ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

45
INFOñâÿò - 1 / 2009 1 ÑÚÄÚÐÆÀÍÈÅ ÅÂÐÎÏÅÉÑÊÎ ÎÁÐÀÇÎÂÀÒÅËÍÎ È ÈÇÑËÅÄÎÂÀÒÅËÑÊÎ ÏÐÎÑÒÐÀÍÑÒÂÎ ............................ 3 ÑÏÅÖÈÀËÍÈ ÈÍÈÖÈÀÒÈÂÈ ÇÀ ÏÎÄÏÎÌÀÃÀÍÅ ÍÀ ÅÂÐÎÏÅÉÑÊÎÒÎ ÈÇÑËÅÄÎÂÀÒÅËÑÊÎ ÏÐÎÑÒÐÀÍÑÒÂÎ ......................................................................................... 3 ÖÅÍÒÐÎÂÅ ÇÀ ÂÚÐÕÎÂÈ ÏÎÑÒÈÆÅÍÈß - ÎÏÈÒ È ÏÅÐÑÏÅÊÒÈÂÈ ....................................... 6 ÍÎÂÀ ÏÚÒÍÀ ÊÀÐÒÀ ÍÀ ÅÂÐÎÏÅÉÑÊÈß ÑÚÞÇ ÇÀ ÈÇÑËÅÄÎÂÀÒÅËÑÊÈÒÅ ÈÍÔÐÀÑÒÐÓÊÒÓÐÈ ........................................................................................................................... 8 ÌÎÄÅËÈ ÍÀ ÓÏÐÀÂËÅÍÈÅ È ÑÒÐÓÊÒÓÐÀ ÍÀ ÑÈÑÒÅÌÈÒÅ ÇÀ ÎÁÐÀÇÎÂÀÍÈÅ È ÍÀÓÊÀ ............................................................................................................ 12 ÅÂÐÎÏÅÉÑÊÎ ÈÇÌÅÐÅÍÈÅ ÍÀ ÖÅÍÒÐÎÂÅÒÅ ÇÀ ÂÚÐÕÎÂÈ ÏÎÑÒÈÆÅÍÈß ..................... 12 ÍÎÂÎ ÏÎÊÎËÅÍÈÅ ÑÂÅÒÎÂÍÈ ÖÅÍÒÐÎÂÅ ÇÀ ÍÀÓ×ÍÈ ÈÇÑËÅÄÂÀÍÈß ........................... 16 ÅÂÐÎÏÅÉÑÊÈ ÖÅÍÒÐÎÂÅ ÇÀ ÂÚÐÕÎÂÈ ÏÎÑÒÈÆÅÍÈß Â ÊÀÍÀÄÀ ..................................... 20 ÑÈÑÒÅÌÈ È ÈÍÑÒÐÓÌÅÍÒÈ Â ÎÁÐÀÇÎÂÀÍÈÅÒÎ È ÍÀÓÊÀÒÀ .............................................. 24 ÈÍÈÖÈÀÒÈÂÀ ÇÀ ÂÚÐÕÎÂÈ ÍÀÓ×ÍÈ ÏÎÑÒÈÆÅÍÈß Â ÀÂÑÒÐÈß ....................................... 24 ÍÀÓ×ÍÎ-ÒÅÕÍÎËÎÃÈ×ÍÀ ÏÎËÈÒÈÊÀ È ÈÍÎÂÀÖÈÈ ................................................................ 28 ÏÎËÈÒÈÊÀÒÀ ÍÀ ×ÅØÊÀÒÀ ÐÅÏÓÁËÈÊÀ  ÎÁËÀÑÒÒÀ ÍÀ ÂÚÐÕÎÂÈÒÅ ÍÀÓ×ÍÈ ÈÇÑËÅÄÂÀÍÈß ............................................................................................................................... 28 ÖÈÔÐÈ È ÔÀÊÒÈ .................................................................................................................................. 30 ÈÍÈÖÈÀÒÈÂÀ ÇÀ ÂÚÐÕÎÂÈ ÍÀÓ×ÍÈ ÏÎÑÒÈÆÅÍÈß Â ÃÅÐÌÀÍÈß ................................... 30 ÅÂÐÎÏÅÉÑÊÈ ÂÈÐÒÓÀËÅÍ ÖÅÍÒÚÐ ÇÀ ÂÚÐÕÎÂÈ ÏÎÑÒÈÆÅÍÈß Â ÎÁËÀÑÒÒÀ ÍÀ ÁÅÇÎÏÀÑÍÎÑÒÒÀ ÍÀ ÏÐÅÂÎÇÍÈÒÅ ÑÐÅÄÑÒÂÀ ................................................................ 31 ÖÅÍÒÚÐ ÇÀ ÂÚÐÕÎÂÈ ÍÀÓ×ÍÈ ÈÇÑËÅÄÂÀÍÈß Â ÓÍÈÂÅÐÑÈÒÅÒÀ ÉÎÕÀÍÅÑ ÃÓÒÅÍÁÅÐà - ÃÐ. ÌÀÉÍÖ ....................................................................................... 32 ÌÅÆÄÓÓÍÈÂÅÐÑÈÒÅÒÑÊÈ ÖÅÍÒÚÐ ÏÎ ÌÈÊÐÎÅËÅÊÒÐÎÍÈÊÀ (IMEC)  ÁÅËÃÈß ........... 33 ÈÍÑÒÈÒÓÒ ÏÎ ÍÀÍÎ-ÊÂÀÍÒÎÂÀ ÈÍÔÎÐÌÀÖÈÎÍÍÀ ÅËÅÊÒÐÎÍÈÊÀ (CINQIE)  ßÏÎÍÈß ....................................................................................................................................... 34 ÔÈÍËÀÍÄÑÊÀ ÏÐÎÃÐÀÌÀ ÇÀ ÏÎÄÏÎÌÀÃÀÍÅ ÍÀ ÖÅÍÒÐÎÂÅÒÅ ÇÀ ÂÚÐÕÎÂÈ ÏÎÑÒÈÆÅÍÈß .............................................................................................................. 35 (Ïðîäúëæàâà)

Upload: others

Post on 17-Jun-2020

12 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

���������

��� ������������������������������������������ ���������������������������� �

���������������������������������������� �!���

�������������!������������� """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" #

�����������$�%��������&���'�����������!���� """"""""""""""""""""""""""""""""""""""" (

�����$���!������������ �!�'�$)����������������!���

��*�����+!�+�� """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ,

������������������������������������������

�������������������������������������������������������������������������������������������������������������������������������

������ �!�������������������������$�%��������&���' """""""""""""""""""""�

������!��������������������������+-������������'"""""""""""""""""""""""""""�(

������ �!������������$�%��������&���'�!����� """"""""""""""""""""""""""""""""""""" �

������������������������������������������� ������������������������������������������������

�������������$�%�����+-�������&���'�������' """"""""""""""""""""""""""""""""""""""" .

������������������������������������������������������������������������������������������������������

������!�����-�/!������+0��!���0���������$�%�������+-��

����������' """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ,

��!�����!���� �����������������������������������������������������������������������������������������������������������������������������������"

�������������$�%�����+-�������&���'��������' """""""""""""""""""""""""""""""""""#�

������ �!�����+��������$����$�%��������&���'��0������

��0�������������������������������� """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#�

����$����$�%�����+-������������'�+�����������

1 �%�����+���0���2��"�� �� """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#

��&�++�����������!�����$�����!�����!�����!�3�4567�0����' """""""""""##

������+�������!���������*�������������!�����!�36��8�57

�'����' """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#.

*�������!������������������������������������

�$�%��������&���'""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#9

3�:;<=>?@�@7

Page 2: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

0A>B�CD=� ���������BCEF;���G;H@�B:C@>C;�:BD;HC:@DCIJ?<B��:@DDCC K=>F@:�LCCE�;IDCMC"

�B<@LMC;DBD �=�B�N �B<@L�;:N'D@�@D;�@�@D��:@OLCD@P�>F@�@IB�@P�@>��>@�IB�@P'D@�@D;�@P ��C>;� :B<@L�;:N!;��@<CD�;DB�P�C>BD�DFB>;�P �B>C!;>B�@)>C��CIB�@�<:B�NKJ>"Q�:�"�"�CHC�:;�2R9 ��� 9�;SC��B>"N,�T#,(�UVWXYN ZU[\U]^]_`WaXb"cd �ee��#� .T#�

3�:;<=>?BDCB7

���#�$�������#%��������# ���������������������������������������������������������������������������������������������������&

�������1�������� ���������������������������������������������������������������������������������������������������������������������

���������������������&�+�������������!��������!�

����&0�1����2 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#�

1�����������������'�������������2 ��, """""""""""""""""""""""""""""""""""""""""""""""""""""""""#�

�����&�+������������������������'�� """""""""""""""""""""""""""""""""""""""""""""""""""""""".�

�������1����!�2�� ��,������ """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""".�

��������� �!�������������-������������������ """""""""""""""""""""""""""""""""".

������$���������$��������� ����������������������������������������������������������������������������������������������������

���������������%��# �������������������������������������������������������������������������������������������������������������'

Page 3: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

��:;GBf�L;;K:@E;�@�B>D;CCE�>B<;�@�B>�L;G:;��:@D���;

��� ������������������������������������������

�������������������������������������� ������������������������������

�>B<@D@>CED@:BEJ>�@�C�B;�<BK@

�C�B E@ 1�B>BD@�@ LDCF@2 �@ G:;�B<BDC

L;D�J>�@MCCP�=E;�D;�@D@L;C�;�BD@KB

>�E�@�D@�;LCE@:@E�C�CB�;D@()*+,-.�

/*0*� 12.3,4*(50,3./*� +)*.0)56.0(*

3���7C��@:�C:@�GB�D;�CCDCMC@�C�C"

�B E@��F@� G:;SB�C;D@>D;�; :@E�C�CB C

H;KC>D;���@ D@ CE�>B<;�@�B>C�BP CE�>B

<;�@�B>�LC�BCDS:@��:JL�J:CP:@EG:;��

:@D��@DB�;D@ED@DC�P�=�HB��D;�;G>@DC

:@DB D@ G:;F:@HC CHB?<JD@:;<D;�; �=�

:J<DCIB���;�;K>@���@D@D@JL@�@C�Bg

D;>;FCC�B"�:@HLC�BD@CDCMC@�C�C�BB

G:B<�C<BD; �=E<@�@DB�; D@�:@fDC G@:�

Dh;:���@CF:JGCG;CD�B:B�CHB?<JJDC

�B:�C�B�C�BPCE�>B<;�@�B>�LC�BCD��C

�JMCCCI@��DC�KCEDB��:@HLC�BD@��"

��� ���� ��� ������� ��� ��� ��

�"�"78��9����������:��#��

�@ <BLBH�:C ��,F"�=�B�=�D@��

�EBH@:BOBDCBE@D;�@�CEC�D@���P L;�

�; B I@�� ;��"D@:" Q�:;MB� �AK>�D@2P

;<;K:BD;��!C�=�B�@G:BE@G:C> ��,F"

��AK>�D@P�>;�BDC�"�@KB>�E�@��BMB>CP

CD<CL@�;:CCL:C�B:CCE@L;D�:;>C;MB

D��@DB" �BEJ>�@�C�BiB �B ;�IC�@�D@

:B<;�DC�:BiCD@DC�;HCDC��:C"

�; � �F"��CILCJI@��DCMC����iB

�B �=EG;>E�@� DB;F:@DCIBD; ;� 1GB�@�@

��;K;<@2P;�CFJ:��@i@��;K;<D;<�C?BDCB

D@ED@DC�P�BgD;>;FCCCCD;�@MCC"���G:B

<;��@�� G:C�>BL@�B>DC J�>;�C� C BSBL

�C�D; <Bf���@iC ��:JL�J:C E@ CE�>B<;

�@�B>�LC <BfD;��C C CD�B��CMCC � ���

�BL�;:C�B" �@L@ �B E@<;�;>��@� G;�:BK

D;��C�BC?B>@DC��@D@F:@?<@DC�BC�B

�=<Bf���@E@J��;fIC�;�;:@E�C�CBCL;D

LJ:BD�D;�G;�;KD;���@���:;G@"�B>�@B

I:BEG;<G;H@F@DBD@D@JIDC�BCE�>B<�@DC�

C�BgD;>;FCC ;� GJK>CIDC� �BL�;: <@ �B

�=E<@<@��=:g;�CG;��C?BDC�D@ ��B�;�

D;DC�;"

����B;�D;�@�@D@�E@CHD;<;�B:CBC

G;��;�DBD<C@>;FHB?<J;KiB���;�;CBL

�GB:�C�B�;K>@���@D@D@JL@�@C�BgD;

>;FCC�B" �E�>B<;�@�B>�L@�@ <BfD;�� �

:@HLC�BD@����G@E�@B�CIDC�BD;:HCD@

��P<BH;L:@�CIDC�BMBDD;��CPLJ>�J:@�@

C C<BD�CID;���@ D@ ;�<B>DC�B <=:?@�C

I>BDLC"

� G;H;i�@ D@ G;<g;<�iC B�:;GBf�LC

HBg@DCEHC �B G;<G;H@F@ �E@CH;<Bf���CB

�;HB?<J;K:@E;�@DCB�;PCE�>B<�@DC��@C

CD;�@MCC�B" !=H !;HC�B�@ E@ D@JIDC C

�BgD;>;FCIDC CE�>B<�@DC� 36jVX^� bU YW

ZUakUZakU]aXU`^XlX[\UU^ ^Uak`X[\Um;<=>?7

BCEF:@<BD@�GBMC@>CEC:@D@��:JL�J:@PCE

�B��D@�GJK>CID;�;G:;��:@D���;L@�;

1��:@�BFCIB�LCS;:JH E@ HB?<JD@:;<D;

D@JID; C�BgD;>;FCID; �=�:J<DCIB���;Q

�=��>B<DC�B;�D;�DC<BfD;��CN

n;KHBDC��:JL�J:C:@DBD@CDS;:H@

MC��@ ;�D;�D; <BfD;��C�B C MB>C�B D@

D@JID;�;C�BgD;>;FCID;�;�=�:J<DCIB�

��;o

n ;KB<CD��@DB D@ CDS;:H@MC��@ E@

�:B�C<=:?@�CP@D@>CEC�BD@�BgDC�B:B

�J:�CCL@G@MC�B��;K>@���@D@D@JL@�@

C�BgD;>;FCC�Bo

n�:BiCHB?<JG@:�Dh;:C�BE@E@G;E

D@�@DBC�=F>@�J�@DBD@D@KB>�E@DC�BMB>C

C ;G:B<B>�DB D@ G:C;:C�B�C E@ D@JID; C

�BgD;>;FCID; �=�:J<DCIB���; ��:B�C

Page 4: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

<=:?@�C31L@L�;�L;F;Q7o

n L;;:<CDC:@DB D@ �g;<DC <BfD;��CP

;�=iB�����@DC;�<=:?@�C�BI>BDLCC;K

iD;���@o

nG:B<>;?BDC�E@CDCMC@�C�Co

n L;D�@L�C � H:B?@ D@ D@JIDC�B �=

�B�DCMCD@<=:?@�C�BI>BDLCC�!�L>A

I;�C�:B�C<=:?@�C"

����������������������������

�������

�2.3,4*(50,31

�DCMC@�C�@�@CH@E@MB>CEF:@?<@DB

�;D@B�:;GBf�LCG@:�Dh;:���@E@H;KC>

D;��C�=E<@�@DB�;D@G;<;K:CJ�>;�C�E@

L@:CB:D;:@E�C�CBD@JIBDCCCE�>B<;�@�B

>C"�;�@KC<;�B>;<;G;OC:;L;:@EG:;��

:@DCBD@ED@DC��@P:BFJ>C:@DBD@�=:�BDB

�;CG:B<>@F@DB�;D@JIBDCP�=E<@�@DB�;

D@MBD�:;�BE@�=:g;�CG;��C?BDC�C;G

�CHCEC:@DB�;D@JHBDC��@D@B�:;GBf�LC

�BCE�>B<;�@�B>C"�;<;K:C�B�=EH;?D;�

�CE@L@:CB:D;:@E�C�CBD@JIBDC�BiBD@

�=:I@�F;>�HK:;fH>@<Cg;:@��C�OB;K

:@E;�@DCB <@ �B D@�;I@� L=H D@JID@ <Bf

D;��C<@;��@D@�<@:@K;������:;G@P

L@L�; C <@ �B G:C�>BL@��@>@D�>C�CCE�

>B<;�@�B>C ;� ��:@DC CE�=D��:;G@"�=E

<@�@DB�;D@G@:�Dh;:���@CH@E@MB><@J�

L;:C D@G:B<=L@ � �;MC@>D;�;;�CFJ:��@DBP

E@B�;���@CJ�>;�C��@D@�:J<P;K:@E;�@

DCB�;CL�@>CSCL@MC��@"

�2.3,4*(50,3./1� 16@)5.0)A/0A)1

�DCMC@�C�@�@ G:B<�C?<@ �=E<@�@DB

�;D@E@L;D;�@:@HL@E@G;<G;H@F@DBD@:@E

�C�CB�; CSCD@D�C:@DB�; D@ ;Ki;B�:;

GBf�LC�BCE�>B<;�@�B>�LCCDS:@��:JL�J

:CP�=fL@�;DB���L@<=:?@�@I>BDL@CH@

G;<g;<�iCE@L;D;�CCD��:JHBD�C"

�@<@CH@��:;G@�;<BiCG;ECMCC�=�

�=:g;�C�BD@JIDC G;��C?BDC�P G:BE �>B<

�@iC�BF;<CDC���BDJ?<@B;�D;�CCE�

>B<;�@�B>�LCCDS:@��:JL�J:C"�D;F;;�

��g�@;G:B<B>BDCD@��:;GBf�LC���:@�B

FCIB�LCS;:JHE@CE�>B<;�@�B>�LCCDS:@�

�:JL�J:C35e�p�7"�=:?@�C�BI>BDLCD@��

CE@�K=<BiBiBSCD@D�C:@�C:@E:@K;�

�@�D;�CCDS:@��:JL�J:C"�@MC;D@>DC�B

G:@�DCD;:HCDB �@G;<g;<�iCE@ �=E<@�@

DB�;D@K=<BiC;Ki;B�:;GBf�LCD@JID;CE

�>B<;�@�B>�LC CDS:@��:JL�J:C"

�BC,6�65�26561D

�@�@G:C> ��,F"�!G:CBH@�:BG;:=

L@E@JG:@�>BDCBD@CD�B>BL�J@>D@�@�;K

���BD;�� G:C�:@D�SB:@ D@ ED@DC� C L;

<BL�E@JDC�B:�C�B�C�BC<:JFC�BGJK>CI

DCCE�>B<;�@�B>�LCCD��C�JMCC"�B>�@B

<@�BJ>B�DCG:@�C>D;�;CEG;>E�@DBD@CD

�B>BL�J@>D@�@�;K���BD;��D@GJK>CIDC

�BCE�>B<;�@�B>�LCCD��C�JMCCP<@�BG;

<;K:���:@D�SB:=�D@ ED@DC��@ L=H CD

<J��:C��@C�;MC@>D;CL;D;HCIB�LC�BG;>

EC;�BSBL�C�D;�;:B@>CEC:@DBD@:BEJ>

�@�C�B;�GJK>CID;SCD@D�C:@DC�BCE�

>B<�@DC�"�:BG;:=L@�@�=<=:?@CD@�;LCE@

G;<G;H@F@DB D@ G:;SB�C;D@>D;�; K;:@�B

DB�CD�B>BL�J@>D@�@�;K���BD;���CE�

>B<;�@�B>�LC�BCD��C�JMCCD@���"

�E(C,.06*� )52)5B*0(56,� 1� +3561�

)56,�65�+)*8)5C1

�;D@��;�iBH F;>�H@ I@�� ;� CE�>B

<;�@�B>�L@�@<BfD;�����:;G@�BCE�=:

O�@�:@HLC�BD@D@MC;D@>DCC:BFC;D@>DC

G:;F:@HC" �;�@ �;<C <; <JK>C:@DB D@ <Bf

D;��CC:@Eg;<CPC;��@H<;DB:BD�@KC>

D;��"�;:@<C�BECG:CICDCD@�9A>C ��,

F"�!G:CBH@�=;KiBDCBE@�=�HB��D;G>@

DC:@DB D@ GJK>CID;SCD@D�C:@DC�B CE�>B

<;�@�B>�LC G:;F:@HC HB?<J <=:?@�C�B

I>BDLC"

�C�@K;D�L@�@��:@�BFC�E@:@��B?C

E@B�;�����CEC�L�@ED@IC�B>D;G;F;>B

HCCD�B��CMCCL@L�;;�GJK>CIDC�BP�@

L@ C ;� I@��DC�B CD��C�JMCC"*CD@D�;

�@�@��@FD@MC����:;G@CF>;K@>D@�@L;D

LJ:BD�D;�G;�;KD;�� ;K@IB E@�:J<D��@�

�;EC G:;MB�" �:BE G;�>B<D;�; <B�B�C>B

�CB <B>=� D@ :@Eg;<C�B E@ GJK>CID;SC

D@D�C:@DCCE�>B<;�@�B>�LCG:;F:@HC���

TB;L;>;�q"

�@MC;D@>DC�B CE�>B<;�@�B>�LC G:;F

:@HC���:;G@�@D@��B�;�D;:@�DCiBPD;

DB�CD@FCJ<;�>B��;:��@�;KiB���BDC�B

Page 5: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

��:;GBf�L;;K:@E;�@�B>D;CCE�>B<;�@�B>�L;G:;��:@D���;

CEC�L�@DC�"��BH<B�B�CGB�G:;MBD�@;�

GJK>CIDC�B�:B<���@E@CE�>B<�@DC��BCD

�B��C:@����gPKBE;K@IB<@CH@�=F>@�J

�@D;�� C L;;:<CD@MC� HB?<J <=:?@�C�B

I>BDLC"�@H;�9q;�GJK>CIDC�B�:B<��

�@E@CE�>B<�@DC��BCD�B��C:@�I:BEHB?

<JD@:;<DC ;:F@DCE@MCC L@�; D@G:CHB:

�B?<JD@:;<D@�@ ;:F@DCE@MC� E@ �<:BDC

CE�>B<�@DC� ;=<F � C>C G:;F:@HC�B

=G<=HI" �;:@<C >CG�@�@ D@ HB?<JD@:;<

D;�=�:J<DCIB���;�;K>@���@D@G>@DC

:@DB�;B�:J<D;<@�B;G:B<B>��CB<CD

DC CEC�L�@DC� E@ CE�>B<;�@�B>�L@ <Bf

D;��"�;�BEC�=;K:@?BDC�G:BEG:;>B�

�@D@ ��,F"��:;GBf�LC���=�B�G:CE;

�@�@ �! C <=:?@�C�B I>BDLC <@ :@E:@K;

���;KiC<Bf���C� E@ �=�HB��D; G>@DC

:@DBD@CE�>B<�@DC��@"

�=�HB��D;�;G>@DC:@DBD@CE�>B<;�@

�B>�LCG:;F:@HCB��:JL�J:C:@D��:@�B

FCIB�LCG:;MB�P�L;f�;<=:?@�C�BI>BDLC

�B �G;:@EJH��@�E@<;K:;�;>D; JI@��CBC

;KiC <Bf���C� E@ �=�HB��DC CE�>B<;�@

�B>�LCG>@D;�B�MB><@�BE@<;�;>��F;>B

HC�B;KiB���BDCCEC�L�@DC�"��:BHB?=�

B<@�BG;��CFDB�C�;L:BEJ>�@�CBSBL

�C�D;�� D@ �>;?BDC�B GJK>CIDC �:B<��

�@E@CE�>B<�@DC�"�=�HB��D;�;G>@DC:@

DBiB�B;�D;�@�@D@;GC�@;�D@>CIDC�B

CD��:JHBD�CE@L;;:<CD@MC�D@D@MC;D@>

DC�BG:;F:@HCL@�;D@G:CHB:5pr�5sPL@L

�;CD@;GC�@�B�:;GBf�LC�B�BgD;>;FCI

DCG>@�S;:HC"

�,J4A65)*46*� .E0)A461K,.0(*� (

*B35.005�65�65A/505�1�0,L6*3*8110,

�@EC CDCMC@�C�@ G:B<>@F@ G;>C�CIB�

LC :@HL;�C J�>;�C� L@L�; E@ ;KiD;���@P

�@L@ C E@ <=:?@�C�B I>BDLCP L;C�; KCg@

G;<G;H;FD@>CC;K>BLIC>CL;D��:JL�C�D;

�;HB?<JD@:;<D;�=�:J<DCIB���;�D@JL@

�@C�BgD;>;FCC�B"�<CD;�D@fg@:@L�B:

DC�B G:CED@MC D@ CE�>B<;�@�B>�LC� >@D<

O@S� B D@:@���@i@�@ F>;K@>CE@MC� D@

���"�=�HB��D;�;�=�:J<DCIB���;P;�D;

�@�@i; �B D@ �E@CHD;CEF;<D@�@ G;>E@ E@

��CILCJI@��DCMCPB;�:BO@�@i;ED@IBDCB

E@:B@>CEC:@DBD@D@JIDC�BPG;>C�CIB�LC

�BCCL;D;HCIB�LC�BMB>CD@;KiD;���@"

�=G:BLC;KiC�BJ�C>C�PIB��;CE�>B<;�@

�B>�L@�@<BfD;��DB�BL;;:<CDC:@BSBL

�C�D;PL;B�;�;<C<;<JK>C:@DBD@<BfD;�

�CC<;G=>DC�B>DC:@Eg;<C"�@;���:@D�

�@DB D@�BEC DB<;��@�=MC B DB;Kg;<CH;

<@ K=<@�G:CB�CC G:C>;?BDC ;KiCG;>C

�CIB�LC:@HL;�CJ�>;�C�E@HB?<JD@:;<D;

�;�=�:J<DCIB���;�D@JL@�@C�BgD;>;

FCC�B"

�! G:B<>@F@ � ;�=iB�����@DB�; D@

�GBMC@>DC�BCDCMC@�C�C<@�BG:C�>BL@�

�C�;L;L�@>CSCMC:@DCBL�GB:�CG:B<��@

�C�B>CD@<=:?@�C�BI>BDLC"��@GC�BPG;

L;C�;iBG:;�CI@�CDCMC@�C�C�BP�@N

n�@E:@K;��@DBD@GB:�GBL�C�@E@L;D

L:B�D@;K>@��mD@KB>�E�@��B��:@�BFC

IB�LCCE�>B<;�@�B>�LCG>@D 3etr7C�GBMC

SCIDCPCEHB:CHCP:B@>C��CIDCC�:;IDCMB

>C3e4rps7"

n�;<F;�;�L@CG:C>@F@DBD@��:@�B

FCIB�LC CE�>B<;�@�B>�LC G>@D I:BE @D@>CE

D@;GMCC�BC;MBD��@DBD@;I@L�@DC�B:B

EJ>�@�C"

+I@���@iC�B<=:?@�CI>BDLC�EBH@�

:BOBDCBE@G;<K;:@D@CD��:JHBD�C�BPDB

;Kg;<CHCE@:B@>CEC:@DB�;D@CDCMC@�C�C

�BE@�=�HB��D;G:;F:@HD;G>@DC:@DB"�;<

D@<E;:@ D@ �=�B�@ �! L;D�:;>C:@�;EC

G:;MB�"

�20*K61M1N

euUvXUYYU �`X^XW^XwU`v\Zx`^UZ]^�^v\`dbU]5\Zju�X]akU`�jZ]ak\`d]ZW\VU]

������������������ �������� ��������������������� ��������

�@L>AIBDC�D@�=�B�@;�D;�D;B�:;GBf�L;G@:�Dh;:���;E@D@JID;C�BgD;>;FCID;�=�

:J<DCIB���;3 ����6�,��97

k^^uN��U\Z��������������������������������������� !!"�!#$�!!##�!!#%�&'�()*

)"�CIB�@

Page 6: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�����������������������#������������������

��@�J�D@���G;>JI@�@�L@D<C<@�CP

L;C�;CH@�L:C�CID@H@�@;��C�;L;L�@

>CSCMC:@DCJIBDCCCE�>B<;�@�B>CoG;<g;

