8K C 8J

Transcrição

8K C 8J
8KC8J;8LE@ÂF<LIFG<@8
<JK8I<M@JK8yG8IK<@EK<>I8EK<;8M@JÂFE%²(('.#;<))8)/;<D8@F;<)'(+#<EÂFGF;<J<IM<E;@;8J<G8I8;8D<EK<
438p±>4B?4280;
›FJ@E;@:8;FI<J=LE;8D<EK8@J;FJ)/G8àJ<J
›FHL<DL;8:FD8J<C<@xÃ<J;<)'(+
›FJGI@E:@G8@JäI>ÂFJ<@EJK@KL@xÃ<J;8L<
">L@8GIÝK@:F;FJ=LE;FJ<JKILKLI8@J
8KC 8J
;8
L E @ ÂF < L IFG <@ 8
XXXCBTGQU
ŐġŶĐŝĂƉĂƌĂŽĞƐĞŶǀŽůǀŝŵĞŶƚŽĞŽĞƐĆŽ͕/W
ŽŚĞƐŝŽŶĂŶĚĞǀĞůŽƉŵĞŶƚŐĞŶĐLJ
www.basf.pt
8KC8JM@JÂF;8<LIFG88)/
<jkXi\m`jkX„gXik\`ek\^iXek\[XM@JÂFE%—(('.#[\))X)/[\dX`f[\)'(+#\efgf[\j\im\e[`[Xj\gXiX[Xd\ek\
I<LK<IJ&9F>;8E:I@JK<C
Jld}i`f
+
,
/
()
(-
(/
)'
)+
)/
*'
*)
*/
C`e_X;`i\kX
8j)/YXe[\`iXj
Fg`e`f1
;lif9Xiifjf
DXgXj[Xj<lifgXj
<ejX`f1
M`i`XkfJfifd\e_f$DXihl\j
FjdXiZfj]le[Xd\ekX`j[XL<
8j`ejk`kl`ƒ‘\j\lifg\`Xj
Gfikl^l\j\jeXL<
Fj(,Xefj[f\lif
Fefmf<iXjdlj
Kl[fjfYi\fj]le[fj\lifg\lj
<eki\m`jkX1
Afj„JXekfjJf\`if
+(
+)
++
+-
+/
,'
,)
,+
,-
,/
-'
-)
-+
--
-/
FJ)/G8àJ<J;8L<
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
.'
.)
.+
.-
./
/'
/)
/+
/-
//
0'
0)
0+
0-
0/
?fcXe[X
?le^i`X
@icXe[X
@k}c`X
C\ke`X
C`kle`X
Clo\dYli^f
DXckX
Gfce`X
Gfikl^Xc
I\`efLe`[f
I\g’Yc`ZX:_\ZX
Ifd„e`X
Jl„Z`X
FjgXˆj\j~gfikX[XL<
=FEK<J\jkXkˆjk`ZXjlk`c`qX[Xje\jk\Ê8kcXj[XLe`f<lifg\`XË1GEL;#Gfi[XkX#FEL#F:;<#:@8Nfic[=XZkYffb#
<lifjkXk#EXk`feDXjk\i#:c`dXk\;XkX<L#8jjfZ`XƒfEXZ`feXc[\AfieX`j[f9iXj`c#E8KF#FYj\imXki`f[Xj;\j`^lXc[X[\j#
:fd`jjf<lifg\`X#gXicXd\ekfjeXZ`feX`j
*
8KC8JM@JÂF;8<LIFG88)/
G<;IF :8D8:?F
5FNPTPVUSB&VSPQB
_YXv! Q^_caeUQF9C±?
`eR\YS_e`U\Q`bY]UYbQfUj
e]Qd\QcTQ5eb_`Q=eYdQ
S_YcQ ]eT_e U] @_bdeWQ\
U^Q5eb_`QQ_\_^W_TUcdQ
T}SQTQ?@QcUcdv]eYd_TYVUbU^dU
^e]Q VQcU Qd`YSQ w `b_SebQ TU e]
^_f_]_TU\_TUSbUcSY]U^d_Y^TejYT_
`U\QY^dUbfU^|z_UhdUb^Q^QcS\vece
\QcTUe]`\Q^_TUbUcWQdUÂ^Q^SUYb_
5cdv^Q]U\X_bTQcXY`†dUcUcQcQYbTU
e]QWbQfUSbYcUÂ^Q^SUYbQ]QcS_^dY
^eQcUWebQ]U^dUU]`b_Ve^TQSbYcU
US_^†]YSQUc_SYQ\5QE^Yz_5eb_`UYQ
`b_ZUd_‹^YS_^_]e^T_QaeUdU]_c_
`bYfY\}WY_TU`UbdU^SUb^z_UcdvdQ]
R}]QQdbQfUccQbe]QVQcU]U\X_b
?Uc`Q|_Ueb_`UeS_^dY^eQQcUbe]
T_c]U\X_bUccdY_cT_]e^T_`QbQcU
=
TU^db_T_Uc`Q|_Ueb_`UeµQc`Ub
debRQ|ŠUc S_^cdQ^dUc TQ US_^_]YQ
]e^TYQ\c_RbUdeT_TUcTUQSbYcUT_
ceR`bY]U Y]`_bdQTQ T_c 5cdQT_c
E^YT_c_bUccebWY]U^d_TQB‹ccYQ^_
`\Q^_US_^†]YS_U^_`\Q^_]Y\YdQbQ
Y^Ãe^SYQSbUcSU^dUTQ3XY^QU_QVQc
dQ]U^d_ `b_WbUccYf_ T_c 5E1 cz_
Q`U^QcQ\We]QcTQcbQjŠUcTU`Uc_
`QbQaeU_`b_ZUd_TUS_^cdbe|z_TQ
E^Yz_5eb_`UYQdYfUccU`UbTYT_RbY\X_
UUc`\U^T_b
=Qc Q SbYcU US_^†]YSQ ]e^TYQ\
]_cdb_e^_cdQ]R}]Qd_T_cS_]_
}VbvWY\_Uc`bYd_c_\YTvbY_aeUVe^
T_eQE^Yz_5eb_`UYQUS_]_}VbvWY\
QSQ`QSYTQTUTUbUcYcd^SYQTQE^Yz_
5eb_`UYQwcTY^x]YSQcTUSbUcSY]U^
yeXj\c\`ƒ‘\j\lifg\`Xjhl\efj
gf[\dfjYXk\igfildX<lifgXd\c_fi%
<„kXdY„dXhl`hl\[\Z`[`dfj#[\
]fidXZX[Xm\qdX`jdXiZXek\#Xm`[X
hl\hl\i\dfjk\i\dGfikl^Xc
fYfUb1E5dU]SQTQfUj]QYc]U]
Rb_c QccY] S_]_ Q J_^Q 5eb_ 5 Q
US_^_]YQ T_c `QbSUYb_c Ueb_`Uec }
e]QTQc]QYcV_bdUcT_]e^T_=Qc
^U]deT_UcdvRU]_efQY`U\_]U\X_b
SQ]Y^X_^UcdU`QbQc_TQDUbbQ
1SbYcUTUSbUcSY]U^d_`QbQ"(5cdQ
T_cQcTYÂSe\TQTUcY^dUb^QcTUWUc
dz_T_Ueb_QTU]_bQ^_`b_SUcc_TU
QT_|z_TU^_fQc`_\dYSQcS_]e^caeU
\XUTUfYQ]dUbceSUTYT_µUaeU_bYWY
^QbQ]US_^dY^eQ]Q`b_TejYbWbQfUc
TUcUaeY\RbY_cbU\QdYf_cTUSbUcSY]U^
d_S_]`UdYdYfYTQTUUTU`b_c`UbYTQTU
+ d_T_]e^T_W\_RQ\?Y^S_]`_bdvfU\
f_\e]UTUTUcU]`bUW_aeUcUfUbYÂSQ
^QE^Yz_QceQY^SQ`QSYTQTUTUY]`_b
^_fQc bUWbQc TU Ve^SY_^Q]U^d_ Q_c
]UbSQT_c Y^dUb^QSY_^QYc µ e]Q VbQ
aeUjQaeUS_]U|QQ\YvcTU^db_TQc
ceQc`b†`bYQcVb_^dUYbQcµQTYÂSe\TQ
TUU]U^S_^dbQb]USQ^Yc]_cTUQ`_Y_
VY^Q^SUYb_QTUaeQT_Uc_\YTvbY_`QbQ
_c`QbSUYb_caeUUcdz_U]cYdeQ|z_TU
VbQWY\YTQTUUS_^†]YSQUÂ^Q^SUYbQQ
]Q^edU^|z_TUbUWbQcaeUUc]QWQ]
cU]]USQ^Yc]_cS_]`U^cQd†bY_cQc
US_^_]YQc ]QYc VbQSQc _ SbUcSU^dU
QRQ^T_^_T_]_TU\_TQTUSYcz_`QbdY
\XQTQ`_bdb_SQS_]_`Y_bT_c]_TU
\_c`_ccfUYc_T_TYbUd†bY_Y^V_b]Q\
TUVQSd_RQcUQT_^Q\UYT_]QYcV_bdU
cz_Q\We]QcTQcUfYT^SYQcTUaeUQ
5eb_`QUcdvT_U^dU
DU]cYT_TYVSY\U^S_^dbQb^UcdU
Uc`Q|_`QbdY\XQT_e]`b_ZUd_]_RY
\YjQT_bSQ`QjTUVQjUbSQYb_RcdvSe\_c
UTUUcdQRU\USUb]UdQc`b†`bYQcQ]
RYSY_cQcUTYW^QcT_c_^X_Ueb_`UeTU
e]QSQcQ‹^YSQWUbYTQQ_cUbfY|_T_c
SYTQTz_c=UdQcSQ`QjUcTUVQjUbS_]
aeU_c5cdQT_c]U]Rb_cTQE^Yz_Uc
aeU|Q]_ccUecY^dUbUccUc`QbdYSe\QbUc
`QbQcUS_^SU^dbQbU]^QS_^cdbe|z_
TU e] `b_ZUd_ S_]e] aeU cUbfU Q
d_T_cU_^TUd_T_cWQ^XQ]5aeU}
`_bYcc_e]`b_ZUd_cecdU^dvfU\QSQ
bY^XQT_`U\_cSYTQTz_cUS_]Vedeb_
WQbQ^dYT_E]`b_ZUd_aeUS_^dY^eU
QcUbUhU]`\_`QbQ_]e^T_TUe]Q
W_fUb^Q|z_`QbdY\XQTQc_\YTvbYQRQ
cUQTQ^_bUc`UYd_US__`UbQ|z_U^dbU
`_f_cUWeQbTYzT_cTYbUYd_cXe]Q^_c
`_\dYS_cUS_^†]YS_cUc_SYQYc
=eYdQ S_YcQ dU] VQ\XQT_ w 5eb_
`Q=Qc^z_Xv_edbQ5}`_bUcdQaeU
dU]_cTU^_cRQdUb1cU\UY|ŠUcUeb_
`UYQcUcdz_Q>z_}^U\QcaeUcUUcW_
dQQRQdQ\XQTUSQTQe]TU^†c`_be]Q
5eb_`Q]U\X_b=Qc}cU]`bUQaeYaeU
cUbU^_fQQ\edQS_^cdQ^dU`U\QbUQÂb
]Q|z_ TQ \YRUbTQTU TQ TU]_SbQSYQ
TQ c_\YTQbYUTQTU U TQ `Qj ^_ Uc`Q|_
Ueb_`Ue 5 dz_ Y]`_bdQ^dU aeQ^d_
Ycc_ } dQ]R}] QaeY SQTQ fUj ]QYc
aeUS_]U|QQ\edQ`U\QS_^aeYcdQTU
]U\X_bUcS_^TY|ŠUcTUfYTQ^_Uc`Q|_
`_bdeWec:v}dU]`_TU_c`_bdeWeU
cUc`UbSURUbU]aeU}QccY]UaeUcUbv
SQTQfUj]QYcQccY]
8C<D8E?8(0,)
9yC>@:8(0,) =I8Ex8(0,)
@KÝC@8(0,)
CLO<D9LI>F(0,)
?FC8E;8(0,)
;@E8D8I:8(0.*
@IC8E;8(0.*
I%LE@;F(0.*
FJ)/;8L<
=@ECÛE;@8(00,
GFIKL>8C(0/-
,%±mX^X
<JG8E?8(0/-
-%±mX^X
>Iy:@8(0/(
+%±mX^X
*%±mX^X
)%±mX^X
(%±mX^X
8KC8JM@JÂF;8<LIFG88)/
JLy:@8(00,
ÝLJKI@8(00, GlYc`j_\i\;`i\kfi1G\[if:XdXZ_f
;`i\kfi\j8[alekfj1:c}l[`XCfYf\Il`KXmXi\j>l\[\j
<[`kfi<o\Zlk`mf1=`c`g\Clˆj
>XY`e\k\<[`kfi`Xc1Afj„:Xicfj[\MXjZfeZ\cfj:ffi[\eX[fi \;Xe`\cI`ZXi[f<[`kfi<o\Zlk`mf <[`kfiX1Je`XJXgX^\
;\j`^e^i}ÔZf1D`^l\c>Xii`[f
@e]f^iXÔX1ÝcmXifIfj\e[f\DXel\cXKfd„
<[`ƒf[\]fkf^iXÔX1>feƒXcfIfjX[XJ`cmX\[`kfi \=\ieXe[fE\^i\`iX
:fgp[\jb1Il`:XimXc_f
:\ekif[\;fZld\ekXƒf1>\jZf
I\[Xƒf#8[d`e`jkiXƒf\J\im`ƒfj:fd\iZ`X`j1IlX:Xcm\k[\DX^Xc_\j#
e%²)+)#)..'$'))GXƒf[\8iZfjÆK\c%1)(+-0/'''=Xo1)(+-0/
,'';\c\^XƒfEfik\1IlX:fej\c_\`if:fjkX9iX^Xe%²,')Æ++,'$(')
D8KFJ@E?FJK\c\]fe\Æ))'+*.''(#
:?@GI<)''+
<JCFMÝHL@8)''+ <JCFMyE@8)''+ <JKäE@8)''+
?LE>I@8)''+
C@KLÛE@8)''+
C<KäE@8)''+ Gifgi`\k}i`X&<[`kfiX1D<;@GI<JJ$JfZ`\[X[\AfieXcˆjk`ZX\<[`kfi`Xc#
C[X%EG:,'(0(0')*%IlX:Xcm\k[\DX^Xc_\j#e%²)+)#)..'$'))
GXƒf[\8iZfjK\c%1)(+,++'''$=Xo1)(++*,*(0%\dX`c1
`glYc`j_`e^7`dgi\jX%gk
>\i†eZ`X[XD<;@GI<JJ=iXeZ`jZfG`ekf9Xcj\df#=iXeZ`jZfDXi`X
9Xcj\df#G\[ifEfikfe#GXlcf[\JXc[Xe_X#Afj„=i\`i\#ClˆjDXihl\j#
=iXeZ`jZfG\[if9Xcj\df#DXik`d8m`cc\q=`^l\`i\[f#IXlc:XimXc_f
[XjE\m\j
:fdgfj`ƒf[f:Xg`kXc[X<ek`[X[\Gifgi`\k}i`X
:Xg`kXcJfZ`Xcö.+%.+/#0'2@dgi\jXGlYc`j_`e^#J8$(''
GL9C@:@;8;<1K\c%1)(+-0/))/Æ=Xo1)(+-0/,+*C`jYfX %
K\c%1))'+*.'*'Æ=Xo1))/*+.,,/Gfikf %
G\[if=\ieXe[\j;`i\kfi:fd\iZ`Xc g\[if]\ieXe[\j7j`Z%gk2
DXi`XAff:fjkX;`i\kfiX:ffi[\eX[fiX daZfjkX7`dgi\jX%gk2:XicfjMXif
;`i\kfi ZmXiXf7`dgi\jX%gk2DXi`XAffAfi^\;`i\kfiX daafi^\7`dgi\jX%gk2Clˆj
9XiXkXcYXiXkX7`dgi\jX%gk#D`^l\cK\`o\`iX;`e`q:fekXkfj d[`e`q7`dgi\jX%gk2
<c`jXY\k\8eXZc\kf>\jkfiX[\GlYc`Z`[X[\ \XeXZc\kf7`dgi\jX%gk#Afj„8eke`f
Cfg\j:ffi[\eX[fi[\DXk\i`X`j afj\X7`dgi\jX%gk
;\c\^XƒfEfik\1Ûe^\cX8cd\`[X;`i\kfiX:ffi[\eX[fiX;\c\^XƒfEfik\ XXcd\`[X7`dgi\jX%gk2D`^l\c8ifjf:fekXZkfj dXifjf7`dgi\jX%gk2DXi^Xi`[X
MXjZfeZ\cfj>\jkfiX[\:fekX dmXjZfeZ\cfj7`dgi\jX%gk2@c[XI`Y\`if8jj`jk\ek\\
:fffi[\eX[fiX[\DXk\i`X`j;\c\^XƒfEfik\ `ddi`Y\`if7`dgi\jX%gk
GIF;LxÂF1DXel\cGXii\`iX;`i\kfi #DXel\c=\ieXe[\j;`i\kfi8[alekf #
AffGXlcf9Xkcc\p=fek\Elef>feƒXcm\jGif[lkfi\j :@I:LC8xÂF\8JJ@E8KLI8J1G\[ifD%=\ieXe[\j;`i\kfi #Afj„G`e_\`if
:`iZlcXƒf #?\c\eXDXkfjfXk\e[`d\ekfXfXjj`eXek\ 2K\c%1.'.)''*,'#)(+-0
//'([`Xj’k\`j[Xj0_~j(0_\j}YX[fj[Xj0_~j(._ Æ=Xo1)(+-0/,'(%
GFCäE@8)''+
I<G%:?<:8)''+
:IFÝ:@8)'(*
8k\e[`d\ekfXfGfekf[\M\e[X1gfekf[\m\e[X%`g7`dgi\jX%gk
@dgi\jjf1C`j^i}ÔZXÆ:XjXc[\JkX%C\fgfc[`eXÆ).+,Hl\clq[\9X`of%;`jki`Yl`ƒf1
M8JGDCG#D\[`XCf^`jk`ZjGXib#Hl`ekX[f>iXaXc%M\e[XJ\ZX#).*0$,((8^lXcmX$:XZ„d
K\c%1)(+**.'''%Gfekfj[\M\e[X1ZfekXZkZ\ek\i7mXjg%gkÆK\c%1/'/)'-,+,#
=Xo1/'/)'-(**
I\^`jkfeX<I:Zfdfef(()*+/
;\gj`kfC\^Xce%²().0-(&0/Æ@JJEe%²'/.)$*,+'
/%±mX^X
.%±mX^X
D8CK8)''+ \dX`c1Xgf`f%Zc`\ek\%`g7`dgi\jX%gk
8Z\[XXnnn%Xjj`e\aX%gk<em`f[\G\[`[fj1D\[`gi\jjÆJfZ`\[X[\AfieXcˆjk`ZX\
<[`kfi`Xc#C[XÆI\d\jjXC`mi\(()'Æ)..($0-'GXƒf[\8iZfj
9LC>ÝI@8)''. IFDyE@8)''.
,
A Agência para o Desenvolvimento e
Coesão, I.P. tem por missão coordenar
a política de desenvolvimento regional e assegurar a coordenação geral
dos Fundos Europeus Estruturais e
de Investimento (FEEI). Resulta da
fusão de três entidades públicas: o
IFDR – Instituto Financeiro para o Desenvolvimento Regional, I.P., o IGFSE
– Instituto de Gestão do Fundo Social
Europeu, I.P. e a Estrutura de Missão
do Observatório do QREN.
A nova Agência pretende afirmar-se
pela excelência na gestão dos fundos
europeus e apoiar com maior alcance
PUB
as políticas de desenvolvimento regional sustentável, designadamente
através da conceção e promoção de
instrumentos de base territorial que
visem a valorização do território.
Inserida no âmbito da Presidência
do Conselho de Ministros e sob tutela do Ministro-Adjunto e do Desenvolvimento Regional, a Agência
é um instituto público de regime especial, dotado de autonomia administrativa e financeira e património
próprio, com capacidade jurídica de
intervenção sobre todo o território
nacional.
CONTACTOS
Avenida 5 de Outubro, n.º 153
1050-053 LISBOA
Telef.: 218 814 000
Fax: 218 881 111
[email protected]
www.adcoesao.pt
8KC8JM@JÂF;8<LIFG88)/
AFJyD8EL<C;LI ÂF98IIFJF!
0RVFRVFSFNPTQBSBB6&
E
_c‹\dY]_cTUjQ^_cQ
E^Yz_ 5eb_`UYQ E5
`Qcc_e `_b Y^‹]UbQc
]eTQ^|QcQ_^fU\US_
^†]YS_`_\dYS_UY^c
dYdeSY_^Q\4UQS_^dUSY]U^d_caeUZv
^_c`QbUSU]dz_\_^W^ae_cµS_]_
_Q\QbWQ]U^d_TQE^Yz_5eb_`UYQQ!#
^_f_c`QcUcµQd}wSbYcUÂ^Q^SUYbQU
US_^†]YSQQfUbTQTU}aeUQ5eb_`Q
U^VbU^d_e e] SYS\_ aeU S_^cdYdeYe
dQ\fUj_]QYcTYVSY\dUcdUwceQS_Ucz_
TUcTU_Y^SY_T_`b_SUcc_TUY^dUWbQ
|z_ ^_c Q^_c % T_ c}Se\_ `QccQT_
@QbQQ\}]TQSbYcUS_^cdYdeSY_^Q\aeU
c†fYbYQQcUbbUc_\fYTQS_]_DbQdQT_
TU<YcR_QTQSbYcUÂ^Q^SUYbQUTQT
fYTQc_RUbQ^QTQaeQ\ZvS_]U|Q]_cQ
cQYbdU]_cbUSU^dU]U^dUQWbQfccY]Q
cYdeQ|z_TUS_^ÃYd_U^dbUQB‹ccYQUQ
ESbx^YQaeU`ŠUQaeUcdz_TQcUWebQ^
|QUeb_`UYQTU^_f_^Q_bTU]T_TYQ
CUbYQY^W}^e_`U^cQbaeU`Qccv]_c
`_bUcdQcSbYcUccU]cU^dYb_ccUecUVUY
d_c@U\_S_^dbvbY_QcS_^cUae^SYQc
TQSbYcUUS_^†]YSQµTQaeQ\bU\U]
RbUcUQE5^z_V_YQSQecQ]QccY]
QfdY]QµV_bQ]^UWQdYfQcU^z_c_
]U^dU^_c`QcUcc_RQeh\Y_Â^Q^SUY
b_BUQSU^TUbQ]cUdU^cŠUcU^dbU_c
`QcUc­]QYcbYS_c®U­]QYc`_RbUc®
_cSYTQTz_ccU^dYbQ]cUY^ZecdY|QT_c
_ TUcU]`bUW_ Qe]U^d_e U Q S_Ucz_
c_SYQ\V_YQ]UQ|QTQ=Qcd_TQcQc]_
UTQcd]TeQcVQSUcµU`Ub_T_cTYV
SUYcUcdY]e\Q]Q^_ccQSQ`QSYTQTUTU
e\dbQ`QccQbTYÂSe\TQTUc1ccY]}S_]
Q5eb_`Q*X_ZUS_]`bUU^TUcUS_]_}
WbQ^TUQ^_ccQY^dUbTU`U^T^SYQU^_
WUbQ\S_^S_bTQcUaeUdU]_cTU`b_c
cUWeYbbUV_b]QccUaeUbU]_c]Q^dUb
_c^_cc_c^fUYcTUfYTQ5cdQ]_cdQ]
R}] ]QYc S_^cSYU^dUc aeU Q_ ^fU\
/ Ê8L<„Xc^f[\
dl`kfgi\Z`fjf
hl\[\m\dfj
XZXi`e_Xi#gf`j
~gXik`[Xef
\jk}^XiXek`[f
hl\XjefmXj
^\iXƒ‘\jgfjjXd
Y\e\ÔZ`Xi
[XgXq#[Xj
c`Y\i[X[\j\[X
gifjg\i`[X[\
hl\eXj’ck`dXj
[„ZX[XjX<lifgX
Zfe_\Z\lË
Y^dUb^QSY_^Q\_eQfQ^|Q]_cU]S_^
Ze^d_µS_]_e]R\_S_`_\dYS_UdQ]
R}]`U^cQ^T_Qc}bY_^QcaeUcdŠUcTQ
4UVUcQµ_eU^dz_S_bbU]_c_bYcS_TU
^_cd_b^Qb]_cYbbU\UfQ^dUc=Qce]Q
S_YcQ}UcdQb]_cS_^cSYU^dUc_edbQ
S_YcQ}TUSYTYb]_c]Uc]_Uf_\eYbU]
S_^Ze^d_@QbQYcc_}`bUSYc_f_^dQ
TU`_\dYSQQccU^dU^e]S_^cU^c_dz_
Q]`\_aeQ^d_`_ccfU\
3_^f}]\U]RbQbQaeY\_`QbQaeUQ
E5cUbfU5]`bY]UYb_\eWQb`QbQWQ
bQ^dYbQ`QjU^dbU`QcUcaeU`QccQbQ]
WbQ^TU`QbdUTUd_TQQceQXYcd†bYQU]
WeUbbQce^cS_]_c_edb_c5]cUWe^
T_\eWQb`QbQ`b_]_fUbQbYaeUjQU
`b_c`UbYTQTUaeUe]]UbSQT_Y^dU
WbQT_`Ub]YdUTQ^T__`_bde^YTQTUc
wcU]`bUcQcUSYTQTz_cTUQSUTUbwc
fQ^dQWU^cTQaeU\UaeU}U]fQ\_b_
]QYcY]`_bdQ^dU]UbSQT_T_]e^T_
5]dUbSUYb_\eWQb`QbQQccUWebQbaeU
_cTYbUYd_cUQc\YRUbTQTUcVe^TQ]U^
dQYccz_bUc`UYdQT_cU]d_T__Uc`Q|_
S_]e]Uc`Q|_UccU_^TUQY^TQ^z_
Xv]eYd_dU]`_ceRcYcdYQ]bUWY]Uc
d_dQ\YdvbY_c _e Qed_bYdvbY_c 1 E5 }
`_bdeT_Ycd_Q\W_TU]eYd_`bUSY_c_
aeUTUfU]_cQSQbY^XQb`_Ycw`QbdYTQ
^z_ Ucdv WQbQ^dYT_ aeU Qc ^_fQc WU
bQ|ŠUc`_ccQ]RU^UÂSYQbTQ`QjTQc
\YRUbTQTUcUTQ`b_c`UbYTQTUaeU^Qc
‹\dY]QcT}SQTQcQ5eb_`QS_^XUSUe
6_YYcc_]Uc]_aeUU]" !"_`b}]Y_
>_RU\TQ@QjS_^SUTYT_wE5^_cfUY_
\U]RbQb
1 E^Yz_ 5eb_`UYQ ^z_ } 2behU\Qc
_e 5cdbQcRebW_ Cz_ _c "( 5cdQT_c
]U]Rb_cU_ccUec% (]Y\XŠUcTUUe
b_`Uec3_^deT_TYjcU]eYd_S_]
]QY_bVbUae^SYQT_aeUUeW_cdQbYQ
aeU ­2behU\Qc® } Se\`QTQ aeQ^T_
Qc S_YcQc ^z_ S_bbU] RU] 8v e]Q
8KC8JM@JÂF;8<LIFG88)/
;lif9XiifjfÊ8jZfej\hl†eZ`Xj[X
Zi`j\\Zfed`ZXÆ[XhlXcXL<ef
]f`XZXljXdXjj`dXmˆk`dXÆ]fiXd
e\^Xk`mXj#\efjfd\ek\efjgXˆj\j
jfYXloˆc`f]`eXeZ\`ifË
0
8KC8JM@JÂF;8<LIFG88)/
U^_b]UdU^T^SYQ`QbQ^QSY_^Q\YjQb
_c hYd_c U Ueb_`UYjQb _c VbQSQcc_c
=eYdQcfUjUccz__c`_\dYS_c^QSY_
^QYcQ`ˆb^_c_]Rb_cTQ5eb_`QQbUc
`_^cQRY\YTQTU`_b`b_R\U]QcaeU^z_
c_eRUbQ]bUc_\fUb
1 fUbTQTU } aeU TebQ^dU Q SbYcU
Q`UcQbTUd_TQcQcSbdYSQcS_^dbQQ
E5cUQSQR_e`_bTUSYTYbcU]`bUQ
VQf_b TU ­]QYc 5eb_`Q® 5] cYdeQ
|ŠUcTUSbYcU}Q5eb_`QaeUcUSXQ
]Q@UbQ^dUQSbYcUVY^Q^SUYbQU`_b
`b_`_cdQTQ3_]Yccz_5eb_`UYQ_c
W_fUb^_c Ueb_`Uec d_]QbQ] TUSY
cŠUcaeUXvQ\We^cQ^_ccUbYQ]Y^Y
]QWY^vfUYcµTUcTUQE^Yz_2Q^SvbYQ
w ^_fQ W_fUb^Q|z_ TQ J_^Q 5eb_
?235VQjQW_bQQce`UbfYcz_T_cRQ^
S_cUeb_`UecUQ3_]Yccz_5eb_`UYQ
fYe_ccUec`_TUbUcbUV_b|QT_cµ`_b
UhU]`\_^QVYcSQ\YjQ|z_Q^dUSY`QTQ
T_c_b|Q]U^d_c^QSY_^QYc?ecUZQ
`UbQ^dUQcTYVYSe\TQTUcQdU^T^SYQ
dU]cYT_TU]QY_bY^dUWbQ|z_U^z_
]U^_c9cd_^z_`_baeQ\aeUbQ]RY
|z_TU]QYcS_]`Ud^SYQc`QbQ_^fU\
Ueb_`Ue]Qc`_baeU`QbQS_^dQb]_c
^_]e^T_W\_RQ\YjQT_TUcdUc}Se\_
`bUSYcQ]_c TQ TY]U^cz_ aeU Q E5
`b_`_bSY_^Q
r`_bYcc_aeUQ`_\dYSQUeb_`UYQZv
^z_cU`_TUS_^cYTUbQbS_]_­`_\dY
SQUhdUb^Q®?c\TUbUcT_cTYfUbc_c
`QcUcTUfU]U^dU^TUb_cUe`Q`U\^z_
c†^_`\Q^_^QSY_^Q\]QccY]e\dQ^U
Q]U^dUwUcSQ\QUeb_`UYQ1ccY]Qc
U\UY|ŠUc`QbQ_@Qb\Q]U^d_5eb_`Ue
cz_]eYd_Y]`_bdQ^dUc`_Yc^_Â^Q\
}UcdU@Qb\Q]U^d_U_c5cdQT_c]U]
Rb_caeUU]S_^Ze^d_US_]RQcUU]
`b_`_cdQcTQ3_]Yccz_d_]Q]QcTU
SYcŠUcaeUQVUdQ]QfYTQTUd_T_c_c
Ueb_`Uec
?c^_cc_cY^dUbUccUcSe\debQUfQ
\_bUcQ`b_hY]Q]^_c]eYd_]QYcT_
aeU ^_c cU`QbQ] r UcdU _ 14> TQ
3_]Yccz_5eb_`UYQ*Q_bU`bUcU^dQb_
Y^dUbUccUUeb_`UeS_]_e]d_T_Q_
WUbQbS_^cU^c_cUUfYdQbQVbQW]U^dQ
|z_FUZQ]cUQcY^YSYQdYfQcU`b_`_c
dQcTUSYcYfQcTQ3_]Yccz_TebQ^dUQ
SbYcUÂ^Q^SUYbQ*cz__c^_f_cY^cdbe
]U^d_c TU UcdQRY\YTQTU VY^Q^SUYbQ
(' Ê8Le`f<lifg\`X
ef„9ilo\cXj
fl<jkiXjYli^f%
Jffj)/
<jkX[fj$d\dYifj
\fjj\lj,'/
d`c_‘\j[\
\lifg\lj%
?}ldX\efid\
k\e[†eZ`XgXiX
eXZ`feXc`qXi
fj†o`kfj\
\lifg\`qXifj
]iXZXjjfjË
;lif9Xiifjf1ÊJ\dXLe`f<lifg\`X#
XjXd\XƒXjj\i`Xddl`kfdX`j]fik\j
\fj\lifg\ljdl`kfdX`j]iXZfjË
_=USQ^Yc]_5eb_`UeTU5cdQRY\YjQ
|z_6Y^Q^SUYbQ_6e^T_5eb_`UeTU
5cdQRY\YjQ|z_6Y^Q^SUYbQU`_cdUbY_b
]U^dU_=USQ^Yc]_5eb_`UeTU5c
dQRY\YTQTU+QbUV_b]QTQW_fUb^Q|z_
US_^†]YSQ+Qe^Yz_RQ^SvbYQ+_S_]
RQdUwUfQcz_ÂcSQ\UQcY^YSYQdYfQc`QbQ
_U]`bUW_T_cZ_fU^c
>z_ ^_c Y\eTQ]_c >UccU ]e^T_
V_bQ^U]d_T_cUcdz_Q^_cc_VQf_b
1`QjQTU]_SbQSYQQ`b_c`UbYTQTU
TQ5eb_`Qd]TUcUbS_^c_\YTQTQcd_
T_c_cTYQcCU]QE^Yz_5eb_`UYQQc
Q]UQ|QccUbYQ]]eYd_]QYcV_bdUcU_c
Ueb_`Uec]eYd_]QYcVbQS_c
1E^Yz_5eb_`UYQ}dQbUVQUhYcdU^
SYQ\?]e^T_UhdUbY_b}]QYcS_]`\U
h_T_aeUXvQ\We^cQ^_cQdbvc4QUS_
^_]YQwWU_`_\dYSQQS_]`UdY|z_Ucdv
SQTQfUj]QYcQSUcQCU^z_TUVU^TUb
]_c_c^_cc_cY^dUbUccUcU_c^_cc_c
fQ\_bUc^Y^We}]_VQbv`_b^†c>z_}
Q\debQTURQYhQb_cRbQ|_c
!Gi\j`[\ek\[X:fd`jjf<lifg\`X
N ÚMERO 9 ERDE ( UROPEU 00 800 6 7 8 9 10 11
8PDFKDPDGDWHOHIyQLFDJUDWXLWDHPSRUWXJXrVSDUDHVFODUHFHUG~YLGDVVREUH
TXDOTXHUDVSHWRGD8(2FHQWURGHFRQWDFWR(XURSH'LUHFWHVWiGLVSRQtYHOWRGRV
RVGLDV~WHLVGDVKjVKRXHP HFHXURSDHXHXURSHGLUHFW
A S UA( UROPA OS SEUS DIREITOS E OPORTUNIDADES NA8(
HFHXURSDHX\RXUHXURSH
A
REDE ( UROPE ' IRECT EM 3 ORTUGAL
,QIRUPDo}HV RULHQWDomR DVVLVWrQFLD H UHVSRVWDV VREUH D 8( DV VXDV LQVWLWXLo}HV
DWLYLGDGHVHSRVVLELOLGDGHVGHILQDQFLDPHQWR HFHXURSDHXSRUWXJDOUHGHVFHGLQGH[BSWKWP C ENTROS DE ' OCUMENTAÇÃO ( UROPEIA
HFHXURSDHXSRUWXJDOUHGHVFHGLQGH[BSWKWP T EAM ( UROPE
HFHXURSDHXSRUWXJDOUHGHVWHDPHXURSDLQGH[BSWKWP ESPAÇOE UROPA
/RFDOGHLQIRUPDomRHGHEDWHVREUHD(XURSDDEHUWRDYLVLWDVHVFRODUHVHDTXDOTXHU
FLGDGmRTXHSURFXUHLQIRUPDomRVREUHD8(QR/DUJR-HDQ0RQQHWHP/LVERD
HFHXURSDHXSRUWXJDOHVSDFRHXURSDLQGH[BSWKWP
C ENTRO DE INFORMAÇÃO ( UROPEIA- ACQUES ' ELORS
ZZZHXURFLGSW
P UBLICAÇÕES GRATUITAS SOBRE A8(
ERRNVKRSHXURSDHX
C OMISSÃO ( UROPEIA- R EPRESENTAÇÃO EM P ORTUGAL
/DUJR -HDQ0RQQHW ƒ3 /LVERD
FRPPUHSOLVERQQH#HFHXURSDHX
)ACEBOOK5HSUHVHQWDomRGD &RPLVVmR
(XURSHLDHP3RUWXJDO
7WITTER#&(B37UHS
<OUTUBE(XURSD&RQVLJR
INSTAGRAM#FRPLVVDRBHXURSHLDBSW
8KC8JM@JÂF;8<LIFG88)/
DXgX
[Xj<lifgXj
Hl\d\jk}eXL<#ef\lif\ef\jgXƒfJZ_\e^\e%
<fj^iXe[\j`e[`ZX[fi\jjfZ`f\Zfed`Zfj
5
1
$+2&)-#
+,''$%'
$$#&&
8
'&*+
*#+
!*
#+'
*#
6
6
'%
3 #
1
6
6
-*+,
6
1
() 6
*,#+$.
-(+,
6
70
#&
-*#)-
1
*!
9
0
8
*-/$+
*+3.#
*$#%
#
1
#$&#-+
5
'(&"!
8
-$#&
#!
$,
,&+
#3+#
8KC8JM@JÂF;8<LIFG88)/
Gif[lkf@ek\ief9ilkfG@9 !
GflgXeƒXj!
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
)+#)'
),#('
)'#)'
))#-'
/#/'
(0#)'
)*#''
)*#''
(/#*'
(/#,'
)+#('
(/#.'
(.#,'
('#)'
?fcXe[X
).#)'
?le^i`X
(0#''
@icXe[X
(+#/'
@k}c`X
(-#0'
C\ke`X
),#)'
C`kle`X
(,#)'
Clo\dYli^f
e%[%
DXckX
()#.'
Gfce`X
(.#*'
Gfikl^Xc
(+#*'
I\`efLe`[f
('#/'
I\g’Yc`ZX:_\ZX
)(#''
Ifd„e`X
)*#)'
Jl„Z`X
)-#/'
!\d[fG@9
Ñ(+-0
Ef_}
?fcXe[X
Ñ**,
Ef_}
?le^i`X
Ñ(+-)
Ñ(,')
@icXe[X
Ef_}
Ñ(,0
@k}c`X
Ñ)/.
Ef_}
C\ke`X
Ñ)0'
Ñ*.)
C`kle`X
Ñ(/.+
Ef_}
Clo\dYli^f
Ñ-'.
Ñ**/
DXckX
Ñ*0*
Ñ./+
Gfce`X
Ñ,-Ñ.,*
Gfikl^Xc
Ñ()-+
Ñ*)'
I\`efLe`[f
Ñ*()
Ef_}
I\g’Yc`ZX:_\ZX
*(,/
Ñ(+*'
Ifd„e`X
Ef_}
Ñ-/+
Jl„Z`X
!:fii`^`[fg\cXgXi`[X[\[fgf[\i[\ZfdgiX
DfikXc`[X[\`e]Xek`c!
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
Ñ)*.)
Ñ)-Ñ*()
Ñ..
Ñ(/
Ñ,/
Ñ(,Ñ0/
Ñ+*
Ñ('+.
Ñ))
Ñ(+.
Ñ(-.)
Ñ)',
Ñ,).
?fcXe[X
Ñ(+,
?le^i`X
Ñ(+*
@icXe[X
Ñ(,-'
@k}c`X
Ñ)/
C\ke`X
Ñ+/
C`kle`X
Ñ*(
Clo\dYli^f
Ñ/
DXckX
Ñ,0+
Gfce`X
Ñ(/*
Gfikl^Xc
Ñ(.**
I\`efLe`[f
Ñ)(*
I\g’Yc`ZX:_\ZX
Ñ)'*
Ifd„e`X
Ñ)0)
Jl„Z`X
!\dd`c_Xi\j[\d`c_‘\j
>Xjkfj\d@em\jk`^Xƒfmj%J\^liXeƒXJfZ`Xc!
JXc}i`fDˆe`df!
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
*#+/
+#)(
+#)*
(,#/#/)
,#0+#(+
-#*,
+#(
*#+
-#/
*#+
*#*+
+#/,
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
)#/)mj%)0#+
)#.-mj%)0#,
(#00mj%*'#+
'#-'mj%(.#.
'#,'mj%))#/
'#.*mj%e%[%
*#'-mj%*+#)
'#-*mj%(/#)
)#((mj%),#'
(#*0mj%)-#(
(#-)mj%(-#(
*#/.mj%*'#'
)#)-mj%**#-
'#-mj%*'#)
?fcXe[X
(#/*mj*)#)
?le^i`X
(#(-mj%)*#'
@icXe[X
(#.0mj%)0#-
@k}c`X
(#)-mj%)0#.
C\ke`X
'#-'mj%(,#(
C`kle`X
'#.0mj%(.#'
Clo\dYli^f (#-*mj%))#,
DXckX
'#-*mj%(/#0
Gfce`X
'#.+mj%(0#)
Gfikl^Xc
(#,0mj%)-#,
I\`efLe`[f (#..mj%).#*
I\g%:_\ZX (#,-mj%)'#+
Ifd„e`X
'#+.mj%(-#*
Jl„Z`X
*#+)mj%)0#-
!<d[fG@9
;„ÔZ\fljlg\iXm`k!
?fcXe[X
*#.
?le^i`X
,#(@icXe[X
*#./
@k}c`X
*#*
C\ke`X
/#(
C`kle`X
-#(
Clo\dYli^f
+#*
DXckX
*#Gfce`X
-#*
Gfikl^Xc
+#,
I\`efLe`[f
+#,
I\g’Yc`ZX:_\ZX
*#.
Ifd„e`X
('#+
Jl„Z`X
)#.*
!Gfi('''eX[fj$m`mfj
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
'#*'
$)#*'
$/#+'
$'#,'
$)#.'
$)#,'
$+#''
$)#)'
$)#)'
$.#*'
(#('
$)#.'
$+#/'
$)#+'
?fcXe[X
?le^i`X
@icXe[X
@k}c`X
C\ke`X
C`kle`X
Clo\dYli^f
DXckX
Gfce`X
Gfikl^Xc
I\`efLe`[f
I\g%:_\ZX
Ifd„e`X
Jl„Z`X
$,#''
$)#*'
$-#-'
$*#''
$'#-'
$'#0'
'#*'
$,#''
$(#/'
$*#-'
$-#('
$'#/'
(#,'
$)#*'
!<d[fG@9
(*
8KC8JM@JÂF;8<LIFG88)/
DXgX
ZfdgXiXk`mf
FjXefj[\\ekiX[XeXLe`f<lifg\`X
\fj`e[`ZX[fi\j[\Y\d$\jkXi
:Xiifj!
,),
,*'
+0)
*-,-'
*++
+.(
*)+
,)'
+/*
+)/
,,+
+/)
e%[%
?fcXe[X
+.)
?le^i`X
*''
@icXe[X
+*.
@k}c`X
-()
C\ke`X
)0,
C`kle`X
,-(
Clo\dYli^f
-.)
DXckX
,-/
Gfce`X
+.'
Gfikl^Xc
++I\`efLe`[f
+,/
I\g’Yc`ZX:_\ZX
+)/
Ifd„e`X
)'(
Jl„Z`X
+-+
!gfi('''_XY`kXek\j
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
-$#&
'&*+
1
#
*-/$+
*#+
0
70
K\c\dm\`j!
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
(+ (/*#.
(/+#(,+#(
(-+#0
(*(#)
(/-#)
(.)#)
()0#+
(+/#'
(,,#0
(,0#*
(.0#.
(,(#/
(,+#-
(,/#0
?fcXe[X
(+0#0
?le^i`X
(,(#,
@icXe[X
(/,#*
@k}c`X
()-#/
C\ke`X
(.(#(
C`kle`X
(0.#(
Clo\dYli^f
(-0#)
DXckX
(+*#'
Gfce`X
(/,#'
Gfikl^Xc
(/+#'
I\`efLe`[f
(,0#.
I\g’Yc`ZX:_\ZX
(*,#0
Ifd„e`X
(-/#Jl„Z`X
!gfi('''_XY`kXek\j
#+'
*#
6
8KC8JM@JÂF;8<LIFG88)/
:fdglkX[fi\j!
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
5
1
$+2&)-#
+,''$%'
8
$#&
5
#$&#-+
*$#%
*+3.#
8
Lk`c`qX[fi\j[\`ek\ie\k!
8c\dXe_X
Ýljki`X
9„c^`ZX
9lc^}i`X
:_`gi\
:if}Z`X
;`eXdXiZX
<jcfm}hl`X
<jcfm„e`X
<jgXe_X
<jke`X
=`ece[`X
=iXeƒX
>i„Z`X
*!
6
9
!*
-(+,
1
*,#+$.
6 #&
1
6
'%
?fcXe[X
0(#)
?le^i`X
),#@icXe[X
,/#)
@k}c`X
*-#.
C\ke`X
*)#.
C`kle`X
)+#)
Clo\dYli^f
-.#*
DXckX
Ef[`jgfeˆm\c
Gfce`X
(-#0
Gfikl^Xc
(/#)
I\`efLe`[f
/'#)
I\g’Yc`ZX:_\ZX
).#+
Ifd„e`X
(0#)
Jl„Z`X
//#(
!gfi('''_XY`kXek\j
'(&"!
8
#!
-,#-'#.
*.#.
((#'
*'#0
(/#'
,+#0
,/#(
+)#,
*0#*
),#,
,'#'
-*#(
0#+
-*+,
6
3 #
/)#,
.)#.
.*#.
+-#'
,*#'
-'#(
//#/
.0#0
-0#*
-,#/
.+#)
/-#0
..#,
++#-
0'#.
?fcXe[X
-,#)
?le^i`X
-0#/
@icXe[X
,*#.
@k}c`X
.(#,
C\ke`X
-)#/
C`kle`X
0'#(
Clo\dYli^f
-*#(
DXckX
-)#,
Gfce`X
,(#*
Gfikl^Xc
/+#.
I\`efLe`[f
-/#I\g’Yc`ZX:_\ZX
+'#'
Ifd„e`X
0'#'
Jl„Z`X
!gfi('''_XY`kXek\j
6
6
,&+
1
$,
#3+#
(,
8KC8JM@JÂF;8<LIFG88)/
M @ I @ 8KF J F I F D < E ? F $ D 8 I H L < J
"&VSPQBWBJNPWFSTF
E
Y^We}]UcdQbvU]S_^
TY|ŠUcTUQ^dUSY`QbaeQ\
_ cU^dYT_ TQ ]eTQ^|Q
aeUYbv_S_bbUbTU`_Yc
TU"%TU]QY_=QcU\Q
Ybv QS_^dUSUb SUbdQ]U^dU dU^T_ ^_
@Qb\Q]U^d_5eb_`Uee]T_ccUecSU^
db_c ^Ufbv\WYS_c ?c Ueb_TU`edQT_c
U\UYd_cU]" )V_bQ]^_^e]QE^Yz_
5eb_`UYQTYVUbU^dU>UccQQ\debQQY^TQ
cUQSbUTYdQfQaeUQe^YTQTUS_^dbQQ
SbYcUUS_^†]YSQUÂ^Q^SUYbQUcdQfQQSY
]QTUaeQ\aeUbS_^cYTUbQ|z_TUY^dU
bUccU^QSY_^Q\_eQd}TQSQ`QSYTQTUTU
Y^V\e^SYQTUVQ|ŠUc`_TUb_cQcS_]_
}_SQc_TQY^ÃeU^dURQ^SQT_c`QcUc
Ueb_`Uec]QYcY]`_bdQ^dUc
?@Qb\Q]U^d_5eb_`UeaeUYbvcUb
U\UYd_U]]QY_TUcdUQ^_fQY]eTQb_
Sebc_TQ^QbbQdYfQTQSbYcUUeb_`UYQ
CUbv e] @Qb\Q]U^d_ aeU bUV\UdYbv Q
bQYfQ_]UT_VQSUQ_Vedeb_U_bUccU^
dY]U^d_TU]eYd_cU\UYd_bUc`_bUccQ
5eb_`QV_bQS_^dbQ_ccUecW_fUb^_c
^QSY_^QYc]QcdQ]R}]S_^dbQQcY^c
dYdeY|ŠUcU_`b†`bY_`b_ZUd_Ueb_`Ue
J8@I;FJFE8D9LC@JDF
;88LJK<I@;8;<
15eb_`QTU" !$fYfU^e]UcdQT_TU
c_^Q]Re\Yc]_>QQ`Qb^SYQ`QbUSU
UcdQb TUc`UbdQ ]Qc fYcdQ TU `Ubd_
`UbSURUcUaeUSQ]Y^XQ^e]`UbYW_
c_UcdQT_TUc_^Q]Re\Yc]_5]SY^S_
Q^_cQE5UU]`QbdYSe\QbQJ_^Q5eb_
dbQ^cV_b]_ecU^e]\eWQb]QYc`_RbU
UY^VU\Yj>z_c†QbYaeUjQTU]eYd_c
`QcUcbUSe_efvbY_cQ^_cS_]__TU
cU]`bUW_QdY^WYe^fUYcTUUcSx^TQ\_
c_RbUdeT_U^dbU_cZ_fU^cUQcY^c
dYdeY|ŠUcT_5cdQT_c_SYQ\S_]U|Q]Q
]_cdbQbÂccebQcaeU\UfQbQ]]Y\XŠUc
Q`b_SebQbQccYcd^SYQTUU]UbW^SYQ
(- Dfjk\`if[fjA\ie`dfj:\i`de`X
[\Xjj`eXkliX[fKiXkX[f[\C`jYfX
U]_bWQ^YjQ|ŠUcÂ\Q^db†`YSQc
? TUc^fU\ U^dbU _c ]QYc bYS_c U
_c ]QYc TUc`b_dUWYT_c Qe]U^dQ U]
d_T_c _c `QcUc U Q_ S_^dbvbY_ TQc
`b_]UccQcTQ]_UTQ‹^YSQQfUbTQTU
}aeU^QJ_^Q5eb_SbUcSUe]QVbQW
]U^dQ|z_VY^Q^SUYbQaeUQ\Y]U^dQQ
TYfUbW^SYQU^dbU_c`QcUcT_SU^db_
U_cTQ`UbYVUbYQ
3_]_ cU Ycc_ ^z_ RQcdQccU Uf_
SQ^T_ Qc c_]RbYQc SU\URbQ|ŠUc TQc
SYTQTUc]UTYUfQYcQdY^WYTQc`U\Q@Uc
dU >UWbQ _c W_fUb^Q^dUc TU 2Ub\Y]
QSQ`YdQ\aeU]Q^TQcU]\YTUbQb^Q
^_fQ 5eb_`Q TQ QecdUbYTQTU _e _c
Reb_SbQdQc`_\dYS_cTQcY^cdYdeY|ŠUc
Ueb_`UYQcTQ3_]Yccz_Q_235^z_
UcaeUSU^T__5eb_Wbe`_SU\URbQ]Qc
fYd†bYQcTQQecdUbYTQTUQ`b_fUYdQ^
T_e]Q\fY_dU]`_bvbY_T_cZeb_c^_
]UbSQT_TQTfYTQSeZ_]}bYd_\XUc}
8KC8JM@JÂF;8<LIFG88)/
AFJy:8ICFJ:8IM8C?F
8L<#\\dgXik`ZlcXiXQfeX<lif#
kiXej]fidfl$j\eldcl^XidX`jgfYi\
\`e]\c`q%EfjXi`hl\qX[\dl`kfj
gXˆj\ji\Zlflm}i`fjXefj#Zfdff
[\j\dgi\^fXk`e^`leˆm\`j[\\jZe[Xcf
UccU^SYQ\]U^dUUcdbQ^X_bUSecQ^T_
QT]YdYbaeU^QTQTUUcdbedebQ\]eT_e
`QbQ]U\X_bTUcTU" )
8EKà;FKFFLM<E<EF
?aeUcU`QbQ_fU^U^_T_Q^dT_d_}
QT_cU>Qc`b†hY]QccU]Q^QccQRU
bU]_ccU_^‹]Ub_TUUeb_TU`edQT_c
U\UYd_c`U\_cWbe`_cUhdbU]YcdQc^Q
SY_^Q\YcdQc `_`e\YcdQc U hU^†V_R_c
cUbv _ ceVYSYU^dU `QbQ TUc`UbdQb _c
TU]_SbQdQcSbYcdz_c _c \YRUbQYc _c
c_SYQ\YcdQcU_cUS_\_WYcdQcT_d_b`_b
T_U^dY_U]aeU]UbWe\XQbQ]_ecU
`_b UhSUcc_ QWbQfQbv QY^TQ ]QYc Q
SbYcUUeb_`UYQQSU\UbQ^T_QU^db_`YQ
U Q TUcQWbUWQ|z_ >Q XY`†dUcU ]QYc
VU\YjT_TUc`UbdQbQ^_fQQWU^TQaeU
`_TUbvcQ\fQbQ5eb_`QTQTUcdbeY|z_
Y]`\YSQbve]Qcec`U^cz_Y]UTYQdQT_
`Ub^YSY_c_UUbb†^U_DbQdQT_?b|Q
]U^dQ\bUSe`UbQ^T__UaeY\RbY_TQc
Y^cdYdeY|ŠUc^_aeQTb_TUe]DbQdQ
T_TU<YcR_QaeUSQbUSUTU`b_Ve^TQc
bUV_b]Qc
?@Qb\Q]U^d_5eb_`UedUbvTUS_^
dbYReYb`QbQaeUQ3_]Yccz_5eb_`UYQ
35cU\YRUbdUTQfQccQ\QWU]`UbQ^dU
aeU]]Q^TQ^_3_^cU\X_5eb_`Ue
?Vedeb_@bUcYTU^dUTQ35dUbvTUS_^
dUb_UhSUcc_TU`b_dQW_^Yc]_QY^TQ
`_bSY]QY^S_]`UdU^dUT_7_fUb^_
Q\U]z_135TUfUbUd_]QbQY^YSYQdYfQ
\UWYc\QdYfQS_\_SQ^T_QcaeUcdŠUcTQ
TfYTQ`‹R\YSQUTQfUbTQTUYbQe^Yz_
RQ^SvbYQ RU] S_]_ _ S_]RQdU Q_
T}ÂSUTU]_SbvdYS_^_SU^db_TUe]
`b_SUcc__^TU_@Qb\Q]U^d_5eb_`Ue
U_3_^cU\X_TQE^Yz_5eb_`UYQU^z_
_3_^cU\X_5eb_`Ue_Se`Q]_`Q\S_
TQcTUSYcŠUc
?`Q`U\T_235`_bcUedeb^_TU
fUbvUcdQb^_SU^db_TQc]UTYTQcaeU
QVQcdQbz_Q5eb_`QT_QRYc]_?235
dUbve]`Q`U\TUSYcYf_^_S_]RQdUQ_
`Uc_]_bdQ\TQTfYTQ]Qc`QbQYcc_
} `bUSYc_ bU]_fUb Q Y^dUb`bUdQ|z_
`Ub^YSY_cQT_cQbdYW_c!"#¥!"%¥U!"'¥
T_ DbQdQT_ TU 6e^SY_^Q]U^d_ TQ
E^Yz_5eb_`UYQaeUS_\_SQ]_235
U]S_\Ycz_S_]Qc`_\dYSQc`‹R\YSQcU
Y]`UTU]Q5eb_`QTUdUbe]QcUWe^
TQ_`_bde^YTQTUE]Q_`_bde^YTQTU
U]aeUQc`Ucc_QcVY^Q\]U^dUdQ]
R}]S_^dU]
E’d\if[\
\lif[\glkX[fj
FGXicXd\ekf<lifg\lmX`
½g\i[\i¾(*ZX[\`iXj
G8àJ
)''0
8c\dXe_X
00
Ýljki`X
(0
9„c^`ZX
))
9lc^}i`X
(/
:_`gi\
-
:if}Z`X
()
;`eXdXiZX
(*
<jcfm}hl`X
(*
<jcfm„e`X
/
<jgXe_X
,+
<jke`X
-
=`ece[`X
(*
=iXeƒX
.+
>i„Z`X
)(
?fcXe[X
)-
?le^i`X
)(
@icXe[X
()
@k}c`X
.*
C\ke`X
0
C`kle`X
()
Clo\dYli^f
-
DXckX
-
Gfce`X
,(
Gfikl^Xc
))
I\`efLe`[f
.*
I\g’Yc`ZX:_\ZX))
Ifd„e`X
**
Jl„Z`X
)'
KFK8C
.-+
)'(+
0(/
)(
(.
