ES Instrucciones de uso 03 PL Instrukcja obs³ugi 48 PT Instruções

Transcrição

ES Instrucciones de uso 03 PL Instrukcja obs³ugi 48 PT Instruções
& 8=><?--398/= ./ ?=9
PL 04536-%,# 1$4=6)+
#' 8=><?KQ/= ./ =/<@3K9
98>/83.9
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
0/A7? 9/ ?3@7@A3;17/ 239 5?799 3@1<95/? E 1<95/? 9/ =B3?A/ 239 6<?;< !<;A/? E 23@:<;A/? 9<@ 1?7@A/93@ 23 9/ =B3?A/ $?L 2+-/< /8 -+=9 ./ +@/<N+ (/09/ 23 /C3?R/@ /:07/? 9/ 9L:=/?/ 239 6<?;< ?7@A/9 =?<A31A<? &/<@3-39 ./ =3=>/8-3+ 'L-83-+ 98=/49= :+<+ +29<<+< /8/<1N+ C
=9,</ 7/.39 +7,3/8>/ 6<??/? 3;3?5R/ 97:7;/17T; 23 ?3@72B<@ ?3@=3AB<@/
1<; 39 :327< /:073;A3 '+,6+= C =?1/</8-3+= $/@A393@ E ?3=<@A3?R/ 'B53?3;17/@ E 1<;@38<@ =?L1A71<@ =/?/ 39 6<?;3/2<
/?;3 /C3@ =3@1/2< <;@38<@ =?L1A71<@ =/?/ 39 /@/2<
1<;C3;17<;/9 E 39 /@/2< /9 5?799 ?/A7;/2<@ @<B449P@ A<@A/2/@ 3@1<;539/? 3@31/? 97:3;A<@ =?31<17;/2<@ 1<;539/2<@ <117T; 23 :3?:39/2/@ 973.+= 89<7+63D+.+= 98=/49= C +.@/<>/8-3+=
./ =/1?<3.+.
33? /A3;A/:3;A3 9/@ 7;@A?B117<;3@ 23 3@A3 :/;B/9
<;@3?C/? 9/@ 7;@A?B117<;3@ 23 B@< E :<;A/83 ;
1/@< 23 A?/@=/@/? 39 /=/?/A< / <A?/ =3?@<;/ 2303
7;19B7?@3 39 :/;B/9 1<??3@=<;273;A3
@A/@ 7;@A?B117<;3@ 23 B@< @<; CL972/@ A/;A< =/?/
6<?;<@ 7;23=3;273;A3@ 1<:< =<97C/93;A3@ ; 6<?;<@
=<97C/93;A3@ 933? 9/@ 7;@A?B117<;3@ 23 B@< >B3 @3
/28B;A/; 1<; 9/ =9/1/ =/?/ 1<;<13? 39 4B;17<;/:73;A<
23 9<@ :/;2<@ 23 9/ :7@:/
8>/= ./6 798>+4/
+O9= .?<+8>/
/6 ><+8=:9<>/
<:=?<0/? 39 /=/?/A< A?/@ @/1/?9< 239 3:0/9/83 ;
1/@< 23 2/S<@ <1/@7<;/2<@ 2B?/;A3 39 A?/;@=<?A3 ;<
1<;31A/? 39 /=/?/A<
98/B3P8 /6L-><3-+
'T9< B; AP1;71< 3@=317/97@A/ /BA<?7F/2< =B323
1<;31A/? 39 /=/?/A< / 5/?/;AR/ >B32/ /;B9/2/ 3;
1/@< 23 2/S<@ 23?7C/2<@ 23 B;/ 1<;3D7T; 7;23072/
;A3@ 23 BA797F/? =<? =?7:3?/ C3F @B /=/?/A< 2303
/@35B?/?@3 23 >B3 9/ 7;@A/9/17T; 39P1A?71/ 23 @B 1/@/
A73;3 A<:/ 23 A73??/ E ?3V;3 A<2/@ 9/@ 1<;2717<;3@ 23
@35B?72/2 C753;A3@ 9 :<;A/83 E 1<;3D7T; 23 @B
/=/?/A< 2303 @3? ?3/97F/2< =<? B; AP1;71< /BA<?7F/2<
9 B@< 23 3@A3 /=/?/A< @7; 9/ 1<;3D7T; 23 A73??/ < 1<;
B;/ 7;@A/9/17T; 7;1<??31A/ =B323 1/B@/? /B;>B3 3;
17?1B@A/;17/@ :BE =<1< =?<0/093@ 2/S<@ @3?7<@
93@7<;3@ =3?@<;/93@ E :B3?A3 =<? 3931A?<1B17T; 9
4/0?71/;A3 ;< @3 6/13 ?3@=<;@/093 239
4B;17<;/:73;A< 7;/231B/2< E 23 9<@ =<@7093@ 2/S<@
:<A7C/2<@ =<? 7;@A/9/17<;3@ 39P1A?71/@ ;< /231B/2/@
98=/49= C
+.@/<>/8-3+= =9,</
=/1?<3.+.
@A3 /=/?/A< 6/ @72< 27@3S/2< 3D19B@7C/:3;A3 =/?/
B@< 2<:P@A71< )A797F/? 39 /=/?/A< V;71/:3;A3 =/?/ 9/
=?3=/?/17T; 23 /97:3;A<@
<@ ;7S<@ E /2B9A<@ ;< 2303; :/;38/? 39 /=/?/A< @7;
C7579/;17/
H 3; 1/@< 23 >B3 @B4?/; /95B;/ 27@:7;B17T; 23 @B@
1/=/172/23@ 4R@71/@ < :3;A/93@ <
H 3; 1/@< 23 >B3 ;< A3;5/; 9<@ 1<;<17:73;A<@ < 9/
3D=3?73;17/ @B47173;A3
"< 238/? >B3 9<@ ;7S<@ 8B35B3; 1<; 39 /=/?/A<
#?/<>+ ./6 29<89
/ =B3?A/ 239 6<?;< 2303 =3?:/;313? 13??/2/
1B/;2< 39 6<?;< 3@AP 3; 4B;17<;/:73;A< $<?
=?31/B17T; @3 ?31<:73;2/ :/;A3;3? @73:=?3
13??/2/ 9/ =B3?A/ 239 6<?;< 7;19B@< 1B/;2< 39 6<?;<
3@AP /=/5/2<
"< 1<95/?@3 @3;A/?@3 < 8B5/? 1<; 9/ =B3?A/ 239 6<?;<
7;19B@< 1B/;2< 3@A3 13??2/2/
9<89 -+63/8>/
G$3975?< 23 >B3:/2B?/@
"< A<1/? ;B;1/ 9/@ @B=3?47173@ 7;A3?7<?3@ 239 6<?;< ;7
9<@ 393:3;A<@ 1/934/1A<?3@ 1B/;2< 3@AP; 1/973;A3@
0?7? 9/ =B3?A/ 239 6<?;< 1<; =?B23;17/ $B323 @/97?
C/=<? 1/973;A3 !/;A3;3? /938/2<@ / 9<@ ;7S<@
=3>B3S<@
G$3975?< 23 7;13;27<
"< 7;A?<2B17? ;B;1/ <083A<@ 7;49/:/093@ 23;A?< 239
6<?;< "< /0?7? 9/ =B3?A/ 3; 1/@< 23 @/97? 6B:< 239
/=/?/A< =/5/? 39 /=/?/A< DA?/3? 39 3;16B43 <
23@1<;31A/? 39 4B@7093 23 9/ 1/8/ 23 4B@7093@
G$3975?< 23 1<?A<17?1B7A<
"< 478/? ;B;1/ 1/093@ 23 1<;3D7T; 23 /=/?/A<@
39P1A?71<@ 3; 9/ =B3?A/ 1/973;A3 239 6<?;< 9
/7@9/:73;A< 239 1/093 =B323 23??3A7?@3
G$3975?< 23 >B3:/2B?/@
"< C3?A3? /5B/ 3; 39 7;A3?7<? 239 6<?;< 1B/;2< 3@AP
1/973;A3 $B323 =?<2B17?@3 C/=<? 23 /5B/ 1/973;A3
G$3975?< 23 7;13;27<
"< =?3=/?/? 1<:72/@ BA797F/;2< 5?/;23@ 1/;A72/23@
23 03072/@ /91<6T971/@ 23 /9A/ 5?/2B/17T; <@
C/=<?3@ 239 /91<6<9 =B323; 7;13;27/?@3 3; 39 7;A3?7<?
239 6<?;< )A797F/? 03072/@ /91<6T971/@ 23 /9A/
5?/2B/17T; @<9< 3; =3>B3S/@ 2<@7@ E /0?7? 9/ =B3?A/
239 6<?;< 1<; 1B72/2<
--/=9<39= C </-3:3/8>/=
-+63/8>/=
G$3975?< 23 >B3:/2B?/@
"< 3DA?/3? 9<@ /113@<?7<@ < ?317=73;A3@ 1/973;A3@ 239
6<?;< @7; B@/? /5/??/2<?3@
%/:+<+-398/= 38+./-?+.+=
G$3975?< 23 23@1/?5/ 39P1A?71/
/@ ?3=/?/17<;3@ 7;/231B/2/@ @<; =3975?<@/@ /@
?3=/?/17<;3@ @<9< =B323; @3? 3431AB/2/@ =<?
=3?@<;/9 239 '3?C717< 23 @7@A3;17/ (P1;71/
23072/:3;A3 7;@A?B72< DA?/3? 39 3;16B43 <
23@1<;31A/? 39 4B@7093 23 9/ 1/8/ 23 4B@7093@ 3; 1/@<
23 >B3 39 /=/?/A< 3@AP 23431AB<@< C7@/? /9 '3?C717<
23 @7@A3;17/ (P1;71/
&/1?<3.+. /B><+
./ 6+ :?/<>+
<; 23A3?:7;/2/@ ?313A/@ >B3 ?3>B73?3; A73:=<@
=?<9<;5/2<@ 23 1<117T; / 393C/2/@ A3:=3?/AB?/@ 9/
=B3?A/ 239 6<?;< =B323 /91/;F/? B;/ A3:=3?/AB?/
/9A/
'7 3; @B 6<5/? 6/E ;7S<@ =3>B3S<@ C75R939<@ :73;A?/@
39 6<?;< 3@AL 3; 4B;17<;/:73;A<
2717<;/9:3;A3 3D7@A3 B; 27@=<@7A7C< 23 =?<A3117T;
>B3 7:=723 39 1<;A/1A< 27?31A< 1<; 9/ =B3?A/ 239
6<?;< @A3 /113@<?7< <=17<;/9 =B323
@<9717A/?@3 / A?/CP@ 23 ;B3@A?< '3?C717< 23 @7@A3;17/
(P1;71/
+?=+=
./ 69= .+O9=
--/=9<39= </-3:3/8>/=
0367 :+:/6 ./ 29<8/+< 9
:+:/6 ./ +6?73839
/8 6+ ,+=/ ./6 29<89
"< 1<9<1/? ;7;5V; /113@<?7< 3; 9/ 0/@3 239 6<?;< "<
1B0?7? 9/ 0/@3 239 6<?;< 1<; ;7;5B;/ 19/@3 23 479: <
=/=39 "< 1<9<1/? ;7;5V; ?317=73;A3 3; 9/ 0/@3 239
6<?;< @7 9/ A3:=3?/AB?/ 3@AL /8B@A/2/ / :L@ 23 H
'3 1/93;A/?L 23:/@7/2< +/ ;< @3?L; CL972<@ 9<@
A73:=<@ 23 6<?;3/2< E 23 1<117T; E @3 2/S/?L 39
3@:/9A3
1?+ /8 /6 29<89 -+63/8>/
"< 23??/:/? /5B/ 3; 39 7;A3?7<? 239 6<?;< 1B/;2< 3@AP
1/973;A3 '3 4<?:/?L C/=<? 23 /5B/ / <@179/17T;
AP?:71/ =B323 =?<C<1/? 2/S<@ 3; 39 3@:/9A3 E 3; 9<@
/113@<?7<@
637/8>9= 6N;?3.9=
"< 1<;@3?C/? /97:3;A<@ 9R>B72<@ 2B?/;A3 B; =3?R<2<
23 A73:=< =?<9<;5/2< 3; 39 7;A3?7<? 239 6<?;< E 1<; 9/
=B3?A/ 13??/2/ '3 2/S/?R/ 39 3@:/9A3
?19 ./ 0<?>+=
"< 993;/? 23:/@7/2< 9/ 0/;238/ =/?/ =?3=/?/?
=/@A393@ 23 4?BA/@ 8B5<@<@ 9 8B5< 23 4?BA/@ >B3 5<A33
23 9/ 0/;238/ 238/?L :/;16/@ >B3 ;< =<2?L;
397:7;/?@3 )A797F/? 9/ 0/;238/ 3@:/9A/2/ =?<4B;2/
1B/;2< @3/ =<@7093
80<3+< -98 6+ :?/<>+
+,3/<>+
38/? 3;4?7/? 39 6<?;< V;71/:3;A3 1<; 9/ =B3?A/
13??/2/ <@ 4?<;A/93@ 23 9<@ :B3093@ 1<;A75B<@
=B323; 2/S/?@3 1<; 39 A73:=< /B; 1B/;2< 9/ =B3?A/
239 6<?;< @T9< @3 3;1B3;A?3 9753?/:3;A3 /073?A/
?8>+ ./6 29<89 7?C =?-3+
B/;2< 9/ 8B;A/ 239 6<?;< 3@AL :BE @B17/ 9/ =B3?A/
239 6<?;< ;< >B32/ 073; 13??/2/ 2B?/;A3 39
4B;17<;/:73;A< <@ 4?<;A/93@ 23 9<@ :B3093@
1<;A75B<@ =B323; 23A3?7<?/?@3 !/;A3;3? @73:=?3
97:=7/ 9/ 8B;A/ 239 6<?;<
#?/<>+ ./6 29<89 -979
=?:/<03-3/ ./ +:9C9
"< /=<E/?@3 ;7 @3;A/?@3 3; 9/ =B3?A/ 239 6<?;<
/073?A/ "< 1<9<1/? ;7;5V; ?317=73;A3 ;7 /113@<?7<
@<0?3 9/ =B3?A/ 239 6<?;<
"< A?/;@=<?A/? ;7 @B83A/? 39 /=/?/A< =<? 39 /@/ 23 9/
=B3?A/
'<+8=:9<>+< /6 +:+<+>9
H 39 /@/ ;< /5B/;A/ 39 =3@< 239 /=/?/A< E =B323
?<:=3?@3
H 39 1?7@A/9 23 9/ =B3?A/ =<2?R/ :<C3?@3 E =?<C<1/?
B;/ 23@/97;3/17T; 3;A?3 39 4?<;A/9 239 6<?;< E 39
1?7@A/9 23 9/ =B3?A/
&? 8?/@9 29<89
3 =?3@3;A/:<@ @B ;B3C< 6<?;< ; 3@A3 1/=RAB9< @3
3D=971/; 9/@ 4B;17<;3@ 239 =/;39 23 :/;2< E 23
@B@ 393:3;A<@ 7;27C72B/93@ @7:7@:< @3 =?<=<?17<;/
7;4<?:/17T; @<0?3 9<@ /113@<?7<@ E 9<@ 1<:=<;3;A3@
239 7;A3?7<? 239 6<?;<
#+8/6 ./ 7+8.9
3 =?3@3;A/:<@ B;/ C7@A/ 53;3?/9 239 =/;39 23
:/;2< ; 39 =/;39 7;271/2<? ;< @3 =B323; :<@A?/?
A<2<@ 9<@ @R:0<9<@ / 9/ C3F <@ 393:3;A<@ =B323;
C/?7/? @35V; 39 :<239< 23 /=/?/A<
#.;1< 12
3B;06<;2@
*209.@ 12 :.;27< E
=.;29 6;160.1<?
#.;1< 12
A2:=2?.AB?.
+8.9= 13<+>9<39=
/=-+79>/+,6/=
; /95B;<@ 6<?;<@ 9<@ :/;2<@ 57?/A<?7<@ @<;
3@1/:<A3093@ $/?/ 3;19/C/? < 23@3;19/C/? 39 :/;2<
57?/A<?7< =?3@7<;/?9< 1B/;2< @3 3;1B3;A?3 3; 9/
=<@717T; 13?<
'/-6+=
30/8< 23 1/2/ A319/ 6/E @3;@<?3@ "< =B9@/? 9/@
A319/@ 1<; 4B3?F/ $B9@/? @T9< 39 @R:0<9<
1<??3@=<;273;A3
+8.9 ./
0?8-398/=
9 :/;2< 23 4B;17<;3@ @7?C3 =/?/ @393117<;/? 39 A7=<
23 1/93;A/:73;A<
,0'!'?+
1')'6!'?+
Û
&<@606V; 02?<
9 5<?;< 2@AN .=.4.1<
2 6?2 0.962;A2
&.?. =.@A292@ E ?2=<@A2?T. @ =<@6/92 0<06;.? . 1<@ ;6C292@
+;. AB?/6;. @6AB.1. 2; 9. =.?21 =<@A2?6<? 129 5<?;< 16@A?6/BE2
29 0.9<? 12 3<?:. B;63<?:2 =<? 29 5<?;<
% .9<? @B=2?6<? 2 6;32?6<?
&.?. =.@A292@ 4?.A6;.1<@ E 0.?;2 :.4?. 12 [email protected]<
= 27 12 A2?;2?. < 0.F. 2; B; ;6C29
9 0.9<? =?<C62;2 12 9.@ ?2@6@A2;06.@ 6;32?6<? E @B=2?6<?
7 ?699 0<; .6?2 0.962;A2
@.? =62F.@ 12 0.?;2 .C2 E [email protected]<
". ?2@6@A2;06. 129 4?699 E 29 C2;A69.1<? @2 0<;20A.; E 12@0<;20A.;
.9A2?;.1.:2;A2 ". AB?/6;. 5.02 06?0B9.? 2;A<?;< .
9<@ .96:2;A<@ 29 0.9<? 2:6A61< =<? 29 4?699
( ?699 .:=96. @B=2?36062
@.? .9 4?699 /6@A20@ @.905605.@ A<@A.1.@ E [email protected]<
)2 0.962;A. A<1. 9. @B=2?36062 =<? 12/.7< 12 9. ?2@6@A2;06.
129 4?699
* ?699 =2>B2U. @B=2?36062
@.? .9 4?699 0.;A61.12@ =2>B2U.@ 12 /6@A20@ @.905605.@
A<@A.1.@ E [email protected]<
)2 0.962;A. 9. =.?A2 02;A?.9 12 9. ?2@6@A2;06. 129 4?699
$ .9<? 6;32?6<?
<;36A.? 5<?;2.? E 4?.A6;.?
9 0.9<? =?<C62;2 12 9. ?2@6@A2;06. 6;32?6<?
B 2@0<;429.?
2@0<;429.? = 27 0.?;2 .C2 =.; E =.@A292@
". AB?/6;. ?2:B2C2 29 .6?2 0.962;A2 .9?2121<? 129 .96:2;A<
^ "BF
;02;12? 9. 9N:=.?. 12 69B:6;.06V; 129 6;A2?6<? 129 5<?;<
*6=< 12 0.92;A.:62;A< 0<; 29 >B2 @2 12A2?:6;. 9. 09.@2 12 236062;06. 2;2?4RA60. @24X; $
B/;2< @3 @39117<;/ B; A7=< 23 1/93;A/:73;A< 9/
9L:=/?/ 239 7;A3?7<? 239 6<?;< @3 3;173;23
'/-6+= ./ 7+8/49 C
:+8/6 38.3-+.9<
/@ A319/@ @7?C3; =/?/ /8B@A/? 27@A7;A/@ 4B;17<;3@
/2717<;/93@ ; 39 =/;39 7;271/2<? @3 :B3@A?/; 9<@
C/9<?3@ /8B@A/2<@
#!)
1')'6!'?+
c .92;A.:62;A< ?N=61<
.92;A.? 29 5<?;< 12 3<?:. 2@=206.9:2;A2 ?N=61.
0 B;06<;2@ 12 A62:=<
)292006<;.? 29 ?29<7 [email protected]<?U E 9. 1B?.06V; 129 A62:=<
12 0<006V;r
D )24B?< =.?. ;6U<@
9<>B2.? E 12@/9<>B2.? 29 =.;29 12 :.;1<
A
#2;<@
(21B06? 9<@ C.9<?2@ =?<4?.:.1<@
@
#N@
B:2;A.? 9<@ C.9<?2@ =?<4?.:.1<@
; 39 =/;39 7;271/2<? 9<@ 1<?163A3@ -. 7;271/; 39
@R:0<9< 1<??3@=<;273;A3 / 9/ 4B;17T; 23 A73:=< >B3
3@AL /1A7C/
+8.9 ./
>/7:/<+>?<+
9 :/;2< 23 A3:=3?/AB?/ @7?C3 =/?/ @393117<;/?
9/ A3:=3?/AB?/ < 39 ;7C39 23 5?799
,0'!'?+
'%+'$'!",
Ú
&<@606V; 02?<
9 5<?;< ;< 0.962;A.
Z
#.?42; 12
A2:=2?.AB?.
". A2:=2?.AB?. 129 6;A2?6<? 129 5<?;< 2; I
$6C292@ 12 4?699
"<@ ;6C292@ =.?. 29 4?699 12 =2>B2U. @B=2?36062* E 12 .:=96.
@B=2?36062(
;6C29 @B.C2
;6C29 :216<
;6C29 3B2?A2
s
B;06V; 96:=62F.
B/;2< 39 6<?;< 1/973;A/ 39 @R:0<9<t @3 79B:7;/ 3;
39 =/;39 7;271/2<? ; 9/@ =/B@/@ 23 1/93;A/:73;A< @3
/=/5/ 9 @R:0<9< ;< @3 79B:7;/ 1<; 9/ 4B;17T; 9BF ^
;7 1<; 9/ 4B;17T; 23@1<;539/? B
9 BA797F/? 39 5?799 3; A73:=<@ 23 1<117T; @B=3?7<?3@ /
:7;BA<@ /8B@A/? 39 :/;2< 23 A3:=3?/AB?/ / 5?799
@B/C3
8>/<39< ./6 29<89
9 7;A3?7<? 239 6<?;< 7;1<?=<?/ B; C3;A79/2<? E B;/
9L:=/?/
)/8>36+.9<
9 C3;A79/2<? @3 1<;31A/ E 23@1<;31A/ @35V; @3/
;313@/?7< 9 /7?3 1/973;A3 @3 3@1/=/ =<? 9/ =/?A3
@B=3?7<? 23 9/ =B3?A/ GA3;17T; "< 1B0?7? 9/ /03?AB?/
23 C3;A79/17T; 9 6<?;< =<2?R/ @<0?31/93;A/?@3
9 C3;A79/2<? 1<;A7;V/ 4B;17<;/;2< 2B?/;A3 B; A73:=<
23@=BP@ 23 /=/5/? 39 6<?;< =/?/ >B3 @3 3;4?R3 :L@
?L=72/:3;A3
?D
/ 9L:=/?/ 239 7;A3?7<? 239 6<?;< =3?:/;313
3;13;272/ :73;A?/@ 39 6<?;< 3@AL 3; 4B;17<;/:73;A<
"< <0@A/;A3 9/ 9L:=/?/ =B323 3;13;23?@3 1B/;2< 39
6<?;< 3@AP /=/5/2< @7AB/;2< 39 :/;2< 23 4B;17<;3@
3; 9/ =<@717T; ^
--/=9<39=
<@ /113@<?7<@ =B323; 1<9<1/?@3 3; 39 6<?;< 3; /9AB?/@ 2743?3;A3@
'3 =B323 3DA?/3? 6/@A/ =/?A3@ 239 /113@<?7< @7;
>B3 @3 CB39>B3 3 3@A/ :/;3?/ 9<@ /97:3;A<@
=B323; ?3A7?/?@3 1<;
4/17972/2
'7 9<@ /113@<?7<@ @3 1/973;A/; =B323; 234<?:/?@3
);/ C3F >B3 @3 6/E/; 3;4?7/2< 23@/=/?313 9/
234<?:/17T; E ;< ?3=3?1BA3 @<0?3 39 4B;17<;/:73;A<
'B 6<?;< @T9< 27@=<;3 23 /95B;<@ 23 9<@ @75B73;A3@
/113@<?7<@
<@ /113@<?7<@ =B323; /2>B7?7?@3 3; 39 '3?C717< 23
@7@A3;17/ (P1;71/ 3; 3@A/09317:73;A<@
3@=317/97F/2<@ < 3; ;A3?;3A ;271/? 39 ;V:3?< ,
//'))
&.?. ?206=62;A2@ :<912@ [email protected]<@ =62F.@ 12 =.??699. E =9.A<@
0<;429.1<@
;A?<1B06? 9. =.??699. 0<; 9. 0B?C.AB?. 5.06. ./.7< ¾
+"#( #0*)1" -)+
&.?. =.@A292@ =.@A.@ E 4.992A.@
;A?<1B06? 9. /.;127. 2; 29 5<?;< 0<; 9. =.?A2 129 12@;6C29 2;
16?2006V; . 9. =B2?A. 129 5<?;<
+"#( #0*)1" -/,$2+"
&.?. =.@A292@ 7B4<@<@ ?2=<@A2?T. =9.A<@ 0<;429.1<@ E [email protected]<@
12 =62F.@ 12 4?.; A.:.U< *.:/6R; @2 =B212 B@.? 0<:<
/.;127. =.?. ?20<42? 9. 4?.@. 2; 0.@< 12 .@.? 16?20A.:2;A2
@</?2 9. =.??699.
;A?<1B06? 9. /.;127. 2@:.9A.1. =?<3B;1. 0<; 9. =.?A2 129
12@;6C29 2; 16?2006V; . 9. =B2?A. 129 5<?;<
--/=9<39= /=:/-3+6/=
<@ /113@<?7<@ 3@=317/93@ =B323; /2>B7?7?@3 3; B;
1<:3?17< 3@=317/97F/2< < / A?/CP@ 239 '3?C717< 23
@7@A3;17/ (P1;71/ / 27@=<;707972/2 23 9<@
/113@<?7<@ 3@=317/93@ 3@ 27@A7;A/ 3; 4B;17T; 239 =/R@
<;@B9A/? /9 ?3@=31A< 9/ 2<1B:3;A/17T; 23 1<:=?/
.;127. 2@:.9A.1. =9.;.
- &.?. =.@A292@ =.@A.@ E 4.992A.@
.;127. 2@:.9A.1. =?<3B;1.
- &.?. =.@A292@ 7B4<@<@ ?2=<@A2?T. =9.A<@ 0<;429.1<@ E [email protected]<@
12 =62F.@ 12 4?.; A.:.U< *.:/6R; @2 =B212 B@.? 0<:<
/.;127. =.?. ?20<42? 9. 4?.@. 2; 0.@< 12 .@.? 16?20A.:2;A2
@</?2 9. =.??699.
&.??699. - &.?. ?206=62;A2@ 12 0<06;. :<912@ [email protected]<@ =62F.@ 12 =.??699. E
=9.A<@ 0<;429.1<@
.;127. 12 C61?6< - +;. /.;127. 5<;1. 12 C61?6< #BE .=?<=6.1. 0<:< =9.A< =.?.
@2?C6?
.;127. =.?. =6FF. - 12.9 =.?. =6FF. .96:2;A<@ 0<;429.1<@ =.@A292@ ?21<;1<@ <
4?.;12@ ". /.;127. =.?. =6FF. =B212 BA696F.?@2 2; 9B4.? 12 9.
/.;127. 2@:.9A.1. =?<3B;1. <9<0.? 9. /.;127. @</?2 9.
=.??699. E 4B6.?@2 =<? 9<@ 1.A<@ 6;160.1<@ 2; 9.@ A./9.@
.02?<9. 12 :2A.9 - ". 0.02?<9. @2 =B212 2:=92.? 2; 9.@ F<;.@ 12 [email protected]< 12 9.
=9.0. 12 0<006V; C6A?<02?N:60. @ .=?<=6.1. =.?. 9. AR0;60. 12
@2;@<?2@ =.?. 0<06;.? .@T 0<:< =.?. 29 [email protected]< .BA<:NA60<".
0.02?<9. 2@AN 2@:.9A.1. =<? 3B2?. E ?2C2@A61. 0<; B;. 0.=.
.;A6.152?2;A2 2; @B 6;A2?6<?
.02?<9. 12 [email protected] - ". 0.02?<9. 12 [email protected] 2@ 61V;2< =.?. =?2=.?.? 2@A<3.1<@ E
4?.A6;.1<@ .9 5<?;< @=206.9:2;A2 .=?<=6.1< =.?. 29 [email protected]<
.BA<:NA60<
BT.@ 0<??212?.@ A?6=92@ 12
2DA?.006V; 0<:=92A.
- "<@ ?6292@ 12 2DA?.006V; 12 9.@ .9AB?.@ E =2?:6A2; 2DA?.2?
0<:=92A.:2;A2 9<@ .002@<?6<@ @6; >B2 CB29>B2;
8>/= ./6 :<37/< ?=9
1<;A7;B/17T; @3 7;271/; 9<@ =/@<@ >B3 2303;
@35B7?@3 /;A3@ 23 BA797F/? 39 6<?;< =<? =?7:3?/ C3F
33? /;A3@ 39 1/=RAB9< +6/8>+< /6 29<89
$/?/ 397:7;/? 39 <9<? / ;B3C< 1/93;A/? 39 6<?;< C/1R< E
13??/2< / <=17T; :L@ 3431A7C/ 3@ 1/93;A/? 39 6<?;<
2B?/;A3 B;/ 6<?/ 1<; 1/9<? @B=3?7<? 3 7;43?7<?% /
H <:=?<0/? >B3 ;< 6/E/ ?3@A<@ 239 3:0/9/83
3; 39 7;A3?7<? 239 6<?;<
'393117<;/? 39 1/9<? @B=3?7<? 3 7;43?7<?% 1<; 39
:/;2< 23 4B;17<;3@
'393117<;/? H 1<; 39 :/;2< 23 A3:=3?/AB?/
3@1<;31A/? 39 6<?;< A?/;@1B??72/ B;/ 6<?/ $/?/ 399<
@7AB/? 39 :/;2< 23 4B;17<;3@ 3; 9/ =<@717T; 13?<
37:3/D+
./ 69= +--/=9<39=
;A3@ 23 BA797F/? 9<@ /113@<?7<@ =<? =?7:3?/ C3F
97:=7/?9<@ / 4<;2< 1<; /5B/ 1/973;A3 1<; B; =<1< 23
8/0T; E B;/ 0/E3A/
#<91<+7+< /6 29<89
D7@A3; C/?7/@ :/;3?/@ 23 =?<5?/:/? 39 6<?;< 1<;A7;B/17T; @3 23@1?703 1T:< =?<5?/:/? 39 A7=< 23
1/93;A/:73;A< E 9/ A3:=3?/AB?/ < 39 ;7C39 23 5?799 9
6<?;< =3?:7A3 =?<5?/:/? 39 A73:=< 23 1<117T;
2B?/17T; $/?/ <0A3;3? :L@ 7;4<?:/17T; 1<;@B9A/?
39 1/=RAB9< !9>+
'3:9 ./
-+6/8>+73/8>9 C
>/7:/<+>?<+
'3 ?31<:73;2/ =?31/93;A/? @73:=?3 39 6<?;< /;A3@
23 7;A?<2B17? 39 /97:3;A< =/?/ 3C7A/? >B3 @3 53;3?3;
1<;23;@/17<;3@ 3; 39 1?7@A/9 3; 3D13@<
83:=9< 23 9/ 7:/53; 1/9<? @B=3?7<? 3 7;43?7<? /
H
'393117<;/? 39 A7=< 23 1/93;A/:73;A< 1<; 39 :/;2<
23 4B;17<;3@
'393117<;/? 9/ A3:=3?/AB?/ < 39 ;7C39 23 5?799 1<;
39 :/;2< 23 A3:=3?/AB?/
9 6<?;< 3:=73F/ / 1/93;A/?@3
:+1+< /6 29<89
9.303-+< 69= +4?=>/=
+6/8>+73/8>9
<H:3.9
'7AB/? 39 :/;2< 23 4B;17<;3@ 3; 9/ =<@717T; 13?<
9 A7=< 23 1/93;A/:73;A< E 9/ A3:=3?/AB?/ < 39 ;7C39 23
5?799 =B323; :<27471/?@3 3; 1B/9>B73? :<:3;A< 1<; 39
:/;2< 1<??3@=<;273;A3 <; 9/ 4B;17T; 23 1/93;A/:73;A< ?L=72< 39 6<?;<
/91/;F/ 9/ A3:=3?/AB?/ =?<5?/:/2/ 1<; 5?/; ?/=723F
9 1/93;A/:73;A< ?L=72< 2303 BA797F/?@3 =/?/
A3:=3?/AB?/@ @B=3?7<?3@ / 9<@ H '<;
/=?<=7/2<@ 9<@ @75B73;A3@ A7=<@ 23 1/93;A/:73;A<
H 7?3 1/973;A32
H /9<? @B=3?7<? 3 7;43?7<?%
H /9<? 7;43?7<?$
$/?/ 1<;@35B7? B; ?3@B9A/2< 23 1<117T; B;74<?:3 39
/97:3;A< ;< 2303 7;A?<2B17?@3 3; 39 6<?;< 6/@A/ >B3
6/E/ 47;/97F/2< 39 1/93;A/:73;A< ?L=72<
'393117<;/? 39 A7=< 23 1/93;A/:73;A< E 9/
A3:=3?/AB?/
$B9@/? 0?3C3:3;A3 9/ A319/c
; 39 =/;39 7;271/2<? @3 79B:7;/ 39 @R:0<9<c 9
6<?;< 3:=73F/ / 1/93;A/?@3
38 ./6 -+6/8>+73/8>9
<H:3.9
'B3;/ B;/ @3S/9 9 @R:0<9< c 23@/=/?313 239
=/;39 7;271/2<? ;A?<2B17? 39 /97:3;A< 3; 39 6<?;<
+8-/6+< /6 -+6/8>+73/8>9
<H:3.9
$B9@/? 9/ A319/c 9 @R:0<9< c 23@/=/?313 239
=/;39 7;271/2<?
#<91<+7+< 6+= 0?8-398/= ./ >3/7:9
@A3 6<?;< 1B3;A/ 1<; 27@A7;A/@ 4B;17<;3@ 23 A73:=<
<; 9/ A319/0 @3 /1A7C/ 39 :3;V E @3 1/:07/ 3;A?3
9/@ 27@A7;A/@ 4B;17<;3@ <@ @R:0<9<@ 23 A73:=< @3
:/;A73;3; 79B:7;/2<@ :73;A?/@ @3 ?3/97F/; 9<@ /8B@A3@
<@ 1<?163A3@ 7;271/;-. 7;271/; 9/ 4B;17T; 23 A73:=<
@393117<;/2/ @ =<@7093 :<27471/? B;/ 4B;17T; 23
A73:=< E/ =?<5?/:/2/ 27?31A/:3;A3 1<; 9/@ A319/@@
<A @73:=?3 >B3 39 @R:0<9< 23 A73:=< @3 3;1B3;A?3
3;A?3 1<?163A3@-.
%/694 +@3=+.9<
'3 =B323 BA797F/? 39 ?39<8 /C7@/2<? 1<:< B; ?39<8
A3:=<?7F/2<? 23 1<17;/ 9 4B;17<;/:73;A< 239 ?39<8
/C7@/2<? ;< 23=3;23 239 4B;17<;/:73;A< 239 6<?;< 9
?39<8 /C7@/2<? 27@=<;3 23 @3S/9 =?<=7/ 3 3@A3 :<2<
@3 =B323 27@A7;5B7? @7 6/ 47;/97F/2< 39 A73:=< 239 ?39<8
/C7@/2<? < 9/ 23@1<;3D7T; /BA<:LA71/ 239 6<?;<
2B?/17T; 239 A73:=< 23 1<117T;
$B9@/? B;/ C3F 9/ A319/0 ; 39 =/;39 7;271/2<? @3
79B:7;/; 9<@ @R:0<9<@ 23 A73:=< 9<@ 1<?163A3@
-.7;271/; U
$?<5?/:/? 39 A73:=< 239 ?39<8 /C7@/2<? 1<; 9/@
A319/@@ TA
(319/@ C/9<? =?<=B3@A< :7;BA<@
(319/A C/9<? =?<=B3@A< :7;BA<@
9 A73:=< =?<5?/:/2< @3 :B3@A?/ A?/;@1B??72<@ B;<@
@35B;2<@ '3 7;717/ 39 A73:=< 239 ?39<8 /C7@/2<? ; 39
=/;39 7;271/2<? @3 79B:7;/ 39 @R:0<9<-U. E @3 :B3@A?/
39 A?/;@1B?@< 239 A73:=< 239 ?39<8 /C7@/2<? <@ 23:L@
@R:0<9<@ 23 A73:=< @3 /=/5/;
6 >3/7:9 ./6 </694 +@3=+.9<
2+ 038+63D+.9
'B3;/ B;/ @3S/9 ; 39 =/;39 7;271/2<? @3 :B3@A?/ =/5/? 39 ?39<8 /C7@/2<? 1<; 9/ A319/0
9.303-+< /6 >3/7:9
./6 </694 +@3=+.9<
!<27471/? 39 A73:=< 239 ?39<8 /C7@/2<? 1<; 9/@ A319/@@
TA 9 A73:=< :<27471/2< @3 :B3@A?/ A?/;@1B??72<@
B;<@ @35B;2<@
+8-/6+< /6 >3/7:9
./6 </694 +@3=+.9<
&3@A/09313? 39 A73:=< 239 ?39<8 /C7@/2<? / 1<; 9/
A319/A 9 A73:=< :<27471/2< @3 :B3@A?/
A?/;@1B??72<@ B;<@ @35B;2<@ 9 ?39<8 /C7@/2<? @3
/=/5/
98=?6>+< 69= +4?=>/=
./ >3/7:9
; 1/@< 23 6/03? =?<5?/:/2/@ C/?7/@ 4B;17<;3@ 23
A73:=< 3; 39 =/;39 7;271/2<? @3 79B:7;/; 9<@ @R:0<9<@
1<??3@=<;273;A3@ 9 ?39<8 /C7@/2<? =3?:/;313 /1A7C<
9 @R:0<9<U @3 3;1B3;A?/ 3;A?3 1<?163A3@ E @3
:B3@A?/ 39 A?/;@1B?@< 239 A73:=< 239 ?39<8 /C7@/2<?
$/?/ 1<;@B9A/? 39 ?39<8 /C7@/2<?U < 9/ 2B?/17T; 239
A73:=< 23 1<117T;r =B9@/? ?3=3A72/:3;A3 9/
A319/0 6/@A/ >B3 9<@ 1<?163A3@ 7;27>B3; 39 @R:0<9<
23@3/2< 9 C/9<? 1<??3@=<;273;A3 @3 :B3@A?/
2B?/;A3 B;<@ @35B;2<@ 3; 39 =/;39 7;271/2<?
?<+-3P8 ./6
>3/7:9 ./ -9--3P8
9 6<?;< =3?:7A3 =?<5?/:/? 9/ 2B?/17T; 239 A73:=< 23
1<117T; =/?/ 1/2/ /97:3;A< );/ C3F A?/;@1B??72< 39
A73:=< 23 1<117T; 39 6<?;< @3 /=/5/
/BA<:LA71/:3;A3 3 3@A3 :<2< @3 3C7A/ A3;3? >B3
7;A3??B:=7? <A?/@ A/?3/@ =/?/ /=/5/? 39 6<?;< < >B3 @3
@<0?3=/@3 39 A73:=< 23 1<117T; =<? 23@1B72<
83:=9< 23 9/ 7:/53; 2B?/17T; 239 A73:=< 23
1<117T; 23 :7;BA<@
'393117<;/? 39 A7=< 23 1/93;A/:73;A< 1<; 39 :/;2<
23 4B;17<;3@
'393117<;/? 9/ A3:=3?/AB?/ < 39 ;7C39 23 5?799 1<; 39
:/;2< 23 A3:=3?/AB?/
$B9@/? 2<@ C313@ 9/ A319/0 ; 39 =/;39 7;271/2<?
@3 :B3@A?/ '3 79B:7;/; 9<@ @R:0<9<@ 23 A73:=<
9<@ 1<?163A3@ 7;271/; r
$?<5?/:/? 9/ 2B?/17T; 239 A73:=< 23 1<117T; 1<;
9/@ A319/@@ TA
*/9<? ?31<:3;2/2< 23 9/ A319/@ :7;BA<@
*/9<? ?31<:3;2/2< 23 9/ A319/A :7;BA<@
(?/@ B;<@ @35B;2<@ @3 3;173;23 39 6<?;< ; 39 =/;39
7;271/2<? @3 :B3@A?/ 39 A?/;@1B?@< 239 A73:=< 23
1<117T; E @3 79B:7;/ 39 @R:0<9<-r. <@ 23:L@
@R:0<9<@ 23 A73:=< @3 /=/5/;
6 >3/7:9 ./ -9--3P8 2+
038+63D+.9
'B3;/ B;/ @3S/9 9 6<?;< 238/ 23 1/93;A/? ; 39
7;271/2<? @3 :B3@A?/ $B9@/? 9/ A319/ 0 $?<5?/:/?
