!"#$%&'#$%()*+$%,-'./*)0*%(12'3%4+*/#.5%

6+*7'8%9:;!&<<=:(%

>.?.+*#@%>+*A$%

%%

%

%

!"B*C.+%+++%%

-'D'/0*"%EF'%/.%"'%.+7G0*/%

%

!"?F0G*/?'8%;F+#'%H.I*/*%(./3J+'3%K?./*+%%

()*0.8%=%%%%%%()FB.85;5%

%

L).M*$%NG)G*2%O?*+P%QG++*))'*+%R*2S)'3%%

%

!

!

!

"#"$%&'()$&!!

!

"#$%!%&$'(')*%!+#!,+,-.%,%!%!(%#!/+0#'&%#!12+!(+#!)2#$%!%#2#$%0#+!

%(!-)2%(!%!(%#!/+0#'&%#!12+!12-+0+&!#%3+0!#'30+!(%#!(+4+&,%#!12+!

5%4!+&!#2!.-2,%,6!0+/23(-.%!4!$%73-8&!+&!+(!72&,'9!

"#$%!%&$'(')*%!.'&$-+&+!(%#!7+:'0+#!(+4+&,%#!!12+!$0%#!;%0-'#!

%<'#!5%&!-,'!+#$%&,'!/0+#+&$+#!+&!&2+#$0'!+&$'0&'6!+#$'!+#!

/'012+!&'#'$0'#!7-#7'#!(%#!5+7'#!5+.5'!=%7'#%#!$%(!;+>!

/'012+!.2%&,'!(%#!+#.2.5%7'#!&'#!%#2#$%6!&'#!)2#$%&!'!

#-7/(+7+&$+!/'0!-7%)-&%0&'#!('!12+!/%#'!5%.+!%<'#9!

!

!

!

!

!

!

!

!

*!

!

+)(,(-(!

!

!+4+&,%!/0';-+&+!,+(!(%$*&!(+)+&,%6!12+!#-)&-=-.%!?('!12+!,+3+!#+0!

'*,'@9!A0-)-&%(7+&$+6!+0%!2&%!&%00%.-B&!+#.0-$%!12+!+0%!(+*,%!+&!

/C3(-.'!+&!(%#!.+(+30%.-'&+#!,+!(%#!=+#$-;-,%,+#!,+!('#!#%&$'#9!

D+#,+!+(!#-)('!EFE6!(%!(+4+&,%!+#!.'&#-,+0%,%!.'7'!2&!#-&B&-7'!

,+!(%!((%7%,%!$0%,-.-B&!/'/2(%09!G&%!(+4+&,%!+#!2&!0+(%$'!,+!

5+.5'#!527%&'#!12+!#+!$0%&#7-$+!,+!)+&+0%.-B&!+&!)+&+0%.-B&!4!

12+!#+!/+0.-3+!$%&$'!/'0!+(!+7-#'0!.'7'!/'0!+(!0+.+/$'06!.'7'!

/%0$+!,+!(%!5-#$'0-%9!

H%4!;%0-'#!$-/'#!,+!(+4+&,%#I!+$-'(B)-.%#!12+!%.(%0%&!+(!'0-)+&!,+!

('#!+(+7+&$'#!-&5+0+&$+#!%!(%!&%$20%(+>%6!.'7'!('#!0*'#6!(%)'#!4!

7'&$%<%#6!!+4+&,%#!5-#$B0-.%#6!!+4+&,%#!7*$-.%#!4!!+4+&,%#!

0+(-)-'#%#9!

"&!+#$%!%&$'(')*%!#+!+#.')-+0'&!(+4+&,%#!/2+#$'!12+!%$0%+&!%!(%#!

/+0#'&%#!/'012+!(%#!/+0#'&%#!.2+&$%&!12+!=2+!'!+#!0+%(9!"&!

.2%(12-+0!/%0$+!,+!(%!0+/23(-.%!'!,+(!72&,'!#-+7/0+!;%!%!5%3+0!

2&%!(+4+&,%!12+!('#!-,+&$-=-.%!%/%0$+!,+!#2!.2($20%!4!$0%,-.-'&+#9!

!

!

!

!

"!

! $."$%#!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!+/01!!!

!"#$"%%&#'&#%"#()*&+#,&++"'"------------------../#

!"#$"%%&#'&%#0123#4&+'1'3--------------------.5#

6%#$"%%&*70#'&%#8&93----------------------.-:;#

$"%%&*70#'&%#()&+<3-----------------------.:/#

!"#$"41%%"#&0<&++"'"------------------.................:5#

!"#$"9"#'&%#<+)&03------------------------:=#

$30>&9170#'&#)0#()&+<3--------------------..??#

@"0<"9("#'&#%"#(30*"----------------------?A#

B9%"#'&#%"9#()2&C"9-----------------------..?D#

!&E&0'"#)+8"0"#'&#%"#+)(3+39"----------------.A;#

!"#!%3+30"----------------------------.A:#

!"9#F3(1"9#'&#G)"0"*)"<3-------------------A?#

!"#F)*&+#'&#0&H+3#&0#&%#4"0<&70#'&#I"0<"#J")%"..........................AA#

!"#F)*&+#'&%#8"++"0C3---------------------...AK#

!"#L12"#"<+34&%%"'"---------------------.-...A/#

!"#L12"#'&#%"9#1H%&91"9--------------------...-.AD#

!"#J%"0C,"'"--------------------------...K;#

!"#M)&("'"-...........................................................................................K?#

6%#I&23+#N)&#O1OP"#C30#)0"#8+)*"-------------.--.KK#

Q&++3+#&0#%"#C"++&<&+"--------------------..-K/#

!

!"#$"%%&#'&#%"#()*&+#,&++"'"#!

#$%!&$'!()$'!*+!,-./!(!,-0/1!2324(!+5!+'6(!738*(*!*+!9:;37$!<!+5!&(!7('(!5=>+%$!

"! *+! &(! 7(&&+! *+! &(! #8+%6(! ?(&'(! *+! @(56$! A$>35B$1! (C$%(! 5=>+%$! ,//1! 7(&&+!

(6%(2+'(*(!+56$57+'!*+!D%3+56+!(!#$53+56+!E$%!85(!(7+F83(1!2324(1!*3B$1!85!7&:%3B$!

+7&+'3G'637$H! >('! 5$! C$5+'6(! <! C$5%(*(>+56+! 7$>$! *3$'! >(5*(1! '35$! +5!

357$5635+573(!7$5!85(!>(&(!>8I+%!<!7$>$!'3!J8+%(!&+B463>(!+'E$'(K!L$!>8<! &+I$'!

*+!(&&4!E+%$!6(>E$7$!5$!>8<!7+%7(1!+5!&(!7(&&+!*+!&('!M+I('!*+!N(&2(5+%(1!O(I$'!*+!

&(!+;PQ532+%'3*(*1!C(O4(!85(!7('(!F8+!C$<!+'6G!%++*3J37(*(1!&(!78(&!(563B8(>+56+!

'+! &&(>R! S('(! *+&! #8I(2(56+1! E$%F8+! 6+54(! '$O%+! &(! E8+%6(! T+'78&E3*$! +5! &(!

7(56+%4(!85!E8I(2(56+!<!6+5(U('!7%8U(*('T1!F8+!*+74(5!'+%!T>+>$%3(T!*+&!'3B83+56+!

'$O%+5(68%(&! 7('$! C3'6R%37$! F8+! +&! 357%:*8&$! &+76$%! F83UG! 6+5*%G! '35! *8*(! E$%!

7$5'+I(! E$E8&(%K! V5! +'6(! 7('(! C(O36(O(! <! 6+54(! '8! O(57$! 85! (563B8$! C+%%(*$%1!

B%(5*+!(>3B$!*+&!7&:%3B$!(>(57+O(*$1!46+>!>G'1!7$>E(*%+!'8<$1!F83+5!+'6(O(!(&!

6(56$! *+! (F8+&&(! >(&(! 23*(1! <! 7$>$! J%+78+56(O(! &(! 7('(! <! 6+54(! 7$5! :&! >87C(!

7$5J3(5U(1! %+E+63*('! $7('3$5+'! +;C$%6R! (! '8! 7$>E(*%+! <! &+! *3$! 7$5'+I$'! '(5$'!

E(%(! F8+! (O(5*$5('+! &(! '+5*(! 6$%73*(! (! F8+! &+! C(O4(! 7$5*873*$! '8! 7+B8+*(*!

W(5$'! J8+%$5! &$'! 7$5'+I$'1! +'6:%3&+'! &('! +;C$%6(73$5+'! *+&! TO8+5! C+%%(*$%T! E(%(!

7$5! '8! T+%%(*$! 7$>E(*%+T! F8+! 78(5*$!+&! *+>$53$! 6$%5('+!+5! 6%(23+'$!X>$%1! &(!

(>3'6(*! +'! 3>E$6+56+! E(%(!

2+57+%! 6(5! '(6G537$! +5+>3B$K!

S3+%6(! 5$7C+! +5! F8+! +&! O8+5!

C+%%(*$%! +'6(O(! <(! *$%>3*$1!

$<R! &&(>(%! (! &(! E8+%6(! *+&!

6(&&+%! 7$5! B%(5*+'! <!

*+'7$>85(&+'! B$&E+'1! F8+! &+!

C373+%$5! *+'E+%6(%! <!

&+2(56(%'+!>G'!F8+!*+!E%3'(K!!

Y!

!

!

@(&3R!(!2+%!F83:5!+%(1!E+%+U$'$!E$%!&$!(2(5U(*$!*+!&(!C$%(H!E+%$!(!&(!2+U!(&(%>(*$!

E$%!6+>$%!*+!F8+!J8+'+5!&(*%$5+'1!<!'+!C(&&R!7$5!F8+!&$'!F8+!&&(>(O(5!+%(5!*$'!

5+B%$'! F8+! 7$5*874(5! 85(! >8&(! <! 85! %+7(*$! *+! '8! 7$>E(*%+! +&! 7&:%3B$1!

'8E&37G5*$&+!&+!C+%%('+!35>+*3(6(>+56+!&(!O+'63(1!E8+'!>8<!6+>E%(5$!6+54(!F8+!3%!

(&!@(568(%3$!*+!&(!W3%B+5!*+!Z8(*(&8E+K!M+7$5$73R!+5!+J+76$!&(!7(O(&B(*8%(!F8+!

'$&4(!8'(%!'8!7$>E(*%+1!<!(85F8+!*+!>(&! 6(&(56+!E$%!&(! 357$>$*3*(*!*+!&(!C$%(1!

(E%+'6R! &$'! 7C3'>+'! *+&! $J373$1! <! 7&(2R! 78(6%$! '+5*('! C+%%(*8%('! +5! &('! 78(6%$!

E(6('!*+&!(53>(&K!S$57&83*(!&(!6(%+(1!&$'!5+B%$'!'+!&&+2(%$5!&(!>8&(1!E+%$!*G5*$&+!

6(5!7%8+&+'!<!%+E+63*$'!B$&E+'1!F8+!+&!7%3'63(5$!C+%%(*$%!&+'!%+E%+5*3R!(B%3(>+56+!

'8!E$7$!7(%36(632$!E%$7+*+%K!!

98<!*+!>()(5(1!(&!*4(!'3B83+56+1!'+!E%+'+56R!+&!C+%%(*$%!+5!7('(!*+!'8!7$>E(*%+!

E(%(! 35J$%>(%'+! *+&! E$%! F8:! 3%4(! 6(5! 6+>E%(5$! (! Z8(*(&8E+1! 7$>$! &+! C(O4(5!

35J$%>(*$! &$'! 5+B%$'1! <! C(&&R! (&! 7&:%3B$! (=5! %+7$B3*$! +5! &(! 7(>(! (&! &(*$! *+! '8!

>(57+O(K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

P! [873*$'! +'6(>$'1! '+)$%! 7$>E(*%+! P! &+! *3I$! PH! *+'E+%6(%>+! 6(5! *+! 5$7C+! E(%(!

C+%%(%!85(!>8&(1!<!6$*(24(!63+5+!28+'6%(!>+%7+*!63%(56+'!&('!E3+%5('!*+O(I$!*+!&('!

'GO(5('1!\F8:!'87+*+!7$5!+&!23(I+]!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

P!L3!C+!>(5*(*$!C+%%(%!>3!>8&(1!53!E3+5'$!C(7+%!23(I+!(&B85$!P!%+E&37R!+&!(&8*3*$K!

!S&(%('!<!E%$56('!+;E&37(73$5+'!>+*3(%$5!+56%+!&$'!*$'!(>3B$'1!<!(&!J35!*+!78+56('!

7$52353+%$5!+5!F8+!(&B=5!6%(23+'$!C(O4(!F8+%3*$!7$%%+%!(F8+&!7C('7$!(&!O8+5$!*+&!

C+%%(*$%1!<!E(%(!7+&+O%(%!6$*(!&(!7C(5U(1!+&!7&:%3B$!7$>+5UR!(!*+'E+%6(%!(!&(!>8I+%!

S$5!F83+5!2324(!

!

!

!

!

-!

!

K!Q5(! <! *$'! 2+7+'! &(! &&(>R!E$%! '8! 5$>O%+1! <! &(!>8I+%! 5$! %+'E$5*3R1! 85(! <! *$'!

2+7+'!>$23R!'8!78+%E$1!<!+'6(O(! %4B3*$K!L$!'+!5$6(O(!+5!+&&(! %+'E3%(73R51!C(O4(!

>8+%6$K![$'!*$'!7$>E(*%+'!'+!7$56+>E&(%$5!>8*$'!*+!+'E(56$H!E+%$!'8!('$>O%$!

J8+!35>+5'$!78(5*$!23+%$5!C$%%$%3U(*$'1!F8+!+5!7(*(!85(!*+!&('!>(5$'!<!+5!7(*(!

85$!*+! &$'!E3+'!*+!(F8+&&(!*+'B%(73(*(1!'+!C(&&(O(5! &('!>3'>('!C+%%(*8%('!7$5!

&$'! >3'>$'! 7&(2$'1! F8+! C(O4(! E8+'6$! (! &(! >8&(! +&! O8+5! C+%%(*$%K! X>O$'! '+!

7$52+573+%$51!%+E8+'6$'!*+!'8!('$>O%$1!F8+!6$*$!(F8+&&$!+%(!+J+76$!*+!&(!A3235(!

^8'6373(1! <! F8+! &$'! 5+B%$'1! C(O4(5! '3*$! &$'! *+>$53$'! '(&3*$'! *+&! 35J3+%5$K!

_5>+*3(6(>+56+! (23'(%$5! (&! 78%(! *+! &(! #(%%$F83(! *+! @(56(! S(6(%35(1! A%K! AK!

?%(573'7$!X56$53$!D%63U1!<!(&!2$&2+%!7$5!:&!(!&(!7('(1!C(&&(%$5!+5!+&&(!&(!MK!#K!A$5!

^$':!W3*(&!<!(!85!%+&3B3$'$!7(%>+&36(1!F8+!6(>O3:5!C(O4(5!'3*$!&&(>(*$'1!<!>3%(5*$!

7$5!(6+573R5!(!&(!*3J856(!23+%$5!F8+!6+54(!85!J%+5$!+5!&(!O$7(!<!&('!'+)(&+'!*+!&$'!

B$&E+'! F8+! &+! *3+%$5! &$'! *+>$53$'! 78(5*$! &(! &&+2(%$5! (! C+%%(%! 7$5! ('E+76$! *+!

>8&(K!X56+!7('$!6(5!+'68E+5*$!<!E$%!(78+%*$!*+!&$'!6%+'!%+'E+6(O&+'!6+'63B$'1!'+!

%+'$&23R! C(7+%! 85! C$<$! +5! &(! >3'>(! 7('(! E(%(! +56+%%(%! (! &(! >8I+%1! <! 85(! 2+U!

+I+786(*(! &(! 35C8>(73R51! B8(%*(%! +&! >G'! E%$J85*$! '+7%+6$! +56%+! &$'! E%+'+56+'K!

S8+56(5! &('! 7%R537('! F8+! +'+! >3'>$! *4(1! 6+>O&(5*$! *+! >3+*$! <! E%$6+'6(5*$!

7(>O3(%!*+!23*(1!'(&3R!*+!&(!7('(!5=>+%$!"!*+!&(!7(&&+!*+!&(!E8+%6(!?(&'(!*+!@(56$!

A$>35B$1!+&!7&:%3B$!E%$6(B$53'6(!*+!+'6(!2+%4*37(!C3'6$%3(1!'35!F8+!5(*3+!*+'E8:'!

2$&23+%(!(! 6+5+%!5$6373(!*+!'8!E(%(*+%$K!`8+!+&! 78%(!*+!@(56(!S(6(%35(1! T(5*(O(!

>$23*$! (! +56%(%! +5! %+&3B3R51! <! 7$5! +'6+! 7('$1! (7(OR! *+! %+'$&2+%'+! <! +56%R! (! &(!

S$>E()4(!*+!^+'='1!*$5*+!2323R!C('6(! &(!+*(*!*+!0a!()$'1!<! J8+!>8<!+'63>(*$!

E$%!'8'!23%68*+'1!<!%+J+%4(!+'6+!7('$!7$5!('$>O%$TK!`8+!+&!#K!A$5!^$':!W3*(&!>8%3R!

+5! ,./b1! +5! +&!S$&+B3$! *+!@(5!#+*%$! <!@(5!#(O&$! *+!9:;37$1! (! &(! +*(*!*+! .b!

()$'1!*+'E8:'!*+!('$>O%(%!7$5!'8!+I+>E&(%!23*(1!<!*+!C(O+%!356%$*873*$!+&!78&6$!

*+! &(! W3%B+51! O(I$! &(! (*2$7(73R5! *+! &('! A$&$%+'1! +5! 6$*$! +&! %+35$! *+! &(! L8+2(!

V'E()(K!@$&$!7(&&(5!&('!23+I('!7%R537('!+&!J35!*+&!MK#K!7(%>+&36(1!6+'63B$!$78&(%!*+&!

'87+'$1!<!*+&!O8+5$!*+&!C+%%(*$%1!F8+!*3$'!6+5B(!+5!'8!'(56(!Z&$%3(K!

.!

!"#-"%%&#'&%#./01#2&+'/'1#!

!

V5%3F8+!*+!W+%$5(! &$B%R!B%(5!E%+'63B3$!<! J$%685(!7$>$!+'78&6$%!E$%! &('!$O%('!*+!

(%6+!%+(&3U(*('!+5!&(!7(6+*%(&!*+!c$&+*$1!+5!V'E()(K!S$>$!+%(!>87C(!'8!J(>(!J8+!

7$56%(6(*$! E$%! +&! 23%%+<! A$5! ?%(573'7$! d+%5G5*+U! *+! &(! S8+2(! E(%(! %+(&3U(%! +&!

(&6(%!*+!%+<+'!+5!&(!7(6+*%(&!*+!9:;37$K!c(>O3:5!+5!&(!58+2(!V'E()(!B(5R!C$5%(!

<!*35+%$H!W+%$5(!F8+!+5!'8!63+%%(!C(O4(!*+I(*$!+'E+%(5*$!(!85(!B8(E(!B(*36(5(1!

F83+5! 6$*$'! &$'! *4('! 3O(! (! 2+%! F8+! O(%7$'! &&+B(O(5K!!

@+! *3'E$54(! (! 2$&2+%! (! V'E()(! E(%(! +5&(U(%! '8! 23*(! 7$5! &(! >8I+%! F8+! (>(O(1!