<�i@D@JID@CDS:@��:JL�J:@C�;K���BD@

G:;F:@H@E@D@JIDCCE�>B<�@DC�oJI@��CB�

�:@D�B�:;GBf�LC;K:@E;�@�B>DCG:;F:@HC

CJHBDC�E@CD�B:<C�MCG>CD@:DCCE�>B<�@

DC�oJ�>;�C�E@H;KC>D;��D@GB:�;D@>@oCE

F:@<BDC�:=ELCC�=�:J<DCIB���;�CE�>B

<;�@�B>�LCCD��C�J�C;�CD<J��:C��@o

DBE@�C�CH@SCD@D�;�@G;<L:BG@"

�=��=E<@�@DB�;D@�����;I@L�@<@

�BG;��CFD@��>B<DC�BMB>CC:BEJ>�@�CN

nD@�:JG�@DBD@L:C�CID@H@�@;�ED@

DC�PI;�BOLCPCDS:@��:JL�J:DCC<:JFC:B

�J:�CPDB;Kg;<CHCE@G;�CO@�@DBD@BSBL

�C�D;���@ D@ B�:;GBf�LC�B D@JIDC CE�

>B<�@DC�C:@E:@K;�LCo

nG;�CO@�@DBD@�=E<Bf���CB�;D@�=

iB���J�@iC�BD@MC;D@>DC����=:gJCD;

�@�C�DC�B �C��BHC D@ B�:;GBf�LC�B

��:@DCo

n G;�CO@�@DB D@ G:C�>BL@�B>D;���@

D@ ��� E@ JIBDC�B C CE�>B<;�@�B>C�B

3�L>AIC�B>D; C DBB�:;GBf�LC7 C HJ>�CD@

MC;D@>DC�B L;HG@DCCP L@L�; C :;>��@ D@

;�<B>DC�B:BFC;DC�F>;K@>DCD@JIDCG:;

BL�CCCDCMC@�C�C"

+�G;:B<D;�=��=E<@�@DB�;D@����B

:@K;�CCE@N

n C<BD�CSCMC:@DB D@ ��� � G:C;:C

�B�DC;K>@��CD@D@JL@�@C�BgDCL@�@C

:@EG:;��:@D��@DBD@CDS;:H@MC�E@��go

nCEF:@?<@DBD@CDS;:H@MC;DDC�C��B

HCPL;C�;;�CFJ:��@�<;��=G<;:BEJ>�@

�C�BD@B�:;GBf�LC�BMBD�:;�B3;�;KBD;

E@H@>LC�KCEDB�7o

n:@E:@K;��@DBD@HBg@DCEHCE@�:@D

�SB:D@ED@DC� ��BgD;>;FCCCH;KC>D;��

D@GB:�;D@>@o

n;KB<CD��@DBD@D@f<;K:C�B:B�J:�C

� ��:;G@ � ;�<B>DC ;K>@��C D@ D@JIDC�B

CE�>B<�@DC�I:BEL;DMBD�:C:@DB�;CH�;F

:@DCIBDK:;fB�:;GBf�LCMBD�:;�BE@�=:

g;�CG;��C?BDC�C>CI:BE�=E<@�@DBD@�C:

�J@>D@H:B?@ D@ �=iB���J�@iC�B MBD�

��B�;�D@�@G:@L�CL@E@�=E<@�@DBD@

��� �B g@:@L�B:CEC:@ � F;>�H; :@ED;;K

:@ECBD@H;<B>CPMB>CPH@i@KCC F:@DCMCP

L;B�;�=E<@�@�:J<D;��CE@��gD;�;<B

SCDC:@DB" ��� �=EDCL�@�P L;F@�; D@ B<

D;H���;�B�=KB:BL:C�CID@H@�@;�CE�

>B<;�@�B>C ;� :@E>CIDC D@JIDC ;K>@��CP

L;C�;H;F@�<@�=E<@<@�G:;<JL�C� L@

IB���;D@��B�;�D;:@�DCiB"�D@DC��@�@

� ;�D;�@�@ D@ �=�:BHBDDC�B���" !@�;

�@LC�@H;F@�<@�B:@EF>B?<@��;<BiCCE

�>B<;�@�B>�LC JDC�B:�C�B�CP CD��C�J

�CPMBD�:;�BC >@K;:@�;:CC"��y�@ >C

<B:C�G:C>@F@DB�;C:@E�C�CB�;D@�@

ECC<B�"�@G:@L�CL@�=E<@�@DB�;D@���

B�>;?D;C�L=G;D@ICD@DCB"!;DMBGMC��@

DBBD;�@PD;�:@E�C�CB�;D@CDS;:H@MC

;DDC�B�BgD;>;FCC�BJ�B>CI@�@��gD;�;

:@EG:;��:@DBDCB" �:BE G;�>B<DC�B F;<C

DC HD;F; CD�BDEC�D; C J�GBOD; �B :@K;

�C��@ECD@�;L@DB�@H;���yC��:;G@

3L@L�; D@ DC�; ��P�@L@ C � ;�<B>DC�B

��:@DC7P D; C � :@E�C�@iC�B �B ��:@DC"

!C�@fC�D<C���@�@�>C<B:C�:@E:@K;�

�@DB�;D@G:;F:@HDCG:;<JL�C"��J�C��=

i;�B:@K;�C@L�C�D;"

�=E<@�@DB�;D@���BB<D@;�E@<@IC

�BD@T��3 ��( ��#F"7"�B>�@B<@�B;�C

FJ:C �:@D�D@MC;D@>D; �=�:J<DCIB���;

HB?<JB�:;GBf�LC�BCE�>B<;�@�B>�LCMBD

�:;�BP JDC�B:�C�B�C�BCSC:HC�BP L;C

�;;G:B<B>��DC�;�;CL@IB���;�;D@D@

JIDC�BCE�>B<�@DC�PL@L�;C:@E�C�CB�;P

:@EG:;��:@DBDCB�;CCEG;>E�@DB�;D@:B

EJ>�@�C�B"

���CE�=:O�@�N

nCD�B:<C�MCG>CD@:DCCE�>B<�@DC�P;�

D;�@DCD@�:@D�D@MC;D@>D;�=�:J<DCIB��

�;o

nCE�>B<�@DC��:@HLC�BD@L@G@MC�B

�@D@CDS:@��:JL�J:@�@o

n �=�HB��DC � CD<J��:C��@ D@JID;

�BgD;>;FCIDC :@E:@K;�LCo

n G:C>;?DCCE�>B<�@DC� C :@E:@K;�LC

3G:;�B?<@DC�>@K;:@�;:CC�BD@L;HG@DC

C�B7"

Page 7: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

��:;GBf�L;;K:@E;�@�B>D;CCE�>B<;�@�B>�L;G:;��:@D���;

:;�B"

!@�; G:CHB: E@ B�:;GBf�LC�B J�C>C�

D@:BFC;D@>D;DC�;E@�=E<@�@DBD@���H;

?B<@�>J?C����������������� �����

������� ���������������������������

�������� ��� ������������ ���� ��

������� ���� ���� ���������� ������ �

!����� ��"���BSCD@D�C:@;��=�B�@D@

HCDC��:C�B D@ �L@D<CD@��LC�B ��:@DC C

CH@E@MB><@N

nD@�=:I@�@ED@ICHC:BFC;D@>DCCE�>B<

�@DC�C:@E:@K;�LCo

nG;�CO@�@G:C�>BL@�B>D;���@D@D@

JL@�@o

n CEG;>E�@ BSBL�C�D; :B�J:�C�B D@

�L@D<CD@��LC�B ��:@DCo

n G;<L:BG� BSBL�C�DC C GB:�GBL�C�

DCCE�>B<�@DC�C:@E:@K;�LCo

n�=E<@�@CG;<<=:?@L:C�CID@H@�@;�

D@JIDCCE�>B<�@DC�C:@E:@K;�LCo

n G;�CO@�@H;KC>D;���@ D@ JIBDC�B

3;�;KBD;D@H>@<C�B7�:BFC;D@o

n D@�=:I@�@ CD�B:<C�MCG>CD@:DC�B

CE�>B<�@DC�o

n G;<L:BG� :@E<B>BDCB�; D@�:J<@ C

�GBMC@>CE@MC��@o

nCD�BF:C:@����D@MC;D@>D@�@�C�

�BH@E@D@JIDCCE�>B<�@DC�"

�@f�@?DC��L:C�B:CfE@�=E<@�@DB�;

D@���B�C�;L;�;L@IB���;D@D@JIDC�B

CE�>B<�@DC�C:@E:@K;�LCD@L@D<C<@�C�B

�G;:B< ��B�;�DC�B ��@D<@:�C � ;G:B<B

>BD@ ;K>@�� C G;�BDMC@> E@ :@E�C�CB�;

CH"����B�=E<@�@�I:BE;�L:C�L;DLJ:�

C�JI@��CB�;D@IJ?<B��:@DDCBL�GB:�C"

�C:�J@>DC�B MBD�:;�B E@ �=:g;�C

G;��C?BDC��=<Bf���@�E@G;<;K:��@DBD@

L;HJDCL@MC��@HB?<JCE�>B<;�@�B>�LC�B

F:JGC�:BFC;D@"

�B�:;GBf�LC�B��:@DCMB>C�BPE@<@

IC�BP <BfD;���@ C <:JFC G@:@HB�:C D@

��� D@ D@MC;D@>D; DC�; �B ;G:B<B>�� D@

;�D;�@�@ D@ g@:@L�B:C��CLC�B D@ D@MC;

D@>DC�BCD;�@MC;DDC�C��BHC"

+,"�������D@G:CHB:J�GBgG:C�=E<@

�@DB�;D@���CH@�D@JID;CE�>B<;�@�B>

�LCG:;BL�C�D@fF;>�HG:CD;�E@G;�CO@

�@DBD@L;DLJ:BD�;�G;�;KD;���@D@��:@

D@�@"�B �BG;<KC:@��:@HLC�BD@1�DC

MC@�C�@�@E@�=:g;�CG;��C?BDC��D@J

L@�@2 I:BE L;DLJ:� ;�*B<B:@>D;�; G:@

�C�B>���;P�=�HB��D;�G:;�CDMCC�B"

�=�������#������� ��� �B �=E<@

�@� � JDC�B:�C�B�C�B C�B @<@G�C:@�

<BfD;���@�CL=HDJ?<C�BD@:BFC;D@>DC�

KCEDB�"

�=�!����� �� ��� E@G;I�@� <@ �B

�=E<@�@�;����9F"�B�@H@>LCH:B?CPL;

C�;�L>AI�@�D@f<;K:C�BCE�>B<;�@�B>

�LCE�BD@3>@K;:@�;:CC7���:@D@�@"�;�;

EC D@ICD �B G;<L:BG�� GB:�GBL�C�DC�B

SJD<@HBD�@>DC CE�>B<�@DC�P ;KB<CD��@�

�BC�BL;;:<CDC:@�J�C>C��@D@;�<B>DC

�B>@K;:@�;:CCP;�CFJ:��@�B�E@CH;<Bf�

��CBHB?<J D@JL@�@ C :B@>DC� �BL�;: D@

CL;D;HCL@�@"�@�=E<@�@DB�;C;MBD��@DB

�;D@MBD�:;�B�B�BG:C�>CI@�IJ?<B��

:@DDCBL�GB:�C"

�:BEG;�>B<DC�BF;<CDCL=H���G:;

����@�CD�B:B���:@DCL@�;-./012,1,341�

567PL;C�;G:C>@F@�;Ki;CE�B��DCH;<B

>CG:C�=E<@�@DB�;CH"

�$���������B�=E<@�@��:@HLC�B

D@G:@�C�B>���BDCG:;F:@HCE@:@E�C�CB

C �@ D@�;IBDC L=H �=E<@�@DB D@H;<B:D@ C

H@i@KD@CDS:@��:JL�J:@;��;<BiCJDC

�B:�C�B�CCCE�>B<;�@�B>�LCMBD�:;�B�

CE�>B<�@DC�C:@E:@K;�LCP;�F;�@:�iCD@

DJ?<C�BD@��:@D@�@CD@F>;K@>DC�BD@

JIDCC�BgD;>;FCIDCG:C;:C�B�C"

�%��&�� CH@ ��:BHB? <@ �B CD�BF

:C:@�:B�J:�C�BC�=EH;?D;��C�BD@:@E

�C�@iC�B�B��:@DC3G:B<CHD;�:BFC;D@7P

E@L;B�;�B�=:�CHB?<JD@:;<D@SCD@D�;

�@ C�BgDCIB�L@ G;<L:BG@ 3;� :@E�C�C�B

��:@DCCHB?<JD@:;<DC�B;:F@DCE@MCCL@

�;��B�;�D@�@K@DL@P�0��P���P����P

����C<:"7"��=i;�;�:BHB�BG:@���@D@

>CECC ;MBDL@ D@ J�C>C��@P �:BHB�;C :B

�J:�C�BP DB;Kg;<CHC E@ �=E<@�@DB�; D@

���"

���&���������'���

�@�J�C�C<B��@ E@ �=E<@�@DBD@���

DBBD;�@"+�C>C��@E@:@E:@K;��@DBD@D@

MC;D@>D@ L;DMBGMC� �@ D@�;IBDC L=H �=IB

Page 8: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�@�@DBD@D@f<;K:;�;���B�;�D@�@G:@L

�CL@CD@MC;D@>DC�B;�;KBD;��C"

�>B<L@�;G:BE���BF;<CDCD@zz�BL

<=:?@�DC�BCE�>B<;�@�B>�LCCD��C�J�C

DB �@ H;F>C <@ �B G:B�=:D@� ����P �BF@

D@<B?<C�B �B ��=:E�@� � G;��@D;�>BDCB

�;D@G:@�C�B>���;�;1�B:LCE@<=:?@�

D@G;<L:BG@G:BEGB:C;<@ ��� ���F"E@

D@JIDC�B ;:F@DCE@MCCP L;C�; CEG=>D��@�

G:;F:@HC � G:C;:C�B�DC ;K>@��C D@ D@J

L@�@C�BgD;>;FCC�B2"

�SCL@�D;�; G:C>@F@DB D@ D@KB>�E@DC

�BHB:LCiBE@�C�C;�HB�;<;>;FCID@�@

G;<L:BG@D@G;��@D;�>BDCB�;mE@L;DCPD@

:B<KCP L:C�B:CC E@ ;MBDL@P G:;MB<J:C E@

�EBH@DBD@:BOBDC�PSCD@D�C:@DBC<:"

�GC�<@�B@<@G�C:@CCD�BF:C:@L;D

MBGMC��@E@���L=HJ�>;�C��@D@�J�C�B

G:B�:=i@DB�;D@D@MC;D@>DC�BCE�>B<;�@

�B>�LCMBD�:;�B����D@D@MC;D@>D;3SB

<B:@>D;7:@�DCiB�G:C;:C�B�DC;K>@��C

D@D@JL@�@C�BgD;>;FCC�B"

!;HB:�C@>CEC:@DB�;D@D@JIDC�BCE�

>B<�@DC�C:@E:@K;�LCB�;�D;�@�@D@�=E

<@�@DB�;D@�����J�C�"�D@ICH;���@D@

�;EC L;HG;DBD� �B ;G:B<B>� ;� �GBOD@

�@DB;Kg;<CH;��E@�BgD;>;FCID;;KD;��

�@DBD@CL;D;HCL@�@P��:@�BFCIB�LC�BMB

>CE@:@E�C�CBD@��:@D@�@E@G;�CO@�@

DBD@L@IB���;�;�CD<J��:C��@CDBfD@

�@ L;DLJ:BD�D;�G;�;KD;��"

�BOBD;B<@�B�=E<@<BD@MC;D@>BD�BD

�=: E@ D@D;�BgD;>;FCC C D@D;CD<J��:C�P

L;f�;�L:@�LC�:;L;�B<@:@E:@K;�C�Bg

D;>;FCCP ;�F;�@:�iC D@ D@f<;K:C�B ��B

�;�DC;K:@EMC"

�20*K61M1N

�BD�:{G:B�;�g;<���@NHC:;�;f;G{�CGB:�GBL�C�{<>��;��CC

�������888�� ��������!$"�9:#�# %;�<���������

+L:;�C�B>CCDS;:H@MCCm

�������888��������=������ ����� ���>?����������������������

�"�?B:H@D;�@

���������������������� ���#���:��������������������!�����������

�;>�HK:;fD@JIDCCD��C�JMCC���:;

G@JDC�B:�C�B�CPD@JIDCMBD�:;�BP>@K;

:@�;:CCP ;K�B:�@�;:CCP CD��C�J�CP IB�

�;:@K;���G;�g;<DCC>CB<D@L�CG:;K>B

HCPL;B�;�;<C<;:@EgCi@�@DBD@:B�J:�C"

�BOBDC��@;�0:AL�B>�@��=:E@DC�L;D

�;>C<C:@DBD@CE�>B<;�@�B>�LC�BE�BD@�

;KiD;�� G; CD�B:B�CP ;KB<CDBDC � ��:;

GBf�LC��:@�BFCIB�LCS;:JHD@CE�>B<;�@

�B>�LC�B CDS:@��:JL�J:C 35\ZjuUW`

e^ZW^Ud|�jZ\V ljZpU]UWZak �`lZW]^Z\a^\ZU]

=>O<P7"�:BE<BLBH�:C ��,F"�@;K;KiBDC

:BEJ>�@�C�B;���:;GBf�L@�@L;DSB:BD

MC� E@ CE�>B<;�@�B>�LC CDS:@��:JL�J:C

�=��B:�@f"

=>O<PB�=E<@<BDG:BE ���F"/B��F;

<CDC G;L=�D;*;:JH=� ;K����@ G=:�@�@

G=�D@L@:�@E@:@E�C�CBD@B�:;GBf�LC�B

CE�>B<;�@�B>�LCCDS:@��:JL�J:CE@�>B<

�@iC�B�� �F;<CDC"�DB��@;G:B<B>BDC

�B<BH G:C;:C�B�DC ;K>@��CN gJH@DC�@:

DCC�;MC@>DCD@JLCNBL;>;FC�oBDB:FB�CL@o

KC;>;FC�CHB<CMCD@oH@�B:C@>;ED@DCBoSC

ECL@CCD?BDB:DCD@JLCoCDS;:H@MC;DD@CD

S:@��:JL�J:@"�G=:�@�@G=�D@L@:�@�@

�L>AIBDC#.G:;BL�@P L;C�;�BIB�@G;>J

IC>CSCD@D�C:@DBG;(��CT��"

!;DSB:BDMC��@�=��B:�@f:@EOC:��@

�=iB���J�@i@�@H:B?@�D;�C<B�B�G:;

BL�@P;�L;C�;N

n#�;K>@���@D@BL;>;FC��@o

n.G;KC;>;FCIDCD@JLCCHB<CMCD@o

n��;K>@���@D@DB�<:BD@�@BDB:FB

�CL@o

n � G; H@�B:C@>;ED@DCB C L;D�:;>DC

J��:;f���@o

n � � ;K>@���@ D@SCECL@�@ C CD?B

DB:DC�BD@JLC"

Page 9: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

��:;GBf�L;;K:@E;�@�B>D;CCE�>B<;�@�B>�L;G:;��:@D���;

�:B<���@�@E@CE�>B<;�@�B>�LCCDS

:@��:JL�J:CG;:@HL;�C�BG:;F:@HCD@��

�@J�B>CIBDC;�T#�H>D"B�:;G;����D@D@<

�PTH>:<"B�:;G;���"��BLCG:;BL�CH@KA

<?B�E@G;<F;��C�B>D@S@E@3 ��� �� F"7

;� <;��H>D"B�:;CI@��CID;F@:@D�C

:@DC �:B<���@ E@ �>B<�@iC�B B�@GC" �H

KCMC��@ D@ �! B <@ �B :B@>CEC:@�G;�BIB

D@JIDC G:;BL�C ��E�;ID@ ��:;G@P L;B�;

<@ �G;H;FDB E@ E@�C>�@DB D@ CD�BF:@MC�

�@}f"

�EF:@?<@DB�;D@CE�>B<;�@�B>�LCCD

S:@��:JL�J:C���DBB�@H;MB>D;"��:B

HB?=�B<@�BL;D�;>C<C:@�D@JIDC�BJ�C

>C���SB:CPL=<B�;�@DB;Kg;<CHCG;�BIB

�:B<���@C JIBDCP C<@ �BG;<;K:CD@JIDC

�� ;KHBD" �=G:BLC ��;K;<D;�; <�C?BDCB

D@g;:@C;��;:BDC��:J<;�G@E@:PH;KC>

D;���@D@JIBDCCCE�>B<;�@�B>C���:;G@

;��@�@��=:<BDC�L@B<�@#q;���g:@

K;����:@fD;CE�=D:;<CD@�@�C"

!=H D;�C�B G:C;:C�B�C � G=�D@�@

L@:�@�@�L>AIBDCCEF:@?<@DB�;D@:@<@:

D@�C��BH@E@CEJI@�@DBD@@�H;�SB:DC�B

G:;MB�C" �� CEL>AIC�B>D@ �@?D;�� E@

G:;�>B<��@DBD@F>;K@>D@�@G:;H�D@D@L>C

H@�@BCE�>B<;�@�B>�LC��MBD�=:P:@EG;

>;?BD��:L�CL@"�EF:@?<@�BCH:B?@;�

>@K;:@�;:CCE@G:C>@F@DBD@@>�B:D@�C�

DCHB�;<CE@J>@��DBC�=g:@DBDCBD@�=F

>B:;<BD <C;L�C<" �:C KC;>;FCIDC�B CHB

<CMCD�LC�BD@JLCD;�CD@G:@�>BDC��@NG:B

�BDMC�D@G@D<BHC�;��=iB���J�@iCCD;

�CCDSBLMC;EDCK;>B��CCD;�CPG;�=�=:

OBDCKC;HB<CMCD�LC�BgD;>;FCC"�:JFG:;

BL�BCEF:@?<@DB�;D@G>@�S;:H@E@;�

�;:BD�L:CDCDFPG;E�;>��@i@<;��=G<;:B

�J:�C E@ ;�L:C�@DB D@ H@>LC KC;@L�C�DC

H;>BLJ>C"�;K>@���@D@H@�B:C@>;ED@DC

B�; B G:B<�C<BD �@H; B<CD G:;BL� m CEF

:@?<@DBD@>@K;:@�;:C�E@�C>DCH@FDC�

DCG;>B�@"

/*3*81DQ=P>;I?R��@<@:D@�C��BH@E@D@K>A<BDCBD@@�H;�SB:DCG:;MB�C

�)*/ �52L*41

�;<F;��C�B>D@S@E@N ��� ���F" (H>D"B�:;

�EF:@?<@DBN ��� ��9F" 9�H>D"B�:;

�L�G>;@�@MC�N ��9 �.9F" .��H>D"B�:;F;<COD;

Q=ST>R��C��BH@ E@ D@K>A<BDCBP CEJI@�@DB C ;�IC�@DB D@SCECIDC C�BL�;DCIDC

G:;MB�CPG:B<CE�CL�@iCEBHB�:B�BDC�P�J>L@DCIDCCE:CF�@DC�CMJD@HC

�)*/ �52L*41

�;<F;��C�B>D@S@E@N ��, �� F" � H>D"B�:;

�EF:@?<@DBN �� ��,F" 9��H>D"B�:;

�L�G>;@�@MC�N ��, �.,F"C�>B<�;�@ ,�H>D"B�:;F;<COD;

Q>PI=T>R��C��BH@E@CEJI@�@DBD@BL;>;FC��@CL>CH@�@D@�GBMCSCIDCFB;F:@S�LC

:@f;DCPL@L�;CE@�=�HB��DC<Bf���C�G:CG:;JI�@DC��@D@FB;SCECIDCPgCHCIDCC

KC;>;FCIDC G:;MB�C

�)*/ �52L*41

�;<F;��C�B>D@S@E@N ��, ���F" 9H>D"B�:;

�EF:@?<@DBN ��� �� F" 9�H>D"B�:;

�L�G>;@�@MC�N�>B< �� F" �P9H>D"B�:;F;<COD;

���������������������=>O<P

Page 10: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�1*3*81K61�65A/1�1�C,41M165Q=UV<;R��:;GBf�LCMBD�=:E@KC;>;FCIDCH;:�LC:B�J:�Cm;KB<CD��@D@fED@ICHC�B

L:@fK:B?DC>@K;:@�;:CC�D;�@<BMBD�:@>CEC:@D@CE�>B<;�@�B>�L@CDS:@��:JL�J:@

E@<;��=G<;H;:�LCBL;�C��BHCP;:F@DCEHCCFBDDC:B�J:�C

�)*/ �52L*41

�;<F;��C�B>D@S@E@N� F;<CDC ��H>D"B�:;

�EF:@?<@DBN#,F;<CDC ���H>D"B�:;

�L�G>;@�@MC�N�>B<GB�@�@F;<CD@ (�H>D"B�:;F;<COD;

Q=G�TS=F>;<==FR���:;GBf�L@CDS:@��:JL�J:@D@G>@�S;:HCE@;��;:BD�L:CDCDF

G;gCHCIB�L@KC;>;FC�m<;��=GD@CE�>B<;�@�B>C;�JDC�B:�C�B�CC���<;:B�J:�C

E@:@K;�@�KC;@L�C�DCHCL:;H;>BLJ>C

�)*/ �52L*41

�;<F;��C�B>D@S@E@N ��� ���F" .9H>D"B�:;

�EF:@?<@DBN ��� �� F" .�H>D"B�:;

�L�G>;@�@MC�N�>B< �� F" .�H>D"B�:;F;<COD;

Q=WXYVZYP[\]Z^]R��C��BH@ E@ KC;HB<CMCD�LC ;K:@EMC <;��=G <; ��CILC D@>CIDC

�BgD;>;FCCPCEG;>E�@DC<;H;HBD�@�KC;>;FC��@CHB<CMCD@�@

�)*/ �52L*41

�;<F;��C�B>D@S@E@N ��� ���F" ��H>D"B�:;

�EF:@?<@DBN ��� ��.F" #T�H>D"B�:;

�L�G>;@�@MC�N�>B< �� F" �(�H>D"B�:;F;<COD;

QV>_��R��@K;:@�;:CCE@KC;�CFJ:D;��m�C��BH@E@L;D�:;>CG:B�BDMC�D@BGC<BHCC

C G@D<BHCCP H;<B:DCEC:@DB D@ �=iB���J�@iC�B ��:JL�J:C C �=E<@�@DB D@

L;;:<CD@MC;DBD MBD�=:

�)*/ �52L*41

�;<F;��C�B>D@S@E@N#F;<CDC 9H>D"B�:;

�EF:@?<@DBN9F;<CDC �T.H>D"B�:;

�L�G>;@�@MC�N�>B<GB�@�@F;<CD@ .H>D"B�:;F;<COD;

6,)8,01/5Q=;;>=_R��:B?@;�>@K;:@�;:CCE@J>@��DBC�=g:@D��@DBD@�=F>B:;<BD<C;L�C<�

L;;:<CD@MC;DDBDMBD�=:��;:�BFC�"�C��BH@�@�:�K�@<@BF;�;�@<; ���F"

�)*/ �52L*41

�;<F;��C�B>D@S@E@ND�H@<@DDC #.H>D"B�:;

�EF:@?<@DBND�H@<@DDC ,�H>D"B�:;

�L�G>;@�@MC�N ���F" (H>D"B�:;F;<COD;

�50,)153*26561,�1�/*60)*361�A.0)*-.0(5Q=UO_R � ��:;GBf�L@ >@K;:@�;:C� E@ CE�>B<�@DB D@ �C>DC H@FDC�DC G;>B�@P

;KB<CD��@i@ IB�C:C�B D@fF;>BHC >@K;:@�;:CC �:BD;K=> C �J>JE@ 3*:@DMC�7P

�:BE<BD3�B:H@DC�7C�CfHBFBD3%;>@D<C��

�)*/ �52L*41

�;<F;��C�B>D@S@E@N ��� ���F" ��H>D"B�:;

�EF:@?<@DBN ��� ��9F" � �H>D"B�:;

�L�G>;@�@MC�N�>B< ��9F" ,H>D"B�:;F;<COD;

