vivlio_1974_2000
-
Upload
marika-mitsou -
Category
Documents
-
view
15 -
download
0
Transcript of vivlio_1974_2000
� � � � � � � � � � � � �
� � � � � � � � � � � �
��
� � � � � ����
� ��� ������
� � �
��������� � ������
���������
��� ��� �� ��� ���
����
��������
� � � � �
� � � � �
� � � � � � �
���� ��������������
���� ��������������
� �������� � ����� ������ � ��������� ������ !"
�� ������ ��� ������� �� ���
� � ����� ��� ��������
���������
��������� �� �������
����
���������� ������
�������� ��� ��� ������� �� �����
#�$%���� � ����� �� � � ���� ������$%���� ���������
����������� &%��� � &��������� ������ �� �� �� ���'�� ���
� ��������� ��(� ����� �� � �� ���� ��� � � � �� ���
� �� � ���� � ���� ����� �������
)%������� � ���� * ��+����� ������� � � ���
*,�%+���� %- �$.%�� ������ ����������
� � � � � � � � � � � � �
� � � � � � � � � � � �
��
� � �� � ����
� ��� ������
� � �
��������� � ������
���������
��� ��� �� ��� ���
����
��� ���������� ������ �� ���
�� !�� "� ��"#!����
������ �� ��� $�� %�� "& ���� � ������ $�� %�� "� ��"#%��'(&�������� ��� $�� & �� ���� �� � � ��������� $�� &����� ������� $�� %�� "� ��"#%��'�& � ������ ������ ���
$�� %�� "� ��"#%��'�& ������ � ���������� $�� %�� "& ���!
��� ���������� $��"#%��'�& ����� �� ������� $��"#%��'(&
���������� ����� $��"#%��"�� ��''%����& �������� � �!
�������� $��"#%��'�& � ������ � � ������ $��"#%��'�&����� ������ �� �� ���� $��"#%��")& �� ���� ������ $��" %��""& �� ���� ����� ��� $��"'%��')& ����� ���������
$��"�%��''& ����� �� � � ������ $��'�%��'"& � ������� ��������� � $��'�%���(& ����� ���������� $��'�%��'�& ����!
���� ! ��� ����� �� ��� $��'�%��'�& ���� ��� � � ��!
����� $��'�%��'�& ����� �������� $��'�%��'�& �� ���� � �!
� � $��'(%��' & ���� � ������ $��'(%����& ���� �������
$��')%���"& ���� �������� $��' %����& ����� � ���� ���
$��' %���#& �������� ������� $��'�%����& ����� � ���� !
��� $��'�%����& �� ��� �� �� ������� $����%���(& ������
����� $����%����& �������� ����� $���(%��� & ����� ��!
�������� $���(%����& �� ���� ��� ��� ����� $���(%����&� ���� �� � �� ���� $���'&
)%������� � ���� * ��+����� "/001"/02� "/231"//4
� ���� �� � �� ����
�� ������������ �����
&������%'����� ����� $��"#%����&
����� ���� �� �� $��')%&
����%(��%� �� ���� �� � �� ���� $��"#%���'&
���� �����
�� ���� �� � ��� $��"'%��'�&��� �� ������ �� $��"�%���#&
������� ����������� $��"�%&���� ��� ���� �� $��'�%& ����� ���� $��' %����& �� ��� ���� $���#%&������� ���� � $���#&��� � ������ �� $���#%&������� � ������� ��� $��� %&� �� � �� ��� $���'%���#&������� � � ��� $����%&
����� %- 5��%��� .��%�67�%�
����%(���%� %- �$.%�� ����� ������ ��� ��� � �� ���� � ��
��� � ��� �� ���� ��� ��� ������� ������ �*� ��������� � � �������� �� ���������� ������ ��� �������
����� ������ ������� ��������
8��9%����%� :����6�7�� + � �� , $�� � �� � ��&� �� ���!
� ����� � �� � ��������� ����� ������ ���� � ������!
���� ������� ��� ������ +-.-/0123, $� ��� ����� �
� ����������&� ��� � ������ ���� ���� � � �������
� � �������
;�((�%9��� %- ��%(��%� � � �� �� ������ ������� � �� ���������� � ������� ��� �����
�� ������������
*,�%+���� %- �$.%�� ������� �����������
&������%'� ����� ���� �� ��
� � ��� �� �������
<=(���7���
�> �%+���� 6�� ��� � > .��.%('�� ��� �� �����
����%(��%� � ������� �����������
�� ��� ����
��� � ������ ��
������� � ������� ���
������� � � ���
�� ���� ������
������ ��� ������
����� %- 5��%��� .��%�67�%�
�����(%� %- �$.%�� ����� ������ ��� � �� �� � � �� ��� � !
�� �������� ������ � � �������� � � ������ ���� ���
8��9%��%.'� : ���%5%�6�.'� %- $��� : ���+��.� + � �� ,� ���
�� ���� ���� ����� +01245/678, $ ��� ��� ����&� ��� ����!
����� +���������, ��� $� ����������&� �� �� � � ��!
������ +������� � 9:;<=>?, ���
@ ABCDEFGFHIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ��
@ ABCDEFHKDHCJLIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ��
@ CMJNFGFHIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
@ CMKNO F �JCPFHCJLIJQ PFRO S�GGTANUFRO �VCFR � � � � � � � � � � ���
�NWGNFBTUFAFXIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ��
�RYZAPNF � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
�RYJAPNAT[ UJN[ �KFKGGTANUT[ �NWGNFB\UT � � � � � � � � � � � � � � ���
�GD]]FGFHIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
�KGPIF PFRO S�]PFCNUFRO UJN[ �JGJNFHCJLNUFRO @ CMKIFR � � � � ���
�IUJNF � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
�N_NUK[ Q KU_`]KNQ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
@�CKRATPNUJ[ �CFHCZXXJPJ � � � � � � � � � � � � � � � � � � � � �� �� ���
�KJPCNUT[ �NWGNFB\UT � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
S�]PFCIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
S�]PFCIJ PTO Q @�EN]P\XTQ � � � � � � � � � � � � � � � � � � � � � � � � � � ���
S�]PFCIJ� �KDCIJ UJN[ �CNPNUT[ PTO Q �FHFPKMAIJQ � � � � � � � � � ��
S�]PFCIJ UJN[ �KDCIJ PTO Q �aMATQ � � � � � � � � � � � � � � � � � � � � ��
�GJ]NUT[ �JN_KIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ��
�JFHCJLIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ��
�KFKGGTANUJ[ �KIXKAJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
�KFKGGTANUT[ �JN_KIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
�KFKGGTANUT[ �CF]DEFHCJLIJ � � � � � � � � � � � � � � � � � � � � � � ���
�JGJNFHCJLIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ��
�JERCFGFHIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ��
�FGNPNUT[ @�EN]P\XT � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
�KXNAZCNJ �NWGNFGFHIJQ � � � � � � � � � � � � � � � � � � � � � � � � � � ��
�aMAT � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
�FRCUFGFHIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
�NGF]FLIJ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
�������� ��� ������� �� ��� � ��� ��� ��� � � � � � ���
�������� �� �������� ����� ������� �� ����� ���
�������� ������ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ���
�������� ���� ���� � � � � � � � � � � � � � � � � � � � � � � � � ��
�������� �� �� ���� � � � � � � � � � � � � � � � � � � � � � � � ���
�K[ UZBK Kb A`PTPJ FNb PIPGFN UJPJPZ]]FAPJN MCFAFGFHNUZ�
XK[ WZ]T PF[ Kc PFQ PTO Q ECVPTQ Kc U_F]TQ PFRO WNWGIFR�
����� ��� ��
�� �� ����
* .���'� ��� � (����� � (�6��%9�'��KPZLCJ]T �� �� �C`GGNFR
�� � � ����������������
�`XFQ d� @ B\AJ ��"'� #���)� ]]� #�( $�#� �� Kb U�&
�� �����������
�`XFQ �d� @ B\AJ ��"'� )����� ]]� #�) $�#� �� Kb U�&
�� ���������������
�� ������ �� ���������
XNJ[ ]RAFEPNUT[ Nb ]PFCNUT[ JAJ!_CFXT[ ]PT[ GFHFPKMAIJ PDO A�J!
PIADA� S� GJPNANUT[ GFHFPKMAIJ� ]LCJ!HN]XaAT JEF[ PN[ Q N_NJIPKCKQ Nb ]PFCNUK[ Q]RABTO UKQ EFR[ PT[ HaAAT]JA� JEF[ PFR[ QAaFRQ EFGNPNUFR[ Q Fe CFRQ UJN[ JEF[ PF[ AN_NJIPKCF PC`EF XK[ PF[ A Fb EFNO F ]UKEP`!PJA UJN[ KULCJY`PJA Tb UJNAFfCNJLRG\�Kc _D]K ]PT[ A JABCDE`PTPJ AaJ UGJ]N!UJ[ Kc CHJ� EFR[ Kc HNAJA Tb ]PaCKT Rb EF_FXT[HNJ[ PJ[ JABCDEN]PNUJ[ KA_NJLaCFAPJPFRO AK`PKCFR JABCVEFR�
S� �aCXEKCP �YaAANAHUQ �`FRY $�''(!�� �& JLNaCD]K Fb G`UGTCT PT[YD\ PFR ]PT[ XKGaPT PFRO Kb GGTANUFRO UJN[ PFRO GJPNANUFRO EFGNPN]XFRO � S�LNGFGFHNUT[ EJCJHDH\ PFR Rb ETO CgK PKCZ]PNJ� @�_NJIPKCJ XKGaPT]KECFWG\XJPJ BCT]UKNFGFHIJQ� Fe EFR Tb ]RXWFG\ PFR EJCFR]NZYKN XNJ[]EZANJ ]fYKRgT UGJ]NUTO Q UJN[ JABCDEFGFHNUTO Q HAV]TQ�
����� ��� ��
��
�� �� �����
*? ����'� ���� ���.���7��KPZLCJ]T �ZAT �� �JUCN_TO
@ B\AJ ��"'� '����� ]]� ()� $�#� �� Kb U�&
��� ��������������
��� ������� � ������� ��� �� � � ������!
UTO Q GFHFPKMAIJQ UJN[ HGV]]JQ ]PF[ �JAKEN]P\XNF PFRO�JN[ AP h APCNFRQ ]PT[ � �CKPJAIJ� JA\UKN ]PT[ A ECD!
PFEFCIJ PDO A XKGKPTPDO A PFRO @ CN]PFLZAT� �PF[ WNWGIF PFRJRPF[ KgKPZYKN PN[ Q Ke APKUJ ]DY`XKAKQ UDXD_IKQ PFRO @ CN]PF!LZAT Db Q JAPNECF]DEKRPNUK[ Q PTO Q JCMJIJQ UDXD_IJQ� GFHFPK!MANUFRO KNc _FRQ EFR[ EJCFR]NZYKN UJGGNPKMANUT[ UJN[ N_KFGFHNUT[Fb XFNFHaAKNJ UJN[ KULCZYKNPF[ EAKRO XJ PTO Q JBTAJiUTO Q UFNADAIJQPT[ A KEFMT[ PDO A XKHZGDA KgKGIgKDA� ]PJ[ PaGT PFRO )FR UJN[ ]PN[ QJCMK[ Q PFRO #FR JNVAJ E����aCJ JEF[ JRPT[ PT[ A JAJGRPNUT[ BKV!CT]T� PF[ WNWGIF _IAKN ]PFNMKNO J HNJ[ PT[ A KENWID]T PFRO UKNXaAFRPFRO @ CN]PFLZAT� HNJ[ PF[ BaJPCF PTO Q KEFMTO Q PFRO XKHZGFR UD!XNUFRO � HNJ[ PF[ Re LFQ UJN[ PT[ _FXT[ PDO A Kc CHDA PFR� UJBD[ Q UJN[ HNJ[PFR[ Q Jc GGFRQ JCMJIFRQ UDXNUFR[ Q jECF_C`XFRQ� ]RHMC`AFRQUJN[ XKPJHKAK]PaCFRQ� S� WNWGNFHCJLIJ EFR[ EJCJPIBKPJN EK!CNGJXWZAKNPN[ Q]EFR_JN`PKCKQ KU_`]KNQ�XKPJLCZ]KNQ�WJ]NUJ[Kc CHJ UJBD[ Q UJN[ XKCNUJ[ EC`]LJPJ Jc CBCJ UJN[ XFAFHCJLIKQ�
����� ��� ��
��
������ ������
)���.�����)��$���.� �� %- 5�(5� ��� � ��(��� � ���
KPZLCJ]T �a]EFNAJQ �JCEFfYJ!�JCJ]ZWWJ
@ B\AJ ��"�� #����� ]]� (�' $�#� �� Kb U�&
��� ���������������
����� ��� ��� ��� �� ����� ���������
UJN[ FRXJAN]PT[ Q �aCAKC�JNO HUKC $�'''!�� �& ECJHXJ!PFEFNKNO XK[ JRPF[ PF[ WNWGIF XNJ[ JCN]PFPKMANUT[ KXWZ!
BRA]T ]PF[ Kc CHF UJN[ PT[ _CZ]T PFRO XKHZGFR @ BTAJIFR C\PFCJ�EFR[ Kb CXTAKfFAPJNDb Q J_NZ]EJ]PT Kb A`PTPJXK[ UaAPCF PT[ A ECF!]DENU`PTPZ PFR� UJBD[ Q KgKGI]]KPJN Xa]J JEF[ PJ[ HKHFA`PJ�
�C`UKNPJN HNJ[ ]KNCJ[ _NJGagKDA EFR[ KNk MK _V]KN Fb ]RHHCJ!LaJQ PF[ ��(# ]PT[ LTXN]XaAT Ke _CJ UGJ]NUDO A ]EFR_DO A ���� �PFRO �JAKEN]PTXIFR PTO Q �JGNL`CANJQ� ]PN[ Q Fb EFNO KQ ECF]Pa!BTUJA Ke AJ EJCZCPTXJ HNJ[ PF[ A +�GJPJiUF[ , PFRO @�]FUCZPTUJN[ PT[ _KfPKCT @ PPNUT[ �RXXJMIJ� UJPJPFEN]PNUK[ Q ]TXKNV!]KNQ UJN[ KRb CKP\CNJ� S� ]RHHCJLaJQ KLJCX`YKN PT[ A Nb ]PFCNUF!KgKGNUPNUT[ XaBF_Fl EKCNHCZLKN PT[ A EFGNPNUT[ ]PJ_NF_CFXIJPFRO @ BTAJIFR C\PFCJ UJN[ JEFUJGfEPKN� XK[ PT[ A JAZGR]TUJN[ Kb CXTAKIJ PDO A G`HDA PFR� PJ[ UCNP\CNJ PTO Q EFGNPNUTO Q ]Ua!mTQ UJN[ _CZ]TQ PFR�
S� �JNO HUKC KAPZ]]KN PF[ A �TXF]BaAT ]PT[ A EAKRXJPNUT[ UJN[EFGNPNUT[ Nb ]PFCIJ PFRO JBTAJiUFRO UCZPFRQ XKPJ[ PF[ PaGFQ PFRO�KGFEFAAT]NJUFRO �FGaXFR UJN[ Kb CXTAKfKNPF[ A XFNCJNO F JHVAJ
����� ��� ��
��
PDO A S�GG\ADA PFRO #FR JNVAJ E���� Fe PJA FNb KgKGNUPNUFN[ A`XFNPFRO Nb ]PFCNUFRO HIHAK]BJN Fb _THFRO ]JA PFR[ Q n�GGTAKQ JEF[ PJ[]PKAJ[ Fe CNJ PTO Q E`GTQ!UCZPFRQ ]PT[ A UF]XFUCJPFCIJ PFRO K!HZGFR @ GKgZA_CFR UJN[ ]PF[ A Kb GGTAN]PNUF[ EFGNPN]X`�
����� ��� ��
��
�� �� ����
���9�'� %> ((���� (���� ��'�.�KPZLCJ]T �� �� �JYZYT�� � � ��������������
�`XFQ d� @ B\AJ ��'�� )����� ]]� #�" $�#� �� Kb U�&
�� ���������������
�`XFQ �d� @ B\AJ ��'�� )����� ]]� (�) $�#� �� Kb U�&
�� ��������������
��� ����� �� � ��!
PJNPF[ Kc CHF PDO A URCN`PKCDA KU!ECF]VEDA PTO Q Kb GGTANUTO Q GR!
CNUTO Q EFIT]TQ PFRO "FR UJN[ FR JNV!AJ E��� $@ GUXZA� �PT]IMFCFQ� @ G!UJNO FQ� �JELV� h�WRUFQ� @ AJUCaDA��NXDAI_TQ&� �F[ WNWGIF KNk AJN UGJ]NUF[HNJ[ PF[ KNk _FQ PDO A ECFWGTXZPDA EFR[BaPKN UJN[ HNJ[ PT[ XKBF_FGFHIJ EFR[ K!LJCX`YKN Fb ]RHHCJLaJQ PFRl HNJ[ UZBKEFNTPT[ ]RAKgKPZYKPJN Tb EJCJHDHNUT[_CJ]PTCN`PTPJ UJN[ PF[ KRCfPKCF Nb ]PF!CNU` PTQ EGJI]NF� Fb N_KFGFHNUF[ Q MDO !CFQ UJN[ Tb EFNTPNUT[ PKMANU\� �NJ[ UZBKJE`]EJ]XJ KgJ]LJGIYKPJN XNJ[ Ba]T Xa]J ]PF[ EGaHXJ PF[Fb EFNO F ]RABaPFRA EJGJNJ[ UJN[ AaJ KRb C\XJPJ UJN[ JCMJNO KQ XJCPR!CIKQ� �F[ ]fAFGF _NJWZYKPJN Fc MN X`AF Db Q +]RAKMK[ Q Rb E`XATXJ,]PF[ Kc CHF PDO A EFNTPDO A� JGGJ[ UJN[ Db Q UKIXKAF JRBRE`]PJPF� XK[_NU\ PFR Kb A`PTPJ� h�P]N� Tb ]RABKPNUT[ JRPT[ XKGaPT� XFGFA`PN
����� ��� ��
��
JEKRBfAKPJN URCIDQ ]PF[ A LNG`GFHF� PF[ A LFNPTPT[ UJN[ PF[ A G`HNF�JEF_KNUAfKPJN MC\]NXT UJN[ HNJ[ Ke AJ KRCfPKCF UFNAF[ EFR[ KA_NJ!LaCKPJN HNJ[ PF[ XFAJ_NUF[ JRPF[ UKLZGJNF PTO Q Nb ]PFCIJQ PTO Q GF!HFPKMAIJQXJQ� @�gZGGFR� MZCT ]PJ[ Jc LBFAJEFNTPNUJ[ JEF]EZ!]XJPJEFR[ EJCJPIBKAPJN K_DO XKPJLCJ]XaAJ� PF[ Kc CHFECF]La!CKPJN UJN[ HNJ[ JAJHADO ]PKQ XK[ ]PFNMKNV_KNQ X`AF HAV]KNQ PTO QJCMJIJQ Kb GGTANUTO Q HGV]]JQ�
S� �a]NG VCNQ EZFRCJ $�'�'!��"�&� _NJUKUCNXaAFQ h HHGFQ Kb G!GTAN]P\Q� _I_JgK ]PT[ A @�gL`C_T JCMJIJ UJN[ AK`PKCT $KENUT[ UJN[GRCNUT[ & EFIT]T� UJN[ Tb EGFf]NJ ]RHHCJLNU\ PFR EJCJHDHT[ UJGfEPKNKRCfPJPF LZ]XJ BKXZPDA�
����� ��� ��
��
�������� �����������
����� ��� � $.�� �� ��� %@ �6� ���� *A�����KPZLCJ]T �ZAT �� �JUCN_TO
�� � � �����������
�`XFQ d� @ B\AJ ��'�� (���#� ]]� �'( $�#� �� Kb U�&� �' KNU`AKQ
�� �����������
�`XFQ �d� @ B\AJ ��'�� (��'�� ]]� ��� $�#� �� Kb U�&
�� ������������
�� ��� �������� ���� �� �� �� ��� !
AFRO Fb XTCN]PTO �`GLHUJAHU �ZAPKWJGAP $����!��"#&��F[ ECDO PF XaCFQ Fb _THKNO PF[ A JAJHAV]PT� Xa]J JEF[ PN[ Q
_R]UFGIKQ UJN[ PN[ Q EJGNA_CFX\]KNQEFR[ HAVCN]K PFR[ Q EKCJ]Xa!AFRQ JNDO AKQ Tb Fb XTCNUT[ Kc CKRAJ� ]PF[ ]TXKNO F JEF[ Fe EFR PVCJ FNbFb XTCN]PaQ� EJPVAPJQ ]K[ ]PaCKF Kc _JLFQ UJN[ XK[ J]UTXaAFWGaXXJ� XEFCFRO A AJ[ KEN]UFEFRO A PF[ Kc EFQ ]PF[ ]fAFG` PFR� S�]RHHCJLaJQ PFEFBKPKNO PF[ A n�XTCF ]PF[ ]D]PF[ Nb ]PFCNU` PFREGJI]NF� LDPIYKN PT[ A KEJHHKGXJPNUT[ Rb E`]PJ]T UJN[ PT[ A UFN!ADANUT[ GKNPFRCHIJ PFRO CJmD_FRO UJN[ _N_Z]UKN PT[ X`AT ]D]PT[XaBF_F HNJ[ AJ[ EGT]NZ]KNUJAKIQ� XK[ XKHZGTECF]FMT[ JGGJ[ UJN[KEN]PTXFANUT[ ]NHFRCNZ� PF[ Kc CHF UJN[ PF[ A EFNTPT[ PT[ A De CJ PTO Q_TXNFRCHIJQ� AJ[ _KNO PI Rb GNUJ[ MCT]NXFEFIT]K� EDO Q PJ[ XKPaEGJ!]K� EDO Q ]MK_IJ]K UJN[ EDO Q ECJHXJPFEFIT]K PT[ _NU\ PFR XK!HJG`EAFT UJPJ]UKR\� S�XaBF_FQ JRP\� Tb AKFJAJGRPNUT[ Fe EDQKENUCZPT]K AJ[ GaHKPJN� WCI]UKN PT[ A KLJCXFH\ PTQ ]PF[ _KfPK!CF XaCFQ PFRO Kc CHFR� Fe EFR Fb �ZAPKWJGAP KgKPZYKN Pa]]KCNQXKHZGKQ Kb A`PTPKQ PTO Q � (7���� KAPZ]]FAPZQ PKQ WaWJNJ ]PF[Ke AJ UJN[ XKHZGF ]Ma_NF EFR[ URWKCAJO PF[ Kc EFQ Fb G`UGTCF�
����� ��� ��
�
�� �� ��������� �� �� �����
����6���%� � �� �($(�6���� > .����� ��� � ���7��.�� ��� � (�.�� � %�����
KPZLCJ]T �NUFGZFR � �JAJHNDPZUT
@ B\AJ ��'�� (����� ]]� (#� $�"� �# Kb U�&� � EIAJUKQ
��� ������������
�� ��� �� �� ������� ����� ������!
HFRQ� PF[ A GJPNAN]PT[ �aRAFGAPQ UJN[ PF[ A Kb GGTAN]PT[ UJN[UD_NUFG`HF �RIG]FA� PF[ WNWGIF JRPF[ ECJHXJPKfKPJN
PT[ A Nb ]PFCIJ PTO Q EJCZ_F]TQ PDO A UKNXaADA PTO Q Kb GGTANUTO Q UJN[GJPNANUTO QLNGFGFHIJQXaMCNPN[ QXaCKQXJQ�EKCNHCZLFAPJQPFR[ QUNA_fAFRQ EFR[ _NaPCKgJA PT[ A KEFMT[ PFRO MKNC`HCJLFR WNWGIFRUJN[ _KIMAFAPJQ Do Q EFNF[ WJBXF[ FNb JAJHADO ]PKQ Tp FNb G`HNFN PTO Q@ CMJN`PTPJQ UJN[ PFRO K]JIDAJ KA_NJLaCBTUJA AJ[ EKCN]V!]FRA Tp AJ[ EJCJ_V]FRA ]PFR[ Q XKPJHKAK]PaCFRQ PJ[ UGJ]NUJ[JRPJ[ UKIXKAJ� S� Nb ]PFCIJ PFRQ _K[ A XEFCKNO AJ[ _NJMDCN]PKNOJEF[ PT[ A Nb ]PFCIJ PTO Q KUEJI_KR]TQ UJN[ PTO Q LNGFGFHIJQ� EFR[ K!EI]TQ UJPJGJXWZAKN ]TXJAPNUF[ XaCFQ PFRO WNWGIFR� �aGFQ�BIHFAPJN BaXJPJ EJGJNFHCJLNUJ[ X`AFA Jp A Kc MFRA Jc XK]T ]TXJ!]IJ HNJ[ PT[ A EJCZ_F]T PDO A UKNXaADA�
�Nb ]RHHCJLKNO Q� XK[ PT[ A KRUJNCIJ PTO Q Kb GGTANUTO Q XKPZLCJ!]TQ� KEaLKCJA JCUKPK[ Q _NFCBV]KNQ UJN[ gJAJaHCJmJA Fb CN]Xa!AJ PX\XJPJ PFRO WNWGIFR� ECZHXJ EFR[ UJBN]PJO PT[ A Kc U_F]TJRPT[ EGTCa]PKCT ]K[ ]Ma]T XK[ PT[ _KfPKCT JHHGNUT[ Kc U_F]TUJN[ PT[ A NPJGNU\ PTQ XKPZLCJ]T�
����� ��� ��
�
���� �����
*? �- ��7(�B� ���� ��%+�����*�((��%� � �'�%� ��� � %�- ����C�� � .�B��
KPZLCJ]T �JANT[ G �� @�JUD[ W
@ B\AJ ��'�� #����� ]]� #�) $�#� �� Kb U�&
�� ����������������
�������� ������ �� ��� � ������� ��
JEF[ PJ[ GFHFPKMANUJ[ UKIXKAJ� PFRO JCMJIFR Kb GGTANUFROEFGNPN]XFRO UJPJ[ PT[ A EFCKIJPFR JEF[ PT[ XRBNUT[ ]fGGTmT
PFRO U`]XFR ]PT[ GFHNUT[ Kb CXTAKIJ PFR� UJN[ EJCZGGTGJ Tb KEN!]\XJA]T PDO A ]EFR_JN`PKCDA ]RXWFGDO A PFRO EFGNPN]XFRO JR!PFRO ]PT[ ]RHUC`PT]T PTO Q KRCDEJiUTO Q ]UamTQ� �JPJ[ PF[ A ]RH!HCJLaJ� PJ[ GFHFPKMANUJ[ KNc _T ]PT[ A JCMJIJ S�GGZ_J _K[ A JEF!PKGFRO A JRPFA`TPT Kc ULCJ]T Kb AF[ Q Rb mTGFRO EFGNPN]XFRO � JGGJ[ KRc !HGDPPF _KIUPT PTO Q ]RAKI_T]TQ Kb AF[ Q GJFRO UJN[ PTO Q EFCKIJQ PFRJEF[ PT[ BKiUT[ KgZCPT]T $Kc EFQ& _NJXa]FR PTO Q JLfEAN]TQ PTO QECF]DENU`PTPJQ $GRCNUT[ EFIT]T& ]PT[ A EAKRXJPNUT[ JRPFA`!XT]T PFRO JABCVEFR $PCJHD_IJ&� S� ]RXWFGT[ PFRO JCMJIFRKb GGTANUFRO EFGNPN]XFRO _K[ A KgJAPGKNO PJN Fe XDQXK[ PT[ A UJPZUPT]TKb AF[ Q ECFPfEFR JABCVENATQ ]RXEKCNLFCJO Q EFR[ ]q KXJO Q LJIAK!PJN JRPFA`TPFr Tb JCMJIJ S�GGZ_J KNk AJN Tb MVCJ Fe EFR _TXNFRC!HFRO APJN FNb ECFsEFBa]KNQ HNJ[ PT[ A JAZEPRgT PDO A KEN]PTXDO A�MZCT ]PF[ ]MTXJPN]XF[ PDO A JEJCJIPTPDA HGD]]NUDO A UJPTHF!CNDO A UJN[ PFRO JAJHUJIFR KAAFNFGFHNUFRO Fb EGN]XFRO �
�Nb ]TXJAPNUK[ Q JRPK[ Q JE`mKNQ JAJEPf]]FAPJN ]K[ _KUJK!
����� ��� ��
�
EPJ[ KR]fAFEPJ _FUIXNJ� EFR[ ]RAF_KfFAPJN JEF[ PT[ ]MKPNUT[LNGFGFHNUT[ PKUXTCID]T UJN[ JEF[ XKPZLCJ]T PDO A JCMJIDAKb GGTANUDO A MDCIDA�
S� ECFRO AF �AK[ G $�'� !��' & Rb ETO CgK UJBTHTPT[ Q PFRO �JAKEN]PT!XIFR PFRO @ XWFfCHFR UJN[ Ke AJQ JEF[ PFR[ Q _NJECKEa]PKCFRQ Kb GGTAN!]PK[ Q PTO Q KEFMTO Q XJQ� S� EGFf]NJ ]RHHCJLNU\ PFR EJCJHDHT[ UJ!GfEPKN EFGGFR[ Q PFXKNO Q PTO Q JCMJNFHAD]IJQ� KADO Tb KU_FPNU\ PFR _CJ!]PTCN`PTPJ XJO Q MZCN]K JgN`EN]PJ UKIXKAJ PDO A PCJHNUDO A� PFRO �NA!_ZCFR UJN[ PFRO �JUMRGI_T�
����� ��� ��
����� �� ������
��6�(����%'� ��� � �- �9�'�� %> ((���� � ���.�� �
@ B\AJ ��'�� #���(� ]]� ( ) $�"� �# Kb U�&� �� KNU`AKQ
��� �����������
��� ���������� �� �����
Fb JKIXAT]PFQ XFR]NUF]RABaPTQUJN[ BKDCTPNUF[ Q PTO Q XFR]NUTO Q
ECF]EZBT]K AJ[ ]RHUKAPCV]KN Fe ]FPF[ _RAJPF[ A EKCN]]`PKCKQ EGTCFLF!CIKQ UJN[ ]PFNMKNO J PTO Q JCMJIJQ Kb GGTAN!UTO Q XFR]NUTO Q YDTO Ql XFR]NUFR[ Q Fe CFRQ$EKCNGJXWZAFAPJQUJN[ GagKNQ Fc MNX`AFKN_NUTO Q XFR]NUTO Q ]TXJ]IJQ� JGGJ[]PKAJ[ ]RA_K_KXaAKQ XK[ PT[ A Kb GGTANUT[XFR]NUT[ LCJ]KFGFHIJ&r XFR]NUJ[ Fc C!HJAJ� UJBD[ Q UJN[ MFCFfQr ]RHHCJLKNO QUJN[ BKDCTPNUFR[ Q PTO QXFR]NUTO Q� ]RABa!PKQ UJN[ KUPKGK]PaQr LNGF]`LFRQ UJN[EFNTPaQ� URCIDQ GRCNUFfQ� PDO A Fb EFIDA PF[ Fc AFXJ Kc MKN ]RA_KBKNO �KNcPK ]fXLDAJ XK[ Nb ]PFCNUT[ XJCPRCIJ KNcPK JEF[ EJCZ_F]T� XK[PT[ A JCMJIJ Kb GGTANUT[ XFR]NU\� XK[ Ke AJ XFR]NUF[ HKHFA`Q� XK[ XNJ[UJNAFPFXIJ Tp KENA`T]T N_NJIPKCTQ ]TXJ]IJQ�
S� ��6�(����%'� JAPGKNO PF[ Rb GNU` PTQ ]MK_F[ A JEFUGKN!
����� ��� ��
�
]PNUJ[ JEF[ JCMJNO KQ Kb GGTANUK[ Q ETHaQ� JEF[ XFR]NUFBKDCTPNUJ[Kc CHJ� JEF[ PT[ A EFIT]T JGGJ[ UJN[ JEF[ HKANUJ[ ]RHHCZXXJPJ$UFNADANUFRO � LNGF]FLNUFRO � KUEJN_KRPNUFRO MJCJUP\CJ&� UJN[UJGfEPKN PT[ A ECFUGJ]NU\� PT[ A UGJ]NUT[ UJN[ PT[ A Kb GGTAN]PNUT[EKCIF_F Do Q PFR[ Q ECVPFRQ MCN]PNJANUFR[ Q MC`AFRQ�
����� ��� ��
�
�� �� ����
�- .�6�6�� .��� �- �9�� � ������KPZLCJ]T JCIJQ @�JPCFRO
@ B\AJ ��' � )���'� ]]� �#) t �# EIAJUKQ $�#� �� Kb U�&
�� ���������������
�� ������ �� ���� ��� ��
JCMJNO F BaJPCF Fc MN JEF[ PT[ ]UF!ENJ[ PDO A _CJXJPNUDO A Kc CHDA�
JGGJ[ JEF[ PT[ ]UFENJ[ PDO A Nb ]PFCNUDO AUJN[ UFNADANUDO A ]RABTUDO A Xa]J ]PN[ QFb EFNO KQ _TXNFRCH\BTUJA UJN[ EJCJ!]PZBTUJA PJ[ Kc CHJ JRPZ� �JPJ[ PT[ _NK!CKfAT]T Kb AF[ Q P`]F ]fABKPFR UJN[ MCF!ANUJ[ KUPKPJXaAFR BaXJPFQ $JAZXK]J]PN[ Q JEJCMK[ Q PFRO JCMJIFR Kb GGTANUFROBKZPCFR UJN[ PJ[ CDXJiUJ[ Kc CHJ PTO Q Fc !mNXTQ @ CMJN`PTPJQ XK]FGJWKNO XNJ[MNGNKPIJ& Fb LNG`GFHFQ KNk AJN Rb EFMCKD!XaAFQ AJ[ WJ]N]PKNO ]K[ ]RHHKANUFR[ Q K!EN]PTXFANUFR[ Q UGZ_FRQ� UJN[ N_NJIPKCJ]PT[ A @ CMJNFGFHIJ� PT[ AS�]PFCIJUJN[ PT[ A @�ENHCJLNU\��PT[ A�N]JHDHT[ JRPT[ Fb ]RHHCJ!LaJQ KUBaPKN UJN[ JgNFGFHKNO X`AF PJ[ J_NJXLN]W\PTPJ ]PFN!MKNO J� JEFLKfHFAPJQ PN[ Q UZBK GFHTO Q KNUJ]IKQ� �Nb ]TXKNV]KNQ_K[ A JEFWGaEFRA X`AF ]PT[ A PKUXTCID]T PTO Q Jc EFmTQ EFR[ KUPI!
����� ��� ��
�
BKPJN ]PF[ UKIXKAF� JGGJ[ KENEGaFA ECF]LaCFRA XNJ[ KNU`AJ PTO Q]TXKCNATO Q UJPZ]PJ]TQ]PT[ BKJPCFGFHNUT[ Kc CKRAJ��Nb EGFf]NKQWNWGNFHCJLNUK[ Q EJCJEFXEK[ Q JEFPKGFRO A Ke AJA EFGfPNXF Fb _THF[HNJ[ Fe EFNFA BJ[ KENBRXFRO ]K AJ[ ]RAKMI]KN PT[ _NKCKfAT]T PDO ABKXZPDA EFR[ BIHFAPJN ]PF[ WNWGIF JRP`� Fe EDQ PJ[ KHZGJ�NFAf]NJ Db Q EGJI]NF EJCFR]IJ]TQ PDO A Kc CHDA� FNb FNUFAFXNUK[ QUJN[ _NFNUTPNUK[ Q ECFsEFBa]KNQ PDO A EJCJ]PZ]KDA� PJ[ BKJPCNUJ[UPI]XJPJ� FNb TBFEFNFN[ UJN[ Tb ]UKR\ PFRQ UPG�
S��F[ C]P!�PTO PKCEGFRO XK ]EFf_J]K�GJ]NUT[ �NGFGFHIJ UJN[ @ H!HGNUT[ �FHFPKMAIJ ]PT[ �FPPIHHT� PF[ `AJMF UJN[ PF[ �PaCJX $�CK!PJAIJ&� @ EF[ PF[ ��" KNk AJN UJBTHTPT[ Q ]PF[ fA]PKC�
����� ��� ��
�
��� �����
*? ���6�� ��'�.� ��� � �- �9�'�� *�((����KPZLCJ]T �� �� �FRCXFRYNZ_T
��� ��� ����������������
�`XFQ d� @ B\AJ ��'"� ����� ]]� #)� $�#� �� Kb U�&
�� ����������������
�`XFQ �d� @ B\AJ ��'�� )����� ]]� # ( $�#� �� Kb U�&
��� ���������������
�������� ��� ������
EJ]IHAD]PT * .���'� ��� � �- �19�'�� %> ((���� � (�6��%9�'���
JEFPKGKNO PT[ A UfCNJ ]RXWFGT[ PFRO h G!XENA �a]UR ]PT[ A ECFVBT]T PDO A UGJ!]NUDO A ]EFR_DO A� �J[ KEN]PTXFANUJ[ KA!_NJLaCFAPJ PFRO R]PCNJUFRO UGJ]N!UFRO LNGFG`HFR UJGfEPFRA Ke AJ KRCR[LZ]XJ ]PF[ MDO CF PTO Q JCMJIJQ Kb GGTAN!UTO Q EFIT]TQ� XK[ KEIUKAPCF PT[ A JCMJIJPCJHD_IJ� ]PT[ A Fb EFIJ JLNaCD]K EGTO !BFQ XNUCDO A UJN[ XKHZGDA XKGKPDO A�
�PT[ A ���6�� ��'�.� ��� � �- �19�'�� *�((���� HIAKPJN KgJAPGTPNUT[EJCFR]IJ]T Fe GDA PDO A KENXaCFRQ Kc CHDA PTO Q JCMJIJQ Kb GGTAN!UTO Q PCJHD_IJQ� K[ Ke AJA PC`EF XKPZ_F]TQ EFR[ Fb ]RHHCJLaJQFAFXZYKN EKCNHCJLNUT[ JAZGR]T� Fc MN X`AF ECF]LaCKPJN Tb Rb E`!BK]T PDO A PCJHD_NDO A� JGGJ[ PJRP`MCFAJEJCJUFGFRBKNO PJNP`]FTb KgaGNgT PDO A ECF]VEDA Fe ]F UJN[ Tb _NJEGFUT[ PDO A UJPJ]PZ]K!
����� ��� ��
�
DA� KADO EJCZGGTGJ UJPJHCZLFAPJN PJ[ WJ]NUJ[ ]PFNMKNO J _F!XTO Q� UJBD[ Q UJN[ PJ[ ECFWG\XJPJ EFR[ JAJUfEPFRA UJPJ[ PT[ AJAZHAD]T PFRO ]RHUKUCNXaAFR Kc CHFR� h�P]N EJCFR]NZYKPJNKe AJ EJA`CJXJ PTO Q _CJXJPFRCHNUTO Q EJCJHDHTO Q PTO Q JCMJIJQ@ B\AJQ UJN[ MJCPFHCJLKNO PJN EG\CDQ PF[ EGaHXJ PDO A ECFWGT!XZPDA XJYN[ XK[ PN[ Q ]RAJLKNO Q ECF]EZBKNKQ HNJ[ PT[ A JAPNXKPV!EN]\ PFRQ�
S� h GXENA �a]UR $�'� !��'�&� Ke AJQ JEF[ PFR[ Q ]TXJAPNU`PKCFRQUGJ]NUFR[ Q LNGFG`HFRQ PTO Q KEFMTO Q XJQ� Rb ETO CgK UJBTHTPT[ Q PDO A EJ!AKEN]PTXIDA PFRO h�A]XECFRU UJN[ PTO Q �NaAATQ� UJBD[ Q UJN[ JUJ_T!XJiU`Q� �PF[ EGTO BFQ PDO A _NJUCI]KDA EFR[ PFRO JEFAKX\BTUJA EKCN!GJXWZAKPJN UJN[ Tb JAJU\CRg\ PFR ]K[ KEIPNXF _N_ZUPFCJ $��"�& JEF[PT[ �NGF]FLNUT[ �MFGT[ PFRO �JAKEN]PTXIFR �K]]JGFAIUTQ�
����� ��� ��
�
���!����� �� ������
* .���'� �� D$6�� .��� � E����'��KPZLCJ]T S�GaATQ �� �JUCN_TO
@ B\AJ ��''� JAJP� ����� ]]� (�# $�#� �� Kb U�&
��� ��������������� �����������
��� �������������� ��� ������
���� �������� ������ �� ������ �� � !
CFR]NZYFAPJNPa]]KCNQ Fc mKNQ JEF[ PF[ Kc CHF PFRO �FRUR_I!_T UJN[ LDPIYKPJN Tb K]DPKCNUT[ EFCKIJ PTO Q XKB`_FR PFR
UJN[ PJ[ ]PZ_NJ PTO Q KgaGNg\Q PFR� �aXJ PTO Q ECVPTQ XKGaPTQKNk AJN Tb JAZGR]T PDO A Xa]DA EFR[ Kc _D]JA PT[ _RAJP`PTPJ ]PF[ A�FRUR_I_T AJ[ ECJHXJPFEFN\]KN JRPF[ PF[ XFAJ_NUF[ KEIPKRHXJlAJ[ Ba]KN PT[ A ENF[ JR]PTCT[ JAPNUKNXKANU`PTPJ ]PT[ A Rb ETCK]IJXNJO Q Kc APFAJ ECF]DENUTO Q _TXNFRCHIJQ� S� _KfPKCT XKGaPTJAJLaCKPJN ]PN[ Q EFGKXNUK[ Q ]RHUCFf]KNQ� �F[ KgJNCKPNUF[ ]PT[ AEKCIEPD]T PFRO �FRUR_I_T KNk AJN EVQ� UJPJ[ PT[ A JAZGR]T PDO A]RHUCFf]KDA� PF[ A KA_NJLaCKN Fc MN Fb BCIJXWFQ PTO Q PKMANUTO QJGGJ[ Fb BCIJXWFQ PTO Q GFHNUTO Q� @�gZGGFR� FNb ]PCJPNDPNUK[ Q _T!XTHFCIKQ ]RAN]PFRO A PF[ UJPKgFMT[ A EK_IF PDO A GFHNUDO A JAJGf!]KDA ]PT[ XKGaPT JRP\� S� PCIPT XKGaPT ECJHXJPKfKPJN PN[ QJAPNBKPNUK[ Q _TXTHFCIKQ� �J]NUT[ JCMT[ PTO Q JAPNGFHIJQ KNk AJNFe PN ECFWZGGFAPJN UJN[ Rb EF]PTCIYFAPJN JAPIBKPKQ Ba]KNQ� RPF[EFR[ Rb ETO CgK CTPFCNUF[ Tp ]FLN]PNUF[ PaMAJ]XJ WCI]UKN PT[ _N!UJID]\ PFR ]PF[ A �FRUR_I_T� Db Q JEFPKGK]XJPNUT[ XaBF_FQ HNJ[GFHNUT[ JAZGR]T� S� PKGKRPJIJ XKGaPT ]PCaLKPJN HfCD JEF[
����� ��� ��
PT[ A +@ CMJNFGFHIJ,� _TGJ_T[ PT[ A Kb A`PTPJ Fe EFR Fb �FRUR_I_TQXKGKPJO PT[ A KgaGNgT PTO Q S�GGZ_JQ JEF[ PJ[ EJGJNJ[ MC`ANJ Do QPF[ A �KGFEFAAT]NJUF[ �`GKXF� S� �FRUR_I_TQ JAPNXKPVEN]KPJ[ ECFWG\XJPJ PFRO ]MK_F[ A JAKgKCKfATPFR JRPFRO Nb ]PFCNUFROMVCFR XK[ PT[ WF\BKNJ PTO Q GFHNUTO Q� EFR[ PT[ BKVCT]K Nb UJAT[ Fc MNX`AF AJ[ FCHJAVAKNPJ[ Nb ]PFCNUJ[ _K_FXaAJ JGGJ[ UJN[ AJ[ JAJEGT!CVAKN PT[ A Kc GGKNm\ PFRQ�
S��JUGN[ A APK[ �FXNHR[ KNk AJN Fb X`PNXT UJBTH\PCNJ]PF[ �JAKEN]P\XNFPFRO �JCN]NFRO � h�MKN HCZmKN EFGRZCNBXKQ XKGaPKQ HfCD JEF[ PF[ A�FRUR_I_T $PF[ A Fb EFNO F Kc MKN KU_V]KN ]PT[ ]KNCJ[ uvwwvx!yv99zvx&� PT[ AJCMJIJ PCJHD_IJ� PF[ A n�XTCF� PT[ A KgaGNgT PTO Q JCMJIJQ Kb GGTANUTO Q]UamTQ� PJ[ ECFWG\XJPJPTO Q JCMJIJQ Kb GGTANUTO Q _TXFUCJPIJQUJN[ PT[ AJAVPJPT KUEJI_KR]T ]PT[ �JGGIJ�
����� ��� ��
��
������ ������
*�((���� ����(�6'� �� �%(%����6'�)���� �� > .���'�
KPZLCJ]T @�GaUPCJQ @ A_CKZ_T
@ B\AJ ���(� ����"� ]]� (#� $�#� �� Kb U�&
�� �����������
�� ������ ����������� ��
EKCNKM`XKAF XNJO Q ]KNCJO Q _NJ!GagKDA EFR[ _`BTUJA PF[ ��""
]PF[ �JAKEN]P\XNF EaCUGR� �K[ A J!EFPKGKNO ]R]]VCKR]T ETHDO A� BKD!CNDO A UJN[ WNWGNFHCJLIJQ� JGGJ[ KCKRAJOPT[ _RAJP`PTPJ PFRO XfBFR AJ[ JEFPKGa!]KN ]f]PTXJ KENUFNADAIJQ� JU`XJUJN[EaCJ JEF[ PJ[ ]fAFCJ PDO A HGD]]DO AUJN[ PDO A KEN]PTXDO A� S� Jc EFmT PFRO]RHHCJLaJ KNk AJN Fe PN JU`XJ UJN[ FNb _F!XK[ Q PFRO AFRO UJBFCIYFAPJN JEF[ PT[ A Nb !]PFCNUT[ KgaGNgT XK[ PT[ A KRCfPKCT ]T!XJ]IJ PTQ� JEF[ PT[ A EJCZ_F]T EFR[]MTXJPI]PTUK UJN[ XKPJ]MTXJPIYKPJN ]RAKMDO Q� S� XfBFQ�EFR[ JEFPKGKNO ]JLDO Q XNJ[ XFCLT[ EJCZ_F]TQ� _K[ A ECF]KHHIYK!PJN ]PN[ Q XKXFADXaAKQ KU_FMaQ PFR JGGJ[ FCHJAVAKPJN UJPJ[Fb XZ_KQ XfBDA XK[ UFNAT[ _FX\� �FAIYKPJN Tb ]RXWNDPNUT[ ]Ma]TXfBFR UJN[ PKGKPFRCHIJQ UJN[ Rb EF]PTCIYKPJN Tb EKEFIBT]T Fe PN Tb
����� ��� ��
��
Nb ]PFCNUT[ BKVCT]TECF]LaCKNWJBfPKCT UJPJA`T]T PDO AXfBDAUJN[ PDO A PKGKPFRCHNDO A�
S��ZGPKCEFRO CUKCP $��(�&� UJBTHTPT[ Q PTO Q�GJ]NUTO Q�NGFGFHIJQ]PF[ �KCFGIAF $�� !�� �& UJN[ PT[ �RCIMT $JEF[ PF[ �� �&� J]MFGKNO PJNURCIDQ XK[ PT[ A JCMJIJ Kb GGTANUT[ LNGF]FLIJ UJN[ BCT]UKIJ� PT[ A JXFN!WJIJ KEI_CJ]\ PFRQ� PN[ Q ]Ma]KNQ PFRQXK[ PT[ A @ AJPFGT[ UJN[ PT[ XKGaPTPFRQ Rb EF[ PF[ ECI]XJ PTO Q JABCDEFGFHIJQ� S� *�((���� ����(�6'��� �%(%����6'� KNk AJN PF[ ECDO PF Kc CHF PFR EFR[ KU_I_KPJN ]PJ[ Kb GGT!ANUZ� �PN[ Q KU_`]KNQ PFRO ��� URUGFLFCKNO UJN[ PF[ WNWGIF PFR ���������� ��������(�6�� ���.�66.�.��� ��.�.�����%(%����6'��� ���� � �+���� ��� � �- �9�'�� *�((7��� $����&�
����� ��� ��
�
� ����� ���������
8�((�+.����N]JHDH\� XKPZLCJ]T� ]M`GNJ �� �KPC`MKNGFR
@ B\AJ ���(� ������ ]]� (#( $��� �� Kb U�&
�� ������������
����� � ����� ���������
Kc MKN ]P`MF AJ[ KgFNUKNV]KNXK[ PF[ Kc CHF PDO A �JPIADA ]RH!
HCJLaDA Fe ]FRQ JAJHADO ]PKQ _K[ A Kc MFRAPT[ _RAJP`PTPJ AJ[ ECF]KHHI]FRA PF[ECDP`PREF UKIXKAF� JGGJ[ UJN[ Fe ]FRQKENBRXFRO A AJ[ MJCFRO A PJ[ Kc CHJ PDO A �J!PIADA ]PJ[ AaJ Kb GGTANUZ�K[ XKPJLCZ!]KNQ ECFFCN]XaAKQ AJ[ _NJWZYFAPJN Db QJRP`AFXF Kb GGTANUF[ UKIXKAF� XFGFA`PNXEFCFRO A ]RAZXJ AJ[ MCT]NXKf]FRA UJN[Db Q Kc HURCF XKPJLCJ]PNUF[ WF\BTXJ� Tb]KNCJ[ LNGF_FgKNO AJ[ UJGfmKN WJBXNJNO JPF[ UKAF[ PTO Q AKFKGGTANUTO Q WNWGNFHCJ!LIJQ ]PF[ A PFXaJ JRP`A�
�CDO PFQ P`XFQ PTO Q ]KNCJO Q� PF[ EGTO CKQ Kc CHF PFRO �JGGFR!]PIFR� S��ZNFQ�JGGFf]PNFQ�CI]EFQ $' !() E���&� LIGFQ UJN[FEJ_F[ Q PFRO @�FRGIFR �JI]JCJ UJN[ JAPIEJGFQ PFRO �NUaCDAJ�KNk MK Kc APFAT ]RXXKPFMT[ ]PJ[ EFGNPNUJ[ UJN[ ]PCJPNDPNUJ[ ECZH!
����� ��� ��
��
XJPJ PTO Q KEFMTO Q PFR Do Q PT[ ]PNHXT[ EFf� KgJAPGTXaAFQ UNJEFHFTPKRXaAFQ� JEF]fCBTUK JEF[ PT[ A KAKCHF[ _CZ]T UJN[ J!LNKCVBTUK ]PT[ ]RHHCJLT[ Nb ]PFCIJQ� h�HCJmK _fF Nb ]PFCNUK[ QXFAFHCJLIKQ� PF[ A#$(%�� �%� ��� � ;��('�� $����� ��������&UJN[ PF[ A #$(%�� �%� ��� � � ��6�+��� $����� �����������&�h�HCJmK KEI]TQ * .���'%� $��������&� JEF[ PN[ Q Fb EFNO KQ _NJ]V!YFAPJN X`AF JEF]EZ]XJPJ� S� #$(%��� �%� ��� � ;��('�� J!AJLaCKPJN ]PT[ A EKCNW`TPT ]RADXF]IJ PFRO �JPNGIAJ� PF[ �E���� Tb Fb EFIJ UJPKEAIHT XK[ PT[ A KEaXWJ]T PFRO �NUaCDAJ�S� #$(%��� �%� ��� � � ��6�+��� EKCNHCZLKN PF[ A JHVAJ� EFGK!XNUF[ UJN[ TBNU`� PTO Q CDXJiUTO Q EFGNPKIJQ UJPJ[ PFRO �FRXN_FRO@�FRHFfCBJ� ]PJ[ ���!�� E��� �Nb * .���'%�� PaGFQ� ECJHXJ!PKfFAPJNPJ[ HKHFA`PJXKPJ[ PF[ "' E����PJ[ JEF]EZ]XJPZPFRQEFR[ _NJ]VYFAPJN $Fb XNGIKQ UJN[ KEN]PFGaQ&� URCIJCMF BaXJ KNk !AJN Tb EJCJUXT[ PTO Q EFGNPKIJQ XKPJ[ PF[ BZAJPF PFRO �fGGJ�
S�Kc U_F]TEKCNGJXWZAKN ]fAPFXT KN]JHDHT[ HNJ[ PT[ YDT[ UJN[PT[ A KEFMT[ PFRO �JGGFR]PIFR� PT[ XKPZLCJ]T PFRO Kc CHFR PFR�UJBD[ Q UJN[ ]M`GNJ� Fe EFR Fb XKPJLCJ]PT[ Q PF[ UCIAKN JAJHUJNO FHNJ[ PT[ A UJGfPKCT UJPJA`T]T PFRO UKNXaAFR�
����� ��� ��
��
������ �� ���� � ���
F%����� ����9�� �� �%�%(���� � ��� � .+69����� ��'�.��
@ B\AJ ��� � ]]� '" $�#� �� Kb U�&
�� ������������
��������� �� ������� �������� ���� ��� !_J HfCD ]PF[ #�� E��� JEF[ PF[ A �KAFLVAPJ $EKCIEFR#(�!()) E���&� S� �KAFLDO A ]PJ[ WNWGIJ PFR $]PF[ AA- 1
����$� EFR[ JAJLaCKPJN ]PT[ _NJMKICN]T PTO Q N_NDPNUTO Q EK!CNFR]IJQ� ]PF[ #%�� #��.$���� EFR[ JAJLaCKPJN ]PT[ _NJMKICN!]T PTO Q _TX`]NJQ EKCNFR]IJQ� JGGJ[ UJN[ ]PJ[ ����������%+��1��� EFR[ JAJLaCFAPJN ]K[ _NJG`HFRQ PFRO �DUCZPT& EJCFR]NZ!YKN� HNJ[ ECVPT LFCJ[ ]PT[ A Nb ]PFCIJ PTO Q JABCDE`PTPJQ� ]TXJA!PNUK[ Q UJN[ ECFUGTPNUJ[ KEIUJNCKQ ]UamKNQ EZAD ]PF[ JAPNUKI!XKAF PTO Q �NFIUT]TQ�
S� �KAFLDO A JAJLaCKPJN ]MK_F[ A JEFUGKN]PNUJ[ ]PT[ _NFIUT!]T PFRO JABCVENAFR EJCZHFAPJ UJN[ Rb EJNAI]]KPJN EFGGK[ Q WJ!]NUK[ Q JCMK[ Q PTO Q ]fHMCFATQ KEFMTO Ql PF[ UJGF[ A PTO Q KCHJ]IJQ UJN[PTO Q KENXaGKNJQ� PF[ UJUF[ A PTO Q JKCHIJQ UJN[ PTO Q JXaGKNJQ� PT[ AKEN_FUNXJ]IJ UJN[ PT[ A JAPJXFNWT[ PDO A KCHJPNUDO A UJN[ KENXK!GDO A� PT[ A JEF_FUNXJ]IJ UJN[ PT[ A PNXDCIJ PDO A LRH`EFADA UJN[JXKGDO A� PT[ A FNUFRXKANUT[ KLJCXFHT[ PDO A XKB`_DA �NFIUT]TQ�PT[ _RAJP`PTPJ _N_JMTO Q PFRQ� PF[ _NJMDCN]XF[ N_NFUPT]IJQ UJN[_NFIUT]TQ� PT[ A KENGFHT[ ]PKGKMDO A WZ]KN EKCNHCJLTO Q UJBTU`A!
����� ��� ��
��
PDA� PT[ _RAJP`PTPJ ECF_NJHCJLTO Q PFRO _NFNUTPNUFRO Kc CHFR UJN[PDO A _NFNUTPNUDO A Nb UJAFP\PDA� PT[ A Rb EJHDHT[ PDO A _NFNUTPNUDO AECZgKDA ]PN[ Q KENPJHK[ Q PTO Q TBNUTO Q� UJN[ Jc GGKQ�
S� UJBTHTPT[ Q @ APVATQ �� �FAPJCZPFQ HKAA\BTUK ]PT[ A @ B\AJ PF[��((� �EFf_J]K TGKUPCFG`HFQ XTMJANUF[ Q ]PF[ �KMAFGFHNUF[ @�A]PN!PFRO PF PTO Q J]]JMFR]aPPTQ $�����&� ]PF[ �KMAFGFHNUF[ @�A]PNPFRO PFPTO Q �JGNL`CANJQ UJN[ ]PF[ @�BANUF[ KP]`WNF �FGRPKMAKNO F� SETCa!PT]K JCMNUJ[ ]PF[ A +�TX`UCNPF, UJN[ ]PT[ ������ @ CH`PKCJ KCHZ]PT!UK HNJ[ PT[ A URWaCAT]T UJN[ PT[ WNFXTMJAIJ PDO A ���� � �T[ A EKCIF_F��" !��'# _NKPaGK]K PJUPNUF[ Q UJBTHTPT[ Q ]PF[ A PFXaJ �NFIUT]TQPTO Q �FGRPKMANUTO Q �MFGTO Q PFRO �JAKEN]PTXIFR �JPCDO A� KPJgR[��') UJN[ ���� _I_JgK�KMANUT[ �NFIUT]TQ ]PT[ KPJEPRMNJUT[ �MFGT[PFRO �JAKEN]PTXIFR �YD[ CPY �RZ]NAHUPFA� ���� � �F[ ]RHHCJLNU`PFR Kc CHF EKCNGJXWZAKN Ke APKUJ XFAFHCJLIKQ UJN[ EZAD JEF[ ]JCZAPJPKMANUK[ Q KCHJ]IKQ�
����� ��� ��
��
�������� �� � � ������
����� ��� =���(�� %�- ���'� .��� � ��(��� ��- ���'���� �%(��� ��� � G��(�6�� �H ���� <�6('��
@ B\AJ ���)� ����'� ]]� ('( $�#� �� Kb U�&
�� ����������������
�� +�������, �� �������� � � ����� ��
WFRUFGNUJ[ �- �+((� PFRO �KFUCIPFR� KXLJAIYFRA PJ[MJCJUPTCN]PNUJ[ PTO Q AKDPKCNUTO Q EFNTPNUTO Q PaMATQ
PDO A @ GKgJA_CNADO A UJN[ HCZLFAPJN _aUJ EKCIEFR MC`ANJ ECF!PFRO Tb �JRXJMIJ ]PF[ h UPNF� PF[ (� E���� GRPCV]KN PT[ �VXTJEF[ PF[ Jc HMFQ PDO A KXLfGNDA EFGaXDA�h�P]N� ]PJ[ _aUJ XNUCFPKMA\XJPJ JRPTO Q PTO Q ]RGGFHTO Q� FNb
WFRUFGNUK[ Q LDAK[ Q _NKCXTAKfFRA Ke AJA U`]XF Fb Fb EFNO FQ AFNZYK!PJN JEFUGKN]PNUJ[ HNJ[ PF[ PCJHFf_N� JGGJ[ JETMFRO A UJN[ PF[ B`!CRWF PTO Q EFGNPNUTO Q ECJHXJPNU`PTPJQ EFR[ JEKNGKNO PT[ XFR]NUT[JXKCNXAT]IJ PTO Q WFRUFGNUTO Q UFNA`PTPJQ�
S� XKGaPT JRPT[ JEKRBfAKPJN ]K[ Fe ]FRQ KA_NJLaCFAPJN HNJ[PN[ Q ]fHMCFAKQ PZ]KNQ Kb CXTAKIJQ ]PF[ MDO CF PTO Q UGJ]NUTO Q EFIT!]TQ� EFCKNO AJ[ KA_NJLaCKN P`]F PF[ A JAJHAV]PT EFR[ Kb GUfKPJNJEF[ KRCfPKCJ N_KFGFHNUJ[ YTP\XJPJ $Fe EDQ KNk AJNPF[ Y\PTXJPTO QKRBfATQ UJN[ PTO Q ]PZ]TQ PFRO _NJAFFRXaAFR JEaAJAPN ]PT[ A EF!GNPNUT[ KgFR]IJ& Fe ]F UJN[ KUKNO AFA EFR[ JCUKNO PJN AJ[ JLFRHUCJ]PKNOPT[ A JEJCZXNGGT XFR]NU`PTPJPFRO WNCHNGNJAFRO Kb gJXaPCFRr UJN[KNk AJN Tb ECVPT ]RAFGNUT[ Kb GGTA`HGD]]T JE`EKNCJ Kb CXTAKIJQ
����� ��� ��
��
XNJO Q EFNTPNUTO Q ]RGGFHTO Q EFR[ JEFPKGKNO Ke AJ JEF[ PJ[ UGKN_NJ[ PTO QKRCDEJiUTO Q GFHFPKMAIJQ�
S� �K`_DCFQ �� �JEJHHKGT[ Q HKAA\BTUK ]PT[ �K]]JGFAIUT PF[ ��)���EFf_J]K �GJ]NUT[ �NGFGFHIJ ]PJ[ EJAKEN]P\XNJ PTO Q �K]]JGFAI!UTQ UJN[ PFRO �aXECNPY� h�MKN _TXF]NKf]KN Jc CBCJ ]K[ Kb GGTANUJ[ UJN[gaAJ EKCNF_NUZ� �F[ KCKRATPNU` PFR KA_NJLaCFA KENUKAPCVAKPJN ]PF[MDO CF PTO Q UGJ]NUTO Q CDXJiUTO Q EFIT]TQ UJN[ PDO A ]Ma]KVA PTQ XK[ PT[ AEFIT]T PTO Q Kb GGTAN]PNUTO Q EKCN`_FR� �\XKCJ KNk AJN UJBTHTPT[ Q PTO Q�JPNANUTO Q �NGFGFHIJQ ]PF[ �JAKEN]P\XNF �K]]JGFAIUTQ�
����� ��� ��
��
� ����� ���������
8����I����N]JHDH\� XKPZLCJ]T� ]M`GNJ �� �KPC`MKNGFR
d P`XFQ� @ B\AJ ���"� ������ ]]� ##) $��� �� Kb U�&
�� ���������������
�d P`XFQ� @ B\AJ ����� ]]� #(( $��� �� Kb U�&
�� �����������
�� *�� ��������� �� �!
URGGFQ HKAA\BTUK XJO GGFA ]PT[�VXT PF[ "" Tc � UJPq Jc GGFRQ� PF[
� X��� UJN[ JATO UK ]PT[ A PZgT PDO A Nb E!EaDA� FCLDXaAFQ UJN[ Te ]RMFQ Jc A!BCDEFQ� J]MFG\BTUK JCMNUJ[ XK[ PT[ _N!UTHFCIJ JGGJ[ PKGNUJ[ ECFPIXT]K PT[]RHHCJLNUT[ KCHJ]IJ� �ZCT ]PT[ A KRc !AFNJ PFRO �GNAIFR PFRO �K`PKCFR JEa!UPT]K Rb mTGJ[ JgNVXJPJ ]PT[ A JRPF!UCJPFCNUT[ HCJXXJPKIJ� XaMCNQ Fe PFRJEFEaXLBTUK JEF[ PF[ A @ _CNJAF[ KEKN!_T[ KEa_KNgK XKHZGT +FNUKN`PTPJ,ECF[ Q PT[ A JRPFUCZPKNCJ �JWIAJ�
@ EF[ PF[ ]RHHCJLNU` PFR Kc CHF Kc MFRA _NJ]DBKNO FNb WNFHCJLIKQJRPFUCJP`CDA$JK LMNOPOKQORST&UJN[ EAKRXJPNUDO AJABCVEDA$JK LMRMQ MUUSQNRMVSQ&� KADO Kc MFRA MJBKNO Kc CHJ XK[ BaXJPJ Fe EDQ FNbJHDO AKQ ]PT[ �VXT $WSXMYROZMQN[RMO& UJN[ ]PT[ A S�GGZ_J� WJ]N!GKNO QUJN[ _NJW`TPKQKb PJNO CKQ�PF[ JK\K]SVUMYOPFRO �NUaCDAJU�Jc �
����� ��� ��
�
�PFR[ Q �IFRQ PFR JAJLaCKPJN ECDO PJ ]PFR[ Q ECFH`AFRQ PFROWNFHCJLFRXaAFR� Kc EKNPJ ]PJ[ HKHFA`PJ PTO Q YDTO Q PFR XaMCNPT[ AJAZCCT]\ PFR ]PF[ BC`AF� ]PJ[ JAaU_FPJ $MFAPCFUFXXaAJ UJN[]RMAJ[ KEFR]NV_T& EFR[ ]MKPIYFAPJA XK[ PT[ _CZ]T UJN[ PF[ MJ!CJUP\CJ PFR UJI� PaGFQ� ]PN[ Q ]RABTO UKQ BJAZPFR PFR� �F[ Re LFQPFR KNk AJN Jb EGF[ UJN[ Jc XK]F� KADO Tb PZ]T PFR AJ[ JEF_KGPNVAKNUJPJ[ GagT EJGJN`PKCJ UKIXKAJ RNb FBKP\BTUK JEF[ XKPJHKAa!]PKCFRQ ]RHHCJLKNO Q Fe EDQ Fb Rk GFQ �aGGNFQ UJN[ Fb JUC`WNFQ�
����� ��� ��
��
��������� �����
�������� � � �� *�� ��������
�������� � � ������
*? ������ ��� � ^���'�� G_%������H
@ B\AJ ���#� ������ ]]� ��� $�"� �# Kb U�&
�� ���������������
�� ����� +������������,
UIATXJ PTO Q CDXJiUTO Q EFIT]TQKU_TGVBTUK HfCD ]PJ[ Xa]J
PFRO �FR E��� JNVAJ� UJN[ FNb KUEC`]D!EFI PFR� FNb _%I�%��� ]RAPZMBTUJAXK[ PN[ Q KENGFHK[ Q PDO A ]TXJAPNU`PKCDAEFNTPDO A PTO Q ECFTHFfXKATQ JGKgJA!_CNATO Q! Kb GGTAN]PNUTO Q EKCN`_FR�
�PT[ A EJCFf]J XKGaPT HIAKPJNjHNJ[ ECVPT LFCJ[ ]PT[ A Kb GGTANUT[JGGJ[ UJN[ ]PT[ A gKA`HGD]]T WNWGNF!HCJLIJj XNJ[ JE`EKNCJ ]R]PTXJPN!UTO Q UJN[ EKCNKUPNUTO Q EKCNHCJLTO Q PDO AHCJXXJPFGFHNUDO A� Nb ]PFCNUDO AUJN[ UFN!ADANUDO A KgKGIgKDA FNb Fb EFNO KQ Rb EaBJGmJA PT[ A JGKgJA_CNAT[ JN!]BTPNUT[ UJN[ EFNTPNU\� _TXNFfCHT]JA PN[ Q Jc XK]KQ ECFsEFBa!]KNQ PTO Q CDXJiUTO Q �KDPKCNUTO Q +]PCFLTO Q, UJN[ KENUJB`CN]JA]K[ ]TXJAPNUF[ WJBXF[ PT[ A UGJ]NUT[ EFIT]T PDO A MC`ADA PFRO RHFf]PFR� �J[ ECFWG\XJPJ EFNTPNUTO Q N_KFGFHIJQ EFR[ BIHFA!
����� ��� ��
��
PJN ]PT[ XKGaPT _K[ A Kc MFRA X`AF Nb ]PFCNUT[ JgIJ� S� _NJUKNXK!ANU`PTPJ� Tb +UJBJCT[ , EFIT]T� FNb KAPZ]KNQ $JGGJ[ UJN[ FNb JE`!EKNCKQ ]fABK]TQ& JAZXK]J ]PN[ Q XaCNXAKQ PFRO Nb ]PFCNUFUFNAD!ANUFRO WIFR UJN[ ]PFR[ Q AJCUN]]N]XFR[ Q PFRO LFCXJGN]PNUFRO JN!]BTPN]XFRO KNk AJN XKCNUJ[ JEF[ PJ[ YTP\XJPJ EFR[ JAJUNAFRO APJN]PF[ WNWGIF JRPF[ UJN[ EFR[ jXK[ _K_FXaAFRQ PFR[ Q ECFWGTXJPN!]XFR[ Q PTO Q ]fHMCFATQ BKDCIJQ PTO Q GFHFPKMAIJQj _NKU_NUFRO AKEIUJNCF KA_NJLaCFA�
S� XKGaPT JEKRBfAKPJN URCIDQ ]K[ KUKIAFRQ EFR[ J]MFGFRO A!PJN XK[ PT[ A Kb CXTAKIJPTO Q UGJ]NUTO Q EFIT]TQ� JGGJ[ BJ[ XEFCFRO ]KAJ[ KA_NJLaCKN UJN[ Fe ]FRQ Kc MFRA XKHJGfPKCT FNUKN`PTPJ XK[ PF[MDO CF PTO Q BKDCIJQ PTO Q GFHFPKMAIJQ UJN[ PTO Q ]RHUCNPNUTO Q HCJX!XJPFGFHIJQ� n�GJ PJ[ JCMJNFKGGTANUJ[ UJN[ GJPNANUJ[ EJCJBa!XJPJ ]RAF_KfFAPJN JEF[ AKFKGGTANUT[ JE`_F]T�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� ('�
����� ��� ��
�
��������� �����
�������� � � �� *�� ��������
� ���� �� � ���
*? ������ ��� � �- �9�'�� %> ((���� � ���6��'��
@ B\AJ ���'� ������ ]]� ��" $�#� �� Kb U�&
�� ���������������
�� �������� � �������
EFGR[ ECN[ A HIAKN JAPNUKIXKAF]PFMJ]XFRO CTPFCNUFRO $�FC!
HIJQ& Tp LNGF]FLNUFRO $�GZPDA& UJN[UCR]PJGGDBKNO PKGNUJ[ ]PT[ A ECVPT ]R!]PTXJPNUT[ ECJHXJPKIJ PTO Q @ CMJN`!PTPJQ HNJ[ PT[ BKDCIJ UJN[ PT[ A UCNPNUT[PTO Q GFHFPKMAIJQ� ]PT[ A #����� PFRO@ CN]PFPaGT� ECFUZGK]K PF[ YDTCF[ KA!_NJLaCFA PDO A Nc _NDA PDO A EFNTPDO A� FNbFb EFNO FN� ]K[ XNUC`PKCF Tp XKHJGfPKCFWJBX`� KAFLBJGXIYFRA ]PJ[ Kc CHJ PFRQ]UamKNQ UJN[ JE`mKNQ HNJ[ PT[ A EFIT]TUJN[ PT[ A JgIJ PTQ� h�_T Fb n�XTCFQ�EJCFR]NZYFAPJQ PF[ A �TX`_FUF ]PT[ A JRGT[ PDO A �JNZUDA AJ[PaCEKN PFR[ Q ]RA_JNPRX`AKQ PFRO WJ]NGNJO @ GUNA`FR� XJO Q ECF!]LaCKN KAJCHT[ KNU`AJ HNJ[ PT[ A UFNADANUT[ Ba]T UJN[ PT[ GKNPFRC!HIJ PFRO JFN_FRO � UJBD[ Q UJN[ HNJ[ PT[ _CJ]PNU`PTPJ PTO Q EFIT]TQ�@ EF[ PT[ A Jc GGT EGKRCZ� FNb EGJ]PK[ Q JGGJ[ JGTBFLJAKNO Q JLTH\!
����� ��� ��
��
]KNQ PFRO @�_R]]aJ _KIMAFRA XK[ ]JL\AKNJ Fe PN Fb n�XTCFQ Kc MKN]RAJI]BT]T PFRO EGJ]XJPNUFRO MJCJUP\CJ PTO Q GFHFPKMAIJQ�Kc ]PD UJN[ Jp A JRPT[ JAZHKPJN ]PN[ Q FRO ]KQ� K[ PJ[ Fb XTCNUJ[Kc ET� ]RAKEDO Q� PIBKPJN Ke AJ PCIEPRMF KCVPTXJl $J& HNJ[ PT[ AUJPJHDHT[ PTO Q EFIT]TQr $W& HNJ[ PF[ EKCNKM`XKA` PTQ ]K[ ]Ma]TXK[ PF[ _IEFGF JG\BKNJ{mKRO _FQr $H& HNJ[ PT[ A KEI_CJ]\ PTQ ]PF[ A_aUPT� �PF[ KCVPTXJ JRPF[ BJ[ XEFCFRO ]K UJAKN[ Q AJ[ JEJAP\]KNEJCJUFGFRBVAPJQ PT[ A JCMJIJ GFHFPKMAIJ JEF[ PF[ A n�XTCF Do QPFR[ Q EFNTPK[ Q PDO A Kb GGTAN]PNUDO A MC`ADA� @�EKN_T[ Fe XDQ PF[ LN!G`_FgF JRPF[ ]Ma_NF XNJO Q K]DPKCNUTO Q EFNTPNUTO Q _f]UFGJ BJ[XEFCFRO ]K AJ[ PF[ JAJGZWKN Ke AJQ UJN[ X`AF KCKRATP\Q� Fb ECFUKI!XKAFQ P`XFQ� Fb _KfPKCFQ PTO Q ]KNCJO Q +S�GGTANUT[ UJN[ �DXJiUT[�FNTPNU\,� EKCNFCIYKPJN ]PT[ A JCMJIJ Kb GGTANUT[ PCJHD_IJ�KgKPZYFAPJQ KEI]TQ j]K[ gKMDCN]PF[ _FUIXNFj PN[ Q FNUKNO KQBKDCTPNUK[ Q Ba]KNQ PTO Q JCN]PFPKGNUTO Q #����� ��
S� �JANT[ G �� @�JUD[ W KNk AJN UJBTHTPT[ Q PTO Q @ CMJIJQ S�GGTANUTO Q �N!GFGFHIJQ ]PF[ �XTO XJ �NGFGFHIJQ PFRO ��� @ ]MFGKNO PJN URCIDQ XK[PT[ A JCMJIJ Kb GGTANUT[ PCJHD_IJ� PF[ A �IA_JCF UJN[ PT[ A#����� PFRO@ CN]PFPaGT�
����� ��� ��
��
�������� � ���� � �����
��� ����� �����
����� �����
*? (�.�� ���7��.�*�((��%� � �� ����C%� � %- ���7.%�
.��� (�6��%9�'� ��� � )+.��
KPZLCJ]T �YaATQ J]PFCZUT
@ B\AJ ��''� ������ ]]� �') $�#� �� Kb U�&
��� ������������
+�� �� ��������� !
UFGFRBVAPJQ PF[ A EFPJXF[ PDO AKb GGTAFCDXJiUDO A KEN_CZ]K!
DA ]PT[ GFHFPKMAIJ� @ EF[ PT[ A ECVPTPFR KEJLT[ XK[ PT[ YDT[ PTO Q ]fHMCFATQ�RCVETQ� Do Q PJ[ _Z]T UJN[ PN[ Q KCTXNK[ QPDO A �UFPKNADO A NVADA�|UN JEF[ UKNOPF[ A KNc _JXK AJ[ URGJO ]PT[ A KEFMT[ PFROXEJC`U� Xa]J]K[ XNJ[ UFIPT ECF]KMPN!UJ[ UJBFCN]XaAT� APRXaAT XK[ XZCXJCFUJN[ JHZGXJPJ ]PN[ Q Fc MBKQr UN Re ]PKCJAJ[ LFR]UVAKN EZGN PT[ A KEFMT[ PTO Q K!EJAZ]PJ]TQ�|PaGFQ� Xa]J JEF[ UJN!AFfCNKQ _NVCRHKQ� PF[ A KNc _JXK AJ[ UR!GJO � Db CJNO FQ UJN[ EJAI]MRCFQ� ]PT[ GFHFPKMAIJPFRO ��FRJNVAJ� UNJEF[ UKNO ]PFRO ��FRO � UJN[ AJ[ LPZAKN Do Q PT[ A KEFM\ XJQ� Fe EFRmRMFG`HFN UJN[ BKJPCNUFN[ ]RHHCJLKNO Q UFNPFRO A XK[ BJRXJ]XF[UJN[ _aFQ PF[ JNVANF CKRO XJ PFR AJ[ EJCJ]fCKN JBZAJPKQ XFCLaQ�PF[ LJRO AF UJN[ PF[ A Te CDJ� PT[ AfXLT UJN[ PF[ A BK`,� �Nk AJN Tb UJGf!
�������� � ���� � ����� ��� ����� �����
��
PKCT EKCNHCJLT[ PFRO WNWGIFR� HCJXXaAT XK[ PF[ MJCJUPTCN]PNUF[Re LFQ PFRO Nc _NFR PFRO ]RHHCJLaJ� @�CHJ]IJ ]TXJAPNUT[ UJN[ _f!]UFGT� XJ[ EZAD JEq Fe GJ EFGfPNXT HNJ[ Fe EFNFA ]\XKCJ KA_NJ!LaCKPJN AJ[ EKCN_NJWZ]KN ]PN[ Q Fc MBKQ PFRO JNDA`WNFR EFPJXFRO �EFR[ Kc MKN PN[ Q ETHaQ PFR ]PT[ A UGJ]NUT[ KEFMT[ PTO Q @ B\AJQ UJN[PTO Q �VXTQ UJN[ _NJPCaMKN PF[ A JNVAJ XJQ� �GTO BFQ ]PFNMKNO J�EFGGJ[ _R]KfCKPJ� WNFHCJLNUJ[ UJN[ HCJXXJPFGFHNUZ� EFGGK[ QECDP`PREKQ Kb CXTAKNO KQ� JAJCIBXTPJ EJCJBaXJPJ UJN[ ]RHUCI!]KNQ WFTBFRO A PF[ A JAJHAV]PT AJ[ EJCJUFGFRB\]KN PJ[ XNUCJ[W\XJPJ Tp PJ[ XKHZGJ Je GXJPJ EFR[ ECJHXJPFEFIT]JA FNb GFHF!PKMANUK[ Q ]RGG\mKNQ PFRO JABCVENAFR EAKfXJPFQ� UJBD[ Q Tb HGJ!LRCT[ EaAJ PFRO �ZNKP UJPJHCZLKN� PJgNAFXKNO UJN[ Kb CXTAKfKN�
S� �UIGXEKCP �ZNKP $��� !��"'& Rb ETO CgK UJBTHTPT[ Q S�GGTANUDO AUJN[ �JPNANUDO A ]PF[ �JAKEN]P\XNF �FGFfXENJ PTO Q �aJQ S`CUTQJEF[ PF[ ��('� UJN[ KA ]RAKMKIJ UJPaGJWK PT[ A Ke _CJ �"��#" �JPNANUTO Q�GV]]JQ UJN[ �NGFGFHIJQ ]PF[ Nc _NF �JAKEN]P\XNF� h�MKN HCZmKNEFGRZCNBXJ Kc CHJ HNJ[ PT[ A UGJ]NUT[ EJN_KIJ�
�������� � ���� � ����� ��� ����� �����
��
����� ��$��
��� �- �9�� � ���.�$����KPZLCJ]T �YaATQ J]PFCZUT
@ B\AJ ����� (����� ]]� (�� $�"� �# Kb U�&� ' J{X UJN[ ' Kc HMCDXKQ KNU`AKQ
�� ���������������
�� ������ �� ���������
AJ[ EJCFR]NZ]KN PF[ JCMJNO F XR!BN]P`CTXJ ]K[ ]TXKCNAFR[ Q JAJ!
HADO ]PKQ� Kc gD JEF[ PF[ A ]PKAF[ UfUGFPDO A LNGFG`HDA� _K[ A MCKNZYKPJN EFGGJ[G`HNJ HNJ[ AJ[ _NUJNFGFH\]KN PT[ A Re EJC!g\ PFR� �N JRPF[ HNJPN[ � EJCJ[ PF[ JRgJ!A`XKAF KA_NJLaCFA EFR[ EJCJPTCKNO PJNPJ[ PKGKRPJNO J MC`ANJ HNJ[ PF[ KNk _FQ PFROJCMJIFR XRBN]PFC\XJPFQ� UJN[ EJCJ[PN[ Q ]TXJAPNUK[ Q ECF`_FRQ PTO Q Kc CKRAJQ�UJXNJ[ ]fHMCFAT UJN[ UJPJPFEN]PNUT[KN]JHDHT[ _K[ A KNk _K JU`XT PF[ LDO Q�NJ[ PaPFNJ KN]JHDHT[ JEFPKGKNO PFRO PFPF[ WNWGIF� EFR[ Tb _FX\ PFR MCKNZYKPJN KA_KMFXaADQ XKCNUK[ QKEKgTH\]KNQ�
�F[ BaXJ ECF]KHHIYKPJN JEF[ XNJ[ KRCfPKCT ]UFENZl Kc P]N�KUPF[ Q JEF[ PN[ Q _fF ]EFR_JN`PKCKQ XFCLK[ Q PFRO KNc _FRQ� PF[ +N_K!DO _KQ, Kb GGTANUF[ UJN[ PF[ +UDXNUF[ , CDXJiUF[ XRBN]P`CTXJ� PF[
�������� � ���� � ����� ��� ����� �����
�
WNWGIF KgKPZYKN UJN[ PF[ A mKR_Fi]PFCNUF[ <'� ��(%57����� ������%�$��� UJN[ PT[ ]RAaMN]T PFRO +N_KV_FRQ, XRBN]PFC\XJPFQ]PN[ Q @ E`UCRLKQ �CZgKNQ PDO A @ EF]P`GDA� @�gKPZYKN KEI!]TQ PF[ UFNADANUF[ UJN[ PF[ GFHFPKMANUF[ Rb E`WJBCF PFRO XRBN]PF!C\XJPFQ� UJBD[ Q UJN[ PT[ A Rb EF_FMT[ EFR[ PFRO KENLRGZMBTUK UJPJ[PF[ A K]JIDAJ UJN[ PFR[ Q AK`PKCFRQ MC`AFRQ� �F[ KRk CFQ JRPF[]TXJIAKN JAJE`LKRUPJ UZEFNKQ BR]IKQ KNQ WZCFQ PFRO WZBFRQlJEFR]NZYFRA GFNEF[ A Tb JAJGRPNU`PKCT jUJN[ UJPJAZHUTA +PK!MANUT[ ,jKgaPJ]T PDO A JEF]EJ]XZPDA EFR[ XJO Q _IAKN _NJCUDO QTb EJERCFGFHIJ� UJBD[ Q UJN[ FNb WJBfPKCKQ BKDCTPNUK[ Q ]RYTP\!]KNQ ]MKPNUJ[ XK[ PT[ Lf]T PFRO KNc _FRQ� JLFRO PJ[ UfCNJ MJCJUPT!CN]PNUZ PFR JAJ_KNUAfFAPJN UJPJ[ PT[ A JAZHAD]T PFRO WNWGIFR�]PT[ ]fHUCN]T XK[ PJ[ ]RHHKANUJ[ GFHFPKMANUJ[ KNc _T� UJN[ UJBCK!LPIYFAPJN ]PT[ A KRCDEJiUT[ +JAJHaAAT]\, PFR�
S��`XJQ�JN[ HU HKAA\BTUK PF[ ��(' UJN[ ]EFf_J]K @ CMJNFGFHIJ ]PF[�JAKEN]P\XNF PTO Q �RmZGJQ UJN[ ]PJ[ �FRT_NUJ[ @�A]PNPFRO PJ PTO Q�VXTQ UJN[ PTO Q @ B\AJQ� �F[ ��"� Kc HNAK GaUPFCJQ PDO A S�GGTANUDO A]PF[ �JAKEN]P\XNF PTO Q �RmZGJQ� UJN[ PF[ ��"" UJBTHTPT[ Q PTO Q �GJ!]NUTO Q �NGFGFHIJQ ]PF[ �JAKEN]P\XNF PFRO EaCHUKA $�FCWTHIJ&�h�MKN _TXF]NKf]KN EGTO BFQ ECJHXJPKNO KQ UJN[ Jc CBCJ ]K[ KEN]PTXFANUJ[EKCNF_NUZ� �F[ ��"� _TXF]IKR]K XNJ[ Kc CKRAJ XK[ PIPGF *? �- ��6���1��� �%9��� .��� �- �9�� � %> ((���� ���.��������� UJN[ PF[ ��") PF[WNWGIF *A `I��� �> � �%.7��� ��� � �- �9�'�� (�6��%9�'��� @�EIUKA!PCF PTO Q Kc CKRAZQ PFR KNk AJN Tb Kb GGTANUT[ GFHFPKMAIJ PTO Q XKPJUGJ]NUTO QEKCN`_FR UJN[ Tb Kb GGTANUT[ HGV]]J ]PT[ MCN]PNJANUT[ �FRWIJ�
�������� � ���� � ����� ��� ����� �����
��
����� ����� �������
* .���'� ��� � - ���� � (�6��%9�'��KPJHCJLT[ �IGNEEFR �GZMFR
@�ENXaGKNJ �KDCHIJQ �JEJHKDCHIFR
@ B\AJ ���(� ]]� #�� $�"� �# Kb U�&
�� ������������
������ ������ �������� ��������� � ��
XKGaPT PTO Q JCMJIJQ NA_NUTO Q HCJXXJPFGFHIJQ JEF[ PF[�'� Do Q PF[ ����� �NGF_`gT]K AJ[ EJCFR]NZ]KN Fb GFUGT!
CDXaAF PF[ Kc CHF PFRO UFCRLJIFR @�A_FRO _CJXJPNUFRO EFNTPTO�JGN_Z]J� XK[ KN]JHDHT[ UJN[ ]M`GNJ� �F[ WNWGIF * .���'� ��� �- ���� � (�6��%9�'�� JEFPKGKNO JUCNWDO Q PT[ A KN]JHDHT[ JRP\�S� Nc _NFQ ]PF[ A EC`GFHF PFRO WNWGIFR KgTHKNO XK[ PC`EF ]JLT[ PFR[ QG`HFRQ EFR[ PF[ A Dc BT]JA ]PT[ ]RHHCJL\l +�NJ[ AJ[ _RATBKNO UJAKN[ QAJ[ UJPJGZWKN Db Q ECaEKN Fb EFNF_\EFPK XKPJLCJ]XaAF ]JA!]UCNPNUF[ UKIXKAF� KNk AJN MCKIJ AJ[ UJPaMKN ]K[ HKANUK[ Q HCJXXK[ QPFRGZMN]PF PT[ A Nb ]PFCIJ PTO Q NA_NUTO Q LNGFGFHIJQ,r UJN[ +]PFMZ!YFXJN JAJHUJNO F� XECF]PJ[ ]PJ[ XKPJLCZ]XJPJ EFR[ KENMKNCDO]\XKCJ AJ[ _TXF]NamD� AJ[ WZGD XIJA KN]JHDHT[ ]PJ[ NA_NUJ[ECZXJPJ EFR[ KXEFCKNO AJ[ MCT]NXamKN ]J[ A EC`_CFXFQ UZBKXKPZLCJ]TQ JEF[ PF[ NA_NU`rXK[ MCFAFGFHNUT[ ]KNCJ[ BJ[ EJ]UI]DAJ[ KgKPZ]D PT[ A LNGFGFHNUT[ EJCJHDHT[ PTO Q @�A_IJQ� UJN[ UZBKLFCJ[ EFR[ BJ[ EJCFR]NZYKPJN Tb KRUJNCIJ BJ[ KgTHZD PK[ Q BCT!]UKRPNUaQ� PK[ Q LNGF]FLNUaQ� PK[ Q UFNADANUK[ Q N_aKQ PFRO GJFROKUKIAFR,�
�������� � ���� � ����� ��� ����� �����
��
�F[ WNWGIF JEFPKGKNO PJN JEF[ EC`GFHF UJN[ KAAaJ UKLZGJNJlFNb �JN_NUFN[ nXAFNr PJ[ WCZMXJAJ� PJ[ @ CZANJUJ UJN[ FNb �R!EJAN]Z_KQr PJ[ �JN_ZHUJ UJN[ PJ[ �XZCPJ ]FfPCJr FNb A`XFN PFROJAFRO r Fb �Ff__JQr Tb LNGF]FLIJr Tb KENUT[ EFIT]T $XK[ JAZGR]TKUPKAT[ PFRO ��9�=7���� UJN[ PFRO ^��7���&r PF[ _CZXJ $JCMK[ QPTO Q _CJXJPNUTO Q EFIT]TQ� Kb GGTANUT[ KENCCFT[ ]PF[ ]JA]UCNPNUF[_CZXJ� Nb ]PFCIJPTO Q _CJXJPNUTO Q EFIT]TQXK[ JAZGR]TFe GDA PDO AKc CHDA PDO A XKHZGDA _CJXJPNUDO A EFNTPDO A �JGN_Z]J��ZC]J��Ff_CJUJ UJN[ ��%�&�'(�)&r Tb AK`PKCT KENUT[ EFIT]T� Tb GRCNUT[UJN[ PJ[ KEIGFNEJ KNc _T PTO Q LNGFGFHIJQ� �F[ WNWGIF ]RXEGTCV!AKPJN XK[ PN[ Q ]TXKNV]KNQ PFRO �� �KFP`UT� PF[ ]TXKIDXJ PTO QKENXKG\PCNJQ UJN[ PF[ KRb CKP\CNF�
S� �DA]PJAPIAFQ �KFP`UTQ HKAA\BTUK ]PT[ A �aCURCJ PF[ �'"� UJN[EaBJAK PF[ ���(� @�UPF[ Q JEF[ PJ[ HAD]PJ[ ECDP`PREJKc CHJPFR *?������ ��� 9��� ��� *A ��7���� *? ���� �� �> �7����� ���� ;���=�(��A> .(7=�.��� �%.�7�����)�6����� };���7�%� > .���'%�~ UJN[PJ[ ]FAaPJ PFR� ]TXJAPNUK[ Q KNk AJN UJN[ FNb XKPJLCZ]KNQ PFR JEF[ PJ[]JA]UCNPNUZ� PJ[ GJPNANUZ� PJ[ JCMJNO J Kb GGTANUZ� PJ[ HKCXJANUZ� PJ[HJGGNUJ[ UJN[ PJ[ JHHGNUJ[ $HAVCNYK PFRGZMN]PFA _aUJ AKUCK[ Q UJN[ YDA!PJAK[ Q HGDO ]]KQ&l JEF]EZ]XJPJ JEF[ PF[ ��9�=7����� Tb 8��+���1(� PFRO �JGN_Z]J� PJ[ &%��6�� PFRO �NCHNGIFR� PF[ #%�� `+.%�� PFRO�IPFR �FRUCTPIFR �ZCFR� �JIgETC� �UJNO PK� �GDXEaC�
�������� � ���� � ����� ��� ����� �����
�
*� �� �����
*? ����C�� ���.���'���� G8������ H ���� #%����'��
�� �> G�%������I.%�H ���� �����(�'��
KPZLCJ]T�V]PJ �JAJHNDPZUT� �PaGNFR �JAJHNDPZUT
@ B\AJ ����� ]]� (�# $�"� �# Kb U�&
�� ������������
� 8��,^ ;� �� �������� � � �� �����A^`a1
.%� PFRO @ EFRGTIFR KNk AJN FNb X`AKQ ]DY`XKAKQ XRBN]PF!CIKQ JEF[ Fe ]KQ HCZLPTUJA ]PT[ �VXT ECN[ A JEF[ PF[ ���
X��� UJN[ JA\UFRA ]PF[ KNk _FQ PTO Q KRPCZEKGTQ XRBFEGJ]PIJQ�PTO Q mRMJHDHNUTO Q GFHFPKMAIJQ PFRO JCMJIFR U`]XFR� S� ]RH!HCJLaJQ JAPNUCFfKNPN[ Q BKDCIKQ EFR[ BaGFRA PF[ A�KPCVANF Ke AJATBNUFG`HF ]RHHCJLaJ� EFR[ KULCZYKN XK[ PF[ Kc CHF PFR PT[ A J!E`HAD]T UJN[ PT[ A JEJN]NF_FgIJ PFR HNJ[ PT[ YD\� UJN[ _NJPREV!AKNPT[ A Jc EFmT Fe PNPJ[ 8������ KNk AJN Ke AJ +J]PKNO F, HNJ[ XFCLD!XaAJ Jc PFXJ� �JCZGGTGJ BKDCKNO Fe PN Tb XRBN]PFCIJ PFRO @ EFR!GTIFR Kc MKN FR]NJ]PNUJ[ JGGTHFCNUF[ EKCNKM`XKAF UJN[ PT[ ]RA_aKNXK[ PT[ A Nb ]PFCIJ PFRO �FRUNJAFRO D�+�� �b cA���� +S� ECDP`!PRET ]RXWFG\ XFR,� ]TXKNVAKN Fb ]RHHCJLaJQ� +Kc HUKNPJN ]PF[HKHFAF[ Q Fe PN Kb CXTAKfD PF[ Kb A_aUJPF WNWGIF PDO A �%������I1.%��Db Q ECFEJHZA_J KAJAPIFA PDO A MCN]PNJADO A PTO Q @ LCNUTO Q�JLFRO PJ[ ]DY`XKAJ PKUX\CNJ JEF_KNUAfFRA Fe PN Tb XRBN]PFCIJPFRO @ EFRGTIFR HCZLPTUK ]PT[ A @ LCNUT[ ]PJ[ Re ]PKCJ CDXJiUJ[MC`ANJ� PT[ A KEFMT[ PTO Q HNHJAPNJIJQ KgZEGD]TQ PFRO MCN]PNJ!AN]XFRO ,� �F[ PKGKRPJNO F UKLZGJNF ECJHXJPKfKPJN PT[ A KEI_CJ!
�������� � ���� � ����� ��� ����� �����
��
]T PDO A _fF XRBN]PFCNDO A ]PT[ XKPJHKAa]PKCT GFHFPKMANUT[ EJ!CJHDHT[ PTO Q �RCVETQ�
S� �ZPCNU �YaCJCAP �RD[ GQ KNk AJN Fb X`PNXFQ UJBTHTPT[ Q PFRO �JAK!EN]PTXIFR PTO Q �GJ]UVWTQ� Fe EFR UJPKNO MK PT[ A Ke _CJ PDO A �JPNANUDO AJEF[ PF[ ��"�Do Q PF[ ���(� S�_NKBAFRO Q L\XTQ ]RXWFG\ PFR ]PT[ XKGaPTPTO Q GJPNANUTO Q HCJXXJPKIJQ ]RAI]PJPJN Fc MN X`AF ]PJ[ EFGRZCNBXJWNWGIJ PFR HNJ[ PT[ A UCNPNUT[ JEFUJPZ]PJ]T UJN[ PT[ A Kb CXTAKIJ PFROUKNXaAFR PFRO �NWIFR� JGGJ[ UJN[ ]PF[ KRCR[ LZ]XJ PDO A KEN]PTXFANUDO APFR XKGKPDO A� FNb Fb EFNO KQ UJGfEPFRA P`]F PJ[ UGJ]NUJ[ Fe ]F UJN[ PJ[XK]JNDANUJ[ GJPNANUJ[ UJN[ ]PN[ Q Fb EFNO KQ ]RHUJPJGaHFAPJN XKPJLCZ!]KNQ PFRO �NUaCDAJ� PFRO �NWIFR� PFRO �KPCDAIFR� PFRO @ EFRGTIFR� PFRO�FTBIFR UJN[ PFRO @ A_CaJ �JEKGGJAFRO � KPaLCJ]K KEI]TQ PJ[ POR1TMdO eSROdO�
�������� � ���� � ����� ��� ����� �����
��
������������
������������
��*�� ���
�- .�6�6�� .��� � %> ((���� #�(��6���'�KPZLCJ]T �NUFGZFR � �JAJHNDPZUT
@ B\AJ ��""� ����� ]]� �� $�"� �# Kb U�&� (� EIAJUKQ
�� ����������������
�� � ���� �� � � �� ���
EFR[ XKGKPJO Fe GKQ PN[ Q XFCLK[ QPTO Q EJGJNJO Q HCJLTO Q� HAVCN!
]K XKHZGT JUXT[ ]PF[ A KNUF]PF[ JNVAJUJN[ ]\XKCJ Kc MKN UJBNKCDBKNO Db Q JRP`!AFXT KEN]P\XT ]PF[ MDO CF PDO A LNGFGF!HNUDO A ]EFR_DO A� JGGJ[ UJN[ ]PF[ A KRCf!PKCF MDO CF PTO Q Nb ]PFCNUTO Q Kc CKRAJQ PFROEFGNPN]XFRO �
�F[ KHMKNCI_NF PFRO N`AN� ]fAPFXFJGGJ[ EKCNKUPNU`� EKCNGJXWZAKN� K!UPF[ Q JEF[ PJ[ UKLZGJNJ EFR[ ECJHXJ!PKfFAPJN PJ[ WJ]NUJ[ BaXJPJ PTO Q �J!GJNFHCJLIJQ $Fc CHJAJ UJN[ Rb GNUJ[ HCJ!LTO Q� XFCLT[ PDO A MKNCFHCZLDA� KgaGNgT UJN[ PREFGFHIJ PTO QHCJLTO Q� JAPNHCJL\&� UJN[ Jc GGJ UKLZGJNJ JLNKCDXaAJ ]PT[ AUCNPNUT[ PDO A UKNXaADA UJN[ PT[ A UD_NUFGFHIJ� BaXJPJ _TGJ_T[EFR[ ]RA_aFAPJN Jc XK]J XK[ PT[ A JAZHAD]T UJN[ PT[ XKGaPT PDO AMKNCFHCZLDA� S� ]RHHCJLaJQ� XK[ PT[ A KRUJNCIJ PTO Q Kb GGTANUTO Q
������������
��
XKPZLCJ]TQ PFRO Kc CHFR� JAJBKVCT]K PF[ NPJGNUF[ UKIXKAF� KEN!LaCFAPJQ EFGGK[ Q XKPJWFGK[ Q $_NFCBV]KNQ� ECF]BTO UKQ UJN[ ]R!XEGTCV]KNQ&�
S� @�GEIAPNF N`AN $����%����&� UJBTHTPT[ Q PFRO Nb ]PFCNUFRO �JAKEN!]PTXIFR PTO Q �Z_FWJQ� Tk PJA HAD]PF[ Q Kb GGTAN]PT[ Q UJN[ UD_NUFG`HFQ�]RHHCJLaJQ EFGGDO A JgN`GFHDA XKGKPTXZPDA UJN[ ]RAPZUPTQ PFROAaFR KEN]PTXFANUFRO UJPJG`HFR PDO A Kb GGTANUDO A MKNCFHCZLDA PTO QJCUNJATO Q �NWGNFB\UTQ PTO Q �KAKPIJQ�
������������
��
�� �� ������
*�((���� �7�����- .�6�6�� .��� �%(��� �� ��� 9��.�
��� � ������� � %�����
KPZLCJ]T �NVCHFR � �JCZ]FHGFR
@ B\AJ ��'�� (���"� ]]� (�( $�"� �# Kb U�&� ' EIAJUKQ
��� ����������������
� � ���� ��� � �� � � �!EFMT[ PDO A KENHCJLDO A� Fb ��F[ QKNk AJN Tb KEFMT[ PDO A EJEfCDA�
�JAaAJQ UGZ_FQ PTO Q JCMJNFHAD]IJQ_K[ A Kc _D]K PaPFNJ Dc BT]T ]PN[ Q UGJ]N!UK[ Q ]EFR_aQ� _K[ A JAJ]UKfJ]K P`]KQEJCJ_K_KHXaAKQ JG\BKNKQ� _K[ A _NKf!CRAK P`]F PFR[ Q Fb CIYFAPKQ PTO Q HAV]TQXJQ Fe ]F Tb EJERCFGFHIJ� �F[ WNWGIFJRP`� PF[ ECDO PF ]PF[ KNk _FQ PFR EFR[ UR!UGFLFCKNO ]PT[ A S�GGZ_J� KUBaPKN ]RAF!EPNUJ[ UJN[ Kc HURCJFe GJPJ[ ]PFNMKNO JEFR[MCKNZYKPJN AJ[ gaCKN Fb KU_`PTQ Tp Fb MC\!]PTQ PDO A EJEfCDA UJN[ JEFPKGKNO XNJ[]LJNCNUT[ KEN]U`ET]T PTO Q Nb ]PFCIJQ� PTO Q Lf]TQ� PDO A XKB`_DAUJN[ PDO A ]P`MDA PTO Q EJERCFGFHIJQ� S� ]RHHCJLaJQ JLTHKNO PJNPT[ ]RAJCEJ]PNUT[ Nb ]PFCIJ PTO Q JAJUZGRmTQ PDO A EJEfCDA� K!gKPZYKNPN[ Q LR]NUK[ Q N_N`PTPKQ PFRO EJEfCFR Db Q HCJLNUTO Q Re GTQ�]UNJHCJLKNO PT[ A Nb ]PFCIJ PFRO JCMJIFR WNWGIFR UJN[ JAJGfKN PJ[
�����������
�
ECFUJPJCUPNUJ[ ]PZ_NJ UJN[ PT[ _NJ_NUJ]IJ PTO Q Kc U_F]TQ PDO AEJERCNUDO A UKNXaADA� K[ JLFEGN]PNUK[ Q JAJLFCK[ Q ]K[ ECF]D!ENUZ PFR ]LZGXJPJ UJN[ XK[ WJBNJ[ HAV]T PFRO Rb GNUFRO PFR� UZAKNKe AJA JEFGFHN]XF[ PDO A KENPKRHXZPDA JGGJ[ UJN[ PDO A ECFWGTXZ!PDA EFR[ JAPNXKPDEIYKN Tb ]fHMCFAT LNGFGFHNUT[ UJN[ Nb ]PFCNUT[Kc CKRAJ� UJBD[ Q UJN[ XNJ[ JEFPIXT]T PTO Q ]RXWFGTO Q PDO A AaDAUKNXaADA ]PT[ HAV]T XJQ HNJ[ PT[ A JCMJIJ GFHFPKMAIJ� PJ[ Kb GGT!AFCDXJiUJ[ _NFNUTPNUJ[ UJN[ JCMKNJUJ[ ]R]P\XJPJ� PT[ BCT!]UKIJ� PF[ _IUJNF UJN[ PT[ A KgaGNgT PTO Q Kb GGTANUTO Q HGV]]JQ�
S� �K[ C h�CNU �UZCAPNAKC �aCAKC $����!��'(& _NKPaGK]K XaGFQ PTO Q�CKPJANUTO Q @ UJ_TXIJQ� UJBTHTPT[ Q PTO Q �JERCFGFHIJQ ]PF[ �JAK!EN]P\XNF PFRO �FA_IAFR� HCJXXJPaJQ PTO Q S�PJNCKIJQ HNJ[ PT[ A @�gK!CKfAT]T PTO Q NHfEPFR� EC`K_CFQ PFRO �NKBAFRO Q �RA_a]XFR PDO A �J!ERCFG`HDA UJN[ HKANUF[ Q KENXKGTPT[ Q PTO Q ]KNCJO Q ��v 7�:z�:?=��x4�;:z<� @�ga_D]K Kb UJPFAPZ_KQ LNGFGFHNUFR[ Q EJEfCFRQ UJN[ Kc HHCJ!LJ� UJN[ J]MFG\BTUK ]R]PTXJPNUJ[ XK[ PT[ A Nb ]PFCIJ PFRO JCMJIFR WN!WGIFR UJN[ PN[ Q AaKQ JAJUJGfmKNQ EJEfCDA PFRO KAZA_CFR�
�����������
��
������� � �����������
���� �������� ���� ������
���9�'� %> ((���� > .���'�@ AJBKDCTXaAT JEF[ PF[ A �JBTHTPT[ �#"�+, ��-�"
KPZLCJ]T �DPTCIFR �� �]NP]VAT
@ B\AJ ��""� )���'� ]]� �� t )� $�"� �# Kb U�&
�� ��������������
���� ���� ������ ������� ��� �������!
VCT]T PTO Q JCMJIJQ Kb GGTANUTO Q Nb ]PFCIJQ UJN[ PFRO Kb GGTAN!UFRO EFGNPN]XFRO JEF[ PJ[ ECFi]PFCNUJ[ MC`ANJ Do Q PT[ CD!
XJiUT[ UJPZUPT]T� @�U_`BTUK HNJ[ ECVPT LFCJ[ PF[ ����� XK!PJ[ PF[ BZAJPF PFRO ]RHHCJLaJ PFR� UJBTHTPTO PTO Q S�]PFCIJQ��YD[ CPY �RIGGNQ E`P]LFCAP� �F[ ��( URUGFL`CT]K ]K[ CN!YNUJ[ JAJBKDCTXaAT Kc U_F]T JEF[ PF[ A UJBTHTPT[ PTO Q S�]PFCIJQ�]J[ CGQ @ GKgZAPKC �`XENA]FA� S� Kb GGTANUT[ XKPZLCJ]T Kc HN!AK JEF[ PT[ A JHHGNUT[ )T Kc U_F]T $�� �&� PT[ A Fb EFIJ Kc MKN JAJBK!DC\]KN Fb HAD]PF[ Q Nb ]PFCNUF[ Q �P`AJGAP �ZHUJA� UJBTHTPT[ Q]PF[ �JAKEN]P\XNF �FCAK[ G PDO A �� �
�JBD[ Q Tb Kc CKRAJ HNJ[ PT[ A ECFi]PFCNUT[ KEFMT[ ]PF[ A Kb GGTANUF[MDO CF Kc MKN ECFMDC\]KNPJ[ PKGKRPJNO J MC`ANJ XK[ HFCHF[ CRBX`� TbKb GGTANUT[ Kc U_F]T PFRO Kc CHFR ]RXEGTCVBTUK XK[ Ke AJ KATXKCD!PNUF[ UKLZGJNF $XJYN[ XK[ PT[ ]fHMCFAT WNWGNFHCJLIJ& HNJ[ PT[ A@�EFMT[ PFRO �IBFR UJN[ PFRO �JGUFRO ]PT[ A S�GGZ_J� PF[ Fb EFNO F Rb EF!HCZLKN Fb _NJUKUCNXaAFQ KCKRATPT[ Q PTO Q Kb GGTANUTO Q ECFi]PFCIJQUJBTHTPT[ Q �NU`GJFQ �GZPDA�
������� � �����������
��
* .����� � �@ �(�� �� %- ���6���'��RXEG\CDXJ PTO Q ���9�'�� %> ((���� � > .���'��
PDO A #��.#�, / �#&)"�#"
@ B\AJ ��"�� � MZCPKQ UJN[ _NJHCZXXJPJ t �(( KNU`AKQ $�"� �# Kb U�&
��� �������������� �����������
��� ��������������� ��� ������
������� ������������� ���� ����� �
PJ[ _NJHCZXXJPJEFR[ EKCNaMFAPJN ]PT[ A JHHGNUT[ Kc U_F]TPFRO Kc CHFRr PF[ KNUFAFHCJLNUF[ XaCFQ KXEGFRPI]PTUK� XK[
UfCNJ LCFAPI_J AJ[ EJCFR]NJ]PFRO A KUPKADO Q PJ[ UJGGNPKMANUJ[KENPKfHXJPJ PTO Q JCMJN`PTPJQ� XJYN[ XK[ JEKNUFAI]KNQ EFR[ J!AJLaCFAPJN ]PF[ A _TX`]NF UJN[ PF[ A N_NDPNUF[ WIF PDO A JCMJIDAS�GG\ADA� �CF]PaBTUK KEI]TQ Ke AJ KNUFAFHCJLNUF[ PXTO XJ EFR[JAPN]PFNMKNO ]PF[ UKLZGJNF HNJ[ PN[ Q @�EFMK[ Q PFRO �IBFR UJN[ PFRO�JGUFRO �
������� � �����������
��
������� ����0
*? %> ((���� G�$(�HKPZLCJ]T S HATO Q �JUKGGJCIFR
@ B\AJ ��"'� #����� ]]� #�( $�#� �� Kb U�&
�� ���������������
�� ������ �� ��� � �� ���� ���� ��� �����!
CTQ Nb ]PFCNFHCJLIJQ HNJ[ PT[ A Kb GGTANUT[ JCMJN`PTPJ� S��UGF[ PQ $�' �!��()&� Ke AJQ JEF[ PFR[ Q XKHZGFRQ Nb ]PFCN!
UFR[ Q PTO Q EKCN`_FR JRPTO Q� KgKPZYKN PT[ HaAK]T� PT[ A KgaGNgT UJN[PT[ A EJCJUXT[ PFRO PfEFR PFRO UCZPFRQ EFR[ FNb JCMJNO FN FA`XJ]JA�$(�� XJYN[ XK[ PFR[ Q BK]XFfQ PFR UJN[ PF[ A PC`EF GKNPFRCHIJQPFRQ� UJN[ KEKUPKIAKPJN ]PJ[ HKAK]NFRCHJ[ JNcPNJPDO A LJNAFXaADAJGGJ[ UJN[ ]PN[ Q KEN_CZ]KNQ EFR[ KNk MJA ]PT[ AFFPCFEIJ PDO A EFGN!PDO A UJN[ PT[ _NJX`CLD]T PFRO Kb GGTANUFRO EFGNPN]XFRO � @�EI]TQPFAIYKN PJ[ EGKFAKUP\XJPJ UJN[ PJ[ XKNFAKUP\XJPJ PTO Q �$(%��UJN[ PT[ A KgaGNgT PDO A ]Ma]KDA JAZXK]J]PF[ Jc PFXF� PF[ HaAFQUJN[PF[ UCZPFQ�
������� � �����������
��
� ��� � � �������
���9�'� ;+��������� ��� _%�(��� %- ��9�� �f � ��� ��(�� ��� � ^���C�� �
@ B\AJ ��"'� ]]� � ) $�"� �# Kb U�&� �� Kc HMCDXKQ UJN[ �)� J{X KNU`AKQ$KgJAPGTXaAF&
�� ��� � � ������� $����&� �������� ��
�X\XJPFQ @ CMJNFP\PDA�fECFR JEF[ PF[ �� (� KgN]PF!CKNO XK[ EJCJ]PJPNUF[ PC`EF PF[ A JCMJNO F EFGNPN]XF[ PFRO
AT]NFRO � JEF[ PT[ A JRHT[ PTO Q Nb ]PFCIJQ PFR Do Q PF[ PaGFQ PTO Q CD!XJiUTO Q EKCN`_FR� XK[ WZ]T PN[ Q AK`PKCKQ Kc CKRAKQ UJN[ JAJUJGf!mKNQ� �F[ UKIXKAF PKUXTCNVAKPJN XK[ EGFR]N`PJPT KNUFAFHCZ!LT]T� ]MK_NJHCZXXJPJ�]RHUCNPNUFR[ Q MCFAFGFHNUFR[ Q EIAJUKQUJN[ MZCPKQ� �JCJPIBKPJN KEI]TQ WNWGNFHCJLIJ� UJBD[ Q UJN[EJCZCPTXJ HNJ[ PN[ Q AK`PKCKQ JAJ]UJLK[ Q ]PT[ A �fECF�
������� � �����������
��
�������*�1�� �� �� *��1���
? 8�A^ � ;� A ��EA)A �?8
�a]]KCNQ P`XFN $Fb �d ]K[ PCIJ PKfMT& UJN[ �JCZCPTXJ
�� � � ���������������
������ ����������� � ��������� ����
KEN]P\XFAKQ Rb EF[ PT[ _NKfBRA]T PFRO JUJ_TXJiUFRO����+ � ��2���"� KENMKNCKNO XNJ[ ]RAFGNUT[ EJCFR]IJ]T
PFRO EK_IFR PTO Q Nb ]PFCNUTO Q KEN]P\XTQ Fe EDQ _NKRCfABTUK JEF!LJ]N]PNUJ[ PN[ Q PKGKRPJNO KQ _KUJKPIKQ� XK[ PT[ A ECFF_KRPNUT[ KA!]DXZPD]T ]PT[ A EJCJ_F]NJUT[ Nb ]PFCNFHCJLIJ UFNADANUDO AECJHXJPNUFP\PDA EFR[ Do Q P`PK PN[ Q JHAFFRO ]JA FNb Nb ]PFCNUFI��RHMC`ADQ UZAKN Ke AJA ECF]DCNAF[ JEFGFHN]XF[ PDO A UJPJUP\!]KDA JGGJ[ UJN[ PDO A ECFWGTXZPDA PTO Q ]fHMCFATQ Nb ]PFCNUTO QKc CKRAJQ ]PFR[ Q EFNUIGFRQ PFXKNO Q EFR[ PT[ ]RHUCFPFRO A�
�PT[ A Kb GGTANU\ PFR Kc U_F]T PF[ Kc CHF EJCFR]NZYKPJN ]K[ Pa]!]KCNQ P`XFRQ $ d!�dr Fb �d ]K[ PCIJ PKfMT& UJN[ ]RAF_KfKPJN JEF[�JCZCPTXJ XK[ ]RHMCFANUFR[ Q MCFAFGFHNUFR[ Q EIAJUKQ�
������� � �����������
��
���� d
&%��� ���=(�����KPZLCJ]T S�GaATQ �PKLJAZUT
@ B\AJ ��"�� (��� � ]]� #"" $�#� �� Kb U�&
�� �����������
�PF[ A P`XF JRPF[ A Fb CIYKPJN Tb S�]PFCIJ� JAJGfFAPJN FNb Kc AAFNKQPFRO MVCFR UJN[ PFRO MC`AFR UJN[ KgKPZYFAPJN PJ[ Xa]J EGTCFL`!CT]TQ JEF[ PJ[ ECDO PJ MC`ANJ PTO Q JABCDE`PTPJQ Do Q PN[ Q XaCKQXJQ� @�_NJIPKCJ UKLZGJNJ JLNKCVAFAPJN ]PT[ A EC`F_F PTO Q Nb !]PFCNUTO Q Kc CKRAJQ� ]PT[ ]RGGFHNU\ PTQ FCHZAD]T� UJBD[ Q UJN[]PF[ A PFXaJ PTO Q WNWGNFHCJLIJQ� EFR[ JEFPKGKNO ]TXJAPNUF[ KC!HJGKNO F PTQ� �F[ PKGKRPJNO F UKLZGJNF PFRO P`XFR JAJGfKN Fe GKQ PN[ Q]RAN]PDO ]KQ PFRO KEJHHaGXJPFQ PFRO Nb ]PFCNUFRO UJN[ KENMKNCKNO AJ[]RABa]KN PF[ EFCPCaPF PFRO N_JANUFRO Nb ]PFCNUFRO �
�RAKCHZPKQ PFRO P`XFRl �� � ����#'� �� �'3#'�"� ����)-#'" �� *� ���#�� �� ���"45#)� U�Jc �
���� �d
�%����� �- ������.� ��� � �������� �
�KRO MFQ �{�
#�����.�%� � =�����%� � %- �.��� �%��- ��.�%� � ������'%�
KPZLCJ]T @ AJ]PJ]IJQ �JCJ]PZBT
@ B\AJ ��'�� Hd Kc U_F]T� _NFCBDXaAT� ���"� ]]� (�� $�#� �� Kb U�&�
�# ]KGI_KQ XK[ J{X KNU`AKQ
�� ����������������
�NUFAN]PNUT[ KNk AJN Tb XJCPRCIJ EFR[ XKPJ_I_KPJN XK[ PT[ A KNU`AJ�
������� � �����������
��
�q JRPF[ A PF[ A P`XF KgKPZYFAPJN FNb ]fHMCFAKQ XaBF_FN PTO Q @ C!MJNFGFHIJQ UJN[ EKCNHCZLFAPJN FNb KEN]PTXFANUK[ Q PKMANUK[ Q UJN[XaBF_FN EFR[ MCT]NXFEFNFRO APJN UJPJ[ PN[ Q JAJ]UJLK[ Q $JKCFLD!PFHCJLIJ� Rb EFWCfMNKQ Kc CKRAKQ� TGKUPCFXJHATPNUK[ Q XaBF_FNUPG�& UJN[ XKPJ[ PN[ Q JAJ]UJLK[ Q $]RAP\CT]T� JEFUJPZ]PJ]TUPG�&� @�EI]TQ HIAKPJN G`HFQ HNJ[ PT[ A @ CMJNFGFHIJ PTO Q @ C!MJN`PTPJQ UJN[ HNJ[ PT[ K]JNDANUT[ @ CMJNFGFHIJ� n�AJ UKLZ!GJNF KNk AJN JLNKCDXaAF ]PT[ A S�]PFCIJ MDCN[ Q UKIXKAJl @�BAF!GFHIJ UJN[ �CFi]PFCIJ� �aGFQ� KgKPZYKPJN Tb �FXN]XJPNU\� Tb�NHNGGFHCJLIJ UJN[ FNb PJMR_CFXNUK[ Q ]LCJHI_KQ�
�RAKCHZPKQ PFRO P`XFRl��+#4�� *� ���'%�+� �� �'& ��� ���, +#"� �� � �2�" U�Jc �
�KRO MFQ �{�
#�����.�%� � =�����%� � %- �.��� �%�&����%� � ������'%�
KPZLCJ]T S�GaATQ �PKLJAZUT
@ B\AJ ��'�� ����(� ]]� #�) $�#� �� Kb U�&
�� ������������
�CJEPT[ XJCPRCIJ KNk AJN KUKIAT EFR[ XKPJ_I_KPJN XK[ PT[ HCJL\�S� �NGFGFHIJ KNk AJN Tb UJPKgFMT[ A KEN]P\XT PTO Q HCJEPTO Q XJC!PRCIJQl KN_NU`PKCJ HNJ[ PF[ A Nb ]PFCNU`� Tb �NGFGFHIJ KNk AJN FR]NJ!]PNUJ[ XNJ[ UCNPNUT[ KEN]P\XT PFRO HCJEPFRO XATXKIFR� �q JRPF[ APF[ A P`XF KgKPZYKPJN PF[ Rb GNUF[ EFR[ JAPGKNO Fb Nb ]PFCNUF[ Q JEF[ PF[ ALNGFGFHNUF[ UGZ_Fl @�ENHCJLNU\� �JERCFGFHIJ� KN]JHDHT[]PT[ A�JGJNFHCJLIJ� Kb GGTANU\� CDXJiUT[ UJN[ XK]JNDANUT[ �J!GJNFHCJLIJ� �CREPFHCJLIJ� �NEGDXJPNU\� @�AFXJPNU\� �K!AKJGFHIJ UJN[ @�CJG_NU\�
�RAKCHZPKQ PFRO P`XFRl �� ��)"� �� �#& ��� �� ���)++ � ����++#"� ��� * ����� �� � '�- 6 , �'7)-"6 U�Jc �
������� � �����������
�
�KRO MFQ �{(
#�$.���� ��.� ����� � %- �����'��;���6������%� ������'%�_�� ���.�����(.���
KPZLCJ]T S�GaATQ �PKLJAZUT
@ B\AJ ��''� ]]� (�) $�#� �� Kb U�&
�� ������������
�PF[ ECDO PF XaCFQ HIAKPJN G`HFQ HNJ[ PT[ LDPFHCJLIJ UJN[ PF[ AUNATXJPFHCZLF� PF[ XNUCFLN[ GX UJN[ PN[ Q +Fb XNGFRO ]KQ, XTMJAK[ Q$PJ[ _NZLFCJ KNc _T MJCJHXaAFR G`HFR&� �PF[ _KfPKCF XaCFQ $_�1� ���.�����(.��� & KgKPZYFAPJN BaXJPJ Fe EDQ Tb �GD]]FGF!HIJ UJN[ Tb S�]PFCIJ� Tb XKGaPT PDO A FNUFAFXNDO A UJN[ PDO A UFNAD!ANDO A ECN[ A JEF[ PT[ A KEFMT[ PTO Q ]PJPN]PNUTO Q� PJ[ _TXFHCJLNUJ[UJN[ ]PJPN]PNUJ[ _K_FXaAJ]PT[ AK`PKCT UJN[ ]fHMCFAT Nb ]PFCIJ� TbNb ]PFCIJ PDO A AFFPCFENDO A�
�RAKCHZPKQ PFRO P`XFRl �� ��,#'+� �� ���"45#)�� �� �� 1% "#�� �� �#� "� *�� �#+..� �� �'&6�
���� �d
)�����.� �� �����.'�.� ��� � �������� �KPZLCJ]T �JAJHNVPT @ AJ]P`EFRGFR
@ B\AJ ��'"� ������ ]]� ( ) $�#� �� Kb U�&
�� �����������
@�gKPZYFAPJN BaXJPJ Fe EDQl Tb ECF]PJ]IJ PDO A Nb ]PFCNUDO A XAT!XKIDA� PDO A JCMJNFGFHNUDO A JAJ]UJLDO A UJN[ PDO A JCMJNFGFHN!UDO A MVCDAr PJ[ XFR]KNO J $Nb ]PFCIJ PDO A XFR]KIDA� ENAJUFBTO UKQUJN[ KUBa]KNQ LNGFPaMADA� PF[ KHURUGFEJN_NUF[ EAKRO XJ� PJ[ _T!X`]NJ XFR]KNO J� Fb C`GFQ PDO A XFR]KIDA� KEN]P\XT UJN[ XFR]KNF!