78(5*$!C+!(F84!F8+!(!&(!24'E+%(!*+!'8!23(I+1!(!*(%!28+&6(!(!85(!+'F835(! 6%$E+UR!

7$5! 85(! *(>(! (! F83+5! '+! &+! 7(<R! +&! E()8+&$K! V&! I$2+5! W+%$5(! E$%! '8! 5(68%(&1!

7$%6+'4(! '+! (7+%7R! (! &+2(56(%&$! <! '+! &$! +56%+BR! (! &(! *$57+&&(1! &(! 78(&! '+! E8'$!

+57+5*3*(!7$>$!85(!(>(E$&(1!J3IR!'8'!$I$'!7('6()$'!+5!&$'!*+!W+%$5(!<!7$5!85(!

2$U!F8+!(!:'6+! &+!'$5R!7$>$!>='37(! &+!*3I$!7$5! 6$5$!'8(2+e! 4 Z%(73('!7(O(&&+%$K!

?8+%$5!'$&$!*$'!E(&(O%('1!E+%$!+'('!*$'!E(&(O%('1!(F8+&&(!>3%(*(!<!&(!O+&&+U(!*+!

&(!*(>(1!E%$*8I+%$5!+5!W+%$5(!>G'!+J+76$!*+&!F8+!E8*$!*+!E%$56$!7$>E%+5*+%K!

@+!F8+*R!E(%(*$!+5!&(!+'F835(!23+5*$!(&+I(%'+!(!&(!*$57+&&(!<!(F8+&!7(O(&&+%$!'+!

&$!%+E+64(!:&!>3'>$!85(!<!$6%(!2+UK!d('6(!+56$57+'!'+!(7$%*R!+&!$&23*(*3U$!(%63'6(!

*+! 6$*('! &('! 7$'('! F8+! &+!

J(&6(O(5! (%%+B&(%! E(%(! '8!

23(I+! *+&! *4(! '3B83+56+K! A+!

E%$56$! &+! E(%+73R! 85(! J(&6(!

3>E+%*$5(O&+! 5$!

*+'E+*3%'+! *+! 85! (>3B$! (&!

F8+! 5857(! &+! C(O4(! C+7C$!

+&! >+5$%! 7('$H! +&! 5$! *+I(%!

%+7$>+5*(*$! (! 85! B(636$!

F8+! 6+54(1! E(%(!!!

F8+! 5$! &+! C373+%(! J(&6(!

7$>3*(K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0!

[$!F8+!W+%$5(!F8+%4(!+%(!*3'78&E(%'+!<!7$5!>3&!E%+6+;6$'1!+&!7(>O3$!F8+!(7(O(%(!

*+!+;E+%3>+56(%!+5!'8!7$%(UR5H!F8+%4(!(!6$*(!7$'6(!*+>$%(%'+!<!*+I(%!+'E+%(5*$!

(! &(! B(*36(5(K! #%$56$! '+! 7$5$73+%$5! W+%$5(! <! V'6+&(! ?8+5'(&3*(1! F8+! 6(&! +%(! +&!

5$>O%+! *+! &(! *$57+&&(! F8+! 6(>O3:5! 682$! F8+!*+I(%! E&(56(*$!(! '8! E%$>+63*$1! 85!

23+I$!E&(6+%$! &&(>(*$!A$5!c%3'6G5!*+!W(&&(*+%+'K![(!B(*36(5(!'+!F8+*R!+'E+%(!<!

+'E+%(1!E+%$!W(&&(*+%+'1!&&+5$!*+!%(O3(1!*+!7+&$'!<!*+!*+'E+7C$1!I8%R!2+5B(%'+!+5!

&(!E%3>+%(!$E$%6853*(*K!#('R!85!()$1!V'6+&(!6+54(!85!C+%>$'$!53)$!<!6$*$!E(%+74(!

+'6(%!+5!E(U1!C('6(!F8+!85(!5$7C+!J%4(!*+&!>+'!*+!A373+>O%+!*+!,--Y!&&+BR!c%3'6G5!

*+!W(&&(*+%+'!'3B3&$'(>+56+!(! &(!7('(!*+!V'6+&(!<!+56%R!E$%! &(!O(%*(!*+!(6%G'!<!

E%+5*3R! J8+B$!(!85!E(I(%K!X&!>$>+56$!'+! &(5U(%$5!&&(>(%(*('!<!78(5*$!V'6+&(!<!

'8! +'E$'$!

*+'E+%6(*$'! (68%*3*$'1! '+! +57$56%(%$5! +5! >+*3$! *+! C8>$! <! &&(>('K! c$*$! J8+!

7$5J8'3R5!+5!&(!7('(1!&$'!7%3(*$'!7$%%4(5!*+!85!&(*$!(!$6%$1!*+'E(2$%3*$'!6%(6(5*$!

*+! '(&2(%! '8'! 23*('K!V'6+&(! 7(<R!*+'>(<(*(!+5! &(! C(O36(73R5! <! &$'! 2+735$'! F8+!

C(O4(5! (78*3*$1! (E(B(O(5! 6$*$! +&! J8+B$! <! '(&2(%$5! (! V'6+&(K! S8(5*$! +'6(! '+!

%+E8'$!<!<(!+5!&(!7(&&+!&3O%+!*+!&('!&&(>('1!%+J&+;3$5R!F8+!'+!C(&&(O(!'35!'8!+'E$'$!

<!'35!'8!C3I$1!&$'!*$'!'+%+'!>G'!(>(*$'!*+!'8!7$%(UR51!85(!(5B8'63(!35*+'7%3E63O&+!

'+! (E$*+%R! *+! +&&(! <! (%%$*3&&(*(! +5! +&! '8+&$! B%36(O(! &&(>(5*$! (! '8! >(%3*$K! X&!

>$>+56$! &&+BR! +&! +'E$'$1! E+%$! '35! +&! E+F8+)$1! +56$57+'! +&! *$&$%! *+! (>O$'! 5$!

682$! &4>36+1!V'6+&(! '+! (%%$IR! +56%+! &('! &&(>('!E(%(! +56%(%! E$%! '8! C3I$! (! &(! 7('(! <!

W+%$5(!'+! &$!3O(!(!3>E+*3%!78(5*$!'+!+'787CR!+&! &&(56$!*+!85!53)$!<!23+%$5!(!85!

C$>O%+! F8+! 6%(6(O(! *+! +'7$5*+%&$1! +56$57+'!

W+%$5(! <! $6%$'! '+! E%+73E36(%$5! '$O%+! :&!

F836G5*$&+! +&! 53)$! F8+! &&+2(O(! +5! O%(U$'K! V&!

53)$!+%(!+&!C3I$!*+!V'6+&(!<!+&!C$>O%+!2+5B(632$!

c%3'6G5K![(!B+56+!F8+!C(O4(!23'6$!&&$%(%!(!V'6+&(!

E$%!'8!C3I$!*+'*+!+56$57+'!'+!&&(>R!&(!7(&&+!V&!

L3)$!#+%*3*$K!

!

"!

!&3&4'"#'&%#$"%%&*54#'&%#6&71#!

@35!&8B(%!(!*8*('!Z8(5(I8(6$!+'!&(!738*(*!3*R5+(!E(%(!*+I(%!(6%G'!+&!(86$>R23&!

<!7(>35(%!E$%!'8'!E&(U8+&('!+'7$5*3*('1!'8'!>8'+$'!<!'8'!7(&&+I$5+'1!*$5*+!

C(7+5! '8! (E(%373R5! &('! +'68*3(5635('! F8+1! 7$>$!D%J+$! $! 7$>$! +&! J&(863'6(! *+!

d(>+&351!(6%(+5!(!85(!B%(5!7(563*(*!*+!E=O&37$1!+5!&(!64E37(!7(&&+I$5+(*(K!

[$! (56+%3$%1! 7&(%$! +'6G1! &$! E$*+>$'!+57$56%(%! +5! (&B85('! %+23'6('! *+! 68%3'>$1!

E+%$!\F8:!+'!Z8(5(I8(6$!E(%(!&$'!B8(5(I8(6+5'+']!#(%(!(&B85$'!+'!85!&8B(%!

>GB37$! &&+5$! *+! 6%(5F83&3*(*1! &3O+%6(*! <! 5(68%(&+U(1! *$5*+! 53)$'1! IR2+5+'! <!

(*8&6$'! E8+*+5! '(&3%! (! &('! 7(&&+'! (! %+7%+(%'+! '35! 6+>$%! 53! (5B8'63(! *+! 535B=5!

63E$K! Q5(! 7(573R5! 5$'! *37+! F8+! &(! 738*(*! '+! +578+56%(! +56%+! '3+%%('! <!

>$56()('1! O(I$! 85! 73+&$! (U8&K! #(%(! (&B83+5! +'! 63+%%(! *+! $E$%6853*(*+'K! Q5!

(>3B$!>+!7$>+56R!F8+!+'6(!738*(*!+'!85!C$<$1!78<(!J8+%U(!*+!B%(2+*(*!+'!*+!

6(&!B%(*$!F8+!5$! *+I(! '(&3%! (! &$'! B8(5(I8(6+5'+'! 7$5!E$'3O3&3*(*! *+! *+'6(7(%K!

D6%$! >+! *3I$! F8+! Z8(5(I8(6$! +'! 85(! 7('(! 23+I(! F8+! '3+>E%+! '+! *+O+! +'6(%!

(%%+B&(5*$KKK!A+'*+!>3!E856$!*+!23'6(1!Z8(5(I8(6$!+'!85(!738*(*!'(7(*(!*+!85!

78+56$! *+! C(*('! *$5*+! 5$! E('(!+&! 63+>E$K! V'! 85(! 7('(!>GB37(! %$*+(*(! *+!

'3+%%('!<!>$56()('1!O(I$!85!73+&$!(U8&1!<!78<$'!35F83&35$'!5$!E8+*+5!'(&3%!*+!+&&(!

E+%$! 232+5! 7$5! 6%(5F83&3*(*! <! '+! %+7%+(5! &3O%+>+56+K! A+J353632(>+56+! +'! 85(!

738*(*! 7$5! 85(! (%F836+768%(! *+! &$! >G'! +;6%()(1! &$! 78(&! '+! *+O+! (! F8+! +'6G!

7$5'6%83*(! '$O%+! 85(! 7()(*(K! #+%$! C(<! $6%(! %(UR5! *+! 45*$&+! '$73$! C3'6R%37$K!

S$>$! '+! '(O+1! &('! &+<+5*('! <! 6%(*373$5+'! >+*3+2(&+'! C(O&(O(5! *+! B%3J$'1!

B$%B$5+'1!(>(U$5('!<!$6%$'!'+%+'!J(56G'637$'1!('4!7$>$!*+!63+%%('!E(%(*3'3(7('!

F8+!7$56(O(5!7$5!(&3>+56$'!+;F83'36$'!<!*+'7$5$73*$'1!*+!738*(*+'!*+!$%$!<!

*+! +;6%()$'! '363$'! *$5*+! '+! +57$56%(O(! &(! J8+56+! *+! &(! +6+%5(! I82+568*K!

[+<+5*('!F8+!+56%(O(5!E$%! &$'!$4*$'!*+!(2+568%+%$'!<!+;E&$%(*$%+'!*+&!W3+I$!

985*$! <! &+'! *+'E+%6(O(5! '8! 3>(B35(73R5! <! '8! 7$*373(H! *+! +'6(! J$%>(! '+!

&(5U(%$5! (&! >(%1! +5! O8'7(! *+! +'('! 63+%%('1! (! '(O3+5*('! *+! F8+! C(O%4(5! F8+!

(6%(2+'(%!B%(5*+'!E+&3B%$'K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

,/!

9$632(*$'! ('4! E$%! &('! &+<+5*('! <! E$%! &(! 73+573(1! &$'! +8%$E+$'! (%%3O(%$5! (!

58+2$'!7$5635+56+'1!85$'!E(%(!7$5F83'6(%&$'!<!$6%$'!E(%(!35'6(8%(%!&(!Q6$E4(!*+!

c$>G'!9$%$K!A+!+'6(!>(5+%(!&&+B(%$5!(&!$%4J+%$!6+%%36$%3$!&&(>(*$!Z8(5(I8(6$K!

?8+! +5! ,Yab! 78(5*$! J%(<! @+O('63G5! *+! XE(%373$! 7$5'8>R! 85! 7(>35$! F8+!

7$>8537(O(!(!&(!738*(*!*+!9:;37$!7$5!f(7(6+7('H!&$'!(%%3+%$'1!(&!6%(5'36(%!E$%!

+'6+! 7(>35$1! +57$56%(%$5! +&! >35+%(&! (! J&$%! *+! 63+%%(1! &$! F8+! 6%(I$! 7$>$!

7$5'+78+573(! +&! +'6(O&+73>3+56$! *+! B%8E$'! >35+%$'1! F8+! +>E+U(%$5! (!

7$5'63683%! +&! E%3573E3$! *+! &(! 738*(*! *+! Z8(5(I8(6$K! [(! 738*(*! 5$! 682$! 85(!

E&(53J37(73R5! E%+23(1! '8'! +*3J373$'! J8+%$5! 7$5'6%83*$'! *+! (78+%*$! 7$5! &(!

8O37(73R5! *+! &('! >35('K! @+B8%(>+56+! E$%! +&&$! &$'! C(O36(56+'! *37+5! F8+! &$'!

73>3+56$'! *+!Z8(5(I8(6$! '$5!*+! $%$1! E+%$! '$<! *+&! E+5'(%! F8+!E(%6+! *+! +'$'!

73>3+56$'!'$5!'8'!&+<+5*('1!85(!*+!&('!78(&+'!C+>$'!*+!6%(6(%!(F84K!

X56+'!*+!7$56358(%!*3%:!F8+!&(!&+<+5*(!7$>$!(76$!78&68%(&!+'!85!>36$!C3'6R%37$1!

E+%$!5$!E$%F8+! 6+5B(!'+563*$!*+! 3&8'3R5!$! J(56('4(1!7$>$!>87C$'!E3+5'(5K!V&!

>36$!+'!(&B$!>G'1!(&B$!F8+!85+!<!5$'! %+78+%*(!+&!$%3B+5!*+&!>85*$1!58+'6%(!

%+&(73R5!7$5!&('!*32353*(*+'1!<!535B=5!C$>O%+!%+&3B3$'$!E8+*+!5+B(%!&(!2+%*(*!

F8+!+573+%%(5!+'('!5(%%(73$5+'1!<(!'+(5!+'7%36('!$!*+! 6%(*373R5!$%(&K!V'!+5!+&!

>36$!*$5*+!'+!+'6(O&+7+1!(!6%(2:'!*+!E(&(O%('1!(&+B$%4('!<!'4>O$&$'1!&(!%+(&3*(*!

6%('7+5*+56+1! *$5*+! '+!>8+'6%(5! &$'! 2(&$%+'! :637$'! <!>$%(&+'! *+! 85! E8+O&$K!

XC$%(!O3+51!+&!>36$!+'!85(!5(%%(73R5!'(7%(!*$5*+!'8'!E+%'$5(I+'!'$5!*3$'+'!$!

C:%$+'!7323&3U(*$%+'1!E+%$!&(!&+<+5*(!+'!+&!>36$!*+!&$!E%$J(5$!E$%F8+!+5!+&&(!+&!

5(%%(*$%! 63+5+! &(! &3O+%6(*! *+! +;E%+'(%! (7$56+73>3+56$'! E('3$5(&+'1! 7R>37$'1!

:E37$'1!+67:6+%(1!+5!&$'!78(&+'!'+!C(O&(!*+!E+%'$5('!<!&8B(%+'!+'E+73(&+'!F8+!

'+!%+78+%*(5!*+!B+5+%(73R5!+5!B+5+%(73R5K!V'(!+'!&(!%(UR5!E$%!&(!F8+!*3B$!F8+!

&(!&+<+5*(!+'!+&!>36$!*+! &(!C3'6$%3(1!E$%F8+!5$'!>8+'6%(! &('!E(86('!'$73(&+'!+!

C3'6R%37('! *+! 85! E8+O&$1! (85F8+! +5! $7('3$5+'! 6+5B(5! 85! 6356+! >GB37$! <!

J(56G'637$K!

!

!

,,!

[(! &+<+5*(!*+! &(!F8+!C+!*+!C(O&(%&+'!+'!85(!*+! &('!*+!>(<$%! 6%(*373R5H! 63+5+!

7$>$!+'7+5(%3$!85!7(&&+IR5!*+!'+'+56(!<!$7C$!7+564>+6%$'!*+!(57C$1! 6(>()$!

+;(76$! E(%(! E%$E$%73$5(%! 85(!C3'6$%3(! F8+!E+%*8%(! C('6(! 58+'6%$'! *4('! <! F8+!

5$'!5(%%(!85!+578+56%$!*+!+5(>$%(*$'!7$5!6%GB37$! J35K!V'6(!&+<+5*(!+'7$5*+!

E(%6+!*+&!2323%!<!*+&!'+563%!78&68%(&!*+!Z8(5(I8(6$1!<!2+%'(!('4e!

@+! 78+56(! F8+! *$)(! S(%>+5! +%(! C3I(! =537(! *+! 85! C$>O%+! 356%(5'3B+56+! <!

23$&+56$1! E+%$! 7$>$! '8+&+! '87+*+%1! +&! (>$%! 6%385J(! (! E+'(%! *+! 6$*$K! A$)(!

S(%>+5!+%(!7$%6+I(*(!E$%!*$5![83'1!85!E$O%+!>35+%$!*+!85!E8+O&$!7+%7(5$K!X&!

*+'78O%3%! '8! (>$%1! +&! E(*%+! *+! *$)(! S(%>+5! &(! +57+%%R! <! &(! (>+5(UR! 7$5!

356+%5(%&(!+5!85!7$52+56$H!'+B=5!'8!E(*%+1!+&&(!*+O4(!7('(%'+!+5!V'E()(!7$5!

85!23+I$!%37$!<!5$O&+1!7$5!&$!78(&!+&!E(*%+!(7%+7+56(%4(!7$5'3*+%(O&+>+56+!'8'!

%3F8+U('K!

[(! O+&&(! <! '8>3'(! 7%3(68%(! <! '8! *(>(! *+! 7$>E()4(1! N%4B3*(1! &&$%(%$5! +!

3>E&$%(%$5!I856('!<!%+'$&23+%$5!F8+!&(!*(>(!*+!7$>E()4(!&+!&&+2(%(!85(!>3'32(!

(!*$5![83'!7$5!&('!>(&('!5$6373('K!

X56+!+'+!C+7C$!*$5![83'!*+73*3R!3%'+!(!2323%!(!&(!7('(!J%$56+%(!

*+! &(!*+!'8!(>(*(1!F8+!(*F83%3R!(!E%+73$!*+!$%$K!V'6(!7('(!

6+54(! 85! O(&7R5!F8+!*(O(!(! 85! 7(&&+IR5! 6(5!(5B$'6$!F8+! '+!

E$*4(!6$7(%!7$5!&(!>(5$!&(!E(%+*!*+!+5J%+56+K!

Q5! *4(! '+! +57$56%(O(5! &$'! +5(>$%(*$'! E&(637(5*$! *+! O(&7R5! (! O(&7R51! <!

78(5*$!>G'! (O'6%(4*$'! +'6(O(51! *+&! J$5*$!*+! &(! E3+U(! '+! +'787C(%$5! J%('+'!

23$&+56('K!V%(!+&!E(*%+!*+!*$)(!S(%>+5!357%+E(5*$!(!N%4B3*(1!F83+5!'+!I8B(O(!