((
(*
(*
/
,+
(*
.+
)(
))(
((
.*
/
((
,(
)(
.*
)(
*)
)'
.,(
(.
8KC8JM@JÂF;8<LIFG88)/
: I F E F CF > @ 8
(0,'
;XkXj\jj\eZ`X`j
gXiXXL<
0[\dX`f
;\j[\Xek\j
[X]le[Xƒf
(00'
(0[\ale_f
8Zfi[f[\JZ_\e^\e
\c`d`eXfjZfekifcfj
]ifek\`i`ƒfj#\„
Xjj`eX[fg\cf9\e\clo#
=iXeƒX\8c\dXe_X
Fd`e`jkif[fjE\^Z`fj<jkiXe^\`ifj
]iXeZ†j#IfY\ikJZ_ldXe#[\]\e[\ld
½d\iZX[fZfdld¾eld[`jZlijf\d
hl\gifg‘\ldXle`f\Zfed`ZX
\eki\=iXeƒX\8c\dXe_X%ygfi`jkf
hl\f[`X0[\dX`f„f[`X[X<lifgX
(0/0
(0/.
(0/-
(0/(
0[\efm\dYif
(.[\ale_f
([\aXe\`if
([\aXe\`if
Hl\[X[fDlif[\
9\ic`d
EXjZ\fgif^iXdX
<iXjdljhl\ZfeZ\[\
YfcjXjXfj\jkl[Xek\j
le`m\ij`k}i`fjhl\
[\j\aXd\jkl[Xi]fiX
[fgXˆj
Gfikl^Xc\<jgXe_X
\ekiXd%yX:<<X()
>i„Z`X\ekiXeX:<<
(.\)/[\]\m%
8jj`eX[ff8Zkfèe`Zf#
hl\Zi`Xfd\iZX[f’e`$
Zf<lifg\l\d(00+
*[\flklYif
(00)
.[\]\m\i\`if
(00*
I\le`ÔZXƒf[X
8c\dXe_X
([\aXe\`if
yXjj`eX[ffKiXkX[f[\DXXjki`Z_k#hl\
\ekiX\d(00*\hl\[\Ôe\XjYXj\jgXiX
ldXgfcˆk`ZX\ok\ieX\[\j\^liXeƒXZfdld#
`eZcl`e[fefj[fdˆe`fj[Xaljk`ƒX#Xjjlekfj
`ek\iefj\le`f\Zfed`ZX\dfe\k}i`X%
8:<<gXjjXXZ_XdXi$j\½:fdle`[X[\
<lifg\`X¾
([\aXe\`if
Gfikl^XcXjjld\X
gi\j`[†eZ`X[f:fej\$
c_f[Xj:fdle`[X[\j
<lifg\`Xj
yZi`X[ffd\iZX[f
’e`Zf\lifg\l\#\d
(00*#\ekiX\dm`^fi
fXZfi[fhl\Zi`Xf
<jgXƒf<Zfed`Zf
<lifg\l<<<
)'',
Ale_f
)''+
)''*
;\q\dYif
FlklYif
([\dX`f
8DXZ\[e`XkfieX$j\
gXˆjZXe[`[Xkf~Le`f
<lifg\`X
8Le`f<lifg\`X[}
`eˆZ`fXe\^fZ`Xƒ‘\j
gXiXXX[\jf[X
:if}Z`X\[XKlihl`X%
8:if}Z`XkfieX$j\
gXˆjZXe[`[Xkf~Le`f
<lifg\`X
<ekiX[X\dm`^fi
[fKiXkX[f[\E`Z\
)''.
()[\[\q\dYif
)([\;\q\dYif
)''/
)''0
([\aXe\`if
8jj`eXkliX[X:XikX
[fj;`i\`kfj=le[X$
d\ekX`j[XL<
F<jgXƒfJZ_\e^\e
„XcXi^X[f~<jke`X#
I\g’Yc`ZX:_\ZX#
C`kle`X#?le^i`X#C\$
ke`X#DXckX#Gfce`X#
<jcfm}hl`X\<jcfm„e`X
([\aXe\`if
)'[\efm\dYif
:_`gi\\DXckX\ekiXd
ef<lif
?\idXeMXeIfdglp„
fgi`d\`ifGi\j`[\e$
k\g\idXe\ek\[f
:fej\c_f[XL<\X
Zfd`jj}i`X:Xk_\i`e\
8j_kfeXgi`d\`iX
9lc^}i`X\Ifd„e`X
\ekiXdeXL<\X<jcf$
m„e`XeXQfeX<lif
([\alc_f
EfmXGi\j`[†eZ`X
Gfikl^l\jX[XL<
(/ (*[\[\q\dYif
8jj`eXkliX[fKiXkX[f
[\C`jYfXKiXkX[f
I\]fidX[fi[XL<
:_`gi\#DXckX#I\g’$
Yc`ZX:_\ZX#<jke`X#
?le^i`X#C\ke`X#
C`kle`X#Gfce`X#
<jcfm}hl`X\<jcfm„e`X
X[\i\d~Le`f
()[\[\q\dYif
JlˆƒXX[\i\Xf<jgXƒf
JZ_\e^\e
8KC8JM@JÂF;8<LIFG88)/
(0,(
(0,.
(0-'
(0-)
(/[\XYi`c
),[\dXiƒf
+[\aXe\`if
*'[\alc_f
<dGXi`j#9„c^`ZX#=iXeƒX#I\g’Yc`ZX=\[\iXc[X
8c\dXe_X#@k}c`X#Clo\dYli^f\?fcXe[XgXˆj\j
]le[X[fi\j[XL< Xjj`eXdfkiXkX[f#hl\\ekiX
\dm`^fiXg\eXj\d(0,)#gXiXZi`XiX:fdle`[X$
[\<lifg\`X[f:Ximf\[f8ƒf:<:8 gfild
g\iˆf[f[\,'Xefj%8:<:8]f`\ok`ekX\d)'')
8jj`eXkliX\dIfdX
[fjKiXkX[fjgXiXX
:fdle`[X[\<Zfed`ZX
<lifg\`X:<< \X:f$
dle`[X[\<lifg\`X[X
<e\i^`X8kd`ZX<liXkfd
:i`Xƒf[X8jjf$
Z`Xƒf<lifg\`X
[\:fd„iZ`fC`mi\
<=K8 #[\m}i`fj
gXˆj\j\lifg\lj#e\d
kf[fj[X:<<
Jli^\Xgfcˆk`ZXX^iˆ$
ZfcXZfdldG8: #
gXiXle`]fid`qXiXj
i\^iXj\gi\ƒfjX^iˆ$
ZfcXj\XXlkfjjlÔZ`$
†eZ`XXc`d\ekXi
(0.0
(0.+
(0.*
(0-/
(0-*
.X('[\ale_f
('[\[\q\dYif
([\aXe\`if
([\alc_f
)'[\alc_f
Gi`d\`iX\c\`ƒfgfi
jl]i}^`f[`i\kf[f
GXicXd\ekf<lifg\l
yZi`X[ff=le[f
<lifg\l[\;\j\emfc$
m`d\ekfI\^`feXc#hl\
kiXej]\i\Xgf`fj[Xj
i\^`‘\ji`ZXjgXiXXj
i\^`‘\jgfYi\j
8;`eXdXiZX#X@icXe[X
\fI\`efLe`[fX[\$
i\d~:<<%8gfglcXƒf
[XEfil\^Xi\ZljX#\d
i\]\i\e[f#alekXi$j\Xf
^ilgf
Jlgi\jjf[fj[`i\`kfj
X[lXe\`ifj\eki\fj
j\`j<jkX[fj$d\d$
Yifj#fhl\XYi\ld
\jgXƒf`e„[`kf[\
Zfd„iZ`fc`mi\
8:<<Xjj`eXfj\l
gi`d\`ifXZfi[f
[\Xjj`jk†eZ`XX
(/Xek`^XjZfce`Xj
X]i`ZXeXj
8c\dXe_X#Clo\dYli$
^f#?fcXe[X#Gfikl^Xc
\<jgXe_X
(00-
(00/
(0[\[\q\dYif
*[\dX`f
8;`eXdXiZX#X=`ece$
[`X\XJl„Z`XXjj`eXd
f8Zfi[f[\JZ_\e^\e
((<jkX[fjÝljki`X#9„c^`ZX#=`ece[`X#
=iXeƒX#8c\dXe_X#@icXe[X#@k}c`X#
Clo\dYli^f#GXˆj\j9X`ofj#Gfikl^Xc\
<jgXe_X [\Z`[\dX[fkXiXdf\[X’e`ZX
\daXe\`if[\(000%8\jk\jalekXi$j\$}#\d
)''(#X>i„Z`X
(*[\dXiƒf
<jki\`X[fJ`jk\dX
Dfe\k}i`f<lifg\l
(00,
([\aXe\`if
Ýljki`X#=`ece[`X\
Jl„Z`XalekXd$j\~L<
)-[\dXiƒf
8Zfi[f[\JZ_\e^\e
\ekiX\dm`^fiZfdX
9„c^`ZX#=iXeƒX#
([\dX`f
FC`\Z_k\ejk\`eX[\i\
Xf<jgXƒf<Zfed`Zf
<lifg\l
)-[\dXiƒf
)'')
)'''
([\dX`f
(000
8iiXehl\[f>Xc`c\f#
fj`jk\dX\lifg\l[\
eXm\^XƒfgfijXk„c`k\
([\aXe\`if
([\aXe\`if
([\aXe\`if
Fj\lifjgXjjXdX
Z`iZlcXief[`XX[`X
Gfikl^XcXjjld\X
Gi\j`[†eZ`X[XL<
KiXkX[f[\8d\jk\i[f
\ekiX\dm`^fi
)*[\alc_f
)/[\]\m\i\`if
)*\)+[\dXiƒf
8ZXYXX:fdle`[X[\
[f:Ximf\[f8ƒf
EfkXj\df\[Xj
eXZ`feX`j[\`oXd[\
Z`iZlcXi
yXgifmX[XX<jkiXk„$
^`X[\C`jYfX
F:fej\c_f<lifg\l
[\?\cjˆehl`Xi\Zf$
e_\Z\XKlihl`XZfdf
ZXe[`[XkX~X[\jf
8df\[X’e`ZXgXjjX
Xdf\[XfÔZ`Xc[fj
((<jkX[fj%<f9XeZf
:\ekiXc<lifg\l9:< X
i\jgfej}m\cg\cXgfcˆk`ZX
dfe\k}i`X\lifg\`X
8ckXI\gi\j\ekXek\[X
Le`fgXiXfjE\^$
Z`fj<jkiXe^\`ifj\X
Gfcˆk`ZX[\J\^liXeƒX
([\[\q\dYif
)'('
)'(*
)'(+
<ekiX[X\dm`^fi[f
KiXkX[f[\C`jYfX
([\aXe\`if
([\alc_f
),[\dX`f
8[\jf[X<jke`XXf
<lif%
8[\jf[X:if}Z`X
~L<
Gi`d\`iXj\c\`ƒ‘\j
<lifg\`Xj[\gf`j[X
\ekiX[X\dm`^fi[f
KiXkX[fI\]fidX[fi
[XL<
))[\[\q\dYif
J„im`X„gXˆj
ZXe[`[XkfXd\dYif
[XL<
('[\[\q\dYif
(0
8KC8JM@JÂF;8<LIFG88)/
:fdf]leZ`feX
X<lifgX
Kl[ffhl\gi\Z`jXjXY\ijfYi\fji^fj
\Xj`ejk`kl`ƒ‘\j[XLe`f<lifg\`X
GFIMÛE@8D8@8
8
E^Yz_ 5eb_`UYQ ^z_ } e]
`Qc^z_dU]`bY]UYb_]Y
^Ycdb_^U]bUY^U]@bUcY
TU^dU TQ BU`‹R\YSQ >z_
} e] dUbbYd†bY_ S_] \^WeQ `b†`bYQ
U‹^YSQ^U]S_]e]Qc†]_UTQ­>z_
cQRU]_cUhQSdQ]U^dU_aeU}+U^z_Uc
dQ]_cTUQS_bT_aeQ^d_Q_aeUTUfU
cUb*VUTUbQ\Yc]_Y^dUbW_fUb^Q]U^dQ\
VUTUbQ|z_ S_^VUTUbQ|z_ 5cdQT_ VU
TUbQ\ VUTUbQ|z_ TU 5cdQT_c^Q|ŠUc
]_TU\_ VUTUbQ\ TU WUcdz_ S_^Ze^dQ
TU\UWQ|z_ TU c_RUbQ^YQ Qcc_SYQ|z_
TUc_RUbQ^YQcce`UbUcdQT_bU`‹R\YSQ
Ueb_`UYQ_e_bWQ^YjQ|z_Y^dUb^QSY_
^Q\®UcSbUfYQ]1^Q@Qe\Q2bQ^Tz_U
<ec 6Y\Y`U <_R_6Ub^Q^TUc Q]R_c
T_SU^dUcTQE^YfUbcYTQTUT_=Y^X_
^e]bU\Qd†bY_U^dbUWeUw1ccU]R\UYQ
TQBU`‹R\YSQc_RbU_DbQdQT_TU>YSU
U_Vedeb_TQE5­?ccY^QYc`UbSUdfUYc
Q`_^dQ]^z__RcdQ^dU`QbQe]U^cQY_
TU`QccQWU]`QbQe]QU^dYTQTU
Y^dUb]}TYQU^dbU_5cdQT_^Q|z_U_
cYcdU]QY^dUb^QSY_^Q\*QbUWYz_`_\dYSQ
aeUce`\Q^dQQcS\vccYSQcc_RUbQ^YQc®
S_^S\eQ]_cQed_bUcDU_bYQcw`QbdU
QE^Yz_5eb_`UYQ_bWQ^YjQcUTUV_b]Q
`bvdYSQUS_^SbUdQCQYRQS_]_
=8Q<;FI<J;<ÊC<@JË
1ccUdUY^cdYdeY|ŠUc_VYSYQYcTQE^Yz_
5eb_`UYQcz__@Qb\Q]U^d_5eb_`Ue
_3_^cU\X_5eb_`Ue_3_^cU\X_TQ
E^Yz_5eb_`UYQQ3_]Yccz_5eb_`UYQ
_DbYRe^Q\TU:ecdY|Q_2Q^S_3U^dbQ\
5eb_`UeU_DbYRe^Q\TU3_^dQc
? @Qb\Q]U^d_ 5eb_`Ue @5 TU
cU]`U^XQe]`Q`U\Ve^TQ]U^dQ\^Q
)' Q`b_fQ|z_TQ\UWYc\Q|z_U^_S_^db_\_
_b|Q]U^dQ\TQE^Yz_5eb_`UYQ Ze^
dQ]U^dU S_] _ 3_^cU\X_ TQ E5 U
dQ]R}]Q_^fU\T_S_^db_\_TU]_
SbvdYS_ QccUWebQ^T_ aeU Qc TU]QYc
Y^cdYdeY|ŠUcbUc`UYdQ]QTU]_SbQSYQ
>Qc `b†hY]Qc U\UY|ŠUc Ueb_`UYQc
_cSYTQTz_cT_c`QcUc]U]Rb_cfz_
U\UWUb'%!TU`edQT_c`QbQ_@5`_be]
]Q^TQd_TUSY^S_Q^_c?^‹]Ub_TU
Ueb_TU`edQT_cU\UYd_`_bSQTQ`Qc}
`b_`_bSY_^Q\wceQ`_`e\Q|z_@_bde
WQ\U\UWU"!>_XU]YSYS\__c`Qb\Q
]U^dQbUcUcdz__bWQ^YjQT_c`_bWbe
`_c`_\dYS_cU^z_`_b^QSY_^Q\YTQTU
?@5bUQ\YjQcUccŠUc`\U^vbYQcTe
bQ^dU aeQdb_ TYQc d_T_c _c ]UcUc
UhSUd_ QW_cd_ U] 5cdbQcRebW_
6bQ^|QCUYcfUjUc`_bQ^__cTU`e
dQT_cbU‹^U]cUU]2behU\Qc2}\WY
SQU]cUccŠUcTUT_YcTYQc?cUeb_
TU`edQT_cdQ]R}]TUcU^f_\fU]_cUe
dbQRQ\X_^QcS_]YccŠUc`Qb\Q]U^dQbUc
Uc`USYQ\YjQTQcTQE5
8gi\j`[†eZ`X
[fGXicXd\ekf„
fZlgX[Xgfild
\lif[\glkX[f
`e[`ZX[fg\cf
^ilgfgfcˆk`Zf
dX`fi`k}i`f
9\ic\pdfekF\[`]ˆZ`f\dYc\d}k`Zf„X
j\[\[X:fd`jjf<lifg\`X#\d9ilo\cXj
1`bUcYT^SYQT_@5}_Se`QTQ`_b
e]Ueb_TU`edQT_Y^TYSQT_`U\_Wbe`_
`_\dYS_]QY_bYdvbY_`QbQe]]Q^TQd_
bU^_fvfU\TUT_YcQ^_cU]UY_?QdeQ\
`bUcYTU^dU}_Q\U]z_=QbdY^CSXe\j
?@5S_\QR_bQS_]_3_^cU\X_TQ
E^Yz_5eb_`UYQ^_`b_SUcc_TUS_TU
SYcz_c_RbU_dU_bTU\UWYc\Q|z_TQE5
U ^Q Q`b_fQ|z_ TQc ^_fQc ^_b]Qc _
SXQ]QT_­`b_SUcc_\UWYc\QdYf__bTY
^vbY_®4USYcŠUcY]`_bdQ^dUcS_]_
QQTUcz_TU^_f_c`QcUc`bUSYcQ]TQ
Q`b_fQ|z_T_@Qb\Q]U^d_?c`_TUbUc
T_@5UcdU^TU]cUQ_S_^db_\_TU]_
SbvdYS_TQcY^cdYdeY|ŠUcUeb_`UYQc
?c"(]U]Rb_cTQ3_]Yccz_e]
`_bSQTQ`Qc`_bUhU]`\_^z_`_
TU]Qcce]YbVe^|ŠUccU]QQ`b_fQ|z_
8KC8JM@JÂF;8<LIFG88)/
@ejk`kl`ƒ‘\j
[XLe`f<lifg\`X
:fd`jjf<lifg\`X
9ilo\cXj
:fej\c_f<lifg\l
9ilo\cXj
GXicXd\ekf<lifg\l
<jkiXjYli^f#
9ilo\cXj
:fej\c_f[XLe`f<lifg\`X 9ilo\cXj
Ki`YleXc[\Aljk`ƒX
Clo\dYli^f
Ki`YleXc[\:fekXj
Clo\dYli^f
9XeZf:\ekiXc<lifg\l
=iXeb]lik
8EKäE@FO8M@<I
:fej\c_fj[\D`e`jkifj
T_@5aeUdQ]R}]`_TUV_b|QbQTU
]Yccz_TQ3_]Yccz_QdbQf}cTUe]Q
]_|z_TUSU^cebQ3QRUdQ]R}]Q_c
Ueb_TU`edQT_cQ^Q\YcQb_cbU\Qd†bY_c
TQ 3_]Yccz_ UhQ]Y^Qb Qc `UdY|ŠUc
Q`bUcU^dQTQc `U\_c SYTQTz_c U SbYQb
S_]YccŠUcTUY^ae}bYd_
FIx8D<EKFÁCLG8
? S_^db_\_ _b|Q]U^dQ\ } _edbQ TQc
`bY^SY`QYcQdbYReY|ŠUcT_@5aeUS_^
db_\QQUhUSe|z_T__b|Q]U^d_TQE5U
QfQ\YQQWUcdz_T__b|Q]U^d_Q^dUbY_b
`_b`QbdUTQ3_]Yccz_
1Q`b_fQ|z_T__b|Q]U^d_TQE^Yz_
}`QbdY\XQTQ`U\_@5U`U\_3_^cU\X_TQ
E^Yz_5eb_`UYQS_^XUSYT_Y^V_b]Q\
]U^dUS_]_­3_^cU\X_®r^UcdQY^c
dYdeY|z_aeUcUbU‹^U]_c]Y^Ycdb_cTU
SQTQ5cdQT_]U]Rb_`QbQQT_dQbU]Q
\UWYc\Q|z_Ueb_`UYQUS__bTU^QbU]Qc
`_\dYSQcTQE5?3_^cU\X_bU‹^UcU
U]TUjV_b]Q|ŠUcTYVUbU^dUcTUQS_b
T_S_]_dU]QQR_bTQT_fUbSQYhQ
1cUTU}U]2behU\Qc_^TUcUbU‹^U
fvbYQcfUjUc`_b]c]QcdQ]R}]cU
bUQ\YjQ]bUe^YŠUc^_<ehU]RebW_
1\}]TU`QbdY\XQbQcdQbUVQcTUS_\U
WYc\QT_bUTUQ`b_fQ|z_T__b|Q]U^d_
TQE5S_]_@5_3_^cU\X_S__bTU^Q
Q`_\dYSQUS_^†]YSQTQ5eb_`QQdbQf}c
TQ3_]Yccz_TU1cce^d_c5S_^†]YS_c
U6Y^Q^SUYb_c5S_Â^QccY^QQS_bT_c
U^dbUQE5U`QcUcdUbSUYb_cTUcU^
f_\fUQ@_\dYSQ5hdUb^QUTUCUWebQ^|Q
3_]e]@5C3TQ5eb_`QS_]RQcU
^Qc_bYU^dQ|ŠUcTUÂ^YTQc`U\_3_^cU
\X_5eb_`UeUUcdY]e\QQS__`UbQ|z_
U^dbU_cdbYRe^QYcUQcV_b|Qc`_\YSYQYc
T_c`QcUc]U]Rb_c
=eYdQc TQc TUSYcŠUc T_ 3_^cU\X_
cz_d_]QTQc`_b]QY_bYQaeQ\YVYSQTQ
8jjlekfj>\iX`j
E\^Z`fj<jkiXe^\`ifj
8jjlekfj<Zfed`Zfj\=`eXeZ\`ifj<ZfÔe
Aljk`ƒX\8jjlekfj@ek\iefj`eZcl`e[f
gifk\ƒfZ`m`c
<dgi\^f#Gfcˆk`ZXJfZ`Xc#JX’[\
\:fejld`[fi\j
:fdg\k`k`m`[X[\D\iZX[f@ek\ief#
@e[’jki`X#@em\jk`^Xƒf\<jgXƒf
KiXejgfik\j#K\c\Zfdle`ZXƒ‘\j\<e\i^`X
8^i`ZlckliX\G\jZXj
8dY`\ek\
<[lZXƒf#Alm\ekl[\#:lckliX\
;\jgfikf`eZcl`e[fXl[`fm`jlXc
?^‹]Ub_TUf_d_cTUSQTQ`Qc}`_^
TUbQT_TUV_b]QQVQf_bUSUb_c5cdQ
T_cS_]]U^_c`_`e\Q|z_@_bdeWQ\
dU]!"f_d_c^e]e^YfUbc_TU#%"
5cdUQ^_V_YY^db_TejYT__­cYcdU]Q
TUf_dQ|z_`_bTe`\Q]QY_bYQ®aeUY]
`\YSQe]Q]QY_bYQTU`QcUc`U\_]U
^_c!%UQ]QY_bYQTQ`_`e\Q|z_d_dQ\
TQE5&%AeQ^T_Ucdz_U]SY]Q
TQ]UcQdU]QccU^cfUYcS_]_Q`_\dY
SQUhdUb^Q_eQÂcSQ\YTQTUQcTUSYcŠUc
d]TUcUbd_]QTQc`_be^Q^Y]YTQTU
FGI@E:àG@F;8IFK8K@M@;8;<
1`bUcYT^SYQT_3_^cU\X_}b_dQdYfQ
U^dbU_c"(5cdQT_c]U]Rb_c`_be]
`Ub_T_TUcUYc]UcUc@QbQcUb]QYc
UVYSQj Qc `bUcYT^SYQc b_dQdYfQc cz_
QWbe`QTQc`_bdbc`QcUcaeUTUÂ^U]
QcceQc`bY_bYTQTUcU]S_^Ze^d_
)(
8KC8JM@JÂF;8<LIFG88)/
8^†eZ`Xj[XLe`f<lifg\`X;\jZ\ekiXc`qX[Xj
8^†eZ`X[\:ffg\iXƒf[fjI\^lcX[fi\j[X<e\i^`X8:<I C`lYc`XeX
Fi^Xe`jdf[\I\^lcX[fi\j<lifg\lj[Xj:fdle`ZXƒ‘\j<c\kie`ZXjFI<:< I`^X
:\ekif[\KiX[lƒf[fjFi^Xe`jdfj[XLe`f<lifg\`X:[K Clo\dYli^f
:\ekif<lifg\lgXiXf;\j\emfcm`d\ekf[X=fidXƒfGifÔjj`feXc:\[\]fg JXce`ZX
8^†eZ`X<lifg\`X[\:fekifcf[XjG\jZXj<=:8 M`^f
@ejk`klkf:fdle`k}i`f[XjMXi`\[X[\jM\^\kX`j:GMF 8e^\ij
8^†eZ`X<lifg\`XgXiXXJ\^liXeƒX[X8m`Xƒf<8J8 :fce`X
>XY`e\k\<lifg\l[\8gf`f\dDXk„i`X[\8j`cf<8JF CXMXcc\kkX
:\ekif<lifg\l[\Gi\m\eƒf\:fekifcf[Xj;f\eƒXj<:;: <jkfZfcdf
8^†eZ`X<lifg\`X[XjJlYjkeZ`XjHlˆd`ZXj<:?8 ?\cjˆehl`X
8^†eZ`X<lifg\`X[f8dY`\ek\<<8 :fg\e_X^X
8lkfi`[X[\<lifg\`XgXiXXJ\^liXeƒX[fj8c`d\ekfj<=J8 GXidX
@ejk`klkf<lifg\lgXiXX@^lXc[X[\[\>„e\if<@>< M`ce`lj
FYj\imXki`f<lifg\l[X;if^X\[XKfo`Zf[\g\e[†eZ`X<D:;;8 C`jYfX
8^†eZ`X<lifg\`X[\D\[`ZXd\ekfj<D8 Cfe[i\j
8^†eZ`X<lifg\`X[XJ\^liXeƒXDXiˆk`dX<DJ8 C`jYfX
8^†eZ`X<lifg\`XgXiXXJ\^liXeƒX[XjI\[\j\[X@e]fidXƒf<E@J8 ?\iXbc`fe
8^†eZ`X=\iifm`}i`X<lifg\`X8=< C`cc\
=le[Xƒf<lifg\`XgXiXX=fidXƒf<K= Kli`d
8^†eZ`X<lifg\`XgXiXXJ\^liXeƒX\XJX’[\efKiXYXc_f<L$FJ?8 9`cYXl
<liXkfdJlggcp8^\eZp<J8 Clo\dYli^f
=le[Xƒf<lifg\`XgXiXXD\c_fi`X[Xj:fe[`ƒ‘\j[\M`[X\[\KiXYXc_f
<LIF=FLE; ;lYc`e
8^†eZ`X[fj;`i\`kfj=le[Xd\ekX`j[XLe`f<lifg\`X=I8 M`\eX
8^†eZ`X<lifg\`X[\>\jkf[X:ffg\iXƒfFg\iXZ`feXceXj=ifek\`iXj
<ok\ieXj=IFEK<O MXijm`X
8^†eZ`X[f>EJJ<lifg\l>J8 GiX^X
@ejk`klkf[\?Xidfe`qXƒfefD\iZX[f@ek\iefF?@D 8c`ZXek\
8ZX[\d`X<lifg\`X[\GfcˆZ`X:<GFC ?Xdgj_`i\
Le`[X[\<lifg\`X[\:ffg\iXƒfAl[`Z`}i`X<LIFALJK ?X`X
J\im`ƒf<lifg\l[\GfcˆZ`X<LIFGFC ?X`X
8^†eZ`X\lifg\`XgXiXX^\jkffg\iXZ`feXc[\j`jk\dXj`e]fid}k`Zfj
[\^iXe[\\jZXcXef\jgXƒf[\c`Y\i[X[\#j\^liXeƒX\aljk`ƒX\l$C@J8 KXc`e
J`jk\dX<lifg\l[\Jlg\im`jf=`eXeZ\`iX
:fd`k„<lifg\l[fI`jZfJ`jk„d`Zf<JI9 8lkfi`[X[\9XeZ}i`X<lifg\`X<98 8lkfi`[X[\<lifg\`X[fjJ\^lifj\G\ej‘\j:fdgc\d\ekXi\j
[\I\]fidX<@FG8 8lkfi`[X[\<lifg\`X[fjMXcfi\jDfY`c`}i`fj\[fjD\iZX[fj<JD8 :fd`k„:fealekf[Xj8lkfi`[X[\j<lifg\`Xj[\Jlg\im`jf
8lkfi`[X[\jEXZ`feX`j[\Jlg\im`jf
Gfcˆk`ZX:fdld[\J\^liXeƒX\;\]\jX
8^†eZ`X<lifg\`X[\;\]\jX<;8 @ejk`klkf[\<jkl[fj[\J\^liXeƒX[XLe`f<lifg\`X<L@JJ :\ekif[\JXk„c`k\j[XLe`f<lifg\`X<LJ: )) =iXeb]lik
Cfe[i\j
=iXeb]lik
GXi`j
9ilo\cXj
GXi`j
DX[i`[
D_TQcQcbUe^YŠUcT_c3_^cU\X_cTU
=Y^Ycdb_cTQE5cz_`bUcYTYTQc`U\_
]Y^Ycdb_S_]`UdU^dUT_`QcaeUUhUb
SUQ`bUcYT^SYQ]Qc_3_^cU\X_TU
>UW†SY_c5cdbQ^WUYb_c}cU]`bU`bU
cYTYT_`U\_1\d_BU`bUcU^dQ^dU`QbQ_c
>UW†SY_c5cdbQ^WUYb_cUQ@_\dYSQTU
CUWebQ^|QSQbW_QdeQ\]U^dU_Se`QT_
`U\QRbYdx^YSQ3QdXUbY^U1cXd_^
rUccU^SYQ\^z_S_^Ve^TYb_3_^cU\X_
TQE^Yz_5eb_`UYQS_]_3_^cU\X_
5eb_`Ue_edb_†bWz_Y^cdYdeSY_^Q\TQ
5eb_`QcU]`_TUb\UWYc\QdYf_^_aeQ\
cUbU‹^U]_cSXUVUcTU5cdQT_UTU7_
fUb^_`QbQTUÂ^YbU]Qc`bY_bYTQTUc`_
\dYSQcTQE5>_b]Q\]U^dUbUQ\YjQ]cU
aeQdb_SY]UYbQc`_bQ^_U]2behU\Qc
DQ]R}] `QbdYSY`Q] ^Qc bUe^YŠUc
T_3_^cU\X_5eb_`Ue_@bUcYTU^dUTQ
3_]Yccz_5eb_`UYQ_1\d_BU`bUcU^
dQ^dUTQE5`QbQ_c>UW†SY_c5cdbQ^WUY
b_cUQ@_\dYSQTUCUWebQ^|QU_@bUcY
TU^dUT_3_^cU\X_5eb_`Ueµ]Qc^z_
d]TYbUYd_TUf_d_?QdeQ\`bUcYTU^dU
}_RU\WQ8Ub]Q^fQ^B_]`eiU\UYd_
`QbQe]]Q^TQd_TUT_YcQ^_cU]UY_
bU^_fvfU\`_be]QfUj`U\_3_^cU\X_
5eb_`Ue`_b]QY_bYQaeQ\YÂSQTQ
8>L8I;@Â;FJKI8K8;FJ
1 3_]Yccz_ 5eb_`UYQ } _edb_ T_c
`bY^SY`QYc†bWz_cTQE5e]QTQcceQc
]YccŠUc`bY^SY`QYc}QbU`bUcU^dQ|z_U
QTUVUcQT_cY^dUbUccUcTQE^Yz_5eb_
`UYQ3QTQe]T_c"(S_]YccvbY_caeU
S_]`ŠU]Q_bWQ^YjQ|z_}bUc`_^cvfU\
`_be]QvbUQ`_\dYSQUTUfUTUcU]`U
^XQbQcceQcVe^|ŠUcS_]YcU^|z_bU\Q
dYfQ]U^dUQ_`QcTU_bYWU]
?DbQdQT_TU<YcR_QTYjaeU_^‹
]Ub_TUS_]YccvbY_cTUfUbvcUbYWeQ\Q
T_YcdUb|_cT_c5cdQT_c]U]Rb_c!)
]QcUcdQTUSYcz_^z_U^dbQbv`QbQZv
U]fYW_b1^_]UQ|z_T_cS_]YccvbY_c
aeUcz_U\UYd_c`QbQ]Q^TQd_cTUSY^S_
Q^_cSQbUSUTQQ`b_fQ|z_T_@5
? QdeQ\ `bUcYTU^dU TQ 3_]Yccz_
5eb_`UYQU\UYd_`U\_3_^cU\X_5eb_`Ue
}_`_bdeWec:_c}=Q^eU\4ebz_2Qbb_
c_aeUdUb]Y^Q_cUecUWe^T_]Q^TQd_
TUSY^S_Q^_cU]_edeRb_TUcdUQ^_
4UQS_bT_S_]_DbQdQT_TU<YcR_QQ
U\UY|z_T_^_f_`bUcYTU^dUTQ3_]Yccz_
8KC8JM@JÂF;8<LIFG88)/
`QccQQcUbTQS_]`Ud^SYQT_@5`_b
`b_`_cdQT_3_^cU\X_5eb_`UedU^T_
U]S_^dQ_cbUce\dQT_cTQcU\UY|ŠUc4U
fUbvcUbU\UYd__SQ^TYTQd_T_Wbe`_`_\
dYS_aeUfU^SUbQcUeb_`UYQc
?c S_]YccvbY_c bU‹^U]cU e]Q
fUj `_b cU]Q^Q U] 2behU\Qc ]Qc Q
3_]Yccz_dQ]R}]TYc`ŠUTUcUbfY|_c
^_<ehU]RebW_UTUBU`bUcU^dQ|ŠUc
U]d_T_c_c5cdQT_c]U]Rb_c
1 3_]Yccz_ dU] _ ­TYbUYd_ TU Y^Y
SYQdYfQ®_ecUZQSQRU\XU`b_`_b^_fQ
\UWYc\Q|z_Q_@Qb\Q]U^d_UQ_3_^cU
\X_]QcQ`U^Qcc_RbU]Qd}bYQcaeU^z_
`_ccQ]cUbdbQdQTQcUÂSQj]U^dUQ^fU\
^QSY_^Q\r^USUccvbY_aeU`U\_]U^_c
!$ S_]YccvbY_c S_^S_bTU] S_] e]
`b_ZUd_TU`b_`_cdQTU\UY`QbQaeUU\U
cUZQU^fYQT_`QbQ_3_^cU\X_U_@Qb\Q
]U^d_aeUTUSYTU]QceQQ`b_fQ|z_
DQ]R}]SQRUw3_]Yccz_UcdQRU\U
SUb_RZUdYf_c`_\dYS_cUbU`bUcU^dQbQ
E^Yz_5eb_`UYQY^dUb^QSY_^Q\]U^dU
1U\QR_bQ|z_T__b|Q]U^d_Q^eQ\TQ
E5}_edbQTQcceQcQdbYReY|ŠUc?T_
Se]U^d_}TU`_YcceR]UdYT_wQ`b_
fQ|z_T_@5UT_3_^cU\X_Y^cdYdeY|ŠUc
S_]QcaeQYcUcdQRU\USUQc`bY_bYTQTUc
TUTUc`UcQTQ_bWQ^YjQ|z_13_]Yc
cz_dQ]R}]}Q­WeQbTYzT_cdbQdQT_c®
WQbQ^dY^T_aeUd_T_c_c]U]Rb_cQ`\Y
SQ]Q\UWYc\Q|z_S_]e^YdvbYQ
FJ=@J:8@J;8<LIFG8
>Q VYcSQ\YjQ|z_ T_ _b|Q]U^d_ U T_
Se]`bY]U^d_TQc^_b]QcUeb_`UYQcQ
3_]Yccz_S_^dQS_]_Q`_Y_T_cdbYRe
^QYcUeb_`Uec
CUe]5cdQT_]U]Rb_^z_Q`\YSQb
Q \UWYc\Q|z_ Ueb_`UYQ _ DbYRe^Q\ TU
:ecdY|Q`_TUY]`_b\XUcQ^|ŠUc3QRU
QUcdQY^cdYdeY|z_WQbQ^dYbQQ`\YSQ|z_
TQ\UWYc\Q|z_S_]e^YdvbYQU]d_T_c_c
5cdQT_c]U]Rb_cUbUc_\fUb_c\YdWY_c
U^dbU_cW_fUb^_cUQcY^cdYdeY|ŠUcUe
b_`UYQc?cSYTQTz_cUeb_`UecU]`bU
cQcU_bWQ^YjQ|ŠUcdQ]R}]`_TU]bU
S_bbUbQ_dbYRe^Q\cUS_^cYTUbQbU]aeU
_ccUecTYbUYd_cV_bQ]Y^VbY^WYT_c`_b
Q\We]QY^cdYdeY|z_S_]e^YdvbYQ
? DbYRe^Q\ TU :ecdY|Q } S_]`_cd_
`_be]ZeYjTUSQTQ`Qc]U]Rb_U}
QccYcdYT_`_b^_fUQTf_WQT_cWUbQYc
Fi^Xe`jdfj[XLe`f<lifg\`X
J\im`ƒf<lifg\lGXiXX8ƒf<ok\ieX
9ilo\cXj
:fd`k„<Zfed`Zf\JfZ`Xc
9ilo\cXj
:fd`k„[XjI\^`‘\j
9ilo\cXj
9XeZf<lifg\l[\@em\jk`d\ekf
Clo\dYli^f
=le[f<lifg\l[\@em\jk`d\ekf
Clo\dYli^f
Gifm\[fi[\Aljk`ƒX<lifg\l
<jkiXjYli^f
8lkfi`[X[\<lifg\`XGXiXXGifk\ƒf[\;X[fj
9ilo\cXj
J\im`ƒf[XjGlYc`ZXƒ‘\j[XL<
Clo\dYli^f
J\im`ƒf<lifg\l[\J\c\ƒf[fG\jjfXc[Xj:fdle`[X[\j<lifg\`Xj
9ilo\cXj
<jZfcX<lifg\`X[\8[d`e`jkiXƒf
9ilo\cXj#Clo\dYli^f
<o\Zlk`mXj
8^†eZ`X[\<o\Zlƒfi\cXk`mX~<[lZXƒf#Xf8l[`fm`jlXc\~:lckliX<8:<8 9ilo\cXj
8^†eZ`X[\<o\ZlƒfgXiXXjG\hl\eXj\D„[`Xj<dgi\jXj<8JD< 9ilo\cXj
8^†eZ`X<o\Zlk`mX[f:fej\c_f<lifg\l[\@em\jk`^Xƒf:<@ 9ilo\cXj
8^†eZ`X[\<o\ZlƒfgXiXfj:fejld`[fi\j#XJX’[\\X8c`d\ekXƒf Clo\dYli^f
8^†eZ`X[\<o\ZlƒfgXiXX@em\jk`^XƒfI<8 9ilo\cXj
8^†eZ`X[\<o\ZlƒfgXiXX@efmXƒf\XjI\[\j@E<8 9ilo\cXj
8^†eZ`X[\8gifm`j`feXd\ekf[X<LI8KFD<J8 Clo\dYli^f
<dgi\jX:fdld<lifg\`XgXiXf@K<I\f;\j\emfcm`d\ekf[X<e\i^`X[
\=ljf=lj`fe]fi<e\i^p 9XiZ\cfeX
@ejk`klkf<lifg\l[\@efmXƒf\K\Zefcf^`X<@K 9l[Xg\jk\
Cz_ ^_]UQT_c `QbQ e] ]Q^TQd_ TU
cUYcQ^_cbU^_fvfU\1cUTUTUcdQY^c
dYdeY|z_}^_<ehU]RebW_U_cUeQdeQ\
`bUcYTU^dU}_WbUW_FQccY\Y_cC[_ebYc
DQ]R}]^_<ehU]RebW_Ucdv\_SQ
\YjQT__DbYRe^Q\TU3_^dQc5eb_`Ue
aeUS_^db_\QQcVY^Q^|QcTQE5E]Q
TQcceQcVe^|ŠUc]QYcY]`_bdQ^dUc}Q
Q`bUcU^dQ|z_TUe]bU\Qd†bY_Q^eQ\c_
RbU_TUcU]`U^X_Â^Q^SUYb_TQE5Q_
@5UQ_3_^cU\X_QaeYdQ|z_Q^eQ\
1`UcQbTUdUb`_TUbUc`QbQbUQ\YjQb
QeTYd_bYQcQaeQ\aeUb`Ucc_Q_e_bWQ
^YjQ|z_aeUcUZQbUc`_^cvfU\`U\QWUc
dz_TUVe^T_c^QE^Yz__DbYRe^Q\TU
3_^dQc^z_dU]`_TUbZeTYSYQ\`b†`bY_
AeQ^T_TUdUdQQ\We]QYbbUWe\QbYTQTU
bU`_bdQQ_?bWQ^Yc]_5eb_`UeTU<edQ
1^dYVbQeTU?<16rS_]`_cd_`_b
e]]U]Rb_TUSQTQ`QcTQE5^_
]UQT_`U\_3_^cU\X_`_be]`Ub_T_
TUcUYcQ^_cbU^_fvfU\?@bUcYTU^dU
}U\UYd_`U\_c]U]Rb_cTQY^cdYdeY|z_
`_be]`Ub_T_TUdbcQ^_cbU^_fv
fU\?QdeQ\`bUcYTU^dU}_`_bdeWec
Fd_b=Q^eU\TQCY\fQ3Q\TUYbQ
? 2Q^S_ 3U^dbQ\ 5eb_`Ue 235
dQ]R}]}e]QTQc`bY^SY`QYcY^cdYdeY
|ŠUcUeb_`UYQc1ceQ]Yccz_}QWUcdz_
T_5eb_UQTUÂ^Y|z_TQ`_\dYSQUS_^†
]YSQU]_^UdvbYQTQE^Yz_6YhQbQcdQ
hQcTUZeb_^QJ_^Q5eb_WUbYbQcbUcUb
fQcTUTYfYcQcQS_]`Q^XQbQUf_\e|z_
T_c`bU|_cQed_bYjQb_cRQ^S_cSU^
dbQYcT_c`QcUcT_5eb_QU]YdYb]_UTQ
UQccUWebQbQce`UbfYcz_T_c]UbSQT_c
VQjU]`QbdUTQcceQcVe^|ŠUc
?235}S_^cdYdeT_`U\_3_^cU\X_
TU7_fUb^QT_bUc3_]Yccz_5hUSedYfQ
U3_^cU\X_7UbQ\?QdeQ\`bUcYTU^dU
TQY^cdYdeY|z_}_YdQ\YQ^_=vbY_4bQWXY
_fYSU`bUcYTU^dU}_`_bdeWecFd_b
3_^cdx^SY_ Q]R_c ^_]UQT_c `U\_c
TYbYWU^dUcT_c`QcUcTQJ_^Q5eb_`_b
_Yd_Q^_c1cUTUT_2Q^S_3U^dbQ\5e
b_`Ue}U]6bQ^[Vebd^Q1\U]Q^XQ
)*
8KC8JM@JÂF;8<LIFG88)/
)+ 8KC8JM@JÂF;8<LIFG88)/
Gfikl^l\j\j#
\jj\gfmf[`jZi\kf
Gfikl^Xck\dhlXj\0'']leZ`fe}i`fj[`jki`Ylˆ[fjg\cXjm}i`Xj
`ejk`kl`ƒ‘\j\lifg\`Xj%8c^lej#ZfcfZX[fj\d]leƒ‘\j[\^iXe[\
i\c\meZ`Xefj\`f[XL<#gXjjXd[\jg\iZ\Y`[fjXfjfc_fj[XdX`fi
gXik\[fjj\ljZfek\iie\fj
GFI@EÜJI8G8QFK<
G
bUcYTU^dU TQ 3_]Yccz_
5eb_`UYQ :_c} =Q^eU\
2Qbb_c__ecY]`\Uc]U^dU
­4ebz_®^_cUe`Qc^QdQ\
}_`_bdeWecS_]]QYcfYcYRY\YTQTU
^_e^YfUbc_TQcY^cdx^SYQcUeb_`UYQc
1U\UZe^dQ]cU_c^_]UcQcSQbQcU
Qcf_jUcTUUeb_TU`edQT_cS_]_1^Q
7_]Uc _e 3Q`_e\Qc CQ^d_c @Qe\_
BQ^WU\_e>e^_=U\_:_z_6UbbUYbQ
=QbYcQ =QdYQc _e BeY DQfQbUc aeU
]Uc]_V_bQTQc}`_SQcU\UYd_bQYcU^
dbQ]Q]Y‹TUQdbQf}cT_c]UY_cTUS_
]e^YSQ|z_`U\QSQcQT_c`_bdeWeUcUc
QTU^db_
D_T_c d] _ cUe \eWQb SQdYf_ ^_
Uc`Q|_`‹R\YS_¯]Qc^z_^Q5eb_`Q
1VY^Q\^U^Xe]TU\UcVQj`QbdUY^dU
WbQ^dUTQcY^cdYdeY|ŠUc?`bUcYTU^dU
TQ3_]Yccz_}UbQQcbUWbQcfz_]e
TQbQ`_^dQT_Q`†c­UcSbed^Y_®U^
dbUQcS‹`e\QcT_c5cdQT_c]U]Rb_c
U_cUeb_TU`edQT_cQ`bUcU^dQ]cUQ
U\UY|ŠUcUcz_ceZUYd_cQ_f_d_`_`e\Qb
]Qc^z_d]TU`bUcdQb`b_fQc^U]TU
`QccQbQcfvbYQcVQcUcTUe]S_^Sebc_
^z_cz_QfQ\YQT_c^_TUS_bbUbT_]Q^
TQd_^U]`b_WbYTU]`b_`bYQ]U^dU^Q
SQbbUYbQ9cd_}S_YcQ`QbQ_cVe^SY_^v
bY_cTQE^Yz_
5] ]QYc TU #( ]Y\ Ve^SY_^vbY_c
Ueb_`Uec`b_fU^YU^dUcT_c"(5cdQ
T_c]U]Rb_c()!cz_`_bdeWeUcUcµQ
aeUcUZe^dQ]]QYcTeQcSU^dU^QcTU
S_^dbQdQT_cQdUb]_DbcaeQbd_cT_c
Ve^SY_^vbY_cdbQRQ\XQ]^Q3_]Yccz_
5eb_`UYQ?cbUcdQ^dUcTYcdbYReU]cU
`_bUcdQ_bTU]`U\_@Qb\Q]U^d_5e
b_`Ue_3_^cU\X__cfvbY_cdbYRe^QYc
TU:ecdY|Q7UbQ\UTU3_^dQcTQE5
_ CUbfY|_ 5eb_`Ue TU 1|z_ 5hdUb^Q
_ bUS}]SbYQT_ ­S_b`_ TY`\_]vdY
S_® TQ E5 _ 3_^cU\X_ 5S_^†]YS_
U C_SYQ\ 5eb_`Ue U _ 2Q^S_ 3U^dbQ\
5eb_`Ue _^TU _ UhW_fUb^QT_b T_
2Q^S_TU@_bdeWQ\Fd_b3_^cdx^SY_
_Se`QTUcdQSQT_QfYSU`bUcYT^SYQ
4UV_bQVYSQ]QcfQbYQTccY]QcQW^
;lif9XiifjfF\o$gi`d\`if$d`e`jkif\X`e[Xgi\j`[\ek\[X:fd`jjf<lifg\`X„#[\j[\)''+#
fgfikl^l†jZfdfZXi^f[\dX`fi[\jkXhl\eX<lifgX
),
8KC8JM@JÂF;8<LIFG88)/
SYQcUc`Q\XQTQc`U\Q5eb_`Qe]QTQc
aeQYcµ_9^cdYded_TU8Qb]_^YjQ|z_
^_=UbSQT_9^dUb^_µ}`bUcYTYTQ`U\_
`_bdeWec1^d†^Y_3Q]`Y^_cCz_SQ
bQcTUcS_^XUSYTQcT_WbQ^TU`‹R\YS_
]QcS_]WbQ^TUTUcdQaeU^Q]vaeY^Q
Ueb_`UYQ
:fd`jjf<lifg\`X
8^iXe[\dX`fi`X.+ [fj\lifZiXkXjgfikl^l\j\jkiXYXc_XeX
:fd`jjf<lifg\`X%8c„d[fGi\j`[\ek\#;lif9Xiifjf#jfgfikl^l\j\j
[f`j[`i\kfi\j$^\iX`j#fZXi^fd}o`df[XZXii\`iXZfdle`k}i`X
GFIKL>L<J<J=FI8
;FJ?FCF=FK<J
9^TU`U^TU^dU]U^dU T_ ^‹]Ub_ TU
SXUVYQccz_()_c`_bdeWeUcUc^UccQ
SQdUW_bYQ Xv TeQc TYbU|ŠUcWUbQYc
47 aeU Ucdz_ U^dbUWeUc Q ]z_c
`_bdeWeUcQc5e]QTU\QcQT_4UcU^
f_\fY]U^d_U3__`UbQ|z_}QdUbSUY
bQ]QY_bS_]!!)!Ve^SY_^vbY_c>_
SQ]`U_^Qd_TQcTYbU|ŠUc_`QdQ]Qb
Y]UTYQdQ]U^dUQRQYh_T_TQc47Q\
We]QcS_]RQcdQ^dUY]`_bdx^SYQcz_
WUbYTQc`_b`_bdeWeUcUcr_SQc_TU
:_c}<UQ^Tb_TYbUd_b^Q`_TUb_cQ47
T_c1cce^d_c5S_^†]YS_cU6Y^Q^SUY
b_cUTU:_QaeY]>e^UcTU1\]UYTQ
TYbUd_b^Q47T_=UbSQT_9^dUb^_
DQ]R}] V_bQ T_c X_\_V_dUc ]Qc
U]\eWQbTUWbQ^TUbU\Uf_^QXYUbQb
aeYQ Ueb_`UYQ U^S_^dbQcU 1^d†^Y_
3QRbQ\aeUU^db_e`QbQQ3_]Yccz_
U]!)((UV_YVQjU^T__cUeSQ]Y^X_
Y^dUb^Q]U^dUQd}SXUWQbwSQdUW_bYQ
]vhY]Q U^aeQ^d_ ceR47 TQ 47 U
T_c1cce^d_c5S_^†]YS_cU6Y^Q^SUY
b_c°RUYbQT_c&%Q^_c3QRbQ\}S_^
cU\XUYb_`bY^SY`Q\TU4ebz_2Qbb_c_U
_cUebU`bUcU^dQ^dU^QcbUe^YŠUcT_
7(UT_7" DQ]R}] ^_c RQcdYT_bUc Ucdv DU\
]_2Q\dQjQbSXUVUTUWQRY^UdUTQS_
]YccvbYQUeb_`UYQTU:ecdY|Q4YbUYd_c
6e^TQ]U^dQYc U 3YTQTQ^YQ FYfYQ^U
BUTY^W51^QRU\Q7QW_aeU}QdeQ\
]U^dUSXUVUTUe^YTQTU^Q47:ecdY
|QdQ]R}]ZvV_YSXUVUTUWQRY^UdUTU
<vcj\†1^T_b3_]YccvbY_`QbQ_5]
`bUW_1cce^d_cC_SYQYcU9^S\ecz_
I<>I8J#HLFK8J<G8I@;8;<J
@_bbUWbQ_c\eWQbUc^QcY^cdYdeY|ŠUc
Ueb_`UYQc cz_ ­TYcdbYReT_c® dU^T_
U]S_^dQfvbY_cVQd_bUcE]TU\Uc}
WU_WbvÂS_*Xve]Qae_dQTUVe^SY_^v
bY_cTUcdY^QTQQSQTQ5cdQT_]U]Rb_
)- 8eke`f:XYiXc
EXjZ`[f\d(0+0
:fej\c_\`ifgi`eZ`gXc
\i\gi\j\ekXek\[X
:fd`jjf<lifg\`X
:< ef>/\>)'%
=leZ`fe}i`f[X:<
[\j[\(0//#\iX
jlY[`i\kfi$^\iXc[X
;>[fj8jjlekfj
<Zfed`Zfj\
=`eXeZ\`ifjXek\j[\
\ekiXieX\hl`gX[\
;lif9Xiifjf
=\ieXe[f
=ilklfjf
[\D\cf
,,Xefj
;`i\kfi$>\iXc[f
;\j\emfcm`d\ekf\
:ffg\iXƒf
GflZfjjXY\d
hl\fgi\j`[\ek\
[fKi`YleXc[\
:fekXj<lifg\l#
Mˆkfi:Xc[\`iX#
„gfikl^l†j%
Flhl\f_fd\d
hl\i\gi\j\ekX
9XiifjfeXj
i\le`‘\j[f
>/fl[f>)'#
8eke`f:XYiXc#
eXjZ\l\d
Gfikl^Xc
Aff8^l`Xi
DXZ_X[f
,,Xefj
;`i\kfi$>\iXc[fj
KiXejgfik\j\
DfY`c`[X[\
>z_cUbve]QbUWbQS_]`\UdQ]U^dU
bWYTQZvaeUQ2}\WYSQUQ9dv\YQUcdz_
]eYd_ QSY]Q T_ aeU \XUc SQRU ]Qc
}e]QbUWbQU_c`_bdeWeUcUcTUd}]
"'T_c\eWQbUc^Q3_]Yccz_
?edb_ T_c SbYd}bY_c } Q `QbYTQTU
CU U^dbU _c Ve^SY_^vbY_c `_bdeWeU
cUcXv]QYcX_]U^cT_aeU]e\XUbUc
%"#TU`_bdeWeUcUcS_^dbQ$''
TU `_bdeWeUcQc ^_ e^YfUbc_ WUbQ\
TQ 3_]Yccz_ QS_^dUSU _ S_^dbvbY_*
Xv]QYc]e\XUbUcT_aeUX_]U^c^Q
UhQdQ`b_`_b|z_Y^fUbcQ*%"#cz_TU
cUh_VU]Y^Y^_$''TUcUh_]QcSe
\Y^_CeSUTUaeU_d_`_TQSQbbUYbQ}
Uc]QWQT_bQ]U^dU]QcSe\Y^_*Xvc†Q
dde\_TUUhU]`\_# TYbUd_bUcWUbQYc
TU cUh_ ]QcSe\Y^_ U Q`U^Qc _Yd_ TU
cUh_VU]Y^Y^_U!#!TYbUd_bUcS_^dbQ
$"TYbUd_bQc
1aeY @_bdeWQ\ cUWeU Q bUWbQ TQ
]QY_bYQZvaeUcUdU]T_YcTYbUd_bUc
WUbQYccz_Q]R_cX_]U^c+UcUdU]!!
