GUIA INDUSTRIAL CADIN 2013

Page 1

<>

7

ddd%758>C%\_U%[W

(&')


7

(D')

<

ddd%758>C%\_U%[W


<>

7

ddd%758>C%\_U%[W

(&')

$




7

(D')

<

>[RWQS ;WQVO RSY EOx`%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%E_S`S[aOQWy[%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%. ?b[aO 8W_SQaWcO 758>C (&')$(&'+%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%'D >[T\_ZOQWy[ >[`aWabQW\[OY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%'' '' <S`aWy[ 758>C (&'( %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%'/ ISZO` RS >[aS_w` OY HSQa\_ >[Rb`a_WOY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)' )' H\QW\` 758>C%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*/ B>EMB9H%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%,-

7G98>IDH $391//3@6! BbR' G{VTa JaXPacT 5Qdac^ HTaeXRX^b 9\_aTbPaXP[Tb' (19/-017! AXR' ;aP]Z[X] 8dPacT GT[PRX^]Tb E|Q[XRPb $3;1?7 < 5Sw] 9' A{_Ti' 03-29-5-/376! ?^aVT A' HT[eP =' '5891;3@6! #UQUSL= 2YLS\SJn #74-.79-0791;! #Q_B =SA (YBBS 4UQ_\USZ 4n"n ?{eT]Tb 5\QXT]cP[XbcPb'

7>7;5 5VX[ CXRPaPVdP

7vZO_O RS >[Rb`a_WO` RS CWQO_OUbO% G\a\[RO SY <{SU{S[`S )&& Za` OY Hb_% ISYwT%0 ((,,$..*QORW[4QORW[%\_U%[W ddd%QORW[%\_U%[W

'

ddd%758>C%\_U%[W


<>

7

(&')

;WQVO RSY ]OW` 3FD=H@ 4Q>A<C-

GS]zPYWQO RS CWQO_OUbO

7O]WaOY0

BO[OUbO%

E\PYOQWy[0

, ZWYY\[S` RS VOPWaO[aS`%

<S\U_OTxO0

')&#)-)%*& @Z(%

8WcW`Wy[ E\YxaWQO

'+ RS]O_aOZS[a\`# ( GSUW\[S` 5bay[\ZO`

E\PYOQWy[ 9Q\[yZWQOZS[aS 5QaWcO

) ZWYY\[S`%

>[cS_`Wy[ 9ea_O[XS_O 8W_SQaO (&'(0

JH! .'& ZWYY\[S`

E>60

JH! '&#+&-%- ZWYY\[S`

E_\RbQQWy[ HSQa\_ >[Rb`a_WOY

JH! *#--,%* ZWYY\[S`

9e]\_aOQW\[S` (&'(0

JH! (#--.%) ZWYY\[S`

GS`S_cO` >[aS_[OQW\[OYS`

JH! '#..-%( ZWYY\[S`

0ER<>AOE *()*-

,%,("

>RW\ZO0

#4Q>A<C$ /IG<NFC'

B\[SRO0

7y_R\PO%

IW]\ RS 7OZPW\ 87" #1KEAF *()+$

7!(*%,& 2 JH! '%&&%

ddd%758>C%\_U%[W

(


7

(D')

<

E_S`S[aOQWy[ @L 7oWL\L OP >XO_]^\TL] OP BTNL\LR_L ^TPXP PV LR\LOY OP Z\P]PX^L\ LV ]PN^Y\ ZtMVTNY c Z\T`LOY VL Z\P]PX^P <H>5 >B8HFGE>5@ 758>B +)*,% VL N_LV N_PX^L NYX VL TXQY\WLNTsX LN^_LVTdLOL OP VL] PWZ\P]L] Rd`TZRURd R _fVdecR 9l^RcR UV @_UfdecZRd j cVzV[R LOPWo]% >XQY\WLNTsX >X]^T^_NTYXLV% 9]^LOq]^TNL] ALN\YPNYXsWTNL] BTNL\LR_L +)*+% <P]^TsX 758>B +)*+% L]q NYWY ^PWL] OP TX^P\p] L VL >XO_]^\TL OPV ZLq]' EZTRcRXfR efg` V_ V] ,*+, ]`Xc`d dZX_ZyTReZg`d aRcR df VT`_`^nR& R]TR_kp f_ TXN\PWPX^Y OPV C>6 OP .'+"% VY [_P VL SL SPNSY _XY OP VY] ZLq]P] Wo] ]Y]^PXTOY] OP VL \PRTsX' @Y] ]PN^Y\P] [_P Wo] N\PNTP\YX Q_P\YX VL TXO_]^\TL WLX_QLN^_\P\L% NYX]^\_NNTsX% PbZVY^LNTsX OP WTXL] c NLX^P\L]% ^\LX]ZY\^P c NYW_XTNLNTYXP]' GLV N\PNTWTPX^Y Q_P Z\YO_N^Y OP OT]^TX^L] `L\TLMVP]% NYWY PV L_WPX^Y OP VL] PbZY\^LNTYXP]% [_P N\PNTP\YX PX *0'0" PX \PVLNTsX LV +)**% NP\\LXOY PV LrY NYX f_ e`eR] UV LJ" ,&112 ^Z]]`_Vd& ]R T`_deR_eV Z_gVcdZp_ ViecR_[VcR& j f_ Z_TcV^V_e` PX VL] \PWP]L] TX^P\XLNTYXLVP] OP _X **'," VVPRLXOY L VY] HF!*%)*-'+ WTVVYXP]' @Y] Z\TXNTZLVP] OP]^TXY] OP VL] PbZY\^LNTYXP] PX +)*+ Q_P\YX VY] WP\NLOY] OP 9]^LOY] HXTOY] #+1')"$% 7PX^\YLWp\TNL #*1'/"$% IPXPd_PVL #*.'2"$% 7LXLOo #**'/"$% c ApbTNY #+'/"$% c VL] PbZY\^LNTYXP] OPV ]PN^Y\ TXO_]^\TLV LR\PWTLOY L P]^L 7oWL\L \PZ\P]PX^L Wo] OP /)" OP VL] PbZY\^LNTYXP] ^Y^LVP] OP BTNL\LR_L' 9] \PVP`LX^P ]PrLVL\ [_P PX PV LrY +)*+ BTNL\LR_L LVNLXdY VY] HF! 1*) WTVVYXP] UV Up]RcVd V_ V] cfSc` UV @_gVcdZ`_Vd <iecR_[VcRd ;ZcVTeRd $@<;%( ;V RTfVcU` L C\Y f BTNL\LR_L% P]^L TX`P\]TsX Q_P Z\Y`PXTPX^P OP -, ZLq]P] OPV W_XOY% P]^LMVPNTPXOY _X X_P`Y \PNY\O PX N_LX^Y LV XtWP\Y OP ZLq]P] TX`P\]TYXT]^L]' CR 9l^RcR UV @_UfdecZRd YR [fXRU` f_ c`] ^fj RTeZg` V_ ]R RaVcefcR UV X_P`Y] WP\NLOY] ZL\L PbZY\^LNTsX% ZL\^TNTZLXOY PX VY] OT]^TX^Y] P]ZLNTY] OP XPRYNTLNTsX% PX^\P VY] [_P OP]^LNLX LN_P\OY] NYWP\NTLVP] NYX ApbTNY c 7STVP L]q NYWY PX PV 5N_P\OY OP 5]YNTLNTsX PX^\P 7PX^\YLWp\TNL c VL HXTsX 9_\YZPL' VY [_P VP SL ZP\WT^TOY L BTNL\LR_L L_WPX^L\ VL] PbZY\^LNTYXP]' CR 9l^RcR eR^SZm_ [fXp f_ c`] Z^a`ceR_eV V_ ]R ac`^`TZp_ UV SV_VyTZ`d j V_ ]R OPQPX]L OP VY] TX^P\P]P] OP ]_] LR\PWTLOY] LX^P OT]^TX^L] TX]^LXNTL] NYWY VL @Pc OP 7YXNP\^LNTsX G\TM_^L\TL% c VL VPc OP 7oXYX OP 5R_L% PV C\YR\LWL 7YWZP^T^T`TOLO c LV WT]WY ^TPWZY ZL\^TNTZs PX *+ NYWT]TYXP] R_MP\XLWPX^LVP]% ^PXTPXOY _X ZLZPV TWZY\^LX^P PX VY] Z\TXNTZLVP] P]ZLNTY] OP TXNTOPXNTL ZtMVTNY Z\T`LOL]'

)

ddd%758>C%\_U%[W


<>

7

(&')

@L 7oWL\L M\TXOs LZYcY LV ]PN^Y\ Z\YO_N^T`Y% PX P]ZPNTLV L VL] ATZcWP]% OYXOP ScZ_Up RdZdeV_TZR [fcnUZTR T`_ Z_deZefTZ`_Vd XfSVc_R^V_eR]Vd j Ra`jp V_ ]R Mt][_POL OP YZY\^_XTOLOP] NYWP\NTLVP] L ^\L`p] OP NLZLNT^LNTYXP] c ]_WTXT]^\Y UV Z_W`c^RTZp_ T`^VcTZR]& U`_UV dV SV_VyTZRc`_ ^ld UV +&/** DZaj^Vd( 9X WL^P\TL OP NLZLNT^LNTsX% ]PR_TWY] OP]L\\YVVLXOY ]PWTXL\TY] P]ZPNTLVTdLOY] ZL\L PV ]PN^Y\ TXO_]^\TLV% LOPWo] [_P SPWY] L_WPX^LOY X_P]^\L YQP\^L LNLOpWTNL \PLVTdLXOY OTZVYWLOY] c ZY]R\LOY] P]ZPNTLVTdLOY] PX WL^P\TL OP STRTPXP c dVXfcZURU UV] ecRSR[`& RU^Z_ZdecRTZp_ UV aVbfVo`d _VX`TZ`d j V_ XVdeZp_ ^\TM_^L\TL% VY] [_P ]P SLX \PLVTdLOY PX LVTLXdL NYX _XT`P\]TOLOP] P TX]^T^_NTYXP] P]ZPNTLVTdLOL]' 5OTNTYXLVWPX^P ]P SLX \PLVTdLOY Wo] OP *) NYX`PXTY] NYX V^acVdRd j f_ZgVcdZURUVd bfV `e`cXR_ ^Rj`cVd SV_VyTZ`d R _fVdecR ^V^ScVdnR( 9]ZP\LWY] [_P P]^L <_qL ]PL OP R\LX _^TVTOLO ZL\L VL Z\YWYNTsX c OP]L\\YVVY OP XPRYNTY]% c [_P NYX^\TM_cL PX VL QLNTVT^LNTsX OP RP]^TYXP] OPV ]PN^Y\ TXO_]^\TLV PX BTNL\LR_L' D_P\PWY] LR\LOPNP\ OP WLXP\L W_c P]ZPNTLV L ^YOL] L[_PVVL] TX]^T^_NTYXP] [_P LZYcL\YX LV NYX^PXTOY OP P]^L <_qL +)*,'

#*&! $,'-*), "%+'(-% E_S`WRS[aS 758>C

ddd%758>C%\_U%[W

*


7

(D')

< ?b[aO 8W_SQaWcO 7ORW[ (&')$(&'+%

EaTbXST]cT G\R_WU\ 7OYRS_O BPaX^ 5\PS^a' KXRT& EaTbXST]cT

5[TYP]Sa^ 8T[VPS^ 8XaTRc^a

HTaVX^ BP[cxi HTRaTcPaX^

5[TYP]Sa^ FdTiPSP 8XaTRc^a

5[TYP]Sa^ 5aVdT[[^ KXRT& HTRaTcPaX^

;PdS 9[ 5iPa GTXcWT[ 8XaTRc^a

$Q=_ALU 7=QBS\ ITb^aTa^

AdRh H_T]RTa' 8XaTRc^a

5a\P]S^ A[P]Tb BXaP]SP KXRT&ITb^aTa^

<dX[[Ta\^ IW^\Pb 8XaTRc^a

s[ePa^ 6Ta\|STb 8XaTRc^a

5[UaTS^ APRPh^ 8XaTRc^a

<TaPS^ 6P[c^SP]^ 8XaTRc^a

5]c^]X^ EP[^\PaTb 8XaTRc^a 9b_TRXP[

5\X[ZPa NQPaaP 8XaTRc^a

G^QTac^ H^[{aiP]^ 7WPR{]' 8XaTRc^a 9b_TRXP[

;aTSSh 6PaaP]cTb 8XaTRc^a

"!

ddd%758>C%\_U%[W


<>

7

(&')

FJ>9C9H HDBDH

7

l^RcR UV @_UfdecZRd UV EZTRcRXfR Vd f_R Z_deZefTZp_ T`_ aVcd`_R]ZURU [fcnUZTR&

ZL^\TWYXTY c RYMTP\XY Z\YZTY% Y\RLXTdLOY ZY\ PV ]PN^Y\ Z\T`LOY TXO_]^\TLV ZL\L NYY\OTXL\ c \PZ\P]PX^L\ ]_] TX^P\P]P]% Z\YWY`P\ PV OP]L\\YVVY TXO_]^\TLV c OL\ ]P\`TNTY] L ]_] WTPWM\Y]' 758>B% P] VL 7oWL\L 7PX^\LV c NYWY ^LV Y]^PX^L VL cVacVdV_eRTZp_ `yTZR] R_eV V] >`SZVc_`& UV e`URd ]Rd 9l^RcRd ` 7d`TZRTZ`_Vd @_UfdecZR]Vd P]^LMVPNTOL] PX PV ZLq] OP LN_P\OY NYX VL @Pc <PXP\LV OP 7oWL\L]' ;_XOLOL PX PV LrY *2.0% NYX^LWY] NYX VTOP\LdRY c PbZP\TPXNTL R\PWTLV OP Wo] OP .) LrY]' F_ AT]TsX P] \PZ\P]PX^L\ L VL TXO_]^\TL PX BTNL\LR_L% Z\YWY`TPXOY ]_] TX^P\P]P]% M\TXOLXOY ]P\`TNTY] OP NLZLNT^LNTsX c L]T]^PXNTL ^pNXTNL ZL\L TWZ_V]L\ ]_ OP]L\\YVVY% WYOP\XTdLNTsX% N\PNTWTPX^Y% NYWZP^T^T`TOLO P TX^P\XLNTYXLVTdLNTsX' 758>B N_PX^L NYX _XL ?_X^L 8T\PN^T`L VL N_LV P]^o NYXQY\WLOL ZY\ PWZ\P]L\TY] TXO_]^\TLVP]% [_TPXP] ^YWLX ]Rd UVTZdZ`_Vd j `cZV_eR_ R df aVcd`_R] V[VTfeZg` R ecRgmd UV df ;ZcVTTZp_ <[VTfeZgR( <] aVcd`_R] <[VTfeZg` UV 97;@E Vd R]eR^V_eV TR]ZyTRU`& bfZV_Vd d`_ ]`d Z_eVc^VUZRcZ`d UV ]`d V^acVdRcZ`d j V] 9`_dV[` ;ZcVTeZg`& V]]`d dV V_TRcXR_ UV ReV_UVc j cVd`]gVc dfd ac`S]V^Rd5 d`_ ]`d cVda`_dRS]Vd UV ]Rd `yTZ_Rd UV 7dVd`cnR CVXR]& 9`^VcTZ` <ieVcZ`c& APWM\P]TL% EPVLNTYXP] CtMVTNL]% FP\`TNTY] 9WZ\P]L\TLVP]% c OPV 7PX^\Y OP BPRYNTY] c 5]T]^PXNTL L VL] ATZcWP] >XO_]^\TLVP] #79B5A>$' 5]q WT]WY% N_PX^L NYX _X P[_TZY OP ac`WVdZ`_R]Vd& emT_ZT`d j aVcd`_R] UV Ra`j` TR]ZyTRU` j T`_ R^a]ZR ViaVcZV_TZR V_ V] lcVR LOWTXT]^\L^T`L' B_P]^\Y] ]YNTY] ]YX ^YOL] L[_PVVL] PWZ\P]L] OPV ]PN^Y\ TXO_]^\TLV% OP ]P\`TNTY] L VL @_UfdecZR& <^acVdRd `aVcR_U` SR[` IVXn^V_Vd <daVTZR]Vd& 7d`TZRTZ`_Vd UV DZTc`& CP[_PrL c APOTLXL >XO_]^\TL] c Y\RLXTdLNTYXP] R\PWTLVP]'

ddd%758>C%\_U%[W

""


7

(D')

< B>H>sC EPZ\P]PX^L\ L VL >XO_]^\TL% Z\YWY`TPXOY ]_] TX^P\P]P]% M\TXOLXOY ]P\`TNTY] c L]T]^PXNTL ^pNXTNL ZL\L TWZ_V]L\ ]_ OP]L\\YVVY% WYOP\XTdLNTsX% N\PNTWTPX^Y% NYWZP^T^T`TOLO P TX^P\XLNTYXLVTdLNTsX'

K>H>sC DaVP]XiPRX{] T\_aTbPaXP[ `dT aT_aTbT]cP P [P >]SdbcaXP R^\^ T[ bTRc^a [ySTa T] T[ OP]L\\YVVY ]YNTY&PNYXsWTNY OP BTNL\LR_L'

D6?9I>KDH s

7YX]^T^_T\]P PX VL TX]^T^_NTsX VqOP\ [_P \PZ\P]PX^L L VL >XO_]^\TL BTNL\LRuPX]P' s Gc`^`gVc f_ RUVTfRU` T]Z^R UV _VX`TZ`d aRcR ^V[`cRc ]R T`^aVeZeZgZURU UV s

s

VL] PWZ\P]L]' 5ZYcL\ PV OP]L\\YVVY OP VL] A>CKA9'

C\Y`PP\ TXQY\WLNTsX% L]P]Y\qL] c ]P\`TNTY] P]ZPNTLVTdLOY] L VY] ]YNTY] LOPWo] OP M\TXOL\VP] TXQY\WLNTsX ZP\^TXPX^P LV OP]L\\YVVY OP VL] LN^T`TOLOP] OP 758>B' s

EPZ\P]PX^L\ L VL TXO_]^\TL PX ]_] \PVLNTYXP] NYX PV <YMTP\XY% VL 5]LWMVPL BLNTYXLV% VL] L_^Y\TOLOP] VYNLVP] c Y^\L] TX]^T^_NTYXP] NVL`P] ZL\L ]_ OP]L\\YVVY' s

CL\^TNTZL\ LN^T`LWPX^P PX PV OP]L\\YVVY OPV NYWP\NTY TX^P\XLNTYXLV% VL TX^PR\LNTsX \PRTYXLV P TX^P\NLWMTY PNYXsWTNY c OP ^PNXYVYRqL]'

9C 758>C 97;@E TfV_eR T`_ f_ VbfZa` UV ac`WVdZ`_R]Vd V[VTfeZg`d bfV RdVd`cR_ R] PWZ\P]L\TY% [_P Y\TPX^LX ]_] LNNTYXP]% [_P VP M\TXOLX L]P]Y\qL VPRLV c [_P YQ\PNP NLZLNT^LNTYXP] [_P ]P Y\TPX^LX L VL ]YV_NTsX OP Z\YMVPWL]% L VL QY\WLNTsX OP aVcd`_R] aRcR Z_TcV^V_eRc ]R ac`UfTTZp_& ^V[`cRc ]R TR]ZURU& ]R T`^aVeV_TZR j ]Rd \PVLNTYXP] S_WLXL]' DVUZR_eV V] VbfZa` V[VTfeZg` UV 97;@E& `WcVTV^`d R _fVdec`d Ry]ZRU`d4 s @_UfdecZR EZTRcRXrV_dV _VTVdZeR T`^VcTZR]ZkRc dfd ac`UfTe`d aRcR UVdRcc`]]RcdV(

"#

ddd%758>C%\_U%[W


<>

7

(&')

s IVacVdV_eRc R ]R @_UfdecZR ERTZ`_R] R_eV Z_deR_TZRd UV T`^VcTZ` VieVcZ`c( s GRceZTZaRTZp_ V_ ]R =VUVcRTZp_ UV 9l^RcRd j 7d`TZRTZ`_Vd @_UfdecZR]Vd 7PX^\YLWP\TNLXL] c OP EPZtMVTNL 8YWTXTNLXL% #;975>75$ c Y^\Y] QY\Y] TX^P\XLNTYXLVP]' sFa`cef_ZURU UV cV]RTZ`_RcdV T`_ `ec`d Rd`TZRU`d aRcR UZdTfeZc ac`S]V^Rd NYW_XP]% YZY\^_XTOLOP] OP P]^LMVPNP\ PXNLOPXLWTPX^Y] c XPRYNTY] PX RPXP\LV' s Gc`^`TZ`_Rc j URc R T`_`TVc ]Rd RTeZgZURUVd UV ]`d d`TZ`d R ecRgmd UV ]Rd Z_MVTNLNTYXP] OP 758>B' s 9RaRTZURU UV T`_g`TRe`cZR V_ ]`d ^VUZ`d UV T`^f_ZTRTZp_ aRcR UZWf_UZc _`eZTZRd \PVLNTYXLOL] L VL >XO_]^\TL BTNL\LRuPX]P'

oFJ>9C9H EJ989C H9G HD7>DH3

s <^acVdRd @_UfdecZR]Vd _RTZ`_R]Vd ` ViecR_[VcRd bfV Vdem_ `aVcR_U` V_ V] aRnd( s <^acVdRd @_UfdecZR]Vd `aVcR_U` SR[` IVXn^V_Vd <daVTZR]Vd( s 7d`TZRTZ`_Vd UV DZTc`& GVbfVoR j DVUZR_R @_UfdecZRd( s <^acVdRd UV dVcgZTZ`d R ]R @_UfdecZR(

oFJ9 D;G979BDH3 9X 758>B% X_P]^\Y] ]YNTY] ^TPXPX LZYcY c \PZ\P]PX^L^T`TOLO ZL\L PVP`L\ ]_] OPWLXOL] L VY] Wo] LV^Y] XT`PVP] c ]P\ P]N_NSLOY]' 5OPWo]% 758>B YQ\PNP OTQP\PX^P] ]P\`TNTY] L ^\L`p] OP ]_] ]PT] >X]^LXNTL] <[VTfeZgRd4