������� � �����������
��
HCJLIJ� ]RAP\CT]T� UPICNJ UPG�&r FNb WNWGNFBTO UKQ $Nb ]PFCNUT[JAJ]U`ET]T� ]RGGFHK[ Q MKNCFHCZLDA� ]RGGFHK[ Q KAPfEDA� JC!MKNJUJ[ PKUX\CNJ EFR[ _NJPTCFRO APJN ]PN[ Q WNWGNFBTO UKQ� ]fH!MCFAJ HCJEPJ[ UPG�&r PJ[ JCMKNO J $Nb ]PFCIJ PDO A JCMKIDA� JCMKNO JUJN[ _NFIUT]T� JCMKNO J N_NDPNUJ[ UJN[ KENMKNC\]KDA UPG�&� �IAK!PJN G`HFQ UJN[ HNJ[ PN[ Q PJNANFBTO UKQ� PN[ Q LDPFHCJLNFBTO UKQ� PN[ QLNGXFBTO UKQ� PN[ Q _N]UFBTO UKQ� PN[ Q LDAFBTO UKQ UJN[ PN[ Q XJHATPF!PJNANFBTO UKQ�
�RAKCHZPKQ PFRO P`XFRl �� �)4� �� *� *��, +� �� �'6� *��#�� ��",��� ���'�) �� �� ��,#'+��� ���"45#)�� �� �� 1% "#��
���� �d
A> ������'%� �� �> ��� ���� �- 5���'�.�KPZLCJ]T �CI]PFR �JEZYFHGFR
@ B\AJ ��'�� (����� ]]� ()# $�#� �� Kb U�&
�� �����������
�N_NUFN[ KEN]P\XFAKQ KUBaPFRA JAJGRPNUJ[ PN[ Q XKB`_FRQ EFR[ J!UFGFRBFRO A FNb Nb ]PFCNUFN[ ECFUKNXaAFR AJ[ JgNFEFN\]FRA UCNPNUJ[PJ[ _K_FXaAJEFR[ PFR[ QECF]LaCKNTb @ CMJNFGFHIJ$ECFi]PFCNU\�UGJ]NU\�XK]JNDANU\&�Tb �FXN]XJPFGFHIJ�UJBD[ QUJN[ FNb LDPF!HCJLNUaQ� UNATXJPFHCJLNUK[ Q UJN[ TMFHCJLTXaAKQ XJCPRCIKQ�PDO A Fb EFIDA Tb Kc UPJ]T UJN[ Tb ]EFR_JN`PTPJ JRgZAFRA ]RAKMDO Q]PT[ A KEFM\XJQ�@�_NJIPKCFUKLZGJNFJLNKCVAKPJN]PT[ AUCNPNUT[PDO A HCJEPDO A XJCPRCNDO Al JEFUJPZ]PJ]T� _N`CBD]T GJBDO A�UCNPNUT[ PTO Q ECFaGKR]TQ PFRO UKNXaAFR� Kb CXTAKIJ UJN[ UCNPNUT[PTO Q JgNFEN]PIJQ PFRO ]RHHCJLaJ UJN[ PTO Q JUCIWKNJQ PFRO UKNXa!AFR� @�EI]TQ KgKPZYKPJN PF[ BaXJ PDO A EGJ]PDO A ]PFNMKIDA UJN[Kc CHDA ]PJ[ JCMKNO J� ]PN[ Q WNWGNFBTO UKQ UJN[ ]PJ[ XFR]KNO J�
�RAKCHZPKQ PFRO P`XFRl �� � �#) �#'���"� �� �'& ��� �����)4��+� �� ��,#'+ U�Jc �
������� � �����������
��
� � ���
g����(�6�� �'��%�KPZLCJ]T �GJICTQ NP]FPZUT
@ B\AJ ��'�� ]]� �(� $�#� �� Kb U�&
�� ������������
K[ PF[ A EJC`APJ P`XF Fb GFUGTCVAKPJN Tb Kc U_F]T * .���'� ��������' ����
�PFR[ Q EIAJUKQ PFRO �+.� , �#�,#+)�") EFR[ Kc HNAJA HNJ[ PT[ AKc U_F]T PTO Q �"464+#7 1,) , +� *+ 1)�, $�RAFEPNUF[ Q EIAJUJQPTO Q Kc AJCgTQ PDO A ]R]PTXZPDA MCFAFG`HT]TQ� S�XKCFXTAIKQKc AJCgTQ PFRO Kc PFRQ� �IAJUJQ ]RHMCFANDO A� �IAJUJQ PTO Q UJBNa!CD]TQ PFRO �CTHFCNJAFRO Tb XKCFGFHIFR ]PN[ Q _NZLFCKQ MDO CKQ��IAJUJQ JAPN]PFNMNDO A �TXFUCJPNUFRO UJN[ �CTHFCNJAFRO Tb XK!CFGFHIFR& ECF]PaBTUJA HNJ[ _NKRU`GRA]T PDO A Nb ]PFCNUDO A Ke AJQEIAJUJQ PFRO �Z]MJ ]fXLDAJ XK[ PF[ @�FRGNJAF[ Tb XKCFG`HNF UJN[]RHMCFANUFN[ EIAJUKQ �TXFUCJPNUFRO UJN[ �FNAFRO Tb XKCFGFHIFR�UJBD[ Q UJN[ DJXKBJANUFRO UJN[ �CN]PNJANUFRO Tb XKCFGFHIFR��CF]PaBTUK KEI]TQ EIAJUJQ HNJ[ PT[ A JAKfCK]T PTO Q Tb XaCJQPTO Q Kb W_FXZ_JQ ]K[ XNJ[ EJCKGBFf]J Tp XaGGFR]J Tb XKCFXTAIJ�
������� � �����������
�
�������� �� ���� ���
_%�(��� � ��(�.��� �8+����� %- �.$��.� ��� � _%�(��� �
.��� � %> ((���� 9�� ��
@ B\AJ ��'�� #����� ]]� ��� $�"� �# Kb U�&� � MZCPKQ� �# Kc HMCDXKQUJN[ ��# J{X KNU`AKQ
�� ��������������� �����������
�� ��������������� ��� ������
�������� �� ���� ���
$����!��""&� ]PaGKMFQ PTO Q Kb G!GTANUTO Q @ CMJNFGFHNUTO Q S!
ETCK]IJQ JEF[ PF[ ��)� UJN[ UJBTHT!PT[ Q �CFi]PFCNUTO Q @ CMJNFGFHIJQ ]PF[�JAKEN]P\XNF �K]]JGFAIUTQ JEF[ PF[��" � Rb ETO CgK UFCRLJNO FQ KCKRATPT[ QPTO Q Kb GGTANUTO Q ECFi]PFCIJQ� Jc gNFQ ]R!AKMN]PT[ Q PFRO Kc CHFR PFRO �C\]PFR�]FfAPJ ]PT[ �K]]JGIJ� N_IDQ ]PT[ AJAJ]UJLT[ PFRO AKFGNBNUFRO �a]UGFR�S� _%�(��� � ��(�.�$� PFR� XNJ[]fAPFXT KEN]U`ET]T PTO Q �KFGNBNUTO QKEFMTO Q� UJGfEPKN Pa]]KCNQ MNGNKPIKQYDTO Q ]PF[ A Kb GGJ_NUF[ MDO CF $"���!(��� E���&� �F[ UKIXKAF PKU!XTCNVAKPJN XK[ EGFf]NJ KNUFAFHCZLT]T JEF[ PN[ Q AK`PKCKQ JC!MJNFGFHNUK[ Q Kc CKRAKQ� JAJEJCJ]PZ]KNQ� MZCPKQ� EIAJUKQ� ECD!P`PREJ ]Ma_NJ UJN[ EG\CT WNWGNFHCJLIJ�
������� � �����������
��
��*����� ������
^���� %� 6���� %�*? > .���'� �� ��� %@ ��7 ����
KPZLCJ]T �IUFR �KPC`MKNGFR
@ B\AJ ��'�� ���'#� ]]� ## $�#� �� Kb U�&� (( KNU`AKQ
�� �������� ���������
WNWGNFHCJLIJ Ke AJ Kc CHF JLNK!CVAKPJN ]PN[ Q HRAJNUKNO KQ ECF!
]DENU`PTPKQ PTO Q CDXJiUTO Q Nb ]PFCIJQUJN[ EKCNHCZLKN� XK[ Fb GFYVAPJAF PC`!EF� PF[ A _TX`]NF UJN[ N_NDPNU`� UJN[ N!_NJIPKCJ PF[ A FNUFHKAKNJUF[ WIF PTO Q�DXJIJQ UZBK UFNADANUTO Q PZgTQ� �F[WNWGIF UJGfEPKN XNJ[ EKCIF_F EZADJEF[ MIGNJ MC`ANJl JEF[ PT[ A Ne _CR]TPTO Q�VXTQDo Q PF[ BZAJPF PFRO KHZGFR�DA]PJAPIAFR� JEF[ PT[ �fUJNAJ Do QPT[ A S HIJ S�GaAT� �Nb KAZCKPKQ _a!]EFNAKQ PDO A JCMJIDA BCfGDA� Tb MKN!CJLaPT]T PFRO HRAJNUKIFR LfGFR PJ[ PKGKRPJNO J MC`ANJ PTO Q �T!XFUCJPIJQ� UJN[ FNb EKCNW`TPKQ UJN[ ]RAJCEJ]PNUK[ Q HRAJNO UKQPTO Q RPFUCJPFCIJQ JEFPKGFRO A PF[ BaXJ PFRO ECVPFR XaCFRQPFRO WNWGIFR� �PF[ _KfPKCF XaCFQ EKCNHCZLFAPJN XK[ UZBK GK!EPFXaCKNJ Tb PKGKPT[ PFRO HZXFR� Tb KRPRMN]XaAT Tp _R]PRMN]XaAT
������� � �����������
��
YDT[ PTO Q EJAPCKXaATQ HRAJIUJQ� JGGJ[ UJN[ Tb YDT[ PDO A Jc GGDAHRAJNUDO AjPTO Q E`CATQ� PTO Q Kb PJICJQ� PTO Q _FfGTQ� PTO Q JEKGKf!BKCTQ Tp PTO Q EJGGJUI_JQ� PTO Q Nb aCKNJQ Tp PTO Q BCT]UKR`XKATQjUJN[ FNb UJBTXKCNAaQ PFRQ J]MFGIKQ� FNb UFXXV]KNQ UJN[ PJ[ UJG!GRAPNUZ PFRQ� FNb _TX`]NKQ KXLJAI]KNQ PFRQ ]PJ[ BaJPCJ UJN[]PFR[ Q JHDO AKQ�
S� �YD[ A �aC]R �fWNJA �PaNUKC EDO G]APFA $����!��""& _I_JgK@ CMJIJ S�]PFCIJ ]PT[ A @�gL`C_T Do Q PF[ �� �� �RAaHCJmK EFGRZCNB!XKQ UJN[ JgN`GFHKQ XKGaPKQ XK[ BaXJ URCIDQ PT[ A JCMJIJ �VXT�
������� � �����������
��
������� ����
*? %> ����'�.� ��� � *�((7���� "22!1"/ hKPZLCJ]T � �JAB`EFRGFR
@ B\AJ ��'�� "����� ]]� #'# $�"� �# Kb U�&
�� ��������������
����� �� � � ��� �
HKHFA`PJ EFR[ Fb _\HT]JA PT[ AS�GGZ_J ]PT[ A EFGNPNU\ PTQ Kb !
A`PTPJ� gKUNAVAPJQ JEF[ PJ[ ECFKEJ!AJ]PJPNUJ[ MC`ANJ� ]PJ[ PaGT PFRO �'FRJNVAJ� UJN[ LPZAFAPJQ Do Q PT[ NUCJ!]NJPNUT[ �JPJ]PCFL\� �CJHXJPKfK!PJN PFR[ Q JEKGKRBKCDPNUFR[ Q JHDO AKQEFR[ ]TXJ_KfFRA PT[ A Kb GGTANUT[ Nb ]PFCIJJEF[ PF[ �""� Do Q PF[ ���(l PT[ A @�EJAZ!]PJ]T PFRO @��� PT[ A �CTPNUT[ @�EJAZ!]PJ]T ]PJ[ �' ! � UJN[ �'� !�"� PF[ AJUK_FANUF[ @ HVAJ $�'�"!���'& UJN[PF[ A E`GKXF ]PT[ �CZUT UJN[ PT[ NUCJ[@ ]IJ� �JCZGGTGJ� KgKPZYKN PN[ Q EFGNPNUK[ Q KgKGIgKNQ PTO Q EK!CN`_FR� PN[ Q BK]XNUK[ Q UJN[ URWKCATPNUK[ Q XKPJWFGaQ� PN[ Q K]DPK!CNUK[ Q _NJXZMKQ� PN[ Q ]Ma]KNQ PTO Q S�GGZ_JQ XK[ PN[ Q KHZGKQ�RAZXKNQ PTO Q �RCVETQ UJN[ XK[ PFR[ Q �JGUZANFRQ HKIPFAaQ PTQ�PFR[ Q�JGUJANUFR[ Q�FGaXFRQ $����!�(&� PT[ ]RXXKPFMT[ ]PF[ A d
������� � �����������
��
�JHU`]XNF�`GKXF� UJN[ PT[ A FNUFAFXNUT[ UJN[ EAKRXJPNUT[ YD\��F[ Kc CHF ]RXEGTCVAKPJN JEF[ MZCPKQ UJN[ KN_NUJ[ EJCJCP\XJPJHNJ[ PN[ Q URWKCA\]KNQ� PN[ Q KUGFHK[ Q UJN[ PJ[ U`XXJPJ ]PT[ A S�GGZ!_J PDO A KPDO A �'((!���#�
S� �PZHUGJQ �PaNUNA $���"%���)&� UJBTHTPT[ Q PTO Q S�]PFCIJQ ]PF[UFGaHNF EaCUXEKU PFRO �JAKEN]PTXIFR PFRO �FA_IAFR Do Q PF[ ��"#UJN[ JAPKEN]PaGGFAXaGFQ PTO Q @ UJ_TXIJQ @ BTADO A JEF[ PF[ ��"�� KNk MKJLNKCV]KN PF[ XKHJGfPKCF XaCFQ PFRO ]RHHCJLNUFRO PFR Kc CHFR ]PT[ ANb ]PFCIJ PTO Q AK`PKCTQ S�GGZ_JQ� �RAKCHZ]PTUK ]K[ EFGGJ[ ]RGGFHNUJ[Nb ]PFCNUJ[ Kc CHJ� Kc HCJmK Nb ]PFCNUJ[ Jc CBCJ HNJ[ PT[ A S�GGZ_J]K[ KHURUGF!EJN_KNO KQ UJN[ EKCNF_NUJ[ UJN[ Kc UJAK ]KNCK[ Q XJBTXZPDA Kb GGTANUTO QNb ]PFCIJQ ]K[ E`GKNQ PTO Q S�GGZ_JQ UJN[ ]PF[ KgDPKCNU`�
������� � �����������
��
������� ����
*A �- 6I��� ��� � *�((���� 6�� ��� � �- �%5����.'�"4 "1"4hh
KPZLCJ]T �aAJQ �PJRCI_T!�JPCNUIFR
@ B\AJ ��'(� (����� ]]� #(� $�"� �# Kb U�&
�� ����������������
��������� �� � �� ��
KNk AJN Ke AJ JEF[ PJ[ KBANUN]PNUJ[UNA\XJPJ PDO A JCMDO A PFRO
��FR JNVAJ EFR[ WCaBTUJA XEGKHXaAJ]PJ[ _IMPRJ PTO Q EFGNPNUTO Q PDO A KHZ!GDA �RAZXKDA� S� Nb ]PFCIJ PTQ _NJ!UCIAKPJN ]K[ _fF ]RAKM`XKAKQ LZ]KNQ�S� ECVPT UJPJHCZLKN EDO Q Jc CMN]KWJBXNJNO J AJ[ _NFHUVAKPJN PF[ UfXJPTO Q _R]JCa]UKNJQ� EDO Q _NJ_`BTUJAFNb N_aKQ PFRO �NJLDPN]XFRO UJN[ PTO Q�JGGNUTO Q @�EJAZ]PJ]TQ� EDO Q _NJ!XFCLVBTUK Tb Kc AAFNJ PFRO S�GGTANUFROh�BAFRQ� EDO Q FCHJAVBTUK Tb �NGNUT[S�PJNCKIJ� EDO Q� PaGFQ� Jc CMN]JA FNb KMBCFECJgIKQ� S� _KfPKCTKNk AJN Tb KEFMT[ PFRO �JEF_I]PCNJ� PFRO ECVPFR �RWKCA\PT PTO QJAKgZCPTPTQ S�GGZ_JQ� XNJ[ EKCIF_FQ _NJECJHXJPKf]KDA J!AZXK]J ]PFR[ Q n�GGTAKQ UJN[ PN[ Q KRCDEJiUK[ Q �RAZXKNQ� UJN[_NEGDXJPNUDO A JEF]PFGDO A JEF[ PT[ A �KPCFfEFGT ]PF[ �JCI]N
������� � �����������
�
UJN[ JEF[ PF[ �FA_IAF ]PT[ �NaAAT� FNb Fb EFNO KQ UJPaGTgJA ]K[ XFAN!X`PKCKQ EFGNPKNJUK[ Q _NKRBKP\]KNQ UJN[ ]PT[ A Jc LNgT PFRO h�BD!AJ� �F[ WNWGIF JRPF[ EJCFR]NZYKN XK[ ]RAPFXIJ UJN[ ]JL\AKNJPT[ A EKCIEGFUT JCMT[ PFRO UNA\XJPFQ� PT[ A JCHT[ UJN[ ]RHUKMRXa!AT KgaGNgT PDO A XJMDO A� PFR[ Q Kb GNHXFR[ Q PDO A KHZGDA �RAZXK!DA� PJ[ UIATPCJ UJN[ PJ[ HKHFA`PJ PTO Q @�EJAZ]PJ]TQ�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� "'�
������� � �����������
��
������ ��������
���9�'� %> ((���� ����'�KPZLCJ]T @ A_CaJ �JAJH`EFRGFR
@ B\AJ ��'(� #���'� ]]� #�( $�#� �� Kb U�&
�� ����������������
�������� ������ ���������������������
Jc CMN]K AJ[ JAJEPf]]KPJN XK[ PT[ A KN]JHDHT[ PTO Q HCJLTO Q�JEaUCFR]K PT[ A EKC]NUT[ KN]WFG\� _NJ]EZ]PTUK UJPJ[
PF[ A XJUCFMC`ANF �KGFEFAAT]NJUF[ �`GKXF UJN[ ANU\BTUK JEF[PT[ JUK_FAIJ PF[ _KfPKCF XN]F[ PFRO #FR JNVAJ� S� ]RHHCJLaJQECF]EJBKNO AJ[ UJBFCI]KN PJ[ WJ]NUJ[ _NJUCNPNUJ[ HADCI]XJPJPTO Q Kb GGTANUTO Q UFNADAIJQ KUKIATQ PTO Q KEFMTO Q� Rb EFHCJXXIYFA!PJQ N_NJIPKCJ PFR[ Q EJCZHFAPKQ XK[ PFR[ Q Fb EFIFRQ _K[ A KNk AJN EFGR[KgFNUKNDXaAFQ Fb ]TXKCNAF[ Q Xa]FQ JAJHAV]PTQ� K[ JLKPTCIJPT[ LRGKPNUT[ _NJICK]T UJN[ FCHZAD]T PDO A EFGNPDO A ]PN[ Q JCMJi!UK[ Q E`GKNQ!UCZPT� LPZAKN Do Q PT[ A EFGNPNUT[ _NJICK]T UJN[ PT[ AFCHZAD]T ]K[ _\XFRQ ]PT[ A KgKGNHXaAT XFCLT[ PTO Q _TXFUCJ!PIJQ� @ AJGfKN PT[ A UFNADANUT[ _NJ]PCDXZPD]T� XK[ WZ]T PF[ AFNUFAFXNUF[ UJN[ UFNADANUF[ C`GF PDO A HJNFUPTX`ADA� PDO A MDCN!UDO A UJN[ PDO A JEFIUDA� PDO A KXE`CDA� PDO A +_TXNFRCHDO A, UJN[PDO A _FfGDA� �IAKN KRc ]PFMJ PN[ Q WJ]NUK[ Q HCJXXK[ Q PFRO UCZPFRQUN JRPFRO EFR[ ]\XKCJ BJ[ FAFXZYJXK URWaCAT]T� UJBD[ Q UJN[ PFROXTMJAN]XFRO PTO Q _NUJNF]fATQ UJN[ PDO A _NUJ]PTCIDA� UJN[ KgK!PZYKN PN[ Q UFNADANUK[ Q JgIKQ UJN[ PN[ Q UFNADANUK[ Q PZgKNQ�
������� � �����������
��
S� h APFAR h APCNFRQ $����!����& _I_JgK KEN[ _KUJKPIKQ @ CMJIJS�]PFCIJ ]PT[ A @�gL`C_T� �AD]P`PKCF JEF[ PJ[ Kc CHJ PFR KNk AJNPF[ ����������� $��))&�
������� � �����������
�
������ �����1
* .���'� ��� � �������'��i ����������� �� � �- �9%� � �f � ��� ��%����� ��7��.�
KPZLCJ]T �\XTPCJQ @ HHKGI_FR
@ B\AJ ��'(� #����� ]]� ��" $�#� �� Kb U�&� (" KNU`AKQ
�� ������������
� �� � ��� �� �� !
PN]K ]EFR_JNO F C`GF ]PF[ A U`!]XF PFRO NHJIFR� �aXJ PFRO
WNWGIFR KNk AJN JUCNWDO Q Tb Nb ]PFCIJ JR!PTO Q PTO Q E`GTQ JEF[ PF[ A "F Do Q PF[ PaGFQPFRO #FR JNVAJ� XNJ[ Nb ]PFCIJ EFR[ ]TXJ!_KfKPJN JEF[ WIJNKQ PJCJMK[ Q UJN[ CNYN!UK[ Q JAJUJPJPZgKNQl Tb ]RADXF]IJ PFRO�fGDAJ� Tb AFXFBK]IJ PFRO �CZUFAPJ�FNb XKPJCCRBXI]KNQ PFRO �`GDAJ� Tb PR!CJAAI_J PFRO �KN]N]PCZPFR� Tb +KEJAZ!]PJ]T, PFRO �GKN]BaAT� PJ[ T_NUZ� Fb+JNVAJQ, PFRO �KCNUGTO � Fb �KGFEFAAT!]NJUF[ Q�`GKXFQ UJN[ FNb ]RAaEKNaQ PFR�PJ[ MC`ANJ PFRO �NGIEEFR UJN[ PFRO KHZGFR @ GKgZA_CFR� S�]RHHCJLaJQ ]RA_RZYKN UJN[ JgNFEFNKNO XK[ BJRXJ]PT[ KEN_KgN`!PTPJEGTO BFQ PKUX\CNJ UZBK KNc _FRQ� Nb ]PFCNUK[ Q UJN[ LNGFGFHNUK[ QETHaQ� JCMJNFGFHNUJ[ KRb C\XJPJ� �PT[ A ECJHXZPKR]\ PTQ Fc MNX`AFEJCJEaXEKN ]PJ[ JCMJNO J UKIXKAJ� JGGJ[ UJN[ PJ[ EJCJBaPKN
������� � �����������
��
Fe PJA PT[ WFTBFRO A AJ[ Kb CXTAKf]KNPT[ A FNUFAFXNUT[ UJPZ]PJ]T� PN[ QUFNADANUK[ Q ]Ma]KNQ UJN[ PJ[ EFGNPNUJ[ LJNA`XKAJ PTO Q KEFMTO Q�@�_NJIPKCT Kc XLJ]T _IAKPJN ]PT[ HaAK]T UJN[ PT[ A EFCKIJ PDO A_TXFUCJPNUDO A BK]XDO A� ]K[ Jc XK]F ]R]MKPN]XF[ XK[ PN[ Q JAZHUKQEFR[ PFR[ Q _TXNFfCHT]JA�
S� �GD[ AP F]]K[ KNk AJN �JGGI_J Nb ]PFCNUF[ Q KN_NUKRXaAT ]PT[ A @ C!MJIJ S�GGTANUT[ S�]PFCIJ��Nk AJNUJBTH\PCNJ]PF[ �JAKEN]P\XNF4�z<x� �)"4 "" � / ��)"� � ")� PFRO �JCN]NFRO UJN[ Kc MKN ]RHHCZmKN EF!GRZCNBXKQ XKGaPKQ�
������� � �����������
��
*���� ����� ������
*? ���� ��.'� .���� � ����C��� � 9�$������� ���'.���� �������� ��� � ���� � ��� � *�((����
KPZLCJ]T �NZAAT �FRCZP]FHGFR
@ B\AJ ��')� ���� � ]]� �)� $�#� �� Kb U�&� #' EIAJUKQ UJN[ MZCPTQ
�� �����������
��� ������ �� �������!
YFAPJN UJN[ EKCNHCZLFAPJN )��AFXI]XJPJ EFR[ Kc UFmJA FNb E`!
GKNQ PTO Q NUCJO Q @ ]IJQ ]PJ[ MC`ANJPTO Q CDXJiUTO Q URCNJCMIJQ� �J[ AFXI!]XJPJ JRPJ[ JEKNUFAIYFRA XK[ XFAJ_N!UF[ PC`EF� KAPKGDO Q _NJLFCKPNUF[ JEF[Fe �PN FNb KENHCJLaQ� FNb EZERCFN Tp FNb LN!GFGFHNUK[ Q ETHaQ� PT[ YDT[ Fc MN X`AF PDO AS�GG\ADA� JGGJ[ UJN[ PDO A Rb E`GFNEDAUJ!PFIUDA PTO Q EKCNFMTO Q� WJBNJ[ KgKGGTAN!]XaADA ]PT[ A EGKNFA`PTPZPFRQ��K[ JR!PJ[ _K[ A JEFUJGfEPKPJN X`AF Tb UGTCF!AFXNJ[ PFRO EJCKGB`APFQ� JGGJ[ JAPNUJ!PFEPCIYKPJN UJN[ Tb JEVGKNJ PTO Q EFGNPNUTO Q KGKRBKCIJQ UJN[ PTO QJRPF_NZBK]TQ PDO A UJPFIUDA PTO Q NUCJO Q @ ]IJQ� UJBD[ Q UJN[ FbEKCNFCN]XF[ Q PTO Q _CJ]PTCN`PTPZQ PFRQ ]K[ UJBJCJ[ UFNAFPNUK[ QRb EFBa]KNQ� @�gI]FR KXLJAT[ Q KNk AJN UJN[ Tb CDXJiUT[ KENURCNJC!MIJ� Tb _RAJXNUT[ EJCFR]IJ Fb CN]XaADA UJPKgFMT[ A LNGKGG\ADA
������� � �����������
��
JRPFUCJP`CDA UJN[ Tb PKGKRPJIJ JAJGJXET[ EFGRZCNBXDA EK!CNFMDO A�
K[ PT[ ]RHUaAPCD]T UJN[ EJCZBK]T PDO A AFXN]XZPDA KEN!MKNCKNO PJN XNJ[ ECF]aHHN]T ]PN[ Q BCT]UKRPNUK[ Q _FgJ]IKQ UJN[ PJ[Kc BNXJ PFRO Kb GGTANUFRO KUKIAFR U`]XFR PTO Q @ AJPFGTO Q UJN[ ]PN[ QWJBXNJNO KQ XKPJWFGaQ PFRQ� FGFA`PN PJ[ XATXKNO J JRPJ[ PTO QKb GGTANUTO Q PaMATQ JEFPKGFRO A ]PF[ ]fAFG` PFRQ XNJ[ KGZMN]PJXKGKPTXaAT ETHT[ HAV]TQ� XEFCFRO A AJ[ XJO Q _V]FRA EGTCFLF!CIKQ HNJ[ PF[ C`GF PTO Q JRPFUCJPFCNUTO Q GJPCKIJQ Db Q ]RA_KPNUFROUCIUFR Xa]J ]PF[ CDXJiUF[ )27 �)'2� HNJ[ PT[ A KENWID]T JC!MJIDA XfBDA� HNJ[ PT[ ]TXJ]IJ Nb ]PFCNUDO A HKHFA`PDA UJN[ HNJ[PT[ A J_NZ]EJ]PT _fAJXT PFRO Kb GGTAN]XFRO �
S� �aPKC �`XEKCP �CZAUK HKAA\BTUK PF[ ��� ]PF[ �FfAPKA]JiAP��EFf_J]K S�]PFCIJ� �KDHCJLIJ UJN[ �KCXJANUT[ �NGFGFHIJ ]PF[ `!AJMF� PT[ �`AAT UJN[ PF[ @�CGZAHUKA� @ EF[ PF[ �� " KNk AJN PJUPNUF[ QUJBTHTPT[ Q PTO Q @ CMJIJQ S�]PFCIJQ ]PF[ �JAKEN]P\XNF PFRO �ZJC!XECRUKA�
������� � �����������
��
���� �� *����*����
#�(��� �� .�6�$��.� �7����.��� %> ((���� =�.'(%�
j"4hh1"43hk
@ B\AJ ��')� ����"� ]]� '"" $�"� �# Kb U�&
�� ������������
� � �� �� ���� ��� ��!
GTANUTO Q @�EJAZ]PJ]TQ $�'��!�'�"& HKAA\BTUJA ]PT[ A S�GGZ!
_J PCIJ EFGNPNUJ[ U`XXJPJ� PF[ +CD]N!U`,� PF[ +HJGGNUF[ , UJN[ PF[ +JHHGNU`,�PJ[ Fb EFNO J� Fe EDQ _TGVAFRA ]JLDO Q FNbFAFXJ]IKQ PFRQ� KNk MJA gKANUF[ ECF]J!AJPFGN]XF[ UJN[ _NJ_CJXZPN]JA KgaMFA!PJ C`GF ]PT[ A EFGNPNUT[ YDT[ Do Q PT[ _K!UJKPIJPFRO �')�� S�]P`]F� GIHJECZH!XJPJ KNk AJN HAD]PJ[ HNJ[ PJ[ U`XXJPJUJPJ[ PT[ A EKCIF_F �'((!�'#(� Fe PJA TbWJRJCNUT[ _RAJ]PKIJ Rb EF[ PF[ A h�BDAJKc BKPK PJ[ BKXaGNJ PFRO AaFR UCZPFRQ�n�AJQ JEF[ PFR[ Q ]UFEFR[ Q JRPFRO PFRO WNWGIFR KNk AJN AJ[ JAPN!
XKPDEI]KN PJ[ U`XXJPJ HNJ[ ECVPT LFCJ[ Db Q JAPNUKIXKAF _NK!gF_NUTO Q Kc CKRAJQl AJ[ PJ[ KAPFEI]KN UJN[ AJ[ PJ[ MJCJUPTCI]KN� AJ[ECF]_NFCI]KN PJ[ XaGT PFRQ� AJ[ JAJGf]KN PT[ _FXT[ UJN[ PT[ A UFN!ADANUT[ GKNPFRCHIJ PFRQ UJN[ AJ[ KgKPZ]KN HNJPI PF[ UfCNF MJCJ!
������� � �����������
��
UPTCN]PNUF[ PTO Q PJRP`PTPZQ PFRQ Tk PJA Fb ECF]JAJPFGN]X`QPFRQ ]PN[ Q gaAKQ �RAZXKNQ�
S�Q XKGaPT HNJ[ PT[ A UCJPNUT[ ]RHUC`PT]T� PF[ WNWGIF KEN!_NVUKN AJ[ UJBFCI]KN PF[ C`GF PDO A UFXXZPDA ]K[ Ke AJ UJBK]PD[ QXT[ ]RAPJHXJPNUF[ UJN[ ]K[ XNJ[ KEFMT[ UJPJ[ PT[ A Fb EFIJ _NJXFCLD!A`PJA Tb WJ]NUT[ _FXT[ PFRO Kb GGTANUFRO UCZPFRQ� S� ]RHHCJLaJQKN]THKNO PJN PT[ A Jc EFmT Fe PN PJ[ U`XXJPJ� KNcPK Db Q CRBXN]PNUFN[EJCZHFAPKQ KNcPK Db Q KAKCHFN[ ]RAPKGK]PaQ� KETCaJ]JA PT[ HaAK!]T UJN[ PT[ A KgaGNgT PDO A UCJPNUDO A BK]XDO A UJN[ Db Q KU PFfPFR]RAaWJGJA ]PT[ _NJX`CLD]T PTO Q _FXTO Q PFRO ]fHMCFAFR Kb GGT!ANUFRO UCZPFRQ�
S� �YD[ A �KPC`EFRGFQ $����!����& Tk PJA UJBTHTPT[ Q ]PF[ �FGaHNFh XMKC]P PTO Q J]]JMFR]aPPTQ� Fe EFR _I_J]UK S�]PFCIJ PDO A �JG!UJAIDA UJN[ PTO Q a]TQ @ AJPFGTO Q� �FUIXNJ UJN[ Jc CBCJ PFR KNk AJN_TXF]NKRXaAJ ]K[ KEN]PTXFANUJ[ EKCNF_NUZ�
������� � �����������
��
�������� ����� ����������
���9�'� ^$���
@ B\AJ ��' � ]]� �)) $�"� �# Kb U�&� )� Kc HMCDXKQ UJN[ � � J{X KNU`AKQ
$KgJAPGTXaAF&
��������� ����� ����������� ����� ����!
UF[ Q h�LFCFQ @ CMJNFP\PDA� UZAKN XNJ[ KEN]U`ET]TPTO Q EFGNPNUTO Q Nb ]PFCIJQ PTO Q �`_FR JEF[ PT[ A ECFXRUT!
AJiUT[ KEFMT[ Do Q PF[ PaGFQ PTO Q CDXJiUTO Q EKCN`_FR� XK[ WZ]T PN[ QLNGFGFHNUK[ Q ETHK[ Q UJN[ PJ[ JCMJNFGFHNUJ[ KRb C\XJPJ� @�A ]RAK!MKIJ KgKPZYKN PT[ A PaMAT ]PT[ �`_F ]K[ ]Ma]T XK[ PJ[ HKANUJ[UJGGNPKMANUJ[ CKfXJPJ PFRO Kb GGTANUFRO U`]XFR� UJN[ PaGFQ UJPJ!ENZAKPJNXK[ PFR[ Q JCMJNFGFHNUFR[ Q MVCFRQ PFRO AT]NFRO EFR[ Kc MFRAJAJ]UJLKNO UJN[ EKCNHCZLKN PJ[ Fb CJPJ[ UJPZGFNEJ JEF[ PN[ Q PCKNO QECFUGJ]NUK[ Q E`GKNQ� PT[ �IA_F� PT[ A @�JGR]F[ UJN[ PT[ A �ZXNCF��F[ UKIXKAF PKUXTCNVAKPJN XK[ EGFR]N`PJPT KNUFAFHCZLT]T�MZCPKQ UJN[ ]MK_NJHCZXXJPJ� �JCJPIBKAPJN KEI]TQ _fF EJ!CJCP\XJPJ HNJ[ PT[ A EFGKF_FXNUT[ UJN[ CRXFPFXNUT[ Nb ]PFCIJ PTO Q�`_FR UJN[ HNJ[ PF[ CDXJiUF[ PKPCZERGF�
������� � �����������
�
������ �����1
*? �- �9�C�� *�((7������� ��� � �A���� �f � ��� � �- .9+(�
4��10�� �- I��� �lgl
KPZLCJ]T �PCJPTO �J]MZGT
@ B\AJ ��'"� (����� ]]� � $�#� �� Kb U�&
�� �����������
�� ���� ����� � ��� � ��� ����������!
GNPN]XF[ XK[ PT[ AJc ABT]TPFRO UGJ]NUN]XFRO ]PT[ A@ B\AJPFRO)FR JNVAJ� �MKPNUJ[ EC`]LJPJ� PF[ KA_NJLaCFA XKPJPF!
EI]PTUK]K[ XNJ[ EJGJN`PKCT Nb ]PFCNUT[ EKCIF_F�EFR[ HNJ[ KRUFGIJPT[ A FAFXZYFRXK JCMJiU\� S� AaJ ECF]aHHN]T ]PT[ A Kb GGTANUT[ Nb !]PFCIJPDO A JCMJiUDO AMC`ADA JEFUJGfEPKNFe PNTb EKCIF_FQJRPT[Rb ETO CgKTb MFZATFe EFRKc GND]JA PJ[ ]PFNMKNO JEFR[ BJ[ Kc EJNYJAECD!PKfFAPJC`GF]PT[ HaAK]T PFRO UGJ]NUFRO EFGNPN]XFRO � S�EC`F_FQPTO Q JCMJNFGFHIJQ KENPCaEKN AJ[ LDPN]PFRO A FNb ]RABTO UKQ PTO Q KH!UJPZ]PJ]TQ PDO A S�GG\ADA HfCD JEF[ PT[ K]`HKNF UJN[ PTO Q FC!HZAD]TQ PDO A ECVPDA JEFNUNDO A�NJ[ AaJ JAZHAD]T PDO A Kb GGT!ANUDO A XfBDA JEFUJGfEPKNPF[ A PC`EF ]UamTQ UJN[ PN[ Q JgIKQ EFR[PCFLF_`PT]JA HNJ[ XKHZGF _NZ]PTXJ PN[ Q EFNUIGKQ KULCZ]KNQPTO QKb GGTANUTO Q_NZAFNJQ�K[ Jc GGJG`HNJ�]PFR[ QPCKNO QJNDO AKQEFR[MDCIYFRAPF[ An�XTCFJEF[ PF[ A N]MfGF_NJXFCLVAKPJNPF[ ECDO !PF EGJI]NF PFRO Kb GGTANUFRO EFGNPN]XFRO � Tb �$(�� Fe EFR BJ[ KENAFT!BKNO Tb EFGNPNU\� XaBF_FQ Jc HAD]PT Do Q P`PK ]PN[ Q JABCVENAKQUFNADAIKQ�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PT[ ]RHHCJLaJ ]PT[ ]� '#�
������� � �����������
�
��10� ����$���
* .���'� ��� � ����C�� � ����'��KPZLCJ]T h HHKGFR �JANVPT
@ B\AJ ��''� )����� ]]� #)� $�#� �� Kb U�& UJN[ MZCPTQ
�� ���������������
�������� �����������
PIPGF PFR Tc _T PCIJ BKXKGNV_TYTP\XJPJ� �CDO PF PIBKPJN PF[
KCVPTXJ PI KNk AJN HKANUJ[ > .���'� PTO QCDXJiUTO Q ����'��� �fXLDAJ XK[PF[ A ]RHHCJLaJ� JAPNUKIXKAF PTO Q Nb ]PF!CIJQ PTO Q UFNADAIJQ JEFPKGFRO A FNb UFN!ADANUK[ Q _FXaQ� _TGJ_T[ FNb _NJCUKNO QEJCZHFAPKQ EFR[ ECF]_NFCIYFRA PT[ A N!_NJNPKC`PTPJ PTO Q UFNADAIJQ� �F[ _Kf!PKCF KCVPTXJ JLFCJO PF[ JAPNUKIXKAFPTO Q Nb ]PFCIJQ PTO Q ����C�� � UFNAD!AIJQr Tb Jb EGFf]PKCT JEZAPT]T KNk AJNFe PN Tb Nb ]PFCIJ PTO Q CDXJiUTO Q UFNADAIJQPJRPIYKPJN XK[ PT[ A Nb ]PFCIJ PDO A UFNADANUDO A _FXDO A Xa]J ]PJ[Kb UZ]PFPK EFGNPNUJ[ Fe CNJ PFRO CDXJiUFRO UCZPFRQ� �R]NUZ� PT[ AECVPT Ba]T ]PT[ A EJCFR]IJ]T PT[ A UJPaMFRA PJ[ HKANUJ[ Tp PFR!GZMN]PFA _NJPFENUJ[ LJNA`XKAJPFRO UFNADANUFRO WIFR ]PJ[ K_ZLTPTO Q CDXJiUTO Q URCNJCMIJQ� �aGFQ� PF[ PCIPF KCVPTXJ KNk AJN EDO Q
������� � �����������
�
XEFCFRO XK AJ[ ]RGGZWFRXK PT[ A +Nb ]PFCIJ PTO Q CDXJiUTO Q UFNAD!AIJQ, Db Q > .���'�� �Nb JAJGf]KNQ _FXDO A XJO Q EJCaMFRA ]PNH!XNJNO KQ G\mKNQ JEF[ PT[ A PFXT[ XNJO Q UFNADAIJQ ]q Ke AJA _K_FXaAFMC`AF� UN Kc P]N Rb EZCMKN UIA_RAFQ AJ[ _V]FRA XNJ[ ]PJPNUT[ KNU`!AJ� �NJ[ XNJ[ ECJHXJPKIJ EFR[ Kc MKN AJ[ JAPNXKPDEI]KN XNJ[ Rb !EKCMNGNKPT[ Nb ]PFCNUT[ KgaGNgT JEJNPFRO APJN EFGGK[ Q PaPFNKQ]PNHXNJNO KQ G\mKNQ� MDCN[ Q LR]NUJ[ AJ[ gKMAFRO XK Fe PN FNb UFNADAN!UK[ Q ]Ma]KNQ XNJO Q KEFMTO Q KgKGI]]FAPJN UZBK LFCJ[ Xa]J JEF[PN[ Q ]Ma]KNQ XNJO Q ECFTHFfXKATQ UJN[ EJCZGGTGJ ECFKPFNXZ!YFRA UJN[ PT[ A EJCJEaCJ XKPJWFGT[ PTO Q UFNADAIJQ�
S� �UaYJ @ GLaGAPR $��()%����& HKAA\BTUK ]PT[ �FR_JEa]PT UJN[]EFf_J]K JCMJNFHAD]PNUK[ Q KEN]PTO XKQ ]PJ[ EJAKEN]P\XNJ PTO Q �FR!_JEa]PTQ UJN[ PTO Q �NaAATQ� @ EF[ PF[ ��") Tk PJA PJUPNUF[ Q UJBTHTPT[ Q@ CMJIJQ S�]PFCIJQ ]PF[ �JAKEN]P\XNF PTO Q �Ji_KGWaCHTQ� �TXF!]IKR]K EGTO BFQ XFAFHCJLIKQ UJN[ XKGaPKQ HNJ[ PT[ A Nb ]PFCIJ� PT[ A UFN!ADAIJ� PT[ _NFIUT]T� PT[ A Nb ]PFCNFHCJLIJ UJN[ PT[ ]PCJPNDPNUT[ FCHZAD!]T PTO Q �DXJiUTO Q RPFUCJPFCIJQ� PT[ A Nb ]PFCIJ KEJCMNDO A $�JGXJ!PIJQ� @�]EJAIJQ� �DCNUFRO � �KCXJAIJQ& UJN[ PT[ CDXJiUT[ KENHCJLNU\�
������� � �����������
��� �� ������
*? %- ��9�� ��� � %- ����.�7.%��� "24/1"434KPZLCJ]T JCNaPJQ �NUFAFXFEFfGFR
@ B\AJ ����� ���'� ]]� #'( $�"� �# Kb U�&
�� ���������������
� ����� ����� � ��
]PF[ �"'�� Fe PJA JU`XJWJ]IGKRKFb �FR_FWIUFQ ��d� UJN[ PF[ �'#'�
Fe PJA Fb J[ Cg UJN[ Fb h�AHUKGQ _TXF!]IKR]JA PF[ �FXFRAN]PNUF[ JANLa]PF�Rb ETO CgJA HNJ[ PT[ A �RCVET Tb KEFMT[XNJO Q _NPPTO Q KEJAZ]PJ]TQ� Tb Fb EFIJECFUZGK]K PF[ A XKHJGfPKCF UFNADANUF[XKPJ]MTXJPN]XF[ EFR[ Rb Ea]PT Fb U`!]XFQ XKPJ[ PFR[ Q JCMJIFRQ MC`AFRQ�
�F[ WNWGIF JRPF[ JAJGfKN UJN[ Kb CXT!AKfKN PN[ Q KUEGTUPNUK[ Q JGGJHK[ Q EFR[ECFUZGK]K Tb EFGNPNUT[ �JGGNUT[ @�EJ!AZ]PJ]T UJN[ Tb JHHGNUT[ �NFXTMJANUT[@�EJAZ]PJ]Tl PJ[ +EJGJNJ[ UJBK]PDO PJ, UJPJCCaFRA XECF]PJ[]PT[ _fAJXT PDO A AaDA UJENPJGN]PNUDO A MDCDO A� �aFN _C`XFNJAFIHFAPJN ]PT[ A KEN]P\XT� PT[ LNGF]FLIJ� PT[ BCT]UKIJ� PT[ APaMAT��aKQXaBF_FN KLJCX`YFAPJN ]PF[ A E`GKXF UJN[ PT[ _NEGD!XJPIJ� ]PT[ WNFXTMJAIJ� PF[ KXE`CNF UJN[ PT[ _NJURWaCAT]T PDO A
������� � �����������
�
UCJPDO A� �aKQ GagKNQ _TXNFRCHFRO APJN HNJ[ AJ[ KULCZ]FRA PN[ QAaKQ N_aKQ� S� Nb ]PFCIJ PTO Q _NPPTO Q KEJAZ]PJ]TQ� Db ]P`]F� _K[ AKNk AJN Jb EGDO Q Tb Nb ]PFCIJ PFRO BCNZXWFR PTO Q AaJQ J]PNUTO Q UFNAD!AIJQr KNk AJN UJN[ Tb Nb ]PFCIJ PTO Q KXLZAN]TQ PDO A _RAZXKDA EFf�Xa]J ]K[ Ke AJA JNVAJ JEF[ PF[ �'#'� Kc XKGGK AJ[ XKPJPCamFRA PT[ AKEaUPJ]T ]K[ ]RCCIUAD]T�
S� h�CNU �`XE]XEDX HKAA\BTUK ]PT[ A @ GKgZA_CKNJ PF[ ���" UJN[]EFf_J]K ]PT[ �NaAAT� PF[ �KCFGIAF� PF[ �FA_IAF UJN[ PF[ �aXECNPY��Nk AJN XaGFQ PTO Q �CKPJANUTO Q @ UJ_TXIJQ UJN[ KEIPNXF XaGFQ PFRO�J]NGNUFRO �FGKHIFR PFRO �JAKEN]PTXIFR PFRO �aXECNPY� ��Q PT[]RAPJgNF_`PT]\ PFR _I_J]UK ]PF[ �FGaHNF EaCUXEKU PFRO �JAK!EN]PTXIFR PFRO �FA_IAFR�
������� � �����������
�
������� ������
*? �%.$6%�� �� �> �%.�6%��� � $.������ � %- ��9�� ���� `('���� <m ��� � � .���'��
KPZLCJ]T �GJICTQ NP]FPZUT
�� � � ������������
�`XFQ d� @ B\AJ ����� (���)� ]]� ))" $�"� �# Kb U�&��" EIAJUKQ UJN[ MZCPKQ UJN[ �# KNU`AKQ
�� ������������
�`XFQ �d� @ B\AJ ���"� ������ ]]� �" $�"� �# Kb U�&�(' EIAJUKQ UJN[ MZCPKQ UJN[ " KNU`AKQ
�� ������������
�`XFQ �d� @ B\AJ ���'� ���� � ]]� ##" $�"� �# Kb U�&�( HCJLNUK[ Q EJCJ]PZ]KNQ UJN[ � KNU`AKQ
�� �����������
����������������������� ��������
HNJ[ PT[ K]`HKNF ECF]LaCFRA Ke AJ EJA`CJXJ PTO Q YDTO QUJN[ PTO Q Nb ]PFCIJQ PFRO XK]FHKNJUFRO MVCFR ]PF[ _KfPKCF
XN]F[ PFRO � FR JNVAJ� _TGJ_T[ JEF[ PT[ A @ AJHaAAT]T UJN[ PT[KPJCCfBXN]T XaMCN PT[ A JRHT[ PDO A �K`PKCDA �C`ADA� Fe PJATb K]`HKNFQ Kc EJmK AJ[ KNk AJN PF[ UaAPCF PFRO U`]XFR�
�F[ ECDO PF XaCFQ +UNAKNO PJN ]PT[ ]LJICJ XNJO Q N_N`PRETQHKDHCJLIJQ� EFR[ _IAKN N_NJIPKCT Kc XLJ]T ]PJ[ JABCDEFHKD!HCJLNUJ[ _K_FXaAJ� �K[ A EJfKN Fe XDQ AJ[ KNk AJN� Jp A Fc MN XZGN]PJ]K[ XKHJGfPKCF WJBX`� UJN[ JAJY\PT]T XNJO Q N_N`PRETQ Nb ]PF!CIJQ,� _TGVAKN Fb Nc _NFQ Fb ]RHHCJLaJQ��C`UKNPJN HNJ[ PT[ A Nb ]PF!CIJ PFRO JABCVEFR ]K[ ]Ma]T XK[ PF[ A EKCIHRC` PFRr XNJ[ Nb ]PFCIJ
������� � �����������
�
EFR[ URGJO UJN[ XKPJWZGGKPJN JCHZ� ]RMAJ[ KC\XTA PDO A JABCV!EDA EFR[ PT[ WNVAFRA�
�F[ _KfPKCF XaCFQ Kc MKN PT[ A EC`BK]T AJ[ ]RGGZWKN XNJ[ Nb ]PF!CIJ XK[ ENF[ KgJPFXNUKRXaAFRQ CRBXFfQl XNJ[ Nb ]PFCIJ Fb XZ_DA�XNJ[ Nb ]PFCIJ ]RGGFHNUDO A EKECDXaADA UJN[ HKANUDO A PZ]KDA�NJ[ Nb ]PFCIJ UFNADANUT[ XK[ JLKPTCIJ PF[ A Jc ABCDEF Tp Fe ]J UZAKNFb Jc ABCDEFQ XK[ PJ[ ECZHXJPJ� �CJHXJPKfKPJN PN[ Q UFNADANUK[ Q_FXaQ UJN[ PT[ A UIAT]\ PFRQ UJN[ ]RA_RZYKNPF[ JXKPZWGTPF UJN[ PF[XKPJWJGG`XKAF� PT[ WCJ_KIJ UIAT]T UJN[ PT[ A Rb EKCWFGNUT[ PJMf!PTPJ�
�NJ[ PF[ PCIPF XaCFQ Fb ]RHHCJLaJQ ]TXKNVAKNl +�KJPK[ Q UJN[TBFEFNFI� PF[ A � F JNVAJ� ]PT[ K]`HKNF UJN[ JGGFRO � KNk MJA PT[ AJNc ]BT]T Fe PN Tk PJA ENJ]XaAFN ]PJ[ _IMPRJ Kb AF[ Q YDAPJAFRO _CZ!XJPFQ� EFR[ PF[ Kc ANDBJA URCIDQ Db Q _NU` PFRQ _CZXJ� �J[ HKHF!A`PJ KNk AJN UFANFCP`Ql ]MIYFRA PT[ A Nb ]PFCIJ ]J[ A ]fAPFXKQ JAJ!GJXEaQr ECFPFRO UJGJ[ UJGJ[ Rb EZCgFRA� Kc MFRA HRCI]KN EI]D ]PF[]UFPZ_N UJN[ ]RMAJ[ ]PT[ G\BT� �JBaAJ PFRQ� KNk AJN JG\BKNJ� Fe ]F]fAPFXF UN Jp A KNk AJN� LDPIYKN XNJ[ HDANJ[ PFRO PFEIFR� UJXNJ[LFCJ[ UZEFNJ EJMNJ[ UFXXZPNJ Nb ]PFCNUTO Q XZYJQ,�
S� �KCAJ[ A ECDAPK[ G $����!��')&� Fb EJPaCJQ PTO Q �aJQ S�]PFCIJQ�_NKPaGK]K ]PaGKMFQ PDO A ������� PTO Q �14#+ *���)8' , � ��'� ��1�', �� UJBTHTPT[ Q ]PF[ �FGaHNF PTO Q �JGGIJQ� _NKRBRAPT[ Q PFRO ��) �#" , � �4) "4 � , +9�#22 UJN[ XaGFQ PTO Q �JGGNUTO Q @ UJ_TXIJQ��F[ KRk CFQ PDO A XKGKPDO A PFR� FNb _NKBAKNO Q ]RAKCHJ]IKQ PFR UJN[ Tb Kc U_F]TPDO A Kc CHDA PFR ]K[ EFGGK[ Q HGDO ]]KQ PFRO Kc _D]JA KgaMFR]J Ba]T ]PT[_NKBAT[ Nb ]PFCNFHCJLIJ� �T[ �%.$6%� PT[ A Kc HCJmK UJPJ[ PT[ _NZCUKNJPFRO �d�JHUF]XIFR�FGaXFR� KADO Tk PJA JNMXZGDPFQ PDO A�KCXJADO A�
������� � �����������
�
���� ������
A> ���� �� ��((��%� .��� )+.�*? ��- 6�� ��� � �%67(�� *�((7���
KPZLCJ]T �FIWFR @ CWJAIPT
@ B\AJ ����� ������ ]]� �"� $�#� �� Kb U�&� (' ]Ma_NJ UJN[ �# KNU`AKQ
�� �����������
��� �� ������ ������!XJPJ PTO Q �KDXKPCNUTO Q @�EF!MTO Q ]PT[ A S�GGZ_J� KUKNO AF XK[
PN[ Q ENF[ WJCR]\XJAPKQ ]RAaEKNKQ Rb !ETO CgK ]IHFRCJ Tb Kc AJCgT PDO A KEJLDO AXK[ PT[ �f]Tl Kc P]N Jc AFNgK Fb _C`XFQ PTO Q_NZ_F]TQ XNJO Q PKMAFGFHIJQ UJN[ Kb AF[ QEFGNPN]XFRO JEJCZXNGGFR� EFR[ ]LCZ!HN]JA JAKgIPTGJ PF[ A _RPNUF[ U`]XF� �Nb_TXNFRCHFN[ JRPTO Q PTO Q KUEGTUPNUTO Q K!ENMKICT]TQ Rb ETO CgJA n�GGTAKQ� FNb �R!WFKNO Q� FNb Fb EFNO FN Tc _T ECN[ A JEF[ PT[ A Ne _CR!]T PTO Q �VXTQ KNk MJA FCHJAV]KN XNJ[]PJBKCT[ WZ]T ]PN[ Q �NBTUFRO ]]KQ� PF[]TXKCNAF[ �ZUUF @ XaAF ]PT[ ATO ]F h�]UNJ� ]PF[ A U`GEF PTO Q�KZEFGTQ� �F[ WNWGIF JRPF[ EJCFR]NZYKN HNJ[ ECVPT LFCJ[]PF[ UFNAF[ PDO A XT[ KN_NUDO A PF[ ]PFNMKNO F EFR[ JAaPCKmK PN[ Q ECFT!HFfXKAKQ HAV]KNQ XJQ ]MKPNUJ[ XK[ PFR[ Q ECVPFRQ JRPFR[ Q n�G!GTAKQ PTO Q �f]TQl EC`UKNPJN HNJ[ PN[ Q JAJ]UJLK[ Q EFR[ _NKgZHKN
������� � �����������
�
JEF[ PF[ ��)� ]PN[ Q �NBTUFRO ]]KQ Fb �YN`CPYNF EFRO MAKC� JAJ!]UJLK[ Q ]K[ _NZLFCKQ EKCNFMaQ� UJBKXNJ[ JEF[ PN[ Q Fb EFNO KQ JEF!UJGfEPKN UJN[ XNJ[ _NJLFCKPNUT[ Fc mT PTO Q UJBTXKCNATO Q YDTO Q ]K[Ke AJ JEF[ PJ[ XKHZGJ ]PJRCF_C`XNJ PFRO JCMJIFR U`]XFR� @ EF[PT[ A JAZGR]T PDO A KRb CTXZPDA PTO Q AKUC`EFGTQ� PTO Q JUC`EFGTQUJN[ PFRO EKCNLKCKNJUFRO ]RAFNUN]XFRO PDO A PKMANPDO A LJIAKPJNUJBJCJ[ E`]F Tb ECVPT JRPT[ Kb GGTANUT[ KHUJPZ]PJ]T ]PT[ A @�!PJGIJ gKMDCIYKN JEF[ PF[ A XKPJHKAa]PKCF JEFNUNJUF[ U`]XF PTO QKHZGTQ S�GGZ_JQ HNJ[ _NZLFCFRQ G`HFRQ� Ke AJQ JEF[ PFR[ Q Fb !EFIFRQjUJN[ Fc MN Fb ENF[ J]\XJAPFQjKNk AJN Tb EJCFR]IJ UJN[ Jc G!GDAUJPFIUDA�XKPJAJ]PDO A JEF[ PT[ A @�HHR[ Q @ AJPFG\� @ U`XJUJN[ ]PF[ BaXJ PTO Q KEI_CJ]TQ PFRO Kb GGTANUFRO JEFNUN]XFRO ]PFR[ QJRP`MBFAKQ GJFR[ Q PTO Q NPJGNUTO Q MKC]FA\]FR� FNb �NBTUFRO ]]KQCIMAFRA AaF LDO Ql ]PF[ A KgKGGTAN]XF[ PFRO KPCFR]UFiPJGNUFRO U`!]XFR FLKIGKPJN� XKPJgR[ Jc GGDA� Tb RNb FBaPT]T PTO Q N_aJQ PTO QE`GTQ!UCZPFRQ� PTO Q HCJLTO Q� PTO Q UJGGNPKMANUTO Q JAJEJCZ]PJ!]TQ PTO Q JABCVENATQ XFCLTO Q� �J[ Rb EaCFMJ JRPJ[ _DO CJ PJ[ Kc LK!CJA ]PT[ A @�PJGIJ PFRO 'FR E��� JNVAJ FNb ECDPFE`CFN �RWFKNO Q�UJN[ FNb @�PCFRO ]UFN PJ[ LfGJgJA UJN[ PJ[ XKPaLKCJA ]PT[ �VXT�HNJ[ AJ[ LPZ]FRA Kc P]N Do Q KXJO Q� PFR[ Q ]fHMCFAFRQ �RCDEJIFRQ�
S� �PaNWNAP �IPYHFRKs $��()& _N_Z]UKN @ CMJNFGFHIJ ]PF[ �JAKEN!]P\XNF PFRO @�_NXWFfCHFR JEF[ PF[ �� '� @ EF[ PF[ �� ]RAKCHZYKPJNXK[ PF[ A �YN`CPYNF EFRO MAKC ]PT[ _TXF]IKR]T PDO A JAJ]UJLDO A EFR[_NKgZHFAPJN ]PN[ Q �NBTUFRO ]]KQ� �PJ[ ]RHHCZXXJPZ PFR ]RHUJPJGa!HFAPJN FNb KUBa]KNQ EFR[ _TXF]NKfFAPJN JEF[ PF[ �� � UZBK EaAPK MC`!ANJ ]PT[ A KENBKVCT]T �������������� ������ ]MKPNUJ[ XK[ PN[ Q JAJUJ!GfmKNQ ]PT[ A @�PCFRCIJ� PT[ �JC_TAIJ UJN[ PT[ �`PNJ @�PJGIJ� Fe EDQKEI]TQ UJN[ PF[ ]RGGFHNUF[ Kc CHF EFR[ KENXKG\BTUK XK[ PT[ A �� �� � ��� �),-:�6� ����� ������ ��� ����� $��"�&�
������� � �����������
�
������ �����
A- ���%��� #�����9%� ��� %�- ����C�� ��(��� "0 !1"0h4
KPZLCJ]T �TXF]BaAT �FfCPFWNU
@ B\AJ ����� ����(� ]]� #"� $�"� �# Kb U�&� � KNU`AKQ
�� ����������
��� �"F ��� � �� ����� !BKNKQ PTO Q �VXTQ AJ[ UKC_I]KNFCB`_FgFRQ Nb KCZCMKQ HNJ[ PT[ A Ke !
AD]T XK[ PT[ A UJBFGNUT[ @�UUGT]IJ ]T!XKID]JA KENPRMIJ� S� FNUFRXKANUF[ QEJPCNZCMTQ�fCNGGFQ d�FfUJCNQ Tc !BKGK AJ[ JEFPCamKNPF[ A UIA_RAF EFR[ EI!]PKRK Fe PN JEKNGFRO ]K PF[ A XT[ UJBFGNUF[U`]XF� �Nq JRPF[ ]RAaWJGK ]PN[ Q WFGN!_F]UFE\]KNQ UJN[ _NJECJHXJPKf]KNQHNJ[ XNJ[ ]RXXJMIJ URCIDQ XKPJgR[PTO Q @�BDXJANUTO Q RPFUCJPFCIJQUJN[ PFRO UCZPFRQ PTO Q `]MJQ� JCH`PK!CJUJN[ PTO Q�FRT_IJQ UJN[ PTO Q �CJA]RG!WJAIJQ� KAJAPIFA PTO Q �FGDAIJQ� XKHZGTQ _fAJXTQ ]PT[ A JAJ!PFGNUT[ �RCVET� Fe EFR FNb FCB`_FgFN KNk MJA Rb EJMBKNO ]PT[ A UJBF!GNUT[ @�UUGT]IJ� @ APNXKPDEIYFAPJQPT[ A ECFEJHZA_JPTO Q�V!XTQ� KA]PKCAI]PTUK WJBXNJNO J _N_JMK[ Q _NJXJCPRCFXaADA BK!FG`HDA� UJN[ PKGNUJ[ Kga_D]K XNJ[ UJGWNANUT[ *A��(�6'� �'.�%1
������� � �����������
��� EFR[ ECFUZGK]K ]ZGF ]K[ Fe GT PT[ A �RCVET� �aGFAPJQ AJ[Ba]KN PJ[ BKXaGNJ PFRO KU]RHMCFAN]XFRO UJN[ PTO Q XKPJCCfBXN]TQPTO Q @�UUGT]IJQ� XKCIXAT]K HNJ[ PT[ A KHUJPZ]PJ]T PFRO ECVPFRKb GGTANUFRO PREFHCJLKIFR ]PF[ A PFRCUFUCJPFfXKAF MDO CF UJN[HNJ[ PT[ XKPZLCJ]T PTO Q ;���� � )������
S� �UFfAAJC �aCNAHU $��(#!���#& Rb ETO CgK UJBTHTPT[ Q PTO Q �KFKGGT!ANUTO Q S�]PFCIJQ UJN[ �NGFGFHIJQ ]PF[ �JAKEN]P\XNF PTO Q �NaAATQ��T!XF]IKR]K XKGaPKQ HNJ[ PT[ AK`PKCT WJGUJANUT[ UJN[ Kb GGTANUT[ Nb ]PFCIJ�
������� � �����������
���
�� �� ������
�- .�6�6�� .��� &������ <KPZLCJ]T �� �� JCJWaGNJ
@ B\AJ ���#� (����� ]]� (�" $�"� �# Kb U�&
�� ����������������
��� ���� ���� ���� �!
AJCEJ]PNUF[ GJWfCNABF PTO Q JC!MJN`PKCTQ ]PNHXTO Q PTO Q Kb GGTAN!
UTO Q HGV]]JQ� Tb �- .�6�6�� .��� &���1��� < Kc CMKPJN AJ[ UJGfmKN Ke AJ _NEGF[UKA`l JLKAF[ Q PT[ A JEFR]IJ MCT]PNUFROKHMKNCN_IFR ]PF[ A PFXaJPTO Q XRUTAJNF!GFHIJQ� EJCJ[ PT[ A EGFf]NJ _NKBAT[ WN!WGNFHCJLIJ� UJN[ JLKPaCFR PT[ ]MK_F[ AEG\CT Kc GGKNmT ]MKPNUDO A Kb GGTANUDO AKU_`]KDA� �F[ Kc CHF MDCIYKPJN ]K[ _fFXaCT� �F[ ECDO PF KgKPZYKN PJ[ ECDO PJKNc _T PTO Q JNHJNJUTO Q HCJLTO Q� PFEFBK!PKNO PT[ A KgaGNgT PTO Q �CJXXNUTO Q � ]PF[Nb ]PFCNU` PTQ EGJI]NF UJN[ EKCNHCZLKNPT[ A JEFUCREPFHCZLT]\PTQ JEF[ PF[ A ZNUG �aAPCNQ� �PT[ ]RAaMKNJ EJCFR]NZYFAPJN FNbRb EZCMFAPKQ PfEFN KENHCJLDO A ]K[ �CJXXNUT[ � UJN[ Tb PJgNA`!XT]\ PFRQ� �PF[ PKGKRPJNO F UJN[ KUPKAK[ Q UKLZGJNF JAJGfFAPJN TbXFCLT[ UJN[ Tb _FXT[ PTO Q XRUTAJiUTO Q _NJGaUPFR� Tb XKGaPT PTO Q
������� � �����������
���
Fb EFIJQ _K[ A XJO Q KENPCaEKN X`AF AJ[ ECF]KHHI]FRXK PT[ A ECD!NX`PJPT HAD]PT[ LZ]T PTO Q Kb GGTANUTO Q HGV]]JQ� JGGJ[ EJCZG!GTGJ LDPIYKN EPRMK[ Q PTO Q XKPJHKAa]PKCTQ KgaGNgTQ PDO A Kb GGT!ANUDO A _NJGaUPDA UJPJ[ PFR[ Q Nb ]PFCNUFR[ Q MC`AFRQ� �PF[ _KfPKCFXaCFQ Fb JAJHAV]PTQ KN]ZHKPJN ]K[ XKCNUJ[ ]TXJAPNUJ[ UKIXKAJ�CJXXNUTO Q �� �J[ UKIXKAJ JRPJ[ EJCFR]NZYFAPJN ECDO PJ ]K[XNJ[ PREFEFNTXaAT JAPNHCJLT[ PDO A MJCJUP\CDA PTO Q �CJXXN!UTO Q �� UJP`ENA ]K[ XKPJHCJLT[ UJN[ PaGFQ ]K[ XKPZLCJ]T� Fe EFRJRPT[ KNk AJN _RAJP\� �FGfPNXF ]RXEG\CDXJ PFRO Kc CHFR JEFPK!GFRO A FNb JAJGRPNUK[ Q BKXJPNUK[ Q WNWGNFHCJLIKQ UZBK UKLJGJIFR�
S��YaNXQ�`XJQ�FRO UKC $��(�!����&� h HHGFQ Kb GGTAN]PT[ Q HAD]PF[ QURCIDQHNJ[ PN[ Q KCHJ]IKQPFR]MKPNUJ[ XK[ PT[ A @�EFMT[ PFRO �JGUFRO ]PT[ AS�GGZ_J� _I_JgK KEN[ Kc PT JCMJIJ Kb GGTANUT[ HGV]]J UJN[ LNGFGFHIJ UJN[J]MFG\BTUK XK[ PT[ BCT]UKIJ� PT[ A FNUFAFXIJ UJN[ PT[ A UFNADAIJ ]PT[ AJCMJIJ S�GGZ_J UJN[ PT[ �VXT� �Nb EFGRZCNBXKQ XKGaPKQ PFR UJBCK!LPIYFRA PF[ KA_NJLaCFA UJN[ PT[ A JHZET PFR HNJ[ PF[ A XRUTAJiUF[ U`]XFUJN[ PT[ A JCMJIJ Kb GGTANUT[ EFIT]T� �JBTHTPT[ Q PDO A UGJ]NUDO A ]EFR!_DO A ]PF[ �JAKEN]P\XNF PFRO �FA_IAFR $��'#!'�&� Rb ETO CgK ]RA_NFCHJ!ADPT[ Q PDO A EKCILTXDA RUTAJiUDO A �KXNAJCIDA UJN[ Rb EKfBRAFQ HNJ[PT[ A JEFAFXT[ PFRO WCJWKIFR ]PT[ XA\XT PFRO ZNUG �aAPCNQ� h GGJKc CHJ PFRl ��������� ������ $��" &� ��� ������� ������� $��'�&�
������� � �����������
��
��� �� ������
*? %- ��9�� ���� %��(�'��� "4341"42nKPZLCJ]T �TXF]BaAT �FfCPFWNU
@ B\AJ ���#� )����� ]]� )�" $�"� �# Kb U�&
�� ����������������
��������� ��� ����
ECJHXJPKfKPJN JRPF[ PF[ WN!WGIF KNk AJN ]MKPNUJ[ ]fAPFXT�
JGGJ[ PF[ HKDHCJLNUF[ KRk CFQ PTQ XKHZ!GF� �K[ A KNk AJN MNXJNCNUF[ AJ[ HCZmKN UJ!AKN[ Q HNJ[ PF[ A U`]XF JEF[ PF[ �"'� Do Q PF[�'#' XK[ WGaXXJ KRCDUKAPCNU`� ]MK!_F[ A XZGN]PJ EKCNFCN]XaAF ]PT[ �CK!PJAIJ UJN[ PT[ �JGGIJ� @ GGZ� JLFRO PF[UfCNF ]PFNMKNO F PTO Q XKPJ[ PF[ �'#' EK!CN`_FR KNk AJN Tb KgZEGD]T PTO Q UJENPJ!GN]PNUTO Q FNUFAFXIJQ ]K[ Fb G`UGTCF PF[ AU`]XF� UJN[ Kb EFXaADQ KNk AJN ENJ[ J_f!AJPFA AJ[ HCJLPKNO XNJ[ UJBJCJ[ KRCD!EJiUT[ Nb ]PFCIJ� BJ[ Tk PJA Jc PFEF AJ[ HCZmKN UJAKN[ Q PT[ A Nb ]PFCIJPTO Q �RCVETQ MDCN[ Q AJ[ ]PCamKN ]FWJCJ[ PT[ A ECF]FM\ PFR UJN[]PN[ Q Jc GGKQ TEKICFRQ� S� XKGaPT XFR MDCIYKPJN ]K[ PCIJ XaCT��Nb KEJAJ]PZ]KNQ PFRO �'#' JEFPKGFRO A PF[ ECFFIXNF HNJ[ PN[ QUfCNKQ KgKGIgKNQ PTO Q EKCN`_FR� �N[ Q KgKGIgKNQ JRPaQ� EFR[ UJ!
������� � �����������
���
GfEPFRA PF[ _KfPKCF XaCFQ� PN[ Q KgKPZYD XJO GGFA JEF[ EJAKRCD!EJiUT[ UJI� Fe EFR KNk AJN JEJCJIPTPF� JEF[ EJHU`]XNJ ]UFENZ�EJCJ[ Db Q UKLZGJNJ UZEFNJQ JRPFPKGFRO Q +KBANUTO Q, Nb ]PFCIJQ��J[ UKLZGJNJ PFRO WNWGIFR MDCIYFAPJN ENF[ EFGR[ JEF[ PJ[ BaXJPZPFRQ EJCJ[ MCFAFGFHNUZ� Jp A UJN[ FNb UfCNKQ Rb EFEKCIF_FN j_T!GJ_\� MFA_CNUZ� Tb Te ]RMT JGGJ[ KEKUPJPNUT[ _KUJKPIJ PFRO �')��Tb ENF[ PJCJMV_TQ _KUJKPIJ PFRO �' �� Tb FNUFAFXNUT[ Kc gJC]T UJN[UJP`ENA Tb UCI]T PDO A ECVPDA MC`ADA PTO Q _KUJKPIJQ PFRO�'"�j BJ[ ECaEKN AJ[ KNk AJN KR_NZUCNPKQ� �F[ PCIPF XaCFQ PFROWNWGIFR KENMKNCKNO AJ[ _V]KN XNJ[ KEFEPNUT[ KNU`AJ PTO Q FNUFAF!XNUTO Q� UFNADANUTO Q UJN[ EAKRXJPNUTO Q YDTO Q ]PF[ PCIPF PaPJCPFPFRO ��FR JNVAJ� $����� ��� � #�$(�6� ���� .�66�����&
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� �#�
������� � �����������
���
����� ������
��� ��5'� .��� � �- �9�� � $.��KPZLCJ]T �IAJQ �PJXJPNZ_T
@�ENXaGKNJ @ APNH`ATQ �NGNEEFEFfGFR
@ B\AJ ���)� ������ ]]� #'( $�#� �� Kb U�&� �� KNU`AKQ
�� ������������
�������� ����� �� �!
AJ_NUT[ JEF[ Jc EFmT EGTC`PTPJQXKGaPT HNJ[ PJ[ PJgI_NJ ]PFR[ Q
JCMJIFRQ MC`AFRQ� �CFAFGFHNUZ� JC!MIYKN JEF[ PN[ Q XKPJUNA\]KNQ PDO A UJPFI!UDA PTO Q NHfEPFRUJN[ PTO QK]FEFPJ!XIJQ XKPJ[ PF[ (��� E��� UJN[ LPZAKN Do QPJ[ PJgI_NJ PDO A MCN]PNJADO A ECF]URAT!PDO A PFRO FR JNVAJ� �KXJPNUZ� UJGf!EPKN Fe GJ PJ[ WJ]NUJ[ ]TXKNO Jl EFNFN[ PJ!gI_KRJAUJN[ HNJ[ EFNF[ G`HF $N_IDQJp A_K[ ATk PJA Kc XEFCFNTp UCJPNUFN[ Rb EZGGTGFN]K[JEF]PFG\&r EDO Q XKPJUNAFRO APJA ]K[ gT!CJ[ UJN[ BZGJ]]J UJN[ XK[ PI Xa]Fr PN[ QJAa]KNQ PFRO PJgN_NVPT $EJA_FMKNO J� UJETGKNZ� Kb ]PNJP`CNJ&�UJN[ EZAD JEq Fe GJ PT[ Lf]T PFRO JCMJIFR PFRCN]XFRO l PJ[ _CFXF!G`HNJ� PN[ Q EKCNFMK[ Q UJN[ PJ[ JgNFBaJPJ EFR[ ]RHUaAPCDAJA PT[ AECFPIXT]T PDO A PJgN_NDPDO A� PJ[ XFR]KNO J� PFR[ Q gKAJHFfQ� PFR[ QPJgN_NDPNUFR[ Q Fb _THFfQ� PT[ ]RXEKCNLFCJ[ PFRO EKCNTHTPTO �
������� � �����������
���
S� XKGaPT KNk AJN WJ]N]XaAT KNcPK ]PN[ Q Nc _NKQ PN[ Q JCMJNO KQ ET!HaQ� JEF[ PN[ Q Fb EFNO KQ EJCJPIBKAPJN Jc LBFAJ JEF]EZ]XJPJ� KNcPK]K[ EC`PREJ Kc CHJ EFR[ JAPGFRO A PF[ Rb GNU` PFRQ JEF[ PN[ Q LNGFGF!HNUaQ� JCMJNFGFHNUaQ� KENHCJLNUaQ� EJERCFGFHNUK[ Q UJN[ AFXN!]XJPNUK[ Q ETHaQ� n�GKQ FNb ]MKPNUK[ Q EJCJEFXEK[ Q UJPJHCZLFA!PJN KgJAPGTPNUJ[ ]PT[ WNWGNFHCJLIJ� Tb Fb EFIJ� XFGFA`PN EJCJ!UFGFRBKNO UJN[ PKUXTCNVAKN PF[ UKIXKAF GagT ECF[ Q GagT� KEN]R!AZEPKPJNUJPJ[ UKLZGJNJ ]PF[ PaGFQ�De ]PK AJ[ CaKN JEC`]UFEPJTb JL\HT]T� @�EI]TQ� HNJ[ UZBK MCFANUT[ EKCIF_F ECFPZ]]KPJN]fAPFXT Nb ]PFCNUT[ KN]JHDH\� De ]PK AJ[ UJPJPFEIYKPJN Fb XT[KN_NUF[ Q JAJHAV]PTQ� �F[ JEFPaGK]XJ KNk AJN Ke AJ JAZHAD]XJXRBN]PFCTXJPNUTO Q Rb LTO Q� EFR[ UKC_IYKN MCDO XJ UJN[ YDAPZANJMZCT ]PJ[ ]RAKMT[ jEFGGK[ Q LFCK[ Q MNFRXFCN]PNUJ[ j EJCJBa!XJPJ JEF[ Kc CHJ ]RHHCJLaDA Fe EDQ Fb S�C`_FPFQ UJN[ Fb @ CN]PF!LZATQ� Fb �FRUNJAF[ Q UJN[ Fb �JR]JAIJQ� Fb �NUaCDA� Fb @�CZPNFQ�Fb JCPNZGTQ� FNb �GIANFN $�CK]WfPKCFQ UJN[ �K`PKCFQ&� JGGJ[UJN[ Fb �NWZANFQ UJN[ Fb �RAa]NFQ�
S� �ZNFAKG �Z]]FA KNk AJN Fb X`PNXFQ UJBTHTPT[ Q �GJ]NUTO Q �NGFGF!HIJQ ]PF[ �JAKEN]P\XNF PTO Q�aJQ S`CUTQ��J[ Kc CHJPFR JLFCFRO A PF[ AJCMJNO F U`]XF $PT[ A JCMJIJ �VXT� PT[ A JCMJIJ Nc HREPF&� UJN[ N_IDQPF[ A JCMJNO F U`]XF PTO Q BZGJ]]JQ $PJ[ EGFNO J UJN[ PFR[ Q AJRPNUFfQ&�
������� � �����������
���
���� �� ��������
*A %> ((��.��� � .��� � �o .�%�� ���9�$����KPZLCJ]T JICTQ �N`]T
@�ENXaGKNJ @ APNH`ATQ �NGNEEFEFfGFR
@ B\AJ ��� � ������ ]]� ��� $�#� �� Kb U�&� � KNU`AKQ
�� �����������
�� �� ������ ��� � �
KUEGTUPNUT[ ECF]JCXF]PNU`!PTPJ UJN[ JABKUPNU`PTPJ PFRO
Kb GGTANUFRO EFGNPN]XFRO ]K[ KEFMK[ Q UF!]XFHFANUDO A JGGJHDO A� S� ]RHHCJLa!JQ Kb CXTAKfKN PF[ A Kb GGTAN]XF[ Xa]J ]K[Ke AJA U`]XF Fe EFR URCNJCMKNO Fb MCN]PNJ!AN]XF[ Q UJN[ CIMAKN AaFLDO Q ]PF[ A Re ]PKCFEJHJAN]X`� EFR[ ]RMAJ[ JAPNXKPDEIYK!PJN Db Q Kb PFNXFBZAJPFQ� KADO JAPIBKPJJEF_KNUAfKPJN JEC`]XKAJ BJGKC`Q�
S� Kb GGTAN]XF[ Q $Fe CFQ EFR[ EKCNGJX!WZAKN PT[ HGV]]J� PT[ A EJN_KIJ� PT[ XR!BFGFHIJ UJN[ PJ[ KNc _DGJ PDO A S�GG\ADA&]RAaWJGK PJ[ XaHN]PJ ]PT[ A KgaGNgT PFRO ECVNXFR MCN]PNJAN!]XFRO � �Nk MK KgJEGDBKNO ]PN[ Q MDO CKQ PTO Q JAJPFGNUTO Q K]FHKIFREFGGFR[ Q JNDO AKQ ECN[ A JAJHADCI]KN Fb �DA]PJAPIAFQ PF[ A MCN!]PNJAN]XF[ Db Q KEI]TXT BCT]UKIJ PTO Q CDXJiUTO Q _NFIUT]TQ� S�Kb GGTAN]XF[ Q WF\BT]K KEI]TQ PT[ _NZ_F]T UJN[ PT[ A KAI]MR]T PFRO
������� � �����������
���
EJHJAN]XFRO jUN JRPF[ Q Fb C`GFQ PFR _K[ A Kc MKN JU`XT XKGKPTBKNOFRc PK KUPNXTBKNO _K`APDQ� �Nb PFENUK[ Q EJCJ_`]KNQ PTO Q NUCJO Q@ ]IJQ� PTO Q NHfEPFR UJN[ PTO Q @�HHR[ Q @ AJPFGTO Q KENWID]JA]PN[ Q EKCN]]`PKCKQ EKCNEPV]KNQ KEKN_T[ WCTO UJA UFNAFR[ Q PC`!EFRQ Kc ULCJ]TQ XK[ PFR[ Q MCN]PNJAFfQ� S� Kb GGTAN]XF[ Q Tk PJA PF[Xa]F XK[ PF[ Fb EFNO F KENUFNADAFRO ]JA XKPJgf PFRQ FNb Re ]PKCFNEJHJAN]PK[ Q XK[ PN[ Q KAPKGDO Q _NJLFCKPNUK[ Q EJCJ_`]KNQ� SEF[PF[ ECI]XJPFRO Kb GGTAN]XFRO HIAKPJN Fb CJPF[ Q UJN[ UJPJAFTPF[ Q Fe GFQFb U`]XFQ PTO Q @ AJPFGTO Q UJPJ[ PT[ A Re ]PKCT @ CMJN`PTPJ� Fe EDQUJN[ Tb JGGTGKEI_CJ]T EJHJAN]XFRO UJN[ MCN]PNJAN]XFRO PT[ A KEF!MT[ KUKIAT� S� �N`AR]FQ UJN[ Fb �CN]PF[ Q WJ]IGKRJA XJYI�
S� �UGK[ A EZFRKC]FU $��( & KNk AJN UJBTHTPT[ Q @ CMJIJQ S�]PFCIJQ]PT[ �MFGT[ S�]PFCNUDO A�EFR_DO A $"��)�'� .#��,%�"4 ,��',) �& PFRO�CIA]PFA� h�MKN HCZmKN EFGGJ[ WNWGIJ UJN[ EZAD JEF[ �)� Jc CBCJ HNJ[PT[ A Nb ]PFCIJ UJN[ PF[ A EFGNPN]XF[ PTO Q JCMJIJQ S�GGZ_JQ� PTO Q �VXTQUJN[ PTO Q @�HHR[ Q @ AJPFGTO Q� UJBD[ Q UJN[ HNJ[ PT[ A UGJ]NUT[ EJCZ_F]T]PT[ ]fHMCFAT GFHFPKMAIJ� �F[ ���) JAJHFCKfPTUK KEIPNXFQ _N_Z!UPDC PFRO �JAKEN]PTXIFR @ BTADO A�
������� � �����������
���
������ ��������
�������I���� ��� � (�.�� *�((7��KPZLCJ]T S�GaATQ @ HHKGFXZPT!�]FRHUJCZUT
@�ENXaGKNJ @ APNH`ATQ �NGNEEFEFfGFR
@ B\AJ ��� � Wd Kc U_� ���'� ]]� )(( $�#� �� Kb U�&� �' J{X KNU`AKQ
�� ��������������� �����������
�� ���������������� ��� ������
� ��� ��� �������!
XJPJ PTO Q JCMJIJQ S�GGZ_JQ Tk !PJA EZAPJ UPTO XJ UFNA`� PXTO XJ
PTO Q EJHU`]XNJQ UGTCFAFXNJO Q� �J[ UJ!PZGFNEJ Fe XDQ PFRO Rb GNUFRO EFGNPN]XFROPTQ KNk MJA HNJ[ Fb G`UGTCFRQ JNDO AKQ MJ!BKNO JEF[ PT[ A KENLZAKNJ PTO Q HTO Q UJN[ PT[XA\XT PDO A JABCVEDA��F[ WNWGIF JRPF[KNk AJN L`CFQ PNXTO Q ]q KUKIAFRQ EFf� J!EF[ PJ[ PaGT PFRO K]JIDAJ� Jc AFNgJA PF[_C`XF ECF[ Q PT[ A S�GGZ_J UJN[ PT[ A Kc CKR!AJ PFRO UGJ]NUFRO EJCKGB`APFQ PTQ�h�_T ECN[ A JEF[ PT[ A n GD]T PTO Q
�DA]PJAPNAFfEFGTQ JEF[ PFR[ Q �FfC!UFRQ PF[ �#)(� XKCNUFN[ CNmFUIA_RAFN PJgN_NDO PKQ Jc CMN]JA AJ[UJPJLBZAFRA XK[ _NJLFCKPNUJ[ Fb UJBaAJQ UIATPCJ� JGGJ[ XK[UFNAF[ ]UFE`l AJ[ WCFRO A PJ[ GKImJAJ PDO A UGJ]NUDO A MC`ADA UJN[AJ[ JAJ]R]P\]FRA PF[ JCMJNO F XKHJGKNO F� �NJ]MIYFRA PT[ A S�GGZ!_J UJN[ PT[ NUCJ[ @ ]IJ� ]K[ KEFMK[ Q EFR[ Tb EKCN\HT]T KNk AJN Fc MN
������� � �����������
��
Jb EGDO Q _JEJATCT[ UJN[ UFENJ]PNUT[ JGGJ[ UJN[ PCFXKCJ[ KENUIA_R!AT� JAJYTPVAPJQ PJ[ KCKIENJ PDO A E`GKDA UJN[ PJ[ JEFXKNAZCNJPTO Q YDTO Q UJN[ PTO Q PaMATQ PDO A JCMJIDA S�GG\ADA� S��RCNJUF[ QFb @ HUDAIPTQ PJgN_KfKN HNJ[ AJ[ EGFRPI]KN PN[ Q HAV]KNQ PFR� S��YaNXQ �PNFfJCP UJN[ Fb �IUFGJQ �KWK[ P JAJGJXWZAFRA PT[ AECVPT KEN]PTXFANUT[ EKCNHCJLT[ PDO A UPNCIDA PTO Q JCMJIJQ@ B\AJQ� S� S�PJNCKIJ PDO A �PNGKPZAPN MCTXJPF_FPKNO JEF]PF!GK[ Q UJPJHCJLTO Q JCMNPKUPFANUDO A XATXKIDA� S��`C_FQ h�GHNAUJN[ Fb h�APFRJCAP �PZANKG �GJ[ CU _K[ A _N]PZYFRA AJ[ JEF]EZ!]FRA JEF[ PJ[ JCMJNO J XATXKNO J Fe �PN PFR[ Q JCa]KN� BKDCVAPJQ Fe PNPF[ JAJ]fCFRA JEF[ PT[ A JLZAKNJ� RPFUCJPFCIKQ ]RAJHDAIYFA!PJN EFNJ[ BJ[ JEFUP\]KN PJ[ HGREPJ[ PTO Q Nc HNAJQ UJN[ PDO A �J]!]DO A� S� JEF]PFGT[ PFRO @ WJO �FRCXF[ A JEFPRHMZAKN� EJCJ[ PN[ QEGJ]PFHCJLIKQ PFR� KADO PJ[ Fc AKNCJPFRO +CFXJAPNUFRO , @�CCIUFR�G\XJA HIAFAPJN ECJHXJPNU`PTPJ� n�GFRQ JRPFfQ� UJN[ EFG!GK[ Q Jc GGKQ ]RAJCEJ]PNUK[ Q ECF]DENU`PTPKQ� BJ[ PFR[ Q ]RAJAP\!]KN Fb JAJHAV]PTQ ]PN[ Q ]KGI_KQ JRPFRO PFRO WNWGIFR�
�JPJ[ PF[ A ��F JNVAJ EGaFA� FNb JCMJNF_ILKQ� FNb KCJ]NPaMAKQUJN[ FNb EJCZPFGXFN EKCNTHTPK[ Q _IAFRA ]NHJ[ ]NHJ[ PT[ Ba]T PFRQ]PFR[ Q JCMJNFG`HFRQ� FNb Fb EFNO FN XKPJX`CLD]JA PT[ XKGaPT PFROEJCKGB`APFQ JEF[ EKCNEaPKNJ PDO A UJGGNPKMADO A UJN[ PDO A _NJAF!FRXaADA ]K[ JUJ_TXJiUF[ UGZ_F�
S� �IP]JCAP �P`FRAXJA $��)�& ]EFf_J]K ]PT[ A @�gL`C_T UJN[ Kc UJAKPN[ Q Kc CKRAaQ PFR ]PT[ A Kb GGTANUT[ LNGFGFHIJ ]PJ[ �JAKEN]P\XNJ PTO Q@�gL`C_TQ UJN[ PTO Q �FGDAIJQ� �Nk AJN ]RHHCJLaJQ PDO A Kc CHDA���������� �����! "����� ��������� �� ������ #����� UJN[ � ������ �������� �� ���$�� �� �������
������� � �����������
���
��� ����� ������������
*A ;�=%������ ;����'.������ �> �- �%(%�����.� ��� � *�((7���
@ B\AJ ��� � ����'� ]]� ��� $�"� �# Kb U�&
�� ���������������
���������� � ���� ����������� ��!
_I]PCNJ ]PT[ A JEKGKRBaCD]T PTO Q S�GGZ_JQ UJN[ Rb EF]PT!CIMBTUK Db Q _N_JUPFCNUT[ _NJPCNWT[ PF[ ��)#� S� ]RABK!
PNUT[ JgIJPTO Q XKGaPTQ Kc HUKNPJN ]PN[ Q EFGGJEGK[ Q XJCPRCIKQ UJN[]PF[ A KRc ]PFMF UCNPNUF[ ]MFGNJ]X` PFRQ JEF[ PF[ A ]RHHCJLaJ��JCJ[ PT[ A EZCF_F ]JCZAPJ UJN[ EGaFA MC`ADA JEF[ PT[ ]RHHCJ!L\ PFR UJN[ PF[ EGTO BFQ PDO A _TXF]NKRXZPDA HNJ[ PT[ A ECF]DEN!U`PTPJ UJN[ PT[ _CZ]T PFRO �JEF_I]PCNJ EFR[ XK]FGZWT]JA� PF[Kc CHF PFR EJCJXaAKN Kc HURCF� KADO PJ[ EFGNPNUJ[ XTAfXJPJ _K[ AEJfFRA UJN[ ]\XKCJ AJ[ KNk AJN KEIUJNCJ� �PF[ @�EIXKPCF PFROP`XFR EJCJPIBKAPJN UKLZGJNJ JEF[ PF[ Kc CHF *? *�((�� � %- ��;����'.��� $��)"& PFRO Nc _NFR ]RHHCJLaJ� EFR[ JAJGfFRA PT[ AEFGNPNUT[ PFRO XKHZGFR Jc A_CJ HNJ[ PT[ A FCHZAD]T PDO A UCJPNUDO ARb ETCK]NDO A UJN[ PDO A KU_TGV]KDA PFRO _TXF]IFR WIFR�
S� Nb ]PFCNUF[ Q @ GagJA_CFQ �K]EFP`EFRGFQ $���(%���#& HKAA\BTUK]PT[ �XfCAT UJN[ ]EFf_J]K ]PF[ �JAKEN]P\XNF @ BTADO A $�FXNUT[ UJN[�NGF]FLNUT[ �MFG\&� h�HNAK _N_ZUPDC PTO Q �NGF]FLNUTO Q �MFGTO Q PF[��)# UJN[ UJBTHTPT[ Q PTO Q �FGNPNUTO Q S�]PFCIJQ PTO Q �KDPaCJQ S�GGZ!_FQ ]PF[ �ZAPKNF �JAKEN]P\XNF @ BTADO A PF[ ��"��
������� � �����������
���
����� ���������
��� 9����� ��� � <%�6'���
@ B\AJ ���"� (��� � ]]� �)( $�#� �� Kb U�&� #� Kc HMCDXKQ UJN[ )) J{X KNU`AKQ
�� �����������
.����� ����� �� ��� � � ��� ��� � ����!
UDO A PZLDA UJN[ EaAPK MC`ANJ JEF[ PF[ A BZAJPF PFRO XK!HZGFR JCMJNFG`HFR� PF[ FCLDPNUF[ h�_CRXJ @�BANUTO Q
�CJEaYTQ Kga_D]K PF[ g����� ��� � <%�6'��� PFRO JA`GT@ A_C`ANUFR�
�PF[ WNWGIF JRPF[ Fb @ A_C`ANUFQ ]RAPJNCNZYKN Jb CXFANUJ[ PT[HFTPKIJ UJN[ PT[ HGJLRC`PTPJ PTO Q JL\HT]TQ XK[ PT[ A KEN]PTXF!ANUT[ KHURC`PTPJ� HNJ[ AJ[ EKCNHCZmKN PT[ A EKCNEaPKNJ PTO Q JAJ!]UJLTO Q� �K[ A EC`UKNPJN HNJ[ Tb XKCFG`HNF JGGJ[ HNJ[ MCFANU`l PT[ AUJPJHCJLT[ JEF[ XA\XTQ UJN[ KU PDO A Rb ]PaCDA XNJO Q JAJ]UJLTO QEFR[ UCZPT]K KNc UF]N EaAPK MC`ANJ�
@ EF[ PN[ Q JAJ]UJLK[ Q PDO A LFNPTPNUDO A PFR MC`ADA ]PT[ �KC!HIAJ� _IEGJ ]PF[ A _Z]UJG` PFR �DA]PJAPIAF �DXJNO F� Do Q PT[ AJEFUZGRmT PFRO WJ]NGNUFRO PZLFR PFRO �NGIEEFR XK[ PJ[ XFAJ!_NUJ[ KRb C\XJPJ� UJBD[ Q UJN[ PFRO PZLFR PFRO �CIHUNEJ XK[ PJ[J]TXaANJ UPKCI]XJPJ� Fb @ A_C`ANUFQ KgN]PFCKNO PF[ Fb _FNEFCNUF[PTO Q JAJY\PT]TQ� FNCZYKPJN PN[ Q KEN]PTXFANUaQ PFR JE`mKNQ�PFR[ Q L`WFRQ UJN[ PN[ Q KGEI_KQ PFR XK[ PFR[ Q ]RAKCHZPKQ PFR� S�MDO CFQ PTO Q JAJ]UJLTO Q KAJGGZ]]KPJN XK[ PF[ UJLKAKNO F PFRO XN!
������� � �����������
���
UCFRO XJUK_FANUFRO MDCNFRO UJN[ PF[ XNUC` PFR _DXZPNF EFR[ XFN!CJY`PJA XK[ PT[ ]fAPCFLF PTO Q YDTO Q PFR� �Nb ]RAKCHZPKQ PFRjJCMJNFG`HFN� KCHZPKQ JGGJ[ UJN[ UZPFNUFN PTO Q EKCNFMTO Qj]RXXKPaMFRA ]PT[ A KEN]PTXFANUT[ EKCNEaPKNJ� PF[ X`MBF� PN[ QECF]_FUIKQ� PN[ Q JEFHFTPKf]KNQ� JGGJ[ KNk AJN UJN[ FNb ECDO PFNXZCPRCKQ PDO A BJRXJ]PDO A JAJUJGfmKDA�
S� JA`GTQ @ A_C`ANUFQ $����!����& HKAA\BTUK ]PT[ A �CFf]J JGGJ[XKHZGD]K ]PT[ �K]]JGFAIUT� S� HKCXJANUT[ UJPFMT[ PF[ A WCTO UK UJ!BTHTPT[ HRXAJ]IFR ]PT[ �CZUT� JEq Fe EFR _NaLRHK ]PT[ a]T @ AJPF!GT[ HNJ[ AJ[ EFGKX\]KN� �F[ ��)� JAJUTCfMPTUK _N_ZUPFCJQ PFRO �JAK!EN]PTXIFR�K]]JGFAIUTQ� �RAaMN]K PN[ Q ]EFR_aQ PFR ]PT[ A @�gL`C_TUJN[ PF[ �� # KgKGaHT PJUPNUF[ Q UJBTHTPT[ Q @ CMJNFGFHIJQ� @ EF[ PN[ QECDO PKQ PFR Kc CKRAKQ PF[ ��)� ]PT[ KHZGT �FfXEJ EI]PKmK JUCZ!_JAPJ Fe PN Tb �KCHIAJPJRPNY`PJAXK[ PN[ Q JCMJNO KQ NHaQ��CZHXJPN� PF[��"" Kc LKCK ]PF[ LDO Q PFR[ Q _fF ECVPFRQ WJ]NGNUFR[ Q PZLFRQ XK[ PJ[EFGfPNXJ UPKCI]XJPZ PFRQ� SETO CgK XaGFQ EFGGDO A KEN]PTXFANUDO AUJN[ EAKRXJPNUDO A Nb _CRXZPDA� KgKGaHT JUJ_TXJiUF[ Q UJN[ PNX\BTUKHNJ[ PT[ A ECF]LFCZ PFR JEF[ PF[ n�_CRXJ @�AZ]T�
������� � �����������
���
������ ����$���� �� %- ��.��� �.��� _%$�%�� *�((7��
�N]JHDHT[ { @�ENXaGKNJ �ZAFR �KCaXT
�KIXKAJ �ZAFR �KCaXT� �J]MZGT �NPCFXTGI_T�@�DZAAT �FGN`EFRGFR� �RZHHKGFR �DLFRO �
@ GagJA_CFR �NPCFK[ L
KPZLCJ]T �NZAAT �PKLJAI_T
@ B\AJ ���"� #����� ]]� ((' $�#� �� Kb U�&
�� ���������������
�� �������� �� ���� � ���� ����� ��
ECVPT LFCJ[ Db Q KN_NUF[ JLNaCDXJ PFRO "�������������%�������� $�'� JC� �� @ ECIGNFQ ��'�& UJN[ UJP`ENA Db Q
Kc U_F]T PFRO S�GGTANUFRO S�_CfXJPFQ �RCDEJiUTO Q UJN[ @�gDPK!CNUTO Q �FGNPNUTO Q $��� ��� ����& XK[ PIPGF ��&��� ������!'��������� ��& '���������� UJN[ KENXaGKNJ ����)" +)";�#�"UJN[ �ZAFR �KCaXT� S� Kb GGTANU\ PFR Kc U_F]T Fe XDQ KNk AJN EG\!CDQ JAJAKDXaAT� JLFRO Tb KN]JHDH\� PF[ ECDO PF UKLZGJNF UJN[ PF[UKLZGJNF HNJ[ PT[ ]fHMCFAT Kb GGTANUT[ Nb ]PFCNFHCJLIJ gJAJHCZ!LPTUJA� KADO PJ[ Rb E`GFNEJ KATXKCVBTUJA�
S� UJPZCCKR]T PFRO Rb EJCUPFRO ]F]NJGN]XFRO ]PT[ A @ AJPFGN!UT[ �RCVET UJN[ Tb KEN]PCFLT[ PFRO KBANUN]PNUFRO LJNAFXaAFR ]PT[AFPNFJAJPFGNUT[ EKCNFMT[ PTO Q �TCJNJO Q @�EKICFR UZAFRA PF[ AP`XF JRPF[ A JEJCJIPTPF WF\BTXJ HNJ[ PF[ A XKGKPTPT[ PTO Q ]fH!MCFATQ Nb ]PFCIJQ�
������� � �����������
���
S� �ZAFQ �KCaXTQ KNk AJN Fb X`PNXFQ UJBTHTPT[ Q PFRO �JAKEN]PTXIFR@ BTADO A $WG� UJN[ ]� ##�&� � S� �J]MZGTQ � �NPCFXTGI_TQ KNk AJNUJBTHTPT[ Q�FGNPNUTO Q @�EN]P\XTQ ]PF[ �JAKEN]P\XNF @ BTADO A $WG�UJN[ ]� ���&�� S� @�DZAATQ �� �FGN`EFRGFQ KNk AJN Fb X`PNXFQ UJBTHT!PT[ Q PFRO �JAKEN]PTXIFR �K]]JGFAIUTQ� � S� �RZHHKGFQ �DLF[ QKNk AJN WJGUJANFG`HFQ� XaGFQ PFRO ��� ��� � S� @ GagJA_CFQ �N!PCFK[ L KNk AJN UJBTHTPT[ Q S�]PFCIJQ ]PF[ �FGaHNF �ZWKCLFCAP PTO Q�KA]RGWJAIJQ�
������� � �����������
���
�� ��������� �� ���� ����!���������� ���� �
;��7(�6�� 6(����� ����� ���9��(�6��� ���.%'�� E%..�(��'��
�K]]JGFAIUT ���"� ]]� #�" $��� (� Kb U�&� ("# J{X KNU`AKQ
�� �����������
@ HHGNUT[ Kc U_F]T �� ������������
��� �� �������� ����� ���� ������� �!
GZ]]FAPJN HGREPJ[ JEF[ PT[ JUK_FAIJ UJN[ PT[ �CZUTPJ[ Fb EFNO J WCaBTUJA PRMJNO J Tp ]K[ JAJ]UJLaQ� S�CN]XaAJ
Fe XDQ ECFaCMFAPJN UN JEF[ Jc GGKQ EKCNFMaQ� JLFRO JATO UJA ]K[N_NDPNUK[ Q ]RGGFHK[ Q EFR[ _DCI]PTUJA Tp UJPJ]MaBTUJA�
�NJ[ PF[ A P`XF JRPF[ A LDPFHCJL\BTUJA �#' HGREPJ[ EFR[ KNk !AJN Tc _T ]PTXaAJ ]PN[ Q JNc BFR]KQ PTO Q Kc UBK]TQ� �ZBK EKCIFEPFKc CHF Kc MKN LDPFHCJLTBKNO UJN[ JEF[ PN[ Q Pa]]KCNQEGKRCaQ PFR� S�UJPZ]PJ]T ]PT[ A Fb EFIJ WCaBTUJA PJ[ HGREPZ� UJBD[ Q UJN[ PJ[PKMANUZ PFRQ MJCJUPTCN]PNUZ� EKCNHCZLFAPJN KA KUPZ]KN� KADOTb PREFGFHIJ� Tb MCFAFG`HT]T UJN[ Tb Kb CXTAKIJ KA ]RAPFXIJ�
@�EKN_T[ EFGGJ[ Kc CHJ UJPJHCZLPTUJA KU PDO A Rb ]PaCDA� TbECFaGKR]T UJN[ Fb MC`AFQ KRe CK]TQ EFR[ JAJLaCFAPJN ]PF[ ECD!P`PREF KRb CKP\CNF PFRO FR]KIFR JAPNXKPDEI]PTUJA XK[ XKHZ!GT ECF]FM\� UJN[ ]PT[ WNWGNFHCJLIJ UJPJMDCIYFAPJN Fe GKQ FNb_TXF]NKf]KNQ EFR[ JAJLaCFRA UZEFNF JEF[ JRPZ�
S� �KVCHNFQ �K]EIATQ KNk AJN Fb X`PNXFQ UJBTHTPT[ Q �GJ]NUTO Q @ C!MJNFGFHIJQ PFRO �JAKEN]PTXIFR �K]]JGFAIUTQ� XaGFQ PTO Q @ UJ_T!
������� � �����������
���
XIJQ PDO A y<?=v<� PFRO �KCXJANUFRO @ CMJNFGFHNUFRO @�A]PNPFfPFR PFRO�KCFGIAFR UJN[ PTO Q @ CMJNFGFHNUTO Q @�PJNCKIJQ PTO Q @ B\AJQ� KN_NUF[ Q]PT[ A JCMJIJ HGREPNUT[ UJN[ JCMNPKUPFANU\� N_NJIPKCJ PTO Q UGJ]NUTO QUJN[ Kb GGTAN]PNUTO Q EKCN`_FR� h�MKN _TXF]NKf]KN XKGaPKQ UJN[ Jc CBCJ]K[ Kb GGTANUJ[ UJN[ gaAJ EKCNF_NUZ� � S� �KF_F]IJ �PKLJAI_FR!�N!WKCIFR KNk AJN UJBTH\PCNJ �GJ]NUTO Q @ CMJNFGFHIJQ PFRO �JAKEN]PT!XIFR �K]]JGFAIUTQ� XaGFQ PFRO �KCXJANUFRO @ CMJNFGFHNUFRO @�A]PN!PFfPFR PFRO �KCFGIAFR UJN[ PTO Q @ CMJNFGFHNUTO Q S�PJNCKIJQ PTO Q @ B\!AJQ� KN_NUT[ ]PT[ A JCMJIJ HGREPNU\� URCIDQ PTO Q CDXJiUTO Q JRPFUCJ!PFCNUTO Q EKCN`_FR� UJN[ PT[ A JCMNPKUPFANUT[ � h�MKN _TXF]NKf]KN XKGa!PKQ UJN[ Jc CBCJ ]K[ Kb GGTANUJ[ UJN[ gaAJ EKCNF_NUZ� � S� @�XXJAFRT[ G�FRPRCJ[ Q KNk AJN UJBTHTPT[ Q �GJ]NUTO Q @ CMJNFGFHIJQ PFRO �JAKEN!]PTXIFR �K]]JGFAIUTQ� XaGFQ PFRO �KCXJANUFRO @ CMJNFGFHNUFRO @�A!]PNPFfPFR PFRO �KCFGIAFR� PTO Q @ CMJNFGFHNUTO Q S�PJNCKIJQ PTO Q @ B\!AJQ UJN[ PTO Q �>=<v9: �>z 9�v 4z>�>9<>? >� 5vwwv?<= �9��<vx PFRO �FA_I!AFR� KN_NUF[ Q ]PT[ A JCMJIJHGREPNUT[ UJN[ KENHCJLNU\� h�MKN _TXF]NKf!]KN XKGaPKQ UJN[ Jc CBCJ ]K[ Kb GGTANUJ[ UJN[ gaAJ EKCNF_NUZ�
������� � �����������
���
������ � � ������� ���
*? ���� �� �> �7����� ���� &��.��+�� `(����� ��KPZLCJ]T @ BTAJO Q �FRHNFfUJ
@ B\AJ ���'� ]]� #�# $�#� �� Kb U�&� )� J{X KNU`AKQ UJN[ � MZCPTQ
�� �����������
���������������� ����������� ����!
EFGFHIJ� Rb EF[ PT[ A ]UNJ[ A KENLJAFRO Q EJPC`Q� KL\XKCFQUJBTHTPT[ Q ]PF[ �FGaHNF PTO Q �JGGIJQ� XJM`XKAFQ _T!
XF]NFHCZLFQ ]PF[ �JCI]N� PN[ Q �CRgaGGKQ� PT[ A �DA]PJAPNAFf!EFGT� PT[ A @ B\AJ UJN[ PT[ �KZEFGT� KBKGFAPT[ Q ]PT[ A KEJAZ]PJ!]T PTO Q �C\PTQ UJN[ KUGKHXaAFQ �GTCKgFf]NFQ PFRO �CTPNUFRO�JFRO � UJPJYTPFfXKAFQ ]PT[ �JGGIJ� PT[ A �FRCUIJ� PT[ A S�GGZ!_J UJN[ PT[ A @�PJGIJ KgJNPIJQ PTO Q JAJPCKEPNUTO Q PFR _CZ]TQ�_NFNUTPT[ Q PZHXJPFQ UJPJ[ PT[ _NZCUKNJ PTO Q EFGNFCUIJQ PFRO�JCN]NFRO � ]PCJPTHF[ Q UJN[ KUGKHXaAF XaGFQ PTO Q �JCN]NATO Q�FXFfAJQ� Fb �FR]PJRO FQ �GFRCJ[ AQ Kc YT]K� ]PJ[ PCNZAPJ PCIJMC`ANJ PTO Q Re EJCg\Q PFR $�'('!�'"�&� XNJ[ YDT[ EFGRPZCJMT��TG`Q� KRUIATPFQ UJN[ JCN]PFUCJPNU`Q� XK[ PJ[ gJABJ[ XJGGNJ[ AJ[EGJN]NVAFRA Ke AJ KRCR[ XaPDEF� PJ[ HJGZYNJ XZPNJ EZAPJ YD!TCJ[ UN JA\]RMJ� PJ[ GKEPJ[ MKIGT XK[ PF[ N_N`CCRBXF� KGJLCDO QKNCDANUF[ MJX`HKGF UJN[ PT[ A ERUAT[ HKAKNZ_J XFAIXDQ JAJUJ!PKXaAT� APRXaAFQXK[ PT[ XJUCNJ[ XJfCT CK_NHU`PJPFR� PT[ ]PFGT[PTO Q HJGGNUTO Q KBAFLCFRCJO Q Tp PT[ LFCK]NJ[ PFRO UCTPNUFRO EFGK!XN]PTO � Kc EJNCAK PF[ G`HF XK[ PT[ A Nc _NJ KRMaCKNJ ]PJ[ EJAKEN]PT!
