2BSFPQ>
AB
)KSBPQFD>@FLKBP

5KFSBOPFA>A
ABI
1RFKAyL

- ),*
0
%)$*
)T% *

6)253%3
!.$
#(2/.)#
$)3%!3%3

*ELK
#>OILP
#>PQ>zL
/PLOFL



'ORML
AB
)KJRKLILDy>
-LIB@RI>O
#BKQOL
AB
)KSBPQFD>@FLKBP
"FLJBAF@>
&>@RIQ>A
#FBK@F>P
AB
I>
3>IRA
5KFSBOPFA>A
ABI
1RFKAyL
2B@F?FAL

.LSFBJ?OB
AB

!@BMQ>AL

->VL
AB

#LOOBPMLKABK@F>
ABI
>RQLO
*ELK
#>OILP
#>PQ>zL
/PLOFL
% J>FI
GELK@>OILP RKFNRFKAFLBAR@L

)*,$%

,LP
SFORP
@LJL
>DBKQBP
FKCB@@FLPLP
@>A>
Ay>
PB
FJMIF@>K
BK
I>
›
PFLM>QLDBKBPFP
AB
RK
PFK
K~JBOL
AB

BKCBOJBA>
ABP
@O{KF@>P
AB
AFSBOPLP
BPMB@QOLP
@IyKF@LP
NRB
S>K
ABPAB
I>P
BKCBOJBA>ABP
JBKQ>IBP
I>
L?BPFA>A
BI
PyKAOLJB
AB
C>QFD>
@O{KF@>
I>
AF>?BQBP
JBIIFQRP
V
I>
BKCBOJBA>A
@>OAFLS>P@RI>O
%K
BPQB
>OQy@RIL
AB
OBSFPF{K
PB
EFWL
RK
BPCRBOWL
MLO
OB@LMFI>O
I>
FKCLOJ>@F{K
>@QR>IFW>A>
AB
ILP
AFCBOBKQBP
>DBKQBP
SFO>IBP
FJMIF@>ALP
BK
I>
DvKBPFP
AB
I>P
BKCBOJBA>ABP
@O{KF@>P
>KQBP
JBK@FLK>A>P
>Py
@LJL
AB
ILP
MLPF?IBP
JB@>KFPJLP
›
PFLM>QLI{DF@LP
FJMIF@>ALP
BK
BI
ABP>OOLIIL
AB
BPQ>P
BKCBOJBA>ABP
ABPMRvP
AB
I>
FKCB@@F{K
SFO>I
Q>KQL
BK
>KFJ>IBP
@LJL
BK
ERJ>KLP

'2=23C2D
4=2G6D
%KCBOJBA>ABP
SFO>IBP %KCBOJBA>A
#O{KF@>
4O>PQLOKLP
-BKQ>IBP
/?BPFA>A
3yKAOLJB
AB
&>QF

D>
#O{KF@>
$F>?BQBP
-BIIFQRP
%KCBOJBA>A
#>OAFLS>P@RI>O

*+)+

6FORPBP
>P
FKCB@QFLRP
>DBKQP
QE>Q
BSBOV
A>V
FP
FKSLISBA
FK
QEB
M>QELMEVPFLILDV
LC
>K
RKIFJFQBA
KRJ?BO
LC
#EOLKF@
$FPB>PBP
4EBPB
AFPB>PBP
BUEF?FQ
>
?OL>A
@IFKF@>I
PMB@QORJ
O>KDFKD
COLJ
JBKQ>I
FIIKBPP

L?BPFQV
@EOLKF@
C>QFDRB
PVKAOLJB

AF>?BQBP
JBIIFQRP
>KA
@>OAFLS>P@RI>O
AFPB>PB

)K
QEFP
OBSFBT
>OQF@IB
LKB
BCCLOQ
T>P
J>AB
QL
@LIIB@Q
RMA>QBA
FKCLOJ>QFLK
COLJ
QEB
AFCCBOBKQ
SFO>I
>DBKQP
FKSLISBA
FK
QEB
DBKBPFP
LC
@EOLKF@
AFPB>PBP
>P
TBII
>P
MLP
PF?IV
FKSLISBA
M>QELMEVPFLILDF@>I
JB@E>KFPJP
FK
QEB
ABSBILMJBKQ
LC
QEBPB
AFPB>PBP
>CQBO
FKCB@QFLK
SFO>I
LC
?LQE
>KFJ>IP
>KA
ERJ>KP

"6JH@C5D
6FORP
$FPB>PBP
#EOLKF@
$FPB>PB
-BKQ>I
$FPLOABOP

/?BPFQV
&>QFDRB
3VKAOLJB
#EOLKF@

$F>?BQBP

-BIIFQRP
#>OAFLS>P@RI>O

 )6G
?G6DE
,?:G
(F:?5X@
@= 
 
  



%+)&, T%
5K
SFORP
BP
RK
M>OpPFQL
FKQO>@BIRI>O
L?IFD>AL
BP
AB@FO
NRB
ILP
SFORP
QFBKBK
I>
KB@BPFA>A
>?PLIRQ>
AB
I>P
@vIR
I>P
SFS>P
M>O>
OBMIF@>OPB
#LKQFBKB
J>QBOF>I
DBKvQF@L
BKSRBIQL
MLO
MOLQByK>P
3B
@OBB
NRB
ILP
SFORP
BSLIR
@FLK>OLK
AB
@LJMLKBKQBP
@BIRI>OBP
p@FALP
KR@IBF@LP
V
MOLQByK>P
@LJL
>DBKQBP
PBJFFKABMBKAFBKQBP
NRB
PLIL
MRBABK
OBMIF@>OPB
JBAF>KQB
I>
BUMILQ>@F{K
AB
I>
BKBODy>
V
ILP
>M>O>QLP
OBMOLAR@QLOBP
AB
I>
@vIRI>
AB
LOD>KFPJLP
PRMBOFLOBP
$B?FAL
>
PR
MBNRBzL
Q>J>zL
ILP
SFORP
PB
ABP@R?OFB
OLK
JR@EL
QFBJML
ABPMRvP
NRB
I>P
?>@QBOF>P
ELKDLP
V
MOLQLWLLP
I>P
M>OQy@RI>P
SFO>IBP
MRBABK
PBO
L?PBOS>
A>P
~KF@>JBKQB
@LK
RK
JF@OLP@LMFL
BIB@QO{KF@L
MLO
IL
NRB
I>
K>QRO>IBW>
CyPF@>
AB
ILP
JFPJLP
PLIL
PB
ABP@OF
?F{
RK>
SBW
PB
FKSBKQ{
BPQB
QFML
AB
JF@OLP@LMFL
6FORP
PFDKF›
@>
BK
I>QyK
“œ
RFAL
SBKBKLPL”
V
BPL
CRB
IL
NRB
ILP
MOFJBOLP
SFO{ILDLP
@OBVBOLK
NRB
BO>K
BPQLP
LOD>KFPJLP
M>Q{DBKLP
%K
I>
PBDRKA>
JFQ>A
ABI
PFDIL
8)8
PB
ILDO>OLK
DO>KABP
>S>K@BP
BK
BI
BPQRAFL
AB
ILP
JF@OLLOD>KFPJLP
!Py
BK
BI
I>?LO>QLOFL
AB
0>PQBRO
#E>OIBP
#E>J?BOI>KA
AFPBz{
V
@OB{
RK
›
IQOL
NRB
OBQB
Ky>
E>PQ>
I>P
?>@QBOF>P
JpP
MBNRBz>P
IRBDL
)T>KLTP
HF
BK
2RPF>
V
"BFGBOFK@H
BK
(LI>KA>
ABJLPQO>OLK
NRB
PB
MLAOy>
QO>PJFQFO
RK>
BKCBOJBA>A
AB
MI>KQ>P
BI
JLP>F@L
ABI
Q>?>@L
JBAF>KQB
BUQO>@QLP
AB
IyNRFAL
NRB
E>?y>
PFAL
M>P>AL
>
QO>SvP
ABI
›
IQOL
AB
#E>J?BOI>KA
V
NRB
MLO
Q>KQL
KL
MLAy>
@LKQBKBO
?>@QBOF>P
0L@L
QFBJ
ML
ABPMRvP
Q>J?FvK
PB
ILDO{
QO>KPJFQFO
I>
DILPLMBA>
>
OBPBP
JBAF>KQB
›
IQO>ALP
IF?OBP
AB
?>@QBOF>P
%KQLK@BP
CRB
L?SFL
NRB
E>?y>
LQOLP
>DBKQBP
AB
K>QRO>IBW>
FKCB@
@FLP>
JpP
MBNRBzLP
NRB
@R>INRFBO
?>@QBOF>
@LKL@FA>
MBOL
@>M>@BP
AB
@>RP>O
RK>
>JMIF>
D>J>
AB
BKCBOJB
A>ABP
BK
MI>KQ>P
V
>KFJ>IBP
0LPQBOFLOJBKQB
>I
ML@L
QFBJML
"BFGBOFK@H
ABJLPQO{
NRB
>NRBIIL
NRB
@>RP>?>
BI
JLP>F@L
ABI
Q>?>@L
PLIL
@OB@y>
BK
@vIRI>P
SFS>P
V
KL
BO>
MLPF?IB
JRIQFMIF@>OIL
BK
ILP
JBAFLP
AB
@RIQFSL
M>O>
?>@QBOF>P
%K
BP>
vML@>
>~K
KL
PB
AFPMLKy>
AB
I>P
Qv@KF@>P
AB
@RIQFSL
@BIRI>O
BK
BI
I>?LO>QLOFL
MLO
IL
NRB
AB?F{
OB@ROOFO
>
>KFJ>IBP
V
MI>KQ>P
@LJMIBQ>P
M>O>
OB>IFW>O
ILP
MOFJBOLP
QO>?>GLP
AB
FKCB@@FLKBP
SFO>IBP
%K
BI
>zL
AB

PB
ILDO{
MLO
MOFJBO>
SBW
BI
@RIQFSL
AB
SFORP
BK
PRPMBKPFLKBP
AB
QBGFAL
OBK>I
J>@BO>AL
%K
)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  
 
6FORP
V
BKCBOJBA>ABP
@O{KF@>P
#>PQ>zL
I>
PFDRFBKQB
Av@>A>
PB
ILDO{
I>
MOLM>D>@F{K
AB
KRJB
OLPLP
SFORP
BK
BJ?OFLKBP
AB
MLIIL
MBOL
DO>@F>P
>I
ABP
@R?OFJFBKQL
AB
ILP
>KQF?F{QF@LP
BKQOB
ILP
>zLP

V

V
@LK
PR
>AF@F{K
>
ILP
JBAFLP
AB
@RIQFSL
@BIRI>O
PB
MRAL
BSFQ>O
I>
@LKQ>JFK>@F{K
AB
BPQLP
@LK
ELKDLP
V
?>@QBOF>P
MRAFBKAL
RQFIFW>O
BPQ>
Qv@KF@>
AB
I>?LO>QLOFL
ABPAB
BPQ>
vML@>
E>PQ>
KRBPQOLP
Ay>P
@LJL
RK>
MLAB
OLP>
B
FKAFPMBKP>?IB
EBOO>JFBKQ>
M>O>
BI
>FPI>JFBKQL
V
@RIQFSL
V
@LJMOBKPF{K
AB
ILP
CBK{JBKLP
AB
?FLILDy>
@BIRI>O
V
JLIB@RI>O
AB
ILP
SFORP
%K
BI
MOBPBKQB
PFDIL
DO>@F>P
>
I>P
Qv@KF@>P
JLIB@RI>OBP
PB
E>K
MLAFAL
FABK
QF›
@>O
V
BPQRAF>O
SFORP
E>PQ>
>ELO>
ABP@LKL@FALP
ILP
@R>IBP
KL
PLK
MLPF?IB
@RIQFS>O
BK
BI
I>?LO>QLOFL
MLO
ILP
JvQLALP
@LKSBK@FLK>IBP
%K
BI
I>?LO>QLOFL
PB
E>
MLAFAL
PFKQBQFW>O
BI
SFORP
AB
I>
MLIFLJFBIFQFP
@LJL
RK>
BKQFA>A
FKCB@@FLP>
Q>J?FvK
PB
E>K
MLAFAL
@LKPQORFO
SFORP
NRFJvOF@LP
>QBKR>ALP
@LJL
I>
S>@RK>
M>O>
BI
$BKDRB
AB
,>?LO>QLOFLP
3>KL›
0>RPQBRO_
!
MBP>O
AB
BPQLP
>ABI>KQLP
BK
?FLILDy>
JLIB@RI>O
V
@LJMRQ>@FL
K>I
>IDRKLP
AB
ILP
SFORP
BJBODBKQBP
PB
@LKQFK~>K
ABP
@R?OFBKAL
MLO
ILP
JvQLALP
@IpPF@LP
AB
@RIQFSL
@BIRI>O
V
@LK
>VRA>
ABI
JF@OLP@LMFL
BIB@QO{KF@L
  

DECF4EFC2
G:C2=
,LP
SFORP
PLK
?pPF@>JBKQB
RK
M>NRBQB
AB
FKCLOJ>@F{K
DBKvQF@>
!2.
L
!$.
@LKQBKFAL
BK
RK
BPQOR@QRO>
MOLQBF@>
NRB
IL
MOLQBDB
3RP
@LJMLKBKQBP
?pPF@LP
PLK


– f@FAL
KR@IBF@L
!2.
L
!$.
ILP
@R>IBP
MRBABK
PBO
AB
@>ABK>
PFJMIB
L
AB
AL?IB
@>ABK>
V
AB
MLI>
OFA>A
MLPFQFS>
L
KBD>QFS>
– 0OLQByK>P
BPQOR@QRO>IBP
NRB
CLOJ>K
>
I>
M>OQy@RI>
SFO>I
– 0OLQByK>P
KL
BPQOR@QRO>IBP
Q>IBP
@LJL
I>P
BKWF
J>P
– #pMPFAB
I>
@R?FBOQ>
BUQBOK>
@LKPQFQRFA>
MLO
@>M
P{JBOLP
NRB
PLK
EFILP
AB
MLIFMvMQFALP
BKQOBQBGF
ALP
AB
Q>I
J>KBO>
NRB
PBJBG>K
?LI>P
AB
I>K>
– #pMPFAB

p@FAL
KR@IvF@L

.R@IBL@pMPFAB
– !IDRKLP
SFORP
QFBKBK
RK>
BKSLIQRO>
IFMyAF@>
@RVL
LOFDBK
BP
I>
JFPJ>
JBJ?O>K>
MI>PJpQF@>
AB
I>
@vIRI>
ELPMBABO>
,>
M>OQy@RI>
SFO>I
@LJMIBQ>

BKSLIQRO>
BUQBOK>
PF
PB
BK@RBKQO>
MOBPBKQB

6F
OF{K
SBO
›
DRO>

 2BSFPQ>
AB
)KSBPQFD>@FLKBP

5KFSBOPFA>A
ABI
1RFKAyL

:8FC2

%PQOR@QRO>
SFO>I
QLJ>AL
V
JLAF›
@>AL
AB
2>FPJ>I
BQ
>I


)6A=:424:[?
G:C2=

!I
FKDOBP>O
>
I>
@vIRI>
ELPMBABO>
BI
SFOR
RQFIFW>
BKWFJ>P
>IDRK>P
@LAF›
@>A>P
BK
PR
MOLMFL
p@FAL
KR@IBF@L
!$.

L
!2.
V
LQO>P
MOLMLO@FLK>A>P
MLO
I>
@vIRI>
ELPMBABO>
@LK
BPQ>P
BKWFJ>P
QO>KP@OF?B
V
OBMIF@>
PR
FKCLOJ>@F{K
DBKvQF@>
>ABJpP

RQFIFW>
ILP
JB@>KFPJLP
AB
PyKQBPFP
AB
I>
@vIRI>
FKCB@Q>A>
0BG
OF?LPLJ>
M>O>
MOLAR@FO
ILP
@LJMLKBKQBP
MOLQBF@LP
AB
PR
MOLDBKFB


SBO
›
DRO>


:8FC2

#F@IL
SFO>I
QLJ>AL
V
JLAF›
@>AL
AB
&vKv>KQ
BQ
>I


?76C>6525
>6?E2=
J
G:CFD

%I
@LJMOLJFPL
KBROLI{DF@L
@LJL
@LKPB@RBK@F>
AB
I>
FKCB@@F{K
MLO
BI
SFORP
BK
ILP
PBOBP
ERJ>KLP
BP
?FBK
OB@LKL@FAL
IL
@R>I
MLO
BGBJMIL
PB
MRBAB
SBO
BK
I>

2>?F>
V
BK
I>
ABJBK@F>
>PL@F>A>
>
3yKAOLJB
AB
)KJRKLAB
›
@FBK@F>
!ANRFOFA>
ALKAB
BI
@LJMLOQ>JFBKQL
>KLOJ>I
V
I>
@LKCRPF{K
PLK
PyKQLJ>P
@LJRKBP
0LO
IL
Q>KQL
KL
BP
KFKDRK>
PLOMOBP>
NRB
I>
FKCB@@F{K
MLO
SFORP
KBROLQO{MF@LP
@>RPB
>IQBO>@FLKBP
JBKQ>IBP

%I
>DBKQB
SFO>I
JBGLO
@>O>@QBOFW>AL
BK
BPQL
BP
BI
SFORP
AB
I>
BKCBOJBA>A
AB
"LOK>
"$6
BI
@R>I
@>RP>
RK>
BKCBOJBA>A
AB
LOFDBK
FKCB@@FLPL
>
KFSBI
ABI
3FPQBJ>
.BOSFLPL
#BKQO>I
3.#
BK
JR@ELP
>KFJ>IBP
SBOQB?O>ALP

 )6G
?G6DE
,?:G
(F:?5X@
@= 
 
  


 6FORP
V
BKCBOJBA>ABP
@O{KF@>P
#>PQ>zL

@LJL
@>?>IILP
LSBG>P
MpG>OLP
@LKBGLP
D>QLP
S>@>P PLK
PBJBG>KQBP
>
IL
OBMLOQ>AL
BK
I>
IFQBO>QRO>
NRB
>ML

@>?O>P
MBOOLP
@FBOSLP
>IM>@>P
II>J>P
D>QLP
IFK@BP V>K
I>
MLPF?IB
>PL@F>@F{K
BKQOB
I>
MOBPBK@F>
AB
>KQF
EFMLM{Q>JLP
MBOBWLPLP
JLKLP
6>OF
-7?GD
H3D;7 @RBOMLP
@LKQO>
BI

SFORP
AB
%MPQBFK ">OO
6%"
V
ILP
93FGE
V
>SBPQOR@BP

  

%I
SFORP
BPQ>?IB@B
RK> QO>PQLOKLP
MPFNRFpQOF@LP
 
FKCB@@F{K
MBOPFPQBKQB
KL
@FQLIyQF@>
NRB
COB@RBKQBJBK
QB
OBPRIQ>
BK
PBSBOLP
ABP{OABKBP
FKJRKLM>QLDvKF@LP
BK
BI
3.#
V
PB
J>KF›
BPQ>
@LJL
>KLOJ>IFA>ABP
BK
I>
@LKAR@Q>
  

%K
ILP
ERJ>KLP
PB
E>
MOLMRBPQL
@LK
>DBKQB
@>RP>I
AB
BKCBOJBA>ABP
KBROLI{DF@>P
V
MPFNRFpQOF@>P
MBOL
BPQ>
EFM{QBPFP
@LKQFK~>
BK
@LKQOLSBOPF>

%I
"$6


BP
RK
SFORP
KBROLQO{MF@L
BP
RK
SFORP
BKSRBIQL
KL
IyQF@L
@LK
!2.
AB
@>ABK>
PFJMIB
KL
PBDJBKQ>AL
AB
MLI>OFA>A
KBD>QFS>
V
KL
PBDJBKQ>AL
@LK
RK
DBKLJ>
AB