B; ;B3C< A73:=< 23 1<117T; 1<; 9/@ A319/@@ TA #
=B9@/? 2<@ C313@ 9/ A319/ 0 E @7AB/? 39 :/;2< 23
4B;17<;3@ 3; 9/ =<@717T; 13?< 9 6<?;< 3@AL /=/5/2<
9.303-+< 6+ .?<+-3P8
./6 >3/7:9 ./ -9--3P8
!<27471/? 9/ 2B?/17T; 239 A73:=< 23 1<117T; 1<; 9/@
A319/@@ TA 9 A73:=< :<27471/2< @3 :B3@A?/
A?/;@1B??72<@ B;<@ @35B;2<@ '7 39 ?39<8 /C7@/2<? 3@AL
=?<5?/:/2< =B9@/? /;A3@ 9/ A319/0
+8-/6+< /6 >3/7:9
./ -9--3P8
&3@A/09313? 39 A73:=< 23 1<117T; / 1<; 9/ A319/A
9 A73:=< :<27471/2< @3 :B3@A?/ A?/;@1B??72<@ B;<@
@35B;2<@ 9 A73:=< @3 6/ 1/;139/2< '7 39 ?39<8
/C7@/2<? 3@AL =?<5?/:/2< =B9@/? /;A3@ 9/ A319/0
98=?6>+< 69= +4?=>/=
./ >3/7:9
; 1/@< 23 6/03? =?<5?/:/2/@ C/?7/@ 4B;17<;3@ 23
A73:=< 3; 39 =/;39 7;271/2<? @3 79B:7;/; 9<@ @R:0<9<@
1<??3@=<;273;A3@ 9 @R:0<9< 23 9/ 4B;17T; 23 A73:=<
/1A7C/ @3 3;1B3;A?/ 3;A?3 1<?163A3@
$/?/ 1<;@B9A/? 39 ?39<8 /C7@/2<?U < 39 A73:=< 23
1<117T;r =B9@/? ?3=3A72/:3;A3 9/ A319/0 6/@A/
>B3 9<@ 1<?163A3@ 7;27>B3; 39 @R:0<9< 23@3/2< 9
C/9<? 1<??3@=<;273;A3 @3 :B3@A?/ 2B?/;A3 B;<@
@35B;2<@ 3; 39 =/;39 7;271/2<?
&/1?<9 :+<+ 83O9=
9 6<?;< 1B3;A/ 1<; B; @35B?< =/?/ ;7S<@ =/?/ 3C7A/?
>B3 P@A<@ 9< 3;173;2/; /11723;A/9:3;A3
9 6<?;< ;< ?3/117<;/ / ;7;5V; /8B@A3 9 ?39<8
/C7@/2<? =B323 =?<5?/:/?@3 1<; 39 @35B?< =/?/ ;7S<@
/1A7C/2<
B/;2< 39 A7=< 23 1/93;A/:73;A< E 9/ A3:=3?/AB?/ < 39
;7C39 23 5?799 3@AL; =?<5?/:/2<@ 39 @35B?< =/?/ ;7S<@
7;A3??B:=3 39 1/93;A/:73;A<
98/->+< /6 =/1?<9
:+<+ 83O9=
"< =B323 6/03? =?<5?/:/2/ ;7;5B;/ 23@1<;3DT;
/BA<:LA71/ 239 6<?;<
$B9@/? 9/ A319/D 2B?/;A3 1B/A?< @35B;2<@ /=?<D
; 39 =/;39 7;271/2<? /=/?313 39 @R:0<9<D 9
@35B?< =/?/ ;7S<@ 3@AL /1A7C/2<
/=-98/->+< /6 =/1?<9
:+<+ 83O9=
$B9@/? 9/ A319/D 2B?/;A3 /=?<D 1B/A?< @35B;2<@
9 @R:0<9<D 23@/=/?313 239 7;271/2<? 9 @35B?<
=/?/ ;7S<@ 3@AL 23@/1A7C/2<
?3.+.9= C 637:3/D+
9 6<?;< :/;A3;2?L 2B?/;A3 :B16< A73:=< @B
/@=31A< ?39B173;A3 E @B 1/=/172/2 4B;17<;/9 @73:=?3 E
1B/;2< @3 993C3; / 1/0< 9/ 97:=73F/ E 9<@ 1B72/2<@
=3?A7;3;A3@ 1<;A7;B/17T; @3 23@1?703 1T:<
3431AB/? 39 1B72/2< E 9/ 97:=73F/ 239 6<?;<
98=/49= C +.@/<>/8-3+=
@ =<@7093 >B3 /=/?3F1/; 2743?3;A3@ A<;/972/23@ 3;
39 4?<;A/9 239 6<?;< 23072< / 9<@ 2743?3;A3@ :/A3?7/93@
1<:< C72?7< =9L@A71< < :3A/9
/@ @<:0?/@ /=?317/093@ 3; 39 1?7@A/9 23 9/ =B3?A/
>B3 =/?313; @B1732/2 @<; ?34938<@ 23 9BF 23 9/
9L:=/?/ 23 79B:7;/17T; 239 6<?;<
9 3@:/9A3 @3 >B3:/ 1B/;2< @3 /91/;F/ B;/
A3:=3?/AB?/ :BE 393C/2/ @A< =B323 =?<C<1/?
9753?/@ 231<9<?/17<;3@ @A3 43;T:3;< 3@ ;<?:/9 E ;<
/431A/ /9 4B;17<;/:73;A< 239 6<?;< <@ 0<?23@ 23 9/@
0/;238/@ 47;/@ ;< =B323; 3@:/9A/?@3 =<? 1<:=93A<
$<? 3@AL ?/FT; =B323; ?3@B9A/? 0/@A<@ /9 A/1A<
/B;>B3 ;< /431A/ / 9/ =?<A3117T; /;A71<??<@7C/
#<9.?->9=
./ 637:3/D+
(3;3? 3; 1B3;A/ 9/@ 7;271/17<;3@ 23 9/ A/09/ =/?/ ;<
2/S/? 9/@ 27@A7;A/@ @B=3?47173@ 239 6<?;< 3:=93/;2<
B; =?<2B1A< 23 97:=73F/ 7;/231B/2<
"< BA797F/?
H =?<2B1A<@ 23 97:=73F/ /0?/@7C<@ < L172<@
H 3@A?<=/8<@ < 3@=<;8/@ 2B?/@
H 97:=7/2<?3@ 23 /9A/ =?3@7T; < =<? 16<??< 23 C/=<?
/C/? 073; 9/@ 0/E3A/@ ;B3C/@ /;A3@ 23 BA797F/?9/@
,+
/,"2!1,0 "# )'*-'#6
?<;A.9 129 5<?;<
4B. 0.962;A2 0<; B; =<0< 12 7./V;
"6:=6.? 0<; B;. /.E2A. E @20.? 0<; B; =.U< @B.C2
,+
/,"2!1,0 "# )'*-'#6
02?< 6;<D61./92
4B. 0.962;A2 0<; B; =<0< 12 7./V;
"6:=6.? 0<; B;. /.E2A. E @20.? 0<; B; =.U< @B.C2
"6:=6.? 6;:216.A.:2;A2 9.@ :.;05.@ 12 0.9 4?.@. :.602;. E
09.?. 12 5B2C< =<1?T. 3<?:.?@2 0<??<@6V; 12/.7< 12 2@A.@
:.;05.@ ; 9<@ 02;A?<@ 129 )2?C606< 12 @6@A2;06. *R0;60. <
2; 0<:2?06<@ 2@=206.96F.1<@ =B212; .1>B6?6?@2 =?<1B0A<@
2@=20T360<@ =.?. 29 0B61.1< 129 .02?< 6;<D61./92 >B2 @<; .=A<@
=.?. 9.@ @B=2?36062@ 0.962;A2@ =960.? 29 =?<1B0A< 12 96:=62F.
0<; B; =.U< @B.C2 :BE 36;<
[email protected]
"6:[email protected]@
"6:=6.? 0<; B; =.U< @B.C2
$< BA696F.? B; [email protected]<? =.?. C61?6<
[email protected]@ 12 9. =B2?A.
"6:[email protected]@
"6:=6.? 0<; B; =.U< @B.C2
$< BA696F.? B; [email protected]<? =.?. C61?6<
,61?6< =?<A20A<? 12 9. 9N:=.?. 12
69B:6;.06V; 129 5<?;<
4B. 0.962;A2 0<; B; =<0< 12 7./V;
"6:=6.? 0<; B;. /.E2A.
!B;A.
;< ?2A6?.?
4B. 0.962;A2 0<; B; =<0< 12 7./V;
"6:=6.? 0<; B;. /.E2A. $< 3?<A.?
(27699.@
4B. 0.962;A2 0<; B; =<0< 12 7./V;
&<;2? 2; ?2:<7< E 96:=6.? 0<; B;. /.E2A. < B; 02=699<
002@<?6<@
4B. 0.962;A2 0<; B; =<0< 12 7./V;
&<;2? 2; ?2:<7< E 96:=6.? 0<; B;. /.E2A. < B; 02=699<
?8-3P8 6?D
$/?/ 4/1797A/? 9/ 97:=73F/ 239 6<?;< 3@ =<@7093 1<;31A/?
9/ 9L:=/?/ 239 7;A3?7<? 239 6<?;<
98/->+< 6+ 6H7:+<+
./6 29<89
7?/? 39 :/;2< 23 4B;17<;3@ 6/@A/ 9/ =<@717T; ^
/=-98/->+< 6+ 6H7:+<+
./6 29<89
7?/? 39 :/;2< 23 4B;17<;3@ 6/@A/ 9/ =<@717T; Û
/ 9L:=/?/ @3 1<;31A/ 9 :/;2< 23 A3:=3?/AB?/
2303 3@A/? 23@1<;31A/2<
37:3+< 6+= =?:/<03-3/=
-+>+6N>3-+= ./6 29<89
; /95B;<@ 6<?;<@ 9/ =/?32 =<@A3?7<? 239 7;A3?7<? 239
6<?;< 9/@ =/?323@ 9/A3?/93@ < 39 A316< =B323; 3@A/?
?3C3@A72/@ 1<; 13?L:71/ 23 /9A/ =<?<@72/2 @A3
?3C3@A7:73;A< /0@<?03 9/@ @/9=71/2B?/@ ?3@B9A/;A3@ 23
6<?;3/? E /@/? E 9/@ 27@B39C3 :73;A?/@ 39 6<?;< 3@AL
3; 4B;17<;/:73;A< B/;A< :/E<? @3/ 9/ A3:=3?/AB?/
E :L@ A73:=< 3@AP 39 6<?;< 3; 4B;17<;/:73;A< :38<?
@3?L 39 ?3@B9A/2<
'7 9/ @B1732/2 A<2/CR/ =3?@7@A3 23@=BP@ 23 BA797F/? 39
6<?;< C/?7/@ C313@ BA797F/? 9/ 4B;17T; 93/;
98=/49= C +.@/<>/8-3+=
"< BA797F/? ;B;1/ 23A3?53;A3@ /0?/@7C<@ @A<@ ?/E/; E
23A3?7<?/; 9/ 1/=/ 23 /9A/ =<?<@72/2
"< A?/A/? 9/ 1/=/ 23 13?L:71/ 1<; =?<2B1A<@ 23
97:=73F/ =/?/ 6<?;<@'7 =<? 23@1B72< 1/3 =?<2B1A<
23 97:=73F/ =/?/ 6<?;<@ 3; /95B;/ 23 3@A/@ =9/1/@
397:7;/?9< 23 4<?:/ 7;:327/A/ 1<; B;/ 3@=<;8/ E /5B/
/0B;2/;A3
37:3+< 6+ ,+=/ ./6 29<89 C
6+= :+</./= /=7+6>+.+=
:=93/? B; =/S< 23 97:=73F/ E /5B/ 1/973;A3 1<; B;
=<1< 23 8/0T; < C7;/5?3
; 1/@< 23 @B1732/2 4B3?A3 BA797F/? B; 3@A?<=/8<
:3AL971< 23 /13?< 47;< < B; =?<2B1A< 23 97:=73F/
3@=31R471< =/?/ 6<?;<@ )A797F/? V;71/:3;A3 1B/;2< 39
7;A3?7<? 239 6<?;< 3@AP 4?R< "< A?/A/? 9/@ @B=3?47173@
/BA<97:=7/093@ 1<; B; 3@A?<=/8< :3AL971< < 1<;
=?<2B1A<@ 23 97:=73F/ =/?/ 6<?;<@
?8-3P8 6/+8
/ 4B;17T; 93/; 3@ B; =?<5?/:/ 23 ?353;3?/17T;
B/;2< 9<@ 393:3;A<@ /BA<97:=7/;A3@ 239 6<?;< ;< @3
97:=73; @B47173;A3:3;A3 =<? @R :7@:<@ @3
?353;3?/?L; 1<; 3@A/ 4B;17T; B35< C<9C3?L; / @3?
1<:=93A/:3;A3 4B;17<;/93@
>/8-3P8
/@ @B=3?47173@ 239 6<?;< >B3 ;< @3/; /BA<97:=7/;A3@
2303?L; 97:=7/?@3 1<; /;A3?7<?72/2 3 9< 1<;A?/?7<
/=/?313?L; :/;16/@ >B3 ;< =<2?L; 397:7;/?@3
=N =/ :<91<+7+
'7AB/? 39 :/;2< 23 4B;17<;3@ 3; 9/ =<@717T; 23 /7?3
1/973;A3 2
'7AB/? 39 :/;2< 23 A3:=3?/AB?/ 3; s
(?/@ :7;BA<@ 23@1<;31A/? 39 :/;2< 23 4B;17<;3@
9 ?3C3@A7:73;A< 23 13?L:71/ @3 ?353;3?/ 97:7;/? 9<@
?3@72B<@ 23 1<9<? :/??T; < 09/;1< 1<; /5B/ E B;/
3@=<;8/ @B/C3 B;/ C3F @3 6/E/ 3;4?7/2< 39 6<?;<
);/ 231<9<?/17T; 9753?/ 239 ?3C3@A7:73;A< ;< /431A/ /
9/ /BA<97:=73F/
(8+ @/D /6 29<89 =/ 2+C+
/80<3+.9
7:=7/? 9<@ ?3@A<@ 23 @/9 23 9<@ 393:3;A<@
/BA<97:=7/;A3@ 1<; B; =/S< 6V:32<
!9>+
; 1/@< 23 6/03? 7;@A/9/2/ B;/ =9/1/ 23 1<117T;
@<0?3 39 6<?;<@3 ?31<:73;2/ ;< 3;13;23?9/ 1B/;2<
9/ 4B;17T; 93/; 3@AP /1A7C/2/
/=-961+< C -961+<
6+= </4366+=
/=-961+< 6+= </4366+=
@ =<@7093 ?3A7?/? 9/@ ?38799/@ =/?/ 97:=7/?9/@ 9 6<?;<
2303 3@A/? 4?R<
3C/;A/? 9/ ?38799/ =<? 9/ =/?A3 239/;A3?/
E 23@1<95/?9/ 475B?/ 1<;A7;B/17T; A7?/? 23 9/ ?38799/ 1<:=93A/:3;A3
6/17/ /239/;A3
E 3DA?/3?9/ 475B?/ 7:=7/? 9/@ ?38799/@ 1<; 9/C/C/8799/@ E B;/ 3@=<;8/ $/?/
9/@ :/;16/@ ?3@7@A3;A3@ @3 ?31<:73;2/ BA797F/? B;
13=799<
;@3?A/? =?7:3?< 9/ ?38799/ 3; 9/ ?/;B?/ A?/@3?/
961+< 6+= </4366+=
=?3@7<;/;2< B; =<1< 6/17/ /A?L@ 475B?/
E / 1<;A7;B/17T; 7;A?<2B17?9/ 3; 9/ ?/;B?/
239/;A3?/ 475B?/ /@ ?38799/@ @3 /8B@A/; / 9/ 7F>B73?2/ E / 9/ 23?316/ /
1B?C/AB?/ 2303 3@A/? @73:=?3 6/17/ /0/8<
,+>3< 6+ </=3=>/8-3+
./6 1<366
$/?/ 4/1797A/? 9/ 97:=73F/ 3; /95B;<@ 6<?;<@ @3 =B323
/0/A7? 9/ ?3@7@A3;17/ 239 5?799
G$3975?< 23 >B3:/2B?/@ 9 6<?;< 2303 3@A/? 4?R<
(7?/? 6/17/ 239/;A3 239 /@/ 239 5?799 /0/A7093 E
3:=B8/?9< 6/17/ /??70/ 6/@A/ <R? >B3 3;1/8/
475B?/ 9 :7@:< A73:=< @B83A/? 9/@ ?3@7@A3;17/@ 239 5?799 E
=935/?9/@ 6/17/ /0/8< 475B?/ );/ C3F 47;/97F/2/ 9/ 97:=73F/ C<9C3? / 23@=9/F/? 6/17/
/??70/ 9/@ ?3@7@A3;17/@ 239 5?799 :=B8/? 39 /@/ 239 5?799
6/17/ /0/8< E 3;1/8/? 9/@ ?3@7@A3;17/@ 239 5?799
/=-961+< C -961+<
6+ :?/<>+ ./6 29<89
$/?/ 4/1797A/? 39 23@:<;A/83 23 9/ =B3?A/ E 9/ 97:=73F/
23 9<@ 1?7@A/93@ @3 =B323 23@1<95/? 9/ =B3?A/ 239
6<?;<
/@ 07@/5?/@ 23 9/ =B3?A/ 239 6<?;< 3@AL; 3>B7=/2/@
1<; B;/ =/9/;1/ 23 09<>B3< B/;2< 9/ =/9/;1/ 23
09<>B3< 3@AL 13??/2/ 475B?/ 9/ =B3?A/ ;< =B323
23@1<95/?@3'7 @3 /0?3 9/ =/9/;1/ 23 09<>B3< =/?/
23@1<95/? 9/ =B3?A/ 475B?/ 9/@ 07@/5?/@ @3
09<>B3/; 3 3@A/ :/;3?/ ;< =B323; 13??/?@3 23
5<9=3
/=-961+< 6+ :?/<>+
G$3975?< 23 93@7<;3@ '7 9/@ 07@/5?/@ ;< 3@AL;
09<>B3/2/@ 1<; 9/ =/9/;1/ =<2?R/; 13??/?@3
23 5<9=3 #0@3?C/? >B3 9/@ =/9/;1/@ 23 09<>B3<
3@AP; @73:=?3 13??/2/@ 3D13=A< /9 23@1<95/? 9/
=B3?A/ >B3 9/@ =/9/;1/@ 2303; 3@A/? /073?A/@
0?7? =<? 1<:=93A< 9/ =B3?A/ 239 6<?;<
'/1/? /:0/@ =/9/;1/@ 23 09<>B3< @7AB/2/@ / 9/
23?316/ 3 7F>B73?2/ 75B?/ 3??/? 9/ =B3?A/ 239 6<?;< 6/@A/ 39 A<=3 475B?/ 5/??/? 9/ =B3?A/ 1<; /:0/@ :/;<@ / 9/ 23?316/ E
/ 9/ 7F>B73?2/ 3??/? B; =<1< :L@ E 3DA?/3?9/
961+< 6+ :?/<>+
*<9C3? / 1<95/? 9/ =B3?A/ @75B73;2< 9<@ :7@:<@ =/@<@
3; <?23; 7;C3?@<
9 C<9C3? / 1<95/? 9/ =B3?A/ <0@3?C/? >B3 /:0/@
07@/5?/@ @3 /8B@A3; 3D/1A/:3;A3 23;A?< 23 @B@
?3@=31A7C/@ /03?AB?/@ 75B?/ / ?/;B?/ 7;43?7<? 23 9/@ 07@/5?/@ 2303 3;1/8/? /
/:0<@ 9/2<@ 75B?/ '7 ;< @3 :<;A/; /231B/2/:3;A3 9/@ 07@/5?/@ @3
=B323 =?<2B17? 1<:< 1<;@31B3;17/ B;/
23@/97;3/17T; 23 9/ =B3?A/
3??/? 23 ;B3C< 9/@ =/9/;1/@ 23 09<>B3< 475B?/
3??/? 9/ =B3?A/ 239 6<?;<
G$3975?< 23 93@7<;3@ "< A<1/? 9/ 07@/5?/ 3; 1/@< 23
>B3 9/ =B3?A/ 1/75/ 7;C<9B;A/?7/:3;A3 < >B3 B;/
07@/5?/ @3 173??3 23 5<9=3 C7@/? /9 '3?C717< 23
@7@A3;17/ (P1;71/
98>+< C
./=798>+<
69= -<3=>+6/=
./ 6+ :?/<>+
/=798>+4/
@ =<@7093 3DA?/3? 9<@ 1?7@A/93@ 23 9/ =B3?A/ 239 6<?;<
=/?/ 4/1797A/? 9/ 97:=73F/
3@1<95/? 9/ =B3?A/ 239 6<?;< E 23=<@7A/?9/ @<0?3
B; =/S< 1<; 39 /@/ 6/17/ /0/8<
3@A<?;799/? 9/ A/=/ 3; 9/ =/?A3 @B=3?7<? 23 9/ =B3?A/
239 6<?;< $/?/ 399< /49<8/? 9<@ A<?;799<@ 23 9/
7F>B73?2/ E 23?316/ 75B?/ 9F/? E 3DA?/3? 39 1?7@A/9 @B=3?7<? 75B?/ $/?/ =B3?A/@ 23 A?3@ 1?7@A/93@ ?3/97F/? /23:L@ 39
@75B73;A3 =/@<
DA?/3? 39 1?7@A/9 75B?/ 98>+4/
7:=7/? 9<@ 1?7@A/93@ 1<; 97:=7/1?7@A/93@ E B; =/S<
@B/C3
"< BA797F/? 97:=7/2<?3@ /0?/@7C<@ < 1<??<@7C<@
?/@1/2<?3@ =/?/ C72?7< ;7 3@A?<=/8<@ :3A/971<@ 2B?<@
E/ >B3 39 1?7@A/9 =<2?R/ 2/S/?@3
$/?/ =B3?A/@ 23 2<@ 1?7@A/93@ ?3/97F/? 239 =/@< /9 ;A?<2B17? 39 1?7@A/9 6/17/ /A?L@ 7;197;L;2<9< 75B?/
#0@3?C/? >B3 9/ 7;@1?7=17T; &756A/0<C3 @3
3;1B3;A?3 /??70/ / 9/ 23?316/
;A?<2B17? 39 1?7@A/9 @B=3?7<? 6/17/ /A?L@
7;197;L;2<9< <; 9/ @B=3?47173 97@/ 6/17/ 4B3?/
<9<1/? E 3;?<@1/? 9/ 1B073?A/
<95/? 9/ =B3?A/ 239 6<?;<
)96@/< + ?>363D+< /6 29<89 -?+8.9 69= -<3=>+6/=
/=>L8 798>+.9= ./,3.+7/8>/
$?L 2+-/< /8 -+=9 ./ +@/<N+
<; 4?31B3;17/ 1B/;2< @3 =?<2B13 B;/ /C3?R/ @B393
A?/A/?@3 23 B;/ =3>B3S/ /;<:/9R/ 4L179 23 @B0@/;/?
;A3@ 23 /C7@/? /9 '3?C717< 23 @7@A3;17/ (P1;71/
7;A3;A/? @<9B17<;/? 9/ /C3?R/ 1<; /EB2/ 23 9/ @75B73;A3
A/09/
'+,6+ ./ +@/<N+=
3#/>
,0' )# !20
,)2!'?+!,+0#(,0
9 5<?;< ;< 3B;06<;.
9 3B@6/92 2@AN
12320AB<@<
<:=?</.? 2; 9. 0.7. 12 3B@6/92@ >B2
29 3B@6/92 @2 5.99. 2; /B2; [email protected]<
<?A2 2; 29 @B:6;6@A?<
29R0A?60<
<:=?</.? @6 9. 9BF 12 9. 0<06;. @2
2;062;12 < @6 3B;06<;.; <A?<@
2920A?<1<:R@A60<@
; 29 6;160.1<? 2@AN 2;02;161<B;
02?<
<?A2 2; 29 @B:6;6@A?<
29R0A?60<
<;36?:.? 0<; 9. A209.0
9 5<?;< ;< @2 0.962;A.
.E =<9C< 2; 9<@
0<;A.0A<@
6?.? 9<@ :.;1<@ 46?.A<?6<@ C.?6.@
C202@ 2; .:/.@ 16?2006<;2@
/8=+4/= ./ /<<9<
B/;2< 3; 39 7;271/2<? /=/?313 B; :3;@/83 23 3??<?
1<;“ =B9@/? 9/ A319/0 9 :3;@/83 23@/=/?313 '3
0<??/ 9/ 4B;17T; 23 A73:=< /8B@A/2/
$/?/ @<9B17<;/? 39 :<A7C< <0@3?C3 9<@ @75B73;A3@
1<;@38<@
#+0(# "# #//,/
,0' )# !20
+;. A209. @2 5. [email protected]< &B9@.? A<1.@ 9.@ A209.@ 12 3<?:.
1B?.;A2 12:[email protected]<
6;16C61B.9 <:=?</.? @6 B;. A209. @2
A62:=< < 2@AN [email protected]. 5. [email protected]< 2@AN 0B/62?A. < @B06.
+7,3+< 6+ 6H7:+<+
./6 29<89
,)2!'?+!,+0#(,0
G$3975?< 23 23@1/?5/ 39P1A?71/
/@ ?3=/?/17<;3@ 7;/231B/2/@ @<; =3975?<@/@
/@?3=/?/17<;3@ @<9< =B323; @3? 3431AB/2/@
=<?=3?@<;/9 239 '3?C717< 23 @7@A3;17/ (P1;71/
23072/:3;A3 7;@A?B72<
'7 9/ 9L:=/?/ 239 6<?;< 3@AL 23A3?7<?/2/ 2303?L
@B@A7AB7?@3 $B323; /2>B7?7?@3 9L:=/?/@ 23 ?31/:07<
?3@7@A3;A3@ / 9/ A3:=3?/AB?/ / A?/CP@ 239 '3?C717< 23
@7@A3;17/ (P1;71/ < 3; 1<:3?17<@ 3@=317/97F/2<@
)A797F/? @T9< 3@A/@ 9L:=/?/@
G$3975?< 23 23@1/?5/ 39P1A?71/
3@1<;31A/? 39 /=/?/A< 23 9/ ?32 39P1A?71/
@35B?/?@3 23 >B3 3@AL 073; 23@1<;31A/2<
$<;3? B; =/S< 23 1<17;/ 23;A?< 239 6<?;< 4?R<
=/?/ 3C7A/? 2/S<@
&3A7?/? 39 1?7@A/9 =?<A31A<? 23@3;?<@1L;2<9< 6/17/
9/ 7F>B73?2/
'B@A7AB7? 9/ 9L:=/?/ =<? B; A7=< 23 9L:=/?/ @7:79/?
*<9C3? / 3;?<@1/? 39 1?7@A/9 =?<A31A<?
&3A7?/? 39 =/S< 23 1<17;/ E C<9C3? / 1<;31A/? 39
/=/?/A< / 9/ ?32 39P1A?71/
<3=>+6 :<9>/->9<
'3 A73;3; >B3 1/:07/? 9<@ 1?7@A/93@ =?<A31A<?3@
23A3?7<?/2<@ <@ 1?7@A/93@ =?<A31A<?3@ @3 1<;@75B3;
3; 39 '3?C717< 23 @7@A3;17/ (P1;71/ ;271/? 39 ;H 23
=?<2B1A< E 39 ;H 23 4/0?71/17T; 239 /=/?/A<
&/<@3-39 ./ =3=>/8-3+ 'L-83-+
"B3@A?< '3?C717< 23 @7@A3;17/ (P1;71/ 3@AL /
27@=<@717T; 239 B@B/?7< =/?/ 3431AB/? 9/ ?3=/?/17T; 239
/=/?/A< ?3/97F/? 9/ 1<:=?/ 23 /113@<?7<@ <
?3@=B3@A<@ E ?3/97F/? 1B/9>B73? 1<;@B9A/ ?39/17<;/2/
1<; ;B3@A?<@ =?<2B1A<@ < @3?C717<@ <@ 2/A<@ 23
;B3@A?< '3?C717< 23 @7@A3;17/ (P1;71/ @3 =B323;
3;1<;A?/? 3; 9/ 2<1B:3;A/17T; /28B;A/
!E ./ :<9.?->9 C
8E ./ 0+,<3-+-3P8
9 1<;A/1A/? 1<; ;B3@A?< '3?C717< 23 @7@A3;17/
(P1;71/ 7;271/? 39 ;V:3?< 23 =?<2B1A< E 39
;V:3?< 23 4/0?71/17T; 239 /=/?/A< / 3A7>B3A/
23 1/?/1A3?R@A71/@ 1<; 9<@ 1<??3@=<;273;A3@ ;V:3?<@
@3 3;1B3;A?/ 3; 39 9/A3?/9 23?316< 23 9/ =B3?A/ 239
6<?;< 47; 23 3C7A/?@3 :<93@A7/@ 3; 1/@< ;313@/?7<
93 ?31<:3;2/:<@ /;<A/? 9<@ 2/A<@ 23 @B /=/?/A< /@R
1<:< 39 ;V:3?< 23 A39P4<;< 239 '3?C717< 23 @7@A3;17/
(P1;71/ 3; 39 @75B73;A3 /=/?A/2<
$I 12 =?<1B0A<
$H )2?C606< 12 @6@A2;06. *R0;60. %
98=/49= :+<+ +29<<+< /8/<1N+ C
=9,</ 7/.39 +7,3/8>/
; 3@A3 1/=RAB9< 93 <4?313:<@ 1<;@38<@ @<0?3 1T:<
/6<??/? 3;3?5R/ 2B?/;A3 39 1719< 23 6<?;3/2< E /@/2<
/@R 1<:< @<0?3 39 :<2< /231B/2< 23 397:7;/? 39
/=/?/A<
29<<+< /8/<1N+
$?31/93;A/? 39 6<?;< @T9< 1B/;2< @3 7;27>B3 3; 9/
?313A/ < 3; 9/@ A/09/@
)A797F/? :<923@ =/?/ 6<?;3/? <@1B?<@ 9/1/2<@ <
3@:/9A/2<@ 3; ;35?< 0@<?03?L; :38<? 39 1/9<?
0?7? 9/ =B3?A/ 239 6<?;< 9< :3;<@ =<@7093 2B?/;A3 39
1719< 23 1<117T; 6<?;3/2< < /@/2<
'7 @3 6<?;3/; C/?7<@ =/@A393@ 6/13?9< =?343?7093:3;A3
B;< 23A?L@ 23 <A?< 9 6<?;< 3@A/?L A<2/CR/ 1/973;A3
3 3@A/ :/;3?/ @3 ?32B17?L 39 A73:=< 23 1<117T; 239
@35B;2< =/@A39 (/:07P; @3 =B323; 7;A?<2B17? 2<@
:<923@ ?31A/;5B9/?3@ 8B;A<@
; 9<@ A73:=<@ 23 1<117T; 9/?5<@ =B323 /=/5/? 39
6<?;< :7;BA<@ /;A3@ 23 >B3 A3?:7;3 39 A73:=< E
/=?<C316/? 39 1/9<? ?3@72B/9 =/?/ A3?:7;/?
63738+-3P8
./ </=3.?9=
</=:/>?9=+
-98 /6 7/.39
+7,3/8>/
3@3163 39 3:0/9/83 23 4<?:/ 31<9T571/
ó
@A3 /=/?/A< 3@AL 723;A7471/2< 1<;4<?:3 / 9/ 7?31A7C/
23 &3@72B<@ 23 =/?/A<@ 9P1A?71<@ E 931A?T;71<@
& @A/ 27?31A7C/ 2347;3 39 :/?1<
=/?/ 39 ?31719/83 E ?3BA797F/17T; 23 /=/?/A<@ B@/2<@ 3;
A<2< 39 A3??7A<?7< 3B?<=3<
'+,6+= C =?1/</8-3+=
>BR @3 3;1B3;A?/ B;/ @393117T; 23 =9/A<@ E 9<@
/8B@A3@ T=A7:<@ =/?/ 39/0<?/?9<@ '3 =B323 1<;@B9A/?
>BP /113@<?7<@ @3 =B323; BA797F/? E / >BP /9AB?/ @3
2303; 1<9<1/? 23:L@ @3 3;1B3;A?/; @B53?3;17/@
@<0?3 9<@ ?317=73;A3@ E 9/ =?3=/?/17T; E B;/ =3>B3S/
/EB2/ =<? @7 /95B;/ C3F /95< @/93 :/9
'7 @3 >B73?3 BA797F/? B;/ ?313A/ =?<=7/ @3 =B323
<?73;A/? =<? B; =?<2B1A< @7:79/? >B3 475B?3 3; 9/ A/09/
23 1<117T;
#+=>/6/= C
</:9=>/<N+
96./= :+<+ 29<8/+<
<@ :<923@ :L@ 72T;3<@ @<; 9<@ :3AL971<@ 23 1<9<?
<@1B?<
<9<1/? 39 :<923 @73:=?3 3; 9/ =/??799/
'+,6+=
9 1B/2?< 23 1<117T; @75B73;A3 6/ @72< 39/0<?/2<
3D19B@7C/:3;A3 / =/?A7? 23 9/ 1<9<1/17T; 23 9<@
/97:3;A<@ 1<; 39 6<?;< 4?R< @R @3 /6<??/ 3;3?5R/ '7
@3 =?31/973;A/ 39 6<?;< 9<@ A73:=<@ 23 6<?;3/2<
7;271/2<@ @3 /1<?A/; 23 / :7;BA<@
; 9/@ A/09/@ @3 =B323 1<;@B9A/? 39 A7=< 23
1/93;A/:73;A< >B3 :38<? @3 /8B@A/ /9 A7=< 23 =/@A39 <
=/@A/@ / A3:=3?/AB?/ E 9/ 2B?/17T; 23 9/ 1<117T; 3;
39 6<?;< 23=3;23; 23 9/ 1/;A72/2 E 1<;@7@A3;17/ 23 9/
:/@/ $<? 3@A/ ?/FT; 3; 9/@ A/09/@ 23 1<117T; @3
?3@3S/; @73:=?3 B;<@ :L?53;3@ 23 A73:=< $?<0/?
=?7:3?< 1<; 39 C/9<? :L@ 0/8< <; B;/ A3:=3?/AB?/
:L@ 0/8/ @3 1<;@75B3 B; 2<?/2< :L@ B;74<?:3 ;
1/@< ;313@/?7< @3 =B323 @B07? 9/ A3:=3?/AB?/ 9/
=?TD7:/ C3F
; 39 /=/?A/2< <;@38<@ =?L1A71<@ =/?/ 39 6<?;3/2<
@3 4/1797A/ 7;4<?:/17T; /2717<;/9
01#)#0 -/
-/#-// #+ *,)"#0
,)"# 0, /# ) -//'))
)12/
'-, "# #*-#/1 '#*-, "#
!)#+1B 2/ 7
!,!!'?+
*'#+1,
*'+21,0
*.?A.
#<912 =.?. A.?A.@
12 5<7.9.A. J 0:
%
2
Z
Z
Z
Z
'B6052
#<912 =.?. A.?A.@
12 5<7.9.A. J 0:
%
Z
Z
&.@A292@
#<912 =.?. =.@A292@
12 5<7.9.A. 0:
%
Z
Z
&.?. 5<?;2.? :N@ 12 B; =.@A29 . 9. C2F 0<9<0.? C.?6<@ :<912@ @</?2 9. =.??699.
01#)#0 #+ )
+"#( "# &,/+,
&6FF.@
&.@A. 12 5<7.91?2
)12/
'-, "#
!)#+1B
*'#+1,
#*-#/12/
7
'#*-, "#
!,!!'?+
*'+21,0
.;127. 12 5<?;<
.;127. 12 .9B:6;6< /.;127. 2@:.9A.1.
=9.;.
.;127. 12 .9B:6;6< /.;127. 2@:.9A.1.
=?<3B;1.
%
Z
Z
2
Z
Z
2
Z
Z
.;127. 12 5<?;<
.;127. 12 .9B:6;6< /.;127. 2@:.9A.1.
=9.;.
.;127. 12 .9B:6;6< /.;127. 2@:.9A.1.
=?<3B;1.
2
Z
Z
2
Z
Z
2
Z
Z
9 5<?;2.? . 1<@ ;6C292@ 0<9<0.? @62:=?2 9. /.;127. 12 .9B:6;6< 2; 29 ;6C29 6;32?6<? E 9. /.;127.
2@:.9A.1. =?<3B;1. @62:=?2 2; 29 ;6C29 @B=2?6<?
@ =<@6/92 .1>B6?6? B;. /.;127. 12 5<?;< .1606<;.9 2; 29 0<:2?06< 2@=206.96F.1< < 2; 29 @2?C606< 12
.@6@A2;06. AR0;60.
+ 5 -+#!')),0
)12/ '-, "#
!)#+1B
*'#+1,
#*-#/B '#*-, "#
12/ 7
!,!!'?+
*'+21,0
&.; 12 92C.1B?. 0<; 84
12 5.?6;. =?20.92;A.?
.;127.
2@:.9A.1.
t
Z
&.; 12 :.@. 32?:2;A.1. 0<;
Y84 12 5.?6;. =?20.92;A.?
.;127.
2@:.9A.1.
t
Z
&.;20699<@ = 27 12 02;A2;<
.;127.
2@:.9A.1.
t
Z
Z
$< C2?A2? ;B;0. .4B. 16?20A.:2;A2 2; 29 6;A2?6<? 129 5<?;< 0.962;A2
#-,01#/>
)12/
'-, "#
!)#+1B
*'#+1,
#*-#/B
12/ 7
'#*-, "#
!,!!'?+
*'+21,0
&.@A.@ E
4.992A.@
.;127.
/.;127.@
%
2
Z
Z
Z
Z
#2?2;4B2@
.;127.
2
Z
Z
BUB29<@ 12
C62;A<
.;127.
%
Z
Z
9:2;1?.1<@
.;127.
/.;127.@
%
2
Z
Z
Z
Z
9 5<?;2.? . 1<@ ;6C292@ 0<9<0.? @62:=?2 9. /.;127. 2@:.9A.1. =<? 2;06:.
".@ /.;127.@ .1606<;.92@ =B212; .1>B6?6?@2 0<:< .002@<?6<@ <=06<;.92@ 2; 0<:2?06<@
2@=206.96F.1<@
&?1/</8-3+= C
-98=/49= :<H->3-9=
:+<+ /6 29<8/+.9
' 0# .2'#/# 21')'6/ 2+ /#!#1
-/,-'
)2 =B212 <?62;A.? =<? B; =?<1B0A< @2:27.;A2 >B2 364B?2 2; 9.
A./9. 12 0<006V;
+#/ "# !,*-/, / 0' #) -01#)
"# *0 1'" 5 #019 #+ 02
-2+1,
+;<@ :6;BA<@ .;A2@ 12 >B2 36;.9602 29 A62:=< 12 5<?;2.1<
@2U.9.1< 2; 9. ?202A. =6;05.? 29 =.@A29 2; @B =B;A< :N@ .9A<
0<; B; =.9699< 12 :.12?. 36;< )6 29 =.9699< @.92 96:=6< @6; ?2@A<@
12 :.@. 29 =.@A29 2@AN 96@A<
1/1 .2#"? -)01"
". =?VD6:. C2F 2:=92.? :2;<@ 9T>B61< < @292006<;.? B;.
A2:=2?.AB?. 12 5<?;2.1< 4?.1<@ 6;32?6<? %/@2?C.? 9<@
=2?T<1<@ 12 A62:=< [email protected]<@ 2; 9. ?202A. =.?. /.A6? 9. :.@.
1/1 0# & &'+!&", '#+ #+
#) !#+1/, -#/, &!' ),0 ,/"#0
1'#+# *#+,0 )12/
$< 2;4?.@.? 29 :<912 +;. C2F A2?:6;.1< 29 =.@A29 12@=?2;12?9<
0<; 0B61.1< 129 :<912 0<; .EB1. 12 B; 0B05699<
) -01#) 0)# "#*0'", ",/",
-,/ //' <9<0.? 29 =.@A29 . :N@ =?<3B;161.1 2; 29 5<?;< @292006<;.?
B;. A2:=2?.AB?. 12 5<?;2.1< :N@ /.7. E 127.?9< 0<02? 1B?.;A2
:N@ A62:=<
) -01#) 0)# "#*0'", 0#!,
&6;05.? C.?6.@ C202@ 0<; B; =.9699< 29 =.@A29 E. A2?:6;.1< ,2?A2?
@</?2 R@A2 B;.@ 4<A.@ 12 FB:< 12 3?BA. < 12 .94B;. /2/61.
.90<5V960. ". =?VD6:. C2F @292006<;.? B;. A2:=2?.AB?. 12
5<?;2.1< 4?.1<@ @B=2?6<? E ?21B06? 29 A62:=< 12 5<?;2.1<
) -+ , ) /#-,01#/>
-,/ #(#*-), 1/1 "# /#.2#0?+
1'#+#+ 2+ 2#+ -/'#+!'
-,/ $2#/ -#/, -,/ "#+1/, #019+
-01,0,0 &A*#",0 !,+ 6,+0
*,("0
". =?VD6:. C2F 2:=92.? :2;<@ 9T>B61< E 127.? 29 =?<1B0A<
1B?.;A2 B; =<0< 12 :N@ A62:=< 2; 29 5<?;< . B;. A2:=2?.AB?.
6;32?6<? ; 9<@ =.@A292@ 0<; ?2C2@A6:62;A< 7B4<@< 5<?;2.?
=?6:2?< 9. /.@2 0<;A6;B.06V; 2@=.?06? @</?2 9. /.@2 129
=.@A29 .9:2;1?.@ =60.1.@ < =.; ?.99.1< .;A2@ 12 =<;2? 9.
4B.?;606V; %/@2?C.? 9.@ 6;160.06<;2@ 12 9. ?202A. E 9<@ A62:=<@
12 0<006V;
0 -010 0# &+ ",/",
"# $,/* '//#%2)/
)292006<;.? B;. A2:=2?.AB?. 6;32?6<? 9.@ =.@A.@ >B21.?N; :N@
B;63<?:2@ <?;2.? 9.@ =.@A.@ :N@ 12960.1.@ 0<; 0.9<? @B=2?6<?