'% D;>7>C5 89 5H9HDGq5 A9<5A M 756>A89D C`d d`TZ`d UV 97;@E R ecRgmd UV 7dVd`cnR CVXR] j 9RSZ]UV` afVUV_4 L$ 7YXYNP\ VL] Z\TXNTZLVP] VPcP] [_P LQPN^LX LV FPN^Y\ >XO_]^\TLV' M$ CL\^TNTZL\ c Z\YWY`P\ VL TX^PR\LNTsX OP 7YWT]TYXP] LOfSYN O_\LX^P PV Z\YNP]Y OP NYX]_V^L c PVLMY\LNTsX OP LX^PZ\YcPN^Y] OP VPcP]' N$ C\YZYXP\ VL \PLVTdLNTsX OP LNNTYXP] OP NLMTVOPY [_P NYX^\TM_cLX L ]YV_NTYXL\ VY] Z\YMVPWL] OP ]_ R\PWTY' O$ GPXP\ LNNP]Y L ^\L`p] OP X_P]^\L CoRTXL JPM LV FT]^PWL OP AYXT^Y\PY @_W`c^RTZp_4 KV]mW`_`4 ,,00'22.1 Vie( ++1

CL\VLWPX^L\TY'

9`ccV`4 RdVd`cZR6TRUZ_(`cX(_Z 7eV_TZp_ R4 CZTUR( BV_ZR Jl_TYVk(

ddd%758>C%\_U%[W

"$


7

(D')

< (% D;>7>C5 89 7DB9G7>D 9LI9G>DG M C9<D7>57>DC9H s Gc`^`TZp_ j UZgf]XRTZp_ UV] Rac`gVTYR^ZV_e` UV ]`d T`_gV_Z`d j ecReRU`d OP VTM\P NYWP\NTY [_P ]_]N\TMP BTNL\LR_L s GRceZTZaRTZp_ V_ T`^ZdZ`_Vd UV ecRSR[` T`_ ]`d UZWVcV_eVd DZ_ZdeVcZ`d >fSVc_R^V_eR]Vd $D@=@9& D@EJ7& D7>=FI& 9<KI<O& ;>7%& 9l^RcRd j PX^TOLOP] Z\T`LOL]' s JVXfZ^ZV_e` UV cVX]R^V_eRTZp_ emT_ZTR aRcR `aVcRTZp_ UV ]`d UZWVcV_eVd ]PN^Y\P] c VL] NYX]_V^L] ZP\^TXPX^P] NYX PX^TOLOP] OPV RYMTP\XY Y PX^TOLOP] acZgRURd& $FE>& <^SR[RURd& 9``aVcR_eVd& VeT( s GRceZTZaRTZp_ V_ cVf_Z`_Vd& RdR^S]VRd& W`c`d& V_TfV_ec`d& ^VdRd UV _VX`TZ`d j TR^aRoRd bfV T`_deR_eV^V_eV dV UVdRcc`]]R_ T`_ V] y_ UV ecReRc ^PWL] OP TX^P\p] ^pNXTNY NYWP\NTLV ZL\L VY] R\PWTY] TXO_]^\TLVP]% L]q NYWY PX R]ZR_kRd T`_ `ecRd 9l^RcRd& =<97@97& 9FJ<G VeT( s =RTZ]ZeRc @_W`c^RTZp_ UV Z_eVcmd V_ ^ReVcZR T`^VcTZR] R ]`d J`TZ`d( AYXT^Y\PY c OT`_VRLNTsX OP BY^TNTL] `TXN_VLOL] LV 7YWP\NTY s FcXR_ZkRTZp_ UV DZdZ`_Vd 9`^VcTZR]Vd aRcR ]R R^a]ZRTZp_ UV ]`d ^VcTRU`d OP PbZY\^LNTsX OP X_P]^\Y] L]YNTLOY]' s 7dVd`cR^ZV_e` R] d`TZ` V_ eV^Rd cV]RTZ`_RU`d R 9`^VcTZ` <ieVcZ`c& >X^PR\LNTsX 7PX^\YLWP\TNLXL% XY\WLVTdLNTsX c \PRVLWPX^Y] ^pNXTNY]'

)% D;>7>C5 89 B9B6G9Hq5 $ G9A57>sC HD7>DH s 7y]ZRTZp_ UV _fVgRd V^acVdRd R 97;@E( s 7eV_TZp_ UZcVTeR R] d`TZ` j TR_R]ZkRTZp_ UV dfd UV^R_URd YRTZR V] cVde` UV UVaRceR^V_e`d V[VTfeZg`d aRcR f_R ac`_eR cVdafVdeR( s <_gn` UV T`^f_ZTRTZ`_Vd R] d`TZ` j dVXfZ^ZV_e` R ]Rd ^Zd^Rd(

*% D;>7>C5 89 G9A57>DC9H Et6A>75H CR `yTZ_R UV IV]RTZ`_Vd GqS]ZTRd dV V_TRcXR UV ac`^`TZ`_Rc ]Rd RTeZgZURUVd OP 758>B c ]_] L]YNTLOY]3 c M\TXOL\ _XL TWLRPX NY\ZY\L^T`L [_P \PZ\P]PX^P PV VTOP\LdRY PWZ\P]L\TLV OPV ]PN^Y\ TXO_]^\TLV'

"%

ddd%758>C%\_U%[W


<>

7

(&')

IV]RTZ`_Vd GqS]ZTRd dV V_TRcXR UV4 & C_MVTNL\ L\^qN_VY] OP TX^P\p] ZL\L PV ]PN^Y\ TXO_]^\TLV' ;Zgf]XRc ]Rd RTeZgZURUVd UV 97;@E j dfd V^acVdRd Ry]ZRURd( & ALX^PXP\ TXQY\WLOY] L X_P]^\Y] LR\PWTLOY]'

&

& &

& FcXR_ZkRc VgV_e`d UV Z_eVcmd aRcR ]`d d`TZ`d( 8P]^LNL\ PV pbT^Y PWZ\P]L\TLV OP X_P]^\L] TXO_]^\TL]' FP\ PV PXVLNP PX^\P 758>B c VY] WPOTY] OP NYW_XTNLNTsX'

5 ^\L`p] OPV OPZL\^LWPX^Y OP EPVLNTYXP] CtMVTNL]% YQ\PNPWY] VL Y\RLXTdLNTsX OP NYXQP\PXNTL] OP Z\PX]L% QY\Y] c P`PX^Y]' 9]^P dVcgZTZ` eZV_V f_ T`de` UZWVcV_TZRU` aRcR _fVdec`d Ry]ZRU`d( 7UV^ld& YQ\PNPWY] PV ]P\`TNTY OP LV[_TVP\P] OP ]LVYXP] NYX L^PXNTsX OP \PQ\TRP\TY]% LVW_P\dY] c NsN^PVP]'

+% D;>7>C5 89 H9GK>7>DH 89 89H5GGDAAD 9BEG9H5G>5A CR FyTZ_R UV JVcgZTZ`d UV ;VdRcc`]]` <^acVdRcZR] eZV_V T`^` `S[VeZg` Z_TcV^V_eRc ]R T`^aVeZeZgZURU j a`eV_TZR]ZkRc ]R Z_dVcTZp_ PX VY] PbTRPX^P] WP\NLOY] TX^P\XLNTYXLVP] OP VY] ]YNTY] OP 758>B L y_ UV ac`^`gVc V] UVdRcc`]]` UV ]R Z_UfdecZR _ZTRcRXrV_dV( JVcgZTZ`d <^acVdRcZR]Vd eZV_V T`^` ^VeR& V_W`TRcdV V_ TfRec` lcVRd UV ecRSR[`4 R% 9RaRTZeRTZp_4 9V 7PX^\Y OP 7LZLNT^LNTsX C\YQP]TYXLV ^TPXP NYWY Z\YZs]T^Y ]L^T]QLNP\ VL] XPNP]TOLOP] LN^_LVP] OPV FPN^Y\ >XO_]^\TLV% WPOTLX^P PV P]^LMVPNTWTPX^Y OP _X Z\YR\LWL OP NLZLNT^LNTsX [_P ZP\WT^L PV OP]L\\YVVY OPV \PN_\]Y S_WLXY OP VL] PWZ\P]L] ]YNTL] OP 758>B' >WZL\^TWY] N_\]Y]% ]PWTXL\TY] Y ^LVVP\P] P]ZPNTLVTdLOY] PX PV UVdRcc`]]` UV eV^Rd TcneZT`d aRcR ^V[`cRc ]R T`^aVeZeZgZURU UV ]Rd PWZ\P]L] ZL\^TNTZLX^P] c L]PR_\L\ PV pbT^Y PWZ\P]L\TLV' S% JZdeV^Rd UV >VdeZp_4 8cZ_UR^`d V] dVcgZTZ` UV UZdVo`& Z^a]V^V_eRTZp_ j ^V[`cR^ZV_e` UV JZdeV^Rd UV >VdeZp_ UV 9R]ZURU $@JF 3**+%& DVUZ`R^SZV_eV $@JF +.**+% V @_`TfZURU 7]Z^V_eRcZR $?799G%& T`_ V] `S[VeZg` UV ac`UfTZc UV W`c^R d`deV_ZS]V j R ]R gVk ^V[`cRc ]R TR]ZURU UV ]`d ac`TVd`d& aRcR

ddd%758>C%\_U%[W

"&


7

(D')

< VL TX^P\XLNTYXLVTdLNTsX OP VL] PWZ\P]L] OPV ]PN^Y\ TXO_]^\TLV NYWY OP ]P\`TNTY] ]PRtX VL] XY\WL] [_P PbTRPX VY] WP\NLOY] TX^P\XLNTYXLVP]' B_P]^\Y] ]P\`TNTY] TXNV_cPX NLZLNT^LNTYXP]% L]P]Y\qL% L_OT^Y\qL] TX^P\XL] j Ra`j` UfcR_eV ]`d ac`TVd`d UV TVceZyTRTZp_ j ^R_eV_Z^ZV_e` UV ]`d ]T]^PWL] OP RP]^TsX' T% ;ZRX_pdeZT`d <^acVdRcZR]Vd j 7dZdeV_TZR KmT_ZTR4 CYXPWY] L OT]ZY]TNTsX OP X_P]^\Y] ]YNTY]% PV ]P\`TNTY OP 8TLRXs]^TNY] <^acVdRcZR]Vd T`_ V] `S[VeZg` UV UVeVTeRc ]Rd W`ceR]VkRd j UVSZ]ZURUVd UV ]_ PWZ\P]L NYX PV Z\YZs]T^Y OP OT]PrL\ _X ZVLX [_P ZP\WT^L NLWMTL\ j ^V[`cRc RbfV]]`d RdaVTe`d V_ ]`d bfV dV Vdel WR]]R_U`( 7dZ^Zd^`& ]Vd M\TXOLWY] PV ]P\`TNTY OP L]P]Y\LWTPX^Y ^pNXTNY ZL\L VY N_LV ZYXPWY] L OT]ZY]TNTsX X_P]^\Y] NYX]_V^Y\P] c ^pNXTNY] P]ZPNTLVT]^L] [_P VP Lc_OL\oX R cVd`]gVc ]Rd UZyTf]eRUVd UV df V^acVdR V_ ^ReVcZR RU^Z_ZdecReZgR& Z\YO_N^T`L% P^N'

,% 79C5B>% 9V 7PX^\Y OP BPRYNTY] c 5]T]^PXNTL L VL] ATZcWP] >XO_]^\TLVP]% P] VL `yTZ_R UV ReV_TZp_ R ]Rd D@GPD<J& bfV eZV_V T`^` Wf_TZp_ acZ_TZaR] ]R W`c^f]RTZp_ j SqdbfVUR UV ac`jVTe`d bfV T`_ecZSfjR_ R ]R ^V[`cR UV ]R NYWZP^T^T`TOLO OP VL] CP[_PrL] c APOTLXL] 9WZ\P]L] ]YNTL] OP 758>B' FP PXNL\RL OP P]^LMVPNP\ NYY\OTXLNTYXP] TX^P\TX]^T^_NTYXLVP] [_P ZP\WT^LX ScZ_URc f_ ^V[`c dVcgZTZ` R e`U`d ]`d d`TZ`d UV 97;@E j V_ VdaVTZR] R] ]PN^Y\ A>CKA9' <deR FyTZ_R RUV^ld& cVacVdV_eR R ]Rd D@GPD< UV 97;@E R_eV ]Rd TX]^LXNTL] R_MP\XLWPX^LVP] c XY R_MP\XLWPX^LVP]% Z\P]PX^LXOY LX^P PVVY] dfd Z_eVcVdVd j V_ ]R SqdbfVUR UV RTTZ`_Vd bfV SV_VyTZV_ R] dVTe`c( <_ T``cUZ_RTZp_ T`_ ]R FyTZ_R UV JVcgZTZ`d <^acVdRcZR]Vd& V] 9<E7D@& ScZ_UR R ]`d d`TZ`d UV 97;@E ]R `a`cef_ZURU UV SV_VyTZRcdV UV ac`jVTe`d OP OP]L\\YVVY PWZ\P]L\TLV'

"'

ddd%758>C%\_U%[W


<>

7

(&')

5H9HDG9H 9LI9GCDH% 7oWL\L OP >XO_]^\TL] NYWZ\YWP^TOY NYX M\TXOL\ ]P\`TNTY] P]ZPNTLVTdLOY]% NYX^LWY] NYX _X R\_ZY OP P]ZPNTLVT]^L] [_P XY] NYVLMY\LX NYWY L]P]Y\P] Pb^P\XY] ZL\L PV LXoVT]T] OP ^PWL] OP R\LX TWZLN^Y PX PV FPN^Y\ c VL L]T]^PXNTL L X_P]^\Y] L]YNTLOY] PX VL] ]TR_TPX^P] lcVRd4 # 7dVd`cnR V_ 9`^VcTZ` <ieVcZ`c v CZT( FdTRc 7]V^l_ 8V_RgZUVd( # 7dVd`cnR UV] 9`_dV[` ;ZcVTeZg` j 9`^Zem <[VTfeZg` v ;c( IV_m IfZk HfVkRUR( # 5]P]Y\qL PX GPWL] 5O_LXP\Y]& 8\' =PX\c GSYWZ]YX'

7DB>H>DC9H% 758>B NYX PV Z\YZs]T^Y OP \PZ\P]PX^L\ c WLX^PXP\ TXQY\WLOY] L X_P]^\Y] ]YNTY] P] ZL\^P UV ]Rd dZXfZV_eVd T`^ZdZ`_Vd4 s 9`^ZdZp_ ERTZ`_R] UV Q`_Rd =cR_TRd $9EQ=%( s 9`_dV[` ERTZ`_R] UV] KcRSR[`( s 9`^ZdZp_ ERTZ`_R] UV JR]RcZ` Dn_Z^`( s 9`_dV[` ERTZ`_R] UV ?ZXZV_V j JVXfcZURU UV] KcRSR[` $9E?JK%( s 9`^ZdZp_ @_eVcZ_deZefTZ`_R] =RTZ]ZeRU`cR UV] 9`^VcTZ` $9@=9F%( s 9`^ZdZp_ ERTZ`_R] 7cR_TV]RcZR j 7UfR_VcR $9E77%( s 9`_dV[` ERTZ`_R] UV ]`d IVTfcd`d ?nUcZT`d $9EI?%( s 9`^ZdZp_ ERTZ`_R] UV E`c^R]ZkRTZp_ j UV 9R]ZURU $9EE9%( s 9`_dV[` ERTZ`_R] UV 9ZV_TZR j KVT_`]`XnR $9FEP9@K%(

DG<5C>N57>DC9H 9BEG9H5G>5A9H s 9`_dV[` JfaVcZ`c UV ]R <^acVdR GcZgRUR v 9FJ<G4 ;V_ec` UV VdeR `cXR_ZkRTZp_ W`c^R^`d aRceV UV ]R4 9`^ZdZp_ AfcnUZTR& 9`^ZdZp_ CRS`cR] j ]R JfST`^ZdZp_ UV ?ZXZV_V j FPR_\TOLO' s =VUVcRTZp_ UV 9l^RcRd j 7d`TZRTZ`_Vd @_UfdecZR]Vd 9V_ec`R^VcZTR_Rd j UV IVaqS]ZTR ;`^Z_ZTR_R $=<97@97%4 =<97@97 Vd ]R `cXR_ZkRTZp_ bfV ac`^fVgV V] UZl]`X` V_ecV PV ]PN^Y\ TXO_]^\TLV 7PX^\YLWP\TNLXY c VY] <YMTP\XY]% TX]^T^_NTYXP] \PRTYXLVP] P TX^P\XLNTYXLVP]% ZL\L PXNYX^\L\ ]YV_NTYXP] L VY] Z\YMVPWL] [_P PXQ\PX^L VL >XO_]^\TL EPRTYXLV'

ddd%758>C%\_U%[W

"(


;<G7IK7D<EKF 89 J<IM@9@FJ

9ACE9F5E>5@9F !%"('0")+. .%)'*"-'+. $% ./ ,-%&%-%*#'" %* ./ %),-%."