&(!>3'>(!23*(!E$%!3>E+*3%!F8+!+&!(>$!+56%(%(!(!&(!(&7$O(!*+!'8!'+)$%(K!#$%!J351!

+&!E(*%+!E8*$!356%$*873%'+1!<!7$5!85(!*(B(!F8+!&&+2(O(!+5!&(!>(5$!*3$!85!'$&$!

B$&E+1!7&(2G5*$&(!+5!+&!E+7C$!*+!'8!C3I(K!

!

!

,b!

!

A$)(! S(%>+5! <(74(! >8+%6(! >3+56%('! 85(! *+! '8'! >(5$'! '+B84(! '3+5*$!

E$'+'3R5!*+! &(!>(5$!*+!*$5![83'1!F83+5!(56+! &$! 35+236(O&+!'R&$!*+IR!85! 63+%5$!

O+'$!'$O%+!(F8+&&(!>(5$K!X!6%(2:'!*+!+'6(!&+<+5*(!E$*+>$'!*(%5$'!78+56(!*+!

F8+! +5! +&! '3B&$! gW_! <! gW__! 5$! '+! E$*4(! *(%! +&! 7('(>3+56$! *+! 73+%6('! 7&('+'!

'$73(&+'!7$5!$6%('!*+!35J+%3$%!7(6+B$%4(1!<!F8+! 6+5+%!85(!C3I(!'3B53J37(O(!E$*+%!

$O6+5+%!85!$%*+5!I+%G%F837$!>(<$%!*+56%$!*+!&(!+'7(&(!'$73(&K!c(>O3:5!2+>$'!

F8+!E$%! (F8+&&$'! 63+>E$'!5$! +;3'64(! 85(!*323'3R5! 6(5! 6(I(56+! +5! &(! *3'E$'373R5!

8%O(5(1! 7$5! +'6$! F83+%$! *+73%! F8+! &('! 7&('+'! '$73(&+'! 5$! '+! *3'635B84(5! E$%!

U$5('! C(O36(73$5(&+'1! '35$! +5! &$'! +'E(73$'! E=O&37$'K! [$'! (>$%+'! 6+5*4(5! (!

%+(&3U(%'+! (! +'7$5*3*('1! E8+'! &$'! E(*%+'! 5$! (7+E6(O(5! &(! %+&(73R5! '3! +&!

>87C(7C$!5$!&&+5(O(!&$'!%+F83'36$'!*+!(O$&+5B$!<!*+!%3F8+U(K!S(O+!(7&(%(%!F8+!

+'6(>$'!C(O&(5*$!6(&!2+U!*+!85(!7&('+!>+*3(!(&6(1!+56%+!&(!78(&!+5!78+'63R5!*+!

(>$%! '3+>E%+! +%(! 5+7+'(%3(! &(! E(%6373E(73R5! *+! 85(! 7C(E+%$5(! E(%(! %+73O3%!

7(%6('!(!+'7$5*3*('K!

X=5!+5! &(! :E$7(!+5! F8+!+;3'64(! +&! 7('35$! +5! &(! 738*(*!*+!Z8(5(I8(6$! +%(!*+!

>8<!>(&!B8'6$!F8+!'+!23+'+!(!85(!*$)(!S(%>+5!7$5!85!*$5![83'K!@3!&(!*(>(!

('3'64(! 7$5! '8'! E(*%+'! (&! 7('35$1! +&! 7(O(&&+%$! O8'7(O(! &(! J$%>(!*+! 356+%5(%'+!

7$5! &$'! >='37$'! (&! %+7356$! *+! I8+B$1! +5! +'$'!>$>+56$'! 7$5! '$&$! >3%(%! (! &(!

*(>(!O('6(O(1!<!*+'E8:'!*+!85(!+'7(E(*(!J8%632(!'+!7$&>(O(!+&!+'E4%368!*+!&$'!

+5(>$%(*$'K! V5! &(! (768(&3*(*! '+! C(! (7(O(*$! &(! J3+O%+! *+&! $%$! <! +&! E$O%+!

7$5232+1! I8+B(1! +'68*3(1! +56%+! $6%('! (76323*(*+'1! 7$5! +&! %37$K! d$<! 5$! +;3'6+5!

7&('+'!'$73(&+'! 6(5!>(%7(*('H!>87C$'!*+! &$'!C(O36(56+'!'+!7$5$7+5!*+'*+! &(!

35J(573(!<!E$*+>$'!2+%!7R>$!85!35*323*8$!7$5!&37+573(68%(!$!*$76$%(*$!E&(637(!

7$5! +&! O$&+%$1! '35! *3'63573$5+'! 53! %+2+%+573(! (&B85(K! [(! U$5(! 8%O(5(! '3B8+!

'3+5*$!3B8(&!F8+!(56()$1!&$!=537$!F8+!'+!>(563+5+!+'!+&!(E+&&3*$e!h:'6+!+'!+&!C3I$!

*+! J8&(536$i1! $! h68! E(*%+! +'! '86(536$iK! XC4! 6$*$'! 7$5$7+5! &('! C3'6$%3('!

35*323*8(&+'!*+!&$'!'8I+6$'1!(85F8+!'+(!*+!$4*('1!<!+56%+!&$'!C(O36(56+'!5$!C(<!

5(*(!F8+!+'7$5*+%K!`83+5!F83+%+!F8+!'8!C3I(!'+!7('+!7$5!85(!E+%'$5(!*+!2(&4(!!

,"!

+7$5R>37(1!&(!>(5*(!(!O8'7(%!E(%63*$!(![+R51!Z8(*(&(I(%(1!S38*(*!*+!9:;37$!

$!(&!+;6%(5I+%$K!!

X=5!+&!E(*%+!63+5+!*$>353$!'$O%+!+'6$'!('E+76$'!*+&!(>$%1!<!(56+'!*+!(7+E6(%!

85(!%+&(73R5!J$%>(&!+&!I$2+5!*+O+!'+%!E%+'+56(*$!(!&(!J(>3&3(!E(%(!(2+%3B8(%!'8'!

356+573$5+'1!<!*+'E8:'!+&!E(*%+!<! &(!>(*%+!O8'7(%G5!+56%+!'8'!7$5$73*$'! &('!

%+J+%+573('!*+&!>87C(7C$K![$!>G'!'+B8%$!+'!F8+!'3! &(! I$2+5!+578+56%(!+5!'8!

J8+%$!356+%5$!85!(>$%!356+5'$1!O8'7(%G!&(!>(5+%(!*+!+'7(O8&&3%'+!7$5!&(!(<8*(!

*+!'8'!7C(E+%$5('!(>3B('!<!6(&!2+U!C('6(!7$5!&(!*+!'8!>(*%+K![$'!+5(>$%(*$'!

O8'7(%G5!+&! &8B(%!+;(76$1!85!'363$!*+!E$7$! 6%G5'36$!E(%(!+'6(O&+7+%!'8!%+&(73R5!

'35!E+&3B%$!(&B85$K!#$O%+!*+!+'+!(>$%!'3!+&!E(*%+!'+!*(!78+56(!$!'+!+56+%(!*+!

+'('! '(&3*('1! E$%F8+!Z8(5(I8(6$! %+68>O(%G! 7$5!+&! B%36$! *+! hjXC1! E:%J3*(1! 7$5!

+'+! 5$ki! S$5! +'(! E+F8+)(! 356+%E%+6(73R5! E$*+>$'! *+73%! F8+! &(! &+<+5*(! *+&!

S(&&+IR5!*+&!N+'$!5$!5(*(!>G'!+'!C3'6R%37(1!'35$!6(>O3:5!C3'6R%37(1!'+!>(563+5+!

+5!+&!63+>E$!*+&!2323%!*+!&$'!B8(5(I8(6+5'+'K!@+!%+78+%*(!+'6(!&+<+5*(!E$%F8+!

%+J&+I(!*+!>(5+%(!'3>OR&37(!&(!23*(!(>$%$'(!*+!&$'!35F83&35$'!*+!+'(!7('(!23+I(K!

[(!&+<+5*(!'+!C(!7$52+%63*$!+5! 6%(*373R51!<!&$'! 68%3'6('1! &$!>3'>$!F8+!(&B85$'!

$%385*$'1!%368(&3U(5!+'+!+578+56%$!+5!+&!6+%7+%!+'7(&R5!*+&!7(&&+IR51!*$5*+!6$*$!

'+!'+&&(!7$5!85!O+'$1!+5!+&!&8B(%!35*37(*$!*+!*$'!7('('!F8+!'+!<+%B8+5!7$>$!'3!

+'6823+%(5! +56%+! *$'! 7$&8>5('1! 85(!

J+>+535(1! &(!$6%(!>('78&35(1!E(%(!+&+2(%!

*+! +'6(! J$%>(! (&! 73+&$! +'+! (>$%K! [(!

J$%>(!*+&!O+'$!+'! &$!*+!>+5$'1!+&!(>$%!

+'!&$!F8+!78+56(1!*+!>$*$!F8+!8'6+*!5$!

'+! ('8'6+! '3! 85! *4(! 23'36(! +'6(! 738*(*! <!

+'787C(!+&!B%36$!*+!hjXC1!E:%J3*(1!7$5!+'+!

5$kiH! (&! 7$56%(%3$1! (&:B%+'+! E$%F8+! +'6G!

+5! +&! >$>+56$! +;(76$! *+! &(!

%+>+>$%(73R5!*+!(F8+&!(>$%!+56%+!*$)(!

S(%>+5!<!*$5![83'K!

,a!

!"#$%""&'()#*&"#+,&-./!

S$%%4(! +&! ()$! *+! ,-//! <! (! &(! 7(E36(&! *+! &(!L8+2(! V'E()(! 7$56358(O(5! &&+B(5*$!

>+%7(*+%+'1!(2+568%+%$'!<!5$!E$7$'!J+&$5+'1!B+56+'!*+!%$>E+!<!%('B$!F8+!2+54(5!

(&! L8+2$! 985*$! 7$5! +&! J35! *+! +5%3F8+7+%'+! 7$>$! &$! C(O4(5! C+7C$! &$'!

7$5F83'6(*$%+'K! Q5$! *+! +'$'! C$>O%+'! F8+! &&+B(O(! (! &(! 7(E36(&! *+! &(! L8+2(!

V'E()(!7$5!+&!J35!*+!*+*37(%'+!(&!7$>+%73$1!J8+!*$5!c%3'6G5!*+!X&U=7+%!F8+!6+54(!

85!5+B$73$!*+!242+%+'!<!B:5+%$'!+5!&('! _'&('!?3&3E35('1!E+%$!<(!E$%! J(&6(!*+!O8+5!

5+B$73$!$!E$%!F8+%+%!(O%3%&+!O8+5!7(>35$!+5!&(!7(E36(&!(!'8!C3I$!*+&!>3'>$!5$>O%+1!

(%%3OR!73+%6$!*4(!*+!(F8:&!()$!(!&(!738*(*K!A+'E8:'!*+!%+7$%%+%!(&B85$'!O(%%3$'!*+!

&(! (563B8(! c+5$7C636&G5! *$5!c%3'6G5! *+! X&U=7+%! '+! J8+! (! %(*37(%! +5! 85(! 7('(! *+!

>+*3(54(! (&&G! E$%! +&! %8>O$! *+! c&(6+&$&7$! <! (&&4! >3'>$! 35'6(&R! '8! 7$>+%73$! F8+!

(6+5*4(! 7$5! &(! (<8*(! *+! '8! C3I$1! 85! %+73$! >$7+6R5! *+! O8+5! 6(&(56+! <! (&+B%+!

7(%G76+%K!c+54(!+'6+!*$5!c%3'6G5!*+!X&U=7+%!(!85!O8+5!(>3B$!<!7$5'+I+%$1!+5! &(!

E+%'$5(!*+!'8!3&8'6%4'3>(1!+&!X%U$O3'E$!*$5!?%(<!Z(%74(!*+!@(56(!9(%4(!9+5*$U(1!

F83+5!'$&4(!23'36(%&$!+5!'8!7$>+%73$!E(%(!7$52+%'(%!*+!&('!7$'('!*+![('!?3&3E35('!<!

&(!63+%%(!C3'E(5(1!E8+'!+%(5!5(73*$'!+5!+&!>3'>$!E8+O&$K!X&&4!E&(637(O(5!(&!'(O$%!*+!

85!O8+5!235$!<!*+!&$'!%+&(6$'!F8+!*+!&('!3'&('!*+&!#(74J37$!7$56(O(!+&!7$>+%73(56+K!

c$*$! 3O(!23+56$!+5!E$E(!+5!+&! 7$>+%73$!F8+!+&! 6(&!*$5!c%3'6G5!*+73*3R!(>E&3(%!<!

*(%&+!2(%3+*(*1!E(%(!&$!78(&!+523R!(!'8!I$2+5!C3I$!(!&(!W3&&(!M37(!*+!&(!W+%(!S%8U!<!(!

&('! 7$'6('!>(&'(5('! *+! &(! %+B3R5! *+!>G'! (&! @8%+'6+K!`83'$! &(!>(&(! '8+%6+! F8+!

+5J+%>(%(!c%3'6G5!7C37$!<!&&+B(%(!(!6(&!B%(*$!'8!+5J+%>+*(*!F8+!'+!6+>3R!E$%!'8!

23*(K!X'4!&$!*3I+%$5!&$'!>+5'(I+%$'!F8+!35J$%>(%$5!(!*$5!c%3'6G5!F8+!+%(!3>E$'3O&+!

6%('&(*(%!(&!+5J+%>$!+5!+&!+'6(*$!+5!F8+!'+!C(&&(O(!<!F8+!'+%4(!7$'(!*+!>+*3735('!

(*+78(*('!<!*+!85!>3&(B%$1!E(%(!F8+!+&! I$2+5!+5J+%>$!*+!'(&2(%(K!d+57C3*$!*+!

*$&$%!E$%!&(!+5J+%>+*(*!*+!'8!C3I$!<!6+>3+5*$!F8+!>8%3+'+1!*$5!c%3'6G5!*+!X&U=7+%!

'+!(%%$*3&&R!(56+!&(!3>(B+5!*+!&(!W3%B+5!<!E%$>+63R!3%!7(>35(5*$!C('6(!+&!'(568(%3$!

*+&!7+%%36$!'3!'8!C3I$!'+!(&323(O(!<!E$*4(!%+B%+'(%!(!'8!&(*$K!@+>(5('!>G'!6(%*+!+&!

>87C(7C$!+56%(O(!(!&(!7('(!*+!'8!E(*%+1!EG&3*$1!7$52(&+73+56+1!E+%$!232$!<!'8!!

,Y!

E(*%+!J+&3U!&$!+'6%+7CR!+56%+!'8'!O%(U$'K!W353+%$5!63+>E$'!*+!O$5(5U(1!+&!7$>+%73$!

7(>35(O(! 7$5! &(! (6+573R5! +'>+%(*(! *+! E(*%+! +! C3I$! <! 7$5! +'6$1! *$5! c%3'6G5! '+!

$&23*R!*+!'8!E%$>+'(1!(85F8+!*+!78(5*$!+5!78(5*$1!'$O%+!6$*$!E$%!&('!5$7C+'!+5!

F8+!7$56(O(!<!%+7$56(O(!'8'!B(5(573('1!85(!+'E+73+!*+!%+>$%*3>3+56$!&+!352(*4(!

+&! (&>(! (&! %+7$%*(%! &(! E%$>+'(! C+7C(! (! &(! W3%B+5K! X&! J35! 85! *4(! +52$&23R!

783*(*$'(>+56+!85!E(%!*+!O$6+&&('!*+!O8+5!235$!<!'+! J8+!(!23'36(%!(!'8!(>3B$!<!

7$5'+I+%$! +&! X%U$O3'E$! Z(%74(! *+! @(56(! 9(%4(! 9+5*$U(1! E(%(! C(O&(%&+! *+! '8'!

%+>$%*3>3+56$'1!*+!&(!J(&6(!*+!78>E&3>3+56$!(!&(!E%$>+'(!C+7C(!(!&(!W3%B+5!*+!&$!

F8+!'+%4(!7$52+53+56+!C(7+%1!<(!F8+!*+!6$*$'!>$*$'!&+!C(O4(!*(*$!&('!B%(73('!(!

&(!W3%B+5!%+U(5*$!E$%!+&!(&323$!*+!'8!2G'6(B$K!!

PN('6(%G! 7$5! +'$1! P*3I$! +&! E%+&(*$P1! '3! C(O:3'! %+U(*$! (! &(! W3%B+5! *G5*$&+! &('!

B%(73('1!E3+5'$!F8+!5$!C(<!5+7+'3*(*!*+!78>E&3%!&$!E%$>+63*$K!!

A$5!c%3'6G5!*+!X&U=7+%! '(&3R! *+! &(! 7('(!(%U$O3'E(&!>8<! 7$>E&(73*$1! 2$&23R!(! '8!

7('(1! (&! 6%(O(I$! <! (&! $&23*$! *+! (F8+&&(! E%$>+'(! *+! &(! 78(&! &$! C(O4(! %+&+2(*$! +&!

X%U$O3'E$K!9G'!C+!(F84!F8+!85!*4(1!(E+5('!(>(5+73*(!&(!>()(5(1!+&!X%U$O3'E$!

?%(<! Z(%74(! *+! @(56(5(! 9(%4(! 9+5*$U(! 3O(! E$%! &(! 7(&&+! *+! [(! 93'+%37$%*3(1!

78(5*$! '+! 6$ER! (! '8! 23+I$! (>3B$! *$5! c%3'6G5! *+! X&U=7+%1! F8+! EG&3*$1! $I+%$'$1!

7(*(2:%37$!<!7$5!85(! 6=537(!O&(57(!F8+! &$!+52$&24(1!7(>35(O(! %+U(5*$!7$5!85(!

2+&(! +57+5*3*(! +5! &(! >(5$! *+%+7C(1! >3+56%('! '8! +5J&(F8+73*(! '353+'6%(!

*+'7(5'(O(! '$O%+! '8! E+7C$K! V&! X%U$O3'E$! &+! %+7$5$73R! +5'+B83*(1! <! (85F8+!

+'6(O(!>G'!EG&3*$!<!*+&B(*$!F8+!&(!=&63>(!2+U!F8+!'+!C(O4(5!23'6$1!'+!(7+%7R!E(%(!

E%+B856(%&+K!!

P!X!*R5*+!2(3'!(!+'6('!C$%('1!(>3B$!c%3'6G5!X&U=7+%]!!

!!!!P!X!78>E&3%!7$5!&(!E%$>+'(!*+!3%!(!*(%&+!B%(73('!(!&(!W3%B+5P1!%+'E$5*3R!7$5!2$U!

7('7(*(1!C8+7(!<!6+5+O%$'(1!+&!7$>+%73(56+!&&+B(*$!*+!&('!?3&3E35('K!!

!

,-!

!!L$!*3I$!>G'!<!+&!E%+&(*$!&$!>3%R!+;6%()(*$!*+!E(B(%!&(!>(5*(1!(85!78(5*$!:&!&$!

C(O4(!%+&+2(*$!*+! 6(&!$O&3B(73R5K!V'(!5$7C+!+&!X%U$O3'E$!*+73*3R!3%!(!23'36(%!(!'8!

(>3B$1!E(%(!E+*3%&+!F8+!&+!+;E&37(%(!+&!>$632$!E$%!+&!78(&!C(O4(!*+73*3*$!3%!(!E(B(%!

