhWdj[W]hWl_Z[p$
7Zhe]WfeZ[i[hZWZWYec
YWkj[bWZkhWdj[Wi[]kdZW[jWfW
ZejhWXWb^eZ[fWhje
¾
9k_ZWZedWWZc_d_ijhWe
ZWc[j_b[h]ejWc_dWZkhWdj[
WWcWc[djWe"fe_i[bW
Yedi_Z[hWZWYecfWjl[bYec
eWb[_jWc[djeZkhWdj[kc
Ykhjef[heZe'i[cWdW$7
c[j_b[h]ejWc_dWZ_ijh_XkZW
deb[_j[cWj[hde[cf[gk[dW
gkWdj_ZWZ[$E\|hcWYe_d_X[
WfhebWYj_dW
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
EiYehj_Yeij[h_Z[ikiWZeifeh
YkhjWZkhWeie][hWbc[dj[
YecfWjl[_iYecWWcWc[djWe
i[kj_b_pWZeiWj+&c]%Z_WZ[
[gk_lWb
dY_W}fh[Zd_iedWek
fh[Zd_iebedW$;djh[jWdje"Yece
j[hWf_WZ[bed]efhWpe"WZei[Z[l[
i[h_d\[h_ehW
'&c]%Z_WZ[[gk_lWb
dY_W}
fh[Zd_iedWekfh[Zd_iebedW
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
FeZ[YWkiWhh[W[iWZl[hiWi"
Yece"feh[n[cfbe0XhWZ_YWhZ_W
de\[jeKj_b_pWhieX[ijh_jW
h[Yec[dZWeZecZ_Ye
À
C[jefhebeb[nYh[jWZedeb[_j[[c
f[gk[dWigkWdj_ZWZ[i
8
;c[diW_eiYecWd_cW_i"
c[jhed_ZWpebdeceijhek
[l_Z
dY_WiZ[j[hWje][d_Y_ZWZ[
[\[jejen_Y_ZWZ[$;ijkZei
Yecckb^[h[i]h|l_ZWi"gk[
h[Y[X[hWcc[jhed_ZWpebZkhWdj[
e'±jh_c[ijh[Z[]hWl_Z[p"
deceijhWhWc[l_Z
dY_WiZ[
gkWbgk[hc|#\ehcWe$FehjWdje"
[cYWieZ[d[Y[ii_ZWZ["W
]hWl_Z[pdekcWYedjhW#
_dZ_YWefWhWekie
Z[c[jhed_ZWpeb
¾
Eii_dW_ideX[X
_dYbk[cf[hZWZ[
Wf[j_j[[lc_jei$FeZ[ZWh]eije
WcWh]eWeb[_j[
77YWZ[c_W7c[h_YWdWZ[
F[Z_Wjh_Wik][h[Z[iYedj_dkWhW
WcWc[djWefeh'(#(*^ehWi
fWhW[nYh[eZWZhe]WgkWdZe
WZc_d_ijhWZWÏd_YWZei[Z[(]
;njhW_h[[ijeYWheb[_j[
YecWdj[Y[Z
dY_W
á
á
á
r**'
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
;ijkZeih[Wb_pWZei[chWjei
[Ye[b^eiZ[cedijhWhWc
[\[_jej[hWje]
d_Ye$GkWdZee
c[Z_YWc[djeZ[i_dj[]hWZe"
Z[l[#i[[l_jWhW_dWbWeek
YedjWjeZ_h[jeYecWf[b[ek
ckYeiWi$;cYWieZ[YedjWje
Yecc[cXhWdWickYeiWi"bWlWh
c_dkY_eiWc[dj[Yec|]kW
[iWXe
¾
;ijkZei[chWjeiZ[cedijhWhWc
gk[ec_Ye\[debWjeZ[ce\[j_bW
feZ[i[h[nYh[jWZedeb[_j[
:[iYed^[Y[#i[W[b_c_dWede
b[_j[^kcWde$:[l_ZeWeih_e
fej[dY_WbZ[h[WeWZl[hiWWe
bWYj[dj["ecZ_YeZ[l[h|WlWb_WhW
h[bWeh_iYeÅX[d[\Y_e
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
Ced_jehWheX[X
fWhW[\[_jei
YebWj[hW_i
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
7[nYh[eZWc_bh_dedWdeb[_j[
cWj[hdeW_dZWde[ij|X[c
[ijkZWZW"h[Yec[dZW#i["fehjWdje"
YWkj[bWdWWZc_d_ijhWe
WbWYjWdj[i
C_hjWpWf_dW
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
C_iefheijeb
N
C[Z_YWc[djekj_b_pWZefWhW
_dj[hhkfeZW]hWl_Z[p
À
FeZ[YWkiWhZ_Whh_W[cYh_WdWi
bWYj[dj[i
Cede[jWdebWc_dW
Eb[Wje
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Cedj[bkYWij[
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
Eikb\WjeZ[cehÓdWiZ[l[
i[hWZc_d_ijhWZe[cfWY_[dj[i
]h|l_ZWigkWdZede^|ekjhe
cjeZeZ[Yedjheb[ZWZeh[gk[
i[heced_jehWZWiZkhWdj[
efWhje
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
Ckf_heY_dWdeWXiehl_ZW
gkWdZeWfb_YWZWjef_YWc[dj[dWi
\eiiWidWiW_iekdWf[b[$De
[dYedjhWZWckf_heY_dWdeb[_j[
cWj[hde$De[n_ij[cfh[YWk[i
[if[YÓYWiZkhWdj[WbWYjWe$De
[djWdje"dei[Z[l[Wfb_YWhdei[_e
Z[c[ibWYjWdj[i
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Fh_dYf_eWj_le
C_Ye\[debWjeZ[
Ce\[j_bW
C_ZWpebWc
C_bh_dedW
CehÓdW
CehÔenWY_de
Ckf_heY_dW
DW\j_Zhe\kh_b
**(r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
8
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
:WZeib_c_jWZeiik][h[cgk[e
Ybeh_ZhWjeZ[dWbXkÓdW[nYh[jWZe
deb[_j[cWj[hde[cf[gk[dW
gkWdj_ZWZ[c[deiZegk['ZW
Zei[WZc_d_ijhWZW[Yec[\[_je
Yb_d_YWc[dj[_di_]d_ÓYWdj[$
:[l[#i[j[hYWkj[bW[cYWieZ[
WZc_d_ijhWe[cckb^[h[i
gk[WcWc[djWc
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
N
Fehi[hkc^ehcd_e
WdZhe]
d_Ye"feZ[YWkiWh
[cXh_ejen_Y_ZWZ["\[jen_Y_ZWZ[[
cWiYkb_d_pWe[c\[jeiZe
i[ne\[c_d_de
À
9edjhW#_dZ_YWZeZkhWdj[W
WcWc[djWeFeZ[Z[i[dYWZ[Wh
cWiYkb_d_pWe[cc[d_dWi[
Z[i[dlebl_c[djefh[YeY[
[cc[d_dei
7bjWiZei[ifeZ[c_d_X_hWbWYjWe
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
D#8kj_b[iYefebWc_dW
KieYedjhW#_dZ_YWZede'±[de)±
jh_c[ijh[Z[][ijWe$;djh[e*±[
e,±c
i"ekieiec[dj[Z[l[i[h
Yedi_Z[hWZegkWdZeeiX[d[\Y_ei
ikf[hWh[ceifeiil[_ih_iYei
*
I[cZWZei
KieYh_j[h_eie
D#8kj_b[iYefebWc_dW!
:_f_hedW
KieYedjhW#_dZ_YWZede'±[de)±
jh_c[ijh[Z[][ijWe$;djh[e*±[
e,±c
i"ekieiec[dj[Z[l[i[h
Yedi_Z[hWZegkWdZeeiX[d[\Y_ei
ikf[hWh[ceifeiil[_ih_iYei
¾
I[cZWZei
KieYh_j[h_eie
D[ec_Y_dW
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
GkWdZekiWZef[bWc[fehl_W
fWh[dj[hWb"WfWh[Y[\WY_bc[dj[de
b[_j[cWj[hde"YedjkZe"WWXiehe
dejhWje]Wijh_dj[ij_dWbZebWYj[dj[
_di_]d_ÓYWdj[
Be]e"i[]kheWcWc[djWh
D[eij_]c_dW
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
D_Yej_dW
:
$XWLOL]DomR¿FDDFULWpULRPpGLFR
TXHGHYHDYDOLDURULVFR±EHQH¿FLR
*
$XWLOL]DomR¿FDDFULWpULRPpGLFRTXH
GHYHDYDOLDURULVFR±EHQH¿FLR
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
D_c[ikb_ZW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
D_ceZ_f_dW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Fh_dYf_eWj_le
DWbXkÓdW
DWbenedW
DWdZhebedW
DWfhen[de
D_\[Z_f_dW
9Wj[]eh_W
<:7
9
Eh_[djW[iÅ=hWl_Z[p
r**)
Fh_dYf_eWj_le
D_ijWj_dW
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
Eh_[djW[iÅ7cWc[djWe
UUUU
D_jhWp[fWc
;\[_jeij[hWje]
d_YeiW_dZW
de\ehWcX[c[bkY_ZWZei"
feh_iiedei[h[Yec[dZW
ekieZ[d_jhWp[fWcdei)
fh_c[_heic[i[iZ[]hWl_Z[p$
xZ[iWYedi[b^|l[bfh[iYh[l[h
Zei[i[b[lWZWidejh_c[ijh[
ÓdWbZW]hWl_Z[p"[chWpeZe
h_iYeZ[^_fejed_W"^_fej[hc_W
[Yecfb_YW[ih[if_hWjh_WiZ[
h[Yc#dWiY_Ze
¾
7kj_b_pWeZ[X[dpeZ_Wp[fd_Yei
ZkhWdj[ef[heZeZ[bWYjWede
h[Yec[dZWZWCed_jehWheX[X
fWhW[\[_jeiYebWj[hW_i
D_jhe\khWdjedW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
D_jhe\khWpedW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
D_jhe]b_Y[h_dW
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
9ecfWjl[bYecWWcWc[djWe
x[nYh[jWZedeb[_j["fehc"
_dWj_lWZWdejkXeZ_][ij_leZe
h[Yc#dWiY_Ze
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
J[eh_YWc[dj[feZ[W\[jWhe
Z[i[dlebl_c[djeZWYWhj_bW][cZ[
Yh[iY_c[dje
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
À
x[nYh[jWZedeb[_j[cWj[hdeWfi
WZc_d_ijhWei_ij
c_YW
KieZ[l[i[hYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
D_jhefhkii_WjeZ[
IZ_e
DehWZh[dWb_dW
DehÔenWY_dW
Dehjh_fj_b_dW
EYjh[ej_ZW
EÔenWY_dW
EbWdpWf_dW
***r
8
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
De^|[ijkZeiWZ[gkWZei[
X[cYedjhebWZei[cckb^[h[i
]h|l_ZWi"fehjWdjeWebefWjWZ_dW
deZ[l[i[hkiWZWdW]hWl_Z[p
7lWb_Wheh_iYeÅX[d[\Y_e
¾
Dei[iWX[i[WWZc_d_ijhWe
jf_YWeYkbWhfeZ[h_Wh[ikbjWh[c
WXiehei_ij
c_YWikÓY_[dj[fWhW
fheZkp_hgkWdj_ZWZ[iZ[j[Yj|l[_ide
b[_j[^kcWdeFehjWdje"h[Yec[dZW#
i[YWkj[bWgkWdZeWebefWjWZ_dW\eh
WZc_d_ijhWZW}c[bWYjWdj[
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
I[c[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi"fehciWX[#
i[gk[WenYWhXWp[f_dW[i[k
c[jWXb_jeWj_leWjhWl[iiWcW
fbWY[djW
I[Wc[Z_YWe\eh
WXiebkjWc[dj[d[Y[ii|h_W[
de^ekl[hWbj[hdWj_lWcW_i
i[]khW"Z[l[i[hWZc_d_ijhWZWdW
feiebe]_WcW_iXW_nWfeiil[b
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
8W_nWiYedY[djhW[iZ[ijWZhe]W
WfWh[Y[cdeb[_j[cWj[hde$
HWhWc[dj[ieeXi[hlWZei[\[_jei
YebWj[hW_iEYWi_edWbc[dj["feZ[c
eYehh[hh[W[iWbh]_YWi"Yece
hWi^Ykj~d[e
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
FeZ[i[h[b_c_dWZWdeb[_j[
cWj[hde
H[Yec[dZW#i[deWcWc[djWh
8
;cXehWei[ijkZei[cWd_cW_i
dej[d^WcYebeYWZe[c
[l_Z
dY_Wfeiil[_ifhefh_[ZWZ[i
j[hWje]
d_YWiZefheZkje"W
_deYk_ZWZ[dW][ijWdj[de\e_
Z[cedijhWZW
¾
De[n_ij[c_dZY_eiZ[fWiiW][c
ZefheZkjefWhWeb[_j[cWj[hde
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
En_jeY_dW
?dZ_YWeZec[Z_YWc[dje0
_dZkeZefWhjefehhWp[i
cZ_YWi
¾
I[cZWZei
KieYh_j[h_eie
FWdYkhd_e
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
Fh_dYf_eWj_le
EbefWjWZ_dW
Ec[fhWpeb
EdZWdi[jhed
EnWYWhXWp[f_dW
EnWY_b_dW
En_Xkj_d_dW
En_YeZedW
ãn_ZeZ[<[hhe
H[l[ij_Ze
En_c[jWpeb_dW
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
9
¾
7enYWhXWp[f_dW[i[k
c[jWXb_jeWj_leie[nYh[jWZei
deb[_j[cWj[hde$7h[bWeZ[
YedY[djhW[ib[_j[cWj[hde%
fbWicW\e_Z[&"+fWhWWcXWiWi
ikXij~dY_Wi$De[n_ij[[nf[h_
dY_W
gk[deif[hc_jW`kb]WhWi[]khWdW
ZekieZec[Z_YWc[djeZkhWdj[
WbWYjWe
r**+
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
EYehh[[nYh[edeb[_j[cWj[hde
8
;cXehWfeiiWi[hkj_b_pWZe"
h[Yec[dZW#i[[l_jWhe
kiefhebed]WZe
¿
;l_jWhjhWjWc[djefhebed]WZe
Ced_jehWheX[X
fWhW[\[_jei
YebWj[hW_iYeceWd[c_W^[cebj_YW"
j[cfeZ[iWd]hWc[djefhebed]WZe
[WY_Zei[c[jWXb_YW
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
KieYh_j[h_eie
9edY[djhW[ideb[_j[cWj[hde
i[c[b^Wdj[i}iZefbWicW
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
F[d_Y_b_dWiie[nYh[jWZWideb[_j[
cWj[hde
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
8W_nWiYedY[djhW[iZ[ijWi
Zhe]WiWfWh[Y[cdeb[_j[cWj[hde$
HWhWc[dj[ieeXi[hlWZei[\[_jei
YebWj[hW_iEYWi_edWbc[dj["feZ[c
eYehh[hh[W[iWbh]_YWi"Yece
hWi^Ykj~d[e
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
8W_nWiYedY[djhW[iZ[ijWi
Zhe]WiWfWh[Y[cdeb[_j[cWj[hde$
HWhWc[dj[ieeXi[hlWZei[\[_jei
YebWj[hW_iEYWi_edWbc[dj["feZ[c
eYehh[hh[W[iWbh]_YWi"Yece
hWi^Ykj~d[e
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
F[h_Y_Wp_dW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
F_beYWhf_dW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
F_dWlh_e
De^|[ijkZeiYedjhebWZei
ieXh[Wkj_b_pWeZeXhec[je
Z[f_dWlh_eZkhWdj[W]hWl_Z[p$
FehcZ[l[#i[eXi[hlWhgk[
WWZc_d_ijhWeZ[Xhecede
ÓdWbZW]hWl_Z[pfeZ[W\[jWh
d[khebe]_YWc[dj[eh[Yc#
dWiY_Ze^_fejed_W"i[ZWe
¾
I[cZWZei
KieYh_j[h_eie
F_e]b_jWpedW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Fh_dYf_eWj_le
FWdjefhWpeb
FWfWl[h_dW
FWhWY[jWceb
FWhen[j_dW
F[d_Y_b_dW=
8[dpWj_dW
F[d_Y_b_dW=
Fej|ii_YW
F[d_Y_b_dW=Fej|ii_YW
!F[d_Y_b_dW=FheYWdW
F[djen_Ób_dW
**,r
9
9
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
7f_f[hWY_b_dW[nYh[jWZW[cXW_nWi
YedY[djhW[ideb[_j[cWj[hde
7iYedY[djhW[iZ[jWpeXWYjWcde
b[_j[cWj[hdeW_dZWde
\ehWcZ[j[hc_dWZWi
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Feb_[ij_h[dei#
ikb\edWjeZ[9|bY_e
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Feb_c_n_dW8
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
N
EYeb[ij[heb[ekjheifheZkjei
ZWX_eiidj[i[ZeYeb[ij[heb
ieYecfed[dj[i[ii[dY_W_i
fWhWeZ[i[dlebl_c[djeZe
\[je_dYbk_dZeWidj[i[Z[
[ij[h_Z[i[c[cXhWdWi
Y[bkbWh[i$IWX[dZe#i[gk[ei
_d_X_Zeh[iZW>C=#9e7h[ZkjWi[
Z_c_dk[cWidj[i[Z[Yeb[ij[heb
[feii_l[bc[dj[Z[ekjhWi
ikXij~dY_WiX_ebe]_YWc[dj[
Wj_lWiZ[h_lWZWiZeYeb[ij[heb"
[ij[ifeZ[cYWkiWhZWdeWe
\[jegkWdZeWZc_d_ijhWZeifWhW
ckb^[h[i]h|l_ZWi
À
7cWc[djWeYedjhW#_dZ_YWZW
¿
EiYehj_Yeij[h_Z[ikiWZeifehYkhjW
ZkhWeie][hWbc[dj[YecfWjl[_i
YecWWcWc[djWei[kj_b_pWZei
Wj+&c]%Z_WZ[[gk_lWb
dY_W
}fh[Zd_iedWekfh[Zd_iebedW$
;djh[jWdje"Yecej[hWf_WZ[bed]e
fhWpe"WZei[Z[l[i[h_d\[h_ehW
'&c]%Z_WZ[[gk_lWb
dY_W}
fh[Zd_iedWekfh[Zd_iebedW
¿
EiYehj_Yeij[h_Z[ikiWZeifehYkhjW
ZkhWeie][hWbc[dj[YecfWjl[_i
YecWWcWc[djWei[kj_b_pWZei
Wj+&c]%Z_WZ[[gk_lWb
dY_W
}fh[Zd_iedWekfh[Zd_iebedW$
;djh[jWdje"Yecej[hWf_WZ[bed]e
fhWpe"WZei[Z[l[i[h_d\[h_ehW
'&c]%Z_WZ[[gk_lWb
dY_W}
fh[Zd_iedWekfh[Zd_iebedW
Fh_dYf_eWj_le
F_f[hWY_b_dW!