>[T\_ZOQWy[0 B`Q% GyUS_ J_WO_aS 9 ZOWY0 `S_cWQW\`4QORW[%\_U%[W ISYST\$ [\0 ((,, $ ..*- Sea% '''# '(+# '&/


<>

7

(&')

(6=>7A9

%$&), #!"#

ddd%758>C%\_U%[W

"*


7

(D')

<

758>C S >C759

G95A>N5C 9L>IDH5 7DC;9G9C7>5 h7=>C5# K9C9NJ9A5 M JC BJC8D 89 D77>89CI9 9C 7G>H>Hi ALXLR_L +. OP ?_VTY OPV +)*+ & 7oWL\L OP >XO_]^\TL] OP BTNL\LR_L PX LVTLXdL NYX PV >B759 6_]TXP]] FNSYYV% \PLVTds PX PV =Y^PV >X^P\NYX^TXPX^LV AP^\YNPX^Y VL WLRT]^\LV NYXQP\PXNTL e7STXL% IPXPd_PVL c _X A_XOY UV FTTZUV_eV V_ 9cZdZdx& ]R TfR] X`kp T`_ ]R PbZY]TNTsX OPV 8YN^Y\ PX 9NYXYWqL% 5VMP\^Y KcV[`d j V] ;`Te`c V_ ?Zde`cZR D`UVc_R 7]SVce` 7\_d% [_TPXP] PbZVTNL\YX PV TWZLN^Y [_P ^TPXPX VL] PVPNNTYXP] PX IPXPd_PVL% VL N\T]T] OP 9_\YZL c 9]^LOY] HXTOY] PX VL PNYXYWqL XTNL\LRuPX]P' 9V P`PX^Y NYX^s NYX VL] ZLVLM\L] OP MTPX`PXTOL OPV @TN' AL\TY 5WLOY\% C\P]TOPX^P OP 758>B% [_TPX OP]^LNs VL LWZVTL PbZP\TPXNTL OP VY] PbZY]T^Y\P] PX VY] ^PWL] OP OP]L\\YVVY TX^P\XLNTYXLV% LR\qNYVL% PNYXsWTNY OP VY] ZLq]P] c PX W_NSY] Y^\Y] ^PWL]' GLWMTpX PbZ\P]s [_P eVL NYWMTXLNTsX OP PVPWPX^Y] NYWY VY] PNYXsWTNY] c VY] ZYVq^TNY] OP VY] PbZY]T^Y\P]% OTP\YX _XL \P]PrL OP SLNTL OYXOP `L PV CLq] c SLNTL OYXOP `L PV W_XOY PX^P\Y c [_P ZYOPWY] VdaVcRc V_ f_ Wfefc` TVcTR_`x( <] ;c( 7]SVce` KcV[`d& Viafd` V] eV^R UV ]R TcZdZd y_R_TZVcR V_ <deRU`d L_ZU`d& ]`d `cnXV_Vd j ^PXOPXNTL L VL\RY ZVLdY OP P]^L% LOPWo] OPV NYVLZ]Y OP 9_\YZL% ]_] Z\YMVPWL] NYc_X^_\LVP] c P]^\_N^_\LVP] c ZY\ _V^TWY VL P]^\L^PRTL PNYXsWTNL OP 7STXL% OPV nZY\[_P Q_XNTYXL SL]^L PV OqL OP SYc4% VY] \P^Y] LN^_LVP] c VL ]Y]^PXTMTVTOLO L VL\RY ZVLdY OP VL WT]WL' IP\ C\P]PX^LNTsX 9X OTNSL NYXQP\PXNTL PV 8\' 5\^_\Y 7\_d ^_`Y NYWY ^PWL Z\TXNTZLV VL NYYZP\LNTsX ZP^\YVP\L `PXPdYVLXL c VL \PVLNTsX NYWP\NTLV% ^YWLXOY PX N_PX^L _X ZY]TMVP NLWMTY OP <YMTP\XY PX P]P CLq]% VY [_P RPXP\L _XL TXNP\^TO_WM\P PX BTNL\LR_L% cL [_P XY ]P P]^o NVL\Y VL ZY]TNTsX Y SL]^L [_P Z_X^Y ]P ZYO\qL WLX^PXP\ P]^L \PVLNTsX NYWP\NTLV c OP NYYZP\LNTsX PX^\P LWMY] ZLq]P]'

#!

ddd%758>C%\_U%[W

7LMP OP]^LNL\ [_P P]^P P`PX^Y XY S_MTP\L ]TOY a`dZS]V dZ_ V] Ra`j` UV ]Rd V^acVdRd Ry]ZRURd R 758>B% NYWY 7YWP\NTLV >XO_]^\TLV FLX AL\^TX% 5R\TNY\Z% BTNL\LR_L F_RL\ 9]^L^P] @TWT^PO% GR_eR]V`_& 9FD7J7& CRS`cRe`cZ`d I7IG<& KZa K`a c 7PX^\YVLN% L [_TPXP] VP] \PT^P\LWY] c LR\LOPNPWY] ]_ NYX^\TM_NTsX'


<>

7

;>GB5 75GI5 89 >CI9C7>sC 7DC A5 JC>K9GH>858 75IsA>75 E5G5 9?97J7>sC 89 hEDH<G58D 9C =><>9C9 M H9<JG>858i% ATp\NYVP] . OP 8TNTPWM\P & 9X VL] TX]^LVLNTYXP] OP VL L_ZgVcdZURU 9Rep]ZTR LE@97& dV ]]Vg` R TRS` ]R yc^R OP 7L\^L OP >X^PX]TsX ZL\L VVP`L\ L NLMY _X CY]R\LOY V_ ?ZXZV_V j JVXfcZURU UV] KcRSR[` V_ecV 97;@E j VdeR acVdeZXZ`dR f_ZgVcdZURU& Vde` T`_ V] `S[VeZg` acZ_TZaR] UV VdeRS]VTVc ]Rd SRdVd j ]n_VRd UV ecRSR[` bfV UVdRcc`]]Rcl_ T`_[f_eR^V_eV ]`d `cXR_ZkRU`cVd aRcR ]R V[VTfTZp_ UV OTNSY CY]R\LOY' 758>B% NYWY \PZ\P]PX^LX^P OP VY] PWZVPLOY\P] LX^P PV 9`_dV[` ERTZ`_R] UV ?ZXZV_V j JVXfcZURU YR ac`^`gZU` VdeV G`dXcRU` bfV eV_Ucl T`^` `S[VeZg` W`c^Rc VdaVTZR]ZdeRd V_ =TRTPXP c FPR_\TOLO [_P `PVPX ZY\ VL Z\Y^PNNTsX OP VL ]LV_O UV ]`d ecRSR[RU`cVd& aRcR ]R acVgV_TZp_ Z_UZgZUfR]& T`]VTeZgR c ]YNTLV% OP]L\\YVVLXOY PX PVVY]% OP]^\PdL] c LZ^T^_OP] ZL\L VL NYWZ\PX]TsX OP VY] \TP]RY] PX PV LWMTPX^P TXO_]^\TLV% [_P ZP\WT^LX OTLRXY]^TNL\VY]% Z\P`PXT\VY] c \P]YV`P\VY]' CL\L PV pbT^Y OPV WT]WY 758>B c HB>75 SLX RL\LX^TdLOY bfV ]`d U`TV_eVd bfV UZcZ[R_ V] Tfcd` dVR_ ]`d ;ZcVTe`cVd UV ?ZXZV_V j JVXfcZURU UV] KcRSR[` UV] D@KI78 V] @_X( ;\LXNT]NY 6YVLrY]' >XR' ?Y\RP =P\XLXOPd% VL >XR' @_NTL ;VY\P] H\MTXL% NYX VY N_LV ]P P]^o RL\LX^TdLXOY _XL YZ^TWL PX]PrLXdL% _^TVTdLXOY _XL WP^YOYVYRqL *)) " Z\LN^TNL' 9V C\P]TOPX^P OP VL 7oWL\L OP >XO_]^\TL] OP BTNL\LR_L% @TN' AL\TY 5WLOY\ ET`L] PbZ\P]s [_P P]^L `TXN_VLNTsX PX^\P HXT`P\]TOLO&9WZ\P]L P] W_c TWZY\^LX^P ZL\L PV Z\YR\P]Y OPV CLq]' e9]^P NYX`PXTY ]P\o _X QLNTVT^LOY\ ZL\L P]^\PNSL\ ]Rd T``aVcRTZ`_Vd V_ecV V] dVTe`c acZgRU` j RTRUm^ZT`x&

(&')

AR yc^R UV] T`_gV_Z` Vdefg` acVdZUZUR a`c VL @TN' ATNSPVVP A' ET`L] EPcP]% EPN^Y\L OP VL HXT`P\]TOLO 7L^sVTNL eEPOPWZ^Y\T] DReVcx j V] CZT( DRcZ` 7^RU`c& GcVdZUV_eV OP 758>B% [_TPXP] NYTXNTOTP\YX PX VL Z^a`ceR_TZR UV ecRSR[Rc V_ T`_[f_e` aRcR W`^V_eRc V] UVdRcc`]]` UV] aRnd& y_ bfV aVcdZXfV V] T`_gV_Z` yc^RU`( 9X VL LN^_LVTOLO% PX BTNL\LR_L ]P SLX SPNSY] TXX_WP\LMVP] P]Q_P\dY] PX N_LX^Y L VPRT]VLNTsX c \PQY\WL] VLMY\LVP] [_P aVc^ZeR_ ^V[`cRc ]R ac`UfTeZgZURU UV VL] Y\RLXTdLNTYXP] c VL] NYXOTNTYXP] OP ecRSR[`( <d Rdn& T`^` dV YR_ VWVTefRU` V_ VY] tV^TWY] LrY] OTQP\PX^P] ZYVq^TNL] ZL\L P]^LMVPNP\ _X WL\NY XY\WL^T`Y [_P ZP\WT^L YMVTRL\ L VY] OTQP\PX^P] PWZVPLOY\P] L N_WZVT\ NYX VL] OT]ZY]TNTYXP] NYX^PXTOL] PX PV 7sOTRY @LMY\LV c VL @Pc OP =TRTPXP j JVXfcZURU UV] KcRSR[`( JZ_ V^SRcX`& W_NSL] PWZ\P]L] XY N_PX^LX NYX PV ZP\]YXLV OPMTOLWPX^P NLZLNT^LOY [_P VP] ZP\WT^LX N_WZVT\ NLMLVWPX^P NLOL _XL OP P]^L] OT]ZY]TNTYXP]% ZY\ ^LV \LdsX ]P SLNP XPNP]L\TY Z\PZL\L\VY] NYX SP\\LWTPX^L] [_P NYX^\TM_cLX L RL\LX^TdL\ c WTXTWTdL\ VY] LNNTOPX^P] VLMY\LVP] PX PV ]T^TY OP ecRSR[`(

\P]XUTbc{ 5\PS^a'

ddd%758>C%\_U%[W

#"


7

(D')

<

758>C ;>GB5 7DCK9C>D 7DC A5 J5B 9`_ V] `S[VeZg` UV a`eV_TZR]ZkRc V] gn_Tf]` V^acVdR v f_ZgVcdZURU& V] UnR -* UV Af]Z` dV yc^p f_ T`_gV_Z` UV T`]RS`cRTZp_ V_ecV ]R L_ZgVcdZURU 7^VcZTR_R T`_ 979FE@9 K 758>B' 9]^P NYX`PXTY ]P\o _X QLNTVT^LOY\ ZL\L P]^\PNSL\ VL] NYYZP\LNTYXP] PX^\P PV ]PN^Y\ Z\T`LOY c LNLOpWTNY% aVc^ZeZV_U` R ]R L_ZgVcdZURU T`_`TVc ^V[`c ]Rd UV^R_URd UV] ]PN^Y\ PWZ\P]L\TLV% L VY] P]^_OTLX^P] ^PXP\ WLcY\ NYXYNTWTPX^Y d`ScV V] ^f_U` ac`WVdZ`_R] j `e`cXRcl UZdeZ_e`d SV_VyTZ`d R ]Rd V^acVdRd Ry]ZRURd R 97;@E P 9<E7D@( CR yc^R UV] T`_gV_Z` Vdefg` acVdZUZUR a`c V] IVTe`c UV ]R H5A% 8\' 9\XP]^Y APOTXL% PV >XR' AL\TY <YXdoVPd% C\P]TOPX^P UV 979FE@9& j V] CZT( DRcZ` 7^RU`c& GcVdZUV_eV UV 97;@E& bfZV_Vd T`Z_TZUZVc`_ V_ ]R Z^a`ceR_TZR UV ecRSR[Rc V_ T`_[f_e` aRcR W`^V_eRc V] UVdRcc`]]` UV] aRnd& y_ bfV aVcdZXfV V] T`_gV_Z` yc^RU`( 9V @TN' AL\TY 5WLOY\% C\P]TOPX^P OP 758>B% OP]^LNs VL LVTLXdL PX^\P VL] OY] 7oWL\L] c VL H5A% WLXTQP]^LXOY [_P P]^L _XTsX% P] VL [_P OPMPWY] OP ^PXP\ ^YOY] VY] XTNL\LRuPX]P]% bfV ]R L_ZgVcdZURU j V] JVTe`c GcZgRU` dZXR_ ecRSR[R_U` UV ]R ^R_`& aRcR bfV _` `TfccR V_ V] GRnd4 w]R L_ZgVcdZURU TcVR_U` ac`WVdZ`_R]Vd bfV _` V_TfV_ecR_ ecRSR[` j V^acVdRd TcVR_U` UV^R_UR UV ecRSR[`d dZ_ V_T`_ecRc V] Ra`j` _VTVdRcZ` aRcR a`UVc UVdRcc`]]Rc R EZTRcRXfRx(

##

ddd%758>C%\_U%[W

<deV T`_gV_Z` SV_VyTZRcl R ]Rd A>CKA9F% cL [_P LM\T\o VL ZY]TMTVTOLO OP [_P P]^_OTLX^P] OP VL H5A Z_POLX \PLVTdL\ ZL]LX^qL] PX OTNSL] PWZ\P]L]% c OP VL WLXY OPV 79B5A> ZP\WT^T\o [_P VY] P]^_OTLX^P] LZY\^PX PV OP]L\\YVVY OP P]^P ]PRWPX^Y PWZ\P]L\TLV' 9]^P NYX`PXTY ^LWMTpX \PZ\P]PX^L f_ gR]`c RXcVXRU` R ]`d ecRSR[RU`cVd OP VL] PWZ\P]L] ]YNTL] OP 758>B c 79B5A>% cL [_P VP] OL\o TWZY\^LX^P] OP]N_PX^Y] PX VY] N_\]Y] [_P TWZL\^P VL H5A% L]q NYWY PX ]P\`TNTY] YOYX^YVsRTNY] c Y^\Y] X]R^a_^aPS^b T] T[ R^]eT]X^'


<>

7

(&')

G95A>N5 >_O <G58J57>sC 89A EGD<G5B5 ;57>A>I58DG9H% ITP\XP] )2 OP BY`TPWM\P & 7oWL\L OP >XO_]^\TL] OP BTNL\LR_L PX LVTLXdL NYX VL 5NLOPWTL OP <P\PXNTL PX >XXY`LNTsX c @TOP\LdRY OP 7Y]^L IZTR j EZTRcRXfR $7>@C%& D7J<J7& VKVTY& 9#F @_gVcdZ`_Vd V @EK<IGIFC7N& cVR]ZkRc`_ V_ ]Rd TX]^LVLNTYXP] OP 758>B% VL Z\TWP\L Z\YWYNTsX OP RP\PX^P] OP WP\NLOPY c `PX^L]% P]ZPNTLVTdLOY] PX WTN\YPWZ\P]L]' 8YXOP ]P Y^Y\RL\YX Z\PWTY] R ]`d , acZ^Vc`d ]fXRcVd4 + ^`e` G]ReZ_R UV A5F9F5 c * GLMVP^ GT^LX OP PGPNS' eHXY OP VY] Z\TXNTZLVP] Z\YMVPWL] PX BTNL\LR_L P] VL QLV^L OP Z\YQP]TYXLVP] NYX NYXYNTWTPX^Y] ^pNXTNY] PX RP\PXNTL [_P NYX]YVTOPX PV N\PNTWTPX^Y OP WTN\YPWZ\P]L]' CY\ P]Y% 758>B c P]^L] PWZ\P]L] NYVLMY\L\oX ZY\ *. WP]P] PX PV Z\YcPN^Y QLNTVT^LOY\P]% Z\YR\LWL [_P QY\WL\o R\L^_T^LWPX^P L WTVP] OP XTNL\LRuPX]P] PX >VcV_eVd UV DVcTRUV` j MV_eRdx& ViacVd` NR]eVc IVoRdT`& ;ZcVTe`c <[VTfeZg` UV ]R 7TRUV^ZR UV <P\PXNTL PX >XXY`LNTsX c @TOP\LdRY OP 7Y]^L ETNL c BTNL\LR_L #5RTV$' @L WT]TsX OP P]^Y] RP\PX^P] P] LZYcL\ <E5GH>G5A9BG9 L WTN\YPWZ\P]L] [_P

XPNP]T^PX CVLXP] OP AP\NLOPY c IPX^L] LNY\OP] L ]_] XPNP]TOLOP]' 7YWY Z\TWP\ \P]_V^LOY OP Z^aRTe` d`TZ`'VT`_p^ZT`& V_ V] ^Vd UV FTefScV& =79@C@K7;FI<J T`_ecZSfjp T`_ LJ" 21&***(** UV VdeR ^R_VcR4 LJ" 0*&***(** cVacVdV_eRU`d V_ /) ZVLXP] OP WP\NLOPY c `PX^L] PVLMY\LOY] ZL\L VL] Z\TWP\L] WTN\YPWZ\P]L] MPXPQTNTLOL] L XT`PV XLNTYXLV3 c NYX HF! +0%)))')) PX NLZLNT^LNTsX c Z\YQP]TYXLVTdLNTsX OP P]^_OTLX^P]% [_TPXP] cL ]P NYX`T\^TP\YX L ^\L`p] OP P]^P Z\YR\LWL PX VY] Z\TWP\Y] /) <P\PX^P] OP AP\NLOPY c IPX^L] OP BTNL\LR_L% P]ZPNTLVTdLOY] PX WTN\YPWZ\P]L]' 9V TX^P\p] OP P]^L 7oWL\L c OP P]^P R\_ZY OP PWZ\P]L] P] [_P Z\YQP]TYXLVP] c PWZ\P]L] OT]Q\_^PX OP MPXPQTNTL\]P OP P]^P Z\YR\LWL [_P LZY\^L\o HF! *+.')))')) L ZL\^T\ OP BY`TPWM\P OPV +)*+% ZL\L MPXPQTNTL\ WPX]_LVWPX^P L *)) WTN\YPWZ\P]L] c *)) QLNTVT^LOY\P] SL]^L 8TNTPWM\P OPV +)*,'

ddd%758>C%\_U%[W

#$


7

(D')

<

)2 OP ?_VTY OPV +)*+ & 7oWL\L OP >XO_]^\TL] OPBTNL\LR_L%\PLVTds PV VLXdLWTPX^Y OP VL Z_MVTNLNTsX OP ]R w>fnR @_UfdecZR] 97;@Ex& T`_ VL N_LV ]P Z\YWY`P\o VY] ]P\`TNTY] [_P M\TXOL 758>B L VL >XO_]^\TL BTNL\LRuPX]P3 NYWZL\^TPXOY PV 8T\PN^Y\TY OP FYNTY] 758>B c ]Rd DZaj^Vd Ry]ZRURd R] 9V_ec` OP BPRYNTY] c 5]T]^PXNTL L VL ATN\Y% CP[_PrL c APOTLXL 9WZ\P]L >XO_]^\TLV #79B5A>$% c ^LWMTpX PbZYXP ^PWL] OP >X^P\p] LV FPN^Y\ >XO_]^\TLV PXQYNoXOY]P Z\TXNTZLVWPX^P PX L\^qN_VY] TXQY\WL^T`Y] [_P ^\L^LX ]YM\P _XL Z\YO_NNTsX LWTRLMVP NYX PV APOTY 5WMTPX^P' 9X^\P VY] OTQP\PX^P] ^PWL] OP TX^P\p] eV_V^`d4 V] Ld` UV <_VcXnR EPXY`LMVP% VL >XO_]^\TL c PV APOTY 5WMTPX^P% EP]ZYX]LMTVTOLO FYNTLV 9WZ\P]L\TLV PX BTNL\LR_L% V] IVTZT]R[V& VeT( 8P TR_LV WLXP\L% ]P \PLVTds VL Z_MVTNLNTsX OP VL e<_qL OP G\oWT^P] c <P]^TsX NYX >`SZVc_`x& V_ ]R TfR] dV V_TfV_ecR \PNYZTVLOL VY] Z\TXNTZLVP] ^\oWT^P] [_P OPMPX \PLVTdL\ VL] ATZcWP] BTNL\LRuPX]P] ZL\L YZP\L\ VPRLVWPX^P PX PV CLq]' 8TNSL <_qL ]P\`T\o ZL\L PV

#%

ddd%758>C%\_U%[W

G95A>N5 A5CN5B>9CID 89 A5 h<Jq5 >C8JHIG>5A 758>Ci M A5 h<Jq5 89 IGpB>I9H M <9HI>DC9H 7DC <D6>9GCDi

QY\^LVPNTWTPX^Y OP VY] ]P\`TNTY] [_P X_P]^\L Y\RLXTdLNTsX M\TXOL L VL] ATN\Y% ZP[_PrL]% c WPOTLXL] PWZ\P]L] TXO_]^\TLVP] L [_TPXP] L]P]Y\LWY] c R_TLWY] PX ]_] ^\oWT^P] LX^P TX]^T^_NTYXP] NYX X`SZVc_`( <_ y_ UV ]R afS]ZTRTZp_ OP LWML] <_qL] P] NYX^\TM_T\ PX VL QLNTVT^LNTsX OP RP]^TYXP] OPV ]PN^Y\ TXO_]^\TLV PX BTNL\LR_L' e9]^L R_qL OP ^\LWT^P] PX _X ^PWL Q_XOLWPX^LV ZL\L XY]Y^\Y]% j YV^`d Z_T]fZU` V_ 9FJ<G PX BTNL\LR_L PX RPXP\LV% PX ^YOL] VL] 7oWL\L]% PV ^PWL OP VL VPRLVTdLNTsX c QY\WLVTdLNTsX OP VL] PWZ\P]L]' 7\PPWY] [_P ^YOY] OPMPWY] OP OL\ PV ZL]Y OP T\XY] QY\WLVTdLXOY% ZL\L [_P ^YOY] ZYOLWY] NYX^\TM_T\ OP LVR_XL WLXP\L LV ]Y]^PXTWTPX^Y OP VL VT`_`^nR _RTZ`_R]x& ViacVdp PV @TNPXNTLOY AL\TY 5WLOY\% C\P]TOPX^P OP 758>B'


<>

7

(&')

758>C$79C5B> M B>;>7 ;>GB5C 57J9G8D E5G5 EGDM97ID ;DGI5A97>B>9CID 89 A5 75E57>858 89 EGD8J77>sC# B9?DG5B>9CID 89 A5 75A>858 M 75E57>8589H 89 B9G7589D 89 A5 G98 89 E9FJ9rDH I5AA9G9H 89 BJ96A9H