&(!>(5*(!C('6(!+&!'(568(%3$!*+!&(!W3%B+5!+5!+&!&+I(5$!7+%%36$!<!&$!+57$56%R!6+5*3*$1!

>8+%6$1!(7$'6(*$!+56%+!78(6%$!73%3$'1!>3+56%('!'8!I$2+5!C3I$!c%3'6G5!&&$%(O(!(56+!+&!

7(*G2+%!7$5!B%(5!E+5(K!S$5!>87C$!('$>O%$!+&!E%+&(*$!23$!F8+!+&!'8*(%3$!7$5!F8+!

C(O4(5!+528+&6$!(&!>8+%6$1!+%(!3*:5637$!

(&!F8+!&+!23+%(!2+'63%!+'(!>()(5(!<!F8+!

&(!2+&(!F8+!'$'6+54(5!'8'!(B(%%$6(*$'!

*+*$'1!6(>O3:5!+%(!&(!>3'>(K!!

P93! E(*%+! >8%3R! (&! (>(5+7+%! P*3I$! +&!

C3I$! +56%+! &&$%$'! <! B+>3*$'! *$&$%$'$'P1!

E+%$!(56+'!*3I$!F8+!*+O4(!E(B(%!5$!':!

F8:!E%$>+'(!(!&(!W3%B+5K!!

V'6$!(7(OR!*+!7$>E%$O(%!(&!X%U$O3'E$1!

F8+!*$5!c%3'6G5!X&U=7+%!+'6(O(!>8+%6$!

<(!78(5*$!*3I$!C(O+%&$!+57$56%(*$!E$%!

&(!7(&&+!*+!&(!93'+%37$%*3(K!V5!+&!G53>$!*+&!E%+&(*$!'+!E%+5*3R!&(!*8*(1!&(!78&E(!*+!

F8+!(F8+&&(!(&>(!C8O3+'+!28+&6$!(&!>85*$!E(%(!E(B(%!85(!E%$>+'(!F8+!:&!&+!C(O4(!

*37C$!F8+!5$!+%(!5+7+'(%3$!78>E&3%K!!

#('(%$5!&$'!()$'KKK!

c%3'6G5!+&!C3I$!*+!(F8+&!>8+%6$!&&+B(*$!*+!&('!?3&3E35('!'+!7('R!<!'+!>(%7CR!*+!&(!

L8+2(!V'E()(!C(73(! &(!L8+2(!Z(&373(K!#+%$!+&!(&>(!*+!'8!E(*%+!7$56358R!C('6(!

6+%>35(*$!+&!'3B&$1!*+(>O8&(5*$!7$5!85(!2+&(!+57+5*3*(1!78O3+%6$!7$5!+&!'8*(%3$!

(>(%3&&+56$!<!7(%7$>3*$K!A+'*+!(F8:&!+56$57+'1!+&!28&B$!&&(>R!(!&(!7(&&+I(!*+!+'6(!

C3'6$%3(1! V&! S(&&+IR5! *+&! 98+%6$1! +'! &(! >3'>(! F8+! (5*(5*$! +&! 63+>E$! J8+%(!

O(863U(*(!7$>$!7(&&+!M+E=O&37(!A$>3537(5(K!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!,.!

!

!"#$"8/%%"#&49&++"'"#!

!!V'6$!'87+*3R!C(7+!>87C$'!(5$'!78(5*$!+5!Z8(5(I8(6$!+5!85!7+%%$!C(O4(!85(!

7(E3&&(K!

S8+56(5! F8+! +5! +'(! 7(E3&&(! C(O4(! >$5I('! <! &(! B+56+! '8O4(! (! >3'(! 6$*$'! &$'!

*$>35B$'!E+%$!+5!85!6+>O&$%!F8+!C8O$!&(!7(E3&&(!'+!C85*3R!7$5!6$*('!&('!>$5I('!<!

&(!B+56+!+'6(O(!'$%E%+5*3*(!<!('8'6(*(!!<!('4!E('$!+&!63+>E$!<!*37+!F8+!(!C(O3*$!

B+56+! F8+! C(5! F8+%3*$! +'7(2(%! E(%(!&&+B(%! (! +&&(! E$%F8+! &(! 7(E3&&(! 78(5*$! '+!

C85*3R! '+! J8+! 7$5! O('6(56+! $%$! E+%$! &$'! F8+! C(5! F8+%3*$! +'7(2(%! '+&+'! (!

*+%%8>O(*$!+&!C$<$!<!(&B85$'!C(5!>8+%6$!+56+%%(*$'!E+%$!&$!78%3$'$!+'!F8+!6$*$'!

&$'!()$'!78(5*$!'+!&&+B(!&(!J+7C(!+5!F8+!'+!C85*3R!'+!$<+5!&('!7(>E(5(*('K!

!

!!

!

!!

!

!

!!

!

!

!!

!!

!!

!,0!

!!

!"#-"7"#'&%#:+)&41#!

!@3B8+5! *373+5*$! &('! 23+I('! 7%R537('! F8+! '+! C(5! 7$52+%63*$! +5! ('$>O%$'('!

&+<+5*('1! F8+! +'$'! 23+I$'! '(7+%*$6+'! C(74(5! '$5(%! +&! B%(5! 6(>O$%! *+&! 6%8+5$! <!

(%%('6%(O(5! 78+%$'! '+7$'! *+! &$'! (53>(&+'! E$%! 6$*$! +&! G>O36$! *+! &(! 7(2+%5(! <!

&(5U(O(5! J&+7C('! +57+5*3*('! (&! 73+&$K! l! E$7$! *+'E8:'! (6%$5(O(5! +&! +'E(73$!

J8%3$'$'! 6%8+5$'! <! &$'! %+&G>E(B$'! 7+B(O(5! (! &$'! (53>(&+'! *+! &(! '+&2(! <! (! &('!

+'E+73+'!(78G637('!F8+!>$%(O(5!+5!&$'!%4$'K!!

![&$24(! (! 6$%%+56+'! <! &(! 6+>E+'6(*! %8B4(! '$O%+! &(! 78+2(! *8%(56+! >87C$'! *4('! <!

>87C('! 5$7C+'! <! C(O4(! 2+7+'! +5! F8+! &$'! %4$'!d8363U3&(7! <! +&! *+! &('!>(%3E$'('1!

#(E(&$(E(51! '+! *+'O$%*(O(5! 78O%3+5*$! *+! (B8(! <! &3>$! &('! %3O+%('! <! 7(8'(5*$!

35>+5'$'!*+'('6%+'K!l!78(56$!>('!(%%('6%(O(5!&$'!78+%$'!>(<$%!+%(!+&!%83*$!F8+!

E%$*874(5! &$'! 6$%%+56+'! <! 78(56$! >G'! '+! B$&E+(O(! +&! B%(5! 6(>O$%! 7+%+>$53(&1!

>(<$%! +%(! +&! %83*$! *+! &$'! 6%8+5$'! 78(56$! >G'! %+&G>E(B$'! '3B53J37(O(! >(<$%!

5=>+%$!*+!J&+7C('!357+5*3(%3('K!!

#('(%$5!&$'!'3B&$'KKK!!

!l! 85! *4(! (%%3O(%$5! (&! &8B(%! B%8E$'! *+! B+56+'! (6(23(*('! *+! 85! >$*$! '35B8&(%1!

6%(<+5*$! 7$5'3B$! $6%('!

7$'68>O%+'1!<!$6%('!&+<+'!<!$6%('!

%+&3B3$5+'K! @+! *+74(5! 2+53*$'! *+!

$6%('! 63+%%('! (&&+5*+! +&! B%(5! >(%!

*+!68%F8+'('!mZ$&J$!*+!9:;37$n!<!

6(56$! C$>O%+'1! 7$>$! >8I+%+'! <!

53)$';! 6+54(5! &(! 7(%(76+%4'637(! *+!

+'6(%! '3+>E%+! '$5%3+5*$! 7$>$! '3!

J8+%(5!&$'!'+%+'!>G'!J+&37+'!*+!&(!

63+%%(! <! 6(&! 2+U! +'(! (&+B%4(! '+!

*+O4(!(!F8+!*+'E8:'!! !

,o!

!

*+!C(O+%!'8J%3*$!>3&!E+58%3('!+5!&('!(B8('!O$%%('7$'('!*+!85!>(%!+5!7$528&'3R5!

C(O4(5! E$%! J35! &&+B(*$! (! &('! 7$'6('! 6%$E37(&+'1! *$5*+! C(O4(! *+! 6$*$1! ('4! J%86$'!

7$>$! (53>(&+'! *+! 7(U(1! (B8(! <! 7&3>(! C+%>$'$K!!

!!!

@+! ('+56(%$5! +5! +'+! &8B(%! (&! F8+! *3+%$5! E$%! 5$>O%+1! +5! '8! &+5B8(! c$6$5(7(! <!

+&&$'!>3'>$'!'+!*3I+%$5!6$6$5(7$'K!!

#+%$! &$'!'(7+%*$6+'1! &$'!'3+6+!'(7+%*$6+'!*+! &(!7(2+%5(!*+&! 6%8+5$!5$!+'6823+%$5!

7$5J$%>+'! 7$5! (F8+&&(! 352('3R5! *+! &$'! +;6%(5I+%$'! F8+! 6%(4(5! 7$5'3B$! 85(! B%(5!

78&68%(!<!'+!J8+%$5!(!&(!78+2(!

X!E%$*873%!6%8+5$'1!%+&G>E(B$'1!%(<$'!<!&&823('!<!!6$%%+573(&+'!(B8(7+%$'!7$5!+&!J35!

*+! (>+5*%(56(%&$'K! !V5! &$'! (563B8$'! %+B3'6%$'! F8+! &$'! >3&+53$'! C(5! O$%%(*$1! '+!

*37+!F8+!&&$23R!>87C$!<!*8%(56+!2(%3$'!*4('!<!'8'!5$7C+'1!C('6(!F8+!(&B83+5!'+!*3$!

78+56(! *+! F8+!+'('! 6+>E+'6(*+'! &('! E%$2$7(O(5! &$'! '3+6+! C+7C37+%$'1! &$'! '3+6+!

'(7+%*$6+'! *+! &(! 7(2+%5(!*+! &$'! 6%8+5$'K!L$! '3+5*$!"(/<17!*+! &(! 23$&+573(1! &('!

6$6$5(7('!&$'!+>O(%7(%$5!+5!85!E+F8+)$!O(I+&!<!*$6G5*$&+'!*+!E%$23'3$5+'!<!(B8(!

&$'! &(5U(%$5!(&!>(%!*+! &('! 68%F8+'('!+5!*$5*+!'+!E+%*3+%$5!E(%(!'3+>E%+K!#+%$!

(C$%(!+%(!E%+73'$!*$>35(%!(!+'$'!*3$'+'!*+&!6%8+5$!<!*+!&('!&&823('!E(%(!+236(%!+&!

*+'('6%+! *+&! E8+O&$! 6$6$5(7(! %+73:5! ('+56(*$! <! E(%(! +&! +J+76$! '+! %+853+%$5! &$'!

'(O3$'!<!&$'!'(7+%*$6+'!<!B+56+'!E%3573E(&+'!<!*+73*3+%$5!F8+!5(*(!E$*%4(!C(7+%'+!

7$56%(!+'('!J8+%U('!F8+!C$<!&&(>(>$'!'+573&&(>+56+!5(68%(&+'!<!F8+!'+%4(!>+I$%!

%+5*3%&+'!78&6$!<!E&+36+'4(1!(*$%(%!(!+'$'!!

!A3$'+'!<!%$B(%&+'! J8+%(5!>(B5G53>$'!7$5!+'+!E8+O&$!F8+!(7(O(O(!*+!+'7(E(%!

*+!85!>$5'6%8$'$!*+'('6%+K!!l!+5!+'+!>3'>$!&8B(%!+5!*$5*+!C(O4(!+&!6+>E&$!<!&(!

7(2+%5(!<!'+!+I+%74(!+&!78&6$!(&!A3$'!*+&!6%8+5$1!&('!6$6$5(7('!8!C$>O%+'!'$5%3+56+'!

&+2(56(%$5! +&! ('$>O%$'$! 6+>E&$! *+&! c(I451! F8+!+5! '8! E%$E3(! &+5B8(!F83+%+! *+73%!

&8B(%!*+!&('!6+>E+'6(*+'K!l!5$!'R&$!'+!%35*3R!78&6$!(&!A3$'!*+&!c%8+5$!'35$!F8+!'+!

&+! 3>E&$%R! *8%(56+! "-Y! *4('1! 7$>$! 5=>+%$! *+! 537C$'! 63+5+! +'6+! E('>$'$!

>$58>+56$!352$7(5*$!+&!O8+5!63+>E$!+5!73+%6(!:E$7(!*+&!()$!<!&(!&&823(1!78(5*$!

+'! >+5+'6+%! J+%63&3U(%! &('! '+>+56+%('K! d$<! '+! &+2(56(! +'6+! >(%(23&&$'$! 6+>E&$!

7$5$73*$! +5! 6$*$! +&! >85*$! 7$>$! E3%G>3*+! $! 6+>E&R! *+! V&! c(I45! +5! *$5*+!

78%3$'(>+56+! E(%+7+5! B+5+%(%'+! &('! 6+>E+'6(*+'! <! &$'! 6%8+5$'! <! &('! &&823('!

6$%%+573(&+'K!!X'4!5(73R!&(!E3%G>3*+!*+!V&!c(I451!&+2(56(*(!7$5!2+5+%(73R5!<!%+'E+6$!

(&!A3$'!*+&!c%8+5$1!(*$%(*$!E$%!(F8+&&('!B+56+'!F8+!2323+%$5!>87C$!(56+'!*+! &(!

&&+B(*(!*+!&$'!+;6%(5I+%$'1!>87C$!(56+'!*+!&(!&&+B(*(!*+!&$'!6$6$5(7('1!78(5*$!+&!

>85*$! E(%+74(! 7$>+5U(%! (! +;3'63%K!

!

!

!

!

!

!

!

!

!

!

!

!

!

*2!

[X!SDL?V@_DL!AV!QL!9QVMcD!

!

@+!*37+!F8+!85(!5$7C+!(!E%3573E3$'!*+&!'3B&$!gW__!+&!XO(*!*+!&(!(563B8(!N('4&37(!*+!

Z8(*(&8E+! 23$! F8+! +56%(O(! 85! C$>O%+! *+! +&+B(56+! (E(%3+573(! F8+! &+! '$&3736R! &(!

7$5J+'3R51! E$%! &$! F8+! +&! XO(*! E3*3R! (! 85$'! J(>3&3(%+'! F8+! &$! +'E+%(O(5! 85$'!

>3586$'K! A+'E8:'! *+! 85! %(6$1! +&! XO(*! '(&3R! 7$5! +&! %$'6%$! EG&3*$1! <! 7+%%R! &('!

E8+%6('1!E$%!&$!F8+!'8'!J(>3&3(%+'!'+!+;6%()(%$5!<!&+!E%+B856(%$5!E$%!F8:!7+%%(O(!

'3! +&! C$>O%+! +&+B(56+! (=5! 5$! C(O4(! '(&3*$1! '35! +>O(%B$1! +&! XO(*! '+! 5+BR! (!

7$56+'6(%!<!&$'!(E%+'8%R!(!*+I(%!+&!&8B(%K!l(!+5!7('(#*+!&$'!J(>3&3(%+'1!85$!*+!'8'!

'$O%35$'!&+!E%+B856R!(&!XO(*!F8:!&+!C(O4(!E('(*$1!'35!+>O(%B$1!+&!XO(*!&&+2R!'8!

>(5$! *+%+7C(! C(73(! '8! $4*$1! C(73+5*$! 5$6(%! F8+! '+! &+! *3J378&6(O(! +'787C(%K!

A+'E8:'! *+! F8+! +&! '$O%35$! &+! C373+%(! 58+2(>+56+! &(! E%+B856(1! +&! XO(*! &+!

%+'E$5*3R! F8+! +&! C$>O%+! F8+! C(O4(! +56%(*$! (! &(! N('4&37(! C$%('! (56+'! +%(! 85!

>8+%6$! F8+! C(O4(! 2+53*$! *+! 8&6%(68>O(! E(%(! 7$5J+'(%'+1! <! F8+! *+'E8:'! *+!

+'787C(%!&(!7$5J+'3R5!C(O4(!6+53*$!*3J378&6(*!E(%(!+'787C(%!E$%!+&!$4*$!*+%+7C$K!V&!

XO(*!5857(!E8*$!7$56(%!&$!F8+!&+!C(O4(!*37C$!+&!>3'6+%3$'$!E+%'$5(I+1!B8(%*(5*$!

+&!'+7%+6$!*+!7$5J+'3R51!F8+*(5*$!&(!*8*(!E(%(!'3+>E%+K!!

!

!!

!

!!

!

!

**!

?XLcX@9X!AV![X!9DL^X!

A8%(56+!>87C$'!()$'!<!'+B=5!7$5'6(!+5!&('!(76('!*+&!>8<!(563B8$!7$52+56$!*+!&(!

S$57+E73R51! F8+!C$<! '+! &$7(&3U(%4(! +5! &(! +'F835(! *+!@(56(!9(%4(! &(!M+*$5*(! <!

N+&3'(%3$!A$>45B8+U1!&('!>$5I('!+57&(8'6%(*('!+5!6(5!&RO%+B(!35'636873R51!2353+%$5!

'8J%3+5*$! &(! E%+'+573(! *+! 85(! O&(57(! <! +'E(56(O&+! J3B8%(! F8+! +5! '8! CGO36$! *+!

>$5I(!*+!+'(!$%*+51!2+4(5!7$&B(*(!*+!85$!*+!&$'!(%O$&36$'!*+!*8%(U5$!F8+!+5!+'+!

+56$57+'!+;3'64(5K!S(*(!2+U!F8+!(&B85(!*+!&('!5$2373('!$!E%$J+'('!6+54(5!F8+!'(&3%!

(!(&B85(!>3'3R5!5$768%5(!<!7%8U(O(5!+&!E(63$!<!I(%*35+'!*+!&('!7+&*('!356+%3$%+'1!5$!

%+'3'64(5! &(! 6+56(73R5! *+!>3%(%'+! +5! &('! 7%3'6(&35('! (B8('!*+! &(! J8+56+! F8+!+5! +&!

7+56%$!C(O4(!<!+56$57+'!$78%%4(!(F8+&&$K!c%('!+&&('1!O(&(57+G5*$'+!(&!'$E&$!&3B+%$!

*+!&(!O%3'(!5$768%5(&1!2+4(5!(!(F8+&&(!5$2373(!E+5*3+56+!*+!85(!'$B(1!7$5!'8'!$I$'!

'(&3*$'!*+!&('!R%O36('!<!7$5!'8!&+5B8(!7$>$!85!E(&>$!J8+%(!*+!&$'!&(O3$'!%+6$%73*$'!

<!%+'+7$'H!'8'!>(5$'!I856('!<!'8'!E3+'!7$5!&('!E856('!*+!&('!7C35+&('!(E856(5*$!

C(73(!(O(I$K!

![('!>$5I('! C84(5! *+'E(2$%3*('! 7&(>(5*$! (!A3$'! <! (! &('! '8E+%3$%('1! <! 78(5*$!

&&+B(O(!<(!&(!(O(*+'(!$!&(!>(*%+!6$%5+%(!F8+!+%(!&(!>G'!23+I(!<!&(!>G'!$'(*(1!<(!