Page 11: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

��:;GBf�L;;K:@E;�@�B>D;CCE�>B<;�@�B>�L;G:;��:@D���;

��

�20*K61/N

5\ZjuWUX]akU~jVVX]]Xj`cUdZ\U�^ vUk`cUbU\^U`bU`U\U5x�jZ]ak\`d]X`lZW]^Z\�^\ZU`m

��������������������� @���� � A�����������������B(�!$�"#%C������DEF�C�G���!C���G�G��

)HCG����G�G����

)"�CIB�@

!121/5�1�16J,6,)61�65A/1Q;?IR�6kUZU`�jwsUYU]ajuUrZZW|J��:;f���@E@CE�>B<�@DBD@F@H@>=IC;�@��:;SCECIB�LC

G:;CEg;<�BDB:FCCD@<���U�3FCF@B>BL�:;D�;>�@7

�)*/ �52L*41

�;<F;��C�B>D@S@E@N ��( ���F" ,H>D"B�:;

�EF:@?<@DBN �� ��TF" �9�H>D"B�:;

�L�G>;@�@MC�N�>B< ��TF" ��H>D"B�:;F;<COD;

3I@��CID;;� ��#F"7

Page 12: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

��

�����������������������������������������

�����������������

��� �������������������������������������#

�=���CILCD@JIDC;K>@��C���:;G@�=

iB���J�@�GJK>CIDCC>CI@��DCD@JID;CE

�>B<;�@�B>�LC MBD�:;�BP � L;C�;��� �B

CEG=>D��@�D@�C�;L;PIB��;D@��B�;�D;

:@�DCiB" !@�; ;�D;�BD CE�;IDCL D@ D@JI

DC� G:;F:B� C :@EG:;��:@D��@DB�; D@ D@

JIDC ED@DC�P���H;F@�<@ K=<@�:@EG;E

D@�CG;�;�@P,IB;KB<CD��@�CG:C�>CI@�

��=��@�@�CJIBDCPCE�>B<;�@�B>CC�Bg

D;>;ECP L;C�; �@ �HB?<JD@:;<BD @��;:C

�B�"

�;K:CG:@L�CLC��;�@;�D;OBDCB�@N

���y��@DS;:<�LC��JDC�B:�C�B�3L;f

�; �=E<@<B 1�C>CL;D;�@�@ <;>CD@27P �@

�@IJEB��LC���BgD;>;FCIBDCD��C�J� 3�

�C�;L;�BgD;>;FCIDC�B euX`jll MBD�:;�B

1pj\^U � ,27 C �:CD��=D�LC�� JDC�B:�C

�B�P@���:;G@��:;GBf�LC��MBD�=:E@

�<:BDCCE�>B<�@DC� 365p�7"

�:B<��@�@�@ E@��� � ��:;G@ �B CD

�B:G:B�C:@:@E>CID;"�@fG:;��@�@<BSC

DCMC� B �>B<D@�@N `��� ,� .0)A/0A)5$� (

/*D0*�65AK610,�12.3,4(561D�1�0,L6*3*�

81K610,� )52)5B*0/1� .,� 12(E)a(50�65

.(,0*(6*�)5(61b,�+*�*06*a,61,�65�12�

C,)1C505� 65AK65� +)*4A/M1D� Q(/3cK1�

0,36*�1�*BAK,61,R�1d131�0,L6*3*81K61�

0,�16*(5M11e�

�>BHBD�C�BP L;C�; �=;��B����@�

D@�;�@;G:B<B>BDCBP�@N

n1L:C�CID@H@�@2;��C�;L;L�@>CSC

MC:@DCJIBDCPCE�>B<;�@�B>CC�BgD;>;ECo

n��D;;G:B<B>BD@��:JL�J:@�=��;K�

��BD@D@JID@G;>C�CL@o

n �G;�;KD;�� <@ CD�BF:C:@ ��=:E@DC

;K>@��C C <@ G:C�>CI@ <;G=>�@iC �B JHB

DC�o

n�G;�;KD;��<@G;<<=:?@�C�;L@��B

GBDD@;KHBDD@L�@>CSCMC:@DI;�BOLC:B

�J:�o

n <CD@HCID@ :;>� � E@;KCL@>�i@�@ F;

CD;�@MC;DD@�C��BH@3�=E<@�@DBD@<;K@�B

D@��;fD;��ED@DC�7o

nHB?<JD@:;<D@G;GJ>�:D;��C@L�C�

D@�E@CH;�:=EL@D@JL@CD<J��:C�o

n<;��@�=ID@��@KC>D;��D@:@EG;>@

F@BHC�:B<���@C;GB:@�C�DCJ�>;�C�3K@

E@E@CD�B��C:@DB�I;�BOLC:B�J:�CCEF

:@?<@DBD@G@:�Dh;:���@7o

nSCD@D�;�CCE�;IDCMCPL;C�;DB�@D@

G=>D;E@�C�CHC;�GJK>CID;�;SCD@D�C:@

DB"

��� �@ ��:JL�J:@P L;��; �B :@E�C�@

DBG:BL=�D@�;"�@B<D;��C�;L;;K:@E;�@DC�

I;�BOLC :B�J:��B �@ �=iB���BD; �@?DC

E@CL;D;HCIB�LC�:@��B?CE@G:C�>CI@DB

�;[email protected]�16(,.01M11 K>CE;���@�

��� �B G:B�:=i@ � ;�D;�BD @:FJHBD� D@

HJ>�CD@MC;D@>DC�B L;HG@DCC G:C >;L@>C

EC:@DBD@�BgDC�BG:;CE�;<���@"�BfD;�

�C�BG;����=���BG;F;>�H@��BGBD�B

��:BH�� <@ ;Kg�@D@�6*(1� *B35.01� 65

26561,0*� ��CA30141.M1+3165)6*� 12C,�

),61,� 3F>;K@>DC L>CH@�CIDC G:;HBDCP KB

E;G@�D;��CL@IB���;D@g:@DC�BP��@:BB

DBD@D@�B>BDCB�;C<:7"�=G:BLCIBL;DMBD

�:@MC��@ D@ �C�;L;L�@>CSCMC:@DC CE�>B

<;�@�B>C��B;iBBL>AI;�S@L�;:E@G:;

CE�;<C�B>D;���@D@D@JID@�@C�BgD;>;

FCID@�@<BfD;��P�=�:BHBDDC�B�!�G:B<

>@F@�D;�C�=EH;?D;��CE@@L�C�D;�E@C

H;<Bf���CB�/*CA61/5M1*661�C),J1"

Page 13: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�;<B>CD@JG:@�>BDCBC��:JL�J:@D@�C��BHC�BE@;K:@E;�@DCBCD@JL@

��

��������#�������������#������

�B�=iB���J�@B<CDBDH;<B>D@;:F@

DCE@MC�D@���"!;DMBGMC��@�:�K�@<@;K

g�@i@�:CL;HG;DBD�@PL;:B�G;D<C:@iC�

G:B<��@�@�@ E@ 1���2P 1MBD�=:2 C 1�=:

g;�; G;��C?BDCB2"

-15IJI412,KL,M-N�

n�BH@�CIDCD@JIDCCE�>B<�@DC�mJDC

�B:�C�B��LC��:JL�J:CD@�C�;L;D@JID;

:@�DCiB3�D��C�J�=�E@H@�BH@�CIB�LC

D@JLC1��@L�A�;D2�!BHK:C<?7CDBJDC

�B:�C�B��LC CE�>B<;�@�B>�LC MBD�:;�B

3�D��C�J�=�E@�:@D�J:@D;�CB>BHBD�CP

!@:>�:JB7o

nOC:;L;CD�:@<C�MCG>CD@:D;�=�:J<

DCIB���;3�C�OC��CD��C�J�E@�=:g;�C

CE�>B<�@DC�P�@:C?7o

n CE�>B<�@DC�P K@EC:@DC D@ CE�>B<;�@

�B>�LCCDS:@��:JL�J:C�F;>BHCH@i@KC

365p�7o

n��� � :@HLC�BD@ �=�:J<DCIB���;

�; 1CD<J��:C�@L@<BHC�2 3CD��C�J�C�B

D@<:J?B���;�;1*:@JDg;SB:2P�B:H@DC�7o

n���PD@�;IBDC;�D;�D;L=HCD<J��:C

��@3CE�>B<;�@�B>�LC�B>@K;:@�;:CC1*C

>CG�2P �fD<g;�BD7"

-15IJI412,KL,L/O176P7./L7L,KL,06K7�

/IQ676�

n�@H;��;��B>DCMBD�:;�BD@G:CHB:

F;>�H<BG@:�@HBD�L=HJDC�B:�C�B�C>C

CD��C�J� 3�D��C�J�=�G;H;>BLJ>�:D@

KC;>;FC�CKC;�BgD;>;FC���:@L>C;Do!@

:;>CD�LC�� HB<CMCD�LC JDC�B:�C�B� �

��;Lg;>H7C>CF;>BHCCE�>B<;�@�B>�LC>@

K;:@�;:CCL@�;��:;GBf�LC�MBD�=:E@CE

�>B<�@DB D@ �CDg:;�:;DD;�; CE>=I�@DB

35ep�7o

n H:B?;�C ��:JL�J:CP �=��@�BDC ;�

�E@CH;��=:E@DC >@K;:@�;:CC C>C MBD�:;

�B D@ ED@DCB�; 3S:BD�L@�@ H:B?@

�U`jujYU]7P �L>AIC�B>D; 1�C:�J@>DC CD�

�C�J�C2"

RIJ1S6T7Q6KL, I06KPL, KL, T7656K7L

UQV/OIQI, 5IT71W6K16X

!@IB���;�; D@���H;?B <@ K=<B CE

HB:BD;G;:@E>CIDCL:C�B:CCN

nD@JIDCGJK>CL@MCC 3KCK>C;HB�:C�7o

n:BFC��:C:@DCG@�BD�Co

nG:B<>@F@DCG;ECMCCE@H>@<CJIBDCo

nK:;fD@CE�>B<;�@�B>�LC�GB:�;D@>C

D@F;��J�@iC�BJIBDCo

nK:;fC;KBHD@�L>AIBDC�B�=:F;��

LC<;F;�;:Co

nK:;fD@]uX`jllL;HG@DCC�Bo

n JI@��CB ��:@D�B�:;GBf�LC ;K:@E;

�@�B>DCG:;F:@HCC<:"

��BLC;�L:C�B:CC�BCH@G:B<CH��

�@ C DB<;��@�=MC"�;D@��;�iBH G;�BIB

�;@D@>CEC�B;�D;�@�@�D@KCK>C;HB�:CI

DCL:C�B:CC"

���������������#���� ������

������ � ������� ��%����%�

�����

�YQ6J1SLQLK6, KL, 5/I1ZQI[176JKIT7�

7L,KL,M-N,S/6Z,1Z5IJZQLK6,KL,UP/171SKL7L

\LTLX,5IJ6Z6K,6]6P7

�G:@L�CL@�@:BEJ>�@�C�B;�����B

G;��CF@��;K>@��CPL=<B�;D@f<;K:C�B

CE�>B<;�@�B>C �B CEG:@��� B<CD �:BiJ

<:JFP G;D�L;F@ :BO@�@fLC B<D@L�C G:;K>B

HC G; :@E>CIDC D@ICDC � :C�L ;� DBDJ?D;

<JK>C:@DBD@<BfD;��C�B"�BEC:C�L;�BD@

:@���@�G:;G;:MC;D@>D;D@D@:@���@DB�;

D@L;HG>BL�D;���@D@���"

+�B>CI@�@DB�;D@G:;CE�;<C�B>D;��

�@D@���H;?B<@�BG;��CFDBI:BEBSBL

�C�D; CEG;>E�@DB D@ HD;F;;K:@ECB�; ;�

ED@DC� C D@JID;CDS:@��:JL�J:DC�B :B

�J:�C�M�>@��:;G@P�=fL@�;DB;Kg;<CHC

�B E@��� :B�J:�C ��B G;:�<L;H;F@� <@

�BD@HC:@��:@HLC�B�@H;D@B<D@��:@

D@" +�B>CI@�@DB�; D@ G:;CE�;<C�B>D;��

�@D@���B�@?D;E@/*6/A),606*.+*.*B�

6*.005 D@ B�:;GBf�L@�@ CD<J��:C� C E@

:BO@�@DB�;D@:B<CM@.*M1536*�1/*6*C1�

K,./1G:;K>BHC���:;G@"

�NLZ^1/2QLK6,KL,5/2PI7I,QVZ[6_T7�

Q16,KL,`+a,QV/O.,SLT7K12,T6P7I/,1,1KIQL�

01176

�B<CM@ G:@�C�B>���@ � ��:;G@ �B

;GC��@� <@ J�B>CI@� �=E<Bf���CB�; D@

����=:gJD@MC;D@>DC�BCD;�@MC;DDC�C�

�BHCI:BEMB>BD@�;IBDC�gBHCE@SCD@D�C

:@DB C I:BEHB:LCP D@�=:I@�@iC BSBL�C�

DC��:@D�SB:D@D;Jg@JC�BgD;>;FCC"�@

Page 14: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

B�:;GBf�L; :@�DCiB �=iB���J�@ :C�L CD

<J��:C��@C �BL�;:=�D@ J�>JFC�B� <@

<BD@��:@D@<@DBCEG;>E�@�<;��@�=ID;

D@>CIDC�B:B�J:�C�<:JFC�B��:@DC"�;K

:@�D;�;P�=EH;?D;BD@MC;D@>DC�BCE�>B

<;�@�B>�LCG;>C�CLCCG:;F:@HCE@:@E�C

�CBD@����DB<;��@�=ID@��BGBD<@;�

IC�@�G;�BDMC@>@D@��;C�BD@JIDC:BEJ>

�@�C E@ CD<J��:CCP >;L@>CEC:@DC � <:JFC

B�:;GBf�LC ��:@DC 3�"D@:" G:;K>BH

1VX]VW^ak27"

�@H;BSBL�C�DC���:@D�SB:D@ ED@

DC�H;?B<@ J�B>CICD@JID;�;C�BgD;>;

FCID;:@�DCiB���:;G@C<@�=E<@<BJ�>;

�C� E@ G;��@�@ D@ D;�C >;L@>DC 1DCOC E@

�=:g;�CG;��C?BDC�2"�B;Kg;<CH;BCH@L

�CHCEC:@DBD@G;>EC�B;�CD�B��CMCC�B

D@I@��DC��BL�;:CD@:@���@DBD@CD;�@

MC;DD@�@@L�C�D;��"

�MZ5IJZQLK6,KL,K65/6P176,6]6P71,I7

6Q/I56_TP176,`+a

�:@L�CL@�@G;L@E�@PIBED@IC�B>D@DB

G:�L@G;>E@;�B�:;GBf�LC�B���H;?B<@

�B� CE�>BIB I:BE G;<;K:��@DB D@��gD@�@

1(141C*.02" �;:@<C �=iB���J�@i@�@

S:@FHBD�@MC� D@ ��� HB?<J ;�<B>DC�B

��:@DC�B�=E<@�@�GBI@�>BDCBPIB���:;

G@CH@F;>�HK:;fMBD�:;�BE@���PL;B�;

H;?B <@ <;�B<B <; G;<MBD��@DB D@��gD;

�;S@L�CIB�LC�C�;L;L@IB���;"�;�@;K�

�;��B>���; �>C�B G:�L; �=:gJ GB:�;D@>

DC�CEK;:D@D@JID@L@:CB:@P�;<C<;BSBL

�@ 1CE�CI@DB D@ H;E=MC2 CE�=D ��:;G@ C

H;?B <@ ;L@?B DBF@�C�D; �>C�DCB �=:gJ

+)1(3,/50,36*.005D@���L@�;M�>;"

�;�COBD@�@1�C<CH;��2iBE@�C>C:;

>��@D@��:;G@�F>;K@>DC�BD@JIDCCDCMC

@�C�CCiBG;E�;>C:B@>CEC:@DB�;D@�B

EC ;���gP L;C�; L;:B�G;D<C:@� � B�:;

GBf�LC�BG:C;:C�B�C"!@�;M�>;iB�BG;

<;K:CCHC<?=�D@B�:;GBf�L@�@D@JL@"

��D;�DC�BG:BILCPE@<@�BG:;�����

��:;G@;KiC�B�=G=����@iCBSBL�C;�

���P �@N DB<;��@�=ID@�@C*B136*.0� D@

CE�>B<;�@�B>CL=H���C�;K:@�D@G;�;

L@P CE;��@�@DB � CEG;>E�@DB�; D@ �=�:B

HBDDCC),J*(1� 16.0)AC,601� @<HCDC�

�:@�C�DC C�BgDCIB�LC K@:CB:C E@ ;�<@

>BIBD;CEG;>E�@DBD@CDS:@��:JL�J:CCE@

CEF:@?<@DBD@:@EG:B<B>BDCK@EC<@DDC"

�E�;<=�BPIB�=iB���J�@iC�BHBg@

DCEHCE@:@E�C�CBD@���DB�@<;��@�=I

DC"

�;�;IBDC�BG:;K>BHCC�=EH;?D;��C

E@:@E�C�CBD@������:;G@�@;�.1.0,�

C501K,6g@:@L�B:C:BO@�@DB�;CHCEC�

L�@;KiB�:;GBf�LCG;<g;<"�@JIDC��CG;

>C�CIB�LC�� <BK@� B :@EG;L=�@D HB?<J

;�<B>DC�B D@MC;D@>DC GB:�GBL�C�C" �=

iB���J�@iC�BK@:CB:CE@;KB<CD��@DBD@

:B�J:�C�;<��DB�@H;<;G:;GJ�D@�C�=E

H;?D;��CP D; C <; <JK>C:@DB � D@JID@�@

<BfD;��KBE;�D;OBDC�D@1�E@CH;<;G=>

�@DB2"�:F@DCE@MCC�BP �=E<@<BDC <@ ��C

HJ>C:@���� � ��:;G@P DB �@ G;<F;��BDC

<@G;<<=:?@����L@�;�@LC�@"��CIL;�;

�@ G;L@E�@ DB;Kg;<CH;���@ ;� <Bf���C�

�B�:;GBf�LCH@i@KPG;<L:BG�iCCEF:@?<@

DB�;D@���C<;G=>�@iCJ�C>C��@D@���

L@B<D@��:@D@I>BDL@"

����������� ���#����!�������

�� ��� ��%� ��� ���� ������� ��

������������

��G:BCHJiB���BD;ED@IBDCBE@��:;

G@B�=E<@�@DB�;D@CE�B��DC����:BO@

�@i;�>C�DCB�=:gJCD;�@MC;DD@�@�C��B

H@3L@�;G:CHB:C�BPG;�;IBDCE@��y7"�B

H;F@�<@K=<@�.E.),4*0*K,61C>CC),�

J*(*�.0)A/0A)1)561C<@CE�=:O�@�CD

�BF:C:@DC <BfD;��C"

�:;MB�=� D@ CEF:@?<@DB C G;<<=:?@

DBD@B�:;GBf�LC���iBG;E�;>CG;��@�@

D@CDCMC@�C�CPL;C�;G:;CE�CI@�;�D@

JIDC�B;KiD;��CC>C ;�G;�:BKC�B>�LC

F:JGCPL@L�;CCDCMCC:@DBD@G;>C�CIB�LC

G:C;:C�B�C D@ K@E@�@ D@ ��D; <BSCDC:@

DCDB<;��@�=MCC>C�=EH;?D;��C3D@G:"E@

D@D;�BgD;>;FCC�B7"�@G;<G;H@F@DBD@�;

ECG:;MB��:�K�@<@�B:@E:@K;���C,0*�

41�25�565312�C<@�B�=F>@�J�@��C,L5612�

C1"�=���CILC�>JI@CiBK=<BDB;Kg;<CH;

��D;<@�B;IB:�@��;K>@��C�BD@���P�

L;C�;�BiB<Bf���@�PC<@�B<BSCDC:@

G;<g;<�i@ L;DMBGMC� E@ �=;��B����@iC

���"

Page 15: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�;<B>CD@JG:@�>BDCBC��:JL�J:@D@�C��BHC�BE@;K:@E;�@DCBCD@JL@

��

�35(610,�65.*/1�65�)52(101,�0)DB�

(5� 45� .,� .EK,05(50� .E.� .3,4610,�0)1

01+5�4,-.0(1D�

n �@ <@ �B CEG;>E�@ G;�BDMC@>=� D@

���[email protected](56,�65�,@,/010,�*0� 83*�

B536505�(141C*.0�D@B�:;GBf�LC�B���P

<Bf���C��@�:�K�@<@�@D@�;IBDCL=H�=E

<@�@DBD@G;<g;<�i@0*+*8)5@./5�L5)5/�

0,)1.01/5�D@����CD@L;HGB�BDMCC�B�

L>AI;�C;K>@��CD@D@JL@�@C�BgD;>;FCC

�BPL@L�;CL=HG:;�B?<@DBD@16@*)C5�

M1*661�/5C+5611�3D@G:CHB:D@F:@<CPG;GJ

>�:DC �=KC�C� C <:"7P E@ <@ �B ;G:B<B>��

F:JGC�B;�G;�:BKC�B>C"

�;G;F:@S�L@�@ g@:@L�B:C��CL@ D@

����:�K�@ <@ �B G:C>@F@ � <;��@�=ID;

�B�DC;K>@��CD@���PE@<@H;?B<@�B<B

SCDC:@���D;L;HGB�BDMCC�B"�B�;<C�B

E@�=E<@�@DB�;fH;F@�<@�L>AI�@�N��@

�C��CIB�LC@D@>CED@CD<CL@�;:C�BE@CE

HB:�@DBD@G:;<JLMC��@D@���PG:B<>;?B

DC�;���:@DC�BI>BDLC3D@G:CHB:<@;�C

FJ:��G=:�;D@I@>DC� �GC�=L D@ MBD�:;�BP

L;C�;iB�B;K�=?<@�7C@D@>CE;�BL�GB:

�CP:@K;�BiC��=;��B�D@�@;K>@��"

n �@ <@ �B ;G�CHCEC:@ G:�L;�; �>C�

DCBD@����=:gJB�:;GBf�L@�@CD;�@MC;D

D@�C��BH@P<Bf���C��@�:�K�@<@�@D@

�;IBDCL=HN

�CDS;:H@MC;DDC�C��BHCPG;E�;>��@

iC G;>B�BD� ������ �� ������������ ��

�����=E<@<BDC�B�:;GBf�LC�B���PL@�;

�B;K:=i@�GBMC@>D;�DCH@DCBD@���o

�@D@>CED@L>AI;�CE@���;K>@��CC

�=E<@�@DB D@ �GBMCSCIDC ���������� ��

����� �����������!����������"���HB?<JB�

:;GBf�LC�B���o

��=�:B<;�;I@�@DB�=:gJ.L,C10,�25

C*B136*.0�D@JIBDCCCE�>B<;�@�B>CHB?

<J�����:@HLC�BD@��o�<=>F;�:;IBDG>@D

�:�K�@<@�BG:B<G:CBH@�<Bf���C�E@;MB

D��@DB D@ CE�>B<;�@�B>�L@�@ :@K;�@ D@

MBD�:;�B�BP ;K�=:E@DC � ;K:@E;�@�B>DC

�gBHCJIBKDCG:;F:@HCC<;L�;:@D�J:C"

n�@<@�BCEG;>E�@1L:C�CID@�@H@�@2

G;>BEBDBSBL�P<Bf���C��@�:�K�@<@�@

D@�;IBDCL=HG;F;>�H@G:;CE�;<C�B>D;��

D@ B�:;GBf�LC�B ��� I:BE H@L�CH@>D;

;G;>E;��;:��@DBD@D@>CIDC�B:B�J:�C"�;

�@H;?B<@�BD@G:@�CG;<�@D@ICD@N

� I:BEHB:LCP J>B�D��@iC.E.),4*0*�

K,6*.005� D@ ;G:B<B>BD K:;f B�:;GBf�LC

���PL@�;�BG;<<=:?@G;<g;<�i@��BGBDD@

L;DLJ:BD�D;��"�BH;F@�<@K=<@�D;�;CE

F:@<BDCC>C<@��@:�C:@�D@K@E@�@D@�=

iB���J�@iCD@MC;D@>DCMBD�:;�Bo L;DMBD

�:@MC��@H;?B<@�L>AI�@�:BHBDBD�:@D�

SB:D@I;�BOLCCH@�B:C@>DC:B�J:�Co

� L@�; �B CEG;>E�@ G;�BDMC@>=� D@

�!�PD;�C�BB�:;GBf�LC���H;F@�<@�B

S;:HC:@�L@�;.0)A/0A)1)561��(1)0A�

5361�C),J1� ;� �=iB���J�@iC MBD�:;

�BE@���"�@LC�@��:JL�J:CiB<@<@��=E

H;?D;��E@K>CELCGB:�;D@>DC�E@CH;<Bf�

��C�CCD�BF:C:@DBD@<BfD;��C�BG;���"

�BEC�E@CH;;�D;OBDC�iB�BJ>B�D��I:BEN

�=E<@�@DB D@ �C�;L;G:;CE�;<C�B>DC B>BL

�:;DDC �:=ELCP CEF:@?<@DB D@ G;<g;<�i

�;S�JB: C G;�CO@�@DB D@ :@EKC:@DB�; C

G;<F;�;�L@�@ D@ CE�>B<;�@�B>C�B E@ ;G

�CH@>D;CEG;>E�@DBD@�=EH;?D;��C�BD@

�!�"

����������������������������

��

�KiC�� G;<g;< G:C ��CILC �C<;�B

<Bf���C��:�K�@<@�B;�D;�@�@D@�>B<DC

�BG:CDMCGCN

n�=:g;�CG;��C?BDC�D@���o

n;�L:C�@L;DLJ:BDMC�HB?<JG:B<>;

?BDC��@E@D@JIDCG:;BL�Co

n �:BHBDBD g@:@L�B: D@ GJK>CID@�@

G;<L:BG@o

nL;HKCDC:@DBD@SCD@D�;�C�B:B�J:

�C 3GJK>CIDC�I@��DCP D@MC;D@>DC�:BFC;D@>

DC�B�:;GBf�LC7"

�20*K61/N

ra^Xj`ljZQaU`^ZU]jlU�aUYYU`aU2�X^kW5\ZjuUW`bXVU`]Xj`

������������������ ����������������� ����

�"��;�D;�@

Page 16: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�#

�����������������������������������������#

�:@HLC�BD@G:;F:@H@�@E@:@E�C�CB

D@ ��B�;�DC CE�>B<�@�B>�LC MBD�:;�B �

;K>@���@ D@ CD?BDB:DC�B D@JLC

35`dX`UUZX`dpU]UWZak6U`^UZ]$%&7P�D��C

�J�=�E@D@JID@C�BgD;>;FCID@G;>C�C

L@ 3eaXU`aU W`b sUak`jYjd| tjYXa| �`]^X^\^U

est�7 � ��y CE�=:O�@ G:;JI�@DB C G:@�C

@D@>CED@G:@L�CL@�@D@CE�B��DC��B�;�

DCMBD�:;�BE@D@JIDCCE�>B<�@DC��MB><@

;IB:�@Bg@:@L�B:C��CLC�BD@1MBD�:;�B

�B;��>B<�@i;�;G;L;>BDCB2"

�B>�@ D@ G:;F:@H@�@ E@ :@E�C�CB D@

5p6B<@�=E<@<BK>@F;G:C��D@�:B<@E@N

n �:@D�S;:HC:@DB D@ CD?BDB:DC�B

�C��BHC�CD;�@MC;DDCG:;<JL�CCG:;MB

�CP L;C�; <@ <;�B<@� <; �=E<@�@DB�; D@

G:;F:B�C�DC�BgD;>;FCCo

n;K:@E;�@DCBPL;B�;<@G:;CE�B?<@K=

<BiC CD?BDB:C D;�@�;:C � ��B�;�D@�@

CL;D;HCL@"

�E�>B<�@DB�;;Kg�@i@G:@L�CIB�L@�@

<BfD;��D@;L;>;GB�<B�B�D@JID;CE�>B<;