������� � �����������
��
XNJUJ[ JXLNBaJPCJ� ]PN[ Q KEJAJ]PJPNUK[ Q ]RAKGKf]KNQ UJN[ ]PN[ QGJiUaQ ]RHUKAPCV]KNQ� ]RAaPJ]]K XK[ PT[ A ERCKPV_T HCJLI_JPFR BRKGGV_T� GNPJ[ UJN[ UJR]PNUJ[ Jc CBCJ� Fc CHDAK JUFfCJ]PJXK[ PN[ Q WJCNaQ PFR XE`PKQ PJ[ MNFAN]XaAJ WFRAZ� Re mDAK Fb _F!LCZHXJPJ MDCN[ Q KGEI_J ]PJ[ EJCN]NAJ[ WFRGKWZCPJ� KN]aWJG!GK JEC`]UGTPFQ ]K[ WJ]NGNUJ[ JAZUPFCJ� XFAFXJMFRO ]K EKN!]XJPNUJ[ XK[ PFR[ Q JAPNEZGFRQ PFR ]K[ JEFXFADXaAJ gaLDPJUJN[ Fb _THFRO ]K XK[ P`GXT PFR[ Q Jc A_CKQ PFR ]PF[ EK_IF PTO Q XZMTQ��f]T JA\]RMT� LGFHKCT[ UJN[ KABFR]NV_TQ� PFGXTCF[ Q XaMCNQJEKCN]UKmIJQ� N_NFLRT[ Q UJN[ +GIHF PCKG`Q,� JGTBNAF[ Q EKCNEGJ!AVXKAFQ Nb EE`PTQ PTO Q KEJAZ]PJ]TQ� EJBNJ]XaAFQ KCJ]PT[ QPDO A XKHJG`EAFDA KHMKNCTXZPDA UJN[ JUFfCJ]PFQ URATHF[ QPDO A Tb CDNUDO A EKCNEKPKNDO A� KA]JCUVAKN N_JANUJ[ PF[ A CFXJAPNUF[KEJAJ]PZPT PFRO ��FR JNVAJ�
S��KDAI_JQ�JGGNWCKPZUTQ HKAA\BTUK ]PJ[ �JANJ[ PF[ ��)(��F[ ��""JEFLFIPT]K JEF[ PF[ S�]PFCNUF[ UJN[ @ CMJNFGFHNUF[ �XTO XJ PFRO �JAK!EN]PTXIFR @ BTADO A UJN[ PF[ ��'( Rb EF]P\CNgK ]PT[ �FCW`AAT PT[ _N!_JUPFCNU\ PFR _NJPCNWT[ XK[ PIPGF ����$� (������ )*+,+-*+.*/ �� �����0��� @ EF[ PF[ ��'' KCHZYKPJN Db Q KCKRATPT[ Q ]PF[ @�BANUF[ n�_CRXJ@�CKRADO A� �PF[ _NZ]PTXJ JRPF[ Kc MKN _TXF]NKf]KN WNWGIJ UJN[ Jc CBCJHNJ[ PT[ A EFGNPNU\� UFNADANUT[ UJN[ FNUFAFXNUT[ Nb ]PFCIJPFRO ��FR UJN[ PFRO��FRO JNVAJ�
������� � �����������
��
������� ��� ���� �
����� ���%.��� � ���� ��.���� .��� � �����7.��.�
@ B\AJ ���'� ]]� �)( $�#� �� Kb U�&� �� J{X KNU`AKQ UJN[ � MZCPKQ
�� �����������
� � �������������� $��
JAPI]PCFLJ �ERCI_DA @ AJ!HAV]PTQ& �FEJAIPYJQ $�"))!
�'(�& UJN[ FNb EC`HFAFI PFR� UJPJ[ PF[ A�'F JNVAJ� KNk MJA Db Q WZ]T PTO Q YDTO QUJN[ PTO Q _CZ]TQ PFRQ PF[ A R]PCJ[ UJI�GIHJ MNGN`XKPCJ WFCKNFJAJPFGNUZ� PT[�FC_VANJ��fCD JEF[ JRPF[ A PF[ A Jc gFAJJb EGDA`PJA Tb ]TXJAPNUT[ jECN[ A JEF[PF[ �'��j UPTXJPNUT[ EKCNFR]IJ PTO QFNUFHaAKNJQ�
S� PCN]aHHFA`Q PFR �TX\PCTQ �F!EJAIP]JQ ]RHUaAPCD]K ]PFNMKNO J JEF[FNUFHKAKNJUJ[ JCMKNO J� ECFLFCNUK[ Q EJ!CJ_`]KNQ UJN[ JLTH\]KNQ S�GG\ADA UJN[ gaADA FNb Fb EFNO FN WID]JAPJ[ HKHFA`PJ KUKIATQ PTO Q PJCJHXaATQ KEFMTO Q� S� YDT[ PFROECFK]PFRO @ AJHAV]PT �FEJAIPYJ ]RXEIEPKN XK[ PT[ XKPZWJ!]T JEF[ PT[ ]MK_F[ A LKFR_JCMNUT[ UFNADAIJ PFRO �'FR JNVAJ ]PT[ AJEF_KUJPN]XaAT JGGJ[ KGKfBKCT S�GGZ_J PFRO ��FR JNVAJ�
������� � �����������
��
���� �������
*? %- 5�(5� ���� �%.������ $.���;����'�� ���=����.� �� .�B�
.��� � ��- �I��� h" 1"n!!
KPZLCJ]T JCNZAAJQ �YNJAPYTO
@ B\AJ ����� ����� ]]� " ( $�"� �# Kb U�&� �( MZCPKQ
�� ���������������
������������������ ��!
PKGa]KN KEIPFXT UJN[ ]RAZXJEKCNKUPNUT[ KEN]U`ET]T PTO Q
XK]JNDANUTO Q �RCVETQ� S�Q MJCJUPT!CN]PNUF[ PTO Q MNGNKPFRO Q JRPTO Q Nb ]PFCN!UTO Q EKCN`_FRECFWZGGKPJN Tb KgKGNUPN!UT[ ]RAaMKNJ� KXLJAT[ Q JU`XJ UJN[ ]PN[ QKEFMK[ Q UCI]TQ UJN[ JAJ_NJPZgKDA�
S� XK]JNDANUT[ �f]T $�JGGIJ�@ HHGIJ��KCXJAIJ� @�PJGIJ� @�]EJAIJ&URCNJCMKNO � Fe EDQ KNk AJNLR]NU`� ]PT[ ]R!AFGNUT[ KNU`AJ� MDCN[ Q Fe XDQ AJ[ GKIEFRAUJN[ KUPKAKNO Q Kb A`PTPKQ HNJ[ PF[ �RYZA!PNF UJN[ PF[ @�]GZX� PFR[ Q N]MRCFR[ Q HKI!PFAKQ EFR[ Jc ]UT]JA ]TXJAPNUT[ KENCCFT[ ]PT[ A KgaGNg\ PTQ�
S�]RHHCJLaJQ KgKPZYKNP`]F PN[ Q EFGNPNUK[ Q N_aKQ Fe ]F UJN[ PT[_TX`]NJ _NFIUT]T UJN[ PFR[ Q XTMJAN]XFR[ Q _NJURWaCAT]TQ ]PT[_RPNUT[ �RCVET� S�]PNZYKN KEI]TQ PF[ KA_NJLaCFA PFR ]PT[ AUF]XNUT[ YDT[ UJN[ PF[ A GJiUF[ EFGNPN]X`� ]PT[ A KUEJI_KR]T UJN[
������� � �����������
��
PT[ A KLJCXFH\ PTQ ]PFR[ Q MVCFRQ KCHJ]IJQ� ]PN[ Q GJiUK[ Q XFCLK[ QGJPCKIJQ� ]PT[ A Nb ]PFCIJ PDO A HRAJNUDO A� PTO Q EJN_NUTO Q Tb GNUIJQUJN[ PTO Q FNUFHaAKNJQ�
S� �PaNWNAP �IUFGJQ KNk AJN UJBTHTPT[ Q PTO Q S�]PFCIJQ UJN[ EC`K_CFQPFRO �X\XJPFQ S�]PFCIJQ ]PF[ �JAKEN]P\XNF �GaX]FA PTO Q �`PNJQ�JCFGIAJQ�
������� � �����������
��
�������� ��������
* .���'� ��� � ���9�'�� *�((7���KPZLCJ]T @ LCF_IPTQ �JXZCJ {�CN]PIAJQ �FUUNANJO
@ B\AJ ����� Hd Kc U_� ��� � JAJP� ���"� ]]� (#� $�#� �� Kb U�&� # MZCPKQ
�� ���������������� �����������
�� ���������� ��� ������
�� ������ ��� �� � ��!
]NZYKN PT[ A JCMJIJ Kb GGTANUT[ Nb !]PFCIJ JEF[ PJ[ UCTPFXRUTAJi!
UJ[ MC`ANJ Ke DQ UJN[ PT[ A KEFMT[ PFRO �N!GIEEFR�d PTO QJUK_FAIJQ� KXLJAIYKNN_NZYFR]J_NZPJgT PTO Q Re GTQ� Fe EDQUJN[Fe GFN FNb P`XFN PTO Q Nc _NJQ ]KNCJO Q� �PF[ECDO PF XaCFQ UJPJHCZLKPJN Tb KNU`AJPTO Q EKCN`_FR XK[ WZ]T PN[ Q JCMJNO KQ ET!HK[ Q UJN[ PJ[ ]RXEKCZ]XJPJ PTO Q AK`PK!CTQ Nb ]PFCNUTO Q Kc CKRAJQ� �PF[ _KfPKCFXaCFQ EJCaMKPJN Tb Nb ]PFCNFHCJLNUT[ J!AZGR]T JRPDO A PDO A KCKRADO A UJN[ PFRO]RAKMNY`XKAFR KEN]PTXFANUFRO _NJG`!HFR XK[ PN[ Q KENXaCFRQ Ba]KNQ UJN[ JAPNBa]KNQ PFR� �F[ PCIPFXaCFQ JEFPKGKNO ]R]PTXJPNUF[ UJPZGFHF� UJPq JRc gFAPJ JCNBX`�PTO Q ]TXJAPNU`PKCTQ _NKBAFRO Q WNWGNFHCJLIJQ HNJ[ PJ[ Nc _NJ Ba!XJPJ� K[ JRPF[ A PF[ A PC`EF _IAKPJN JCMNUJ[ Tb EJCJ_F]NJUT[Nb ]PFCNUT[ JL\HT]T� JUFGFRBKNO XNJ[ +gKAZHT]T ]PF[ KCHJ]P\CNF
������� � �����������
��
PFRO Nb ]PFCNUFRO ,� Fe EFR Fe GJ ]RYTPFRO APJN� UJI� PaGFQ� Tb ]R]PT!XJPNUT[ WNWGNFHCJLNUT[ JAJHCJLT[ XK[ PJ[ KRb CKP\CNJ _NKRUFGf!AFRA PT[ A EC`]WJ]T UJN[ ]RAPFAIYFRA PT[ GKNPFRCHIJ PDO A _fFECVPDA XKCDO A�
S��`GLHUJAHU�FRO GGKCHKAA\BTUK]PF[ �KCFGIAF PF[ ��()��EFf_J]K�FXNUZ� �GJ]NUT[ �NGFGFHIJ UJN[ S�]PFCIJ ]PJ[ EJAKEN]P\XNJ PFRO@ XWFfCHFR UJN[ PFRO �KCFGIAFR� @ EF[ PF[ ��" KNk AJN UJBTHTPT[ Q PTO Q@ CMJIJQ S�]PFCIJQ ]PF[ �JAKEN]P\XNF PTO Q �DA]PJAPIJQ� �PF[ KEI!UKAPCF PDO A KCKRADO A PFR WCI]UFAPJN N_NJNPaCDQ Tb UGJ]NUT[ @ B\AJ� TbUFNADANUT[ Ba]T PDO A HRAJNUDO A ]PF[ A JCMJNO F Kb GGTANUF[ UJN[ PF[ A CDXJiUF[U`]XF� UJBD[ Q UJN[ ECFWG\XJPJ _NFIUT]TQ PTO Q Re ]PKCTQ �DXJiUTO Q RPFUCJPFCIJQ�
������� � �����������
��
� �� � ���� ���
#$(������ �+��� �- �9�'�� %> ((����� �7����
KPZLCJ]T �TX\PCT �FUUVAT
@ B\AJ ����� ����"� ]]� # � $�"� �# Kb U�&
�� ���������������
���������������������������� ������ !
LaJQ ECF]KHHIYKN ]PF[ ECDO PF XaCFQ PF[ A Fb CN]XF[ PTO Q�$(%�� JEF[ PF[ ���� Do Q PF[ ((� E���� UJN[ ]PF[ _KfPKCF
XaCFQ PT[ A ECFaGKR]\ PTQ� S� HaAK]T� Fb MC`AFQ UJN[ Fb MDO CFQ_NJX`CLD]\Q PTQ� PJ[ JNcPNJ� FNb ECFsEFBa]KNQ UJN[ FNb ]RABTO UKQ_TXNFRCHIJQ PDO A UCJPDO A PfEFR �$(%�� EFR[ ECFaURmJA JEF[KgaGNgT ECFHKAa]PKCDA XFCLDO A UFNADANUTO Q FCHZAD]TQ� KNcPKJEF[ EFGNPNUT[ WFfGT]T KNcPK JEF[ KgDHKAKNO Q EJCZHFAPKQ $Fe EDQFNb XKPJAZ]PKQ UZBK KNc _FRQ&� KNk AJN Fb CN]XaAJ JEF[ PJ[ YTP\XJPJEFR[ JAJGfFAPJN _NKgF_NUZ� @�gKPZYKPJN PaGFQ Tb _TXNFRCHIJ]RAFXF]EFA_NDO A� JGGJ[ UJN[ Tb JE`]MN]T �$(%�� JEF[ JRPaQ� �NbgaAKQ KEKXWZ]KNQ� Tb HKDHCJLNUT[ UJPZPXT]T� Tb Kc GGKNmT KEN!UFNADANDO A UJN[ Tb JAZEPRgT PFENUDO A _NUPfDAHfCD JEF[ JCUKPJ[ECDPFJ]PNUJ[ UaAPCJ� EFR[ PF[ UJBaAJ JUFGFfBT]K PT[ _NU\ PFREFGNPNUT[ ]PT[ WNFPKMAIJ� PF[ KXE`CNF� PN[ Q _NKBAKNO Q ]Ma]KNQ UJN[PN[ Q K]DPKCNUK[ Q Rb EFBa]KNQ� KNk AJN XKCNUK[ Q JEF[ PN[ Q JNPIKQ EFR[Fb _\HT]JA ]PT[ _NZGR]T PDO A ]RAFXF]EFA_NDO A JRPDO A�
�K[ PKGKRPJIJ JAZGR]T� Fe EDQ KEN]TXJIAKN Fb ]RHHCJLaJQ�EI]D JEF[ UZBK UFNA`PTPJ �$(%�� Rb ETO CMK Ke AJ %@ ����� JGGJ[ ]K[
������� � �����������
��
UJXIJ EKCIEPD]T Ke AJ Kc BAFQ _K[ A _TXNFfCHT]K UCZPFQ PfEFR�$(%��� KPJgf PFRQ Rb EZCMFRA UZEFNJ KA_NZXK]J ]PZ_NJ�MDCN[ Q JRPF[ AJ[ KXEF_I]KNPT[ A UFNA`PTPJ�$(%�� AJ[ _NJPTC\]KNHADCI]XJPJ %@ ������
S� JUJ_TXJiUF[ Q NMJT[ G �� �JUKGGJCIFR KNk AJN Fb X`PNXFQ UJBTHTPT[ Q@ CMJIJQ S�]PFCIJQ PFRO �JAKEN]PTXIFR �K]]JGFAIUTQ� n�_CR]K UJN[_NTfBRAK PF[ �aAPCF S�GGTANUTO Q UJN[ �DXJiUTO Q @ CMJN`PTPJQ ]PF[@�BANUF[ n�_CRXJ @�CKRADO A� �Nk AJN XaGFQ Nb _CRXZPDA UJN[ KEN]PTXFAN!UDO A Kb PJNCKNDO A ]PT[ A S�GGZ_J UJN[ ]PF[ KgDPKCNU`�
������� � �����������
��
�����5�� �� *������
*? 6����.� ��� � �- �9�'�� %> ((���� � �$(��KPZLCJ]T �Z]FR �RCNJY`EFRGFR
@ B\AJ ����� ����"� ]]� (#� $�#� �� Kb U�&� ( MZCPKQ
�� ����������������
������ ������ �� ��!
WGIFR PFRO �CJA]FRJ[ APK[ �F!GNANJ[ U PF[ ��'# JEFPaGK]K
]PJBXF[ ]PT[ A JAZGR]T PDO A UJPJWFGDO AJRPTO Q PTO Q N_NJIPKCTQ XFCLTO Q UFNADAN!UTO Q UJN[ EFGNPNUTO Q FCHZAD]TQ EFR[ Rb !ETO CgK Tb JCMJIJ Kb GGTANUT[ �$(�� a!MCN P`PK� Tb HaAK]\ PTQ ]RA_K`PJA� N!_IDQ ]PT[ HJGGNUT[ Nb ]PFCNFHCJLIJ� XK[PT[ A JAZEPRgT EFGNPNUDO A BK]XDO A FNbFb EFNO FN JAPNUJBN]PFRO ]JA Jc GGKQ _FXaQ�WJ]N]XaAKQ ]PT[ A UJPJHDHT[ UJN[ PT[]RHHaAKNJ� S��FGNANJ[ U _K[ A ECF]REF!HCZLKN JRPT[ PT[ A Jc EFmT UJN[ ECF]LKf!HKN ]PT[ A JCMJNFGFHIJ HNJ[ AJ[ MKNCJLKPTBKNO JEF[ PN[ Q EFGGJEGK[ QJAJHAV]KNQ PDO A ETHDO A� h�P]N� UJPJ_KNUAfKN E`]T ]TXJ]IJKc MFRA HNJ[ PF[ A Fb CN]XF[ PFRO MVCFR PTO Q �$(%�� PJ[ Nb KCJ[ PDO A PF!ENUDO A BKFP\PDA UJN[ FNb GJPCKNO KQ PDO A Tb CVDA� PDO A ECJHXJPN!UDO A Tp XRBNUDO A Nb _CRPDO A PTQ��JN[ PJRPIYKNPT[ HaAK]T PTO Q�$(%1
������� � �����������
�
�� XK[ PT[ _TXNFRCHIJ XNJO Q GJPCKRPNUTO Q PJRP`PTPJQ EFR[ WJ!]IYKPJN ]PN[ Q UFNAK[ Q GJPCKNO KQ UJN[ PT[ CfBXN]T PDO A _NJL`CDAPC`EDA ]RXXKPFMTO Q ]PN[ Q PKGKPFRCHIKQ�
�PT[ A JAJBKDCTXaAT JRPT[ Kc U_F]T� Fb ]RHHCJLaJQ KN]ZHKNAaFRQ PC`EFRQ JAZEPRgTQ PFRO BaXJPFQ� GJXWZAFAPJQ Rb E`mTPN[ Q PKGKRPJNO KQ JAJUJGfmKNQ PTO Q JCMJNFGFHIJQ� �PF[ KCVPTXJJp A KNk AJN ]D]PF[ AJ[ XNGFRO XK HNJ[ HaAK]T PTO Q �$(%�� PF[ A 'FJNVAJ E��� Tb JEZAPT]\ PFR _K[ A KNk AJN XNJ[ XJANMJi]PNUT[ KEN!GFHT[ XKPJgR[ C\gTQ Tp ]RAaMKNJQ JGGJ[ XNJ[ ECDP`PRET ]RGGF!HN]PNUT[ JU`XT UJN[ HfCD JEF[ PF[ PI KAAFFRO XK XK[ PF[ A Fe CF �$(�]PN[ Q JCMK[ Q PTO Q JCMJiUTO Q EKCN`_FR� S� JABCDEFGFHNUT[ _NZ!]PJ]T PTO Q JAZGR]\Q PFR JAFIHKN AaKQ ECFFEPNUK[ Q HNJ[ PT[ AJUCNWa]PKCT KUPIXT]T PDO A JEJCMDO A PTO Q JCMJIJQ Kb GGTANUTO QE`GTQ�
S� �CJA]FRJ[ APK[ �FGNANJ[ U LFIPT]K ]PT[ A �14#+ �#�2�+ �'7 1�) '� UJN[ MCTXZPN]K XaGFQ PTO Q �JGGNUTO Q @ CMJNFGFHNUTO Q �MFGTO Q PTO Q�VXTQ� �\XKCJ KNk AJN KCKRATPT[ Q ]PF[ @�BANUF[ �aAPCF @�EN]PTXFAN!UDO A @�CKRADO A PTO Q �JGGIJQ $681�&�
������� � �����������
���
�� ��� � ��������
��%�$�%� �� #��������#�������C�� �- ����%� � �- ��� ��� � =��%�%((���� 9�� ��
@ B\AJ ����� ]]� '� $�#� �� Kb U�&� �� J{X KNU`AKQ
�� ������������
�� � � ��� *��� ������� �� ��� � �� ��!
CILTXF JPPNUF[ GZ_N� _IAFAPJADb Q Kc EJBGF ]PFR[ Q ANUTPK[ QPDO A �JAJBTAJIDA� �PT[ A UfCNJ Fc mT PFRO JHHKIFR KNUF!
ANY`PJA EZAPJ Tb BKJ[ @ BTAJO � KADO ]PT[ A EI]D EGKRCJ[ PF[ JHV!AN]XJ ]PF[ Fb EFNO F KNk MK ECDPKf]KN Fb UZPFM`Q PFR� S� JLNaCD]TPaPFNDA JXLFCaDA ]K[ Nb KCJ[ UJN[ MVCFRQGJPCKIJQLJAKCVAKNPT[ AJgIJ EFR[ PFR[ Q Kc _NAJA FNb ANUTPaQ�
�PF[ JHVAN]XJPTO Q Jb CXJPF_CFXIJQ ]EZANJ Kc EJNCAJA XaCFQn�GGTAKQ JEF[ Jc GGKQ EKCNFMaQ� KEKN_T[ Tb ]RAP\CT]T UJN[ Tb XK!PJUIAT]T JHDAN]PNUDO A JG`HDA Tk PJA EFGR_ZEJAKQ UJN[ MCFAF!W`CKQ� �J[ AK`PKCJ Fe XDQ KRb C\XJPJ _KIMAFRA Fe PN FNb KRc EFCFNUZPFNUFN PTO Q �J]]ZA_CKNJQ KNk MJA JRPT[ PT[ _RAJP`PTPJ�
S� ]RHHCJLaJQ EJCFR]NZYKN EJAJBTAJiUFR[ Q JXLFCKNO Q PFRO#FR JNVAJ E��� EFR[ WCaBTUJA ]PT[ �`CKNF S�GGZ_J� UJN[ ]RH!UKUCNXaAJ ]PN[ Q JAJ]UJLK[ Q PTO Q �J]]ZA_CKNJQ UJN[ PTO Q JC!MJIJQ �aGGJQ� PFR[ Q MCFAFGFHKNO UJN[ JEF_KNUAfKN Fe PN JATO UJA]K[ JUK_`AKQ Jb CXJPF_C`XFRQ� @ AJLKC`XKAFQ ]PN[ Q ]Ma]KNQJUK_`ADA UJN[ @ BTAJIDA� UJN[ ]RA_aFAPJQ PT[ A KNUFAFHCJLIJPDO A JXLFCaDA XK[ PT[ A KNUFAFHCJLIJ PDO A AFXN]XZPDA PFRO K!
������� � �����������
���
HZGFR @ GKgZA_CFR� KgTHKNO PN[ Q EFGNPNUK[ Q ]UFENX`PTPKQ EFR[Fb _\HT]JA PF[ A ]PCJPTGZPT UJN[ PFR[ Q _NJ_`MFRQ PFR AJ[ RNb FBK!P\]FRA PJ[ JBTAJiUJ[ ]fXWFGJ�
S� NMZGTQ � �NWaCNFQ $��#"&� XaGFQ PFRO �NFNUTPNUFRO �RXWFRGIFRPFRO ��� JEF[ PF[ ���)� KNk AJN UJBTHTPT[ Q �GJ]NUTO Q @ CMJNFGFHIJQ]PF[ @ CN]PFPaGKNF�JAKEN]P\XNF�K]]JGFAIUTQ JEF[ PF[ ��'"��Nk AJNKEI]TQ KEIPNXFQ _N_ZUPDC PFRO �JAKEN]PTXIFR PTO Q �aCATQ UJN[ Xa!GFQ PFRO �KCXJANUFRO @ CMJNFGFHNUFRO @�A]PNPFfPFR PFRO �KCFGIAFR� PTO Q�RCDEJiUTO Q @ UJ_TXIJQ �CJXXZPDA UJN[ �KMADO A� PTO Q @ CMJNFGF!HNUTO Q S�PJNCKIJQ @ BTADO A U�Jc � @ EF[ PF[ ���� _NKgZHKN JAJ]UJLNUK[ QKc CKRAKQ ]PT[ A EKCNFMT[ PTO Q �K]]JGFAIUTQ� h�MKN ]RXXKPZ]MKN XK[JAJUFNAV]KNQ ]K[ EFGGJ[ _NKBAT[ ]RAa_CNJ� UJN[ KCHJ]IKQ PFR Kc MFRA_TXF]NKRPKNO ]K[ Kb GGTANUJ[ UJN[ gaAJ KEN]PTXFANUJ[ EKCNF_NUZ� �Nk AJNXaGFQ PTO Q KEN]PTXFANUTO Q KENPCFETO Q PFRO EKCNF_NUFRO ����1��� #��-���� UJN[ Kc MKN _NJPKGa]KN XaGFQ PFRO @�BANUFRO �ADXF_FPNUFRO �RXWFR!GIFR h�CKRAJQ $���#!���'&�
������� � �����������
��
�� �� ������
*? %- ��9�� ��� � ��- ��������� �� "42n1"/"3KPZLCJ]T �D]PFfGJQ �UGJWKAIPT
@ B\AJ ����� (���"� ]]� )�( $�"� �# Kb U�&
�� ����������������
������ ��� ���� ��!
CNDO A WCIBKN JEF[ JAPNLZ]KNQ���PJA XNJ[ KEFMT[ ECDP`HAD!
CTQ KNC\ATQ ]PF[ A _RPNUF[ U`]XF� Tb Fb !EFIJ ECFUZGK]K XNJ[ KEFMT[ KgI]FRECDP`HADCDA EJHU`]XNDAEFGaXDA���PJA XNJ[ KEFM\� EJCJ[ PJ[ LJNA`XKAJ�JRc gFR]JQ UFNADANUTO Q ]PJBKC`PTPJQXa]J ]PT[ YVAT PDO A JAKEPRHXaADAWNFXTMJANUDO A FNUFAFXNDO A |r PJRP`!MCFAJ Fe XDQ JRPF[ Q Fb JAKEPRHXaAFQWNFXTMJANUJ[ U`]XFQ _TXNFfCHT]K J!AJE`_CJ]PJ ]PT[ A EKCNLaCKNZ PFR PN[ Q]RA_RJ]XaAKQ _RAZXKNQ PTO Q KgaHKC!]TQ UJN[ PTO Q KEJAZ]PJ]TQ EFR[ Kc XKGGJA AJ[ PF[ A UJPJEFAPI]FRA�
RPF[ PF[ WNWGIF KgKPZYKN PT[ A Nb ]PFCIJ KUKIAT PT[ ]PNHXT[ UJ!PJ[ PT[ A Fb EFIJ Kc HNAK ]JLK[ Q Fe PN Tb UFNADAIJ UJN[ Fb EFGNPN]XF[ Q EFR[_TXNFRCH\BTUJA JEF[ PT[ _RPNUT[ LNGKGKfBKCT J]PNUT[ PZgT UJN[HNJ[ MZCT PTQ _K[ A JAPNECF]VEKRJA PT[ X`ANXT XFCLT[ PFRO ]fH!
������� � �����������
���
MCFAFR WNFXTMJANUFRO U`]XFR JGGJ[ X`AF XIJ LZ]T PTO Q ECVN!XTQ JAZEPRg\Q PFR��Nb FNUFAFXNUK[ Q _FXK[ Q EFR[ ]RHUCFPFRO A PF[ AU`]XF PFRO ��FRO JNVAJ� JU`XJ UJN[ Fe PJA KNk AJN UJENPJGN]PNUaQ�_K[ A KNk AJN EGaFA FNb _FXK[ Q PTO Q +N_NDPNUTO Q KENMKICT]TQ, XK[ PT[ AKc AAFNJ EFR[ BJ[ Kc _NAJA ]PF[ A Fe CF FNb KENMKNCTXJPIKQ PF[ �'"�� S�KEJAZ]PJ]T EFR[ URCNJCMKNO ]PT[ XA\XT PFRO U`]XFR XKPJ[ PF[ AECDO PF EJHU`]XNF E`GKXF _K[ A KNk AJN EGaFA Tb HJGGNUT[ KEJAZ!]PJ]T PFRO �"'�� S� UFRGPFfCJ EFR[ PF[ A _NJEKCAJO _K[ A KNk AJNEGaFA Tb J]PNUT[ UFRGPFfCJXK[ PT[ ]TXJ]IJEFR[ KNk MK ECN[ A JEF[ PF[���#� S� Tc EKNCFQ EFR[ JEFPKGFRO ]K PT[ ]RAPCNEPNUJ[ JAVPKCTFNUFAFXNU\� EAKRXJPNUT[ UJN[ ]PCJPNDPNUT[ _fAJXT P`PK� _K[ AKc MKN EGaFA PF[ A Nc _NF C`GF� |
S� U`]XFQ PTO Q LNGKGKfBKCTQ J]PNUTO Q UFNADAIJQ Kc MKN EKCZ!]KN JAKEN]PCKEPI��Nb Nc _NKQ FNb KUUG\]KNQ HNJ[ PT[ A JAJWID]T PFROEAKfXJPFQ PFRO UJENPJGN]XFRO PFRO ��FRJNVAJEFR[ HIAFAPJN ]PJ[PaGT PFRO ��FRO JNVAJ XJCPRCFRO A E`]F J_fAJPF KNk AJN UZPN Pa!PFNF��RPRMDO Q Tp _R]PRMDO Q� JEF[ PF[ ���#UJN[ XKPJ[ Fb JNVAJQ PTO QJ]PNUTO Q PZgTQ JA\UKN ]PT[ A Nb ]PFCIJ� $����� ��� � #�$(�6� ����.�66�����&
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� �#�
������� � �����������
���
���� ������ ������
* .���'� ���� %> ((��.���� $.���KPZLCJ]T h HHKGFR �JANVPT
@ B\AJ ����� Wd Kc U_� ���"� JAJP� ����� ]]� #�) $�"� �# Kb U�&� � MZCPKQ
�� ����������������
�������� � ����� �����!
CIF_F JEF[ PT[ A KEFMT[ PFRO K!HZGFR @ GKgZA_CFRDo Q PT[ A Rb EF!
PJHT[ PFRO UCZPFRQ PDO A �PFGKXJIDA]PFR[ Q �DXJIFRQ UJI� Fe EDQ UJN[ Fe GFNFNb P`XFN PTO Q Nc _NJQ ]KNCJO Q� KXLJAIYKNN_NZYFR]J _NZPJgT PTO Q Re GTQ� �PF[ECDO PF� JLTHTXJPNUF[ UJN[ ]RABKPNUF[XaCFQ UJPJHCZLKPJN EKCNKUPNUJ[ Tb KN!U`AJ PTO Q EKCN`_FR WZ]KNPDO A JCMJIDAETHDO A UJN[ PDO A UFNADO A ]RXEKCJ]XZ!PDA PTO Q AK`PKCTQ Nb ]PFCNUTO Q Kc CKRAJQ��PF[ _KfPKCF XaCFQ EJCaMKPJN XNJ[ K!gI]FR ]TXJAPNUT[ Nb ]PFCNFHCJLNUT[ J!AZGR]T� XNJ[ +HKAKPNUT[ KNU`AJ, JUCNWDO Q JRPDO A PDO A KCKRADO AUJN[ PFRO JAPI]PFNMFR ]RAKMNY`XKAFR KEN]PTXFANUFRO _NJG`HFRXK[ PN[ Q KENXaCFRQ Ba]KNQ UJN[ JAPNBa]KNQ PFR� �aGFQ� PF[ PCIPFXaCFQ JEFPKGKNO ]R]PTXJPNUF[ UJPZGFHF� UJPq JRc gFAPJ JCNBX`�PTO Q ]TXJAPNU`PKCTQ _NKBAFRO Q WNWGNFHCJLIJQ HNJ[ PJ[ Nc _NJ Ba!
������� � �����������
���
XJPJl Kc P]N� FNb WNWGNFHCJLNUK[ Q EJCJEFXEK[ Q ]PJ[ _fF ECFTHFf!XKAJ XaCT HIAFAPJN Jb EGDO Q XK[ PF[ Fc AFXJ PFRO Kb UZ]PFPK ]RHHCJ!LaJ UJN[ PF[ A JRc gFAPJ JCNBXF[ PTO Q XKGaPTQ� �J[ EGKFAKUP\XJPJUJN[ Tb ]fHMCFAT ]fGGTmT JRPTO Q PTO Q _NZCBCD]TQ KNk AJN KXLJA\lTb ECFPJ]]`XKAT EJCJ_F]NJUT[ Nb ]PFCNUT[ JL\HT]T JEJGGZ]!]KPJN JEF[ PF[ WZCFQ PTO Q JAZGR]TQ KENXaCFRQ ECFWGTXZPDAEFR[ ]RMAJ[ JEJ]MFGFRO A JU`XT PT[ A Nb ]PFCNUT[ Kc CKRAJ� Fb E`PK_IAKPJN XNJ[ KRc GTEPT KEFEPNUT[ KNU`AJ PTO Q Rb EF[ KgaPJ]T EKCN`!_FR� @ UFGFRBKNO XNJ[ +gKAZHT]T ]PF[ KCHJ]P\CNF PFRO Nb ]PFCN!UFRO ,� Fe EFR Fe GJ ]RYTPFRO APJNl PJ[ EFCI]XJPJPFRO ECFTHFfXKAFRXaCFRQ JAZHFAPJN ]R]PTXJPNUJ[ ]PN[ Q JLKPTCIKQ PFRQ� ]PJBXI!YKPJN Fb WJBXF[ Q PTO Q WKWJN`PTPZQ PFRQ� KAIFPK UJN[ Rb EF_TGV!AFAPJN ]U`ENXKQ UJPKRBfA]KNQ HNJ[ PT[ A EKCJNPaCD Kc CKRAJ� S�]R]PTXJPNUT[ WNWGNFHCJLIJ PFRO PCIPFR XaCFRQ UJN[ PJ[ KRb CKP\!CNJ ]RHHCJLaDA� Nb ]PFCNUDO A ECF]VEDA� P`EDA UJN[ Fe CDA _NKR!UFGfAFRA PT[ A EC`]WJ]T UJN[ ]RAPFAIYFRA PT[ GKNPFRCHIJ PDO A_fF ECVPDA XKCDO A�
S� �J[ AQ!�N`JMNX �UaCUK� UJBTHTPT[ Q PTO Q @ CMJIJQ S�]PFCIJQ ]PF[�JAKEN]P\XNF PFRO �CZNXEFRCHU UJN[ XaGFQ PTO Q @ UJ_TXIJQ PTO Q�Ji_KGWaCHTQ� J]MFGKNO PJN URCIDQ XK[ PT[ A EFGNPNUT[ Nb ]PFCIJ PTO Q UGJ!]NUTO Q UJN[ Kb GGTAN]PNUTO Q S�GGZ_JQ� PT[ A Nb ]PFCNUT[ HKDHCJLIJ UJN[ PT[ ANb ]PFCIJ PDO A N_KDO A� �J[ PKGKRPJNO J MC`ANJ ]RXXKPaMKN ]K[ KCKRATPNUJ[ECFHCZXXJPJXK[ BaXJPT[ A PFEFHCJLIJ UJN[ PT[ A Nb ]PFCIJPTO Q �PCZPFR$@ UJCAJAIJ&� PT[ A Nb ]PFCNUT[ HKDHCJLIJ PTO Q _RPNUTO Q S�GGZ_JQ� PT[]RGGFHT[ UJN[ Kc U_F]T PDO A JEF]EJ]XZPDA PDO A JCMJIDA HKDHCZLDAUJN[ PF[ C`GF PTO Q Kb PKC`PTPJQ ]PT[ _TXNFRCHIJ PJRPFP\PDA� �J]NUJ[Kc CHJ PFRl pq[rM[d $��" &r sNOQMQ $8�7.�� ��' &r tKdQKMNQ L[d uNqKdSdX s]ORNOl JOQ XRMNNK vRMKYqKdUOdX $#��� �- ��� ��� � ������ �� ���8�7���l *? ��'�� *�((7��� ��' &r uUKwOdXKR XKR vR[QQK $ ��(�5��1���� �> ��6��� ��� &� �Nk AJN ]RAKU_`PTQ PFRO EKCNF_NUFRO xUM[�
������� � �����������
���
�������� �� ����� �����
*? *�((7�� .��� � #��� �� #�6$.�� #$(%��"/"2y"/"4
KPZLCJ]T �J]IGT �NUFAFXI_T
@ B\AJ ����� ����)� ]]� "�� $�"� �# Kb U�&� # MZCPKQ
�� �����������
�� ������ �� ���� ��� �
UJBaUJ]PJ PTO Q KXEGFUTO Q PTO QS�GGZ_JQ ]PF[ A d �JHU`]XNF
�`GKXF� _TGJ_T[ PN[ Q EFGNPNUK[ Q KgKGI!gKNQ� K]DPKCNUK[ Q UJN[ _NKBAKNO Q� EFR[ K!ETCaJ]JA PT[ Ba]T PTO Q MVCJQ� JGGJ[UJN[ PFR[ Q ]P`MFRQ UJN[ PT[ ]PCJPTHNUT[PTO Q Kb GGTANUTO Q URWaCAT]TQ� n�EDQUJPJ_KNUAfKN Tb GKEPFXKCT[ Q UJN[ ]K[WZBFQ JAZGR]T� FNb KEN_NVgKNQ PTO Q Kb G!GTANUTO Q EGKRCJO Q Xa]J ]PT[ _IAT PTO Q]fCCJgTQ ]RA_aFAPJA JAJE`]EJ]PJXK[ PF[ ]RXXJMNUF[ NXEKCNJGN]PNUF[ ]f!]PTXJ UJN[ PFR[ Q KAP`Q PFR JAPJHDAN!]XFfQ� � A Kc ECKEK AJ[ KEN]TXJABKNO XIJ UJN[ XFAJ_NUT[ EZHNJ]RAN]PV]J PTO Q Kb GGTANUTO Q KgDPKCNUTO Q EFGNPNUTO Q UJPJ[ PT[ A K!EFMT[ KUKIAT� PKUXJICKPJN Fe PN BJ[ Tk PJA PF[ MZ]XJ JAZXK]J ]PN[ QKBANUK[ Q WGamKNQ UJN[ PN[ Q Jb EPK[ Q _RAJP`PTPKQ PTO Q FNUFAFXNUTO Q�UFNADANUTO Q UJN[ BK]XNUTO Q _FXTO Q PTO Q Kb GGTANUTO Q UFNADAIJQ�
������� � �����������
���
S� �KVCHNFQ �� �KFAPJCIPTQ KNk AJN Fb X`PNXFQ UJBTHTPT[ Q PFRO �JAK!EN]PTXIFR @ BTADO A ]PF[ A PFXaJPTO Q�K`PKCTQ S�GGTANUTO Q S�]PFCIJQ�S� ECVPT Kc U_F]T PTO Q XKGaPTQ PFR JRPTO Q URUGFL`CT]K ]PJ[ JHHGNUJ[PF[ A �KUaXWCNF PFRO �����
������� � �����������
���
��� �- �9%� �� ���� %- ����7������ 8�+����g��.�.�$���
�A��� �%.I�� �- ��� ��� � �������('�� ��- .��'��g��.$.���� �.'�%�
�N]JHDH\� ]TXKNV]KNQ @ GagT @ GKgJA_CTO ��� ��� ������������
�`XFQ d
)�7��� �������('��� )�7��� j"/! 1"/"!k
@ B\AJ ����� ]]� #') $�"� �# Kb U�&
��� �����������
�`XFQ �d
���� ��.'�� �������('��� 8�+����� �m j"/"!1"/"3k
@ B\AJ ����� ]]� (�� $�"� �# Kb U�&
��� ������������
�`XFQ �d
���� ��.'�� �������('��� 8�+����� <m j"/"41"/ k
@ B\AJ ����� ]]� #(� $�"� �# Kb U�&
��� ������������
�� ��������� ���� ���������� � �����
Nc _NF PF[ A XTPCFEFGIPT �XfCATQ �CR]`]PFXF �JGJLZ!PT� GIHKQ XaCKQ ECN[ A JEF[ PT[ NUCJ]NJPNUT[ �JPJ]PCF!
L\� UJN[ EJCJ_`BTUK HNJ[ LfGJgT ]PF[ A JANmN` PFR �CR]`]PFXF�]IPKC� _NZUFAF P`PK� Fb Fb EFNO FQ PF[ ����� Db Q XTPCFEFGIPTQ R]PCIJQ EGaFA� PF[ KXEN]PKfPTUK ]PF[ ���� �JGfEPKN _NZ!]PTXJ KNc UF]N KPDO A $����!����& XFNCJ]XaAF ]K[ _fF EKCN`_FRQl
��
������� � �����������
����!����� Fe PJA Fb �CR]`]PFXFQ Tk PJA XTPCFEFGIPTQ �CZXJQ�UJN[ ����!����� Fe PJA Tk PJA XTPCFEFGIPTQ �XfCATQ� @ EFPKGKNO !PJN URCIDQ JEF[ KEN]PFGK[ Q UJN[ JAJLFCK[ Q PFRO Nc _NFR PFRO �CR!]F]P`XFR� KADO PJ[ KN]JHDHNUJ[ ]TXKNVXJPJ WFTBFRO A PF[ A JAJ!HAV]PT AJ[ UJPJAF\]KNPN[ Q ]RABTO UKQ Rb EF[ PN[ Q Fb EFNO KQ ]RAPZMBT!UJA PJ[ UKIXKAJ UJN[ AJ[ PJ[ ECF]KHHI]KN XK[ UCNPNUF[ PC`EF�
���
������� � �����������
��� �� ������������
��� ������� �����
������ �� �� �
*? g7��� ���� ^�6�
@ B\AJ ���"� (���)� ]]� (� $�"� �# Kb U�&� � J{X KNU`AKQ
�� ������������
� ��� �� ��� ��� �� ��������� �������
$PF[ ���"& JEF[ PT[ A Kc U_F]T PTO Q �ZCPJQ� KEJAKU_I_KPJNPF[ UKIXKAF PTO Q _NZGKgTQEFR[ KNk MK _V]KN Fb �IUPDCK!
GJO Q ]PT[ A S�PJNCKIJ �EFR_DO A PTO Q �MFGTO Q DCJ�PT ECN[ A JEF[�) MC`ANJ� �aXJ PTQ KNk AJN JRPT[ UJBJRPT[ Tb �ZCPJl FNb ETHaQPTQ� FNb UCNPNUK[ Q EFR[ PTO Q J]U\BTUJA� FNb KENEK_FHCJLIKQ EFR[PT[ A JEFPKGFRO A UJN[ FNb EGTCFLFCIKQ EFR[ EJCaMKN�
�N]PF[ Q ]PF[ EAKRO XJ PTO Q KEFMTO Q PFR� Fb �\HJQ EJCJXKCIYKNPF[ �RYZAPNF UJN[ JAJLaCKN URCIDQ JCMJNO KQ PFEFBK]IKQ XJYN[ XK[PJ[ HKHFA`PJEFR[ PN[ Q ]TXZ_KmJA� JGGJ[ UJN[ Jc LBFAF Rb GNUF[ HNJ[ PJ[AK`PKCJ MC`ANJ $XZMKQ� ]RABTO UKQ KNC\ATQ U�Jc �&�
K[ _K_FXaAJ PJ[ KGZMN]PJ Xa]J EFR[ _NaBKPK UJN[ PN[ Q ]RABTO !UKQ EJCJAFXIJQ ]PN[ Q Fb EFNO KQ YFRO ]K UJN[ KCHJY`PJA Fb �\HJQ� Tb�ZCPJ JEFPKGKNO JgNFBJfXJ]PF KEIPKRHXJ�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� �##�
��� �� ������������ ��� ������� �����
���
������ �� �� �
G&�� � �%�'���� �7.��H8������� > .���'� ��� � 9����6���'��
@ B\AJ ���"� ������ ]]� '( $�"� �# Kb U�&� ) Kc HMCDXFN UJN[ ) J{X MZCPKQ
�� ����������
�� ��� �� ������ ������ � ��� �� ��!
]XFR� EFR[ WCaBTUK ]PF[ �FfPYN PTO Q �JWRGVAJQ $))�!)�� E���&� PT[ A FCKNMZGUNAT EGZUJ PFRO @ AJgIXJA_CFR
UJN[ PT[ &%�6���'�PFRO �PFGKXJIFRDo Q PT[ _NJICK]T PTO Q�TO Q ]K[UGNXJPFGFHNUK[ Q YDO AKQ JEF[ PFR[ Q h CJWKQ� UJN[ JEF[ PFR[ Q EFC!PFGZAFRQ PFRO K]JIDAJ Do Q PFR[ Q _FCRL`CFRQ PFRO ��FRO JNVAJlTb HFTPKRPNUT[ EKCNEaPKNJ PTO Q MJCPFHCJLIJQ� UJCEF[ Q PTO Q J]I!HJ]PTQEKCNaCHKNJQ PDO A JABCVEDA AJ[ HADCI]FRA PF[ A EGJA\PTUJN[ PF[ ]fXEJA�
S� �IUPDC��KGJ[ Q $���#&� XaGFQ PFRO �NFNUTPNUFRO �RXWFRGIFR PFRO��� JEF[ PF[ ����� ]EFf_J]K �FXNUJ[ ]PF[ �JAKEN]P\XNF @ BTADO A$��#�!��# & XK[ XKPJEPRMNJUK[ Q ]EFR_K[ Q ]PT[ �Ji_KGWaCHT $��)�!��)�&� �NUTH`CT]K ]PT[ A @ B\AJ $��#'!���'& XK[ KN_IUKR]T ]PF[ _I!UJNF PDO A Kb PJNCKNDO A UJN[ PTO Q EAKRXJPNUTO Q N_NFUPT]IJQ� h�MKN HCZmKN_NZLFCKQ AFXNUK[ Q XKGaPKQ UJN[ ]RAKCHZ]PTUK XK[ Kb GGTANUJ[ UJN[ gaAJAFXNUJ[ EKCNF_NUZ� @ EF[ PF[ ��#) Jc CMN]K AJ[ ]RGGaHKN MZCPKQ PFROKb GGJ_NUFRO MVCFR PFRO � FR UJN[ �"FR JNVAJ� _TXNFRCHVAPJQ XNJ[ J!gN`GFHT ]RGGFH\� PT[ A Fb EFIJ _VCN]K ]PF[ ��� PF[ ����� h�MKN KEI]TQ]RHHCZmKN XKGaPKQ HfCD JEF[ MJCPFHCJLNUJ[ BaXJPJ�
��� �� ������������ ��� ������� �����
���
��������
*��� �������
*A ���� ��� =�������� � ��- ���.��� �8��%I.%� �� ��������.%� 6�� ��� � %- ��'�%�.�
�� ��� � ���%'� .��� <��7��� �- ��� �� � �- �9%� ��f � ��� � "!� �- I��
KPZLCJ]T JCIJQ �R]PJYFEFfGFR!�KGKUI_FR
@ B\AJ ��'�� #���"� ]]� #") $�#� �� Kb U�&
��� ����������������
�� ������ �� �� ���� � � ��������� �
JEF[ Kc APFAT ]PCFLT[ ECF[ Q PT[ XKGaPT PDO A JCMJIDA Kb GGT!ANUDO A HCJXXZPDA UJN[ PT[ A UGJ]NUT[ EJN_KIJ� _TGJ_T[
PF[ A FRXJAN]X`l Tb ECVPT PF[ A �F{��F JNVAJ� UJN[ Tb _KfPKCTPF[ A �(F{�#F JNVAJ� �Nb _fF JRPFN[ FRXJAN]XFN[ ]RA_aFAPJN Jc XK!]J XKPJgf PFRQ� HNJPN[ Rb EZCMKN _NJ_FMT[ UJN[ ]RAaMKNJ ]PT[ AEJCZ_F]T PTO Q JCMJIJQ Kb GGTANUTO Q UGTCFAFXNJO Ql Tb JAJHaAAT]TPFRO �(FR{�#FR JNVAJ _K[ A BJ[ KNk MK KENPKRMBKNO � Jp A FNb LNG`GFHFNPFRO �FR{��FR JNVAJ _K[ A KNk MJA ]RHUKAPCV]KN� _NJ]V]KN UJN[Kb CXTAKf]KN PT[ A UGTCFAFXNJ[ PTO Q JCMJIJQ S�GGZ_JQ� S� ECDO !PFQ FRXJAN]X`Q� JAPIBKPJ XK[ PF[ A _KfPKCF� _K[ A KNk MK ]PF[ ]fAFG`PFR XKGKPTBKNO � �F[ UKAF[ UJGfEPKPJN JEF[ PF[ ]RABKPNUF[ Kc CHF PFRO�ZGGFR UJBTHTPTO �D[ G �KXK[ CG $���(!��'�&� S� ]RHHCJLaJQ_K[ A EKCNFCIYKPJN AJ[ XKGKP\]KN PF[ LJNA`XKAF Xa]J ]PJ[ ]PKAJ[MCFANUZ PFR Fe CNJl HNJ[ AJ[ Kb CXTAKf]KN PT[ _NJP\CT]T PTO Q Kb GGT!ANUTO Q EFGNPN]PNUTO Q UGTCFAFXNJO Q� KgKPZYKNPT[ A UJPZ]PJ]T PTO QEJN_KIJQ ]PF[ �RYZAPNF JEF[ PF[ A #F JNVAJ Do Q PT[ A ECVPT JAJ!HaAAT]T� Fe EDQ UJN[ PT[ A EJCZ_F]T PDO A Kb GGTANUDO A HCJXXZPDA]PT[ �f]T UJN[ ]PF[ @�]GZX� _IAFAPJQ Kc P]N EG\CT KNU`AJ PTO Q
��������
���
EJN_KIJQ UJPJ[ PFR[ Q ECVNXFRQ UJN[ Xa]FRQ WRYJAPNAFR[ Q MC`!AFRQ�
S� �D[ G @�XN[ G �KXK[ CG $���(!��'�& HKAA\BTUK UJN[ ]EFf_J]K ]PF[�JCI]N� SETO CgK HNJ[ XNJ[ _KUJKPIJ $��(�!#�& JCMNUJ[ XaGFQ UJN[UJP`ENA HCJXXJPaJQ PTO Q �JGGNUTO Q @ CMJNFGFHNUTO Q �MFGTO Q @ BT!ADO A UJN[ Kc GJWKXaCFQ ]K[ ]TXJAPNUK[ Q JCMJNFGFHNUK[ Q JAJ]UJLaQl ECa!EKN N_NJIPKCJ AJ[ HIAKN G`HFQ HNJ[ PF[ JAJ]UJLNU` PFR Kc CHF ]PFR[ Q�NGIEEFRQ� �NKRBRAPT[ Q ]EFR_DO A ]PT[ A �14#+ *���)8' , � ��'� ��1�', � $��#"! "&� UJBTHTPT[ Q ]PT[ �FCW`AAT $��)'! "& UJN[ ]PF[ �F!GaHNF PTO Q �JGGIJQ $�� "!"(&� _NKPaGK]K _NKRBRAPT[ Q PFRO �aAPCFR@�CKfATQ PTO Q S�]PFCIJQ UJN[ PFRO �FGNPN]XFRO PFRO �RYJAPIFR $Do Q PF[��")&� UJN[ EC`K_CFQ $�� �!"�� UJN[ JEF[ PF[ ��"� KEIPNXFQ EC`K_CFQ&PTO Q �NKBAFRO Q S�AV]KDQ �RYJAPNADO A �EFR_DO A� �NKPaGK]K KEI]TQXaGFQ PTO Q �JGGNUTO Q @ UJ_TXIJQ $�4�, 12) , � "�4�)7�)#"� � ++ � � ��� �&� JAPKEN]PaGGFA XaGFQ PTO Q @ UJ_TXIJQ @ BTADO A�PTO Q @ UJ_TXIJQ PTO Q �NaAATQ� Fe EDQ UJN[ Jc GGDA @ UJ_TXNDO A UJN[ K!EN]PTXFANUDO A Nb _CRXZPDA PTO Q �RCVETQ UJN[ PTO Q @ XKCNUTO Q� UJN[ K!EIPNXFQ _N_ZUPDC PDO A�JAKEN]PTXIDA @ BTADO A UJN[ �K]]JGFAIUTQ�
��������
���
������� � *�!�� � ��
*? �- 6����� ����'�.��� � �o .�%�� =�������� %- ��9��
KPZLCJ]T @ HGJ�JQ �Z]_JHGT
@ B\AJ ��'"� ������ ]]� #)� $�#� �� Kb U�&
��� ����������
�� �� ������ ��� � �
_NZCBCD]T UJN[ Tb KgaGNgT PTO QJHCFPNUTO Q UFNADAIJQ ]PT[ A Re !
]PKCT WRYJAPNAT[ KEFM\� �P`MFQ PFRAJ[ XKGKP\]KN PN[ Q K]DPKCNUK[ Q _FXK[ QPTO Q Rb EJIBCFR UJN[ PN[ Q ]Ma]KNQ PDO A MD!CNUDO A XKPJgf PFRQ� JGGJ[ UJN[ AJ[ _NK!CKRA\]KN PN[ Q EJCJHDHNUK[ Q _NJ_NUJ!]IKQ� XJYN[ XK[ PT[ _TXFHCJLNUT[ KgaGNgTPFRO JHCFPNUFRO EGTBR]XFRO � ]K[ XNJ[ K!EFMT[ EFGGJEGTO Q UCI]TQ� �J[ BaXJPJKNk AJN� LR]NUZ� JGGTGaA_KPJr _TXF!HCJLNUJ[ UJN[ FNUFAFXNUJ[ LJNA`XKAJ]RA_aFAPJN ]PKAJ[ XKPJgf PFRQ� KADO]RHMC`ADQ KETCKZYFRA PT[ ]fABK]T PTO Q JHCFPNUTO Q UFNADAIJQUJN[ KETCKZYFAPJN JEF[ PN[ Q HKANU`PKCKQ UFNADANUK[ Q ]Ma]KNQ�
�Nb ETHK[ Q ]PN[ Q Fb EFNO KQ ]PTCIYKPJN Tb XKGaPT JRPT[ KNk AJN UJPJ[UfCNF G`HF PJ[ ECJUPNUZ� _TGJ_T[ FNb JEFHCJLK[ Q PDO A EKCNFR!]NJUDO A ]PFNMKIDA GJiUDO A UJN[ KUUGT]NJ]PNUDO A HJNFUPTX`!
��������
��
ADA� FNb Fb EFNO KQ EKCNGJXWZAFRA GKEPFXKCT[ UJPJHCJLT[ PDO A K!gJCPTXaADA MDCNUDO A $EJCFIUDA& UJN[ PTO Q EKCNFR]IJQ PFRQ�
@ EF[ PJ[ ]PFNMKNO J JRPZ� PJ[ Fb EFNO J KNk MJA ]RHUKAPCDBKNO HNJ[LFCFGFHNUFR[ Q ]UFEFfQ� KENMKNC\BTUK Tb KgJHDHT[ ]RXEKCJ!]XZPDA HNJ[ PT[ _TXFHCJLNU\� UFNADANUT[ UJN[ FNUFAFXNUT[ UJ!PZ]PJ]T PFRO EGTBR]XFRO � h�HNAK ECF]EZBKNJ AJ[ _FBKNO XNJ[UJPJ[ PF[ _RAJPF[ A EG\CTQ JEKNU`AN]T PTO Q JHCFPNUTO Q UFNADAIJQ�Xa]J JEF[ ETHK[ Q ]PN[ Q Fb EFNO KQ $EJC`GF EFR[ ECFaCMFAPJN JEF[UCJPNUFR[ Q Rb EJGG\GFRQ& JAPNUJPFEPCIYFAPJN _FXK[ Q UJN[ ]Ma!]KNQ EFR[ _NaEFRA PT[ A JHCFPNUT[ UFNADAIJ� UZEFPK ]K[ JAPN_NJ!]PFGT[ XK[ Fe ]J Ba]ENYK Tb KEI]TXT EFGNPKIJ�
S� @ HHKGNUT[ �J�FR!�DXJ_ZUT $��#�!���'&� XaGFQ PTO Q @ UJ_T!XIJQ @ BTADO A UJN[ �FRGKRPT[ Q @�ENUCJPKIJQ� KNk MK _NJPKGa]KN UJBT!H\PCNJ PTO Q �RYJAPNATO Q S�]PFCIJQ ]PF[ �JAKEN]P\XNF �ZCWJCAP UJN[_NKRBfAPCNJ PFRO KCKRATPNUFRO UaAPCFR �PJXEZCPFA h�FRUQ� �TXF!]IKR]K EFGGK[ Q KCHJ]IKQ UJN[ XFAFHCJLIKQ� XKPJgR[ PDO A Fb EFIDA PJ[ ������������ ��& ��� ����! ��� (������ #����� �� ��&������ ��)*2+2-*,2+/r ���&��3 ������� ��& "������� ��� �� �4������r��-�����3 ����� �� �������5�0 �4����3 6�-6����0�� ��0���� �F[ ��� KU_`!BTUK JEF[ PF[ ��� PF[ PCIPFXF ]RGGFHNUF[ Kc CHF A- ������ > .���'����� <�����'�� �- ��� ��� � 2� %o �� ��� � "n� �- I��� PFRO Fb EFIFR KNk MK PT[HKANUT[ KEFEPKIJ�
��������
���
������ ������
<�������� (�6��%9�'�*? ($6� �.��� 6������%'� ��� � <�������� �
��� ��� ���������������
�`XFQ d� XKPZLCJ]T ���� EKAZUT� �� �� @ AJ]PJ]IFR� ���� JUCTO@ B\AJ ��'"� ����� ]]� ### $�"� �# Kb U�&
�� ����������������
�`XFQ �d� XKPZLCJ]T �� �RAaGGT� �� �`GNJ� ���� JUCTO � �� �Z]]T
@ B\AJ ����� ����� ]]� )) $�"� �# Kb U�&
�� ���������������
�`XFQ �d� XKPZLCJ]T ���� JUCTO � �� �NUFA`XFR!@ HFCJ]PFRO � �� �`GNJ�
�� �JEJHNZAAT� �� �NZAAFR� @ B\AJ ���#� #����� ]]� #"� $�"� �# Kb U�&
�� ����������������
�������� ������������
KgKPZYKNPT[ GFHFPKMANUT[ EJCJ!HDHT[ UJPJ[ PT[ MNGNKPT[ EKCIF_F
PTO Q �RYJAPNATO Q RPFUCJPFCIJQ� @ EF[PF[ A Rb E`PNPGF PFRO Kc CHFR ECFUfEPKN Fe PN_K[ A EKCNGJXWZAKPJN ]K[ JRPF[ Tb BKFGF!HNU\� UJBD[ Q UJN[ Tb _TXV_TQ HCJXXJ!PKIJ PTO Q EKCN`_FR JRPTO Q� @�gZGGFR� TbKc AAFNJ PTO Q GFHFPKMAIJQ GJXWZAKPJNK_DO XK[ EFGR[ KRCfPKCF EKCNKM`XKAF�EFR[ UJGfEPKN UJN[ PN[ Q KN_NUK[ Q KEN]PTO !XKQ� �PF[ A ECDO PF P`XF EKCNGJXWZAFA!PJN PJ[ UKLZGJNJ PTO Q �NGF]FLIJQ� PTO Q�TPFCNUTO Q� PTO Q @�EN]PFGFHCJLIJQUJN[ PTO Q HKDHCJLNUTO Q HCJXXJPKIJQ� S� _KfPKCFQ P`XFQ EKCN!
��������
���
GJXWZAKN PF[ UKLZGJNF PTO Q S�]PFCNFHCJLIJQ� UJBD[ Q UJN[ PJ[UKLZGJNJ HNJ[ PF[ A EKYF[ G`HF UJN[ PT[ A UF]XNUT[ EFIT]T PDO A�RYJAPNADO A� S� PCIPFQ P`XFQ UJGfEPKN PN[ Q KN_NUK[ Q KEN]PTO XKQUJN[ PT[ ]MKPNUT[ ]RHHCJLNUT[ EJCJHDHT[ ]PF[ �RYZAPNF� _TGJ_T[PT[ FR]NUT[ $JEF[ PF[ A ���� ��"");&� PJ[ JBTXJPNUJ[ UJN[ PT[ A@ ]PCFAFXIJ� PN[ Q �R]NUK[ Q KEN]PTO XKQ UJN[ PT[ A @�JPCNU\� PT[ A�FGKXNUT[ PaMAT� UJN[ PaGFQ PF[ �IUJNF $JEF[ PF[ A *� �� *) + �&�K[ PF[ Kc CHF JRP`� Fb KEN]PTXFANUF[ Q U`]XFQ UJN[ PF[ KRCfPKCFUFNAF[ Kc MKN HNJ[ ECVPT LFCJ[ ]PJ[ MaCNJ PFR� Ke AJA JNVAJ EKCIEFRXKPJ[ PF[ WJ]NUF[ ]fHHCJXXJ PFRO �CFRXEZMKC� XNJ[ Fb GFUGTCD!XaAT ECJHXZPKR]T PTO Q WRYJAPNATO Q GFHFPKMAIJQ�
S� �aCXEKCP �FRO AHUKC $���#!����& Rb ETO CgK Fb ECDO PFQ PJUPNUF[ Q UJ!BTHTPT[ Q PTO Q �RYJAPNAFGFHIJQ ]PT[ A R]PCIJ UJN[ Kc HNAK Fb BKXKGNDPT[ QPFRO UGZ_FR JRPFRO UJN[ PFRO Fb XVARXFR NA]PNPFfPFR ]PF[ �JAKEN]P\XNFPTO Q �NaAATQ� K[ PT[ XJUCJ[ KCKRATPNUT[ UJN[ _N_JUPNUT[ KCHJ]IJ PFRUJN[ XK[ PT[ _CJ]PTCN`PTPZ PFR UJPJ[ PT[ A EFGfMCFAT BTPKIJ PFR ]PT[ AECFK_CIJ PTO Q R]PCNJUTO Q @ UJ_TXIJQ PDO A @�EN]PTXDO A _TXNFfC!HT]K Ke AJ ]TXJAPNUF[ UaAPCF WRYJAPNADO A ]EFR_DO A ]PT[ �NaAAT�
��������
��
���� �����
<��7���l *? ��- �������'� ��� � _��� ^I���KPZLCJ]T �TX\PCT �]FRHUJCZUT
@ B\AJ ��''� ����� ]]� #�" $�"� �# Kb U�&
�� ����������������
��� ���� ��� �� � � ��!
GTQ PFRO �RYJAPIFR Nb _CfBTUK PF[(�# X��� Tb �aJ �VXT� Tb �DA!
]PJAPNAFfEFGT� Tb Fb EFIJ JEFPaGK]K]PF[ Kb gTO Q PF[ UaAPCF Kb AF[ Q EJAI]MRCFR�JMJAFRO Q UJN[ Kb PKCFHKAFRO Q UCZPFRQ�EFR[ UZEFNJ ]PNHXT[ KUPKNA`PJA JEF[PF[ �NWCJGPJ[ C Do Q PF[ A �RLCZPT� �F[UCZPFQ JRP`� Tb +�RYJAPNAT[ RPFUCJ!PFCIJ,� _NJX`CLD]K PF[ A GJXECF[ EF!GNPN]XF[ EFR[ JEFUJGFRO XK WRYJAPNA`�
FGFA`PN KNk AJN FR]NJ]PNUJ[ J_fAJ!PF AJ[ _V]KN UJAKN[ Q ]K[ Ke AJA P`XF PF[ AJEFGFHN]XF[ PFRO EFGNPN]XFRO JRPFRO �EFR[ UJPJfHJ]K PT[ A FNUFRXaAT EZAD JEF[ MIGNJ MC`ANJ� Fb ]RH!HCJLaJQ EKPRMJIAKN PF[ ]UFE` PFR XK[ XNJ[ ECDP`PRET XaBF_FlJ_a]XKRPFQ N_KFGFHNUJ[ JEF[ Fb EFNJ_\EFPK ]RHUKUCNXaAT LNGF!]FLIJ PTO Q S�]PFCIJQ� MDCN[ Q AJ[ Rb EKCPFAIYKN Fb CN]XaAFRQ EJCZ!HFAPKQ KNQ WZCFQ Jc GGDA� KgKPZYKN PN[ Q WJ]NUK[ Q EGKRCK[ Q PTO Q
��������
���
WRYJAPNATO Q +ECJHXJPNU`PTPJQ, Rb EF[ PF[ ECI]XJ Kb AF[ Q �RYJAPN!AFRO � UJN[ XZGN]PJ Xa]FR JABCVEFR� Fc MN _NJAFFRXaAFR� S� BK!XJPNUT[ ECFFEPNU\ PFR UJGfEPKN BKXKGNV_KNQ PFXKNO Ql GJFR[ QUJN[ HGDO ]]KQ� UFNADAIJ UJN[ FNUFAFXIJ� PT[ A KgJLZAN]T UJN[ PT[ AJAJWID]T PDO A E`GKDA� PFR[ Q JNb CKPNUFfQ� PF[ XFAJMN]X`� PT[ AKUEJI_KR]T� PN[ Q EKEFNB\]KNQ PTO Q KEFMTO Q HNJ[ PF[ A Fb CJPF[ UJN[ PF[ AJ`CJPF U`]XF� HNJ[ PF[ UJGF[ UJN[ PF[ UJU`� HNJ[ PT[ A JABCDE`PTPJ�PF[ EJCKGBF[ A UJN[ PF[ XaGGFA PTQ� HNJ[ PT[ A N_JANUT[ YDT[ UJI� PaGFQ�PT[ WRYJAPNAT[ UGTCFAFXNJ[ $GFHFPKMAIJ� PaMAT� JCMNPKUPFANU\&�
S� �fCNG ZAHUF $���'& Tk PJA UJBTHTPT[ Q PTO Q �RYJAPNATO Q UJN[ �KF!KGGTANUTO Q �GV]]JQ UJN[ �FHFPKMAIJQ ]PT[ A Ke _CJ EZNHFRDPKC UJN[�`BXER PFRO �JAKEN]PTXIFR PTO Q @�gL`C_TQ UJN[ S�PJNO CFQ ]PF[ �F!GaHNF h�gKPKC� h�MKN HCZmKN ]TXJAPNUJ[ WNWGIJ HNJ[ BaXJPJ WRYJ!APNATO Q LNGFGFHIJQ� Nb ]PFCIJQ� PaMATQ UJN[ JCMNPKUPFANUTO Q� UJBD[ Q UJN[EFGRZCNBXJ Jc CBCJ�
��������
���
���� ����� ���
* .���'� ��� � =�������� � ���I���� (�6��%9�'��KPZLCJ]T �IUTQ �), " ) �
@ B\AJ ��'�� )����� ]]� ()� $�"� �# Kb U�&
�� ����������������
�� ������ �� � ���� !
YKN� JAJBKDCTXaAF UJN[ ]RX!EGTCDXaAF� PF[ Kc CHF PFRO �J[ CG
�CFRXEZMKC )��I��� %> ((���� (�16��%9�'� $`AJMF ��'�"&� EFR[ UJGf!EPKNPT[ WRYJAPNAT[ GFHFPKMAIJ JEF[ PT[ AKEFMT[ PFRO @�FR]PNANJAFRO Do Q PF[ PaGFQPFRO JAJPFGNUFRO CDXJiUFRO UCZPFRQ��C`UKNPJN _TGJ_T[ HNJ[ PXTO XJ Kb AF[ QXKHJGfPKCFR ]RA`GFR� ]PF[ Fb EFNO F JA\!UKN P`]F PF[ Kc CHF PFRO �J[ AQ!�UaFCHUEK[ U ��(�.'��� �%�(�6�� (�6�1�%9�'� .��� <�������� ��- �������'��Fe ]F UJN[ PF[ Kc CHF PFRO �aCXEKCP �FRO A!HUKC <�������� (�6��%9�'�l *? ($6� �.��� 6������%'���� � <�������� ��
FGFA`PN Fb _NJMDCN]XF[ Q PTO Q BfCJBKA GFHFPKMAIJQ ]K[ G`!HNJ UJN[ _TXV_T KNk AJN KEN]LJGT[ Q UJN[ JXLN]WTPKNO PJN JEF[ EFG!GFR[ Q XKGKPTPaQ� Fb ]RHHCJLaJQ PF[ A RNb FBKPKNO � Fe EDQ EJGJN`PKCJ
��������
���
Fb �CFRXEZMKC� Kc MFAPJQ WaWJNJ KEIHAD]T Fe PN UZBK _NJMDCN!]X`Q� Fe ]F ECJUPNUF[ Q UJN[ JAJHUJNO FQ UN Jp A KNk AJN� EJCJXaAKNJRBJICKPFQ� @�gZGGFR� Fe PJA HIAKPJN G`HFQ HNJ[ +WRYJAPNAT[ ,GFHFPKMAIJ� _K[ A KAAFKNO PJN X`AF KUKIAT EFR[ _TXNFRCH\BTUK Xa!]J ]PJ[ Kb UZ]PFPK K_JLNUJ[ Fe CNJ PTO Q �RYJAPNATO Q RPFUCJPF!CIJQ� S�Fe CFQ +WRYJAPNAF[ Q, JAJLaCKPJN K_DO ]K[ XNJ[ EKCNFMT[ XK[XKPJWGTPJ[ ]fAFCJ� XK[ ]LJNO CKQ EFGNPN]PNUTO Q KENCCFTO Q UJN[ECJHXJPNU`PTPJQ JAKgZCPTPKQ JEF[ Fe CNJ UCJPDO A� �aGFQ� TbKc AAFNJ PTO Q GFHFPKMAIJQ _K[ A EKCNFCIYKPJN ]K[ JRPF[ EFR[ _TGVAKNFb Fe CFQ +& ++ � + ��� �,� JGGJ[ EKCNGJXWZAKN UJN[ Jc GGJ JgN`GFHJUKIXKAJ� Fe EDQ ]RATBIYKPJN UJPJ[ PT[ A KgaPJ]T KEFMDO A Fe EFR TbGFHFPKMANUT[ _CJ]PTCN`PTPJ _K[ A KNk AJN EFGR[ XKHZGT�
S� �J[ AQ!�UaFCHU EK[ U $����!����&� UFCRLJNO FQ WRYJAPNAFG`HFQ�]EFf_J]K ]PF[ `AJMF UJN[ ]PT[ �VXT� @ EF[ PF[ �� � Do Q PF[ ��")Tk PJA PJUPNUF[ Q UJBTHTPT[ Q PTO Q �RYJAPNAFGFHIJQ ]PF[ �JAKEN]P\XNFPFRO FAZMFR� @�EN[ ]KNCJ[ KPDO A Kga_N_K PT[ A�4��������� 7����������@ EF[ PF[ ��"� Do Q PF[ ��'( _NKPaGK]K �C`K_CFQ PFRO �KCXJANUFRO �aA!PCFR KGKPDO A ]PT[ �KAKPIJ� HNJ[ Ke AJ XKHZGF _NZ]PTXJ @ APNEC`K!_CFQ PTO Q �KCXJANUTO Q S�PJNCKIJQ @�CKRADO A UJN[ XaGFQ PFRO @�EN]PT!XFANUFRO �RXWFRGIFR� �Nk AJN XaGFQ PTO Q @ UJ_TXIJQ @�EN]PTXDO A PFROFAZMFR� PTO Q �NaAATQ� PFRO �FA_IAFR� PDO A �CRgKGGDO A UJN[ PTO Q @ UJ!_TXIJQ @ BTADO A� UJBD[ Q UJN[ PFRO @ CMJNFGFHNUFRO @�A]PNPFfPFR� UJN[Kc MKN ]RHHCZmKN PJ[ Kc CHJl ��(�.'� �� �%�(�6�� (�6��%9�'� .���<�������� ��- �������'�� `AJMF ��)�r *? =�������� 9(%�'��`AJMF ��"'� ����� ���r <�������� �- ��6��.�$� `AJMF��'�r<�������� %- ���$� `AJMF ��' r *? ��- ���7�%�� E%��I1�� �� �> #��$���� `AJMF!�RCIMT ��' U�Jc �
��������
���
���� ����� ���
*? =�������� 9(%�'�KPZLCJ]T �TXF]BaAT �FfCPFWNU
@ B\AJ ����� )����� ]]� )�) $�"� �# Kb U�&� ' KNU`AKQ
�� ����������������
�� ������ ��� ��������� �
KNk AJN XNJ[ ]R]PTXJPNUT[ KN]J!HDHT[ ]PT[ �RYJAPNAFGFHIJ� FRc !
PK AJ[ _V]KN XNJ[ ]RAFGNUT[ KNU`AJ PFROLJNAFXaAFR EFR[ GaHKPJN �RYZAPNF� S�KENGFHT[ PTO Q Re GTQ JAPJEFUCIAKPJN ]K[EFGR[ ECF]DENUK[ Q ECFPNX\]KNQ PFRO]RHHCJLaJ� JGGJ[ UZEDQ UJN[ ]PT[ A J!AZHUT AJ[ UJGRLBFRO A Fb CN]XaAJ UKAJ[PTO Q�RYJAPNAFGFHIJQEFR[ Fb ]RHHCJLa!JQ PJ[ BKDCKNO _K_FXaAJ� h�P]N� PF[ WN!WGIF Nc ]DQ XEFCa]KN AJ[ _V]KN XKCNUJ[KCKBI]XJPJ ]K[ KUKIAFRQ EFf� MDCN[ Q AJ[KNk AJN WRYJAPNAFG`HFN� KA_NJLaCFAPJNJCUKPJ[ HNJ[ PF[ �RYZAPNF UJN[ _K[ A Nb UJAFEFNFRO APJN� XJUCFEC`!BK]XJ� XK[ EKCNHCJLK[ Q EFR[ KgJAPGFRO APJN ]PT[ XKHJGFECaEKNJPFRO JRGNUFRO PKGKPFRCHNUFRO � ]PN[ Q LJAPJ]XJHFCNUK[ Q Nb KCFPKGK!]PIKQ Tp ]PN[ Q JUCFWJ]IKQ XNJO Q EFGNPNUTO Q +XKPJLR]NUTO Q,� S�Xa]FQ �RYJAPNAF[ Q Tk PJA Nc ]DQ EFGR[ ENF[ +KHU`]XNFQ, JEF[ Fe ]F
��������
���
AFXIYFRXK� �Nk MK JCUKPJ[ JAJEPRHXaAF EFGNPNUF[ JN]BTP\CNF�De ]PK AJ[ XEFCKNO AJ[ Kb GI]]KPJN UJN[ MDCN[ Q XKPJLR]NU\r JHJEFRO !]K JCUKPJ[ PT[ GKEP`PTPJ PDO A PC`EDA� PF[ MNFRO XFC UJN[ PT[ AUJGGNaEKNJ� De ]PK AJ[ XT[ A Kc MKN PF[ AFRO PFR ]RAKMDO Q ]PT[ LRHT[JEF[ PF[ A U`]XF UJN[ ]PF[ Rb EKCEaCJAr UJI� Fc MN ]EZANJ� Tk PJA P`]FBCTO ]UFQ� De ]PK XEFCFRO ]K E`PK E`PK AJ[ UZAKN UJN[ MDCN[ Q PFR[ QXTMJAN]XFR[ Q PTO Q FCB`_FgTQ @�UUGT]IJQ� S� Re EJCgT PFRO +XK!HJGFECKEFRO Q, ]PFNMKIFR ]PT[ YDT[ PDO A �RYJAPNADO A KNk AJN JAJX!LN]W\PTPT� JGGJ[ Tb UJBTXKCNA`PTPZ PFRQ ECaEKN AJ[ Tk PJA EFGR[ENF[ EKY\�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� �) �
��������
���
������ � � ��� ���
*A �- ����� � ����9.��� ����9%� � �� �- �67��.�
@ B\AJ ����� ����#� ]]� # " $�#� �� Kb U�&
�� �����������
�� ������ ������ � ������� �� � ��
PFRO WNWGIFRl Tb KXLZAN]T UJN[ Tb KgaGNgT PFRO XFAJMN]XFRO]PF[ A h BD UJN[ Tb _NFNUTPNU\ PFR FCHZAD]T� S� JBDAN!
UF[ Q XFAJMN]X`Q� JEF[ PT[ A KXLZAN]\ PFR PF[ A �F JNVAJ Do Q PF[ A��F� KgKPZYKPJN UJN[ JAJGfKPJN Xa]J JEF[ UJBJCJ[ WRYJAPNAK[ QETHK[ Q UJN[ PFEFBKPKNO PJN ]PF[ HKANU`PKCF EGJI]NF PFRO WRYJAPN!AFRO XFAJMN]XFRO � PXTO XJ PFRO Fb EFIFR JEFPKGFRO ]JA UJN[ FNb @ BD!AIPKQ XFAJMFI� @�ADO ]PTCIMPTUK ]PN[ Q Nc _NKQ WZ]KNQ _NFIUT]TQXK[ PJ[ Jc GGJ XFAJ]PNUJ[ UaAPCJ PFRO �RYJAPIFR� KgKGIMBTUK ]K[Ke AJ ]f]PTXJ HKCJ[ ]RHUCFPTXaAF� Nb KCJCMTXaAF XK[ Kc APFAJ]RHUKAPCDPNUF[ MJCJUP\CJ� EFR[ EJCq Fe GKQ PN[ Q JAPNgF`PTPKQ�K]DPKCNUK[ Q UJN[ KgDPKCNUaQ� UCZPT]K ]BKAJCJ[ PJ[ Tb AIJ PFROJRP`AFXFR UCZPFRQ Do Q PF[ PaGFQ PFRO � FR JNVAJ� Fe PJA KNk _K PF[LDO Q XNJ[ AaJ XFCLT[ _NFIUT]TQ�
S� �NFAR]IJ �JEJMCR]ZABFR� KHUJPK]PTXaAT ]PF[ �JCI]N� KCHZ!]PTUK JEF[ PF[ �� � ]PF[ @�BANUF[ �aAPCF @�EN]PTXFANUDO A @�CKRADO APTO Q �JGGIJQ $����&� XK[ UfCNF BaXJ XKGaPTQ PF[ n HNFA h�CFQ UJPJ[PT[ WRYJAPNAT[ EKCIF_F� SEF[ PT[ A UJBF_\HT]T PFRO WRYJAPNAFG`HFR
��������
��
�D[ G �KXK[ CG KgKN_NUKfPTUK ]PT[ ]EFR_T[ PDO A WRYJAPNADO A KHHCZLDAPFRO S HIFR h�CFRQ UJN[ JAaGJWK PT[ A KENXaGKNJPTO Q ]RGGFHTO Q�����$�&� �8����� �JCZGGTGJ� Kc GJWK XaCFQ Db Q ]RAKU_`PCNJ ]PT[ _TXF]IKR!]T PDO A ���� &� �$�� $# P`XFN&� UJBD[ Q UJN[ ]PT[ _TXF]IKR]T PDO A���� &8�$����� �F[ ��") KU_`BTUJA XK[ ECF]DENU\ PTQ KENXaGKNJ PJ[���� &� #������� $WCJWKNO F PTO Q �JGGNUTO Q @ UJ_TXIJQ& UJN[ PF[ ��' PJ[ ���� &� 6������� $WCJWKNO F PTO Q @ UJ_TXIJQ @ BTADO A&�
��������
���
�� ��������
� '�$���� &� �������� ����5&��������������� �� ����� �� �� ��������
"��#,'4�)#"� 1,)�)#"� 4#22 "��)� ��1,)�)#" 7#���'2 � )", < 1��&+)� 7�� *� �#'"��),)�
��� =" � ���#� ]]� ��� $�"� �# Kb U�&
�� �����������
����� � �� ��� �� ���� �������� ��
�aAPCF �RYJAPNADO A @�CKRADO A PFRO @�BANUFRO S�_CfXJPFQ@�CKRADO A UJN[ PF[ FCLDPNUF[ n�_CRXJ @�BANUTO Q �CJEa!
YTQ Kga_D]JA JEF[ UFNAFRO � ]K[ HJGGNUT[ HGV]]J� PF[ Kc CHF PFRHNJ[PN[ Q �KJCK[ Q PDO A JRPFUCJP`CDA PTO Q JUK_FANUTO Q _RAJ]PKIJQ�EFR[ Fb _NJECKET[ Q WRYJAPNAFG`HFQ PF[ KNk MK ]MK_F[ A Fb GFUGTCV]KNECN[ A JEF[ PF[ BZAJP` PFR� S� Kc U_F]T JRP\� LCFAPN]XaAT JEF[ PF[ AKCKRATPT[ PFRO ��� �ZCN �FRAJCI_T� ]fXLDAJ XK[ PT[ _NJB\UTPFRO �WFCVAFR� WJ]I]PTUK ]K[ _JUPRG`HCJLF UKIXKAF PDO A UJ!PJGFIEDA PFR� ]PF[ Fb EFNO F KNk MK Tc _T KENLaCKN _NFCBV]KNQ�
�F[ WNWGIF EKCNGJXWZAKN PJ[ UKIXKAJ PDO A �KJCDO A PTO Q J!UK_FANUTO Q _RAJ]PKIJQ EFR[ JLFCFRO A PT[ HTO UJN[ PFR[ Q ]PCJPNDO !PKQ� ]K[ AaJ Kc U_F]T� WJ]N]XaAT ]K[ GKEPFXKCT[ XKGaPT Fe GDA PDO AMKNCFHCZLDA�XK[ UCNPNUF[ Rb E`XATXJUJN[ KUPKAT[ ]MFGNJ]X`� S�ECF]PJ]IJ PTO Q JHCFPNUTO Q UFNA`PTPJQ JEF[ PFR[ Q +_RAJPFR[ Q,KNk AJN Ke AJ UKAPCNUF[ Y\PTXJ ]PT[ WRYJAPNAT[ UFNADANUT[ Nb ]PFCIJ��Nb �KJCK[ Q JEFPKGFRO A WJ]NUT[ ETHT[ HNJ[ PT[ A KgaGNgT PTO Q _FXTO QUJN[ PTO Q GKNPFRCHIJQ PFRO WRYJAPNAFRO UFNADANUFRO ]R]P\XJPFQ�S� Kc U_F]T ]RXEGTCVAKPJN JEF[ �KANUF[ �Rb CKP\CNF� �Rb CKP\CNF
��������
���
�`XDA UJN[ �KNCFHCZLDA� UJBD[ Q UJN[ �NWGNFHCJLIJ� EFR[ PJ[Kc MKN ]RAPZgKN Fb �� �FRAJCI_TQ�
S��IUFQ�WFCDO AFQ $����!��'�& HKAA\BTUK ]PT[ �KRUZ_J� �EFf_J]K]PT[ �NGF]FLNUT[ �MFGT[ @ BTADO A UJN[ KCHZ]PTUK Db Q KCKRATPT[ Q ]PF[K]JNDANUF[ @ CMKNO F PTO Q @ UJ_TXIJQ @ BTADO A� �FGaXT]K ]PF[ JG!WJANUF[ XaPDEF UJN[ Kc GJWK XaCFQ ]PT[ A @�BANUT[ @ API]PJ]T� �F[ ��#)ETO HK XJYN[ XK[ Jc GGFRQ n�GGTAKQ ]PT[ �JGGIJ� Fe EFR KCHZ]PTUK Db QKCKRATPT[ Q ]PF[ @�BANUF[ �aAPCF @�EN]PTXFANUTO Q h�CKRAJQ $681�&��I_JgK S�]PFCIJ PTO Q UFNADAIJQ UJN[ PDO A BK]XDO A PFRO �RYJAPIFR ]PT[ A�14#+ *���)8' , � ��'� � �1�', � >� � 4�)#"?� @ EF[ PFR[ Q XKHJ!GfPKCFRQ n�GGTAKQ Nb ]PFCNUFfQ� J]MFG\BTUK XK[ PT[ WRYJAPNAT[ UJN[ PT[AK`PKCT S�]PFCIJ UJN[ XK[ PF[ _N_JUPNUF[ UJN[ ]RHHCJLNU` PFR Kc CHFKETCaJ]K PFR[ Q AK`PKCFRQ Nb ]PFCNUFfQ�
��������
��
*? =�������� ���7��.� �%��� ��� � �o (�.���� � ;��.������+��(��@�ENXaGKNJ �#�" �� �)�"")��
KPZLCJ]T �� �GJWNJAFRO � �� �RBRXNZ_T� ��� �CJHFfXT��� �]NCVAT� �� �FRAPFRGZUT {� �J]NGZUT
@ B\AJ ���#� ����'� ]]� #�� $�"� �# Kb U�&� �#) KNU`AKQ
�� ����������������
�� �#)( � ����� ��������� ����� �� ����
PDO A @�BDXJADO A �FfCUDA� HKHFAF[ Q EFR[ ]\XJAK PF[ Pa!GFQ PTO Q �RYJAPNATO Q RPFUCJPFCIJQ� @�APFfPFNQ� Tb EJN!
_KIJ� PTO Q Fb EFIJQ Tb �`GT Rb ETO CgK PF[ MDAKRP\CN HNJ[ EKCN]]`!PKCJ JEF[ MIGNJ MC`ANJ� ]RAaMN]K AJ[ EJCaMKN ]PFR[ Q FCB`_FgFRQMCN]PNJAFR[ Q jKA XaCKN UJN[ ]PFR[ Q Nc _NFRQ PFR[ Q �FfCUFRQjEC`PREJ PJ[ Fb EFNO J KAaEAKJA ]KWJ]XF[ UJN[ Je XNGGJ�n�DQ PVCJ� PJ[ EKCN]]`PKCJ ]TXJAPNUJ[ UKIXKAJ EFR[ XJC!
PRCFRO A PT[ A Nb ]PFCIJ PFRO XKPJWRYJAPNAFRO EFGNPN]XFRO Tk PJAHCJXXaAJ ]K[ HGDO ]]KQ KGZMN]PJ HAD]PK[ Q ]PT[ �RPNUT[ �RCV!ET UJN[ PT[ A @ XKCNU\� �F[ WNWGIF JRPF[ ]RHUKAPCVAKN Jc CBCJ_NKBADO Q _NJUKUCNXaADA XKGKPTPDO A� FNb Fb EFNO FN _NKCKRAFRO A PN[ Q_NZLFCKQ Fc mKNQ PFRO WRYJAPNAFRO EFGNPN]XFRO jBCT]UKRPNUaQ�UFNADANUaQ� UJGGNPKMANUK[ Qj EFR[ KENWID]JA XKPJ[ PT[ A KENWF!GT[ PTO Q FBDXJANUTO Q URCNJCMIJQ�
���� ���� ��������� �K[ C �PTO WKA �ZA]NXJA� XK]JNDAN]PT[ QUJN[ XKGKPTPT[ Q PFRO �RYJAPIFR UJN[ PTO Q a]TQ @ AJPFGTO Q � �EfCFQ�CRVATQ ���� E� _NKRBRAPT[ Q PFRO �aAPCFR S�GGTANUDO A �EFR_DO A @ !
��������
���
GagJA_CFQ @�AZ]TQ ]PF[ �JAKEN]P\XNF PTO Q �aJQ S`CUTQ � �YD[ AZHKAPFCL� UF]X\PDC UJN[ UJBTHTPT[ Q �JPCFGFHIJQ UJN[ @�UUGT!]NJ]PNUTO Q S�]PFCIJQ PFRO @�CB`_FgFR �KFGFHNUFRO �KXNAJCIFR PFROS HIFR �GJ_NX\CFR UJN[ UJBTHTPT[ Q S�]PFCIJQ ]PF[ �JAKEN]P\XNF�`CAPJX PTO Q �aJQ S`CUTQ � @ HGJ�J!�aGGT �Z]_JHGT� XaGFQPFRO �X\XJPFQ S�]PFCIJQ ]PF[ �JAKEN]P\XNF PFRO @ XEKCAP\A� ]PT[�UDPIJ � IGFQ �KGNXICFWNPQ� UJBTHTPT[ Q FR]NUTO Q ]PF[ �JAK!EN]P\XNF PTO Q �NCPYIANJQ��JCZGJXEFQEFfCJQ� UJBTHTPT[ Q PTO QS�]PFCIJQ PTO Q @ CMNPKUPFANUTO Q ]PF[ @�BANUF[ KP]`WNF �FGRPKMAKNO F� �ZGKNJ �UFfXJ!�\PKC]FA� _NKRBfAPCNJ PFRO FR]KIFR PFRO �F!GKHIFR �FRO ]PKC� UJBTH\PCNJ UJN[ EC`K_CFQ PFRO �X\XJPFQ �aMATQPFRO Nc _NFR �FGKHIFR��UZCR �IUJA� Kc LFCFQ XK]JNDANUDO A XATXKIDA]PT[ A �NAJUFB\UT �RDO GPKCQ PTO Q �JGPNX`CTQ UJN[ Kc UPJUPFQ UJBT!HTPT[ Q ]PF[ �JAKEN]P\XNF �YD[ AQ �`EUNAQ � �YD[ A �NJAANZQ� JAJ!EGTCDPT[ Q UJBTHTPT[ Q PTO Q S�]PFCIJQ PTO Q �aMATQ ]PF[ �JAKEN]P\XNFPTO Q �NCPYIANJQ�
��������
���
����� ������
*? ������� ���� �%.������ *�((��.���� .������� ��.'� �� �> ����.'� ���� %- 5.(��.����
j""��y"n�� �- I���kKPZLCJ]T �ZPNJQ �JGJPJCNVPFR
@ B\AJ ��� � (���'� ]]� " $�"� �# Kb U�&� �� J{X KNU`AKQ UJN[ ( MZCPKQ
�� ����������������
��� �� ���� ��� ���� ������ ���� �� ���!
GZWT]JA JEF[ PT[ XZMT PFRO JAPYNUK[ CP $��"�& XaMCNPT[ AJe GD]T PTO Q �DA]PJAPNAFfEFGTQ $�#)(&� Tb EJCJUXT[ PFRO
WRYJAPNAFRO S�GGTAN]XFRO UJN[ Fb KgN]GJXN]XF[ Q PTO Q NUCJO Q @ !]IJQ JUFGFfBT]JA ]RHUGIAFR]J EFCKIJ HNJ[ PKGKRPJIJ LFCZ�S� XKHZGT JRPT[ MCFANUT[ EKCIF_FQ UJGfEPKN XNJ[ PKCZ]PNJ HK!DHCJLNUT[ EKCNFMT[ UJN[ PT[ A Nb ]PFCIJ EFGGDO A UJN[ _NJLFCKPNUDO AGJDO A EFR[ ]MKPI]PTUJA� ]RHUCFf]PTUJA� KEa_CJ]JA Fb Ke AJQ]PF[ A Jc GGFA UJN[ PKGNUJ[ ]RXWID]JA ]PF[ MDAKRP\CN PTO Q JAJPF!GNUTO Q K]FHKIFR jXNJ[ Nb ]PFCIJ EFR[ EKCNXaAKN JU`XJ PFR[ QKCKRATPaQ PTQ�
S� KgJLZAN]T BK]XDO A EFR[ ]P\CNgJA PT[ A JRPFUCJPFCIJ� Tb_NJLBFCJ[ PTO Q JCN]PFUCJPIJQ� Fb ]RHUKAPCDPN]XF[ Q UCZPFRQUJN[@�UUGT]IJQ UJN[ Fb _NMJ]XF[ Q PTO Q Tb HK]IJQ ]K[ Kb ADPNUFR[ Q UJN[JABKADPNUFR[ Q Tk PJA FNb ]TXJAPNU`PKCKQ JNPIKQ EFR[ Jc AFNgJAPT[ A UKCU`EFCPJ ]PFR[ Q ANUTPaQ�
�F[ Kc CHF PFRO �EfCFR �CRVAT EKCNHCZLKN ATLZGNJ PT[ _NJ!_NUJ]IJ PFRO KgN]GJXN]XFRO UJN[ EJCZGGTGJ _KIMAKN EDO Q Fb WR!YJAPNAF[ Q EFGRKBANUF[ Q EFGNPN]XF[ Q UJPZLKCK XK[ PT[ ]KNCZPFR AJ[
��������
���
KEN_CZ]KN ]PF[ A PFRCUNU`� De ]PK AJ[ HKAATBKNO Ke AJQ UJNAFfCNFQlFb GJiUF[ Q EFGNPN]XF[ Q PTO Q NUCJO Q @ ]IJQ�
S��EfCFQ �CRVATQ HKAA\BTUK PF[ ���'� �EFf_J]K @ CMJIJ S�]PFCIJUJN[ �GJ]NUT[ �NGFGFHIJ ]PF[ �FGaHNF �JFRBHFRa]PKCA PFRO aXLNQUJN[ ETO CK PF[ _N_JUPFCNU` PFR JEF[ PF[ �JAKEN]P\XNF �ZCWJCAP PF[��) � @ UFGFfBT]K JUJ_TXJiUT[ ]PJ_NF_CFXIJ ]PF[ �XTO XJ S�]PF!CIJQ PFRO �ZCWJCAP XaMCN PF[ ��''� KADO EJCZGGTGJ Rb ETO CgK KEN]Ua!EPTQ UJBTHTPT[ Q ]PJ[ EJAKEN]P\XNJ PFRO �NUZHFR $�� ! "& UJN[ PTO Q@ B\AJQ $��" !'#& UJN[ _NKRBRAPT[ Q ]K[ UaAPCJ KCKRADO A� n�_CR]K UJN[_NKRBfAKN PF[ �aAPCF KGaPTQ S�GGTAN]XFRO �7 �#� ��)+ ��6#")�]PT[ A �JGNL`CANJ� h�MKN WCJWKRPKNO JEF[ Nb _CfXJPJ PTO Q S�GGZ_JQUJN[ PFRO KgDPKCNUFRO HNJ[ PF[ KEN]PTXFANUF[ UJN[ ]RHHCJLNU` PFR Kc CHF�
��������
���
�� *� ��0����� ��� ������� �*����
��((�6%� � .��� � =�������� ��(�.������� ��� � ""� �� ��� � " � �- I��
KPZLCJ]T @ A_CaJ �JEEJO
@ B\AJ ��� � (����� ]]� )�� $�#� �� Kb U�&� )( J{X KNU`AKQ
�� ����������������
��������� ��� ���*�� ����� �� �� � ����!
CNUFRO PTO Q PaMATQ UJN[ Kb AF[ Q WRYJAPNAFG`HFR� KENMKNCKNO PJNTb JAJPCFET[ PTO Q UJBNKCDXaATQ Jc EFmTQ Fe PNPF[ �RYZAPNF�
Db Q UJPZGFNEF PTO Q EJCJUXTO Q PTO Q�VXTQ� MJCJUPTCIYKPJN JEF[MC`ANJ N_KFGFHNUT[ UJN[ EFGNPN]XNUT[ J_CZAKNJ� �KCNFCIYFAPJQPF[ MCFANUF[ EGJI]NF PTO Q XKGaPTQ ]PF[ A ��F UJN[ PF[ A ��F JNVAJ� FNb]RHHCJLKNO Q KgKPZYFRA PN[ Q Rb GNUK[ Q UJN[ _FXNUK[ Q XKPJWFGK[ Q ]PT[�RYJAPNAT[ RPFUCJPFCIJ� JAPGVAPJQ Nb ]PFCNUJ[ PKUX\CNJ JEF[PF[ MDO CF PTO Q JCMJNFGFHIJQ� PTO Q LNGFGFHIJQ� PDO A UJGDO A UJN[KLJCXF]XaADA PKMADO Al KNUFAFHCJLTXaAJ MKNC`HCJLJ� mT!LN_DPZ� AFXI]XJPJ� UPICNJ UJN[ GFHFPKMANUJ[ UKIXKAJ JgNF!EFNFRO APJN _TXNFRCHNUJ[ HNJ[ PT[ A UJPJA`T]T PDO A UFNADANUDO AJGGJHDO A� �NKCKRADO APJN FNb KgKGIgKNQ Fc MN X`AF ]PT[ A FNUFAFXNUT[YD\� PF[ _IUJNF� PT[ A KEN]P\XT UJN[ PT[ A PaMAT� JGGJ[ UJN[ ]K[EPRMK[ Q PTO Q UJBTXKCNA`PTPJQ $Kc A_R]T� _NJPCFL\� _NJ]Ua_J!]T&� ]PFR[ Q BK]XFfQ� PN[ Q UFNADANUK[ Q JgIKQ� PT[ A KEJLT[ XK[ PFR[ QgaAFRQ EFGNPN]XFR[ Q UJN[ PT[ ]Ma]T PFRO _TXNFRCHFRO XK[ PF[ Kc CHFUJN[ PF[ UFNA` PFR�
��������
���
S� _NJUKUCNXaAFQ �DO ]FQ WRYJAPNAFG`HFQ @ GagJA_CFQ �� �JYAPJ[ A$����!���"& Rb ETO CgK �NKRBRAPT[ Q @�CKRADO A ]PF[ �aAPCF �RYJAPNADO A�EFR_DO A PFRO �PJXEZCPFA h�FRUQ ]PT[ A �RZ]NAHUPFA� S� � A �R!DO CPFA h�E]PJiA KNk AJN UJBTH\PCNJ S�]PFCIJQ PTO Q �aMATQ ]PF[ �JAK!EN]P\XNF �PNFR[ U PTO Q �`CKNJQ �JCFGIAJQ�
��������
���
���� ������
A- ������ �- �7���5� .��� <��7���� /!!1" !!KPZLCJ]T S�GaATQ �PJXE`HGT
@ B\AJ ���"� ]]� �( $�#� �� Kb U�&� ( MZCPKQ
�� ������������
�� ������ �� ������ ����Jp A UJPJAF\]FRXK UJGfPKCJ PT[LKFR_JCMIJ� FNb FNUFAFXNUK[ Q K!
gKGIgKNQ ]PT[ �RYJAPNAT[ RPFUCJPF!CIJ UJN[ PT[ XK]JNDANUT[ �f]T KNk AJN]RHUCI]NXKQ]K[ EFGR[ XKHJGfPKCFWJB!XF[ JEq Fe �PN _aMFAPJA XaMCN ]\XKCJ FNbEKCN]]`PKCFN WRYJAPNAFG`HFN�
�JGJN`PKCKQ Kb CXTAKNO KQ KgJCPFRO !]JA EFGR[ ]PKAJ[ PN[ Q PZ]KNQ PTO Q FNUFAF!XIJQ JEF[ PN[ Q EFGNPNUK[ Q PfMKQ PFRO UCZ!PFRQ UJN[ BKDCFRO ]JA PF[ A ��F JNVAJEK!CIF_F FNUFAFXNUTO Q ]PJ]NX`PTPJQ� S!EZCMFRA Fe XDQ ]TXJAPNUK[ Q KA_KIgKNQHNJ[ ]PJBKCT[ JRc gT]T PFRO EGTBR]XFRO PTO Q JRPFUCJPFCIJQ UJN[HNJ[ KAPJPNUT[ JHCFPNUT[ KUXKPZGGKR]T� S� Fc HUFQ PTO Q AFXN]XJ!PNUTO Q URUGFLFCIJQ JRg\BTUK UJPJ[ PF[ A ��F UJN[ PF[ A ��F JNVAJUJN[ PJ[ J]PNUJ[ UaAPCJ EFGGJEGJ]NZ]PTUJA� @�ENEGaFA� FNb BK!PNUK[ Q JEF[ FNUFAFXNUT[ Jc EFmT EGKRCK[ Q ]PT[ _NJX`CLD]T LKFR!
��������
��
_JCMNUDO A ]Ma]KDA EJCJHDHTO Q jTb JGGTGKgZCPT]T E`GKDA�KXEFCIFR UJN[ JHCFPNUTO Q FNUFAFXIJQj KAN]MfFRA PT[ A Jc EFmTED[ Q Tb UJPZCCKR]T PTO Q �RYJAPNATO Q RPFUCJPFCIJQ ]PJ[ PaGTPFRO ��FR JNVAJ _K[ A ECaEKN AJ[ ]RA_aKPJN XK[ FNUFAFXNUT[ EJ!CJUX\�
�J[ ]RXEKCZ]XJPJ BJ[ KETCKZ]FRA UZBK XKGGFAPNUT[ Kb CXT!AKIJ HNJ[ PT[ HKANU`PKCT EFCKIJ PTO Q WRYJAPNATO Q Nb ]PFCIJQ� �N_N!U`PKCJ� Tb JAJHAVCN]T Fe PN Tb _NJX`CLD]T XNJO Q N]MRCTO Q JCN!]PFUCJPIJQ EFR[ ]PTCIYKPJN ]PT[ A Kc HHKNF N_NFUPT]IJ _K[ A KNk AJNJ]RXWIWJ]PT XK[ PT[ A JAZEPRgT PFRO KXEFCIFR UJN[ PDO A J]PN!UDO A UaAPCDA KENWZGGKN PT[ A KEJAKgaPJ]T PTO Q Lf]TQ UJN[ PDO AUFNADANUDO A _FXDO A PTO Q WRYJAPNATO Q FNUFAFXIJQ�
S� h GJA�ZCWKs KNk AJN XaGFQ PFRO �aAPCFR�RYJAPNADO A �EFR_DO A ]PF[�JAKEN]P\XNF PFRO EaCXNHMJX�
��������
���
����� ������
*? 6����.� ��� � ����%+��.��*? ;��.������+��(� �� �> �%.��' ���
�- ��� ��� hh! �f � ��� 3n"
KPZLCJ]T JCIAJQ �FRUZUT
@ B\AJ ����� ������ ]]� "" $�"� �# Kb U�&� �� J{X KNU`AKQ UJN[ ( MZCPKQ
�� ��������������� �����������
�� ���������������� ��� ������
������������������
Ne _CR]\Q PTQ ]PT[ Ba]T PTO Q JC!MJIJQ E`GTQ PFRO �RYJAPIFR� Tb
�aJ �VXT XFNZYKN AJ[ PJ[ Kc MKN Fe GJlPKIMT EFGR[ XKHZGJ HNJ[ PJ[ GNHF]PZPTQ ]EIPNJ� XNJ[ ]fHUGTPF JEF[ PT[ A Fb !EFIJ BJ[ ECFaGBKN ECDBf]PKCJ Tb ]RH!UGTPNUT[ PZgT� XNJ[ _TXFPNUT[ JCMT[ EFR[ECFsEZCMKN UJN[ ECFKPFNXZYKN PT[ A J!]PNUT[ JAZEPRgT� Ke AJA Nb EE`_CFXF EFR[XKPJXFCLVAKNPF[ A EGTBR]XF[ XNJO Q E`!GTQ PTO Q @ AJPFGTO Q ]K[ ;>;�w�x z>��!?�x� KGKPVAPJQ PFR[ Q BK]XFR[ Q PTO Q�J]NGKfFR]JQ� WGaEKN UJAKN[ Q E`]F_f]UFGJ XKPJLRPKfPTUK PF[ CDXJiUF[ EC`PREF� E`]KQ LZ]KNQEaCJ]K KEN[ Kb AZXN]T JNVAJ Db ]`PFR _NJXFCLDBKNO XNJ[ AaJ UFN!ADAIJ ]q KPFfPT PT[ A ECVPT XKHJG`EFGT PFRO K]JIDAJ� S�UFNADAIJ JRPT[ KNk AJN MCN]PNJANU\� Fe EDQUJN[ Tb E`GT� UJN[ JRPF[ PF[]PFNMKNO F PN[ Q UZAKN AJ[ gKMDCIYFRA� UJPJ[ PT[ AFFPCFEIJ Fe EDQUJN[
��������
���
UJPJ[ PT[ A PFEFHCJLIJ� Xa]J ]K[ XNJ[ KENUCZPKNJ EFR[ _K[ A KNk AJNEGaFA Tb @ AJPFGNUT[ �DXJiUT[ RPFUCJPFCIJ� MDCN[ Q AJ[ KNk AJNJU`XJ Tb �RYJAPNA\�
S� �NGXEK[ C �PJHUCF[ A HKAA\BTUK ]PF[ �JCI]N PF[ ��(�� �NJ[ PT[ A PK!CZ]PNJ]RXWFG\ PFR ]PT[ XKGaPT PTO Q Nb ]PFCIJQUJN[ PFRO EFGNPN]XFRO PFRO�RYJAPIFR Kc MKNPNXTBKNO XK[ _NJUCI]KNQ P`]F]PT[ MVCJPFR Fe ]FUJN[ ]PF[KgDPKCNU`� @ EF[ PF[ ��") KNk AJN UJBTHTPT[ Q UJN[ JEF[ PF[ ���" _NKRBRA!PT[ Q PFRO �FGKHIFR PTO Q �JGGIJQ UJN[ JEF[ PF[ ��� EC`K_CFQ PTO Q �NK!BAFRO Q @�ENPCFETO Q �RYJAPNADO A �EFR_DO A� �F[ ���� JAJHFCKfPTUKKEIPNXFQ _N_ZUPDC PFRO �JAKEN]PTXIFR @ BTADO A UJN[ PF[ ���� JAPK!EN]PaGGFA XaGFQ PTO Q @ UJ_TXIJQ @ BTADO A� �Nk AJN EFGRHCJL`PJPFQ�S� &����.� ��� � ����%+��.�� KNk AJN PF[ ECDO PF Kc CHF PFR EFR[ XKPJ!LCZYKPJN ]PJ[ Kb GGTANUZ�
��������
��
����������
���� ��� � � � �� ��
* .���'� �� ��+(� ��� � ��(��� � .��(�7���j"h!!1"3!!k
@ B\AJ ����� Wd Kc U_� ����� JAJP� ����� ]]� �(" $�#� �� Kb U�&
�� ����������������
�� �� ������ ��������� � �
MCFAFHCZLFN� LFCKNO Q XNJO Q XJ!UC`MCFATQ EFGNPN]XNUTO Q EJCZ!
_F]TQ Rb mTGTO Q ]PZBXTQ� UJPaHCJmJAPJ[ HKHFA`PJEFR[ Fb _\HT]JA]PT[ A�FRC!UFUCJPIJ� S� BKVCT]T PFRO U`]XFR� FbFb EFNO FQ Jc GGJYK EJCZ_FgJ� PFR[ Q WJ]Z!ANYK� UJN[ PT[ A KgaLCJ]JA ]PFMJ]PNUZ�XK[ Re LFQ G`HNF UJN[ UFXm`� n�AJQ�FRO CUFQ EFR[ YFRO ]K ]PT[ �NBRAIJ UJPa!HCJmK PJ[ Nc _NJ HKHFA`PJ� @ APNXKPV!EN]K PT[ A EFCKIJ PTO Q UJPZUPT]TQ JEF[PT[ A JAPIBKPT ]UFENJ[ UJI� Kc MFAPJQ EK!CNFCN]XaAT X`CLD]T� PT[ A EKCNaHCJmKJb EGFiUJ[ UN JRB`CXTPJ�
�PF[ WNWGIF JAJGfKPJN Fb Jc GGFQ U`]XFQ� ]PF[ A Fb EFNO FA JATO UKJRPF[ Q Fb Jc ABCDEFQ� UJN[ EJCJPIBKPJN ]MFGNJ]XaAT XKPZLCJ]TPFRO PFRCUNUFRO UKNXaAFR�
����������
���
S� @�GN]ZWKP � �JMJCNZ_FR� UJBTH\PCNJ �FRCUFGFHIJQ ]PT[ �NGF!]FLNUT[ �MFGT[ PFRO �JAKEN]PTXIFR�C\PTQ UJN[ XaGFQ PFRO @�A]PNPFf!PFR K]FHKNJUDO A �EFR_DO A $PFRO S�_CfXJPFQ �KMAFGFHIJQ UJN[ h�!CKRAJQ&� KNk AJN ]RHHCJLaJQ PFRO WNWGIFR���&� ��& ���&�3 9������� ���� ��& ��� "������ �� ������� ��& ��&�� )*,::-*;*</� �KAKPIJ��'(� UJBD[ Q UJN[ _NJL`CDA Jc CBCDA� XKCNUJ[ JEF[ PJ[ Fb EFNO J Kc MFRAJAJ_TXF]NKRBKNO ]K[ MDCN]PF[ P`XF XK[ PF[ A PIPGF ������� ��& ������� )�= *,::-�= *<::/� ���)#�'2 � 7�)"��� �FA_IAF ��')� �F[ ����KgKGaHT XaGFQ PFRO �NFNUTPNUFRO �RXWFRGIFR PFRO ����
����������
���
��������� � � � ������
���������
�� ����� � � ����������� ����������
�������� ��������
�EfCFQ �RJHHKGZPFQ� �PaLJAFQ �JUGJXZATQ��NDO CHFQ �KMJHN`HGFR� �ZAFQ JCU`EFRGFQ�
�NZAATQ JRCFXZPTQ
��� ����� �� ��"� �� ���� � ������ � � �� ��������Fb X`PNXFN UJBTHTPK[ Q PFRO �JAKEN]PTXIFR�K]]JGFAIUTQ� UJN[
Fb ��JEJBDX`EFRGFQ�UJBTHTPT[ Q PFRO �JAKEN]PTXIFR @�D!JAAIADA� Re ]PKCJ JEF[ ]RYTP\]KNQ EFR[ KNk MJA ECFTHTBKNO HNJ[ PT[ A J!
AZHUT AJ[ Rb EZCMFRA UCNPNUK[ Q KU_`]KNQ PTO Q EJGJN`PKCTQ GFHFPKMAIJQXJQ� JEFLZ]N]JA AJ[ Nb _Cf]FRA Ke AJAXNUCF[ Fe XNGF HNJ[ PT[ A KEN_IDgT PFRO]UFEFRO JRPFRO � �JCJUZGK]JA UJN[ PF[ A �NDO CHF �KLaCT AJ[ ]RXXKPZ!]MKN� Fb Fb EFNO FQ _aMPTUK EC`BRXJ� UJN[ ]PN[ Q �) @�FRAIFR Rb EFHCZLTUKKe AJ JAKEI]TXF Nb _CRPNUF[ PFRO Fb XIGFRXK[ PN[ Q Rb EFHCJLK[ Q PDO A PK]]ZCDA
XKGDO A� h�P]N HKAA\BTUK Tb ]KNCJ[ +�RYJAPNAT[ UJN[ �KFKGGTANUT[ �N!WGNFB\UT,� �IHFRQ XTO AKQ XKPJ[ PT[ A Rb EFHCJLT[ PFRO Nb _CRPNUFRO � PF[ A
�KEPaXWCNF PFRO ��"�� PJ[ Kb GGTANUJ[ HCZXXJPJ Kc MJ]JA PF[ A �NDO CHF�KLaCT� @ CH`PKCJ Tb @�ENPCFET[ ]RXEGTCVBTUK XK[ PF[ A ��� �J!
AJHNDPZUT� UJBTHTPT[ PFRO �JAKEN]PTXIFR @�DJAAIADA� UJN[ Kc UPFPK_NKPaGK]JA XaGT PTQ FNb �P� @ GKgIFR� �� �� �JUCN_\Q� ���� �JWWI!
_TQ� �� �WFCDO AFQ� ��� �TLZUTQ� �� �]JAP]ZAFHGFR�S� ]KNCJ[ ECFHCJXXJPI]PTUK AJ[ EKCNGJXWZAKN Kc CHJ PTO Q EJGJN`!
PKCTQ GFHFPKMAIJQ XJQ� EFNTPNUJ[ Tp EKYJ[ $X`AF GFHFPKMANUZ&� PDO A
WRYJAPNADO A UJN[ PDO A XKPJ[ PT[ A n GD]T MC`ADA� JEF[ PF[ A ��F Ke DQ PF[ A�"F JNVAJ� Tc � Jp A BKDCTBKNO ]U`ENXF� UJN[ Kc CHJ PFRO �'FR JNVAJ� �Nb
KU_`]KNQ KNk AJN JR]PTCJ[ UCNPNUK[ Q UJN[ LNGFGFHNUaQ� UJXDXaAKQ JEF[
_`UNXFRQ LNGFG`HFRQ Tp UJN[ JEF[ AK`PKCFRQ KEN]P\XFAKQ Rb EF[ PT[ A Jc !
XK]T UJBF_\HT]T Kb AF[ Q JEF[ PJ[ XaGT PTO Q @�ENPCFETO Q� �ZBK P`XFQEKCNGJXWZAKN PF[ KU_N_`XKAF Kc CHF UCNPNUJ[ JEFUJPK]PTXaAF� JAJGR!
PNUT[ KN]JHDH\� ]TXKNV]KNQ� UCNPNUK[ Q Tp ECJHXJPFGFHNUaQ� UJBD[ QUJN[ Kb CXTAKRPNUF[ HGD]]ZCNF UJN[ EIAJUJ FAFXZPDA UJN[ ECJHXZPDA�
S� +�RYJAPNAT[ UJN[ �KFKGGTANUT[ �NWGNFB\UT, Kc CMKPJN AJ[ ]RX!
EGTCV]KN Ke AJ UKAF[ JN]BTPF[ JEF[ UJNC`� �J[ EJGJN`PKCJ JRPJ[ UKIXK!AJ� EFR[ MCT]NXFEFNFRO A Fe GJ PT[ A UFNA\� +_TXV_T, HGV]]J UJN[ PT[ A
JARmVAFRA ]K[ Fc CHJAF GFHFPKMANU`� XEFCKNO AJ[ XT[ A KNk AJN Fe GJ EFNTPN!
��������� � � � ������ ���������
��
UJ[ JCN]PFRCH\XJPJ� JA\UFRA Fe XDQ JAJXLN]W\PTPJ ]PT[ AaJ Kb GGT!ANUT[ GFHFPKMAIJ UJN[ JEFPKGFRO A� HNJ[ PF[ G`HF JRP`A� XaCFQ PTO Q EAKR!