(F8+&&(!C$%%3O&+!23'3R5!'+!C(O4(!+'J8>(*$K!

!X'41! 5$7C+! (! 5$7C+! <! >$5I(! 6%('! >$5I(1! +&!

J(56('>(!*+! &(! 5$2373(! 7$&B(5*$!*+&!*8%(U5$! J8+!

>$632$! *+! +'E(56$! *8%(56+! >87C$'! ()$'! <! *+!

5(*(!2(&3+%$5!%+U$'!53!>3'('!53!*8%('!E+536+573('!

53!B$&E+'!*+!73&373$!E(%(!F8+!&(!23'3R5!>(7(O%(!'+!

(&+I(%(!*+!&(!'(56(!7('(1!&&+B(5*$!(!*+73%!+5!+'+!

+56$57+'! +5! F8+! (=5! 5$! '+! C(O&(O(! 53! '+!

+'68*3(O(5!+'6('! 7$'('1! F8+! 6$*$!+%(! 85(! 23'3R5!

7$&+7632(1!85!7('$! 64E37$!*+!C3'6+%3'>$!E%$2$7(*$!

E$%!+&!$O&3B(*$!+573+%%$!*+!&('!%+&3B3$'('K!

!*3!

9G'! 85(! 7%8+&! 2+%*(*! '+! $78&6(O(! +5! &(! J(56('>(&! (E(%373R5! *+! (F8+&&(! >$5I(!

(C$%7(*(1!7$&B(*(!*+&!*8%(U5$!<!'+!%+>$56(O(!(!>87C$'!()$'!(56+'1!E8+'!*+O+!

6+5+%'+! +5! 78+56(! F8+! +&! S$52+56$! *+! &(! S$57+E73R5! J8+! +&! E%3>+%$! +5! '+%!

7$5'6%83*$! +5! &(! S(E36(&! *+! &(! L8+2(! V'E()(1! m(E+5('! bb! ()$'! *+'E8:'! *+!

7$5'8>(*(!&(!S$5F83'6(!<!5$!*+O+!7$5J85*3%'+!7$52+56$!*+!>$5I('P>8I+%+'!7$5!

>$5('6+%3$!*+!>$5I+'PC$>O%+'n1!<!E$%!&$!6(56$!+&!E%3>+%$!+5!%+73O3%!7$>$!5$2373('!

(! C3I('1! J(>3&3(%+'! <! 7$5$73*('!*+! &$'! 7$5F83'6(*$%+'!+'E()$&+'K!W324(5! E8+'! +5!

+'+!+56$57+'!+5!&(!+'F835(!F8+!C$<!'+%4(5!&('!7(&&+'!*+!X%B+5635(!<!Z8(6+>(&(1!

E%+73'(>+56+! +5! *$5*+! '+! 8O37(O(! >87C$'! ()$'! *+'E8:'! 85(! 7(5635(1! &$'!

C+%>(5$'!p23&(1!F8+!+%(5!Z3&1!X&J$5'$!<!*$)(!9(%4(!(!&(!F8+!E$%!$'78%$'!>$632$'!

'+! 35'7%3O3R! +5! &(! C3'6$%3(! 7$>$! *$)(! 9(%4(! *+! X&2(%(*$K! #8+'! O3+5! +'6(! *$)(!

9(%4(!F8+!+%(!O$536(!<!*+!B%(5!E%+'6(573(1!'+!+5(>$%R!*+!85!6(&!X%%863(1!>+'63U$!

*+!C8>3&*+!785(!<!*+!3573+%6$!$%3B+51!F83+5!23+5*$!+&!E%$J85*$!+5(>$%(>3+56$!F8+!

C(O4(!E%$2$7(*$!+5!*$)(!9(%4(!6%(6R!*+!7$52+%63%&(!+5!'8!+'E$'(!E(%(!('4!B(5(%!

>8I+%1!J$%685(!<!&35(I+K!

!X!6(&+'!(>$%4$'!'+!$E8'3+%$5!&$'!C+%>(5$'!p23&(1!'$O%+!6$*$!+&!&&(>(*$!X&$5'$!*+!

X23&(1!F83+5!&&(>(5*$!85(!6(%*+!(&!3%%+'E+68$'$!<!(&6(5+%$!>+'63U$1!&+!E%$C3O3R!F8+!

(5*823+'+!+5!(>$%4$'!7$5!'8!C+%>(5(K!

!PL(*(! E$*:3'! C(7+%! '3! +&&(! >+! (>(! P*3I$! 74537(>+56+! +&! 6(&! X%%863(P1! E8+'! +&!

7$%(UR5!*+!28+'6%(!C+%>(5(!C(! 63+>E$!+'!>4$H!E$*:3'!$E$5+%$'!78(56$!F8+%G3'1!

F8+!5(*(!&$B%(%:3'K!

!9$&+'6$!*$5!X&$5'$!*+!p23&(!'+! J8+!(!'8!7('(!*+! &(!+'F835(!(56+'!*37C(!<!F8+!

'3B&$'!*+'E8:'!'+!&&(>(%(!*+&!M+&$;!<!V'7(&+%3&&('!%+'E+7632(>+56+!<!C(O&R!7$5!'8!

C+%>(5$! Z3&! (! F83+5! &+! 7$56R! &$! '87+*3*$K! Z3&! E+5'R! +5! >(6(%! +5! 85! *8+&$! (&!

O+&&(7$!F8+!'+!+5J%+56(O(!(!+&&$'1!E+%$!*$5!X&$5'$!E+5'(5*$!>+I$%!&('!7$'('1!*3I$!

F8+! +&! 6(&! '8I+6$! +%(! 85!>+'63U$! *+'E%+73(O&+! F8+! 5$! E$*%4(! >+*3%'+! (! +'E(*(!

7$56%(! 535B85$! *+! &$'! *$'! <! F8+! >+I$%! '+%4(! F8+! &+! *3+%(5! 85! +'7(%>3+56$K!

#+5'(5*$!>+I$%!&('!7$'('!*+73*3+%$5!%+853%!85!O8+5!>$56$!*+!*35+%$!<!'+!&$!!

ba!

$J%+73+%$5!(&!>+'63U$!E(%(!F8+!'+!&(%B(%(!E(%(!'3+>E%+!*+!&(!7(E36(&!*+!&(!L8+2(!

V'E()(1!E8+'!7$5!&$'!*35+%$'!$J%+73*$'!E$*%4(!35'6(&(%'+!+5!$6%$!'363$!<!E$5+%!85!

5+B$73$!&87%(632$K!!S8:56+'+!F8+!+&!>+'63UR!(7+E6R!<!'35!*+73%!(*3R'!(!&(!>8I+%!F8+!

C(O4(! &&+B(*$! (! (>(%&$! 6(5! 356+5'(>+56+1! '+! J8+! (! W+%(7%8U! <! *+! (&&4! (! $6%$'!

&8B(%+'1! *+I(5*$! 6%(5'78%%3%! &$'! >+'+'! <! *$'! ()$'1! 63+>E$! *8%(56+! +&! 78(&1! &(!

*+'*37C(*(! *$)(! 9(%4(! X&2(%(*$! '8J%4(1! E(*+74(1! &&$%(O(! <! B+>4(! 7$>$! 85(!

'$>O%(!E$%!&(!7('(!'$&(%3+B(!*+!&$'!C+%>(5$'!p23&(1!'8'!C+%>(5$'!'+B=5!*37+!&(!

C3'6$%3(K!

!?35(&>+56+1! 23+5*$! 6(56$! '8J%3%! <! &&$%(%! (! &(! F8+%3*(! C+%>(5(1! Z3&! <! X&$5'$!

*+73*3+%$5! 7$52+57+%! (! *$)(!9(%4(! E(%(! F8+! +56%(%(! *+! 5$2373(! (! 85! 7$52+56$K!

V'7$B3+%$5! (&! *+! &(!S$57+E73R5! <! 6%('! *+! %+853%! $6%(! J8+%6+! '8>(! 7$>$!*$6+1! &(!

J8+%$5!(!+57&(8'6%(%!*373:5*$&+!F8+!+&!>+'63U$!>$632$!*+!'8!(>$%!<!*+!'8'!7836('!

I(>G'!%+B%+'(%4(!(!'8!&(*$1!E8+'!'(O4(5!*+!O8+5(!J8+56+!F8+!C(O4(!>8+%6$K!

!@35!>87C(!2$&856(*!*$)(!9(%4(!+56%R!7$>$!5$2373(!(&!736(*$!7$52+56$1!+5!*$5*+!

7$>+5UR! (! &&+2(%! &(! 6%3'6+! 23*(! 7&(8'6%(&1! (85F8+! '35! *+I(%! *+! &&$%(%! '8! E+5(! *+!

(>$%1! %+7$%*(5*$! (&! >+'63U$! X%%863(! +56%+! %+U$'1! G5B+&8'! <! >(3635+'K! #$%! &('!

5$7C+'1!+5!&(!'$&+*(*!6%+>+5*(!*+!'8!7+&*(!'+!$&23*(O(!*+!'8!(>$%!(!A3$'1!*+!'8!

J+! <! *+! 6$*$! <! 'R&$! E+5'(O(! +5! (F8+&! >+'63U$! F8+! &(! C(O4(! '$%O3*$! C('6(! &$'!

68:6(5$'!<!'+>O%(*$!*+!*+'+$'!'8!7$%(UR5K!X&!J351!85(!5$7C+1!5$!E8*3+5*$!%+'3'63%!

>G'!+'(!E('3R5!F8+!+%(!>87C$!>G'!J8+%6+!F8+!'8!J+1!F8+!$E(7(O(!*+&!6$*$!(!'8!

%+&3B3R51!*+73*3R!>(6(%'+!(56+!+&!'3&+573$!*+&!(>(*$!*+!78<$!%+B%+'$!&&+BR!(!'(O+%1!

E8+'!+&!>+'63U$!C(O4(!28+&6$!(!E+*3%!>G'!*35+%$!(!&$'!C+%>(5$'!p23&(K!

!S$B3R!85!7$%*R5!<!&$!6%+5UR!7$5!$6%$!E(%(!C(7+%&$!>G'!J8+%6+1!(!E+'(%!*+!F8+!'8!

78+%E$!(!7(8'(!*+!&(!E('3R5!<!&$'!(<85$'!'+!C(O4(!C+7C$!J%GB3&!<!EG&3*$K!@+!C357R!

(56+! +&! 7%873J37(*$! (! F83+5! E3*3R! E+%*R5! E$%! 5$! E$*+%! &&+B(%! (! *+'E$'(%'+! (&!

E%$J+'(%!<!'+!J8+!(!&(!C8+%6(!*+&!7$52+56$!<!(!&(!J8+56+K!

!X6R!&(!78+%*(!(!85(!*+!&('!%(>('!*+&!*8%(U5$!<!2$&23R!(!%+U(%!E3*3+5*$!E+%*R5!(!

A3$'!E$%!&$!F8+!3O(!(!C(7+%!<!(&!(>(*$!>+'63U$!E$%!(O(5*$5(%&$!+5!+'6+!>85*$K!

!bY!

@+!&(5UR!C(73(!(O(I$KKKK!@8'!E3+'!B$&E+(%$5!+&!O%$7(&!*+!&(!J8+56+K!!!

l!(&&4!F8+*R!O('78&(5*$1!O(&(57+G5*$'+!7$>$!85!E:5*8&$!O&(57$1! J%GB3&1!>$23*$!

E$%! +&! 23+56$K! X&! *4(! '3B83+56+! &(! >(*%+! E$%6+%(! F8+! J8+! (! %+23'(%! &$'! B%8+'$'!

E37(E$%6+'!<!C+%%(I+'!*+!&(!E8+%6(!*+&!7$52+56$1!&(!23$!7$&B(5*$1!>8+%6(K!!V&!78+%E$!

<(! 63+'$! *+! 9(%4(! *+! X&2(%(*$! J8+! O(I(*$! <! '+E8&6(*$! +'+! >3'>(! 6(%*+! +5! +&!

7+>+56+%3$!356+%3$%!*+&!7$52+56$!<!(&&4!E(%+73R!6+%>35(%!(F8:&!*%(>(!(>$%$'$K!!@35!

+>O(%B$1!85!>+'!*+'E8:'1!85(!*+!&('!5$2373('!23$!&(!C$%%3O&+!(E(%373R5!%+J&+I(*(!

+5! &('! (B8('! *+! &(! J8+56+K! X! +'6(! (E(%373R5! '3B83+%$5! $6%('1! C('6(! F8+! &('!

'8E+%3$%+'!E%$C3O3+%$5!&(!'(&3*(!*+!&('!>$5I('!(! &(!C8+%6(1!*+'E8:'!*+!E8+'6$!+&!

'$&K!

!

!

!

!!

!

!

!

!

!

!

!

!

!!

b-!

!!

_@[X!AV![X@!9QqVSX@!

98%3R!+&!'+)$%!^8&3G5!@(56(5(!N(%%+%(1!5(632$!*+&!N(%%3$!*+!&(!X'8573R5!J(&&+73R!(!&(!

+*(*!*+!0/!()$'1!J8+!85!E+%'$5(I+!>8<!E356$%+'7$K!!

!V5!&$'!()$'!Y/!>+!6$7R!7$5$7+%&$!<!7$52323%!7$5!:&1!E8+'!+5!+'(!:E$7(!+&!'+)$%!

('3'64(!(!&(!E8&F8+%4(![$'!S8(6+'!8O37(*(!+5!&(!#&(U8+&(!*+![(!X'8573R5K!l$!+%(!+&!

C3I$!*+&!I37(%+%$!<!+&!'+)$%!^8&3G5!7$>+5UR!(!C(O&(%>+!E$%F8+!<$!&$!(6+5*4(1!+56%+!

&(! B+56+! *+&! O(%%3$! +%(! 7$5$73*$! 7$5!+&!>$6+! *+! [(!S$F836(! mE(I(%36$!(O(*$!F8+!

+;3'6+! +5! &(! U$5(! 7C35(>E+%(n1! *+O3*$! (! F8+! +'+! EGI(%$! +%(! >8<! E+F8+)36$K! r&!

E('(O(!7$5!'8!7(%%+63&&(!&&+5(!*+!2+%*8%('!<!C$%6(&3U('!F8+!:&!78&632(O(1!&('!&&+2(O(!

(!2+5*+%!(&! 63(5B83'!*+!g$7C3>3&7$!<!'3+>E%+! 3O(!7$5!'8!7(&UR5!O&(57$!(>(%%(*$!

C(73(!&('!%$*3&&('!<!7$5!85!I$%$5B$K!X&!6:%>35$!*+!'8'!2+56('!'+!3O(!(![$'!S8(6+'!(!

6$>(%!'8!E8&F8+1!E+%$!(!5(*3+!*+!&$'!E%+'+56+'!+5!&(!E8&F8+%4(!&+'!C(O&(O(1!<(!F8+!

+%(!>8<!%+6%(4*$1!(85F8+!*+'E8:'!&+!*3$!E$%!(5*(%!+5!&$'!N(%%3$'!E%+B$5(5*$!&(!

E(&(O%(!*+!^+'='!<!+5!7(*(!+'F835(!'+!E$54(!(!%+U(%!<!(!C(O&(%!*+!A3$'K!V5!+'(!

:E$7(!C(O&(%!*+!A3$'!'35!'+%!'(7+%*$6+!'3B53J37(O(!O&('J+>(%1!<(!F8+!'+!(E&37(O(!(!

6$*(!E+%'$5(!F8+!5$!6+54(!(86$%3*(*!'(7+%*$6(&!E(%(!&$!>3'>$!<!+%(!>(&!23'6$!+5!

g$7C3>3&7$1!E$%!&$!F8+!>G'!*+!6%+'!2+7+'!J8+!(B%+*3*$!E$%!+&!E8+O&$K!A+'E8:'!&+!

*3$!E$%!%+7$B+%!+5!6$*$'!&$'!O(%%3$'!&('!>8)+7('!F8+!+'6(O(5!63%(*('!+5!&(!O('8%(1!

>G'!6(%*+!'+!E+%*3R1!E8+'!5(*3+!E%+B856(O(!E$%!:&1!E$%!&$!F8+!5$!'+!'(O4(!'3!(=5!

2324(K! #+%$! 78(5*$! '+! %+(&3UR! +&! %+'7(6+! +7$&RB37$! *+! g$7C3>3&7$! +5! &$'! ()$'!

5$2+56(!<!+&! &(B$!+'6(O(! 6$6(&>+56+!78O3+%6$!*+![3%3$!X78G637$1! &&(>R! &(!(6+573R5!

F8+!'8!7C35(>E(!+'6(O(!%$*+(*(!*+!>8)+7('!<!+5!+'(!U$5(!5(*3+!2324(K!V%(!85(!

7C$U(! C+7C(! *+! 7C35(>31! 7(%%3U$1! %(>('! *+! (C8+I$6+! <! U(7(6R51! <! :&! (! 5(*3+!

%+73O4(1! 2324(! 7$>$! 85! +%>36()$K! S$5! +&! 63+>E$! 7$>+5U(%$5! (! &&+B(%! E+%3$*3'6('!

F8+! &$!F8+%4(5!+56%+23'6(%!<!<$! J83! &(!E+%'$5(!(J$%685(*(!(!F83+5!(7+E6R!7$5! &$'!

>3'>$'1!E$%F8+!:&!'+!(7$%*(O(!*+!>3!E+%'$5(!78(5*$!&$!(6+5*4(!+5!&(!E8&F8+%4(!

[$'!S8(6+'K!

! *4!

r&! 5$! F8+%4(! C(O&(%! '$O%+! &('!

>8)+7('!F8+! 6+54(! +5! '8! 7C35(>E(1!

E+%$! *+'E8:'! :&! (7+E6R! *(%5$'! '8!

2+%'3R5! '$O%+! &('! >3'>('V&! *+74(!

F8+!+'6(O(!(&&4! E(%(! (C8<+56(%! (! &$'!

>(&$'!+'E4%368'!<!E(%(!F8+!'+!*3+%(5!

>+I$%! '8'! 7$'+7C('K! #&(637(O(! F8+!

&('!>8)+7('!(E(%+74(5!*+!%+E+56+!<!

F8+! +&&('! &$! (7$>E()(O(5! E$%! &('!

5$7C+'K!c+54(!85(!>8)+7(!E%+J+%3*(!

F8+! +%(! [(! 98)+7(1! *+! 6$*('! &('!

7C$U('! F8+! 6+54(1! '3+>E%+! &(!

6%('&(*(O(!*+!85(!(!$6%(K!Q5(!*+!&('!7C$U('!+'6(O(!&&+5(!*+!>8&36('!F8+!:&!C(74(!

7$5! C$I('! *+! >(4U! <! &('! 6+54(! 7$&B(5*$1! 6(>O3:5! 6+54(! 7%87+'! F8+! C(74(! 7$5!

E+*(U$'! *+! >(*+%(! *+! (C8+I$6+1! %+7$%6+'! <! J$6$B%(J4('! *+! E+%'$5(I+'! *+! &(!

E$&4637(1!*+&+B(*$'!*+!g$7C3>3&7$1!(%63'6('1!+'68*3(56+'!<!B+56+!F8+!&$!3O(!(!23'36(%K!

@8!7$735(!+'6(O(!(&!(3%+!&3O%+!<!6+54(!85!6+783&!C+7C$!7$5!&$*$1!85!7$>(&!*+!J3+%%$1!

6+54(! +5! '8! 7$735(! (&%+*+*$%1! 7$&B(*$'! 7(%E('! '+7('! F8+! E+'7(O(! J%+56+! (! '8!