2 6;32?6<? t . B; ;6C29 9 =.=29 12 5<?;2.? >B2 @</[email protected]
=B212 6;39B6? A.:/6R; 2; 9. 06?0B9.06V; 129 .6?2 <?A.?9< @62:=?2
. 9. :2161. 12 9. /.;127.
# & &,/+#", "'$#/#+1#0
+'3#)#0 + ) +"#( 02-#/',/
)0 -010 &+ .2#"", "#
2+ !,),/ *90 ,0!2/, .2# #+
) '+$#/',/
&.?. 5<?;2.? . 1632?2;A2@ ;6C292@ BA696F.? @62:=?2 29 .6?2 0.962;A2
2 B;>B2 @2 0<9<>B2; C.?6.@ /.;127.@ =.?. @B 5<?;2.1<
@6:B9AN;2< 299< ;< @64;6360. >B2 12/.; 2@A.? 96@A.@ .9 :6@:<
A62:=<
) &,/+#/ -01#)#0 (2%,0,0 0#
-/,"2!# %2 "# !,+"#+0!'?+
9 5<?;2.? @2 =B212 42;2?.? C.=<? 12 .4B. +;. =.?A2 12 2@A2
C.=<? @2 2C.0B. =<? 9. :.;699. 12 9. =B2?A. 129 5<?;<
=B16R;1<@2 0<;12;@.? 2; 29 =.;29 12 :.;1<@ < 2; 9<@ 3?<;A.92@
12 9<@ :B2/92@ .1E.02;A2@ 2; 3<?:. 12 4<A.@ 12 .4B. ,62;2
0<;1606<;.1< 3T@60.:2;A2
+<8/ +@/=
:/=-+.9
%/-3:3/8>/
'3 =B323 BA797F/? 1B/9>B73? ?317=73;A3 ?3@7@A3;A3 /9
1/9<?
<9<1/? 9<@ ?317=73;A3@ @73:=?3 3; 39 13;A?< 23 9/
=/??799/
<@ ?317=73;A3@ 23 C72?7< 1/973;A3@ 2303; =<;3?@3
@<0?3 B; =/S< 23 1<17;/ @31< 9 1?7@A/9 =B323
3@A/99/? @7 9/ 0/@3 23 /=<E< 3@AL 6V:32/ < 4?R/
98=/49= :<H->3-9=
:+<+ +=+<
9 ?3@B9A/2< 23 B; /@/2< 23=3;23 23 9/ 19/@3 E
1/972/2 23 9/ 1/?;3 3:=93/2/
; 1/@< 23 =?3=/?/? /@/2<@ 23 1/?;3 :/5?/ /5?35/?
T 1B16/?/2/@ @<=3?/@ 23 9R>B72< ; 1/@< 23
=?3=/?/? B; 3@A<4/2< 23 1/?;3 /5?35/? 23 /
1B16/?/2/@ @<=3?/@ 23 9R>B72< @35V; 39 A/:/S<
23 9/ =73F/ 23 1/?;3
9/@ =73F/@ 23 1/?;3 @3 93@ 2303?R/ 2/? 9/ CB39A/ B;/
C3F A?/;@1B??72/ 9/ :7A/2 239 A73:=< 23 1<117T;
);/ C3F >B3 39 /@/2< 3@AP 97@A< 2303 238/?@3 ?3=<@/?
B;<@ :7;BA<@ 3; 39 6<?;< 23@1<;31A/2< 1<; 9/
=B3?A/ 13??/2/ 3 3@A/ :/;3?/ @3 =B323 ?3=/?A7?
:38<? 39 8B5< 23 9/ 1/?;3
98=/49= :<H->3-9=
:+<+ +=+< +6 1<366
$?3=/?/? 9<@ =9/A<@ /9 5?799 @73:=?3 1<; 39 6<?;<
13??/2<
<@ A?<F<@ 23 1/?;3 =/?/ /@/? 3; 39 5?799 2303?L; @3?
3; 9< =<@7093 75B/9 23 5?B3@<@ 303; A3;3? 1<:<
:R;7:< B; 5?<@<? 23 3;A?3 E 1: / 47; 23 >B3
>B323; 2<?/2/@ 23 :<2< B;74<?:3 E 1<;@3?C3; A<2<
@B 8B5< '/F<;/? 9<@ 07@A31@ @T9< 23@=BP@ 23 /@/?9<@
<9<1/? 9/@ 9<;16/@ 27?31A/:3;A3 @<0?3 9/ =/??799/ ;
1/@< 23 >B3?3? =?3=/?/? B;/ @<9/ =73F/ 1<9<1/?9/ 3;
9/ =/?A3 13;A?/9 23 9/ =/??799/ 6R @/92?L
:38<?;A?<2B17? /2717<;/9:3;A3 9/ 0/;238/ 3@:/9A/2/
3; 9/ /9AB?/ >BR @3 ?31<53 39 8B5< 23 9/ 1/?;3 E 39
6<?;< >B32/ :L@ 97:=7<
/? 9/ CB39A/ / 9/@ =73F/@ B;/ C3F A?/;@1B??72/@ 9/@ 2<@
A3?13?/@ =/?A3@ 239 A73:=< @3S/9/2<
/ ?3@7@A3;17/ 239 5?799 @3 1<;31A/ E 23@1<;31A/
/BA<:LA71/:3;A3 @A< 3@ ;<?:/9 / 4?31B3;17/ 1<;
>B3 3@A< @B1323 23=3;23 23 9/ =<A3;17/ >B3 @3 6/E/
@393117<;/2<
+<8/
/ A/09/ 23 1<117T; @75B73;A3 6/ @72< 1/91B9/2/
3D19B@7C/:3;A3 =/?/ 9/ 1<9<1/17T; 23 9<@ /97:3;A<@
3@A/;2< 39 6<?;< 4?R< <@ A73:=<@ 1<;@75;/2<@ 3; 39
1B/2?< @T9< A73;3; C/9<? <?73;A/A7C< E =B323; C/?7/? 3;
4B;17T; 23 9/ 1/972/2 E ;/AB?/93F/ 23 9/ 1/?;3
/+#
#0,
#!'-'#+1#
@A<3.1< 12 /B2E
= 27 0<@A699.?
84
84
84
02??.1<
%
%
%
Z
Z
Z
"<:< 12 C.0.
84
84
84
./62?A<
%
%
%
Z
Z
Z
84
./62?A<
7
Z
&.??699.
&.??699.
(
(
(<.@A/223 =<0< 5205<
6@A20@ /62; 5205<@
6@A20@ =<0< 5205<@
)12/ '-, "# #*-#/B 2/!'?+
!)#+1B 12/ 7
#+ *'+21,0
*'#+1, %/'))
.?;2 12 02?1< @6; 0<?A2F.
12 A<06;< = 27 0B299<
84
84
84
./62?A<
7
7
7
Z
Z
Z
.?;2 12 02?1< 0<; 0<?A2F.
12 A<06;<
= 27 2@=.91. =62?;.
84
84
84
./62?A<
7
7
7
Z
Z
Z
<@A699.? 12 02?1< .5B:.1<
0<; 5B2@<
84
02??.1<
%
Z
@.1< 12 0.?;2 =60.1.
4
./62?A<
7
Z
).905605.@
.=?<D
4
&.??699.
(
/+#
#0,
#!'-'#+1#
)12/ '-, "# #*-#/B 2/!'?+
#+ *'+21,0
!)#+1B 12/ 7
*'#+1, %/'))
@.1< 12 A2?;2?.
84
84
./62?A<
%
%
Z
Z
./62?A<
7
Z
&62?;. 12 0<?12?< 12@[email protected]. 84
.? 9. CB29A. .9 ?<.@A/223 .9 A?.;@0B??6? 9. :6A.1 129 A62:=< *2?:6;.1. 9. 0<006V; 2;C<9C2?9< 2;
=.=29 12 .9B:6;6< E 127.?9< ?2=<@.? 2; 29 5<?;< 1B?.;A2 :6;BA<@
&?.0A60.? C.?6<@ 0<?A2@ 2; 9. 0<?A2F. 12 9. 0.?;2 12 02?1< ; 0.@< 12 A2;2? =?2C6@A< 1.? 9. CB29A. .
9. 0.?;2 0<9<0.?9. =?6:2?< 0<; 9. 0<?A2F. 5.06. ./.7< 2; 29 ?206=62;A2
;A?<1B06? 9. /.;127. 2@:.9A.1. . 9. .9AB?.
9 1B/2?< 23 1<117T; @75B73;A3 6/ @72< 1/91B9/2<
3D19B@7C/:3;A3 =/?/ 9/ 1<9<1/17T; 23 9<@ /97:3;A<@
3; 39 6<?;< 4?R<
@/=
/@ 7;271/17<;3@ 239 =3@< 23 9/ A/09/ @3 ?3473?3; /
/C3@ @7; ?3993;< E =?3=/?/2/@ =/?/ /@/?
'7 @3 /@/ /9 5?799 27?31A/:3;A3 @<0?3 9/ =/??799/ 1<9<1/?
9/ 0/;238/ 3@:/9A/2/ / 9/ /9AB?/ 9 =?3=/?/? =/A<@ < 5/;@<@ =7;16/? ?3=3A72/@ C313@
9/ =739 23 9/@ /C3@ 230/8< 23 9/@ /9/@ 23 3@A3 :<2< 9/
5?/@/ =B323 @/97? =3?431A/:3;A3
/? 9/ CB39A/ / 9/ =73F/ 3;A3?/ 23 /C3 B;/ C3F
A?/;@1B??72/@ 9/@ 2<@ A3?13?/@ =/?A3@ 239 A73:=< 23
1<117T;
/ 1/?;3 23 /C3 /2>B73?3 B; 239717<@< 2<?/2<
1?B873;A3 @7 1B/;2< 3@AL A3?:7;/;2< 39 A73:=< 23
1<117T; @3 B;A/ 1<; :/;A3>B799/ /5B/ 1<; @/9 < 1<;
FB:< 23 ;/?/;8/
3#0
#0,
#!'-'#+1#
)12/ '-, "# #*-#/B 2/!'?+
!)#+1B 12/ 7
#+ *'+21,0
*'#+1,
#6A.12@ 12 =<99<
12 . =62F.@
12 4
0.1. =62F.
&.??699.
7
Z
Z
&<99< A?6;05.1<
12 4
0.1. =62F.
&.??699.
7
Z
Z
3#0
#0,
&<99< 2;A2?<
12 . B;61.12@
12 84
&.??699.
0.1. B;61.1
7
Z
Z
&.A<
84
&.??699.
7
Z
Z
.;@<
84
&.??699.
7
Z
Z
&.C< 7<C2;
84
&.??699.
7
Z
Z
:B@9<@ 12 =.C<
12 4
0.1. =62F.
&.??699.
7
Z
Z
#!'-'#+1#
)12/ '-, "# #*-#/B 2/!'?+
!)#+1B 12/ 7
#+ *'+21,0
*'#+1,
9 1B/2?< 23 1<117T; @75B73;A3 6/ @72< 1/91B9/2<
3D19B@7C/:3;A3 =/?/ 9/ 1<9<1/17T; 23 9<@ /97:3;A<@
1<; 39 6<?;< 4?R<
#/=-+.9
#0!",
#0,
#!'-'#+1#
)12/
'-, "# #*-#/12/ 2/!'?+
!)#+1B 7 #0!)?+ *'+21,0
*'#+1, "#) %/'))
&[email protected]< [email protected]< .9 4?699
12 4
84
84
&.??699.
(
7
7
Z
Z
Z
Z
Z
(<1.7.@ 12 [email protected]<
12 4
0.1. =62F.
&.??699.
(
Z
;A?<1B06? 9. /.;127. 2@:.9A.1. . 9. .9AB?. 98=/49= :<H->3-9=
:+<+ /6 +=+.9
-98@/8-398+6 C
/6 +=+.9 +6 1<366
, -/#!#+ /#$#/#+!'0 #+
#) !2"/, ,/'#+11'3, /#)1'30
) -#0, "#) 0", .2# 0# "#0#
-/#-//
&?<4?.:.? 29 =2@< 6;32?6<? :N@ =?VD6:< E =?<9<;4.? 9. 1B?.06V;
129 0609< 12 0<006V;
8# .2< *+#/ 0# -2#"#
!,*-/, / 0' #) 0", #019 #+ 02
-2+1,
+A696F.? B; A2?:V:2A?< =.?. 0.?;2 16@=<;6/92 2; 0<:2?06<@
2@=206.96F.1<@ < ?2.96F.? 9. G=?B2/. 12 9. 0B05.?. &?2@6<;.?
29 [email protected]< 0<; 9. 0B05.?. )6 9. 0.?;2 2@ 0<;@6@A2;A2 3?2;A2 . 9.
=?2@6V; 272?061. 0<; 9. 0B05.?. 2@AN 2; @B =B;A< @6 ;< 12/2?N
=2?:.;202? .94X; A62:=< :N@ 2; 29 5<?;<
) 0", & .2#"", "#*0'",
,0!2/, 5 ) !,/1#6 #019 .2#*"
#+ 3/',0 -2+1,0
,2?6360.? >B2 9. .9AB?. E 9. A2:=2?.AB?. @292006<;.1.@ @2.;
0<??20A.@
) 0", 1'#+# 2#+ 0-#!1,
-#/, ) 0)0 0# & .2#*",
". =?VD6:. C2F BA696F.? B; ?206=62;A2 12 :2;<? A.:.U< <
.4?24.? :N@ 9T>B61<
) 0", 1'#+# 2#+ 0-#!1,
-#/, ) 0)0 +, & 1,*", !,),/
5 -/#!# %2"
". =?VD6:. C2F BA696F.? B; ?206=62;A2 12 :.E<? A.:.U< <
.4?24.? :2;<@ 9T>B61<
) &!#/ ) 0)0 "#) 0", 0#
-/,"2!# 3-,/ "# %2
+;. =.?A2 6:=<?A.;A2 12 2@A2 C.=<? @22C.0X. . A?.CR@ 12 9.
@.961. 12 C.5<@ =B16R;1<@2 0<;12;@.? 2; 29 0B.1?< 12 :.;1<@
:N@ 3?T< < 2; 9<@ 3?<;A.92@ 12 9<@ :B2/92@ .1E.02;A2@ 2; 3<?:.
12 4<A.@ 12 .4B. @A< </21202 . ?.F<;2@ 12 0.?N0A2? 3T@60<
<+>38+.9=
=9?006L= >9=>+.+=
9 1B/2?< 23 1<117T; @75B73;A3 6/ @72< 1/91B9/2<
3D19B@7C/:3;A3 =/?/ 9/ 1<9<1/17T; 23 9<@ /97:3;A<@
3; 39 6<?;< 4?R<
)1,
#!'-'#+1#
)12/
'-, "# #*-#/12/ 2/!'?+
!)#+1B E #0!)?+ *'+21,0
*'#+1, "#) %/'))
)<B339R@ 1B902@
= 27 @<B339R 12 ?2>B2@V;
0<; 3?BA.
#<912 =.?. @<B339R@
%
Z
Z
?.A6;.1<@ @.F<;.1<@
0<; 6;4?2162;A2@ 0<06;.1<@
=274?.A6;.1< 12 =.@A.
#<912 =.?. 4?.A6;.?
< /.;127.
2@:.9A.1.
%
%
Z
Z
Z
Z
?.A6;.1<@ @.F<;.1<@
0<; 6;4?2162;A2@ 0?B1<@
= 27 4?.A6;.1< 12 =.A.A.@
#<912 =.?. @<B339R@
< /.;127.
2@:.9A.1.
7
7
Z
Z
Z
Z
<?.? A<@A.1.@
&.??699.
(
Z
)1,
#!'-'#+1#
)12/
'-, "# #*-#/12/ 2/!'?+
!)#+1B E #0!)?+ *'+21,0
*'#+1, "#) %/'))
?.A6;.? A<@A.1.@
&.??699.
(
Z
9 4?.A6;.1< ;< 12/2?N A2;2? B;. .9AB?. @B=2?6<? . 0:
;A?<1B06? 9. /.;127. 2@:.9A.1. @62:=?2 2; 9. .9AB?.
/=-981/6+<
DA?/3? 39 /97:3;A< 23 @B 3;C/@3 =<;3?9< 3; B;
?317=73;A3 /231B/2< E 1<9<1/?9< @<0?3 9/ =/??799/
#0@3?C/? 9/@ 7;271/17<;3@ 239 4/0?71/;A3 >B3
/=/?313; 3; 39 3;C<9A<?7<
<@ A73:=<@ 23 23@1<;539/? 23=3;23; 23 9/
;/AB?/93F/ E 1/;A72/2 23 9<@ /97:3;A<@ >B3 @3 23@3/;
23@1<;539/?
)1,
!!#0,/',0 )12/
'-, "#
!)#+1B
*'#+1,
#*-#/12/ 7
/,"2!1,0 !,+%#)",0
= 27 A.?A.@ 12 ;.A. 12 0?2:. A.?A.@
0<; [email protected]< 12 05<0<9.A2 < .FX0.? 3?BA.@
=<99< @.905605.@ E 0.?;2 =.; =.;20699<@
=.@A292@ E <A?.@ =.@A.@
&.??699.
B
9 :.;1<
12 A2:=2?.AB?.
=2?:.;202
12@0<;20A.1<
B/?6? 9<@ .96:2;A<@ 0<;429.1<@ 0<; B;. 9N:6;. .=A. =.?. 29 :60?<<;1.@ ".@ =62F.@ 12 .C2 @2
0<9<0.; 0<; 9. =205B4. @</?2 29 =9.A<
/=/-+<
:=93/? V;71/:3;A3 4?BA/ E C3?2B?/ 3; =3?431A<
3@A/2< E 9/C/?9/ @73:=?3 / 4<;2<
38/? 3@1B??7? 073; 39 /5B/ E @31/?9/@ 1<:=93A/:3;A3
B0?7? 9/ 0/;238/ 3@:/9A/2/ E 9/ =/??799/ 1<; =/=39
3@=317/9 =/?/ 6<?;3/? < 1<; =/=39 =3?5/:7;<
)1,
)12/
'-, "#
!)#+1B
*'#+1,
#*-#/12/
7
2/!'?+ #+
&,/0
4 12 :.;F.;.@ 2; ?<1.7.@
2
.=?<D 4 12 =2?.@ 0<?A.1.@ . A?<F<@
2
.=?<D 84 12 06?B29.@
2
.=?<D Z
4 12 562?/.@ .?<:NA60.@ 96:=6.@
2
.=?<D J 5<?.@
!9>+
'7 9/@ 4?BA/@ < C3?2B?/@ 1<;A73;3; :B16< 8B5< < /5B/
6/0?L >B3 2/?93@ 9/ CB39A/ C/?7/@ C313@ );/ C3F
23@31/2/ /=/?A/?9/ 7;:327/A/:3;A3 239 =/=39
637/8>9=
:</-9-38+.9=
-981/6+.9=
#0@3?C/? 9/@ 7;271/17<;3@ 239 4/0?71/;A3 >B3
/=/?313; 3; 39 3;C<9A<?7<
9 1B/2?< 23 1<117T; @75B73;A3 6/ @72< 1/91B9/2<
3D19B@7C/:3;A3 =/?/ 9/ 1<9<1/17T; 23 9<@ /97:3;A<@
3; 39 6<?;< 4?R<
)1,
)12/ '-, "# #*-#/12/
!)#+1B 7
*'#+1,
2/!'?+ #+
*'+21,0
&.A.A.@ 3?6A.@
&.??699. < /.;127.
2@:.9A.1.
%
Z
Z
&6FF.
&.??699.
%
Z
Z
&6FF.Z/.4B2AA2
&.??699.
7
Z
Z
<9<0.? =.=29 12 5<?;2.? @</?2 29 .002@<?6< <:=?</.? >B2 29 =.=29 12 5<?;2.? @2. 29 .120B.1<
=.?. 2@A. A2:=2?.AB?.
!9>+
/ 0/;238/ @3 =B323 234<?:/? 2B?/;A3 39 6<?;3/2<
23 =?<2B1A<@ 1<;539/2<@ @A< @3 2303 / 9/@
2743?3;17/@ 23 A3:=3?/AB?/ >B3 @B4?3; 9<@ /113@<?7<@
/ 234<?:/17T; 23@/=/?313 2B?/;A3 39 6<?;3/2<
9--3P8
./ 7/<7/6+.+=
#</:+<+>3@9=
)A797F/? A/??<@ E /;799<@ 23 5<:/ 97:=7<@ E 3; =3?431A<
3@A/2< <@ A/??<@ 2303?L; @3? 3; 9< =<@7093 239
:7@:< A/:/S< <@ C/9<?3@ 23 9/ A/09/ @3 ?3473?3; /
A/??<@ ?32<;2<@ 1<; B;/ 1/=/172/2 23 97A?<
GA3;17T; "< BA797F/? A/??<@ 23 :/E<? A/:/S< < /9AB?/
/@ A/=/@ =<2?R/; 3@A/99/?
:=93/? V;71/:3;A3 4?BA/ E C3?2B?/ 3; =3?431A<
3@A/2< /C/?9/@ @73:=?3 / 4<;2<
*3?A3? 9/ 4?BA/ < 9/ C3?2B?/ 3; 9<@ A/??<@ *<9C3? /
97:=7/? @7 3@ ;313@/?7< 9<@ 0<?23@ 239 A/??< (73;3;
>B3 3@A/? 97:=7<@ <9<1/? 39 /;799< 23 5<:/ E 9/ A/=/
3@A/;2< :<8/2<@ @<0?3 39 A/??< 993;< 3??/? 9<@
A/??<@ 1<; B;/ /0?/F/23?/
"< 7;A?<2B17? :L@ 23 @37@ 4?/@1<@ /9 :7@:< A73:=< 3;
39 6<?;<
<@ A73:=<@ 7;271/2<@ @<; C/9<?3@ <?73;A/A7C<@ /
A3:=3?/AB?/ /:073;A3 39 ;V:3?< 23 A/??<@ E 9/
A3:=3?/AB?/ 239 1<;A3;72< 239 A/??< =B323; 7;49B7?
@<0?3 2716<@ C/9<?3@ 6/17P;2<9<@ 27C3?57? ;A3@ 23
23@1<;31A/? 39 6<?;< 13?17<?/?@3 23 >B3 39 1<;A3;72<
23 9<@ A/??<@ 3@AP 0B?0B83/;2< ?3/9:3;A3
=N =/ :<91<+7+
<9<1/? 9/ 0/;238/ 3@:/9A/2/ =9/;/ 3; 9/ /9AB?/ $<;3? 9<@ 4?/@1<@ @<0?3 9/ 0/;238/ 23 :<2< >B3
;< 3;A?3; 3; 1<;A/1A< B;< 1<; <A?<
*3?A3? :327< 97A?< 23 /5B/ 1/973;A3 /=?<D H
3; 9/ 0/;238/ 3@:/9A/2/ =9/;/
3??/? 9/ =B3?A/ 239 6<?;<
<9<1/? 39 :/;2< 23 4B;17<;3@ 3; $
8B@A/? 39 :/;2< 23 A3:=3?/AB?/ 3;A?3 E H
9--3P8 ./ 7/<7/6+.+=
; 1B/;A< 3:=7313; / /=/?313? 0B?0B8/@ 23;A?< 23
9<@ A/??<@ / 7;A3?C/9<@ 0?3C3@ W B;/ C3F A?/;@1B??72<@
23 / :7;BA<@ W 23@1<;31A/? 39 :/;2< 23
A3:=3?/AB?/ 9 :/;2< 23 4B;17<;3@ @3 :/;A73;3
1<;31A/2<
);/ C3F A?/;@1B??72<@ 23 / :7;BA<@ 239 1/9<?
?3@72B/9 239 6<?;< ?3A7?/? 9<@ A/??<@ 239 :7@:< '7 @3
238/; 3;4?7/? 2B?/;A3 B; =3?R<2< =?<9<;5/2< 3; 39
6<?;< @3 4<:3;A/ 9/ /=/?717T; 23 5P?:3;3@ E9/
/172B9/17T; 23 9/ :3?:39/2/ 3@1<;31A/? 39 :/;2<
23 4B;17<;3@
/21 #+ 1//,0 "# )'1/, "# !-!'""
-/1'/ "# ) -/'!'?+
"# )0 2/ 2(0
)#+1*'#+1,
-,01#/',/
#.;F.;.@ 4?<@299.@ 3?2@.@
2@0<;2D6V;
.=?<D :6;BA<@
2?2F.@ .9/.?60<>B2@ :29<0<A<;2@ 4?<@299.@
2@0<;2D6V;
.=?<D :6;BA<@
&B?R 12 :.;F.;. =2?.@ 06?B29.@
2@0<;2D6V;
.=?<D :6;BA<@
9--3P8 ./ @/<.?<+=
; 1B/;A< 3:=7313; / /@13;23? 0B?0B8/@ 3; 39 A/??<
?32B17? 9/ A3:=3?/AB?/ 23 / H 1<; 39 :/;2<
23 A3:=3?/AB?/ <;@B9A/? 3; 9/ A/09/ 1BL;2< 2303
23@1<;31A/?@3 39 :/;2< 23 A3:=3?/AB?/ 38/? 9/@
C3?2B?/@ 3; 39 6<?;< B;<@ W :7;BA<@ :L@
B?/;A3 3@A3 A73:=< 39 :/;2< 23 4B;17<;3@ @3
:/;A73;3 1<;31A/2<
#/"2/0 !,+ !)", $/>, #+ 1//,0 "#
2+ )'1/, "# !-!'""
-/1'/ "# ) -/'!'?+ "# )0
2/ 2(0
B7
)#+1*'#+1,
-,01#/',/
&2=6;<@
Z
.=?<D :6;BA<@
(2:<9.05. ?<7.
.=?<D :6;BA<@
.=?<D :6;BA<@
<9 12 ?B@29.@
.=?<D :6;BA<@
.=?<D :6;BA<@
!B1T.@ 0<96;./< 9<:/.?1.
.=?<D :6;BA<@
.=?<D :6;BA<@
B6@.;A2@
.=?<D :6;BA<@
.=?<D :6;BA<@
%/>3<+< 69= >+<<9= ./6 29<89
9 ?3A7?/? 9<@ A/??<@ 239 6<?;< ;< 1<9<1/?9<@ @<0?3 B;/
0/@3 4?R/ < 6V:32/ 9<@ A/??<@ =<2?R/; 3@A/99/?
973.+= 89<7+63D+.+=
'35V; 9/ ;<?:/ " E " 9 1B/2?< 23 1<117T; @75B73;A3 6/ @72< 1/91B9/2<
3D19B@7C/:3;A3 =/?/ 9/ 1<9<1/17T; 23 9<@ /97:3;A<@
3; 39 6<?;< 4?R<
9<8/+<
)1,
!!#0,/',0 5 !,+0#(,0 5
"3#/1#+!'0
)12/
'-, "# #*-#/B 2/!'?+
!)#+1B 12/ 7
!,!!'?+
*'#+1,
#+ *'+21,0
.992A.@
12 :.;A2>B699.
.;127. 2@:.9A.1. =9.;.
.;127. 2@:.9A.1. =?<3B;1.
.;127. 12 .9B:6;6< /.;127. 2@:.9A.1. =9.;.
.;127. 12 .9B:6;6< /.;127. 2@:.9A.1. =?<3B;1.
%
%
2
2
&.@A296A<@ =62F.@ .;127.
&.@A296A<@ =62F.@ .;127. 12 .9B:6;6< =<? /.;127.
/.;127. 2@:.9A.1. =9.;.
=?20.92;A.?
.;127. 12 .9B:6;6< /.;127. 2@:.9A.1. =?<3B;1.
6F0<05< 12 .4B.
&.@A29 =9.;<
12 92C.1B?.
&.@A29 12 :.;F.;.
?20B/62?A<
Z
Z
Z
Z
Z
Z
Z
Z
%
Z
Z
2
Z
Z
2
Z
Z
#<912 12@.?:./92
%
Z
Z
.;127. 2@:.9A.1.
.;127. 12 .9B:6;6< /.;127. 2@:.9A.1. =9.;.
.;127. 12 .9B:6;6< /.;127. 2@:.9A.1. =?<3B;1.
%
2
Z
Z
Z
Z
2
Z
Z
=.??699.@ :<912@
12@.?:./92@ 12 5<7.9.A.
J 0:
2
Z
Z
.;127. 2@:.9A.1. :<912@
12@.?:./92@ 12 5<7.9.A.
J 0:
%
Z
Z
)1,
!!#0,/',0 5 !,+0#(,0 5
"3#/1#+!'0
)12/
'-, "# #*-#/B 2/!'?+
!,!!'?+
!)#+1B 12/ 7
#+ *'+21,0
*'#+1,
9 5<?;2.? . 1<@ ;6C292@ 0<9<0.? @62:=?2 9. /.;127. 12 .9B:6;6< 2; 29 ;6C29 6;32?6<? E 9. /.;127.
2@:.9A.1. =?<3B;1. @62:=?2 2; 29 ;6C29 @B=2?6<?
<9<0.? 9<@ =.@A292@ 2; 16.4<;.9 @</?2 9. .002@<?6<@
".@ =.??699.@ E 9.@ /.;127.@ 12 5<?;< =B212; .1>B6?6?@2 0<:< .002@<?6<@ <=06<;.92@ 2; 0<:2?06<@
2@=206.96F.1<@
=+< +6 1<366
9 1B/2?< 23 1<117T; @75B73;A3 6/ @72< 1/91B9/2<
3D19B@7C/:3;A3 =/?/ 9/ 1<9<1/17T; 23 9<@ /97:3;A<@
3; 39 6<?;< 4?R<
)1,
!!#0,/',0
)12/
'-, "# '3#) "#) %/'))
!)#+1B
*'#+1,
<?.? A<@A.1.@
=?20.92;A.? :6;
&.??699.
(
Z
.:/B?4B2@.
12 A2?;2?. B;61.12@
&.??699.
(
Z
2/!'?+
*'+21,0
.? 9. CB29A. B;. C2F A?.;@0B??61. 9. :6A.1 129 A62:=< ;A?<1B06? 9. /.;127. 2@:.9A.1. @62:=?2 .
9. .9AB?. 2+4 53';%+
#&8 + 74-#9C7-+ &158%9>%' $'92+'%9'B457#
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
&=16E:/<73 3:3;3<AB 5?F3D1F35= 5?7::/ ,238;=D/<73 7 F/9L/2/<73 2?FD71F39 >739/?<79/ #=<A/N 7 23;=<A/N @FE0E D 2?FD71F9/16
>739/?<79/ 45'3-# %1 31$+@ )/03:/ B@A3?39 +E;7/</ N/?RD97 3:39A?E1F<38 D 5R?<38 >LE173
>739/?<79/ (F9:/<3 3:3;3<AE =16?=<<3 '37+4 1/1%8 '%*0+%90', #&8 &158%9>%' 149%9A&9#0+# '0'3)++ +
1%*3108 ;31&17+4-# 0#563#.0')1 %@F1FP2F/<73 3<3?577 *AE:7F/18/ =2>/2RD D @>=@R0 >?FE8/F<E
2:/ H?=2=D7@9/ </AB?/:<35= #$'.' + 74-#9C7-+ 7/@A/ 7 17/@A9/ &=?/2E 7 >?/9AE1F<3 D@9/FRD97 2=AE1FM13
>731F3<7/ #7P@= 2?R0 ?E0E &?/9AE1F<3 D@9/FRD97 2=AE1FM13 FDE9L35=
>731F3<7/ ;7P@/ =?/F >731F3<7/ </ 5?7::B ,/>739/<97 @B4:3AE A=@AE '=F;?/N/<73 (B@F3<73 =A=D3 >=A?/DE ;?=N=<3 &/@A3?EF=D/<73 2N3;RD 153#78 9013/#.+917#0' #&8 + 74-#9C7-+ &158%9>%'
$'92+'%9'B457#
&?F31FEA/O BD/N<73 D@9/FRD97 F/D/?A3 D <7<738@F38
7<@A?B9187 ,/16=D/O 7<@A?B918P =0@LB57 7 ;=<A/NB
&?F39/FB8M1 B?FM2F3<73 <=D3;B BNEA9=D<79=D7
</:3NE 2=LM1FEO =2>=D732<7M 7<@A?B918P
)/ 7<@A?B918/ =0@LB57 2=AE1FE F/?RD<= >739/?<79RD
<73F/:3N<E16 8/9 7 >739/?<79RD D73:=4B<91E8<E16 +
>?FE>/29B >739/?<79RD D73:=4B<91E8<E16
>?F31FEA/O 7<@A?B918P =0@LB57 2=LM1F=<M 2= >LEAE
/0E F/>=F</O @7P F3 @>=@=03; 2F7/L/<7/ >=9?PA3L
39'& /105#?'/
49-1&9'0+# 2398
53#04213%+'
(>?/D2F7O @A/< B?FM2F3<7/ >= DE8P17B F
=>/9=D/<7/ + >?FE>/29B @AD73?2F3<7/ B@F9=2F3Q
>=D@A/LE16 >=21F/@ A?/<@>=?AB <73 >=2LM1F/O
B?FM2F3<7/
1&=>%9'0+' &1 4+'%+
'.'-538%90',
&=2LM1F3<73 B?FM2F3<7/ >=D7<<= 0EO 2=9=</<3
>?F3F B>=D/N<7=<35= A316<79/ @>318/:7@AP +
>?FE>/29B >=D@A/<7/ B@F9=2F3Q </ @9BA39
<73>?/D72L=D35= >=2LM1F3<7/ 5D/?/<18/
B?FM2F3<7/ A?/17 D/N<=HO
&?F32 ?=F>=1FP173; BNEA9=D/<7/ B?FM2F3<7/ </:3NE
B>3D<7O @7P N3 7<@A/:/18/ 3:39A?E1F</ 0B2E<9B
>=@7/2/ BF73;73<73 7 @>3L<7/ =0=D7MFB8M13 <=?;E
03F>731F3Q@AD/ #=<A/N 7 >=2LM1F3<73 3:39A?E1F<3
B?FM2F3<7/ >=D7<<E F=@A/O DE9=</<3 >?F3F
B>=D/N<7=<35= A316<79/
*NEA9=D/<73 B?FM2F3<7/ 03F BF73;73<7/ :B0
<73>?/D72L=D= F/7<@A/:=D/<35= ;=N3 @>=D=2=D/O
D >3D<E16 ;/L= >?/D2=>=2=0<E16
=9=:71F<=H17/16 5?=I<3 D @9BA9/16 @F9=2E
=0?/N3<7/ 7 H;73?O >?F3F >=?/N3<73 >?M23;
3:39A?E1F<E;
&?=2B13<A <73 >=<=@7 =2>=D732F7/:<=H17 F/
<73>?/D72L=D3 4B<918=<=D/<73 B?FM2F3<7/ 7 F/
3D3<AB/:<3 @F9=2E @>=D=2=D/<3 >?F3F D/2:7DM
7<@A/:/18P 3:39A?E1F<M
.# 7=#40')1
$'92+'%9'B457#
$7<738@F3 B?FM2F3<73 >?F3F</1F=<3 83@A DELM1F<73
2= BNEA9B 2=;=D35= *?FM2F3<73 </:3NE BNED/O
DELM1F<73 2= >?FE5=A=DED/<7/ >=A?/D
=?=H:7 7 2F7317 <73 ;=5M =0@LB57D/O B?FM2F3<7/ 03F
</2F=?B
H 83H:7 <73 >=FD/:/ 7; </ A= <73@>?/D<=HO 47FE1F</
:B0 >@E1671F</
H :B0 83H:7 716 D732F/ 7 2=HD7/21F3<73 @M
<73DE@A/?1F/8M13
$752E <73 F3FD/:/O /0E 2F7317 0/D7LE @7P
B?FM2F3<73;
397+%9-+ 2+'-#30+-#
+ 1F/@73 >?/1E >739/?<79/ 835= 2?FD71F97 >=D7<<E
>=F=@A/D/O F/;9<7PA3 &?F3F =@A?=N<=HO F/:31/ @7P
/0E 2?FD71F97 F/D@F3 0ELE F/;9<7PA3 </D3A
DRD1F/@ 52E >739/?<79 83@A DELM1F=<E
13>%# -1/13#
)1517#0+#
$7303F>731F3Q@AD= >=>/?F3<7/
$752E <73 2=AE9/O 5=?M1E16 >=D73?F16<7 D3D<MA?F
9=;=?E 5=A=D/<7/ /<7 3:3;3<ARD 5?F38<E16
%@A?=N<73 =AD=?FEO 2?FD71F97 B?FM2F3<7/ #=N3
DE2=@A/D/O @7P 5=?M1/ >/?/ $73 >=FD/:/O 2F7317=;
F0:7N/O @7P 2= B?FM2F3<7/
,/5?=N3<73 >=N/?3;
$752E <73 >?F316=DED/O >?F32;7=ARD L/AD=>/:<E16
D 9=;=?F3 5=A=D/<7/ $752E <73 =AD73?/O 2?FD71F39
B?FM2F3<7/ 52E F B?FM2F3<7/ DE2=0ED/ @7P 2E;
+ELM1FEO B?FM2F3<73 +E17M5<MO DAE1F9P F 5<7/F2/
:B0 DELM1FEO 03F>731F<79 D @9?FE<13
03F>731F<79=D38
$7303F>731F3Q@AD= FD/?17/
$73 2=>BH17O 2= >?FE17P17/ 9/0:/ >?FELM1F3<7=D35=
D 5=?M1E16 2?FD71F9/16 B?FM2F3<7/ #=N3 2=8HO 2=
@A=>73<7/ 7F=:/187 >?F3D=2B 3:39A?E1F<35=
13>%' 78214#?'0+' +
0#%980+#
+'23#7+&=171
239'2317#&910' 0#23#78
1&#5-17'
9#$'92+'%9'0+' &397+
,/5?=N3<73 =>?F3<73;
$752E <73 D:3D/O D=2E 2= 5=?M138 9=;=?E
5=A=D/<7/ &=D@A/83 5=?M1/ >/?/ D=2</
$7303F>731F3Q@AD= >=>/?F3<7/
$752E <73 >?FE5=A=DED/O >=A?/D F 2BNM 7:=H17M
DE@=9=>?=13<A=DE16 </>=8RD /:9=6=:=DE16 %>/?E
/:9=6=:=D3 ;=5M F/>/:7O @7P D 9=;=?F3 5=A=D/<7/
*NED/O DELM1F<73 <73D73:9716 7:=H17
DE@=9=>?=13<A=DE16 /:9=6=:7 =?/F =@A?=N<73
=AD73?/O 2?FD71F97 B?FM2F3<7/
$7303F>731F3Q@AD= >=>/?F3<7/
= DE8;=D/<7/ 5=?M135= DE>=@/N3<7/ :B0 </1FEQ F
9=;=?E 5=A=D/<7/ F/D@F3 BNED/O L/>39
9B163<<E16
$7303F>731F3Q@AD= >=?/N3<7/ >?M23;
$73>?/D72L=D= >?F3>?=D/2F=<3 </>?/DE @M
<7303F>731F<3 $/>?/DE ;=5M 0EO DE9=<ED/<3
AE:9= >?F3F >?F3@F9=:=<E16 >?/1=D<79RD @3?D7@B
3H:7 B?FM2F3<73 83@A B@F9=2F=<3 </:3NE DE17M5<MO
DAE1F9P F 5<7/F2/ :B0 DELM1FEO 03F>731F<79 D
@9?FE<13 03F>731F<79=D38 (9=<A/9A=D/O @7P F
@3?D7@3;
+ >?FE>/29B <739AR?E16 >?F3>7@RD 9AR?3 DE;/5/8M
2LB5735= 1F/@B 5=A=D/<7/ >?FE DE@=9738
A3;>3?/AB?F3 2?FD7 >739/?<79/ ;=5M =@7M5/O
DE@=9M A3;>3?/AB?P
3H:7 D 2=;B F</82B8M @7P ;/L3 2F7317 </:3NE 83
>7:<=D/O D A?/9173 2F7/L/<7/ >739/?<79/
&=</2A= 7@A<7383 B?FM2F3<73 F/03F>731F/8M13
B<73;=N:7D7/8M13 03F>=H?32<7 9=<A/9A F 2?FD7/;7
>739/?<79/ % A= =>18=</:<3 /913@=?7B; ;=N</ >=>?=@7O D </@FE; @3?D7@73 A316<71F<E;
398%9808
649-1&9'B
/+'49%9#0+' #-%'413+C7
-6%*'008%* 0#%98B (1.++
2#2+'36 &1 2+'%9'0+# .6$
(1.++ #.6/+0+17', 0# &0+'
2+'-#30+-#
$73 B;73@F1F/O /913@=?7RD 9B163<<E16 </ 2<73
>739/?<79/ $73 =@L/<7/O 2</ >739/?<79/ 4=:7M /<7
>/>73?3; $73 @A/D7/O </1FEQ </ 2<73 >739/?<79/
83N3:7 F/>?=5?/;=D/</ A3;>3?/AB?/ >?F39?/1F/
H
$/1FE<73 </2;73?<73 @7P ?=F5?F383
,/>?=5?/;=D/<E 1F/@ 5=A=D/<7/ 7 >731F3<7/ 0P2F73
<73>?/D72L=DE 2=82F73 ?RD<73N 2= B@F9=2F3<7/
3;/:77
!1&# 7 319)39#08/
2+'-#30+-6
$73 D:3D/O D=2E 2= D<PA?F/ ?=F5?F/<35=
>739/?<79/ +=2/ >?F39@FA/L17 @7P D >/?P D=2<M
,;7/<E A3;>3?/AB?E ;=5M @>=D=2=D/O
B@F9=2F3<73 3;/:77 7 /913@=?7RD 9B163<<E16
153#78 2=800'
$73 >?F316=DED/O >=A?/D >LE<<E16 >?F3F 2LBN@FE
1F/@ D3 D<PA?FB F/;9<7PA35= >739/?<79/ $/@AM>7
B@F9=2F3<73 3;/:77
1- 9 171%C7
&?FE >731F3<7B 17/@A F =D=1/;7 <73 </>3L<7/O F0EA
2=9L/2<73 0:/16E (=9 F =D=1RD DE1739/8M1E F
0:/16E ;=N3 >=F=@A/D7O >:/;E 9AR?E16 <73 0P2F73
;=N</ B@B<MO + ;7/?P ;=N:7D=H17 @A=@=D/O
5LP0=9M 0:/16P 3;/:7=D/<M
57+'3#0+' &397+%9'21&%9#4 458)0+A%+#
2+'-#30+-#
,/D@F3 >=F=@A/D7/O 2?FD71F97 F/;9<7PA3 >=21F/@
@AE5<7P17/ >739/?<79/ 3N3:7 2?FD71F97 0P2M 16=O0E
<73F</1F<73 B16E:=<3 4?=<AE @M@732<716 ;30:7 ;=5M
F 1F/@3; B:31 F<7@F1F3<7B
#3&91 9#$36&910#
649%9'.-# 2+'-#30+-#
3N3:7 B@F1F3:9/ >739/?<79/ 83@A 0/?2F= F/0?B2F=</
2?FD71F97 <73 F=@A/8M >?/D72L=D= 2=;9<7PA3
>=21F/@ >?/1E >739/?<79/ ,/A3; 4?=<AE @M@732<716
;30:7 ;=5M B:31 F<7@F1F3<7B 0/O = B@F1F3:9P
>739/?<79/ /0E F/D@F3 0EL/ 1FE@A/
2+'3#0+' 4+A 1 &397+%9-+
2+'-#30+-#
$73 =>73?/O @7P /<7 <73 @7/2/O </ =AD/?AE16
2?FD71F9/16 >739/?<79/ $73 @A/D7/O </1FEQ /<7
/913@=?7RD 9B163<<E16 </ 2?FD71F9/16 >739/?<79/
$73 A?/<@>=?A=D/O B?FM2F3<7/ /<7 <73 =>73?/O 5= </
B16DE173 2?FD71F39
H B16DEA 83@A F0EA 23:79/A<E /0E BA?FE;/O 17PN/?