XJPNUTO Q XJQ EJCZ_F]TQ UJN[ PTO Q KBANUTO Q UGTCFAFXNJO Q� ATXKNO J PTO QFb XNGFfXKATQ HGV]]JQ ]K[ UZBK KEFM\� JEFPKGFRO A UJN[ JEF[ JRPT[ PT[ A
Jc EFmT PKUX\CNJ EFGfPNXJ PTO Q Nb ]PFCIJQ PTO Q Kb GGTANUTO Q GJGNJO Q� EFR[
KNk AJN� Fe EDQ KNk EK Fb �FCJ\Q� +Ko A JEF[ PJ[ EGaFA JAJEJGGFPCIDPJ PFROKc BAFRQ UP\XJPJ,� �F[ KA_NJLaCFA PFRQ Db ]P`]F _K[ A KNk AJN X`AF HGD]!]NUF[ UJN[ HCJXXJPFGFHNU`� �J[ A Kc CHJ GFHFPKMANUZ� Fe EFNJ UN Jp A KNk AJN
Tb EFN`PTPZ PFRQ� XEFCFRO A AJ[ ]RHUNA\]FRA UJN[ ]\XKCJ Tp Kc ]PD AJ[
UNA\]FRA PT[ LNGFXZBKNJ Kb AF[ Q UFNAFRO EaCJ JEF[ PF[ ]PKAJ[ KEN]PTXF!ANU`� �NGF_FgIJ PTO Q ]KNCJO Q KNk AJN AJ[ ECF]LaCKN ]PF[ UFNAF[ JRPF[ PJ[
_TXNFRCH\XJPJ PTO Q EJGJN`PKCTQ LZ]TQ PTO Q GFHFPKMAIJQ XJQ� ]RA!PKGVAPJQ Kc P]N ]PT[ A Nb ]PFCNU\ XJQ JRPFHAD]IJ�
��������� � � � ������ ���������
���
)�6�.� ���� ��(%57������CNPNUT[ Kc U_F]T
XK[ KN]JHDH\� ]M`GNJ UJN[ GKgNG`HNF ��%), �#+�#"
�K]]JGFAIUT ��"#� ������ ]]� << @ ��" $�"� �# Kb U�&� ) EIAJUKQ
�� ����������
������� � �� ������� ������ ��� +�� � �,�
EFR[ JA\UKN ]PN[ Q EJCJGGJHK[ Q PFRO ���.������������� ��(%57������ �F[ ���.�$����� EFR[ K]LJGXaAJ
JEF_I_KPJN ]PF[ A �JGGN]BaAT� Kc MKNPN[ Q CIYKQ PFR ]PF[ A (F JNVAJE���� FNb ]DY`XKAKQ Fe XDQ EJCJGGJHK[ Q XEFCFRO A AJ[ JAJMBFRO A]K[ Ke AJ EC`PREF EFR[ MCFAFGFHKNO PJN EKCIEFR ]PF[ (�� X��� �F[EC`PREF JRPF[ XJO Q KNk AJN HAD]PF[ JEF[ Ke AJ X`AF EGTO CKQ MKNC`!HCJLF ]PJ[ Kb GGTANUJ[ UJN[ JEF[ JCUKPK[ Q XKPJLCZ]KNQ ]PJ[ GJPN!ANUZ� JCXKANUZ� ]RCNJUJ[ UJN[ JNBNFENUZ� SEZCMFRA _fF Kc XXK!PCKQ _NJ]UKRK[ Q PFRO ���.��������� ]PJ[ Kb GGTANUZl $J& PF[WRYJAPNAF[ EFITXJ HNJ[ PF[ A @ GagJA_CF� UJN[ $W& Tb AKFKGGTANUT[Fb XFNFUJPZGTUPT _NJ]UKR\� Tb ^�7��� EFR[ KU_I_KPJN K_DO �NJ[ Jc GGT Fb XZ_J EKYDO A UKNXaADA JAZHKPJN ]PT[ A Re ]PKCT WR!YJAPNAT[ EKCIF_F� S� JCMNU\ PTQXFCLT[ MCFAFGFHKNO PJN ]PJ[ PaGTPFRO �)FR Tp ]PN[ Q JCMK[ Q PFRO � FR JNVAJ� �RHHKAT[ Q XK[ PT[ A Fb XZ_JJRPT[ KNk AJN Tb FAFXJY`XKAT `�((7�� ���� �%6�(�5������� EFR[KU_`BTUK HNJ[ ECVPT LFCJ[ PF[ � '� ]PT[ �KAKPIJ UJN[ Kc UPFPKJAJPREVBTUK EFGGK[ Q LFCaQ�
�F[ UKIXKAF PTO Q ^�7���� EFR[ MCFAFGFHKNO PJN XKPJgR[ �#��
��������� � � � ������ ���������
���
UJN[ �)��� ]VYKPJN ]K[ Ke AJ XFAJ_NUF[ MKNC`HCJLF UJN[ ]K[ XNJ[]KNCJ[ JEF[ _KUJPa]]KCNQ WKAKPNUK[ Q KU_`]KNQ� �THT[ PTO Q ^1�7��� PKUXJICKPJN ED[ Q Tk PJA XNJ[ EJCJGGJHT[ PFRO �KR_F!�JGGN]BaAT� UJN[ Jc XK]F EC`PRE` PTQ XNJ[ XKPZLCJ]T PTO Q EJ!CJGGJHTO Q JRPTO Q ]PT[ A UJBFXNGFRXaAT� S� ]RHHCJLaJQ EJCJ!XaAKN Jc HAD]PFQ� �Nk AJN HCJXXaAT ]K[ _KUJEKAPJ]fGGJWF XK[Jc CPNJ YKRHJCDPT[ Fb XFNFUJPJGTgIJ�
��������� � � � ������ ���������
��
������� ���� ���
#��I���CNPNUT[ Kc U_F]T
XK[ KN]JHDH\� ]M`GNJ UJN[ GKgNG`HNF @�XX� �CNJCJO
�K]]JGFAIUT ��")� ]]� ��" $�"� �# Kb U�&� # EIAJUKQ
$KgJAPGTXaAF&
����� ��� �� ���� � �� ����� � ����!
PZP]TQ Kc HCJmK UJN[ Ke AJ EFNXKANUF[ _CZXJ� PT[ A#��I��$EJGJN`PKCJ HAD]PF[ XK[ PF[ A PIPGF &+�����&� PF[ Fb EFNO F
ENBJA`PJPJ KNk AJN PF[ ECDNX`PKCF JEF[ PJ[ PCIJ Kc CHJ PFR UJN[MCFAFGFHKNO PJN HfCD ]PJ[ �)')!�)���
S�#��I�� KNk AJN HCJXXaAT ]PF[ N_IDXJ PTO Q _RPNUTO Q �C\!PTQ� �F[ Re LFQ PFRO Kc CHFR KNk AJN LR]NU`� JAKENP\_KRPF UJN[ MJ!CJUPTCIYKPJN JEF[ Jc UCJPT JN]BTXJPFGFHIJ� S� PCRLKC`PTPJFe XDQ PFRO Re LFRQ _K[ A Rb EKCWJIAKN Fb CN]XaAJ Fe CNJ� HNq JRPF[ UJN[ ]K[EFGGJ[ ]TXKNO J _NJ]VYKPJN UZPN JEF[ PT[ A Jb _C`PTPJ PFRO UCTPN!UFRO HGD]]NUFRO N_NVXJPFQ� �F[ BaXJ JUFGFRBKNO PF[ PRENUF[ ]MTO !XJ PDO A JAJCIBXTPDA EFNXKANUDO A Nb GJCFPCJHD_NDO A PTO Q @�PJ!GIJQ� XK[ PT[ MJCJUPTCN]PNUT[ N_NFPREIJ ED[ Q K_DO ECDPJHDAN!]PFRO A _fF YKRHZCNJ WF]UDO Al Fb �fEJCTQ JHJEJO PT[ A �JAVCNJUJN[ Fb @ GagTQ PT[ A @ BFf]J� FNb WF]UFEFRO GKQ Fe XDQ _K[ A UJPJ!_aMFAPJN PF[ A Kc CDPZ PFRQ UJN[ BaGFRA AJ[ YFRO A KGKfBKCKQ� URAT!HVAPJQ ]PJ[ WFRAJ[ UJN[ ]PJ[ _Z]T� ZPJNJ ECF]EJBFRO A AJ[XKPJ]PCamFRA PF[ A JARE`PJMPF MJCJUP\CJ PFRQ Fb HKCF!�NJA!AFfGTQ� EJPaCJQ PTO Q �JAVCNJQ� UJN[ Tb HCNJ[ �CF]fAT� EC`]D!
��������� � � � ������ ���������
���
EJ UJN[ PJ[ _fF XJO GGFA UDXNUZ� �PF[ PaGFQ FNb WF]UFN[ BJ[ ECF!]LfHFRA ]PT[ BKJ[ @ LCF_IPT� UJN[ Fb HN`Q PTQ Fb h�CDPJQ BJ[MPRE\]KN PN[ Q WF]UFEFRO GKQ XK[ PJ[ WaGT PFR� _IAFAPJQ Kc P]N PT[ AJNc ]NJ Gf]T�
��������� � � � ������ ���������
���
8�7���
;����� ����'�
�CNPNUT[ Kc U_F]TXK[ KN]JHDH\� ]TXKNV]KNQ UJN[ GKgNG`HNF �),)� ����)")
�K]]JGFAIUT ��" � ]]� �� $�"� �# Kb U�&� � EIAJUKQ
$KgJAPGTXaAF&
�+�� ���, ����������� � �� ���� �� � � ��
]PN[ Q JCMK[ Q PFRO �"FRJNVAJUJN[ HCZLPTUK� ENBJA`A� JEF[PF[ A �FCPZP]T� S� Rb E`BK]T EGaUKPJN HfCD JEF[ PN[ Q
KCDPNUK[ Q ]Ma]KNQ _fF YKRHJCNDO A Xa]J ]K[ Ke AJ PREFEFNTXaAFEKCNWZGGFA� EFR[ JEFPKGKNO PJN JEF[ HaCFRQ UJN[ HUCNANZCT_KQEJPaCKQ� ECFgKATO PCKQ UJN[ _FfGFRQ� �FGGJ[ ]PT[ A KgaGNgT PFROXfBFR KNk AJN _R]UFGFA`TPJ� UN JRPF[ HNJPN[ PF[ Kc CHF ]VYKPJN�UJBD[ Q LJIAKPJN� ]K[ UZEFNJ XKPJHKAa]PKCT $]RAPFXKRXaAT&_NJ]UKRT[ ]K[ PCKNO Q ECZgKNQ�
S�8�7���XJYN[ XK[ PF[ A;��.��� ���� PFRO �FCPZP]T UJN[ PF[ A`������7�� PFRO �`]UFGFR KNk AJN FNb PCKNO Q HAD]PK[ Q UCTPNUK[ QUDXD_IKQ� �F[ UCTPNUF[ BaJPCF KETCKZ]PTUK EFGR[ JEF[ PF[ NPJ!GNUF[ PFRO � FR UJN[ PFRO �"FR JNVAJ� EFR[ _NJ]UKfJYK PN[ Q UDXD!_IKQ PFRO �GJfPFR UJN[ PFRO �KCKAPIFR� ECF]BaPFAPJQ CKJGN]PN!UJ[ ]PFNMKNO J PTO Q UJBTXKCNATO Q YDTO Q� Tp ]RXEfUADAK ]K[ XIJ UJN[X`AT UDXD_IJ PN[ Q Rb EFBa]KNQ EKCN]]`PKCDA JCMJIDA ECFPf!EDA� XKPJLaCFAPZQ PNQ ]K[ XKPJHKAa]PKCT KEFM\� Tp JU`XJEJCKAaWJGGK XK[ KEN_KgN`PTPJ UGJ]NUJ[ BaXJPJ ]PF[ CKJGN]PN!UF[ Rb GNUF[ PTO Q KEFMTO Q PFR� �J[ ]M\XJPJ UJN[ FNb UJPJ]PZ]KNQ
��������� � � � ������ ���������
���
Kc XKAJA UJPJ[ WZBFQ EZAPJ PJ[ Nc _NJ� EJCq Fe GKQ PN[ Q _NJLFCK[ Q ]PN[ QGKEPFXaCKNKQ� UJN[ Kc _NAJA PT[ A KNU`AJ XNJO Q YDTO Q $ECJHXJPNUTO QTp LJAPJ]PNUTO Q� _K[ A Kc MKN ]TXJ]IJ& Fe EFR URCNJCMFRO ]JA FNb JEF!GJf]KNQ� ECN[ A KEaXWKN Tb ]UamT HNJ[ AJ[ UCIAKN PJ[ ECZHXJPJ]fXLDAJ XK[ PF[ A TBNUF[ A`XF�
��������� � � � ������ ���������
���
���� � �����
������� �@ �%���CNPNUT[ Kc U_F]T
XK[ KN]JHDH\� ]M`GNJ UJN[ GKgNG`HNF ��"#+, %�" � 2 ��
�K]]JGFAIUT ��'�� Wd Kc U_� ��� ]]� ��) $�"� �# Kb U�&� # EIAJUKQ
�� ����������
� +������ ����� ,��������������� ��!
AFR �JGNaCFR� UJN[ N_IDQ PF[ * .���'� �� �@ �%��� JEF!PKGFRO A ]PJBXF[ ]PT[ A Nb ]PFCIJ PTO Q AKFKGGTANUTO Q GFHFPK!
MAIJQ� �q JRPZ� Fe EDQ UJN[ ]PF[ A KEI]TQ _NU` PFR E��� �� ��� �#���6'��� HIAKPJN Tb ECVPT ECF]EZBKNJ AJ[ HCJLPKNO BaJPCF�S� �JGNaCFQ ECaEKN AJ[ KXEAKf]PTUK PJ[ _R` PFR +BKJPCNUJ[ ,Kc CHJ ]PT[ �KAKPIJ� Fe EFR KNk MK EZKN AK`PJPFQ HNJ[ FNUFHKAKNJUK[ QRb EFBa]KNQ� �JPJ[ PT[ _NJXFA\ PFR KUKNO $�#�(!�#�#& HAVCN]KJEF[ UFAPJ[ PT[ A EFGNPN]XNUT[ UJN[ GFHFPKMANUT[ UIAT]T PTO Q �K!AKPIJQ� EFR[ WCN]U`PJA ]PT[ A JUX\ PTQ�
K[ PF[ Kc CHF JRPF[ UJN[ XK[ Jc GGJ PFR EFN\XJPJ Fb �JGNaCFQXKPaLKCK ]PT[ A �C\PT GFHFPKMANUJ[ KNc _T EFR[ HAVCNYJA XKHZGT_NZ_F]T UJN[ KENPRMIJ ]PT[ A �RCVET PDO A Tb XKCDO A PFR� �K[ A_FUIXJYK AJ[ XNXTBKNO Tp AJ[ _NJ]UKRZ]KNPFR[ Q XKHZGFRQ @�PJGFR[ QEFNTPK[ Q PTO Q @ AJHaAAT]TQ� JGGJ[ ECFPNXFRO ]K EFNTPNUJ[ UJN[EKYJ[ UKIXKAJ EFR[ ECFFCIYFAPJA HNJ[ KRCfPKCF UFNA`�
S� KCDPNUF[ Q _NZGFHFQ ]PF[ EJCZBRCF� EFR[ UJPJGJXWZAKNEZAD JEF[ PCNJU`]NFRQ ]PIMFRQ ]PF[ * .���'� �� �@ �%��� Kc MKNFe GJ PJ[ HADCI]XJPJ PFRO UDXNUFCKJGN]PNUFRO � KAIFPK UJN[ PFG!
��������� � � � ������ ���������
���
XTCFRO BKZPCFR EFR[ KXLJAIYKPJN PT[ A Nc _NJ KEFMT[ ]PT[ W`CKNJ@�PJGIJ� � A Fb JCIAFQ �JGNaCFQ KNk MK PT[ A PfMT AJ[ JEFUP\]KN_NJ_`MFRQ� Fe EDQ FNb ]fHMCFAFI PFR @�PJGFN[ EFNTPaQ� BJ[ KNc MJXKUJN[ ]PT[ A S�GGZ_J Tc _T JEF[ PF[ �#(� PT[ A JAJHaAAT]T PFRO BKZ!PCFR� Kb UJPF[ A EKA\APJ MC`ANJ ECN[ A JEF[ PT[ E�.'� ���� ��=���� �UJN[ PJ[ Kc CHJ PFRO �FCPZP]T�
��������� � � � ������ ���������
���
*A #��(�($6���CNPNUT[ Kc U_F]T
XK[ KN]JHDH\� ]M`GNJ UJN[ GKgNG`HNF @�]JWaGGJQ �]JWJCTO
@ B\AJ ��'"� ]]� #�( $�"� �# Kb U�&� " EIAJUKQ
$KgJAPGTXaAF&
�+���������, ��� � �� ���� �� ' ���!MFRQ XK[ Te CDKQ EFRGNZ� @ A\UKN ]PT[ A UJPTHFCIJ PDO AKc CHDA LR]NFHAD]PNUFRO UJN[ PJRP`MCFAJ ]JPNCNUFRO MJ!
CJUP\CJ� PDO A Fb EFIDA Tb EGFUT[ PFEFBKPKNO PJN ]PF[ YDNUF[ WJ]I!GKNF� n�EDQ ECFUfEPKN JEF[ EFGGJ[ ]PFNMKNO J� HCZLPTUK ]PT[ A�DA]PJAPNAFfEFGT $Jp A UJN[ PF[ UKIXKAF� ]PT[ XFCLT[ EFR[ XJO QEJCJ_`BTUK� ECFaCMKPJN JEF[ MKNC`HCJLF HCJXXaAF ]PT[ GJ!PNAFUCJPFfXKAT EKCNFMT[ PFRO WRYJAPNAFRO Kb GGTAN]XFRO � ENBJA`!PJPJ ]PT[ �`_F& XKPJgR[ ��"# UJN[ �((�� S� Rb E`BK]T PFRO EFN!\XJPFQ KNk AJN Tb JU`GFRBTl Fb JKP`Q� WJ]NGNJ[ Q PDO A EFRGNDO A�EJAPCKfKN PF[ A HN` PFR UJN[ ECF]UJGKNO ]PF[ HJX\GNF PCJEaYNFe GJ PJ[ EFRGNZ� �CDO AK UJN[ EIAFRA� JGGJ[ ]PF[ PaGFQ� gKMAVAPJQPF[ ]UFEF[ HNJ[ PF[ A Fb EFNO F ]RHUKAPCVBTUJA� JCMIYFRA AJ[ LNGFAN!UFRO A� JEJCNBXVAPJQ PF[ UJBaAJ PN[ Q _NUaQ PFR JCKPK[ Q UJN[ PJ[KGJPPVXJPJ PFRO JAPNEZGFR� S� LNGFANUIJ HIAKPJN UZBK LFCJ[JAZXK]J ]K[ _fF EFRGNZ� XK[ PT[ XFCLT[ ]UDEPNUDO A m`HDA� S�_NJEGTUPN]XF[ Q ]PJXJPJO XK[ PT[ A KEaXWJ]T PFRO WJ]NGNJO JKPFRO �UJN[ PF[ HGaAPN PFRO HZXFR PKGKNVAKN XK[ KNC\AT UJN[ JHZET�
�F[ EFITXJ� HCJXXaAF ]K[ JAFXFNFUJPZGTUPF _KUJEKAPJ!
��������� � � � ������ ���������
��
]fGGJWF ]PIMF UGJ]NUTO Q XFCLTO Q� JEFPKGKNO ECJHXJPNUF[ KH!MKNCI_NF GJiUTO Q FCANBFGFHIJQ� UJBD[ Q EKCNHCZLKN XK[ BJRXJ!]PT[ JUCIWKNJ PJ[ MJCJUPTCN]PNUJ[ UJN[ PN[ Q ]RA\BKNKQ PDO A �'EFRGNDO A EFR[ EJCFR]NZYKN� �Nb EJCJ_`]KNQ� FNb BCfGFN UJN[ FNbJAPNG\mKNQ HfCD JEF[ PJ[ EFRGNJ[ JRPJ[ Kc MFRA KENWNV]KN JEF[ PT[ A@ CMJN`PTPJ Do Q ]\XKCJ�
��������� � � � ������ ���������
��
* .���'� ���� <%(.��'���CNPNUT[ Kc U_F]T PDO A PK]]ZCDA _NJ]UKRDO A XK[ KN]JHDH\�]M`GNJ UJN[ HGD]]ZCNF �� �� �;; � / �� �� %�" � 2 ��
@ B\AJ ��''� Wd Kc U_� ���"� ]]� ('' $�"� �# Kb U�&
�� ���������������
� �� �� ����������+����� �� � ,� �
PT[ YDT[ PFRO �KGN]JCIFR� Fe EDQ XJO Q PT[ A EJCJ_I_FRA FNb]fHMCFAFIPFR Nb ]PFCNUFN[ PFRO FR JNVAJ�CFU`ENFQ UJN[
@ HJBIJQ� FNb KCKRATPK[ Q Kc MFRA KEN]TXZAKN JCUKPK[ Q Fb XFN`PTPKQ��F[ UfCNF BaXJ PTO Q <%(.��7��� KNk AJN Fb LB`AFQ� S� Nb ]PFCIJPFRO �KGN]JCIFR JEFPKGKNO N_JANUF[ EJCZ_KNHXJHNJ[ AJ[ ]RAJMBKNOPF[ _I_JHXJED[ Q Fb LB`AFQ PDO A JCM`APDA{�DXJIDA KNk AJN Rb EKf!BRAFQ HNJ[ PT[ A KgJ]BaAT]T $UJN[ PT[ A EPV]T& PFRO �RYJAPIFR� S��CFU`ENFQ UJN[ Fb @ HJBIJQ ]K[ PCKNO Q _NJLFCKPNUK[ Q EKCN`_FRQPTO Q ]PJ_NF_CFXIJQ PFRO �KGN]JCIFR UZAFRA G`HF HNJ[ PF[ LB`AFUJN[ PN[ Q ]RUFLJAPIKQ PDO A JCM`APDA KAJAPIFA PFR� h GGJ UFNAJ[]PFNMKNO J JAZXK]J ]PF[ A Nb ]PFCNUF[ �KGN]ZCNF UJN[ PF[ A �KGN]ZCNFPFRO BCfGFR KNk AJN Tb EI]PT UJN[ Tb JLF]ID]\ PFR ]PF[ A JRPFUCZ!PFCJ� JGGJ[ UJN[ Tb _TXFPNU`PTPZ PFR ]PJ[ GJiUJ[ ]PCVXJPJ UJN[]PFR[ Q ]PCJPNDO PKQ� MZCT ]PT[ A Fb EFIJ Tb XFCL\ PFR EJCaXKNAKYDAPJAT[ ]PT[ XA\XT PFRO GJFRO PTO Q �DA]PJAPNAFfEFGTQ UJN[ETO CK ]NHJ[ ]NHJ[ XRBNUK[ Q _NJ]PZ]KNQ� �R]NJ]PNUF[ ]PFNMKNO F]PT[ <%(.��7�� KNk AJN Tb PJEKNAT[ UJPJHDHT[ PFRO �KGN]JCIFRUJN[ Fb UJBFCN]PNUF[ Q C`GFQ PFRO GJFRO � Fb Fb EFNO FQ _IAKN ]D]PK[ Q
��������� � � � ������ ���������
��
]RXWFRGK[ Q ]PF[ A JRPFUCZPFCJ� KADO JAPIBKPJ FNb Jc CMFAPKQ ]Ua!LPFAPJN X`AF PF[ ]RXLaCFA PFRQ UJN[ JURCVAFRA XK[ PF[ LB`AFPFRQ PN[ Q KGEI_KQ EFR[ KNk MK PF[ �RYZAPNF AJ[ KENY\]KN� �F[ _TXF!UCJPNUF[ UJN[ JAPNJCMFAPNUF[ EAKRO XJ PFRO EFN\XJPFQ ECFsEFBa!PKNPT[ A UFNADANUT[ UJPZ]PJ]T PFRO �#FR JNVAJ UJN[ PT[ A JAZ_KNgTPFRO GJFRO Db Q EFGNPNUTO Q _fAJXTQ� �JN[ Jc GGJ ]PFNMKNO J ]RATHF!CFRO A ]PT[ MCFAFG`HT]T PTO Q JCMNUTO Q<%(.��7��� ]PT[ A PKGKR!PJIJ _KUJKPIJ PFRO �#FR JNVAJ� Fe PJA Fb JAFRT[ G �d Kc HNAK JR!PFUCZPFCJQ� �Nk AJN Tb KEFMT[ EFR[ FNb �FRO CUFN Kc MFRA UJPJUP\]KN]MK_F[ A Fb G`UGTCF PF[ WRYJAPNAF[ UCZPFQ� UJN[ _K[ A KNk AJN _f]UFGFAJ[ ECFLTPamKN UJAKN[ Q PT[ A Je GD]T PTO Q �DA]PJAPNAFfEFGTQ�
��������� � � � ������ ���������
�
*A �$(%��� ��� � ���7����CNPNUT[ Kc U_F]T XK[ KN]JHDHT[ UJN[ EIAJUKQ
� �JEJBDX`EFRGFR {�� �� � ..� 6�
@ B\AJ ��� � ]]� " " $�"� �# Kb U�&� ' EIAJUKQ
�� ������������
�������������� �������������������
PTO Q KRCDEJiUTO Q XK]JNDANUTO Q GFHFPKMAIJQ� S��ZGGFQ]RHHCJLaJQ Kc XXKPCDA Nb EEFPNUDO A XRBN]PFCTXZPDA
EKAFRJ[ APK[ �JN[ AP!D[ C ECaEKN AJ[ Kc HCJmK PF[ Kc CHF PFR ��-��� &� ����� HfCD ]PF[ ��"�� ]K[ XNJ[ KEFMT[ XK[ YDTCF[ KA_NJ!LaCFAHNJ[ PT[ A UGJ]NUT[ @ CMJN`PTPJ� S�EKAFRJ[ _K[ A LJIAKPJNAJ[ HAVCNYK PJ[ Fb XTCNUJ[ Kc ETl ]PTCIYKPJN URCIDQ ]PF[ A �ZCTPJPF[ A �CfHJ UJN[ PF[ A �IUPR PF[ A �C\PJ� UJBD[ Q UJN[ ]PF[ A �NCHIGNFUJN[ PF[ A �PZPNF� �F[ Kc EFQ PFRO EKAFRZ� HCJXXaAF ]K[ (�����FUPJ]fGGJWFRQ� HAVCN]K EJAKRCDEJiUT[ KENPRMIJ� JLFRO XK!PJLCZ]PTUK PF[ A K]JIDAJ ]K[ Fe GKQ ]MK_F[ A PN[ Q KRCDEJiUK[ QHGDO ]]KQ� S�Kb GGTANUT[ XKPZLCJ]T Kc HNAK ENBJAF[ A PF[ A �#FA JNV!AJ ]PT[ LCJHUFUCJPFfXKAT �KGFE`AAT]F� @ AaU_FPT XaMCN]\XKCJ� ]VYKPJN ]K[ Kb EPJ[ MKNC`HCJLJ UJN[ EKCNGJXWZAKN�#�#�( ]PIMFRQ� KNk AJN _TGJ_T[ PF[ KUPKAa]PKCF Kc XXKPCF UKIXKAFPTO Q _TXV_FRQ GFHFPKMAIJQ XJQ�
S�XKPJLCJ]P\Q� Nb UJAF[ Q ]PNMFRCHF[ Q UJN[ UJGF[ Q HAV]PTQ PTO QXK]JNDANUTO Q HJGGNUTO Q� JUFGFRBKNO EN]PJ[ PF[ EC`PRE` PFR� Jp AUJN[ ENF[ ]RMAJ[ ]RAFmIYKN EJCJ[ XKPJLCZYKN UJPJ[ GagT� S�
��������� � � � ������ ���������
��
KEKgKCHJ]IJ PTO Q ECVPTQ UCNPNUTO Q Kc U_F]TQ Jc CMN]K PF[ �� ']PF[ �FA_IAF� �PT[ A �N]JHDHT[ _I_KPJN KUPKAT[ Q EKCIGTmT PFROKc CHFR� KgKPZYFAPJN FNb ETHaQ� Tb HGV]]J� FNb GFH`PREFN� PF[XaPCFUJN[ Tb MCFAFG`HT]T�EKCNHCZLFAPJNPJ[ Kb EPJ[ MKNC`HCJLJUJN[ Tb KNUFAFHCZLT]T� KgKPZYFAPJN FNb ]Ma]KNQ PDO A MKNCFHCZ!LDA XKPJgf PFRQ� UJPJCPIYKPJN PF[ ]PaXXJ UD_IUDA UJN[ K!gJHHaGGFAPJN FNb JCMK[ Q PTO Q Kc U_F]TQ� @ UFGFRBKNO PF[ UKIXKAF�EFR[ JEFUJBI]PJPJN UCNPNUJ[ XK[ WZ]T UJN[ PJ[ Kb EPJ[ MKNC`HCJLJUJN[ XK[ ]RAKMT[ JAJLFCJ[ ]PF[ HJGGNUF[ EC`PREF�
S�JA`GTQ�JEJBDX`EFRGFQ KNk AJN Fb X`PNXFQ UJBTHTPT[ Q�GJ]NUTO Q�NGFGFHIJQ ]PF[ �JAKEN]P\XNF @�DJAAIADA� S� @�GIYJXEKB �Ya!LCRQ KNk AJN UJBTH\PCNJ �RYJAPNATO Q UJN[ �KFKGGTANUTO Q �NGFGFHIJQ]PF[ �JAKEN]P\XNF PTO Q @�gL`C_TQ� S� P`XFQ� ]PF[ A Fb EFNO F ]RAKCHZ!]PTUJA Fb UJBTHTPT[ Q ZNUG �YaLCRQ UJN[ Tb KEIUFRCFQ UJBTH\PCNJ@�]JWaGGJ �]JWJCTO � JLNKCVAKPJN ]PF[ A JKIXAT]PF �IAF �FGIPT UJN[]PF[ A �`XEKCP ECZFRANAHU�
��������� � � � ������ ���������
��
� � ������ ��� ��
����� �������
* .���'� ��� � �%�%((���� � (�6��%9�'��
@ B\AJ ��"'� ������� ]]� NQd t ##" $�#� �� Kb U�&
�� ���������������
������� � �� �������� ���������� ��� ���!
KGGTANUTO Q GFHFPKMAIJQ JEF[ PT[ WRYJAPNAT[ EKCIF_F Do QPN[ Q XaCKQ XJQ� XK[ XNJ[ �N]JHDHT[ HNJ[ PT[ A Kb GGTANUT[
HGV]]J� �PF[ ECDO PF XaCFQ EJCFR]NZYKPJN Tb GFHFPKMANUT[ _T!XNFRCHIJ JEF[ PN[ Q ECDO PKQ JCMK[ Q XaMCN PF[ A �'F JNVAJl Tb GFHF!PKMAIJ ECN[ A JEF[ PT[ A n GD]T $��FQ!�)FQ JNVAJQ& UJN[ XKPJ[ PT[ An GD]T $�)FQ!�"FQ JNVAJQ&� N_IDQ ]PT[ A�C\PT UJN[ PT[ A�fECF�UJBD[ Q UJN[ PF[ Kc CHF PDO A GFHIDA PTO Q �NJ]EFCJO Q� @�_NJIPKCJUKLZGJNJ JLNKCVAFAPJN ]PT[ GFHFPKMANUT[ JUXT[ ]PT[ A �C\PTPF[ A �"F JNVAJ UJN[ ]PF[ _TXFPNUF[ PCJHFf_N� �PF[ _KfPKCF XaCFQJAJGfKPJN Tb GFHFPKMAIJ ]PN[ Q _KUJKPIKQ ECN[ A JEF[ PT[ A @�EJ!AZ]PJ]T PFRO �'��� n�AJ UKLZGJNF JLNKCVAKPJN ]PF[ A �FGDXF[UJN[ Ke AJ ]PF[ A �ZGWF UJN[ PT[ A S�LPJAT]NVPNUT �MFG\� @ UFGFR!BFRO A FNb �FXJAPNUFN[ PTO Q @ BTAJiUTO Q �MFGTO Q� Tb HKANJ[ PFRO �''��XK[ UKAPCNUT[ XFCLT[ PF[ A �JGJXJO � Tb EKYFHCJLIJ XKPJ[ PF[ �''�$�NYRTA`Q� �JEJ_NJXZAPTQ UPG�&� PF[ HGD]]NUF[ Y\PTXJ UJN[Fb �RMZCTQ� Tb EFIT]T HfCD UJN[ Re ]PKCJ JEF[ PF[ A �JGJXJO � Fb�JWZLTQ� Fb �NUKGNJA`Q� Fb �JYJAPYZUTQ UJN[ Tb HKANJ[ PFRO �CN!ZAPJ��PF[ PKGKRPJNO F UKLZGJNF JAJEPf]]KPJN Tb XKPJEFGKXNUT[
� � ������ ��� ��
��
EFIT]T UJN[ EKYFHCJLIJ� @ EF[ PT[ A ECVPT Kc U_F]\ PFR PF[ ��"'PF[ WNWGIF KEJAKU_I_KPJN ]PJBKCJ[ UJN[ Kc MKN XKPJLCJ]PKNO ]K[EFGGK[ Q HGDO ]]KQ�
S� �IAFQ �FGIPTQ $��� !��'�&� UJBTHTPT[ Q PTO Q �KFKGGTANUTO Q �NGF!GFHIJQ]PF[ �JAKEN]P\XNF�K]]JGFAIUTQ UJN[ XaGFQ PTO Q @ UJ_TXIJQ@ BTADO A� Rb ETO CgK EFGRHCJL`PJPFQ� @ EF[ PJ[ ENF[ HAD]PJ[ Kc CHJ PFRl)���.'�� 8�(����� ������� $h�UJCFQ&� )���.'�� 8�(����� ��- 1�$6���� %@ �6� $�JAKEN]P\XNF�K]]JGFAIUTQ { ��� { �����&�#�1���� �����(�6'� $�D_VAT&� &+�� .��� � 8�(���� $���&� E�������� � (�6��%9�'�� ��� $�DA]PJAPNAI_TQ&�
� � ������ ��� ��
��
����� ��
�����7���� ;����� �<'�� �� %@ �6�
�N]JHDHNUF[ ]TXKIDXJ �PaCHNFR �J]FRGZUT
@ B\AJ� ��'�� ������ ]]� <<%))) @ �(� $�#� �� Kb U�&
��� �����������
� ���� � �� � $�'��!�''#& �� � ���� ��!
HNFQ� �JPJ[ PF[ A @ HVAJ UJPJPZMBTUK KBKGFAPT[ Q ]PF[KEJAJ]PJPNUF[ ]DO XJ� ]RAKG\LBT JEF[ PFR[ Q �FfCUFRQ
JGGJ[ _NaLRHK ]PT[ �XfCAT� Fe EFR Kc HCJmK� ]K[ XFCLT[ JEFXATXF!AKRXZPDA� HNJ[ PN[ Q ]LJHK[ Q PTO Q �IFR� KPJ[ PT[ ]f]PJ]T PFROKb GGTANUFRO UCZPFRQ� Rb ETCaPT]K ]PF[ SEFRCHKNO F �NUJNF]fATQUJN[ UJP`ENA ]PF[ SEFRCHKNO F @�UUGT]NJ]PNUDO A UJN[ �TXF]IJQ@�UEJN_Kf]KDQ� PFRO Fb EFIFR Rb ETO CgK HKANUF[ Q HCJXXJPaJQ JEF[PF[ �')' Do Q PF[ BZAJP` PFR�
�F[ XKHJGfPKCF XaCFQ PTO Q ECF]DENUTO Q WNWGNFB\UTQ PFRO�FCJTO Kc LPJ]K ]PT[ �IF PF[ �')�� ]fXLDAJ XK[ PT[ _NJB\UT PFROXKHZGFR ]FLFRO � UJN[ PJ[ Kb E`XKAJ MC`ANJ HIAFAPJA ECF]EZBKNKQAJ[ JEF]EJ]BFRO A JEF[ PF[ A JCMNXJA_CIPT�JGGIANUF �CKJP]Ff!GT� KLTXaCNF PTO Q Kb GGTAFCB`_FgTQ KUUGT]IJQ PTO Q J]]JGIJQ�PJ[ Rb E`GFNEJWNWGIJUJN[ MKNC`HCJLJPFRO �FCJTO EFR[ UCJPFRO ]K�S��CKJP]FfGTQ� EFR[ PF[ �'(" KNk MK ]V]KN JEF[ EGKN]PTCNJ]XF[ TpUJPJ]PCFLT[ PT[ WNWGNFB\UT UJN[ PJ[ MKNC`HCJLJ PFRO �FCJTO �Tc BKGK AJ[ KU_V]KN Fe �PN KNk MKXKIAKN J_TXF]IKRPF JEF[ PJ[ UFCJiUJ[UJPZGFNEJ� @ EFPZBTUK GFNEF[ A PF[ �')) ]PF[ A EJGNF[ XJBTP\
� � ������ ��� ��
�
PFR @ A_CaJZXFRUJ� EFR[ KNk MK ]PF[ KAKCHTPNU` PFR PT[ A Kc U_F!]T ��� � ���� ��� � �- ��6����.� ��� � *�((7��� �%�%(��� � %- 616�7��� ��� � ������.�7.%�� $]K[ �� P`XFRQ� �'(�!�')�r FNbRb E`GFNEFN _K[ A KU_`BTUJA HNJ[ G`HFRQ FNUFAFXNUFfQ&� UJN[ PFROEC`PKNAK AJ[ JAJGZWKN PT[ A Kc U_F]T PDO A J_TXF]IKRPDA Kc CHDAPFRO �FCJTO XK[ MCTXJPF_`PT]T PFRO �CKJP]FfGT� S� ZXFR!UJQ Jc CMN]K PT[ A KCHJ]IJ HNJ[ PF[ A ECDO PF P`XF� JGGJ[ Tb Kc U_F]T_K[ A Fb GFUGTCVBTUK� �F[ �' � EaBJAK Fb �CKJP]FfGTQ� UJN[ FNbUGTCFA`XFN PFR� EJCJ[ PN[ Q ECF]EZBKNKQ PFRO ZXFRUJ� Tk PJAJEC`BRXFN AJ[ ]RAKMI]FRA PT[ MCTXJPF_`PT]T� @ CUKPJ[ MC`ANJJCH`PKCJ� PF[ �'"�� Tb �KAPCNUT[ @�ENPCFET[ �FCJTO $XK[ Ke _CJ PT[J]]JGIJ& KA_NJLaCBTUK HNJ[ PT[ A Kc U_F]T PDO A UFCJiUDO A UJ!PJGFIEDA� Kc CHF EFR[ JAJPaBTUK ]PF[ A ZXFRUJ� S� P`XFQ UR!UGFL`CT]K ECN[ A JEF[ PF[ A @�UPVWCNF PFRO �''�� UJN[ Tb KCHJ]IJPFRO ZXFRUJ BKDC\BTUK EFGR[ Nb UJAFEFNTPNU\� �R]PRMDO Q Fe !XDQ Fb BZAJP`Q PFR PF[ �''# _NaUFmK JAJHUJ]PNUJ[ PT[ A Kc U_F]TPDO A UFCJiUDO A UJPJGFIEDA� UJN[ Tb ECFKCHJ]IJ PFRO ZXFRUJEaCJ]K ]K[ Jc GGJ MaCNJ� � A UJN[ PF[ Kc CHF PFR KNk AJN JEF]EJ]XJ!PNU`� Tb ]RXWFGT[ PFRO ZXFRUJ ]PT[ BKXKGID]T PDO A UFCJiUDO A]EFR_DO A Kc MKN JAJHADCN]PKNO HKANUZ� De ]PK AJ[ XEFCFRO XK AJ[ PF[ ABKDCFRO XK PF[ A ECDO PF ]R]PTXJPNUF[ UFCJi]P\�
� � ������ ��� ��
��
;%'�%�� 6�� ��� G*A�7���� �� �7����H���� ����67���
@ B\AJ ��'#� ]]� )) $�#� �� Kb U�&
� � ��� � ���� �� �� ������� ����
PFRO �PCJPTHFRO JUCRHNZAAT *A�7���� �� �7����]K[ KN_NUT[ ]RHUaAPCD]T ]PT[ �KAAZ_KNF �NWGNFB\UT
PF[ A �KUaXWCNF PFRO ��'(� Kc HNAJA Fb XNGIKQ HNJ[ PT[ YDT[ UJN[ PF[Kc CHF PFRO JUCRHNZAAT� FNb Fb EFNO KQ _TXF]NKfFAPJN ]q JRPF[ PF[PFXI_NFl �PaGNFQ���JAJH`EFRGFQ� +S� Kc U_F]T PFRO JUCR!HNZAAT UJN[ Tb _CJ]PTCN`PTPJ PFRO FCLDPNUFRO S�_CfXJPFQ@�BANUTO Q �CJEaYTQ,r �J]� �G� �LRC`KCJQ� +S� EKCNEaPKNJUJN[ Tb JgIJ PDO A *A���7��� �� ���7��� PFRO JUCRHNZAAT,r�� �� �JWWI_TQ� +�CJXXJPFGFHNUT[ EJCFR]IJ]T PFRO *A�71���� �� �7����,r �IUFQ �WFCDO AFQ� +�V_NUKQ PTO Q GJiUTO QKc ULCJ]TQ ]PJ[ *A�7������ �7����,��K[ KEIXKPCFEKCNGJX!WZAFAPJN Ke AJ UKIXKAF PFRO �GJMFHNZAAT HNJ[ PF[ A JUCRHNZAAT�EFR[ JAJLaCKPJN ]PT[ A EKCIF_F PTO Q ]RHHCJLTO Q PDO A *A���7����� ���7���� UJN[ _fF EFN\XJPJ� PFRO h HHKGFR �NUKGNJAFROUJN[ PFRO �NVCHFR �KLaCT� JLNKCDXaAJ ]PF[ A JUCRHNZAAT�
� � ������ ��� ��
��
����� �������
&+�� .��� � 8�(�����%(��%� �� �@ ���� j"/h41"/4 k
@ B\AJ ��')� (����� ]]� )(' $�#� �� Kb U�&
�� ����������������
������� �� �������
]RGGFHT[ LNGFGFHNUDO A Jc C!BCDA UJN[ XKGKPDO A EFR[ UJGf!
EPFRA ]MK_F[ A XN]F[ A JNVAJ ]R]PTXJ!PNUTO Q UJN[ H`ANXTQ KAJ]M`GT]TQ PFRO+ECfPJAT PDO A ]FGDXN]PDO A,� Fe EDQKRc ]PFMJ FAFXZ]PTUK� XK[ PF[ Kc CHF PFROUFCRLJIFR KBANUFRO XJQ EFNTPTO � �F[ECDO PF XaCFQ PTO Q ]RGGFHTO Q KNk AJN JAJ!PfED]T PTO Q ECVPTQ� _R]KfCKPTQ Kc U!_F]TQ PFRO ��)' XK[ PIPGF &+�� .���8�(��$� ]PT[ A Fb EFIJ Fb �IAFQ�FGIPTQKNk MK ]RHUKAPCV]KN _KUJPa]]KCJ EJ!GJN`PKCJ UKIXKAZ PFR� _TXF]NKRXaAJ]K[ KEN]PTXFANUJ[ UJN[ LNGFGFHNUJ[ EKCNF_NUZ� HNJ[ _NZLFCKQ Fc !mKNQ UJN[ YTP\XJPJ PFRO ]FGDXNUFRO Kc CHFR� �PF[ _KfPKCF XaCFQEKCNGJXWZAFAPJN _fF FR]NV_T UKIXKAJ PFRO ��# � EFR[ _K[ A KNk !MJA EKCNGTLBKNO ]PT[ A ECVPT Kc U_F]T� UJN[ FUPD[ ]FGDXNUJ[ XK!GKP\XJPJ PTO Q EKCN`_FR ��)�!��'�� S� ]RXEGTCDXJPNUT[ JR!
� � ������ ��� ��
��
PT[ KENGFHT[ Jc CBCDA XJCPRCKNO PT[ _NKfCRA]T UJN[ PT[ A J_NZUFETKHC\HFC]T PDO A ]FGDXNUDO A KA_NJLKC`APDA PFRO �IAFR�FGIPTUJPJ[ PT[ A PKGKRPJIJ KNUF]NPKPCJKPIJ PTO Q YDTO Q PFR�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� ��'�
� � ������ ��� ��
��
������� ��������
;%'�%��
@ B\AJ ��' � )����� ]]� (�� $�"� �# Kb U�&� �� ]Ma_NJ UJN[ KNU`AKQ
��� ���������������
� +����� , �� ������
�NUNVAT $�''"!�� '&� ]RHUKA!PCDXaAJ UJN[ KEKgKCHJ]XaAJ
JEF[ PT[ A U`CT PFR S HAT[ �NUNVATUJN[ PF[ A ]RAKCHZPT PTQ NMZGT �J!CFf]T� JEFUJGfEPFRA ]PF[ UFNAF[ XNJ[]MKPNUJ[ Jc HAD]PT EGKRCJ[ PFRO XKHZ!GFR JCMNPaUPFAJ� �GZN ]PF[ JCMNPK!UPFANUF[ UJN[ YDHCJLNU` PFR Kc CHF� Fb�NUNVATQ UJPJHCZLKN JEF[ PF[ ���'Do Q PF[ BZAJP` PFR PF[ XJUCR[ PJgI_NPFR ECF[ Q PT[ A +K]VPKCT JG\BKNJ,� �J[HCJEPZ PFR jJN]BTPNUZ� JRPFWNF!HCJLNUZ� KEN]PFGaQ� EKYJ[ EFN\XJPJ�XKGaPKQ HNJ[ PT[ A EJCZ_F]T UJN[ PT[ GJiUT[ PaMATj JEFPREV!AFRA XNJ[ ]UamT EFR[ KULCZ]PTUK URCIDQ XK[ EGJ]PNUJ[ ]M\XJ!PJ UJN[ XFCLaQ� S� ECJUPNUT[ KAJ]M`GT]T PFRO �NUNVAT XK[ PT[ A@ CMNPKUPFANUT[ UJN[ PT[ A �aMAT JETMKNO PT[ A Kc XXFAT JAJY\PT]TPDO A KHZGDA �R]NDO A� �Nq JRPF[ A Tb PaMAT KNk AJN BCT]UKRPNUT[
� � ������ ��� ��
��
ECZgT KRGZWKNJQ UJN[ GJPCKIJQ ECF[ Q PT[ Lf]T� UJN[ N_KJPF[ PaC!XJ PTO Q JCMNPKUPFANUTO Q KNk AJN Tb EG\CD]T Kb AF[ Q CRBXFRO !]RXW`!GFR� �PT[ BKXJPNUT[ Kb A`PTPJ +�JCZ_F]T UJN[ @ CMNPKUPFANUT[ ,KAPZ]]FAPJN KgJNCKPNUJ[ KA_NJLaCFR]KQ XKGaPKQ PFRO �NUNVATHNJ[ PT[ A Kc AAFNJPTO Q GJiUTO Q EJCZ_F]TQUJN[ PTO Q EAKRXJPNUTO QXJQUGTCFAFXNJO Q� S� Kc U_F]T PDO A ;%������ EFR[ ECFGFHIYKPJNJEF[ PF[ A �\]NXF �FCKAPYZPF� EKCNGJXWZAKN KEI]TQ MCFAFGF!HNUFR[ Q EIAJUKQ� WNFHCJLIJQ UJN[ UKNXaADA� UJN[ EFGGJ[ ]Ma_NJPFRO Nc _NFR PFRO ]RHHCJLaJ�
� � ������ ��� ��
��
*A 8%����� .��� � #+(� ��� � �����9I.���
@ B\AJ ��'"� ����#� ]]� (�) $�#� �� Kb U�&
�� ����������
�� �������� ��� ����!
UTO Q �CJEaYTQ� ]K[ ]RAKCHJ]IJXK[ PF[ �TO XF �KRUD]IJQ� FCHZ!
AD]K PF[ ��'#� Rb EF[ PT[ A JNHI_J PFRO�CFa_CFR PTO Q �RECNJUTO Q �TXFUCJ!PIJQ �EfCFR �RECNJAFRO � KU_TGV]KNQJLNKCDXaAKQ ]PF[ A �NDO CHF �KLaCT��Nb KU_TGV]KNQ JRPaQ� EFR[ Kc HNAJA ]PT[ A+�fGT PTO Q @ XXFMV]PFR, $PF[ �AKR!XJPNUF[ �aAPCF PFRO �\XFR �KRUD!]IJQ& JEF[ �# J�FR Do Q ' @�FRAIFR��'#�EKCNGZXWJAJAXNJ[ XKHZGTKc UBK!]T LDPFHCJLNDO A UJN[ APFUFRXaAPDA�FCHJADXaAT JEF[ PF[ A�����Z]_JHGT�XK[ PIPGF +NJ[ EKCN_NZWJ]T,� HNJ[ PT[ YDT[ UJN[ PF[ Kc CHF PFRO�NVCHFR �KLaCT� UJN[ ]KNCJ[ FUPD[ Fb XNGNDO A JEF[ PCKNO Q S�GGJ!_IPKQ UJN[ EaAPK �RECIFRQ XKGKPTPK[ Q PFRO Kc CHFR PFR�
�J[ UKIXKAJ PDO A Fb XNGNDO A EFR[ _TXF]NKfFAPJN ]q JRPF[ PF[ AP`XF KNk AJNPJ[ JU`GFRBJl �����JWWI_TQl +�F[ PCJHNUF[ Fe CJXJ
� � ������ ��� ��
��
PFRO ����,rNMZGTQ�NKC\Ql +�RXWFGT[ ]PF[ BaXJPTO Q URECNJ!UTO Q KXEKNCIJQ PFRO �NVCHFR �KLaCT,r �IUFQ �CN]PF_FfGFRl+S� XFR]NUF[ Q �KLaCTQ,r �� �� JCDAIPTQl +fBFQ UJN[ S�!]PFCIJ ]PF[ *?�%��($6� ;���.��I����� &m,r �V]PJQ�CFR]\Ql +S� EFNTPT[ Q �NDO CHFQ �KLaCTQ,r �ZWWJQ�JfGFRl+S� _\GD]T PFRO �KLaCT KAJAPIFA PTO Q �NUPJPFCIJQ,r �ZPNJ�JCJGJXEI_FRl +�fECFQ UJN[ �KLaCTQ� ��PJ[ EKCIMDCJ PTO Q�KCfAKNJQ� $NJ[ JE`EKNCJ Kb CXTAKIJQ PTO Q _NJGFHNUTO Q XFCLTO QPFRO EFN\XJPFQ&,�
� � ������ ��� ��
��
��**� ���� *�����
*����� ��'�� �� �%(%������ 6�� ��� � ;�=7��j"/h01"/23k
�C`GFHFQ ���� �JWWI_T� �N]JHDHT[ ����)2# * �)
KPZLCJ]T � 1+)< ,) �6#�-)#� �RCNEI_T �JCJAPFf_T�JCIJQ �@�GNFf� �DP\CT �CNWRYJO
@ B\AJ ����� ]]� �"" $�#� �� Kb U�&
�� ������������
�������� �� ���� ��
$���(!��'(&� UJBTHTPT[ Q JEF[PF[ �� � PTO Q �aJQ S�GGTANUTO Q
�GV]]JQ UJN[ �FHFPKMAIJQ ]PF[ �J!AKEN]P\XNF PTO Q�Z_FWJQUJN[ _NKRBRA!PT[ Q PFRO @�A]PNPFfPFR �RYJAPNADO A UJN[�KFKGGTANUDO A �EFR_DO A ]PT[ A Nc _NJ E`!GT� EC`]LKCK� KUPF[ Q JEF[ PF[ EGFf]NF_N_JUPNUF[ UJN[ KCKRATPNUF[ Kc CHF PFR�_KgNFPKMANUK[ Q XKPJLCZ]KNQ Kb GGTAN!UDO A GFHFPKMANUDO A Kc CHDA� �J[ PCNJU`!]NJ _TXF]NKfXJPZ PFR UJGfEPFRA Fe GFPF[ LZ]XJ PTO Q Kb GGTANUTO Q GFHFPKMAIJQJEF[ PF[ A n�XTCF Do Q PN[ Q XaCKQ XJQ� �J[UKIXKAJ JRPFRO PFRO P`XFR $LNGFGFHNUJ[ Jc CBCJ� UCNPNUJ[ ]M`GNJ�XKGaPKQ HNJ[ PN[ Q ETHK[ Q UJN[ PT[ XKPCNUT[ PFRO �JWZLT&� UJPJ!PJHXaAJ ]K[ MCFAFGFHNUT[ ]KNCZ� ]RXEGTCVAFRA KRKCHKPNUJ[ PT[XATXKNV_T NPJGNUT[ XKPZLCJ]T PDO A �)# �FNTXZPDA PFRO @ !GKgJA_CNAFRO EFNTPTO �
� � ������ ��� ��
�
� �� ��� �
*A ($6�� ��� � �- ���.'��)�'�� 6�� ��� � %- �.��(�6���'�
�%� .��7��� �- ������ 6�7����� ���� `I��� #�('��
@ B\AJ ����� ]]� #)( $�#� �� Kb U�&� �( KNU`AKQ
�� ������������
�� ������ ��� ������ � !
CZAPJ JAaU_FPDA HCJXXZPDAPFRO �VPFR �FGIPT JGGJ[ UJN[
BKDCTPNUT[ _NKCKfAT]T PFRO KEN]PFGN!UFRO MVCFR� UNAKNO PJN PJRP`MCFAJ ]PF[ AJc gFAJ PTO Q _NJMCFAIJQ UJN[ PTO Q ]RHMCF!AIJQ� @ EF[ XNJ[ Jc EFmT� KNk AJN HCJXXaAF]PF[ ECDO PF� ]PF[ _KfPKCF UJN[ ]PF[ PCIPFEC`]DEF� �K[ A KNk AJN JUCNWDO Q Fe �PN BJ[GaHJXKECJHXJPKIJ� ]M`GNF Tp XKGaPT��`HFQ HNJ[ PT[ A KEN]PFGFHCJLIJ� PKU!XTCNVAKPJN KEIXFAJ XK[ KEN]PFGNUJ[EJCJBaXJPJ Tp XKPJXFCLVAKPJN� Fe PJAMCKNZYKPJN� ]K[ KEN]PFG\� �K[ A _NKU_N!UKNO UJAKAF[ Q KNc _FRQ XKBF_FGFHNUT[ Tp Jc GGT +UJBJC`PTPJ,� �FROJCUKNO AJ[ WCI]UKPJN ]PN[ Q EJCRLaQl KUKNO Fe EFR� EKCN]]`PKCF JEF[PN[ Q _NJMDCN]PNUK[ Q HCJXXaQ� URCNJCMFRO A FNb ]RHUGI]KNQ� FNbECF]XKIgKNQ� FNb ]RA_RJ]XFI�
� � ������ ��� ��
��
S��JAJHNVPTQFRGGJ[ Q $��()!����& HKAA\BTUK ]PF[ �NGUN[ Q� �EFf!_J]K �NGFGFHIJ ]PF[ �JAKEN]P\XNF PTO Q �K]]JGFAIUTQ UJN[ Kc YT]KEFGGJ[ MC`ANJ ]PF[ �JCI]N� Fe EFR Kc GJWK PF[ _N_JUPFCNU` PFR _IEGDXJUJN[ _I_JgK ]PF[ �JAKEN]P\XNF PTO Q �JAPaC� UJBD[ Q UJN[ ]PF[ �KFKGGT!ANUF[ @�A]PNPFRO PF PTO Q �FCW`AATQ� �F[ ��"" Kc HNAK UJBTHTPT[ Q PTO Q �KF!KGGTANUTO Q �NGFGFHIJQ ]PF[ �JAKEN]P\XNF �K]]JGFAIUTQ� �TXF!]IKR]K $]K[ Kb GGTANUT[ UJN[ HJGGNUT[ HGV]]J& LNGFGFHNUK[ Q XKGaPKQ�_FUIXNJ� HCJXXJPFGFHNUJ[ Jc CBCJ� WNWGNFUCN]IKQ� WNWGNFHCJLIKQ�JABFGFHIKQ� XKPJLCZ]KNQ� @�A_NJLaCBTUK URCIDQ HNJ[ PF[ A ��F UJN[PF[ A ��F[ JNVAJ��F[ KCKRATPNUF[ UJN[ ]RHHCJLNU` PFR Kc CHF JEaWGKEK ]K[XNJ[ PCNEGT[ ]fABK]Tl Nb ]PFCIJ� BKDCIJ UJN[ UCNPNUT[ PTO Q GFHFPKMAIJQ�SETO CgK XaGFQ PFRO ���� PFRO ��� JEF[ PF[ ���# Do Q PF[ BZAJP` PFR PF[����� �F[ ��� Ba]EN]K PF[ ���� KP\]NF WCJWKNO F ]PT[ XA\XT PFR�]RAF_KR`XKAF JEF[ MCTXJPNUF[ Kc EJBGF ��)�� �� HNJ[ PT[ ]RHHCJLT[XKGaPTQ XK[ BaXJ JEF[ PT[ AKFKGGTANUT[ HCJXXJPKIJ $Tb ECFU\CRgT]PF[ :::�2) ��-�&�
� � ������ ��� ��
�
�� ���� � �� �
;%'�%��
@ B\AJ ���#� ]]� (�) $� � �( Kb U�&� � ]Ma_NJ UJN[ LDPFHCJLIKQ
�� ������������
������ ������ �����
PFRO HAD]PFRO HGfEPT UJN[ YD!HCZLFR �NZAAT �JEEJO � UJBT!
HTPTO PTO Q �MFGTO Q �JGDO A �KMADO A Do QPF[ ��"'� ]RABaPFRA PF[ ECF]DENUF[]PIHXJ PFRO UJGGNPaMAT� PFRO WNWGN`LN!GFR� PFRO UCNPNUFRO � PFRO _J]UZGFR� �J[UKIXKAJ JRPZ� HCJXXaAJ JEF[ PF[ �� "XaMCN PF[ ���� ]K[ _NZLFCKQ EKCN]PZ!]KNQ $Db Q JAJUFNAV]KNQ� Tb XKCFGFHNJ!UK[ Q UJPJHCJLaQ� Nb ]PFCNUK[ Q XJCPRCIKQUJN[ J]U\]KNQ Re LFRQ� Fe EDQ KNk AJN Tb XK!PZLCJ]T JEF[ PF[ WNWGIF PFRO h�PJGF�WaWF *? .��%'��.� ���� z�����&UJPJAaXFAPJN ]K[ Kb EPJ[ BKXJPNUK[ Q Kb A`PTPKQl �� S� KBANUT[ KEa!PKNFQ $Fb XNGIJ HNJ[ PT[ A �'T @�UPDWCIFR&r ��� @ ADPZPT �MFGT[�JGDO A �KMADO A $Nb ]PFCNUT[ JAJ_CFXT[ ]PJ[ Kb UJPF[ A EKA\APJ MC`!ANJ PTO Q �MFGTO Q UJN[ MJNCKPN]XF[ Q ]PFR[ Q ]EFR_J]PaQ PTQ&r ����@ UJ_TXIJ @ BTADO A $UKIXKAJ HNJ[ PT[ A JEFUJPZ]PJ]T PDO A HGR!
� � ������ ��� ��
��
EPDO A UJN[ PDO A YDHCJLNUDO A _NJUF]X\]KDA ]PF[ UPICNF PTO Q @ !UJ_TXIJQ&r ���FGNPN]PNUJ[ S�_CfXJPJ $EJCFR]IJ]T PFRO S�G!GTANUFRO �FHFPKMANUFRO UJN[ S�]PFCNUFRO @ CMKIFR UJN[ PTO Q S�PJN!CKIJQ �EFR_DO A �KFKGGTANUFRO �FGNPN]XFRO &r �� �NQ XA\XTA$XATO XKQ JABCVEDA PTO Q PaMATQ� PTO Q EJN_KIJQ UJN[ PTO Q EFGNPN!UTO Q&r �� �aMAT UJN[ UJGGNPaMAKQ $UCNPNUJ[ UKIXKAJ HNJ[ n�GGT!AKQ UJGGNPaMAKQ&r �� �aAFN UJGGNPaMAKQ UJN[ ]RHHCJLKNO Q�
� � ������ ��� ��
��
���������� ������ ���$ ��� ������� � ���&
�@ �. �%(��� ��� ��� � ��(�.'�� ;+����j3�� %o �� !�� � �- �� �k
@ B\AJ ��� � ]]� "#) $�#� �� Kb U�&� �( KNU`AKQ
�� ������������
�� ��� ����� ��������
PFRO ��� UJN[ PFRO URECNJUFROS�_CfXJPFQ ����KWaAPT� XF!
GFA`PN _K[ A LNGF_FgKNO AJ[ EJCFR]NZ]KNXNJ[ EG\CT Nb ]PFCIJ PTO Q @�UUGT]IJQ�fECFR� _NJLDPIYKN Fe GKQ PN[ Q EKCN`!_FRQ PTO Q Nb ]PFCIJQ PTQ UJN[ JEFPKGKNOUJCEF[ XJUCFMC`ANDA KCKRADO A PFRO]RHHCJLaJ� �Nb KNc UF]N XKGaPKQ EFR[EKCNGJXWZAFAPJN K_DO KEKGaHT]JA J!EF[ PF[ A Nc _NF HNJ[ XNJ[ XKPJBJAZPNJ Kc U!_F]T� XK[ ]UFEF[ AJ[ WFTB\]FRA PF[ A J!AJHAV]PT ]PT[ HADCNXIJ UJN[ PT[ A UJ!PJA`T]T P`]F PTO Q Nb ]PFCIJQ PTO Q �R!ECNJUTO Q @�UUGT]IJQ Fe ]F UJN[ PDO A ]fHMCFADA XKB`_DA PTO Q�KANUTO Q @�UUGT]NJ]PNUTO Q S�]PFCIJQ� K[ PT[ A Kc AAFNJ JRP\� PF[Kc CHF PFRO PF KAaMKN KRCfPKCT ]TXJ]IJ� Tb Fb EFIJ JLFCJO PT[ A Kb GGT!ANUT[ KEN]P\XT PTO Q @�UUGT]NJ]PNUTO Q S�]PFCIJQ EaCJA PDO A Fb !CIDA PTO Q �fECFR� @�EKN_T[ Tb Nb ]PFCIJ JRPT[ Rb ETO CgK EZAPFPK
� � ������ ��� ��
��
JGGTGaA_KPT XK[ PT[ A Nb ]PFCIJ PFRO GJFRO PTQ� Fb JAJHAV]PTQ BJ[HADCI]KN Kc P]N PT[ AFFPCFEIJ PDO A S�GG\ADA PTO Q �fECFR EFR[KENWID]JA MNGNKPIKQ Fb G`UGTCKQ Db Q MCN]PNJAFN[ UJN[ Db Q n�GGT!AKQ Rb EF[ JAPIgFKQ ]RABTO UKQ�
S�EJPT[ C�JRO GFQ $�KAa_NUPFQ& @�HHGKYZUTQ $��#"!����&� @ CMNXJA!_CIPTQ PFRO �NUFRXKANUFRO �C`AFR� ]EFf_J]K ]PF[ �JCI]N UJN[ ]PF[�aXECNPY� S� EC`DCFQ BZAJP`Q PFR _K[ A PFRO KEaPCKmK PT[ ]RHHCJLT[Fb GFUGTCDXaATQ Nb ]PFCIJQ PTO Q @�UUGT]IJQ�fECFR� JGGJ[ Jc LT]KEZX!EFGGKQ ]MKPNUK[ Q XKGaPKQ� KU_K_FXaAKQ UJN[ X\� h�_D]K EGTBVCJKEN]PTXFANUDO A _NJGagKDA� Kc GJWK XaCFQ ]K[ EFGGJ[ ]RAa_CNJ UJN[ Rb !ETO CgK KEN]UaEPTQ UJBTHTPT[ Q UJN[ KCKRATPT[ Q ]K[ HAD]PJ[ NA]PNPFRO PJUJN[ EJAKEN]P\XNJ PFRO KgDPKCNUFRO �
� � ������ ��� ��
��
����� ������������ � � ���� ���
A> %> ((��%� � .����%� � .��� � ��(=%�'� ���� ;�(='���
@ B\AJ ���)� ]]� �") $�#� �� Kb U�&� � KNU`AKQ
�� ����������
����� �������� � �� �������� ������� ��
_fF ECDO PKQ KNk AJN Fb XNGIKQ PDO A UJBTHTPDO A @�GNWNK[ �K!WKCAPK[ A UJN[ �IUFR �JAJHNDPZUT UJPJ[ PJ[ KHUJIANJ
PTO Q Kc UBK]TQ +S�GGTANUK[ Q KU_`]KNQ ]PT[ A @�GWKPIJ PF[ A � FUJN[ �"F JNVAJ, ]PT[ A @�BANUT[ �NAJUFB\UT� XK[ PT[ A KRUJNCIJPTO Q S�EPJUF]NF]PTO Q @�EKPKIFR PTO Q @�GWKPNUTO Q S�XF]EFA!_IJQ� ]PN[ Q � �KUKXWCIFR �����
�PF[ ECDO PF UKIXKAF� +S��KAKfT� Tb S�GGZ_JUJN[ Tb Kb GGTANUT[EJN_KIJ,� Fb �KWKCAPK[ A KUBaPKN PN[ Q Jc XK]KQ ]RAaEKNKQ PTO Q K!PJCCfBXN]TQ� EFR[ Tk PJA Tb KN]JHDHT[ PTO Q Kb GGTANUTO Q HGV]]JQ]PT[ A KUEJI_KR]T UJN[ Tb Kc U_F]T PDO A JCMJIDA S�GG\ADA ]RH!HCJLaDA JEF[ PF[ PREFHCJLKNO F PTO Q �KAKfTQ�
�PF[ _KfPKCF UKIXKAF� +�CJHUI]UFQ �`CPFQ� Ke AJQ n�GGT!AJQ ]PT[ �KAKfT PFRO �JGWIAFR,� Fb �� �JAJHNDPZUTQ JAJLa!CKPJN ]PT[ A EJCFR]IJ PFRO �CTPNUFRO �CJHUI]UFR�`CPFR� _NZ!]TXFR GFHIFR PFRO � FR JNVAJ� ]PF[ AKF]f]PJPF�JAKEN]P\XNFPTO Q �KAKfTQ� Fe EFR _I_J]UK +XK[ Rb EKCTLZAKNJ, PT[ A Kb GGTANUT[HGV]]J�
�PF[ PCIPF UKIXKAF� +�CJHUI]UFR �`CPFR KENHCZXXJPJ,�
� � ������ ��� ��
��
Fb �� �JAJHNDPZUTQ EJCFR]NZYKN PJ[ JAJ_TXF]NKRXaAJ� UJN[]RAKEDO Q KRCfPKCJHAD]PJ[ KENHCZXXJPJPFRO �`CPFR� UJPJ[ PT[MCFAFGFHNUT[ ]KNCJ[ EFR[ KXLJAI]PTUJA PJ[ WNWGIJ ]PJ[ Fb EFNO JPREVBTUJA� �J[ EKCN]]`PKCJ JEF[ PJ[ KENHCZXXJPJ JRPJ[ KNk AJNJLNKCDXJPNUJ[ UJN[ HCZLPTUJA Db Q Kc EJNAFN ]RHHCJLaDA Tp KU!_FPDO A HNJ[ AJ[ PREDBFRO A ]K[ WNWGIJ PFRQ� S� UJPZGFHFQ PDO AKENHCJXXZPDA KXEGFRPI]PTUK XK[ EaAPK Jc HAD]PJ Do Q PVCJKENHCZXXJPJ PFRO N_IFR ]RHHCJLaJ�
�aGFQ� ]PF[ PaPJCPF UKIXKA` PFR XK[ PIPGF +@�DZAATQ �J]!]NXZPTQ� JAKmNF[ Q PFRO �`CPFR� UJN[ �CTPNUF[ �aJPCF,� Fb ���JAJHNDPZUTQ JAJLaCKPJN ]PF[ A �� �J]]NXZPT� Kc P]N Fe EDQEJCFR]NZYKPJN JEF[ ]RHHCJLKNO Q PTO Q @ AJHaAAT]TQ UJN[ JEF[PF[ A BKNO F PFR �CJHUI]UF �`CPF� �aFQ LNGFXJBT[ Q UJN[ ECFNUN!]XaAFQ� Kc _D]K JgN`GFHJ _KIHXJPJ HCJLTO Q P`]F ]K[ GJPNANUFR[ QFe ]F UJN[ ]K[ Kb GGTANUFR[ Q ]PIMFRQ� UJN[ ]RAaHCJmK PF[ ECDO PF WN!WGIF HNJ[ PF[ AKFKGGTANUF[ BaJPCF�
S� @�GNWNK[ �KWKCAPK[ A $���(%����& Tk PJA Fb X`PNXFQ UJBTHTPT[ Q �GJ!]NUTO Q �NGFGFHIJQ ]PF[ �JAKEN]P\XNF PTO Q �KAKfTQ�
S� �IUFQ � �JAJHNDPZUTQ $��()!���"& Rb ETO CgK UJBTHTPT[ Q PFRO�JAKEN]PTXIFR �C\PTQ UJN[ �NKRBRAPT[ Q PFRO S�GGTANUFRO @�A]PNPFf!PFR PTO Q �KAKPIJQ� K[ PF[ EGFf]NF KCKRATPNUF[ UJN[ ]RHHCJLNUF[ Kc CHFPFR ]RAaWJGK UJBFCN]PNUJ[ ]PT[ XKGaPT PTO Q XK]JNDANUTO Q Kb GGTANUTO QLNGFGFHIJQ UJN[ PTO Q UCTPNUTO Q GFHFPKMAIJQ�
� � ������ ��� ��
��
� �� ��� �����������
_%�%((���� � )����.��� �A> ��(�%� � �� ����%� � - ��%�
KPZLCJ]T �PaGGJQ �� �NUFGFf_T
@ B\AJ ��� � #����� ]]� )) $�#� �� Kb U�&� �� J{X KNU`AKQ
�� ���������������� �����������
�� ������������� ��� ������
������� ������ � ������� �� ������!
]PKNO XK[ KRCDEJiUJ[ EC`PREJ UJN[ JgIKQ Tb EAKRXJPNUT[YDT[ PFRO S�GGTAN]XFRO MJCJUPTCIYFRA PF[ A KRCfPKCF �'F
JNVAJ UJN[ KN_NU`PKCJ PJ[ MC`ANJ �""�!�'��� S� KEFMT[ JRPT[KENUCZPT]K AJ[ FAFXZYKPJN +�KFKGGTANUF[ Q �NJLDPN]X`Q,��C`UKNPJN HNJ[ XNJ[ ]PNHXT[ JAZPJ]TQ UJN[ KGEI_JQ� EFR[ PT[ AKXEAaKN PF[ Fe CJXJ PTO Q KGKRBKCIJQ� S� XKGaPT JRPT[ KENMKNCKNO]LJNCNUJ[ PT[ BKVCT]T PDO A N_KDO A PFRO �NJLDPN]XFRO � Fe EDQECF]JCX`]PTUJA ]PN[ Q ]RABTO UKQ PTO Q Kb GGTANUTO Q UFNADAIJQUJN[ EJN_KIJQ UJN[ KULCZ]PTUJA ]PJ[ UKIXKAJ PTO Q G`HNJQ Kb GGT!ANUTO Q HCJXXJPKIJQ� �PF[ KEIUKAPCF PDO A JAJGf]KDA JRPDO AWCI]UKPJN Tb KgaGNgT PDO A EFGNPNUDO A UJN[ UFNADANUDO A N_KDO A��Nb Kb CXTAKNO KQ EFR[ ECFPKIAFAPJN EJCFR]NZYFRA PF[ A �NJLDPN!]XF[ Db Q UCNPNUT[ BKVCT]T PTO Q Kb GGTANUTO Q UFNADAIJQ UJN[ PTO QEAKRXJPNUTO Q PTQ EJCZ_F]TQ� �PT[ A KCHJ]IJ JUFGFRBKNO PJN Tb]RABKPNUT[ XaBF_FQ� Tb Fb EFIJ ECF]EJBKNO AJ[ KAPZgKN PN[ Q N_KFGF!HNUK[ Q KU_TGV]KNQ ]PJ[ Nb ]PFCNUZ PFRQ ]RXLCJY`XKAJ� �RHMC`!ADQ KNk AJN UJN[ ]RHUCNPNU\� XK[ ]R]PTXJPNUK[ Q JAJLFCK[ Q ]PF[EKCIHCJXXJ PTO Q KRCDEJiUTO Q EJN_KIJQ UJN[ EFGNPNUTO Q ]UamTQ�
� � ������ ��� ��
�
S� �J]MZGTQ � �NPCFXTGI_TQ� �N_ZUPDC �NGF]FLIJQ PFRO �JAK!EN]PTXIFR �ZCWJCAP� KNk AJN UJBTHTPT[ Q PTO Q �FGNPNUTO Q @�EN]P\XTQ]PF[ �JAKEN]P\XNF @ BTADO A UJN[ �NKRBRAPT[ Q PFRO �aAPCFR �KFKGGT!ANUDO A @�CKRADO A PFRO @�BANUFRO S�_CfXJPFQ @�CKRADO A� h�HCJmK PJ[WNWGIJl � I.������.$��5������')r *?&�((�� �����7.��1.� �� �> _��������(�� ��- �I��� ����r��� �o ���� ��� � %- (%��%�'��.��� � %> ((���� ����'�� ����r "������������3 '���������3 >����-&�?�� ���)#�'2 ���#�
� � ������ ��� ��
�
���� �����
��� � `I��� <mcAB%� ���� _%�%((����� )����.����
@ B\AJ ����� ]]� )�( $�#� �� Kb U�&
�� �����������
� ��� ���������� �� �������������
]DO XJ PFRO _KfPKCFR P`XFR ��� � `I��� JA\UFRA ]PT[MCFANUT[ EKCIF_F ��'#!����� �aXJPZ PFRQ PF[ GJiUF[ Kc A!
PREF� Fb �KFKGGTANUF[ Q �NJLDPN]X`Q� Tb KU_FPNUT[ Kc UCTgT UJN[ FNbG`HNFN PFRO �'FR JNVAJ� PF[ XRBN]P`CTXJ PFRO ��FR jKNk _FQ Jc !HAD]PF PF[ A ECFTHFfXKAF JNVAJj FNb �JAJCNDO PKQ� FNb XKPJ!LCZ]KNQ PFRO ^�=�.I�� ;��+.�� UJN[ Tb KEI_CJ]\ PFR Db Q]RXW`GFR PFRO JABCVEFR EFR[ gKEKCAJO PF[ L`WF PFR JEaAJAPN]PJ[ LR]NUJ[ LJNA`XKAJ HNJ[ AJ[ PJ[ KUXKPJGGKRPKNO ECF[ Q Fc LKG`QPFR� Fb �JAJCNVPTQ �TX� �JPJCPYTO Q UJN[ Tb HaAAT]T PTO Q �JN!_JHDHNUTO Q� Tb AKFKGGTANUT[ HGD]]NUT[ EJN_KIJ UJN[ Tb KEI_CJ!]T PTO Q KUUGT]NJ]PNUTO Q HGV]]JQ ]PT[ A +UFNADO Q GJGFRXaATA,PFRO �FCJTO �
�F[ _aUJPF Ke UPF UKIXKAF KNk AJN XNJ[ ]fAPFXT JEFPIXT]T PFROKc CHFR PFRO ���� �TXJCJO � +ECDPKCHZPT JGGJ[ UJN[ FCHJADPTOPFRO MVCFR� Db Q Kc A_KNgT FLKNGFXaATQ PNXTO Q,�
@ APIBKPJ� PF[ _TXF]IKRXJ HNJ[ PT[ AKFKGGTANUT[ KUEJI_KR]TXaMCN PN[ Q EJCJXFAK[ Q PTO Q @�EJAZ]PJ]TQ JEFPKGKNO JRPFPKGT[FCHJANUT[ Kb A`PTPJ� +ECVPT JE`EKNCJ ]fABK]TQ ]PF[ UKAPCFX`!
� � ������ ��� ��
�
GF BaXJ PTO Q AKFKGGTANUTO Q EJN_KIJQ, $Fe EDQ PF[ MJCJUPTCIYKN Fb]RHHCJLaJQ&� @�_DO KgKPZYFAPJN FNb KUEJN_KRPNUK[ Q WJBXI_KQUJN[ FNb FAFXJ]IKQ PFRQ� EFR[ Jc GGJYJA ]RAKMDO Q� PF[ UPNCNJUF[EC`WGTXJ UJN[ FNb Gf]KNQ EFR[ _IAFAPJA JAZGFHJ XK[ PN[ Q JAZHUKQUJN[ PN[ Q _RAJP`PTPKQ� PF[ _N_JUPNUF[ ECF]DENU`� Tb UJPZCPN]TUJN[ Tb JXFNW\ PFR� Tb ]RXXKPFMT[ PDO A HRAJNUDO A P`]F Db Q KUEJN!_KRPNUDO A Fe ]F UJN[ Db Q KUEJN_KRFXaADA� Tb PJgNUT[ ECFaGKR]TPDO AXJBTPDO A� PF[ EKCNKM`XKAFUJN[ Tb UJPKfBRA]T PDO A ]EFR_DO A�EFR[ KETCKZYFAPJA JEF[ PN[ Q JAPI]PFNMKQ PZ]KNQ ]PT[ A �RCVETPFRO �'FR JNVAJ�
S� h GUTQ @ HHaGFR $���"!����& HKAA\BTUK ]PT[ A @ B\AJ� �EFf_J]K�NGFGFHIJ ]PF[ �JAKEN]P\XNF @ BTADO A UJN[ Kc GJWK _N_JUPFCNUF[ _I!EGDXJ JEF[ PF[ �JAKEN]P\XNF �K]]JGFAIUTQ� @�CHZ]PTUK ]PT[ a!]T @�UEJI_KR]T UJN[ MCTXZPN]K _NKRBRAPT[ Q ]PF[ n�_CRXJ �CJPNUDO ASEFPCFLNDO A $��)�!�� "&� �F[ �� � Ne _CR]K XK[ PT[ �aAJ �JWWI_T PF[ AKU_FPNUF[ FNc UF +S�CXTO Q,� �I_JgK �RHUCNPNUT[ �NGFGFHIJ ]PF[ �JAK!EN]P\XNF �K]]JGFAIUTQ UJN[ S�]PFCIJ �KFKGGTANUTO Q �JN_KIJQ ]PF[S�]PFCNUF[ �XTO XJ PFRO @�`ANFR �JAKEN]PTXIFR� �aAPCF PDO A KA_NJLK!C`APDA PFR Rb ETO CgK Tb AKFKGGTANUT[ EJN_KIJ ]K[ ]RAZCPT]T XK[ PT[ AKRCDEJiU\� UJN[ Fb G`UGTCF PF[ ]RHHCJLNU` PFR Kc CHF UNAKNO PJN Xa]J]PF[ MDO CF JRP`A� EFR[ KUPKIAKPJN MCFANUJ[ JEF[ PT[ A n GD]T Do Q PN[ QXaCKQ XJQ�
� � ������ ��� ��
� � ������ �� ��
��� ���� ���� ���
*A�7���� �� �7����h�U_F]T� KN]JHDH\� ]TXKNV]KNQ h HHKGFR �� �JEJUV]PJ
@ B\AJ ��'(� )����� ]]� (�� $�"� �# Kb U�&
�� �����������
�������������� ���!
]PFR Do Q P`PK JEFXATXFAKf!XJPFQ PFRO JUCRHNZAAT *A1
�7���� �� �7���� $��'(&� Kb UJPF[ APCNZAPJ MC`ANJ XKPJ[ PT[ ]RHHCJL\PFR UJN[ Kb W_FX\APJ EaAPK XKPJ[ PT[ A Kc U!_F]T PDO A ����������%��7���� Rb ETO C!gK XKNO YFA KU_FPNUF[ HKHFAF[ Q XK[ EFGGJ!EGT[ ]TXJ]IJ� �F[ _KfPKCF Kc CHF PFRO�PCJPTHFRO JUCRHNZAAT]RHUaAPCD!]K PF[ KA_NJLaCFA LNGFG`HDA� Nb ]PFCN!UDO A� HGD]]FG`HDA� BKFG`HDA UJN[ Jc G!GDA KCKRATPDO A� ECFUZGK]K EFNUIGKQ]RYTP\]KNQ UJN[ JAPN_CZ]KNQ� _aMPTUK]M`GNJ UJN[ Kb CXTAKNO KQ� EFR[ KENWKWJNVAFRA PT[ _NJMCFANUT[ JgIJPFR��J[ *A�7������ �7����]RXEGTCVAFRAUJN[ KEKUPKIAFRAUJICNJ PJ[ ����������%+���� UJN[ Fb GFUGTCVAFRA PT[ A EAKRXJ!PNUT[ UJN[ ]RHHCJLNUT[ LR]NFHADXIJ PFRO JUCRHNZAAT�
�PT[ _KfPKCT Kc U_F]T $PFRO ��')& JEFUJPJ]PZBTUJA PJ[ GZBT
� � ������ �� ��
�
EFR[ KNk MJA KEN]TXJABKNO ]PJ[ _fF MC`ANJ EFR[ XK]FGZWT]JA JEF[PT[ A ECVPT Kc U_F]Tr Kc P]N Tb XKPJHCJLT[ PFRO MKNCFHCZLFR XEF!CKNO AJ[ BKDCTBKNO Fb CN]PNU\�
�JCZGGTGJ� URUGFLFCKNO UJN[ Ke AJQ P`XFQ XK[ PF[ MKNC`HCJLFPFRO JUCRHNZAAT ]K[ EJAFXFN`PRET Kc U_F]T� ]]� �� M� J� t ��"$�"� �# Kb U�&�
� � ������ �� ��
�
� ���� ��� �
#��(%6$�%�� .���� � �- �9�'��� ��((��%� .�66���%� ��� �> ��- ��=�6���'� ���
��� ��� �����������!
�`XFQ d� �C`GFHFQ �� �� �TXJCJO
@ B\AJ ��'#� (���'� ]]� <<)% @ GWd @ (" $�#� �� Kb U�&
��� ���������������
� +��������� , �� ��� � ��� � �� � ���
EFGR_NJWJ]XaAJ UKIXKAZ PFR� UJN[ PT[ A KEFMT[ EFR[ KU_`!BTUJA ECFUZGK]JA EFNUIGKQ JAPN_CZ]KNQ� KRAFiUK[ Q JG!
GJ[ UJN[ _R]XKAKNO Ql EC`UKNPJN Nc ]DQ HNJ[ PJ[ HCJEPJ[ EFR[ JEFPa!GK]JA PF[ JAPNUKIXKAF PDO A EKCN]]`PKCDA UJN[ ENF[ H`ANXDA ]R!YTP\]KDA PTO Q Kb GGTANUTO Q GFHNF]fATQ�
K[ PF[ ga]EJ]XJ PFRO @ HVAJ Kc MKN _NJXFCLDBKNO XNJ[ HKANJ[AK`PKCDA _NJAFFRXaADA XK[ JAJAKDPNUT[ N_KFGFHIJ� XNJ[ HKANJ[EFR[ Kc MKN RNb FBKP\]KN� ]K[ XKHZGF WJBX`� AaFRQ UJA`AKQ ]PT[ AJAPNXKPVEN]T PDO A WJ]NUDO A ECFWGTXZPDA� �fCNFQ XFMGF[ QPTO Q XKPJWFGTO Q JRPTO Q KNk AJN Fb ]PFMJ]XF[ Q UJN[ Fb G`HFQ PFRO �F!CJTO � Fe EDQ WCI]UFAPJN Xa]J ]PJ[ #��(%6$�%�7 PFR� �F[ EAKR!XJPNU` PFR JAZ]PTXJ XE`CK]K AJ[ _V]KN ]PT[ A S�GGTANUT[ @�!EJAZ]PJ]T PT[ G`HNJ XFCLT[ EFR[ MJCJUPTCIYKN Fe GKQ PN[ Q KRCD!EJiUK[ Q KEJAJ]PZ]KNQ ]PZ EKA\APJ ECDO PJ MC`ANJ PTO Q Kb UJPFA!PJKPIJQ�
�PJ[ UKIXKAJ JRPZ� EFR[ Kc MFRA UfCNF Jc gFAJ PT[ A EJN_KIJ UJN[PT[ HGV]]J� ECFWZGGKN JUaCJNT Tb ]UamT PFRO �FCJTO � ]UamT]RARLJ]XaAT XK[ PF[ A ECFWGTXJPN]XF[ PFRO �'FR JNVAJ UJN[ XK[
� � ������ �� ��
�
PN[ Q Gf]KNQ EFR[ JEJNPFRO ]K ]K[ XNJ[ N_NZYFR]J ]PNHXT[ Fb @ HVAJQPTO Q Kb GGTANUTO Q JAKgJCPT]IJQ� S� P`XFQ JRPF[ Q EKCNGJXWZAKNUKIXKAJ EFR[ KU_`BTUJA JEF[ PF[ �'�# Do Q PF[ �'�# UJN[ ]RHUKA!PCVBTUJA ]PT[ 8�((�6�� ��� � #��(%6������ PFRO �'((� �CF!PZ]]KPJN Fb <'�� PFR� UKIXKAF Rb EF_KNHXJPNUF[ ]K[ Ke AJ MDO CFEJN_KIJQEFR[ ]EJAIYKN ]PT[ A S�GGZ_J� PF[ Fb EFNO F JEFPKGKNO ]EFR!_JIJ ETHT[ EGTCFLFCNDO A UJN[ PT[ A UJGfPKCT KN]JHDHT[ ]PT[ XK!GaPT PFRO �FCJTO �
� � ������ �� ��
�
� ���� ��� �
#��(%6$�%�� .���� � �- �9�'��� ��((��%�.�66���%� �
�`XFQ �d� �C`GFHFQ @�XX� �� �CJHUI]UFR
@ B\AJ ��''� ���� � ]]� <<<)) @ '�� $�#� �� Kb U�&
��� ������������
������ ��� ���� �� � � �������������!
]EZBKNKQ HNJ[ AJ[ ]RXEGTCDBKNO Tb Kc U_F]T PTO Q8�((�6�� ���� � #��(%6������ PFRO �'(( XK[ AaFRQ P`XFRQ� EFR[ BJ[
EKCNGZXWJAJA PJ[ Rb E`GFNEJ UFCJiUJ[ #��(%6$�%��r Db ]P`]F�UJXNJ[ JEF[ JRPK[ Q PN[ Q ECF]EZBKNKQ _K[ A KRF_VBTUK� XK[ XFAJ!_NUT[ Nc ]DQ KgJICK]T PT[ A Kc U_F]T $��#�& PDO A #��(%6������PDO A PK]]ZCDA CJmD_NDO A PTO Q � (7���� EFR[ Kc XKNAK MDCN[ Q ]R!AaMKNJ� @ GGJ[ UJN[ Tb KEJAaU_F]T� PF[ A ��F[ JNVAJ� _NJL`CDA#��(%6������� Tp Tb Kc APJg\ PFRQ ]PN[ Q ]KGI_KQ PDO A +S EZA!PDA, PFRO �FCJTO _K[ A JEaWGKEJA AJ[ ]RXEGTCV]FRA PT[ 8�((�16�� PFRO �'((� KgJAPGTXaAT Jc GGD]PK ECF[ EFGGFRO � @ EF[ PF[ ��)�EKCIEFR JCMIYKN XNJ[ EKCIF_FQ JAJWZBXN]TQ PDO A UFCJiUDO A]EFR_DO A� UJN[ JUCNWDO Q ]PF[ EAKRO XJ PTO Q JAJWID]TQ PTO Q UFCJi!UTO Q UGTCFAFXNJO Q KAPZ]]KPJN UJN[ Tb ECDPFWFRGIJ PFRO ��� AJ[]RXEGTCV]KN PT[ ]KNCJ[ PDO A #��(%6�������
S� P`XFQ JRPF[ Q EKCNaMKN UKIXKAJ EFR[ MCFAFGFHFRO APJN JEF[PF[ �'�� Do Q PF[ �'�� UJN[ ECFaCMFAPJN UJN[ JEF[ PN[ Q PCKNO Q KU_F!PNUK[ Q ]KNCK[ Q PFRO �FCJTO � PT[ A +S�GGTANUT[ �NWGNFB\UT,� PJ[+�ZCKCHJ, UJN[ PN[ Q JAKgZCPTPKQ KU_`]KNQ JCMJIDA ]RHHCJ!
� � ������ �� ��
LaDA� a]J JEF[ JRPJ[ PJ[ GJXECJ[ PKUX\CNJ PTO Q LNGFGFHNUTO QPFR KRCRXZBKNJQ UJN[ FgfAFNJQ� Fb �FCJT[ Q JEaWGKEK AJ[ KN]J!HZHKN PFR[ Q n�GGTAKQ _J]UZGFRQ UJN[ ]EFR_J]PK[ Q PDO A Kb GGTAN!UDO A HCJXXZPDA ]PJ[ UZBK GFHTO Q ECFWG\XJPJ PDO A UKNXaADA�Nb ]PFCNUZ� LNGFGFHNUZ� KU_FPNUZ� JGGJ[ UJN[ AJ[ ]PCamKNPF[ KA_NJ!LaCFA PFRQ JEF[ PJ[ +UJGJ[ HCJXXJPNUJ[ , ]PF[ EKCNKM`XKAF� ]PJ[+ECZHXJPJ, PDO A UKNXaADA� h�P]N� FNb KN]JHDHK[ Q JRPK[ Q _K[ AKNk AJN HCJXXaAKQ XK[ PF[ JR]PTCF[ Re LFQ XNJO Q KEN]PTXFANUTO QECJHXJPKIJQ� JGGJ[ XK[ PF[ A KEJHDHF[ PC`EF� PT[ A JLTHTXJPNUT[PaMAT UJN[ PF[ A EJGXF[ Kb AF[ Q _N_JUPNUFRO UKNXaAFR�
� � ������ �� ��
��
� ���� ��� �
#��(%6$�%�� .���� � �- �9�'��� ��((��%�.�66���%� �
�`XFQ �d� �C`GFHFQ �FRUIJQ �CFfGNJ
@ B\AJ ����� ]]� +%) @ "�� $�#� �� Kb U�&
��� ����������
��� � �� �� �� �'�� ������� �� �� �
HNJ[ AJ[ ]PCJLKNO Fb �FCJT[ Q ]PT[ A KgaPJ]T PDO A EFGNPN!UDO A UJN[ TBNUDO A YTPTXZPDA EFR[ JEFCCaFRA JEF[ PT[
AaJ ECJHXJPNU`PTPJ� �UFE`Q PFR KNk AJN AJ[ ]RXWZGKN XK[ PJ[UKIXKAZ PFR ]PT[ A FCHZAD]T PFRO Kb GGTANUFRO UCZPFRQ EZAD ]K[]PJBKCJ[ UJN[ Rb HNT[ BKXaGNJ� S�Ba]EN]T Kb AF[ Q EFGNPKNJUFRO EGJN!]IFRUJN[ Tb EFGNPNUT[ _NJEJN_JHVHT]T PFRO Kb GGTANUFRO GJFRO KNk AJNHNJ[ PF[ A �FCJT[ KEKIHFR]KQ JAZHUKQ� UJBD[ Q Kc MKN LPZ]KN EGaFATb ]PNHXT[ EFR[ PJ[ Fb CZXJPJ _FUNXZYFAPJN ]PT[ A ECZgT� S� KEN!GFHT[ PDO A ECF[ Q Kc U_F]T JCMJIDA UKNXaADA HIAKPJN PVCJ XK[HAVXFAJ PT[ A UJPJGGTG`PTPZ PFRQ Db Q EJN_KRPNUDO A KCHJGKIDAHNJ[ PT[ _NJX`CLD]T ]RAKN_TPDO A EFGNPDO A�
�J[ UKIXKAJ EFR[ EKCNGJXWZAFAPJN ]PF[ A P`XF JRPF[ URUGF!L`CT]JA ]PT[ A Kb gJKPIJ �'��!�'�"� ]RAKMIYFAPJQ PT[ A +S�GGT!ANUT[ �NWGNFB\UT, $P`XFN ��d!��d& UJN[ PJ[ +�ZCKCHJ, $P`XFN�d!�d&� �J[ Pa]]KCJ JEF[ JRPJ[ Kc MFRA _NJGFHNUT[ XFCL\� HAD]PT[JEF[ ECFTHFfXKAJ Kc CHJ PFRO ]RHHCJLaJ� n�GJ PJ[ UKIXKAJ Db !]P`]F _IAFRA ]PF[ A JAJHAV]PT PT[ A KAPfED]T Fe PN JEFPKGFRO A]RAKMT[ _NZGFHF� Fe EFR _NJLJIAFAPJN Fb ECFWGTXJPN]XF[ Q UJN[ Tb
� � ������ �� ��
��
JAT]RMIJ PFRO �FCJTO HNJ[ Fe �PN Kc MKN ]Ma]T XK[ PT[ A Rb EF[ _NJX`C!LD]T Kb GGTANUT[ EFGNPKIJ� �TP\XJPJ Fe EDQ Tb KENGFHT[ PFRO EF!GNPKfXJPFQ� Tb JAJY\PT]T ECF]PZPT XKPJgR[ PDO A gaADA _RAZ!XKDA� PF[ EFGNPNUF[ Tk BFQ UJN[ Tb mTLFBTCIJ KEJAaCMFAPJN ]PJ[#��(%6$�%�� PTO Q Kb A`PTPJQ JRPTO Q� Tb Fb EFIJ UJGfEPKN MCFANUJ[PT[ A EKCIF_F PFRO JEKGKRBKCDPNUFRO JHVAJ�K[ PN[ Q EJCJNAa]KNQJGGJ[ UJN[ PN[ Q KENLRGZgKNQ PFR Fb �FCJT[ Q ]RXXKPaMKN KAKCHJ[]PT[ A ECF]EZBKNJ HNJ[ PT[ A UJPZUPT]T PTO Q JAKgJCPT]IJQ UJN[]PT[ _NJX`CLD]T PDO A BK]XDO A PFRO AaFR UCZPFRQ�
� � ������ �� ��
�
� ���� ��� �
#��(%6$�%�� .���� � �- �9�'��� ��((��%�.�66���%� �
�`XFQ �d� @ B\AJ ���)� ]]� <%) @ " � $�#� �� Kb U�&
��� ������������
�+���� ��� ��� ���� �������, ��� �� ��!
MJNCKPJO EFGR[ ADCN[ Q PT[ ]DXJPNUT[ KEN]P\XT PDO A @ !]UGTENJ_DO A UJN[ KEN_I_KPJN XK[ YTO GF ]PT[ ]DPTCIJ PTO Q
mRMTO Q� @ AJ_aMKPJN PT[ LNGFGFHIJ UJN[ PJ[ TBNUJ[ EJCJHHaGXJ!PZ PTQ� PJ[ Fb EFNO J MCT]NXFEFNKNO HNJ[ PT[ A TBNUT[ UJN[ EFGNPNUT[JAZCCD]T PFRO HaAFRQ PDO A S�GG\ADA� �N_Z]UKN ]DUCJPNUDO QPT[ A S�GGZ_J UJN[ PT[ A Fb _THKNO ]PF[ _C`XF PTO Q KR_JNXFAIJQ XK[ PJ[]FLZ PFR ]RHHCZXXJPJ� �NJUTCf]]KN ]q JRPJ[ PT[ A UJBJC`!PTPJ PTO Q HGV]]JQ UJN[ _NKHKICKN PFR[ Q AaFRQ XK[ PJ[ #��(%6$1�%�7 PFR� PJ[ XK]PJ[ JEF[ PF[ ERO C PTO Q KRHGDPPIJQ UJN[ PTO Q ECF!HFANUTO Q EJN_KIJQ�
S� P`XFQ JRPF[ Q JEFPKGKNO PJN JEF[ PN[ Q JAKgZCPTPKQ ]RHHCJ!LK[ Q UJN[ XKPJLCZ]KNQ PFRO �FCJTO � EFR[ KU_`BTUJA XKPJgR[ �'��UJN[ �'(�� UJBD[ Q UJN[ JEF[ PJ[ _fFUKIXKAJ]PT[ HJGGNUT[ HGV]]JlPFR[ Qg������ �%� PFRO �KFLCZ]PFR $�"��& UJN[ PF[ #%�� �- ������> �7���� �$��� PFRO S�EEFUCZPT $�'��&��aUJMC`ANJ JCH`PKCJ$�'��&� Tb Kc U_F]T PFRO S�EEFUCZPT UCIBTUK Kc CHF Jc gNF AJ[ WCJ!WKRPKNO JEF[ PF[ +KA`XDPFA UCNP\CNFA,� EFR[ KNk MK ]RHUCFPTBKNOJEF[ UJBTHTPK[ Q PFRO �JAKEN]PTXIFR� UJPJ[ _NJPJHT[ A PFRO JR!
� � ������ �� ��
��
PFUCZPFCJ �JEFGaFAPJ d� �J[ Pa]]KCJ JEF[ JRPJ[ PJ[ UKIXKAJECFaCMFAPJN JEF[ PJ[ c������ KADO Fb EaXEPFQ P`XFQ� Db Q HAD!]P`A� KU_`BTUK JEF[ PF[ A �� �FRCAJCZUT XKPJ[ PF[ BZAJPF PFRO�FCJTO $�'()&�
� � ������ �� ��
��
����� ������ ��
*A ��(����{.�����DPFXTMJANUT[ JAJPfED]T XK[ KENGKH`XKAJ �����JWWI_T
@ B\AJ ��'�� ]]� �## t (� $��� �' Kb U�&
$KgJAPGTXaAF&
������� ���� � �����������������KUPF[ Q KXEFCIFR�Kc U_F]TQPFRO ��(����{.����$����&_NJPTCKNO Fe GT PT[ A JN]BTPNUT[ JCPN`PTPJ PFRO ECDPFPf!
EFR� �PJ[ @�ENGKH`XKAJ PFRO �� �� �JWWI_T HNJ[ PT[ A Rb EF_FMT[PFRO Kc CHFR JEF[ PF[ A JBTAJiUF[ PfEF� UJPJHCZLFAPJN ]K[ MCFAF!GFHNUT[ ]KNCZ� JAJ_TXF]NKfFAPJN UJN[ ]MFGNZYFAPJN FNb JAJLF!CK[ Q UJN[ PJ[ UCNPNUJ[ UKIXKAJ EFR[ JEFPKGFRO A PF[ A UfUGF PTO Q Jc XK!]TQ Rb EF_FMTO Q PFRO ��(����{.���� JEF[ PFR[ Q ]RHMC`AFRQ PFR�
� � ������ �� ��
��
� ����� ������ ��
*A �7����� ���� ������RGFHCJLIKQ �NZAAT �KLJGGTAFRO
�DPFXTMJANUT[ JAJPfED]T� @ B\AJ ����� ]]� ( $��� �)�) Kb U�&
�� ������������
$KgJAPGTXaAF&
�+� � ��� �� �����,
_NJ_CJXJPIYKPJN ]PT[ A JRGT[XNJO Q JEF[ PN[ Q ]TXJAPNU`PKCKQ
Tb HKXFANUK[ Q FNUFHaAKNKQ PTO Q @ AJHaA!AT]TQ� XK[ ECDPJHDAN]PT[ PF[ A �YFR!GNZAF� AK`PKCF J_KCLF[ PFRO �JRCa!APNFR PFRO KHJGFECKEFRO Q� S� _CZ]TKENUKAPCVAKPJN ]PT[ _FGFLFAIJ PFRO�YFRGNZAF Xa]J ]PF[ A UJBK_CNUF[ AJF[PTO Q �GDCKAPIJQ� PF[ �Z]MJ PFRO �#"'�n�]F UJN[ Jp A Fb P`EFQ UJN[ Fb MC`AFQ PTO Q_CJXJPNUTO Q JRPTO Q Nb ]PFCIJQ KNk AJN FN!UKNO FQ ]PF[ A EKYFHCZLF� EFR[ Tk PJA ]R!AZXJ UJN[ Nb ]PFCNUF[ Q PTO Q PaMATQ� _K[ AEJfKN AJ[ ECFWGTXJPIYKN Tb KENGFHT[ PFRO BaXJP`Q PFR jUJN[XZGN]PJ Jp A GTLBKNO Rb E`mT Fe PN Fb ]RHHCJLaJQ _K[ A JUFGFRBKNOEN]PJ[ PJ[ Nb ]PFCNUJ[ _K_FXaAJ��CZHXJPN� gKUNAVAPJQ JEF[ PFR[ QECDPJHDAN]PK[ Q UJN[ PJ[ JAPNUKNXKANUJ[ HKHFA`PJ� EGaUKN PT[ ANb ]PFCIJ PFR ]fXLDAJ XK[ PN[ Q JEJNP\]KNQ PFRO ECF]DENUFRO PFR
� � ������ �� ��
��
XfBFR� EFR[ KNk AJN GIHF Tp EFGR[ Jc ]MKPFQ XK[ PJ[ EKCN]PJPNUJ[ PTO QYDTO Q PDO A ECJHXJPNUDO A ECFPfEDA PFR�
S� E7����� ���� ����� HCZLPTUK Xa]J ]K[ KNc UF]N X`AFXaCKQ��JN[ Xa]J ]K[ Ke gN Kb W_FXZ_KQ Tb Kc U_F]T ]MK_NZ]PTUK JEF[PF[ A �NZAAT �KLJGGTA`� LIGF UJN[ ]RAZ_KGLF PFRO �CKWKGZUT]PT[ �MFGT[ �JGDO A �KMADO A� ]PFNMKNFBKP\BTUK XK[ PF[ MaCN� MJ!CZMPTUJA ]PF[ gfGF FNb KNU`AKQ UJN[ PJ[ UF]X\XJPJ� UJN[ PF[ WNWGIFPREVBTUK XK[ Jc UCJ KENXaGKNJ ]PF[ BCRGNUF[ PREFHCJLKNO F PFRO�PaLJAFR �JCFR]`EFRGFR� �JCFR]NZ]PTUK ]PT[ A �T h�UBK]TPFRO �NWGIFR� EFR[ FCHZAD]K ]PJ[ PaGT �KUKXWCIFR PFRO ��(� TbS�PJNCKIJ PDO A �NGFPaMADA� UJN[ JEa]EJ]K PF[ ECDO PF WCJWKNO F�Db Q PF[ JN]BTPNUJ[ JCPN`PKCF WNWGIF PTO Q MCFANJO Q�
S�]P`]F� Tb Db CJIJ JRPT[ Kc U_F]T� ]MK_F[ A +N_NDPNU\,� EFR[PREVBTUK ]K[ KGZMN]PJ JAPIPREJ UJN[ KgJAPG\BTUK HC\HFCJMDCN[ Q AJ[ JAJPREDBKNO $Nc ]DQ G`HD PFRO Jc UCDQ Rb EFUKNXKANUFROMJCJUP\CJ PTO Q XRBN]PFCIJQ&� EJCaXKNAK ]MK_F[ A Jc HAD]PT� �NqJRPF[ UJN[ PF[ FCLDPNUF[ n�_CRXJ @�BANUTO Q �CJEaYTQ JEFLZ!]N]K AJ[ PT[ A JAJPREV]KN� XN]F[ A JNVAJ XKPJ[ PT[ A ECVPT PTQKXLZAN]T� De ]PK AJ[ MJCKNO UJN[ PF[ ]TXKCNAF[ UFNAF[ XNJ[ N]FCCF!ETXaAT ]fYKRgT G`HFR UJN[ PaMATQ� PREFHCJLIJQ UJN[ MJCJUPN!UTO Q� EFR[ ]RA_aKNPF[ Kb GGTANUF[ WNWGIFXK[ PJ[ Rb mTG`PKCJEC`PREJPDO A EJGJNDO A _N_J]UZGDA PTO Q �f]TQ� S� JAJPfED]T ]RAF!_KfKPJN JEF[ @�EIXKPCF PFRO �� �� �Z]_JHGT�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� �)'�
� � ������ �� ��
��
� � ���� ��� ����� ��� ������
�%(��� ��� � ���� � %> ((���� � ��(����*����� � �> D$6��i ;�'.� %- � ��� � �%(����
�N]JHDHT[ UJN[ KENXaGKNJ h GUT @ HHaGFR
@ B\AJ ���'� ]]� �� $�#� �� Kb U�&
�� ������������
��� ������ �� $�'�'&� � � � ������ ������ �
KUBaPKN ]R]PTXJPNUJ[ JGGJ[ UJN[ ]K[ EFGKXNUF[ P`AFjUJ!PJLaCKPJN ]LF_C`PJPJ KAJAPIFA PFRO +JNb CK]NZCMT,�F!
CJTO j PF[ HGD]]NUF[ UJN[ KBANU` PFR EN]PKfD� KEN]UFEVAPJQPT[ A Nb ]PFCIJ PTO Q Kb GGTANUTO Q JEF[ PFR[ Q JCMJiUFR[ Q MC`AFRQ UJN[JEFPNXVAPJQ PN[ Q ECF]EZBKNKQ PDO A ]RHMC`ADA PFR GFHIDA� �F[Kc CHF JEFPKGKNO KRc HGDPPF PKUX\CNF HNJ[ PT[ A KEFM\l JAPNUJPF!EPCIYKN PN[ Q HGD]]NUK[ Q UJN[ N_KFGFHNUK[ Q YRXV]KNQ ]PFR[ Q U`G!EFRQ PFRO AKFKGGTANUFRO �NJLDPN]XFRO �
S� EJCFf]J KEJAaU_F]T PFRO Kc CHFR ]RXEKCNGJXWZAKNl $J&KUPKAT[ KN]JHDHT[ PFRO h GUT @ HHaGFR HNJ[ PJ[ EC`]DEJ UJN[ECZHXJPJ PTO Q KEFMTO Qr $W& PT[ _NKgF_NUT[ WNWGNFUCN]IJ PFRO D$16�� *����� � Fe EFR _NKCXTAKfFAPJN FNb KAZAPNKQ JE`mKNQ PFRO �F!CJTO � JEJCJIPTPKQ HNJ[ AJ[ ]MTXJPI]FRXK Fb GFUGTCDXaAT KNU`AJPTO Q _NJXZMTQr $H& UCI]KNQ XKPJHKAK]PaCDA HNJ[ PT[ A Rb LT[ UJN[PT[ A JgIJ PFRO Kc CHFRr $_& UJPJPFEN]PNUF[ JAJGRPNUF[ KRb CKP\CNF�
+S� UJBq Tb XJO Q @�BANUT[ �NZGKUPFQ }|~ KNk AJN Tb �GV]]JPTO Q @�UUGT]IJQ� Tb HGV]]J PDO A �EFR_JIDA UJN[ �RHKADO A� UJN[Kb AN[ G`HD� Tb HGV]]J Fe GFR PFRO S�KCJPNUFRO UJN[ �FGNPNUFRO EGT!
� � ������ �� ��
�
CVXJPFQ PFRO �aAFRQ XJQ� �GV]]J EGFR]NDPZPT� KRc ]PCFLFQUJN[ KRLCJ_\Q� FGIHFA JEFGKNEFXaAT JEF[ PT[ A HGJLRCJ[ A UFX!m`PTPJ PTO Q EJGJNJO Q @ PPNUTO Q, $�JAJHNVPTQ �F_CNUJO Q&�
� � ������ �� ��
��
��� �� � ��
`(�((��%�
@ B\AJ ���'� ]]� ##� $�#� �� Kb U�&
�� ������������
���������� � �� �������
PFRO +JGGFRO ,� Fc MN UJPq JAZHUTAn�GGTAKQ� JHJEFRO A JEF[ XJ!
UCNZ� Kc gD JEq PF[ MDO CF PFRQ� XNJ[ S�G!GZ_J N_JANU\� Fb UJBaAJQ PT[ _NUNZ PFR�
�JCD_IJ PTO Q �A�+..%��� Jp A Ba!GKPK� Fe EFR Fe XDQ X\PK @�_R]]aJQ Rb !EZCMKN� X\PK @�BZUTl PF[ ��#) XNJ[ UJ!CJWNJ[ S�GG\ADA Rb EFPC`LDA LKfHKNHNJ[ PT[ �JGGIJ� K[ PJ[ MC`ANJ� XK[ PN[ QECF]DENUaQ PFRQ KXEKNCIKQ PTO Q gKAN!PNJO Q UJN[ PT[ KHZGT KPJAZ]PKR]TPDO A @�BADO A EFR[ ]RHUGFAIYKN PF[ A U`!]XF Fb GFaAJ ENF[ Kc APFAJ� JAJUJGfEPFRAED[ Q ]PN[ Q XaCKQ XJQ Fb G`UGTCT Tb Rb L\GNFQ UJPFNUKNO PJN JEF[ LN!GaGGTAKQ� JEq PFR[ Q &#�� 7 #7+ PTO Q @ ]IJQ UJN[ PTO Q @ LCNUTO QDo Q PFR[ Q EC`]LRHKQ PTO Q �RCVETQ� S� KBANU`PTPJ +gaAFQ,KNk AJN� JCNBXTPNUZ� Tb KENUCJPa]PKCT� �JN[ UJB`GFR _K[ A JEF!UGKIKPJN Tb Nc _NJ Tb EJPCI_JPFRO JABCVEFR� Tb HTO Q� AJ[ PF[ A KgFCI]KN
� � ������ �� ��
��
UZEFPK� FCHN]XaAT� AJ[ EKPZgKN XJUCNJ[ PFRO PF PF[ Jc MBFQ JCFf!CTQ� PF[ UJUFEFN`� RPF[ KNk AJN PF[ Ke AJ PaGFQ PFRO WNWGIFR� S!EZCMKN Fe XDQ UN Jc GGF�
S� NXIUJ �CJAZUT $����!���'& HKAA\BTUK ]PT[ �JXIJ� �F[ ��#)Kc LRHK XK[ Rb EFPCFLIJ HNJ[ PT[ �JGGIJ� Fe EFR UJN[ _NJXaAKN Kc UPFPK��EFf_J]K �FXNUK[ Q UJN[ �FGNPNUK[ Q @�EN]PTO XKQ ]PF[ �JAKEN]P\XNF@ BTADO A UJN[ KNk AJN _N_ZUPDC �NGF]FLIJQ PFRO �JAKEN]PTXIFR PTO Q�FCW`AATQ� �F[ _NZ]PTXJ ��#�!��)" Tk PJA KCKRA\PCNJ ]PF[ �aAPCF@�EN]PTXFANUTO Q h�CKRAJQ PTO Q �JGGIJQ $����&� ]PF[ �XTO XJ �NGF]F!LIJQ� @ EF[ PF[ �� " Do Q PF[ ��') _I_JgK �KCXJANUT[ �NGF]FLIJ ]PF[�JAKEN]P\XNF *��)� A >��"� �� ?� SETO CgK KEI]TQ Kc UPJUPT EJCJ!HDHF[ Q PFRO HJGGNUFRO CJ_NFLDANUFRO ]PJBXFRO ���"4 �'+�'� �
� � ������ �� ��
�
��� �������
`(�.��'� ��� � * .���'��)�'���
�N]JHDHT[ �JAJHNVPT �FfP]FR
@ B\AJ ����� ]]� ��( $�#� �� Kb U�&
�� �����������
� ���� �������� $�'�)!�'�"& ���� �� ���!
UJ[ ]PF[ �JAKEN]P\XNF PTO Q�Z_FWJQ UJN[ ]PJ_NF_C`XT!]K JCMNUJ[ ]PF[ A _NUJ]PNUF[ UGZ_F UJN[ UJP`ENA ]PF[ A
JUJ_TXJiUF[ UJN[ PF[ A _NEGDXJPNU`� �F[ �' � _NFCI]PTUK _NFN!UTPT[ Q PTO Q @�BANUTO Q �CZEKYJQ� Ba]T EFR[ _NJP\CT]K XaMCN PF[�'���
@�ga_D]K PF[ +_FUIXNFA, JRPF[ ]PJ[ �'#�� Fe PJA _NJEI]PD]KED[ Q Tb S�GGZ_J PTO Q KEFMTO Q PFR JHAFFRO ]K Fc MN X`AF PT[ A Nb ]PFCIJJGGJ[ UJN[ PT[ +LNGF]FLIJ PTO Q Nb ]PFCIJQ,� �I]PKRK ED[ Q Fb +PTO QNb ]PFCIJQ LNG`]FLFQ, XEFCKNO AJ[ +ECFLTPKf]T� PF[ EJCKGB`A,�AJ[ HIAKN +]fHMCFAFQ, PDO A JCMJIDA UJN[ AJ[ +KABRXTBT�O PF[ XaG!GFA,� JLFRO Tb Nb ]PFCIJ KNk AJN Tb ]RAKMT[ Q EZGT PFRO +GJFRO , $+FRUKHD[ ,& XK[ PT[ A +JPFXNU`PTPJ, $+KHV,&�
�PF[ WNWGIFPFRFb �KANaCTQPJRPIYKNPT[ A @ CMJN`PTPJXK[ PT[ A+WJ]NGKIJA PFRO FRU KHV� PFRO GJFRO � PTO Q Kb A`PTPJQ� PT[ A KNU`AJPFRO �KFRO PFRO �JPC`Q,� PT[ +AaJA Nb ]PFCIJA, XK[ PT[ A +WJ]NGKIJAPFRO KHV� PTO Q JPFXNU`PTPFQ� PTO Q EFNUNGIJQ� PT[ A KNU`AJ PFRO�CN]PFRO , UJN[ PT[ XKGGFAPNUT[ UFNADAIJ XK[ PT[ A +WJ]NGKIJAPFRO KHD[ UJN[ PFRO FRU KHV� PTO Q Kb A`PTPFQ KA PT�O EFNUNGIJ� � PT[ A
� � ������ �� ��
��
KNU`AJ PFRO S HIFR �AKfXJPFQ,� _TGJ_T[ PT[ ]RXLNGID]T PDO A_fF ]PFNMKIDA�
�RENUF[ EJCZ_KNHXJ +EFGNPNUFRO _NJAFFRXaAFR,� Jc LT]KEGFf]NF Nb ]PFCNFHCJLNUF[ Kc CHF ]RXWZGGFAPJQ ]PT[ A EFGNPNUT[UJN[ EFGNPN]PNUT[ Tb HKXFAIJ PTO Q J]PNUTO Q PZgTQ PFRO UJNCFRO UJN[PFRO P`EFR PFR�
� � ������ �� ��
��
��� �� � ����������
*? ;���� )�������� ;��'�� �> ��� � � �.��� g�.����
��� ��� �����������!
@�ENXaGKNJ @�XXJAFRT[ G �� �Z]_JHGT
�`XFQ d� @ B\AJ ���)� ]]� #�� $�"� �# Kb U�&
��� �����������
�`XFQ �d� @ B\AJ ����� ]]� )��!')" $�"� �# Kb U�&
@�ENGKH`XKAJ h GUT @ HHaGFR ��� �����������
�JCZCPTXJ 8���6�6�� �%�����.�7���@�ENXaGKNJ �RLTXIJQ @�gI]FR { @ HJXaXAFAJ �]KGIUJ
@ B\AJ ����� ]]� �)( $�"� �# Kb U�&
�� ������������
��� (' � ����� ���������������������
�KAKfT PT[ A ;���� )���� XKPJLCJ]XaAT +KNQ Jb EGT[ A_NZGKUPFA,� S� _IPFXT KEJAaU_F]T PTO Q XKPZLCJ]TQ
JRPTO Q Fb GFUGTCVBTUK JEF[ PF[ A �����Z]_JHGT� Fb Fb EFNO FQ Fe XDQ_K[ A EC`GJWK AJ[ PT[ _KNO PREDXaAT� �Nb LNG`GFHFN �RLTXIJ @�!gI]FR UJN[ @ HJXaXADA �]KGIUJQ ]RAaPJgJA PF[ HGD]]ZCN� PF[Fb EFNO F UJN[ JEFPKGKNO PF[ A PCIPF P`XF�
� � ������ �� ��
��
������� ���������
<'�� ���� �> 6'�� �� �%67(�� _�(7��#�'��� %�- (�=�.����� �� �> ��� �� ��� .�'9��
�CNPNUT[ Kc U_F]T XK[ KN]JHDH\�]M`GNJ UJN[ GKgNG`HNF �PaLJAFR �JUGJXZAT
@ B\AJ ����� ]]� ( $�(� �� Kb U�&
��� ������������
������� � �� ����� ������ �� ��� ��!