H?
NRB
@LAF›
@>

MOLQByK>P
SBO
Q>?I>
 
,>
OBMIF@>@F{K
V
QO>KP@OFM@F{K
AB
PR
DBKLJ>
L@ROOB
BK
BI
K~@IBL
AB
I>
:8FC2

-F@OLP@LMF>
BIB@QO{KF@>
ALKAB
PB
L?PBOS>
I>
@vIRI>
ELPMBABO>
 
%P
BI
~KF@L
JFBJ?OL
AB
I>
C> JLOCLILDF>
ABI
SFORP
AB
I>
BKCBOJBA>A
AB
"LOK>
"6$ 
JFIF>
"LOK>SFOFA>B
ABI
LOABK
AB
ILP
-LKLKBD>SFO>IBP 4LJ>AL
AB
#LIIFKP
2
 
NRB
Q>J?FvK
FK@IRVB
I>P
C>JFIF>P
&FILSFOFA>B
0>O>
JVULSFOFA>B
V
2E>?ALSFOFA>B
4FBKB
RK>
JLOCLILDy> +23=2

0OFK@FM>IBP
MOLQByK>P
ABI
SFORP
AB
I>
BKCBOJBA>A
AB
"LOK>
4LJ>AL
AB
#LIIFKP
2
 
BPCvOF@>
@LK
RK
AFpJBQOL
AB

>

KJ
0LPBB
RK
'C@E6X?2D
AC:?4:A2=6D
56=
G:CFD
56
=2
6?76C>6525
56

-
K~@IBL
FKQBOKL
ABKPL
 
KJ
V
RK>
JBJ?O>K>
BU
QBOK>
@LK
BPMy@RI>P
AB
>MOLUFJ>A>JBKQB

KJ
AB
ILK 'C@E6X?2 +2>2Z@
 F?4:[?
AFE2E:G2
DFQRA
SBO
›
DRO>
 
3B
@LKL@BK
@R>QOL
@BM>P
"LOK> "
6
"LOK>
(%
"LOK>
.L
V
"LOK>
(
@RVLP .0
M  0OLQByK>
AB
@R?FBOQ>
KR@IBL
DBKLJ>P
E>K
PFAL
PB@RBK@F>ALP
V
I>
ELJLILDy>
BKQOB @pMPFAB
>KQyDBKL
MOFK@FM>I
PB@RBK@F>P
BP
ABI


>I



     M  2BMIF@>@F{K
KR@IB>O
QO>KP@OFM
@F{K
%I
FKQBOvP
BK
I>

BKCBOJBA>A
AB
"LOK>
"$
V
PR
>DBK M  &LPCLMOLQByK>
>KQyDBKL
MOFK
QB
@>RP>I
PB
OB>@QFS{
BK
I>
Av@>A>
AB

@R>KAL @FM>I
2LQQ
,RATFD
V
PRP
@LIBD>P
OBQLJ>OLK
I>
FKSBPQFD> -  0OLQByK>
AB
J>QOFW
BPQ>?FIFW>
I>
@F{K
PL?OB
"$
V
@LJBKW>OLK
>
@BKQO>OPB
BK
I>
FABKQF CLOJ>
ABI
SFORP
›
@>@F{K
ABI
>DBKQB
V
ILP
JB@>KFPJLP
AB
M>QLDvKBPFP '  'IF@LMOLQByK>
MOLQByK>
AB
BK
JLABILP
>KFJ>IBP
@LJL
I>
JRP>O>z>
AB
pO?LI
BI BKSLIQRO>
KB@BP>OF>
M>O>
I>
@LKBGL
V
I>

O>Q>
!
MOFK@FMFLP
AB
I>
Av@>A>
AB
 FKCB@QFSFA>A
I>P
L?PBOS>@FLKBP
AB
.>O>V>K
AB
RK>
BKCBOJBA>A
?F ,  0LIFJBO>P>
AB
!2.
ABMBK
CpPF@>
BK
O>Q>P
>ARIQ>P
FKCB@Q>A>P
@>O>@QBOFW>ALP
MLO AFBKQB
AB
!2.
EFMBOJLSFIFA>A
FKF@F>I
V
BU@FQ>?FIFA>A
PBDRFAL
AB
AFP
%I
SFORP
FKQBO›
BOB
@LK
I>
KBROLQO>KPJFPF{K
AB?FAL
JFKR@F{K
AB
I>
IL@LJL@F{K
IIBS{
>
>IDRKLP
FKSBPQFD>
MOFK@FM>IJBKQB
>
I>
OBPMRBPQ>
FKJRKB
JBAF>A>
MLO
ALOBP
>
PRDBOFO
RK>
>K>ILDy>
@LK
BI
QO>PQLOKL
?FMLI>O
JB@>KFPJLP

ABMBKAFBKQBP

AB
IFKCL@FQLP
4
@LKQO>
I>P
BK
ILP
PBOBP
ERJ>KLP
 
@vIRI>P
ABI
PFPQBJ>
KBOSFLPL
@BKQO>I
FKCB@Q>A>P
MBO
PFPQBKQBJBKQB

@>RP>KAL
>IQBO>@FLKBP
@LKAR@QR>
0RBOQL
BQ
>I
BK
BI

OBMLOQ>OLK
BK
-vUF@L
RK
BP
IBP
@LJL
MBOQRO?>@FLKBP
BK
BI
@LJMLOQ>JFBKQL
L
I>
QRAFL
PBOLI{DF@L
BK

M>@FBKQBP
@LK
AF>DK{PQF@L
AB
J>O@E>
NRB
S>Oy>K
AB
RK>
BPMB@FB
>
LQO>
>RKNRB
I>
BPNRFWLCOBKF>
V
BK

@LKQOLIBP
P>KLP
BK
NRFBKBP
AB
FKCB@@F{K
PFK
PyKQLJ>P
Q>J?FvK
PB
E>
OBMLOQ>AL
,LP
QBOJFK>OLK
I>
MOBPBK@F>
AB
>KQF@RBOMLP
@LKQO>
BI
>KQy
>KFJ>IBP
FKCB@Q>ALP
MLO
"$6
JRBPQO>K
@>J?FLP
BK
DBKL
'34
0
AB
"$6
JBAF>KQB
7BPQBOK
?ILQ
BK@LK
BI
@LJMLOQ>JFBKQL
>KPFBA>A
>DOBPFSFA>A
PBM>O>@F{K
QO>AL
RK>
PBOLMOBS>IBK@F>
@LKQO>
I>
MOLQByK>
'34 0
AB
ABI
OB?>zL
B
EFMBO>@QFSFA>A
 

JFBKQO>P
NRB
KL
PB
BK@LKQO>OLK
>KQF@RBOMLP
BK
ILP
PRBOLP
AB
ILP
PRGBQLP
@LKQOLI
%PQLP

OBPRIQ>ALP
$BPAB
JBAF>ALP
AB
I>
Av@>A>
AB

E>
E>?FAL
RK

)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  
 

 2BSFPQ>
AB
)KSBPQFD>@FLKBP

5KFSBOPFA>A
ABI
1RFKAyL

FKQBOvP
BK
BI
MLPF?IB
M>MBI
AB
"$6
@LJL
>DBKQB
@>R ,FB?
BQ
>I

QO>P
>K>IFW>O
I>
IFQBO>QRO>
AFPMLKF?IB

P>I
AB
BKCBOJBA>A
MPFNRFpQOF@>
BK
ERJ>KLP
 
,>P
FKCB@@FLKBP
BK
ERJ>KLP
MRBABK
@ROP>O
PFK
›
B?OB
PFK
@>J?FLP
JBKQ>IBP
L
PFDKLP
QyMF@LP
AB
BK@BC>IFQFP
FAFLMpQF@>P
MBOL
MLAOy>K
FKAR@FO
PFDKLP
MPFNRFpQOF
@LP
@LJL
BKCBOJBA>A
?FMLI>O
ABMOBPF{K
BPNRFWL
COBKF>
J>Ky>
>KPFBA>A
ABP{OABKBP
@LDKLP@FQFSLP
AFPNRFKBPF>
Q>OAy>
AFPCRK@F{K
PL@F>I
ABP{OABKBP
>R
AFQFSLP
V
BKCBOJBA>ABP
FAFLMpQF@>P
3F
L@ROOB
BK
ILP
QOBP
MOFJBOLP
>zLP
AB
SFA>
MRBAB
L@>PFLK>O
>RQFPJL
>KPFBA>A
@O{KF@>
Av›
@FQP
@LDKLP@FQFSLP
V
ABP>OOLIIL
>KLOJ>I
ABI
@BOB?BIL
V
ABI
EFML@>JML
3B
E>
BK@LK
QO>AL
NRB
ILP
M>@FBKQBP
@LK
BPNRFWLCOBKF>
V
ABMOBPF{K
QFBKBK
RK>
>IQ>

Q>P>
AB
PBOLMOBS>IBK@F>
AB
>KQF@RBO
MLP
BPMB@y›
@LP
@LKQO>

"$6
>Py
@LJL
>IQLP
KFSBIBP
AB
QO>KP@OFMQLP
AB
"$6
BK
I>
P>KDOB
@LJM>O>AL
@LK
ILP
@LKQOLIBP
P>KLP
 
,LP
@>J?FLP
BK
BI
@LJMLO
Q>JFBKQL
>PL@F>ALP
>I
"$6
MRBABK
AB?BOPB
>
>IQBO>
@FLKBP
ABI
PFPQBJ>
ALM>JFKvODF@L
@LJL
AFPJFKR@F{K
AB
OB@BMQLOBP
$
V
$
!ABJpP
PB
E>K
ABP@OFQL
LQO>P
>IQBO>@FLKBP
@LJL
@>J?FLP
BK
KFSBIBP
AB
!2.J
AB
@LIB@FPQLNRFKFK>
p@FAL
DIRQpJF@L
ABP@>O?LUFI>P>
V
PLJ>QLPQ>QFK>
NRB
MRBABK
PBO
@LKPB@RBK@F>
AB
I>
OBP
MRBPQ>
FKœ
>J>QLOF>
 
#EBK
BQ
>I

OB>IFW>OLK
RK
BPQRAFL
AB
PBOLMOB
S>IBK@F>
BK
ILP
C>JFIF>OBP
AB
ILP
M>@FBKQBP
@LK
BK
CBOJBA>A
JBKQ>I
V
BK
BI
MBOPLK>I
NRB
QO>?>G>
BK
ILP
@BKQOLP
AB
P>IRA
JBKQ>I
AB
4>FTpK
BK@LKQO>KAL
BK
>J?LP
DORMLP
RK>
>IQ>
PBOLMOBS>IBK@F>
AB
>KQF@RBO
MLP
BPMB@y›
@LP
@LKQO>
"$6
AB
 

V



OBP
MB@QFS>JBKQB
V
J>VLO
NRB
ILP
@LKQOLIBP
0I>KQB>KAL
NRB
BPQLP
OBPRIQ>ALP
MOLSBBK
BSFABK@F>
AB
I>
MLPF?IB
QO>KPJFPF{K
ABI
SFORP
AB
I>
BKCBOJBA>A
AB
"LOK>
AB
ERJ>KL
>
ERJ>KL
 
6BO
Q>?I>

V

@LK@IRVBK
NRB
KL
E>V
BSFABK@F>
BUMBOFJBKQ>I
CRBOQB
NRB
PLMLOQB
I>
KL@F{K
AB
NRB
"$6
PB>
RK
M>Q{DBKL
ERJ>KL
0BOL
PFK
BJ?>ODL
MBOPFPQB
I>
MLPF?FIFA>A
NRB
ILP
>KQyDBKLP
OBI>@FLK>ALP
@LK
BPQB
>DBKQB
PB
>PL@FBK
@LK
ABPLOABKBP
MPFNRFpQOF@LP
BK
ERJ>KLP
 
3BD~K
$FBQOF@E
BQ
>I

ILP
M>@FBKQBP
@LK
ABP{OAB
KBP
>CB@QFSLP
QFBKBK
RK>
J>VLO
MOBS>IBK@F>
AB
FKCB@
@F{K
MLO
"$6
V
BPQB
SFORP
@>RP>
RK>
FKCB@@F{K
I>QBKQB
MOBCBOF?IBJBKQB
BK
BI
PFPQBJ>
IyJ?F@L
MLO
IL
NRB
PB
PRDFBOB
RK>
>PL@F>@F{K
@>RP>I
@LK
>IDRKL
PR?QFMLP
AB
ILP
ABP{OABKBP
>CB@QFSLP
BPMB@F>IJBKQB
@LK
E>II>WDLP
@IyKF@LP
AB
JBI>K@LIy>
L
@LK
?FMLI>OFA>A

9
OB>IFW>
OLK
BI
MOFJBO
OBMLOQB
ABI
RPL
AB
RK
>KQFSFO>I
I>
!J>K
Q>AFKB
M>O>
BI
QO>Q>JFBKQL
AB
ABP{OABKBP
>CB@QFSLP
BK
M>@FBKQBP
FKCB@Q>ALP
@LK
"$6
V
NRB
MOBPBKQ>?>K
AB
MOBPF{K
R
LQOLP
ABP{OABKBP
>CB@QFSLP
@LJL
EFMLJ>Ky>
PBSBO>
L
JLABO>A>
QO>PQLOKL
?FMLI>O
ILDO>KAL
RK>
OBAR@@F{K
AB
I>
PFKQLJ>QLILDy>
@IyKF@>
IL
NRB
PRDFBOB
I>
BUFPQBK@F>
AB
RK>
OBI>@F{K
AB
I>
BQFLM>QLDBKF>
AB
>IDRKLP
PR?QFMLP
AB
ABP{OABKBP
>CB@QFSLP
V
BI
"$6
 
!ABJpP
ILP
BPQRAFLP
E>K
ABJLPQO>AL
NRB
BI
>@F
@ILSFO
KL
>IFSF>
ILP
PyKQLJ>P
MBOL
BK
@>J?FL
BI
6>I>
@V@ILSFO
PF
ILP
OBAR@B
,>
OF?>SFOFK>
E>
ABJLPQO>AL
PBO
PLK
JRV
MOLJFPLOF>
PB
E>
RP>AL
M>O>
BI
QO>Q>JFBKQL
AB
"$6
MBOPFPQBKQB
BK
@vIRI>P
FKCB@Q>A>P
FK
SFQOL
V
Q>J?FvK
PB
E>
RP>AL
MLO
Sy>
FKQO>@BOB?O>I
BK
ERJ>KLP
)DR>IJBKQB
BI
)KQBOCBO{K †
BP
B›
@>W
@LKQO>
"$6
BK
@RIQFSLP
@BIRI>OBP
@LK
FKCB@@F{K

MBOPFPQBKQB
V

BK

O>
QLKBP

FKCB@Q>ALP
BI
FKQBOCBO{K ˆ
FKEF?B
I>
OBMIF@>@F{K
ABI
"$6
V
MOLQBDB
I>P
@vIRI>P
KL
FKCB@Q>A>P
 
0LO
~IQFJL
ILP
>KpILDLP
AB
KR@IB{PFALP
E>K
ABJLP
QO>AL
FKEF?FO
"$6
FK
SFQOL
L
FK
SFSL
>Py
@LJL
BI
RPL
AB
>KQF@RBOMLP
JLKL@ILK>IBP
KBRQO>IFW>KQBP
BP
LQOL
BKCLNRB
M>O>
BI
QO>Q>JFBKQL
AB
I>
FKCB@@F{K
"$6
 

+23=2

(>II>WDLP
AB
FKJRKLOB>@QFSFA>A
AB
PRBOLP
@LKQO>
"6$
BK
M>@FBKQBP
@LK
S>OF>P
BKCBOJBA>ABP
MPFNRFpQOF@>P
4L
J>AL
V
JLAF›
@>A>

AB
">OO>KQBP 2LAOyDRBW
 
"LAB
 
#LIIFKP
&RHRA>

?76C>6525 'C6G2=6?4:2
56
=2
6?76C>6525 @?EC@= ?D2J@
:?>F?@=[8:4@ '2XD )676C6?4:2
   
 
 7" *>M{K 
  
   
 

 *>M{K 
 
  
 #)# 
     

 
 7" 
 
 
 )&!7" *>M{K 

 
 7" *>M{K 
 
   
 

 )6G
?G6DE
,?:G
(F:?5X@
@= 
 
  



+23=2

0OBS>IBK@F>
2.!
AB
"$6
BK
S>OF>P
BKCBOJBA>ABP
JBKQ>IBP
4LJ>AL
V
JLAF›
@>A>

AB
">OO>KQBP 2LAOyDRBW
 
"LAB 
#LIIFKP 
@?5:4:[? 'C6G2=6?4:2


)%
56
-

6?
G2C:2D
6?76C>65256D
>6?E2=6D


%KCBOJLP #LKQOLI
0PFNRFpQOF@LP
S>OFLP       
$BP{OABKBP
>CB@QFSLP    
%P@EFWLCOBKF>    
,LP
BPQRAFLP
PL?OB
I>
>PL@F>@F{K
AB
I>
FKCB@@F{K
MLO
BI
SFORP
AB
I>
BKCBOJBA>A
AB
"LOK>
E>K
PFAL
FK@LKPFPQBK
QBP
(LOKFKD
BQ
>I
BK
BI
>zL

OB>IFW>OLK
BI
MOFJBO
BPQRAFL
@FBDL
AB
@>PLP
V
@LKQOLIBP
JRIQF@vKQOF@L
V
PRP
OBPRIQ>ALP
MBOJFQBK

>ODRJBKQ>O
CRBOQBJBKQB
BK
@LKQO>
AB
RK
M>MBI
M>O>
"$6
BK
I>
M>QLDvKBPFP
AB
BPQLP
QO>PQLOKLP
MPFNRFpQOF@LP
A>AL
NRB
KL
E>II>OLK
>PL@F>@F{K
BKQOB
I>
MOBPBK@F>
ABI
SFORP
V
I>P
BKCBOJB
A>ABP
MPFNRFpQOF@>P
 
&+)&*
- ),*
$'# &*
%
#
%)
$
$%+#
!ABJpP
PB
E>K
>PL@F>AL
LQOLP
SFORP
@LJL
MLPF?IBP
>DBKQBP
@>RP>IBP
AB
BKCBOJBA>A
JBKQ>I
AB
>@RBOAL
>
6BOD>O> 2LAOyDRBW
BQ
>I

I>P
MBOPLK>P
FKCB@Q>
A>P
@LK
()6
QFBKBK
Q>P>P
JpP
>IQ>P
AB
BKCBOJBA>ABP
JBKQ>IBP
NRB
I>
ML?I>@F{K
DBKBO>I
 
(FJBIEL@E
BQ
>I

@LJBKQ>K
RK>
PBOFB
AB
BPQRAFLP
ALKAB
PB
OBMLOQ>
RK
>IQL
OFBPDL
AB
FKCB@@F{K
MLO
BI
SFORP
AB
I>
EBM>QFQFP
#
6(#
BK
FKAFSFARLP
@LK
BKCBOJBA>ABP
JBKQ>IBP
PBOF>P
MLO
BGBJMIL
OB›
BOBK
MOBS>IBK@F>P
BK
QOB
 

V
 

AB
6(#
BK
M>@FBKQBP
NRB
OB@F?y>K
QO>Q>JFBKQL
M>O>
BKCBOJBA>ABP
JBKQ>IBP
%K
MBOPLK>P
@LK
BPNRFWLCOBKF>
V
ABPLOABK
?FMLI>O
PB
E>K
OBMLOQ>AL
MOBS>IBK@F>P
M>O>
6(#
AB
 