B?FM2F3<7/ 7 ;=N3 @7P FL/;/O
H @FE0/ D 2?FD71F9/16 ;=N3 B:31 >?F3@B<7P17B D
@A=@B<9B 2= >?F32<738 H17/<97 >739/?<79/
3#042135 639>&9'0+#
178 2+'-#30+- 7 #B457# -6%*0+
%A= &/Q@AD/ <=DE >739/?<79 + AE; ?=F2F7/:3
F=@A/8M =08/H<7=<3 4B<9183 >B:>7AB @A3?=D/<7/ 7 835=
>=@F1F35R:<E16 3:3;3<ARD &=</2A= ?=F2F7/L
F/D73?/ 7<4=?;/183 </ A3;/A /913@=?7RD
9B163<<E16 7 3:3;3<ARD F</82B8M1E16 @7P D3D<MA?F
>739/?<79/
6.2+5 1$4=6)+
&=<7N@FE ?E@B<39 >?F32@A/D7/ >B:>7A =0@LB57 $/
DEHD73A:/1FB <752E <73 >=8/D7/8M @7P ?RD<=1F3H<73
D@FE@A973 @E;0=:3 + F/:3N<=H17 =2 AE>B B?FM2F3<7/
;=N:7D3 @M <73D73:973 ?RN<713
$<B0HI.B946
1?96.54
$<BA.4=64 4
@=6,E9464
&02?7,>:<
>08;0<,>?<A
*17#0' 21-3A5=#
1$31517'
+ <739AR?E16 >739/?<79/16 DE@AP>B8M 16=D/<3
>=9?PAL/ =0?=A=D3 0E F/0:=9=D/O :B0 =20:=9=D/O
>=9?PAL= =0?=A=D3 </:3NE 83 </17@<MO 52E F</82F73
@7P D >=L=N3<7B F3?=
398%+4-+
&=2 >=@F1F35R:<E;7 >?FE17@9/;7 F</82B8M @7P
1FB8<797 $73 A?F30/ 716 ;=1<= </17@9/O $/:3NE
2=AE9/O AE:9= NM2/<E @E;0=:
1-3A5=1 (60-%,+
,/ >=;=1M >=9?PAL/ 4B<9187 ;=N</ DE0?/O 4B<918P
5?F3D1FM
+7+9!*%!
Û
$:BA.5, B0<:
./+.+1*%!
$406,<946 50=> @AHI.B:9A
2 :<I.0 ;:@40><B0
: ;40.B094, .4,=> 4 .4,=>06 !:K74@:DL ;40.B094, 9, /@O.3
;:B4:8,.3 8?.3,@, ?840=B.B:9, 9, >A7905 D.4,9.0
;406,<946, <:B;<:@,/B, .40;H: <O@9:840<940 @ .,H05 6:8:<B0
;406,<946,
% #2<B0@,940 2O<90 4 /:790
: ;40.B094, .4,=> B,;406,906 4 ;40.B094 B .3?/02: 84M=, 9;
B .407M.49A 7?- /B4.BAB9A 9, 50/9A8 ;:B4:840 40;H: 50=>
/:=>,<.B,90 ;<B0B /:79A 4 2O<9A 070809> 2<[email protected]
7 <477 B 2:<I.A8 ;:@40><B08
: ;40.B094, 84M=, /<:-4? 4 <A- 70809> 2<[email protected] 2<477, 4
@09>A7,>:< @HI.B,5I =4M 9, ;<B084,9 8?.3,@, <:B;<:@,/B,
;:@40><B0 <:B2<B,90 ;<B0B 2<477 @:6OH ;40.B:9A.3 ;:><,@
( <477 /?K, ;:@40<B.394,
: 2<477:@,94, -01=B>A6O@ 640H-,=06 >:=>O@ 4 <A- ",2<B0@,940
.,H05 ;:@40<B.394 ;:/ =;:/08 070809>? 2<[email protected]: 2<477,
* <477 8,H, ;:@40<B.394,
: 2<477:@,94, [email protected] 47:D.4 -01=B>A6O@ 640H-,=06 >:=>O@ 4
<A- ",2<B0@,940 D<:/6:@05 .BMD.4 070809>? 2<[email protected]: 2<477,
$ $:/2<B0@,940 :/ /:H?
+,=8,K,940 ;40.B0940 4 B,;406,940 40;H: 50=> /:=>,<.B,90
;<B0B /:79A 070809> 2<[email protected]
B &:B8<,K,940
: <:B8<,K,94, 9; 84M=, /<:-4? .370-, 4 .4,=> 8?.3,@,
<:B;<:@,/B, 9,2<B,90 ;:@40><B0 @:6OH <:B8<,K,905 ;:><,@A
^ #D@40>70940
*HI.B,940 7,8;64 :D@40>7,5I.05 @9M><B0 ;406,<946,
?96.5, 2<[email protected], B, ;:8:.I 6>O<05 :6<0D7, =4M 67,=M 0106>A@9:D.4 090<20>A.B905 B2:/940 B
/A<06>A@I "
&?FE DE073?/<7B 4B<9187 5?F3D1F38 DLM1F/ @7P :/;>9/
=HD73A:/8M1/ D<PA?F3 >739/?<79/
398%+4-+ +
74-#<0+-+
,/ >=;=1M >?FE17@9RD ;=N</ B@A/D7O ?RN<3
4B<9183 2=2/A9=D3 $/ DEHD73A:/1FB ;=N</
=21FEA/O B@A/D7=<M D/?A=HO
-32%.'
./+.+1*%!
c 'BA-640 9,2<B0@,940
,</B: =BA-640 9,2<B0@,940 ;406,<946,
0 ?96.50 B02,<,
*A-O< 849?>946,U .B,=? ><@,94,r D +,-0B;40.B0940 ;<B0/
/B40L84
7:6:@,940 4 :/-7:6:@A@,940 ;?7;4>? :-=H?24
A
!49?=
+89405=B,940 ?=>,@4,9A.3 @,<>:D.4
@
$7?=
+@4M6=B,940 ?=>,@4,9A.3 @,<>:D.4
/9/ 4B<918/ F35/?/ 83@A </ >73?D@FE; >:/<73
;=N</ ?=F>=F</O >= AE; N3 =2>=D732<7 @E;0=:
DF7PAE 83@A D </D7/@ -.
')6.#513
5'/2'3#5638
+32&
'35B:/A=? A3;>3?/AB?E @LBNE 2= </@A/D7/<7/
A3;>3?/AB?E =?/F @A=><7/ ;=1E 5?7::/
*3!*%!
Ú
$:BA.5, B0<:
$406,<946 940 2<B050
F
+,6<0= >08;0<,>?<A
(08;0<,>?<, @ 6:8:<B0 ;406,<946, @ I
'>:;940 8:.A 2<477,
'>:;940 8:.A /7, 2<477, : 8,H05 * 4 /?K05 ( ;:@40<B.394
=>:;40N =H,-A
=>:;40N D<0/94
=>:;40N 8:.9A
s
?96.5, :.BA=B.B,94,
&=21F/@ 5?F/<7/ >739/?<79/ @E;0=:t HD7317 @7P </
>/<3:B D@9/I<79RD + 1F/@73 >?F3?D D
</5?F3D/<7B D@9/I<79 5/H<73 +@9/I<79/ <73
;=N</ F/>/:7O F/ >=;=1M 4B<9187 =HD73A:3<7/ ^ /<7
F/ >=;=1M 4B<9187 ?=F;?/N/<7/ B
2E 9=?FE@A/ @7P F 5?7::/ 7 F/>?=5?/;=D/<E 1F/@
>?/1E >?F39?/1F/ ;7<BA </:3NE >= B>LED73 A35=
1F/@B >?F3@A/D7O >=9?PAL= A3;>3?/AB?E D L/5=2<E
A?E0 >?/1E 5?7::/
1/13# 2+'-#30+-#
!'058.#513
#/2-# 2+'-#30+-#
-%'413+#
-6%*'00'
+ 9=;=?F3 >739/?<79/ F</82B83 @7P :/;>9/
+3<AE:/A=? 16?=<7 >739/?<79 >?F32 >?F35?F/<73;
+3<AE:/A=? DLM1F/ @7P 7 DELM1F/ 52E 83@A A=
9=<731F<3 =?M13 >=D73A?F3 B16=2F7 >?F3F
2?FD71F97 *D/5/ $73 F/9?ED/O @F1F3:7<
D3<AE:/1E8<E16 + >?F317D<E; ?/F73 >739/?<79
>?F35?F3D/ @7P
0E >= F/9=Q1F3<7B >731F3<7/ >739/?<79 @FE01738
=@AE5L D3<AE:/A=? DLM1F=<E 83@A 83@F1F3 >?F3F
>3D73< 1F/@
2E >739/?<79 83@A DLM1F=<E HD7317 @7P :/;>9/ D
9=;=?F3 >739/?<79/ *@A/D7/8M1 >?F3LM1F<79 4B<9187
</ >=FE18P ^ ;=N</ DLM1FEO :/;>9P 03F DLM1F/<7/
>739/?<79/
913@=?7/ 9B163<<3 ;=N</ B;73@F1F/O D
>739/?<79B </ ?RN<E16 >=F7=;/16
913@=?7/ ;=N</ DE@B<MO F >739/?<79/ </D3A 2=
2LB5=H17 03F ?EFE9/ N3 @7P >?F316E:M F7P97
A3;B DE8;=D/<73 >=A?/D F >739/?<79/ 83@A 0/?2F=
BL/AD7=<3
&=2 D>LED3; DE@=9738 A3;>3?/AB?E /913@=?7/
9B163<<3 ;=5M B:31 =29@FA/L13<7B &= =@AE5<7P17B
=29@FA/L13<73 F<79/ 7 <73 ;/ A= D>LEDB </ 2F7/L/<73
/913@=?7RD
&/Q@AD/ >739/?<79 83@A DE>=@/N=<E AE:9= D <739AR?3
@>=H?R2 DE;73<7=<E16 >=<7N38 /913@=?7RD
9B163<<E16
+E>=@/N3<73 ;=N</ </0EO D @3?D7@73 D @9:3>73
@>318/:7@AE1F<E; :B0 >?F3F 7<A3?<3A $/:3NE >=2/O
<B;3? ,
0.3/
/: 9,.BAN 1:<8 /: .4,=>, ;40.B094 2<477:@,9A.3 6,@,H6O@ 4
;:><,@ 8<:K:9A.3
*=?9IL <?=B> @A24M.408 /: /:H? ¾
72/' ($ !)(%+1*
: .4,=> .4,=>06 4 30<-,>946O@
*H:KAL -7,.3M /: ;406,<946, ?=>,@4,5I. 5I @ >09 =;:=O- ,-A
:-94K:9, 6<,@M/E -AH, =640<:@,9, @ =><:9M /<[email protected]
7;+' ($ !)(%+1*
: .4,=> B 8:6<A8 @40<B.308 .4,=>0.B06 ;:><,@ 8<:K:9A.3 4
/?KA.3 ;40.B094 !:K0 -AL >,6K0 ?KA@,9, /: B-40<,94, >H?=B.B?
;:/.B,= ;40.B094, -0B;:D<0/94: 9, <?=B.40
*H:KAL 2HM-:6I -7,.3M 08,74:@,9I /: ;406,<946, ?=>,@4,5I. 5I
@ >09 =;:=O- ,-A :-94K:9, 6<,@M/E -AH, =640<:@,9, @ =><:9M
/<[email protected]
2'%,#.0' #-%'413+#
-6%*'00'
(>318/:<3 /913@=?7/ 9B163<<3 ;=N</ </0EO D
@9:3>73 @>318/:7@AE1F<E; :B0 F/ >=H?32<71AD3;
(3?D7@B &=;=1E )316<71F<38 + F/:3N<=H17 =2
9?/8B 2=@AP><3 @M ?RN<3 /913@=?7/ 9B163<<3
(F1F35RL=D3 7<4=?;/183 </ A3< A3;/A ;=N</
F</:3IO D 2=9B;3<A/187 2=LM1F=<38 2= F/9B>7=<35=
B?FM2F3<7/
7,.3, 08,74:@,9, + : .4,=> .4,=>06 4 30<-,>946O@
7,.3, ?94@0<=,79, + : .4,=> B 8:6<A8 @40<B.308 .4,=>0.B06 ;:><,@ 8<:K:9A.3 4
/?KA.3 ;40.B094 !:K0 -AL >,6K0 ?KA@,9, /: B-40<,94, >H?=B.B?
;:/.B,= ;40.B094, -0B;:D<0/94: 9, <?=B.40
&?=B> + : 9,.BAN 6?.3099A.3 1:<8 ;40.B094 /,N B <?=B>? 4 ;:><,@
8<:K:9A.3
7,.3, =B67,9, + HM-:6, -7,.3, =B67,9, :=6:9,H, 5,6: 9,.BA940 /: ;:/,@,94,
;:><,@
7,.3, /: ;4BBA + :=6:9,H, /: ;4BBA ;:><,@ 8<:K:9A.3 :6<I2HA.3 7?- /?KA.3
.4,=> 7,.3, /: ;4BBA 8:K0 -AL ?KA@,9, B,84,=> -7,.3A
?94@0<=,7905 )840D.4L -7,.3M 9, <?=B.40 4 ;:=>M;:@,L B2:/940
B0 @=6,BO@6,84 ;:/,9A84 @ >,-074
<A>1,99, 80>,7:@, + <A>1,99, 8:K0 -AL ?KA@,9, @ =><01,.3 ;<B0B9,.B:9A.3 9,
-<A>1,99M @4><:.0<,84.B905 ;HA>A 2<B05905 @ 6?.3096,.3 B
=A=>0808 .B?5946O@ 7?- B ,?>:8,>A.B9A8 =A=>0808 ;40.B094,
<A>1,99, 50=> B B0@9I><B ;:6<A>, 08,74I , @0@9I><B @,<=>@I
B,;:-402,5I.I ;<BA@40<,94? ;:><,@
<A>1,99, =B67,9, + <A>1,99, =B67,9, /:=6:9,70 9,/,50 =4M /: ;<BA2:>:@A@,94, @
;406,<946? ;:><,@ /?=B:9A.3 :<,B B,;406,906 *A5I>6:@:
/:-<0 <0B?7>,>A 8:K9, ?BA=6,L ?KA@,5I. 505 @ ,?>:8,>A.B9A8
=A=>0840 ;40.B094,
$:><O590 ;<:@,/94.0 /: .,H6:@4>02: $<:@,/94.0 /: ;:B4:8O@ 4 ?8:K74@4,5I .,H6:@4>0
@A=?@,94, ;:><,@
@A=?94M.40 ,6.0=:<4O@ 6?.3099A.3 -0B <ABA6, K0 =4M
+ ;<B0.3A7I
39'& 2+'37498/ 6?8%+'/
&=<7N38 F</82M &/Q@AD= D@9/FRD97 2=AE1FM13
>=@AP>=D/<7/ >?F32 >73?D@FE; BNE173; >739/?<79/
+ >73?D@F38 9=:38<=H17 >?F31FEA/O ?=F2F7/L !8)39'7#0+'
2+'-#30+-#
0E B@B<MO F/>/16 <73BNED/<35= B?FM2F3<7/
</:3NE F/;9<MO 7 DE5?F/O >B@AE >739/?<79 $/8:3>@FE
3439A ;=N</ BFE@9/O DLM1F/8M1 </ 5=2F7<P
=5?F3D/<73 5R?<3 7 2=:<3 % >?FE B@A/D73<7B
A3;>3?/AB?E </ H (>?/D2F7O 1FE D3D<MA?F
>739/?<79/ <73 >=F=@A/LE 1FPH17 =>/9=D/<7/
,/ >=;=1M >=9?PAL/ 4B<9187 DLM1FEO B@A/D73<73
=5?F3D/<7/ 5R?<35= 7 2=:<35= %
,/ >=;=1M >=9?PAL/ A3;>3?/AB?E B@A/D7O
A3;>3?/AB?P H
&= B>LED73 5=2F7<E DELM1FEO >739/?<79 + AE; 13:B
>?F39?P17O >=9?PAL= 4B<9187 2= >=FE187 F3?=
9849%9'0+'
#-%'413+C7
-6%*'008%*
&?F32 >73?D@FE; BNE173; /913@=?7RD 9B163<<E16
</:3NE B;EO 83 2=9L/2<73 >?FE BNE17B H173?31F97 7
173>L38 D=2E F 2=2/A973; <73D73:9738 7:=H17 ;E2L/
31)3#/17#0+' 645#7+'B 2+'-#30+-#
@A<738M ?RN<3 @>=@=0E >?=5?/;=D/<7/ B@A/D73Q
>739/?<79/ + 2/:@F38 9=:38<=H17 F=@A/83 =>7@/<E
@>=@R0 >?=5?/;=D/<7/ 4B<9187 5?F3D1F38 =?/F
A3;>3?/AB?E :B0 >=F7=;B >?/1E 5?7::/ &739/?<79
>=@7/2/ ;=N:7D=HO >?=5?/;=D/<7/ 1F/@B
5=A=D/<7/ A?D/<7/ 5=A=D/<7/ + 13:B BFE@9/<7/
2/:@FE16 7<4=?;/187 >?=@FP >?F31FEA/O ?=F2F7/L
7#)#
1&9#, )39#0+# +
5'/2'3#563#
,/:31/ @7P /0E >?F32 DL=N3<73; >=A?/DE F/D@F3
D@AP><73 </5?F/O >739/?<79 D 13:B B<79<7P17/
=@/2F3<7/ </2;73?<38 7:=H17 @9?=>:7< </ @FE073
&?FE9L/2 </ ?E@B<9B 5?F/<73 5R?<32=:<3 H
,/ >=;=1M >?F3LM1F<79/ 4B<9187 </@A/D7O ?=2F/8
5?F/<7/
'35B:/A=?3; A3;>3?/AB?E </@A/D7O A3;>3?/AB?P
:B0 @A=>73Q ;=1E 5?7::/
&739/?<79 F/1FE</ @7P </5?F3D/O
!8=>%9#0+# 2+'-#30+-#
&?F3LM1F<79 4B<9187 B@A/D7O D >=FE187 F3?=
"/+#0# 645#7+'B
,/ >=;=1M =2>=D732<716 >?F3LM1F<79RD ;=N</ D
9/N238 16D7:7 F;73<7O ?=2F/8 5?F/<7/ 7 A3;>3?/AB?P
98$-+'
0#)39'7#0+'
F7P97 4B<9187 @FE09735= </5?F3D/<7/ >739/?<79 D
9?RA97; 1F/@73 =@7M5/ </@A/D7=<M A3;>3?/AB?P
(FE0973 </5?F3D/<73 </:3NE @A=@=D/O D >?FE>/29B
B@A/D73<7/ A3;>3?/AB?E >=DEN38 H
%2>=D732<73 ?=2F/83 5?F/<7/
H =?M13 >=D73A?F32
H ?F/<73 5R?<32=:<3%
H ?F/<73 2=:<3 $
0E >=A?/D/ ?RD<=;73?<73 @7P B>739L/ </:3NE
D@A/D7O 8M 2= >739/?<79/ 2=>73?= >= F/9=Q1F3<7B
@FE09735= </5?F3D/<7/
$/@A/D7O ?=2F/8 5?F/<7/ 7 A3;>3?/AB?P
$/17@<MO >?FE17@9 c
$/ D@9/I<79B HD7317 @7P @E;0=:c &739/?<79
F/1FE</ @7P </5?F3D/O
98$-+' 0#)39'7#0+'
9#-1B%910'
'=F0?F;73D/ @E5</L $/ D@9/I<79B 5/H<73 @E;0=:
c +@A/D7O >=A?/DP 2= >739/?<79/
39'37#0+' 498$-+')1
0#)39'7#0+#
$/17@<MO >?FE17@9 c $/ D@9/I<79B 5/H<73 @E;0=:
c
45#7+#0+' (60-%,+ 9')#3#
&739/?<79 >=@7/2/ D73:3 4B<9187 F35/?/ ,/ >=;=1M
>?FE17@9B 0 DED=L/O ;3<B 7 DE0?/O NM2/<M
4B<918P =>R97 HD731M @7P D@FE@A973 @E;0=:3 1F/@B
;=N</ 2=9=</O B@A/D73Q $/D7/@E -. =F</1F/8M
/9AB/:<73 DE0?/<M 4B<918P F35/?/
*@A/D7=<M 4B<918P F35/?/ ;=N</ F;73<7O
03F>=H?32<7= F/ >=;=1M >?FE17@9B@ :B0 A 83H:7
=2>=D732<7 @E;0=: 1F/@B 83@A DF7PAE D </D7/@
+0650+-
#7<BA<79/ ;=N</ BNED/O 8/9 F35/?/ 4B<91E8<35=
#7<BA<79 2F7/L/ <73F/:3N<73 =2 B@A/D73Q >739/?<79/
#7<BA<79 ;/ @DR8 DL/@<E @E5</L F7P97 A3;B ;=N</
?=F>=F</O 1FE @E5</L ?=F0?F;73D/ F ;7<BA<79/ 1FE
=F</1F/ F/9=Q1F3<73 1F/@B A?D/<7/
$/17@<MO >?FE17@90
$/ D@9/I<79B HD731M @7P @E;0=:3 1F/@B /
@E;0=: U 83@A D </D7/@73
,/ >=;=1M >?FE17@9B@ :B0 A </@A/D7O ;7<BA<79
+/?A=HO >?=>=<=D/</ >?FE17@9 @ ;7<BA
+/?A=HO >?=>=<=D/</ >?FE17@9 A ;7<BA
&= 97:9B @39B<2/16 B@A/D7=<E 1F/@ F=@A/<73
F/>7@/<E #7<BA<79 DLM1F/ @7P $/ D@9/I<79B HD7317
@7P @E;0=:-U. 7 D72/O =2:71F/<E 1F/@ ;7<BA<79/
<<3 @E;0=:3 1F/@B 5/@<M
2=80+A%+' %9#46
/+0650+-#
'=F0?F;73D/ @E5</L +@9/I<79 >=9/FB83 ,/
>=;=1M >?FE17@9B 0 DELM1FEO ;7<BA<79
"/+#0# 645#7+'B
/+0650+-#
,/ >=;=1M >?FE17@9B@ :B0 A F;73<7O B@A/D73<73
;7<BA<79/ &= 97:9B @39B<2/16 B@A/D73<73 F=@A/<73
F;73<7=<3
#417#0+' 645#7+'B
/+0650+-#
,/ >=;=1M >?FE17@9BA 1=4<MO ;7<BA<79 </ &=97:9B @39B<2/16 B@A/D73<73 F=@A/<73 F;73<7=<3
#7<BA<79 83@A DELM1F=<E
&%98587#0+'
0#45#7+108%* %9#4C7
537#0+#
3H:7 </@A/D7=<= 97:9/ 1F/@RD A?D/<7/ </ D@9/I<79B
HD731M @7P =2>=D732<73 @E;0=:3 $/ >73?D@FE;
>:/<73 ;7<BA<79 =2;73?F/ 1F/@ (E;0=:U 83@A D
</D7/@73 7 D72=1F<3 83@A =2;73?F/<73 1F/@B >?F3F
;7<BA<79
0E @>?/D2F7O ;7<BA<79U 1F/@ A?D/<7/r AE:3 ?/FE
</17@9/O >?FE17@9 0 /N 2/<E @E;0=: F=@A/<73
DF7PAE D </D7/@ KM2/</ D/?A=HO >=8/D7 @7P </ 97:9/
@39B<2 </ D@9/I<79B
9#4 537#0+#
$/ >739/?<79B ;=N</ B@A/D7O 1F/@ A?D/<7/ >731F3<7/
>=A?/DE &= B>LED73 </@A/D7=<35= 1F/@B A?D/<7/
>739/?<79 /BA=;/AE1F<73 DELM1F/ @7P F7P97 A3;B
<73 A?F30/ >?F3?ED/O 7<<E16 >?/1 /0E DELM1FEO
>739/?<79 F/@ >731F3<7/ <73 F=@A/<73
>?F39?=1F=<E
&?FE9L/2 </ ?E@B<9B 1F/@ A?D/<7/ ;7<BA
,/ >=;=1M >?F3LM1F<79/ 4B<9187 </@A/D7O ?=2F/8
5?F/<7/
'35B:/A=?3; A3;>3?/AB?E </@A/D7O A3;>3?/AB?P
:B0 @A=>73Q ;=1E 5?7::/
$/17@<MO 2D/ ?/FE >?FE17@9 0 +@9/I<79
>=9/FB83 (E;0=:3 1F/@B HD731M @7P / @E;0=:
r 83@A D </D7/@73
,/ >=;=1M >?FE17@9B @ :B0A </@A/D7O 1F/@
A?D/<7/
+/?A=HO >?=>=<=D/</ >?FE17@9 @ ;7<BA
+/?A=HO >?=>=<=D/</ >?FE17@9 A ;7<BA
2=80+A%+' 0#45#7+10')1
%9#46 537#0+#
"/+#0# 0#45#7+10')1
%9#46 537#0+#
#417#0+' 0#45#7+10')1
%9#46 537#0+#
&%98587#0+'
0#45#7+108%* (60-%,+
9')#3#
&= 97:9B @39B<2/16 >739/?<79 DLM1F/ @7P $/
D@9/I<79B D72/O =2:71F/<E 1F/@ A?D/<7/ 7 HD7317 @7P
@E;0=: -r. <<3 @E;0=:3 1F/@B 5/@<M
'=F0?F;73D/ @E5</L &739/?<79 >?F3@A/83 @7P
</5?F3D/O +@9/I<79 >=9/FB83 $/17@<MO >?FE17@9
0 ,/ >=;=1M >?FE17@9B @ :B0 A ;=N</ >=<=D<73
</@A/D7O 1F/@ A?D/<7/"B0 </17@<MO ?/FE >?FE17@9
0 7 =0?R17O >?F3LM1F<79 4B<9187 </ >=FE18P F3?=
&739/?<79 83@A DELM1F=<E
,/ >=;=1M >?FE17@9B@ :B0 A F;73<7O </@A/D7=<E
1F/@ A?D/<7/ &= 97:9B @39B<2/16 B@A/D73<73
F=@A/<73 F;73<7=<3 3H:7 ;7<BA<79 83@A </@A/D7=<E
</:3NE </8>73?D </17@<MO >?FE17@9 0
,/ >=;=1M >?FE17@9B A 1=4<MO 1F/@ A?D/<7/ </ &= 97:9B @39B<2/16 B@A/D73<73 F=@A/<73 F;73<7=<3
$/@A/D7=<E 1F/@ A?D/<7/ F=@A/L @9/@=D/<E 3H:7
;7<BA<79 83@A </@A/D7=<E </:3NE </8>73?D </17@<MO
>?FE17@9 0
3H:7 </@A/D7=<= 97:9/ 4B<9187 F35/?/ </ D@9/I<79B
HD731M @7P =2>=D732<73 @E;0=:3 (E;0=: 4B<9187
F35/?/ </ >73?D@FE; >:/<73 83@A D </D7/@73
0E @>?/D2F7O ;7<BA<79U 1F/@ A?D/<7/r AE:3 ?/FE
</17@9/O >?FE17@9 0 /N 2/<E @E;0=: F=@A/<73
DF7PAE D </D7/@ KM2/</ D/?A=HO >=8/D7 @7P </ 97:9/
@39B<2 </ D@9/I<79B
60-%,# 9#$'92+'%9'0+# &9+'%+
&739/?<79 >=@7/2/ 4B<918P F/03F>731F3<7/ 2F7317
/0E F/>=0731 >?FE>/29=D3;B DLM1F3<7B 5= >?F3F
2F7317
&739/?<79 <73 ?3/5B83 </ N/2<M ?35B:/18P B@A/D73<7/
@A<7383 ;=N:7D=HO F/>?=5?/;=D/<7/ @A=>3?/ >?FE
DLM1F=<38 4B<9187 F/03F>731F3<7/ 2F7317
2E F=@A/<73 F/>?=5?/;=D/</ 4B<918/ 5?F3D1F/ 7
A3;>3?/AB?/ :B0 >=F7=; >?/1E 5?7::/ 4B<918/
F/03F>731F3<7/ 2F7317 >=D=2B83 >?F3?D/<73
</5?F3D/<7/
!=>%9'0+' (60-%,+
9#$'92+'%9'0+# &9+'%+
$73 ;=N</ F/>?=5?/;=D/O N/2<38 7<<38 4B<9187
/BA=;/AE1F<35= DELM1F3<7/ >739/?<79/
$/17@<MO </ >?FE17@9D >?F3F =9=L= @39B<2E
$/ >/<3:B D@9/I<79RD >=8/D7/ @7P @E;0=:D
B<918/ F/03F>731F3<7/ 2F7317 F=@A/83 DLM1F=</
!8=>%9'0+' (60-%,+
9#$'92+'%9'0+# &9+'%+
$/17@<MO </ >?FE17@9D >?F3F =9=L= @39B<2E
(E;0=:D F<79/ F >/<3:B D@9/I<79RD B<918/
F/03F>731F3<7/ 2F7317 F=@A/83 DELM1F=</
104'37#%,# + %9849%9'0+'
&739/?<79 F/16=D/ >?F3F 2LB57 =9?3@ 1F/@B 723/:<E
DE5:M2 7 @>?/D<=HO 2F7/L/<7/ >=2 D/?B<973; N3
0P2F73 D =2>=D732<7 @>=@R0 1FE@F1F=<E 7
>=22/D/<E F/0735=; 9=<@3?D/1E8<E; &=<7N38
=>7@/<= @>=@R0 9=<@3?D/187 7 1FE@F1F3<7/
>739/?<79/
#&8 + 74-#9C7-+
$/ >?F32<738 H17/<13 >739/?<79/ ;=5M >=8/D7O @7P
>?F30/?D73<7/ @>=D=2=D/<3 @A=@=D/<73; ?RN<E16
;/A3?7/LRD 8/9 @F9L= >:/@A79 :B0 ;3A/:
&?FE>=;7</8M13 0?B2 2=0?F3 D72=1F<3 @;B57 </
@FE073 >739/?<79/ A= =20717/ HD7/AL/ :/;>97
>739/?<79/
+ 0/?2F= DE@=9738 A3;>3?/AB?F3 3;/:7/ B:35/
>?FE>/:3<7B , A35= >=D=2B ;=5M DE@AM>7O
<73D73:973 =20/?D73<7/ 3@A A= F8/D7@9= <=?;/:<3
9AR?3 <73 D>LED/ </ 2F7/L/<73 >739/?<79/+
>?FE>/29B 173<9716 0:/16 <73 83@A ;=N:7D3
1/L9=D7A3 >=9?E173 3;/:7M 716 0=1F<E16 H17/<39 ,
A38 >?FE1FE<E D@>=;<7/<3 H17/<97 ;=5M @A/O @7P
@F=?@A973 D 2=AE9B $73 >=D=2B83 A= 832</9
F<7@F1F3<7/ >=DL=97 /<AE9=?=FE8<38
:31&-+ %9849%9>%'
0E <73 B@F9=2F7O >=D73?F16<7 >739/?<79/ >?F3F
F/@A=@=D/<73 <73=2>=D732<716 H?=29RD
1FE@F1FM1E16 </:3NE BDF5:P2<7O 7<4=?;/183 F/D/?A3
D A/03:7 $73 @A=@=D/O
H H?=29RD 1FE@F1FM1E16 9D/H<E16 :B0 =
DL/H17D=H17/16 H173?<E16
H F;ED/9RD :B0 AD/?2E16 5M039
H B?FM2F3Q 1FE@F1FM1E16 >?FE BNE17B DE@=9735=
17H<73<7/ :B0 @A?B;73<7/ >/?E
=9L/2<73 DE>?/O 9/N2M <=DM H173?31F9P >?F32
BNE173;
/-!"
4-+ '% 32.338!
$<B0/94, D.4,96, ;406,<946,
40;H, @:/, B 940@4076I 47:D.4I 8A/H,
+8A@,L D.40<0.B6I 4 :=?=BAL 84M66I =B8,>6I
'>,7 940</B0@9,
40;H, @:/, B 940@4076I 47:D.4I 8A/H,
+8A@,L D.40<0.B6I 4 :=?=BAL 84M66I =B8,>6I ",>A.384,=>
B8A@,L ;7,8A B @,;9, >H?=B.B? 8I64 6?6?<A/B4,905 4 -4,H6,
5,56, 2/AK ;:/ =;:/08 8:K0 ;:5,@4L =4M 6:<:B5, * ;?96>,.3
'0<@4=? $:8:.A (0.394.B905 7?- @ =670;,.3 =;0.5,74=>A.B9A.3
8:K9, 9,-AL D<:/64 /: .BA=B.B094, =>,74 940</B0@905 6>O<0
8:K9, =>:=:@,L 9, <:B2<B,905 ;:@40<B.394 ",6H,/,L D<:/06
.BA=B.BI.A -,</B: .4096I =B8,>6I B 84M66402: 8,>0<4,H?
/-!"
4-+ '% 32.338!
'B6H:
C<:/64 /: .BA=B.B094, =BA-
BAD.4L D.40<0.B6I B 84M66402: 8,>0<4,H?
"40 ?KA@,L =6<:-,6, /: =B6H,
'BA-A @ /<[email protected],.3
C<:/64 /: .BA=B.B094, =BA-
BAD.4L D.40<0.B6I B 84M66402: 8,>0<4,H?
"40 ?KA@,L =6<:-,6, /: =B6H,
'B67,9, ;:6<A@, 7,8;64 ;406,<946,
40;H, @:/, B 940@4076I 47:D.4I 8A/H,
BAD.4L D.40<0.B6I
)=B.B076,
940 B/058:@,L
40;H, @:/, B 940@4076I 47:D.4I 8A/H,
BAD.4L D.40<0.B6I "40 ><B0L
<,>64
6.0=:<4, 6?.30990
60-%,#
1;7+'5.'0+#
!=>%9#0+' .#/2-+
7'70>539 2+'-#30+-#
!8=>%9#0+' .#/2-+
7'70>539 2+'-#30+-#
9849%9'0+' 217+'39%*0+
-#5#.+58%908%* 2+'-#30+-#
40;H, @:/, B 940@4076I 47:D.4I 8A/H,
#/8:.BAL 4 ?8AL D.40<0.B6I 7?- =B.B:>0.B6I
40;H, @:/, B 940@4076I 47:D.4I 8A/H,
#/8:.BAL 4 ?8AL D.40<0.B6I 7?- =B.B:>0.B6I
0E BL/AD7O 1FE@F1F3<73 >739/?<79/ ;=N</ DLM1FEO
:/;>9P F</82B8M1M @7P D3D<MA?F >739/?<79/
%0?R17O >=9?PAL= 4B<9187 2= >=FE187 ^
"/;>9/ DLM1F/ @7P &=9?PAL= A3;>3?/AB?E >=D7<<=
0EO DELM1F=<3
%0?R17O >=9?PAL= 4B<9187 2= >=FE187 Û
+ <739AR?E16 >739/?<79/16 AE:</ H17/<9/ D<PA?F/
>739/?<79/ H17/<97 0=1F<3 :B0 H17/<9/ 5R?</ ;=5M
0EO >=9?EA3 D/?@ADM 13?/;71F<M = 2BN38
>=?=D/A=H17 +/?@AD/ A/ >=16L/<7/ F/0?B2F3<7/
>=D@A/L3 >=21F/@ >731F3<7/ 7 @;/N3<7/ =?/F B@BD/
83 D A?/9173 >?/1E >739/?<79/ ; DEN@F/ A3;>3?/AB?/
7 2LBN@FE 1F/@ >?/1E >739/?<79/ AE; :3>@FE 3439A
2F7/L/<7/ 9/A/:7AE1F<E16 >=D73?F16<7
@/;=1FE@F1FM1E16
32</9 83N3:7 F/0?B2F3<73 BA?FE;B83 @7P >=
97:9/9?=A<E; BNE17B >739/?<79/ </:3NE BNEO 4B<9187
FE@F1F3<73
9849%9'0+' &0#
2+'-#30+-# + ;%+#0'21-3858%* '/#.+>
60-%,#
9849%9'0+'
7#)#
"#4#&8 231)3#/17#0+#
#&8 + 74-#9C7-+
$752E <73 BNED/O H?=29RD 1FE@F1FM1E16 =
DL/H17D=H17/16 H173?<E16 &=D=2B8M =<3
>=?E@=D/<73 7 B@F9=2F3<73 D/?@ADE = DE@=9738
>=?=D/A=H17
$73 1FEH17O D/?@ADE 13?/;71F<38 H?=29/;7 2=
1FE@F1F3<7/ >739/?<79RD 3N3:7 >?F3F >?FE>/239
H?=239 2= 1FE@F1F3<7/ >739/?<79RD 2=@A/<73 @7P </
>=D73?F16<7P >=9?EAM D/?@ADM 13?/;71F<M </:3NE
</AE16;7/@A B@B<MO 5= >?FE BNE17B 5M097 7 2BN38
7:=H17 D=2E
*NED/O H173?31F97 7 173>L38 D=2E F <73D73:9M 7:=H17M
;E2L/ :B0 =1AB
+ >?FE>/29B @7:<E16 F/0?B2F3Q BNED/O
;3A/:=D35= F;ED/9/ F 173<9735= @A/:=D35= 2?BAB
:B0 @>318/:<35= H?=29/ 2= 1FE@F1F3<7/ >739/?<79RD
(A=@=D/O DELM1F<73 >= =@AE5<7P17B >739/?<79/ $73
1FEH17O >=D73?F16<7 @/;=1FE@F1FM1E16 ;3A/:=DE;
F;ED/973; /<7 H?=29/;7 2= 1FE@F1F3<7/
>739/?<79RD
B<918/ FE@F1F3<73 =F</1F/ >?=5?/; ?353<3?/187
3H:7 3:3;3<AE @/;=1FE@F1FM13 >739/?<79/ <73
=1FE@F1FM @7P @/;3 D @>=@R0 DE@A/?1F/8M1E
DRD1F/@ 4B<918/ A/ B;=N:7D7/ 716 ?353<3?/18P &= 838
F/@A=@=D/<7B 3:3;3<AE @/;=1FE@F1FM13 0P2M D
>3L<7 @>?/D<3
&=D73?F16<73 >739/?<79/ 9AR?3 <73 >=@7/2/8M
DL/H17D=H17 @/;=1FE@F1FM1E16 >=D7<<E F=@A/O
D1F3H<738 =1FE@F1F=<3 + >?F317D<E; ?/F73 >=8/D7M
@7P >:/;E 9AR?E16 <73 0P2F73 ;=N</ B@B<MO
*;73H17O >=9?PAL= 4B<9187 D >=L=N3<7B 4B<9187
5?F3D1F38 F/ >=;=1M </2;B16B 5=?M135=
>=D73A?F/ 2
*;73H17O >=9?PAL= A3;>3?/AB?E </ s
&= B>LED73 ;7<BA DELM1FEO >=9?PAL= 4B<9187
+/?@AD/ 13?/;71F</ B:35/ @/;=1FE<<38
?353<3?/187 &= =@AE5<7P17B >739/?<79/ B@B<MO
0?MF=DE :B0 07/LE =@/2 >?FE BNE17B D=2E 7 ;7P99738
5M097
1 78458)0+A%+6
2+'-#30+-#
7#)#
"&',/17#0+' +
9#7+'49#0+'
2317#&0+%
"&',/17#0+' 2317#&0+%
$73F</1F<3 =20/?D73<73 D/?@ADE 13?/;71F<38 <73
D>LED/ </ >?F30735 @/;==1FE@F1F/<7/
*@B<MO ?3@FA97 @=:7 F 3:3;3<ARD @/;=1FE@F1FM1E16
F/ >=;=1M D7:5=A<38 @F;/A97
+ >?FE>/29B >739/?<79/ F F/7<@A/:=D/<M </ 5R?F3
>LEAM 5?F38<M F/:31/ @7P /0E <73 DLM1F/O >LEAE 52E
B?B16=;7=</ 83@A 4B<918/ FE@F1F3<73
&?=D/2<713 ;=N</ F28MO 2= 1FE@F1F3<7/ &739/?<79
;B@7 0EO F7;<E
*<73HO >?=D/2<71P F >?F=2B 2= 5R?E
7 >?F3@B<MO D @F3?@F3 ;738@13 =AD=?RD
;=1B8M1E16 ?E@
$/@AP><73 >=17M5<MO >?=D/2<71P 2= >?F=2B
7 DE8MO F =AD=?RD ?E@
&?=D/2<713 1FEH17O >LE<3; 2= ;E17/ </1FEQ 7
5M09M 2= F;ED/<7/ + >?FE>/29B F/<731FE@F1F3Q
A?B2<E16 2= B@B<7P17/ BNED/O @F1F=A31F97
"#7+'49#0+' 2317#&0+%
$/8>73?D DL=NEO >?=D/2<71P D AE:<E =ADR?