9V ATXT]^P\TY OP ;YWPX^Y% >XO_]^\TL c 7YWP\NTY #A>;>7$ &NYX QYXOY] OP @L HXTsX 9_\YZPL & c VL 7oWL\L OP >XO_]^\TL] OP EZTRcRXfR& yc^Rc`_ V] gZVc_Vd , UV ;ZTZV^ScV& f_ ac`jVTe` bfV T`_ecZSfZcZR R ^V[`cRc VL NYWZP^T^T`TOLO OP ZP[_PrY] ^LVVP\P] WTPWM\Y] OP 758>B [_P QLM\TNLX W_PMVP]' 9V 79B5A>% [_P P] PV s\RLXY OP 758>B V_TRcXRU` UV ^V[`cRc ]R T`^aVeZeZgZURU UV ]Rd D@GPD<J VdeRcl V_TRcXRU` UV ]R V[VTfTZp_ UV UZTY` ac`jVTe`& V] TfR] ^V[`cRcl ]R TR]ZURU UV ]`d W_PMVP] c L_WPX^L\o VL] `PX^L] OP VY] ^LVVP\P]% ^LX^Y PX PV WP\NLOY VYNLV NYWY PX PV Pb^P\TY\' 9]^P Z\YcPN^Y ^PXO\o _X TWZLN^Y W_c ZY]T^T`Y XY ]YVY PX VY] ^LVVP\P]% ZP\Y ^LWMTpX PX PV OP]L\\YVVY PNYXsWTNY VYNLV' 9V ]PN^Y\ WLOP\L W_PMVP ^TPXP _X R\LX ZY^PXNTLV PbZY\^LOY\% XY YM]^LX^P PbT]^PX `L\TY] YM]^oN_VY] [_P Q\PXLX ]_ OP]L\\YVVY' 7YX P]^P Z\YcPN^Y ]P VYR\Y WYOP\XTdL\ c LWZVTL\ VL NLZLNTOLO OP ac`UfTTZp_& ^V[`cR_U` ]R TR]ZURU j cVUfTZV_U` T`de`d& RUV^Rd UV ^V[`cRc V] UZdVo` j ]R TR]ZURU UV

?dP] 7' 5\PS^a% <TaT]cT 79C5B>% @T]XP Hv]RWTi% 5bTb^aP ATVP[ 758>C% 3U?BY[U 4UQVYf=SUl %LYB@[UY &OB@_\bU $"%*/l (_Z[=bU 2BYBf@=ZZ=Yl EaTbXST]cT 7^\Xcx 9eP[dPS^a B>;>7% BPaX^ 5\PS^a GXePb% EaTbXST]cT 758>C'

VY] Z\YO_N^Y] c ]P OP]L\\YVVL\YX VL] NLZLNTOLOP] OP WP\NLOPY c `PX^L]' 8TNSY Z\YcPN^Y P]^o PXWL\NLOY PX PV eC\YR\LWL UV DV[`cR R] 9]Z^R UV EVX`TZ`dx $GI7D<9C@E% [_P LOWTXT]^\L PV A>;>7% ^PXO\o _XL O_\LNTsX OP *+ WP]P] c _X WYX^Y OP 7! +%**.%,1.'))'

ddd%758>C%\_U%[W

#&


7

(D')

<

9BEG9H5H B>9B6GDH 89 758>C

<5A5G8DC585H 9C 7DC7JGHD h9BEG9H5 BD89AD 89 =><>9C9 M H9<JG>858 9C 9A IG565?Di 9V +* OP 5RY]^Y OPV +)*+ PX VL] TX]^LVLNTYXP] OPV ATXT]^P\TY UV] KcRSR[` $D@KI78%& V] 9`_dV[` ERTZ`_R] UV ?ZXZV_V j JVXfcZURU _`eZyTp R ]Rd ,- V^acVdRd aRceZTZaR_eVd UV] NYXN_\]Y OP e9WZ\P]L AYOPVY OP =TRTPXP c FPR_\TOLO PX PV KcRSR[`x& V] XR]RcUp_ `SeV_ZU`( <deV acV^Z` Vd ac`^`gZU` ZY\ VL 8T\PNNTsX OP =TRTPXP c FPR_\TOLO OPV A>GE56% PX T`_[f_e` T`_ cVacVdV_eR_eVd UV `ecRd Z_deZefTZ`_Vd UV] 9]^LOY c 758>B ZY\ ZL\^P OP VY] PWZVPLOY\P]' <deV T`_Tfcd` eZV_V T`^` `S[VeZg` W`^V_eRc f_R Tf]efcR PWZ\P]L\TLV OP Z\P`PXNTsX OP VY] \TP]RY] VLMY\LVP] c Z\P]PX^L\ L VL] PWZ\P]L] _X WYOPVY PX WL^P\TL OP RP]^TsX UV ]R dVXfcZURU& YZXZV_V j dR]fU UV ]`d ecRSR[RU`cVd( CRd TReVX`cnRd bfV T`_W`c^R_ VdeV acV^Z` d`_4 L$' 9WZ\P]L @qOP\3 M$' 9bNPVPXNTL3 N$' <\LXOP] @YR\Y]' C`d cVdf]eRU`d UV] T`_Tfcd` WfVc`_4 s 9ReVX`cnR GcV^Z` w<^acVdR CnUVcx4 *'>XO_]^\TL 7YWP\NTLV FLX AL\^TX3 +'7YWZLrqL @TNY\P\L OP BTNL\LR_L F'5'3 ,'BTNL\LR_L F_RL\ F^L^P @TWT^PO3 -' =YVNTW BTNL\LR_L% CVLX^L BLRL\Y^P3 .'KLdLUT BTNL\LR_L CVLX^L *3 /' KLdLUT BTNL\LR_L CVLX^L +3 0'KLdLUT BTNL\LR_L CVLX^L -3 1'KLdLUT BTNL\LR_L CVLX^L 7YWZYXPX^P3 2'9' 7SLWY\\Y >XO_]^\TLV3 *)'7PWPb OP BTNL\LR_L F'5'3 **'=YVNTW BTNL\LR_L% CVLX^L ALXLR_L' s 9ReVX`cnR GcV^Z` w<iTV]V_TZRx4 +(PRkR\Z EZTRcRXfR G]R_eR -5 ,(7>I@9FIG J(75 -(KZa K`a >XO_]^\TLV F'5'3 -'B_P`Y 7L\XTN F'5' 9] TWZY\^LX^P OP]^LNL\ [_P ^YOL] P]^L] NYWZLrqL] acV^ZRURd d`_ Ry]ZRURd R 97;@E& a`c ]` bfV VieV_UV^`d X_P]^\L] QPVTNT^LNTYXP] L P]^L] PWZ\P]L] AYOPVY] OP =TRTPXP j JVXfcZURU V_ V] KcRSR[`(

#'

ddd%758>C%\_U%[W


<>

7

(&')

758>C# B>;>7 M J9#

>C5J<JG5C H5A5 89 9L=>6>7>sC hA5 IDGG9# BJ96A9H M 5GI9H5Cq5Hi

@L 7oWL\L OP >XO_]^\TL] OP BTNL\LR_L #758>B$ c PV 7PX^\Y OP BPRYNTY] c 5]T]^PXNTL L VL A>CKA9 #79B5A>$ PX L]YNTLNTsX NYX PV ATXT]^P\TY OP ;YWPX^Y% >XO_]^\TL c 7YWP\NTY c VL HXTsX 9_\YZPL SLX N\PLOY VL ]LVL OP PbSTMTNTsX e@L GY\\P% A_PMVP] j 7ceVdR_nRdx& TfjR WZ_R]ZURU Vd bfV ]Rd V^acVdRd CKA9F [_P Z\YO_dNLX NYX NLVTOLO Z_POLX PbSTMT\ c `PXOP\ ]_] Z\YO_N^Y]' @L] PWZ\P]L] MPXPQTNTLOL]% OP OTNSY Z\YcPN^Y% [_P ZP\^PXPNPX LV ]PN^Y\ WLOP\L f W_PMVP% SLX aRdRU` f_ ac`TVd` UV ^V[`cR& U`_UV YR_ a`UZU` TXN\PWPX^L\ ]_] NYXYNTWTPX^Y] OP OT]PrY OP X_P`Y] Z\YO_N^Y]% NYX^\YVP] LOWTXT]^\L^T`Y] c NLVTOLO OP dfd ac`UfTe`d5 RUV^ld YR_ ^V[`cRU` df TRaRTZURU ac`UfTeZgR R] R^a]ZRc dfd eR]]VcVd UV ecRSR[` j eV_Vc LNNP]Y L X_P`Y] P[_TZY] c ^PNXYVYRqL]% NYWY VL LO[_T]TNTsX OP _X SY\XY ]YVL\ ZL\L PV ]PNLOY OP VL WLOP\L'

]` bfV aVc^ZeV bfV R] ecRSR[Rc UV W`c^R Rd`TZReZgR& e`U`d ]`d Z_eVXcR_eVd UV ]R cVU ^V[`cV_ dfd _ZgV]Vd OP NYWZP^T^T`TOLO' CL\L PVVY ]P SL LNYXOTNTYXLOY _XL ]LVL OP PbSTMTNTYXP] ZL\L ZYOP\ NYWP\NTLVTdL\ VY] Z\YO_N^Y] OP VY] ]YNTY]' <_]^L`Y Cp\Pd 7L]L\% OT\PN^Y\ OP CE5A97@>B& D@=@9& UZ[` R ]`d V^acVdRcZ`d bfV ecRSR[R_U` [f_e`d T`_ V] Ra`j` UV ]R 9l^RcR UV @_UfdecZRd j PV 79B5A>% ZYOPWY] ]LVT\ LOPVLX^P c RYdL\ OP WLcY\P] MPXPQTNTY]'

<] CZT( I`SVce` J`]pckR_`& ;ZcVTe`c <[VTfeZg` UV 758>B% WLXTQP]^s [_P eP]^P P] PV Z\TWP\ ZL]Y OP _X NLWTXY OP N\PNTWTPX^Y% [_P P]ZP\LWY] RT`^aRoRc]` UVdUV ]R 9l^RcR UV @_UfdecZRdx(

CR dR]R UV <iYZSZTZp_ wCR K`ccVx VdeRcl RSZVceR R ^YOY PV ZtMVTNY c YQ\PNP\o Z\YO_N^Y] OP NLVTOLO PVLMY\LOY] ZY\ CKA9F XTNL\LRuPX]P] NYX PbNPVPX^P] Z\PNTY]' 5OTNTYXLVWPX^P% VL] PWZ\P]L] LQTVTLOL] LV 79B5A>&758>B% [_P ^PXRLX M_PXY] P]^oXOL\P] OP NLVTOLO% ZYO\oX TX^PR\L\]P L OTNSL ]LVL% RPXP\LXOY ZL\L PV ZtMVTNY `L\TPOLO PX VL YQP\^L OP Z\YO_N^Y]'

<deV Gc`jVTe`& V[VTfeRU` a`c 97;@E'9<E7D@ dV YR cVR]ZkRU` SR[` V] T`_TVae` UV IVUVd <^acVdRcZR]Vd&

@L OT\PNNTsX OP VL ^TPXOL P] OPV 68; @YdPV]L m N' LV 9]^P' ;\PX^P LV >BG5'

ddd%758>C%\_U%[W

#(


7

(D')

<

79A96G57>DC

8>5 89A 9BEG9H5G>D C>75G5<u9CH9 (&'( 9V WTp\NYVP] ** OP ]PZ^TPWM\P OPV +)*+% ]P VVP`s L NLMY VL 7PVPM\LNTsX OPV 8qL OPV 9WZ\P]L\TY% NP\PWYXTL [_P Ro` T`_ Ro` cVR]ZkR V] 9`_dV[` F_ZP\TY\ OP VL 9WZ\P]L GcZgRUR 9FJ<G j dfd 9l^RcRd c 5]YNTLNTYXP] 5QTVTLOL]' CP\Y P]^L `Pd NYX P]ZPNTLV pXQL]T] PX VY] N_L\PX^L LrY] OP Q_XOLNTsX OP P]^L TWZY\^LX^P PX^TOLO PWZ\P]L\TLV' EPNYXYNTWTPX^Y] 9]ZPNTLVP]' 7YWY ZL\^P OPV Z\YR\LWL OPV P`PX^Y% ]P PX^\PRL\YX \PNYXYNTWTPX^Y] L VY] 9b C\P]TOPX^P] OP 7oWL\L]% ZY\ ]_] `LVTY]Y] LZY\^P] L VL Y\RLXTdLNTsX% PX PV NL]Y OP 758>B ]P VP Y^Y\RY P]^P cVT`_`TZ^ZV_e` R] ;c( <chZ_ BcfXVc( C\PWTY] L 9WZ\P]L\TY] 8P]^LNLOY]' <] 9FJ<G eR^SZm_ YZk` V_ecVXR UV EPNYXYNTWTPX^Y] L VY] PWZ\P]L\TY] OP]^LNLOY] OP NLOL _XL OP VL] *2 7oWL\L] [_P TX^PR\LX P]^L 7tZ_VL 9WZ\P]L\TLV' 9V PWZ\P]L\TY OT]^TXR_TOY OP 758>B Q_P PV @TN' 5VQ\POY @LNLcY FP[_PT\L% UV ]R V^acVdR d`TZR 9<EKIFC79 #@oN^PY] 7PX^\YLWP\TNLXY]% F'5$' @TN' 5VQ\POY @LNLcY FP[_PT\L% R\LO_LOY PX PV LrY *211 OP EPRT] HXT`P\]T^c% PX 8PX`P\ 7YVY\LOY% 99HH% NYX _X 6LNSPVY\ YQ 5\^] PX 7TPXNTL CYVq^TNL c 9NYXYWqL c PX *22- OP >B759 NYX _X AL]^P\ PX 5OWTXT]^\LNTsX OP 9WZ\P]L' =L OP]PWZPrLOY NL\RY] PX PV 6LXNY OP VL C\YO_NNTsX% PX PV <\_ZY EYMVP OP BTNL\LR_L NYWY <P\PX^P <PXP\LV LV TR_LV [_P 5N\sZYVT] 8P`PVYZWPX^ PX EPZtMVTNL 8YWTXTNLXL'

#)

ddd%758>C%\_U%[W

9] PV]YNTY Q_XOLOY\ OPVL 9WZ\P]L @oN^PY] 7PX^\YLWP\TNLXY] J(7( $9<EKIFC79%& UVdV^aVoR_U` RTefR]^V_eV V] TRcX` UV ;ZcVTe`c <[VTfeZg`( 9<EKIFC79 Vd f_R V^acVdR UV R]Z^V_e`d Wf_URUR V_ V] LrY +))0 ZY\ _X R\_ZY OP PWZ\P]L\TY] BTNL\LRuPX]P] [_P OP]PLX NYX`P\^T\ L BTNL\LR_L PX PV ZLq] VoN^PY Wo] TWZY\^LX^P OP VL \PRTsX' 8P]OP ]_] TXTNTY] ]P SL ZY]TNTYXLOY NYWY _XL PWZ\P]L ]sVTOL% ]qWMYVY OP NLVTOLO% Z\P]^TRTY P TXXY`LNTsX' 9] VL Z\TWP\L ZVLX^L VoN^PL OPV ZLq] P]ZPNTLVTdLOL PX VL L`LXdLOL ^PNXYVYRqL H=G VL N_LV ZP\WT^P PV LVWLNPXLWTPX^Y UV ]VTYV& [fX`d j `ec`d R]Z^V_e`d ]nbfZU`d R eV^aVcRefcR LWMTPX^P' F_] Z\YNP]Y] OP Z\YO_NNTsX ]YX ^Y^LVWPX^P Rfe`^ReZkRU`d& TVceZWZTRU`d @JF 3*** V @JF +.**+& feZ]ZkR ^PNXYVYRqL OP Z_X^L [_P VP ZP\WT^PX PVLMY\L\ Z\YO_N^Y] OP NLVTOLO W_XOTLV WTXTWTdLXOY PV TWZLN^Y LWMTPX^LV' 8PMTOY L P]^P NYWZ\YWT]Y NYX PV WPOTY LWMTPX^P c VL NYX ]Y]^PXTMTVTOLO% 7PX^\YVLN TX`T\^Ts PX _XL WYOP\XL ZVLX^L OP ^\L^LWTPX^Y OP LR_L OP WYOY [_P ^YOL] VL LR_L] \P]TO_LVP] ]PLX \P^Y\XLOL] LV WLX^Y LN_qQP\Y PX NYXOTNTYXP] LZ^L] ZL\L NYX]_WY S_WLXY' GYOY] VY] PWZL[_P] [_P _^TVTdL 7PX^\YVLN Z\Y`TPXPX OP Q_PX^P] \PXY`LMVP] NP\^TQTNLOL] c ]YX MTYOPR\LOLMVP]' 5N^_LVWPX^P VY] Z\YO_N^Y] OP 7PX^\YVLN ]YX NYWP\NTLVTdLOY] PX BTNL\LR_L% <_L^PWLVL% 9V FLV`LOY\% 7Y]^L ETNL% IVaqS]ZTR ;`^Z_ZTR_R j MV_VkfV]R& j Vdel ecRSR[R_U` aRcR ]PR_T\ LWZVTLXOY ]_] \POP] OP PbZY\^LNTsX SLNTL PV \P]^Y OPV 7L\TMP' 7_PX^L NYX ]_ Z\YZTL QVY^L OP NLWTYXP] NT]^P\XL] aRcR RT`aZRc ]R ]VTYV UV ]R ^V[`c TR]ZURU& V_ ]`d ^V[`cVd NPX^\Y] OP LNYZTY OPV ZLq]' HX P[_TZY OP NYX^\YV OP NLVTOLO LV^LWPX^P NLVTQTNLOY ]_ZP\`T]L NYX]^LX^PWPX^P ^YOY PV Z\YNP]Y% OP]OP VL \PNPZNTsX OP VL VPNSP SL]^L PV Z\YNP]Y OP PWZL[_P c OT]^\TM_NTsX'


<>

7

(&')

9<EKIFC79 YR dZU` ^VcVTVU`cR UV ]`d dZXfZV_eVd acV^Z`d4 & 5H@DAF 3<>AFE<C < C< @MGFHJ<>AOE <NFI (&'& f (&'' & 5H@DAF /MGFHJ<?FH 0EEFL<?FH <NFI *((,% (&'& f (&'' 8_\LX^P ]_ NY\^Y PbT]^PXNTL 7PX^\YVLN SL PbZP\TWPX^LOY _X Q_P\^P N\PNTWTPX^Y [_P VL _MTNL NYWY VL PWZ\P]L VqOP\ OP Z\YO_N^Y] H=G PX BTNL\LR_L #NL^PRY\qL OP WLcY\ N\PNTWTPX^Y OPV ZLq]$ c NYWY VL PWZ\P]L OP WLcY\ PbZY\^LNTsX OP VPNSP OP BTNL\LR_L' 9X PV +)** 7PX^\YVLN Q_P VL Z\TWP\L PWZ\P]L PX PV W_XOY PX NYWP\NTLVTdL\ PV PWZL[_P GP^\L JPORP% c R\LNTL] LV PbT^Y]Y VLXdLWTPX^Y PX BTNL\LR_L GP^\L CLU VP OTY PV `T]^Y M_PXY ZL\L VVP`L\ P]^P TXXY`LOY\ PX`L]P LV \P]^Y OPV W_XOY' 9X PV +)*+ 7PX^\YVLN ]P NYX`T\^Ts PX VL Z\TWP\L PWZ\P]L BTNL\LRuPX]P PX QT\WL\ _X NYX`PXTY OP w9`8cR_UZ_Xx T`_ f_ VdefUZ` UV ?`]]jh``U R] QT\WL\ PV LN_P\OY OP @L 9\L OP =TPVY - NYX VY] VdefUZ`d =FO( CL\L PV \P]^Y OPV LrY c ZL\L PV +)*, 7PX^\YVLN ^TPXP ZVLXPLOY NYX^TX_L\ TXXY`LXOY c N\PLXOY _fVg`d ac`UfTe`d bfV ^V[`cV_ ]R TR]ZURU UV gZUR OP ]_] NVTPX^P]% Z\Y`PPOY\P]% PWZVPLOY] c ]YNTY]'