UFGZFR� JCMNKEN]U`EFRfCDA PTO Q�RUIJQ� ]RABKXa!AF JEF[ PF[ A F]MFGaF �KFGFHIPT PF[ ECDO PF Te XN]R PFRO
�"FR JNVAJ� UJN[ KNk AJN JEF[ PJ[ GNH`PKCF HAD]PJ[ Kc CHJ PTO Q UCT!PNUTO Q GFHFPKMAIJQ��GV]]JPFRO ]PNMFRCH\XJPFQ KNk AJN Tb UFNAT[_TXV_TQ PTO Q KEFMTO Q� JAZXKNUPT XK[ G`HNJ ]PFNMKNO J JEF[ PT[ AKUUGT]NJ]PNUT[ EJCZ_F]T�
S� Je HNFQ �NU`GJFQ Kc YT]K ]PJ[ PJCJHXaAJ MC`ANJ PFRO �NF!UGTPNJAFRO UJN[ PFRO KHZGFR �DA]PJAPIAFR $#FQ JNVAJQ&� Kc GJ!WK KAKCHF[ XaCFQ ]PT[ A d �NUFRXKANUT[ �fAF_F $(�)& KAJAPIFAPFRO @ CKIFR� UJN[ XK[ PT[ A J_NZUFET LNGJABCDENUT[ UJN[ BJRXJ!PFRCHT[ _CZ]T PFR JAJ_KIMBTUK ]K[ ECF]PZPT PDO A EPDMDO A�PDO A FCLJADO A UJN[ PDO A AJRPNUDO A��CF[ Q PNX\A PFR Kc MFRA HCJLPKNOEFGGJ[ Kc CHJP`]F]PT[ WRYJAPNAT[ @ AJPFGT[ Fe ]FUJN[ ]PT[ GJPNANUT[�f]T� �JPJ[ PT[ _RPNUT[ EJCZ_F]T� Kc CMKPJN PT[ AfMPJ PDO A �CN!]PFRHaAADA UJN[ LaCAKN _DO CJ ]PJ[ XNUCJ[ EJN_NJ[ XK[ PF[ Fc AFXJ�ZAPJ �GZFRQ $EJCJLBFCJ[ PFRO GJPNANUFRO ��?=9�x 8<=>w��x&�
� � ������ �� ��
��
��������� �����
��- �$6���� %@ �6� )���.'�� 8�(������KfPKCT Kc U_F]T JAJBKDCTXaAT
@�ENXaGKNJ �IAFR �FGIPT
����� ����� �� �� �� ����� �� � �
PCNZAPJ Pa]]KCJ XKPJ[ PT[ A ECJHXJPFEFIT]\ PFR� PF[JNcPTXJ PFRO �IAFR �FGIPT HNJ[ XNJ[ +EJAFXFN`PRET,�
+EJGJNFHCJLNUT[ , Tp +_NEGDXJPNUT[ , Kc U_F]T PDO A MKNCFHCZ!LDA PFRO �FGDXFRO KNk AJN ENJ[ _NUJNDXaAF ]PT[ ]RAKI_T]T PTO QKEN]PTXFANUTO Q UFNA`PTPJQ�
S� JAZHUT AJ[ JAJPREDBKNO Tb JCMNUT[ Kc U_F]T PFRO �� # Kc HNAKKENPJUPNUT[ ]PJ[ PaGT PTO Q _KUJKPIJQ PFRO ��'�� Fe PJA PJ[ ��- �$16���� %@ �6� KNk MJA HIAKN EGaFA _R]KfCKPJ� �NJ[ PF[ ]UFEF[ JRPF[ A]RAKCHZ]PTUJA PF[ @ CN]PFPaGKNF �JAKEN]P\XNF �K]]JGFAI!UTQ� PF[ FCLDPNUF[ n�_CRXJ @�BANUTO Q �CJEaYTQ UJN[ PF[ @�BAN!UF[ �aAPCF �NWGIFR� S� AaJ Kc U_F]T EJCJUFGFRBKNO PT[ A UJPZ!PJgT PDO A ]FGDXNUDO A MKNCFHCZLDA ]K[ �) Kb A`PTPKQ JEF[ PF[ A�IAF �FGIPT� _K[ A _NJPTCKNO Fe XDQ PT[ ]RAaU_F]T PDO A Kb AFP\PDA]PF[ A Nc _NF P`XF� h�P]N� ECFaURmJA _fF JRPFPKGT[ ]VXJPJl Ke AJXK[ PN[ Q LDPFPREIKQ UJN[ Ke AJ XK[ PT[ A PREFHCJLNUT[ XKPJHCJL\�S� Kc CKRAJ EFR[ JAJEPfMBTUK XKPJ[ PF[ �� # Fb _\HT]K ]K[ WKGPNV!]KNQ ]PT[ A JAZHAD]T� FNb Fb EFNO KQ ]RHUKAPCVBTUJA UJN[ JgNFEFN!\BTUJA ]PT[ A EJCFf]J Kc U_F]T� @ APIBKPJ� FNb LDPFPREIKQ J!AJPREVBTUJA JEF[ PT[ A ECVPT Kc U_F]T� HNJPN[ XK[ PF[ EaCJ]XJPFRO MC`AFR PJ[ MKNC`HCJLJ Kc MFRA LBJCKNO ]TXJAPNUZ�
� � ������ �� ��
��
������ �
_%���� �%��7�� j"4 !1"4 4k
@ B\AJ ����� /�u8 xv9 ������������
�KfMFQ d� ]]� ��"� LDPFPREIKQ� /�u8 ������������
�KfMFQ �d� ]]� ���� PREFHCJLNUT[ XKPJHCJL\� /�u8 �����������
@�ENXaGKNJ _KfPKCTQ Kc U_F]TQ �JPKCIAJQ �NUPFEFfGFR
�KCNGJXWZAKN PJ[ Kc CHJl D7������ JEF]EZ]XJPJ PFRO )�($16��� �- � �7�� ��$�.���� KPZLCJ]T � (7���� AKJANUZ�NPJGNUJ[ U�Jc �
������ �
)%+�%�� �%��7�� �%����
@ B\AJ ����� /�u8 xv9 ����������
�KfMFQ d� ]]� #�� LDPFPREIKQ� /�u8 ������������
�KfMFQ �d� ]]� )(� PREFHCJLNUT[ XKPJHCJL\� /�u8 ������������
@�ENXaGKNJ _KfPKCTQ Kc U_F]TQ JCIJQ �FGIPT
�KCNGJXWZAKN PJ[ Kc CHJl ��%(�� �7��� �a��� %- � ��� 8%(����]TXKNV]KNQ _NZLFCKQ NPJGNUK[ Q U�Jc �
� � ������ �� ��
��
������ )
*? 6���'� ��� � z7����
@ B\AJ ���'� ]]� ��#� /�u8 xv9 ������������
�KfMFQ d� LDPFPREIKQ� ]]� )(� /�u8 ������������
�KfMFQ �d� ]]� (� /�u8 �����������
@�ENXaGKNJ _KfPKCTQ Kc U_F]TQ S�GaATQ �]JAP]ZAFHGFR
� � ������ �� ��
�
� � ������
�������������
�� �� � � ������
��(�5������ )%(���� ���*? ��� ���� %- �(�6�� �- ��� ��� %@ �6� ���
@ B\AJ ��"'� ���'#� ]]� (�� $�#� �� Kb U�&� �� KNU`AKQ
� ��� ����� �������
$�''�!��) & Rb ETO CgK UFCRLJNO FQEJN_JHDHF[ Q UJN[ Tb HKPNUT[ XFC!
LT[ PFRO @�UEJN_KRPNUFRO �TXFPNUN!]XFRO � XNJO Q UIAT]TQ EFR[ Kc EJNgK ]EFR!_JNO F KBANUF[ JAJXFCLDPNUF[ C`GF� h A!BCDEFQ PTO Q ECZgTQ� Kc ]URmK XK[ EZBFQEZAD ]PJ[ ECFWG\XJPJ PTO Q Kb GGTANUTO QEJN_KIJQ UJN[ X`MBT]K Fe ]F UJAaAJQJc GGFQ AJ[ PTO Q MJCZgKN Ke AJA UJNAFfCNF_C`XFr AJ[ JGGZgKN Fc MN Jb EGDO Q PF[ KgD!PKCNU` PTQ ]MTO XJ� PJ[ Fc CHJAJ UJN[ PT[XaBF_F PTO Q KCHJ]IJQ� JGGJ[ UJN[ PF[EAKRO XJ� PT[ A K]DPKCNU\ PTQ GKNPFRC!HIJ UJN[ PN[ Q WJBfPKCKQ KEN_NVgKNQ PTQ�
�PF[ ECDO PF XaCFQ PFRO WNWGIFR Fb ���� �JEJAFRO P]FQ EJ!CJUFGFRBKNO PT[ YDT[ PFRO �KGXFfYFR UJN[ EJCZGGTGJ PN[ Q YDTCK[ QEAKRXJPNUK[ Q UJN[ EFGNPNUK[ Q YRXV]KNQ EFR[ ECFUZGK]K ]PN[ QJCMK[ Q PFRO ��FRO JNVAJ PF[ UIATXJ PFRO @�UEJN_KRPNUFRO �TXFPN!
� � ������ �������������
��
UN]XFRO � �PF[ _KfPKCF XaCFQ Fb ]RHHCJLaJQ JABFG`HT]K JEF[ PJ[Jc CBCJ UJN[ PJ[ WNWGIJ PFRO �KGXFfYFR ]KGI_KQ MJCJUPTCN]PNUK[ QHNJ[ PN[ Q EJN_JHDHNUaQ PFR N_aKQ� EFR[ JAPNECF]DEKfFRA _NZ!LFCKQEKCN`_FRQ� JEF[ PT[ A KEFMT[ PFRO �MFGKIFR PFRO �`GFRDo Q PJ[MC`ANJ PTO Q _N_J]UJGIJQ ]PF[ �JAKEN]P\XNF �K]]JGFAIUTQ�S� P`XFQ UGKIAKN XK[ Ke AJA EG\CT EIAJUJ PDO A _TXF]NKRXZPDAPFRO XKHZGFR EJN_JHDHFRO �
S� �RZHHKGFQ �JEJAFRO P]FQ $����!��'�& HKAA\BTUK ]PF[ A �KNCJNJ[UJN[ ]EFf_J]K �KFGFHIJ ]PF[ �JAKEN]P\XNF @ BTADO A $��� !����&�S�Q KUEJN_KRPNUF[ Q ]PF[ @ WKCVLKNF �RXAZ]NF PTO Q @ GKgZA_CKNJQ$����!��(�& KETCKZ]PTUK JEF[ PFR[ Q EAKRXJPNUFR[ Q UfUGFRQ PTO Q E`!GTQ UJN[ ]PCZLTUK ]PT[ �NGF]FLIJ� K[ PT[ A FNUFAFXNUT[ Rb EF]P\CNgTKb AF[ Q EGFf]NFR @ GKgJA_CNAFRO � ]EFf_J]K �NGF]FLIJ� �JN_JHDHNUT[UJN[ �GJ]NUT[ �NGFGFHIJ ]PT[ �KCXJAIJ $���#!��� &� Fe EFR KEI]TQEJCJUFGFfBT]K PN[ Q AaKQ XKB`_FRQ _N_J]UJGIJQ ]K[ EKNCJXJPNUJ[]MFGKNO J� @�EN]PCaLFAPJQ ]PT[ A S�GGZ_J PF[ ��(�� FEJ_F[ Q EGaFAPFRO _TXFPNUN]XFRO � JAaGJWK PT[ _NKfBRA]T EJN_JHDHNUDO A ]MFGDO A]K[ _NZLFCKQ E`GKNQ� n�PJA Tb URWaCAT]T �KDCHIFR �JEJA_CaFRNe _CR]K PF[ �� # PF[ �JN_JHDHNUF[ @�A]PNPFRO PF XK[ EC`K_CF PF[ A �����JUCN_\� Fb �JEJAFRO P]FQ� Db Q HKANUF[ Q HCJXXJPaJQ PFRO SEFRCHKIFR�JN_KIJQ� Rb ETO CgK ECDPKCHZPTQ PTO Q EKCILTXTQ KUEJN_KRPNUTO Q XK!PJCCfBXN]TQ� Tb Fb EFIJ UJPJCH\BTUK PF[ �� "� HNJ[ AJ[ RNb FBKPTBKNO ]MK!_F[ A JRPFf]NJ JEF[ PT[ A URWaCAT]T �JCJXJAGTO XKPJ[ PT[ KPJEFGI!PKR]T UJN[ AJ[ _NJPTCTBKNO ]PJ[ WJ]NUZ PTQ ]TXKNO J XaMCN ]\XKCJ�SETO CgK EFGRHCJL`PJPFQ UJN[ PF[ ]RHHCJLNU` PFR Kc CHF UJGfEPKNFe GFRQ PFR[ Q PFXKNO Q PDO A JABCDEN]PNUDO A ]EFR_DO A�
� � ������ �������������
��
����� � ���� �
_$(�� &+���*? ���� �� ��� %@ �6� ���
@ B\AJ ��'�� ����)� ]]� �)� $�#� �� Kb U�&� �) Kc HMCDXKQ UJN[ ) J{X KNU`AKQ
�� ������������
������ ���� ������!
UFRO PTO Q PaMATQJCIAFR�JG!GNHJO KNk AJN ECF]DEFHCJLIJ
XK[ PT[ A KRCfPKCT Kc AAFNJ� HNJPN[ _K[ A J!EFPKGKNO Jb EGDO Q JL\HT]T PTO Q YDTO Q PFRO�� �fYT� XNJO Q YDTO Q JLNKCDXaATQ XK[EZBFQ ]PT[ A PaMAT PFR� a]J JEF[ J!AaU_FPKQ KEN]PFGK[ Q UJN[ Jc HAD]PJ Tp K!GZMN]PJ HAD]PJ[ Kc CHJ PFR� ECFWZGGKNFb J_NZUFEFQ X`MBFQ PFRO �fYT HNJ[ PT[ AUJPZUPT]T PTO Q PaMATQ� FNb WJBfPKCFNECFWGTXJPN]XFN[ PFRO UJGGNPaMAT� UJN[PJRP`MCFAJ Tb ECF]\GD]T PFRO JABCV!EFR ]PT[ A EJPCI_J PFR Do Q PF[ BZAJP`PFR� � Q ]TXKNDBKNO Fe PN Fb �fYTQ KNk MK LfHKN KNc UF]N PCNDO A MC`!ADA JEF[ PT[ A S�GGZ_J UJN[ Kc XKNAK PJ[ Rb E`GFNEJ () MC`ANJ PTO QYDTO Q PFR $XK[ X`AF _NZGKNXXJ PCIJ ]fAPFXJ PJgI_NJ& ]PF[ `!AJMF� Fe EFR _NJUCIBTUK UJN[ _aMPTUK KgJNCKPNUK[ Q PNXaQ�
S� XKGaPT JRPT[ UF]XKNO PJN XK[ FH_`APJ KNU`AKQ� EFR[ EJCJ!
� � ������ �������������
��
UFGFRBFRO A PT[ YDT[ UJN[ PF[ Kc CHF PFRO XKHZGFR UJGGNPaMAT� �J!CZGGTGJ URUGFLFCKNO JEF[ PF[ ��� PF[ GKfUDXJ PFRO JCIAFR�JGGNHJO _$(��� &+���� �> �@ 6��.���� EFR[ ]RXEGTCVAKN PT[HAV]T XJQ HNJ[ PF[ A XKHZGF YDHCZLF�
� � ������ �������������
��
� ������ ������ ���
c�66%(�� 8%(���� �
@ B\AJ ��'#� ������ ]]� �#( $�#� �� Kb U�&� � KNU`AKQ
�� ������������
���������� � ������!
GFHF� PCIJ UKLZGJNJ �NFHCJ!LIJQ PFRO EFNTPTO � Ke AJ �JCZC!
PTXJ UJN[ � KNU`AKQ� �PF[ A�C`GFHF� Fb]RHHCJLaJQ KgN]PFCKNO PN[ Q EKCN]PZ!]KNQ EFR[ PF[ A ]RAa_K]JA XK[ PF[ A �NUK!GNJA`� JCMIYFAPJQ JEF[ PN[ Q �KGLNUK[ QS�FCPK[ Q PFRO ���"� �F[ ECDO PF UKLZGJNFKNk AJN Ke AJ XJUCF[ XKGaPTXJ HNJ[ PF[ A ��1(����{.���� �F[ AKJANUF[ Kc CHF PFROEFNTPTO Kb CXTAKfKPJN Db Q Fb ERC\AJQPFRO ]RA`GFR PTO Q _TXNFRCHIJQ PFR��PF[ _KfPKCF UKLZGJNFEJCFR]NZYKPJNHNJ[ ECVPT LFCJ[ UJN[ ]MFGNZYKPJN PF[*�6��%'�� *?�%��($6� PFRO �NUKGNJAFRO � Fe EFR Fb EFNTPT[ QKc MKN UJPJHCZmKN PN[ Q KAPREV]KNQ PFR JEF[ PF[ ECF]UfATXJ]PF[ n HNFA h�CFQ EFR[ KENMKICT]K XJYN[ XK[ PF[ A �JYJAPYZUTPF[ ���#� �PF[ PCIPF UKLZGJNF� EFR[ LaCKN PF[ A PIPGF��� g�������� � �('��� EKCNHCZLKPJN Fb XJUCF[ Q EAKRXJPNUF[ Q _K]XF[ Q PFRO
� � ������ �������������
��
�NUKGNJAFRO XK[ PF[ A �JYJAPYZUT� Fe EDQ XJCPRCKNO PJN JEF[ JAaU!_FPKQ KEN]PFGK[ Q UJN[ Jc GGJ ]PFNMKNO J� �aGFQ� ]PF[ �JCZCPTXJ�_TXF]NKfFAPJN XKCNUK[ Q MJCJUPTCN]PNUK[ Q KEN]PFGK[ Q PFRO �NUK!GNJAFRO ECF[ Q PF[ A �JYJAPYZUT UJN[ PF[ A �CKWKGZUT�
S� �JAPKGT[ Q �CKWKGZUTQ $����!��' &� Nb ]PFCNUF[ Q PTO Q PaMATQ UJN[_FUNXNFHCZLFQ� KNk AJN HAD]PF[ Q JEF[ PJ[ Kc CHJ PFR *A &��� .���^I��� ���9�� � ������ .��� ��6����� ��� � - ��(�� � ����6����1.��� *A ������ � �� ��� ��'��� ��� � �A�+..%�� U�Jc � S� Rb E`GFNETEAKRXJPNU\ PFR _TXNFRCHIJ EKCNGJXWZAKN PCKNO Q EFNTPNUK[ Q ]RGGF!HaQ� Ke APKUJ XRBN]PFC\XJPJ UJN[ FUPD[ _CZXJPJ�
� � ������ �������������
��
� �� ��� � �����������
� I.���� ��.$��5A> .���%��6���%���� � =�(���� � .�B����� � "4��- I��
@ B\AJ ��')� Wd Kc U_� ���#� ]]� (�� $�#� �� Kb U�&� �" KNU`AKQ
�� ������������
�������� ������ � $���� � �"�)!�'��& �����
JXLNGKH`XKAT UJN[ PCJHNUT[ XFCL\� S� Ba]T PFR ]PT[ ANb ]PFCIJ PTO Q Kb GGTANUTO Q EJN_KIJQ Rb ETO CgK gKMDCN]P\�
HNJPN[ _NJU\CRgK XK[ P`GXT PT[ A JAZHUT PTO Q EFGNPN]XNUTO Q JAJ!AaD]TQ�K[ HAVXFAJPN[ Q N_aKQ UJN[ PN[ Q JgIKQ PFRO �NJLDPN]XFRO �Fb FN]N`_Jg YTPFRO ]K AJ[ UJBNKCDBKNO PF[ +Jb EGF[ Re LFQ, ]PT[ AEJN_KIJ UJN[ AJ[ KRBRHCJXXN]PKNO EG\CDQ Fb EFGNPN]XF[ Q PFROWJGUJANUFRO MVCFR XK[ PJ[ KRCDEJiUJ[ EC`PREJ� �NGF]FLNU`PFR Fe CJXJ Tk PJA Tb +Rb HNT[ Q LNGF]FLIJ,� EFR[ ]\XJNAK PT[ A RNb FBa!PT]T PFRO FCBFGFHN]XFRO UJN[ PFRO AKDPKCNUFRO KEN]PTXFANUFROEAKfXJPFQ Db Q UCTEI_DA PFRO EAKRXJPNUFRO WIFRr Tb JLF]ID]\PFR ]PN[ Q N_aKQ JRPK[ Q PF[ A Kc UJAK ]P`MF KENUCI]KDA UJN[ _NVgKDA�
�PF[ WNWGIF JRPF[ JgNFGFHKNO PJN Tb EKCIEPD]T PFRO FN]N`!_JUJDb Q KENPFXT[ LJNAFXaADA HKANU`PKCTQ ]TXJ]IJQ ]PT[ WJG!UJANUT[ UFNADAIJ PT[ A KEFMT[ PFRO �NJLDPN]XFRO � S� WNFHCJLIJPFR EJCFR]NZYKN PN[ Q ]EFR_K[ Q UJN[ PN[ Q EKCNEGJA\]KNQ PFR� PT[ AKUEJN_KRPNU\ PFR _CZ]T� PN[ Q Kc CKRAKQ UJN[ PN[ Q ]RHHCJLNUaQ PFRECF]EZBKNKQ� PN[ Q _NKAagKNQ UJN[ PFR[ Q JHDO AKQ PFR� PT[ A JUXT[ UJN[PT[ A PKGNU\ PFR UZXmT� �Nb Kb CXTAKNO KQ Db ]P`]F PFRO ]RHHCJLaJ
� � ������ �������������
�
KENMKNCFRO A AJ[ PNBJ]Kf]FRA JRPF[ PF[ EFGfXFCLF Rb GNU`� KAPZ]!]FAPZQ PF ]PT[ A ECFWGTXJPNUT[ PDO A UFNADANUDO A KEN]PTXDO A�h�P]N LDPIYFAPJN FNb KBAFGFHNUK[ Q UJN[ UFNADANFGFHNUK[ Q _NJ]PZ!]KNQ PTO Q EKCIEPD]TQ PFRO FN]N`_JUJ� KEN]TXJIAFAPJN FNb EF!GNPN]XNUK[ Q YRXV]KNQ ]PT[ WJGUJANUT[ UFNADAIJ� FNb XTMJAN]XFN[UFNADANUFRO KGaHMFR UJN[ FNb KENEPV]KNQ PDO A KgFR]NJ]PNUDO A]Ma]KDA ]PT[ A EAKRXJPNUT[ YD\�
�F[ WNWGIF EGFRPIYKPJN XK[ PT[ A KEJAaU_F]T JAPNECF]DEKR!PNUDO A UKNXaADA PFRO FN]N`_JUJ� ]PJ[ Fb EFNO J EKCNGJXWZAKPJNUJN[ PF[ ]EJAN`PJPF� UJN[ XaMCN EC`]LJPJ Jc HAD]PF� UKIXKAF8��%I.%�`�.�(�6�� $�"'#&� EFR[ FR]NJ]PNUJ[ PVCJX`AFHIAKPJN ECF]NPF[ ]PT[ A Kc CKRAJ�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� ����
� � ������ �������������
��
�������� �������
)������� ����$���(��
@ B\AJ ��')� ����)� ]]� ((" $�#� �� Kb U�&� () KNU`AKQ
�� ������������
�� ����� ������!
PCT TPC`EFRGF UJN[ Tb KENBR!XIJAJ[ ]RAKN]LaCKN]PF[ A PFXaJ
PTO Q Kb GGTANUTO Q XFR]NUTO Q Nb ]PFCIJQ Fb _\!HT]JA PF[ A XFR]NUFG`HF @ E`]PFGF�V]PNF ]PT[ ]RHHCJLT[ JRPTO Q PTO Q XK!GaPTQ� XK[ ]P`MF AJ[ _V]KN ]PF[ KRCfPK!CF JAJHAD]PNUF[ UFNAF[ XNJ[ EG\CT UJN[]D]PT[ KNU`AJ HNJ[ PF[ ATPC`EFRGFDb QJc ABCDEF UJN[ Db Q UJGGNPaMAT� S� Nc _NFQFb TPC`EFRGFQ J_NJLFCFRO ]K HNJ[ PT[_TXF]N`PTPJ UJN[ UJPa]PCKLK UJPJ[UJNCFR[ Q PJ[ ECF]DENUZ PFR JCMKNO J��C`]BKPT _R]UFGIJ JEFPaGK]KPF[ HK!HFAF[ Q Fe PN _K[ A KNk MK _NU\ PFR FNUFHaAKNJ� Tb J_KGL\ PFREaBJAK ]K[AKJCT[ Tb GNUIJ� UJN[ FNb ]PKAFN[ LIGFN PFR KNk MJA UN JRPFN[ EKBZAKNFe PJA Jc CMN]K Tb ]MKPNUT[ Kc CKRAJ� S� ENF[ EFGfPNXT ETHT[ EGTCF!LFCNDO A HNJ[ PT[ XKGaPT JRPT[ Rb ETO CgK Tb JGGTGFHCJLIJ PFRO T!PC`EFRGFR XK[ PT[ ]PKA\ PFR LIGT �JIPT �JP]FHNZAAT� UJBD[ Q
� � ������ �������������
��
UJN[ PF[ EGFf]NF JCMKNO F PTQ� Fe EFR KNk AJN ]RHUKAPCDXaAF UJBKPN[EFR[ JLFCJO PT[ YDT[ UJN[ PT[ _CZ]T PFRO TPC`EFRGFR JEF[ PF[���)� S� ]RHHCJLaJQ WaWJNJ ]RAaGKgK UJN[ EGTO BFQ ]PFNMKNO JJEF[ Jc GGKQ ETHaQ� LCFAPIYFAPJQ AJ[ PJ[ _NJ]PJRCVAKN� De ]PK AJ[KgJ]LJGIYKN PT[ A FCB`PTPJ PDO A EGTCFLFCNDO A PFR� @ EFPaGK!]XJ PTO Q JAZGR]TQ UJN[ PTO Q ]fABK]TQ Fe GDA JRPDO A PDO A ]PFN!MKIDA KNk AJN Tb Jc EFmT EFR[ EJCFR]NZYKN ]PF[ WNWGIF JRP`� MDCN[ QDb ]P`]F AJ[ BaGKN AJ[ KENWZGKN XNJ[ +PKPKGK]XaAT, KU_FMT[ HNJ[PF[ A XJa]PCF �TX\PCT TPC`EFRGF� S� JAJHAV]PTQ UJGKNO PJNAJ[ EGZ]KNPT[ _NU\ PFR+KNU`AJ,�EFR[ BJ[ ECFUfmKN JEF[ PN[ Q _NUaQPFR KENGFHaQ� Kc P]N De ]PK PF[ WNWGIF AJ[ JEFPKGa]KN UIATPCF HNJ[EJCJEaCJ Kc CKRAJ�
S� @ E`]PFGFQ �V]PNFQ KNk AJN �JBTHTPT[ Q PTO Q S�]PFCNUTO Q FR]NUF!GFHIJQ ]PF[ �XTO XJ FR]NUDO A �EFR_DO A PFRO �JAKEN]PTXIFR @ BT!ADO A UJN[ �C`K_CFQ PFRO S�GGTANUFRO �X\XJPFQ PFRO @�BANUFRO �RXWFR!GIFR FR]NUTO Q PTO Q �������
� � ������ �������������
�
�� �� �� � �
;��.����'��� #������6$���(��*? %- ��9� ���� �> ��� ���� ��� %@ �6� ���
@ B\AJ ��' � ���� � ]]� )� $�#� �� Kb U�&� #� KNU`AKQ
�� �����������
���� ���� ����� ��
�� �� �TXJCJO � Fe EDQ PT[ A EK!CNHCZLKN Fb Nc _NFQ� Jc CMN]K JEF[
PT[ A Nb ]PFCIJ PDO A HCJXXZPDAl Re ]PKCJ�_NJ_FMNUZ� Nb ]PFCIJ PTO Q GFHFPKMAIJQ�Nb ]PFCIJ PDO A N_KDO A� Nb ]PFCIJ PDO A AF!FPCFENDO A� HNJ[ AJ[ UJPJG\gKN ]PT[ A Nb !]PFCIJ PDO A ]RAKN_\]KDA� �PF[ Kc C!HF;��.����'���#������6$���(��]RA_RZYKPJN UJN[ ]RAREZCMKN Tb WNF!HCJLIJXK[ PT[ A Nb ]PFCIJPDO A ]RAKN_\]K!DA� S� LCFAPI_J PFRO ]RHHCJLaJ WCI!]UKPJN JUCNWDO Q ]PF[ A J_NZUFEF JRPF[_NZGFHF EFR[ JAJEPf]]KPJN JAZXK]J]PT[ A +KEFM\,� PT[ +YDT[ , UJN[ PF[ +Kc CHF,� S� �� �JEJCCTH`!EFRGFQ� ]RHHCJLaJQ PTO Q * .���'�� ���� %> ((����� %@ ������ KNk AJNEJCZHDHF PTO Q KEFMTO Q PFR UJN[ ]RAZXJ EJCJHDH`Q PTQ� _T!XNFfCHTXJ PTO Q Nb ]PFCIJQ PFRO Kb GGTANUFRO Kc BAFRQ UJN[ PJRP`MCFAJ_TXNFRCH`Q PTQ� �PJ[ Xa]J PFRO ��FR JNVAJ� Ke AJQ HKAATXaAFQ
� � ������ �������������
��
Nb ]PFCNFHCZLFQ� ]K[ JE`GRPT ]fXEAFNJ XK[ PT[ A KEFM\ PFR� JAJ!GJXWZAKN AJ[ FNUF_FX\]KN Fe �PN ]RA\BDQ� ]K[ PaPFNKQ ECFAFXNJ!UK[ Q EKCNEPV]KNQ� KNk AJN _IXFCLFl JPFXNUT[ UJN[ Rb EKCJPFXNUT[]fGGTmT� _NJ]PJfCD]T PTO Q _NJMCFAIJQ XK[ PT[ ]RHMCFAIJ� K!EN]P\XT UJN[ N_KFGFHIJ� G`HFQ UJN[ ECZgT�
S� �� �� �TXJCJ[ Q $���#!����& ]EFf_J]K �NGFGFHIJ ]PF[ �JAKEN!]P\XNF PTO Q @ B\AJQ UJN[ Kc GJWK PFR[ Q JUJ_TXJiUFfQ PFR PIPGFRQ JEF[PF[ �JAKEN]P\XNF �K]]JGFAIUTQ� �fCNJ Kc CHJ PFRl * .���'� ��� ��%�%((���� � (�6��%9�'�� $��#'!#�&� _%�%((���� � )����.��� �$��""&� *�((���� � ������.��� � $��'�&�
� � ������ �������������
��
������� ���� ���
&�7����� ���� � ��� � g7��9 ��7�9�%(��KPZLCJ]T �JI_DAFQ IMFR
@ B\AJ ��'�� ]]� (�� $�#� �� Kb U�&� ( J{X UJN[ � Kc HMCDXKQ KNU`AKQ
� �� � �� ������
EFRYNZAT ECF[ Q PF[ A HUJGKCI!]PJ PFR ]PT[ �NmIJ �ZNACNM
EZCMLKGAP JEFPKGFRO A XFAJ_NUF[MCFANUF[ PDO A ]Ma]KDA PFRO XKHZGFR Kg!ECK]NFAN]PTO UJGGNPaMAT XK[ Ke AJA Kc X!EFCF Kc CHDA PaMATQ UJN[ PJRP`MCFAJUJGGNKCHTXaAF EAKRXJPNUF[ Jc ABCDEF�Ke AJA ]PFMJ]PT[ EFR[ BJfXJYK JEKCN`!CN]PJ PF[ A YDHCZLF��aCJ JEF[ PN[ Q ]R!AKAAF\]KNQ HNJ[ PN[ Q PCaMFR]KQ ]RAJG!GJHaQ PFRQ� JAJEPf]]KPJN ]PT[ A JGGT!GFHCJLIJ Ke AJQ EAKRXJPNUF[ Q _NZGFHFQ�EFR[ _IAKNPT[ A KRUJNCIJ ]PF[ A EFRYNZ!AT AJ[ JAFIHKN PT[ ]UamT UJN[ PT[ A mRM\ PFR UJN[ AJ[ KULCZYKN PF[ AK]DPKCNU` PFR U`]XF� �JCZGGTGJ� PJ[ HCZXXJPJ JEFUJGf!EPFRA Fe PN PJ[ Kc CHJ PFR� Db Q ECDPFEFCNJUZ� EJCJ[ PFR[ Q KABFR!]NJ]PNUFR[ Q KEJIAFRQ PTO Q UCNPNUTO Q� _K[ A WCI]UFRA JHFCJ]PNUF[UFNA`� UN JRPF[ PF[ A JAJHUZYKN AJ[ ]PTCIYKPJN ]PT[ A FNUFAFXNUT[
� � ������ �������������
��
WF\BKNJ PFRO EZCMLKGAP� n�PJA GNHF]PKfKN Tb WF\BKNJ JRP\�JCMIYKN Ke AJ JPaGKNDPF _CZXJ HNJ[ PF[ A YDHCZLFl Tb YD\ PFR]RABGIWKPJN JAZXK]J ]PN[ Q WNFPNUK[ Q JAZHUKQ UJN[ ]PF[ EZBFQPFR HNJ[ PT[ A KNUJ]PNUT[ _TXNFRCHIJ� EFR[ PT[ A KXEF_IYKN Tb Kc GGKN!mT Rb GNUDO A YDHCJLNUTO Q� S� JE`HAD]T Fe XDQ _K[ A PF[ A UJPJWZG!GKN� JAPIBKPJ HIAKPJN JHVAJQ UJN[ EZGT HNJ[ PT[ A PaMAT� HNJPN[ FbEFRYNZATQ _K[ A _aMKPJN UJAaAJ ]RXWNWJ]X`� �J[ HCJL`XKAZPFR _KIMAFRA PF[ A Jc ABCDEF UJN[ PF[ A UJGGNPaMAT ]K[ Fe GF PFR PF[WZBFQ UJN[ PF[ Tk BFQ UJN[ _IAFRA PN[ Q _NJ]PZ]KNQ PTO Q EAKRXJPNUTO QPFR LR]NFHADXIJQ�
S� KEN]PFGFHCJLIJ j '� ]KGI_KQj EKCN]VBTUK ]K[ XN!UCFLN[ GX JEF[ PF[ �fGGFHF PDO A +�IGDA PFRO EFRYNZAT, XKPJ[PF[ BZAJPF PFRO UJGGNPaMAT� S� KENXaGKNJ PTO Q Kc U_F]TQ� Tb XK!PZLCJ]T JEF[ PJ[ HKCXJANUJ[ UJN[ FNb ]TXKNV]KNQ FLKIGFAPJN]PF[ A �JI_DAJ IMF� HCJXXJPaJ PFRO �RGG`HFR� EFR[ HAVCN]KPF[ A EFRYNZAT JEF[ UFAPJ[ UJN[ ]RAKCHZ]PTUK HNq JRPT[ PT[ AKc U_F]T XK[ PF[ A Nb ]PFCNUF[ PTO Q HKCXJANUTO Q GFHFPKMAIJQ �CN[ PQEJNO PHUKC� LIGF PFRO EFRYNZAT UJN[ PFRO EZCMLKGAP� K[PT[ A EJCFf]J Kc U_F]T PF[ FCLDPNUF[ n�_CRXJ @�BANUTO Q �CJ!EaYTQ UJN[ FNb +�IGFNPFRO EFRYNZAT, PNXFRO A PJ[ PCNZAPJMC`ANJJEF[ PF[ BZAJPF PFRO YDHCZLFR�
� � ������ �������������
��
�� �� � ������� �� � � ���� ��� ����� ����
g����6���'� ;l&l;�����7�
@ B\AJ ��'�� ]]� �"� $�#� �� Kb U�&� (� KNU`AKQ
��� �������������� �����������
��� �������������� ��� ������
�������� �� �� ��!
PZMBTUK JCMNUDO Q JEF[ PF[ A�����JWWI_T UJN[ PT[ �JAD[
�JPYT_ZUT� Db Q JEJCJIPTPF ]RXEG\!CDXJ PFRO _KfPKCFR P`XFR PDO A ��> �1.������ $�� & PFRO EFNTPTO ��PT[ A�N!]JHDHT[ KEN]TXJIAKPJN Fe PN Tb KCHJ]IJKUKIAT +KNk AJN XNJ[ ECVPT JE`EKNCJUCNPNUTO Q ]fAFmTQ KNcPK EJCZBK]TQ Fe !GDA PDO A _TXF]NKRXaADA� UJPq JCM\A�]PFNMKIDA EFR[ HADCIYFRXK HNJ[ PF[ A _T!X`]NFUJN[ N_NDPNUF[ WIF PFRO EFNTPTO �K[PF[ KEIBKPF ���� KAAFFRO XK ED[ Q _K[ ARNb FBKP\]JXK JWJ]ZAN]PJ UZBK EGT!CFLFCIJ� Fb ]F_\EFPK JRBKAPNUT[ UJN[ Jp A Tk PJA Tb ETH\ PTQ,� @�!EI]TQ� _NKRUCNAIYKPJN ED[ Q PF[ �CFAFG`HNF JRPF[ +KNk AJNUJN[ Ke AJQ_KIUPTQ PFRO EG\BFRQ PDO A UKADO A Tp ]UFPKNADO A ]TXKIDA EFR[Rb EZCMFRA }|~ ]PT[ A Nb ]PFCIJ PFRO JABCVEFR� PFRO _TX`]NFR Rb !EZGGTGFR UJN[ PFRO GFHFPaMAT� JEF[ PJ[ Fb EFNO J PF[ URCN`PKCF $JG!
� � ������ �������������
��
GJ[ _N`GFR PF[ X`AF& KNk AJN PJ[ JNcPNJ UJN[ Tb JLFCXT[ PTO Q JRPFUPF!AIJQ PFR,�
S� AaJ Kc U_F]T PTO Q g����6���'��� EFR[ Kc HNAK XK[ PT[ ]RAKC!HJ]IJ PTO Q JCNGIYJQ TP]FRO � Kc MKN _NFCBDBKNO UJN[ KXEGFRPN!]PKNO XK[ Fe ]J AaJ $JAaU_FPJ Tp Jc HAD]PJ& ]PFNMKNO J ECFaURmJAJEF[ PJ[ EFCI]XJPJ KNc UF]N KPDO A LNGFGFHNUTO Q Kc CKRAJQ� �F]FPN!UZ� XK[ X`AT KgJICK]T PF[ Kc PFQ ���'� ]MK_F[ A _K[ A Rb EZCMKN ]KGI_JPTO Q ECVPTQ Kc U_F]TQ EFR[ AJ[ XT[ A Kc MKN Rb EF]PKNO _NFCBV]KNQ TpECF]BTO UKQ� @ AZGFHJ N]MfFRA UJN[ HNJ[ PT[ A KNUFAFHCZLT]T�
�VCJ EFR[ Tb g����6���'� KU_I_KPJN PKGKIDQ JRP`AFXJ�UCIBTUK ED[ Q BJ[ Tk PJA DLaGNXF AJ[ ]RXEKCNGZWKN UKIXKAJEFR[ Jc GGFPK KNk MJA WCKNO EKCN]]`PKCF Tp GNH`PKCF PJNCNJ]PT[ Ba]T]PN[ Q �TXKNV]KNQ PDO A ��> �.������� @�_DO � Fb CN]XaAJ JEF[JRPJ[ Jb EGDO Q XATXFAKfFAPJN ]PF[ UKIXKAF� UJN[ EJCJPIBKAPJNFb G`UGTCJ ]K[ Ke AJ JEF[ PJ[ _fF �JCJCP\XJPJ� h�P]N� PF[ �J!CZCPTXJ � EKCNGJXWZAKN Ke gN _TXF]NKfXJPJ PFRO �JCRDPZUT�EaAPK JEF[ PJ[ Fb EFNO J KGZABJAJA JU`XT ]PJ[ �� )! � @ LKPaCFR�PF[ �JCZCPTXJ �� ]RHUKAPCVAKN _KUJKAAaJ UCNPNUK[ Q PCIPDAHNJ[ PJ[ WNWGIJ PFRO EFNTPTO $Fe GKQ HCJXXaAKQ Fe ]F YFRO ]K&� PCKNO QJEF[ PN[ Q Fb EFNO KQ Kc XKAJA JBT]JfCN]PKQ Do Q ]\XKCJ� @�ENEGaFA�HNJ[ _NKRU`GRA]T PFRO JAJHAV]PT� ]RAPZMBTUK JAJGRPNUF[ �Rb !CKP\CNF�
� � ������ �������������
��
�� �� � �� ����
&7���� ;%��((��$�� �> 9��7���
@ B\AJ ����� ]]� )"( $�#� �� Kb U�&� �# Kc HMCDXKQ UJN[ �'# J{X KNU`AKQ
�� ������������
��� ������� ���������!
A\BTUK ]PT[ A @ GKgZA_CKNJ PF[�'�# JEF[ J]PNUT[ FNUFHaAKNJ
XK[ UKLJGFAIPNUKQ UJN[ MNVPNUKQ CIYKQ��JXECF[ Q XJBTP\Q� XK[ KEN_`]KNQ ]PJ[JBTXJPNUZ� JAJUZGRmK EFGR[ ADCN[ QPT[ A UJGGNPKMANU\ PFR UGI]T UJI� EJCJ[PN[ Q JAPNCC\]KNQPDO AHFAaDA PFR�]EFf!_J]K S�]PFCIJ PTO Q �aMATQ UJN[ YDHCJ!LNUT[ ]PT[ �JGGIJ� Fe EFR Kc YT]K JCUKPJ[MC`ANJ�
@�EN]PCaLKN ]PT[ A S�GGZ_JPF[ ��(��HNJ[ AJ[ KUGKHKNO UJBTHTPT[ Q ]PT[ �MFGT[�JGDO A �KMADO A Ke AJ MC`AF JCH`PKCJ�UJN[ FCHJAVAKN PF[ @�CHJ]P\CNF �JCJUPNUTO Q PKGKNFEFNVAPJQPT[ A PKMANUT[ JRP\� S� PaMAT PFRO WNWGIFR PF[ A JEJ]M`GT]K N!_NJIPKCJ� P`]F ]PT[ �JGGIJ Fe ]F UJN[ ]PT[ A S�GGZ_J� KADO ]RAKC!HZ]PTUK UJN[ XK[ PJ[ S�GGTANUJ[ �JMR_CFXKNO J $��)�!)#& LNGFPK!MAVAPJQ HCJXXJP`]TXJ EFR[ JEa]EJ]JA _NKBAKNO Q _NJUCI]KNQ�
� � ������ �������������
�
�R_aEFPK KA_NJLaCBTUK AJ[ ECFWZGKN PT[ _FRGKNZ PFR� _N!UJNVAFAPJQ Kc P]N PF[ MJCJUPTCN]XF[ +Fb �NDETG`Q,� EFR[ PFROKc _D]K Fb �� �CKWKGZUTQ ]PT[ AKUCFGFHIJ PFR� `AF _fF Fb GF!UGTCDXaAKQ KCHJ]IKQ PFR _aMPTUK AJ[ EJCFR]NZ]KN ]PF[ UFNA`l��� #�6I� $��# & UJN[ PN[ Q )�� D%�%� � D�+���� $��) &�
S� ]Ma]T PFRO �KLJGGTAFRO XK[ PFR[ Q XJBTPaQ PFR _K[ A Tk PJAEFPK[ PRENU\l KA_NJLKC`PJA UJN[ PFR[ Q LC`APNYK]J[ A EJPaCJQ� S�Kc XLRPT UJGF]fAT PFR $FNb ]RHHKAKNO Q PF[ A JEFUJGFRO ]JA +�JGF!HNZAAT,& UJN[ PF[ JNc ]BTXJPTO Q JGGTGKHHfTQ UJN[ PTO Q _NUJNF]fATQPF[ A DBFRO ]JA ]PT[ A Rb EKCZ]EN]T PDO A J_RAZPDA UJN[ PTO Q KNC\ATQ�
�F[ ��)# KUGaHKPJN _NKRBRAPT[ Q PTO Q ���� Ba]T EFR[ BJ[ PT[_NJPTC\]KNXaMCNPF[ BZAJP` PFR PF[ ��)"� SEF[ PT[ A Tb HK]IJPFR Tb�MFGT[ BJ[ KA_NJLKCBKNO UJN[ BJ[ EZCKN Ba]T ]K[ YTP\XJPJ EFGN!PN]XFRO � KGKRBKCIJQ Tp JABCDEIADA _NUJNDXZPDA jYTP\XJPJEFR[ PF[ A JEJ]MFGFRO ]JA EZAPJ JLFRO BKDCFRO ]K PT[ YDT[ ECD!PJCMNUT[ JgIJ MDCN[ Q N_KFGFHNUFR[ Q _FHXJPN]XFfQl JAPNCCT]IJQ]RAKI_T]TQ UJPJ[ PF[ A d �JHU`]XNF �`GKXF UJN[ PT[ NUCJ!]NJPNUT[ @�U]PCJPKIJ� LNGFPaMAT]K XK[ PFR[ Q XJBTPaQ PFR JLI!]KQ EFR[ KXmfMDAJA PF[ A GJF[ UJPJ[ PF[ A E`GKXF PFRO @#� UJN[Rb EF]P\CNgK PF[ A JHVAJ PTO Q �fECFR KAJAPIFA PTO Q JHHGNUTO QUJPFMTO Q�
S� ���� �Z]_JHGTQ $���#!���'& ]EFf_J]K �NUFAFXNUK[ Q @�EN]PTO !XKQ ]PT[ A @ B\AJ UJN[ PF[ ��#" _NFCI]PTUK ]PT[ A @�BANUT[ �CZEKYJ PTO QS�GGZ_FQ� SETO CgK Fb ECDO PFQ _NKRBRAPT[ Q PFRO FCLDPNUFRO S�_CfXJ!PFQ PTO Q ��� JEF[ PF[ �� Do Q PT[ A JE`GR]\ PFR JEF[ PT[ �FfAPJ PF[ �� 'UJN[ JEF[ PF[ A Rc HFR]PF PFRO ��"# Do Q PF[ BZAJP` PFR� @ ]MFG\BTUK XK[PT[ LNGFGFHNUT[ UJN[ PREFHCJLNUT[ KENXaGKNJ GFHFPKMANUDO A UJN[ KEN!]PTXFANUDO A UKNXaADAUJN[ XK[ PT[ A Kc U_F]TEKCNF_NUDO A UJN[ WNWGNFHCJ!LNDO A� UJN[ Kc HCJmK EFN\XJPJ� _FUIXNJ UJN[ _NTH\XJPJ�
� � ������ �������������
��
�� ��� ��� �����
��((�(�6���'� j"/"h1"/n kl ;%'�%���NGFGFHNUT[ KENXaGKNJ �����Z]_JHGT
@ B\AJ ����� ]]� #(" $�#� �� Kb U�&� �) ]Ma_NJ
�� ������������
����� ��� �������� � �� �� ����� �!
CTl PT[ A JGGTGFHCJLIJ PFRO �NZAAT �KLJGGTAFRO $���(!��)�& UJN[ PJ[ UKIXKAJ EFR[ ]RAaHCJmK $Fe GJ ]MKPNUJ[ XK[
PT[ A S�]PFCIJ PTO Q �aMATQ UJN[ PT[ _N_J]UJGIJ PTO Q �JCJUPNUTO Q&�S� JGGTGFHCJLIJ _K[ A KNk AJN KgJAPGTPNU\� @ EF[ PJ[ EFGRZ!
CNBXJ HCZXXJPJ EFR[ ECaEKN AJ[ Kc HCJmK Fb �KLJGGTAF[ Q _TXF!]NKfFAPJN K_DO �#�l Fe GJ Fe ]J WCaBTUJA� Re ]PKCJ JEF[ KEIEFAKQKc CKRAKQ� ]PJ[ MaCNJ _NUDO A PFR UJN[ LIGDA PFR�
S� �KLJGGTAF[ Q Jc CMN]K PT[ ]RHHCJLNU\ PFR KCHJ]IJ ]PT[ A@ GKgZA_CKNJ� UJPJ[ PF[ _NZ]PTXJ PTO Q JAJHUJ]PNUTO Q EJCJXF!ATO Q PFR KUKNO Fe ]F _NJCUFRO ]K Fb E`GKXFQ $���#!���'&� UJN[ Re ]PKCJPT[ ]RAaMN]K ]PF[ �JCI]N� De ]EFR _NJU`ETUK Tb Kc U_F]T PFRO EK!CNF_NUFRO &�7����� $����&� PFRO Fb EFIFR Rb ETO CgK ]PKAF[ Q ]RAKC!HZPTQ�
S� FCBFHCJLIJ Fe GDA PDO A UKNXaADA UJN[ Tb ]PIgT j]RMAJ[EJCJEGJATPNUT[ j ]RXXFCLVBTUJA XK[ PT[ A PCaMFR]J ECJUPN!UT[ $XK[ PN[ Q JEJCJIPTPKQ LNGFGFHNUK[ Q JEFUJPJ]PZ]KNQ� EFR[KEN]TXJIAFAPJN KEJUCNWDO Q&� �JN[ PFRO PF Fc MN XFAZMJ HNJ[ PT[_NKRU`GRA]T PFRO JAJHAV]PT� FRc PK HNJPN[ UKIXKAJ EFR[ KUPKI!
� � ������ �������������
��
AFAPJN ]K[ EKCIEFR Pa]]KCNQ _KUJKPIKQ _K[ A XEFCFRO A AJ[ Rb EJ!UFf]FRA ]K[ UJAaAJA UJA`AJr JGGJ[ URCIDQ HNJPN[ Kc P]N BJ[ Kc XKAJAJAJHUJ]PNUJ[ EFGGK[ Q GJABJ]XaAKQ HCJLaQ� FLKNG`XKAKQ ]K[Jc HAFNJ Tp JECF]KgIJ� Tp UJN[ ]K[ PREFHCJLNUJ[ JWGKEP\XJPJ]PJ[ UKIXKAJ EFR[ _TXF]NKfPTUJA�
NJ[ PKGKRPJIJ KEN]\XJA]T HNJ[ PF[ A JAJHAV]PTl Fb P`XFQJRPF[ Q PDO A UKNXaADA UJN[ PTO Q JGGTGFHCJLIJQ PFRO UJGGNPaMAT�Fe ]F UJN[ Jp A KNk AJN JRPFPKGT[ Q $HNq JRPF[ UJN[ ECFPZ]]KPJN ]fAPFXFMCFAFG`HNF PTO Q YDTO Q PFR&� _K[ A ECaEKN AJ[ JEF]R]MKPN]PKNO JEF[PT[ WNFHCJLIJ PFR� Fe EFR Fb KA_NJLKC`XKAFQ XEFCKNO AJ[ ECF]PCa!gKN HNJ[ UZBK GFHTO Q EGTCFLFCIJ�
� � ������ �������������
�
���� �� ��
��(%������ <%���(��� "4031"/"!*? �7�(�.� %> ��� � %- ����� �> 6���
KPZLCJ]T �ZUT �NCUTO
@ B\AJ ����� Wd Kc U_� ����� ]]� )'� $�#� �� Kb U�&� #( KNU`AKQ UJN[ ( MZCPKQ
��� ������������
� � ��������������!
PJ PTO Q AK`PKCTQ Kb GGTANUTO Q Nb !]PFCIJQ _K[ A Rb ETO CgK P`]F JN!
ANHXJPNUT[ UJN[ JXLNGKH`XKAT Fe ]F Fb@�GKRBaCNFQ �KANYaGFQ� �F[ ECFLJAK[ QEJCZ_FgF PTO Q KAPRED]NJUTO Q EFGNPN!UTO Q PCFMNJO Q PFR KNk AJN Tb KAJGGJHT[ PFROC`GFR Kb AF[ Q PFGXTCFRO KEJAJ]PZPT XK[JRPF[ A PFRO AFXFXJBFRO Q EFR[ KNk AJN ECF!]TGDXaAFQ ]PN[ Q AFX`PREKQ _NJ_NUJ!]IKQ� S� EFGRKEIEK_T XKPJCCRBXN!]PNU\� KEJAJ]PJPNUT[ UJN[ Tb HKPNUT[]PJ_NF_CFXIJ PFRO AKJCFRO �KANYaGFR_K[ A Kc MKN Db ]P`]F LDPN]PKNO Jc EGKPJ�S� KCKRATPT[ Q _K[ A ECaEKN AJ[ gKMAJO Fe PN Fb XKHZGFQ KBANUF[ Q Tb HaPTQTk PJA Jc ABCDEFQ PTO Q KEFMTO Q UJN[ PFRO P`EFR PFR� n�PJA HKAA\BT!UK� Tb �C\PT Kb PFIXJYK PF[ A XKHZGF gK]TUDXF[ PFRO �' ! �� �PJ[MC`ANJ EFR[ JUFGFfBT]JA� Tb FNUFHaAKNZ PFR JAPNXKPVEN]K KgF!CIKQ UJN[ FNUFAFXNUK[ Q BR]IKQ� UJN[ FNb ]RAPFEIPKQ PFR YFRO ]JA XK[
� � ������ �������������
��
PT[ A KGEI_J PTO Q Kb GGTANUTO Q EJCaXWJ]TQ UJN[ PTO Q WF\BKNJQ PDO AKHZGDA�RAZXKDA� S�]P`MFQ PFR HNJ[ PF[ XaGGFA PTO Q�C\PTQTk PJA ]JL\Ql ECDO PJ JEKGKRBaCD]T UJN[ XKPJ[ Ke AD]T XK[ PT[ AS�GGZ_Jr UJN[ HNJ[ PT[ A KEIPKRg\ PFR Fb Nc _NFQ JUFGFfBT]K PT[ A PJ!UPNUT[ +APFRLaUN UJN[ EJYZCN,� HKHFAF[ Q EFR[ Kc _D]K JLFCXT[ HNJ[EJCKgTH\]KNQ Fc MN X`AF ]PFR[ Q JAPNEZGFRQ PFR JGGJ[ UJN[ ]PF[]PKAF[ EFGNPNU` PFR EKCNWZGGFA� S� �KANYaGFQ Fe XDQ Kc _KNgK Fe PNTk PJA Nb UJAF[ Q HNJ[ CNmFUIA_RAKQ KENGFHaQ� n�EDQ Kc HCJmK Fb ���CKWKGZUTQ� KNk MK PF[ MZCN]XJAJ[ +ANVBKNPT[ A mRMT[ PFRO GJFRO AJ[UJIHKN PJ[ CFRBFfANJ PFR,�
S��NGT[ JUCZUT KNk AJN UJBTH\PCNJ PTO Q �RCDEJiUTO Q S�]PFCIJQ ]PF[�FGaHNF �\PYNQ PTO QJ]]JMFR]aPPTQ� S� _N_JUPFCNU\ PTQ _NJPCN!WT[ ]PF[ �JAKEN]P\XNF �ZCWJCAP XK[ PIPGF ����� �����! "���������9���4��� �� >������ ���� ]TXJPF_`PT]K PT[ A JCMT[ PTO Q Kc CKRAZQ PTQHNJ[ PT[ A �C\PT UJN[ PF[ A @�GKRBaCNF �KANYaGF� BaXJPJ HNJ[ PJ[ Fb EFNO JKc MKN _TXF]NKf]KN EFGGJ[ Jc CBCJ ]K[ Kb GGTANUJ[ UJN[ gaAJ EKCNF_NUZ� S�UJPJHCJLT[ ]K[ XJHATPFPJNAIKQ PDO A XJCPRCNDO A JABCVEDA EFR[ Kc EJN!gJA C`GF PT[ A KEFMT[ KUKIAT� LIGDA� ]RAKCHJPDO A UJN[ ]RHHKADO A PFRO ���KANYaGFR� JEFPaGK]K PF[ Rb GNUF[ XK[ PF[ Fb EFNO F _TXNFRCH\BTUK JEF[ PT[]RHHCJLaJ PF[ @ CMKNO F �CFLFCNUTO Q S�]PFCIJQ� EFR[ KAPZMBTUK ]PT[ AN_NDPNUT[ JCMKNJUT[ ]RGGFHT[ �P� JUCZUT� �F[ MKNC`HCJLF PTO Q XK!GaPTQ JRPTO Q Kc MKN WCJWKRBKNO JEF[ PT[ A @ UJ_TXIJ @ BTADO A PF[ ��''�
� � ������ �������������
��
� ������� �� � � ���
����������%+����
@ B\AJ ���(� ]]� "( $�#� �� Kb U�&� � KNU`AKQ
�� �����������
�� ��������� � � �������������� �'� ����
UFNA`PTPJ �RAKPN[ PTO Q h A_CFR� NUCF[ EJN_N[ ETO HK ]PT[�XfCAT� Fe EFR _FfGKmK UJN[ XFCLVBTUK UFAPJ[ ]PF[ A J!
_KGL` PFR �NZAAT� �EFf_J]K �NGFGFHIJ ]PF[ �JAKEN]P\XNF@ BTADO A UJN[ �NGF]FLIJ ]PF[ �JAKEN]P\XNF PTO Q �FCW`AATQ�@�CHZ]PTUK EFGGJ[ MC`ANJ ]PT[ a]T @�UEJI_KR]T $�U`EKGFQ��fECFQ� �aCCKQ� �K]]JGFAIUT� S�CZUGKNF UJN[ �KZEFGT PTO Q�C\PTQ� �KNCJNJ[ Q UJN[ @ B\AJ&� h�HNAK @�UEJN_KRPNUF[ Q �fX!WFRGFQ PF[ ��#) UJN[ KgKGaHT PF[ ��)' UJBTHTPT[ Q PTO Q �NGF]F!LIJQ ]PF[ �JAKEN]P\XNF PTO Q �K]]JGFAIUTQ� �F[ A Nc _NF MC`AF_NFCI]PTUK XaGFQ PFRO �NFNUTPNUFRO �RXWFRGIFR ]PF[ AKF]f]PJ!PF P`PK �J]NGNUF[ n�_CRXJ @�CKRADO A $PVCJ ���&� h�HCJmKEFGGJ[ WNWGIJ UJN[ XKGaPKQ XK[ JAPNUKIXKAF PT[ A S�]PFCIJ PTO Q�NGF]FLIJQ UJN[ PT[ �NGF]FLIJ� @�A_KNUPNUJ[ JAJLaCFRXK PT[ A#��������� ��4������ $�JCI]N ��#�� ���)�� N]EJANUT[ XKPZ!LCJ]T ��)�� Kb GGTANUT[ XKPZLCJ]T ��""&� EFR[ JEFPKGKNO PT[ AECVPT ]PT[ _NKBAT[ WNWGNFHCJLIJ ]R]PTXJPNUT[ Kc UBK]T PTO QLNGF]FLNUTO Q ]UamTQ UJPJ[ PFR[ Q WRYJAPNAFR[ Q MC`AFRQ� @ EF[PF[ �� � Tb Fe CJ]\ PFR ]PJ_NJUJ[ PF[ A KHUJPJGKIEKN� JLJNCVAPJQ
� � ������ �������������
��
PFR PT[ A Nb UJA`PTPJ AJ[ _NJWZYKN� h�YT]K PJ[ PKGKRPJNO J MC`ANJPFR $��"�!��' & ]PT[ A @ B\AJ� ]RAKMIYFAPJQ AJ[ ]RHHCZLKN Do QPF[ BZAJP` PFR� �JCEF[ Q PTO Q PKGKRPJIJQ URCIDQ EKCN`_FR KNk AJNPF[ EJCF[ A Kc CHF� ]PF[ Fb EFNO F _NJHCZLKPJN Tb Nb ]PFCIJ JRPFRO PFROP`EFR UJPJ[ PJ[ ECDO PJ PCIJ PaPJCPJ PFRO ��FRO JNVAJ Xa]J JEF[PJ[ WNVXJPJ UJN[ PFR[ Q JHDO AKQ Kb AF[ Q JRPF_TXNFfCHTPFR JHCFP`!EJN_FR�
� � ������ �������������
��
�������� �� �����
*? ���� %> ��� � ��6�7����NGFGFHNUT[ KENXaGKNJ �IAJQ �Z]_JHGT
@ B\AJ ���#� ]]� #�) $�#� �� Kb U�&� #� Kc HMCDXKQ UJN[ "� J{X KNU`AKQ
�� ������������
�������� �� ��� �� ���!
UK ]PT[ XFCLT[ EFR[ PF[ EJICAKNPVCJ ]PJ[ MaCNJ PFR Fb JAJHAV!
]PTQ� @ CMNUJ[ _K[ A Tk PJA PIEFPJ EKCN]!]`PKCF JEF[ ]TXKNV]KNQ PFRO �KCNUGTO�RYZAPNFR� JEF]EJ]XJPNUK[ Q JLTH\!]KNQ JEF[ _NZLFCKQ KEFMK[ Q PTO Q YDTO QPFR� ]UamKNQ� JAJXA\]KNQ UJN[ EJNMAI!_NJ PTO Q LJAPJ]IJQ PFR�
S��RYZAPNFQ JEFLZ]N]K AJ[ HCZmKNPT[ A JRPFWNFHCJLIJ PFR PF[ A Rc HFR]PFPFRO ��"�]PT[ A�TLN]NZ� Fe EFR JAZCCD!AK Re ]PKCJ JEF[ XNJ[ EKCNEaPKNJ PTO Q Rb !HKIJQ PFR� +�CZLD XK[ XKHZGT KRMJ!CI]PT]T� HNJPN[ HCZLFAPJQ gJAJYDO PT[ YD\ XFR� EFR[ KNk AJN XK!HZGT UJN[ EFGR]fABKPT,� KEN]TXJIAKN� �N[ Q ]TXKNV]KNQ PFRKNk MK ]UFEF[ AJ[ PN[ Q KEKgKCHJ]PKNO UJN[ AJ[ UZAKN PT[ A PKGNUT[ UJ!PZPJgT� �K[ A EC`GJWK Fe XDQ� �aBJAK ]PT[ A @ B\AJ PF[ ��"�� �F[JUJPaCHJ]PF Rb GNUF[ JEF_KIMPTUKEGFf]NF ]K[ EGTCFLFCIKQ� Fc MN
� � ������ �������������
��
X`AF HNJ[ PT[ YDT[ PFRO Nc _NFR PFRO YDHCZLFR JGGJ[ UJN[ HNJ[ PT[ AKEFMT[ UJN[ PFR[ Q MVCFRQ Fe EFR Kc YT]K� S� @ B\AJ PDO A JCMDO A PFRO��FRO JNVAJ� PF[ �JCI]N PFRO ���#� Fe EFR Fb �RYZAPNFQ WCaBTUKHNJ[ ]EFR_aQ� UJN[ Tb �JPFMT[ YDAPJAKfFRA Xa]J JEF[ PT[ +XNUCT[Nb ]PFCIJ, Kb AF[ Q XKHJGFJ]PFRO � Fb Fb EFNO FQ Rb ETO CgK PJRP`MCFAJ UJN[KRJI]BTPFQ UJGGNPaMATQ� �F[ WNWGIF _NJPTCKNO PT[ HFTPKIJ PTO QECF]DENUTO Q JL\HT]TQ� UJN[ Tb EGFf]NJ KNUFAFHCZLT]\ PFR]RXEGTCVAKN XK[ PF[ A UJGfPKCF _RAJPF[ PC`EF PT[ A Kc U_F]T�
� � ������ �������������
��
� ������ ����!�� ��
*A <����� )������ �<�6���'� 1���6�6���'� "2!!1"2n3
@ B\AJ ���'� ]]� (� $�#� �� Kb U�&
�� ������������
���������� � ���� $�"��!�")#& ��������� ��
�JWCNZPJPTO Q�KLJGFANJO Q� �EFf_J]K]PF[ �GJHHNANJ!AF[ �CFAPN]P\CNF PTO Q�KAKPIJQUJN[ XJB\PKR]KUFAPJ[ ]K[
HAD]PFR[ Q GFHIFRQ PTO Q KEFMTO Q� h�GJWK _N_JUPFCNUF[ _IEGDXJ+JXLFPaCDA PDO A _NUJIDA, $UJAFANUFRO UJN[ J]PNUFRO & JEF[ PF[�JAKEN]P\XNF PTO Q �Z_FWJQ� �JAJHfCN]K ]PT[ A EJPCI_J PFR�Fe EFR JEaUPT]K GNHF]PFR[ Q XJBTPaQ� @ A\UKN ]PFR[ Q +JAJMDCT!PK[ Q GFHIFRQ,� EFR[ Re ]PKCJ JEF[ ]FWJCK[ Q ]EFR_K[ Q ]PT[ �f]T�HfCN]JA ]PT[ A EJPCI_J UJN[ JLNaCD]JA PT[ YD\ PFRQ ]K[ _N_J!UPNUF[ UJN[ ]RHHCJLNUF[ Kc CHF XJUCNJ[ JEF[ PJ[ XKHZGJ J]PNUJ[UaAPCJ� S��JXF_`Q� JEFPCJWTHXaAFQ ]PJ[ �JWCNZPJ� _I_JgKUJN[ ]RAZXJ KEKgKCHZ]PTUK UfUGF LNGF]FLNUDO A XJBTXZPDA]K[ HGV]]J _TXFPNU\� �JCZGGTGJ KUE`AT]K UJBJCDO Q BKFGF!HNUJ[ ]RHHCZXXJPJ� Fe EDQ PT[ A JAaU_FPT +�KFGFHIJ _FHXJPN!UT[ , ]K[ EaAPK P`XFRQ� �F[ XKHJGfPKCF UJN[ ]TXJAPNU`PKCF Xa!CFQ PFRO Kc CHFR PFR EJCJXaAKN JAaU_FPF�
S� �J]NGNUT[ E`XEFR!�PJXZPT HKAA\BTUK ]PT[ A �JGJXZPJ PF[��(���EFf_J]K�NGFGFHIJ]PF[ �JAKEN]P\XNF @ BTADO A UJN[ Fb GFUG\!
� � ������ �������������
�
CD]K PN[ Q XKPJEPRMNJUK[ Q ]EFR_aQ PTQ ]PJ[ EJAKEN]P\XNJ PTO Q �R!WIHHTQ UJN[ PTO Q �K]]JGFAIUTQ� S� _N_JUPFCNU\ PTQ KCHJ]IJ� ]PT[ AFb EFIJ WJ]IYKPJN PF[ WNWGIF JRP`� KHUCIBTUK JEF[ PF[ @ CN]PFPaGKNF�JAKEN]P\XNF PF[ ��'�� �PN[ Q Nb ]PFCNUaQ PTQ XKGaPKQ ECF]DEFHCJ!LFRO APJN FNb G`HNFN �KFLZATQ @�GKZWFRGFQ UJN[ S�CX`_DCFQ �\]PJC!MFQ� �KCZ]NXFQ �GZMFQ� KGaPNFQ �REZG_FQ� @ APVANFQ �JP\LF!CFQ UJN[ KB`_NFQ @ ABCJUIPTQ� �TXF]IKR]K KEI]TQ PJ[ ;���.��1��� ��� � *�((���� ������� � ���� #��%�.���'�� ��� � #7��=��$ @ B\AJ ��� &�
� � ������ �������������
��
���� � ���� � $KENX�&
&7���� 8��%67������ �> %@ ���� ��� � �- .���%��
�KIXKAJ �V]PJ �CNXEJO � h AAJQ �NPYJAI_FR��� � �JCKHNZAAT� �� ��'"� ���� �JC_IUJ
@ B\AJ ����� ]]� ��� $�#� �� Kb U�&
�� �����������
��� ���� � ���� ����� ����� � ��� ��� �!
_CKNJQ EFR[ JATO UK ]PT[ A KRCfPKCT FNUFHaAKNJEKAZUT�_NJUCIBTUK ]K[ _fF PFXKNO Ql Db Q LIGFQ UJN[ FgR_KCUT[ Q
UCNPNUF[ Q PFRO �JWZLT UJN[ Db Q Nb _CRPT[ Q PTO Q �RPFEJBFGFHIJQ]PT[ A S�GGZ_J� S� EFGfPNXT ]RXWFG\ PFR ]PN[ Q UJWJLNUK[ Q]EFR_K[ Q ]RAFmIYKPJN ]PJ[ UCNPNUZ PFR _FUIXNJ� PJ[ Fb EFNO J ]R!AaGKgK PF[ �� # Fb �\]NXFQ �FCKAPYZPFQ ]PF[ A P`XF 89$(�.��� � ;�=7��� S� KEN]PTXFANU\ PFR _CJ]PTCN`PTPJ Db ]P`]F�PF[ Kc CHF PFR Db Q KCKRATPTO ]PF[ EKAZUKNF �RPFEJBFGFHNUF[@�A]PNPFRO PF� Tb _N_J]UJGIJ PFR ]PF[ @ CN]PFPaGKNF �JAKEN]P\!XNF �K]]JGFAIUTQ UJN[ ]PT[ A @ ADPZPT �KDEFANUT[ �MFGT[ @ !BTADO A UJN[ PJ[ KEN]PTXFANUZ PFR _TXF]NKfXJPJ KNk MJA Do Q PVCJJEJ]MFG\]KN X`AF PFR[ Q KN_NUFfQ� K[ PJ[ KCHFWNFHCJLNUJ[]PFNMKNO J EFR[ EJCJPIBKAPJN K_DO $�V]PJQ �CNXEZQ&� PT[ XK!PZLCJ]T $�V]PJQ �CNXEJ[ Q& PFRO _FUNXIFR PFR HNJ[ PT[ A Kc AAFNJPTO Q J]BaAKNJQ UJN[ PJ[ PCIJ UKIXKAJ EFR[ JAJLaCFAPJN ]PF[ _F!UIXNF JRPF[ jKb AF[ Q LRPFEJBFG`HFR $h AAJ �NPYJAI_FR&� Kb AF[ QKgKGNUPNUFRO $5� uz��?& UJN[ Kb AF[ Q NJPCFRO $���� �JC_IUJQ&jHIAKPJN KRCfPKCJ HAD]PF[ Q Fb _NJAFFfXKAFQ �JCKHNZAATQ JEF[KEN]PTXFGFHNUT[ UJN[ LNGF]FLNUT[ ]UFENZ�
� � ������ �������������
��
S� �V]PJQ �� �CNXEJ[ Q $��(�& HKAA\BTUK ]PT[ A @ B\AJ� �EFf_J]KWNFGFHIJ ]PT[ �DYZAAT UJN[ HKAKPNUT[ ]PT[ �FCW`AAT� �F[ ��)' KAPZ!MBTUK ]PT[ A Fb XZ_J PFRO HKAKPN]PTO �KF_`]NFR�PFXE]ZA]UR ]PT[ �aJS`CUT� �F[ �� � KUGaMPTUK UJBTHTPT[ Q HKAKPNUTO Q ]PT[ �KDEFANUT[�MFGT[ @ BTADO A� Ba]T ]PT[ A Fb EFIJ EJCaXKNAK XaMCN PF[ ���(� @ EF[ PF[���( JAaGJWK PT[ A Ke _CJ PTO Q S�]PFCIJQ UJN[ �NGF]FLIJQ PTO Q �NFGFHIJQ]PF[ �JAKEN]P\XNF @ BTADO A $]PF[ PXTO XJ KBF_FGFHIJQ� S�]PFCIJQUJN[ �KDCIJQ PTO Q @�EN]P\XTQ&� Fe EFR EJCaXKNAK XaMCNPF[ ����� �Nk AJNPJUPNUF[ XaGFQ PTO Q @�BANUTO Q @�ENPCFETO Q �NFTBNUTO Q� KADO PF[ ����KUGaMPTUK XaGFQ PTO Q @ UJ_TXIJQ @ BTADO A� XaGFQ PTO Q Fb EFIJQ Rb ETO C!gK UJN[ Fb EJPaCJQ PFR �J]IGKNFQ� h�MKN _TXF]NKf]KN EFGGK[ Q XKGaPKQUJN[ Kc MKN _N_ZgKN ]K[ EJAKEN]P\XNJ PFRO KgDPKCNUFRO � Fe EDQ PF[ �ZC!WJCAP U�Jc � @ EF[ PF[ ���� Do Q PF[ ��� _NKPaGK]K XaGFQ PFRO ���� PFROFCLDPNUFRO S�_CfXJPFQ @�BANUTO Q �CJEaYTQ�
� � ������ �������������
�
���������
�������� �� ��� ���
�- .�6�6�� .��� � %> ((���� D��6���'�
@ B\AJ ��""� #����� ]]� ()( $�#� �� Kb U�&
�� �����������
�������� ����� � �� ����������������� �!
HCJLIJQ� EFR[ UJGfEPKN Fe GF PF[ LZ]XJ PTO Q EJCJ_F]NJ!UTO Q JRPTO Q KEN]P\XTQ� JEF[ PT[ GJiUT[ GFHFPKMAIJ UJN[ PJ[
GKH`XKAJ +XATXKNO J PFRO G`HFR,Do Q PF[ A GJiUF[ WIF UJN[ PJ[ Kc BNXJ�PT[ GJiUT[ PaMAT� PT[ GJPCKIJ UJN[ PJ[ KEJHHaGXJPJ� UJBD[ Q UJN[PN[ Q JHCFPNUK[ Q Tp J]PNUK[ Q _CJ]PTCN`PTPKQ� �UFE`Q PFR KNk AJN AJ[XR\]KN PF[ A n�GGTAJ JAJHAV]PT ]PJ[ UKLZGJNJ PTO Q GJFHCJLN!UTO Q Nb ]PFCIJQ UJN[ Kc CKRAJQ� AJ[ PF[ A UJPJPFEI]KN ]PF[ KA_NJLaCFAEFR[ EJCFR]NZYKN Tb Kb GGTANUT[ GJiUT[ YD\� Fe ]J JgIYKN AJ[ ECF]a!MFRXK UJN[ AJ[ JgNFEFNFRO XK� �RC\AJQ PFRO WNWGIFR Rb ETO CgJA PJ[XJB\XJPJ�JFHCJLIJQ EFR[ EJCa_N_K ]PF[ �JAKEN]P\XNF @�D!JAAIADA Fb ]RHHCJLaJQ� PJ[ Fb EFNO J EJCFR]NZYFAPJN K_DO KXEGFR!PN]XaAJ UJN[ KATXKCDXaAJ WNWGNFHCJLNUZ�
���������
��
�� �� � ������
A> �- �9�� � ��((��%�.��� �%�%((���� (�C�� ���7��.�
@ B\AJ ��"'� #���"� ]]� ��� $�#� �� Kb U�&
��� ������ ��� � ���� � ������ $����!����& ��!
UaAPCD]K EZAD JEF[ Kb UJPF[ AKFKGGTANUK[ Q EJCJ_`]KNQEFR[ ]MKPIYFAPJN Jc XK]J XK[ PF[ A JCMJNO F U`]XF� �Nb ENF[
EFGGK[ Q _IAFRA PT[ XRBNUT[ KNU`AJ PDO A EJGJNDO A S�GG\ADA� Fe EDQ]MTXJPI]PTUK ]PFR[ Q MC`AFRQ PFRO K]JIDAJ UJN[ PTO Q �FRCUF!UCJPIJQ� h GGKQ _KIMAFRA EDO Q XNJ[ Nb ]PFCIJ YKNO ]PF[ ]P`XJ PFROKb GGTANUFRO GJFRO � JEF[ PJ[ ECFFXTCNUJ[ UN`GJQMC`ANJDo Q ]\XKCJ�h GGKQ� PaGFQ� KNk AJN JCMJNO FN XfBFN EFf� KADO KNk MJA gKMJ]PKNO �gJAZHNAJA UPTO XJ PFRO Kb GGTANUFRO GJFRO XK[ PT[ WF\BKNJ UZEFNJQG`HNJQ ETHTO Q�
�F[ WNWGIF URUGFL`CT]K ECVPT LFCJ[ ]PJ[ HKCXJANUJ[ $`!AJMF �� &� S�]P`]F� Tb N_N`PRET ]Ma]T JAZXK]J ]PF[ A JCMJNO FUJN[ PF[ A AaF Kb GGTANUF[ U`]XF� Fe EDQ JRPT[ WCTO UK PT[ A Kc ULCJ]\PTQ ]PN[ Q GJiUaQ XJQ EJCJ_`]KNQ $]K[ MC`ANJ EFR[ PF[ ]MFGKNO F_K[ A J]UFRO ]K JU`XJ ]TXJAPNUT[ KEI_CJ]T&� KNk AJN BaXJ EFR[ KA!_NJLaCKN ECDPI]PDQ KXJO Q PFR[ Q n�GGTAKQ� EFR[ XEFCFRO XK KEN!EGaFA AJ[ JEFGJf]FRXK JRPFf]NF PF[ G`HF Fe EDQ WHTO UK JEF[ PF[]P`XJ PFRO GJFRO � HKXZPFQ _fAJXT UJN[ EJCJ]PJPNU`PTPJ�
���������
��
������������
��������� �������
������ �������
*? ������9'�KPZLCJ]T �TXF]BaAT �FfCPFWNU
@ B\AJ ��''� ������ ]]� �(" $�"� �# Kb U�&
��� ������������
��� ���� ��� �� ���������� �� ��������
XFCLT[ PF[ ��") UJN[ JAPNECF]DEKfKN ]JCZAPJ MC`ADAKc CKRAJ UJN[ XKGaPT HfCD JEF[ PT[ A Nb ]PFCIJ PTO Q EJPCNJC!
MIJQ� Fb h�CAK]PE`CAKXJA KEN_NVUKN URCIDQ Pa]]KCJ ECZH!XJPJl $J& AJ[ ]RHUKAPCV]KN UJN[ AJ[ EJCFR]NZ]KN Fe GF PF[ Do Q]\XKCJ _NJBa]NXF Rb GNUF[ EFR[ EN]PFEFNKNO Fe PN FNb JCMaHFAKQ JA!BCVENAKQ UFNADAIKQ YFRO ]JA ]K[ ������9$� Tc � ]D]P`PKCJ�����.��� UJBK]PVQr $W& AJ[ JANMAKf]KN PN[ Q UFNADANUK[ Q UJN[FNUFAFXNUK[ Q KgKGIgKNQ EFR[ Fb _\HT]JA ]PT[ A UJPZGR]T PFRO XT!PCN]PNUFRO UJBK]PDO PFQ UJN[ ]PT[ A KHUJBI_CR]T PTO Q EJPCNJC!MIJQ� Kb AF[ Q UJBK]PDO PFQ EFR[ ]\XJNAK XK[ A Ke AJ JAVPKCF ]PZ_NFEJCJHDHTO Q� PJRP`MCFAJ Fe XDQ UJN[ WNJ]XF[ PTO Q JABCVENATQLf]TQ UJN[ Rb EF_FfGD]T PFRO Kb AF[ Q LfGFR ]PF[ Jc GGFr $H& AJ[ EK!CNHCZmKN PJ[ ]KgFRJGNUJ[ Tc BT PDO A JCMJIDA S�GG\ADA UJN[ �D!XJIDA� PDO A _fF UJPKgFMT[ A EJPCNJCMNUDO A GJDO A PTO Q @ CMJN`!PTPJQ� HNJ[ AJ[ KAPFEI]KNPN[ Q KENEPV]KNQ EFR[ KNk MK PF[ +EJPCNJC!MNUF[ ECJgNU`ETXJ,]PT[ ]KgFRJGNUT[ YDT[ UJN[ ]PN[ Q ]Ma]KNQ PDO A_fF LfGDAr UJN[ $_& AJ[ KgTH\]KN HNJPI Tb EJPCNJCMIJ ]RA_aKPJNXK[ Ke AJ Fb CN]XaAF ]PZ_NF ]PT[ A UFNADANUT[ UJN[ FNUFAFXNUT[ Kga!
������������
�
GNgT PTO Q JABCDE`PTPJQ UJN[ HNJPI KNk AJN ECFFCN]XaAT AJ[ KgJ!LJAN]PKNO XK[ PT[ A KENUCZPT]T Kb AF[ Q JAVPKCFR PfEFR UFNADANUTO QFCHZAD]TQ UJN[ EJCJHDHTO Q $PFRO ]F]NJGN]PNUFRO &�
S� h�CAK]P E`CAKXJA $���)!���)& Rb ETO CgK EC`K_CFQ PTO Q �KCXJAN!UTO Q S�PJNCKIJQ �FNADANUTO Q �KgFGFHIJQ UJN[ PTO Q R]PCNJUTO Q S�PJN!CKIJQ�KgFGFHIJQ� _I_JgK]KgFRJGNUT[ UFNADANFGFHIJUJN[ ]KgFRJGNUT[mRMFGFHIJ ]PJ[ EJAKEN]P\XNJ PFRO ZCXEFRCHU� PTO Q �VXTQ� PFRO�ZGP]XEFRCHU UJN[ PFRO �GZHUKALFRCP UJN[ Kc HCJmK XNJ[ ]KNCJ[ ]T!XJAPNUJ[ WNWGIJ HfCD JEF[ UFNADANF]KgFRJGNUJ[ BaXJPJ� KADO JEF[ PF[��") _TXF]IKRK UZBK _fF MC`ANJ KCKRATPNUK[ Q KUBa]KNQ ]PF[ EGJI]NFKb AF[ Q XJUC`EAFFR KCKRATPNUFRO ECFHCZXXJPFQ HNJ[ PT[ A EJN_NUT[ ]K!gFRJGNU`PTPJ�
������������
�
�����1 ���� �������
��� %@ �6� �� �> �> �('� ���� �- ���I���KPZLCJ]T h HHKGFR @�GKLZAPT
��� ��� ������������
�`XFQ d �%9��� �� 6(I..�@ B\AJ ����� ����"� ]]� ("" $�#� �� Kb U�&� ��) ]Ma_NJ
��� ������������
�`XFQ �d *? ����� �� �> ������@ B\AJ ����� ����"� ]]� (�" $�#� �� Kb U�&� #' ]Ma_NJ
��� ������������
������������������ !
�UFRCJ[ A ]RA_RZYKN PKMANU\�FNUFAFXIJ UJN[ HGV]]J ]PT[ A J!
AJY\PT]T XNJO Q ]RAFGNUTO Q KNU`AJQ PTO QJABCVENATQ KgaGNgTQl Tb PJRP`MCFATMC\]T PFRO MKCNFRO UJN[ PFRO ECF]VEFRDb CNXZYKN KRBR[ Q KgJCMTO Q ]PT[ ]RXEK!CNLFCJ[ EFGGDO A WNFGFHNUDO A KN_DO A�KADO Tb KgaGNgT PFRO ]VXJPFQ UJN[ PFROKHUKLZGFR KENPCaEKN AJ[ _NJXFCLDBKNOXNJ[ ECJHXJPNUT[ +EJGJNFAPFGFHIJPTO QHGV]]JQ,� K[ WZ]T PT[ HAV]T PFROK_ZLFRQ UJN[ PFRO EKCNWZGGFAPFQ ECF]!_NFCIYFAPJN Tb FNUFAFXIJ ]PN[ Q UFNAD!AIKQ PDO A URATHDO A UJCEF]RGGKUPDO A� FNb ]RABTO UKQ KXLZAN]TQPTO Q HKDCHIJQ UJN[ PTO Q UPTAFPCFLIJQ� JGGJ[ UJN[ FNb PKMANUFFN!UFAFXNUK[ Q ]RAaEKNKQ EFR[ Fb _THFRO A ]PN[ Q PaMAKQ PTO Q LDPNJO Q
������������
�
$UKCJXNU\� XKPJGGFRCHIJ&� ]PT[ _NJX`CLD]T PDO A UFNADANUDO APZgKDA UJN[ ]PT[ A JAZEPRgT PFRO EFGKF_FXNUFRO Nb ]PFRO �
�PF[ A _KfPKCF P`XF� Fb ]RHHCJLaJQ MCT]NXFEFNKNO PT[ WNFGF!HNUT[ ECF]aHHN]T PDO A UFNADANUDO A LJNAFXaADAHNJ[ AJ[ JAJGf]KN_fFEK_IJlPT[ XA\XT UJN[ PT[ MKNCFECJgNJUT[ PKMANUT[ JLKA`Q� PF[ A]RXWFGN]XF[ PDO A CRBXDO A UJN[ PDO A XFCLDO A JLKPaCFR� S� LJ!APJ]NJUT[ KGKRBKCIJ UJN[ Tb PfMT PFRO Kc XLCFAFQ JABCVEFR UCI!BTUJA� UJPJ[ PF[ A �KCFRJ[ !�UFRCZA� JEF[ PN[ Q _NJ_FMNUK[ Q +JEK!GKRBKCV]KNQ,l JEF[ PT[ A JEKGKRBaCD]T PFRO MKCNFRO Db Q PT[ A J!EKGKRBaCD]T PFRO KCHJGKIFR� PTO Q XRiUTO Q _fAJXTQ� PTO Q XA\XTQ�
S� @ APCK[ �KCFRJ[ !�UFRCJ[ A $�JCI]N ����!��' &� �ZGGFQ ECFi]PF!CNUF[ Q JCMJNFG`HFQ UJN[ KBAFG`HFQ� KCKRATPT[ Q PDO A JCMJIDA EFGNPN!]XDO A MDCN[ Q HCJL\� JLFRO _I_JgK ]PJ[ �JAKEN]P\XNJ PTO Q �RF[ A UJN[PFRO �JCN]NFRO � _NJ_aMPTUK PF[ A JWJ[ @ ACN[ ECaNH UJN[ PF[ A �D[ CY�PRXKYN[ G ]PT[ A Ke _CJ PTO Q �CFi]PFCIJQ PFRO �FGKHIFR PTO Q �JGGIJQ�KHUJNANZYFAPJQ XNJ[ _N_J]UJGIJ $�� �!��'�& ]PF[ ]PJRCF_C`XN EFG!GDO A KEN]PTXDO A� �F[ Kc CHF PFR UJPJgNVBTUK Db Q UGJ]NUF[ UJN[ KETCa!J]KPN[ Q UJPFENAK[ Q HKANK[ Q KBAFG`HDAUJN[ ECFi]PFCNUDO A JCMJNFG`HDA�@ APNPZMBTUK ]PT[ _NJICK]T PTO Q @ ABCDEFGFHIJQ ]K[ LR]NU\� UFNAD!ANU\� EFGNPN]XNU\� ECF]WGaEFAPJQ ]K[ XNJ[ KEN]P\XT Kb ANJIJ UJN[ ]fA!BKPTl PT[ A @ ABCDEFGFHIJDb Q +]EFR_T[ PFRO JABCVEFR,� Fe EDQ Kc GKHK Fb�KWN[ !�PCVQ�
������������
��A �������
��������6%�6���'�KPZLCJ]T �NVCHFR �CKWKGZUT
@ B\AJ ��'"� )���"� ]]� �" $�"� �# Kb U�&� (� ]Ma_NJ UJN[ �( KNU`AKQ
�� ����������������
������ ���� ����� � ������ � ���� ��
XKHZGKQ UJPKRBfA]KNQl PT[ �R]NUT[ �KDHCJLIJ UJN[PT[ A @ ABCDEFHKDHCJLIJ� S� Jc ABT]T PTO Q @ ABCDEF!
HKDHCJLIJQ� EFR[ FLKIGKPJN ]K[ EFGGFR[ Q G`HFRQ� JAZXK]J]PFR[ Q Fb EFIFRQ KNk AJNUJN[ FNb Rb ETCK]IKQ EFR[ XEFCKNO AJ[ ECF]LaCKNHNJ[ PT[ A KEIGR]T PDO A EFGKF_FXNUDO A UJN[ MDCFPJgNUDO A ECFWGT!XZPDA� KAN]MfKN PT[ A PZ]T AJ[ BKDCKNO PJN Tb �KDHCJLIJ KEN]P\!XT PFRO @ ABCVEFR XJO GGFA EJCJ[ PTO Q �f]TQ� JAPIBKPJ XK[ Fe �PNEN]PKfKPJN HKANUJ[ ]PT[ MVCJ XJQ� S� @ ABCDEFHKDHCJLIJXEFCKNO AJ[ EJCJGGTGN]PKNO XK[ PT[ ]fHMCFAT S�]PFCIJl UJN[ FNb _fFKEN_NVUFRA PT[ ]LJNCNU`PTPJ� J]MFGFfXKAKQ XK[ PT[ ]fHMCFATUFNADAIJr _NJLaCFRA� Fe XDQ� Db Q ECF[ Q PT[ _NZ]PJ]T ]PT[ A Fb EFIJ_IAFRA Kc XLJ]Tl Tb S�]PFCIJ ]PF[ MC`AF� Tb $ @ ABCDEF&HKDHCJ!LIJ ]PF[ MDO CF�
S� JAZEPRgT PTO Q ]fHMCFATQ Nb ]PFCNUTO Q ]UamTQ ]PF[ A P`EFXJQ UJPJ[ PN[ Q PKGKRPJNO KQ _KUJKPIKQ _K[ A Kc MKN PF[ EJCZGGTG` PTQ]PT[ �KDHCJLIJ� S� ��������6%�6���'� PFRO J[ g �PKCCRD[BJ[ WFTB\]KNAJ[ UJGRLBKNO JRPF[ PF[ UKA`��Nk AJN Ke AJUGJ]NUF[ Kc CHFJAJLFCJO Q� EFR[ PF[ UfCNF EGKFAaUPTXZPFR� Fe EDQ KEN]TXJIAKN Fb
�������� �������
�
]RHHCJLaJQ ]PT[ A KN]JHDH\ PFR� KNk AJN Fe PN EJCFR]NZYKN PT[ A@ ABCDEFHKDHCJLIJ XK[ PC`EF UJPJ[ PF[ _RAJPF[ A FR_aPKCFUJN[ JAPNUKNXKANU`�
S�J[ g�PKCCRD[ $����!���#&� JEF[ PFR[ Q HAD]P`PKCFRQ KUECF]VEFRQPTO Q HJGGNUTO Q HKDHCJLNUTO Q ]MFGTO Q� Rb ETO CgK UJBTHTPT[ Q ]PF[ �JAK!EN]P\XNF PFRO �GKCXF[ A!�KCCJ[ A UJN[ XKPJgR[ Jc GGDA _TXF]IKR]K PJ[Kc CHJ � ����&� ������ ��$������� �� ����������� $��#�& UJN[#��5�� &� ��5������������ $��)'&�
�������� �������
�
�����������
������� �����
;(%��� 6�� ��� &(�..�(�6'�KPZLCJ]T h AAJQ @ AJ]PJ]NZ_T!�RXKDAI_T
@ B\AJ ��'#� (���#� ]]� ��" $�#� �� Kb U�&
�� ������������
������� � �� � ����!
XTKN]JHDHT[ ]PT[ �GD]]FGF!HIJ� UJPJAFTPT[ UJN[ MC\]NXT
P`]F ]q KUKIAFRQ EFR[ JCMIYFRA KN_NUK[ Q]EFR_K[ Q Fe ]F UJN[ ]PF[ KRCfPKCF UFNA`�HNJPN[ EJCFR]NZYKN XK[ PC`EF ]JLT[ PN[ QWJ]NUK[ Q Kc AAFNKQ Kb AF[ Q PFXaJ XK[ PKCZ!]PNF KA_NJLaCFAUJN[ UJBF_THTPNUF[ C`!GF JAZXK]J ]PN[ Q ]fHMCFAKQ JABCD!EN]PNUK[ Q KEN]PTO XKQ� �PF[ Kc CHF JR!PF[ Kb CXTAKfFAPJN FNb WJ]NUK[ Q Kc AAFNKQ$E�M� KENUFNADAIJ!UV_NUJQ!X\ARXJ�GKNPFRCHIJ�]TXKNO F!]TXKNFGFHIJ�]RH!MCFAIJ!_NJMCFAIJ� _NEGT[ Jc CBCD]T�LVATXJ� KENP`AN]T UPG�&� UJN[ HIAKPJN UCNPNUT[ EJCFR]IJ]TPDO A _NJL`CDA HGD]]FGFHNUDO A ]MFGDO A UJN[ XKB`_DA $]RHUCN!PNUT[ HCJXXJPNU\� Nb ]PFCNUT[ HGD]]FGFHIJ� ]PCFRUPFRCJGN!]X`Q� HKAKPNUT[ HGD]]FGFHIJ&� @�gKPZYFAPJN FNb Kc CN_KQ UJN[ FNb_NJLDAIKQ EFR[ Rb EZCMFRA JAZXK]J ]PN[ Q _NZLFCKQ ]MFGK[ Q Db Q
�����������
�
ECF[ Q PT[ A FR]IJ Tp UJN[ X`AF Db Q ECF[ Q PT[ A Fb CFGFHIJ� UJN[ EJCJ!PIBKAPJN PJ[ EFNUIGJ HGD]]FGFHNUJ[ CKfXJPJ� �NJ[ PT[ _NKRU`!GRA]T PFRO n�GGTAJ JAJHAV]PT� PJ[ HJGGNUJ[ EJCJ_KIHXJPJUJN[ ]M\XJPJ Kc MFRA JAPNUJPJ]PJBKNO JEF[ JAPI]PFNMJ Kb GGTANUZ�UJN[ Kc MKN ECF]PKBKNO ]PF[ PaGFQ PFRO WNWGIFR EIAJUJQ Fe CDA $]PJ[Kb GGTANUJ[ UJN[ ]PJ[ HJGGNUZ&� SEZCMKN KEI]TQ EG\CTQ WNWGNF!HCJLIJ HNJ[ Fe ]FRQ BaGFRA AJ[ JAJPCagFRA ]K[ ENF[ JAJGRPNUJ[Kc CHJ�
S� �D[ CY FRAK[ A $����!���(& _I_JgK ]K[ HJGGNUF[ GfUKNF $��(�!��('&UJN[ _NKPaGK]K UJBTHTPT[ Q ]PT[ A �14#+ �#�2�+ ,9"��)�'� '�� $��# !��)'&� KCKRATPT[ Q ]PF[ @�BANUF[ �aAPCF @�EN]PTXFANUDO A @�CKRADO A PTO Q�JGGIJQ $����& $��)'!�� �& UJN[ UJBTHTPT[ Q PTO Q �KANUTO Q �GD]]F!GFHIJQ ]PF[ �JAKEN]P\XNF PTO Q �CFWTHUIJQ $�� �!��" &� �J[ ENF[HAD]PJ[ Kc CHJ PFR KNk AJNl � ����� ����&�0�� $��))&� � #�����0�����5���1�� &� �� ���&������ $�� (&� � ������������ ���5��1��$�� �&� �����&������ �0 �� �5�������� $��"�&� � �������1�� &� 66���0��� $��"�&� � ����5������ �� � ������������ $��")&�
�����������
�
���������
�������*�1�� �� �� *��1���
8�A^ ��?8 ` DA8A` �8�a]]KCNQ P`XFN
�� � � �����������
���� d
*? ������� %- ���7.��.�
KPZLCJ]T �RCNZUFR �� �JP]NXZAT
@ B\AJ ��"'� #���(� ]]� (�" $�#� �� Kb U�&
�� ������������
�a]]KCNQ XKGaPKQ HNJ[ PFR[ Q XKHZGFRQ KUECF]VEFRQ PFRO HKC!XJANUFRO N_KJGN]XFRO l PF[ A �ZAP� PF[ A h�HKGF� PF[ A �IMPK UJN[ PF[ A�aGGNAHU� S� PIPGFQ *?������� %- ���7.��.� Rb EF_TGVAKN Fe PNPF[ EKCNKM`XKAF PFRO P`XFR _K[ A EKCNFCIYKPJN ]PT[ _NKgF_NUT[ UJN[Kc HURCT Kc UBK]T PTO Q _N_J]UJGIJQ PDO A XKHZGDA �KCXJADO A N_K!JGN]PDO A� JGGJ[ KEKUPKIAKPJN UJN[ ]PN[ Q JEFLJ]N]PNUK[ Q KENEPV!]KNQ PTO Q +UFEKCAIUKNJQ $JAPN&!]PCFLTO Q, PFRO �J[ AP ]K[ Fe GT PT[XKPJHKAa]PKCT LNGF]FLNUT[ ]UamT�
�RAKCHZPKQ PFRO P`XFRl�%#" +�%�+ $*?������� %- ���7.��.�r *?%- 6%(���� �%57&� � �2�" � �" , �+ �4��': � $;7��&� ���4 +� 1-") � $c�6%(��&� �+ <)� *�)+#" ";# $`'9�%& UJN[ A�%) � �)++) �� $8�((�6&�
���������
���
���� �d
"/�� �- I���i ^������� 1 ;�����($6�
KPZLCJ]T �IPFR �JPCIUNFR� �JfGFR �CN]PF_FRGI_T
@ B\AJ ��"'� (����� ]]� ('� $�#� �� Kb U�&
�� �����������
�J[ _FUIXNJ JRPFRO PFRO P`XFR JAJLaCFAPJN ]K[ LNGF]FLNUJ[ CKf!XJPJ PFRO ��FR JNVAJ� EFR[ PJgNAFXFRO APJN ]K[ _fF UKLZGJNJ��PF[ ECDO PF� XK[ PF[ A HKANUF[ PIPGF +�F[ CFXJAPNUF[ ]PFNMKNO F,�UJPJHCZLFAPJN Fe GKQ KUKNO AKQ FNb LNGF]FLNUK[ Q JAJYTP\]KNQ�KCXJADO A URCIDQ ]PFMJ]PDO A� EFR[ XEFCFRO A AJ[ FAFXJ]PFRO ACFXJAPNUaQ� ]K[ JAPNEJCZBK]T ECF[ Q PT[ A N_KFGFHIJ PFRO HJGGN!UFRO �NJLDPN]XFRO r JAJGfKPJN PF[ Kc CHF PFRO �UJNOPK� PFRO �FRO !XEFGP UJN[ PFRO �GZNKCXJMKC� PDO A +LNGF]`LDA PTO Q Lf]TQ,$���'�7�)+#�#7� " jXK[ ]TXJAPNU`PKCFRQ KUECF]VEFRQ PF[ AEZAPKC UJN[ PF[ A �aGGNAHU&� PFRO �FEKHMZFRKC� PFRO �ICUK!HUDC UJN[ PDO A +FEJ_DO A PTO Q EJCZ_F]TQ, $�PK[ JI]PC� EF!AZG��JXKAAJI��FA]PZA�ENCZA&��F[ _KfPKCFUKLZGJNF� +S�JAPI_CJ]T PDO A UFNADANFG`HDA,� KgKPZYKNPN[ Q UCNPNUK[ Q XKGaPKQPDO A N_KFG`HDA $�JXEJAIQ� �PK]PR[ APK[ �CJ]f� �FGAJI� �J!CFXNHUNK[ C U�Jc �&� PF[ UFNADANUF[ Fe CJXJ EFR[ ECFWZGGKPJN ]PF[Kc CHF PDO A +FRPFEN]PDO A, �JN[ A!�NX`A� �FRCNK[ UJN[ �CFRAP`A�PF[ BKPNUN]XF[ PFRO RHFf]PFR �`AP� UJN[ UGKIAKN XK[ Ke AJ ]TXJA!PNUF[ JEF[ XKBF_FGFHNUT[ Jc EFmT UKIXKAF HNJ[ PF[ A ZCg�
�RAKCHZPKQ PFRO P`XFRl *) �� ��#�)-"#" $����� ��� � &�� �% �f � ��� �������������&��"�#)" ��)%� $*? �(�.��'� ��� � �+.�� .��� � 6%�1����� ������.�$&� �+ <)� *�)+#" ";# >������������?� �",� 1 �� ")% B $A> �- ����� ��� � ���7��.��| A> - �%�($6�&� ��48' � �#+ �� >@���������&?� �)2#" � &#'� >�����-�����3 (������3 #���&���?��)4� + � �� �� �"�, �� "��', � � �" *�'+ �"��#% " $*A ��-���� ���� �� �> �%�.��� �& UJN[ � "�) � . &%� >���??�
���������
��
���� �d
"/��1 !�� � �- I���i *? %- 5%(��� `(�.��'�����%� � �(�.��%� � .9�(%� �
KPZLCJ]T JCNGIYJQ TP]FRO
@ B\AJ ��"�� (����� ]]� (( $�#� �� Kb U�&
�� �����������
RPF[ Q Fb P`XFQ JAJLaCKPJN ]K[ ]TXJAPNUJ[ LNGF]FLNUJ[ CKfXJPJPFRO ��FR UJN[ PDO A JCMDO A PFRO ��FRO JNVAJ� �F[ ECDO PF XaCFQ� XK[PF[ A HKANUF[ PIPGF +S� KgKGNUPNUT[ �NGF]FLIJ,� EKCNGJXWZAKN]MFGK[ Q UJN[ ]R]P\XJPJ PTO Q KRCDEJiUTO Q �NGF]FLIJQ EFf� KADOEJCFR]NZYFRA JRP`AFXT JAZEPRgT UJN[ XKHZGKQ _NJLFCaQ� MJ!CJUPTCIYFAPJN JEF[ PT[ A UFNA\ PFRQ EC`]_K]T ]PT[ A Kc AAFNJ PTO QKgaGNgTQ� �K[ JRPT[ PT[ A PZ]T KAPZ]]FAPJN FNb h HHGFN CNYF]EJ!]PNUFN[ LNG`]FLFNEaABJX��PNFfJCPIG��EaA]KC UJN[ �JC!WIAFQ� Fb �ZGGFQEKCgF[ A UJN[ Fb �KCXJAF[ Q �IP]K� �PF[ _KfPKCFXaCFQ KgKPZYFAPJN _NKgF_NUJ[ FNb KBANUK[ Q LNGF]FLNUK[ Q ]MFGK[ QPTO Q Nc _NJQ EKCN`_FRl Tb JHHGF]JgFANU\� Tb NPJGNU\� Tb HKCXJANUT[UJN[ Tb HJGGNU\� S� P`XFQ UGKIAKN XK[ Ke AJ UKLZGJNF HNJ[ PT[ AKF!KGGTANUT[ LNGF]FLIJ JEF[ PF[ �"") Do Q PF[ ��#�� EFR[ PF[ KENXKG\!BTUK Tb XKPJLCZ]PCNJPFRO P`XFRUJN[ JEFPKGKNO PJN JEF[ JEF]EZ!]XJPJ PTO Q �N]JHDHTO Q PFRO ���� �JEJAFfP]FR ]PFR[ Q _fFP`XFRQ PTO Q �J]NUTO Q �NWGNFB\UTQ EFR[ JAJLaCFAPJN ]PT[ AKF!KGGTANUT[ LNGF]FLIJ�
�RAKCHZPKQ PFRO P`XFRl ����6 '��#:� �4�#" $����%�.��� � ��%- 5%(�.�$�| *?�- 66(�.�5���� �(�.��'�&��",� 1��")% B >����������| �%�%� � �@ B%� ��� � 6�((�� � �(�.��'��&� �)4� + ����>'���4���?� �)4#+� �,�+#") $*? - ��(�� �(�.��'�& UJN[ *) �� ��#�)-"#" $*? 6%������ �(�.��'�&�
���������
���
���� �d
!�� � �- I���i 8+69���� �(�.���� �%+����
KPZLCJ]T �IUFR �J]FLI_T� �D]PTO �JEJHNVCHT
@ B\AJ ��'�� (����� ]]� #�" $�#� �� Kb U�&
�� �����������
�K[ JRPF[ PF[ A P`XF KENMKNCFRO APJN EJCZGGTGKQ ECF]KHHI]KNQ]PJ[ XKHZGJ LNGF]FLNUJ[ CKfXJPJ PFRO ��FRO JNVAJ� S� EFGR!XFCLIJ PDO A JAJYTP\]KDA EFR[ MJCJUPTCIYFRA PT[ LNGF]FLNUT[]UamT ]PF[ A JNVAJ XJQ� ]K[ ]RAZCPT]T XK[ PN[ Q KEJAJ]PJPNUK[ QUJPJUP\]KNQ PTO Q KEN]P\XTQ UJN[ PJ[ XKHZGJ UFNADANUFEFGNPN!UJ[ HKHFA`PJ� AFXNXFEFNKNO PT[ _NKfCRA]T PFRO Fb CN]XFRO PTO Q LN!GF]FLIJQ� Kc P]N De ]PK AJ[ XT[ A gKAIYKN Tb EJCZBK]T UKLJGJIDAEFR[ JAJLaCFAPJN ]K[ EKCNFMK[ Q P`]F _NJLFCKPNUK[ Q Fe ]F PF[ BK!FGFHNUF[ ]f]PTXJPFRO AKFBDXN]XFRO � Fe EDQ _NJXFCLVAKPJN JEF[PT[ A JAPNEJCZBK]\ PFRXK[ PJ[ UF]XNUJ[ LNGF]FLNUJ[ ]R]P\XJPJrFNb ECDPFEFCNJUK[ Q JAJUJGfmKNQ PTO Q mRMJAZGR]TQ JEF[ PF[ A�C`NAP Do Q PF[ A �JUZAr Tb JAZGR]T PTO Q LNGF]FLNUTO Q HGV]]JQ]PN[ Q _NZLFCKQ KULZA]KNQ PTQl ]RXWFGNUT[ UJN[ PRENUT[ GFHNU\�GFHNUF[ Q BKPNUN]X`Q� JAJGRPNUT[ LNGF]FLIJr Tb LJNAFXKAFGFHIJPFRO �FRO ]]KCG UJN[ Tb KLJCXF]XaAT KU_FM\ PTQ ]PF[ Kc CHF PFROJ[ g �aGKCr Tb LNGF]FLNUT[ BKDCIJ PFRO �NUFGZN �ZCPXJAr Pa!GFQ� Fb Rb EJCgN]X`Q� Fe EDQ PF[ A JAPNGJXWZAFAPJN FNb �KCXJAFN[LNG`]FLFN �J[ CG �NZ]EKCQ UJN[ ZCPNA �ZNAPKHUKC� UJN[ FNb�ZGGFN �UJXECNK[ G JC]aG� �J[ A!�D[ G �J[ CPC UJN[ � KC!GD[ !�FAPf�
�RAKCHZPKQ PFRO P`XFRl ���4 + � 1-") �� ����6 '��#:� �4�#"�� #�- ��'�%)�4������� �#& ��� *) �� ��#�)-"#"� A�%) � �)++) �� ����"45#)� ����'�� �� �� �� *'44)�")� �+�', � .#��� � �" �'4�#" " � UJN[ � ")� 0��+�:�;6�
���������
���
�� ��������� �� ��������
�&g� ^ ) A 8�A^ �8�?8 ` DA8A` �8
KPZLCJ]T �� � �UFRPKC`EFRGFR
�CKNO Q P`XFN
�� � � �����������
�� ������ ������� ������������������!
HCJXXJ KUPIBKPJN XK[ XFAJ_NUT[ ]JL\AKNJ Tb KgaGNgT PTO QKRCDEJiUTO Q �NGF]FLIJQ JEF[ PT[ A JEVPJPT JCMJN`PTPJ
Do Q PT[ ]fHMCFAT KEFMT[ UJN[ HIAKPJN LJAKCF[ Xa]J JEF[ EFNK[ Q_NJ_NUJ]IKQ PTO Q ]UamTQ _NJXFCLVBTUJA FNb BKXKGNJUK[ Q JCMK[ QXK[ PN[ Q Fb EFNO KQ ]\XKCJ KAAFFRO XK KEN]PTXFANUJ[ UJN[ UCIAFRXKPF[ AU`]XF UJN[ PT[ YD\� �F[ UaAPCF WZCFRQ PFRO WNWGIFR KAPFEIYKPJN]K[ JRPF[ EFR[ JEF[ LNGF]FLNUT[ Jc EFmT KNk AJN PF[ ENF[ ]TXJAPNU`l]PT[ A Nb ]PFCIJ PDO A ECFWGTXZPDA UJN[ PDO A KAAFNDO A� EFR[ FNb ]RH!HCJLKNO Q PT[ ]RGGJXWZAFRA Db Q Ke AJ ]RAKMK[ Q Fe GFA�
�RHHCJLaJQ PFRO Kc CHFR� EFR[ KU_`BTUK ]PT[ �KCXJAIJ PF[ �'��� KNk AJN FbLNG`]FLFQ �IGMKGX �IAPKGXEJAP $�'#'!���)&� UJBTHTPT[ Q �NGF]F!LIJQ ]PF[ �JAKEN]P\XNF PTO Q �Ji_KGWaCHTQ UJN[ BKXKGNDPT[ Q PTO Q AKF!UJAPNJATO Q ]MFGTO Q PTO Q �Z_TQ� �F[ Kc CHF HAVCN]K EFGGK[ Q KU_`]KNQ UJN[Kc MKN ]RXEGTCDBKNO UJN[ KATXKCDBKNO XK[ WZ]T PJ[ EFCI]XJPJ PDO A AK`!PKCDA KCKRADO A� P`]F JEF[ PF[ A Nc _NF PF[ A ]RHHCJLaJ Fe ]F UJN[ jXKPJ[ PF[BZAJP` PFRj JEF[ _NJECKEKNO Q UJBTHTPK[ Q HKCXJANUDO A EJAKEN]PT!XIDA� �PT[ A �(T Kc U_F]T PFRO Kc CHFR $��()& ECF]PaBTUK� KUPF[ Q PDO AJc GGDA� XNJ[ Kb A`PTPJ HNJ[ PT[ LNGF]FLIJ PFRO ��FRO JNVAJ� Tb Fb EFIJ _IAKN
���������
���
XNJ[ KNU`AJ PDO A ]fHMCFADA LNGF]FLNUDO A CKRXZPDA� KENPKfgKDA UJN[ECFWGTXJPN]XDO A� UJN[ PT[ A Fb EFIJ ]RAaPJgK Fb �ZNAPQ�ZNX]KP $�'' !��")&� Nb ]PFCNUF[ Q PTO Q �NGF]FLIJQ UJN[ UJBTHTPT[ Q ]PJ[ EJAKEN]P\XNJPFRO ZCXEFRCHU UJN[ PTO Q �FGDAIJQ�
���� d
*? `(�.��'� ��� � �- �9�'�� *�((����*? `(�.��'� ��� � %> ((��.��� � �� ����C�� � 9�$���
@ B\AJ ��'�� #����� ]]� (#� $�#� �� Kb U�&
�� ����������
S� ECDO PFQ P`XFQ JCMIYKN XK[ Ke AJ KN]JHDHNUF[ UKLZGJNF� Fe EFRKgKPZYKPJN Tb Kc AAFNJ PTO Q �NGF]FLIJQ UJN[ _NJ]JLTAIYFAPJN WJ!]NUJ[ XKBF_FGFHNUJ[ ECFWG\XJPJ PTO Q S�]PFCIJQ PTO Q �NGF]F!LIJQ� @ UFGFRBKNO Tb Kc UBK]T PTO Q JCMJIJQ Kb GGTANUTO Q�NGF]FLIJQ�EFR[ UFCRLVAKPJN ]PT[ A JAZGR]T PDO A PCNDO A XKHZGDA LNGF]F!LNUDO A ]R]PTXZPDAl PFRO Rb GN]XFRO $�TX`UCNPFQ&� PFRO N_KJGN!]XFRO $�GZPDA& UJN[ PTO Q JAaGNgTQ $@ CN]PFPaGTQ&� S� P`XFQFb GFUGTCVAKPJN XK[ PT[ A EJCFR]IJ]T PDO A _fF UfCNDA EKCN`_DAPTO Q �NGF]FLIJQ PDO A Kb GGTAN]PNUDO A UJN[ CDXJiUDO A MC`ADAl PTO QTBNUTO Q $ @�EIUFRCFQ� �PFJ[ & UJN[ PTO Q BCT]UKRPNUTO Q $�GDPIAFQ&�
���� �d
*? �%.����� `(�.��'�l *? `(�.��'� ��� � ����6����.��*? `(�.��'� ���� )����.����
@ B\AJ ��'�� #���)� ]]� ( � $�#� �� Kb U�&
�� ������������
S� P`XFQ JRPF[ Q gKUNAJO XK[ PT[ A KgaPJ]T PTO Q XK]JNDANUTO Q �NGF!
