3"4 - Challet Fonte Nova

BSFWJTUBEBDBJYB
$"*9"(&3"-
%&%& 1 ­4* 504
#3"4*-
"/07"105¤/$*"
&.&3(&/5&/0
1"/03".".6/%*"-
30%3*(0-&0
.´4*$"103*/56*¡0
0'65630
%"4$*%"%&4
1"3"6."7*%".&-)03
10356("-
13&.*"%0
05"-&/50%&&-7*3"'0356/"50
9"/("*/0$&/530
%0.6/%0
`$0/5*/&/5&&*-)"4
1&3*0%*$*%"%&53*.&453"-
/”+VMIP]4FUFNCSPEF
Y
F
FEJUPSJBM
Y
BSFWJTUBEBDBJYB
%JSFDUPS4V[BOB'FSSFJSB
"SUF"OB1FSFJSB+P½P.BUPT3VJ(BSDJB
F3VJ(VFSSB
$PMBCPSBEPSFT"OB3JUB-ÔDJP$BUBSJOB7JMBS
+P½P1BVMP#BUBMIB-VÇT*O»DJP.BSJB+P½P
"MFYBOESF.BSJB+P½P'FSOBOEFT
.JHVFM4BUÔSJP1JSFT1BVMP$BSEPTP
1FESP(VJMIFSNF-PQFT1FESP4BOUPT
3VJ1FESP5FOEJOIBF3VJ5BWBSFT(VFEFT
UFYUP
#SVOP#BSCPTB&TUÔEJP*NQSFTB
"MFYBOESF#PSEBMPF.»SJP+P½P
&TUÔEJP
+P½P$VQFSUJOP-VÇT"[FWFEP.JHVFM.BOTP
F3PESJHPEF4PV[B4XFFU7JTJPODPN
BHÄODJBT$PSCJT(FUUZ*NBHFTJ4UPDL1IPUP
F3FVUFSTGPUPT
%VMDF1BJWBSFWJT½P
4FDSFUBSJBEP5FSFTB1JOUP
(FTUPSEF1SPEVUP-VÇT.JHVFM$PSSFJB
1SPEVUPS(S»ǡDP+P½P1BVMP'POU
3&%"$¡0
5&-&'0/&'"9
3$BMWFUEF.BHBMI½FT
1BÁPEF"SDPT
16#-*$*%"%&
5&-&'0/&'"9
*NQSFTB1VCMJTIJOH
3$BMWFUEF.BHBMI½FT
1BÁPEF"SDPT
%JSFDUPS$PPSEFOBEPS
'SFEFSJDPEF"MNFJEB%JBTGBEJBT!JNQSFTBQU
(FTUPSEF$POUBT.BOVFM1JÁBSSB
NQJDBSSB!JNQSFTBQU
"TTJTUFOUF&MJTBCFUF"OBDMFUP
FBOBDMFUP!JNQSFTBQU
$PPSEFOBEPSEF.BUFSJBJT
+PTÃ"OUÍOJP-PQFT
&EJUPSB.FEJQSFTT4PDJFEBEF+PSOBMÇTUJDB
F&EJUPSJBM-EB
/1$$BQJUBM4PDJBM`
$3$-JTCPB
$PNQPTJÁ½PEPDBQJUBMEBFOUJEBEF
QSPQSJFU»SJB
*NQSFTB1VCMJTIJOH4"
3VB$BMWFUEF.BHBMI½FT
1BÁPEF"SDPT
5FMq'BY
'PUP+P½P$VQFSUJOP
*NQSFTT½P-JTHS»ǡDB*NQSFTT½PF"SUFT
(S»ǡDBT4"
"OPWBSFWJTUB
EB$BJYB
"$"*9"(&3"-%&%&1­4*504 ÊÌi“Ê«ÀœVÕÀ>`œ]Ê`iÃ`iÊ
Ãi“«Ài]ÊVœ˜ÃÌÀՈÀÊՓ>ÊÀi>XKœÊ`iÊ«ÀœÝˆ“ˆ`>`iÊVœ“ÊœÃÊ
Vˆi˜Ìiðʜi]ʘiÃÌiÃÊÌi“«œÃÊVœ˜ÌÕÀL>`œÃÊiÊ`iÊ>}ՓÊ
iÝViÃÜÊ`iʈ˜vœÀ“>XKœÊiÊiÃ̉“Տœ]ʓ>ÃÊÌi“«œÃÊÌ>“Lj“Ê
ۈLÀ>˜ÌiÃ]Êjʈ“«œÀÌ>˜ÌiÊ«>À>ʜÃʘœÃÜÃÊVˆi˜ÌiÃÊiʏiˆÌœÀiÃÊ
µÕiʏ…iÃÊi˜ÌÀi}Õi“œÃʈ˜vœÀ“>XKœÊÀiiÛ>˜Ìi]Ê«À?̈V>ÊiÊÖ̈Ê
>œÊ`ˆ>‡>‡`ˆ>ÊVœ“Ê>ʓ>ÀV>Ê`iÊVœ˜w>˜X>Ê
>ˆÝ>°Ê
Ãȓʘ>ÃViÊ>ʘœÛ>ÊÀiۈÃÌ>Ê`>Ê
>ˆÝ>ÊiÀ>Ê`iÊi«ÃˆÌœÃ°
œ“Ê>ÊÃÕ>ʘœÛ>ÊÀiۈÃÌ>]ʵÕiÀi“œÃÊÃiÀÊՓ>ÊÀiëœÃÌ>ÊÀˆV>Ê
iÊ>LÀ>˜}i˜ÌiÊÜLÀiʓՈ̜ÃÊÌi“>Ã]ÊÛ>Ã̜ÃÊiÊ`ˆÛiÀÈwV>`œÃ]Ê
Vœ“œÊ>ÃÊw˜>˜X>Ã]Ê>Ê«œÕ«>˜X>Êiʈ˜ÛiÃ̈“i˜Ìœ]Ê>ÊÃ>Ö`i]ÊÊ
iÊ>ÌjÊ>ÊVՏÌÕÀ>]ʜÊ`iÈ}˜ÊiÊ>ÃÊۈ>}i˜Ã°Ê
œ˜Ûˆ`>“œ‡œ]Ê«œÀʈÃÜ]Ê>Êi“L>ÀV>ÀÊÀՓœÊ>œÊÀ>ȏ]Ê
>«œ˜Ì>`œÊVœ“œÊՓ>Ê`>ÃʘœÛ>ÃÊ«œÌk˜Vˆ>ÃÊiVœ˜“ˆV>ÃÊÊ
iÊՓʫ>‰ÃÊ`iÊvÕÌÕÀœ]ÊiÊ>Ê8>˜}>ˆ]ÊVˆ`>`iʵÕiÊiÃÌ?ʘœÊ
Vi˜ÌÀœÊ`œÊ“Õ˜`œÊ`iۈ`œÊDʜÀ}>˜ˆâ>XKœÊ`>ÊÝ«œ½Óä£ä°Ê
KœÊiõÕiVi“œÃ]ÊV>Àœ]ʜʵÕiÊ`iÊLœ“Êi݈ÃÌiʘœÊ˜œÃÜÊ
«>‰Ã]ÊVœ“œ]Ê«œÀÊiÝi“«œ]ÊՓ>ÊV>Ã>Ê`iÊV…>À“iÊi“Ê
VœL>X>ʜÕÊ>ÊVˆ`>`iÊ`iÊ6ˆ>˜>Ê`œÊ
>ÃÌiœ]Ê>ʘœÛ>ʁiV>Ê
`>ÊÀµÕˆÌiVÌÕÀ>Ê*œÀÌÕ}ÕiÃ>‚°ÊÊVœ“œÊœÊµÕiÊjʘ>Vˆœ˜>ÊÊ
jÊLœ“]Ê`>“œÃ‡…iÊ>ÊVœ˜…iViÀʵÕ>ÌÀœÊV>ÜÃÊ`iÊÃÕViÃÜÊ
“>`iʈ˜Ê*œÀÌÕ}>\Ê,œ`Àˆ}œÊiKœ]ʘ>ʓÖÈV>]ʏۈÀ>Ê
œÀÌ՘>̜]ʘ>ÊVˆk˜Vˆ>]ʜÊ>ÌiˆiÀʜV>Ê`œÊœLœ]ÊÊ
˜œÊ`iÈ}˜]ÊiÊ?ÀˆœÊ-ˆÛ>]ÊVœ“Ê>ÊÃÕ>Ê"œ˜]ÊۈÀ>`>Ê«>À>ÊÊ
>ÊÃÕÃÌi˜Ì>Lˆˆ`>`i°ÊÊ«œÀµÕiÊjÊV>`>ÊÛiâʓ>ˆÃʈ“«œÀÌ>˜ÌiÊ
Փ>ÊVœ˜ÃVˆi˜Vˆ>ˆâ>XKœÊÀi뜘Ã?ÛiÊÜLÀiʜÃÊÈÃÌi“>ÃÊ
ÕÀL>˜œÃÊiÊ>ÊiۜÕXKœÊµÕiÊ«ÀiVœ˜ˆâ>“]ÊVœ˜Ûˆ`>“œ‡œÊÊ
>Ê`iÃVœLÀˆÀÊ>ÃÊVˆ`>`iÃÊ`œÊ>“>˜…K]ʜ˜`iÊ̜`œÃÊÃiÀi“œÃÊ
Ài뜘Ã?ÛiˆÃÊ«i>Ê«Àœ“œXKœÊ`>ʵÕ>ˆ`>`iÊ`iÊۈ`>]Ê
}iÀ>XKœÊ`iÊÀˆµÕiâ>]ÊVœ˜…iVˆ“i˜ÌœÊiÊVÀˆ>̈ۈ`>`iÊÊ
iÊ«i>Ê«ÀiÃiÀÛ>XKœÊ`œÊ>“Lˆi˜Ìi°
œÊv՘`œ]Ê«i˜Ã?“œÃÊ«>À>ÊÈÊՓ>ÊÀiۈÃÌ>Ê`iÊÀiviÀk˜Vˆ>Ê
ÜLÀiÊ>Êۈ`>]Ê>ÃÊ>ÀÌiÃÊiÊ>ÃÊw˜>˜X>ÃÊ«iÃÜ>ˆÃ°
ÊÜLÀiÊiÃÌ>ʓ>ÌjÀˆ>]ÊÌKœÊÃi˜Ã‰ÛiÊiʵÕiÊiÃÌ?ʘœÊVi˜ÌÀœÊ
`>ÃÊ>Ìi˜XªiÃÊ`iʓՈÌ>ÃÊv>“‰ˆ>ÃÊ«œÀÌÕ}ÕiÃ>ÃÊiÊ`œÊ«>‰Ã]ÊÊ
>Ê
ÝÊv>âʵÕiÃÌKœÊ`iÊÃiÀÊՓÊÛiÀ`>`iˆÀœÊ«>ÀViˆÀœ]ÊÊ
Vœ“ÊÃÕ}iÃ̪iÃÊiÊÀiVœ“i˜`>XªiÃʵÕiÊ«iÀ“ˆÌ>“Ê̜“>ÀÊÊ
>Ãʓi…œÀiÃÊ`iVˆÃªiðÊ
œ˜Ûˆ`>“œ‡œ]Ê«œÀʈÃÜ]Ê>Ê`i`ˆV>À‡ÃiÊ>ÊՓÊ`œÃʓi…œÀiÃÊ
«À>âiÀiÃÊ`>Êۈ`>\Ê>ʏiˆÌÕÀ>°Ê
œ“Ê>Ê
Ý]ʘ>ÌÕÀ>“i˜Ìi°
46;"/"'&33&*3"
$0."46"
/07"3&7*45"
26&3&.04
4&36."
3&41045"3*$"
&"#3"/(&/5&
40#3&.6*504
5&."4
1SPQSJFEBEF
$BJYB(FSBMEF%FQÍTJUPT
"W+P½P99*-JTCPB
1FSJPEJDJEBEF5SJNFTUSBM
&EJÁ½PO”+VMIP4FUFNCSP
%FQÍTJUP-FHBM
3FHJTUP&3$
5JSBHFNFYFNQMBSFT
"$YÃVNBQVCMJDBÁ½PEB%JWJT½P$VTUPNFS
1VCMJTIJOHEB*NQSFTB1VCMJTIJOH
TPCMJDFOÁBEB$BJYB(FSBMEF%FQÍTJUPT
$Y
+6-)0]4&5&.#30
ò
J
JOUFSJPS
1PSNFOPS/PUÇDJBTFOPWJEBEFT
)JTUÍSJBTEFTVDFTTP-FPOFM
$BNFJSJOIBFB)FSEBEFEB'JHVFJSJOIB
5BMFOUP&MWJSB'PSUVOBUPDJFOUJTUB
EFTVDFTTPJOUFSOBDJPOBMF.»SJP4JMWB
PFNQSFFOEFEPSRVFUSBOTGPSNBÍMFP
VTBEPFNWFMBTBSPN»UJDBT
%FTJHO"SRVJUFDUVSB
0BUFMJFS#PDBEP-PCPFBTDJEBEFT
EPGVUVSP
"VUPNÍWFJT(JVMJFUUBFTU»
EFWPMUB
(PVSNFU6N-BSHPEFDPJTBTCPBT
OP$IJBEP
)JTUÍSJBEFDBQB
$VMUP0CKFDUPTJOTQJSBEPSFT
0CTFSWBUÍSJP$(%OP#SBTJM
'VHBT0$IBMFU'POUF/PWBF
IPSBTFN7JBOBEP$BTUFMP
4BÔEF$VJEBEPDPNPTPMIPT
'JOBOÁBT$PNPMJEBSDPNP1&$
&EVDBÁ½P$POIFDJNFOUPTFNJEBEF
4VTUFOUBCJMJEBEF"QPTUBS
OPQPUFODJBMEBFOFSHJBTPMBS
$VMUVSB"HFOEBEFFTQFDU»DVMPT
VNBTFMFDÁ½PEFMJWSPTFEJTDPT
FBOPWBGPSNBEFWFSDJOFNB
7JOUBHF1FÁBTDPNIJTUÍSJB
ó
$Y
+6-)0]4&5&.#30
$POTJEFSBEPVNEPTQBÇTFTNBJTTVTUFOU»WFJTEPNVOEPMÇEFSOPDBNQPEBT
FOFSHJBTBMUFSOBUJWBTFVNBEBTNBJTGPSUFTQPUÄODJBTFDPOÍNJDBTFNFSHFOUFT
P#SBTJMÃIPKFNVJUPNBJTEPRVFVNBQFMBUJWPEFTUJOPEFGÃSJBT
(SBOEFWJBHFN
1PVDBTDJEBEFTQPTTVFNFTUBFTUSBOIBDBQBDJEBEFEFJNQSFTTJPOBSUPEPTPT
RVFBTWJTJUBN"RVFMBBRVFDIBNBWBN…1ÃSPMBEP0SJFOUF•USBOTGPSNPVTF
OBNPOUSBEP…QSPEÇHJPDIJOÄT•#FNWJOEPB9BOHBJ
&OUSFWJTUB
.ÔTJDPFDPNQPTJUPSDPNGPSNBÁ½PDM»TTJDBDPNQBTTBHFOTNBSDBOUFTQFMPT
4ÃUJNB-FHJ½PFQFMPT.BESFEFVTEJ[RVFBNÔTJDBÃBMHPJOUVJUJWP$IBNBTF
3PESJHP-F½P
$VMUVSB
0DJOFNBFTU»EJGFSFOUFNVJUPNBJTFWPMVÇEP0GVUVSPÃK»IPKFFP%BGBDF
NBJTWJTÇWFMEFVNBBCPSEBHFNRVFO½PÃJOJNJHBEBBSUFDJOFNBUPHS»ǡDB
'PUP+PTFQI-VPNBO
Q
QPSNFOPS
ʽ0.&-)03#0-0%&$)0$0-"5&%0.6/%0ʾ£10356(6¤4iÊV…i}œÕ]Êi“Ê՘…œ]Ê>Ê œÛ>ʜÀµÕi°ÊÊ
"Ê«Àœ«ÀˆiÌ?ÀˆœÊ`œÊië>XœÊi“Ê
>“«œÊ`iÊ"ÕÀˆµÕiÊ­,°Ê
œi…œÊ`>Ê,œV…>]ʙ™®ÊÕ˜ÌœÕ‡ÃiÊ>ʵÕ>ÌÀœÊÝVˆœÃʘœÃÊÇ
Ì>`œÃÊ1˜ˆ`œÃÊ«>À>Ê>LÀˆÀÊՓ>Ê«iµÕi˜>ʏœ>Êi“Ê>˜…>ÌÌ>˜]ʵÕiʍ?ʓiÀiViÕÊÀiviÀk˜Vˆ>ʘœÊ iÜÊ9œÀŽÊ/ˆ“iðÊ]Ê>ÌjÊ
>œÊw˜>Ê`œÊ>˜œ]ÊiÃÌ?ÊÌ>“Lj“Ê«ÀiۈÃÌ>Ê>ʈ˜>Õ}ÕÀ>XKœÊ`iÊՓ>ÊVœ˜viˆÌ>Àˆ>Êi“ÊÀœœŽÞ˜ÊiʜÕÌÀ>Êi“Ê7>ň˜}̜˜°Ê
œ“Ê>ÊiÝ«>˜ÃKœÊ«>À>Ê>ʓiÌÀ«œiÊ>“iÀˆV>˜>]ʜÊi“«ÀiÃ?ÀˆœÊ«œÀÌÕ}ÕkÃÊ
>ÀœÃÊÀ>âʜ«iÃʍ?ÊÛi˜`iÊ>ÊÃÕ>Êiëi‡
Vˆ>ˆ`>`iÊi“ʈÃLœ>]Ê>`Àˆ`]Ê-KœÊ*>Տœ]Ê,ˆœÊ`iÊ>˜iˆÀœÊiÊ œÛ>ʜÀµÕi°Ê >ʏœ>Ê>“iÀˆV>˜>]ʜÊLœœÊÃiÀ?ÊÃiÀۈ`œÊ
˜>ÊÃÕ>ÊvœÀ“>ÊÌÀ>`ˆVˆœ˜>]ÊVœ“ÊxxÊ«œÀÊVi˜ÌœÊ`iÊV>V>Õ]ÊiʜÕÌÀ>ÊVœ“ÊÇäÊ«œÀÊVi˜ÌœÊ`iÊV>V>Õ°Ê
$BSSPHMBEJBEPS
#PNC»TUJDPFDPOUSPWFSTPP#.8"SU$BSRVF+Fǝ,PPOT
EFTFOIPVQBSBBT)PSBTEF-F.BOTO½PEFJYBOJOHVÃNJOEJGFSFOUF
ƑƖƢƤŻƑşżƢŻƖÊiÀ>ʜʫœ`iÀÊiÊ>Êi“œXKœ°Êi‡
«œˆÃÊ>ÊiÝ«œÃKœ°ÊÃȓÊVœÀÀiÀ>“ÊœÃÊ`œˆÃÊ
“iÃiÃʵÕiÊ>ÊiµÕˆ«>Ê`œÊiÃVՏ̜ÀÊLÀˆÌ@˜ˆVœÊ
ivvʜœ˜ÃʏiۜÕÊ«>À>ÊVœ˜ViLiÀʜÊ7Ê
ÎÊ/ÓÊÀÌÊ
>À]Ê`iÃ̈˜>`œÊ>ÊVœ“«ïÀʘœÊ
“‰ÌˆVœÊVˆÀVՈ̜ÊvÀ>˜VkðÊ1“ÊÛiÀ`>`iˆÀœÊˆ}Ê
>˜}ÊVÀˆ>̈ۜ]ʵÕiʜœ˜ÃÊ`iˆÝ>Ê>`ˆÛˆ˜…>ÀÊ
«iœÊ«œ˜ÌœÊVi˜ÌÀ>ÊµÕiÊ`iÃi˜…œÕʘ>Ê
ÌÀ>ÃiˆÀ>Ê`œÊV>ÀÀœ]Ê`iʜ˜`iÊi“iÀ}iÊՓ>Ê
«ÀœvÕÃKœÊ`iÊVœÀiÃÊiÊvœÀ“>ÃÊi“Ê`ˆÀiVXKœÊÊ
DÊ}Ài…>Ê`ˆ>˜ÌiˆÀ>°
-i}Ո˜`œÊ>ÃÊ«ˆÃ>`>ÃÊ`iÊ>À̈ÃÌ>ÃÊVœ“œÊ
˜`ÞÊ7>À…œÊœÕÊ,œÞʈV…Ìi˜ÃÌiˆ˜]ÊivvÊ
œœ˜ÃÊ>ÃȘœÕʜʣǰœÊÀÌÊ
>ÀÊ`>Ê7]Ê
>˜X>`œÊ`ˆ>ÃÊ>˜ÌiÃÊ`>ÊVœÀÀˆ`>]ʘœÊ
i˜ÌÀiÊ
*œ“«ˆ`œÕ]Êi“Ê*>ÀˆÃ]Ê«iÀ>˜ÌiÊՓ>Ê«>Ìiˆ>Ê
`iÊÎääÊVœ˜Ûˆ`>`œÃ°
>ÃÊ>Ê«>ˆÝKœÊ`œÊ>À̈ÃÌ>Ê«i>ʓ>ÀV>Ê}iÀ“@‡
˜ˆV>Ê>ÀÀ>˜VœÕʅ?ʓ>ˆÃÊ`iÊ`Õ>ÃÊ`jV>`>Ã]Ê>œÊ
ܓÊ`œÊ“œÌœÀÊ`œÊ7ʵÕiʜœ˜ÃÊVœ˜‡
`Õâˆ>Êi“Ê՘ˆµÕi°Ê"Ê̈ÀœÊ`iÊ«>À̈`>Ê«>À>Ê
>Ê«>ÀViÀˆ>ÊÃiÀˆ>Ê`>`œÊi“ÊÓääÎ]ʵÕ>˜`œÊœÊ
iÃVՏ̜Àʓ>˜ˆviÃ̜ÕʜÊ`iÃiœÊ`iÊVÀˆ>ÀÊՓÊ
ÀÌÊ
>ÀÊ«>À>ʜÊVœ˜ÃÌÀÕ̜ÀÊ`iÊ>Õ̜“ÛiˆÃ°Ê
?ÊiÃÌiÊ>˜œ]Ê>ÊiÃVÕ`iÀˆ>Ê>i“KÊ`iÃ>wœÕÊ
œœ˜ÃÊ>Ê`œÌ>ÀʜÊLˆ`iÊ`iÊՓÊ`iÈ}˜Ê
µÕiÊ«œÌi˜Vˆ>ÃÃiÊ>ÊÃÕ>Ê>iÀœ`ˆ˜@“ˆV>]Ê
Vœ˜Ûˆ`>˜`œ‡œÊ>ÌjÊ>Ê«>À̈Vˆ«>ÀʘœÃÊÌiÃÌiÃÊ
`>ÊiµÕˆ«>Ê>“iÀˆV>˜>Ê`>Ê7ÊiÊ>˜ÃÊ
-iÀˆiÃ]ʘ>ʏœÀˆ`>°
œ˜ÌÕ`œ]ʜÃÊ̜˜ÃÊ}>ÀÀˆ`œÃÊiʏˆ˜…>ÃÊ>ÀÀœ>‡
`>ÃʵÕiÊ`iÃÌ>V>À>“ÊœÊÀÌÊ
>Àʘ>Ê}Ài…>Ê`iÊ
«>À̈`>Ê«>À>Ê>ÃÊÓ{ʜÀ>ÃÊ`iÊiÊ>˜Ã]ÊÊ
>Ê£ÓÊiÊ£ÎÊ`iÊ՘…œ]ʘKœÊvœÀ>“ÊÃÕwVˆi˜ÌiÃÊ
«>À>ʵÕiʜÊ>Õ̜“ÛiÊiÃ̜ÕÀ>ÃÃi‚ÊÊ
>ÌjÊDʏˆ˜…>Ê`iÊV…i}>`>°ÊՈ>`œÊ«iœÃÊ
«ˆœÌœÃʘ`ÞÊ*Àˆ>ՏÝ]ʈÀŽÊ؏iÀÊiʈÀŽÊ
7iÀ˜iÀ]ʜÊ7ÊÎÊ/ÓÊǙÊÌiÛiÊ`iÊÊ
>L>˜`œ˜>ÀÊ>Ê«ˆÃÌ>Ê>˜ÌiÃÊ`œÊw“Ê`>ÊVœÀÀˆ`>°Ê
œœ˜ÃÊÃÕLˆ˜…>Ê>Ê«iÀvœÀ“>˜ViÊ>}ÕiÀÀˆ`>Ê
`œÊ>Õ̜“Ûi]ʵÕiÊ>«iˆ`œÕÊ`iʁ}>`ˆ>‡
`œÀ‚]ÊiʵÕiÀÊ`>À‡…iÊՓ>ʘœÛ>ʜ«œÀÌ՘ˆ‡
`>`i]ʓ>ÃÊÌ>˜ÌœÊœÊiÃ̈œÊVœ“œÊœÊ`iÃi“‡
«i˜…œÊ`œÊÀÌÊ
>ÀÊiÃ̈ÛiÀ>“ʏœ˜}iÊ`iÊÃiÀÊ
Vœ˜Ãi˜ÃÕ>ˆÃ°°°Ê*œÀ?Ê>Ê7ÊՓÊÌÀ>ÛKœÊÊ
>œÊܘ…œÊ`iÊivvʜœ˜Ã¶
*%&*"4
1BSBSFEV[JS
BTVBQFHBEBFDPMÍHJDB
BEPQUBOEPDPNQPSUBNFOUPT
NBJTBNJHPTEPBNCJFOUF
"$$6.&.
6UJMJ[FBQBSFMIPTFMÃDUSJDPT
FFMFDUSÍOJDPTEFCBJYP
DPOTVNP/½PEFJYFBQBSFMIPT
MJHBEPTTFNFTUBSFNBTFS
VUJMJ[BEPT
3FEV[BPDPOTVNPEF»HVB
4VCTUJUVBPTCBOIPT
EFJNFST½PQPSEVDIFT
S»QJEPT*OTUBMFBJOEBSFEVUPSFT
EFDBVEBMFSFHVMFBTEFTDBSHBT
EPBVUPDMJTNP
3FEV[BBVUJMJ[BÁ½PEPT
TJTUFNBTEFDMJNBUJ[BÁ½P
JOWFTUJOEPFNCPOTJTPMBNFOUPT
OBTVBIBCJUBÁ½PDPNP
KBOFMBTDPNWJESPEVQMPQPS
FYFNQMP
%FJYFPWFÇDVMPBVUPNÍWFM
FNDBTBVUJMJ[FNBJT
BCJDJDMFUBFPTUSBOTQPSUFT
QÔCMJDPTDPNPPDPNCPJP
QPSFYFNQMP
4FNQSFRVFQPTTÇWFM
BERVJSBQSPEVUPT
QSPEV[JEPTMPDBMNFOUFQPJT
DPOTPNFNNFOPTDPNCVTUÇWFM
OPTFVUSBOTQPSUFQSPEV[JOEP
NFOPTFNJTTÏFTFDPOUSJCVFN
QBSBBNBOVUFOÁ½PEPFNQSFHP
FQBSBPEFTFOWPMWJNFOUP
EBFDPOPNJBSFHJPOBM
$POǡSBFTUFTFPVUSPTDPOTFMIPTOP
TJUFEB2VFSDVTFNXXXRVFSDVT
QUFOPFTQBÁP$BJYB$BSCPOP;FSP
FNXXXDHEQU
õ
$Y
+6-)0]4&5&.#30
$".1"/)"
$"*9"80."/13&.*"%"
7*%"
-JTCPBTVTUFOU»WFM
ŒƐƖƑƖşƊŨÊii}iÕÊ«i>ÊÊ
Ãi}՘`>ÊÛiâÊVœ˜ÃiVṎÛ>Ê>ÊV>«ˆ‡
Ì>Ê>v>Vˆ˜…>ÊVœ“œÊ>ÊÓx°>ÊVˆ`>`iÊ
“>ˆÃÊ>}À>`?ÛiÊ`œÊ՘`œÊ«>À>Ê
ÃiÊۈÛiÀ°Ê"ÊÀ>˜Žˆ˜}]Êi>LœÀ>`œÊ
«i>ÊVœ˜ViˆÌÕ>`>ÊÀiۈÃÌ>Ê`iÊ
VՏÌÕÀ>]ʏˆviÃÌޏiÊiÊ`iÈ}˜]ÊVœœV>Ê
ˆÃLœ>Ê>ÊÀi“>Ì>ÀÊՓ>ʏˆÃÌ>ÊÊ
`iÊÓxÊVˆ`>`iÃʏˆ`iÀ>`>Ê«œÀÊ
<ÕÀˆµÕi]ÊÃi}Ո`>Ê`iÊ
œ«i˜…>}>]Ê
/µÕˆœ]Ê՘ˆµÕiÊiÊiÃ‰˜µÕˆ>°Ê
"ÃÊ«Àˆ˜Vˆ«>ˆÃÊVÀˆÌjÀˆœÃÊ̈`œÃÊÊ
i“ÊVœ˜Ì>ÊvœÀ>“Ê>ÊiwVˆk˜Vˆ>ÊÊ
`>ÊÀi`iÊ`iÊÌÀ>˜Ã«œÀÌiÃ]ÊÊ
>ÊÃÕÃÌi˜Ì>Lˆˆ`>`i]ʜÊ>ViÃÜÊÊ
>ÊÃiÀۈXœÃÊiÊLi˜ÃÊiÃÃi˜Vˆ>ˆÃ]ÊÊ
Ãi“Ê`iˆÝ>ÀÊ`iʏ>`œÊœÃÊië>XœÃÊÊ
`iʏ>âiÀÊ`œÃʅ>LˆÌ>˜ÌiðÊ>ÃÊ
vœÀ>“Ê>ÃÊL>ˆÝ>ÃÊÌ>Ý>ÃÊ`iÊVÀˆ‡
“ˆ˜>ˆ`>`iÊiÊ>ÃÊÀi>XªiÃÊVœ“Ê>Ê
“jÀˆV>Ê`œÊ-Տ]ʵÕiÊv>âi“Ê`iÊ
ˆÃLœ>ÊՓ>ʈ“«œÀÌ>˜ÌiÊ«>Ì>‡
vœÀ“>Ê`iÊi˜ÌÀ>`>Ê«>À>Ê>ÊÀi}ˆKœÊ
ÃՏ‡>“iÀˆV>˜>]Ê>Ê`ˆÌ>ÀÊ>ÊÃÕ>Ê
ˆ˜VÕÃKœÊ˜œÊÀœÊ`>ÃÊVˆ`>`iÃʜ˜`iÊ
ÃiÊۈÛiʓi…œÀ°ÊÊÀiµÕ>ˆwV>XKœÊ
`>ʓ>À}i“Ê`ˆÀiˆÌ>Ê`œÊ/iœÊÊ
iÊ>ʏiˆÊµÕiÊ̜À˜>Ê«œÃÉÛiÊœÊ
V>Ã>“i˜ÌœÊi˜ÌÀiʅœ“œÃÃiÝÕ>ˆÃÊ
vœÀ>“]Ê>ˆ˜`>]Ê`iVˆÃˆÛœÃÊ«>À>ÊÊ
µÕiÊ>ʜ˜œViÊÀiVœ˜…iViÃÃiÊÊ
>ʵÕ>ˆ`>`iÊ`iÊۈ`>ʏˆÃLœiÌ>°
'PUP%3
&453&-"%"$0.1"/)*"
şŸŨųƖƲƽŻƲŨƽŨƑşŨƲ"BQMJDBÁ½P'MJDLS4IPXEFTFOWPMWJEBQFMP
QPSUVHVÄT1FESP.FMP4BOUPTDPORVJTUPVBǡOBMFVSPQFJBEPDPO
DVSTP"QQ4UBSQSPNPWJEPQFMB7PEBGPOFK»EFQPJTEFUFSUSJVOGBEP
OBFUBQBOBDJPOBMEBDPNQFUJÁ½P0FOHFOIFJSPJOGPSN»UJDPEF
BOPTBSSFDBEPVBTTJNVNQSÃNJPUPUBMEFNJMFVSPTEFQPJTEFP
QÔCMJDPFVSPQFVUFSWPUBEPOBTVBBQMJDBÁ½PRVFQFSNJUFBQFTRVJTB
FPWJTJPOBNFOUPEFJNBHFOTEP'MJDLSBUSBWÃTEPUFMFNÍWFM2VFN
RVJTFSFYQFSJNFOUBSBFTUSFMBQPSUVHVFTBEB7PEBGPOFQPEFEFTDBS
SFH»MBEJSFDUBNFOUFBQBSUJSEPUFMFNÍWFMPVFNXXXDPN
ŒşŒƐƢŒƑŸŒ$BJYB
8PNBOEB$BJYB
(FSBMEF%FQÍTJUPT
DPORVJTUPVVNB
NFOÁ½PIPOSPTBOP
'FTUJWBMEF.ÃEJBEF
7BMÄODJBOB
DBUFHPSJB#FTU
5BSHFUFE$BNQBJHO
$PNVNBFTUSBUÃHJB
”RVFFOWPMWFV
W»SJPTNFJPTDPN
EFTUBRVFQBSBPT
TVQPSUFTEJHJUBJT
DPNBDSJBÁ½P
EFVNTJUFQSÍQSJP
EFEJDBEPº$BJYB
8PNBOVNB
OFXTMFUUFSFSFEFT
TPDJBJT
PMBOÁBNFOUPEFVNBSFWJTUB
FBDSJBÁ½PEBNJOJTÃSJFEFǡDÁ½P"8PNBO4UPSZ
DPNFQJTÍEJPTFYJCJEBOPDBOBM'PY-JGF
&TUBNJOJTÃSJFRVFDPOTUJUVJVVNQSPKFDUPJOÃEJUPFN
1PSUVHBMFOWPMWFVUSÄTQSPUBHPOJTUBTGFNJOJOBTRVF
QSFUFOEJBNSFQSFTFOUBSEJGFSFOUFTQFSǡTEFDMJFOUFT
$BJYB8PNBOUFOEPPTFQJTÍEJPTTJEPUBNCÃN
WFJDVMBEPTOPDBOBM$BJYB8PNBOEP:PV5VCF
"6N1BTTPEP4POIP
FNUPEPPQBÇT
ƖƑƖƤƮŨƨŸƖƢƢŻƑųÊÊ
ÀiViLiÕ]Êi˜ÌÀiÊÓÈÊ`iÊ՘…œÊ
iÊ{Ê`iÊՏ…œ]Ê>ÊiÝ«œÃˆXKœÊ
ˆÌˆ˜iÀ>˜ÌiÊ«Àœ“œÛˆ`>Ê«i>Ê
,i“>`iʈ˜Ê*œÀÌÕ}>ÊÊ1“Ê
*>ÃÜÊ`œÊ-œ˜…œ°Ê˜ÃiÀˆ`>ʘ>Ê
Ãi“>˜>Ê œÀÌiÊÀii˜Ê`œÊ
Vi˜ÌÀœÊVœ“iÀVˆ>]Ê>ʓœÃÌÀ>Ê
ˆ˜VÕˆÕÊ,>«Õ˜âiÊ­˜>ÊvœÌœ®]ÊÊ
>Ê«iX>ÊÛi˜Vi`œÀ>ÊÊ
`>Êi`ˆXKœÊÓää™Ê`œÊÊ
œ˜VÕÀÜÊ`iÊiÈ}˜Ê`iÊ
œLˆˆ?ÀˆœÊVœ“Ê>ÌiÀˆ>ˆÃÊ
,iVˆV>`œÃÊ«Àœ“œÛˆ`œÊ«i>Ê
>ˆÝ>ÊiÀ>Ê`iÊi«ÃˆÌœÃ°ÊÊ
ÊiÝ«œÃˆXKœÊˆÌˆ˜iÀ>˜Ìi]ʵÕiʈ˜Ìi}À>Ê>ˆ˜`>Ê>Ê«iX>ÊÊ
Vœv>ۜ]ÊÛi˜Vi`œÀ>Ê`œÊVœ˜VÕÀÜÊ`iÊ`iÈ}˜Ê`>Ê
ÊÊ
i“ÊÓään]Ê`iVœÀÀiÊi“Ê}À>˜`iÃÊÃÕ«iÀv‰VˆiÃÊVœ“iÀVˆ>ˆÃ]Ê
«iÀ“ˆÌˆ˜`œ]Ê>Ãȓ]Ê`ˆÛՏ}>ÀʜÊiVœ‡`iÈ}˜ÊÕ˜ÌœÊÊ
`œÊ«ÖLˆVœÊi“Ê}iÀ>°
$Y
+6-)0]4&5&.#30
ö
Q
QPSNFOPS
7**'&45*7"-%&.´4*$"4%0
.6/%0À̈ÃÌ>ÃÊ`iÊ£ÓÊ«>‰ÃiÃÊ
`KœÊVœÀ«œÊ>ʜÕÌÀœÃÊÌ>˜ÌœÃÊÊ
iëiVÌ?VՏœÃʘœÊ>Õ`ˆÌÀˆœÊ
iÝÌiÀˆœÀÊ`œÊ/i>ÌÀœÊ`iÊ6ˆ>Ê,i>°Ê
ÕÀ>˜ÌiʜÃʓiÃiÃÊ`iÊ՘…œ]Ê
Տ…œÊiÊ}œÃ̜°
"/%"/¡"4˂0'&45*7"-
*/5&3/"$*0/"-%&%"/¡"4
1016-"3&4Ê>˜X>ÃÊ`iÊ̜`œÊÊ
œÊ“Õ˜`œÊ˜Õ“ÊviÃ̈Û>ÊµÕiÊ`Շ
À>˜ÌiÊՓ>ÊÃi“>˜>Ê>ÌiÀ>Ê>Êv>ViÊ
`iÊ
>ÀÛ>…>ˆÃ]Êi“Ê-KœÊ*i`ÀœÊ`œÊ
-Տ°ÊiÊÓÊ>ÊnÊ`iÊ}œÃ̜°
6NCBSDPDIBNBEPEFTFKP
.BSD/FXTPOQSPKFDUPVVN3JWBFNFEJÁ½PMJNJUBEB
EFVOJEBEFTRVFSFWPMVDJPOBOPEFTFOIPFOPTNBUFSJBJT
ƲƐťƖƨƊŒƑŢŒƐŨƑƮƖƨʓ>ˆÃÊiëiÀ>`œÃÊÊ
`œÊ>˜œÊÕ˜Ì>ʜÊVœ˜ViˆÌÕ>`œÊ`iÈ}˜iÀÊÊ
>ÀVÊ iÜܘÊiÊ>Ê"vwVˆ˜>ÊÌ>ˆ>˜>ÊiÈ}˜]Ê
Vœ“«>˜…ˆ>ʵÕi]Ê`iʅ?ÊÓäÊ>˜œÃÊ«>À>ÊV?]Ê
`iÃi˜…>]Êi“ÊiÝVÕÈۜ]ʜÃÊL>ÀVœÃÊ`œÃÊ
Ài«ÕÌ>`œÃÊiÃÌ>iˆÀœÃʈÌ>ˆ>˜œÃÊ,ˆÛ>°ÊÊ
"ʓœÌiÊ«>À>ÊiÃÌiÊ«ÀœiV̜ÊjÊ>ʏ>˜V…>Ê
µÕ>ÀˆÛ>]ʵÕiʜÊ>À̈ÃÌ>Ê>ÕÃÌÀ>ˆ>˜œÊÀiVÀˆœÕÊ
˜Õ“>Êi`ˆXKœÊˆ“ˆÌ>`>Ê`iÊÓÓÊ՘ˆ`>`iÃ]ÊÊ
µÕiʜʓiÀV>`œÊ>Vœ…iÀ?Êi“Ê-iÌi“LÀœÊ
`iÊÓä£ä]Ê`ˆÃ«œ˜‰ÛiÊ>ÌÀ>ÛjÃÊ`>Ê>}œÃˆ>˜Ê
>iÀÞ]ÊՓ>Ê`>Ãʓ>ˆÃÊÛ>˜}Õ>À`ˆÃÌ>ÃÊÊ
}>iÀˆ>ÃÊ`iÊ>ÀÌiÊ`œÊ“œ“i˜Ìœ°Ê
ÊiÃÌj̈V>ʜÀ}@˜ˆV>Ê`œÊµÕ>ÀˆÛ>ÊLÞÊ>ÀVÊ
iÜܘʈ˜œÛ>Ê>œÊÃÕLÃ̈ÌՈÀÊ>Ãʓ>`iˆÀ>ÃÊÊ
«œÀÊՓʏ>“ˆ˜>`œÊ“>ˆÃÊ`ÕÀ?ÛiÊµÕiÊÀiÛiÃÌiÊÊ
œÊ`iVŽÊiʜʫ>ˆ˜iÊ`iʈ˜ÃÌÀՓi˜ÌœÃ°ÊÊ
*œÀÊVœ˜ÌÀ>ÃÌi]ʘœÊiÝÌiÀˆœÀ]Ê«Ài`œ“ˆ˜>“ÊÊ
œÃÊ>Õ“‰˜ˆœÃ]ʵÕiÊ`KœÊ>ÊiÃÌ>ʏ>˜V…>ÊÊ
œÊ̜µÕiÊ`iÊÀiµÕˆ˜Ìi]ʵÕiÊÀiVÕ«iÀ>ʜÊiÃ̈œÊ
V?ÃÈVœÊ`>ÃÊi“L>ÀV>XªiÃÊ`>ʓ>ÀV>ʈÌ>ˆ>˜>Ê
iÊVœ˜wÀ“>Ê>Êȓ«ˆVˆ`>`iÊiÊv՘Vˆœ˜>ˆ`>`iÊ
µÕiÊ̜À˜>“ʜʘœÛœÊµÕ>ÀˆÛ>Ê֘ˆVœ°
œ“i>`œ]Êi“ÊÓääx]Ê«i>ÊÀiۈÃÌ>Ê/ˆ“i]ÊÊ
Փ>Ê`>ÃÊ£ääÊ«iÃÜ>Ãʓ>ˆÃʈ˜yÕi˜ÌiÃÊÊ
`œÊ՘`œ]Ê`i«œˆÃÊ`œÃʏœÕÀœÃÊ>V>˜X>`œÃÊÊ
˜œÊÃiÕÊÌÀ>L>…œÊVœ“Ê>Ãʈ˜`ÖÃÌÀˆ>ÃÊ
>iÀœ˜?ṎV>ÊiÊ>Õ̜“Ûi]Ê iÜܘÊÊ
>Ûi˜ÌÕÀ>‡Ãi]Ê>}œÀ>]ʘœÊ`iÈ}˜Ê˜?ṎVœ]ÊÊ
Vœ“ÊՓ>Ê«>ÀViÀˆ>ʵÕiÊ«Àœ“iÌiÊ`iˆÝ>ÀÊÊ
œÃÊ>“>˜ÌiÃÊ`œÃÊL>ÀVœÃÊVœ“Ê?}Õ>ʘ>ÊLœV>°
-JNQBS1PSUVHBM
÷
$Y
+6-)0]4&5&.#30
13£.*0
/"$*0/"-
%&*/07"¡0
".#*&/5"ŒşŒŻǃŒųŨƤŒƊťŨťŨƢƗƨŻƮƖƨ
WPMUPVBTFSNFDFOBTQFMP
TFHVOEPBOPDPOTFDVUJWPEP
1SÃNJP/BDJPOBMEF*OPWB
Á½P"NCJFOUBM0TQSPKFDUPT
WFODFEPSFTGPSBNBOVODJBEPT
OPǡOBMEPNÄTEF.BJPUFOEP
PT…"CTPSWFOUFTDPNEFSSB
NFT$PSL4PSC•EB$PSUJDFJSB
"NPSJN4(14BSSFDBEBEP
PQSJNFJSPMVHBSFHBOIBOEP
QPSJTTPEJSFJUPBSFQSFTFOUBS
1PSUVHBMOP&VSPQFBO&OWJSPO
NFOUBM1SFTT"XBSE
"$$6.&.
".#*&/5&
ƖųƤƲƢƖşŒŻǃŒųŨƤŒƊťŨ
ťŨƢƗƨŻƮƖƨiÊ>ÊÃÜVˆ>XKœÊ
*œÀÌÕ}ÕiÃ>Ê`iÊ`ÕV>XKœÊ“‡
Lˆi˜Ì>Ê>˜X>À>“ÊՓÊ`iÃ>wœÊ
DÊVœ“Õ˜ˆ`>`iÊiÃÌÕ`>˜Ìˆ°Ê
>˜`œÊVœ˜Ìˆ˜Õˆ`>`iÊ>œÊ
«ÀœiV̜ʁˆ“«>ÀÊ*œÀÌÕ}>‚Ê
µÕiÊ`iVœÀÀiÕÊ>ÊÓäÊ`iÊ>ÀXœ]Ê«œÀÊ̜`œÊœÊ
«>‰Ã]Ê>Ê«>ÀViÀˆ>ÊÌÀ>`Õâ‡Ãiʘ>ÊÃi˜ÃˆLˆˆâ>XKœÊ
`œÃÊ>Õ˜œÃÊ`œÃÊÛ?ÀˆœÃʘ‰ÛiˆÃÊ`iÊi˜Ãˆ˜œÊ«>À>Ê
97***'&45*7"-4&5&4­*4
4&5&-6"4Ê*Àœ“œÛˆ`œÊ
«œÀÊՓ>ÊÀi`iÊVՏÌÕÀ>Ê`iÊÎäÊ
Vˆ`>`iÃ]ÊVi˜ÌÀ>‡Ãiʘ>ʓÖÈV>Ê
«œ«Õ>ÀÊVœ˜Ìi“«œÀ@˜i>ÊiÊ>ÀÌiÃÊ
«?Ã̈V>ðÊÕÀ>Ê>ÌjÊ>œÊ«ÀÝˆ“œÊ
“kÃÊ`iÊ œÛi“LÀœ°
œÊÌi“>ʁ
œ“œÊ“>˜ÌiÀÊ*œÀÌÕ}>Ê
ˆ“«œÊqʜÕÌÀ>ʵÕ>ˆ`>`iÊ`iÊ
ۈ`>‚ÊiÊ«>À>Ê>ʘiViÃÈ`>`iÊ`>Ê
«>À̈Vˆ«>XKœÊV‰ÛˆV>]ʘ>ʓi…œÀˆ>Ê
`œÊ>“Lˆi˜ÌiÊiÊ`>ʵÕ>ˆ`>`iÊ`iÊ
ۈ`>ʈ˜`ˆÛˆ`Õ>ÊiÊVœiV̈Û>°
*>À>Ê>j“Ê`>Ê
>ˆÝ>]Ê>ʈ˜ˆVˆ>̈Û>Ê
Vœ˜Ì>]Ê>ˆ˜`>]ÊVœ“ÊœÊ>«œˆœÊ`>ÃÊÃi}ÕÀ>`œÀ>ÃÊ`œÊ
ÀÕ«œÊ
]ʈ`iˆ`>`iÊ՘`ˆ>Êiʓ«jÀˆœÊ
œ˜>˜X>°
%&4*(/1"3"
0.6/%0
ŨƑƮƤŨɅɍŨɆɉťŨƆƲƊŸƖP
1BWJMI½PEF1PSUVHBMOB&YQP
FYQÎTQFÁBTDPNP
$BSBDPM$BSHP$PSL)PVTF
$PSL/FX$PMMFDUJPO-PHPT
$PSLSVCCFS&DPGBWP1BSUJDMFT
1PSUVHVFTF)PVTF3BMPF
3FTUBSU0SHBOJ[BEBQFMP
$FOUSP1PSUVHVÄTEF%FTJHOB
NPTUSBTVCPSEJOBEBBPUFNB
…%FTJHO1PSUVHBM%FTJHOQBSB
VN.VOEPNFMIPS•UFWFDPNP
PCKFDUJWPBQSFTFOUBSBVN
QÔCMJDPWBTUPFNVMUJDVMUVSBMP
QPUFODJBMDSJBUJWPEPTEFTJHOFST
OBDJPOBJTFBDBQBDJEBEF
EFQSPEVÁ½PEBTFNQSFTBT
QPSUVHVFTBTQBSBJODFOUJWBS
JOUFSOBDJPOBMNFOUFBBRVJTJÁ½P
EFQSPEVUPTHFOVJOBNFOUF
QPSUVHVFTFT
7"-03&4
$BJYBRVFNBSDB
ŒşŒŻǃŒųŨƤŒƊťŨťŨƢƗƨŻƮƖƨÊ
vœˆÊÀiVi˜Ìi“i˜ÌiÊÀiiiiˆÌ>]Ê«i>Ê
£ä°§ÊÛiâÊVœ˜ÃiVṎÛ>]ʁ>ÀV>Ê
`iÊ
œ˜w>˜X>‚Êi“Ê*œÀÌÕ}>Ê
˜œÊiÃÌÕ`œÊµÕiÊ>ÃÊ-iiVXªiÃÊ`œÊ
,i>`iÀ½Ãʈ}iÃÌÊÀi>ˆâ>“Ê…?ʍ?Ê
`iâÊ>˜œÃ°ÊÃÌiÊiÃÌÕ`œÊ>Û>ˆœÕÊ
>ˆ˜`>ÊiÃÌiÊ>˜œ]ÊiÊ«i>ÊÃi}՘`>Ê
Ûiâ]ʁÊVœ˜w>˜X>ÊiʜÊ>“Lˆi˜Ìi‚]Ê
«Ài“ˆ>˜`œÊ>Ãʓ>ÀV>ÃʵÕiÊÌk“Ê
>ʓi…œÀÊ>VÌÕ>XKœÊi“ʵÕiÃ̪iÃÊ
>“Lˆi˜Ì>ˆÃ]ÊÌi˜`œÊ>Ê
>ˆÝ>ÊÊ
È`œÊÀiVœ˜…iVˆ`>ÊVœ“œÊ>ʓ>ÀV>Ê
µÕi]ʘ>ÊV>Ìi}œÀˆ>Ê`>Ê>˜V>]ÊÊ
“>ˆÃʈ˜ˆVˆ>̈Û>ÃÊÌi“ÊÀi>ˆâ>`œÊ
Vœ“ÊۈÃÌ>ÊDÊ«ÀiÃiÀÛ>XKœÊÊ
`œÊ*>˜iÌ>°ÊÊ
œÊµÕiÊ`ˆâÊÀiëiˆÌœÊ>ʜÕÌÀ>ÃÊ
i“«ÀiÃ>ÃÊ`œÊ՘ˆÛiÀÜÊ
]Ê
>ÃȘ>i‡ÃiÊ>ÊiiˆXKœÊ`>ÊՏ̈V>ÀiÊ
Vœ“œÊ>ÀV>Ê`iÊ
œ˜w>˜X>‚]Ê
>ÃȓÊVœ“œÊ>ʈ`iˆ`>`iÊ
՘`ˆ>]ÊÀiiiˆÌ>Ê«iœÊÃj̈“œÊÊ
>˜œÊVœ˜ÃiVṎۜ°
Ê
>ˆÝ>Êvœˆ]ÊÌ>“Lj“]Ê`ˆÃ̈˜}Ո`>Ê
Vœ“œÊ>ÀV>Ê`iÊÝVik˜Vˆ>‚]ÊÊ
i“ÊÓä£ä]Ê«iœÃÊ«œÀÌÕ}ÕiÃiÃÊÊ
iÊ«œÀÊiëiVˆ>ˆÃÌ>ÃÊ`>Ê
-Õ«iÀLÀ>˜`Ã]ÊՓ>ʜÀ}>˜ˆâ>XKœÊ
ˆ˜ÌiÀ˜>Vˆœ˜>Êˆ˜`i«i˜`i˜ÌiÊÊ
µÕiÊÃiÊ`i`ˆV>ÊDÊ«Àœ“œXKœÊÊ
`iʓ>ÀV>ÃÊ`iÊiÝVik˜Vˆ>ÊÊ
i“ÊnnÊ«>‰ÃiðÊ"Ê
œ˜Ãi…œÊ
-Õ«iÀLÀ>˜`ÃÊiÃÌ>LiiViÊՓ>Ê
«Àˆ“iˆÀ>ÊÌÀˆ>}i“]ʵÕiÊÀiÃՏÌ>Ê
˜Õ“>ÊŜÀ̇ˆÃÌÊ`iÊxääʓ>ÀV>Ã]Ê
ÃiiVVˆœ˜>˜`œÊ>ÃʵÕiʁœviÀiVi“Ê
È}˜ˆwV>̈Û>ÃÊÛ>˜Ì>}i˜ÃÊv‰ÃˆV>ÃÊ
iɜÕÊi“œVˆœ˜>ˆÃÊv>ViÊDÃʓ>ÀV>ÃÊ
Vœ˜VœÀÀi˜ÌiÃ]Ê>ÃʵÕ>ˆÃ]Ê`iÊ
Փ>ÊvœÀ“>ÊVœ˜ÃVˆi˜ÌiÊiɜÕÊ
ˆ˜Vœ˜ÃVˆi˜Ìi]ʜÃÊVœ˜ÃՓˆ`œÀiÃÊ
`iÃi>“]ÊÀiVœ˜…iVi“ÊÊ
iÊÀi«ï`>“i˜ÌiÊ«ÀœVÕÀ>“°‚ÊÊ
Ê>ÌÀˆLՈXKœÊ`>Ê`ˆÃ̈˜XKœÊÀiÃՏÌ>Ê
`>ÊۜÌ>XKœÊ`œÃÊVœ˜ÃՓˆ`œÀiÃ]Ê
ÀiViLi˜`œÊ>Ãʓ>ˆÃÊۜÌ>`>ÃÊÊ
œÊ«Àj“ˆœÊ>ÀV>Ê`iÊÝVik˜Vˆ>‚°
*UBMJBOPTI»NVJUPTFN-JTCPB1PSUP
453"7"("/;"3EP(SÃ
NJP-VTJUBOP-JTCPB
1J[BTFNGPSOPBMFOIBF
HBTUSPOPNJBJUBMJBOBFN
QMFOP#BJSSP"MUP
$"4"/07"$BJTEB1FESB
º#JDBEP4BQBUPMPKB
-JTCPB.FTBTEFN»S
NPSFBSFNFUFSQBSBBT
BOUJHBTDBOUJOBTJUBMJBOBT
DPNEJSFJUPBǡMBTºQPSUB
$"4"/0453"5SBWFTTB
EP1PÁPEB$JEBEF
-JTCPB0…QBJ•EP$BTB
OPWBOP#BJSSP"MUPDPN
HFOVÇOBDP[JOIBJUBMJBOBF
BNCJFOUFNBJTTPǡTUJDBEP
(&.&--*3EB1JFEBEF
-JTCPB"MUBDP[JOIB
OVNEPTNFMIPSFTJUBMJBOPT
EPQBÇT
-"53"5503*"3"SUJMIB
SJB-JTCPB$P[JOIB
DPNDBS»DUFSFNBNCJFOUF
TPǡTUJDBEP
$0.&13*."3VBEP
0MJWBM-JTCPB#PB
SFMBÁ½PQSFÁPRVBMJEBEF
;"''&3"/0-BSHP3BGBFM
#PSEBMP1JOIFJSPSD
-JTCPB6NBTBMBMJOEBOP
DFOUSPEBDBQJUBMDPN
FTQFDJBMJEBEFTEFEJWFSTBT
SFHJÏFT
40'*45*$"503VB4½P
+P½PEB.BUB-JTCPB
$P[JOIBTPǡTUJDBEBFN
4BOUPT
.&;;0(*03/03(BSSFUU
-JTCPB-PDBMJ[BÁ½POP
$IJBEP&TQMBOBEBFCPB
DP[JOIBOBQPMJUBOB
504$"/03%S$BSMPT
$BM#SBOE½P1PSUP
"NCJFOUFBDPMIFEPSOVN
EPTNBJTBOUJHPTJUBMJBOPT
EP1PSUP
(3"11""WFOJEBEB#PB
WJTUBQJTP1PSUP
&TQBÁPEFTFOIBEPQPS
1BVMP-PCP
"--n"33"##*"5"5W
)FMFOB7JFJSBEB4JMWB
MPKB1BÁPEB#PB/PWB
1PSUP&TQBÁPNPEFSOPF
CPBDP[JOIB
'PUP'BEJM
"35&63#"/"
/0.0."