7C35(>E(1!6(>O3:5!6+54(!%+7$%6+'!*+!E+%3R*37$'!F8+!

&$'!E+%3$*3'6('!&+!%+B(&(O(5!*+!&$'!%+E$%6(I+'!F8+!&+!

C(74(5! [('! E+%'$5('! F8+! '+! +57(%B(O(5! *+!

783*(%&$!+'6(O(!'8!C+%>(5(!<!'8!'$O%35$!V&!SC$E+1!

F83+5! +%(! +&! +57(%B(*$! *+! &&+2(%&+! *3(%3(>+56+! '8!

7$>3*(!<!'8!*+'(<85$1!6(>O3:5!+%(!+&!F8+!O(I(O(!(!

g$7C3>3&7$! (! 2+5*+%! '8'! 78&632$'! *+! '8! 64$! A$5!

^8&3G5K!

#&(637(5*$!7$5!'8!'$O%35$1!'+!&+!E%+B856R!F8+!7R>$!

C(O4(!'3*$!+&!(773*+56+!<!7$>+56R!F8+!E(%(!:&!<!'8!

64$!+%(!85!*4(!7$>=5!<!7$%%3+56+e!

b0!

!

c+>E%(5$! C(O4(5! '(7(*$! (B8(! &$*$! m&$*$! *+&! J$5*$! *+! &! 7(5(&! E(%(! C(7+%! +&!

7C(E45! m7$>E$'6(! *+! &3%3$! (78G637$! +5! *$5*+! +573>(! '+! 7$&$7(! +&! &$*$1! '+! *+I(!

%+E$'(%!6%+'!*4('!<!7$5!85!787C3&&$!C(7+5!78(*%$'!<!+5!7(*(!85$!'+!*+E$'36(5!&(!

'+>3&&(n!E(%(!C(7+%!'8'!'3+>O%('nK!A+'E8:'!J8+!(!%+(&3U(%!$6%('!7$'('!(!&(!E(%6+!*+!

(6%G'!<!'+!E8'$!(!E+'7(%!7$5!(5U8+&$!7$>$!'3+>E%+! &$!C(74(!<! &+!7$>+56R!(!'8!

'$O%35$! <! &+! 7$>+56R! F8+! 85! E+U! '+! &+! C(O4(! +'7(E(*$! *$'! 2+7+'K! A+'E8:'! &+!

&&(>R!A$5!^8&3G5!(!'8!'$O%35$!>$'6%G5*$&+!+&!E+'7(*$!F8+!(B(%%R1!B%(5*+!*+!E$%!

&$!>+5$'!a!R!Y!s3&$'!<!*3I$e!

!PT!<(!&$!6+5B$1!:&!F8+!'+!>+!C(O4(!+'7(E(*$T!

!V&! '$O%35$! &+!7$56+'6R!F8+!+'6(O(!O3+5K!A$5!^8&3G5!+56$57+'1! &+!7$>+56R!F8+! &(!

'3%+5(!&+!C(O4(!+'6(*$!&&(>(5*$!E$%!F8+!'+!&$!F8+%4(!&&+2(%!<!+56$57+'!&+!*3I$!F8+!

&+! 3O(! (! 7(56(%!E(%(!F8+!5$! '+! &$! &&+2(%(1!E$%F8+!(&! E(%+7+%! (56+%3$%>+56+! <(! &+!

C(O4(! 7$>+56(*$! '8! 64$! F8+! 7(56G5*$&+! (! &(! '3%+5(!5$! '+! &$! &&+2(O(! <! &+! *3I$! '8!

'$O%35$!F8+!6823+%(!783*(*$K!

!Pl$! 2$<! (! $%*+)(%! &('! 2(7('! <! (C$%36(! %+B%+'$K! V56$57+'! 78(5*$! +&! '$O%35$!

%+B%+'R!7$5! &(! &+7C+1!O8'7R!(!'8! 64$1! <!*+'78O%3R!F8+!'+!C(O4(!(C$B(*$1! &$!F8+!

'87+*3R!>8<! %GE3*$K! @8'! J(>3&3(%+'1! +'6G5!>8<! *$&3*$'! *+! C(O+%! E+%*3*$! (!A$5!

^8&3G51!E+%$!*+56%$!*+!'8!6%3'6+U(!+&&$'!+'6G5!7$5J$%>+'!E8+'!'8!64$!>8%3R!*$5*+!:&!

F8+%4(1! I856$! 7$5! '8'! >8)+7('! <! &(! '3%+5(! *+&! F8+! 6(56$! C(O&(O(! '+! &$! C(O4(!

&&+2(*$K!V&!'+)$%!^8&3G5!+%(!+&!7&G'37$!5(632$!*+!g$7C3>3&7$1!*+&B(*$1!&(>E3)$1!*+!

O(%O36(!<!O3B$6+!%(&$1!'8!78+%E$!+'6G!'3+5*$!2+&(*$!+5!&(!7('(!*+!'8!C+%>(5(!+5!+&!

N(%%3$!*+!g(&6$7(51!+5!&(!7(&&+!E%$&$5B(73R5!,-!*+!'+E63+>O%+!7$5!+&!5=>+%$!,"-K!

@8!>3'(!*+!78+%E$!E%+'+56+!'+%G!(!&('!,,e//!C$%('!+5!&(!3B&+'3(!*+!N(%%3$!*+![(!

X'8573R5!<!'+%G!'+E8&6(*$!+5!+&!#(56+R5!>85373E(&!*+!g$7C3>3&7$!g3&$6+E+7K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

bo!

[VlVLAX!QMNXLX!AV![X!MQ9DMD@X!

!!

![(!M8>$%$'(!V'!85(!S(%%+6+%(!F8+!C(<!F8+!6$>(%!(!J8+%U('!E(%(!&&+B(%!+56%+!&('!

E%3573E(&+'!*$'!738*(*+'!*+!O(I(!7(&3J$%53(H!&(!>('!B%(5*+!*+!+'6+!+'6(*$!mc3I8(5(n!

<! &(! 7(E36(&! *+&! +'6(*$! m9+;37(&3nK! V'! 85(! U$5(! *$5*+! C(<!>87C$'! 6%G3&+%+'! F8+!

*+O+5!&&+2(%!7$'('!<!6%(5'E$%6(%!>+%7(574('!<!*+!>('!*+!85(!738*(*!(&(!$6%(!+5!

&$'! 6%(3&+%'KKK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

V56$57+'!>87C$'!*+!+&&$'!*+O+5!>(5+I(%!*+#5$7C+!<!*+!>(*%8B(*(!E+%$!78(5*$!

'+!6%(6(!*+!E('(%!E$%!&(!%8>$%$'(!*+!5$7C+!'+!78+56(!F8+!85(!'+)$%(!2+'63*(!*+!

O&(57$!(!&$!&+I$'!E3*+!%(36+KKKK!!V&&(!7(8'(!(773*+56+'!*+!(86$'!<!>8+%6+'!+5!+'6$K!

A+'E8:'!*+!F8+!&(!'8O+!+&!6%G3&+%!'+!2(!(&!>3'>$!7(%(I$!+56%+!28+&6('!*+!7(%%+6+%(K!

!

!!

!

!

!

!!

!!

!!

!

!!

!

!

!

"/!

![X![[DMDLX!

!

V;3'63R!85(!>8I+%!35*4B+5(!F8+!6+54(!85!%$>(57+!7$5!85!7(O(&&+%$!+'E()$&K!?%86$!

*+! +'6(! E('3R51! 5(73+%$5! 6%+'! 53)$'1! F8+! &(! >(*%+! (6+5*4(! '3+>E%+! +5! J$%>(!

*+2$6(K! S8(5*$! &(! I$2+5! 7$>3+5U(! (! E+*3%! F8+! &(! %+&(73R5! '+(! J$%>(&3U(*(1! +&!

7(O(&&+%$!&(!+'F832(O(1!F83UG'!E$%!6+>$%!(!&$!F8+!*3%G5K!A37C$!<!C+7C$1!85!63+>E$!

*+'E8:'1! +&! C$>O%+! *+IR! (! &(! I$2+5! <! '+! 7('R! 7$5! 85(! *(>(! +'E()$&(! *+! (&6(!

'$73+*(*K!S8(5*$!&(!>8I+%!'+!+56+%R1!*$&3*(!<!6$6(&>+56+!*+'+'E+%(*(1!('+'35R!(!

'8'!6%+'!C3I$'!(C$BG5*$&$'!+5!85!%4$K![8+B$!'+!'8373*(!E$%!F8+!7&(%$1!5$!'$E$%6(!&(!

78&E(K!A+'*+!+'+!*4(1!'+!+'787C(!+&! &(>+56$! &&+5$!*+!*$&$%!*+!&(! I$2+5!+5!+&!%4$!

*$5*+!+'6$!$78%%3RK![8+B$!*+!F8+!9:;37$!J8+%(!+'6(O&+73*$1!7$>+5UR!85!6$F8+!*+!

F8+*(!(! &('!$57+!*+! &(!5$7C+!<!5(*3+!E$*4(!'(&3%K!V'!*+'*+!+56$57+'!F8+!*37+5!

+'787C(%!85!&(>+56$!7+%7(!*+!&(!E&(U(!*+!&(!#(6%3(1!<!F8+!(&!2+%!E$%!&('!2+56(5('!

E(%(!2+%!F83+5!&&(>(O(!(!'8'!C3I$'!*+!J$%>(!*+'+'E+%(*(1!2+4(5!85(!>8I+%!2+'63*(!

+56+%(>+56+!*+!O&(57$1!*+&B(*(!<!F8+!'+!+'J8>(O(!+5!&(!#%+'(!S(&&+'K!

!

!!

!

!

!

!!

!

!!

!

!",!

[X@!9D9_X@!AV!ZQXLX^QXcD!

[(!>$>3J37(73R5!'+!*+O+1!'35!F8+!'+(!+'6(!85(!$E353R5!73+564J37(1!(!&(!2+563&(73R5!+'E+73(&1!

+'!*+73%1!(!&(!(&68%(!>G'!O3+5!F8+!(&!6+%%+5$!E8+'!&$!>3'>$!$78%%+!+5!&('!B(2+6('!F8+!+5!

+&!'8+&$K!S$5!6$*(!'+B8%3*(*!F8+!+&!J+5R>+5$!63+5+!&8B(%!*+'*+!F8+!J8+%$5!+;C8>(*$'!

*+&!#(56+R5!985373E(&1!(&! 6+%>35$!*+&! 63+>E$!%+B&(>+56(%3$1! &$'!E%3>+%$'!7(*G2+%+'K!V'+!

6:%>35$!+'!*+!7357$!()$'1!E+%$!&(!>$>3J37(73R5!*+O+!7$5'8>(%'+!(56+'K!V&!*(6$!*+!>(<$%!

3>E$%6(573(!E(%(!58+'6%(!E$O&(73R5!+'!&(!73%785'6(573(!*+!&(!B%(5!>$%6(5*(*!F8+!C8O$!<!

E$%F8+!2(%3$'!*+!&$'!78+%E$'1!E$%!6+>$%#(!F8+!'+!E%$E(B(%(!>G'!&(!E+'6+!+%(5!35C8>(*$'!

7('3!+5!'+B83*(!*+!F8+!'+!*+7&(%(O(5!>8+%6$'K!X'4!'87+*4(!F8+!+5!(&B85$'!7('$'!'+!&+'!

'+E8&6(O(! 78(5*$! +5! %+(&3*(*! 6$*(24(! 5$! +;E3%(O(51! *+! >$*$! F8+! (&! 2$&2+%! *+! (F8+&!

+'6(*$!7(6(&:E637$1!<(!+5! &(!68>O(1!>$%4(5!J35(&>+56+!E$%!*+'+'E+%(73R51!E$%!(5B8'63(!$!

E$%! ('J3;3(K! A+! (C4! +'(! >8+7(! *+! *$&$%! F8+! C(<! +5! (&B85('!! >$>3('K!

V'6$! J8+! 78(5*$! &(!E+'6+! *+&! 7R&+%(!>$%O8'! F8+! %+B3'6%R! +5!58+'6%(!E$O&(73R5!(&&G! E$%!

,0""K!X85!5$!+;3'64(!+&!E(56+R5!(768(&!m,0-,n1!F8+!+'!*$5*+!'+!2+%3J37R!&(!>$>3J37(73R5K!

c(&!+%(!&(!7(563*(*!*+!>8+%6$'1!F8+!J8+!5+7+'(%3$!(O%3%!E(56+$5+'!7$>E&+>+56(%3$'!+5!&('!

*+!&(!S$>E()4(!@(5!?%(573'7$1!@(5!A3+B$1!@(56(!N+&:51!@(5!M$F8+1!@(5!@+O('63G5K!V'6(!

+'! 85(! *+! &('! >G'! (563B8('K!

X!E(%63%!*+!,0-,1!J+7C(!+5!F8+!'+! 35(8B8%R!+&!#(56+R5!985373E(&!'3+5*$!Z$O+%5(*$%!*+&!

V'6(*$! *+&! Z+5+%(&! ?%(573'7$! #(7C+7$1! *(6(5! &('! E%3>+%('! >$>3J37(73$5+'K! V&! E%3>+%!

7(*G2+%! >$>3J37(*$! F8+! '+! +;C3O3R! 7$%%+'E$5*3R! (&! *$76$%! J%(57:'! M+>3B3$! [+%$<1! +5!

,o-Y1! F8+!(=5!+;3'6+K! A+'*+! C(7+!>87C$'! ()$'! &('!

>$>3('! '+! +;C3O+5! (&! E=O&37$! +5! 85(! 7%3E6(! F8+! '+!

C(&&(! I8'6(>+56+! *+O(I$! *+&! &8B(%! *$5*+! '+! %+B3'6%(!

+'6+!C+7C$!78%3$'$K!V5!85(!B(&+%4(!F8+!C(<!(&! J$5*$!

'+! $J%+7+! +&! >(7(O%$! +'E+76G78&$1! J$%>(5*$! &('!

>$>3('! 85(! *$O&+! J3&(! 7$>$! ,Y! >+6%$'! *+! J$5*$! <!

(7+%6(*(>+56+! *+6%G'! *+! 85(! 23*%3+%(K! #$%! 6$*$! &$!

(56+%3$%>+56+!+;E8+'6$!+5!J$%>(!6(5! &&(5(1!+&!E=O&37$!

*+O+! *+'+7C(%1! E$%! 3573+%6('1! 6$*('! +'('! &+<+5*('!

O(%(6('! F8+! 78+56(! &(! B+56+K!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!3*!

[X!9Q^VM!AV!LVZMD!VL!V[!#XLcVDL!AV!@XLcX!

#XQ[X!

!

@+B=5! &('! &+<+5*('1!+5!+'+!E(56+R5!C(O4(!>87C('!(E(%373$5+'!<!+'E(56$'!F8+1!

'+B=5!+'6$1!>87C(!B+56+!C(O4(! 6+53*$! &(!>(&(! J$%685(!*+!2+%K!l! 6(>O3:5!*+74(5!

F8+!'+!+'787C(O(5!&&(56$'!+5!&('!5$7C+'K!#+%$!&(!&+<+5*(!F8+!>G'!5$'!('8'6(O(!

+%(!85(!F8+!*+&!E(56+R5!'(&4(!85(!>8+%6(!F8+!(5*(O(!6$*(!2+'63*(!*+!5+B%$1!('4!

7$>$!*+!&86$1!E+%$!+%(!85(!>8+%6(1!<!'+B=5!+'6$!F8+!&(!2+4(5!(!>+*3(!5$7C+!F8+!

7%8U(O(! &('!%+I('!*+&!E(56+R5!F8+!'3+>E%+!+'6(O(5!7+%%(*('!(!+'('!C$%('1!<!'+!

3O(!7(>35(5*$!C('6(!>+6+%'+!+5!85(!7('$5(!>8<!B%(5*+!F8+!C(O4(!E$%!(C4K![(!

2+%*(*! 5$! ':! 78G&! 7('(! C(<(! '3*$! 53! '3! 6$*(24(! +'6:! +5! E3+! E$%F8+! <(! 2+'! F8+!

&8+B$! 68>O(%$5! >87C4'3>('! 7$5'6%8773$5+'! (563B8('! E$%! 6$*('! E(%6+'K!

l$! 5$! 7$5$U7$! (! 5(*3+! F8+!

232(! +5! &(! 7$&$53(! Z8+%%+%$1!

E$%! +'$! 5$! '(O%4(! *+73%6+! '3!

6$*(24(! '+! 78+56+! +'(!

&+<+5*(!F8+!5$'!E&(637(O(!>3!

64$! ^(7$O1! $! '3! 6$*(24(!

(&B85('!B+56+'!*+!+'+!%8>O$!

'3B(5! 23+5*$! +5! &(! >+*3(!

5$7C+! (! &(! >8+%6(! F8+!

'8E8+'6(>+56+! '(&4(! *+&!

E(56+R5K!

!

!

!

!

""!

[X!9Q^VM!AV[!NXMMXLSD!

A37+5! F8+! 3O(5! &$'! *$'! (&+B%+'! 7$>E(*%+'! 7(>35(5*$! 7$>$! *+! 7$'68>O%+!

*+'E8:'!*+!'(&3%!*+!&(!7(5635(!(!&('!b!$!"!*+! &(!>()(5(1!<!'+!3O(5! 6(>O(&+(5*$!

6(56$!7$>$!+&!%+'$%6+!*+!'8!78+%E$!'+!&$'!E+%>364(K!V&!7('$!+'!F8+!78(5*$!3O(5!(!

&&+B(%! (! &(! 2+735*(*! +5! *$5*+! 2324(51! 23+%$5! (! &$! &+I$'! (! 85(! >8I+%! 2+'63*(! *+!

O&(57$!$!*+!5$23(1!(&!2+%&(!+&!7$>E(*%+!*+!>3!(O8+&$1!F83+5!+%(!'$&6+%R51!&+!*3I$!(!

>3! (O8+&$e! T(C$%(! '3! 7$>E(*%+! <(! +57$56%:!7$>(*%+T1! E(%(! &$! 78(&!>3! (O8+&$! &+!

%+'E$5*3Re!!Tj5$!352+56+'!7$>E(*%+k!jS$>$!85(!>8I+%!7$>$!+&&(!'+!2(!J3I(%!+5!85!

C$>O%+! 7$>$! 6=k! WG>$5$'! <(! E(%(! &(! 7('(! 7$>E(*%+TK! c$6(&! F8+! +5! 5+73$1! +&!

7$>E(*%+!*+73*3R!3%!6%('!(F8+&&(!>8I+%1!(!&$!78(&!>3!(O8+&$!5$!&$!E$*4(!*+I(%!'R&$!<!

&$!J8+!'3B83+5*$1!(&!6+%>35$!*+!7(>35(%!Y!$!-!7(&&+'1!85!2+735$!F8+!+%(!2+&(*$%!*+!

85(!J(O%37(!&$'!23$!(!&$'!b!'+)$%+'!7(56(5*$!<!B%36(5*$1!'3B83+5*$!E$%!'8E8+'6$!(!

+'6(!C+%>$'(!>8I+%K!@+B=5!*+!O$7(!*+!>3!(O8+&$!('4!+%(1!(! &$!78(&!+&!'+)$%!&+'!