���������
���
]FLIJQ� JEF[ PN[ Q JEJCMaQ PTQ $S�KCF[ Q RHFR]PIAFQ� Kc CN_J HNJ[PN[ Q HKANUK[ Q Kc AAFNKQ& Do Q PF[ A HKCXJANUF[ XR]PNUN]XF[ PFRO h�U!UJCP� ]RAKMIYKN XK[ PT[ A Kc UBK]T PDO A _fF EKCN`_DA PTO Q �NGF!]FLIJQ PTO Q @ AJHaAAT]TQ� PTO Q JABCDEN]PNUTO Q UJN[ PTO Q LR]NF!HAD]PNUTO Q $�JCPa]NFQ� �ENA`YJ� �ZNXEANPQ&� UJN[ UGKIAKN XK[PT[ A EJCFR]IJ]T PDO A BKDCTPNUDO A UJN[ ECJUPNUDO A!TBNUDO A ECF!WGTXZPDA EFR[ Kc BK]K Tb �NGF]FLIJ PFRO �NJLDPN]XFRO � Do Q PJ[Xa]J EKCIEFR PFRO �'FR JNVAJ�
���� �d
*? 6%������ `(�.��'�l *? `(�.��'� ���� "/�� �- I��*? `(�.��'� ���� !��� �- I��
@ B\AJ ��')� (���)� ]]� ()� $�#� �� Kb U�&
�� �����������
�PF[ A P`XF JRPF[ A KgKPZYKPJN Tb HKCXJANUT[ �NGF]FLIJ� Tb Fb EFIJ]PT[ A UJXET[ PFRO �'FR ECF[ Q PF[ A ��F JNVAJ HAVCN]K XFAJ_NUT[Jc ABT]Tl UJPJCMJ[ Q Fb �ZAP� ]K[ N_NJIPKCF UKLZGJNF $+S� UJA!PNJAT[ UCNPNUT[ PFRO G`HFR,&� UJN[ KA ]RAKMKIJ Tb KgaGNgT PFRO N_K!JGN]XFRO $�IGGKC� �IMPK� �aGGNAHU� �aHUKG� �GZNKCXJMKC��aCXEJCP� �FEKHMZFRKC&� �IAKPJN KEI]TQ XNJ[ KEN]U`ET]TPTO Q �NGF]FLIJQ PFRO ��FR JNVAJ $JAZEPRgT PTO Q mRMFGFHIJQ�LR]NFHAD]PNUT[ UJN[ Nb ]PFCNUT[ XaBF_FQ ]UamTQ� Jc PFXF UJN[ UFN!ADAIJ� PF[ EC`WGTXJ PDO A JgNDO A& UJN[ PFRO ��FRO JNVAJ� UJN[ FbP`XFQ UGKIAKN XK[ KUPKPJXaAF EIAJUJ PDO A LNGF]FLNUDO A KA!AFNDO A EFR[ EKCNaMFAPJN ]PF[ PCIPFXF Kc CHF�
���������
���
�� �� �����
�- .�6�6�� .��� `(�.��'� ��� � * .���'��KPZLCJ]T �JAFfCNFR �� �VCFR
@ B\AJ ��'�� #��� � ]]� ((( $�#� �� Kb U�&
�� �����������
� ���� ������ � ��� �� ��� ������
EFR[ FNb LNG`]FLFN BJ[ XEFCFRO ]JA AJ[ PJ[ ECF]agFRA� HCZ!LKN Fb �RD[ GQ ]PF[ A EC`GFH` PFR� RPF[ Q KNk AJN Fb UfCNFQ
]UFEF[ Q PFRO WNWGIFR� PF[ Fb EFNO F BKDCKNO PJN ENJ[ UGJ]NUF[ ]PF[ A PF!XaJ PFR� S� ]RHHCJLaJQ BIHKN BaXJPJ EFR[ JLFCFRO A UJN[ PN[ Q _fFWJ]NUK[ Q UJPKRBfA]KNQ PTO Q �NGF]FLIJQ PTO Q S�]PFCIJQ� _TGJ_T[PT[ XKPJLR]NUT[ BKVCT]TUJN[ PT[ HAD]NFGFHNUT[ _NKCKfAT]T�MCT!]NXFEFNVAPJQ EJCJ_KIHXJPJ JEF[ PJ[ ENF[ HAD]PJ[ UKLZGJNJPTO Q�JHU`]XNJQS�]PFCIJQ��F[ ECDO PFXaCFQPFRO WNWGIFRECJH!XJPKfKPJN BaXJPJ GFHNUTO Q PTO Q Nb ]PFCNUTO Q ]UamTQ� KADO PF[ _Kf!PKCF JEFPKGKNO UCNPNUT[ EJCFR]IJ]T PDO A ECF]EJBKNDO A EFR[ Kc !MFRA HIAKN HNJ[ XNJ[ XKPJLR]NUT[ Kb CXTAKIJ PTO Q S�]PFCIJQ� �PF[KEIXKPCF KgKPZYFAPJN _fF JU`XT BaXJPJl +�J[ Fe CNJ PTO Q KEN!]PTXFANUTO Q S�]PFCIJQ, UJN[ +S� JNPN`PTPJ ]PT[ A S�]PFCIJ,�
S� ���� �RVGQ $���(!��' &� UJBTHTPT[ Q �NGF]FLIJQ ]PF[ �JAKEN!]P\XNF PFRO @�_NXWFfCHFR� _I_JgK ]PT[ A Ke _CJ �FHNUTO Q UJN[ KPJLR!]NUTO Q� �RAKCHZ]PTUK ]K[ EKCNF_NUJ[ �NGF]FLIJQ� @�UPF[ Q JEF[ PT[ A�- .�6�6�� .��� `(�.��'� ��� � * .���'��� EFGR[ HAD]PF[ Kc CHF PFRKNk AJN PF[ ����������
���������
���
�� �� ����
*? %> ((��.��� �(�.��'�8���'� ����+�%�� 8%����
KPZLCJ]T �PRGNJAFRO �TX`EFRGFR�RCPDO Q �CJHVAJ!FAZMFR
@ B\AJ ��'"� )����� ]]� ##( $�#� �� Kb U�&
�� �����������
��������������� � ����������� �� ������ �
Kb GGTAFCDXJiUF[ Q EFGNPN]XF[ Q UJPJ[ PT[ A EKCIF_F EFR[ JC!MIYKN XK[ PF[ BZAJPF PFRO KHZGFR @ GKgZA_CFR $(�(
E���& UJN[ PKGKNVAKN� ]RXWJPNUZ� XK[ PT[ A Te PPJ PFRO ZCUFR @ A!PDAIFR JEF[ PF[ A @�UPJWNJAF[ ]PT[ AJRXJMIJ PFRO @ UPIFR� PF[ (�E��� �PT[ _NZCUKNJ PDO A PCNDO A JRPDO A JNVADA� PT[ A UKAPCNUT[Ba]T ]PT[ A JCMJIJ LNGF]FLIJ _K[ A PT[ A UJPKNO MK FRc PK Fb �GJPD!AN]XF[ Q FRc PK Tb EKCNEJPTPNUT[ EJCZ_F]T EFR[ BKXKGID]K Fb @ !CN]PFPaGTQ� JGGJ[ Fb �PDNUN]X`Q� Fb �UKEPNUN]XF[ Q UJN[ Fb @�EN!UFRCN]X`Q� LNGF]FLNUJ[ ]R]P\XJPJ EFR[ JAJEPfMBTUJA Fe GJXKPJ[ PF[ A @ CN]PFPaGT� RPJ[ KNk AJN PJ[ EAKRXJPNUJ[ UNA\XJPJEFR[ UJBFCIYFRA PN[ Q UfCNKQ UJPKRBfA]KNQ PTO Q LNGF]FLIJQ ]PF[ AKb GGTAN]PNUF[ U`]XF� UJN[ +Kb GGTAN]PNUT[ LNGF]FLIJ, KNk AJN Fb Fe CFQEFR[ MCT]NXFEFNKNO PJN ]PF[ WNWGIF Fe PJA HIAKPJN JAJLFCJ[ ]PJ[UNA\XJPJ JRPJ[ Db Q ]fAFGF� S� KENCCF\ PFRQ ]RAKMI]PTUK UJPJ[PT[ �DXJiUT[ RPFUCJPFCIJ UJN[ ]PFR[ Q UJPFENAFR[ Q MC`AFRQ� Do QPF[ A �F JNVAJ E���� Fb E`PK Jc CMN]K XNJ[ XJUC`MCFAT JAJWID]TPFRO �GJPDAN]XFRO UJN[ JLREAI]PTUK PF[ KA_NJLaCFA HNJ[ PJ[PKMANUJ[ JCN]PFPKGNUJ[ ]RHHCZXXJPJ� S� GKEPFXKCT[ Q JAZGR!
���������
��
]T PTO Q Kb GGTAN]PNUTO Q LNGF]FLIJQ PKGKNVAKN XK[ PN[ Q KgKGIgKNQJRPaQ� EFR[ JEFPKGFRO A JNPIJ UJN[ ]fXEPDXJ XNJO Q KUGKUPNUTO QLZ]TQ ]PT[ A Kb GGTANUT[ UJN[ CDXJiUT[ ]UamT� ]PT[ _NZCUKNJ PTO QFb EFIJQ PJ[ Kb GGTAN]PNUJ[ ]R]P\XJPJ JEFUPFRO A _KRPKCKfFR]J]TXJ]IJ HNJ[ PF[ A Nb ]PFCNUF[ PTO Q LNGF]FLIJQ�
S� � � �F[ AHU KNk AJN h HHGFQ Nb ]PFCNUF[ Q PTO Q �NGF]FLIJQ� KN_NUKR!XaAFQ ]PT[ A Kb GGTAN]PNUT[ �NGF]FLIJ� h�MKN _N_ZgKN ]PF[ �JAKEN]PT!XNJUF[ �FGaHNF PFRO �FA_IAFR UJN[ ]PF[ �JAKEN]P\XNF PFRO �IWKCEFRGUJN[ ]\XKCJ KNk AJN UJBTHTPT[ Q PTO Q @ CMJIJQ �NGF]FLIJQ ]PF[ �JAK!EN]P\XNF PFRO EaCUGR�
���������
���
�� �� ���� �� �� ������ �� ��������
A> ���.������ �($.���KPZLCJ]T �TXF]BaAT �FfCPFWNU
@ B\AJ ��''� )��� � ]]� ) ( $�"� �# Kb U�&
�� �����������
�� ���� ��� �� �����!_TXF]NKfPTUK PF[ ��)"� ECFFCI!YKPJN URCIDQ HNJ[ Fe ]FRQ KA_NJ!
LaCFAPJN HNJ[ PT[ A Nb ]PFCIJ PTO Q JCMJIJQKb GGTANUTO Q ]UamTQr Db ]P`]F FNb ]RH!HCJLKNO Q� XKPJLCZYFAPJQ Fe GJ PJ[ JC!MJNO J Kb GGTANUJ[ MDCIJ UJN[ EKCNFCIYFA!PJQ XKCNUK[ Q KENXaCFRQ JAJGf]KNQ ]K[]TXKNV]KNQ� BaGT]JA AJ[ UZAFRA PF[ WN!WGIF MC\]NXF UJN[ HNJ[ Fe ]FRQ XKGKPT!PK[ Q PTO Q Nb ]PFCIJQ PTO Q LNGF]FLIJQ Tp PTO QKEN]P\XTQ _K[ A KNk AJN KgFNUKNDXaAFN XK[JRPF[ A PF[ A ]TXJAPNUF[ UJN[ HFTPKRPNUF[PFXaJ� �Nb ]RHHCJLKNO Q EKCN`CN]JA PF[BaXJ PFRQ ]PFR[ Q URCN`PKCFRQ ECF]DUCJPNUFR[ Q +LR]NUFR[ Q,UJN[ PFR[ Q ECF_C`XFRQ PFRQ� EFR[ KA_NJLaCBTUJA UJPJ[ UfCNFG`HF HNJ[ PT[ Lf]T UJN[ PT[ ]RAZLKNJ PDO A ECJHXZPDA HKANUZ��aWJNJ� ]K[ Fe GT PT[ _NZCUKNJ PFRO FR UJN[ PFRO )FR JNVAJ E���JAJEPf]]FAPJA KN_NU`PKCJ KA_NJLaCFAPJ� N_NJIPKCJ HNJ[ PJ[
���������
���
XJBTXJPNUZ� PT[ A J]PCFAFXIJ� PT[ HKDHCJLIJ� PT[ A NJPCNUT[ UJN[PT[ WNFGFHIJr JGGJ[ JRPJ[ PJ[ KENXaCFRQ YTP\XJPJ _K[ A JAJGfFA!PJN EaCJ JEF[ PJ[ KA_NJLaCFAPJ PDO A URCN`PKCDA LR]NUDO A� @�!EI]TQ _K[ A EKCNGJXWZAFAPJN FNb ]FLN]PaQ� PDO A Fb EFNO DA Tb BKPNUT[LNGF]FLNUT[ ]RXWFGT[ WCI]UKPJN URCIDQ ]PFR[ Q PFXKNO Q PTO Q K!EN]PTXFGFHIJQ UJN[ PTO Q ]TXJ]NFGFHIJQ� �Nb ]RHHCJLKNO Q _K[ AKENMKICT]JA AJ[ UZAFRA XNJ[ JR]PTCJ[ FCB`_FgT JAZGR]T PDO AUKNXaADA $Jp A KNk AJN AFTPF[ UZPNPaPFNF ]q Ke AJ EK_IF Fe EFR FNb HADO !XKQ JGGZYFRA P`]F HC\HFCJ&� JGGJ[ ]RMAJ[ ECFPKIAFRA PT[ _NU\PFRQ KCXTAKIJ� �JRP`MCFAJ Fe XDQ JAJLaCFRA ]RA\BDQ UJN[Jc GGKQ KCXTAKNO KQ PDO A _NJLNGFANUFfXKADA ]TXKIDA UJN[ ECF!]EJBFRO A AJ[ _V]FRA ]PF[ A JAJHAV]PT PJ[ ]PFNMKNO J HNJ[ AJ[ _NJ!XFCLV]KN PT[ _NU\ PFR Jc EFmT�
�F[ XaCFQ PFRO WNWGIFR EFR[ J]MFGKNO PJN XK[ PT[ A NDANUT[ EJCZ!_F]T� ]RXEKCNGJXWZAFAPJQ PFR[ Q ECF_C`XFRQ PTQ� UJBD[ Q UJN[PFR[ Q JPFXN]PK[ Q UJN[ PF[ A �NFHaAT� HCZLPTUK JEF[ PF[ A �����aCU� KADO PF[ XaCFQ EFR[ J]MFGKNO PJN XK[ PT[ A NPJGNUT[ EJCZ_F]T�UJBD[ Q UJN[ PJ[ UKLZGJNJHNJ[ PF[ A @ AJgJH`CJUJN[ PF[ A @ CMaGJF�HCZLPTUJA JEF[ PF[ A�����aNWKA��R]NUZ� PJ[ UKIXKAJPFRO Kb AF[ Q]RHHCJLaJ Rb EFWG\BTUJA ]PT[ A KgJAPGTPNUT[ UCNPNUT[ PFRO Jc G!GFR� KADO PF[ HKANUF[ ]Ma_NF PFRO WNWGIFR UJPJ]PCVBTUK UJN[ JEF[PFR[ Q _fF XJYI� �F[ ��"� FNb ]RHHCJLKNO Q JEFLZ]N]JA Fe PN PF[WNWGIF MCKNZYKPJN CNYNUT[ JAJBKVCT]T� �PF[ KHMKICTXJ _aMPT!UK AJ[ EZCKN XaCFQ Fb � �U`LTGAPl ]q JRPT[ PT[ A UJNAFfCNJKc U_F]T Rb EZCMFRA ]TXJAPNUK[ Q JGGJHaQ� URCIDQ ]PJ[ UKLZGJNJHNJ[ PFR[ Q @�GKJPNUFfQ� HNJ[ PFR[ Q �RBJHFCKIFRQ UJN[ HNJ[ PF[ A@�XEK_FUG\� PJ[ Fb EFNO J gJAJHCZLPTUJA JEF[ JRPF[ A ]fXLDAJXK[ PJ[ AK`PKCJ _K_FXaAJ PTO Q KEN]PTXFANUTO Q Kc CKRAJQ�
�NFHCJLNUJ[ ]PFNMKNO J ]PT[ ]� ((��
���������
��
�� �� �� ������
A> 8��.�%� �KPZLCJ]T �JXNJAFRO �]KUFRCZUT
@ B\AJ ��'�� #���(� ]]� )#( $�#� �� Kb U�&
�� ����������
�� ��� ������� ����� ���������� � ��!
GF]FLIJEJfKNAJ[ J]MFGKNO PJN XK[ PJ[ LR]NUJ[ LJNA`XKAJUJN[ ]PCaLKPJN ]K[ BaXJPJ EFR[ KNk AJN UJN[ ]\XKCJ P`]F
]MKPNUJ[ Fe ]F Tk PJA PT[ A ECVPT LFCJ[ EFR[ PaBTUJA JEF[ PFR[ Q�FLN]PaQ� �F[ A )F JNVAJ� ]PJ[ MC`ANJ PFRO �DUCZPT� Tb GagT .�1�.��� � UJPaGTgK AJ[ MCT]NXFEFNKNO PJN HNJ[ XNJ[ N_NJIPKCT PZgTJABCVEDA� _TGJ_T[ HNJ[ KEJHHKGXJPIKQ EJN_JHDHFR[ Q EFR[ _I!_J]UJA PFR[ Q AaFRQ UJN[ Kc _NAJA _TX`]NKQ _NJGagKNQ XK[ ]UFEF[ AJ[KN]ECZgFRA MC\XJPJ� �Nb KgaMFAPKQ �FLN]PK[ Q KA_NJLaCFAPJAHNJ[ Fe GFRQ PFR[ Q UGZ_FRQ PTO Q CTPFCNUTO Q� PT[ _NUJANU\� PT[ A EFGN!PNUT[ UJN[ PT[ A KEN_KNUPNU\�Db Q Jc ABCDEFNEFR[ PT[ A J]UFRO ]JA ]PT[ AECZgT JGGJ[ UJN[ Db Q _Z]UJGFN EFR[ PT[ ]R]PTXJPFEFIT]JA UJN[Kc HCJmJA CTPFCNUJ[ KHMKNCI_NJ� �NJ[ EFGGFR[ Q ]fHMCFAFRQ XKGK!PTPK[ Q FNb N_aKQ PDO A �FLN]PDO A Tk PJA ]fXEPDXJ EJCJUXTO Q� S�]PZ]T PFRO JBTAJiUFRO UFNAFRO UJN[ PDO A LNGF]`LDA Tk PJA JXLN!PJGJAPKR`XKAT JEaAJAPIPFRQ� JAPJAJUGVAPJQ PT[ XKPJWJPNUT[UJPZ]PJ]T PTO Q UFNADANUTO Q UJN[ EAKRXJPNUTO Q YDTO Q PTO Q @ B\!AJQ� �F[ WNWGIF JRPF[ ECF]EJBKNO AJ[ KNk AJN Fe ]F PF[ _RAJPF[ A JAPN!UKNXKANUF[ JEaAJAPN ]PF[ LJNA`XKAF PDO A �FLN]PDO A� KEN]TXJI!
���������
���
AFAPJQ PF[ A ]TXJAPNUF[ C`GF EFR[ Kc EJNgJA FNb BKDCIKQ PFRQ ]PT[YfXD]T UJN[ ]PT[ A KgaGNgT PDO A EAKRXJPNUDO A N_KDO A PTO Q KEFMTO QPFRQ ]K[ BaXJPJ Fe EDQl Tb BCT]UKIJ� FNb FCBFGFHN]PNUK[ Q BKDCIKQHNJ[ PT[ A KgaGNgT PFRO JABCVEFR� Fb A`XFQ UJN[ Tb KgI]D]\ PFR XK[PF[ _IUJNF� Tb JCKPT[ UJN[ Tb _N_JM\ PTQ� Tb EFGNPNUT[ !EKCNFR]NJUT[ !LRGKPNUT[ N]`PTPJ PDO A JP`XDA� Tb HGV]]J UJN[ PF[ EKCNKM`XKA`PTQ UJI� ECFEZAPDA� Tb ]MKPNU`PTPJ PDO A JE`GRPDA JgNDO A UJN[Tb KEI_CJ]\ PFRQ]PT[ A TBNUT[ BKDCIJ� RPF[ EFR[ FAFXZYKPJN K_DO]FLN]PNUT[ JAPIGTmT PFRO U`]XFR JAPN]PFNMKNO MFA_CNUJ[ ]PF[ AKb GGTANUF[ LNGKGKRBKCN]X`�
S� �RIGGNJX �T[ B �]aNXEKCQ �UZBCR $��� !��'�& _NKPaGK]K UJBT!HTPT[ Q PTO Q JCMJIJQ Kb GGTANUTO Q �NGF]FLIJQ ]PF[ �JAKEN]P\XNF PFRO�aXECNPY UJN[ XaGFQ PTO Q �CKPJANUTO Q @ UJ_TXIJQ� h�HCJmK EFGGJ[WNWGIJ UJN[ Jc CBCJ XK[ BCT]UKNFGFHNUF[ Tp LNGF]FLNUF[ EKCNKM`XKAF� �F[]EFR_JN`PKCF Kc CHF PFR KNk AJN Tb Kb gZPFXT Nb ]PFCIJ PTO Q JCMJIJQ Kb GGT!ANUTO Q �NGF]FLIJQ� PT[ A Fb EFIJ Fe XDQ _K[ A EC`GJWK AJ[ Fb GFUGTCV]KN�
���������
���
�� �� �� ������
8��7���KPZLCJ]T �Z]FR �NUFGJ�_T
@ B\AJ ����� #���)� ]]� ()( $�#� �� Kb U�&
�� ����������
������� ���� �� ���� �� �� �� ����>�A
�� ����� #�������� EKCNGJXWZAKN PFR[ Q �FLN]PK[ Q $WG�EJCJEZAD ]� (��& UJN[ PF[ A �DUCZPT� S� ]RAKgaPJ]\
PFRQ� ]PT[ A Fb EFIJ Fb ]RHHCJLaJQ KENXaAKN XK[ N_NJIPKCT Kc XLJ]T�KENPCaEKN AJ[ UJPJAF\]FRXK EGTCa]PKCJ Fc MN X`AF PN[ Q KENXa!CFRQ BKDCIKQ PDO A �FLN]PDO A UJN[ PF[ A ]DUCJPNUF[ JAPIGFHF�JGGJ[ PF[ A JCMJNO F Kb GGTANUF[ �NJLDPN]XF[ ]PF[ ]fAFG` PFR�
�PF[ WNWGIF JRPF[ KgKPZYKPJN Tb ECF]DENU`PTPJ UJN[ Tb LNGF!]FLNUT[ ]EFR_JN`PTPJ PFRO �DUCZPT� @ GGZ� ]K[ JAPIBK]T XK[Jc GGFRQ XKGKPTPaQ� FNb Fb EFNO FN ECF]KHHIYFRA PF[ A �DUCZPT X`AFJEF[ PT[ ]UFENJ[ PFRO �GZPDAJ Tp UJN[ PFRO �KAFLVAPJ� Fb �UZBCREN]PKfKN EVQ� KEKN_T[ Fb Nc _NFQ Fb �DUCZPTQ _K[ A Kc HCJmK PIEFPJ�FLKIGFRXK AJ[ JgNFEFN\]FRXK UCNPNUJ[ Fe GKQ PN[ Q XJCPRCIKQ EFR[Kc MFRXK ]PT[ _NZBK]\ XJQ HNJ[ PF[ A LNG`]FLF UJN[ PT[ _N_J]UJGIJPFR� h�P]N� ]PF[ ECDO PF UKLZGJNF Fb ]RHHCJLaJQ JgNFGFHKNO XK[ECF]FMT[ UJN[ KRBRUCN]IJP`]F PN[ Q XJCPRCIKQ PFRO �GZPDAJUJN[PFRO �KAFLVAPJ Fe ]F UJN[ PN[ Q EGTCFLFCIKQ EFR[ XJO Q _IAFRA Fb@ CN]PFLZATQ UJN[ Fb @ CN]PFPaGTQ� �PF[ _KfPKCF UKLZGJNF KgK!PZYFAPJN� XKPJgR[ Jc GGDA� Tb N_N`XFCLT ECF]DENU`PTPJ PFRO
���������
���
�DUCZPT� Tb JUJPJAIUTPT� Fe ]F UJN[ JAKg\HTPT� HFTPKIJ EFR[J]UFRO ]K ]K[ Fe ]FRQ PF[ A EGT]IJYJA� FNb EFGNPNUaQ PFR JE`mKNQ� FNbUJPTHFCIKQ EFR[ PF[ A Fb _\HT]JA ]PF[ BZAJPF� �F[ PCIPF UJN[ KUPK!Aa]PKCF UKLZGJNF PFRO WNWGIFR ECJHXJPKfKPJN PT[ ]EFR_JN`!PTPJ PFRO �DUCZPTDb Q LNGF]`LFR� @�_DO Fb �UZBCR JHHIYKNPT[ AUJC_NJ[ PFRO Fe GFR ECFWG\XJPFQ� EFR[ KNk AJN Tb KA]DXZPD]T PTO Q]DUCJPNUTO Q Xa]J ]PT[ A EGJPDANUT[ _N_J]UJGIJ� UJN[ ECF]EJ!BKNO XK[ FgfAFNJ UJN[ _NKN]_RPNU`PTPJ AJ[ _NJMDCI]KN PJ[ ]DUCJ!PNUJ[ JEF[ PJ[ EGJPDANUJ[ ]PFNMKNO J UJN[ AJ[ JEFPNX\]KN PT[ LNGF!]FLNUT[ ]RXWFGT[ PFRO _J]UZGFR��F[ UKLZGJNF PKGKNVAKNXK[ XNJ[]fAPFXT KgaPJ]T PDO A BKDCNDO A PFRO @ APN]BaAT� PFRO @ CN]PIE!EFR UJN[ PFRO �RUGKI_T� _TGJ_T[ PDO A Nb _CRPDO A PDO A ]DUCJPNUDO A]MFGDO A�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� (�#�
���������
���
�� �� ������
#(7���l *A �@ ������� �� ��� %@ �6� ���KPZLCJ]T @�FC_ZAT @ CY`HGFR
@ B\AJ ����� )����� ]]� "�( $�"� �# Kb U�&
�� ���������������
������� � �� � � �!
]T PDO A EGJPDANUDO A _NJG`!HDA MDCN[ Q ]R]PTXJPNUT[ PJ!
gNA`XT]T PFRO EKCNKMFXaAFR PFRQ UJPJ[BaXJPJ� S� ]RHHCJLaJQ JEFLKfHKNPT[ A Rb EFPJHT[ ]K[ ]M\XJPJ UJN[ JE`mKNQEFR[ ECF]EJBFRO A AJ[ KENWZGFRAXNJ[ ]R!HUKUCNXaAT FEPNUT[ ]PT[ XKGaPT PDO AKc CHDA PFRO �GZPDAJ� @�_NJIPKCT ECF!]FMT[ _IAKN ]PT[ MCFAFG`HT]T PDO A _NJ!G`HDA UJN[ PT[ ]UNJHCZLT]T PFRO Nb ]PF!CNUFRO EGJN]IFR UJN[ PTO Q KEFMTO Q� _K_F!XaAFR Fe PN Tb UJPJA`T]T PDO A EGJPDAN!UDO A UKNXaADA ECFsEFBaPKN PT[ HADCN!XIJ PFRO JAJHAV]PT XK[ PJ[ EC`]DEJ PDO A _NJG`HDA� PJ[ EKCN]!]`PKCJ JEF[ PJ[ Fb EFNO J Kc EJNgJA ]TXJIAFAPJ EFGNPNUF[ C`GF ]PT[ A@ B\AJ PFRO )FR UJN[ PFRO #FR JNVAJ�
���������
���
S� �CKPJAF[ Q LNG`]FLFQ h GLCKAP h�APFRJCAP �JITGFC $�' �!��#)&]RAaWJGK FR]NJ]PNUJ[ ]PT[ _NJX`CLD]T PTO Q ]fHMCFATQ _NJA`T]TQ]PFR[ Q PFXKNO Q PTO Q TBNUTO Q� PTO Q XKPJLR]NUTO Q UJN[ PTO Q LNGF]FLIJQ PTO QBCT]UKIJQ� SETO CgK JRBKAPIJ ]PT[ A JCMJIJ Kb GGTANUT[ �NGF]FLIJ� Fe !EFR _NJUCIBTUK URCIDQ HNJ[ PT[ XKGaPT PFRO �GZPDAJ� �F[ WNWGIF PFRJRPF[ $��� & JEFPKGKNO EG\CT JAZEPRgT PTO Q ]UamTQ PFRO �GZPDAJ�KADO PF[ 89$(�.��� ��'��� ���� #(7���� $���'& KNk AJNXNJ[ _NKgF_NUT[XKGaPT PTO Q EGJPDANUTO Q UF]XFGFHIJQ� S� LNGF]FLIJ PFRO �JITGFCKAPZ]]KPJN ]PT[ A EJCZ_F]T PFRO WCKPJANUFRO AKFKHKGNJAN]XFRO UJI�XFGFA`PN _aMPTUK EFNUIGKQ KEN_CZ]KNQ� EJCaXKNAK EN]PT[ ]K[ XNJ[BKi]PNUT[ UJN[ EAKRXJPFUCJPNUT[ Kb CXTAKIJ PTO Q ECJHXJPNU`PTPJQ�
���������
���
������ ��$���
*A ���.����(��#����.'�.� �� %> ����%'� ��� � .�B�� ���
�� � � �����������
�`XFQ d� KPZLCJ]T �� �FPYNJO !�JAPKGTO@ B\AJ ����� #��� � ]]� #") $�"� �# Kb U�&
�� ��������������
�`XFQ �d� KPZLCJ]T � �KDCHIFR!�JP]NWaGJ@ B\AJ ���#� #����� ]]� #'" $�"� �# Kb U�&
�� ����������������
�������� �� ������� ������ � ������
]RAFGNUT[ KNU`AJ PFRO @ CN]PFPaGT Db Q ]PFMJ]PTO � KEN!]P\XFAJUJN[ LNGF]`LFR��CF]EZBT]JAJ[ JAPJEFUCNBDO
]K[ PCKNO Q ]P`MFRQl ]PF[ UfCNF XaCFQ� AJ[ ECF]LaCD Ke AJ UKIXKAFHNJ[ PF[ A JAJHAV]PT EFR[ BJ[ Tc BKGK AJ[ EGTCFLFCTBKNO PI GaKN Fb@ CN]PFPaGTQ� EDO Q ]UaLPKPJN UJN[ EDO Q PKUXTCNVAKN PN[ Q JE`!mKNQ PFRr]PJ[ PREDXaAJXK[ XNUC`PKCJ]PFNMKNO J UFXXZPNJ� Ke AJUKIXKAF HNJ[ PFR[ Q JAJHADO ]PKQ EFR[ KA_NJLaCFAPJN HNJ[ PF[ A N_NJI!PKCF MJCJUP\CJ PDO A KENXaCFRQ ECJHXJPKNDO A UJN[ HNJ[ PT[ Ba]TPFRQ ]PF[ ]fAFGF PFRO Kc CHFR PFRO @ CN]PFPaGTr PaGFQ� ]PN[ Q Rb EF!]TXKNV]KNQ� PF[ Rb GNUF[ HNJ[ PFR[ Q JAJHADO ]PKQ EFR[ BaGFRA AJ[JUFGFRB\]FRA XJYI XJQ PF[ _C`XF EFR[ Fb _THKNO ]PF[ ]UFPKNAF[WJ]IGKNF PTO Q JCN]PFPKGNUTO Q Kc CKRAJQ� S� UfCNJ KEN_IDgT PFROWNWGIFR KNk AJN AJ[ EJCFR]NZ]KN PT[ ]RAFGNUT[ _TXNFRCHIJ PFRO@ CN]PFPaGT Db Q XNJ[ J_NZUFET EZGT XK[ ECFWG\XJPJ PTO Q KEF!MTO Q PFR UJN[ Db Q XNJ[ YDAPJA\� ]K[ UJXIJEKCIEPD]TEJHNDXaAT�LNGF]FLIJ� $����� ��� � #�$(�6� ���� .�66�����&
���������
��
S� h�AHUKXJC �PfCNAHU $����!��'#&� Ke AJQ JEF[ PFR[ Q XKHJGfPKCFRQJCN]PFPKGN]PK[ Q PFRO JNVAJ XJQ� Rb ETO CgK UJBTHTPT[ Q ]PF[ �JAKEN]P\!XNF PFRO �UJIPKXEFCHU� �JCEF[ Q PTO Q KCKRATPNUTO Q UJN[ ]RHHCJLNUTO QPFR _CJ]PTCN`PTPJQ KNk AJN Ke AJ EGTO BFQ XFAFHCJLNDO A UJN[ Jc CBCDA HNJ[PT[ YDT[ UJN[ PF[ Kc CHF PFRO @ CN]PFPaGT� UCNPNUK[ Q UJN[ Rb EFXATXJPN]Xa!AKQ KU_`]KNQ JCN]PFPKGNUDO A Kc CHDA� Tb JAJ]fABK]T PFRO _NJG`HFR#����%���� � UJN[ PF[ EFGfPNXF WNWGIF �������� �� ��� ������������������ ���&������
���������
��
�� �� ����
���.����(��KPZLCJ]T JCNGIYJQ TP]FRO
@ B\AJ ����� )����� ]]� #"' $�#� �� Kb U�&
�� ��������������� �����������
�� ��������������� ��� ������
������ �� ��� � ��
Fb _FNEFCNUF[ ]K[ Fe GKQ PN[ Q HAD!]PK[ Q ECJHXJPKNO KQ PFRO @ CN!
]PFPaGT� @ UFGFRBVAPJQ EN]PJ[ PJ[ A\!XJPJPTO Q JCN]PFPKGNUTO Q ]UamTQ Fe EDQKUPRGI]]KPJN Xa]J ]PJ[ Kc CHJ PFR� Fbh HHGFQ ]RHHCJLaJQ JAJ_KNUAfKN XK[LNGFGFHNUT[ JUCIWKNJ PJ[ UfCNJ HADCI!]XJPJ XNJO Q LNGF]FLIJQ Tb Fb EFIJ Kc BK!]K� ]K[ XKHZGF WJBX`� PN[ Q WZ]KNQ PTO QAK`PKCTQ KEN]P\XTQ� �MFGNJ]PT[ QXJO GGFA PDO A UKNXaADA ]PT[ A Nb ]PFCNUT[ECFFEPNU\ PFRQ EJCJ[ Kb CXTAKRPT[ Q TpPNXTPT[ Q PDO A JE`mKDA EFR[ KULCZYFRA�Fb �F[ Q JEFLKfHKN ]RA\BDQ AJ[ ECFMDC\]KN ]K[ UCNPNUF[ JEFGF!HN]X`� BKDCVAPJQ Fe PN Tb Nc _NJ Tb S�]PFCIJ PTO Q �NGF]FLIJQ Kc MKNJEFLJ]I]KN HNJ[ PT[ A JAPFMT[ PDO A JCN]PFPKGNUDO A N_KDO Al Jc GGKQPN[ Q JLFXFID]K _TXNFRCHNUJ[ UJN[ Jc GGKQ PN[ Q JEaCCNmK KHUJICDQDb Q GJABJ]XaAKQ� @ EF[ JRPT[ PT[ A Jc EFmT Tb XKGaPT PFR� EFR[
���������
��
ECDPFHCZLPTUK PF[ ���( UJN[ HAVCN]K Kc UPFPK EFGGK[ Q ]RXEGT!CDXaAKQ KEJAKU_`]KNQ� _NJPTCKNO JUaCJNT PT[ MCT]NX`PTPZPTQJGGJ[ UJN[ PT[ A EKCIFEPT Ba]T PTQ ]PT[ A JCN]PFPKGNUT[ WNWGNF!HCJLIJ PFRO JNVAJ XJQ�
S� �K[ C �PaNWNAP �F[ Q $�'""!��"�& Kc HNAK HAD]PF[ Q URCIDQ Db Q XKGKPT!PT[ Q UJN[ KU_`PTQ PFRO @ CN]PFPaGT� �F[ Fc AFXZ PFR Kc MKN ]RA_KBKNO XK[ PF[�FGaHNF h�CNKG PTO Q @�gL`C_TQ� Fe EFR _I_J]UK S�]PFCIJ PTO Q �NGF!]FLIJQ JEF[ PF[ ���� UJN[ KEN[ ]JCZAPJ EKCIEFR MC`ANJ� h�_D]K _NJ!GagKNQ UJN[ XJB\XJPJ ]PF[ �JAKEN]P\XNF PFRO @ XEKCAPT[ A UJN[ ]PF[�FGFfXENJ� �NKPaGK]K JUJ_TXJiUF[ Q UJN[ EC`K_CFQ JHHGNUDO A JGGJ[UJN[ _NKBADO A LNGF]FLNUDO A Kb PJNCKNDO A� �F[ ���' Jc CMN]K Tb ]RAKCHJ]IJPFR ]PT[ ]KNCJ[ UGJ]NUDO A UKNXaADA PTO Q @�gL`C_TQ� �CDO PJ KENXK!GTPT[ Q XKPJLCZ]KDA PFRO @ CN]PFPaGT UJN[ KA ]RAKMKIJ KU_`PTQ PDO A]TXJAPNU`PKCDA Kc CHDA PFRO @ CN]PFPaGT UJN[ PFRO �KFLCZ]PFR� EJ!CaXKNAK� Do Q PF[ �� �� ]PT[ A Rb ETCK]IJ PTO Q UCNPNUTO Q EJCZ_F]TQ PDO AUKNXaADA�
���������
�
������� �������
#(����%� � �%(��%�KPZLCJ]T @�FC_ZAT @ CY`HGFR
@ B\AJ ���#� ������ ]]� () $�"� �# Kb U�&
�� ������������
��� ������ �� ������������ � �� ������
PFRO �UCaHUFCR �GZ]PFQ HNJ[ EFNUIGJ BaXJPJ JEF[ PT[XKPJLR]NU\� PT[ A KEN]PTXFGFHIJ� PT[ A TBNUT[ UJN[ PT[ A UFN!
ADANUT[ LNGF]FLIJ PFRO �GZPDAJ� FGFA`PN EFGGJ[ JEF[ PJ[ _F!UIXNJ JRPJ[ Kc MFRA _TXF]NKRPKNO ]K[ _NZLFCJ EKCNF_NUJ[ LNGF]F!LIJQ UJN[ UGJ]NUTO Q LNGFGFHIJQ UJN[ ]K[ ECJUPNUJ[ ]RXEF]IDA�K_DO KXLJAIYFAPJN _fF AaKQ� XKIYFAFQ ]TXJ]IJQ� XKGaPKQ� S�XIJ JLFCJO PT[ A EGJPDANUT[ BKDCIJPFRO Kc CDPJ� _NKCKRAVAPJQ PT[XKPJLR]NU\ PTQ _NZ]PJ]T UJN[ PT[ A KXWaGKNJ PDO A KENEPV]KVAPTQ ]PN[ Q ECF]DENUK[ Q UJN[ EFGNPNUK[ Q ]Ma]KNQ� S� Jc GGT Kb ]PNZ!YKPJN ]PJ[ ECFWG\XJPJ ]TXJ]NFGFHIJQ UJN[ GFHNUTO Q EFR[ ECF!UfEPFRA ]PF[ A8��.���ECFPKIAFAPJQGf]KNQ]K[ UJICNKQ_R]UF!GIKQ JRPFRO PFRO BKXKGNV_FRQ EGJPDANUFRO Kc CHFR� �PF[ _FUIXNFJRPF[ Fb ]RHHCJLaJQ KUBaPKN JE`mKNQ JEF[ KUKNO AKQ EFR[ HKAAFRO A]M`GNJUJN[ PCFLF_FPFRO A YDTCK[ Q ]RYTP\]KNQXa]J JEF[ PN[ Q ]PTO !GKQ PDO A EJAKEN]PTXNJUDO A EKCNF_NUDO A� Fe EDQ Kc MKN ]RXWKNO XK[EJGJN`PKCJKc CHJPFR��J[ Rb E`GFNEJJc CBCJ�EFGGJ[ JEF[ PJ[ Fb EFNO JKNk AJN KUPKADO Q JAJBKDCTXaAJ� JEFPKGFRO A PF[ ]fAFGF]MK_F[ A PFRO_TXF]NKRXaAFR Kc CHFR PFRO ]RHHCJLaJ HNJ[ PF[ A �GZPDAJ�
���������
��
S� S�GGTAFJXKCNUJAF[ Q �UCaHUFCR �GZ]PFQ $���"!����& HKAA\BTUK]PT[ A �DA]PJAPNAFfEFGT� �EFf_J]K ]PF[ �JAKEN]P\XNF PFRO �NUZ!HFR UJN[ ]PF[ �ZCWJCAP� _I_JgK ]K[ EJAKEN]P\XNF PFRO �JAJ_JO � ]PF[�JAKEN]P\XNF PTO Q �JGNL`CANJQ� UJN[ _NKPaGK]K _NKRBRAPT[ Q PFRO LN!GF]FLNUFRO PFXaJ PFRO �JAKEN]PTXIFR PFRO �CIA]PFA� SETO CgK Nb _CR!PT[ Q PFRO �RXWFRGIFR �NGF]FLNUDO A �EFR_DO A $�#'"4)+ #. *�)+#�#7�) 4�+ ��',) �& UJN[ ]RAKCHZ]PTUK XK[ PT[ A @ XKCNUJANUT[ �NGF]FLNUT[S�PJNCKIJ $�2 �)4�" *�)+#�#7�)4�+ ���#4)��)#"& UJN[ Jc GGKQ KEN]PT!XFANUK[ Q FCHJAV]KNQ� XK[ ]P`MF PT[ A ECFVBT]T PDO A LNGF]FLNUDO A]EFR_DO A ]PN[ Q �� � �fCNF Kc CHF PTO Q YDTO Q PFR Tk PJA Tb ECF]EZBKNJAJ[ UJPJ]P\]KN Fe ]F HIAKPJN ENF[ UJPJAFTPK[ Q PN[ Q TBNUK[ Q UJN[ PN[ Q EFGN!PNUK[ Q Kc AAFNKQ PTO Q JCMJIJQ Kb GGTANUTO Q �NGF]FLIJQ� JEF[ PN[ Q JEJCMK[ QDo Q PF[ A �GZPDAJ� �F[ _N_JUPNUF[ UJN[ ]RHHCJLNU` PFR Kc CHF KNk AJN _NK!BADO Q JAJHADCN]XaAF�
���������
��
����� ����������
`(�.���� &���������N]JHDH\� XKPZLCJ]T� ]M`GNJ �D]PTO � �DWJIFR
@ B\AJ ���#� ������ ]]� )�� $�"� �# Kb U�&
�� �������������� �����������
�� ���������������� ��� ������
�������� ��������� *� $�''�!��)�& ���������
]PT[ �NaAAT UJN[ EaBJAK ]PF[ �aXECNPY� Fe EFR KNk MK _N_Z!gKN �NGF]FLIJ ]PJ[ ��(�!��#"� � A UJN[ EFGRHCJL`PJ!
PFQ� XFAZMJ Ke AJ Kc CHF _TXF]IKR]K Fe ]F YFRO ]Kl PF[ �������� �����-����������� $D�6��(�.���� ���6���%'�&� �NbEKCIEFR (����� ]KGI_KQ PDO A UJPJGFIEDA PFR _TXF]NKfPTUJA]PJ_NJUJ[ XKPJ[ BZAJPFA UJN[ KgJUFGFRBFRO A AJ[ _TXF]NKfFAPJNDo Q ]\XKCJ�
�RMAJ[ MJCJUPTCIYKPJN Db Q Fb XKHJGfPKCFQ LNG`]FLFQ PFROJNVAJ XJQ� FGFA`PN Tb PKCZ]PNJ KENCCFT[ EFR[ J]UKNO Tb ]UamTPFR Do Q ]\XKCJ ]PFR[ Q LNGF]FLNUFR[ Q UfUGFRQ _NUJNFGFHKNO PF[ ARb EKCBKPNU`� Rb EF[ XIJ ]TXJAPNUT[ Kc AAFNJ Fb MJCJUPTCN]XF[ Q KNk AJNEJCJEGJATPNU`Q� KL`]FA Fb �NKAAaYFQ ]PFMJ]PT[ Q _K[ A KNk AJN LN!G`]FLFQ XK[ PT[ A EJCJ_F]NJUT[ Kc AAFNJ PFRO Fe CFR� UJN[ Db Q KU PFf!PFR Tb ECF]LFCZ PFR _K[ A KNk AJN _RAJPF[ A AJ[ KUPNXTBKNO WZ]KNEJCJ_F]NJUDO A LNGF]FLNUDO A UCNPTCIDA� S� MJCJUPTCN]XF[ QPTO Q LNGF]FLIJQ Db Q +_NJAFTPNUTO Q JHUfGD]TQ,� PDO A LNGF]F!LNUDO A ECFWGTXZPDA Db Q +mKR_FECFWGTXZPDA,� PDO A LNGF]F!LNUDO A Ba]KDA Db Q +XKPJLR]NUTO Q LGRJCIJQ,� UJN[ Tb KN]\HT]T
���������
��
XNJO Q XKB`_FR EFR[ Kc MKN XFAJ_NUF[ ]UFEF[ AJ[ XJO Q BKCJEKf]KNJEF[ PT[ A +J]BaAKNJ PFRO LNGF]FLKNO A, PF[ A BaPFRA ]JLDO Q KUPF[ QEGJN]IFR EJCJ_F]NJUFRO ECFWGTXJPN]XFRO � S� �IPHUKA]PJiA_K[ A _IAKN AaJ Gf]T ]PJ[ ECFWG\XJPJ PTO Q LNGF]FLIJQr �- �����1�������%� PT[ LNGF]FLIJ Db Q ECF]EZBKNJ �7(�.�� PDO A Nc _NDAPDO A ECFWGTXZPDA EFR[ PT[ ]RAPTCFRO A�
S�`(�.���� &�������� PFEFBKPKNO PJN EKCIEFR ]PF[ Xa!]FA PTO Q KgKGNUPNUTO Q EFCKIJQ PTO Q ]UamTQ PFR� @ A\UKN� XJYN[ XK[PN[ Q `(�.��%� � ��������.%�� ]PJ[ GKH`XKAJ XKPJWJPNUJ[UKIXKAJ� ]PJ[ Fb EFNO J ]RAPKGKNO PJN Tb XKPJ]PFNMKID]T PTO Q LNGF!]FLIJQ PFRO GFHNUFRO JPFXN]XFRO PFRO �������� ]PT[ HGD]]FJAJ!GRPNUT[ XaBF_F� EFR[ WCI]UKNPT[ A ENF[ Fb GFUGTCDXaAT PTQ Kc ULCJ!]T ]PN[ Q`(�.��%� � %@ �%��%�� �F[ WNWGIF JEFPKGKNO PJN JEF[ _fFXaCT��F[ ECDO PF J]MFGKNO PJN XK[ PT[ LNGF]FLIJPTO Q HGV]]JQ UJN[PF[ _KfPKCF XK[ PT[ LNGF]FLIJ PDO A XJBTXJPNUDO A� �JN[ PJ[ _fFXaCT PJ[ ]RA_aKN Tb N_aJ Fe PN PF[ A`TXJ PDO A ]PFNMKIDA ECaEKN AJ[JAJYTPTBKNO ]PF[ C`GF EFR[ EJIYFRA ]PT[ HGV]]J UJN[ Fc MN ]K[UZEFNJ Rb EKCWJPNUT[ KgDHGD]]NUT[ ECJHXJPNU`PTPJ��J[ XEF!CFRO ]K AJ[ EKNO UJAKN[ Q Fe PN ]P`MFQ PTO Q UCNPNUTO Q PFRO �IPHUKA]PJiAKNk AJN Fb CKJGN]X`Q� KNcPK JRPF[ Q JEFPKGKNO LNGF]FLNUT[ Ba]T EKCN[PTO Q HGV]]JQ KNcPK EKCN[ PTO Q Lf]KDQ PDO A XJBTXJPNUDO A� @ GGJ[ Fb�IPHUKA]PJiA _K[ A ]PCaLKPJN UJPJ[ PTO Q FCB`PTPJQ ]RHUKUCN!XaADA _FHXZPDA FRc PK KN]THKNO PJN Jc GGJ ECF[ Q JAPNUJPZ]PJ]TPDO A K]LJGXaADA� �JPq JRP`A� FNb LNGF]FLNUK[ Q Ba]KNQ KA HaAKNKNk AJN�- �$��%�r UJN[ FNb JAFT]IKQ _K[ A +JAJ]UKRZYFAPJN,��F[ X`AFEFR[ XEFCKNO Q AJ[ UZAKNQ KNk AJN AJ[ PN[ Q +JEFUJGfmKNQ,�
���������
��
�������� ��������
*? ��(��� .�B� ���� ���.����(�KPZLCJ]T � �KHUZUFR
@ B\AJ ��� � ����(� ]]� ��� $�#� �� Kb U�&
�� ������������
���� � ��������� � ��������� � �����
PTO Q JCN]PFPKGNUTO Q EFGNPKNJUTO Q BKDCIJQ� XK[ KCHJGKNO JPFR PJ[ ]fHMCFAJ EFCI]XJPJ PTO Q TBFGFHIJQ� PTO Q mRMJ!
AZGR]TQ UJN[ PTO Q UFNADANFGFHIJQ� �JPJ[ PF[ A ]RHHCJLaJ� Tb J!CN]PFPKGNUT[ BKDCIJ Kc EJmK AJ[ KNk AJNUJPJAFTPT[ ]PJ[ MC`ANJXJQKEKN_T[ JHAFKNO PJN PF[ WNFGFHNU` PTQ Rb E`WJBCF� @ XLN]WTPVA!PJQ PT[ A Kb CXTAKIJ PTO Q E`GTQ Db Q FR]IJQ� Fb �FfGXJA JANMAKfKNPN[ Q WNFGFHNUK[ Q UJPJWFGK[ Q PDO A TBNUDO A UJN[ EFGNPNUDO A ]RH!HCJXXZPDA PFRO n�GGTAJ LNGF]`LFR� XK[ JLKPTCIJ PT[ LCZ]TPFRFe PN Fb Jc ABCDEFQ KNk AJN�+.% ��} � ����(�$���PT[ ]RY\PT]T]MKPNUJ[ XK[ PT[ A EFGNPNUT[ Re EJCgT PFRO JABCVEFR UJN[ PT[ WNFGF!HNU\ PTQ WZ]T KAPZ]]FAPJN FNb JXLNGKH`XKAKQ JCN]PFPKGNUK[ QJE`mKNQ HNJ[ PT[ _FRGKIJ� PT[ ]Ma]T PDO A _fF LfGDA UJN[ PT[ AUFNADANUT[ JAN]`PTPJ� UJBD[ Q UJN[ PF[ C`GF PTO Q EJN_KIJQ ]PT[ AKEN_IDgT PTO Q JCKPTO Q� S� @ CN]PFPaGTQ JEKGKRBaCD]K PT[ AEFGNPNUT[ KEN]P\XT JEF[ PJ[ _K]XJ[ PTO Q XKPJLR]NUTO Q� JGGJ[_K[ A Tk PJA _RAJPF[ A AJ[ J]EJ]BKNO FRc PK PT[ AK`PKCT ]RABTXJPFGF!HIJ HNJ[ PT[ A JCMNUT[ LR]NUT[ N]`PTPJ Fe GDA PDO A JABCVEDA FRc PKPF[ A ]fHMCFAF JABCDEFGFHNUF[ _NJMDCN]XF[ PTO Q WNFGFHNUTO Q FA!
���������
��
P`PTPJQ JEF[ PT[ A UFNADANU\� PT[ A EFGNPNUT[ UJN[ PT[ A EAKRXJPNUT[FAP`PTPJ� h�MFAPJQ JEFCCImKNPF[ A ]RXWJPNUF[ MJCJUP\CJ PFROUCZPFRQ Db Q UFNA`PTPJQ ]RXLKC`APDA� JEF_I_KN PT[ ]f]PJ]\PFR ]K[ _fF JCMaQ� PT[ Lf]T UJN[ PF[ G`HF�
S� UJBTHTPT[ Q PTO Q �GJ]NUTO Q �NGFGFHIJQ ]PF[ �JAKEN]P\XNF PFRO�CZNXEFRCHU �`GLHUJAHU �FfGXJA HKAA\BTUK PF[ ���" ]PF[ �KCF!GIAF Fe EFR ]EFf_J]K �GJ]NUT[ �NGFGFHIJ UJN[ �NGF]FLIJ� �F[ ��)"JAJHFCKfPTUK Rb LTHTPT[ Q XK[ PT[ XKGaPT PFR +�Nb ETHK[ Q PTO Q @�GNZ_JQ,�UJN[ JEF[ PF[ �� # Do Q PF[ ��") _NKPaGK]K UJBTHTPT[ Q ]PF[ �JAKEN]P\!XNF PFRO ZCXEFRCHU� �Nk AJN ]\XKCJ JEF[ PFR[ Q _NJECKEa]PKCFRQFb XTCN]PK[ Q UJN[ JCN]PFPKGN]PaQ� @ AZXK]J]PN[ Q EFGRZCNBXKQXKGaPKQPFRl ���.���� �� �������l *�����%� %� .��� � �- �.���%(�� �%��'���� � ��.�� � %- �.����� � $��"�&� *? �%(%�(�6'� .��� � �- �.���%(��=�(�6'�l *A ���.����(�� �> � ���($6��� %- �=���($6�� �� %- �.��1��� ��� � 6%�%��� � $��"�&� *A����� ������ $����&� ���.����(���#�(�7 $���#� KN]JHDHT[ UJN[ KENXaGKNJ HKCXJANUTO Q XKPZLCJ!]TQ&� #�$����� ��� � .+69����� %@ ����� ���� ��.��� �$��� .��� ��- �9�$���� $���)&� *A ���.����(�� �� �> .+69���� %- �.����$��� &�
���������
��
������� ��������
*? .���� - ��� ��� � �$(��KPZLCJ]T �G`TQ EZGGJ
@ B\AJ ���"� ]]� ��� $�#� �� Kb U�&
�� �����������
������� ���������� ���� ��� �� ������
�PDNUFN[ LNG`]FLFN KHUJNAIJ]JA PT[ XJUCJ[ EJCZ_F]TPTO Q BKDCIJQ PFRO LR]NUFRO A`XFR� �PT[ A EKCILTXT#�(1
�%'� PFR� Fb �\ADA� Nb _CRPT[ Q PTO Q �MFGTO Q� Fe CN]K XNJ[ UFNA`PTPJJHJBDO A UJN[ ]FLDO A XK[ WZ]T PF[ UGJ]NUF[ EC`PREF PFRO N_KV_FRQUCZPFRQ� �F[ WNWGIF JRPF[ KgKPZYKN PN[ Q _NJXZMKQ PDO A JCMJIDALNGF]`LDA ]MKPNUJ[ XK[ PT[ A #�(�%'�� EJCaMKN HCJXXJPFGF!HNUJ[ PKUX\CNJ HNJ[ PF[ EKCNKM`XKA` PTQ UJN[ JANMAKfKN PT[ A Kc A!AFNJ PFRO Kc CDPJ� EFR[ Tk PJA HNJ[ PF[ A �\ADAJ BKXKGNV_TQ JCMT[PTO Q EFGNPNUTO Q Kb A`PTPJQ� �PF[ Kc CHF PFRO �CR]IEEFR� Tb N_aJ XNJO QEFGNPKIJQ]FLDO A XKPJ]MTXJPIYKPJN]K[ BKDCIJXNJO Q UF]XNUTO QE`GTQ BKDO A UJN[ JABCVEDA� S� ]RHHCJLaJQ KgKPZYKN PJ[ KEN!MKNC\XJPJ JRPTO Q PTO Q BKDCIJQ UJN[ PT[ A KAPZ]]KN ]PJ[ JCMNUZPTQ EAKRXJPNUJ[ ]RXLCJY`XKAJ� �PF[ PKGKRPJNO F UKLZGJNF� _KI!MAKN EDO Q Tb ]RHUC`PT]\ PTQ JAPNECF]DEKfKN� UJPq FR]IJ� PT[XKPZWJ]T JEF[ PT[ _TXFUCJPIJ ]PF[ A LR]NUF[ A`XF� S� 8����- ��� ��� � �$(��� Db Q XFAJ_NUT[ ]RGGFHT[ ECDPFHKAFRO Q Rb GNUFRO �JEKRBfAKPJN KgI]FR ]K[ UGJ]NUFR[ Q LNGFG`HFRQ� Nb ]PFCNUFR[ Q PTO QEFGNPNUTO Q BKDCIJQ UJN[ XKGKPTPK[ Q PTO Q JCMJIJQ LNGF]FLIJQ�
���������
�
S� ZGUFGX �U`LTGAP KNk AJN UJBTHTPT[ Q PTO Q @ CMJIJQ �NGF]FLIJQ]PF[ �JAKEN]P\XNF PFRO �aXECNPY UJN[ EC`K_CFQ PFRO �FGKHIFR�JN[ AP�YVA� @�U_`PTQ PFRO EKCNF_NUFRO #������ JEF[ PF[ ��'"� ]RAKCHZ]PT!UKXK[ PFR[ Q�����)�;UJN[ ������% "]PT[ A JAJBKDCTXaAT Kc U_F]T PFROKc CHFR A> ���.������ �($.��� $��� #��������� #����������6���z<��v ���'(� Kb GGTA� XPLC� WG� EJCJEZAD ]� ���&� h GGJ Kc CHJPFRl �� "�� �� ���?����� $��'�&� ������� ��& ���! ���&���� ������� ����� #�������� �������& �� �="= = >B�� $KENX� ���4�#.) +, {�� �'��&�'2� ��'�&� ������� ��& �����������! ���&���� ���������� ������ ��& #������� $KENX��� �4�#.) +, / �� ��" � / ���'"�4�:)- { �� '�"6��� ��'�&� ��� '��� �� '�����! ���&�� ������������ "���� $KENX� �� �4�#.) +, { �� ���); �� ��' & U�Jc �
���������
���
������� ��� ��������
���.������� .�B� "/!!1"/0!@�ENXaGKNJ �� ���� 1
KPZLCJ]T �� �CN]PF_FRGI_T� � @�JPCI_FR��� ENP]ZUT� � �JGJWJAI_T� �� �FfCPFWNU
@ B\AJ ��'�� ���'�� ]]� ( " $�"� �# Kb U�&� ' KNU`AKQ
��� ��������������� �����������
��� �������������� ��� ������
������ ��� ��� ������� ������� ��� � �
EJCFR]NZ]KN ]RAFEPNUJ[ PN[ Q UfCNKQ PZ]KNQ PTO Q KEN]PT!XFANUTO Q ]UamTQ PFRO JNVAJ XJQ� �Nb ]RHHCJLKNO Q ECF!
]EZBT]JA AJ[ KAPFEI]FRA PN[ Q HFANX`PKCKQ UJN[ ]TXJAPNU`PKCKQKAAFNFGFHNUK[ Q UJNAFPFXIKQ PDO A PKGKRPJIDA MC`ADA� �IAKPJNLJAKCF[ Fe PN Kc MKN XK]FGJW\]KN� JAJLFCNUJ[ XK[ PF[ A ��F JNVAJ�XNJ[ XKHZGT KEJAZ]PJ]T ]PN[ Q Kc AAFNKQ UJN[ ]PN[ Q N_aKQ HfCD JEF[PT[ Lf]T� S�]P`]F� KgI]FR KAPRED]NJUF[ KNk AJN PF[ HKHFAF[ Q Fe PN TbKEN]PTXFANUT[ XaBF_FQ _K[ A Kc MKN JGGZgKN UJB`GFR� @ gNF]T!XKIDPFQ KNk AJN UJN[ Fb WJBXF[ Q ]fA_K]TQ PDO A _NJL`CDA PFXaDAlPF[ ENF[ MJCJUPTCN]PNUF[ HAVCN]XJ PTO Q KEN]P\XTQ PFRO ��FROJNVAJ� Kc P]N Fe EDQ PT[ A EJCFR]NZYFRA FNb ]RHHCJLKNO Q PDO A _FUN!XIDA� KNk AJN Fb KUEGTUPNUF[ Q ]RHUKCJ]XF[ Q PDO A EJCJ_F]NJUJ[JAKgZCPTPDA EK_IDA PTO Q �R]NUTO Q� PTO Q �TXKIJQ UJN[ PTO Q �NF!GFHIJQ�
@�EN_IDgT PDO A ]RHHCJLaDA JRPTO Q PTO Q Kc U_F]TQ KNk AJN AJ[JEKRBRABFRO A ]K[ Jc GGFRQ KEN]P\XFAKQ� FNb Fb EFNO FN BJ[ Tc BKGJA AJ[]MTXJPI]FRA XNJ[ N_aJ HNJ[ PT[ A Kc UPJ]T PTO Q ECF`_FR PDO A N_KDO A]K[ PFXKNO Q _NJLFCKPNUFR[ Q JEF[ PF[ A _NU` PFRQr JGGJ[ UJN[ PF[ KR!
������� ��� ��������
���
CfPKCF JAJHAD]PNUF[ UFNAF[ BJ[ Kc MKNPT[ A KRUJNCIJ AJ[ KATXKCDBKNOXa]J JEF[ JRPF[ PF[ WNWGIF HNJ[ PT[ A Kc UPJ]T EFR[ UZGRmK Tb KEN!]P\XT PF[ A ��F[ JNVAJ�
���� ���� �� ��� ������",6����� )� +� �����)+2)�� ���)� � #�- ��#2�#"� �� ��#" + 6� �� �� "�� �� �� ��+ 6� ���� ��--)�� �� � �#�,� �� +��4�;#� �� �#&+ � �� �� *)�) � ���)2& �- "�
������� ��� ��������
���
������ ���������
*? ���6�6�� ��� � .+69����� %- �.�����j"h!!1"4!!k
KPZLCJ]T �� @ CY`HGFR� � �CN]PF_FRGI_T
@ B\AJ ��'(� )����� ]]� �(� $�"� �# Kb U�&
�� ����������������
�� �� ������ �� ����� � ���� � ���� ���
JRPF[ _`BTUJA PF[ ��#' ]PF[ �aXECNPY UJN[ LNGF_FgFRO AAJ[ UNA\]FRA PF[ KA_NJLaCFA P`]F PFRO Nb ]PFCNUFRO HNJ[ PN[ Q
BKPNUK[ Q KEN]PTO XKQ Fe ]F UJN[ PFRO BKPNUFRO KEN]P\XFAJ HNJ[ PT[ AS�]PFCIJ� @ ]LJGDO Q _K[ A BKDCKNO UJAKN[ Q Fe PN Ke AJQ +HKANUF[ Q Nb !]PFCNUF[ Q, KNk AJN Rb EFMCKDXaAFQ AJ[ J]MFGTBKNO XK[ PN[ Q EC`]LJ!PKQ KgKGIgKNQ PDO A LR]NUDO A KEN]PTXDO A� @�LKIGKN Fe XDQ AJ[JAJGf]KN PT[ GKH`XKAT @�EN]PTXFANUT[ @�EJAZ]PJ]T� Tb Fb EFIJ]\XJAK� HNJ[ PT[ A KEN]P\XT� PF[ PaGFQ Fc MN X`AF PFRO K]JIDAJJGGJ[ UJN[ PFRO JCMJIFR U`]XFR� KEN]UNZYFAPJQ UZBK Jc GGF LJN!A`XKAF EFR[ JUFGFfBT]K PT[ A KENUCZPT]T PFRO MCN]PNJAN]XFRO �
@ EF[ XKBF_FGFHNUT[ Jc EFmT� PF[ KA_NJLaCFA _K[ A KENUKAPCV!AKPJN ]PN[ Q XKHZGKQ ECF]DENU`PTPKQ PFRO �)FR Tp PFRO � FR JNV!AJ EFR[ ECFJAZHHKNGJA XKPJHKAa]PKCKQ BKDCIKQ� JGGJ[ URCIDQ]PN[ Q JEFPRMIKQ Tp PN[ Q GJABJ]XaAKQ Rb EFBa]KNQ PDO A ECVPDAKEN]PTX`ADA� ]PJ[ ]RHUKUCNXaAJ _NJAFTPNUJ[ KXE`_NJ EFR[ Kc !XFNJYJA JgKEaCJ]PJ ]K[ Fb CN]XaAKQ EKCN`_FRQ� ]PN[ Q _NJ_CFXK[ QPTO Q KEN]PTXFANUTO Q KgaGNgTQ EFf� Jp A UJN[ Fb _\HT]JA ]K[ J_NagF!_F� KEa_CJ]JA UJPJGRPNUJ[ ]PT[ A EC`F_F PTO Q KEN]P\XTQ�
������� ��� ��������
���
S� �K[ C �aCXEKCP EZPPKCLTGAP $����!��"�& Rb ETO CgK �CKPJAF[ Q Nb !]PFCNUF[ Q UJN[ LNG`]FLFQ PTO Q Nb ]PFCIJQ� XK[ UfCNJ KA_NJLaCFAPJ PT[ ANb ]PFCNFHCJLIJ� PT[ A Nb ]PFCIJ PTO Q KEN]P\XTQ� PT[ A Nb ]PFCIJ PDO A EF!GNPKRXZPDA PFRO �'FR JNVAJ UJN[ PT[ A Nb ]PFCIJ PFRO MCN]PNJAN]XFRO ��J[ ENF[ _NZ]TXJ WNWGIJ PFR KNk AJN PF[ ��� C��� �������������� �������� $��(�& UJN[ Tb ;���6�6�� ��� � .+69����� %- �.����� $��#�&��I]PKRK ED[ Q +Jp A UZPN UZAKN Tb Nb ]PFCIJ� KNk AJN AJ[ XJO Q Rb EKABRXIYKN Fe PNFe GKQ XJQ FNb UCI]KNQ KNk AJN Jb EGDO Q ]RAZCPT]T PFRO MC`AFR UJN[ PDO AEKCN]PZ]KDA,�
������� ��� ��������
���
������� �� ����*�
8��� � $B� ��� � �- (��%��KPZLCJ]T �TXF]BaAT �FfCPFWNU
@ B\AJ ��' � ����#� ]]� )�� $�"� �# Kb U�&
�� �����������
�� ������ �� ��� ����� ��� � �������� �!
G`UGTCT PT[ A Nb ]PFCIJ PTO Q KEN]P\XTQ JEF[ PF[ A �JGNGJNO FDo Q PF[ A ZgHFRKG UJN[ PF[ A aAPKG� �UFEF[ Q PFRO ]RHHCJ!
LaJ KNk AJN AJ[ JANMAKf]KNPT[ A KgaGNgT PDO A KEN]PTXFANUDO A N_KDO A�_NJAfFAPJQ XNJ[ MCFANUT[ JE`]PJ]T PCNDO A JNVADA UJN[ JEFUJ!GfEPFAPJQ PT[ _FXT[ EFR[ MJCJUPTCIYKN PT[ A Nb ]PFCIJ PTO Q UGJ]N!UTO Q KEN]P\XTQ� S� XaBF_`Q PFR ]RAI]PJPJN ]PT[ A KgaPJ]T PTO QEFCKIJQ EFR[ MZCJgK Tb U`mT PTO Q JG\BKNJQ ]K[ UZBK KEN]PTXF!ANUF[ PFXaJ� EKCAVAPJQ Xa]J JEF[ PT[ A Kc CKRAJ PTO Q Lf]TQ� K[PT[ A EKEFIBT]T Fe PN Tb Nb ]PFCIJ HIAKPJN JEF[ JABCVEFRQ� Fc MN JEF[JNPIKQ Tp _RAZXKNQ� Fb ]RHHCJLaJQ]PCaLKNPT[ A ECF]FM\ PFR]PN[ QEAKRXJPNUK[ Q ECF]DENU`PTPKQ EFR[ _NKg\HJHJA PT[ XZMT UJN[_KIMAKN ]RXEZBKNJ HNJ[ PJ[ BfXJPZ PTQ� �Nb Kb CXTAKNO KQ PDO A PK]!]ZCDA ECVPDA UKLJGJIDA KNk AJN� UJPJ[ PF[ XKHJGfPKCF XaCFQPFRQ� _NJ]UKRJ]XaAKQ Ba]KNQ JEF[ Kc CHJ Jc GGDA ]RHHCJLaDA�XK[ Fb CN]XaAKQ KgJNCa]KNQ� FNb ENF[ ]TXJAPNUK[ Q JEF[ PN[ Q Fb EFNO KQKNk AJN Tb KENLRGJUPNU`PTPJ PFRO ]RHHCJLaJ JEaAJAPN ]PF[ A �J!]UZG� Tb JAZGR]\ PFR HNJ[ PF[ A �ZCWKs� Tb JAPI_CJ]\ PFR ]PF[ A�ZUDAJ� Tb Kc XLJ]T EFR[ _IAKN ]PF[ A E`RG Db Q JPFXNUF[ LR]NUF[
������� ��� ��������
���
XJO GGFA EJCJ[ Db Q MTXNU`� UJN[ FNb KgTH\]KNQ EFR[ EJCJBaPKN ]PF[UKLZGJNF HNJ[ PF[ A �KfPDAJ� �J[ Rb E`GFNEJ UKLZGJNJ j+@�!EN]P\XT UJN[ �NJLDPN]X`Q,� +S� Re GT HIAKPJN FCBFGFHNUT[ Kc A!AFNJ,� +S� Nb ]PFCIJ PTO Q Lf]TQ,� +S� WNFGFHIJ KATGNUNVAK!PJN,� +�Nb JEJCMK[ Q PTO Q KAKCHTPNUTO Q,� +S� LR]NUT[ PFRO EK!_IFR,j MCD]PFRO A EFGGZ� Fe EDQ JAJHADCIYKN Fb ]RHHCJLaJQ�]PFR[ Q XKGKPTPK[ Q EFR[ XATXFAKfFAPJN ]PT[ WNWGNFHCJLIJ�
S��]J[ CGQ���UIGGN]ET $���'& KNk AJN Fb X`PNXFQ UJBTHTPT[ Q PTO Q Nb ]PF!CIJQ PTO Q KEN]P\XTQ ]PF[ �JAKEN]P\XNF �CIA]PFA�
������� ��� ��������
���
�� ���������
A> �%�%� � %- �.��� �%� .��� � ���9�$����KPZLCJ]T �� �KCXEIAT� �� @ CY`HGFR
@ B\AJ ��' � (���(� ]]� ��( $�"� �# Kb U�&� �# J{X KNU`AKQ
�� ������������
�� ���� �� � ����� � ��
XNJ[ ]KNCJ[ Ke gN _NJGagKDA EFR[Kc _D]K Fb ]RHHCJLaJQ ]PF[ �J!
AKEN]P\XNF �FCAaG� PF[ LBNA`EDCFPFRO ��#�� @�_DO EJCFR]NZYFAPJN ]RX!EGTCDXaAKQ XK[ KUPKAKNO Q ]TXKNV]KNQUJN[ EGFf]NJ WNWGNFHCJLIJ� Rb GNUF[ EFR[ECF]LaCKPJN HNJ[ EKCJNPaCD Kc CKRAJ�@�ENEGaFA� Tb Kc U_F]T KXEGFRPIYKPJNXK[ _fF EJCJCP\XJPJ HNJ[ PJ[ Kb GGTANUJ[XJBTXJPNUJ[ UJN[ PF[ EPFGKXJiUF[ ]f!]PTXJ� h�P]N� Tb XKGaPT ]RA_aKPJN J!U`XJ ENF[ ]PKAJ[ XK[ PF[ UKAPCNUF[ EC`!WGTXZ PTQ� EFR[ KNk AJN Tb ECFaGKR]T UJN[Tb XKPZ_F]T PTO Q Kb GGTAN]PNUTO Q KEN]P\XTQ� �NJPN[ � Fe EDQ PFAIYKNFb ]RHHCJLaJQ� PF[ UaAPCF PTO Q +JCMJIJQ KEN]P\XTQ,WCI]UKPJN]PT[ A +Kb GGTAN]PNUT[ , EKCIF_F� Fe PJA EKCNFMK[ Q Fe EFR KNk MJA JAB\!]KN JCMJNO FN J]NJPNUFN[ EFGNPN]XFN[ WCaBTUJA Rb EF[ PT[ A UJPFMT[PFRO @ GKgZA_CFR UJN[ PDO A KENH`ADA PFR� a]J ]PF[ MDAKRP\CN
������� ��� ��������
��
JRPF[ JAJEPfMBTUK XNJ[ XFCLT[ KEN]P\XTQ� Tb Fb EFIJ JCH`PKCJKgJEGVBTUK ]K[ XNJ[ HKDHCJLNUT[ KENLZAKNJ EFR[ KUPKNA`PJAJEF[ PT[ A @�A_IJ Do Q PT[ �RPNUT[ �RCVET UJN[ URCNZCMT]K Db ]`PFRFb �KfPDA Kc BK]K PN[ Q WZ]KNQ PTO Q ]fHMCFATQ KEN]P\XTQ� S�]RHHCJLaJQ KENMKNCKNO XNJ[ KEN]U`ET]T PDO A Nb ]PFCNUDO A _NJ!]RA_a]KDA JAZXK]J ]PJ[ XJBTXJPNUJ[ UJN[ PT[ A J]PCFAFXIJ PDO AJCMJIDA EFGNPN]XDO A UJN[ Fc MN XNJ[ Nb ]PFCIJ PDO A KEN]PTXDO A JR!PDO A ]PF[ _K_FXaAF MCFANUF[ EGJI]NF� S� Kc XLJ]T _IAKPJN ]PJ[XJBTXJPNUJ[ UJN[ PT[ A J]PCFAFXIJ PTO Q �JWRGDAIJQ UJN[ PTO Q N!HfEPFR� UJBD[ Q UJN[ ]PT[ ]Ma]T PFRQ XK[ PT[ A Kb GGTAN]PNUT[ KEN!]P\XT�
S� h�PPF h�APFRJCAP�`NHUKXEZFRKC $�'��!����&� R]PCFJXKCNUJ!AF[ Q XJBTXJPNUF[ Q UJN[ Nb ]PFCNUF[ Q PTO Q KEN]P\XTQ� Kc HNAK HAD]PF[ Q HNJ[PN[ Q Kc CKRAaQ PFR ]PT[ A Nb ]PFCIJ PTO Q J]PCFAFXIJQ UJN[ PDO A Jc GGDA BKPN!UDO A KEN]PTXDO A UJPJ[ PT[ A JCMJN`PTPJ UJN[ PF[ A K]JIDAJ�
������� ��� ��������
���
�� �� �����
����� ��� � ��- 6��.�'�� .��� � &�((�� � ��� ��� ������������
�`XFQ d� KPZLCJ]T �� �]ICT� �� @ CY`HGFR@ B\AJ ��'�� ����#� ]]� ��� $�"� �# Kb U�&� (� J{X KNU`AKQ
�� ������������
�`XFQ �d� KPZLCJ]T � @�JPCI_FR� �� �FfCPFWNU@ B\AJ ����� ���� � ]]� ( " $�"� �# Kb U�&� �# J{X KNU`AKQ
�� ������������
������� ��� ��������
KNk AJN Tb Nb ]PFCIJPDO A ]R]PTXZ!PDA ]UamTQ EFR[ JAJLaCFAPJN
]PF[ A LR]NUF[ U`]XF��Nb KLKRCa]KNQUJN[PJ[ ECJUPNUJ[ KENPKfHXJPJ PTO Q KLJC!XF]XaATQ KEN]P\XTQ Kc MFRAXKHZGF KA!_NJLaCFA� Fe EDQ UJN[ Tb KEI_CJ]T PDO ALR]NUDO A KEN]PTXDO A ]PT[ A JAPIGTmTPFRO Jb EGFRO JABCVEFR HNJ[ PF[ A U`]XF�@ GGJ[ JU`XJ XKHJGfPKCF KA_NJLaCFAEJCFR]NZYKN Tb K]DPKCNUT[ JAZEPRgTPTO Q Nc _NJQ PTO Q KEN]PTXFANUTO Q ]UamTQ�Fe EDQ _NJHCZLKPJN Xa]J JEF[ PJ[ ECF!WG\XJPJ EFR[ Kc BKPK Fb LR]NUF[ Q U`]XFQ]K[ UZBK KEFM\� n�AJ JEJCMJNDXaAF ]f]PTXJ KEN]PTXFANUTO Q]UamTQ�EFR[ Nc ]DQLJIAKPJNEJCZ_FgF]q KXJO Q� PFR[ Q JABCVEFRQPFRO ��FRO JNVAJ� HIAKPJN UJPJAFTPF[ Fe PJA JAPNGTLBFRO XK PJ[ K!CDP\XJPJ ]PJ[ Fb EFNO J Kc ECKEK AJ[ _V]KN JEZAPT]T� S� BT]JR!CF[ Q EFR[ JAJYTPKNO Fb Nb ]PFCNUF[ Q PTO Q KEN]P\XTQ KNk AJN Tb Kb CXTAKIJ
������� ��� ��������
���
PDO A JAJHUDO A� PDO A JAPNG\mKDA UJN[ PDO A Gf]KDA PFRO EJCKGB`A!PFQ �o ��� �- �=�� � @ .9�.�� .��� ���%(�$�� �N JLFRO JEF[ Fe GKQPN[ Q _CJ]PTCN`PTPKQ PFRO JABCVEFR Tb ENF[ JABCVENAT KNk AJN Tb]UamT� N]MfKN UJN[ HNJ[ PF[ A Nb ]PFCNUF[ PTO Q KEN]PTXFANUTO Q ]UamTQTb EKCILTXT LCZ]T PFRO J[ CU EG`Ul +S� Nb ]PFCNUF[ Q XFNZYKNXK[ PF[ _CZUF PFRO EJCJXRBNFRO l Fe EFR XRCIYKPJN JABCVENAF UCa!JQ� gaCKN Fe PN KUKNO KNk AJN PF[ B\CJXZ PFR,�
S� ECDO PFQ P`XFQ $*? %- �.���� .��� � �%.�'���& KUBaPKNPN[ Q N_aKQ PFRO _RPNUFRO MCN]PNJANUFRO U`]XFRHNJ[ PT[ Lf]T JEF[ PF[ A)F Do Q PF[ A ��F JNVAJ� KgTHKNO EDO Q PF[ ]f]PTXJ KEN]PTXFANUTO Q]UamTQ PFRO �(FR JNVAJ WJ]I]PTUK ]K[ Kb GGTANUK[ Q UJN[ JCJWNUK[ QETHK[ Q UJN[ EDO Q PCFEFEFN\BTUK XKPJ[ PT[ A KN]JHDH\ PFR� UJN[KgKPZYKNPN[ Q ]Ma]KNQ PTO Q PKMAFGFHNUTO Q _CJ]PTCN`PTPJQXK[ PT[ AKEN]P\XT ]K[ Fe GF PF[ A K]JIDAJ�
S� _KfPKCFQ P`XFQ $*? %- �.���� .��� � �o .�%�� �%.�'����� .�� � �- �9%� � ��� �_���g�$���& JAJLaCKPJN ]PT[ A JAZEPRgTPDO A N_KDO A HNJ[ PT[ A KEN]PTXFANUT[ XaBF_F UJN[ ]PT[ A UCNPNUT[ PDO ABKXKGNJUDO A JCMDO A PFRO ]R]P\XJPFQ PFRO �(FR JNVAJ� Tb Fb EFIJEJCJPTC\BTUK JEF[ PJ[ PaGT PFRO �(FR Do Q PJ[ PaGT PFRO �)FRJNVAJ UJN[ Jc AFNgK PF[ _C`XF HNJ[ PN[ Q CNYNU`PKCKQ JGGJHK[ Q PFRO� FR UJN[ PFRO �"FR JNVAJ� �F[ PKGKRPJNO F UKLZGJNF KNk AJN JLNK!CDXaAF ]PT[ A @�EN]PTXFANUT[ @�EJAZ]PJ]T�
S� h GN]PJNC �ZXKCFA �C`XET $���)!��� &� Ke AJQ JEF[ PFR[ Q ENF[ ]T!XJAPNUFR[ Q Nb ]PFCNUFR[ Q PTO Q KEN]P\XTQ� _I_JgK]PF[ �JAKEN]P\XNF PTO Q@�gL`C_TQ�
������� ��� ��������
��
������� �������
�����
�������� �� �� ���
#�(�%� � ����'%� .��� � �A����KPZLCJ]T ZMTQ �J�YT !@ EF]PFGFEFfGFR�
�TX\PCT �� @ EF]PFG`EFRGFR
@ B\AJ ��'�� ���')� ]]� ()) $�#� �� Kb U�&
��� ��������������� �����������
��� ��������������� ��� ������
��������� ���� ��������� �� �� ������!
AJO PF[ A U`]XF PFRO S�X\CFR JEF[ PT[ ]UFENJ[ PFRO EFGNPNUFROKEN]P\XFAJ� KGKPJO PJ[ N_KFGFHNUJ[ UJN[ BK]XNUJ[ ]PFN!
MKNO J EFR[ ]RABaPFRA PN[ Q XFCLK[ Q PTO Q KgFR]IJQ UJN[ PN[ Q XKB`_FRQ_NJURWaCAT]TQ]PT[ A � (7��UJN[ ]PT[ A �A�+..%�� ]R]MKPIYFA!PZQ PJ XK[ Fe ]J _I_JgK Tb EC`]LJPT JAZHAD]T PDO A XRUTAJiUDO AENAJUI_DA� UJBD[ Q UJN[ XK[ JCMJNFGFHNUZ� HGD]]FGFHNUZ� KBAF!GFHNUJ[ UJN[ BCT]UKNFGFHNUJ[ _K_FXaAJ� JGGJ[ UJN[ XK[ ]RMAK[ QJAJLFCK[ Q ]PFR[ Q Jc GGFRQ EFGNPN]XFR[ Q EFR[ ECFTH\BTUJA Tp ]RX!WZ_NYJA� PJ[ ECVNXJ KUKNO AJ MC`ANJ� XK[ PF[ A Kb GGTANU`�
S� ECDP`PRET JRPT[ Kc CKRAJ� JLNKCDXaAT ]PN[ Q JEJCMK[ Q PFROKb GGTANUFRO EFGNPNUFRO ]PFMJ]XFRO � HCZLPTUK ]PJ[ HJGGNUJ[ UJN[URUGFL`CT]K ]PT[ �JGGIJ PF[ ��"#� S� Kb GGTANUT[ Kc U_F]T KNk AJNKEKgKCHJ]XaAT ]PN[ Q GKEPFXaCKNaQ PTQ UJN[ ]RXEGTCDXaAT XK[EGFf]NFRQ UJN[ MCT]PNUFR[ Q EIAJUKQ JEF[ PFR[ Q XKPJLCJ]PaQ�
������� �������
���
���� ������
�- .�6�6�� .��� ����� .�B�KPZLCJ]T �NFAR]IFR �� �ENAaGGT
@ B\AJ ��'�� (����� ]]� ( ) $�#� �� Kb U�&
��� ������������
�� �� ���� �� ���� ���� ����� � ��������
]PF[ A AFXNU`� ]PF[ A ]EFR_J]PT[ PTO Q AFXNUTO Q JGGJ[ UJN[ ]K[UZBK KA_NJLKC`XKAF PT[ GFHNUT[ UJN[ PT[ XKBF_FGFHIJ PTO Q
AFXNUTO Q ]UamTQ� S� AFXNUT[ GFHNUT[ KNk AJN XNJ[ FR]NJ]PNUT[ GF!HNU\� Tb Fb EFIJ� ]PT[ WZ]T UJN[ ]PF[ EGJI]NF PTO Q PRENUTO Q GFHNUTO QUJN[ ]K[ ]RAKCHJ]IJ XK[ PT[ A KN_NUT[ AFXNUT[ XKBF_FGFHIJ� ECaEKNAJ[ _KIgKN EDO Q WCI]UKN UJAKN[ Q +JGTBNAK[ Q, Tp +]D]PK[ Q, Tp PFR!GZMN]PFA +Rb EF]PTCIgNXKQ, Gf]KNQ ]K[ AFXNUJ[ YTP\XJPJ��Nk AJNKe AJQ _NJGFHN]XF[ Q HfCD JEF[ PT[ A UJPZGGTGT HNJ[ PF[ JAPNUKIXKA`PTQ AFXNUT[ _NJHAD]PNUT[ _NJ_NUJ]IJ� PT[ A Fb EFIJ _K[ A KNk AJN EZA!PJ KRc UFGF AJ[ _NJWGamKN UJAKIQ�
S��J[ CG h�AHUNQ $�'��!����& _I_JgK�FNANUF[ �IUJNF UJN[ �NGF]FLIJPFRO �NUJIFR ]PT[ �Ji_KGWaCHT UJN[ ]PF[ `AJMF� aGFQ PTO Q @ UJ!_TXIJQ @�EN]PTXDO A PTO Q �Ji_KGWaCHTQ UJN[ PFRO FAZMFR� _TXF!]IKR]K EFGGK[ Q XKGaPKQ HfCD JEF[ PF[ _FHXJPNUF[ �FNANUF[ �IUJNF�PF[ _IUJNF PTO Q @�JPCNUTO Q� PT[ �NGF]FLIJ PFRO �NUJIFR UJN[ PT[ AFXNUT[GFHNU\�
����
���
�������� �� �����
D�C�� )��.+�� %- � ��� � %- (%������ �%��9�� � ��� ��> ��� ���9�� � *�((7���
@ B\AJ ��' � (����� ]]� NQd @ �'� @ � $�"� �# Kb U�&
�� ���������������
������ ��� ��������� �� ��#)� ����!
GKNO PT[ A ECVPT KEN]PTXFANUT[ ECJHXJPKIJ HNJ[ PF[ BK!]XF[ PTO Q �JiUTO Q �NUJNF]fATQ� EFR[ Nc ]MRK ]PN[ Q KGKf!
BKCKQ EKCNFMK[ Q PTO Q UJPFMNUTO Q S�GGZ_JQ� K[ WZ]T PJ[ KEI]T!XJ UKIXKAJ� EFR[ MCFAFGFHFRO APJN JEF[ PF[ ��#(� Fb ]RHHCJLaJQEJCJBaPKN UJN[ Kb CXTAKfKN PFR[ Q UJA`AKQ _NUJIFR EFR[ CfBXNYJAPT[ GKNPFRCHIJ PTO Q �JiUTO Q �NUJNF]fATQ UJN[ EJCZGGTGJ KEN!]TXJIAKN PT[ A JAZHUT AJ[ ]RHUKAPCDBKNO PF[ ]MKPNUF[ AFXFGFHNUF[Rb GNU`� De ]PK AJ[ _NKCKRATBKNO Fb PC`EFQ KLJCXFHTO Q PFRO BK]XFRO �
S� �JiUT[ �NUJNF]fAT� EFR[ JAJEPfMBTUK ]PF[ EGJI]NF PTO Q�JiUTO Q RPF_NFIUT]TQ� UJN[ Tb Jc ]UT]T PTO Q _NUJ]PNUTO Q GKN!PFRCHIJQ JEF[ _NUJ]PK[ Q EFR[ KNk MJA KUGKHKNO JEF[ GJiUK[ Q ]RAK!GKf]KNQ Tk PJA XFAJ_NUT[ Nb ]PFCNUT[ KXEKNCIJ� JLFRO � Fe EDQ EJCJ!PTCKNO Fb ]RHHCJLaJQ� +]EZANJEJCaMKPJN]q Ke AJ GJF[ Tb KRUJNCIJAJ[ KULCZ]KN MDCN[ Q HCJEPF[ A`XF PN[ Q EKCN[ Nc ]FR� FCBFRO UJN[ _N!UJIFR JAPNG\mKNQ PFR,�
�Nb BK]XFN[ PTO Q �JiUTO Q �NUJNF]fATQ UJN[ RPF_NFIUT]TQ _K[ AKNk AJN WaWJNJ Jc HAD]PFN ]PT[ A Kb GGTANUT[ Nb ]PFCIJ� �F[ UFNAFPNUF[]f]PTXJ PTO Q �FRCUFUCJPIJQ UJN[ FNb ECDO PFN KEJAJ]PJPNUFN[
����
���
FCHJAN]XFN[ PFRO �'�� JAJHADCI]PTUJA Db Q ETHK[ Q Kc XEAKR]TQPDO A JAZGFHDA BK]XDO A ]PT[ A EKCIF_F PTO Q �JPFMTO Q� EJCJ[ PN[ QFR]NV_KNQ _NJLFCK[ Q EFR[ KRc UFGJ _NJEN]PVAFAPJN�
S� �TX\PCNFQ �� �aEFQ $���#!��"�& ]EFf_J]K �FXNUJ[ ]PT[ A @ B\AJ�Fe EFR KCHZ]PTUK Db Q _NUTH`CFQ JEF[ PF[ ��� UJN[ JAaEPRgK Kc APFATEFGNPNUT[ _CJ]PTCN`PTPJ� h�MKN _TXF]NKf]KN EFGGJ[ Jc CBCJ UJN[ XK!GaPKQ HNJ[ BaXJPJ J]PNUFRO � _NUFAFXNUFRO UJN[ _NKBAFRO Q _NUJIFR�
����
���
� ���
#������ �� &(����������� ��������� * ��+����� ��� � ���
.��� E%..�(��'�
@ B\AJ ��"�� ]]� � $()� (� Kb U�&� (� Kc HMCDXFN EIAJUKQ
$KgJAPGTXaAF&
�� ���� �� ��� � � ������� �� � ��!
HJ YDHCJLNUTO Q� HGREPNUTO Q UJN[ MJCJUPNUTO Q ]fHMCFADAS�GG\ADA UJGGNPKMADO A EFR[ JA\UFRA ]PF[ FCLDPNUF[
n�_CRXJ @�BANUTO Q �CJEaYTQ� @ AZXK]J ]PJ[ Kc CHJ PFRO GKRUV!XJPFQ jEJCFR]NJ]XaAJ XK[ PT[ XKHJGfPKCT _RAJPT[ EN]P`PT!PJj EKCNGJXWZAFAPJN KGJNFHCJLIKQ PDO A �FRAJC`EFRGFR��JEJGFRUJO � @ ]PKCNZ_T�JRCF�_T�JAFR]ZUT� �]JCFfMT�XIJ JUFRJCaGJ PFRO �JCGZXFR� HGREPJ[ PDO A @ EZCPT� �`X!ECFR� �JECZGFR� �JEEJO � �JGJXZCJ U�Jc �
�J[ Kc CHJ AKFKGGTANUTO Q PaMATQ EFR[ JEJCPIYFRA PT[ A �NAJUF!B\UT UJN[ �GREPFB\UT PFRO FCLDPNUFRO S�_CfXJPFQ Kc MFRA gK!EKCZ]KN PJ[ "��� JEF[ PJ[ Fb EFNO J ��� WCI]UFAPJN ]PT[ �K]]JGF!AIUT� Fe EFR Kc MFRA WCKNO X`ANXT ]PaHT ]PF[ �FGNPN]PNUF[ �aAPCF�FCKIFR S�GGZ_FQ PTO Q @�BANUTO Q �CZEKYJQ� S� �NAJUFB\UTUJN[ �GREPFB\UT PFRO ���� EFR[ EGFRPIYKPJN _NJCUDO Q XK[ AaJKc CHJ� LNGF_FgKNO AJ[ HIAKN ]TXJAPNUF[ Q EFGNPN]PNUF[ Q EJCZHFAPJQ]K[ Fb G`UGTCT PT[ �`CKNF S�GGZ_J�
� ���
���
���� ���0����
#��.���6���'%� *�((���� �� `(%((�����- 6��.��� �
�CFGKH`XKAJ �� �CKWKGZUT
@ B\AJ ��'�� ���� � ]]� �� $((� ## Kb U�&� � ]Ma_NJ UJN[ �' GNBFHCJLIKQ
�� ���� �� ����� � ��� ��� �������!
HCJLIKQ PDO A JHDAN]PDO A EFR[ LNGFPaMAT]K Fb �JRJCF[ QJgNDXJPNUF[ Q UJN[ KCJ]NPaMATQ YDHCZLFQ �J[ CG �CJ!
P]ZNYKA� �C`UKNPJN HNJ[ PN[ Q ECF]DEFHCJLIKQ EFR[ HAVCN]JAHKANK[ Q Fb G`UGTCKQ S�GG\ADA Do Q PN[ Q XaCKQ XJQ�
S� �CJP]ZNYKA HKAA\BTUK PF[ �"�#� �F[ �'�� UJPJPZMPTUK]PF[ A WJRJCNUF[ ]PCJP`� UJN[ PF[ �'� � JUFGFRBVAPJQ PF[ LNGKGGT!ANUF[ CKRO XJ� Tk CBK]PT[ A JHDANY`XKAT S�GGZ_JAJ[ EFGKX\]KNHNJ[PT[ A Kb GGTANUT[ JAKgJCPT]IJ� S� YDHCJLNUT[ PKMANUT[ Fe EFR KNk MKTc _T _NJUCNBKNO Fb �CJP]ZNYKA Tk PJA PF[ ]Ma_NF XK[ XFGfWN jPK!MANUT[ JEaCNPPT� UJPZGGTGT AJ[ KLJCX`YKPJN ]PJ[ ]PCJP`EK_JUJN[ ]PJ[ UJCJWF]PZ]NJ� PT[ A ECFTHFRXaAT Tp PT[ A Kb EFXaAT PDO AXJMDO A� @ EF[ PF[ LBNA`EDCF PFRO �'� Do Q PT[ A Jc AFNgT PFRO �'�" FbYDHCZLFQ ]MK_IJ]K XK[ XFGfWN #� ECF]DEFHCJLIKQ S�GG\ADAJHDAN]PDO A UJN[ gaADA LNGKGG\ADA� @�EI]TQ LNGFPaMAT]K UJN[ECF]DEFHCJLIKQ JAVARXDA JA_CDO A UJN[ HRAJNUDO A� UJBD[ Q UJN[PFEIJ� LCFfCNJ� EFGKXNUJ[ UJN[ KXEFCNUJ[ EGFNO J UJN[ Jc GGJ Ba!XJPJ� E`PK XK[ XJRO CF XFGfWN UJN[ E`PK XK[ Rb _CFMCVXJPJ� @ !AZXK]J ]PN[ Q ECF]DEFHCJLIKQ PDO A _NZ]TXDA JA_CDO A ]RAJA!
� ���
���
PFRO XK PF[ A JUCRHNZAAT� PF[ A NJFfGT� PF[ A �FGFUFPCVAT� PF[ A�JCJi]UZUT� PF[ A JRCFUFC_ZPF� PF[ A �JAZCT U�Jc �
�RBR[ Q XKPJ[ PT[ A KEN]PCFL\ PFR ]PF[ `AJMF $�'�"&� Fb �CJ!P]ZNYKA J]MFG\BTUK XK[ PT[ XKPJLFCJ[ PDO A NMAFHCJLTXZPDAPFR ]K[ GNBFHCJLNUK[ Q EGZUKQ� XK[ PT[ WF\BKNJ Nb UJADO A ]RAKCHJ!PDO A� UJN[ PT[ A Kc U_F]T GKRUVXJPFQ EFR[ EKCNKNO MK KNc UF]N FUPD[GNBFHCJLIKQ UJN[ PJ[ ]MKPNUJ[ UKIXKAJ� �F[ GKfUDXJ KUKNO AF KU!_I_KPJN ]\XKCJ EJAFXFN`PREF� @�ENEGaFA _TXF]NKfFAPJN _K!UJagN JEF[ PN[ Q ECF]DEFHCJLIKQ EFR[ ]MK_NZ]PTUJA JCMNUJ[ XK[XFGfWN�
� ���
���
������� � � ���� � ����
�����($6��� ��.����� � ���� ������� ���.%'��
@ B\AJ ��'�� ]]� �� $�)� (� Kb U�&� ' Kc HMCDXKQ UJN[ �"" J{X KNU`AKQ
������ ������� � ��� �(# ��� ��� �
JAPNECF]DEKRPNUJ[ KUBaXJPJ PFRO @�BANUFRO FR]KIFR�EFR[ UJGfEPFRA Fe GKQ PN[ Q LZ]KNQ PTO Q JCMJIJQ Kb GGTANUTO Q
PaMATQl AKFGNBNU\� XRUTAJiU\� HKDXKPCNU\� JCMJiU\� UGJ]N!U\� Kb GGTAN]PNU\� �J[ +KCJPKNAJ[ , JRPJ[ _TXNFRCH\XJPJ PTO Q JC!MJIJQ PaMATQjKN_VGNJ� ]LCJHI_KQ� JHHKNO J� HGREPZ� UF]X\!XJPJ� MZGUNAJ� JAZHGRLJj EKCNHCZLFAPJN UJN[ Rb EFXATXJPI!YFAPJN JEF[ PF[ A �CI]PF �JCFRO YF $����!�� "&� PF[ A ]FLF[ JC!MJNFG`HF UJN[ JUZXJPF _NKRBRAPT[ PFRO @�BANUFRO FR]KIFR� UJN[PT[ �aXAT �JCFfYFR $�'�'!���)&� JCMJNFG`HF UJN[ KEIPNXT_NKRBfAPCNJPFRO @�BANUFRO FR]KIFR� S�EKCNHCJLT[ PDO A Kc CHDA]RXEGTCVAKPJN XK[ EGFf]NJ WNWGNFHCJLIJ jECF]LFCJ[ ]T!XJAPNU\� N_NJIPKCJ HNJ[ PFR[ Q JCMJNFG`HFRQ�
S� P`XFQ EKCNaMKN KEI]TQ ]fAPFXT Nb ]PFCIJ PFRO @�BANUFROFR]KIFR� UJBD[ Q UJN[ KN]JHDHT[ ]PT[ A JCMJIJ Kb GGTANUT[ PaMAT�Fe EFR� Xa]J JEF[ XNJ[ Nb ]PFCNUT[ KEN]U`ET]T� PFAIYKPJN Tb XFAJ!_NU`PTPZ PTQ UJN[ EKCNHCZLKPJN Fb UJBFCN]PNUF[ Q C`GFQ PTQ]PT[ A EFCKIJ PTO Q PaMATQ ]K[ Fe GKQ PN[ Q KEFMaQ�
�J[ UKIXKAJ� JE`PFUJ Fe GJ XNJO Q EJN_KIJQ ]PaCKJ _KXaATQ
� ���
���
P`]FXK[ PT[ HAV]T PTO Q AKFKGGTANUTO Q GFHFPKMAIJQ Fe ]F UJN[ XK[ PT[WJBNJ[ ]EFR_T[ PTO Q Nb ]PFCIJQ PTO Q JCMJIJQ UJN[ PTO Q AK`PKCTQPaMATQ� BJ[ JEFPKGa]FRA EC`PREF HNJ[ JAZGFHJ Kc CHJ� EFR[ J!EKRBfAFAPJN Fc MN ]PFR[ Q GIHFRQ JGGJ[ ]PF[ KRCfPKCF JAJHAD]PNUF[UJN[ LNG`PKMAF UFNA`�
� ���
���
� � �� � � �������� ��� ��� �����
��� ��6I�
�DPFXTMJANUT[ JAJPfED]T� @ B\AJ ����� ]]� ' $�#� (� Kb U�&
$KgJAPGTXaAF&
������ ��������������� ������� ������
]PF[ UJGaXNUJN[ Fb �JMJCIJQ�JEJAPDAIFR ]PT[ HCJLI_J�LIGFN UJN[ ]RAZ_KGLFN ]PT[ A @ ADPZPT �MFGT[ �JGDO A
�KMADO A� JEFLZ]N]JA� UJPJ[ PJ[ Xa]J PTO Q _KUJKPIJQ PFRO q(��AJ[ ]RAKCHJ]PFRO A HNJ[ AJ[ LPNZgFRA XJYN[ Ke AJ WNWGIF� �C`BK]\PFRQl PF[ WNWGIF AJ[ JEKRBfAKPJN ]PJ[ EJN_NZ� JGGJ[ AJ[ PF[ JEF!GJXWZAFRA KgI]FR UJN[ FNb XKHZGFNr ]RHMC`ADQ� AJ[ JEFPKGKNOJGTBNAF[ Kc CHF PaMATQ� JGGJ[ UJN[ AJ[ KNk AJN ECF]JCXF]XaAF ]PT[ AJAPNGTEPNUT[ Nb UJA`PTPJ PDO A XNUCDO A PFR JAJHAD]PDO A�n]PKCJ JEF[ _NZLFCKQ _FUNXaQ� FNb _fF LIGFN UJPaGTgJA ]K[
XNJ[ MNFRXFCN]PNUT[ Nb ]PFCIJ� XK[ Te CDKQ YDO J PFRO P`EFR XJQ��CDPJHDAN]PT[ Q KNk AJN PF[ �JHVAN� JGJYFANUF[ Xa]J ]PT[ MGN_T[PTO Q LFCK]NJO Q PFR� EFR[ JAPNXKPDEIYKN XK[ EKCNLC`AT]T PFR[ QHKIPFAaQ PFR ]PT[ A JRGT[ Kb AF[ Q KgFMNUFRO ]ENPNFRO � @�UKNO AFN� UJ!UFUJC_N]XaAFN� JEFPCJWNFRO APJN XK[ EJCZEFAF UJN[ UFNPZYFRAPT[ _FRGKNZ PFRQ� S� ]RHHCJLaJQ KEKUPKIAKPJN ]K[ Fb X`UKAPCFRQUfUGFRQ� JEF[ PT[ A JRGT[ PFRO ]ENPNFRO ]PJ[ YDAPJAJ[ PFRO EKCNWF!GNFRO UJN[ PTO Q KgFMTO Q� Re ]PKCJ ECFMDCKNO ]PJ[ BJGJ]]NAZ� UJN[PaGFQ LPZAKN ]PJ[ EKPKNAJ[ PFRO FRCJAFRO � S� UfUGFQ PFRO EJCJ!
� ���
���
XRBNFRO Kc MKN UGKI]KNl Tb ]PKCNJ[ XK[ PJ[ GFRGFf_NJ UJN[ PJ[ YDO J� TbBZGJ]]J XK[ PJ[ mZCNJ� Fb FRCJAF[ Q XK[ Pq Jc ]PCJ� n�GT Tb EGZ]TJEFLKfHKN PF[ JHaCDMF EGZ]XJ� EFR[ JEFXaAKN UJPJX`AJMF]PF[ UGFRWIPFR UJN[ HaCAKN BGNXXaAF PF[ A GJXECF[ GJNX` PFR UZ!PD JEF[ PF[ LDO Q PFRO @ EF]EKCIPT�
�N[ Q KNc UF]N PCKNO Q Kc HMCDXKQ gRGFHCJLIKQ EFR[ ]RAJEJCPI!YFRA PF[ XKHZGF JRPF[ GKfUDXJFb �KLJGGTAF[ Q MCKNZ]PTUK _aUJEKCIEFR MC`ANJ HNJ[ AJ[ PN[ Q ]MK_NZ]KN� AJ[ PN[ Q MJCZgKN UJN[ AJ[ PN[ QPREV]KN� n�PJA PF[ Kc CHF EJCFR]NZ]PTUK KENPaGFRQ ]PF[ UFNAF[PF[ A �KUaXWCNF PFRO ��# � ]PF[ EGJI]NF PTO Q ��TQ h�UBK]TQ PFROS�GGTANUFRO �NWGIFR EFR[ FCHZAD]K Tb S�PJNCKIJ PDO A �NGFPa!MADA� Tk PJA PF[ UFCRLJNO F HKHFAF[ Q PTO Q XKHZGTQ KUKIATQ h�UBK!]TQ� UJN[ _IUJNJ JEa]EJ]K PF[ ECDO PF WCJWKNO F�
S� EJCFf]J JAJPfED]T ECFGFHIYKPJN JEF[ PF[ A �� �� �Z]!_JHGT UJN[ PF[ A ���CKWKGZUT�
� ���
���
� � ������ �� �����������
�- $�%� ��� � ;������
@ B\AJ ����� ]]� #�� $�)� (� Kb U�&� �"� J{X UJN[ ) Kc HMCDXKQ KNU`AKQ
�� ������������
���� ���������� � �� !
]P\CNJ� PJ[ XFR]KNO J UJN[ PJ[ JC!MFAPNUJ[ PTO Q �aCURCJQ Kc MKN
_NJ]DBKNO Ke AJ JgNFGFH`PJPF ]fAFGFXKPJWRYJAPNADO A LFCTPDO A KNU`ADA�EFR[ UJPJ[ PF[ XKHJGfPKCF XaCFQ PFREJCJXaAKN JPKGa]PJPJ HAD]P`� S��aCURCJ� PXTO XJ PTO Q �RYJAPNATO Q R!PFUCJPFCIJQ UJN[ PFRO UCZPFRQ PDO A�FXATADO A ! �FRUZ_DA PFRO �K]EFPZ!PFR PTO Q @�EKICFR XaMCN PF[ ��'(� UP\!]T Re ]PKCJ PDO A @ A_THJRDO A Tb HKX`ADAPTO Q �KJE`GKDQ� EKCNTO GBK ]PT[ �KAKPIJ JEF[ PF[ �(' XaMCN PF[�"�"� �K[ A Tk PJA ]EFR_JNO F UJGGNPKMANUF[ UaAPCF ECN[ A JEF[ PT[ ARb EFPJHT[ PTO Q �C\PTQ ]PFR[ Q �FfCUFRQ� �IHKQ KNk AJN FNb WRYJAPN!AK[ Q UJN[ ECVNXKQ XKPJWRYJAPNAK[ Q KNU`AKQ EFR[ Kc MFRA ]DBKNO ]PN[ QKUUGT]IKQ UJN[ PJ[ XFAJ]P\CNJ PTQ� @ EF[ PF[ A �)F Fe XDQ XaMCNPF[ A �"F JNVAJ� Tb �aCURCJ WCI]UKPJN ]K[ ]RAKMT[ KENUFNADAIJXK[ PT[ A�C\PT� PT[ ]TXJAPNU`PKCTWKAKPNUT[ UP\]T UJN[ PF[ ]EFR!
� ���
��
_JN`PKCF P`PK EAKRXJPNUF[ UJN[ UJGGNPKMANUF[ UaAPCF PFRO S�GGT!AN]XFRO � �Nb EKCN]]`PKCKQ UJN[ UJGfPKCKQ KNU`AKQ JRPTO Q PTO QEKCN`_FR ]PT[ A �aCURCJ KNk AJN UCTPNUaQ�
�F[ WNWGIF JRPF[ KNk AJN UJCEF[ Q HAV]TQ UJN[ JHZETQ PFRO ]TXKCNAFROUJBTHTPTO @ CMJNFGFHIJQ UJN[ S�]PFCIJQ PTO Q �aMATQ ]PT[ �NGF]FLNUT[�MFGT[ PFRO �JAKEN]PTXIFR @ BTADO A �� �� �FUFP`EFRGFR� Fb Fb EFNO FQECDPFHAVCN]K PN[ Q KNU`AKQ PTO Q �aCURCJQ PF[ �� �� Fe PJA� PCNPFKPT[ QLFNPTPT[ Q ]PT[ A Nc _NJ ]MFG\� UJPaHCJmK EKAPJU`]NKQ EKCIEFR KNU`AKQAJDO A UJN[ XFADO A� @ CH`PKCJ� JEF[ PF[ �� )!��" � Db Q KENXKGTPT[ Q �R!YJAPNADO A @ CMJNFP\PDA� ]RAaMN]K PT[ A UJPJHCJLT[ UJN[ KEaWGKmK PT[]RAP\CT]T _NJUF]IDA EKCIEFR KNU`ADA� @�EN]PaHJ]XJ PDO A KC!HJ]NDO A PFR KNk AJN Tb Kc U_F]T PFRO GKRUVXJPFQ� XK[ GKEPFXKCKNO Q EKCN!HCJLK[ Q UJN[ KUPKPJXaAT WNWGNFHCJLIJ HNJ[ PN[ Q KNU`AKQ EFR[ EJCFR!]NZYFAPJN�
� ���
���
A> ����6���'%� ���� &I�6�� 8%�����KIXKAJ �� �J]UJG`EFRGFR� �� �� �Z]_JHGT� �� �PJBZPFR
@ B\AJ ����� ]]� �'( $(�� �# Kb U�&� ��� J{X LDPFHCJLIKQ
�� �����������
�� ���� �� ����� !
]PTUK HNJ[ AJ[ ]RAF_Kf]KN PT[ AFb X`PNPGT Kc UBK]T EFR[ FCHZAD]K
UJN[ KENXKG\BTUK PF[ ��� Db Q KGZMN!]PT ]RXWFGT[ ]PF[ h�PFQ �KLaCT� �a!XJ UJN[ EKCNKM`XKAF PTO Q Kc UBK]TQ KNk AJNFNb LDPFHCJLIKQ EFR[ PCZWTgK Fb Nc _NFQFb EFNTP\Q� JEF[ PJ[ LFNPTPNUZ PFR MC`!ANJ ]PF[ �JCI]N $���'!���#&Do Q PN[ Q PK!GKRPJNO KQ KU_CFXaQ PFR ]PT[ A S�GGZ_J$�� �!��"�&�
S��KLaCTQ _K[ A EJCJUFGFRBKNO � PFR!GZMN]PFA ]PN[ Q LDPFHCJLIKQ PFR� PT[ AJN]BTPNUT[ N_KFGFHIJ EFR[ JAJEPf]]K!PJN PF[ A KNUF]PF[ JNVAJ HfCD JEF[ PT[ A PaMAT JRP\� �F[ A KA_NJ!LaCKN Tb UJBJCT[ LDPFHCJLIJ� Tb KRc ]PFMT UJN[ ]D]PJ[ UJ_CJ!CN]XaAT G\mT� UJN[ KGZMN]PJ Tp UJB`GFR Tb UJGGNPKMAIJ� Tb J`!CN]PT Rb EFWFG\� Tb ]UTAFBK]IJ� h�MN X`AF _K[ A KgDCJ�YKN PF[JAPNUKIXKA` PFR JGGJ[ LCFAPIYKN ]RXEGTCDXJPNUJ[ AJ[ XT[ A PF[
� ���
���
KUXRBKf]KN� EJCJ[ PF[ HKHFAF[ Q Fe PN EFGGK[ Q LDPFHCJLIKQ PFRXFNZYKN AJ[ Kc MFRA WHKNO JP`LNKQ Xa]J JEF[ PF[ A U`]XF PTO Q EFI!T]\Q PFR� S� XJPNZ PFR Kc MKN PT[ A JXK]`PTPJ PFRO JN]BJAPNUFROEJCJPTCTPTO UJN[ Fc MN PT[ GJNXJCHIJ PFRO WNJ]PNUFRO PFRCI]PJ��F[ A Kb GUfFRA PJ[ JEFXKNAZCNJ EJGJN`PKCDA EFGNPN]XDO A $�JE!EJ_FUIJ& XJ[ UJN[ Tb YDT[ PDO A JABCVEDA ]PT[ A UJBTXKCNA`PTPZPFRQ $�fECFQ&� KUKNO AF PF[ Jc ENJ]PF UJN[ JUJCNJNO F EFR[ gaCKN AJ[JNMXJGDPIYKN Fb LJU`Q� K[ Jc GGJ G`HNJ� PJ[ HCJEPJ[ UJN[ FNbLDPFHCJLIKQ PFR Kc MFRA XKPJgf PFRQ ]Ma]T ]RHUFNADAFfAPDA_FMKIDA�
�Nb LDPFHCJLIKQ PREVBTUJAXIJ JAJ[ ]KGI_JUJN[ ]K[ XKHZGF]MTO XJ� ECFUKNXaAFR AJ[ JAJ_KNMBKNO Tb ]PNWJCT[ UJN[ ]RMAJ[ JmK!HZ_NJ]PT HFTPKIJ PFRQ� UJN[ XK[ MCFAFGFHNUT[ ]KNCZ� JLFRO Fb�KLaCTQ KNk AJN Nc ]DQ Fb X`AFQ Jc ABCDEFQ PDO A HCJXXZPDA ]PT[ AS�GGZ_JEFR[ BJ[ XEFCFRO ]K UJAKN[ Q AJ[ KNUFAFHCJL\]KN Fb G`UGTCTPT[ YD\ PFR� MC`AF PF[ MC`AF� JEFUGKN]PNUJ[ XK[ LDPFHCJLNUF[Rb GNU`�
� ���
��
������� � � ����
��� � ����
����� �� � ���� �
_$(�� &+���� �> �@ 6��.��� j"43 1"/!"k
@ B\AJ ��'�� ]]� �� $()� (� Kb U�&� #( Kc HMCDXFN EIAJUKQ
$KgJAPGTXaAF&
+ ����� ,��� �� ���������� ��� �����!
YT EFR[ _TXF]NKfFAPJN ]K[ PFRO PF PF[ GKfUDXJ� �C`!UKNPJN HNJ[ ]RXEG\CDXJ PTO Q XKGaPTQ PFRO Nb ]PFCNUFRO
PTO Q PaMATQ JCIAFR �JGGNHJO HNJ[ PF[ A UJGGNPaMAT� Tb Fb EFIJURUGFLFCKNO ]PT[ ]KNCJ[ �KFKGGTANUT[ �CF]DEFHCJLIJ PFRO���� �J[ GIHJ HAD]PJ[ Kc CHJ EFR[ _TXF]NKfFAPJN K_DO WFTBFRO AUJN[ JRPZ� _IEGJ ]PJ[ Jc GGJ� AJ[ HADCI]KN UJAKN[ Q UJGfPKCJ XK!CNUK[ Q JEF[ PN[ Q ]TXJAPNU`PKCKQ� Jc HAD]PKQ Do Q PVCJ� EGKRCK[ QPTO Q _TXNFRCHIJQ PFRO �fYT�
�J[ Kc CHJ EFR[ JEFPKGFRO A PF[ UfCNF ]DO XJ PDO A +JHAV]PDA,_K[ A XEFCFRO A AJ[ BKDCTBFRO A PKGKNDXaAJ� �K[ A HADCIYFRXK E`PKJUCNWDO Q _TXNFRCH\BTUJA� JGGJ[ JEF[ ]MKPNUK[ Q KA_KIgKNQ ]K[KEN]PFGK[ Q PFRO UJGGNPaMAT PKUXJICKPJN ED[ Q Kc HNAJA PJ[ PKGKR!PJNO J KNc UF]N MC`ANJ PFRO EKCJ]XaAFR JNVAJ� �J[ Kc CHJ JRPJ[ J!EFUJGfEPFRA XNJ[ A Jc GGT EGKRCJ[ PFRO �fYT� �Nk AJN Fb PFGXTCF[ QYDHCZLFQ EFR[ EKNCJXJPIYKPJN UJN[ gJAFIHKPJN ]K[ _C`XFRQPKGKIDQ _NJLFCKPNUFR[ Q JEF[ JRPFR[ Q EFR[ XJO Q HAVCN]JA PJ[ HAD!]PZ� PJ[ UJBNKCDXaAJ Kc CHJ PFR�
������� � � ���� ��� � ����
���
S� JCIAFQ �JGGNHJ[ Q $��� %��')& ]EFf_J]K ECDO PJ �FXNUJ[ ]PF[�JAKEN]P\XNF @ BTADO A UN Kc EKNPJ S�]PFCIJ PTO Q �aMATQ EGZN ]K[ UF!CRLJIFRQ _J]UZGFRQ ]PF[ `AJMF� PF[ �KCFGIAF UJN[ PF[ �fCP]!XEFRCHU� JEF[ Fe EFRETO CK PF[ _N_JUPFCNU` PFR PF[ ��()� @ CUKPJ[ ADCN[ QPJ[ KA_NJLaCFAPZ PFR Kb ]PNZ]PTUJA ]PT[ WRYJAPNAT[ UJN[ PT[ AK`PKCTPaMAT� @�EN]PCaLFAPJQ ]PT[ A S�GGZ_J� _I_JgK S�]PFCIJ PTO Q �aMATQ]PF[ �FGRPKMAKNO F Db Q KENXKGTPT[ Q $��#�& UJN[ _NKPaGK]K Kc LFCFQ WR!YJAPNADO A JCMJNFP\PDA $��#�& UJN[ Rb LTHTPT[ Q PTO Q �RYJAPNATO Q @ C!MJNFGFHIJQ ]PF[ �JAKEN]P\XNF PTO Q �K]]JGFAIUTQ $��# &� @ EF[ PF[��#� Ke DQ PF[ ��"� Rb ETO CgK _NKRBRAPT[ Q PTO Q @�BANUTO Q �NAJUFB\UTQ�
����� � ���� ���
)������ E%���$���(�� ;��� �
@ B\AJ ����� ����)� ]]� ��� $�"� �� Kb U�&� )# KNU`AKQ
�� ����������
���� ��� �� �����!
PCVBTUJA _NJGagKNQ UJN[ XKGa!PKQ EFR[ ECJHXJPKfFAPJN _NZ!