ŒƮũɆɌťŨŲŨƽŨƤŨŻƤƖťƖ
ƢƤƗǃŻƐƖŒƑƖœÊœÊÛ>ˆÊÌiÀÊ
«>Ìi˜ÌiÊ>œÊ«ÖLˆVœÊ>ÊiÝ«œÃˆXKœÊ
1˜`iÀ}ÀœÕ˜`Ê>iÀÞ\ʜ˜`œ˜Ê
/À>˜Ã«œÀÌÊ*œÃÌiÀÃ]Ê£™ÓäÃq£™{äðÊÊ
“œÃÌÀ>Ê>«ÀiÃi˜Ì>Ê>œÊ«ÖLˆVœÊՓÊ
Vœ˜Õ˜ÌœÊ`iÊ«œÃÌiÀÃʵÕiʓÕ`>‡
À>“Ê>Êv>ViÊ`>ÃÊiÃÌ>XªiÃÊ`œÊiÌÀœÊ
`iʜ˜`ÀiðÊ?Ã⏝ʜ…œÞ‡ >}Þ]Ê
<iÀœÊ­>˜ÃÊ-V…i}iÀ®ÊiÊLÀ>“Ê
>“iÃÊvœÀ>“Ê>}՘ÃÊ`œÃÊ>À̈ÃÌ>ÃÊ
µÕiÊ>ÃȘ>À>“ÊiÃÌ>ÃʜLÀ>ÃÊ`iÊ`iÈ}˜Ê}À?wVœÊ˜œÊ«iÀ‰œ`œÊ
µÕiÊÃiÊÃi}ՈÕÊDÊÊÕiÀÀ>Ê՘`ˆ>]Ê`iÃÌ>V>˜`œ‡Ãi]ʘ>Ê
iÝ«œÃˆXKœÊ`œÊœ]ʜʈV˜ˆVœÊ“>«>Ê`iÊ>ÀÀÞÊiVŽÊ
­£™Î£®°Ê?ʵÕiÊv>>“œÃÊ`œÊœ]ʓiÀiViÊÀiviÀk˜Vˆ>ÊՓ>Ê
ˆ˜ˆVˆ>̈Û>ÊÀiVi˜Ìi“i˜ÌiʏiÛ>`>Ê>ÊV>LœÊ«iœÊ“ÕÃiÕ]ʵÕiÊ
Ài՘ˆÕʘ>ÊÃÕ>ʏœ>ÊՓ>ÊVœiVXKœÊ`iÊ«Àœ`Õ̜ÃÊ`iÊ`iÈ}˜iÀÃÊ
«œÀÌÕ}ÕiÃiðÊ"Ê«ÀœiV̜ʁiÃ̈˜>̈œ˜\Ê*œÀÌÕ}>‚ʈ˜Ìi}ÀœÕÊ
>ʁiÃ̈˜>̈œ˜\ÊiÈ}˜Ê-iÀˆiÂ]ʈ˜ˆVˆ>̈Û>Ê«Àœ“œÛˆ`>Ê
«iœÊœÊµÕiÊÌi“ÊVœ“œÊœLiV̈ۜÊ`>ÀÊ>ÊVœ˜…iViÀÊ>ÃÊ
Ìi˜`k˜Vˆ>ÃÊ>VÌÕ>ˆÃÊ`œÊ`iÈ}˜Êi“ÊÛ?ÀˆœÃÊ«>‰ÃiÃÊ`œÊ“Õ˜`œ°Ê
$Y
+6-)0]4&5&.#30
ø
I
IJTUØSJBTEFTVDFTTP
015*.*45"
-&0/&-$".&*3*/)"
/BMJOIBEBGSFOUF
0TQSPEVUPTPSJVOEPTEBTVBFNQSFTB
GBNJMJBSUÄNTJEPBMWPEFJOÔNFSPT
QSÃNJPTFEJTUJOÁÏFT£VNFNQSFFOEFEPS
OBUPRVFBQPTUBOBTVBUFSSB
1PS$BUBSJOB7JMBS'PUPHSBǡB.JHVFM.BOTP
%&%*$"%0
5&.05§56-0%&$0.&/%"%03 ]ʓ>ÃÊiÃÌiÊi“«ÀiÃ?ÀˆœÊ`iÊi>Ê}œÃÌ>Ê`iÊÃiÊÛ>œÀˆâ>À]Ê
iÃÃi˜Vˆ>“i˜Ìi]Ê«iœÊi“«i˜…œÊiÊi˜ÌÀi}>ÊVœ“ʵÕiÊÌi“ÊÀi}ˆ`œÊ>ÊÃÕ>Êۈ`>Ê«iÃÜ>ÊiÊ
«ÀœwÃȜ˜>°Ê
œ“ÊÓäÊ>˜œÃ]ʍ?Ê̈˜…>Ê«iÀViLˆ`œÊµÕiʈÀˆ>ÊiÝ«œÀ>ÀʓՈ̜]ʈ˜ÛiÃ̈ÀÊ>ˆ˜`>ʓ>ˆÃÊiÊ
i˜ÌÀi}>À‡ÃiÊ`iÊVœÀ«œÊiÊ>“>ÊDµÕˆœÊi“ʵÕiÊ>VÀi`ˆÌ>°Ê
œ“iXœÕÊ«œÀÊÃiÀÊÛi˜`i`œÀ]Ê«>ÃÜÕÊ>ÊÌiÀÊ
œÊÃiÕÊ«À«ÀˆœÊ˜i}Vˆœ]Ê>«œÃ̜ÕʘœÊÀ>“œÊ>Õ̜“Ûi]ʈ“œLˆˆ?Àˆœ]ʘ>ʅœÌi>Àˆ>Êiʘ>Ê«Àœ`ÕXKœÊ
`iÊ>âiˆÌiÊiÊۈ˜…œ°ÊœÃÊn{Ê>˜œÃ]ʜ…>ÊVœ“ÊœÀ}Տ…œÊ«>À>Ê>Ê-œVˆi`>`iÊ}À‰Vœ>Ê`œÊœ˜ÌiÊ œÛœÊ
iʈ}ÕiˆÀˆ˜…>]ʜ˜`iÊÛkʜÊÀiÃՏÌ>`œÊ`iʓՈ̜ÃÊܘ…œÃÊiʜÊVՏ“ˆ˜>ÀÊ`iÊ̜`>Ê>ÊÃÕ>Êi˜ÌÀi}>°
$Y
œ“œÊÃÕÀ}ˆÕÊ>ʈ`iˆ>Ê`iÊ>«œÃÌ>ÀʘՓ>Ê
…iÀ`>`iÊ>}À‰Vœ>¶
-FPOFM$BNFJSJOIB?ʓՈ̜ÃÊ>˜œÃʵÕiÊ
>˜`>Û>ÊVœ“ÊœÊ`iÃiœÊ`iÊVœ“«À>ÀÊՓ>Ê
«Àœ«Àˆi`>`iÊ`>µÕi>ÃÊi]Êi“Ê£™™n]ʈ˜ˆVˆiˆ‡“iÊ
˜>Ê>V̈ۈ`>`iÊ>}À‰Vœ>°Ê
œ“«ÀiˆÊ>ÊiÀ`>`iÊ
`>ʈ}ÕiˆÀˆ˜…>]ʵÕiÊ̈˜…>ÊÝÊÌÀˆ}œÊiÊ}ˆÀ>Ã܏]Ê
iÊÌÀ>˜ÃvœÀ“iˆ‡>Êi“Ê£ÇäʅiVÌ>ÀiÃÊ`iʜˆÛ>]Ê{äÊ
`iÊۈ˜…>]Êiʓ>ˆÃÊÎäʘ>ÊiÀ`>`iÊÊ
`>Ê6ˆ`ˆ}ÕiˆÀ>°Êi«œˆÃÊ>«œÃÌiˆÊ˜>Ê>}Àœ‡Ê
‡ˆ˜`ÖÃÌÀˆ>]ÊVœ“Ê«Àœ`ÕXKœÊ`iÊۈ˜…œÊiÊ>âiˆÌi°Ê
$Y“Ê£ÓÊ>˜œÃ]ʍ?ÊۈÕÊVÀiÃViÀʓՈ̜ʜÊÃiÕÊ
«ÀœiV̜°Ê
œ“œÊÌi“ÊÈ`œ¶
-$"Ê>âiˆÌiÊÌi“Ê̈`œÊՓ>ʝ«Ìˆ“>Ê>ViˆÌ>XKœÆÊ
œÊۈ˜…œÊÌi“ÊÈ`œÊՓÊk݈̜ÊiÊiÃÌ?ʍ?Êi“Ê
˜}œ>]ÊÀ>ȏ]Ê
>˜>`?]ÊÃÌ>`œÃÊ1˜ˆ`œÃ]Ê
i“>˜…>oÊ]ʘ>Ê>`i}>ÊiʘœÊ>}>À]ÊÌ>“Lj“Ê
«ÀiÃÌ>“œÃÊÃiÀۈXœÃÊ>ʜÕÌÀ>ÃÊi“«ÀiÃ>Ã]Ê
ۈÃ̜ÊÌiÀ“œÃÊՓ>ÊiÃÌÀÕÌÕÀ>ÊLi“Ê“œ˜Ì>`>°Ê
*œÀÌ>˜Ìœ]ÊiÃÌ?ÊÌÕ`œÊ˜œÊLœ“ÊV>“ˆ˜…œ°
$Y"À}Տ…>‡œÊ«iÀVœÀÀiÀÊ>ÃÊ«>˜Ì>XªiÃÊiÊÛiÀÊÊ
œÊµÕiʍ?Ê>V>˜XœÕ¶
ƊŨƖƑŨƊşŒƐŨŻƤŻƑŸŒGPUPHSBGBEP
OBBEFHBEB)FSEBEFEB'JHVFJSJOIB
FN#FKB
ðï
$Y
+6-)0]4&5&.#30
-$?‡“iʓՈ̜ʫÀ>âiÀÊÛiÀÊÌÕ`œÊ>µÕˆœ]Ê
œÀ}Տ…œ‡“iÊ`iÊiÃÌ>ÊÃiÀÊՓ>ÊiëjVˆiÊ`iÊ
…iÀ`>`iʓœ`iœ°
$Y"ʵÕiÊ>Ê̜À˜>ʈ˜œÛ>`œÀ>¶
-$/i“œÃʘœÊ>}>ÀÊiʘ>Ê>`i}>ÊÊ
œÊiµÕˆ«>“i˜ÌœÊ“>ˆÃʓœ`iÀ˜œÊiÊiÝVii˜ÌiÃÊ
«ÀœwÃȜ˜>ˆÃ°Ê œÊ>âiˆÌi]Ê`>ÊÀi뜘Ã>Lˆˆ`>`iÊ
`iʜKœÊœ“iÃ]ʍ?Ê}>˜…?“œÃÊ`Õ>ÃÊÛiâiÃÊ
œÊ«Àˆ“iˆÀœÊÕ}>ÀÊ`œÊ«Àj“ˆœÊˆ˜ÌiÀ˜>Vˆœ˜>Ê
>ÀˆœÊ-œˆ˜>ðÊ+Õ>˜ÌœÊ>œÊۈ˜…œ]Ê`iÃ`iÊ
ÓääÎ]ʍ?ÊÌi“œÃʓ>ˆÃÊ`iÊxäʓi`>…>ÃÊ`iʜÕÀœÊ
iÊ«À>Ì>]ÊvÀÕ̜]ÊÌ>“Lj“]Ê`œÊÌÀ>L>…œÊ`>ʘœÃÃ>Ê
iµÕˆ«>Ê`iÊÌjV˜ˆVœÃ]ʏˆ`iÀ>`>Ê«iœÊi˜œ}œÊ
˜Ì˜ˆœÊ->À>“>}œ°Ê
$Y/i“ÊՓ>Êi“«ÀiÃ>Êv>“ˆˆ>À]ʓ>ÃÊVœ“ÊՓ>Ê
}À>˜`iÊ`ˆ“i˜ÃKœ°°°
-$ÊÛiÀ`>`i]ÊiʈÃÜÊjʓՈ̜ÊLœ˜ˆÌœ]ʓ>ÃÊjÊ
«ÀiVˆÃœÊ“ÕˆÌ>Ê`i`ˆV>XKœ°ÊVœÀ`œÊVi`œ]Ê`iÊ
“>˜…KʜÀˆi˜ÌœÊ>ÃʜÕÌÀ>ÃÊi“«ÀiÃ>ÃʵÕiÊÌi˜…œÊ
iÊۜÕÊ«>À>Ê>ʅiÀ`>`i]Ê`iʜ˜`iÊÃ>ˆœÊDʘœˆÌi°Ê
œÃ̜Ê`iÊ`>ÀÊۜÌ>ÃÊ«œÀʏ?ÊiÊÛiÀʜʵÕiÊÃiÊ
«œ`iʓi…œÀ>À°Ê"…œÊ«>À>ÊÌÕ`œÊVœ“ʓՈ̜Ê
V>Àˆ˜…œÊiÊ`i`ˆV>XKœ°
$Y?ÊÌi“ʘœÛ>ÃÊ«>˜Ì>XªiÃÊi“ÊۈÃÌ>¶
-$6>“œÃÊv>âiÀʓ>ˆÃÊ{ÓʅiVÌ>ÀiÃÊ`iʜˆÛ>]Ê
i]Ê`i«œˆÃ]ÊÜLÀ>“ÊÓxʅiVÌ>ÀiÃÊ«>À>Ê«>˜Ì>ÀÊ
“ˆ…œ°Ê"ʵÕiʵÕiÀʵÕiÊv>X>ʘ>ʅiÀ`>`iÊÌi“Ê
§/5&(30
ʽ(0450%&%"3
70-5"4&7&3026&
10%&.&-)03"3
0-)01"3"56%0
$0..6*50$"3*/)0
&%&%*$"¡0ʾ
13*/5
%&5&3.*/"%0
&.13&&/%&%03
"6%";
%&45&.*%0
-65"%03
`iÊÃiÀÊLi“ÊviˆÌœ]ʍ?ʈ˜ÛiÃ̈ʓՈ̜Êi“Ê̜`>Ê>Ê
iÃÌÀÕÌÕÀ>]ÊÈÃÌi“>Ê`iÊÀi}>]ÊÛ>>Ã]ÊÌÀ>V̜ÀiÃ]Ê
“?µÕˆ˜>ÃÊ«>À>Ê>«>˜…>ÀÊÕÛ>ÃÊiÊ>âiˆÌœ˜>Ã]Ê
ՓÊiµÕˆ«>“i˜ÌœÊiÝVi«Vˆœ˜>°Ê"Êv>V̜Ê`iÊÌiÀÊ
Vœ“iX>`œÊ«œÀÊÛi˜`iÀʓ?µÕˆ˜>ÃÊ>}À‰Vœ>ÃÊ
“Ո̜ʘœÛœÊ>Õ`>Ê>Ê«iÀViLiÀÊVœ“œÊÌÕ`œÊ
v՘Vˆœ˜>°°°
$Y
œ“œÊÌi“ÊÈ`œÊ>ÊÃÕ>ÊÀi>XKœÊVœ“ÊÊ
>Ê
>ˆÝ>ÊiÀ>Ê`iÊi«ÃˆÌœÃÊi“Ê̜`œÊÊ
iÃÌiʈ˜ÛiÃ̈“i˜Ìœ¶
-$ՈÊՓÊ}À>˜`iÊVˆi˜ÌiÊ`œÊ>˜VœÊ
>Vˆœ˜>Ê1ÌÀ>“>Àˆ˜œ]Ê`iÃ`iÊ£™{Ç]ʵÕiÊ
ÛiˆœÊ>ÊÃiÀʈ˜Ìi}À>`œÊ˜>Ê
>ˆÝ>]ÊiÊ>Êi>Ê`iۜÊ
“ÕˆÌ>ÃÊ>Ìi˜XªiðʍÕ`>À>“‡“iÊi“Ê«ÀœiV̜ÃÊ
ˆ“«œÀÌ>˜ÌiÃ°Ê KœÊÌi˜…œÊ`Öۈ`>ÃÊ`iʵÕiÊÊ
jÊ`œÃʓi…œÀiÃÊL>˜VœÃÊ`œÊ«>‰Ã]ÊVœ“Ê}i˜ÌiÊ
ÃjÀˆ>ÊiÊÃi“«ÀiÊ`ˆÃ«œ˜‰Ûi°Ê
$Y+ÕiÊ«ÀœiV̜ÃÊÌi“Ê>}œÀ>Êi“Ê“i˜Ìi¶
-$+ÕiÀœÊv>âiÀʘ>ʅiÀ`>`iÊՓÊVi˜ÌÀœÊ
ÌÕÀ‰Ã̈Vœ]ʵÕiʍ?ÊÌi“ÊՓÊië>XœÊiÊ?ÀۜÀiÃÊ
«>˜Ì>`>ðÊ/iÀ?Ê՘ÃÊ{äÊL՘}>œÜÃÊVœ“ÊœÊ
>ëiV̜Ê`>ÃÊV>Ã>ÃÊÌÀ>`ˆVˆœ˜>ˆÃÊ`œÊi˜Ìiœ]Ê
V>“«œÊ`iÊÌj˜ˆÃ]Ê«ˆÃVˆ˜>]Ê«>ÀµÕiʈ˜v>˜Ìˆ]Ê
ÀiÃÌ>ÕÀ>˜Ìi]Ê-*Êiʏœ>Ê`iÊ«Àœ`Õ̜ÃÊ
ÌÀ>`ˆVˆœ˜>ˆÃ°Ê >ʏœ>]Ê>j“Ê`œÊ>âiˆÌiÊiÊ`œÃÊ
ۈ˜…œÃÊ«Àœ`Õâˆ`œÃÊ«iœÊÀÕ«œ]ÊÛKœÊÃiÀÊ
Ûi˜`ˆ`œÃʜÕÌÀœÃÊ«Àœ`Õ̜ÃÊÌÀ>`ˆVˆœ˜>ˆÃÊ`œÊ
i˜Ìiœ]ÊVœ“œÊµÕiˆœÃ]Ê`œX>Àˆ>ÊiÊ>ÀÌiÃ>˜>̜°Ê
œ“ÊœÊ>iÀœ«œÀ̜Ê>ˆÊ>œÊ>`œ]ÊÌi“ÊÌÕ`œÊ«>À>Ê
`>ÀÊViÀ̜°Ê
6NIPNFNSFBMJ[BEP
DPNVNBWJEBQSFFODIJEB
EFTVDFTTPTFJEFJBT
CFNDPOTFHVJEBT
"QPTUBOBTVBUFSSBOBUBM
FOPTQSPEVUPTRVF
BFMBFTU½PMJHBEPT
-FPOFM"OUÍOJP$BNFJSJOIB
OBTDFVBEF.BSÁPEF
FN#FKB5FNUSÄTǡMIPT
FDJODPOFUPTVNEPTRVBJT
'JMJQF$BNFJSJOIB3BNPT
USBCBMIBDPNPBWÎOBHFTU½P
EBTPDJFEBEFGBNJMJBS+VOUPT
FNQFOIBNTFOVNBNPEFSOB
FYQMPSBÁ½PBHSÇDPMBDPN
QMBOUBÁ½PEFWJOIBFPMJWBM
&NK»DPNIFDUBSFT
EFPMJWBMQMBOUBEPTGPJ
DPOTUSVÇEPPMBHBSEFB[FJUF
DPNVNBDBQBDJEBEFEF
USBOTGPSNBÁ½PEFUSÄTNJM
UPOFMBEBTEFB[FJUPOBQPS
BOP5BMDPNPWJOIPPB[FJUF
ÃDPNFSDJBMJ[BEPOPNFSDBEP
OBDJPOBMFJOUFSOBDJPOBM
£FNQSFT»SJPI»RVBTF
BOPTQSPQSJFU»SJPEPNBJPS
HSVQPFNQSFTBSJBMEBSFHJ½PEF
#FKBDPNJOUFSFTTFTOPSBNP
BVUPNÍWFMIPUFMBSJBFUVSJTNP
BHSJDVMUVSBQSPEVÁ½PEFWJOIP
FB[FJUF0(SVQP$BNFJSJOIB
BMÃNEB4PDJFEBEF"HSÇDPMB
EP.POUF/PWPF'JHVFJSJOIB
UFNVNIPUFMVNBFNQSFTBEF
DPNÃSDJPEFFRVJQBNFOUPTF
USBDUPSFTBHSÇDPMBTFTUBOETEF
NBSDBTEFBVUPNÍWFJT
"EPSBWJBKBSNBTÃFNDBTB
RVFTFTFOUFNFMIPS+»GPJ
TFUFWF[FTBP+BQ½PQFSDPSSFV
B"SHFOUJOB"MBTDB$VCBF
&RVBEPS1FSDPSSFVPT&TUBEPT
6OJEPTGPJB*OHMBUFSSBO½P
NFOPTEFWF[FTFB'SBOÁB
VNBTd.BTTFNQSFFN
QBTTFJPO½PUSPDBWB#FKB
QPSOBEB
$Y
+6-)0]4&5&.#30
ðð
U
UBMFOUP
& -7 * 3 " ' 0 3 5 6 / " 5 0
4VDFTTPOBUVSBM
#SFWFSFUSBUPEFVNBEBTDJFOUJTUBTQPSUVHVFTBT
NBJTGBNPTBTEBBDUVBMJEBEF
1PS1FESP4BOUPT'PUPHSBǡB3VJ.BSUP&TUÔEJP+P½P$VQFSUJOP
&.1&26&/"4"#*"26&ʵÕiÀˆ>ÊÃiÀÊi˜}i˜…iˆÀ>Ê«œÀµÕiÊ̈˜…>ʍiˆÌœÊ«>À>Êv>âiÀÊVœˆÃ>ÃÊÊ
Vœ“Ê>ÃʓKœÃ°ÊÛˆÀ>ʜÀÌ՘>̜]Ê{xÊ>˜œÃ]ʘ>ÃViÕ]ÊvœˆÊVÀˆ>`>ÊiÊۈÛiÊi“ʏ“>`>]ÊiÊjʁ«Àœ`Õ̜‚Ê
`>ÊVˆk˜Vˆ>ʘ>Vˆœ˜>°ÊˆVi˜VˆœÕ‡ÃiÊi“ʘ}i˜…>Àˆ>ʉÈV>ÊiÊ`œÃÊ>ÌiÀˆ>ˆÃ]ÊviâʜʓiÃÌÀ>`œÊiÊ
`œÕ̜À>“i˜ÌœÊ˜>Ê>VՏ`>`iÊ`iÊ
ˆk˜Vˆ>ÃÊiÊ/iV˜œœ}ˆ>Ê`>Ê1˜ˆÛiÀÈ`>`iÊ œÛ>Ê`iʈÃLœ>ÊÊ
­
/‡1 ®°ÊÊ>ʓ>ˆÃÊ«Ài“ˆ>`>Êi]ÊÌ>Ûiâ]Ê>ʓ>ˆÃÊ«œ«Õ>ÀÊVˆi˜ÌˆÃÌ>ʏÕÈÌ>˜>Ê`iÊ̜`œÃʜÃÊÌi“«œÃÊ
iÊՓ>Ê`>ÃÊ«Àˆ˜Vˆ«>ˆÃÊiëiVˆ>ˆÃÌ>ÃÊi“Ê“ˆVÀœiiVÌÀ˜ˆV>ÊÌÀ>˜Ã«>Ài˜Ìi]Êi“ÊÌiÀ“œÃʓ՘`ˆ>ˆÃ°
KœÊÃiÀ?ÊV>Üʫ>À>ʓi˜œÃ°Êœˆ‡…iÊ>ÌÀˆLՉ`>]Ê
i“ÊÓään]ÊՓ>Ê`Û>˜Vi`ÊÀ>˜ÌÊ`œÊÕÀœ«i>˜Ê
,iÃi>ÀV…Ê
œÕ˜Vˆ]ʘœÊÛ>œÀÊ`iÊÓ]Óxʓˆ…ªiÃÊ
`iÊiÕÀœÃ]Ê>ʓ>ˆœÀÊLœÃ>Ê`iʈ˜ÛiÃ̈}>XKœÊ
>}Փ>ÊÛiâÊVœ˜Vi`ˆ`>Ê>ÊՓʫœÀÌÕ}ÕkðÊ
ÊÀ>âKœÊvœˆÊÌiÀʈ˜Ûi˜Ì>`œÊÌÀ>˜Ã‰Ã̜ÀiÃÊiÊ
VˆÀVՈ̜Ãʈ˜Ìi}À>`œÃÊÌÀ>˜Ã«>Ài˜ÌiÃ]ÊÕÃ>˜`œÊ
Ýˆ`œÃÊÃi“ˆVœ˜`Õ̜ÀiÃʵÕi]Ê«œÀÊiÝi“«œ]Ê
«iÀ“ˆÌi“ÊÌÀ>˜ÃvœÀ“>ÀÊȓ«iÃÊۈ`ÀœÃÊ
i“ÊiVÀKðÊiÃVœLiÀÌ>ʵÕiÊviâÊ}À>˜`iÃÊ
“Տ̈˜>Vˆœ˜>ˆÃÊVœÀÀiÀi“Ê>ÌÀ?ÃÊ`>ÊÃÕ>Ê
ÌiV˜œœ}ˆ>°Ê
œ˜ÃÌÀՈÕ]Êi“Êiâi“LÀœÊ`iÊ
ÓääÇ]ʜʫÀˆ“iˆÀœÊÌÀ>˜Ã‰Ã̜ÀÊ`iÊ«>«i]ÊՓ>Ê
VÀˆ>XKœÊ֘ˆV>ʘœÊ“Õ˜`œ]Ê«œÀµÕi]Ê>ÌjÊ
>}œÀ>]ÊiÃÌiÊ̈«œÊ`iÊ«iX>ÃÊÝÊiÀ>“ÊviˆÌ>ÃÊVœ“Ê
ȏ‰Vˆœ]ÊՓʓ>ÌiÀˆ>Ê“Ո̜ÊV>Àœ]Ê«œÕi˜ÌiÊ
iÊ`ˆv‰VˆÊ`iÊÌÀ>L>…>À°ÊÃÊ>«ˆV>XªiÃÊ`œÊ
«>«iÀ‡i]ÊVœ“œÊvœˆÊL>«Ìˆâ>`œ]Ê«iÀ“ˆÌˆÀKœÊÛiÀÊ
w“iÃÊiÊvœÌœÃʜÕʏiÀÊՓʏˆÛÀœÊˆ˜ÌiˆÀœÊ˜Õ“>Ê
vœ…>Ê`iÊ«>«iÊ{]ÊՓ>ʈ˜Ûi˜XKœÊVˆÌ>`>Ê
i“ÊVi˜Ìi˜>ÃÊ`iʝÀ}KœÃÊ`iÊVœ“Õ˜ˆV>XKœÊ
ˆ˜ÌiÀ˜>Vˆœ˜>ˆÃÊiʵÕi]Ê>ˆ˜`>ʅœi]ÊÃÕÀ«Àii˜`iÊ
>V>`j“ˆVœÃÊiÊi“«ÀiÃ?ÀˆœÃÊ`iÊ̜`œÊœÊ
“Õ˜`œ°ÊiÃi˜ÛœÛiÕ]Ê>ˆ˜`>]ÊÌÀ>˜Ã‰Ã̜ÀiÃÊ
iiVÌÀœVÀ“ˆVœÃʭ̜À˜>˜`œÊ«œÃÉÛiÊՓ>Ê
i“L>>}i“Ê“Õ`>ÀÊ`iÊVœÀʵÕ>˜`œÊ«iÀ`iÊ>Ê
Û>ˆ`>`i®]ÊL>ÌiÀˆ>ÃÊiʓi“Àˆ>ÃÊ`iÊ«>«i]Ê
Vœ“«i“i˜ÌœÃÊiÃÃi˜Vˆ>ˆÃÊ`>ÃÊ`iÃVœLiÀÌ>ÃÊ
>˜ÌiÀˆœÀiÃ]Êi]ʓ>ˆÃÊÀiVi˜Ìi“i˜Ìi]ÊviâÊ
Ãi˜ÃœÀiÃÊ`iÊ ÊqÊ`iÌiVÌ>“Ê`œi˜X>ÃÊVœ“œÊ
>ÊÌÕLiÀVՏœÃiÊqÊÕÃ>˜`œÊՓ>ʈ“«ÀiÃÜÀ>Ê
`iʍ>V̜Ê`iÊ̈˜Ì>°ÊÊiÃÌiʘ>˜œ‡ÀiÃՓœÊ`œÊ
ÌÀ>L>…œÊµÕiÊ`iÃi˜ÛœÛiʘœÊ
i˜ÌÀœÊ`iÊ
˜ÛiÃ̈}>XKœÊ`iÊ>ÌiÀˆ>ˆÃÊ­
i˜ˆ“>ÌÉÎ ®Ê`>Ê
/‡1 ]ʘœÊœ˜ÌiÊ`>Ê
>«>ÀˆV>]ʍ՘Ì>“‡ÃiÊ
ˆ˜Ö“iÀœÃÊ«Àj“ˆœÃÊiÊ`ˆÃ̈˜XªiÃʘ>Vˆœ˜>ˆÃÊiÊ
ðñ
$Y
+6-)0]4&5&.#30
ˆ˜ÌiÀ˜>Vˆœ˜>ˆÃ°Ê œÊ«>ÃÃ>`œÊ`ˆ>Ê£äÊ`iÊ՘…œ]ÊÊ
vœˆÊVœ˜`iVœÀ>`>]Ê«iœÊ*ÀiÈ`i˜ÌiÊÊ
`>Ê,i«ÖLˆV>]ÊVœ“œÊ}À>˜`i‡œwVˆ>ÊÊ
`>Ê"À`i“Ê`œÊ˜v>˜ÌiÊ°Êi˜ÀˆµÕi°ÊÊ
/FNQBOJOIPTOFNDPNQMFYPT
"ʓ>Àˆ`œ]Ê,œ`Àˆ}œÊ>À̈˜Ã]ÊxnÊ>˜œÃ]ÊVœ“Ê
µÕi“ÊÌÀ>L>…>Ê̜`œÃʜÃÊ`ˆ>Ã]Ê`ˆÀiV̜ÀÊ`œÊ
i˜ÌÀœÊ`iÊÝVik˜Vˆ>Êi“ʈVÀœiiVÌÀ˜ˆV>]Ê
"«ÌœiiVÌÀ˜ˆV>ÊiÊ*ÀœViÃÜÃÊ`>Ê
/‡1 ]Ê`ˆâÊ
µÕiÊ>Êi˜}i˜…iˆÀ>ʁÀi«ÀiÃi˜Ì>ʜÊVՏ“ˆ˜>ÀÊ`iÊ
ՓÊÌÀ>L>…œÊµÕiÊjÊviˆÌœÊi“ÊiµÕˆ«>ÊiÊ`iʵÕiÊ
i>ÊjʜÊÛjÀ̈Vi‚°Ê*>À>Ê>Êw…>]Ê
>Ì>Àˆ˜>]Ê`iÊ£ÓÊ
>˜œÃ]Ê>ʈ˜ÛiÃ̈}>`œÀ>ÊjÊՓÊiÝi“«œ\ʁ+ÕiÀœÊ
Ãi}ՈÀÊ>ʓˆ˜…>ʓKiÊiÊÃiÀÊՓ>ÊVˆi˜ÌˆÃÌ>°‚Ê
>ÃʜÊÃÕViÃÜʘKœÊ>̈˜}ˆÕʏۈÀ>ʜÀÌ՘>̜Ê
`iʓKœÊLiˆ>`>]Ê>«iÃ>ÀÊ`iÊ>Ê«À«Àˆ>Ê>wÀ“>ÀÊ
µÕiÊÌÕ`œÊ…iÊ>Vœ˜ÌiViÕÊ`iÊvœÀ“>ʘ>ÌÕÀ>°Ê
/À>L>…>ÊViÀV>Ê`iÊ£ÓʅœÀ>ÃÊ«œÀÊ`ˆ>]ÊÊ
“ÕˆÌ>ÃÊÛiâiÃʓ>`ÀÕ}>`>Ê>`i˜ÌÀœ]ÊÊ
iÊ>œÃÊw˜Ã‡`i‡Ãi“>˜>°ÊÊ
>ÃÊiÃÌ>ʈ˜Ìi˜Ãˆ`>`iÊj]ÊÜLÀiÌÕ`œ]Ê«>ˆÝKœ°Ê
`œÀœÊVœ“«iÌ>“i˜ÌiʜʵÕiÊv>Xœ°Ê/i˜…œÊ
Փ>ÊiµÕˆ«>Êv>LՏœÃ>]Ê«œÀµÕiÊiÃÌKœÊ̜`œÃÊ
“Ո̜ʓœÌˆÛ>`œÃ°‚Êʏi“LÀ>ʵÕi“Ê>Ê
>Õ`œÕÊ>ÊV…i}>ÀÊ>ÌjÊ>µÕˆ°Ê"ʓiÕÊÃÕViÃÜÊ
«ÀœwÃȜ˜>Ê`iÛi‡ÃiÊ>œÊ>«œˆœÊv>“ˆˆ>À]Ê`>Ê
“ˆ˜…>ʓKi]ÊiÊۈÛiÀÊVœ“ÊՓÊVœi}>ʵÕiÊ
ʽ5&/)0.6*50
03(6-)0&.4&3
10356(6&4"ʾ
13*/5
7*%"4*.1-&4
0TKPHPTEFGVUFCPM
BGPUPHSBǡBBTWJBHFOT
FPTBMNPÁPTOB$PTUB
EF$BQBSJDB
"MÃNEPUSBCBMIPRVF
MIFQSFFODIFDBEBQPSP
&MWJSB'PSUVOBUPHPTUBEF
BTTJTUJSBKPHPTEP4QPSUJOH
QBSUJDJQBSFNDPODVSTPTEF
GPUPHSBǡBFDPNFSQFJYF
OPSFTUBVSBOUF#BSCBTOB
$PTUBEF$BQBSJDB7JBKBSÃ
BMHPRVFMIFE»NVJUPQSB[FS
BQFTBSEFUFSBMHVNNFEPEF
BOEBSEFBWJ½P"JOEBBTTJN
K»DPSSFVPNVOEPRVBTF
UPEPTPCSFUVEPQPSSB[ÏFT
QSPǡTTJPOBJT…(PTUPJNFOTP
EFJSBPT&TUBEPT6OJEPTEB
"NÃSJDBÃPNFVQBÇTGBWPSJUP
)»FTQBÁPdÃUVEPFNHSBOEF
OVODBNFTJOUPBTǡYJBEB•
«iÀViLiʜʵÕiÊiÕÊv>XœÊÌ>“Lj“Ê>Õ`>°‚Ê
*>ÌÀˆÌˆV>ÊiÊ>“LˆVˆœÃ>]ʘKœÊÌi“Ê«ÀÕÀˆ`œÃÊi“Ê
«ÕÝ>ÀÊ`œÃÊ}>ªiÃÊ«>À>Êv>>ÀÊ`>ÃÊVœ˜µÕˆÃÌ>ÃÊ
`œÊ
i˜ˆ“>ÌÉÎ \ʁ KœÊÌi˜…œÊVœ“«iݜÃÊ
`iʈ˜viÀˆœÀˆ`>`i]ʘi“Ê`iÊÃÕ«iÀˆœÀˆ`>`i°Ê
>Ê?Ài>ʜ˜`iÊÌÀ>L>…œ]ÊÃiʜÃʜÕÌÀœÃÊÃKœÊ
V>«>âiÃ]ÊiÕÊÌ>“Lj“ÊÜհÊ-i“«ÀiÊ}œÃÌiˆÊ`iÊ
˜ˆÛi>ÀÊ«œÀÊVˆ“>°Ê/i˜…œÊ“Ո̜ʜÀ}Տ…œÊi“Ê
ÃiÀÊ«œÀÌÕ}ÕiÃ>ÊiÊ>ʓˆ“Ê`?‡“iÊՓʫÀ>âiÀÊ
i˜œÀ“iʈÀÊ«>À>Ê>Ê
œÀiˆ>]ʜÊ>«KœÊœÕʜÃÊ1Ê
“œÃÌÀ>ÀʜʵÕiÊv>âi“œÃ°‚Ê
*>À>Ê>ÊVˆi˜ÌˆÃÌ>]ʜÊÌÀ>L>…œÊjÊՓ>ÊVœˆÃ>Ê
“Ո̜ÊÃjÀˆ>°Ê-œÕÊÌiˆ“œÃ>ÊiʜLÃ̈˜>`>°Ê
/i˜…œÊLÀˆœÊ˜œÊµÕiÊv>Xœ]ÊÜÕÊi݈}i˜ÌiÊVœ“Ê
œÃʜÕÌÀœÃ]ʓ>ÃÊÌ>“Lj“ÊVœ“ˆ}œÊ«À«Àˆ>°‚Ê
"ʓ>Àˆ`œÊ`ˆâʵÕiÊÌi“ÊՓÊviˆÌˆœÊv?Vˆ]ʵÕiÊ
˜KœÊÃiÊiÝ>Ì>\ʁÊV>«>âÊ`iʜÕۈÀÊ>Ãʓ>ˆœÀiÃÊ
VÀ‰ÌˆV>ÃÊÃi“Ê`ˆâiÀʘ>`>]ÊiÊwV>Ê>Êv>âiÀÊ
Õ‰âœÃʈ˜ÌiÀ˜œÃ°Ê>Ã]ʵÕ>˜`œÊœÃÊiÝ«ªi]ÊjÊ
“œÀ̉viÀ>°‚ʏۈÀ>ʘKœÊœÊ`iÓi˜Ìi\ÊÊ
+Õ>˜`œÊVœÀ̜]Ê}œÃ̜Ê`iÊVœÀÌ>ÀÊ«i>ÊÀ>ˆâ°ÊÊ
-iÊ>ÃÊVœˆÃ>ÃÊiÃÌKœÊ“>]ʘKœÊ}œÃ̜ÊÊ
`iÊ>˜`>ÀÊVœ“Ê«>˜ˆ˜…œÃʵÕi˜Ìið‚Ê
$Y
+6-)0]4&5&.#30
ðò
U
UBMFOUP
. › 3 * 0 4 * -7 "
6NBJEFJBMVNJOPTB
&DPMPHJBFFNQSFFOEFEPSJTNPEFN½PTEBEBT
OVNQSPKFDUPºMV[EBTWFMBT
1PS$BUBSJOB7JMBS'PUPHSBǡB+P½P$VQFSUJOP
%63"/5&6.4*.1-&4+"/5"3]Ê?ÀˆœÊ-ˆÛ>ʏi“LÀœÕ‡ÃiÊ`iʵÕiÊÃiÀˆ>ʈ˜ÌiÀiÃÃ>˜ÌiÊv>âiÀÊ
Ûi>ÃÊ>Ê«>À̈ÀÊ`iʝiœÃÊ>ˆ“i˜Ì>ÀiÃÊiÊ>âiˆÌiÃÊÕÃ>`œÃ°ÊœˆÊ«>À>ÊV>Ã>Ê«iõՈÃ>Àʘ>ʈ˜ÌiÀ˜iÌÊÃiÊ
iÃÌiÊÃiÀˆ>ʜÕʘKœÊՓʫi˜Ã>“i˜ÌœÊ«ˆœ˜iˆÀœ°Ê*iÀViLiÕʵÕiÊȓ°Êi«œˆÃ]Ê`iӜ˜ÌœÕÊ՘ÃÊ
iiVÌÀœ`œ“jÃ̈VœÃ]ÊVœ“«ÀœÕÊՓ>ÃÊ«iX>ÃʘՓ>ʏœ>Ê`iÊLÀˆ˜µÕi`œÃÊiÊVœ˜ÃÌÀՈÕʜʫÀœÌÌˆ«œÊ
>ÀÌiÃ>˜>Ê`iÊՓ>ʓ?µÕˆ˜>ʵÕiÊ«œÃÈLˆˆÌ>Àˆ>ÊiÃÌ>ÊÌÀ>˜ÃvœÀ“>XKœ°ÊÃȓÊÃÕÀ}ˆÕÊ>Ê"œ˜Ê
>˜`i“>ŽiÀ]ÊՓ>ʈ`iˆ>ʵÕiÊÌi“ÊÌ>˜ÌœÊ`iʈ˜œÛ>`œÀ>ÊVœ“œÊ`iÊiVœ}ˆV>°
>ÃÌ>“Ê>«i˜>ÃÊVˆ˜VœÊ“ˆ˜Õ̜ÃÊ«>À>Êv>âiÀÊՓ>Ê
Ûi>ÊÛi}iÌ>Êi“ÊV>Ã>°ÊÊ>ÌjÊ«œ`iÊiÃVœ…iÀʜÊ
>Àœ“>]ÊVœÀÊiÊviˆÌˆœÊµÕiʜʝiœÊµÕiÊvÀˆÌœÕÊ>ÃÊ
L>Ì>Ì>ÃÊvÀˆÌ>ÃÊÌiÀ?Ê>œÊÃiÀÊÌÀ>˜ÃvœÀ“>`œÊi“Ê
>}œÊÖ̈°ÊÃÌ>ÊjÊՓ>ÊÀiVˆV>}i“ÊviˆÌ>ÊVœ“Ê
>Ê>Õ`>Ê`>Ê
>˜`i“>ŽiÀ]ʵÕiÊv՘Vˆœ˜>ÊDÊ
Ãi“i…>˜X>Ê`>Ãʓ?µÕˆ˜>ÃÊ`iÊV>vjʓœ`iÀ˜>Ã\Ê
VœœV>‡Ãiʜʝiœ]ÊՓ>Ê«>Ã̈…>ʵÕiÊ`iw˜iʜÊ
V…iˆÀœÊiÊ>ÊVœÀÊ`iÃi>`œÃ]ʜÊÀiVˆ«ˆi˜Ìi]Ê«>ۈœÊ
i°°°Ê?ÊiÃÌ?°Êˆ˜Õ̜ÃÊ`i«œˆÃÊÌi“œÃÊՓ>ÊÛi>Ê
iVœ}ˆV>]ʘiÕÌÀ>Êi“Êi“ˆÃêiÃÊ`iÊ`ˆÝˆ`œÊ`iÊ
V>ÀLœ˜œ°Ê1“ÊVœ«œÊ«iµÕi˜œÊ`iʝiœÊ>ˆ“i˜Ì>ÀÊ
qÊiµÕˆÛ>i˜ÌiÊ>Ê£ääʓˆˆˆÌÀœÃÊqÊ`?Ê«>À>ÊÊ
v>âiÀÊՓ>ÊÛi>°
?ÀˆœÊ-ˆÛ>]ÊÎxÊ>˜œÃ]Êj]Ê>˜ÌiÃÊ`iʓ>ˆÃ]ÊՓÊ
i“«Àii˜`i`œÀÊvœÀ“>`œÊi“ÊiÃÌKœ°Êʈ`iˆ>Ê
vœˆÊœÊ«>ÃÜʵÕiÊv>Ì>Û>Ê«>À>ÊÀi>ˆâ>ÀÊՓÊ
6."&.13&4"26&
'";"41&440"4
ʽ"."3&.04&6-*90ʾ
ܘ…œÊ>˜Ìˆ}œ\ÊÌiÀʜÊÃiÕÊ«À«ÀˆœÊ˜i}Vˆœ°Ê?Ê
ÌÀkÃÊ>˜œÃ]ÊÃÕÀ}ˆÕʜÊVœ˜ViˆÌœ]Ê`i«œˆÃÊVÀˆœÕÊ>Ê
"œ˜Ê­`iʁ"ÕÌʜvÊ >ÌÕÀi‚®]ÊVՍœÊ«Àˆ“iˆÀœÊ
«ÀœiV̜ÊjÊiÃÌ>Ê«Àœ«œÃÌ>Ê`iÊÀiVˆV>}i“Ê
V>ÃiˆÀ>°ÊÕ`œÕÊ`iÊۈ`>]ʓ>Ãʘ>Ê`ˆÀiVXKœÊ
ViÀÌ>\ʁÊ}À>˜`iʓÕ`>˜X>ÊvœˆÊVœ“iX>ÀÊ>Ê
ÌÀ>L>…>ÀʜÊ`iÃi˜ÛœÛˆ“i˜ÌœÊ`iÊ«Àœ`Õ̜ÃÊ`iÊ
ÀiVˆV>}i“]ʈÃÜÊjÊՓ>ÊVœˆÃ>ÊVœ“«iÌ>“i˜ÌiÊ
˜œÛ>°‚Ê*>À>ʜʍœÛi“Ê}iÃ̜À]Ê>Ê«ÀiœVÕ«>XKœÊ
Vœ“Ê>ÊÃÕÃÌi˜Ì>Lˆˆ`>`iÊjÊ>}œÊ˜>ÌÕÀ>]ÊVœ“œÊ
Ì>]ÊÌÀ>L>…>ÀÊÜLÊiÃÌ>ʜÀˆi˜Ì>XKœÊv>âÊ̜`œÊœÊ
ðó
$Y
+6-)0]4&5&.#30
Ãi˜Ìˆ`œ°Ê˜ÌiÃ]ʘˆ˜}Õj“ÊÃiÊ«ÀiœVÕ«>Û>ÊVœ“Ê
ˆÃÜ]ʓ>ÃÊ>}œÀ>Ê>ÃÊVœˆÃ>ÃÊiÃÌKœÊ`ˆviÀi˜ÌiÃ]Ê«œÀÊ
ˆÃÜ]ʍ?Êv>âÊÃi˜Ìˆ`œÊL>Ãi>ÀÊՓʘi}VˆœÊ˜iÃÌiÊ
`œ“‰˜ˆœ‚]ÊVœ˜VÕˆÊœÊ“i˜ÌœÀÊ`>Ê"œ˜°
6NBBCPSEBHFNTVTUFOU»WFM
Ê}À>˜`iÊ«Ài“ˆÃÃ>Ê«œÀÊ`iÌÀ?ÃÊ`iÃÌiʘi}VˆœÊ
iÃÌ?ÊiÃVÀˆÌ>ʘՓ>Ê`>ÃÊ«>Ài`iÃÊ`œÊiÃVÀˆÌÀˆœÊ
i“ʈÃLœ>\ʁ>âi“œÃÊ>ÃÊ«iÃÜ>ÃÊ>“>ÀʜÊ
ÃiÕʏˆÝœ°‚ÊÊ«œÀÌ>ÊiÃÌ?Ê>LiÀÌ>Ê«>À>Ê>LÀ>X>ÀÊ
`ˆviÀi˜ÌiÃÊ«ÀœiV̜ðʘÛi˜Ì>ÀÊՓÊ>«>Ài…œÊ
`œ“jÃ̈VœÊµÕiÊÌÀ>˜ÃvœÀ“>ʝiœÊÕÃ>`œÊi“Ê
Ûi>ÃÊvœˆÊÝʜʫÀˆ“iˆÀœÊ«>ÃܰʁÊi“«ÀiÃ>ÊvœˆÊ
Vœ˜Ã̈ÌՉ`>Ê«>À>ʓ>ÌiÀˆ>ˆâ>ÀʜʫÀœiV̜]Ê«>À>Ê
`iÃi˜ÛœÛiÀÊiÊVœ“iÀVˆ>ˆâ>ÀÊ>Ê
>˜`i“>ŽiÀ]Ê
µÕiÊjʜʈ˜‰VˆœÊ`iÊՓÊVœ˜Õ˜ÌœÊ`iʅœ“iÊ
ÀiVÞVˆ˜}Ê܏Ṏœ˜Ã°Ê-Ê`iÃi˜ÛœÛiÀÊ>ÃÊÛi>ÃÊ
jÊՓÊ՘ˆÛiÀÜÊ}ˆ}>˜Ìi]ʓ>ÃÊ«ÀiÌi˜`i“œÃÊ
VÀˆ>Àʓ>ˆÃÊ܏ÕXªiÃ]Ê«>À>ÊÌÀ>Ì>ÀʜÕÌÀœÃÊ
«Àœ`Õ̜ðÊ"ÃÊ`œˆÃʵÕiÊÃiÊÃi}Õi“ʍ?Ê
iÃÌKœÊVœ˜Vi«ÌÕ>ˆâ>`œÃ]ʓ>ÃÊÝÊi“ÊÓ䣣Ê
Vœ“iX>“œÃÊ>Ê`iÃi˜ÛœÛk‡œÃ‚]Ê>`ˆ>˜Ì>°Ê
}œÀ>]Ê>«œÃÌ>ʘ>Êv>ÃiÊ`iÊVœ“iÀVˆ>ˆâ>XKœÊ
`>Ê
>˜`i“>ŽiÀÊqÊ«>Ìi˜Ìi>`>Ê>ʘ‰ÛiÊ
ˆ˜ÌiÀ˜>Vˆœ˜>ÊiÊ֘ˆV>ʘœÊ“Õ˜`œÊqÊiÊ}>À>˜ÌiÊ
µÕiʜÊvii`L>VŽÊiÃÌ?Ê>ÊÃiÀʓՈ̜ʫœÃˆÌˆÛœ°Ê
ʈ`iˆ>ʈ˜ˆVˆ>ÊۈÕÊ>ÃȓÊ>ʏÕâÊ`œÊ`ˆ>Êi]Ê
>}œÀ>]ÊiÃÌ?ʘ>ÃʓKœÃÊ`œÃÊṎˆâ>`œÀiðÊʜÃÊ
«Àˆ“iˆÀœÃÊv>LÀˆV>˜ÌiÃÊ`œ“jÃ̈VœÃÊ`iÃÌ>ÃÊ
Ûi>Ãʈ˜œÛ>`œÀ>Ãʍ?Ê>`œ«Ì>À>“ʜʘœÛœÊ
ˆ˜ÃÌÀՓi˜Ìœ°Êˆâi“‡˜œÃʵÕiʍ՘Ì>“Ê>Ê
v>“‰ˆ>Ê«>À>ÊÕÃ>ÀÊ>Ê
>˜`i“>ŽiÀ]Ê«œÀµÕiÊjÊ
Փ>ʘœÛˆ`>`i]ÊiÊ`ˆÛiÀÌi“‡ÃiÊ>Êv>âiÀÊÛi>ð‚Ê
«iÃ>ÀÊ`iÊ̜`>Ê>ÊVœ˜Õ˜ÌÕÀ>ʵÕiÊÃiÊۈÛiÊ
>VÌÕ>“i˜Ìi]Ê>Ê"œ˜ÊVœ˜Ãˆ`iÀœÕʵÕiÊiÀ>Ê>Ê
>ÌÕÀ>ÊViÀÌ>Ê«>À>ʏ>˜X>ÀÊՓʫÀœ`Õ̜Ê`iÃÌiÃÊ
13*/5
."%&*/10356(""$BOEMFNBLFSFTUȼWFOEB
QPSFVSPTOVNLJURVF
JODMVJPRVFÃOFDFTT»SJPQBSB
GB[FSBTTFUFQSJNFJSBTWFMBT
+»FTU»ºWFOEBOB&VSPQB
BUSBWÃTEPTJUFXXX
PPOTPMVUJPOTDPNFEFBMHVNBT
MPKBTRVFBEFSJSBNºJEFJB…0
OPTTPNFSDBEPÃJOUFSOBDJPOBM
PTQSPCMFNBTRVFQSFUFOEF
SFTPMWFST½PHMPCBJT•BMFSUB
.»SJP4JMWB"N»RVJOBÃ
QSPEV[JEBFN1PSUVHBMF
PTNBUFSJBJTSFDJDMBEPTT½P
DPNQSBEPTOB&VSPQB…)PVWF
VNBHSBOEFQSFPDVQBÁ½PDPN
PEFTJHOFNFTNPFNUFSNPT
FOFSHÃUJDPTHBTUBVNEÃDJNP
EFVNBN»RVJOBEFDBGÃ/½PTÍ
ÃHJSBEFUFSFVTBSG»DJM
FJOUVJUJWBNBTUBNCÃN
GVODJPOBEFGPSNBTVTUFOU»WFM•
˜œÊ“iÀV>`œ]Ê>ÌjÊ«œÀµÕiÊ«i}>ʘœÃÊÀiÉ`՜ÃÊ
iʘKœÊi“Ê“>ÌjÀˆ>Ç«Àˆ“>ÃʘœÛ>ðʁiӜÊ>Ê
«À«Àˆ>ʓ?µÕˆ˜>ÊjÊviˆÌ>]Êi“Ê}À>˜`iÊ«>ÀÌi]Ê`iÊ
“>ÌiÀˆ>ˆÃÊÀiVˆV>`œÃ°ÊÃÜÊȓLœˆâ>]ÊÌ>“Lj“]Ê
>ʈ`iˆ>Ê`iÃÌ>Êi“«ÀiÃ>\ʘÃʵÕiÀi“œÃÊv>âiÀÊ>ÃÊ
VœˆÃ>ÃÊ`iÊvœÀ“>Ê`ˆviÀi˜Ìi]Ê>ÌjʘœÊ“œ`œÊVœ“œÊ
ÌÀ>L>…>“œÃ°Ê-œ“œÃÊ££]ʓ>ÃÊÌÀ>L>…>“œÃÊ
Vœ“Ê“>ˆÃÊ`iÊÇäÊ«>ÀViˆÀœÃÆÊjÊՓ>ʏ}ˆV>Ê
Vœ>LœÀ>̈Û>°Ê"ʓœ`iœÊiVœ˜“ˆVœÊiʜÊ
“œ`iœÊiVœ}ˆVœÊ`iÊÃÕÃÌi˜Ì>Lˆˆ`>`i]Ê
V>À>“i˜Ìi]Ê>LÀi“ÊœÊV>“ˆ˜…œÊ«>À>ÊiÃÌiÃÊ
«Àœ`Õ̜ð‚
?ÀˆœÊ-ˆÛ>ÊÃ>LiʵÕiÊVÀˆ>ÀÊVœˆÃ>ÃʵÕiʘKœÊ
i݈ÃÌi“ʘKœÊjʘ>`>Êv?Vˆ]ÊiÊÃiÊiÃÌ>ÃÊvœÀi“Ê
«>À>ÊṎˆâ>XKœÊ`œ“jÃ̈V>Ê>ˆ˜`>Ê>Փi˜Ì>Ê
“>ˆÃÊ>Ê`ˆwVՏ`>`i°Ê*œÀʈÃÜ]ÊV…i}>ÀÊ>ÊiÃÌiÊ
«œ˜ÌœÊiÊÛiÀÊ>Ê>ViˆÌ>XKœÊ>ʘ‰ÛiÊˆ˜ÌiÀ˜>Vˆœ˜>Ê
jÊՓ>Êi˜œÀ“iÊÀiVœ“«i˜Ã>°ÊÊˆ`iˆ>ÊjÊ«žÀʜÊ
«Àœ`Õ̜ʘœÊ«>VœÊiÊ`iˆÝ>ÀʵÕiÊiiÊv>iÊ«œÀÊÈ°Ê
ÊiÃÌ?Ê>Êv՘Vˆœ˜>À°Ê1ÌÀ>«>ÃÃ?“œÃʜÊ`iÃ>wœÊ
`iÊVÀˆ>ÀÊ>}œÊµÕiÊjÊÀiiÛ>˜ÌiÊiʵÕiÊÀi܏ÛiÊՓÊ
«ÀœLi“>°ÊÃÃiÊjʜʘœÃÜʓ>ˆœÀÊ«À>âiÀ°‚Ê
$Y
+6-)0]4&5&.#30
ðô
E
EFTJHOBSRVJUFDUVSB
#0$"%0-0#0
0TNFOJOPT
FPMPCP
0EFTJHOEBQPSUVHVFTB#PDBEP-PCPO½PNPSEF
NBTUFNOPNFSDBEPJOUFSOBDJPOBMBTVBQSFTBQSFEJMFDUB
1PS"OB3JUB-ÔDJP
%&3*05*/501"3"0.6/%0]ʜʫՏœÊvœˆÊLi“Ê“i`ˆ`œ°Ê
œ“Ê>ʅiÀ>˜X>Ê
Vœ˜Vˆˆ>“Ê>ÊÌ>…>Ê`œÕÀ>`>]Ê>Êv՘`ˆXKœÊiÊ>ʓ>µÕiÌiÀˆ>Ê
«œÀÌÕ}ÕiÃ>ʘœÊÃ>˜}ÕiÊiÊ>ÊۜV>XKœÊˆ˜ÌiÀ˜>Vˆœ˜>Ê>ÃÃՓˆ`>]Ê>ʜV>Ê`œÊœLœÊ
Vœ“ÊՓ>ÊiÃÌj̈V>ʜÕÃ>`>]ʓ>ÃÊ>Ìi˜Ì>ÊDÃÊÌi˜`k˜Vˆ>ÃÊ
˜>ÃViÕ]Êi“ÊÓääx]ÊVœ“Ê>Ê«Àœ“iÃÃ>Ê`iÊ«Àœ`ÕâˆÀʘ>`>ʓi˜œÃÊ`œÊµÕiÊ>ÊiÝVik˜Vˆ>Ê
iÊ`i«ÕÀ>`>ʘ>ÃÊvœÀ“>ðÊ
>`>Ê«œÀ“i˜œÀÊVՈ`>`œÊjÊ
`œÊ“œLˆˆ?Àˆœ°Ê*i`ÀœÊ-œÕÃ>]ʓ@˜`ˆœÊ*iÀiˆÀ>]Ê,ˆV>À`œÊ>}>…KiÃÊiʘ>ʜ“iÃ]Ê
`œÌ>`œÊ`iÊՓ>ʘ>ÀÀ>̈Û>Ê«À«Àˆ>ÊiÊjʜʫœ˜ÌœÊ`iÊ«>À̈`>Ê
ÀœÃ̜ÃÊ`œÊÀÕ«œÊi˜ˆ˜>ÊiÈ}˜]ʵÕiÊ}iÀœÕÊ>ʓ>ÀV>ʜV>Ê`œÊœLœ]Ê̈˜…>“ÊՓÊ
«>À>ÊՓ>ÊiÝ«iÀˆk˜Vˆ>Êi“œVˆœ˜>Ê֘ˆV>]ʜÕʘKœÊvœÃÃiÊ>Ê
œLiV̈ۜÊ>“LˆVˆœÃœ\ʏiÛ>Àʜʓi…œÀÊ`œÊ`iÈ}˜Ê˜>Vˆœ˜>ÊV?Ê`iÊ`i˜ÌÀœÊ?Ê«>À>ÊvœÀ>Ê
iÝVÕÈۈ`>`iÊՓÊ`œÃÊ«œ˜ÌœÃÊ`iʅœ˜À>Ê`iÃÌ>ʓ>ÀV>°
iÊ̜À˜?‡œÊՓ>ÊÀiviÀk˜Vˆ>ʘœÃʓiÀV>`œÃʓ՘`ˆ>ˆÃ°ÊÊ>ÃVi˜ÃKœÊ“iÌiÀˆV>ʵÕiÊ
>Ê«iÀܘ>ˆ`>`iÊ`iÃÌiʏœLœÊv>âi“Ê>ˆ˜`>Ê«>ÀÌi]ÊVœ“œÊ
œÃʏiۜÕÊ>Ê>ÀÀiV>`>ÀÊ>}œÀ>]ʘœÃÊÃÌ>`œÃÊ1˜ˆ`œÃ]ʜÊ*Àj“ˆœÊi…œÀÊiÈ}˜Ê`iÊ
˜KœÊ«œ`ˆ>Ê`iˆÝ>ÀÊ`iÊÃiÀ]ʜÊ`iÈ}˜ÊÜwÃ̈V>`œÊiÊV>ÀÀi}>`œÊ
*Àœ`Õ̜ÊÓä£ä]Ê«i>ÊÀiۈÃÌ>Ê`iʏˆviÃ̏ޏiÊՏˆÊ]ÊÝÊÛiˆœÊ«ÀœÛ>ÀʵÕiÊiÃÌ>Û>“ÊViÀ̜ð
`iÊՓ>Êii}@˜Vˆ>Ê>ÌÀiۈ`>ÊiÊ>ÊVœ˜ÃÌ>˜ÌiÊÌi˜Ì>XKœÊ«i>Ê
iiLÀ>˜`œÊ>ʅˆÃ̝Àˆ>ÊVi˜Ìi˜?Àˆ>Ê`œÊ>ÀÌiÃ>˜>̜Êiʓ>ÀVi˜>Àˆ>Ê«œÀÌÕ}ÕiÃiÃÊiÊ>Ê>ÀÌiÊ ˜œÛˆ`>`i]ʵÕiʈ“«i`i“ʵÕiÊ>Êi“«ÀiÃ>ÊÃiÊ>Vœ“œ`iÊ
`iÊÌÀ>L>…>Àʓ>ÌiÀˆ>ˆÃʘœLÀiÃ]ÊVœ“œÊ>ʓ>`iˆÀ>]ÊiÃÌ>Êi“«ÀiÃ>Êv>âʓ>ˆÃÊ`œÊµÕiÊ
ÜLÀiʜÃʏœÕÀœÃʍ?Ê>V>˜X>`œÃ°Êʈ˜Ìi˜Ãˆ`>`iÊiʜÊV>À?VÌiÀÊ
`>À‡…iÃÊՓ>Ê«ˆ˜Vi>`>ÊÛ>˜}Õ>À`ˆÃÌ>°Ê"ÊVœ“«Àœ“ˆÃÜÊ`>ʜV>Ê`œÊœLœÊjʜÊ`iÊ
ۈ˜V>`œÊ`>ÃÊ«iX>ÃʏiÛ>“‡˜>ÃʓՈ̜ʫ>À>Ê>j“Ê`>ʓiÀ>Ê
ՓÊÀi}ÀiÃÜÊ>œÊvÕÌÕÀœÊVœÃ“œ«œˆÌ>ÊiÊ>ÀÀœ>`œ]Ê«>À̈˜`œÊ`iÊՓʫ>ÃÃ>`œÊV?ÃÈVœÊ
v՘XKœÊ`iVœÀ>̈Û>]ÊVœ“œÊÌiÃÌi“Õ˜…>“Ê>ÃÊÌÀkÃÊVœiVXªiÃÊ
«iÀ“>˜i˜Ìi“i˜ÌiÊÀiˆ˜ÌiÀ«ÀiÌ>`œ°Ê+Õi“ÊVœ˜`ÕâʜʫÖLˆVœÊ`œÊ>ÌiˆiÀʘiÃÌ>Ê
`ˆÃ̈˜Ì>ÃʵÕiÊVœ“«ªi“ÊœÊ Ê`>ʜV>Ê`œÊœLœ°Ê
ۈ>}i“ʘiœL>ÀÀœV>ÊÃKœÊ>ÊÌiV˜œœ}ˆ>ÊiÊ>Ãʏˆ˜…>ÃÊVœ˜Ìi“«œÀ@˜i>ÃʵÕiÊÀiˆ˜Ûi˜Ì>“Ê
˜`œÊLÕÃV>ÀÊ>œÊL>ˆÀÀœÊ˜œÛ>‡ˆœÀµÕˆ˜œÊ>ʈ˜yÕk˜Vˆ>ʵÕiÊ
>ÃÊÌjV˜ˆV>ÃÊ`iÊv>LÀˆVœÊÌÀ>`ˆVˆœ˜>°Ê"ÊÀiÃՏÌ>`œÊÃKœÊ«iX>ÃÊ
…iÊ`?ʘœ“iÊiÊ>ÊۜV>XKœÊ>À̉Ã̈V>ÊÃi“«ÀiÊ
ŒƢŒƤŒťƖƤ%JBNPOE
ˆ˜Ìi“«œÀ>ˆÃ]ʵÕiÊÌÀ>˜Ã«œÀÌ>“Êi“œXªiÃÊiÊ>«>ˆÝœ˜>“Ê̜`œÃÊ
«ÀiÃi˜Ìi]Ê>ÊVœiVXKœÊ-œ…œÊ>ˆ>ÊՓ>Ê
VNBEBTQFÁBTNBJT
>µÕiiÃʵÕiÊVœ“Êi>ÃÊVœ˜Ì>VÌ>“°
>ÀµÕˆÌiVÌÕÀ>ÊÕÀL>˜‰Ã̈V>Ê`iÊV>ÀˆâÊv՘Vˆœ˜>Ê
NBSDBOUFTEPBUFMJFS
Ê«>ˆÝKœÊj]Ê>ˆ?Ã]ÊÌÕ`œÊ«>À>ÊiÃÌ>ÊiµÕˆ«>°Ê*œÀÊ>“œÀÊDÊ>ÀÌi]Ê