JWpeXWYjWc
F_hen_YWc
FbWdjW]eelWjW
ÓXhWiZ[Fiobb_kc
Fej|ii_e9beh[je
FhWlWijWj_dW
Fh[Zd_iebedW
Fh[Zd_iedW
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
9
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
r**-
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
9ecfWjl[bYecWWcWc[djWe$
IkfeijWfWiiW][cfWhWeb[_j[
cWj[hde
7kc[djWeidl[_iZ[fhebWYj_dW
;l_jWhekiefhebed]WZe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
FhefWj_bd_jhWje
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Fhefe\eb
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
JWdje[cWd_cW_iYecede
^ec[c"WbjWiZei[iZ[gk_d_dW
feZ[cfheZkp_hb[ie\[jWbdW
\ehcWZ[ikhZ[p"h[ZkeZe
Z[i[dlebl_c[dje[c|#\ehcW[i
YhWd_WdWi[Z[[njh[c_ZWZ[i$
:[l_ZeWkcWWeYedjh|j_b
ieXh[eÏj[he"Wgk_d_dWfeZ[
j[h[\[_jeWXehj_le$FehjWdje"
h[Yec[dZW#i[deWZc_d_ijhWh
gk_d_Z_dWZkhWdj[W]hWl_Z[p
¿
UUUU
:
9edjhW#_dZ_YWZeZkhWdj[W
][ijWe>|h_iYeiZ[ZWdeiWe
\[je$I[WfWY_[dj[[d]hWl_ZWh
ZkhWdj[ejhWjWc[dje"Wj[hWf_W
Z[l[h|i[hikXij_jkZWecW_i
Y[Zefeiil[b"[cgkWbgk[h
i_jkWe"ZkhWdj[e'±jh_c[ijh[
ZW]hWl_Z[p"fehkcjhWjWc[dje
i[c_d_X_Zeh[iZW;97$Ek"[dje"
^Wl[h|kch_iYeZ[ZWdeWe\[je
¾
9edjhW#_dZ_YWZe"eYehh[f[gk[dW
[nYh[eZ[hWc_fh_bdeb[_j[
cWj[hdeYec[\[_jeiZ[Yed^[Y_Zei
KieYh_j[h_eie
Fh_dYf_eWj_le
FheYW_dWc_ZW
Fhec[jWp_dW
FhefW\[dedW
FhefhWdebeb
FhejWc_dW
Gk[j_Wf_dW
Gk_d_Z_dW
HWc_fh_b
**.r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
7jhWl[iiWWXWhh[h_WfbWY[dj|h_W
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
H_\Wc_Y_dW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
H_\Wcf_Y_dW
9
;cWbjWiZei[i"ceijhek#i[
j[hWje]
d_YW[che[Zeh[i$
;cXehWi[j[d^Wh[bWjWZe
gk[Wh_\Wcf_Y_dWWjhWl[iiWW
XWhh[_hWfbWY[dj|h_W[WfWh[Y[
deYehZekcX_b_YWb"ei[\[_jei
ieXh[e\[je^kcWdeW_dZW
deieYed^[Y_Zei$GkWdZei[
WZc_d_ijhWdWiÏbj_cWii[cWdWi
ZW]hWl_Z[p"Wh_\Wcf_Y_dWfeZ[
YWkiWh^[cehhW]_Wifi#dWjW_i
jWdjedeh[Yc#dWiY_ZeYece
dWc[
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
H_pWjh_fjWde[nYh[jWZedeb[_j[Z[
hWjWi[c\Wi[Z[WcWc[djWe
;djh[jWdje"de[n_ij[cZWZeiYec
i[h[i^kcWdei
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Hei_]b_jWpedW
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
HeiklWijWj_dW
N
7i[]khWdWZ[heiklWijWj_dWde
\e_[ijWX[b[Y_ZWZkhWdj[
W]hWl_Z[p
Fh_dYf_eWj_le
HWd_j_Z_dW
H[c_\[djWd_b
H[fW]b_d_ZW
H_if[h_ZedW
H_lWij_]c_dW
H_pWjh_fjWde
HeYkhd_e
Hef_lWYWdW
7i[]khWdZ[heiklWijWj_dW
de\e_[ijWX[b[Y_ZWZkhWdj[W
WcWc[djWe
r**/
Fh_dYf_eWj_le
IWbXkjWceb
IWbXkjWceb!
=kW_\[d[i_dW
IWbc[j[heb
I[b[]_d_dW
I[hjhWb_dW
I[leÔkhWde
I_dlWijWj_dW
IecWjeijWj_dW
IkYhWb\Wje
*+&r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
HWheiYWieiZ[WdecWb_Wi"
_dYbk_dZe\[dZWfWbWj_dW[
Z[\[_jeideic[cXhei"dei
Ób^eiZ[fWY_[dj[ijhWjWZWi
YeciWbXkjWceb$:[l_Ze}
_dYedi_ij
dY_WZefWZhe
ZeiZ[\[_jei"Wi[]khWdWZ[
iWbXkjWcebW_dZWde\e_
[ijWX[b[Y_ZW
KieWYh_jh_ecZ_Ye
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
9eceeiWbXkjWceb[nYh[jWZede
b[_j[cWj[hde"ekie[cbWYjWdj[i
deh[Yec[dZWZe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
N
EYeb[ij[heb[ekjheifheZkjei
ZWX_eiidj[i[ZeYeb[ij[heb
ieYecfed[dj[i[ii[dY_W_i
fWhWeZ[i[dlebl_c[djeZe
\[je_dYbk_dZeWidj[i[Z[
[ij[h_Z[i[c[cXhWdWi
Y[bkbWh[i$IWX[dZe#i[gk[ei
_d_X_Zeh[iZW>C=#9e7h[ZkjWi[
Z_c_dk[cWidj[i[Z[Yeb[ij[heb
["feii_l[bc[dj["Z[ekjhWi
ikXij~dY_WiX_ebe]_YWc[dj[
Wj_lWiZ[h_lWZWiZeYeb[ij[heb"
[ij[ifeZ[cYWkiWhZWdeWe
\[jegkWdZeWZc_d_ijhWZeifeh
ckb^[h[i]h|l_ZWi
¾
Dei[iWX[i[Wi_dlWijWj_dWekei
i[kic[jWXb_jeiie[nYh[jWZeide
b[_j[^kcWde
7cWc[djWeYedjhW#_dZ_YWZW
f[be\WXh_YWdj[
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
¾
;nYh[jWZWdeb[_j[[cXW_nWi
YedY[djhW[i'",ZWZei[jejWb
h[Ykf[hWZWdeb[_j[$?dj[h\[h[
Yecb_]WeZ[X_b_hhkX_dWYec
WWbXkc_dW"Wkc[djWdZeeh_iYe
Z[A[hd_Yj[hki$EkieZ[l[i[h
Yh_j[h_eiedehY[c#dWiY_Ze
fh[cWjkhe"de'±c
iZ[l_ZW"dei
X[X
iYec^_f[hX_b_hhkX_d[c_Wek
dWgk[b[iYecZ[ÓY_
dY_WZ[]b_Yei[
,\ei\WjeZ[i_Zhe][dWi[
¾
;nYh[jWZWdeb[_j[[cXW_nWi
YedY[djhW[i'",ZWZei[jejWb
h[Ykf[hWZWdeb[_j[$?dj[h\[h[
Yecb_]WeZ[X_b_hhkX_dWYec
WWbXkc_dW"Wkc[djWdZeeh_iYe
Z[A[hd_Yj[hki$EkieZ[l[i[h
Yh_j[h_eiedehY[c#dWiY_Ze
fh[cWjkhe"de'±c
iZ[l_ZW"dei
X[X
iYec^_f[hX_b_hhkX_d[c_Wek
dWgk[b[iYecZ[ÓY_
dY_WZ[]b_Yei[
,\ei\WjeZ[i_Zhe][dWi[
¾
;nYh[jWZedeb[_j[[cXW_nWi
YedY[djhW[i'",ZWZei[jejWb
h[Ykf[hWZWdeb[_j[$?dj[h\[h[
Yecb_]WeZ[X_b_hhkX_dWYec
WWbXkc_dW"Wkc[djWdZeeh_iYe
Z[A[hd_Yj[hki$EkieZ[l[i[h
Yh_j[h_eiedehY[c#dWiY_Ze
fh[cWjkhe"de'±c
iZ[l_ZW"dei
X[X
iYec^_f[hX_b_hhkX_d[c_Wek
dWgk[b[iYecZ[ÓY_
dY_WZ[]b_Yei[
,\ei\WjeZ[i_Zhe][dWi[
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
;nYh[jWZWdeb[_j[[cXW_nWi
YedY[djhW[i'",ZWZei[jejWb
h[Ykf[hWZWdeb[_j[$?dj[h\[h[
Yecb_]WeZ[X_b_hhkX_dWYec
WWbXkc_dW"Wkc[djWdZeeh_iYe
Z[A[hd_Yj[hki$EkieZ[l[i[h
Yh_j[h_eiedehY[c#dWiY_Ze
fh[cWjkhe"de'±c
iZ[l_ZW"dei
X[X
iYec^_f[hX_b_hhkX_d[c_Wek
dWgk[b[iYecZ[ÓY_
dY_WZ[]b_Yei[
,\ei\WjeZ[i_Zhe][dWi[
N
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
À
Ikb\WjeZ[X|h_ede[nYh[jWZede
b[_j[cWj[hde
Ikb\Wje<[hheie
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
Ikb\[djWd_bW
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
KieYh_j[h_eie
I[\ehkj_b_pWZW"ikif[dZWe
Wb[_jWc[djefeh(*^ehWi
Fh_dYf_eWj_le
Ikb\WZ_Wp_dW
Ikb\WZ_Wp_dWZ[FhWjW
Ikb\Wc[jenWpeb!