AWQ% ?\`w 5Rv[ 5UbS__W# ERaS% 7DH9E1 AWQ% 5YT_SR\ AOQOf\ <aS% 79CIGDA571 AWQ% BO_W\ 5ZOR\_ ERaS% 758>C%

9X PV LN^Y ^LWMTpX ]P PX^\PRL\YX \PNYXYNTWTPX^Y] VdaVTZR]Vd a`c4 & 2KB@H /DGH@I<HA< ?@C .NFH_O% 7O_\YW[O EO`a\_O% $ ?\cS[ 9Z]_S`O_W\0 H_O% Cb_WO ?\f 8We\[% & 5@HIFE<CA?<? ?@C <NF- 7H<' 9ALA<E ESYYO`% s AfcR^V_eRTZp_ j e`^R UV a`dVdZp_ UV ]Rd EfVgRd 7fe`cZURUVd UV] 9`_dV[` ;ZcVTeZg` UV 9FJ<G 7YWY ZL\^P OPV LN^Y ]P OTs VPN^_\L LV LN^L OP 9VPNNTsX c OPV Y\OPX OP C\PNPOPXNTL OP VY] ITNPZ\P]TOPX^P OP 9FJ<G& a`c aRceV UV] @_X( ;V_Zd CR_kRd JVTcVeRcZ` UV] 9`_dV[` ;ZcVTeZg` UV] 9FJ<G& RdZ^Zd^` dV [fcR^V_ep R] GcVdZUV_eV <]VTe`& CZT( A`dV 7Ul_ 7XfVccn j R ]Rd UV^ld Rfe`cZURUVd UV] 9`_dV[` F_ZP\TY\ OP VL 9WZ\P]L C\T`LOL' s GR]RScRd UV] GcVdZUV_eV UV] 9FJ<G( 9X ]_ OT]N_\]Y PV @TN' ?Y]p 5OoX 5R_P\\q M\TXOY _X M\P`P \P]_WPX OP VY] N_L\PX^L LrY] OP ST]^Y\TL OPV 9FJ<G UVdeRTR_U` V] VdWfVck` j ]`d dRTcZWZTZ`d UV VY] Q_XOLOY\P] OP P]^L 7tZ_VL 9WZ\P]L\TLV% c [_P P]^L PX^TOLO OL\o NYX^TX_TOLO' e=LNP -) LrY] X_P]^\Y] Q_XOLOY\P] LZY]^L\YX L VL HXTOLO OPV ]PN^Y\ PWZ\P]L\TLV' =LNP -) LrY] X_P]^\Y] Q_XOLOY\P] LZY]^L\YX L VL NYX]^\_NNTsX RTeZgR UV f_ ^V[`c acVdV_eV( ?RTV .* Ro`d _fVdec`d Q_XOLOY\P] LZY]^L\YX ZY\ ]YV_NTYXP] XLNTYXLVP] aRcR V] SZV_ UV ]R T`]VTeZgZURUx& ViacVdp 7XfVccZ( ddd%758>C%\_U%[W

#*


7

(D')

<

EG9H>89CI9 89 758>C 9A97ID# EDG H9<JC8D 5rD 7DCH97JI>KD# '9G% K>79EG9H>89CI9 89 7DH9E%

9V OqL . OP ]PZ^TPWM\P OPV LrY +)*+% ]P VVP`s L NLMY PX PV =Y^PV 6L\NPVs ALXLR_L VL PVPNNTsX OP VL ?_X^L ;ZcVTeZgR UV] 9`_dV[` JfaVcZ`c UV ]R <^acVdR GcZgRUR& aRcR V] aVcn`U` ,*+,',*+-& bfVUR_U` V]VTe` T`^` GcVdZUV_eV V] CZT( A`dV 7Ul_ 7XfVccZ& a`c UVTZdZp_ f_l_Z^V UV ]Rd +3 9l^RcRd bfV T`_W`c^R_ V] 9FJ<G( 9X P]^L WT]WL ]P]TsX ]P Z\YNPOTs L VL PVPNNTsX OPV Y\OPX OP Z\PNPOPXNTL OP VY] ITNPZ\P]TOPX^P]% \P]_V^LXOY PVPN^Y% ZY\ ]PR_XOY LrY NYX]PN_^T`Y% NYWY C\TWP\ ITNPZ\P]TOPX^P% PV @TN' AL\TY 5WLOY\ ET`L]% C\P]TOPX^P OP 7oWL\L OP >XO_]^\TL] OP BTNL\LR_L' <] CZT( DRcZ` 7^RU`c& ^R_ZWVdep bfV V] CZT( A`dm 7Ul_ 7XfVccZ YR YVTY` f_ ViTV]V_eV ecRSR[` V_ ]R T`_UfTTZp_ UV] 9FJ<G& VdTfTYR_U` R] dVTe`c acZgRU`& T`^f_ZTRcdV T`_ V] >`SZVc_` UV ]R IVafS]ZTR& T`_ VY] Y\RLXT]WY] TX^P\XLNTYXLVP]% ZY\ ^LV \LdsX ^TPXP VY] Wp\T^Y] ]_QTNTPX^P] ZL\L ]P\ PVPN^Y c \P&PVPN^Y PX PV NL\RY OP C\P]TOPX^P' eGYOY] VY] Z\P]TOPX^P] OP 7oWL\L ]YX ITNPZ\P]TOPX^P]% SYc VY [_P VPqWY] Q_P PV Y\OPX OP VL ITNPZ\P]TOPXNTL% Q_T PVPN^Y NYWY C\TWP\ ITNPZ\P]TOPX^P X_P`LWPX^P c P]^Yc ZL\L ]P\`T\ LV ]PN^Y\ Z\T`LOY c LZYcL\ L ?Y]p 7_UR_ V_ e`U` ]` bfV YRXR WR]eRx& ViacVdp 7^RU`c(

$!

ddd%758>C%\_U%[W


<>

7

(&')

1'+$0

56 79>6<6= 4 84= ),&201/)$0

ddd%758>C%\_U%[W

$"


7

(D')

< ]\_ YO S[S_UxO _S[\cOPYS 9X _X ZLq] NYWY BTNL\LR_L% OYXOP VL RPXP\LNTsX PVpN^\TNL OPZPXOP PX _X /) ZY\ NTPX^Y OP VL NYWM_]^TsX OP STO\YNL\M_\Y]% P] ]_WLWPX^P TWZY\^LX^P OL\ PV RT\Y L VL RPXP\LNTsX PVpN^\TNL L ZL\^T\ OP 9XP\RqL] \PXY`LMVP] ^LX^Y ZY\ PV TWZLN^Y ZY]T^T`Y [_P ^PXO\qL ZL\L PV ZLq] PX ^p\WTXY] PNYXsWTNY] NYWY ZY\ PV TWZLN^Y PX PV WPOTY LWMTPX^P LV \PO_NT\ VL] PWT]TYXP] OP RL]P] OP PQPN^Y TX`P\XLOP\Y [_P Z\Y`YNLX PV NLVPX^LWTPX^Y RVYMLV' CL\L PV NL]Y OP BTNL\LR_L VL PXP\RqL \PXY`LMVP Vdel V_W`TRUR SldZTR^V_eV V_4 ]R XV_VcRTZp_ STO\o_VTNL% RPY^p\WTNL% PsVTNL c MTYWL]L% ]TPXOY P]^L] VL] SP\\LWTPX^L] TOPLVP] ZL\L OT]WTX_T\ PV _]Y OP ZP^\sVPY' @L PXP\RqL ]YVL\ P]^o ^LWMTpX OT]ZYXTMVP% ]TX PWML\RY X_P]^\Y ZLq] LtX XY Z_POP SLNP\ _]Y L R\LX P]NLVL OPMTOY L VY] LV^Y] Z\PNTY] OP ]_] NYWZYXPX^P]' @L TXO_]^\TL XTNL\LRuPX]P OPMP TX^P\P]L\]P ZY\ RPXP\L\ c _^TVTdL\ PXP\RqL NYX Q_PX^P] LV^P\XL^T`L] LV ZP^\sVPY% Z_P] P] VL [_P Wo] ]P `P LQPN^LOL N_LXOY L_WPX^LX VY] Z\PNTY] OP VL ^L\TQL PVpN^\TNL' 9V NYX^TX_Y TXN\PWPX^Y PX VY] Z\PNTY] OPV ZP^\sVPY PVP`L VY] Z\PNTY] OP VL PXP\RqL PVpN^\TNL #OLOY VL OPZPXOPXNTL OP P]^P$ Z\Y`YNLXOY TXN\PWPX^Y] PX VY] NY]^Y] OP Z\YO_NNTsX c \PO_NTPXOY VL NYWZP^T^T`TOLO OP VL TXO_]^\TL' IT]TYXL\ _XL \PLVTOLO OT]^TX^L P] ZY]TMVP' 9V ATXT]^P\TY OP 9XP\RqL c ATXL] #A9A$% ^TPXP OPX^\Y OP ]_] ZVLXP] \PLVTdL\ _X NLWMTY PX VL WL^\Td PXP\Rp^TNL XLNTYXLV% NYVYNLXOY L VL PXP\RqL \PXY`LMVP% NYWY ]_ Z\TXNTZLV Q_PX^P OP RPXP\LNTsX' 9]^Y NYX]^T^_cP _X TWZY\^LX^P L`LXNP ZL\L VYR\L\ _X TWZLN^Y ZY]T^T`Y PX VL MLVLXdL NYWP\NTLV c P]% ]TX V_RL\ L O_OL]% _XL PbNPVPX^P YZY\^_XTOLO OP NYX^\TM_T\ NYX VL OT]WTX_NTsX PX VL RPXP\LNTsX OP RL]P] OP PQPN^Y TX`P\XLOP\Y' @L Z\YcPNNTsX OPV A9A OT\TRP ]_] WP^L]% ZL\L VYR\L\ [_P PV 02 ZY\ NTPX^Y OP VL RPXP\LNTsX OPZPXOL OP PXP\RqL \PXY`LMVP ZL\L PV LrY +)*0% P]^Y ]P\o ZY]TMVP VYR\LXOY TXN\PWPX^Y] PX VL RPXP\LNTsX STO\YPVpN^\TNL% RPY^p\WTNL% PsVTNL c MTYWL]L'

$#

ddd%758>C%\_U%[W


<>

7

(&')

8>K9GH5H K9CI5?5H 8P]OP PV Z_X^Y OP `T]^L PNYXsWTNY% VL RPXP\LNTsX OP PVPN^\TNTOLO NYX PXP\RqL \PXY`LMVP XY ]P `P\o LQPN^LOL ZY\ VL] `L\TLNTYXP] OPV Z\PNTY OPV ZP^\sVPY' 5OTNTYXLV L P]^Y% NLOL Z\YcPN^Y OP RPXP\LNTsX ^TPXP VL YZY\^_XTOLO OP TXN\PWPX^L\ ]_] TXR\P]Y] ZY\ WPOTY OP VL `PX^L OP N\pOT^Y] OP NL\MYXY [_P P] ZY]TMVP \PLVTdL\ WPOTLX^P _X ]T]^PWL OP RP]^TsX [_P ZP\WT^L OPWY]^\L\ VL] e`_V]RURd UV 9F, bfV dV YR UV[RU` UV PWT^T\ NYX VL \PLVTdLNTsX OPV Z\YcPN^Y' 7YX P]^L X_P`L \PLVTOLO% ^LWMTpX `LVP VL ZPXL Z\PR_X^L\]P ]T VY] OP]PNSY] Y VzfV_eVd bfV df Z_UfdecZR XV_VcR& afVUV_ ]P\ LZ\Y`PNSLOY] PXP\Rp^TNLWPX^P' 9]^Y] OP]PNSY] ^TPXPX _XL TWZY\^LX^P NL\RL Y\RoXTNL% [_P P] ZY]TMVP ^\LX]QY\WL\ OP WLXP\L OT\PN^L Y WPOTLX^P Z\YNP]Y] MTY[_qWTNY] PX PXP\RqL ^p\WTNL Y PVpN^\TNL% LZ\Y`PNSLXOY OP P]^L WLXP\L ]_ ZY^PXNTLV PXP\Rp^TNY'

5 ZL\^T\ OP PVVY] ]P Z_POP VYR\L\ VL RPXP\LNTsX OP MTYRo] [_P V_PRY Z_POP ]P\ NYWM_]^TYXLOY PX RPXP\LOY\P] OP PVPN^\TNTOLO Y MTPX PX NLVOP\L] OP RPXP\LNTsX OP `LZY\' Gc`jVTe`d UV VdeV eZa` d`_ V[VTfeRU`d LV\POPOY\ OPV W_XOY% LVR_XY] TXNV_]Y Vdel_ Z_dTcZe`d V_ ]R `yTZ_R UV] TR^SZ` NVTWo^TNY OP VL] BLNTYXP] HXTOL] NYWY _X NVL\Y LZY\^P L VL OT]WTX_NTsX OPV OLrY LWMTPX^LV' CY\ ^LX^Y P] `oVTOY OPNTOT\ VL TWZY\^LXNTL OP ]PR_T\ P]^L R_qL% XY ]YVLWPX^P NYWY _XL WPOTOL ZL\L \P]YV`P\ _X L]ZPN^Y LWMTPX^LV% ]TXY ^LWMTpX ZL\L LZ\Y`PNSL\VY] PX VL YM^PXNTsX OP \T[_PdL' 7_W`ayPOY =S__S_O 8W_SQa\_ RS E_\fSQa\`% 6YbS O[R <_SS[ H\YbaW\[` H%5%

8PZPXOTPXOY OP VL LN^T`TOLO OP ]_ PWZ\P]L% VY] OP]PNSY] RPXP\LOY] Z_POPX ]P\ ^\LX]QY\WLOY] OT\PN^LWPX^P% ^LV P] PV NL]Y OPV MLRLdY OP VL NLrL OP LdtNL\% \P]TO_Y] OP WLOP\L% NL]NL\TVVL L\\Yd Y MTPX N_V^T`Y] PXP\Rp^TNY]% [_P Z_POPX ]P\ OT\PN^LWPX^P NYWM_]^TYXLOY] ]TX ^\LX]QY\WLNTsX LOTNTYXLV Z\P`TL' @L MTYWL]L [_P \P[_TP\P OP ^\LX]QY\WLNTYXP] MTY[_qWTNL] P]^o _`c^R]^V_eV cVacVdV_eR a`c VzfV_eVd OP OP]^TVP\qL]% OP ZVLX^L] OP Z\YO_NNTsX OP MPMTOL] NL\MYXL^LOL]% NP\`PNP\qL]% Z\YNP]LOY\L] OP VoN^PY]% OP]ZP\OTNTY] Y\RoXTNY]% P]^Tp\NYV ZY\NTXY Y `LN_XY'

ddd%758>C%\_U%[W

$$


7

(D')

<

FYX OTQP\PX^P] VY] \TP]RY] VLMY\LVP] [_P afVUV_ `TRdZ`_Rc aVc[fZTZ`d V_ ]R dR]fU UV] Z_UZgZUf`( <] `S[VeZg` UV f_R T`ccVTeR TWZVPWPX^LNTsX OP VL STRTPXP VLMY\LV P] NYX]P\`L\ VL M_PXL ]LV_O OPV Z\YQP]TYXLV c ]`XcRc f_ VbfZ]ZScZ` `a`cef_` j SV_VyTZ`d` V_ ]Rd TRcRTeVcndeZTRd UV ]R [`c_RUR ]RS`cR]( 9X PV OP]PWZPrY VLMY\LV OTL\TY% P] Z^acVdTZ_UZS]V bfV V] ecRSR[RU`c T`_`kTR ]_ P]^LOY OP ]LV_O% L]q NYWY VY] QLN^Y\P] OP \TP]RY [_P Z_POPX LQPN^L\VY' @Y] Wp^YOY] OP OTLRXs]^TNY OP VL] PWZ\P]L] V_ df ^Rj`cnR& dV ]Z^ZeR_ R ZUV_eZyTRc V] cZVdX`& j V_ V] ^V[`c UV ]`d TRd`d& R NY\\PVLNTYXL\VY NYX _XL ZL^YVYRqL [_P ZY^PXNTLVWPX^P ]P OP]L\\YVVP% ZP\Y XY OLX PV OPMTOY ]PR_TWTPX^Y ZL\L OP^P\WTXL\ VL T`_UZTZp_ cVR] UV ]R dR]fU UV] ecRSR[RU`c( FTPWZ\P[_P]POP]L\\YVVPXXY\WL]OPSTRTPXP ]RS`cR] T`_ VyTRTZR V] T]Z^R UV ecRSR[` j V] UVdV^aVo` UV] ecRSR[RU`c ^V[`cR_ V_ W`c^R T`_dZUVcRS]V( E`c^R]^V_eV dV T]RdZyTR_ ]`d cZVdX`d UV ecRSR[` V_ TZ_T` eZa`d& dVXfcZURU& LRPX^P] Qq]TNY]% NYX^LWTXLX^P] [_qWTNY]% LRPX^P] MTYVsRTNY] c ^PX]TYXP] P\RYXsWTNL]' 9] Q_XNTsX OP VY] WLXOY] WPOTY] c ]_ZP\TY\P] OP VL TX]^T^_NTsX TXOTNL\ c SLNP\ N_WZVT\ VL] XY\WL] OP STRTPXP VLMY\LV3 LOPWo] OPMP PbT]^T\ _X NYWZ\YWT]Y TX]^T^_NTYXLV ZL\L P]^LMVPNP\ VL] XY\WL] c PV N_TOLOY OPV P[_TZY S_WLXY OP ^L\PL]' @L FPR_\TOLO P =TRTPXP @LMY\LV `L OT\TRTOL ]TPWZ\P% ^LX^Y LV MTPXP]^L\ OPV PWZ\P]L\TY NYWY OP ]_ ZP\]YXLV% cL [_P P]^o PXNLWTXLOL L Z\P`PXT\ c ac`eVXVc R ]`d ecRSR[RU`cVd V_ e`URd VL] LN^T`TOLOP] Y ^L\PL] OP VL PWZ\P]L%

$%

ddd%758>C%\_U%[W

P`T^LXOY [_P ]P Z\YO_dNLX NYXOTNTYXP] TX]PR_\L] OYXOP ]P ZYXRL PX \TP]RY VL ]LV_O OP VY]PWZVPLOY] Y VL]PR_\TOLOOP]_]TX]^LVLNTYXP]'GYOLY\RLXTdLNTsX Z\T`LOL NYWY ZtMVTNL% OPMP TX`P\^T\ \PN_\]Y] y_R_TZVc`d V_ ^ReVcZR UV dVXfcZURU V YZXZV_V TXO_]^\TLV3 ^LX^Y PX QY\WLNTsX OP ]_ ZP\]YXLV% NYWY VL LO[_T]TNTsX OP P[_TZY]3 OPMPX P]^L\ Z\PZL\LOY] ZL\L N_LV[_TP\ P`PX^_LVTOLO Y ]TXTP]^\Y3 LOPWo] ]P OPMP NYX^L\ NYX PV P[_TZY XPNP]L\TY P TOsXPY c PX sZ^TWL] NYXOTNTYXP]% ZL\L NYX^\L\\P]^L\ N_LV[_TP\ ]T^_LNTsX OP ZPVTR\Y% PX OYXOP ]P Z\YO_dNLX Zp\OTOL] ^LX^Y S_WLXL]% NYWY WL^P\TLVP]' 9X VL LN^_LVTOLO% PX BTNL\LR_L ]P SLX SPNSY] TXX_WP\LMVP] P]Q_P\dY] PX N_LX^Y L VPRT]VLNTsX j cVW`c^Rd ]RS`cR]Vd bfV aVc^ZeR_ ^V[`cRc VL Z\YO_N^T`TOLO OP VL] Y\RLXTdLNTYXP] c VL] T`_UZTZ`_Vd UV ecRSR[`( <d Rdn& T`^` dV YR_ PQPN^_LOY PX VY] tV^TWY] LrY] OTQP\PX^P] ZYVq^TNL] ZL\L P]^LMVPNP\ _X WL\NY XY\WL^T`Y [_P ZP\WT^L YMVTRL\ L VY] OTQP\PX^P] PWZVPLOY\P] L N_WZVT\ NYX VL] OT]ZY]TNTYXP] NYX^PXTOL] PX PV


<>

7

758>C \_UO[WgO E\`U_OR\ S[ =WUWS[S f HSUb_WROR%

CY\ VY LX^P\TY\ OP]N\T^Y% VL 7oWL\L OP >XO_]^\TL] OP BTNL\LR_L c VL HXT`P\]TOLO 7L^sVTNL OP BTNL\LR_L NYX]TPX^P] OP VL TWZY\^LXNTL OP Z\PZL\L\ ZP\]YXLV OPMTOLWPX^P NLZLNT^LOY PX PV o\PL OP ]PR_\TOLO TXO_]^\TLV% P]^\_N^_\L\YX c LN^_LVWPX^P ]P P]^o OP]L\\YVVLXOY PX VL] TX]^LVLNTYXP] OP 758>B _X CY]R\LOY PX =TRTPXP c FPR_\TOLO @LMY\LV% NYWY WPOTOL OP NYX^\TM_NTsX LV OP]L\\YVVY PWZ\P]L\TLV P TXO_]^\TLV OPV ZLq]' 9`_ ]R V[VTfTZp_ UV VdeV Tfcd`& dV Z\P^PXOP [_P VY] P]ZPNTLVT]^L] OPV o\PL OP =TRTPXP c FPR_\TOLO ^PXRLX _XL ]sVTOL QY\WLNTsX PX VL STRTPXP% ]PR_\TOLO c cZVdX`d UV] ecRSR[`& TRaRk UV `cXR_ZkRc c OT\TRT\ VL] LN^T`TOLOP] [_P ]PLX XPNP]L\TL] PX P]^P L]ZPN^Y% PX ^YOY ^TZY OP PWZ\P]L] c P]^LMVPNTWTPX^Y] ZtMVTNY]'

(&')