iʜÊ`iÈ}˜Ê`iÊÌÀ>XœÊV?ÃÈVœ°Ê˜œÛ>`œÀ>Ê
ŸƲťƨƖƑEB4PIP
«Àœ“iÌi“ÊiÃL>ÌiÀÊ>ÃÊvÀœ˜ÌiˆÀ>ÃÊi˜ÌÀiÊiÃÌ>ÊiʜÊ`iÈ}˜°ÊÊ
iʈÀÀiÛiÀi˜Ìiʘ>ÃÊiÃVœ…>ÃÊ`>ÃÊvœÀ“>ÃÊiÊ
$PMMFDUJPOJOTQJSBEB
ÊVœ˜Ãi}Õi“‡˜œ°Ê>LÀˆV>`œÃÊ«i>ÃʓKœÃÊ`iÊ>ÀÌiÃKœÃÊ
`œÃʓ>ÌiÀˆ>ˆÃ]ÊiÃÌ>ʏˆ˜…>Ê`iʓœLˆˆ?ÀˆœÊ
QFMPDPTNPQPMJUB
CBJSSPOPWBJPSRVJOP
iÝ«iÀˆi˜ÌiÃÊiÊ`i`ˆV>`œÃ]ʜÃÊ>À̈}œÃÊ`>ʜV>Ê`œÊœLœÊ
…>À“œ˜ˆâ>ÊÛ?ÀˆœÃÊiÃ̈œÃÊiÊÌjV˜ˆV>Ã]Ê
ðõ
$Y
+6-)0]4&5&.#30
13*/5
$30/0-0(*"
%046$&440
"MHVNBTEBTEBUBTRVF
QSPWBNPÄYJUPDPORVJTUBEP
QFMBNBSDB
"CSJMEF3JP5JOUPÃP
CFSÁPEB#PDBEP-PCPRVF
OBTDFEFDJEJEBBUPSOBSTF
BNFMIPSNBSDBEFEFTJHOF
QSPEVÁ½PEFNÍWFJT
4FUFNCSPEF$PN
BQFOBTDJODPNFTFTB#PDB
EP-PCPQBSUJDJQBOPTFV
QSJNFJSPTIPXOP4BM½P
*OUFSOBDJPOBM&YQPIPHBS
0UPËPFN#BSDFMPOB
4FUFNCSPB/PWFNCSP
EF"#PDBEP-PCPÃ
FMFJUBBNBSDBEFNPCJMJ»SJP
NBJTJOPWBEPSBEVSBOUFB
4FNBOB1PSUVHVFTBOPT
"SNB[ÃOT)BSSPETFN
-POESFT
+BOFJSPEF"#PDBEP
-PCPÃDPOTJEFSBEBBNBSDB
NBJTJOPWBEPSBFORVBOUP
FYQPTJUPSBOB.BJTPO0CKFU
FN4DÂOFTEn*OUÃSJFVSFN
1BSJT
.BSÁPEF"QSFTUJHJBEB
SFWJTUBOPSUFBNFSJDBOB
+VMJ#BUSJCVJº#PDBEP-PCP
P1SÃNJP.FMIPS%FTJHOEF
1SPEVUP
'PUPT%3
"CSJMEF1SFTFOÁB
OB.JMBO%FTJHO8FFLOB
*OUFSOB[JPOBMFEFM.PCJMFnT
;POB5PSUPOBFN.JM½P
VÀˆ>˜`œÊՓÊiµÕˆ‰LÀˆœÊȘ}Տ>ÀÊiÊyՈ`œ°Ê*Ài`œ“ˆ˜>“Ê>Ãʓ>`iˆÀ>ÃÊÌÀ>L>…>`>ÃÊiÊ
>ÃÊÌjV˜ˆV>ÃÊÌÀ>`ˆVˆœ˜>ˆÃÊÀiÛiÃ̈`>ÃÊ`iʈ˜Ìi“«œÀ>ˆ`>`i]Êi“Ê«iX>ÃÊÃi`Õ̜À>Ã]ʵÕiÊ
v՘`i“Ê`ˆviÀi˜ÌiÃÊÌi˜`k˜Vˆ>ðÊ"Ãʍœ}œÃÊ`iʏÕâÊiÊVœÀÊÃKœÊ>ÃʘÕ>˜ViÃʵÕiʈ˜Ã«ˆÀ>“Ê
>ÊLœ>Ê`ˆÃ«œÃˆXKœÊiÊ>ʈ“«ÀiÃÃKœÊVœœÊ`>ÊVœiVXKœÊ
œœœÀðÊÊ«>iÌ>Ê`iÊVœÀiÃÊjʜÊ
“œÌiÊiÃVœ…ˆ`œÊ«i>ÊÛiÀÃ>̈ˆ`>`iÊ`>ÊÃÕ>ÊiÃÌj̈V>]ʓ>ÃÊÜLÀiÌÕ`œÊ«iœÊ«œ`iÀÊ`iÊ
iÃ̈“Տ>XKœÊۈÃÕ>ÊiÊi“œVˆœ˜>ÊµÕiÊÌi“ÊÜLÀiÊ>ʓi˜ÌiʅՓ>˜>°ÊÃÊ`ˆviÀi˜ÌiÃÊ
“>̈âiÃÊÀi«ÀiÃi˜Ì>“]Ê>Ãȓ]ÊՓÊVœ˜ÛˆÌiÊ«>À>Ê>Êi˜ÌÀ>`>ʘՓÊV>ÀÀœÃÃiÊ`iÊ
Ãi˜Ã>XªiÃÊiÊiÃÌ>`œÃÊ`iÊ>“>ʜ˜`iÊVœ>LˆÌ>“ÊœÃÊ̜˜ÃÊۈLÀ>˜ÌiÃÊiʜÃÊ`i}À>`jÃ]ÊVœ“Ê
œÊˆ˜ÌՈ̜Ê`iÊ«Àœ“œÛiÀÊ>ʈ`i˜ÌˆwV>XKœÊi˜ÌÀiÊ>ʜÀˆ}ˆ˜>ˆ`>`iÊ`>ÃÊ«iX>ÃÊiʜʜ…>ÀÊ
i݈}i˜ÌiÊ`œÊ«ÖLˆVœ°Ê
DŽƖƤƈVNBEBTÔMUJNBTBEJÁÏFTºMJOIB4PIP
ƮƤŒťŻŢśƖOBCBTFEBDSJBÁ½PEBDÍNPEB$SPDIFU
ŨǃƗƮŻşŒB'PSFTUEBFEJÁ½PMJNJUBEB-BSHF&NPUJPO
"ÊV՘…œÊ֘ˆVœÊ`iÊV>`>ÊՓÊ`œÃÊ>À̈}œÃÊ`>ʜV>Ê`œÊœLœÊ
jʏiÛ>`œÊ>œÊiÝÌÀi“œÊ˜>ÊVœiVXKœÊˆ“ˆÌi`Ê`ˆÌˆœ˜ÊqÊ>À}iÊ
“œÌˆœ˜]ÊÀivœÀX>˜`œÊ>Ê«Àœ«œÃÌ>Ê`iÊ>«ÀœÝˆ“>ÀʜÊ`iÈ}˜ÊiÊ
>Ê>ÀÌiʘՓ>ÊiÝ«iÀˆk˜Vˆ>ÊÃÕÀ«Àii˜`i˜ÌiÊiÊ>ÀÀiL>Ì>`œÀ>°Ê
œâiÊ«iX>Ãʉ“«>ÀiÃÊi˜ÌÀiÊÈ]ʘՓ>ÊÃjÀˆiʏˆ“ˆÌ>`>Ê`iÊ
ÓäÊ«Àœ`Õâˆ`>ÃÊDʓKœÊ«œÀÊՓÊ֘ˆVœÊ>ÀÌiÃKœ]ÊÃKœÊvÀÕ̜Ê
`œÊÌ>i˜Ìœ]ÊÌ>“Lj“Êiiʈ˜ÛՏ}>À]Ê`iÊ*i`ÀœÊ-œÕÃ>]ÊÃiÕÊ
VÀˆ>`œÀ]ʵÕiʏ>˜X>ÊՓÊ>«iœÊDʜÕÃ>`ˆ>ÊiÊDÊi“œÌˆÛˆ`>`iÊ
`œÃʵÕiÊÃiÊÛki“ÊÀiyiV̈`œÃʘiÃÌ>ÃʜLÀ>ÃÊȘ}Տ>ÀiðÊ1“Ê
ÛiÀ`>`iˆÀœÊ`ˆ>“>˜ÌiÊi“ÊLÀÕ̜ÊiÃVՏ«ˆ`œÊ«>À>]Ê>œÊ“iӜÊ
Ìi“«œ]ÊiÝ>Ì>ÀÊiÊÃÕLÛiÀÌiÀʜÊiÃ̈œÊV?ÃÈVœ]ʜÊ>«>À>`œÀÊ
ˆ>“œ˜`ÊjʜÊiÝʏˆLÀˆÃÊ`iÃÌ>ÊVœiVXKœ]ÊVՍœÃÊÌÀ>XœÃÊ
œ«Õi˜ÌœÃÊiÊȘ՜ÜÃÊ>«ÀˆÃˆœ˜>“ʜʜ…>À°
+ÕiÀi“œÃʵÕiLÀ>ÀÊL>ÀÀiˆÀ>Ã]ÊՏÌÀ>«>ÃÃ>ÀÊiÝ«iVÌ>̈Û>ÃÊ
iÊÃÕ«ÀˆÀÊ`iÃiœÃ°Ê+ÕiÀi“œÃÊÃiÀÊÀiviÀk˜Vˆ>ʈ˜ÌiÀ˜>Vˆœ˜>Ê
iʈ˜yÕi˜Vˆ>ÀʜÕÌÀ>Ãʓ>ÀV>ÃÊ>Êv>âk‡œ]Êv>âi˜`œÊVÀiÃViÀÊ
>ʈ`i˜Ìˆ`>`iÊ`œÊ`iÈ}˜Ê«œÀÌÕ}Õkð‚Ê+Õi“ÊœÊ>ÃÃi}ÕÀ>Ê
jÊ,ˆV>À`œÊ>}>…KiÃ]Ê`ˆÀiV̜ÀÊ`iÊ«ÀœiV̜Ê`œÊÀÕ«œÊ
i˜ˆ˜>ÊiÈ}˜°ÊÀ}Փi˜ÌœÃʘKœÊv>Ì>“Ê>ÊiÃÌ>ÊiµÕˆ«>Ê
VÀˆ>̈Û>]ʵÕiÊiÃÌ?Ê«ÀiÃi˜ÌiʘœÃÊVˆ˜VœÊVœ˜Ìˆ˜i˜ÌiÃ]ÊjÊ
«Ài“ˆ>`>ÊՓʫœÕVœÊ«œÀÊ̜`œÊœÊ“Õ˜`œÊiÊÃiÊ̜À˜>Ê
ÀiviÀk˜Vˆ>Ê«>À>Ê>Ãʓ>ˆÃÊ«ÀiÃ̈}ˆ>`>ÃÊÀiۈÃÌ>ÃÊ`iÊ
Ìi˜`k˜Vˆ>Ãʈ˜ÌiÀ˜>Vˆœ˜>ˆÃ°Ê*>À>ʍ?]Ê>Ê>«œÃÌ>ÊjÊVÀiÃViÀÊ
iÊVœ˜Ãœˆ`>ÀÊ>ʓ>ÀV>ʘœÊ“iÀV>`œÊ˜œÀÌi‡>“iÀˆV>˜œ°Ê
i«œˆÃ]ʜÊVjÕÊjʜʏˆ“ˆÌi°ÊiÃʵÕiÀi“ÊÃiÀʏœLœÃÊiʘKœÊÌk“Ê
“i`œÊ`iʏ…iÊÛiÃ̈ÀÊ>Ê«ii°Ê
$Y
+6-)0]4&5&.#30
ðö
E
EFTJHOBSRVJUFDUVSB
7*7&3
$JEBEFTEPBNBOI½
$PNPNFMIPSBSBWJEBOBTHSBOEFTDJEBEFT
$PNPHFSJSPBNCJFOUFBSRVJUFDUVSB
FBNPCJMJEBEFOBTHSBOEFTVSCFTEPGVUVSP
1PS.BSJB+P½P"MFYBOESF
-0/(&7"*05&.10Êi“ʵÕiÊÝÊÃiÊ>˜`>Û>ÊÊ
`iÊLˆVˆViÌ>Êi“Ê8>˜}>ˆ°ÊʓiÌÀ«œiÊV…ˆ˜iÃ>Ê
jÊՓÊ`œÃÊ>}œ“iÀ>`œÃÊÕÀL>˜œÃʓ>ˆÃÊ
«œ«ÕœÃœÃÊ`œÊ“Õ˜`œ°Ê>µÕˆÊ>Ê«œÕVœÊ“>ˆÃÊ
`iÊ`iâÊ>˜œÃ]ʜÊÌÀ>˜Ã«œÀÌiÊ`iÊ>Ì>ÊÛiœVˆ`>`i]Ê
i“Ê8>˜}>ˆÊ­iʜÕÌÀœÃÊ«œÀÊ̜`œÊœÊ“Õ˜`œ®]Ê
`iψâ>À?ÊÜLÀiÊV>“«œÃʓ>}˜j̈VœÃ°ÊÊ
"ÊVœ“LœˆœÊ`œÊvÕÌÕÀœÊv>âÊ£ÈäʵՈ“iÌÀœÃÊ
i“Ê>«i˜>ÃÊÓäʓˆ˜Õ̜ðÊ1“>Ê`ˆÃÌ@˜Vˆ>ʵÕi]Ê
…?ÊÎäÊ>˜œÃ]Ê`i“œÀ>Àˆ>ʅœÀ>ÃÊ>Êv>âiÀ°Ê+Õi“Ê
œ…iÊ«i>ʍ>˜i>Ê«œ`iÊwV>ÀÊ̜˜ÌœÊiʘi“Ê
ÃiµÕiÀÊVœ˜Ãi}ՈÀÊ`iˆ˜i>ÀÊՓ>Êȏ…ÕiÌ>Ê`iÊ
ՓÊÌÀ>L>…>`œÀÊ`œÊV>“«œÊœÕÊ`iÊՓÊ>˜ˆ“>]ÊÊ
Ì>Ê>ÊÛiœVˆ`>`iÊ`iÃÌ>ʓ?µÕˆ˜>Ê
ÌÀ>˜Ã«œÀÌ>`œÀ>°Ê>Ã]Ê«i˜Ã>˜`œÊLi“]ÊÊ
ÃiÀ?ʵÕi]ʘiÃÃ>Ê>ÌÕÀ>]ʅ>ÛiÀ?Ê>}ÀˆVՏ̜ÀiöÊ
"ÊvÕÌÕÀœÊ`iÛiÀ?ÊÌÀ>âiÀʜÕÌÀœÃÊ>Û>˜XœÃ°ÊÊ
"ÃÊ«œÃÌiÃÊ`iÊiiVÌÀˆVˆ`>`iʜÕʏˆ˜…>ÃÊ
ijVÌÀˆV>ÃÊ`iÊ>Ì>ÊÌi˜ÃKœÊ«œ`iÀKœÊVœ˜`ÕâˆÀÊ
i˜iÀ}ˆ>Ê>œÊœ˜}œÊ`iʓ>ˆÃÊ`iʓˆÊµÕˆ“iÌÀœÃ]Ê
Ãi“Ê>L܏ÕÌ>“i˜Ìiʘi˜…Õ“>Ê«iÀ`>°Ê
˜iÀ}ˆ>Ê«ÀœÛi˜ˆi˜ÌiÊ`iÊVi˜ÌÀ>ˆÃÊ`iÊvœ˜ÌiÃÊ
`iÊi˜iÀ}ˆ>ÃÊÀi˜œÛ?ÛiˆÃ]ÊVœ“œÊœÊ܏]Ê>Ê?}Õ>]Ê
œÊÛi˜ÌœÊœÕÊ>ÊLˆœ“>ÃÃ>°Êʍ?ʵÕiÊv>>“œÃÊ`iÊ
i˜iÀ}ˆ>]ʜÃÊVœ“«ÕÌ>`œÀiÃÊ«œÀÌ?ÌiˆÃÊ`iÛiÀKœÊ
iÃÌ>ÀÊiµÕˆ«>`œÃÊVœ“ÊՓ>ÊL>ÌiÀˆ>ʵÕiÊ«œ`iÊ
`ÕÀ>ÀÊՓ>ÊÃi“>˜>]Ê}À>X>ÃÊ>ÊՓ>ÊVjÕ>Ê`iÊ
ð÷
$Y
+6-)0]4&5&.#30
Vœ“LÕÃ̉ÛiÊµÕiÊv՘Vˆœ˜>ÊDÊL>ÃiÊ`iÊՓ>Ê
iëjVˆiÊ`iÊ?VœœtʜiÊÌÕ`œÊˆÃ̜ʫ>ÀiViÊՓÊ
ܘ…œÊ“>Ã]ÊÃi}՘`œÊiÃ̈“>̈Û>ÃÊvÕÌÕÀˆÃÌ>ÃÊ
`œÊÕÀL>˜ˆÃ“œ]Ê̜À˜>À‡Ãi‡?ÊÀi>ˆ`>`iʘՓÊ
vÕÌÕÀœÊ“>ˆÃÊ«ÀÝˆ“œÊ`œÊµÕiÊÃiʍՏ}>°Ê
"BMUBWFMPDJEBEFEPVSCBOJTNP
Ãʓi}>Vˆ`>`iÃ]ÊVœ“œÊ8>˜}>ˆ]ÊÃKœÊÀiÛiÃ̈`>ÃÊ
>Êۈ`ÀœÊiÊ>XœÊqÊ`Õ>ÃÊÛiâiÃʓ>ˆœÀiÃÊ`œÊ
µÕiÊiÀ>“Ê>˜ÌiðÊ
œ“œÊ˜KœÊ˜œÃÊÃi˜ÌˆÀ“œÃÊ
«iÀ`ˆ`œÃ¶Ê"ʵÕiÊjʵÕiÊiÃÌ>“œÃÊ>Êv>âiÀÊ
«>À>ʓœ`>ÀʜʘœÃÜÊvÕÌÕÀœ¶Ê œÊ>“Lˆi˜Ìi]Ê
>ÀµÕˆÌiVÌÕÀ>]ʓœLˆˆ`>`iÊiÊÃi}ÕÀ>˜X>ʘ>ÃÊ
}À>˜`iÃÊVˆ`>`iÃ]ʜʵÕiÊjʵÕiÊiÃÌ?Ê>ÊÃiÀÊviˆÌœ¶Ê
œiÊi“Ê`ˆ>]ʵÕ>ÃiʓiÌ>`iÊ`>ÊՓ>˜ˆ`>`iÊ
ۈÛiÊi“ÊVˆ`>`iðʓÊÓäÎä]ÊÌÀkÃÊi“ÊV>`>Ê
Vˆ˜VœÊ«iÃÜ>ÃʘœÊ«>˜iÌ>Ê`iÛiÀKœÊۈÛiÀÊ
i“ÊVi˜ÌÀœÃÊÕÀL>˜œÃÊiÊ«iÀ̜Ê`iʓiÌ>`iÊ`>Ê
«œ«Õ>XKœÊۈÛiÀ?ʘ>ÃÊVˆ`>`iÃÊ`œÃÊ«>‰ÃiÃÊ
i“Ê`iÃi˜ÛœÛˆ“i˜Ìœ°ÊÊÕÀL>˜ˆâ>XKœÊÌÀ>â‡
‡˜œÃÊÌ>˜ÌœÊi“Êœ«œÀÌ՘ˆ`>`iÃÊVœ“œÊi“Ê
`iÃ>wœÃ°ÊÃÊÀi}ˆªiÃʓ>ˆÃÊ`iÃi˜ÛœÛˆ`>ÃÊ
iÃÌKœÊ>Ì>“i˜ÌiÊÕÀL>˜ˆâ>`>Ã]ʜʵÕiʈ˜`ˆV>Ê
µÕiÊ>ÊÕÀL>˜ˆâ>XKœÊ«>ÀiViÊÃiÀÊ>}œÊˆ˜iۈÌ?ÛiÊ
µÕ>˜`œÊÃiÊÌÀ>Ì>Ê`iÊ`iÃi˜ÛœÛˆ“i˜Ìœ°Ê/i“Ê
È`œÊÀ?«ˆ`>ʘœÊ“Õ˜`œÊi“Ê`iÃi˜ÛœÛˆ“i˜Ìœ]Ê
“>ÃÊViÀÌ>ÃÊÀi}ˆªiÃ]Êi“ÊvÀˆV>Êiʘ>ÊÈ>]Ê
13*/5
'"-&.04
%&$"4"4
$POGFSÄODJBJOUFSOBDJPOBM
OB"VMB.BHOB-JTCPB
"TFHVOEBFEJÁ½PEB5SJFOBM
EF"SRVJUFDUVSBEF-JTCPB
PDPSSFS»EFEF0VUVCSP
EFBEF+BOFJSP
EFFUFNDPNPUFNB
…'BMFNPTEF$BTBT•6NB
PQPSUVOJEBEFQBSBSFǣFDUJSF
EFCBUFSTPCSFBBSRVJUFDUVSB
DPNPJOTUSVNFOUP
PSJFOUBEPSEFQSPDFTTPT
EFNPDS»UJDPTFDPNPTJHOP
UFNQPSBMFFTQBDJBMEBTTVBT
QPUFODJBMJEBEFT6NEPT
NPNFOUPTNBJTJNQPSUBOUFT
EB5SJFOBMTFS»B$POGFSÄODJB
*OUFSOBDJPOBMJOUJUVMBEB
…"SRVJUFDUVSB<JO>>PVU
<1PMÇUJDB•VNFWFOUPRVFUFS»
MVHBSBFEF/PWFNCSP
OB"VMB.BHOBFN-JTCPB
"$BJYBBTTVNFPQBQFMEF
.FDFOBTEB$POGFSÄODJBPOEF
FTUBS½PQSFTFOUFTOPNFT
EFSFGFSÄODJBOBDJPOBJTF
JOUFSOBDJPOBJT
iÃÌKœ]Ê>ˆ˜`>]ʓՈ̜Ê`ˆÃÌ>˜ÌiÃÊ`œÊÀiÃ̜ÊÊ
`œÊ“Õ˜`œÊ˜œÊµÕiÊ̜V>Ê>ʘ‰ÛiˆÃÊÊ
`iÊÕÀL>˜ˆâ>XKœ°Ê
ÃÊ}À>˜`iÃÊVˆ`>`iÃÊiÝiÀVi“ÊՓÊ>«iœÊ“Ո̜Ê
vœÀÌiÊÜLÀiʓՈÌ>ÃÊ«iÃÜ>ÃʵÕiÊÌk“ÊÛ?Àˆ>ÃÊ
VœˆÃ>ÃÊi“ÊVœ“Õ“\Ê«ÀiVˆÃ>“Ê`iÊV…i}>ÀÊ
̜`œÃʜÃÊ`ˆ>ÃÊ>œÊi“«Ài}œ]ʜʓ>ˆÃÊ`i«ÀiÃÃ>Ê
«œÃÉÛi]ʵÕiÀi“ÊÌiÀʓœLˆˆ`>`iÊiÊ«œ`iÀÊ
Vœ“Õ˜ˆV>ÀÊÃi“ÊÀiÃÌÀˆXªiÃÊ­œÊ“iӜÊjÊ`ˆâiÀÊ
Ãi“ÊwœÃÊiÊÃi“ÊL>ÌiÀˆ>Ãʏˆ“ˆÌ>`>ÃʘœÊÌi“«œ®]Ê
«ÀiVˆÃ>“Ê`iÊ?}Õ>Ê«œÌ?Ûi]Ê`iÊՓÊÈÃÌi“>Ê
iwV>âÊ`iÊ>«ÀœÛiˆÌ>“i˜ÌœÊ`iÃÌiÊÀiVÕÀÜÊ
˜>ÌÕÀ>]Ê«œÀʓiˆœÊ`iÊVi˜ÌÀ>ˆÃÊ`iÊÌÀ>Ì>“i˜ÌœÊÊ
iÊ`iÊՓ>ʵÕ>˜Ìˆ`>`iÊi˜œÀ“iÊ`iÊi˜iÀ}ˆ>°ÊÊ
'PUP-FTBOE%BWF+BDPCT
1“Ê>“Lˆi˜ÌiÊÃi“Ê«œÕˆXKœÊiÃÌ?ʘœÊ̜«œÊÊ
`>ÃʘiViÃÈ`>`ið
Ê
0GVUVSPEP1MBOFUB
"ÃÊVˆi˜ÌˆÃÌ>ÃÊ«ÀiÛki“ʵÕiÊ>Ê/iÀÀ>Ê«œÃÃ>]Ê
iÛi˜ÌÕ>“i˜Ìi]Ê>µÕiViÀ]ʓ>ÃʈÃÜʫœ`iÊ
`i«i˜`iÀÊ`>ÃʘœÃÃ>ÃÊiÃVœ…>ÃÊiʜ«XªiðÊ
œ“œÊ«œ`i“œÃ]Êi˜ÌKœ]Ê«œÕ«>ÀʜÊ*>˜iÌ>ÊÊ
iÊVœ“L>ÌiÀÊ>ÃÊ>ÌiÀ>XªiÃÊVˆ“?̈V>öÊÊ
ÃÊ«Àˆ˜Vˆ«>ˆÃÊV>ÕÃ>ÃÊ`œÊ>Փi˜ÌœÊ`>Ê
Ìi“«iÀ>ÌÕÀ>Ê}œL>Ê`iÃ`iʓi>`œÃÊ`œÊ
ÃjVՏœÊ«>ÃÃ>`œÊiÃÌKœÊˆ}>`>ÃÊ>œÃÊ}>ÃiÃÊVœ“Ê
iviˆÌœÊ`iÊiÃÌÕv>ʏ>˜X>`œÃÊ«iœÊ…œ“i“]Ê
Vœ“œÊœÊ`ˆÝˆ`œÊ`iÊV>ÀLœ˜œÊ>˜X>`œÊ«iœÃÊ
>Õ̜“ÛiˆÃÊiÊ«i>Ãʈ˜`ÖÃÌÀˆ>Ã]ʜʓiÌ>˜œÊ
`>Ê>}ÀˆVՏÌÕÀ>ÊiÊ`œÃÊ>ÌiÀÀœÃÊÃ>˜ˆÌ?ÀˆœÃÊiʜÃÊ
Ýˆ`œÃÊ`iʘˆÌÀœ}j˜ˆœÊµÕiÊÃiʏˆLiÀÌ>“Ê`ÕÀ>˜ÌiÊ
>ʵÕiˆ“>Ê`iÊV>ÀÛKœ]Ê«iÌÀiœÊœÕÊ}?ðÊÃÌiÃÊ
}>ÃiÃÊ>VՓՏ>“‡Ãiʘ>Ê>̓œÃviÀ>Ê`ÕÀ>˜ÌiÊ
ÃjVՏœÃ°Ê“LœÀ>Ê`iˆÝi“Ê«>ÃÃ>ÀÊ>ÊÀ>`ˆ>XKœÊ
܏>ÀÊ«>À>Ê>Ê/iÀÀ>]ÊÌÀ>Û>“Ê>ÊÃ>‰`>Ê`iÊV>œÀÊ
µÕiÊ>ÊÃÕ«iÀv‰VˆiÊÌiÀÀiÃÌÀiÊi“ˆÌi]Ê>µÕiVi˜`œÊÊ
œÊ*>˜iÌ>°ÊÊiÃÌiÊiviˆÌœ]ʅ?ʵÕiʍ՘Ì>ÀÊÊ
œÊ`>ÃÊ«>À̉VՏ>ÃÊi“ÊÃÕëi˜ÃKœ]ÊÌ>“Lj“Ê
«ÀœVi`i˜ÌiÃÊ`>ÃÊv?LÀˆV>ÃÊiÊ`œÃÊ>Õ̜“ÛiˆÃ]Ê
µÕiÊÌÀ>Û>“Ê>ÊV…i}>`>Ê`>ÊÀ>`ˆ>XKœÊ܏>ÀÊ
>œÊ*>˜iÌ>ÊiʜÊ>ÀÀiviVi“°Ê/œ`œÃÊܓœÃÊ
Ài뜘Ã?ÛiˆÃ°ÊVœ˜œ“ˆÃÌ>Ã]ÊÜVˆœ}œÃÊÊ
iÊ«œ‰ÌˆVœÃÊÌiÀKœÊՓʫ>«iÊv՘`>“i˜Ì>ÊÊ
˜œÊ«>˜i>“i˜ÌœÊ`œÊ˜œÃÜÊvÕÌÕÀœ°
Ê
-JNQBSPBNCJFOUF
Ãʜ«XªiÃÊ«œ‰ÌˆV>ÃÊiÕÀœ«iˆ>ÃÊwV>À>“ÊV>À>ÃÊ
˜>ʁ
ˆ“iˆÀ>Ê`œÃÊÌÀkÃÊۈ˜ÌiÂ]ʵÕiʍ՘̜ÕÊ
œÃʏ‰`iÀiÃÊiÕÀœ«iÕÃÊi“ÊÀÕÝi>ðʵՈ]ÊvœˆÊ
«œÃÉÛiÊÀi՘ˆÀʜÊVœ˜Ãi˜ÃœÊi“Ê̜À˜œÊ`>Ê
Ài`ÕXKœÊ`iÊÓäÊ«œÀÊVi˜ÌœÊ`>ÃÊi“ˆÃêiÃÊ`iÊ
"Ó]Ê`œÊ>Փi˜ÌœÊ`>ÊiwVˆk˜Vˆ>Êi˜iÀ}j̈V>ÊÊ
i“ÊÓäÊ«œÀÊVi˜Ìœ]Ê>ÃȓÊVœ“œÊÓäÊ«œÀÊ
Vi˜ÌœÊ`iÊVœ˜ÌÀˆLՈXKœÊ`>ÃÊÀi˜œÛ?ÛiˆÃ°Ê"ÃÊ
ˆ˜ÛiÃ̈}>`œÀiÃÊ-Ìi«…i˜Ê*>V>>ÊiÊ,œLiÀÌÊ
-œVœœÜ]Ê`>Ê1˜ˆÛiÀÈ`>`iÊ`iÊ*Àˆ˜Vi̜˜]Ê
ÃÕ}iÀi“Ê>}Փ>Ãʓi`ˆ`>Ã\ʈ˜VÀi“i˜ÌœÊ
`>ÊiwVˆk˜Vˆ>Êi˜iÀ}j̈V>ʘ>ÊiVœ˜œ“ˆ>Ê`œÊ
Vœ“LÕÃ̉ÛiÊ`œÃÊÛi‰VՏœÃÊ­`iʓœ`œÊ>ʵÕiÊ
˜KœÊÃi>ʘiViÃÃ?ÀˆœÊ«Àœ`ÕâˆÀÊÌ>˜Ì>Êi˜iÀ}ˆ>®ÆÊ
ˆ˜VÀi“i˜ÌœÊ`>ÃÊi˜iÀ}ˆ>ÃÊ`œÊÛi˜ÌœÊiÊ܏>À]Ê
«Àœ`ÕXKœÊ`iʅˆ`Àœ}j˜ˆœÊ>Ê«>À̈ÀÊ`iÊvœ˜ÌiÃÊ
Ài˜œÛ?ÛiˆÃÆÊLˆœVœ“LÕÃ̉ÛiˆÃÊ­«Àœ`Õâˆ`œÃÊÊ
>Ê«>À̈ÀÊ`>ÃÊVœ…iˆÌ>îÆÊ}?Ãʘ>ÌÕÀ>ÊiÊi˜iÀ}ˆ>Ê
˜ÕVi>À°Ê݈ÃÌi]ÊÌ>“Lj“]Ê>Ê«œÃÈLˆˆ`>`iÊ
`iÊV>«ÌÕÀ>ÀʜÊ`ˆÝˆ`œÊ`iÊV>ÀLœ˜œÊ`œÃÊ
Vœ“LÕÃ̉ÛiˆÃÊvÃÃiˆÃÊiÊ>À“>âi˜?‡œÊÊ
`iL>ˆÝœÊ`œÊ܏œÊqÊՓʫÀœViÃÜÊV…>“>`œÊ
$Y
+6-)0]4&5&.#30
ðø
E
EFTJHOBSRVJUFDUVSB
ÃiµÕiÃÌÀ>XKœÊ`œÊV>ÀLœ˜œ‚Ê­V>ÀLœ˜Ê
ÃiµÕiÃÌÀ>̈œ˜®°ÊœÊ“iӜÊÌi“«œ]ÊVœ“Ê>Ê
Ài`ÕXKœÊ`œÃÊ}>ÃiÃʵÕiÊi“ˆÌˆ“œÃÊ«>À>Ê>Ê
>̓œÃviÀ>]Ê«œ`i“œÃʓi…œÀ>Àʜʓœ˜Ì>˜ÌiÊ
`iÊ}>ÃiÃʵÕiÊÀïÀ>“œÃÊ`>Ê>̓œÃviÀ>°ÊÃÊ
«>˜Ì>ÃÊiÊ>ÃÊ?ÀۜÀiÃÊ>LÜÀÛi“Ê
"ÓÊDʓi`ˆ`>Ê
µÕiÊVÀiÃVi“]ʁÃiµÕiÃÌÀ>˜`œ‚ÊœÊV>ÀLœ˜œÊ
˜>ÌÕÀ>“i˜Ìi°Ê"ʓi…œÀ>“i˜ÌœÊ`>ÃÊ✘>ÃÊ
`iÊyœÀiÃÌ>Êiʜʈ˜VÀi“i˜ÌœÊ`iʓÕ`>˜X>ÃÊ
˜>ÊvœÀ“>ÊVœ“œÊVՏ̈Û>“œÃʜÊ܏œÊ«œ`i“Ê
“i…œÀ>ÀÊ>ʵÕ>˜Ìˆ`>`iÊ`iÊV>ÀLœ˜œÊµÕiÊ
iÃÌ>“œÃÊ>Ê>À“>âi˜>À°Ê}Փ>ÃÊ`iÃÌ>ÃÊ
ÌiV˜œœ}ˆ>ÃÊÌk“ÊVœ˜ÌÀ>Ã]ʓ>Ã]Ê`iÊv>V̜]ÊÃKœÊ
Û?Àˆ>ÃÊ>Ãʜ«XªiÃʵÕiʘœÃÊ«œ`i“ÊVœœV>ÀʘœÊ
V>“ˆ˜…œÊViÀ̜ʫ>À>Ê>ÊiÃÌ>Lˆˆâ>XKœÊ`œÊVˆ“>°Ê
&EJGÇDJPTWFSEFTFTVTUFOU»WFJT
iÀ̜ÃÊ>V>`j“ˆVœÃÊ`ivi˜`i“ʵÕiÊjÊ«œÃÉÛiÊ
ÌÀ>˜ÃvœÀ“>ÀÊՓÊi`ˆv‰VˆœÊVœ˜ÃՓˆ`œÀÊ`iÊ
i˜iÀ}ˆ>ÊvÃȏÊi“Ê«Àœ`Õ̜ÀÊ`iÊi˜iÀ}ˆ>Ê
Ài˜œÛ?Ûi°ÊÌÀ>ÛjÃÊ`>Ê>`œ«XKœÊ`iÊՓÊ
Vœ˜Õ˜ÌœÊ`iÊÌiV˜œœ}ˆ>Ã]ÊVœ“œÊVjÕ>ÃÊ`iÊ
Vœ“LÕÃ̉ÛiÊiÊÈÃÌi“>ÃÊ`iÊV>«Ì>XKœÊ`iÊ
i˜iÀ}ˆ>ÊvœÌœÛœÌ>ˆV>ÊiÊ}iœÌiÀ“>]ʜʫÀ«ÀˆœÊ
i`ˆv‰VˆœÊ«Àœ`ÕâˆÀ?Êi˜iÀ}ˆ>ÊÃÕwVˆi˜ÌiÊ«>À>Ê
Ã>̈Ãv>âiÀ]Ê«À>̈V>“i˜Ìi]Ê̜`>ÃÊ>ÃÊÃÕ>ÃÊ
˜iViÃÈ`>`iÃÊ`iʈÕ“ˆ˜>XKœ]Ê>µÕiVˆ“i˜Ìœ]Ê
Ûi˜Ìˆ>XKœÊiÊ>ÀÊVœ˜`ˆVˆœ˜>`œ°Ê
1FEBMBSUJSBSBHSBWBUB
UPSOBSTFWFHFUBSJBOP
œ“œÊۈÛiÀÊՓ>Êۈ`>ʓ>ˆÃÊÛiÀ`iÊiÊÃ>Õ`?ÛiÊ
˜>ÃÊVˆ`>`iöÊÀÊ`iÊLˆVˆViÌ>ʜÕÊVœ“LœˆœÊ«>À>ʜÊ
i“«Ài}œ]ÊÀi}Տ>ÀÊ>ÊÌi“«iÀ>ÌÕÀ>Ê`>ÊV>Ã>ÊiÊVœ“iÀÊ
“i˜œÃÊV>À˜iÊÃKœÊ>}Փ>ÃÊVœˆÃ>ÃʵÕiÊ«œ`i“œÃÊ
v>âiÀ°Ê"Ê>˜Ìˆ}œÊ«Àˆ“iˆÀœ‡“ˆ˜ˆÃÌÀœÊ>«œ˜kÃÊ
՘ˆV…ˆÀœÊœˆâՓˆÊ`iÕʜÊiÝi“«œ]Ê>œÊi˜VœÀ>>ÀÊ
œÃÊÃiÕÃÊv՘Vˆœ˜?ÀˆœÃÊ>ÊÀi˜Õ˜Vˆ>Ài“ÊDÊ}À>Û>Ì>Ê
˜œÊ6iÀKœÊ«>À>Ê«œ`iÀi“ÊÀi`ÕâˆÀÊՓʫœÕVœÊ
>ÊVˆ“>̈â>XKœ°Ê1“>ʜÕÌÀ>ʜ«XKœÊjÊ̜À˜>À‡ÃiÊ
Ûi}iÌ>Àˆ>˜œ]ÊÃÕ}iÀi“ÊœÕÌÀœÃ°ÊÊ
ʈ`iˆ>ÊjʵÕiÊÃiÊ>ÃÊ«iÃÜ>ÃÊVœ“iÀi“Ê“i˜œÃÊ
V>À˜iÊ«œ`iÀKœÊÌiÀʓi…œÀÊÃ>Ö`i°ÊœÊ“iӜÊ
Ìi“«œ]ÊiÃÌKœÊ>ÊVœ˜ÌÀˆLՈÀÊ«>À>Ê>ÊÀi`ÕXKœÊ`>ÃÊ
i“ˆÃêiÃÊ}iÀ>`>ÃÊ«i>ÊVÀˆ>XKœÊ`iÊ}>`œ°Ê
"413&7*4¯&4
"10/5".1"3"26&
"."*03*"%04$"3304
4&+".)§#3*%04
ñï
$Y
+6-)0]4&5&.#30
5SBOTQPSUFTºNFEJEBEPBNBOI½
ÃÊÀi`iÃÊ`iÊÌÀ>˜Ã«œÀÌiÊÃKœÊœÕÌÀ>ʈ˜vÀ>‡Ê
‡iÃÌÀÕÌÕÀ>ÊiÃÃi˜Vˆ>Ê˜>ÃÊ}À>˜`iÃÊVˆ`>`iðÊ
ÃÌÀ>`>ÃÊVœ“Ê}À>˜`iÊV>«>Vˆ`>`iÊ`iÊÌÀ?vi}œ]Ê
ˆ˜ÌiÀˆ}>`>ÃÊ>ÊÀi`iÃÊ`iÊVœ“Lœˆœ]ÊÃKœÊՓÊ
«Àj‡ÀiµÕˆÃˆÌœÊ˜œÊˆ˜VÀi“i˜ÌœÊ`>ÃÊÀi>XªiÃÊ
Vœ“iÀVˆ>ˆÃÊiÊ`iÊ«Àœ`ÕXKœ°Ê"ÃÊVœ“LœˆœÃÊ`iÊ
>Ì>ÊÛiœVˆ`>`i]ʜÃÊÌÀ>˜Ã«œÀÌiÃÊ«ÖLˆVœÃʘKœÊ
«œÕi˜ÌiÃÊiÊ>Ãʏˆ}>XªiÃÊi˜ÌÀiÊÛ?ÀˆœÃʓiˆœÃÊ
`iÊÌÀ>˜Ã«œÀÌiÊqÊ`œÊVi˜ÌÀœÊ>œÃÊ>iÀœ«œÀ̜ÃÊiÊ
i˜ÌÀiÊÛ?ÀˆœÃÊ«œ˜ÌœÃÊ`>ÊVˆ`>`i]Ê«œÀÊiÝi“«œÊ
qÊÃKœÊiÃÃi˜Vˆ>ˆÃÊ«>À>Ê}>À>˜ÌˆÀʵÕ>ˆ`>`iÊ`iÊ
ۈ`>Ê`i˜ÌÀœÊ`œÃÊië>XœÃÊÕÀL>˜œÃÊiÊi˜ÌÀiÊ>ÃÊ
«Àˆ˜Vˆ«>ˆÃÊVˆ`>`iÃÊ`>ÊÕÀœ«>ÊiÊ`œÊ“Õ˜`œ°ÊÊ
ÊÀ?«ˆ`>ʈ˜`ÕÃÌÀˆ>ˆâ>XKœÊiÊÕÀL>˜ˆâ>XKœÊiÃÌKœÊ
>ʓÕ`>ÀʜÃÊÈÃÌi“>ÃÊ>VÌÕ>ˆÃÊ`iÊÌÀ?vi}œÊiÊ`iÊ
ÌÀ>˜Ã«œÀÌi°Ê1“>Ê}iÃÌKœÊiwVˆi˜ÌiÊ`œÊÌÀ?vi}œÊ
˜>ÃÊVˆ`>`iÃÊi˜}œL>Ê>ÊVœ˜ÃÌÀÕXKœÊ>`ˆVˆœ˜>Ê
`iÊiÃÌÀ>`>ÃÆÊ>ʈ“«i“i˜Ì>XKœÊ`iÊÈÃÌi“>ÃÊ`iÊ
}iÃÌKœÊ`iÊÌÀ?vi}œÊˆ˜Ìiˆ}i˜ÌiÃ]ʵÕiÊ>˜>ˆÃ>“Ê
œÊVœ“«œÀÌ>“i˜ÌœÊ`œÊÌÀ?vi}œÆÊ>ÊÀi}Տ>XKœÊ`>Ê
“œLˆˆ`>`iʏˆ“ˆÌ>`>Êi“Ê✘>ÃÊ«Ài`iw˜ˆ`>ÃÆÊ
>Êi`ÕV>XKœÊ`œÃʅ>LˆÌ>˜ÌiÃÊ«>À>ÊÕÃ>Ài“ÊœÊ
ÌÀ>˜Ã«œÀÌiÊ«ÖLˆVœÊiÊ>Êv>Vˆˆ`>`iÊ`iÊ>ViÃÜÊ
>œÊ“iӜÆÊiÊ>ÊVœ˜ÃÌÀÕXKœÊ`iÊÈÃÌi“>ÃÊ`iÊ
ÌÀ@˜ÃˆÌœÊ`iÊ>Ì>ÊÛiœVˆ`>`iÊi˜ÌÀiʓi}>Vˆ`>`iÃÊ
iÊ«iµÕi˜>ÃÊVˆ`>`iÃÊ«>À>Ê`iÃVœ˜}iÃ̈œ˜>ÀÊ>ÃÊ
}À>˜`iÃÊVˆ`>`ið
7JWFSCFNOBTDJEBEFT
œÊVœ˜ÌÀ?ÀˆœÊ`œÊµÕiÊ>Vœ˜ÌiVˆ>]ÊÌÕ`œÊ«œ`iÀ?Ê
iÃÌ>Àʓ>ˆÃʜÀ`i˜>`œÊiÊ>ÌjʜÊ>ÀÊÃiÀʓ>ˆÃÊ
«ÕÀœ°Ê œÊvÕÌÕÀœ]Ê>ÃÊ«ÀiۈêiÃÊ>«œ˜Ì>“Ê«>À>Ê
µÕiÊ>ʓ>ˆœÀˆ>Ê`œÃÊV>ÀÀœÃÊÃi>“Ê…‰LÀˆ`œÃ]Ê
œÕÊÃi>]ÊÌiÀKœÊՓʓœÌœÀÊijVÌÀˆVœÊiʓՈ̜ÃÊ
v՘Vˆœ˜>ÀKœÊ>ʅˆ`Àœ}j˜ˆœ°Ê"ÊÌÀ?vi}œÊÃiÀ?Ê
Vœ˜ÌÀœ>`œÊ«œÀÊÈÃÌi“>ÃÊÌii“?̈VœÃ]ʜÊ
µÕiÊv>À?ÊVœ“ʵÕiʘKœÊ…>>ÊÌ>˜Ì>ÃÊw>ÃÊ`iÊ
iëiÀ>ʘœÊÌÀ@˜ÃˆÌœ°ÊՈÌ>ÃÊ«iÃÜ>ÃʈÀKœÊ
«ÀiviÀˆÀÊÕÃ>ÀʜʓiÌÀœ]ʵÕi]ʘœÊvÕÌÕÀœ]ÊÃiÀ?Ê
Vœ“«iÌ>“i˜ÌiÊ>Õ̜“?̈Vœ°Ê+Õ>˜`œÊi˜ÌÀ>“Ê
˜œÃÊÃiÕÃÊ>«>ÀÌ>“i˜ÌœÃʈ˜Ìiˆ}i˜ÌiÃ]Ê>ÃʏÕâiÃÊ
>Vi˜`i“‡‡ÃiÊÜ∘…>Ã]Ê>ÃÊ«iÀÈ>˜>ÃÊÜLi“Ê
Vœ“œÊ«œÀʓ>}ˆ>]ÊVœ“ÊՓ>ÊۜâÊ>ÊÃÕÃÃÕÀÀ>À\Ê
Li“‡‡Ûˆ˜`œÊ>ÊV>Ã>‚°Ê œÊ`ÕV…i]ÊՓʅœ“i“Ê
Vœ“Êv>̜ÊiÃVÕÀœÊ>«>ÀiViʘՓÊۈÜÀÊVœ“Ê
Փ>ÊɘÌiÃiÊ`>ÃʘœÌ‰Vˆ>ÃÊ`œÊ`ˆ>°ÊʘœÃÃ>Ê
iÃÌÀÕÌÕÀ>ÊiVœ˜“ˆV>ÊiÊ>ÊvœÀ“>Ê`iÊۈÛiÀÊÃiÀKœÊ
ÌKœÊiëiVˆ>ˆâ>`>ÃʵÕiʘKœÊ«œ`iÀi“œÃÊ«>ÃÃ>ÀÊ
Ãi“ʈ˜vÀ>‡iÃÌÀÕÌÕÀ>ÃÊ>Ì>“i˜ÌiÊ`iÃi˜ÛœÛˆ`>Ã]Ê
>wÀ“>“ÊœÃÊiëiVˆ>ˆÃÌ>ÃÊi“ÊÌiV˜œœ}ˆ>ÃÊ
ÕÀL>˜>ðÊʈÃ̜ÊjÊ«>À̈VՏ>À“i˜ÌiÊÛiÀ`>`iˆÀœÊ
˜œÊµÕiÊ̜V>Ê>œÃÊVi˜ÌÀœÃÊÕÀL>˜œÃ]ÊV>`>ÊÛiâÊ
“>ˆœÀiÃÊiʓ>ˆÃÊVœ“«iÝœÃ°Ê Ê
103507*70&$(%"1PSUP
7JWP436r4PDJFEBEFEF
3FBCJMJUBÁ½P6SCBOBEB#BJYB
1PSUVFOTF4"FB$BJYB
(FSBMEF%FQÍTJUPTBTTJOBSBN
VNQSPUPDPMPǡOBODFJSPF
EFDPPQFSBÁ½PRVFWJTBP
FTUBCFMFDJNFOUPEFVNDPOKVOUP
EFDPOEJÁÏFTEJGFSFODJBEBTEF
BQPJPºSFBCJMJUBÁ½PVSCBOBF
BPFNQSFFOEFEPSJTNPOB[POB
IJTUÍSJDBEP1PSUP
"$(%&"
&91&3*.&/5"%&4*(/
"$BJYBNBOUÃNFNB
MJHBÁ½Pº&YQFSJNFOUBBUSBWÃT
EBCJFOBMr&YQFSJNFOUB%FTJHO
+»FN+VOIPB
&YQFSJNFOUB
FTUSFPVOP1BM»DJP
2VJOUFMBOB3VB
EP"MFDSJN
BP$IJBEPFN
-JTCPB
BNPTUSB
3FWPMVUJPO
VNPMIBS
TPCSFPEFTJHO
HS»ǡDPFEFTJHO
EFQSPEVUP
QPSUVHVÄTEPT
ÔMUJNPTEF[BOPT
&TU½PQBUFOUFTQSPKFDUPTEF
NBJTEFEFTJHOFSTFFTUÔEJPT
OVNBDFSWPRVFVMUSBQBTTBBT
QFÁBT
&TUBFYQPTJÁ½PEFDPSSFOB
TFRVÄODJBEBBTTJOBUVSBEFVN
QSPUPDPMPFOUSFB&YQFSJNFOUB
FP*"%&UFOEPB&YQFSJNFOUB
ǡDBEPSFTQPOT»WFMQFMB
QSPHSBNBÁ½PEP1BM»DJP2VJOUFMB
TFEFEP*"%&
"QSPHSBNBÁ½P
QSFMJNJOBSEP1BM»DJP2VJOUFMB
QBSBVNQFSÇPEPEFVNBOP
DPNQSFFOEFFYQPTJÁÏFT
JOTUBMBÁÏFTXPSLTIPQTF
NBTUFSDMBTTFTEFCBUFTF
QBMFTUSBTQFSGPSNBODFT
FWFOUPTQPOUVBJTMPKBDPN
QSPEVUPTEF
NBSDBTF
EFTJHOFST
OBDJPOBJTF
JOUFSOBDJPOBJT
'PZFSBOUJHBT
DP[JOIBTTBMBEBT
TBCJOBTFTBM½P
EFCBJMFT½PBMHVOT
EPTFTQBÁPTRVF
TFS½PVUJMJ[BEPT
B
BVUPNØWFJT
&TUJMPBPWPMBOUF
#BJYBTFNJTTÏFTEF$0FJODPOGVOEÇWFM
EFTJHOJUBMJBOPOPOPWPNPEFMPEB"MGB3PNFP
1PS-VÇT*O»DJP
"."3$"*5"-*"/" ÊۜÌœÕÊ>ÊÃÕ«iÀ>À‡ÃiÊ
Ê>œÊ˜‰ÛiÊ`œÊ`iÈ}˜Êi]Ê`i«œˆÃÊ`iʘœÃÊ֏̈“œÃÊ
>˜œÃÊÌiÀÊÃÕÀ«Àii˜`ˆ`œÊVœ“Ê“œ`iœÃÊVœ“œÊÊ
œÊÀiÀ>]ʜÊn
Ê
œ“«ï∜˜iʜÕʜʈ/œ]Ê
ÀiVÕ«iÀ>Ê>Ê`iÈ}˜>XKœÊˆÕˆiÌÌ>]ÊṎˆâ>`>ÊÊ
˜Õ“Ê`iëœÀ̈ۜÊ`œÃÊ>˜œÃÊxä]Ê«>À>ÊۜÌ>ÀÊÊ
>Êv>âiÀÊL>ÌiÀʓ>ˆÃÊvœÀÌiʘKœÊÝʜÊVœÀ>XKœÊÊ
`œÃÊ>wÃÌ>Ãʓ>ÃÊ`iÊ̜`œÃʜÃÊ>«ÀiVˆ>`œÀiÃÊÊ
`iÊՓÊ`iÃi˜…œÊˆÌ>ˆ>˜œÊ֘ˆVœ°Ê
œÊ˜‰ÛiÊ`>ÊÌiV˜œœ}ˆ>]ÊÃ>Ö`i‡ÃiÊ>Ê>`œ«XKœÊ
`œÊՏ̈ˆÀÊ­iÃÌÀi>`œÊ˜œÊˆ/œ®]ʵÕi]Êi“Ê
Vœ“«>À>XKœÊVœ“ÊœÕÌÀœÃʓœÌœÀiÃÊ>Ê}>܏ˆ˜>Ê
`iʈ}Õ>ÊVˆˆ˜`À>`>]Ê>ÃÃi}ÕÀ>ÊՓÊ>Փi˜ÌœÊ
`iÊ«œÌk˜Vˆ>ÊiÊ`iÊLˆ˜?Àˆœ]Ê«>À>Ê>j“Ê`iÊՓ>Ê
Vœ˜Ãˆ`iÀ?ÛiÊÀi`ÕXKœÊ`œÃʘ‰ÛiˆÃÊ`iÊVœ˜ÃՓœÊ
­>Ìjʣ䯮]Ê`iÊi“ˆÃêiÃÊ`iÊ
"ÓÊ­>Ìjʣ䯮]Ê
`iÊ«>À̉VՏ>ÃÊ­>ÌjÊ{䯮ÊiÊ`iÊ "ÝÊ­>ÌjÊÈ䯮°Ê
ˆ˜`>ʘœÊV>«‰ÌՏœÊ`>ÃÊ܏ÕXªiÃÊ>“ˆ}>ÃÊ`œÊ
ññ
$Y
+6-)0]4&5&.#30
>“Lˆi˜Ìi]Ê>ÃȘ>i‡ÃiÊ>ʈ˜VÕÃKœÊ`œÊˆ˜Ìiˆ‡
}i˜ÌiÊÈÃÌi“>Ê-Ì>ÀÌE-̜«]ʵÕiÊ`iψ}>Êiʏˆ}>Ê
>Õ̜“>̈V>“i˜ÌiʜÊÛi‰VՏœÊ˜>ÃÊVœ˜ÃÌ>˜ÌiÃÊ
«>À>}i˜ÃÊi“ÊVˆÀVՈ̜ÊÕÀL>˜œ°
>˜X>`œÊi“Ê>˜œÊ`iÊVi˜Ìi˜?ÀˆœÊ`>ʓ>ÀV>]ÊÊ
œÊˆÕˆiÌÌ>ÊiÃÌÀiˆ>Ê>ʘœÛ>Ê«>Ì>vœÀ“>Ê`œÊ
}ÀÕ«œÊˆ>ÌÊ«>À>ʜÊÃi}“i˜ÌœÊ“j`ˆœÊ«iÀ“ˆÌˆ˜‡
`œÊÀi`ÕâˆÀʜʫiÜÊ`œÊVœ˜Õ˜ÌœÊiÊ>`œ«Ì>ÀÊ
Փ>ÊÃÕëi˜ÃKœÊ“>ˆÃÊiۜÕ‰`>ÊÃi“ÊÃ>VÀˆwV>ÀÊ
œÊ…>LˆÌ?VՏœ°ÊÊiÝ«iÀˆk˜Vˆ>Ê`iÊVœ˜`ÕXKœÊÊ
jÊL>ÃÌ>˜ÌiÊ«œÃˆÌˆÛ>Ê}À>X>ÃÊÜLÀiÌÕ`œÊ>ÊՓ>Ê
`ˆÀiVXKœÊ`iʘœÛ>Ê}iÀ>XKœ°ÊÊÊ
ՓʓiÀV>`œÊV>ÀÀi}>`œÊ`iÊ«Àœ«œÃÌ>Ã]Ê>ʏv>Ê
,œ“iœÊVœ˜Ãi}Õi]Ê`iÊՓ>Ê>ÃÃi˜Ì>`>]Ê«Àœ«œÀÊ
“>ˆÃÊՓÊ>Õ̜“ÛiÊœÀˆ}ˆ˜>]ÊVœ“ʜʈ˜Vœ˜‡
v՘`‰ÛiÊV՜ÀiÊëœÀ̈ۜÊiÊ>“ˆ}œÊ`œÊ>“Lˆi˜Ìi°Ê
1“ÊV>ÀÀœÊV…iˆœÊ`iÊiÃ̈œ]Ê`>µÕiiÃʵÕiÊÃiÊ
Vœ˜`Õâi“ÊVœ“ÊœÊVœÀ>XKœ°Ê
53¤4.05*704
1"3"4&3"-'*45"
$POEV[JSVN"MGB3PNFP
ÃVNBFYQFSJÄODJBRVFTF
TFOUFOPDPSBÁ½P
$VPSFTQPSUJWP
"BTTPDJBÁ½PEBNBSDB
BPEFTQPSUPBVUPNÍWFMEBUB
EPTBOPTDPNWJUÍSJBT
BTTJOBM»WFJTOPTBOPT
OB.JMMF.JHMJBFOBNÇUJDB
QSPWBEFSFTJTUÄODJB)PSBT
EF-F.BOT
#FMF[B%JHBTFP
RVFTFEJTTFSTPCSFB
RVBMJEBEFEFDPOTUSVÁ½PI»
VNDPOTFOTPHFOFSBMJ[BEP
TPCSFPQVSPEFTJHOJUBMJBOP
EPTNPEFMPTEBNBSDB4½P
MJOEPT1POUP
5FDOPMPHJB4PMVÁÏFT
BWBOÁBEBTBPOÇWFMEPT
CMPDPTQSPQVMTPSFTEFRVF
PTEFTQPSUJWPT2VBESJGPHMJP
SFQSFTFOUBEPTQFMPUSFWPEF
RVBUSPGPMIBT
PVPOPWP.VM
UJ"JSWFSUFYUP
T½PBQFOBT
EPJTFYFNQMPT
'PUP%3
(*6-*&55"
H
HPVSNFU
-"3(0
$IJBEP
BPMBSHP
-"3(0
3&45"63"/5&
.PSBEB
3VB4FSQB1JOUP"-JTCPB
5FMFGPOF
4JUF
XXXMBSHPQU
)PS»SJP
%FTFHVOEBBT»CBEPEBTIºTIPSBTF
EBTIPSBTºIPSB&ODFSSBBPTEPNJOHPT
1SFÁPNÃEJP
"MNPÁP`KBOUBS``
ñó
$Y
+6-)0]4&5&.#30
V>ÕÃÌÀœÃÊ`iÊՓÊ>˜Ìˆ}œÊ
Vœ˜Ûi˜ÌœÊVœ“ÊۈÃÌ>Ê«>À>Ê
Փ>Ê«>Ài`iÊ`iÊÎäʓiÌÀœÃÊ
œ˜`iÊ`>˜X>“ʏՓˆ˜œÃ>ÃÊ
“i`ÕÃ>öÊÀi`iÀˆVœÊ
œ‡
>ÀiÃÊ*iÀiˆÀ>ÊVœ“«ÀœÕÊՓÊ
ië>XœÊˆ“«ÀœÛ?Ûi]ʈ}ÕiÊ
@˜VˆœÊ>À̈˜ÃÊ`iVœÀœÕ‡œÊ
Vœ“ÊÀiµÕˆ˜ÌiÊiʜÕÃ>`ˆ>Ê
iʜÊV…ivʈ}ÕiÊ
>ÃÌÀœÊiÊ
-ˆÛ>ÊÌÀœÕÝiʜÃÊÃ>LœÀiÃÊ
«œÀÌÕ}ÕiÃiÃÊ`iÊÃi“«ÀiÊ
«>À>ʜÃÊ`ˆ>ÃÊ`iʅœi]ÊVœ“Ê
Փ>Ê«ˆÌ>`>Ê`iʈ˜yÕk˜Vˆ>ÃÊ
ˆ˜ÌiÀ˜>Vˆœ˜>ˆÃ°Ê"ÊÀiÃՏÌ>`œÊ
iÃÌ?ÊDÊۈÃÌ>Ê`iÊ̜`œÃÊi“Ê
«i˜œÊ
…ˆ>`œ]ʘœÊ>À}œÊ
`œÊ/i>ÌÀœÊ-°Ê
>ÀœÃ]ʜ˜`iÊ
œÕÌÀœÀ>ÊiÃÌiÛiʜÊ
œ˜Ûi˜ÌœÊ
`>Ê}Ài>Ê`œÃÊ?À̈ÀiðÊÊ
"Ê>“Lˆi˜ÌiÊiÝVÕÈۜÊiÊ
VœÃ“œ«œˆÌ>Ê`œÊ>À}œÊVœ“‡
Lˆ˜>Ê>ÃÊ>L`>`>ÃÊi“Ê«i`À>Ê
`iÃV>ÃV>`>ÊiʜÃÊ«ˆ>ÀiÃÊ
…iÀ`>`œÃÊ`>ÊVœ˜ÃÌÀÕXKœÊ
œÀˆ}ˆ˜>ÊVœ“Êii“i˜ÌœÃÊ
`iÊ`iÈ}˜ÊÌÀi˜`ÞÊiÊ>ÀÀœ‡
>`œ]ʜ˜`iÊ>Ê>ÕÃÌiÀˆ`>`iÊ
`œÃÊ̜˜ÃÊ«Ài̜ÃÊiÊLÀ>˜VœÃÊ
V…œV>ÊVœ“Ê>ʈÀÀiÛiÀk˜Vˆ>Ê
`œÊÛiÀ`iÊ>v>ViÊiÊvÖVÈ>°ÊÊ
ʘKœÊ«iÀ`iÀ°Ê Ê"3-
'PUPT%3
+›1&/406%&4'36ˁ
5"3 Ê`iÊՓ>ÊÀiviˆXKœÊ˜œÃÊ
D
DVMUP
50-0.&0
*1)0/&
$M»TTJDPJOUFNQPSBM
0NBJTEFTFKBEP
%FTFOIBEPFNQPS.JDIFMFEF-VDDIJ
QBSBB"SUFNJEFP5PMPNFPK»ÃVNDM»TTJDP
EFTFNQSF&TU»EJTQPOÇWFMFNEJWFSTBT
EJNFOTÏFTDPNM¼NQBEBTBNJHBT
EPBNCJFOUF
+»FTU»ºWFOEBOPT&TUBEPT6OJEPT
BRVBSUBHFSBÁ½PEPTNBSUQIPOF
EB"QQMF0J1IPOFHBOIB
DBSBDUFSÇTUJDBTDPNPBWJEFPDIBNB
EBHSBWBÁ½PEFWÇEFP)%FD¼NBSB
EFNFHBQJYFMTFPNVMUJUBTLJOH
*OWBEF1PSUVHBMFN"HPTUP
$-*&/5&4$0.$"350$"*9"5¤.