;=1B8M1E 7 :399= </17@9/8M1 >?F3@B<MO <731= 2=
AELB ?E@ </@AP><73 DL=NEO >?=D/2<71P D >?F32<7 =ADR?
?E@
&?=D/2<713 >/@B8M F/?RD<= 2= >?/D38 8/9 7 :3D38
@A?=<E +5LP073<73 ;B@7 F</82=D/O @7P </ 2=:3
1%*8.#0+'
'.'/'056
)39'7%9')1 )3+..#
0E BL/AD7O 1FE@F1F3<73 D <739AR?E16 >739/?<79/16
;=N</ >=16E:7O 3:3;3<A 5?F3D1FE 5?7::/
$7303F>731F3Q@AD= >=>/?F3<7/ &739/?<79 >=D7<73<
0EO F7;<E
&=17M5<MO 2= >?F=2B B16DEA >=16E:/<35= 5?7::/
7 >=>16<MO 5= 2= 5R?E /N ?=F:35<73 @7P 9:79<7P173
=F</1F/8M13 N3 F/0:=9=D/L @7P D =2>=D732<7;
>=L=N3<7B ?E@B<39 32<=1F3H<73 >?FEA?FE;B8M1 3:3;3<AE 5?F3D1F3
5?7::/ FL=NEO 83 973?B8M1 D 2RL ?E@B<39 &= B;E17B 5?7::/ >=<=D<73 ?=FL=NEO 973?B8M1 D
5R?P 3:3;3<AE 5?F3D1F3 5?7::/ &=>16<MO B16DEA
5?7::/ D 2RL 7 D@B<MO 3:3;3<AE 5?F3D1F3 5?7::/
"&',/17#0+' +
9#-=#&#0+'
&397+%9'2+'-#30+-#
0E BL/AD7O 23;=<A/N 2?FD71F39 >739/?<79/ 7 ;E173
@FE0E 2?FD71F39 7@A<7383 ;=N:7D=HO F28P17/
2?FD71F39 >739/?<79/
,/D7/@E 2?FD71F39 >739/?<79/ @M DE>=@/N=<3 D
2ID75<7P 0:=9B8M1M 3N3:7 2ID75<7/ 83@A F/;9<7PA/
?E@B<39 F28P173 2?FD71F39 <73 83@A ;=N:7D3 &=
=AD/?17B 2ID75<7 0:=9B8M138 ;=N</ F28MO 2?FD71F97
?E@B<39 F/D7/@E D 2?FD71F9/16 F=@A/8M
F/0:=9=D/<3 F7P97 A3;B 2?FD71F97 <73 F/;9<M @7P
D <73=1F397D/<E; ;=;3<173
"&',/17#0+' &397+%9'-
$7303F>731F3Q@AD= =0?/N3Q 17/L/ 3H:7 F/D7/@E <73
@M F/0:=9=D/<3 F/ >=;=1M 2ID75<7 0:=9B8M138
2?FD71F97 ;=5M F/;9<MO @7P D <73=1F397D/<E;
;=;3<173 &/;7PA/O /0E 2ID75<73 0:=9B8M13 0ELE
F/D@F3 F/;9<7PA3 ID75<73 >=D7<<E 0EO =AD/?A3
DELM1F<73 >?FE F238;=D/<7B 2?FD71F39
%AD=?FEO 1/L9=D7173 2?FD71F97 >739/?<79/
+E8MO =073 2ID75<73 0:=9B8M13 B;73@F1F=<3 F
>?/D38 7 F :3D38 @A?=<E 'E@B<39 ,/;9<MO 2= 9=Q1/ 2?FD71F97 >739/?<79/
?E@B<39 6DE17O 2?FD71F97 =073;/ ?P9/;7 F
>?/D38 7 F :3D38 @A?=<E &?FE;9<MO 2?FD71F97
83@F1F3 0/?2F738 7 DE17M5<MO
"#-=#&#0+' &397+%9'-
,/L=NEO 2?FD71F97 DE9=<B8M1 =>7@/<3 >=DEN38
1FE<<=H17 D =2D?=A<38 9=:38<=H17
&?FE F/9L/2/<7B 2?FD71F39 >/;7PA/O /0E =0/
F/D7/@E D3@FLE 2=9L/2<73 D =2>=D732<73 =AD=?E
'E@B<39 =:<E ?=D39 F/D7/@RD >=D7<73< 0EO
=2>=D732<7= 2=>/@=D/<E >= =0B @A?=</16
'E@B<39 3H:7 F/D7/@E <73 F=@A/<M >?/D72L=D= F/;=<A=D/<3
;=N3 DE@AM>7O <73?RD<3 B@A/D73<73 2?FD71F39 D
@A=@B<9B 2= >?F32<738 1FPH17 >739/?<79/
&=<=D<73 F/;9<MO 2ID75<73 0:=9B8M13 ?E@B<39
,/;9<MO 2?FD71F97 >739/?<79/
105#? + &'/105#?
498$8 7
&397+%9-#%*
2+'-#30+-#
'/105#?
$7303F>731F3Q@AD= =0?/N3Q 17/L/ $73 2=AE9/O
F/D7/@RD 83N3:7 2?FD71F97 <73@>=2F73D/<73 DE>/2<M
:B0 83N3:7 F/D7/@ </5:3 @7P F/A?F/H<73 (9=<A/9A=D/O
@7P F (3?D7@3; &=;=1E )316<71F<38
@A<7383 ;=N:7D=HO DE8P17/ @FE0 F 2?FD71F39
>739/?<79/ D 13:B BL/AD73<7/ 1FE@F1F3<7/
,28MO 2?FD71F97 >739/?<79/ 7 >=L=NEO 83 </
;7P99738 @F;/A13 B16DEA3; 2= 2=LB
%29?P17O 5R?<M 1FPHO =@L=<E 2?FD71F39
>739/?<79/ + AE; 13:B >=:BF=D/O H?B0E F :3D38 7
>?/D38 @A?=<E 'E@B<39 *<73HO 7 DE8MO 5R?<M @FE0P 'E@B<39 + >?FE>/29B 2?FD71F39 F A?F3;/ @FE0/;7 </:3NE
?RD<73N DE9=</O </@AP>B8M1M 1FE<<=HO
+E8MO @FE0P 'E@B<39 *;EO @FE0E >?FE BNE17B >LE<B 2= ;E17/ @FE0 7
H173?31F97 F ;7P99735= ;/A3?7/LB
$73 @A=@=D/O >LE<RD = DL/H17D=H17/16 H173?<E16
:B0 N?M1E16 @9?=0/9RD 2= @F9L/ /<7 AD/?2E16
F;ED/9RD F ;3A/:B 52EN ;=5M =<3 B@F9=2F7O
@FE0P
105#?
?FD71F97 F 2D=;/ @FE0/;7 DE9=</O 1FE<<=H17 =2
>B<9AB 2= +@B<MO @FE0P D AEL >=16E:/8M1 8M 'E@B<39 *>3D<7O @7P N3 </>7@ '756A/0=C3 F</82B83 @7P
</ 5R?F3 >= >?/D38 @A?=<73
+@B<MO 5R?<M @FE0P D AEL >=16E:/8M1 8M L/29/
>=D73?F16<7/ >=D7<</ F</82=D/O @7P </
F3D<MA?F
,/L=NEO 7 >?FE9?P17O >=9?EDP
,/L=NEO 2?FD71F97 >739/?<79/
?8@ 2+'-#30+-# &12+'31 21 62'70+'0+6 4+A ?'
498$8 9145#=8 23#7+&=171 9#/10517#0'
45'3-# %1 31$+@
&?FE1FE</;7 DE@AM>73<7/ B@A3?39 @M 1FP@A=
2?=07/F57 &?F32 D3FD/<73; @3?D7@B </:3NE >?FE
>=;=1E A/03:7 @>?R0=D/O B@B<MO B@A3?9P D3
DL/@<E; F/9?3@73
#$'.# 645'3'./!-'
+9(%1 ,-3232*
+)+(!!*%
$406,<946 940 /B4,H,
0B;40.B946 50=>
?=B6:/B:9A
';<,@/B4L @ =6<BA9.0
-0B;40.B946:@05 .BA -0B;40.B946 940
50=> ?=B6:/B:9A
$<B0<@, @ /:;HA@40
;<I/?
",70KA =;<,@/B4L .BA 8:K9, @HI.BAL
D@4,>H: 7?- 4990 ?<BI/B094,
6?.30990
", @=6,E946? [email protected] =4M B0<:
$<B0<@, @ /:;HA@40
;<I/?
$:>@40</B4L ;<BA.4=6408 0
$406,<946 940 2<B050
'>A64 =I B,6?<B:90
*407:6<:>940 :-<,.,L ;:6<M>H,
@HI.B946O@ @ ;<,@: 4 @ 70@:
1/60+-#5 1 645'3%'
3H:7 </ D@9/I<79B >=8/D7 @7P 9=;B<79/A = B@A3?13 “
</:3NE </17@<MO >?FE17@9 0 !=;B<79/A F<79<73
*@A/D7=</ 4B<918/ F35/?/ F=@A/<73 @9/@=D/</
0E B@B<MO B@A3?9P </:3NE >?F3@A?F35/O
>=<7N@FE16 D@9/FRD39
+)0*%'/ + 0./!-!
+9(%1 ,-3232*
+)+(!!*%
“
$<BA.4=6 -AH B, /H?2:
9,.4=6,9A 7?- B:=>,H
@.4D94M>A /: D<:/6,
*=BA=>640 ;<BA.4=64 9,.4=6,L
;:50/A9.B: ",70KA =;<,@/B4L .BA
;<BA.4=6 =4M 940 B,6749:@,H 940 B:=>,H
@.4D94M>A /: D<:/6, 7?- 940 50=>
B,-<?/B:9A
!8/+#0# ?#3C7-+
'.'-538%90', 7
)C30', 2=8%+'
2+'-#30+-#
$7303F>731F3Q@AD= >=?/N3<7/ >?M23;
$73>?/D72L=D= >?F3>?=D/2F=<3 </>?/DE @M
<7303F>731F<3 $/>?/DE ;=5M 0EO DE9=<ED/<3
AE:9= >?F3F >?F3@F9=:=<E16 >?/1=D<79RD @3?D7@B
+ >?FE>/29B B@F9=2F3<7/ N/?RD97 D >739/?<79B
</:3NE 8M DE;73<7O K/?RD97 DE;73<<3 DEA?FE;/L3
</ DE@=9M A3;>3?/AB?P ;=N</ </0EO >=>?F3F
(3?D7@ &=;=1E )316<71F<38 :B0 D @9:3>/16
@>318/:7@AE1F<E16
$/:3NE BNED/O DELM1F<73 A35= AE>B N/?RD39
$7303F>731F3Q@AD= >=?/N3<7/ >?M23;
%2LM1FEO >739/?<79 =2 @7317 3:39A?E1F<38
*>3D<7O @7P N3 83@A =< ?F31FED7H173 =2LM1F=<E
*;73H17O H173?9P 9B163<<M D F7;<E;
>739/?<79B /0E B<79<MO B@F9=2F3Q
+E8MO @F9:/<E 3:3;3<A =16?=<<E DE9?P1/8M1 5=
D :3DM @A?=<P
+E;73<7O N/?RD9P </ >=2=0<E AE> N/?RD97
&=<=D<73 D9?P17O @F9:/<E 3:3;3<A =16?=<<E
+E8MO H173?9P 9B163<<M 7 >=<=D<73 >=2LM1FEO
B?FM2F3<73 2= @7317 3:39A?E1F<38
9-.#0' '.'/'058
1%*3100'
$/:3NE DE;73<7/O @F9:/<3 3:3;3<AE =16?=<<3 9AR?3
F=@A/LE B@F9=2F=<3 (F9:/<3 3:3;3<AE =16?=<<3
;=N</ </0EO D (3?D7@73 &=;=1E )316<71F<38
$/:3NE DRD1F/@ >=2/O <B;3? >?=2B9AB 7 <B;3?
4/0?E1F<E B?FM2F3<7/
'37+4 1/1%8 '%*0+%90',
3 231&6-56 + 03 (#$38%908
&?/1=D<71E </@F35= (3?D7@B &=;=1E )316<71F<38
>=F=@A/8M 2= &/Q@AD/ 2E@>=FE187 D ?/F73
9=<731F<=H17 </>?/DE B?FM2F3<7/ F/9B>B
/913@=?7RD 9B163<<E16 :B0 1FPH17 F/>/@=DE16 /
A/9N3 9=<@B:A/187 </ A3;/A </@FE16 >?=2B9ARD :B0
B@LB5 /<3 2=AE1FM13 </@F35= (3?D7@B &=;=1E
)316<71F<38 ;=N</ F</:3IO D F/LM1F=<38
2=9B;3<A/187
!=<A/9AB8M1 @7P F </@FE; (3?D7@3; &=;=1E
)316<71F<38 </:3NE >=2/O <B;3? >?=2B9AB =?/F
<B;3? 4/0?E1F<E B?FM2F3<7/ )/0:71F9/
F</;7=<=D/ F AE;7 <B;3?/;7 F</82B83 @7P </
H17/<13 0=1F<38 >= >?/D38 @A?=<73 2?FD71F39
>739/?<79/ 0E B<79<MO >?=0:3;RD F/:31/;E
F/>7@/O >=<7N38 2/<3 B?FM2F3<7/ =?/F <B;3?
A3:34=<B </@F35= (3?D7@B &=;=1E )316<71F<38
"< ;<:/?6>?
"< 1,-<A.B9A
'0<@4= $:8:.A (0.394.B905 %
#&8 &158%9>%' 149%9A&9#0+# '0'3)++ +
1%*3108 ;31&17+4-# 0#563#.0')1
$7<738@FE ?=F2F7/L F/D73?/ ?/2E 2=AE1FM13
@>=@=0RD =@F1FP2F/<7/ 3<3?577 >=21F/@ >731F3<7/ 7
@;/N3<7/ D >739/?<79B =?/F D@9/FRD97 2=AE1FM13
BAE:7F/187 B?FM2F3<7/
49%9A&9#0+'
'0'3)++
$/5?F3D/O >739/?<79 AE:9= D >?FE>/29B 52E 83@A A=
F/:31/<3 D >?F3>7@73 :B0 D A/03:7 >=A?/D
*NED/O 4=?; 2= >731F3<7/ D 173;<E16 9=:=?/16
>=9?EAE16 1F/?<E; :/973?3; :B0 3;/:7M )3 4=?;E
</8:3>738 >=16L/<7/8M 173>L=
&=21F/@ 5=A=D/<7/ >731F3<7/ :B0 @;/N3<7/ 8/9
</8?F/2F738 =AD73?/O 2?FD71F97 >739/?<79/
&=21F/@ >731F3<7/ 97:9B 17/@A F/:31/ @7P 83 >731
832<= >= 2?B57; &739/?<79 0P2F73 ?=F5?F/<E 2F7P97
1F3;B >731F3<73 2?B5735= 17/@A/ F/8;73 ;<738
1F/@B #=N</ ?RD<73N D@A/D7O 2= >739/?<79/ 2D73
>?=@A=9MA<3 4=?;E ?RD<=1F3H<73
&?FE 2LB5716 1F/@/16 >731F3<7/ ;=N</ DELM1FEO
>739/?<79 </ ;7<BA >?F32 F/9=Q1F3<73;
F/>?=5?/;=D/<35= 1F/@B 5=A=D/<7/ 7 DE9=?FE@A/O
173>L= </5?=;/2F=<3 D >739/?<79B D 13:B
2=>731F3<7/ >=A?/DE
58.+9#%,#
1&2#&C7 7
4214C$ 2398,#908
&.# ;31&17+4-#
0#563#.0')1
ó
,BAE:7F=D/O =>/9=D/<73 D @>=@R0 39=:=571F<E
$7<738@F3 B?FM2F3<73 83@A =F</9=D/<3 8/9= F5=2<3 F
F/>7@/;7 E?39AEDE 2=AE1FM138
=2>/2RD 3:39A?E1F<E16 7 3:39A?=<71F<E16
E?39AED/ A/ =9?3H:/ F/@/2E ?31E9:7<5B 7
>=<=D<35= DE9=?FE@A/<7/ FBNEA35= @>?FPAB
3:39A?E1F<35= 7 3:39A?=<71F<35= </ A3?3<73 1/L38 *<77
B?=>38@9738
#$'.' + 74-#9C7-+
&=<7N38 >=2/<= >?FE9L/2E >=A?/D 7 =>AE;/:<3
B@A/D73<7/ >739/?<79/ 2= 716 >?FE5=A=D/<7/
/913@=?7/ 9B163<<3 >?FE2/A<3 >?FE >?FE5=A=D/<7B
2/<38 >=A?/DE =?/F >=F7=; </ 8/97; </8:3>738
B;73H17O 83 D >739/?<79B &=</2A= F</82M AB
&/Q@AD= >=?/2E 2=AE1FM13 </1FEQ 7 >?FE5=A=D/<7/
>=A?/D =?/F D@9/FRD97 D >?FE>/29B 52E >=A?/D/
@7P <73 B2/
!=?FE@A/8M1 F DL/@<35= >?F3>7@B ;=N</ >=?RD</O
5= F >=2=0<E; >?=2B9A3; F/;73@F1F=<E; D A/03:7
>=A?/D
+#45# + %+#45-#
13/8 &1 2+'%9'0+#
$/80/?2F738 =2>=D732<73 @M ;3A/:=D3 4=?;E
173;<35= 9=:=?B
,/D@F3 @A/D7/O 4=?;P </ ?B@F173
#$'.'
&=<7N@F/ A/03:/ F=@A/L/ >?FE5=A=D/</ DELM1F<73 2:/
>=A?/D D@A/D7/<E16 2= F7;<35= >739/?<79/ 1=
@>?FE8/ =@F1FP2<=H17 3<3?577 3H:7 >739/?<79 F=@A/L
</5?F/<E >?F32 D@A/D73<73; >=A?/DE </:3NE
@9?R17O >=2/<E 1F/@ = ;7<BA
+ A/03:/16 ;=N</ @>?/D2F7O 8/9/ 4B<918/ 5?F3D1F/
83@A </8:3>738 2=@A=@=D/</ 2:/ 2/<35= ?=2F/8B 17/@A/
:B0 17/@A39 )3;>3?/AB?/ 7 1F/@ >731F3<7/ F/:3NM =2
7:=H17 7 9=<@E@A3<187 17/@A/ , A35= >=D=2B D A/03:/16
>=A?/D >=2/<3 @M F/D@F3 F/9?3@E 1F/@B ,/
>73?D@FE; ?/F3; >?FE5=A=DED/O >=A?/DP D
</8<7N@F38 >=2/<38 A3;>3?/AB?F3 + <7N@F38
A3;>3?/AB?F3 >=D73?F16<7/ 17/@A= >731F3 @7P D
@>=@R0 0/?2F738 ?RD<=;73?<E + ?/F73 >=A?F30E >?FE
9=:38<E; >731F3<7B FD7P9@FEO A3;>3?/AB?P
=2/A9=D3 7<4=?;/183 F</82B8M @7P D ?=F2F7/:3
&?/9AE1F<3 D@9/FRD97 2=AE1FM13 >731F3<7/
%./ ,%!3+*! 1
"+-)%!
+-) + ,+./1%!*% *
-0.3%!
+3%+) 0*'&
#-3!13
!),!-
/0- 1 7
3.
,%!3!*% 1
)%*0/$
(,<>,
:<8, /: >,<>A
B -7,.3A =>,7:@05
:.A96:@,905 J .8
%
F
F
2
F
F
:<8, /: >,<>A
B -7,.3A =>,7:@05
:.A96:@,905 J .8
%
F
F
%?4.30
%./ ,%!3+*! 1
"+-)%!
+-) + ,+./1%!*% *
-0.3%!
+3%+) 0*'&
#-3!13
!),!-
/0- 1 7
3.
,%!3!*% 1
)%*0/$
4,=>,
:<8, /: .4,=>
B -7,.3A =>,7:@05
:.A96:@,905 .8
F
F
-A ?;40. 50/9:.B0D940 @4M.05 94K 50/9: .4,=>: 9,70KA ?840D.4L 9, <?=B.40 6476, 1:<8
%./ ,%!3+*! 1
(.3! + ,%!3!*%
$4BB,
4,=>: 1<,9.?=640
%
+3%+) 0*'&
#-3!13
!),!-/0- 1 3.
7
,%!3!*% 1
)%*0/$
7,.3, /: ;40.B094,
7,.3, ,7?8494:@, ;HA>6, -7,.3,
08,74:@,9,
7,.3, ,7?8494:@, 2HM-:6, -7,.3,
08,74:@,9,
%
F
F
2
F
F
2
F
F
7,.3, /: ;40.B094,
7,.3, ,7?8494:@, ;HA>6, -7,.3,
08,74:@,9,
7,.3, ,7?8494:@, 2HM-:6, -7,.3,
08,74:@,9,
2
F
F
2
F
F
2
F
F
$<BA ;40.B094? 9, /@O.3 ;:B4:8,.3 B,@=B0 ?840=B.B,L -7,.3M ,7?8494:@I 9, /:79A8 ;:B4:840 4
2HM-:6I -7,.3M 08,74:@,9I 9, @AK=BA8 ;:B4:840
:/,>6:@I -7,.3M /: ;40.B094, 8:K9, 9,-AL @ =670;40 =;0.5,74=>A.B9A8 7?- B, ;:D<0/94.>@08
'0<@4=? $:8:.A (0.394.B905
$(! % 07'%
+3%+) 0*'&
#-3!13
!),!-
/0- 7
3.
,%!3!*% 1
)%*0/$
370- 9, /<:K/K,.3 B 62 8I64 9,2<B,L
;406,<946
7,.3,
08,74:@,9,
t
F
370- 9, B,6@,=40 B P62
8I64 9,2<B,L ;406,<946
7,.3,
08,74:@,9,
t
F
?H64 9; KA>940
7,.3,
08,74:@,9,
t
F
F
"42/A 940 9,70@,L @:/A -0B;:D<0/94: @0 @9M><B? 9,2<B,902: ;406,<946,
%./'
+3%+)
0*'& !),!-/0
#-3!13 - 1 7
3.
,%!3!*% 1
)%*0/$
4,=>0.B6, 4 30<-,>9464
7,.3,
-7,.3A
%
2
F
F
F
F
0BA
7,.3,
2
F
F
$I.B64
7,.3,
%
F
F
<?.30 .4,=>6, B
842/,H,84
7,.3,
-7,.3A
%
2
F
F
F
F
$<BA ;40.B094? 9, /@O.3 ;:B4:8,.3 B,@=B0 ?840=B.B,L -7,.3M 08,74:@,9I 9, @AK=BA8
;:B4:840
7,.3A ?B?;0H94,5I.0 /:=>M;90 =I 5,6: /:/,>6:@0 ,6.0=:<4, 6?.30990 @ =670;,.3
=;0.5,74=>A.B9A.3
13#&8 + 23#-58%90'
74-#9C7-+
&158%9>%' 2+'%9'0+#
%!3!*%! * ,+ ./1%! 17.*!#+
,-3!,%.0
$:<O@9,L B ;:/:-9A8 ;<:/?6>08 @ >,-074 ;:><,@
,-1 3*%! 32 %./+ &!./ &09
0,%!3+*!
", 849?> ;<B0/ ?;HA@08 .B,=? ;:/,902: @ ;<B0;4=40
9,6H?L .4,=>: @ 9,5@AK=BA8 ;?96.40 .409648 /<0@94,9A8
;,>A.B6408 0D74 ;,>A.B06 @A.3:/B4 B .4,=>, .BA=>A -0B
;<BA6705:9A.3 6,@,H6O@ .4,=>, .4,=>: 50=> 2:>:@0
%./+ &!./ )7+ 12-+5*%;/!
$<BA 6:7059A8 ;40.B094? /:/,L 89405 =6H,/946O@ ;HA99A.3 7?B,;<:2<,8:@,L >08;0<,>?<M : =>:;94 94K=BI $<B0=><B02,L
.B,=O@ 840=B,94, :/;:@40/94.3 =6H,/946O@ ;:/,9A.3 @
;<B0;4=40 9, .4,=>:
%./+ +-3! 12-+.7+ * 5-+ '0
(! ,-32 -3!#$ &!./ *%9.3!
%./+ &!./ 32/ ,-32,%!3+*! *
1%!-3$0
"40 =8,<:@,L 1:<8A >H?=B.B08 $: ?;40.B094? :=><:K940
://B4074L .4,=>: :/ 1:<8A B, ;:8:.I 9:K,
*H:KAL .4,=>: 2HM-405 /: ;406,<946, B,;<:2<,8:@,L 94K=BI
>08;0<,>?<M ;40.B094, 4 ;:B:=>,@4L @ ;406,<946? 9, /H?K05
%./+ &!./ 32/ .0$!
$: ?;40.B094? 9,6H?L .4,=>: /<0@94,9A8 ;,>A.B6408 @ 6476?
8405=.,.3 ';<A=6,L .4,=>: 6476:8, 6<:;7,84 =:6? :@:.:@02:
7?- ,76:3:7? $<BA 6:7059A8 ;40.B094? B,;<:2<,8:@,L
>08;0<,>?<M ;40.B094, @AK=BI : =>:;94 4 =6<O.4L .B,=
;40.B094,
$(! (0 %./+ * ,-32'7 .!-*%' $<BA 6:7059A8 ;40.B094? /:/,L 89405 =6H,/946O@ ;HA99A.3 4
+-3! 12#(8 3 3!1*8/-3 (! 1
;:B:=>,@4L @ ;406,<946? 9, /H?K05 @ 94K=B05 >08;0<,>?<B0 *
5-+ '0 ) 3'(! &!./ 1%(#+/*! ;<BA;,/6? .4,=> B 8:6<A8 @40<B.308 9,5;40<@ ;<BA;40. =;O/
1 *%!'/=-2$ )%!&.$ )+'-!
$:=A;,L ;<BA;40.B:9A =;O/ .4,=>, =406,9A84 842/,H,84 7?- >,<>I
-?H6I , 9,=>M;940 9,H:KAL @,<=>@M @40<B.394I $<B0=><B02,L
B,70.0N ;:/,9A.3 @ ;<B0;4=40 4 ;:/,902: .B,=? ;40.B094,
%./+ ,-32,%!'7+ .%;
+,;<:2<,8:@,L 94K=BI >08;0<,>?<M .4,=>, -M/I ?;40.B:90 @
*%!-=1*+)%!-*%!
=;:=O- -,</B405 <O@9:840<9A 0746,>90 .4,=>, ;40. @ @AK=B05
>08;0<,>?<B0 ?=>,@4:90 : 50/09 ;:B4:8 94K05 t
", 940;<,@4/H:@A ;<B0;HA@ ;:@40><B, 8:K0 <O@940K @;HA@,L
@A=>,5I.A ;,;40< /: ;40.B094, +,@=B0 9,70KA ;<BA.49,L 2: /:
<:B84,<O@ -7,.3A
+ 3. ,%!3!*% * 1=$
$:/.B,= ;40.B094, 9, /@O.3 ;:B4:8,.3 9,70KA B,@=B0
,+3%+)$ %./+ * #=-*!& (.3!
@A-40<,L 1?96.5M 2<[email protected] B, ;:8:.I 9,/8?.3? 2:<I.02:
,-32,%!'7+ .%; - 3%!& *%9 * +(*!& ;:@40><B, 2 !48: K0 .4,=>, B:=>,HA @=>,@4:90 /: ;406,<946,
50/9:.B0D940 9406:940.B940 8?=BI :90 -AL 2:>:@0 @ >A8
=,8A8 .B,=40
+ 3. ,%!3!*% %./ 3 )+'-2)
$:/.B,= ;40.B094, 8:K0 @A>@,<B,L =4M ;,<, @:/9, $,<,
1%!-3$!) ,+&1%&8 .%; .'-+,(%*2
.BMD.4:@: ?7,>94, =4M ;<B0B <A270 @ /<[email protected],.3 ;406,<946, 4
,-2 1+ *!&
8:K0 :=,/B,L =4M 9, ;?7;4.40 =>0<:@,94, 7?- 1<:9>,.3 =I=40/94.3
80-74 @ ;:=>,.4 6<:;74 @:/A 0=> >: 9,>?<,790 B5,@4=6: 14BA.B90
+A41 &3C$ 38$8
#%980+'
#=N</ @A=@=D/O 2=D=:<3 </1FE<73 =2>=?<3 </
DE@=9M A3;>3?/AB?P
*;73@F1F/O </1FE<7/ F/D@F3 >=H?=29B ?B@FAB
=?M13 </1FE<7/ @F9:/<3 </:3NE 9L/HO </ @B1638
H173?13 (F9L= ;=N3 B:31 >P9<7P17B 83H:7 </1FE<73
F=@A/83 =>/?A3 </ D7:5=A<38 :B0 F7;<38 >=2@A/D73
3#-58%90' 74-#9C7-+
&158%9>%' 2+'%9'0+#
/+A4#
+E<79 >731F3<7/ F/:3NE =2 ?=2F/8B 7 8/9=H17 BNEA35=
;7P@/
+ >?FE>/29B >?FE5=A=DED/<7/ >731F3<7 F 16B235=
;7P@/ </:3NE 2=2/O :B0 LEN97 @A=L=D3 >LE<B +
>?FE>/29B >?FE5=A=DED/<7/ ;7P@/ 2B@F=<35=
</:3NE 2=2/O 2= LEN39 @A=L=DE16 >LE<B
F/:3N<73 =2 D73:9=H17 9/D/L9/ ;7P@/
&= B>LED73 >=L=DE 1F/@B 5=A=D/<7/ </:3NE =0?R17O
;7P@= </ 2?B5M @A?=<P
&= B>731F3<7B ;7P@= >=D7<<= >=F=@A/O ;7<BA D
DELM1F=<E; F/;9<7PAE; >739/?<79B + A3< @>=@R0
@=9 :3>738 ?=F>?=D/2F7 @7P D ;7P@73
3#-58%90' 74-#9C7-+
&158%9>%' 2+'%9'0+#
/+A4# 0# )3+..6
&?FE5=A=DED/<73 >=A?/D </ 5?7::B >=D7<<= =20ED/O
@7P D F/;9<7PAE; >739/?<79B
!/D/L97 ;7P@/ >?F3F</1F=<3 2= >731F3<7/ </ 5?7::B
>=D7<<E 0EO D ;7/?P ;=N:7D=H17 723<AE1F<38
5?B0=H17 16 5?B0=HO >=D7<</ DE<=@7O ;7<7;B;
=2 2= 1; /0E ;=5LE @7P ?RD<=;73?<73
F?B;73<7O 7 >=F=@A/O @=1FE@A3 34@FAE97 </:3NE
>?FE>?/D7/O 2=>73?= >= 716 B>731F3<7B
*;73H17O 9/D/L97 03F>=H?32<7= </ ?B@F173 +
>?FE>/29B >?FE5=A=DED/<7/ AE:9= 832<35= 9/D/L9/
</:3NE B;73H17O 5= D H?=29=D38 1FPH17 ?B@FAB + A3<
@>=@R0 :3>738 @7P B>731F3 =2/A9=D= B;73H17O
0:/16P 3;/:7=D/<M </ >=F7=;73 )BA/8 F=@A/<73
F30?/<E @=9 F ;7P@/ 7 2F7P97 A3;B >739/?<79 0P2F73
1FE@A@FE
&= B>LED73 2DR16 A?F31716 1F/@B 5?7::=D/<7/
=0?R17O 9/D/L97 ;7P@/
:3;3<A 5?F3D1FE 5?7::/ /BA=;/AE1F<73 DLM1F/ @7P 7
DELM1F/ 3@A A= <=?;/:<3 F8/D7@9= FP@A=A:7D=HO
=>7@/<35= 2F7/L/<7/ 5?7::/ F/:3NE =2 DE0?/<38 ;=1E
5?F3D1F38
+A41
&=<7N@F/ A/03:/ F=@A/L/ >?FE5=A=D/</ DELM1F<73 2:/
>=A?/D D@A/D7/<E16 2= F7;<35= >739/?<79/ F/@E
F/;73@F1F=<3 D A/03:7 @M >=2/<3 DELM1F<73 AEABL3;
7<4=?;/187 7 ;=5M B:31 F;7/<73 D F/:3N<=H17 =2
8/9=H17 7 ?=2F/8B ;7P@/
%;.+
#
32*%!
!4M=: @:H:@0 /?=B:90
9; K0-0<6,
62
62
62
$:7M/@4., @:H:@,
&:=>-01 8,H:
@A=8,K:9A
+3%+) 0*'&
#-3!13
!),!-/0
- 7 #-%((
3. 1
)%*0/$
B,8694M>0
%
%
%
F
F
F
62
62
62
:>@,<>0
%
%
%
F
F
F
62
:>@,<>0
7
F
&?=B>
(
&?=B>
(
01=B>A64 /:-<B0
@A=8,K:90
01=B>A64 8,H:
@A=8,K:90
!4M=: @40;<B:@0 -0B
@,<=>@A =H:949A 9;
;:/2,</70
62
62
62
:>@,<>0
7
7
7
F
F
F
!4M=: @40;<B:@0 B
@,<=>@I =H:949A
9; H:;,>6, 2:7:96,
62
62
62
:>@,<>0
7
7
7
F
F
F
G0-0<6, @40;<B:@0
@M/B:90 B 6:DL84
62
B,8694M>0
%
F
$40.B0N B 8407:902:
84M=,
2
:>@,<>0
7
F
:6 2
&?=B>
(
$40.B0N .407M.,
62
62
:>@,<>0
%
%
F
F
)/B40. 5,294M.A -0B 6:D.4
62
:>@,<>0
7
F
40H-,=64
#-<O.4L <:=>-01 ;: ?;HA@40 ;:H:@A B,;<:2<,8:@,902: .B,=? $: B,6:N.B094? ;40.B094, B,@49IL
2: @ 1:74M ,7?8494:@I 4 ;:B:=>,@4L @ ;406,<946? 9, 849?>
",.4IL @ @407? 8405=.,.3 =H:949M 9, @40;<B:@4940 * ;<BA;,/6? 2/A B,840<B, =4M :-<O.4L 84M=:
9,70KA 9, ;:.BI>6? ?840D.4L 50 @ >09 =;:=O- ,-A @,<=>@, =H:949A B9,7,BH, =4M 9, =;:/B40
9,.BA94,
)840D.4L -7,.3M 08,74:@,9I 9, ;:B4:840
3C$
&=<7N@F/ A/03:/ F=@A/L/ >?FE5=A=D/</ DELM1F<73 2:/
>=A?/D D@A/D7/<E16 2= F7;<35= >739/?<79/
+@9/FRD97 D A/03:7 2=AE1FM13 D/57 =2<=@FM @7P 2=
2?=07B <734/@F3?=D/<35= 7 >?FE5=A=D/<35= 2=
>731F3<7/
3N3:7 >731F3 @7P </ 5?7::B 9L/2M1 03F>=H?32<7= </
?B@F173 </:3NE B;73H17O 0:/16P 3;/:7=D/<M </
>=F7=;73 &=21F/@ >?FE5=A=DED/<7/ 9/1F39 :B0 5P@7 </:3NE
97:9/9?=A<73 </9LBO @9R?P 2?=07B >=2 @9?FE2L/;7
2F7P97 A3;B ALB@F1F 03F >?=0:3;B DE2=@A/<73 @7P </
F3D<MA?F
&= B>LED73 2DR16 A?F31716 1F/@B >731F3<7/ =0?R17O
1/LM AB@FP
#7P@= 2?=07=D3 BFE@9B83 16?B>7M1M FL=17@AM @9R?9P
83H:7 >= B>731F3<7B </@;/?B83;E AB@F9P ;/@L3;
D=2M F @=:M :B0 @=973; >=;/?/Q1F=DE;
-=
#
$:HO@64 6?<.B,6,
:/ /: .BMD.4
+3%+)
0*'&
#-3!13
!),!-
/0- 1 7
3. 1
)%*0/$
6,K/, .BMDL &?=B>
: @,/B0
2
7
F
F
6,K/, .BMDL &?=B>
: @,/B0
2
7
F
F
6,K/,
=B>?6, :
@,/B0 62
&?=B>
7
F
F
62
&?=B>
7
F
F
MD
62
&?=B>
7
F
F
!H:/A 49/A6
62
&?=B>
7
F
F
?/, 49/A.B0
6,K/, .BMDL &?=B>
: @,/B0
2
7
F
F
?<.B,6 ;:/B407:9A
?<.B,6 @ .,H:D.4
/: =B>?64
,.B6,
32*%!
8$8
22
&=<7N@F/ A/03:/ F=@A/L/ >?FE5=A=D/</ DELM1F<73 2:/
>=A?/D D@A/D7/<E16 2= F7;<35= >739/?<79/
#
32*%!
+3%+) 0*'&
#-3!13
!),!-/0- 3. 1
1 7 ,+3%+) )%*0/$
#-%((
&?=B>
(
7
7
F
F
F
F
F
6,K/, .BMDL &?=B>
: @,/B0
2
(
F
&A-A ;40.B:90 9, 2<477? 2
62
62
B@:96, <A-A
)840D.4L -7,.3M 08,74:@,9I 9, ;:B4:840 3#-58%90'
74-#9C7-+
&158%9>%'
978-=')1
2+'%9'0+# /+A4#
13#9 2+'%9'0+# 0#
)3+..6
/!(% -' %*"+-)&% 31%83*2$
3 1#8 ,-32#+/+121*!& ,%!3!*%
+,;<:2<,8:@,L ;,<,80><A ;40.B094, /7, ;40.B094 : 89405=BA8
.4MK,<B0 4 ;<B0/H?KAL .B,= @ ><,6.40 ;40.B094,
&'% .,+.= .,-1 3%: 32
,%!3!< &!./ &09 #+/+1
+, ;:8:.I >0<8:80><? /: 84M=, /:=>M;902: @ =670;,.3
=;0.5,74=>A.B9A.3 7?- =>:=?5I. >B@ ;<O-M HAK64 ",.4=9IL
;40.B0N HAK6I 0D74 84M=: 940 ?249, =4M ;:/ @;HA@08 9,.4=6?
HAK64 ;40.B0N 50=> 2:>:@, 50K074 940 9,70KA ;:B:=>,@4L 5I
50=B.B0 ;<B0B ;0@409 .B,= @ ;406,<946?
%!3!< &!./ 32/ ,-32,%!3+* .'=-' ,-32,(%7 .%; 1 1%!(0
)%!&.$
';<,@/B4L .BA ;:B4:8 4 B,;<:2<,8:@,9, >08;0<,>?<, =I
;<,@4/H:@0
%!3!< 12#(8 +-3! (! .+. .%;
,-32,(%7
$<BA 9,=>M;9A8 ;40.B094? ?KAL 89405=B02: 9,.BA94, 7?- /:/,L
@4M.05 ;HA9?
%!3!< 12#(8 +-3! (! .+. *%!
*-7 + ,+1%! *%!#+ '+(+-0 % &!./
1+ *%./2
$<BA 9,=>M;9A8 ;40.B094? ?KAL @4M6=B02: 9,.BA94, 7?- /:/,L
89405 ;HA9?
-32 ,-32#+/+121*%0 .+.0 +
,%!3!*% ,+1./&! ,- 1+ *
*4M6=B:DL ;,<A @:/905 ?7,>94, =4M ;<B0B ?5D.40 ;,<A 4 8:K0
:=,/B,L =4M 9, .3H:/9A8 ;?7;4.40 =>0<:@,94, 7?- 9, 1<:9>,.3
=I=40/94.3 80-74 @ ;:=>,.4 6<:;74 @:/A 0=> >: 9,>?<,790
B5,@4=6: 14BA.B90
"#2+'-#0-+
46(.'58 51458
&=<7N@F/ A/03:/ F=@A/L/ >?FE5=A=D/</ DELM1F<73 2:/
>=A?/D D@A/D7/<E16 2= F7;<35= >739/?<79/
+/-1
32*%!
+3%+) 0*'&
#-3!13
!),!-/0- 3. 1
1 7 ,+3%+) )%*0/$
#-%((
'H:/640 =?170>A
9; =?170> B =0<08 4
:@:.,84
:<8, /: =?170>O@
%
F
F
+,;406,964 B /:/,>6,84 B
?2:>:@,9A.3 ;<:/?6>O@
9; B,;406,96, B
8,6,<:9?