9Z]_S`O` ^bS EO_aWQW]O[ S[ SY E_SZW\ COQW\[OY RS =WUWS[S f HSUb_WROR%

7OaSU\_WO hAWRS_i BTNL\LR_L F_RL\ F^L^P @TWT^PO 7YWZLrqL @TNY\P\L OP BTNL\LR_L F'5' =YVNTW BTNL\LR_L F'5% CVLX^L BLRL\Y^P' KLdLUT OP BTNL\LR_L CVLX^L * KLdLUT OP BTNL\LR_L CVLX^L + KLdLUT OP BTNL\LR_L CVLX^L KLdLUT OP BTNL\LR_L CVLX^L 7YWZYXPX^P >XO_]^\TLV 7YWP\NTLV FLX AL\^TX 9' 7SLWY\\Y >XO_]^\TLV =YVNTW BTNL\LR_L F'5% CVLX^L ALXLR_L' 7PWPb BTNL\LR_L F'5'

7OaSU\_WO h9eQSYS[QWOi KLdLUT OP BTNL\LR_L CVLX^L , 7YY\ZY\LNTYX 5R\TNYVL F'5' GTZ GYZ >XO_]^\TLV F'5' B_P`Y 7L\XTN F'5'

7OaSU\_WO h<_O[RS` A\U_\`i B`Q% GyUS_ J_WO_aS 5Pb_a\

9FD7J7

HS_cWQW\` 9Z]_S`O_WOYS`%

ddd%758>C%\_U%[W

$&


7

(D')

<

3

),%2*$%)@, 2,)3'/0)&

'+./'0$

5dc^a3 ubRPa 8P]X[^ 6PaaTaP ExaTi' EW8' Ea^UTb^a cXcd[Pa ST_PacP\T]c^ 8XaTRRX{] 9\_aTbPaXP[ 8^RT]cT <TaT]RXP ST ENB9H'

9X VL PO_NLNTsX ]_ZP\TY\ ]P YM]P\`LX OT`P\]Y] Z\YR\LWL] OP]^TXLOL] L WYOTQTNL\ VL ]pXZTR SR[` ]R TfR] dV Vdel_ QY\WLXOY L VY] P]^_OTLX^P]% Y\RLXTdLXOY ZL\L PVVY Z\YR\LWL] OP `TXN_VLNTsX _XT`P\]TOLO&PWZ\P]L OP]OP VY] ZVLXP] OP P]^_OTY] L ^\L`p] OP L]TRXL^_\L] `TXN_VLX^P] c(Y Z\YQP]TYXLVT]LX^P]' 8P]L\\YVVLXOY PX VY] P]^_OTLX^P] SLMTVTOLOP]% OP]^\PdL]% NYWZP^PXNTL] [_P ]YX TXOT]ZPX]LMVP] PX VL WPOTOL [_P ]P PXQ\PX^PX L VL \PLVTOLO P TX^P\LN^tPX NYX PV PX^Y\XY% LZ_X^LXOY L]q L `TXN_VL\ Wo] P]^\PNSLWPX^P PV W_XOY _XT`P\]T^L\TY NYX PV Z\YO_N^T`Y'

`dT ST\P]SP T[ \TaRPS^ [PQ^aP[% _Ta^ _PaP STbT\_TzPabT T] _[T]XcdS% bT aT`dXTaT ST d] _Tay^S^ ST k_dTbcP T] \PaRWP PUXa\P] d]^bl% kST _adTQP h Taa^a _PaP ^ca^bl% kST _awRcXRP _aT&_a^UTbX^]P[l% ST PRd\d[Pa Tg_TaXT]RXP STbST [^b ]XeT[Tb X]XRXP[Tb h WPbcP ST RPawRcTa Tg_TaX\T]cP[ P eTRTb% S^]ST [Pb RP_PRXSPSTb P[RP]iPSPb bT _^]T] T] PRRX{]' 9bc^ c^\P bd cXT\_^% [Pb RP_PRXSPSTb bT STbPaa^[[P] R^[TRcXeP\T]cT S^]ST T[ TVaTbPS^ bT X]R^a_^aP P d] ]|R[T^ ST caPQPY^ `dT Tb T] bd \^\T]c^% R^\^ d] [PQ^aPc^aX^ P[ `dT bT T]UaT]cP ST [P \P]^ R^] [^b S^RT]cTb aTb_^]bPQ[Tb h CVLX^PLXOY P]^Y NYWY QTVY]YQqL [^b aTRT_c^aTb m ^\LX]`P\]LV PX PV ZL\LOTRWL [[w\TbT \T]c^aTb OP ePV >X^P\p] ZY\ QY\WL\ T \ _ a T b P a X P [ T b & Z\YQP]TYXLVP] NYX ZP\QTVP] [_P R^SXaXVXT]S^ VY] SLMTVT^PX VY Wo] Z\YX^Y [P U^a\PRX{] ZY]TMVP ZL\L OP]PWZPrL\]P X ] c T V a P [ ]RS`cR]^V_eVx( PR _` dV ecReR ST xbc^b' OP QY\WL\ Z\YQP]TYXLVP] ]YVY NYX NLZLNTOLO ZL\L ecRSR[Rc& dZ_` bfV eR^SZm_ NYWZP^PX^P]' 9] _XL \PLVTOLO $'

ddd%758>C%\_U%[W

6PY^ d] T]U^`dT ^aXT]cPS^ P[ STbPaa^[[^ ST R^\_TcT]RXPb bT caPcP ST `dT T[ _Tay^S^ ST k_awRcXRPl% ST PRd\d[Pa Tg_TaXT]RXP% bT eXeP \XT]caPb T[ TbcdSXP]cT bT T]RdT]caP TbcdSXP]S^% h ]^ d]P eTi TVaTbPS^' 8T PWy bdaVT [P ]TRTbXSPS ST X]R^a_^aPa [P UX[^b^UyP ST kP_aT]STa WPRXT]S^l' NP ]^ bT caPcP ST P_aT]STa _aX\Ta^% h WPRTa STb_dxb% bX]^ `dT ST P_aT]STa h WPRTa bX\d[cw]TP\T]cT' 9[[^ ST\P]SP STbPUy^b P [^b _a^UTb^aTb d]XeTabXcPaX^b% Pby R^\^ P [^b VTbc^aTb ST [Pb RPaaTaPb' 9bc^b STbPUy^b bT RT]caP] T] [P X]R^a_^aPRX{] ST [Pb T\_aTbPb h ST [P b^RXTSPS T] VT]TaP[ mP caPexb ST [Pb Pb^RXPRX^]Tb% Rw\PaPb% h ^ca^b Vad_^b ST X]cTaxb #bcPZTW^[STab$ & Pby R^\^ T[ TbcPS^ \ X b \ ^ '


<>

7

9bcT _T`dTz^ TbQ^i^ _aTcT]ST eXbdP[XiPa [P ]TRTbXSPS ST P`dT[[P aTU[TgX{] b^QaT kT[ T]RdT]ca^ ]TRTbPaX^ R^] [P aTP[XSPSl ST [^b TbcdSXP]cTb SdaP]cT bd _Ta\P]T]RXP T] [P d]XeTabXSPS h d]P \dTbcaP ST [^ `dT WPRT\^b STbST [Pb PbXV]PcdaPb h T] P[XP]iP aTP[ R^] T[ \d]S^ T\_aTbPaXP[' 9g_^]Ta [P Tg_TaXT]RXP P [P UTRWP ST [P _PacXRX_PRX{] ST [Pb T\_aTbPb T] T[ _a^RTb^ ST U^a\PRX{] &QPY^ d] T]U^`dT ST STbPaa^[[^ ST R^\_TcT]RXPb&ST [^b TbcdSXP]cTb ST PS\X]XbcaPRX{] h \PaZTcX]V R^] [P \XRa^T\_aTbP UP\X[XPa ]XRPaPV}T]bT' J]^ ST [^b \wb aTRXT]cTb Uadc^b Tb [P T[PQ^aPRX{] ST SXPV]{bcXR^b T\_aTbPaXP[Tb h _[P]Tb ST \TaRPST^ h eT]cPb% R^] [P _PacXRX_PRX{] SXaTRcP ST +02 P[d\]^b T] */2 \XRa^T\_aTbPb% dcX[XiP]S^ /* WTaaP\XT]cPb ST VTbcX{] h SXPV]{bcXR^% S^b b^UcfPaT' HT X]R^a_^aP] ^ca^b _a^VaP\Pb ST eX]Rd[PRX{] R^\^ ?9;9% Y{eT]Tb X]eTbcXVPS^aTb% T]cXSPSTbh _a^VaP\Pb R^\^ 5<DG5 E5GIC9GH=>E%

(&')

>CENB9% 758>C% 5<>A% 7^]VaTb^ \dYTaTb T\_aTbPaXPb% 5B7=5B% >8G% I9A7DG% T]caT ^ca^b ]^ \T]^b X\_^acP]cTb' >ST]cXUXRP]S^ PST\wb b^QaT [P \PaRWP `dT bT WPRT ]TRTbPaX^ `dT [^b TbcdSXP]cTb STbPaa^[[T] \wb UdTacT\T]cT RXTacPb R^\_TcT]RXPb caP]beTabP[Tb Pb^RXPSPb P[ Rd\_[X\XT]c^ ST [^b R^\_a^\Xb^b% [P aTb_^]bPQX[XSPS% T[ R^]^RX\XT]c^ ST [^b R{SXV^b `dT X\_TaP] T] T[ \d]S^ T\_aTbPaXP[ T] bd aT[PRX{] R^] R[XT]cTb h _a^eTTS^aTb% T]caT ^ca^b' B^bcaP]S^ [^b TbcdSXP]cTb d]P P[cP \^cXePRX{] _PaP caPQPYPa T] _a^hTRc^b R^] T\_aTbPb h d]P P[cP RP_PRXSPS _PaP P_a^_XPabT T X]cTaX^aXiPa T] [^b _a^Q[T\Pb h SXbTzPa _a^_dTbcPb P[cTa]PcXePb ST b^[dRX{] ST R^ac^ \TSXP]^ h [PaV^ _[Pi^'

ddd%758>C%\_U%[W

$(


7

(D')

<

M 9A 5EDMD 89 79C5B> 7DC >CHI>IJ7>DC9H <J69GC5B9CI5A9H% BTNL\LR_L P] _X ZLq] OP WTN\Y% ZP[_PrL] c WPOTLXL] PWZ\P]L]3 8P VL] *..%))) PWZ\P]L] \PRT]^\LOL]% _X 22" ]YX A>CKA9F c ^LX ]YVY 1)1 PWZ\P]L] ]YX NYX]TOP\LOL] R\LXOP]' 8P P]P ^Y^LV% 01" ]YX WTN\Y]% *+" ]YX ZP[_PrL] c *)" ]YX WPOTLXL]' @L] A>CKA9F NYX]^T^_cPX PV Z\TXNTZLV WY^Y\ OP OP]L\\YVVY OP VL] XLNTYXP]% c VY] ZLq]P] [_P SLX LZY]^LOY OPNTOTOLWPX^P ZY\ ]_] ZP[_PrL] PWZ\P]L] O_\LX^P _X ZP\qYOY Z\YVYXRLOY% SLX YM^PXTOY \P]_V^LOY] L]YWM\Y]Y]' @L] A>CKA9F XY ]YVY RPXP\LX V^a]V`& eR^SZm_ d`_ V] ^V[`c ^VUZ` UV \POT]^\TM_NTsX OP VL \T[_PdL' =Lc `L\TY] V[V^a]`d UV Vde`& V_ 7^mcZTR CReZ_R eV_V^`d PV NL]Y OP 7STVP c 6\L]TV% PX 9_\YZL ZYOPWY] YM]P\`L\ L 5VPWLXTL c VY] ZLq]P] Bs\OTNY]% c PX PV 5]TL ZYOPWY] LXLVTdL\ PV eWTVLR\Y OP KRZhl_x& bfZV_ YRTV -* Ro`d VcR f_ aRnd a`ScV c SYc R\LNTL] LV N\PNTWTPX^Y OP ]_] ZP[_PrL] PWZ\P]L] P] _XL OP VL] PNYXYWqL] Wo] T`^aVeZeZgRdUV]^f_U`( <de`daRndVd[f_e`T`_ Y^\Y] [_P SLX LVNLXdLOY XT`PVP] OP OP]L\\YVVY ]L^T]QLN^Y\TY] NYXYNPX MTPX VL PN_LNTsX UV] miZe`4 <] TcVTZ^ZV_e` UV dfd D@GPD<J(

$)

ddd%758>C%\_U%[W

<_ EZTRcRXfR 2 UV TRUR +* ecRSR[`d d`_ RPXP\LOY] ZY\ VL] A>CKA9F% c p]^L] NYX^\TM_cPX LZ\YbTWLOLWPX^P LV -." OPV C>6 c L _X -)" OP VL \PNL_OLNTsX ^\TM_^L\TL' FP P]^TWL [_P _X ,." OP VY] Z\YO_N^Y] [_P ]P PbZY\^LX ]YX Z\YO_NTOY] ZY\ A>CKA9F% L_X[_P W_NSL] `PNP] XY ]YX p]^L] VL] [_P \PLVTdLX PV Z\YNP]Y OP PbZY\^LNTsX' 5 ZP]L\ OP VL TWZY\^LX^P NYX^\TM_NTsX L VL PNYXYWqL% X_P]^\L] WTN\YPWZ\P]L] SLX PXNYX^\LOY W_NSL] VTWT^LNTYXP] PX ]_ N\PNTWTPX^Y' HX P]^_OTY TXOTNL [_P ^YOY] VY] LrY] XLNPX WTVP] OP PWZ\P]L] X_P`L]% VL WT^LO OP VL] N_LVP] XY VYR\L VVPRL\ L VY] 0 LrY] OP `TOL% c OP VL] [_P VYR\LX ]_ZP\L\ P]P _WM\LV% _X 1)" XY VVPRL L VL ^P\NP\L RPXP\LNTsX' 9]^Y [_TP\P OPNT\% [_P ]T MTPX P]^oX ]_\RTPXOY PWZ\P]L]% R\LX ZL\^P OP VL] [_P PbT]^PX XY P]^oX N\PNTPXOY% ]P PXN_PX^\LX PX _X P]^LOY [_P ]P SL OPXYWTXLOY T`^q_^V_eV T`^` wUV dfaVcgZgV_TZRx(


<>

7

HX R\LX QLN^Y\ [_P YM]^LN_VTdL PV OP]L\\YVVY OP VL] A>CKA9F PX BTNL\LR_L P]^o `TXN_VLOY L VY] `LNqY] c YM]^oN_VY] OPX^\Y UV] ^RcT` [fcnUZT` ViZdeV_eV& j R ]R WR]eR UV TXQY\WLNTsX [_P VY] PWZ\P]L\TY] ^TPXPX ]YM\P p]^P% VY [_P OP\T`L PX _X VTWT^LOY RTTVd` R ]`d SV_VyTZ`d T`_eV_ZU`d V_ ]R ]VXZd]RTZp_ gZXV_eV& R UZyTf]eRUVd j RecRd`d PX ^\oWT^P] YZP\L^T`Y] XPNP]L\TY] ZL\L VL YZP\L^T`TOLO OP VL] A>CKA9F c L _X OP]TXNPX^T`Y ZL\L TXR\P]L\ LV ]PN^Y\ QY\WLV' <] n_UZTV w;`Z_X 8fdZ_Vddx dVoR]R bfV ]Rd acZ_TZaR]Vd UZyTf]eRUVd aRcR cVR]ZkRc XPRYNTY] PX BTNL\LR_L P]^oX \PVLNTYXLOL] R ]R ecR^Ze`]`XnR gZ_Tf]RUR R] >`SZVc_`4 PX PV ZLRY OP TWZ_P]^Y]% \PRT]^\Y OP ac`aZVURUVd& ^R_V[` UV ]ZTV_TZRd& T`^VcTZ` ^\LX]Q\YX^P\TdY% Z\Y^PNNTsX OP TX`P\]TYXP] c LZP\^_\L OP XPRYNTY]% ^\oWT^P]% P^N' @L R\LX OPZPXOPXNTL LX^P VL \PR_VLNTsX OPV P]^LOY c VL VTWT^LOL `PVYNTOLO OP \P]Z_P]^L L P]^Y] ecl^ZeVd& Rdn T`^` R d`]ZTZefUVd VdaVTnyTRd SPNSL] ZY\ PV ]PN^Y\ PWZ\P]L\TLV% VVPRL L RPXP\L\ R\LXOP] Zp\OTOL] P TXNV_]Y PV NTP\\P OP LVR_XL] PWZ\P]L]% Q\PXL ]_ OP]L\\YVVY j UV[R R ]`d V^acVdRcZ`d gf]_VcRS]Vd c ]TX _XL TX]^LXNTL OYXOP Z_POLX \PN_\\T\ ZL\L ]YV_NTYXL\ ]_ Z\YMVPWL' 9V Z\YMVPWL ]P ^Y\XL LtX Wo] R\L`P N_LXOY VL R\LX WLcY\qL OP P]^L] PWZ\P]L] YZP\L PX PV ]PN^Y\ TXQY\WLV% NYWY P] PV NL]Y OP BTNL\LR_L% OYXOP ]P P]^TWL [_P PbT]^PX WTVP] OP PWZ\P]L] [_P PWZVPLX LV /," OP VL C95 YN_ZLOL' 9]^L] PWZ\P]L] ]YX ]_WLWPX^P `_VXP\LMVP]% c Z\YO_N^Y OP ]_ ]T^_LNTsX% ]_] \PVLNTYXP] NYX >X]^T^_NTYXP] <_MP\XLWPX^LVP] ]YX LtX Wo] OT]^LX^P]'

(&')

9] ZY\ PVVY [_P PX 79B5A> LZYcLWY] L VL] PWZ\P]L] L ]_ZP\L\ VY] YM]^oN_VY] [_P PXN_PX^\PX% SLNPWY] PXVLNP NYX >X]^T^_NTYXP] <_MP\XLWPX^LVP]% M\TXOLWY] TXQY\WLNTsX c Z\YWY`PWY] VL QY\WLVTdLNTsX OP VL] PWZ\P]L]% ZL\L bfV afVUR_ Rac`gVTYRc ]`d SV_VyTZ`d UVcZgRU`d UV ]Rd VPcP]' 5V WT]WY ^TPWZY [_P\PWY] NYVLMY\L\ NYX PV >`SZVc_` ZUV_eZyTR_U` V]V^V_e`d $cVX]R^V_e`d& ecl^ZeVd ` ac`TVd`d% bfV afVUR_ dVc ^V[`cRU`d aRcR SV_VyTZ` UV] ]PN^Y\ PWZ\P]L\TLV% ZL\^TN_VL\WPX^P OP VL] A>CKA9F c L]q NYX^\TM_T\ NYX PV R\LX \P^Y ZVLX^PLOY PX PV CVLX OP 8P]L\\YVVY ?f^R_`UV]>`SZVc_`UV]RIVaqS]ZTRUVEZTRcRXfR4wV]^RcT` cVXf]Re`cZ` UV ]Rd D@GPD< Vd `S[Ve` UV ^`UVc_ZkRTZp_ aRcR QLNTVT^L\ VL TX]^LVLNTsX c Q_XNTYXLWTPX^Y OP VL] PWZ\P]L]' CY\ P]^L \LdsX PV <YMTP\XY SL Z\YNPOTOY L QY\^LVPNP\ PV WL\NY VPRLV c OP TXQY\WLNTsX ZL\L \PO_NT\ VL] ML\\P\L] OP PX^\LOL c OP OP]PWZPrY PX VY] WP\NLOY]% L VL `Pd [_P TWZ_V]L PV P]^LMVPNTWTPX^Y OP \PRVL] NVL\L] [_P P]^TW_VPX ]_ N\PNTWTPX^Y% RL\LX^TNPX VY] OPMP\P] c OP\PNSY] [_P eZV_V_& T`^` f_ RTe`c Z^a`ceR_eV V_ V] UVdRcc`]]` UV] aRnd(x FT MTPX PV OP]L\\YVVY PWZ\P]L\TLV XY OPZPXOP tXTNLWPX^P OP _XL `L\TLMVP #]P XPNP]T^L OP TXXY`LNTsX% LNNP]Y L WP\NLOY]% RceZTf]RTZp_ ac`UfTeZgR& RTTVd` R y_R_TZR^ZV_e`& V_ecV Y^\Y] PVPWPX^Y]$ ZL\L W_NSL] PWZ\P]L] PV LZYcY OP 79B5A> NYX >X]^T^_NTYXP] <_MP\XLWPX^LVP] SL \P]_V^LOY Q_XOLWPX^LV ZL\L ]_ ]_ZP\`T`PXNTL c ]_ N\PNTWTPX^Y' 9RUR f_R UV ]Rd Z_deZefTZ`_Vd XfSVc_R^V_eR]Vd [fVXR f_ c`] `T^LV PX PV OP]L\\YVVY OP X_P]^\L] PWZ\P]L]% PX VL WPOTOL bfV mdeRd Z_deZefTZ`_Vd j V] dVTe`c acZgRU` ^V[`cV^`d _fVdecR RceZTf]RTZp_& a`UcV^`d ^V[`cRc V] R_UR^ZR[V bfV XY] NYXO_NT\o SLNTL X_P`Y] SY\TdYX^P] OP Z\Y]ZP\TOLO c OP]L\\YVVY' =L]^L LSY\L ]P SL ^PXTOY W_NSY pbT^Y PX P]L VLMY\% ZP\Y LtX ]P ^TPXP _X R\LX \P^Y ZY\ OPVLX^P'