V
 

OBPMB@
QFS>JBKQB
,>
MOBS>IBK@F>
AB
6(#
BK
ILP
AFCBOBKQBP
BPQRAFLP
@LKPRIQ>ALP
MLO
BPQLP
>RQLOBP
OBMOBPBKQ>K
RK
FK@OBJBKQL
AB
I>
MOBS>IBK@F>
AB
I>P
MBOPLK>P
@LK
BK
CBOJBA>ABP
JBKQ>IBP
BKQOB

>

SB@BP
JpP
NRB
I>
MOBS>IBK@F>
OBMLOQ>A>
BK
I>
ML?I>@F{K
DBKBO>I
PFK
BJ
?>ODL
KL
PB
E>
FJMIF@>AL
BK
SFORP
BK
I>
›
PFLM>QLDBKF>
AB
I>P
BKCBOJBA>ABP
JBKQ>IBP
PFKL
NRB
BPQ>
J>VLO
MOBS>IBK@F>
PB
E>
BUMIF@>AL
MLO
BI
RPL
AB
PR?PQ>K@F>P
FIy@FQ>P
MLO
Sy>
BKALSBKLP>

MLO
I>P
MBOPLK>P
@LK
BK
CBOJBA>ABP
JBQ>IBP
 
-:CFD
J
&36D:525
,>
L?BPFA>A
BP
RK>
BKCBOJBA>A
@O{KF@>
AB
LOFDBK
)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  
 
6FORP
V
BKCBOJBA>ABP
@O{KF@>P
#>PQ>zL
JRIQFC>@QLOF>I
BK
BI
NRB
@LKQOF?RVBK
C>@QLOBP
KRQOF@FL
K>IBP
DBKvQF@LP
BPQ>@FLK>IBP
BKAL@OFKLP
C>OJ>@LI{
DF@LP
L
SFO>IBP
NRB
>@QR>IJBKQB
E>
QLJ>AL
MOLMLO@FL
KBP
M>KAvJF@>P
PR
MOBS>IBK@F>
PB
E>
FK@OBJBKQ>AL
AO>JpQF@>JBKQB
ABPAB
ILP
>zLP

KL
PLIL
BK
ILP
%P
Q>ALP
5KFALP
PFKL
BK
BI
JRKAL
BKQBOL
Q>KQL
BK
M>yPBP
ABP>OOLII>ALP
@LJL
BK
M>yPBP
BK
Sy>
AB
ABP>OOLIIL
 
%PQ>
OpMFA>
AFPBJFK>@F{K
BP
@LJM>QF?IB
@LK
RK
LOFDBK
FKCB@@FLPL
PB
E>K
FJMIF@>AL

SFORP
>KFJ>IBP
V

SF
ORP
ERJ>KLP
NRB
PB
E>
JLPQO>AL
NRB
@>RP>K
L
FKAR
@BK
L?BPFA>A
SBO
Q>?I>

,LP
SFORP
>KFJ>IBP
L?BPL DvKF@LP
FK@IRVBK
BI
SFORP
ABI
JLNRFIIL
@>KFKL
BI
SFORP
>PL@F>AL
>
2LRP
QFML

2!6 
BI
SFORP
AB
I>
BKCBOJBA>A
AB
"LOK>
BI
>DBKQB
ABI
P@O>MFB
V
BI
>ABKLSFORP
>SF>O
3-!- 
,LP
MOFJBOLP

SFORP
>Q>@>K
BI
3.#
M>O>
MOLAR@FO
I>
L?BPFA>A
JFBKQO>P
BI

>ABKLSFORP
>SF>O
3-!- 
AB
ILP
@R>IBP
PLIL
ALP
L@ROOBK
BK
ERJ>KLP
!A 
V
BI
>ABKLSFORP
>SF>O
3-!- 
>@Q~>
AFOB@Q>JBKQB
BK
ILP
>AFML@FQLP
V
PB
E>
>PL@F>ALP
@LK
L?BPFA>A
BK
ILP
ERJ>KLP
   
,LP

>ABKLSFORP
!A

!A 
V
!A 
NRB
PB
E>K
>PL@F>AL
@LK
I>
L?BPFA>A
>CB@Q>K
AFOB@Q>JBKQB
ILP
>AFML@FQLP
%PQLP
SFORP
BPQFJRI>K
BKWFJ>P
V
C>@QLOBP
AB
QO>KP@OFM@F{K
NRB
@>RP>K
I>
>@RJRI>@F{K
AB
QOFDIF
@vOFALP
V
I>
AFCBOBK@F>@F{K
AB
MOB>AFML@FQLP
BK
>AFML
@FQLP
J>AROLP
 
"BOK>OA
BQ
>I

OBMLOQ>OLK
BK
RK
JLABIL
>KFJ>I
AB
O>QLKBP
>I?FKLP
PRFWLP
OB@FvK
ABPQBQ>ALP
FKCB@Q>ALP
>DRA>JBKQB
@LK
BI
SFORP
ABI
JLNRFIIL
@>KFKL
NRB
JpP
ABI


AB
ILP
>KFJ>IBP
ABP>OOLII>OLK
RK>
EFMBOFKPR
IFKBJF>
V
ABPMRvP
AB
BPQL
MOBPBKQ>OLK
RK
PyKAOLJB
AB
L?BPFA>A
%I
>KpIFPFP
AB
I>
@LJMLPF@F{K
AB
IyMFALP
BK
S>OFLP
{OD>KLP
OBSBI>OLK
NRB
@LJM>O>AL
@LK
ILP
>KF
J>IBP
@LKQOLI
ILP
L?BPLP
FKAR@FALP
MLO
I>
FKCB@@F{K
SFO>I
QBKy>K
>@RJRI>@F{K
AB
QOFDIF@vOFALP
Q>KQL
BK
BI
EyD>AL
@LJL
BK
BI
QBGFAL
>AFMLPL
Q>J?FvK
PB
L?PBOS{
RK>
AFPJFKR@F{K
AB
I>
IFMLDvKBPFP
BK
BI
QBGFAL
DO>PL
?I>K@L
AB
ILP
O>QLKBP
L?BPLP
 
(>@FBKAL
RK
OB@RBKQL
@OLKLI{DF@L
AB
I>P
BSFABK@F>P
"BOK>I
BQ
>I

OBMLOQ>K
NRB
BI
SFORP
ABI
JLNRFIIL
@>KFKL
FKAR@B
EFMBOFKPRIFKBJF>
BK
O>QLKBP
I>
@R>I
PB
@LOOBI>@FLK>
@LK
I>
>M>OF@F{K
AB
L?BPFA>A
 
$ER
O>KAE>O
BQ
>I

BK@RBKQO>K
NRB
BI
!A 
MOLJRB
SB
I>
D>K>K@F>
AB
MBPL
BK
MOFJ>QBP
KL
ERJ>KLP
BK
ILP
NRB
BK@LKQO{
RK>
>PL@F>@F{K
MLPFQFS>
BKQOB
ILP
KF
SBIBP
AB
>KQF@RBOMLP
@LK
BI
MBPL
V
ILP
KFSBIBP
MI>PJp
 2BSFPQ>
AB
)KSBPQFD>@FLKBP

5KFSBOPFA>A
ABI
1RFKAyL
QF@LP
AB
@LIBPQBOLI

JBPBP
ABPMRvP
AB
I>
>M>OF@F{K
AB
>KQF@RBOMLP
@LKQO>
BPQB
SFORP
 
!ABJpP
BPQLP
JFPJLP
FKSBPQFD>ALOBP
BK
RK
BPQRAFL
BUMBOFJBKQ>I
>IB>QLOFW>AL
AB
EBJ?O>P
AB
JLKLP
QFQF
DvKBOL 3
>>;F:D;J
FKL@RI>A>P
@LK
!A 
JLPQO>OLK
NRB
D>K>OLK
QOBP
SB@BP
JpP
MBPL
>RJBKQL
AB
DO>P>
V
KFSBIBP
AB
@LIBPQBOLI
?>GL
@LJM>O>AL
@LK
ILP
>KFJ>IBP
KL
FKL@R
I>ALP
$BJLPQO>KAL
NRB
BI
BCB@QL
MOLJLQLO
AB
>AFML
PFA>A
AB
!A 
L@ROOB
BK
ALP
BPMB@FBP
AB
MOFJ>QBP
KL
ERJ>KLP
 
6>KDFMRO>J
BQ
>I

BK@LKQO>OLK
BK
JLABILP
>KF
J>IBP
@LK
MLIILP
O>QLKBP
V
MOFJ>QBP
KL
ERJ>KLP
FK
CB@Q>ALP
BUMBOFJBKQ>IJBKQB
@LK
!A 
RK
FK@OBJBKQL
AB
I>
>AFMLPFA>A
>ABJpP
BK
ERJ>KLP
PB
E>
OBMLOQ>OLK
NRB
ILP
>KQF@RBOMLP
@LKQO>
!A 
PB
E>K
>PL@F>AL
@LK
L?BPFA>A
0LO
IL
NRB
OB>IFW>OLK
RK
BPQRAFL
@LKAR@BK
QB
>
AFIR@FA>O
ILP
JB@>KFPJLP
JLIB@RI>OBP
OBPMLKP>
?IBP
AB
BPQLP
E>II>WDLP
M>O>
IL
RQFIFW>OLK
RK>
IyKB>
AB
MOB>AFML@FQLP
JROFKLP
4 ,
@LJL
JLABIL
M>O>
ABQBOJFK>O
ILP
BCB@QLP
AB
I>
FKCB@@F{K
MLO
!A 
BK
I>
AFCBOBK@F>@F{K
AB
BPQ>P
@vIRI>P
>
>AFML@FQLP
J>AR
OLP
5QFIFW>OLK
!A 
RK
>ABKLSFORP
ERJ>KL
@LKL@FAL
@LJL
KL
>AFMLDvKF@L
@LJL
@LKQOLI
KBD>QFSL
AB
ILP
BUMBOFJBKQLP
BK@LKQO>KAL
NRB
BK
I>P
@vIRI>P
FKCB@Q>
A>P
@LK
BI
!A 
PB
FK@OBJBKQ{
BI
K~JBOL
AB
AFCBOBK
@F>@F{K
E>@F>
>AFML@FQLP
JFBKQO>P
!A 
KL
MOLJLSF{
BPQ>
AFCBOBK@F>@F{K
 
%PQB
JFPJL
>RQLO
BK

BK@LKQO{
NRB
BPQB
SFORP
BP
>AFMLDvKF@L
OBAR@B
I>
BU
MOBPF{K
V
I>
PB@OB@F{K
AB
IBMQFK>
V
>RJBKQ>
I>
@>M
Q>@F{K
AB
DIR@LP>
MLO
I>P
@vIRI>P
DO>P>P
>Py
@LJL
I>
BUMOBPF{K
AB
DBKBP
@I>SBP
BK
I>
IFMLDvKBPFP
AB
.LSL
@LJL
I>
>@BQFI
#L !
@>O?LUFI>P>
PFKQBQ>P>
AB
p@FALP
DO>PLP
!ABJpP

OB›
BOB
NRB
BI
M>MBI
AB
BPQB
SFORP
BK
I>
L?BPFA>A
AB
ILP
ERJ>KLP
PFDRB
PFK
BP@I>OB@BOPB
 
7EFDE>J
BQ
>I

V
!QHFKPLK
BK
BI

>›
OJ>
OLK
NRB
BI
!A 
FK@OBJBKQ>
I>
>AFMLPFA>A
BK
MLIIL
O>QLKBP
MOFJ>QBP
KL
ERJ>KLP
V
PB
E>
>PL@F>AL
@LK
L?BPFA>A
BK
ILP
ERJ>KLP
V
M>O>A{GF@>JBKQB
OBAR
@B
ILP
KFSBIBP
PvOF@LP
AB
@LIBPQBOLI
V
QOFDIF@vOFALP
BK
JLABILP
>KFJ>IBP
0LO
PR
M>OQB
7EFDE>J
BQ
>I

BK@LKQO>OLK
NRB
BK
MLIILP
FKL@RI>ALP
@LK
!A 
I>
DO>P>
@LOMLO>I
QLQ>I
PB
BIBS{
PFDKF›
@>QFS>JBKQB
MOB
PBKQ>OLK
RK
J>VLO
MBPL
>Py
@LJL
FK@OBJBKQL
BK
ILP
S>ILOBP
AB
@LIBPQBOLI
PvOF@L
JFBKQO>P
PB
OBARGBOLK
ILP
S>ILOBP
AB
QOFDIF@vOFALP
V
Q>J?FvK
BPQB
SFORP
@>RP{
 )6G
?G6DE
,?:G
(F:?5X@
@= 
 
  

RK
FK@OBJBKQL
BK
I>
AFCBOBK@F>@F{K
AB
ILP
>AFML@FQLP
.L
L@ROOFBKAL
BPQL
BK
ILP
>KFJ>IBP
FKL@RI>ALP
@LK
ILP
>ABKLSFORP
ERJ>KLP
!A 
%K
OBPRJBK
!A 
BP
LQOL
>ABKLSFORP
ERJ>KL
NRB
FK@OBJBKQ>
I>
>AFMLPF
A>A
V
OBAR@B
ILP
QOFDIF@vOFALP
BK
JLABILP
>KFJ>IBP
3FK
BJ?>ODL
I>
OBPMRBPQ>
AB
ILP
KFSBIBP
PvOF@LP
AB
@LIBPQBOLI
BP
LMRBPQ>
>I
!A 
  
%ODFK
BQ
>I

OB>IFW>OLK
RK
BPQRAFL
AB
@LELOQB
BK
SLIRKQ>OFLP
M>O>
ABQBOJFK>O
I>
MOBS>IBK@F>
AB
>KQF
@RBOMLP
@LKQO>
!A 
BK
MBOPLK>P
L?BP>P
V
KL
L?B
P>P
V
BS>IR>OLK
I>
>PL@F>@F{K
AB
I>
MOBPBK@F>
AB
BPQLP
>KQF@RBOMLP
@LK
BI
yKAF@B
AB
J>P>
@LOMLO>I
)-#
V
ILP
IyMFALP
PvOF@LP
%K@LKQO>OLK
RK>
>PL@F>@F{K
BPQ>
AyPQF@>JBKQB
PFDKF›
@>QFS>
AB
I>
L?BPFA>A
V
I>
MLPFQF
SFA>A
AB
>KQF@RBOMLP
@LKQO>
!A 
FKABMBKAFBKQB
AB
BA>A
PBUL
V
MOL@BABK@F>
!Py
@LJL
AB
KFSBIBP
?>
GLP
AB
@LIBPQBOLI
V
QOFDIF@vOFALP
PvOF@LP
BK
PRGBQLP
@LK
>KQF@RBOMLP
>KQF
!A 
MLPFQFSLP
@LJM>O>ALP
@LK
ILP
PBOLKBD>QFSLP
!ABJpP
BI
>KpIFPFP
BK
DBJBILP
JLPQO{
NRB
ILP
DBJBILP
@LK
>KQF@RBOMLP
MLPFQFSLP
QBKy>K
RK
)-#
JpP
>IQL
 

 
SP
 

 
HD

J
0
 
V
BI
MLO@BKQ>GB
AB
DO>P>
@LOMLO>I
J>VLO
 

 
SP
 

 
0
  
.L
L?PBOS>OLK
KFKDRK>
>PL@F>@F{K
AB
>KQF@RBOMLP
@LKQO>
!A 
!A

L
!A 
@LK
BI
)-#
L
IyMFALP
PvOF@LP
#LK@IRVBK
AL
NRB
BI
!A 
BPQp
>PL@F>AL
@LK
RK
FK@OBJBKQL
AB
MBPL
@LOMLO>I
V
AFPJFKR@F{K
AB
ILP
IyMFALP
PvOF@LP
,LP
BPQRAFLP
MOLPMB@QFSLP
FKAF@>K
NRB
BI
!A 
GRBD>
RK
M>MBI
BK
I>
BQFLILDy>
AB
I>
L?BPFA>A
ERJ>K>
 
+23=2


6FORP
>KFJ>IBP
V
ERJ>KLP
NRB
MOLAR@BK
L?BPF
A>A
4LJ>AL
AB
!QHFKPLK
2,

 
-:CFD Z@
56=
C6A@CE6
!KFJ>I
6FORP
ABI
JLNRFIIL

@>KFKL 
6FORP
!PL@F>AL
2LRP
QFML
 
6FORP
AB
I>
BKCBOJBA>A
AB
"LOK> 
!DBKQB
ABI
3@O>MFB 
!ABKLSFORP
>SF>O
3-!-  
(RJ>KL
!ABKLSFORP
 
!ABKLSFORP
 
!ABKLSFORP
 


+23=2

/?BPFA>A
BK
>KFJ>IBP
>
ILP
NRB
PB
IBP
FKVB@Q>OLK
SFORP
L
MOFLKBP
4LJ>AL
AB
3ELOP
4


-:CFD
@
286?E6
:?7644:@D@ $@56=@D
2?:>2=6D
6FORP
ABI
JLNRFIIL
@>KFKL
2>QLKBP
MLIILP
6FORP
>PL@F>AL
>I
P>O@LJ>
AB
2LRP  0LIILP
6FORP
AB
I>
BKCBOJBA>A
ABI 2>Q>P
"LOK>
!DBKQB
AB
I>
BK@BC>ILM>Qy>
BPMLKDFCLOJB
LSFK>
3@O>MFB 2>QLKBP
(pJPQBO
!ABKLSFORP
>SF>O
3-!-  0LIILP
!ABKLSFORP
ERJ>KL  0LIILP
2>QLKBP
-LKLP
!RKNRB
ELV
BK
Ay>
PB
@LKL@BK
JBGLO
I>P
FKCB@@FLKBP
NRB
@>RP>K
L?BPFA>A
MLO
JBAFL
AB
IBPFLKBP
ABI
3.#
I>
FKCB@@F{K
MLO
!A 
>CB@Q>
AFOB@Q>JBKQB
BI
QBGFAL
DO>PL
PRP@FQ>KAL
ARA>P
PL?OB
BI
@LJMLKBKQB
@BKQO>I
BK
BPQB
@>PL
%PMLPFQL
BQ
>I

OB>IFW>K
RK
>KpIFPFP
AB
I>
IFQBO>QRO>
PL?OB
ILP
BPQRAFLP
NRB
OBI>@FLK>K
I>
L?BPFA>A
ERJ>
K>
@LK
BI
>ABKLSFORP

!$  
!K>IFW>K

BPQRAFLP
PL?OB
!$ 
V
L?BPFA>A
BK
>KFJ>IBP
BK@LKQO>KAL
NRB
>
MBP>O
AB
RQFIFW>OPB
AFCBOBKQBP
JLABILP
>KFJ>IBP
MLIILP
O>QLKBP
O>Q>P
EpJPQBO
MOFJ>QBP
KL
ERJ>KLP
I>
FKCB@@F{K
@LK
!$ 
IIBS{
>
RK
CRBOQB
>RJBKQL
BK
BI
MBPL
@LOMLO>I
AB?FAL
>
I>
>@RJRI>@F{K
PRPQ>K@F>I
AB
DO>P>
FDR>IJBKQB
@>RP>
>IQBO>@F{K
AB
ILP
S>ILOBP
AB
@LIBPQBOLI
QLQ>I
V
QOFDIF@vOFALP
%K
BI
@>PL
BPMB@y›

@L
AB
ILP
EpJPQBOBP
PB
ABP@OF?F{
>ABJpP
RK>
AFPJFKR
@F{K
AB
ILP
KFSBIBP
AB
#4
>IQBO>@FLKBP
BK
ILP
S>ILOBP
AB
($,
V
,$,
>Py
@LJL
RK
>RJBKQL
ABI
OFBPDL
AB
BKCBOJBA>A
@>OAFLS>P@RI>O
%K
ILP

