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98=318/= ./ =H-?<3>H q );@>1 8-B1V85:31 1?@ 01?@5:P L :1 ?1>B5> =A L 01? -<<85/-@5;:? 0;91?@5=A1? -A 8-B-31 0-:? A: .-5: 81??5B518 01 @1D@581? 8-B-.81? 1: 9-/45:1 L 2;:/@5;::1> -B1/ 01 8 1-A <;@-.81 2>;501 -005@5;::P1 01 <>;0A5@? 81??5B518? 1@ 0 1:@>1@51: A@585?-.81? 1: 8-B1V85:31 q "1 8-5??1F 6-9-5? 81? 1:2-:@? 6;A1> ?-:? ?A>B1588-:/1 <>O? 01 8- 9-/45:1 q 8;53:1F 81? -:59-AD 0;91?@5=A1? 01 8 -<<->158 q ;>?=A1 B;A? .>-:/41F 0P.
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#+>398 .
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'<3 .? 6381/ :+< -9?6/?<= >>/8>398 1 85:31 <1A@ 0P@15:0>1 "1 8-B1F <-? 0A 85:31 01 /;A81A> :1A2 -B1/ 0A 85:31 <8A? -:/51: 1 85:31 .8-:/ <1A@ <>1:0>1 A:1 @15:@1 3>5?1 -B1F ?P<->P91:@ 81 85:31 .8-:/ 1@ 81 85:31 01 /;A81A> :+< ./1 =+6/ A/A:1 ?-85??A>1 ;A @-/41 B5?5.
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=?3@+8> 6/= =C7,96/= . /8>3/8 =?< 6/= H>3;?/>>/= "1 8-B1F 1: 9-/45:1 =A1 81 85:31 ->.;>-:@ 81? ?E9.;81? 0 1:@>1@51: 5:05=AP? 5/5 e d *3>>/ A+= 6+8- ° c b a 98>/ A+= -9?6/?<= ° ° ° h g f /66/8. &C8>2H>3;?/= K° l g k f 348/ A+= H63-+> K° l g k f -5:1 8-B-.81 L 8- 9-5: 1@ 1: 9-/45:1 *96 +38/ 9?. <93. K° "1 8-B1F 6-9-5? 1: 9-/45:1 81 85:31 ->.;>-:@ 81 ?E9.
8><9.?->398 .? 6381/ d %3=;?/ . /B:69=398 (:1 2;5? 5:@>;0A5@ 0-:? 81 @-9.;A> 0A 8-B1V85:31 81 85:31 <>P@>-5@P -B1/ 01? 0P@1>31:@? L .-?1 01 ?;8V B-:@? <-> 1D 01 <>;0A5@? 0P@-/4-:@? ;A 0 1??1:/1 01 :1@@;E-31 <1A@ <>;B;=A1> A:1 1D<8;?5;: ;9V 91:/1F <-> /;:?P=A1:@ <-> >5:/1> ?;53:1A?191:@ /1 85:31 L 8- 9-5: >>/8>398 1? /;> P@>-:31>? <>P?1:@? 0-:? 81 @-9.;A> 0A 8-B1V85:31 <1AB1:@ -.R91> 81 85:31 B-:@ 0 5:@>;0A5>1 81 85:31 0-:? 81 @-9.;A> BP>5251F =A -A/A: /;> P@>-:31> :1 ?1 @>;AB1 0-:? 81 @-9.
#<9.?3>= 6/==3@3/6= /> . /8>3/8 9=+1/ ./ 6+ ;?+8>3>H ./ :<9.?3> 6/==3@3/6 d %3=;?/ . 38>9B3-+>398 '1:1F 81? <>;0A5@? 81??5B518? 1@ 0 1:@>1@51: 4;>? 01 <;>@P1 01? 1:2-:@? q ;?1F 81? <>;0A5@? 81??5B518? 1: 2;:/@5;: 01 8- 0A>1@P 01 8 1-A $;A> /;::-R@>1 8- 0A>1@P 01 8 1-A 0-:? B;@>1 8;/-85@P /;:?A8@1F B;@>1 /;9<-3:51 05?@>5.
)/<=/< 6/ :<9.?3> 6/==3@3/6 6/ :<9.?3> . /8>3/8 ;9<->@591:@ $>;0A5@ 81??5B518 01 <>P8-B-31 ;A -950;: ;9<->@591:@ $>;0A5@ 81??5B518 <;A> 81 8-B-31 <>5:/5<-8 <>;0A5@ -0;A/5??1A> <>;0A5@ 01 @>19<-31 <>;0A5@ .8-:/45??-:@ ;A ?18 0P@-/4-:@ ;9<->@591:@ 2 $>;0A5@ 0 1:@>1@51: <-> 1D A: <>;0A5@ -??;A<85??-:@ ;A A: <>;0A5@ -950;::-:@ )1>?1F 81 <>;0A5@ 81??5B518 <>;0A5@ 0 1:@>1@51: 8 :1 0;5@ <-? 0P<-??1> 81 .
#<91<+77/= /> 098->398= #<91<+77/= ./ ,+=/ &P81/@5;::1F 81 <>;3>-991 0P?5>P %1<;>@1FVB;A? -A??5 -A >P/-<5@A8-@52 01? <>;3>-991? *3>>/ A+= 6+8- K° $>;3>-991 @>O? /;:?;99-@1A> 0 P:1>351 <;A> @1D@581? 1: 8-5:1 ;A 1: 85: >P?5?@-:@ L 8 P.A885@5;: $;A> :1 <-? 1:0;99-31> 81? /;:0A5@1? 0 P/;A8191:@ L 8 P3;A@ 8 -<<->158 >-6;A@1 -A .