%&%&4$0/50/""26*4*¡0%050-0.&0
&.888-0+"*/&9*45&/$*"$0.
1"/50/$)"*3
BOPTEFFTUJMP
.0/5#-"/$("6%§
)PNFOBHFNBPNFTUSF
".POUCMBODEFEJDBBPBSRVJUFDUP
DBUBM½P"OUPOJ(BVEÇVNJOTUSVNFOUP
EFFTDSJUBFNFEJÁ½PFTQFDJBMMJNJUBEB
BQFÁBT0EFTFOIPFYDMVTJWPDPN
EFQÍTJUPFNǡMJHSBOBEFPVSPFJO
UFSJPSWJTÇWFMFNSFTJOBB[VMUSBOTQBSFO
UFGPJJOTQJSBEPOBDBTB#BUMÍ0BQBSP
CBOIBEPBPVSPEFRVJMBUFTSFQSF
TFOUBB4BHSBEB'BNÇMJB£WFOEJEBFN
CPVUJRVFTTFMFDDJPOBEBTFN1PSUVHBMF
&TQBOIBBQFOBTEVSBOUFUSÄTNFTFT
"TTJOBEBQPS7FSOPS1BOUPOFN
B1BOUPO$IBJSDPNQMFUB
FTUFBOPPTFVPBOJWFST»SJP7FSEB
EFJSPÇDPOFEPEFTJHOBRVFMBRVFÃVNB
EBTDBEFJSBTNBJTDPOIFDJEBTEFTFNQSF
DPNFÁPVBTFSWFOEJEBFNTÃSJFFN
FPTFVEFTFOIPQFSNBOFDFIPKF
U½PBDUVBMDPNPOPTÃDVMP99
/6/0("."
5SBEJÁ½POBNPEB
"USBEJÁ½PQPSUVHVFTBEPT
CPSEBEPTEPT-FOÁPT
EPT/BNPSBEPTJOTQJSPV
PFTUJMJTUB/VOP(BNB
"QFÁBQPEFTFSBERVJSJEB
POMJOFOB"NBS1PSUVHBM
04$-*&/5&4$0.$"35¯&4
$(%10%&.#&/&'*$*"3%&
%&%&4$0/50/""."3
10356("-4"*#"26"*404
$"35¯&4&.8881"3$&*ˁ
304$"350&4ˁ$(%$0.
$Y
+6-)0]4&5&.#30
ñô
IJTUØSJBEFDBQB
#3"4*-
/PTUSJMIPT
EPDSFTDJNFOUP
"$$6.&.
ñõ
$Y
+6-)0]4&5&.#30
$POTJEFSBEPVNEPTQBÇTFTNBJT
TVTUFOU»WFJTEPNVOEPMÇEFSOPDBNQPEBTFOFSHJBT
BMUFSOBUJWBTFVNBEBTNBJTGPSUFTQPUÄODJBTFDPOÍNJDBTFNFSHFOUFT
P#SBTJMÃIPKFNVJUPNBJTEPRVFVNBQFMBUJWPEFTUJOPEFGÃSJBT
'PUP+PTFQI-VPNBO
1PS1BVMP$BSEPTPEF"MNFJEBFN4½P1BVMP
$Y
+6-)0]4&5&.#30
ñö
I
IJTUØSJBEFDBQB
#
À>ɏˆ>]Ê>ÊV>«ˆÌ>Êvi`iÀ>]Ê
Vœ˜Vi˜ÌÀ>Ê>ʏˆ`iÀ>˜X>Ê«œ‰ÌˆV>Ê
`œÊÀ>ȏ°Ê>ÃÊjÊi“Ê-KœÊ*>Տœ]Ê
>ʓ>ˆœÀÊVˆ`>`iÊ`œÊ«>‰Ã]ʵÕiÊÃiÊ
i˜Vœ˜ÌÀ>ʜÊVœ“>˜`œÊiÝiVṎۜÊ
`>ÃÊ«Àˆ˜Vˆ«>ˆÃÊi“«ÀiÃ>ÃÊiʜ˜`iÊ
Ãiʁ>L>ÃÌiVi‚Ê>ʏœVœ“œÌˆÛ>Ê`>ÊiVœ˜œ“ˆ>°
"ʵÕiÊÃiÊv>âʘ>µÕi>ÊVˆ`>`iÊÀi«iÀVÕÌi‡ÃiÊ
i“Ê̜`œÊœÊÀ>ȏ°Ê-‰“LœœÊ`iÃÃiÊ«œ`iÀ]Ê
>ÊÛi˜ˆ`>Ê*>ՏˆÃÌ>ÊqʵÕiÊiÃÌ?Ê«>À>Ê-KœÊ
*>ՏœÊVœ“œÊ>ÊÛi˜ˆ`>Ê`>ʈLiÀ`>`iÊiÃÌ?Ê
«>À>ʈÃLœ>ÊiÊ>Ê`œÃʏˆ>`œÃÊ«>À>ʜÊ*œÀ̜Ê
q‡ÊÌi“ÊՓÊyÕݜÊ`iʓ>ˆÃÊ`iʵÕ>ÌÀœÊ“ˆÊ
V>ÀÀœÃÊ«œÀʅœÀ>]Ê>j“Ê`iÊÓääÊ>Õ̜V>ÀÀœÃ°Ê
>VœÀÀiˆ>“Ê>ÃÊÃÕ>ÃÊÀÕ>Ã]Ê̜`œÃʜÃÊ`ˆ>ÃÊiÊ
Ãi“«ÀiÊ>«ÀiÃÃ>`>Ã]ÊViÀV>Ê`iÊՓʓˆ…KœÊiÊ
“iˆœÊ`iÊ«iÃÜ>ÃÊqʜʵÕiÊiµÕˆÛ>iÊ>Ê`œˆÃÊ
ÌiÀXœÃÊ`>Ê«œ«Õ>XKœÊ`iʈÃLœ>ʜÕÊÃiˆÃÊ
ÛiâiÃÊ>Ê`œÊ*œÀ̜°ÊÊÃi}՘`>ʓ>ˆœÀÊvÀœÌ>Ê`iÊ
…iˆV«ÌiÀœÃÊ`œÊ“Õ˜`œÊÜLÀiۜ>Ê>Ê>Ûi˜ˆ`>Ê
DÃÊ«Àˆ“iˆÀ>ÃʅœÀ>ÃÊ`œÊ`ˆ>]ÊÌÀ>˜Ã«œÀÌ>˜`œÊ
>ÌœÃÊiÝiVṎۜÃÊ«>À>ʜÊÌÀ>L>…œ°Ê œÊ˜Ö“iÀœÊ
£Î£ÎÊ­˜Ö“iÀœÊµÕiÊ>ʓ>ˆœÀˆ>Ê`œÃÊ>“iÀˆV>˜œÃÊ
ÃÕ«iÀÃ̈VˆœÃœÃÊiۈÌ>Àˆ>®ÊiÃÌ?ʈ˜ÃÌ>>`>Ê>Ê
i`iÀ>XKœÊ`>Ãʘ`ÖÃÌÀˆ>ÃÊ`œÊÃÌ>`œÊ`iÊ-KœÊ
*>ՏœÊ­-*®°Ê/À>Ì>‡ÃiÊ`>ʓ>ˆÃÊ«œ`iÀœÃ>Ê
ˆ˜Ã̈ÌՈXKœÊi“«ÀiÃ>Àˆ>Ê`œÊÀ>ȏ]ʵÕiÊ
Ài֘iÊ£ÎÓÊ>ÃÜVˆ>XªiÃÊ«>ÌÀœ˜>ˆÃÊiÊ£xäʓˆÊ
ˆ˜`ÖÃÌÀˆ>Ã°Ê >µÕiiÊi`ˆv‰VˆœÊÃKœÊ`iw˜ˆ`>ÃÊ
>VXªiÃÊL>Ãi>`>Ãʘ>ÃÊ«œ‰ÌˆV>ÃÊiVœ˜“ˆV>ÃÊ
ˆ“«i“i˜Ì>`>ÃÊ«iœÊ}œÛiÀ˜œ°Ê
Ê«œÀÌ>Ê`œÊi`ˆv‰VˆœÊjÊ«œÃÉÛiÊœLÃiÀÛ>ÀÊ
iÝiVṎۜÃÊLi“Ê«>}œÃÊi“Êv>̜ÃʈÌ>ˆ>˜œÃ°Ê
"ÕÌÀœÃ]ʓi˜œÃÊ>«iÀ>Ì>`œÃ]ʵÕi]Ê
ÃÕ«œÃÌ>“i˜Ìi]Êv>âi“Ê«>ÀÌiÊ`iÊՓÊÃi}՘`œÊ
iÃV>Kœ]ÊÃKœÊœÃʵÕiÊÌÀ>L>…>“Ê“>ˆÃ]Ê}>˜…>“Ê
“i˜œÃÊi]ÊDÊVœ˜Ì>Ê`œÊÃÌÀiÃÃ]Êi˜}ÀœÃÃ>“ÊœÊ
‰˜`ˆViÊ`œÃʵÕiÊÜvÀi“Ê`iÊ`œÀÊVÀ˜ˆV>ÊqÊÓnÊ
>ÊÎäÊ«œÀÊVi˜ÌœÊ`œÃʓœÀ>`œÀiÃÊ`iÊ}À>˜`iÃÊ
Vˆ`>`iÃÊLÀ>ȏiˆÀ>ÃÊÌk“Ê`iÃVœ˜vœÀ̜ʘ>ÃÊ
«iÀ˜>ÃÊiɜÕʘ>ÃÊVœÃÌ>ÃʜÕÊ`œÀiÃÊ`iÊV>LiX>°Ê
ÃÌ>viÌ>ÃÊVœ“Ê«>ÃÌ>ÃÊV…iˆ>ÃÊ`iÊ`œVՓi˜ÌœÃÊ
iÊ>ÕÀˆVՏ>ÀiÃʏˆ}>`œÃÊ>ʏiˆÌœÀiÃÊ`iʓÖÈV>Ê
`ˆ}ˆÌ>Êۈ˜`œÃÊ`>Ê
…ˆ˜>ÊVˆÀVՏ>“ʘœÊ“iˆœÊ`iÊ
“Տ…iÀiÃÊVœ“ÊV>LiiˆÀ>ÃÊ`iÊ̜`>ÃÊ>ÃÊVœÀiÃÊ
iÊvœÀ“>Ã]ʵÕi]ÊiµÕˆˆLÀ>`>ÃʘœÃÊÃ>ÌœÃÊ>ÌœÃ]Ê
ÃiʓˆÃÌÕÀ>“Ê>ÊՓ>ʓՏ̈`KœÊ`iÊ>˜˜ˆ“œÃ]Ê
`ˆÛˆ`ˆ`>Êi˜ÌÀiÊÌÀ>L>…>`œÀiÃ]ÊiÃÌÕ`>˜ÌiÃÊ
iÊ>}՘ÃʓœÀ>`œÀiðʓÊV>`>Ê`iâÊ«iÃÜ>ÃÊ
ÌÀkÃÊ«œ`i“ÊÃiÀÊÕÌi˜ÌiÃÊ`>ʜ«iÀ>`œÀ>Ê
6ˆÛœÊqÊՓÊ`œÃʓ>ˆœÀiÃʈ˜ÛiÃ̈“i˜ÌœÃÊ`>Ê
*œÀÌÕ}>Ê/iiVœ“°ÊÃÊ>˜Ìi˜>ÃÊ`>ʜ«iÀ>`œÀ>Ê
ˆ}>“Êә]™ÎÊ«œÀÊVi˜ÌœÊ`œÃÊ£Çxʓˆ…ªiÃÊ`iÊ
Ìiivœ˜iÃÊ`œÊ«>‰ÃÊDÊÀi`iʓÛi]ʜʵÕiÊ>Êv>âÊ
ñ÷
$Y
+6-)0]4&5&.#30
13*/5
016-.0
"*/%"3&41*3"
"QFTRVJTBDJFOUÇǡDB
DPNPNFJPJODPOUPSO»WFM
QBSBTBMWBSB"NB[ÍOJB
"NBJPSFNQSFTBEF
DPTNÃUJDPTEP#SBTJMB
/BUVSBGPJQJPOFJSBFN
OFHÍDJPTTVTUFOU»WFJTOB
SFHJ½PBNB[ÍOJDB6NBEBT
TVBTMJOIBTDPNBDUJWPT
FYUSBÇEPTEBCJPEJWFSTJEBEF
CSBTJMFJSBUFNGPSUFBQFMP
FDPMÍHJDPFT½PQSPEVUPT
RVF…BKVEBNBNBOUFS
BǣPSFTUBFNQÕ
"/BUVSBUFNDPNPQBSDFJSBT
DPNVOJEBEFTSVSBJT
EBǣPSFTUBJOTUSVJTPCSF
QSPDFTTPTFDPMPHJDBNFOUF
DPSSFDUPTFDFSUJǡDBFTTFT
GPSOFDFEPSFTRVFTFUPSOBN
QBSDFJSPT0BQPJPEFTFOWPMWF
TPDJBMNFOUFBTDPNVOJEBEFT
FGPSUBMFDFBFDPOPNJB
MPDBMBJODMVT½PTPDJBMFB
TVTUFOUBCJMJEBEFBNCJFOUBM
5PEPTHBOIBNDPNBJOJDJBUJWB
FBFNQSFTBDSJBVNB
JNBHFNEFDPOEVUBFYFNQMBS
PRVFUFNJNQBDUPEJSFDUP
OBTWFOEBT
$PNPBPSJHFN
EPQSJODÇQJPBDUJWPEFNVJUPT
NFEJDBNFOUPTFTU»
FNQSPEVUPTǣPSFTUBJT
B"NB[ÍOJBÃPQBSBÇTP
EBǡUPUFSBQJBFNBQFOBT
NJMIFDUBSFTEFǣPSFTUB
»SFBEB3FTFSWB'MPSFTUBM
"EPMGP%VDLFFN.BOBVT
GPJQPTTÇWFMJEFOUJǡDBSNJM
FTQÃDJFTEFQMBOUBTrOP
NVOEPI»NJMFTQÃDJFT
DBUBMPHBEBT&FTUJNBTF
RVFBTQMBOUBTFTUVEBEBT
BUÃBHPSBO½PSFQSFTFOUFN
QPSDFOUPEPQPUFODJBM
EFTTBCJPEJWFSTJEBEF
5SBUBTFEFVNOFHÍDJP
EFGVUVSP1BSBTFUSBOTGPSNBS
FNOFHÍDJPEPQSFTFOUFÃ
QSFDJTPRVFBTFNQSFTBT
JOWJTUBN
"$$6.&.
‰`iÀÊ`œÊÃi}“i˜Ìœ°
œ“Ê}À>˜`iʜviÀÌ>Ê`iÊi“«Ài}œÊiÊՓÊ
ˆ˜>L>?ÛiÊVÀiÃVˆ“i˜ÌœÊ`>ÊiVœ˜œ“ˆ>]ʜʫœÛœÊ
ۜÌœÕÊ>Ê>wÀ“>ÀʵÕiʁiÕÃÊjÊLÀ>ȏiˆÀœ‚°Ê
*iÀ}՘Ì?“œÃÊ>Ê`iâÊ«iÃÜ>ÃʵÕiÊ«>ÃÃ>Û>“Ê
˜>ÊÛi˜ˆ`>Ê*>ՏˆÃÌ>ÊiÊÃiʈ`i˜ÌˆwV>À>“Ê
Vœ“œÊiÝiVṎۜÃÊ­Vˆ˜VœÊ`iÊ-KœÊ*>Տœ]ÊՓÊ
`œÊ*>À>˜?]ÊՓÊ`iÊ->Û>`œÀ]ÊՓÊ`iÊ->˜Ì>Ê
>Ì>Àˆ˜>ÊiÊՓÊ`œÊ>À>˜…Kœ]Ê>ÊÀi«ÀiÃi˜Ì>ÀÊ
Vˆ˜VœÊÃÌ>`œÃ]Ê«œÀÌ>˜Ìœ®ÊÃiÊ>Ê>wÀ“>XKœÊ
iÃÌ>Àˆ>ÊVœÀÀiVÌ>°Ê œÛiÊ`ˆÃÃiÀ>“ʵÕiÊȓ]Ê
œÊ`jVˆ“œ]ÊՓÊ>À}i˜Ìˆ˜œÊµÕiÊ>ˆÊiÃÌ>Û>Ê
`iÊ«>ÃÃiˆœ]ÊÀi뜘`iÕʵÕi]ʁÃiʘKœÊvœÀÊ
LÀ>ȏiˆÀœ]ÊViÀÌ>“i˜Ìi]Ê>À}i˜Ìˆ˜œÊ˜KœÊj‚°ÊÊ
ʘKœÊÃiÀʵÕi]Êi˜ÌÀiʜÕÌÀ>ÃÊVœˆÃ>Ã]ʜÊÃiÕÊ«>‰ÃÊ
i˜Vœ˜ÌÀiÊՓ>ÊÀiÃiÀÛ>ÊVœ“œÊœÊ
>“«œÊ/Õ«ˆ]Ê
˜œÊˆÌœÀ>Ê«>ՏˆÃÌ>]ÊVœ“ÊnʓˆÊ“ˆ…ªiÃÊ`iÊ
L>ÀÀˆÃÊ`iÊ«iÌÀiœ°Ê
0107070-506
""'*3."326&
ʽ%&64£#3"4*-&*30ʾ
'PUPT.$POHSFTTP/BDJPOBM
J4UPDL1IPUPQBTTFJPTEFCBSDP
)PXBSE4BOEMFSNBDBDP
5
À>Ì>‡ÃiÊ`iÊՓÊÀiÌÀ>̜Ê
ȓ«ˆwV>`œÊ`œÊµÕiÊ«>ÃÃ>Ê«i>Ê
V>LiX>Ê`>Ê«œ«Õ>XKœÊiʜʵÕiÊ
«i˜Ã>“]ÊiviV̈Û>“i˜Ìi]ʘœÛiÊ
iÝiVṎۜÃʵÕiÊۈÛi“ʘ>ÊVˆ`>`iÊ
“>ˆÃÊ«œ«ÕœÃ>Ê`œÊ«>‰Ã]ÊVœ“Ê£ÈÊ
“ˆ…ªiÃÊ`iʅ>LˆÌ>˜ÌiÃ]ʜ˜`iÊiÃÌKœÊˆ˜ÃÌ>>`>ÃÊ
>}Փ>ÃÊ`>Ãʓi…œÀiÃÊ՘ˆÛiÀÈ`>`iÃÊiʜ˜`iÊ
…?Ê>ViÃÜÊ>œÊµÕiʅ?Ê`iʓi…œÀʘ>ʓi`ˆVˆ˜>Ê
iÊDÃʓ>ˆÃʓœ`iÀ˜>ÃÊ«À?̈V>ÃÊ>`“ˆ˜ˆÃÌÀ>̈Û>ÃÊ
`œÊ“Õ˜`œÊVœÀ«œÀ>̈ۜ°Ê/>“Lj“ÊÃiÊVœ˜Ãœ“iÊ
Փʓˆ…KœÊ`iÊ«ˆâ>ÃÊ̜`>ÃÊ>ÃʘœˆÌiÃÊqÊ«iÀ`iÊ
˜iÃÃiÊ֏̈“œÊˆÌi“Ê>«i˜>ÃÊ«>À>Ê œÛ>ʜÀµÕiÊ
­µÕiÊÌ>“Lj“ʏˆ`iÀ>ÊVœ“Ê>ʓ>ˆœÀÊvÀœÌ>Ê`iÊ
…iˆV«ÌiÀœÃÊ`œÊ“Õ˜`œ®°
/>ÛiâÊ>µÕiiÊÌÕÀˆÃÌ>Ê>À}i˜Ìˆ˜œÊiÃ̈ÛiÃÃiÊ
…œÃ«i`>`œÊ˜Õ“Ê…œÌiÊVœ“Ê>ÊL>˜`iˆÀ>Ê
«œÀÌÕ}ÕiÃ>°ÊÊ«œÕVœÃʓiÌÀœÃÊ`>ÊÛi˜ˆ`>Ê
*>ՏˆÃÌ>]ÊiÝi“«œÊ`>ʈ“«>˜Ì>XKœÊ`>ÃÊ
i“«ÀiÃ>ÃÊ`iÊV>«ˆÌ>Ê«œÀÌÕ}ÕkÃʘœÊÀ>ȏ]ÊiÃÌ?Ê
Փ>Ê`>ÃÊ՘ˆ`>`iÃÊ`œÊÀÕ«œÊ*iÃÌ>˜>Êqʓ>ˆœÀÊ
}ÀÕ«œÊ…œÌiiˆÀœÊ`iÊ*œÀÌÕ}>]ÊVœ“Ê{ÓʅœÌjˆÃÊ
`ˆÃÌÀˆLՉ`œÃÊ«iœÊ“Õ˜`œ]ʘœÛiÊ`œÃʵÕ>ˆÃÊ
ië>…>`œÃÊ`iʘœÀÌiÊ>ÊÃՏÊ`œÊÀ>ȏ°Ê"?ÈÃÊ
̏@˜ÌˆVœÊiÊ*ÀjLՏ`ÊÃKœÊœÕÌÀœÃÊ`œÊÀ>“œÊ
…œÌiiˆÀœÊVœ“ʈ˜ÛiÃ̈“i˜ÌœÃʘœÊ œÀ`iÃÌiÊ
`œÊ«>‰Ã]Ê}À>˜`iÊ«>ÀÌiÊ>œÊ«jÊ`œÊœVi>˜œ°Ê>ÃÊ
…?ÊՓÊ}À>˜`iÊ«œÌi˜Vˆ>Ê˜>ÊVœÃÌ>ÊLÀ>ȏiˆÀ>Ê
>ˆ˜`>Ê«œÀÊiÝ«œÀ>À°Ê
œÃÊ֏̈“œÃÊVˆ˜VœÊ>˜œÃ]ÊÎäʓˆ…ªiÃÊ`iÊ
LÀ>ȏiˆÀœÃÊ>ÃVi˜`iÀ>“ÊDÊV>ÃÃiʓj`ˆ>Ê
qÊVœ“Ê“>ˆœÀÊ«œ`iÀÊ`iÊVœ“«À>Êiʓ>ˆÃÊ
«œÃÈLˆˆ`>`iÃÊ`iÊۈ>>ÀÊ«iœÊ«>‰Ã°Ê*>À>ÊÃiÊÌiÀÊ
Փ>ʈ`iˆ>]ʘœÊˆ˜‰VˆœÊ`œÊ“kÃÊ`iÊ՘…œ]ʅ>ۈ>Ê
£ääÊ«œÀÊVi˜ÌœÊ`iʜVÕ«>XKœÊ`œÃʅœÌjˆÃʘ>Ê
Vˆ`>`iÊ`œÊ,iVˆvi]Êi“Ê*iÀ˜>“LÕVœ]ÊՓÊ`œÃÊ
«Àˆ˜Vˆ«>ˆÃÊ`iÃ̈˜œÃÊÌÕÀ‰Ã̈VœÃÊ`œÊ«>‰ÃÊqÊÃi˜`œÊ
µÕiÊ>ÃÊvjÀˆ>ÃÊiÃVœ>ÀiÃʘœÊÀ>ȏÊ>Vœ˜ÌiVi“Ê
i“ÊՏ…œ°ÊÊՓÊV>ÀœÊȘ>Ê`iʵÕiʜÊÃiV̜ÀÊ
ƑŒşŒƢŻƮŒƊ0FEJGÇDJPEP$POHSFTTP
/BDJPOBMBPGVOEP
FN#SBTÇMJB
QSPKFDUBEPQPS0TDBS/JFNFZFS
OVNBJNBHFNUJSBEBBQBSUJSEP
1BM»DJPEP1MBOBMUPPVUSBPCSB
EPBSRVJUFDUP
0ƨƢŒƨƨŨŻƖƨOPTCBSDPTUÇQJDPT
OB"NB[ÍOJBT½PVNBGPSNB
EFQSPNPWFSPFDPUVSJTNP
>ˆ˜`>ʅ?‡`iÊVÀiÃViÀʓՈ̜]ÊVœ“Ê`iÃÌ>µÕiÊ
«>À>ʜÊÌÕÀˆÃ“œÊiVœ}ˆVœ]ʜʵÕiʈÀ?Ê}iÀ>ÀÊ
“>ˆÃÊi“«Ài}œÃÊiʈ“«ÕÃˆœ˜>ÀÊ>ˆ˜`>ʓ>ˆÃÊÊ
>ÊiVœ˜œ“ˆ>°
œ“Êi˜vœµÕiʘiÃÃ>ÊV>ÃÃiʓj`ˆ>]ÊÝʘ>Ê
Vˆ`>`iÊ`iÊ-KœÊ*>Տœ]Ê££ÊVi˜ÌÀœÃÊVœ“iÀVˆ>ˆÃÊ
qʘՓÊ̜Ì>Ê`iÊxä]ʵÕiÊÓ]™Ê“ˆ…ªiÃÊ`iÊ
Vœ˜ÃՓˆ`œÀiÃÊۈÈÌ>“Ê`ˆ>Àˆ>“i˜ÌiÊqÊiÃÌKœÊ
Vœ“ÊœLÀ>ÃÊ`iÊiÝ«>˜ÃKœÊ«>À>Ê>LiÀÌÕÀ>Ê`iÊ
“>ˆÃʏœ>ðÊ-iˆÃÊiÃÌKœÊi“ÊVœ˜ÃÌÀÕXKœ°ÊÊ
*>À>ʓ>˜ÌiÀÊ>ÊÃÕ>Ê«œÃˆXKœÊ`iÊ`iÃÌ>µÕiÊÊ
˜œÊÃiV̜À]ʜÊÀÕ«œÊ-œ˜>iÊ-ˆiÀÀ>ÊÛ>ˆÊiÀ}ÕiÀÊÊ
œÊÃiÕʣΰœÊVi˜ÌÀœÊVœ“iÀVˆ>°Ê"Ê}ÀÕ«œÊ
Vœ˜Ãˆ`iÀ>ʵÕiʜÊÀ>ȏʫ>ÃÃ>Ê>ÊÃiÀÊՓÊ
“iÀV>`œÊœ˜`iÊ>Ê-œ˜>iÊ-ˆiÀÀ>ÊÌi“ÊÊ
Փ>Ê«>Ì>vœÀ“>ʜ«iÀ>Vˆœ˜>ÊÃÕÃÌi˜Ì?ÛiÊ
iÊ«ÀiÌi˜`iÊÀivœÀX>ÀÊiÃÃ>Ê«ÀiÃi˜X>ÊVœ“Ê
$Y
+6-)0]4&5&.#30
ñø
I
IJTUØSJBEFDBQB
"$$6.&.
ˆ˜ÛiÃ̈“i˜ÌœÃÊi“Ê“>ˆÃʓœ`iÀ˜œÃÊiÊ
`ˆviÀi˜Vˆ>`œÃÊVi˜ÌÀœÃÊVœ“iÀVˆ>ˆÃ°Ê
,iVi˜Ìi“i˜Ìi]ʜʘÃ̈ÌÕ̜ÊÀ>ȏiˆÀœÊ`iÊ
iœ}À>w>ÊiÊÃÌ>̉Ã̈V>Ê­®Ê`ˆÛՏ}œÕʜÊ
«Àœ`Õ̜ʈ˜ÌiÀ˜œÊLÀÕ̜ʭ*®Ê`œÊ«Àˆ“iˆÀœÊ
ÌÀˆ“iÃÌÀiÊ`iÊÓä£äÊ­µÕiÊÀi«ÀiÃi˜Ì>Ê>Êܓ>Ê
`iÊ̜`œÃʜÃÊLi˜ÃÊiÊÃiÀۈXœÃʵÕiʜʫ>‰ÃÊ
«Àœ`ÕâˆÕ®°ÊÊiVœ˜œ“ˆ>ÊVÀiÃViÕÊÓ]ÇÊ«œÀÊ
Vi˜ÌœÊ˜œÊ«Àˆ“iˆÀœÊÌÀˆ“iÃÌÀiÊ>˜ÌiʜÃÊÌÀkÃÊ
“iÃiÃʈ“i`ˆ>Ì>“i˜ÌiÊ>˜ÌiÀˆœÀiðÊ+Õ>˜`œÊ
Vœ“«>À>`œÊ>ʈ}Õ>Ê«iÀ‰œ`œÊ`iÊÓää™]
œÊ>Û>˜XœÊvœˆÊ`iʙʫœÀÊVi˜Ìœ°Ê
œ“ÊiÃÃiÊ
VÀiÃVˆ“i˜Ìœ]ʜÊ*Ê>̈˜}iÊnÓÈ]{ʓˆÊ“ˆ…ªiÃÊ
`iÊÀi>ˆÃ°Ê1“ÊÀiVœÀ`iʵÕiʘKœÊÃiÊۈ>Ê`iÃ`iÊ
£™™xÊiÊ`iˆÝ>ʜÊÀ>ȏʘœÊÀ>˜Žˆ˜}Ê`œÃÊ«>‰ÃiÃÊ
µÕiʓ>ˆÃÊVÀiÃViÀ>“ʘœÊ“Õ˜`œÊ˜iÃÃiÊ
«iÀ‰œ`œ]Ê>ÌÀ?ÃÊ>«i˜>ÃÊ`>Ê
…ˆ˜>ÊiÊDÊvÀi˜ÌiÊÊ
`>ʘ`ˆ>°Ê
òï
$Y
+6-)0]4&5&.#30
ƖşũƲEF4½P1BVMP
ÃEJBSJBNFOUF
TPCSFWPBEPQFMB
TFHVOEBNBJPSGSPUBEF
IFMJDÍQUFSPTEPNVOEP
şŒƐƢƖƮƲƢŻOPMJUPSBM
QBVMJTUBVNB
JNQSFTTJPOBOUFSFTFSWB
EFQFUSÍMFP
'PUPT%JBOF%JFEFSJDIIFMJDÍQUFSP
$BSMP-FPQPMEPQMBUBGPSNBQFUSPMÇGFSB
1BVMP8IJUBLFS3FVUFST(JTFMF#ÖOEDIFO
-KœÊiÃÌiÃÊÀiÃՏÌ>`œÃʵÕiʈ“«i“i˜Ì>“ÊœÊ
˜‰ÛiÊ`iÊVœ˜w>˜X>Ê`œÃÊLÀ>ȏiˆÀœÃÊiÊ>ÌÀ>i“Ê
ˆ˜ÛiÃ̈“i˜ÌœÃÊiÃÌÀ>˜}iˆÀœÃ°Ê>Ãʘi“Ê
Ãi“«ÀiÊvœˆÊ>Ãȓ°Ê"ÊÀ>ȏʫ>ÃÜÕÊ}À>˜`iÊ
«>ÀÌiÊ`>ÊÃÕ>ʅˆÃ̝Àˆ>ÊÃi“ÊiÃÌ>Lˆˆ`>`iÊi]Ê
ÝʘœÃÊ֏̈“œÃÊ{äÊ>˜œÃ]ÊiÝ«iÀˆ“i˜ÌœÕÊ
ÃiˆÃÊ`ˆviÀi˜ÌiÃʓœi`>ðʘ`ˆÛˆ`>`œÊ>ÌjÊ>œÊ
«iÃVœXœÊiÊÃi“ÊVÀi`ˆLˆˆ`>`iʘœÊiÃÌÀ>˜}iˆÀœ]Ê
ÜvÀˆ>ÊVœ“ÊÃÕÀ̜Ãʈ˜y>Vˆœ˜?ÀˆœÃʵÕiÊ
VՏ“ˆ˜>À>“ʘœÃÊxÓääÊ«œÀÊVi˜ÌœÊ>̈˜}ˆ`œÃÊ
˜œÊw˜>Ê`œÃÊ£ÓʓiÃiÃʵÕiÊ>˜ÌiVi`iÀ>“Ê>Ê
ˆ“«>˜Ì>XKœÊ`œÊ*>˜œÊ,i>ÊqʵÕiʈ˜ÌÀœ`ÕâˆÕÊ
>ÊL>ÃiÊ`>Ê>VÌÕ>Ê«œ‰ÌˆV>ʓœ˜iÌ?Àˆ>]Êi“Ê
՘…œÊ`iÊ£™™{]ÊiÊÃiÊ̜À˜œÕʘՓÊ`œÃÊ
«Àœ}À>“>ÃÊ`iÊiÃÌ>Lˆˆâ>XKœÊiVœ˜“ˆV>ʓ>ˆÃÊ
Li“ÊÃÕVi`ˆ`œÃÊ`>ʅˆÃ̝Àˆ>°Ê
>VՏ>`>Êi“Ê
ä]{ÎÊ«œÀÊVi˜ÌœÊ˜œÊ“kÃÊ`iÊ>ˆœÊ`iÃÌiÊ>˜œ]Ê
œÊ‰˜`ˆViʜwVˆ>ÊµÕiʓi`iÊ>ʈ˜y>XKœÊ˜KœÊ
>VÕÜÕÊÛ>Àˆ>XKœÊ“i˜Ã>°Ê"ÕÊÃi>]Êi“Ê՘…œÊ
>ʈ˜y>XKœÊvœˆÊ`iÊä]ääÊ«œÀÊVi˜ÌœÊVœ“ÊՓÊ
>VՓՏ>`œÊÃi“iÃÌÀ>Ê`iÊÎ]ä™Ê«œÀÊVi˜Ìœ°Ê
œ“Ê>ʈ˜y>XKœÊÜLÊVœ˜ÌÀœœ]ʜʫ>‰ÃÊ
ۜÌœÕÊ>ÊVÀiÃViÀÊiÊÃi}ÕiʜÃÊÌÀˆ…œÃÊi“Ê
`ˆÀiVXKœÊ>œÊvÕÌÕÀœ°Ê“ÊÓään]Ê`ÕÀ>˜ÌiÊ>Ê
VÀˆÃiʈ˜ÌiÀ˜>Vˆœ˜>Êˆ˜ˆVˆ>`>Ê«i>ʵÕi`>Ê
`œÊ“iÀV>`œÊˆ“œLˆˆ?ÀˆœÊ>“iÀˆV>˜œ]ÊwVœÕÊ
«ÀœÛ>`œÊµÕiÊ>ÊÃÕ>ÊiVœ˜œ“ˆ>Ê̈˜…>ÊL>ÃiÃÊ
ݏˆ`>ÃÊiʵÕiʜÊVœ“LœˆœÊ>˜`>Û>ʘ>Ê`ˆÀiVXKœÊ
VœÀÀiVÌ>°Ê"ÃÊ>«œˆœÃÊÜVˆ>ˆÃÊv՘Vˆœ˜>À>“Ê
`iÊÌ>ÊvœÀ“>ʵÕiÊVœ˜Ãi}ՈÀ>“ÊÀi`ÕâˆÀʜÊ
‰˜`ˆViÊ`iÊ«œLÀiâ>ÊiÊ>Õ`>À>“ʜʫ>‰Ã]ÊVœ“Ê
œÃÊÃiÕÃʵÕ>ÃiÊÓääʓˆ…ªiÃÊ`iʅ>LˆÌ>˜ÌiÃ]Ê
>ʓ>˜ÌiÀʜÊVÀiÃVˆ“i˜ÌœÊ`œÊVœ˜ÃՓœÊ
ˆ˜ÌiÀ˜œÊi]ÊVœ˜ÃiµÕi˜Ìi“i˜Ìi]Ê>Ê>V̈ۈ`>`iÊ
ˆ˜`ÕÃÌÀˆ>°Ê*iÀ>˜ÌiʜÊiµÕˆ‰LÀˆœ]Ê>Ê>}k˜Vˆ>Ê`iÊ
À>̈˜}Ê-Ì>˜`>À`ÊEÊ*œœÀ½ÃÊ­µÕiʍ?ʅ?Ê>}ՓÊ
Ìi“«œÊ˜KœÊÃ>ˆÊ`œÃʘœÌˆVˆ?ÀˆœÃÊ«œÀÌÕ}ÕiÃiîÊ
“>˜Ìˆ˜…>ʜʫ>‰Ã]Êi“ÊÓää™]ʘ>ʓiÓ>Ê
«œÃˆXKœÊ`œÊ>˜œÊ>˜ÌiÀˆœÀ]ʘœ“i>`>“i˜ÌiÊ
i“ʁ}À>ÕÊ`iʈ˜ÛiÃ̈“i˜Ìœ‚°Ê*œÀÌ>˜Ìœ]Ê
i˜µÕ>˜ÌœÊ>ÊVœ“Õ˜ˆ`>`iʈ˜ÌiÀ˜>Vˆœ˜>Êۈ>Ê
`iÃ>«>ÀiViÀi“Ê>ÃÊÃÕ>ÃÊiVœ˜œ“ˆ>Ã]ʜÊÀ>ȏÊ
>ÌÀ>‰>ʈ˜ÛiÃ̈“i˜ÌœÃ]Ê«Àœ`Õâˆ>ÊiÊVœ˜ÃՓˆ>Ê
“>ˆÃÊqÊiÊLÀˆ˜`>Û>Ê>ʈÃÜ°Ê-Ê`iÊViÀÛi>ÊvœÀ>“Ê
“>ˆÃÊ`iÊ£äʓˆÊ“ˆ…ªiÃÊ`iʏˆÌÀœÃÊi“ÊÓää™]Ê
˜Ö“iÀœÊµÕiÊÃÕ«iÀ>ʜÊVœ˜ÃՓœÊ`>ÊLiLˆ`>Ê
˜>ʏi“>˜…>°Ê iÃÃiÊ>˜œ]Ê£ÓÊV>ÀÀœÃÊiÀ>“Ê
Ûi˜`ˆ`œÃÊ«œÀʓˆ˜Õ̜°ÊʏœVœ“œÌˆÛ>Ê`>Ê
iVœ˜œ“ˆ>ÊÀi뜘`ˆ>ÊVœ“Ê“>ˆÃÊÛiœVˆ`>`i°
ÃÃ>ÊÌÀ>iV̝Àˆ>Ê`iÊiÃÌ>Lˆˆâ>XKœ]Êܓ>`>ÊDÃÊ
Vœ“«œ˜i˜ÌiÃÊ`iʈ˜œÛ>XKœ]ÊÃÕÃÌi˜Ì>Lˆˆ`>`iÊ
ÜVˆ>ÊiÊ>“Lˆi˜Ì>ÊiÊ>ÊՓÊi˜œÀ“iÊ
“iÀV>`œÊ«>À>Ê>ÊVœ“iÀVˆ>ˆâ>XKœÊ`iÊLi˜ÃÊiÊ
ÃiÀۈXœÃ]ÊÌÀ>˜ÃvœÀ“>À>“ʜʫ>‰ÃÊi“Êœ«XKœÊ
13*/5
/0$&/530
%0.6/%0
0.VOEJBMEF'VUFCPM
FPT+PHPT0MÇNQJDPT
DPMPDBS½PUPEPTPTPMIBSFTOP
#SBTJM"UÃM»I»B4½P1BVMP
'BTIJPO8FFL
&TUFOPWP#SBTJMÃPNFTNP
RVFQBTTPVUBNCÃNB
ǡHVSBSOPTQSJODJQBJTSPUFJSPT
EFNPEBNVOEJBJTDPN
UPEPTPTEFTUJOPTBJSFN
EBSB4½P1BVMPFTUJNBTF
RVFBUÃTFKBBTFYUB
DJEBEFNBJTSJDBEPNVOEPº
GSFOUFEF1BSJTF0TBLBQPS
FYFNQMP
QPSBMUVSBEB4½P
1BVMP'BTIJPO8FFLNPOUSB
JODPOUPSO»WFMQBSBBGPSÁB
DSJBUJWBFO½PTÍEFTUF#SBTJM
EFGVUVSPRVFFOUSFUBOUP
K»DPORVJTUPVVNMVHBSOP
$POTFMIPEF4FHVSBOÁBEB
0/6&EFQPJTI»PEFTQPSUP
DPNEFTUBRVFQBSBPGVUFCPM
QBJY½PJNFOTBEFVNQBÇT
RVFFNSFDFCFS»P
$BNQFPOBUPEP.VOEPF
BQFOBTEPJTBOPTEFQPJT
PSHBOJ[BS»PT+PHPT0MÇNQJDPT
DPMPDBOEPEFVNBWF[
QPSUPEBT
PNVOEP
EFPMIPT
OP#SBTJM
œLÀˆ}>̝Àˆ>Ê«>À>ʜÃÊ«Àˆ˜Vˆ«>ˆÃʈ˜ÛiÃ̈`œÀiÃÊ
ˆ˜ÌiÀ˜>Vˆœ˜>ˆÃ°Ê*>ÃÜÕÊ>ʅ>ÛiÀÊՓÊ>«iœÊ
iVœ}ˆVœÊۈ˜`œÊ`iÊ̜`œÃʜÃÊV>˜ÌœÃÊ`œÊ
«>˜iÌ>Êi]Êi˜µÕ>˜ÌœÊ˜œÕÌÀœÃÊ«>‰ÃiÃÊÃiÊ
`ˆÃVṎ>Ê>ʵÕi“ÊV>LiÀˆ>“Ê“iÌ>ÃÊ`iÊÀi`ÕXKœÊ
`iÊi“ˆÃÃKœ]ʘœÊÀ>ȏ]Ê>ÃÊi“«ÀiÃ>ÃÊ«>ÃÃ>À>“Ê
>ʈ˜VÕˆÀʘ>ÃÊÃÕ>ÃÊ>}i˜`>ÃÊՓ>Ê}À>˜`iÊ
«ÀiœVÕ«>XKœÊVœ“Ê>ÊÃÕÃÌi˜Ì>Lˆˆ`>`i]Ê
ÜLÀiÌÕ`œ]ʘœÊµÕiÊ`ˆâÊÀiëiˆÌœÊDÃÊi“ˆÃêiÃÊÊ
`iÊ}>ÃiÃÊVœ“ÊiviˆÌœÊ`iÊiÃÌÕv>°Ê
ÃÃ>ʘœÛ>Ê«œÃÌÕÀ>ʈ“«ÕÃˆœ˜œÕÊ>ˆ˜`>ʓ>ˆÃÊ
>ʈ˜`ÖÃÌÀˆ>Ê`iÊLˆœVœ“LÕÃ̉ÛiˆÃÊiÊi˜iÀ}ˆ>Ê
…ˆ`ÀœijVÌÀˆV>]ÊÃiV̜ÀiÃÊi“ʵÕiʜÊÀ>ȏÊjÊ
Vœ˜Ãˆ`iÀ>`œÊՓ>Ê«œÌk˜Vˆ>ÊqÊ{ÈÊ«œÀÊVi˜ÌœÊ`>Ê
i˜iÀ}ˆ>ÊVœ˜ÃՓˆ`>ÊÛi“Ê`iÊvœ˜ÌiÃÊÀi˜œÛ?ÛiˆÃ]Ê
Vœ˜ÌÀ>ÊՓ>ʓj`ˆ>ʓ՘`ˆ>Ê`iÊ£ÎÊ«œÀÊVi˜Ìœ°Ê
iÃÌiÃÊ`œˆÃÊÃiV̜ÀiÃ]ÊÌ>“Lj“Ê…?Ê>Ê«ÀiÃi˜X>Ê
`iÊi“«ÀiÃ>ÃÊ«œÀÌÕ}ÕiÃ>ðÊ
Ê*ÊVœ˜ÌÀœ>]Ê>VÌÕ>“i˜Ìi]ÊÛ?Àˆ>ÃÊ
i“«ÀiÃ>ÃʘœÊÀ>ȏÊiÊvœˆÊiiˆÌ>]Ê«iœÊÃi}՘`œÊ
>˜œÊVœ˜ÃiVṎۜ]ʓ«ÀiÃ>ʉ`iÀÊi“Ê*œ‰ÌˆV>ÃÊ
ˆ“?̈V>ÃÊ«œÀÊՓ>Ê`>ÃÊ«Àˆ˜Vˆ«>ˆÃÊÀiۈÃÌ>ÃÊ
Ãi“>˜>ˆÃÊ`œÊ«>‰ÃÊqʜʫÀj“ˆœÊÀiVœ˜…iViÊ>ÃÊ
>VXªiÃÊi“ÊÀi>XKœÊDÃʓÕ`>˜X>ÃÊVˆ“?̈V>ÃÊ
iÊDÃÊÃÕ>ÃʓiÌ>ÃÊ`iÊ`ˆ“ˆ˜ÕˆXKœÊ`iÊi“ˆÃêiÃÊ
`iÊ}>ÃiÃÊ«œÕi˜ÌiðÊ"ÊÀÕ«œÊiÃÌ?Ê>ʈ˜ÛiÃ̈ÀÊ
ViÀV>Ê`iÊ£ääʓˆ…ªiÃÊ`iÊiÕÀœÃʘ>ÊVœ˜ÃÌÀÕXKœÊ
`iÊՓʫ>ÀµÕiÊiˆVœÊ˜>ÊÀi}ˆKœÊÃՏ]ʜʵÕiÊ
«œÃˆVˆœ˜>À?Ê>Ê*ʘœÊ̜«œÊ`œÃʜ«iÀ>`œÀiÃÊ
`iÊi˜iÀ}ˆ>ÊiˆV>ʘœÊ«>‰Ã°Ê
"ÕÌÀœÊ}ÀÕ«œÊµÕiÊ>VÌÕ>Êi“ÊȘ̜˜ˆ>ÊVœ“Ê>Ê
«ÀiÃiÀÛ>XKœÊ>“Lˆi˜Ì>ÊjÊ>Ê>«]Ê`iÌi˜ÌœÀ>Ê
`iÊ£äÊ«œÀÊVi˜ÌœÊ`œÊVœ˜ÃÀVˆœÊµÕiÊiÝ«œÀ>Ê
Փ>Ê`>Ãʓ>ˆœÀiÃÊÀiÃiÀÛ>ÃÊ`iÊ«iÌÀiœÊiÊ
}?Ãʘ>ÌÕÀ>Ê`œÊ“Õ˜`œ]ʜÊ
>“«œÊ/Õ«ˆ]ʘ>Ê
>Vˆ>Ê`iÊ->˜ÌœÃ°Ê
œ“Ê«Àœ`ÕXKœÊ>VÌÕ>Ê˜>Ê
V>Ã>Ê`œÃÊ£ääʓˆÊL>ÀÀˆÃÉ`ˆ>]ʜÊVœ˜ÃÀVˆœÊ
«ÀiÛkÊ>Փi˜ÌœÊ«>À>Ê£xäʓˆÊL>ÀÀˆÃÉ`ˆ>Êi“Ê
ÓäÓäÊqʜʵÕiÊÀi«ÀiÃi˜Ì>ʓ>ˆÃÊ`iʓiÌ>`iÊ`œÊ
Vœ˜ÃՓœÊ`ˆ?ÀˆœÊ`iÊ«iÌÀiœÊi“Ê*œÀÌÕ}>]Ê
µÕiÊÀœ˜`>ʜÃÊÓnäʓˆÊL>ÀÀˆÃ°Ê"ÊÀ>ȏÊ
V>“ˆ˜…>Ê«>À>ÊÃiÀÊՓÊ`œÃÊ«Àˆ˜Vˆ«>ˆÃÊ«>‰ÃiÃÊ
˜œÊ“>«>Ê`>ÃÊÀiÃiÀÛ>ÃÊ«iÌÀœ‰viÀ>ÃÊÊ
iʜÊ/Õ«ˆÊjÊ>«i˜>ÃÊՓÊ`œÃÊÓäÊ«ÀœiV̜Ã
˜œÃʵÕ>ˆÃÊ>Ê>«ÊjÊ«>ÀViˆÀ>Ê`>Ê*iÌÀœLÀ>ðÊ
& Ê
>ÊyœÀiÃÌ>Ê>“>❘ˆV>¶ÊÊ«œÃÉÛiÊ
iÝ«œÀ?‡>ÊÃi“Ê>Ê`iÃÌÀՈÀ¶Ê­ÛiÀÊ
V>ˆÝ>Ê"ʫՏ“KœÊ>ˆ˜`>ÊÀiëˆÀ>®°
-ˆ“]Êj]ʘ՘V>ÊiõÕiVi˜`œÊ
µÕi]ÊÃi“Ê«iõՈÃ>ÊVˆi˜Ì‰wV>]Ê>Ê
“>❘ˆ>ÊjÊVœ“œÊՓ>ʜLÀ>Ê`iÊ
>ÀÌiʘՓʵÕ>À̜ÊiÃVÕÀœ°Ê->Li“œÃʵÕiÊÊ
iÃÌ?ʏ?]ʓ>ÃÊjʈ“«œÃÉÛiÊˆÀÊÌiÀÊVœ“Êi>°Ê
$Y
+6-)0]4&5&.#30
òð
I
IJTUØSJBEFDBQB
1“>Ê«iµÕi˜>Ê>“œÃÌÀ>Ê`œÊµÕiʅ?ʘiÃÃ>Ê
iÃVÕÀˆ`KœÊˆ˜`ˆV>ʵÕiÊÓxÊ«œÀÊVi˜ÌœÊ`>ÃÊ
ÃÕLÃÌ@˜Vˆ>ÃÊÕÃ>`>ÃÊ«>À>ʜÊÌÀ>Ì>“i˜ÌœÊ
`œÊV>˜VÀœÊÛk“Ê`>ʓ>❘ˆ>ÊqÊ`>`œÃÊ`œÊ
˜Ã̈ÌÕÌœÊ >Vˆœ˜>Ê`œÊ
>˜VÀœÊ`œÃÊÃÌ>`œÃÊ
1˜ˆ`œÃÊ­ ®°Ê
œ˜…iViÀÊ>«i˜>ÃÊ£äÊ«œÀÊ
Vi˜ÌœÊ`>ÊLˆœ`ˆÛiÀÈ`>`iÊ`>ÊyœÀiÃÌ>ÊjÊVœ“œÊÃiÊ
iÃ̈ÛjÃÃi“œÃÊ«iÀ>˜ÌiʜÊiÌÀœ«œˆÌ>˜ÊÕÃiՓÊ
œvÊÀÌÊ­iÌ®Ê`iÊ œÛ>ʜÀµÕiʵÕiÊ«œÃÃՈÊ
“>ˆÃÊ`iÊ`œˆÃʓˆ…ªiÃÊ`iʜLÀ>ÃÊi“Ê>ViÀۜÊ
qÊÌiÃÌi“Õ˜…œÊ`iÊxʓˆÊ>˜œÃÊ`>ÊVՏÌÕÀ>Ê`œÊ
“Õ˜`œ]Ê`iÃ`iÊ>Ê«Àj‡…ˆÃ̝Àˆ>Ê>ÌjʜÃÊ`ˆ>ÃÊ
`iʅœiÊqʓ>ÃʓՈÌ>ÃÊ`i>ÃÊvœÀ>Ê`œÊië>XœÊ
«ÖLˆVœ]Êi˜ViÀÀ>`>ÃÊi“ʵÕ>À̜ÃÊiÃVÕÀœÃ°°°ÊÊ
«ÀiVˆÃœÊˆ˜ÛiÃ̈“i˜ÌœÊ«>À>Ê>Û>˜X>Àʘ>Ê?Ài>Ê`>Ê
«iõՈÃ>ÊiÊՓ>ʏi}ˆÃ>XKœÊ“>ˆÃÊȓ«ˆwV>`>]Ê
Vœ“ÊÀi}À>ÃÊV>À>Ã]ʵÕiÊ«œÃÃ>“Ê>ÌÀ>ˆÀÊ
ˆ˜ÛiÃ̈`œÀiÃÊÃi“ÊœÃÊÌÀ>Փ>ÃÊ`>ÊLˆœ«ˆÀ>Ì>Àˆ>°
0
Ê
#3"4*-3´44*"§/%*"
&$)*/"-*%&3".