Jh_c[jefh_cW
Ikb\WiiWbWp_dW
Ikb\WjeZ[8|h_e
IkcWjh_fjWdW
9Wj[]eh_W
<:7
9
8
9
Eh_[djW[iÅ=hWl_Z[p
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
r*+'
Fh_dYf_eWj_le
IknWc[jd_e
J[_YefbWd_dW
J[bc_iWhjWdW
J[d[Yj[fbWi[
J[den_YWc
J[eÓb_dW
J[hXkjWb_dW
J[hb_fh[ii_dW
J_WX[dZWpeb
J_WcWpeb
*+(r
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
:
;ijkZeifh#Ybd_Yei
Z[cedijhWhWc\[jejen_Y_ZWZ[$
xfh[\[hl[bdei[kj_b_pWhe
c[Z_YWc[djeZkhWdj[e'±
jh_c[ijh[Z[]hWl_Z[p
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[nf[h_
dY_WYecekie
Z[j[d[Yj[fbWi[[cckb^[h[i
]hWl_ZWi"eiX[d[\Y_eiZe
jhWjWc[djeZ[l[ci[hWlWb_WZei
[ch[bWeWeih_iYeifedj[dY_W_i
deYWieZ[_d\WhjeZec_eY|hZ_e
ZkhWdj[W]hWl_Z[p
¾
Dei[iWX[i[j[d[Yj[fbWi[
[nYh[jWZedeb[_j[cWj[hde
KieYh_j[h_eie
9%:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
:ei[if[gk[dWiie[nYh[jWZWi
deb[_j[Y[hYWZ[&"($7je
cec[dje"dei[Z_if[Z[ZWZei
h[\[h[dj[iWh[W[iWZl[hiWi[c
bWYj[dj[i
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
xYecfWjl[bYecWWcWc[djWe
[cZei[i^WX_jkW_ifehYkhje
f[heZe$7j_d][YedY[djhW[ide
b[_j[cWj[hde[djh[,"-[(&ZW
Zei[j[hWf
kj_YWZeh[Yc#dWiY_Ze$
EXi[hlWh_hh_jWX_b_ZWZ["
d|ki[Wi[lc_jei
8
J[hXkjWb_dWWjhWl[iiWWfbWY[djW"
cWi[ijkZeideZ[ceijhWhWc
[\[_jeij[hWje]
d_Yei
FeZ[_d_X_hYedjhW[ikj[h_dWi[
_d_X_hefWhje
:[l[i[hkj_b_pWZeYecYWkj[bWde
(±[)±jh_c[ijh[
¿
UUUU
N
JhWjWc[djeYecj[hb_fh[ii_dW
ZkhWdj[W]hWl_Z[pfhe_X_Ze"
fe_iYWkiWYedjhW[ikj[h_dWi[
eZ[YhiY_ceZeÔkneiWd]kd[e
kj[h_de
7Xehjei[ifedj~d[ei[c|#
\ehcWeZe\[jej
ci_Ze
h[bWjWZei[c[ijkZeiYec
hWjeiWfiWWZc_d_ijhWeZ[
j[hb_fh[ii_dW
¾
I[cZWZei
KieYh_j[h_eie
9
DeZ[l[i[hkj_b_pWZede'±
jh_c[ijh[ZW]hWl_Z[p
¾
xZ[iYed^[Y_Zei[ej_WX[dZWpeb
[nYh[jWZedeb[_j[^kcWde
:[l_ZeWefej[dY_WbZ[h[W[i
WZl[hiWiih_Wi"Z[iWYedi[b^W#
i[ekieZefheZkjeZkhWdj[e
Wb[_jWc[dje
:
J_WcWpebWjhWl[iiW\WY_bc[dj[W
XWhh[_hWfbWY[dj|h_W"feZ[_dZkp_h
XY_e[c[iceYh[j_d_icede\[je
[cZ[i[dlebl_c[dje
¾
J_WcWpeb[nYh[jWZedeb[_j[
^kcWde[YedjhW#_dZ_YWZeW
ckb^[h[igk[[ijeWcWc[djWdZe
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
;ijkZeiYedZkp_Zei[cWd_cW_i
Yec[b[lWZWiZei[iZ[j_Ybef_Z_dW
Wfh[i[djWhWcjen_Y_ZWZ[cWj[hdWb
[\[jWb"i[c"de[djWdje"[l_Z[dY_Wh
fej[dY_Wbj[hWje]
d_Ye$De^|
WZ[gkWZei[X[cYedjhebWZei
[ijkZei[cckb^[h[i]h|l_ZWi
["fehjWdje"deZ[l[i[h
WZc_d_ijhWZeZkhWdj[W]hWl_Z[p"W
dei[h[cYWieick_je[if[YÓYei
¾
I[cZWZei
KieYh_j[h_eie
:
7j_][Y_Yb_dWfeZ[YWkiWhZWde
We\[jegkWdZeWZc_d_ijhWZWfeh
ckb^[h[i]h|l_ZWi$IZ[l[i[h
kj_b_pWZWi[eifeiil[_iX[d[\Y_ei
`kij_ÓYWh[ceifeiil[_ih_iYei
We\[je
¾
Dei[iWX[i[Wj_][Y_Yb_dW
[nYh[jWZWdeb[_j[cWj[hde
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
J_eYebY^_Yei_Ze
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
EYehh[[nYh[edeb[_j[cWj[hde
J_eYedWpeb
De[n_ij[c[ijkZeiWZ[gkWZei
[X[cYedjhebWZei[c
ckb^[h[i]h|l_ZWi
7lWb_Whh_iYeÅX[d[\Y_e
À
Dei[j[cYed^[Y_c[dje
i[j_eYedWpeb[nYh[jWZede
b[_j[$7WcWc[djWeZ[l[
i[hZ[iYedj_dkWZWZkhWdj[e
jhWjWc[dje
Fh_dYf_eWj_le
J_Ybef_Z_dW
J_][Y_Yb_dW
J_cebeb
J_ef[djWb
J_ejhf_e
J_he\_XWde
J_pWd_Z_dW
JeXhWc_Y_dW
Jef_hWcWje
9
J_cebebZ[j[Yj|l[bdeb[_j[^kcWde
DeieYed^[Y_ZWiWifeiil[_i
h[W[iWZl[hiWi
9
Ej_ef[djWbWjhWl[iiWWfbWY[djW[
feZ[fheZkp_hZ[fh[iieZeID9
Ze\[je
¾
De^|h[bWjeiZ[fheXb[cWi
Yecj_ef[djWbdef[heZeZW
WcWc[djWe[ci[h[i^kcWdei$
De[djWdje"feZ[ci[h[b_c_dWZWi
f[gk[dWigkWdj_ZWZ[ideb[_j[
cWj[hde
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
GkWdZekiWZef[bWc[fehl_W
fWh[dj[hWb"WfWh[Y[\WY_bc[dj[de
b[_j[cWj[hde"YedjkZe"WWXiehe
dejhWje]Wijh_dj[ij_dWbZebWYj[dj[
_di_]d_ÓYWdj[$Be]e"i[]khe
WcWc[djWh
9
7fh[i[djekj[hWje][d_Y_ZWZ[[c
j[ij[i[cWd_cW_i
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
r*+)
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
9beh_ZhWjeZ[jhWcWZebiec[dj[
Z[l[h|i[hkj_b_pWZeZkhWdj[
W]hWl_Z[pgkWdZe^ekl[h
_dZ_YW[icZ_YWi[nfh[iiWi"
Wii_cc[iceWWZc_d_ijhWe
Z[l[b_c_jWh#i[WkcWÏd_YWZei[
¾
9[hYWZ[&"'ZWZei[Wj_d][e
b[_j[cWj[hde$=[hWbc[dj["de
^|d[Y[ii_ZWZ[Z[_dj[hhkfeZW
WcWc[djWeWfikcWÏd_YWZei[
Z['&&c]
9
DeZ[l[i[hWZc_d_ijhWZWdei
)fh_c[_heic[i[iZ[]hWl_Z[p$
Deic[i[ih[ijWdj[i"WlWb_Whe
h_iYeÅX[d[\Y_e
À
7jhWpeZedW[%eki[kic[jWXb_jei
\ehWc[dYedjhWZeideb[_j[Z[
hWjeibWYj[dj[i"ik][h_dZegk[feZ[
i[h[nYh[jWZedeb[_j[^kcWde$
DeWZc_d_ijhWhWjhWpeZedWfWhW
bWYj[dj[i
¿
EiYehj_Yeij[h_Z[ikiWZeifeh
YkhjWZkhWeie][hWbc[dj[
YecfWjl[_iYecWWcWc[djWe
i[kj_b_pWZeiWj+&c]%Z_WZ[
[gk_lWb
dY_W}fh[Zd_iedWek
fh[Zd_iebedW$;djh[jWdje"Yece
j[hWf_WZ[bed]efhWpe"WZei[Z[l[
i[h_d\[h_ehW
'&c]%Z_WZ[[gk_lWb
dY_W}
fh[Zd_iedWekfh[Zd_iebedW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
xZ[iYed^[Y_Zei[WWZc_d_ijhWe
jf_YWZ[ij[c[Z_YWc[djefeZ[
h[ikbjWh[cWXieheikÓY_[dj[
fWhWfheZkp_hgkWdj_ZWZ[i
Z[j[Yj|l[_ideb[_j[cWj[hde
:[l[#i[j[hYWkj[bWgkWdZe
Yehj_Yeij[h_Z[ijf_Yeiie
WZc_d_ijhWZeiWc[igk[
WcWc[djWc
Jh_X[deiZ[e!
B_ZeYWdW
DeZ[l[i[hkiWZeZkhWdj[e'±
jh_c[ijh[Z[][ijWe
¿
:[iZ[gk[Wfeiebe]_Wi[`W
h_]eheiWc[dj[i[]k_ZW
YecfWjl[bYecWWcWc[djWe
Jh_c[jWp_Z_dW
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
Jhec[jWc_dW
9[jehebWYe
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
;ijkZeiZ[cedijhWhWcgk[
Wfhen_cWZWc[dj['&ZW
YedY[djhWeih_YW[nYh[jWZWde
b[_j[cWj[hde
I[cZWZeiZ[jen_Y_ZWZ[
KieWYh_jh_ecZ_Ye
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
7_dZWgk[hWhWc[dj["[ijWZhe]W
e\j|bc_YWfeZ[YWkiWh[\[_jei
Wdj_ckiYWhd_YeideibWYj[dj[i"
jW_iYece0Yedij_fWe"XhWZ_YWhZ_W
jhWdi_jh_Wi[]k_ZWZ[jWgk_YWhZ_W"
fWbf_jW[i
Fh_dYf_eWj_le
Jen_dW8ejkbd_YW
JhWcWZeb
JhWpeZedW
Jh_WdY_debedW
Jh_WdY_debedW!
D[ec_Y_dW!
=WhWc_Y_dW!
D_ijWj_dW
Jhef_YWc_ZW
*+*r
9
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
Fh_dYf_eWj_le
LWbWY_Ybel_h
LWbiWhjWdW
LWdYec_Y_dW
LWh\Wh_dW
L[Ykhd_e
L[dbW\Wn_dW
L[hWfWc_b
9Wj[]eh_W
<:7
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
8
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
Efh_dY_fWbc[jWXb_jeZe
lWbWY_Ybel_heWY_Ybel_h"gk[
[nYh[jWZedeb[_j[cWj[hde$E
WY_Ybel_h\e_Z[j[YjWZedeb[_j[
cWj[hde[cYedY[djhW[i
gk[lWh_WcZ[&",W*"'l[p[i
WiYedY[djhW[ifbWic|j_YWi
Yehh[ifedZ[dj[iZ[WY_Ybel_h
H[Yec[dZW#i[Yk_ZWZedW
WZc_d_ijhWeZ[lWbWY_Ybel_h
Wckb^[h[igk[[ij[`Wc
WcWc[djWdZe
:
:[l_ZeWec[YWd_iceZ[We
ZeiWdjW]ed_ijWiZ[Wd]_ej[di_dW
??"eh_iYefWhWe\[jedeZ[l[
i[h[nYbkZe$>ekl[h[bWjei
Z[b[i[i[cehj[Z[\[jei
[cZ[i[dlebl_c[dje$9ece
fWhWgkWbgk[hZhe]Wgk[Wjk[
Z_h[jWc[dj[ieXh[ei_ij[cW
h[d_dW#Wd]_ej[di_dW#WbZeij[hedW"
dei[h[Yec[dZWekieZkhWdj[
W][ijWe
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
N
LWh\Wh_dWh[Yed^[Y_ZWc[dj[
j[hWje]
d_YW$
7Zc_d_ijhWZWde'±jh_c[ijh[
ZW]hWl_Z[p"feZ[YWkiWhkcW
idZhec[lWh\Whd_YW\[jWb"
YWhWYj[h_pWZWfehYedZheZ_ifbWi_W
fkdYjWjWfedj_b^WZeii[e[
WdehcWb_ZWZ[i\WY_W_i[ZeID9"
gk[jWcXcfeZ[i[Z[i[dlebl[h
WfiWZc_d_ijhWede(±[)±
jh_c[ijh[i$7WZc_d_ijhWe
}][ijWdj["[c[ij|]_eicW_i
WlWdWZeiZW]hWl_Z[p"[ij|
WiieY_WZW}^[cehhW]_W\[jWb[We
Wkc[djeZWjWnWZ[WXehje
¿
9ecfWjl[bf[beCI
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¿
UUUU
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
9beh_ZhWjeZ[l[hWfWc_bWjhWl[iiW
WXWhh[_hWfbWY[dj|h_W"ekie
ZkhWdj[W]hWl_Z[pZ[l[i[hX[c
WlWb_WZegkWdje}h[bWeh_iYeÅ
X[d[\Y_e
¿
UUUU
Eh_[djW[iÅ=hWl_Z[p
r*++
Fh_dYf_eWj_le
L_]WXWjh_dW
Leh_YedWpeb
Pebf_Z[c
Pef_YbedW
9Wj[]eh_W
<:7
Eh_[djW[iÅ=hWl_Z[p
7cWc[d#
jWe
Eh_[djW[iÅ7cWc[djWe
N
I[]khWdWde[ijWX[b[Y_ZW$
<ehWch[bWjWZWiWdecWb_Wi
Yed]
d_jWi[c\[jeiZ[c[igk[
jecWhWcl_]WXWjh_dWZkhWdj[W
]hWl_Z[p
¾
I[cZWZei
KieYh_j[h_eie
:
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
I[cZWZei
KieYh_j[h_eie
9
De^|[ijkZeiYedjhebWZei[c
ckb^[h[i]h|l_ZWi
KieWYh_jh_ecZ_Ye"WlWb_WdZe
h_iYeÅX[d[\Y_e
¾
Pebf_Z[c[nYh[jWZe[cf[gk[dW