TYbUd_bUcQ`U^QcTeQccz_]e\XUbUc
>_3_^cU\X_}aeU_SQc_`_bdeWec
8KC8JM@JÂF;8<LIFG88)/
Aljk`ƒX
J\im`ƒf<lifg\l[\8ƒf<ok\ieX
Ef„kf[fjfj[`Xjhl\Xgi\j`[†eZ`X
[\ldki`YleXc\lifg\l„\eki\^l\X
ldgfikl^l†j%MˆkfiDXel\c[XJ`cmX
:Xc[\`iX]f`i\\c\`kf#g\cfj)/<jkX$
[fj$d\dYifj#gi\j`[\ek\[fKi`YleXc
[\:fekXj¿g\cXk\iZ\`iXm\q
Gfikl^Xcgf[\jc`[\iXij\`j[Xj(*/[\c\^Xƒ‘\j#dXjldX[\cXj„Xk„Xfflkfef X[\¿NXj_`e^kfe%MXc\[Ë8cd\`[XjX`[fj<jkX[fjLe`[fjefflkfef#dXj:Xk_\i`e\
8j_kfea}XeleZ`flhl\fhl\ieXj\[\#eldcl^Xi[\kfgf
MˆkfiDXel\c[X
J`cmX:Xc[\`iX
EXjZ`[f\d(0-'
AffMXc\
[Ë8cd\`[X
EXjZ`[f\d(0,.
:_\]\[\[\c\^Xƒf
\dNXj_`e^kfe#<L8
Aff:iXm`e_f
+0Xefj
:_\]\[\[\c\^Xƒf
\dEfmX;\c`#àe[`X
8eXGXlcX
QXZXi`Xj
,,Xefj
:_\]\[\[\c\^Xƒf
\d9iXjˆc`X#9iXj`c
Gi\j`[\ek\[fKi`YleXc
[\:fekXj<lifg\l
9XeZf:\ekiXc
Afj„Clˆj:ilq
M`cXƒX
-0Xefj
Al`qefKi`YleXc[\
Aljk`ƒX[XL<
Gfikl^XcZfej\^l`lZfcfZXild
gfikl^l†jeld[fj[f`jcl^Xi\j#
ef:fej\c_f<o\Zlk`mf[f9XeZf
:\ekiXc<lifg\l#[`jgfeˆm\`j
gXiXfjgXˆj\jg\hl\efj%EX
\c\`ƒf#fZXe[`[Xkfgfikl^l†j
½m\eZ\l¾fj[X9„c^`ZX\[f
Clo\dYli^f
DXi`X<l^„e`X
I`Y\`if
EXjZ`[X\d(0,AlˆqXefKi`YleXc>\iXc
Mˆkfi:fejkeZ`f
.'Xefj
]eTQTUVYWebQ*^z_UhYcdU]47U^
dbUWeUcQSYTQTz_c^QSY_^QYc]Qc_c
T_YcSQbW_cTU­TYbUd_b®U^dbUWeUcQ
@_bdeWQ\ Ucdz_ c_R Q RQdedQ TU TeQc
]e\XUbUc*=QbWQbYTQ<QSUbTQU1\TQ
CY\fUYbQT_cBUYc
rYWeQ\]U^dUTUTUcdQSQb_SQc_T_
DbYRe^Q\ 7UbQ\ TQ E^Yz_ 5eb_`UYQ
_^TU@_bdeWQ\UcdvbU`bUcU^dQT_`_b
e]Q]e\XUb*=QbYQ5eW}^YQ=QbdY^c
M`Z\$Gi\j`[\ek\
[f9XeZf:\ekiXc
<lifg\l
BYRUYb_aeU}^QTQ]QYc^QTQ]U^_c
aeUQdUbSUYbQ^Q\YcdQTU`bUSUT^SYQc
TU`_YcT_`bUcYTU^dUUT_fYSU`bU
cYTU^dUTQaeU\QY^cdx^SYQS_]`_cdQ
`_b")]U]Rb_c
3_^dY^eQ^T_QVQjUbQcS_^dQc^Q
UaeY`Q T_ cUbfY|_ UhdUb^_ U^dbU _c
cUYc SXUVUc TU TU\UWQ|z_ `_bdeWeU
cUcdQ]R}]c†Xve]Q]e\XUb*1^Q
@Qe\QJQSQbYQcTY`\_]QdQTUSQbbUYbQ
U^db_e^_cUbfY|_U^QTU\UWQ|z_TQ
E5 ^_ 2bQcY\ `U\Q ae_dQ T_c `QcUc
U ^z_ T_c Ve^SY_^vbY_c dQ\ S_]_
:_z_7_]Uc3bQfY^X_UhcUSbUdvbY_
TU5cdQT_TQ3__`UbQ|z_aeUcUU^
S_^dbQ^QÎ^TYQ=QcUcdUccz_aeQTb_c
­U]`bUcdQT_c®`_b@_bdeWQ\>U^Xe]
T_cT_YcVQj`QbdUTQSQbbUYbQ
@_bdeWQ\U^db_e`QbQQUaeY`QUe
b_`UYQU]!)(&@QccQbQ]cU"(Q^_c
S_]]eYd_c`_bdeWeUcUcQbe]QbU]
Q2behU\Qc_e_edb_cTUcdY^_cUeb_
`Uec TYc`_cd_c Q TUTYSQbU] Q fYTQ
^_cUY_T_`b_ZUd_Ueb_`Ue5QfY^WQ
bU]TYcSbUdQ]U^dU
).
8KC8JM@JÂF;8<LIFG88)/
.
? @ J Kä I @ 8
(,[\j\k\dYif[\)''*
(,Xefj[\\lif
EXjZ`[fX([\aXe\`if[\(000#f\lifj\ekifl
efjYfcjfj[fj\lifg\lj\d)'')%?fa\„Xdf\[XfÔZ`Xc
[\(/gXˆj\j\[\dX`j[\*)'d`c_‘\j[\g\jjfXj
*
,
([\aXe\`if[\(000
(([\j\k\dYif[\)''(
)/[\ale_f[\)'')
EXjZ\Xdf\[X’e`ZX
\lifg\`X#X[fkX[X\d
((gXˆj\j1Gfikl^Xc#
8c\dXe_X#Ýljki`X#9„c^`ZX#
<jgXe_X#=`ece[`X#=iXeƒX#
?fcXe[X#@icXe[X#@k}c`X\
Clo\dYli^f%y\eZfekiX[f
fgi`d\`ifZdY`f1ld\lif
mXc\(#(./0[cXi\j
8k\ekX[fjk\iifi`jkXj
efj<L8gifmfZXdldX
[\jmXcfi`qXƒf[f[cXi%
F\lifZfd\ƒXX^Xe_Xi
g\jf\eki\Xjgi`eZ`gX`j
[`m`jXjdle[`X`j
F\lifmfckXXmXc\idX`j
hl\f[cXi#fhl\jk`e_X
XZfek\Z`[fXek\j[X\ekiX[X
\dZ`iZlcXƒf[XjefkXj\
df\[Xj]ˆj`ZXj%EleZXdX`j
Xdf\[X\lifg\`Xi\^`jkfl
ldXZfkXƒfXYX`of[X
[`m`jXefik\$Xd\i`ZXeX
)
([\aXe\`if[\)''(
8>i„Z`XalekX$j\Xfj
i\jkXek\j((\jkX[fjhl\
]le[XiXdf\lif
/
*([\flklYif[\)''*
GFIG8LCF:%J8EKFJ
(
<di\]\i\e[f#,-[X
gfglcXƒfjl\ZXmfkX
ZfekiXX\ekiX[XeXdf\[X
’e`ZX%8fZfeki}i`f[fhl\
j\gi\m`X#f\lif^Xe_XX`e$
[XdX`j]fiƒX]XZ\Xf[cXi
+
([\aXe\`if[\)'')
<ekiX\dZ`iZlcXƒfX
df\[X]ˆj`ZX%F\lif[\`oX
[\j\ildX[`m`jXXYjkiXkX
\kfieX$j\i\Xc[\ekif[fj
Yfcjfj[fj\lifg\lj
-
F]iXeZ†jA\Xe$:cXl[\Ki`$
Z_\kXjjld\X^fm\ieXƒf
[f9XeZf:\ekiXc<lifg\l#
jlYjk`kl`e[ffgi`d\`if
gi\j`[\ek\[X`ejk`kl`ƒf#
N`d;l`j\eY\i^
0
)[\efm\dYif[\)''+
>\fi^\N%9lj_„i\\c\`kf
Gi\j`[\ek\[fj<L8#dXjf
[cXiZfek`elXXjlX
kiXa\ki`X[\jZ\e[\ek\
('
)'[\dXiƒf[\)''*
([\aXe\`if[\)''.
:fd\ƒXX`emXjf[f@iXhl\#
ldX^l\iiXhl\`i}ZljkXi
d`c_Xi\j[\d`c_‘\j[\
[cXi\jXfj<L8\[\Y`c`kXi
fjZf]i\jg’Yc`Zfj[fGXˆj%
F[cXijf]i\fj\]\`kfj
ZfcXk\iX`j
8QfeX<lif„XcXi^X[XgXiX
(*d\dYifj#ZfdX\ekiX[X
[X<jcfm„e`X
)/ 8KC8JM@JÂF;8<LIFG88)/
(-
)(
)-
([\aXe\`if[\)''/
((
([\aXe\`if[\)''0
)/[\efm\dYif[\)'('
(-[\dX`f[\)'((
:_`gi\\DXckXX[fkXdf
\lifZfdfdf\[X
yXm\q[X<jcfm}hl`X
\e^ifjjXi#gXiX(-#f^ilgf
[Xdf\[X’e`ZX
8L<XgifmXldgcXef[\
Xgf`f~@icXe[XefmXcfi[\
/,d`cd`c_‘\j[\\lifj
Fjd`e`jkifj[Xj=`eXeƒXj
[XQfeX<lifXgifmXdld
gXZfk\[\Xal[XXGfikl^Xc
efmXcfi[\./d`cd`c_‘\j
[\\lifj
()
(.
(,[\alc_f[\)''/
))
F\oZ\jj`mf[„ÔZ\\ok\ief
[fj<L8\e]iXhl\Z\ZX[X
m\qdX`jf[cXi%8[`m`jX
efik\$Xd\i`ZXeXXk`e^\f
j\lmXcfidˆe`df]XZ\Xf
\lif
(+[\aXe\`if)'('
([\aXe\`if[\)'((
8>i„Z`XXeleZ`Xld
gif^iXdX[\Xljk\i`[X[\
gXiX\jkXY`c`qXiXjZfekXj
g’Yc`ZXj
8<jke`XalekX$j\Xf\lif
(*
)*[\XYi`c[\)'('
(,[\j\k\dYif[\)''/
8>i„Z`Xg\[\Xal[X\ok\ieX
(/
F^`^Xek\ÔeXeZ\`ifefik\$
$Xd\i`ZXefC\_dXe9ifk_\ij
\ekiX\d]Xc†eZ`X
(+
+[\efm\dYif[\)''/
9XiXZbFYXdXm\eZ\
Xj\c\`ƒ‘\jXd\i`ZXeXj#
kfieXe[f$j\f++%²
Gi\j`[\ek\[fj<L8
(,
F>fm\ief_\c„e`ZfXZ\`kX
ldX`ek\im\eƒf\ok\ieX[\
ki†jXefj[f=D@#:fd`jjf
<lifg\`X\9:<%8jXal[Xj
XjZ\e[\dX(('d`cd`c_‘\j
[\\lifj
JGYX`oXfiXk`e^[fj<L8
gXiX88"
Afj„JZiXk\j[\d`k\$j\[f
ZXi^f[\gi`d\`if$d`e`jkif
)/
FlklYif[\)'((
)+
8JGYX`oXfiXk`e^[\
Gfikl^Xc#\d[f`jeˆm\`j#
gXiX999%8[ˆm`[XeXZ`feXc
\jk}efc`d`k\[\j\i
Zfej`[\iX[X½c`of¾
(+[\dX`f[\)'((
F<lifZX`gXiXfmXcfidX`j
YX`of[fj’ck`dfjXefj#
dXek\e[f$j\d\jdfXjj`d
XZ`dX[f[cXi
)0
)([\alc_f[\)'((
*'
([\aXe\`if[\)'(+
8C\ke`X\ekiXef\lif
]fidXe[ff½:clY\[fj(/¾
gXˆj\jZfdXd\jdX
df\[X#ZfdldXgfglcXƒf
jlg\i`fiX*)'d`c_‘\j
F9:<`e`Z`Xfgif^iXdX
[\ZfdgiX[\Xk`mfjgXiX
`ea\kXic`hl`[\qefjYXeZfj
\lifg\lj
yXeleZ`X[ffj\^le[f
gif^iXdX[\Xgf`f~>i„Z`X
),
Fj<L8Xk`e^\dfk\kf
d}o`dfg\id`k`[fgXiX
X[ˆm`[Xg’Yc`ZX
.[\ale_f[\)'('
8JGYX`oXfiXk`e^
[X>i„Z`XgXiX999"
(0
)'
/[\[\q\dYif[\)''/
)*
)*[\dXiƒf[\)'((
),[\dXiƒf[\)'((
)[\dX`f[\)'('
).
,[\X^fjkf[\)'((
)0
8KC8JM@JÂF;8<LIFG88)/
Fefmf
<iXjdlj
DX`jfgfikle`[X[\jgXiXkf[fj1fgif^iXdX
[\`ek\iZdY`f\lifg\l^Xe_flldflkif]c\^f
\a}ef„jgXiXhl\d\jk}eX]XZlc[X[\
GFIK<I<J8:8DGFJ
8
_c"%Q^_c_]QYc`_`e\Qb
`b_WbQ]Q TU Y^dUbSx]RY_
e^YfUbcYdvbY_TQ5eb_`Q_
5bQc]ec U^dbQ ^e] ^_f_
SYS\_4UcTU!)('`Ubd_TUdbc]Y\XŠUc
TU`Ucc_QcRU^UÂSYQbQ]TU\UµSUbSQTU
' ]Y\V_bQ]`_bdeWeUcUcµ^e]QbUTU
aeUU^W\_RQ_c"(`QcUcTQE^Yz_5e
b_`UYQ]QYcQ9c\x^TYQ_<YUSXdU^cdUY^
Q>_beUWQQCe|QUQDebaeYQ1W_bQ_
5bQ]ecS_]_`Qcc_eQTUcYW^QbcU
aeUbYb]QYcQ\}]Ze^dQ^T__c`b_WbQ
]QcTU]_RY\YTQTUZvUhYcdU^dUcTUTY
SQT_cw5TeSQ|z_6_b]Q|z_U:efU^
deTU<U_^QbT_TQFY^SY3_]U^Yec
7be^TdfYW5bQc]ec=e^TecDU]`ec
1\VQU5Te\Y^[Q_4Uc`_bd_Uc`USYQ\
]U^dU_^z_`b_ÂccY_^Q\
re]`b_WbQ]QQ]RYSY_c_1`QbdYb
TUcdUQ^_UQd}" " Uc`UbQcUaeU
aeQdb_]Y\XŠUcTU`Ucc_Qc`_ccQ]Uc
deTQb_ebUSURUbV_b]Q|z_V_bQT_cUe
`QcTU_bYWU]8vQY^TQUc`Q|_`QbQQ
S__`UbQ|z_Y^cdYdeSY_^Q\U^dbUUcdQRU
\USY]U^d_cTUU^cY^__bWQ^YjQ|ŠUcTU
ZefU^deTUU]`bUcQcQed_bYTQTUc\_
SQYcUbUWY_^QYcU_bWQ^YjQ|ŠUc^z_W_
fUb^Q]U^dQYc5UcdvdQ]R}]`bUfYcd_
Q`_Y_ Q aeU] aeYcUb ]_TUb^YjQb _c
cUeccYcdU]QcTUUTeSQ|z_UV_b]Q|z_
Q\}]TU`b_]_fUbQY^_fQ|z__Uc`bY
d_U]`bUcQbYQ\UQU]`bUWQRY\YTQTU
8v ]QYc Q\dUbQ|ŠUc* Qc R_\cQc aeU
fz_UcdQbTYc`_^fUYc`QbQUcdeTQb_e
UcdQWYQb^_UcdbQ^WUYb_d]e]QTebQ
|z_fQbYvfU\TUe]QcU]Q^QQe]Q^_
?ceRcTY_S_RbUSecd_cTUfYQWU]U
e]QV_b]Q|z_Y^YSYQ\^Q\^WeQT_`Qc
*' TU TUcdY^_ µ ]Qc _ ]_^dQ^dU fQbYQ
S_^c_Q^dU_Secd_TUfYTQ^_`QcTU
_bYWU]U^_`QcTUQS_\XY]U^d_U^dbU
_]^Y]_TU% Ueb_cUe]]vhY]_TU
% 1VY]TUWQbQ^dYbQYWeQ\TQTUTU
QSUcc_Q_`b_WbQ]Q`bUfcUaeU_c
`QbdYSY`Q^dUcUS_^_]YSQ]U^dU]QYc
TUcVQf_bUSYT_c`_ccQ]bUSURUbR_\cQc
]QYcQ\dQc
<DGIyJK@DFJ
G8I8<JKL;8EK<J
5cdQ ^_fQ ]_RY\YTQTU Y^dUWbQ _c Uc
dvWY_cU_c]UcdbQT_cS_^Ze^d_cU]
e^YfUbcYTQTUcUeb_`UYQc?edbQ^_fY
TQTU}_cYcdU]QTUU]`b}cdY]_c`QbQ
UcdeTQ^dUcQdbQf}cT_2Q^S_5eb_`Ue
TU9^fUcdY]U^d_TYbUSY_^QT_`QbQ_c
Q\e^_caeUVbUaeU^dU]e]]UcdbQT_
S_]`\Ud_^e]`QcUeb_`UeTYVUbU^dU
T_cUe
>Q`bvdYSQfz_cUbQcUcS_\QcUQc
Y^cdYdeY|ŠUcTUU^cY^_UV_b]Q|z_U
8k„)')'#
\jg\iX$j\hl\
hlXkifd`c_‘\j
[\\jkl[Xek\j
j\aXdXYiXe^`[fj
g\cfefmfdf[\cf
[\`ek\iZdY`f
8KC8JM@JÂF;8<LIFG88)/
<DEèD<IFJ
Fhl\j\\jg\iX
[fefmfgif^iXdX
D8I:FJ9FI>8
;LI8xÂF
.Xefj)'(+$)')'
FIx8D<EKF (+#.d`cd`c_‘\j[\\lifj
dX`j+'gfiZ\ekf[fhl\fXek\i`fi
89I8E>ÜE:@8
**gXˆj\j
@EJK@KL@xÃ<J
(),d`c
G8I:<I@8J
),d`c
G<JJF8J
"&$+d`c_‘\j
[XjhlX`j)d`c_‘\jj\if\jkl[Xek\j
[f\ej`efjlg\i`fi
D8I:FJ9FI>8
GXiXkf[fj8dl[Xid\ekXc`[X[\j
[\j[\(0/.#fdX`jhl\i`[fgif^iXdX[\
dfY`c`[X[\[\\jkl[Xek\jXmXeƒXX^fiX
gXiXldXefmX\kXgX
^z__cSQ^TYTQd_cQdde\_Y^TYfYTeQ\Q
VQjUb_c`UTYT_cTUÂ^Q^SYQ]U^d_5c
dQ]_cQVQ\QbTU]QYcTUT_Yc]Y\XŠUc
TUUcdeTQ^dUcT_U^cY^_ce`UbY_b&% ]Y\Q\e^_cUQ`bU^TYjUcTUSebc_cTU
V_b]Q|z_`b_ÂccY_^Q\( ]Y\`b_VUc
c_bUcT_U^cY^_RvcYS_UcUSe^TvbY_
T_SU^dUcT_U^cY^_ce`UbY_b`b_VYc
cY_^QYcT_ccUd_bUcTQUTeSQ|z_V_b
]Q|z_UTQZefU^deTURU]S_]_]QYc
TU% ]Y\`QbdYSY`Q^dUcU]`b_WbQ]Qc
TUY^dUbSx]RY_TUZ_fU^c_eTUf_\e^
dQbYQT_^_UcdbQ^WUYb_
­? 5bQc]ec dYbQ^_c TQ j_^Q TU
S_^V_bd_U]_cdbQ^_c_]e^T_aeU
TUcS_^XUSU]_c®W_cdQTUQ`bUW_Qb
_bUQ\YjQT_b6Y\Y`U1bQ‹Z_RU^UVYSYv
bY_UdQ]R}]U]RQYhQT_b^QSY_^Q\T_
`b_WbQ]Q@QbQU\UUcdU`b_WbQ]QdUbv
VUYd_]QYc`U\QS_^cdbe|z_Ueb_`UYQT_
aeUaeQ\aeUbdbQdQT_
6_YQ\YvcQccY]aeU_TUVY^Ye4_
]U^YS_<U^QbTejjY_`QYT_5bQc]ec
SeZQYTUYQUbQTU]_^cdbQbaeUQE5^z_
dY^XQQ`U^Qce]QTY]U^cz_US_^†]Y
SQ ]Qc TUfYQ dQ]R}] `bU_Se`QbcU
U] SbYQb SYTQTz_c S_] e]Q S_^cSY
^SYQUeb_`UYQ4QaeUXvT_YcQ^_c
cUdU^XQ]\UfQ^dQT_Qc]QYcTYfUbcQc
`Ubc_^Q\YTQTUcµTU`b}]Y_c>_RU\Q
bUQ\YjQT_bUc`QccQ^T_`_bSQ]`UŠUc
_\]`YS_cµU]^_]UTQceQ]Q^edU^
|z_*_5bQc]ecU^VbU^dQfQe]T}VYSU
TU) ]Y\XŠUcU]eYd_cdU]YQ]aeUTU
cQ`QbUSUccU1ccY]cebWYeQYTUYQTU_
Y^dUWbQb^e]`b_WbQ]Q]QY_bUTUTQb
_edb_`Qcc_*X_ZUQE^Yz_aeUbdQ]
R}]d_b^QbcU]QYcQdbQdYfQ`QbQUcde
TQ^dUcUY^fUcdYWQT_bUcUcdbQ^WUYb_c
1 \ej fUbTU Q UcdU `b_WbQ]Q } Qc
cY]e]QUc`}SYUTU^_f_Vˆ\UW_`QbQ
_]e^T_5bQc]ecQ\}]TUQ\Y]U^dQb
QY^TQQQ]RY|z_TUQe]U^dQb_^‹]U
b_T_caeUS_^S\eU]_U^cY^_ce`UbY_b
`QbQ$ QdeQ\]U^dUcz_#"`_bSU^
d_UbUTejYbQdQhQTUQRQ^T_^_`bUS_
SUTU!$`QbQ! `_bSU^d_
3_]_Qcce]YeQ`b†`bYQ1^Tb_e\\Q
FQccY\Y_eS_]YccvbYQbUc`_^cvfU\`U\Q
5TeSQ|z_3e\debQ=e\dY\Y^WeYc]_U
:efU^deTU^QQ`bUcU^dQ|z_T_^_f_
5bQc]ec­__RZUdYf_}d_b^QbQ5eb_`Q
^_TUcdY^_VQf_bYd_`QbQ_U^cY^_ce`U
bY_bQY^fUcdYWQ|z_UQY^_fQ|z_®
*(
8KC8JM@JÂF;8<LIFG88)/
F[`e_\`ifhl\
m\d[\cfe^\
GXiXfe[\mffjd`c_‘\j[XXal[X\lifg\`X6
M\aXZXjfj[\jlZ\jjfa}\dZlijf\Xjc`e_Xj
[\Xgf`fÔeXeZ\`ifgXiXf]lklif
GFIJäE@8J8G8><
] cUdU]Rb_ TU " !# ^e]Q
Uc`}SYUTURQ\Q^|_T_cQ`_Y_c
S_]e^YdvbY_c bUVUbU^dUc Q_
AeQTb_TUBUVUb^SYQ5cdbQ
d}WYS_>QSY_^Q\fe\W_AB5>_4Yv
bY_TU>_dSYQcfYcYd_e_:_z__4Y_W_
U_3Qb\_cUS_^d_eQXYcd†bYQTUS_]_
_cTY^XUYb_cfY^T_cTU2behU\Qc]e
TQbQ]QfYTQTUcdUcdbcX_]U^ce]
`b_VUcc_be]QWbYSe\d_bUe]`UcSQ
T_bE]U^fUbUT_e`U\QvbUQTQV_b
]Q|z_`b_ÂccY_^Q\USXUW_eQWQ^XQb
"$ Ueb_cRbed_c`_b]c?_edb_
\Q^|_ecU^e]`b_ZUd_QWbS_\Q`QbQ
`b_TejYbefQcU]WbQY^XQUQ^WQbY_e
Ze^d_TU5eb_`Q& T_c% ]Y\Ue
b_caeU`bUSYcQfQTUY^fUcdYb5_‹\dY
]_`U^cQfQaeU_QRQdUT_cUeRQbS_
\XUYQfQ\Ub!# ]Y\Ueb_c]QcQSQR_e
`_bc†bUSURUb#%]Y\TU`_YcTUY]`_c
d_cDbcUh`UbY^SYQcTYcdY^dQcdbc
cU^dU^|Qc
1]vedY\YjQ|z_QccY]S_]_QQdbY
ReY|z_aeQcUTYcSbYSY_^vbYQcU]UcdbQ
d}WYQ_ebe]_T_cVe^T_cUcdbedebQYc
V_Y Qcce^d_ ]eYd_ TURQdYT_ ^_ VY^Q\
T_cQ^_c) UQY^TQX_ZUQ\We]QcTQc
_`|ŠUc VUYdQc ^z_ cz_ S_^cU^ceQYc
S_]_QTUSYcz_TUS_^cdbeYbQ]QY_b
`_^dU TQ 5eb_`Q Q FQcS_ TQ 7Q]Q
Q\YWQb1\S_SXUdUwj_^QTQ5h`_U]
<YcR_Q_eQ`bY]UYbQ\_SQ\YjQ|z_T_
1Ub_`_bd_ 9^dUb^QSY_^Q\ TU <YcR_Q
U^dbUdQ^d_QRQ^T_^QTQ
9^TU`U^TU^dU]U^dU TQc f_jUc TU
`b_dUcd_ c_RbU S_]_ V_bQ] Q`\YSQ
T_c_cTY^XUYb_c_cVY^Q^SYQ]U^d_c
U^dbQbQ]c_]QbQ]SUbSQTU! ]Y\
<
*) ]Y\XŠUcTUUeb_cU^dbU!)()U" !#U
]eTQbQ] _ @Qc U Qc `Ucc_Qc S_]_
]_cdbQ] _c SY^S_ SQc_c Uc`Q\XQT_c
Q_\_^W_TQc`vWY^QcaeUcUcUWeU]
E]Q fYcYdQ Q_ cYdU gggabU^`d Tv
e]Q`Ubc`UdYfQT_c`b_ZUd_caeUV_
bQ]Q`b_fQT_cU]@_bdeWQ\UTUS_]_
U\UcUf_\ebQ]Q_\_^W_T_cdU]`_c
`QccQ^T_TQS_^cdbe|z_TUQed_UcdbQ
TQcA31!)()!))#`QbQQQ`_cdQU]
5S_`YcdQc_e`_\_cTUY^_fQ|z_UY^
fUcdYWQ|z_AB5>" '" !#
3XUWQT_cQ" !$}dU]`_TUe]Q
^_fQVQcUTU6e^T_c5eb_`Uec5cdbe
debQYcUTU9^fUcdY]U^d_aeUTebQbv
Qd}" " UU^f_\fUbv]QYcTU" ]Y\]Y
\XŠUcTUUeb_c5]@_bdeWQ\UcdQUdQ`Q
V_YTUcYW^QTQ`_b@_bdeWQ\" " UdU]
Y]`\YSQT_Q\dUbQ|ŠUc aeU QY^TQ ^z_
Ucdz_d_dQ\]U^dUS_^SbUdYjQTQc^Q_b
WQ^YjQ|z_TQcU^dYTQTUcaeUWUbU]_c
8gf`f[`jgfeˆm\cgfi}i\Xj\mXcfi\j
<dGfikl^Xc#f[`e_\`ifhl\m`\i[\9ilo\cXjXk„)')'[\m\j\i^Xjkf[Xj\^l`ek\]fidX1
+,+(d`c_‘\j
+**,d`c_‘\j
)).-d`c_‘\j
))+/d`c_‘\j
)(,,d`c_‘\j
(,*(d`c_‘\j
(+**d`c_‘\j
('-+d`c_‘\j
+**d`c_‘\j
*)'d`c_‘\j
)'0d`c_‘\j
eXZfdg\k`k`m`[X[\[Xjg\hl\eXj\d„[`Xj\dgi\jXj
\d\ej`ef\Xgi\e[`qX^\dXfcfe^f[Xm`[X
eX`eZcljfjfZ`Xc\ZfdYXk\~gfYi\qX
\d`em\jk`^Xƒf#[\j\emfcm`d\ekfk\Zefc^`Zf\`efmXƒf
\d\dgi\^f\dfY`c`[X[\cXYfiXc
\dXdY`\ek\\\ÔZ`†eZ`X[fji\Zlijfj
eldX\Zfefd`XZfdYX`oXj\d`jj‘\j[\ZXiYfef
\dkiXejgfik\jjljk\ek}m\`j
eXX[XgkXƒf~jXck\iXƒ‘\jZc`d}k`ZXj
\dk\Zefcf^`Xj[\`e]fidXƒf
eldXX[d`e`jkiXƒfg’Yc`ZX\ÔZ`\ek\
=<IE8E;FE<>I<@I8
8KC8JM@JÂF;8<LIFG88)/
Gfek\MXjZf[X>XdX:ljkfl
/0.d`c_‘\j[\\lifj\ldk\iƒf
[fj\lÔeXeZ`Xd\ekfm\`f[\9ilo\cXj
Ve^T_c^QQdbYReY|z_T_cTY^XUYb_c^Q
QfQ\YQ|z_T_cbUce\dQT_cUc_RbUdeT_
^Qc`bY_bYTQTUcTUY^fUcdY]U^d_
LD88>ÜE:@8I<:yD$E8J:@;8
1bUS}]V_b]QTQ1W^SYQTU4UcU^
f_\fY]U^d_U3_Ucz_143^QcSUe
U]" !#`QbQS_^SU^dbQbU]cYQcQdbY
ReY|ŠUcT_Q^dYW_9^cdYded_6Y^Q^SUYb_
`QbQ_4UcU^f_\fY]U^d_BUWY_^Q\9@
T_9^cdYded_TU7Ucdz_T_6e^T_C_SYQ\
5eb_`Ue9@UTQUcdbedebQTU]Yccz_
T_?RcUbfQd†bY_T_AB5>>e]Q\†WY
SQTUVecz_UTUbQSY_^Q\YjQ|z_TQcfv
bYQcU^dYTQTUcaeUUhYcdYQ]`QbQWUbYb
_cTYVUbU^dUcceRcTY_cQ143c†^z_
dU]TURQYh_T_cUe`U\_eb__cVe^T_c
bU\QSY_^QT_cS_]Qc`UcSQc_]QbUQ
QWbYSe\debQUÃ_bUcdQc651=@U651
45B`_eS_]QYcTU#]Y\]Y\XŠUc
@bUcYTYTQ `_b :_c} CQ^d_c C_UYb_
UcdQ U^dYTQTU dU] dbQRQ\X_ `QbQ _c
`b†hY]_ccUdUQ^_c5Q`UcQbTQ]QbSQ
@_bdeWQ\" " ZvUcdQbQcUbdbQRQ\XQ
TQQfUbTQTU}aeUUhYcdU]QY^TQ%"
]Y\]Y\XŠUcTUUeb_cT_‹\dY]_AB5>
" '" !#`_bUhUSedQbBUSU^dU]U^
dUS_\_S_ecUQaeUcdz_TU@_bdeWQ\dUb
TUTUf_\fUbUccUTY^XUYb_]Qc_cUSbU
dvbY_TU5cdQT_T_4UcU^f_\fY]U^d_
BUWY_^Q\ 3Qcdb_ 1\]UYTQ Uh`\YS_e
aeUQfUbRQUcdvbUdYTQU]2behU\QcU
QY^TQ`_TUcUbWQcdQQd}Â^Q\TU" !%
@_bdeWQ\}Q\Yvc_SQ]`Uz_TQE5
^_aeUTYjbUc`UYd_wdQhQTUUhUSe|z_
TUVe^T_cS_]e^YdvbY_ce\dbQ`QccQ^
T_ \QbWQ]U^dU Q ]}TYQ Ueb_`UYQ TU
% `_bSU^d__^_cc_fQ\_bQcSU^TUQ_c
'%`_^d_c`UbSU^deQYcAeQ^T__dU]Q
}Q`b_fUYdQbceRcTY_c@_bdeWQ\^z_cU
S_^dU^dQS_]QSQeTQTQ5eb_`Q
**
8KC8JM@JÂF;8<LIFG88)/
=fidXƒf
[\GD<:XcƒX[f
FYa\k`mf1D\c_fiXiX\ÔZ`†eZ`X
[Xgif[lƒf#\c`d`eXi[\jg\i[ˆZ`fj
\gifZliXiefmfjZXeX`j
[\[`jki`Yl`ƒf
CfZXc`qXƒfJfAff[XDX[\`iX
;liXƒf)'(($)'()
9\e\ÔZ`}i`f:\ekifK\Zefc^`Zf
[f:XcƒX[f[\Gfikl^Xc
@em\jk`d\ekfkfkXc***(,'\lifj
=`eXeZ`Xd\ekfZfdle`k}i`f)-*
+,,\lifj=le[fJfZ`Xc<lifg\l
;\jZi`ƒfFg’Yc`Zf$Xcmf[\jk\
gifa\kf[\Zfejlckfi`X]fidXk`mX
\[\]fidXƒf\iXdXjg\hl\eXj\
d„[`Xj\dgi\jXj[fj\kfi[fZXcƒX$
[f#Zfdd\efj[\('']leZ`fe}i`fj%
<d[f`jXefj#]fiXd\]\k`mXd\ek\
XYiXe^`[fj(-((kiXYXc_X[fi\j
[\*)GD<%FfYa\k`mf\iXgifdf$
m\iXd\c_fi`X[XhlXc`[X[\[fj
gifZ\jjfj\gif[lkfj#Xal[Xe[fXj
g\hl\eXj\dgi\jXjXdl[Xi\dgfi
[\ekif\XmXcfi`qXi\dX]fidXƒf
[fjj\lji\Zlijfj_ldXefj%
1_S_^dbvbY_T_aeUQS_^dUSUe^_c
Q^_c) _TY^XUYb_aeUfQYU^dbQb^_
^_cc_`QcQd}" " ^z_cUTUcdY^QQ
ceQfYjQb QccY]UdbYQc U^dbU _c fvbY_c
5cdQT_c]U]Rb_c_eQS_]`U^cQb_c
`QcUcS_]bU^TY]U^d_`_bXQRYdQ^dU
Y^VUbY_bQ) TQ]}TYQUeb_`UYQ5c
dUcVe^T_cd]S_]_`bY_bYTQTU`b_
]_fUb_SbUcSY]U^d_^QcceQcfvbYQc
fUbdU^dUc*Y^dU\YWU^dU`bYfY\UWYQ^T_
`b_ZUd_caeUQ`_cdU]^QY^_fQ|z_^Q
S_]`UdYdYfYTQTUU^QY^dUb^QSY_^Q\YjQ
|z_TQc@=5cecdU^dvfU\Q`_YQ^T_
QUS_^_]YQfUbTUQ`b_dU|z_T_Q]
RYU^dUU_dbQ^c`_bdUcecdU^dvfU\UY^
S\ecYf_`b_dUWU^T__SQ`YdQ\Xe]Q^_
UTUVU^TU^T__U]`bUW__Q`_Y_w]_
RY\YTQTU\QR_bQ\_S_]RQdUw`_RbUjQU
QQT]Y^YcdbQ|z_`‹R\YSQUÂSYU^dU
98C:ÂF;FJ=LE;FJ
re]Q]eTQ^|QbQTYSQ\^QV_b]QTU
_\XQb `QbQ _c TY^XUYb_c aeU f] TU
*+ 2behU\Qc5XvbUWYŠUcT_@QcaeUZvcU
_bWQ^YjQbQ]`_bUhU]`\_`QbQSQ`Y
dQ\YjQb_cQ`_Y_cwc@=5­1cU]`bUcQc
TQbUWYz_T_BYRQdUZ_Ucdz_S\QbQ]U^dU
`bU`QbQTQc`QbQ_TUcQÂ_T_@_bdeWQ\
" " 1\YvcQdbUfU]_^_cQTYjUbaeU
Qc U]`bUcQc TUcdQ bUWYz_ cUbz_ TQc
aeUUcdz_]U\X_b`bU`QbQTQcQ^fU\
^QSY_^Q\`QbQUcdU`b_SUcc_®Qcce]Ye
<d)'(+#j\i}
Zi`X[fldYXcZf
gXiXXal[Xi
fjg\hl\efj
\dgi\j}i`fj
eXjZXe[`[XkliX
Xfj]le[fj
bUSU^dU]U^dU_`bUcYTU^dUT_1cc_
SYQ|z_5]`bUcQbYQ\TQBUWYz_TUCQ^
dQb}]>5BC1>DCQ\_]}BQVQU\
5cdQ Qcc_SYQ|z_ _bWQ^Yj_e U]
]UQT_cTU]QY_U]D_]Qb_S_^WbUc
c_=U\X_bDUbbYd†bY_3_]`UdYdYfYTQTU
`QbQ cYcdU]QdYjQb Q Y^V_b]Q|z_ Qd}
U^dz_ bUS_\XYTQ c_RbU Qc ^USUccYTQ
TUcTQcU]`bUcQc\_SQYcS_]fYcdQQ_
]U\X_bQ`b_fUYdQ]U^d_T_c`b†hY]_c
Ve^T_cUcdbedebQYc`bUfYcd_c
5`_baeUQcSQ^TYTQdebQcQ_cceR
cTY_c^U]cU]`bUcz_`b_SUcc_ccY]
`\Uc]eYdQcfUjUcU^f_\fU]Q`UbSYQ
TUS_^ce\d_bUcUc`USYQ\YjQT_c_7_
fUb^_Q^e^SY_eQSbYQ|z_^_cUWe^T_
cU]UcdbUTU" !$T_2Q\Sz_T_c6e^
T_cUc`USYQ\]U^dUTUTYSQT_QQZeTQb
UcdQc U]`bUcQc Q SQ`dQbU] Y^fUcdY
]U^d_­5cdQ]_cQTUcU^f_\fUbS_]
Qc Sx]QbQc U S_] _edbQc U^dYTQTUc
]USQ^Yc]_c`QbQdUbcUbfY|_cTUQdU^
TY]U^d_Uc`USVYS_c`QbQ_`UaeU^_
8KC8JM@JÂF;8<LIFG88)/
U]`bUcvbY_®Uh`\YS_e_cUSbUdvbY_TU
5cdQT_`QbQQ=_TUb^YjQ|z_1T]Y^Yc
dbQdYfQ:_QaeY]3QbT_c_TQ3_cdQ
1_^fU\TQcY^VbQUcdbedebQcc_RbU
deT_VUbb_fYvbYQcdQ]R}]ZvXv`\Q^_c
`QbQY^fUcdYb_TY^XUYb_aeU`_TUfYb
TU2behU\QccU]cUb^_D7FE]T_c
]QY_bUc`b_ZUd_c}QUh`Q^cz_T_dUb
]Y^Q\TUS_^dU^d_bUcTUCY^UcaeUY]
`\YSQe]Q\YWQ|z_VUbb_fYvbYQTU]Ub
SQT_bYQcTYbUdQU^dbUQaeU\U`_bd_U
5c`Q^XQU`QbQQaeQ\cUbv^USUccvbY_
VQjUbQ`b_fQbÂ^Q^SYQ]U^d_Ueb_`Ue
? `b_ZUd_ `Ub]YdYbv SbYQb ]QYc
" `_cd_cTUdbQRQ\X_Qe]U^dQ^T_
U]& QSQ`QSYTQTUT_dUb]Y^Q\U
Y]`\YSQbvY^fUcdY]U^d_c^Q_bTU]T_c
" ]Y\XŠUc­CUbvVUYdQe]QQfQ\YQ|z_
c_RbUQ`_ccYRY\YTQTUTUQS_]`_^U^dU
^QSY_^Q\cUbS_]`QbdYSY`QTQU]`QbdU
`_bVe^T_cS_]e^YdvbY_c®TYccU:_z_
6bQ^S_TQ1T]Y^YcdbQ|z_T_@_bd_TU
CY^Uc
F9A<K@MFJGFIKL>8C)')'
DQ\S_]__caeQTb_cS_]e^YdvbY_cTU
Q`_Y_Q^dUbY_bUc_1S_bT_TU@QbSUbYQ
@_bdeWQ\" " dQ]R}]aeUb]eTQb_
b_cd_T_@QcS_bbYWY^T_TUcYWeQ\TQ
TUcUQ`b_hY]Q^T__TQ5eb_`QTUcdQ
VUYdQZv^z_U]dUb]_cTUY^VbQUcdbede
bQc]QccY]TUS_]`UdYdYfYTQTU
1cÂ^Q\YTQTUcS_^SbUdQcT_QS_bT_
TU`QbSUbYQcz_*UcdY]e\QbQ`b_Te|z_
TURU^cUcUbfY|_cdbQ^cQSY_^vfUYc+Y^
SbU]U^dQbQcUh`_bdQ|ŠUc+dbQ^cVUbYb
bUce\dQT_cT_cYcdU]QSYU^dVYS_`QbQ
_dUSYT_`b_TedYf_+UcdU^TUbUVQjUb
Se]`bYb Q UcS_\QbYTQTU _RbYWQd†bYQ
Qd}Q_c!(Q^_c+bUTejYb_c^fUYcTU
QRQ^T_^_UcS_\QbU`bUS_SU+Y^dUWbQb
`Ucc_QcU]bYcS_TU`_RbUjQUS_]
RQdUb Q UhS\ecz_ c_SYQ\+ `b_]_fUb _
TUcU^f_\fY]U^d_cecdU^dvfU\^e]Q
†dYSQTUUÂSY^SYQ^_ec_T_cbUSebc_c+
bUV_b|QbQS_Ucz_dUbbYd_bYQ\`QbdYSe
\Qb]U^dU^QcSYTQTUcUj_^QcTURQYhQ
TU^cYTQTU+UbQSY_^Q\YjQbU]_TUb^YjQb
Q1T]Y^YcdbQ|z_@‹R\YSQ
@QbQQdY^WYbUcdUc_RZUdYf_cd_TQc
Qc SQ^TYTQdebQc Q Q`_Y_c S_]e^Ydv
bY_c`QccQ]QcUbQ`bUSYQTQcTUQS_bT_
S_]SbYd}bY_c]QYcbYW_b_c_cU_RZUdY
f_c_RUTUSU^T_Qe]Q\Y^XQTUbe]_
S\QbQ cU] TYc`UbcQb Y^fUcdY]U^d_c
U]TU]QcYQTQcvbUQcdU]vdYSQc_eU]
Efmfk\id`eXc
[\Zilq\`ifj
FYa\k`mf:fejkilƒf[\ldk\id`eXc
[\Zilq\`ifj\`ejkXcXƒf[fGXihl\
[X:`†eZ`X\K\Zefcf^`Xj[fDXi
CfZXc`qXƒfC\`o‘\j#DXkfj`e_fj
;liXƒf)'('$)'(*
9\e\ÔZ`}i`f8[d`e`jkiXƒf[fj
Gfikfj[f;flif\C\`o‘\j#J8
@em\jk`d\ekfkfkXc+0.,'0+/\lifj
=`eXeZ`Xd\ekfZfdle`k}i`f
),,'''''\lifj=<;<I
;\jZi`ƒf<jk\gifa\kfg\id`k\
~i\^`f[f>iXe[\Gfikfk\ild
ZX`jgXiXi\Z\Y\iZilq\`ifjZfd
*''d\kifj\ldk\id`eXc[fkX[f
[\ldXjfclƒfk\Zefcf^`ZXd\ek\
`efmX[fiX#hl\½lk`c`qXX}^lX
[fdXiZfdfYXj\[XZc`dXk`qXƒf
[f\[`]ˆZ`f¾#Zfdfj\c†eX
Xgi\j\ekXƒf[XfYiX%
*,
8KC8JM@JÂF;8<LIFG88)/
CXYfiXki`f[\eXefk\Zefcf^`X
CfZXc`qXƒf9iX^X#Gfikl^Xc\>XcˆZ`X#<jgXe_X
;liXƒf)''0&)'('
9\e\ÔZ`}i`fCXYfiXki`f@Y„i`Zf@ek\ieXZ`feXc[\EXefk\Zefcf^`X
@em\jk`d\ekfkfkXc+-,','''\lifj
=`eXeZ`Xd\ekfZfdle`k}i`f*'''''''\lifj=<;<I
;\jZi`ƒf<jk\cXYfiXki`fi\jlckfl[\ldXle`f[\\j]fiƒfj[fj
^fm\iefjgfikl^l†j\\jgXe_fc#hl\[\Z`[`iXdXgf`XiXZfejkilƒf[\ld
Z\ekif[\\oZ\c†eZ`XeX}i\X[XeXefk\Zefcf^`X%Fgifa\kfk\dZfdffY$
a\k`mfXld\ekXiXZfdg\k`k`m`[X[\[\XdYXjXji\^`‘\j\emfcm`[Xj\XkiX`i
afm\ejZ„i\Yifj%F\[`]ˆZ`f\jk}gcXe\X[fgXiX(''Z`\ek`jkXj\(''Xclefj
[\[flkfiXd\ekf#Xc„d[fji\jg\k`mfjj\im`ƒfjk„Ze`Zfj\X[d`e`jkiXk`mfj%
YTUYQcTUcUcdbedebQTQc?aeUQ^_fQ
1W^SYQ`b_]UdU}^z_VQjUbUcS_\XQc
`bUSY`YdQTQcceR_bTY^Q^T_aeQ\aeUb
TUSYcz_c_RbUe]`b_ZUd_wQVUbY|z_
bYW_b_cQTQceQ]QYcfQ\YQUS_^†]Y
SQc_SYQ\UQ]RYU^dQ\UV_SQ^T_cU^_c
bUce\dQT_c
5] bU\Q|z_ Q_c TY^XUYb_c Q ­S_^
SUTUb® Q 143 TYc`_^YRY\YjQbv $ $"#
]Y\XŠUcTUUeb_c`QbQQvbUQTQS_]
`UdYdYfYTQTUUY^_fQ|z_"!# `QbQQ
Y^S\ecz_ c_SYQ\ # )& `QbQ _ SQ`YdQ\
Xe]Q^_U"" (`QbQQUÂSY^SYQTUbU
Sebc_cUcecdU^dQRY\YTQTU?cbUcdQ^
dUc)$ (]Y\XŠUccUbz_TYbUSY_^QT_c
`QbQ _c `b_WbQ]Qc _`UbQSY_^QYc T_
>_bdU3U^db_1\U^dUZ_<YcR_Q1\WQb
fU1|_bUcU=QTUYbQ
*- BUWYcdUcUaeU_cTY^XUYb_cUeb_
`UecTYcdbYReU]cU^_ccUWeY^dUcVe^
T_c*6545BTUcU^f_\fY]U^d_bUWY_
^Q\+6e^T_C_SYQ\5eb_`UeU]`bUW_
UhS\ecz_c_SYQ\UTeSQ|z_+6e^T_TU
3_Ucz_`QbQbUWYŠUc]U^_cTUcU^f_\
fYTQc65145BQWbYSe\debQUÃ_bUc
dQc651=@]QbU`UcSQc+U6e^T_
TUC_\YTQbYUTQTU5eb_`UeQ`_Y_U]
SQc_TUSQdvcdb_VUc^QdebQYc
C†`_bSebY_cYTQTUcQYRQaeU__b
|Q]U^d_W\_RQ\TQE5µQ_aeQ\cUSXU
WQS_]QcS_^dbYReY|ŠUcT_c"(`QcUc
µ`QbQUcdUaeQTb_`\ebYQ^eQ\TUQ`_Y_c
S_]e^YdvbY_c}TU! ("RY\YŠUcTUUe
b_c4v`QbQ]QYcTUe]QT‹jYQTUbUcWQ
dUcTQdb_Y[QQ@_bdeWQ\5cU]Zeb_cFQ\U
Q`U^Q`U^cQb^e]QSQ^TYTQdebQ
8KC8JM@JÂF;8<LIFG88)/
<IJL:
FYa\k`mfKiXkXd\ekf#mXcfi`qXƒf
\[\jk`efÔeXc[fji\jˆ[lfjjc`[fj
liYXefj
CfZXc`qXƒf8m\`if#:f`dYiX
\Dfek\dfi$f$M\c_f
;liXƒf)''/&)'()
9\e\ÔZ`}i`f<IJL:#I\jˆ[lfj
Jc`[fj[f:\ekif
@em\jk`d\ekfkfkXc
((-'0/'(.\lifj
=`eXeZ`Xd\ekfZfdle`k}i`f
/()-/-()\lifj
=le[f[\:f\jf
;\jZi`ƒfFgifa\kf„
`ek\idle`Z`gXc\XYiXe^\ldX}i\X
^\f^i}ÔZX[\-.''bd)#j\im`e[f
Z\iZX[\ldd`c_f[\_XY`kXek\j%
@eZcl`lXXhl`j`ƒf[\ki†jm\ˆZlcfj
\jg\Z`X`jgXiXkiXejgfik\[\
i\jˆ[lfj\XZfejkilƒf\i\Z_\`f
[\[lXj\jkXƒ‘\j[\kiXkXd\ekf
d\Ze`Zf\Y`fc^`Zf[\i\jˆ[lfj
jc`[fjliYXefj#ldX\d8m\`if
\flkiX\d:f`dYiX#\[\ldX
\jkXƒf[\kiXej]\i†eZ`X#\d
Dfek\dfi$f$M\c_f%:X[Xle`[X[\
„ZXgXq[\kiXkXi(0'd`ckfe\cX[Xj
[\c`of&Xef%
M`j`fe9fo
FYa\k`mf;\j\emfcm`d\ekf[\j`jk\dXj[\ZfekifcfXlkfd}k`Zf
[\]ifek\`iXj\jfclƒ‘\j[\`[\ek`[X[\\c\kie`ZX
CfZXc`qXƒf:XieXo`[\#F\`iXj
;liXƒf)'((&)'(*
9\e\ÔZ`}i`fM`j`fe9foJ8
@em\jk`d\ekfkfkXc(.0/))0\lifj
=`eXeZ`Xd\ekfZfdle`k}i`f/+.)-.\lifj=<;<I
;\jZi`ƒf8`[\`X`e`Z`Xc[fjd\ekfi\j[XM`j`fe9fo]f`[\j\emfcm\ild
gif[lkfhl\i\jfcm\jj\Xj]iX^`c`[X[\j[fjXklX`jj`jk\dXj[\Zfekifcf
[\]ifek\`iXj%8jj`d#Zi`flfDfY`c\>Xk\Jpjk\dÆDfY`c\9`fd\ki`Z
:fekifcJpjk\df]8`i#CXe[Xe[DXi`k`d\9fi[\ijldj`jk\dXdm\c[\
Z_\Zbgf`ekj hl\Zfd\ƒflgfij\i`ejkXcX[f#\d)'(*#efefmfk\id`eXc
[fX\ifgfikf[\C`jYfX%<eki\kXekf#X\dgi\jXZ\c\YiflldZfekiXkf
gcli`XelXcZfdXLB9fi[\i=fiZ\I\`efLe`[f gXiXX`dgc\d\ekXƒf
[fj`jk\dXY`fd„ki`Zf\ddX`j[\hl`eq\X\ifgfikfj[Xhl\c\gXˆj%
*.