�@�B>�LCMBD�=:@P<=:?@�DCCD��C�JMCCC

CD<J��:C@>DCG@:�Dh;:C�0B>FC�P�B>CL;K

:C�@DC�P�B:H@DC�P�:>@D<C�P!C�@fP!;:B�

C'G;DC�"�:;�B<BD;B�=i;�@L@C�B;:B

�CID;CE�>B<�@DBD@L;DL:B�DCMBD�:;�BC

G:;F:@HC�/�BMC�P*:@DMC�P�CDF@GJ:C��

��:@>C�"�:@�DC�B>DC�B@D@>CEC�B;�D;�@

�@� D@ G:B<��@��DB�; D@ MBD�:;�B�B �

�>B<DC�BGB�;�D;�DC<BfD;��CN

n �E�>B<;�@�B>�LC�B MBD�:;�B ;�

+E)(*�+*/*3,61,�3��,9����F"7�@B<D;C>C

<�JCD��C�JMC;D@>DCC�@S;LJ�C:@DC�=:

gJ HB?<J<C�MCG>CD@:DC CD?BDB:DC �C��B

HC;��>B<�@i;G;L;>BDCBPL;C�;�@�@?DC

E@ D@MC;D@>D@�@ L;DLJ:BD�D;�G;�;KD;��

D@��y"

n �E�>B<;�@�B>�LC�B MBD�:;�B ;�

(0*)*�+*/*3,61, 3���. ��(F"7 �@F>@�D;

HJ>�CCD��C�JMC;D@>DCP L@�; ��BLC B<CD

BD@�;IBDL=H�G;�;KDCE@G:B;K:@EJ�@DBCD

?BDB:DC�C��BHCPD@K>�F@iCD@CD;�@MCC

�B�;K:@E;�@DCB�;CJ�B>CI@�@iC:@ED;

;K:@ECB�;D@CD?BDB:DCL@<:C"

n �E�>B<;�@�B>�LC�B MBD�:;�B ;�

0),0*�+*/*3,61,�BG;����@�G:BE ��,

F"�B�BG;ECMC;DC:@��F>;K@>D@�@CL;D;

HCL@PL@�;:@EOC:��@�;Kg�@�@D@D@JIDC

�BCE�>B<�@DC�CJ��@D;���@�G@:�Dh;:

���;�H@>LCSC:HCPE@<@J�L;:���:@D�

SB:@D@��;C�BD@JIDC:BEJ>�@�CC�=iB�

:BHBDD;<@;�CFJ:��G;<F;�;�L@G;G:B<

G:CBH@IB���;P L@L�; C D@JID@ L�@>CSCL@

MC�E@S@LJ>�B�CC;�<B>DC��J<BD�C"

�.6*(61�L5)5/0,)1.01/1�65�.E(),�

C,6610,�=<;N

n ��:@�BFCIB�L@ �CEC� E@�:@D�S;:

HC:@DB D@ CD?BDB:DC�B �C��BHCP :@E�C

�CBD@F>;K@>D@L;DLJ:BD�D;�G;�;KD;��C

:@ED;;K:@ECBD@CD?BDB:DCL@<:Co

n ��:@�BFCIB�LC G:;F:@HC E@ D@JIDC

CE�>B<�@DC�P ;K:@E;�@DCB C :@ED;;K:@EDC

D@ICDCE@:B@>CEC:@DBD@�CEC��@o

nG:;F:@HCE@CD�BF:C:@DCPCD�B:<C�

MCG>CD@:DC CE�>B<�@DC�o

nCD�BF:C:@DBD@CE�>B<�@DC��@C;KJ

IBDCB�;o

n G@:�Dh;:���; � CD<J��:C��@ E@

S;:HJ>C:@DB C :@EF:=i@DB D@ ��:@�BFC

IB�LC�G>@DPJL:BG�@DBD@CE�>B<�@DC��@C

;KJIBDCB�;CJ�L;:��@DBD@�:@D�SB:@D@

�BgD;>;FCCo

Page 17: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�;<B>CD@JG:@�>BDCBC��:JL�J:@D@�C��BHC�BE@;K:@E;�@DCBCD@JL@

��

n >C<B:���;P �G>;�BD C :@ED;;K:@EBD

CD�B:<C�MCG>CD@:BD BLCGP BSBL�C�D; JG

:@�>BDCBo

!A6/M1*65361�()E2/1�65�=<;

�������������������������������������������������������#

n �,60)*(,$� *)1,601)561� /EC

@A645C,605361� 12.3,4(561D

��D��C�J�C D@ <:J?B���;�;

1�@L��>@DL2P�B:H@DC�"

��BD�:;�B;���B�;�D@L>@�@PF>;

K@>DCMBD�:;�BE@�=:g;�CG;��C?BDC�P�E

�>B<;�@�B>�LCCD��C�J�G;EBHB�:B�BDC

��@L=H�;LCf�LC�JDC�B:�C�B�P'G;DC�"

n�*3,C1�12.3,4*(50,3./1�M,60)*�

(,�*0�01+5�`�5+)5(1�(.1K/*e

��456P 0B>FC� m�B?<JJDC�B:�C

�B��LCMBD�=:G;HCL:;B>BL�:;DCL@"

�6��8�5P'G;DC�m�D��C�J�G;D@

D;L�@D�;�@ CDS;:H@MC;DD@ B>BL�:;DCL@"

� 'G;D�L@�@@FBDMC�E@D@JL@C�BgD;>;FCC3�WuW`eaXU`aUsUak`jYjd|rdU`a|P�es7 �=:?@�D@@FBDMC�E@:@E�C�CBD@D;�CBDB:FCfDCCCD<J��:C@>DC�BgD;>;FCC3skU�U�5`UZd|W`b�`b\]^ZXWYsUak`jYjd|�UwUYjuVU`^�ZdW`XvW^Xj`P�5��7

# �W^Xj`WY5`dX`UUZX`dpU]UWZak6U`^UZ] 3�5p6]7

n HB?<JCD��C�JMC;D@>D; �=�:J<DC

IB���;E@J>B�D��@DBCD@�=:I@�@DBD@CD

�B:<C�MCG>CD@:D@ LJ>�J:@"

!������������� ��������������

���

�E�>B<;�@�B>�L@�@<BfD;��D@MBD�

:;�B�BBS:@FHBD�C:@D@�G:�H;G@E@:@"

n�,60)*(,$�*)1,601)561�/EC�16�

4A.0)1D05

��D��C�J�C D@ <:J?B���;�;

1*:@JDg;SB:2P �B:H@DC�"

��es� C�5�� PSCD@D�C:@iCG:C

>;?DCCE�>B<�@DC�P'G;DC�"

��5p6]# D@MC;D@>DCCE�>B<;�@

�B>�LCMBD�:;�B�;K>@���@D@CD?BDB:

DC�BD@JLCP!C�@f"

Page 18: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�'

����������������������� ���

��������������������#��

n�B35.010,� 65� 65AK61� 12.3,4(5�

61D� .,� 12B1)50�65� B52505�65� 65AK610,

+)1*)10,01� (� 65M1*653610,� .0)50,�

811

��5p6P !C�@f m �BH@�CIDC�B

D@G:@�>BDC��B;G:B<B>��C;K����@�;�

D@MC;D@>DC�BCD��C�JMCCN�CDC��B:��

�;�;D@D@JL@�@C�BgD;>;FCC�B34�es7P

�@MC;D@>D@�@ L;HC�C� E@ :@E�C�CB C :B

S;:HC 3��p67 C �L@<BHC��@ D@ D@JLC�B

36re7"

��D��C�J�C D@ <:J?B���;�;

1*:@JDg;SB:2P�B:H@DC�m�BD@�=�D@<:J

?B���;�;G;<KC:@�BH@�CL@�@D@CD��C

�J�C�B"

n �E)(*65K53610,� 16(,.01M11

+*2(*3D(50�+*,C56,�65�)1./�(�.3AK5-�65

6,*+),4,3,65� .0)50,81K,./5�(121D

�6e5seP�:>@D<C�MBD�:;�B�BE@

D@JL@P�BgDCL@C�BgD;>;FCCPSCD@D�C:@DC

;��@MC;D@>DC�D@JIBDS;D<"

�r�esP 'G;DC� m D@fF;>�H@�@ �

��:@D@�@GJK>CID@D@JID;CE�>B<;�@�B>�L@

;:F@DCE@MC�"

n�64A.0)1D05�18)5,�)*3D�+)1�+*4�

B*)5�65�12.3,4*(50,3./10,�0,C1

�5tep6P �B>CL;K:C�@DC� m�E�>B

<;�@�B>�LC���=�B��;K>@���@D@CD?B

DB:DC�B CSCECIB�LC�B D@JLCP � �=�:J<

DCIB���;�CD<J��:C��@3D@G:CHB:L;HG@

DC��@1*C>CG�27;K����@�BHC�BPG;L;C

�; �>B<�;�@ JDC�B:�C�B�C�B �B L;DLJ

:C:@�"

n!1656.1)56,0*�*0�.0)565�65�16�

4A.0)1D05� 6,� +),4+*3585� 6,+),C,66*

/)50/*.)*K6*� 12.3,4(56,

���L;CMBD�:;�BPSCD@D�C:@DC;�

CD<J��:C��@P � <Bf���C�B>D;�� G:B<�

�@�>��@��"D@:"Qcjb|]kju]2. N

G;�BIB�;�5p6]�!C�@fo

�D��C�J�=�E@G:;F:B�C�D;CD

?BDB:���;�!;:B�"

��;�BIB�;MBD�:;�BCH@�;��:B<

D;�:;IDC<;<=>F;�:;IDCG:;F:@HCN

er�s9 P�D��C�J�=�E@G:;F:B

�C�DC�BgD;>;FCCD@eWV]\`dP!;:B�3D@<9

F;<CDC7o

�4�( D@JIDC��<BG@:�@HBD�

L=H JDC�B:�C�B�@�WZ�Xa� � F:" !;�=D�

:CP�B>CL;K:C�@DC�P ICC�;D@JIDCCE�>B<

�@DC��@D@�;IBDCL=HCD<J��:C��@ 3#��

F;<CDC7o

�456P0B>FC�3D@<��F;<CDC7"

�������������!���������

n�(56.*(*�16@)5.0)A/0A)6*�@1�

656.1)56,

��5p6] � !C�@f �B ;KBEGBI@�@�

@�@D�;�;�=�ED@IC�B>DC�:B<���@E@CEF

:@?<@DBD@>@K;:@�;:CCC�=;:=?BDC�"

n!1656.1)56,� *0� 164A.0)1D05

131�4)A81�+*0),B10,31�Q@*64*(,R

��@DC�;G:;F:@H@N

�=SCD@D�C:@DBHB?<JL;HG@DC�

�@1�@fL:;�;S�2C�@MC;D@>DC�S;D<E@

D@JIDCCE�>B<�@DC�3�e�67�!C�@fo

�=SCD@D�C:@DBHB?<JL;HG@DC�

�@1*C>CG�2C5tep6P�B>CL;K:C�@DC�"

��@DC�;MBD�=:N

CD��C�J�C�B 1*:@JDg;SB:2P

�B:H@DC�P G;>JI@�@� ;� 9q <; (9q ;�

��;B�;SCD@D�C:@DB;�CD<J��:C��@C>C

<:JFCCE�;IDCMCC�=:@EHB:D;SCD@D�C:@

DB;�SB<B:@>D;�;G:@�C�B>���;o

�@MC;D@>DC��CE�>B<;�@�B>�LC

MBD�=:4�XU�4jYb6r�2�!C�@fBG;>J

IC> G:BE G;�>B<DC�B <B�B� F;<CDC H>D"

<;>";�L;HG@DC��@1*;:<2o

�5p6] � !C�@fP L@L�; C �BgD;

>;FCIDC��MBD�=:G;HBg@�:;DCL@3�4s67

C�B?<JJDC�B:�C�B��LC��MBD�=:G;HCL

:;B>BL�:;DCL@ 3�4567 �0B>FC� G;>JI@�@�

ED@IC�B>D;SCD@D�C:@DB;�:BFC;D@>DC�B

G:@�C�B>���@"

. *;:H@D@:@K;�@3D@G;<;K��@i@@J��;:�CDF@7PG:CL;��;B<D@L;HG@DC�;�CFJ:��@�:BHBDD;:@K;�D@�C>@D@ K@E@�@ D@ <;F;�@:�DB � MB> CEG=>DBDCB�; D@ L;DL:B�D@ E@<@I@�G:;BL�" � ��y E@�@EC MB> IB��; �BD@BH@�IJ?<B��:@DDC�=�:J<DCMC�:@K;�DC�CEC"

9 eWV]\`d�`]^X^\^UjlrbwW`aUbsUak`jYjd|3er�s7( �WZ�Xa�4W`\lWa^\ZX`d�Zj\u 3�4�7

Page 19: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�;<B>CD@JG:@�>BDCBC��:JL�J:@D@�C��BHC�BE@;K:@E;�@DCBCD@JL@

�(

n �3156.1d/3E.0,)1�25�+*3AK5(56,

65�4*+E3610,36*�@1656.1)56,

��>C@D�1�@JLCE@?C�;�@2D@<:J

?B���;�; 1*:@JDg;SB:2P �B:H@DC� mSC

D@D�C:@D;���"

n�,J4A65)*461� 16.010AM11� 1

@1)C1$�3*B1)5b1�25�65B1)56,�65�.),4.�

0(5

��456P0B>FC�P�5p6P!C�@fP~�esT P

!;:B�"

n�,J4A65)*46*�*B)52*(561,

��4�L=HJDC�B:�C�B�@�WZ�Xa�P

�B>CL;K:C�@DC�P ;�CFJ:��@ ;K:@E;�@�B>DC

G:;F:@HCD@:B<CM@CD��C�J�C��EC�"

������!�������������������

���������

n�,60)*(,0,�+*3AK5(50�+*�8*3DC

4*.0E+� 4*�@1656.1)56,$� *BAK,61,� 65

.0A4,601�1�4*.01856,�65�/)101K65�C5�

.5� /5+5M10,0�+*.),4.0(*C�4,M,60)5�

3125M1D� 1� 8E(/5(1� ),J1C1�65� 160,3,/�

0A5365� .*B.0(,6*.0

��4�L=H+DC�B:�C�B�@�WZ�Xa�P

�B>CL;K:C�@DC�PG;>JI@�@D@<���H>D"<;>"

F;<COD;E@:B@>DC<;F;�;:C�CD<J��:C��@"

��D��C�J�C�B D@ <:J?B���;�;

1*:@JDg;SB:2P�B:H@DC�P:=L;�;<��G:BF;

�;:C�BE@��CILC�>JI@CG;;�<B>D;"

n!1)C10,� M,6D0� BE)216505� 1

)1./*(*0*� A+)5(3,61,

��=�:J<DCIB���;�;HB?<JL;HG@

DC��@Q�\�X^]\2C�D��C�J�@G;D@D;L�@D

�;�@CDS;:H@MC;DD@B>BL�:;DCL@36��8�57P

'G;DC�PG;E�;>��@D@�=:I@�@DB�;D@��@:

�C:@iCSC:HC�KCEDB�CDLJK@�;:CC��g

D;�;G;�>B<�@i;G:C<;KC�@DB"

�������������������������#

n�,12.3,4*(50,3./1�.E.05(�1�+,)�

.*653$�@*/A.1)56�(E)LA�)52)5B*0(56,�65

+)*4A/01

��5p6]P!C�@f"

n�531K1,�65�.(E)2(5b1�16.010A�

M11�Q12+E36D(5b1�)*3D05�65�`C*.0eR

��:@HLC�BD@MBD�=:@NMBD�:;�B

�BE@G:C>;?DCCE�>B<�@DC�L=H<:J?B��

�;�;1*:@JDg;SB:�P�B:H@DC�"

�1�;��2 HB?<J :@E>CIDC �C<;�B

MBD�:;�BCSC>C@>CN�BgD;>;FCIDC��KCE

DB�MBD�=:3rasU�7L=H�E�>B<;�@�B>�LC�

MBD�=:E@G:;F:B�C�DCD@JLCC�BgD;>;FCC

L=H�;LCf�LC� JDC�B:�C�B� 3p6res7P'G;

DC�"

��J>�CCD��C�JMCCN L;HG@DC��@

1t5pr2P �B>CL;K:C�@DC�P ;�=iB�����@

�:=EL@�@HB?<J���P:@EG;>;?BDC�M�>@

��:;G@P�K:C�@D�LC�BJDC�B:�C�B�C"

n�531K1,� 65� +)*8)5C6*� 1� .+,M1�

@1K6*� 16.010AM1*6536*�@1656.1)56,

25�+*4+*C5856,�65�0,L6*3*81K6*0*�)52�

(101,�1�/*C,).153125M1D05

� �D��C�J�=�G; D@D;L�@D�;�@

CDS;:H@MC;DD@B>BL�:;DCL@36��8�57P'G;

DC�

D;�@�@ ]uX`jll SC:H@ 18�

�W]UZ2P �;K���BD;�� F>@�D; D@ >@K;:@�;

:CC�BD@L;HG@DC��@Q�\�X^]\23CD@<=:?@�

D@�@@FBDMC��5��7BSCD@D�C:@D@;�CD

�B��CMC;DBDS;D<E@:C�L;�L@GC�@>o

S;D<;�BE@:C�L;�L@GC�@>PG;<

G;H@F@DC;��BgD;>;FCIDC�KCEDB�MBD�=:

3rasU�7m��:JL�J:@E@G;<G;H@F@DBD@KCE

DB�@L=H�;LCf�LC�JDC�B:�C�B�"

��D��C�J�C D@ <:J?B���;�;

1*:@JDg;SB:2P�B:H@DC�m�;K���BDCS;D

<;�BE@:C�L;�L@GC�@>"

��������������������������

����������������������

n�,J4A65)*46*0*�.E0)A461K,.0�

(*�,�C6*8**B)526*�+*�*06*a,61,�65�����

��������

��@DC�;MBD�=:NMBD�:;�B�B;�

��B�;�D@ L>@�@ � 'G;DC� CH@� CEC�L�@DB

B<D@�:B�@ ;� JI@���@iC� �=��@� <@ B

HB?<JD@:;<BD"

��@ G:;F:@HD; DC�;N G@:�Dh;:��

�;HB?<JMBD�:;�B�BE@D@JIDCCE�>B<�@

DC����yCMBD�:;�B�BE@D@JL@P�BgDCL@

C�BgD;>;FCC 36e5se7 � �:>@D<C� m ���L@

��:@D@<;G:CD@��E@�=�HB��D;�;�=�:J<

T !;:Bf�LC D@JID;�BgD;>;FCIDBD CD��C�J�

Page 20: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�)

DCIB���;��H>D"<;>"F;<COD;"

n�Eb,.0(A(5�.E+)*01(5�25�+5)0�

6f*).0(*�.�5C,)1/56./10,�A61(,).10,�

01

��:BF;�;:C�B E@ CD�B>BL�J@>D@

�@�;K���BD;���B;GC��@�L@�;1HD;F;

�:J<DC2" �D��C�J�=� E@ G:;F:B�C�DC

�BgD;>;FCCD@eWV]\`d3er�s7P!;:B�PBG:;

�B> DBJ�GBODC G:BF;�;:C E@ G@:�Dh;:��

�;�=���@DS;:<�LC�JDC�B:�C�B�C+DC

�B:�C�B�@10=:L>C2���y"

��:JFC K@:CB:C 3D@G:CHB: LJ>�J:

DCP CD��C�JMC;D@>DC7"

�T��D@��C'G;DC��B�IC�@�E@

G;<;K:C�BCE�;IDCMCD@SCD@D�;�C�:B<

���@E@�EC�"

��EC@��LC�B ��:@DC �B D@>@F@�

�@H;��;��B>D;�D�L;C;K>@��CD@D@JL@

�@ 3CE�>B<�@DC��;K>@���@D@���;>;�C

�BL>B�LCPD@D;�BgD;>;FCC�B7C�B��:B

H��L=H�@H;��;��B>D;G@D@EC@��L;�=�

:J<DCIB���;"

n�10*�,416�*0�+)*AK(5610,�M,6�

0)*(,� 6,� 12.3,4(5�0,C1$� /*10*� .5� *0

83*B53,6�160,),.� Q65+)1C,)�`83*B536*�

0*�250*+3D6,e�`2,3,6505�L1C1DeR�

�20*K61/N

�U]]j`]�UWZ`UblZjV6U`^UZ]�jZYb�XbUP ��,

�������888����b��G�������G��b=������8������ %$ ���������&����

�"��;�D;�@

��� ���������������������������#��������

<@DB�@ND@ICDC�BE@E@<=>K;I@�@DBD@�=�

:J<DCIB���;�;HB?<J!@D@<@C��G:CJG

:@�>BDCB�;CG:B<;��:@���@DB�;D@�=;

:=?BDCL;DS>CL�CG:BE ��BLCDB;Kg;<C

HC�B��=GLCE@G;<;K:��@DBD@�=�:J<DC

IB���;�; � ;K>@���@ D@ �CFJ:D;���@ C

;�K:@D@�@"3�:BE ��9F"HB?<J��C!@D@

<@BG;<GC�@D;�G;:@EJHBDCBE@JI@��CB�;

D@ !@D@<@ � ;GB:@MCC D@ �� E@ JG:@�>BDCB

D@L:CEC"7

�D@>CEC:@� �B C �GBMCSCIDC �=G:;�C

L@�;N J�B>CI@�@DBD@ BSBL�C�D;���@;�

G;>C�CLC�BD@��C!@D@<@I:BE�=�HB��

DC<Bf���C�G:CHB?<JD@:;<DCL:CECCG:B

<;��:@���@DBCJG:@�>BDCBD@L;DS>CL�C

3D@G:CHB:�SF@DC��@DP%@C�C7oG;<;K:��@

DBD@�=�:J<DCIB���;�;G:CHB?<JD@:;<

DCL;DS>CL�CL@�;G:B�@D�C�D@�@<CG>;

H@MC�PHC:;��;:IB���;�;PG;<<=:?@DB�;

D@HC:@P L@L�;C:BS;:H@�@�;K>@���@

D@ ��;K;<@�@P �CFJ:D;���@C G:@�;�=<CB

�;"

nc/LW[LKT7QI,1,TI01LJKL,1K764/L012�

\6W[.KL/I[KI, 1,7/LKTKL01IKLJKI7I, Id�

e6T7QI

�@EC D@JID;CE�>B<;�@�B>�L@�BH@ �B

L;DMBD�:C:@ �=:gJ G;>C�CLCP G:@L�CLC C

�:BE ��( F"P �>B< G:;�B?<@DB�; D@

L;DLJ:��:B<L@D@<�LC�B�C�OCJIC>Ci@P�!

;K����@ �=E<@�@DB�; D@ *������+,- 35x

6U`^ZU] jl 5�aUYYU`aU 5x65]7N �+DC�B:�C

�B�@ 1!@:>�=D2P +DC�B:�C�B�@ 1�@>g@J

EC2P+DC�B:�C�B�@��;D:B@>+DC�B:�C�B

�@ 1�@L �C>2 C � +DC�B:�C�B�@ � �;:;D

�;"!@D@<�L@�@H:B?@PICf�;L;;:<CD@�;:

B���D@+DC�B:�C�B�@1!@:>�=D2P<;G=>

�@G;<;KDCH:B?C���yP����:@>C�P�;�@

�B>@D<C�C'G;DC�C�BSCD@D�C:@;��!E@

GB:C;<@ ��( ��� F" �� G;GJ>�:CEC:@ �=G

:;�C�BD@���:B<L@D@<�L;�;;KiB���;C

;�<B>DCDBF;�CF:JGCL@�;E@B�C�B�<=:

?@�DC�BCD��C�JMCCPHB<CC�BCKCEDB�@"

�BfD;��C�B D@ MBD�:;�B�B �@ ;:F@

DCEC:@DC�K,01)1�0,C501K61�65+)5(3,�

61DN

n3f,1,RLKL[L�,.5/LQJ6K16,KL,\6W[.KL�

/I[K1, PIK]J1P71, 1, KLTV/SLQLK6, KL, /641I�

KLJKI7I,1PIKI\1S6TPI,/LZQ1716

�;ECCE�>B<;�@�B>�LCG:;BL��BS;LJ

�C:@ �=:gJ �=��;�DCB�; D@ ��:@�BFCIB�

L;�;G@:�Dh;:���;HB?<J��C!@D@<@PDB

F;�;�; <;�BF@OD; :@E�C�CB C K=<BiC�B

HJE@<@ICCG:B<CE�CL@�B>���@D@��B�;�

D@�@�MBD@"��D;�DC�B�=G:;�CE@:@EF>B?