BPQRAFLP
AB
L?B
PFA>A
BK
>ARIQLP
ERJ>KLP
PBz>I>K
RK>
>PL@F>@F{K
PFD
KF›
@>QFS>
BKQOB
I>
L?BPFA>A
V
I>
PBOLMLPFQFSFA>A
@LKQO>
!$ 
BK
PLIL

AB
BPQLP
BPQRAFLP
JFBKQO>P
BK
ILP

BPQRAFLP
AB
L?BPFA>A
BK
KFzLP
B
FKCB@@F{K
MLO
!A
)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  
 
6FORP
V
BKCBOJBA>ABP
@O{KF@>P
#>PQ>zL
&3D6CG24:@?6D
246C42
56
=2
@36D:525 $642?:D>@
56
=2
@36D:525
0BPL
@LOMLO>I
>RJBKQ>
BI
Q>J>zL
V
BI
K~JBOL
AB
@vIRI>P
>AFMLP>P
BI

 2BDRI>@F{K
ABI
OB
AB
ILP
O>QLKBP
PL?OBSFSFBKQBP
CRBOLK @BMQLO
AB
IBMQFK>
L?BPLP
$BM{PFQL
AB
DO>P>
>IOBABALO
ABI
?R@EB -B@>KFPJL
JLIB@R
V
BI
M>Ky@RIL
>AFMLPL
>?ALJFK>I
BK
I>P I>O
KL
MOLMRBPQL
>SBP
,>P
O>Q>P
NRB
PL?OBSFSFBOLK
CRBOLK $>zL
EFMLQ>IpJF@L
L?BP>P
3B
L?PBOS>
L?BPFA>A
BK
ILP
EpJPQBO !IQBO>@FLKBP
ABI
BGB
EFMLQ>IpJF@L EFML›

PF>OFL PRM>OOBK>I
$BP>OOLIIL
BU@BPFSL
AB
DO>P>
SFP@BO>I -B@>KFPJL
JLIB@R
I>O
KL
MOLMRBPQL
)K@OBJBKQL
ABI
QBGFAL
>AFMLPL -B@>KFPJL
JLIB@R
I>O
KL
MOLMRBPQL

PB
OBMLOQ>OLK
>PL@F>@FLKBP
BPQ>AyPQF@>JBKQB
PFD
KF›
@>QFS>P
%K@LKQO>KAL
NRB
I>P
BSFABK@F>P
PRDFBOBK
I>
KB@BPFA>A
AB
JpP
BPQRAFLP
M>O>
BS>IR>O
PF
BUFPQB
L
KL
>PL@F>@F{K
BKQOB
I>
MOBPBK@F>
AB
>KQF@RBOMLP
@LK
QO>
!$ 
V
I>
L?BPFA>A
3F
PB
ABJRBPQO>
NRB
!$ 
GRBD>
RK
M>MBI
BK
I>
L?BPFA>A
PBOp
FJMLOQ>KQB
M>O>
FKSBPQFD>O
MLPF?IBP
S>@RK>P
@LKQO>
I>
FKCB@@F{K
BK
Py
L
I>P
AOLD>P
>KQFSFO>IBP
QFBKBK
@>M>@FA>A
AB
FKEF?FO
I>
MOLDOBPF{K
AB
I>
BKCBOJBA>A
 
-:CFD
J
DX?5C@>6
56
72E:82
4C[?:42
%I
PyKAOLJB
AB
C>QFD>
@O{KF@>
3&#
BP
RK
QO>PQLOKL
ABS>PQ>ALO
V
@LJMIBGL
,>P
MBOPLK>P
@LK
3&#
QFBKBK
RK
@>KP>K@FL
>?ORJ>ALO
V
RK>
DO>K
@>KQFA>A
AB
LQOLP
PyKQLJ>P
PLJpQF@LP
L
KBROLMPF@LI{DF@LP
@LJL
C>QF
D>
PBSBO>
JF>IDF>P
IFKC>ABKLM>Qy>
ALILO
AB
D>OD>KQ>
BPQOvP
V
ABMOBPF{K
NRB
KL
JBGLO>K
@LK
BI
ABP@>KPL
BK
I>
@>J>
V
NRB
MRBABK
BJMBLO>O
@LK
I>
>@QFSFA>A
CyPF@>
L
BI
BPCRBOWL
JBKQ>I
V
ARO>

L
JpP
JBPBP
!
JBKRAL
OB>IFW>K
>@QFSFA>ABP
>
RK
KFSBI
PRPQ>K@F>IJBKQB
JBKLO
AB
IL
NRB
BO>K
@>M>@BP
>KQBP
AB
I>
>M>OF@F{K
ABI
QO>P
QLOKL
     
 2BSFPQ>
AB
)KSBPQFD>@FLKBP

5KFSBOPFA>A
ABI
1RFKAyL

+23=2

!DBKQBP
FKCB@@FLPLP
MOLMRBPQLP
@LJL
@>RP>
AB C>QFD>
MOLILKD>A>
NRB
OBRKy>
ILP
@OFQBOFLP
AF>DK{PQF@LP

PyKAOLJB
AB
C>QFD>
@O{KF@>
4LJ>AL
V
JLAF›
@>AL
AB

 ABI
#$#
,>
L@ROOBK@F>
AB
RK
BPQ>AL
FKAFPQFKDRF?IB
AB
#

 C>QFD>
“MLP
FKCB@@FLP>”
PLMLOQ>
BI
@LK@BMQL
AB
NRB
BI
86?E6D
:?7644:@D@D
AC@AF6DE@D
4@>@
42F 3&#
BP
RK>
PB@RBI>
FKBPMB@y›
@>
AB
RK>
S>OFBA>A
AB
D2
56
DX?5C@>6
56
72E:82
4C[?:42 BKCBOJBA>ABP
BK
IRD>O
AB
RK>
BKCBOJBA>A
@LK
RK>
!DBKQB
BQFLI{DF@L
MOLMRBPQL %PQRAFLP %PQRAFLP PLI>
@>RP>
FKCB@@FLP>
BPMB@y›
@>
 
PRDBPQFSL KBD>QFSLP
6FORP
%MPQBFK
">OO   0BOPFPQB
I>
@LKQOLSBOPF>
>@BO@>
AB
NRB
I>
C>QFD>
@O{KF@>
BP
MOLSL@>A>
MLO
@R>INRFBO
>DBKQB
FKCB@@FLPL
L
BSBKQL
#VQLJBD>ILSFORP  
QO>RJpQF@L
L
PF
BP
KB@BP>OFL
RK
PLIL
QFML
M>OQF@RI>O
AB
(BOMBP
SFORP
  
>DBKQB
FKCB@@FLPL
L
QO>RJ>
3FK
BJ?>ODL
ILP
M>@FBK
(BOMBP
SFORP
   QBP
>QBKAFALP
BK
I>
MOp@QF@>
DBKBO>I
MLO
FKCB@@FLKBP
(BOMBP
SFORP
  @LJRKBP
KL
QFBKBK
RK>
J>VLO
COB@RBK@F>
AB
I>
C>QFD>
%KQBOLSFORP   MOLILKD>A>
BK
OBI>@F{K
@LK
ILP
M>@FBKQBP
>QBKAFALP
0>OSLSFORP   MLO
LQOLP
MOL?IBJ>P
JvAF@LP
'"
SFORP # 
%PMRJ>SFORP
ERJ>KL 
!RKNRB
KL
PB
E>
BK@LKQO>AL
KFKDRK>
BSFABK@F>
PBOL
I{DF@>
BK
C>SLO
AB
I>
FKCB@@F{K
@O{KF@>
V
MBOPFPQBKQB
"LOK>SFORP  
MLO
6%"
@LJL
@>RP>
ABI
3&#
PB
E>
>@RJRI>AL
RK
2BQOLSFORP
ERJ>KLP   PFDKF›
@>QFSL
K~JBOL
AB
BSFABK@F>P
KBD>QFS>P
AB
FK
2BQOLSFORP
8BKLQO{MF@L
JROFKL   SBPQFD>@FLKBP
M>O>
OB@E>W>O
BPQ>
EFM{QBPFP
%PQLP
BPQR
"LOOBIF>
?ROALOCBOF   AFLP
E>K
JLPQO>AL
NRB
KL
BUFPQBK
AFCBOBK@F>P
PFDKF›

"OR@BII>
PM   @>QFS>P
BK
ILP
QyQRILP
AB
>KQF@RBOMLP
PvOF@LP
SFORP
BK
-V@LMI>PJ>   I>
P>IFS>
V
>@QFSFA>A
AB
QO>KPCLOJ>@F{K
AB
ILP
IFKCL@F
#>KAFA>
>I?F@>KP   QLP
BK
P>KDOB
L
IFKCL@FQLP
@FQLQ{UF@LP
BKQOB
M>@FBKQB
V
@LKQOLIBP
P>KLP
!AF@FLK>IJBKQB
RK
BPQRAFL
DO>KAB
AB
QO>Q>JFBKQL
@LJM>O>KAL
BI
!@F@ILSFO
FKQO>SBKLPL
0>MBI
AB
I>
FKCB@@F{K
I>
@>RP>
FKCB@@FLP>
ABI
3&#
E>
V
LO>I
@LK
BI
MI>@B?L
BK
M>@FBKQBP
@LK
3&#
KL
JLP
PFAL
MOLMRBPQL
6BO
4>?I>

MBOL
I>
BSFABK@F>
KL
BP
QO{L
KFKD~K
?BKB›
@FL
3B
E>
MOLMRBPQL
I>

MLPF?FIFA>A
OBMOLAR@F?IB
M>O>
RK
PLIL
>DBKQB
FKCB@@FLPL
@LJL
AB
NRB
BK

ILP
M>@FBKQBP
@LK
3&#
PB
MRBA>K
OB>@QF
OBPMLKP>?IB
AB
RK>
MOLMLO@F{K
PFDKF›
@>QFS>
AB
BPQ>
S>O
SFORP
I>QBKQBP
JpP
COB@RBKQBJBKQB
NRB
BK
ILP
FK
BKCBOJBA>A
,>
C>QFD>
MLPQFKCB@@FLP>
@>RP>
RK>
CLO
AFSFARLP
P>KLP
MBOL
KL
BPQp
@I>OL
PF
I>
MBOPFPQBK@F>
J>
@IyKF@>
FKAFPQFKDRF?IB
ABI
3&#
NRB
MRBAB
>M>OB@BO
AB
BKQBOLSFORP
BP
RK>
@>RP>
L
RK>
@LKPB@RBK@F>
ABI
ABPMRvP
ABI
AF>DK{PQF@L
AB
I>
FKCB@@F{K
MLO
BGBJMIL
PyKAOLJB
 
FKCB@@F{K
MLO
6%"
)Kœ
RBKW>
?OR@BILPFP
DF>OAF>PFP
FK@IRVBKAL
>IDRK>P
NRB
QFBKBK
CL@LP
DBLDOp›
@LP
JRV
,>
RIQFJ>
@LKQOLSBOPF>
PL?OB
I>
BQFLILDy>
ABI
3&#
?FBK
AB›
KFALP
BG
%KCBOJBA>A
AB
,VJB
&FB?OB
1
L@ROOF{
ABPMRvP
AB
RK>
MR?IF@>@F{K
AB
,LJ?>OAF
BQ
FKCB@@F{K
ABI
SFORP
ABI
OyL
2LPP 
>I
BK
BI

ALKAB
FJMIF@>OLK
>I
OBQOLSFORP
UBKLQO{
MF@L
ABI
O>Q{K
8-26
BK
BI


AB

M>@FBKQBP
%K
RK
BPQRAFL
MOLPMB@QFSL
(F@HFB
BQ
>I
BK

OB
MBOL
PLIL
BK
 

AB

@LKQOLIBP
P>KLP
 
5K
MLOQ>OLK
NRB
I>
C>QFD>
MLPQFKCB@@FLP>
PB
MOBPBKQ>
@LK
DORML
AB
FKSBPQFD>ALOBP
>M>OQB
OBMLOQ{
RK>
AFPM>OF
RK
Q>P>
>MOLUFJ>A>
AB


MLO
FKCB@@FLKBP
AB
6%"
A>A
PFJFI>O
BK
I>
COB@RBK@F>
ABI
SFORP
AB
I>
IBR@BJF>
&FB?OB
1
SFORP
ABI
OyL
2LPP
,>
J>VLOy>
AB
BPQLP
M>
ABI
O>Q{K
-,6
OBI>@FLK>AL
@LK
I>P
PB@RBI>P
BKQOB
@FBKQBP
@RJMIFBOLK
@LK
ILP
@OFQBOFLP

AF>DK{PQF@LP
M>O>
ILP
M>@FBKQBP
@LK
3&#
V
ILP
ALK>KQBP
AB
P>KDOB
P>
3&#
 
,>
@LKS>IB@BK@F>
MOLILKD>A>
ABPMRvP
AB
KLP
0BOL
ILP
BPQRAFLP
JLIB@RI>OBP
AB
!$.
PRDFOFB
I>
FKCB@@F{K
MLO
JLKLKR@IBLPFP
BP
RK
CBK{JBKL
?FBK
OLK
NRB
I>P
JRBPQO>P
ERJ>K>P
CRBOLK
@LKQ>JFK>A>P
OB@LKL@FAL
+>QW
BQ
>I


OB>IFW>OLK
RK
BPQRAFL
OB
@LK
!$.
AB
O>Q{K
6>OFLP
BPQRAFLP
PR?PB@RBKQBP
E>
QOLPMB@QFSL
BK
>ALIBP@BKQBP
@LK
FKCB@@F{K
MLO
JLKL
C>II>AL
BK
JLPQO>O
>IDRK>
>PL@F>@F{K
ABI
8-26
@LK
KR@IBLPFP
BI
@R>I
JLPQO{
NRB
ARO>KQB
BI
PBDRFJFBKQL
BI
3&#
V
ILP
ALP
BPQRAFLP
NRB
FKF@F>IJBKQB
BK@LKQO>
BKQOB
 
PBJ>K>P
ABPMRvP
AB
I>
FKCB@@F{K
MLO
BPQB
OLK
RK>
>PL@F>@F{K
CRBOLK
›
K>IJBKQB

OBQO>@Q>ALP

SFORP
BKQOB
 


OBPMB@QFS>JBKQB
MOBPBKQ>OLK
RK>
  

)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  



%K
RK>
PBOFB
AB
BPQRAFLP
@LK
BPQRAF>KQBP
AB
JBAF@FK>
JBK@FLK>ALP
MLO
'I>PBO
BQ
>I

PB
>PL@F{
BI
BPQOvP
AB
I>
vML@>
AB
BUpJBKBP
@LK
ILP
@>J?FLP
BK
I>
BU
MOBPF{K
ABI
BPQ>AL
BPQ>@FLK>OFL
AB

I>
FKCB@@F{K
MLO
BI
SFORP
%MPQBFK
">OO
6%"
I>QBKQB
!IQLP
QyQRILP
AB
>K
QF@RBOMLP
QFML
)D'
@LKQO>
I>
MOLQByK>
6#!
AB
6%"
PB
L?PBOS>K
BK
I>
QBJMLO>A>
AB
BUpJBKBP
@LJM>O>ALP
@LK
I>P
JRBPQO>P
QLJ>A>P
>MOLUFJ>A>JBKQB
RK
JBP
>KQBP
ABI
BUMBOFJBKQL
)DR>IJBKQB
PB
E>
ABQBOJFK>
AL
BI
FJM>@QL
ABI
BPQOvP
>@>AvJF@L
PL?OB
I>
OBPMRBPQ>
@BIRI>O
AB
ILP
,4
AB
JBJLOF>
BPMB@y›
@LP
@LKQO>
6%"
L?PBOS>KAL
BK
RK
BPQRAFL
RK>
AFPJFKR@F{K
PFDKF›
@>
QFS>
AB
I>
E>?FIFA>A
AB
ILP
,4
@FQLQ{UF@LP
BPMB@y›
@LP
@LKQO>
6%"
M>O>
BIFJFK>O
ILP
IFKCL@FQLP
"
>RQ{ILDLP
FKCB@Q>ALP
@LK
6%"
!ABJpP
ILP
,"
MBOFCvOF@LP
L?
QBKFALP
AB
BPQRAF>KQBP
PBOLMLPFQFSLP
M>O>
6%"
JLP
QO>OLK
RK>
AFPJFKR@F{K
BK
I>
MOLIFCBO>@F{K
@R>KAL
CRBOLK
BUMRBPQLP
>
S>OFLP
MLIFMvMQFALP
MROF›
@>ALP
AB
6%"
V
PFDRB
>RJBKQ>AL
ILP
BPQRAFLP
NRB
>PL@F>K
BI
BPQOvP
MPF@LI{DF@L
@LK
I>
OB>@QFS>@F{K
AB
FKCB@@FLKBP
SFO>IBP
@O{KF@>P
I>QBKQBP
MLO
6%"
V
#-6
 
3BD~K
#EF>
BQ
>I

A>AL
NRB
I>
J>VLOy>
AB
ILP
M>@FBKQBP
@LK
3&#
QFBKBK
PyKQLJ>
D>PQOLFKQBPQFK>I
MBOPFPQBKQB
L
FKQBOJFQBKQB
BPQLP
>RQLOBP
BS>IR>OLK

I>
MOBPBK@F>
AB
MOLQByK>
AB
I>
@pMPFAB
SFO>I

60

V
BI
!2.
AB
BKQBOLSFORP
%6

V

@RIQFS>OLK

SFORP
>
M>OQFO
AB
I>P

JRBPQO>P
AB
?FLMPF>
AB
BPQ{J>DL
AB
ILP
M>@FBK
QBP
@LK
3&#
BK@LKQO>KAL
NRB
BI


AB
I>P
?FLMPF>P
AB
BPQLP
M>@FBKQBP
CRBOLK
MLPFQFS>P
M>O>
60
JFBK
QO>P
PLIL
BI


AB
ILP
@LKQOLIBP
CRBOLK
MLPFQFSLP
%I
2.!
AB
%6
PB
ABQB@Q{
BK

AB
I>P
?FLMPF>P
AB
ILP
@>PLP
V
PLIL
BK
BI

AB
ILP
@LKQOLIBP
%K
>IDRKLP
M>@FBKQBP
@LK
3&#
PB
L?PBOS{
@OB@FJFBKQL
AB
BKQB
:8FC2

)KQBO>@@F{K
BKQOB
C>@QLOBP
MPF@LPL@F>IBP
FKJRKBP
FKJRKLI{DF@LP
V
SFO>IBP
BK
I>
FKF@F>@F{K
V
MBO
MBQR>@F{K
AB
I>
C>QFD>
@O{KF@>

4LJ>AL
V
JLAF›
@>AL
AB
">KP>I
BQ
>I

 
)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  
 
6FORP
V
BKCBOJBA>ABP
@O{KF@>P
#>PQ>zL
OLSFORP
KL
@FQLMpQF@LP
#LK@IRVBKAL
NRB
I>
MOLQByK>
60
AB
BKQBOLSFORP
BI
2.!
V
BKQBOLSFORP
KL
@FQLMpQF
@LP
CRBOLK
ABQB@Q>ALP
BK
I>P
?FLMPF>P
BPQLJ>@>IBP
AB
M>@FBKQBP
@LK
3&#
@LK
ALILO
>?ALJFK>I
@O{KF@L
 