8KC8JM@JÂF;8<LIFG88)/
<EKI<M@JK8AFJyJ8EKFJJF<@IF
Ê8j^iXe[\j
gi`fi`[X[\j
jfXjGD<Ë
Fgi\j`[\ek\[X8^†eZ`X[\;\j\emfcm`d\ekf
\:f\jf\ogc`ZXZfdffj[`e_\`ifj[\9ilo\cXj
gf[\dXal[XiGfikl^XcXi\Zlg\iXi[XZi`j\
GFIJäE@8J8G8><
;\hl\df[f\jk\efmfZfekiXkf
Gfikl^Xc)')'gf[\i}g\id`k`iXfGXˆj
Zfdg\ejXifj[\j\hl`cˆYi`fjZi`X[fj
g\cfGcXef[\8aljkXd\ekf6
?@_bdeWQ\" " dU]S_]_`bY^SY`Q\
_RZUdYf_S_^dbYReYb`QbQe\dbQ`QccQb_c
`b_R\U]QcUcdbedebQYcTQUS_^_]YQ
TQc_SYUTQTUUT_dUbbYd†bY_`_bdeWec
>UccUcU^dYT_UcdvQ^S_bQT_^QQ\dUbQ
|z_UcdbedebQ\T_`Qc^_]UQTQ]U^dU
^Q]QY_bY^dUb^QSY_^Q\YjQ|z_TQ^_ccQ
US_^_]YQ ^Q ]QY_b aeQ\YVYSQ|z_ TQ
`_`e\Q|z_^_]QY_bQ`b_fUYdQ]U^d_
TQc`_dU^SYQ\YTQTUcTUSbUcSY]U^d_TU
d_T_c_cdUbbYd†bY_c^e]QUS_^_]YQU
^e]Qc_SYUTQTU]QYcUÂSYU^dU^QedY\Y
jQ|z_T_cbUSebc_cS_]_`_bUhU]`\_
QU^UbWYQaeU}e]U\U]U^d_SbdYS_T_
^_cc_T}ÂSUUhdUb^_=Qc^z_YW^_bQ
_cY]`QSd_cTUS_bbU^dUcT_TYVSY\`b_
SUcc_TUQZecdQ]U^d_U]Sebc_@U\_
S_^dbvbY_S_^d}]U\U]U^d_cY]`_b
dQ^dUcwceQ]YdYWQ|z_
Qc `_\dYSQc TU Y^S\ecz_ c_SYQ\ U ^_
bUV_b|_TUfUbRQc`QbQY^cdbe]U^d_c
VY^Q^SUYb_caeU`b_SebQ]QdU^eQbQc
S_^TY|ŠUcQTfUbcQcTUÂ^Q^SYQ]U^d_
TQc@=5`_bdeWeUcQc
HlX`jjfXjgi`fi`[X[\j[\
`ek\im\eƒf[fjefmfj]le[fj\hlXekf
[`e_\`if\jkXi}[`jgfeˆm\c6
4_c]QYcTU"%]Y\]Y\XŠUcTUUeb_cTU
Ve^T_cTYc`_^fUYc]QYcTU$ Ucdz_
SU^dbQT_c^QcY^dUbfU^|ŠUcTUcdY^QTQc
Q`b_]_fUbQS_]`UdYdYfYTQTUUY^dUb
^QSY_^Q\YjQ|z_TQUS_^_]YQ`_bdeWeU
cQ@QbQdQ\cUbz_bUV_b|QTQcQcY^dUb
fU^|ŠUc^_x]RYd_TQY^fUcdYWQ|z_U
TUcU^f_\fY]U^d_UQceQfQ\_bYjQ|z_
^_S_^dUhd_US_^†]YS_UU]`bUcQbYQ\+
RU]S_]_Q`b_]_|z_TUY^fUcdY]U^
d_ U]`bUcQbYQ\ Y^_fQT_b U _ bUV_b|_
TQcSQ`QSYTQTUcTUY^dUb^QSY_^Q\YjQ
|z_TQcU]`bUcQc`_bdeWeUcQc
<fji\jkXek\j-'6
:fdfgfi\o\dgcf6
4UcTU\_W_^QQdU^|z_aeU}TQTQwc
`_\dYSQcTUU]`bUW_S_]TUcdQaeU
`QbQ _ `b_R\U]Q T_ TUcU]`bUW_ Z_
fU] S_] fUbRQc bUV_b|QTQc ^Q 9^Y
SYQdYfQ5]`bUW_:_fU]TQE^Yz_5e
b_`UYQ5cdQ`bU_Se`Q|z_dbQTejcU
YWeQ\]U^dU^_bUV_b|_TUfUbRQc`QbQ
*/ BU`QbdU]cUTUV_b]QbU\QdYfQ]U^dU
UaeYdQdYfQU^dbUQc_edbQcdbc`bY_bY
TQTUcdU]vdYSQc*Q`b_]_|z_TU`_
\dYSQcTUU]`bUW_UY^S\ecz_c_SYQ\
Y^S\eY^T_ e] V_bdU Q`_Y_ w SbYQ|z_
T_`b†`bY_U]`bUW_S_]e]QQ`_cdQ
bU\UfQ^dU^QUS_^_]YQc_SYQ\+QS_^dY
^eQ|z_T_UcV_b|_TUbUSe`UbQ|z_T_
Afj„JXekfjJf\`iXF\e^\e_\`if
c`[\ifl#Xk„)'(*#flkif`ejk`klkfÆf
@=;IÆhl\^\i`X]le[fjZfdle`k}i`fj
WQ`TU@_bdeWQ\VQSUQ_ccUecS_^S_b
bU^dUcY^dUb^QSY_^QYcU]]Qd}bYQTU
aeQ\YVYSQ|z_TUbUSebc_cXe]Q^_c+U
Q`b_]_|z_T_TUcU^f_\fY]U^d_cec
dU^dvfU\UTUe]Q]QY_bUÂSY^SYQ^Q
edY\YjQ|z_T_cbUSebc_cS_]TUcdQaeU
`QbQ e]Q S\QbQ Q`_cdQ ^Q UVYSY^SYQ
U^UbW}dYSQU^Q]Q^edU^|z_TUU\UfQ
T_c`QTbŠUcQ]RYU^dQYc
Jf]le[fjhl\\jkXifdX`jmfckX[fj
gXiXXjg\jjfXj\g\hl\eXj\dgi\jXj
8KC8JM@JÂF;8<LIFG88)/
flgXiXfj^iXe[\jgifa\kfj6
1cWbQ^TUc`bY_bYTQTUccUbz__dUSYT_
U]`bUcQbYQ\S_]e]U^V_aeU]eYd_
WbQ^TU^Qc@=5TUcdY^QdvbY_SU^dbQ\
TQcY^dUbfU^|ŠUcT_T_]^Y_TQS_]
`UdYdYfYTQTU U Y^dUb^QSY_^Q\YjQ|z_
U^Qc`Ucc_QcTUcdY^QdvbYQcSU^dbQYc
^_c T_]^Y_c T_ U]`bUW_ Y^S\ecz_
c_SYQ\USQ`YdQ\Xe]Q^_
;\hl\df[f½fj[`e_\`ifj[\
9ilo\cXj¾gf[\dXal[Xi\ddXk„i`X[\
`eZcljf\\dgi\^f6
1 `bY_bYTQTU U] ]Qd}bYQ TU Y^S\ecz_
c_SYQ\UU]`bUW_}S\QbQ]U^dUS_^dbY
ReYb `QbQ Q bUY^cUb|z_ TQc `Ucc_Qc
^_ ]UbSQT_ TU dbQRQ\X_ cUZQ `_b fYQ
TUQ`_Y_cwS_^dbQdQ|z_Uw`b_]_|z_
T_U]`bUU^TUT_bYc]_cUZQ`_bfYQTQ
V_SQ\YjQ|z_ TQ V_b]Q|z_ TU QTe\d_c
^_cTUcU]`bUWQT_c_eQY^TQ`_bfYQ
TU Q|ŠUc Uc`USÂSQc TU Y^S\ecz_ QdYfQ
aeU `b_SebQ] `b_]_fUb ]QY_b YWeQ\
TQTU TU _`_bde^YTQTUc U e] bUV_b|_
TQ U]`bUWQRY\YTQTU TU `‹R\YS_c TUc
VQf_bUSYT_c>UcdUx]RYd_cUbz_QY^TQ
`b_ccUWeYTQc`_\dYSQcTU]U\X_bYQT_
QSUcc_ TQc `_`e\Q|ŠUc Q cUbfY|_c c_
SYQYc^e]Q†dYSQTUQTQ`dQ|z_TQbUTU
TU UaeY`Q]U^d_c wc ^_fQc ^USUccYTQ
TUc^_UccU^SYQ\TUS_bbU^dUcTQcQ\dU
bQ|ŠUcTU]_WbvÂSQc
y\og\Zk}m\chl\j\dXek\e_XXXgfjkX
eXj\e\i^`XjXck\ieXk`mXj\eX[\]\jX
[fjmXcfi\jXdY`\ekX`j6
1cecdU^dQRY\YTQTUdU]aeUS_^dY^eQb
QcUbe]`QTbz_SU^dbQ\T_TUcU^f_\fY
]U^d_TU@_bdeWQ\1aeY`Ub]Yd_]U
TUcdQSQb_TUcQÂ_aeUdU]_cU]bUTe
jYbQY^dU^cYTQTUU^UbW}dYSQT_^_cc_
]_TU\_TUTUcU^f_\fY]U^d_1Q`_cdQ
^QUÂSY^SYQU^UbW}dYSQcUbvTUSYcYfQ
`_baeUS_^dbYReYU]cY]e\dx^U_`QbQ
QcecdU^dQRY\YTQTUQ]RYU^dQ\`QbQQ
cecdU^dQRY\YTQTU VY^Q^SUYbQ U `QbQ Q
cecdU^dQRY\YTQTUUS_^†]YSQdbQTejY
TQU]Uc`USYQ\^_S_^dbYRed_`QbQQ
bUTe|z_T_T}ÂSUUhdUb^_
*0
8KC8JM@JÂF;8<LIFG88)/
Fj]le[fj\lifg\ljgf[\dXal[Xi
Gfikl^XcX\eZfekiXifj\l[\jˆ^e`f1
j\aXfdXij\aXfkli`jdf6FlX`e[X
\jkXdfjeX]Xj\[\Zfdg\ejXiXjj`d\$
ki`Xj\]XckX[\Zfdg\k`k`m`[X[\6
cz_UhYWU^dUc_7_fUb^_YTU^dYÂS_eQ
cY]`\YÂSQ|z_T_QSUcc_QUccUcVe^T_c
S_]_e]T_c_RZUdYf_c`bY^SY`QYc`QbQ
_@_bdeWQ\" " 5hYcdUe]QS\QbQY^dUb\YWQ|z_U^dbUQ
`b_]_|z_ TQ S_]`UdYdYfYTQTU aeU
`Ub]YdQcecdU^dQb_TUcU^f_\fY]U^d_
TU@_bdeWQ\UQTUÂ^Y|z_TUUcdbQd}WYQc
TUS_]`UdYdYfYTQTU^_cTYfUbc_cdUbbY
d†bY_cSU^dbQTQc^_ccUecbUSebc_cU
`_dU^SYQ\YTQTUc5cdQaeUcdz_}bU\U
fQ^dUQ^fU\^QSY_^Q\_^TU_cUhU]
`\_cT_]QbUT_debYc]_cUZe^dQ]Q
e]S_^Ze^d_TU_edbQcÂ\UYbQcaeUd]
`Ub]YdYT_cecdU^dQbQ`bUcU^|QTQ^_c
cQUS_^_]YQ^_]UbSQT_W\_RQ\
MX`j\iZi`X[fldYXcZf’e`Zf%%%
Hl\Ôc\`iXj6
3_bbU^T__Y^UfYdvfU\bYcS_TUcUbY^Zec
d_`_bY]`_ccYRY\YTQTUTUcUbUhQecdYf_
`_cc_bUVUbYbQ\We^cUhU]`\_c1\We^c
cUd_bUcTU^_]Y^QT_cTU]QYcdbQTYSY_
^QYcaeUd]dYT_e]Q^_dvfU\bUS_^
fUbcz_S_]__SQ\|QT__e_dhdY\`_b
fYQTQY^db_Te|z_TU]QYcS_^XUSY]U^
d_^_`b_SUcc_TU`b_Te|z_UTUUcdbQd}
WYQcS\QbQcTUTYVUbU^SYQ|z_T_`b_Ted_
?edb_ccUd_bUc_^TUQQ`_cdQcecdU^
dQTQ^QSY^SYQU^_S_^XUSY]U^d_S_
]U|_eQTQbVbed_cQ_^fU\T_]UbSQT_
S_]_}_SQc_TQcQ‹TUE]S_^Ze^d_
TUcUd_bUc`_cYSY_^QT_cQ]_^dQ^dU^Qc
SQTUYQcTU`b_Te|z_TUaeQcUd_TQcQc
Â\UYbQcµ]_\TUcdUS^_\_WYQcTU`b_Te
|z_dUS^_\_WYQcTUY^V_b]Q|z_US_]e
^YSQ|z_µ_^TUQcU]`bUcQc`_bdeWeUcQc
d]TU]_^cdbQT_SQ`QSYTQTUTUS_]
`UdYbaeUb^_V_b^USY]U^d_TUS\YU^dUc
Y^cdQ\QT_cU]@_bdeWQ\S_]_}_SQc_
TQ 1ed_Ueb_`Q aeUb ^_c ]UbSQT_c
Y^dUb^QSY_^QYc
Gfikl^Xc)')'„m\e[`[fZfdfldX
]fidX[\j`dgc`ÔZXifXZ\jjfXfj
]le[fj%y]}Z`c#gXiXldZ`[X[fZfdld#
XZ\[\iXld]le[f6Gfi\o\dgcf#hlXc„
fgi`d\`ifjˆk`ffe[\`i6
=Q^dU^T_cU_`bY^S`Y_TUaeU_cVe^
T_cS_]e^YdvbY_cTUfU]cUbedY\YjQT_c
U]cYdeQ|ŠUc_RZUdYfQcRU]TUÂ^YTQc
UfUbYVYSvfUYcUcQRU^T_cUaeUQcbU
WbQcS_]e^YdvbYQc`QbQQceQedY\YjQ|z_
+' ? RQ\Sz_ fYbdeQ\ `QbQ QSUcc_ TYbUd_ Q
d_T_c_c`b_WbQ]Qc_`UbQSY_^QYc`QbQ
QQ`bUcU^dQ|z_TUSQ^TYTQdebQcU`QbQ
Q`bUcU^dQ|z_TU`UTYT_cTU`QWQ]U^d_
fYbvQS_^cdYdeYbe]QTQc`bY^SY`QYc]U
TYTQcTUcY]`\YÂSQ|z_1dbQf}cT_2Q\
Sz_@_bdeWQ\" " cUbv`_ccfU\_`b}
`bUU^SXY]U^d_TU]eYdQTQY^V_b]Q
|z_aeU}`UTYTQQ_cSQ^TYTQd_ce]Q
fUjaeUcU]_RY\YjQQY^V_b]Q|z_bUcY
TU^dUU]d_TQQ1T]Y^YcdbQ|z_@‹R\YSQU
aeUTYWQbUc`UYd_QUccURU^UÂSYvbY_@_b
_edb_\QT__`Uc_aeUX_ZUUhYcdUS_]Q
Q`bUcU^dQ|z_TU]eYd_cU]eYd_cT_Se
]U^d_cZecdYÂSQdYf_cTQcTUc`UcQcS_]
QbUQ\YjQ|z_T_c`b_ZUd_cfz_cUbceRc
dYdeT_cU]fvbYQcSQdUW_bYQcTUTUc`U
cQc`U\QQT_|z_T_aeUTUcYW^Q]_c`_b
Secd_ccY]`\YÂSQT_c`b}ÂhQT_c
Jlgfe[fhl\\lk`e_Xldgifa\kf
ZfÔeXeZ`X[fg\cX<lifgX%:fdfj\i`X
]\`kXXÔjZXc`qXƒfjfYi\XYfXfld}
Xgc`ZXƒf[f[`e_\`if6
?S_^db_\_c_RbUQR_QedY\YjQ|z_T_c
Ve^T_cRQcUYQcU^_Ve^SY_^Q]U^d_TU
e]UVYSQjcYcdU]QTUWUcdz_UTUS_^
db_\_ ^_ aeQ\ Y^dUbf] TYfUbcQc U^
dYTQTUcS_]Ve^|ŠUcRU]TUVY^YTQcU
S_]_RZUdYf_cTUS_^db_\_Q^eQ\]U^dU
ÂhQT_c>e]`bY]UYb_`\Q^_Y^dUbf]
QcQed_bYTQTUcTUWUcdz_TUSQTQe]T_c
Ê;fjdX`j[\
ö),d`cd`c_‘\j
[`jgfeˆm\`j#dX`j
[\+'\jkf
Z\ekiX[fjeX
gifdfƒf[X
Zfdg\k`k`m`[X[\Ë
`b_WbQ]Qc_`UbQSY_^QYcwcaeQYcSQRU
Q`bY]UYbQUTUdUb]Y^Q^dUfUbYÂSQ|z_
TUaeU_`b_ZUd_UcdvQcUbS_^SbUdYjQT_
^_cdUb]_cU]aeUV_YQ`b_fQT_UaeU
QTUc`UcQQ`bUcU^dQTQV_YbUWe\Qb]U^
dUbUQ\YjQTQUS_^dQRY\YjQTQ>e]cU
We^T_`\Q^_Y^dUbf}]QQed_bYTQTUTU
SUbdYÂSQ|z_aeUS_^VUbUe]QWQbQ^dYQ
QTYSY_^Q\TUbUWe\QbYTQTUT_cVe^T_c
U] SQTQ ]_]U^d_ c_\YSYdQT_c w 3_
]Yccz_5eb_`UYQ>e]dUbSUYb_`\Q^_
Y^dUbf}]QQed_bYTQTUTUQeTYd_bYQaeU
fUbYÂSQQ^eQ\]U^dUQc_\YTUjT_ccYcdU
]QcTUWUcdz_US_^db_\_UQeTYdQe]Q
Q]_cdbQbU`bUcU^dQdYfQTU`b_ZUd_c
<hlX`jjfXjZfej\hl†eZ`Xj6
D_TQcQcYbbUWe\QbYTQTUcTUdUdQTQccz_
_RZUd_TUS_bbU|z_Â^Q^SUYbQY]UTYQdQ
cU]`bUZej_TUUfU^deQYcS_^cUae^
SYQc`U^QYccUV_b_SQc_@_bdeWQ\}‹^Y
S_5cdQT_]U]Rb_5=S_]S_^dbQd_
TUS_^ÂQ^|QSU\URbQT_S_]Q3_]Yccz_
5eb_`UYQTUcTU" 'UaeUfYeUccQS_^
ÂQ^|QbU^_fQTQrdQ]R}]_‹^YS_5=
aeU^z_V_Y_RZUd_TUTUSYcŠUcTUcec
`U^cz_TU`QWQ]U^d_c^_QdeQ\`Ub_T_
TU`b_WbQ]Q|z_C_]_c_5=aeU]QYc
Ve^T_cbUSURUebU\QdYfQ]U^dUw`b_WbQ
]Q|z_UUcdQ]_cU]`_cY|z_SY]UYbQ
aeQ^d_Q_^fU\TUUhUSe|z_T_AB5>
Fhl\„fhlX[if[\[\j\dg\e_f#
Xgc`ZX[fXfj]le[fj\lifg\lj6
1_bYU^dQ|z_`QbQbUce\dQT_cS_^cdYdeY
e]`bY^S`Y_SU^dbQ\TQQ`\YSQ|z_T_
@_bdeWQ\" " _^TU_aeQTb_TUTU
cU]`U^X_cUQcce]US_]_e]`Y\Qb
>Q`bvdYSQ_aeQTb_TUTUcU]`U^X_
cYW^YVYSQ aeU Qc `_\dYSQc `‹R\YSQc Q
S_Â^Q^SYQbUQcQed_bYTQTUcTUWUcdz_
cUfz_S_]`b_]UdUbS_]bUQ\YjQ|ŠUc
U bUce\dQT_c Q QdY^WYb `QbQ Q\}] TU
^fUYcTUQRc_b|z_Â^Q^SUYbQ
HlXcfgifa\kfhl\^fjkXmX[\m\i
XZfek\Z\ief]lklif6
D_T_c_caeUUcdYfUbU]Q\Y^XQT_cS_]
QUcdbQd}WYQaeUTUÂ^Y]_c?@_bdeWQ\
" " V_YTUcU^XQT_]QYcU]Ve^|z_TU
_RZUdYf_cU]UdQcTUTUcU^f_\fY]U^d_
`QbQ_@QcT_aeUU]Ve^|z_TU`b_ZU
d_cY^TYfYTeQ\]U^dUS_^cYTUbQT_c
ATL AS
DA
U NI Ã O
EU ROPEI A
O CLUBE DOS 28
› PAÍS A PAÍS, O RETRATO DOS ESTADOS DA UE
8KC8JM@JÂF;8<LIFG88)/
8c\dXe_X
J`klX[XeXgcXeˆZ`\[X<lifgX:\ekiXc#
X8c\dXe_Xk\d]ifek\`iXjZfdefm\
gXˆj\j\kXdY„dZfdfdXi9}ck`Zf%
yXkiXm\jjX[Xgfim}i`fji`fjZfe_\Z`$
[fj#ZfdffI\ef#f;Xe’Y`f\k\d
fj\lgfekfdX`j\c\mX[fÆfQl$ ^jg`kq\ÆXhlXj\ki†jd`cd\kifj [\Xck`kl[\%<d9\ic`d#XZXg`kXc#
Xk\dg\iXkliXd„[`XXelXc„[\
0—:\Z_fm\((*[`XjgfiXef%
GFGLC8xÂF
/(#(d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
++#-Xefj
:I<J:@D<EKF
'#(0
<JG<I8Ex8;<M@;8 /*#*Xefjdlc_\i\j
./#-_fd\ej
+) !
&'*
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
C@K<I8:@8
00
;@GCFD8;FJEF<EJ@EFJLG<I@FI -'00.*
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
,#(
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
()#)
?cYcdU]Q^QSY_^Q\TUcQ‹TUQ\U]z_
}S_^XUSYT_`_bcUb_]QYcQ^dYW_TQ
5eb_`QbU]_^dQ^T_Q!((#2Yc]Qb[
]QcV_YUf_\eY^T_TUV_b]QQd_b^QbcU
]Ycd_D_T_c_cSYTQTz_ccz_QRbQ^WY
T_`_bU\U]QcXvQ_`|z_TUcQYbT_
`\Q^_US_^dbQdQbcUWeb_c`bYfQT_c>_
bQ^[Y^W]e^TYQ\TQ]_bdQ\YTQTUY^VQ^
dY\_`QcUcdv]eYd_RU]`_cYSY_^QT_
U]"! ¥\eWQb
(#+$ )$#%
5]d_TQQE5`_eS_c`QccQ]Q1\U]Q
^XQ^Q]}TYQTUQ^_cTUVbUae^SYQUc
S_\Qb?U^cY^__RbYWQd†bY_UcdU^TUcU
`_b!"Q^_cUS_]RY^QQfYQQSQT}]YSQ
S_]Q`b_VYccY_^Q\YjQ^dU?U^cY^_}
WbQdeYd_]QcQ_^fU\ce`UbY_b`bUcce
`ŠU_`QWQ]U^d_TUe]Q`b_`Y^QaeU
fQbYQS_^c_Q^dU_UcdQT_VUTUbQ\T_Uc
dQRU\USY]U^d_e^YfUbcYdvbY_
J8è;<
:C@D8
CU]bYfQ\^Q5eb_`Q^_aeUTYjbUc`UY
d_Q_^‹]Ub_TUXQRYdQ^dUcQ1\U]Q
^XQdU]e]Q`_`e\Q|z_U^fU\XUSYTQµQ
YTQTU]}TYQUcdv`b†hY]QT_c$%Q^_c
µUcU]`Ubc`UdYfQcTUbU^_fQ|z_1c
]e\XUbUcWUb]x^YSQcd]U]]}TYQ
!$VY\X_c_aeU}Y^ceVYSYU^dU`QbQ_
SbUcSY]U^d_`_`e\QSY_^Q\5cdY]QcU
aeUU]" % XQZQU^dbU&)U'$]Y\XŠUc
TU`Ucc_QcQfYfUb^UcdUdUbbYd†bY_
GFGLC8xÂF
&'*
EFD<F=@:@8C I\g’Yc`ZX=\[\iXc[X8c\dXe_X
:8G@K8C
9\ic`d
DF<;8
<lif
CàE>L8F=@:@8C
8c\df
=IFEK<@I8J
Ýljki`X#9„c^`ZX#
;`eXdXiZX#=iXeƒX#Clo\dYli^f#?fcXe[X#
Gfce`X#I\g’Yc`ZX:_\ZX#JlˆƒX
ÝI<8KFK8C
*,.()(bd)
<;L:8xÂF
,*0
-+,'''bd
()/''bd
+(0/(bd
EèD<IF;<?89@K8EK<JGFIDy;@:F )-(#G<I:<EK8><D;FG@9>8JK8<DJ8è;< 0
DFIK8C@;8;<@E=8EK@C!
*#+/
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
.)'+*
'#/
/#0
-(0#0
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
1]QY_bUS_^_]YQUeb_`UYQ}dQ]R}]
e]WYWQ^dUU]dUb]_cTUUh`_bdQ|ŠUc
1\RUbWQQ\We]QcTQc]QYcY]`_bdQ^
dUcUS_^XUSYTQcU]`bUcQcU]cUd_bUc
S_]_ _ Qed_]†fU\ Q QUb_^vedYSQ Q
U\Udb†^YSQQY^T‹cdbYQae]YSQUVQb
]QSedYSQQdUS^_\_WYQTUU^UbWYQc_
\QbUdebRY^QcU†\YSQcUdS1QWbYSe\
debQbU`bUcU^dQX_ZU]U^_cTU!T_
@92Q\U]z_S_^SU^dbQT_^_ccUbfY|_c
]QYcTU' 3_]`_cdQ`_b!&UcdQT_cVUTUbQYcQ
BU`‹R\YSQTQ1\U]Q^XQ}\YTUbQTQ`U\Q
3XQ^SU\Ub1^WU\Q=Ub[U\U\UYdQ`U\Q
dUbSUYbQ fUj `_b aeQdb_ Q^_c `U\_c
&#!TU`edQT_cT_2e^TUcdQWU]" !#
1`bY]UYbQÂWebQT_`Qc}^_U^dQ^d_
_`bUcYTU^dU:_QSXY]7Qe[SeZ_]Q^
TQd_TebQSY^S_Q^_c>_@Qb\Q]U^d_
5eb_`UeQ1\U]Q^XQ}_UcdQT_]U]
Rb_S_]]QYcbU`bUcU^dQ^dUcTQTQQ
ceQTY]U^cz_*)&
G@9ÊG<I:8G@K8Ë
ö*'/),
K8O8;<:I<J:@D<EKF
'#.'
;àM@;8Gè9C@:8
./#+[fG@9
@E=C8xÂF
(#-
;<J<DGI<>F
,#(
;<J<DGI<>FAFM<D
/#-
G8I:<@IFJ;<<OGFIK8xÃ<J
=I8Ex8
('#)
I<@EFLE@;F
.
?FC8E;8
-#0
G8I:<@IFJ;<@DGFIK8xÃ<J
?FC8E;8
(+
=I8Ex8
.#,
:?@E8
-#.
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
'#/
@E;èJKI@8
)/
J<IM@xFJ
.(#)
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
:?<=<;<<JK8;F Gi\j`[\ek\AfXZ_`d>Xlb
:?<=<;F>FM<IEF
:_XeZ\c\i
8e^\cXD\ib\c
@;8;<;<MFKF
(/
%%#$") * %#$"- * ,)'*
!
$,!) *
;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#0
@;8;<D@C@K8I
(/$)*Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J )/,'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? )-#/
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë -*.0
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
()#*'
K8O8;<I<:@:C8><D
.)#.'
0*-Fkf@#F>iXe[\#kfieX$j\efgi`d\`if
I\`[X8c\dXe_X
(/)'<ekiX\dm`^fiX:fejk`kl`ƒf[X:fe$
]\[\iXƒf>\ide`ZX#[`jjfcm`[X\d(/-(/-.:fejk`kl`ƒf[fI\`Z_jkX^
(/.'$.(>l\iiX]iXeZf$giljj`XeX\Zi`Xƒf
[f@dg„i`f8c\df
(0(+$(0(/@>l\iiXDle[`Xc#[`jjfclƒf[f
@dg„i`f\`eˆZ`f[XI\g’Yc`ZX[\N\`dXi
(0(08c\dXe_XXZ\`kXfKiXkX[f
[\M\ijXc_\j\fZfii\d\c\`ƒ‘\j]\[\iX`j
(0**8[fc]?`kc\i„efd\X[f:_XeZ\c\i
[fI\`Z_\[}$j\X]le[Xƒf[X>\jkXgf
(0*,8[fƒf[XjC\`j[\Eli\dY\i^X
\`eˆZ`f[Xg\ij\^l`ƒfXfjal[\lj
(0*0;\gf`j[\m}i`XjXe\oXƒ‘\j#
X8c\dXe_X`emX[\XGfce`X#fi`^`eXe[f
X@@>l\iiXDle[`Xc
(0+,?`kc\ijl`Z`[X$j\#X8c\dXe_X
i\e[\$j\\k\id`eXX^l\iiX
(0+/$+0FZfii\fYcfhl\`f[\9\ic`d
gfigXik\[fjjfm`„k`Zfj
(0+0:i`Xƒf[XI\g’Yc`ZX=\[\iXc[X8c\$
dXe_X\[XI\g’Yc`ZX;\dfZi}k`ZX8c\d
(0,,8[\jf~E8KF
(0-(@eˆZ`f[XZfejkilƒf[fDlif
[\9\ic`d
(0.)Af^fjFcˆdg`Zfj[\M\if#
\dDle`hl\
(0/0Hl\[X[fDlif
(00'Le`ÔZXƒf[X8c\dXe_X
)'')<lifZfd\ƒXXZ`iZlcXi
)'',8e^\cXD\ib\ckfieX$j\Xgi`d\`iX
dlc_\i:_XeZ\c\i
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
)0%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF ,%²
GFLG8Ex8J
+0%²
DFIK8C@;8;<@E=8EK@C
)('%²
GFGLC8xÂF
(.%²
=<IK@C@;8;<
)''%²
+*
8KC8JM@JÂF;8<LIFG88)/
Ýljki`X
<;L:8xÂF
8Ýljki`X]f`g}ki`X[\Xc^lej
[fjdX`j]XdfjfjZfdgfj`kfi\j#
ZfdfDfqXik#JZ_lY\ik#JkiXljj
fl?Xp[e%M`\eX„XZ`[X[\
gi`eZ`gXc[fgXˆj#dXjJXcqYli^f#
Zfdfj\l]\jk`mXcdlj`ZXc
[\m\if#Xjjld\$j\Zfdf
Xm\i[X[\`iXZXg`kXcZlckliXc%
EFD<F=@:@8C
I\g’Yc`ZX[XÝljki`X
:8G@K8C
M`\eX
DF<;8
<lif
CàE>L8F=@:@8C
8c\df
=IFEK<@I8J
8c\dXe_X#<jcfm}hl`X#
<jcfm„e`X#?le^i`X#@k}c`X#C`\Z_k\ejk\`e#
I\g’Yc`ZX:_\ZX#JlˆƒX
ÝI<8KFK8C
/*/.0bd)
GFGLC8xÂF
GFGLC8xÂF
/#)d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+)Xefj
:I<J:@D<EKF
'#')
<JG<I8Ex8;<M@;8 /*#-Xefjdlc_\i\j
./#+_fd\ej
"#&
++ "#&
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
0/
-*.,+
-#'(
('#/
>_c‹\dY]_cQ^_c_7_fUb^_QecdbQS_
dU]fY^T_QQe]U^dQbQ`UbSU^dQWU]
T_@92TUcdY^QTQwcQ‹TUQ_]Uc]_
dU]`_aeUdU]`Ub]YdYT__Qe]U^d_
TQc _VUbdQc `bYfQTQc 4QaeY bUce\dQ
`_bUhU]`\_aeUQËecdbYQ}_cUWe^T_
`Qc TQ E^Yz_ 5eb_`UYQ S_] ]U^_c
XQRYdQ^dUc`_b]}TYS__`bY]UYb_}
Q7b}SYQ
$' "
C@K<I8:@8
;@GCFD8;FJEF<EJ@EFJLG<I@FI
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
J8è;<
:C@D8
DQ\ S_]_ ^Q ]QY_b `QbdU T_c `QcUc
Ueb_`Uec_cQecdbQS_c`bUVUbU]fY
fUb^_cSU^db_cebRQ^_c*e]aeQbd_TQ
`_`e\Q|z_Ucdv^Qj_^QTUFYU^Q@_b
bQjŠUcaeUcU`bU^TU]S_]Q`b_hY
]YTQTUWU_WbvVYSQ]eYd_cUc\_fU^_c
UX‹^WQb_cU]YWbQbQ]`QbQQËecdbYQ
_^TUcz_U^SQbQT_cS_]_]Y^_bYQcU
d]TYbUYd_cUc`USYQYc
4_c&Q_c!%Q^_cd_TQcQcSbYQ^|QcU
Z_fU^ccz__RbYWQTQcQYbwUcS_\Q]Qc
Ycc_^z_}ceÂSYU^dU`QbQQ?345S_^
cYTUbQb_cYcdU]QTUU^cY^_UhU]`\Qb
>QfUbTQTUUcdQU^dYTQTUSbYdYS_ebU
SU^dU]U^dU_VQSd_TUXQfUb`_eS_c
Q\e^_cQVbUaeU^dQbU]Qce^YfUbcYTQ
TUc U Qcc_SY_e UccU Y^TYSQT_b w dQhQ
Q`\YSQTQQ_cUcdeT_cce`UbY_bUc
,)
()+,0/bd
(.(0bd
-*00bd
EèD<IF;<?89@K8EK<JGFIDy;@:F )'-#0
G<I:<EK8><D;FG@9>8JK8<DJ8è;< /#,
DFIK8C@;8;<@E=8EK@C!
+#)(
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
/+)*
'#E%;%
++'#*
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
G<I=@CGFCàK@:F
<:FEFD@8
>e]`Qc_^TU^z_XvcQ\vbY_]^Y]_
^QSY_^Q\_@92`UbSQ`YdQ^z_U^fUb
W_^XQ^Y^We}]*}_"!]QYcU\UfQT_
T_]e^T_=Uc]_U^dbU_cZ_fU^c_
TUcU]`bUW_dU]e]QdQhQ]QYcbUTe
jYTQT_aeUQ]QY_b`QbdUT_c5cdQT_c
]U]Rb_cUQc`_e`Q^|QcbU`bUcU^
dQ]e]aeQbd_"%!T_@b_Ted_9^
dUb^_2bed_1TfYTQ`‹R\YSQb_^TQ_c
''`_bSU^d_U_SbUcSY]U^d_TQUS_^_
]YQ}VbQS_Q`UcQbTU`_cYdYf_
G@9ÊG<I:8G@K8Ë
ö**+-,
K8O8;<:I<J:@D<EKF
'#)'
;àM@;8Gè9C@:8
..#([fG@9
@E=C8xÂF
)#(
;<J<DGI<>F
+#/
;<J<DGI<>FAFM<D
/#*
M8CFI;8J<OGFIK8xÃ<J!
('0*
M8CFI;8J@DGFIK8xÃ<J!
/0+
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
*(#+
@KÝC@8
.
=I8Ex8
+#.
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
+)#(
@KÝC@8
-#-
JLàx8
,#(
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
(#,
@E;èJKI@8
*'#(
J<IM@xFJ
-/#+
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
!
!
!! %&! )&(%#&
?cYcdU]Q`_\dYS_TQËecdbYQ}RYSQ]Q
bvbY_ ? 2e^TUcbQd 3_^cU\X_ 6UTU
bQ\dU]&"TU`edQT_cU_>QdY_^Q\bQd
3_^cU\X_>QSY_^Q\dU]!(#U\U]U^
d_ccU^T__c]Q^TQd_cTUaeQdb_Q^_c
1`QbdYSY`Q|z_TQc]e\XUbUc^Q`_\dYSQ
dU]Qe]U^dQT_]Qc_^‹]Ub_TUTU
`edQTQcQY^TQUcdvQRQYh_T_c# `_b
SU^d_
:?<=<;<<JK8;F Gi\j`[\ek\?\`eq=`jZ_\i
:?<=<;F>FM<IEF
:_XeZ\c\iN\ie\i
=XpdXee
@;8;<;<MFKF
(-
" (%&
%("
#"& ;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
'#0
@;8;<D@C@K8I
(/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J +''''
E8KLI<Q8;FJ<IM@xFD@C@K8I FYi`^Xki`f
gXiXfj_fd\ej-d\j\j
G<IK<E:<ÁE8KF6
Ef
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? )'#)
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë .*))
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
*'#0'
K8O8;<I<:@:C8><D
--#-'
:IFEFCF>@8?@JKäI@:8
00-DX`jXek`^fi\^`jkf[fefd\[\jk\
k\ii`ki`f1FjkXiiŠZ_`
((,-F@dg\iX[fi=i\[\i`Zb]le[Xf
[lZX[fXljkiˆXZf
()/)Fj?XYjYli^fjkfieXd$j\[lhl\j
[XÝljki`X
(+*.F;lhl\8cYi\Z_\kMkfieX$j\f
gi`d\`if?XYjYli^fXljXiZfifX`dg\i`Xc#
XgjXdfik\[fj\ljf^if
(,)-Le`ÔZXƒf[XÝljki`X#[X?le^i`X
\[X9f„d`X\`eˆZ`f[fjZfe]ifekfj
Zfdf@dg„i`fFkfdXef
(/-.=le[Xƒf[XdfeXihl`X[lgcX
Xljkif$_’e^XiX
(0(/=`d[f@dg„i`fXljkif$_’e^Xif\
eXjZ`d\ekf[XI\g’Yc`ZX[XÝljki`X
(0(0FKiXkX[f[\JX`ek$>\idX`e[\Ôe\
Xj]ifek\`iXjXljkiˆXZXj
(0*/FZlgXƒf[XÝljki`XgfigXik\
[X8c\dXe_X
(0+-8gjfÔd[X@@>l\iiX#Zfd\ƒX
Xi\Zfejkilƒf[XÝljki`X
(0,,<L8#I\`efLe`[f#LIJJ\=iXeƒX
Xjj`eXdldkiXkX[fhl\i\jk`kl`X
`e[\g\e[†eZ`X~Ýljki`X#hl\j\alekX
~jEXƒ‘\jLe`[Xj\gifZcXdXXjlX
e\lkiXc`[X[\]lkliX
(00,<ekiX[XeXLe`f<lifg\`X
)'')<lifkfieX$j\df\[XfÔZ`Xc
)''/Af\i^?X`[\i#cˆ[\i[XXc`XeƒX
[\\oki\dX$[`i\`kX#dfii\eldXZ`[\ek\
[\Xlkfdm\c
)'(*8ljkiˆXZfjmfkXdi\]\i\e[f gXiX
dXek\ifj\im`ƒfd`c`kXifYi`^Xki`f
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
)(%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF /%²
GFLG8Ex8J
+*%²
DFIK8C@;8;<@E=8EK@C
(0-%²
GFGLC8xÂF
0,%²
=<IK@C@;8;<
)'(%²
+,
8KC8JM@JÂF;8<LIFG88)/
9„c^`ZX
9ilo\cXj#XZXg`kXc
[fI\`ef[X9„c^`ZX# „Xj\[\[\hlXj\
kf[XjXj`ejk`kl`ƒ‘\j
\lifg\`Xj\kXdY„d[X
E8KF%Fji\jkXliXek\j#
XjcfaXj#fj_fk„`j#fj
kiXejgfik\j#kf[Xj
Xj`e]iX\jkilkliXj[X
Z`[X[\j\X[XgkXiXdX
\jkXi\Xc`[X[\%EXjilXj
]XcXd$j\m}i`Xjcˆe^lXj
\g\iZ\Y\d$j\ifjkfj[\
EFD<F=@:@8C
I\`ef[X9„c^`ZX
m}i`XjeXZ`feXc`[X[\j%
:8G@K8C
9ilo\cXj
AlekXd\ek\Zfd
DF<;8
<lif
X?fcXe[X\f
CàE>L8F=@:@8C =cXd\e^f#]iXeZ†j\Xc\df
Clo\dYli^f#X9„c^`ZX
=IFEK<@I8J
8c\dXe_X#=iXeƒX#
Zfdgle_XfjZ_XdX[fj
?fcXe[X#Clo\dYli^f
GXˆj\j9X`ofj%
ÝI<8KFK8C
*',)/bd)
GFGLC8xÂF
GFGLC8xÂF ('#+d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+'#0Xefj
:I<J:@D<EKF
'#',
<JG<I8Ex8;<M@;8 /*#(Xefjdlc_\i\j
..#*Xefj_fd\ej
)*-
+- "# )*-
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
C@K<I8:@8
00
;@GCFD8;FJEF<EJ@EFJLG<I@FI (',).(
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
-#,.
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
('#0
? cYcdU]Q TU cQ‹TU } e^YfUbcQ\
VY^Q^SYQT_`U\_cTUcS_^d_cT_cdbQ
RQ\XQT_bUcUUcdvU^dbU_c]U\X_bUc
T_]e^T_?`QcdU]R_QS_RUbdebQ
TUX_c`YdQYcUS\^YSQcU^z_cU\XUS_
^XUSU]\YcdQcTUUc`UbQ8vdQ]R}]
Qcc_SYQ|ŠUc]edeQ\YcdQcQ`bUcdQbU]
cUbfY|_c ]}TYS_c U } VvSY\ S_^dbQdQb
cUWeb_cTUcQ‹TU
! +&. ',/0#' -
?U^cY^__RbYWQd†bY_^Q2}\WYSQ}TU
!" Q^_c T_c & Q_c !( ]Qc Q ]}TYQ
TUQ^_cTUVbUae^SYQUcS_\QbcYdeQ
cUQRQYh_T_c!!?U^cY^_`bY]vbY_
`b_\_^WQcU`_bcUYcQ^_cU}WbQdeYd_
Q_S_^dbvbY_T_U^cY^_e^YfUbcYdvbY_
aeUY]`\YSQ_`QWQ]U^d_TU`b_`Y^Qc
1 Q`bU^TYjQWU] `_TU VQjUbcU U]
aeQ\aeUbe]QTQcdbc\^WeQc_ÂSYQYc
J8è;<
:C@D8
=QYc`UaeU^QT_aeU@_bdeWQ\Q2}\WY
SQdU]`bQdYSQ]U^dU_]Uc]_^‹]Ub_
TUXQRYdQ^dUcaeU_^_cc_`Qc_aeU
VQjTU\Qe]QTQcbUWYŠUc]QYcTU^cQ
]U^dU`_f_QTQcTQE^Yz_5eb_`UYQ?
RU\WQdY`_fYfU^e]QSYTQTUdU]$ )
Q^_cUdU]!&%Â\X_c1YTQTU]}TYQTQ
]QdUb^YTQTUcYdeQcU^_c"))Q^_c
<;L:8xÂF
+(
(,+'()bd
(.,-bd
*)**bd
EèD<IF;<?89@K8EK<J
GFIDy;@:F
*+*#+
G<I:<EK8><D;FG@9>8JK8<DJ8è;< /
DFIK8C@;8;<@E=8EK@C!
+#)*
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
('(',
(#.
)-#*
-).#)
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
?]U\X_bSX_S_\QdUT_]e^T_S_^
dbYReY `QbQ _ ]Y\QWbU US_^†]YS_ TQ
2}\WYSQQccY]S_]__cTYQ]Q^dUcQ
SUbfUZQU_DY^dY]=Qc_TUcU]`bUW_
c_RbUdeT_ Z_fU] U Q TfYTQ `‹R\YSQ
ce`UbY_bQ! S_]U|Q]Q`bU_Se`Qb
_cW_fUb^Q^dUcDQ\S_]_Q5eb_`Q_
`QcTUcU^f_\fUcUQTeQcfU\_SYTQTUc
S_]_cÃQ]U^W_cT_>_bdUQ`b_c`U
bQbU]]QYcT_aeU_cfQ\ŠUcT_Ce\
1 2}\WYSQ } e]Q ]_^QbaeYQ `Qb\Q
]U^dQbS_^cdYdeSY_^Q\U]aeU_BUY
Ve^SY_^QS_]_e]QVYWebQcY]R†\YSQ
Ue^YÂSQT_bQ?`bY]UYb_]Y^Ycdb_}_
SXUVUT_7_fUb^_U_`Qb\Q]U^d_^Q
SY_^Q\}S_]`_cd_`_b!% TU`edQT_c
8vdQ]R}]e]cU^QT_S_]'!]U]
Rb_c5hYcdU]aeQcU#)TU]e\XUbUc
^Q3x]QbQT_cBU`bUcU^dQ^dUc@Qb\Q
]U^d_^QSY_^Q\
G@9ÊG<I:8G@K8Ë
ö)0/0'
K8O8;<:I<J:@D<EKF
'#*'
;àM@;8Gè9C@:8
('*#.[fG@9
@E=C8xÂF
(#)'
;<J<DGI<>F
/#,
;<J<DGI<>FAFM<D
(/#.
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
(/
=I8Ex8
(-#(
?FC8E;8
(*
G8I:<@IFJ;<@DGFIK8xÃ<J
?FC8E;8
)'#0
8C<D8E?8
(+#)
=I8Ex8
('#-
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
'#.
@E;èJKI@8
))#*
J<IM@xFJ
..
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
((&'% ,#-"#(&'%1#-"##/,*-
I\`G_`c`gg\
Gi`d\`if$d`e`jkif
<c`f[`Ilgf
(/
!
'/$ ,#
+ !"
;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#(
@;8;<D@C@K8I
(/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J *.'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? ))#)
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë .)/*
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
+#('
K8O8;<I<:@:C8><D
.0#/'
(,.0GifZcXdXƒf[X`e[\g\e[†eZ`XeXj
gifmˆeZ`Xj[fEfik\#\ehlXekfXj[fJlc
g\idXe\Z\djfY[fd`eXƒf\jgXe_fcX
(.0'GifZcXdXƒf[X`e[\g\e[†eZ`X[X
Le`f[fj<jkX[fj9\c^Xj
(.0,;}$j\XXe\oXƒf[X9„c^`ZX
gfigXik\[X=iXeƒX
(/(,:fe^i\jjf[\M`\eXle\X9„c^`ZX
\X?fcXe[Xefi\`ef[fjGXˆj\j9X`ofj
(/*'@e[\g\e[†eZ`X[X9„c^`ZXeX
j\hl†eZ`X[\`ejlii\`ƒf\d9ilo\cXj
(/*(C\fgfc[f@gi\jkXaliXd\ekfZfdfi\`
g\iXek\X:fejk`kl`ƒf
(0(+$(/9„c^`ZX„`emX[`[Xg\cfjXc\d\j
(0*+C\fgfc[f@@@jfY\Xfkifef
(0+'$++8c\dXe_XfZlgXfgXˆj
(0,(9Xc[lˆef@jlZ\[\XC\fgfc[f@@@#
XZljX[f[\ZfcXYfiXZ`fe`jdfZfdfjeXq`j
(0,)89„c^`ZXkfieX$j\d\dYif$]le[X[fi
[X:<<
(0-'@e[\g\e[†eZ`X[f:fe^f9\c^X
(0.':i`Xƒf[\ki†ji\^`‘\jX[d`e`jkiXk`$
mXj1=cXe[i\j#MXce`X\9ilo\cXj
(00*Dfii\fI\`9X[lˆef\jlZ\[\$c_\
8cY\ikf@@#j\l`idf%89„c^`ZX
kiXej]fidX$j\eld\jkX[f]\[\iXc
)''(=Xc†eZ`X[XZfdgXe_`XX„i\X
eXZ`feXc#JXY\eX
)'('GXik`[fjj\gXiXk`jkXjfYk†dX
dX`fi`XeX=cXe[i\j\kfieX$j\`dgfjjˆm\c
]fidXi^fm\ief
)'((8)*[\aXe\`if#X9„c^`ZXZfdgc\kX
)**[`Xjj\d^fm\ief\fjY\c^XjjX\d
~ilXeldX^iXe[\dXe`]\jkXƒf
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
*(%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF (.%²
GFLG8Ex8J
.-%²
DFIK8C@;8;<@E=8EK@C
(0+%²
GFGLC8xÂF
/+%²
=<IK@C@;8;<
(.-%²
+.
8KC8JM@JÂF;8<LIFG88)/
9lc^}i`X
8kiXm\jjX[Xg\cX
Zfi[`c_\`iX[fj9XcZj
\g\cfi`f;Xe’Y`f#X
9lc^}i`X\jk}[`m`[`[X
\d)/[`jki`kfj#ki†j
[fjhlX`jm`iX[fjgXiX
fDXiE\^if%=f`ldX
[XjdX`ji\Z\ek\j
\ekiX[XjeXLe`f
<lifg\`X#\d)''.#
iXqfg\cXhlXcX`e[X
efXjjld`lf<lif
Zfdfdf\[XfÔZ`Xc%
yd\dYif[XE8KF
[\j[\)''+%
EFD<F=@:@8C
:8G@K8C
DF<;8
CàE>L8F=@:@8C
=IFEK<@I8J
ÝI<8KFK8C
GFGLC8xÂF
-#0d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+)#,Xefj
:I<J:@D<EKF
'#/(
<JG<I8Ex8;<M@;8 ..#0Xefjdlc_\i\j
.'#0Xefj_fd\ej
+/ 9lc^}i`X
JÔX
C\mö'#,
9’c^Xif
>i„Z`X#DXZ\[e`X#
Ifd„e`X#J„im`X#Klihl`X
(('0''bd)
&'*
5]SQTQ]Y\^QcSY]U^d_c!%&RUR}c
]_bbUbQ]^Q2e\WvbYQ?^‹]Ub_^z_
} Q^Y]QT_b U } e] T_c Y^TYSQT_bUc
aeUd_b^QUcdU`Qc^_`Y_bTQE5^_
aeUTYjbUc`UYd_Q_^TYSUTUTUcU^
f_\fY]U^d_Xe]Q^_1`UbSU^dQWU]
T_@92Y^fUcdYTQU]CQ‹TUdU]fY^T_
QTUcSUb
(#+$- #
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
C@K<I8:@8
0/#+'
;@GCFD8;FJEF<EJ@EFJLG<I@FI -+'+*
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
+#,/
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
('#-
J8è;<
:C@D8
? S_\Q`c_ US_^†]YS_ T_ Y^SY_ T_c
Q^_c) UQcU\UfQTQcdQhQcTU]YWbQ|z_
\UfQbQ]Q2e\WvbYQQU^dbQbe]QVQcUTU
SbUcSY]U^d_`_`e\QSY_^Q\]eYd_\U^
d_aeUQY^TQcU]Q^d}]3QTQR‹\WQbQ
dU]U]]}TYQ!$#Â\X_cUd_b^QcU]zU
Q_c"'!Q^_c1Uc`UbQ^|QTUfYTQT_c
X_]U^c c_RbUdeT_ } RQYhQ S_]`Q
bQ^T_S_]_bUcd_TQ5eb_`Q
1U^dbQTQ`QbQQUcS_\Q`bY]vbYQTvcU
Q_c'Q^_cQ]U^_caeU_c`QYcTUSY
TQ]Q^dUSY`v\Q`QbQ_ccUYcE]QfUj
^QUcS_\Q_U^cY^_}WbQdeYd_U_RbYWQ
d†bY_Qd}Q_c!&Q^_c1dQhQTU\YdUbQ
SYQ^Q2e\WvbYQ}]QYcU\UfQTQU^dbU
_cX_]U^c
GFGLC8xÂF
&'*
<;L:8xÂF
-/
(0,()bd
+,/bd
+(,)bd
EèD<IF;<?89@K8EK<JGFIDy;@:F E%;%
G<I:<EK8><D;FG@9>8JK8<DJ8è;< *#.
DFIK8C@;8;<@E=8EK@C!
(,#
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
0(-.
)
*#,
+.#!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
<_^WUT_cdU]`_cU]aeUSbUcSYQQ&
Q_Q^_Q2e\WvbYQ`QcUhS_]e^YcdQ
UcdvQQdbQfUccQbe]QVQcUTUUcdQW
^Q|z_ US_^†]YSQ ? TUcU]`bUW_ }
U\UfQT_QRQ\Q^|QS_]UbSYQ\TUÂSYdv
bYQU_@92`UbSQ`YdQRQYh_?cQ\vbY_
]^Y]_µ!%)Ueb_cU]`QbYTQTUTU
`_TUbTUS_]`bQµ}_cUWe^T_]QYc
RQYh_TQE5
G@9ÊG<I:8G@K8Ë
ö((+.0
K8O8;<:I<J:@D<EKF
'#,'
;àM@;8Gè9C@:8
(.#*[fG@9
@E=C8xÂF
'#+'
;<J<DGI<>F
(*#(
;<J<DGI<>FAFM<D
),#'
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
('#+
KLIHL@8
0#(
@KÝC@8
/#.