gkWdj_ZWZ[deb[_j[cWj[hde"
c[iceWii_c"h[Yec[dZW#i[de
kj_b_pWhZkhWdj[W][ijWe
9
;cYWieZ[kj_b_pWeZkhWdj[
ei)Ïbj_ceic[i[iZW]hWl_Z[p
ekZkhWdj[ejhWXWb^eZ[
fWhje"[if[hW#i[WeYehh
dY_W
Z[[\[_jeided[edWje"jW_i
Yece^_fej[hc_W"^_fejed_W[
Z[fh[iieh[if_hWjh_WZ[l_Ze}
We\WhcWYeb]_YWZefheZkje
¾
;cXehWWYedY[djhWeZ[
pef_YbedWdeb[_j[cWj[hdei[`W
XW_nW"deZ[l[i[hkj_b_pWZefeh
ckb^[h[iZkhWdj[ef[heZeZ[
WcWc[djWe
B[][dZW]hWl_Z[p
7
8
B[][dZWWcWc[djWe
;ijkZeiYedjhebWZei[cckb^[h[ide
j
cZ[cedijhWZeh_iYefWhWe\[je[W
feii_X_b_ZWZ[Z[ZWde\[jWbhWhW
9ecfWjl[bÅc[Z_YWc[dje
Yk`ekiefej[dY_Wbc[dj[
i[]kheZkhWdj[WbWYjWe
¾
KieYh_j[h_eieÅWlWb_WhW
h[bWeh_iYeÅX[d[\Y_e1[n_][
ced_jeh_pWeYbd_YW[%ek
bWXehWjeh_WbZebWYj[dj[
H[Yec[dZW#i[kj_b_pWhdW
c[dehZei[[j[cfefeiil[b
À
?dYecfWjl[bÅ[n_][W
_dj[hhkfeZWbWYjWe"fe_i
[n_ij[c[l_Z
dY_WiZ[[\[_jei
YebWj[hW_i_cfehjWdj[iWe
bWYj[dj[
;ijkZei[cWd_cW_ide_dZ_YWc
h_iYeifWhWe\[je"cWi\WbjWc[ijkZei
YedjhebWZei[c^kcWdei
Fh[iYh_eYecYWkj[bW
9
;ijkZei[cWd_cW_iZ[cedijhWc[\[_jei
j[hWje]
d_Yeiekjn_YefWhWe[cXh_e"
cWi\WbjWc[ijkZeiYedjhebWZei[c
^kcWdeiFh[iYh_eYech_iYe
:
;n_ij[[l_Z
dY_WZ[h_iYeZ[
j[hWje][d_Y_ZWZ[[%ekjen_Y_ZWZ[[c
^kcWdei"cWieX[d[\Y_eZekieZe
c[Z_YWc[djefeZ[ikf[hWheh_iYe$
Fh[iYh_eZ[Wbjeh_iYe
N
;ijkZeiYedjhebWZei[c^kcWdei
Z[cedijhWcj[hWje][d_Y_ZWZ[[%ek
jen_Y_ZWZ[[c^kcWdeiEh_iYeikf[hW
YbWhWc[dj[eiX[d[\Y_eiZec[Z_YWc[dje
Fh[iYh_eZ[f[h_]e
I[cZWZeiZ_ifedl[_i[cb_j[hWjkhWi
*+,r
¿
9ecfWj_X_b_ZWZ[[djh[c[Z_YWc[djei[h[Y_f_[dj[iZ[iehe
C[Z_YWc[djei
9beh[jeZ[Feb_l_d_bFL9
Feb_[j_b[de]b_YebF;
L_Zhe
7c_eZWhedW7dYehed
?dYecfWjl[b
I[cZWZei
9ecfWjl[b
9behfhecWp_dW7cfb_Yj_b
?dYecfWjl[b
9ecfWjl[b
9ecfWjl[b
D_ceZ_f_dWEn_][d"D_cejef
?dYecfWjl[b
9ecfWjl[b
9ecfWjl[b
D_jhe]b_Y[h_dWJh_Z_b
?dYecfWjl[b
9ecfWjl[b
9ecfWjl[b
C[Z_YWc[djeigk[Z[l[ci[hfhej[]_ZeiZWbkp
C[Z_YWc[djei
EXi[hlWe
7d\ej[h_Y_dW8<kd]_ped
FeZ[i[h[cfh[]WZWi[cfhej[efeh,^ehWi
7Zh[dWb_dW
Fhej[][hZWbkp
D_ceZ_f_dWEn_][d"D_cejef
FeZ[i[h[cfh[]WZWi[cfhej[efeh'&^ehWi
D_jhefhkii_WjeD_fh_Z[
Fhej[][hZWbkpWfih[Yedij_jk_e"Z_bk_e[_d\kie
r*+-
?dikb_dWi^kcWdWi%Wd|be]WifWZhed_pWZWide>eif_jWbIWcWh_jWde
7e
KbjhW#h|f_ZW
H|f_ZW
?dj[hc[Z_|h_W
Bed]W%
Fhebed]WZW
*+.r
J_feZ[
_dikb_dW
Dec[%
BWdWc[dje
<WXh_YWdj[
?dY_e
F_YeZ[We
:khWe
7ifWhj
DeleHWf_Z
(&&(
DeleDehZ_ia
'&#(&c_d
'#)^
)#+^
B_ifhe
>kcWbe]
B_bbo
'+c_d
'#)^
+^
Deleb_dH
'//)
DeleDehZ_ia
)&c_d
'#)^
.^
>kckb_dH
B_bbo
Deleb_dD
'//(
DeleDehZ_ia
'"+^
*#'(^
(&^
'#(^
Dej[c
(*^
H[]kbWh%
I_cfb[i%
9h_ijWb_dW
DF>
=bWh]_dWek
8WiWb
>kckb_dD
B_bbo
BWdjki
7l[dj_i
8_Xb_e]hWÓW
'$ 8KBÜH?EED#B?D;$L[hi[iZ[(&&*#(&&,$;cKHB02^jjf0%%mmm$XkbWh_e#edb_d[$Yec$Xh4"WjkWb_pWZe[c
)&%'%(&&,$
($ 8KIJEK;"IEK?9>F";H?BBI"D7H7D@E97"E=?BL?;H?$CjeZei[d<WhcWYebe]W9bd_YW$MWi^_d]jed"
Eh]Wd_pWY_dFWdWc[h_YWdWZ[bWIWbkZ"'//($
)$ 9B?D?97BF^WhcWYebe]oCWjj[hi$=ebZIjWdZWhZ"(&&+#(&&,$
*$ =?B8;HJ:D"CE;BB;H?D=H9"I7D:;C7$=k_Z[je7dj_c_YheX_WbJ^[hWfo$IWd\ehZ=k_Z[$))$[Z$>oZ[
FWha"7dj_c_YheX_WbJ^[hWfo"?dY"(&&)$
+$ =EC;ICLC"H;?I7CC$9_
dY_Wi<WhcWY
kj_YWiÅKcW7XehZW][c[c<Whc|Y_W>eif_jWbWh$IeFWkbe"
;Z_jehW7j^[d[k"(&&)$
,$ =EE:C7D=7[jWb$7iXWi[i\WhcWYeb]_YWiZWj[hWf
kj_YW$/$[Z$H_eZ[@Wd[_he"CY=hWm>_bb"'//,$
-$ =K?7<WhcWY
kj_Ye8hWidZ_Y[$IeFWkbe"7dZh[_FkXb_YW[iCZ_YWi"<WhcWY
kj_YWi[JYd_YWi"(&&+$
.$ =KOJED$<_i_ebe]_W>kcWdW[C[YWd_iceiZWi:e[dWi$+$[Z$H_eZ[@Wd[_he"=kWdWXWhWAee]Wd"'//)$
/$ >EIF?J7BZWi9bd_YWiZW<CKIF$CWdkWb<WhcWYej[hWf
kj_Ye(&&(#(&&)$($[Z$IeFWkbe"(&&($
'&$ >EIF?J7BZWi9bd_YWiZW<CKIF$CWdkWb<WhcWYej[hWf
kj_Ye(&&+#(&&-$)$[Z$IeFWkbe"(&&+$
''$ >EIF?J7B?ihW[b_jW7bX[hj;_dij[_d$CWdkWb<WhcWY
kj_Ye(&&*$.$[Z$IeFWkbe"(&&*$
'($ >EIF?J7BIWcWh_jWde$CWdkWb<WhcWYej[hWf
kj_Ye(&&*$($[Z$IeFWkbe"(&&*$
')$ >EIF?J7BKd_l[hi_j|h_eH[_dWIeÓW$=k_WfWhWbW7Zc_d_ijhWY_dI[]khWZ[C[Z_YWc[djei$:_h[YY_dZ[
;d\[hc[hW"9hZeXW"(&&'$
'*$ AEHEBAEL7I7$:_Y_ed|h_eJ[hWf
kj_Ye$/$[Z$IeFWkbe"=kWdWXWhWAee]Wd"(&&($
'+$ AEHEBAEL7I7"8KH9A>7BJ;H@>$Gkc_YW<WhcWY
kj_YW$'$[Z$H_eZ[@Wd[_he"=kWdWXWhWAee]Wd"'//.$
',$ B79O9<"7HCIJHED=BB"=EB:C7DCF"B7D9;BB$:hk]?d\ehcWj_ed>WdZXeea$/$[Z$>kZied"B[n_#
9ecf"(&&'$
'-$ C?D?IJxH?EZWIWZ[$FehjWh_Wd±)**"Z['(Z[cW_eZ['//.$IkXij~dY_Wi[C[Z_YWc[djeiIk`[_jeiW
9edjheb[;if[Y_Wb_d0:_|h_eEÓY_WbZWKd_e"8hWib_W:<"I[e'"d$('."f$()$(*."'//,$
'.$ C?D?IJxH?EZWIWZ[$7cWc[djWe[kieZ[Zhe]Wi$I[Yh[jWh_WZ[Febj_YWiZWIWZ[ÅÜh[WJYd_YWZ[
IWZ[ZW9h_WdW$8hWib_W"(&&&$
'/$ D;JEL7"B;L?=9"C;D:EDw7@I"87B:O@BI$7dj_X_j_YeidWFh|j_YWCZ_YW$*$[Z$IeFWkbe"HeYW"'//*$
(&$ F7H<?JJA$CWhj_dZWb[ÅJ^[9ecfb[j[:hk]H[\[h[dY[$)($[Z$BedZed"F^WhcWY[kj_YWbFh[ii"'///$
('$ F$H$L7:;Cx9KCÅ8H7I?B(&&(%(&&)$.$[Z$IeFWkbe"Ieh_Wa"(&&'$
(($ H7D=>F":7B;CC"H?JJ;H@C$<WhcWYebe]_W$*$[Z$H_eZ[@Wd[_he"=kWdWXWhWAee]Wd"(&&'$
()$ I;HL?wEZ[9edjheb[Z[?d\[Ye>eif_jWbWh$CWdkWbZ[Eh_[djWefWhW7dj_X_ej_YefheÓbWn_W[c
9_hkh]_W$IeFWkbe">eif_jWbIWcWh_jWde"(&&+$
(*$ IE7H;IDH$7Zc_d_ijhWeZ[C[Z_YWc[djeidW;d\[hcW][c$'$[Z$H_eZ[@Wd[_he";Z_jehWZ[FkXb_YW[i
8_ecZ_YWi"(&&&$
(+$ IE9?;:7:;ifWebWZ[<WhcWY_W>eif_jWbWh_W$7Zc_d_ijhWY_dZ[C[Z_YWc[djeil_WFWh[dj[hWb$;cKHB0
2mmm$i[\^$[i%Z[\Wkbj$f^f4$
(,$ J7A;JECE9A">E::?D=@>"AH7KI:C$F[Z_Wjh_Y:eiW][>WdZXeea$/$[Z$>kZied"B[n_#9ecf"(&&($
(-$ J7A;JECE9A">E::?D=@>"AH7KI:C$F[Z_Wjh_Y:eiW][>WdZXeea$')$[Z$>kZied"B[n_#9ecf"(&&,#
(&&-$
(.$ JH?II;BB7$>WdZXeeaed?d`[YjWXb[:hk]i$'&$[Z$8[j^[iZW"7I>F"'//.$
(/$ JKHAEIA?88"B7D9;8H"8ED<?=B?EC<$:hk]?d\ehcWj_ed>WdZXeea\ehDkhi_d]$+$[Z$>kZied"B[n_#
9ecf"(&&)$
)&$ L7BB;B8I"<?B>EHCE":;BK9?7H"E=7I$<WhcWYebe]_W?dj[]hWZW$'$leb$H_eZ[@Wd[_he"7j^[d[k"'/..$
)'$ M7?JP8;H=:B$Dkjh_e;dj[hWb[FWh[dj[hWbdWFh|j_YW9bd_YW$($[Z$IeFWkbe"7j^[d[k"'//+$
)($ OEKD=J;$D[e\Wn$.$[Z$7hYehdFkXb_i^_d]"?dY"(&&+$
))$ AEHEBAEL7I7$:_Y_ed|h_eJ[hWf
kj_Ye$')$[Z$IeFWkbe"=kWdWXWhWAee]Wd"(&&,%(&&-$
r*+/
ßdZ_Y[h[c_ii_le
7
77I_d\Wdj_b')"',"+.
7XY_n_cWX[',"+*"),("*',
7Y[jWpebWc_ZW)-"+*"*',
7Y[j_bY_ij[dW*+"++"),("*&."*',
7Y[jedW!ÜbYeeb;jb_Ye*-"+,
7Y_Ybel_h)+"+,"),("*',
ÜY_Ze7Yj_Ye')"+."'*(
ÜY_Ze7Y[j_biWb_Yb_Ye')"',"+.".*"(&."()/"*',
ÜY_Ze8h_Ye))"+/
ÜY_Zexfi_bed#7c_deYWfh_Ye*&"+/"),(
ÜY_Ze<b_Ye'-"+/")+,"*')"*',
ÜY_Ze<b_Ye!L_jWc_dW9'-"*')
ÜY_Ze=WZejh_Ye')",&"*',
ÜY_ZeFeb_WYhb_Ye**",&
ÜY_ZeJhWd[n~c_Ye*&",'"),)"*',
ÜY_ZeJh_YbeheWYj_Ye),",(
ÜY_ZeKhieZ[ien_Yb_Ye)-",(
ÜY_ZeLWbfh_Ye'."+'",)"*',
ÜY_Zei=hWnei;ii[dY_W_i*'",'"',(
ÜY_Zei=hWnei;ii[dY_W_i!7iieY_W[i*'",'
7Yj_boi[*-"-'"),*
7Yj_fWh_d'."'/+
7Yjei*("(/'
7YkbWh(,")*,
7ZWbWj'-"()")+"(,,
7Z[deYWhZ'-",)"),)
7Z[dei_dW'-",)"),)"*',
7Z_\[d_dW!:_f_hedW!Fhec[jWp_dW"('",*"),)"*')
7Zh[d)/",*"),)
7Zh[dWb_dW'+")/",*"'&'"('*"()("()*"(**"),)")-.")..")./"*'-"*)."*+/
7Z#J_b*.")+)"*'*
7[heÔkn),")'*
7[heb_d),")'*
7\h_d)-"(.(
7]hWijWj'-"))/"*&*
Ü]kW8_YWhXedWjWZW))"/Ü]kW8eh_YWZW))"+/
Ü]kW:[ij_bWZW).",+
Ü]kWEn_][dWZW'&leb$)*"(./
7a_d[jed)("+'"/.
7bWdjedW!Jh_YbeiWd*'",+
7bX[dZWpeb)(",,"*'7bXkc_dW>kcWdW=h_\ebi*&",,"),*"*'7bXkh[n*&",,"),*
ÜbYeeb-&))",.
ÜbYeeb7Xiebkje(&",-"*&.
7bZWYjed[)-"',/
7bZec[j()"(*.
7b\[djWd_bW'*"+&",/"),*"*'-
*,&r
7b_pWfh_ZW(&",/"),*"*'7befkh_deb((",/"*'7bfhWpebWc'+"+&"-&"*'-
7bfheijWZ_b*,"-'"),*
7bj[fbWi[*-"-'"),*"*'7cWdjWZ_dW)("+("-("-)"(*)"*'7cWhob*("'/)
7cX_iec[((".)"),7cXheneb*+"-)"*'7c_YWY_dW(,"-)"-*"),+"*'&"*'7c_Zejh_peWjeZ[IZ_e[7c_Zejh_epWjeZ[C[]bkc_dW')"-*"),+"*'-
7c_bWi[!B_fWi[!Fhej[Wi[)-"-+"*'7c_beh_ZW!>_ZheYbehej_Wp_ZW)-"-,"*'.
7c_deÓb_dW),"-,"),+"*')"*'.
7c_deÓb_dWIWdZep),"-,"*')
7c_eXWb'-"-7c_eZWhedW'-"--")',"),+"*')"*'."*+/
7c_jh_fj_b_dW'/"+("-."*'.
7cBeZ_f_dW()")+"-."*'.
7cen_Y_b_dW(/")&"-&"-/".&"'(-"',."),,"*&/"*''"*'("*'.
7cen_Y_b_dW!9bWlkbWdWjeZ[Fej|ii_e(/")&"-/"),,"*'.
7cen_b(/"-/
7cf_Y_b_dW)&"-&".&".'".("'))"'./"),,"*'.
7cf_Y_b_dW!IkbXWYjWc)&".'"),,"*'.