!
MBP>O
AB
JR@ELP
>zLP
AB
FKQBKP>
FKSBPQFD>@F{K
KL
E>V
@LKPBKPL
PL?OB
I>
MOBPBK@F>
I>
K>QRO>IBW>
V
BI
DO>AL
AB
AFPCRK@F{K
FKJRKB
BK
BPQ>
@LKAF@F{K
3FK
BJ?>ODL
PB
E>
L?PBOS>AL
FK@OBJBKQL
AB
@FQLNRFK>P
FKœ
>J>QLOF>P
V
MOL
FKœ
>J>QLOF>P
@LJL
), 
), 
V
4.&
!AF@FLK>IJBKQB
PB
E>K
BSFABK@F>AL
>IQBO>@FL
KBP
BK
I>
CRK@F{K
AB
I>P
@vIRI>P
>PBPFK>P
K>QRO>IBP
V
BK
>IDRKLP
M>@FBKQBP
PB
E>K
ABP@OFQL
>IQBO>@FLKBP
BK
I>
@>KQFA>A
AB
@vIRI>P
4
-FBKQO>P
KL
E>V>
AFCBOBK@F>P
BK
I>
MOBS>IBK@F>
AB
PBOLILDy>
MLPFQFS>
M>O>
ILP
EBOMBP
SFORP
@LJRKBP
BK
M>@FBKQBP
@LK
3&#
V
ILP
@LKQOLIBP
P>KLP
MBPL
PF
>IDRK>
BSFABK@F>
AB
I>
MBOPFPQBK@F>
SF
O>I
V
BI
@LKQOLI
FK>AB@R>AL
AB
I>
OBMIF@>@F{K
SFO>I
I>
E>?FIFA>A
AB
@FBOQLP
SFORP
EBOMBP
M>O>
MLKBO
BK
OFBPDL
BI
ABP>OOLIIL
AB
@vIRI>P
4
AB
JBJLOF>
MRBAB
BUMIF@>O
I>
MBOPFPQBK@F>
AB
I>
FKCB@@F{K
SFO>I
V
I>
@LKQFKRFA>A
AB
ILP
PyKQLJ>P
6>OFLP
FKSBPQFD>ALOBP
E>K
OBMLOQ>AL
RK
FK@OBJBKQL
AB
I>
>@QFSFA>A
AB
I>
b
LIFDL>ABKFI>QL
PFKQBQ>P>
/!3
BK
@vIRI>P
JLKLKR@IB>OBP
AB
ILP
M>
@FBKQB
@LK
3&#
V
BPQLP
KFSBIBP
PB
@LOOBI>@FLK>K
@LK
I>
PBSBOFA>A
AB
I>
BKCBOJBA>A
%PQ>
MOLQByK>
BP
FKAR@FA>
MLO
).& †
B
).& ƒ
V
PLK
RKL
AB
ILP
JB@>KFPJLP
AB
ABCBKP>
FJMLOQ>KQBP
@LKQO>
I>
MOLIFCBO>@F{K
SFO>I
IL
NRB
IIBS>
>
MOLMLKBO
I>
EFM{QBPFP
AB
NRB
I>
FKCB@@F{K
SFO>I
@O{KF@>
MLAOy>
PBO
RK>
MLPF?IB
@>RP>
ABI
3&#
SBO
›
DRO>
 
3FK
BJ?>ODL
I>
ABQB@@F{K
AB
S>OFLP
EBOMBP
SFORP
BKQBOLSFORP
V
BI
SFORP
"LOK>
BK
M>@FBKQBP
@LK
3&#
MLO
PBOLILDy>
L
0#2
E>
JLPQO>AL
OBPRIQ>ALP
@LKQO>AF@QLOFLP
 
 2BSFPQ>
AB
)KSBPQFD>@FLKBP

5KFSBOPFA>A
ABI
1RFKAyL
-:CFD
J
:236E6D
,>
FK@FABK@F>
AB
AF>?BQBP
JBIIFQRP
QFML

FKPRIFKL
ABMBKAFBKQB
$-)
PB
E>
FK@OBJBKQ>AL
OpMFA>JBKQB
BK
JR@E>P
M>OQBP
ABI
JRKAL
L@@FABKQ>I
,>
$-)
PB
@LKPFABO>
BI
OBPRIQ>AL
AB
RK>
BKCBOJBA>A
@O{KF@>
BP
RK
ABPLOABK
JRIQFC>@QLOF>I
NRB
OBNRFBOB
RK>
MOB
AFPMLPF@F{K
DBKvQF@>
V
RK
AFPM>O>ALO
M>O>
BI
MOL@BPL
>RQLABPQOR@QFSL
@LJL
PB
E>
L?PBOS>AL
BK
LQO>P
BK
CBOJBA>ABP
>RQLFKJRKBP
MOFK@FM>IJBKQB
JBAF>AL
MLO
@vIRI>P
4
IIBS>KAL
BSBKQR>IJBKQB
>
I>
MvOAFA>
SFOQR>IJBKQB
@LJMIBQ>
AB
I>P
@vIRI>P
"
M>K@OBpQF@>P
%PQRAFLP
NRB
FK@IRVBK
DBJBILP
JLKL@FDLQLP
FKAF@>K
@I>O>JBKQB
NRB
ILP
C>@QLOBP
>J?FBKQ>IBP
GRBD>K
RK
M>MBI
FJMLOQ>KQB
>AF@FLK>I
>
I>
PR@BMQF?FIFA>A
DBKv
QF@>
AB
I>
BKCBOJBA>A
NRB
IIBS>
>
I>
ABPQOR@@F{K
AB
@vIRI>P
‡
ABI
MpK@OB>P
,>
M>QLDvKBPFP
AB
BPQ>
BKCBO
JBA>A
FKSLIR@O>
JB@>KFPJLP
AB
>RQLFKJRKFA>A
ILP
@R>IBP
MRBABK
PBO
FKF@F>ALP
L
>@BIBO>ALP

MLO

C>@QLOBP
AB
OFBPDL
>J?FBKQ>IBP

%I
OFBPDL
$-
BP
RK>
@LJ?F
K>@F{K
AB
@R>QOL
C>@QLOBP
MOFK@FM>IBP

ILP
DBKBP
AB
PRP@BMQF?FIFA>A
DBKvQF@>
OBI>@FLK>ALP
@LK
$-

I>
>@QFS>@F{K
AB
C>@QLOBP
FKJRKLI{DF@LP
NRB
MRBABK
S>OF>O
V
>@Q~>K
@LJL
BPQyJRILP

LQOLP
C>@QLOBP
Q>
IBP
@LJL
I>
EBQBOLDBKBFA>A
BMFDBKvQF@>
@>RP>ALP
MLO
C>@QLOBP
>J?FBKQ>IBP
V

I>P
FKQBO>@@FLKBP
@LK
ILP
DBKBP
OBI>@FLK>ALP
@LK
LQO>P
Sy>P
BUMOBP>A>P
IL@>I
JBKQB
BK
I>P
@vIRI>P
‡
M>K@OBpQF@>P
FKJRKLI{DF@>
V
>MLMQLPFP
 
,LP
SFORP
PLK
ILP
MOFK@FM>IBP
C>@QLOBP
AB
OFBPDL
>J?FBKQ>I
OBSBI>ALP
MLO
ILP
BPQRAFLP
BMFAB
JFLI{DF@LP
MLO
IL
NRB
PB
E>K
MOLMRBPQL
S>OFLP
SFORP
NRB
MRBABK
@LKQOF?RFO
BK

I>
BQFLILDy>
AB
I>
$-

PB
E>K
L?PBOS>AL
RK
FK@OBJBKQL
BK
I>
Q>P>
AB
$-
ABPMRvP
AB
BMFABJF>P
AB
M>MBO>P

I>
FK@FABK@F>
AB
AF>?BQBP
BK
KFzLP
PB
E>
>PL@F>AL
Q>KQL
>
FKCB@@FL
KBP
MLO
M>MBO>P
V
OR?BLI>
V

I>
OBI>@F{K
BKQOB
I>
OR?BLI>
V
BI
$-
PB
E>
?>P>AL
MOBALJFK>KQBJBKQB
BK
BPQRAFLP
AB
PBDRFJFBKQL
ABI
PyKAOLJB
AB
OR?BLI>
@LKDvKFQ>
NRB
PRDFBOBK
NRB
I>
FKCB@@F{K
BK
BI
~QBOL
MRBAB
@LKAR@FO
>
$-
,>
J>VLOy>
AB
BPQRAFLP
OB
I>@FLK>K
I>
FKCB@@F{K
MLO
BKQBOLSFORP
MOFK@FM>IJBKQB
#LUP>@HFB
SFORP
"
#6"
@LK
BI
LOFDBK
AB
I>
$-
)
%I
SFORP
ABI>
EBM>QFQFP
#
E>
PFAL
>PL@F>AL
@LK
I>
>M>
OF@F{K
AB
$-
V
$-
,>
$-
PB
E>
>PL@F>AL

>AB
JpP
@LK
@FQLJBD>ILSFORP
BKQBOLSFORP
V
SFORP
,IRKD>K
 
,LP
SFORP
E>K
JLPQO>AL
QBKBO
MLPF?IBP
BCB@QLP
PL?OB
MRKQLP
BPMB@y›
@LP
BK
I>
M>QLDvKBPFP
AB
I>
AF>?BQBP
AB
QFML

V
E>II>WDLP
OB@FBKQBP
M>OB@BK
@LK›
OJ>O
BPQ>
MOBPRK@F{K
@LJL
PR
MLQBK@F>I
AB
FKAR@FO
OBPMRBPQ>
FKJRKB
FKK>Q>
V
>A>MQ>QFS>
,4
#$
B
FKœ
>J>@F{K
 )6G
?G6DE
,?:G
(F:?5X@
@= 
 
  

IL@>I
BK
ILP
{OD>KLP
?I>K@L
,LP
SFORP
MRBABK
FKCB@Q>O
V
ABPQORFO
I>P
@vIRI>P
?BQ>
ABI
MpK@OB>P
NRB
MOLAR@BK
I>
FKPRIFK>
V
Q>J?FvK
A>z>O
BPQ>P
@vIRI>P
>
QO>SvP
AB
JB
@>KFPJLP
FKAFOB@QLP
AB
>RQLFKJRKFA>A
3FK
BJ?>ODL
QLA>Sy>
C>IQ>K
BUMIF@>@FLKBP
?FBK
@FJBKQ>A>P
AB
@{JL
BU>@Q>JBKQB
ILP
SFORP
MRBABK
FKœ
RFO
BK
I>
BQFLILDy>
AB
I>
AF>?BQBP
QFML

%I
SyK@RIL
@>RP>I
BKQOB
$-
V
ILP
SFORP
PB
?>P>
BK
ILP
E>II>WDLP
BMFABJFLI{DF@LP
PBOLI{DF@LP
B
EFPQLI{DF@LP
>Py
@LJL
BK
ILP
BPQRAFLP
BUMBOFJBKQ>IBP ;@
H;HA
7
;@
H;FDA
3B
E>K
OBMLOQ>AL
JpP
AB

SFORP
AFCBOBKQBP
>PL@F>ALP
@LK
BI
ABP>OOLIIL
AB
AF>?BQBP
QFML
)
BK
ERJ>KLP
V
BK
S>OFLP
JLABILP
>KFJ>IBP
SBO
Q>?I>

BPQLP
FK@IRVBK
ILP
SFORP
!$.
AB
I>P
C>JFIF>P 7DB7EH;D;637

V (3DHAH;D;637
V
SFORP
!2.
AB
I>P
C>JFIF>P ,A93H;D;637 (3D3?KJAH;D;637
*7FDAH;D;637 V (;5AD@3H;D;637
6FORP
@LJL
@LUP>@
HFBSFORP
@FQLJBD>ILSFORP
V
AB
I>P
M>MBO>P
BUEF?BK
RK
QOLMFPJL
MLO
ILP
QBGFALP
M>K@OBpQF@L
V
MOLMFBA>ABP
@FQLQ{UF@>P
E>@F>
I>P
@vIRI>P
‡
,>
BSFABK@F>
J>P
@I>O>
B
FKBNRySL@>
AB
NRB
ILP
SFORP
FKAR@BK
AF>?BQBP
BP
BI
BPQRAFL
IIBS>AL
>
@>?L
BK
O>QLKBP
@LK
I>
S>OF>KQB 
ABI
SFORP
AB
I>
BK@BC>ILJFL@>OAFQFP
%-# $
V
BI
SFORP
+FIE>J
AB
I>
O>Q>
+26
BK
O>Q>P
M>OSLSFORP

    
%I
JB@>KFPJL
MLO
BI
NRB
ILP
BKQBOLSFORP
ABPBK@>ABK>K
I>
>RQLFKJRKFA>A
KL
BP
@I>OL
3B
E>K
PRDBOFAL
S>OFLP
JB@>KFPJL
NRB
KL
PB
BU@IRVBK
JRQR>JBKQB
0OFJBOL
BPQLP
SFORP
MRBABK
@>RP>O
I>
ABPQOR@@F{K
AFOB@Q>
MLO
IFPFP
AB
I>P
@vIRI>P
‡

ABI
MpK@OB>P
MLO

I>
@FQLQLUF@FA>A
FKCB@@F{K
@FQLMpQF@>
ABI
@F@IL
AB
SFA>
ABI
SFORP
%K
PBDRKAL
IRD>O
FKAFOB@Q>JBKQB
MLO
PR
@LKQOF?R@F{K
>
I>
OB>@QFSFA>A
>RQLFKJRKB
JBAF>A>
MLO
RK>
OB>@@F{K
@ORW>A>
AB
ILP
,4
NRB
L@ROOB
@R>KAL
ILP
>KQyDBKLP
SF
O>IBP
V
ILP
>KQyDBKLP
MOLMFLP
ABI
ELPMBABOL
@LJM>O
QBK
ABQBOJFK>KQBP
>KQFDvKF@LP
JFJBQFPJL
JLIB@RI>O

6BO
&FDRO>

MLO
BGBJMIL
PB
E>
L?PBOS>AL
NRB
I>
MOLQByK>
SFO>I
#
BUEF?B
RK>
PB@RBK@F>
PFJFI>O
>
I>
AB
RK>
>KQyDBKL
MOLMFL
AB
I>P
@vIRI>P
‡
p@FAL
DIRQpJF@L
ABP@>O?LUFI>P>
'!"


6OBDEBKEFI
BQ
>I

KL
BK@LKQO>OLK
BSFABK@F>P
BK
C>SLO
ABI
BCB@QL
@FQLIFQF@L
AFOB@QL
ABI
BKQBOLSFORP



%6
PL?OB
I>P
@vIRI>P
‡
ERJ>K>P
BK
RK

M>@FBKQB
NRB
ABP>OOLIIL
$-
QFML
)
ARO>KQB
RK>
FKCB@@F{K
PFPQvJF@>
PBSBO>
@LK
BPQB
SFORP
BI
M>@FBKQB
KL
QBKy>
PFDKLP
NRB
>MRKQ>K
>
RK>
OB>@@F{K
>RQLFKJRKB
FKF@F>A>
MLO
JF
JBQFPJL
JLIB@RI>O
@LKQO>
BI

>KQyDBKL
ABP@>O?LUFI>P>
AB
>@FAL
DIRQpJF@L
'!$
V
I>
QFOLPFK>
CLPC>Q>P>
AB
I>
JBJ?O>K>
)!
AB
I>P
@vIRI>P
‡
  

 6FORP
V
BKCBOJBA>ABP
@O{KF@>P
#>PQ>zL

+23=2

6FORP
!PL@F>ALP
@LK
BI
ABP>OOLIIL
AB
AF>?BQBP
QFML

V
PR
JB@>KFPJL
›
PFLM>QLDvKF@L
FJMIF@>AL4LJ>AL
V
JL
AF›
@>AL

AB
*RK
BQ
>I
 
-:CFD N4:5@
?F4=6:4@ @DA656C@ &3D6CG24:@?6D
#LUP>@HFB
" !2. %I
SFORP
PB
M>P{
>

I>P
@vIRI>P
?BQ>
JROFKL
>KQBP
AB
2>Q{K I>
FKCB@@F{K
3B
L?PBOS{
ABPQOR@@F{K
@FQLIyQF@>
AB
I>P
@vIRI>P
?BQ>
NRB
@LKAR@B
>
I>
AF>?BQBP
QFML
)
%I
SFORP
CRB
M>P>AL
BK
@vIRI>PP
?BQ>
AB
JLKL
>KQBP
0OFJ>QB
KL
ERJ>KLP AB
I>
FKCB@@@F{K
3B
ABP>OOLII{
$-
)
QO>KPFQLOF>
%SFABK@F>P
AB
BPQRAFLP
BMFABJFLI{DF@LP
OBMLOQBP
(RJ>KL >KB@A{QF@LP
3B
E>K
FABKQF›
@>AL
V
>FPI>AL
SFORP
AF>?BQLDvKF@LP
BK
O>QLKBP

ABI
M>K@OB>P
AB
M>@FBK
QBP
@LK
$-
)
%K@BC>ILJFL@>OAFQFP !2. 2>QLKBP $BPQOR@@F{K
@FQLIyQF@>
AB
I>P
@BIRI>P
‡

NRB
@LKAR@B
(>JPQBOP >
I>
AF>?BQBP
@IyKF@>
-BKDLSFORP !2. 2>QLKBP $BPQOR@@F{K
@FQLIFQF@>
AB
I>P
@BIRI>P
‡
6FORP
AB
I>
BKCBOJB !2. #BOALP
S>@>P $BPQOR@@F{K
@FQLIyQF@>
AB
I>P
@vIRI>P
A>A
MFB
V
?L@>
2BQOLSFORP !2. %UMOBPF{K
AB
DBKBP
AB
OBQOLSFORP

BK
@vIRI>P
‡
2>QLKBP >PL@F>ALP
@LK
BI
ABP>OOLIIL
AB
FKPRIFKFQFP
V
$-
)
BK
O>QLKBP
./$
2R?BLI> !2. (>JPQBOP 0LPF?IB
>PL@F>@F{K
@LK
$-)
>RQLFKJRKB
#LKBGLP 0LPF?IB
>PL@F>@F{K
@LK
$-)
>RQLFKJRKB
BPMB@F>I
(RJ>KLP JBKQB
BK
BI
PyKAOLJB
AB
OR?BLI>
@LKDvKFQL
6FORP
?LSFKL
AB
I> !2. 6>@>P 3LPMB@E>
AB
OBPMRBPQ>
>RQLFKJRKB
AF>OOB>
JR@LP>
6FORP
AB
I>P
0>MBO>P !2. (RJ>KLP 0LPF?IB
FKAR@@F{K
AB
>RQL>KQF@RBOML
@LKQO>
I>P
@vIRI>P
AB
ILP
FPILQBP
2BLSFORP !2. 2>QLKBP 0LPF?IB
>PL@F>@F{K
@LK
>RQLFKJRKFA>A

V
AF>?BQBP
BK
O>QLKBP
6FORP
+FIE>J
ABI> $.! .L
E>V
FKCB@@F{K
AFPQFKQFS>

AB
I>P
@vIRI>P
?BQ>
AB
O>Q> 2>Q>P O>Q>
$BP>OOLIIL
AB
>RQLFKJRKFA>A
BPMB@y›
@>
@LKQO>
I>P
@BIRI>P
‡
NRB
FKAR@B
$-
)
#FQLJBD>ILSFORP !$. (RJ>KLP !PL@F>@FLK
@LK
$-
)
>RQLFKJRKB
%MPQBFK ">OO !$. (RJ>KLP 0LPF?IB
FKAR@@F{K
AB
$-
)
>RQLFKJRKB
6>OF@BI> :LPQBO !$. (RJ>KLP %SFABK@F>P
FKAFOB@>P
AB
RK>
>PL@F>@F{K
@LK
$-
)

)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  
 

 2BSFPQ>
AB
)KSBPQFD>@FLKBP

5KFSBOPFA>A
ABI
1RFKAyL
:8FC2

-B@>KFPJLP
MRQ>QFSLP
PRDBOFALP
M>O>
I>
FKAR@@F{K
AB
I>
ABPQOR@@F{K
AB
I>P
@vIRI>P
M>K@OBpQF@>P
"
MLO
SFORP
OBI>@FLK>ALP
@LK
BI
LOFDBK
AB
I>
$-
)
4LJ>AL
AB