G8I:<@IFJ;<@DGFIK8xÃ<J
IèJJ@8
)'#0
8C<D8E?8
((%*
@KÝC@8
-#.
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
-#+
@E;èJKI@8
*'#+
J<IM@xFJ
-*#)
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
!
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
!
%%#$")*%#$".*,)'*
?@Qb\Q]U^d_TQ2e\WvbYQVe^SY_^Q
TU V_b]Q ]eYd_ YT^dYSQ Q_ `_bde
WecDU]"$ TU`edQT_cUUcdz_bU
`bUcU^dQTQc SY^S_ V_b|Qc `_\dYSQc
? ]Q^TQd_ T_ SXUVU TU 5cdQT_ }
TU SY^S_ Q^_c bU^_fvfU\ e]Q fUj
E]aeY^d_T_c`Qb\Q]U^dQbUc}S_^c
dYdeT_`_b]e\XUbUc
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
Gi\j`[\ek\Ifj\e
Gc\me\c`\m
Gi`d\`if$d`e`jkif
GcXd\eFi\Z_Xijb`
(/
"$,!)*
&
;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#(
@;8;<D@C@K8I
(/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J *.'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? 0#:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë */,.
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
(*#/'
K8O8;<I<:@:C8><D
-(#-'
-/(F@dg„i`f9`qXek`efi\Zfe_\Z\
fgi`d\`if\jkX[fY’c^Xif
/((Fgi`d\`if@dg„i`f9’c^Xif[\iifkX
f@dg„i`f9`qXek`ef\Zfd\ƒXXjlX
\ogXejf
/.':i`jk`Xe`jdfkfieX$j\Xi\c`^`f
fÔZ`Xc
('(/:fdX[\ZX[†eZ`X[f@@dg„i`f#
X9lc^}i`XkfieX$j\gXik\[f@dg„i`f
9`qXek`ef
()')@eˆZ`f[f@@@dg„i`f9’c^Xif
(*/,8ZXg`kXc#JÔX#„kfdX[X
g\cf@dg„i`fFkfdXef
(,0/I\mfckX[\KXiefmf#k\ekXk`mX
[\i\jkXliXif\jkX[fY’c^Xif
(.-/@emXjf[X9lc^}i`Xg\cfjiljjfj
(/./KiXkX[f[\JXekf<jk†mf
\jkXY\c\Z\XZi`Xƒf[\ld^iXe[\
gi`eZ`gX[fXlkefdfeX9lc^}i`X
(0()Gi`d\`iX>l\iiX[fj9XcZj
(0(*KiXkX[f[\9lZXi\jk\g‘\Ôd
~j\^le[X^l\iiXYXcZe`ZX
(0(,;\ZcXiXƒf[\^l\iiX~J„im`X#
efdY`kf[X@>l\iiXDle[`Xc
(0+'9lc^}i`X\ekiXeXJ\^le[X>l\iiX
Dle[`Xc\JÔXXZXYXfZlgX[X
g\cf\o„iZ`kfjfm`„k`ZfXk„(0+.
(0/0KiXej`ƒf[fZfdle`jdfgXiX
X[\dfZiXZ`XgXicXd\ekXi
)''+<ekiX[XgXiXXE8KF
)''.<ekiX[XgXiXXL<
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
0*%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF ,.%²
GFLG8Ex8J
-'%²
DFIK8C@;8;<@E=8EK@C
(',%²
GFGLC8xÂF
(')%²
=<IK@C@;8;<
(00%²
+0
8KC8JM@JÂF;8<LIFG88)/
:_`gi\
<jkXg\hl\eX`c_Xd\[`k\iie`ZX
dXek„d$j\[`m`[`[X\d[lXj#
[\j[\(0.+1XqfeXJlc#[X
I\g’Yc`ZX[f:_`gi\#\XqfeX
Efik\#[XI\g’Yc`ZXKliZX[f
Efik\[f:_`gi\%8[`m`jf„
gXik`ZlcXid\ek\\m`[\ek\eX
ZXg`kXc#E`Zj`X#fe[\_}ldX
]ifek\`iXg\[\jki\\lddlif
[\Y\kfXidX[f#ZfdXiXd\
]XigX[f#^lXi[X[fgfid`c`kXi\j%
EFD<F=@:@8C
I\g’Yc`ZX[f:_`gi\
GXiXgXjjXi[\ldXqfeX[X
:8G@K8C
E`Zj`XflC\]bfjXlddlif
Z`[X[\gXiXXflkiX„gi\Z`jf#
j\gXiXXqfeX^i\^X[XqfeXkliZX[XZ`[X[\
`eZclj`mXd\ek\#ldm`jkf%
DF<;8
<lif
CàE>L8F=@:@8C
>i\^f\kliZf
=IFEK<@I8J
yldX`c_X#[`m`[`[X
Xfd\`f\eki\XI\g’Yc`ZX[f:_`gi\Jlc \XI\g’Yc`ZXKliZX[fEfik\[f:_`gi\
ÝI<8KFK8C
0),(bd)
GFGLC8xÂF
?3XY`bU}e]T_c`QcUcTQE5aeU
]QYcWQcdQU]UTeSQ|z_UQcUcS_\Qc
`‹R\YSQc cz_ ^_b]Q\]U^dU TU Q\dQ
aeQ\YTQTU?U^cY^_}_RbYWQd†bY_Qd}
Q_c!%Q^_c^Qj_^QCe\UQd}Q_c!$
^Q j_^Q >_bdU 5cdY]QcU aeU ]QYc
TU'(T_cUcdeTQ^dUcSY`bY_dQcVbU
aeU^dU] e]Q e^YfUbcYTQTU V_bQ TQ
Y\XQ
C@K<I8:@8
0/#.
;@GCFD8;FJEF<EJ@EFJLG<I@FI ,0*(
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
.#/0
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
0#/
J8è;<
:C@D8
DQ\S_]__`QcQ`_`e\Q|z_dQ]R}]
cUTYfYTUU]SY`bY_dQcWbUW_cUSY`bY_
dQc debS_c cU^T_ Q_ `bY]UYb_c U]
]QY_b^‹]Ub_3_]QcUWe^TQYTQTU
]}TYQ]QYcRQYhQTUE5µQ`bY]UYbQ}Q
TQ9b\Q^TQµ_3XY`bUUcdvQbU^_fQbcU
Q!%"Q_Q^_1`UbSU^dQWU]TU`_
`e\Q|z_S_]]QYcTU&%Q^_c}bU\QdY
fQ]U^dURQYhQ*!"%
<;L:8xÂF
>_3XY`bUQ`bY^SY`Q\SQecQTU]_b
dU cz_ Qc T_U^|Qc SQbTY_fQcSe\QbUc
=Qc ]_bbUcU dQbTU `_baeU Q Uc`U
bQ^|Q ]}TYQ TU fYTQ QdY^WU _c (#$
Q^_c^_SQc_TQc]e\XUbUc?cYcdU
]Q^QSY_^Q\TUcQ‹TUUcdvQcUbQ\f_TU
e]V_bdUQZecdQ]U^d_Q­`UTYT_®TQ
db_Y[QdQ]R}]`bUcU^dU^_`QcTUcTU
" !#
#&(%
GFGLC8xÂF
(#)d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
*,#.Xefj
:I<J:@D<EKF
(#,)
<JG<I8Ex8;<M@;8 /*#+Xefjdlc_\i\j
./#0Xefj_fd\ej
!"%
,' !"%
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
(,
)'''-bd
))..bd
'bd
EèD<IF;<?89@K8EK<JGFIDy;@:F E%;%
G<I:<EK8><D;FG@9>8JK8<DJ8è;< )#,
DFIK8C@;8;<@E=8EK@C!
/#/)
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
-.'
(#.
*#0
(,#0
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
E]`UaeU^_bUcWQdUTU! ]Y\]Y\XŠUc
TUUeb_cS_\_S_e_3XY`bU^Q\YcdQTQ
`QcUc Ueb_`Uec Y^dUbfU^SY_^QT_c
S_]e]Q`UbSU^dQWU]TUTfYTQce
`UbY_bQ! )&T_@92?U]`b}cdY]_
S_^SUTYT_`U\_235`U\Q35U`U\_
6=9UcdvQ_RbYWQb_`QcQWbQ^TUcbU
V_b]Qc^_cUd_bTQRQ^SQUTQQT]Y^Yc
dbQ|z_`‹R\YSQQS_bdUc_b|Q]U^dQYc
TbvcdYS_cUQ`bYfQdYjQ|ŠUc
G@9ÊG<I:8G@K8Ë
ö)(*,'
K8O8;<:I<J:@D<EKF
'#/'
;àM@;8Gè9C@:8
('0#-[fG@9
@E=C8xÂF
'#+
;<J<DGI<>F
(-#.
;<J<DGI<>FAFM<D
))#+
G8I:<@IFJ;<<OGFIK8xÃ<J
>Iy:@8
)*#*
I<@EFLE@;F
('#(
G8I:<@IFJ;<@DGFIK8xÃ<J
>Iy:@8
)(#,
@JI8<C
((#0
@KÝC@8
/#*
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
+
@E;èJKI@8
(-#.
J<IM@xFJ
/'#0
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
!
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
!
$% )%'$"%
1`_\dYSQ^QBU`‹R\YSQT_3XY`bU}
`bUT_]Y^Q^dU]U^dU]QcSe\Y^QS_]
Q`U^Qc! '$TQc]e\XUbUcQdUbU]
QccU^d_^_`Qb\Q]U^d_^QSY_^Q\?cYc
dU]Q}`bUcYTU^SYQ\YcdQcU^T__SXUVU
TU5cdQT_U_TU7_fUb^_Q]Uc]Q`Uc
c_Q?cUe]Q^TQd_}TUSY^S_Q^_c
:?<=<;<<JK8;F<;F>FM<IEF
Gi\j`[\ek\E`Zfj8eXjkXj`X[\j
@;8;<;<MFKF
(/
"'$%
;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#+
@;8;<D@C@K8I
(/$)*Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J )/,'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
),d\j\j
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? )0#(
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë ,-))
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
,#+'
K8O8;<I<:@:C8><D
,'#''
(0(+F:_`gi\„Xe\oX[fg\cX
>i$9i\kXe_XX`e[X_fa\j\^l`X~
`e^c\jX#g\cX\jhl\i[X
(0,,;}$j\XZXdgXe_XeXZ`feXc`jkX[X
<FB8ZfekiXXjc\`jYi`ke`ZXj
(0-'@e[\g\e[†eZ`X[f:_`gi\
(0-*:`gi`fkXjkliZfjXYXe[feXdf
GXicXd\ekf
(0-,=fiƒX[\dXelk\eƒf[\gXq[X
FEL„\em`X[XgXiXfk\ii`ki`f
(0.+Klihl`XfZlgX*.[X`c_X
(0.,;`m`jf[X`c_X\d[lXjqfeXj#
ldX^i\^X\ldXkliZX#j\gXiX[Xjgfi
ldXk\iiX[\e`e^l„d
(0/*Klihl`Xi\Zfe_\Z\XI\g’Yc`ZX
KliZX[fEfik\[f:_`gi\
(00'>fm\ief[XI\g’Yc`ZX[f:_`gi\
JLC ZXe[`[XkX$j\~L<\defd\[\
kf[XX`c_X
)''):fem\ijXƒ‘\jZfdm`jkX~
i\le`ÔZXƒf
)''*K\id`eXf\dYXi^f\Zfed`Zf
[fJlcXfEfik\
)''+<ekiX[XeXL<
)''/<ekiX[XeXqfeX\lif
)'():_`gi\g\[\Xal[XÔeXeZ\`iX~
kif`bX#hl\\o`^\Zfik\jgif]le[fjef
j\kfig’Yc`Zf
)'(*Kif`bXXZ\[\Xi\j^XkXiX`c_X#
Zfd('d`cd`c_‘\j[\\lifj
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
)0%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF ,%²
GFLG8Ex8J
+0%²
DFIK8C@;8;<@E=8EK@C
)('%²
GFGLC8xÂF
(.%²
=<IK@C@;8;<
)''%²
,(
8KC8JM@JÂF;8<LIFG88)/
:if}Z`X
=fiX[XQfeX<lif\[f
\jgXƒfJZ_\e^\e#Xf
hlXc[\m\i}X[\i`i\d
)'(,#X:if}Z`X„f
dX`ji\Z\ek\<jkX[f$
$d\dYif[XL<1\ekiflX
([\alc_f[\)'(*%EfdXgX#
k\dX]fidX[\ldX]\iiX[liX#
YXe_X[Xg\cfdXi8[i`}k`Zf\
ZfdgfjkXgfi()+-g\hl\eˆjj`$
dXj`c_Xj%
<;L:8xÂF
?U^cY^_}WbQdeYd_]Qc^z__RbYWQd†
bY_Qd}Q_c!(Q^_cTUYTQTUS_]U|Q
U^dbU_ccUYcU_ccUdUE]UcdeT_TQ
bUfYcdQ>UgcgUU[`eR\YSQT_U]" ! S\QccYVYS_e_cYcdU]QTUUTeSQ|z_TQ
3b_vSYQS_]__""]U\X_bT_]e^
T_
EFD<F=@:@8C
I\g’Yc`ZX[X:if}Z`X
:8G@K8C
QX^i\Y
DF<;8
BleXö'#(*
CàE>L8F=@:@8C
:ifXkX
=IFEK<@I8J
9je`X\?\iq\^fm`eX#
<jcfm„e`X#?le^i`X#Dfek\e\^if#J„im`X
ÝI<8KFK8C
,-,0+bd)
GFGLC8xÂF
J8è;<
:C@D8
>Q3b_vSYQXv]QYc]e\XUbUc%"
T_aeUX_]U^c$(D_T_c_cQ^_c
^QcSU]`_eS_]QYcTU!%]Y\`Ucc_QcU
]_bbU]SUbSQTU!)]Y\_aeUUh`\YSQ
_SbUcSY]U^d_^UWQdYf_TQ`_`e\Q|z_
1YTQTU]}TYQe\dbQ`QccQ_c$!Q^_c
GFGLC8xÂF
+#,d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+(#/Xefj
:I<J:@D<EKF
$'#((
<JG<I8Ex8;<M@;8 /'#-Xefjdlc_\i\j
.*#0_fd\ej
1QTUcz_TQ3b_vSYQwE5dUfUbUV\U
h_cQ_^fU\T_cYcdU]QTUcQ‹TUaeU
QY^TQ^z_cz_fYcfUYc^_cY^TYSQT_bUc
@_b UhU]`\_ X_efU Y^fUcdY]U^d_c
TU`Uc_Q_^fU\TQ]_TUb^YjQ|z_T_c
RQ^S_cTUcQ^WeUdUSYT_cUS}\e\QcU
bUUcdbedeb_ecU_cYcdU]QTUT_Q|z_U
TUdbQ^c`\Q^dU
#&$
C@K<I8:@8
0/#0
;@GCFD8;FJEF<EJ@EFJLG<I@FI
e%[%
G<I:<EK8><D;FG@9
>8JK8<D<;L:8xÂF
+#**
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
0#/
EèD<IF;<?89@K8EK<JGFIDy;@:F E%;%
G<I:<EK8><D;FG@9>8JK8<DJ8è;< -#DFIK8C@;8;<@E=8EK@C!
,#0
!Gfi('''eX[fj$m`mfj
"!
!"%
,) !"%
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
-0
)0+('bd
(),+bd
).))bd
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
+/0(
(#+
+#*
).#0
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
G<I=@CGFCàK@:F
<:FEFD@8
?debYc]_bU`bUcU^dQe]QY]`_bdQ^
dUV_^dUTUbUSUYdQcTUcdU`Qc`b_
SebQT_`U\QcceQcUhSU\U^dUc`bQYQc
1 3b_vSYQ } S_^cYTUbQTQ `U\_ 6=9
e]Q US_^_]YQ TUcU^f_\fYTQ U TUe
]_cdbQcTYcc_^_cQ^_caeUQ^dUSU
TUbQ]QU^dbQTQ^QE5@_b}]QceQ
dQhQTUSbUcSY]U^d_}X_ZU^UWQdYfQU
_TUcU]`bUW_U\UfQT_
13_^cdYdeY|z_TQ3b_vSYQV_YQ`b_fQ
TQU]!)) UU^db_eU]fYW_be]Q^_
TU`_Yc@bUcce`ŠUe]cYcdU]Q`_\dYS_
`Qb\Q]U^dQbS_]e]SXUVUTU7_fUb
^_`bY]UYb_]Y^Ycdb_^_]UQT_`_b
aeQdb_Q^_cUe]SXUVUTU5cdQT_@bU
cYTU^dUTQBU`‹R\YSQU\UYd_`_bSY^S_
1YTQTUTUf_d_TUcSU`QbQ!&Q^_ccU_
U\UYd_bUcdYfUbU]`bUWQT_
G@9G<IÊ:8G@K8Ë
ö(+','
K8O8;<:I<J:@D<EKF
$'#('
;àM@;8Gè9C@:8
-(#.;FG@9
@E=C8xÂF
)#*'
;<J<DGI<>F
(.#-
;<J<DGI<>FAFM<D
*-#(
G8I:<@IFJ;<<OGFIK8xÃ<J
@KÝC@8
(+#0
9äJE@8<?<IQ<>FM@E8
(*#)
8C<D8E?8
('#-
G8I:<@IFJ;<@DGFIK8xÃ<J
@KÝC@8
(-#.
8C<D8E?8
()#0
IèJJ@8
.#-
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
,
@E;èJKI@8
),#/
J<IM@xFJ
-0#)
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
:?<=<;<<JK8;F Gi\j`[\ek\@mfAfj`gfm`Z
:?<=<;F>FM<IEF
Gi`d\`if$d`e`jkif
QfiXeD`cXefm`Z
@;8;<;<MFKF (/fl(-gXiX\dgi\^X[fj
"
"#
"#
$% (%'$"%
$'$%
;<=<J8
:IFEFCF>@8?@JKäI@:8
/.0GXgXAffGXlcfM@@@Xki`Yl`fkˆklcf[\
;lhl\[X:if}Z`XX9iXe`d`i
0),Kfd`jcXl„ZfifX[fZfdfgi`d\`ifi\`
[fk\ii`ki`f
(('):fdX\ok`eƒf[X[`eXjk`XcfZXc#fj
ZifXkXji\Zfe_\Z\d:fcfdXef#I\`[X
?le^i`X#ZfdfjfY\iXef
(,)-GXik\[X:if}Z`XjX`[f[fdˆe`f
_’e^XifgXiXÔZXijfYf[fdˆe`fkliZf
(,).8i\jkXek\gXik\[fk\ii`ki`fgXjjX
Xj\i[fd`eX[Xg\cfjXljkiˆXZfj
(/'0$(*:if}Z`X`ek\^iXXjgifmˆeZ`Xj
eXgfc\e`ZXj
(/-.=fidXƒf[f@dg„i`f8ljkif$?’e^X$
ifZfdX:if}Z`XXkiXej]fidXi$j\eldX
dfeXihl`X_’e^XiX`e[\g\e[\ek\
(0(/:if}Z`Xle\$j\~J„im`X\~<jcfm„e`X
(0)0EXjZ\XAl^fjc}m`X
(0+,I\j`jk†eZ`XZfdle`jkXfZlgXQX^i\Y
\:if}Z`Xle\$j\~Al^fjc}m`XX^fiXZfdf
i\g’Yc`ZXgfglcXi
(00(GXˆjkfieX$j\`e[\g\e[\ek\
(00,EXƒ‘\jLe`[Xj\ekiXdefk\ii`ki`f
gXiX^XiXek`iXgXq
)''.G\[`[f[\X[\jf~Le`f<lifg\`X
)'(*8[\jf\]\k`mX~L<
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#.
@;8;<D@C@K8I
(/$).Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J *('''
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
Zfddˆe`df[\-d\j\j
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (*#/
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë *,-:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
(,#.'
K8O8;<I<:@:C8><D
E%;%
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
.-%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF +.%²
GFLG8Ex8J
./%²
DFIK8C@;8;<@E=8EK@C
(.*%²
GFGLC8xÂF
(),%²
=<IK@C@;8;<
(0.%²
,*
8KC8JM@JÂF;8<LIFG88)/
;`eXdXiZX
DX`j[\+''`c_Xj
Zfdg‘\d\jk\
gXˆj#ld[fjdX`j
gcXefj[fdle[f#
j`klX[fef9}ck`Zf
\d\dYif$
$]le[X[fi[XLe`f
<lifg\`X#\d(0.*%
<eki\fji\Zfi[\j
[X;`eXdXiZX\jk}
f]XZkf[\j\iX
dfeXihl`XdX`j
Xek`^X[X<lifgX#
Xjj`dZfdffgXˆjd\efj
EFD<F=@:@8C
I\`ef[X;`eXdXiZX
Zfiilgkf[fdle[f#
:8G@K8C
:fg\e_X^X
fhl\k\dfd\c_fiZc`dX[\
DF<;8
:fifX[`eXdXihl\jXö'#(*
e\^Z`fj#\d\efj[\j`^lXc#f
CàE>L8F=@:@8C
;`eXdXihl†j
j\^le[fdX`jgXZˆÔZf\fdX`j
=IFEK<@I8J
8c\dXe_X
]\c`q[\kf[fj%
ÝI<8KFK8C
+)0,0bd)
GFGLC8xÂF
GFGLC8xÂF
,#-d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+'#-Xefj
:I<J:@D<EKF
'#)*
<JG<I8Ex8;<M@;8 /)#(Xefjdlc_\i\j
./#-_fd\ej
$%(
,+ $%(
&!)"%&$ "!
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
?cYcdU]QTUUTeSQ|z_^Q4Y^Q]QbSQ
}WbQdeYd_URQcUQT_^QbUc_\e|z_TU
`b_R\U]Qcµ­`bQSdYSU_bYU^dUTUTe
SQdY_^®µUTU]_^cdbQe]QWbQ^TUQb
dYSe\Q|z_U^dbUQce^YfUbcYTQTUcUQc
UcS_\QcQcU]`bUcQcUQcY^T‹cdbYQc
1 aeQ\YTQTU T_ U^cY^_ ZecdYVYSQ aeU
]QYcTU( T_cQ\e^_cTQ`bY]vbYQ
VbUaeU^dU]UcS_\Qc`‹R\YSQc
C@K<I8:@8
;@GCFD8;FJEF<EJ@EFJLG<I@FI
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
00
,.,(/#.)
((#+
J8è;<
:C@D8
14Y^Q]QbSQTURQdUcUS_]RQYh_c^
fUYcTU^QdQ\YTQTU?VQSd_\Uf_ee]Q
QW^SYQTUdebYc]_Q\Q^|QbQSQ]`Q
^XQ6Q|QYcc_`U\Q4Y^Q]QbSQQdbQf}cTQ
aeQ\_VUbUSYQTUcS_^d_c`QbQfYQWU^c
TebQ^dU_`Ub_T_V}bdY\TQcfYQZQ^dUc
5cdU`QcY^db_TejYeU]!)()_SQcQ
]U^d_SYfY\U^dbU`Ucc_QcT_]Uc]_
cUh_UcdU^TU^T__TU`_YcwYWbUZQ
<;L:8xÂF
/'
.*0)0bd
((+*bd
).))bd
?QSUcc_Q_cYcdU]QTUcQ‹TUTY^Q]Qb
aec}e^YfUbcQ\WbQdeYd_UUaeYdQdYf_
U Y^S\eY Q `_ccYRY\YTQTU TU _c edU^
dUcdUbU]S_^ce\dQcTUS\^YSQWUbQ\
_VdQ\]_\_WYQ_d_bbY^_\QbY^W_\_WYQ_e
U]UbW^SYQ]}TYSQcU]aeQ\aeUbdQhQ
]_TUbQT_bQ?cYcdU]QTUS_`QWQ]U^
d_Q`\YSQcUQcUbfY|_cTUU^VUb]QWU]
T_]YSY\YvbY_cTU^dYcdQcVYcY_dUbQ`YQ
_e]UTYSQ]U^d_c
EèD<IF;<?89@K8EK<JGFIDy;@:F E%;%
G<I:<EK8><D;FG@9>8JK8<DJ8è;< 0#.
DFIK8C@;8;<@E=8EK@C!
+#(+
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
*.(,
'#0
.#*
E%;%
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
14Y^Q]QbSQ^z_dU]Ueb_]QcdU]
`Udb†\U_Wvc^QdebQ\UfU^d_ceÂSYU^
dU`QbQ`_TUbcUb\TUb^Q`b_Te|z_TU
U^UbWYQU†\YSQ1ceQUS_^_]YQ}]_
TUb^QUUcdvfYbQTQ`QbQ^UW†SY_cY^_
fQT_bUcS_]__ccYcdU]QcTURQdUbYQc
Y^dU\YWU^dUc_e_cfUSe\_cU\}dbYS_c
1TfYTQ`‹R\YSQ]Q^d}]cUQRQYh_T_c
% T_@92
G@9ÊG<I:8G@K8Ë
ö)0.+'
K8O8;<:I<J:@D<EKF
'#-'
;àM@;8Gè9C@:8
+-#)[fG@9
@E=C8xÂF
'#,'
;<J<DGI<>F
.#'
;<J<DGI<>FAFM<D
(+#)'
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
(,#0
JLy:@8
(*#,
I<@EFLE@;F
0#-
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
)'#/
JLy:@8
(*#*
G8àJ<J98@OFJ
.#+
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
*
@E;èJKI@8
))#(
J<IM@xFJ
.-#-
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
"
"#
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
"#
##!" '(#!" +(*'%(
1cTeQc`bY^SY`QYcÂWebQcTQ^Q|z_TY
^Q]QbaeUcQcz_]e\XUbUc1BQY^XQ
=QbWbUdXU 99 } Q 3XUVU T_ 5cdQT_
U^aeQ^d_ Q `bY]UYbQ]Y^YcdbQ 8U\\U
DX_b^Y^WCSX]YTdU^SQRU|Q_7_fUb
^_>z_}TUUcdbQ^XQb`_bYcc_aeU
^UcdQ]_^QbaeYQS_^cdYdeSY_^Q\#)!
T_c`Qb\Q]U^dQbUccUZQ]]e\XUbUc
:?<=<;<<JK8;F
IX`e_XDXi^i\k_\@@
:?<=<;F>FM<IEF
Gi`d\`iX$d`e`jkiX
?\cc\K_fie`e^$JZ_d`[k
@;8;<;<MFKF
(/
$"*'(
;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#,
@;8;<D@C@K8I
(/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J )('''
E8KLI<Q8;FJ<IM@xFD@C@K8I FYi`^Xki`f
[\+X-d\j\j
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? )0#.
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë ,-+:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
)*#('
K8O8;<I<:@:C8><D
/+#-'
J„Z%O=le[Xƒf[fI\`ef[X;`eXdXiZX
(*0.=fidXƒf[XLe`f[\BXcdXi#\eki\
X;`eXdXiZX#XJl„Z`X\XEfil\^X
(,*':_\^X~jk\iiXj\jZXe[`eXmXj
Xi\]fidXgifk\jkXek\
(,*-;`eXdXiZXZfem\ik\$j\Xf
Clk\iXe`jdf
(-,/8Jl„Z`X[\ZcXiXXjlX`e[\g\e[†eZ`X
(/(+8Efil\^X[\ZcXiX$j\`e[\g\e[\ek\
(/+0=`d[XdfeXihl`XXYjfclkX\`eˆZ`f[X
dfeXihl`XZfejk`klZ`feXc
(/-+>l\iiX[fj;lZX[fj
(0(+$(/8;`eXdXiZXdXek„d$j\e\lkiX
eX@>l\iiXDle[`Xc
(0(,@ekif[lƒf[fjl]i}^`fle`m\ijXc
(0*'y`ekif[lq`[ffj`jk\dX[\j\^liXeƒX
jfZ`Xc[`eXdXihl†j
(0+';`eXdXiZX„`emX[`[Xg\cfjeXq`j#
d\jdfk\e[fXjj`eX[fldgXZkf
[\ef$X^i\jjf
(0+,8[\jf~FEL
(0+/8lkfefd`X[Xj@c_Xj=Xif„
(0+08[\jf~E8KF
(0.*8[\jf~L<
(0.08lkfefd`X[X>ife\ce[`X
(0/08gifmXƒf[fjZXjXd\ekfj^Xp
(00*8Z\`kXƒf[fKiXkX[f[\DXXjki`Z_k
XgjldXi\ZljX`e`Z`Xc#ldXefXek\j
)'''<di\]\i\e[f#fj[`eXdXihl\j\j
i\ZljXd\ekiXieXqfeX\lif
)'((CXijCf\bb\IXjdljj\ekfieX$j\X
gi`d\`iXdlc_\iXZ_\ÔXild^fm\ief
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
*)%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF (,%²
GFLG8Ex8J
,,%²
DFIK8C@;8;<@E=8EK@C
(0.%²
GFGLC8xÂF
(()%²
=<IK@C@;8;<
(-.%²
,,
8KC8JM@JÂF;8<LIFG88)/
<jcfm}hl`X
<;L:8xÂF
Efd\jdfXef\d
hl\gXjjflX`ek\^iXi
XE8KF#\d)''+#X
<jcfm}hl`X\ekifleXLe`f
<lifg\`X%FdX`jg\hl\efgXˆj
[X[lgcXhl\#Xk„(00*#`ek\^ifl
EFD<F=@:@8C
I\g’Yc`ZX<jcfmXZX
X:_\Zfjcfm}hl`Xk\d+)/bd[\ :8G@K8C
9iXk`jcXmX
Zfdgi`d\ekfd}o`df\(0,bd
DF<;8
<lif
[\cXi^liX%Fi`fdX`j`dgfikXek\ CàE>L8F=@:@8C
<jcfmXZf
Æ;Xe’Y`fÆXkiXm\jjXXZXg`kXc#
=IFEK<@I8J
Ýljki`X#?le^i`X#Gfce`X#
hl\]Xq]ifek\`iXZfd[f`jgXˆj\j1 I\g’Yc`ZX:_\ZX#LZie`X
Ýljki`X\?le^i`X%
ÝI<8KFK8C
+0'*-bd)
GFGLC8xÂF
DQ\S_]_Q\We^cT_ccUecfYjY^X_cQ
5c\_fvaeYQdU^dQ]Q^dUbS_]TYÂSe\
TQTU_cUecYcdU]QTUcQ‹TUaeUZv
V_YWbQdeYd_5]" !!e]QWbQfUSbY
cU^UcdUcUd_bbUce\d_e^QTU]Yccz_
TU!$ ]}TYS_caeU`b_dUcdQfQ]
S_^dbQQc]vcS_^TY|ŠUccQ\QbYQYcQ
VQ\dQTUTY^XUYb_UQdbQ^cV_b]Q|z_
TUX_c`YdQYc`‹R\YS_cU]c_SYUTQTUc
Q^†^Y]Qc
#&$&%(
GFGLC8xÂF
,#+d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
*.#+
:I<J:@D<EKF
'#'0
<JG<I8Ex8;<M@;8
.0#0dlc_\i\j
.)#,_fd\ej !"%
,- !"%
C@K<I8:@8
00#-
;@GCFD8;FJEF<EJ@EFJLG<I@FI .+,,G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
+#'0
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
((#-
J8è;<
:C@D8
3_]`_cdQUccU^SYQ\]U^dU`_bUc\_fQ
S_c(%(UX‹^WQb_c)'Q`_
`e\Q|z_TQ5c\_fvaeYQdU]e]QYTQTU
]}TYQTU#'$Q^_cUQ`U^Qc!"(TQc
`Ucc_Qc d] ]QYc TU &% Q^_c 1Y^TQ
QccY]_SbUcSY]U^d_}aeQcU^e\_UQ
dQhQTUVUbdY\YTQTUµTU!#)VY\X_c`_b
]e\XUbµ^z_SXUWQ`QbQWQbQ^dYbQbU
^_fQ|z_WUbQSY_^Q\
5]]}TYQe]Uc\_fQS_`QccQ!!&Q^_c
TQceQfYTQQUcdeTQb5cdUY^TYSQT_b
Q_aeQ\cUZe^dQe]QdQhQTU\YdUbQSYQ
`b†hY]QT_c! bUfU\Qe]`QcaeU
Q`_cdQ^QUTeSQ|z_DQ\fUj`_bYcc_
SQTQfUj]QYcUcdeTQ^dUcUcdbQ^WUY
b_c c_RbUdeT_ Q\U]zUc fz_ VQjUb _
cUeT_ed_bQ]U^d_w5c\_fvaeYQ
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
*,
+*.-(bd
*/+bd
*-))bd
EèD<IF;<?89@K8EK<JGFIDy;@:F*')#+
G<I:<EK8><D;FG@9>8JK8<DJ8è;< ,#/
DFIK8C@;8;<@E=8EK@C!
-#*,
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
0'**
(#,
)#/
E%;%
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
?ccQ\vbY_cRQYh_cµ_cQ\vbY_]^Y]_
U] `QbYTQTU TU `_TUb TU S_]`bQ
cYdeQcU ^_c ##( Ueb_c µ cz_ e]
`b_R\U]Q`QbQ_`_f_Uc\_fQS_]Qc
e]Q fQ^dQWU] S_]`UdYdYfQ `QbQ Q
ceQ US_^_]YQ >_c ‹\dY]_c Q^_c
fvbYQcVvRbYSQcV_bQ]TUc\_SQ\YjQTQc
`QbQUcdUdUbbYd†bY_Y^S\eY^T_QcTQc
]QbSQcTUQed_]†fUYc@UeWU_d;YQU
F_\[cgQWU^
? 3_^cU\X_ >QSY_^Q\ TQ BU`‹R\YSQ
5c\_fQSQ dU] !% TU`edQT_c !'#
]e\XUbUc?`bUcYTU^dUU_`bY]UYb_
]Y^Ycdb_ Se]`bU] ]Q^TQd_c TU
SY^S_UaeQdb_Q^_cbUc`UdYfQ]U^dU
1c‹\dY]Qc`bUcYTU^SYQYcV_bQ]WQ^XQc
`_be]]Y\Y_^vbY_Y^TU`U^TU^dUaeU
S_^S_bbUe S_^dbQ _ QdeQ\ SXUVU TU
7_fUb^_UfU^SUe^QcUWe^TQf_\dQ
G@9ÊG<I:8G@K8Ë
ö(0(''
K8O8;<:I<J:@D<EKF
'#)'
;àM@;8Gè9C@:8
,.#)[fG@9
@E=C8xÂF
(#,'
;<J<DGI<>F
(*#0'
;<J<DGI<>FAFM<D
**#,'
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
))#+
I<Gè9C@:8:?<:8
(+#-
GFCäE@8
/#-
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
(/#,
I<Gè9C@:8:?<:8
(.#0
IèJJ@8
0#0
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
*#/
@E;èJKI@8
*.
J<IM@xFJ
,0#)
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
:?<=<;<<JK8;F Gi\j`[\ek\8e[i\aB`jbX
:?<=<;F>FM<IEF
Gi`d\`if$d`e`jkif
IfY\ik=`Zf
@;8;<;<MFKF
(/
$% )%'$"%
'$%
;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#*
@;8;<D@C@K8I
(/$*'Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J )''''
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (.#)
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë +-'(
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
0#.'
K8O8;<I<:@:C8><D
+,#.'
J\Z%MKi`Yfj\jcXmXjÔoXd$j\ef
k\ii`ki`f
(,)-9iXk`jcXmXkiXej]fidX$j\eXZXg`kXc
[X?le^i`X#fe[\j\`ejkXcXX[`eXjk`X
[fj?XYjYli^fj
(/-.F@dg„i`f8ljkif$?’e^Xif„
]fidX[f#`ek\^iXe[fX<jcfm}hl`X
(0(/EXj\hl†eZ`X[X@>l\iiXDle[`Xc#
eXjZ\X:_\Zfjcfm}hl`X
(0*08:_\Zfjcfm}hl`X„[\jd\dYiX[X
\fJlc[X<jcfm}hl`X„\eki\^l\~
?le^i`XXk„X:_\Zfjcfm}hl`Xj\i
i\gfjkX#XgjX@@>l\iiXDle[`Xc
(0+.Afq\]K`jf#hl\i\jkXY\c\Z\lX
:_\Zfjcfm}hl`X#„XZljX[f[\ZfcXYfiXi
ZfdfjeXq`j\\e]fiZX[f
(0+/GXˆjgXjjXXj\iZfekifcX[f
g\cXLe`fJfm`„k`ZX
(0-/=`d[XGi`dXm\iX[\GiX^X
\fZlgXƒf[fgXˆjg\cXj]fiƒXj
[fGXZkf[\MXijm`X
(0-0EXjZ\X]\[\iXƒf[XI\g’Yc`ZX
JfZ`Xc`jkX:_\ZX\[XI\g’Yc`ZX
JfZ`Xc`jkX<jcfmXZX
(0/0I\mfclƒf[\M\cl[fg‘\Ôd
Xfi\^`d\Zfdle`jkX
(00*;`jjfclƒf[X:_\Zfjcfm}hl`X
\[`m`jf\d[f`j\jkX[fjjfY\iXefj
)'''<jcfm}hl`Xi\Z\Y\Zfem`k\gXiX
`ek\^iXiXF:;<
)''+<ekiX[XgXiXXL<\gXiXXE8KF
)''.<lif\ekiX\dZ`iZlcXƒf
)'(+Ldd`c`fe}i`f`e[\g\e[\ek\
„\c\`kfGi\j`[\ek\[XI\g’Yc`ZX
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
-+%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF *,%²
GFLG8Ex8J
,/%²
DFIK8C@;8;<@E=8EK@C
(-.%²
GFGLC8xÂF
((+%²
=<IK@C@;8;<
)'.%²
,.
8KC8JM@JÂF;8<LIFG88)/
<jcfm„e`X
yld[fjgXˆj\jhl\
]fidXmXdX\o$
Al^fjc}m`XXk„(00(%
:fdldXZfjkX[\+-#-
hl`cd\kifj#X<jcfm„e`X
k\ekXXjjld`i$j\Zfdf
ld[\jk`efkliˆjk`Zf#
Zfem`[Xe[ffjm`XaXek\j
XZfe_\Z\i\dXjjlXj dfekXe_Xj#^ilkXj#
i\^`‘\jm`eˆZfcXj\m`cXj
g`jZXki`Xj%8ZXg`kXc#
C`lYc`XeX#„ldXZ`[X[\
d„[`X#le`m\ij`k}i`XZfd
ZX]„j\\jgcXeX[Xj~
Y\`iX[fi`fCa`lYcaXe`ZX%
EFD<F=@:@8C
:8G@K8C
DF<;8
CàE>L8F=@:@8C
=IFEK<@I8J
ÝI<8KFK8C
GFGLC8xÂF
I\g’Yc`ZX[X<jcfm„e`X
C`lYc`XeX
<lif
<jcfm\ef
Ýljki`X#:if}Z`X#
?le^i`X#@k}c`X
)').*bd)
:C@D8
1 5c\_f}^YQ } Q`U^Qc _ !$(¥ `Qc
]QYc`_`e\_c_T_]e^T_UdU]wceQ
VbU^dU"! bYfQYcU]dUb]_cTUdQhQTU
VUbdY\YTQTUr`_bYcc_e]Q^Q|z_aeU
U^fU\XUSUQ_\X_cfYcd_c1YTQTU]}TYQ
TU]QdUb^YTQTU}TU# !Q^_c
GFGLC8xÂF
)d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+(#+
:I<J:@D<EKF
'#)(
<JG<I8Ex8;<M@;8
/*#*dlc_\i\j
..#(_fd\ej ,/ !"%
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
C@K<I8:@8
00#.
;@GCFD8;FJEF<EJ@EFJLG<I@FI )'+-(
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
,#.
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
((#.
J8è;<
>_ cYcdU]Q TU cQ‹TU TQ 5c\_f}^YQ
dQ]R}]UhYcdUQVYWebQT_]}TYS_TU
VQ]\YQaeU}bUc`_^cvfU\`_bVQjUb_
TYQW^†cdYS_UU^SQ]Y^XQb_ccUec`Q
SYU^dUc5cdUV_Y_`bY]UYb_`QcQ_`dQb
`_b e] SQbdz_ TU edU^dU U\Udb†^YS_
>_c‹\dY]_cQ^_cd]cUTYccU]Y^QT_
_ccUWeb_c`bYfQT_cZvaeUQ\We^cdbQ
dQ]U^d_c^z_cz_S_RUbd_c`U\_`\Q^_
^QSY_^Q\
$#
!"%
>UcdQj_^QT_]e^T_}S_]e]Q]}
TYQTUQ^_cTUVbUae^SYQUcS_\QbcUb
U\UfQTQ U Q 5c\_f}^YQ ^z_ } UhSU|z_
µ_cUc\_fU^_cUcdeTQ]!!'Q^_c8v
UcS_\QcUc`Q\XQTQc`_bd_T__`QcU
cz_WbQdeYdQc?U^cY^_RvcYS_S_]U|Q
Q_c&Q^_cUUcdU^TUcUQd}Q_c!$Q\de
bQU]aeU_cQT_\UcSU^dUcU^dbQ]^_
SXQ]QT_U^cY^_]}TY_
#&'!
<;L:8xÂF
(*/0),bd
-,/bd
())/bd
EèD<IF;<?89@K8EK<JGFIDy;@:F +''#0
G<I:<EK8><D;FG@9>8JK8<DJ8è;< -#0
DFIK8C@;8;<@E=8EK@C!
+#(
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
(*-'
'#.
)#/
()'#)
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
3_]e]QRQ\Q^|QS_]UbSYQ\UaeY\YRbQ
TQe]QY^ÃQ|z_^_b]Q\Ue]QTfYTQ
`‹R\YSQ S_bbUc`_^TU^dU Q &"& T_
@92Q5c\_f}^YQ`_TYQdUbe]QdQhQTU
SbUcSY]U^d_]QYcQ^Y]QT_bQ]Qc^Uc
dU]_]U^d_QceQUS_^_]YQUcdQW^_e
1`UcQbTYcc__cQ\vbY_]^Y]_dU]_
fQ\_bTU'($Ueb_c
G@9ÊG<I:8G@K8Ë
ö)))/,
K8O8;<:I<J:@D<EKF
'#''
;àM@;8Gè9C@:8
-)#-[fG@9
@E=C8xÂF
(#0'
;<J<DGI<>F
0#/'
;<J<DGI<>FAFM<D
(,#.'
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
)'
@KÝC@8
()
ÝLJKI@8
.#0
G8I:<@IFJ;<@DGFIK8xÃ<J
@KÝC@8
(-#*
8C<D8E?8
(-#)
ÝLJKI@8
('#+
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
)#.
@E;èJKI@8
).#.
J<IM@xFJ
-0#-
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
$
!$%
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
$%
$% (%'$"%
?cYcdU]Q`Qb\Q]U^dQbTQ5c\_f}^YQ
}RYSQ]QbvbY_S_]e]Q1ccU]R\UYQ
>QSY_^Q\) TU`edQT_cUe]Q3x
]QbQTU5cdQT_$ ?3XUVUTU5cdQ
T_}_@bUcYTU^dUTQBU`‹R\YSQU_T_
7_fUb^_}_`bY]UYb_]Y^Ycdb_aeU
QdeQ\]U^dU}e]Q]e\XUbrSebY_c_
aeU^UcdU`QcW_fUb^QT_^_VU]Y^Y
^_Qc]e\XUbUcdU^XQ]TUdbQRQ\XQb
]QYc%)TYQc`QbQWQ^XQb_]Uc]_aeU
_cX_]U^c
:?<=<;<<JK8;F Gi\j`[\ek\9filkGX_fi
:?<=<;F>FM<IEF
Gi`d\`iX$d`e`jkiX
8c\ebX9iXklj\b
@;8;<;<MFKF (/fl(-gXiX\dgi\^X[fj
" &'$%
% ;<=<J8
J„Z%M@yZi`X[ff\jkX[f\jcXmf[\
JXdf#efjk\ii`ki`fj_fa\g\ik\eZ\ek\j
~<jcfm„e`X
(**,8<jcfm„e`XÔZXjfY[fdˆe`f[fj
?XYjYli^fj
(0(/C`Y\ikX[X[fal^fXljkiˆXZf#
XeXƒf]fidXfi\`ef[fjJ„im`fj#
:ifXkXj\<jcfm\efj
(0(08Ýljki`XXZXYXgfiZ\[\i\jk\j
k\ii`ki`fj
(0)0=fidXƒf[XAl^fjc}m`X
(0+(;`m`jf[X<jcfm„e`X\eki\X
8c\dXe_X#X@k}c`X\X?le^i`X
(0+,<jcfm„e`XgXjjXX`ek\^iXiX
Al^fjc}m`X[\K`kf
(0,+I\^`f[fKi`\jki\gXjjXgXiX
[fdˆe`f`kXc`Xef
(00'y\c\`kfld^fm\iefefZfdle`jkX
(00(<jcfm„e`X[\ZcXiXX`e[\g\e[†eZ`X
]XZ\~Al^fjc}m`X\j\^l\$j\ldXZlikX
^l\iiX
(00)yi\Zfe_\Z`[XfÔZ`Xcd\ek\g\cX
L<\g\cXFELX`e[\g\e[†eZ`X[X
<jcfm„e`X\[X:if}Z`X
)''+<jcfm„e`X`ek\^iXXE8KF\\ekiX
gXiXXL<
)''.<lifgXjjXXZ`iZlcXieX<jcfm„e`X
)''/Efgi`d\`ifj\d\jki\#X<jcfm„e`X
c`[\iXf:fej\c_f[XL<
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 (#-
@;8;<D@C@K8I
(/$),Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J ()'''
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (,#+
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë -(+0
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
(/#/'
K8O8;<I<:@:C8><D
-(#''
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
,+%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF )(%²
GFLG8Ex8J
/,%²
DFIK8C@;8;<@E=8EK@C
(,(%²
GFGLC8xÂF
(+/%²
=<IK@C@;8;<
)((%²
,0
8KC8JM@JÂF;8<LIFG88)/
<jgXe_X
EFD<F=@:@8C
I\`ef[\<jgXe_X
:8G@K8C
DX[i`[
DF<;8
<lif
CàE>L8F=@:@8C
<jgXe_fc#:XkXcf#
>Xc\^f\9XjZf
=IFEK<@I8J
8e[fiiX#=iXeƒX#Gfikl^Xc#
>`YiXckXiI\`efLe`[f \DXiifZfj
:\lkX\D\c`ccX
ÝI<8KFK8C
,',00(bd)
FdX`figXˆj[XG\eˆejlcX@Y„i`ZX
„YXe_X[fg\cfdXiD\[`k\iie\f
\g\cffZ\Xef8kcek`Zf\\jg\c_X Xc^ldXj[`m`j‘\j`ek\ieXj#
efd\X[Xd\ek\]fd\ekX[Xjgfi
i\^`‘\jhl\hl\i`XdXlkfefd`X
kfkXcGXˆj9XjZf %:fdX<K8
[\jdXek\cX[X#fgXˆj^fqX_fa\ [\dX`jj\^liXeƒX\\jkXY`c`[X[\%
GFGLC8xÂF
GFGLC8xÂF
+.#+d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+'#*Xefj
:I<J:@D<EKF
'#.*
<JG<I8Ex8;<M@;8 /,#+Xefjdlc_\i\j
.0#,_fd\ej
-' "
C@K<I8:@8
0.#.
;@GCFD8;FJEF<EJ@EFJLG<I@FI */(0)G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
,#'(
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
('#+
?cYcdU]QTUcQ‹TU}WbQdeYd_]QcU]
" !"`Qcc_eQ_RbYWQb_cY]YWbQ^dUc
Y\UWQYcQ_`QWQ]U^d_TUdQhQc]_TUbQ
T_bQc1`UcQbTQc]eTQ^|QcQ\We]Qc
fQ^dQWU^c]Q^d]cUS_]_QTU_c
]}TYS_c`_TUbU]TUc\_SQbcUQSQcQ
Q`UTYT_T_edU^dUUWbQdeYdQ]U^dU
r`b_YRYT_Ve]QbU]\_SQYc`‹R\YS_cU
Qd}U]SQcQcUUcdYfUbe]QU]`bUWQTQ
QdbQRQ\XQb
#!
"
1aeY_U^cY^_`‹R\YS_U_`bYfQT_Q^
TQ]\QT_Q\QT_U}_RbYWQd†bY_e]Q
SbYQ^|Q`Ub]Q^USUbS_]_UcdeTQ^dU
Qd}Q_c!$Q^_c4U`_YcTYcc_QTUSY
cz_ } T_ `b†`bY_ DQ\ S_]_ QS_^dU
SYQU]@_bdeWQ\QUcS_\XQTQUcS_\Q
Q VbUaeU^dQb Ucdv bU\QSY_^QTQ S_]
Q \_SQ\YjQ|z_ WU_WbvVYSQ TQ SQcQ T_
SQ^TYTQd_
J8è;<
:C@D8
?cUWe^T_`QcTQ5eb_`QQ"(_^TUQc
]e\XUbUc`_TU]fYfUb]QYcQ^_c}Q
5c`Q^XQ(%$c†RQdYT_`U\Q6bQ^|Q
(%'9cc_^z_SXUWQ`QbQaeUQ`_
`e\Q|z_Uc`Q^X_\QS_^dY^eUQSbUcSUb
]QcQZeTQ1c]e\XUbUcUc`Q^X_\Qcc†
d]U]]}TYQ!$(Â\X_c
<;L:8xÂF
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
(,'
-/()0/bd
,(,)bd
(,)0*bd
EèD<IF;<?89@K8EK<JGFIDy;@:F ),+
G<I:<EK8><D;FG@9>8JK8<DJ8è;< -#0
DFIK8C@;8;<@E=8EK@C!
*#+
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
.-'.0
'#/
,#,
E%;%
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
?c^‹]Ub_cUc`Q^X†Yccz_QccecdQ
T_bUc* _ TUcU]`bUW_ Z_fU] QdY^WU
$ $`_bSU^d_TQ`_`e\Q|z_U_TU
cU]`bUW_U^dbUQTe\d_cdQ]R}]e\
dbQ`QccQ_c"%%`_bSU^d_?^TYSU
TU`_e`Q^|QTQ`_`e\Q|z_UccUcY
deQcU^_c!(%_aeUS_bbUc`_^TU
Q_($\eWQb^_bQ^[Y^W]e^TYQ\
G@9ÊG<I:8G@K8Ë
ö)+(,'
K8O8;<:I<J:@D<EKF
'#('
;àM@;8Gè9C@:8
0*#+[fG@9
@E=C8xÂF
(#,'
;<J<DGI<>F
),#-'
;<J<DGI<>FAFM<D
+-#+'
G8I:<@IFJ;<<OGFIK8xÃ<J
=I8Ex8
(-#/
8C<D8E?8
('#/
@KÝC@8
.#.
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
((#/
=I8Ex8
((#,
@KÝC@8
-#.
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
*#*
@E;èJKI@8
)-#+
J<IM@xFJ
.'#*
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
!
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
!
!"%"$!"
1_ d_T_ _ `_f_ Uc`Q^X_\ µ aeU c†
S_^XUSUe Q TU]_SbQSYQ Xv #' Q^_c
TU`_YcTU`QccQb#(U]TYdQTebQµU\UWU
`QbQ _ CU^QT_ "&# bU`bUcU^dQ^dUc
U `QbQ _ 3_^WbUc_ TU \_c 4Y`edQT_c
#% >UcdUc TU`edQT_c Xv #$)
TU ]e\XUbUc ? BUY^_ TU 5c`Q^XQ
} e]Q ]_^QbaeYQ S_^cdYdeSY_^Q\
SeZ_`b_R\U]Q`bY^SY`Q\}Qx^cYQTU
Y^TU`U^T^SYQT_@Qc2QcS_
:?<=<;<<JK8;F
I\`AlXe:Xicfj
:?<=<;F>FM<IEF Gi\j`[\ek\[f>fm\ief
DXi`XefIXafp
@;8;<;<MFKF
(/
"$!"