:<8, /:
B,;406,906 7?-7,.3, 08,74:@,9,
%
F
F
%
F
F
+,;406,964 B /:/,>6,84 B
=?<:@A.3 ;<:/?6>O@ 9;
B,;406,96, B B40894,6O@
:<8, /: =?170>O@
7?- -7,.3,
08,74:@,9,
7
F
F
7
F
F
#;406,940 >:=>O@
&?=B>
(
F
+,;406,964 9, >:=>,.3
&?=B>
(
F
*A=:6:DL B,;406,964 940 ;:@499, ;<B06<,.B,L .8
+,@=B0 ?840=B.B,L -7,.3M 08,74:@,9I 9, ;:B4:840 19/3#?#0+'
+E8MO >=A?/DP F =>/9=D/<7/ B;73H17O D
=2>=D732<7; </1FE<7B 7 B@A/D7O </ ?B@F173
&?F3@A?F35/O F/:313Q >?=2B13<A/ B;73@F1F=<E16
</ =>/9=D/<7B
F/@ ?=F;?/N/<7/ F/:3NE =2 ?=2F/8B 7 7:=H17
?=F;?/N/<38 >=A?/DE
+/-1
-+ 0'/2 )-+9+*!
9; >,<>A B0 D840>,9I >,<>A B 6<0808 >,<>A B
;:70@I .B06:7,/:@I 7?- 7?6<08 :@:.0
6?<.B,6 640H-,=64 4 84M=: .370- -?H64
.4,=>6, 4 4990 ;:><,@A 8I.B90
'!.+-%
'0$!**!
+3%+) 0*'& !),!-/0- 1 7
#-3!13
&?=B>
B
$:6<M>H:
>08;0<,>?<A 50=>
@AHI.B:90
$<BA6<AL ;:><,@A 8<:K:90 1:74I /: KA@9:D.4 ?KA@,9I /: 6?.30906 846<:1,7:@A.3 ,@,H64 /<:-4?
9,70KA ?840=B.B,L @ 9,.BA94? @ >09 =;:=O- ,-A ;40<D -AH, =640<:@,9, @ /OH
649'0+'
*NED/O DELM1F<73 =D=1RD 7 D/?FED D 723/:<E;
@A/<73 >?F32 @B@F3<73; F/D@F3 2=9L/2<73 83 B;EO
%2@M1FEO F D=2E 7 2=9L/2<73 =@B@FEO
&=L=NEO >/>73? 2= >731F3<7/ :B0 >3?5/;7< </ 0:/@F3
3;/:7=D/<38 7 ?B@F173
+/-1
+3%+)
0*'&
#-3!13
!),!-/0- 1
7
3. 1 #+ 3%*$
5,-H6, @ ;7,=>0<6,.3 2
2
:6 2<?=B64 @ 6,@,H6,.3 2
2
:6 D74@64 62
2
:6 F
B4:H, ,<:8,>A.B90 :.BA=B.B:90
2
2
:6 J 2:/B49A
7#)#
3H:7 =D=13 :B0 D/?FED/ F/D73?/8M 2BN= @=9B :B0
D=2E </:3NE 97:9/9?=A<73 83 =0?R17O &= DE@B@F3<7B
</AE16;7/@A =22F73:7O =D=13 :B0 D/?FED/ =2
>/>73?B
1517' 2153#78
/31?10'
&?F3@A?F35/O F/:313Q >?=2B13<A/ B;73@F1F=<E16
</ =>/9=D/<7B
&=<7N@F/ A/03:/ F=@A/L/ >?FE5=A=D/</ DELM1F<73 2:/
>=A?/D D@A/D7/<E16 2= F7;<35= >739/?<79/
+/-1
+3%+) 0*'&
#-3!13
!),!-/0- 1
7
3. 1
)%*0/$
<A>64
&?=B> 7?- -7,.3,
08,74:@,9,
%
F
F
$4BB,
&?=B>
%
F
F
$4BB, 9, -?H.0
&?=B>
7
F
F
*AH:KAL :/;:@40/940 9,.BA940 ;,;40<08 /: ;40.B094, );0@94L =4M K0 ;,;40< /: ;40.B094, 50=>
:/;:@40/94 /7, B,;<:2<,8:@,905 >08;0<,>?<A
7#)#
&=21F/@ >731F3<7/ >=A?/D ;?=N=<E16 0:/16/ ;=N3
@7P =29@FA/L17O 3@A A= @>=D=2=D/<3 ?RN<71/;7
A3;>3?/AB? </ 8/973 </?/N=<3 @M /913@=?7/
9B163<<3 %29@FA/L13<73 A= F<79/ D A?/9173
>731F3<7/
#45'38917#0+'
&?'/C7
98001;%+
2398)1517#7%9'
*NED/O 1FE@AE16 <73B@F9=2F=<E16 @L=79RD 7
5B;=DE16 B@F1F3:39 + ;7/?P ;=N:7D=H17 @L=797
>=D7<<E 0EO A35= @/;35= ?=F;7/?B +/?A=H17
>=2/<3 D A/03:7 =2<=@FM @7P 2= =9?M5LE16 @L=79RD =
>=83;<=H17 :7A?/
*D/5/ $73 BNED/O @L=79RD = D7P9@F38 >=83;<=H17
:B0 DE@=9=H17 7H<73<73 ;=N3 ?=F@/2F7O >=9?ED97
*NED/O DELM1F<73 =D=1RD 7 D/?FED D 723/:<E;
@A/<73 ,/D@F3 2=9L/2<73 ;EO =D=13 7 D/?FED/
&?F3:/O =D=13 :B0 D/?FED/ 2= @L=79RD + ?/F73
>=A?F30E DEA?F3O 9?/DP2F73 @L=79RD !?/DP2F73
>=D7<<E 0EO 1FE@A3 ,;=1FEO 5B;=DM B@F1F3:9P 7
>=9?ED9P >= 1FE; B;73H17O 83 </ </>3L<7=<E;
@L=79B ,/03F>731FEO @L=79 ;3A/:=DE; B16DEA3;
$73 D9L/2/O 2= >739/?<79/ D7P138 <7N @F3HO @L=79RD
832<=1F3H<73
&=2/<3 1F/@E ;/8M 16/?/9A3? =?73<A/1E8<E
)3;>3?/AB?/ =A=1F3<7/ 7:=HO @L=79RD 7 A3;>3?/AB?/
F/D/?A=H17 @L=79RD D>LED/8M </ >=2/<3 D/?A=H17
1F/@B >/@A3?EF/187 7 2:/A35= ;=5M =<3 B:31 F;7/<73
&?F32 DELM1F3<73; >739/?<79/ B>3D<7O @7P N3
F/D/?A=HO @L=79RD ?F31FED7H173 D?F3
"#4#&8 231)3#/17#0+#
*;73H17O >LEA9M 3;/:7=D/<M 0:/16P </ >=F7=;73
*@A/D7O @L=797 </ 0:/@F3 A/9 0E <73 @AE9/LE @7P
F3 @=0M
$/:/O >RL :7A?/ 5=?M138 D=2E = A3;>3?/AB?F3 =9
7 </ >LEA9M 0:/16P 3;/:7=D/<M
,/;9<MO 2?FD71F97 >739/?<79/
*@A/D7O >=9?PAL= 4B<9187 </ $
,/ >=;=1M >=9?PAL/ A3;>3?/AB?E B@A/D7O
A3;>3?/AB?P ;7P2FE / 7
#45'38917#0+' &?'/C7
!732E D3D<MA?F @L=79RD F/1F<M >=8/D7/O @7P D
9?RA9716 =2@AP>/16 1F/@B >P163?FE97 >=D73A?F/ 7
>/?E D=2<38 DRD1F/@ >= B>LED73 ;7<BA
</:3NE DELM1FEO >=9?PAL= A3;>3?/AB?E &=F=@A/D7O
>=9?PAL= 4B<9187 D 2=AE161F/@=DE; >=L=N3<7B
&= ;7<BA/16 >/@A3?EF=D/<7/ 2N3;RD D
173>:3 ?3@FA9=DE; DE8MO @L=797 F >739/?<79/ 3N3:7
@L=797 >=F=@A/<M D >739/?<79B >?F3F 2LBN@FE 1F/@ D
13:B @16L=2F3<7/ D 2N3;73 >=8/D7M @7P 0/9A3?73 7
?=F>=1F<M @7P >?=13@E 43?;3<A/187 +ELM1FEO
>=9?PAL= 4B<9187
1+! 1 .7+%'$ + ,+&!)*+5% (%/-
+ )+)!*/0 ,+&1%!*% .%; +3+./1%: 1
,;$!-32'=1 ,+1%!/-3 %
,%!'-*%'0 *
,-2 1+ *!&
,-H6, ;:<B0.B64 ><?=6,@64
*AHI.BAL
:6 849?>
B0<0D940 8:<070 -<B:=6@4940 ;:<B0.B64
*AHI.BAL
:6 849?>
!?= B 5,-H06 2<?=B06 D74@06
*AHI.BAL
:6 849?>
#45'38917#0+' 7#3987
!732E D @L=79B F/1F<M >=8/D7/O @7P >P163?FE97
>=D73A?F/ 7 >/?E D=2<38 F/ >=;=1M >=9?PAL/
A3;>3?/AB?E F;<738@FEO A3;>3?/AB?P =2 2=
7 (>?/D2F7O D A/03:7 9732E </:3NE DELM1FEO
>=9?PAL= A3;>3?/AB?E &=F=@A/D7O D/?FED/ D
>739/?<79B 83@F1F3 </ J ;7<BA + AE; 1F/@73
>=9?PAL= 4B<9187 >=F=@A/83 DLM1F=<3
-321 1 3%)*2) 0(%+*%! 1 .7+%'$ +
,+&!)*+5% (%/-
1 )+)!*%! ,+&1%!*% .%;
,;$!-32'=1 ,+1%!/-3 % ,-2
1+ *!& 67
+3+./1%: 1
,%!'-*%'0 *
#2O<64
F
:6 849?>
?<,64 .B0<@:90
:6 849?>
:6 849?>
<?6=076,
:6 849?>
:6 849?>
,=:7, 6,7,<0;, 6,;?=>, .B0<@:9,
:6 849?>
:6 849?>
+407:9A 2<:=B06
:6 849?>
:6 849?>
!8,>@ 4=1+-+ 9 2+'-#30+-#
&= DE8P17B @L=79RD F >739/?<79/ <73 @A/D7/O 716 </
F7;<38 :B0 D7:5=A<38 >=D73?F16<7 17H<73<73 ;=N3
?=F@/2F7O @L=797
153#78 9013/#.+917#0'
,5=2<73 F <=?;/;7 $ 7 $ +'%9'0+'
&=<7N@F/ A/03:/ F=@A/L/ >?FE5=A=D/</ DELM1F<73 2:/
>=A?/D D@A/D7/<E16 2= F7;<35= >739/?<79/
+/-1
'!.+-% '0$!**! +-3 - 2 %
1.'3=1'%
+3%+)
0*'&
#-3!13
!),!-
/0- 1 7
3.
,%!3!*% 1
)%*0/$
0<-,>9464
8,D7,90
$HA>6, -7,.3, 08,74:@,9,
HM-:6, -7,.3, 08,74:@,9,
7,.3, ,7?8494:@, ;HA>6, -7,.3, 08,74:@,9,
7,.3, ,7?8494:@, 2HM-:6, -7,.3, 08,74:@,9,
%
%
F
F
F
F
2
F
F
2
F
F
+/-1
'!.+-% '0$!**! +-3 - 2 %
1.'3=1'%
+3%+) 0*'&
#-3!13
!),!-
/0- 1 7
3.
,%!3!*% 1
)%*0/$
4,=>6, =B>?6
7,.3,
%
F
F
4,=>6, ;:
=B>?6 9,
-7,.3M 9,2<B,L
;406,<946
7,.3, ,7?8494:@, ;HA>6, -7,.3, 08,74:@,9,
7,.3, ,7?8494:@, 2HM-:6, -7,.3, 08,74:@,9,
2
F
F
2
F
F
4=B6:;>
(:<>:@94.,
%
F
F
$7,.06
/<:K/K:@A
7,.3, 08,74:@,9,
7,.3, ,7?8494:@, ;HA>6, -7,.3, 08,74:@,9,
7,.3, ,7?8494:@, 2HM-:6, -7,.3, 08,74:@,9,
%
F
F
2
F
F
2
F
F
<?=B>A >:<>:@94.0 B -7,.3A =>,7:@05 :.A96:@,905 J .8
2
F
F
7,.3, 08,74:@,9, >:<>:@94.0 B -7,.3A =>,7:@05 :.A96:@,905
J .8
%
F
F
'B,<7:>6, B
@40<B.394I
@,<=>@I .4,=>,
$<BA ;40.B094? 9, /@O.3 ;:B4:8,.3 B,@=B0 ?840=B.B,L -7,.3M ,7?8494:@I 9, /:79A8 ;:B4:840 4
2HM-:6I -7,.3M 08,74:@,9I 9, @AK=BA8 ;:B4:840
)840=B.B,L .4,=>, 9, ,6.0=:<4,.3 6?.3099A.3 ;: ;<B06I>905
&?=B>A 4 -7,.3A /: ;40.B094, =I /:=>M;90 5,6: /:/,>6:@0 ,6.0=:<4, 6?.30990 @ =670;,.3
=;0.5,74=>A.B9A.3
+'%9'0+' 0# )3+..6
&=<7N@F/ A/03:/ F=@A/L/ >?FE5=A=D/</ DELM1F<73 2:/
>=A?/D D@A/D7/<E16 2= F7;<35= >739/?<79/
+/-1
'!.+-% '0$!**!
+3%+)
0*'&
#-3!13
+3%+) #-%((
3. 1
)%*0/$
$<BA<?840940940
>:=>O@
9,2<B,L ;406,<946
;<B0B 849
&?=B>
(
F
,8-?<20<A .407M.0
=B>?6
&?=B>
(
F
#-<O.4L ;: ?;HA@40 ;:H:@A B,;<:2<,8:@,902: .B,=? +,@=B0 ?840=B.B,L -7,.3M 08,74:@,9I 9,
;:B4:840 G8.3-/
8=><?KQ/= ./ =/1?<+8K+ ;A3@ 2/ :<;A/53: ;271/OU3@ 23 @35B?/;O/ /B@/@ 2<@ 2/;<@ " =/? 89@9 09<89 $/7;39 23 1<:/;2<@ '3931A<? 23 4B;OU3@ (319/@ 3 C7@<? '3931A<? 23 A3:=3?/AB?/@ ;A3?7<? 2< 4<?;< 13@@T?7<@ 8>/= .+ :<37/3<+ ?>363D+KJ9 >B313? < 4<?;< 7:=3F/ 2<@ /13@@T?7<@ #<91<+7+< 9 09<89 (7=< 23 />B317:3;A< 3 A3:=3?/AB?/ >B317:3;A< ?L=72< %/1?6+< 0?8KQ/= ./ >/7:9 3@=3?A/2<? (3:=< 23 2B?/ON< &/1?<+8K+ :+<+ -<3+8K+= +8?>/8KJ9 / 637:/D+ $?<2BA<@ 23 97:=3F/ B;ON< 9BF B;ON< 7:=3F/ ;5/A/? 3 23@3;5/A/? /@ 3@A?BAB?/@ 23 @B=<?A3 G8.3-/
&30/A3? / ?3@7@AQ;17/ 2< 5?396/2<? !<;A/? 3 23@:<;A/? / =<?A/ 2< 4<?;< !<;A/? 3 23@:<;A/? <@ C72?<@ 2/ =<?A/ (7+ +897+63+ ;?/ 0+D/< (/039/ 23 /C/?7/@ !B2/? / 9M:=/2/ 2/ =9/1/ @B=3?7<? 2< 4<?;< *72?< 23 =?<A31ON< &/<@3K9 ./ ==3=>M8-3+ 'L-83-+ 98=/629= :+<+ :9?:+< /8/<13+ / =9,</
9 7/39 +7,3/8>/ $<B=/? 3;3?57/ 97:7;/ON< 23 ?3@R2B<@
;N< =<9B3;A3 '+,/6+= / =?1/=>Q/= <9<@ 3 2<O/?7/ 'B53@AU3@ 3 1<;@396<@ =?LA71<@ =/?/ / 1<F32B?/ /?;3 /C3@ =37D3 <;@396<@ =?LA71<@ =/?/ <@ /@@/2<@
1<;C3;17<;/7@ 3 <@ 5?396/2<@ ?/A7;/2<@ @<B449P@ A<??/2/@ 3@1<;539/? '31/? 97:3;A<@ =?P1<F7;6/2<@ 1<;539/2<@ <F32B?/ 23 2<13@ 973.+= 89<7+63D+.+= 8=><?KQ/= ./ =/1?<+8K+
37/ /A3;A/:3;A3 /@ 7;@A?BOU3@ 23@A3 :/;B/9
B/?23 /@ 7;@A?BOU3@ 23 @3?C7O< 3 :<;A/53: '3 23?
< /=/?396< / <BA?/ =3@@</ 7;19B/ < :/;B/9
1<??3@=<;23;A3
@A/@ 7;@A?BOU3@ 23 @3?C7O< @N< CL972/@ A/;A< =/?/
4<?;<@ 7;23=3;23;A3@ 1<:< =<97C/93;A3@ "< 1/@<
2<@ 4<?;<@ =<97C/93;A3@ 937/ /@ 7;@A?BOU3@ 23 @3?C7O<
>B3 /1<:=/;6/: / =9/1/ =/?/ 471/? / 1<;6313? <
4B;17<;/:3;A< 2<@ 393:3;A<@ 23 1<:/;2< 2/
:3@:/
8>/= .+ 798>+1/7
+89= .?<+8>/ 9 ><+8=:9<>/
*3?747>B3 < /=/?396< 23=<7@ 23 < ?3A7?/? 2/
3:0/9/53: /@< 6/8/ 2/;<@ =?<C<1/2<@ 2B?/;A3 <
A?/;@=<?A3 ;N< 975B3 < /=/?396<
31+KJ9 /6L-><3-+
'T B: AP1;71< 3@=317/97@A/ /BA<?7F/2< =<23 975/? <
/=/?396< 5/?/;A7/ P /;B9/2/ 3: 1/@< 23 2/;<@
23C72<@ / B:/ 975/ON< 7;1<??31A/
;A3@ 23 BA797F/? < /=/?396< =39/ =?7:37?/ C3F 23C3
13?A7471/?@3 23 >B3 / 7;@A/9/ON< 39P1A?71/ 2/ @B/
?3@72Q;17/ =<@@B7 B:/ A<:/2/ 23 A3??/ 3 >B3 ?3V;3
A<2/@ /@ 1<;27OU3@ 23 @35B?/;O/ C753;A3@
:<;A/53: 3 / 975/ON< 2< /=/?396< 23C3: @3?
?3/97F/2/@ =<? B: AP1;71< /BA<?7F/2< BA797F/ON<
23@A3 /=/?396< @3: / 975/ON< K A3??/ <B 1<: B:/
7;@A/9/ON< 7;1<??31A/ =<23 1/B@/? /7;2/ >B3 3:
17?1B;@AM;17/@ :B7A< =<B1< =?<CLC37@ @P?7<@ 2/;<@
93@U3@ 3 :<?A3 =<? 3931A?<1B@@N< # 4/0?71/;A3 ;N<
@3 ?3@=<;@/0797F/ =39< 4B;17<;/:3;A< 7;/23>B/2<
;3: =39<@ 3C3;AB/7@ 2/;<@ <?757;/2<@ =<?
7;@A/9/OU3@ 39P1A?71/@ 7;1<??31A/@
8.3-+KQ/= ./
=/1?<+8K+
@A3 /=/?396< 4<7 1<;13072< /=3;/@ =/?/ B@<
2<:P@A71< )A797F3 < /=/?396< 3D19B@7C/:3;A3 =/?/ /
=?3=/?/ON< 23 /97:3;A<@
"N< =<23: BA797F/? < /=/?396< @3: C7579M;17/ <@
/2B9A<@ 3 1?7/;O/@
H 1<: =?<093:/@ 4R@71<@ <B =@R>B71<@ <B
H >B3 ;N< A3;6/: 1<;6317:3;A<@ ;3: 3D=3?7Q;17/
"B;1/ 237D3 >B3 1?7/;O/@ 0?7;>B3: 1<: < /=/?396<
#9<>+ .9 09<89
=<?A/ 2< 4<?;< 23C3 471/? 4316/2/ 3;>B/;A< 3@A7C3?
/ 4B;17<;/? $<? =?31/BON< ?31<:3;2/@3 >B3
:/;A3;6/ / =<?A/ 2< 4<?;< @3:=?3 4316/2/ 7;19B7;2<
>B/;2< 3@A7C3? /=/5/2<
8>/<39< .9 09<89 ;?/8>/
$3?75< 23 >B37:/2B?/@
"B;1/ A<>B3 ;/@ @B=3?4R173@ 7;A3?7<?3@ 2< 4<?;< ;3:
;<@ 393:3;A<@ 23 />B317:3;A< 0?/ / =<?A/ 2<
/=/?396< 1<: 1B72/2< $<23 @/7? C/=<? >B3;A3
!/;A3;6/ /@ 1?7/;O/@ /4/@A/2/@
$3?75< 23 7;1Q;27<
"B;1/ 5B/?23 <0831A<@ 7;49/:LC37@ ;< 7;A3?7<? 2<
4<?;< "B;1/ /0?/ / =<?A/ 2< /=/?396< >B/;2< 4<?
C7@RC39 4B:< 23;A?< 2< :3@:< 3@975B3 < /=/?396<
&3A7?3 / 4716/ 2/ A<:/2/ <B 23@975B3 < 4B@RC39 ;/
?3@=31A7C/ 1/7D/
$3?75< 23 1B?A<W17?1B7A<
"B;1/ 3;A/93 1/0<@ 23 975/ON< 23 3931A?<2<:P@A71<@
;/ =<?A/ >B3;A3 2< /=/?396< # 7@<9/:3;A< 2< 1/0<
=<23 23??3A3?
$3?75< 23 >B37:/2B?/@
"B;1/ 237A3 L5B/ =/?/ 23;A?< 2< /=/?396< >B3;A3
?7/ C/=<? 23 L5B/ >B3;A3
$3?75< 23 >B37:/2B?/@
"B;1/ =?3=/?3 ?3437OU3@ 1<: 5?/;23@ >B/;A72/23@
23 03072/@ 1<: 393C/2/ =3?13;A/53: 23 L91<<9 #@
C/=<?3@ 23 L91<<9 =<23: 7;13;27/?W@3 ;< 7;A3?7<? 2<
4<?;< )A797F3 /=3;/@ =3>B3;/@ >B/;A72/23@ 23
03072/@ 1<: 393C/2/ =3?13;A/53: 23 L91<<9 3 /0?/ /
=<?A/ 2< /=/?396< 1<: 1B72/2<
-/==P<39= / </-3:3/8>/=
;?/8>/=
$3?75< 23 >B37:/2B?/@
"B;1/ ?3A7?3 /13@@T?7<@ <B ?317=73;A3@ >B3;A3@ 2<
4<?;< @3: =35/@ 23 1<F7;6/
%/:+<+KQ/= 38./@3.+=
$3?75< 23 16<>B3
@ ?3=/?/OU3@ 7;23C72/@ @N< =3?75<@/@ @
?3=/?/OU3@ @T =<23: @3? 3431AB/2/@ =<? AP1;71<@
3@=317/97F/2<@ 2< '3?C7O< 23 @@7@AQ;17/ (P1;71/
/@< < /=/?396< 3@A38/ /C/?7/2< ?3A7?3 / 4716/ 2/
A<:/2/ <B 23@975B3 < 4B@RC39 ;/ ?3@=31A7C/ 1/7D/
<;A/1A3 < '3?C7O< 23 @@7@AQ;17/ (P1;71/
&/1?<+8K+ /B><+ .+ :9<>+
<: 23A3?:7;/2/@ ?3137A/@ >B3 3D753: A3:=<@ 23
1<F32B?/ =?<9<;5/2<@ / /9A/@ A3:=3?/AB?/@ / =<?A/
2< 4<?;< =<23 /A7;57? B:/ A3:=3?/AB?/ 393C/2/
'3 A7C3? 1?7/;O/@ =3>B3;/@ 3: 1/@/ C7573/@
3;>B/;A< < 4<?;< 3@A7C3? 3: 4B;17<;/:3;A<
9P: 27@@< 3D7@A3 B: 27@=<@7A7C< 23 =?<A31ON< >B3
7:=323 < 1<;A/1A< 27?31A< 1<: / =<?A/ 2< 4<?;<
$<23 @<9717A/? 3@A3 /13@@T?7< <=17<;/9 /A?/CP@ 2< ;<@@< '3?C7O< 23 @@7@AQ;17/ (P1;71/
+?=+= .9= .+89=
-/==P<39= </-3:3/8>/=
:/6N-?6+ +./</8>/ :+:/6
@/1/>+6 9? :+:/6 ./
+6?7N839 8+ ,+=/ .9 09<89
"N< 1<9<>B3 /13@@T?7<@ ;/ 0/@3 2< 4<?;< "N< 1B0?/
/ 0/@3 2< 4<?;< 1<: >B/9>B3? A7=< 23 =39R1B9/
/23?3;A3 ;3: =/=39 "N< 1<9<>B3 ?317=73;A3@ ;/
0/@3 2< 4<?;< @3 / A3:=3?/AB?/ ?35B9/2/ 4<? @B=3?7<?
/ H >B313: 23:/@7/2< #@ A3:=<@ 23
1<F32B?/ 237D/: 23 @3? CL972<@ 3 < 3@:/9A3 471/
2/;7471/2<
F1?+ 89 09<89 ;?/8>/
"N< 23??/:3 L5B/ ;< 7;A3?7<? 2< 4<?;< 3;>B/;A<
3@A7C3? >B3;A3 <?:/@3 C/=<? 23 L5B/ <@179/ON<
AP?:71/ =<23 =?<C<1/? 2/;<@ ;< 3@:/9A3 3 ;<@
/13@@T?7<@
637/8>9= 6N;?3.9=
"N< 1<;@3?C3 /97:3;A<@ 9R>B72<@ 2B?/;A3 B: =3?R<2<
23 A3:=< =?<9<;5/2< ;< 7;A3?7<? 2< 4<?;< 1<: / =<?A/
4316/2/ # 3@:/9A3 471/?7/ 2/;7471/2<
&?79 ./ 0<?>+
"N< 3;16/ 23:/@7/2< < A/0B937?< >B/;2< 47F3? 0<9<@
23 4?BA/ @B:/?3;A<@ # @B:< 23 4?BA/ >B3 =7;5/ 2<
A/0B937?< 237D/ :/;16/@ 7:=<@@RC37@ 23 397:7;/?
'3:=?3 >B3 =<@@RC39 BA797F3 < A/0B937?< 3@:/9A/2<
4B;2<
<</0/-/< -97 + :9<>+
+,/<>+
37D3 /??34313? < 4<?;< /=3;/@ 1<: / =<?A/ 4316/2/
@ =/?A3@ 4?<;A/7@ 2<@ :TC37@ 1<;AR5B<@ =<23:
2/;7471/?@3 =<B1< / =<B1< :3@:< 1<: / =<?A/ 2<
4<?;< 97537?/:3;A3 /03?A/
)/.+8>/ .9 09<89 7?3>9
=?49
'3 < C32/;A3 2< 4<?;< 3@A7C3? :B7A< @B8< / =<?A/ 2<
4<?;< ;N< 471/ 03: 4316/2/ 2B?/;A3 < 4B;17<;/:3;A<
@ =/?A3@ 4?<;A/7@ 2<@ :TC37@ 1<;AR5B<@ =<23:
23A3?7<?/?@3 !/;A3;6/ < C32/;A3 2< 4<?;< @3:=?3
97:=<
#9<>+ .9 09<89 -979
=?:/<0N-3/ ./ +:939
"N< @3 /=<73 ;3: @3 @3;A3 ;/ =<?A/ 2< 4<?;< /03?A/
"N< 1<9<>B3 ?317=73;A3@ ;3: /13@@T?7<@ @<0?3 /
=<?A/ 2< 4<?;<
'<+8=:9<>+< 9 +:+</629
"N< A?/;@=<?A3 ;3: @35B?3 < /=/?396< =39< =BD/2<?
2/ =<?A/
H < =BD/2<? ;N< /5B3;A/ < =3@< 2< /=/?396< 3 =<23
=/?A7?@3
H < C72?< 2/ =<?A/ =<23 23@9<1/?@3 3 471/?
23@/97;6/2< 1<: / =/?A3 4?<;A/9 2< 4<?;<
" =/? 89@9 09<89
=?3@3;A/:<@963 < @3B ;<C< 4<?;< @A3 1/=RAB9<
23@1?3C3 /@ 4B;OU3@ 2< =/7;39 23 1<:/;2<@ 3 2<@
?3@=31A7C<@ 393:3;A<@ 7;27C72B/7@ (/:0P: 7;19B7
7;4<?:/OU3@ @<0?3 <@ /13@@T?7<@ 3 <@ 1<:=<;3;A3@
2< 3@=/O< 7;A3?7<? 2< 4<?;<
#+38/6 ./
-97+8.9=
=?3@3;A/:<@ / @35B7? B:/ C7@A/ 53?/9 2< =/7;39
231<:/;2<@ #@ @R:0<9<@ ;B;1/ /=/?313: A<2<@
@7:B9A/;3/:3;A3 ;/ 7;271/ON< : 4B;ON< 2< A7=< 2<
/=/?396< =<23?N< 3D7@A7? =3>B3;/@ 27C3?5Q;17/@ ;<@
=<?:3;<?3@
)2920A<? 12
3B;QW2@
*209.@ 2
6;160.QP<
)2920A<? 12
A2:=2?.AB?.
9>Q/= </,+>N@/3=
: /95B;@ 4<?;<@ <@ 0<AU3@ @N< ?30/ARC37@ $/?/ 47D/?
<B @<9A/? < 0<AN< =?3@@7<;3< >B/;2< 3@A7C3? ;/
=<@7ON< F3?<
'/-6+=
30/7D< 23 1/2/ B:/ 2/@ A319/@ 3;1<;A?/W@3 B:
@3;@<? "N< P ;313@@L?7< 1/??35/? 1<: 4<?O/ (<>B3
/=3;/@ ;< @R:0<9< 1<??3@=<;23;A3
&/6/->9< ./ 0?8KQ/=
# @3931A<? 23 4B;OU3@ =3?:7A3W963 ?35B9/? < A7=< 23
/>B317:3;A<
,0';:,
1')'6;:,
&<@6QP< F2?<
Û
% 3<?;< 2@AN [email protected]<
2 ? >B2;A2 06?0B9.;A2 &.?. /<9<@ 2 1<Q.?6. L =<@@TC29 0<F6;5.? 2: 1<6@ ;TC26@ %
C2;A69.1<? 16@A?6/B6 B;63<?:2:2;A2 < 0.9<? 1. ?2@6@AS;06. .;29.?
;. =.?212 A?.@26?. =29< 6;A2?6<? 1< 3<?;<
% .9<? @B=2?6<?
6;32?6<?
&.?. =?2=.?.? ;B: ;TC29 /<9<@ @<B339R@ <B .@@.1<@ :.4?<@
=2D 0.?;2 12 C.0. <B 12 0.Q. % 0.9<? =?<CR:
B;63<?:2:2;A2 12 06:. 2 12 /.6D<
7 ?295.? 0<: .? 06?0B9.;A2
&.?. .@@.? 0.?;2 .C2@ <B =26D2@ 6;A26?<@ ?2@6@AS;06. 1<
4?295.1<? 2 < C2;A69.1<? 964.: 2 12@964.:@2 .9A2?;.1.:2;A2
% C2;A69.1<? 3.F 06?0B9.? < .? >B2;A2 2: C<9A. 1< .96:2;A<
( ?295.? 4?.;12 @B=2?3T062
&.?. 4?295.? /632@ @.9@605.@ A<@A.@ <B =<@A.@ 12 =26D2 *<1. .
@B=2?3T062 @</ . ?2@6@AS;06. 1< 4?295.1<? 360. >B2;A2
* ?295.? =2>B2;. @B=2?3T062
&.?. 4?295.? =2>B2;.@ >B.;A61.12@ 12 /632@ @.9@605.@ A<@A.@
<B =<@A.@ 12 =26D2 =.?A2 02;A?.9 1. ?2@6@AS;06. 1< 4?295.1<?
360. >B2;A2
$ .9<? 6;32?6<?
&.?. 3.F2? 0<;@2?C.@ /2: 0<:< .@@.? <B 1<B?.?
=<@A2?6<?:2;A2 % 0.9<? =?<CR: 12 /.6D<
B 2@0<;429.?
&.?. 12@0<;429.? = 2D 0.?;2 .C2@ =P< <B /<9<@ %
C2;A69.1<? 3.F 06?0B9.? < .? >B2;A2 2: C<9A. 1< .96:2;A<
\ "O:=.1. 1< 3<?;<
"64.? . 9O:=.1. 1< 3<?;<
*6=< 12 .>B206:2;A< 0<: < >B.9 3<6 12A2?:6;.1. . 09.@@2 12 23606S;06. 2;2?4RA60. 12 .0<?1< 0<:
. $<?:. $
%B/;2< ?35B9/ / 9M:=/2/ ;< 7;A3?7<? 2< 4<?;<
/13;23W@3
'/-6+= / @3=9<
<: /@ A319/@ @N< /8B@A/2/@ /@ 27C3?@/@ 4B;OU3@
/2717<;/7@ "< C7@<? @N< :<@A?/2<@ <@ C/9<?3@
/8B@A/2<@
#!)
1')'6;:,
c >B206:2;A< ?N=61<
>B206:2;A< B9A?.?N=61< 1< 3<?;<
0 B;QW2@ A2:=<
)292006<;.? 2@=2?A.1<? U 2 *2:=< 12 1B?.QP< r
D )24B?.;Q. =.?. 0?6.;Q.@
9<>B2.? 2 12@/9<>B2.? < =.6;29 12 0<:.;1<
A
#6;B@
.6D.? <@ C.9<?2@ 12 ?24B9.QP<
@
&9B@
B:2;A.? <@ C.9<?2@ 12 ?24B9.QP<
%B/9 2/@ 4B;OU3@ 23 A3:=< @3 3;1<;A?/ 3: =?7:37?<
=9/;< P 7;271/2< =39<@ =/?Q;A3@3@ -. 3: A<?;< 2<
?3@=31A7C< @R:0<9<
&/6/->9< ./
>/7:/<+>?<+=
# @3931A<? 23 A3:=3?/AB?/@ =3?:7A3W963 ?35B9/? /
A3:=3?/AB?/ <B / =<AQ;17/ 2< 5?396/2<?
,0';:,
'%+'$'!",
Ú
&<@6QP< F2?<
% 3<?;< ;P< .>B202
Z
:=96AB12 12
A2:=2?.AB?.@
A2:=2?.AB?. ;< 6;A2?6<? 1< 3<?;< 2: I
&<AS;06.@ 1< 4?295.1<?
%@ ;TC26@ 12 =<AS;06. 1< 4?295.1<? =.?. 4?295.? =2>B2;. * 2
4?.;12( @B=2?3T062
=<AS;06. /.6D.
=<AS;06. :R16.
=<AS;06. 3<?A2
B;QP< 12 96:=2F.
s
%B/;2< < 4<?;< />B313 < @R:0<9<t /13;23@3 ;<
=/7;39 7;271/2<? ;/@ =/B@/@ 23 />B317:3;A<
/=/5/@3 # @R:0<9< ;N< @3 /13;23 1<: / 4B;ON<
9BF ^ ;3: 1<: / 4B;ON< 23@1<;539/? B
%B/;2< BA797F/? < 5?396/2<? 3: A3:=<@ 23 1<F32B?/
@B=3?7<?3@ / :7;BA<@ ?35B93 < 1<:/;2< 23
A3:=3?/AB?/ =/?/ 5?396/2<? @B/C3
8>/<39< .9 09<89
)/8>9382+ ./ +<</0/-37/8>9
9M:=/2/ 2< 4<?;< @7AB/W@3 ;< 7;A3?7<? 2< 4<?;< ):/
C3;A<7;6/ 23 /??34317:3;A< =?<A353 < 4<?;< 23
@<0?3/>B317:3;A<
C3;A<7;6/ 23 /??34317:3;A< 975/ 3 23@975/W@3
>B/;2< ;313@@L?7< # /? >B3;A3 @/7 =<? 17:/ 2/
=<?A/ A3;ON< "N< A/=3 /@ 43;2/@ 23 C3;A79/ON< #
4<?;< =<23 @<0?3/>B313?
I7:+.+ .9 09<89
$/?/ >B3 < 7;A3?7<? 2< 4<?;< /??343O/ :/7@ 23=?3@@/
23=<7@ 2/ BA797F/ON< / C3;A<7;6/ 23 /??34317:3;A<
1<;A7;B/ / A?/0/96/? 2B?/;A3 /95B: A3:=<
;>B/;A< < 4<?;< 3@AL / A?/0/96/? / 9M:=/2/ ;<
7;A3?7<? 2< 4<?;< 471/ /13@/ <: / =<@7ON< \ ;<
@3931A<? 23 4B;OU3@ =<23?L /13;23? / 9M:=/2/ @3:
975/? < />B317:3;A<
-/==P<39=
$<23 1<9<1/? <@ /13@@T?7<@ ;< 4<?;< 3: /9AB?/@
2743?3;A3@
I =<@@RC39 3DA?/7? 2< /13@@T?7< @3: >B3 393 1/7/
3@A3 :<2< <@ /97:3;A<@ =<23: ?3A7?/?@3 1<:
4/17972/23
'3 <@ /13@@T?7<@ />B313?3: =<23: 234<?:/?@3
3=<7@ 23 /??343172<@ 23@/=/?313 / 234<?:/ON<
@3: /431A/? < 4B;17<;/:3;A<
# @3B 4<?;< @T 3@AL 3>B7=/2< 1<: /95B;@ 2<@
@35B7;A3@ /13@@T?7<@
$<23?L /2>B7?7? /13@@T?7<@ ;< '3?C7O< 23 @@7@AQ;17/
(P1;71/ ;B:/ 9<8/ 3@=317/97F/2/ <B /A?/CP@ 2/
;A3?;3A ;27>B3 @3:=?3 / ?343?Q;17/ ,
/#)&
&.?. ?206=62;A2@ 3<?:.@ .@@.1<@ =2Q.@ 12 4?295. 2 =?.A<@
0<;429.1<@
;A?<1BF. . 4?295. 0<: . 0B?C.AB?. C<9A.1. =.?. /.6D< ¾
2)#'/, #0*)1", -)+,
&.?. /<9<@ 2 /<96;5<@
;A?<1BF. < A./B926?< ;< 3<?;< 0<: . =.?A2 1< 12@;TC29 ;.
16?20QP< 1. =<?A. 1< 3<?;<
2)#'/, #0*)1", $2+",
&.?. /<9<@ :<95.1<@ 1<Q.?6. =?.A<@ 0<;429.1<@ 2 .@@.1<@ 12
=2Q.@ 12 4?.;12 A.:.;5< *.:/R: =<12 B@N9< 0<:<
A./B926?< =.?. ?20<952? . 4<?1B?. >B.;1< 2@A6C2? . .@@.?
16?20A.:2;A2 @</?2 . 4?295.
;A?<1BF. < A./B926?< 2@:.9A.1< 3B;1< ;< 3<?;< 0<: . =.?A2 1<
12@;TC29 ;. 16?20QP< 1. =<?A. 1< 3<?;<
-/==P<39= /=:/-3+3=
I =<@@RC39 /2>B7?7? <@ /13@@T?7<@ 3@=317/7@ ;B:/ 9<8/
3@=317/97F/2/ <B /A?/CP@ 2< '3?C7O< 23 @@7@AQ;17/
(P1;71/ 27@=<;707972/23 2<@ /13@@T?7<@ 3@=317/7@
C/?7/ 1<;@</;A3 < =/R@ $/?/ A/9 1<;@B9A3 /
2<1B:3;A/ON< 23 1<:=?/
*./B926?< 2@:.9A.1< - &.?. /<9<@ 2 /<96;5<@
*./B926?< B;[email protected] - &.?. /<9<@ :<95.1<@ 1<Q.?6. =?.A<@ 0<;429.1<@ 2 .@@.1<@ 12
=2Q.@ 12 4?.;12 A.:.;5< *.:/R: =<12 B@N9< 0<:<
A./B926?< =.?. ?20<952? . 4<?1B?. >B.;1< 2@A6C2? . .@@.?
16?20A.:2;A2 @</?2 . 4?295.
?295. - &.?. ?206=62;A2@ 12 0<F6;5. 3<?:.@ .@@.1<@ =2Q.@ 12 4?295. 2
=?.A<@ 0<;429.1<@
*./B926?< 12 C61?< - +: A./B926?< 12 C61?< 3B;1< 12.9 =.?. B@.? 0<:< =?.A< 12
@2?C6?
*./B926?< =.?. =6FF. - 12.9 =.?. =6FF. .96:2;A<@ 0<;429.1<@ /<9<@ ?21<;1<@ <B
4?.;12@ &<12 B@.? < A./B926?< =.?. =6FF. 2: C2F 1< A./B926?<
B;[email protected] <9<>B2 < A./B926?< @</?2 . 4?295. 2 <?62;A2@2 =29<@
1.1<@ 6;160.1<@ ;.@ A./29.@
*.05< 12 :2A.9 - &<12 B@.? < A.05< ;.@ F<;.@ 12 .@@.1<@ 1. =9.0. 12 0<F21B?.
C6A?<02?O:60. 12>B.@2 M 0<F21B?. 0<: AR0;60. 12 @2;@<?2@
/2: 0<:< .<@ .@@.1<@ .BA<:NA60<@
% A.05< R 2@:.9A.1< =<? 3<?. 2 A2: B: ?2C2@A6:2;A<
.;A6.12?2;A2 ;< 6;A2?6<?