0OB@B@EQBILS>
*
 
9BRKD
BQ
>I

BK
RK>
OBSFPF{K
PFPQBJpQF@>
V
JBQ>
>KpIFPFP
AB
BPQRAFLP
AB
L?PBOS>@FLKBP
JLIB@RI>OBP
PL
?OB
I>P
FJMIF@>@FLKBP
AB
ILP
BKQBOLSFORP
BK
I>
BQFLILDy>
AB
I>
AF>?BQBP
JBIIFQRP
QFML

@LK@IRVBOLK
NRB
BUFPQB

SB@BP
JpP
OFBPDL
AB
NRB
I>
FKCB@@F{K
MLO
BKQBOLSFORP
@>RPB
AF>?BQBP
V
RK
OFBPDL

SB@BP
J>VLO
AB
NRB
RK
KFzL
ABP>OOLIIB
>RQLFKJRKFA>A
)DR>IJBKQB
BK@LKQO>
OLK
NRB
I>
FKCB@@F{K
MLO
BKQBOLSFORP
MBOPFPQBKQB
Q>J
?FvK
BP
@LJ~K
BKQOB
ILP
M>@FBKQBP
@LK
AF>?BQBP
QFML
LAAP
O>QFL

 
!PFJFPJL
PB
E>
MI>KQB>AL
NRB
I>
FKCB@@F{K
J>QBOK>I
@LK
BKQBOLSFORP
ARO>KQB
BI
BJ?>O>WL
MRBAB
FK@OBJBK
Q>O
BI
OFBPDL
AB
$-
)
BK
I>
ABP@BKABK@F>
ARO>KQB
I>
FKC>K@F>
0>O>
@LJMOL?>O
BPQ>
EFMLQBPFP
6FPH>OF
BQ
>I

V
%ICSFKD
BQ
>I

OB>IFW>OLK
PBKALP
BPQRAFLP
%K
BI
MOFJBOL
6FPH>OF
>K>IFW{
ALP
PBOFBP
AB
DBPQ>K
QBP
@RVLP
EFGLP
E>?y>K
ABP>OOLII>AL
AF>?BQBP
@IyKF@>
>KQBP
AB
I>P
BA>ABP
AB

V

>zLP
OBPMB@QFS>JBKQB
FDR>I
K~JBOL
AB
JRGBOBP
PFK
EFGLP
AF>?vQF@LP
CRBOLK
PBIB@@FLK>A>P
@LJL
@LKQOLIBP
3B
ABQBOJFK{
I>
)D-
@LKQO>
@LUP>@HFBSFORP
"
PBOFB

V
@LKQO>
RK>
JBW
@I>
AB
>KQyDBKLP
AB
@LUP>@HFBSFORP
"
@LUP>@HFBSF
ORP
!
V
B@ELSFORP

PBOFB
 
4LALP
ILP
PRBOLP
PB
>K>IFW>OLK
M>O>

ABQBOJFK>O
)D'
BPMB@y›
@>
@LKQO>
RK
>KQyDBKL
MBMQyAF@L
AB
BKQBOLSFORP
%K
I>P
ALP
PBOFBP
KL
BK@LKQO>OLK
AFCBOBK@F>P
PFDKF›
@>QFS>P
OBPMB@QL
>
I>
 )6G
?G6DE
,?:G
(F:?5X@
@= 
 
  

MOBPBK@F>
AB
>KQF@RBOMLP
)D-
@LKQO>
@LPU>@HFBSFORP
KF
@LKQO>
B@ELSFORP
BK
ILP
@>PLP
NRB
BK
ILP
@LKQOLIBP
,IBD>KAL
>
I>
@LK@IRPF{K
AB
NRB
ILP
OBPRIQ>ALP
PRDFB
OBK
NRB
I>
FKCB@@F{K
MLO
BKQBOLSFORP
ARO>KQB
BI
MOFJBO
QOFJBPQOB
AB
BJ?>O>WL
KL
PB
>PL@F{
@LK
RK
FK@OBJBK
QL
ABI
OFBPAL
AB
ABP>OOLII>O
$-
)
BK
BI
KFzL
 
!
PR
SBW
%ICSFKD

BQ
>I

BK

ILP
PRBOLP
AB

J>AOBP
PFK
AF>?BQBP
@RV>
ABP@BKAB@F>
ABP>OOLII{
$-
BK@LKQO>
OLK
NRB
ILP
EFGLP
AB
I>P
J>AOBP
)D-
MLPFQFS>P
M>O>
BKQBOLSFORP
QRSFBOLK
RK
OFBPDL

SB@BP
J>VLO
AB
ABP>
OOLII>O
AF>?BQBP
/2
 


#)
  
@R>KAL
PB
@LJM>O>OLK
@LK
ILP
EFGLP
AB
I>P
J>AOBP
KBD>QFS>P
M>O>
)D-
BPQLP
OBPRIQ>ALP
PRDFBOBK
NRB
I>
FKCB@@F{K
MLO
BKQBOLSFORP
BK
BI
BJ?>O>WL
MRBAB
BPQ>O
OBI>@FL
K>A>
@LK
BI
OFBPDL
AB
NRB
I>
ABP@BKABK@F>
ABP>OOLIIB
$-
ARO>KQB
I>
>ALIBP@BK@F>
L
BK
I>
>ARIQBW
QBJMO>K>
 
-:CFD
J
6?76C>6525
42C5:@G2D4F=2C
%KQOB

V

I>P
JRBOQBP
MLO
BKCBOJBA>A
@>O
AFLS>P@RI>O
PB
FK@OBJBKQ>OLK
AB


>
 

AB
QLA>P
I>P
JRBOQBP
BK
BI
JRKAL
 
3BD~K
I>
/OD>
KFW>@F{K
-RKAF>I
AB
I>
3>IRA
/-3
BK

I>P
BKCBOJBA>ABP
KL
QO>KPJFPF?IBP
@>RP>OLK
JpP
AB


AB
I>P
JRBOQBP
BK
BI
JRKAL
,>P
@R>QOL
BKQFA>ABP
KLPLI{DF@>P
MOFK@FM>IBP
AB
BPQB
DORML
PLK
I>P
BKCBO


JBA>ABP
@>OAFLS>P@RI>OBP
BI
@pK@BO
I>
AF>?BQBP
V
I>P
KBRJLM>Qy>P
@O{KF@>P
,>P
BKCBOJBA>ABP
@>OAFLS>P
@RI>OBP
J>Q>OLK
>
 
JFIILKBP
AB
MBOPLK>P
JpP
BK

NRB
BK
BI
>zL

%PQ>P
BKCBOJBA>ABP
@>RP>
OLK
@>PF
 
JFIILKBP
AB
JRBOQBP
BK

BP
AB@FO

AB
@>A>

MBOPLK>P
$B
BPQ>P
 
JFIILKBP
PB
>QOF?R
VBOLK
>
I>
@>OAFLM>Qy>
FPNRvJF@>
V
 
JFIILKBP
>
ILP
>@@FABKQBP
@BOB?OLS>P@RI>OBP
 
#LJ~KJBKQB
I>
BKCBOJBA>A
@>OAFLS>P@RI>O
%#6
PB
E>
OBI>@FLK>AL
@LK
ILP
PFDRFBKQBP
C>@QLOBP
AB
OFBPDL
BI
Ep?FQL
AB
CRJ>O
OFBPDL
 
SB@BP
J>VLO
BI
BPQOvP
RK>
SFA>
PBABKQ>OF>
@LKPRJL
@LKPQ>KQB
AB
?B?FA>P
>I@LE{IF@>P
L?BPFA>A
KFSBIBP
AB
@LIBPQBOLI
BIBS>AL
>RJBKQL
ABI
,$,
EFMBOQBKPF{K
AF>?BQBP
3F
?FBK
BPQLP
C>@QLOBP
AB
OFBPDL
BPQpK
CRBOQBJBKQB
>PL@F>ALP
>I
ABP>OOLIIL
AB
I>
%#6
KL
PLK
KB@BP>OF>JBKQB
PR›

@FBKQBP
MRBP
KL
ILDO>K
BUMIF@>O
BI


AB
ILP
@>
PLP
BP
MLO
BIIL
NRB
PB
E>K
QO>Q>AL
AB
FABKQF›
@>O
LQOLP
C>@QLOBP
NRB
MRAFBO>K
BPQ>O
@LKQOF?RVBKAL
>
I>
>IQ>
FK@FABK@F>
AB
I>
BPQ>
BKQFA>A
BP
>Py
@LJL
>IDRKLP
BP
QRAFLP
BMFABJFLI{DF@LP
E>K
PRDBOFAL
I>
>PL@F>@F{K
AB
I>
BKCBOJBA>A
@>OAFLS>P@RI>O
%#6
V
BKCBOJBA>ABP
FKCB@@FLP>P
%I
M>MBI
AB
I>P
BKCBOJBA>ABP
FKCB@@FLP>P
@LJL
ABP
BK@>ABK>KQBP
L
C>@FIFQ>ALOBP
ABI
MOL@BPL
L?PQOR@QFSL
@LOLK>OFL
KL
BP
KRBSL
I>
>PL@F>@F{K
AB
I>
>QBOLP@IBOL
PFP
@LK
RK>
FKCB@@F{K
SFO>I
PB
OB>IFW{
MLO
MOFJBO>
SBW
BK
BI
AB@BKFL
AB

@R>KAL
PB
OB>IFW{
I>
FKCB@@F{K
BUMBOFJBKQ>I
AB
MLIILP
IF?OBP
AB
DvOJBKBP
@LK
BI
SF
ORP
EBOMBP
>SF>O

BK@LKQO>KAL
NRB

MOLAR@y>

BKCBO
JBA>A
>OQBOF>I
V
BPQB
@LK@BMQL
BK
I>
%#6
ERJ>K>
PB
E>
SBKFAL
ABP>OOLII>KAL
ABPAB
›
K>IBP
AB
ILP
>zLP

@R>KAL
PB
MLPQRI{

>I
EBOMBP
SFORP
@LJL
RK
C>@QLO
BQFLI{DF@L
BK
I>
BKCBOJBA>A
>OQBOFLP@IBO{QF@>
ERJ>K>
 
3F
?FBK
BI
M>MBI
AB
I>
FKCB@@FLKBP
MLO
EBOMBP
SFORP
BK
I>
M>QLDvKBPFP
AB
I>
%#6

@LKQFKR>
PFBKAL
RK
BKFDJ>
M>Q{DBKLP
Q>IBP
@LJL :>3?K6;3
B@7G?A@;37
7>;
5A435F7D
BK;>AD;

#FQLJBD>ILSFORP#-6

SFORP
EBO
MBP
PFJMIB
6(3
MRBABK
@>RP>O
RK>
FKCB@@F{K
IL@>
IFW>A>
B
FKF@F>O
RK>
OB>@@F{K
FKœ
>J>QLOF>
@O{KF@>

  
(>GG>O
BQ
>I

BK@LKQO>OLK
NRB
BI
EBOMBP
SFORP
MRBAB
@LKQOF?RFO
>
I>
>@RJRI>@F{K
AB
IyMFALP
BK
I>
@vIRI>P
JRP@RI>OBP
IFP>P
AB
>OQBOF>P
ERJ>K>P
V
?L
SFK>P
@>O>@QBOFPQF@>
AB
I>
>QBOLP@IBOLPFP
!IQLP
QyQRILP
AB
>KQF@RBOMLP
@LKQO>
ILP
EBOMBP
SFORP
PB
E>K
FABKQF›

@>AL
@LJL
RK

C>@QLO
MOBAF@QLO
FKABMBKAFBKQB
AB
%#6
 
)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  
 
6FORP
V
BKCBOJBA>ABP
@O{KF@>P
#>PQ>zL
!RKNRB
BUFPQB
>?RKA>KQB
BSFABK@F>
@FO@RKPQ>K@F>I
PL
?OB
BI

M>MBI
ABI
EBOMBP
SFORP
BK
ILP
MOL@BPLP
AB
>QB
OLP@IBOLPFP
V
>›
KBP
>~K
KL
PB
E>
BPQ>?IB@FAL
RK>
OBI>
@F{K
AB›
KFQFS>JBKQB
AB
@>RP>
V
BCB@QL
 
-BKAV
BQ
>I

ABPMRvP
AB
>GRPQ>O
ILP
C>@QLOBP
ABJLDOp›
@LP
PL@FLB@LK{JF@LP
V
@LJLO?FIFA>ABP
BK
RK
BPQRAFL
@LK

M>OQF@FM>KQBP
BK@LKQO>OLK
RK>
>PL@F>@F{K
ML
PFQFS>
AB
I>
PBOLMLPFQFSFA>A
AB
)D'
@LKQO>
EBOMBP
SF
ORP
V
I>
%#6
MBOL
KL
@LKQO>
(36
)DR>IJBKQB
I>
FKCB@@F{K
MLO
BI
SFORP
AB
I>
EBM>QFQFP
!
(6!
MRBAB
PBO
@>RP>
AB
>OQBOFLP@IBOLPFP
V
PB
E>
L?PBOS>AL
NRB
ARMIF@>
BI
OFBPDL
AB
>OQBOFLP@IBOLPFP
 
:ER
BQ
>I

BK@LKQO>OLK
RK>
MOBS>IBK@F>
AB
%#6
AB


BK
ILP
M>@FBKQBP
PBOLMLPFQFSLP
M>O>

(!6
V


BK
ILP
M>@FBKQBP
PBOLKBD>QFSLP

0 
V
JBAF>KQB
BI

>KpIFPFP
AB
OBDOBPF{K
ILDyPQF@>
ABJLPQO>OLK

NRB
I>
PBOLMLPFQFSFA>A
>
(!6
BP
RK
MOBAF@QLO
FKABMBKAFBKQB
ABI
OFBPDL
AB
%#6
IL
@R>I
FK@OBJBKQ>
I>
MLPF?FIFA>A
AB
NRB
BPQB
SFORP
MRBA>
GRD>O
RK
M>MBI
@>RP>I
BK
I>
>QBOLDvKBPFP
 
-FBKQO>P
!RBO
BQ
>I

V
3JFBG>
BQ
>I

OB
MLOQ>OLK
NRB
I>
PBOLMLPFQFSFA>A
M>O>
(!6
KL
BP
RK
MOBAF@QLO
ABI
OFBPDL
M>O>
I>
%#6
V
PRDFBOBK
NRB
I>
FKCB@@F{K
MLO
(!6
M>OB@B
KL
BPQ>O
>PL@F>A>
@LK
I>
%#6
     
/IFSBFO>
BQ
>I
BK
BI


BK@LKQO>OLK
NRB
ILP
M>@FBK
QBP
JLKLFKCB@Q>ALP
@LK
SFORP
AB
EBM>QFQFP
#
(#6
KL
L?BPLP
KF
AF>?vQF@LP
V
K>QFSLP
QBKy>K
RK
OFBPDL
@>O
AFLS>P@RI>O
FKQBOJBAFL
 
6>OFLP
BPQRAFLP
@IyKF@LP
FKAF@>K
NRB
BI
K~JBOL
AB
FKCB@@FLKBP
JF@OL?F>K>P
I>
@>OD>
AB
M>Q{DBKLP
BP
RK

ABQBOJFK>KQB
@OyQF@L
BK
BI
ABP>OOLIIL
V
I>

MOLDOBPF{K
AB
I>
BKCBOJBA>A
>QBOLP
@IBO{QF@>
 
6FIHRK>
BQ
>I

BK@LKQO>OLK
NRB
I>
FKCB@@F{K
MLO
BI
SFORP
EBOMBP
PFJMIB
MRBAB
MOLJLSBO
I>
FKCB@@F{K
MLO
M>Q{DBKLP
MBOFLALKQ>IBP
V
I>
MOBPBK@F>
AB
BPQ>P
ALP
FKCB@@FLKBP
MRBAB
FK@OBJBKQ>O
BI
OFBPDL
AB
%#6
 
,LP
SFORP
L
?>@QBOF>P
@LK
RK
ABQBOJFK>AL
QOLMFP
JL
MLO
I>P
@vIRI>P
AB
I>
M>OBA
S>P@RI>O
MRBABK
@LK
QOF?RFO
>
I>
IBPF{K
S>P@RI>O
FKF@F>I
>
QO>SvP
AB
BCB@QLP
@FQLMpQF@LP
AFOB@Q>JBKQB
L
>
QO>SvP
AB
I>
FKAR@@F{K
AB
RK>
OBPMRBPQ>
>RQLFKJRKB
,LP
MOL@BPLP
FKJRKLM>QL
I{DF@LP
@LJL
BI

JFJBQFPJL
JLIB@RI>O
I>
BUMOBPF{K
AB
BMyQLMBP
L
I>
>@QFS>@F{K
AB
IFKCL@FQLP
>RQLOB>@QFSLP
@LKQO>
>KQyDBKLP
MOLMFLP
PLK
ILP
FKF@F>ALOBP
JpP
MOL
?>?IBP
ABI
MOL@BPL
FKœ
>J>QLOFL
@O{KF@L
BK
I>
M>OBA
S>P@RI>O
%I
OB@LKL@FJFBKQL
AB
I>
>QBOLDvKBPFP
@LJL
RK
MOL@BPL
FKJRKL M>QLI{DF@L
ABPBK@>ABK>AL
MLO
 2BSFPQ>
AB
)KSBPQFD>@FLKBP

5KFSBOPFA>A
ABI
1RFKAyL
M>Q{DBKLP
>?OB
I>
MLPF?FIFA>A
>
KRBS>P
BPQO>QBDF>P
AB
QO>Q>JFBKQL
@LJL
I>
S>@RK>@F{K
L
FKJRKLJLARI>@F{K
 
%I
#-6
PB
E>
>PL@F>AL
@LK
FKCB@@FLKBP
@O{KF@>P
>I
>@QFS>OPB
Q>OAy>JBKQB
>
M>OQFO
AB
RK
BPQ>AL
I>QBKQB
V
MRBAB
>ABJpP
FKCB@Q>O
AFOB@Q>JBKQB
I>P
@vIRI>P
AB
I>
M>OBA
S>P@RI>O
L
MOLAR@FO
RK>
FKCB@@F{K
PFPQvJF@>
FKœ
RVBKAL
BK
I>
M>QLDBKF>
AB
I>
%#6
:ER
BQ
>I

BK

BS>IR>OLK
I>
>PL@F>@F{K
BKQOB
I>
FKCB@@F{K
MLO
#-6
ILP
KFSBIBP
AB
MOLQByK>
#
OB>@QFS>
0#2
V
I>
%#6
BK
FKAFSFARLP
NRB
E>?y>K
PFAL
BS>IR>ALP
>KDFL
DOp›
@>JBKQB
@LK@IRVBKAL
NRB
#-6
ABPBK@>ABK>
RK>
OBPMRBPQ>
FKœ
>J>QLOF>
PR?@IFKF@>
BK
@FBOQLP
FKAF
SFARLP
IL
NRB
MRBAB
BUMIF@>O
BK
M>OQB
I>
AFPM>OFA>A
AB
OBPRIQ>ALP
AB
ILP
BPQRAFLP
NRB
FKQBKQ>K
OBI>@FLK>O
BI
#-6
@LK
I>
M>QLDvKBPFP
AB
I>
>QBOLP@IBOLPFP
 