;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#)
@;8;<D@C@K8I
(/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J ))''''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? ))#/
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë ,(00
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
(,#('
K8O8;<I<:@:C8><D
-(#0'
)'(X%:%FJlc\f<jk\[fgXˆj
„Zfehl`jkX[fg\cfjifdXefj
.((FdlƒlcdXefKXi`b`YeQ`pX[`emX[\
XG\eˆejlcX@Y„i`ZX\Xi\j`jk†eZ`XZi`jk
i\Zfc_\$j\eXj8jk’i`Xj
(+./y\jkXY\c\Z`[XX@ejk`kl`ƒf
<jgXe_fcX\jf\oglcjfjXc^lejal[\lj
(+0)@jXY\c@Zfehl`jkX>iXeX[X
(,(-@e`Z`X$j\f:`Zcf;ËFifhlXe[f
:XicfjMjfY\Xfkifef
(/.*$.+Gi`d\`iXI\g’Yc`ZX\jgXe_fcX
(/0/:lYX#GfikfI`Zf\=`c`g`eXj
jfiflYX[fjX<jgXe_Xg\cfj<L8#
XgjX^l\iiX_`jgXef$Xd\i`ZXeX
(0*(J\^le[XI\g’Yc`ZX18]fejfO@@@
]f^\[fgXˆj
(0*-@eˆZ`f[X>l\iiX:`m`cZfdX=i\ek\
GfglcXiX^Xe_XiXj\c\`ƒ‘\j\=iXeZf
X`ejli^`i$j\ZfekiXXI\g’Yc`ZX
(0*0DX[i`[\9XiZ\cfeXi\e[\d$j\
~jkifgXjeXZ`feXc`jkXj%=iXeZfm\eZ\
X^l\iiX\fefmfgf[\iXgifo`dX$j\
[\?`kc\i\Dljjfc`e`#Xg\jXi[\dXek\i
Xe\lkiXc`[X[\eX@@>l\iiXDle[`Xc
(0-0=iXeZfefd\`XAff:Xicfj@j\l
jlZ\jjfi\XZXYXgfidfii\i\d(0.,
(0..<c\`ƒ‘\j[\dfZi}k`ZXj
(0/(<ekiX[XeXE8KF
(0/-8[\jf~L<
(00(8[\jfXf\jgXƒfJZ_\e^\e
)'')<lifgXjjXXZ`iZlcXi\d<jgXe_X
)'()<Zfefd`XXkiXm\jjX^iXm\Zi`j\
)'(*D`c_Xi\jÔZXdj\dZXjXgfief
Zfej\^l`i\dgX^Xifjj\lj\dgi„jk`dfj
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
+.%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF )*%²
GFLG8Ex8J
/+%²
DFIK8C@;8;<@E=8EK@C
)(+%²
GFGLC8xÂF
)0%²
=<IK@C@;8;<
(0(%²
-(
8KC8JM@JÂF;8<LIFG88)/
<jke`X
FdX`jj\k\eki`feXc
[fjgXˆj\j[f9}ck`Zf
k\dZ\iZX[\(,''
`c_Xj#\jk}m`iX[fgXiX
X=`ece[`X\j\gXiX[f
[XI’jj`Xgfi[f`j
cX^fj#fGjbfm\f
G\`glj%;liXek\m}i`Xj
[„ZX[Xj\jk\m\jfY
[fdˆe`fjfm`„k`Zf#[f
hlXcjj\c`mifl\d
(00(%KXc`e#XZXg`kXc#
„ldX[XjdX`jY\d
gi\j\imX[XjZ`[X[\j
d\[`\mX`j[X<lifgX%
<;L:8xÂF
EFD<F=@:@8C
:8G@K8C
DF<;8
CàE>L8F=@:@8C
=IFEK<@I8J
ÝI<8KFK8C
GFGLC8xÂF
I\g’Yc`ZX[X<jke`X
KXc`e
<lif
<jke`f
=`ece[`X#
C\ke`X#I’jj`X
+,)).bd)
GFGLC8xÂF
(#*d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
*0#.Xefj
:I<J:@D<EKF
'#--
<JG<I8Ex8;<M@;8 /(#-Xefjdlc_\i\j
.(#,Xefj_fd\ej
?ccUbfY|_cTUcQ‹TU^Q5cd†^YQcz_
TUR_QaeQ\YTQTUUd]Uf_\eT_]eY
d_^_c‹\dY]_cQ^_c>UcdU]_]U^d_
_ cYcdU]Q Ucdv d_T_ Y^V_b]QdYjQT_
`Ub]YdY^T_Q_c`QSYU^dUcQSUTUbU]Q
Y^V_b]Q|ŠUc`UTYbU]bUSUYdQc]Qb
SQbU] S_^ce\dQc _e `QWQbU] dQhQc
]_TUbQT_bQc QdbQf}c TU e] `_bdQ\
^QY^dUb^Ud
#&!
C@K<I8:@8
00#/
;@GCFD8;FJEF<EJ@EFJLG<I@FI ((/)/
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
-#'0
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
()
J8è;<
:C@D8
?cUedUbbYd†bY_}UaeYfQ\U^dUQ]UdQ
TUTU@_bdeWQ\]QcQ`_`e\Q|z_ÂSQ
cU `U\_c !# ]Y\XŠUc TU XQRYdQ^
dUcS_]e]QYTQTU]}TYQY^VUbY_bQ
$ Q^_c8vfvbY_cWbe`_c}d^YS_c^Q
<Ud†^YQcU^T__c`bY^SY`QYc_cUcd_
^YQ^_c_cbecc_c_ceSbQ^YQ^_c_c
RYU\_becc_cU_cÂ^\Q^TUcUc
?U^cY^_Ucd_^YQ^_`bYfY\UWYQQQ`bU^
TYjQWU]Q_\_^W_TQfYTQUUcdvTYfYTY
T_U]dbc^fUYcµ`bY]vbY_cUSe^Tv
bY_U`†ccUSe^TvbY_1`U^Qc_cT_Yc
`bY]UYb_ccz__RbYWQd†bY_c5]]}TYQ
e]QQ\e^_^Q5cd†^YQS_]`\UdQT_jU
Q^_cTUU^cY^_
EèD<IF;<?89@K8EK<JGFIDy;@:F )).
G<I:<EK8><D;FG@9>8JK8<DJ8è;< +#.
DFIK8C@;8;<@E=8EK@C!
-#/
!Gfi('''eX[fj$m`mfj
! !"%
-) !"%
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
(/
,/+()bd
((,bd
((0-bd
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
*,,,
,#)
((#0
)0(#,
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
4U`_YcTUU^dbQb^QE^Yz_5eb_`UYQ
U]" $Q5cd†^YQ]_TUb^Yj_eU\Y
RUbQ\Yj_eQceQUS_^_]YQQd}U^dz_
]eYd_]QbSQTQ`U\_cQ^_cfYfYT_cU]
bUWY]US_]e^YcdQ4UcTUU^dz_`bY
fQdYjQbQ]cUU]`bUcQcUbUV_b|QbQ]
cU_c\Q|_cS_]UbSYQYcS_]_?SYTU^
dU1TfYTQ`‹R\YSQ}TU\_^WUQ]QYc
RQYhQTUd_TQQE5
G@9ÊG<I:8G@K8Ë
ö(.(-'
K8O8;<:I<J:@D<EKF
'#-'
;àM@;8Gè9C@:8
('[fG@9
@E=C8xÂF
*#)'
;<J<DGI<>FH
/#,'
;<J<DGI<>FAFM<D
))#*'
G8I:<@IFJ;<<OGFIK8xÃ<J1
JLy:@8
(-#/
=@ECÛE;@8
(,#*
IèJJ@8
()#.
G8I:<@IFJ;<@DGFIK8xÃ<J
=@ECÛE;@8
(,#(
8C<D8E?8
('#.
JLy:@8
('#.
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
*#0
@E;èJKI@8
)0#.
J<IM@xFJ
--#+
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
!
!"
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
!"
$% (%'$"%
?`_TUbUhUSedYf_UcdvS_^SU^dbQT_^_
`bY]UYb_]Y^Ycdb_cU^T__@bUcYTU^dU
TQBU`‹R\YSQ`_eS_]QYcT_aeUe]Q
VYWebQcY]R†\YSQUTUbU`bUcU^dQ|z_
1deQ\]U^dU cz_ aeQdb_ _c `QbdYT_c
bU`bUcU^dQT_c ^_ `Qb\Q]U^d_ S_]
! !TU`edQT_c!)(]e\XUbUc]Qc
Q\debQcX_efUU]aeU_c`_eS_cU\UY
d_bUcUbQ]bU`bUcU^dQT_c`_bTUjU^Qc
TU`QbdYT_c
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
Gi\j`[\ek\KffdXj
?\e[i`b@cm\j
Gi`d\`if$d`e`jkif
8e[ilj8ej`g
(/
#'$%
;<=<J8
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 (#.
@;8;<D@C@K8I
(/$).Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J /'''
E8KLI<Q8;FJ<IM@xFD@C@K8I FYi`^Xki`f
[\/X((d\j\j
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? ((#)
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë +0+,
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
),#0'
K8O8;<I<:@:C8><D
,-#('
J„Z%O@@@8jki`YfjgX^j[X<jke`Xjf
Zfem\ik`[XjXfZi`jk`Xe`jdfg\cXfi[\d
[fj:XmXc\`ifj[XC`me`X
()(08Z`[X[\[\KXc`e„]le[X[Xg\cfj
[`eXdXihl\j\j#hl\j\`ejkXcXdef
Efik\[fk\ii`ki`f
(*+-:XmXc\`ifj[XC`me`XX[hl`i\d
k\iiXjXfj[`eXdXihl\j\j
(-)08<jke`XÔZXjfY[fdˆe`f[fj
jl\Zfj
(.('G\[if@#[XI’jj`X#Zfehl`jkXf
k\ii`ki`f
J\Z%O@OFgfikf[\KXc`e[\j\emfcm\$j\
ZfdX`e[ljki`Xc`qXƒf[X<jke`X
(0(/EfÔeXc[X^l\iiX#\[\gf`j[X
fZlgXƒfXc\d#fgXˆjgifZcXdXX
jlX`e[\g\e[†eZ`X\\oglcjXf\o„iZ`kf
m\id\c_f
(0)'8I\g’Yc`ZX[X<jke`X„
i\Zfe_\Z`[Xg\cXI’jj`X
(0*+FjgXik`[fjgfcˆk`ZfjjfXYfc`[fj
\„`ejk`klˆ[fldi\^`d\Xlkfi`k}i`f#
Z_\ÔX[fgfiBfejkXek`eGXkj
(0+'8Le`fJfm`„k`ZXfZlgXf
k\ii`ki`f\dX`j[\-'d`cg\jjfXjjf
[\gfikX[XjflXjjXjj`eX[Xj
(00(;\ZcXiXƒf[X`e[\g\e[†eZ`X
)''+8[\jf[X<jke`X~L<
)'((<lifZfd\ƒXXZ`iZlcXieX<jke`X
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
--%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF **%²
GFLG8Ex8J
,'%²
DFIK8C@;8;<@E=8EK@C
(-+%²
GFGLC8xÂF
(,/%²
=<IK@C@;8;<
(0/%²
-*
8KC8JM@JÂF;8<LIFG88)/
=`ece[`X
EfgfekfdX`jXefik\[X<lifgX#
X=`ece[`Xk\ddl`kXjqfeXj[f
j\lmXjkfk\ii`ki`fZfdgc\kXd\ek\ [\jgfmfX[Xj\gXjjXZ`eZfd\j\j
[fXefZfdk\dg\iXkliXje\^Xk`mXj%
?}(.0,/+`c_Xj\(/.///cX^fjeX
=`ece[`X#fe[\dl`kfj_XY`kXek\j
k†dZXjX[\ZXdgfgXiXljl]ilˆi\d
efjd\j\j[\m\if%8i\^`f[X
CXge`X#Zfe_\Z`[Xgfij\iXk\iiX
[fGX`EXkXc#Zfd\ƒXXXkiX`i
fjkli`jkXj\e[`e_\`iX[fj%
<;L:8xÂF
=Q^TQQ\UYÂ^\Q^TUcQaeUU^dbU_c'U
_c!&Q^_cd_T_cVbUaeU^dU]e]UcdQ
RU\USY]U^d_TUU^cY^_5bUWbQWUbQ\
_`bY^S`Y_}Se]`bYT_ZvaeUQ]}TYQ
TUQ^_cTUVbUae^SYQUcS_\Qbe\dbQ`Qc
cQ_cTUj1aeYQUcS_\QQccY]S_]_
QcbUVUY|ŠUc}WbQdeYdQQd}Q_cUSe^Tv
bY_?c`b_VUcc_bUc`bUSYcQ]TUdUbe]
]UcdbQT_`QbQ`_TUbU]U^cY^Qb
EFD<F=@:@8C
I\g’Yc`ZX[X=`ece[`X
:8G@K8C
?\cjˆehl`X
DF<;8
<lif
CàE>L8F=@:@8C
=`ecXe[†j\jl\Zf
=IFEK<@I8J <jke`X#Efil\^X#I’jj`X#Jl„Z`X
ÝI<8KFK8C
**/+*(bd)
GFGLC8xÂF
GFGLC8xÂF
,#)d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+)#(Xefj
:I<J:@D<EKF
'#'-
<JG<I8Ex8;<M@;8 /*#.Xefjdlc_\i\j
..#._fd\ej
!%$'"&
$#
$
$
KI8EJGFIK<J
<:FDLE@:8xÃ<J
-+ 8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
(''
,(++(
-#/(
('#*
J8è;<
:C@D8
?cVY^\Q^TUcUcfYfU]c_RbUdeT_^_
Ce\T_`QcUU]SU^db_cebRQ^_c3_]
e]Q`_`e\Q|z_U^fU\XUSYTQUQU^fU
\XUSUb Q 6Y^\x^TYQ dU] ^_ U^dQ^d_
e]QdQhQTUVUbdY\YTQTUTU!'#VY\X_c
`_b]e\XUb_aeU}]U\X_bT_aeUQ
]}TYQUeb_`UYQ
C@K<I8:@8
;@GCFD8;FJEF<EJ@EFJLG<I@FI
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
(+/
./'''bd
.''bd
,0++bd
4UcSU^dbQ\YjQT_`‹R\YS_US_]V_bdU
S_]`_^U^dUc_SYQ\_cYcdU]QTUcQ‹TU
QaeU_cÂ^\Q^TUcUcd]QSUcc_V_YUc
S_\XYT_`U\Q>UgcgUU[U]" ! S_]_
_]U\X_bT_]e^T_?e`U\_]U^_c_
]U\X_bT_c! aeUV_bQ]UcdeTQT_c
`U\Q`eR\YSQ|z_?bQ^[Y^WQ^Q\YcQfQ
QY^TQQUTeSQ|z_QaeQ\YTQTUTUfYTQ
_TY^Q]Yc]_US_^†]YS_U_Q]RYU^dU
`_\dYS_
EèD<IF;<?89@K8EK<JGFIDy;@:F *'-#*
G<I:<EK8><D;FG@9>8JK8<DJ8è;< -#.
DFIK8C@;8;<@E=8EK@C!
*#+
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
*)*(
)#)
(.#)
,/-#0
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
1]QbSQ]QYcS_^XUSYTQTQ6Y^\x^TYQ
} Xv fvbY_c Q^_c Q >_[YQ bUc`_^
cvfU\U]`QbdU`_bSQdQ`e\dQbUcdU
`Qc`QbQQcR_SQcT_]e^T_^_aeU
TYj bUc`UYd_ wc ^_fQc dUS^_\_WYQc
UQ_cdU\U]†fUYc?SbUcSY]U^d_TQ
1``\UUTQCQ]ce^W^_cUW]U^d_T_c
c]Qbd`X_^UcdU]dbQjYT_TYVYSe\TQ
TUcw>_[YQ]Qc^z_wUS_^_]YQTQ
6Y^\x^TYQaeU}]_TUb^QQ\dQ]U^dU
Y^TecdbYQ\YjQTQUaeUWUbQe]@92`Ub
SQ`YdQQ_^fU\TU`QcUcS_]_Q6bQ^
|Q`_bUhU]`\_
G@9ÊG<I:8G@K8Ë
ö)/.*'
K8O8;<:I<J:@D<EKF
'#''
;àM@;8Gè9C@:8
,+#/[fG@9
@E=C8xÂF
)#)'
;<J<DGI<>F
/#+'
;<J<DGI<>FAFM<D
)'#('
G8I:<@IFJ;<<OGFIK8xÃ<J
JLy:@8
((#(
IèJJ@8
0#0
8C<D8E?8
0#+
G8I:<@IFJ;<@DGFIK8xÃ<J
IèJJ@8
(.#/
JLy:@8
(+#/
8C<D8E?8
(*#0
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
)#/
@E;èJKI@8
).#(
J<IM@xFJ
.0#)
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
$
! $%
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
$%
#$($&# $
>Q`_\dYSQVY^\Q^TUcQ$"%T_cTU
`edQT_c cz_ ]e\XUbUc e] ^‹]Ub_
bUS_bTYcdQ^QE5?`Qc}W_fUb^QT_
`_be]`bY]UYb_]Y^Ycdb_U\UYd_TU
aeQdb_U]aeQdb_Q^_c]QcXve]@bU
cYTU^dUTQBU`‹R\YSQaeU}Q`bY]UYbQ
ÂWebQT_5cdQT_UaeUdU]]Q^TQd_c
TUcUYcQ^_c
:?<=<;<<JK8;F Gi\j`[\ek\JXlc`E``e`jkf
:?<=<;F>FM<IEF
Gi`d\`if$d`e`jkif
Apib`KXgXe`BXkX`e\e
@;8;<;<MFKF
(/
"&#$
;<=<J8
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 (#+
@;8;<D@C@K8I
(/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J *('''
E8KLI<Q8;FJ<IM@xFD@C@K8I FYi`^Xki`f
[\-X()d\j\j
G<IK<E:<ÁE8KF6
Ef
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (,#:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë (+0)0
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
*(#/'
K8O8;<I<:@:C8><D
,,#+'
(*)*8=`ece[`X`ek\^iXfI\`ef[XJl„Z`X
(/'/Fjiljjfj#Xc`X[fj[\EXgfc\f@#
`emX[\dfk\ii`ki`fldXefXek\j[\
Xe\oXƒf
(/()?\cjˆehl`XkfieX$j\XZXg`kXc
(0',>i\m\^\iXceX=`ece[`X
(0'-yZi`X[ffj`jk\dXgXicXd\ekXi
[\ldXZdXiX#dXjf:qXi`^efiX\jk\
i^fgfcˆk`Zf
(0(.Gi`d\`iX^l\iiXZ`m`c#eXj\hl†eZ`X
[Xi\mfclƒfiljjX\[X`e[\g\e[†eZ`X
[X=`ece[`X
(0(0<c\`ƒf[fgi`d\`ifGi\j`[\ek\
[XI\g’Yc`ZX
(0*08g\jXi[\fj[f`jgXˆj\jk\i\d
Xjj`eX[fldgXZkf[\efX^i\jjf#
f\o„iZ`kfiljjf`emX[\X=`ece[`X
(0+'EfkX[`gcfd}k`ZX[X=`ece[`XX^iX$
[\Z\XGfikl^XcXXal[X\dmˆm\i\j\X^XjX$
c_fj[liXek\X^l\iiXiljjf$ÔecXe[\jX
(0+(8c\dXe_XXkXZXXLIJJ
\fjÔecXe[\j\jXc`Xd$j\XfjeXq`j
(0++8jj`eXkliX[\ldXid`jkˆZ`f
\eki\iljjfj\ÔecXe[\j\j
(00(=`d[XLIJJ
(0,,=`ece[`X\ekiXgXiXXFEL
(00,8[\jf~L<
(000<ekiX[XeXQfeX<lif
)'')<lifZfd\ƒXXZ`iZlcXi
)'((Gfikl^Xc]Xqfmˆ[\fKl[ffhl\fj
ÔecXe[\j\j[\m\djXY\ijfYi\Gfikl^Xc
eldXXckliX\dhl\Xc^ldXj]fiƒXj
gfcˆk`ZXji\j`jk\dXgi\jkXiXal[X
ÔeXeZ\`iXXGfikl^Xc
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
*.%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF )(%²
GFLG8Ex8J
/*%²
DFIK8C@;8;<@E=8EK@C
)(*%²
GFGLC8xÂF
((.%²
=<IK@C@;8;<
(--%²
-,
8KC8JM@JÂF;8<LIFG88)/
GFGLC8xÂF
!
EFD<F=@:@8C
I\g’Yc`ZX=iXeZ\jX
:8G@K8C
GXi`j
DF<;8
<lif
CàE>L8F=@:@8C
=iXeZ†j
=IFEK<@I8J 8c\dXe_X#8e[fiiX#9„c^`ZX#
<jgXe_X#@k}c`X#Clo\dYli^f#DeXZf#JlˆƒX
ÝI<8KFK8C
-*)/*+bd)
"
C@K<I8:@8
;@GCFD8;FJEF<EJ@EFJLG<I@FI
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
00
E%;%
,#/0
('#-
5]!))'U"
Q?bWQ^YjQ|z_=e^
TYQ\TUCQ‹TUU\UWUe_cYcdU]QTUcQ‹
TUVbQ^ScS_]__]U\X_bT_]e^T_
?]_TU\_}S_]`\Uh_U`Ub]YdUQ\YfbU
UcS_\XQS_]`QbdYSY`QTQTU]}TYS_c
_eTUX_c`YdQYccUZQ]U\Uc`‹R\YS_c_e
`bYfQT_c?`QWQ]U^d_TQcTUc`UcQc
}VUYdQ`U\_cedU^dUcaeUTU`_Yccz_
bUU]R_\cQT_cd_dQ\_e`QbSYQ\]U^dU
" !
GFGLC8xÂF
-,#0d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+'Xefj
:I<J:@D<EKF
'#+.
<JG<I8Ex8;<M@;8 /,#.Xefjdlc_\i\j
./#._fd\ej
8vSY^S_^fUYcTUU^cY^_^QcUcS_\Qc
VbQ^SUcQc*QrS_\U=QdUb^U\\UT_c"
Q_c%Q^_c+Qr\U]U^dQYbUT_c&Q_c
! Q^_c+_3_\\~WUT_c!!Q_c!%Q^_c+
_<iS}UT_c!&Q_c!(UQE^YfUbcYd}
?c VbQ^SUcUc UcdeTQ] U] ]}TYQ
TebQ^dU! &Q^_c
J8è;<
:C@D8
3_]e]Q]}TYQTU" (Â\X_c`_b]e
\XUbQ`_`e\Q|z_VbQ^SUcQUcdvQSbUc
SUb $'Q_Q^_=QcdQ]R}]UcdvQ
U^fU\XUSUbrQaeYaeUQc`Ucc_QcfY
fU]]QYcdU]`_U]d_TQQ5eb_`QU
Qc]e\XUbUccz_QcbUS_bTYcdQcS_]
e]QUc`UbQ^|Q]}TYQTU(%'Q^_cTU
fYTQw^QcSU^|Q
<;L:8xÂF
J\^le[fgXˆjdX`j`eÕl\ek\ef
gifZ\jjf[\[\Z`jf\lifg\`X#
k\dXjj`jk`[fXfi\]fiƒf[X
jlgi\dXZ`XXc\d%DXje\d
gfi`jjf[\`oX[\]Xq\i$j\flm`i%
8=iXeƒX#))%—gXˆjdX`j
gfglcfjf[fgcXe\kX#Zfek`elX XXkiX`i\d`^iXek\j[\kf[ff dle[f#hl\Xal[XdXd\c_fiXi
XjjlXj\jkXkˆjk`ZXj\dk\idfj
[\g\iÔc[XgfglcXƒf%
=iXeƒX
EèD<IF;<?89@K8EK<JGFIDy;@:F *')#*
G<I:<EK8><D;FG@9>8JK8<DJ8è;< 0#*
DFIK8C@;8;<@E=8EK@C!
*#*+
!Gfi('''eX[fj$m`mfj
#"
!
-- !
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
+-+
(')/+--bd
((+(-bd
)0-+'bd
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
--(./
(#(
(-#(/'#(
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
>_c‹\dY]_cQ^_cQ6bQ^|QUcdvQ`Qc
cQbTUe]]_TU\_US_^†]YS_S_]V_b
dUY^dUbfU^|z_UcdQdQ\`QbQ_edb_]QYc
\YRUbQ\@_b}]dQ\S_]_^_bUcd_TQ
5eb_`Q_cTQT_c^z_cz_Q^Y]QT_bUc*
_TUcU]`bUW_UcdvQSbUcSUbQRQ\Q^|Q
S_]UbSYQ\S_^dY^eQQ^UWQdYf_cUQdQhQ
TUSbUcSY]U^d_}T}RY\1Y^TQQccY]_
@92`UbSQ`YdQ}_$ ]U\X_bT_]e^
T_U_cQ\vbY_]^Y]_b_^TQ_c!$# Ueb_c
G@9ÊG<I:8G@K8Ë
ö)/'*'
K8O8;<:I<J:@D<EKF
'#('
;àM@;8Gè9C@:8
0)#.[fG@9
@E=C8xÂF
(#'
;<J<DGI<>F
('#+'
;<J<DGI<>FAFM<D
))#0'
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
(-#.
9yC>@:8
.#,
@KÝC@8
.#,
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
(0#,
9yC>@:8
((#*
@KÝC@8
.#-
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
)
@E;èJKI@8
(/#/
J<IM@xFJ
.0#)
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
#
! #%
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
#%
!$!# !
5]6bQ^|QfYW_bQ_bUWY]UcU]Y`bU
cYTU^SYQ\YcdQTUcTU!)%(?3XUVUTU
5cdQT_}U\UYd_`_bceVbvWY_TYbUd_U
e^YfUbcQ\U}U\UaeU]UcS_\XU_`bY
]UYb_]Y^Ycdb_TUU^dbU_c`QbdYT_c
]QYcf_dQT_c^QcU\UY|ŠUc\UWYc\QdYfQc
VUYdQcU]cY]e\dx^U_S_]Qc`bUcY
TU^SYQYc8vTeQcSx]QbQc*_cU^QT_
UQQccU]R\UYQ^QSY_^Q\
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
Gi\j`[\ek\
=iXeƒf`j?fccXe[\
Gi`d\`if$d`e`jkif
A\Xe$DXiZ8piXlck
(/
$ '
# !
;<=<J8
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 )#*
@;8;<D@C@K8I
(.$+'Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J *,0'''
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
efdˆe`df()d\j\j
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (+#,
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë -+,/
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
((#,'
K8O8;<I<:@:C8><D
-(#('
J„Z%M@@@:XicfjDX^efXjjld\Xi\^†eZ`X
[X>}c`X
(*)/:fdfI\`=`c`g\M@`e`Z`X$j\
X[`eXjk`X[\MXcf`j
(**.$(+,*>l\iiX[fj:\d8efj
\eki\X=iXeƒX\X@e^cXk\iiX
(./0I\mfclƒf=iXeZ\jX
(/'+EXgfc\f9feXgXik\kfieX$j\
`dg\iX[fi
(/.'GifZcXdXƒf[X@@I\g’Yc`ZX
(0(+$(/Ldd`c_f\d\`f[\dfikfj
\ki†jd`c_‘\j[\]\i`[fj„fYXcXeƒf
[Xm`ki`X]iXeZ\jXeX@>l\iiXDle[`Xc
(0+';\>Xlcc\Xg\cX~i\j`jk†eZ`X#
XgXik`i[\Cfe[i\j#Xkf[fjfj]iXeZ\j\j
ZfekiXX8c\dXe_X
(0++;}$j\Xc`Y\ikXƒf[\GXi`j
\`e`Z`X$j\f^fm\iefgifm`ji`fc`[\iX[f
gfi;\>Xlcc\
(0,)=iXeƒXjli^\ZfdfgXˆj$]le[X[fi
[X:<<
(0,/@ejkXliXƒf[XMI\g’Yc`ZX
gi\j`[\eZ`Xc
(0-/I\mfckX\jkl[Xek`c[\dX`f
(0/(<jhl\i[XjfY\g\cXgi`d\`iXm\q
Xfgf[\iZfd=iXeƒf`jD`kk\iiXe[
)'')<lifZfd\ƒXXZ`iZlcXi\d=iXeƒX
)'',<dGXi`j#dlck`gc`ZXd$j\fj
gifk\jkfj[XZfdle`[X[\`d`^iXek\#[\$
gf`j[\[f`jafm\ejX]i`ZXefjk\i\dj`[f
\c\kifZlkX[fjeldXjlY\jkXƒf\c„ki`ZX
)''/=iXeƒXiXk`ÔZXfKiXkX[f[\C`jYfX
)'('>fm\iefXeleZ`XZfik\j
[\+,d`cd`c_‘\j[\\lifj
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
+'%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF )'%²
GFLG8Ex8J
//%²
DFIK8C@;8;<@E=8EK@C
)(,%²
GFGLC8xÂF
))%²
=<IK@C@;8;<
((.%²
-.
8KC8JM@JÂF;8<LIFG88)/
>i„Z`X
=f`#_}dX`j[\[f`jd`cXefj#f
Y\iƒf[XZ`m`c`qXƒfdf[\ieX#
\kXdY„d]f`#_}hlXkifXefj#
fgXˆjfe[\Zfd\ƒflXZi`j\ ÔeXeZ\`iXhl\XcXjkiflXkf[X
X<lifgX#\d\jg\Z`Xcefj
gXˆj\j[fJlc%;f`ji\j^Xk\j
g\[`[fjg\cX>i„Z`X~kif`bX
=D@#:<\9:< ]fiXd
XZfdgXe_X[fj[\g\jX[Xj
d\[`[Xj[\Xljk\i`[X[\%
EFD<F=@:@8C
:8G@K8C
DF<;8
CàE>L8F=@:@8C
=IFEK<@I8J
ÝI<8KFK8C
<;L:8xÂF
I\g’Yc`ZX?\c„e`ZX
8k\eXj
<lif
>i\^f
8cYe`X#9lc^}i`X#
DXZ\[e`X#Klihl`X
(*(0,.bd)
GFGLC8xÂF
GFGLC8xÂF
('#/d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+)#(Xefj
:I<J:@D<EKF
'#'+
<JG<I8Ex8;<M@;8 /*#+Xefjdlc_\i\j
./#'_fd\ej
?bUdbQd_TQCQ‹TU^QBU`‹R\YSQ8U\}
^YSQUcdvQ`Y_bQbQ`UcQbTUQcUcdQdc
dYSQcQY^TQ^z_TQbU]S_^dQTYcc_>‹
]Ub_cbUSU^dUcQ`_^dQ]_VQSd_TUe]
dUb|_TQ`_`e\Q|z_^z_dUbcUWebQ^|Q
c_SYQ\^U]QSUcc_Q_cYcdU]Q`‹R\YS_
TUcQ‹TU_aeUUcdvQS_^dbYReYb`QbQ
QbUTe|z_TQUc`UbQ^|Q]}TYQTUfYTQ
aeUUbQU\UfQTQ
!! ! -/ KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
C@K<I8:@8
0.#*'
;@GCFD8;FJEF<EJ@EFJLG<I@FI -,)0(
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
+#(
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
('#(
J8è;<
:C@D8
1`_`e\Q|z_]eYd_`b†hY]QTQ`_bde
WeUcQaeQcU!!]Y\XŠUcTUXQRYdQ^dUc
dU]$"!Q^_cU]]}TYQ_aeUTU^_dQ
_SbUcSU^dUU^fU\XUSY]U^d_T_`Qc
@QbQYcc_S_^dbYReYdQ]R}]_VQSd_TU
Q]QY_b`QbdUT_cSQcQYcWbUW_c]_
TUb^_cÂSQbcUQdeQ\]U^dU`U\_Â\X_
‹^YS_
1SbYcUaeUS_]U|_eU]" ! ]eT_e
_b_cd_TQ5TeSQ|z_^Q7b}SYQ=eYd_c
`b_VUcc_bUcV_bQ]TUc`UTYT_cTQcUc
S_\Qc`‹R\YSQcUfYbQ]_ccUeccQ\vbY_c
bUTejYT_c_aeUWUb_eWbQ^TUc`b_
dUcd_cQd}cUbU]`b_YRYTQcQcWbUfUc
T_cT_SU^dUc4UcQ`QbUSUbQ]fvbYQc
RU^UccUcS_]__5cdQT_VY^Q^SYQbQ
S_]`bQT_c]Q^eQYcUcS_\QbUc
..
((-0-'bd
('0(bd
),+/bd
EèD<IF;<?89@K8EK<JGFIDy;@:F (-'#)
G<I:<EK8><D;FG@9>8JK8<DJ8è;< -#(
DFIK8C@;8;<@E=8EK@C!
+#/,
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
('/-+
(#,
)
--#.
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
5]" $Q7b}SYQdY^XQ_$"@92`Ub
SQ`YdQ]QYcU\UfQT_T_]e^T_5^dbU
dQ^d_ TUcSUe "! `_cY|ŠUc 1 dQhQ TU
SbUcSY]U^d_UbQTU$'Q_Q^_8_ZU
} TU &$ `_b SU^d_ ? TUcU]`bUW_
`Qcc_eTU)#`QbQ"'&$$$^_c
Z_fU^c U dbQ^cV_b]_ecU ^Q WbQ^TU
SQdvcdb_VU^QSY_^Q\1TfYTQ`‹R\YSQ
cYdeQcU^_c!'!(`_bSU^d_
G@9ÊG<I:8G@K8Ë
ö(0**'
K8O8;<:I<J:@D<EKF
$-#+'
;àM@;8Gè9C@:8
(.(#/[fG@9
@E=C8xÂF
$'#0'
;<J<DGI<>F
).#-'
;<J<DGI<>FAFM<D
++#+'
G8I:<@IFJ;<<OGFIK8xÃ<J
KLIHL@8
('#/
@KÝC@8
.#.
8C<D8E?8
-#+
G8I:<@IFJ;<@DGFIK8xÃ<J
IèJJ@8
()#+
=I8Ex8
.#,
@KÝC@8
.#/
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
*#+
@E;èJKI@8
(-
J<IM@xFJ
/'#-
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
!
!"
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
!"
# "
1d}!)'$fYW_b_ee]Q]_^QbaeYQ^Q
7b}SYQ]QcTUcTUU^dz_V_YY^cdQebQ
TQQTU]_SbQSYQ`Qb\Q]U^dQb?`_TUb
UhUSedYf_UcdvQSQbW_T_@bUcYTU^dUTQ
BU`‹R\YSQaeU}U\UYd_`U\_`Qb\Q]U^
d_?`bY]UYb_]Y^Ycdb_UccU}^_]U
QT_`U\_@bUcYTU^dU8v^_fUWbe`_c
`_\dYS_c^_XU]YSYS\_WbUW_
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
Gi\j`[\ek\BXifcfj
GXgflc`Xj
Gi`d\`if$d`e`jkif
8ekfe`jJXdXiXj
(/
#"
;<=<J8
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 )#*
@;8;<D@C@K8I
(0$+,Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J (-/'''
E8KLI<Q8;FJ<IM@xFD@C@K8I FYi`^Xki`f
()d\j\j
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (+#)
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë +,/'
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
((#-'
K8O8;<I<:@:C8><D
,/#.'
J„Zlcfj,X+X%:%G\iˆf[fdXiZX[fgfi
m}i`fj_fd\ejhl\ÔZXiXdgXiXX
?`jki`XLe`m\ijXc1G„i`Zc\j#JZiXk\j#
8i`jkk\c\j#GcXkf#J]fZc\j\<liˆg`[\j
(+-IfdX[fd`eXXjZ`[X[\j^i\^Xj
*0,8>i„Z`X`ek\^iXf@dg„i`f9`qXek`ef%
(+,-FjfkfdXefjfZlgXdfk\ii`ki`f
(/)(K\d`eˆZ`fX^l\iiX[X`e[\g\e[†eZ`X
^i\^X#i\Zfe_\Z`[Xg\cfjkliZfj\d(/)0
(/0.>i„Z`X\Klihl`X\ekiXd\d^l\iiX
(0(.EfjXc`X[fj#\ekiXeX@>iXe[\>l\iiX
(0+(y`emX[`[Xg\cX8c\dXe_XeXq`
(0,(GXjjXX]Xq\igXik\[XE8KF
(0-.&.+;`kX[liX[fjZfife„`j#[\[`i\`kX
(0.*8dfeXihl`X„XYfc`[X%<djl]i}^`f#
GXgX[flcfj„\c\`kfGi\j`[\ek\
(0/(FG8JFB#[\8e[i\XjGXgXe[i\fl#
^Xe_XXj\c\`ƒ‘\j%8>i„Z`X\ekiXeX:<<
)'')8[fkXf\lifZfdfdf\[XfÔZ`Xc
)''+BfjkXjBXiXdXec`j„\c\`kfgi`d\`if$
$d`e`jkifXfj+.Xefj#fdX`jafm\d[\
j\dgi\%M\eZ\f:Xdg\feXkf<lifg\l
[\=lk\Yfc#i\Xc`qX[f\dC`jYfX%Jffj
XeÔki`‘\j[fjAf^fjFcˆdg`Zfj
)'('I\j^XkX[fjÔeXeZ\`iXd\ek\g\cf
=D@\9:<%8:fd`jjf<lifg\`Xalekfl$
$j\cf^f[\gf`j%FjgXZfk\j[\Xal[X
dfe\k}i`X#efmXcfi[\ö)+'d`cd`c_‘\j#
fYi`^XdX[liXjd\[`[Xj[\Xljk\i`[X[\
)'()FgXik`[f[\Z\ekif$[`i\`kXEfmX
;\dfZiXZ`X#Zfd8ekfe`jJXdXiXj#
^Xe_XXjc\^`jcXk`mXj
)'(+<daXe\`if#Xjjld\Xgi\j`[†eZ`X
j\d\jkiXc[XLe`f<lifg\`X
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
-*%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF )0%²
GFLG8Ex8J
()*%²
DFIK8C@;8;<@E=8EK@C
(/'%²
GFGLC8xÂF
/)%²
=<IK@C@;8;<
)',%²
-0
8KC8JM@JÂF;8<LIFG88)/
?fcXe[X
EFD<F=@:@8C
:8G@K8C
DF<;8
CàE>L8F=@:@8C
=IFEK<@I8J
ÝI<8KFK8C
M`ek\gfiZ\ekf[fI\`ef[X
?fcXe[X]f`Zfehl`jkX[fXf
dXiXkiXm„j[X[i\eX^\d\[X
Zfejkilƒf[\[`hl\j%DXjgXik\
[fk\ii`ki`fg\idXe\Z\XYX`of
[feˆm\c[fdXi#fhl\kfiefl
fgXˆjefdX`fi\jg\Z`Xc`jkX
dle[`XceXgi\m\eƒf[\
`ele[Xƒ‘\j%8c„d[Xjklc`gXj#
[fjdf`e_fj[\m\ekf\[fj
kXdXeZfj#X?fcXe[X„
Zfe_\Z`[Xg\cXjlXkfc\ieZ`X%
?]_TU\_TUU^cY^_X_\Q^Tc}TUc
SU^dbQ\YjQT_U`Ub]YdUaeUSQTQUc
S_\QSbYU_cUe`b†`bY_`b_WbQ]QQc
ceQcbUWbQcUQYTU^dYTQTU?c`QYcd]
\YRUbTQTU`QbQUcS_\XUb_UcdQRU\USY
]U^d_TUU^cY^_`QbQ_ccUecVY\X_c
cUZQ_e^z__]QYc`b†hY]_TUSQcQ
C@K<I8:@8
;@GCFD8;FJEF<EJ@EFJLG<I@FI
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
I\`ef[X?fcXe[X
8d\jk\i[f
<lif
?fcXe[†j
8c\dXe_X#9„c^`ZX
+(,+*bd)
GFGLC8xÂF
00
(*/..)
,#0+
((#-
J8è;<
:C@D8
3bUcSUTUfQWQbQ`_`e\Q|z_TUcdUbUY
^_]QcSbUcSU5Qc]e\XUbUcUcdz_U]
]QY_bYQ?c!&(]Y\XŠUcTUXQRYdQ^
dUcTUcdUbUY^_cz_]QY_bYdQbYQ]U^dU
SQd†\YS_c]QcXv]eYdQcbU\YWYŠUcbU
`bUcU^dQTQc^Qc_SYUTQTU`_bSQecQT_
Qe]U^d_TQY]YWbQ|z_
<;L:8xÂF
"
D_T_ _ cYcdU]Q TU cQ‹TU QccU^dQ ^Q
ÂWebQT_]}TYS_TUVQ]\YQU^_S_`Q
WQ]U^d_>Q8_\Q^TQ}_RbYWQd†bY_
dUbcUWeb_TUcQ‹TU1UedQ^vcYQ}Qe
d_bYjQTQUecQTQU]SQc_cTU`QSYU^dUc
YT_c_c S_] T_U^|Qc Sb†^YSQc S_]_*
TYQRUdUcUcS\Ub_cU]‹\dY`\QcYTQ_e
SQ^Sb_
GFGLC8xÂF
(-#/d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+(Xefj
:I<J:@D<EKF
'#++
<JG<I8Ex8;<M@;8 /*#'Xefjdlc_\i\j
.0#*_fd\ej
EèD<IF;<?89@K8EK<JGFIDy;@:F E%;%
G<I:<EK8><D;FG@9>8JK8<DJ8è;< 0#+
DFIK8C@;8;<@E=8EK@C!
*#.
!Gfi('''eX[fj$m`mfj
.' KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
)0
(*-/).bd
)-*(bd
)/0-bd
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
(+,,,
(#(
E%;%
*,(#/
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
3 _ ] e ] Q R Q \ Q ^ | Q S _ ] U b S Y Q \
`_cYdYfQ Q 8_\Q^TQ S_^cUWeU dUb
e]QUS_^_]YQUcdvfU\QfvbY_c^fUYc
1TfYTQ`‹R\YSQ}Y^VUbY_bQ'$T_
@92_TUcU]`bUW_Ucdv^QSQcQT_c
' Y^S\eY^T_ _ Z_fU] U _ @92 `Ub
SQ`YdQ}T_c]U\X_bUcTQ5eb_`QU_
"#]U\X_bT_]e^T_
?3XUVUTU5cdQT_}e]bUY]QcaeU]
W_fUb^Q } e] `bY]UYb_]Y^Ycdb_
18_\Q^TQVe^SY_^QS_]_e]Q]_^Qb
aeYQ`Qb\Q]U^dQbd`YSQ?f_d_]Qc
Se\Y^_fYW_bQTUcTU!)!'U_ceVbvWY_
e^YfUbcQ\TUcTU!)!(
G@9ÊG<I:8G@K8Ë
ö***('
K8O8;<:I<J:@D<EKF
'#)'
;àM@;8Gè9C@:8
.*#-[fG@9
@E=C8xÂF
)#-'
;<J<DGI<>F
.#*'
;<J<DGI<>FAFM<D
.#-'
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
)-#*
9yC>@:8
(+#(
=I8Ex8
/#/
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
(*#0
:?@E8
()
9yC>@:8
/#+
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
)#/
@E;èJKI@8
)+
J<IM@xFJ
.*#)
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
#!
I\`N`cc\d$8c\oXe[\i
Gi`d\`if$d`e`jkif
DXibIlkk\
(/
" !
;<=<J8
(,,,=`c`g\@@#[\<jgXe_X#^Xe_Xfj
GXˆj\j9X`ofjZfdfgi\j\ek\[fj\lgX`
(,.-<jgXe_`jZXkc`Zfjjf\oglcjfj
g\cfjgifk\jkXek\j[fEfik\
(-+/<jgXe_Xi\Zfe_\Z\X`e[\g\e[†eZ`X
[X?fcXe[X
(.0,?fcXe[XÔZXjfYi\Xgifk\ƒf
[X=iXeƒX
(/(*?fcXe[\j\jc`Y\ikXd$j\[fj
]iXeZ\j\j\kfieXd$j\ldXdfeXihl`X
Zfejk`klZ`feXc
(0+'8c\dXe_X`emX[\fgXˆj
(0,)?fcXe[XXjjld\$j\Zfdf
d\dYif$]le[X[fi[XL<
(0,/EXjZ\f9\e\clo#[\ldXXc`XeƒX
ZfdX9„c^`ZX\ZfdfClo\dYli^f
(00)Gifjk`kl`ƒf„c\^Xc`qX[X
)'''C\^Xc`qXƒf[X\lkXe}j`X\[f
ZXjXd\ekf\eki\g\jjfXj[fd\jdfj\of
)''*y`eXl^liX[ffKi`YleXc
@ek\ieXZ`feXc[\Aljk`ƒX#\d?X`X
)'',Fj_fcXe[\j\ji\ZljXd#\d
i\]\i\e[f#ldXZfejk`kl`ƒf\lifg\`X
)''/8lkfi`[X[\j[\8d\jk\i[f
XeleZ`Xdf\eZ\iiXd\ekf[\d\kX[\
[fjYfi[„`j#Zf]]\\j_fgj\j\oj_fgj#
eXk\ekXk`mX[\]Xq\i[\jZ\i
XZi`d`eXc`[X[\efZ\ekif[XZ`[X[\
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 (#+
@;8;<D@C@K8I
(.Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J -''''
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (0
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë -+,)
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
+#*'
K8O8;<I<:@:C8><D
.*#0'
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
)*%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF +%²
GFLG8Ex8J
*+%²
DFIK8C@;8;<@E=8EK@C
)',%²
GFGLC8xÂF
-,%²
=<IK@C@;8;<
(,+%²
.(
8KC8JM@JÂF;8<LIFG88)/
?le^i`X
EX?le^i`X#fi`f;Xe’Y`fk\d
+(/hl`cd\kifjeXm\^}m\`j#
^iXe[\]fek\[fkli`jdf[\
Zilq\`ifj%FjdX^`Xi\jgXjjXd
Xj]„i`Xjefj\ldX`ficX^f#
f9XcXkf%8d’j`ZXgfglcXi
`ejg`iflZfdgfj`kfi\j[\
[`d\ejfdle[`Xc#ZfdfC`jqk%
EFD<F=@:@8C
?le^i`X
:8G@K8C
9l[Xg\jk\
DF<;8
=cfi`dö'#''*
CàE>L8F=@:@8C
?’e^Xif
=IFEK<@I8J Ýljki`X#:if}Z`X#<jcfm}hl`X#
<jcfm„e`X#Ifd„e`X#J„im`X#LZie`X
ÝI<8KFK8C
0*')-bd)
GFGLC8xÂF
"#!"
GFGLC8xÂF
0#0d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+(Xefj
:I<J:@D<EKF
'#)'
<JG<I8Ex8;<M@;8 ./#.Xefjdlc_\i\j
.(#-_fd\ej
?c]QWYQbUccz_\UdbQT_cUd]U^cY^_
_RbYWQd†bY_Q`QbdYbTQ`b}`bY]vbYQU
Qd}Q_c!(Q^_c1V_b]Q|z_`b_ÂccY_
^Q\c†}`Ub]YdYTQQ`QbdYbT_c!&Q^_c
?U^cY^_}WbQdeYd_VYSQ^T_QSQbW_
T_c`QYcQQ\Y]U^dQ|z_UQcQdYfYTQTUc
UhdbQSebbYSe\QbUc
C@K<I8:@8
;@GCFD8;FJEF<EJ@EFJLG<I@FI
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
00
-./,.
,#()
((#.
J8è;<
:C@D8
3_^Vb_^dQT_S_]RQYhQcdQhQcTUVUb
dY\YTQTU_5cdQT_X‹^WQb_Uf_\eYeRQc
dQ^dU^QcceQc`_\dYSQcTU^QdQ\YTQTU
Qe]U^dQ^T_`_bUhU]`\_Q\YSU^|QTU
`QdUb^Q\YTQTU`QbQT_YcQ^_c1YTUYQ}
Y^SU^dYfQb_cSQcQYcaeUX_ZUd]U]
]}TYQ!$VY\X_cQVQjUbU]SbUcSUbQ
ceQ`b_\U
<;L:8xÂF
5]" '_7_fUb^_Y^db_TejYedQhQc
]_TUbQT_bQc^QcS_^ce\dQcU^_cY^
dUb^Q]U^d_c]Qce]bUVUbU^T_`_
`e\Qb `ˆc VY] Q UcdQ bUf_\e|z_ aeU
Q]UQ|QfQUcdU^TUbcUwcQ‹TU:vUcdU
Q^__UhUSedYf_Q`b_f_ee]QdQhQQ
Q`\YSQbQQ\Y]U^d_c^_SYf_cS_]_RYc
S_Yd_c cQ\WQT_c _e T_SUc U RURYTQc
U^UbW}dYSQc
EèD<IF;<?89@K8EK<JGFIDy;@:F **.#G<I:<EK8><D;FG@9>8JK8<DJ8è;< ,#(
DFIK8C@;8;<@E=8EK@C!
,#(
!Gfi('''eX[fj$m`mfj
"!
!
.) !
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
+(
(00,-.bd
(+..bd
/',.bd
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
(,),*
(#*
+#0
().
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
5]dU]`_cQ8e^WbYQV_Y_SU\UYb_T_
9]`}bY_1ecdb_8‹^WQb_]QcQdeQ\
]U^dUQQWbYSe\debQbU`bUcU^dQQ`U
^Qc##T_@92?aeUcUTUcS_RbYe
bUSU^dU]U^dU } aeU UcdU dUbbYd†bY_
dU] QVY^Q\ `Udb†\U_ Wvc ^QdebQ\ U
ebx^Y__aeU]eTQceRcdQ^SYQ\]U^dU
QceQ`_cY|z_U]dUb]_cTUbUSebc_c
U^UbW}dYS_c
G@9ÊG<I:8G@K8Ë
ö(+,+'
K8O8;<:I<J:@D<EKF
'#0'
;àM@;8Gè9C@:8
/'#)[fG@9
@E=C8xÂF
(#.'
;<J<DGI<>F
('#('
;<J<DGI<>FAFM<D
)-#('
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
),#-
IFDyE@8
-#)
<JCFMÝHL@8
-#(
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
),#(
IèJJ@8
/#/
:?@E8
.#+
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
*#*
@E;èJKI@8
)/#,
J<IM@xFJ
-/#)
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
"
"#
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
"#
!$!# !
1`QbdYSY`Q|z_TQc]e\XUbUc^Q`_\
dYSQ } bUTejYTQ 4_c #(& TU`edQT_c
)""cz_X_]U^cUcz_U\UYd_c`QbQ
]Q^TQd_cTUaeQdb_Q^_c?`bY]UY
b_]Y^Ycdb_TYbYWU_7_fUb^_U_@bU
cYTU^dU } U\UYd_ `U\Q 1ccU]R\UYQ TQ
BU`‹R\YSQ
:?<=<;<<JK8;F
Gi\j`[\ek\AXefj8[\i
:?<=<;F>FM<IEF
Gi`d\`if$d`e`jkif
M`bkfiFiYXe
@;8;<;<MFKF
(/fl(-#j\ZXjX[fj
$# !
;<=<J8
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 (#'
@;8;<D@C@K8I
(/$),Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J -''''
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
gfij\`jd\j\j
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (,#:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë *+,0
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
/#(0
K8O8;<I<:@:C8><D
,.#.'
J„Z%@OFjdX^`Xi\jfZlgXdXjdXi^\ej
[f;Xe’Y`f
(''($*/Fgi`d\`ifi\`_’e^XifZfdgc\kX
XZi`jk`Xe`qXƒf[XgfglcXƒf
()+(?le^i`X[\`oX[\j\ii\`ef`e[\g\e$
[\ek\#XgjX^iXe[\`emXjfdfe^fc
(*'(8ZXjXi\Xc[\E}gfc\jgXjjXXi\^\i
X?le^i`X
(,)-K\ii`ki`f„[fd`eX[fg\cfjkliZfj
(-008ljkiˆXZfji\ZcXdXdXjfY\iXe`X
jfYi\fj_’e^Xifj
(/+/I\mfclƒfc`[\iX[Xgfi`ek\c\ZklX`j
_’e^Xifj[\jk`eX[XXi\jkXY\c\Z\iX
`e[\g\e[†eZ`X\ZfdYXk\iXgfcˆk`ZX
[\jgk`ZX[fjXljkiˆXZfj
(/-.EXjZ\f@dg„i`f8ljkif$?’e^Xif
(0(/=`d[XdfeXihl`X[lXc
(0(0y]fidX[fld^fm\iefZfdle`jkX#
[\iifkX[fldXef[\gf`j
(0+(?le^i`XXc`X$j\~8c\dXe_XeXq`
(0+/>fcg\[\<jkX[fZfdle`jkX
(0,-Flkfef[\9l[Xg\jk\1k\ekXk`mX
[\i\mfclƒfXek`Zfdle`jkXXYX]X[X
g\cfiljjfj
(00':i`Xƒf[\ldj`jk\dX
dlck`gXik`[}i`f
(00(KifgXjiljjXjjX\d[fgXˆj
(000?le^i`X`ek\^iXXE8KF
)''+8[\jf~L<
)'((GXicXd\ekfXgifmXc\`\c\`kfiXc
Zfekifm\ijX\Xck\iXXZfejk`kl`ƒf
)'():fdgXe_`XX„i\XeXZ`feXcÆDXc\m
ÆmX`~]Xc†eZ`X\@M8Xld\ekX[\),
gXiX).gfiZ\ekf
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
.(%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF *.%²
GFLG8Ex8J
/(%²
DFIK8C@;8;<@E=8EK@C
(.0%²
GFGLC8xÂF
//%²
=<IK@C@;8;<
)'+%²
.*
8KC8JM@JÂF;8<LIFG88)/
@icXe[X
<;L:8xÂF
EFD<F=@:@8C
@icXe[X
:8G@K8C
;lYc`e
DF<;8
<lif
CàE>L8F=@:@8C
@icXe[†j\@e^c†j
=IFEK<@I8J@icXe[X[fEfik\I\`efLe`[f
ÝI<8KFK8C
-0.0.bd)
<d[\qXefj#X@icXe[XgXjjfl[\
YfdXclef[X<lifgXgXiXldXclef
\o\dgcXi%G\cfd\`f#ldXk\iiˆm\c
Zi`j\ÔeXeZ\`iXXk`iflfgXˆjgXiX
ldg\[`[f[\i\j^Xk\#gXiXkXgXi
f[„ÔZ\fiƒXd\ekXcXZ`dX[fj
*'#\d)'('%DXjX@icXe[Xef
j\i\jld\~Zi`j\\„fgXˆj[XL<
Zfdfˆe[`Z\[\[\j\emfcm`d\ekf
_ldXefdX`j\c\mX[ffZlgXf
j„k`dfcl^Xi\dk\idfjdle[`X`j %
GFGLC8xÂF
GFGLC8xÂF
+#/d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
*+#-'Xefj
:I<J:@D<EKF
(#(-
<JG<I8Ex8;<M@;8 /*#)Xefjdlc_\i\j
./#._fd\ej
! !$
.+ !$
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
00
,0)-'
-#,
((#-
?cS_bdUcQaeUQ9b\Q^TQV_Y_RbYWQTQ
`QbQSe]`bYb_cUe`b_WbQ]QTUQZec
dQ]U^d_ dYfUbQ] S_^cUae^SYQc ^_
cYcdU]QTUcQ‹TUaeUZvc†UbQWbQdeY
d_`QbQQc`Ucc_QcS_]bU^TY]U^d_c
]QYcRQYh_c1\We^cUcdQRU\USY]U^d_c
VUSXQbQ]QcceQc`_bdQcS_]__8_c
`YdQ\=_e^d3Qb]U\U]4eR\Y^aeU
Q`QW_eQc\ejUcTU`_YcTUdUbVe^SY_^Q
T_TebQ^dU&%Q^_c
"%& C@K<I8:@8
;@GCFD8;FJEF<EJ@EFJLG<I@FI
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
J8è;<
:C@D8
>U^Xe]_edb_5cdQT_]U]Rb_TQE5
dU]e]Q`_`e\Q|z_dz_Z_fU]C†Xv
!!)TU`Ucc_QcS_]]QYcTU&%Q^_c
UQYTQTU]}TYQ^z_SXUWQQ_c#%3QTQ
]e\XUbdU]"VY\X_c_aeU}]QYcT_
aeUceVYSYU^dU`QbQ`bUcUbfQbQbU^_
fQ|z_T_`Qc
3_]e]Q]}TYQTU!'Q\e^_c`_b`b_
VUcc_b Qc UcS_\Qc Yb\Q^TUcQc cz_ e]
]_TU\_aeUdU]QdbQT_]eYd_cUcde
TQ^dUc UcdbQ^WUYb_c c_RbUdeT_ ^_c
^fUYcce`UbY_bUcTUU^cY^_1dQhQTU
\YdUbQSYQ VYh_ecU U] )) Xv fvbY_c
Q^_cUQ]}TYQTUQ^_caeU_cQ\e^_c
`QccQ]^QUcS_\QceRYeTU)$`QbQ!!&
^e]QT}SQTQ
+'
0-'*-bd
())+bd
*)*.bd
EèD<IF;<?89@K8EK<JGFIDy;@:F )+*#,
G<I:<EK8><D;FG@9>8JK8<DJ8è;< -#+
DFIK8C@;8;<@E=8EK@C!