*.05< 12 C61?< - % A.05< 12 C61?< R 612.9 =.?. =?2=.?.? [email protected]<@ 2 4?.A6;.1<@
;< 3<?;<
@=206.9:2;A2 .12>B.1< =.?. .@@.1<@ .BA<:NA60<@
B6.@ 0<??216Q.@ A?6=9.@ 12 2DA?.0QP< @ 0<??216Q.@ 12 2DA?.0QP< 1.@ .9AB?.@ 2 =2?:6A2: ?2A6?.?
A<A.9 - 0<:=92A.:2;A2 <@ .02@@V?6<@ @2: >B2 0.6.:
8>/= .+ :<37/3<+ ?>363D+KJ9
;A3@ 23 BA797F/? < 4<?;< =39/ =?7:37?/ C3F 23C3 @35B7?
<@ =/@@<@ /0/7D< 7;2/ /;A3@ 27@@< 937/ < 1/=RAB9<
;?/-/< 9 09<89
$/?/ 397:7;/? < 1637?< / ;<C< />B3O/ < 4<?;< C/F7< 3
4316/2< # :/7@ 3471/F P />B313? < 4<?;< 2B?/;A3
B:/ 6<?/ 1<: 1/9<? @B=3?7<? 3 7;43?7<?% / H
*3?747>B3 @3 ;N< 6L ?3@A<@ 2/ 3:0/9/53: ;< 7;A3?7<?
2< 4<?;<
'393117<;3 < 1/9<? @B=3?7<? 3 7;43?7<?% 1<: <
1<:/;2< 23 4B;OU3@
'393117<;3 H 1<: < 1<:/;2< 23
A3:=3?/AB?/
3@975B3 < 4<?;< B:/ 6<?/ 23=<7@ $/?/ A/9 1<9<>B3 <
1<:/;2< 23 4B;OU3@ ;/ =<@7ON< F3?<
37:/D+ .9=
+-/==P<39=
;A3@ 23 BA797F/? <@ /13@@T?7<@ =39/ =?7:37?/ C3F
97:=3<@ / 4B;2< 1<: L5B/ >B3;A3 B: =<B1< 23
@/0N< 3 B: =/;<
#<91<+7+< 9 09<89
D7@A3: CL?7/@ :/;37?/@ 23 =?<5?/:/? < 4<?;< @35B7? 23@1?3C3@3 1<:< =?<5?/:/? < A7=< 23
/>B317:3;A< 3 / A3:=3?/AB?/ <B < ;RC39 2< 5?396/2<?
# 4<?;< =3?:7A3 =?<5?/:/? < A3:=< 23 1<F32B?/
2B?/ON< $/?/ <0A3? :/7@ 7;4<?:/OU3@ 1<;@B9A3 <
1/=RAB9< !9>+
&31<:3;2/@3 >B3 =?P/>B3O/ @3:=?3 < 4<?;<
/;A3@ 23 7;A?<2BF7? < /97:3;A< 23 :<2< / 3C7A/? >B3 @3
4<?:3: 1<;23;@/OU3@ 3: 3D13@@< ;< C72?<
'3:9 ./
+;?/-37/8>9 /
>/7:/<+>?<+
D3:=9< 2/ 7:/53: 1/9<? @B=3?7<? 3 7;43?7<? /
H
'393117<;3 < A7=< 23 />B317:3;A< 1<: <
1<:/;2< 23 4B;OU3@
'393117<;3 / A3:=3?/AB?/ <B < ;RC39 2< 5?396/2<?
1<: < 1<:/;2< 23 A3:=3?/AB?/
# 4<?;< 1<:3O/ / />B313?
:+1+< 9 09<89
9.303-+< += </1?6+KQ/=
;?/-37/8>9
<H:3.9
<9<>B3 < 1<:/;2< 23 4B;OU3@ ;/ =<@7ON< F3?<
I =<@@RC39 :<27471/? / >B/9>B3? :<:3;A< < A7=< 23
/>B317:3;A< 3 / A3:=3?/AB?/ <B < ;RC39 2< 5?396/2<?
1<: < 1<:/;2< 1<??3@=<;23;A3
# />B317:3;A< ?L=72< =3?:7A3 >B3 < 4<?;< /A7;8/
:/7@ 23=?3@@/ / A3:=3?/AB?/ =?3A3;272/
)A797F3 < />B317:3;A< ?L=72< =/?/ A3:=3?/AB?/@
?35B9/2/@ @B=3?7<?3@ / H #@ A7=<@ 23
/>B317:3;A< /23>B/2<@ @N< <@ @35B7;A3@
H ? >B3;A3 17?1B9/;A3 2
H /9<? @B=3?7<?7;43?7<?%
H /9<? 7;43?7<? $
$/?/ B: ?3@B9A/2< 23 1<F32B?/ B;74<?:3 3@=3?3 >B3
< 4<?;< A3;6/ 1<;19BR2< < />B317:3;A< ?L=72< /;A3@
23 7;A?<2BF7? < @3B =?/A<
'393117<;3 < A7=< 23 />B317:3;A< 3 / A3:=3?/AB?/
=?3A3;272<@
$?7:/ / A319/c
# @R:0<9<c /13;23 ;/ 7;271/ON< # 4<?;< 1<:3O/
/ />B313?
" +;?/-37/8>9 <H:3.9
-2/19? +9 037
#BC3W@3 B: @7;/9 @<;<?< # @R:0<9< c ;/ 7;271/ON<
/=/5/W@3 ;A?<2BF/ < @3B =?/A< ;< 4<?;<
#+<+< 9 +;?/-37/8>9
<H:3.9
$?7:/ / A319/c # @R:0<9< c ;/ 7;271/ON<
/=/5/W@3
%/1?6+< 0?8KQ/= ./ >/7:9
# @3B 4<?;< 27@=U3 23 CL?7/@ 4B;OU3@ 23 A3:=< <:
/ A319/0 =<23?L 3;A?/? ;< :3;B 3 3@1<963? /@
2743?3;A3@ 4B;OU3@ (<2<@ <@ @R:0<9<@ 23 A3:=<
=3?:/;313: /13@<@ 3;>B/;A< =<23? ?35B9/? /@
4B;OU3@ #@ =/?Q;A3@7@-. 7;271/:W963 3: >B3 4B;ON<
23 A3:=< @3 3;1<;A?/
@ A319/@@ <BA =3?:7A3:W963 /9A3?/? 4B;OU3@ 23
A3:=< 8L ?35B9/2/@ 23@23 >B3 < @R:0<9< 23 A3:=<
1<??3@=<;23;A3 @3 3;1<;A?3 3;A?3 =/?Q;A3@7@
/=:/<>+.9<
$<23?L BA797F/? < 23@=3?A/2<? 1<:< @3 4<@@3 B:
23@=3?A/2<? 23 1<F7;6/ # @3B 4B;17<;/:3;A< P
7;23=3;23;A3 2< 4<?;< (3: B: @7;/9 =?T=?7< < >B3
963 =3?:7A3 27@A7;5B7? @3 4<7 < 23@=3?A/2<? >B3 A<1<B
<B < A3:=< 23 2B?/ON< >B3 1635<B /< 47:
$?7:/ / A319/0 #@ @R:0<9<@ 23 A3:=< /13;23:
;< 1/:=< 23 7;271/ON< <@ =/?Q;A3@7@ 3@AN< K
C<9A/ 2< @R:0<9<U
&35B93 < A3:=< 2< 23@=3?A/2<? 1<: /@ A319/@ @
<BA
*/9<? @B53?72< A319/@ :7;BA<@
*/9<? @B53?72< A319/A :7;BA<@
=T@ /95B;@ @35B;2<@ /@ 6<?/@ 2347;72/@ @N<
/137A3@ # 23@=3?A/2<? 7;717/ / 1<;A/53: #
@R:0<9<-U. /13;23 ;< 1/:=< 23 7;271/ON< 3 /
1<;A/53: 231?3@13;A3 2< A3:=< 2< 23@=3?A/2<?
3@AL C7@RC39 #@ ?3@A/;A3@ @R:0<9<@ 23 A3:=<
/=/5/:W@3
" >/7:9 .9 ./=:/<>+.9<
>/<7389?
#BC3W@3 B: @7;/9 @<;<?< "< 1/:=< 23 7;271/ON<
/=/?313 3@975B3 < 23@=3?A/2<? 1<: / A319/0
6>/<+< 9 >/7:9 .9
./=:/<>+.9<
9A3?3 < A3:=< 2< 23@=3?A/2<? 1<: /@ A319/@@ <BA
=T@ /95B;@ @35B;2<@ / /9A3?/ON< P /137A3
8?6+< 9 >/7:9 .9
./=:/<>+.9<
<: / A319/A =<;6/ < A3:=< 2< 23@=3?A/2<? /
F3?<@ =T@ /95B;@ @35B;2<@ / /9A3?/ON< P /137A3
#23@=3?A/2<? 3@AL 23@975/2<
98=?6>+< += </1?6+KQ/= ./
>/7:9
'3 3@A7C3?3: 2347;72/@ CL?7/@ ?35B9/OU3@ 23 A3:=<
<@ ?3@=31A7C<@ @R:0<9<@ /13;23: ;< 1/:=< 23
7;271/ON< # 23@=3?A/2<? 3@AL C7@RC39 3: =?7:37?<
=9/;< # @R:0<9<U 3@AL 3;A?3 =/?Q;A3@7@ 3 /
1<;A/53: 231?3@13;A3 2< A3:=< 2< 23@=3?A/2<?
3@AL C7@RC39
$/?/ 1<;@B9A/? < 23@=3?A/2<?U < A3:=< 23
2B?/ON<r =?7:/ / A319/ 0 ?3=3A72/:3;A3 /AP <@
=/?Q;A3@7@ @3 =<@717<;/?3: K C<9A/ 2< ?3@=31A7C<
@R:0<9< # C/9<? 1<??3@=<;23;A3 3@AL C7@RC39 2B?/;A3
/95B;@ @35B;2<@ ;< 1/:=< 23 7;271/ON<
'/7:9 ./ .?<+KJ9
# 4<?;< =3?:7A3W963 2347;7? < A3:=< 23 1<F32B?/ 2/
@B/ ?3437ON< %B/;2< < A3:=< 23 2B?/ON< 1635/ /<
47: < 4<?;< 23@975/W@3 /BA<:/A71/:3;A3 "N<
=?317@/?L /@@7: 23 7;A3??<:=3? / @B/ /1A7C72/23
=/?/ 23@975/? < 4<?;< "N< 1<??3 < ?7@1< 23 B9A?/=/@@/?
< A3:=< 23 1<F32B?/ =<? 3;5/;<
D3:=9< ;/ 7:/53: (3:=< 23 2B?/ON< :7;BA<@
<: < @3931A<? 23 4B;OU3@ ?35B93 < A7=< 23
/>B317:3;A<
<: < @3931A<? 23 A3:=3?/AB?/ ?35B93 /
A3:=3?/AB?/ <B / =<AQ;17/ 2< 5?396/2<?
$?7:/ 2B/@ C3F3@ / A319/ 0
# 1/:=< 23 7;271/ON< 7;271/ #@ @R:0<9<@ 23 A3:=< /13;23:W@3
<@ =/?Q;A3@7@ 3;1<;A?/:W@3 K C<9A/ 23 r
&35B93 < A3:=< 23 2B?/ON< 1<: /@ A319/@@ <BA
*/9<? @B53?72< A319/ @ :7;BA<@
*/9<? @B53?72< A319/ A :7;BA<@
# 4<?;< /??/;1/ /=T@ /95B;@ @35B;2<@ # A3:=< 23
2B?/ON< 1<:3O/ / 231?3@13? 23 4<?:/ C7@RC39 ;<
1/:=< 23 7;271/ON< 3 < @R:0<9<-r. /13;23 #@
?3@A/;A3@ @R:0<9<@ 23 A3:=< /=/5/:W@3
" >/7:9 ./ .?<+KJ9
>/<7389?
#BC3W@3 B: @7;/9 @<;<?< # 4<?;< 237D/ 23 />B313?
"< 1/:=< 23 7;271/ON< /=/?313 $?7:/ / A319/ 0
$<23 ;<C/:3;A3 ?35B9/? B: A3:=< 23 2B?/ON< 1<:
/@ A319/@@ <BA #B =?7:/ 2B/@ C3F3@ / A319/ 0 3
?<23 < @3931A<? 23 4B;OU3@ =/?/ / =<@7ON< F3?< #
4<?;< 3@AL 23@975/2<
6>/<+< 9 >/7:9
./ .?<+KJ9
9A3?3 < A3:=< 23 2B?/ON< 1<: /@ A319/@@ <BA
=T@ /95B;@ @35B;2<@ / /9A3?/ON< P /137A3
'3 < 23@=3?A/2<? 3@A7C3? 975/2< 1<:313 =<? =?3:7? /
A319/0
8?6+< 9 >/7:9
./ .?<+KJ9
<: / A319/A =<;6/ < A3:=< 23 2B?/ON< / F3?<@
=T@ /95B;@ @35B;2<@ / /9A3?/ON< P /137A3 # A3:=<
23 2B?/ON< 4<7 /;B9/2<
'3 < 23@=3?A/2<? 3@A7C3? 975/2< 1<:313 =<? =?3:7? /
A319/0
98=?6>+< += </1?6+KQ/=
./ >/7:9
'3 3@A7C3?3: ?35B9/2/@ CL?7/@ 4B;OU3@ 23 A3:=< <@
?3@=31A7C<@ @R:0<9<@ /13;23:W@3 ;< 1/:=< 23
7;271/ON< # @R:0<9< 2/ 4B;ON< 23 A3:=< 3:
=?7:37?< =9/;< 3;1<;A?/W@3 3;A?3 =/?Q;A3@7@
$/?/ 1<;@B9A/? < 23@=3?A/2<?U < A3:=< 23
2B?/ON<r =?7:/ / A319/ 0 ?3=3A72/:3;A3 /AP <@
=/?Q;A3@7@ @3 =<@717<;/?3: K C<9A/ 2< ?3@=31A7C<
@R:0<9< # C/9<? 1<??3@=<;23;A3 3@AL C7@RC39 2B?/;A3
/95B;@ @35B;2<@ ;< 1/:=< 23 7;271/ON<
&/1?<+8K+ :+<+ -<3+8K+=
# 4<?;< A3: B:/ @35B?/;O/ =/?/ 1?7/;O/@ >B3
7:=323 >B3 < 975B3: /1723;A/9:3;A3
%B/;2< 3@A/ @35B?/;O/ 3@AL /1A7C/2/ ;N< P =<@@RC39
4/F3? >B/9>B3? ?35B9/ON< ;< 4<?;< # ?39T57<
A3:=<?7F/2<? =<23 @3? =?<5?/:/2< 1<: / @35B?/;O/
=/?/ 1?7/;O/@ /1A7C/2/
'3 < A7=< 23 />B317:3;A< 3 / A3:=3?/AB?/ <B < ;RC39
2< 5?396/2<? 3@A7C3?3: =?<5?/:/2<@ / @35B?/;O/
=/?/ 1?7/;O/@ 7;A3??<:=3 < />B317:3;A<
->3@+< + =/1?<+8K+ :+<+
-<3+8K+=
"N< =<23 3@A/? =?<5?/:/2< ;3;6B: 23@975/?
/BA<:LA71< 2< 4<?;<
$?7:/ / A319/D 2B?/;A3 13?1/ 23 >B/A?< @35B;2<@
# @R:0<9<D /=/?313 ;< =/7;39 7;271/2<? @35B?/;O/ =/?/ 1?7/;O/@ 3@AL /1A7C/2/
/=+->3@+< + =/1?<+8K+
:+<+ -<3+8K+=
$?7:/ / A319/D 2B?/;A3 13?1/ 23 >B/A?< @35B;2<@
# @R:0<9<D 23@/=/?313 2< =/7;39 7;271/2<? @35B?/;O/ =/?/ 1?7/;O/@ 3@AL 23@/1A7C/2/
+8?>/8KJ9 / 637:/D+
# 4<?;< =<23 1<;@3?C/? 2B?/;A3 :B7A< A3:=< <
/@=31A< ?39BF3;A3 3 / 1/=/172/23 4B;17<;/9 23@23
>B3 3431AB3 ?35B9/?:3;A3 / 97:=3F/ 3 / :/;BA3;ON<
=3?A7;3;A3@ '35B3@3 B:/ 23@1?7ON< 23 1<:<
3431AB/? < A?/A/:3;A< 1B72/2<@< 3 / 97:=3F/ 2<
4<?;<
98=/629= / +.@/<>M8-3+=
I =<@@RC39 >B3 / =/?A3 4?<;A/9 2< 4<?;< /=?3@3;A3
A<;/972/23@ 2743?3;A3@ 23C72< /<@ 27C3?@<@ :/A3?7/7@
1<:< < C72?< =9L@A71< <B :3A/9
@ @<:0?/@ >B3 @B?53: ;< C72?< 2/ =<?A/ 3 =/?313:
@B872/23 @N< ?3493D<@ 23 9BF 2/ 9M:=/2/ 2< 4<?;<
# 3@:/9A3 >B37:/@3 >B/;2< < 4<?;< /A7;53 B:/
A3:=3?/AB?/ :B7A< 393C/2/ $<23 =?<C<1/? 97537?/@
23@1<9<?/OU3@ @A3 43;T:3;< P ;<?:/9 3 ;N< /431A/
< 4B;17<;/:3;A< 2< 4<?;< "N< P =<@@RC39 3@:/9A/?
A<A/9:3;A3 /@ 0<?2/@ 2<@ A/0B937?<@ 47;<@ 3@A3
:<2< =<23: A3? B: A<>B3 L@=3?< < >B3 ;N< /431A/
/ 1<03?AB?/ /;A71<??<@7C/
#<9.?>9= ./
637:/D+
(3;6/ 3: 1<;A/ /@ 7;271/OU3@ 2/ A/039/ =/?/ ;N<
2/;7471/? /@ 27C3?@/@ @B=3?4R173@ 2< 4<?;< B@/;2< B:
=?<2BA< 23 97:=3F/ 7;/23>B/2<
"N< BA797F3
H =?<2BA<@ 23 97:=3F/ /0?/@7C<@ ;3: L172<@
H 3@4?35U3@ ;3: 3@=<;8/@ 2B?/@
H /=/?396<@ 23 97:=3F/ 23 /9A/ =?3@@N< <B =<? 8/1A<
23 C/=<?
/C3 03: <@ =/;<@ ;<C<@ /;A3@ 23 <@ B@/?
,+
/,"21,0 "# )'*-#6
&.?A2 3?<;A.9 1< 3<?;<
K4B. >B2;A2 0<: B: =<B0< 12 @./P<
"6:=2 0<: B: =.;< 2 @2>B2 0<: <BA?< @B.C2
Q< 6;<D61NC29
K4B. >B2;A2 0<: B: =<B0< 12 @./P<
"6:=2 0<: B: =.;< 2 @2>B2 0<: <BA?< @B.C2 "6:=2
6:216.A.:2;A2 .@ :.;05.@ 12 N4B. 4<?1B?. 3.?6;5. 2 09.?.
12 <C< =<?>B2 =<12 3<?:.?@2 0<??<@P< =<? /.6D< 1.@
:2@:.@ $<@ 02;A?<@ 1< )2?C6Q< 12 @@6@AS;06. *R0;60. <B 2:
9<7.@ 2@=206.96F.1.@ R =<@@TC29 .1>B6?6? =?<1BA<@ 2@=20T360<@
=.?. < A?.A.:2;A< 0B61.1<@< 1< .Q< 6;<D61NC29 2 >B2 @P<
.12>B.1<@ =.?. .@ @B=2?3T062@ >B2;A2@ =96>B2 < =?<1BA< 12
96:=2F. 0<: B: =.;< @B.C2 :B6A< 36;<
,61?<
"6:=.C61?<@
"6:=2 0<: B: =.;< @B.C2
$P< BA696F2 B: ?.@=.1<? =.?. C61?<
,61?<@ 1. =<?A.
"6:=.C61?<@
"6:=2 0<: B: =.;< @B.C2
$P< BA696F2 B: ?.@=.1<? =.?. C61?<
*.:=. 12 C61?< 1. 9O:=.1. 1<
3<?;<
K4B. >B2;A2 0<: B: =<B0< 12 @./P<
"6:=2 0<: B: =.;<
,21.;A2
;P< ?2A6?.?
K4B. >B2;A2 0<: B: =<B0< 12 @./P<
"6:=2 0<: B: =.;< $P< 2@3?24B2
?295.@
K4B. >B2;A2 0<: B: =<B0< 12 @./P<
&<;5. 12 :<95< 2 96:=2 0<: B: =.;< <B B:. 2@0<C.
02@@V?6<@
K4B. >B2;A2 0<: B: =<B0< 12 @./P<
&<;5. 12 :<95< 2 96:=2 0<: B: =.;< <B B:. 2@0<C.
?8KJ9 6?D
$/?/ 4/1797A/? / 97:=3F/ 2< 4<?;< P =<@@RC39 /13;23? /
9M:=/2/ 2< 7;A3?7<? 2< 4<?;<
-/8./< + 6I7:+.+ .9
09<89
&<23 < 1<:/;2< 23 4B;OU3@ /AP K =<@7ON< ^
:+1+< + 6I7:+.+ .9 09<89
&<23 < 1<:/;2< 23 4B;OU3@ /AP K =<@7ON< Û
9M:=/2/ /13;23@3 # 1<:/;2< 23 A3:=3?/AB?/
23C3 3@A/? 23@975/2<
37:+< += =?:/<0N-3/=
-+>+6N>3-+= .9 09<89
: /95B;@ 4<?;<@ / =/?323 =<@A3?7<? 7;A3?;/ /@
=/?323@ 9/A3?/7@ <B < A31A< =<23: 3@A/? ?3C3@A72<@ 23
13?M:71/ 1<: /9A/ =<?<@72/23 @A3 ?3C3@A7:3;A<
/0@<?C3 <@ @/9=71<@ ?3@B9A/;A3@ 2/ 1<F32B?/ 3
27@@<9C3<@ 3;>B/;A< < 4<?;< 3@A7C3? 3:
4B;17<;/:3;A< %B/;A< :/7@ 393C/2/ 4<? /
A3:=3?/AB?/ 3 :/7@ A3:=< < 4<?;< 3@A7C3? 3:
4B;17<;/:3;A< :396<? P < ?3@B9A/2<
'3 ;< 3;A/;A< / @B872/23 =3?@7@A7? 23=<7@ 23 B@/?
CL?7/@ C3F3@ < 4<?;< BA797F3 / 4B;ON< 7:=3F/
98=/629= / +.@/<>M8-3+=
"B;1/ BA797F3 23A3?53;A3@ /0?/@7C<@ @A3@ ?7@1/: 3
23A3?7<?/: < ?3C3@A7:3;A< 1<: /9A/ =<?<@72/23
"N< 97:=3 < ?3C3@A7:3;A< 23 13?M:71/ 1<: =?<2BA<@
23 97:=3F/ =/?/ 4<?;<@ '3 1/7? /1723;A/9:3;A3
=?<2BA< 23 97:=3F/ =/?/ 4<?;<@ @<0?3 /95B:/ 23@A/@
=9/1/@ 397:7;3< 7:327/A/:3;A3 1<: B:/ 3@=<;8/ 3
L5B/ /0B;2/;A3
37:+< + ,+=/ .9 09<89 /
+= :+</./= /=7+6>+.+=
)@3 B: =/;< 23 97:=3F/ 3 L5B/ >B3;A3 1<: B:
=<B1< 23 @/0N< <B C7;/5?3
'3 / @B872/23 4<? 274R179 23 A7?/? BA797F3 B: 3@4?35N< 23
/O< 47;< <B B: =?<2BA< 23 97:=3F/ 3@=31R471< =/?/
4<?;<@ )A797F3< /=3;/@ >B/;2< < 3@=/O< 7;A3?7<? 2<
4<?;< 3@A7C3? 4?7< "N< 97:=3 /@ @B=3?4R173@ 23
/BA<97:=3F/ 1<: B: 3@4?35N< 23 :3A/9 ;3: 1<:
=?<2BA<@ 23 97:=3F/ =/?/ 4<?;<@
?8KJ9 37:/D+
4B;ON< 7:=3F/ P B: =?<5?/:/ 23 ?353;3?/ON<
%B/;2< <@ 393:3;A<@ 23 /BA<97:=3F/ 2< 4<?;< ;N<
@3 97:=/: @B47173;A3:3;A3 =<? @7 :3@:<@
?353;3?/:@3 1<: 3@A/ 4B;ON< : @35B72/ C<9A/:
/ 3@A/? A<A/9:3;A3 4B;17<;/7@
>/8KJ9
@ @B=3?4R173@ 2< 4<?;< >B3 ;N< @38/: 23
/BA<97:=3F/ 23C3: @3? 97:=/@ 1<: /;A3132Q;17/
/@< 1<;A?L?7< @B?53: :/;16/@ >B3 ;N< =<23: @3?
397:7;/2/@
979 :<91<+7+<
$<;6/ < 1<:/;2< 23 4B;OU3@ ;/ =<@7ON< 23
17?1B9/ON< 23 /? >B3;A3 2
$<;6/ < 1<:/;2< 23 A3:=3?/AB?/ 3: s
$/@@/2<@ :7;BA<@ 23@975B3 < 1<:/;2< 23
4B;OU3@
# ?3C3@A7:3;A< 23 13?M:71/ ?353;3?/@3 &3:<C/ <@
?3@R2B<@ 23 1<? 1/@A/;6/ <B 0?/;1/ 1<: L5B/ 3 B:/
3@=<;8/ @B/C3 >B/;2< < 4<?;< A7C3? /??343172<
97537?/ 23@1<9<?/ON< 2< ?3C3@A7:3;A< ;N< /431A/ /
/BA<97:=3F/
$?+8.9 9 09<89 >3@/<
+<</0/-3.9
7:=3 <@ ?3@A<@ 23 @/9 2<@ 393:3;A<@ 23
/BA<97:=3F/ 1<: B: =/;< 6V:72<
!9>+
'3 A7C3? B:/ =9/1/ 39P1A?71/ 7;@A/9/2/ @<0?3 < 4<?;<
?31<:3;2/@3 >B3 ;N< / 975B3 3;>B/;A< / 4B;ON<
7:=3F/ 3@A7C3? /1A7C/
81+>+< /
./=/81+>+< +=
/=><?>?<+= ./
=?:9<>/
/=/81+>+< += /=><?>?<+=
./ =?:9<>/
$<23 ?3A7?/? /@ 3@A?BAB?/@ 23 @B=<?A3 =/?/ 47;@ 23
97:=3F/ # 4<?;< A3: 23 3@A/? 4?7<
3C/;A3 /@ 3@A?BAB?/@ K 4?3;A3
3 23@3;5/A3W/@ 75B?/
3=<7@ =BD3 A<2/ / 3@A?BAB?/ =/?/ / 4?3;A3
3 ?3A7?3W/ 75B?/
/C3 /@ 3@A?BAB?/@ 1<: 23A3?53;A3 3 B:/ 3@=<;8/
: 1/@< 23 @B872/23 ?3@7@A3;A3 BA797F3 B:/ 3@1<C/
=/?/ ?3:<CQW9/
81+>+< += /=><?>?<+= ./
=?:9<>/
$?7:37?< 7;@7?/ / 3@A?BAB?/ ;/ 0B16/ 23 A?L@ 3
3:=B??3 B: =<B1< =/?/ A?L@ 75B?/
23=<7@ 3;5/A3W/ ;/ 0B16/ 2/ 4?3;A3 75B?/
@ 3@A?BAB?/@ @3?C3: >B3? ;< 9/2< 27?37A< >B3? ;< 9/2<
3@>B3?2< ?33;A?M;17/ A3: 23 471/? @3:=?3 3:
0/7D<
%/,+>/< +
</=3=>M8-3+ .9
1</62+.9<
$/?/ 4/1797A/? / 97:=3F/ 3: /95B;@ 4<?;<@ P =<@@RC39
?30/A3? / ?3@7@AQ;17/ 2< 5?396/2<?
$3?75< 23 >B37:/2B?/@ # 4<?;< 23C3 3@A/? 4?7<
$BD3 < =BD/2<? 2< 5?396/2<? ?30/ARC39 =/?/ @7 3
3:=B??3< =/?/ 17:/ /AP <BC7? B: 3@A/972<
75B?/ < :3@:< A3:=< @35B?3 ;/@ ?3@7@AQ;17/@ 2<
5?396/2<? 3 2<0?3/@ =/?/ 0/7D< 75B?/ (3?:7;/2/ / 97:=3F/ C<9A3 / 23@9<1/? =/?/ 17:/ /@
?3@7@AQ;17/@ 2< 5?396/2<? :=B??3 < =BD/2<? 2<
5?396/2<? =/?/ 0/7D< 3 3;1/7D3 /@ ?3@7@AQ;17/@ 2<
5?396/2<?
98>+< /
./=798>+< + :9<>+
.9 09<89
$/?/ 4/1797A/? / 23@:<;A/53: 2/ =<?A/ 3 / 97:=3F/
2<@ C72?<@ P =<@@RC39 23@=?3;23? / =<?A/ 2< 4<?;<
@ 2<0?/27O/@ 2/ =<?A/ 2< 4<?;< 3@AN< 3>B7=/2/@
1<: B:/ /9/C/;1/ 23 09<>B37< '3 / /9/C/;1/ 23
09<>B37< 3@A7C3? 4316/2/ 475B?/ ;N< P =<@@RC39
23@:<;A/? / =<?A/ '3 /0?7? / /9/C/;1/ 23 09<>B37<
=/?/ 23@:<;A/? / =<?A/ 475B?/ /@ 2<0?/27O/@
471/: 09<>B3/2/@ 3@A/ 4<?:/ ;N< =<23:
4316/?@3 0?B@1/:3;A3
/=798>+< + :9<>+
$3?75< 23 93@U3@ '3 /@ 2<0?/27O/@ ;N< 3@A7C3?3:
09<>B3/2/@ 1<: / /9/C/;1/ =<23: 4316/?@3
0?B@1/:3;A3 *3?747>B3 @3:=?3 @3 /@ /9/C/;1/@ 23
09<>B37< 3@AN< 4316/2/@ 3D13=A< >B/;2< 23@:<;A/?
/ =<?A/ 1/@< 3: >B3 /@ /9/C/;1/@ 23C3: 3@A/?
/03?A/@
0?/ A<A/9:3;A3 / =<?A/ 2< 4<?;<
&3A7?3 /@ 2B/@ /9/C/;1/@ 23 09<>B37< @7AB/2/@ K
27?37A/ 3 K 3@>B3?2/ 75B?/ 3163 / =<?A/ 2< 4<?;< /AP /17:/ 75B?/ '35B?3 ;/ =<?A/ 1<: /:0/@ /@ :N<@ 2<@ 2<7@
9/2<@ 3163/ B: =<B1< :/7@ 3 ?3A7?3/
98>+< + :9<>+
*<9A3 / :<;A/? / =<?A/ @35B7;2< <@ :3@:<@ =/@@<@
=39/ <?23: 7;C3?@/
%B/;2< C<9A/? / :<;A/? / =<?A/ C3?747>B3 @3 /@
2B/@ 2<0?/27O/@ 3;1/7D/: 3D/1A/:3;A3 23;A?<
2/@ ?3@=31A7C/@ /03?AB?/@ 75B?/ ?/;6B?/ 7;43?7<? 2/@ 2<0?/27O/@ 23C3 3;1/7D/?
2<@ 2<7@ 9/2<@ 75B?/ '3 /@ 2<0?/27O/@ ;N< 471/?3: 1<??31A/:3;A3
:<;A/2/@ =<23: =?<C<1/? B: 23@/97;6/:3;A< 2/
=<?A/
3163 ;<C/:3;A3 /@ /9/C/;1/@ 23 09<>B37<
75B?/ 3163 / =<?A/ 2< 4<?;<
98>+< /
./=798>+< 9=
@3.<9= .+ :9<>+
/=798>+1/7
$3?75< 23 93@U3@ "N< A<>B3 ;/ 2<0?/27O/ @3 237D/?
1/7? / =<?A/ 7;C<9B;A/?7/:3;A3 <B @3 B:/ 2<0?/27O/
@3 4316/? 0?B@1/:3;A3
C7@3 < '3?C7O< 23 @@7@AQ;17/ (P1;71/
I =<@@RC39 ?3A7?/? <@ C72?<@ 2/ =<?A/ 2< 4<?;< =/?/
4/1797A/? / 97:=3F/
3@:<;A3 / =<?A/ 2< 4<?;< 3 1<9<>B3/ @<0?3 B:
=/;< 1<: < =BD/2<? C<9A/2< =/?/ 0/7D<
3@/=/?/4B@3 / A/:=/ ;/ =/?A3 @B=3?7<? 2/ =<?A/
2< 4<?;< $/?/ A/9 23@/=3?A3 <@ =/?/4B@<@ 2/
3@>B3?2/ 3 2/ 27?37A/ 75B?/ 3C/;A3 3 ?3A7?3 < C72?< @B=3?7<? 75B?/ $/?/ =<?A/@ 1<: A?Q@ C72?<@ 3431AB3 A/:0P: <
@35B7;A3 =/@@<
&3A7?3 < C72?< 75B?/ 98>+1/7
7:=3 <@ C72?<@ 1<: B: 97:=/C72?<@ 3 B: =/;<
@B/C3
"N< BA797F3 =?<2BA<@ 23 97:=3F/ /0?/@7C<@ ;3:
1<??<@7C<@ ?/@=/2<?3@ =/?/ C72?< ;3: 3@4?35U3@ 23
:3A/9 2B?<@ =<?>B3 =<23 2/;7471/? < C72?<
$/?/ =<?A/@ 1<: 2<7@ C72?<@ 3431AB3 <@ =/@@<@ / ;A?<2BF/ < C72?< =/?/ A?L@ 7;197;/;2<< 75B?/ *3?747>B3 @3 / 7;@1?7ON< &756A/0<C3 @3 @7AB/ 3:
17:/ 2< 9/2< 27?37A<
;A?<2BF/ < C72?< @B=3?7<? =/?/ A?L@ 7;197;/;2<<
<: / @B=3?4R173 97@/ C<9A/2/ =/?/ 4<?/
<9<>B3 3 3;?<@>B3 / A/:=/
!<;A3 / =<?A/ 2< 4<?;<
)96>/ + ?>363D+< 9 09<89 ;?+8.9 9= @3.<9=
/=>3@/</7 ./@3.+7/8>/ 798>+.9=
(7+ +897+63+ ;?/ 0+D/<
@ /;<:/97/@ @N< :B7A/@ C3F3@ @7:=93@ 23 ?3@<9C3?
;A3@ 23 1<;A/1A/? < '3?C7O< 23 @@7@AQ;17/ (P1;71/
A3;A3 397:7;/? / /;<:/97/ 1<: / /8B2/ 2/ A/039/
'+,/6+ ./ +@+<3+=
+,*)'
20 -,00>3#)
,)2;@#0'+01/2;@#0
% 3<?;< ;P< 3B;06<;.
D6@A2 B:. 3.95. ;<
3B@TC29
,2?636>B2 ;. 0.6D. 12 3B@TC26@ @2 <
3B@TC29 0<??2@=<;12;A2 2@AN 2: /<.@
0<;16QW2@
.95. 12 0<??2;A2
,2?636>B2 @2 . 9BF 1. 0<F6;5. 2 <@
<BA?<@ 2920A?<1<:R@A60<@ 1. 0<F6;5.
2@AP< . 3B;06<;.?
$< 0.:=< 12 6;160.QP< .02;12Z@2
B: F2?<
.95. 12 0<??2;A2
<;36?:2 0<: . A209. 0
% 3<?;< ;P< .>B202
%@ 0<;A.0A<@ AS: =V
(<12 <@ :.;T=B9<@ ?2=2A61.:2;A2 12
B: 9.1< =.?. < <BA?<
/8=+1/7 ./ /<<9
'3 @B?57? ;< 1/:=< 23 7;271/ON< / :3;@/53: 23
3??< “ =?7:/ / A319/ 0 :3;@/53: 23@/=/?313
):/ 4B;ON< 23 A3:=< ?35B9/2/ P /;B9/2/
$/?/ 397:7;/? / 1/B@/ @75/ /@ @35B7;A3@ 7;@A?BOU3@
#+0%#* "# #//,
20 -,00>3#)
,)2;@#0'+01/2;@#0
“
+:. A209. 3<6 =?2:61.
1B?.;A2 12:[email protected]<
A2:=< <B 2@AN A.=.1.
&?6:. A<1.@ .@ A209.@
6;16C61B.9:2;A2 ,2?636>B2 @2 B:.
A209. 360<B =?2@. 2@AN A.=.1. <B @B7.
?.+< + 6I7:+.+
.+ :6+-+ =?:/<39<
.9 09<89
$3?75< 23 16<>B3
@ ?3=/?/OU3@ 7;23C72/@ @N< =3?75<@/@ @
?3=/?/OU3@ @T =<23: @3? 3431AB/2/@ =<? AP1;71<@
3@=317/97F/2<@ 2< '3?C7O< 23 @@7@AQ;17/ (P1;71/
'3 / 9M:=/2/ 2< 4<?;< 3@A7C3? 23A3?7<?/2/ 23C3
@B0@A7ABR9/ I =<@@RC39 /2>B7?7? 9M:=/2/@ 23
@B0@A7AB7ON< ?3@7@A3;A3@ K A3:=3?/AB?/ /A?/CP@ 2<
'3?C7O< 23 @@7@AQ;17/ (P1;71/ <B 3: 9<8/@
3@=317/97F/2/@ )A797F3 /=3;/@ 3@A3 A7=< 23 9M:=/2/@
$3?75< 23 23@1/?5/ 39P1A?71/
3@975B3 < /=/?396< 2/ 1<??3;A3 3?A747>B3@3 23
>B3 3@AL 03: 23@975/2<
<9<>B3 B: =/;< 23 1<F7;6/ 23;A?< 2< 4<?;< 4?7<
=/?/ 3C7A/? 2/;<@
&3A7?3 < C72?< 23 =?<A31ON< 23@3;?<@1/;2<<
=/?/ / 3@>B3?2/
'B0@A7AB/ / 9M:=/2/ =<? B: A7=< 23 9M:=/2/
@3:396/;A3
*<9A3 / 3;?<@1/? < C72?< 23 =?<A31ON<
&3A7?3 < =/;< 23 1<F7;6/ 3 C<9A3 / 975/? < /=/?396<
K 1<??3;A3
)3.<9 ./ :<9>/-KJ9
#@ C72?<@ 23 =?<A31ON< 23A3?7<?/2<@ AQ: 23 @3?
@B0@A7ABR2<@ $<23 <0A3? C72?<@ 23 =?<A31ON< /A?/CP@
2< '3?C7O< 23 @@7@AQ;17/ (P1;71/ ;27>B3 < ;H 2<
=?<2BA< 3 < ;H 23 4/0?71< 2< /=/?396<
&/<@3K9 ./ ==3=>M8-3+ 'L-83-+
# ;<@@< '3?C7O< 23 @@7@AQ;17/ (P1;71/ 3@AL K
27@=<@7ON< 2< BA797F/2<? =/?/ 3431AB/? / ?3=/?/ON< 2<
/=/?396< ?3/97F/? / 1<:=?/ 23 /13@@T?7<@ <B =3O/@ 3
?3/97F/? >B/9>B3? 1<;@B9A/ ?39/17<;/2/ 1<: <@ ;<@@<@
=?<2BA<@ <B @3?C7O<@ $<23 3;1<;A?/? <@ 2/2<@ 2<
;<@@< '3?C7O< 23 @@7@AQ;17/ (P1;71/ ;/
2<1B:3;A/ON< /;3D/
!E .9 :<9.?>9 / 8E ./
0+,<3-9
%B/;2< 1<;A/1A/? < ;<@@< '3?C7O< 23 @@7@AQ;17/
(P1;71/ 7;27>B3 < ;V:3?< 2< =?<2BA< 3 < ;V:3?<
23 4/0?71< 2< /=/?396< 3A7>B3A/ 23
1/?/1A3?R@A71/@ 1<: <@ ;V:3?<@ 1<??3@=<;23;A3@
3@AL @7AB/2/ 2< 9/2< 27?37A< 2/ =<?A/ 2< 4<?;< $/?/
3C7A/? 7;1T:<2<@ 1/@< @38/ ;313@@L?7<
?31<:3;2/@3 >B3 /;<A3 <@ 2/2<@ 2< @3B /=/?396<
03: 1<:< < ;V:3?< 23 A3934<;3 2< '3?C7O< 23
@@7@AQ;17/ (P1;71/ ;< 1/:=< @35B7;A3
$I 1< =?<1BA<
$H )2?C6Q< 12 @@6@AS;06. *R0;60. %
98=/629= :+<+ :9?:+< /8/<13+ / =9,</
9 7/39 +7,3/8>/
"3@A3 1/=RAB9< 2/:<@ 1<;@396<@ @<0?3 1<:< =<B=/?
3;3?57/ 2B?/;A3 < A3:=< 23 1<F32B?/ 03: 1<:<
@<0?3 < :<2< /23>B/2< 23 397:7;/? < /=/?396<
#9?:+< /8/<13+
$?P/>B3O/ < 4<?;< /=3;/@ >B/;2< C3: 7;271/2< ;/
?3137A/ <B ;/@ A/039/@
)A797F3 4<?:/@ 3@1B?/@ 9/1/2/@ <B 3@:/9A/2/@ /
=?3A< 0@<?C3: :396<? < 1/9<?