"3&$61&3"¡0
.6/%*"-%0"#"-0
'*/"/$&*30%&
-VœÀiÊ­-®]ÊVœ“«œÃ̜ʫœÀÊ£ÎÊÛ>Àˆ?ÛiˆÃÊÊ
µÕiÊ>«œ˜Ì>“Ê«>À>ʜÊVÀiÃVˆ“i˜ÌœÊÃÕÃÌi˜Ì?ÛiÊÊ
iÊ`>Ê«Àœ`Ṏۈ`>`i°ÊÃÃ>ÃÊ>˜?ˆÃiÃÊÀivœÀX>“ÊÊ
>Ê«ÀiÃi˜X>Ê`>Ê
ʘœÊ“iÀV>`œ°
ʜ«iÀ>XKœÊ`iʈ˜ÌiÀ˜>Vˆœ˜>ˆâ>XKœÊ`œÊÀÕ«œÊ
ÊۜÌœÕʜÊÃiÕÊvœVœÊ«>À>ʜÊÀ>ȏÊVœ“Ê
>ʈ˜>Õ}ÕÀ>XKœ]Êi“ÊiÛiÀiˆÀœÊ`iÊÓää™]Ê`œÊ
>˜VœÊ
>ˆÝ>ÊiÀ>ÊÀ>ȏ]Ê-Ê­ÛiÀÊ>À̈}œÊ
˜>Ê«?}ˆ˜>ÊÃi}Ո˜Ìi®°ÊÊL>˜V>Ê«ÀiÌi˜`i]Ê
Vœ“ÊœÊÃiÕʎ˜œÜ‡…œÜ]ÊvœÀÌ>iViÀÊ>ˆ˜`>ʓ>ˆÃÊ
œÊ“iÀV>`œÊiʜʫœÌi˜Vˆ>Ê`iÊVÀiÃVˆ“i˜ÌœÊ
ˆ˜ÌiÀ˜>Vˆœ˜>Ê`>ÃÊi“«ÀiÃ>Ã]Ê>ÊVœ“iX>ÀÊÊ
«i>ÊVˆ`>`iÊ`iÊ-KœÊ*>ՏœÊqÊ«ÀœÛ>Ûi“i˜Ìi]ÊÊ
«œÀÊ>}Փ>ÃÊ`>µÕi>ÃʜÀ}>˜ˆâ>XªiÃÊiÃÌ>Ài“Ê
ˆ˜ÃÌ>>`>Ãʘ>ÊÛi˜ˆ`>Ê*>ՏˆÃÌ>°°°Ê
+
?Ê>}œÀ>]Ê>œÊw˜>Ê`>ÊÌ>À`i]Ê>µÕi>Ê
“Տ̈`KœÊ`iÊ«ÀœwÃȜ˜>ˆÃʵÕiÊVˆÀVՏ>Û>Ê
«i>ÊÛi˜ˆ`>Ê*>ՏˆÃÌ>Ê>«ÃʜÊ>“œXœÊ
`iˆÝ>ʜÃÊi`ˆv‰VˆœÃÊi“Ê`ˆÀiVXKœÊDÃÊÃÕ>ÃÊ
V>Ã>ÃʜÕ]ʵÕi“ÊÃ>Li]Ê>ÊՓÊÌi>ÌÀœÊÊ
œÕÊ>ÊՓÊVˆ˜i“>°ÊՈ̜Ãʅ>ÛiÀKœÊÊ
`iÊVœ“iÀÊ«ˆâ>ÃÊiÊLiLiÀʓՈÌ>ÊViÀÛi>°ÊÊ
>ÃʜÃÊ«Àj`ˆœÃʘKœÊwV>ÀKœÊÛ>∜ðÊÊ
"ÕÌÀœÊÌÕÀ˜œ‚Ê`iÊÌÀ>L>…>`œÀiÃ]ÊÃi“ÊÀœÕ«>ÃÊ
`iʓ>ÀV>ʜÕÊÃ>ÌœÃ]ÊÃi“ÊÃ>LiÀÊÊ
œÊµÕiÊÈ}˜ˆwV>“Ê>µÕiiÃʘ֓iÀœÃÊÊ
˜œÃÊV>À̪iÃÊ`iʈ`i˜ÌˆwV>XKœ]ʓ>ÃÊiÝ«iÀÌÃÊÊ
˜œÊÕÜÊ`iÊ>ëˆÀ>`œÀiÃÊiÊië>˜>`œÀiÃ]ÊiÃÌ>À?Ê
>ÊVˆÀVՏ>Àʓ>`ÀÕ}>`>Ê`i˜ÌÀœÊ«i>ÃÊÃ>>ÃÊÊ
iÊVœÀÀi`œÀiÃʜ˜`iÊÃiÊviV…>“ÊœÃʘi}VˆœÃÊÊ
µÕiÊiÃÌKœÊ>ÊÌÀ>˜ÃvœÀ“>ÀʜʵÕiʍ?ÊvœˆÊÊ
Փʏi˜ÌœÊiÊ«iÃ>`œÊVœ“LœˆœÊi“Ê>}œÊÊ
µÕiÊ>}œÀ>ʘœÃÊv>âʏi“LÀ>ÀʜÊ/6°Ê
'PUP3FOÃ.BOTJ
ÌÕÀˆÃ“œÊiVœ}ˆVœÊÌ>“Lj“Ê
iÃÌ?Ê>ÊVÀiÃViÀ°Ê
œ“ÊՓ>Ê
ˆ˜Ìi˜Ã>Ê«ÀœVÕÀ>]ÊÌ>˜ÌœÊˆ˜ÌiÀ˜>Ê
Vœ“œÊiÃÌÀ>˜}iˆÀ>]Ê̜À˜>À‡Ãi‡?Ê
ՓÊ}À>˜`iʘi}VˆœÊi“Ê«œÕVœÊ
Ìi“«œ°Ê?Êi݈ÃÌi“Êœ«XªiÃÊ
Vœ“ʈ˜ÃÌ>>XªiÃʏÕÝ՜Ã>Ã]ʓ>ÃÊ>ʜviÀÌ>Ê>ˆ˜`>Ê
jÊ«iµÕi˜>Ê`ˆ>˜ÌiÊ`>Ê«ÀœVÕÀ>°ÊÊ
iÃÌiÊ@“LˆÌœ]ÊՓÊ`œÃʅœÌjˆÃʓ>ˆÃÊ
Vœ˜…iVˆ`œÃʈ˜ÌiÀ˜>Vˆœ˜>“i˜ÌiÊjʜʜÌiÊ
Àˆ>ÖÊ/œÜiÀÃ]Êi“Ê«i˜œÊÀˆœÊ“>✘>Ã]Ê
Փ>Ê>«œÃÌ>ÊviˆÌ>ʅ?ÊÓäÊ>˜œÃʵÕiÊÀiÃՏ̜հÊ
?ÊÃiÀۈÕÊ`iÊVi˜?ÀˆœÊ>œÊw“iʘ>Vœ˜`>]Ê`>Ê
-œ˜ÞÊ*ˆVÌÕÀiÃ]ÊiÊ>œÃÊÀi>ˆÌÞÊŜÜÃÊ-ÕÀۈۜÀ]Ê`>Ê
>“iÀˆV>˜>Ê
-]ÊiÊ>Ê-iÛ>Ê`iʜÃÊ>“œÃœÃ]Ê`>Ê
ië>˜…œ>ʘÌi˜>ÊΰÊʜÊ̈«œÊ`iÊiÝ«iÀˆk˜Vˆ>Ê
µÕiʜÃÊÌÕÀˆÃÌ>ÃÊ«ÀœVÕÀ>“\ÊՓʓ>ˆœÀÊVœ˜Ì>V̜Ê
Vœ“Ê>Ê >ÌÕÀiâ>ÊÃi“Ê>LÀˆÀʓKœÊ`iÊVœ˜vœÀ̜Êi]Ê
V>Àœ]Ê`iÊ>ViÃÜÊDʘÌiÀ˜iÌ°Ê >`>ÀÊVœ“ÊLœÌœÃÊ
VœÀ‡`i‡ÀœÃ>ʘ>ʓ>❘ˆ>ÊjÊՓ>ÊiÝ«iÀˆk˜Vˆ>Ê
v>˜Ì?Ã̈V>]ʓ>ÃÊ`iˆÝ>ÀÊ`iÊ«žÀÊ>Ãʈ“>}i˜ÃʘœÊ
>ViLœœŽÊjʵÕiʘi“Ê«i˜Ã>À°Ê"Ê«>‰ÃÊ«œÃÃՈÊ
`ˆ“i˜ÃªiÃÊVœ˜Ìˆ˜i˜Ì>ˆÃ]ÊVœ“ʈ“i˜ÃœÃÊ
Vœ˜ÌÀ>ÃÌiÃÊVՏÌÕÀ>ˆÃÊiÊ`>Ê«À«Àˆ>Ê«>ˆÃ>}i“]Ê
«œÀʈÃÜʅ?ʓՈ̜Ê>ÊÃiÀÊiÝ«œÀ>`œÊ`iÊ
“>˜iˆÀ>ÊÃÕÃÌi˜Ì?ÛiÊi“Ê̜`>ÃÊ>ÃÊ>V̈ۈ`>`iÃÊ
iVœ˜“ˆV>ðÊ
*>À>ʜÊiVœ˜œ“ˆÃÌ>Ê`œÊœ`“>˜Ê->V…Ã]ÊÊ
ˆ“Ê"½Ê iˆ]ʜÊÀ>ȏ]Ê>Ê,ÖÃÈ>]Ê>ʘ`ˆ>ÊÊ
iÊ>Ê
…ˆ˜>ÊiÃÌKœÊ>ʏˆ`iÀ>ÀÊ>ÊÀiVÕ«iÀ>XKœÊ
“Õ˜`ˆ>Ê>«ÃʜÊ>L>œÊw˜>˜ViˆÀœÊ`iÊÓään°Ê
 KœÊ«i˜ÃœÊ˜œÃÊ,
ÊVœ“œÊiVœ˜œ“ˆ>ÃÊ
i“iÀ}i˜ÌiÃ]Ê«œÀµÕiÊÃiÀˆ>ʵÕ>ÃiÊՓʈ˜ÃՏ̜°Ê
ÃÃiÃʵÕ>ÌÀœÊ«>‰ÃiÃÊÃKœÊ«>ÀÌiÊiÃÃi˜Vˆ>Ê«>À>Ê
µÕ>µÕiÀÊi“«ÀiÃ>Ê`iÊiÃÌÀ>Ìj}ˆ>Ê}œL>°ÊÊ
“ÊÓä]ÊÎäÊ>˜œÃ]ÊiiÃʈÀKœÊ`œ“ˆ˜>ÀÊ>Ê
iVœ˜œ“ˆ>ʓ՘`ˆ>°‚ʘÌÀiÊiiÃ]ʜÊÀ>ȏÊ
«œÃÃՈʜʓi…œÀʉ˜`ˆViÊÀœÜ̅ʘۈÀœ˜“i˜ÌÊ
òñ
$Y
+6-)0]4&5&.#30
P
PCTFSWBUØSJP
*/5&3/"$*0/"-
$BJYBºDPORVJTUBEP#SBTJM
1PVDPNBJTEFVNBOPQBTTBEPTPCSFBBCFSUVSBEP#BODP$BJYB(FSBM#SBTJM
BBDUJWJEBEFEB$BJYBFNUFSSBTEF7FSB$SV[ÃVNTVDFTTPRVFK»VMUSBQBTTPV
BTFYQFDUBUJWBTRVFQSFTJEJSBNBPMBOÁBNFOUPEP#$(#SBTJM
1PS"OB3JUB-ÔDJP
'PUP%3
"$0.1"/)"3"4&.13&4"4
«œÀÌÕ}ÕiÃ>ÃÊ>ʜ«iÀ>ÀʘœÊÀ>ȏÊiÊv՘Vˆœ˜>ÀÊ
Vœ“œÊՓ>Ê«œÀÌ>Ê`iÊi˜ÌÀ>`>Ê«>À>Ê>ÃÊi“«ÀiÃ>ÃÊ
LÀ>ȏiˆÀ>ÃÊVœ“ʈ˜ÌiÀiÃÃiÃÊVœ“iÀVˆ>ˆÃʘ>Ê
ÕÀœ«>]ÊvÀˆV>ʜÕÊÈ>ÊvœˆÊœÊ“œÌiʵÕiÊ`ˆÌœÕÊ
œÊÀi}ÀiÃÜÊ>ÊՓʓiÀV>`œÊ…ˆÃ̝ÀˆVœÊ«>À>ÊÊ
>Ê
>ˆÝ>ÊiÀ>Ê`iÊi«ÃˆÌœÃ°Ê˜>Õ}ÕÀ>`œÊÊ
>Ê£ÈÊ`iÊiÛiÀiˆÀœÊ`iÊÓää™]ʜÊ>˜VœÊ
>ˆÝ>Ê
iÀ>ÊÀ>ȏʓœÃÌÀœÕÊÃiÀÊՓ>Ê>«œÃÌ>Ê}>˜…>Ê
˜>Ê>V̈ۈ`>`iÊ`iÊ܅œi‡Ã>i]Ê`i`ˆV>`œ]Ê
ÜLÀiÌÕ`œ]Ê>œÊw˜>˜Vˆ>“i˜ÌœÊ`iÊ܏ÕXªiÃÊ
«>À>Êi“«ÀiÃ>ÃÊiÊDÊL>˜V>Ê`iʈ˜ÛiÃ̈“i˜Ìœ°ÊÊ
ÊۜV>XKœÊ՘ˆÛiÀÃ>Ê`œÊ“>ˆœÀÊL>˜VœÊ
«œÀÌÕ}ÕkÃʍÕÃ̈wVœÕ]ÊÌ>“Lj“]Ê>ʈ˜VÕÀÃKœÊ˜>Ê
>V̈ۈ`>`iÊ`iÊÌÀ>`iÊw˜>˜Vi]Êi“ÊۈÀÌÕ`iÊ`œÊ
>Փi˜ÌœÊÈ}˜ˆwV>̈ۜÊ`>ÃÊÌÀœV>ÃÊVœ“iÀVˆ>ˆÃÊ
µÕiʏˆ}>“ÊœÊÀ>ȏÊ>œÃʜÕÌÀœÃÊ«œ˜ÌœÃÊ
iÃÌÀ>Ìj}ˆVœÃ]ʜ˜`iʜÊÀÕ«œÊ
Ê>wÀ“>Ê
>ÊÃÕ>Ê«ÀiÃi˜X>]ÊVœ“œÊ>Ê
…ˆ˜>]ʘ}œ>]Ê
œX>“LˆµÕiÊiÊ>Ê*i˜‰˜ÃՏ>ÊLjÀˆV>°
>ˆÊÃi`ˆ>`œÃ°Ê >ÊÃiµÕk˜Vˆ>Ê`iÊ«>À̈Vˆ«>XªiÃÊ
˜œÊV>«ˆÌ>Ê`œÊ>˜VœÊ>˜`iˆÀ>˜ÌiÃ]Ê`œÊ
1˜ˆL>˜VœÊiÊ`œÊ>˜VœÊÌ>Ö]Ê>ÊiÌ>«>ÊÃi}Ո˜ÌiÊ
`>Ê
Êi“ÊÌiÀÀˆÌÀˆœÊLÀ>ȏiˆÀœÊvœˆÊ>ÊL>˜V>Ê
`iʈ˜ÛiÃ̈“i˜Ìœ]ÊV>“ˆ˜…œÊµÕiÊ>}œÀ>ÊÃiÊ
ÀivœÀX>ÊVœ“ÊœÊ>«Àœv՘`>“i˜ÌœÊ`>ÊiÃÌÀ>Ìj}ˆ>Ê
&91"/40*/5&3/"$*0/"LÀ>ȏiˆÀ>°Ê
œ“œÊÃ>ˆi˜Ì>Ê,œ`œvœÊ>ÛÀ>`œÀ]Ê
Ê>LiÀÌÕÀ>Êi“Ê-KœÊ*>ՏœÊVœ“ÊՓ>ÊiµÕˆ«>Ê`iÊ œÊÀi>˜X>“i˜ÌœÊ`>Ê>V̈ۈ`>`iʘœÊÀ>ȏÊ
ÎäÊ«iÃÜ>Ãʏˆ`iÀ>`>Ê«œÀÊ,œ`œvœÊ>ÛÀ>`œÀʘ>Ê œLi`iViÕÊ>ÊՓʁœLiV̈ۜÊiÃÌÀ>Ìj}ˆVœ‚]Ê
«ÀiÈ`k˜Vˆ>Ê`œÊ
œ˜Ãi…œÊ`iÊ`“ˆ˜ˆÃÌÀ>XKœÊiÊ «iœÊµÕiʜÊVi˜?ÀˆœÊ`iÊVÀˆÃiÊiVœ˜“ˆV>Ê
iLœÀ>…Ê6ˆiˆÌ>Ãʘ>Ê«ÀiÈ`k˜Vˆ>Ê`>Ê
œ“ˆÃÃKœÊ ˜KœÊvœˆÊi˜ÌÀ>ÛiÊ«>À>ʜÊÀi}ÀiÃÜÊ`>Ê
>ˆÝ>Ê>Ê
ÝiVṎÛ>]ÊÛiˆœÊVœ˜wÀ“>ÀÊ«ÀiVˆÃ>“i˜ÌiÊ
iÃÌiʓiÀV>`œ°Ê«ÀœÛiˆÌ>˜`œÊ>ÊVœ˜Õ˜ÌÕÀ>Ê
œÊ‰“«i̜Ê`iÊVÀiÃViÀʈ˜ÌiÀ˜>Vˆœ˜>“i˜ÌiÊ
“>VÀœiVœ˜“ˆV>Ê`iÃÌ>Ê«œÌk˜Vˆ>ÊÃՏ‡Ê
ÌÀ>X>`œÊ«i>Ê
>ˆÝ>]Ê`iÃ`iʜÃÊÃiÕÃÊ
‡>“iÀˆV>˜>]ʵÕiÊ>ÌÀ>ÛiÃÃ>ÊՓʓœ“i˜ÌœÊ
«Àˆ“À`ˆœÃ°Ê œÊµÕ>`ÀœÊ`œÃÊÓÎÊ«>‰ÃiÃʜ˜`iÊ
`iÊ«ÀœÃ«iÀˆ`>`iÊiÊVÀiÃVˆ“i˜ÌœÊÃÕÃÌi˜Ì>`œ]Ê
>ʓ>ÀV>Ê
Êjʍ?ÊՓ>ÊÀiviÀk˜Vˆ>]ʜÊÀ>ȏÊ
Vœ˜Õ}>`œÊVœ“ÊՓ>ÊiÃÌ>Lˆˆ`>`iÊ«œ‰ÌˆV>Ê
Vœ˜Ã̈ÌՈÊՓÊ`iÃ̈˜œÊ«ÀˆÛˆi}ˆ>`œÊ«>À>Ê>ÃÊ
>ÃȘ>?Ûi]ʜÊ>˜VœÊ
>ˆÝ>ÊiÀ>ÊÀ>ȏʫ>À̈ÕÊ
œ«iÀ>XªiÃÊ`œÊÀÕ«œ°
«>À>ÊiÃÌ>ʘœÛ>Ê>Ûi˜ÌÕÀ>ÊVœ“ÊՓÊV>«ˆÌ>Ê
ˆ˜ˆVˆ>Ê`iÊ{äʓˆ…ªiÃÊ`iÊiÕÀœÃ]ÊÃi˜`œÊ>Ê
$(%)*45­3*$"
Ãi}՘`>ʈ˜Ã̈ÌՈXKœÊ`œÊÀÕ«œÊ>Ê>`œ«Ì>ÀÊ>Ê
*œÀÊvœÀX>Ê`>ʈ“«œÀÌ>˜ÌiÊVœ“Õ˜ˆ`>`iʏÕÃ>ÊÊ
“>ÀV>Ê>˜VœÊ
>ˆÝ>ÊiÀ>]Ê`i«œˆÃÊ`œÊ>˜VœÊ
i“ÊÌiÀÀˆÌÀˆœÊLÀ>ȏiˆÀœÊiÊ`>ÃÊiÃÌÀiˆÌ>ÃÊ
`œÊÀÕ«œÊi“Êë>˜…>°ÊÊVœ˜Vi˜ÌÀ>XKœÊ
Ài>XªiÃʵÕiÊ՘i“ÊœÃÊ`œˆÃÊ«>‰ÃiÃÊiÊ>ÃÊ
`>Ãʜ«iÀ>XªiÃÊ>Ê«>À̈ÀÊ`iÊ-KœÊ*>ՏœÊ˜KœÊ
i“«ÀiÃ>ÃʘœÃÊ`œˆÃʏ>`œÃÊ`œÊ̏@˜ÌˆVœ]Ê>Ê
ˆ“«i`ˆÀ?ʵÕiÊ«œÃÃ>ÊۈÀÊ>ÊÃiÀÊiµÕ>Vˆœ˜>`œÊœÊ
>ˆÝ>ÊV…i}œÕÊ>œÊÀ>ȏʅ?ʓ>ˆÃÊ`iÊՓÊ
>>À}>“i˜ÌœÊ`>Ê«ÀiÃi˜X>Êv‰ÃˆV>Ê`œÊ>˜VœÊ>Ê
ÃjVՏœ]Êv՘`>˜`œÊ>Ê}k˜Vˆ>ʈ˜>˜Vˆ>Ê`iÊ
œÕÌÀ>ÃÊVˆ`>`iÃÊLÀ>ȏiˆÀ>ðÊ
*œÀÌÕ}>]Êi“Ê£nnÇ]ÊVœ“Ê
œ“ÊՓÊÛ>Ã̜ÊVÕÀÀ‰VՏœÊµÕiÊ
ƤŨƨƢƖƑƨœƽŨŻƨ
œÊˆ˜ÌՈ̜Ê`iÊ>«œˆ>ÀʜÃÊ
>ÌiÃÌ>ʜʏi}>`œÊ`œÊÀÕ«œÊ
Ê
3PEPMGP-BWSBEPS
F%FCPSBI7JFJUBT
Vœ˜ÃՏ>`œÃÊ«œÀÌÕ}ÕiÃiÃÊ
˜œÊÀ>ȏ]ʵÕiÀÊ>ÌÀ>ÛjÃÊ`>Ê
13*/5
3&(3&440
"01"44"%0
3FGPSÁBEBOPJOÇDJPEFTUFBOP
BQSFTFOÁBEB$BJYB(FSBMEF
%FQÍTJUPTOP#SBTJMSFNPOUB
BPTÃDVMP9*9
"$(%JOBVHVSBB
"HÄODJB'JOBODJBM1PSUVHVFTB
OP#SBTJMNBJTUBSEF
USBOTGPSNBEBFN#BODP
'JOBODJBM1PSUVHVÄT
"$BJYBQBTTBBDPOUSPMBS
EP#BODP*UBÔ
"RVJTJÁ½PEP#BODP
#BOEFJSBOUFTNBJPS
JOWFTUJNFOUPEP(SVQPFN
UFSSJUÍSJPCSBTJMFJSPBUúBMUVSB
5SPDBEPTBDUJWPTEP
#BODP#BOEFJSBOUFTQPS
EPDBQJUBMEP6OJCBODP
""$BJYBFTUFWF
BJOEBQSFTFOUFOFTUFNFSDBEP
BUSBWÃTEFVN&TDSJUÍSJPEF
3FQSFTFOUBÁ½PFN41BVMP
7FOEBEBQBSUJDJQBÁ½P
OP6OJCBODP
*OBVHVSBÁ½PEP#BODP
$BJYB(FSBM#SBTJMDPNVN
DBQJUBMJOJDJBMEFNJMIÏFT
EFFVSPT
ˆ“«i“i˜Ì>XKœÊ`>ÊÃÕ>ÊiÃÌÀ>Ìj}ˆ>Ê`iʘi}Vˆœ]Ê
µÕiÀÊ«i>ÊÌÀ>`ˆXKœÊ`iÊ>«œˆœÊDÊ`ˆ«œ“>Vˆ>Ê
iVœ˜“ˆV>Ê`œÊÃÌ>`œÊ«œÀÌÕ}ÕkÃ]ʜÊ>˜VœÊ
>ˆÝ>ÊiÀ>ÊÀ>ȏÊi˜Vœ˜ÌÀœÕ]Ê>ˆ˜`>]ʍ՘̜Ê
`œÃÊÃiÕÃÊVˆi˜ÌiÃÊՓÊiÃ̉“ՏœÊDÊ>ÌÕÀ>Ê`œÊ
i“«i˜…œÊ˜iÃÌiÊ«ÀœiV̜°ÊÊÀiVi«XKœÊjÊ>Ê
“i…œÀÊ«œÃÉÛi‚]ÊÀi“>Ì>ÊiLœÀ>…Ê6ˆiˆÌ>ðÊ
$Y
+6-)0]4&5&.#30
òò
HSBOEFWJBHFN
9"/("*
0NVOEPBTFVTQÃT
1PVDBTDJEBEFTQPTTVFNFTUBFTUSBOIBDBQBDJEBEFEF
JNQSFTTJPOBSUPEPTPTRVFBTWJTJUBN"RVFMBBRVFNDIBNBWBN
…1ÃSPMBEP0SJFOUF•USBOTGPSNPVTFOBNPOUSBEP…QSPEÇHJPDIJOÄT•
"RVJFOSJRVFDFSÃNFTNPHSBOEJPTP
1PS3VJ5BWBSFT(VFEFT
òó
$ 9
$Y
+ 63 -* .
1
)0
"7
] & 43&"5 &
.
#3 0 "$$6.&.
$$Y
9
+ 6 - ) 0 ]1
43&* 5
. &".
7#
&30
"
òô
W
HSBOEFWJBHFN
"$$6.&.
)
?ʓՈÌ>ÃÊvœÀ“>ÃÊ`iÊ`iÃVœLÀˆÀÊ
8>˜}>ˆ]ʓ>ÃÊÝÊՓ>ʓ>˜iˆÀ>Ê`iÊ
ˆÀÊ>œÊi˜Vœ˜ÌÀœÊ`>ÊÃÕ>ÊÛiÀ`>`iˆÀ>Ê
iÃÃk˜Vˆ>\Ê`iˆÝ>À“œ‡˜œÃʓˆÃÌÕÀ>ÀÊVœ“Ê
>ʓՏ̈`KœÊiÊÃi}ՈÀ]ʘ>ÌÕÀ>“i˜Ìi]Ê
œÃÊÃiÕÃÊ«>ÃÜÃ]Ê«>À̈…>˜`œÊ>ÃÊÃÕ>ÃÊ
i“œXªiÃ]ÊÜÀÀˆÃœÃÊiÊiÝ«ÀiÃêiÃÊ
`iÊ>`“ˆÀ>XKœ°Ê"Ê՘`ÊjʜʏœV>Ê
iÝ>V̜ʫ>À>ʜÊv>âiÀoÊ>ʵÕ>µÕiÀʅœÀ>Ê`iʵÕ>µÕiÀÊ`ˆ>Ê
µÕiÊ«>ÃÃ>À“œÃʘiÃÌ>ʈ˜VÀ‰ÛiÊVˆ`>`iÊ`iÊ£™Ê“ˆ…ªiÃÊ`iÊ
…>LˆÌ>˜ÌiÃ]ʵÕiÊ>«ÀœÛiˆÌœÕÊ>ʜÀ}>˜ˆâ>XKœÊ`>ÊÝ«œÊÓä£äÊ
«>À>ÊÀiVÕ«iÀ>ÀʜÊLÀˆ…œÊiÊ>ʜ«Õk˜Vˆ>Ê«iÀ`ˆ`œÃ°Ê
"ÊÃiÕÊÛiÀ`>`iˆÀœÊ˜œ“iÊjÊ,Õ>Ê<…œ˜}Å>“]ʓ>ÃÊ
>ÌjÊ>ÃÊ«>V>ÃÊ`iÊÌÀ@˜ÃˆÌœÊ…iÊV…>“>“Ê՘`°ÊÃȓÊ
“iӜ]ÊVœ“ÊœÃʘœÃÜÃÊV>À>VÌiÀiÃÊiÊVœ“ʵÕ>ÌÀœÊiÌÀ>ÃÊ
µÕiÊÌk“Ê>µÕˆÊ«Àœ«œÀXKœÊ“‰ÌˆV>\ÊjʘiÃÌiÊ>ˆ˜…>“i˜ÌœÊ
ÃÕÀ«Àii˜`i˜Ìi“i˜ÌiÊVœiÀi˜Ìi]ʘ>ʓ>À}ˆ˜>Ê`œÊÀˆœÊ
Õ>˜}«Õ]Ê`iʓ>ˆÃÊ`iʓiˆ>ÊVi˜Ìi˜>Ê`iÊi`ˆv‰VˆœÃÊ`iÊ
>ÀµÕˆÌiVÌÕÀ>ʘiœV?ÃÈV>]ÊiÀ}Ո`œÃÊ`ÕÀ>˜ÌiÊ>Ê«Àˆ“iˆÀ>Ê
j«œV>Ê`iʜÕÀœÊ`>ÊVˆ`>`i]ʘœÃÊ>˜œÃÊÓäÊiÊÎäÊ`œÊÃjVՏœÊ
88]ʵÕiÊi˜Vœ˜ÌÀ>“œÃÊ>Ê>“>ʓ>ˆÃÊ>ÕÌk˜ÌˆV>Ê`iÊ8>˜}>ˆ°Ê
òõ
$Y
+6-)0]4&5&.#30
ŒƤƮŻųƖƨťƖƨŒƑƖƨɆɄ
ŨɇɄFN%POUBJ3PBE
ƖƨťƲƐƢƊŻƑųƨ
VNBEBTKÍJBTEB
HBTUSPOPNJBEF9BOHBJ
şƤŻŒƑŢŒƨFNWJTJUB
º&YQP
1ƊŒljŒɊɊOB/BOKJOH
3PBE0FTUFOBBMUB
EF9BOHBJ
ŨǃƗƮŻşŒB…DJEBEF
BOUJHB•SFNFUFQBSB
VNB$IJOBEFPVUSPT
UFNQPT
-i˜Ìˆ“œÃÊ>ˆÊՓÊViÀ̜Ê>ÀÊ`iÊ>˜…>ÌÌ>˜Ê>˜ÌiÃÊ`>ÊÀ>˜`iÊ
i«ÀiÃÃKœ]Ê`œÊLÀˆ…œÊ>˜Ìˆ}œÊ`iÊ*>ÀˆÃ]Ê>ÌjÊ`œÊiëi˜`œÀÊ
œ«Õi˜ÌœÊ`iÊiÀˆ“]ʘՓ>ʓˆÃÌÕÀ>ʵÕiʘœÃÊÌÀ>˜Ã«œÀÌ>]Ê
«œÀÊÛiâiÃ]Ê«>À>ʜʈ˜ÌiÀˆœÀÊ`iÊՓ>Ê>Ûi˜ÌÕÀ>Ê`iÊ>̓>˜°Ê
/œ`œÃÊ>µÕiiÃÊi`ˆv‰VˆœÃÊvœÀ>“ÊVœ˜ÃÌÀՉ`œÃÊ`ÕÀ>˜ÌiÊ>Ê
j«œV>ÊVœœ˜ˆ>Ê`iÊ8>˜}>ˆ]ʵÕ>˜`œÊˆ˜}iÃiÃÊiÊvÀ>˜ViÃiÃÊ
“>˜`>Û>“ʘœÊÌiÀÀˆÌÀˆœ°Êi«œˆÃ]Ê`ÕÀ>˜ÌiÊViÀV>Ê`iʓiˆœÊ
ÃjVՏœÊ`iÊ,i«ÖLˆV>Ê*œ«Õ>À]ʜÊ՘`ÊvœˆÊ`iÃÛ>œÀˆâ>`œÊ
«i>ÃÊ>Õ̜Àˆ`>`iÃÊ«œÀÊV>ÕÃ>Ê`>µÕiiÊ«>ÃÃ>`œ]ʓ>ÃÊ
˜Õ˜V>Ê`iˆÝœÕÊ`iÊÃiÀʜʫœ˜ÌœÊ`iÊi˜Vœ˜ÌÀœÊ`œÃʅ>LˆÌ>˜ÌiÃÊ
`iÊ8>˜}>ˆ°ÊÌjʵÕi]ÊVœ“ÊœÊ`ˆÀiˆÌœÊ>ʜÀ}>˜ˆâ>ÀÊ>ÊÝ«œÊ
Óä£ä]ʜÃʏ‰`iÀiÃÊV…ˆ˜iÃiÃÊ`iVˆ`ˆÀ>“Ê`iۜÛiÀÊ>Ê}Àˆ>Ê
>œÊ՘`]ÊVœ“ÊՓʈ˜Ìi˜ÃœÊ«ÀœiV̜Ê`iÊÀi˜œÛ>XKœÊµÕiÊ
œLÀˆ}œÕÊ>ÊÌÀkÃÊ>˜œÃÊ`iʜLÀ>ÃÊiÊՓ>Êv>VÌÕÀ>Ê«ÀÝˆ“>Ê`œÃÊ
Èääʓˆ…ªiÃÊ`iÊiÕÀœÃ\ÊÀi`ÕâˆÕ‡ÃiʜÊÌÀ@˜ÃˆÌœÊ>Õ̜“ÛiÊ
­>«i˜>ÃÊÃiˆÃÊv>ˆÝ>ÃÊ`iÊÀœ`>}i“Êi“ÊÛiâÊ`>ÃÊ£ÓÊi݈ÃÌi˜Ìiî]Ê
Ài˜œÛ>À>“‡ÃiʜÃÊi`ˆv‰VˆœÃʅˆÃ̝ÀˆVœÃ]ʏˆ“«>À>“‡ÃiʜÃÊ
wœÃÊ`iÊiiVÌÀˆVˆ`>`i]Êi“LiiâœÕ‡ÃiÊ>Ê«>ÃÃ>}i“Ê«i`œ˜>Ê
ÃÕ«iÀˆœÀÊiÊVÀˆœÕ‡ÃiÊՓ>ÊÃjÀˆiÊ`iʘœÛ>ÃÊ?Ài>ÃÊÛiÀ`iðÊÊ
"ÊÀiÃՏÌ>`œÊjÊۈÉÛiÊ«>À>ʵÕ>µÕiÀÊۈÈÌ>˜Ìi\Ê`iÊ`ˆ>ʜÕÊ
`iʘœˆÌi]ʜÊ՘`ÊiÃÌ?ÊÃi“«ÀiÊÀi«i̜Ê`iÊ«iÃÜ>ðʏi}Àið
ÊiÃÃ>ÊՓ>Ê`>Ãʓ>ˆœÀiÃÊÃÕÀ«ÀiÃ>ÃʵÕiÊÃiÊ«œ`iÊÌiÀÊ
i“Ê8>˜}>ˆÊ˜œÃÊ`ˆ>ÃʵÕiÊVœÀÀi“°Ê˜µÕ>˜ÌœÊœÊÀiÃ̜Ê`œÊ
“Õ˜`œÊ«>ÀiViÊ>v՘`>À‡ÃiʘՓ>ÊVÀˆÃiÊiVœ˜“ˆV>]ʘ>ÃÊ
ÀÕ>ÃÊ`iÃÌ>ÊVˆ`>`i]Ê>Êۈ`>ÊVœÀÀi]Ê>«>Ài˜Ìi“i˜Ìi]Ê`iÊ
vœÀ“>ʓ>À>ۈ…œÃ>ÊiÊÌÀ>˜µÕˆ>]ÊVœ“ʜʏÕݜ]Ê>Ê`ˆÛiÀÃKœÊ
iÊՓ>ÊViÀÌ>Ê>i}Àˆ>Ê`iÊۈÛiÀÊ>Ê>˜`>Ài“Ê`iʓKœÃÊ`>`>ðÊ
µÕˆ]ÊܓœÃÊÌiÃÌi“Õ˜…>ÃÊ`>ʓ>ˆÃʈ˜VÀ‰ÛiÊiÊÀ?«ˆ`>Ê
ÌÀ>˜ÃvœÀ“>XKœÊœ«iÀ>`>ʘœÊ˜‰ÛiÊ`iÊۈ`>Ê`iʓˆ…ªiÃÊÊ
`iÊ«iÃÜ>ð
"ÃÊÀiÃÌ>ÕÀ>˜ÌiÃ]ʏœ>ÃÊiÊ}>iÀˆ>ÃÊ`œÃÊ>˜Ìˆ}œÃÊi`ˆv‰VˆœÃÊ
Vœœ˜ˆ>ˆÃÊ̜À˜>À>“‡ÃiÊՓ>ÊiëjVˆiÊ`iÊ«œ˜ÌœÊ`iÊ
i˜Vœ˜ÌÀœÊ`œÃʘœÛœÃʓˆˆœ˜?ÀˆœÃÊV…ˆ˜iÃiÃÊiÊ`iÊۈ>>˜ÌiÃÊ
i˜`ˆ˜…iˆÀ>`œÃ]ʓ>ÃÊÌ>“Lj“Ê`œÃÊȓ«iÃÊ>“>˜ÌiÃÊ`œÊ
Lœ“Ê}œÃ̜°ÊÊ>ˆÊµÕiÊÃiÊ`iÃvÀÕÌ>“Ê`>Ãʓi…œÀiÃÊۈÃÌ>ÃÊ
`>ÊVˆ`>`i]Êi“ʏœV>ˆÃÊVœ“œÊœÊL>ÀÊ,œÕ}i]ʜÃÊÀiÃÌ>ÕÀ>˜ÌiÃÊ
i>˜‡iœÀ}iÃÊiÊ7…>“«œ>Ê
ÕLʜÕÊ>Êië>˜>`>Ê`œÊ iÜÊ
iˆ}…ÌðÊ
>ʓ‰ÌˆV>ÊiÊÃi“«ÀiʏœÌ>`>Ê,Õ>Ê >˜ˆ˜}]Ê>ÕÌk˜ÌˆVœÊ
«>À>‰ÃœÊ`>ÃÊVœ“«À>Ã]ʜʫ>ÃÃiˆœÊÌÀ>˜ÃvœÀ“>‡ÃiʘՓ>Ê
iëjVˆiÊ`iÊۈ>}i“ʘœÊÌi“«œ°Ê >Ê«>ÀÌiÊ«i`œ˜>]ÊÌi“œÃÊ
Փ>ÊۈÃKœÊ`>Ê8>˜}>ˆÊ«ÀÃ«iÀ>Ê`œÃÊ>˜œÃÊÎä]ÊÀi«iÌ>ÊÊ
$Y
+6-)0]4&5&.#30
òö
W
HSBOEFWJBHFN
1"3""7*"(&./05&.10
4&3$0.1-&5"70-5"ˁ4&
š$)"."%"$*%"%&"/5*(""$$6.&.
ťŻşŒ
(VBSEFDBSUÏFT
EPIPUFMFTDSJUPTFN
DIJOÄTCFNDPNP
EFPVUSPTMPDBJT
POEFUFOIBEFTF
EFTMPDBSrDPNP
BDBTBEFDI»
)VYJOUJOHOFTUB
Q»HJOBQPSFYFN
QMPrQPJTEFPVUSB
GPSNBÃJNQPTTÇWFM
GB[FSTFFOUFOEFS
ò÷
`iʏœ>ÃÊVœ“Ê«Àœ`Õ̜ÃÊV…ˆ˜iÃiÃ]ÊVœ“œÊœÃÊÃ>«>̜ÃÊ
>˜Ì>˜}]ʜÃÊV…>«jÕÃÊ-…i˜}݈vÕʜÕʜÃÊ«Àœ`Õ̜ÃÊ
“i`ˆVˆ˜>ˆÃÊ/œ˜}Ài˜Ì>˜}°Ê >Ê«>ÀÌiÊ>Ì>]Êi˜ÌÀ>“œÃʘœÃÊ
Ìi“«œÃÊ`œÊÕݜÊiÊ`>ʓœ`iÀ˜ˆ`>`iÊ`>Ê8>˜}>ˆÊ>VÌÕ>]Ê
VՍœÊ«>À>`ˆ}“>ÊjʜÊi˜œÀ“iÊVi˜ÌÀœÊVœ“iÀVˆ>Ê*>â>Ê
ÈÈ]ʜ˜`iʜՈÃÊ6ՈÌ̜˜]Ê
>À̈iÀ]Ê*À>`>ÊiʜÕÌÀ>Ãʓ>ÀV>ÃÊ
«œÃÃÕi“ʏœ>ÃÊ}ˆ}>˜ÌiÃV>ÃoÊÃi“«ÀiʏœÌ>`>ð
Ê8>˜}>ˆÊ`œÊvÕÌÕÀœÊVœ˜ÃÌÀˆ‡Ãi]Ê`iÃ`iʅ?Ê>}՘ÃÊ>˜œÃ]ÊÊ
˜>ʓ>À}i“Ê`ˆÀiˆÌ>Ê`œÊÕ>˜}«Õ]ʘ>Ê✘>Ê`iÊ*Õ`œ˜}°ÊÊ
ÊjÊՓÊvÕÌÕÀœÊV>`>ÊÛiâʓ>ˆÃÊ«ÀÝˆ“œÊ`>ÃÊiÃÌÀi>Ã]Ê}À>X>ÃÊ
>œÃÊ{ÈnʓiÌÀœÃÊ`>Ê̜ÀÀiÊ`iÊÌiiۈÃKœÊ*jÀœ>Ê"Àˆi˜Ì>]Ê>œÃÊ
{ÓäʓiÌÀœÃÊ`>ʈ˜“>œÊ/œÜiÀ]ʜ˜`iÊiÃÌ?ʈ˜ÃÌ>>`œÊՓÊ
…œÌiÊÀ>˜`ÊÞ>ÌÌÊi˜ÌÀiʜÃÊxΰ¨ÊiʜÊnÇ°¨Ê>˜`>ÀiÃ]ÊiÊ>œÃÊ
{™ÓʓiÌÀœÃÊ`œÊ7œÀ`ʈ˜>˜Vˆ>Ê
i˜ÌiÀ°
ÌjÊ>œÊw˜>Ê`iÊ"ÕÌÕLÀœ]ÊÃiʵՈÃiÀ“œÃʓiӜÊÃi}ՈÀÊÊ
>ʓՏ̈`Kœ]ÊÛ>“œÃÊ«>À>ÀÊ>ÊViÀV>Ê`iÊÃiˆÃʵՈ“iÌÀœÃÊ`œÊ
Vi˜ÌÀœÊ`>ÊVˆ`>`i]Êi“ÊxÓnʅiVÌ>ÀiÃÊ`iÊÌiÀÀi˜œÃÊ`ˆÛˆ`ˆ`œÃÊ
«i>ÃÊ`Õ>Ãʓ>À}i˜ÃÊ`œÊÕ>˜}«Õ\ÊLi“‡Ûˆ˜`œÃÊDÊÝ«œÊ
Óä£ä]Ê>ʓ>ˆœÀÊiÝ«œÃˆXKœÊ“Õ˜`ˆ>Ê>}Փ>ÊÛiâÊÀi>ˆâ>`>ÊÊ
iÊ>ÊÀi뜘Ã?Ûi]ʘœÊv՘`œ]Ê«i>ʈ˜Ìi˜Ã>ÊÀi˜œÛ>XKœÊÊ
iÊÀi>LˆˆÌ>XKœÊœ«iÀ>`>ʘ>ÊVˆ`>`i°
"Ê*>ۈ…KœÊ`iÊ*œÀÌÕ}>ÊÃÕÀ«Àii˜`i]ʘœÊiÝÌiÀˆœÀ]Ê«iœÊ
“>ÌiÀˆ>ÊÕÃ>`œÊ˜œÊÃiÕÊÀiÛiÃ̈“i˜Ìœ°Ê KœÊ`iˆÝ>Ê`iÊÃiÀÊ
VÕÀˆœÃœÊÛiÀʓՈ̜ÃÊV…ˆ˜iÃiÃ]Ê`œÊ>`œÊ`iÊvœÀ>]Ê>Ê̜V>Ài“Ê
˜>ÊVœÀ̈X>]ÊÌi˜Ì>˜`œÊ`iÃVœLÀˆÀʜʵÕiÊÃiÀ?Ê>µÕˆœ°Ê œÊ
ˆ˜ÌiÀˆœÀ]Ê>Êv>âiÀʏi“LÀ>ÀʜÃÊV>ÕÃÌÀœÃÊ`iÊՓÊ>˜Ìˆ}œÊ
$Y
+6-)0]4&5&.#30
“œÃÌiˆÀœ]ÊÀiVœÀ`>‡ÃiÊ>ʏˆ}>XKœÊi˜ÌÀiÊ*œÀÌÕ}>ÊiÊ>Ê
…ˆ˜>°Ê
"Ê«œ˜ÌœÊ>ÌœÊ`>ÊۈÈÌ>ÊjÊ>Ê«ÀœiVXKœÊ`iÊՓÊw“iʵÕiÊ
Ài>X>Ê>ʓœ`iÀ˜ˆ`>`iÊ`iÊ*œÀÌÕ}>]ʘœ“i>`>“i˜ÌiʘœÊ
V>«‰ÌՏœÊ`>ÃÊi˜iÀ}ˆ>ÃÊiˆV>ðÊ>ÃÊ>ʓi…œÀÊÀiVœÀ`>XKœÊ
Vœ“ʵÕiʜÃÊV…ˆ˜iÃiÃÊÃ>i“Ê`œÊ«>ۈ…KœÊjʜỂ«ˆVœÊ«>ÃÌiÊ
`iʘ>Ì>]ÊÛi˜`ˆ`œÊ˜>ÊV>viÌ>Àˆ>Ê>ÊxÊÞÕ>˜ÃÊ­ÈäÊVk˜Ìˆ“œÃ®°
*>À>Ê`iÃV>˜Ã>ÀÊ`>Ê>}ˆÌ>XKœÊ`>ÊÝ«œ]ʘ>`>ʓi…œÀÊ`œÊ
µÕiÊÃi}ՈÀÊ«>À>ʜÊÀi˜œÛ>`œÊL>ˆÀÀœÊ`iÊ8ˆ˜Ìˆ>`ˆ]ʜ˜`iÊ
vœÀ>“ÊÀiVÕ«iÀ>`>ÃÊ>˜Ìˆ}>ÃÊV>Ã>ÃÊ`iÊ«i`À>ÊňŽÕ“i˜]Ê
ÌÀ>˜ÃvœÀ“>`>ÃÊi“ÊÀiÃÌ>ÕÀ>˜ÌiÃ]ÊL>ÀiÃÊiʏœ>ÃÊii}>˜ÌiðÊ
KœÊ“Ո̜ʏœ˜}iÊwV>ÊՓÊ`œÃÊÃi}Ài`œÃʓ>ˆÃÊLi“Ê
}Õ>À`>`œÃÊ`iÊ8>˜}>ˆ\Ê>Ê>˜Ìˆ}>Êۈ>ʜ«iÀ?Àˆ>Ê`iÊ/ˆ>˜Ê
<ˆv>˜]ÊՓʏ>LˆÀˆ˜ÌœÊ`iÊÀÕ>ÃÊiÃÌÀiˆÌ>ÃÊiÊ«Àj`ˆœÃÊL>ˆÝœÃ]Ê
œ˜`iÊÃiÊÀiëˆÀ>ÊՓÊ`œÃÊ>“Lˆi˜ÌiÃʓ>ˆÃÊ}i˜Õ‰˜œÃÊiÊ
iÃ̈“Տ>˜ÌiÃÊ`>ÊVˆ`>`i°Ê œÊ“iӜÊië>XœÊVœi݈ÃÌi“Ê
“œÀ>`œÀiÃÊi“Ê«ˆ>“>ÊiÊÀœÕ«>ÊiÃÌi˜`ˆ`>Ê>ÊÃiV>ÀÊDʍ>˜i>Ê
Vœ“Ê>À̈ÃÌ>ÃÊi“ÊLÕÃV>Ê`iÊÀiVœ˜…iVˆ“i˜Ìœ]Ê«iµÕi˜>ÃÊ
œ>ÃÊ`iÊ«Àœ`Õ̜ÃÊ>ÀÌiÃ>˜>ˆÃÊiÊVÀˆ>̈ۜÃ]Ê}>iÀˆ>ÃÊ`iÊ>ÀÌi]Ê
>ÌiˆiÀÃÊiÊV>vjÃÊÌÀ>`ˆVˆœ˜>ˆÃ°
*>À>Ê>Êۈ>}i“ʘœÊÌi“«œÊÃiÀÊVœ“«iÌ>]ÊۜÌ>‡Ãi]Ê`i«œˆÃ]Ê
>œÊVi˜ÌÀœÊ`iÊ8>˜}>ˆ]ÊDÊV…>“>`>ʁVˆ`>`iÊ>˜Ìˆ}>‚°Ê?Ê
˜ˆ˜}Õj“Ê>˜`>Ê`iÊÀˆVŽÃ…>ÜÊiʜÃÊi`ˆv‰VˆœÃÊvœÀ>“ÊÀiÃÌ>ÕÀ>`œÃÊ
ÀiVi˜Ìi“i˜Ìi]ʓ>ÃʜÊ>“Lˆi˜Ìiʓ>˜Ìj“‡Ãiʓ?}ˆVœ]Ê>Ê
v>âiÀʏi“LÀ>ÀʜÃÊÌi“«œÃÊi“ʵÕiÊ>Ê
…ˆ˜>ÊiÀ>ÊՓʫ>‰ÃÊ
“ˆÃÌiÀˆœÃœ]Êiݝ̈VœÊiʏœ˜}‰˜µÕœ°Ê}œÀ>Êj]ÊV>`>ÊÛiâʓ>ˆÃ]Ê
Փʫ>‰ÃÊi“ÊLÕÃV>Ê`œÊvÕÌÕÀœ°Ê
œ“œÊÃiÊÛkÊi“Ê8>˜}>ˆ°Ê
(VJBEF7JBHFN
*S
7JTJUBS
'JDBS
/½PFYJTUFNWPPTEJSFDUPTEF
-JTCPBQBSB9BOHBJNBTT½P
W»SJBTBTMJHBÁÏFTºEJTQPTJÁ½P
DPNFTDBMBTFN-POESFT#SJUJTI
"JSXBZT
1BSJT"JS'SBODF
;VSJRVF
4XJTT
'SBOLGVSU-VGUIBOTB
)FMTÇORVJB'JOOBJS
"QÍTP
QSJNFJSPWPPQSFQBSFTFQBSB
PVUSPDPNDFSDBEFIPSBT&N
EFUFSNJOBEBTÃQPDBTEPBOPF
BQSPWFJUBOEPBTQSPNPÁÏFTEBT
DPNQBOIJBTBÃSFBTQPEFTF
DPNQSBSPCJMIFUFEFBWJ½PQPS
DFSDBEFFVSPT
&YQPn0TCJMIFUFTDVTUBN
ZVBOTOPTEJBTÔUFJTF
ZVBOTOPTǡOTEFTFNBOB
FGFSJBEPT)»BJOEBCJMIFUFT
TÍQBSBPIPS»SJPOPDUVSOP&YJTUFN
MJHBÁÏFTEFNFUSPMJOIB
EFTEF
PDFOUSPEBDJEBEFBUÃBPSFDJOUP
/PTQBWJMIÏFTNBJTDPODPSSJEPT
DPOWÃNGB[FSQSÃSFTFSWBEF
CJMIFUFOBTN»RVJOBTDPMPDBEBT
QBSBFTTFFGFJUPºFOUSBEB
1VMJ)PUFM0OPWPIPUFMEFEFTJHO
EBDJEBEFNVJUPFMPHJBEPFNUPEP
PNVOEPXXXUIFQVMJDPN
4BCFS
&OUSBEB£OFDFTT»SJPQFEJSWJTUP
BOUFTEFQBSUJS0QSB[PEFFOUSFHB
FNDPOEJÁÏFTOPSNBJTÃEF
DJODPEJBTÔUFJT£OFDFTT»SJPUFS
QBTTBQPSUFDPNWBMJEBEFTVQFSJPS
BTFJTNFTFT
-ÇOHVB/B[POBEF1VEPOH
FFNBMHVOTSFTUBVSBOUFT
DPOTFHVFTFDPNVOJDBSFNJOHMÄT
NBTBHFOFSBMJEBEFEPTIBCJUBOUFT
BQFOBTGBMBNBOEBSJN$POWÃN
HVBSEBSDBSUÏFTEPIPUFMFTDSJUPT
FNDIJOÄTCFNDPNPEFPVUSPT
MPDBJTPOEFTFRVFJSBEJSJHJSQBSB
QPEFSNPTUSBSBPTUBYJTUBT
$PNQSBS
"OUJHVJEBEFT.FSDBEPEBSVB
%POHUBJÃPMPDBMJEFBMDPN
DFOUFOBTEFMPKBTBDÃVBCFSUP
OVNBNCJFOUFUSBORVJMPFTFNQSF
NVJUPQSPDVSBEPQPSFTUSBOHFJSPT
.BTTFNJMVTÏFTBRVJMPBRVF
DIBNBNBOUJHVJEBEFTSBSBNFOUF
ÃNFTNPBOUJHP3FHBUFBSÃVNB
BSUFDIJOFTB
"SUF%F[FOBTEFHBMFSJBTFBUFMJFST
EFBSUJTUBTQPEFNTFSFODPOUSBEPT
OVNBBOUJHBG»CSJDBBHPSB
DPOIFDJEBDPNP.