?bO[ 7O_Y\` 5ZOR\_ <S_S[aS 79C5B> j 758>C%

ddd%758>C%\_U%[W

$*


7

(D')

<

EGD8J77>sC BpH A>BE>5 JC5 5AI9GC5I>K5 E5G5 A5 EGD8J7I>K>858 M 6J9C 89H9BE9rD 5B6>9CI5A 7YWY \P]Z_P]^L L VL Z\YMVPWo^TNL bfV RbfV[R R ]R Z_UfdecZR UV MTPXP] c ]P\`TNTY] PX BTNL\LR_L% VL P]^\L^PRTL LWMTPX^LV Z\P`PX^T`L NYXYNTOL NYWY C\YO_NNTsX Wo] @TWZTL% P] _XL R]eVc_ReZgR UV ^V[`cR T`_eZ_fR OP QoNTV TWZVPWPX^LNTsX% VL N_LV% WPOTLX^P _X LXoVT]T] OPV Z\YNP]Y OP Z\YO_NNTsX Y OPV ]P\`TNTY Z\P]^LOY c VL P`LV_LNTsX ^pNXTNL% PNYXsWTNL c LWMTPX^LV OP VL] YZNTYXP] [_P ]P OP^PN^PX% VYR\L XV_VcRc ^V[`cRd V Z_TcV^V_e`d PX VL Z\YO_N^T`TOLO OP VL] PWZ\P]L]' 5X^P _X WP\NLOY RVYMLVTdLOY% VY] PWZ\P]L\TY]% P]ZPNTLVWPX^P VY] ZP\^PXPNTPX^P] L VL ZP[_PrL c WPOTLXL PWZ\P]L% OPMPX NYWZP^T\ PX N_LX^Y L NLVTOLO c NY]^Y OP ]_] Z\YO_N^Y] c ]P\`TNTY]% ZY\ VY [_P% VL TX^PR\LNTsX OP C\YO_NNTsX Wo] @TWZTL NYX]^T^_cP _XL SP\\LWTPX^L Z\P`PX^T`L ZL\L NYX^\L\\P]^L\ VY] QLN^Y\P] [_P TXNTOPX PX VL Z\YO_N^T`TOLO c PX VY] PQPN^Y] dVTf_URcZ`d bfV dV gV_ cVW]V[RU`d V_ ]R SR[R UV ]Rd gV_eRd j ]`d TWZLN^Y] XPRL^T`Y] LV LWMTPX^P' @L LZVTNLNTsX OP C\YO_NNTsX Wo] @TWZTL LZVTNL L Z\YNP]Y]% OYXOP TXNV_cP PV LSY\\Y PNYXsWTNY OP WL^P\TL] Z\TWL] c PXP\RqL% PVTWTXLXOY VY] LRPX^P] ^sbTNY] c \PO_NTPXOY VL NLX^TOLO c ^YbTNTOLO OP ^YOL] VL] PWT]TYXP] c OP]ZP\OTNTY]3 L Z\YO_N^Y]% NYX]TOP\LXOY VL \PO_NNTsX OP TWZLN^Y] XPRL^T`Y] L VY VL\RY

%!

ddd%758>C%\_U%[W

OPV NTNVY OP `TOL OP _X Z\YO_N^Y% OP]OP PV OT]PrY SL]^L ]_ _]Y QTXLV3 L ]P\`TNTY]% TXNY\ZY\LXOY VL] Z\PYN_ZLNTYXP] LWMTPX^LVP] c VL] ^pNXTNL] OP \PO_NNTsX PX PV _]Y OP VY] \PN_\]Y] PXP\Rp^TNY] c Z\YZTY] OP NLOL ]P\`TNTY% VY [_P ^TPXP [_P `P\ NYX PX PV OT]PrY c VL Z\P]PX^LNTsX OP VY] ]P\`TNTY]' 8P *222 L VL QPNSL% ]P \PRT]^\LX Wo] OP /)) PWZ\P]L]% PX ]_ WLcY\qL CKA9F [_P SLX TWZVPWPX^LOY P]^L WP^YOYVYRqL% YM^PXTPXOY MPXPQTNTY] Z\YWPOTY OP TXN\PWPX^Y OP Z\YO_N^T`TOLO PX _X *)')"% LSY\\Y] PX NYX]_WY OP PXP\RqL PX _X +/"% LSY\\Y] PX NYX]_WY OP LR_L PX _X ,." c \PO_NNTsX PX VL RPXP\LNTsX OP OP]PNSY] OP +."' 9]^Y ]P ^\LO_NP L _XL \PO_NNTsX OPV NYX]_WY OP LR_L PX *%*1)%.)/ W,% OPV NYX]_WY OP PXP\RqL PX +,%/.-%,00 UJS(LrY% RPXP\LNTsX OP OP]PNSY] OP ,%1)2%.0, UR( Ro` j UV V^ZdZ`_Vd UV 9F, V_ */%0+2%+0/ UR' 7YX P]^L] \PO_NNTYXP]% ]P YM^TPXPX MPXPQTNTY] ]YNTLVP] cL [_P M\TXOLX VL ZY\^_XTOLO OP MPXPQTNTL\ L +%,.* QLWTVTL] ZY\ VL OT]ZYXTMTVTOLO OPV LR_L ZY^LMVP LSY\\LOL c L *,%*-* QLWTVTL] ZY\ OT]ZYXTMTVTOLO OP VL PXP\RqL LSY\\LOL'

@L WP^YOYVYRqL OP Z\YO_NNTsX Wo] VTWZTL ZP\WT^P L VL PWZ\P]L RPXP\L\% WPOTLX^P _X NLWMTY OP LN^T^_OP]% RP\PXNTL LWMTPX^LV \P]ZYX]LMVP c P`LV_LNTsX OP VL] YZNTYXP] ^PNXYVsRTNL]% LSY\\Y] ^LX^Y PNYXsWTNY] NYWY LWMTPX^LVP] ZY\ VL \PO_NNTsX OPV NYX]_WY OP LR_L c OP VL \PO_NNTsX PX VL RPXP\LNTsX OP OP]PNSY] ]sVTOY] c PQV_PX^P]' 9X BTNL\LR_L% VL CW@ P] TWZ_V]LOL ZY\ VL 7YWT]TsX BLNTYXLV OP CW@ \P]ZLVOLO ZY\ VL CYVq^TNL BLNTYXLV OP CW@ #+))/$ c [_P LN^_LVWPX^P P]^o NYXQY\WLOL ZY\ A5E9B5% D@=@9& D@EJ7& D7>=FI& 9FE@D@GPD<& 7G<E& 97;@E& VL HB> c PV 7PX^\Y OP C\YO_NNTsX Wo] @TWZTL' 9]^L 7YWT]TsX ]P PXNL\RL OP \P]ZYXOP\ L VL OPWLXOL OP VY] PWZ\P]L\TY] OP [_P ]P Op L NYXYNP\ L ^YOY] VY] XT`PVP]% VY] MPXPQTNTY] OP P]^L WP^YOYVYRqL c VL QY\WL PX [_P VL] PWZ\P]L] Z_POPX LNNPOP\ L P]^P NYXYNTWTPX^Y' CL\L WLcY\ TXQY\WLNTsX Mt][_PXY] L ^\L`p] UV hhh(a^](`cX(_Z ) a^]6a^](`cX(_Z ) aaa'QLNPMYYU'NYW(7CW@BTNL\LR_L ( aaa' cY_^_MP'NYW(_]P\(7CW@BTNL\LR_L ( aaa' Z\YO_NNTYXWL]VTWZTL&VL'XP^


<>

7

ddd%758>C%\_U%[W

(&')

%"



<>

7

(&')

E_\U_OZO ;OQWYWaOR\_S` ;<CJ@H 6@N<I>F 8W_SQa\_ <S[S_OY 5UWY CWQO_OUbO 9X BY`TPWM\P OPV +)*+% ^\P] TX]^T^_NTYXP] TX^P\P]LOL] PX QY\^LVPNP\ PV ^PWL OP NYWZP^T^T`TOLO PWZ\P]L\TLV% [_P ZY\ PQPN^Y% L_WPX^P VL NYWZP^T^T`TOLO ZLq]% SLX _XTOY ]_] WfVckRd aRcR TcVRc V] ac`XcR^R4 7_cY Z\YZs]T^Y P] OY^L\VP] L +.) LV_WXY] OP VL H75 SLMTVTOLOP] ^pNXTNL] PX RP\PXNTL OP WP\NLOPY c `PX^L] L ^\L`p] OP VL PVLMY\LNTsX OP ZVLXP] OP WP\NLOPY c `PX^L]% OT\TRTOY] L SV_VyTZRc UV W`c^R XcRefZeR R ,/* ^ZTc`V^acVdRd( <deV U`S]V VdWfVck` j SV_VyTZ` aVc^ZeV bfV ]`d R]f^_`d j R]f^_Rd [fVXfV_ f_ c`] XVcV_TZR] `T`TPXOY VL PbZP\TPXNTL TX ]T^_ #OPX^\Y$ OP VL] ^ZTc`V^acVdRd R SV_VyTZRc( GVc` Vde` _` Vd e`U`( 9V ]TR_TPX^P N_L^\TWP]^\P% ]P VP OL\o ]PR_TWTPX^Y R ]Rd ^ZTc`V^acVdRd SV_VyTZRURd T`_ f_ _fVg` a]R_4 UV y_R_kRd( <_ V] q]eZ^` TfRecZ^VdecV dV ]Vd V]RS`cRcl `ec` ^`UV]` UV a]R_4 `aVcRTZ`_Vd ZL\L L_WPX^L\ PV `LVY\ LR\PRLOY L Z\YO_N^Y] c(Y ]P\`TNTY] N\PLOY] ZY\ P]^L] WTN\YPWZ\P]L]' 9]^L TXTNTL^T`L ]P W_V^TZVTNL\o NYX Y^\L] _XT`P\]TOLOP] c Y^\L] WTN\YPWZ\P]L] L XT`PV XLNTYXLV% VY [_P LZY\^L\o L VL PNYXYWqL XLNTYXLV NL]T HF! +.)%)))')) PX ^p\WTXY] OP NLZLNT^LNTsX c PVLMY\LNTsX OP P]^Y] ZVLXP] P]^\L^pRTNY] L XT`PV WTN\Y PWZ\P]L\TLV [_P XPNP]T^LX ^LX^Y X_P]^\L] PWZ\P]L] XTNL\LRuPX]P]' 7LOL ZVLX L OP]L\\YVVL\ ^TPXP _X NY]^Y LZ\YbTWLOY OP HF! *%.))'))% VY] N_LVP] _XL WTN\Y PWZ\P]L XY ^TPXP VL NLZLNTOLO OP ZLRL\' K NLOL Z\YQP]TYXLV QY\WLOY PX PV ^PWL OP RP\PXNTL OP WP\NLOPY c `PX^L] ^TPXP _X NY]^Y LZ\YbTWLOY OP HF! .))'))'

<_ `TefScV j _`gZV^ScV UV] ,*+, dV SV_VyTZRc`_ _X ^Y^LV OP *+) WTN\YPWZ\P]L]% c ZY\ NYX]PN_PXNTL L *+) LV_WXY]' 9V WYX^Y OP ZL\^TNTZLNTsX LZY\^LOL ZY\ P]^L] TX]^T^_NTYXP] #OP WLXP\L OP EF9$ Q_P OP HF! *1)%)))')) PX ZVLXP] OP WP\NLOPY c `PX^L]% c PX NYXNPZ^Y OP NLZLNT^LNTsX Q_P\YX HF! /)%)))'))% NYX _X ^Y^LV OP HF! +-)%)))')) LZY\^LOY]' 9X ]_ ^P\NP\L P^LZL PV Z\YR\LWL LZY\^L\o HF! ,0.%)))')) PX NYXNPZ^Y OP PVLMY\LNTsX OP ZVLXP] ZY\ N_L^\TWP]^\P% c _X ^Y^LV OP HF! *+.%)))')) PX NYXNPZ^Y OP NLZLNT^LNTYXP]' CL\L _X ^Y^LV LV y_R] UV Ro` UV LJ" +&1.*&***(** V_ T`_TVae`d UV SV_VyTZRc R R]f^_`d$Rd% j ^ZTc`V^acVdRd( <deR Vd VL TXTNTL^T`L OP P]^L] TX]^T^_NTYXP]' 9]^Y OPW_P]^\L [_P ^LWMTpX VL] PWZ\P]L] N_LXOY ]P LVqLX c ZTPX]LX V_ SV_VyTZRc& afVUV_ Ra`ceRc R] UVdRcc`]]` UV] aRnd NYX PV ]TWZVP P]Q_P\dY OP NLXLVTdL\ ]_] \PN_\]Y] OP WLXP\L P]^\L^pRTNL' B_P]^\L] Y\RLXTdLNTYXP] P]^oX TX^P\P]LOL] PX LWZVTL\ P]^P NLWZY OP LNNTsX SLNTPXOY [_P Y^\L] R\LXOP] PWZ\P]L] P TX]^T^_NTYXP] ]P _XLX L X_P]^\Y P]Q_P\dY c SLNP\ OP BTNL\LR_L _X ZLq] [_P L_WPX^L ]_ Z\YO_N^T`TOLO% NVTWL OP XPRYNTY] c NYWZP^T^T`TOLO OP]OP VL] WTN\Y c ZP[_PrL] PWZ\P]L] OPV ZLq]' HXL `T]TsX X_P`L OP OP]L\\YVVY OP]OP VL ZP\]ZPN^T`L P TXTNTL^T`L PWZ\P]L\TLV' CL\L WLcY\ TXQY\WLNTsX ]YM\P PV Z\YR\LWL c ]_ TX^P\p] PX TX`YV_N\L\]P LV WT]WY% ZYO\qL LMYNL\]P NYX ]_ ]P\`TOY\% 7B; JLV^P\ EPrL]NY% 8T\PN^Y\ <PXP\LV% 5<>@ BTNL\LR_L f 7Y]^L ETNL% LV #.).$ 10-0&2))2'

ddd%758>C%\_U%[W

%$


?ycS[S` 5ZPWS[aOYW`aO`%

;9 ;9)>5 C57>DC5A 89 A5 I>9)) ))5 9V 8qL A_XOTLV OPV APOTY 5WMTPX^P #8AA5$ P] _X P`PX^Y LX_LV [_P M_]NL ]P\ PV OqL Wo] Pb^PX]LWPX^P NYXWPWY\LOY L XT`PV W_XOTLV% WPOTLX^P LNNTYXP] WPOTYLWMTPX^LVP] ZY]T^T`L]' @L] LN^T`TOLOP] OPV 8AA5 ]P `TPXPX \PLVTdLXOY O_\LX^P ^YOY PV LrY ZP\Y ]_ Z_X^Y Wo] LV^Y ]P LVNLXdL NLOL LrY PV . OP ?_XTY' 9V 8AA5 TXTNTs PX *20+ c SL N\PNTOY NYX`T\^TpXOY]P PX _XY OP VY] Z\TXNTZLVP] `PSqN_VY] L ^\L`p] OPV N_LV VL] BLNTYXP] L XT`PV W_XOTLV P]^TW_VLX VL NYXNTPXNTL ]YM\P PV APOTY 5WMTPX^P c QYWPX^LX VL L^PXNTsX c LNNTsX PX ^YOY] VY] ]PN^Y\P] Z\TY\TdLXOY VL ZYVq^TNL' 9X X_P]^\Y ZLq]% ]P PXN_PX^\L P]^LMVPNTOL PX VL @Pc *2. #@Pc [_P TX]^T^_cP VL FPWLXL OPV APOTY 5WMTPX^P c VY] EPN_\]Y] BL^_\LVP]$% ]TX PWML\RY% LX^P] OP VL Z_P]^L PX WL\NSL OP P]^L @Pc% cL PbT]^qL _XL ^\LOTNTsX OP VL NYW_XTOLO LWMTPX^LVT]^L ZL\L OP]L\\YVVL\ LNNTYXP] PXWL\NLOL] PX VL] PQPWp\TOP] LWMTPX^LVP]% SLNTPXOY VVLWLOY] L VL ^YWL OP LNNTsX% NYXNTPX^TdLXOY L ^\L`p] OP OTQP\PX^P] LNNTYXP] L XT`PV XLNTYXLV' BTNL\LR_L NYXWPWY\L PV 8qL A_XOTLV OPV APOTY 5WMTPX^P L ^\L`p] OP VL ;P\TL BLNTYXLV OP VL GTP\\L% NYX PV Z\YZs]T^Y OP PXQYNL\ VL L^PXNTsX SLNTL VL TWZY\^LXNTL OPV WPOTY LWMTPX^P c P]^TW_VL\ LNNTYXP] ZYVq^TNL] LNY\OP] NYX VL Z\Y^PNNTsX OPV WT]WY% LOPWo] TX^PX^L OL\ _X \Y]^\Y S_WLXY L VY] Z\YMVPWL] LWMTPX^LVP]3 LVPX^LXOY L VL] ZP\]YXL] L NYX`P\^T\]P PX LRPX^P] LN^T`Y] c P[_T^L^T`Y] OPV OP]L\\YVVY ]Y]^PXTMVP3 Z\YWY`TPXOY VL TOPL [_P VL] NYW_XTOLOP] d`_ ]`d V[Vd UV] TR^SZ` UV RTeZefU T`_ \P]ZPN^Y L VY] ^PWL] LWMTPX^LVP]% Z\YZTNTLXOY L ]_ `Pd% L]YNTLNTYXP] [_P L]PR_\PX L`LXdL\ SLNTL _XL ]YNTPOLO Wo] [fdeR& VT`]pXZTR j d`]ZURcZR(

%%


5CI97989CI9H @L ;P\TL BLNTYXLV OP VL GTP\\L ZY\ ]_ WYOLVTOLO PO_NL^T`L% NYXNP\^LNTsX c OP Z\YWYNTsX ]P NYX]^T^_cP PX _XL LNNTsX [_P ^\L]NTPXOP VL] OTQP\PX^P] `qL] P]^\L^pRTNL] _^TVTdLOL] PX VL NYXNTPX^TdLNTsX c ZL\^TNTZLNTsX LWMTPX^LV [_P ]P VP Z\YZY\NTYXL L VL ZYMVLNTsX PX RPXP\LV' 9] WY^T`LOL c Z\YWY`TOL ZY\ PV WY`TWTPX^Y ?s`PXP] 5WMTPX^LVT]^L] #7?5$ [_P L TXTNTY PX *22/ VL Z\YWYNTsX OP ;P]^T`LVP] OP VL BL^_\LVPdL% T`_Tfcd`d Tf]efcR]Vd j UVa`ceZg`d T`_ ^V_dR[Vd LV_]T`Y] LV 8qL A_XOTLV OPV APOTY 5WMTPX^P' 9X PV LrY +))+% ]P VYR\L NYX`YNL\ L OTQP\PX^P] ]PN^Y\P] OP VL `TOL XLNTYXLV c OPNTOPX \PLVTdL\ VY [_P SYc ]P NYXYNP NYWY VL ;P\TL BLNTYXLV OP VL GTP\\L' 5 VY VL\RY OP ]_] OTPd LrY] OP \PLVTdLNTsX SLX ZP\WT^TOY VL TX^PR\LNTsX OP >X]^T^_NTYXP] OPV >`SZVc_` 9V_ecR]& FcXR_ZkRTZ`_Vd UV ]R d`TZVURU NT`TV% NYW_XTOLO NTPX^qQTNL c LNLOpWTNL OPV ZLq]% <YMTP\XY] A_XTNTZLVP]% 7YWT]TYXP] 5WMTPX^LVP] A_XTNTZLVP]% FPN^Y\ >XO_]^\TLV% 5R\YZPN_L\TY% VL ?_`PX^_O% c WPXNTsX TWZY\^LX^P WP\PNPX VL] PWZ\P]L] Z\T`LOL] \P]ZYX]LMVP] NYX PV WPOTY LWMTPX^P' @L ;P\TL BLNTYXLV OP VL GTP\\L P] PV QY\Y ZY\ PbNPVPXNTL OYXOP VL ]YNTPOLO XTNL\LRuPX]P PbZ\P]L OTQP\PX^P] TXTNTL^T`L] ZL\L VL PO_NLNTsX% Z\YWYNTsX% RP]^TsX c NYX]P\`LNTsX OP X_P]^\Y WPOTY LWMTPX^P c \PN_\]Y XL^_\LVP]' 9]^L TWZY\^LX^P LNNTsX ]P \PLVTdL PX PV WL\NY OP VL T`_^V^`cRTZp_ UV ]R J<D7E7 ;<C D<;@F 7D8@<EK< P I<9LIJFJ E7KLI7C<J( 7YX VL \PLVTdLNTsX OP YXNP POTNTYXP] NYX]PN_^T`L] VL] TX]^T^_NTYXP]% Y\RLXTdLNTYXP] c ZP\]YXL] [_P LXTWLX VL ;P\TL BLNTYXLV OP VL GTP\\L SLX VYR\LOY TXNTOT\ PX VL LRPXOL XLNTYXLV NYVYNLXOY PV ^PWL OP APOTY 5WMTPX^P NYWY _XL Z\TY\TOLO% ]P SL PQPN^_LOY OToVYRY c NYXNP\^LNTsX ZL\L VL LZ\YMLNTsX OP VL] VPcP] TWZY\^LX^P] ZL\L ]R XVdeZp_ R^SZV_eR] UV] aRnd4 CVj <daVTZR] UV 8PVT^Y] 7YX^\L PV APOTY 5WMTPX^P c VY] EPN_\]Y] BL^_\LVP]% @Pc BY' ..23 @Pc OP IPOL ZL\L PV 7Y\^P% 5Z\Y`PNSLWTPX^Y c 7YWP\NTLVTdLNTsX OPV \PN_\]Y QY\P]^LV% @Pc .1.3 @Pc <PXP\LV OP 5R_L] BLNTYXLVP]% @Pc /+)3 @Pc 9]ZPNTLV OP 7YWT^p] OP 5R_L CY^LMVP c FLXPLWTPX^Y% @Pc BY' 0++3 @Pc ZL\L VL C\Y^PNNTsX c PV 6TPXP]^L\ OP VY] 5XTWLVP] 8YWp]^TNY] c 5XTWLVP] FTV`P]^\P] 8YWP]^TNLOY]%