7cfbWY_b_dW)&".&"),,
7cfb_Yj_b)("+'"'),")-*"*')"*+/
7dWZeh')"'+-"*')
7dW\hWd_b'/"+'"')&
7dYehed'-"--"),+"*')"*+/
7dZebXW"'+")("/)
7d[ijWbYed'+"+'")&*
7d\eh_Y_d8((".("),,
7d\ej[h_Y_dW8((".(".)")',"),,"),-"*'."*+/
7d\ej[h_Y_dW8B_feiecWb((".)
7d]_fh[ii()")+".*
7dbeZ_XWb()")+"-.
7djWa)*")&,"*&'
7fh[ieb_dW()"'/7fhej_d_dW*&".*"),-"*'/
7hWc_d)/"(*-")/'
7hYen_W(,"'-'
7hefWn'/"+'"(.+
7j[deXWb()")+".*
7j[deb()")+".*
7j[debeb()")+".*"*'/
7j[di_dW()"')'
7j_leZ[hc[*'",'
7jbWdi_b'-"--"),+
7jehlWijWj_dW*'".+"*'/
7jhef_dW'."*+".+"'--"(,*"),-"*&."*'/
r*,'
7jhef_ed'.".+"),7jhel[dj),"(('
7lWben)&"(+/")/*
7lWdZ_W*(")'(
7pWYjWc(/".."),7pWj_efh_dW*)".,"*'/
7p_jhec_Y_dW(.".-".."),-"*'&"*'/
7pjh[edWc(/".."),-"*'/
7pkbZ[C[j_b[de')"(&"./"),."*&."*'/
7pkbFWj[dj[')"./"),.
7pkbÓd)'")(.
8
8WXoYh[c[*'"'&8WY_jhWY_dW!D[ec_Y_dW)'"/&
8WYbe\[de*,"/&"*'/
8WYjh_c)'")(,
8WYjh_c<)'")(,
8WYjheXWd)'"(+/
8WbYeh'-"'."()")+"'+*")-,
8|biWceZ[F[hk))"/'
8Wc_Ób_dW),"/'"*'/
8Wc_Ón),"/'
8Wd^eZ[:_|b_i[Iebke;b[jhebj_YW&",'*-"/'
8[Ybec[jWiedW(*"(+"/("*(&
8[Ybeieb"(+"/(
8[Z\ehZWbfheij*,"-'"),*
8[Z\ehZfebo8)&"(/*")//
8[bWYeZ_Z)*"+&"')."*')
8[bp[hKM*,")('
8[dWf[d)&"(.-")/.
8[d[hlW*.")+)
8[dpWbYd_e!IZ_e9beh[je)-"/(
8[dp[jWY_b)&"(.+")/.
8[dp[jd_e!8[dpeYWdW!8[dpen_gk_dW!C[djeb'+")("/)
8[dp_ZWc_dW(,"))"/)
8[dp_dWH[j_ÓYWZW*-"/)
8[fWdjeb*'"'+&
8[hWYjWdje*-"/*"),.
8[h_Xkc_d*&",,"),*
8[h_fbWij*&")'+
8[hb_ied(+"'//
8[hej[Y&"+),"'-+"*')
8[jW_ij_dW)+"/*"*(&
8[jWc[jWiedW(("(*"(+")'"*-"/+"/,"'(&"'('"'/&"),."*'+"*(&
8[jWc[jWiedW!9b_egk_deb!=[djWc_Y_dW!JebdW\jWje)'"*-"/+"'/&"*(&
8[jWc[jWiedW7Y[jWje!8[jWc[jWiedW<ei\Wje:_iiZ_Ye(*"/+"),."*(&
8[jWc[jWiedW:_fhef_edWje!8[jWc[jWiedW<ei\Wje:_iiZ_Ye(*"/,"),.
8[jWc[jWiedWLWb[hWje(+"/,
*,(r
8[jWd[Yeb)-"/-"*(&
8[jWi[hY)+"/*
8[jdelWj[(+"/,
8_Wcej_b:(/"'*.
8_Wcej_b(/")&"'(*
8_YWhXedWjeZ[IZ_e))")."*-"/-"/."'*(")(&"*'+
8_dejWb)&".&
8_ejd[))"((,
8_el_h)+"+("((8_f[h_Z[de(&")("+'"/."),."*&."*(&
8_iWYeZ_b**"//"*(&
8bWkX_cWn*&",,"),*
8ehWjeZ[.#>_Zhen_gk_deb_dW!Jh_[jWdebWc_dW(("*-"(&(
8ejen*,")*'")*(")*)"*&+
8h[l_XbeY'."',-")-/
8hecWp[fWc',"+&"//"*(&
8hecefh_ZW(&"//"'&&"),/"*')"*(&
8II*+")((
8kZ[ied_ZW(*"'&&"'&'"*(&
8kZ[ied_ZW!<ehcej[heb(*"'&'
8kf_lWYWdW'+"'&'"*(&"*('
8kf_lWYWdW!7Zh[dWb_dW'+"'&'"*('
8kf_lWYWdW!=b_Yei['+"'&("*('
8kfhef_edW'/"+("'&)"*('
8kiYefWd"('"(,("(,)")/*"*'*
9
9|bY_e9WhXedWje',")/"'&)"'&*"*('
9|bY_e9WhXedWje!9|bY_eBWYje]b_YedWje)/"'&*
9|bY_e9WhXedWje!9eb[YWbY_\[heb)/"'&*"*('
9|bY_e9beh[je)."'&+"),/"
9|bY_e=bkYedWje)."'&+"),/"*&.
9|bY_eIWdZep)/"'&*
9WbY_jh_eb*."'&,"*('
9WbYehj(*"'*+"
9Wb
dZkbW!9Wcec_bW!ãn_ZeZ[P_dYe*'"'&-
9WbiWd',")/"'&)
9Wcec_bWÅ;njhWje*'"'&9WdY_ZWi(("''&"),/
9WdZ_Yehj(("(+"'(&
9Wd[ij[d(("')."
9WfeXWb()"**"'&9Wfej[d()"**"'&9Wfjefh_b()"**"'&-"*('
9WhXWYeb(("'&."*('
9WhXWcWp[f_dW'/"+("-."'&."'&/"'''"(-)"*('
9WhXeb_j_kc'/"+'"()9WhXen_c[j_bY[bkbei[**"'&/
9WhZ_p[d'-"'."()")+"'+*
r*,)
9Whle7j_lWZe(&"'&/
9Whl[Z_beb'."()")+"''&"*('
9Wife\kd]_dW(("''&"),/"*((
9WjWÔWd(+"(,"'+("*')
9[XhWbWj',"'()
9[\WZhen_b(-"'''"*((
9[\Wb[n_dW(-"'''"''("*((
9[\Wbej_dW(-"''(")-&"*((
9[\Wpeb_dW(-"'')")-&"*&/"*'&"*''"*'("*((
9[\Wcen(-"'''
9[\[f_cW(."''*")-&"*((
9[\ejWn_cW(."''*")-'"*((
9[\en_j_dW(-"''+")-'"*&/"*''"*((
9[\jWp_Z_cW(."'',")-'"*()
9[\jh_WnedW(."''-"''.")-("*()
9[\khen_cW(-"''.")-("*&/"*'&"*'("*()
9[b[ijed[(*"/+"),.
9[bb9[fj*)"(+*
9[bi_eh*,")('
9[fWYWdW))"''/
9[fWYeb))"''/
9[feh[n_d(-"'''
9[hkc_d(("*-"(&(
9[jWc_dW'*"+'"''/"(*)")-("*()
9[j_bf_h_Zd_e))"''/"
9[j_bf_h_Zd_e!8[dpeYWdW))"''/"
9[jeYedWpeb(("(+"'(&"'('"()/")'."*()"
9[jeYedWpeb!8[jWc[jWiedW(("(+"'(&"'('
9[jefhe\[de(+"'('")-)"*()
9[jehebWYeJhec[jWc_dW(+"(,")*,"*&+"*+*
9[m_d*.")+,
9_YbeX[dpWfh_dW*)"'('
9_Ybef[djebWje*+"+'"'((
9_Ybef[djebWje!<[d_b[\h_dW"*+"+'"'((
9_Ybefb]_Ye'*+"+'"'((
9_Ybeifeh_dW*)"'''"'(("'()"(+*"),&")-)"*(*
9_beZ[n(/"'*.
9_beijWpeb',"'()"*(*
9_dWh_p_dW*."'()"*(*
9_dY^eYWdW'+"'(*
9_d[jeb(&")("+'"/."),.
9_fhWc_b'/"+'"'(,
9_fhe)&"'(*")-)
9_fheÔenWY_de(/")&"'(*"'*.")-)"*''"*'("*(*"*(9_fheÔenWY_de!:[nWc[jWiedW(/"'*."*(9_iWjhWYh_e),"'(+")-)
9_jWbefhWc'/"+'"'(,
9_jed[kh_d)("*.")+*")-+"*&,
9_jhWjeZ[IZ_e:__ZhWjWZe)/"',(
9_jhWjeJh_iiZ_Ye*-"'(-
*,*r
9bW\ehWd(."''*")-'
9bWh_j_d(*"().
9bWh_jhec_Y_dW(."'(-"',."()/")'.")-*"*(*
9bWlkb_d(/")&"-/"),,
9b[d_b(*"(+"/(
9b[nWd['."',)")-.
9b_dZWc_Y_dW(."'(.")-*"*&/"*'&"*''"*'("*(*
9beXWpWc',"+&"'(/"*(*
9beX[jWieb(+"'(/
9bec_fhWc_dW'/"+'"')&"*(*
9bedWp[fWc'/"+'"')&"*')"*(*
9bed_Z_dW()"')'"((/"*(+
9bef[hWij_dW)*"')("*(+
9bef_Ze]h[b',"')("*(+
9behWdW)."'//
9behWd\[d_Yeb(-"(/")'")-"'))"')*")-*"*(+
9behWd\[d_Yeb!7c_de|Y_Zei!L_jWc_dW7(-"(/"'))
9behWd\[d_Yeb!9ebW][dWi[(-")'")-"')*
9behWd\[d_Yeb!:[ien_hh_XedkYb[Wi[!<_Xh_deb_i_dW(-")'")-"')*
9behZ_Wp[fn_Ze',"+'"')+"*(+
9beh[jeZ[9|bY_e).")/".-"'&+"'*("),/
9beh[jeZ[Fej|ii_e").")/"'*("(/-")(&")('")//"*'+
9beh[jeZ[IZ_e).")/"*-"'*("',("'/)")'/")('"*&("*'+
9beh[n_Z_dW7bYeb_YW&"+))"')+
9beh[n_Z_dWZ[][hcWdj[())"')+
9beh[n_Z_dWbeeWgkeiW&"())"')+
9behfhecWp_dW)("+'"'),")-*"*')"*(+"*+/
9behjWb_ZedW)-"')-"*(+
9bejh_cWpeb(("').
9benWpebWc',"+'"')."*(+
9eZ[dW'*")*"+&"')."')/"*')"*(+
9eZ[dW!<[d[j_bWc_dW!F[dj[jhWpeb!>ecWjhef_dW)*"+&"')."*')
9eZ[dW!FWhWY[jWceb'*"+&"')/"*(+
9eZ[h]eYh_dW)/"*&"')/"'*&")-*"*(,
9ebW][dWi[(-")'")-"')*"'*&
9ebY^_Y_dW(("'*'"*(,
9ebY^_i(("'*'
9eb[ij_hWc_dW*'"*,"'*'"*(,
9ebZ_e;b|ij_Ye'*(
9ebjhWn*,"))-"*&*
9edY[djhWZeÜY_ZefWhW>[ceZ_|b_i[<)*-"'*(
9edY[djhWZe8|i_YefWhW>[ceZ_|b_i[<)*-"'*(
9edZhe_j_dW!>_WbkhedWje*+"'*)
9edhWo,&')"('.").-
9eh[]'."()")+"''&
9ehedWh'-"((*")..
9ekcWZ_d'.")+&
9epWWh',"()"()/
9h[c[8Whh[_hW9ebefbWij*'"'*)
9h[c[Kd_l[hiWbC[hYa*'"'*)
r*,+
9h[ijeh*'")'(
9h_ijWbf[d)&"(.,")/.
9h_n_lWd)+"+("(&/
9hedec[j)("()&
9kcWh_dW!Jhen[hhkj_dW)*"'*)"'**"*(,
9ocXWbjW'/"+'"','
9oc[l[d['/"+'"','
:
:WYj_b#E8*,"(/(
:WÔed)*"'+,
:WbWY_d#9(."'(.")-*
:WbcWZehc*("'.)
:Wbio(+"(&*
:Wdjheb[d*,"'**")-*
:Wdjheb[de*,"'**")-*"*(,
:Wed_b*("'/'
::7LF*&"*)"'*,")-+
:[YWZhed(*"'*-")-+
:[YW#:khWXeb_d*("+)"(,'")/*
:[\[henWc_dW(&"'*+")+,")-+"*(,
:[ÔWpWYehj(*"'*+"*(,
:[fWa[d['."+'",)
:[fWaej['/"+'"'+.
:[fe#C[Zheb(+"(*/")/'
:[hcWp_d[)'")(,
:[hceZ[nFh[l[dj*'"(.'
:[hceZ[n(("*'"(,.
:[hiWd_*'",'
:[i\[hWb(&"'*+")-+
:[icefh[ii_dW*&"*)"'*,"'*-"*(,
:[ifWY_b_dW)&"(.-")/.
:[nW#9_jed[kh_d(*")("*."'*/")-+
:[nWc[jWiedW(*"(/")("*."'''"'*-"'*."'*/")-+"*'+"*(-
:[nWc[jWiedW!L_jWc_dW8'!L_jWc_dW8,!L_jWc_dW8'((*")("*."'*/")-+
:[nYbeh\[d_hWc_dW(*"'*/"*(-
:[nc[Z[jec_Z_dW',"*("+("'*/"'+&")-,"*(-
:[nfWdj[deb*'"'+&"*(-
:[njhWde-&!>_fhec[bei[!=b_Y[heb**"'+&
:_Wc_YhedCH*("'/(
:_Wcen)-"+*
:_Wd[WbF:#(*-")('
:_Wp[fWc',"+&"'+'")-,
:_Wp[fWc_b',"+&"'+'")-,
:_Y[j[b('"(/&
:_Ybe\[dWYe(+"(,"'+'")-,"*')"*(-
:_[dfWn',"+&"'+'
:_\[d_ZhWc_dW(*"'+("(+'")-,"*(-
:_\[d_Zh_d(*"'+(")-,
*,,r
:_][iWd(&"//"),/"*')
:_]eXWb),"'+)"
:_]en_dW),"'+)
:__Zhe[h]ejWc_dW!FWhWY[jWceb!9W\[dW('"'+)"*(-
:_bWYehed'-"'."(*")+")+'
:_bj_Wp[c'-"'."()")+"'+*")-,"*(:_c[d_Zh_dWje!L_jWc_dW8,(&"'+*"*')
:_c[d_Zh_dWje!L_jWc_dW8,!=b_Yei[!<hkjei[('"'++
:_c[j_YedW',"('"'++"(&&"*')"*(-"*)+
:_ceh\'*"+&"(+.")/*
:_eic_dW!>[if[h_Z_dW)*"'+,"*(.
:_elWd',"(*")*.
:_f_h_ZWceb',"'+,")--"*(.