.PHBOTIBO3PBE
.FUSÍQPMF)PUFM6NRVBUSP
FTUSFMBTDPNQSFÁPTBDFTTÇWFJT
XXXNFUSPQPMFIPUFMTIDPN
+JB#PVUJRVF)PUFM6NIPUFMEF
EFTJHOOVNFEJGÇDJPEF
XXXKJBTIBOHIBJDPN
+JO+JBOH)PUFM6NRVBUSPFTUSFMBT
DPNQSFÁPTFYDFMFOUFT
XXXKJOKJBOHIPUFMTDPN
$PNFS
4JDIVBO'PML$BEFJBEFDP[JOIB
UÇQJDBEF4JDIVBODPNW»SJPT
SFTUBVSBOUFTOBDJEBEF
XXXCBHVPCPZDPN
/FX)FJHIUT$P[JOIBEFGVT½P
FVNBFTQMBOBEBDPNBNFMIPS
WJTUBTPCSFP#VOE
XXXUISFPOUIFCVOEDPN
.S.ST#VOE6NEPT
SFTUBVSBOUFTNBJTOBNPEBFN
9BOHBJXXXNNCVOEDPN
.PFEB"NPFEBPǡDJBMÃPZVBO
ZVBOTDPSSFTQPOEFN
BDUVBMNFOUFBDFSDBEFFVSPT
&YJTUFNNVJUBTDBJYBTBVUPN»UJDBT
EFEJOIFJSPQFMBDJEBEFFPVTP
EPDBSU½PEFDSÃEJUPÃHFOFSBMJ[BEP
0SJFOUBÁ½P"SFEFEFUSBOTQPSUFT
ÃFYDFMFOUFFPTU»YJTT½PCBSBUPT
.BTUPEBTBTMFUSBTT½PTFNQSF
BQSFTFOUBEBTFNDBSBDUFSFT
NJOÔTDVMPTNVJUPEJGÇDFJTEFMFS
7BJQFSDFCFSBTTJNQPSRVFÃRVF
RVBTFUPEPTPTDIJOFTFTFNJEBEF
FTDPMBSVTBNÍDVMPT
*OGPSNBÁ½POB/FUBOUFTEFQBSUJSQBSB9BOHBJDPOǡSBPVUSPTEBEPTSFMFWBOUFT
4ÇUJPPǡDJBMEPUVSJTNPEF9BOHBJXXXNFFUJOTIBOHIBJOFU4ÇUJPPǡDJBMEB&YQPIUUQFOFYQPDO&NCBJYBEBEB
3FQÔCMJDB1PQVMBSEB$IJOBFN1PSUVHBMIUUQQUDIJOBFNCBTTZPSHQPU
/"›4*"QSPTTFHVJOEP
BSFMBÁ½PIJTUÍSJDBDPN
5JNPS-FTUFF.BDBVP
(SVQP$(%ÃEFUFOUPS
EBUPUBMJEBEFEPDBQJUBM
EP#BODP/BDJPOBM
6MUSBNBSJOPFN.BDBV
$IJOBDPN"HÄODJBT
EB4VCTJEJ»SJB0ǝTIPSFEF
.BDBVVNB"HÄODJB
FEB
4VDVSTBM$(%FN5JNPS
-FTUFPJUP"HÄODJBT
/B$IJOBFYJTUFBJOEB
VNB4VDVSTBM$(%
;IVIBJ
"PUPEP
TÍOFTUFQBÇTFYJTUFN
QPOUPTEFBUFOEJNFOUP
EP(SVQP$(%
FOUSFFMFTP&TDSJUÍSJP
EF3FQSFTFOUBÁ½P
EF9BOHBJ
/"§/%*"B$BJYB(FSBM
EF%FQÍTJUPTFTU»
SFQSFTFOUBEBBUSBWÃT
EFVN&TDSJUÍSJPEF
3FQSFTFOUBÁ½PFN
#PNCBJNDPNVNB
FYUFOT½PFN(PB
&.."$"6P(SVQP$(%
FTU»QSFTFOUFOFTUFQBÇT
EFTEFBUSBWÃTEF
VNB4VDVSTBMEP#BODP
/BDJPOBM6MUSBNBSJOP
FYFSDFOEPBTGVOÁÏFT
EFCBODPFNJTTPS/P
¼NCJUPEPQSPDFTTP
EFUSBOTGFSÄODJBEB
TPCFSBOJBP#/6DPOUJOVB
BEFTFNQFOIBSFTTBT
GVOÁÏFTDPOKVOUBNFOUF
DPNP#BOLPG$IJOB
BUÃ
&NFDPOGPSNF
FTUBCFMFDJEPOPQSPKFDUP
EFJOUFHSBÁ½PEP#/6OB
$BJYB(FSBMEF%FQÍTJUPT
B4VDVSTBMEF.BDBV
QBTTPVBTFSVNB
TVCTJEJ»SJBEB$(%ÔOJDP
BDDJPOJTUBQBTTBOEPB
EFOPNJOBSTF#/6.BDBV
&NB$BJYB(FSBMEF
%FQÍTJUPTJOBVHVSPVVNB
TVCTJEJ»SJBPǝTIPSFEB
RVBMÃPÔOJDPBDDJPOJTUB
BǡNEFQSPNPWFS
POFHÍDJPDPNSFTJEFOUFT
OPFTUSBOHFJSP
$Y
+6-)0]4&5&.#30
òø
GVHBT
óï
$Y
+6-)0]4&5&.#30
$ ) " - & 5 ' 0 / 5 & / 07"
2VBOEP
PUFNQPQ»SB
7JWFSOFTUFDIBMFUQPSRVFÃJTTPRVFBQFUFDF
NBMPWFNPTÃDPNPRVFVNBWJBHFNOPUFNQP$IBSNPTP
QPSGPSBFJOUJNJTUBOPTTFVTSFDBOUPTJOUFSJPSFTFTUFIPUFMDPNIJTUÍSJB
UPSOBTFJSSFTJTUÇWFMEFTEFPQSJNFJSPBPÔMUJNPNPNFOUPRVFBRVJTFEFTGSVUB
1PS.JHVFM4BUÔSJP1JSFT'PUPHSBǡB3PESJHPEF4PV[B4XFFU7JTJPO
$
…i}>`œÃÊ>œÊw˜>Ê`œÊ`ˆ>]Ê
µÕ>˜`œÊ>ÃʏÕâiÃÊ`œÃÊV>˜`iiˆÀœÃÊ
`>ÃÊÀÕ>ÃÊ>VœL>Vi˜ÃiÃÊ
Vœ“iX>“Ê>Ê>Vi˜`iÀ‡ÃiÊiÊ
œÊ“œ˜Õ“i˜Ì>ÊœÃÌiˆÀœÊ
`iʏVœL>X>ʍ?ÊiÃÌ?Ê̜`œÊ
ˆÕ“ˆ˜>`œ]ÊÌi˜Ì>Êi˜Vœ˜ÌÀ>À‡ÃiʜÊ
…>iÌʜ˜ÌiÊ
œÛ>Ê«œÀÊi˜ÌÀiÊ>ÃÊÀÕ>ÃÊ`iÃÌ>ÊVˆ`>`iÊVœ“Ê
…ˆÃ̝Àˆ>ÊiʵÕ>ÃiÊiÃVœ˜`ˆ`>ʘœÊ“iˆœÊ`iÊՓÊ
Û>iÊÛiÀ`i>˜Ìi°Ê"ÃÊ«Àˆ“iˆÀœÃʓœ“i˜ÌœÃÊ
ÃKœÊ`iÊ>}Փ>Ê`iÜÀˆi˜Ì>XKœ]Ê«À«ÀˆœÃÊ`iÊ
µÕi“ÊÛ>ˆÊiʵÕiÀʈÀÊDÊ`iÃVœLiÀÌ>°Ê>ÃÊL>ÃÌ>Ê
>ÀÀi`>ÀÊ«>ÃÜʍ՘̜Ê`iÊՓʵÕ>µÕiÀʏœV>Ê
iÊ«iÀ}՘Ì>Àʜ˜`iÊwV>ʜʘœÃÜÊ`iÃ̈˜œ]Ê
«œÀµÕiʈ“i`ˆ>Ì>“i˜ÌiÊܓœÃÊ}Ո>`œÃÊVœ“Ê
Vœ˜…iVˆ“i˜ÌœÊ`iÊV>ÕÃ>°ÊÊ?Ê>ˆ‚]Ê`ˆâi“‡
‡˜œÃÊVœ“Ê«Àœ˜Ìˆ`Kœ]Ê«>À>Ê`i«œˆÃÊ`>Ài“Ê
Vœ˜Ìˆ˜Õˆ`>`iÊDÃÊiÝ«ˆV>XªiÃÊ«œÀ“i˜œÀˆâ>`>ÃÆÊ
œ}œÊ>ÊÃi}ՈÀÊ>œÊ“œÃÌiˆÀœ]ÊۈÀ>ÊDÊ`ˆÀiˆÌ>ÊÊ
iÊ`i«œˆÃÊDÊiõÕiÀ`>]ʘKœÊ…?ʵÕiÊi˜}>˜>À]ÊÊ
Ûk‡ÃiÊ>œÊœ˜}i‚°Ê KœÊ…?Êi˜}>˜œÃ]ÊjÊÛiÀ`>`i°ÊÊ
"Ê
…>iÌʜ˜ÌiÊ œÛ>ÊiÊ>ÊÃÕ>Êv>V…>`>Ê
VœÀ‡`i‡ÀœÃ>ʈÕ“ˆ˜>`>ÊÛki“‡ÃiÊ>œÊœ˜}i°Ê
“ÊVœ˜Õ˜ÌœÊVœ“ÊœÃÊVՈ`>`œÃʍ>À`ˆ˜ÃÊ`iÊ
ÌÀ>XœÊÀœ“@˜ÌˆVœÊµÕiʜÊÀœ`iˆ>“]ÊiÃÌiʅœÌi]Ê
Vœ“Ể“ˆ`œÃÊÌÀ>XœÃÊiÝÌiÀˆœÀiÃÊ`iÊՓ>Ê`>ÃÊ
VœÀÀi˜ÌiÃÊ`>ÊÀÌiÊ œÛ>ÊiÊ`iâÊië>XœÃœÃÊ
µÕ>À̜ÃÊ­ÃiˆÃʘœÊi`ˆv‰VˆœÊ«Àˆ˜Vˆ«>ÊiʜÕÌÀœÃÊ
13*/5
"326*5&$563"
26&&.*(306
*OTQJSBÁ½PEP#SBTJM
FN"MDPCBÁB
0FTUJMPBSRVJUFDUÍOJDPEP
$IBMFU'POUF/PWBUFN
QPSCBTFOBWFSEBEF
BTDIBNBEBT…DBTBT
CSBTJMFJSBT•DPOTUSVÇEBTQPS
FNJHSBOUFTBMDPCBDFOTFT
RVFSFHSFTTBSBNEP#SBTJM
FNǡOBJTEPTÃDVMP9*9F
BRVJSFQSPEV[JSBNPTUSBÁPT
RVFBENJSBSBNFNDJEBEFT
DPNP1FUSÍQPMJTOPJOUFSJPS
EPFTUBEPEP3JPEF+BOFJSP
POEFBJOEBIPKFTFWÄFN
TPCFSCPTFYFNQMBSFTEFTUF
UJQPEFIBCJUBÁÏFT0VUSP
CPNFYFNQMPEFTUBJOǣVÄODJB
JNQPSUBEBÃPFEJGÇDJP
EB$¼NBSB.VOJDJQBMEF
"MDPCBÁB
µÕ>ÌÀœÊ˜>Ê>>ʘœÛ>]ʜ˜`iÊiÃÌ?ʈ˜ÃÌ>>`œÊÊ
œÊ˜œÛœÊ-*®]ÊVœ“«ªiÊՓÊVi˜?ÀˆœÊœ˜`iÊÊ
œÊÌi“«œÊ«>ÀœÕ°Ê
-iÀ?Êi˜ÌKœÊ>µÕˆÊµÕiÊÛ>“œÃÊ«iÀ˜œˆÌ>ÀÆÊÃiÀˆ>Ê
>µÕˆ]ÊÃi“ʵÕ>µÕiÀÊܓLÀ>Ê`iÊ`Öۈ`>]ʵÕiÊ
}œÃÌ>À‰>“œÃÊ`iÊۈÛiÀ]ʘiÃÌ>ÊLœ˜ˆÌ>ÊV>Ã>Ê`iÊ
v>“‰ˆ>ÊiÀ}Ո`>Êi“Êw˜>ˆÃÊ`œÊÃjVՏœÊ88]Ê
$Y
+6-)0]4&5&.#30
óð
G
GVHBT
“œ`iÀ˜ˆâ>`>Êi˜ÌÀiÌ>˜Ìœ]ʓ>ÃʵÕiʘi“Ê>ÃȓÊ
«iÀ`iÕʜÊV…>À“iÊiʜÃÊi˜V>˜ÌœÃÊ`iʜÕÌÀœÀ>°Ê
/PJUFTEFTPOIP
/À>˜Ã«œ˜`œÊœÊݏˆ`œÊ«œÀÌKœÊi“ÊviÀÀœÊ
Ài˜`ˆ…>`œÊµÕiÊiÃÌ>LiiViÊ>ÊvÀœ˜ÌiˆÀ>ÊVœ“ÊœÊ
“Õ˜`œÊ`iʁ?ÊvœÀ>‚]ÊÜLi‡ÃiÊՓ>Ê«iµÕi˜>Ê
À>“«>Ê`iÊi“«i`À>`œÊ«>À>ii«‰«i`œÊ>ÌjÊDÊ
i˜ÌÀ>`>Ê«Àˆ˜Vˆ«>Ê`œÊ
…>iÌʜ˜ÌiÊ œÛ>]ʘ>ÃÊ
VœÃÌ>ÃÊ`œÊi`ˆv‰Vˆœ]Ê>Ê`>ÀÊ«>À>ÊՓ>Êi˜VœÃÌ>Ê
vœÀÀ>`>Ê`iÊÛiÀ`iÊiÊ՘ÃʵÕ>˜ÌœÃÊÌÀˆ…œÃʵÕiÊ
Û>“œÃʵÕiÀiÀÊ«iÀVœÀÀiÀ]ʓ>ÃʘKœÊ>}œÀ>]Ê
Ãi}ÕÀ>“i˜Ìi]Ê>“>˜…KÊLi“ÊVi`œ°
*>À>ʍ?]ÊÃi˜Ìˆ“œ‡˜œÃÊÌi˜Ì>`œÃÊ>Ê̜V>ÀÊDÊ
V>“«>ˆ˜…>]Ê`>µÕi>ÃÊ`iÊȘiÌ>Êi“ʵÕiÊÃiÊ
«ÕÝ>ʜÊVœÀ`iÊ«>À>Ê>ۈÃ>ÀʵÕiÊÛi“ʏ?Ê}i˜Ìi]Ê
µÕ>Êۈ>}i“Ê>œÊ«>ÃÃ>`œ°Ê KœÊjÊ«ÀiVˆÃœ]Ê
L>ÃÌ>Êi“«ÕÀÀ>ÀÊ>Ê«œÀÌ>Êi“Ê“>`iˆÀ>ÊiÊ>ÃȓÊ
ˆ˜Û>`ˆÀ“œÃ]ÊÃi“ÊViÀˆ“˜ˆ>Ã]ÊiÃÌiÊië>XœÊµÕiÊ
«Àœ“iÌiÊՓ>ʘœˆÌiÊ`iÊܘ­…®œÊLi“Ê«>ÃÃ>`>]Ê
>ÊiÃVÕÌ>ÀʜÊVœ>Ý>ÀÊ`>ÃÊÀKÃʵÕiʅ>LˆÌ>“ÊÊ
œÊÀˆ>V…œÊVՍ>ÃÊ?}Õ>ÃÊVœÀÀi“Ê`œÊœÕÌÀœÊ>`œÊ
`>ÊÀÕ>°Ê
óñ
$Y
+6-)0]4&5&.#30
ƤŨŲƤŨƨşŒƑƮŨKBSEJN
Ê>«ÀiÃi˜Ì>XKœÊ`œÃÊ
>VœÀ`iÃ]ʜÃÊ«œÀÌi˜ÌœÃœÃʏÕÃÌÀiÃÊ
MPDBMJ[BEPOBTUSBTFJSBT
ˆ˜ÌiÀˆœÀiÃÊv>â‡ÃiÊVœ“œÊ
`iÊVÀˆÃÌ>Ê`i«i˜`ÕÀ>`œÃÊi“Ê
EPDIBMFU
“>˜`>“Ê>ÃÊÀi}À>ÃÊ
ÌiV̜ÃÊÌÀ>L>…>`œÃÊ>œÊ«œÀ“i˜œÀ]Ê
ƐŻƐƖƨJSSFTJTUÇWFJT
>ÀµÕˆÌiV̝˜ˆV>ÃÊ`>ÃÊ
Vœ˜vœÀÌ?ÛiˆÃÊÜv?ÃÊ`iÊiÃ̈œÊ
OP'POUF/PWB4QB
V>Ã>ÃÊ>˜Ìˆ}>ÃÆÊՓÊ
V?ÃÈVœÊ«>À>Ê«>ÃÃ>ÀÊՓ>ÃʅœÀ>ÃÊ
Vœ“«Àˆ`œÊVœÀÀi`œÀÊ
>}>ÀÀ>`œÃÊ>ÊՓʵÕ>µÕiÀʏˆÛÀœÊ
ťŨşƖƤŒŢśƖOPCSF
OPTRVBSUPT
Û>ˆÊ>LÀˆ˜`œÊ«œÀÌ>ÃÊ
>˜Ìˆ}œÊµÕiÊÃiÊi˜Vœ˜ÌÀœÕÊ«œÀÊ
­Ã>Lˆ>“i˜ÌiÊ«ˆ˜Ì>`>ÃÊ
>µÕˆoʓ>Ã]Ê>}œÀ>]ÊÃÕLˆ“œÃÊ«>À>Ê
ŒljƲƊŨƆƖƨQJOUBEPT
DʓKœÊ«œÀÊՓÊ>À̈ÃÌ>Ê
œÊµÕ>À̜]ʜLÀˆ}>̜Àˆ>“i˜ÌiÊ«i>ÃÊ
ºN½POBTDBTBT
EFCBOIP
“>ÀVi˜iˆÀœÊµÕiÊ
iÃV>`>ÃÊqÊ>ÌjÊ«œ`iÀ‰>“œÃÊṎˆâ>ÀÊ
ˆ“ˆÌœÕ]ʘ>Ê«iÀviˆXKœ]Ê
œÊiiÛ>`œÀ]ÊVœ˜ÌÕ`œ]Ê«ÀiviÀˆ“œÃÊ
ƨŒƊŒťŨŨƨƮŒƤ
>ÊÌiÝÌÕÀ>Ê`œÊV>ÀÛ>…œÊ
“>˜ÌiÀÊ>ÊÃi˜Ã>XKœÊ`iÊۈ>}i“ʘœÊ
EPDIBMFUJEFBM
QBSBNPNFOUPT
vÀ>˜Vkîʫ>À>Ê>ÃÊÃ>>ÃÊ
Ìi“«œ°
EFMFJUVSB
˜œLÀiÃ]ʵÕ>ÌÀœÊ>œÊ
̜`œ]Ê`iVœÀ>`>ÃÊ«i>Ê`iÈ}˜iÀÊ`iʈ˜ÌiÀˆœÀiÃÊ
%PJTTÃDVMPTEFIJTUÍSJB
>Ì?ˆ>ʜVŽÊiÊVœ“Ê«iX>ÃʵÕiÊÊ
"Ê`ˆ>ʘ>ÃViÊVœ“ÊœÊ܏ÊÀ>`ˆ>˜ÌiÊiʜÊÃiÀÊ
œÃÊ«Àœ«ÀˆiÌ?ÀˆœÃÊvœÀ>“ÊVœ“«À>˜`œÊi“ʏœ>ÃÊ
`iëiÀÌ>ʘՓ>ÊV>“>ÊiÃ̈œÊ°Ê>Àˆ>Ê`iÊ
`iÊ>˜Ìˆ}Ո`>`iÃÊ`iÃ`iʵÕiʈ˜>Õ}ÕÀ>À>“Ê
«>ՇÃ>˜ÌœÊ­œÕʓ«jÀˆœ]ÊVœ˜Ãœ>˜ÌiʜʵÕ>À̜Ê
œÊ…œÌi]ʘœÊˆ˜‰VˆœÊ`œÃÊ>˜œÃʙäÊ`œÊÃjVՏœÊ
iÃVœ…ˆ`œ®]ʵÕiʜÀ˜>“i˜Ì>ÊiÃÌiÊ>«œÃi˜ÌœÊ`iÊ
«>ÃÃ>`œ°Ê KœÊv>Ì>ÊՓ>ÊiÃVÀˆÛ>˜ˆ˜…>ÊDÊLiˆÀ>Ê
ÌÀ>XœÃʘœLÀiÃÊiÊV?ÃÈVœÃ]Êiʜ˜`iÊ>Êië>XœÃ>Ê
`œÊ>˜iKœÊ«>À>ʵÕi“ʵÕiˆÀ>ÊiÃVÀiÛiÀÊ>ÃÊÃÕ>ÃÊ V>Ã>‡`i‡L>˜…œÊÌi“ÊՓÊLi“ÊVœ˜Ãi}Ո`œÊœ}œÊ
“i“Àˆ>ÃÊ`œÊV…>iÌ]ʜʫˆ>˜œÊ`iÊV>ˆÝ>ÊÛiÀ̈V>Ê `iÊ>âՏiœÃÊ«ˆ˜Ì>`œÃÊDʓKœ]Êi“«ÀiÃÌ>˜`œÊ
>ʵÕiʘKœÊÃiÊÀiÈÃÌiʘœÊ`i`ˆ…>ÀÊ`iÊ՘ÃÊ
ՓÊ̜µÕiÊ`iʓœ`iÀ˜ˆ`>`iÊ>œÊ>“Lˆi˜Ìi°
13*/5
.*.04%0'0/5&
/07"41"
3FUFNQFSBSDPSQPFBMNBTFN
TBJSEPDIBMFU
0NPEFSOPFEJGÇDJPEFUSBÁPT
DSVTWJ[JOIPEPDFOUFO»SJP
DIBMFUFTDPOEFPTNJNPT
EP'POUF/PWB4QBPOEF
TFQPEFBCBOEPOBSBPT
QSB[FSFTEPDPSQPFEBBMNB
%FTEFUSBUBNFOUPTGBDJBJT
FFOUSFPVUSPTNBTTBHFOT
DPSQPSBJTDPNPMBCFM$POGPSU
;POFQBTTBOEPQFMBT
PSJHJOBJTTFTTÏFT5FSSBLÃ
RVFDPOTJTUFNFNTVBWFT
BǣPSBNFOUPTUÍOJDPTDPN
QJODÃJTQMVNB
OBEBGBMUB
OFTUFFTQBÁPJOBVHVSBEP
FN
iÊÀi}ÀiÃÜÊ>œÊ>˜`>ÀÊÌjÀÀiœ]ÊiëiÀ>‡˜œÃÊ
œÊ«iµÕi˜œ‡>“œXœ°Ê,iµÕˆ˜Ì>`>“i˜ÌiÊ
`ˆÃ«œÃ̜ÃʘՓ>ʓiÃ>ʵÕiÊv>âʜÊVi˜ÌÀœÊ`>Ê
Ã>>Ê­>ˆ?Ã]Ê>Ê֘ˆV>Ê«iX>Ê`iʓœLˆˆ?ÀˆœÊµÕiÊ
ÜLÀœÕÊ`œÃÊ«Àˆ“À`ˆœÃÊ`œÊ
…>iÌʜ˜ÌiÊ
œÛ>®]ÊiÃÌKœÊ>ÊvÀÕÌ>ÊvÀiÃV>]ÊÃՓœÃʘ>ÌÕÀ>ˆÃ]Ê
VÀœˆÃÃ>˜ÌÃ]Ê`ˆÛiÀÜÃÊ̈«œÃÊ`iÊ«KœÊiÊVœ“«œÌ>ðÊ
+Õi“ʵÕiˆÀ>Ê`iÃVœLÀˆÀʜÃÊV>˜ÌœÃÊDÊ
«Àœ«Àˆi`>`i]Ê>œÊˆ˜ÛjÃÊ`iÊÃiÊ`i`ˆV>ÀÊ>œÊœ}œÊ
`iÊLˆ…>Àʘ>ʓiÃ>ʵÕiÊÃiÊi˜Vœ˜ÌÀ>ʘœÊL>ÀÊ
`œÊ«ˆÃœÊˆ˜viÀˆœÀ]Ê«œ`i]Êi˜ÌKœ]Ê>Ûi˜ÌÕÀ>À‡ÃiÊ
«i>ÊÌ>Ê«iµÕi˜>ÊyœÀiÃÌ>ÊVœ“ÊÌÀˆ…œÃʵÕiÊÃiÊ
ۈÏՓLÀœÕÊDÊV…i}>`>ʘœÊ`ˆ>Ê>˜ÌiÀˆœÀ]ʜ˜`iÊ
˜i“ÊÃiµÕiÀÊv>Ì>ÊՓ>Ê«iµÕi˜>ʅœÀÌ>°Ê?Ê
ܓLÀ>Ãʜ˜`iÊ>«iÌiViÊwV>À]Ê>}œÀ>Êi“ʍiˆÌœÊ
`iÊ`iëi`ˆ`>]ÊÌ>ÛiâÊÃi˜Ì>`œÃʘœÊÀœ“@˜ÌˆVœÊ
L>˜VœÊ`iʍ>À`ˆ“ÊVœ“ÊۈÃÌ>ÊiÃÌÀ>Ìj}ˆV>Ê«>À>Ê
iÃÌiÊV…>iÌÊ`iÊV…>À“iÊVœ“Ê`œˆÃÊÃjVՏœÃÊ`iÊ
…ˆÃ̝Àˆ>]ʜ˜`iʜÊÌi“«œÊ«>ÃÃ>Ê`iÛ>}>À°Ê
0$)"-&5'0/5&/07"0'&3&$&%&
%&4$0/50"045*56-"3&4%&$"35¯&4$(%
4"*#"26"*404$"35¯&4&.
8881"3$&*304$"350&4ˁ$(%$0.
$Y
+6-)0]4&5&.#30
óò
G
GVHBT
)03"4&.7*"/"%0$"45&-0
5SBEJÁ½PDPNGVUVSP
"DPODFJUVBEBSFWJTUB8BMMQBQFSBQFMJEPVBEFOPWB….FDB
EB"SRVJUFDUVSB1PSUVHVFTB•GSVUPEFVNBSFWPMVÁ½PBTTFOUFOBUSBEJÁ½PEF
VNBDJEBEFPOEFUVEPQBSFDFCFNBSSVNBEPFQFOTBEP
FPOEFO½PGBMUBNFTQBÁPTWFSEFTFSFUFNQFSBEPSBTWJTUBTQBSBPSJP-JNB
1PS1FESP(VJMIFSNF-PQFT'PUPHSBǡB#SVOP#BSCPTB
#PNEJB
&TUBOEPOBDFOUSBM
1SBÁBEB-JCFSEBEFKVOUPBPSJP
-JNBPTPMEBNBOI½DPOWJEBB
DPNQSPWBSBSFWPMVÁ½PBSRVJ
UFDUÍOJDB/BQSBÁBPUSBÁPEF
'FSOBOEP5»WPSBBPMBEPBOPWB
#JCMJPUFDB.VOJDJQBMEF4J[B
7JFJSBP…FNQJMIBEP•)PUFM"YJT
WFS"PMVBS
FPGVUVSP$PMJTFV
.VMUJVTPTBTTJOBEPQPS4PVUP
.PVSBTFNFTRVFDFSP1PTUPEF
5VSJTNPPCSBEF+PTÃ#FSOBSEP
5»WPSB
óó
$Y
+6-)0]4&5&.#30
6NBQBVTB
1FTFUPEBBNPEFSOJEBEFPDFO
USPIJTUÍSJDPOBGPUP
DPOUJOVBB
TFSPDPSBÁ½PEF7JBOBPOEFQVM
TBVNDPNÃSDJPUSBEJDJPOBMDPNP
TFWÄFNQPVDPTPVUSPTMPDBJT
EF1PSUVHBM$IFHBEBBIPSBEF
BMNPÁPP"TUÔSJBTBDBNJOIPEB
NBSJOBÃFTQFDJBMJTUBFNQFJYF
GSFTDP"UFOUFBJOEBOPUSBEJDJP
OBM0.BOFMPVOPNPEFSOP-FWF
RVFTFGB[UBSEF
%FQPJTTVCBº#BTÇMJDBEF4BOUB
-V[JBOPBMUPEFVNNPOUFDPN
PNFTNPOPNFFQSFQBSFTF
QBSBVNBWJTUBEFTMVNCSBOUF"P
MPOHFPBQFMPEBTQSBJBT.PMFEP
.BSJBOB$BSSFÁPTFNFTRVFDFS
EFMFWBSVNBGBNPTBCPMBEF
#FSMJNEB$POGFJUBSJB/BU»SJP
"PMVBS
£JODPOUPSO»WFMBQSFTFOÁB
BSRVJUFDUÍOJDBEP"YJT7JBOB
IPUFMFNGPSNBEF-FHPTBÇEP
EBNFOUFEF+PSHF4PESÃEF
"MCVRVFSRVF2VFNQSFGFSJSEFT
DBOTBSDPNVNUPRVFGFNJOJOPF
WJTUBQBSBPSJPEFWFEJSJHJSTFº
"MCFSHBSJB.BSHBSJEBEB1SBÁB
HÁ 25 ANOS,
SE QUERIA ALGO
POTENTE, DURÁVEL
E FRESCO...
TINHA O
FRIGORÍFICO.
*Todas as especificações mencionadas dependem do modelo e da configuração local. As imagens apresentadas têm função apenas ilustrativa
e podem ser diferentes dos produtos reais. Os produtos fotografados podem não estar disponíveis na sua região. Por favor, contacte um ponto
de venda para mais informação.
HOJE TEM
O PORTÁTIL.
Há 25 anos, a Toshiba lançou
o primeiro portátil de produção
em escala. Desde então nunca
mais parámos de inovar.
Portégé R700. Potente, fino
e deslumbrante. Com estrutura
durável, Airflow Cooling Technology,
DVD e até 8 horas de autonomia*.
A BELEZA DO PODER.
NOVO PORTÉGÉ R700
www.toshiba.pt/25anos
T
TBÞEF
13*/5
3&$0.&/%"¡¯&4
%0&41&$*"-*45"
0NÃUPEPNBJTFǡDB[ÃVTBS
ÍDVMPTDPNQSPUFDÁ½P67
40-
$VJEBEPDPN
PTPMIPTOP7FS½P
2VBOEPTFGBMBFNQSPUFDÁ½PTPMBSÃJNQPSUBOUFMFNCSBS
RVFO½PÃBQFOBTBQFMFRVFQSFDJTBEFTFSQSPUFHJEB0TPMIPT
UBNCÃNPEFWFNTFS4BJCBDPNPFQPSRVÄ
1PS)114BÔEF
%*;"4"#&%03*"1016-"3µÕiÊ
˜i“ÊÌÕ`œÊœÊµÕiʏÕâÊjʜÕÀœ°ÊˆâÊ>Ê«À?̈V>Ê
V‰˜ˆV>ʵÕiʜÃÊ`ˆ>ÃÊÜ>…iˆÀœÃÊ`iÊ6iÀKœ]Ê
«œÀʓ>ˆÃÊLÀˆ…>˜ÌiÃʵÕiÊÃi>“]Ê«œ`i“Ê
>V>ÀÀiÌ>ÀʜÃÊÃiÕÃÊÀˆÃVœÃ°ÊÃȓ]Ê>Ê«ÀœÌiVXKœÊDÊ
iÝ«œÃˆXKœÊ>œÊ܏ʓiÀiViÊVՈ`>`œÃÊiëiVˆ>ˆÃ]Ê
iëiVˆ>“i˜Ìi]Ê«œÀµÕiʘœÊ6iÀKœÊ«>ÃÃ>“œÃÊ
“>ˆÃÊÌi“«œÊ˜œÊiÝÌiÀˆœÀÊiÊi“Ê>V̈ۈ`>`iÃÊ>œÊ
>ÀʏˆÛÀi°
j“Ê`>Ê«ii]ʜÃʜ…œÃÊiÃÌKœÊÌ>“Lj“ÊÃՍiˆÌœÃÊ
>œÃÊiviˆÌœÃʘœVˆÛœÃÊ`>ÊÀ>`ˆ>XKœ°Ê/>˜ÌœÊ>Ê
ÕâʵÕiÊVœ˜Ãi}Ո“œÃÊÛiÀ]ÊVœ“œÊ>ʵÕiʘKœÊ
Ûi“œÃÊ«œ`i“Ê«ÀœÛœV>ÀÊ>ÌiÀ>XªiÃʜVՏ>ÀiÂ]Ê
iÝ«ˆV>ʜÃjÊ*i`ÀœÊ-ˆÛ>]ÊVœœÀ`i˜>`œÀÊ`>Ê
1˜ˆ`>`iÊ`iÊ"vÌ>“œœ}ˆ>Ê`œÊœÃ«ˆÌ>Ê`œÃÊ
ÕÉ>`>Ã]Êi“ʈÃLœ>°
ÕÀˆœÃ>“i˜Ìi]Ê>ʏÕâʓ>ˆÃʏiÈÛ>ÊjÊ>µÕi>Ê
µÕiʘKœÊÃiÊÛkÊqʜÃÊÀ>ˆœÃÊՏÌÀ>ۈœiÌ>ÃÊ­16®°Ê
-i}՘`œÊœÃjÊ*i`ÀœÊ-ˆÛ>]ʁ>ʏiÃKœÊ«œ`iÊÃiÀÊ
«ÀœÛœV>`>Ê>œÊ˜‰ÛiÊ`>ÊVÀ˜i>]ÊVœ˜Õ˜ÌˆÛ>]Ê
iÃViÀ>]ÊVÀˆÃÌ>ˆ˜œÊœÕÊÀï˜>°ÊÊ«iiÊ`>ÃÊ
«?«iLÀ>Ã]ÊÌ>ÊVœ“œÊ>Ê«iiÊ>œÊ˜‰ÛiÊ`>ÃÊ
œÕÌÀ>ÃÊ«>ÀÌiÃÊ`œÊVœÀ«œ]Ê«œ`iÊÃiÀÊ>viVÌ>`>‚°Ê
"FYQPTJÁ½PºMV[ÊÃi“Ê«ÀœÌiVXKœÊ16]Ê«œ`iÊ
«ÀœÛœV>ÀÊvœÌœµÕiÀ>̈Ìi]ÊVՍœÃʁȘ̜“>ÃÊ
óõ
$Y
+6-)0]4&5&.#30
ÃKœÊœ…œÊÛiÀ“i…œ]ÊÃi˜Ã>XKœÊ`iÊVœÀ«œÊ
iÃÌÀ>˜…œ]ÊÃi˜ÃˆLˆˆ`>`iÊ>Փi˜Ì>`>ÊDʏÕâÊiÊ
>VÀˆ“iœ°ÊÃÌ>ÃʏiêiÃÊ«ÀœÛœV>“Ê>ÌiÀ>XªiÃÊ
Ìi“«œÀ?Àˆ>Ã]ʘ>ʓ>ˆœÀˆ>Ê`œÃÊV>ÜÂ]ÊiÃV>ÀiViÊ
œÊœvÌ>“œœ}ˆÃÌ>°Êʏœ˜}œÊ«À>âœ]Ê>ÊiÝ«œÃˆXKœÊ
VÀ˜ˆV>ÊDÊÀ>`ˆ>XKœÊ«ÀœÛœV>Ê>ÌiÀ>XªiÃʓ>ˆÃÊ
}À>ÛiÃÊ>œÊ˜‰ÛiÊ`œÊVÀˆÃÌ>ˆ˜œÊ­V>Ì>À>Ì>®ÊiÊ`>Ê
Àï˜>Ê­`i}i˜iÀ>XKœÊ“>VՏ>ÀÊÀi>Vˆœ˜>`>Ê
Vœ“Ê>ʈ`>`i®°Ê"ÊiviˆÌœÊVՓՏ>̈ۜÊ`>Ê
À>`ˆ>XKœÊ>Փi˜Ì>]ÊÌ>“Lj“]ʜÊÀˆÃVœÊ`iÊ
“i>˜œ“>ʘ>Ê«iiÊ`>ÃÊ«?«iLÀ>ð
0BQBSFDJNFOUPEFMFTÏFTÊVœ“œÊœÊ
«ÌiÀ‰}iœ˜Ê­VÀiÃVˆ“i˜ÌœÊ`>ÊVœ˜Õ˜ÌˆÛ>Ê
µÕiʈ˜Û>`iÊ>ÊVÀ˜i>®ÊiÊ«ˆ˜}ÕjVՏ>Ê­iÃKœÊ
>“>Ài>`>Ê`>ÊVœ˜Õ˜ÌˆÛ>®ÊÌ>“Lj“ÊiÃÌ?Ê
>ÃÜVˆ>`œÊDÊiÝ«œÃˆXKœÊ܏>À°
«iÃ>ÀÊ`iÃÌiÃÊiÃÌÀ>˜…œÃÊÌiÀ“œÃʓj`ˆVœÃ]Ê
%&7&.04&7*5"3"
&9104*¡0&9$&44*7"
"3"%*"¡067
"TMFOUFTEFWFNCMPRVFBS
BQPSDFOUPEB
SBEJBÁ½P67"F67#F
BQPSDFOUPEBSBEJBÁ½P
WJTÇWFM£JNQPSUBOUFRVF
BGPSNBEPTÍDVMPTQSPUFKB
PTPMIPTEBSBEJBÁ½PDPN
JODJEÄODJBMBUFSBM0TÍDVMPT
EFWFNTFSVUJMJ[BEPTNFTNP
FNEJBTOVCMBEPT
"TDSJBOÁBTQPSFTUBSFN
NBJTFYQPTUBTBPTPM
EPRVFPTBEVMUPTOFDFTTJUBN
EFDVJEBEPTJEÄOUJDPT
"»HVBEBQJTDJOBQPEF
QSPWPDBSJSSJUBÁ½PPDVMBS
PMIPWFSNFMIPFTFOTBÁ½P
EFDPSQPFTUSBOIP&TUBT
BMUFSBÁÏFTBTTPDJBNTFBP
Q)EB»HVBBMUPPVCBJYP
BMDBMJOJEBEFUPUBMCBJYBF
OÇWFJTBMUPTEFD»MDJPFDMPSP
"VUJMJ[BÁ½PEFMFOUFTEF
DPOUBDUPOBTQJTDJOBTFOB
»HVBEPNBSBVNFOUBPSJTDP
EPBQBSFDJNFOUPEFJOGFDÁÏFT
HSBWFTEBDÍSOFB
>Ê«ÀiÛi˜XKœÊjÊL>ÃÌ>˜Ìiʓ>ˆÃÊȓ«iðÊ
*œ`i“œÃÊiۈÌ>ÀÊ>ÃʏiêiÃÊ«ÀœÛœV>`œÃÊ
«i>ÊiÝ«œÃˆXKœÊ܏>ÀÊ`iÊ`ˆÛiÀÃ>ÃÊvœÀ“>ðÊ
Ê«Àˆ“iˆÀ>Êiʓ>ˆÃʈ“«œÀÌ>˜ÌiÊjÊiۈÌ>ÀÊ>Ê
iÝ«œÃˆXKœÊiÝViÃÈÛ>Ê>ÊÀ>`ˆ>XKœÊՏÌÀ>ۈœiÌ>]Ê
«Àˆ˜Vˆ«>“i˜Ìi]ʘ>ÃʅœÀ>ÃÊi“ʵÕiʜÃÊÀ>ˆœÃÊ
16ÊÃKœÊ“>ˆÃÊvœÀÌiÃ]Ê`>ÃÊ££ÊDÃÊ£ÈʅœÀ>ðÊ
i«œˆÃ]Ê`ÕÀ>˜ÌiÊ>ÃÊ>V̈ۈ`>`iÃÊ«ÀœwÃȜ˜>ˆÃÊ
>œÊ>ÀʏˆÛÀi]Ê`iëœÀ̜Ã]Ê«>ÃÃiˆœÃ]ÊÃi“«ÀiʵÕiÊ
…>>ÊiÝ«œÃˆXKœÊ܏>À]Ê>ÊṎˆâ>XKœÊ`iÊՓÊ
V…>«jÕ]Ê`iÊ«ÀiviÀk˜Vˆ>ʏ>À}œ]ÊiÊ>ÊṎˆâ>XKœÊ
`iÊ«ÀœÌiVXKœÊ܏>ÀÊ>œÊ˜‰ÛiÊ`>ÃÊ«?«iLÀ>ÃÊÃKœÊ
L>ÃÌ>˜ÌiÊÖÌiˆÃ‚]ÊVœ˜VÕˆÊœÃjÊ*i`ÀœÊÊ
-ˆÛ>°Ê
G
mOBOÎBT
1&$
6NQSPHSBNBRVF
NVEBBTTVBTǡOBOÁBT
"JNQMFNFOUBÁ½PEP1&$USPVYF
VNBTÃSJFEFNFEJEBTRVFUÄN
JNQMJDBÁÏFTEJSFDUBTOBTVBDBSUFJSB
1PS.BSJB+P½P'FSOBOEFT
0RVFÃP1&$
"Ê*
]Ê*Àœ}À>“>Ê`iÊÃÌ>Lˆˆ`>`iÊiÊ
ÀiÃVˆ“i˜Ìœ]Ê«ÀiÌi˜`iÊ>ÃÃi}ÕÀ>ÀʜÊ
VÀiÃVˆ“i˜ÌœÊÃÕÃÌi˜Ì?ÛiÊ`>Ê1˜ˆKœÊVœ˜“ˆV>Ê
iʜ˜iÌ?Àˆ>°ÊÌÀ>ÛjÃÊ`œÊ*
]Ê̜`œÃʜÃÊ«>‰ÃiÃÊ
`>Ê1˜ˆKœÊÕÀœ«iˆ>ÊiÃÌKœÊVœ“«Àœ“ï`œÃÊ>Ê
ÀiëiˆÌ>ÀʜÊiµÕˆ‰LÀˆœÊ`>ÃÊVœ˜Ì>Ã]ʜÕÊÃi>]Ê>Ê
}>À>˜ÌˆÀʵÕiÊ>ÃÊ`iëiÃ>ÃʘKœÊÃKœÊ“>ˆœÀiÃÊ`œÊ
µÕiÊ>ÃÊÀiViˆÌ>ðÊÃʓi`ˆ`>ÃÊ`iÊ>ÕÃÌiÀˆ`>`iÊ
`œÊœÛiÀ˜œ]Ê>«ÀœÛ>`>Ãʍ?Êi“ÊÃÃi“Liˆ>Ê
`>Ê,i«ÖLˆV>]ÊÃKœÊ«i˜>ˆâ>`œÀ>ÃʘœÊµÕiÊ`ˆâÊ
ÀiëiˆÌœÊ>œÃÊÛi˜Vˆ“i˜ÌœÃÊ`œÃÊ«œÀÌÕ}ÕiÃiðÊ
6i>Ê`iʵÕiʓœ`œÊœÊ*
Ê>ÌiÀ>Ê>ÃÊÃÕ>ÃÊ
w˜>˜X>ð
'PUPT$PNTUPDLTPM
1IJM.BSEFOJMVTUSBÁ½P
*7"
"Ê*
Ê«ÀiÛkʜÊ>Փi˜ÌœÊ`iÊ̜`œÃʜÃÊiÃV>ªiÃÊ
`œÊ6Êi“ÊՓʫœ˜ÌœÊ«iÀVi˜ÌÕ>°ÊiÃ`iÊ£Ê
`iÊՏ…œÊ`iÊÓä£ä]Ê>ÃÊÌ>Ý>ÃÊ«>ÃÃ>À>“Ê>ÊÃiÀÊ
`iÊÈ]Ê£ÎÊiÊӣʫœÀÊVi˜Ìœ°Ê1“>ÊÃÕLˆ`>ʵÕiÊÃiÊ
ÀiyiVÌiʘœÊ>Փi˜ÌœÊ`œÊ«ÀiXœÊ`iÊ̜`œÃʜÃÊ
Li˜ÃÊ`iÊVœ˜ÃՓœ°ÊÀÊ>œÊÃÕ«iÀ“iÀV>`œÊwV>Ê
“>ˆÃÊV>Àœ]ÊÌ>ÊVœ“œÊ>˜`>ÀÊ`iÊÌÀ>˜Ã«œÀÌiÃÊ
«ÖLˆVœÃ°Ê
4BM»SJPT
ÊÜLÀiÌ>Ý>Ê`œÊ,-ʍ?Êi˜ÌÀœÕÊi“Êۈ}œÀÊiʍ?ÊÃiÊ
Ãi˜ÌiʘœÃʜÀ`i˜>`œÃ°Ê
œ“ÊiÃÌ>ʓi`ˆ`>]ʵÕiÊ
«>ÃÃ>Ê«œÀÊ>Փi˜Ì>ÀÊ>ÊÀiÌi˜XKœÊ˜>Êvœ˜Ìi]ʜÊ
œÛiÀ˜œÊÌi“ÊՓ>ÊÀiViˆÌ>ʈ“i`ˆ>Ì>°Ê*>À>ʜÃÊ
Vœ˜ÌÀˆLՈ˜ÌiÃ]ÊiÃÌiÊÈÃÌi“>ÊjÊՓ>ÊvœÀ“>Ê`iÊ
ÃÕ>ۈâ>ÀʜÊ>Փi˜ÌœÊ`œÊˆ“«œÃ̜]Ê«œˆÃÊ«>ÃÃ>Ê>Ê
ÃiÀÊ«>}œÊ“i˜Ã>“i˜Ìi°ÊiʘœÌ>À]Ê>ˆ˜`>]ʵÕiÊ
œÊˆ“«œÃ̜ÊÌ>“Lj“ÊÃiÊ>«ˆV>Ê>ÊÀi˜`ˆ“i˜ÌœÃÊ
`iÊÌÀ>L>…œÊVœ“œÊœÊÃÕLÉ`ˆœÊ`iÊvjÀˆ>ÃÊiʜÊ
ÃÕLÉ`ˆœÊ`iÊ >Ì>°
4VCTÇEJPEFEFTFNQSFHP
ʘœÛ>ʏi}ˆÃ>XKœÊjÊV>À>]ʜÊÃÕLÉ`ˆœÊ`iÊ
`iÃi“«Ài}œÊ˜KœÊ«œ`iÊՏÌÀ>«>ÃÃ>ÀʜÃÊÇxÊ«œÀÊ
Vi˜ÌœÊ`œÊÃ>?ÀˆœÊˆ‰µÕˆ`œÊ>˜ÌiÃÊÀiViLˆ`œ°ÊÃÊ
“i`ˆ`>ÃÊ`iÊVœ“L>ÌiÊ>œÊ`jwViÊVœÀÌ>“]Ê>ˆ˜`>]Ê
œÊÃÕLÉ`ˆœÊÜVˆ>Ê`iÊ`iÃi“«Ài}œ°Ê+Õi“ʍ?Ê
ÀiViLiÊVœ˜Ìˆ˜Õ>À?Ê>ÌjÊVœ˜VÕˆÀʜÃÊÃiˆÃʓiÃiðÊ
/œ`œÃʜÃʵÕiÊÀiViLi“Ê>}Փ>Ê«ÀiÃÌ>XKœÊ
ÜVˆ>Ê˜KœÊVœ˜ÌÀˆLṎÛ>ÊÛKœÊiÃÌ>ÀÊÃՍiˆÌœÃÊ>Ê
˜œÛœÃʓj̜`œÃÊ`iÊ>Û>ˆ>XKœ]ʵÕiÊ«>ÃÃ>“Ê
«i>ÊVœ˜ÃՏÌ>Ê`iÊ`>`œÃÊL>˜V?ÀˆœÃÊiÊwÃV>ˆÃ°Ê
/œ`œÃʜÃʵÕiÊÌk“Ê“>ˆÃÊ`iÊ£ääʓˆÊiÕÀœÃÊ
i“Ê`i«ÃˆÌœÃʜÕÊ>VXªiÃʘKœÊÌk“Ê>ViÃÜÊ>Ê
µÕ>µÕiÀÊ̈«œÊ`iÊ>«œˆœÊÜVˆ>°
4$65
i˜ÌÀœÊi“ÊLÀiÛiÊ`iÛiÀ?Êi˜ÌÀ>ÀÊi“Êۈ}œÀÊ
œÊ«>}>“i˜ÌœÊ`iÊ«œÀÌ>}i˜ÃÊi“ÊÌÀkÃÊ-
1/Ê
`œÊ œÀÌiÊiÊ
i˜ÌÀœÊ`œÊ«>‰Ã\Ê œÀÌiʈ̜À>]Ê
À>˜`iÊ*œÀ̜ÊiÊ
œÃÌ>Ê`iÊ*À>Ì>°Ê*-ÊiÊ*-Ê
V…i}>À>“Ê>Ê>VœÀ`œÊ˜>Ê
œ“ˆÃÃKœÊ*>À>“i˜Ì>ÀÊ
`iÊ"LÀ>ÃÊ*ÖLˆV>Ã]ÊÌi˜`œÊœÊV…ˆ«Ê`iʓ>ÌÀ‰VՏ>Ê
`iˆÝ>`œÊ`iÊÃiÀʜLÀˆ}>̝ÀˆœÊ«>À>Ê«>}>“i˜ÌœÊ
`>ÃÊ«œÀÌ>}i˜ÃʘiÃÌ>ÃÊۈ>ðʜÀ>“ÊwÝ>`>ÃÊ
µÕ>ÌÀœÊ>ÌiÀ˜>̈Û>Ã\Ê6ˆ>Ê6iÀ`i]ʈëœÃˆÌˆÛœÊ
iVÌÀ˜ˆVœÊ`iÊ>ÌÀ‰VՏ>]Ê«Àj‡«>}>“i˜ÌœÊ
>˜˜ˆ“œÊiÊ«Ã‡«>}>“i˜ÌœÃ°Ê
"$"*9"*.0#*-*›3*0ÃBOPWBFTUSVUVSBEP(SVQP$BJYBEFEJDBEBºQSPNPÁ½PFDPNFSDJBMJ[BÁ½PEPTJNÍWFJTEP(SVQP"FRVJQBEB$BJYB*NPCJMJ»SJP
FTU»TFNQSFEJTQPOÇWFMQBSBBQPJ»MPOBQFTRVJTBEBTVBDBTBPVEPFTQBÁPQBSBPTFVOFHÍDJP4BJCBNBJTFNXXXDBJYBJNPCJMJBSJPQU
0$"*9"ˁ#"/$0%&*/7&45*.&/50ʵ$BJYB#*ʶGPJOPNFBEP.FMIPS#BODPEF*OWFTUJNFOUPFN1PSUVHBMQFMBSFWJTUBEBFTQFDJBMJEBEF
(MPCBM'JOBODF0$BJYB#*ÃI»EF[BOPTPCBODPEFJOWFTUJNFOUPEP(SVQP$BJYBQFSÇPEPEVSBOUFPRVBMTFQPTJDJPOPVDPNPQBSDFJSPEFOFHÍDJPT
JODPOUPSO»WFMBDVNVMBOEPW»SJPTQSÃNJPTJOUFSOBDJPOBJTEFQSFTUÇHJP.VJUPTEPTOFHÍDJPTFNRVFQBSUJDJQPVGPSBNUBNCÃNEJTUJOHVJEPT
JOUFSOBDJPOBMNFOUFDPNPOFHÍDJPTEPBOP
$Y
+6-)0]4&5&.#30
óö
F
FEVDBÎÍP
'03."¡0
4FNMJNJUFT
0DPOIFDJNFOUPO½PUFNJEBEF
/VODBÃEFNBTJBEPUBSEFQBSBJOWFTUJSOBDBSSFJSB
1PS$BUBSJOB7JMBS
"40-6¡0
£/6/$"1"3"3
%&"13&/%&3
ó÷
$Y
+6-)0]4&5&.#30
8*ˁ'*
5FDOPMPHJBTFNǡPTRVFQFSNJUFPBDFTTPFNCBOEBMBSHBWJBS»EJP
/BGJMBEBGSFOUF
iӜÊ>µÕiiÃÊVՍ>Ê>V̈ۈ`>`iʘKœÊÃiÊL>Ãiˆ>ʘ>ÃÊ
˜œÛ>ÃÊÌiV˜œœ}ˆ>ÃÊÌk“Ê`iÊ`iӈÃ̈wV>Àʜʁ“œ˜ÃÌÀœ‚Ê`>Ê
ˆ˜vœÀ“?̈V>°Ê,i`iÃÊÜVˆ>ˆÃ]Ê܈‡w]ÊLÕi̜œÌ…]ÊÓ>ÀÌ«…œ˜iÃoÊ
-KœÊÌiÀ“œÃʵÕiÊ«ÀiVˆÃ>“Ê`iÊv>âiÀÊ«>ÀÌiÊ`œÊ`ˆVˆœ˜?ÀˆœÊ`iÊ
V>`>Ê«ÀœwÃȜ˜>°ÊÌjʘ>ÃÊ«ÀœwÃêiÃʓ>ˆÃʓ>˜Õ>ˆÃÊՓÊ
`iiÃÊÛ>ˆÊViÀÌ>“i˜ÌiÊÃÕÀ}ˆÀ°Êj“Ê`œÊ“>ˆÃ]ʅ?Ê>V̈ۈ`>`iÃÊ
µÕiÊvœÀÌ>iVi“ÊœÃʏ>XœÃÊi˜ÌÀiÊՓ>ÊiµÕˆ«>ÊiʘœÃÊ`œÌ>“Ê
`iʘœÛœÃÊVœ˜…iVˆ“i˜ÌœÃ°Ê*œÀʜÕÌÀœÊ>`œ]ÊۜÌ>ÀÊDÊÃ>>Ê
`iÊ>Տ>ÃÊVœ“Ê>µÕiiÊVœi}>ÊVœ“ʵÕi“ÊÃiÊÌi“ÊÌ>˜Ì>ÃÊ
>w˜ˆ`>`iÃÊ«œ`iÊ}iÀ>Àʜʈ˜Vi˜ÌˆÛœÊiÊ>ÌjÊ>ÊÃ>Õ`?ÛiÊ
Vœ“«ï̈ۈ`>`i°
-iÊVœ“iX?“œÃÊ«œÀÊv>>ÀÊ`iÊՓ>ʓ?݈“>Ê«œ«Õ>À]Ê
«œÀµÕiʘKœÊÀiviÀˆÀʜÕÌÀ>¶ÊiÃÌ>ÊÛiâ]ÊՓ>ʵÕiÊiÃÌ?Ê
`iÃ>VÌÕ>ˆâ>`>ʭȓ]ÊVœ“œÊœÊVœ˜…iVˆ“i˜Ìœ]ʵÕiʘi“Ê
Ãi“«ÀiÊjʈ˜Ìi“«œÀ>®°Ê*œÀʈÃÜ]ÊÃi>ʓœ`ˆwV>`>\ʁÕÀÀœÊ
Ûi…œ]Êȓ]Ê>«Ài˜`iʏ‰˜}Õ>ð‚Ê"Ê>«iÀviˆXœ>“i˜ÌœÊ`iÊ
Փ>ʏ‰˜}Õ>ʵÕiÊiÃÌ?ʓ>ˆÃÊi˜viÀÀՍ>`>ʜÕʜʈ˜ÛiÃ̈“i˜ÌœÊ
˜œÕÌÀ>Ê`iÃVœ˜…iVˆ`>Ê>LÀiÊ«œÀÌ>ÃÊ>ÌjʘœÊVœ˜Ì>V̜ÊVœ“Ê
Vˆi˜ÌiÃ]ÊvœÀ˜iVi`œÀiÃ]ʈ˜ÛiÃ̈`œÀiðÊ6œÌ>ÀÊ>ÊiÃÌÕ`>ÀÊ
`jV>`>ÃÊ`i«œˆÃÊ`iÊÌiÀÊ>ÀÀՓ>`œÊœÃʏˆÛÀœÃÊ­iÊ`iʜÃÊÌiÀÊ>ÌjÊ
iõÕiVˆ`œ®ÊjÊ`iʏœÕÛ>À]ʘKœÊi˜ÛiÀ}œ˜…>À°Ê-i>ÊՓÊVÕÀÜÊ
VÕÀ̜Ê`iÊiëiVˆ>ˆâ>XKœÊ˜Õ“>Ê?Ài>ÊiëiV‰wV>ʜÕʓiӜÊ
ۜÌ>ÀÊDÊۈ`>Ê>V>`j“ˆV>]ʵÕi“ʈ˜ÛiÃÌiÊi“ÊÈÊÝÊÌiÀ?Ê>Ê
}>˜…>À°ÊiÃÌ>ÊvœÀ“>]ÊÀi>ˆâ>XKœÊ«iÃÜ>ÊiÊ«ÀœwÃȜ˜>Ê˜KœÊ
Ì>À`>ÀKœÊ>ÊV…i}>À°Ê
'PUP*NBHF4PVSDF
"7&-)".›9*."ʵÕiʘœÃʈ˜`ˆV>ʵÕiÊÌi“œÃÊ`iÊۈÛiÀÊ«>À>Ê>«Ài˜`iÀÊVœ˜Ìˆ˜Õ>Ê
>VÌÕ>]ʓ>ÃÊVœ“Ê>}՘ÃÊ«œÀ“i˜œÀiÃÊ>Ê>VÀiÃVi˜Ì>À°Ê/i“œÃÊ`iÊ«i˜Ã>À]Ê>˜ÌiÃÊÊ
`iʓ>ˆÃ]ʵÕiÊ«>ÀÌiÊ`>Ê>«Ài˜`ˆâ>}i“ÊÛi“]Ê`iÊv>V̜]ÊVœ“Ê>ÊiÝ«iÀˆk˜Vˆ>]ʓ>Ã]ÊÊ
>VÌÕ>“i˜Ìi]ʘKœÊÃiÊwV>Ê«œÀÊ>µÕˆ°Ê"ÊVœ˜…iVˆ“i˜ÌœÊÌÀ>˜ÃvœÀ“>‡ÃiÊ>Ê«>ÃÜÃÊÊ
>À}œÃÊiÊÀ?«ˆ`œÃÊi]ÊÃiʘKœÊ˜œÃʓ>˜ÌˆÛiÀ“œÃʘ>ÊV>ÀÀÕ>}i“Ê`>ÊvÀi˜Ìi]ʘKœÊÊ
Vœ˜Ãi}Ո“œÃʓ>˜ÌiÀʜʘ‰ÛiÊ`iÊVœ“«ï̈ۈ`>`iÊ`iÃi>`œ°
"ÃÊ«ÀœwÃȜ˜>ˆÃʓ>ˆÃʍœÛi˜ÃÊVœ˜Ì>“ÊDÊ«>À̈`>ÊVœ“ÊՓ>ÊLœ>ÊvœÀ“>XKœÊÊ
>V>`j“ˆV>]ʜ˜`iʓՈÌ>ʈ˜vœÀ“>XKœÊ˜KœÊv>Ì>]ʓ>ÃʜÊVœ˜…iVˆ“i˜ÌœÊ«>ÃÃ>ÊÊ
«œÀÊÌiÀÊiÝ«iÀˆk˜Vˆ>ÊiÊÃ>LiÀÊÕÃ>ÀÊ>Ãʈ˜vœÀ“>XªiðÊ-i˜`œÊ>Ãȓ]Ê>ˆ>`œÊœÊv>V̜ÊÊ
`iÊiÝ«iÀˆk˜Vˆ>Ê>œÊvœÀ“>̈ۜ]Ê>ÊvÀ“Տ>ÊjÊ«iÀviˆÌ>°ÊÊ܏ÕXKœÊ«>À>ÊÌ>¶Ê ՘V>Ê
«>À>ÀÊ`iÊ>«Ài˜`iÀ°ÊՈÌ>ÃÊÛiâiÃ]ʜÃÊ«ÀœwÃȜ˜>ˆÃʓ>ˆÃÊÛi…œÃÊÃi˜Ìi“‡ÃiÊ
ˆ˜Ìˆ“ˆ`>`œÃÊVœ“Ê>ÊV…i}>`>Ê`iÊՓÊVœi}>ÊVœ“ÊՓ>ÃÊ`jV>`>ÃÊ>ʓi˜œÃʘœÊ]ÊÊ
“>ÃÊÌ>Ê`iˆÝ>À?Ê`iÊv>âiÀÊÃi˜Ìˆ`œ]ÊV>ÜÊiÃÃiʓiӜʫÀœwÃȜ˜>]ʍ?ÊVœ“ÊÊ
œÊVœ˜…iVˆ“i˜ÌœÊÌÀ>âˆ`œÊ`>ÊÃÕ>ʏœ˜}>ÊiÝ«iÀˆk˜Vˆ>]ÊÃiʓ>˜Ìi˜…>Ê>VÌÕ>ˆâ>`œ]ÊÊ
ÃiÊ>«œÃÌ>Àʘ>ÊÃÕ>ÊvœÀ“>XKœÊ«ÀœwÃȜ˜>°ÊʅՓˆ`>`iÊjÊՓÊv>V̜ÀÊ>ÊÌiÀÊi“ÊVœ˜Ì>]ÊÊ
ÃiÊ«iÀViLiÀ“œÃʵÕiʘ՘V>ÊÃ>Li“œÃÊÌÕ`œ]ʵÕiÊ«œ`i“œÃÊÃi“«ÀiÊ>«Ài˜`iÀʓ>ˆÃÊ
µÕ>µÕiÀÊVœˆÃ>]ÊiÃÌ>“œÃÊ>ʓiˆœÊV>“ˆ˜…œÊ«>À>ʜÊÃÕViÃܰʘÌiÃÊ`iʓ>ˆÃ]ʵÕ>µÕiÀÊ
“œ“i˜ÌœÊjÊLœ“Ê«>À>ÊÀiÛiÀ“œÃÊ>ʘœÃÃ>ÊV>ÀÀiˆÀ>Ê«iÃÜ>ÊiÊ«ÀœwÃȜ˜>ÊiÊ«i˜Ã>ÀÊ
˜œÊµÕiʵÕiÀÊv>âiÀÊ`>Êۈ`>°Ê*œ`iÀ?Ê«>ÃÃ>ÀÊ«œÀÊiۜÕˆÀÊ>ÊV>ÀÀiˆÀ>Ê«>À>ÊՓʘ‰ÛiÊ
`ˆviÀi˜Ìi]ʜÕÊ>ÌjʓiӜÊ`iÃi˜ÛœÛiÀÊՓʘœÛœÊÀՓœ°ÊÊÀi>ˆ`>`iʓÕ`>]ÊÊ
>ÊV>`>ʓˆ˜Õ̜]Ê«œÀʈÃÜ]ʘKœÊ…?ʓi…œÀÊ>̈ÌÕ`iÊ`œÊµÕiÊÃiÀ“œÃÊ«Àœ>V̈ۜÃ]Ê
ˆ˜œÛ>`œÀiÃ]ʘKœÊÀiVi>˜`œÊ>ÃʘœÛ>Ãʜ«œÀÌ՘ˆ`>`iðʈV>ÀÊDÊiëiÀ>ʵÕiÊÊ
>Êi“«ÀiÃ>Êi“«Ài}>`œÀ>Ê«Àœ«œ˜…>Ê>ÊvœÀ“>XKœÊÝÊv>À?Ê«iÀ`iÀÊÌi“«œÊ«ÀiVˆœÃœÊÊ
`iÊ>«Ài˜`ˆâ>}i“°ÊÊ
-iÊV>`>ÊՓÊwâiÀÊ`>ÊÃÕ>ÊvœÀ“>XKœÊÊ
iÊiۜÕXKœÊՓ>Ê«ÀˆœÀˆ`>`i]Ê̜`œÃÊÊ
Ã>i“Ê>Ê}>˜…>À]Ê>ÌjʓiӜÊ>ÊiVœ˜œ“ˆ>Ê
“Õ˜`ˆ>°Ê>ÃʜʫÀˆ“iˆÀœÊ>ʘœÌ>ÀÊÊ
“i…œÀˆ>ÃÊjʵÕi“Ê`?ʜʫ>ÃÜÊÊ
`iʵÕiÀiÀÊ>«Ài˜`iÀ°Ê
"$$6.&.