LFCKQ EPRMK[ Q PFRO � AKJANUFRO URCIDQ�Kc CHFR PFRO �KFPFU`EFRGFR� �Nb KCHJ!]IKQ JRPK[ Q Kc HNAJA ]K[ XNJ[ EKCIF_F EK!A\APJ MC`ADA� UJPJ[ PT[ A Fb EFIJ FNb JE`!mKNQ PFRO ]RHHCJLaJ HNJ[ PF[ A �KFPFU`!EFRGF _NJXFCLVBTUJA JEF[ PT[ XKGaPTPTO Q ]fHMCFATQ XK[ PT[ AK`PTPJ PFRO YD!HCZLFR Kb GGTANUTO Q PaMATQ� S� BTPKIJPFRO �KFPFU`EFRGFR ]PT[ A UCTPNUT[ YD!HCJLNUT[ Rb ETO CgK UJBFCN]PNUT[ HNJ[ PT[_NJX`CLD]T PFRO ECF]DENUFRO PFR Re !LFRQ� Fe EDQ Jc GGD]PK LJAKCVAFRA EFGGJ[ ]PFNMKNO J JEF[ PT[ APaMAT PTO QDb CNX`PTPZQ PFR� @ ANMAKfFAPJN JU`XJFNb WRYJAPNAK[ QUJN[ FNb _RPNUK[ Q KENCCFK[ Q ]PJ[ Kc CHJ PFR� KADO ]K[ MDCN]PF[ UKLZ!GJNF KgKPZYKPJN Tb AKJANUT[ EJCJHDH\ PFR� �aGFQ� UCIBTUKMC\]NXF AJ[ ECF]PKBFRO A ]PF[ WNWGIF JEF]EZ]XJPJ JEF[ _fF
������� � � ���� ��� � ����
���
XKGaPKQ EFR[ _K[ A KNk MJA Db Q UfCNF JAPNUKIXKA` PFRQ PF[ A �KFPF!U`EFRGF� JGGJ[ BaXJPJ PJ[ Fb EFNO J Fb AKJCF[ Q YDHCZLFQ ECDPF!EJCFR]IJ]K ]PT[ A Kb GGTANUT[ PaMAT�
@�EN_IDgT PFRO ]RHHCJLaJ KNk AJN AJ[ JEFPKGa]KN PF[ WNWGIFJRPF[ MC\]NXF KCHJGKNO F UJN[ Kc AJR]XJ HNJ[ PFR[ Q XKGGFAPNUFR[ QXKGKPTPK[ Q PFRO UJGGNPaMAT� �J[ UKIXKAJ� MDCN[ Q AJ[ Kc MFRA Rb EF!]PKNO FR]NJ]PNUK[ Q KEKXWZ]KNQ� ]RXEGTCVBTUJA XK[ ]TXKNV!]KNQ UJN[ EC`]LJPT WNWGNFHCJLIJ� S� KNUFAFHCZLT]T WKGPNV!BTUK UJN[ KXEGFRPI]PTUK XK[ _NJLDPN]PNUK[ Q GKEPFXaCKNKQ�N_IDQ JEF[ PJ[ AKJANUJ[ Kc CHJ�
S�JA`GTQ �JPYT_ZUTQ $����!���'& HKAA\BTUK ]PF[ S�CZUGKNF PTO Q�C\PTQ� �EFf_J]K ]PT[ A @ B\AJ� ]PF[ �JCI]N UJN[ ]PF[ �KCFGIAF��NKPaGK]K SEF_NKRBRAPT[ Q UJN[ Kc EKNPJ �NKRBRAPT[ Q PFRO FR]KIFREKAZUT JEF[ PF[ ��(# Do Q PF[ ��"#� h�LFCFQ �RYJAPNADO A @ CMJNFP\!PDA JEF[ PF[ ��#(� Kc EKNPJ �NKRBRAPT[ Q PFRO �RYJAPNAFRO FR]KIFR JEF[PF[ �� � UJN[ �KANUF[ Q h�LFCFQ @ CMJNFP\PDA JEF[ PF[ �� ( Ke DQ PF[��"#� h�HCJmK WNWGIJ UJN[ HKANUK[ Q KEN]UFE\]KNQ HNJ[ PT[ WRYJAPNAT[UJN[ XKPJWRYJAPNAT[ PaMAT UJN[ EFGGK[ Q ]MKPNUK[ Q XKGaPKQ ]K[ Kb GGTANUJ[UJN[ gaAJEKCNF_NUZ� @�EN[ KNc UF]N MC`ANJEJCJUFGFRBFRO ]K BaXJPJPTO QEJGJN`PKCTQ UJN[ PTO Q ]fHMCFATQ Kb GGTANUTO Q PaMATQ XK[ KENLRGGI_KQ]PN[ Q KLTXKCI_KQ ��(%��%�'� UJN[ <�� ��� UJBD[ Q UJN[ ]K[ gaAJ EKCNF!_NUZ� SETO CgK @ UJ_TXJiUF[ Q JEF[ PF[ ��'�� KEIPNXFQ _N_ZUPDC EFG!GDO A �JAKEN]PTXIDA UJN[ JAPKEN]PaGGFA XaGFQ gaADA @ UJ_TXNDO A�
������� � � ���� ��� � ����
���
������ ����������
#�(��9�.����� �� =�������� �- �9�%�����KPZLCJ]T �JATO Q JGGFfMFR!�'.�"#
@ B\AJ ����� (��� � ]]� "� $�"� �# Kb U�&� #� KNU`AKQ
�� ������������
��� ������ ��� � � � ��!
MCN]PNJANUT[ UJN[ Tb WRYJAPNAT[JCMNPKUPFANUT[ ECFWZGGFAPJN
Fc MNDb QECFFIXNFPTO QXK]JNDANUTO Q AJF!_FXIJQ� JGGJ[ FR]NJ]PNUJ[ Db Q PKGKR!PJIJ LZ]T PTO Q FNUF_FXNUTO Q PTO Q Re ]PK!CTQ @ CMJN`PTPJQ� S�]RHHCJLaJQ�]K[JAPIBK]T XK[ EFGGFR[ Q Nb ]PFCNUFfQ� _K[ AJAPNXKPDEIYKN PT[ A EJGJNFMCN]PNJAN!UT[ JCMNPKUPFANUT[ Db Q _RPNU`PCFET K!gaGNgT JGGJ[ XJO GGFA Db Q Re ]PJPT Kc U!LCJ]T PDO A JCMNPKUPFANUDO A JAPNG\mK!DA EFR[ KENUCJPFRO ]JA ]PJ[ UaAPCJ P`!]FPTO Q _RPNUTO Q Fe ]FUJN[ PTO Q JAJPFGNUTO QK]FHKIFR� UJBD[ Q UJN[ ]PN[ Q EJCZUPNKQ EKCNFMK[ Q PFRO Rb ]PKCF!CDXJiUFRO U`]XFR� S� WJ]NGNUT[ XK[ PT[ XKHZGT XFAFU`XXJPTJNc BFR]J UJN[ PT[ A gfGNAT ]UKE\� XKPJLFCJ[ JEF[ PT[ CDXJiUT[J]PNUT[ JCMNPKUPFANU\� URCNJCMKNO ]PT[ AJF_FXIJ� P`]F ]PT[ �f!]T Fe ]F UJN[ ]PT[ A @ AJPFG\� XaMCNPT[ A KEFMT[ PFRO @�FR]PNANJAFRO �
������� � � ���� ��� � ����
��
HNJ[ AJ[ KEJAKXLJAN]PKNO JCH`PKCJ ]PT[ �f]T Db Q ]PFNMKNO F Kb AF[ QUNA\XJPFQ JAJHaAAT]TQ� @ EF[ PT[ A Jc GGT XKCNZ� ]PT[ A @ AJPFG\�FNb FNUF_FXNUK[ Q JCMK[ Q PTO Q Re ]PKCTQ RPFUCJPFCIJQ $BFGDPJ[JAJUPFCNUJ[ XaHJCJ� PJLNUJ[ UPI]XJPJ UJN[ BaCXKQ& Kc CMFAPJN]PF[ ECF]U\ANF PT[ A KEFMT[ PFRO @�FR]PNANJAFRO UJN[ KgJUFGFRBFRO AAJ[ UJBFCIYFRA PF[ MJCJUP\CJ UJN[ PT[ A KgaGNgT PTO Q AJF_FXIJQ]PT[ A @ AJPFGT[ KEN[ MIGNJ UJN[ EGaFA MC`ANJ� @�A FGIHFNQ� TbMCN]PNJANUT[ JCMNPKUPFANUT[ ]PT[ A @ AJPFGT[ _NJPTCKNO UJN[ JAJ!EJCZHKN PN[ Q JCMK[ Q PTO Q AJF_FXIJQ PTO Q Re ]PKCTQ @ CMJN`PTPJQ�KADO ]PT[ �f]T Ke AJQ JCMJNO FQ� ]RHUCNPNUJ[ ECVNXFQ FNUF_FXNUF[ QPfEFQ KgJLJAIYKPJN� HNJ[ AJ[ JAJ]PTBKNO Fe XDQ ]RAKN_TPJ[ JEF[Ke AJ UIATXJ JAJHaAAT]TQ� �PF[ WNWGIF� GFNE`A� JRPF[ EJCFR]NZ!YKPJN Tb MCN]PNJANUT[ JCMNPKUPFANUT[ ]PT[ A @ AJPFGT[ JEF[ PN[ QJEJCMK[ Q Do Q PT[ A Je GD]T PTO Q �DA]PJAPNAFfEFGTQ� KADO � Fe ]FAJLFCJO PT[ �f]T� KUPIBKAPJN FNb KgKGIgKNQ X`AFA Do Q PF[ PaGFQ PFRO FR JNVAJ� XNJ[ UJN[ Tb FNUF_FXNUT[ PTO Q ECFUJCFGIHHKNJQ UJN[ECVNXTQ UJCFGIHHKNJQ KEFMTO Q JAPNECF]DEKfKN _NJLFCKPNUT[PZ]T UJN[ FLKIGKN AJ[ JAPNXKPDEIYKPJN MDCN]PZ�
S��IMJCAP�CZFRPMJiXKC $�'�"%���#&]EFf_J]KUJN[ _I_JgK JCMNUJ[]PT[ �KCXJAIJ UJI� XKPJ[ PT[ A KHUJPZ]PJ]\ PFR ]PN[ Q �� � ]K[ JXK!CNUJANUJ[ EJAKEN]P\XNJ� @ EF[ PF[ ��)� Rb ETO CgK UJBTHTPT[ Q ]PF[ @�A!]PNPFRO PF �JGDO A �KMADO A PFRO �JAKEN]PTXIFR PTO Q �aJQ S`CUTQ� �F[Kc CHF PFR UJGfEPKN Ke AJ KRCfPJPF LZ]XJ� JEF[ PT[ A EJGJNFMCN]PNJANUT[UJN[ XK]JNDANUT[ JCMNPKUPFANUT[ Do Q PT[ A JCMNPKUPFANUT[ UJN[ PT[ HGREPN!UT[ PTO Q @ AJHaAAT]TQ� �KDCFRO APJA JRBKAPIJ ]PF[ A PFXaJ PTO Q EJ!GJNFMCN]PNJANUTO Q JCMNPKUPFANUTO Q� ]PF[ A Fb EFNO F XATXKNV_T ]RXWFGT[JEFPKGKNO PF[ EKAPZPFXF Kc CHF PFR ���� ��� � ��(��9�.����� �=�.(�� � ��� � ^I���� EFR[ Fb GFUGTCVBTUK PF[ ��""�
������� � � ���� ��� � ����
���
�� �� ������
��� 9����� ��� � ��9���KPZLCJ]T �IAJQ �Z]_JHGT
@ B\AJ ���'� �#����� ]]� '" $�"� �# Kb U�&� ��� Kc HMCDXKQ UJN[ ��� J{XKNU`AKQ
�� �������������� �����������
�� ��������������� ��� ������
������� � �� �� �� � ��� �� �� � � ��!
XFLNGT[ WNWGIJ HNJ[ PT[ A PaMAT� h�MKN XKPJLCJ]PKNO ]K[EKCN]]`PKCKQ JEF[ KNc UF]N HGDO ]]KQ UJN[ KEN[ #) MC`ANJ
EJCJXaAKN J]RAJHVAN]PF Db Q KN]JHDHT[ ]PT[ A PaMAT� JEF[ PN[ QJCMJN`PKCKQ YDHCJLNK[ Q PDO A ]ETGJIDA Do Q PT[ ]fHMCFAT EKN!CJXJPNUT[ Kc ULCJ]T�
�F[ g����� ��� ���9��� FLKIGKNPT[ XFAJ_NUT[ _TXFPNU`PTPZPFR ]PT[ A Jc XK]T UJN[ Jb EGT[ HCJL\ PFR� �NJPN[ Fb �U`XECNM gK!UNAZKN JEF[ XNJ[ EJN_JHDHNUT[ JCMT[ EFR[ PT[ A KEJGTBKfKN J_NZ!UFEJl +n�GJXEFCKNO Q AJ[ PJ[ EKNO Q XK[ HGV]]JP`]FJb EGT[ EFR[ AJ[PT[ A UJPJGJWJIAKN JU`XT UJN[ Ke AJ EJN_I,� n�EDQ _TGVAKN K!gZGGFR� FNb N_JANUFN[ JAJHAV]PKQ PTO Q Nb ]PFCIJQ PFR KNk AJN FNb AaFNJAZXK]J ]PJ[ _V_KUJ UJN[ ]PJ[ KNc UF]Nr UJN[ _NKRUCNAIYKNl +�FPK[Fe XDQ _K[ A EI]PKmJ ED[ Q PJ[ WNWGIJ HNJ[ AaFRQ ECaEKN AJ[ _NJLa!CFRA JEF[ PJ[ WNWGIJ HNJ[ KATGIUFRQ j KUPF[ Q JEF[ Ke AJ ]TXKNO FlFe PN Kc MFRA AJ[ JAPNXKPDEI]FRA PFR[ Q ENF[ JEJNPTPNUFR[ Q UCN!PaQ|,� �NJ[ AJ[ JAPJEFUCNBKNO ]PT[ A JR]PTC`PTPJ UJN[ PT[ A KN!GNUCIAKNJ JRPFRO PFRO UFNAFRO HCZLKN Jb EGZ� JEFLKfHFAPJQ PJ[]RA\BT Jb XJCP\XJPJ KUKIADA EFR[ HCZLFRA HNJ[ PT[ A PaMATl PT[ A
������� � � ���� ��� � ����
���
KENP\_KR]T� PF[ A ]RAJN]BTXJPN]X`� PT[ A KEN_KNUPNUT[ MC\]TPKMANUDO A UJN[ KEN]PTXFANUDO A Fe CDA� �JCFR]NZYKN PT[ A Nb ]PFCIJPTO Q PaMATQ ]J[ A +XNJ[ YDAPJAT[ Jb GR]I_JEFR[ ]RA_aKNPT[ _NU\ XJQKEFMT[ XK[ PT[ A KEFMT[ PDO A �RCJXI_DA,�
�PT[ AaJ� KXEGFRPN]XaAT Kc U_F]T� Fb ]RHHCJLaJQ Kc HCJmK Ke AJUJNAFfCNF UKLZGJNF HNJ[ PN[ Q ]fHMCFAKQ KgKGIgKNQ ]PT[ A PaMAT�PT[ A JCMNPKUPFANUT[ UJN[ PT[ LDPFHCJLIJ�
S� �K[ C ��CA]P �U`XECNM $����%����& _NKPaGK]K �NKRBRAPT[ Q PFRO@�A]PNPFfPFR �ZCXEFRCHU UJN[ UJBTHTPT[ Q PTO Q S�]PFCIJQ PTO Q �GJ]N!UTO Q �JCZ_F]TQ ]PF[ �JAKEN]P\XNF PFRO �FA_IAFR Do Q PT[ ]RAPJgNF!_`PT]\ PFR PF[ ��" � �F[ ��"� MCI]BTUK Nb EE`PTQ� �NX\BTUK XK[ PJ[_NZ]TXJ PFRO �ZHXJPFQ PTO Q @ gIJQ UJN[ XK[ EFGGJ[ _NKBAT[ WCJWKNO J�XKPJgR[ PDO A Fb EFIDA UJN[ PF[ �)��"")4� �:��, PF[ ��'�� �PJ[ Kc CHJ PFREKCNGJXWZAFAPJNl��� ��& ��������������� ��>�&������C����������������� �� ��� ������ �� ���� UJN[ _aUJ P`XFN _FUNXIDA� Fe GJ ]PN[ QKU_`]KNQ *��),#" *� ���
������� � � ���� ��� � ����
��
� ��� �� �����
���9�%����� � .��7�� �� ��76����8��� @ 9��� ��� � .���%��� � ����� �
@ B\AJ ��� � #���"� ]]� � � $� � �# Kb U�&� �)� KNU`AKQ
�� ����������������
�� ��� � �� �� � ��� � ���� �� � ���
P`]T ]RAZLKNJPJ[ HUCKXN]XaAJXaGT Kb AF[ Q JCMJIFR AJFROTp BKZPCFR� �JCJ[ PT[ A UJPJ]PCFLT[ EFR[ Kc MKN KEaGBKN�
KgJUFGFRBFRO A AJ[ ]RA_aFAPJN JEF[ XNJ[ N_KJPT[ HCJXX\� EFR[ KNk !AJN P`]F N]MRCT[ De ]PK Tb LBFCJ[ EFGR[ _f]UFGJ XEFCKNO AJ[ PT[ AKgJLJAI]KN� �ZAD PTQ XEFCKNO Q AJ[ JAJ]RABa]KNQ JRPJ[ PJ[ J!EFXKNAZCNJ� Fe ]F GIHJ UJN[ Jp A KNk AJN� UJN[ AJ[ ]RGGZWKNQ XK[ PT[LJAPJ]IJ ]FR PF[ Fe GF JEF[ PF[ Fb EFNO F ECFaCMFAPJN�
RPF[ Q Fb Jc RGFQ ]RAKUPNUF[ Q Nb ]PF[ Q KNk AJN PF[ Nc MAFQ PTO Q ]RABK!PNUTO Q _FXTO Qr XNJ[ JEFGfPDQ KN_NUT[ JUFGFRBIJ ]TXKIDA� UJN[PJRP`MCFAJ UfCNFQ ]RABKPNUF[ Q UJA`AJQ� �NJPCaMKN PF[ JCMNPK!UP`ATXJ JEq Jc UCFR KNQ Jc UCFA UJN[ ]LCJHIYKN PT[ A PJRP`PTPZPFR� JEF[ PT[ HaAAT]T Do Q PF[ BZAJP` PFRr JU`XJ UJN[ XKPJ[ JEF[JRP`A� �F[ EKCEZPTXJ XK[ PF[ AFRO EZAD ]PJ[ ]TXZ_NJ JRPFRO PFRONc MAFRQ Fb _\HT]K ]K[ ]UamKNQ EFGR[ HKANU`PKCKQ HNJ[ PT[ A JCMNPK!UPFANUT[ UJN[ PT[ _N_J]UJGIJ PTQ�
S��Z]FQ��EICTQ KNk AJNUJBTHTPT[ Q ]PF[ PXTO XJ @ CMNPKUP`ADA PFRO@�BANUFRO KP]`WNFR �FGRPKMAIFR� h�MKN KUEFA\]KN EFGGK[ Q XKGaPKQ
������� � � ���� ��� � ����
���
_TX`]NDA UJN[ N_NDPNUDO A UPNCIDA� EFGGJ[ JEF[ PJ[ Fb EFNO J Kc MFRA MPN]PKNOUJN[ EJCFR]NZYFAPJN ]PT[ A Kb GGTANUT[ UJN[ gaAT WNWGNFHCJLIJ� h�MKN]RXXKPZ]MKN ]K[ EJAKGG\ANFRQ _NJHDAN]XFR[ Q UJN[ Kc MKN JEF]EZ]KNEFGRZCNBXKQ WCJWKf]KNQ� h�MKN KEI]TQ _TXF]NKf]KN ]KNCJ[ Jc CBCDAUJN[ Kc MKN ]RXXKPZ]MKN ]K[ KUBa]KNQ ]PT[ A S�GGZ_J UJN[ ]PF[ KgDPKCNU`�
������� � � ���� ��� � ����
���
���� ��� ����� �������1 �����
����� ��#�$(�.� �� �����'�� ���� ���+�����
.��� � �- �9�'� *�((7��
@ B\AJ ���'� ]]� ��� $�#� �� Kb U�&� �(# J{X UJN[ Kc HMCDXKQ KNU`AKQ
�� ����������
��� �� ��� ������� ����� � �� ����� ���
]RAaGKHK _NJLZAKNKQ� LDPFHCJLIKQ UJN[ UJCPEF]PJ[ GJEF[ EJCJ]PZ]KNQ ]K[ JCMJNO J JHHKNO J� ]PTO GKQ UJN[ PFN!
MFHCJLIKQ EFR[ JEKNUFAIYFRA KEKXWZ]KNQ UJN[ BKCJEKNO KQ PCJR!XZPDA ]PT[ A @ CMJN`PTPJ� �JPJ[ UJNCFR[ Q MCT]NXFEFNFRO ]K Xa!CFQ PFRO Rb GNUFRO ]K[ _NJGagKNQ� �F[ KA_NJLaCFA EFR[ Kc _KNgJA FNbKEN]PTXFANUFN[ UfUGFN� UJBD[ Q UJN[ Fb KABFR]NJ]XF[ Q PFRO WFTBFROPFR �C�KAK[ ECIAPGKC� PFRO Kc _D]JA PT[ A N_aJ HNJ[ PF[ WNWGIF PF[Fb EFNO F URUGFL`CT]K ]PJ[ HKCXJANUJ[ PF[ ���#�
S� JUCNWT[ Q UJN[ HGJLRCF[ Q G`HFQ UJN[ Tb Kc gFMT KNUFAFHCZLT]TYDAPJAKfFRA PFR[ Q PCJRXJPN]XFR[ Q UJPJ[ PFR[ Q JBGTPNUFR[ Q JHDO !AKQ� PF[ A E`GKXF� PF[ URA\HN UJN[ PJ[ JPRM\XJPJ PTO Q UJBTXKCNATO QYDTO Q� �Nb KNU`AKQ ]RAF_KfFAPJN JEF[ UJPJPFEN]PNUK[ Q GKYZAPKQJEFPKGDO APJQ JLq Kb JRPDO A Ke AJ EFGfPNXF GKfUDXJ� �K[ N_NJIPK!CJUKLZGJNJ FNb ]RHHCJLKNO Q ECJHXJPKfFAPJNPN[ Q EFNUIGKQXFC!LK[ Q NJPCNUTO Q LCFAPI_JQ UJN[ PT[ A EC`F_F PTO Q JCMJIJQ Kb GGTANUTO QNJPCNUTO Q JEF[ PF[ A fBF ]PF[ A �`HF� UJPJ_KNUAfFAPJQ ]RAZXJPT[ A EFGGJEGT[ _NJMCFANUT[ ]TXJ]IJPTO Q KgaGNgTQJRPTO Q HNJ[ PF[ AJc ABCDEF�
������� � � ���� ��� � ����
���
S� UJBTHTPT[ Q �PaLJAFQ �KCFRGZAFQ HKAA\BTUK ]PT[ A @ B\AJ� ]EFf!_J]K @�JPCNUT[ ]PT[ �RCIMT� PT[ �NaAAT UJN[ PF[ �JCI]N UJN[ HNJ[ ()MC`ANJ KCHZ]PTUK ]PF[ �JAKEN]PTXNJUF[ �F]FUFXKNO F PTO Q �RCIMTQ�Fe EFR PF[ ��'� JAJHFCKfPTUK UJBTHTPT[ Q�KNCFRCHNUTO Q� @ EF[ PF[ ���(KNk AJN _NKRBRAPT[ Q PTO Q FAZ_JQ @�APJPNUTO Q �KCJEKIJQ UJN[ PTO Q @�J!PCNUTO Q SETCK]IJQ ]PF[ @�AZ]KNF�JC_NFMKNCFRCHNUF[ �aAPCF� h�MKNHCZmKN KAAaJ WNWGIJ UJN[ EFGGJ[ KEN]PTXFANUJ[ Jc CBCJ� KNk AJN XaGFQ ]K[(� JUJ_TXJiUK[ Q UJN[ NJPCNUK[ Q Kb AV]KNQ UJN[ Kc MKN PNXTBKNO XK[ _NJUCI!]KNQ UJN[ EJCZ]TXJ�
S� �C �KAK[ ECIAPGKC HKAA\BTUK ]PT[ �RCIMT� Fe EFR ]EFf_J]K @�J!PCNUT[ XK[ KN_NU`PTPJ ]PT[ �KANUT[ �JBFGFHIJ� �F[ _NZ]PTXJ ��'�!��KCHZ]PTUK Db Q WFTBF[ Q PFRO UJBTHTPTO �� �KCFRGZAFR ]PT[ �KNCFRCHN!UT[ �GNANUT[ PFRO �JAKEN]PTXIFR PTO Q �RCIMTQ Fe EFR KUE`AT]K PT[ _N!_JUPFCNU\ PFR_NJPCNW\� JGGJ[ JCH`PKCJ JUFGFfBT]K PT[ A KN_NU`PTPJPTO Q �RMNJPCNUTO Q� �\XKCJ KNk AJN KENXKGTPT[ Q ]PT[ A �JAKEN]PTXNJUT[�GNANUT[ �RMNJPCNUTO Q PTO Q �RCIMTQ UJN[ J]MFGKNO PJN KCKRATPNUJ[ XK[PT[ A UGTCFAFXNU`PTPJ PTO Q ]MNYFLCaAKNJQ�
������� � � ���� ��� � ����
���
� ����� ����������� ����� �� ���� ��� ��� � � ������ ������
<7.� ����('����������.%�
@ B\AJ ���"� ]]� �() $�"�)� �"�) Kb U�&� �#� J{X KNU`AKQUJN[ _fF �� XK[ PF[ Kc CHF PFRO �� EaUKP ��- ��9.���%� ���%�
�� ������������
�� �� ������ �� ��!
]PTUK ]PF[ MDO CF PFRO BKZPCFREFGR[ AaJ� X`GNQ _KUJEaAPK K!
PDO A� XJB\PCNJ JU`XJ ]PT[ �CJXJPNUT[�MFGT[ PFRO @�BANUFRO �KZPCFR� EFR[ P`!PK� ]PJ[ ��(�� KENMKNCFRO ]K PF[ _KfPKCFgKUIATXZPFR� �PJ[ ECDO PJPTQ W\XJPJKNk MK KXEAKR]XaAFRQ _J]UZGFRQ� PF[ A�DO PF �FGIPT UJN[ PF[ A �TX\PCT �FA!P\CT� RPFN[ PT[ A UJBF_\HT]JA� UJN[EGZN PFRQ JEaUPT]K EFGfPNXT EKICJ EFR[ PT[ WF\BT]K AJ[ HIAKNEFGR[ ]fAPFXJ ECDPJHDAI]PCNJ� JGGJ[ UJN[ AJ[ UJBNKCDBKNO Db Q+KGaD �KFRO KAYKAf,� KCNUJ[ MC`ANJ JCH`PKCJ� Tb �Z]D J!ADGI_FR Kc MKN _TXNFRCH\]KN PF[ A _NU` PTQ BIJ]F UJN[ EKCNF_KfKN]PT[ A S�GGZ_J UJN[ ]PJ[ UaAPCJ PFRO S�GGTAN]XFRO HfCD ]PT[ K!]`HKNFl @ GKgZA_CKNJ��DA]PJAPNAFfEFGT��fECF��J[ EJIgKNXK[ PFR[ Q EKCN]]`PKCFRQ UJPJgNDXaAFRQ TBFEFNFR[ Q PTO Q KEFMTO QPTQ� Fe EDQ PF[ A NXIGNF �KZUT� PT[ A �JPIAJ �JgNAFRO � PF[ A @ !GagT NADP\� PT[ A S�GaAT �JEJ_ZUT� PT[ A �RWaGT� PF[ A �ZAF
� ����� ���������
��
�DP]`EFRGF� PF[ A �TX\PCT �F[ CA UJN[ PT[ JICT @ CVAT� UJN[Re ]PKCJ JEF[ XNJ[ GJXECT[ EFCKIJ ]PF[ @�GKfBKCF �aJPCF� BJ[KEN]PCamKN ]PF[ @�BANU`� Fe EFR UJN[ BJ[ UGKI]KNPT[ ]PJ_NF_CFXIJPTQ� ECDPJHDAN]PVAPJQ ]K[ ]TXJAPNUK[ Q EJCJ]PZ]KNQ EFR[ UJ!BKXNZ PFRQ JEFPKGKNO HKHFAF[ Q HNJ[ PT[ A KEFM\ PTQ�
�PF[ GKfUDXJ JRPF[ KgN]PFCKNO Tb Nc _NJ PT[ _NJ_CFX\ PTQ ]PF[MDO CF PFRO BKZPCFR� gKAJHVAPJQ PF[ A JAJHAV]PT JEF[ PJ[ EJCJ!]U\ANJ Do Q PT[ ]UTA\� UJN[ JEF[ PN[ Q EC`WKQ Do Q PN[ Q EJCJ]PZ]KNQ��F[ GKfUDXJ ]RXEGTCVAKPJN JEF[ UCNPNUaQ� JE`mKNQ JABCV!EDA EFR[ ]RAKCHZ]PTUJA XJYI PTQ� Ke AJA UJPZGFHF PDO A Kc CHDAEFR[ Kc EJNgK� UJN[ EGFf]NF KNUFAFHCJLNUF[ Rb GNU`� EFR[ KEN]LCJ!HIYKNPT[ A JL\HT]\ PTQ UJN[ YDAPJAKfKNPF[ A U`]XF PFRO BKZPCFR�Fe EDQ KUKIAT PF[ A Kc YT]K� XK[ Fe GKQ PN[ Q JgaMJ]PKQXFCLaQ PFR� JEF[PF[ ��(� Do Q PF[ ��'��
� ����� ���������
���
#�5���� : ������ ��'��.� ��75%�� .�����'�� �� �%(%'��
@ B\AJ ���"� ]]� ��) $�"�)� �"�) Kb U�&� ��� J{X KNU`AKQ
�� �����������
� ����� ������ $����!
����& UJN[ Tb �JPIAJ �JgNAFRO$����!��"(& KXLJAI]PTUJA
]PF[ S�GGTANUF[ �aJPCF PT[ A KEFMT[EFR[ XK]FRCJAFRO ]JA FA`XJPJ Fe EDQ TbJCIUJ �FPFEFfGT UJN[ Fb NXIGNFQ�KZUTQ� �Nk MJA PT[ A PfMT AJ[ ]RXEKCN!GTLBFRO A JEF[ PT[ A JCMT[ ]PF[ _RAJXNUF[PFRO @�BANUFRO �KZPCFR� EFR[ PF[ ��(�KHUJNAIJYK PT[ _KfPKCT EKCIF_F PTO QGKNPFRCHIJQ PFR Rb EF[ PT[ _NKfBRA]T PFRO �VPFR �FGIPT� �RAKC!HZ]PTUJA XK[ PF[ A �TX\PCT �FAP\CT UJN[ ECDPJHDAI]PT]JA]PN[ Q ECDO PKQ EJCJ]PZ]KNQ JCMJIFR _CZXJPFQ� XK[ PN[ Q Fb EFNO KQKEJAJGKNPFfCHT]K PF[ JCMJNO F BaJPCF PTO Q @�EN_JfCFR PF[ ��) �h�_T JEF[ PJ[ PaGT PTO Q _KUJKPIJQ PFRO @(�� KNk MJA JCMI]KN AJ[UJPJUPFRO A PF[ UFNAF[ KAPF[ Q UJN[ KUPF[ Q PDO A ]RA`CDA PTO Q S�GGZ!_JQ�XK[ JEFUFCfLDXJPF[ h�]UJC PTO Q�JPIAJQ�JgNAFRO HNJ[ PF[C`GF PTQ ]PT[ A PJNAIJ&�� ���� � 9����� �> ���7��jPT[ A ECV!PT JEF[ PN[ Q EFGGK[ Q _NJUCI]KNQ EFR[ JEFAKX\BTUJA ]PT[ XKHZGT
� ����� ���������
���
PCJHD_F[ j UJN[ PT[ A EJHU`]XNJ JAJHAVCN]T PFRO @ GagT N!ADPTO Db Q ]UTAFBaPT� ]K[ ]TXKNO F De ]PK AJ[ PF[ A XKPJUJGFRO A gaAFNBKJPCNUFN[ FCHJAN]XFI� JU`XJ UJN[ Fc EKCKQ� HNJ[ AJ[ ]RAKCHJ]PKNO]PN[ Q EJCJHDHaQ PFRQ� S� ]RXWFG\ PFRQ ]PT[ A JAJWID]T PFROJCMJIFR _CZXJPFQ Rb ETO CgK JAREFG`HN]PT� @ GGJ[ UJN[ FNb KENGF!HaQ PFRQ JEF[ PF[ A �JIgETC Do Q PF[ ]fHMCFAF _CJXJPFG`HNF�Kb GGTANUF[ UJN[ gaAF� XJCPRCFRO A EAKfXJPJ JA\]RMJ� ECF]JAJ!PFGN]XaAJ ]PJ[ JNVANJ ECFWG\XJPJ PTO Q JABCVENATQ Re EJCgTQ�
�PF[ GKfUDXJ JRP`� EGZN ]PT[ A EGFf]NJ KNUFAFHCZLT]T�EJCJPIBKAPJN Ke AJ MCFAFG`HNF XK[ PFR[ Q URCN`PKCFRQ ]PJBXFR[ QPTO Q ]PJ_NF_CFXIJQ PFRQ� Ke AJQ JAJGRPNUF[ Q UJPZGFHFQ XK[ PN[ QEJCJ]PZ]KNQ UJN[ PN[ Q PJNAIKQ ]PN[ Q Fb EFNO KQ Kc GJWJA XaCFQ� Ke AJJEZABN]XJ JEF[ PN[ Q UCNPNUK[ Q EFR[ HCZLPTUJA HNq JRPFfQ� UJN[Ke AJQ UJPZGFHFQXK[ PJ[ BKDCTPNUJ[ UKIXKAJPFRO @ GagTNADPTO �PJ[ Fb EFNO J JEFPKGFRO A UJN[ PT[ A EAKRXJPNUT[ _NJB\UT PFR ]PF[ MDO CFPFRO BKZPCFR�
� ����� ���������
��
��������������
���� � � ����
D�C%� � ==(���� %�*A��6�� � 6�� ��� � �- �67��.� ����
@ B\AJ ���'� ]]� #�" $�#� �� Kb U�&
�� �����������
��� ������� �� �����!
CI_NF PFAIYKPJN Tb KEKIHFR]J J!AZHUT AJ[ FCHJADBFRO A WNWGNF!
BTO UKQ XK[ WZ]T _NKBAT[ EC`PREJ� ECF!]JCXF]XaAJ ]PT[ A Kb GGTANUT[ ECJHXJ!PNU`PTPJ� S� XKGaPT PFR XZGN]PJ BJ[KNk MK BKPNU`PKCJ JEFPKGa]XJPJ Jp A]RA_RJY`PJAXK[ ECJUPNUT[ Jc ]UT]TXa!]J ]K[ FCHJADXaAT WNWGNFB\UT� @�GZ!MN]PKQ� _R]PRMDO Q� WNWGNFBTO UKQ ]PF[ AP`EF XJQ GKNPFRCHFRO A ]fXLDAJ XK[_NKBAT[ EC`PREJ��JPJ[ PT[ ]RHHCJLaJ�PF[ EC`WGTXJ BJ[ GRBKNO Fb CN]PNUJ[ X`AFAFe PJA GTLBKNO XaCNXAJ HNJ[ PN[ Q WNWGNF!BTO UKQ XK[ ]fHMCFAT UJN[ ]RAKMDO Q KgKGN]]`XKAT AFXFBK]IJ UJN[Fe PJA _TXNFRCHTBKNO WNWGNFBTUFAFXNUF[ UaAPCF XK[ ]RXWFRGKR!PNUK[ Q UJN[ ]RAPFAN]PNUK[ Q Jb CXF_N`PTPKQ� Ke AJ UaAPCF EFR[ BJ[ Ba!]KNPN[ Q WZ]KNQHNJ[ PT[ ]D]PT[ GKNPFRCHIJPDO A WNWGNFBTUDO A Fe GDAPDO A KN_DO A UJN[ PT[ A ECFF_KRPNUT[ ]fA_K]\ PFRQ]K[ Kb ANJNO F @�BANUF[
��������������
���
�IUPRF� `AFA Kc P]N BJ[ KENPfMKN UJN[ Tb S�GGZ_J PT[ A KENUFNAD!AIJXK[ PJ[ _NKBAT[ _IUPRJEGTCFLFCNDO A UJI� URCIDQ� BJ[ XEFCKNO FbMC\]PTQ AJ[ KAPFEIYKN PF[ WNWGNJUF[ UJN[ Jc GGF Rb GNUF[ ]K[ Fb EFNJ!_\EFPK WNWGNFB\UT�
�Nb D�C%� � <=(���� %� JEFPKGFRO A ]RXWFGT[ ]PF[ EK_IF PTO Q�NWGNFBTUFAFXIJQ� Tb Fb EFIJ KgKGI]]KPJN _NJCUDO Q UJN[ JEFPK!GKNO PF[ HAVXFAJ HNJ[ PT[ A PJgNA`XT]T UJN[ PT[ WNWGNFHCJLNUT[KEKgKCHJ]IJ PDO A KAPfEDA UJN[ PDO A TGKUPCFANUDO A KU_`]KDA��F[ HKHFAF[ Q Fe PN JRPK[ Q FNb PKGKRPJNO KQ EFGGJEGJ]NZYFAPJN XK[NGNHHNV_T PJMfPTPJ _K[ A BaPKN _N`GFR ]K[ _KfPKCT XFICJ PN[ QWNWGNFBTO UKQ� � Q XT[ GT]XFAFRO XK ED[ Q UJAaAJ JEF[ PJ[ AaJTGKUPCFANUJ[ ECFi`APJ EFR[ UJPJUGfYFRA PT[ A JHFCJ[ _K[ A Kc MKNJAPFMT[ ]PF[ MC`AFl Fe GJ LBKICFAPJN HC\HFCJ� S� UIA_RAFQ AJ[XT[ A JEFXKIAKN Nc MAFQ JEF[ PJ[ PKUX\CNJ PTO Q KEFMTO Q XJQ Rb EFMCa!D]K PN[ Q gaAKQ XKHZGKQ WNWGNFBTO UKQ AJ[ KUPREVAFRA PN[ Q KU_`!]KNQ TGKUPCFANUTO Q XFCLTO Q ]K[ XT[ Fc gNAF MJCPI� De ]PK AJ[ PN[ Q_NJ]V]FRA JEF[ PT[ LBFCJ[ UJN[ AJ[ JEFPKGa]FRA PF[ A ]RA_KPNUF[UCIUF XK[ PF[ EJCKGBF[ A PTO Q JABCDE`PTPJQ�
S� �FLIJ �JGJXNVPT KCHZ]PTUK PCNZAPJ MC`ANJ Db Q WNWGNFBTUZ!CNFQ� @�CHZAD]K _fF EC`PREKQ GJiUK[ Q WNWGNFBTO UKQ� PT[ A S�GGTANUT[�NWGNFB\UT PTO Q S�GGTAFJXKCNUJANUTO Q n�AD]TQ UJN[ PT[ �TXFPNUT[�NWGNFB\UT �JGGNBaJQ� �NKPaGK]K �CJXXJPaJQ PTO Q n�AD]TQ S�G!G\ADA �NWGNFBTUJCIDA� h�MKN EFGfMCFAT _N_JUPNUT[ EKICJ UJN[ ]K[]RAKCHJ]IJ XK[ Jc GGFRQ WNWGNFBTUJCIFRQ Kc MKN KUEFA\]KN XKGaPKQ HNJ[PT[ A FCBT[ FCHZAD]T UJN[ GKNPFRCHIJ PDO A WNWGNFBTUDO A ]PT[ A S�GGZ_J�h�MKN ]RXXKPZ]MKN XK[ KN]TH\]KNQ ]K[ EFGGJ[ ]RAa_CNJ UJN[ Kc MKN _T!XF]NKf]KN UKIXKAJ ]K[ KLTXKCI_KQ UJN[ EKCNF_NUZ�
��������������
���
� ������� ������������
�� �� ����� �����
��� 9%�$6����� ��� ==('�� ��� > .����� �- �9%� �
@ B\AJ ��''� ���� � ]]� ) $�#� �� Kb U�&� �� KNU`AKQ
�� ����������
������ ��� ��������������� ������
FCHZAD]K PF[ ��� ]PT[ A @ B\AJ $��'"& UJN[ ]PT[ �K]]J!GFAIUT $��''&� PF[ WNWGIF UJN[ PF[ MKNC`HCJLF JAPNXKPD!
EIYFAPJN Db Q JAPNUKIXKAJ EFR[ _TXNFRCH\BTUJA XK[ ]UFEF[ AJ[_NJ]V]FRA PJ[ UKIXKAJ JEF[ PT[ G\BT UJN[ PT[ LBFCJ[ EFR[ KENLaCKNFb MC`AFQ� S� KENWID]\ PFRQ Kc MKN Jc XK]T ]Ma]T XK[ PJ[ Rb GNUJ[JEF[ PJ[ Fb EFNO J KNk AJN LPNJHXaAJ $_aCXJ� MJCPI� XKGZAN&� PF[ APC`EFPTO Q UJPJ]UKRTO Q PFRQ $E�M� MKNCFEFITPJTp WNFXTMJANUZ&�PT[ A EFN`PTPJ PTO Q ECVPTQ Re GTQ UJN[ PT[ A KEKgKCHJ]IJ PTQ� @�!gJCPJO PJN JU`XT JEF[ PF[ EKCNWZGGFA ]PF[ Fb EFNO F LRGZ]]FAPJN�PT[ MC\]T EFR[ PFR[ Q HIAKPJN Tp PN[ Q PJGJNEDCIKQ EFR[ Rb LI]PJAPJN�@�APFfPFNQ� XK[ UJPZGGTGKQ ]RABTO UKQ LfGJgTQ UJN[ FCBT[ ]RAP\!CT]T PDO A WNWGIDA UJN[ PFRO JCMKNJUFRO Rb GNUFRO KNk AJN _RAJPF[ A AJ[JEFPCJEKNO Tb LR]NUT[ LBFCZ� K[ PN[ Q WJ]NUK[ Q EGTCFLFCIKQ UJN[Fb _THIKQ EFR[ EKCNGJXWZAFAPJN ]PF[ XNUCF[ JRPF[ LRGGZ_NF� PF[��� KGEIYKN Fe PN BJ[ KRJN]BTPFEFN\]KNPFR[ Q Jb CX`_NFRQ LFCKNO Q�_TX`]NFRQ UJN[ N_NDPNUFfQ� EFR[ _NJMKNCIYFAPJN Tp Kc MFRA ]PT[ AUJPFM\ PFRQ JCMKNJUF[ Rb GNU`�De ]PK AJ[ GZWFRA Fe GJPJ[ JAJHUJNO JXaPCJ HNJ[ PT[ _NZ]D]T PTO Q EAKRXJPNUTO Q XJQ UGTCFAFXNJO Q�
��
� ������� ������������
�Nb JU`GFRBFN PIPGFN KNk AJN KUPF[ Q KXEFCIFR�XK[ KgJICK]T PJ[ #������ PFRO �aTPQ��C`UKNPJN HNJ[ PREFHCJLNUK[ Q J]U\]KNQ
PDO A WNWGNFGFHNUDO A ]KXNAJCIDAEFR[ FCHJAVBTUJA ]PF[ ���
JEF[ PF[ A �KEPaXWCNF Do Q PF[ A �KUaXWCNF PFRO ����UJN[ JEF[ PF[ A �KEPaXWCNF Do Q PF[ A �KUaXWCNF PFRO ���(�
��� ���� �� � �� ��
��� ����6��%� �� ��� � ��(.�=%���� ���
@ B\AJ ����� ]]� �# $��� �" Kb U�&� ( gRGFHCJLIKQ
������� ���� � �� � �� ����������!
]NKfPTUK JARE`HCJLF� XK[ PT[ A Kc A_KNgT +Jc CBCFA ECDP`!PREFA,� ]PF[ EKCNF_NUF[ ��- ����� ]PN[ Q �) �KEPKXWCIFR
�'#'��CNZAPJKe gN MC`ANJ JCH`PKCJ� Fb �JHUJWT[ QEKCNaGJWKPF[_N\HTXJ ]PT[ A Kc U_F]T PDO A S EZAPDA PFR� XK[ JCUKPK[ Q PCFEF!EFN\]KNQ ]PT[ A FCBFHCJLIJ UJN[ PT[ HGV]]J�
�PT[ A Kc U_F]T JRPT[ JUFGFRB\BTUK Tb ECVPT _TXF]IKR]T� XK[X`AT KgJICK]T PT[ _NJICK]T PFRO UKNXaAFR ]K[ _fF XaCT $JEF[ PJ[PCIJ EFR[ KNk MK RNb FBKP\]KN Fb �JHUJWT[ Q ]PJ[ n EJAPJ&� �NFCBV!BTUJA PJ[ KXLJAT[ PREFHCJLNUJ[ GZBT UJN[ ]RXEGTCVBTUK Tb]PIgT� Fe EFR BKDC\BTUK JAJHUJNO F� �K[ XKXFADXaAKQ EKCNEPV!]KNQ� Tb FCBFHCJLIJ Jb EGFEFN\BTUK� ]fXLDAJ XK[ PT[ A KENUCJ!Pa]PKCT HCJL\��Nb PCKNO Q gRGFHCJLIKQEFR[ JAJEJCZHFAPJN K_DO]RA`_KRJA PF[ _N\HTXJ ]PT[ A ECVPT PFR _TXF]IKR]T�
��
� ������� ������������
;���� ��7�%� D$6�� ��������
@ B\AJ ����� ]]� (# $�"� �#�) Kb U�&
�+� � � �� ����� ��� ����, ��� � �� �
JEF[ PFR[ Q �`HFRQ EFR[ ]RAaPJgK Fb JRPFUCZPFCJQ @�D!ZAATQ �� �JAPJUFRYTAF[ Q PF[ �( �� JLFRO EJCJNP\BTUK
JEF[ PF[ BC`AF UJN[ JUFGFfBT]K PF[ XFAJMNUF[ ]MTO XJ� �F[ UKIXKAFPFRO �JAPJUFRYTAFRO XKPJLCZ]PTUK PF[ � () ]K[ HGV]]J UJBF!XNGFRXaAT JEF[ PF[ A �CTPNUF[ G`HNF KGaPNF �RCIHF $�)')!� #&� S� XKPZLCJ]T PFRO �RCIHFR KNk AJN JAaU_FPT� �VYKPJN]K[ MKNC`HCJLF XK[ PF[ A PIPGF +�JCJU\ANUJ,�
�PT[ A EKNCJXJPNUT[ JRPT[ Kc U_F]TjEFR[ ]MK_NZ]PTUK ECD!PI]PDQ Db Q PREFHCJLNUT[ Jc ]UT]T UJN[ _K[ A Kc MKN LNGFGFHNUK[ Q J!gNV]KNQj JAJ_TXF]NKfKPJN JRPFf]NF� JGGJ[ XK[ UKLJGJNO JHCZXXJPJ� PF[ UKIXKAF PFRO �JAPJUFRYTAFRO JEF[ PT[ ]PKCK`PRETKc U_F]T PFRO ����)-" $#���������������&� �K[ _NEGJAT[ ]P\GT�XK[ EKYJ[ ]PFNMKNO J� EJCJPIBKPJN Tb XKPZLCJ]T PFRO �RCIHFR�Kc P]N De ]PK PJ[ _fF UKIXKAJ� UJPJ[ PF[ _RAJP`A� AJ[ ]RXWJ_IYFRA�
�
� ������� ������������
����6����� � ��7.���� %- � D���'��}���� ��� "4h/
%- ���� �- 66(��� �> ��� <l
@ B\AJ ���(� ]]� � $�(� �� Kb U�&� �' KNU`AKQ
������� � �� ������� �� ���� �������
Jc CBCFR EFR[ KNk MK _TXF]NKf]KN Fb �K[ C �CZA]NQ EF[ AP�K[ AP ]PF[ JHHGNUF[ EKCNF_NUF[ ��� %�������� ��$��B
UJN[ EKCNHCZLKN PF[ XKHZGF PREFHCJLKNO F PDO A �+#: � ]PF[ �FA!_IAF� Fe EFR PREDA`PJA UJN[ PF[ Nc _NF PF[ EKCNF_NU`� �F[ Jc CBCF PFROh HHGFR ]RAPZUPT KXLJAIYKPJN Db Q Jc PRET WNWGNFUCN]IJ Kb AF[ QJRPFPKGFRO Q P`XFR UJN[ Kb AF[ Q Jc CBCFR� _TXF]NKRXaAFR ]PF[ EKCNF!_NUF[ #���� ����4��� $+*�)"�)"- )" �� �).� "�� �", )" �� �)" � "�� � "�'�) �,& jENBJA`PJPJ XK[ PT[ A KRUJNCIJ PFROKb FCPJ]XFRO PDO A PKPCJUF]IDA KPDO A JEF[ PT[ A KLKfCK]T PTO Q PR!EFHCJLIJQ�
RPT[ Tb KEaPKNFQ� EFR[ Fe EDQ LJIAKPJN PNX\BTUK ]RXWFGNUJ[KUKIAT PT[ MCFANJ[ ]K[ Fe GT PT[ A �RCVET� ]PZBTUK Nc ]DQ UJBFCN!]PNUT[ HNJ[ PT[ A KENGFHT[ PFRO ]RHUKUCNXaAFR UKNXaAFR JEF[ PF[ A��- ����C�� �����.��� UJN[ PT[ XKPZLCJ]\ PFR JEF[ ]RAKCHZPTPFR EFR[ Rb EFHCZLKN XK[ PF[ JCMNUF[ +�,� n�GKQ FNb KA_KIgKNQ Fb _T!HFRO A ]PF[ KRc GFHF ]RXEaCJ]XJ Fe PN EC`UKNPJN HNJ[ Ke AJA JEF[ PFR[ QX`ANXFRQ ]RAKCHZPKQ PFRO EKCNF_NUFRO � PF[ A �KVCHNF �aGGNF�
��
� ������� ������������
�� � �����
#������
@ B\AJ ���(� (���)� ]]� � $�'� �) Kb U�&� �� KNU`AKQ
�� ������������
��� ���� �� �������� � ��������� �
KNc UF]N EaAPK JAPNECF]DEKRPNUK[ Q XKPJLCZ]KNQ PFRO �a!TPQ� EFR[ UJGfEPFRA EKA\APJ MC`ANJ ]RHHCJLNUTO Q _CJ!
]PTCN`PTPJQ PFRO @�CGJA_FRO EFNTPTO $�''�!��(�& UJN[ Jc GGJ P`!]J XKPJLCJ]PNUTO Q EJCFR]IJQ PFR ]PJ[ Kb GGTANUJ[ HCZXXJPJ$��#�!���(&� �PJMRFGFH\BTUJA EFN\XJPJ _aUJ ]RAFGNUJ[ EFN!TPNUDO A ]RGGFHDO A PFR JEF[ _KUJPCIJ Kb GGTANUJ[ EKCNF_NUJ[ Kc APR!EJ UJN[ WNWGIJ De ]PK AJ[ _NJUCIAKPJN� XNUCFHCJLTXaAT� Tb _T!XNFRCHNUT[ EFCKIJ PFRO EFNTPTO � �J[ EFN\XJPJ XKPJLaCFAPJNFe EDQ JEJAPFRO A ]PT[ A ECVPT PFRQ _TXF]IKR]T� XK[ KgJICK]TPCKNO Q XKPJLCZ]KNQ UJN[ XNJ[ +JE`_F]T, PFRO �EfCFR @�GN`EFR!GFR� ]PN[ Q Fb EFNO KQ KEaLKCK Fb Nc _NFQ Fb CN]XaAKQ JGGJHaQ�
��
� ������� ������������
�� � �� ��
*�((����(=���� %'�%��6�� 6(�..�� ���.�66.�
�NGFGFHNUT[ KENXaGKNJ �IPFR �� �NFMZGJ
@ B\AJ ����� ]]� ��� $�#� �� Kb U�&
�� ������������
�J[ UKIXKAJ EFR[ _TXF]NKfFAPJN ]q JRPF[ A PF[ A P`XF JEF]UFEFRO A]PF[ AJ[ WFTB\]FRA Fe ]FRQ HADCIYFRA PT[ A JGWJANUT[ ]PT[ A KUXZBT!]T UJN[ PKGKNFEFIT]T PTO Q Kb GGTANUTO Q HGV]]JQ� @ EKRBfAFAPJNURCIDQ ]K[ XJBTPaQ� UJN[ LNGF_FgFRO A AJ[ UJGfmFRA PF[ UKAF[ EFR[Rb EZCMKN ]PF[ A PFXaJ PDO A _IHGD]]DA Kb GGTAFJGWJANUDO A Kc CHDA�
*�((�����.�� %'�%�� 6�� 6(�..�� ���.�66.�KPZLCJ]T h�GHJQ @ GKgJA_CFEFfGFR
@ B\AJ ���(� ]]� �)� $�#� �� Kb U�&
�� ������������
�Nb KUEJN_KRPNUFN[ jAKFKGGTAN]PK[ Q Kb GGTANUTO Q UJN[ XT[ UJPJHD!HTO QjEFR[ KCHZYFAPJNPVCJ ]PJ[ JAVPJPJ KUEJN_KRPNUJ[ Nb _Cf!XJPJ� PJ[ ]MFGKNO J UJN[ PJ[ LCFAPN]P\CNJ PTO Q �D]IJQ� PTO Q �R!UCJAIJQ UJN[ PTO Q�KDCHIJQ� UJBD[ Q KEI]TQ UJN[ FNb n�GGTAKQ EFR[BaGFRA AJ[ WKGPNV]FRA PN[ Q HAV]KNQ PFRQ ]PT[ HGV]]J� MCKNZ!YFAPJN Ke AJ Jb EGF[ WNWGIF XK[ EJCZGGTGJ Kb GGTANUJ[ UJN[ CD]NUJ[UKIXKAJ� FRe PDQ De ]PK AJ[ JAPNGTLBFRO A KRUFG`PKCJ PF[ A PC`EFPTO Q YDTO Q UJN[ PTO Q ]UamTQ PFRO ]fHMCFAFR n�GGTAJ� �F[ UKAF[JRPF[ LNGF_FgKNO AJ[ UJGfmKN Tb EJCFf]J Kc U_F]T�
��
�� � �� ��
���� ���� � ����� ������
��� ��� � %- ���+���#�$(�B� �� �- ���%�I�.� ��� � ��+���
.��� � ����%���� ����
KPZLCJ]T �NVCHFR EJCFRgTO
@ B\AJ ���'� ]]� ('' $�#� �� Kb U�&
�� �����������
�� ���������� �� �� ���� ���� � �����
�RGG`HFR KNk AJN Ke AJQ MC\]NXFQ Fb _THF[ Q HNJ[ PT[ A JEFLRHT[PDO A UNA_fADA EFR[ JAPNXKPDEIYFRXK UZBKXaCJl FNb _IJN!
PKQ� PF[ JGUF`G� PF[ UZEAN]XJr PJ[ JPRM\XJPJ ]PT[ _FRGKNJ[ UJN[]PF[ EJNMAI_N� ]PF[ ]EIPN UJN[ ]PF[ PJgI_Nr Tb EJCJHDHT[ KAaC!HKNJQ� Tb JUPNAFWFGIJ UZBK KNc _FRQ� FNb BKFXTAIKQ� PJ[ MTXNUZ�JU`XJ UJN[ Tb G\mT LJCXZUDA� JEFPKGFRO A JEKNGK[ Q HNJ[ PT[ A Rb !HKIJ UJN[ PT[ YD\ XJQ� @�EI]TQ _IAKPJN Kc XLJ]T ]PF[ EDO Q JAPN!GJXWZAFAPJN FNb Jc ABCDEFN PF[ A UIA_RAF� EDO Q UJBFCIYFAPJN PJ[KENPCKEPJ[ KEIEK_J UNA_fAFR UJN[ EDO Q ]PJBXIYFAPJN� JAPNXK!PDEIYFAPJN Tp JEF]FWFRO APJN FNb ENBJAFN[ UIA_RAFN� �NJPN[ � KAPa!GKN� ENF[ KENUIA_RAT JEF[ PF[ A Nc _NF PF[ A UIA_RAF KNk AJN Tb Jc HAFNZ PFR�
S� �CKPJANUF[ Q @�JPCNUF[ Q �fGGFHFQ $�)�)�� � ,)4�+ ���# 4)��)#"&� Tb KEJHHKGXJPNUT[ Ke AD]T PDO A HNJPCDO A PTO Q KHZGTQ�CKPJAIJQ� Nb _CfBTUK PF[ �'(� XK[ UfCNF ]UFEF[ AJ[ ]RXWZGKN ]PT[MZCJgT FCBTO Q EFGNPNUTO Q ]K[ BaXJPJ _TX`]NJQ Rb HKIJQ UCI]NXJHNJ[ PT[ A UFNADAIJ� PF[ UCZPFQ UJN[ PF[ NJPCNUF[ KEZHHKGXJ��NJ[ AJ[JAPJEFUCNBKNO ]PT[ A JEF]PFG\ PFR� Fb �fGGFHFQ ]RXXKPaMKN ]PT[G\mT JEFLZ]KDA ]MKPNUJ[ XK[ PT[ _TX`]NJ Rb HKIJ UJN[ JAJGJX!
�
�� � �� ��
WZAKN KEN]PTXFANUK[ Q Kc CKRAKQ PN[ Q Fb EFNO KQ _NKgZHFRA HNJ[ GFHJ!CNJ]X` PFR KN_NUFN[ KEN]P\XFAKQ�
�CFiF[ A XNJO Q PaPFNJQ Kc CKRAJQ KNk AJN UJN[ PF[ EJCF[ A WNWGIF� S�]RHHCJLaJQ PFR �C ZNUG �aAPKC]FA� KN_NUKRXaAFQ ]PN[ Q PK!MAFGFHNUK[ Q EJCJXaPCFRQ PTO Q LCFAPI_JQ HNJ[ PT[ A Rb HKIJ� ]PT[ AEC`GTmT PDO A JPRMTXZPDA UJN[ ]PT[ A Kc HURCT KATXaCD]T PFROUFNAFRO � Kc MKN ]RAKCHJ]PKNO XK[ PF[ �fGGFHF ]K[ EFGGJ[ KEN]PTXF!ANUJ[ ECFHCZXXJPJ� Fe GJ ]RAJLT[ XK[ PT[ A JAPNXKPVEN]T PDO AUNA_fADA ]PT[ A UJBTXKCNAT[ YD\�
���
�� � �� ��
��1��=�� ��������
#������ �� ����� ���������KPZLCJ]T �#�" � ����2
@ B\AJ ���'� ]]� (� $�#� �� Kb U�&
�� ���������
������� � �� �� �� ���� �� ����� � �� ��!
XT WRYJAPNAFG`HFQ ]PN[ Q �� JCPIFR ��� ]PT[ �KAAZ!_KNF �NWGNFB\UT XK[ BaXJ PT[ A Nb ]PFCNUT[ ]RAaMKNJ ]K[
]Ma]T XK[ PF[ MC`AF UJN[ PF[ MDO CFr Ke AJ MDO CF KRaGNUPF EFR[ E`PK_NKRCfAKPJN XK[ PN[ Q JEFNUIKQ UJN[ E`PK ]RCCNUAVAKPJN� EKCN!GJXWZAFAPJQ JRP`MBFAKQ JGGJ[ UJN[ Kb PKC`MBFAKQ n�GGTAKQ� J!LFRO � ]NHJ[ ]NHZ� XFAJ_NUK[ Q ECFsEFBa]KNQ HNJ[ PT[ ]RXXKPFMT[]PT[ A Kb GGTANUT[ UFNADAIJ HIAFAPJN Tb HAV]T UJN[ Tb MC\]T PTO QKb GGTANUTO Q HGV]]JQ� EFR[ _NJMDCIYKN PFR[ Q n�GGTAKQ JEF[ PFR[ QWJCWZCFRQ� UJN[ Tb XaBKgT ]PT[ A Kb GGTANUT[ EJN_KIJ�
�KXKGNJUF[ HAVCN]XJ PFRO Kb GGTANUFRO EFGNPN]XFRO KNk AJN FbJABCDEFUKAPCN]X`Ql Fb h ABCDEFQ� JE`GRPT JAJLFCJ[ PTO Q UZ!BK AFXFPaGKNJQ� KRCfAKN UJN[ WJBJIAKN PJ[ Fe CNJ PTO Q HAV]TQ UJN[_JXZYKN PT[ Lf]T HNJ[ AJ[ UJPJAF\]KN UJGfPKCJ PF[ ]fXEJA� S��CN]PNJAN]XF[ Q BJ[ KA]PKCAN]PKNO JRPF[ PF[ HAVCN]XJ JGGJ[ UJN[PT[ A N_aJ PTO Q KGKRBKCIJQl Tb EFCKIJ PFRO JABCVEFR ECF[ Q PT[ ]D!PTCIJ KNk AJN ECZgT KGKRBKCIJQ Fe EDQ KUKIAT PFRO JCMJIFR ECF[ QPT[ A JRPFHAD]IJ� RPT[ JUCNWDO Q Tb JUCJNLAT[ Q ECF]\GD]T ]PT[ AKGKRBKCIJ JEFPKGKNO J_NZmKR]PF ]PFNMKNO F PTO Q Kb GGTANUTO Q ]RAa!
���
�� � �� ��
MKNJQ��F[ GJUDANUF[ ��(�� � (�=%� UZAKNPF[ A n�GGTAJAJ[ EKBJIAKNFc CBNFQ HNJ[ AJ[ XT[ Y\]KN HFAJPN]P`Q� �JCUNUT[ JE`_KNgT PTO Q]RAaMKNJQ JRPTO Q KNk AJN Tb Kb GGTANUT[ HGV]]J� UV_NUJQ XNJO Q Fb !XJ_NUTO Q UCREPFXAT]IJQ EFR[ JAZHKPJN ]K[ EJAZCMJNFRQ MC`!AFRQ� Fe EDQ PJ[ ]fXWFGJ KNk AJN PF[ ]RXERUADXaAF A`TXJ XNJO QNb ]PFCNUTO Q JGGTGKHHfTQ EFR[ ]RXXKCIYFAPJN X`AF Fe ]FN ]RAKN!_TPJ[ Tp J]RAKI_TPJ ]RHUNAFRO APJN ]PF[ BaJXZ PFRQ�
S� S�GaAT �GfUJPYT!@ CWKGK[ C HKAA\BTUK ]PT[ A @ B\AJ PF[ ��� UJN[]EFf_J]K ]PT[ �NGF]FLNUT[ �MFGT[ PFRO �JAKEN]PTXIFR @ BTADO A��N_NUKfPTUK ]PT[ �RYJAPNAT[ S�]PFCIJ ]PF[ �JCI]N XK[ Rb EFPCFLIJPTO Q HJGGNUTO Q URWaCAT]TQ UJN[ PF[ �� " KgKGaHT UJBTH\PCNJ ]PT[�FCW`AAT� Fe EFR PF[ ��" Kc HNAK Tb ECVPT HRAJIUJ ECfPJATQ� �F[��'� _NFCI]PTUK ECfPJATQ PTO Q @ UJ_TXIJQ PFRO �JCN]NFRO UJN[ UJH!UKGZCNFQ PDO A EJAKEN]PTXIDA PFR� h�MKN PNXTBKNO XK[ EFGGK[ Q _NJUCI!]KNQ UJN[ PIPGFRQ JEF[ EFGGJ[ KRCDEJiUJ[ UJN[ _NKBAT[ Nb _CfXJPJ UJN[KEN]PTXFANUFR[ Q FCHJAN]XFfQ�
�� � �� ��
��
���� ��� ��������
�� �������������
��� ���
)%(�'� ���� * .�������� #�(��6������ ���9%'��
�KCNF_NUT[ Kc U_F]T XK[ PJ[ EKECJHXaAJ PFRO S�]PFCNUFRO UJN[�JGJNFHCJLNUFRO @ CMKIFR PFRO ���� UJBD[ Q UJN[ XKGaPKQ UJN[UJPJG`HFRQ XNUCFLDPFHCJLTXaADA JCMKIDA Tp KHHCZLDA�
�`XFQ d� @ B\AJ ��"'� ]]� )) $KgJAPGTXaAF&
S�_CJ]PTCN`PTPJPFRO ���� � UJPJ[ PT[ A EKCIF_F ��"(!��""UJN[UJPZGFHFN LDPFHCJLTXaADA MKNCFHCZLDA JEF[ PT[ A S�GGZ_JUJN[ PF[ KgDPKCNUF[ $�JPCNJCMNUT[ �NWGNFB\UT @ GKgJA_CKIJQ&�
�`XFQ �d� @ B\AJ ��'�� ]]� � $KgJAPGTXaAF&
S� _CJ]PTCN`PTPJ PFRO @ CMKIFR UJPJ[ PT[ A EKCIF_F ��"'!��'�UJN[ JAJGRPNUFN[ UJPZGFHFN LDPFHCJLTXaADA MKNCFHCZLDAUJN[ JCMKIDA�
�`XFQ �d� @ B\AJ ��')� ]]� '� $KgJAPGTXaAF&
S� _CJ]PTCN`PTPJ PFRO @ CMKIFR UJPJ[ PT[ A EKCIF_F ��'�!��'(UJN[ JAJGRPNUFN[ UJPZGFHFN LDPFHCJLTXaADA MKNCFHCZLDAUJN[ JCMKIDA JEF[ PT[ A S�GGZ_J UJN[ PT[ A �fECF�
���� �������� � ������������� ��� ���
���
�`XFQ �d� @ B\AJ ��''� ]]� �(�
�J[ EKECJHXaAJ PFRO @ CMKIFR UJPJ[ PT[ A EKCIF_F ��'#!��'"UJN[ JAJGRPNUFN[ UJPZGFHFN LDPFHCJLTXaADA MKNCFHCZLDAUJN[ JCMKIDA JEF[ PT[ A S�GGZ_J UJN[ PT[ A �fECF�
�`XFQ �d� @ B\AJ ����� ]]� "�
�JPJHCJLT[ PFRO @ CMKIFR PFRO �JPCNJCMKIFR S�KCF]FGfXDAJEF[ PF[ A ECFi]PZXKAF PFRO ���� � @ HJXaXAFAJ �]KGIUJ�
�`XFQ ��d� @ B\AJ ���#� ]]� "��
S� _CJ]PTCN`PTPJ PFRO ���� � UJPJ[ PJ[ Kc PT ��''!���� UJN[XKGaPKQ UJN[ _TXF]NKf]KNQ EaAPK ]RAKCHJPDO A PFRO ���� �l
JCIJQ �FLFRO � +@�CHJ]P\CNF �RAP\CT]TQ MKNCFHCZLDA PFRO���,�
�NGJCaPTQ �JEJ_FEFfGFR� +�JPZGFHFQ PDO A KAPfEDA PTO Q �NWGNF!B\UTQ @�DZAAT �aYJCFR,�
�JPNZAJQ�KDCHZUT!@�DZAAFR� +@ CMKNO F PTO QFATO Q �DF_`MFR�T!HTO Q �ZXFR,�
�IAFR �FGIPT { JCIJQ �FGIPT� +�NWGNFHCZLFN �"FR!�'FR JNDO AFQl�RAFEPNUT[ UJPJHCJL\,�
�CI]PFR @ BJAJ]NZ_T� +�RAJHDHT[ WNWGNF_KPNUDO A _NJUF]XTPNUDO ABKXZPDA ]K[ Kb GGTANUJ[ MKNC`HCJLJ UJN[ EJGJNJ[ Kc APREJ,�
���� �������� � ������������� ��� ���
���
�`XFQ �d� @ B\AJ ���"� ]]� ("� t #� EIAJUKQ
S�_CJ]PTCN`PTPJPFRO ���� � UJPJ[ PT[ A EKCIF_F ���(!��� UJN[FNb XKGaPKQ PFRO @ HJXaXAFAJ �]KGIUJ +@�UJCNJUJ[ MKNC`HCJ!LJ, UJN[ +�KNC`HCJLJ PTO Q �TXFPNUTO Q �NWGNFB\UTQ �aCFR,�
�`XFQ �d� @ B\AJ ���"� ]]� �"
�PF[ A P`XF JRPF[ A _TXF]NKfKPJN Tb KCHJ]IJ PTO Q h AAJQ @ HH��PKLJAZPFR +�RAPFXFHCJLIKQ� ]RXEGaHXJPJ UJN[ ]fXWFGJJEF[ PF[ A UV_NUJ # PTO Q FATO Q �RJHHKGN]XFRO �UFEaGFR,�
�`XFQ �d� @ B\AJ ����� ]]� #�" t �� EIAJUKQ
��� ���������
�NEGDXJPNUT[ Kc U_F]T JEF[ PF[ A @ HJXaXAFAJ �]KGIUJ PDO A _N!UJNFECJUPNUDO A KHHCZLDA JEF[ PN[ QFAK[ Q @�XEGFRO � �CR]FEF!_JCNPI]]TQ� S HIDA�ZAPDA UJN[ �TCFUFXKIFR�JPCDO A $�"��!�'))&�
���� �������� � ������������� ��� ���
���
�� ��
��� ����� ���� ���
��� �����
����� 8���������* .���'�� �- $�%�� g��.�%�������
@ B\AJ ��"#� ]]� �#( $�)� (� Kb U�&� �� Kc HMCDXKQ UJN[ �� J{X KNU`AKQ
$KgJAPGTXaAF&
����� ��� � ���� ��� ��� ������ � ��� ��!
U`AKQ UJN[ PJ[ MCR]FUKAP\XJPJ PTO Q FATO Q �PJRCFANU\!PJ PFRO S HIFR h�CFRQ� �PF[ ECDO PF XaCFQ� HCJXXaAF
JEF[ PF[ A XK]JNDAFG`HF�C��JPCNAaGT� EJCFR]NZYKPJN Tb Nb ]PF!CIJPTO QFATO Q JEF[ PT[ A Ne _CR]\ PTQ� PF[ A ��FJNVAJ�Do Q PN[ Q XaCKQXJQ� �PF[ _KfPKCF XaCFQ� HCJXXaAF JEF[ PT[ WRYJAPNAFG`HF @ !HZET �JCJUJP]ZAT� HIAKPJN XNJ[ Nb ]PFCNUT[ KEN]U`ET]T PTO QYDHCJLNUTO Q UJPJ[ PT[ A PKGKRPJIJ WRYJAPNAT[ EKCIF_F UJN[ PT[ A�FRCUFUCJPIJ UJN[ JAJGfKPJN PF[ Kc CHF PFRO �KFLZAT� Fb Fb EFNO FQJEFPKGKNO URCIJCMT XFCL\ ]PT[ BCT]UKRPNUT[ YDHCJLNUT[ PFRO� FR JNVAJ� UJN[ ]PF[ A Fb EFNO F JEF_I_FAPJN $UJBD[ Q UJN[ ]PF[ A HN`PFR �RXKD[ A& FNb KNU`AKQ PTO Q FATO Q� @ UFGFRBKNO EKCNHCJLNUF[ QUJPZGFHFQ PDO A KNU`ADA� �F[ PCIPF XaCFQ� HCJXXaAF JEF[ PT[ AJCMJNFG`HF JCIJ �KFMZCT� EJCFR]NZYKN PJ[ MCR]FUaAPTPJJc XLNJ PTO Q FATO Q XK[ EG\CT EKCNHCJLNUF[ UJPZGFHF� �F[ Kc CHF�EFR[ ]RAF_KfKPJN JEF[ Rb mTGTO Q EFN`PTPJQ KNUFAFHCZLT]T� UGKI!AKNXK[ ]TXKNV]KNQ� ]Ma_NJ� HGD]]ZCNF� ]M`GNJUJN[ KRb CKP\CNF�
�� �� ��� ����� ���� ��� ��� �����
���
;+���� �23��� �@ ((� ��$.��� ��� � ������'���
@ B\AJ ��")� ]]� �"� $��� �' Kb U�&� � # Kc HMCDXKQ UJN[ "� J{X KNU`AKQ
$KgJAPGTXaAF&
����� ������ �� ��� ������������
PTO Q Nb ]PFCIJQ� PTO Q FNUFAFXIJQ� PTO Q KUEJI_KR]TQ� PTO QGJFHCJLIJQ� PTO Q PaMATQ UJN[ HKANU`PKCJ PFRO EFGNPN!
]XFRO PTO Q KHJGFA\]FR� �DCIYKPJN ]K[ PCKNO Q Kb A`PTPKQl S�ECVPT ECJHXJPKfKPJN PT[ LR]NFHADXIJ PTO Q �fECFR UJN[ EK!CNGJXWZAKN UKIXKAJ PDO A �NVCHFR �KLaCT� �FRUTO @ UCIPJ��TX� �FRUZPFR U�Jc � S� _KfPKCT Kb A`PTPJ PNPGFLFCKNO PJNl +S��fECFQ ]PF[ A �KFKGGTANUF[ �`HF, UJN[ EKCNGJXWZAKN GFHFPK!MANUJ[ UKIXKAJ KXEAKR]XaAJ JEF[ PT[ A �fECF PDO A �NVCHFR�KLaCT� @�_R]]aJ @�GfPT� �NZAAT �IP]FR� �D]PTO �JGJXJO ��IUFR �JYJAPYZUT� �PCJPTO RCNW\GT U�Jc � S� PCIPT Kb A`PTPJKNk AJN Ke AJ MCFANUF[ PTO Q UJPJ]PCFLTO Q� S� P`XFQ Kc MKN EGFR]N`!PJPT KNUFAFHCZLT]Tl Kc CHJPaMATQ JEF[ PT[ A @ CMJN`PTPJDo Q PN[ QXaCKQ XJQ� LDPFHCJLIKQ JEF[ JCMJNFGFHNUFR[ Q MVCFRQ� JEF[ PT[]fHMCFAT �fECF� JEF[ PT[ A UJPJ]PCFL\� ]Ma_NJ EJN_NDO A PTO Q�fECFR ECN[ A UJN[ XKPJ[ PT[ A UJPJ]PCFLT[ U�Jc �
�� �� ��� ����� ���� ��� ��� �����
��
����� � �7��� 1&�=��� ( ����7����"22ny"40h
@ B\AJ ��""� ]]� �#( $�"� �# Kb U�&� � Kc HMCDXKQ UJN[ �� J{X KNU`AKQ
������� �� ��� ���!
PJN ]PN[ Q KU_TGV]KNQ EFR[ FC!HZAD]K Tb @�BANUT[ �CZEKYJ
HNJ[ AJ[ PNX\]KN PT[ _NJUF]NF]PT[ KEa!PKNF JEF[ PT[ HaAAT]T PFRO XKHZGFR @�G!WKPFRO LNGaGGTAJ�
S� @�RAZC_FQ Rb ETO CgK PCJEKYIPTQ]PT[ �KAKfT� XK[ _NKBAT[ JAJHAVCN]TUJN[ JUPNAFWFGIJ� �PKAF[ Q LIGFQ PFRO�JEF_I]PCNJ� _NaBKPK Rb mTGK[ Q HADCN!XIKQ UJN[ ]Ma]KNQ UJN[ Kc PJgK ]UFEF[ PTO QYDTO Q PFR AJ[ Rb ETCKP\]KN PT[ A S�GGZ_JUJN[ PFR[ Q n�GGTAKQ� �PF[ A gK]TUDXF[PFRO h�BAFRQ� Kc HNAK PF[ UaAPCF UJN[ TbETHT[ KUPKPJXaATQ _CJ]PTCN`PTPJQ HNJ[ AJ[ UNATPFEFNTBKNO Tb_NKBAT[ Q UFNAT[ HAVXT� AJ[ Rb EKCANUTBKNO Tb JAPI_CJ]T JRGDO A UJN[URWKCA\]KDA� UJN[ Kc P]N AJ[ LPZ]KN ]PT[ A S�GGZ_J ]TXJAPNUT[UJN[ ]DP\CNJ HNJ[ PF[ A @ HVAJ WF\BKNJ� Rb GNUT[ UJN[ TBNU\� S�@�BANUT[ �CZEKYJ Kc MKN gKMDCN]PFR[ Q G`HFRQ AJ[ PNXJO PT[ XA\XT
�� �� ��� ����� ���� ��� ��� �����
���
PFR UJN[ PT[ A ECF]LFCZ PFR� JYN[ XK[ PF[ A �KVCHNF �PJfCFR� Fb@�RAZC_FQ ECDPF]PZPT]K ]PT[ A Ne _CR]\ PTQ� UJN[ Do Q PF[ BZAJP`PFR EJCJ]PZBTUK ]PF[ Kc CHF PTQ� ]K[ Fe GFRQ PFR[ Q PFXKNO Q�
�PF[ ECDO PF XaCFQ JRPFRO PFRO P`XFR _TXF]NKfFAPJN UKIXKAJHNJ[ PF[ A @�RAZC_F HCJXXaAJ JEF[ PFR[ Q �� �� �� %�+��� � ���JUKGGJCIFR UJN[ �� � % �,)"� �F[ _KfPKCF XaCFQ EKCNGJXWZ!AKN KUPKAT[ JEF]EZ]XJPJ JEF[ KEN]PFGK[ Q UJN[ Jc GGJ UKIXKAJPFRO@�RAZC_FR UJN[ PDO A ]RHMC`ADA PFR� EFR[ LDPIYFRA PT[ A EFGf!EGKRCT LNGKGGTANU\ PFR _CJ]PTCN`PTPJ�
�� �� ��� ����� ���� ��� ��� �����
���
����� � ���� ���
�- $�%� ��� � #7����
@ B\AJ ��""� ����)� ]]� ��" $�)� (� Kb U�&� " Kc HMCDXKQ UJN[ �(" J{X KNU`AKQ
$�RUGFLFCKNO ]PJ[ JHHGNUJ[ &
�� ������ �� ��� � �
ECVPT ]R]PTXJPNUT[ EJCFR!]IJ]T PTO Q WRYJAPNATO Q� XKPJWR!
YJAPNATO Q UJN[ AKFKGGTANUTO Q BCT]UKRPN!UTO Q YDHCJLNUTO Q PTO Q �ZPXFR� S� YD!HCJLNUT[ JRP\� Kc ULCJ]T PTO Q UJGGNPK!MANUTO Q KRJN]BT]IJQ� PFRO BCT]UKRPN!UFRO WIFR JGGJ[ UJN[ PDO A EFGGJEGDO ACKRXZPDA EFR[ _NJ]PJRCVBTUJA Xa]J]PF[ A Kb GGTANUF[ MDO CF� JEFPKGKNO XNJ[JEF[ PN[ Q ]TXJAPNU`PKCKQ KU_TGV]KNQPTO Q Kb GGTANUTO Q EFGNPN]PNUTO Q Nb ]PFCIJQ�
S� FAT[ PFRO S HIFR @�DZAAT PFRO �KFG`HFR ]PT[ A �ZPXFTk PJA Fb MDO CFQ Fe EFR ]RHUKAPCVBTUJA EGTO BFQ Kc CHJ BCT]UKRPN!UTO Q PaMATQ� UJN[ N_NJIPKCJ KNU`AKQl KNU`AKQ EFR[ Kc CMFAPJN JEF[PT[ A �DA]PJAPNAFfEFGT UJPJ[ PT[ WRYJAPNAT[ KEFMT[ Tp EFR[ EJ!CJHHaGGFAPJN KN_NUJ[ jURCIDQ ]PT[ A �C\PT� XJ[ UJN[ JGGFRO jHNJ[ PF[ XFAJ]P\CN UJN[ PN[ Q KUUGT]IKQ PFRO AT]NFRO r KNU`AKQ EFR[XKPJLaCFAPJN JEF[ Jc GGFRQ P`EFRQ HNJ[ AJ[ _NJ]DBFRO A JEF[ EF!
�� �� ��� ����� ���� ��� ��� �����
���
GaXFRQ UJN[ KMBCNUK[ Q KEN_CFXaQr UJI� XKCNUaQ� KRGJWNUJ[ JAJ!B\XJPJJb EGDO A MCN]PNJADO A Tp JCM`APDA�EFR[ ECF]LaCFAPJN]PT[FA\� h�P]N� Tb �ZPXFQ Kc HNAK JEF[ EFGR[ ADCN[ Q Fb P`EFQ Fe EFR]RHUKAPCVAKPJN XNJ[ KgJNCKPNUJ[ EGFf]NJ ]RGGFHT[ BCT]UKRPN!UDO A KNU`ADA�
�q JRPF[ PF[ WNWGIF Fb JA`GTQ�JPYT_ZUTQ� WJBR[ Q HAV]PTQPDO A BKXZPDA PTO Q WRYJAPNATO Q UJN[ PTO Q XKPJWRYJAPNATO Q YDHCJ!LNUTO Q� _TXF]NKfKN Kb UJPF[ A Kb g\APJ Pa]]KCNQ KNU`AKQ� ]K[ XKBF!_NUT[ UJPZPJgT UJN[ Rb EFXATXJPN]XaAKQ� UJN[ ECFMDCKNO ]PT[ XK!GaPT Fb CN]XaADA KN_NUDO A JGGJ[ UJN[ HKANU`PKCDA YTPTXZPDAEFR[ BaPFRA PJ[ Nc _NJ PJ[ Kc CHJ UJN[ FNb ]RABTO UKQ EJCJHDHTO Q PFRQ�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� ( '�
�� �� ��� ����� ���� ��� ��� �����
���
����� �� � ����� ����
g%�$6���� %- (�.�.��� � ���.�� �"3nhy"4 !
@ B\AJ ��'�� ]]� )�) $�)� (� Kb U�&� �(� Kc HMCDXKQ KNU`AKQ t _I]UFQ �*$KgJAPGTXaAF&
������ �� ������ ��� � � �������� ��� ��!
PKCF UFNAF[ PT[ A KUUGT]NJ]PNUT[ XFR]NUT[ PFRO JAJPFGNUFROUGIXJPFQ� S� PFXaJQ JRPF[ Q EJCJXaAKN ]MK_F[ A Jc HAD!
]PFQ� _K_FXaAFR Fe PN Do Q PF[ �'�� _K[ A Kc MFRXK Kc APREJ UKIXKAJWRYJAPNATO Q XFR]NUTO Q� �J[ UKIXKAJ PTO Q KUUGT]NJ]PNUTO Q XFR]N!UTO Q JAJEJCZHFAPJA XaMCN P`PK XK[ JAPNHCJL\� �ZCT ]PJ[ MKN!C`HCJLJ JRPJ[ _NJPTC\BTUK Do Q PN[ Q XaCKQ XJQ YDAPJAT[ Tb XK!PJWRYJAPNAT[ KUUGT]NJ]PNUT[ XFR]NUT[ EJCZ_F]T�
�PF[ A P`XF JRPF[ A JABFGFHFRO APJN ��' MKNC`HCJLJ� KENGKH!XaAJ JEF[ Ke AJ ]fAFGF #�)�� EKCIEFR EFR[ KCKRA\BTUJA� K[ PT[ AEJCFR]IJ]\ PFRQ HIAKPJN _RAJPT[ Tb JAJ_CFXT[ ]PT[ A KUUGT]NJ!]PNUT[ XFR]NUT[ _CJ]PTCN`PTPJ PTO Q EKCN`_FR �#)(!�'�� UJN[]PFR[ Q XKHZGFRQ XFR]NUFR[ Q PTO Q KEFMTO Q� �JCZGGTGJ Fe XDQ XK[PT[ A Nb ]PFCNUT[ UJN[ XFR]NUFGFHNUT[ JgIJ PFRO EJCFR]NJY`XKAFRRb GNUFRO � ECaEKN AJ[ PFAN]PKNO N_NJIPKCJ UJN[ Tb EJGJNFHCJLNUT[]TXJ]IJ JRPDO A PDO A MKNCFHCZLDA� S� ]RAF_KRPNUF[ Q _I]UFQ�]PF[ A Fb EFNO F mZGGKN Fb ECDPFmZGPTQ �CJ]fWFRGFQ �PJAIP]JQ�ECFWZGGKN XNJ[ JAPIGTmT HNJ[ PF[ A PC`EF KUPaGK]TQ PFRO EJCJ!_F]NJUFRO KUUGT]NJ]PNUFRO XaGFRQ�
�� �� ��� ����� ���� ��� ��� �����
���
��� ���� � ������
*? %> ((���� ��6����� "4h y"/
@ B\AJ ��'�� ]]� �"� $�)� (� Kb U�&� �"# Kc HMCDXKQ KNU`AKQ
$KgJAPGTXaAF&
�� ������� ��� ����
�C\]PFR KENMKNCKNO XNJ[ FR]NJ!]PNUT[ ECJHXZPKR]T PTO Q Kb GGT!
ANUTO Q YDHCJLNUTO Q PFRO EKCJ]XaAFRJNVAJ� WJ]N]XaAT ]K[ KgJAPGTPNUT[ XK!GaPT JCMKIDA UJN[ ]RGGFHDO A� _TX`!]NDA UJN[ N_NDPNUDO A� XK[ Kc CHJ AKFKGGT!ANUTO Q PaMATQ�
S� YDHCJLNUF[ Q EIAJUJQ GKNPFRCHKNOECF[ Q PF[ A BKJPT[ XK[ _NEGF[ PC`EFl JN!]BTPNUJ[ UJN[ KATXKCDPNUZ� @�_NJIPKCJHNJ[ PT[ A EJGJN`PKCT KEFM\� EFR[ _K[ A KNk MJA JU`XT KXLJAN]PKNOPJ[ XTMJANUJ[ Xa]J JEKNU`AN]TQ� Tb YDHCJLNUT[ KNk AJN ]MK_F[ A TbXFAJ_NUT[ EJCJ]PJPNUT[ XA\XT�
�PF[ WNWGIF JRPF[ HIAKPJN ECF]EZBKNJ AJ[ Rb ETCKPTBFRO A UJN[FNb _fF JRPK[ Q GKNPFRCHIKQ� �J[ HIAKN Tb ]R]PTXJPNUT[ UJPJHCJLT[PTO Q YDHCJLNUTO Q EJCJHDHTO Q� AJ[ JAJGRBFRO A PJ[ Kc CHJ JRPZ� UJN[AJ[ ]RAJCPTBFRO A XK[ PF[ A _TXNFRCH` PFRQ UJN[ PN[ Q KENCCFK[ Q EFR[_NJX`CLD]JA PT[ ]RHUKUCNXaAT PKMAFPCFEIJ� K[ _RF[ G`HNJ�
�� �� ��� ����� ���� ��� ��� �����
��
AJ[ EJCFR]NJ]PKNO UJN[ AJ[ JAJ_KNMBKNO EFGfEGKRCJ Tb JN]BTPNUT[EGKRCJ[ PFRO UJGGNPKMANUFRO Kc CHFR� �JCZGGTGJ� Tb KENGKHXaATKNUFAFHCZLT]T UJN[ FNb Nb ]PFCNUK[ Q JAJLFCK[ Q PFRO UKNXaAFR KEN!PCaEFRA ]PF[ A JAJHAV]PT AJ[ Y\]KN� Xa]J JEF[ PF[ UJGGNPKMANUF[Kc CHF� XNJ[ N_NJIPKCJ ]TXJAPNUT[ KEFM\ PTO Q Nb ]PFCIJQ�
�� �� ��� ����� ���� ��� ��� �����
��
� �� �� ��� �� ����� ��� ������
��� %> ((���� ==('�� "320y"4h!
@ B\AJ ��' � ]]� ('� $�)� (� Kb U�&� �#" Kc HMCDXKQ KNU`AKQ$KgJAPGTXaAF&
������� �� ������ !
PFRO KNk AJN AJ[ _KIgKN PT[ ]TXJ!]IJ EFR[ Kc MKN HNJ[ PT[ A UFNADAN!
UT[ UJN[ EFGNPN]XNUT[ Nb ]PFCIJ XJQ Tb XK!GaPT PDO A Kb GGTANUDO A KU_FPNUDO A _CJ!]PTCNFP\PDA� �J[ UKIXKAJ PJ[ Rb EFHCZ!LFRA Tb NUJPKCIAT �FRXJCNJAFRO � Tb�FRUIJ �CFfGNJ $+S� KU_FPNUT[ PFROWNWGIFR,& UJN[ Tb h�WCF �aRPFA $+S�PKMANUT[ PFRO WNWGIFR,&� @�_DO UJN[ UZX!EF]KQ _KUJKPIKQ� Tb Kc CKRAJ UJN[ FNb XK!GaPKQ HfCD JEF[ PF[ WNWGIF� PT[ A KU_F!PNUT[ UIAT]T UJN[ EJCJHDHT[ Kc MFRA UN!A\]KN PF[ KA_NJLaCFA PDO A Nb ]PFCNUDO A� S� U`]XFQ PFRO WNWGIFR_TXNFRCHKNO ]PF[ A XKGKPTPT[ Ke AJA KRCR[ MDO CF JAJYTP\]KDA� Kc !CKRAJQ UJN[ XKGaPTQl ]RHHCJLKNO Q� KU_`PKQ UJN[ PREFHCZLFN�_NFCBDPK[ Q UJN[ KENXKGTPaQ� MJCZUPKQ PREFHCJLNUDO A ]PFN!MKIDA� FNb J]MFGFfXKAFN XK[ PT[ _NJU`]XT]T UJN[ KNUFAFHCZLT]TPFRO WNWGIFR� FNUFAFXNUFN[ MFCTHFI� WNWGNFEDO GKQ� Fe GFN JRPFN[
�� �� ��� ����� ���� ��� ��� �����
��
JEJCPIYFRA PF[ KU_FPNUF[ UfUGDXJ UJN[ ]RA_RZYFAPJN ECFUKN!XaAFR AJ[ UNA\]FRA PT[ WNWGNFEJCJHDH\� h�P]N GFNEF[ A PF[ _T!XNFRCHNUF[ UKIXKAF� JEFPaGK]XJ EAKRXJPNUDO A UJN[ EJN_KRPN!UDO A _NKCHJ]NDO A� LPZAKN AJ[ KULCZYKN XNJ[ A Jc GGT ECJHXJPNU`!PTPJ PT[ ]PNHXT[ EFR[ Kc CMKPJN ]PJ[ MaCNJ PFRO MC\]PT� Fe PJA Ke AJQJCNBXF[ Q JEF[ ]RXXKPFMK[ Q Kc MKN _V]KN ]MTO XJ UJN[ XFCLT[ ]PT[ AEAKRXJPNUT[ Re GT� HNJ[ AJ[ PT[ A UZAKN FNUKIJUJN[ ECF]NPT[ ]PF[ UFNA`�
�ZCT ]PF[ EGFf]NF KNUFAFHCJLNUF[ Rb GNU`� Fb JAJHAV]PTQXEFCKNO AJ[ HADCI]KN Fb CN]XaAJ JEF[ PJ[ ENF[ GJXECJ[ KENPKfHXJ!PJ PTO Q Kb GGTANUTO Q PREFHCJLNUTO Q PaMATQ UJN[ AJ[ EJCJUFGFRB\!]KN PJ[ _NJ_FMNUJ[ ]PZ_NJ PTO Q KgaGNg\Q PTQ�
�� �� ��� ����� ���� ��� ��� �����
�
8�((�6�� ��������� * ��+����������� � ��������
�N]JHDH\� ]MFGNJ]X`Q� PKUXTCID]T JPFfGJQ �UJGP]JO
�K]]JGFAIUT ����� ]]� �� $�"�)� �"�) Kb U�&� ��# Kc HMCDXKQ KNU`AKQ
$KgJAPGTXaAF&
����� �� �������� ��� ��� ����!UTO Q �CJEaYTQ HNJ[ PJ[ KNUJ]PNUJ[ JEFPKGKNO KUEG\CD!]T UJPJ]PJPNUFRO ]UFEFRO PFR� EFR[ JEFWGaEKN ]PT[ A
+ECFJHDHT[ A PDO A HCJXXZPDA� PDO A KEN]PTXDO A UJN[ PDO A UJ!GDO A PKMADO A KA S�GGZ_N,� h�P]N� JXa]DQ XKPJ[ PT[ A Ne _CR]\ PFRPF[ �� jDb Q _NJCUT[ Q Rb E`XAT]T PFRO Kb FCPJ]XFRO PDO A ��)MC`ADA PTO Q @�BANUTO Q �CJEaYTQ PTO Q S�GGZ_FQ ]PT[ A Rb ETCK]IJPFRO h�BAFRQj PF[ FCLDPNUF[ n�_CRXJ KEN_`BTUK ]PT[ A JHF!CJ[ Kc CHDA PaMATQ JEF[ PT[ ]fHMCFAT AKFKGGTANUT[ UJGGNPKMAN!UT[ EJCJHDH\� �Nb JHFCK[ Q JEaWGKEJA ]K[ _NEGF[ ]UFE`l ECDO !PFA� ]PT[ A KAI]MR]T PDO A JgN`GFHDA UJGGNPKMADO A EFR[ _K[ A KNk !MJA JU`XJ UJBNKCDBKNO ]PT[ A JAPIGTmT PFRO KRCfPKCFR LNG`PK!MAFR UFNAFRO � UJN[ KNk MJA JAZHUT JEF[ KABZCCRA]T HNJ[ PT[ ]R!AaMN]T PTO Q _FRGKNJO Q PFRQr UJN[ _KfPKCFA� ]PF[ A UJPJCPN]XF[XNJO Q Kc HURCTQ ]RGGFHTO Q EFR[ BJ[ EKCNGZXWJAK JAPNECF]DEKR!PNUJ[ _KIHXJPJ PDO A ]fHMCFADA PZ]KDA PTO Q AKFKGGTANUTO Q Pa!MATQ�
S� ]RGGFHT[ ]PKHZYKPJN ]PF[ �FGNPN]PNUF[ �aAPCF �FCKIFRS�GGZ_FQ UJN[ Tb Kc U_F]T JEF]UFEKNO ]PT[ ]RHUaAPCD]T Fe GDA PDO A
�� �� ��� ����� ���� ��� ��� �����
��
EGTCFLFCNDO A EFR[ JLFCFRO A PJ[ Kc CHJUJN[ PFR[ Q UJGGNPaMAKQ� JGGJ[UJN[ ]PF[ A KXEGFRPN]XF[ PTO Q ]MKPNUTO Q WNWGNFHCJLIJQ�
S� JPFfGJ �UJGP]JO HKAA\BTUK ]PT[ A @ B\AJ PF[ ��)�� �EFf_J]KS�]PFCIJ UJN[ @ CMJNFGFHIJ ]PF[ �JAKEN]P\XNF @ BTADO A UJN[ KUE`AT!]K PT[ _N_JUPFCNU\ PTQ _NJPCNWT[ ]PF[ �XTO XJ @ CMNPKUP`ADA PTO Q�K]]JGFAIUTQ� Fe EFR ]\XKCJ KNk AJN UJBTH\PCNJ PTO Q S�]PFCIJQ PTO Q�aMATQ� �F[ ]RHHCJLNU` PTQ Kc CHF KNk AJN EGFf]NF� KADO Kc MKN FCHJAV]KNEFGGK[ Q KNUJ]PNUK[ Q KUBa]KNQ ]PT[ A @ B\AJ UJN[ PT[ �K]]JGFAIUT�
�� �� ��� ����� ���� ��� ��� �����
��
*A ��(%������ <%���(�� .��� E%..�(��'�*? #��.����� ;�=����.�� "/"01"/"2
�KIXKAJ �JfGFR �KPCI_T� �KDCHIFR �ZUFR��NVCHFR @ AJ]PJ]NZ_T� �NVCHFR �NFAI_T��RZHHKGFR �KUIXFHGFR� @ APVAT �JPCJYZAT
�K]]JGFAIUT ���#� ]]� �( $�)� �) Kb U�&
�� �����������
��� ������� �� ����� �� ����������� ������
�FCKIFR S�GGZ_FQ PTO Q @�BANUTO Q �CZEKYJQ _NFCHZAD]K_fFUfUGFRQ KEN]PTXFANUDO A JAJUFNAV]KDAXK[ BaXJPT[ A
�CF]DCNAT[ �RWaCAT]T PTO Q �K]]JGFAIUTQ� PTO Q Fb EFIJQ Tb H\!BTUK Fb @�GKRBaCNFQ �KANYaGFQ ]PT[ A EKCIF_F ��� !���"� �NbJAJUFNAV]KNQ EFR[ JUFf]PTUJA LVPN]JA JEF[ _NZLFCKQ ]UF!ENK[ Q PF[ UFNADANU`� EFGNPNUF[ UJN[ FNUFAFXNUF[ EGJI]NF Xa]J ]PF[Fb EFNO F GKNPFfCHT]K UJN[ PN[ Q _CJ]PTCN`PTPKQ PN[ Q Fb EFNO KQ JAaEPR!gK Tb �CF]DCNAT[ �RWaCAT]T �K]]JGFAIUTQ� S� EJCD[ A P`XFQKXEGFRPIYKN Fc MN X`AF PT[ A KN_NUT[ WNWGNFHCJLIJ HNJ[ PT[ A �CF!]DCNAT[ �RWaCAT]T� JGGJ[ UJN[ PT[ A Kb GGTANUT[ WNWGNFHCJLIJ HNJ[PT[ JUK_FAIJ PDO A JCMDO A PFRO ��FRO JNVAJ�
�� �� ��� ����� ���� ��� ��� �����
��
;�((�%9��� 8�((�6�� ��� � ������ � ��7�%����N]JHDH\� UKIXKAJ �P`CJQ @�GNFEFfGFR!�FHUJ[ A
@ B\AJ ���#� ]]� (�" $�)�)� (� Kb U�&� �'# Kc HMCDXKQ KNU`AKQ
�� ����������
$KgJAPGTXaAF&
�� ��� ������ ����!
GKNO PF[ ECDO PF �JGGNPKMANUF[�KfUDXJEFR[ Tb @�BANUT[ �CZ!
EKYJ JLNKCVAKN ]PT[ A EGFf]NJ ]K[ YD!HCJLNUZ� HGREPJ[ UJN[ MJCJUPNUJ[ Kc CHJ]RGGFH\ PTQ� S� ]RGGFHT[ JRP\� EFR[Jc CMN]K AJ[ ]RHUCFPKNO PJN GIHKQ _KUJK!PIKQ XKPJ[ PT[ A Ne _CR]T $]PN[ Q (� JC!PIFR �'#�& PTO Q ��� UJN[ EKCNGJXWZAKNHfCD ]PJ[ ����� ECDP`PREJ Kc CHJ� K!XEK_VAKN ]PF[ A KRCfPKCF UJGGNPKMAN!UF[ MDO CF PF[ A ]TXJAPNUF[ EFGNPN]PNUF[C`GF PTO Q �CZEKYJQ�
S� ERC\AJQ PTQ _TXNFRCH\BTUKJEF[ PJ[ Kc CHJ EFR[ KNk MJA EJCJHHKGBKNO UJN[ JEKNUFAIYFRA ECF]D!ENU`PTPKQ Jc XK]J ]RA_K_KXaAKQ XK[ PT[ A Nb ]PFCIJ PTO Q Nc _NJQ PTO Q�CZEKYJQ� h�UPFPK� Tb UJGGNPKMANUT[ JRPT[ ]RGGFHT[ KXEGFRPN!Y`XKAT J_NZGKNEPJ jXK[ PN[ Q JAJE`LKRUPKQ ]K[ UZBK JAZGFHT]RGGKUPNUT[ ECF]EZBKNJ KENUKAPCV]KNQ ]K[ Fb CN]XaAKQ EKCN`!
�� �� ��� ����� ���� ��� ��� �����
��
_FRQ UJN[ EC`]DEJj UJN[ ]K[ ]RAZCPT]T XK[ PN[ Q Jc GGKQ EFGN!PN]PNUK[ Q _CJ]PTCN`PTPKQ PTO Q �CZEKYJQ� JEF_KNUAfKN PT[ A K!AKCHTPNU\ PTQ EJCFR]IJ ]PF[ A KRCfPKCF EFGNPN]PNUF[ UJN[ KEN!]PTXFANUF[ MDO CF�
S�]PFCNUF[ Q UJN[ UCNPNUF[ Q PTO Q PaMATQ� Tb �P`CJ @�GNFEFfGFR!�FHUJ[ A]EFf_J]K ]PF[ �JCI]N UJN[ Kc UJAK PF[ _N_JUPFCNU` PTQ ]PT[ A S�]PFCIJPTO Q �aMATQ� �RAKCHZ]PTUK Db Q PKMAFUCNPNUF[ Q XK[ PT[ A KLTXKCI_J *?;����%���� UJN[ XK[ EFGGJ[ EKCNF_NUZ� h�MKN HCZmKN KNc UF]N WNWGIJHNJ[ BaXJPJ PaMATQ� Kc MKN EJCFR]NZ]KN PTGKFEPNUK[ Q UJN[ CJ_NFLDAN!UK[ Q KUEFXEK[ Q UJN[ Kc MKN FCHJAV]KN KUBa]KNQ ]PT[ A S�GGZ_J UJN[ PF[KgDPKCNU`�
�� �� ��� ����� ���� ��� ��� �����
��
*? �- ���I��� ������ .��� � ��9��
����� �� � .�((�6%� � ��� � ������ � ��7�%����� ���� ��������� ��� * ��+�����
@ B\AJ ���)� ]]� "# $�#� (� Kb U�&� ## KNU`AKQ
�� �����������$KgJAPGTXaAF&
�� �� ��� ��������� ��� �� ������!
UFRO MVCFR� Fe EDQ Tb @�BANUT[ �CZEKYJ� Rb EF]PTCIYKNPT[ A �aMAT Tc _T JEF[ PT[ A Ne _CR]\ PFR� EJCZGGTGJ XK[ PF[ A
UCI]NXF UJN[ KA EFGGFNO Q UJBFCN]PNUF[ C`GF EFR[ EZAPJ _NJ_CJ!XZPNYK ]PT[ A Kb GGTANUT[ FNUFAFXIJ� �PT[ A @�BANUT[ �CZEKYJ JA\!UFRA _fF JgN`GFHKQ ]RGGFHK[ Q Kc CHDA PaMATQ� XIJ EFR[ KNk AJNUJBJCJ[ _NU` PTQ _TXNFfCHTXJ UJN[ KUKIAT PFRO FCLDPNUFROPTQ S�_CfXJPFQ� KADO EJCZGGTGJ Rb EF]PTCIYKN EFGNPN]PNUK[ QECDPFWFRGIKQ ]K[ Fb G`UGTCF PF[ A Kb GGTANUF[ MDO CF� ]PF[ EGJI]NFXNJO Q JAPIGTmTQ KRKCHKPN]XFRO UJN[ EaCJA MFCTHNUDO A ECJUPN!UDO A XK[ JXFNWJNO J ]RXLaCFAPJ�
�q JRPT[ A JUCNWDO Q PT[ A EFGNPNUT[ KAPZ]]KPJN UJN[ Tb ]PaHJ]TPTO Q �NAJUFB\UTQ ]K[ Ke AJ ]EFR_JNO F AKFUGJ]NUF[ UPICNF PTO Q�ZPCJQ� ]RARLJ]XaAF XK[ PT[ A Nb ]PFCIJ UJN[ PT[ A KNU`AJ XNJO QE`GTQ XK[ FNUFAFXNUT[ ]TXJ]IJ UJN[ EFGNPN]PNUT[ EJCZ_F]T�]PT[ A KEaPKNF PDO A �)� MC`ADA JEF[ PT[ A Ne _CR]T PFRO ECVPFRRb EFUJPJ]P\XJPFQ PTO Q ��� KUKNO �
�� �� ��� ����� ���� ��� ��� �����
�
��� ����� .��� ��������
�����%���� #�$6�����
@ B\AJ ���)� ]]� (' $��� ���) Kb U�&� �( KNU`AKQ
�� �����������$KgJAPGTXaAF&
�� ����������� ������ ��� ������� �� ��� �
]PT[ A �ZPCJ KHUJNANZ]PTUK XK[ PT[ A Kc UBK]T *? �- ���I1��������� .��� ���9��� EFR[ EKCNGZXWJAK Kc CHJ JEF[ PN[ Q
]RGGFHK[ Q PTO Q �CZEKYJQ UJN[ PFRO FCLDPNUFRO PTQ S�_CfXJPFQ�a]J JEF[ PFR[ Q EIAJUKQ EFR[ KNk MJA KUPKBKNO � Fb KEN]UaEPTQ
XEFCFRO ]K AJ[ EJCJUFGFRB\]KN EDO Q EJCFR]NZYKPJN Tb JABCV!ENAT XFCLT[ JEF[ PJ[ _NZLFCJ UJGGNPKMANUJ[ UNA\XJPJl PF[ A JUJ!_TXJi]X`� PF[ A NXECK]NFAN]X`� PF[ A KgECK]NFAN]X`� PF[ A Rb EKCCK!JGN]XF[ UJN[ PT[ A JLJICK]T�
�PFR[ Q AaFRQ UJN[ PJ[ EJN_NZ� Tb @�BANUT[ �CZEKYJ KENLfGJgKN_NJIPKCT Rb EF_FMT[ XK[ PF[ XFR]KNFKUEJN_KRPNUF[ JRPF[ EC`HCJX!XJ� UZAFAPJQ PT[ A KEI]UKm\ PFRQ XNJ[ JGTBNAT[ KgKCKfAT]T ]PF[ AXJHKRPNUF[ U`]XF PTO Q �aMATQ�
�� �� ��� ����� ���� ��� ��� �����
���
8��9�.��� � ����67���g%� � #���6I�� z�6�7����- ���6���'� ���� �- �.���
�KfPKCT Kc U_F]T�N]JHDHT[ JCIAJQ �JXECZUT!�GZUJ
@ B\AJ ��� � ]]� �� $)�� #� Kb U�&� t �# Kc HMCDXKQ UJN[ �( J{X KNU`AKQ
$KgJAPGTXaAF&
+���� ��� ������ ��� ��� ���� ����� !
]BaAPDAUJPJ[ ]PFMJ]X`A� Rb EJH`CKR]NA UJN[ _Nq N_IDAKg`_DA PFRO �RAPJHXJPZCMFR JUCRHNZAAT ECF[ Q
KRMJCI]PT]NA PDO A S�GG\ADA UJN[ KRKCHKPDO A XJQ�NGKGG\ADA�,K[ JRPT[ PT[ ]PKCK`PRET KENHCJLT[ Fb JUCRHNZAATQ ]RA`_KR]KPN[ Q KNU`AKQ EFR[ Fb AFRO Q PFR KNk MK ]RGGZWKN HNJ[ AJ[ Nb ]PFC\]KN PF[ A@ HVAJ� @ HCZXXJPFQ UN Fb Nc _NFQ� HAVCNYK ED[ Q PJ[ +@ EFXAT!XFAKfXJPZ, PFR _K[ A Tk PJA ECF]NPJ[ ]K[ Fe GFRQ PFR[ Q n�GGTAKQ��JF[ Q UJN[ JHDAN]PaQ� JAJGLZWTPFN FNb EKCN]]`PKCFN� BJ[ _NZ!WJYJA ]PN[ Q KNU`AKQ PT[ A +JG\BKNJ, EFR[ Fb �FRXKGNVPTQ ]PCJ!PTHF[ Q LGKH`PJA AJ[ PFR[ Q XKPJ_V]KN HNJ[ AJ[ JEFUJPJ]P\]KNPT[ ANb ]PFCIJ� EFR[ EJCJEFNFRO ]JA XK[ +PN[ Q mKRPNK[ Q UJN[ PN[ Q MJXaC!EKNaQ PFRQ, FNb LJPCNJ]XaAFN UJN[ XKCFGTEPNUFN[ Nb ]PFCNUFI� UJN[AJ[ LCFATXJPI]KN PN[ Q XKGGFfXKAKQ HKANaQ�
�F[ ]UFEF[ JRPF[ A Rb ETCaPT]K XK[ ]RAaEKNJ Fb GJiUF[ Q PKMAIPTQUJN[ EJGNF[ Q JHDAN]PT[ Q �JAJHNVPTQ �DHCZLFQ JEF[ PT[ �FC!_VANJ PTO Q �JUDAIJQ� EFR[ XJYN[ XK[ PJ[ _RF[ EJN_NZ PFR JAaGJWKPF[ Kc CHF PTO Q KNUFAFHCJLIJQ UJN[ PF[ Fb GFUG\CD]K PF[ AZCPNF PFRO�'(�� ��PJA Fb X`AFQ EFR[ _NaBKPK XNJ[ YDHCJLNUT[ HGV]]J
�� �� ��� ����� ���� ��� ��� �����
���
GJiUT[ UJN[ JECF]EFITPT� JAZGFHT XK[ PF[ A GJHJCF[ JLTHTXJPNUF[G`HF PFRO ]PCJPTHFRO �
S� ]KNCJ[ EFR[ _TXF]NKfKPJN ECFaCMKPJN JEF[ PT[ �NWGNFB\UTPFRO EfCHFR PFRO �RIA_]FC UJN[ KNk AJN JUCNWDO Q FNb KNc UF]NPa]]KCNQRb _JPFHCJLIKQ EFR[ Fb JUCRHNZAATQ KNk MK ECF]LaCKN ]PF[ A h H!HGF ECa]WT UJI� Xa]D PFRO Rb EFRCHFRO @�gDPKCNUDO A� Kc LPJ]JA]PT[ WJ]IGN]]J �NUPDCIJ� S� �)FQ EIAJUJQ� XK[ PT[ A JGGTHFCN!UT[ EJCZ]PJ]T PFRO h CXJA]EKCHU AJ[ gKCNYVAKN PT[ A UJC_NJ[PTO Q S�GGZ_JQ� UJPJ]PCZLTUK JEF[ PF[ A YDHCZLF UJN[ PFR[ Q LI!GFRQ PFRO �PCJPTHFRO HNJ[ G`HFRQ J]LJGKIJQ� RPF[ Q KNk AJN FbG`HFQ EFR[ _K[ A WCaBTUK FRc PK ]PF[ �RIA_]FC FRc PK ]PT[ �KAAZ_KNF�Fe EFR Rb EZCMFRA KEI]TQ KNc UF]N Pa]]KCNQ EIAJUKQ�
�� �� ��� ����� ���� ��� ��� �����
��
���� ��������!���� �
8(7=��*A 6(+���� ���� %@ ��% ��� � �o (� ��%�� ��� "/ 21"/02
@ B\AJ ���'� ]]� (�� $�#� (� Kb U�&� �)# Kc HMCDXKQ UJN[ " J{X KNU`AKQ�
)( ]Ma_NJ� XKPZGGNJ
�� �����������
$KgJAPGTXaAF&
������� ��� �� �� �!
XJPFEFN\BTUK XK[ PT[ A KRUJN!CIJ PTO Q XKHZGTQ JAJ_CFXN!