B%36$!F8+!(!*$5*+!3O(5!<!+'6$'!5$!&+!C373+%$5!7('$1!('4!F8+!:'6+!&$'!J8+!'3B83+5*$K!

l(!F8+!7$>$! 6$*$'!'(O+5!+5!+'(!:E$7(!+%(5!E$7$'!F8+!+56%+!+&&$'!>3'>$'!'+!

783*(O(51!6$6(&!F8+!+&!2+&(*$%!&+'!B%36$!6(5!J8+%6+!E(%(!F8+!&+!C373+%(5!7('$1!F8+!>3!

(O8+&$!<!'8!7$>E(*%+!2$&6+(%$5!(!2+%&$1!E+%$!(&!%+B%+'(%!&(!>3%(*(!C(73(!&(!>8I+%!

+'6(O(5! I8'6$!(!&(!$%3&&(!*+!85!O(%%(57$1!(!&$!F8+!E$%!&RB37(!'8!O$%%(7C+%(!'+!&+'!

O(I$!*+&!>3+*$K!A+'*+!+'+!*4(!<!C('6(!&(!

J+7C(! C(5! '3*$! (&! %+*+*$%! *+! "/! $! Y/!

C$>O%+'!! 7(4*$'! +5! (F8+&! O(%%(57$1!

5(*3+! '(O+! 5(*(! *+! (F8+&&(! '+)$%(! 53!

F83+5!+'!53!*+!*$5*+!23+5+1!&$!=537$!F8+!

&+'! E8+*$! *+73%! +'! F8+! +5! (F8+&!

O(%%(57$!(&B$!6+%%3O&+!E('RK!

!

!

!

"a!

[X!L_qX!XcMD#V[[XAX!

![(!&+<+5*(!F8+!(!7$56358(73R5!$'!2$<!(!7$56(%1!C(!73%78&(*$!*+!O$7(!+5!O$7(!E$%!

&$'! C(O36(56+'! *+! &('! 7$&$53('! *+&! W(&&+1! L(%2(%6+! <! (&+*()('! E$%! 3B8(&K! [(!

8O37(73R5! +;(76(! *+! :'6(1! 6$>(! J$%>(! +;(76(>+56+! +5! +&! 7%87+! *+&! VI+! W3(&!

L=>+%$! Y1! >+I$%! 7$5$73*$! 7$>$! V8B+53(1! <! +&! VI+! W3(&! L=>+%$! b1! 6(>O3:5!

7$5$73*$!7$>$!Z(O%3+&!9(57+%(K!X&%+*+*$%!*+!&('!b!(K>K1!'+!78+56(1!85(!7C3F83&&(!

'+!*3%3B4(!7(>35(5*$!C(73(!&(!J(%>(73(!E(%(!7$>E%(%!&('!>+*3735('!F8+!'8!>(*%+!

+5J+%>(!%+F8+%4(1!C+7C$!E$%!+&!F8+!'+!23$!J$%U(*(!(!'(&3%!(!+'('!(&6('!C$%('!*+!&(!

>(*%8B(*(!m$!E$%!&$!F8+!J8+%(1!+'6(!2+%'3R5!'+!E%(7637(!E(%(!*(%&+!*%(>(63'>$!(!&(!

C3'6$%3(!<!E(%(!I8'63J37(%!F8:!E$*%4(!+'6(%!C(73+5*$!85(!+'78357&(!+5!&(!7(&&+!(!+'(!

C$%(nK! ![(!53)(1!7$5'73+56+!*+!&(!C$%(1!E%8*+56+>+56+!%+'E+6(O(!&$'!'+>GJ$%$'!<!

'+)(&(>3+56$'! (56+'! *+! 7%8U(%! &('! 7(&&+'! C('6(! &&+B(%! (! '8! *+'635$1! <! ('4! &$!C3U$!

6(>O3:5!+5!+&!7%87+!*+!V8B+53(!7$5!Z(O%3+&!9(57+%(K!!X&!E$5+%'+!&(!&8U!%$I(!E(%(!

&$'! 2+C478&$'! F8+! 6%(5'36(O(5! '$O%+! VI+! Y1! &(! 7C37(! '+! *3'E8'$! (! 7(>35(%1! *+!

+'F835(!(!+'F835(1!E(%(!7%8U(%!*37C$!VI+1!E+%$1!(!*3J+%+573(!*+! &(!B(&&35(1!5857(!

&&+BR! (&! $6%$! &(*$! *+&! 7(>35$1! <(! F8+! 85! 7$7C+! F8+! 3O(! (! +;7+'$! *+! 2+&$73*(*!

*+73*3R! 3B5$%(%! &(! &8U! %$I(! <! 7%8U(%1! '35! 6$>(%! E%+7(873R5! (&B85(! '$O%+! $6%$'!

(86$>R23&+'! $! 6%(5'+=56+'! 7%8U(5*$K! Z$&E+R! >$%6(&>+56+! (! &(! 53)(1! *+IG5*$&(!

>+*3$!232(!<!>+*3$!>8+%6(!+5!+&!(%%$<$!*+&!6%G5'36$K!!

!

!

!

!

!

!

!

"Y!

!

V&! (86$>$23&3'6(! %+'E$5'(O&+! 5857(! '+! O(IR! *+&! 2+C478&$KKK! +'! >G'1! 5857(! '+!

*+682$!E(%(!'(O+%!'3!&(!53)(!2324(!$!>$%4(!<!5857(!J8+!E(%(!E+*3%!('3'6+573(!>:*37(!

(!5(*3+!53!E$%!5(*(K!@3B83R!'8!7(>35$1!'35!>G'K!V2+568(&>+56+1!&(!53)(!J(&&+73R!+5!

(B$54(!<!'$&(1!5(*3+!&(!(<8*RK!!

A+'*+!+56$57+'1!<!+'!(F84!*$5*+!85$!*+O+!+'E(56(%'+1!(&%+*+*$%!*+!&('!b!(K>K1!

+5!+&!7%87+!*+!V8B+53(!7$5!Z(O%3+&!9(57+%(1!+&!+'E4%368!*+!&(!53)(!'+!(E(%+7+!(!

&$'!(86$>R23&+'!F8+!73%78&(5!(!+'(!C$%(!(!+;7+'$!*+!2+&$73*(*K!V&&(!7%8U(!&(!7(&&+!

7$>$!(F8+&&(!J(64*37(!5$7C+!78(5*$!E+%*3R!&(!23*(1!E%$2$7(5*$!('4!F8+!&$'!(86$'!

'+!28+&F8+5!E$%!6%(6(%!*+!+'F832(%&(!78(5*$!&(!2+51!F8+*(5*$!&36+%(&>+56+!TE(6('!

(%%3O(TK!Q5(!2+U!F8+!E%$2$7(*$!+&!(773*+56+1!'+!2(1!*+I(5*$!(! &$'!E('(I+%$'!'35!

('3'6+573(!*+!535B=5!63E$!E(%(!>$%3%!'$&$'1!6(&!78(&!(!+&&(!&+!'87+*3RK!

!

!

!

!

!

!

!

!

!

!

!

!

"-!

[X!L_qX!AV![X@!_Z[V@_X@!!

@3+5*$!85(!5$7C+!7$>$!6$*('1!E+%$!+5!+'E+73(&1!:'6(!+%(!85(!5$7C+!85!E$7$!>G'!

J%4(1!>G'!$O'78%(1!7+%7(!*+!&(!,!*+!&(!>(*%8B(*(1!85!6(;3'6(!%+B%+'(O(!(!'8!7('(!

*+'E8:'!*+!6$*$!85!*4(!*+!(%*8$!6%(O(I$1!+5!&(!7(&&+!<(!5$!C(O4(!53!(&>(!*+!B+56+1!

E+%$!(&!E('(%!J%+56+!(&!7+>+56+%3$#B+5+%(&!*+!&(!738*(*!'+!E+%7(6R!F8+!85(!7C37(!&+!

C(74(!&(!E(%(*(1!:'6+!'+!'3B83R!E+5'(5*$!F8+!<(!+'6(O(!>8<!7(5'(*$!<!F8+!+%(!

>8<!6(%*+!E(%(!C(7+%!$6%(!*+I(*(K!!

@35!+>O(%B$! %+J&+;3$5R!<!E+5'(5*$!+5!'8!'$O%35(!*+!,.!()$'!F8+! J8:!23$&(*(!<!

('+'35(*(!"!()$'!(6%G'1!*3I$1!T!"#$%&'()'*+&,"&-*&!.%/"&/%0*$&*(1&%2!.%34*&*&,"&3%&

5.6&7)3%$*#-%8K!!

M+6%$7+*3R!'8!6(;3!<!&&+BR!C('6(!+&&(1!6+54(!(E%$;3>(*(>+56+!+56%+!,0!P!,o!()$'K!X&!

7$56+>E&(%!'8!%$'6%$1!+&!6(;3'6(!'3563R!85!J%4$!356+5'$!<!73+%6$!'$O%+'(&6$1!(&!F8+!5$!

&+!*3$!3>E$%6(573(1!E8+'!&(!53)(!+%(!*8+)(!*+!85!%$'6%$!(5B+&37(&1!35'E3%(O(!E8%+U(1!

*+! E3+&! O&(57(1! >8<! O&(57(1! 7(O+&&$! '8>(>+56+! &(%B$1! +%(! *+&B(*(1! J(773$5+'!

J35('1! 7$5!85$'! $I$'! B%(5*+'1! (U8&+'1!E+%$! 35J3536(>+56+! 6%3'6+'1! 6+54(! 85! 2+'63*$!

O&(57$1!*+!+57(I+1!<!+5!'8!78+&&$!7$&B(O(!85!%+&37(%3$!O+&&4'3>$!*+!$%$1!F8+!'+!2+4(!

*+!:E$7(K!V&!6(;3'6(!(7$5B$I(*$!&+!E%+B856R!(*R5*+!&(!*+I(O(1!<!&+!*3I$!F8+!F8+%4(!

F8+!&(!&&+2(%(!(!23'36(%!.!3B&+'3('!*+!&(!738*(*1!&('!F8+!:&!F83'3+%(1!'8!2$U!+%(!'8(2+1!

>8<! 6%3'6+1! E+%$! *+I(O(! 5$6(%! 85! 63>O%+! >8<! +;6%()$1!

F8+!&+!*+IR!85(!'+5'(73R5!*+!>3+*$!<!>3'6+%3$K!#(%(!5$!

C(7+%&(!&(%B(1!+&!6(;3'6(!&(!&&+2R!(!7(*(!85(!*+!&('!'3+6+!

3B&+'3('! '35! %+E&37(%1! +5! 7(*(! 85(! E('(O(! 7+%7(! *+! "!

>3586$'! <! '(&4(! 7$5! 85(! +;E%+'3R5! *+! '+%+53*(*1! *+!

6%(5F83&3*(*1!E+%$!'35!(O(5*$5(%!*+!'8'!$I$'!+'(!>3%(*(!

*+!35J3536(!6%3'6+U(K!!

!

!

".!

X&!J35(&!*+&!E('+$1!+&&(!&+!E3*3R!85!J(2$%K!T!)3'9-!%7%&3)&(%&*#.3*/"&7.'("&/%&3.&

#",/*/+&7)&,"7#$%&%3&:-)')*+&,"&4%,;"&/),%$"&!*$*&!*;*$-%&*("$*+&3),&%7#*$;"&-%&

/%0*$6& 634%& $%-)'*$)"+& <& !"/$1*& (*'%$7%& .,& 9-4)7"& =*>"$?& @*<*& *& -*& '"-",)*&

A*B7),%3&C&DEF+&*(1&>)>%&7)&!*/$%+&%,4$6;.%-%&7)&$%-)'*$)"&<&!1/*-%&5.%&-%&!*;.%&3.&

3%$>)')"+&*(+&<&/1;*-%&5.%& -"&5.)%$"&<&5.%&,"&3%&"->)/%&/%&71G&!60%7%&/",/%&7%&

$%'";)H&!"$&=*>"$KT!!

V&! 6(;3'6(! '+! '3563R! 7$>$!+5!85! 6%(57+1! +5!*$5*+!(768(O(!(86$>G637(>+56+! (! &(!

E+6373R5!*+!&(!7C37(1!<!&(!*+IR!(C41!J%+56+!(&!7+>+56+%3$K!V&!C$>O%+!'+!J8+!(!'8!7('(1!

'+!'+564(!>(%+(*$1! &+!*$&4(! 356+5'(>+56+! &(!7(O+U(1!<!'8!78+%E$! &+!(%*4(!E$%! &(!

J3+O%+!F8+!+>E+U(O(!(!6+5+%1!'8!+'E$'(!&$!(6+5*3R!*+!+'+!%+E+5635$!>(&1!*8%R!('4!

7('3!"!*4('K!!

S8(5*$!(&!J35!E8*$!%+(773$5(%!<!'+!'3563R!>+I$%1!%+7$%*R!'8!=&63>(!5$7C+!+5!+&!6(;31!

%+7$%*R!(!&(!53)(!(5B+&37(&!*+!&('!3B&+'3('1!<!%+7$%*R!'8!=&63>(!E+6373R51!F8+!&+!C3U$!

'+563%!85!+'7(&$J%4$!356+5'$!F8+!C3U$!F8+!'+!'+>O%(%(!*+!E3+'!(!7(O+U(1!(85F8+!:&!

5$!7$>E%+5*4(!5(*(1!E+5'R!T5.%&$*$"&=.%&4"/"+&3%;.$"&3%&=.%&/%&3.&'*3*+&"&4)%,%&

!$"#-%7*3+&!%$"+&I!"$&5.6&%,&%-&'%7%,4%$)"?&IJ.)6,&%$*?+& KKL-& $%-)'*$)"MMT1!'4!(C4!

+'6(O(1!'$O%+!'8!>+'36(!*+!7(>(1!+&!%+&37(%3$!*+!X&373(1!F8+!(C$%(!6+54(!%+'6$'!*+!

63+%%(K!!

@+!E(%R!7$>$!85!%+'$%6+1! 6$>R!'8! 6(;3!<! J8+!(! &(!*3%+773R5!F8+!&+!*3+%(! &(!7C37(1!

E+%$!5$!7$5!&(! 356+573R5!*+!7$O%(%1!'35$!*+!*+'78O%3%1!7$5$7+%1!(7&(%(%!&(!2+%*(*!

*+6%G'! *+! +'+! >3'6+%3$! F8+! &+! 35F83+6(O(1! F8+! &+! +'6%+>+74(1! F8+! 5$! F8+%4(! 53!

E+5'(%K! c$7R1! +%(! 85(! 7('(! B%(5*+1! +'63&$! 7$&$53(&1! 23+I(1! +56$57+'! (O%3R! 85!

C$>O%+1!*+!+*(*!(2(5U(*(1!(&6$1!*+!('E+76$!+;6%(5I+%$1!7$5!85$'!$I$'1!'3!&$'!$I$'!

*+!X&373(1!('4!*+!6%3'6+'K!V&!6(;3'6(!&+!*3I$!T!)3'.-!%&3%N"$+&>%,;"&/%&!*$4%&/%&3.&()0*&

:-)')*+&%--*&3"-)')4H&7)3&3%$>)')"3+&7%&!)/)H&5.%&-*&--%>*$*&*&>)3)4*$&3)%4%&);-%3)*3+&*31&

-"&()'%&<&7%&/%0H&3.&$%-)'*$)"&'"7"&!%,/*&!*$*&5.%&.34%/&7%&!*;*$*TK!V&!C$>O%+!

(&! 2+%! &(! I$<(! %$>E3R!+5! &&(56$! 357$56%$&(O&+1!C3U$!E('(%!(&! 6(;3'6(!<! &+!>$'6%R!85!

%+6%(6$1!+&!*+!X&373(1!3*:5637(!(!&(!*+!C(7+!"!5$7C+'K!!

"0!

IL3&%--*&7)&:-)')*?1!&+!*3I$!+&!C$>O%+1!TO1&%--*+&'",&%3%&7)37"&>%34)/"TK!!

TP"&!.%/%&3%$+&(*'%&4$%3&,"'(%3&'.7!-)H&Q&*N"3&/%&7.%$4*+&7.$)H&%,&.,&*'')/%,4%&

*.4"7">)-134)'"+& <& %34%& $%-)'*$)"& 5.%& -%& /)"& =.%& %,4%$$*/"& '",& %--*+& <& %3%&7)37"&

>%34)/"+&3.&=*>"$)4"GGG&()0*+&!%$/H,+&/%#1&(*'%$4%&.,*&7)3*+&/%#1&(*#%$7%&*'"$/*/"&

/%&41+&/%#1KKKKT!V&!C$>O%+!&&$%R!7$>$!85!53)$1!&&$%R!<!&&$%R1!+&!6(;3'6(!+'6(O(!EG&3*$1!

E('>(*$!*+!&(!3>E%+'3R51!hC(O4(!7$52323*$!7$5!85(!>8+%6(T!+'$!&$!+;E&37(O(!6$*$K!

W$&23+5*$! *+! '8! +'68E$%1! &+! *3I$! (&! E(*%+! *+! X&373(1! T3%N"$+& <"& -*& >)+& <"& (*#-6& <&

'",>)>1&'",&%--*+&7%&/)0"&5.%&-"&*7*#*+&5.%&-"&*7*#*&7.'("+&<&5.%&,"&3%&>"->)%$*&

*& "->)/*$& /%& %--*+& '$%"& 5.%& %3"& -%& /"-)H&7.'("TK! @+! *37+! F8+! +&! E(*%+! *+! X&373(!

%+7$>E+5'R! (&! 6(;3'6(1! &+! %+B(&R! 6$*(! 85(! J&$63&&(! *+! 6(;3'! E(%(! F8+! 35373(%(! 85!

5+B$73$1!6$*$!+5!(B%(*+73>3+56$!E$%!C(O+%!(<8*(*$!(!'8!53)(!(*$%(*(!(!23'36(%!&('!

3B&+'3('!+5!'8!(532+%'(%3$!J=5+O%+K!

&

!

!

!

!

!

! !!!

!

!

!

!

"o!

[X!#[XLSdXAX!

V'6(! &+<+5*(! J8+!*+! &('!>G'!E$E8&(%+'!*+&!'3B&$!gg1! 6(>O3:5!+'!7$5$73*(!7$>$!

T[(!V5J+%>+%(!W3'36(56+T1! +2$7(!>87C('!5(%%(73$5+'!>3'6+%3$'('!$78%%3*$'! +5!+&!

d$'E36(&! ^8G%+U1!+&!S+56%$!9:*37$1! (*+>G'! *+! 7&4537('! <! 7+56%$'! *+! '(&8*!*+! &(!

S38*(*!*+!9:;37$!<!'8'!(&%+*+*$%+'K!Q5(!*+!&('!2+%'3$5+'!*+!7R>$!$78%%3+%$5!&$'!

C+7C$'!F8+!*3+%$5!$%3B+5!(!&(!&+<+5*(!5(%%(!F8+!85(!+5J+%>+%(!*+!5$>O%+!V8&(&3(!

+56%R!(!J$%>(%!E(%6+!*+&!E+%'$5(&!*+!85!C$'E36(&!7323&1!<!+5!E$7$!63+>E$!'+!B(5R!&(!

'3>E(64(!<!+&!(J+76$!*+&!E+%'$5(&!>:*37$!<!(*>353'6%(632$K![(!I$2+5!+5J+%>+%(!+%(!

*+!O8+5(!E%+'+573(1!<!2+'64(!'8!%$E(!'3+>E%+!7$5!85(!O&(578%(!3>E+7(O&+1!<!>8<!

O3+5!(&>3*$5(*(!<!E&(57C(*(K!