%K
S>OFLP
BPQRAFLP
BMFABJFLI{DF@LP
PB
E>
PRDBOFAL
NRB
ILP
QyQRILP
>IQLP
AB
>KQF@RBOMLP
@LKQO>
#-6
PFDKF›
@>K
RK>
OB>@QFS>@F{K
AB
BPQ>
FKCB@@F{K
V
NRB
BPQ>
PFQR>
@F{K
BP
RK
ABQBOJFK>KQB
AB
I>
%#6
FKAF@>KAL
NRB
I>
PBOLMLPFQFSFA>A
@LKQO>
#-6
BP
RK
MOBAF@QLO
FKABMBK
AFBKQB
AB
%#6
 
OB@FBKQBJBKQB
3Q>KA?BOD
BQ
>I

BK@LKQO>OLK
ILP
KFSBIBP
AB
>KQF@RBOML
)D'
>KQF
#-6
BKQOB
 
5JI
@LJL
RK
C>@QLO
FKABMBK
AFBKQB
>PL@F>AL
@LK
I>
JLOQ>IFA>A
BK
RK>
@LJRKFA>A
AB
>ARIQLP
J>VLOBP
/2

)#


   
 
!ABJpP
3>SS>
BQ
>I
BK
BI

BK@LKQO>OLK
NRB
I>
FKCB@@F{K
MLO
#-6
FK@OBJBKQ>
J>O@>A>JBKQB
I>
JLOQ>IFA>A
BK
FKAFSFARLP
>K@F>KLP
AB?FAL
>
RK
BU@B
PL
AB
JRBOQBP
MLO
BKCBOJBA>A
S>P@RI>O

BPQLP
E>
II>WDLP
MRBABK
QBKBO
FJMIF@>@FLKBP
FJMLOQ>KQBP
M>O>
BI
BPQRAFL
AB
I>
PBKBP@BK@F>
FKJRKB
V
PF
PB
@LK›
OJ>
AB
J>KBO>
JpP
DBKBO>I
MLAOy>
QBKBO
FJMIF@>@FLKBP
FJ
MLOQ>KQBP
AB
JBAFA>P
M>O>
LMQFJFW>O
I>
P>IRA
AB
I>P
MBOPLK>P
J>VLOBP
6>OFLP
FKSBPQFD>ALOBP
E>K
BK@LK
QO>AL
>I
#-6
BK
I>
MI>@>
>QBOLP@IBO{QF@>
AB
I>P
>OQB
OF>P
@>O{QFA>P
AB
M>@FBKQBP
@LK
BPQBKLPFP
AB
BPQ>
>OQB
OF>
  
%I
M>MBI
BK
I>
>QBOLDvKBPFP

AB
BPQB
SFORP
PB

BUMIF@>
MLO
I>
@>M>@FA>A
NRB
QFBKB
BI
#-6
AB
JL
AF›
@>O
BI
>J?FBKQB
BUQO>@BIRI>O
ABI
ELPMBABOL
>
QO>SvP
AB
I>
IF?BO>@F{K
AB
C>@QLOBP
@BIRI>OBP
?FLI{DF@>JBKQB
>@QFSLP
FK@IRFALP
C>@QLOBP
AB
@OB@FJFBKQL
@FQL@FK>P
V
 )6G
?G6DE
,?:G
(F:?5X@
@= 
 
  

BKWFJ>P
JLAF›
@>ALO>P
AB
I>
J>QOFW
BUQO>@BIRI>O

BK
BPQ>
JFPJ>
IyKB>
#EBKD
BQ
>I

BK@LKQO>OLK
NRB
I>P
@vIRI>P
@>OAFLS>P@RI>OBP
PLK
RK
OBPBOSLOFL
I>
QBKQB
AB
#-6
V
NRB
I>P
@FQL@FK>P
FKAR@FA>P
MLO
BPQB
SFORP
MOL?>?IBJBKQB
PB
OBI>@FLK>K
@LK

I>
DvKBPFP
AB
I>

>QBOLP@IBOLPFP
 
%K
RK
KFSBI
?pPF@L
3MVOFAL
MLRIL
BQ
>I

RQFIFW>KAL
Qv@KF@>P
AB
?FLILDy>
JL
IB@RI>O
BK@LKQO>OLK
RK
MOLKRK@F>AL
>@LOQ>JFBKQL
AB
I>
ILKDFQRA
AB
ILP
QBI{JBOLP
BK
ILP
IFKCL@FQLP
4
#$
#$
BK
ILP
M>@FBKQBP
PBOLMLPFQFSLP
>
#-6
@LK
BKCBOJBA>A
@>OAFLS>P@RI>O
BK
@LJM>O>@F{K
@LK
ILP
SLIRKQ>OFLP
P>KLP
IL
NRB
PRDFBOB
RK>
CRBOQB
OBI>@F{K
BKQOB
BI
>@LOQ>JFBKQL
AB
ILP
QBI{JBOLP
V
I>
AFPCRK@F{K
@>OAF>@>
BUMIF@>A>
MLO
I>
FKJRKLPBKBP@BK@F>
 
3BD~K
(>KPPLK

V
/ILCPPLK

BPQB
SFORP
MRB
AB
JLARI>O
I>
>@QFSFA>A
Q>KQL
AB
I>P
@vIRI>P
FKJRKBP
@LJL
AB
I>P
@vIRI>P
S>P@RI>OBP
B
FK@OBJBKQ>O
I>
>QB
OLP@IBOLPFP
BUMBOFJBKQ>I
V
CLJBKQ>
I>
IF?BO>@F{K
AB
).&ƒ
BK
@RIQFSL
AB
@vIRI>P
BKALQBIF>IBP
FKCB@Q>A>P
MLO
BI
#-6
  
!IDRKLP
A>QLP
@IyKF@LP
IB
@LK›
BOBK
RK
FJMLOQ>KQB
M>MBI
BK
I>
DvKBPFP
AB
I>
>QBOLP@IBOLPFP
OBI>@FLK>A>
@LK
BI
OB@E>WL
AB
QO>KPMI>KQBP
 
    
)DR>IJBKQB
PB
E>
FJMIF@>AL
MLO
AF
SBOP>P
BSFABK@F>P
BUMBOFJBKQ>IBP
V
L?PBOS>@FLK>IBP
NRB
I>
FKCB@@F{K
MLO
BI
SFORP
AB
I>
FKJRKLAB›
@FBK
@F>
ERJ>K>
6)(
MBO
PB
V
BI
BPQ>AL
MOL
FKœ
>J>QLOFL
>PL@F>AL
>
BPQ>
FKCB@@F{K
MRBAB
>RJBKQ>O
BI
OFBPDL
AB
%#6
,>
FKCB@@F{K
MLO
6)(
MRBAB
>@QFS>O
AFSBOP>P
Sy>P
FKœ
>J>QLOF>P
AB
I>
M>OBA
S>P@RI>O
@LK
IF?BO>@F{K
AB
@FQL@FK>P
V
BUMOBPF{K
AB
JLIv@RI>P
AB
>AEBPF{K
BK
ALQBIF>I
%I
QO>Q>JFBKQL
>KQFOOBQOLSFO>I
AB
DO>K
>@QFSF
A>A
(!!24
BP
@>M>W
AB
PRMOFJFO
JR@E>P
AB
BPQ>P
>IQBO>@FLKBP
 
&%#,* &%*
%I
@LKL@FJFBKQL
PL?OB
I>
M>OQF@FM>@F{K
AB
>IDRKLP
SF
ORP
BK
I>
DvKBPFP
AB
I>P
BKCBOJBA>ABP
@O{KF@>P
>?OB
RK>
DO>K
SBKQ>K>
M>O>
BI
BKQBKAFJFBKQL
AB
I>
›
PFL
M>QLDKBPFP
AB
BPQ>P
>Py
@LJL
AB
KRBS>P
BPQO>QBDF>P
AF>DK{PQF@>P
QBO>MvRQF@>P
V
MOL›
Ip@QF@>P
@LK
?>PB
BK
BPQLP
@LKL@FJFBKQLP
NRB
PBOpK
JpP
?BKB›
@FLP>P
NRB
ILP
JvQLALP
@LKSBK@FLK>IBP

 6FORP
V
BKCBOJBA>ABP
@O{KF@>P
#>PQ>zL

 # &)'0

 3ELOP
4
6FORP
BPQRAFL
JLIB@RI>O
@LK
LOFBKQ>@F{K
@IyKF@>
O>
BA
"RBKLP
!FOBP
%AFQLOF>I
-vAF@>
0>K>JBOF@>K>

 
M
 *LEK
#>OQBO
6FOLILDV
0OFK@FMIBP
>KA
!MMIF@>QFLKP
KA
%AFQFLK
;)KQBOKBQ<


M
!S>F
I>?IB
COLJ
EQQMTTTTFIBV@LJ7FIBV#$!7FIBV4FQIBMOLAR@Q#A %(%0EQJI
 ($
#
6FORPBP
!
6BOV
3ELOQ
)KQOLAR@FLK
/UCLOA
/U


M
 #LIIFBO
,
6FOLILDy>
ERJ>K>
O>
%AF@F{
+LOB>
-@'O>T (FII
)KQBO>JBOF@>K>

 
M
 2>FPJ>K
*3

'LKW>IBW
!
%3425#452!
9
#,!3)&)#!#)k.
$%
,/3
6)253
(FMBOQBU
QLP
>OB>
AB
?FLILDy>

 5OF?>OOBK "BOORBQ>
4
'BKBO>IFA>ABP
AB
ILP
SFORP
 &vKv>KQ
,
,BSV
3
#,
#$
>KA
EBM>QFQFP
#
SFORP
(#6
FKCB@QFLK
6FORPBP
 

 ">OO>KQBP 2LAOyDRBW
8

3FIS>
AB
I>
&RBKQB
3
"LKFII> 6>OD>P
*!
0&
"LOK>SFORP
V
BKCBOJB
A>ABP
KBROLMPFNRFpQOF@>P
!@Q>
-BA
#LPQ>OOF@
 
 7LLA
&
*"-
"LOK>
AFPB>PB
SFORP
4EB
DBKBO>QFLK
>KA
OBSFBT
LC
>
P@FBKQF›
@
PQRAV
3L@
3@F
-BA
 
 0RBOQL
&)
:>S>I>
*%
2LP>AL &O>K@L
!
' !,
%PQRAFL
PBOLI{DF@L
ABI
SFORP
AB
I>
%KCBOJBA>A
AB
"LOK>
BK
M>@FBKQBP
BPNRFWLCOvKF@LP
AB
9R@>QpK
-vUF@L
2BS
"FLJBA

 3@EFKAIBO
!2
6|DQIFK
!
(FI?B
-
0RLODBO
-
:IFKPWHV
+
!@HBOJ>KK
-
%&
2BSBOPB
QO>KP
@OFMQFLK
OB>I QFJB
0#2
>PP>VP
CLO
ABQB@QFLK
>KA
NR>KQF›
@>QFLK
LC
"LOK>
AFPB>PB
SFORP
FK
AFPB>
PBA
ELPQP
-LI
#BII
0OL?BP
 
 2F@EQ
*
0CBRCCBO
)
#EOFPQ
-
&OBPB
+
"B@EQBO
+
(3
"LOK>
$FPB>PB
6FORP
)KCB@QFLK
FK
!KF
J>IP
>KA
(RJ>KP
%JBOD
)KCB@Q
$FP
 
 ,FMHFK
7)

"OFBPB
4
(-
"LOK>
AFPB>PB
SFORP

C>@Q
>KA
C>KQ>PV
6FORP
2BP

 
 #LIIFKP
2
"LOK>
AFPB>PB
SFORP
>KA
JBKQ>I
FIIKBPP
)K
PB>O@E
LC
QEB
JFPPFKD
IFKH
"FLJBA
3@F

 "LAB
,
2B@HT>IA
0
3BSBORP
7
3QLVILCC
2
&BOPWQ
2
$FBQOF@E
$

BQ
>I
"LOK>
AFPB>PB
SF
ORP PMB@F›
@
@FO@RI>QFKD
FJJRKB
@LJMIBUBP
>KQFDBKBJF>
>KA
COBB
>KQF?LAFBP QEB
HBV
J>O
HBO
QOFMIBQ
ABQBOJFK>QFKD
FKCB@QFLK
>KA
MOBS>FIFKD
FK
PBSBOB
JLLA
AFPLOABOP
-LI
0PVNRF>QO

 #EBK
#(
#EFR
9,
7BF
&#
+LLKD
&*
,FR
(#
3E>T
#+

BQ
>I
(FDE
PBOLMOBS>IBK@B
LC
"LOK>
SFORP
FKCB@QFLK
FK
P@EFWLMEOBKF@
M>QFBKQP
C>JFIV
JBJ?BOP
>KA
JBKQ>I
EB>IQE
TLOHBOP
FK
4>FT>K
-LI
0PV@EF>QOV
 
 ,FB?
+
30
"LOK>
AFPB>PB
SFORP ALBP
FQ
FKCB@Q
ERJ>KP
>KA
@>RPB
MPV@EF>QOF@
AFPLOABOP
*
#IFK
6FOLI
 
 $FBQOF@E
$%
",
(RJ>K
"LOK>
AFPB>PB
SFORP FKCB@QFLK
>KA
FQP
QEBO>MV
FK
>CCB@QFSB
AFPLOABOP
!0-)3

 &RHRA>
+
4>H>E>PEF
+
)T>Q>
9
-LOF
.
'+
)JJRKLILDF@>I
>KA
0#2
>K>IVPBP
CLO
"LOK>
AF
PB>PB
SFORP
FK
MPV@EF>QOF@
M>QFBKQP
>KA
?ILLA
ALKLOP
FK
*>M>K
*
#IFK
-F@OL?FLI


 +R?L
+
&RGFVLPEF
4
4LHLV>J>
-
+>JBI
+
2F@EQ
*
+FQWB
"

BQ
>I
,>@H
LC
>PPL@F>QFLK
LC
"LOK>
AFPB>PB
SFORP
>KA
ERJ>K
4 @BII
IBRHBJF>
SFORP
QVMB

FKCB@QFLKP
TFQE
MPV@EF>QOF@
AFPLO
ABOP
>JLKD
*>M>KBPB
M>QFBKQP
#IFK
$F>DK
,>?
)KJRKLI


)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  
 

2BSFPQ>
AB
)KSBPQFD>@FLKBP

5KFSBOPFA>A
ABI
1RFKAyL

 (LOKFD
-
"OFBPB
4
,F@FKFL
*
+E>??>W
2
!IQPERIBO
,
0LQHFK
3

BQ
>I
!?PBK@B
LC
BSFABK@B

CLO
?LOK>SFORP
FKCB@QFLK
FK
P@EFWLMEOBKF>
?FMLI>O
AFPLOABO
>KA
J>GLO
ABMOBPPFSB
AFPLOABO
-LI
0PV@EF>QOV

 6BOD>O> 2LAOFDRBW
0

6F?E>H>O
3
7*
-BQ>?LIF@
PVKAOLJB
>KA
>PPL@F>QBA
@>OAFLS>P@RI>O
OFPH
C>@QLOP
FK
QEB
QOB>QJBKQ
LC
MBOPLKP
TFQE
ERJ>K
FJJRKLAB›
@FBK@V
SFORP
>KA
PBSBOB
JBK
Q>I
FIIKBPP
0E>OJ>@LI
4EBO

 (FJBIEL@E
3
-@#>OQEV
*&
'>KL@WV
$
-BALCC
$
+FI?LROKB
!
'LIA?BOD
2

BQ
>I
5KABOP
Q>KAFKD
>PPL@F>QFLKP
?BQTBBK
PBOFLRP
JBKQ>I
FIIKBPP
>KA
EBM>QFQFP
#
SFORP
>JLKD
SBQBO>KP
>
K>QFLK>I
JRIQFS>OF>QB
>K>IVPFP
0PV@ELPLJ>QF@P
 
 !QHFKPLK
2
6FORPBP
>P
>K
BQFLILDV
LC
L?BPFQV
->VL
#IFK
0OL@
 
 3RMIF@V
(,
"!
)KCB@@FLKP
>P
QEB
BQFLILDV
CLO
L?BPFQV
!ON
"O>P
%KAL@OFKLI
-BQ>?LI
 
 !AOV@E
+
#>K
L?BPFQV
?B
FKCB@QFLRP
0OWBDI
,BH
 
 "BOK>OA
!
:TFKDBIPQBFK
'
-BFPQBO
2
7&
(VMBOFKPRIFKBJF>
FKAR@BA
?V
@>KFKB
AFPQBJMBO
SFORP
FKCB@QFLK
LC
JF@B
>KA
FQP
@LOOBI>QFLK
TFQE
QEB
>MMB>O>K@B
LC
L?BPFQV
#LJM
"FL@EBJ
0EVPFLI
0>OQ
"
#LJM
"FL@EBJ
 
 $ERO>KAE>O
.6
7EFDE>J
,$
!??LQQ
$(
3@ERIQW $>OHBK
.*
)PO>BI
"!
"O>AIBV
3-

BQ
>I
(RJ>K
>ABKLSFORP
!A 
MOLJLQBP
TBFDEQ
D>FK
FK
J>IB
OEBPRP
>KA
J>OJLPBQ
JLKHBVP
*
.RQO
 
 6>KDFMRO>J
3$
3EBBIB
*
!QHFKPLK
2,
(LII>KA
4#
$.
!
ERJ>K
>ABKLSFORP
BKE>K@BP
MOB>AFML@VQB
AFCCBOBKQF>QFLK
/?BP
2BP
 
 6>KDFMRO>J
3$
9R
-
4F>K
*
3Q>KELMB
+,
0>P>OF@>
-
(>SBI
0*

BQ
>I
!AFMLDBKF@
ERJ>K
>ABKLSFORP 
OBAR@BP
IBMQFK
BUMOBPPFLK
>KA
PB@OBQFLK
>KA
FK@OB>PBP
DIR@LPB
RMQ>HB
?V
C>Q
@BIIP
)KQ
*
/?BP
,LKA 
 
 7EFDE>J
,$
)PO>BI
"!
!2
!AFMLDBKF@
MLQBKQF>I
LC
JRIQFMIB
ERJ>K
>ABKLSFORPBP
FK
SFSL
>KA
FK
SFQOL
FK
>KFJ>IP
!J
*
0EVPFLI
2BDRI
)KQBDO
#LJM
0EVPFLI
 2

 !QHFKPLK
2,
$ERO>KAE>O
.6
!IIFPLK
$"
"LTBK
2,
)PO>BI
"!
!I?R
*"

BQ
>I
(RJ>K
>ABKLSFORP 
FP
>PPL@F>QBA
TFQE
FK@OB>PBA
?LAV
TBFDEQ
>KA
M>O>ALUF@>I
OBAR@QFLK
LC
PBORJ
IFMFAP
)KQ
*
/?BP
,LKA 
 
 %ODFK
3
!IQ>K
%
0FI>K@F
/
3FOBH?>P>K
3
#LOQRH
/
#FWJB@FDFI
5

BQ
>I
4EB
OLIB
LC
>ABKLSF
ORP

>P
>
OFPH
C>@QLO
FK
L?BPFQV
4EB
›
OPQ
@IFKF@>I
PQRAV
J>AB
FK
QEB
C>QQV
QFPPRBP
LC
>ARIQP
FK
4ROHBV
-F@OL?
0>QELD

 %PMLPFQL
3
0OBQF
6
#LKPLIL
3
.>WW>OF
%
0.
!ABKLSFORP

FKCB@QFLK
>KA
L?BPFQV
!ABKLSF
ORP

)KCB@Q
/?BP
 
 #$#
.L
4FQIB
%I
PyKAOLJB
AB
C>QFD>
@O{KF@>
3&# 

M
EQQMTTT@A@DLS@CPBP
 'I>PBO
2
0>ADBQQ
$
,FQPHV
-
">FL@@EF
2
9>KD
%
#EBK
-

BQ
>I
3QOBPP >PPL@F>QBA
@E>KDBP
FK
QEB
PQB>AV PQ>QB
BUMOBPPFLK
LC
I>QBKQ
%MPQBFK">OO
SFORP
)JMIF@>QFLKP
CLO
@EOLKF@
C>QFDRB
PVKAOLJB
>KA
@>K@BO
"O>FK
"BE>S
)JJRK
 