*#./
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
*).,
(#)
))#*
0*#0
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
1Uf_\e|z_TQ9b\Q^TQ^_c‹\dY]_caeQ
db_Q^_cV_YY]`bUccY_^Q^dU3_^dY^eQ
QdUbU\UfQT_c^fUYcTUTUcU]`bUW_U
QTfYTQ`‹R\YSQQY^TQ}]eYd_U\UfQTQ
]Qc_T}ÂSUTUcSUe]QYcTU"%TUc
TU" ! ?RbYWQT_Qe]QZecdQ]U^d_
Teb_ U QecdUb_ _ `Qc TUYh_e cQYb Q
db_Y[QcU]bUcWQdUQTYSY_^Q\1RQ\Q^
|QS_]UbSYQ\TUee]QU^_b]UQZeTQw
US_^_]YQ
G@9G<IÊ:8G@K8Ë
ö*'0-'
K8O8;<:I<J:@D<EKF
(#,'
;àM@;8Gè9C@:8
()+#/[fG@9
@E=C8xÂF
'#,'
;<J<DGI<>F
((#0'
;<J<DGI<>FAFM<D
)0#+'
G8I:<@IFJ;<<OGFIK8xÃ<J
<L8
(/
I<@EFLE@;F
(.#+
9yC>@:8
(,#-
G8I:<@IFJ;<@DGFIK8xÃ<J
I<@EFLE@;F
+'
<L8
(*#)
8C<D8E?8
.#-
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
(#/
@E;èJKI@8
)-#*
J<IM@xFJ
.)
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
!
!"
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
!"
#$'$&#!$
8vTeQcSx]QbQc^Q9b\Q^TQe]QS_]
& cU^QT_bUc!!T_caeQYcUcS_\XYT_c
`U\_`bY]UYb_]Y^Ycdb_U_edbQS_]
!&&TU`edQT_cT_caeQYc!)cz_]e
\XUbUcAeQ\aeUbQ\dUbQ|z_TQ3_^cdY
deY|z_Yb\Q^TUcQ`bUSYcQT_QS_bT_TQc
TeQcSx]QbQcUTUcUbbUVUbU^TQTQ`U\_
`_f_
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
Gi\j`[\ek\D`Z_X\c
;%?`^^`ej
Gi`d\`if$d`e`jkif
<e[XB\eep
(/
$&#$
!&#
;<=<J8
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 '#-
@;8;<D@C@K8I
(.$),Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J
E%;%
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
G<IK<E:<ÁE8KF6
Ef
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? ))#0
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë ,++*
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
-#.'
K8O8;<I<:@:C8><D
--#)'
+*)J%GXki`ZbZ_\^X~@icXe[X#
`ejkXliXe[ff:i`jk`Xe`jdf
((-.@e`Z`X$j\XZfcfe`qXƒf`e^c\jX
J„Z%O@@@FgXicXd\ekf„`ekif[lq`[feX
@icXe[Xg\cfj`e^c\j\j
(*(,<[nXi[9ilZ\#\jZfZ†j#`emX[\fgXˆj
(,*+$*.?\eip@@Zi`XX@^i\aX[X@icXe[X
(,+(?\eipM@@@„[\ZcXiX[fi\`[X@icXe[X
g\cfj`e^c\j\jhl\m`m\defk\ii`ki`f\
[\Z`[\XYfc`iXi\c`^`fZXkc`ZX
(-'/AXd\j@[\@e^cXk\iiX\em`Xd`c_Xi\j
[\gifk\jkXek\jgXiXZXk\hl`qXi\dfj
ZXdgfe\j\j
(-0'EX9XkXc_X[\9fpe\#
fjgifk\jkXek\j[\iifkXdfjZXkc`Zfj
(/''EXjZ\fI\`efLe`[f
(/+,$+0Ldd`c_f[\g\jjfXjdfii\[\
]fd\\]\Yi\[liXek\XZi`j\[XYXkXkX
(0',yZi`X[ffJ`ee=\`e
(0));\gf`j[\m}i`fjZfeÕ`kfj#
„gifZcXdX[XX`e[\g\e[†eZ`X
(0*.EfmX:fejk`kl`ƒfXgifmX[X
(0.*8[\jf~:<<
(00'DXipIfY`ejfe„\c\`kXXgi`d\`iX
dlc_\igi\j`[\ek\
(00,;`miZ`f„c\^Xc`qX[f#\di\]\i\e[f
(00/8Zfi[f>ff[=i`[XpgXiXXgXqeX
@icXe[X[fEfik\
(0008[\jfXf<lif
)''/@icXe[Xi\ZljXKiXkX[f[\C`jYfX
)'('<lif^ilgfXgifmXi\j^Xk\[\/,d`c
d`c_‘\j[\\lifj~@icXe[X
)'(*K\id`eXi\j^Xk\ZfdjXˆ[Xc`dgX#
j\dgif^iXdXZXlk\cXi
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
)+%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF .%²
GFLG8Ex8J
('+%²
DFIK8C@;8;<@E=8EK@C
)'*%²
GFGLC8xÂF
()'%²
=<IK@C@;8;<
()/%²
.,
8KC8JM@JÂF;8<LIFG88)/
@k}c`X
<;L:8xÂF
IfdX#XZXg`kXc[\@k}c`X#
]f`j\[\[f@dg„i`fIfdXef#
ld[fjY\iƒfj[XZ`m`c`qXƒf
fZ`[\ekXc%yc}hl\m`m\f
GXgX#fhl\kXdY„dZfeki`Yl`
gXiXhl\j\aXldX[Xj
d\kigfc\jdX`jm`j`kX[Xj
[fdle[f%;fk\ii`ki`f
`kXc`Xef]Xq\dgXik\m}i`Xj
`c_Xj\[f`j\eZcXm\j#hl\
jf\jkX[fj`e[\g\e[\ek\j1
JXeDXi`ef\MXk`ZXef%
EFD<F=@:@8C
I\g’Yc`ZX[X@k}c`X
:8G@K8C
IfdX
DF<;8
<lif
CàE>L8F=@:@8C
@kXc`Xef
=IFEK<@I8J Ýljki`X#<jcfm„e`X#=iXeƒX#JlˆƒX
ÝI<8KFK8C
*'(**-bd)
GFGLC8xÂF
GFGLC8xÂF -(#,d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+*#,Xefj
:I<J:@D<EKF
'#*+
<JG<I8Ex8;<M@;8 /,#*Xefjdlc_\i\j
/'#(Xefj_fd\ej
#"
$%(
.- $%(
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
00
*///*.
+#.
('#(
5]9dv\YQQcS_YcQcVe^SY_^Q]`bQdYSQ
]U^dUS_]_U]@_bdeWQ\U]R_bQcU]
dQhQc]_TUbQT_bQcS_]_c]}TYS_c
TUVQ]\YQQcUbU]_`bY]UYb_S_^dQS
d_T_T_U^dUS_]_cYcdU]QTUcQ‹TU
`‹R\YS_DQ\S_]_Sv\v_cTU^dYcdQc
dbQRQ\XQ] Q`U^Qc ^_ cUd_b `bYfQT_
?ccUWeb_cTUcQ‹TU`bYfQT_c`Ub]Y
dU]e]Q]QY_bbQ`YTUj^_QdU^TY]U^
d_UdbQdQ]U^d_
&!)"%#
C@K<I8:@8
;@GCFD8;FJEF<EJ@EF
JLG<I@FI
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
J8è;<
:C@D8
?cYdQ\YQ^_cS_^SU^dbQ]cUc_RbUdeT_
^_>_bdUT_@QcU^QcvbUQcebRQ^Qc
TUcTU _ VY^Q\ TQ 99 7eUbbQ =e^TYQ\
Q\debQU]aeUcUTUee]QUc`}SYUTU
h_T_bebQ\19dv\YQ}_`QcTQE5S_]
QYTQTU]}TYQTQ`_`e\Q|z_]QYcU\UfQ
TQ1c]e\XUbUcQdY^WU]_c(%#Q^_c
TUUc`UbQ^|QTUfYTQw^QcSU^|Q
?U^cY^_YdQ\YQ^_}WbQdeYd__RbYWQ
d†bY_Qd}Q_^_^_Q^_UTYfYTUcUU]
aeQdb_VQcUc*QcSeU\Q]QdUb^QQcSe_\Q
U\U]U^dQbUQccSe_\U]UTYUUQccSe_
\Uce`UbY_bY?cYcdU]Qe^YfUbcYdvbY_
S_^XUSYT_`_b2_\_^XQV_YQaeYY^db_
TejYT_U]R_bQQY^TQY^S_]`\Ud_^_
Q^_\UdYf_"
" !
()0
+/..''bd
-.''bd
)'),,bd
EèD<IF;<?89@K8EK<JGFIDy;@:F )++#(
G<I:<EK8><D;FG@9>8JK8<DJ8è;< -#+
DFIK8C@;8;<@E=8EK@C!
*#*
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
-+.0(
'#0
E%;%
()*#.
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
1US_^_]YQYdQ\YQ^Q}S_]_QE^Yz_
5eb_`UYQ?>_bdU}]QYcbYS_aeU_
Ce\ ]QYc TY^x]YS_ ]QYc TYfUbcYVY
SQT_]QYcTUcU^f_\fYT_UdU]]QYc
U]`bUcQc r \v U] =Y\z_ aeU Ucdv
cYdeQT__SU^db_VY^Q^SUYb_T_`Qc
1Y^T‹cdbYQTQ]_TQ}]eYd_V_bdUU]
9dv\YQUTve]Y]`_bdQ^dUS_^dbYRed_
`QbQQRQ\Q^|QS_]UbSYQ\
G@9ÊG<I:8G@K8Ë
ö)))+'
K8O8;<:I<J:@D<EKF
'#'
;àM@;8Gè9C@:8
(*)#0[fG@9
@E=C8xÂF
(#*'
;<J<DGI<>F
(*#''
;<J<DGI<>FAFM<D
)0#('
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
()#/
=I8Ex8
((#*
<L8
-#-
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
(,#.
=I8Ex8
/#0
:?@E8
.
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
)
@E;èJKI@8
)+#)
J<IM@xFJ
.*#/
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
#
!#$
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
#$
##!" '(#!" +(*'%(
5cdQ TU]_SbQSYQ `Qb\Q]U^dQb dU]
e]QSx]QbQTUcU^QT_bUcQ\We^cS_]
\eWQbUcfYdQ\SY_cUe]QQccU]R\UYQ
TUTU`edQT_c?`bY]UYb_]Y^Ycdb_U
\TUbT_7_fUb^_}aeU]TUd}]_`_
TUbUhUSedYf_1aeY^QcSUe_`bY]UYb_
`QbdYT_U]`bUcQT_]e^T_*_6_bjQ
9dv\YQTUC\fY_2Ub\ecS_^Y
:?<=<;<<JK8;F
Gi\j`[\ek\>`fi^`f
EXgfc`kXef
:?<=<;F>FM<IEF
Gi`d\`if$d`e`jkif
<ei`ZfC\kkX
@;8;<;<MFKF
(/fl),gXiXfJ\eX[f
%"*'(
;<=<J8
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 '#)
@;8;<D@C@K8I
(.$),Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J ++,'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
dˆe`df()d\j\j
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? )*
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë +0./
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
((#,'
K8O8;<I<:@:C8><D
-+#+'
.,+EXjZ\f<jkX[fgXgXc
0-)8c\dXe_X\@k}c`Xle\d$j\ef
jXZif$`dg„i`fifdXef$^\ide`Zf
J„Z%O$OM8fi^Xe`qXƒf[fgXˆj
[`m`[\$j\\di\`efj#[lZX[fj\\jkX[fj
`e[\g\e[\ek\j
(+0+$(,,0>l\iiXjZfd<jgXe_X\=iXeƒX
(/-(Mˆkfi<dXel\c@@kfieX$j\i\`[\@k}c`X
(0))F[`kX[fi9\e`kfDljjfc`e`Z_\^X
Xfgf[\i
(0)0<jkX[f\@^i\aXXjj`eXdldkiXkX[f
gXiXi\Zfe_\Z\iXjfY\iXe`X[XJXekXJ„
(0*-:fc`^X[XZfdX8c\dXe_X\Zfdf
AXgf#X@k}c`XZfehl`jkXX<k`g`X
(0+';\ZcXiXƒf[\^l\iiX~=iXeƒX
\~@e^cXk\iiX
(0+*Dljjfc`e`„gi\jfgfi[\Z`jf[\
Mˆkfi<dXel\c@@@#hl\[\ZcXiX^l\iiX~
8c\dXe_X#alekXe[f$j\Xfj8c`X[fj
(0+,Dljjfc`e`„\o\ZlkX[f
(0+-@dgcXekXƒf[Xi\g’Yc`ZX#eX
j\hl†eZ`X[\ldi\]\i\e[f
(0+.8klX`j]ifek\`iXjÔZXd[\Ôe`[Xj
(0+0@k}c`X„d\dYif$]le[X[fi[XE8KF
\ki†jXefj[\gf`j[X:<<8i^\ek`eX\d
g\e}ck`j
(00+Jˆcm`f9\icljZfe`kfieX$j\
gi`d\`if$d`e`jkif
)''(:fd\ƒXldefmfdXe[Xkf[\
9\icljZfe`
)''/EfmfdXe[Xkf[\9\icljZfe`
)''0DX`j[\*''g\jjfXjdfii\d
\-,d`cÔZXd[\jXcfaX[Xjefk\iiXdfkf
[\CË8hl`cX
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
+/%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF ),%²
GFLG8Ex8J
+/%²
DFIK8C@;8;<@E=8EK@C
)(-%²
GFGLC8xÂF
)+%²
=<IK@C@;8;<
)'*%²
..
8KC8JM@JÂF;8<LIFG88)/
C\ke`X
<;L:8xÂF
8C\ke`X\jk\m\
`ek\^iX[XeX
Le`fJfm`„k`ZX
Xk„X^fjkf[\
(00(#XckliX\d
hl\i\Zlg\iflX
Xlkfefd`X%8jlX
Z`[X[\gi`eZ`gXc
„I`^X#Zfe_\Z`[X
g\cfkˆg`Zf
D\iZX[f:\ekiXc#
fe[\d`c_Xi\j
[\Zfd\iZ`Xek\j
[`jgfe`Y`c`qXd
gif[lkfjXgi\ƒfj
dX`jXZ\jjˆm\`j%
8giX`X[\AlidXcX
„X\jkeZ`X[\
]„i`Xj[XC\ke`X%
EFD<F=@:@8C
:8G@K8C
DF<;8
CàE>L8F=@:@8C
=IFEK<@I8J
ÝI<8KFK8C
GFGLC8xÂF
I\g’Yc`ZX[XC\ke`X
I`^X
<lif
C\kf
9`\cfii’jj`X#
<jke`X#C`kle`X#I’jj`X
-+,-)bd)
GFGLC8xÂF
)#)d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+(#+Xefj
:I<J:@D<EKF
'#-(
<JG<I8Ex8;<M@;8 ./#0Xefjdlc_\i\j
-'#0Xefj_fd\ej
!"%
./ !"%
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
00
)+/,*
,#-+
0#*
5]fvbY_cbQ^[Y^Wc_cYcdU]Q`‹R\Y
S_TUcQ‹TUTQ<Ud†^YQcebWU^QSQe
TQTQ5eb_`Q6e^SY_^QS_]_]eYd_c
_edb_cQdbQf}cTUS_`QWQ]U^d_c]Qc
_TY^XUYb_aeU_5cdQT_Y^fUcdU^Uc
dUcUd_b}Y^ceVYSYU^dU`QbQ]U\X_bQb
_cbUce\dQT_c1]_bdQ\YTQTUY^VQ^dY\
}U\UfQTQ
#&
C@K<I8:@8
;@GCFD8;FJEF<EJ@EF
JLG<I@FI
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
J8è;<
:C@D8
3_]`_cdQUccU^SYQ\]U^dU`_b\UdŠUc
& Ubecc_c"(Q<Ud†^YQ_Se
`Q_!$$\eWQb^_bQ^[Y^W]e^TYQ\TQ
`_`e\Q|z_?cX_]U^cd]QUc`UbQ^
|Q]}TYQTUfYTQ]QYcRQYhQTUd_TQQ
E^Yz_5eb_`UYQ& )Q^_cUe]QTQc
]QYc Q\dQc dQhQc TU ceYSTY_ $ `_b
! ]Y\XQRYdQ^dUc
8v aeQdb_ ^fUYc TU V_b]Q|z_U^cY
^_*`b}UcS_\QbRvcYS_cUSe^TvbY_U
dUbSYvbY_}_RbYWQd†bY_S_^S\eYb`U\_
]U^_cdbcQ^_c^_cUSe^TvbY_1d}
" $`QbQU^dbQb^Qe^YfUbcYTQTU^z_
XQfYQ UhQ]Uc SU^dbQ\YjQT_c ]Qc _c
SbYd}bY_cUcdz_e^YV_b]YjQT_cTUcTU
U^dz_1c^_dQcfQbYQ]U^dbU_!U_! +)
.*'.+bd
E%;%
))*0bd
EèD<IF;<?89@K8EK<JGFIDy;@:F
*(0
G<I:<EK8><D;FG@9>8JK8<DJ8è;< +#(
DFIK8C@;8;<@E=8EK@C!
/#(
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
.',,
*#(
+#+
-.#0
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
G<I=@CGFCàK@:F
<:FEFD@8
r TYVSY\ TU QSbUTYdQb aeU _ cQ\vbY_
]^Y]_`QW_^Q<Ud†^YQ^_fQ\_bTU
"('Ueb_c^z_}_]QYcbUTejYT_TQ
E^Yz_5eb_`UYQ+^QB_]}^YQ_]^Y
]_ aeU cU `_TU WQ^XQb \UWQ\]U^dU
cz_!%(Ueb_c1`UcQbTUcdU^‹]Ub_
_ TUcU]`bUW_\Udz_QcSU^TUQ!"!
#!^QcSQ]QTQc]QYcZ_fU^cTQ`_
`e\Q|z_U]YTQTUQdYfQ
G@9ÊG<I:8G@K8Ë
ö(*,)'
K8O8;<:I<J:@D<EKF
(#*'
;àM@;8Gè9C@:8
*/[fG@9
@E=C8xÂF
'#'
;<J<DGI<>F
()#('
;<J<DGI<>FAFM<D
*(#'
G8I:<@IFJ;<<OGFIK8xÃ<J
IèJJ@8
(/#*
C@KLÛE@8
(,
<JKäE@8
()
G8I:<@IFJ;<@DGFIK8xÃ<J
C@KLÛE@8
(/#0
8C<D8E?8
((%,
IèJJ@8
0#*
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
,#(
@E;èJKI@8
)+
J<IM@xFJ
-0#-
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
$% (%'$"%
?CQUY]Qd}_`Qb\Q]U^d_TQ<Ud†^YQ
aeUdU]! TU`edQT_cTUSY^S_`Qb
dYT_cUQ\We^ccU]aeQ\aeUbVY\YQ|z_
`QbdYTvbYQ"#T_d_dQ\TU`Qb\Q]U^
dQbUccz_]e\XUbUc?@bUcYTU^dUTQ
BU`‹R\YSQ}Q]QYcY]`_bdQ^dUÂWebQ
T_5cdQT_]QcdU]e]`Q`U\TUbU
`bUcU^dQ|z_ r _ `bY]UYb_]Y^Ycdb_
aeUW_fUb^Q_`QcQ`QbdYbT_3QcdU\_
TUBYWQ
:?<=<;<<JK8;F Gi\j`[\ek\8e[i`j9\iq`ej
:?<=<;F>FM<IEF
Gi`d\`if$d`e`jkif
MXc[`j;fdYifmjb`j
@;8;<;<MFKF
(/
'$%
$!%
;<=<J8
:IFEFCF>@8?@JKäI@:8
J„Z%O@@@Fgfmfc\kf„Zi`jk`Xe`qX[f
g\cfj:XmXc\`ifj[XC`me`X
(.0,FjiljjfjZfdY`eXdZfdXGfce`X
ÔZXi\dZfdfk\ii`ki`f[Xc\ke`X
(0(/;\mXjkX[Xg\cX@>l\iiXDle[`Xc#
XC\ke`XkfieX$j\`e[\g\e[\ek\
(0))Fi\^`d\[\i\g’Yc`ZX[\dfZi}k`ZX
„`ejk`klˆ[fg\cXZfejk`kl`ƒf
(0+($++Fk\ii`ki`f„fZlgX[fg\cfj
Xc\d\j
(0++GXˆj„`eZfigfiX[feXLe`f
Jfm`„k`ZX\XjjlXjk\iiXjZfc\k`m`qX[Xj
X`e[’jki`X„eXZ`feXc`qX[X
(00'GXicXd\ekfXelcXXXe\oXƒf
jfm`„k`ZXXi\jkXY\c\Z\XZfejk`kl`ƒf
[\(0))
(00(I’jj`Xi\Zfe_\Z\X`e[\g\e[†eZ`X
[XC\ke`X
(00*>fm\iefi\Xc`qXldi\Z\ej\Xd\ekf
gXiX[\Z`[`ihl\dgf[\mfkXi
(000MX`iXMŠb\$=i\`Y\i^XkfieX$j\X
gi`d\`iXdlc_\iGi\j`[\ek\[XI\g’Yc`ZX
\Xgi`d\`iXXfZlgXikXcZXi^feX<lifgX
[\C\jk\
)''+C\ke`XX[\i\~Le`f<lifg\`X
\„X[d`k`[XeXE8KF
)''/GXicXd\ekfXgifmXfKiXkX[f
[\C`jYfX
)'(+<ekiX[XeXQfeX<lif
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 '#(
@;8;<D@C@K8I
(/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J
,'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (*#.
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë )0/+
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
**#('
K8O8;<I<:@:C8><D
+/#0'
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
.*%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF ++%²
GFLG8Ex8J
+(%²
DFIK8C@;8;<@E=8EK@C
(,.%²
GFGLC8xÂF
(++%²
=<IK@C@;8;<
)('%²
.0
8KC8JM@JÂF;8<LIFG88)/
C`kle`X
<;L:8xÂF
:fdfjj\lj.,/i`fj#
fjdX`j[\)/''cX^fj
\XZfjkX[\00bdef
dXi9}ck`Zf#XC`kle`X
]f`Xgi`d\`iXi\g’Yc`ZX
[XXek`^XLe`f
Jfm`„k`ZXXkfieXi$j\
`e[\g\e[\ek\%GXˆj[\
dl`kXZ_lmX#jfYi\kl[f
efm\if#k\dld
k\iƒf[fj\lk\ii`ki`f
ZfY\ikfgfiÕfi\jkXj%
FgfekfdX`jXckf
[XC`kle`XÆDfek\
8lbjkfaXjÆj`klX$j\
)0+d\kifjXZ`dX[f
eˆm\c[fdXi%
EFD<F=@:@8C
I\g’Yc`ZX[XC`kle`X
:8G@K8C
M`ce`lj
DF<;8
C`kXjö'#)0
CàE>L8F=@:@8C
C`klXef
=IFEK<@I8J 9`\cfii’jj`X#C\ke`X#Gfce`X
BXc`e`e^iX[f1\eZcXm\iljjf
ÝI<8KFK8C
-,*''bd)
GFGLC8xÂF
GFGLC8xÂF
*#,d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+(#(
:I<J:@D<EKF
$'#)/
<JG<I8Ex8;<M@;8
.0#-dlc_\i\j
-/#+_fd\ej 1WbQ^TUbUV_b]QT_cYcdU]QTUcQ‹
TU\YdeQ^_TUecUU]!))&aeQ^T__
7_fUb^_TUSYTYeaeUd_TQQ`_`e\Q|z_
cUbYQ_RbYWQTQQdUbcUWeb_TUcQ‹TU
1 ]QYc U\UfQTQ dQhQ TU ceYSTY_ ^Q
E5U^dbU_cX_]U^c}QTQ<Ydex^YQ
&!#! ]Y\XQRYdQ^dUc
*%-&%&(%.,
"!
(),
/' !"(),
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
C@K<I8:@8
00#.'
;@GCFD8;FJEF<EJ@EFJLG<I@FI +*+(0
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
,#-+
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
('#0
J8è;<
:C@D8
?ccUec#%]Y\XŠUcTUXQRYdQ^dUcUc
dz_Uc`Q\XQT_c`_be]dUbbYd†bY_aeU
UaeYfQ\UQ`_eS_]QYcTUT_YcdUb|_cTU
@_bdeWQ\1]QY_b`QbdU}S_^cdYdeTQ
`_b\YdeQ^_c`_\QS_cUbecc_c?SbUc
SY]U^d_`_`e\QSY_^Q\TQ<Ydex^YQSeZQ
YTQTU]}TYQcz_$!!Q^_c}^UWQdYf_
"(
3_]QUcS_\QbYTQTU_RbYWQd†bYQQUc
dU^TUbcUQd}Q_c!&Q^_cUcdQ}e]Q
TQc^Q|ŠUc]QYc\UdbQTQcURY\Y^WeUc
T_]e^T_1dQhQTUSbYQ^|QcaeUUcdv
U]YTQTUUcS_\Qb]Qc^z_UcdeTQ^z_
e\dbQ`QccQ_!U]" 'UbQ^e\Q
-(
/)(*(bd
*'0bd
(.-.bd
EèD<IF;<?89@K8EK<JGFIDy;@:F )).#)
G<I:<EK8><D;FG@9>8JK8<DJ8è;< ,#)
DFIK8C@;8;<@E=8EK@C!
-#(
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
/**)
-#+#0
(*(#)
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
=vaeY^Qc]_d_bUcU\}dbYS_cbUVbYWU
bQT_bUc]†fUYcUQd}^QfY_cUcdz_U^
dbUQcY^T‹cdbYQc]QYcTUcU^f_\fYTQc
^Q<Ydex^YQaeUc_VbUe_]QY_bbUf}c
US_^†]YS_TUcTUQY^TU`U^T^SYQU]
" )>UccQQ\debQSY^S_Q^_cQ`†cQ
U^dbQTQ^QE5U^QcUae^SYQTUe]Q
R_\XQY]_RY\YvbYQaeUUcfQjY_e_`Qc
S_]U|_eQTURQdUbcUS_]WbQfUc`b_
R\U]QcTUTUcU]`bUW_aeUQY^TQX_ZU
ceRcYcdU]
G@9ÊG<I:8G@K8Ë
ö(,00'
K8O8;<:I<J:@D<EKF
'#)'
;àM@;8Gè9C@:8
*0#-[fG@9
@E=C8xÂF
(#'
;<J<DGI<>F
((#,'
;<J<DGI<>FAFM<D
*)#0'
G8I:<@IFJ;<<OGFIK8xÃ<J
IèJJ@8
(0
C<KäE@8
((
<JKäE@8
.#0
G8I:<@IFJ;<@DGFIK8xÃ<J
IèJJ@8
*)#,
8C<D8E?8
0#/
GFCäE@8
0#/
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
*#*
@E;èJKI@8
)/#+
J<IM@xFJ
-/#+
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
"
"#
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
"#
''%&$+",!"'%&$/",!"".+),
1S_^cdYdeY|z_QT_dQTQU]!)""UcdQ
RU\USUQTU]_SbQSYQ`Qb\Q]U^dQb^Q
<Ydex^YQ S_] !$! TU`edQT_c aeQcU
" T_caeQYc]e\XUbUce]SXUVUT_
7_fUb^_Ue]SXUVUTU5cdQT_U\UYd_
`_bSY^S_Q^_crUcdU‹\dY]_aeU]Uc
S_\XU_`bY]UYb_]Y^Ycdb_TUaeQdb_
U]aeQdb_Q^_cS_]QQ`b_fQ|z_T_
`Qb\Q]U^d_
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
$
&.#+",
Gi\j`[\ek\;Xc`X
>ipYXljbX`k\
Gi`d\`if$d`e`jkif
8c^`i[Xj9lkb\m`Z`lj
(/
)
;<=<J8
J„Z%O@@@C`klXefj]fidXdld\jkX[f
le`ÔZX[fgXiXj\gifk\^\i\d[fj
ZXmXc\`ifjk\lke`Zfj
J„Z%O@M@ekif[lƒf[f:i`jk`Xe`jdf
(,-0Le`fZfdXGfce`X
(.0,:fdX[`m`jf[XGfce`X#fgXˆj
gXjjXgXiXf[fdˆe`filjjf
(0(/C`kle`X[\ZcXiXX`e[\g\e[†eZ`X
\X[fkXXi\g’Yc`ZX
(0)'>l\iiXZfdXGfce`X[liXXk„(0).
(0))yXgifmX[XX:fejk`kl`ƒf
(0*/:fejk`kl`ƒfXlkfi`k}i`X„`dgfjkX
g\cf[`kX[fi8ekXeXjJd\kfeX
(0+'Fk\ii`ki`f„Xe\oX[fg\cX
8c\dXe_X
(0+($++EXq`jfZlgXdfgXˆjgXiX
\ok\id`eXiXZfdle`[X[\al[X`ZX
(0++Efmf^fm\iefZfdle`jkXfi[\eX
[\gfikXƒ‘\jdXZ`ƒXjgXiXXJ`Y„i`X
(00(;\gf`j[\j\i[\Z`[`[X
\di\]\i\e[f#X`e[\g\e[†eZ`X
„i\Zfe_\Z`[Xg\cXLIJJ
)''+<ekiX[XeXL<
)''/FGXicXd\ekfiXk`ÔZXfKiXkX[f
[\C`jYfX
)'(*C`kle`XkfieX$j\efgi`d\`if
\jkX[f[f9}ck`ZfXXjjld`i
Xgi\j`[†eZ`X[XL<
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 '#(
@;8;<D@C@K8I
(/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J )0'''
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
dˆe`df()d\j\j G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? ()#.
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë )/((
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
)'#*'
K8O8;<I<:@:C8><D
-'#+'
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF
GFLG8Ex8J
DFIK8C@;8;<@E=8EK@C
GFGLC8xÂF
=<IK@C@;8;<
-.%²
+(%²
00%²
(.(%²
(**%²
)(.%²
/(
8KC8JM@JÂF;8<LIFG88)/
Clo\dYli^f
EfClo\dYli^f]XcX$j\jfYi\kl[f
]iXeZ†j#Xc\df\%%%gfikl^l†j%;fj
gflZfdX`j[\,''d`c_XY`kXek\j
[\jk\>if$;lZX[f#(''d`cjf
gfikl^l\j\j#fhl\aljk`ÔZXX
gi\d`jjX%8j]ifek\`iXj[fEfik\
\[fJlc[fgXˆjjfj\gXiX[Xjgfi
/)bd\Xj[f<jk\\[fF\jk\gfi
,.%8g\jXi[fkXdXe_f[fClo\d$
Yli^f#_}((/ZdXiXjdle`Z`gX`j#
(,ZXek‘\j\ki†j[`jki`kfj%
<;L:8xÂF
E]QdQhQTU\YdUbQSYQTU! µ! µ } bQjz_ `QbQ dUb _bWe\X_ U] bU\Q
|z_Q_cYcdU]QTUU^cY^_T_`Qc>_
<ehU]RebW_}_RbYWQd†bY_UcdeTQbQd}
S_^S\eYb_^_^_Q^_]QcQ]QY_b`QbdU
T_cQ\e^_cc†`QbQTU`_YcTYcc_
EFD<F=@:@8C >if$;lZX[f[fClo\dYli^f
:8G@K8C
Clo\dYli^f
DF<;8
<lif
CàE>L8F=@:@8C
8c\df#]iXeZ†j
\clo\dYli^l†j
=IFEK<@I8J
8c\dXe_X#9„c^`ZX#=iXeƒX
ÝI<8KFK8C
),/-bd)
C@K<I8:@8
(''
;@GCFD8;FJEF<EJ@EFJLG<I@FI ()/0
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
*#(,
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
('#(
GFGLC8xÂF
1`UcQbTUcUbU]`_eS_cUTUUcdQbU]
QbU^_fQbcUQe]bYd]_\U^d_S_]_}
XQRYdeQ\^Q5eb_`Q_c\ehU]RebWeU
cUcZvTUbQ]T_Yc`bUcYTU^dUcw3_]Yc
cz_5eb_`UYQ*:QSaeUcCQ^dUbU8Qcd_^
DX_b^1YTQTU]}TYQTQ]QdUb^YTQTU
Ucdv^_c# (Q^_c
GFGLC8xÂF
@;8;<Dy;@8
:I<J:@D<EKF
<JG<I8Ex8;<M@;8
J8è;<
:C@D8
,(+/-)_XY`kXek\j
*0
(#(*
/*#/dlc_\i\j
.0#(_fd\ej ?cYcdU]QTUcQ‹TU}bUS_^XUSYTQ]U^
dUUÂSYU^dUUWbQdeYd_?<ehU]RebW_
Y^fUcdU && T_ @92 `_b Q^_ ^UcdU
cUd_bUdU]RQYh_c^fUYcTU]_bdQ\Y
TQTUY^VQ^dY\e]T_cY^TYSQT_bUcaeU
]U\X_bbUÃUdUQ\_^W_`bQj_QaeQ\Y
TQTUT_cSeYTQT_c`bUcdQT_cTUcTUQ
^QcSU^|Q
% (!)*")&$
#$'
/) #$'
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
)
,)).bd
(+.bd
).,bd
EèD<IF;<?89@K8EK<J
GFIDy;@:F
*-'#)
G<I:<EK8><D;FG@9>8JK8
<DJ8è;<
-#DFIK8C@;8;<@E=8EK@C!
+#*
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
-.0
)#,
((#0
)0-#,
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
?cQ\vbY_]^Y]_TU!('$Ueb_c}e]
T_cSQbdŠUcTUfYcYdQTQUS_^_]YQT_
<ehU]RebW_?_edb_}_@92`UbSQ
`YdQ\aeUaeQcUSXUWQQ_c& ]Y\Ueb_c
1Y^TQXv_RQYhccY]_^fU\TUTfYTQ
`‹R\YSQUQdQhQTUSbUcSY]U^d_aeU
Q`UcQbTU`UaeU^Q}`_cYdYfQ?S_^
ce]_TUU^UbWYQdQ\S_]__^fU\TU
fYTQTQ`_`e\Q|z_}e]T_c]QYcQ\d_c
TU E5 QdY^WY^T_ _c !" &(" [GX`Ub
SQ`YdQ
G@9ÊG<I:8G@K8Ë
ö,00,'
K8O8;<:I<J:@D<EKF
'#)'
;àM@;8Gè9C@:8
).#.[fG@9
@E=C8xÂF
(#.
;<J<DGI<>F
-#('
;<J<DGI<>FAFM<D
(-#+'
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
)(#-
=I8Ex8
(,#,
9yC>@:8
(+#,
G8I:<@IFJ;<@DGFIK8xÃ<J
9yC>@:8
*'#0
8C<D8E?8
)*#+
=I8Ex8
('#+
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
'#+
@E;èJKI@8
(*#-
J<IM@xFJ
/-
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
"
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
"
"" !&'" !+')&$'
? @Qb\Q]U^d_ \ehU]RebWec dU]
Q`U^Qc & TU`edQT_c U e] aeY^d_
TQcSQTUYbQc}_Se`QT_`_b]e\XUbUc
CUYc `QbdYT_c Ucdz_ bU`bUcU^dQT_c
^_ XU]YSYS\_ aeU } U\UYd_ `_b ceVbv
WY_ e^YfUbcQ\ ? `bY]UYb_]Y^Ycdb_
} aeU] SXUVYQ _ 7_fUb^_ U^aeQ^d_
_5cdQT_dU]S_]_VYWebQTU`b_Q_
7bz_4eaeU8U^bY
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
>if$;lhl\?\ei`
Gi`d\`if$d`e`jkif
OXm`\i9\kk\c
(/
!!$!)&'
;<=<J8
0-*J`^f]i\[f#Zfe[\[Xj8i[\eXj#]le[X
fZfe[X[f[fClo\dYli^f
(*,+K\ii`ki`fgXjjXX[lZX[f
(+*.<ok`eƒf[X[`eXjk`X[fjZfe[\j[f
Clo\dYli^f
(/(,>if$[lZX[f`e[\g\e[\ek\„Z\[`[f
X>l`c_\id\@#i\`[fjgXˆj\jYX`ofj#
Xkˆklcfg\jjfXc
(/*0@e[\g\e[†eZ`X[fClo\dYli^f„
ZfeÔidX[Xg\cfKiXkX[f[\Cfe[i\j
(/(+$(/FZlgXƒfXc\d
(0))Le`f\Zfed`ZXZfdX9„c^`ZX
(0+'$++8c\dXe_XXe\oXfClo\dYli^f
(0++EXjZ\f9\e\clo
(0+/8e\lkiXc`[X[\`ejk`klˆ[X\d(/-.„
XYXe[feX[X
(0,)yld[fjj\`jgXˆj\j]le[X[fi\j
[X:<<\i\Z\Y\fKi`YleXc[\Aljk`ƒX
<lifg\l
(00)8[fƒf[fKiXkX[f[\DXXjki`Z_k
)'')@ekif[lƒf[f\lif
)''/FgXicXd\ekfXgifmXldXc\`hl\
i\[lqfjgf[\i\j[fdfeXiZX
)''0F:;<i\Zfd\e[XdX`fi
kiXejgXi†eZ`XXfClo\dYli^f\d
hl\jk‘\jÔeXeZ\`iXj
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
'#-
@;8;<D@C@K8I
(/$)+Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J (,()
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (.#(
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë ()-/)
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
)#0'
K8O8;<I<:@:C8><D
--#'
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF
GFLG8Ex8J
DFIK8C@;8;<@E=8EK@C
GFGLC8xÂF
=<IK@C@;8;<
,%²
)-%²
E%;%
(0*%²
(.+%²
(-(%²
/*
8KC8JM@JÂF;8<LIFG88)/
DXckX
EFD<F=@:@8C
:8G@K8C
DF<;8
CàE>L8F=@:@8C
=IFEK<@I8J
ÝI<8KFK8C
<;L:8xÂF
FdX`jg\hl\efgXˆj[\kf[X
XL<„Zfdgfjkfgfim}i`Xj
`c_Xj#dXjXg\eXjki†j[\cXj
ÆDXckX#>fqf\:fd`efÆjf
_XY`kX[Xj%<d)''+#XX[\jf~
Le`f<lifg\`X[`m`[`lfgXˆjXf
d\`fdXj#hlXkifXefj[\gf`j#
f\lifa}Z`iZlcXmXefk\ii`ki`f#
]XZ`c`kXe[fXjkifZXjZfd\iZ`X`j
\Xm`[X[fjdl`kfjkli`jkXjhl\
fgXˆji\Z\Y\[`Xi`Xd\ek\Æ\eki\
Zilq\`ifj\gfek\jX„i\Xj%
C@K<I8:@8
0)#+'
;@GCFD8;FJEF<EJ@EFJLG<I@FI
*+)*
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
,#+Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
0#0
I\g’Yc`ZX[\DXckX
CXMXc\kX
<lif
DXck†j\`e^c†j
yldX`c_X
*(-bd)
GFGLC8xÂF
J8è;<
:C@D8
4Udz_`UaeU^QcQcY\XQcTU=Q\dQcz_
T_cdUbbYd†bY_c]QYcTU^cQ]U^dU`_
f_QT_cTQE^Yz_5eb_`UYQ@_bcUcY
deQbU]U^dbUQ5eb_`QUQËVbYSQUcdz_
^Qb_dQTQY]YWbQ|z_Y\UWQ\dQ\S_]_
QS_^dUSUS_]_edb_cdUbbYd†bY_cY^ce
\QbUcU]UTYdUbbx^YS_c
GFGLC8xÂF
+(().._XY`kXek\j
@;8;<Dy;@8
+'#(Xefj
:I<J:@D<EKF
'#*+
<JG<I8Ex8;<M@;8 /*#'Xefjdlc_\i\j
./#-_fd\ej
?cYcdU]QTUcQ‹TU`‹R\YS__VUbUSYT_
Q_c ]Q\dUcUc } e] T_c ]U\X_bUc T_
]e^T_cUWe^T_Q?=C]QcUcdvU]
dbQ^cY|z_D_TQQ`_`e\Q|z_TUcS_^dQ
`QbQdUbQSUcc_QSeYTQT_cWbQdeYd_c
_aeU^z_Y^fQ\YTQaeU]eYd_cdbQRQ
\XQT_bUc dU^XQ] dQ]R}] cUWeb_c
`bYfQT_c
""
!
/+ !
?cZ_fU^c]Q\dUcUcd]UcS_\QbYTQTU
_RbYWQd†bYQURY\Y^WeUQd}Q_c!&Q^_cU
Q]QY_b`QbdUdUb]Y^Q_cUcdeT_cQ`†c
UccU`Ub_T_1dQhQTU\YdUbQSYQceRYe
TU&#U]!)$&`QbQ)"$QdeQ\]U^dU
]QcS_^dY^eQQcUbTQc`Y_bUcTQE5
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
(
*'0-bd
'bd
'bd
EèD<IF;<?89@K8EK<J
GFIDy;@:F
*'/#/
G<I:<EK8><D;FG@9>8JK8
<DJ8è;<
,#.
DFIK8C@;8;<@E=8EK@C!
*#
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
+0+
(
+#.
).)#0
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
?\XQ^T_`QbQ_c^‹]Ub_cUccU^SYQYc
QUS_^_]YQTU=Q\dQ^z_`QbUSUTURY
\YdQTQ=QcQVQ\dQTUQ\We^cbUSebc_c
U^UbW}dYS_c U ^QdebQYc UccU^SYQYc
S_]_QvWeQT_SU^z_`Ub]YdUQ_`Qc
dUbQed_^_]YQVQSUQ_UhdUbY_b=Q\dQ
Q`U^Qc`b_Tej" T_cQ\Y]U^d_caeU
S_^c_]U`_bUhU]`\_UY]`_bdQ`UY
hUUSbecdvSU_c`b_Ted_cVQb]QSedY
S_c]QdUbYQYcU\}dbYS_cUaeY`Q]U^d_c
]USx^YS_cUdS
G@9ÊG<I:8G@K8Ë
ö(000'
K8O8;<:I<J:@D<EKF
'#+'
;àM@;8Gè9C@:8
.-#-[fG@9
@E=C8xÂF
(#'
;<J<DGI<>F
-#0'
;<J<DGI<>FAFM<D
(*#/'
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
(+#-
=I8Ex8
0#0
@KÝC@8
-#/
G8I:<@IFJ;<@DGFIK8xÃ<J
@KÝC@8
*0#-
=I8Ex8
-#0
I<@EFLE@;F
-#0
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
(#0
@E;èJKI@8
(.#)
J<IM@xFJ
/'#0
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
:IFEFCF>@8?@JKäI@:8
G<I=@CGFCàK@:F
<:FEFD@8
!$!# !
C†Xv(&TU]e\XUbUc^_`Qb\Q]U^d_
]Q\dccYdeQT_U]<QFQ\UdQSQ`YdQ\
T_`Qc?c&)TU`edQT_cTUcdQSx]Q
bQUcdz_TYfYTYT_c`_bT_Yc`QbdYT_c*
_ @QbdYT_ >QSY_^Q\YcdQ U _ @QbdYT_
DbQRQ\XYcdQTU=Q\dQ5hYcdUe]@bU
cYTU^dUTQBU`‹R\YSQaeU}_SXUVUTU
5cdQT_Ue]`bY]UYb_]Y^Ycdb_aeU
W_fUb^Q_`Qc
:?<=<;<<JK8;F Gi\j`[\ek\>\fi^\8Y\cX
:?<=<;F>FM<IEF
Gi`d\`if$d`e`jkif
Afj\g_DljZXk
@;8;<;<MFKF
(/
# !
;<=<J8
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 '#.
@;8;<D@C@K8I
(.#,Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J
)'''
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
G<IK<E:<ÁE8KF6
Ef
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (.
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë +*-)
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
'#+'
K8O8;<I<:@:C8><D
)/#,'
(,*'8j`c_Xj[\DXckX\>fqfjf
ZfeZ\[`[Xj~Fi[\d[fj:XmXc\`ifj
[\J%Affg\cf`dg\iX[fi:XicfjM
(,-,;}$j\F>iXe[\:\iZf#[fhlXc
fjkliZfjjX\dm\eZ`[fj
(.0/FXihl`g„cX^f„Zfehl`jkX[f
gfiEXgfc\f9feXgXik\
(/(+DXckXkfieX$j\ldXZfce`XYi`ke`ZX
\f`e^c†jgXjjXXj\iXcˆe^lXfÔZ`Xc
(0+'$+);liXek\X@@>l\iiXDle[`Xc
fgXˆjjf]i\m`fc\ekfjXkXhl\j\[}$j\
FJ\^le[f>iXe[\:\iZf
(0-+8g\jXi[\j\dXek\iZfdfd\dYif
[X:fddfen\Xck_#DXckXkfieX$j\
`e[\g\e[\ek\
(0.(Fcˆ[\i[fjkiXYXc_`jkXj`e`Z`XldX
fe[X[\eXZ`feXc`qXƒ‘\j\i\]fidXj\
\ekiX\dZfeÕ`kfZfdX@^i\aX:Xkc`ZX
(0.+8i\g’Yc`ZXgXicXd\ekXi„`ejk`klˆ[X
(0.0=fiƒXjeXmX`jYi`ke`ZXjXYXe[feXd
fk\ii`ki`f
(0/.DXckXZXe[`[XkX$j\Xd\dYif[X
Le`f<lifg\`X
(00-:Xe[`[XkliX~L<„jljg\ejX
(00/GifZ\jjf[\X[\jf„i\kfdX[f
)''*<di\]\i\e[f#fjdXck\j\j[`q\d
j`d~<lifgX#dXjdfjkiXd$j\[`m`[`[fj
)''+DXckX\ekiXeXL<
)''/8[\jfXf\lif
)''0GXgX9\ekfOM@m`j`kXfk\ii`ki`f
)'((F[`miZ`fgXjjXXj\ig\id`k`[f
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
,/%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF *)%²
GFLG8Ex8J
((,%²
DFIK8C@;8;<@E=8EK@C
)'/%²
GFGLC8xÂF
(.-%²
=<IK@C@;8;<
(/-%²
/,
8KC8JM@JÂF;8<LIFG88)/
Gfce`X
<;L:8xÂF
8jlXcfZXc`qXƒfgi`m`c\^`X[X
efZ\ekif[X<lifgX#\eki\
XI’jj`X\X8c\dXe_X#
kfiefl$Xeldk\ii`ki`f
dl`kfgifgˆZ`fXXkXhl\j
\fZlgXƒ‘\jXc`j\j`klXf
ZXdgf[\ZfeZ\ekiXƒf[\
8ljZ_n`kq %:fdX\ekiX[XeX
Le`f<lifg\`X#
XGfce`X]f`jla\`kXX^iXe[\j
`em\jk`d\ekfjg’Yc`Zfj
hl\i\Zlg\iXiXdZ`[X[\j\
`e]iX\jkilkliXj\[\mfcm\iXd
XfjgfcXZfjXgifjg\i`[X[\%
EFD<F=@:@8C
I\g’Yc`ZX[XGfce`X
:8G@K8C
MXijm`X
DF<;8
Qcfkpö'#)+
CàE>L8F=@:@8C
GfcXZf
=IFEK<@I8J
8c\dXe_X#9`\cfii’jj`X#
<jcfm}hl`X#C`kle`X#I\g’Yc`ZX:_\ZX#LZie`X
ÝI<8KFK8C
*()-.0bd)
GFGLC8xÂF
GFGLC8xÂF
*/#+d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
*/Xefj
:I<J:@D<EKF
$'#'0
<JG<I8Ex8;<M@;8 /(#(Xefjdlc_\i\j
.)#._fd\ej
?ccUWeb_cTUcQ‹TUcz__RbYWQd†bY_cU
S_RbU])(TQ`_`e\Q|z_^Q@_\†^YQ
aeU dU] dQ]R}] e] cYcdU]Q
`‹R\YS_S_]]QYcTU'% X_c`YdQYcU
!( ]Y\SQ]QcUc`Q\XQT_c`_bd_T_
_ dUbbYd†bY_ ?c X_c`YdQYc `bYfQT_c
Qe]U^dQbQ] TU #( `QbQ ""( U^dbU
"
U" )
"%#$('
"!
!$
/- !$
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
C@K<I8:@8
00#.
;@GCFD8;FJEF<EJ@EFJLG<I@FI -+/'+,
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
,#(
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
('
J8è;<
:C@D8
1`UcQbTUcUbe]`Qc]eYd_SQd†\YS_
_c^QcSY]U^d_c^Q@_\†^YQUcdz_U]
TUS\^Y_QSU^deQT__aeU\Uf_e_7_
fUb^_QQT_dQb]UTYTQcTUY^SU^dYf_w
^QdQ\YTQTU`QbQZ_fU^cSQcQYc1`bY_
bYTQTUV_Y`QbQQcTUTe|ŠUcVYcSQYc_
Q`_Y_wc]zUcaeUdbQRQ\XQ]U_Q\Qb
WQ]U^d_TQ\YSU^|QTU]QdUb^YTQTU
?Q^_jUb_µ`b}`bY]vbYQµ]QbSQ_
S_]U|_ T_ U^cY^_ _RbYWQd†bY_ aeU
cUUcdU^TUQd}Q_cUSe^TvbY_Y^VUbY_b
_e Qd} Q_c !( Q^_c >Q @_\†^YQ _c
`b_VUcc_bUcUcdeTQ]U^dbUdbcQSY^
S_Q^_c`QbQ`_TUbU]TQbQe\QcU^_
U^cY^_cUSe^TvbY_c†`_TU]\USY_^Qb
\YSU^SYQT_c_eT_ed_bQT_c
()+)*00.bd
.-,bd
(0+)/bd
EèD<IF;<?89@K8EK<J
GFIDy;@:F
+,.#,
G<I:<EK8><D;FG@9>8JK8
<DJ8è;<
,#+
DFIK8C@;8;<@E=8EK@C!
-#*
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
0)//*
(#)
E%;
E%;%
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
G<I=@CGFCàK@:F
<:FEFD@8
@QcTUfQcdQT_`U\QCUWe^TQ7eUbbQ
=e^TYQ\ Q @_\†^YQ bUS_]`ˆccU U
d_b^_ecU^e]QTQc]QYcTY^x]YSQc
U S_]`UdYdYfQc US_^_]YQc TQ E5
1dbQY^T_fvbYQc]e\dY^QSY_^QYc`QbQ
TU^db_TQcceQcVb_^dUYbQc_`QcdU]
QdbQfUccQT_aeQcUY^S†\e]UQSbYcU
aeUcUQRQdUec_RQ5eb_`QU]" (
G@9ÊG<I:8G@K8Ë
ö(,(0'
K8O8;<:I<J:@D<EKF
'#-'
;àM@;8Gè9C@:8
,/[fG@9
@E=C8xÂF
'#/'
;<J<DGI<>F
0#.'
;<J<DGI<>FAFM<D
),#/'
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
)-
I<@EFLE@;F
.
I<Gè9C@:8:?<:8
-#,
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
).#*
IèJJ@8
()#)
?FC8E;8
,#0
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
+
@E;èJKI@8
*)#)
J<IM@xFJ
-*#/
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
"
"#
"#
#$)$&#!$
? `Qb\Q]U^d_ TYfYTUcU U] TeQc
Sx]QbQc e]Q S_] ! cU^QT_bUc
_edbQ S_] $& TU`edQT_c Q]RQc
U\UYdQcTUaeQdb_U]aeQdb_Q^_cr_
@bUcYTU^dUTQBU`‹R\YSQU\UYd_QSQTQ
SY^S_ Q^_c aeU ^_]UYQ _ `bY]UYb_
]Y^Ycdb_U_S_^cU\X_TU]Y^Ycdb_c
:?<=<;<<JK8;F
Gi\j`[\ek\9ife`jcXn
Bfdfifnjb`
:?<=<;F>FM<IEF
Gi`d\`if$d`e`jkif
;feXc[Kljb
@;8;<;<MFKF
(/
$&#$
;<=<J8
:IFEFCF>@8?@JKäI@:8
0--9Xk`jdf[fk\ii`ki`f[XGfce`X#
Zfem\ik`[fXf:i`jk`Xe`jdf
(,-0Le`f[fjgfmfj[XGfce`X
\[XC`kleZ`X
(..)$.,JlZ\jj`mXj[`m`j‘\jc\mXdXf
[\jXgXi\Z`d\ekf[XGfce`X
(0(/8ef[X]le[Xƒf[XeXZ`feXc`[X[\1
`e[\g\e[†eZ`X[XGfce`XX0[\efm\dYif
(0*08c\dXe_XeXq``emX[\fk\ii`ki`f
\[`m`[\$fZfdXI’jj`X
(0+,8jXklX`j]ifek\`iXjjf[\Ôe`[Xj
efÔeXc[X@@>l\iiXDle[`Xc
(0+.<c\`ƒ‘\jdXe`glcX[Xjc\mXd
fjZfdle`jkXjXfgf[\i
(0./BXifcNfakpcXkfieX$j\
GXgXAffGXlcf@@
(0/'C\Z_NXc\jXc`[\iXm}i`Xj^i\m\j
(0/*C\Z_NXc\jX^Xe_XfGi„d`fEfY\c
[XGXq
(0/0Hl\[X[fDlif[\9\ic`d#j\^l`[X
[\\c\`ƒ‘\jc`mi\j
(00'C\Z_NXc\jXZ_\^XXGi\j`[\ek\
(000Gfce`X\ekiXgXiXXE8KF
)''+8[\jf[XGfce`X~L<
)'',Dfik\[fGXgXAffGXlcf@@
)''.8[\jfXf<jgXƒfJZ_\e^\e
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#0
@;8;<D@C@K8I
(/$)/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J (-)'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (,#*
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë *(-,
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
('#+'
K8O8;<I<:@:C8><D
*/#0'
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
-0%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF *0%²
GFLG8Ex8J
/0%²
DFIK8C@;8;<@E=8EK@C
(-0%²
GFGLC8xÂF
*+%²
=<IK@C@;8;<
)()%²
/.