ZZZRPHJDZDWFKHVFRP
*a escolha de George Clooney
GEORGE CLOONEY’6&+2,&(*
',63219(/1$
Tel.: 213 827 440
TVTUFOUBCJMJEBEF
&/&3(*"40-"3
0QPEFS
EPBTUSPSFJ
£VNBEBTNBJTQSPNJTTPSBTGPOUFTEFFOFSHJB
SFOPW»WFMFN1PSUVHBM&T½PDBEBWF[NBJTPTJOWFTUJEPSFT
rFNQSFTBTFTJNQMFTDJEBE½PTrRVFBQPTUBN
OPQPUFODJBMEBFOFSHJBTPMBS
1PS+P½P1BVMP#BUBMIB
ôï
$Y
+6-)0]4&5&.#30
1
'PUP%VTUJO"LTMBOE
>À>Ê}À>˜`iÃÊ`iÃ>wœÃ]Ê}À>˜`iÃÊ
>«œÃÌ>ðÊÃÌ>ÊjÊՓ>ÊLœ>ÊɘÌiÃiÊ
`>ÊvœÀ“>ÊVœ“œÊ*œÀÌÕ}>Ê`iw˜ˆÕÊ
>ÊÃÕ>Ê>LœÀ`>}i“ÊDÃÊi˜iÀ}ˆ>ÃÊ
Ài˜œÛ?ÛiˆÃ°ÊÊÌ>Àiv>ʘKœÊjÊv?Vˆ°Ê
Ê1˜ˆKœÊÕÀœ«iˆ>Ê>ÃÃՓˆÕ]Ê
˜œÊÃiÕÊ*>VœÌiʘiÀ}ˆ>‡
ˆ“>]ÊՓʜLiV̈ۜÊ
ÌÀˆ«œ\ÊÀi`ÕâˆÀÊi“ÊÓäÊ«œÀÊVi˜ÌœÊ>ÃÊi“ˆÃêiÃÊ
`iÊ}>ÃiÃÊVœ“ÊiviˆÌœÊ`iÊiÃÌÕv>]Êi“ÊÀi>XKœÊ>œÃÊ
˜Ö“iÀœÃÊ`iÊ£™™äÆÊ«Àœ`ÕâˆÀ]Ê«iœÊ“i˜œÃ]ÊÓäÊ
«œÀÊVi˜ÌœÊ`œÊ̜Ì>Ê`iÊi˜iÀ}ˆ>ÊVœ˜ÃՓˆ`>ʘ>Ê
1˜ˆKœÊ>Ê«>À̈ÀÊ`iÊvœ˜ÌiÃÊÀi˜œÛ?ÛiˆÃ]ÊiÊÀi`ÕâˆÀÊ
œÊÃiÕÊVœ˜ÃՓœÊ`iÊi˜iÀ}ˆ>Êi“ÊÓäÊ«œÀÊVi˜Ìœ]Ê
>ÌÀ>ÛjÃÊ`iʓi`ˆ`>ÃÊ`iÊiwVˆk˜Vˆ>Êi˜iÀ}j̈V>°Ê
/Õ`œÊˆÃ̜Ê>ÌjÊÓäÓä°
ÊiÃÌiÊVœ“«Àœ“ˆÃÜʭVœ˜…iVˆ`œÊVœ“œÊ>Ê
ÃÌÀ>Ìj}ˆ>ÊÓä‡Óä‡Óä®ÊµÕiÊiÃÌ?Ê>ʏiÛ>ÀʜÃÊÛ?ÀˆœÃÊ
ÃÌ>`œÃ‡i“LÀœÃÊ>ʈ˜ÛiÃ̈Àʘ>ÃÊÃÕ>Ãʈ˜vÀ>‡Ê
‡iÃÌÀÕÌÕÀ>ÃÊi˜iÀ}j̈V>ðÊ"ʘœÃÜʫ>‰ÃÊ>ÃÃՓˆÕÊ
œLiV̈ۜÃÊiëiVˆ>“i˜ÌiÊ>“LˆVˆœÃœÃ°ÊÊ
"Ê«Àœ}À>“>Ê`œÊœÛiÀ˜œÊ«>À>ÊiÃÌ>ʏi}ˆÃ>ÌÕÀ>Ê
­>ÌjÊÓä£Î®Ê>ÃÃՓiÊ>ÌjÊ>œÊ…œÀˆâœ˜ÌiÊ`iÊÓäÓäÊ
>Ê>“LˆXKœÊ`iÊVœœV>ÀÊ*œÀÌÕ}>Êi˜ÌÀiʜÃÊVˆ˜VœÊ
‰`iÀiÃʓ՘`ˆ>ˆÃÊi“Êi˜iÀ}ˆ>ÃÊÀi˜œÛ?ÛiˆÃ]Ê
>ÃÃi}ÕÀ>ÀÊ>Ê`Õ«ˆV>XKœÊ`iÊ«Àœ`ÕXKœÊ`iÊ
i˜iÀ}ˆ>ÊijVÌÀˆV>Ê`iÊvœÀ“>Ê>Êiˆ“ˆ˜>ÀÊ>ÃÊ
ˆ“«œÀÌ>XªiÃÊi˜iÀ}j̈V>ÃÊ­µÕiÊÀi뜘`i“]Ê
>VÌÕ>“i˜Ìi]Ê«œÀÊViÀV>Ê`iÊÓäÊ«œÀÊVi˜ÌœÊ`œÊ
Vœ˜ÃՓœÊ˜>Vˆœ˜>®ÊiÊ«œÌi˜Vˆ>ÀÊ>ÃÊvœ˜ÌiÃÊ`iÊ
i˜iÀ}ˆ>ÊÀi˜œÛ?Ûi]ʵÕiÊ`iÛiÀKœÊ>ÃÃi}ÕÀ>ÀÊÎäÊ
«œÀÊVi˜ÌœÊ`>Êi˜iÀ}ˆ>Ê«Àœ`Õâˆ`>Êi“ÊÓäÓä°
ÊiÃÌÀ>Ìj}ˆ>ʘ>Vˆœ˜>ÊÌi“Ê«>ÃÃ>`œÊ«œÀÊ
«œÌi˜Vˆ>ÀÊ>Êi˜iÀ}ˆ>ʅˆ`ÀœijVÌÀˆV>ÊiÊiˆV>°Ê
>ÃÊ>Êi˜iÀ}ˆ>Ê܏>ÀʘKœÊvœˆÊiõÕiVˆ`>]Ê
>ÌjÊ«œÀµÕiÊjÊՓ>Ê`>ÃʵÕiÊ}Õ>À`>ʓ>ˆÃÊ
«œÌi˜Vˆ>ˆ`>`iÃʘœÊ˜œÃÜʫ>‰Ã°Ê*œÀÌÕ}>Ê?ÊjÊ
Ãi`iÊ`iÊ>}Փ>ÃÊ`>Ãʓ>ˆœÀiÃÊVi˜ÌÀ>ˆÃÊ܏>ÀiÃÊ
`œÊ“Õ˜`œÊqʓ>ÃÊj]ÊÜLÀiÌÕ`œ]ʘ>Ê?Ài>Ê`>Ê
“ˆVÀœ}iÀ>XKœÊµÕiÊ>Êi˜iÀ}ˆ>Ê܏>ÀÊ«Àœ“iÌiÊ
Փ>Ê>ÕÌk˜ÌˆV>ÊÀiۜÕXKœ°
6NMVHBSBPTPM
*œÀÌÕ}>ÊÌi“ÊVœ˜`ˆXªiÃÊ֘ˆV>ÃÊ«>À>ÊiÝ«œÀ>ÀÊ>Ê
i˜iÀ}ˆ>Ê`œÊ܏°ÊʘœÃÃ>ʏœV>ˆâ>XKœÊ}iœ}À?wV>Ê
jÊ`>ÃʵÕiÊLi˜iwVˆ>Ê`iʓ>ˆœÀÊiÝ«œÃˆXKœÊ܏>ÀÊ
i“Ê̜`>Ê>ÊÕÀœ«>ʭÜLÀiÌÕ`œÊi“ÊÀi}ˆªiÃÊ
Vœ“œÊœÊi˜Ìiœ®°Ê KœÊ>`“ˆÀ>]Ê«œÀʈÃÜ]Ê
µÕiÊÃi>Ê«ÀiVˆÃ>“i˜ÌiʘœÊi˜ÌiœÊµÕiÊiÃÌKœÊ
ˆ˜ÃÌ>>`>ÃÊ`Õ>ÃÊ`>Ãʓ>ˆœÀiÃÊVi˜ÌÀ>ˆÃÊ܏>ÀiÃÊ
vœÌœÛœÌ>ˆV>ÃÊ`œÊ“Õ˜`œ°Ê"Ê«Àˆ“iˆÀœÊ`iÃÌiÃÊ
}À>˜`iÃÊi“«Àii˜`ˆ“i˜ÌœÃ]ʵÕiÊ>ÀÀ>˜VœÕÊi“Ê
>ÀXœÊ`iÊÓääÇ]ÊvœˆÊœÊ*>ÀµÕiʜ̜ۜÌ>ˆVœÊ
jÀVՏiðÊ
œ˜ÃÌÀՉ`œÊi“ÊViÀV>Ê`iÊÈäʅiVÌ>ÀiÃÊ
˜>ÊvÀi}ÕiÈ>Ê`iÊÀˆ˜V…iÃ]Ê-iÀ«>]ʜʫ>ÀµÕiÊjÊ
$Y
+6-)0]4&5&.#30
ôð
T
TVTUFOUBCJMJEBEF
13*/5
'"¡""46"
&/&3(*"
*ODFOUJWPTQBSBQBSUJDVMBSFTF
FNQSFTBTRVFEFDJEBNBWBO
ÁBSQBSBBNJDSPHFSBÁ½P
&
YJTUFNW»SJPTCFOFGÇDJPT
FBQPJPTºNJDSPHFSBÁ½P
FN1PSUVHBM0SFHJNFKVSÇ
EJDPFTU»BDUVBMNFOUFBTFS
SFWJTUPOPTFOUJEPEFBHJMJ[BS
PTQSPDFTTPTNBTP(PWFSOP
K»E»W»SJPTCFOFGÇDJPTǡTDBJT
BRVFNJOWFTUJSOBDPNQSBF
JOTUBMBÁ½PEFQBJOÃJTTPMBSFT
"MÃNEJTTPFTU½PBTTFHVSB
EBTQPSMFJUBSJGBTBUSBDUJWBT
QBSBBWFOEBEBFOFSHJB
QSPEV[JEBºSFEFFMÃDUSJDB
$POUBTGFJUBTBJOTUBMBÁ½PEF
VNTJTUFNBUÇQJDPEFFOFSHJB
TPMBSRVFDVTUBDFSDBEF
NJMFVSPTQPEFHFSBSVN
SFOEJNFOUPNFOTBMEBPSEFN
EPT`HBSBOUJOEPVN
ÍQUJNPSFUPSOP4BJCBNBJT
FNXXXSFOPWBWFJTOBIPSBQU
Vœ“«œÃ̜ʫœÀÊxÓʓˆÊ«>ˆ˜jˆÃÊvœÌœÛœÌ>ˆVœÃ]Ê
Vœ“ÊՓ>Ê«œÌk˜Vˆ>ʈ˜ÃÌ>>`>Ê`iÊ££Ê“i}>Ü>ÌÌÃ]Ê
œÊÃÕwVˆi˜ÌiÊ«>À>Ê>L>ÃÌiViÀʓ>ˆÃÊ`iÊÃiˆÃʓˆÊ
>ÀiÃÊiÊiۈÌ>ÀÊ>Êi“ˆÃÃKœÊ`iʓ>ˆÃÊ`iʜˆÌœÊ“ˆÊ
̜˜i>`>ÃÊ`iÊ
"ÓÊ«œÀÊ>˜œ°Ê/>“Lj“ʘœÊ
i˜Ìiœ]ʜÕÌÀ>Êi˜œÀ“iÊVi˜ÌÀ>ÊvœÌœÛœÌ>ˆV>Ê
i˜ÌÀœÕÊi“Êv՘Vˆœ˜>“i˜ÌœÊi“ÊÓään°ÊÊ
i˜ÌÀ>Ê-œ>Àʜ̜ۜÌ>ˆV>Ê`>ʓ>Àii>ÊÌi“Ê
Փ>ÊV>«>Vˆ`>`iʈ˜ÃÌ>>`>Ê`iÊ{xʓi}>Ü>ÌÌÃÊ
qÊVœ“Ê>Ê«>À̈VՏ>Àˆ`>`iÊ`iʜÃÊ«>ˆ˜jˆÃÊiÃÌ>Ài“Ê
ˆ˜ÃÌ>>`œÃÊÜLÀiÊÃi}Ո`œÀiÃʵÕiÊÀœ`>“ÊÜLÀiÊ
ÈʫÀ«ÀˆœÃÊ«>À>ÊV>«Ì>Ài“ÊVœ“Ê“>ˆÃÊiwV?Vˆ>Ê
œÃÊÀ>ˆœÃÊ`œÊ܏Ê>œÊœ˜}œÊ`œÊ`ˆ>°Ê œÃÊ֏̈“œÃÊ
>˜œÃ]ÊÛ?Àˆ>ÃʜÕÌÀ>ÃÊVi˜ÌÀ>ˆÃÊ`iʓi˜œÀÊ`ˆ“i˜ÃKœÊ
Ìk“Êۈ˜`œÊ>ÊÃiÀÊVœ˜ÃÌÀՉ`>Ã]ʈ˜iVÌ>˜`œÊ˜>Ê
Ài`iÊijVÌÀˆV>Êi˜iÀ}ˆ>ʏˆ“«>ÊiÊÀi˜œÛ?Ûi°ÊÊ
`ˆviÀi˜X>Êv>â‡ÃiÊÃi˜ÌˆÀ\ÊÃi}՘`œÊ`>`œÃÊ`>Ê
ˆÀiVXKœ‡iÀ>Ê`iʘiÀ}ˆ>ÊiÊiœœ}ˆ>]Ê>Ê
«œÌk˜Vˆ>ÊvœÌœÛœÌ>ˆV>ʈ˜ÃÌ>>`>Êi“Ê*œÀÌÕ}>Ê
ôñ
$Y
+6-)0]4&5&.#30
«ÕœÕÊ`œÃÊ£]xʓi}>Ü>ÌÌÃ]Êi“ÊÓääÓ]Ê«>À>ʜÃÊ
£än]nʓi}>Ü>ÌÌÃÊi“ÊLÀˆÊ`iÊÓä£äÊqʜʵÕiÊ
`?ÊՓ>ÊÌ>Ý>Ê`iÊVÀiÃVˆ“i˜ÌœÊ“j`ˆ>Ê`iÊnÎÊ«œÀÊ
Vi˜ÌœÊ>œÊ>˜œ]Ê̜`œÃʜÃÊ>˜œÃ]Êi˜ÌÀiÊÓääÓÊiÊ
Óä䙰ÊÊÃiÊjÊÛiÀ`>`iʵÕiʜÃÊ}À>˜`iÃÊ«>ÀµÕiÃÊ
܏>ÀiÃÊvœÌœÛœÌ>ˆVœÃÊVœ˜ÌÀˆLՉÀ>“ʓՈ̜ʫ>À>Ê
iÃÌ>Ê>ÕÌk˜ÌˆV>ÊÀiۜÕXKœ]ʓՈ̜Ê`œÊ“jÀˆÌœÊ
`iÛi‡ÃiÊDÊV…>“>`>ʓˆVÀœ}iÀ>XKœ]ʜÕÊÃi>]Ê>œÃÊ
“ˆ…>ÀiÃÊ`iÊi`ˆv‰VˆœÃÊ«ÖLˆVœÃÊiÊ«ÀˆÛ>`œÃʵÕiÊ
ˆ˜ÃÌ>>À>“Ê«>ˆ˜jˆÃÊ܏>ÀiÃÊvœÌœÛœÌ>ˆVœÃÊ«>À>Ê
10356("-
5&.6.-6("3"040-
/"43&/07›7&*4
«Àœ`ÕâˆÀi“Ê>ÊÃÕ>Ê«À«Àˆ>Êi˜iÀ}ˆ>ÊqÊi˜iÀ}ˆ>Ê
µÕiÊ>Õ`>Ê>ÊÀi`ÕâˆÀÊ>ʈ˜Ìi˜Ãˆ`>`iÊV>ÀL˜ˆV>Ê`>Ê
iiVÌÀˆVˆ`>`iÊVœ˜ÃՓˆ`>]Ê>œÊ“iӜÊÌi“«œÊµÕiÊ
v՘Vˆœ˜>ÊVœ“œÊvœ˜ÌiÊ>`ˆVˆœ˜>Ê`iÊÀiViˆÌ>ÃÊ«>À>Ê
œÃÊ«Àœ«ÀˆiÌ?ÀˆœÃ°
.JDSPHFSBÁ½PNBDSPCFOFGÇDJPT
iÃ`iʵÕiÊ>ÀÀ>˜VœÕʜʫÀœ}À>“>Ê`iÊ>«œˆœÊ
DʓˆVÀœ}iÀ>XKœ]ʜʘ֓iÀœÊ`iÊ>`i«ÌœÃÊÌi“Ê
ۈ˜`œÊ>ÊVÀiÃViÀ°Ê"ÃÊ֏̈“œÃÊ`>`œÃʜwVˆ>ˆÃ]Ê`iÊ
LÀˆÊ`iÃÌiÊ>˜œ]ʈ˜`ˆV>“ʵÕiÊi݈ÃÌi“ÊViÀV>Ê
`iÊÃiÌiʓˆÊ“ˆVÀœ«Àœ`Õ̜ÀiÃÊÀi}ˆÃÌ>`œÃ]ÊVœ“Ê
Փ>Ê«œÌk˜Vˆ>ʈ˜ÃÌ>>`>Ê̜Ì>Ê`iʓ>ˆÃÊ`iÊÓ{Ê
“i}>Ü>ÌÌðÊ"ÊÃÕViÃÜÊÌi“ÊÈ`œÊÌ>˜Ìœ]Ê>ˆ?Ã]Ê
µÕiÊ>ÃÊ>Õ̜Àˆ`>`iÃʘKœÊVœ˜Ãi}Ո>“Ê`>ÀÊÛ>âKœÊ
>œÃÊ«i`ˆ`œÃÊ`iÊÀi}ˆÃ̜°Ê"ʓœ`iœÊÊ
`iʏˆVi˜Vˆ>“i˜ÌœÊ`œÃÊ«ÀœiV̜ÃÊiÃÌ?]Ê«œÀÊÊ
ˆÃÜ]Êi“ÊÀiۈÃKœ°
*>À>Ê«>À̈VՏ>ÀiÃÊiÊi“«ÀiÃ>Ã]Ê>ʓˆVÀœ}iÀ>XKœÊjÊ
'PUPT3ZBO.D7BZQBJOÃJTTPMBSFT
"MFYBOESF#PSEBMPJOTUBMBÁ½PEFQBJOÃJTTPMBSFTOP&EJGÇDJP4FEFEB$(%
"$"*9"/"%&'&4"
%"'-03&45"/"$*0/"-
"TǣPSFTUBTT½PVNB
DPNQPOFOUFGVOEBNFOUBM
EBCJPTGFSB2VBOEP
HFSJEBTEFGPSNBTVTUFOU»
WFMT½PVNSFTFSWBUÍSJP
EFDBSCPOPSFEV[JOEP
BTDPODFOUSBÁÏFTEF$0
OBBUNPTGFSBFDPOUSJ
CVJOEPQBSBPDPNCBUFºT
BMUFSBÁÏFTDMJN»UJDBT$PN
PQSPKFDUP'MPSFTUB$BJYB
B$(%QSFUFOEFDPOUSJCVJS
QBSBBDPOTUSVÁ½PEFVNB
OPWBǣPSFTUBFN1PSUVHBM
VNBǣPSFTUBBVUÍDUPOF
HFSJEBEFGPSNBBDUJWBF
TVTUFOU»WFM"'MPSFTUB
$BJYBDPOUBBDUVBMNFOUF
DPNDFSDBEF»S
WPSFTJOTUBMBEBTEFOPSUFB
TVMEP1BÇT
Փ>ʜ«œÀÌ՘ˆ`>`iÊ`iÊ}iÀ>ÀÊÀiViˆÌ>ÃÊ>ÌÀ>ÛjÃÊ`>Ê
VœLiÀÌÕÀ>Ê`œÊÃiÕÊ`ˆv‰Vˆœ‡-i`i]Êi“ʈÃLœ>°Ê
Ài˜Ì>Lˆˆâ>XKœÊ`œÃÊÃiÕÃÊi`ˆv‰VˆœÃ°Ê1“ÊiÝi“«œÊ
ÊVi˜ÌÀ>]Ê>ʓ>ˆœÀÊ`œÊ}j˜iÀœÊ˜œÊ˜œÃÜÊ
V>ÀœÊjʜÊ`>Ê
>ˆÝ>ÊiÀ>Ê`iÊi«ÃˆÌœÃ]ʵÕiÊ
«>‰Ã]ʜVÕ«>Ê£ÈääʓiÌÀœÃʵÕ>`À>`œÃÊiÊ}iÀ>Ê
>«ÀœÛiˆÌœÕÊ>ʓ>ˆœÀÊÀi`iÊ`iÊ>}k˜Vˆ>ÃÊL>˜V?Àˆ>ÃÊ
i˜iÀ}ˆ>Ê«>À>Ê>µÕiVˆ“i˜ÌœÊiÊ>ÀÀiviVˆ“i˜ÌœÊ`iÊ
i“Ê*œÀÌÕ}>Ê«>À>Ê«>À̈Vˆ«>ÀʘiÃÌiÊiÃvœÀXœÊ
?}Õ>ʘiViÃÃ?Àˆ>Ê>œÊÈÃÌi“>ÊVi˜ÌÀ>ˆâ>`œÊ`iÊ
`iʈ˜`i«i˜`k˜Vˆ>Êi˜iÀ}j̈V>°Ê œÊˆ˜‰VˆœÊ`iÊ
Vˆ“>̈â>XKœÊiÊDÃʈ˜Ì>>XªiÃÊÃ>˜ˆÌ?Àˆ>ðÊ/œ`œÃʜÃÊ
>˜iˆÀœÊ`iÊÓä£ä]ʜʫÀœ}À>“>Ê`iʓˆVÀœ}iÀ>XKœÊ
>˜œÃ]ÊiÃÌ>ÊVi˜ÌÀ>Ê«œÕ«>ʓ>ˆÃÊ`iÊՓÊ}ˆ}>Ü>ÌÌÉ
`œÊL>˜VœÊVœ˜Ì>Û>ÊVœ“Ê>ʈ˜ÃÌ>>XKœÊ`iÊ£{xäÊ
…œÀ>Ê`iÊiiVÌÀˆVˆ`>`i]ʜʵÕiÊÈ}˜ˆwV>ÊiۈÌ>ÀÊ>Ê
«>ˆ˜jˆÃÊ܏>ÀiÃÊi“ÊnäÊ`>ÃÊÃÕ>ÃÊ>}k˜Vˆ>Ã]ʵÕiÊ
i“ˆÃÃKœÊ`iÊՓʵՈœÊ`iÊ
"ÓÊ«œÀʓˆ˜Õ̜°
ÊÌiV˜œœ}ˆ>ʍ?Êi݈ÃÌi°Ê-i>ʘœÃÊ}À>˜`iÃÊ
«Àœ`Õâi“]Ê>˜Õ>“i˜Ìi]Ê«iÀ̜Ê`iÊ{ÎäʓˆÊ
«>ÀµÕiÃÊ܏>ÀiÃʵÕiÊiÃÌKœÊ>ʓÕ`>ÀÊ>ʘœÃÃ>Ê
µÕˆœÜ>ÌÌÃɅœÀ>Ê`iÊiiVÌÀˆVˆ`>`i°Ê-ˆ}˜ˆwV>ʈÃ̜Ê
µÕiʜʈ˜ÛiÃ̈“i˜Ìœ]Ê`>ʜÀ`i“Ê`œÃÊ£]xʓˆ…ªiÃÊ «>ˆÃ>}i“ÊœÕÊi“Ê`ˆÃVÀi̜ÃÊ«>ˆ˜jˆÃʵÕiÊ
Ài`Õâi“Ê>ʈ˜Ìi˜Ãˆ`>`iÊ
`iÊiÕÀœÃ]ÊiÃÌ>À?Ê̜Ì>“i˜ÌiÊ
ŒƐŻşƤƖųŨƤŒŢśƖ
V>ÀL˜ˆV>Ê`>ÊiiVÌÀˆVˆ`>`iÊ
ÀiVÕ«iÀ>`œÊ˜Õ“Ê«À>âœÊ`iÊ
UFNWJOEPBDPORVJTUBS
˜>ÃʘœÃÃ>ÃÊV>Ã>Ã]ʜÊvÕÌÕÀœÊ
œˆÌœÊ>˜œÃ°
NVJUPTBEFQUPT
iÃÌ?Êi˜ÌÀiʘÃÊqÊ}>À>˜Ìˆ˜`œÊ
ˆ˜`>Ê>˜ÌiÃÊ`ˆÃÜ]Êi“Ê
ŨƑŨƤųŻŒƨƖƊŒƤ
>Ê*œÀÌÕ}>ÊՓʏÕ}>ÀÊ>œÊ
Óään]Ê>Ê
>ˆÝ>ÊiÀ>Ê
OP&EJGÇDJP4FEF
܏ʘœÊÃiV̜ÀÊ`>ÃÊi˜iÀ}ˆ>ÃÊ
`iÊi«ÃˆÌœÃʈ˜ÃÌ>œÕÊ
EB$(%FN-JTCPB
Ài˜œÛ?ÛiˆÃ°Ê
Փ>ÊVi˜ÌÀ>ÊÌjÀ“ˆV>ʘ>Ê
EFTEF
&/&3(*"43&/07›7&*4
/"$(%
"$BJYBMBOÁPVFN
VNBNCJDJPTPQSPHSBNBEF
NJDSPHFSBÁ½PRVFQBTTB
QFMBJOTUBMBÁ½PEFQBJOÃJT
TPMBSFTGPUPWPMUBJDPTFN
BHÄODJBTCBOD»SJBT
UFOEPTJEPJOTUBMBEPVN
UPUBMEFQBJOÃJTEP
UJQPQPMJDSJTUBMJOP"UÃBP
NPNFOUPBQPUÄODJBJOT
UBMBEBHMPCBMBTTFHVSBVNB
QSPEVÁ½PBOVBMEFDFSDBEF
NJML8EFFMFDUSJDJEB
EF$PNBWFOEBºSFEFEB
FMFDUSJDJEBEFQSPEV[JEBB
$(%QSFWÄSFDVQFSBSFN
PJUPBOPTPJOWFTUJNFOUP
FGFDUVBEPRVFBTDFOEFB
NJMIÏFTEFFVSPT
$"*9"("-"3%0"%"
/0413£.*04
803-%-*'&45:-&
"$BJYBGPJEJTUJOHVJEBOB
DBUFHPSJBEF#BODBOPT
1SÃNJPT8PSME-JGF4UZMF
FNCFOFGÇDJPEFUSÄT
QSPKFDUPTEFJODMVT½PTPDJBM
EB4*$&TQFSBOÁB0FWFOUP
SFDPOIFDFVBT.BSDBT4P
DJBMNFOUF3FTQPOT»WFJT
FMFJUBTQPSVNDPOKVOUPEF
QFSTPOBMJEBEFTFBUSBWÃT
EBWPUBÁ½PEPQÔCMJDPFN
HFSBM
$Y
+6-)0]4&5&.#30
ôò
F
FOUSFWJTUB
30%3*(0-&0
0MJTCPFUB
USBORVJMP
*OTQJSBTFOPTǡMIPTOP"MFOUFKP
OPNBSOBMV[EF-JTCPBOPDJOFNB
FO½PQSPHSBNBEFGPSNBFYBVTUJWBPTFVQSÍYJNP
USBCBMIP"UÃQPSRVFQBSB3PESJHP-F½PBNÔTJDBÃBMHPJOUVJUJWP
$Y"Ê*i`ÀœÊ“œ`žÛ>ÀÊ`ˆÃÃiÊ>Ê>}՘ÃʍœÀ˜>ˆÃÌ>ÃÊ«œÀÌÕ}ÕiÃiÃʵÕi]Ê
ÃiʘKœÊ̈ÛiÃÃiÊVœ“«œÃˆÌœÀ]ʜÊVœ˜Ûˆ`>Àˆ>Ê>ÊÈʫ>À>ÊÌÀ>L>…>ÀÊVœ“ÊiiÊ
˜>ÃÊL>˜`>ÃÊܘœÀ>ÃÊ`œÃÊÃiÕÃÊw“iÃ]Ê>}œÊµÕiÊÛ>ˆÊ>œÊi˜Vœ˜ÌÀœÊ`>µÕˆœÊ
µÕiÊÃi˜Ìˆ“œÃÊ>œÊœÕۈÀʜÃÊÃiÕÃÊ`ˆÃVœÃ\ʓ>ˆÃÊ`œÊµÕiʓÖÈV>]ÊܓœÃÊ
“iÀ}Տ…>`œÃÊi“Ê«>ˆÃ>}i˜ÃʓÕÈV>ˆÃ°Ê
œ˜VœÀ`>¶
3PESJHP-F½P-ˆ“]Ê«i˜ÃœÊµÕiÊ>ʓˆ˜…>ʓÖÈV>]Ê«œÀÊÃiÀÊ`iÊViÀÌ>Ê
“>˜iˆÀ>ʓՈ̜Ê>LÃÌÀ>VÌ>]ÊjÊՓ>ʓÖÈV>ʵÕiÊÌÀ>˜Ã“ˆÌiʈ“>}i˜Ã]Ê
ˆ“>}i˜ÃʵÕiÊ«œ`i“ÊÃiÀÊ`ˆviÀi˜ÌiÃÊ`iʜÕۈ˜ÌiÊ«>À>ʜÕۈ˜Ìi°ÊÃ̜Ê
jÊ>}œÊµÕi]Êi“Ê“ˆ˜…>ʜ«ˆ˜ˆKœ]ʍ?ÊÛi“Ê`iÃ`iʜÃÊÌi“«œÃÊ`>Ê-j̈“>Ê
i}ˆKœ]ʅ?ÊÓnÊ>˜œÃ]ʜ˜`iʅ>ۈ>Ê>µÕi>Êv>ViÌ>Ê`>ʓÖÈV>ʈ˜ÃÌÀՓi˜Ì>Ê
iÊj]Ê«ÀiVˆÃ>“i˜Ìi]ʘiÃÃiÃÊÌi“>Ãʈ˜ÃÌÀՓi˜Ì>ˆÃʵÕiÊ«œ`iÀ?ÊiÃÌ>ÀÊ
«ÀiÃi˜ÌiÊiÃÃ>ÊVœ“«œ˜i˜ÌiÊVˆ˜i“>̜}À?wV>ʵÕiÊ>ʓˆ˜…>ʓÖÈV>Ê«œ`iÊ
ÌÀ>˜Ã“ˆÌˆÀ°
ôó
$Y
+6-)0]4&5&.#30
'PUP-VÇT"[FWFEP
1PS1&%30(6*-)&3.&-01&4
$Y
+6-)0]4&5&.#30
ôô
F
FOUSFWJTUB
.0.&/504
."3$"/5&4
0OEFTFGBMBEPT4ÃUJNB
-FHJ½PEPT.BESFEFVTFEF
JOFTRVFDÇWFJTDPMBCPSBÁÏFT
)»BOPT3PESJHP-F½PFN
DPOKVOUPDPNPTBNJHPT1FESP
0MJWFJSBF/VOP$SV[HSBWPV
PTFVOPNFOBIJTUÍSJBQPQ
QPSUVHVFTBBPGVOEBSPT4ÃUJNB
-FHJ½P"PDPOIFDFS1FESP"ZSFT
.BHBMI½FTPSJVOEPEPT)FSÍJT
EP.BS3PESJHP-F½PUSPDBSJB
PCBJYPQFMBTUFDMBT/BTDJBN
BTTJNPT.BESFEFVT
1FTFPUSBKFDUPBTTJOBM»WFMOP
JOÇDJPEBEÃDBEBEFDPNFÁPV
BTFOUJSOFDFTTJEBEFEFUSJMIBS
PTFVQSÍQSJPDBNJOIPFFN
MBOÁB"WF.VOEJ-VNJOBS
BRVFTFTFHVFN.ZTUFSJVN
ŁFBUSVN
F"MNB
.BUFS
EJTDPRVFNBSDB
UBNCÃNVNBNVEBOÁBOBTVB
MJOHVBHFNNVTJDBMFVNBVNFOUP
EPOÔNFSPEFDPODFSUPT
1BTJÍO
VNEJTDPBP
WJWPF$JOFNB
FTUF
ÔMUJNPDPOUBOEPDPNBWP[EF
#FUI(JCCPOTEPT1PSUJTIFBE
BOUFDFEFSBNBQSJNFJSB
DPMFDU¼OFB0.VOEP
0.FMIPSEF3PESJHP
-F½P%BCBOEBTPOPSBQBSBP
EPDVNFOU»SJP1PSUVHBMVN
3FUSBUP4PDJBMWJSJBBSFTVMUBS
OPWPEJTDPRVFBOUFDFEFV.½F
EJTDPNBSDBEPQFMB
NPSUFEBTVBN½FFRVFDPOUPV
DPNBTDPMBCPSBÁÏFTEF/FJM
)BOOPOEPT%JWJOF$PNFEZF
4UVBSU4UBQMFTEPT5JOEFSTUJDLT
ôõ
$Y
+6-)0]4&5&.#30
$Y
œ“œÊjʵÕiÊ>ʓÖÈV>ÊiʜÊVˆ˜i“>]ʜÕ]ÊÃiÊÃiÊ«ÀiviÀˆÀ]Ê>ʓÖÈV>ÊiÊ>Ê
ˆ“>}i“]ÊÃiÊVÀÕâ>“ʘœÊÃiÕÊÌÀ>L>…œ¶
3-6i“Ê`>ʓˆ˜…>Ê>`œiÃVk˜Vˆ>°Êʓˆ˜…>ʓKiÊvœˆÊ>Ê«iÃÜ>ʵÕi]Ê
µÕ>˜`œÊiÕÊ̈˜…>Ê£ÓÉ£ÎÊ>˜œÃ]ʓiÊV…>“œÕÊ>Ê>Ìi˜XKœÊ«>À>ʜʓ՘`œÊ
`œÊVˆ˜i“>]Ê`>ʓÖÈV>]Ê`>Ê«œiÈ>°Êi“LÀœ‡“iÊ`iʈÀÊDÃÊÃiÃêiÃÊ`œÊ
ˆ˜i“>Ê+Õ>ÀÌi̜]Ê`>ʓiˆ>‡˜œˆÌiÊDÃÊVˆ˜Vœ]Êi“ʵÕiÊ`>Û>“Ê`œˆÃʜÕÊÌÀkÃÊ
w“iðÊ"ÊVˆ˜i“>ÊÃi“«ÀiÊvœˆÊ«>À>ʓˆ“ÊՓ>Ê}À>˜`iÊ«>ˆÝKœÊi]ʓ>ˆÃÊ
Ì>À`i]Ê«iÀViLˆÊµÕiÊiÀ>]ÊÌ>“Lj“]ÊՓ>Êvœ˜ÌiÊ`iʈ˜Ã«ˆÀ>XKœÊ«>À>ÊÌi˜Ì>ÀÊ
Vœ“«œÀʓÖÈV>°Ê+Õ>˜Ì>ÃÊÛiâiÃÊiÕʘKœÊ>V>L>Û>Ê`iÊÛiÀÊՓÊw“iÊiÊ
̈˜…>Êۜ˜Ì>`iÊiÀ>Ê`iʈÀÊ«>À>ÊV>Ã>ÊÌi˜Ì>ÀÊv>âiÀʓÖÈV>Ão
$YÊ`iʵÕiÊvœÀ“>ÊjʵÕiʜÊ}À>Û>`œÀÊ>“>ÀiœÊiÊ>ÊV>ÃÃiÌiÊVœ“Ê>ÊL>˜`>Ê
ܘœÀ>Ê`œÊiÃÕÃÊ
…ÀˆÃÌÊ-Õ«iÀÃÌ>À]ʵÕiÊÀiViLiÕÊ«iœÊ >Ì>]ʵÕ>˜`œÊ
̈˜…>Ê`iâÊ>˜œÃ]ÊVœ˜ÌÀˆLՈÕÊ«>À>ÊiÃÃiÊVÀÕâ>“i˜ÌœÊ`iʏˆ˜}Õ>}i˜Ã¶
3-Õ`œÕÊ>Ê`iëiÀÌ>ÀÊՓÊ}À>˜`iÊi˜ÌÕÈ>Ӝʫi>ʓÖÈV>°ÊœˆÃÊ
œÕÊÌÀkÃÊ>˜œÃÊ`i«œˆÃ]ʜviÀiViÀ>“‡“iÊՓ>Ê}ՈÌ>ÀÀ>ÊV?ÃÈV>]ʵÕiÊ
iÕÊ>«Ài˜`ˆÊ`ÕÀ>˜ÌiÊ՘ÃÊÌi“«œÃ]ʓ>Ã]ÊVœ“œÊÜÕÊV>˜…œÌœ]Ê̈ÛiÊ
`ˆwVՏ`>`iÃÊ«œÀµÕiʘKœÊÌÀœV>Û>Ê>ÃÊVœÀ`>ðÊ-i˜`œÊ>Õ̜`ˆ`>VÌ>]Ê>V>LiˆÊ
«œÀÊ>«Ài˜`iÀʓ>ˆÃÊVœ“ÊœÃÊ>“ˆ}œÃ]ÊVœ“ʵÕi“Ê«>À̈…>Û>ÊՓ>Ê}À>˜`iÊ
ۜ˜Ì>`iÊiÊՓÊ}À>˜`iÊi˜ÌÕÈ>ӜʫiÀ>˜ÌiÊ>Ê«œÃÈLˆˆ`>`iÊ`iÊv>âiÀÊ
“ÖÈV>ðÊ>ۈ>ʵÕi“Ê̜V>ÃÃiʓՈ̜ÊLi“Ê“ÖÈV>ÃÊ`œÃÊi>̏iÃ]Ê`œÃÊ
,œˆ˜}Ê-̜˜iÃ]ʓ>ÃʘÃʵÕiÀ‰>“œÃÊ̜V>ÀÊ>ÃʘœÃÃ>ÃÊVœˆÃ>ðÊÀ>ÊiÃÃiʜÊ
˜œÃÜʜLiV̈ۜ°
$Y?ʘiÃÃ>Ê>ÌÕÀ>ÊÃi˜Ìˆ>Ê>ʓÖÈV>ÊVœ“œÊ>}œÊˆ˜ÌՈ̈ۜ¶
3--ˆ“]ÊÃi“Ê`Öۈ`>]Ê>ÌjÊ«iœÊv>V̜Ê`iÊÃiÀÊ>Õ̜`ˆ`>VÌ>°ÊÀ>Ê>ʈ˜ÌՈXKœÊ
µÕiÊÃi}Չ>“œÃÊ«>À>ÊÌi˜Ì>ÀÊv>âiÀʓÖÈV>°Ê˜ÌՈ̈Û>“i˜Ìi]ʉ>“œÃÊ
}À>Û>˜`œÊˆ`iˆ>ÃÊiÊÃi}Ո˜`œÊœÊV>“ˆ˜…œÊµÕiÊVœ˜Ãˆ`iÀ?Û>“œÃÊÃiÀʜÊ
“>ˆÃÊVœÀÀiV̜ʫ>À>Ê>ÊVÀˆ>XKœÊ`iʓÖÈV>ð
$YÊiÃÃ>ʈ˜ÌՈXKœÊµÕiʜʏiÛ>ʓ>ˆœÀˆÌ>Àˆ>“i˜Ìi]Ê>«iÃ>ÀÊ`iÊiÝVi«XªiÃÊ
Vœ“œÊ*?Ȝ˜]Ê>Êv>âiÀʓÖÈV>ʓi>˜VˆV>¶
3-ÕÊ«À«ÀˆœÊ˜KœÊÃiˆÊiÝ«ˆV>ÀÊ«œÀʵÕiÊÀ>âKœÊv>XœÊՓÊ`iÌiÀ“ˆ˜>`œÊ
̈«œÊ`iʓÖÈV>°°°ÊÊՓ>ÊVœˆÃ>ʵÕiÊÛi“]Ê«œÀÊՓʏ>`œ]Ê`œÊ՘ˆÛiÀÜÊ
“ÕÈV>ÊVœ“ʵÕiʏˆ`iˆÊ˜>Ê>`œiÃVk˜Vˆ>]Ê«œÀʜÕÌÀœ]Ê«i>ʓˆ˜…>Ê
“>˜iˆÀ>Ê`iÊÃiÀ]Ê«i>Êi`ÕV>XKœÊµÕiÊ̈Ûi°Êi“LÀœ‡“iÊ`iʵÕiʅ>ۈ>Ê
>}ՓÊÀœ“>˜ÌˆÃ“œÊ˜>ʈ`iˆ>Ê`iÊÃiÀʓÖÈVœ]Ê`iÊVœ“«œÀʓÖÈV>°°°ÊœÃÊ
w“iÃÊ`œÊ
…>ÀˆiÊ
…>«ˆ˜]ʜÃÊV?ÃÈVœÃÊVœ“œÊii̅œÛi˜ÊœÕʜâ>ÀÌoÊ
/Õ`œÊ>µÕˆœÊi˜ÌÀ>Û>Êi“Ê“ˆ“ÊVœ“Ê}À>˜`iʈ˜Ìi˜Ãˆ`>`i°
$Y?]Êi˜ÌKœ]ʜÊÀˆÃVœÊ`iʵÕi“ÊiÃVÕÌ>ʜÊÃiÕÊÌÀ>L>…œÊ«œ`iÀÊVœ˜v՘`ˆÀÊ
ՓÊÀœ“@˜ÌˆVœÊVœ“ÊՓÊÃÕ«œÃ̜ʓi>˜VˆVœ¶
3-/>ÛiâÊi݈ÃÌ>ÊiÃÃ>Ê«œÃÈLˆˆ`>`i]ʓ>Ã]ʘœÊv՘`œ]Ê>V…œÊµÕiÊÜÕÊ
Փ>Ê«iÃÜ>Ê«iÀviˆÌ>“i˜ÌiʘœÀ“>Ê˜œÊ“iÕÊ`ˆ>‡>‡`ˆ>°Ê"ʵÕiÊiÕÊÌi˜ÌœÊ
«>ÃÃ>ÀÊ«>À>Ê>ʓÖÈV>ÊjÊՓʫÀœViÃÜʓՈ̜Êi뜘Ì@˜iœÊiʈ˜ÌՈ̈ۜ°Ê
ÕʘKœÊ«i˜ÃœÊ«Àœ«Àˆ>“i˜ÌiʵÕiÊ>ʓÖÈV>ʵÕiÊۜÕÊ}À>Û>ÀÊDÊÌ>À`iʜÕÊ
DʘœˆÌiÊÌi“ʵÕiÊÃiÀÊÌÀˆÃÌiʜÕʓi>˜VˆV>°ÊÃÊVœˆÃ>ÃÊÛKœÊÃ>ˆ˜`œÊi]Ê>œÊ
w“Ê`iÃÌiÃÊ>˜œÃÊ̜`œÃ]ʍ?ÊÃiˆÊµÕiʅ?ÊՓ>ʓi>˜Vœˆ>ÊiÊՓ>ʘœÃÌ>}ˆ>Ê
µÕiÊiÃÌ?ʓՈ̜ʫÀiÃi˜ÌiʘœÃÊÌÀ>L>…œÃʵÕiÊiÕÊÌi˜…œÊviˆÌœ]ÊÌ>ÛiâÊ
>ÌjʘœÃÊ>VœÀ`iÃÊiʘœÊ̈«œÊ`iʈ˜ÃÌÀՓi˜ÌœÃʵÕiÊṎˆâœ°Ê]Ê`i«œˆÃ]Ê>ÃÊ
«iÃÜ>ÃʵÕiʓiÊ>Õ`>“Ê>ÊVœ˜VÀïâ>ÀÊÌÕ`œ]ʜÃʓÖÈVœÃÊ`œÊ
ˆ˜i“>Ê
˜Ãi“Li]Ê>ʘ>Ê6ˆiˆÀ>]ʜÊ/ˆ>}œÊœ«iÃÊiʜÊ*i`ÀœÊ"ˆÛiˆÀ>]Ê«iÀViLi“Ê
Li“ʜʵÕiÊiÕʘKœÊµÕiÀœÊv>âiÀ°Ê“ÊiÃÌÖ`ˆœ]ÊÌi˜…œÊՓ>ʘiViÃÈ`>`iÊ
“Ո̜Ê}À>˜`iÊ`iʓœÃÌÀ>ÀÊDÃÊ«iÃÜ>ÃʵÕiÊiÃÌKœÊ“>ˆÃÊ«iÀ̜Ê`iʓˆ“Ê
>µÕˆœÊµÕiÊiÃ̜ÕÊ>ÊÌi˜Ì>ÀÊv>âiÀ]ÊiÊ̜`>Ê>Ê}i˜ÌiÊÌi“Ê`ˆÀiˆÌœÊ>Ê`>ÀÊ>ÊÃÕ>Ê
œ«ˆ˜ˆKœÊiÊ>ÊÕÃ>ÀÊ>ÊÃÕ>ÊVÀˆ>̈ۈ`>`iʘœÃÊÌÀ>L>…œÃʵÕiÊv>âi“œÃ°
'PUP%3
$YʘiÃÃiÊ«ÀœViÃÜÊVÀˆ>̈ۜ]Ê>ÊÌÀ>˜µÕˆˆ`>`iÊiÊ>ÊV>“>]ÊÌ>“Lj“Êi>ÃÊ
«ÀiÃi˜ÌiÃʘ>ÃÊÃÕ>ÃʓÖÈV>Ã]ÊÃKœÊ«iX>ÃÊv՘`>“i˜Ì>ˆÃ¶ÊÊ«œÀʈÃÜʵÕiÊ
>`œÀ>ʜʏi˜Ìiœ]Ê>ÊÀˆViˆÀ>ʘœÊ˜ÛiÀ˜œÊiÊՓ>Ê/>ۈÀ>Ê«œÕVœÊœÌ>`>]ʘœÊ
6iÀKœ¶
3--i“Ê`Öۈ`>ʵÕiÊ«>À>ÊÌi˜Ì>ÀÊVœ“«œÀ]ÊiÊiÃÌ>“œÃÊ>Êv>>ÀÊ`i]Ê
`ÕÀ>˜ÌiÊÌÀkÃ]ʵÕ>ÌÀœ]ÊVˆ˜VœÊ“iÃiÃ]ÊÌi˜Ì>ÀÊ̜V>ÀÊ`Õ>ÃÊ>ÊÌÀkÃʅœÀ>ÃÊ
`ˆ>Àˆ>“i˜Ìi]ÊjÊ«ÀiVˆÃœÊՓ>ÊÌÀ>˜µÕˆˆ`>`i]Ê`iÃ`iʏœ}œÊՓ>Ê
ÌÀ>˜µÕˆˆ`>`iʈ˜ÌiÀˆœÀ]ʜʵÕiʘKœÊÈ}˜ˆwV>ʵÕiÊՓÊ`ˆ>ʓ>ˆÃÊ>}ˆÌ>`œÊ
˜KœÊ«œÃÃ>ÊÃiÀÊÌ>“Lj“ÊiiÊՓ>ÊLœ>Êvœ˜ÌiÊ`iʈ˜Ã«ˆÀ>XKœ°Ê>Ã]Êȓ]Ê>Ê
ÌÀ>˜µÕˆˆ`>`iÊ`œÊ“iˆœÊi“ʵÕiÊiÃÌ>“œÃÊjÊv՘`>“i˜Ì>°Ê œÊi˜Ìiœ]Ê
>µÕiiÊȏk˜Vˆœ]ʘ>ÊÀˆViˆÀ>]Ê>µÕiiʓ>À°°°Ê
iÃÌiÃÊ֏̈“œÃÊÌi“«œÃ]Ê>ÌjÊ«i>Êv>Vˆˆ`>`iʵÕiÊjÊ«œ`iÀ“œÃÊÌiÀÊՓÊ
ÌiV>`œÊ«iµÕi˜ˆ˜œ]ÊՓÊVœ“«ÕÌ>`œÀÊ«œÀÌ?̈]Ê՘ÃÊ>ÕÃVՏÌ>`œÀiÃ]ÊjÊ
«œÃÉÛiÊÌÀ>L>…>ÀÊi“ʵÕ>µÕiÀʏ>`œ°Ê-KœÊVœˆÃ>ÃʵÕiÊv>XœÊµÕiÃÌKœÊ
`iʏiÛ>ÀÊÃi“«ÀiÊVœ“ˆ}œ]ÊÃi>Êi“ÊvjÀˆ>Ã]ÊÃi>ʵÕ>˜`œÊiÃ̜ÕÊ>Êv>âiÀÊ
Փ>ÊÃjÀˆiÊ`iÊVœ˜ViÀÌœÃ°Ê œÊv՘`œ]ÊjÊÌi˜Ì>ÀÊ«iÀViLiÀʵÕ>˜`œÊi݈ÃÌiÊ
ˆ˜Ã«ˆÀ>XKœÊiÊÛ>iÊ>Ê«i˜>ÊÀi}ˆÃÌ>À“œÃÊՓ>ʈ`iˆ>ʵÕiÊ>V>L?“œÃÊ`iÊÌiÀ°Ê
*œÀÊiÝi“«œ]Êi“ÊvjÀˆ>Ã]ʍ?Ê`i«œˆÃÊ`>ʓiˆ>‡˜œˆÌi]ÊiÃÌ?ÊÌÕ`œÊ>Ê`œÀ“ˆÀÊ
ʽ26"/5"47&;&4&6/0"$"#"7"
%&7&36.'*-.&&5*/)"70/5"%&
&3"%&*31"3"$"4"5&/5"3
'";&3.´4*$"4ʾ
$Y
+6-)0]4&5&.#30
ôö
F
FOUSFWJTUB
iÊiÕÊ«œÃÜÊiÃÌ>ÀÊ>ˆÊ`Õ>ÃʜÕÊÌÀkÃʅœÀ>ÃÊVœ“ÊœÃÊ>ÕÃVՏÌ>`œÀiÃÊ>Êv>âiÀÊ
>}Փ>ÊVœˆÃ>]ʘœÃʅœÌjˆÃ]Ê`i«œˆÃÊ`œÃÊVœ˜ViÀ̜ð°°ÊV>L>“Ê«œÀÊÃÕÀ}ˆÀÊ
Vœ“«œÃˆXªiÃʵÕ>˜`œÊ“i˜œÃÊiëiÀ>“œÃ°
$Y+ÕiÀÊ`ˆâiÀʵÕiʘKœÊVœ˜Ãi}ÕiÊvÕ}ˆÀÊ>œÊÌÀ>L>…œ¶
3-ÕÊ>ÌjÊ>V…œÊµÕiÊÜÕÊՓÊLœV>`ˆ˜…œÊ«Ài}ՈXœÃœÊ­ÀˆÃœÃ®°Ê>ÃÊ>Ê
ÛiÀ`>`iÊjʵÕiÊiÃÌ>“œÃÊÃi“«ÀiÊ>ÊÃi˜ÌˆÀ°Ê?Ê«iÃÜ>ÃʵÕiÊVœ˜…iVi“œÃ]Ê
É̈œÃʜ˜`iÊÛ>“œÃ]ʵÕiʘœÃʈ˜yÕi˜Vˆ>“ʘiÃÌ>ʓÖÈV>Ê>LÃÌÀ>VÌ>ʵÕiÊ
iÕÊÌi˜ÌœÊv>âiÀ°
$YÊ«œÀʈÃÜʵÕiÊ«ÀiviÀiÊ>˜`>ÀÊ>Ê«jÊ«i>ÃÊVˆ`>`iö
3--ˆ“]ÊÃi“Ê`Öۈ`>°Ê*ÀiwÀœÊ>˜`>ÀÊ>Ê«jÊ`œÊµÕiÊviV…>À‡“iʘՓÊ
“ÕÃiÕʵÕ>ÌÀœÊœÕÊVˆ˜VœÊ…œÀ>ð
&ƐşŒƨŒ-JTCPBÃBDJEBEFPOEF3PESJHP-F½P
TFTFOUFFNDBTB"FTDPMIBEP$PMJTFV
EPT3FDSFJPTQBSBBSFBMJ[BÁ½PEBTFTT½P
GPUPHS»ǡDBO½PQPEJBTFSNBJTBDFSUBEB
ô÷
$Y
+6-)0]4&5&.#30
$Y iÃÃ>ÃÊۈ>}i˜Ã]Ê>VÌÕ>Àʘ>Ê
œÀiˆ>Ê`œÊ œÀÌiÊvœˆÊՓ>Ê`>ÃʵÕiʓ>ˆÃʜÊ
“>ÀVœÕ°ÊœÃÌ>Û>Ê`iÊۜÌ>À]Ê>}œÀ>Êi“ʘœ“iÊ«À«Àˆœ¶
3-Ã̈Ûiʏ?ÊVœ“ÊœÃÊ>`Ài`iÕÃʅ?ÊÓ£Ê>˜œÃÊi]ÊVÕÀˆœÃ>“i˜Ìi]ʘœÊ
>˜œÊ«>ÃÃ>`œ]ÊvՈÊ̜V>ÀÊDÊ
œÀiˆ>Ê`œÊ-Տ]Ê«œ`i˜`œÊVœ˜ÃÌ>Ì>ÀʵÕiÊÃKœÊ
«>‰ÃiÃʵÕiÊiÃÌKœÊ“Ո̜ʫiÀ̜Êi]Ê>œÊ“iӜÊÌi“«œ]ʈ“i˜Ã>“i˜ÌiÊ
`ˆÃÌ>˜ÌiðÊ>ÃÊvœˆ]ÊiviV̈Û>“i˜Ìi]ÊՓ>Ê`>Ãʓ>ˆœÀiÃÊiÝ«iÀˆk˜Vˆ>ÃÊ
µÕiÊ̈ÛiÊ>Ìjʅœi]ÊÌ>ÛiâÊ«œÀÊÌiÀÊÈ`œÊՓ>Ê`>ÃÊ«Àˆ“iˆÀ>ÃÊۈ>}i˜ÃÊ
µÕiʜÃÊ>`Ài`iÕÃÊwâiÀ>“°ÊÃ̈Ûi“œÃʏ?Ê`iâÊ`ˆ>Ã]Êwâi“œÃÊVˆ˜VœÊ
œÕÊÃiˆÃÊVœ˜ViÀ̜Ã]ÊiÀ>ÊՓÊviÃ̈Û>ÊVœ“Ê>ʍÕÛi˜ÌÕ`iÊVœ“Õ˜ˆÃÌ>Ê`iÊ
̜`œÃʜÃÊ«>‰ÃiÃÊ`œÊ“Õ˜`œÊi]ʘiÃÃiÊÃi˜Ìˆ`œ]ÊvœˆÊ“Ո̜Êi˜ÀˆµÕiVi`œÀ]Ê
>«>ˆÝœ˜>˜Ìi°Ê KœÊÃiˆÊVœ“œÊjʵÕiÊÃiÀ?ʅœiÊ>Ê
œÀiˆ>Ê`œÊ œÀÌi]Ê
«>ÃÃ>`œÃÊÓäÊ>˜œÃ]ʓ>ÃÊÃiÀˆ>ʈ˜ÌiÀiÃÃ>˜ÌiÊۜÌ>À°Ê
$YÊ«Àœ«ÃˆÌœÊ`iÊۈ>}i˜Ã]Ê}œÃÌ>ʓՈ̜Ê`iÊۈ>>À]ʓ>ÃÊ>`œÀ>ʜÊ
Ài}ÀiÃÜÊ>ʈÃLœ>]ʜ˜`iÊÃiÊÃi˜ÌiÊv>ÃVˆ˜>`œÊ«i>ʏÕâ°ÊÊՓ>ÊvœÀ“>Ê`iÊ
Vœ˜ÌÀ>L>>˜X>ÀʜÊv>V̜Ê`i]ÊÀi}À>Ê}iÀ>]Ê>˜`>ÀÊÛiÃ̈`œÊ`iÊ«Ài̜¶
3-­,ˆÃœÃ®Ê"Ê>˜`>ÀÊÛiÃ̈`œÊ`iÊ«Ài̜ÊÛi“Ê`œÊVœ“iXœÊ`œÃÊ-j̈“>Ê
i}ˆKœ]Ê`œÊˆ˜‰VˆœÊ`œÃÊ>˜œÃÊnä]Ê`>Ê>ÌÕÀ>Êi“ʵÕiÊVœ“iX?“œÃÊ>Êv>âiÀÊ
“ÖÈV>ÊiʜÕۉ>“œÃʓՈ̜ʜÃʜÞʈۈȜ˜]ʜÃÊ iÜÊ"À`iÀ°Ê
…i}?“œÃÊ>Ê
̜V>ÀÊ`iÊ}>L>À`ˆ˜>ÃÊ«ÀiÌ>ðÊi«œˆÃ]ÊvœˆÊwV>˜`œÊi]ÊVœ“œÊiÕʘKœÊÌi˜…œÊ
“ÕˆÌ>Ê«>Vˆk˜Vˆ>Ê«>À>ÊiÃVœ…iÀÊÀœÕ«>]ÊÜÕʓՈ̜ʈ˜`iVˆÃœÊiÊVœÀÀœÊœÊ
ÀˆÃVœÊ`iÊVœ“«À>ÀÊ>ÃÊVœˆÃ>ÃÊiÀÀ>`>Ã]ʜʫÀi̜Ê>V>L>Ê«œÀÊÃiÀʓ>ˆÃÊv?Vˆ°
ˆÃLœ>ÊÃi“«ÀiÊvœˆÊ«>À>ʓˆ“ÊœÊÉ̈œÊœ˜`iÊVÀiÃVˆ]ʜ˜`iÊ}œÃ̜Ê`iÊۈÛiÀ]Ê
Ã>Li“œÃÊÃiÊ>ÃÊ«iÃÜ>ÃÊÛKœÊ}œÃÌ>À°Êiˆâ“i˜Ìi]Ê>ÃÊ«iÃÜ>ÃÊÌk“Êۜ˜Ì>`iÊ
iÊVÕÀˆœÃˆ`>`iÊi“ÊœÕۈÀ‡˜œÃ°
ʽ".*/)".´4*$"4&37&
13&$*4".&/5&1"3"5&/5"3
&426&$&36.106$0"4$0*4"4
.›426&&9*45&.&.10356("-ʾ
$Y"ÊÃiÕÊ֏̈“œÊ`ˆÃVœ]ÊKi]Ê>«ÀiÃi˜ÌœÕÊՓ>ʏˆ˜}Õ>}i“Ê“>ˆÃÊ
«ÀÝˆ“>Ê`>Ê«œ«°ÊÊiÃÃiʜÊV>“ˆ˜…œÊµÕiÊ«ÀiÌi˜`iÊÃi}ՈÀʜÕ]ÊÌ>Ê
Vœ“œÊ>Vœ˜ÌiViÕÊVœ“ʜʫ>˜œÊ`iÊ>«œÃÌ>ÀʘՓÊÌÀ>L>…œÊ̜`œÊiiÊi“Ê
«œÀÌÕ}ÕkÃ]ÊjÊVœ“«ˆV>`œÊ>wÀ“>ÀʵÕ>ÊÛ>ˆÊÃiÀʜʫÀÝˆ“œÊ«>Ãܶ
KœÊiÃÌ?ʘ>`>Ê«>˜i>`œÊiÊ>ˆ˜`>ÊjÊVi`œÊ«>À>ÊÃ>LiÀʵÕ>ÊÛ>ˆÊÊ
ÃiÀʜʫÀÝˆ“œÊ«>ÃÜ°Ê*œÀÊiÝi“«œ]Ê>ÊÃi}ՈÀÊ>œÊ
ˆ˜i“>ʅœÕÛiÊÊ
Փ>ÊVœiVÌ@˜i>ʭ՘`œ®ÊiÊՓ>ÊiëjVˆiÊ`iÊL>˜`>ÊܘœÀ>Ê­*œÀÌÕ}>]ÊՓÊ
,iÌÀ>̜Ê-œVˆ>®]ʜÕÊÃi>]ÊÃiÊV>…>À]Ê>˜ÌiÃÊ`iÊՓʫÀÝˆ“œÊÊ
`ˆÃVœÊVœ“ÊV>˜XªiÃÊ«œ`iÀ?ʅ>ÛiÀÊՓ>ÊL>˜`>ÊܘœÀ>ÊÊ
œÕÊՓÊ`ˆÃVœÊˆ˜ÃÌÀՓi˜Ì>°
$Y"Ê,œ`Àˆ}œÊ?]Ê«œÀʓ>ˆÃÊ`œÊµÕiÊՓ>ÊÛiâ]Ê>wÀ“œÕʵÕiÊÌi“ÊՓ>Ê
}À>˜`iÊÜÀÌiÊi“ÊÌiÀʘ>ÃVˆ`œÊ˜iÃÌiÊ«>‰Ã°Ê"ʵÕiÊjʵÕiʓi…œÀ>Àˆ>¶
3-?ÊÌ>˜Ì>ÊVœˆÃ>ʵÕiÊ>V…>“œÃʵÕiÊ«œ`ˆ>ÊiÃÌ>Àʓi…œÀoÊʓˆ˜…>Ê
“ÖÈV>ÊÃiÀÛi]Ê«ÀiVˆÃ>“i˜Ìi]Ê«>À>ÊÌi˜Ì>ÀÊiõÕiViÀÊՓʫœÕVœÊ>ÃÊVœˆÃ>ÃÊ
“?ÃʵÕiÊi݈ÃÌi“Êi“Ê*œÀÌÕ}>ÊiʘœÊ“Õ˜`œ]ÊÀivÕ}ˆ>˜`œ‡˜œÃʘiÃÃ>Ê
“ÖÈV>ʵÕi]Ê>œÊw“ÊiÊ>œÊV>Lœ]ÊÌÀ>˜Ã“ˆÌiÊÌÀ>˜µÕˆˆ`>`i°
œ˜`iÊwâÊ>“ˆ}œÃ°Ê"Êi˜ÌÕÈ>ӜÊ`œÊÀi}ÀiÃÜÊjʵÕ>Ãiʓ>ˆÃÊvœÀÌiÊ`œÊµÕiÊ
œÊ`>Ê«>À̈`>°ÊÊ>µÕˆÊµÕiÊiÃÌ?Ê>ʘœÃÃ>ÊV>Ã>]ʜÊÀˆœÊ/iœ]ʜÊ>ˆÀÀœÊÌœ]Ê
œÃÊ>“ˆ}œÃ]Ê>Êv>“‰ˆ>oÊiÃÌ?ÊÌÕ`œÊ>µÕˆ°
'PUP-VÇT"[FWFEP
$YʘiÃÌ>Êۈ>}i“ʵÕiÊÌi“ÊÈ`œÊœÊÃiÕÊ«iÀVÕÀÜʓÕÈV>]ʜʵÕiʓÕ`œÕÊ
>Ê«>À̈ÀÊ`œÊ“œ“i˜ÌœÊi“ʵÕiʜ«ÌœÕÊ«œÀÊÃi}ՈÀÊՓ>ÊV>ÀÀiˆÀ>Ê>Ê܏œ¶
3-ÕÊ}Õ>À`œÊÃi“«ÀiÊՓÊV>Àˆ˜…œÊ“Ո̜ÊiëiVˆ>Ê«iœÃÊ-j̈“>Ê
i}ˆKœ]ʵÕiÊvœˆÊœÊ˜œÃÜʫÀˆ“iˆÀœÊ}ÀÕ«œ]Ê«iœÊ«Àˆ“iˆÀœÊ`ˆÃVœ]ÊÌ>“Lj“Ê
«iœÊ«Àˆ“iˆÀœÊ`ˆÃVœÊ`œÃÊ>`Ài`iÕð°°Ê*i˜ÃœÊµÕiÊ>“LœÃÊ>ˆ˜`>ÊiÃÌKœÊ