:_f_hedWIZ_YW')",*"'+-"((("(,)")--")/*"*')"*'*
:_fh_lWd'*"+'")&)"*&&
:_fh_lWdF$<$I$'*"+'")&)"*&&
:_fheifWd(*"/,"),.
:_lWbfheWjeZ[IZ_e'/"+'"'+."*(.
:_l[beb'."()")+"''&
:eXkjWc_dW)/"'+.")--"*(.
:eXkjh[n)/"'+.")--
:ebWdj_dW'*"+&"(**")/&
:ecf[h_ZedW(&"'+/"*(.
:edWh[d'/"+'")**
:ed[f[p_bW'."+'"'+/"*(.
:efWc_dW)/"',&")--"*(.
:h_Ye')"(.+"*'*
:ehc_h[*("+&"(++")/)
:ehced_Z*("+&"(++")/)
:ejWh[c')",&
:hWc_d8,(&"('"'+*"'++")-,")--"*')
:h[d_ied(+"'.&
:hejh[Ye]_dW7b\W*,"',&"*(.
:kbYebWn**"//
:kben[j_dW'/"+'"','"*(/
:kf^WbWY**"((-
:khe][i_Y'*"+&"'-,
;
;X_n)("+'"(*)
;\[Zh_dW)-")/"+)"','")-."*(/"
;\[nehNH"'/")+'
;cBW'+")&&
;ckbieB_fZ_YWC9J%B9J"*+"',(
;dWbWXWb()"**"',)
;dWbWfh_b()"**"',)"*(/
;dZeXkb_d*)"(&-").+
;dZed_jeb)**"(*(
;denWfWh_dW'."',)"*&."*(/
;f[b_d'/"+'"'-)
r*,-
;f^odWb*/")+;f_j[pWd(-"(/"'))
;fh[n'-"',+")-.
;hWdp'."+'"'+/
;h]ec[jh_dW*&"+)"',*"*(/
;h]ejhWj[*&"+)"',*
;h_jhefe[j_dW'-"',+")-."*(/
;hjWf[d[c(-"',,"',-")-."*(/
;iY_jWbefhWc'/"+("',-"*(/
;ic[hed),")''"*&'
;icebeb'."',-"',.")-/"*(/
;iec[fhWpeb)*"',."',/"*(/
;if_hedebWYjedW)-")."',/"*(/
xij[h[i;jb_YeiZ[ÜY_Zei=hWneiZeãb[eZ[FWfekbW?eZWZe')"'-&")-/
;ijh[fjegk_dWi[*-"'-&")-/"*)&
;j^Wceb_d+)*"(+-")/)
;jec_ZWje'*"+'"'-'")-/"*)&
;jeh_Yen_X[(,"'-'"*)&
;kY_b(&"(+'"*'*"
;k\eh'/"+'"'.)
;n[bed)("+'")'&
<
<Wij\[d'*"+&")(+"*&(
<WjehL??WZ[9eW]kbWe*&"'-(
<[bZ[d[(,"(/(
<[dWpef_h_Z_dW'*"./"'-("*&."*)&
<[d[h]Wd(*")&'"*&&
<[d_b[\h_d)/"'-)").&
<[d_b[\h_dW)/"*+"+'"'(("'-)").&"*)&
<[d_b[\h_dW*+"'-)
<[d_jedW'/"+'"'''"'-)"'-*"),&").&"*)&
<[deXWhX_jWb'/"+&"-."'-*"(-)").&"*')"*)&
<[deYh_i'/"+&"'-+").&
<[dej[heb),"'-+"*')"*)&
<[djWd[ij'*"+&"'-,").&
<[djWd_b'*"+&"'-,").&
<[djWd_bW'*"+&"'-,"'--"((/").&"*)&
<[djWd_bW!:hef[h_Zeb'*"+&"'--").&"*)&
<[h#_d#Ieb'-")(."*'*
<_XhWi[(-")'")-"')*
<_b]hWij_cW*&"'--").'
<_dWij[h_ZW*("*-"'-."*)'
<bW]ob(,"(+)
<b[Xe]WccW*)"(&-").+
<b[[j**"'.+
<b_nedWi[(*"(+"'.*
<b_nej_Z[(*"'.*
<be]ehWb(,"))"/)
*,.r
<be]e#HeiW(,"/)
<behWj[(,"'.(
<behWj_b(&")')
<beh_d[\[(*"'.&
<benWY_d)&"(-(
<bkYedWpeb(("'-/"()/")+/").'"*)'
<bkZheYehj_iedW(*"'.&"*'+"*)'
<bkZhen_Yehj_ZW(+"'.&
<bk_ckY_b*+"++"),(
<bk_h),"'.*
<bkcWp[d_b(&"+("'.&"'.'").'"*&."*)'
<bkdWh_p_dW)+"'.'"*)'
<bkd_jhWp[fWc*("+'"'.("*)'
<bkeh[iY[dW')"'.(
<bkehc[jebedW(,"'.(
<bken[j_dW'/"+'"+("'.)"*)(
<bkhWp[fWc*("+&"'.)"*)(
<bkj_YWiedW(*"(+"'.*
<ehWZ_b),"'.*
<ehWd['*"+'"(('
<ehcej[heb(*"),"'&'"'.*"*)(
<ehjWp(."'',")-'
<ei\WjeZ[IZ_e:_X|i_Ye!<ei\WjeZ[IZ_eCedeX|i_Ye**"'.+
<hWZ[c_Y_dW(."()+")./
<h[i^J[Whi**"'&/
<h[ie\eb'*"+'")&)"*&&
<h_i_kc',"+&"'(/
<hedjWb'+"+&"-&
<kd]_8((".("),,"
<kd]_ped((".("),,"*+/
<khWY_d)'"(-&
<khei[c_ZW)."'.+").'"*)(
=
=WXWf[dj_dW'/"+("'.,"*))
=WZeZ_Wc_ZW')"'.-").("*))
=WZel[hi[jWc_ZW')"'.-"'..").("*))
=WhWc_Y_dW(,"'./").(
=WhWied[*-"'/&
=WhZ[dWb'/"+&"'-*"'-+"*')
=Wif_h[d)*"(-,")/,
=Wj_ÔenWY_de(/"'.."*))
=[bW\kdZ_d*&")(&
=[djWc_Y_dW(,")'"*-"-*"/+"'./"'/&")*/").("*'&"*''"*(&"*))
=[djWc_Y_dW!8[jWc[jWiedW*-"'/&"*(&
=_da]e8_beXW*&"'/&"*))
=b_X[dYbWc_ZW*("'/'"*))
=b_YWp_ZW*("'/("*))
=b_Y[h_dW*'"**"'/'"'/("(&("(.'")')"
r*,/
=b_Yei['+"('"))").")/"*-"./"'&("'*("'++"',("',/"'/("'/)"'/*"(')"((("((,"()("()*")('")+-")--"
)./"*('"*+'
=b_Yei[!IZ_e9beh[je)."'/)
=b_c[f_ZWb*("'/)
=b_c[f_h_ZW*("'/)"'/*"*))
=bkYe\ehc_d*("(*-
=bofh[ii_d*&"))*"*&*
=hWc_Y_Z_dW!D[ec_Y_dW!D_ijWj_dW!Jh_WdY_debedW)'"'/*
=hWdkbea_d[*&"'--").'
>
>WbZeb)("+'"'/+").("*')
>Wbef[h_Zeb)("+'"'/+").("*')"*)*
>[d[j_n')"(')").,
>[fW#C[hp*'"(--")/,
>[fWh_d'."'/+").)"
>[fWh_dWIZ_YW'."'/+").)"*)*
>[fjWh'."'/+
>[nWXh_n')"((&").-
>[nWc_Z_dW!J[jhWYWdW))"'/,"*)*
>[nec[Z_d[))"'/,
>_WbkhedWje**"*+"'*("'*)"'/,
>_Wbkhed_ZWi[*-"'/-").)"*)*
>_YedY_b(/"-/
>_ZWdjWb'/"+'"'-*").&
>_ZhWbWp_dW()"''&"'/-")++").)"*)*
>_ZhWjeZ[9behWb'/"+'"'/."*)*
>_ZheYbehej_Wp_ZW)-")."-,"'//"(*&"*'."*)*
>_ZheYehj_iedW()"(+"'//"()+").)"*'+
>_Zhn_ZeZ[7bkcd_e',"(&&"*)+
>_Zhn_ZeZ[7bkcd_e!>_Zhn_ZeZ[CW]di_e!:_c[j_YedW',"(&&"*)+
>_Zhn_ZeZ[<[hheFeb_cWbjeiWZe'-"(&'").*"*'*
>_Zhen_[j_bWc_Ze*&"(&(
>_Zhen_[j_bY[bkbei[!=b_Y[h_dW!Fhef_b[de]b_Yeb(&(
>_Zhen_gk_deb_dW!Jh_[jWdebWc_dW(("*-"(&(
>_Zhen_p_dW(*"(&)"*)+
>_]hejed)-"')-
>_bWde=#<(&"*+"(&)"*)+
>_fe]bi*'"(.'
>_feiikbÓjeZ[IZ_e'&(&*
>_hkZe_Z'."(/+
>_n_p_d[(*"(&)
>kcWbe]F[dÓbb*("(')").,"*+.
>kckb_dDF[dÓbb*("('(").,"*+.
>kckb_dHF[dÓbb*("('(").,"*+.
>oWbep_cW*-"'/-").)
>oZ[h]_d[)/"*&"')/")-*
>oÓb_dW),"-,"),+
>ofb[n8*/")+-")//
*-&r
>ofdec_ZWj['*"+'"'-'")-/
>ofeY|bY_e'&)."'&+"),/
>ofedeh)/"(-'
>ofel[h_d*."(.*")/>ol_j9*.")+,"*&-
?
?Xkfhe\[de(+"(&*"*)+
?c_f[d[c!9_bWijWj_dW(&+").*
?c_fhWc_dW'/"+("(&+
?cei[Y)-"+'"().
?celWd['/"*("+&"),'
?ckde]beXkb_d*)"(&-").+
?ckde]beXkb_dW7dj_#H^&:*)"(&,"*)+
?ckde]beXkb_dW7dj_j[j~d_YW*)"(&-")*)").*
?ckde]beXkb_dW>kcWdW*)"(&-").+"*)+
?ckhWd*)".,
?dZWfWc_ZW()"(&/"*),
?dZ[hWb'."()")+")&)
?dZ_dWl_h)+"+("(&/"*),
?dZeY_Z(+"('&").+
?dZec[jWY_dW(+"('&")+&").+"*),
?dÔ_n_cWX[*)"('&").+"*),
?d_X_dW*+"*,"((*")..
?dikb_dW7ifWhj*("(''").+
?dikb_dW=bWh]_dW*("(''"('(").+"*),
?dikb_dW>kcWdWDF>*("('(").,"*),
?dikb_dW>kcWdWH[]kbWh*("('(").,"*),
?dikb_dWB_ifhe*("(')").,
?dlWdp(-"',,")-.
?eX_jh_Zeb')"(')").,"*),
?eZ[jeZ[Fej|ii_e!?eZe!Ü]kW:[ij_bWZW')"))"('*
?eZ_nWdeb')"('*").,"*),
?eZe')"))")*"-*"'-&"(&*"(')"('*"(',"('-"('/"((&"(/+"),+")-/").,").-"*'.
?e[neb')"('+").,"*),
?efWc_Zeb')"(',"('-").,"*),
?ejWbWcWjeZ[C[]bkc_dW')"('.").-"*),
?enW]bWjeZ[C[]bkc_dW')"((&").-"*)-
?en_jWbWcWjeZ[C[]bkc_dW')"((&").-"*)-
?el[hieb')"('/"((&").-"*)-
?fhWjhf_e),"(('"*)-
?fi_bed*&"+/"),(
?hkneb(-")'")-"')*
?hknebcede)-"'*&
?iYel[h',"')(
?ieÔkhWde'*"+'"(('"(((")&-"*)-
?ie\eh_d['*"+'"(('
?iec[j[fj[de!9W\[dW!:_f_hedW('"((("*)-
?ied_Wp_ZW(((")++
r*-'
?iefh[dWb_dW)/"(()").."*)-
?iehZ_b'-"(()
?ieiiehX_ZW:_d_jhWje'-"(()"*)-
?ieiiehX_ZWCeded_jhWje'-"((*"*)-
?ienikfh_dW*+"*,"((*").."*)-
A
AWc_bbeiWd*'"'&-
AWdWa_edCC*&"*'"*/")+."*&-
A[\Wpeb(-"'')")-&
A[Ô[n(-"'''
A[Ô_d(-"''(")-&
A[\en(-"''+")-'
A[jWc_dI'*"+'"''/")-(
AbWh_Y_Z(."'(-")-*
A#O(&(
B
BWX_h_d)+"/*
BWYjWieb*-")((
BWYj_jeb**"((+"((,"*)-
BWYjeXWY_bbkiYWi[_!Ijh[fjeYeYYki\W[YWb_i(&"((,
BWYje\[hh_dW!BWYjef[hen_ZWi[!B_iep_cW!=b_Yei[En_ZWi[))"((,
BWYjkbedW**"((-
BWYjkbei[**"((-"*)-
BWc_YjWb'/"+'"((.
BWc_lkZ_dW!P_ZelkZ_dW)+"+("((-"*).
BWcejh_]_dW'/"+'"((."*).
BWd[nWj(&"+("'.&").'
BWdeb_dW*'"((.
BWdi_de^*'"((.
BWdjkiEfj_i[j*("(''").+
BWi_n)."'.+").'
B[lWgk_d)&"()&")..
B[leXkf_lWYWdW'+"((.").."*).
B[leZefW!8[di[hWp_ZW)("((/"*).
B[leZefW!9WhX_ZefW)("()&"*).
B[leÔenWY_de)&"()&")..
B[lec[fhecWp_dW)("))"+("()'"*'*"*).
B[lei_c[dZWd*,"()'"()(
B[nWfhe'/"+("',B[nejWd',"+&"//
B_X[hWd)-"/-
B_ZeYWdW'+"()"()("())"()*"()+")&&")*+")-'")-(")-.")..")./"*)."*)/"*+*
B_ZeYWdW!7Zh[dWb_dW'+"()*")./"*).
B_ZeYWdW!=b_Yei['+"()*")./
B_ZeYWdW!>_ZheYehj_iedW!ãn_ZeZ[P_dYe!IkXWY[jWjeZ[7bkcd_e()"()+
B_dYec_Y_dW(."()+")./"*)/
*-(r
B_d[peb_ZW(/"(),")/&"*)/
B_eh[iWb*,"/&
B_f_jeh*'".+
B_f_eZebK<')"'-&")-/
B_fe\kdZ_dC9J%B9J'&*+"',(
B_gk[c_d['."'/+
B_iWZeh('",*"),)"*')
B_i_defh_b()"**"(),"*)/
Bj_e'/"+'"()-"*('
Bed]WY_b_d)&"(.+")/.