V%(! +56%+B(*(! (! '8! 2$7(73R5! E$%!

(6+5*+%! (! &$'! E(73+56+'1! +5! 85(!

$7('3R5! +&! A3%+76$%! *+&! C$'E36(&!

&&(>R! (&! E+%'$5(&! E$%F8+! 3O(! (!

E%+'+56(%! (! 85! >:*37$! *+! 58+2$!

35B%+'$1! E+%$! '35! +>O(%B$! +&&(! 5$!

(78*3R! (&! &&(>(*$! E$%F8+! '+!

+57$56%(O(! (6+5*3+5*$! (! 85!

E(73+56+K! V&! >:*37$! %+73:5! &&+B(*$!

'+!&&(>(O(!^$(F8451!+%(!I$2+5!<!%+73:5!+B%+'(*$1!<!*+'E8:'!*+!85!7$%6$!63+>E$!+5!

+&! C$'E36(&! '+! %8>$%(O(! F8+! +%(! $%B8&&$'$! <! +52(5+73*$K! S3+%6$! *4(! '+! &+!

+57$>+5*R! (! &(! +5J+%>+%(! V8&(&3(! F8+! (8;3&3(%(! (&! A$76$%! ^$(F8451! F83+5! 3O(! (!

+;6%(+%!85(!O(&(!(!85!E(73+56+!F8+!&&+B(O(!*+!8%B+573(K!A37+5!F8+!V8&(&3(!F8+*R!

3>E(76(*(! (&! 7$5$7+%! (&! A$76$%! ^$(F8451! <! F8+! *+'E8:'! *+! 7$&(O$%(%! 7$5! +&!

>+573$5(*$!>:*37$! 5$! *+I(O(!*+! C(O&(%! *+! '8'! $I$'! <! *+! &$!O3+5! E(%+73*$!F8+!

+%(K!X!E+'(%!*+!F8+!>87C('!E+%'$5('!&+!%+7$>+5*(%$5!F8+!5$!'+!+5(>$%(%(!*+&!

B(&+5$1!+5!E$7$! 63+>E$!'+!C373+%$5!5$23$'1!(85F8+! &(!%+&(73R5!5$!+%(!+F836(632(e!

+&&(! &+! +56%+B(O(! 6$*$! '8! (>$%! <! :&! +%(! J(5J(%%R51! <! 7$F8+6+(O(! 7$5! $6%('!

+5J+%>+%('K!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!a/!

#('(%$5! >+'+'! +! 357&8'$! >G'! *+! 85! ()$1! <! +&! A$76$%! ^$(F845! &+! *3I$! F8+! '+!

7('(%4(5K!V&&(!'+!+>$73$5R!>87C$!<!7$>+5UR!(!3&8'3$5(%'+!7$5!&(!O$*(K!Q5!*4(1!:&!

&+! E3*3R! F8+! &+! B8(%*(%(! 85! 6%(I+! *+! +63F8+6(! E$%F8+! 3O(! (! 3%! (! 85(! +&+B(56+!

%+7+E73R5!(&!*4(!'3B83+56+K!V&&(!(77+*3R1!<!('4!(&!$6%$!*4(!+&! &(!23'36R!+5!'8!7('(1!

*$5*+!'+!7(>O3R!<!(&!6+%>35(%!7$52+%'(%$5!85!%(6$K!V8&(&3(!&+!7$>+56R!F8+!C(O4(!

$&23*(*$!>+573$5(%&+!F8+!(!&(!>()(5(!'3B83+56+!3O(!(!'(&3%!6+>E%(5$!*+!23(I+!E8+'!

6+54(!85!'+>35(%3$!(&!5$%6+!*+&!E(4'!F8+!*8%(%4(!,Y!*4('K!X!&(!+5J+%>+%(!V8&(&3(!&+!

+;6%()R!85!E$7$!F8+!5$!&+!C8O3+%(!>+573$5(*$!5(*(!^$(F845!(7+%7(!*+&!23(I+!7$5!

(56+%3$%3*(*1!E+%$!&+!*+'+R!O8+5!23(I+!<!'+!*+'E3*3R!*+&!:&K!X!&(!'+>(5(1!+&&(!<(!&$!

+;6%()(O(!>87C$1!<!85!+5J+%>+%$!*+&!C$'E36(&!7$52+%'R!7$5!+&&(!<!&+!7$5J+'R!F8+!

6+54(!356+%:'!*+!F8+!+&&(!&$!(7$>E()(%(!(!85(!J3+'6(1!E+%$!+&&(!&+!*3I$!F8+!5$!E$*4(!

C(7+%&$1!E8+'!+'6(O(!7$>E%$>+63*(!7$5!+&!A$76$%!^$(F8451!(!&$!F8+!:&!&+!%+'E$5*3R!

F8+!7R>$! 3O(5!(!+'6(%!7$>E%$>+63*$'!'3!:&!'+!(7(O(O(!*+!7('(%!<!+'6(O(!+5!'8!

23(I+!*+!O$*('1!(*+>G'!F8+!C(O4(!%+58573(*$!(!'8!6%(O(I$!<!'+!3O(!*+!&(!738*(*K!

[(! +5J+%>+%(! V8&(&3(! 5$! E8*$! +236(%! '8>3%'+! +5! 85(! E%$J85*(! *+E%+'3R5! E$%! +&!

+5B()$!+5!+&!F8+!C(O4(!'3*$!24763>(K!A37+5!F8+!7$>+5UR!(!&&+B(%!6(%*+!(&!6%(O(I$1!

*+'783*R!(!(&B85$'!+5J+%>$'1!+!357&8'$!C(<!F83+5+'!>+573$5(5!F8+!'+!&+!&&+B(%$5!

(! >$%3%! E$%! '8! *+'(6+573R5K! #('R! +&! 63+>E$1! <! +&&(! 7(<R! +5! 7(>(! E$%! 85(!

+5J+%>+*(*! F8+! &(! &&+2R! >G'! 6(%*+! (! &(! 68>O(1! +5! +&! >3'>$! C$'E36(&! *$5*+!

6%(O(I(O(K!A+'E8:'!*+!85!63+>E$1!7$>+5U(%$5!(!'87+*+%!C+7C$'!+;6%()$'1!7$>$!

F8+! 85(! >()(5(! 85! E(73+56+! F8+!

+'6(O(!B%(2+!(>(5+73R!>8<!O3+51!<!

&+!*3I$!(!&(!+5J+%>+%(e!

!!

P! Z%(73('! E$%! '8'! 783*(*$'1! &(!

>+*3735(! F8+! >+! *3$! >+! >+I$%R!

>87C$K!

!

a,!

[X!`QV9XAX!

V5! +&! '3B&$! gW_1! 2324(! +5! 9:;37$! 85! +'E()$&! &&(>(*$! Z$5U(&$! V'E35$'(! *+!

Z8+2(%(1!&&+B(*$!(!+'6('!63+%%('!7$5!J$%685(!<!7$5!85(!C3I(!*+!7+%7(!*+!b/!()$'!*+!

5$>O%+! N+(6%3UK! V5$%>+! J$%685(1! O+&&+U(! <! 23%68*! &+! (B+573(%$5! (! &(! >87C(7C(!

3558>+%(O&+'! '8E&37(56+'1! F8+! 5857(! &$B%(%$5! '8! (>$%K! d('6(! F8+! &&+BR! *$5!

9(%645!*+!@+RE$&&31!5$O&+!36(&3(5$!F8+!'+!+5(>$%R!&$7(>+56+!*+!+&&(!(&!E856$!*+!5$!

E+%>363%! +&! E('$! *+! 535B=5! 7(O(&&+%$! E$%! &(! 7(&&+! *$5*+! 2324(! N+(6%3UK! [$! F8+!

+23*+56+>+56+!5$!&+'!E(%+73R! I8'6$!(!&$'!*+>G'!E%+6+5*3+56+'K!987C('!2+7+'!'+!

*3'7863R!(&!%36>$!*+!&('!+'E(*('1!'(&3+5*$!2+57+*$%!'3+>E%+!+&!36(&3(5$K!c$*('!&('!

>()(5('! '+! +57$56%(O(! +&! 78+%E$! C+%3*$! $! '35! 23*(! *+&! $'(*$! F8+! E%+6+5*3R!

(7+%7(%'+!(! &(!7('(!<!+&&(1!(85F8+!(>(O(!(!9(%6451! '8J%4(!E$%F8+!'+!*+%%(>(O(!

6(56(!'(5B%+!E$%!'8!78&E(!<!6(>O3:5!E$%!&$'!7+&$'!

*+! '8! (>(*$K!

Q5(!5$7C+!+5!(8'+573(!*+!'8!E(*%+!+! 35'E3%(*(!

E$%! +&! >(%63%3$! *+! @(56(! [874(! PF8+! +56%+BR! &$!

>G'! E%+73(*$! *+! '8! %$'6%$1! '8'! $I$'1! (&!

E%+6+5*3+56+! F8+! 7$5! '8! 35'3'6+573(! 6%(6(O(! *+!

(&+I(%&(! *+! &(! 23%68*P1! &&+2R! (! '8! %+7G>(%(! 85!

O%('+%$! +57+5*3*$1! <! >3+56%('! &&$%(O(! <! E+*4(!

J8+%U(! (! &(! @(56(1! C85*3R! '8! %$'6%$! +5! +&! J8+B$1!

E+5'(5*$! F8+! 5$! E$*4(! E+%>363%! F8+! *$5!9(%645!

'3B83+%(! >(6(5*$! (! >G'! 35$7+56+'1! C('6(! F8+!

7(<R! '35! 7$5$73>3+56$K! Q5! J%(3&+! (&! +'787C(%! '8!

B%36$! *+! *$&$%! +56%R! (! &(! 7('(1! &(! (8;3&3R! 7$5!

%+>+*3$'!7('+%$'!>3+56%('! &+!E%+B856(O(!F8:!C(O4(!E('(*$K!N+(6%3U! &+!+;E&37R!<!

*3I$!F8+!+'E+%(O(!F8+!78(5*$!*$5!9(%645!23+%(!'8!%$'6%$!*+I(%4(!*+!7+&(%&(1!(>(%&(!

<!*+!>(6(%!(!6(56$'!7(O(&&+%$'K![(!%+(773R5!*+!*$5!9(%645!(&!%+63%(%!+&!2+&$!7$5!+&!

F8+!'+!C(O4(!78O3+%6$!&(!7(%(!<!>3%(%!+&!C+%>$'$!%$'6%$!*+'J3B8%(*$!J8+!(%%$*3&&(%'+!

<!*+7&(%(%!'8!(>$%K!!

ab!

#3*3R!'8!>(5$!(!A$5!Z$5U(&$!<!*4('!>G'!6(%*+!'+!7('RK!V&&(!+56%R!(!&(!3B&+'3(!7$5!

&(!7(%(!78O3+%6(!E$%!85!68E3*$!2+&$!O&(57$!<!*+'E8:'1!&('!E$7('!2+7+'!F8+!'(&4(1!

'3+>E%+! &$! C3U$! 7$5! +&! %$'6%$! 6(E(*$K! L(*3+! 2$&23R! (! 2+%! +&! C+%>$'$! %$'6%$! *+!

N+(6%3U1!F8+!A$5!9(%6451!7(&>(*$!+5!'8!(>$%!E%$E3$1!B8(%*R!+5!+&!E+5'(>3+56$K!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

a"!

V[!@VqDM!`QV!W_W_X!SDL!QLX!NMQ^X!

V[!@VqDM!`QV!W_W_D!SDL!QLX!NMQ^X!

d(O4(!85(!2+U!85!'+)$%!F8+!'+!+5(>$%$!*+!85(!>87C(7C(!>8<!O$536(1!E+%$!73+%6$!

*4(!+&!'+)$%!'+!J8+!(!6$>(%!7+%2+U('!7$5!'8'!7$>E(*%+'!<!&+!*3I+%$5!F8+!'8!5$23(!

+%(! 85(! O%8I(! <! F8+! +5! &(! 5$7C+! '+! 7$52+%64(! +5! 78(&F83+%! (53>(&K! c(>O3:5! &+!

(7$5'+I(%$5!F8+!+5!&(!5$7C+!&(!+'E3(%(!E(%(!7$>E%$O(%!F8+!+%(!73+%6$K!V&!'+)$%!&(!

+'E3R! +5! &(! 5$7C+! E+%$! +&! '8+)$! &$! 2+574(! <! '+! F8+*(O(! *$%>3*$K! V56$57+'! +&!

'+)$%!J8+!(!2+%!(!85(!'+)$%(!F8+!+%(!O%8I(K!V&&(!&+!*3I$!F8+!E(%(!2+%!(!'8!5$23(!'+!

E8'3+%(!85!+'7(E8&(%3$!<!F8+!78(5*$!&(!>87C(7C(!'+!F836(%(!'8!78+%$!*+!>8I+%1!

F8+!(&!78+%$!&+!+7C(%(!'(&K!V5!&(!5$7C+!+&!'+)$%!'+!E8'$!85!+'7(E8&(%3$!<!78(5*$!

&(!>87C(7C(!'+!&+2(56$!&(!'3B83R!C('6(!85!G%O$&!*+!(B8(7(6+K!XC4!&(!>87C(7C(!'+!

F836$!+&!78+%$!*+!>8I+%!<!'+!7$523%63R!+5!&+7C8U(K!V&!'+)$%!+'E+%$!(!F8+!'+!J8+%(!

(&+I(%(K!l!78(5*$!'+!J8+!+&!(53>(&1!+&!'+)$%!&+!+7C$!'(&!(&!78+%$!*+!>8I+%K!S8(5*$!

&(!>87C(7C(!%+B%+'$!<!'+!E8'$!+&!78+%$!*+!>8I+%!&(!>87C(7C(!'+!%+2$&7R!<!&&$%(O(!

*+&!*$&$%K!@V!SQVLcX!`QV!SQXLAD![X!ZVLcV!#X@X!#DM!V@V![QZXM!@V!!

X#XMVSV![X!9QSdXSdX!MVWD[SXLAD@V!l![[DMXLAD!

AV[!AD[DMK!

!

!

!!!

!

!

!

!

aa!

cVMMDM!VL![X!SXMMVcVMX!

Q5(!*+!&('!C3'6$%3('!E$E8&(%+'!>G'!>(7(O%('!+56%+!&('!7%+(*('!+5!+&!'3B&$!gg!+'!

&(! F8+! C(7+! %+J+%+573(! (! 85! 7$5*876$%! F8+! +5! +&! =&63>$! >$>+56$! *+73*+! 5$!

%+7$B+%!(!85!23(I(56+K!!

Z+5+%(&>+56+! +&! 5(%%(*$%! 7$>3+5U(! *373+5*$e! T\c+! 7$56:! &$! F8+! &+! $78%%3R! (!>3!

(>3B$]!N8+5$1! *+!C+7C$! J8+! (! '8! E%3>$KKKTK!l! 7$5635=(! ('4e!Q5!(86$>$23&3'6(! 2(!

7$5*873+5*$! E$%! 85(! 7(%%+6+%(1! 78(5*$! 2+! (! 85! C$>O%+! I$2+5! 7$5! +&! E8&B(%!

&+2(56(*$K!X&!*3'>3583%!&(!2+&$73*(*!E(%(!%+7$B+%&$!F8+*(!7$5'6+%5(*$!(&!2+%!F8+!

*+6%G'!*+! &$'!(%O8'6$'!$!G%O$&+'!*+! &(!7(%%+6+%(!('$>(5!*$'!$! 6%+'!7$>E()+%$'!

'8<$'K! S$5'3*+%(5*$! F83UG! F8+! +'6G5! (O8'(5*$! *+! '8! B+5+%$'3*(*1! $! 6(&! 2+U!

(&(%>(*$'! (56+! &(! E$'3O3&3*(*! *+! F8+! '+! 6%(6+! *+! 85(! O(5*(! *+! &(*%$5+'1! +&!

7$5*876$%!*+73*+!+5!+&!=&63>$!>$>+56$!5$!%+7$B+%&$'K![$'!23(I(56+'!'+!+578+56%(5!

<(! O('6(56+! 7+%7(! *+&! 7$7C+1! E+%$! +&! 7$5*876$%! E3'(! +&! (7+&+%(*$%! (! J$5*$! <! '+!

(&+I(! 6(5! %GE3*$! 7$>$! E8+*+K! [$'! 23(I(56+'! E(%+7+5! +5$I(*$'e! B%36(5! <! 7C3&&(5!

>3+56%('!+&!(86$>$23&3'6(!'+!(&+I(K!

!?+&3U! *+! C(O+%! &$B%(*$! +'7(E(%! (! 63+>E$1! +&! 7$5*876$%! '3B8+! '8! 7(>35$! 85$'!

s3&R>+6%$'!'35!*+6+5+%'+K!A+'E8:'1!(&! 7$>E%$O(%!F8+!+&! 35*37(*$%!*+! &(!B('$&35(!

'+!(7+%7(!(&!7+%$1!'+!E(%(!+5!85(!+'6(73R5!*+!'+%2373$K!

X76$! '+B83*$! $O'+%2(! F8+! +&! $E+%(%3$! *+! &(! +'6(73R5! *+! '+%2373$1! &423*$! 7$>$! &(!

7+%(1! '+! (E(%6(! C$%%$%3U(*$! *+&!

7$7C+K!V&!7$5*876$%!O(I(!E(%(!2+%!

F8:! +'! &$! F8+! E('(1! <! F8+*(!

E(%(&3U(*$! *+! C$%%$%! (56+! &$! F8+!

2+5! '8'! $I$'K! X6%(E(*$'! +5! 85(!

*+! &('! >(53I('! *+! &(! E8+%6(! C(<!

78(6%$!*+*$'!C8>(5$'K!

!

! aY!

!

!

!

!

!

!

!

!

!

!

!

!!

!

!

!!

!

!!

!!

!!

!!

!

!!

!!

!

!!

!

!!

!

!!

!!

!

!!!

!

!!

! !

!

!

!!

!

!!

!!

!

!

!

!

!

!

!

!

!

!

!

!

!!

!

!

!

!

!

!

!!

!

!!

!

!!

!!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!!

!

!!

!

!

!

!

!!!

!!!

!

!!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

! !

!

! !

!

Este libro fue distribuido por cortesía de:

Para obtener tu propio acceso a lecturas y libros electrónicos ilimitados GRATIS hoy mismo, visita:

http://espanol.Free-eBooks.net

Comparte este libro con todos y cada uno de tus amigos de forma automática, mediante la selección de cualquiera de las opciones de abajo:

Para mostrar tu agradecimiento al autor y ayudar a otros para tener agradables experiencias de lectura y encontrar información valiosa,

estaremos muy agradecidos si"publicas un comentario para este libro aquí".

INFORMACIÓN DE LOS DERECHOS DEL AUTOR

Free-eBooks.net respeta la propiedad intelectual de otros. Cuando los propietarios de los derechos de un libro envían su trabajo a Free-eBooks.net, nos están dando permiso para distribuir dicho material. A menos que se indique lo contrario en este libro, este permiso no se transmite a los demás. Por lo tanto, la redistribución de este libro sín el permiso del propietario de los derechos, puede constituir una infracción a las leyes de propiedad intelectual. Si usted cree que su trabajo se ha utilizado de una manera que constituya una violación a los derechos de autor, por favor, siga nuestras

Recomendaciones y Procedimiento de Reclamos de Violación a Derechos de Autor como se ve en nuestras Condiciones de Servicio aquí:

http://espanol.free-ebooks.net/tos.html