8KC8JM@JÂF;8<LIFG88)/
Gfikl^Xc
EfXef\dhl\Z\c\YiX
f+'%—Xe`m\ij}i`f[XI\mfclƒf
[fj:iXmfj#Gfikl^XcmX`c`miXi$j\
[Xkif`bX:fd`jjf<lifg\`X#
9XeZf:\ekiXc<lifg\l\=le[f
Dfe\k}i`f@ek\ieXZ`feXc hl\#
[\j[\)'((#[`kfld\[`[Xj\
i\]fidXj\dfe`kfi`qflfGXˆj#
~Y\`iX[XYXeZXiifkX%Fi\j^Xk\
[\./d`cd`c_‘\j[\\lifjkiflo\
XXljk\i`[X[\[\i\^i\jjf
~m`[X[fjgfikl^l\j\j%
I\g’Yc`ZX[\Gfikl^Xc
C`jYfX
\lif
Gfikl^l†j
<jgXe_X
0))()bd)
GFGLC8xÂF
J8è;<
:C@D8
?\YWUYb_SbUcSY]U^d_TQ`_`e\Q|z_
U]bU\Q|z_Q_‹\dY]_Qd\Qc`b_TejYT_
`U\QF9C±?U]" $U^S_^dbQcUTY
bUdQ]U^dU\YWQT_Q_Qe]U^d_TQY]Y
WbQ|z_1dU^T^SYQUcdv^_U^dQ^d_Q
Y^fUbdUbcU1_]Uc]_dU]`_Q_^TQ
TUcQTQcT_@Qcw`b_SebQTU]U\X_
bUc_`_bde^YTQTUcdU]U^Wb_ccQT_
GFGLC8xÂF
('#.d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+(#0Xefj
:I<J:@D<EKF
'#(,
<JG<I8Ex8;<M@;8 /*#-Xefjdlc_\i\j
..#*Xefj_fd\ej
5cdU } e] T_c cUd_bUc aeU c_VbUbQ]
WbQ^TUcQ\dUbQ|ŠUcTUcTUQU^dbQTQTQ
db_Y[Q^_@Qc?QSUcc_Q_CUbfY|_>Q
SY_^Q\TUCQ‹TUTUYh_eTUcUbWbQdeYd_
µQcdQhQc]_TUbQT_bQccz_X_ZUU\U
fQTQc`QbQaeU]Qc`QWQµUbU_bWQ^Y
j_ecU^e]^_f_]_TU\_aeUY]`\YS_e
_U^SUbbQ]U^d_TUQ\We]Qce^YTQTUc
TUSeYTQT_c`bY]vbY_caeUcUVe^TY
bQ]U]e^YTQTUc]QY_bUc
$' &#
"!
"#&
// "#&
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
@_bdeWQ\S_^dY^eQQUcdQb^QSQeTQTQ
5eb_`Q^_aeUTYjbUc`UYd_w\YdUbQSYQ1
]QY_b`QbdUT_c`_bdeWeUcUcQ^T_e^Q
UcS_\QdU]`_ceÂSYU^dU`QbQQ`bU^TUb
Q\UbUQUcSbUfUb]Qc%"TQ`_`e\Q
|z_QY^TQ}Q^Q\VQRUdQ?cY^fUcdY]U^
d_cU]V_b]Q|z_U_Qe]U^d_TQUcS_
\QbYTQTU_RbYWQd†bYQÂjUbQ]Qe]U^dQb
Q]}TYQTUQ^_cTUVbUae^SYQUcS_\Qb
C@K<I8:@8
,#+
0
;@GCFD8;FJEF<EJ@EFJLG<I@FI /.()0
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
,#/
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
.#.
EFD<F=@:@8C
:8G@K8C
DF<;8
CàE>L8F=@:@8C
=IFEK<@I8J
ÝI<8KFK8C
<;L:8xÂF
+*
/)0''bd
)-(*bd
**(0bd
EèD<IF;<?89@K8EK<JGFIDy;@:F ),(
G<I:<EK8><D;FG@9>8JK8<DJ8è;< .#,
DFIK8C@;8;<@E=8EK@C!
+#,
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
(('00
(#)
*
*..#+
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
G<I=@CGFCàK@:F
<:FEFD@8
4U`_YcTUfvbY_cdbY]UcdbUcTUSbUc
SY]U^d_ jUb_ _e QRQYh_ TU jUb_ Q
US_^_]YQ`_bdeWeUcQTvQ\We^ccY^QYc
TUbUSe`UbQ|z_=QcQfYcz_T_@Qc
`b†c`Ub_bUVUbYTQ`_bQ\We^c`_\dY
S_c\YWQT_cQ_c`QbdYT_cT_7_fUb^_
Ucdv\_^WUTUcUbcU^dYTQ`U\_cS_^
dbYReY^dUcVecdYWQT_c`_bQe]U^d_c
TU Y]`_cd_c TUcSYTQc TU cQ\vbY_c U
`U^cŠUc`UbTQTU`_TUbTUS_]`bQU
TUcU]`bUW_U\UfQT_
G@9ÊG<I:8G@K8Ë
ö(/+.0
K8O8;<:I<J:@D<EKF
'#)'
;àM@;8Gè9C@:8
()/#.[fG@9
@E=C8xÂF
'#+
;<J<DGI<>F
(,#*
;<J<DGI<>FAFM<D
*'#(
G8I:<@IFJ;<<OGFIK8xÃ<J
<JG8E?8
))#.
8C<D8E?8
()#+
=I8Ex8
((#0
G8I:<@IFJ;<@DGFIK8xÃ<J
<JG8E?8
*)
8C<D8E?8
((#,
=I8Ex8
-#-
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
)#+
@E;èJKI@8
)(#*
J<IM@xFJ
.-#*
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
"
"#
"#
!! %&! )&(%#&
11ccU]R\UYQTQBU`‹R\YSQ}_@Qb\Q
]U^d_`_bdeWec_^TUd]QccU^d_
"# TU`edQT_cU\UYd_c`U\_`_f_U]
\YcdQc`QbdYTvbYQc?ccUec]Q^TQd_c
d]QTebQ|z_TUaeQdb_Q^_c?3XUVU
TU5cdQT_}U\UYd_`_bSY^S_Q^_c@_b
deWQ\}W_fUb^QT_`_be]QS_\YWQ|z_
@C434CUQ1ccU]R\UYQ}`bUcYTYTQ
`U\Q`bY]UYbQfUj`_be]Q]e\XUb
:?<=<;<<JK8;F Gi\j`[\ek\:XmXZfJ`cmX
:?<=<;F>FM<IEF
Gi`d\`if$d`e`jkif
G\[ifGXjjfj:f\c_f
@;8;<;<MFKF
(/
$& (%&
;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
)#(
@;8;<D@C@K8I
(/$*'Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J 0*'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? )'#:FEJLDF;<<C<KI@:@;8;<
BN?&G<I:8G@K8 +,.,
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
)+#0'
K8O8;<I<:@:C8><D
,,#,'
:IFEFCF>@8?@JKäI@:8
((+*;XkX[X]le[Xƒf[fGXˆj
()+08]fejf@@@Zfehl`jkXf8c^Xim\
(+//:fd\ƒXX„gfZX}li\X
[fj;\jZfYi`d\ekfj
(,/'Gfikl^Xc\<jgXe_Xle\d$j\
eldji\`ef#[`i`^`[fgfi=`c`g\@@
[\<jgXe_X\@[\Gfikl^Xc
(-+'@e[\g\e[†eZ`X]XZ\Xfj\jgXe_`j
(.,,>iXe[\k\iiXdfkf[`q`dXd`c_Xi\j
[\g\jjfXj%FgifZ\jjf[\i\Zfejkilƒf„
fi[\eX[fg\cfDXihl†j[\GfdYXc
(/'.8]Xdˆc`Xi\Xc]f^\gXiXf9iXj`c#gfi
ZXljX[Xj`emXj‘\j]iXeZ\jXj
(/));%G\[if[\ZcXiXX`e[\g\e[†eZ`X[f
9iXj`c
(0(':fdX`dgcXekXƒf[XI\g’Yc`ZX#
K\Ôcf9iX^XkfieX$j\Gi\j`[\ek\
(0*)8eke`f[\Fc`m\`iXJXcXqXiZ_\^XX
gi`d\`if$d`e`jkif
(0+0Gfikl^XcgXjjXXg\ik\eZ\i~E8KF
(0,,<ekiX[XgXiXXFEL
(0-(@eˆZ`f[X^l\iiXZfcfe`Xc
(0.+;}$j\XI\mfclƒf[f),[\8Yi`c#hl\
XZXYXZfdX[`kX[liX[f<jkX[fEfmf#Zfd
XG@;<\ZfdXZ\ejliX
(0.,@e`Z`X$j\X[\jZfcfe`qXƒf
(0/-<ekiX[XgXiXX\ekf:<<
(000DXZXli\^i\jjX~X[d`e`jkiXƒf
Z_`e\jX
)'')<jZl[f„jlYjk`klˆ[fg\cf\lif
)''+Gfikl^Xcfi^Xe`qXf<lifg\l[\
]lk\Yfc
)'((I\Zlijf~Xal[XÔeXeZ\`iX[Xkif`bX
)'(+Kif`bX[\`oXfGXˆj
I8EB@E>DLE;@8C
GFJ@xÂFÊG@9G<I:8G@K8Ë
-,%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF +*%²
GFLG8Ex8J
('-%²
DFIK8C@;8;<@E=8EK@C
(//%²
GFGLC8xÂF
/(%²
=<IK@C@;8;<
(/0%²
/0
8KC8JM@JÂF;8<LIFG88)/
I\`efLe`[f
!
FI\`efLe`[f`eZcl`X>i$9i\kXe_X
!
!"
\X@icXe[X[fEfik\\\jk}c`^X[f
XfZfek`e\ek\g\cf\lifk’e\c#ld
ZXeXc]\iifm`}i`f[\,'#,hl`cd\kifj
hl\gXjjXgfi[\YX`of[fdXi#ef
:XeXc[XDXeZ_X#\c`^XXjZ`[X[\j
[\=fcb\jkfe\#\d@e^cXk\iiX#\
!
:fhl\cc\j#\d=iXeƒX%<dk\dgfj# "
\jk\gXˆj[fd`eXmXfj<L8#f:XeX[}
\X8ljki}c`X\eki\flkiXjZfce`Xj \gfjjlˆXldhlXikf[fgcXe\kX%
EFD<F=@:@8C I\`efLe`[f[X>i$9i\kXe_X
\[X@icXe[X[fEfik\
:8G@K8C
Cfe[i\j
DF<;8
C`YiX<jk\ic`eXö(#)'
CàE>L8F=@:@8C
@e^c†j
=IFEK<@I8J @icXe[XeX@icXe[X[fEfik\
ÝI<8KFK8C
)+/,)/bd)
#
GFGLC8xÂF
GFGLC8xÂF
-*#+d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
*0#.Xefj
:I<J:@D<EKF
'#,,
<JG<I8Ex8;<M@;8 /*#'Xefjdlc_\i\j
.0_fd\ej
@Qc TU 7Q\Uc 5cS†SYQ U 9^W\QdUbbQ
d]cYcdU]QcTUU^cY^_\YWUYbQ]U^dU
TYVUbU^dUcU^dbUcY@_b}]Q_RbYWQ
d_bYUTQTUTUQccUWebQbaeU_cVY\X_c
UcdeTU]Qd}Q_c!(Q^_c}S_]e]Q_c
dbc`QcUc1ce^YfUbcYTQTUcY^W\UcQc
S_]_?hV_bT_e3Q]RbYTWUcz_TQc
]QYcS_^XUSYTQcT_]e^T_UQdbQU]
UcdeTQ^dUcT_cSY^S_S_^dY^U^dUc
C@K<I8:@8
00
;@GCFD8;FJEF<EJ@EFJLG<I@FI .,+*('
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
,#-.
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
0#+
J8è;<
:C@D8
>_BUY^_E^YT_VQ\QcUQdeQ\]U^dU
TUe]RQRiR__]QdbYReT_Q_^QcSY
]U^d_T_]QYc^_f_]U]Rb_TQVQ]
\YQbUQ\1_aeU`QbUSU]eYd_cSQcQYc
Y^W\UcUcU^decYQc]QbQ]cUUcUWeYbQ]
_UhU]`\_T_`b^SY`UGY\\YQ]UTQTe
aeUcQTU3Q]RbYWU;QdU=YTT\Ud_^
<;L:8xÂF
?cYcdU]Q^QSY_^Q\TUcQ‹TU^_BUY^_
E^YT_V_YSbYQT_U]!)$(US_`YQT_
`_bfvbY_c`QcUcUeb_`Uec1_\_^W_
T_cQ^_cc_VbUebUV_b]QcY]`_bdQ^
dUc]Qc]Q^d}]cUUccU^SYQ\]U^dU
e^YfUbcQ\UWbQdeYd_rS_]`\U]U^dQ
T_`_b_VUbdQ`bYfQTQaeUQY^TQUcdv
U]Uh`Q^cz_µ`_eS_]QYcTU! T_c
RbYdx^YS_cd]UcdUdY`_TUS_RUbdebQ
#!"
EèD<IF;<?89@K8EK<JGFIDy;@:F *-.#*
G<I:<EK8><D;FG@9>8JK8<DJ8è;< /#(
DFIK8C@;8;<@E=8EK@C!
+#*
!Gfi('''eX[fj$m`mfj
"!
"
0' "
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
+-'
*0++)/bd
*,(0bd
(-+,+bd
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
0)//*
(#)
E%;
E%;%
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
<:FEFD@8
1c\Y]YdQ|ŠUcY^ce\QbUc^z_Y]`UTYbQ]
_BUY^_E^YT_TUcUdbQ^cV_b]Qb^e]Q
`_d^SYQS_]UbSYQ\UÂ^Q^SUYbQSQ`Qj
TU`b_TejYbQ]QY_b`QbdUTQcceQc^U
SUccYTQTUcQ\Y]U^dQbUc1`UcQbTYcc_
QcY]`_bdQ|ŠUce\dbQ`QccQ]QcUh`_b
dQ|ŠUc_aeUTUYhQQRQ\Q^|QS_]UbSYQ\
Q^UWQdYf_c_Se`Q^T__!( \eWQb^_
bQ^[Y^W]e^TYQ\?`Qc^e^SQQTUbYe
Q_Ueb_U]Q^d}]QceQ]_UTQV_bdU*Q
\YRbQUcdUb\Y^Q
G@9ÊG<I:8G@K8Ë
ö).)-'
K8O8;<:I<J:@D<EKF
'#/'
;àM@;8Gè9C@:8
/0#([fG@9
@E=C8xÂF
)#-'
;<J<DGI<>F
.#,'
;<J<DGI<>FAFM<D
)(#('
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
((#,
<L8
('#-
?FC8E;8
/#0
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
()#,
:?@E8
/#(
?FC8E;8
.#*
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
'#.
@E;èJKI@8
)(
J<IM@xFJ
./#*
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
"
"#
"#
!"%"$!"
G<I=@CGFCàK@:F
1 Uh`bUccz_ ­BQY^XQ TU 9^W\QdUbbQ®
cUbfU]eYdQcfUjUc`QbQTUVY^Yb_SQ
bvdUb `_eS_ ]QYc T_ aeU TUS_bQdYf_
TUQ\We^cSXUVUcTU5cdQT_µ^_BUY
^_ E^YT_ } UccU _ `Q`U\ TQ BQY^XQ
? cYcdU]Q `_\dYS_ } S_]`_cd_ `_b
TeQcSx]QbQc*QT_c\_bTUc'##UQT_c
S_]e^c&% :?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
IX`e_X<c`qXY\k_@@
Gi`d\`if$d`e`jkif
;Xm`[:Xd\ife
(/
$
$!"
$!
"
;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
)#-
@;8;<D@C@K8I
(-$**Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J )(.'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (.#0
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë ,'/.
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
*#/'
K8O8;<I<:@:C8><D
-'#.'
:IFEFCF>@8?@JKäI@:8
,+8:A’c`f:„jXifZlgXfk\ii`ki`f
('--N`cc`Xd@Zfehl`jkXX@e^cXk\iiX
(**.$(+,*>l\iiX[fj(''8efj
(-+0$-'8dfeXihl`X„XYfc`[X\#dX`j
kXi[\#i\jkXliX[X
(.'.8@e^cXk\iiX\X<jZZ`Xle\d$j\
(0))@e[\g\e[†eZ`X[X@icXe[X
(0*($.*:fddfen\Xck_
(0+,@e^cXk\iiX„d\dYif$]le[X[fi
[XFEL
(0+.@e[\g\e[†eZ`X[Xàe[`X
(0+0@e^cXk\iiXX[\i\~E8KF
(0,)<c`jXY\k_@@jfY\Xfkifef
(0-(:_Xic\j[\>Xlcc\Z_ldYXX\ekiX[X
[fI\`efLe`[feX:<<
(0.*8[\jf~:<<
(0.0DXi^Xi\k_K_XkZ_\i„\c\`kX
gi`d\`iX$d`e`jkiX
(0/)8i^\ek`eXjX`[\iifkX[X[X`emXjf
[Xj@c_Xj=XcbcXe[
(00(GXik`Z`gXƒfeX@>l\iiX[f>fc]f
(00+@eXl^liX[ff\lifk’e\c
(00/8Zfi[f[\gXqZfdX@icXe[X[fEfik\
(000:i`Xƒf[\gXicXd\ekfjeX<jZZ`X#
GXˆj[\>Xc\j\@icXe[X[fEfik\
)''($'*I\`efLe`[falekX$j\Xfj<L8
eX`emXjf[f8]\^Xe`jkf\[f@iXhl\
)'',8kXhl\YfdY`jkXdXkX,)g\jjfXj
\dCfe[i\j
)''/@^i\aX[\@e^cXk\iiXXgifmX
Xfi[\eXƒf[\dlc_\i\j
)'()9i`ke`Zfj\`e^c\j\jXZfi[Xdfj
k\idfj[\ldi\]\i\e[fjfYi\X`e[\g\e$
[†eZ`XeX<jZZ`XXi\Xc`qXi\d)'(+
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
*+%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF )-%²
GFLG8Ex8J
())%²
DFIK8C@;8;<@E=8EK@C
(/0%²
GFGLC8xÂF
)*%²
=<IK@C@;8;<
(+'%²
0(
8KC8JM@JÂF;8<LIFG88)/
I\g’Yc`ZX:_\ZX
8dX`jZfe_\Z`[XZ`[X[\[XI\g’Yc`ZX:_\ZX[\lefd\Xldg\iˆf[f
i\mfclZ`fe}i`fÆGi`dXm\iX[\GiX^XÆ\dhl\XgfglcXƒfk\ekfl
c`miXi$j\#`elk`cd\ek\#[fZfdle`jdf%FgcXefm`lXclq)(XefjdX`j
kXi[\#\d(0/0#hlXe[fXI\mfclƒf[\M\cl[f[\j\eZX[\X[Xgfi
ldXdXe`]\jkXƒf\jkl[Xek`ci\gi`d`[X gifmfZflfZfcXgjf
[f<jkX[f\dhl\_Xm`XldgXik`[f’e`Zf%
EFD<F=@:@8C
:8G@K8C
DF<;8
CàE>L8F=@:@8C
=IFEK<@I8J
ÝI<8KFK8C
I\g’Yc`ZX:_\ZX
GiX^X
:fifXZ_\ZXö'#'+
:_\Zf
8c\dXe_X#Ýljki`X#
<jcfm}hl`X#Gfce`X
.//-,bd)
GFGLC8xÂF
GFGLC8xÂF ('#)d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+(#+Xefj
:I<J:@D<EKF
$'#(,
<JG<I8Ex8;<M@;8 /(#)Xefjdlc_\i\j
.,#(Xefj_fd\ej
0) #$'
C@K<I8:@8
00
;@GCFD8;FJEF<EJ@EFJLG<I@FI
E%;%
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
+#*/
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
()#*
6Y^Q^SYQT_`U\_TY^XUYb_T_cS_^dbY
ReY^dUcUTQcU]`bUcQc_cYcdU]QTU
cQ‹TUSXUS_}e^YfUbcQ\U`bUcce`ŠU
`UaeU^QcS_]`QbdYSY`Q|ŠUc5]dU]
`_c_cSXUS_c]eYd_TUcS_^ÂQT_cTQc
fYbde_cYTQTUcT_cUecYcdU]QTUcQ‹TU
`bUVUbYQ]TYbYWYbcUw1\U]Q^XQ`QbQ
bUQ\YjQb _`UbQ|ŠUc SYb‹bWYSQc ]QYc
S_]`\YSQTQc8_ZUZv`_TU]_`dQb`U
\_cX_c`YdQYc`bYfQT_cSXUS_c
% (!&
$#
#$'
3_]e]U^cY^_`‹R\YS_WbQdeYd_V_b
dccY]_QBU`‹R\YSQ3XUSQUcdv^UcdU
]_]U^d_QV_b]Qb_cVedeb_c]}TYS_c
`_bdeWeUcUc=eYd_cUcdeTQ^dUce^Y
fUbcYdvbY_cS_^Vb_^dQT_cS_]_c^e
]UbecS\QececT_Sebc_TU=UTYSY^QU]
@_bdeWQ\Ucdz_Q]eTQbcU`QbQUcdU
`QcS_^XUSYT_`_bdUbe]T_c]U\X_
bUccYcdU]QcTUU^cY^_TQ5eb_`Q
J8è;<
:C@D8
3_] e]Q `_`e\Q|z_ YT^dYSQ w `_b
deWeUcQ]Qce]QdQhQTUVUbdY\YTQTU
QY^TQ]QYcRQYhQQBU`‹R\YSQ3XUSQ
dU] SbUcSY]U^d_ ^UWQdYf_ @_b Q^_
]_bbU]aeQcU]QYcTUj]Y\`Ucc_QcT_
aeUQaeU\QcaeU^QcSU]1YTQTU]}TYQ
e\dbQ`QccQ_c$!Q^_c
<;L:8xÂF
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
()/
(*'-.(bd
.*'bd
0+-0bd
EèD<IF;<?89@K8EK<JGFIDy;@:F ).,
G<I:<EK8><D;FG@9>8JK8<DJ8è;< -#DFIK8C@;8;<@E=8EK@C!
*#.
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
(0*.(
(#.
,#(
E%;%
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
G<I=@CGFCàK@:F
<:FEFD@8
1US_^_]YQSXUSQ}`UaeU^Q]QcUcdv
fU\1TfYTQ`‹R\YSQ^z_SXUWQQ_c% T_@92_T}ÂSU_b|Q]U^dQ\}bUcYTeQ\
(QRQ\Q^|QS_]UbSYQ\`_cYdYfQ
U _ TUcU]`bUW_ RQYh_e ceRcdQ^SYQ\
]U^dU^_c‹\dY]_cQ^_c?cQ\vbY_]
^Y]_`_b}]VYSQcU`U\_c#!"Ueb_c
Q_`Qcc_aeU_@92`UbSQ`YdQUcdvU]
%&\eWQb^_bQ^[Y^W]e^TYQ\
1cTeQcSx]QbQcUhYcdU^dUc^QBU`‹
R\YSQ3XUSQd]e]d_dQ\TU"(!`Qb
\Q]U^dQbUc(!T_caeQYccU^QT_bUc
? @bUcYTU^dU TQ BU`‹R\YSQ } Q ]QYc
Y]`_bdQ^dUÂWebQT_5cdQT_U}U\UYd_
`_bSY^S_Q^_cµ_ccU^QT_bUc`_bcUYc
U_cTU`edQT_c`_baeQdb_3UbSQTU
e]aeY^d_T_cTU`edQT_c}S_^cdYde
T_`_b]e\XUbUc
G@9ÊG<I:8G@K8Ë
ö)''-'
K8O8;<:I<J:@D<EKF
'#)'
;àM@;8Gè9C@:8
+-[fG@9
@E=C8xÂF
(#+
;<J<DGI<>F
-#.'
;<J<DGI<>FAFM<D
(/#('
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
*(#/
<JCFMÝHL@8
0#(
GFCäE@8
-#(
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
)0#,
GFCäE@8
.#.
<JCFMÝHL@8
.#+
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
)#*
@E;èJKI@8
*/
J<IM@xFJ
,0#.
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
:?<=<;<<JK8;F Gi\j`[\ek\D`cfjQ\dXe
:?<=<;F>FM<IEF
Gi`d\`if$d`e`jkif
A`i`Iljefb
@;8;<;<MFKF
(/
$
" $%
$%
"" !&'" !*')&$'
!&!)&'
;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#*
@;8;<D@C@K8I
(/$)/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J )/'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? (,
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë ,+')
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
0#+'
K8O8;<I<:@:C8><D
.'#''
:IFEFCF>@8?@JKäI@:8
,,'Fj\jcXmfjZfd\ƒXdX`ejkXcXi$j\
eXji\^`‘\jXcg`eXj
('/,MiXk`jcXm@@kfieX$j\fgi`d\`ifi\`
Z_\Zf\`e`Z`XX[`eXjk`XGi\dpjc`[
(*'-8[`eXjk`XGi\dpjc`[k\id`eXZfd
Xdfik\[fi\`N\eZ\jcXj@@@
(,)-$(.0'@dg„i`f[fj?XYjYli^fj
(-)'89f„d`Xg\i[\XYXkXc_X[X
DfekXe_X9iXeZX
(0(/=le[Xƒf[X:_\Zfjcfm}hl`X
(0*0$+,FZlgXƒfeXq`
(0+,:_\Zfjcfm}hl`Xi\eXjZ\Zfdf
\jkX[f`e[\g\e[\ek\
(0+/GXik`[f:fdle`jkXXZ\[\Xf
gf[\i
(0-/=fiƒXd`c`kXi[fjgXˆj\j[fGXZkf
[\MXijm`X`emX[\X:_\Zfjcfm}hl`X
\]Xc_XXGi`dXm\iX[\GiX^X
(0/08I\mfclƒf[\M\cl[fgifmfZX
Xhl\[X[fi\^`d\Zfdle`jkX
(00'Gi`d\`iX\c\`ƒ‘\jc`mi\j
(00*=le[Xƒf[XI\g’Yc`ZX:_\ZX#
Xgjj\gXiXƒfgXZˆÔZX[X<jcfm}hl`X
(00/@eˆZ`f[Xje\^fZ`Xƒ‘\jgXiX
\ekiXieXL<
(000<ekiX[XgXiXXE8KF
)''+8[\jf~L<
)''.K\ii`ki`falekX$j\Xf\jgXƒf
JZ_\e^\e
)'((Dfii\MXZcXm?Xm\c#fgi`d\`if
Gi\j`[\ek\[XI\g’Yc`ZX
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
,-%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF )/%²
GFLG8Ex8J
-/%²
DFIK8C@;8;<@E=8EK@C
)'.%²
GFGLC8xÂF
/.%²
=<IK@C@;8;<
)(+%²
0*
8KC8JM@JÂF;8<LIFG88)/
Ifd„e`X
<;L:8xÂF
y`dgfjjˆm\c]XcXi[X
Ifd„e`Xj\di\]\i`i
f:fe[\;i}ZlcX\X
KiXej`cme`X%8c\e[X
]XqgXik\[f`dX^`e}i`f
dle[`Xc\`ejg`iX$j\eX
m`[X[fÔc_f[f:fe[\
McX[;iXZlc#hl\m`m\l
efj„ZlcfOM\hl\
ZfjkldXmX\dgXcXifj
j\ljX[m\ij}i`fj%FgXˆj
\jk}m`iX[fgXiXfDXi
E\^if#„XkiXm\jjX[f
g\cfi`f;Xe’Y`f\k\d
dX`j[\)*''cX^fj%
8[\i`l~L<_}j\k\Xefj#
dXjX`e[Xef`ek\^iX
XQfeX<lif%
1UcS_\QbYTQTU_RbYWQd†bYQ}WbQdeYdQ
S_]U|Q^QUcS_\Q`bY]vbYQQ_ccUYc_e
cUdUQ^_cUUcdU^TUcUQd}Q_! Q^_
4_cSebbSe\_c_ÂSYQYcVQjU]`QbdUTYc
SY`\Y^QcS_]_Q=QdU]vdYSQQ8Ycd†
bYQ_9^W\c]QcdQ]R}]QBU\YWYz_U
Q9^V_b]vdYSQ
EFD<F=@:@8C
Ifd„e`X
:8G@K8C
9lZXi\jk\
DF<;8
C\lö'#)*
CàE>L8F=@:@8C
Ifd\ef
=IFEK<@I8J
9lc^}i`X#I\g’Yc`ZX
[XDfc[}m`X#?le^i`X#J„im`X#LZie`X
ÝI<8KFK8C
)*/*0(bd)
GFGLC8xÂF
J8è;<
:C@D8
=Uc]_Q^dUcTU`_TUbU]dbQRQ\XQbU
SYbSe\Qb\YfbU]U^dU`U\QE5_cb_]U
^_cZvdY^XQ]S_]U|QT_QU]YWbQb`QbQ
_c`QcUcT_Ce\TQ5eb_`Q^e]]_fY
]U^d_aeUV_YQ`U\YTQT_TU­h_T_Ue
b_`Ue®1dU^T^SYQ]Q^d}]cU@QbQ
Q SQ]QTQ ]QYc Z_fU] TQ `_`e\Q|z_
ÂSQb^QB_]}^YQ^z_}_`|z_
C@K<I8:@8
0.#.'
;@GCFD8;FJEF<EJ@EFJLG<I@FI ),0-*+
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
+#)+
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
('#+
D_T_c_cSYTQTz_cb_]U^_c_e^QdebQ
\YjQT_cd]QSUcc_QSeYTQT_cTUcQ‹
TUWbQdeYd_cY^S\eY^T_]UY_cTUTYQW
^†cdYS_dbQdQ]U^d_UY^dUb^Q]U^d_
=Qc_cYcdU]QUcdvQQdbQfUccQbe]Q
SbYcUDQ\S_]_^_edbQc`b_ÂccŠUc_c
]}TYS_cUU^VUb]UYb_cd]cQT_T_
`Qcw`b_SebQTUe]QfYTQ]U\X_b
% (!)&'(
GFGLC8xÂF
)(#/d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
*/#-Xefj
:I<J:@D<EKF
'#).
<JG<I8Ex8;<M@;8 ./#)Xefjdlc_\i\j
.(#(_fd\ej
"!
#$'
0+ #$'
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
+,
/)*/-bd
*.(bd
('./,bd
EèD<IF;<?89@K8EK<J
GFIDy;@:F
*0*#0
G<I:<EK8><D;FG@9>8JK8
<DJ8è;<
+#+
DFIK8C@;8;<@E=8EK@C!
('#+
!Gfi('''eX[fj$m`mfj
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
)--()
+#/
+*#0
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
G<I=@CGFCàK@:F
<:FEFD@8
r^QB_]}^YQaeUcU`QWQ_cQ\vbY_]
^Y]_]QYcRQYh_TQE^Yz_5eb_`UYQ*
!%(Ueb_c1QWbYSe\debQQY^TQdU]e]
`Q`U\ `bU`_^TUbQ^dU ^Q US_^_]YQ
bU`bUcU^dQ^T_'%T_@92e]Q`Ub
SU^dQWU]]eYd_ce`UbY_bw]}TYQUe
b_`UYQ?TUcU]`bUW_}]QYcU\UfQT_
U^dbU_cZ_fU^c
G@9ÊG<I:8G@K8Ë
ö0+,'
K8O8;<:I<J:@D<EKF
(#-'
;àM@;8Gè9C@:8
*/#0[fG@9
@E=C8xÂF
*#)'
;<J<DGI<>F
.#)'
;<J<DGI<>FAFM<D
)*#.'
G8I:<@IFJ;<<OGFIK8xÃ<J
8C<D8E?8
(.#,
@KÝC@8
()#*
=I8Ex8
.#(
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
(.#,
@KÝC@8
((
?LE>I@8
0#(
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
.#,
@E;èJKI@8
**
J<IM@xFJ
,0#,
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
"
"#
"#
"" !&'" !*')&$'
4YfYTYT_U]TeQcSx]QbQc_cYcdU]Q
`_\dYS_b_]U^_dU]!#'cU^QT_bUcU
$ "TU`edQT_c8ve]@bUcYTU^dUTQ
BU`‹R\YSQUe]`bY]UYb_]Y^Ycdb_aeU
SXUVYQ] _ 5cdQT_ U _ 7_fUb^_ bUc
`UdYfQ]U^dU]QcXvT_YcQ^_cQE5
dbU]Ue aeQ^T_ _ `Qb\Q]U^d_ Q`b_
f_e^e]QW_\`QTQQcec`U^cz_TQc
Ve^|ŠUcT_@BS_]_QfQ\T_DbYRe^Q\
3_^cdYdeSY_^Q\
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
Gi\j`[\ek\KiX`Xe
9Xj\jZl
Gi`d\`if$d`e`jkif
M`Zkfi$M`fi\cGfekX
(/
$!)&'
;<=<J8
G<I:<EK8><D;FG@9>8JK8<D;<=<J8 (#*
@;8;<D@C@K8I
(/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J (..'''
E8KLI<Q8;FJ<IM@xFD@C@K8I
Mfclek}i`f
G<IK<E:<ÁE8KF6
J`d
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? ('#/
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë (00,
:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
)(#+'
K8O8;<I<:@:C8><D
+*#*'
:IFEFCF>@8?@JKäI@:8
(-,.8KiXej`cme`XZX`jfY[fdˆe`f
FkfdXef
(-/*Fj?XYjYli^fji\Zlg\iXdXhl\c\
k\ii`ki`fXf@dg„i`fFkfdXef
(.((8KiXej`cme`XkfieX$j\ldXgifmˆeZ`X
[fI\`ef[X?le^i`X
(/..$./8Ifd„e`XkfieX$j\`e[\g\e[\ek\
XfXjjfZ`Xi$j\~I’jj`X\\ogXe[\$j\Xk„
Xf[\ckX[f;Xe’Y`f
(//(Ifd„e`XkfieX$j\ldi\`ef#dXj
\e]i\ek\Xi\gi\jjf[XjXlkfi`[X[\j
_’e^XiXj
(0'.I\mfckXdXZ`ƒX[\ZXdgfe\j\j
(0+(8Ifd„e`XclkXXfcX[f[X8c\dXe_X
ZfekiXXLe`fJfm`„k`ZX
(0++Dl[XeƒX[\cX[fgXiXXgf`XiXj
]fiƒXjiljjXj
(0-,E`ZfcX\:\Xlj\jZlkfieX$j\cˆ[\i[f
GXik`[f:fdle`jkX\[\eleZ`X#\d(0-/#
X`emXjfjfm`„k`ZX[X:_\Zfjcfm}hl`X
(0..Fk\iiXdfkf[\9lZXi\jk\dXkX
(,''g\jjfXj
(0/,$/-8ljk\i`[X[\ZXljX]fd\
Xd`c_Xi\j[\_XY`kXek\j
(0/0I\mfclƒfZfekiXf^fm\iefk\id`eX
eX\o\Zlƒf[\:\Xlj\jZl\jlXdlc_\i
)''(LdXc\`[fk\dgf[\:\Xlj\jZl#
Zi`d`eXc`qXe[fX_fdfjj\olXc`[X[\#
„i\mf^X[X
)''+8Ifd„e`X„XZ\`k\eXE8KF
)''.9lc^}i`X\Ifd„e`X\ekiXdgXiXXL<
)'()FGi\j`[\ek\9Xj\jZljfYi\m`m\Xld
i\]\i\e[fhl\gifg‘\XjlX[\d`jjf
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
('(%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF ,-%²
GFLG8Ex8J
,-%²
DFIK8C@;8;<@E=8EK@C
(+)%²
GFGLC8xÂF
,.%²
=<IK@C@;8;<
)(*%²
0,
8KC8JM@JÂF;8<LIFG88)/
Jl„Z`X
FgXˆjei[`ZfdX`jgfglcfjf
[XL<„ldXdfeXihl`Xhl\]Xq
]ifek\`iXZfdXEfil\^X\Zfd
X=`ece[`XCXge`X %8g\jXi[\
`ek\^iXiXLe`f<lifg\`X[\j[\
(00,#eleZXX[\i`l~df\[X
’e`ZX#dXek\e[fXZfifXjl\ZX
XZ`iZlcXi%8Jl„Z`X„ldgXˆj
df[\ief#k\Zefcf^`ZXd\ek\
XmXeƒX[f#fi^Xe`qX[f#Zfd
YfXjm`Xj[\Zfdle`ZXƒf\ld
\c\mX[feˆm\c[\m`[X%
"
EFD<F=@:@8C
:8G@K8C
DF<;8
CàE>L8F=@:@8C
=IFEK<@I8J
ÝI<8KFK8C
I\`ef[XJl„Z`X
<jkfZfcdf
<lif
Jl\Zf
=`ece[`X#Efil\^X
++(*.'bd)
<;L:8xÂF
!
!
"
"
!"
00
-0*))
.#)((#.
J8è;<
:C@D8
GFGLC8xÂF
0#(d`c_‘\j[\_XY`kXek\j
@;8;<Dy;@8
+'#/Xefj
:I<J:@D<EKF
'#(/
<JG<I8Ex8;<M@;8 /*#-Xefjdlc_\i\j
.0#0_fd\ej
C@K<I8:@8
;@GCFD8;FJEF<EJ@EFJLG<I@FI
G<I:<EK8><D;FG@9>8JK8
<D<;L:8xÂF
Dy;@8;<8EFJ;<=I<HLÜE:@8
<J:FC8I
"
GFGLC8xÂF
1 `_`e\Q|z_ ceUSQ dU] e]Q dQhQ TU
SbUcSY]U^d_`b†hY]QT_jUb_]Qc_
7_fUb^_dU]dU^dQT_bUfUbdUbQdU^
T^SYQQ`_cdQ^T_c_RbUdeT_^QS_^SY
\YQ|z_T_dbQRQ\X_S_]QfYTQVQ]Y\YQb
1YTUYQ}S_^fU^SUbQcVQ]\YQcQdUbU]
]QYcVY\X_c`b_]_fU^T_QYWeQ\TQTU
U^dbU`QYcU]zUc
?cceUS_cU_cVY^\Q^TUcUccz_T_c
`_f_c Ueb_`Uec aeU ]QYc \UU] Z_b
^QYc5]]}TYQ_c`bY]UYb_c`QccQ]
!!' Q^_c ^Q UcS_\Q _ aeU cU bUV\UdU
^e]QdQhQTU\YdUbQSYQTU))`_bSU^d_
&!)"()%%"#%
?7\_RQ\1WUGQdSX9^TUh`b_WbQ]Q
TQc>Q|ŠUcE^YTQcTUdUb]Y^_eaeU
U] " !# Q Ce}SYQ UbQ _ ]U\X_b `Qc
`QbQ cU cUb fU\X_ 5 Q aeQ\YTQTU T_c
SeYTQT_cTUcQ‹TU`bUcdQT_cWbQdeYdQ
]U^dUS_^dbYReY`QbQUcdQTYcdY^|z_
? 5cdQT_ Y^fUcdU '( T_ @92 ^UcdQ
vbUQ
EèD<IF;<?89@K8EK<JGFIDy;@:F E%;%
G<I:<EK8><D;FG@9>8JK8<DJ8è;< .#/
DFIK8C@;8;<@E=8EK@C!
)#.*
!Gfi('''eX[fj$m`mfj
#"
$%(
0- $%(
KI8EJGFIK<J
<:FDLE@:8xÃ<J
8<IFGFIKFJ
<JKI8;8J
8LKF<JKI8;8J
C@E?8J=yII<8J
)*(
,.)0''bd
(/,,bd
((-**bd
:I@D<
GI<JFJ
?FD@:à;@FJ!
M@FC8xÃ<J!
IFL9FJ!
-0.(#)
,*#)
/+,#)
!Gfi(''d`c_XY`kXek\j
8KC8JM@JÂF;8<LIFG88)/
G<I=@CGFCàK@:F
<:FEFD@8
>U^Xe]Q _edbQ U]`bUcQ dUbv VUYd_
dQ^d_`U\QRQ\Q^|QS_]UbSYQ\US_^
cUaeU^dU]U^dU `U\Q US_^_]YQ TQ
Ce}SYQS_]_Q9[UQ=eYd_fYbQTQ`QbQ
Q Y]`_bdQ|z_Uh`_bdQ|z_ Q Ce}SYQ
dU]e]T_c]U\X_bUc@92`UbSQ`YdQ
TQE5}_"&]U\X_bT_]e^T_U
e]QTfYTQ`‹R\YSQQ^fUYcY^fUZvfUYc
? TUcU]`bUW_ Z_fU] } `_b}] e]
`b_R\U]Q
G@9ÊG<I:8G@K8Ë
ö*'+,,
K8O8;<:I<J:@D<EKF
'#('
;àM@;8Gè9C@:8
+'#.[fG@9
@E=C8xÂF
'#+'
;<J<DGI<>F
/#('
;<J<DGI<>FAFM<D
))#0'
G8I:<@IFJ;<<OGFIK8xÃ<J
EFIL<>8
('#+
8C<D8E?8
('#*
I<@EFLE@;F
/#(
G8I:<@IFJ;<@DGFIK8xÃ<J
8C<D8E?8
(.#+
;@E8D8I:8
/#,
EFIL<>8
/#+
;@JKI@9L@xÂF;FG@9
8>I@:LCKLI8
(#/
@E;èJKI@8
).#+
J<IM@xFJ
.'#/
!<dd`c_Xi\j[\d`c_‘\j[\\lifj
#
! #$
#$
##!" '(#!" +(*'%(
1deQ\]U^dU Qc ]e\XUbUc _Se`Q]
aeQcU$%T_c\eWQbUc^_`Qb\Q]U^d_
ceUS_*_BY[cTQWU^=QcQdU^T^SYQ
fU]TUdbvc5]!)))UcdQ]_^QbaeYQ
S_^cdYdeSY_^Q\dUfU`U\Q`bY]UYbQfUj
e]Q ]QY_bYQ VU]Y^Y^Q ^_ 7_fUb^_
S_]!!T_c" ]Y^Ycd}bY_cTYbYWYT_c`_b
cU^X_bQc
:?<=<;<<JK8;F
:?<=<;F>FM<IEF
@;8;<;<MFKF
I\`:XicOM@>ljkX]
Gi`d\`if$d`e`jkif
=i\[i`bI\`e]\c[k
(/
%
"*'(
'$ ;<=<J8
G<I:<EK8><D;FG@9>8JK8
<D;<=<J8
(#*
@;8;<D@C@K8I
(/Xefj
@E;@Mà;LFJE8J=FIx8J8ID8;8J )/-''
E8KLI<Q8;FJ<IM@xFD@C@K8I Mfclek}i`f
G<IK<E:<ÁE8KF6
Ef
8D9@<EK<<<E<I>@8
GI<xFJ;8<C<KI@:@;8;<<LI&BN? )'#/
:FEJLDF;<<C<KI@:@;8;<
BN?&ËG<I:8G@K8Ë (*)*:FEJLDF;<<E<I>@8J
I<EFMÝM<@J
+-#/'
K8O8;<I<:@:C8><D
,+#*'
:IFEFCF>@8?@JKäI@:8
J„Z%O@@<i`Z@OZfehl`jkXX=`ece[`X
(,)*>ljkXmf@`e`Z`XX[`eXjk`XMXcjX#
[\gf`j[\Zfehl`jkXiX`e[\g\e[†eZ`X
Xfj[`eXdXihl\j\j%Fclk\iXe`jdf„
`ejk`klˆ[fZfdfXi\c`^`f[f<jkX[f%
(-+/8m`ki`X[X>l\iiX[fj*'Xefj
Zfe]\i\Xfji\`jjl\Zfjfkˆklcf
[\giˆeZ`g\j[fJXekf@dg„i`fIfdXef
(/'0y\jkXY\c\Z`[XX@:fejk`kl`ƒf
(/++@ejk`kl`ƒf[Xc`Y\i[X[\[\`dgi\ejX
(0'.y[fkX[ffjl]i}^`fle`m\ijXcgXiX
kf[fjfjZfeki`Yl`ek\j
(0('@eˆZ`f[f<jkX[fGifm`[†eZ`X#ZfdX
X[fƒf[Xgi`d\`iXc\`[\gifk\ƒfjfZ`Xc
(0(+$*0Jl„Z`X[\ZcXiX$j\e\lkiXceXj
[lXj^l\iiXj
(0+-8[\jf~jEXƒ‘\jLe`[Xj
(0.,I\]fidXZfejk`klZ`feXci\jld\
fgf[\i[fjdfeXiZXj~i\gi\j\ekXƒf
[f<jkX[f
(0/-Fcf]GXcd\#gi`d\`if$d`e`jkif
\cˆ[\i[fGXik`[fJfZ`Xc;\dfZiXkX#
„XjjXjj`eX[f
)''*Jl\Zfj[`q\defXf\lif\d
i\]\i\e[f
)'((:`\ek`jkXjjl\ZfjkiXejgcXekXd
fgi`d\`ifi^fj`ek„k`Zf
)'(*D`c_Xi\j[\g\jjfXj\eZ_\d
XjilXj[\<jkfZfcdfgXiXXjj`jk`i\d
XfZXjXd\ekf[XÔc_XdX`jefmX[fi\`#
Xgi`eZ\jXDX[\c\`e\
)'(+>fm\ieffi[\eX\eZ\iiXd\ekf
[\hlXkif\jkXY\c\Z`d\ekfjgi`j`feX`j#
gfi]XckX[\gi\jfj
I8EB@E>DLE;@8C
GFJ@xÂFG@9ÊG<I:8G@K8Ë
)-%²
àE;@:<;<;<J<EMFCM@D<EKF?LD8EF .%²
GFLG8Ex8J
*-%²
DFIK8C@;8;<@E=8EK@C
))'%²
GFGLC8xÂF
0*%²
=<IK@C@;8;<
(.*%²
0.
8KC8JM@JÂF;8<LIFG88)/
Klihl`X?}).Xefjhl\\jk\gXˆj
k\ekX#j\djlZ\jjf#X[\i`i~L<
FjgXˆj\jhl\
Xˆm†d%Flef
F`kf<jkX[fj\jkf~jgfikXj[XL<#\flkifj
Xfm`iXi[X\jhl`eX%DXj`jkfefj`^e`ÔZXhl\
kf[fjk\e_Xd^XiXek`[XX\ekiX[XefZclY\
GFICLàJI@9<@IF
8
DebaeYQ U^dbUW_e Q ceQ
SQ^TYTQdebQwE^Yz_5eb_
`UYQU]!)('µe]Q^_TU
`_YcTU@_bdeWQ\U5c`Q^XQ
QTUbYbU]>QTQ_Y]`UTYQ1`UcQbTU
Q`U^Qcdbc`_bSU^d_T_cUedUbbYd†
bY_cUU^S_^dbQbTU^db_TQcVb_^dUYbQc
WU_WbvÂSQcT_FU\X_3_^dY^U^dUdUS
^YSQ]U^dUUbQ_ceÂSYU^dU`QbQS_RbYb
_`bY]UYb_U]QYc†RfY_bUaeUbY]U^d_
TUQTUcz_*cUbe]`QcUeb_`UeaeU
`_bUhU]`\_UhS\eYe=Qbb_S_cY^c
SbYd_S_]_SQ^TYTQd_^_]Uc]_Q^_
1TU]_SbQSYQ_cTYbUYd_cXe]Q^_cU
e]Q US_^_]YQ TU ]UbSQT_ UcdQfQ]
dQ]R}]QccUWebQT_c`U\_]U^_c^_
`Q`U\>U]QbU\YWYz_`_TUbYQcUbU^dbQ
fUµQDebaeYQ}_ÂSYQ\]U^dUcUSe\Qb
dQ\S_]_QE5U^aeQ^d_U^dYTQTUQ_
S_^dbvbY_TU5cdQT_c]U]Rb_cS_]_
0/ 9^W\QdUbbQ=Q\dQ7b}SYQU4Y^Q]QbSQ
5^dz_`_baeU}aeU`QccQT_c"'Q^_c
_`QcS_^dY^eQT_\QT_TUV_bQUcU]Q
]QYc`UaeU^QUc`UbQ^|QTUU^dbQb^_c
`b†hY]_cTUjQ^_c/
?SQc_TQDebaeYQ}dQ\fUj_]QYc
UhdbU]_]QcdQ]R}]cUbfU`QbQ]_c
dbQbaeUQdU_bYQ^z_SXUWQ`QbQWQbQ^
J\kf[fjfj
ZXe[`[Xkfj
`e^i\jjXi\d#
XL<gXjjXi}gXiX
-''d`c_‘\j
[\_XY`kXek\j
dYbe]\eWQb^_S\eRUT_cbYS_cE]T_c
SbYd}bY_c}QUhYW^SYQTUe^Q^Y]YTQTU
U_cS_^V\Yd_cS_]5cdQT_c]U]Rb_c
Q DebaeYQ dU] `b_R\U]Qc TY`\_]v
dYS_cS_]3XY`bUU7b}SYQQ\}]T_c
UaeY\RbY_cTU`_TUbe]`QcS_]'&
]Y\XŠUcTUXQRYdQ^dUcdUbYQ]eYd_`Uc_
^_@5Q]UQ|Q^T__cdQdecae_cz_Q\
We]QcWbQ^TUc`UTbQc^_SQ]Y^X_TQ
QTUcz_5}SUbd_aeU`_bTYVUbU^dUc
bQjŠUcTYÂSY\]U^dUSUbd_c`QcUcUe
b_`UecVQbz_`QbdUTQE5^_c`b†hY]_c
]eYd_cQ^_c*Q>_beUWQUQCe|Qcz_
TU]QcYQT_bYSQcQ=_\TvfYQ}TU]Q
cYQT_ `_RbU Q ESbx^YQ } TU]QcYQT_
WbQ^TUUQB‹ccYQ^z_\YTQRU]S_]_c
fQ\_bUc_SYTU^dQYc
8C@JK8F=@:@8C
>UcdU]_]U^d__Yd_`QcUcVQjU]`Qb
dUTQ\YcdQ_ÂSYQ\TUSQ^TYTQd_c_eVede
b_cSQ^TYTQd_cwE5=QSUT†^YQ=_^
dU^UWb_C}bfYQDebaeYQU9c\x^TYQcz_
bUS_^XUSYT_cS_]_dQ\µQ`UcQbTUQ9c
\x^TYQdUbU^dbUdQ^d_S_^WU\QT__`UTY
T_TUQTUcz_+;_c_f_1\Rx^YQU2†c^YQ
U 8UbjUW_fY^Q QccY^QbQ] QS_bT_c TU
S__`UbQ|z_aeU^Q`bvdYSQVe^SY_^Q]
S_]_ `_^d_c `b}fY_c TQ SQ^TYTQdebQ
4Q \YcdQ _ SQc_ ]QYc S_]`\Uh_ Q\}]
TQ DebaeYQ } _ T_ ;_c_f_ `_b QY^TQ
^z_dUbcYT_bUS_^XUSYT_`_bSY^S_5c
dQT_c]U]Rb_c =QSUT†^YQ dU] Q `U
Se\YQbRQbbUYbQT_^_]UT_`QcS_]Q
7b}SYQQ_`_bcUwTU^_]Y^Q|z_`_bcU
S_^Ve^TYbS_]_bUY^_XYcd†bYS_UQceQ
QdeQ\bUWYz_^_>_bdU1C}bfYQ`_bcUe
\QT_S_]U|QQW_bQQTQbQ\We^c`Qcc_c
Y]`_bdQ^dUc ^Q bUc_\e|z_ TU S_^ÃYd_c
TY`\_]vdYS_c S_] _edb_c 5cdQT_c TQ
Uh:eW_c\vfYQ U^aeQ^d_ =_^dU^UWb_
dU] QY^TQ `_b bUc_\fUb Q S_bbe`|z_
U^T}]YSQUQ\Y]YdQTQ\YRUbTQTUTUY]
`bU^cQ2†c^YQU8UbjUW_fY^QU1\Rx^YQ
cUbz_ dQ\fUj _c SQc_c ]QYc cY]`\Uc U
`b_fQfU\]U^dU _c `b†hY]_c Q QTUbYb
wE^Yz_AeQ^T_µ_ecUµd_T_cUcdUc
`QcUcY^WbUccQbU]QE5SbUcSUbvT_c
QdeQYc % ]Y\XŠUc `QbQ & ]Y\XŠUc
TUXQRYdQ^dUc

Documentos relacionados

O dinheiro que vem de longe

O dinheiro que vem de longe gifZ\jjfj\gif[lkfj#Xal[Xe[fXj g\hl\eXj\dgi\jXjXdl[Xi\dgfi [\ekif\XmXcfi`qXi\dX]fidXƒf [fjj\lji\Zlijfj_ldXefj%

Leia mais

- Colégio 24 Horas

- Colégio 24 Horas ;Y^W :b CUWe^T_ U\U ^z_ cU `_TU _RUTUSUb \UYc _e `bvdYSQc Y^ZecdQc 4UfUcU bUZUYdv\Qc cU] fY_\^SYQ #" Leia mais

- Colégio 24 Horas

- Colégio 24 Horas 1 ?QSUcc_Q_]UbSQT_]e^TYQ\dU]`Ub]YdYT_Q_cVQRbYSQ^dUcSXY^UcUc TYVe^TYbU]cUec`b_Ted_cQ`UcQbTU`UbTUbU]`QbQcUecS_^S_bbU^dUc \QdY^_cU]cUd_bUcS_]_RbY^aeUT_cdhdUYcUS_]]_TYdY...

Leia mais