Bef[hWc_ZW)-"+'"()."*)/
BehWjWZ_dW(*"()."()/"*)/
BehWn',"+&"()/
BehWp[fWc',"+&"()/"*)/
BeiWhjWd',"()"()/"(*&"*)/
Bei[Y)*"(-,")/,
Bei[YCkfi)*"(-,
B#J_hen_dW*)"(*&"(*'"*)/
Bk\jWb('"'++"*')
Bk]eb<ehj[+')"))"('*
Bkc_h[c')"(.&
C
CWWbenFbki',"(&&
CWYheZWdj_dW(/"(,/
CW]di_eF_ZebWje)/"(*'
CW]di_eIkb\Wje)."(*'")/&"*&."**&
CW]def_heb')"'+-"*')
CW]deijed'&)."(*'")/&
CWbledWiebke))"''/
CWd_jeb)."**"(*(
CWdj[_]WZ[9WYWkDWjkhWl[d[*'"(*(
CWdj_ZWd)("+("-(
CWhYWdW&"+i[cWZh[dWb_dW'+"'&'
CWhYWdW&"+YecWZh[dWb_dW'+"'&'
CWhYWdWF[iWZW'+"'&(
CWj[h]Wc*)"(&,").*
CWnFWn',"+&"()/
CWnWbj('")'&
CWnY[\(."''*")-&
C[ben_YWc(+"(*)")/&"**&
C[cWdj_dW)("+'"(*)"**&
C[f[h_Z_dW'*"+&"(**")',")/&"**&
C[f_lWYWdW'+"(**"**&
C[f_lWYWdW!7Zh[dWb_dW'+"(**
C[hed[c(-"(**")/&
C[hef[d[c(-"(**")/&
C[iWbWp_dW(+"(*+"(*,"**&
C[jWZed'*"+&")/'
r*-)
C[jWZedW'*"+&"(*,")/'"**&
C[jWboi[*-"))'"*&)
C[jWckY_b**"(/)
C[jWhWc_deb)/"(*-")/'"**&
C[j\ehc_dW*("'/)"(*-"(*."(/'")&.")'("**&
C[j^[h]_d*&"+)"(*/")/'
C[j_Yehj[d(+"(//
C[j_bY[bkbei[iebkeeYkbWh(*+"(*.
C[j_bZefW()"(*."**'
C[j_b[h]ec[jh_dW*&"+)"(*/")/'
C[j_bfh[Zd_iebedW(+"(*/"(+&")/'")/("*'+"**'
C[j_bfh[Zd_iebedW7Y[jWje(+"(*/")/'
C[j_bfh[Zd_iebedWIkYY_dWje(+"(+&")/(
C[jeYbefhWc_ZW(&"(+'")/("*'*"**'
C[jefhebeb'."()")+"(+("(+)")&(")/("**'
C[jefhebebIkYY_dWje)+"(+(
C[jefhebebJWhjWhWje)+"(+)")/(
C[jhedWY(,"(+)")/(
C[jhed_ZWpeb(,"(+)")/("*&/"*''"**'
C[jhed_Ô[n(,"(+)")/(
C_YWhZ_i',"(*"))'
C_Ye\[debWjeZ[Ce\[j_bW*)"(+*"**(
C_YeijWj_d(("(,-
C_ZWpebWc*("+&"(++")/)"**(
C_bh_dedW),"(+,")/)"**(
C_d_bWn**")(*
C_eiWd*,"'('
C_hjWp[f_dW'/"(+,
C_iefheijeb*,"+("(+-"**(
CeZkh[j_Y)-"-,
CedeYehZ_b'-"((*
Cede[jWdebWc_dWEb[Wje)*"(+-")/)"**(
Cedj[bkYWij[),"(+."**(
CehÓdW'*"+&"',."(+.")/*"**(
Cej_b_kc(&"'+/
CelWj[Y(+"(*)")/&
Cen_ÔenWY_de)&"(+/")/*
CkYeieblWd*+"-)
Ckf_heY_dW)'"(+/"**(
CoZh_WYob'*+")*-
CobWdjWFbki',"(&&
D
DW\j_Zhe\kh_b*."**(
DWbXkÓdW'*"+&"(,&")/*"**)
DWbenedW(&"+("(,&"(,'"*&."**)
DWdZhebedW*("+)"(,'")/*"**)
DWen*&"(.(")/-
DWfheiod(+"(,(
*-*r
DWfhen[de(+"(,("**)
DWhYWd(&"+("(,&
DWhef_d'+")''"*&'
DWjh_b_nIH()"(&/
D#8kj_b[iYefebWc_dW('"(,("(,)")/*"*'*"**)
D#8kj_b[iYefebWc_dW!:_f_hedWIZ_YW('"(,)")/*"*'*"**)
D[XWY[j_d)'"/&
D[eYWdWi[cWZh[dWb_dW'+"'&'
D[eYWdWYecWZh[dWb_dW'+"'&'
D[eYWdWf[iWZW'+"'&(
D[ec_Y_dW(,")'"/&"'/*"(,)"*''"**)"*+*
D[eiWbZ_dW('"(((
D[eij_]c_dW(&"(,*")/+"**)
D[ejkjeYWdW'+"(,+
D[ep_d[)("))"+("()'"*'*
D[fh[ieb()"'/-").)
D[kb[fj_b))"+("(.."*'*
D[khedj_d'/"+("'.,
D[n_kc)*"',.
D_Wh)("+(")',
D_Yej_dW)*"/."'&)"(,+"**)
D_\[Z_f_dW'-"()")+"(,,"**)
D_bf[h_Zeb'*"+&"'--").&
D_cX_kc),"'(+")-)
D_c[ikXWb(,"(,,
D_c[ikb_ZW(,"(,,"*'*"**)
D_ceXWb)+"*."(,-
D_ceZ_f_dW)+"*."(,-")/+"**)"*+/
D_cejef)+"*."(,-")/+"*+/
D_fh_Z[()"(-'")/+"*+/
D_gk_j_d)*"(,+
D_ijWj_dW((")'"*'"'/*"(,-"(,."***"*+*"*++
D_ijWj_dW!ãn_ZeZ[P_dYe(("*'"(,.
D_ikb_Z(,"(,,"*'*
D_jhWjeZ[FhWjW))"),"(,.
D_jhWp[fWc',"+'"(,/"***
D_jheZ[hcJJI'-"*."(-&
D_jhe\khWdjedW(/"(,/"(-&"***
D_jhe\khWpedW)'"(-&"***
D_jhe]b_Y[h_dW'-"*."(-&")/+"***"*+-
D_jhefh[ii7XXejj()"(-'
D_jhefhkii_WjeZ[IZ_e()"(-'")/+"***
D_pehWb(("'(&
DehWZh[dWb_dW)/"(-'")/+"***
Deh[f_d[\h_dW)/"(-'")/+
DehYkhed),")+'"*&,
Deh[f_d[)/"(-'")/+
DehÔenWY_de)&"(-(
Deh_fkhkc'-"(&'").*"*'*
Dehjh_fj_b_dW'/"+("(-("(-)"***
r*-+
DehlWiY()")+"-.
DelWXkf_'+"((.")..
DelWb]_dW')"'+-")--"*')
DelWc_d(,"-)"),+
Deleb_dDF[dÓbb*("('(").,"*+.
Deleb_dHF[dÓbb*("('(").,"*+.
DeleHWf_Z*("(''"*+.
Delei[l[d*&"'-(
DkXW_d'*"+&"(,&")/*
Dk`eb**"(-+
Dkf[hYW_dWb'+"'(*
E
EYjWbXkc_d*&",,"),*
EYjh[ej_ZW*&"(-)")/,"***
EÔen(/")&"(-*
EÔenWY_dW(/")&"(-*"*''"*'("*)."***
EbWdpWf_dW))"+("***
EbYWZ_b',"+'"').
ãb[eZ[7c
dZeWi*'"(-+
ãb[eC_d[hWb**"(-+
EbefWjWZ_dW(*"(-+"(-,"**+
EcY_bed#7(+"'/*")**
Ec[fhWpeb)*"(-,"),&")/,"**+
Ecd_fWgk[)&&')"('+"),.
Ecd_iYWd')"'.-").(
EdZWdi[jhed(&"(-,")/,"**+
Ef^jYeb(("'&.
Efj_CWha')"'.-").(
Efj_HWo')"('/").-
EhWbfh[Z(+"(/.
Ehd_j_dW*'"(--"(-.")/,"*'/
Ei#9Wb:)/"'&*
EnWY_b_dW)&"(-.")/-"**+
EnWf[d)&"(-.")/-
EnYWhXWp[f_dW'/"+("(-/"**+
En_Xkj_d_dW('"(-/"(.&"**+
En_YeZedW'*"+&"(.&"**+
ãn_ZeZ[<[hheH[l[ij_Ze')"(.&"**+
ãn_ZeZ[P_dYe(("*'"'&-"')*"()+"(,."(.'
ãn_ZeZ[P_dYe!JWbYe!=b_Y[h_dW*'"(.'
ãn_ZeZ[P_dYe!L_jWc_dW7!L_jWc_dW:*'"(.'
En_][d)+"*."(,-")/+"*+-
En_c[jWpeb_dW)-"(.("**+
En_jeY_dW*&"(.("(.)")/-"**+
EnoYedj_d'*"+&"(.&
*-,r
F
FWc[beh'/"+("(-(
FWdYkhed),"(.)")/-
FWdYkhd_e),"(.)")/-"**+
FWdjefhWpeb)*"(.)")/-"**,
FWdjepeb)*"(.)")/-"
FWdpojhWj)-"-+
FWfWdW)-"(.*
FWfWl[h_dW*."(.*")(&")/-"**,
FWhWY[jWceb')"'*"('"+&"++"')/"'+)"'+*"(.+"*&."*'*"*(+"*(-"**,
FWhY[b('"'+)
FWh_d[n'."'/+").)"
FWhen[j_dW'/"+'"(.+"**,
FWhje]WcWI:<*)"(&,
FWii_edZ[hc[*'",'
FWijWZÊÜ]kW*'"(.'
FWjWdebI(*"(-+
FWlkbed),"(.)")/F[Z_Wboj[)/"',(
F[d_Y_b_dW=8[dpWj_dW)&"(.+")/."**,
F[d_Y_b_dW=Fej|ii_YW)&"(.,")/."**,
F[d_Y_b_dW=FheYWdW!F[d_Y_b_dW=Fej|ii_YW)&"(.-")/."**,
F[djWiW(+"(*+
F[djen_Ób_dW*."(..")/."**,
F[fiWcWh',"(&&
F[h_Y_Wp_dW))"+("(.."*'*"**,
F[h_e=WhZ))"')+"'),
F[hcWd]WdWjeZ[Fej|ii_e))"+)"(./
F[hn_ZeZ[>_Zhe]
d_e))")*"')*"'*&"(./
F[henob))"(./"(/&
F[hiWdj_d',"'+,")--
FÓp[hIkfei_jh_eZ[=b_Y[h_dW**"'/'
F_ZecW])/"(*'
F_[be]hW\')"-*"),+
F_beYWhf_dW(("(/&"**,
F_dWlh_e('"(/&"**,
F_e]b_jWpedW*("(/'"**,
F_f[hWY_b_dW!JWpeXWYjWc)&"(/'"**-
F_f[h_ZebWje!>[if[h_Z_dW!L_jWc_dW9*,"(/(
F_hWp_dWc_ZW)'"(/(
F_h_Zen_dW*.")+*")++"*&,
F_hen_YWc(,"(/("**-
FbWc[j(&"//"),/"*')
FbWdjW]eelWjWÓXhWiZ[Fiobb_kc**"(/)"**-
FbWiXkc_d*&",,"),*
FbWi_b(&"(+'")/("*'*
FbWl_n',"')(
FebWhWc_d[(*"'*/
Feb_[ij_h[deiikb\edWjeZ[9|bY_e*,"(/*"**-
Feb_c_n_dW8)&"(/*")//"**-
r*--
Feb_iikb\WjeZ[CkYefeb_iiWYWhZ[e'."(/+
Feb_l_d_bf_hheb_ZedW?eZe))")*"(/+
Feb_l_jWcd_YeÅ9ecfb[ne8)//
Feb_l_jWcd_Ye!IW_iC_d[hW_i*."(/,
Feb_l_jWcd_YeLE*."(/,
Fej|ii_e9beh[je).")/"(/-")//"**-
Fej|ii_e<ei\Wje)."(/-")//
FhWdZ_d*(")&.
FhWlWYeb*'"(/.
FhWlWijWj_dW*'"(/."**-
Fh[Y[Z[n',"*("+("'*/")-,
Fh[Z<ehj(,"(./
Fh[Zd_iebedW(+"(,"(/."*)+"**-"*+*
Fh[Zd_ied(+"(//
Fh[Zd_iedW(+"(//")&&"*'+"*)+"**'"**-"*+*
Fh[Zi_c(+"(./
Fh[bed[(+"(./
Fh_beYWdW!B_ZeYWdW'+")&&"*)/
Fh_cWYeh),"(+,")/)
Fh_ceZ[hc*'",'
FheYW_dWc_ZW'.")&'"*&&"**.
FheYWc_Z['.")&'"*&&
FheY_d)&"'(*")-)
FheYje#=bol[deb()")*+
FheZ[hc*'",+"*+/
Fhe\[d_Z(+"'('")-)
FhebefW)("((/
Fhec[jWp_dW('"(*",*")&'"),)"*&&"*')"*'-"**.
FhefW\[dedW'.")&("**.
FhefWj_bd_jhWje'-")&("**.
Fhefe\eb'*"'+"+'"'(,")&)")&-"*&&"**.
FhefhWdebeb'."()")+")&(")&)")'&"**.
FheiYWh*("*-"'-.
Fheij_]c_d[(&"(,*")/+
Fheijeaei*,"+("(+-
FhejWc_dW(&"/'"'(-")&*")'/"*&&"*&."**.
Fhejel_jFbki*."(/,"*'*
FheL_iY**"'/,
Fhen_c[jWYWdW'+"+'")&*
Fhkh_p_d(*"(&)
Fi_Yei[Z_d',"+'"')+
Fieh[n(+"'(/
Fkbc_Yehj(*"'&&
FkhWdJ**)"(*&
FLF?)*"(/+
Foh_Z_kc'*"'-(
*-.r
G
GkWZh_Z[hc)'"/+
Gk[b_Y_d),")(/"*&)
Gk[c_Y[j_dW(-"'))
Gk[ijhWd*'"*,"'*'
Gk[j_Wf_dW))"+(")&+"**.
Gk_d_YWhZ_d['.")&+
Gk_d_Z_dW'.")&+")',"**.
H
HWc_fh_b(*"**")&,"**.
HWd_j_Z_dW)*")&,"*&'"**/
HWf_\[d'*"+&",/"),*
H[Zened*.")+,"*'*
H[\h[i^**",&
H[c[hedIebjWX'/"+("(+,
H[c_YWZ[*)"('&").+
H[c_\[djWd_bW'*"+&")&-"*&'
H[cel[ZehZ[;icWbj[*-"+,
H[d_j[Y()"**"',)
H[efhe',"+*"),(
H[fW]b_d_ZW*(")&."**/
H[j[c_Y('"(-/
H[l_lWd)/"',&")--
H_\WbZ_d)'")&/
H_\Wc_Y_dW)'")&."**/
H_\Wcf_Y_dW)'"-."'''"(()"(-)")&/"**/
H_\eY_dW)'")&.