@Pc BY' 0-03 FYM\P PV 7LWMTY 7VTWo^TNY c ]_ 5OLZ^LMTVTOLO PX BTNL\LR_L% EP]YV_NTsX 5B BY' )),&+))2% PX VL N_LV ]P \PNYXYNP _XL dVcZV UV Z_decf^V_e`d [fcnUZT`d _RTZ`_R]Vd V TX^P\XLNTYXLVP] [_P Z\YW_P`PX VL Z\Y^PNNTsX UV] ^VUZ` R^SZV_eV& eR]Vd T`^`4 ]R 9`_gV_TZp_ AL\NY OP VL] BLNTYXP] HXTOL]% PV C\Y^YNYVY UV Bj`e`& ]R 9f^ScV UV 9R^SZ` 9]Z^leZT` j APOTY 5WMTPX^P OPV FT]^PWL OP >X^PR\LNTsX 7PX^\YLWP\TNLXL #F>75$ c VY] 9]^LOY] WTPWM\Y] UV ]R T`^f_ZURU UV <] 9RcZSV $97I@9FD%& j ]R @Pc <PXP\LV OP APOTY 5WMTPX^P' 9X VL WT]WL OT\PNNTsX 8TLVYRY c 7YXNP\^LNTsX ]P VYR\Y [_P BTNL\LR_L ZY\ WPOTY OPV <YMTP\XY \P]ZLVOL\L LV MVY[_P NYX]P\`LNTYXT]^L MLVVPXP\Y PX VL 76>3 QT\WL YQTNTLV ZY\ PV <YMTP\XY VL 8PNVL\LNTsX HXT`P\]LV OPV 6TPXP]^L\ 5XTWLV #8H65$' FP SL PQPN^_LOY N\_dLOL] OP 5VQLMP^TdLNTsX 5WMTPX^LV ZL\L OL\ L NYXYNP\ VL @Pc OP 5R_L% @Pc UV 97GJ& ^V_dR[Vd VUfTReZg`d WcV_eV R] TR^SZ` NVTWo^TNY c \P]TO_Y]' EPLVTdLNTsX NYWY P]ZLNTY OPV ]PN^Y\ Z\T`LOY PbZY]TNTYXP] OP ^PNXYVYRqL ]Z^aZR a`c ^VUZ` UV ]R <ia` 7^SZV_eV& [`c_RURd OP \PQY\P]^LNTsX% VTWZTPdL] OP NY]^L]% `T`P\Y] OP ^Y\^_RL]% NTNVY] OP NLZLNT^LNTsX L WL] OP .) ^Z] [pgV_Vd V_ UZVk Ro`d T`_dVTfeZg` UV =VcZR& T`_Tfcd`d [fgV_Z]Vd j TR^aRoRd T`^` 8R_UVcR 9NYVsRTNL% 5N^tL IP\OP'


7

(D')

< 8S`O__\YY\ RSY 7YWZO D_UO[WgOQW\[OY AWQ% 8O[WSY 5YSZO[

n7_oXOY ]P VYR\L PX _XL PWZ\P]L VY [_P NYWtXWPX^P ]P NYXYNP NYWY VL ;\YX^P\L OP CY]TMTVTOLOP] OP C\YO_NNTsX4 7TP\^LWPX^P% N_LXOY L ZL\^T\ OP _XL NYWMTXLNTsX OP QLN^Y\P] ]P LVNLXdLX VY] `YVtWPXP] WobTWY] OP Z\YO_NNTsX% _^TVTdLXOY PX ]_ ^Y^LVTOLO VL NLZLNTOLO TX]^LVLOL' @L ^PNXYVYRqL% PV NLZT^LV% VY] TX]_WY] c WL^P\TL] Z\TWL]% QY\WLX ZL\^P OP P]^Y] QLN^Y\P]% VY] N_LVP] LV NYWMTXL\]P NYX CR DR_` UV FScR& T`_W`c^R_ VL P]^\_N^_\L Z\YO_N^T`L OP VL PWZ\P]L' EPRVLWPX^L\TLWPX^P% P] VL TX^P\LNNTsX PX^\P ^YOY] VY] WRTe`cVd ]` bfV UVy_V V] _ZgV] UV VyTZV_TZR j ac`UfTeZgZURU V_ ]Rd Y\RLXTdLNTYXP]' FT MTPX P] NTP\^Y% XY ^YOL] VL] TXO_]^\TL] VVPRLX L YZP\L\ ]YM\P P]L VqXPL OP Q\YX^P\L OP ZY]TMTVTOLOP] OP Z\YO_NNTsX% ]TX PWML\RY% ZL\L LVR_XY] V^acVdRcZ`d V] ecRSR[Rc R] ^V_`d NYX \PXOTWTPX^Y] OPV 1)" ]YM\P VL NLZLNTOLO TX]^LVLOL% P] _X \LXRY LNPZ^LMVP OPX^\Y OP VY [_P dV aVcTZSV T`^` VyTZV_eV( @Y LX^P\TY\ XY] ZYO\qL ]_RP\T\ ]R dZXfZV_eV Z_eVcc`XR_eV4 n7sWY PbZLXOT\ P]L Q\YX^P\L OP ZY]TMTVTOLOP] OP Z\YO_NNTsX4 @L Z\TWP\L YZNTsX% c P] OP dfa`_Vc& dV cVyVcV R ]R Z_gVcdZp_5 L_WPX^LXOY VL NLX^TOLO OP _XY Y ^YOY] VY] QLN^Y\P] [_P TX^P\`TPXPX PX PV Z\YNP]Y OP Z\YO_NNTsX% PV \P]_V^LOY P]ZP\LOY P] [_P Rf^V_eV_ ]`d _ZgV]Vd UV VyTZV_TZR c Z\YO_N^T`TOLO c ZY\ PXOP VY] `YVtWPXP] OP

%'

ddd%758>C%\_U%[W

Z\YO_NNTsX' FTX PWML\RY% VL TX`P\]TsX XY ]TPWZ\P P] _XL LV^P\XL^T`L L NYX]TOP\L\]P PX PV NY\^Y ZVLdY% Z_P] PX YNL]TYXP] ]P ^\L^L OP WYX^Y] W_c PVP`LOY] ]_WLOY L [_P PV ^TPWZY Z_POP \P]_V^L\ ]P\ W_c VL\RY SL]^L `P\ \P]_V^LOY]' @L ]PR_XOL YZNTsX c VL P]PXNTL OP P]^P P]N\T^Y% ]P ^\L^L OP VL LOWTXT]^\LNTsX OPV 7VTWL FcXR_ZkRTZ`_R]( 9V NYXNPZ^Y OP 7VTWL FcXR_ZkRTZ`_R]& T`_ dfd ^q]eZa]Vd UVy_ZTZ`_Vd& Vd \PVL^T`LWPX^P X_P`Y PX PV NLWZY OP VL Z]TNYVYRqL OP VL] Y\RLXTdLNTYXP]' 8P WLXP\L M\P`P ]P PX^TPXOP NYWY VL ZP\NPZNTsX [_P ^TPXPX VY] NYVLMY\LOY\P] OPV WPOTY LWMTPX^P S_WLXY c Qq]TNY PX PV [_P ]P OP]L\\YVVL V] ecRSR[` T`eZUZR_`( <_ VdeV ]PX^TOY% PV OPXYWTXLOY NVTWL Y\RLXTdLNTYXLV Z_POP OP^P\WTXL\ c NYXOTNTYXL\ PV NYWZY\^LWTPX^Y OP VY] PWZVPLOY] ZP\^PXPNTPX^P] L VL PWZ\P]L% QL`Y\PNTPXOY Y OP]QL`Y\PNTPXOY PV R\LOY OP UVdV^aVo` T`_ cVdaVTe` ]`d y_Vd OP VL WT]WL' @L LOWTXT]^\LNTsX OPV 7VTWL FcXR_ZkRTZ`_R] Vd f_ ac`TVd` df^R^V_eV T`^a]V[` R cRnk UV VL OTXoWTNL OP VL Y\RLXTdLNTsX% OPV PX^Y\XY c OP VY] QLN^Y\P] S_WLXY]' 9] ZY\ PVVY [_P W_NSL] PWZ\P]L] P TX]^T^_NTYXP] \PNYXYNPX [_P _XY OP ]_] LN^T`Y] Q_XOLWPX^LVP] P] ]_ QLN^Y\ S_WLXY' CL\L L]PR_\L\ VL ]YVTOPd OP ]_ \PN_\]Y S_WLXY% VL] Y\RLXTdLNTYXP] \P[_TP\PX NYX^L\ NYX PVPWPX^Y] OP

WPOTNTsX ZP\TsOTNL OP ]_ 7VTWL FcXR_ZkRTZ`_R] bfV gR ]ZXRU` T`_ VL WY^T`LNTsX OPV ZP\]YXLV c NYWY LX^P] ]P ]PrLVLML p]^P Z_POP \PZP\N_^T\ ]YM\P ]_ NYX`PXTPX^P NYWZY\^LWTPX^Y c OP]PWZPrY Y\RLXTdLNTYXLV' 9V P]^_OTY OPV NVTWL Y\RLXTdLNTYXLV NYX]T]^P PX VL PVLMY\LNTsX OP PXN_P]^L] bfV eV_XR_ T`^` `S[VeZg` ]R NYX]_V^L OP^P\WTXLOL ZY\ PV o\PL OP \PN_\]Y] S_WLXY]% VL] N_LVP] OPMPX ]P\ NY\\PN^LWPX^P OT]^\TM_TOL] PX^\P VY] PWZVPLOY] OP VL Y\RLXTdLNTsX' 9] TWZY\^LX^P OP]L\\YVVL\ WP^YOYVYRqL] PbNV_]T`L] ZL\L WPOT\ PV 7VTWL FcXR_ZkRTZ`_R] UV ]R V^acVdR j L]q OP^P\WTXL\ ]T VL] ZYVq^TNL] c P]^\L^PRTL] OPV o\PL OP \PN_\]Y] S_WLXY] ]YX \PLVWPX^P PQPN^T`L]' CR ZUVR UV ecRSR[Rc j UVdRcc`]]Rc V] 9]Z^R FcXR_ZkRTZ`_R] V_ ]R PWZ\P]L NYX]T]^P PX OP]ZP\^L\ V_ ]`d ecRSR[RU`cVd ]R ^Zd^R `T]TsX c ]PX^TWTPX^Y [_P Z_POP PbZP\TWPX^L\ PV O_PrY ZY\ df V^acVdR( L_ ecRSR[RU`c T`^ac`^VeZU` V ZUV_eZyTRU` NYX ]_ Y\RLXTdLNTsX RL\LX^TdL\o XY ]YVLWPX^P PV N_WZVTWTPX^Y OP ]_] Q_XNTYXP]% ]TXY PV `PVL\ ZY\ PV MTPXP]^L\ OP VL PWZ\P]L' @L] Wo] R\LXOP] SLdLrL] PX VL S_WLXTOLO SLX ]TOY \PLVTdLOL] ZY\ ZP\]YXL] NYX`PXNTOL] c NYWZ\YWP^TOL] NYX ]_ NL_]L' 8P]L\\YVVL\ P]^L WT]WL LN^T^_O V_ ]`d ecRSR[RU`cVd aRcR bfV dV ecR_dyVcR R ]R V^acVdR Vd f_ cVe` [_P NY\\P]ZYXOP LV o\PL OP EPN_\]Y] =_WLXY]'



7

(D')

<

Z\Y^PNNTsX LWMTPX^LV% Y ]Y]^PXTMTVTOLO LWMTPX^LV% cL XY P]% NYWY OT\qLWY] ZYZ_VL\WPX^P% SLMVL\ OP \YWLX^TNT]WY' =L]^L SLNP ZYNY ^TPWZY SLMqL TWZP\LOY VL ^PY\qL [_P PV N\PNTWTPX^Y PNYXsWTNY OPMqL VVP`L\]P L _V^\LXdL OPV OP^P\TY\Y LWMTPX^LV SL]^L VVPRL\ L _XL P^LZL NYX]TOP\LMVP OP LM_XOLXNTL PNYXsWTNL% L ZL\^T\ OP VL N_LV Q_P]P Z\YZTNTY TXTNTL\ L \P]L\NT\ VY] OLrY] LWMTPX^LVP]% P]^L ^PY\qL SL ]TOY LWZVTLWPX^P OPML^TOL c \PQ_^LOL% XY ]YVLWPX^P PX ]`d RS`cUR[Vd eVpcZT` R]cVUVU`c OP VL ]Y]^PXTMTVTOLO LWMTPX^LV% ]TXY PX VL Z\oN^TNL OP VL RP]^TsX PWZ\P]L\TLV' G`c TZeRc R]Xf_`d V[V^a]`d& L VL QPNSL ]P SLX \PRT]^\LOY TXTNTL^T`L]% OP]OP PV ]PN^Y\ Z\T`LOY% ZY\ VL NYX]P\`LNTsX OP P]ZPNTP] [_P ]P PXN_PX^\LX PX `qL] OP Pb^TXNTsX% NYWY VL GY\^_RL CL]VLWL #@PZTOYNSPVc] YVT`PLNPL$% PX_WP\oXOY]P OTQP\PX^P] Z_X^Y] PX VY] N_LVP] ]P PXN_PX^\LX Z\YcPN^Y] OP TXN_MLNTsX ]PWTXL^_\LV OP S_P`Y] OP P]^L P]ZPNTP OP GY\^_RL AL\TXL% \PRT]^\oXOY]P VTMP\LNTYXP] OP SL]^L *.%))) ^Y\^_R_TVVY] PX _XL ^PWZY\LOL '

%)

TX^P\XLNTYXLV% PV LZLO\TXLWTPX^Y ZL\L VL NYX]P\`LNTsX c \PZYMVLNTsX OP P]ZPNTP] ]TV`P]^\P] #;VY\L c ;L_XL$% L]q NYWY PV LZY\^P L VL PO_NLNTsX LWMTPX^LV c VL Z\YWYNTsX OP X_P]^\Y ZL^\TWYXTY XL^_\LV ]YX LNNTYXP] [_P PX VL LN^_LVTOLO ]P VVP`LX L NLMY ZY\ OTQP\PX^P] PWZ\P]L] c VL TXO_]^\TL PX BTNL\LR_L% ]TX UV[Rc R f_ ]RU` ]`d Gc`jVTe`d UV 8P]L\\YVVY @TWZTY c VY] Z\YcPN^Y] OP EPO_NNTsX OP 9WT]TYXP] ZY\ 8PQY\P]^LNTsX c 8PR\LOLNTsX 9`T^LOL% VVP`LOY] L NLMY PX PV WL\NY OP VY] LN_P\OY] OP VL 7_WM\P A_XOTLV ]YM\P 7LWMTY 7VTWo^TNY'

9]^P ^PWL OP ^\L]NPXOPX^LV TWZY\^LXNTL ZL\L PV ZLq]% ZY\ PV TWZLN^Y XPRL^T`Y [_P VY] OTQP\PX^P] \P]TO_Y] ^TPXPX PX VL MTYOT`P\]TOLO% ]TX WPXNTYXL\ VY] Z\YMVPWL] [_P NL_]LX PX VL ]LV_O OP VL] ZP\]YXL] c ]_] \PZP\N_]TYXP] PX PV ^_\T]WY% \PZ\P]PX^L _XL YZY\^_XTOLO PNYXsWTNL% XY ]YVY ZL\L VL] R\LXOP] PWZ\P]L]% ]TXY ZL\L VL] WTN\Y c ZP[_PrL] PWZ\P]L] [_P PWZTPdL L QY\WL\]P PX ^Y\XY R] cVTZT]R[V& ]R gR]`cZkRTZp_ j V] ^\L^LWTPX^Y OP VY] \P]TO_Y]'

9X ]qX^P]T]% VL TX^PR\LNTsX OP P]^L] c W_NSL] Y^\L] LNNTYXP] OP NYX]P\`LNTsX [_P LN^_LVWPX^P ]P VVP`LX L NLMY ZY\ ZL\^P OPV ]PN^Y\ Z\T`LOY% \PZ\P]PX^LX PV NLWMTY OP ZL\LOTRWL PX N_LX^Y L VL WLXP\L OP RP]^TYXL\ VL TX`P\]TsX Z\T`LOL PX ZVPXL L\WYXqL NYX VL FP P]^TWL [_P L XT`PV BLNTYXLV VL XL^_\LVPdL' Z\YO_NNTsX LX_LV OP \P]TO_Y] P] OP *% +00%.)) ^YXPVLOL] ZY\ LrY' @L] ^PWZY\LOL] PX [_P ]P SLX IT]^Y OP]OP VL X_P`L sZ^TNL OP VL ]]VgRU` R TRS` ]Rd [`c_RURd <P]^TsX >X^PR\LV OP VY] EP]TO_Y]% OP TXN_MLNTsX ]PWTXL^_\LV OP P]^Y \PZ\P]PX^L _XL YZY\^_XTOLO S_P`Y] OP ^Y\^_RL `LX OP]OP PV ZL\L PV P]^LMVPNTWTPX^Y OP WP] OP BY`TPWM\P LV WP] OP X_P`L] PWZ\P]L c RPXP\LNTsX OP 5M\TV' PWZVPY]' FecR RTTZp_ bfV RTefR]^V_eV YR ^YWLOY Q_P\dL PX X_P]^\Y ZLq] c [_P \PZ\P]PX^L _XL YZY\^_XTOLO ZL\L VY] OTQP\PX^P] ]PN^Y\P] ]YNTLVP]% P] VL <P]^TsX >X^PR\LV OP VY] EP]TO_Y] #<>E$'

%) ddd%758>C%\_U%[W


<>

7

&)/'%1-/)0-%)-0

(&')

%$&),

ddd%758>C%\_U%[W

%*


&)/'%1-/)0-%)-0

%$&),


&)/'%1-/)-

%$&),

0-%)-0


&)/'%1-/)0-%)-0

%$&),


&)/'%1-/)-

%$&),

0-%)-0


&)/'%1-/)0-%)-0

%$&),


&)/'%1-/)-

%$&),

0-%)-0

<aT\X^3

FdX\XR^'


&)/'%1-/)0-%)-0

%$&),


&)/'%1-/)-

%$&),

0-%)-0


&)/'%1-/)0-%)-0

%$&),


&)/'%1-/)-

%$&),

0-%)-0


&)/'%1-/)0-%)-0

%$&),


&)/'%1-/)-

%$&),

0-%)-0


&)/'%1-/)0-%)-0

%$&),


&)/'%1-/)-

%$&),

0-%)-0


&)/'%1-/)0-%)-0

%$&),


&)/'%1-/)-

%$&),

0-%)-0


7

(D')

''

<

ddd%758>C%\_U%[W


<>

7

(&')

B>EMB9H "$(!'& "!#&( .QCA<?<I <

ddd%758>C%\_U%[W

'(


B>EMB9H %$&),

&)/'%1-/)0-%)-0

/1


&)/'%1-/)B>EMB9H 0-%)-0%$&),

/2


B>EMB9H %$&),

&)/'%1-/)0-%)-0

0)


&)/'%1-/)B>EMB9H 0-%)-0%$&),

0*


B>EMB9H %$&),

&)/'%1-/)0-%)-0

0+


&)/'%1-/)B>EMB9H 0-%)-0%$&),

0,


B>EMB9H %$&),

&)/'%1-/)0-%)-0

0-


&)/'%1-/)B>EMB9H 0-%)-0%$&),

0.


B>EMB9H %$&),

&)/'%1-/)0-%)-0

0/




Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.