“Ո̜ʫÀiÃi˜ÌiÃÊi“Ê“ˆ“]Ê>«iÃ>ÀÊ`>ʘœÀ“>ÊiۜÕXKœÊ“ÕÈV>]Ê`>Ê
Ṏˆâ>XKœÊ`iʈ˜ÃÌÀՓi˜ÌœÃÊ`ˆviÀi˜ÌiÃ]Ê`iÊ>ÀÀ>˜œÃÊ`ˆviÀi˜ÌiðÊÊ
ÛiÀ`>`iÊjʵÕi]ʵÕ>˜`œÊÃ>‰]ÊiÃÌ>Û>Ê>ÊVœ“«œÀʓÖÈV>ʵÕiʘKœÊV>Lˆ>Ê
˜i“ʘՓʫÀœiV̜ʘi“ʘœÊœÕÌÀœ]ÊiÊvœˆÊ«œÀʈÃÜʵÕiÊ̈ÛiʘiViÃÈ`>`iÊ
`iÊ}À>Û>ÀʜʓiÕÊ«Àˆ“iˆÀœÊ`ˆÃVœ]ʜÊÛiÊ՘`ˆÊՓˆ˜>À]ʵÕiÊ̈˜…>Ê
“ÕˆÌ>ÃÊ«ˆÃÌ>ÃÊ`iÊȘÌïâ>`œÀ]ʵÕiÊiÀ>ÊՓ>ʓÖÈV>ʓ>ˆÃÊȘv˜ˆV>]Ê
“>ˆÃʜÀµÕiÃÌÀ>]ʓ>ˆÃʓˆ˜ˆ“>ˆÃÌ>°Êi«œˆÃ]Ê«Àˆ˜Vˆ«>“i˜ÌiÊ>Ê«>À̈ÀÊ
`iÊÓäää]Ê>ʓÖÈV>Ê̜À˜œÕ‡Ãiʓ>ˆÃÊ>VÖÃ̈V>]ÊVœ“iViˆÊ>ÊÌÀ>L>…>ÀÊ
“>ˆÃÊVœ“ÊœÃʓÖÈVœÃʵÕiʓiÊÀœ`i>Û>“]ÊVœ“iX?“œÃÊ>Êv>âiÀʓ>ˆÃÊ
Vœ˜ViÀ̜Ã]ʓ>ˆÃÊV>˜XªiÃ]ÊÃÕÀ}ˆÕÊ>ÊL>ÌiÀˆ>]ʜÊL>ˆÝœ]ÊÌÕ`œÊ`iÊvœÀ“>Ê
i뜘Ì@˜i>°ÊÃÊVœˆÃ>ÃÊÛKœÊ“Õ`>˜`œÊ«œÀÊÈÊiʜÃÊVœ˜ViÀ̜ÃÊvœÀ>“Ê
v՘`>“i˜Ì>ˆÃÊ«>À>Ê>ʓˆ˜…>ʓÖÈV>ÊV…i}>ÀÊ>ʓ>ˆÃÊ«iÃÜ>ð
$YviV̈Û>“i˜Ìi]Ê>ÊÃÕ>ʓÖÈV>]ʓiӜʘKœÊi˜ÌÀ>˜`œÊ˜Õ“Ê՘ˆÛiÀÜÊ
Vœ“iÀVˆ>]ÊVœ˜Ãi}ÕiÊV…i}>ÀÊ>œÊ“>ˆÃÊ`ˆÛiÀÜʫÖLˆVœ]ʵÕ>ÃiÊ}iÀ>˜`œÊ
Vœ˜Ãi˜Ãœ°Ê*œÀÊiÝi“«œ]ʘ>Ê
>Ã>Ê`>ÊÖÈV>Ê>ÌjÊ̈ÛiÀ>“ʵÕiÊ>LÀˆÀÊ
>ÊL>˜V>`>Ê`œÊVœÀœ]Ê>ÌÀ?ÃÊ`œÊ«>Vœ]Ê`>`>Ê>Ê>yÕk˜Vˆ>Ê`iÊ«ÖLˆVœÊ>œÊ
Vœ˜ViÀ̜°Ê˜Vœ˜ÌÀ>ÊiÝ«ˆV>XKœÊ«>À>ÊiÃÌ>ÊÌKœÊ}À>˜`iÊ>ViˆÌ>XKœ¶
3-/>ÛiâÊ>Ê«iÀÈÃÌk˜Vˆ>ÊiʜÊi˜ÌÕÈ>ӜÊVœ“ʵÕiÊVœ˜Ìˆ˜Õ>“œÃÊ>Ê
Ìi˜Ì>ÀÊv>âiÀʓÖÈV>°Ê/À>L>…>“œÃÊVœ“Ê̜`œÊœÊV>Àˆ˜…œ]ʓ>ÃʘKœÊ
$YÊjÊÌÀ>˜µÕˆ>Ê>ÊVœ˜ÛˆÛk˜Vˆ>Ê`œÊ,œ`Àˆ}œÊiKœÊVœ“«œÃˆÌœÀÊVœ“ÊœÊ
,œ`Àˆ}œÊiKœÊ«>ˆ¶
3-ÕÊ«i˜ÃœÊµÕiÊiÃÌ?ÊÌÕ`œÊˆ}>`œ°Ê"ÃʓiÕÃÊw…œÃÊÃKœ]ÊÌ>Ûiâ]Ê>Ê}À>˜`iÊ
vœ˜ÌiÊ`iʈ˜Ã«ˆÀ>XKœÊ«>À>ÊÌi˜Ì>ÀÊv>âiÀʓÖÈV>ÊiÊ«>À>ÊۈÛiÀ°ÊiÃÊ>ÃÈÃÌi“Ê
>Ê>}՘ÃÊVœ˜ViÀ̜Ã]ʜLÃiÀÛ>“‡“iÊVœ“Ê>µÕi>Ê«ÀiœVÕ«>XKœÊ`iÊÌi˜Ì>ÀÊ
v>âiÀʓÖÈV>]ÊÃKœÊ>µÕi>ÃÊ«iÃÜ>ÃʵÕiʵÕ>˜`œÊiÕÊÌi˜…œÊ>}Փ>Ãʈ`iˆ>ÃÊ
>ÃÊiÃVÕÌ>“°ÊÃʘœÃÃ>ÃÊۈ>}i˜ÃÊ`iÊV>ÀÀœÊi“ÊVœ˜Õ˜ÌœÊÃiÀÛi“Ê“ÕˆÌ>ÃÊ
ÛiâiÃÊ«>À>ʈÃÜ°
$YiÃʘKœÊ…iÊ`ˆâi“ʘ>`>Ê«iœÊv>V̜Ê`iÊ>˜`>ÀÊ«>À>Ê̜`œÊœÊ>`œÊVœ“Ê
ՓÊÌiV>`œÊ«iµÕi˜œ]ÊՓÊVœ“«ÕÌ>`œÀÊ«œÀÌ?̈ÊiÊ՘ÃÊ>ÕÃVՏÌ>`œÀiÃ]ʜÕÊ
Ãi>]ÊÃi“«ÀiÊ«Àœ˜ÌœÊ«>À>ÊÌÀ>L>…>À¶
3-­,ˆÃœÃ®Ê-ˆ“]ÊDÃÊÛiâiÃÊÀiV>“>“°Ê]ÊiÃÌiÊ>˜œ]Ê>ÌjÊÌi“œÃÊ̜V>`œÊ
“>ˆÃÊÛiâiÃʘœÊiÃÌÀ>˜}iˆÀœ]ʜʵÕiÊ>Փi˜Ì>Ê>ÃÊÃ>Õ`>`iÃ]Ê>}œÊµÕiÊÃiÊ
Ìi˜Ì>ÊVœ“«i˜Ã>ÀʵÕ>˜`œÊiÃÌ>“œÃʍ՘̜ð
$YʘiÃÃ>ÃÊ«>ÕÃ>Ã]Ê«>À>Ê>j“Ê`iʓ>Ì>ÀÊÃ>Õ`>`iÃ]ʵÕiʜÕÌÀ>ÃÊVœˆÃ>ÃÊ
}œÃÌ>Ê`iÊv>âiÀ¶
3-œÃ̜Ê`iÊÛiÀÊw“iÃ]Ê`iʏiÀ]Ê`iÊۈ>>À]Ê`iÊVœâˆ˜…>Ào
$Y+Õi“ÊjʵÕiÊVœ˜Ûˆ`>Àˆ>Ê«>À>ÊÃi˜Ì>À‡ÃiÊDÊÃÕ>ʓiÃ>¶
3-"ÃÊ>“ˆ}œÃ]ÊVœ“ʵÕi“ÊVœÃÌՓœÊÀi՘ˆÀ‡“iÊÃi“>˜>“i˜Ìi°Ê KœÊ
ÜÕÊ`>µÕi>ÃÊ«iÃÜ>ÃʵÕi]Ê«œÀÊÌiÀÊw…œÃʜÕÊ«œÀʵÕiÃ̪iÃÊ`iÊV>ÀÀiˆÀ>]Ê
`iˆÝœÕÊ`iÊVœ˜ÛˆÛiÀÊVœ“ÊœÃÊ>“ˆ}œÃ°
$YʵÕi“ÊjʵÕiÊ>ˆ˜`>Ê}œÃÌ>Û>Ê`iÊVœ˜Ûˆ`>ÀÊ«>À>Ê«>À̈Vˆ«>ÀʘՓÊ`œÃÊ
ÃiÕÃÊ«ÀÝˆ“œÃÊ`ˆÃVœÃ¶
3-i«i˜`iÊÃi“«ÀiÊ`œÊ`ˆÃVœÊµÕiÊiÃÌi>Ê>Êv>âiÀʘœÊ“œ“i˜Ìœ]ʓ>ÃÊ
iÃ̜ÕÊ>ʏi“LÀ>À‡“iÊ`œÊ>ۈ`Ê-ޏۈ>˜°
$Y
œ˜Ûˆ`>Àˆ>ʜÊ*i`ÀœÊ“œ`žÛ>ÀÊ«>À>ÊÀi>ˆâ>ÀʜÊw“iÊ`>ÊÃÕ>Êۈ`>¶
3-ÊՓÊÀi>ˆâ>`œÀʵÕiÊiÕÊ>`“ˆÀœÊ“Ո̜°Ê+Õi“ÊÃ>LiÊÃi]ÊՓÊ`ˆ>]Ê
ÌiÀi“œÃÊ>ʜ«œÀÌ՘ˆ`>`iÊ`iÊÌÀ>L>…>ÀÊi“ÊVœ˜Õ˜Ìœ°
$Y
+6-)0]4&5&.#30
ôø
D
DVMUVSB
&9104*¡¯&4
1PSUP$BSUPPO
"UÃ
.VTFV/BDJPOBMEB*NQSFOTB
1PSUP
%FEF+VOIPBEF%F[FN
CSPB(BMFSJB*OUFSOBDJPOBMEP
.VTFV/BDJPOBMEB*NQSFOTBOP
1PSUPWBJBDPMIFSP$BSUPPO8PSME
'FTUJWBMTPCPUFNB"WJÏFTF
.»RVJOBT7PBEPSBT$POTJEFSBEP
VNEPTUSÄTQSJODJQBJTGFTUJWBJTEF
EFTFOIPIVNPSÇTUJDPNVOEJBJT
FTUFFWFOUPEPRVBMB$BJYBÃ.F
DFOBTSFÔOFDPODPSSFOUFT
EFQBÇTFTOVNUPUBMEFNBJTEF
EPJTNJMUSBCBMIPT
$*3$0
-F(SBOE$
B
$VMUVSHFTU-JTCPB
"$PNQBHOJF9:BQSFTFOUBVNBDPQSPEVÁ½PRVFKVOUBOPQBMDPEB$VMUVSHFTUBMHVOTEPTOPNFT
NBJTTPOBOUFTEPQBOPSBNBDJSDFOTFGSBODÄT6NFTQFDU»DVMPBDSPC»UJDPEFUJSBSBSFTQJSBÁ½P
"NJTUVSBEFHFSBÁÏFTGPJPNPUFRVFKVOUPVVNBQSPGVT½PEFBSUJTUBTQFMPQSB[FSEFUSBCBMIBSFN
DPOKVOUPFTVCWFSUFSQSFDPODFJUPTBSUÇTUJDPT1FSUVSCBOEPPQSJODÇQJPEPEVPFJOWFSUFOEPBSFMBÁ½P
IPNFNNVMIFSSFDPSSFOUFOPTOÔNFSPTBDSPC»UJDPTPTJOUÃSQSFUFTFYQMPSBNOPWBTWJBTOPT
FTUBEPTEPTDPSQPTOBUÃDOJDBEPDJSDPFTPCSFUVEPOBRVJMPEFRVFT½PDBQB[FTEFDPOUBSBPQÔCMJ
DP&NQPVDPNBJTEFVNBIPSBBTTJTUBBPEFTǡMFOVNVOJWFSTPEF”GFJUPEFBDSPCBDJBTEBOÁB
NÔTJDBFQJS¼NJEFTIVNBOBT6NCBMMFUBDSPC»UJDPBO½PQFSEFS
3FWPMVUJPO
"UÃ
1BM»DJP2VJOUFMB-JTCPB
"&YQFSJNFOUB%FTJHOMBOÁB
FNQMFOP$IJBEPVNBSFUSPTQFD
UJWBTPCSFPEFTJHOHS»ǡDPFEF
QSPEVUPQPSUVHVÄT&NFYQPTJÁ½P
FTU½PNBJTEFUSBCBMIPTEF
EFTJHOFSTFFTUÔEJPTOBDJPOBJT
SFGFSFOUFTBVNIPSJ[POUFUFNQP
SBMRVFDFMFCSBBJOEBPTEF[BOPT
EB#JFOBM&9%FN-JTCPB
"$PMFDÁ½PEB$(%DIFHBEFTUB
WF[B7JTFVDPNPDJDMPEFFYQP
TJÁÏFT-JOHVBHFNF&YQFSJÄODJB
QSFTFOUFFNEJWFSTBTDJEBEFT
QPSUVHVFTBT&TUBFYQPTJÁ½P
BCPSEBBWJTJCJMJEBEFFOHFOESBEB
QFMPUSBCBMIPBSUÇTUJDPDPNPVNB
FYQFSJÄODJBMJNJUFEFVNEJTDVSTP
TPCSFPNVOEP
'&45*7"*4
'FTUJWBMEBT"SUFTEF$PJNCSB
"UÃ
'VOEBÁ½P*OÄTEF$BTUSP
$PJNCSB
%JWFSTPTPMIBSFTTPCSFBTW»SJBT
GPSNBTBSUÇTUJDBTW½PDPOǣVJSOP
)PUFM2VJOUBEBT-»HSJNBTFN
$PJNCSBQBSBB„FEJÁ½PEFTUF
GFTUJWBM"$BJYBBQSFTFOUBBJOEB
FNFYDMVTJWPBEF+VMIPB
0SRVFTUSB(VMCFOLJBOEJSJHJEB
QFMBNBFTUSJOB+PBOB$BSOFJSPF
DPNBQBSUJDJQBÁ½PEBTPQSBOP
"OB2VJOUBOT
5&"530
4BHSBEB'BNÇMJB
BFB
$VMUVSHFTU-JTCPB
$PNFODFOBÁ½PEF$BUBSJOB
3FRVFJKPBQFÁBEF+BDJOUP
-VDBT1JSFTUSB[OPTVNPMIBS
EFTBǡBEPSTPCSFVNB4BHSBEB
'BNÇMJBEPTOPWPTUFNQPTOVNB
USBNBRVFNJTUVSBBNPSEFTFKP
SFMJHJ½PFQPMÇUJDBKPHPTEFQPEFS
RVFNBSDBNPSFHSFTTPBPQBMDP
EPTUFYUPTEPKPWFNBVUPS
%"/¡"
*T:PVNF
F
$VMUVSHFTU-JTCPB
&TUSFBEPFNPFTQFDU»DVMP
ÃPSFTVMUBEPEFVNBDPMBCPSBÁ½P
FOUSF#FOPÈU-BDIBNCSFDPSFÍ
HSBGPFQFSGPSNFSHBMBSEPBEP
DPNVN#FTTJF"XBSEFN
-PVJTF-FDBWBMJFSFYFTUSFMB
EBDPNQBOIJB-B-B-B)VNBO
$0/%*¡¯&4&9$-64*7"41"3"$"35¯&4$(%
%&%&4$0/50/""26*4*¡0%&"5£#*-)&5&4103&41&$5›$6-0&&9104*¡0"045*56-"3&4%04$"35¯&4
$"*9"'*5*$*4*$$61&$"*9""$5*7"%&%&4$0/50/""26*4*¡0%&"5£#*-)&5&4103&41&$5›$6-0
&&9104*¡0"045*56-"3&4%04$"35¯&4$"*9"(0-%$"*9"80."/7*4"#&*3"&9$-64*7&-&*463&&$"*9"%3*7&
õï
$Y
+6-)0]4&5&.#30
4UFQTPBSUJTUBWJTVBM-BVSFOU
(PMESJOHFPNÔTJDPDPNQPTJUPS
FQSPEVUPSNVTJDBMOPWBJPSRVJOP
)BIO3PXF"GFTUBWJTVBMRVFB
$VMUVSHFTUBQSFTFOUBFNDPMB
CPSBÁ½PDPNPGFTUJWBM.BUFSJBJT
%JWFSTPTFP$FOUSP$VMUVSBM7JMB
'MPSÃNBSDBEBQPSVNQBMDP
CSBODPQJODFMBEPEFMJOIBTDPSFT
FGPSNBT
.´4*$"
/FMTPO$BTDBJT4FYUFUP
$VMUVSHFTU-JTCPB
"SFOUSÃFNVTJDBMEB$VMUVSHFTU
WBJGB[FSTFBPTPNEPKB[[
QPSUVHVÄTDPNBBDUVBÁ½PEP
TFYUFUPEFVNEPTNÔTJDPTNBJT
BENJSBEPTOBDFOBKB[[ÇTUJDB
OBDJPOBM0SFQFSUÍSJPEPDPO
DFSUPDPOUBS»DPNBMHVNBTEBT
NFMIPSFTQFÁBTRVFǡ[FSBNEF
(VSVLBUFSDFJSP»MCVNEF/FMTPO
$BTDBJTVNEPTNBJTFYBMUBEPT
EPBOPQBTTBEP
'PUP%3
-JOHVBHFNF&YQFSJÄODJB
B
.VTFV(S½P7BTDP7JTFV
D
DVMUVSB
&"4:.0/&:
+FOT-BQJEVT
BTFTDPMIBTEF
$BTBEBT-FUSBT
0(3610
$0.0%&64
."/%"
"MJUFSBUVSBFTDBOEJOBWB
WPMUBBEBSDBSUBTQFMBN½P
EFVNBEWPHBEPDSJNJOBM
EFTVDFTTPRVFOPT
DPOEV[DPNNFTUSJBQFMP
TVCNVOEPEF&TUPDPMPNP
POEFVNBOPWBN»ǡB
JNQFSB
.BSZ.DDBSUIZ
/JDDPMÌ"NNBOJUJ
%PN2VJYPUF
#FSUSBOE&EJUPSB
"WJEBEFPJUPKPWFOT
MJDFODJBEBTOPTBOPT
FN7BTTBSVNBEBTNBJT
FMJUJTUBTFDPODFJUVBEBT
VOJWFSTJEBEFTGFNJOJOBT
BNFSJDBOBT6NSPNBODF
JOUFNQPSBMRVFBOUFDJQBB
SFWPMVÁ½PRVFTFTFHVJSJB
6NBTTBMUPBVNCBODP
RVFO½PDPSSFCFN6NB
NJTUVSBEFIVNPSOFHSPF
EFUFSOVSB6NFMFODPEF
QFSTPOBHFOTJOFTRVFDÇWFJT
OVNBFODSV[JMIBEBFOUSFB
FTQFSBOÁBFPEFTFTQFSP
1FESP
.PVUJOIP
0GBEJTUBUFNBQPFTJB
BNÔTJDBEPTBOPT
FPTǡMNFTEF5BSBOUJOP
OBTTVBTQSFGFSÄODJBT
5&.0'"%0/04"/(6&Ê
“>ÃʜÊÀœVŽÊ`œÃÊ>˜œÃÊÇäÊiÊ
nä]ÊVœ“ÊL>˜`>ÃÊVœ“œÊii«Ê
*ÕÀ«iʜÕÊi`Ê<i««iˆ˜]Ê
Li“ÊVœ“œÊ>ÊLœÃÃ>ʘœÛ>Ê`iÊ
6ˆ˜‰VˆÕÃÊ`iʜÀ>iÃ]ÊÀœ`>“Ê
˜œÊÃiÕʏiˆÌœÀÊ`iÊ
°Ê->V>˜>ÃÊ
Ãi“Êiˆ]Ê`iÊ/>À>˜Ìˆ˜œ]ÊvœˆÊ
œÊw“iʵÕi]ʓ>ˆÃÊÀiVi˜Ìi‡
“i˜Ìi]ʜʓ>ÀVœÕÊiÊÊ
*>˜ˆÃvjÀˆœÊ*iÃÜ>]Ê`iÊ
œ˜X>œÊ
>`ˆ…i]ʜÊ֏̈“œÊ
ˆÛÀœÊµÕiʏiÕ°
-*()54
"/%%"3,4
3JUB3FETIPFT
J1MBZ
%FQPJTEPTVDFTTPEF
(PMEFO&SB3JUBFTU»EF
WPMUBDPNVNUSBCBMIP
NBJTNBEVSPFRVFB
DPOǡSNBDPNPVNBEBT
NFMIPSFTTPOHXSJUFST
OBDJPOBJT
,&:/&4
03&(3&440
%0.&453&
3PCFSU4LJEFMTLZ
5FYUP&EJUPSFT
4FTTFOUBBOPTBQÍTB
TVBNPSUF+PIO.BZOBSE
,FZOFTDPOUJOVBBTFSPNBJT
JNQPSUBOUFFNBJTBDUVBMUFÍSJDP
EB&DPOPNJBOB"NÃSJDB
'PUP.JHVFM.BOTP1FESP.PVUJOIP
#&*+0#"/%*%0
/FZ.BUPHSPTTP
5"/(0
03"1";26&
13&/%&607&/50
&.*.VTJD
(PUBO1SPKFDU
#SZBO.FBMFS
0NÔTJDPCSBTJMFJSPNFSHVMIB
OVNBBUNPTGFSBEFRVBTF
SFDJUBMOVNEJTDPDPNQPTUP
QPSUFNBTEFBMHVOTEPTNBJT
FNCMFN»UJDPTJOUÃSQSFUFTEP
PVUSPMBEPEP"UM¼OUJDP
6MUJNB
&EJUPSJBM1SFTFOÁB
1IJMJQQF$PIFO4PMBM&EVBSEP
.BLBSPǝF$ISJTUPQI.JVMMFS
WPMUBNBDSV[BSDPNNFTUSJB
PVOJWFSTPEBQPQDPNP
DIBSNFFTFEVÁ½PEPUBOHP
8JMMJBN,BNLXBNCBOBTDFVOP
.BMBXJ"PTBOPTUFWFRVF
EFJYBSBFTDPMBNBTJTTPO½PP
JNQFEJVEFNPOUBSEPJTNPJOIPT
EFWFOUPOBTVBDPNVOJEBEF
$Y
+6-)0]4&5&.#30
õð
DVMUVSB
"$$6.&.
$ * / & . " % * ( * 5" -
"ENJS»WFM
NVOEPOPWP
0DJOFNBFTU»EJGFSFOUF
NVJUPNBJTFWPMVÇEP0GVUVSPÃK»IPKF
FP%BGBDFNBJTWJTÇWFMEFVNBBCPSEBHFN
RVFO½PÃJOJNJHBEBBSUFDJOFNBUPHS»ǡDB
1PS3VJ1FESP5FOEJOIB
õñ
$Y
+6-)0]4&5&.#30
$
'PUP%3
…i}?“œÃÊ>œÊvÕÌÕÀœ°Ê1“ÊvÕÌÕÀœÊ
µÕiÊiÀ>Ê>˜Õ˜Vˆ>`œÊ˜Õ“Ê«>ÃÃ>`œÊ
ÀiVi˜Ìi]Ê`>µÕiiÃʵÕiÊ>ˆ˜`>Ê
…œiÊ«>ÀiViÊ«ÀiÃi˜Ìi°Ê>ÃʜÊ
Vˆ˜i“>Ê`ˆ}ˆÌ>ÊV…i}œÕ°Ê
…i}œÕÊ
Vœ“ÊvœÀX>ÊiÊDÊiÃV>>Ê}œL>°ÊÃÊ
ˆ“>}i˜ÃÊ«>À>ÊVœ˜ÃՓœÊ`iÊi˜ÌÀiÌi˜ˆ“i˜ÌœÊ?Ê
˜KœÊÛk“Êi“ÊvœÀ“>̜Ê`iÊ«i‰VՏ>]ʘi“ÊÌKœ‡Ê
‡«œÕVœÊÃKœÊV>«Ì>`>ÃÊi“ÊÎxʓˆ‰“iÌÀœÃ°Ê/Õ`œÊ
>}œÀ>ÊjÊ«ÀœiVÌ>`œÊiÊV>«Ì>`œÊ`ˆ}ˆÌ>“i˜Ìi°Ê
1“>ÊÀiۜÕXKœÊµÕiÊv՘Vˆœ˜>]ÊÌ>“Lj“]Ê
Vœ“œÊÀiëœÃÌ>ÊVœ“iÀVˆ>Ê`>ʈ˜`ÖÃÌÀˆ>Ê
Vˆ˜i“>̜}À?wV>Êv>ViÊ>œÊiÃÌ>`œÊ`>ÃÊVœˆÃ>Ã]Ê
ˆÃ̜Êj]Ê>ÃÊiVœ˜œ“ˆ>ÃÊ`iÊiÃV>>ÊiÊ>Ê«À«Àˆ>Ê
«ÀœÌiVXKœÊDÃÊ>“i>X>ÃÊ`>Ê«ˆÀ>Ì>Àˆ>°Ê"ÊVˆ˜i“>Ê
`ˆ}ˆÌ>ÊÛiˆœÊ«>À>ÊwV>ÀÊiÊjʓ>ˆÃÊL>À>̜°ÊœÊ
“iӜÊÌi“«œ]ÊÌi“ÊՓ>ʜÕÌÀ>ÊÀi܏ÕXKœ°Ê"ÃÊ
«ÕÀˆÃÌ>ÃʵÕiˆÝ>“‡ÃiʵÕiÊv>âÊv>Ì>ʜÊ}ÀKœÊ`>Ê
«i‰VՏ>]ʓ>ÃÊ>ʘˆÌˆ`iâÊiʜÊVœ˜ÌÀ>ÃÌiÊ`>ÃÊVœÀiÃÊ
jʜÕÌÀ>°Ê"ÊʜÕÊ>Ì>Ê`iw˜ˆXKœ]ÊV>`>ÊÛiâÊ
“>ˆÃ]Êië>˜Ì>“ÊœÃʘœÃÜÃʜ…œÃ°ÊÊ>ÊÌi˜`k˜Vˆ>Ê
jÊv>âiÀÊ`iÊvœÀ“>Ê>ʵÕiʜʅœ“iÊVˆ˜i“>]Ê>Ê
iÝ«iÀˆk˜Vˆ>Ê`iÊÃiÊۈȜ˜>ÀÊՓÊw“iÊi“ÊV>Ã>]Ê
Ãi>ÊՓ>ʓ>ˆÃ‡Û>ˆ>°Ê"ÕÊÃi>]ʜÊVˆ˜i“>Ê`ˆ}ˆÌ>Ê
iÃÌ?Ê`iʓKœÃÊ`>`>ÃÊVœ“Ê>Ãʓ>ÀV>ÃÊ«Àˆ˜Vˆ«>ˆÃÊ
`iÊ>«>Ài…œÃÊÌiiۈÈۜÃÊiÊÃÕ«œÀÌiÊ`ˆ}ˆÌ>]ÊÌ>ˆÃÊ
Vœ“œÊ>ÃÊVœ˜Ãœ>Ã]ʜÃʏՇ,>ÞÊiʜÃÊ6°°°Ê œÊ
“iˆœÊ`ˆÃ̜]ʜÞܜœ`ÊVœ˜Ãi}Õi]ÊÌ>“Lj“]Ê
Ài˜Ì>Lˆˆâ>ÀÊ>ÊÃÕ>ÊÌi˜`k˜Vˆ>Ê`iÊ«Àœ`ÕâˆÀÊ
iëiVÌ?VՏœÃʓ>ˆœÀiÃÊ`œÊµÕiÊ>Êۈ`>°Ê
œ“Ê
œÊ`ˆ}ˆÌ>]ÊÌÕ`œÊÃiÊ̜À˜>ʓ>ˆÃÊv?VˆÊ>ʘ‰ÛiÊ`iÊ
iviˆÌœÃÊۈÃÕ>ˆÃ°Ê
œ“ÊœÃÊ>Û>˜XœÃÊÌiV˜œ}ˆVœÃ]Ê
ÜLÀiÌÕ`œÊVœ“ÊœÃÊiviˆÌœÃÊ
ÊQ °Ê,°\Ê
œ““œ˜Ê
>ÌiÜ>ÞʘÌiÀv>ViRÊ­}iÀ>`œÃÊۈ>ÊVœ“«ÕÌ>`œÀ®]Ê
jʓ>ˆÃÊv?VˆÊiÊVÀi`‰ÛiÊVÀˆ>ÀÊVˆ`>`iÃÊ«iÀ`ˆ`>Ã]Ê
iÝ«œÃªiÃÊ>̝“ˆV>ÃÊiÊ}ÕiÀÀ>ÃÊ`œÊ“Õ˜`œ°Ê
ʏ>À}>ÊiÃV>>Ê`iÊ«Àœ`ÕXKœÊ˜KœÊÃiÊÀi`Õâ]Ê
>˜ÌiÃÊ«iœÊVœ˜ÌÀ?Àˆœ\ÊwV>ʜ«Ìˆ“ˆâ>`>°ÊÊ
ÃÕÀ}iÊՓ>ÊÜwÃ̈V>XKœÊ>ÊÌ>Ê«œ˜ÌœÊµÕiÊ>ÃÊ
ˆ“>}i˜ÃÊ`iÊɘÌiÃiÊV>`>ÊÛiâÊi˜}>˜>“Ê“>ˆÃÊ
œÃʅœ“i˜Ã°ÊµÕˆœÊjÊV>À˜iÊiʜÃÜʜÕÊjÊiviˆÌœ¶Ê
ÃÃ>ÊjÊ>Ê«iÀ}՘Ì>ÊVœ“Õ“]ʓiӜʫ>À>Ê>Ê
ÌjV˜ˆV>ÊṎˆâ>`>Ê«œÀÊ,œLiÀÌÊ<i“iVŽˆÃÊi“Ê
1“Ê
œ˜ÌœÊ`iÊ >Ì>ÊiÊ-«ˆiLiÀ}ʘœÊ«ÀÝˆ“œÊ
/ˆ˜Ìˆ˜]ʜʓœÌˆœ˜ÊV>«ÌÕÀi]ʜ˜`iʜÃÊ}iÃ̜ÃÊiÊ>Ê
ˆ˜ÌiÀ«ÀiÌ>XKœÊ`œÃÊ>V̜ÀiÃÊÃKœÊÀiVÀˆ>`œÃÊi“Ê
>˜ˆ“>XKœÊVœ“«Õ̜Àˆâ>`>ʘՓ>Ê`ˆ“i˜ÃKœÊ
“Ո̜ʫÀÝˆ“>Ê`œÊÀi>°Ê>LˆÌÕ>“i˜Ìi]Ê
œÊ“œÌˆœ˜ÊV>«ÌÕÀiÊ«i`i]ʁVœ“œÊ«KœÊ«>À>Ê>Ê
"ƊŻşŨƑƖƢŒżƨťŒƨƐŒƤŒƽŻƊŸŒƨ
EF5JN#VSUPOSFNFUFPFTQFDUBEPS
QBSBVNVOJWFSTPSJDPFN%
$Y
+6-)0]4&5&.#30
õò
"$$6.&.
­$6-0410-"3*;"%04
"7"5"3
4½PFTTFODJBJTQBSBWFS%
6MUSBQBTTPVPTEPJTNJMNJMIÏFTEFEÍMBSFTFNSFDFJUBT
LœV>‚]ʜÊÎÊ`ˆ}ˆÌ>°Ê+Õ>˜`œÊœÊiëiVÌ>`œÀÊ
«ªiʝVՏœÃÊ«>À>ÊÛiÀÊwÌ>ÃʘiÃÌiÊvœÀ“>̜]ÊjÊ
Li“ÊV>«>âÊ`iÊÃi˜ÌˆÀÊՓ>ʜÕÌÀ>ÊvœÀ“>Ê`iÊ
˜ˆÌˆ`iâ]ÊÌÕ`œÊjʓ>ˆÃÊ}>ÀÀˆ`œ°Ê*œÀʜÕÌÀœÊ>`œ]ʜÊ
>`Ûi˜ÌœÊ`œÊ`ˆ}ˆÌ>ÊÌ>“Lj“Ê>Õ`>ÊՓÊVˆ˜i“>Ê
“>ˆÃʈ˜`i«i˜`i˜Ìi°Ê
œ“ÊՓ>ÊV@“>À>ÊÊ
,i`ÊiÊՓ>Ê«iµÕi˜>ÊiµÕˆ«>Ê`iÊ«Àœ`ÕXKœ]Ê
«œ`iÊv>âiÀ‡ÃiÊՓ>ʏœ˜}>‡“iÌÀ>}i“ÊVœ“Ê
µÕ>ˆ`>`iÊ`iVi˜Ìi°Ê/i“ÊÈ`œÊiÃÃ>Ê>ÊÃ>Û>XKœÊ
`iʙäÊ«œÀÊVi˜ÌœÊ`œÃÊVˆ˜i>ÃÌ>Ãʈ˜`i«i˜`i˜ÌiÃÊ
`œÊ“Õ˜`œÊˆ˜ÌiˆÀœ°Ê˜`i«i˜`i˜ÌiÃÊiʘKœÊ
Ý]Ê>ۈ`ÊޘV…ÊÝʵÕiÀʜÊ`ˆ}ˆÌ>Ê>}œÀ>°Ê
>ÀœÊµÕiʅ?ʜÊ`ˆ}ˆÌ>Ê`iʏÕݜÊiʜÊ`ˆ}ˆÌ>Ê`iÊ
«iµÕi˜>ÊiÃV>>°ÊÊ>‰Êi˜Vœ˜ÌÀ>“œÃÊ>Êۈ>Ê`œÊ
Vˆ˜i“>ʁv>X>ÊۜVkʓiӜ‚]ʜÊ9-ÊQ °Ê,°\Ê
œÊÌÊ9œÕÀÃivR]ʜ˜`i]Êi“ʓՈ̜ÃÊV>ÜÃ]Ê>Ê
iµÕˆ«>Ê`iÊw“>}i˜ÃÊjʜʫÀ«ÀˆœÊVˆ˜i>ÃÌ>ÊiÊ>Ê
ÃÕ>ÊV@“>À>°Ê-Ê«>À>Ê`>ÀÊiÝi“«œ]ʜʫ>ˆÊ`>Ê
œÕÛiiÊ6>}Õi]Êi>˜‡ÕVʜ`>À`]Ê«>À>ʜÊÃiÕÊ
˜œÛœÊˆ“Ê-œVˆ>ˆÃ“i]ÊÀiVœÀÀiÕÊDÊV@“>À>Ê`iÊ
w“>ÀÊ`iÊՓÊÌii“Ûi°°°Ê+Õ>˜`œÊÃiÊv>>Êi“Ê
`i“œVÀ>̈â>XKœÊ`œÊVˆ˜i“>ʅœiÊi“Ê`ˆ>]ÊÊ
>ÊVՏ«>ÊjÊ`œÊ`ˆ}ˆÌ>°
õó
$Y
+6-)0]4&5&.#30
&
“Ê*œÀÌÕ}>]ʜÊiÃÌÀœ˜`œÃœÊ
ÃÕViÃÜÊ`iÊÛ>Ì>ÀÊviâÊVœ“ʵÕiÊ
Փ>Ê`ˆÃÌÀˆLՈ`œÀ>ÊiÊi݈Lˆ`œÀ>Ê
Vœ“œÊ>Ê<œ˜ÊÕܓ՘`œÊ
`iVˆ`ˆÃÃiʵÕi]Ê>ÌjÊ>œÊw˜>Ê`iÃÌiÊ
>˜œ]Ê̜`œÃʜÃÊÃiÕÃÊVˆ˜i“>ÃÊÊ
­œÊµÕiÊiµÕˆÛ>iÊ>Ê`ˆâiÀÊ>ʓ>ˆœÀˆ>Ê`>ÃÊÃ>>ÃÊ
i“Ê*œÀÌÕ}>®ÊÛKœÊÌiÀÊ`iÊiÃÌ>ÀÊiµÕˆ«>`œÃÊ
>«i˜>ÃÊ«>À>Ê«ÀœiVÌ>ÀʜÃÊw“iÃÊi“Ê`ˆÃVœÃÊ
`ˆ}ˆÌ>ˆÃ]ʜÕÊÃi>]Ê>V>L>À>“Ê>ÃʓœÛˆœ>Ã]Ê
>Ãʓ?µÕˆ˜>ÃÊ`iÊ«ÀœiVXKœ°Ê iÃÌ>Êv>Ãi]Ê
œÃÊVˆ˜i“>ÃÊÌk“Ê`iʈ˜ÛiÃ̈ÀʘiÃÃiÊ
iµÕˆ«>“i˜Ìœ]ʓ>Ã]Ê>ÊVÕÀ̜ʫÀ>âœ]Ê
…>ÛiÀ?ÊՓ>Ê`ˆ“ˆ˜ÕˆXKœÊ`iÊVÕÃ̜Ã]Ê
ÜLÀiÌÕ`œ]Ê>œÊ˜‰ÛiÊ`œÊÌÀ>˜Ã«œÀÌiÊÊ
`iÊLœLˆ˜>ðÊiӜÊÊ
œÃÊw“iÃÊÀœ`>`œÃÊi“Ê«i‰VՏ>Ê
V…i}>À‡˜œÃ‡KœÊi“ÊÛiÀêiÃÊÃi“Ê
}ÀKœ]ÊÃi“ÊÀˆÃµÕˆ˜…œÃ]Ê
œÕÊÃi>]Ê«iÀviˆÌœÃ°Ê
?ÊiÃÌ?]ʜÊvÕÌÕÀœÊjʍ?Ê
>µÕˆ°Ê-i>ÊVœ“œÊvœÀ]Ê
µÕ>˜`œÊÃiÊv>>Êi“Ê
`ˆ}ˆÌ>]Êv>>‡ÃiÊi“ÊΰÊ
13*/5
%"/5&4
.6*50"/5&4
&YQFSJÄODJBTEFVNQBTTBEP
RVFO½PÃSFDFOUF
%
J[BIJTUÍSJBRVFP
QSJNFJSPǡMNF%
BQSFTFOUBEPBPQÔCMJDPGPJ
ŁF1PXFSPG-PWFFN
/PTBOPTPTFTUÔEJPTEF
)PMMZXPPEBQPTUBSBNOVNB
WBHBGPSUF'PJDPNPDJOFNB
EFUFSSPSRVFPTBNFSJDBOPT
BEFSJSBNBPTÍDVMPTDPN
FGFJUPTIPMPHS»ǡDPTNBTFN
1PSUVHBMP%TVSHJVOVNB
IJTUÍSJDBFYJCJÁ½POB351EP
DM»TTJDPEF0.POTUSP
EB-BHPB/FHSBBJOEBIPKF
OPJNBHJO»SJPEFNVJUPTRVF
DSFTDFSBNOBEÃDBEBEF
/FTTBEÃDBEB.JDIBFM
+BDLTPOGPJQSPUBHPOJTUB
EF$BQUBJO&PEF
'SBODJT'PSE$PQQPMB
UBNCÃNFN%d
'PUPT%3"WBUBSF)BSSZ1PUUFS
#FUUNBOO$PSCJT0.POTUSPEB-BHPB/FHSB
/07&.#30
$SJBEPPQSJNFJSPǡMNFFN%
&TUSFJBEPOPWP)BSSZ1PUUFS
KœÊ«œÀÊ>V>Ü]ÊiÃÌ?Ê>ÊÌiÀ“ˆ˜>ÀÊ>ÊÛiÀÃKœÊi“Ê
ʜÊvi˜“i˜œÊ`œÊÃÕViÃÜÊ`œÊÎÊ>ˆ˜`>ÊÊ
ÌÀkÃÊ`ˆ“i˜ÃªiÃÊ`œÊÃÕViÃÜÊ/ˆÌ>˜ˆV°Ê
>“iÀœ˜]Ê
iÃÌ?ʏœ˜}iÊ`iÊÃiÀÊVœ˜Ûi˜Vˆœ˜>°Ê*œÀÊ>}œÀ>]ÊÊ
jÊՓ>ʘœÛˆ`>`iÊVœ“ʏÕVÀœÃÊLi“Ê«ÀœÛiˆÌœÃœÃ]Ê œÕÌÀœÊVÀi˜ÌiÊ`œÊVˆ˜i“>Ê`ˆ}ˆÌ>°Ê
œ“œÊii]Ê
…?ʜÕÌÀœÃÊVˆ˜i>ÃÌ>ÃʵÕiʁyˆÀÌ>“‚ÊLi“Ê
ÜLÀiÌÕ`œ]Ê«œÀµÕiʜʫÖLˆVœÊVœ˜ÃՓˆ`œÀÊ
˜iÃÌ>Ê}ÕiÀÀ>Êi˜ÌÀiʜÊ`ˆ}ˆÌ>ÊiʜÊ>˜>}ˆVœ°Ê
«>}>ʓ>ˆÃÊ«>À>Ê«œ`iÀÊÛiÀʜÃÊw“iÃÊVœ“ÊœÃÊ
˜œÛœÃÊiviˆÌœÃ°Ê>ÃÊ>Ê}>˜@˜Vˆ>Ê`iʜÞܜœ`Ê Ýi“«œÃ¶Ê,i>ˆâ>`œÀiÃÊVœ“œÊœÊ>“iÀˆV>˜œÊ
-«ˆŽiÊii]ʜÊ>i“KœÊ7iÀ˜iÀÊiÀâœ}]ʜÊ
˜iÃÃiÊ`œ“‰˜ˆœÊ?Ê`iÕÊ>}՘Ãʓ>ÕÃÊ
V…ˆi˜œÊ,>ՏÊ,ՈâÊi]ÊÜLÀiÌÕ`œ]ʈV…>iÊ
ÀiÃՏÌ>`œÃ°Ê"ÃÊiÃÌÖ`ˆœÃʵÕiÀi“Ê>«ÀœÛiˆÌ>ÀÊ
>˜˜]ʜÊ>“iÀˆV>˜œÊiëiVˆ>ˆÃÌ>Ê`iÊ6Ê­œÊµÕiÊ
>ÊLœiˆ>Ê`iÊÛ>Ì>ÀÊ>Ê̜`œÊœÊVÕÃ̜Êi]ʓiӜÊ
viâÊi“ʈ>“ˆÊ6ˆViʜÕÊi“ʘˆ“ˆ}œÃÊ*ÖLˆVœÃÊjÊ
µÕ>˜`œÊ˜KœÊÌk“ÊLœVŽLÕÃÌiÀÃÊw“>`œÃÊi“Ê
`iÊՓ>ÊVœÀ>}i“ÊiÝÌÀi“>]ʘœ“i>`>“i˜ÌiÊ>œÊ
Î]Ê`KœÊœÀ`i“Ê«>À>ʜÃÊVœ˜ÛiÀÌiÀÊDÊ«ÀiÃÃ>°Ê
œˆÊœÊµÕiÊ>Vœ˜ÌiViÕÊVœ“ÊœÊÀiVi˜ÌiÊ
œ˜vÀœ˜ÌœÊ ˜‰ÛiÊ`>ʓœLˆˆ`>`iÊ`iÊV@“>À>®]Ê>}Õj“ʵÕiÊ
ÜÕLiʓœÃÌÀ>ÀʵÕiÊՓ>Ê«iµÕi˜>ÊV@“>À>Ê6Ê
`iÊ/ˆÌKÃÊiÊVœ“Ê/…iÊ>ÃÌʈÀLi˜`iÀ]ʜʘœÛœÊ
Vœ˜Ãi}ÕiÊՓ>Ê«ÀœÝˆ“ˆ`>`iʓ>ˆœÀÊVœ“ÊÊ
`iÊ°Ê ˆ}…ÌÊ-…Þ>“>>˜°Ê"ÃÊ`œˆÃÊw“iÃÊ
>ÃÊ«iÀܘ>}i˜Ã°Ê
˜KœÊiÃÌ>Û>“Ê«i˜Ã>`œÃÊ«>À>ʜÃÊiviˆÌœÃÊÎ]Ê
"ʈ“«œÀÌ>˜ÌiÊi“ÊÌÕ`œÊˆÃ̜ÊjÊ«i˜Ã>À“œÃʵÕiÊ
“>ÃÊ}À>X>ÃÊ>Ê>}՘ÃÊviˆÌˆXœÃÊÌiV˜œ}ˆVœÃÊ
œÊ˜œÛœÊVˆ˜i“>Ê`ˆ}ˆÌ>Ê˜KœÊjʈ˜ˆ“ˆ}œÊ`>Ê>ÀÌiÊ
vœÀ>“°°°ÊÀiV>ÕV…ÕÌ>`œÃ°Ê,iÃՏÌ>`œ\ʘKœÊÃiÊ
Vˆ˜i“>̜}À?wV>°Ê+Õ>˜`œÊjÊ
Ãi˜ÌiʓՈ̜Ê>ʈÕÃKœÊ`œÊÎ]Ê
"ƽŒƮŒƤGPJ
Li“ÊṎˆâ>`œ]Ê«œ`iÊ>ÌjÊÃiÀÊ
“>Ã]Êi“ÊÌiÀ“œÃÊ`iÊÀiViˆÌ>ÃÊiÊ
EFSSPUBEPOPT­TDBSFT
>}œÊ“>ˆÃÊÌÀ>˜ÃVi˜`i˜Ìi\ÊՓÊ
“>ÀŽï˜}]Ê>V>L>Ê«œÀÊÀiÃՏÌ>À°Ê
NBTWFODFVOBT
ÛiÀ`>`iˆÀœÊ`iÉ}˜ˆœÊiÃÌj̈Vœ°Ê
>“iÃÊ
>“iÀœ˜]ÊÊ
CJMIFUFJSBT
*>À>ʍ?]Ê>˜ÌiVˆ«i“œÃ]Êi˜ÌKœ]Ê
œÊ«>«?‚Ê`iÊÛ>Ì>À]ÊÊ
)ƖųƾŒƤƮƨFN%
`Õ>ÃʘœÛˆ`>`iÃÊi“Ê“>ÌjÀˆ>Ê
?Ê>˜Õ˜VˆœÕʵÕiÊjÊVœ˜ÌÀ>Ê
OPOPWP)BSSZ1PUUFSF
`iÊÎ]ʵÕiÊV…i}>“Ê>ÌjÊ>œÊ
iÃÌ>ÃÊÀiVœ˜ÛiÀêiÃÊDÊ«ÀiÃÃ>°Ê
PT5BMJTN½TEB.PSUF
w˜>Ê`iÃÌiÊ>˜œ°ÊÊ
“Ê œÛi“LÀœ]ʜÃÊ«œÀÌÕ}ÕiÃiÃÊ«œ`iÀKœÊÊ
ÛiÀʜʘœÛœÊw“iÊ`>ÊÃ>}>Ê>ÀÀÞÊ*œÌÌiÀ\Ê>ÀÀÞÊ
*œÌÌiÀÊiʜÃÊ/>ˆÃ“KÃÊ`>ʜÀÌiÊqÊ*>ÀÌiÊ]ÊÊ
`iÊ>ۈ`Ê9>ÌiðÊÊ>Ê«Àˆ“iˆÀ>ÊÛiâʵÕiÊÊ
œÊ“Õ˜`œÊˆ“>}ˆ˜?ÀˆœÊ`iʜ}Ü>ÀÌÃÊÌi“Ê
`ˆÀiˆÌœÊ>ÊÌÀ>Ì>“i˜ÌœÊΰÊ"ÊiÃÌÖ`ˆœÊ`œÊ
w“i]Ê>Ê7>À˜iÀ]ʘ՘V>Ê«i˜ÃœÕÊÃiµÕiÀÊ
ÀiVœÀÀiÀÊ>œÃÊiviˆÌœÃÊÎ]ʓ>ÃʵÕ>Ê˜KœÊjʜÊ
>`œiÃVi˜ÌiʵÕiʘKœÊµÕiÀÊÛiÀʜÊÃiÕʅiÀˆÊ>Ê
>«ˆV>ÀÊ«œXªiÃʓ?}ˆV>ÃÊVœ“ÊiviˆÌœÃ°°°ÊVœœ¶Ê
*i˜œÃœÊÛ>ˆÊÃiÀʘ>ÃÊ«>ÀÌiÃʜ˜`iʜÃÊ`ˆ?œ}œÃÊ
ÃiÊ«Àœœ˜}>“ʓՈ̜Êiʜ˜`iʘ>`>ÊÃiÊ«>ÃÃ>]Ê
Vœ“ÊœÕÊÃi“ʝVՏœÃ°°°Êœ}œÊ>ÊÃi}ՈÀ]Êi“Ê
iâi“LÀœ]ÊV…i}>Ê>Ê*œÀÌÕ}>ÊÃÊ6ˆ>}i˜ÃÊ`iÊ
ՏˆÛiÀ]Ê`iÊ,œLÊiÌÌiÀ“>˜]Ê>Ê}À>˜`iÊ>«œÃÌ>Ê
`>ʜݰÊ>VŽÊ>VŽÊjÊՓÊiÃVÀˆÌœÀÊ`iÊۈ>}i˜ÃÊ
µÕi]Ê>Vˆ`i˜Ì>“i˜Ìi]ÊÛ>ˆÊ«>À>ÀÊDʈ…>Ê`iÊ
ˆˆ«ÕÌ]ʜ˜`iʜÃʅ>LˆÌ>˜ÌiÃÊÃKœÊ“ˆ˜ÖÃVՏœÃ°Ê
"ÊÀiVÕÀÜÊ>œÃÊiviˆÌœÃÊÎÊjÊÃÕ«œÃ̜ÊÃiÀÊ
ˆ˜œÛ>`œÀ°Ê1“>ÊiÃÌÀiˆ>Êi“Ê«i˜>Êj«œV>Ê
˜>Ì>‰Vˆ>]ʵÕiÊ«iÀ“ˆÌˆÀ?Ê>œÊiëiVÌ>`œÀÊÃi˜ÌˆÀÊ
µÕiÊiÃÌ?ʘ>ÃʓKœÃÊ`œÊ}À>˜`iÊÊ
>VŽÊ>VŽoÊ
$Y
+6-)0]4&5&.#30
õô
W
WJOUBHF
$£%6-"%&
&SBÃ
UFNQP
EFQPVQBS
&NB$(%DSJBWBPEFQÍTJUPBQSB[P"PEFQPTJUBOUFFSBFOUSFHVF
VNBDÃEVMBIJQPUFD»SJBDPNPFTUBEF
1PS;BDBSJBT%JBT
'"$504
&SBBTTJN
"DPOUFDJNFOUPTRVF
NBSDBSBN1PSUVHBM
FPNVOEP
&N7JFOBSFVOJSBNTF
QFMBQSJNFJSBWF[PT
EFGFOTPSFTEFVNB&VSPQB
VOJEBOPQSJNFJSPDPOHSFTTP
QBOFVSPQFV
.PSSFPOPSUFBNFSJDBOP
3VEPMQI7BMFOUJOPVN
EPTNBJPSFTHBM½TEB4ÃUJNB
"SUF
3JDIBSE#ZSEF'MPZE
#FOOFUUTPCSFWPBN
P1ÍMP/PSUFQFMBQSJNFJSB
WF[OB)JTUÍSJB
(PMQFEF&TUBEPFN
1PSUVHBMMJEFSBEPQFMP
HFOFSBM(PNFTEB$PTUB
'PJQVCMJDBEPP”MJWSP
EBDPMFDÁ½P5FSSBEF0[
1PS-'SBOL#BVNŁF)VO
HSZ5JHFSPG0[
5FNQPTÊ`iÊVÀˆÃiÊÃKœÊÌ>“Lj“ÊÌi“«œÃÊ`iÊ«œÕ«>˜X>°ÊÊ`jV>`>Ê`iÊÓäÊvœˆÊ“>ÀV>`>Ê«œÀÊՓ>Ê«Àœv՘`>ÊVÀˆÃiÊ
w˜>˜ViˆÀ>ÊiÊL>˜V?Àˆ>]ÊVÀˆ>˜`œ]Ê«œÀÊ«>ÀÌiÊ`œÊ«ÖLˆVœ]Ê>}Փ>ÃÊ`iÃVœ˜w>˜X>Ãʘ>Ê܏ˆ`iâÊiÊ}>À>˜Ìˆ>ÃÊÊ
œviÀiVˆ`>ÃÊ«iœÃÊL>˜VœÃÊ>œÃÊ`i«ÃˆÌœÃʘiiÃÊVœ˜Ã̈ÌՉ`œÃ°Ê
"$BJYB(FSBMEF%FQÍTJUPTÊ«iœÊVœ˜ÌÀ?Àˆœ]Êv՘Vˆœ˜>Û>ÊVœ“œÊՓ>ʏˆ˜…>Ê`iÊÀiÌ>}Õ>À`>ʵÕiÊ}>À>˜Ìˆ>ÊÊ
œÊÀii“LœÃœÊ`œÃÊ`i«ÃˆÌœÃÊ«iœÊÃÌ>`œÊi“ÊV>ÜÃÊiÝÌÀi“œÃ°Ê«iÃ>ÀÊ`iÃÌ>ʁ>Õ̜‡`iviÃ>‚]Ê>Ê
>ˆÝ>ÊvœˆÊ>œÊÊ
i˜Vœ˜ÌÀœÊ`œÃÊ>˜ÃiˆœÃÊ`œÊ«ÖLˆVœ]Ê«iµÕi˜œÊ>vœÀÀ>`œÀ]ÊiÊÀi܏ÛiÊVÀˆ>À]Êi“Ê œÛi“LÀœÊ`iÊ£™Ó{]ÊՓʘœÛœÊ
̈«œÊ`iÊ`i«ÃˆÌœ\ʜÊ`i«ÃˆÌœÊ>Ê«À>✰ÊÃÌiÊ`i«ÃˆÌœ]ʵÕiÊÀi˜`ˆ>ÊՓʍÕÀœÊ`iÊÇ]ί]ÊiÀ>ÊVœ˜Ã̈ÌՉ`œÊÊ
i˜ÌÀi}>˜`œ‡ÃiÊ>œÊ`i«œÃˆÌ>˜Ìi]Êi“ÊÌÀœV>]ÊՓỂÌՏœÊ>ʵÕiÊÃiÊ`iÕʜʘœ“iÊ`iʁVj`Տ>ʅˆ«œÌiV?Àˆ>‚°ÊÊ
"Ê`œVՓi˜Ìœ]ʁ`iÊ«iµÕi˜>ÃÊ`ˆ“i˜ÃªiÃ]ÊVœ“Ê̜`>ÃÊ>ÃÊVœ˜`ˆXªiÃÊ`iÊÃi}ÕÀ>˜X>ÊVœ˜ÌÀ>Ê>Êv>ÃˆwV>XKœÊÊ
iÊVœ“Ê>ëiV̜Ê>}À>`?Ûi‚]ÊiÀ>ÊՓ>ÊiëjVˆiÊ`iÊ«ÀœÛˆÃÀˆ>Ê>œÊ«œÀÌ>`œÀ°
"$BJYBÊÀiVœ˜…iVˆ>ʘœÊÃiÕÊÀi>̝ÀˆœÊiÊVœ˜Ì>ÃÊ`iÊ£™Ó{ʵÕiʜÊÀiVÕÀÜÊ>ÊiÃÌ>ʘœÛ>ÊvœÀ“>Ê`iÊV>«Ì>XKœÊ`iÊ
iVœ˜œ“ˆ>ÃÊv>ۜÀiVˆ>ʜÊi˜V>ˆÝiÊw˜>˜ViˆÀœÊ«>À>Ê«ÀœÛiÀÊDÃʘiViÃÈ`>`iÃÊ`iÊVÀj`ˆÌœÊDʈ˜`ÖÃÌÀˆ>ÊiÊ>}ÀˆVՏÌÕÀ>°
0JNQBDUPÊ`iÊ>`iÃKœÊ>ÊiÃÌ>ʓi`ˆ`>ÊvœˆÊÀiVœ˜…iVˆ`œÊ˜œÊ“iӜÊÀi>̝Àˆœ]ÊÌi˜`œ‡Ãi]Êi“ÊÃiÌiʓiÃiÃ]Êi“ˆÌˆ`œÊ
Ón{xʁVj`Տ>Â]ÊÀi«ÀiÃi˜Ì>˜`œÊՓÊV>«ˆÌ>Ê`iÊn{șÎnxÊiÃVÕ`œÃ°Ê"ÃÊ`i«ÃˆÌœÃÊ>Ê«À>âœ]ʵÕiÊÃÕÀ}ˆÀ>“Êi“Ê
Ìi“«œÃÊ`iÊVÀˆÃiÊiÊ`>ʘiViÃÈ`>`iÊ`iÊ«œÕ«>À]Ê̈ÛiÀ>“ÊÌ>Êˆ“«>V̜ÊiÊ>ViˆÌ>XKœÊµÕiÊ«iÀ`ÕÀ>“Ê>Ìjʅœi°Ê
õõ
$Y
+6-)0]4&5&.#30
(BCSJFMMF$PDP$IBOFM
JOUSPEV[OPNFSDBEP
EBNPEBBJEFJBEPWFTUJEP
QSFUPC»TJDP0NPEFMPEF
FOU½PÃVTBEPBJOEBOPT
EJBTEFIPKF
"6OJ½P1PSUVHVFTB
EF'VUFCPMEFVMVHBS
ºBDUVBM'FEFSBÁ½P
1PSUVHVFTBEF'VUFCPM
.PSSF"OUPOJ(BVEÇP
BSRVJUFDUPDVKPFTUJMPTF
DBSBDUFSJ[BWBQFMBMJCFSEBEF
EFGPSNBDPSFUFYUVSB
/BTDFVPIJTUPSJBEPS
FǡMÍTPGPGSBODÄT
.JDIFM'PVDBVMU
/P-B4DBMBEF.JM½P
FTUSFJBBÍQFSB
5VSBOEPUEF(JBDPNP1VDDJOJ