UTO Q Kc UBK]TQ PFRO Kc CHFR PFRO �KCZ]NXFR�UGZWFR PT[ A Fb EFNO J FCHZAD]K Tb @�BAN!UT[ �CZEKYJ PTO Q S�GGZ_FQ� ECFWZGGKNPJ[ BKXKGNJUJ[ MJCJUPTCN]PNUJ[ PTO QECF]DENU`PTPJQ PFRO XKHZGFR HGf!EPT� PF[ A PFEFBKPKNO ]PF[ EGJI]NF PTO Q_NKBAFRO Q UJGGNPKMANUTO Q _TXNFRCHIJQPTO Q KEFMTO Q PFR UJN[ EJCZGGTGJ LDPI!YKN PN[ Q GNH`PKCF HAD]PK[ Q KULZA]KNQPFRO PJGaAPFR PFR�
FCLT[ Fb C`]TXF ]PF[ A _NJMCFANUF[MDO CF PTO Q PaMATQ� Fb �UGZWFQ EC`GJWK ]PT[ ]fAPFXT YD\ PFRFc MN Jb EGDO Q AJ[ EGZ]KN Tp AJ[ ]MK_NZ]KN JGGJ[ UJN[ AJ[ KA]JCUV]KNKe AJ EFGR_NZ]PJPF� XATXKNJUF[ UJN[ KXEAKR]XaAF Kc CHF�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PT[ ]RHHCJLaJ ]PT[ ]� #�'�
�� �� ��� ����� ���� ��� ��� �����
���
������
S� @�BANUT[ �CZEKYJ PTO Q S�GGZ_FQ� ]PF[ EGJI]NF PFRO KA_NJLa!CFAP`Q PTQ HNJ[ PT[ A ECFWFGT[ PDO A Nb ]PFCNUDO A UJN[ JCMJNFGFHNUDO ABT]JRCDO A PTO Q MVCJQ� KAaPJgK UJN[ PT[ A Kc U_F]T XNJO Q ]KNCJO QS�_THDO A� �J[ WNWGIJ JRPZ� KRc MCT]PJ UJN[ XNUCFRO ]M\XJPFQ�JEKRBfAFAPJN ]PF[ KRCfPKCF UFNAF[ EFR[ KA_NJLaCKPJN AJ[ HADCI!]KN PT[ A S�GGZ_J� �J[ UKIXKAJ KNk AJN ]fAPFXJ UJN[ ERUAZ� UJN[HIAKPJN JR]PTCT[ KENGFHT[ PDO A JgNFBaJPDA MVCDA EFR[ EJCFR!]NZYFAPJN UJPJ[ _CFXFG`HNF� �Nb S�_THFI� EGFR]N`PJPJ KNUF!AFHCJLTXaAFN� EKCNaMFRA KEI]TQ MZCPT EFR[ Rb EF_KNUAfKN PN[ Q_NJ_CFXaQ� KRb CKP\CNF� WNWGNFHCJLIJ� HGD]]ZCNF UJN[ MCFAF!GFHNUF[ _NZHCJXXJ� ��Q PVCJ Kc MFRA URUGFLFC\]KNl
����������� ��� � ���C.����� �f � ��� ����C�� �%�'���
�KIXKAF �FRIYJQ �FRUFEFfGFR
@ B\AJ ��"(� ]]� '� $�(� �� Kb U�& $KgJAPGTXaAF&
��9�{� 1�?(%'�
�KIXKAJ � �JCJUJP]ZAT { �� �PJBJUFEFfGFR
@ B\AJ ��"(� ]]� '� $�(� �� Kb U�& $KgJAPGTXaAF&
g'��
�KIXKAF �JC� �� EFfCJ
@ B\AJ ��"#� ]]� '� $�(� �� Kb U�& $KgJAPGTXaAF&
�� �� ��� ����� ���� ��� ��� �����
���
�� ��
��� �������� ��� ���
����� ���� ���
� ���� �������
���
����� ���������� ������ �
���
������ ���������� ������ �
���
������� ��� ������� ����������
������ �
��
�������� �� ��� ���� �� ��� �����������
���������� ���������
���
���� �� �� �
&%��� ��> �%���� ���� * .������ ���9%'����� � ������ � ��������
@ B\AJ ��'�� ]]� ��# $�"� �# Kb U�&� (� KNU`AKQ
$KgJAPGTXaAF&
�F[ WNWGIF JRPF[ UZAKN ECF]NPF[ ]PT[ A Nb ]PFCNUT[ Kc CKRAJ PF[ EGFf!]NF Rb GNUF[ EFR[ LRGZ]]KPJN ]PF[ S�]PFCNUF[ @ CMKNO F PTO Q ��� UJN[UJGfEPKN PT[ A EKCIF_F JEF[ PF[ �'#� Do Q PN[ Q ECDO PKQ _KUJKPIKQPFRO JNVAJ XJQ�
K[ PT[ A Jb _C\ PFR _NZCBCD]T UJN[ XK[ PF[ MC\]NXF JAJGRPNUF[KRb CKP\CNFECF]VEDA� P`EDAUJN[ KAAFNDO A� PF[ WNWGIFJRPF[ KNk AJNFb JEFPKGK]XJPNUF[ Q Fb _THF[ Q PDO A KCKRATPDO A ]PT[ A JAJ_ILT]TPDO A EGFf]NDA UJN[ EFGfPNXDA ]PFNMKIDA EFR[ XEFCKNO AJ[ ECF!]LaCKNPF[ JCMKNO F PTO Q @�BANUTO Q �CZEKYJQ ]PFR[ Q XKGKPTPK[ Q Fc MNX`AF PTO Q FNUFAFXNUTO Q JGGJ[ UJN[ PTO Q UFNADANUTO Q Nb ]PFCIJQ PTO Q�K`PKCTQ S�GGZ_JQ�
S� �RPRMIJ �NZPJ HKAA\BTUK PF[ ��)� ]PF[ �NHFRCNF[ @ CHFGI_JQ��EFf_J]K ]PT[ �NGF]FLNUT[ �MFGT[ @ BTADO A UJN[ KNk AJN _N_ZUPDC S�!]PFCIJQ PFRO �JAKEN]PTXIFR �C\PTQ� @ ]MFGKNO PJN XK[ BaXJPJ FNUF!AFXNUTO Q Nb ]PFCIJQ PFRO WKAKPFUCJPFfXKAFR UJN[ PFRCUFUCJPFfXKAFRKb GGTAN]XFRO � �Nk AJN KCKRA\PCNJ ]PF[ �aAPCF �KFKGGTANUDO A @�CKRADO APFRO @�BANUFRO S�_CfXJPFQ @�CKRADO A�
�������� �� ����� �������� ��� ��� �
���
��� � �����
)7�%� G%- �~ %- �%9+��} 9�%�6�7���H %- 5��(�����
@ B\AJ ��''� ]]� �"� $�"� �# Kb U�&� ' KNU`AKQ
S� KCHJ]IJ JRPT[ JEFPKGKNO PT[ A ECVPT XNJO Q ]KNCJO Q JEF[ JAJGR!PNUK[ Q KRb CKPTCNZ]KNQ KENGKHXaADA ]KNCDO A PFRO S�]PFCNUFRO @ C!MKIFR PTO Q ����
S� JAJGRPNUF[ Q EIAJUJQ PFRO KRb CKPTCIFR KUPKIAKPJN ]K[ ��#]KGI_KQ UJN[ EKCNaMKN ��('" Rb EFBa]KNQ _JAKIDA PTO Q EKCN`_FR�' )!����� PJgNAFXTXaAKQ XK[ WZ]T PF[ Kc PFQ MFC\HT]TQ $UJN[JGLJWTPNUJ[ Xa]J ]PF[ Kc PFQ&� �GTCFLFCKNO XK[ KN_NUK[ Q ]PTO GKQHNJ[ PF[ EF]F[ EFR[ YTP\BTUK� PF[ EF]F[ EFR[ MFCTH\BTUK� PF[ KEN!P`UNF PFRO _JAKIFR� PF[ KNk _FQ PDO A KAKMfCDA UJI� LR]NUZ� PF[FAFXJPKEVARXF UJN[ PF[ A P`EF UJPFNUIJQ PFRO EKGZPT� h GGKQEGTCFLFCIKQ� Fe PJA Rb EZCMFRA ]PJ[ Kc HHCJLJ� UJPJMDCIYFAPJN]K[ Rb EF]aGN_KQ ]TXKNV]KNQ� S� KCHJ]IJ ]RXEGTCVAKPJN XK[JGLJWTPNUJ[ KRb CKP\CNJ EKGJPDO A UJN[ EGTCKgFR]IDA� P`EDAUJN[ KEJHHKGXZPDA� UJBD[ Q UJN[ XK[ ]MFGNJ]XaAFRQ ]RHUKAPCD!PNUFR[ Q EIAJUKQ EF]FPNUDO A ]PFNMKIDA�
S��aAJ�JPYFRCFRO KNk AJN AFXNUF[ Q UJN[ KCHZ]PTUK ]PT[ A @�BANUT[ �CZ!EKYJ JEF[ PF[ ��'� Do Q PF[ ��� �
�� �� ��� �������� ��� ��� �
���
���� � ������������
���$��.� �'�(��
@ B\AJ ����� ]]� )�� $�"� �# Kb U�&
�F[ KRb CKP\CNF JRPF[ ]RHUKAPCVAKN UJN[ EJCFR]NZYKN ]K[ XFCLT[ENF[ ECF]NPT[ HNJ[ PFR[ Q KCKRATPK[ Q XNJ[ ]KNCJ[ JCMKNJUDO A _K_F!XaADA EFR[ JAJLaCFAPJN ]PT[ MCFANUT[ EKCIF_F �''�!������C`!UKNPJN HNJ[ EGTCFLFCIKQ UJN[ ]PFNMKNO J ]MKPNUJ[ XK[ PT[ A UJPZBK!]T UJN[ JE`_F]T PIPGDA EFR[ _`BTUJA ]PF[ BT]JRCFLRGZUNF PTO Q��� KNcPK HNJ[ KAKMRCIJ]T KNcPK HNJ[ Jb EGT[ LfGJgT� �I_KPJN Kc P]NXNJ[ KNU`AJ HNJ[ Ke AJA ]RHUKUCNXaAF PFXaJ KCHJ]NDO A PTO Q ���
PF[ A ��F JNVAJ�
S� �V]PJQ �YDCPY`EFRGFQ HKAA\BTUK ]PF[ @ HCIANF PF[ ��)�� @ EF[PF[ ��'� Do Q PF[ ���� KCHZ]PTUK Db Q JCMKNFA`XFQ ]PF[ S�]PFCNUF[ @ C!MKNO F PTO Q ����
�������� �� ����� �������� ��� ��� �
��
����� � ���� ���
)��$.� )7�%�
@ B\AJ ���)� ]]� �#" $�#� �� Kb U�&
�C`UKNPJN HNJ[ PFR[ Q LJUaGFRQ PDO A _TXF]IDA _JAKIDA PFRO Kb G!GTANUFRO UCZPFRQ PTO Q EKCN`_FR �' �!��#� EFR[ LRGZ]]FAPJN]PF[ @ CMKNO F PTO Q @�BANUTO Q �CZEKYJQ UJN[ EKCNGJXWZAFRAl JG!GTGFHCJLIJ ]MKPNUT[ XK[ PN[ Q _NJECJHXJPKf]KNQ EFR[ _NKg\MBT!]JA HNJ[ PT[ ]fAJmT PDO A _JAKIDA� JNPNFGFHNUK[ Q KUBa]KNQ AFXF!]MK_IDA� ECF]Ma_NJ UJN[ ]Ma_NJ A`XDA� LfGGJ PTO Q �����%�'1��� ��� � ;�=%���.%��� ]RXWZ]KNQ _JAKIDA� UJPJG`HFRQ KH!HCJLaAPDA ]PJ[ _ZAKNJ� Rb EFXA\XJPJ� XATX`ANJ� ]TXKNVXJPJ�Kc APREJ UGTCV]KDA UPG�
S� �IUFQ �� �JAPKGZUTQ HKAA\BTUK ]PT[ �KAKfT PF[ ��)(� h�GJWK��C(��)� �FNADANFGFHIJQ JEF[ PF[ �JAKEN]P\XNF �FNADANUDO A @�EN!]PTXDO A PTO Q �UCKAF[ XEG PF[ ��"" UJN[ PF[ _N_JUPFCNUF[ _IEGDXJ �FN!ADANFGFHIJQ JEF[ PF[ �JAKEN]P\XNF *��)� �� " 1� �4��� � PF[ ��'���\XKCJ ECF�]PJPJN PFRO �FXaJ �NJMKICN]TQ PDO A PKUXTCIDA PFROS�]PFCNUFRO @ CMKIFR PTO Q @�BANUTO Q �CZEKYJQ�
�� �� ��� �������� ��� ��� �
���
� ��� ������� ���� � ������
*? ������ ��7�%�� .��� ���� ��.'� j"/"/1"/ k
@ B\AJ ��'#� ]]� ((( $�#� �� Kb U�&� " KNU`AKQ
�PF[ Kc CHF JRPF[ PKUXTCNVAKPJN Tb ]fAPFXT JGGJ[ EFGRUfXJAPTYDT[ PFRO Rb EFUJPJ]P\XJPFQ PTO Q ���]PT[ �XfCAT�EFR[ JEFPKGKNOPT[ A UJPJUGKI_J ]PF[ UKLZGJNF PTO Q XJUC`MCFATQ FNUFAFXNUTO QNb ]PFCIJQ PFRO Kb GGTANUFRO ]PFNMKIFRUJN[ PDO A ]Ma]KVA PFRXK[ PFR[ Q�FfCUFRQ ]PT[ NUCJ[ @ ]IJ� S� ]UFENX`PTPJ PTO Q Ne _CR]TQ PFRORb EFUJPJ]P\XJPFQ _K[ A JLFCJO X`AF PJ[ FNUFAFXNUJ[ FLaGT XNJO QPaPFNJQ KENGFHTO Q� JGGJ[ UJN[ PT[ A KRCfPKCT KENWFGT[ PDO A Kb GGT!ANUDO A ]RXLKC`APDA Kc AJAPN PDO A gaADA EFR[ _NKU_NUFRO ]JA PT[ AECDPFUJBK_CIJ ]PT[ NUCJ[ @ ]IJ�
S� �ZAFQ �KCaXTQ HKAA\BTUK ]PT[ A @ B\AJ PF[ ��#(� �EFf_J]K �F!GNPNUK[ Q @�EN]PTO XKQ ]PT[ �F]PVAT UJN[ S�]PFCIJ ]PT[ A @�gL`C_T� �F[��"# Kc GJWK PF[ A _N_JUPFCNUF[ PIPGF JEF[ PF[ �CIANPN �`GKPY PFRO �J!AKEN]PTXIFR PTO Q @�gL`C_TQ� �Nk AJN Fb X`PNXFQ UJBTHTPT[ Q PFRO �JAK!EN]PTXIFR @ BTADO A�
S� �V]PJQ �D]PT[ Q HKAA\BTUK ]PT[ A @ B\AJ PF[ ��)"� �Nk AJN UJBT!HTPT[ Q �K`PKCTQ �NUFAFXNUTO Q UJN[ �FNADANUTO Q S�]PFCIJQ $KRCDEJi!UTO Q UJN[ Kb GGTANUTO Q& ]PF[ �XTO XJ �FGNPNUTO Q @�EN]P\XTQ UJN[ �TX`!]NJQ �NFIUT]TQ PFRO �JAKEN]PTXIFR @ BTADO A�
��� � ��������� ��������
���
���� �� �� �
��%� � �� �- 6���� .��� � ������ j"4h/1"430k��� ������'� �- ��� ��� ��7.�9� ���� %- ��$���
g�.�$���(�� ��- ���'��
@ B\AJ ��'#� ]]� ��' $�#� �� Kb U�&� # KNU`AKQ
�F[ WNWGIF JRPF[ ECF]LaCKN Ke AJ EJCZ_KNHXJ FNUNJUDO A _JEJ!ADO A ]PT[ A @ B\AJ� ]PJ[ Xa]J PFRO ��FR JNVAJ� S� ETHT[ KNk AJN PF[KEN]PFGZCNF Kb AF[ Q KXE`CFR� PFRO �CN]P`_FRGFR �RBRXIFR� Fe EFRFb ]RAPZUPTQ PFR Kc MKN UJPJMDCI]KN� JAZXK]J ]Pq Jc GGJ� PJ[]ENPNUZ PFR Kc gF_J JEF[ PF[ A �FaXWCNF PFRO �'(� Do Q PF[ A @�FfGNFPFRO �'# l EC`UKNPJN HNJ[ XNJ[ ETHT[ EFR[ KENPCaEKN AJ[ HIAFRA]PJBXTPK[ Q ECF]KHHI]KNQ ]PF[ WNFPNUF[ KEIEK_F Kb AF[ Q J]PFRO ]PJ[ECDO PJ MC`ANJ PTO Q YDTO Q PTO Q Kb GGTANUTO Q ECDPKfFR]JQ� AJ[ LJAKNOPI JAPNECF]VEKRK ]K[ MCTXJPNUK[ Q JgIKQ JRPF[ PF[ WNFPNUF[ KEI!EK_F� AJ[ _KNMPKNO Tb _FX\ PFR� AJ[ JEFUJPJ]PJBKNO Tb ]Ma]T JAZ!XK]J ]PN[ Q _JEZAKQ _NJPCFLTO Q UJN[ ]PJ[ Jc GGJ FNUNJUJ[ Kc gF_J� AJ[JAJ]RHUCFPTBKNO � PaGFQ� PF[ _NJNPFG`HNF�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PT[ ]RHHCJLaJ ]PT[ ]� #("�
�� �� ��� �������� ��� ��� �
��
������ ��� �� �
�.��� �� %- .������� .��� � *�((7�� j"43 1"/ hk��� ���7�%6�� ��� � �> ��((�(�� ��� � ������ � ��7�%���
�C`GFHFQ �EfCFR @ ]_CJMJO
@ B\AJ ��')� ]]� (�' $�#� �� Kb U�&� �# KNU`AKQ
��� ���������������
S� XKGaPT JRPT[ JAJGfKN PFR[ Q XTMJAN]XFR[ Q _NJXa]FR PDO A Fb !EFIDA _NJXFCLVAFAPJN PJ[ AaJ UFNADANUJ[ ]PCVXJPJ PDO A XN!]BDPDO A� EFR[ Kc EJNgJA ]TXJAPNUF[ C`GF ]PT[ _NZCBCD]T PFROKb GGTANUFRO UFNADANUFRO ]MTXJPN]XFRO PF[ A ��F UJN[ ]PN[ Q JCMK[ QPFRO ��FRO JNVAJ� S� ���� MZCT ]PN[ Q UJNAFfCNKQ ]Ma]KNQ KCHJ!]IJQ EFR[ UJB`CN]K HNJ[ PFR[ Q Rb EJGG\GFRQ PTQ� BJ[ KgJ]LJGI]KNP`]F PT[ A JEFPKGK]XJPNUT[ GKNPFRCHIJ PFRO PCJEKYNUFRO UKLJ!GJIFR Fe ]F UJN[ PT[ _NU\ PTQ UFNADANUT[ KA]DXZPD]T� S� XKGaPTKgKPZYKN PT[ A KUUIAT]T UJN[ PT[ A KgaGNgT PDO A XTMJAN]XDO A FNbFb EFNO FN ]PTCIYFRA JRPT[ PT[ _NJ_NUJ]IJ UJN[ _IAKN N_NJIPKCT Kc X!LJ]T ]PT[ A FNUFAFXNUT[ UJN[ UFNADANUT[ _NZ]PJ]T PDO A XN]BDO AUJN[ PDO A KN]F_TXZPDA� �T[ A JAZGR]T PT[ ]RXEGTCVAFRA XNJ[]KNCJ[ ]RHUCI]KNQ XK[ Fb X`GFHJ Kb GGTANUZ� WJGUJANUJ[ UJN[ KRCD!EJiUJ[ EJCJ_KIHXJPJ� UJBD[ Q UJN[ Tb JAJLFCJ[ ]PN[ Q EJCJEGT!CDXJPNUK[ Q FNUFAFXNUK[ Q _CJ]PTCN`PTPKQ PDO A Rb EJGG\GDA ]PT[ APFENUT[ JHFCZ� S� GFHFPKMANUT[ XJCPRCIJ PFRO PaGFRQ PFRO ��FRJNVAJ WCI]UKN UJN[ JRPT[ PT[ Ba]T PTQ ]PT[ A JAZGR]T� ECFUKN!XaAFR AJ[ JANMAKRPKNO Tb JAZ_KNgT AaDA JgNDO A ]PN[ Q ]RAKN_\]KNQ�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� #"��
��� � ��������� ��������
���
���� ��� � � ��������� �� ����� ��!������
��%� � �� �- 6���� .��� � ������ j"4h3k
@ B\AJ ��''� ]]� �(� $�#� �� Kb U�&� ' KNU`AKQ
S� XJCPRCIJ PTO Q FNUFHaAKNJQ PFRO Fb EGJCMTHFRO PTO Q S�GGTANUTO Q@�EJAZ]PJ]TQ UJN[ XKPaEKNPJ JAVPJPFR ]PCJPNDPNUFRO ]PKGa!MFRQ �Z]FR JRCFWFRANVPT JEFPKGKNO ]TXJAPNUT[ ETHT[ EGT!CFLFCNDO A HNJ[ PJ[ ECDO PJ FBDANUJ[ MC`ANJ� S� MDO CFQ KNk AJN Tb@ B\AJ� Tb Nb ]PFCNUT[ ]PNHXT[ EJCJP\CT]TQ PF[ �'(#� UJN[ PF[ JAPN!UKIXKAF Tb UFNADANUT[ UJN[ FNUFAFXNUT[ ]RXEKCNLFCJ[ PTO Q JAKC!M`XKATQ JRPTO Q J]PNUTO Q FNUFHaAKNJQ� EFR[ KNk AJN KA_KNUPNUT[ XNJO Q]RHUKUCNXaATQ UFNADANUTO Q UJPTHFCIJQ�
S� �PaLJAFQ �JEJHKDCHIFR HKAA\BTUK ]PT[ �K]]JGFAIUT PF[ ��)���EFf_J]K �FGNPNUK[ Q @�EN]PTO XKQ ]PT[ A @ B\AJ UJN[ S�]PFCIJ ]PT[�GDCKAPIJ� h�HCJmK WNWGIJ UJN[ XKGaPKQ EFR[ JLFCFRO A URCIDQ PT[ AKEJAJ]PJPNU\� UJEF_N]PCNJUT[ UJN[ FBDANUT[ EKCIF_F� @ EF[ PF[ ��"�_N_Z]UKN �K`PKCT S�]PFCIJ ]PF[ �ZAPKNF �JAKEN]P\XNF�
S� @�DZAAJ �KEKGZ]T!IAFHGFR HKAA\BTUK ]PF[ EaCUGR PTO Q �J!GNL`CANJQ PF[ ��)�� h�GJWK EPRMIF �NUFAFXNUDO A JEF[ PF[ �ZCWJCAP�UJN[ PF[ ��4 �NUFAFXNUTO Q S�]PFCIJQ JEF[ PT[ �MFGT[ �NUFAFXNUDO A PFRO�FA_IAFR� Fe EFR Kb PFIXJ]K UJN[ PT[ _N_JUPFCNU\ PTQ _NJPCNWT[ XK[ BaXJPF[ C`GF PFRO gaAFR UKLJGJIFR ]PF[ A _TX`]NF PFXaJ PTO Q Kb GGTANUTO QFNUFAFXIJQ UJPJ[ PT[ _NZCUKNJ PFRO K]FEFGaXFR� �\XKCJ KNk AJN KEI!UFRCT UJBTH\PCNJ ]PF[ �NUFAFXNUF[ �JAKEN]P\XNF @ BTADO A $�� &�
�� �� ��� �������� ��� ��� �
���
�� ��� �������
*? '��.� ��� � .���((�6�7����� ��� � ���.�7��� .�� � %> ((��%� � �- 6��%� �
j"4n01"/" k
@ B\AJ ���"� ]]� #�) $�#� �� Kb U�&
S� XKGaPT JRPT[ EJCFR]NZYKN KEKgKCHJ]XaAKQ MCFAFGFHNUK[ Q]KNCaQ� XK[ PN[ Q Fb EFNO KQ XEFCFRO XK AJ[ EJCJUFGFRB\]FRXK PN[ QPNXK[ Q PDO A URCN`PKCDA ]RAJGGJHXZPDA UJN[ AFXN]XZPDA EFR[URUGFLFCFRO ]JA ]PN[ Q Kb GGTANUK[ Q JHFCaQ� ]PJ[ Xa]J PFRO ��FR UJN[]PN[ Q JCMK[ Q PFRO ��FRO JNVAJ� RPK[ Q FNb FNUFAFXNUFRO MJCJUP\CJEGTCFLFCIKQ ]RAN]PFRO A Ke AJ AaF PfEF ETHDO A� EFR[ JEFWGaEKN]PT[ WKGPID]T PDO AXKBF_FGFHNUDO A KCHJGKIDAXK[ PJ[ Fb EFNO JECF!]KHHIYFRXK PT[ A Kb GGTANUT[ FNUFAFXIJ PTO Q ]fHMCFATQ EKCN`_FR�
S� NMZGTQ �THIAFQ HKAA\BTUK ]PF[ A �KNCJNJ[ PF[ ��)(� �F[ ��""JEFLFIPT]K JEF[ PF[ �NUFAFXNUF[ �XTO XJ PTO Q ���� UJN[ ]PT[ ]RAa!MKNJ ]EFf_J]K �NUFAFXNUT[ UJN[ �FNADANUT[ S�]PFCIJ ]PF[ �JAKEN!]P\XNF *��)� *�"�� 1#" �#�&#"" JEq Fe EFR ETO CK UJN[ PF[ _N_JUPF!CNU` PFR� �T[ A EKCIF_F ��'"!���� KCHZ]PTUK Db Q KCKRATPT[ Q ]PF[ S�!]PFCNUF[ @ CMKNO F PTO Q @�BANUTO Q �CZEKYJQ PTO Q S�GGZ_FQ� @ EF[ PF[���� _N_Z]UKN �NUFAFXNUT[ UJN[ �FNADANUT[ S�]PFCIJ ]PF[ �XTO XJ �N!UFAFXNUDO A @�EN]PTXDO A PFRO �JAKEN]PTXIFR @ BTADO A�
��� � ��������� ��������
���
�� � � � �����
* .���'� ��� � ������ � �������� ��� � *�((7���j"43 1"/! k
@ AJ]PJPNUT[ Kc U_F]T XK[ EC`GFHF �����YJAKPZUT
@ B\AJ ���'�� #���#� ]]� << @ �d @ ()� t Td t <<) <<<%) $��� �' Kb U�&�
# EIAJUKQ UJN[ ) _NJHCZXXJPJ
�DPFXTMJANUT[ JAJPfED]T PFRO Kc CHFR PFRO @�DZAAFR � �JGJ!DCIPFR� SEF_NFNUTPTO UJN[ UJP`ENA �NFNUTPTO PTO Q @�BANUTO Q�CZEKYJQ $�'�)!���#&� EFR[ PREVBTUK PF[ ����� XK[ JLFCXT[PF[ A Kb FCPJ]XF[ PTO Q Kb gTUFAPJKPTCI_JQ PTO Q ���� h�CHF]TXJAPN!U`� ECDPFEFCNJUF[ HNJ[ PT[ A KEFM\ PFR� JEFPKGKNO XIJ JEF[ PN[ QKGZMN]PKQ ]FWJCaQ� ]R]PTXJPNUK[ Q _NKCKRA\]KNQ BKXZPDA FN!UFAFXNUTO Q Nb ]PFCIJQ EFR[ Kc MKN AJ[ KEN_KIgKN Tb Kb GGTANUT[ KEN]P\!XT ]PN[ Q JCMK[ Q PFRO ��FRO JNVAJ�
S� @�DZAATQ � �JGJDCIPTQ $�'))!���#& FNUFAFXFG`HFQ� HNF[ Q PFROEFNTPTO @ CN]PFPaGT �JGJDCIPT� _NKPaGK]K Rb EF_NFNUTPT[ Q PTO Q @�BAN!UTO Q �CZEKYJQ PTO Q S�GGZ_JQ $�'�)!����& UJN[ _NFNUTP\Q PTQ $����!���#&� XKPJ[ PF[ BZAJPF PFRO �� �PCaNP�
� � � � ��������� ��������
���
�� �� ��������
��� ������ ��� � ����%��� � j"42"1"42hk�C`GFHFQ �� �� �TXJCJO
@ B\AJ ��'�� ���'�� ]]� UJd t () $�#� �� Kb U�&� (" KNU`AKQ
K[ JLFCXT[ PF[ Y\PTXJ PDO A �CJEKYDO A� EKCNHCZLFAPJN KRCf!PKCKQ Nb ]PFCNUK[ Q KgKGIgKNQ UJN[ HKANU`PKCJ MJCJUPTCN]PNUJ[ PTO QEKCN`_FR �' #!�'�"l BK]XFI� EFGNPNUJ[ HKHFA`PJ� FNUFAFXNUK[ QXKPJWFGaQ� N_aKQ UJN[ AFFPCFEIKQ� JGGJ[ UJN[ Tb UJBTXKCNAT[ YDT[PDO A JABCVEDA� Tb ECF]DENU`PTPJPDO A ECDPJHDAN]PDO A JRPTO QPTO Q EKCN`_FR� PJ[ EZBT PFRQ UJN[ FNb XKPJgf PFRQ ]Ma]KNQ�
�F[ WNWGIF ECJHXJPKfKPJNPT[ A ECVPT ]TXJAPNUT[ KEaA_R]TUKLJGJNFfMDA PTO Q �NJ]EFCJO Q ]PT[ A S�GGZ_J� PT[ A Ne _CR]T PTO Q�KANUTO Q �N]PDPNUTO Q �CZEKYJQ� �KIMAKN EDO Q ]MTXJPIYFAPJN_fF JAPIEJGFN Fe XNGFN $�RHHCFRO UJN[ �JGPJPYTO & UJN[ EFNK[ Q KNk AJNFNb XKPJgf PFRQ ]Ma]KNQ� UJBD[ Q UJN[ FNb ]Ma]KNQ PFRQ XK[ PT[ A@�BANUT[ �CZEKYJ� URCIDQ EZAD ]PF[ UKAPCNUF[ Y\PTXJ PTO Q Kc U!_F]TQ MJCPFAFXI]XJPFQ� �F[ Y\PTXJ PDO A �CJEKYDO A ]RA_aK!PJN KA ]RAKMKIJ XK[ PT[ XKHZGT EFGNPNUT[ UCI]T PFRO �'"�� EFR[ BJ[UJPJG\gKN ]PT[ _NJXZMT PFRO �PaXXJPFQ XK[ PF[ A �CNUFfET�
S��NDO CHFQ �� �KCPNGT[ Q KNk AJN Fb X`PNXFQ UJBTHTPT[ Q PFRO �JAKEN]PT!XIFR @ BTADO A UJN[ Kc MKN ECF]UGTBKNO Db Q _NKRBRAPT[ Q ]EFR_DO A ]PT[ A@ AVPJPT �MFGT[ �FNADANUDO A @�EN]PTXDO A ]PF[ �JCI]N UJN[ Db Q KEN!]UaEPTQ UJBTHTPT[ Q ]PF[ �RCDEJiUF[ �JAKEN]PTXNJUF[ @�A]PNPFRO PFPTO Q �GDCKAPIJQ UJN[ ]PF[ �JAKEN]P\XNF �ZCWJCAP� �F[ ��'� KgKGa!HT PJUPNUF[ XaGFQ PTO Q �RCDEJiUTO Q @ UJ_TXIJQ @�EN]PTXDO A� �F[���( Tb �JGGNUT[ �TXFUCJPIJ PFRO JEaAKNXK PF[ EJCZ]TXF PTO Q �KHK!DO AFQ PTO Q �NXTO Q�
�� �� ��� �������� ��� ��� �
���
�� ��� �� � ���
#'.�� �� %- 9�����.��� � ��� � �- ����'��#��%5��(���� � ���%.��� � �� ������ ��7�%��� "40!1"/!!
@ B\AJ ��'�� ]]� (" $�#� �� Kb U�&� �� KNU`AKQ
��� ���������������
�T[ A EKCIF_F �' �!���� JAJEPf]]KPJN CJH_JNO J ]PT[ A S�GGZ_JTb EN]PDPNUT[ _CJ]PTCN`PTPJ� S� JAZEPRgT JRPT[ Kc MKN Db Q K!EIUKAPCF PN[ Q KCHJ]IKQ PTO Q @�BANUTO Q �CZEKYJQ� EFR[ GKNPFRC!HKNO JEF[ PF[ �'#� UJN[ UJPaMKN PF[ KU_FPNUF[ ECFA`XNF� S� EN!]PDPNUT[ _CJ]PTCN`PTPJ ECF[ Q PF[ A N_NDPNUF[ PFXaJ EJICAKNURCIDQ PT[ XFCLT[ ECFKgFLGTPNUDO A MFCTH\]KDA� �F[ JAPNUKI!XKAF PTO Q XKGaPTQ PFRO �PJfCFR �DXJ_ZUT KNk AJN Tb _NKCKfAT]TPDO A ]Ma]KDA �CZEKYJQ UJN[ N_NDPNUFRO PFXaJ Xa]J JEF[ JRPT[PT[ GKNPFRCHIJ�
S� �PJRO CFQ �DXJ_ZUTQ HKAA\BTUK ]PT[ A @ B\AJ� h�GJWK PF[ EPRMIF�NUFAFXNUDO A @�EN]PTXDO A JEF[ PF[ �JAKEN]P\XNF �aNG UJN[ PF[ _N!_JUPFCNUF[ _IEGDXJ �CTXJPFFNUFAFXNUTO Q JEF[ PF[ �KMAFGFHNUF[ @�A!]PNPFRO PF PTO Q J]]JMFR]aPPTQ� �Nk AJN UJBTHTPT[ Q �NUFAFXNUTO Q PDO A@�ENMKNC\]KDA UJN[ �CTXJPFFNUFAFXNUTO Q ]PF[ �JAKEN]P\XNF @ BT!ADO A UJN[ _NKRBRAPT[ Q PFRO JAPI]PFNMFR PFXaJ�
� � � � ��������� ��������
��
������� � � �� �� ���
A> %> ((���� .���$����� j"44 1"/"!k&%���(���� �- ����%� � �� ����%� � ��.�7.%�
@ B\AJ ��'�� ������ ]]� �) $�#� �� Kb U�&� � KNU`AKQ
�� �����������
�PF[ WNWGIF JRPF[ JAJGfFAPJNl Tb ECFi]PFCIJ PTO Q ]N_TCF_CFXN!UTO Q N_aJQ UJN[ FNb XFCLK[ Q EFR[ ETO CJA PJ[ ]N_TCF_CFXNUJ[ _IUPRJJc GGDA MDCDO Ar FNb KU_FMK[ Q EFR[ KULCZ]PTUJA JAJLFCNUJ[ XK[ PT[XFCLT[ EFR[ Kc ECKEK AJ[ EZCKN PF[ _IUPRF� UJBD[ Q UJN[ FNb HKDEF!GNPNUK[ Q UJN[ FNUFAFXNUK[ Q JAPNG\mKNQ EFR[ ]RA_aFAPJN XK[ PN[ QKU_FMK[ Q JRPaQr Tb KgaGNgT PTO Q KEaA_R]TQ UJN[ FNb _NJ_NUJ]IKQEFR[ Fb _\HT]JA ]PT[ A UJPJ]UKRT[ PFRO _NUPfFRr Fb PC`EFQ MCTXJ!PF_`PT]TQ UJN[ Tb ]RXEKCNLFCJ[ PDO A LFCaDA EFR[ ]RXXKPKNO MJA$Fb XFHKAKNO Q UJN[ gaAFN UKLJGJNFRO MFN� @�BANUT[ �CZEKYJ UJN[ Jc G!GKQ� UCZPFQ&r FNb ]RABTO UKQ KUXKPZGGKR]TQ PDO A ]N_TCF_CFXN!UDO A Kb PJNCKNDO A UJN[ PF[ XKPJLFCNU` PFRQ Kc CHF�
S� �KRPaCTQ �JEJHNJAAZUTQ $���#%���'&� FNUFAFXFG`HFQ� _N_Z!UPDC PFRO �JAKEN]PTXIFR PTO Q �UCKA`XEG� J]MFG\BTUK XK[ PT[ ]fH!MCFAT UJN[ PT[ A Nb ]PFCNUT[ Kc CKRAJ ]K[ Kb GGTANUJ[ UJN[ _NKBAT[ ECFWG\XJPJKUWNFXTMZAN]TQ UJN[ JAZEPRgTQ UJN[ _I_JgK ]PF[ KP]`WNF �FGRPK!MAKNO F�
�� �� ��� �������� ��� ��� �
���
� ��� � ������
A- ����'� �� ������'�*? .�6��'� "/ n1"/ 0
@ B\AJ ��'�� ]]� ��� $�#� �� Kb U�&� (� KNU`AKQ
@ APNUKIXKAF PTO Q XKGaPTQ JRPTO Q KNk AJN Tb Kb GGTANUT[ FNUFAFXIJ]PF[ WCJMR[ MCFANUF[ _NZ]PTXJ PTO Q _NUPJPFCIJQ PFRO �ZHUJGFR��F[ KCVPTXJ EFR[ BaPKN Fb ]RHHCJLaJQ KNk AJN UJPJ[ E`]F FNb _T!XF]NFAFXNUFN[ UJN[ AFXN]XJPNUFN[ MKNCN]XFN[ PFRO EJHUJGNUFRO UJ!BK]PDO PFQ JEFPaGK]JA EJCaUUGN]T ]PT[ A Nb ]PFCIJ PFRO Kb GGTAN!UFRO K]FEFGaXFR� Tp Jp A UJBFCI]PTUJA JEF[ N]MfFR]KQ FNUFAF!XNUK[ Q _FXK[ Q De ]PK AJ[ KAPZ]]FAPJN ]PF[ KRCfPKCF Nb ]PFCNUF[EGJI]NF�
S� FNUFAFXNUT[ EFGNPNUT[ PTO Q ]RHUKUCNXaATQ _NUPJPFCIJQ�EJCJ[ PT[ A EFGRLDAIJ PDO A KUPKGK]PDO A PTQ� UJPaPKNAK ]PF[ Nc _NFJEFPaGK]XJl Fb UCJPNUF[ Q EJCKXWJPN]XF[ Q AJ[ KAN]MfKNPF[ A N_ND!PNUF[ PFXaJ XK[ AFXN]XJPNUJ[ URCIDQ Xa]J� S� EJCKXWJPN]XF[ QJRPF[ Q _K[ A ]U`EKRK ]PT[ _TXNFRCHIJ ECFsEFBa]KDA HNJ[ PT[ ]R]!]VCKR]T UKLJGJIDA� JGGJ[ XJO GGFA JXRA`PJA ]EJ]XD_NUJ[]PF[ MC`ANF Kc GGKNXXJ PFRO KXEFCNUFRO N]FYRHIFR� h�P]N� FNb WCJ!MREC`BK]XKQ _TXF]NFAFXNUK[ Q JAZHUKQ JEFPaGK]JA PCFMFEa!_T ]PT[ ]MK_NJ]XaAT JAZEPRgT�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� ##��
� � � � ��������� ��������
���
����� ������ � � � � �������
*�((���� %- ������ ����('� j"4hh1"4n0k��5�(5� �� �- �����.����6��
@ B\AJ ��'(� (���'� ]]� #"� $�#� �� Kb U�&� (� KNU`AKQ
��� ����������������
@ APNUKIXKAF PTO Q ECVPTQ Kc CKRAJQ KNk AJN FNb KENPRMTXaAKQ Tp J!EFPRMTXaAKQ ECF]EZBKNKQ _TXNFRCHIJQ Kb GGTANUDO A JPXFEGFi!UDO A KENMKNC\]KDA� XK[ LFCKNO Q n�GGTAKQ N_NDO PKQ� PT[ A @�BANUT[�CZEKYJ Tp PF[ ]RAJ]EN]XF[ N_NDPDO A UJN[ @�BANUTO Q� UJN[ XK[ PT[ AJc XK]T ]RXXKPFMT[ PFRO Kb GGTANUFRO UCZPFRQ� JEF[ PT[ A Ne _CR]\ PFRJU`XJ� P`]F ]PF[ AFXNUF[ Fe ]F UJN[ ]PF[ EFGNPNUF[ KEIEK_F� h�P]N�Tb KgaGNgT UJN[ JAJECF]JCXFHT[ $�'((!�') & PTO Q Kb GGTANUTO Q KX!EFCNUTO Q AJRPNGIJQ JEFPKGKNO � ]PT[ A EKCIEPD]T JRP\� PF[ KN_NUF[EGJI]NF Fe EFR JCMIYKN AJ[ KUPRGI]]KPJN Tb _NJ_NUJ]IJ HNJ[ PT[XKPZWJ]T JEF[ PT[ A Nb ]PNFL`CF AJRPNGIJ ]PT[ A JPXFEGF�J�
S� �DA]PJAPIAFQ �JEJBJAJ]`EFRGFQ HKAA\BTUK ]PF[ A �KNCJNJ[ PF[��)�� �EFf_J]K�FGNPNUK[ Q @�EN]PTO XKQ ]PT[ A @ B\AJ UJN[ �NUFAFXN!UT[ S�]PFCIJ ]PF[ �JCI]N� �N_ZUPDC �NUFAFXNUTO Q S�]PFCIJQ� _N_Z!]UKN S�]PFCIJ ]PF[ �ZAPKNF �JAKEN]P\XNF�
�� �� ��� �������� ��� ��� �
��
� � ������ ���� ���
*? ����%��� 9�������$��.� ���� ���$.���� ���� - ������ ����� .��� � *�((7�� j"4331"40/k
@ B\AJ ��')� ]]� �) $�#� �� Kb U�&
@ APNUKIXKAF PFRO WNWGIFR KNk AJN Tb ]Ma]T PFRO K]DPKCNUFRO _TX`!]NFR _JAKN]XFRO XK[ PF[ KHMVCNF EN]PDPNUF[ ]f]PTXJ� $PT[ A @�!BANUT[ �CZEKYJ& UJPJ[ PJ[ Kc PT �'##!�' � UJI� ]RAJU`GFRBJ� TbKEIEPD]T PTO Q ]Ma]TQ JRPTO Q ]PT[ A EFGNPNUT[ PTO Q ��� Kc AJAPNPFRON_NDPNUFRO PFXaJ�
�F[ WNWGIF ECF]LaCKN Ke AJ JEF[ PJ[ Kb CXTAKRPNUJ[ UGKN_NJ[ HNJ[PT[ A UJPJA`T]T Kb AF[ Q WJ]NUFRO ECFWG\XJPFQl PTO Q ]RXEKCNLFCJO QPFRO UCZPFRQ Kc AJAPN PTO Q FNUFAFXIJQr XNJO Q FNUFAFXIJQ EFR[ K!gJCPJO PJN JEF[ PF[ A JHCFPNUF[ PFXaJ� MDCN[ Q Db ]P`]F AJ[ KgJ]LJ!GIYKN PT[ A JRPZCUKNZ PTQ ]K[ KNc _T _NJPCFLTO Q� UJN[ Rb EFMCKDPNUJ[ECF]JAJPFGIYKPJN ]PT[ A KRCDEJiUT[ JHFCZ�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� # (�
� � � � ��������� ��������
���
� ����� � � �� ���
8+���� "4h 1"4n28�������$� ��� � ������(�� � �%.�6%'��
@ B\AJ ��'"� (���(� ]]� #" $�#� �� Kb U�&� �� KNU`AKQ
�� �����������
S� ]MTXJPN]XF[ Q JAKgZCPTPFR Kb GGTANUFRO UCZPFRQ KEaPCKmK PT[_TXNFRCHIJ Kb AF[ Q KBANUFRO FNUFAFXNUFRO ]RA`GFR� �PF[ AKF]f]PJ!PF UCZPFQ� ]PT[ A S�GGZ_J PTO Q FBDANUTO Q KEFMTO Q� Tb AJRPNGIJJEFCCFLFRO ]K PF[ XKHJGfPKCF XaCFQ PDO A KEKA_RXaADA UKLJ!GJIDA� �Z]T PTO Q JAZEPRgTQ PFRO Kb GGTANUFRO KXEFCNUFRO AJRPN!UFRO Rb ETO CgK PF[ _NJXKPJUFXN]PNUF[ KXE`CNF� EFR[ XK[ Ke _CJ PT[�fCF HAVCN]K ]TXJAPNUT[ EC`F_F Do Q PF[ PaGFQ PFRO �CNXJiUFROEFGaXFR� S� S�GGZ_J�UJN[ KN_NUJ[ Tb �fCFQ� JEFPaGK]KPT[ A EfGT_NKI]_R]TQ PDO A WNFXTMJANUDO A ECFi`APDA PTO Q �RPNUTO Q �RCV!ETQ ]PT[ A PKCZ]PNJ JHFCJ[ PTO Q @�BDXJANUTO Q RPFUCJPFCIJQ�
S� �J]IGTQ �JC_Z]TQ HKAA\BTUK ]PT[ �TXTP]ZAJ PF[ ��) � ]EFf_J!]K �NUFAFXNUJ[ ]PT[ A @ B\AJ� S�]PFCIJ ]PF[ �JCI]N UJN[ Kc GJWK PF[_N_JUPFCNU` PFR _IEGDXJ JEF[ PF[ PXTO XJ �FGNPNUDO A @�EN]PTXDO APFRO �JAKEN]PTXIFR @ BTADO A� �Nk AJN UJBTHTPT[ Q �NUFAFXNUTO Q S�]PF!CIJQ ]PF[ �XTO XJ �NUFAFXNUDO A @�EN]PTXDO A PFRO �JAKEN]PTXIFR�C\PTQ�
�� �� ��� �������� ��� ��� �
���
���� � ������
��6����� �- ����'� �� &%��6�� ��7�%��cAB%� ��� � %> ((���� � �- ����'�� .��� �%.��$(%��
j"/"/1"/ 4k
@ B\AJ ��'"� ]]� #�) $�#� �� Kb U�&
��6����� �- ����'� �� &%��6�� ��7�%����� �%����
�IHGD]]T Kc U_F]T $Kb GGTANUJ[ { HJGGNUJ[ &@ B\AJ ����� ]]� �� $�#� �� Kb U�&
�PJ[ Xa]J PFRO ���"� XK[ ECDPFWFRGIJ PFRO Rb EFRCHFRO �KDCHIJQ]PT[ A �NUFRXKANUT[ �RWaCAT]T � �JEJAJ]PJ]IFR� KENMKNC\!BTUK Tb Ne _CR]T PTO Q +�KDCHNUTO Q �CZEKYJQ,Db Q KgKN_NUKRXaAFR]PT[ A JHCFPNUT[ EI]PT UCJPNUFRO PCJEKYNUFRO Nb _CfXJPFQ� KCN!UFR[ Q XTO AKQ JCH`PKCJ� UJPJPaBTUK ]PT[ �FRGT[ PF[ ]MKPNUF[ AF!XF]Ma_NF EFR[ mTLI]PTUK JGGJ[ EFPK[ _K[ A Rb GFEFN\BTUK�
S� KCHJ]IJ PFRO �V]PJ �D]PTO ECFMDCKNO Fc MN X`AF ]PT[ AEJCFR]IJ]T PTO Q JHCFPNUTO Q FNUFAFXIJQ UJPJ[ PT[ A KgKPJY`XKATEKCIF_F� JGGJ[ ECDPI]PDQ ]PT[ A JEFUZGRmT PDO A XTMJAN]XDO AEFR[ PT[ _NaEFRAl FNb XTMJAN]XFN[ JRPFN[ EJCJEaXEFRA ]K[ LJNA`!XKAJ P`]F XJUCJO Q Fe ]F UJN[ XK]JIJQ _NZCUKNJQ� JAZXK]J ]PJ[Fb EFNO J Tb _NKI]_R]T PTO Q PCJEKYNUTO Q EI]PTQ UJN[ Tb UCJPNUT[ EJ!CaXWJ]T ]PT[ A JHCFPNUT[ FNUFAFXIJ�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� ##��
� � � � ��������� ��������
���
����� ������ � � � � �������
*����%'� *�((���� � ������(�{�� j"4nn1"42 k
@ B\AJ ��''� ]]� �'� $�#� �� Kb U�&� ' KNU`AKQ
��� ���������������
S� XKGaPT JRPT[ JEFPKGKNO FCHJANUT[ ]RAaMKNJ PTO Q *�((���� �%- ������ � ����('��� @ CMIYKN XK[ PN[ Q _NJ_NUJ]IKQ EFR[ Fb _\!HT]JA ]PT[ A Ne _CR]T PTO Q ECVPTQ JAVARXTQ JPXFEGFiUTO Q Kb PJN!CKIJQ PTO Q �fCFR $�')"& UJN[ ]PJXJPJO PCIJ MC`ANJ XKPJ[ PT[ G\gTPFRO _D_KUJKPFRO Q ECFAFXIFR $�' �&� EFR[ KNk MK EJCJMDCTBKNOJEF[ PT[ A URWaCAT]T UJPJ[ PT[ ]f]PJ]T PTO Q Kb PJNCKIJQ��J[ MC`ANJJRPJ[ Fb CFBKPFRO A XNJ[ EKCIF_F JEFLJ]N]PNUT[ HNJ[ PT[ _NJX`CLD!]T PTO Q KENMKICT]TQ UJN[ UJBFCN]PNUT[ HNJ[ PT[ XKPaEKNPJ EFCKIJPTQ XaMCN PT[ A Fb CN]PNU\ PTQ _NZGR]T� PF[ �'���
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� #)��
�� �� ��� �������� ��� ��� �
���
����� �� � ���� ���
8����9%� � �.�I.%�� �7����� ������ ��7�%�� j"/"21"/ 4k
@ B\AJ ��''� ]]� )�# $�#� �� Kb U�&� �# KNU`AKQ
S�KNc ]F_FQ PTO Q S�GGZ_JQ]PF[ A�CDO PF�JHU`]XNF�`GKXF]PF[EGKRCF[ PDO A �RXXZMDA JEJNPFRO ]K PKCZ]PNKQ EFGKXNUK[ Q _J!EZAKQ� PN[ Q Fb EFNO KQ J_RAJPFRO ]K AJ[ JAPNXKPDEI]KN PF[ Kb GGTANUF[UCZPFQ X`AF PFR� �NJ[ PF[ G`HF JRPF[ BJ[ ECF]LfHKN UJN[ ]PF[ AKgDPKCNUF[ _JAKN]X`� @ APNUKIXKAF PTO Q XKGaPTQ PFRO �IUFR�JAPKGZUT KNk AJN Tb _NKCKfAT]T PDO A Fe CDA UJN[ PDO A ECFsEFBa!]KDA EFR[ KENWZGGFRA Tb KHZGT �CKPJAIJ� Tb �JGGIJ UJN[ FNbS�ADXaAKQ �FGNPKNO KQ ECFUKNXaAFR AJ[ MFCTH\]FRA EFGKXNUJ[_ZAKNJ ]PT[ A S�GGZ_J XKPJgR[ ���" UJN[ ����� UJBD[ Q UJN[ Tb XK!GaPT PDO A _NJECJHXJPKf]KDA EFR[ BJ[ JUFGFRB\]FRA PT[ A EKCIF!_F ���(!���' HNJ[ PF[ _NJUJAFAN]XF[ PDO A EFGKXNUDO A MCKDO A�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� ##��
� � � � ��������� ��������
���
�� ��� �����
<���9��'� �� ��7�%�%�.��� � *�((7�� ���� �%.���(����
@ B\AJ ����� ]]� �� $�#� �� Kb U�&� �( J{X UJN[ �� Kc HMCDXKQ KNU`AKQ
�T[ A EKCIF_F PFRO K]FEFGaXFR� Tb Kb GGTANUT[ WNFXTMJAIJ ]T!XKID]K EC`F_F� �JCJ[ PN[ Q KRAFiUK[ Q HNq JRPT[ A ECFFEPNUaQ� _K[ AUJP`CBD]K AJ[ JAPJEFUCNBKNO ]PN[ Q UJNAFfCNKQ ECFUG\]KNQ EFR[Kc BKPJA P`]F Tb _NKBAT[ Q Fe ]F UJN[ Tb K]DPKCNUT[ ]RHURCIJ PTO QKEFMTO Q� S� J_RAJXIJ JRPT[ WJ]IYKPJN URCIDQ Fc MN P`]F ]PT[ AJAREJCgIJ UKLJGJIDA UJN[ E`CDA JGGJ[ ]PT[ A JAJEFPKGK]XJ!PNUT[ UJPJAFX\ PFRQ� S� C`GFQ PDO A PCJEKYDO A KNk AJN UJICNFQ UJN[]MKPIYKPJN XK[ PF[ A KgFCBFGFHN]XF[ Fb G`UGTCFR PFRO PCJEKYNUFRO]R]P\XJPFQ PT[ A KEFMT[ JRP\�
S�JCHJCIPJ �CIP]J HKAA\BTUK ]PT[ A Nc HREPF PF[ ��##� �EFf_J]K]PT[ A @ HHGIJ� ]PT[ �JGGIJ UJN[ ]PT[ A @ XKCNU\� @ EFLFIPT]K JEF[ PT[�MFGT[ �NUFAFXNUDO A UJN[ �FGNPNUDO A @�EN]PTXDO A PFRO �FA_IAFR UJN[JAJHFCKfBTUK _N_ZUPDCPTO Q S�]PFCIJQ JEF[ PF[ �JAKEN]P\XNF*��)� PTO Q �FCW`AATQ� @�CHZ]PTUK ]PF[ S�]PFCNUF[ @ CMKNO F PTO Q @�BANUTO Q�CZEKYJQUJN[ _I_JgK�NUFAFXNUT[ UJN[ �FNADANUT[ S�]PFCIJ $Kb GGTANUT[UJN[ KRCDEJiUT[ & ]PJ[ �JAKEN]P\XNJ PFRO NHJIFR� PTO Q �C\PTQ UJN[]PF[ S�GGTANUF[ @ AFNMPF[ �JAKEN]P\XNF�
�� �� ��� �������� ��� ��� �
���
� � ��� � � � ���
��6����� �'.�� �� �- ������ � �%��.9����.��� ��- 67(%�� ��(� "/�� �- I��
�`XFQ d� @ B\AJ ����� ]]� )�� $�#� �� Kb U�&� � KNU`AKQ�`XFQ �d� @ B\AJ ����� ]]� #)� $�#� �� Kb U�&� �" KNU`AKQ
�`XFQ �d� @ B\AJ ����� ]]� (�# $�#� �� Kb U�&
S� XKGaPT JRPT[ UNAKNO PJN ]K[ _fF MCFANUK[ Q EKCN`_FRQl PT[ A KRCf!PKCT EKCIF_F �'(�!���� UJN[ PT[ A PCNJUFAPJKPIJ �' �!�'���EKCIF_F UJPJ[ PT[ A Fb EFIJ KEKUPZBTUK Tb ]PJLN_FUJGGNaCHKNJUJN[ KXLJAI]PTUJA FNb JHCFPNUFN[ XKPJ]MTXJPN]XFN[ ]PT[ �`CKNJ�KGFE`AAT]F� S� ]RHHCJLaJQ EJCJUFGFRBKNO PT[ A EFCKIJ PDO A]MTXJPN]XDO A JRPDO A ]K[ ]Ma]T XK[ PT[ A JHCFPNUT[ EI]PT UJN[_NKCKRAJO PJ[ JNcPNJ EFR[ Fb _\HT]JA ]PF[ A WJBXNJNO F KULRGN]XF[ UJN[Fc MN ]K[ XNJ[ ECFTHXaAT XFCLT[ UJENPJGN]PNUTO Q JAZEPRgTQ� S�GKEPFXKCKNJUT[ UJN[ XNUCFLJ]XJPNUT[ JAZGR]T KAN]MfKPJN JEF[PT[ A FCBFGFHNUT[ UJPJAFXT[ PTO Q Re GTQ UJN[ PF[ EGFf]NF Rb GNUF[ PKU!XTCIDA UJN[ ETHDO A�
S� �JAZ]TQ �JGJLZPTQ HKAA\BTUK ]PT[ �KRUZ_J� �EFf_J]K �NUF!AFXIJ UJN[ �NGF]FLIJ ]PT[ A @ ADPZPT @�XEFCNUT[ �MFGT[ UJN[ ]PT[�NGF]FLNUT[ �MFGT[ PFRO �JAKEN]PTXIFR @ BTADO A� UJN[ EKCZPD]KXKPJEPRMNJUK[ Q FNUFAFXNUK[ Q ]EFR_K[ Q ]PF[ �JCI]N� �N_Z]UKN ]PF[�JAKEN]P\XNF PFRO �KNCJNJO �NUFAFXNUT[ S�]PFCIJ UJN[ �NUFAFXNUT[�KDCIJ�
� � � � ��������� ��������
��
����� �� � ���� ���
*A %- 5�(%��.��� � ��� � *�((7��� j"44/1"/n0k
@ B\AJ ����� ]]� ))' $�#� �� Kb U�&� �# KNU`AKQ
��� ��������������
�PT[ XKGaPT JRPT[ _NKCKRAJO PJN Fb PC`EFQ XK[ PF[ A Fb EFNO F JAJEPf!MBTUK ]PT[ A S�GGZ_J Tb TGKUPCNUT[ KAaCHKNJ JEF[ PJ[ PaGT PFROEKCJ]XaAFR JNVAJ� Fe PJA ECDPFKXLJAI]PTUK� XaMCN PT[ _T!XNFRCHIJ PFRO UCJPNUFRO XFAFEDGIFR PTO Q �TX`]NJQ @�ENMKICT!]TQ @�GKUPCN]XFRO $���&�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� ##��
�� �� ��� �������� ��� ��� �
���
������� ����� ���
*? '��.� ��� � ���� � ���� .������ .��� � *�((7����5��%��� %- ��$�� �� ����� �����=�.� j"40!1"/" k
@ B\AJ ����� ]]� � $�#� �� Kb U�&
�F[ ]PZCN Tk PJA KXE`CKRXJ ]PCJPTHNUTO Q ]TXJ]IJQ PF[ A ��FJNVAJ� S� ]NPF_KIJ _K[ A JEKNGFRO ]K X`AF PT[ A Rb HKIJ PDO A UJPFI!UDA XNJO Q MVCJQ JGGJ[ UJN[ PT[ A UFNADANUFEFGNPNUT[ ]RAFM\ PTQ��fCNF ECFiF[ A PTO Q JHCFPNUTO Q EJCJHDHTO Q� ]R]PJPNUF[ ]PFNMKNO FPTO Q JRPFUJPJAZGD]TQ JGGJ[ UJN[ _NKBAK[ Q KXE`CKRXJ� PF[ ]PZCNWCN]U`PJA ]PF[ UaAPCF PTO Q ECF]FMTO Q PFRO UFNAFRO � PDO A KXE`CDAUJN[ PFRO UCZPFRQ�
S� XKGaPT KgKPZYKN PT[ _NJX`CLD]T PTO Q PNXTO Q PFRO ]PJCNFRO]PF[ A �KNCJNJ[ Xa]J ]K[ XNJ[ Nb UJAT[ _NJMCFAIJ $�' �!����& ]K[]RAZCPT]T XK[ PT[ A ECFaGKR]\ PFR� PT[ A UCJPNUT[ EJCaXWJ]TUJN[ PN[ Q ]RAJGGJHXJPNUK[ Q _NJURXZA]KNQ�
S� �NDO CHFQ TPCFLZATQ HKAA\BTUK PF[ ��#' ]PT[ A @ B\AJ� �Nk AJNNb ]PFCNUF[ Q� _NJMKNCN]PT[ Q EGTCFLFCNUDO A ]R]PTXZPDA UJN[ Rb EKfBRAFQPFRO S�]PFCNUFRO @ CMKIFR PTO Q �CZEKYJQ PTO Q S�GGZ_FQ�
� � � � ��������� ��������
���
����� � �� ���� �
*? ���� ���� .���((76������� �> ���.����� ��(��� .��� � *�((7��
j"43h1"42/k
@ B\AJ ����� ]]� #�� $�#� �� Kb U�&
�F[ WNWGIF JRPF[ _NKCKRAJO PT[ A KgaGNgT PTO Q PNXTO Q PFRO ]RAJGGZH!XJPFQUJN[ PT[ AFXN]XJPNUT[ EFGNPNUT[ EFR[ J]U\BTUK PT[ A EKCIF_F�'#(!�'"�� S� MCFANUT[ JLKPTCIJ PTO Q Kc CKRAJQ ]TXJ_KfKPJNJEF[ PT[ A EJCJMVCT]T PFRO KU_FPNUFRO ECFAFXIFR ]PT[ A @�BANUT[�CZEKYJ� �PJ[ MC`ANJ EFR[ JUFGFRBFRO A� PF[ PCJEKYFHCJXXZPNF_K[ A BJ[ ]RXEGTCV]KN Jb EGDO Q PT[ A ECFHKAa]PKCT FBDANUT[ JCHR!CT[ _CJMX\� JGGJ[ BJ[ JEFPKGa]KN PF[ UfCNF Kb GGTANUF[ Xa]F _NK!AaCHKNJQ ]RAJGGJHDO A� _NJPTCVAPJQ EJCZGGTGJ� XaMCN PF[�'""� UJN[ XK[ _fF ]fAPFXKQ _NJUFEaQ� PT[ XKPJPCKmNX`PTPZPFR ]K[ XKPJGGNU`�
S� �NU`GJQ �� �FRHaJQ HKAA\BTUK ]PT[ A @ B\AJ PF[ ��)#� �EFf_J]K�Nb UFAFXNUJ[ ]PT[ A @ ADPZPT �NFXTMJANUT[ �MFGT[ �KNCJNJO $�JAK!EN]P\XNF �KNCJNJO & UJN[ ]PF[ �JAKEN]P\XNF *��)� PTO Q �FCW`AATQ�JEF[ Fe EFR Kc GJWK _N_JUPFCNUF[ _IEGDXJ PF[ ��'(� @ EF[ PF[ ��' KCHZ!YKPJN ]PT[ �NKfBRA]T �MK_NJ]XFRO UJN[ �NUFAFXNUFRO @�GaHMFR PTO Q@�BANUTO Q �CZEKYJQ�
�� �� ��� �������� ��� ��� �
��
�� �� ���� ���XK[ PT[ ]RAKCHJ]IJ PFRO �� � �����
��� .��%� � ����� � .��� ���.���$������� � %> ((���� � �- ����'�� j"43!1"/"hk
@ B\AJ ����� ]]� �( $�#� �� Kb U�&
�aXJ PTO Q Kc CKRAJQ JRPTO Q KNk AJN Fb KAPFEN]XF[ Q PDO A ]TXKIDAUJXETO Q ]PT[ _CJ]PTCN`PTPJ PTO Q Kb GGTANUTO Q FNUFAFXIJQ UJPJ[PT[ A EKCIF_F EFR[ Fb CFBKPKNO PJN JEF[ PF[ �'#�� Kc PFQ JEF[ PF[ Fb EFNO FJCMIYFRA JCUKPK[ Q _NJBa]NXKQ MCFAFGFHNUK[ Q ]KNCaQ� UJN[ PF[���(� _TGJ_T[ PF[ Kc PFQ ECN[ A JEF[ PT[ A KXEGFUT[ PTO Q S�GGZ_JQ]PF[ A �CDO PF �JHU`]XNF �`GKXF�
S� �JAJHNVPTQ �KPCZUTQ HKAA\BTUK PF[ ��)( ]PF[ S�CZUGKNF �C\!PTQ� h�GJWK EPRMIF $��" & UJN[ _N_JUPFCNUF[ $��'�& �NUFAFXNUDO AJEF[ PF[ �JAKEN]P\XNF @ BTADO A UJN[ ��4 ]PJ[ �NUFAFXNUJ[ JEF[ PF[�JAKEN]P\XNF PFRO �PaCGNAHU $��"�&� @ EF[ PF[ ��� KNk AJN UJBTHTPT[ QPFRO �NUFAFXNUFRO �X\XJPFQ PFRO �JAKEN]PTXIFR @ BTADO A�
S� �JCZGJXEFQ �JAVCNFQ HKAA\BTUK ]PT[ A @ B\AJ PF[ �� (� �EFf!_J]K �NUFAFXNUJ[ ]PF[ �JAKEN]P\XNF @ BTADO A UJN[ �KCNLKCKNJUT[@ AZEPRgT ]PF[ �ZAPKNF� @�CHZYKPJN Db Q KCKRATPT[ Q ]K[ Kb GGTANUJ[ KR!CDEJiUJ[ ECFHCZXXJPJ�
� � � � ��������� ��������
���
� ������ ������ �
A- ����'� �� 6����.'� .��� E%..�('�j"44"1"/" k
@ B\AJ ����� ]]� )�� $�#� �� Kb U�&� EIAJUKQ
A- ����'� �� 6����.'� .��� E%..�('�j"44"1"/" ki ��� �%����
@ B\AJ ����� ]]� (�� $�#� �� Kb U�&
S� �K]]JGIJ� XNJ[ XK]FHKNJUT[ EK_NZ_J PTO Q �JGUJANUTO Q MKC!]FA\]FR� EJIYKN ]TXJAPNUF[ C`GF ]PT[ A EJCJHDHT[ UJN[ PT[ A UFN!ADANUT[ FCHZAD]T PTO Q JHCFPNUTO Q UFNADAIJQr Ke AJ C`GF KAPJH!XaAF ]PFR[ Q JCH`]RCPFRQ XTMJAN]XFR[ Q PTO Q JAJPFGNUTO Q K]F!HKIFR� �J[ �%���� KUBaPFRA PJ[ N_NJIPKCJ MJCJUPTCN]PNUJ[PTO Q PFENUTO Q JHCFPNUTO Q UFNADAIJQ ]K[ XNJ[ EKCIF_FXKPJWJPNU\lPF[ KBANUF[ ]fAFCF PFRO AKFKGGTANUFRO UCZPFRQ JLFXFNVAKN UJN[mTGJLKNO PN[ Q AaKQ _RAJP`PTPKQ EFR[ ECF]LaCKN Tb AaJ Kb GGTANUT[KEJCMIJ�
S� �JHHaGTQ �C`APYJQ HKAA\BTUK ]PT[ A @ B\AJ UJN[ ]EFf_J]K �N!UFAFXNUZ� �FGNPNUK[ Q @�EN]PTO XKQ UJN[ S�]PFCIJ ]PT[ A S�GGZ_J UJN[ PT[�JGGIJ� �Nk AJN _N_ZUPDC PFRO �JAKEN]PTXIFR PTO Q �FCW`AATQ� �N!_Z]UKN �NUFAFXNUT[ S�]PFCIJ UJN[ JHCFPNUFR[ Q FNUFAFXNUFR[ Q BK]XFR[ Q]PF[ �ZAPKNF �JAKEN]P\XNF UJN[ ]PF[ @�`ANF �JAKEN]P\XNF� h�MKN_TXF]NKf]KN Jc CBCJ UJN[ XKGaPKQ HfCD JEF[ PT[ A FCHZAD]T PTO Q JHCF!PNUTO Q UFNADAIJQ� PT[ ]f]PJ]T UJN[ GKNPFRCHIJ PDO A PCJEKYDO A� PT[ AURUGFLFCIJ PFRO MC\XJPFQ� PF[ XTMJAN]XF[ PTO Q JHFCJO Q�
�� �� ��� �������� ��� ��� �
���
�� ��� �� ���������
*? .�6�$��.� ���� =���9����� %��(�'��.��� � *�((7�� j"4/41"/h/k
��� ��� ���������������
�`XFQ d� @ B\AJ ���(� (���'� ]]� (�' $�#� �� Kb U�&
��� ���������������
�`XFQ �d� @ B\AJ ���#� (���'� ]]� ("� $�#� �� Kb U�&
��� ����������������
S� ]RHUaAPCD]T P`]F PDO A N_IDA Fe ]F UJN[ PDO A EN]PDPNUDO AUKLJGJIDA ]K[ EKCNFCN]XaAF JCNBXF[ JAVARXDA Kb PJNCKNDO A J!AJ_KIMBTUKWJ]NUF[ ]PFNMKNO F ]PT[ _NJ_NUJ]IJ]RHUC`PT]TQ PFROWNFXTMJANUFRO UKLJGJIFR� �Nb JAJLFCK[ Q JEF[ PT[ A ECVPT UN`GJQ_KUJKPIJ PFRO ��FRO JNVAJ ]K[ Ke AJA KGZMN]PF UfUGF +_NJMKNCN!]PDO A, $(� FNUFHaAKNKQ ]fXLDAJ XK[ PN[ Q JAJLFCK[ Q PTO Q EKCN`!_FR&� Tb KENGKUPNUT[ ECJUPNUT[ _NZBK]TQ PDO A EN]PDPNUDO A UKLJ!GJIDA PDO A PCJEKYDO A� UJBD[ Q UJN[ Tb ]RXXKPFMT[ PDO A XKP`MDA!_NFNUTPDO A PDO A KENMKNC\]KDA ]K[ Jc XK]KQ MCTXJPF_FP\]KNQ J!U`XJ UJN[ ]PT[ _KUJKPIJ PFRO @(�� JAJ_KNUAfKN PT[ A Fb XZ_J PDO A+_NJMKNCN]PDO A, ]K[ ]TXJAPNUF[ FNUFAFXNUFUFNADANUF[ EJCZHFA!PJ XK[ CRBXN]PNUF[ C`GF ]PT[ A JAJEPRgNJUT[ _NJ_NUJ]IJ�
S� �PZBTQ �� �]FP]FCF[ Q ]EFf_J]K ]PF[ @�BANUF[ KP]`WNF �FGR!PKMAKNO F TMJAFG`HFQ!@�GKUPCFG`HFQ $�� "!��"�& UJN[ ]PF[ �JAK!EN]P\XNF @ BTADO A �NUFAFXNUJ[ $��"#!��"'&� @ AJEGTCDPT[ Q UJBT!HTPT[ Q $����& ]PF[ �ZAPKNF �JAKEN]P\XNF� _N_Z]UKN ]PF[ �XTO XJ�FNADANFGFHIJQ �NUFAFXNUT[ S�]PFCIJ UJN[ �FNADANFGFHIJ PTO Q @ AZ!EPRgTQ�
� � � � ��������� ��������
���
�� ���� ��
*? .���%������ ���� ����%���� %��(�'��.%� ��� �- 6����� ����'� j��(� �m�- I��k
@ B\AJ ���#� ]]� )�� $�#� �� Kb U�&� MZCPKQ
�fCNF JAPNUKIXKAF PTO Q EJCFf]JQ XKGaPTQ KNk AJN Tb XNUCT[ JHCF!PNUT[ UFNADAIJ PTO Q h CPJQ ]K[ XNJ[ UJPKgFMT[ A XKPJWJPNUT[ EK!CIF_F PTO Q Nb ]PFCIJQ PTQ $�''�!����&� K[ WJBNJ[ JEFPREDXaAFPF[ FBDXJANUF[ EJCKGBF[ A ]PN[ Q JHCFPNUK[ Q _FXaQ PTQ� JHDAIYK!PJN AJ[ GKNPFRCH\]KN Xa]J ]PF[ AaF BK]XNUF[ EGJI]NF PTO Q S�GGZ!_JQ PFRO PKGKRPJIFR PKPZCPFR PFRO ��FR JNVAJ� EFR[ KENURCVAKN]RXWFGNUJ[ Tb KXLZAN]T PFRO PCJEKYNUFRO UKLJGJIFR ]PT[ A EK!CNFMT[ XK[ PT[ GKNPFRCHIJ PFRO UJPJ]P\XJPFQ PTO Q �CZEKYJQ @�!EKNCFBK]]JGIJQ� a]J JEF[ PT[ A KgaPJ]T BKXZPDA Fe EDQ TbFCHZAD]T PFRO FNUN]PNUFRO MVCFR UJN[ Tb _TXFHCJLNUT[ KgaGNgT�PF[ HJNFUPTPNUF[ UJBK]PVQ� Tb JHCFPNUT[ EJCJHDH\� PJ[ ]R]P\!XJPJ UJGGNaCHKNJQ UJN[ Fb ]MTXJPN]XF[ Q HJNFECF]`_FR� PF[ PCJ!EKYNUF[ UKLZGJNF UJN[ Tb JHCFPNUT[ EI]PT� ]UNJHCJLKNO PJN PF[HKANU`PKCF FNUFAFXNUF[ UJN[ UFNADANUF[ ECFLN[ G PTO Q h CPJQ� KA!PFEIYFAPJN FNb JGGJHK[ Q EFR[ ]TXKNVBTUJA Tp _CFXFGFH\BTUJA]PF[ _NZ]PTXJ PDO A PCNZAPJ MC`ADA JEF[ PT[ A Kc APJgT UJN[ JAN!MAKfFAPJN FNb JAPN]PZ]KNQ PFRO JHCFPNUFRO MVCFR ]PN[ Q ]RHUR!CNJUK[ Q UJN[ _NJCBCDPNUK[ Q JAPNgF`PTPKQ�
S� @ XJGIJ �NDPZUT HKAA\BTUK ]PT[ A @ B\AJ� �EFf_J]K S�]PFCIJ]PT[ �JGGIJ� ]PF[ �JAKEN]P\XNF PTO Q �IUJNJQ UJN[ JEF[ PF[ ���� KNk AJN_N_ZUPDC �NUFAFXNUTO Q S�]PFCIJQ PFRO Nc _NFR �JAKEN]PTXIFR�
�� �� ��� �������� ��� ��� �
���
����� ������ �������
8��%�6�.'� �� .���(����.'�.��� � %> ((���� �����6�����('�
*? �%�'���� ���� �%.���(����
@ B\AJ ��� � ����"� ]]� �"� $�#� �� Kb U�&� )� EIAJUKQ
�� ���������������
S� AJRPNGNJUT[ KENMKICT]T PTO Q MVCJQ ECFDB\BTUK ]PTCNHXa!AT ]K[ ]RXXKPFMNUK[ Q XFCLaQ� S� WZ]T PTO Q AJRPNGNJUTO Q EJCJ!HDHTO Q jPDO A XKPJLFCDO Aj Tk PJA JCMNUJ[ Tb FNUFHKAKNJUT[ KU!XKPZGGKR]T UJN[ JCH`PKCJ Tb ]RXEGFNFUPT]IJ� n�PJA PJ[ _NJ!Ba]NXJ MaCNJ PTO Q FNUFHaAKNJQ _K[ A KEJCUFRO ]JA� ECF]aLKRHJA]PF[ A KEZGGTGF FNUFHKAKNJUF[ UJN[ UJP`ENA ]RAPFEIPNUF UfUGF�]PFR[ Q ]PKA`PKCFRQ ]RHHKAKNO Q� ]RHMDCNJAFR[ Q UPG�
�F[ HKANUF[ FNUFAFXNUF[ _NKBAK[ Q EGJI]NF ]PF[ Fb EFNO F Kc _CJ]K TbKb GGTANUT[ AJRPNGNJUT[ KENMKICT]T KETCaJ]K UJN[ PT[ A UJPKfBRA!]T PTO QXNUCTO Q KUXKPZGGKR]TQ��Nb JAZHUKQ PFRO _NKBAFRO Q KXEF!CIFR JEFPaGK]JA JEF_NJCBCDPNUF[ EJCZHFAPJ HNJ[ PT[ XNUCT[EGFNFUPT]IJ KNcPK FNUFHKAKNJUT[ KNcPK ]RXEGFNFUPT]IJ�
S� �DA]PJAPIAFQ �GDXFf_TQ KNk AJN FNUFAFXFG`HFQ PFRO PX\XJPFQ�NFIUT]TQ @�ENMKNC\]KDA PTO Q @ ADPZPTQ �NFXTMJANUTO Q �MFGTO Q�K]]JGFAIUTQ $��'#& UJN[ _N_ZUPDC PFRO �JAKEN]PTXIFR JUK_F!AIJQ� PXTO XJ �NUFAFXNUDO A �EFR_DO A $����&� @ ]MFGKNO PJN XK[ PT[ A Kc !CKRAJ BKXZPDA FNUFAFXNUTO Q PDO A XKPJLFCDO A UJN[ N_NJIPKCJ XK[ PF[ APFXaJ PTO Q GNXKANUTO Q FNUFAFXIJQ� �\XKCJ KNk AJN UJBTHTPT[ Q ]PF[ PXTO !XJ �JRPNGNJUDO A �EFR_DO A PFRO �JAKEN]PTXIFR �KNCJNDO Q�
� � � � ��������� ��������
���
�� ��� �� � ���
&%�6����� �������� ��� � %- �6�.�� � ��� � ���
j"40"1"/!!k
@ B\AJ ��'#� ]]� # $�#� �� Kb U�&
S� KCHJ]IJJRPT[ EJCFR]NZYKNPJ[ ]PFNMKNO JPTO Q _CJ]PTCN`PTPJQPTO Q ��� UJPJ[ Rb EFUJPZ]PTXJ UJN[ UJPJ[ PfEF MFC\HT]TQ� S�QECF[ Q PN[ Q ECFKgFLG\]KNQ KXEFCNUDO A HCJXXJPIDA� UJPJHCZ!LFAPJNl Fb JCNBXF[ Q PDO A HCJXXJPIDA EFR[ ECFKgFLG\BTUJA� PF[]fAFGF PDO A MFCTH\]KDA UJN[ PF[ Rb E`GFNEF EFR[ FLKIGKPJN ]PN[ Q(� �KUKXWCIFR UZBK Kc PFRQ� S�Q ECF[ Q PN[ Q MFCTH\]KNQ JAFNUPFROGFHJCNJ]XFRO � UJPJHCZLKPJN PF[ KP\]NF Re mFQ MFCTH\]KDA UJN[PF[ Rb E`GFNEF ]PF[ PaGFQ UZBK Kc PFRQ� �NJ[ PJ[ _ZAKNJ KEN[ Rb EFB\UTTp KEq KAKMfCD� _IAKPJN PF[ KP\]NF Re mFQ UJN[ PF[ Rb E`GFNEF� S�QMDCN]PT[ UJPTHFCIJ� JEF[ PF[ �''�� _IAFAPJN PJ[ _TXFPNUJ[ _Z!AKNJl KP\]NF Re mFQ UJN[ Rb E`GFNEF� �PF[ PFXI_NF EKCNGJXWZAFA!PJN _fF JU`XT UJPTHFCIKQ ]PFNMKIDAl PJ[ Kc gF_J _NJMKICN]TQUZBK Rb EFUJPJ]P\XJPFQ UJN[ FNb Jc PFUKQ UJPJBa]KNQ ]K[ UZBKRb EFUJPZ]PTXJ� �JN[ K_DO JAJLaCKPJN Tb KP\]NJ KN]CFT[ UJPJ!Ba]KDA UJN[ PF[ Rb E`GFNEF ]PF[ PaGFQ UZBK Kc PFRQ�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� ##��
� � ����� �� ����� �� ��������� ��������
��
�� ��� �� � ���
)%� 6�� .���((�6����� � ���%5��(�������- ��� ��� � ��� j"4n/1"444k
@ B\AJ ��'#� ]]� '� $�#� �� Kb U�&
�C`UKNPJN HNJ[ XKHZGF _KNO HXJ JEF[ PN[ Q ECFKgFLGTPNUK[ Q KCHJ!]IKQ PTO Q @�BANUTO Q�CZEKYJQ]PT[ A EKCNFMT[ PTO Q @ B\AJQUJN[ PFRO�KNCJNJO � S� _KNHXJPFGTmIJ UJGfEPKN FUPD[ Kc PT� @�ENGaMBT!UJA Pa]]KCJ YKfHT KPDO A EFR[ JEaMFRA XKPJgf PFRQ FUPD[ Do Q_aUJ MC`ANJl �')�� �' �r �' �� �'"�r �'""� �'"'r �'' � �'''��PT[ A UJPJHCJLT[ PDO A ]PFNMKIDA_IAFAPJN FNb Kb gTO Q EGTCFLFCIKQlFb X\AJQ PTO Q ECFKg`LGT]TQr Fb JCNBXF[ Q FAFXZPDA ]PT[ ]RAJG!GJHXJPNU\r Tb _NZCUKNJ PFRO HCJXXJPIFRr Tb _NZCUKNJ PTO Q ECF!Kg`LGT]TQr PF[ EF]F[ PTO Q FLKNGTO Q�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� ##��
�� �� ��� �������� ��� ��� �
���
�� ��� �� �� �� �� ����� ���
;'��.� ��� � ���� � .��� � *�((7����my �- �9%� � m �- I��
�`XFQ d� @ B\AJ ����� ]]� "�# $�#� �� Kb U�&
�`XFQ �d� @ B\AJ ����� ]]� )�' $�#� �� Kb U�&
S� ]MKPNUT[ JRPFA`XT]T PTO Q Nb ]PFCNUTO Q KEN]P\XTQ JEF[ PT[ AJE`GRPT KENURCNJCMIJ PFRO EFGNPNUFRO G`HFR Tk PJA Tb JAJHUJIJECFsE`BK]T HNJ[ PF[ A ]PFNMKNV_T KU]RHMCFAN]XF[ PTO Q Kb GGTAN!UTO Q Nb ]PFCNFHCJLIJQ� S� AaJ BKXJPFGFHIJ EFR[ KXLJAIYKPJN_TXNFRCHKNO PT[ A JAZHUT P`]F HNJ[ AaKQ Kb CXTAKNO KQ PDO A HAD]PDO AXaMCN PVCJ ETHDO A Fe ]F UJI� URCIDQ� HNJ[ PT[ A JAZ_KNgT AaFRPfEFR EGTCFLFCNDO A� S� Kc CKRAJ� PJ[ JEFPKGa]XJPJ PTO Q Fb EFIJQEJCFR]NZYFAPJN K_DO � ]MK_NZ]PTUK XK[ WZ]T PT[ A JAZHUT JAJ!Y\PT]TQ UJN[ ]RHUC`PT]TQ JRPDO A PDO A EGTCFLFCNDO A� KEN_NV!UFAPJQ KgJCMTO Q AJ[ ]RXWZGKN ]PT[ A JAJY\PT]T UJN[ PT[ WKGPID]TPDO A KEN]PTXFANUDO A XKB`_DA UJN[ PKMANUDO A ECF]aHHN]TQ PTO QKb GGTANUTO Q FNUFAFXNUTO Q Nb ]PFCIJQ PFRO ��FR!��FRO JNVAJ�
S� �aPCFQ �NYZANJQ HKAA\BTUK ]PT[ A @ B\AJ PF[ ��#"� �EFf_J]K�NUFAFXNUT[ UJN[ �FNADANUT[ S�]PFCIJ ]PT[ A @ ADPZPT �MFGT[ �FNAD!ANUDO A @�EN]PTXDO A ]PF[ �JCI]N� Fe EFR ETO CK _N_JUPFCNUF[ PF[ ��'#�@ EF[ PF[ ��'� Do Q PF[ ��' KCHZ]PTUK ]PF[ S�]PFCNUF[ @ CMKNO F PTO Q ���
UJN[ ]K[ Jc GGJ KCKRATPNUJ[ ECFHCZXXJPJ� Kb GGTANUJ[ UJN[ KRCDEJiUZ��Nk AJN UJBTHTPT[ Q �K`PKCTQ S�GGTANUTO Q S�]PFCIJQ ]PF[ �XTO XJ S�]PF!CIJQ PFRO @�FAIFR �JAKEN]PTXIFR�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A �� TPCFLZAT ]PT[ ]� # ��
� � ����� �� ����� �� ��������� ��������
���
� � ������ ���� ���
)��$.�� ���%.��� ��� �> %- 5�(5� =�.�� � ����%��� � �%6%��� �
j"4331"40/k
@ B\AJ ���#� ]]� " $�#� �� Kb U�&
�F[ ECDO PF UKIXKAF PFRO P`XFR JRPFRO JAJLaCKPJN ]PF[ KgDPKCNUF[_TX`]NF MCaFQ PT[ A EKCIF_F �'##!�' �� �JCJUFGFRBKNO PT[ A K!gaGNgT UJN[ PT[ _N`HUD]\ PFR� EFR[ KETCKZYKNPT[ A K]DPKCNUT[ UJN[KgDPKCNUT[ EFGNPNUT[ PFRO AKF]f]PJPFR Kb GGTANUFRO UCZPFRQ�
�PF[ _KfPKCF XaCFQ� XK[ ]RHUKAPCDPNUFR[ Q EIAJUKQ UJN[ JAJ!GRPNUK[ Q MCFANUK[ Q ]KNCK[ Q LDPIYKPJN Tb KgaGNgT PFRO _TX`]NFR_JAKN]XFRO UJN[ PDO A PCJEKYNUDO A MFCTH\]KDA ]PF[ A N_NDPNUF[ UJN[_TX`]NF PFXaJ�
�PF[ PCIPF JAJGfKPJN Tb _NZCBCD]T PDO A Kc APFUDA UJPJBa]K!DA ]PT[ A @�BANUT[ �CZEKYJ UJPJ[ PF[ �' #�
�NFHCJLNUJ[ ]PFNMKNO J HNJ[ PF[ A ]RHHCJLaJ ]PT[ ]� # (�
�� �� ��� �������� ��� ��� �
��
�������� �� ��� ���� ��
��� ����������� ����������
���������
�C`UKNPJN HNJ[ PN[ Q KUBa]KNQ PTO Q @�ENPCFETO Q Rb EF[ PF[ A UJBTHTPT[@�DZAAT�ECZF� ]PN[ Q Fb EFNO KQ KgKPZYFAPJN JEF[ XJUCFFNUFAFXNUT[]UFENJ[ PJ[ ]TXJAPNU`PKCJ BaXJPJ PTO Q Kb GGTANUTO Q UFNADAIJQ�
�aAPK PFXI_NJ� �� � � ������������
����(�7�.� ���� �(����.������ %- .�������� ��(��� "//41//
@ B\AJ ���"� ]]� " $�#� �� Kb U�&
�� �����������
A- ����'� �� .���75%�8��%.����� .��� � ������ �7(�6�
@ B\AJ ���"� ]]� <<<%)) @ ��' $�#� �� Kb U�&
�� �����������
�����%(%.���$�%�� ��9%'�.���� � ����.'�� %- .$���
@ B\AJ ���"� ]]� �� $�#� �� Kb U�&
�� �����������
������� ��������� ��������
���
#�$���� .��� ���$.� ��'�.�#�$��.� �- ((�6�� �
@ B\AJ ���'� ]]� )� $�#� �� Kb U�&
�� ������������
�����6��.��� 6%��6'��� �- 6����� �- �7���5�
;�'�� ��������� ���=(������� �- ���%�I�.� ����
@ B\AJ ���'� ]]� <%)) @ '� $�#� �� Kb U�&
�� �����������
�� �� ��� �������� ��� ��� �
���
�� �����
�������� ������
c�66%(�� 8%(���� � �)"��6����� ����'� .��� � �o .�%�� =�������� %- ��9�� *? �#���6����� �- ����'� �� &%��6�� ��7�%�� #))��6����� �'.�� �� �- ������ � �%��.9����.��� � #)���6I��� ��� � *�((���� 6�� ��� � �- �%5����.'�� "4 "1"4hh� *A "������7���� ;�����l <'�� �� %@ �6� ���������� � ����9.�$�� *A �)���(����{.����� *A �()��(�5������ )%(���� ��� �)(��((�6%� � .��� � =�������� ��(�.��� ���� ��� � ""� �� ��� � " � �- I�� � "
�������I���� ��� � (�.�� *�((7�� �������7(�B� ���� ��%+������ *? �������($6��� ��.����� � ���� ������� ���.%'�� ())�����I��� ������ .��� � ��9��� *? #����������6%�6���'� ��(�����6��.��� 6%��6'� �� �- 6����� �- �7���5� #"#����6���%� � �� �($(�6� �����$��.� �'�(�� #(�����(�7�.� ���� �(����.���� �� %- .�������� ��(��� "//41// #"(����������%+���� }�J]NGKIFR �JPZUT~ �")�����%(%.���$�%�� ��9%'�.� ��� � ����.'�� %- .$��� #"(����� ��� =���(�� %�- ���'� .��� � ��(��� ��- ���'�l ��� �%(��� ��� � G��(�1
6�� �H ���� <�6('�� ("����� ��� � ��- 6��.�'�� .��� � &�((�� � (#������ ��� � $.�� �� ��� %@ �6� ���� *A����� �����.����(�� (��
���.����(��l #����.'�.� �� %> ����%'� ��� � .�B�� ��� (�����9�'� %> ((���� > .���'� (���9�'� %> ((���� ����'� '�
���9�'� %> ((���� (���� ��'�.� �"���9�'� ;+���� ���9�'� ^$��� '�
���
���9�C�� *�((7��� *? �����9�� � ��((��%� .��� �%�%((���� (�C�� ���7��.�� A> �' ���9�� � ���.�$����� ��� #�
���9%� �� ���� %- ����7������ 8�+���� g��.�.�$���� ��� �(����9�%����� � .��7�� �� ��76���� ("(������ j�> ��6�� �k #(#��- �$6���� %@ �6� )���.'�� 8�(����� �#"��9�{�y�?(%'� j�> ��6�� �k #(#<7.� ����('���l �������.%� ("�<����� )������ � �"�<���9��'� �� ��7�%�%� .��� � *�((7�� ���� �%.���(���� #)'<'�� ���� �> 6'�� �� �%67(�� _�(7�� �# <�������� (�6��%9�'� �)�
<�������� ���7��.� �%��� ��� � �o (�.� ��� � ;��.������+��(��� *? � (<�������� 9(%�'�� *? �)"<��7���l *? ��- �������'� ��� � _��� ^I��� �)(&%��� ��> �%���� ���� * .������ ���9%'�� ��� � ������ � �������� #("&����.� ��� � ����%+��.��� *?l *? ;��.������+��(� �� �> �%.��' ��� �- ���
��� hh! �f � ��� 3n" �"�&����.� ��� � �- �9�'�� %> ((���� � �$(��� *? ���&%�6����� �������� ��� � %- �6�.�� � ��� � ��� j"40"1"/!!k # �G&�� � �%�'���� �7.��Hl 8������� > .���'� ��� � 9����6���'�� �##
&7��� ;%��((����� � ��((�(�6���'� j"/"h1"/n kl ;%'�%�� �"�&7���� ;%��((��$�� �> 9��7��� � �&7���� 8��%67���� �� �> %@ ���� ��� � �- .���%�� �'�&�7����� }PFRO �NVCHFR EFRYNZAT~ ���� � ��� � gl ��7�9�%(�� � )
&+�� .��� � 8�(���� ��()7�%� G%- �~ %- �%9+�� 9�%�6�7���H %- 5��(����� #(')%� 6�� .���((�6����� � ���%5��(������ �- ��� ��� � ��� j"4n/1"444k #"�)%(�'� ���� * .������ �� #�(��6������ ���9%'�� #�))������� ����$���(�� � �)���.����� �))��$.� �7�%� ##�)��$.�� ���%.��� � �� �> %- 5�(5� =�.�� � ����%��� � �%6%��� � j"4331"40/k
#"�)�6�.� ���� ��(%57����� �'�)������ E%���$���(�� ;��� � ( "��6�(����%'� ��� � �- �9�'�� %> ((���� � ���.�� � �(
�� ����� ������
���
��69%�'�� > .���'�� ��� � `(�.��'�� (�)������ ����$���� �� %- ��.��� � .��� _%$�%�� *�((7�� ��)������ ��7�%�� .��� ���� ��.'� j"/"/1"/ k� *? ##�
�@ �. �%(��� ��� ��� � ��(�.'�� ;+���� j3�� %o �� !�� � �- �� �k ��)�- .�6�6�� .��� &������ < ����- .�6�6�� .��� � %> ((���� D��6���'� �')�- .�6�6�� .��� � %> ((���� #�(��6���'� )"�- .�6�6�� .��� ����� .�B� (# �- .�6�6�� .��� `(�.��'� ��� � * .���'�� (�'�- .�6�6�� .��� �- �9�� � ������ �)�- $�%� ��� � ;������ ()��- $�%� ��� � #7���� #�)��(%������ <%���(��� "4031"/"!l *? �7�(�.� %> ��� � %- ����� �> 6��� �"(
��(%������ <%���(�� .��� E%..�(��'�� *A #�)*�((7�� .��� � #��� �� #�6$.�� #$(%��� "/"21"/"4� *? �("*�((��%� � .����%� � .��� � ��(=%�'� ���� ;�(='���� A> ��"
*�((���� %- ������ ����('� j"4hh1"4n0k #)�*�((���� ��6����� "4h 1"/ � *? #��*�((���� ����(�6'� �� �%(%����6'� (�
*�((���� G�$(�H� *? )*�((���� ==('�� "3201"4h!� ��� #��*�((���� �7���� )�
*�((���� .���$����� j"44 1"/"!k� A> #)�*�((��.��� � .��� � �o .�%�� ���9�$����� *A ��"*�((��.��� �(�.��'�� *? (��*�((����(=���� %'�%�� 6�� 6(�..�� ���.�66.� (�"
*�((�����.�� %'�%�� 6�� 6(�..�� ���.�66.� (�"����� ���%.��� � ���� ��.���� .��� � �����7.��.� ���*�����'�.� ��� � *�((7���� "22!1"/ h� *? ""
��5�(5� ���� �%.������ $.���� *? ��(��5�(%��.��� � ��� � *�((7��� j"44/1"/n0k� *A # ����.������� .�B� "/!!1"/0! (((
����9�� ���� %��(�'��� "4341"42n� *? ��(����9�� ��� � ��- ��������� �� "42n1"/"3� *? �((����9�� ��� � %- ����.�7.%��� "24/1"434� *? �(*����� ��'�� �� �%(%������ 6�� ��� � ;�=7�� j"/h01"/23k ���
c��6� �� �> �> �('� ���� �- ���I���� ��� ���������� �@ �%�� �'"
�� ����� ������
��
*����%'� *�((���� � ������(�{�� j"4nn1"42 k #) z�� � %- ���+���� ��� (��z����� ��� � ����%��� � j"42"1"42hk� ��� ##'
z��� %> ��� � ��6�7���� *? }�KCNUGTO �RYZAPNFR~ �""z��� �� �> �7����� ���� &��.��+�� `(���7��� *? ���E7����� ���� ������ *A �("E%�%� � %- �.��� �%� .��� � ���9�$����� A> ((�* .���'� �� ��+(� ��� � ��(��� � .��(�7��� j"h!!1"3!!k �")* .���'� �� D$6�� .��� � E����'�� ��* .���'� �� �> ������' ���� *? "* .���'� ��� � �������'��i ������ '(* .���'� ��� � ���9�'�� *�((7��� ��)* .���'� ��� � =�������� � ���I���� (�6��%9�'�� �))
* .���'� ��� � ������ � �������� ��� � *�((7��� j"43 1"/! k ##"* .���'� ��� � - ���� � (�6��%9�'�� )�* .���'� ��� � (����� � (�6��%9�'�� �(* .���'� ��� � �%�%((���� � (�6��%9�'�� ��"* .���'� ��� � ����C�� � ����'�� ��* .���'� ��� � `(�.��'�� (��!(�#* .���'� ���� <%(.��'�� ���* .���'� ���� %> ((��.���� $.��� �()* .����� � �@ �(�� �� %- ���6���'� #� I.���� ��.$��5 �)�;���� )���� ���� ;��'�� �> ��� � � �.��� g�.���� � *? �#);����6��%� �� ��� � ��(.�=%���� ���� ��� (��;�((�%9��� 8�((�6�� ��� � ������ � ��7�%��� #�";���6�6�� ��� � .+69����� %- �.����� j"h!!1"4!!k� *? (();��7(�6�� 6(����� � ���� ���9��(�6��� ���.%'�� E%..�(��'�� � ��";���� ��7�%� D$6�� �������� (��
;%'�%�� }�TX\PCT �NUNVAT~ ��);%'�%�� }�NZAAT �JEEJO ~ ��(;%'�%�� 6�� ��� G*A�7���� �� �7����H ���� ����67��� ���;'��.� ��� � .���((�6�7��� �� ��� � ���.�7��� .�� � %> ((��%� � �- 6��%� �
j"4n01"/" k� *? ##);'��.� ��� � ���� � .��� � *�((7��� �my�- �9%� � m �- I�� #"�;'��.� ��� � ���� � ���� .������ .��� � *�((7��� *? # �;(�.�� ���7��.�� *? #";(%��� 6�� ��� &(�..�(�6'� ��"
�� ����� ������
���
;�=%������ ;����'.���� �� �> �- �%(%�����.� ��� � *�((7���� *A ���;+���� ~23l ��� �@ ((� ��$.��� ��� � ������'��� #��;����'� ���� ���.���7��� *? �#
;��.����'��� #������6$���(�� � (D�C%� � ==(���� %� (')D�C�� )��.+�� %- � ��� � %- (%������ �%��9�� � ��� � �> ��� ���9�� � *�((7��� (#"D$6�� ��� � �- ���.'��� *Al )�'�� 6�� ��� � %- �.��(�6���'� �%� .��7��� �- ��1
���� 6�7����� ���� `I��� #�('�� �����%�$�%� �� #�������� �(��%(��� ��� � ���� � %> ((���� � ��(���� �(��%.$6%�� �� �> �%.�6%��� � $.��� ��� � %- ��9�� ���� `('���� <m ��� � * .��1
�'��� *? �)��� ����� .��� �������� #(����� ��.'� .���� � ����C��� � 9�$����� *?l ��� ���'.���� �������� ��� �
���� � ��� � *�((���� ')�.��� �� %- .������� .��� � *�((7�� j"43 1"/ hk ##(����� � �7���1&�=��� ( ����7���� "22n1"40h #�(����� 8��������� #��_%�%((���� � )����.��� � ���_%�(��� � ��(�.��� � "(_$(�� &+��� �))_$(�� &+���� �> �@ 6��.��� j"43 1"/!"k ( )
'�$���� &� �������� ����5&�����3 � � �F%����� �l ���9�� �� �%�%(���� � ��� � .+69����� ��'�.�� ()A- ����'� �� 6����.'� .��� E%..�('� j"44"1"/" k # #A- ����'� �� 6����.'� .��� E%..�('� j"44"1"/" ki ��� �%���� # #A- ����'� �� ������'� #)�A- ����'� �� .���75%� #"(A- ������ �- �7���5� .��� <��7���� /!!1" !! � �A- ���%��� #�����9%� � �� %�- ����C�� ��(��� "0 !1"0h4 ��*A�7���� �� �7���� ��)#�6I�� ��� ()"
#�(��9�.����� �� =�������� �- �9�%����� ( �#��I�� �'(#�5���� : ������ � ('�#������ ���� �%.������ %> ((��.���� .��� ���� ��.'� �� �> ����.'� ����
%- 5.(��.���� j""��1"n�� �- I���k� *? � )#�����9'�� *? �'�
�� ����� ������
���
#������ �� &(������� ���� ��������� * ��+����� ��� � ��� .��� E%.1
.�(��'� ()�#'.�� �� %- 9�����.��� � ��� � �- ����'�� ##�
#(7��� (�"#(����%� � �%(��%� (�(#������ C= = A��� (�##����� ��� � �- �9�'�� %> ((���� � ���6��'��� *? #(#����� ��� � ^���'�� G_%������H� *? #�#�$���� .��� ���$.� ��'�.� #"##$(%��� ��� � ���7���� *A ��(#$(�l ����� �+��� �- �9�'�� %> ((����� �7���� ��"#�(�%� � ����'%� .��� � �A���� (#)#�(��� �� .�6�$��.� �7���� .��� %> ((���� =�.'(%� j"4hh1"43hk '"
#�(��� .�B� ���� ���.����(�� *? (�"#��(�($6��� *A �'�#������ �� ����� ��������� #��#��(%6$�%�� .���� � �- �9�'��� ��((��%� .�66���%� � ���� �(�� �((#��(%6$�%�� .���� � �- �9�'��� ��((��%� .�66���%� � �� �> ��- ��=�6���'� ���
}�FCJTO ~ ��"
#��.������ �($.���� A> (��#��.���6���'%� *�((���� �� `(%((���� �- 6��.��� � ()(#��� �� ��((��%� .��� )+.�� A> �"#��� ��� =�������� � ��- ���.�$�� *A �#"^���� %� 6���� %� ")^���C�� ���.���'�� *?l ��� G8������ H ���� #%����'�� �� �> G�%�����1
�I.%�H ���� �����(�'�� )(
8�((�+.��� ((8%����� .��� � #+(� ��� � �����9I.���� *A ��"8��%� � ����� � .��� ���.���$���� ��� � %> ((���� � �- ����'�� j"43!1"/"hk� ���
# (8(7=�� #((8�(����� ��- �$6���� %@ �6�� WG� ��- �$6����
8����I��� (�8��.���� A> (�(8�7��� �')8��� � $B� ��� � �- (��%�� (("
8��9�.��� � ����67���� g%� � #���6I�� z�6�7��� #(�8���� - ��� ��� � �$(��� *? (��
�� ����� ������
��
8�6�$��.� ���� =���9����� %��(�'�� .��� � *�((7�� j"4/41"/h/k� *? # )8�((�6�� ��������� * ��+����� ������ � �������� #�(8����9%� � �.�I.%�� �7��� �� ������ ��7�%�� j"/"21"/ 4k #)"
8���%������ ���� ����%���� %��(�'�� .%� ��� �- 6����� ����'� j��(� �m
�- I��k # 8��%�6�.'� �� .���(����.'� .��� � %> ((���� �����6�����('� # "8+���� "4h 1"4n2 #)#8��7��� (�)��5'� .��� � �- �9�� � $.��� ��� ��)��%� � �� �- 6���� .��� � ������ j"4h3k ###��%� � �� �- 6���� .��� � ������ j"4h/1"430k ##����� ���� .���((76����� �� �> ���.����� ��(��� .��� � *�((7�� j"43h1
"42/k� *? # ����6�� ��'�.� ��� � �- �9�'�� *�((����� *? �"����%��� 9�������$��.� ���� ���$.�� �� ���� - ������ ����� .��� � *�(1
(7�� j"4331"40/k #)(
����� �� (")����6����� � ��7.���� %- � D���'�� ���� ��� "4h/ (�(��� � `I��� <m ���
`(�((��%� �#�`(�.��'� ��� � * .���'�� �#(`(�.���� &�������� (�)
`���6���'%� ���� &I�6�� 8%����� A> ( �g7��� ���� ^�6�� *? �#(g%�$6���� %- (�.�.��� � ���.�� � "3nh1"4 ! #�"g%�$6����� ��� ==('�� ��� > .����� �- �9%� �� ��� ('�g'�� j�> ��6�� �k #(#g����� ��� � <%�6'���� ��� ��(g����� ��� � ��9���� ��� ("�g����6���'� ;l &l ;�����7� � "g��.�.�$��� 8�+���� ���9%� ��� WG� ���9%� ��
�� ����� ������
���
�������� ���� ����
@ HHaGFR � ���
@ AJ]PJ]NZ_TQ �� #�)@ A_C`ANUFQ JA`GTQ ��(@ CWKGK[ C!�GfUJPYT �� #��
�JGJDCIPTQ �� � ##"�KGNXICFWNPQ� WG� � +)2)�#%)4D
�KCaXTQ �ZAFQ ��)� ##�� #)��IUJA� WG� �<��?
�GZMFQ ���� (#)�FUFP`EFRGFQ ���� ()��FRPRCJ[ Q �� ��"
�CRVATQ �� � (� � )�RYZAPNFQ �� �""�JC_IUJQ ���� �'�
�KCFRGZAFQ �� (")�NJAANZQ� WG� �<�??<�x�UFfXJ!4v9vzx>? �� � #
�J]UJG`EFRGFQ �� ( ��KCPNGT[ Q ���� ##'�K]EIATQ �� ��"�K]EFP`EFRGFQ � ���
�TXJCJ[ Q ���� � (�CIP]J � #)'�CFfGNJ �� #��
@�HHGKYZUTQ �� ��)�JMJCNZ_FR �� �")�aEFQ �� �� (#"
@�GNFEFfGFR!�FHUJ[ A �P`CJ #�"� #((�KFGFHIPTQ F]MFGaFQ �# �KFP`UTQ �� )��KFMZCT � #���KFMZCTQ ���� "(�DXJ_ZUTQ �� ##�� # �!#"�
@�JUD[ W �� �� #(
�JUCN_T[ Q �� �� �' �JGJLZPTQ �JAZ]TQ #)��JGGNWCKPZUTQ �� ���
�JGGNHJ[ Q ��� �))� ( )�JCJHNVCHTQ �� �JCJUJP]ZAT � #��� #(#�JC_Z]TQ �� � #)#�JCFfYFR �� ())�JCFRO YFQ �� ())�Z]_JHGT �!�� � #�Z]_JHGTQ ���� � �� ( ��JPYFRCFRO �� #('�KLJGGTAF[ Q �� �"�� ()"�NPCFK[ L � ��)�NPCFXTGI_TQ ��� ��)� ���� �)��F_CNUJ[ Q �� �(�
�FGN`EFRGFQ �� ��)�FAPJCZPFQ ��� ()�FEJAIP]JQ �� ����FCJT[ Q � ��"� ���� �(�� �((�FRHaJQ ���� # ��FRXJCNJAFRO � #���CJAZUT NXIUJ �#��CNJCJ[ Q �� �'(�CNXEJ[ Q ���� �'��DA]PJAPNA`EFRGFQ �� '��DA]PJAPIAFR �� ('��D]PT[ Q �� ##�� #))�V]PNFQ � � ��DLF[ Q �� ��)�J�FR!�DXJ_ZUT � �#��KFAPJCIPTQ ���� �("
���
�NZPJ ���� #("� ##��FRUZPFQ ���� �')�FRUFEFfGFR �� #(#
ZHKAPFCL� WG� -v:v?�>z��JUCZUT �NGT[ �"(JUCRHNZAATQ �� ��)� #(�ZXFRUJQ � ���JADGI_FR �� ("�ZgNXFQ �JGGNFREFGIPTQ �#)JCDAIPTQ ���� ��'KGJ[ Q ���� �#(!�##TPCFLZATQ ���� # �� #"�TP]FRO � � "
NMJTGI_TQ �� �(FRGGJ[ Q �� ���EICTQ ���� ("(E`XEFR!�PJXZPT �� �"�EFRYNZATQ �� � )EFfCJQ �� � #� #(#�ZUFQ �� #�)�JGJXNVPT �� (')�JAJHNDPZUTQ ��� ��"�JAJH`EFRGFQ ���� ����JAPKGZUTQ ���� ##�� #)"� # ��JAVCNFQ �� # (�JEJHHKGT[ Q ���� ("� #�
�JEJHKDCHIFR �� ###�JEJHNJAAZUTQ �KRPaCTQ #)��JEJBJAJ]`EFRGFQ �� #)�� #)
�JEJBDX`EFRGFQ � ��(�JEJAFRO P]FQ ���� �)(�JEJAPDAIFR �� ()"
�JEJMCR]ZABFR �� �)��JEEJ[ Q �� ��(�JPCNAaGTQ �� #���JfGFR �� ��'
�KEKGZ]T!IAFHGFR �� ###�KPCZUTQ ���� #)(� # (� #"�
�KPCI_TQ �� #�)�NKCT[ Q � ��'�NYZANJQ �� ##(� #"�
�NUNVATQ �� ��)�FGIPTQ �� ��"� ��(�CKWKGZUTQ �� �("� �)"
�C`APYJQ �� # #�CFR]T[ Q �� ��'�JHUJWT[ Q ��� (��
�ZA]NXJA� WG� 1�?=<��?�KANaCTQ � �#(�THIAFQ � ##)�JWWI_TQ ���� ���� ��"� � "
�JUKGGJCIFR ��� ��"� #�#�JGGFf]PNFQ ((�JPCJYZATQ � #�)
�WFCDO AFQ ���� WG� UJN[ ��>z>?>x�NUKGNJAF[ Q � �()�UJGP]JO JPFfGJ #�(
�FGDXF[ Q �� �#"!�#��FRTPVANFQ (��PJBJUFEFfGFR �� #(#
�PJBZPFQ �� ( ��PKLJAI_FR!�NWKCIFR �� ��"�LRC`KCJQ �� ����JPZUTQ ���� �")
�YDCPY`EFRGFQ �� #(��NWaCNFQ � � �(��]JWJCTO �� �'�
�]FP]FCF[ Q ���� # )�JGNaCFQ � �'"�JCJGJXEI_FR �� ��'
�JPYTHNJUFRXT[ Q JA`GTQ �� #�"�JPYT_ZUT �JAD[ � � "�JPYT_ZUTQ JA`GTQ ( "� #�)�KUIXFHGFR �� #�)
�NFAI_TQ �� #�)�NPYJAI_FR � �'�
�� ����� ������� ��
���
�NDPZUT � # �GDXFf_TQ �� # "�FCPZP]TQ �� �'(
�C\]PFR �� � #���CN]PF_FfGFR �� ��'�CR]`]PFXFQ �XfCATQ �(�
�+.#$+,6 �� EF
�",� : � �� GF
�,�+#") �� HIH
�, +#" �� JE
�;; � ���� FEF
�+�,#" �� *� ���� KL
���)++ �� JE
�'�) � �� �� KF
�'3#'�" �� JG
4; �� �� FLL� FLK
+�%�+ �� HIF
"��', � HIM
"� �� �� HHN
+��4�;# �� HHN
+#4� �� JE
+'2 �� �� ML
#�" 2�" �� MGE
#��.#�, ���� JH JN
#: ��#4; ���� FIK
#:�� ���� FK
��', + �� EL
��'" �� MGF
�)4� � �� KF
�),+ � �� HKL
'�; �� �� HF
'��#:� �4�#" �� HIH HIN
'�� �.) +, �� HHL
��")% B �� HIM HIH
����#" �� FIL
�� %�+�� ���� NFN
�#� " �� KI
�#+ �� �� HIM
��#2&) �� �� HNF
��-�#" �� FKF
��)" �� JE
��;)" �� KK� KE
����'� �� HIN
� &#'� �� HIM
� ��'�' �� MEH
�#"" � �� �� HIN
�#% � �� �� FN
�'&6 �� KI
�'$�)"- � HFE
�'%�+ *��� JE
�"-)�4� �� HNJ
�"��#% " �� *� HIM
�7�� )" ���� FJK
��)%� �� HIM
�#�, ��� HHN
���"45#)� �� JG� KI KF
���"; *��� GL
��",6 ���� HHN
� ��; �� �� FHL
� 2 �� �� %� FGK� FEF
�)++)�7) �� �� HHK
�+#�B �� JL
�#2&�)4� ���� HKF
�'�%)�4� �� HIN
�'���) ������ HFH� HFL
���� �� HIH
��$-- �� NE
��--)� �� HHN
���� 1 �� HHH
���% 6 �� FJE
� )2�# �� �� HIL
� ", ��#" �� NII
� �)"- �� EE
�)-� � �� NK
�)-#'" � �� JG
�� ����� ������� ��
���
�#&�&�:2 �� �� EH� FIH� FHH
�#+�#" �� FGF
�##; � �� �� FIF
�'& �� �� JE� KF
�'"- � �� FLF
�� - � �� FL
� ..� 6� ���� FEH
�#�� ��", *� KF
��B�,�" �� *� FJK
�)+2)�� � ���� HHN
�)�; �� �� HFF
���'�� )2 � �� HJE
�� )� + �� HHN
�'++2�"" �� HMK
��6�#" �� NMF
� . &%� �� HIM
� .#�� �� HIN
� 2 �+ *� FNK
� �#) �#'���" �� KF� MEF
� �;6 �� MK
�#"- ���� HIE
��++#" �� JE
��"-# �� FLH
���)4��+ �� KF
���#� *� JG
����#' �� � JG
����)") �� FGL
� �2�" �� JE
� '�- 6 , �'7)-"6 �� JE
� 6 ",#�.. �� FJN
�)#") �� LK
�#�� 1 �� GH� EI
�#'")" �� MEK
� '- &�' � �� HHE
�)4�#+�� �� FMH
�#&+ �� HHN
�'6 �� KF
* ���� �� JE
* ��#7'+#� �� �� GK
*�)+#" ";# �� HIF HIM
*)�) ���� HHN
*#+)-"�4 �� , FME
*#"��") ���� MIE
*��, + *� KF
*'44)�") �� �� HIN
��% " �� �� HFF
� 1-") � �� HIF� HIN
� % �,)" �� MFK� NFN
� 6"#+,� ���� MI
�),-:�6 �� EK
�#& �� �� JE
�#& �� �� HIN
�#&)"�#" ���� JH JN
�#2)++6 �� , ME
�#� �� �� FH
�#�� ���� HMF
�'"4)2�" �� FJH
��,#'+ �� KI KF
�4��, :�+,� �� FE
�4�#.) +, �� HFF� HME
�4�'++ � �� FML
� �� � �� HIM
�" ++ � MF
��#" + 6 �� HHN
��#" 2�" �� FIE
�%#�#"#� �� FJF
��6+#� �� �� HFK
�� 1% "#� �� KI KF
��#2�#" �� HHN
�)++) �� A� HIF� HIN
�)2& �- " �� HHN
��#�)-"#" *� HIM HIN
�'�" � ���� LE
� +)2)�#%)4D �� FJN
�);�" �� FJN
�+���#� �� HMH
���
�� ����� ������� ��
�+ �4��': � �� �� , HIF
��6#")� �� ���� WG� �CRVATQ��+ 6 ���� HHN
��+�� *��� LH
��+�� ���� HIG
�)+�#" ���� MI
�)", +&�", �� HIL
�)��- "�� )" �� HML
�#+.. *� KI
� ��� ��� HEN
�)�"")�� �� �� FJH
0��+�:�;6 �� HIN
�� ����� ������� ��
��
�������� �� �� ����
@ HHKGI_FR �� '(
@ HHKGFXZPT!�]FRHUJCZUT �� ���
@ GKgJA_CFEFfGFR �� (�"
@ AJ]PJ]NZ_T!�RXKDAI_T � ��"
@ AJ]PJ]IFR �� �� �)�
@ AJ]P`EFRGFQ �� "�
@ A_CKZ_T �� (�
@ EF]PFG`EFRGFQ ���� (#)@ CWJAIPTQ �� �"
@ CY`HGFR �� (�"� (�(� (()� ((�� (#�
�JGJWJAI_TQ � (((�J]NGZUT � � (
�Z]]TQ �� �)�
�GJWNJAF[ Q �� � (
�FRHNFfUJ � ����DO CFQ ���� (�'
�JGJPJCNVPFR �ZPNJ � )
�JCJAPFf_TQ �� ���
�KDCHIFR!�JP]NWaGJ � (��
�NZAAFR �� �)�
�N`]T � ��"
�C`GGNFQ �� �� �(
�TX`EFRGFQ �� (��
�CJHFfXTQ ��� � (
�CJHVAJ!FAZMFR � (��
�), " ) � �� FLL
@�GKLZAPTQ � ���
�RBRXNZ_TQ �� � (
�KCXEIAT �� ((�
�6#�-)# �� ,) MIE
@�GNFR[ � � ���
@�JUD[ W �� �� ��
@�JPCI_FR � (((� (#�
@�JPCFRO � �)
�JYZYTQ �� �� �"
�JUCN_TO �� �� ��
�JUCN_T[ Q �ZATQ �#� ��
�JXZCJ � ��)
�JCJ]PZBT � '
�JCEFfYJ!�JCJ]ZWWJ �� �)
�Z]_JHGT � �#�
�Z]_JHGT �IAJ ("�
�JP]NXZATQ ���� (��
�NCUT[ Q �ZUTQ �"(
�FUUNANJO �� ��)
�FUUVATQ �� ��"
�`GNJQ �� �)��FPYNJO !�JAPKGTO �� (��
�FfCPFWNU �� ��� ��(� �)"� �'�� (���(((� (("� (#�
�RCNJY`EFRGFQ �Z]FQ ���
�DWJNO FQ ��� (�)
yv�9��� �� #��
�FRUZUT � �"�
JUCT[ Q ���� �)�
JGGFfMFR!����?> �� ( �
JCJWaGNJQ ���� ���
J]PFCZUT �YaAT #"� #�
TP]FRO � (�(� (��
NP]FPZUT �� "�� �)
IMFQ �� � )
EZGGJ �� (��
EJCFRgT[ Q �� (��EKAZUTQ ���� �)�
ENP]ZUTQ �� (((
�J]FLI_TQ �� (�#
��
�NUFGJ�_TQ �Z]FQ (�)�NUFGFf_T ���� ����R]PJYFEFfGFR!�KGKUI_FR � �#"
�JAB`EFRGFQ � ""�NUFAFXI_TQ �� �("�NUFAFXFEFfGFR � �(�NUFA`XFR!@ HFCJ]PFRO �� �)��J�YT!@ EF]PFGFEFfGFR � (#)�JAJHNDPZUTQ �� )(�JAJHNDPZUTQ �� � ��� )"�JAJHNDPZUTQ �� )(�JAJH`EFRGFQ � '��JEJHNZAAT �� �)�
�JEJHNVCHTQ �� (�#�JEZYFHGFR �� "��JEEJ[ Q � � "�JCZ]FHGFR �� � )��J]MZGTQ �PCJPT[ Q ���JPCIUNFQ �� (���KPC`MKNGFQ �� ((� (�� ")�CKWKGZUTQ �� ��(�KHUZUFQ � (�"�JUKGGJCIFR � )
�UGJWKAIPT �� �((�UFRPKC`EFRGFQ ��� (�)�ENAaGGTQ ���� (#
�PJXJPNZ_T �IAJ ��)�PJXE`HGT �� � ��PJRCI_T!�JPCNUIFR �aAJ "�
�PKLJAZUT �� '!"��PKLJAI_TQ �� ��)�RAaGGT �JPKCIAJ �)��YNJAPYTO � ��(�FRCZP]FHGFR �� ')�CNWRYJ[ Q �� ����]KUFRCZUTQ �� (�(
�]ICT �� (#��]NCVAT �� � (�]NP]VATQ ���� (
�]FRHUJCZUTQ �� �)(�FRAPFRGZUT �� � (�JANVPTQ � ��� �()
�FRCXFRYNZ_TQ �� �� �"�CN]PF_FRGI_TQ � (()�CN]PF_FRGI_TQ �� (��� (((
�� ����� � ���������
��
�������� ��� ������� �� �����
�����<v9��z { ����vw<��>z���z
�� ��� { �� ��������
�FRUR_I_FR �(� ��) )' @ B\AJ� ��� (� �� (()� ��� (� (� '#�
� � ��� (� #) �'��<v9��>9v?v9��z
�<v9v���>9v?v9��z
�����������
�K]XJY`HGFR ) $�PFJ[ PFRO �NWGIFR& ��) # @ B\AJ� ��� (� �) �
@ XKCNUTO Q �(� �� "� @ B\AJ� ��� ( �# �#(� � ��� ( �# � (
�>>�x9>zv!��vz<�<x��<v9��z�J]NGI]]TQ h�GHJQ ��'� )# #( �K]]JGFAIUT
� �(�� ��) �"��<v99�v��>9v?v9��z
�]NXN]UTO ��� )# �# �K]]JGFAIUT� �(�� �'' �( � � �(�� �� # �
�>>�x9>zv!9�vxx�w>?<�<��<v9��z
��������� ���
S HIFR @ A_CaFR )� ��) ) @ B\AJ� ��� (� �� �#�� � ��� (� �( "<?�>�vw<��>z���z
�� ������ ��� �������
��� ����
��������� ��� ��������
��� ���������� ���������
����� � ���!�" �
��� " ����
�����#� ��
�!� �� �� �� ��������
����#������ � ��
��� $���������%
��� ��!�� ��
��� ������ ��� ����
����� ���!���!������
�� �#������� ��� �!����&
� � ������� � ����!!�!�����
�� ������� �!�������
��'�� ����
����!�� (�����������
����� �� ����
� � � � � � � � � � � � �
� � � � � � � � � � � �
��
� � � � � ����
� ��� ������
� � �
��������� � ������
���������
��� ��� �� ��� ���
����
��������
� � � � �
� � � � �
� � � � � � �
���� ��������������