 %KDIB?BOD
#
#EOLKF@
&>QFDRB
3VKAOLJB
)K
->KABII
$LRDI>P

>KA
"
BAFQLO
0OFK@FMIBP
>KA
0O>@QF@B
LC
)KCB@QFLRP
$FPB>PBP
%FDEQE
%AF

M

 ">KP>I
!3
"O>AIBV
!3
"FPELM
+.
+F>KF !IFHE>K
3
&"
#EOLKF@
C>QFDRB
PVKAOLJB
QEB
FJJRKB
PVPQBJ
>KA
SFO>I
FKCB@QFLK
"O>FK
"BE>S
)JJRK
 
 !C>OF
.
"R@ET>IA
$
#EOLKF@
&>QFDRB
3VKAOLJB
!
2BSFBT
!J
*
0PV@EF>QOV
 
 (F@HFB
)
$>SBKMLOQ
4
7>HB›
BIA
$
6LIIJBO #LKK>
5
#>JBOLK
"
6BOKLK
3$

BQ
>I
0LPQ
FKCB@QFSB
>KA
@EOLKF@
C>QFDRB
PVKAOLJBP
MOB@FMFQ>QBA
?V
SFO>I
>KA
KLK SFO>I
M>QELDBKP
MOLP
MB@QFSB
@LELOQ
PQRAV
"-*


)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  


 6FORP
V
BKCBOJBA>ABP
@O{KF@>P
#>PQ>zL

 +>QW
":
3EFO>FPEF
9
-B>OP
#*
"FKKP
(*
42
#EOLKF@
C>QFDRB
PVKAOLJB
>CQBO
FKCB@QFLRP
JLKLKR@IBLPFP
FK
>ALIBP@BKQP
0BAF>QOF@P
 
 %SBKDrOA
"
"OFBPB
4
,FKAE
'
,BB
3

,FMHFK
7)
!?PBK@B
LC
BSFABK@B
LC
"LO
K>
AFPB>PB
SFORP
FKCB@QFLK
FK
3TBAFPE
M>QFBKQP
TFQE
@EOLKF@
C>QFDRB
PVKAOLJB
*
.BROLSFOLI
 
 ,LJ?>OAF
6#
2RP@BQQF
&7
$>P
'RMQ>
*
0CLPQ
-!
(>DBK
+3
0BQBOPLK
$,

BQ
>I
$BQB@QFLK
LC
>K
FKCB@QFLRP
OBQOLSFORP
8-26
FK
?ILLA
@BIIP
LC
M>QFBKQP
TFQE
@EOLKF@
C>QFDRB
PVKAOLJB
3@FBK@B



 *BOLJB
+2
$FBJ
+
(R>KD
-,
3BIHB
3
#LOBV
,
"$
8BKLQOLMF@
JROFKB
IBRHBJF>
SFORP
OBI>QBA
SFORP
FK
JLKLWVDLQF@
QTFKP
AFP@LOA>KQ
CLO
@EOLKF@
C>QFDRB
PVKAOLJB
$F>DK
-F@OL?FLI
)KCB@Q
$FP
 
 (LKD
0
,F
*
,>@H
LC
BSFABK@B
CLO
>
OLIB
LC
UBKLQOLMF@
JROFKB
IBRHBJF>
SFORP OBI>QBA
SF
ORP
FK
QEB
M>QELDBKBPFP
LC
MOLPQ>QB
@>K@BO
>KALO
@EOLKF@
C>QFDRB
PVKAOLJB
6FORP
2BP
 
 %OITBFK
/
+>VB
3
-@#IROB
-/
7B?BO
*
7FIIP
'
#LIIFBO
$

BQ
>I
&>FIROB
QL
ABQB@Q
QEB
KLSBI
OBQOLSFORP
8-26
FK
@EOLKF@
C>QFDRB
PVKAOLJB
0,L3
/KB
B
 #EF>
*+
#EF>
!
#EOLKF@
C>QFDRB
PVKAOLJB
FP
>PPL@F>QBA
TFQE
@EOLKF@
BKQBOLSFORP
FKCB@QFLK
LC
QEB
PQLJ>@E
*
#IFK
0>QELI

 0OB@B@EQBILS>
*
"LOP>KVFLS>
-
3>OJFOLS>
3
"3
4VMB
)
$F>?BQBP
-BIIFQRP
'BKBQF@
&>@QLOP
>KA
0OBPRJMQFSB
%KQBOLSFO>I
%QFLILDV
LO
0OLQB@QFLK
*
0>QELD

 !KQLKBIIF
!
&BOO>OF
3-
$LJBKF@>KQLKFL
!$
&BOO>KKFKF
%
&0
6FO>I
)KCB@QFLKP
>KA
4VMB

$F>?BQBP
)KCB@QFLK
>KA
!RQLFJJRKFQV
)K
3ELBKCBIA
9
!DJLK ,BSFK
.
>KA
2LPB
.
BAFQLO
)KCB@QFLK
>KA
!RQLFJJRKFQV
3B@LKA
%AF
%IPBSFBO
"6

M

 3@EKBFABO
$!

SLK
(-
0LQBKQF>I
SFO>I
M>QELDBKF@
JB@E>KFPJ
FK
ERJ>K
QVMB

AF>?BQBP
$F>?BQLILDF>
 
 *RK

(
9LLK
*
4EB
OLIB
LC
SFORPBP
FK
QVMB
)
AF>?BQBP
QTL
AFPQFK@Q
@BIIRI>O
>KA
JLIB@RI>O
M>
QELDBKF@
JB@E>KFPJP
LC
SFORP FKAR@BA
AF>?BQBP
FK
>KFJ>IP
$F>?BQLILDF>
 
 ">O?B>R
7
7E>Q
FP
QEB
HBV
BKSFOLKJBKQ>I
QOFDDBO
FK
QVMB

AF>?BQBP FP
FQ
SFORPBP
LO
TEB>Q
DIRQBK
LO
?LQE
!RQLFJJRK
2BS
 
 *>KHLPHV
#
$BRPPFKD
%
'F?PLK
2,

(>SBOHLP
(
6FORPBP
>KA
SFQ>JFK
$
FK
QEB
BQFLILDV
LC
QVMB

AF>?BQBP
JBIIFQRP
>KA
JRIQFMIB
P@IBOLPFP
6FORP
2BP
 
 6OBRDABKEFI
'2
3@EILLQ
.#
(LLOBKP
!
2LKDBK
#
0FMBIBBOP
$'
-BI@EBOP
7*

BQ
>I
!@RQB
LKPBQ
LC
QVMB
)
AF>?BQBP
JBIIFQRP
>CQBO
PBSBOB
B@ELSFORP

FKCB@QFLK
MRQ>QFSB
M>QELDBKF@
M>QET>VP
#IFK
)KCB@Q
$FP
 
 9BRKD
7#
2>TIFKPLK
7$
#-
%KQBOLSFORP
FKCB@QFLK
>KA
QVMB

AF>?BQBP
JBIIFQRP
PVPQBJ>
QF@
OBSFBT
>KA
JBQ> >K>IVPFP
LC
L?PBOS>QFLK>I
JLIB@RI>O
PQRAFBP
"-*
A
 6FPH>OF
(2
2LFS>FKBK
-
2BRK>KBK
!
0FQHqKFBJF
*
3>ABE>OGR
+
+LPHBI>
0

BQ
>I
->QBOK>I
›
OPQ QOFJBPQBO
BKQBOLSFORP
FKCB@QFLK
>KA
CRQROB
OFPH
LC
QVMB

AF>?BQBP
FK
QEB
BUMLPBA
CBQRP
$F>?BQBP
 
 %ICSFKD
-
3SBKPPLK
*
/FH>OFKBK
3
*LKPPLK
"
/ILCPPLK
0
3'
BQ
>I

“->QBOK>I
%KQBOLSFORP
)KCB@QFLK
AROFKD
0OBDK>K@V
>P
>
2FPH
&>@QLO
FK
/CCPMOFKD
$F>DKLPBA
TFQE
4VMB

$F>?BQBP
?BQTBBK

>KA

9B>OP
LC
!DB ”
%UM
$F>?BQBP
2BP

 '>WF>KL
4
0O>?E>H>O>K
$
'-
'IL?>I
"ROABK
LC
#>OAFLS>P@RI>O
$FPB>PB
"O>RKT>IA’P
(B>OQ
$FPB>PB
)K
(B>OQ
$FPB>PB
>
4BUQ?LLH
LC
#>OAFLS>P@RI>O
-BAF@FKB

M

 /-3
,>P

@>RP>P
MOFK@FM>IBP
AB
ABCRK@F{K
BK
BI
JRKAL


)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  


 2BSFPQ>
AB
)KSBPQFD>@FLKBP

5KFSBOPFA>A
ABI
1RFKAyL

 %PMFKLI> +IBFK
#
2RMMOB@EQ
(
"I>KHBK?BOD
3
"F@HBI
#
+LMM
(
2FMMFK
'

BQ
>I
!OB
-LOMELILDF@>I
LO
&RK@QFLK>I
#E>KDBP
FK
QEB
#>OLQFA
!OQBOV
7>II
!PPL@F>QBA
7FQE
#EI>JVAF>
MKBRJLKF>B
(BIF@L?>@QBO
MVILOF
#VQLJBD>ILSFORP
LO
(BOMBP
3FJMIBU
6FORP
)KCB@QFLK
3QOLHB

 4ELJ
$
'O>VPQLK
4
3FP@LSF@H
$
7>KD
3
7BFPP
.
$*
!PPL@F>QFLK
LC
0OFLO
)KCB@QFLK
7FQE
#EI>JVAF>
MKBRJLKF>B
>KA
!KDFLDO>MEF@>IIV
$BJLKPQO>QBA
#LOLK>OV
!OQBOV
$FPB>PB
*!-!
 
 -LOOv
3!
3QLLHBO
7
,>DO>KA
7+
S>K
ABK
"ORIB
!*
.(
-F@OLLOD>KFPJP
FK
QEB
>BQFLILDV
LC
>QEBOLP@IBOLPFP
*
#IFK
0>QELI
 
 ,RABTFD
"
+OB?P
0E

>KA
3%
)JJRKLM>QELDBKBPFP
LC
>QBOLP@IBOLPFP
*,BRHL@
"FLI

 (>GG>O
$
0LJBO>KQW
+
&>I@LKB
$
7BHPIBO
"
'!
(BOMBP
PFJMIBU
SFORP
FKCB@QFLK
FK
ERJ>K
>OQBOF>I
@BIIP
*#IFK
)KSBPQ

 .F@ELIPLK
!#
($
(BOMBPSFORPBP
FK
!QEBOLP@IBOLPFP
>KA
4EOLJ?LPFP%QFLILDF@
!DBKQP
LO
5?FNRFQLRP
"VPQ>KABOP
!OQBOFLP@IBO
4EOLJ?
6>P@
"FLI

 -BKAV
!
6FBO>
%
'*
3BOLMLPFQFSFQV
QL
EBOMBP
PFJMIBU
SFORP
QVMB

?RQ
KLQ
QVMB

FP
>P
PL@F>QBA
TFQE
MOBJ>QROB
@>OAFLS>P@RI>O
AFPB>PBP
!
MLMRI>QFLK ?>PBA
@OLPP PB@QFLK>I
PQRAV
!QEBOLP@IBOLPFP
 
 :ER
*
1RVVRJF
!

.LOJ>K
*
#LPQBIIL
2

#P>HL
'

>KA
%3
4EB
0LPPF?IB
2LIB
LC
(BM>QFQFP
!
6FORP
FK
QEB
0>QELDBKBPFP
LC
!QEBOLP@IBOLPFP
*
)KCB@Q
$FP

 !RBO
*
,BFQFKDBO
-
"BOBKQ
2
0O>JJBO
7
7B?BO
4
,>PPKFD
%
%"
(BM>QFQFP
!
)D'
PBOLML
PFQFSFQV
>KA
@LOLK>OV
>QEBOLP@IBOLPFP
>PPBPPBA
?V
>KDFLDO>MEV
)KQ
*
#>OAFLI

 3JFBG>
-
'K>OMB
*
,LKK
%
'K>OMB
(
/
'RKK>O
91
BQ
>I
-RIQFMIB
FKCB@QFLKP
>KA
PR?
PBNRBKQ
@>OAFLS>P@RI>O
BSBKQP
FK
QEB
(B>OQ
/RQ@LJBP
0OBSBKQFLK
%S>IR>QFLK(/0%
3QRAV
#FO@RI>QFLK

 -REIBPQBFK
*
(LOKB
"

#>OINRFPQ
*

->APBK
4

">FO
4
02
BQ
>I
#VQLJBD>ILSFORP
3BOLMLPF
QFSFQV
>KA
# 2B>@QFSB
0OLQBFK
(>SB
)KABMBKABKQ
>KA
#LJ?FKBA
0OBAF@QFSB
6>IRB
CLO
-LOQ>
IFQV
FK
0>QFBKQP
7FQE
!KDFLDO>MEF@>IIV
$BJLKPQO>QBA
#LOLK>OV
!OQBOV
$FPB>PB
#FO@RI>QFLK
 
 /IFSBFO>
#
+>MMBI
#2
3FNRBFO>
%2
,FJ>
6-
3QBC>KL
*4
-F@E>I@WRH
-4

BQ
>I
%CCB@QP
LC
(BM>QFQFP
#
SFORP
LK
@>OAFLS>P@RI>O
OFPH
FK
FKCB@QBA
M>QFBKQP
!
@LJM>O>QFSB
PQRAV
)KQ
*
#>OAFLI
 
 %MPQBFK
3%
:ER
*
"ROKBQQ
-3
:ELR
9& 6BO@BIILQQF
'
($
)KCB@QFLK
>KA
!QEBOLP@IBOLPFP
0LQBKQF>I
2LIBP
LC
0>QELDBK
"ROABK
>KA
-LIB@RI>O
-FJF@OV
!OQBOFLP@IBO
4EOLJ?
6>P@
"FLI

 6FIHRK> 2>RQF>FKBK
4
0RPPFKBK
0*
2LFS>FKBK
-
0BQqVP
4
*LRPFI>EQF
0
(LSF
4

BQ
>I
3BORJ
>KQF?LAV
OBPMLKPB
QL
MBOFLALKQ>I
M>QELDBKP
>KA
EBOMBP
PFJMIBU
SFORP
FK
OBI>QFLK
QL
@I>PPF@
OFPH
C>@QLOP
LC
@>OAFLS>P@RI>O
AFPB>PB
)KQ
*
%MFABJFLI
 
 :ER
*
1RVVRJF
!
.LOJ>K
*
#P>HL
'

>KA
%3
4EB
OLIB
LC
FKœ
>JJ>QFLK
>P
OBœ
B@QBA
?V
BIBS>QBA
# OB>@QFSB
MOLQBFK
IBSBIP
*
!J
#LII
#>OAFLI
  
 %OVLI
.+
+FIF@
(
'RI
!
/WALDOR
)
)K>K@
4
$LD>K
!
4LMP>H>I
2
"%
!OB
QEB
EFDE
IBSBIP
LC
@VQLJBD>ILSFORP
>KQF?LAFBP
>
ABQBOJFK>KQ
FK
QEB
ABSBILMJBKQ
LC
@LOLK>OV
>OQBOV
AFPB>PB
)KQ
(B>O
*

 3QO>KA?BOD
4%
0FQH>I>
+(
42
#VQLJBD>ILSFORP
>KQF?LAV
IBSBI
>KA
JLOQ>IFQV
>JLKD
@LJ
JRKFQV ATBIIFKD
LIABO
>ARIQP
TFQE
PQ>?IB
@>OAFLS>P@RI>OAFPB>PB
*!-!


)6G
?G6DE
,?:G
(F:?5X@
@= 
 
  


 6FORP
V
BKCBOJBA>ABP
@O{KF@>P
#>PQ>zL

 3>SS>
'-
0>@EKFL
!
+>RI
"
-LOD>K
+
(RMMBOQ
&!
"O>VKB
#
-0-2##&
>KA
!3
#VQL

JBD>ILSFORP
FKCB@QFLK
FP
>PPL@F>QBA
TFQE
FK@OB>PBA
JLOQ>IFQV
FK
QEB
LIABO
MLMRI>QFLK
!DFKD
#BII

 +RL
#
'O>VPQLK
*
#>JM?BII
,
'LL
9
7FPPIBO
2
"%

#EI>JVAF>
MKBRJLKF>B
47!2
FK
@LOLK>OV
>OQBOFBP
LC
VLRKD
>ARIQP
 
VB>OP
LIA 

0OL@
.>QI
!@>A
3@F

 #EFR
"
6FFO>
%
4R@HBO
7
&)
#EI>JVAF>
0KBRJLKF>B
#VQLJBD>ILSFORP
>KA
(BOMBP
3FJ
MIBU
6FORP
FK
!QEBOLP@IBOLPFP
LC
QEB
#>OLQFA
!OQBOV
#FO@RI>QFLK

 3QOB?ILT
$.
$RJLOQFBO
*
-LPBP
!6
/OILCC
3,
.*
-B@E>KFPJP
LC
@VQLJBD>ILSFORP >@@B
IBO>QBA
S>P@RI>O
AFPB>PB
FKAR@QFLK
LC
M>O>@OFKB
C>@QLOP
QE>Q
MOLJLQB
>KDFLDBKBPFP
>KA
TLRKA
EB>IFKD
#ROO
4LM
-F@OL?FLI
)JJRKLI

 #EBKD
9
,F
$
#EBKD
8
,FR
"
#*
$FPQOF?RQFLK
LC
@VQLJBD>ILSFORP
$.!
FK
S>P@RI>O
QFP
PRBP
>KA
QEB
OBI>QFLKPEFM
?BQTBBK
SFORP
>KA
>QEBOLP@IBOPLDBKBPFP
#EFK
*
%UM
#IFK
6FOLI

 3MVOFALMLRILP
)
(LCCJ>KK
*
!F@EBO
!
"OJJBKALOC
4(
$LBOO
(7
:BFEBO
!-

BQ
>I
!@@BIBO>QBA
QBILJBOB
PELOQBKFKD
FK
IBRHL@VQB
PR?MLMRI>QFLKP
LC
M>QFBKQP
TFQE
@LOLK>OV
EB>OQ
AFPB>PB
OLIB
LC
@VQLJBD>ILSFORP
PBOLMLPFQFSFQV
#FO@RI>QFLK

 (>KPPLK
'+
)JJRKB
JB@E>KFPJP
FK
>QEBOLP@IBOLPFP
!OQBO
4EOLJ?
6>P@
"FLI


 /ILCPPLK
03
*>QQ>
+
7rDPqQBO
$
'OBAJ>OH
3
(BAFK
5
0>RIPPLK "BOKB
'

BQ
>I
4EB
>KQF
SFO>I
@VQLJBD>ILSFORP
FKAR@F?IB
DBKB
SFMBOFK
FP
BUMOBPPBA
FK
>QEBOLP@IBOLPFP
>KA
OBDRI>QBA
?V
MOLFKœ
>JJ>QLOV
>DBKQP
!OQBO
4EOLJ?
6>P@
"FLI
 B
 ->PFp
-
'&
&>@QLOBP
AB
OFBPDL
@>OAFLS>P@RI>O
ABMBKAFBKQBP
AB
I>
FKCB@@F{K
MLO
6)(
%KCBOJ
)KCB@@
-F@OL?FLI
#IFK
3 

)6G
?G6DE
,?:G
(F:?5X@
@=