0?/ / =<?A/ 2< 4<?;< < :3;<@ =<@@RC39 2B?/;A3 <
A3:=< 23 1<F32B?/
'3 A7C3? CL?7<@ 0<9<@ =/?/ 1<F3? 4/O/< 23
=?343?Q;17/ B: / @35B7? /< <BA?< # 4<?;< /7;2/ 3@A/?L
>B3;A3 3@A/ 4<?:/ ?32BF@3 < A3:=< 23 1<F32B?/
=<? 1/2/ 0<9< (/:0P: =<23 1<9<1/? 2B/@ 4<?:/@
?31A/;5B9/?3@ 8B;A/@
"<@ A3:=<@ 23 1<F32B?/ 9<;5<@ =<23 /=/5/? <
4<?;< :7;BA<@ /;A3@ 23 /1/0/? < A3:=< 3
/=?<C37A/? < 1/9<? ?3@72B/9 =/?/ A3?:7;/?
63738+KJ9 ./
</=N.?9=
8J9 :96?/8>/
97:7;3 / 3:0/9/53: 23 4<?:/ 31<9T571/
ó
@A3 /=/?396< 1B:=?3 / 7?31A7C/ 23 &3@R2B<@ 23
>B7=/:3;A<@ 9P1A?71<@ 3 931A?T;71<@ &
@A/ 27?31A7C/ 2347;3 ?35B9/:3;A<@ =/?/
/ ?31719/53: 3 ?3BA797F/ON< 23 /=/?396<@ B@/2<@ 3:
A<2< < A3??7AT?7< 3B?<=3B
'+,/6+= / =?1/=>Q/=
>B7 3;1<;A?/ B:/ @3931ON< 23 =?/A<@ 3 /@ :396<?3@
?35B9/OU3@ =/?/ <@ 1<;43117<;/? $<23 1<;@B9A/? <
A7=< 23 /13@@T?7<@ >B3 @3 =<23 BA797F/? 3 / /9AB?/ / >B3
@3 23C3: 1<9<1/? 9P: 27@@< 3;1<;A?/ @B53@AU3@
@<0?3 <@ ?317=73;A3@ 3 / =?3=/?/ON< 03: 1<:< B:/
=3>B3;/ /8B2/ 1/@< /95< 1<??/ :/9
'3 >B7@3? =?3=/?/? B:/ ?3137A/ =?T=?7/ =<23
<?73;A/?@3 =39/ 7;4<?:/ON< 23 B: =?<2BA<
3>B7C/93;A3 >B3 1<;@A3 2/ A/039/ 23 1<F32B?/
969= / .9K+<3+
9<7+= :+<+ -9D/< 9=
,969=
@ 4<?:/@ :/7@ /23>B/2/@ @N< /@ :3AL971/@ 23 1<?
3@1B?/
<9<>B3 / 4<?:/ @3:=?3 ;/ 5?396/
'+,/6+=
# >B/2?< 23 1<F32B?/ @35B7;A3 4<7 39/0<?/2<
3D19B@7C/:3;A3 / =/?A7? 2/ 1<9<1/ON< 2<@ /97:3;A<@
1<: < 4<?;< 4?7< @@7: =<B=/?L 3;3?57/ '3
=?P/>B313? < 4<?;< <@ A3:=<@ 23 1<F32B?/
7;271/2<@ @N< 3;1B?A/2<@ 3: / :7;BA<@
"/@ A/039/@ =<23 1<;@B9A/? < A7=< 23 />B317:3;A< >B3
:396<? @3 /23>B/ /< A7=< 23 0<9< <B :/@@/ A3:=3?/AB?/ 3 < A3:=< 23 1<F32B?/ 23=3;23: 2/
>B/;A72/23 3 1<;@7@AQ;17/ 2/ :/@@/ $<? 3@A/ ?/FN<
/@ A/039/@ 23 1<F32B?/ 7;271/: @3:=?3 B:/@ :/?53;@
23 A3:=< $?7:37?< 3D=3?7:3;A3 1<: < C/9<? :/7@
0/7D< <: B:/ A3:=3?/AB?/ :/7@ 0/7D/
1<;@35B3@3 B:/ 1<F32B?/ :/7@ B;74<?:3 /@< @38/
;313@@L?7< 2/ =?TD7:/ C3F =<23 /B:3;A/? /
A3:=3?/AB?/
"/ @31ON< <;@396<@ =?LA71<@ =/?/ 1<F32B?/ =<23
3;1<;A?/? :/7@ 7;4<?:/OU3@
,),0 !,*
-/#-/;:,
#* $,/*0
,/* 0, /# %/#)&
)12/
'-, "#
#*-#/12 #*-, "#
.2#!'*#+ / 7
!,6#"2/
1,
*'+21,0
*.?A2
<?:. =.?. A.?A2@ 12
3<95.1239.;1?2@ J 0:
%
2
Z
Z
Z
Z
'B6052
<?:. =.?. A.?A2@ 12
3<95.1239.;1?2@ J 0:
%
Z
Z
<9<@
<?:. =.?. /<9<@
12 3<95.1239.;1?2@ 0:
%
Z
Z
&.?. 0<F2? :.6@ 12 B: /<9< 12 0.1. C2F 0<9<0.? CN?6.@ 3<?:.@ @</?2 . 4?295.
,),0 0, /# ,
1 2)#'/, ",
$,/+,
&6FF.@
*./B926?<
*./B926?< 12 .9B:T;6< A./B926?< 2@:.9A.1<
=9.;<
*./B926?< 12 .9B:T;6< A./B926?< 2@:.9A.1<
3B;1<
)12/
'-, "#
#*-#/12/
.2#!'*#+ 7
1,
#*-, "#
!,6#"2/
*'+21,0
%
Z
Z
2
Z
Z
2
Z
Z
,),0 0, /# ,
1 2)#'/, ",
$,/+,
#.@@. 3<95.1.
*./B926?<
*./B926?< 12 .9B:T;6< A./B926?< 2@:.9A.1<
=9.;<
*./B926?< 12 .9B:T;6< A./B926?< 2@:.9A.1<
3B;1<
#*-, "#
!,6#"2/
*'+21,0
)12/
'-, "#
#*-#/12/
.2#!'*#+ 7
1,
2
Z
Z
2
Z
Z
2
Z
Z
< 0<F6;5.? 2: 1<6@ ;TC26@ 0<9<0.? @2:=?2 < A./B926?< 12 .9B:T;6< ;< ;TC29 6;32?6<? 2 < A./B926?<
2@:.9A.1< 3B;1< @2:=?2 ;< ;TC29 @B=2?6<?
L =<@@TC29 .1>B6?6? B: A./B926?< .1606<;.9 ;B:. 9<7. 2@=206.96F.1. <B ;< )2?C6Q< 12 @@6@AS;06.
*R0;60.
:, # -:#6'+&,0
)12/ '-, "#
#*-#/
.2#!'*#+ 12/ 7
1,
&P< 12 32?:2;A< 0<: 84 *./B926?<
12 3.?6;5.
2@:.9A.1<
=?R.>B206:2;A<
t
Z
&P< 12 :.@@. 32?:2;A.1.
0<: Y84 12 3.?6;5.
=?R.>B206:2;A<
*./B926?<
2@:.9A.1<
t
Z
&P2F6;5<@ = 2D 12 02;A26<
*./B926?<
2@:.9A.1<
t
Z
Z
#*-, "#
!,6#"2/
*'+21,0
$B;0. 126A2 N4B. 16?20A.:2;A2 ;< 6;A2?6<? 1< 3<?;< >B2;A2
,;/'
)12/
'-, "#
.2#!'*#+1,
#*-#/12/ #*-, "#
7
!,6#"2/
*'+21,0
<96;5<@
*./B926?<
A./B926?<@
%
2
Z
Z
Z
Z
)B@=6?<@
*./B926?<
2
Z
Z
)<;5<@
*./B926?<
%
Z
Z
,;/'
<9<@ 12
.:S;1<.
*./B926?<
A./B926?<@
)12/
'-, "#
.2#!'*#+1,
#*-#/12/ #*-, "#
!,6#"2/
7
*'+21,0
%
2
Z
Z
Z
Z
< 0<F6;5.? 2: 1<6@ ;TC26@ 0<9<0.? @2:=?2 < A./B926?< 2@:.9A.1< 2: 06:.
L =<@@TC29 .1>B6?6? <@ A./B926?<@ .1606<;.6@ 0<:< .02@@V?6<@ <=06<;.6@ 2: 9<7.@ 2@=206.96F.1.@
&?1/=>Q/= /
-98=/629= :<H>3-9=
:+<+ + -9D/.?<+
# .2'0#/ 21')'6/ 2* /#!#'1
-/?-/'
&<12 <?62;A.?@2 =<? B: =?<1BA< @2:295.;A2 >B2 2@A27.
6;160.1< ;. A./29. 12 0<F21B?.
,/* "# 3#/'$'!/ 0# , ,), "#
*00 1'" (9 #019 +, -,+1,
+;@ :6;BA<@ .;A2@ 12 A2?:6;.? < A2:=< 12 0<F21B?.
.@@6;.9.1< ;. ?2026A. 2@=2A2 B: =.96A< 12 :.126?. 36;< ;< =<;A<
:.6@ .9A< 1< /<9< )2 .< ?2A6?.? < =.96A< 2@A2 2@A6C2? 96:=< @2:
?2@A<@ 12 :.@@. < /<9< 2@AN =?<;A<
1/1# $'!,2 !&1"
. =?VD6:. C2F =<;5. :2;<@ 9T>B61< <B @292006<;2 B:.
A2:=2?.AB?. 12 0<F21B?. 4?.B@ 6;32?6<? B:=?. 0<: <@
=2?T<1<@ 12 A2:=< 6;160.1<@ ;. ?2026A. =.?. /.A2? . :.@@.
1/1# !/#0!#2 +, !#+1/, *0
+0 ,/"0 1#* *#+,0 )12/
$P< B;A2 . 3<?:. 'B.;1< < /<9< 2@A6C2? 0<F61< 12@=?2;1.<
0<: 0B61.1< 1. 3<?:. 0<: . .7B1. 12 B:. 3.0.
,), $'! "#*0'", !,6'", -,/
!'*
<9<>B2 < /<9< ;B: ;TC29 :.6@ /.6D< ;< 3<?;< @292006<;2 B:.
A2:=2?.AB?. 12 0<F21B?. :.6@ /.6D. 2 126D2< 0<F2? 1B?.;A2
:.6@ A2:=<
,), $'! "#*0'", 0#!,
@=2A2 B: =.96A< CN?6.@ C2F2@ ;< /<9< 7N 0<F61< ,2?A. B:.@
4<A.@ 12 @B:< 12 3?BA. <B 12 .94B:. /2/61. .90<V960. @</?2 <
:2@:< . =?VD6:. C2F @292006<;2 B:. A2:=2?.AB?. 12
0<F21B?. 4?.B@ @B=2?6<? 2 ?21BF. < A2:=< 12 0<F21B?.
-:, ,2 ",;/' -,/ #4#*-),
1/1# "# /#.2#'(:, 1=* ,*
0-#!1, -,/ $,/ *0 -,/ "#+1/,
#01:, -01,0,0 &A*'",0 !,*
6,+0 *,)&"0
. =?VD6:. C2F =<;5. :2;<@ 9T>B61< 2 126D2 < =?<1BA< B:
=<B0< :.6@ 12 A2:=< ;< 3<?;< . B:. A2:=2?.AB?. 6;32?6<? $<@
/<9<@ 0<: 0</2?AB?. :<95.1. 0<F. =?6:26?< . /.@2 2=<6@
2@=.952 @</?2 . /.@2 1< /<9< .:S;1<.@ =60.1.@ <B =P< ?.9.1<
.;A2@ 12 4B.?;202? B:=?. 0<: .@ 6;160.QW2@ 1. ?2026A. 2 <@
A2:=<@ 12 0<F21B?.
0 ,)'+&,0 $'!/* !,6'",0 "#
$,/* '//#%2)/
)292006<;2 B:. A2:=2?.AB?. 6;32?6<? .@@6: <@ /<96;5<@ 360.:
:.6@ B;63<?:2@ <F. <@ /<96;5<@ :.6@ 12960.1<@ 0<: 0.9<?
@B=2?6<? 2 6;32?6<? t . B: ;TC29 % =.=29 C242A.9 >B2 @</?2@@.6
A.:/R: =<12 6;39B2;06.? . 06?0B9.QP< 12 .? <?A2< @2:=?2 M
:2161. 1< A./B926?<
,6'+&,2 #* +>3#'0 "'$#/#+1#0 ,
1 2)#'/, 02-#/',/ ,0 ,)'+&,0
$'!/* *'0 #0!2/,0 ", .2# +,
'+$#/',/
&.?. 0<F6;5.? 2: ;TC26@ 1632?2;A2@ BA696F2 @2:=?2 < .? >B2;A2
2 :/<?. 0<9<>B2 CN?6<@ A./B926?<@ =.?. 0<F2?
@6:B9A.;2.:2;A2 6@@< ;P< @64;6360. >B2 12C.: 2@A.? =?<;A<@ .<
:2@:< A2:=<
!,6#"2/ "# ,),0 *,)&",0
-/,"26 9%2 "# !,+"#+0;:,
0<F21B?. =<12 0?6.? C.=<? 12 N4B. +:. =.?A2 12@A2 C.=<? R
2C.0B.1< =29. =24. 1. =<?A. 1< 3<?;< =<12;1< 0<;12;@.?@2
;< =.6;29 12 0<:.;1<@ <B ;.@ =.?A2@ 3?<;A.6@ 1<@ :VC26@
.17.02;A2@ 2: 3<?:. 12 4<A.@ 12 N4B. @A2 32;V:2;< A2:
6;39BS;06. 3T@60.
+<8/ +@/= :/3B/
%/-3:3/8>/
$<23@3 BA797F/? >B/9>B3? ?317=73;A3 ?3@7@A3;A3 /<
1/9<?
<9<>B3 <@ ?317=73;A3@ @3:=?3 ;< 13;A?< 2/ 5?396/
#@ ?317=73;A3@ 23 C72?< 23C3: @3? 1<9<1/2<@ @<0?3
B: =/;< 23 1<F7;6/ @31< # C72?< =<23 3@A/9/? @3 /
0/@3 23 /=<7< 3@A7C3? 6V:72/ <B 4?7/
8.3-+KQ/= :<H>3-+= :+<+
+==+<
# ?3@B9A/2< 23 B: /@@/2< 23=3;23 2< A7=< 3 2/
>B/972/23 2/ 1/?;3 BA797F/2/
"< 1/@< 2/ =?3=/?/ON< 23 /@@/2<@ 23 1/?;3 :/5?/
/2717<;3 <B 1<963?3@ 23 @<=/ 23 9R>B72< "< 1/@<
2/ 39/0<?/ON< 23 B: 3@AB4/2< 23 1/?;3 /2717<;3 /
1<963?3@ 23 @<=/ 23 9R>B72< 1<;4<?:3 < A/:/;6<
2/ =3O/ 23 1/?;3
#@ =32/O<@ 23 1/?;3 23C3?N< @3? C7?/2<@ /@@7: >B3
A7C3? =/@@/2< :3A/23 2< A3:=< 23 1<F32B?/
):/ C3F =?<;A< 23C3@3 237D/? < /@@/2< ?3=<B@/?
B;@ :7;BA<@ 23;A?< 2< 4<?;< 23@975/2< 1<: /
=<?A/ 4316/2/ 3@A/ 4<?:/ < @B:< 2/ 1/?;3
=<23@3 ?3=/?A7? :396<?
98=/629= :<H>3-9 :+<+
1</62+< 89 1</62+.9<
$?3=/?3 <@ =?/A<@ ;< 5?396/2<? @3:=?3 1<: < 4<?;<
4316/2<
#@ =32/O<@ 23 1/?;3 =/?/ 5?396/? ;< 5?396/2<?
23C3?N< @3? 75B/7@ 3: A3?:<@ 23 5?<@@B?/ 3C3: A3?
B:/ 5?<@@B?/ :R;7:/ 23 3 1: =/?/ >B3 47>B3:
2<B?/2<@ 23 :<2< B;74<?:3 3 1<;@3?C3: A<2< < @3B
@B:< (3:=3?3 <@ 0743@ @T 23=<7@ 23 /@@L9<@
<9<>B3 /@ 4/A7/@ 27?31A/:3;A3 @<0?3 / 5?396/ "<
1/@< 23 >B3?3? 1<F7;6/? B:/ =3O/ 7;A37?/ 1<9<>B3/
;/ =/?A3 13;A?/9 2/ 5?396/ @@7: A3?L B: :396<?
?3@B9A/2< ;A?<2BF7? /2717<;/9:3;A3 < A/0B937?<
3@:/9A/2< ;< ;RC39 @A/ ?31<963 < @B:< 2/ 1/?;3 3
< 4<?;< 471/ :/7@ 97:=<
*7?3 <@ =32/O<@ 23 1/?;3 <B =37D3 @3:=?3 >B3
A7C3?3: =/@@/2< 2<7@ A3?O<@ 2< A3:=< 7;271/2<
?3@7@AQ;17/ 2< 5?396/2<? 975/@3 3 23@975/@3
/BA<:/A71/:3;A3 @A< P ;<?:/9 4?3>BQ;17/ 1<:
>B3 A/9 @B1323 23=3;23 2/ =<AQ;17/ >B3 4<7
@393117<;/2/
# >B/2?< 23 1<F32B?/ @35B7;A3 4<7 1/91B9/2<
3D19B@7C/:3;A3 / =/?A7? 2/ 1<9<1/ON< 2<@ /97:3;A<@
1<: < 4<?;< 4?7< #@ A3:=<@ 23A3?:7;/2<@ ;< >B/2?<
AQ: /=3;/@ B: C/9<? <?73;A/A7C< 3 =<23: C/?7/? 3:
4B;ON< 2/ >B/972/23 3 2/ ;/AB?3F/ 2/ 1/?;3
+<8/
/+#
#0,
#!'-'#+1#
.?;2 12 C.0.
[email protected].
= 2D 0<@A292A.@
84
84
84
"<:/< 12 C.0.
(<@/632 :.9 =.@@.1<
632@ /2: =.@@.1<@
632@ :.9 =.@@.1<@
)12/ '-, "#
#*-#/
.2#!'*#+ 12/ 7
1,
%/#)&",/
2/;:,
#*
*'+21,0
3205.1<
%
%
%
Z
Z
Z
84
84
84
./2?A<
%
%
%
Z
Z
Z
84
./2?A<
7
Z
?295.
?295.
(
(
/+#
#0,
#!'-'#+1#
.?;2 12 =<?0< @2:
A<B06;5< = 2D
=2@0<Q<
84
84
84
.?;2 12 =<?0< 0<:
A<B06;5<
= 2D 9<:/< =2?;.
)12/ '-, "#
#*-#/
.2#!'*#+ 12/ 7
1,
%/#)&",/
2/;:,
#*
*'+21,0
./2?A<
7
7
7
Z
Z
Z
84
84
84
./2?A<
7
7
7
Z
Z
Z
<@A292A.@ 12 =<?0<
3B:.1< 0<: <@@<
84
3205.1<
%
Z
@@.1< 12 0.?;2
=60.1.
4
./2?A<
7
Z
).9@605.@
.=?<D
4
?295.
(
,6A29. .@@.1.
84
84
./2?A<
%
%
Z
Z
&2?;. 12 /<??24<
12@<@@.1.
84
./2?A<
7
Z
,6?2 < ?<@/632 =.@@.1< :2A.12 1< A2:=< *2?:6;.1. . 0<F21B?. 2;C<9C.< 2: =.=29 12 .9B:T;6<
2 126D2< ?2=<B@.? ;< 3<?;< 1B?.;A2 :6;BA<@
.F2? CN?6<@ 0<?A2@ ;. 0.?;2 12 =<?0< $< 0.@< 12 =?2C2? C6?.? . 0.?;2 0<9<>B2. =?6:26?< 0<: .
=292 =.?. /.6D< ;< ?206=62;A2
;A?<1BF. < A./B926?< 2@:.9A.1< ;< ;TC29
@/=
# >B/2?< 23 1<F32B?/ @35B7;A3 4<7 1/91B9/2<
3D19B@7C/:3;A3 / =/?A7? 2/ 1<9<1/ON< 2<@ /97:3;A<@
1<: < 4<?;< 4?7<
@ 7;271/OU3@ @<0?3 < =3@< 2/ A/039/ ?343?3:@3 /
/C3@ @3: ?31637< 3 =?3=/?/2/@ =/?/ /@@/?
'3 @3 /@@/? ;< 5?396/2<? 27?31A/:3;A3 @<0?3 / 5?396/
1<9<>B3 < A/0B937?< 3@:/9A/2< ;/ /9AB?/ < =?3=/?/? =/A< <B 5/;@< =71/? / =393 2/@ /C3@
CL?7/@ C3F3@ =<? 0/7D< 2/@ /@/@ 23@A/ 4<?:/ /
5<?2B?/ =<23 @/7? =3?437A/:3;A3
*7?/? / /C3 7;A37?/ B:/ C3F =/@@/2<@ 2<7@ A3?O<@ 2<
A3:=< 23 1<F32B?/
1/?;3 23 /C3 <0AP: B: 239717<@< 1/@A/;6< 2<B?/2<
3@A/9/27O< @3 23=<7@ 23 A3?:7;/2/ / 1<F32B?/ B;A/?
1<: :/;A375/ L5B/ 1<: @/9 <B 1<: @B:< 23
9/?/;8/
3#0
#0,
#2A.12@ 12
3?.;4<
12 . =21.Q<@
124
?295.
0.1. =21.Q<
7
Z
Z
?.;4< A?6;05.1<
124
?295.
0.1. =21.Q<
7
Z
Z
?.;4< 6;A26?<
12 . B;61.12@
12 84
0.1.
B;61.12
?295.
7
Z
Z
&.A<
84
?295.
7
Z
Z
.;@<
84
?295.
7
Z
Z
&2?B 7<C2:
84
?295.
7
Z
Z
=2?;.@ 12 =2?B
124
?295.
0.1. =21.Q<
7
Z
Z
#/3B/
#!'-'#+1#
)12/ '-, "#
#*-#/12/ 2/;:,
.2#!'*#+ 7
#*
1,
*'+21,0
# >B/2?< 23 1<F32B?/ @35B7;A3 4<7 1/91B9/2<
3D19B@7C/:3;A3 / =/?A7? 2/ 1<9<1/ON< 2<@ /97:3;A<@
1<: < 4<?;< 4?7<
#'4#
#0,
#!'-'#+1#
)12/
'-, "#
#*-#/12/ 2/;:,
.2#!'*#+ 7 +>3#) ", #*
1,
%/#)&",/
*'+21,0
&26D2 .@@.1< ;<
4?295.1<?
12 4
84
84
?295.
(
7
7
Z
Z
Z
Z
Z
&26D2 2: =<@A.@
12 4
?295.
0.1. =<@A.
(
Z
;A?<1BF. < A./B926?< 2@:.9A.1< ;< ;TC29 98=/629= :<H>3-9=
:+<+ 9= +==+.9=
-98@/8-398+3= / 9=
1</62+.9=
, .2"/, "# ,/'#+1;:, +:, &9
/#$#/=+!'0 , -#0, ", 00",
.2# 0# "#0#( -/#-//
&?<4?.:2 < =2@< 6;32?6<? :.6@ =?VD6:< 2 =?<9<;4B2 < A2:=< 12
0<F21B?.
# .2# $,/* 0# -,"# 3#/'$'!/ 0#
, 00", #019 +, -,+1,
+A696F2 B: A2?:V:2A?< =.?. 0.?;2 16@=<;TC29 2: 9<7.@
2@=206.96F.1.@ <B 2320AB2 . G=?<C. 1. 0<952? &?2@@6<;2 <
.@@.1< 0<: . 0<952? )2 . 0.?;2 2@A6C2? 0<;@6@A2;A2 .< @2?
=?2@@6<;.1. =29. 0<952? 2;AP< < .@@.1< 2@AN ;< =<;A< @2 ;P<
12C2?N =2?:.;202? :.6@ .94B: A2:=< ;< 3<?;<
00", $'!,2 "#*0'", #0!2/,
# !/,01 #019 .2#'*" #*
39/',0 -,+1,0
,2?636>B2 @2 . .9AB?. 2 . A2:=2?.AB?. @292006<;.1.@ 2@AP<
0<??20A.@
00", 1#* ,* 0-#!1, *0
, *,)&, #019 .2#'*",
. =?VD6:. C2F BA696F2 B: ?206=62;A2 :.6@ =2>B2;< <B .1606<;2
:.6@ 9T>B61<
00", 1#* ,* 0-#!1, *0
, *,)&, +:, 1#* !,/ # -/#!#
%2",
. =?VD6:. C2F BA696F2 B: ?206=62;A2 :.6<? <B .1606<;2 :2;<@
9T>B61<
, $6#/0# , *,)&, ", 00",
-/,"260# 3-,/ "# 9%2
?.;12 =.?A2 12@A2 C.=<? R 2C.0B.1. .A?.CR@ 1. @.T1. 12
C.=<?2@ =<12;1< 0<;12;@.?@2 ;< =.6;29 12 0<:.;1<@ >B2
2@AN :.6@ 3?6< <B ;.@ =.?A2@ 3?<;A.6@ 1<@ :VC26@ .17.02;A2@ 2:
3<?:. 12 4<A.@ 12 N4B. @A2 32;V:2;< 12C2@2 . :<A6C<@
3T@60<@
<+>38+.9=
=9?006L= >9<<+.+=
# >B/2?< 23 1<F32B?/ @35B7;A3 4<7 1/91B9/2<
3D19B@7C/:3;A3 / =/?A7? 2/ 1<9<1/ON< 2<@ /97:3;A<@
1<: < 4<?;< 4?7<
/1,
#!'-'#+1#
)12/
'-, "#
#*-#/12/ 2/;:,
.2#!'*#+ E +>3#) ", *'+21,0
1,
%/#)&",/
)<B339R@ 1<02@
= 2D @<B339R 12
?2>B267P< 0<: 3?BA.
<?:. =.?. @<B339R@
%
Z
Z
/1,
#!'-'#+1#
)12/
'-, "#
#*-#/12/ 2/;:,
.2#!'*#+ E +>3#) ", *'+21,0
1,
%/#)&",/
?.A6;.1<@ A2:=2?.1<@
0<: 6;4?2162;A2@
0<F6;5.1<@
=2D4?.A6;.1< 12
:.@@.
<?:. =.?. 4?.A6;.?
<B A./B926?<
2@:.9A.1<
%
%
Z
Z
Z
Z
?.A6;.1<@ A2:=2?.1<@
0<: 6;4?2162;A2@ 0?B@
= 2D 4?.A6;.1< 12
/.A.A.@
<?:. =.?. @<B339R@
<B A./B926?<
2@:.9A.1<
7
7
Z
Z
Z
Z
<B?.? A<??.1.@
?295.
(
Z
*<@A.? A<??.1.@
?295.
(
Z
% 4?.A6;.1< ;P< 12C2 A2? B:. .9AB?. @B=2?6<? . 0:
;A?<1BF. < A./B926?< 2@:.9A.1< @2:=?2 ;. .9AB?.
/=-981/6+<
&3A7?3 < /97:3;A< 2/ ?3@=31A7C/ 3:0/9/53:
1<9<>B3< ;B: ?317=73;A3 /23>B/2< 3 23=<7@ @<0?3
/ 5?396/
B:=?/ 1<: /@ 7;271/OU3@ 2< 4/0?71/;A3 >B3
1<;@A/: 2/ 3:0/9/53:
#@ =3?R<2<@ 23 23@1<;539/ON< 23=3;23: 2/
;/AB?3F/ 3 2/ >B/;A72/23 2<@ /97:3;A<@ >B3 23@38/?
23@1<;539/?
/1,
!#00?/',0 )12/
'-, "#
#*-#/12/ 7
.2#!'*#+
1,
)'*#+1, !,+%#)",0
= 2D A.?A2@ 12 ;.A. A.?A2@ 0<: 49.0R
12 05<0<9.A2 <B .QX0.? 3?BA.@
3?.;4< @.9@605.@ 2 0.?;2 =P<
=P2F6;5<@ /<9<@ 2 <BA?<@ /<96;5<@
?295.
B
#.;A2;5. <
0<:.;1< 12
A2:=2?.AB?.
[email protected]<
B/?. <@ .96:2;A<@ 0<;429.1<@ 0<: B:. =29T0B9. .12>B.1. =.?. < :60?<<;1.@ <9<>B2 .@ =2Q.@
12 .C2@ ;< =?.A< 0<: < =26A< C<9A.1< =.?. /.6D<
&/-+<
)@3 /=3;/@ 4?BA/ 3 935B:3@ 3: =3?437A< 3@A/2< 3
9/C3<@ @3:=?3 / 4B;2<
37D3 3@1<??3? 03: / L5B/ 3 @3>B3<@
1<:=93A/:3;A3
B0?/ < A/0B937?< 3@:/9A/2< 3 / 5?396/ 1<: =/=39
C353A/9 <B =/=39 =3?5/:7;6<
/1,
)12/
'-, "#
#*-#/12/
.2#!'*#+ 7
1,
4 12 :.QP@ M@ ?<129.@
2
.=?<D 4 12 =S?.@ 0<?A.1.@ .<@ /<0.1<@ 2
.=?<D 84 12 .:26D.@
2
.=?<D Z
4 12 2?C.@ .?<:NA60.@ 96:=.@
2
.=?<D J 5<?.
!9>+
'3 /@ 4?BA/@ <B <@ 935B:3@ A7C3?3: :B7A< @B:< <B
L5B/ A3: 23 <@ C<9A/? CL?7/@ C3F3@ %B/;2<
3@A7C3?3: @31<@ @3=/?3<@ 7:327/A/:3;A3 2< =/=39
637/8>9=
:<L-9D382+.9=
-981/6+.9=
B:=?/ 1<: /@ 7;271/OU3@ 2< 4/0?71/;A3 >B3
1<;@A/: 2/ 3:0/9/53:
# >B/2?< 23 1<F32B?/ @35B7;A3 4<7 1/91B9/2<
3D19B@7C/:3;A3 / =/?A7? 2/ 1<9<1/ON< 2<@ /97:3;A<@
1<: < 4<?;< 4?7<
/1,
2/;:, #*
&,/0
)12/ '-, "#
#*-#/12/
.2#!'*#+ 7
1,
2/;:, #*
*'+21,0
.A.A.@ 3?6A.@
?295. <B A./B926?<
2@:.9A.1<
%
Z
Z
&6FF.
?295.
%
Z
Z
&6FF.Z/.4B2AA2
?295.
7
Z
Z
<9<>B2 =.=29 C242A.9 @</?2 < .02@@V?6< ,2?636>B2 @2 < =.=29 C242A.9 R < .12>B.1< =.?. 2@A.
A2:=2?.AB?.
!9>+
# A/0B937?< =<23 234<?:/?@3 2B?/;A3 / 1<F32B?/ 23
/97:3;A<@ 1<;539/2<@ @A< 23C3@3 K@ 2743?3;O/@ 23
A3:=3?/AB?/ / >B3 471/: @B837A<@ <@ /13@@T?7<@ 234<?:/ON< 23@/=/?313 2B?/;A3 / 1<F32B?/
9D/.?<+ ./ .9-/=
#</:+<+>3@9=
)A797F3 0<7U3@ 3 /?<@ 23 0<??/16/ 97:=<@ 3 3: =3?437A<
3@A/2< #@ 0<7U3@ 23C3: @3? ;/ :3272/ 2< =<@@RC39
2< :3@:< A/:/;6< #@ C/9<?3@ 2/ A/039/ ?343?3:@3
/ 0<7U3@ ?32<;2<@ 1<: 1/=/172/23 23 97A?<
A3;ON< "N< BA797F3 0<7U3@ 1<: B: A/:/;6< <B
/9AB?/ :/7<? @ A/:=/@ =<23: 3@A/9/?
)@3 /=3;/@ 4?BA/ 3 935B:3@ 3: =3?437A< 3@A/2<
/C3<@ @3:=?3 / 4B;2<
37A3 / 4?BA/ <B <@ 935B:3@ ;<@ 0<7U3@ '3
;313@@L?7< C<9A3 / 97:=/? /@ 0<?2/@ 2<@ 0<7U3@ (Q:
23 3@A/? 97:=/@ <9<>B3 < /?< 23 0<??/16/ 3 / A/:=/
:<96/2<@ @<0?3 < 0<7N< 1637< 3163 <@ 0<7U3@ 1<:
B:/ 0?/O/237?/
"N< 1<9<>B3 :/7@ 23 @37@ 4?/@1<@ /< :3@:< A3:=<
;< 4<?;<
#@ A3:=<@ 7;271/2<@ @N< C/9<?3@ 23 ?343?Q;17/ A3:=3?/AB?/ /:073;A3 < ;V:3?< 23 0<7U3@ 3 /
A3:=3?/AB?/ 2< 1<;A3V2< 2< 0<7N< =<23: /9A3?/?
3@@3@ C/9<?3@ ;A3@ 23 23@975/? < 4<?;< 13?A747>B3@3
23 >B3 < 1<;A3V2< 2<@ 0<7U3@ 3@AL ?3/9:3;A3 /
0<?0B96/?
979 :<91<+7+<
<9<>B3 < A/0B937?< 3@:/9A/2< =9/;< ;/ /9AB?/ $<;6/ <@ 4?/@1<@ @<0?3 < A/0B937?< 23 :<2< / >B3
;N< @3 A<>B3:
37A3 :37< 97A?< 23 L5B/ >B3;A3 /=?<D H ;<
A/0B937?< 3@:/9A/2< =9/;<
3163 / =<?A/ 2< 4<?;<
<9<>B3 < 1<:/;2< 23 4B;OU3@ 3: $
&35B93 < 1<:/;2< 23 A3:=3?/AB?/ 3;A?3 3
H
9D/.?<+ ./ .9-/=
%B/;2< 1<:3O/? / /=/?313? 0<?0B96/@ 23;A?< 2<@
0<7U3@ / 7;A3?C/9<@ 0?3C3@ W =/@@/2<@ /
:7;BA<@ W 23@975B3 < 1<:/;2< 23 A3:=3?/AB?/
!/;A3;6/ < 1<:/;2< 23 4B;OU3@ 975/2<
$/@@/2<@ / :7;BA<@ 23 1/9<? ?3@72B/9 2< 4<?;<
?3A7?3 <@ 0<7U3@ 2< :3@:< '3 <@ 237D/? /??34313? ;<
4<?;< 2B?/;A3 B: =3?R<2< 23 A3:=< =?<9<;5/2< 3@AL
/ 4<:3;A/? < /=/?317:3;A< 23 53?:3@ 3 / /172B9/ON<
2< 2<13 3@975B3 < 1<:/;2< 23 4B;OU3@
/21 #* ,'@#0 !,* )'1/, "# !-!'""#
-/1'/ ", -/#!'*#+1,
"0 ,/ 2)&0
.2#!'*#+1,
-,01#/',/
#.QP@ 4?<@295.@ :<?.;4<@
2@964.?
.=?<D :6;BA<@
2?27.@ .9=2?02@ =S@@24<@ 4?<@295.@
2@964.?
.=?<D :6;BA<@
&B?R 12 :.QP =S?.@ .:26D.@
2@964.?
.=?<D :6;BA<@
9D/.?<+ ./ 6/1?7/=
%B/;2< 1<:3O/? / /=/?313? 0<?0B96/@ ;< 0<7N<
?32BF/ / A3:=3?/AB?/ 23 =/?/ H 1<: <
1<:/;2< 23 A3:=3?/AB?/ <;@B9A3 ;/ A/039/ <
:<:3;A< 3: >B3 23C3 23@975/? < 1<:/;2< 23
A3:=3?/AB?/ 37D3 <@ 935B:3@ ;< 4<?;< :/7@ W
:7;BA<@ B?/;A3 3@A3 A3:=< :/;A3;6/ < 1<:/;2<
23 4B;OU3@ 975/2<
#%2*#0 !,* !)", $/', #* ,'@#0
!,* 2* )'1/, "# !-!'""#
-/1'/ ", -/#!'*#+1, "0
,/ 2)&0
B7
.2#!'*#+1,
-,01#/',/
&2=6;<@
Z
.=?<D :6;BA<@
2A2??./. C2?:295.
.=?<D :6;BA<@
.=?<D :6;BA<@
<BC2 12 ?BD29.@
.=?<D :6;BA<@
.=?<D :6;BA<@
267W2@ ;./6Q.@ 0<BC2 9<:/.?1.
.=?<D :6;BA<@
.=?<D :6;BA<@
?C695.@
.=?<D :6;BA<@
.=?<D :6;BA<@
%/>3<+< 9= ,93Q/= .9 09<89
%B/;2< ?3A7?/? <@ 0<7U3@ 2< 4<?;< ;N< <@ 1<9<>B3
@<0?3 B:/ 0/@3 4?7/ ;3: 6V:72/ =<23: 3@A/9/?
973.+= 89<7+63D+.+=
'35B;2< /@ ;<?:/@ " 3 " 9D/<
# >B/2?< 23 1<F32B?/ @35B7;A3 4<7 1/91B9/2<
3D19B@7C/:3;A3 / =/?A7? 2/ 1<9<1/ON< 2<@ /97:3;A<@
1<: < 4<?;< 4?7<
/1,
!#00?/',0 !,+0#)&,0 #
"3#/1=+!'0
)12/ '-, "#
#*-#/12/ 2/;:,
.2#!'*#+ 7
!,6#"2/
1,
#*
*'+21,0
<96;5<@ 12
:.;A264.
*./B926?< 2@:.9A.1< =9.;<
*./B926?< 2@:.9A.1< 3B;1<
*./B926?< 12 .9B:T;6< A./B926?< 2@:.9A.1< =9.;<
*./B926?< 12 .9B:T;6< A./B926?< 2@:.9A.1< 3B;1<
%
%
2
2
<96;5<@ B;61.12@
*./B926?<
<96;5<@
B;61.12@ =<?
A./B926?<
=?R.>B206:2;A<
*./B926?< 12 .9B:T;6< A./B926?< 2@:.9A.1< =9.;<
*./B926?< 12 .9B:T;6< A./B926?< 2@:.9A.1< 3B;1<
<9.05. 12 N4B. 2
@.9
<9< 12 A./B926?<
0<: 32?:2;A<
Z
Z
Z
Z
Z
Z
Z
Z
%
Z
Z
2
Z
Z
2
Z
Z
<?:. 12@:<;ANC29
%
Z
Z
*./B926?< 2@:.9A.1<
*./B926?< 12 .9B:T;6< A./B926?< 2@:.9A.1< =9.;<
*./B926?< 12 .9B:T;6< A./B926?< 2@:.9A.1< 3B;1<
%
2
Z
Z
Z
Z
2
Z
Z
/1,
!#00?/',0 !,+0#)&,0 #
"3#/1=+!'0
#*-#/12/ 2/;:,
)12/ '-, "#
.2#!'*#+ 7
!,6#"2/
1,
#*
*'+21,0
<9< 12 :.QP 0<:
0</2?AB?.
4?295.@ 3<?:.@
12@:<;ANC26@ 12
3<95.1239.;1?2@
J 0:
2
Z
Z
*./B926?< 2@:.9A.1< 3<?:.@ 12@:<;ANC26@ 12
3<95.1239.;1?2@
J 0:
%
Z
Z
< 0<F6;5.? 2: 1<6@ ;TC26@ 0<9<0.? @2:=?2 < A./B926?< 12 .9B:T;6< ;< ;TC29 6;32?6<? 2 < A./B926?<
2@:.9A.1< 3B;1< @2:=?2 ;< ;TC29 @B=2?6<?
<9<>B2 <@ /<9<@ ;. 16.4<;.9 @</?2 <@ .02@@V?6<@
L =<@@TC29 .1>B6?6? .@ 4?295.@ 2 <@ A./B926?<@ 12 3<?;< 0<:< .02@@V?6<@ <=06<;.6@ 2: 9<7.@
2@=206.96F.1.@
</62+<
# >B/2?< 23 1<F32B?/ @35B7;A3 4<7 1/91B9/2<
3D19B@7C/:3;A3 / =/?A7? 2/ 1<9<1/ON< 2<@ /97:3;A<@
1<: < 4<?;< 4?7<
/1,
!#00?/',0
)12/
'-, "# >3#) ",
.2#!' %/#)&",/
*#+1,
<B?.? A<??.1.@
=?R.>B206:2;A< 12
:6;
?295.
(
Z
.:/X?4B2? 12 C6A29. ?295.
B;61.12@
(
Z
,6?2 =.@@.1< :2A.12 1< A2:=< ;A?<1BF. < A./B926?< 2@:.9A.1< @2:=?2 ;. .9AB?.
2/;:,
*'+21,0
%
!
&
#'
(
'
%
%
(&
2>>:AAA,9=-2R2+?=1/<+/>/./
2>>:AAA,9=-2+::63+8-/=-9?5
2>>:AAA,9=-2R/6/-><97/8+1/<-97
2>>:AAA,9=-2R2?3=29?./6345/R+::+<+>/883
2>>:AAA,9=-2R59.38598//>-97
2>>:AAA,9=-2R2@3./@+</<-97
2>>:AAA,9=-2R/.-97
2>>:AAA,9=-2:>
2>>:AAA/6/-><9,9=-2,/
2>>:AAA,9=-2-97+?
2>>:AAA,9=-2R2+?=1/<+/>/+>
2>>:AAA,9=-2/6/-><9.97/=>3-9=-97,<
2>>:AAA,9=-2R297/1<
2>>:AAA,9=-2R+::63+8-/=-97
*# R

Documentos relacionados

Hamlet

Hamlet )' 4(B!(A C 6/ & &/H ; & + A K 4%& &G + I/ J

Leia mais

11/05/2011 Wednesday 12/05/2011 Thrursday

11/05/2011 Wednesday 12/05/2011 Thrursday Moderator: Hélio Fernandes (SP) Debaters: Wesley Max (SP) Henrique Gonçalves (BA)

Leia mais