H_d][hBWYjWje).")('"),+").'")./")/+
H_d][hI_cfb[i)/")('")-&"*&)
H_deiehe)-"/(
H_if[hZWb))"+(")&/
H_if[h_ZedW))"+(")&/"**/
H_jcedehc'.")&(
H_lWij_]c_dW)("+'")'&"**/
H_lejh_b'/"+'"')&"*')
H_pWjh_fjWde('")'&"**/
HeYWbjheb*."'&,
HeY[Ód(."''-")-(
HeYkhd_e),")''"*&'"**/
He^ofdeb*("+'"'.(
Hef_lWYWdW'+")''"*&'"**/
Hei_]b_jWpedW*(")'("**/
HeiklWijWj_dW*'")'(")')"**/
HkXhWdelW*.")++"*&-
r*-/
I
IWXed[j[Bgk_ZeZ[=b_Y[h_dW=hWdWZe8[X
*'"'/'
IWXed[j[Bgk_ZeZ[=b_Y[h_dW@@\hWiYe*'"'/'")')
IWXed[j[L[][jWbZ[=b_Y[h_dW*'"'/'")')
IWXh_b'/"+(")+(
IWYY^WhecoY[iXekbWhZ_(&")')
IWbXkjWceb),")'*"*+&
IWbXkjWceb!=kW_\[d[i_dW),")'*"*+&
IWbc[j[heb),")'+"*+&
IWdZ_ckddD[ehWb*)"'((
IWdZ_ckdd*)"'((")-)
IWdZe]beXkb_dW*)"(&-").+
IWdZeijWj_d*&"(-)")/,
IWd_#Ia_d*'",'
IYWÔWd(,"(,,
I[Yej[n*-"))&
I[_i8*.")+*
I[a_)*"')(
I[bWdj[Z[<_Xh_dW*&")'+
I[b[]_b_dW)("+(")',
I[bea[d'."()")+"(+)")/(
I[bepea)+"(+(
I[d[!7iieY_W[i**")',
I[h[l[dj),")'+
I[hegk[b))"+(")&+
I[hjhWb_dW'/"+(")'-"*+&
I[leÔkhWde'+"+(")'-"*+&
I[lehWd['+"+(")'-
I_]cWbWY**"((+
I_cZWn*,"()'
I_d[c[j)("()&
I_d]kbW_h8WXo),"(+.
I_d]kbW_h),"(+.
I_dlWiYeh*'")'.
I_dlWijWj_dW*'")'."*+&
I_hZWbkZ*,"))/
IbemA)/"(/-
IeWf[n)'")*+
IeXh[f_d*+")'.
IeXh[heb*+")'.")'/
IZ_e9beh[je)-").")/"/("'/)")'/"*&(
Iebke9WhZ_efb]_YW*+")'/
IebkeZ[=[bWj_dW*&")(&
IebkeZ[CWd_jeb)."**"(*(
IebkeZ[H_d][h).")/")('
IebkefWhW9WhZ_efb[]_WIWd]kd[W?dZke*+")'/
IebkefWhW9WhZ_efb[]_WIWd]kd[WCWdkj[de%H[f[h\kie*+")'/
IebkefWhW9edi[hlWeZ[ãh]e*,")('
IebkefWhW:_|b_i[F[h_jed[Wb*-")('
IebkefWhW>[ceZ_|b_i[*-")((
*.&r
IebkeIWb_dWfWhW?hh_]We*+")((
Iebk#C[Zheb(+"(+&")/(
IecWb]_d')"',"+.
IecWjeijWj_dW*&")()"*&("*+&
Ied[Xed',"+'"(,/
IehX_jeb!BWkh_bIkb\WjeZ[IZ_e**")(*
IehYWb*,"(/*
Ieh_d[)-"/(
Iehe<_i_eb]_Ye&"/)/")'/
Iehe=b_Ye#<_i_eb]_Ye)."'/)
If_h_lW),")).
If_heYjWd)-"',/
IjWÓY_b_d)&"(-.")/-
Ij_bWc_d*&")()"*&(
Ij_bden*("+'"),&
Ijh[fjWi[*-"'-&")-/
Ijh[fjea_d*-"'-&")-/
Ijk][hed*."'()
IkX]WbWjeZ[8_ickjeCedeX|i_Ye)*")(*
IkYY_dWjeZ[>_ZheYehj_iedW(+"'//
IkYhWÓbc)*")(*
IkYhWb\Wje)*")(*")(+"*+&
Ik\[djW'*"+&")(+"*&(
Ik\[djWd_bW'*")(+"*&(
Ikb\WZ_Wp_dW)'")(+")(,"*+'
Ikb\WZ_Wp_dWZ[FhWjW)'")(,"*+'
Ikb\Wc[jenWpeb!Jh_c[jefh_cW)'")(,")(-"*&("*+'
Ikb\WiiWbWp_dW)'")(."*+'
Ikb\WjeZ[;\[Zh_dW)/"+)"','")-.
Ikb\WjeZ[D[ec_Y_dW(,"(,)
Ikb\WjeZ[Feb_c_n_dW8)&"(/*")//
Ikb\Wje<[hheie'-")(."*'*"*+'
Ikb\[hheb'-")(.
IkcWjh_fjWdW('")(/"*+'
IkcWn('")(/
Ikf[hWd(&",/"),*
IkfhWZod*."(/,
Ikfh_Z[hc[*'",'
IkhlWdjW*-"/*"),.
IkijhWj['-")&(
IknWc[jd_e),")(/"*&)"*+(
IobWZeh'*"+&")**"*&+
IocX_Yehj(*"'&'
IodjeY_ded*&"(.(")/-
Iodl_iY*+"(&)
r*.'
J
JWbYe;ijh_b*'
JWcWh_d[**")',
JWdikbei_dW*-"))&
JWfWpeb*)"))*
JWh]eY_Z(."))&"*&)
JWicWh)(")*&
JWlWd_Y)&"()&")..
JWpeY_d)&"(/'")/.
J[Xed_d*&"'/&
J[]h[jeb'/"+("'&.
J[_YefbWd_dW(."))&"*&)"*+(
J[b[Xh_n9ehedWh')"((&").-
J[bc_iWhjWdW',"(*"))'"*+(
J[d[Yj[fbWi[*-"))'"))("*&)"*+(
J[den_YWc(,"))("*&)"*+(
J[eÓb_dW),"',."))("*+(
J[ebed]),"))(")))
J[hXkjWb_dW),")))"*&)"*+(
J[hb_fh[ii_dW*&"))*"*&*"*+(
J[jWde]WccW*)"(&-").*
J[jWlWn*.")*)
J^_WX[d)("))*
J^_ef[djWn'+"+'"))."*&*
J_WX[dZWpeb)("))*"*+(
J_WcWpeb*)"))*"*+(
J_Wc_dW*.")+)"*&,
J_Yb_Z'-"))+
J_Ybef_Z_dW'-"))+"*+)
J_[dWc(-"(&+").*
J_][Y_Yb_dW(."))+")),"*&*"*+)
J_bWj_b(,"))("*&)
J_cebeb((")),"*+)
J_cefjeb((")),
J_djkhWZ[8[d`e_c)*"))-
J_eYebY^_Yei_Ze*,"))-"*&*"*+)
J_eYedWpeb(("))-"*+)
J_ef[djWb'+"+'"))."*&*"*+)
J_ejhf_e),"))."*+)
J_heÓXWde'-"))/"*&*"*+)
J_pWd_Z_dW*,"))/"*+)
JeXhWc_Y_dW(,"-*"*'&"*+)
JeXh[n(,
JebYWfedW)(")*&
JefWcWn'/"+(")*&
Jef_hWcWje'/"+(")*&")*'"*+)
JehWZeb(+")*,"*&+
JehW][i_Y(+")*,"*&+
Jen_dW8ejkbd_YWJ_fe7*,")*'")*("*&+"*+*
Jen_Z[J[j~d_Ye*."(&-")*)
*.(r
JhWb[d(("))-
JhWcWZeb'*"+&")**"*&+"*'*"*+*
JhWcWb'*"+&")**"*&+"*'*
JhWdiWc_d*&",'"),)
JhWiobeb*&".*"),-
JhWpeZedW'/"+'")**"*+*
Jh[djWb*."(..")/.
Jh_WdY_b(+")**"*&+
Jh_WdY_debedW(+")'"'/*")**"*&+"*'+"*+*
Jh_Wj[Y(*"**")&,
Jh_X[deiZ[e!B_ZeYWdW()")*+"*+*
Jh_YbeXWb'-"))+
Jh_YbeiWd)'"*'",+")*+
Jh_Z_b'-"*."(-&")/+"*+-
Jh_b[fjWb'/"+("(-/
Jh_c[jWp_Z_dW'-")*,"*+*
Jh_iehX**"'+&
Jhec[jWc_dW(,")*,"*&+"*+*
Jhef_YWc_ZW*+")*-"*+*
JhofjWdeb'/"+("-.
Jo]WY_b(."))+"*&*
Job[deb')"(.+"*'*
Job[n'*"+&"')/
K
Kbj_lW'*"+&")&-"*&'
KdWpod)&".'"),,
KhiWYeb)-",(
L
LWbWY_Ybel_h)+")*."*++
LWb_kc',"+&"'+'")-,
LWbiWhjWdW',"(*")*."*++
LWbjh[n)+")*.
LWdYe7XXejj(.")*/"*&,
LWdYeY_dW(.")*/"*&,
LWdYec_Y_dW(."'./"(),"))'"))+")),")*/"*&,"*&/"*'&"*''"*'("*++
LWh\Wh_dW'.")+&"*++
LWi[b_dW*'")+&
LWi[b_dWBgk_ZW;ijh_b*'")+&
LWi[b_dWBgk_ZW*'")+&
LWi[b_dWIb_ZW*'")+&
LWie`[j()"**"(),
LWijWh[b'-")*,
L[Ykhd_e),")+'"*&,"*++
L[dWbej)*"'**
L[dbW\Wn_dW'/"+'")+'"*++
r*.)
L[hWfWc_b'-"'."(*")+")+'"*++
L[hYkhed),")+'"*&,
L[hj_n)+"'.'
L\[dZ((")+/"*&-
L_Yjh_n)*"(-,")/,
L_]WXWjh_dW'/"+(")+("*+,
L_iYeWj*+"'*)
L_iYej[Whi**",&
L_i_fWgk[')"('*").,
L_jW;*/")+-
L_jWc_dW7!L_jWc_dW:)*.")+)"*'*
L_jWc_dW8'(*")("*."'*/")+)")+*"*&,
L_jWc_dW8'!L_jWc_dW8,!L_jWc_dW8'('*/")+*"*&,
L_jWc_dW8'((*")("*."'*/")+*")++")+,"*&,"*&-
L_jWc_dW8,(&"('"(*")("*."'*/"'+*"'++")+*")++")+-"*&,"*')"*(-
L_jWc_dW9'-"*,"*."(/(")+,")//"*&-"*')"*'*
L_jWc_dW;*/")+-")+.
L_jWc_dWA*&"*'"*/")+&")+."*&-"*&.
L_jWc_dWiZe9ecfb[ne8*."*/")+-")//"*'*
L_nc_Y_dW(-"'))")-*
LebjWh[d(+"'+'"'+(")-,
Lebkl[d*&"(&(
LedWk(&"(-,")/,
Leh_YedWpeb((")+/"),&"*&-"*+,
M
M[bbXkjh_dIH'/"'&)
N
N_]h_i*,"',&
Nob[ij[i_di[cWZh[dWb_dW'+"()(")..
Nob[ij[i_dYecWZh[dWb_dW'+"()*")./
Nob[ij[i_df[iWZW'+"()*")./
NobeYWdW'+"()("())
O
OWakbjH?(&"((,
P
P[dj[b)(",,
P[ijh_b()"**"(),
P_dWY[\(-"''.")-(
P_ddWj(-"''.
P_jhecWn(.".-"),PeYeh*'")'.
*.*r
Pe\hWd(&"(-,")/,
Pebe\j'/"+(")'-
Pebf_Z[c*("+'"),&"*+,
Pebj[Y(("'-/").'
Pef_YbedW'/"*("+&"),'"*+,
Pel_hWn)+"+,"),(
Pob_kc)*")&,"*&'
Pobeh_Y((",/
PocWh(/",."'..
Pofh[nW))"+("(-*
Polen(/"(),")/&
r*.+
;nf[Z_[dj[
Ikf[h_dj[dZ[dj[YehfehWj_le
:h$@ei7djed_eB_cW
Ikf[h_dj[dZ[dj[][hWbZ[ef[hW[i
Ih$Ih]_eBef[p8[dje
Ikf[h_dj[dZ[dj[cZ_Ye
:h$Bk_i;ZkWhZeBekh[_he8[jjWh[bbe
:_h[jehYbd_Ye
:h$9bWkZ_e<[hdWdZe<hWdYW?iWWY
9ec_iieZ[\Whc|Y_W[j[hWf
kj_YW
Fh[i_Z[dj[
:h$@eh][C$8$7cWhWdj[
C[cXhei
:h$9Whbei9e[b^eCWhY[b_deZ[I_blW
:hW$A|j_W@WhWdZ_b^WZeiIWdjei
:h$Bk_p7bX[hje=heiicWd
:h$HWc_he@eWgk_cZ[9$@kd_eh
:h$H_YWhZe7cWhWb=kh][b
:h$7b[nWdZh[CWh]kjj_<ede\\
Ih$@eiHeX[hjeCW_W
<Whc$<|j_cWH[]_dWHeZh_]k[iZ[7iikde
<Whc$:XehW9[Yb_WCWdjelWd_Z[9WhlWb^e
;d\W$B[_lW@$Heii_d_
;d\W$9[b_Y[Hec[heZ[7gk_de
;d\W$I_ced[=WhY_W
9eehZ[dWZeh[i
<|j_cWH[]_dWHeZh_]k[iZ[7iikde
:XehW9[Yb_WCWdjelWd_Z[9WhlWb^e
7kjeh[i
<|j_cWH[]_dWHeZh_]k[iZ[7iikde
:XehW9[Yb_WCWdjelWd_Z[9WhlWb^e
xh_aW=edWbl[i:_Wi
HeiWdW7blWh[iFWY^[Ye
9ebWXehWZeh[i
7Zh_WdW7bl[iZ[Eb_l[_hWCWhgk[i
7dZ[hiedA_oei^_AW]W
9h_ij_Wd[7kh[b_WZ[B_cWDWiY_c[dje
9h_ij_Wd[Z[FWkb_
9h_ij_Wd[ZeiIWdjeiCWde[bH[i[dZ[ZWI_blW
=_e_WHegk[
?iWX[bbWIWb]WZeF_iWd_
CWh_W<[hdWdZWIWbeceZ[7p[l[Ze
MWhd[h@eiZ[IekpW
<kdY_ed|h_eiZeI[hl_eZ[<Whc|Y_W
I[hl_eZ[9edjheb[Z[?d\[Ye>eif_jWbWhI9?>
*.,r
7]hWZ[Y_c[djei
Ài?dZijh_Wi<WhcWY
kj_YWigk[deiY[Z[hWc_d\ehcW[iieXh[eifheZkjeiY_jWZei
FWZhed_pWe
7ii[iieh_WZ[9eckd_YWe9ehfehWj_lW
:[i_]d[h=h|ÓYe
9WhebFWj_jkYY_
H[l_ie
L_l_Wd[Hem[
r*.-
HkW9edi[b^[_he8hej[he"'*.,
>_]_[dfeb_ir&'()(&'&
IeFWkberIFr8hWi_b
J[b$++'').('+)&&
<Wn++'').(*&&-&
mmm$iWcWh_jWde$eh]$Xh