Page 21: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�;<B>CD@JG:@�>BDCBC��:JL�J:@D@�C��BHC�BE@;K:@E;�@DCBCD@JL@

��

<;L>@<CE@G;>C�CIB�L;JI@��CBP�;MC@>D;

�L>AI�@DB�CEL>AI�@DBCF:@?<@D���;���

C<=:?@�C�BI>BDLC"�D@>CEC:@��BDB�@

H;;KiB���BDC�BG;>C�CLCPD;CG;>C�C

IB�LC�B G:@L�CLCP ��=:E@DC � G:;MB�C�B

D@ �;MC@>D@ CD�BF:@MC� � B�:;GBf�L@�@

HD;F;��BGBDD@�C��BH@PL@L�;CD;�CL;D

MBGMCCE@I>BD���;C�B:C�;:C@>D;��PL;

C�;�=EDCL�@�;���g"�E�>B<�@��B<�B

;�D;�DC G;<�BHCN G=:�;P G;>C�CIB�L;�;

JI@��CBD@D�L;>L;DC�@�:@HLC�BD@���

@LMBD� �=:gJ CEKC:@�B>D@�@ @L�C�D;��P

JI@��CB�; � G;>C�CIB�LC G@:�CC C ;:F@

DCE@MCC�BD@F:@?<@D�L;�;;KiB���;PL@L

�;C�=:gJCD�BF:@MC��@D@HCF:@D�C�B

C�C>C<:JFC1H@:FCD@>CEC:@DC2F:JGC�G@

E@:@D@�:J<@P;K:@E;�@�B>DC�BC�;MC@>

D;;�CFJ:C�B>DC�B �C��BHCP F:@<�LC�B

L�@:�@>CC<:"o��;:;PL@L�@LC�@G;>C�C

LCCG:@L�CLCPL@L�;CG;�>B<�@iC�BCEC�

L�@DC�CG:B�BDMCCPCE:@EBDC;�G;>C�C

IB�LC�B�JKBL�CP<;G:CD@���E@CEF:@?<@

DB�;D@D;�CC<BCCG:;��:@D���@D@�:@D

�D@MC;D@>D; F:@?<@D���;"

ngIQIQVQ6[6K12,Q,5IJ171PL7L,ZL,IPIJ�

KL7L,T/6[L,Q,3Q/I5L,1,RLKL[L

!@D@<@ C �� �@ CEG:@�BDC G:B< ;KiC

G:B<CE�CL@�B>���@�G;>C�CL@�@E@;L;>

D@�@ �:B<@P D; �B :@E>CI@�@� � D�L;C ;�

��;C�B;�F;�;:CD@�BECG:B<CE�CL@�B>

���@" �@EC�BH@ �B �=�:B<;�;I@�@ �=:gJ

�:@�DC�B>D;�; G:;JI�@DB D@ CD;�@MCC�B

D@ !@D@<@ C �� G:C ;G@E�@DB D@ ;L;>D@�@

�:B<@"�;�@�@CD;�@MCC�B�N

� JG:@�>BDCB�; D@ ;G@E�@DB�; D@

;L;>D@�@�:B<@P;�;KBD;HD;F;��BGBDD;�;

JG:@�>BDCBo

� HB:LC�BE@K;:K@�G:;HBDC�B�L>C

H@�@o

� G;>C�CIB�LC�BCD��:JHBD�CL@�;

D@G:CHB:�G;:@EJHBDC�CG@E@:DCHB:LC"

�B>�@B<@�BCEF:@<C�=�:J<DCIB��

�;HB?<JJIBDC�B�BL;>;FCID@�@G;>C�C

L@D@!@D@<@C��P<@�BG;<;K:C:@EKC:@DB

�;D@CD;�@MCC�B�BL;>;FCID@�@G;>C�C

L@ � :@E�C�C�B <=:?@�C C <@ �B D@�=:IC

HD;F;D@MC;D@>D;�;;KJIBDCBE@CD;�@�C�

DCG;<g;<C��@EC;K>@��"

!;DL:B�DC�BBL;>;FCIDCG:;K>BHC�@

�;�D;�@�@D@<BfD;��C�BD@CD�B:<C�MCG

>CD@:DC�L>=��B:D@ED@DCB�;L=H�BD�=

:@E@B�:;GBf�LCCE�>B<�@DC�D@+DC�B:�C

�B�@1!@:>�=D2"�B<CM@B�:;GBf�LC��:@

DCCH@�CEL>AIC�B>D;J�GBODCG;>C�CIB�

LC:@HLCE@D@�=:I@�@DBD@CEG;>E�@DB�;D@

�=E;KD;��BHC BDB:FCfDC CE�;IDCMC" !@D@

<@CB�:;GBf�LC�B<=:?@�CCH@�;KiCD

�B:B��KC;F;:C�@�@C�J>@��DB�;C�L>@

<C:@DB�;D@�=F>B:;<@"�H;HBD�@�BCE

�=:O�@�:BS;:HC��C��BHC�BE@JG:@�

>BDCBD@gCHCIB�LC�B�BiB���@"�;>E;�

�;:D;�=�:J<DCIB���;�=iB���J�@DB�@

H;D@G:@�C�B>���BD;:@�DCiBPD;CI:BE

CEG;>E�@DB D@ ;GC�@ D@ JI@��DCMC�B �

F:@?<@D�L;�;;KiB���;"�:L�CL@�B;IB:

�@�@L@�;<:JF@�;IL@�<�J��:@DDC�B;�

D;OBDC�"!@D@<@C��J�G;:B<D;G;�:Bi@�

G:;K>BHC�B G; ;�D;OBDCB D@ E@iC�BDC

�B�B:C�;:CC3D@G:CHB:�C:BL�C�@D@��

E@HB��;;KC�@DC��@7"�E�>B<�@DC��@iB

:@EF>B<@�G:;K>BHCP��=:E@DC�BDB:FCfD@

�@ G;>C�CL@ C L>CH@�CIDC�B G:;HBDCP

G:B<L;C�;�BCEG:@����C��BHC�B�HD;

F;��BGBDD; JG:@�>BDCB 3L@�; L@D@<�L@�@

SB<B:@>D@ �C��BH@ C �C��BH@�@ D@ �� �

DBfDC�BD�L;>L;DC�@D@JG:@�>BDCB7"�E�

>B<;�@�B>�LC�BHCD@:�SCD@D�C:@DB;���

D@�@EC�BH@ B G>@DC:@D ;���� D@ +DC

�B:�C�B�@ 1!@:>�=D2 G:BE G:;>B��@ D@

���F"�=:�C���:@D�@�>@D�CIB�LC�BHC

D@:D@L>=��B:@PL;f�;iB<;��CFDB<;G;

OC:;L@�@;KiB���BD;��P�=i;iB�BG:;

�B<BG:BE ���F"�:JFCG:;K>BHCD@;L;>

D@�@�:B<@iBK=<@�:@EF>B<@DCD@G;H@>

LC�BHCD@:CC:@K;�DCF:JGC"

nN641IKLJK1, 1, \6W[.TVT6[TP1, /LZJ1�

S12�, 5IJ171S6TP1, [1J6\1, TJ6[, /LZ^1/2QL�

K67I

�:C G:B<CODC :@EOC:��@DC� D@ �� �

�BIBDCBD@�:BHB�;�BD@K>A<@�@D@H@>�

�@DBD@:@E>CIC��@HB?<JD;�C�BC��@:C

�B<=:?@�CI>BDLCL@L�;G;:@<CG:;MB�C

�BD@CL;D;HCIB�L@CD�BF:@MC�P�@L@CG;

:@<C BSBL�@ ;� ��:JL�J:DC�B C L;gBEC

;DDC�BS;D<;�B"!@�;�BCH@G:B<�C<��B

GBD�@D@G:B<CE�CL@�B>���@�@PG;:;<BDC

Page 22: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

��

;�G;�>B<DC�B:@EOC:��@DC�PDBB��D;<@

>C�BLJiC�BG;>C�CLCiB�@BSBL�C�D;

:BOBDCB D@ G:;K>BHC�B D@ :BFC;D@>D;�;

:@E�C�CBC:BFC;D@>D;�;DB:@�BD���;"��

�BD�;�@P@L;G:BE�>B<�@iC�BD�L;>L;F;

<CDC��@D<@:�=�D@?C�;��D;�C�B<=:

?@�C I>BDLC G;L@?B ;IB�C<D; G;<;K:BDCBP

�;�@iB<;�B<B<;J�B>CI@�@DBD@:@E>CIC

��@��:B�C�=�B<DC<=:?@�CD@CE�;L"�=

IB�@D;�G;�>B<CMC�B;�/BDFBD�LC�F:@

DCIBDL;D�:;>PB�=EH;?D;<@�BG;>JICD;

�;�;MC@>D;CL;D;HCIB�L;:@E<B>BDCB���

:;G@"yB�B;K=:DB�GBMC@>D;�DCH@DCBD@

�>C�DCB�;�=:gJG@E@:C�BD@�:J<@P�;MC

@>D@�@ G;>C�CL@P :BFC;D@>DC�B ��:@�B

FCCE@CL;D;HCIB�L;:@E�C�CBPF:@DCIDC�B

:B?CHCPL@L�;C�:@D�F:@DCID;�;�=�:J<

DCIB���;"

�����+DC�B:�C�B�@1�@>g@JEC2�B

;:F@DCEC:@�gYXhijYkN �;F;�;: E@ ��:;

GBf�L@ L;D��C�JMC� 3G:;>B� ��T7P �� �

��B�;�D@�@ G;>C�CIB�L@ C CL;D;HCIB�L@

�C��BH@3G:;>B� ��,7C����:@�DC�B>D@

GB:�GBL�C�@3G:;>B� ���7"�@ ��, ���F"

B G:B<�C<BD; CEG=>DBDCB�; D@ �>B<DC�B

G:;BL�CN

�B?<JD@:;<D@���HCF:@MC�o

�@L;D;<@�B>���;E@CD�BF:C:@D;JG

:@�>BDCBD@L:@fK:B?DC�BE;DCN;GC�@D@

��o

�:@�DC�B>D; CE�>B<�@DB D@ @�CHB�

:CIDC�SB<B:@>CE=H3��C!@D@<@7o

��:;GBf�LC�:J<;�C;�D;OBDC�CG;

>C�CL@D@G@E@:@D@�:J<@�G:CHB:C;�%;

>@D<C�C�@DC�o

�;F;�;:=�;��C�@K;D"

�;K=:D@ICDE@G;GJ>�:CEC:@DBD@��B

*BC,6E0�65�.0A4,601HB?<J���D@+DC

�B:�C�B�@��;:;D�;C�D��C�J�@D@��

:;GBf�LC� JDC�B:�C�B� �=�*>;:BDMC� C

�BD�:@>DC�B�:;GBf�LCJDC�B:�C�B��0J

<@GBi@" ��J<BD��L;�; �=�:J<DCIB���;

�B D@�=:I@�@ I:BE ;:F@DCEC:@DB D@ L;DSB

:BDMCCP ��=:E@DC � D@JID;CE�>B<�@�B>�LC

L>=��B:C"

�MB><@�BD@�=:IC�E@CHD;�;:@EKC

:@�B>���;HB?<JD@:;<C�BD@��C!@D@

<@P�L>AIC�B>D;G;OC:;LC�BG;ED@DC�E@

�BgDC�B BECMCP LJ>�J:C C CD��C�JMCCP

L@L�; C <@ �B G;<;K:C L@IB���;�; D@ I;

�BOLC�B :B�J:�CP G:BE ��� F" ��@:�C:@

Q�:;F:@H@E@�=�:J<DCIB���;HB?<J��C

!@D@<@ � ;K>@���@ D@ �C�OB�; ;K:@E;�@

DCBP ;KJIBDCB�; C �=G:;�C�B D@ H>@<B?

�@2"�;G:;F:@H@�@iB�BG:B<;��@��G;

H;i E@ L;D�;:MCJHC D@ �C�OC JIC>Ci@ C

;KJIC�B>DC CD��C�JMCC � �� C !@D@<@P

1�:@D�@�>@D�CIB�LC ;KHBD D@ G@:�Dh;:�

��@Q 3s5t7P �MB>G:;�B?<@DBD@ �=�HB��

DC G:;F:@HC E@ �>B<�@DB C ;KJIBDCB CH;

KC>D;��D@��J<BD�C�BCG:BG;<@�@�B>�

LC��=��@�"�;G>@D<BfD;��C�B�:�K�@<@

E@G;ID@�HB?<J��BG�BH�:C ���F"C#�

<BLBH�:C ���F"C<@G:CL>AI@��=;��B�

D;HB?<J#�@�FJ�� �� F"C#�<BLBH�:C

�� F"�@L�CH@>D@�@G:;<=>?C�B>D;��D@

G:;BL�C�B ;� G:;F:@H@�@ B #( HB�BM@"

�:B<���@�@E@�=SCD@D�C:@DB�;D@G:;BL

�C�B;MBD��@�D@fH@>L;D@�P��.H>D"B�

:;"�I@L�@�BG:BE ���F"<@K=<@�SCD@D

�C:@DC,G:;BL�@"�@L�CH@>DC��:@EHB:D@

�:B<���@�@ ;� ��:@D@ D@ ��iB �=E>CE@

D@�#,H>D"B�:;E@#F;<COBDG:;BL�P:B@

>CEC:@D�L;D�;:MCJH"

�BAK,61,0*�1�+*+A3D)121)56,0*�65

��.),4�B126,.5�1�41+3*C501K,./10,�*B�

b6*.01�BG:;�B?<@�;��:B?@�@G;B�

:;GBf�L@CD�BF:@MC�1&@D�;DB23+DC�B:

�C�B�@D@�;D:B@>7"�B�B;�=iB�����@�

I:BE:@E>CIDCCD��:JHBD�CN >B�DC JIC>C

i@E@��J<BD�CPL=<B�;�BG:@�C�CHJ>@

MC�D@��:;GBf�LC�G@:>@HBD�P>B�BDJDC

�B:�C�B�G;�=G:;�CD@BL;>;FCID;�;E@

L;D;<@�B>���; D@ ��o L;DSB:BDMCCo G;<

<=:?@DB D@ CD�B:DB� ��:@DCM@

Q5\ZjWllWXZU]2 � �=�:J<DCIB���; ��CDC�

�B:���;�;D@CL;D;HCIB�L;�;:@E�C�CBP

CD;�@MCC�B C CED;�@ D@ !�BKBLP L@L�; C

B>BL�:;DBDKA>B�CD�����������P L;f

�; �B CE<@�@ � �=�:J<DCIB���; ��CDC�

�B:���;�; D@HB?<JD@:;<DC�B ;�D;OB

DC�D@!�BKBL"

�G;<D;�BDC�H@D<@�E@+*(1a5(56,

65�*Bb,.0(,6505�*.(,4*C,6*.0�25��P

�D��C�J�=�E@B�:;GBf�LCCE�>B<�@DC��

+DC�B:�C�B�@��;:;D�;�B@DF@?C:@�D�

Page 23: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�;<B>CD@JG:@�>BDCBC��:JL�J:@D@�C��BHC�BE@;K:@E;�@DCBCD@JL@

��

L;>L;HB��DCCDCMC@�C�CNB?BF;<D;;:F@

DCEC:@ CDS;:H@MC;DD@ �B�C� C �BHCD@: E@

G:BG;<@�@�B>C�B � FCHD@ECC�B C�BgDC

�BJIBDCMC�F;:DC�BL>@�;�BG;C��;:C�

C�;MC@>DCD@JLCoG:;�B?<@GJK>CIDC<C�LJ

�CCC<BK@�CG;;�D;�DC�B�=G:;�CD@L@

D@<�L;B�:;GBf�LC�B;�D;OBDC�oG:BG;<@

�@�B>C�B;K�=?<@�B�:;GBf�LC�=G:;�C�

HB<CfD;�; G:;��:@D���;"

�D�B:B�=�D@��J<BD�C�BL=HCEJI@

�@DB D@ �� �B D@�=:I@�@ G; :@E>CIDC D@IC

DC"���G:B<�C?<@�8)560*(,�25�4*/0*�

)5601�1�+),+*45(50,31P E@<@�B:@EOC

:��D@JIDC�BCE�>B<�@DC�P��=:E@DC���"

��;fD@�@MB>D@CDCMC@�C�@�@��1�@>g@

JEC2 B <@ �B CD�BF:C:@� �=iB���J�@iC

�BD@JID;CE�>B<;�@�B>�LCC;K:@E;�@�B>

DC <BfD;��CD@���+DC�B:�C�B�@1�@>

g@JEC2 C <@ �B �=E<@<B :@HL@P I:BE L;��;

<BfD;��C�BH;F@�<@K=<@�J>B�DBDCCD@

�=:IBDC"�:@HLC�BD@CDCMC@�C�@�@B�=E

<@<BD@K@L@>@�=:�L@G:;F:@H@G;��:;GBC�

�CL@�=�*@LJ>�B�@G;CELJ���@C�;MC@>

DCD@JLCG:BE ��# ��(F"CB�=E<@<BDBLCG

;�HB?<JD@:;<D; G:CED@�C JIBDCP L;C�;

S;:HC:@� !@D@<�L@�@ CE�>B<;�@�B>�L@

H:B?@G;B�:;GBf�LCCE�>B<�@DC�"�=i;�

;K>@���@ D@ K@L@>@�=:�L;�; ;K:@E;�@DCB

���D@+DC�B:�C�B�@��;:;D�;D@�=:I@

�@LJ:�;�BE@��CB�:;GBf�L@�@CD�BF:@

MC��:@HLC�BD@JIBKD@�@G:;F:@H@CG;

L;DL:B�D; � :@HLC�B D@ �GBMC@>D;���@

1��:;GBf�LC CE�>B<�@DC�2"

�:@<CMC;DDC�BJIBKDC<BfD;��C�@;�

D;�D;E@<=>?BDCBD@�:B?@�@G;G:@�;D@

HB?<JD@:;<DC�BCL;D;HCIB�LC;�D;OBDC�

1&@D�;DB23+DC�B:�C�B�@1�@L�C>27PL;

��; L@DC B�:;GBf�LC G:;SB�;:C <@ �;<��

CD�BDEC�DC LJ:�;�B E@ ��:;G@ C DBfDC�B

<=:?@�CI>BDLCG;�:BHBD@�BHB��=:@"�;

�;ECD@ICD�BG;<<=:?@OC:;L@L@<BHCIBD

C;KiB���BDCD�B:B�G;�=G:;�C�BD@��"

�20*K61M1N

5x656U`^ZU] �������888��������8�?����������������� ����

skU6U`^ZUljZ5\ZjuUW`e^\bXU]

�������888�������������� ��b�� ����

�:;F:@H@ E@ �=�:J<DCIB���;HB?<J �� C !@D@<@ � ;K>@���@ D@ �C�OB�; ;K:@E;�@DCBP

;KJIBDCB�;C�=G:;�C�BD@H>@<B?�@m

������������������������������������������������ !!"�!!9�!!#!�!!# �&'�()*

�"!;>B�@

Page 24: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

����������������������������������#�������#

��;KBD;��D@D@JID;CE�>B<;�@�B>�L@

�@<BfD;��3���7�����:C�B��BG;F;>�

H@�@ L;DMBD�:@MC� D@ CE�>B<�@DC��@ �

JDC�B:�C�B�C�B"�@Eg;<C�BE@���G:BE

��(F"�@D@��;fD;��(P .H>:<"U�:;P�=�

�@�>��@� P.#q;�0��C�@D@<�:B<DC

�BE@��"

�����:C��@�g;<:B<CM@G:;HBDCPL;

C�; ;L@E�@� �>C�DCB �=:gJ D@JID@�@ �C�

�BH@N

n�@L;D=�E@JDC�B:�C�B�C�B;� ��

F"G;E�;>��@D@<=:?@�DC�BJDC�B:�C�B�C

G;F;>�H@ ��;K;<@ D@ <Bf���CB" �;G=>DC

�B>D;�;<;�C:@DB;�<=:?@�@�@;� ��9

F"D@�@H�G;H@F@<@�BG;<;K:CCDS:@��:JL

�J:@�@CH"

n�;�;�=E<@<BDC�B<;L�;:@D��LCJIC

>Ci@ <@�@� �=EH;?D;�� E@ D@JID@ L@:CB

:@"

n����:Cf�LC��S;D<E@D@JIDCCE�>B<

�@DC� C ����:Cf�L@�@ @L@<BHC� D@ D@JLC

�B�@�;<BiC�D@�=:I@�@DB�;D@�=:g;�C

�BD@JIDCCE�>B<�@DC�C�BgD;>;FCCD@L;D

LJ:BD�D@;�D;�@"

n�:BE ��9F"�=�B�=�E@D@JIDCCE�

>B<�@DC�CEF;���1��:@�BFC� ���mGB:

�GBL�C�CE@CE�>B<�@DBP�BgD;>;FCCCCD;

�@MCC�����:C�2P�L;B�;�BD@>@F@L@�;

�;<BiS@L�;:E@G;D@�@�=OD;�;:@E�C

�CB D@ CD;�@�C�D@�@ �C��BH@ � ��:@D@

�@C E@S;:HJ>C:@DBD@CDCMC@�C�@�@E@

�=E<@�@DBD@D@JL@D@�=:g;�C�BG;��C?B

DC�"

n�CDC��B:���;�;D@;K:@E;�@DCB�;P

D@JL@�@CLJ>�J:@�@C�CDC��B:���;�;

D@�:@D�G;:�@PCD;�@MCC�BC�BgD;>;FCC

�B �=E<@�@�D@MC;D@>D@S;D<@MC�P L;��;

E@B<D; �=� �=�B�@ E@ D@JIDC CE�>B<�@DC�

SCD@D�C:@������:@D@�@"�G:B<B>BDC�@

IB�C:C�@?DCD@�;LCN

�� D@�=:I@�@DBD@�=:g;�C�BG;��C

?BDC��D@JL@�@o

�� D@�=:I@�@DBD@:@E�C�CB�;D@I;

�BOLC� G;�BDMC@>o

�� @L�C�CEC:@DBD@HB?<JD@:;<D;�;

�=�:J<DCIB���;o

�� G;<;K:��@DB D@ CDS:@��:JL�J:@

�@D@@���:Cf�L@�@D@JID@�C��BH@"

!@�; M�>; L;DMBGMC��@ D@ CDCMC@�C

�@�@E@�=:g;�CG;��C?BDC��D@JL@�@CH@

J�GBg���:@D@�@P�=fL@�;N

n�Eg;<DC�BG;ECMCCD@@���:Cf�L@�@

D@JID@ �C��BH@ �@HD;F;<;K:C" �� �B ;�

>CI@�@�<;K:;SCD@D�C:@DBP<CSB:BDMC:@

DB C <BB�G;�;KD;��" +DC�B:�C�B�C�B �@

D@fG;<g;<�i;�;H���;E@��;:IB�L@CE�

�@P �=E<@<BDC �@ :@HL;�C J�>;�C� E@ G;�C

O@�@DBD@L@IB���;�;D@D@JIDC�BCE�>B<

�@DC�CD@JID@�@<BfD;��"

n �BfD;��C�B E@ D@�=:I@�@DB D@ G:C

>;?DC�BCE�>B<�@DC��@��=:E@DC�CEF:@?

<@DB�;D@CE�>B<;�@�B>�LCE�BD@L=HJDC

�B:�C�B�C�BC�@;�>CID@G:B<G;��@�L@

E@�=:g;�CD@JIDCG;��C?BDC�"

n��CFJ:BD;B:@E�C�CBD@I;�BOLC�B

:B�J:�CP ;�F;�@:�i; D@ HB?<JD@:;<DC�B

CEC�L�@DC�" �;��CFD@�@ B DB;Kg;<CH@�@

L:C�CID@H@�@;�JIBDC"

�DCMC@�C�@�@E@D@�=:I@�@DBD@�=:

g;�C�B�BgD;>;FCCCCE�>B<�@DC�;Kg�@i@

�@H;I@��;��C��BH@E@D@JIDCCE�>B<�@

DC����:@D@�@"�:JFC�B�JKBL�CD@�C�

�BH@�@;K@IBDB�:�K�@<@�BG:BDBK:BF

�@�P@<@CH�B<@<BO@D�<@D@�>�E@��;K

>@���@D@�=:g;�C�B�BgD;>;FCC"

�����:C��=iB���J�@���CILCG:B<

�������������������������������

���������

Page 25: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�C��BHCCCD��:JHBD�C�;K:@E;�@DCB�;CD@JL@�@

��

G;��@�LC E@ �=E<@�@DB D@ �=:g;�C D@JIDC

G;��C?BDC�N

���0)5/01(65�65AK65�.),45

����:�K�@<@G:C�>CI@�CE@<=:?@�

D@ :@K;�@ G=:�;L>@�DC CE�>B<;�@�B>C"

�:B<G;��@�L@E@G;��CF@DB�;D@�;�@�@

@�:@L�C�D@�@CD�B>BL�J@>D@�:B<@P<;�

�@�=IDC��K:;f:@K;�DCG;HBiBDC�PF=�

L@�;���@ CH;KC>D;���@ ���;:IB�L@�@

<BfD;��PDBG:BL=�D@�;H;<B:DCEC:@i@�@

�B CDS:@��:JL�J:@P ;��;K;?<@�@DB�; D@

CE�>B<;�@�B>C�B ;� DB��;f���BDC <Bf

D;��C"

���*B)*�*B)52*(561,�1�*BAK,61,

�=E<@�@DB�;D@J�>;�C�E@<;K:;;K:@

E;�@DCBC;KJIBDCBCEC�L�@N

n ��:JL�J:C:@DB C ;:F@DCEC:@DB D@

G;<g;<�i; ;KJIBDCB D@ H>@<C�@>@D�CP

JI@���@iC�CE�>B<�@DC�D@�;<BiC�GBMC

@>C��Co

n �=E<@�@DB D@ �=EH;?D;�� E@ G:C<;

KC�@DBD@<;G=>DC�B>DCL�@>CSCL@MCCo

nF@:@D�C:@DBD@�;MC@>DC;�CFJ:;�LC

C<;K:@SCD@D�;�@��@KC>D;��o

n �=EH;?D;�� E@ K=<Bi@ D@JID@ <Bf

D;��"

�� �*4L*4Db*� 25+35b56,� 1� 4*B)1

+,).+,/01(1

��CFJ:��@DB�; D@ <;K:; E@G>@i@DB B

;�ED@IBDCBE@G:C�>CI@DBD@JIBDC�HB?

<JD@:;<BD @��;:C�B�" �;�:�K�@ <@ �=

G=����@��CILC��@<CCD@D@JID@�@L@:C

B:@"�=E<@�@DB�;D@<=>F;�:;IDCGB:�GBL

�C�CE@CD��C�JMC;D@>D;1E@L;���DB2D@

JIBDC�BC��CHJ>CE@E@G>@i@DB�E@�C�C

H;��;�D@JIDC�BG;��C?BDC��@�=i;;�

�=iB���BD; ED@IBDCB"

�B@>CEC:@DB�; D@ CDCMC@�C�@�@ ;Kg

�@i@�>B<DC�B<BfD;��CN

n�=E<@�@DBD@�=:g;�CD@JIDCG;��C

?BDC��JDC�B:�C�B�C�BCG:C�>CI@DBD@

CE�=DJDC�B:�C�B��LCCE�>B<;�@�B>�LCCD

��C�JMCCL@�;G@:�Dh;:C"

n�=:�BDBD@D;�CCEHB:BDC�E@�=:g;

�CG;��C?BDC��D@JL@�@C�BgD;>;FCC�BP

L;DLJ:BD�D;�G;�;KDC �HB?<JD@:;<BDH@

i@K"

n�@E�C�CBD@I;�BOLC�G;�BDMC@>"

n��=:E�@DB�D@MC;D@>D@H:B?@D@CD

��C�JMCC�B;�:@E>CIDCD@JIDC;K>@��C"

n�:@D�SB:D@D@JIDC�B:BEJ>�@�CL=H

;KiB���;�;CCD<J��:C��@"

�D��:JHBD�C�B E@ :B@>CE@MC��@ D@

CDCMC@�C�@�@�@��=:E@DC�N

nG;��CF@DBD@F=�L@�;��D@D@>CIDC

�B��:JL�J:CCG:C>@F@DBD@HB:LCE@D@

�=:I@�@DBo

n�=�B?<@DBD@HBg@DCEHCE@:@E�C�CB

D@D@JL@�@�G;>;?C�B>D@G;�;L@o

n�=�B?<@DBD@D;�C��:JL�J:CCHB:

LCE@��CHJ>C:@DB"

�@:B@>CEC:@DB�;D@CDCMC@�C�@�@�

����:C��B�=�B?<@�:B<CM@HBg@DCEHCE@

:@E�C�CB�;D@D@JL@�@�G;>;?C�B>D@G;

�;L@L@�;G>@D;�BE@:@E�C�CBPD@JIDCK@

>@D�CP<;F;�;:CE@�=�HB��D@<BfD;��C<:"

�D;F;BSBL�C�BDHBg@DCE=H�:@HLC�BD@

<@<BD G:;BL� �B ;L@E�@ G;BH@DB�; D@ :B

?CfDC�B:@Eg;<C;�����:Cf�LC�S;D<E@

D@JIDCCE�>B<�@DC�"��;�@�B<@�@�>@�=L

E@CD�B��C:@DB�D@JIDCCE�>B<�@DC�P�=E

<@�@DBD@MBD�:;�BG;L;HGB�BD�D;��PG;

<;K:;G:;<=>?@�@i;;KJIBDCBD@H>@<C�B

JIBDCC<:"

��;KBD;F;>�H;�DCH@DCB�B;�<B>�D@

:@E�C�CB�;D@I;�BOLC�G;�BDMC@>C�=E

<@�@DB�;D@H;<B>CE@L@:CB:D;:@E�C�CB�

�����:C��B�=E<@�@�4*/0*)560.�

/1 JIC>Ci@���KJIBDCB�; � <;L�;:@D�J:@

B <B>; D@ JDC�B:�C�B�C�B" �=E<@�@DB�;

D@<;L�;:@D��LCJIC>Ci@CEC�L�@N

n ��:JL�J:C:@DB D@ ;K:@E;�@DCB�; �

�BH@�CIDC ;K>@��Co

n�=�HB��D@:@K;�@��;<BiCCE�>B<;

�@�B>C"�;�@D@>@F@�C�;L;L@IB���;D@:@

K;�@ D@ D@JIDC�B �=�:J<DCMC �=�S@LJ>

�B�C�BCJHBDC�E@:@K;�@�H>@<Cg;:@o

n CD�B:D@MC;D@>CEC:@DB D@ ;KJIBDCB

�; 3;KJI@�@iC�B C ;KJI@�@DC�BH;?B <@

DB�@@���:Cf�LCF:@?<@DC7o

n <;G=>DC�B>D@ L�@>CSCL@MC� E@H>@

<CCD@<B?<DCJIBDC"

�;L�;:@D��LC�B JIC>Ci@ �@ F=�L@�

H;<B> E@ ��:JL�J:C:@D; ;KJIBDCBP L;B�;

<@G;<F;��CH>@<C�@>@D�CE@ CE�=:O�@

DB D@ L@IB���BDC C D@<B?<DC CE�>B<�@DC�

Page 26: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�#

�D@JL@�@"�KJI@�@DC�B�B:@E<B>��D@L>@

�;�B�;G:B<B>BDCCE�>B<;�@�B>�LC�BHC"

�JDC�B:�C�B�C�B�:�K�@<@�B�=E

<@<@�<=>F;�:;IDCGB:�GBL�C�CE@D@JID;

L@:CB:D;:@E�C�CBC<@�BD@HB:��G;<g;

<�iC��CHJ>CE@E@<=:?@DBD@H>@<C�C�;

L;L�@>CSCMC:@DCL@<:C���g"

�DCMC@�C�@�@ E@ �=E<@�@DB D@ Q�$�

%� D@ D@JL@�@2 CEC�L�@ CEF:@?<@DB D@ D@

JID;CE�>B<;�@�B>�LCCD��C�JMCC;�D;�;

L@IB���;P �=�B?<@DB D@ B>BHBD�C E@ �=:

g;�C D@JIDC G;��C?BDC�P :@EL:C�@DB D@

HB?<JD@:;<DCGB:�GBL�C�CC�=E<@�@DBD@

:@HL;�C J�>;�C� E@ G=:�;L>@�DC CE�>B<�@

DC�"

�@K;�@�@D@;�<B>DC�BCE�>B<;�@�B

>CC�BgDC�BBLCGCB;�;�;KBD;ED@IBDCBP

E@<@�BG;��CFDBCD;�@�C�D;��"�BH@�CI

DC�BG:;BL�CD@����:Cf�LC�D@JIBDS;D<

<;�B?<@� <; L;DMBD�:@MC� D@ <BfD;��CP

D@JIBD G;�BDMC@> CSCD@D�C C �@ ;�D;�BD

CD��:JHBD� E@ G;��CF@DB D@ �=:g;�C D@

JIDC G;��C?BDC�"

�DCMC@�C�@�@G:B<�C?<@�=E<@�@DB�;

D@L>=��B:CE@�=:g;�CG;��C?BDC�"

�B>�@BN

n<@�B;KB<CDCD@fD@<B?<DC��CE�>B

<;�@�B>�LC G;�BDMC@> ;L;>; JDC�B:�C�B

�C�B���:@D@�@o

n<@�BG:C�>BL@�<:JFCCE�>B<;�@�B>

�LCL@<:C3�ZWX`�WX`7o

n<@�BJ�B>CIC<B>=�D@?BDC�BCE�

>B<;�@�B>CD@�;<BiCG;ECMCCo

n<@�BG;��CFDB�:@fD;E@<=:?@DBD@

CE�>B<;�@�B>C�B�D@JIDC�BMBD�:;�Bo

n<@�BJ�B>CICL@G@MC�B�=�D@D@JI

D;CE�>B<;�@�B>�L@�@ <BfD;�� I:BE <;K:@

D@JID@ CDS:@��:JL�J:@ C G:;SB�C;D@>BD

HBDC<?H=D�o

n<@�B�=E<@<@�J�>;�C�E@CD;�@�C�

DCCE�>B<�@DC�C�BgD;>;FCCo

n <@ �B ;G:B<B>���BHC E@ G:C>;?DC

CE�>B<�@DC�o

n <@ �B G;<;K:C L;DLJ:BD�D;�G;�;K

D;���@D@@���:Cf�L@�@D@JID;CE�>B<;�@

�B>�L@<BfD;���HB?<JD@:;<BDH@i@K"

�@ <@ �B :@E�CB D@JID;CE�>B<;�@�B>�

L@�@<BfD;���L>=��B:C�BP�:�K�@N

Page 27: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�C��BHCCCD��:JHBD�C�;K:@E;�@DCB�;CD@JL@�@

��

n <@ �B CEF:@<�� D@JIDC F:JGCP L@�;

K>CELC�BCE�>B<;�@�B>�LC;K>@��C�B;KB

<CD��o

n<@�B�=:���D;�C;K>@��CE@D@JIDC

CE�>B<�@DC� 3BLCGC�B�:�K�@ <@ �@ L;DLJ

:BD�D;�G;�;KDCC<;K:B;KBEGBIBDCSCD@D

�;�;7o

n <@ DB �B ;F:@DCI@�@ G:;SB�C;D@>D@

�@1OC:;�@2D@L>=��B:@P@<@�BD@�=:I@

�@ �=E<@�@DB�; D@ D;�C CE�>B<;�@�B>�LC

F:JGC"�:�K�@<@�BF@:@D�C:@�<=>F;�:;I

DC GB:�GBL�C�C D@ JIBDC�B C :@K;�@ D@

HD;F;;���gL@�;G:;SB�;:CD@KBE�:;I

DC<;F;�;:CL=HJDC�B:�C�B�C�B"

!>=��B:=��:�K�@<@L;HKCDC:@D@JI

D;CE�>B<;�@�B>�L@�@<BfD;���*BAK,61,

D@ H>@<C�@>@D�C" �:;SB�C;D@>D@�@ CH

1OC:;�@2�=E<@�@C<B@>DCJ�>;�C�E@CEF

:@?<@DB�;D@<;L�;:@D��LCJIC>Ci@"

!>=��B:C�B E@ �=:g;�C G;��C?BDC�

<@�@��=EH;?D;��E@ CE�=:O�@DBD@ CD;

�@�C�DC)1./*(1�CE�>B<�@DC�PF@:@D�C:@�

SCD@D�;�C�:B<���@E@��gC�=:���<;

GC:DC�;ILCD@<BfD;���@�C�CD<J��:C

��@PCL;D;HCL@�@C;KiB���;�;"

�>BHBD�CD@L>=��B:C�B�@N

n��� .�CE�>B<;�@�B>�L@CD��C�JMC�

� G:;SC>C:@D; ;K:@E;�@DCBPS;LJ�C:@DB C

:@ED;;K:@ECB ;� CD�B:<C�MCG>CD@:DC C

HJ>�C<C�MCG>CD@:DC�:=ELCPL;��;G:B<>@

F@D@f<;K:C�BJ�>;�C�E@D@JIDCCE�>B<�@

DC�P;KJIBDCBD@<;L�;:@D�CC�:B<D;�:;I

D@GB:�GBL�C�@E@G;D@�@�=OD@D@JID@L@

:CB:@o

n4*/0*)560./10,�AK131b5l

n�)1./*(10,�12.3,4(561Dl

n�0)56.@,)E0�65�),2A305010,�/EC

*Bb,.0(*0*�1�164A.0)1D05�

�@<@�BF@:@D�C:@�C�;L;L@IB���;D@

:@K;�@P�BG:B<�C?<@;MBD��@DB�;D@L>=�

�B:C�B<@�BCE�=:O�@G:BEIB�C:CF;<C

DC"

�:@HLC�BD@CDCMC@�C�@�@E@�=:g;

�CD@JIDCG;��C?BDC��@�=E<@<BDCL>=��B

:C�;K>@���@D@N

nB1*0,L6*3*8110,��� �0,C501K61

/3E.0,)5��H;>BLJ>�:D@ L>B�=ID@ L;HJDC

L@MC�P CE�>B<�@DB D@ @>B:FCC�B C CHJD;

>;FC�PCE�>B<�@DBD@>CG;G:;�BCDC�BPH;

>BLJ>�:D@ L>B�=ID@ KC;>;FC�P H;>BLJ>�:

D@ FBDB�CL@P ;DL;H;>BLJ>�:D@ FBDB�CL@P

BL;>;FC�o

n*Bb505�B1*3*81D� 9�&�0,C501K61

/3E.0,)5N� BL;>;FC�P B�;>AMC�P @>GCf�L@

BL;>;FC�PK;�@DCL@oKC;>;FC�D@G;�B<BDC

B�;oSCEC;>;FC�D@?C�;�DC�Bo@LJ��CL@

CL;HJDCL@MCCo

n@121/5dC50,C501/5���m�0,C501K�

61�/3E.0,)5N L�@D�;�@;G�CL@PG:C>;?D@

C @D@>C�CID@H@�BH@�CL@P >@EB:D@SCEC

L@P�B;:B�CID@SCECL@PSCECL@D@G;�=:g

D;��C�BPSCECL@D@��=:<;�;��>;P@��

:;D;HC�P @��:;SCECL@P CE�>B<�@DB D@ L;�

H;�@C<:"

� CDCMC@�C�@�@ E@ �=E<@�@DB D@ �=:

g;�CD@JIDCG;��C?BDC��@JI@���@>C;L;

>;����G:;BL�@PL@�;;�GJ�D@�@�@�JH@

E@D@�=:I@�@DBD@��CILCHB:LCB9��H>D"

B�:;" �;K:;�; J��;��@DB D@ G@:CIDC�B

�:B<���@ D@ ����:Cf�LC�S;D< E@ D@JIDC

CE�>B<�@DC�B�@?D@G:B<G;��@�L@E@G;<;K

:��@DBD@L@IB���;�;D@D@JID@�@�C��B

H@D@��:@D@�@"�@ ���F"S;D<=�BG:B<

�C<C>;�GJ�L@DB�;D@;L;>;��TH>D"B�:;

E@:B?CfDC:@Eg;<CPL;B�;B;L;>;9�q;�

G:BLC�B:@Eg;<CG;G:;BL�C�B"�@CEF:@?

<@DB�;D@1�=:g@2D@D@JID@�@�C��BH@B

�=E<@<BD@G:;F:@H@E@CEF:@?<@DB�;CSJD

LMC;DC:@DB�;D@L>=��B:CE@�=:g;�C�Bg

D;>;FCC"

�20*K61/N

5�vUYYU`vX`X^XW^XwU�X]]U`]akWl^� .

�������888��8�������������8����� �������h�����h�����������8�

'"�@D;�@

Page 28: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�'

�����T������������������������������

���������������n������������������������������������������������#

��� L@�; �:B<CiB E@ G:;�B?<@DB D@

ED@ICHC D@JIDC CE�>B<�@DC� �@ I@�� ;�

��:@�BFC��@D@��E@G;�CO@�@DBD@L;D

LJ:BD�D;�G;�;KD;���@ D@ ��@:C� L;D�C

DBD��G:�H;��yC�EC�"

�@f<;K:B :@E�C�C�B L>;D;�B D@ D@J

L@�@ � -BgC� �@S@:H@MC��@P gCHC��@ C

��=:E@DC�B���g<C�MCG>CDC"�D�B��CMC

C�B ��BEC �BL�;:C G;��;�DD; �B J�B>C

I@�@�"��;KBD;GB:�GBL�C�DC�@D@JIDC�B

CE�>B<�@DC�CCD;�@MCC�B�;K>@���@D@

KC;�BgD;>;FCC�B"�D@I@>;�;D@ ��(F"�

��:@D@�@CH@(#KC;�BgD;>;FCIDCSC:HCP

@ <:JFC �P ;��BD;�D;�D@�@�C<BfD;��P

�BE@DCH@�@�C�KC;�BgD;>;FCIDCCE�>B<

�@DC�"�EHB?<JD@fED@ICHC�B IBOLCG;�

�C?BDC� �@ G;>�:;F:@SC��@P L;D�@L�DC

�B>BiCC<:"

�:BE �>B<�@iC�B F;<CDC � -BOL@�@

:BGJK>CL@ iB K=<@� �=E<@<BDC D�L;>L;

���"-BOL@�@@L@<BHC�D@D@JLC�BG>@DC

:@<@�=E<@<B�G;H;i�@D@IBOL;�;G:@

�C�B>���;D@fH@>L;GB����"�B�:�K�@

<@ G:B<>@F@� D@ JIBDC�B �=EH;?D;�� E@

JI@��CB�CE�>B<;�@�B>�LCG:;BL�CP:BEJ>

�@�C�B;�L;C�;<@�B�DB<:��H@L�CH@>

D;K=:E;D@G@E@:@C<@G;L@?@�<;K=:CL;

D;HCIB�LC BSBL�"�I@L�@ �B -BOL@�@ :B

GJK>CL@<@G;>JIC(�H>:<"IBOLCL:;DC3 P#�

H>:<"B�:;7;�B�:;GBf�LC�B��:JL�J:DC

S;D<;�BG;;GB:@�C�DCG:;F:@HCD@��"�<

D@�:B�@;��BEC�:B<���@iB�BCEG;>E

�@�E@D@JL@CCE�>B<�@DC�"�;�;�;D@CE

:@K;�BD@�@IBOL@��:@�BFC�F>@�CN 1�@

JL@�@G:B�:=i@G@:C�B�ED@DC�P@CD;�@

MCC�BG:B�:=i@�ED@DC��@�G@:C2"�CH

KC;E@�@HB?<JIBOL@�@CL;D;HCL@C���

iB<;�B<B<;ED@IC�B>BDCL;D;HCIB�LC:@�

�B?"

� JI@��CB�; �C � HB?<JD@:;<DC G:;

BL�C G; KC;�BgD;>;FCCP -BgC� �B G:B�:=

i@ � B<CD ;� D@fG:B<G;IC�@DC�B G@:�

Dh;:CE@G:C>;?DCCE�>B<�@DC�CF;>BHCCD

�B��CMCC � KC;CD<J��:C��@ CS@:H@MC�

�@"

�L@<BHC��@D@D@JLC�BG>@DC:@<@�=E

<@<B�����:@F@"�;fiB�B�GBMC@>CEC:@

�G:C>;?DCCE�>B<�@DC��;K>@���@D@gC

HC��@CSCECL@�@"��;fD;���@D@G:;BL

�@iBK=<BT9�H>D"IBOLCL:;DC3 ,P,H>D"

B�:;7PL@�; �#;���g�@G:B<�C<BDCE@E@

LJGJ�@DBD@;K;:J<�@DB"�BD�=:=�iB:@

K;�C����D;�=�:J<DCIB���;��BgDCIB�

LC�JDC�B:�C�B���:@F@"

�:B<��;C CEF:@?<@DB�; D@�B?<JD@

:;<BD MBD�=: E@ L>CDCIDC CE�>B<�@DC�

3�6p67�0=:D;PL;f�;iBBB<CD���BDC��

G;:;<@�CCE�>B<;�@�B>�LCMBD�=:G;�=:

<BID;�=<;�CE@K;>��@DC�P�=�:BODCK;>B�

�CPDB�:;>;FC�C;DL;>;FC�"��GJ�D@�C�B

�:B<���@E@�;ECMBD�=:�@��H>:<"IBO

LC L:;DC 3#,9 H>D" B�:;7" � G;H;i�@ D@

��:=gH;<B:D;;K;:J<�@DB�B;I@L�@G;��C

F@DB�;D@ED@ICHC:BEJ>�@�C�;K>@���@

D@H;>BLJ>�:DC�BCL>B�=IDC�BCE�>B<�@

DC�"�;ECG:;BL�BD@G:B��C?D@�@@HB:C

L@D�L@L>CDCL@4r��P�CDB�;�@P�JI@��C

B�;D@-BOL@�@@L@<BHC�D@D@JLC�BP+DC

�B:�C�B�@ 1�@�@:CL2 C �BgDCIB�LC� JDC

�B:�C�B��0=:D;"

�CD�B��CMCC�B�C�-BgC�g;>@D<�L@

�@SC:H@()*+,-*G:B;K:@EJ�@��;B�;gC

HCIB�L; G:B<G:C��CB � A?D;H;:@��LC�

F:@< 0>@D�L; �=�S@:H@MB��CID@SC:H@"

Page 29: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�@JID;�BgD;>;FCID@G;>C�CL@CCD;�@MCC

�(

�BL@:���@�@PL;C�;SC:H@�@G:;CE�B?<@P

�@:BEJ>�@�;�D@JID@�@<BfD;��D@IBO

LC�BCE�>B<;�@�B>�LCMBD�:;�B"

�>@DC:@�B�=E<@�@DB�;D@IBOL@1�C

>CL;D;�@<;>CD@2G;G;<;KCBD@@HB:CL@D

�L@�@���@DS;:<�LC�JDC�B:�C�B�"�:;

BL�=�E@�;ECMBD�=:E@KC;�BgD;>;FCC

C KC;HB<CMCD@ B <B>; D@ -BOL@�@ @L@<B

HC�D@D@JLC�BCG:B<�C?<@�;f<@K=<B

CEF:@<BD�;K>@���@�:B<D@0;gBHC�PDB

<@>BI ;��:@F@"�@ G>;i;�9 gBL�@:@ �

�:;L;�9F;<CDC;�1DCi;�;2iBCEDCL

DBF;>�HH;<B:BDCE�>B<;�@�B>�LCMBD�=:

E@ G;�BIB ;� .�� D@JIDC :@K;�DCMCP L;C

�;iB �B E@DCH@�@� � D@D;�BgD;>;FCCP

S@:H@L;>;FC�PKC;H@�B:C@>CP�B:@GC��=�

���;>;�CL>B�LCC�B���@DBD@D;�C>B

L@:���BDC�:B<���@"�:B<�C?<@�BC�=�

:J<DCIB���;�SC:H@�@�./01-2P:@K;�B

i@ � ;K>@���@ D@ gJH@DD@�@ HB<CMCD@"

-@��;�L;HG>BL�@iB�B�=��;C;�JIBK

DCE@>CC?C>Ci@E@CE�>B<;�@�B>C�BPL@

�; �B ;I@L�@ IBOL@�@ 1�C>CL;D;�@ <;>C

D@2 <@ �B G:B�=:DB � G:C�>BL@�B>BD L@H

GJ�" ��;fD;���@ D@ G:;BL�@ �B ;MBD��@

D@ H>:<"IBOLCL:;DC3TTH>D"B�:;7CI@��

;�DBF;iB�BSCD@D�C:@;�B�:;GBf�LC

�BS;D<;�B"�>@DC:@�BL=HKC;�BgD;>;

FCIDC�MBD�=:<@�B�=E<@<@��"D@:"]uX`

jllSC:HC"

�L;>; ��G:;BL�@L@D<C<@����@�G;

G:;F:@HC�BE@�=:g;�CD@JIDCG;��C?BDC�"

�<CD;���gBE@CEF:@?<@DB�;D@J�L;:C

�B>D@I@��CMC�0=:D;P@<:JFE@MBD�=:

E@ ;G�CIDC CE�>B<�@DC� ��@:<JKCMB"��

��CILCL@D<C<@����@iCG:;BL�CiBK=<@�

G;<K:@DCGB�G:;BL�@PL;C�;iBK=<@�:B

@>CEC:@DC"�=E<@<BD@BL;HC�C�E@:@EG:B

<B>�DB D@ �:B<���@�@ ;� B�:;GBf�LC�B

��:JL�J:DCS;D<;�B"�:;F:@H@�@B E@K@

�BD@G;:@<C �H�D@�@D@HCDC��=:@D@ ;K

:@E;�@DCB�;"�CG�@�@D@BL�GB:�C�HCDC�

�B:���@�@P G;:@<C �:@�DC�B>D;DC�LC�B

E@G>@�C�<=:?@�D@�@@<HCDC��:@MC�3;L;

>;T��B�:;D@I@>D@E@G>@�@7P<;G=>DC�B>

D;E@�:J<D��@G:;�B?<@DB�;D@G:;F:@H@

�@"

�:JF G:;K>BH B <BSCMC�=�D@ L�@>C

SCMC:@DC���GBMC@>C��CD@G@E@:@D@�:J

<@ � ��:@D@�@" -BOLC�B JDC�B:�C�B�C

;�CFJ:��@� F;<COD; �@H; G;>;�CD@�@ ;�

DB;Kg;<CHC�K:;f���GBMC@>C��C"�;�@<;

F;>�H@��BGBDE@�:J<D��@:B@>CEC:@DB�;

D@ CE�>B<;�@�B>�LC�B :BEJ>�@�C � G:@L

�CL@�@"�;�;ECH;HBD�:BEJ>�@�C�B;�

CE�>B<;�@�B>�L@�@ <BfD;�� D@HC:@� CE

:@ED@fIB��;�E@��LCE@G@�BD�C"

�=G:BLC >CG�@�@ D@�� �GBMC@>C��CP

L;HGA�=:DC��C�;S�JB:DC��K:@DO�-B

gC��@�KJ:BDG;<BHP<;L@E@�B>���;E@L;

B�;B :BOBDCB�;D@HB?<JD@:;<DC�B FC

F@D�C �(3)456 C �745896� <@ G:BHB����

��;CMBD�:@>CE@G:;F:@HC:@DBC:@E�;fD@

<BfD;�����;>CM@�@�:@F@"

�20*K61M1N

s]akUakXU`�XYY�W`bbUZ5xeuX^vU`ljZ]ak\`d�UZbU`

�������888�8���������������������������9%#!

s]akUakXU`m�W]X]bUZcXj^Uak`jYjdX]akU`euX^vU`ljZ]ak\`d

��8�����������h�G���%!%i!�%% i$�%i":i;�������!!#����

)"�CIB�@

Page 30: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�)

��!�����!����

����������������������������������#��������#

� CDCMC@�C�@�@ E@ �=E<@�@DB D@ �=:

g;�CD@JIDCG;��C?BDC���B:H@DC�D@L;D

LJ:�BDG:CDMCG�@CEK:@DC,9CD��C�JMCCP

L;C�;<@:@K;�����:CD@G:@�>BDC�N�=E

<@�@DB D@ #� <;L�;:@D��LC JIC>Ci@o #T

L>=��B:@ E@�=:g;�CG;��C?BDC�C:B@>C

EC:@DBD@�L;DMBGMCCE@K=<Bi;:@E�C�CB"

�@D@�=:I@�@DBD@CEK:@DC�BG:;BL�CCD@

JID;CE�>B<;�@�B>�LCCD��C�JMCCSB<B:@

MC��@CG:;�CDMCC�BiBG:B<;��@���<;

�� F";L;>;�P�H>:<B�:;"

�D3�65�@1656.*(10,�.),4.0(5�+*�65+)5(3,61D�25��""o��""&�8��(�+)*M,601

�D3�65�*4*B),61�+)*,/01�+*�65AK61�*B35.01�(�*04,3610,�65+)5(3,61D

25��""o��""&�8��(�+)*M,601

�20*K61/N

�jUZbUZU`^]akUXb\`dU` X`bUZ5�vUYYU`vX`X^XW^XwU

����� � �888���G������ ���G ������G�?����� �������G�������h�� ���h �� � � ��� ������8������

�������� ������G�����h�����h��������������

'"�@D;�@

Page 31: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�CS:CCS@L�C

��

��� �����������������������������������#�������������������������������������������

��:;GBf�LC�� �C:�J@>BD MBD�=: E@

�=:g;�CG;��C?BDC�3����7�;K>@���@D@

KBE;G@�D;���@ D@ G:B�;EDC�B �:B<���@

SJDLMC;DC:@ L@�; G;��;�DD; <Bf���@i@

�C:�J@>D@ D@JID;CE�>B<;�@�B>�L@ ;:F@DC

E@MC�"�DB�I>BDJ�@�D@<9�;:F@DCE@MCCN

G:B<G:C��C� � �SB:@�@ D@ CD<J��:C��@P

D@JIDCCD��C�J�CCJDC�B:�C�B�C"

��D;�DCMB>CN

n CD�BF:C:@DB D@ D@JIDC�B CE�>B<�@

DC�D@B�:;GBf�L;PD@MC;D@>D;C:BFC;D@>

D;:@�DCiBPE@<@�BCEKBFDB<JK>C:@DB�;

D@D@JID@�@<BfD;��o

nJ>B�D��@DBD@�BgD;>;FCIDC��:@D�

SB: C G;OC:;L; :@EG:;��:@D��@DB D@ �=

iB���J�@iC�BD@JIDC CE�>B<�@DC�P �L>A

IC�B>D;SCD@D�C:@DC�B;���G:;BL�Co

nJ��@D;���@DBD@�E@CH;�:=EL@�<:J

FCPK>CELCG;CD�B:B�CCDCMC@�C�C"

�D@IBDCB�;D@����B F;>�H;G;:@<C

�=EH;?D;���@<@�B;KB<CD��J�C>C��@D@

�E@CH;<Bf���@iC�CCD��C�JMCCCL;HG@

DCCC�:@HLC�BD@�;EC�C:�J@>BDCD��C

�J�<@�B@�;MCC:@�<;��@�ICMC�BD@ED@

DC�CG;�BDMC@>DC�BG;�:BKC�B>C"

�20*K61/N

sj�WZb]W�XZ^\WY5\ZjuUW`6U`^ZUjl5�aUYYU`aUljZ�UkXaYUeUaj`bWZ|eWlU^|p��

�������888��� ��� ����>�����!#��b���jB��*�>�����

�"��;�D;�@

Page 32: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

��

������������������������������#�����������` �������������e��������� ��

�=E<@�@DB�; D@ GJK>CID;I@��DC G@:

�Dh;:���@�BBD@>;?C>;L@�;B<CD;�D@f

BSBL�C�DC�BD@ICDCE@;�CFJ:��@DBD@DB

;Kg;<CHC�B�:B<���@E@�=:g;�CD@JIDC:B

EJ>�@�C"

�B:H@D�L@�@S;D<@MC�10h;:CDFB:�D

FB>g@fH2G;<G;H@F@�=:g;�C�BD@JIDCCE�

>B<�@DC��B<CD;�D@fG:B��C?DC�B�;K

>@���@ D@ CE�>B<;�@�B>�L@�@ <BfD;��

JDC�B:�C�B�C � �B:H@DC� 1 ;g@DB� �J

�BDKB:F2P F:"�@fDM"*;D<@MC��@ <@:��@

���H>D"B�:;E@CEF:@?<@DB�;D@06K7V/

ZL, QV/OIQ1, KL.SK1, 5IT71W6K12 � G:C;:C

�B�D@�@;K>@��1D@JLCE@?C�;�@2"�;�@

B B<D; ;� D@fF;>BHC�B I@��DC <@:BDC�P

G:@�BDCD�L;F@E@D@JID@CD��C�JMC��G:;

�CDMC��@fD>@D<�S@>M"�:B<�C?<@�B��;

ECMBD�=:<@�BD@K>BFDBD@SJD<@HBD�@>

DC�BCE�>B<�@DC��;K>@���@D@G:C:;<DC

�BD@JLCCHB<CMCD@�@"

�B��D@�@�>@��iBSCD@D�C:@G:;BL

�@�;iB#�H>D"B�:;E@CEF:@?<@DB�;D@

�F:@<@�G>;i;�;L;>;(gC>"L�"H"�;�C

��MBD�=:iB;�F;�@:�D@��CILCHB?<J

D@:;<DC ��@D<@:�C" �KiC�B J�C>C� D@

JI@��DCMC�B � G:;BL�@ �@ D@�;IBDC L=H

G:C�>CI@DB�;D@D@f<;K:C�BJIBDCDB�@

H;;��B:H@DC�PD;C;�MB>C�����"

�<:@�B;G@E�@DB�;BG:C;:C�B�E@G:@

�C�B>���;�;D@G:;�CDMC��@C�;D@�;I

�@ J�C>C��@�C��@EC �SB:@"�D�B��C:@

DB�; D@ G;�BIB �:B<���@ � D@JL@�@iB

J>B�DC:BO@�@DB�;D@�@?DCE@;KiB���;

�; D@JIDC G:;K>BHC � ;K>@���@ D@HB<C

MCD@�@"�I@L�@ �B �CHKC;E@�@HB?<J ;�

<B>DC�B <C�MCG>CDC � MBD�=:@ <@ <;�B<B

<;�=E<@�@DB�;D@D;�C1D;Jg@J2"

�:B<�C?<@ �B MBD�=:=� <@ �B :BFC�

�C:@L@�;A:C<CIB�L;<:J?B���;�C<B@>

D@MB>L=HJDC�B:�C�B�@C<@�BJG:@�>��@

;� DBF;" �=:�;D@I@>D;iB �B G:C�>BL@�

��B�;�D;CE�B��DCCG:CED@�CJIBDCPL;C

�;<@JI:B<��MBD�=:@C<@�=E<@<@�L;

>BL�C�G:B<CHD;;�B>C�DCH>@<C JIBDC"

yB �B �=E<@<@� <�@�:C D@JIDC ;�<B>@ C

<; OB�� �@H;��;��B>DC D@JIDC F:JGC"

�>C�DC�BCE�>B<;�@�B>CiBK=<@�D@ED@

IBDCL@�;G:;SB�;:CC>CH>@<OCG:;SB�;

:CL=HJDC�B:�C�B�@��@fDM"�C:BL�;:C

�BD@;�<B>C�BiB�BCEKC:@�G;�"D@:"

G:CDMCG D@ %@:D@LP �G;:B< L;f�; D@ ;<;K

:BDC�BE@<C:BL�;:CCE��BDCJIBDC�B;�C

FJ:��@� ;�>CIDC J�>;�C� E@ :@K;�@ C CH

�B<@�@��;K;<@�@HC<@;G:B<B>��D@JIDC

�B�BHC C �=��@�@ D@ CE�>B<;�@�B>�LC�

BLCG"�MBD�=:@iBK=<@��=E<@<BDC;L;>;

���D;�C:@K;�DCHB��@"

�20*K61/N

euX^vU`ljZ]ak\`dW`x`X4WX`v�XZbVX^���4Xj"5\ZjdUljUZbUZ^

�������888���������������!��b�?��= ��F����!�;#:9%�99b:��##:�� b ��#%�" i:��"%C����i9b%!b%9�

�:���i�##�;%�#�:�;�%$""�##�CE���������������������������!!!!!!!!!!# C����������������� �����

)"�CIB�@

Page 33: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�CS:CCS@L�C

��

�20*K61/N

�U]]j`]�UWZ`UblZjV6U`^UZ]�jZYb�XbUP ��,

�������888����b��G�������G��b=������8������ %$ ���������&����

�"��;�D;�@

���������������������������������������QPU=;R������#

n�K;�;KBD CE�>B<;�@�B>�LC MBD�=:P

:@EG;>;?BD�F:"�A�BD"

n�BfD;��PS;LJ�C:@D@�;K>@���@D@

HCL:;B>BL�:;DCL@�@P D@D;�BgD;>;FCC�BP

HB�;<C�B E@ G:;BL�C:@DB D@�!� �C��B

HC"

n�:CBD�C:@D F>@�D; L=H CD<J��:C�

�@"

n�EG:B�@:�@CD<J��:C@>DC�BG;�:BK

D;��C;�#<;��F;<CDC"

n�;��;�DD@CD;�@MC;DD@�:B<@"

n'�D;;G:B<B>BDH;<B>D@CD�B>BL�J

@>D@�;K���BD;��3��7"

n�B?<JD@:;<BDBLCG"

n*CD@D�;�CG;��=G>BDC�E@ ��(F"m

G:CK>CEC�B>D;#��H>D"<;>"P,9q;�L;C

�;�@;�CD<J��:C��@"

��BLCCD<J��:C@>BDG@:�Dh;:�BG:C

�=B<CD��@L=HCE�>B<;�@�B>�LC�BG:;F:@

HCD@�456D@<�J��:@DD@;�D;�@���D;:@E

GC�@DC@DF@?CHBD�CG;;�D;OBDCBD@�Bg

D;>;FCIDC� G;:�<=L"

Page 34: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

��������������������������!��������������������Q;PFpP=R��#����#

n0@EC:@D��;LCf�LC�JDC�B:�C�B�"

n*CD@D�C:@D;��CDC��B:���;�;D@

;K:@E;�@DCB�;"

n�D<J��:C@>D; G@:�Dh;:���; � L;H

G@DCC�B 1ekWZu2P 1�562P 1�X^WakX2 C

Q�\�X^]\2P ICf�; G:CD;� B L@L�;H@�B:C@

>BDP�@L@CSCD@D�;�mE@SCD@D�C:@DBD@

CE�>B<;�@�B>CC��J<BD�C"

n�=iB���BD;SCD@D�C:@DB;���:@

D@D@CD<J��:C��@m.H>D"<;>"F;<COD;

G:BE G=:�C�B�:C F;<CDC C , H>D" <;>"

F;<COD;mG:BE�>B<�@iC�B�B<BHF;<C

DC"

n�Ki:@EHB:D@CD�B��CMCC�BE@��

F;<COBDGB:C;<mD@<�#(H>D"<;>"3;�L;C

�;(,H>D"<;>m;�CD<J��:C��@7"

n�=�HB��D@<BfD;���=���@DS;:<�

LC�JDC�B:�C�B�P��yP��BgDCIB�LC�JDC

�B:�C�B�P�ADgBDPC�<:JFCJDC�B:�C�B

�C"

�20*K61/N

�U]]j`]�UWZ`UblZjV6U`^UZ]�jZYb�XbUP ��,

�������888����b��G�������G��b=������8������ %$ ���������&����

�"��;�D;�@

Page 35: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�CS:CCS@L�C

��

!�����������������������������������������������������������#

�;<@DDCD@��:;��@�E@ ��(F" D@f

HD;F;�:B<���@E@������:;G@;�<B>��

/�BMC�#P, q;�0��P�>B<�@D@;�*CD

>@D<C� 3#P9q7P �B:H@DC� 3 P9�q7P ����:C�

3 P.9q7C�@DC� 3 P.#q7"�;;�D;OBDCBD@

<B>@D@JIBDC�BCCE�>B<;�@�B>C�B�G:�

H; ;KiC� K:;f D@ D@�B>BDCB�;P L>@�@MC�

�@�;<C0B>FC��=�TP�qP�>B<�@D@;��:

>@D<C� (P,qP*CD>@D<C� (PTqP/�BMC�

(P9qC�@DC�(q"

+�GBgC�BD@*CD>@D<C��;K>@���@D@

CE�>B<�@DC��@CCD;�@MCC�B�@:BEJ>�@�

;�D@MC;D@>D@�@ ��:@�BFC� E@ :@E�C�CB

D@D@JIDC�BCE�>B<�@DC�"�DB��BG:B<�C?

<@<B>=�D@:@Eg;<C�BE@���;�0��<@

�BJ�B>CIC;�#[email protected]"�:;F:@H@�@E@

G;<G;H@F@DBD@���BI@��;��@EC��:@

�BFC�"��BB<CD;�D@f�@?DC�BCD��:J

HBD�CE@:@E�C�CBD@�=:g;�CD@JIDCG;�

�C?BDC��HB?<JD@:;<BDH@i@KC�B:=L;

�;<C;�*CD>@D<�L@�@@L@<BHC�D@D@JLC

�BPL;��;CH@D@fF;>�H<�>�=�SCD@D�C

:@DB�;CCEG=>D��@:;>��@D@S;D<E@D@

JIDC CE�>B<�@DC�"*CD>@D<�L@�@ @L@<BHC�

D@D@JLC�B;�<B>�F;<COD;Tq;�KA<?B

�@ �C E@ ��� C ;G:B<B>� JI@��DCMC�B �

G:;F:@H@�@"��@ECG:;F:@H@�SCD@D�;�C

�:B<���@JI@���@�;iB*CD>@D<�L@�@D@

MC;D@>D@ �BgD;>;FCID@ @FBDMC� ?=H=>P

S;D<@MCCCI@��DCSC:HC"

*CD>@D<�L@�@G:;F:@H@E@���BD@�;

IBD@L=HJDC�B:�C�B�CPCD��C�J�CP<=:

?@�DCC>CI@��DCCE�>B<;�@�B>�LCCD��C

�JMCC�G@:�Dh;:���;�I@��DCSC:HC"

�:BE���9����F"G:;F:@H@�@�B;<;K

:��@L@�;�:@D�SB:D@ED@DC�;�D@JL@�@

L=H CL;D;HCL@�@"�:BE ���T F" �B G:CBH@

D@MC;D@>D@��:@�BFC�E@���P�L;��;�B

G>@DC:@ :B@>CEC:@DB�; D@ <�B G:;F:@HC m

G=:�@�@ ;Kg�@i@ GB:C;<@ ��� ��9 F"P @

��;:@�@ �� ��TF"PL@�;G:C<�B�BG:;F

:@HC �B CE�=:O�@HB?<CDD; ;MBD��@DB D@

�:CF;<CDC"

�G:;F:@H@�@E@GB:C;<@ ��, ��#F"

�B@LMBD�C:@�=:gJCEF:@?<@DB�;D@GJK

>CID; <;��=GD@ D@JID@ CDS:@��:JL�J:@

E@��� K@EC<@DDCP D@JID;;K;:J<�@DBC

<:"

��D;�DC�BD@JIDCD@G:@�>BDC�PG;L;

C�;�B:@K;�CP�@NBDB:FB�CL@CBL;>;FC�o

H@OCD;��:;BDBCHB�@>J:FC�o<=:�;;K:@

K;��@DBoD@JLCE@?C�;�@PE<:@�B;G@E�@DB

C�!�"

!:C�B:CC�B E@ G;<K;: D@ JI@��DCMC

�B�����@N

n D@>CICB D@ G>@D E@ D@JID;CE�>B<;�@

�B>�L@<BfD;��CG>@DE@<Bf���CBo

nD@>CICBD@DB;Kg;<CHC:B�J:�CmI;

�BOLCCH@�B:C@>DCo

n<;L@E@DC�C�;LC:BEJ>�@�C�D@JID@

�@CCE�>B<;�@�B>�L@�@<BfD;��o

nL:C�CID@H@�@;�JIBDCCCE�>B<;�@

�B>Co

n :@E�C�CB D@ CE�>B<;�@�B>�LC� GB:

�;D@>o

nHB?<JD@:;<D;G:CED@�CG;��C?BDC�

�CE�>B<;�@�B>�L@�@<BfD;��"

�:;F:@H@�@ � /�X`YW`b �X]^X`d\X]kUb

tZjlU]]jZ tZjdZWVVU 3�X�XtZj72 D@�?=H=> C

*CD>@D<�L@�@@L@<BHC�D@D@JLC�BCH@E@

MB><@�=E<@<B;�>CIDCJ�>;�C�E@:@K;�@

C?C�;�P � L;B�;<@ �B G;��CFDB�:@fD;

E@�:=i@DB���:@D@�@D@SCD>@D<�LCJIB

DCP L@L�; C <@ �B G:C�>BL@� �;<BiC IJ?

<B��:@DDC �GBMC@>C��C" �@ ;�GJ�L@DB D@

SCD@D�;�C �:B<���@ E@ E@G>@�C C G=�DC

:@ED;�LC D@ JIBDC�B E@ GB:C;< ;� <�B <;

GB�F;<CDCP G; G:;F:@H@�@H;F@�<@ L@D

<C<@����@� JDC�B:�C�B�C C CE�>B<;�@

�B>�LC CD��C�JMCC"

�20*K61M1N

5�vUYYU`v�U`^ZU`36U`^ZU]jl5�aUYYU`aUuZjdZWVVU]7

�������888�?���������������������������������������� ���������������b��������������G� ���b������

k b�>�:%

Page 36: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�#

�UlX`X^Xj` bUZ 5�vUYYU`v m 5`bcUZXak^]^UXY ~jjuUZW^XwUZ �\Zakl\UkZ\`d]]U�^jZ W` bU` pW^ l\UZ

�jZ]ak\`d\`bsUak`jYjdXUU`^�Xa�Y\`d

�������888������������ �*��� �*���������!:�AF��H�h�����h��?������������?������

)"�CIB�@

Page 37: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�:;��CPG:B<��;�iC�=KC�C�

��

���#�$�������#%��������#

��������`�������e

�CDC��=:=�D@;K:@E;�@DCB�;CD@J

L@�@�@DCB>�=>IB��:=ICF;<CODC�BD@F

:@<C E@ D@JL@ D@ CHB�; D@ <:B�D;F:=MLC�

H@�BH@�CL CSC>;�;S�C�@F;:"�B:BH;

DC��@�B�=��;�D@ (SB�:J@:C ���F"�=�

�;BDDC� L>JKP �;SC�"&J:C�; D@F:@<C �9

JIBDC�:@E>CIDC�BL@�BF;:CCPL@�;�;�

��g�@;�0=>F@:�L@�@@L@<BHC�D@D@JLC

�B"�:B<�B<@�B>��D@0��@L@<"�CL;>@�=

K;�CD;�P L;f�; JI@���@ � MB:BH;DC��@P

G;<IB:�@ED@ICH;���@D@;�>CIC��@1�C

�@F;:2 E@ G;<L:BG@�@ D@ :@E�C�CB�; D@

K=>F@:�L@�@D@JL@"

�*3DC505�658)545�25�65A/5�KBOB�:=

IBD@ D@ I>" L;:" G:;S" <SD�B�=:��BD;�

��@D@�;�;��D��C�J�@G;B>BL�:;DCL@"

�:;S"��@D@�;�BJ<;��;��@D<�@G=�C�

D@F:@<@�@D@CHB�;D@@L@<"�?@L;�E@;�;

KBDG:CD;��;K>@���@D@D@D;�BgD;>;FC

C�B"�;[email protected]>CL@MCC�HB?<JD@:;<

DCCE<@DC�"

�*3DC505�658)545�25�65A/5�25�65-�4*�

BE)�65AK,6�/*3,/01(G;>JIC��"D"�"����"

<SD�DC�@�@�AKBD;�@�C>�BD;�@;��D�

�C�J�@E@>C�B:@�J:@"�<D;;�D@f�@?

DC�B D@JIDC G;��C?BDC� D@ L;>BL�C�@ B

��=:E@D; � G;GJ>�:CEC:@DB�; C <CFC�@>C

E@MC��@ D@ ��@:;K=>F@:�L;�; LDC?;�D;

D@�>B<���;"�@JIDC��BLCGBCE:@K;�C>C

�DB<:C>L;HGA�=:BDH;<B>E@@D@>CEC;GC

�@DCBD@�>@��D�LC:=L;GC�C"�G@:�Dh;:�

��;��;<BiCB�:;GBf�LCLJ>�J:DCCD@JI

DCCD��C�JMCC�@�=E<@<BDCL@�@>;ECCK@

E@ <@DDC D@ �:B<D;�BL;�DC LC:C>�LC :=L;

GC�C"

�58)54505� 25� A0(E)4,6� AK,6� (� *B�

35.005� 65�C,41/*B1*3*81K610,� 65A/1

KB �:=IBD@ D@ ��"D"�" �� ��" <:��B�;HC:

�C�B��BDIB�;��D��C�J�@G;K;�@DC

L@"��B�;HC:�BDIB�;�L:C�@D;�C�C<;�B

G@:@EC�DC F=KC C :@E:@K;��@ �C��BH@ E@

D@MC;D@>BDH;DC�;:CDFD@F=KD;�;:@ED;

;K:@ECB"�;fB@��;:D@HD;F;K:;fDC�:J

<;�BPGJK>CLJ�@DC�D@MC;D@>DCCHB?<JD@

:;<DCCE<@DC�"

�58)54505� 25� A0(E)4,6� AK,6� (� *B�

35.005�65�+)1)*4610,�65A/1�1�C50,C5�

01/505KBOB�:=IBD@D@��"D"�" ���"<gD

!;D��@D�CD��@D;�%@<?CC�@D;� ;��D�

�C�J�@G;;Ki@CDB;:F@DCID@gCHC�"!;D

��@D�CD%@<?CC�@D;�BG;IB�BD>BL�;:D@

JDC�B:�C�B�@�!@DCBG;>JIC>D@F:@<@�@

D@!:@>�L;�;gCHCIB�L;<:J?B���;D@�B

>CL;K:C�@DC�E@HB?<JD@:;<DC@��;:C"

�58)54505� 25� A0(E)4,6� AK,6� (� *B�

35.005� 65�0,L61K,./10,� 65A/1 KBOB

�:=IBD@ D@ G:;S" <gD�>@<CHC:!;?Jg@:;�

;�%��+"

�58)54505� 25� 65AK,6� /*3,/01(� .

(6,4),61� 65AK61� )52)5B*0/1�(� B126,.5

+),2�+*.3,4610,��� 8*4161 KBOB�:=IBD@

D@��"D"�"����"<:�@:C��B;:FCB�@!:@I@

D;�@;��D��C�J�@G;;:F@DCID@gCHC��

MBD�=:G;SC�;gCHC�"��:@E:@K;��@CD;

�@MC;DDC�BgD;>;FCCE@SJDLMC;D@>DCg:@

DC C D@GC�LC D@ K@E@�@ D@ K=>F@:�LC :@�

�C�B>DC:B�J:�CE@G:B�BDMC�D@�B?LCE@

K;>��@DC�"

�58)54505� 25� 65-�A.+,a65� J,65

AK,6KBOB�:=IBD@D@��"D"�"���"<SD�>B

D@ �CH;�@ ��@D@�;�@ ;��D��C�J�@ G;

SCECL@ D@��=:<;�;��>;" �@JIDC�B f

G;��C?BDC� �@ ��=:E@DC � :@E:@K;��@DB

�;D@�BgD;>;FC� C ;G�CHCEC:@DB D@ G@

:@HB�:C�BD@�=DLC�BC ��:=g�=DLC�B

�>;B�B"�:BEG;�>B<DC�B�:CF;<CDC�>B

D@��@D@�;�@CH@��9D@JIDCGJK>CL@MCCC

G;�BIB;� 9�MC�C:@DC�;�IJ?<B��:@D

Page 38: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�'

DC@��;:C"

�58)54505�25�MD3*.0,6�+)16*.�(�65�

A/505G;>JIC@L@<"�;IC�J�B�@�L�B:;�@;�

�D��C�J�@G;SCECL;gCHC�"�L@<"�L�B:;

�@ :@EL:C�@ D;�C E@L;D;HB:D;��C � G;�B

<BDCB�;D@�=DLC�B�BIDCSC>HCC��g

D@�@:;>�G:CSJDLMC;DC:@DB�;D@@>�B;

>C�B" �;�@ B �=iB���BD G:CD;� � CE�>B<

�@DC��@D@SCEC;>;FCIDC�G:;MB�D@<CO@

DB�;"�@E:@K;�BDC�BG;<DBfD;:=L;�;<�

��;HB�;<C �@ �DB<:BDC � D@< 9 CD��C

�J�@JD@�CIJ?KCD@"

�58)54505� 25� A0(E)4,6� AK,6� (� *B�

35.005�65�*Bb,.0(,610,�1�LAC56105)�

610,�65A/1KBOB�:=IBD@D@��"D"�" � ��"

<SD �JH�D@��@D;�@�@H�D;�@ ;��D��C

�J�@E@>C�B:@�J:@"��CE�>B<�@E@G=:�C

G=��=E:;?<BD�L@�@LJ>�J:@G:BEG:CEH@

�@ D@ G�Cg;�;MC@>DC�B BH;MCC D@ I;�BL@

;�z�z�BL"�=L;�;<C�B>BD@B<CD;�D@f

J�GBODC�BG:;BL�C��@EC;K>@��1��@D

�"/COH@D;� CH;<B:DCE@MC��@ D@ �=�:B

HBDD@�@gJH@DC�@:D@D@JL@2"

�58)54505� 25� 65-�A.+,a6*�),53121�

)53� .,� AK,6� (� KAJB165� .E.� .Eb,.0(,6

+)16*.� 25� .0)56505 KBOB �:=IBD@ D@

G:;S"�>@<CHC:�B�;�;��D��C�J�@G;

G@:@>B>D@ ;K:@K;�L@ D@ CDS;:H@MC��@" �

H;HBD�@�>@<CHC:�B�;�BG:;SB�;:�+B�

�HCD��=:�LC�JDC�B:�C�B��=��B>CL;K

:C�@DC�" �;f B I>BD D@�DCMC@�C�DC� L;

HC�B�E@JI:B<��@DBD@HB?<JD@:;<D@D@F

:@<@D@CHB�;D@�?;D��@D@�;�"�:;S"�B

�;� B :=L;�;<C�B> D@ HD;F; B�:;GBf�LC

G:;BL�C CH:B?C E@ �C�;L@ D@JID@ L;HGB

�BD�D;���;K>@���@D@L;HGA�=:DC�B

D@JLCC�:C<�BgD;>;FCC�B�JI@��CB�;D@

K=>F@:�LCG@:�Dh;:C"�;fB:=L;�;<C�B>C

D@�B?<JD@:;<DC� �=�B� E@ L;HGA�=:DC

L;HJDCL@MCCP L;;:<CD@�;:D@��:;GBf�LC�

CD��C�J�E@�:C<�C��BHC"

�58)54505� 25�C354� AK,6 G;>JIC <;M"

<:0;?C<@:L@!;>B�@m�+1��"!>CHBD��g

:C<�LC2" �� CH@ E@KB>B?C�B>DC G;��C?B

DC��:@E:@K;��@DB�;D@D;��GBL�:;�L;G

�LCHB�;<P L;f�; �BIB B �DB<:BD � gCHC

IB�L@�@CS@:H@MB��CID@�@G:@L�CL@"

�58)54505� 25� 65-�A.+,a,6� 65AK,6

)E/*(*410,3� 65� 4*/0*)5601�+),2� +*.�

3,4610,�0)1�8*4161KB�:=IBD@D@<;M"<

:�CL;>@f�C�@D;�m��!"

�58)54505�25�65-�A.+,a,6�)E/*(*41�

0,3� 65�C,J4A65)*461� +)*,/01� G;>JIC

<;M"�DFB>�H:CL@:;���!PE@H":BL�;:G;

D@JID;�;CL@<:;�;�;:@E�C�CBD@�J�BD

�LC�JDC�B:�C�B�"4;�C�D@D;HCD@MC��@

B G:;BL�=�L=H�! E@ �=E<@�@DB D@ ��:;

GBf�L@�BH@�CID@H:B?@G;L;HGA�CDFP�

L;��; �@ ;Kg�@D@�C T� �C�OC JIC>Ci@ C

SC:HC;�#�<=:?@�C"

�58)54505� 25� 65-�8*3DC�K5.0,6�16�

(,.010*)� (� 65A/505 G;>JIC !���>;�

<C�"�:J?B���;�;:@E:@K;��@ �;K���BDC

CD�B>BL�J@>DCG:;<JL�CN<�@G@�BD�@E@

�BgD;>;FC�E@G:B:@K;��@DBD@MCDL�=<=:

?@iC�J:;�CDCCE@CD;�@�C�BDHB�;<E@

G:;CE�;<���;D@�B:BD�:C;LC�"!��G:C

�B?@�@ ;:CFCD@>DC�BgD;>;FCID;@G@:@

�J:DC:BOBDC�CG:;CE�;<���BD;D;Jg@J"

�=E<@<BDC �@ <�B D@JID;�BgD;>;FCIDC >@

K;:@�;:CC>@K;:@�;:C�G;BL;>;FC�P�B:

�CSCMC:@D@G; �e�C@L:B<C�C:@D@<@CE

�=:O�@CEGC��@DBD@BHC�CCD@�:B<DC�B

iB���@�@�H;�SB:DC��=E<JgPCB>BL�:;

�BgDCIB�L@>@K;:@�;:C��=��;>C<BD;GC�

�L;D�:;>@D@G@:@HB�:CD@B>BL�:CIB�LC

J:B<KC"

�58)54505�25�65-�A.+,a65�@1)C5�(

*B35.005� 65� 65AK610,� 12.3,4(561D KB

�:=IBD@D@1�G�B>>@Q���P�;SC�"

Page 39: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�:;��CPG:B<��;�iC�=KC�C�

�(

����������������������������������������������������������`����e

�B� ;� �B<BH�B D@F:@<C � G=:�C�

L;DLJ:� E@ CD;�@MCCP ;:F@DCEC:@D � :@H

LC�B D@�B?<JD@:;<D@�@ �B>�L;��;G@D

�L@CE>;?K@1�F:@2P��@D@g@G:C�B?@DCB

D@K=>F@:�LCCE>;?C�B>C"&J:C;�CE�=L

D@�CBL�GB:�C�:@E>CIDC;K>@��C;G:B

<B>C G;KB<C�B>C�B CEHB?<J �� G:B�BD

<BD�C"

�:C ;� D@F:@<C�B K�g@ G:C�=<BDC D@

G>;�<C��LCCE>;?C�B>CE@:@E:@K;�LCPL;C

�;�@D;�;�����B�;�BDH@i@K"�;:;�C��

E@�;<1�F:C�2�EBG:CE@E@D;�G:BG@:@�E@

:@��C�B>D@ E@iC�@"�=:�;H���;�<:JF@

;�L;DLJ:�DC�BL@�BF;:CCKBOBG:C�=<BD@

E@D;��;:�:@DD;E:BBiCIB:BOCP�B>BL�C

:@DC;��D��C�J�@G;;�;i@:���;"�D��C

�J�=�G; EB>BDIJL;�C LJ>�J:C 1�@:CM@2

�EBD@F:@<@ E@D;� �;:�;:@D?B:CfDC L:@�

�@�CMC"

�:@E<B>C�BE@H@OCDCC�BgD;>;FCC

�:@��BDCB�=<���;�;C?C�;�D;�=<���;

�; G:CE G;>JIC K=>F@:�L@�@ :@E:@K;�L@

1�BgD;>;FCIBDL;HG>BL�E@HCDCH@>D@;K:@

K;�L@D@G;I�@�@D@D@L>;DBDC�B:BDC2"��

B�=�HB��BDG:;<JL�D@�J�BD�LC�JDC�B:

�C�B� 1�DFB> !=DIB�2 C �D��C�J�@ G;

G;I�;ED@DCB 1�JOL@:;�2"

�GBMC@>D@�@D@F:@<@E@K=>F@:�LCCD;

�@�C�BDG:;<JL�KBOBG:C�=<BD@D@D@�B

�BDG>JFPG:;CE�B<BD;�1�@>;HBL�2PF:"�@

�B�" �G;:B< DBF;�C�B �=E<@�B>C�;�@ B

JDCL@>D@H@OCD@PL;��;G;E�;>��@<@�BJ�

L;:C ;K:@K;�L@�@ � 9qP @ :@Eg;<C�B D@

F;:C�;<@�BD@H@>���� q"

`���������������#��������������e����""

�@ ."� " ��� F"S;D<@MC� 1�:C>;?DC

CE�>B<�@DC� C L;HJDCL@MCC2P �=�HB��D; �

�:B<��@�C�B>���;�; D@ �! � 0=>F@:C�P

5`^UZuZX]U 5\ZjuU�U^�jZ� m 0=>F@:C�P�C

DC��B:���;�; D@ CL;D;HCL@�@ C BDB:FB

�CL@�@C�C�C��@D@��B�;�D@�@K@DL@�

�;SC�;:F@DCEC:@g@�B�C�D@MC;D@>BDCD;

�@MC;DBDS;:JH"�B>�@D@S;:JH@B�=E<@

�@DBD@;��;:BD@G>@�S;:H@E@�=�:J<DC

IB���;HB?<JSC:HC�BCD@JIDC�B�:B<CP

��CHJ>C:@DB D@ CL;D;HCL@�@ C G;�CO@�@

DBD@L;DLJ:BD�D;�G;�;KD;���@I:BE�DB<

:��@DBD@D;�C�BgD;>;FCCPG:;CE�;<���;

D@D;�CCE<B>C�CG:;<JL�CCL;;GB:C:@DB

� B�:;GBf�LC G@:�Dh;:C"��D;�BD @LMBD�

KBOB<;L>@<=�1�D;�@MCC"KF ���2N0=>F@:

�L@�@CD;�@MC;DD@�C��BH@�J�>;�C��@D@

F>;K@>D@CL;D;HCIB�L@L:CE@2"�<D@;��B

HC�B�DBF;BL@LCD;�@MCC�BH;F@�<@�G;

H;FD@�E@CE>CE@DB;�L:CE@�@CG;�CO@

�@DBD@L;DLJ:BD�D;�G;�;KD;���@D@K=>

F@:�LC�BG:B<G:C��C�"�;�:@<CMC�D@S;

:JH@�B�:=I�@�CD@F:@<CE@1�D;�@�C�D;

G:B<G:C��CBD@F;<CD@�@2PE@�DB<:��@DB

D@ D;�C G:;<JL�C C>C G:;MB�CP <;�B>C <;

�:@BDCL;D;HCIB�LCBSBL�"

�L@�BF;:C��@1lLJPI5/6[5/12716X

5V/QI,\2T7IKBOBG:C�=<BD;D@�;S�JB:

D@�@L;D�J>�@D��L@L;HG@DC�1�:@L�D?B

DB:CDF ����2P L;��; �GBIB>C L;DLJ:�@ �

CD;�@�C�D@�@ :@E:@K;�L@�pr~ p9 m E@

�=:F;��LC ;KBL�CP E@�B<BDC�P JG:@�>BDCB

D@�;K���BD;��PG:;CE�;<���BDCG:B<G:C

��C�"�:JFC�B<�BSC:HCPD;HCDC:@DC�L@

�BF;:C��@1�:B<G:C��CB�GB:�;D@><;9�

<JOC2P �@ 1�@D�B>Bf �;OB�2 ���� C

1!� �����"1�@D�B>Bf�;OB�2����JI@�

��@�L;DLJ:�@�=��B:C�;�BHJ>�CCC@:;

H@�CE@G:;CE�;<���;D@D@GC�LC1�m�:;

H@2P;�D;�@D@D@�;K���BD;D;Jg@JPD;�;��

E@K=>F@:�LC�G@E@:"1!� �2���G:B<��@

�C G@�BD�;�@DC�BgD;>;FCC E@OCS:;�;

H@:LC:@DB G:;�C�S@>OCSCL@MC� D@ ��;

LCP <;LJHBD�CC �C��BH@ E@H@:LC:@DB D@

H;�;:DCG:B�;EDC�:B<���@G:;�C�L:@?

K@"

�L@�BF;:C��@1�/6[KI,1,4IJ2\I,5/6[�

5/12716X,5V/QI,\2T7IE@B1�G@:LC�>�;�2

Page 40: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

)

��;��;�BIP:@E�C�@i@L;HG>BL�;�<Bf

D;��C;�D@JID;G:C>;?D@<; G:;CE�;<��

�BD@ C�=:F;��L@ <BfD;��� ;K>@���@D@

B>BL�:;CD��:JHBD�C�BE@CD<J��:C��@P

HB�@>J:FC��@P ��:;C�B>���;�;" �:BE

G;�>B<DC�BF;<CDC<:J?B���;�;G:@�C�B

:C;EDCCD�B��CMCC�;KD;���@DBD@G:;CE

�;<���;�;CG;�CO@�@DBD@ L�@>CSCL@MC

��@D@:@K;�D@�@�C>@"�E�B��DC�@ �=�

HB��DC�B G:;BL�C � ;K>@���@ D@ CD;�@

MCC�BD@1�G@:LC�>�;�2��BgDCIB�LC�B

JDC�B:�C�B�C��;SC�C�@K:;�;CJDC�B:

�C�B�@Q�"!=DIB�2��J�BPL@L�;C�G:;

SB�C;D@>D@�@ FCHD@EC� � �;�BI" �:JFC�B

<�BSC:HCP D;HCDC:@DC ��;EC :@E<B>P �@

10�����2C1���������2��"10�����2

B�;S�JB:D@SC:H@PE@DCH@�@i@�B�G:;

BL�C:@DB C �DB<:��@DB D@ �;S�JB:DC :B

OBDC� � �SB:@�@ D@�B>BL;HJDCL@MCC�BP

@ 1���������2�� JI@���@ � L;DLJ:�@ �

�:CCD;�@�C�DC:BOBDC�E@<B�@f>CE@L;

:@KDC<�CF@�B>CC<:"

�""m����������������������������������#��

�B?<JD@:;<D@�@F;<CD@D@@��:;D;HC

��@ ���BG;��B�BD@D@��""�8*41a6165�

05� ;� G=:�;�; D@K>A<BDCB D@ DBKB�; �

�B>B�L;GPD@G:@�BD;;��5313,-�G:BE�(��

F"�:B<>;?BD@;��BDB:@>D@�@@�@HK>B�D@

�B?<JD@:;<DC�@��:;D;HCIB�LC�=AEG:BE

��#F"PG;<L:BGBD@;�:����G:BE ��9

F"P��B;SCMC@>D;J��=:<BD@CG:;L>@HC

:@D@;������L:@�D@ ��TF"

�:F@DCE@�;:C�@�B?<JD@:;<DC��@�

�:;D;HCIB�LC�=AEP)���!�P���P��:;

GBf�LC��@��:;D;HCIB�LC�=AEP��:;GBf�

L@�@A?D@;K�B:�@�;:C�PL@L�;CHD;F;:B

FC;D@>DC @��:;D;HCIB�LC CD��C�JMCC" �

G;<F;�;�L@�@ D@ F>;K@>DC�B CDCMC@�C�C

<;�BF@�@�B�L>AIC>C� �<=:?@�CP;I@L�@

�B�BgDC��K:;f<@<;��CFDB�.�P�L;B�;

iB�B;Kg�@D@��Tq;�D@�B>BDCB�;D@�B

H��@"

�B?<JD@:;<D@�@F;<CD@D@@��:;D;HC

��@ CH@ E@ MB> <@S;LJ�C:@ �DCH@DCB�;

�=:gJ@��:;D;HC��@L@�;F>;K@>D;D@JID;

J�C>CB E@ D@HC:@DB D@ ;�F;�;:C�B D@ D�

L;C;�SJD<@HBD�@>DC�B�=G:;�CG:B<I;

�BIB���;�;"yB�BG:;�B<@�CDCMC@�C�C

E@;G@E�@DBD@��B�;�D;�;LJ>�J:D;CG:C

:;<D;D@�>B<���;D@HB��@C:BFC;DCP��=:

E@DC�C��;:C��@D@@��:;D;HC��@"��D;

�BD @LMBD�iB K=<@�H>@<C�B g;:@" -:BE

G;<;K:��@DBD@S;:H@>D;�;CDBS;:H@>D;

�; ;KJIBDCB G; @��:;D;HC� � JIC>Ci@�@P

D@JIDC�BMBD�:;�BPG>@DB�@:CJHC�BCHJ

EBC�BiB�B;�CFJ:CG;F>B<L=HD@JL@�@C

:@K;�@�@D@CE�>B<;�@�B>C�BCiB�B��C

HJ>C:@�H>@<C�Bg;:@E@G:;SB�C;D@>D@:B

@>CE@MC� � ;K>@���@D@ G:C:;<DC�BD@JLC

C�BgD;>;FCC�B"

�61M1501(1N

n���K5.5�5.0)*6*C1D���>@DC:@�B .

I@�;�; D@K>A<BDCB �=� ��CILC ;K�B:�@�;

:CCD@EBHD;�;L=>K;�MB>�=EH;?D;D@f

HD;F;g;:@<@�C<��G:BE�B>B�L;G�;�@P

L;B�;B�C<�>�@>C>BfE@G:=�G=�IB�C

:C�B�G=�DCL@D@)GC�B:"

n�5313,*./*+��:B<�C?<@�BG:BE ���

F" D@ ��BLC D@>CIBD�B>B�L;GG;DB���<J

OC<@CE�=:O@�D@K>A<BDCB"�:BEJ>�@�

�B;I@L�@D@<��H>D"<JOC<@�C<��DBKB

�;G:BE�B>B�L;G"

n�*.C1K,./1�46,(61/���B>C<@G;L@

?B1I;�BOL;�;>CMBD@@��:;D;HC��@2PL@

�;�HB<CC�B�BG:B<��@���H@�B:C@>CP

L;C�;I:BE�BL��CCE;K:@?BDC�BL�G;DC

:@�G;�>B<DC�BG:;SB�C;D@>DC;�L:C�C�

D@@��:;D;HC�B"

n�*)053�/EC�.,3,6505��>@DC:@�B

��=:E�@DBD@G:;SB�C;D@>D@�@@��:;D;HC�

�KCEDB�@;�G@E@:@D@CF:C�BC:@E�>BL@

�B>D@�@ CD<J��:C�P D@ L;f�; <@ K=<@�

G:B<;��@�BDC D;�CDCP CE;K:@?BDC�P C>A�

�:@MCCC@DCH@MCCD@L;�HCIB�LC;KBL�CC

��>BDC�"

n�D�,�5.0)*6*C�yB�B;�=iB�����

CDCMC@�C�C E@ G:C;:C�B�D; G;<G;H@F@DB

D@:@E�C�CB�;D@L@:CB:@�@D@?BDC�B@�

�:;D;HC C ;:CBD�C:@DB D@ H>@<C?BDC �

Page 41: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�:;��CPG:B<��;�iC�=KC�C�

�@EC;K>@��"

n �.0)*6*C1D05� 1� .(,0*(6*0*

65.3,4.0(*��DCMC@�C�@�@MB>C<@;:F@

DCEC:@<;��=G<;@:gC�BL�J:DC��:JL�J

:CCHB��@P��=:E@DC�D@K>A<BDC�D@DB

KB�;�HCD@>;�;"�;�@BI@��;�F>;K@>

D@�@CDCMC@�C�@D@)���!�E@;G@E�@DB

�; D@ ��B�;�D;�; LJ>�J:D; C G:C:;<D;

D@�>B<���;"

n�)*8)5C5� 25� AK10,31���>@DC:@ �B

I:BE ;KJIBDCB �OL;>C <@ �B �=E<@<B ��B

�;�D@H:B?@ ;� �B:�CSCMC:@DC �@>C>Bf

G;�>@DCMCPH@��B:JIC�B>CCJIC�B>CP:@E

:@K;��@iCG;>BEDC<C<@L�CIB�LCH@�B:C

@>CG;@��:;D;HC�E@JIBDCMCD@K@E@�@D@

<@DDCPG;>JIBDC;�@��;H@�CIDC�B�B>B�

L;GC"

n�.,b56,�25�.,3,6505�yB�B;:F@

DCEC:@�<B��LCG:@EDCMCPD@L;C�;I:BECF

:CP GB�DCP :C�JDLC C?C�; ;KiJ�@DB � CD

�B:DB�P<BM@D@�=E:@��;�.<;��F;<C

DCiB G;L@?@� ��;B�; J�Bi@DB E@ L:@�;

�@�@CF:@D<C;ED;���@D@��B>BD@�@"

n.,3,6505�*0��,CD05��>@DC:@�B

;:F@DCEC:@DB�;D@CE>;?KCD@@��:;D;HC

IB�LCCE;K:@?BDC�CCD��:JHBD�C�HJEBCP

F@>B:CCP H@F@ECDCP ;KiB���BDC F:@<CDC C

<:"

��������`����e�����"" �������

�@ ��DJ@:C ���F"��;SCf�L@�@F:@<

�L@gJ<;?B���BD@F@>B:C��B�=��;��=:

?B���BD;�;D@F:@?<@�@DBD@>@J:B@�C�B

D@D@F:@<C�BD@S;D<@MC�1��:CL@2E@ ��,

F"E@G;��C?BDC��D@JL@�@CE@D@f<;K=:

H>@<HBDC<?=:PCE;K:B�@�B>CSB:HB:"

�@F:@<C�B�BG:C�=?<@�D@H>@<Cg;

:@E@�BgDC�BG;��C?BDC��D@JL@�@PE@

CE;K:B�BDC��;KiB���BD@ED@ICH;��PE@

G;��C?BDC� � JG:@�>BDCB�; D@ ��;G@D�

LC ;:F@DCE@MCCP L@L�; C E@ �C�;LC :BEJ>

�@�C��B>�L;��;G@D�LC�B<BfD;��C"�F

:@DCIC�B>D;�;J�>;�CBBL@D<C<@�C�BE@

D@F:@<C�B1����!�2<@DB�@G;�=E:@��

DC;�#9F;<CDC"�B�UCE>=I�@�;�;KiB�

��BDC C ��;G@D�LC ;:F@DCE@MCC C �C�OC

JIBKDCE@�B<BDC�P@;L;DI@�B>DC��CEK;:

�B CE�=:O�@ ;� �GBMC@>CEC:@DC ?J:C�@

�=����L@;K>@��"

�58)54505� 25� +*.01J,61D� (� 65A/5�

05G;>JIC�D<;D�@DFB>;�E@;�>CID@�@E@

iC�@D@<C�B:�@MC;DBD�:J<D@�BH@1!;

gB:BD�BDL;D�:;>D@L�@D�;�C�C��BHCC

CHGJ>�DCG;>B�@2PE@L;B�;HJBG:C�=<B

D@;K:@E;�@�B>D@�@CD@JID@��BGBD1<;L

�;:2" �@F:@<@�@ �B G:C�=?<@ �=�HB��D;

;�S;D<@MC�1��:CL@2C�C�O@�@@�B��@

MC;DD@L;HC�C�G:C�CDC��B:�LC��=�B�"

�58)54505�25�C354�12*B),050,3 E@

��,F"BG:C�=<BD@D@�Cg;HC:�B�:;�!J

H@D;� ;� F:" �;K:CI" �E;K:B�BDCB�;HJ

1�B:H;�Jg>@2 B BDB:F;�GB����@i B>B

HBD�E@EC<@:C�P�>@F@i�B�DBD;�BiCEC

<;�BD@?C>CiDCC@<HCDC��:@�C�DC�F:@

<C"��D;�D@�@MB>D@CE;K:B�BDCB�;BG;�

�CF@DB�; D@H@�;� ��:;C�B>BD G:;<JL�

E@EC<@:C�"

�58)54505�25�C354�@,)C,)BG:C�=

<BD@ D@ ��@f>; !:@�CHC:;��>CB� ;� F:"

�@:D@"

Page 42: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�""m������ ����������������������������������

�K����@DB�;D@��:;GBf�L@F;<CD@D@

��;:IB���;�; C CD;�@MCC�B B BSCL@�BD

D@ICD<@�BG;<G;H;FD@�J�C>C��@D@<=:

?@�C�BI>BDLCE@D@�=:I@�@DBD@��;:IB�

��;�;I:BE;KJIBDCBG:BEMB>C�?C�;�L@

�;<�CF@�B>E@CD;�@MCCCL>AI;�S@L�;:

E@:@E�C�CB�;D@>CID;��DCPG:;SB�C;D@>

DCPG:B<G:CBH@IB�LCC�;MC@>DCJHBDC�"�@

HC�=>=� B <@ �B CE�B<@� D@ G:B<BD G>@D

S@L�;:CPL;C�;<@D@�=:I@�@���;:IB��

�;�;CCD;�@�C�D@�@�G;�;KD;��N

n;�CFJ:��@DBD@K>@F;G:C��D@E@CD;

�@�C�D@�@�G;�;KD;���:B<@�B<CDK=:E;

CEHBD�i�B ����C��;:IB�L; JG:@�>BDCB

D@HD;F;;K:@ECB�;o

n ��CHJ>C:@DB D@ DB��@D<@:�D;�;

HC�>BDB C CD�JCMC��@ C D@�=:I@�@DB D@

��;:IB���;�;J<BM@�@;�D@f:@DD@�=E

:@��o

n G;�CO@�@DB D@ ;��B<;HBD;���@ E@

ED@IBDCB�;D@CD;�@MCC�BP��;:IB���;�;

C G:B<G:CBH@IB���;�; E@ >CID;��D;�;

:@E�C�CBP CL;D;HCIB�LC� :@��B? C E@B

�;���@o

nD@�=:I@�@DBD@J��;��@DB�;D@H@�B

H@�CIB�LCP D@JIDC C�BgDCIB�LC JHBDC� C

��:BHB?@L=H��;:IB���;CCD;�@MCCo

n�=E<@�@DBD@;�D;OBDCBCD@F>@�@�

;KiB���;�;P IB��;:IB���;�;CED@DCB

�;�@�@?DC�=��:BHBD@K=:EC�BgD;>;

FCIDCG:;HBDCCF>;K@>D@CD�BF:@MC�o

n D@�=:I@�@DB D@ �:=ELC�BHB?<J CE

LJ���;�;PKCEDB�@PJIC>Ci@�@CJDC�B:�C

�B�C�Bo

n:@E�C�@DBD@��;:IB���;�;CCD;�@

�C�D@�@�G;�;KD;��I:BES;:H@>DCCDB

S;:H@>DC E@DCH@DC�o

n G;GJ>�:CEC:@DB D@ <CE@fD@ L@�;

��;:IB�L@ <BfD;��P L;��; CH@ G:CD;� E@

CD;�@MCC�Bo

n:@E�C�@DBD@��;:IB���;�;CD@CD;

�@�C�D@�@�G;�;KD;���I@��DC�BCGJK

>CIDC�B;:F@DCE@MCC�G;H;i�@D@;KJIB

DC�"

n�B:LC�B E@ :B@>CEC:@DB D@ MB>C�B

�L>AI�@�<Bf���C� D@ B�:;GBf�L;P D@MC;

D@>D;P :BFC;D@>D; C>CHB��D; :@�DCiBP @

CHBDD;N

nL;DSB:BDMCCP�=KC�C�CCDCMC@�C�C

E@G;GJ>�:CEC:@DBD@<BK@�@CE@G;�CO@

�@DB D@ ;��B<;HBD;���@ ;�D;�D; ED@IC

H;���@ D@��;:IB���;�; C CD;�@�C�D@

�@�G;�;KD;��o

nCDS;:H@MC;DDCL@HG@DCCE@:@EG:;�

�:@DBDCBD@L>AI;�CG;�>@DC�o

n :@EG:;��:@D��@DB D@ CDS;:H@MC� E@

<;K:CG:@L�CLCP ��=:E@D@�D@�=:I@�@DB�;

D@��;:IB���;�;CCD;�@�C�D@�@�G;�;K

D;��o

n D@K>A<BDC� C G:;JI�@DC� � D@MC;D@

>BDC>CB�:;GBf�LCH@i@K"

���L@<=:?@�@I>BDL@D@ED@I@�@D@MC;

D@>BDL;;:<CD@�;:PL;f�;<@;�F;�@:�E@

DBfD;�;JI@��CB���:;GBf�L@�@F;<CD@D@

��;:IB���;�;CCD;�@MCC�B"�=SCD@D�C

:@DB�;D@<BfD;��C�B�:@HLC�BD@�@EC

CDCMC@�C�@B��=;��B����CB�G:C;:C�B

�C�B C G:@�C>@�@P �=iB���J�@iC � ;K

>@���@D@;K:@E;�@DCB�;CG;�GBMC@>D;�

�:;F:@H@�@E@JIBDBG:BEMB>C�?C�;�"

Page 43: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

�:;BL�CPG:;F:@HCPL;DLJ:�C

��,L61K,./1D�A61(,).10,0�(��*@1D�)5�

B*01�M,60E)�25�16*(5M11

�BD�=:=� B �=�HB��BD G:;BL� D@

Q�@fL:;�;S�2C�C�OB�;JIC>CiB"�;fiB

�B CEG;>E�@ E@ >@K;:@�;:DC JG:@?DBDC� C

;KJIBDCBD@��J<BD�C�BPL@L�;CE@G;�C

O@�@DBD@L�@>CSCL@MC��@D@G:BG;<@�@�B

>C�B" ��J<BD�C�BiB CH@� <;��=G <;

�=�:BHBDDC L;HGA�=:DC �C��BHC C <;

��CILC�;S�JB:DC:BOBDC�CJIBKDCH@�B

:C@>CD@1�@fL:;�;S�2"�D�B��CMC��@�

MBD�=:@BE@D@< 9gC>">�"

�05)01)5� 83*B536505� +)*8)5C5

UZqXYiYrs�VZt>k\Xh�25��E385)1D

�B>�@D@G:;F:@H@�@B<@G;<G;H;FDB

D;�C�BgD;>;FCIDCL;HG@DCCP;�CFJ:��@fLC

CHK=:EC>B�BD<;��=G<;D@fD;�C�BG>@�

S;:HCC�:B<���@E@:@E:@K;�L@D@1�@fL

:;�;S�2"�L>AI�@DB�;�G:;F:@H@�@BKBE

G>@�D;P @ I>BD���;�; � DB� G:;<=>?@�@

�:CF;<CDC"�:BE�;ECGB:C;<JI@��DCMC

�BCH@�KBEG>@�BD<;��=G<;�;S�JB:DC

:BOBDC�CG>@�S;:HC"�@:�Dh;:CG;G:;F

:@H@�@�@0=>F@:�L@�@H:B?@D@KCEDB�@D

FB>C�BP 1�?JDC=:�ICf�H=D�2 C�@:�CD

!J>;� 3~\Yjw"`U^7"

�354,J/1�658)541�25�)52(101,��"" ��""m

8*4165���(*)K,.0(*�.�@*/A.��@)1/5

1-;�BOL;:@E�C�CB��S:CL@2B�BH@

�@ D@�>@<B?LC�B D@F:@<C E@ :@E�C�CB

��, ���F"�=��BE@DCB�;B;D>@fDCB;�

�;:BD;E@:@E:@K;�LC"

��;<CD@�@D@��;:IB���;�;CCD;�@

MCC�B�>@<B?L@�@D@F:@<@E@:@E�C�CBCF

:@BL>AI;�@:;>�E@J�B>CI@�@DBD@L:B@�C�

D;���@�:B<H>@<C�Bg;:@"�;�@B�:;GBf�

L;�=��BE@DCBL@DCJIBDCMCD@�=E:@��;�

�(<; �, F;<CDC <@ G;L@?@���;:IB�L;�;

�C;�D;OBDCBL=HG:;K>BHC�BD@�S:CL@"

�;#�H@f ���F"JI@��DCMC�BH;F@�<@�B

G:C�=B<CD��L=HCDCMC@�C�@�@PL@�;CE

F;���� ��;f G;��B: C>C �C<B;��;:K@P

��=:E@D@��BH@�@D@F;<CD@�@"�@MC;D@>

DC�B G;KB<C�B>CiB K=<@� D@F:@<BDC �

<�J<DB�BDG:B��;f���;Lg;>H�:@HLC�B

D@ �>B<�@iC�B�DC D@ B�:;GBf�L;�; :@E

�C�CB"�;KB<C�B>C�BiBG;�B���CB<D@

@S:CL@D�L@��:@D@CiB�BE@G;ED@��;�

K>CE; � B�:;GBf�LC�B G:;F:@HC E@ G;<G;

H@F@DBD@�S:CL@"

`�)*3,0�(�()*+5��""me

1�:;>B����:;G@2BB?BF;<D@L@HG@

DC�P;��;:BD@E@��CILCJIC>Ci@���:;G@

CG;��B�@"+IC�B>C�B�@G;L@DBDC<@E@

G@E��B<CDC>CG;�BIB<DC�F:@SCMC�B�CP

E@ <@ �L>AI@� JIBDCMC�B �C � <BfD;��CP

�=�:B<;�;IBDC �=:gJ <BK@�CP ;K�=?<@DC�

C :@E�=?<BDC� G; B�:;GBf�LC�BHC" 1�:;

>B����:;G@2<@�@�=EH;?D;��D@H>@<C

�BB�:;GBfMC<@CE:@E���;K���BDW�W�C

F>B<DW�;ILWC<@K=<@�IJ�C���:;G@"

�:BE ���F"L@HG@DC��@iB�BG:C�=B

<CDCL=H��:;GBf�L@�@F;<CD@D@��;:IB�

��;�;CCD;�@MCC�BPL@�;;LJ:@?CL;>L;

�;�BH;?BG;�BIBJIC>Ci@<@�B�L>AI@�

� CDCMC@�C�@�@" !@HG@DC��@ 1�:;>B� �

��:;G@2�BG:C�=B<CD��@L=HH;�;�;CMB

>C<@�=KJ<CCD�B:B�C<@E@�C>C;��B<;HB

D;���@ ;�D;�D;��;:IB���;�; C CD;�@

MCC�B D@HB��D;P :BFC;D@>D;P D@MC;D@>D;

CHB?<JD@:;<D;DC�;"

�� B G;<g;<�i@ E@ HD;F; JIC>CiDC

G:B<HB�CCG:B<>@F@D@K;:;�JIBKDCC;K

:@E;�@�B>DC�=EH;?D;��CP�L;C�;JIC�B

>C�BCJIBDCMC�BH;F@�<@CEGC�@�LJ>

������$���������$���������

Page 44: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

�J:DC�B C G:@L�CIB�LC�B @�GBL�C D@

��;:IB���;�;CCD;�@MCC�B"

!@�;I@��;���:;GBf�L@�@F;<CD@D@

��;:IB���;�; C CD;�@MCC�B L@HG@DC��@

1�:;>B����:;G@2MB>CN

n<@G;<L:BGC:@E>CIDCS;:HCD@��;:

IB���; � G:B<JIC>CiD;�;P D@I@>D;�;P

�:B<D;�;CG:;SB�C;D@>D;�;;KJIBDCBo

n<@�=E<@<B;K��@D;�L@P�L;��;H>@

<C�Bg;:@<@J��;��;�D;�DC�BJHBDC�E@

�BKBCE����@DB�?C�;�@o

n <@ G;<L:BGC LJ>�J:D;�; :@ED;;K:@

ECBL@�;�:B<���;E@��;:IB���;CCD;�@

MCCo

n <@ D@�=:IC CEG;>E�@DB�; D@ CDS;:

H@MC��@ C L;HJDCL@MC;DDC�B�BgD;>;FCC

L@�;�:B<���;E@��;:IB�L;CE:@E��@DBo

n <@ <;G:CDB�B E@ :@E�C�@DB�; D@ @L

�C�D; ;�D;OBDCB L=H ��B�@ C <@ E@�C>C

;��B<;HBD;���@E@CD;�@MCC�BL@�;�:B<

���;E@:@E�C�CBo

n<@D@K>BFDBD@:BFC;D@>DCCHB��DC

��:@�BFCCP;�D;�@DCD@��;:IB���;CCD;

�@MCC"

1�:;>B����:;G@2iB�BG:;�B<B;�

9H@:�<;�H@f ���F

�BD(,6�,�/*6/A).�25�+)*,/061�+),43*J,�

61D � G;<L:BG@ E@�:@D�D@MC;D@>D;SJDL

MC;DC:@DBD@H:B?@�@E@J�>JFC5xprz5ee

�:@HLC�BD@G:;F:@H@1%;:@2D@T��"yB

�BSCD@D�C:@�N

n 1L;;:<CD@MC;DDC 3C>CH:B?;�C7 <Bf

D;��C2PD@�;IBDCL=HD@JID;CE�>B<;�@�B>

�LC<BfD;��CCG;>C�CLCo

n 1G;<L:BG�iC <BfD;��C2P D@�;IBDC

L=HCEG=>DBDCB�;D@:@HL;�@�@G:;F:@H@

CG;<F;�;�L@�@D@K=<BiCCE�>B<;�@�B>

�LCC�BgD;>;FCIDCG;>C�CLCD@;KiD;��

�@C�=F>@�J�@D;���<:JFCG;>C�CLCP��C

HJ>C:@DBPD@�=:I@�@DBCG;<G;H@F@DBJI@�

�CB�;D@���P;:F@DCE@MCCD@F:@?<@D�

L;�; ;KiB���; C�BgDCH:B?CP CE�>B<;

�@�B>�LC BLCGC C D;�;�=E<@<BDC C>C <C�

�@DMC;DDCCE�>B<;�@�B>�LCMBD�:;�B;�

�GBMCSCID@�@ G:;F:@H@ 1�=�:J<DCIB��

�;2"

!:@fDC���:;LE@G;<@�@DBD@G:B<>;

?BDC�B @G:C> ��� F" �T I" K:AL�B>�L;

�:BHB"�DS;:H@MC�E@J�>;�C��@D@L;DLJ:

�@P :@K;�D@�@ G:;F:@H@ C JL@E@DC��@ E@

L@D<C<@����@DB �@ <;��=GDC D@ �������

���� ����������9��

_I;�I;;=>>�+*4+*C585� *0(5)D6,0*�65

()*+,-./*0*�12.3,4*(50,3./*� +)*.0�

)56.0(*�25��5016./5��C,)1/5�1��5)1B1�

0,� ��D;�D@�@ MB> D@ �r6r665ee B <@

��=:?B CE�>B<;�@�B>�LC ;:F@DCE@MCC E@

�=:g;�C G;��C?BDC� ;��@�CD�L@�HB:C

L@C!@:CK�LC�K@�BfD��@LC�@;���PL@

�; �B @LMBD�C:@ �=:gJ T��" �r6r665ee

G;<G;H@F@;��@:�DB�;D@���E@�@�CD�

L@�HB:CL@C!@:CKC�B"

!@�@>;FD@;:F@DCE@MCC�B;��@�CD

�L@ �HB:CL@ C !@:CKC�BP L@L�; C G;<:;K

D;��CE@JI@��CB��=�HB��DCG:;BL�CH;

?B<@D@HB:C�BD@�������888��������� �����

Page 45: ˇˆ ˙ ˝ ˛ ˚˙ ˜ ˇ:;b" ˘ ˙ ˝˛˚ ˝˛˜ ˝˛ ˝ ! ˝

���������� ���

���������������%��#

0�� m0:J�BD�=�:BOBDG:;<JL�

��� m��:;GBf�L;�;CE�>B<;�@�B>�L;G:;��:@D���;

�! m��:;GBf�L@L;HC�C�

�� m��:;GBf�LC�=AE

�!� m�DS;:H@MC;DDCCL;HJDCL@MC;DDC�BgD;>;FCC

�� m�DS;:H@MC;DDC�BgD;>;FCC

��� m�E�>B<�@DC�C�BgD;>;FCID;:@E�C�CB

��� m�@>LCC�:B<DCG:B<G:C��C�

�� m�@HL;�@G:;F:@H@

��� m�BD�=:E@�=:g;�CG;��C?BDC