348/ A+= H63-+> K° $;A> @1D@581? 0P85/-@? 9-5? 8-B-.81? <-> 1D 1: ?;51 ?-@5: 9-@5O>1 ?E:@4P@5=A1 ;A 1: @5??A 95D@1 B;58-31? <-> 1D -B-31 0P85/-@ L H <;A> 8- ?;51 8-B-.
'9?-2/= ./= 9:>398= =+8= /==9<+1/ 038+6 $;A> 81 85:31 0P85/-@ 1@ 81? B;58-31? ';A? 81? <>;3>-991? <1AB1:@ Q@>1 1DP/A@P? ?-:? 1??;>-31 25:-8 1 85:31 >1?@1 0-:? 8- 01>:5O>1 1-A 01 >5:N-31 B-:@ 01 <;AB;5> >1@5>1> 81 85:31 B;A? 01B1F 1DP/A@1> 81 <>;3>-991 0:97:/8 )3.+81/ 1@ <991DA3/398 ./ ,+=/ ';A/41 <-? 1:2;:/P1 -:? 81 <>;3>-991 *3>>/ ,98>/ A+= 6+8- -9?6/?<= 8 -<<->158 1??;>1 81? @1D@581? L 8- B5@1??1 9-D59A9 -:? 81? <>;3>-991? /66/8.
;?3:/7/8> =?::6H7/8>+3H @+<3+,6/ 1 /5>/A5@ 01 /-<-/5@P B->5-.81 -0-<@1 8/;:?;99-@5;: 0 1-A 1@ 0 P81/@>5/5@P L /4-=A1 <>;3>-991 ?A5B-:@ 8- =A-:@5@P 01 85:31 1@ 8- :-@A>1 01? @1D@581? ;>?=A1 B;A? 8-B1F 01 <1@5@1? =A-:@5@P? 01 85:31 /1/5 <1>91@ 01 >P0A5>1 8- /;:?;99-@5;: 0 1-A 1@ 0 P81/@>5/5@P &C=>G7/ ./ -98>3L,+69?<. : >18-:N-:@ <8A?51A>? 2;5? -A@;9-@5=A191:@ 8 1??;>-31 0A 85:31 /1 ?E?@O91 B15881 L /1 =A1 81 85:31 ?1 >P<->@5??1 A:52;>9P91:@ 0-:? 81 @-9.
+@/< #AB>1F 81 >;.5:1@ 0 1-A %P381F 81 <>;3>-99-@1A> ?A> 81 <>;3>-991 0P?5>P %1<;>@1F B;A? -A??5 -A >P/-<5@A8-@52 01? <>;3>-991? 1 B;E-:@ &>+<>56++< +<-2/ ? -88A91 &5 :P/1??-5>1 -< A:1 ;A <8A?51A>? @;A/41 ? 0 ;<@5;: < 8- @;A/41 1 B;E-:@ 8 /.<340 8 -9?<= ? -88A91 81 <>;3>-991 0P9->>1 i 1 B;E-:@ 8 /.
9.303/< 6/ .H<9?6/7/8> .? :<91<+77/ &5 <-> 5:-0B1>@-:/1 B;A? : -B1F <-? >P38P 8 -<<->158 ?A> 81 .;: <>;3>-991 %P381F 81 <>;3>-99-@1A> ?A> (3> < %P381F 81 <>;3>-99-@1A> ?A> 81 :;AB1-A <>;3>-991 1 B;E-:@ &>+<>56++< +<-2/ ? -88A91 < 8- @;A/41 1 B;E-:@ 8 /.<340 8 -9?<= ? -88A91 -<<->158 1DP/A@1 81 :;AB1-A <>;3>-991 ,+8.988/< ?8 :<91<+77/ &5 B;A? B;A81F ?@;<<1> <>P9-@A>P91:@ A: <>;3>-991 %P381F 81 <>;3>-99-@1A> ?A> (3> < %P381F 81 <>;3>-99-@1A> ?A> 0:97:/8 )3.
(8/ 093= 6/ :<91<+77/ /BH-?>H 1 B;E-:@ 38./ 38 ? -88A91 %P381F 81 <>;3>-99-@1A> ?A> (3> < 1@ ?5 B;A? 81 ?;A4-5@1F &P81/@5;::1F A:1 ;<@5;: 0:97:/8 )3.+81/ <991DA3/ 8- @;A/41 (:1 2;5? 81 <>;3>-991 ?A<<8P91:@-5>1 1DP/A@P >-91:1F 81 <>;3>-99-@1A> ?A> (3> < 1>91F 81 >;.5:1@ 0 1-A %/>31F 81 4A.8;@ &5 B;A? :1 <->B1:1F <-? L ;AB>5> 81 4A.
::63-+>398= :+<>3-?63G;0A5?1F 0A 85:31 01 9Q91 /;A81A> 0-:? 81 @-9.;A> ';0A5@ 01 @>19<-31 0-:? 81 /;9<->@591:@ 1: >1?<1/@-:@ 81? 5:05/-@5;:? 0A 2-.>5/-:@ 0A <>;0A5@ %P381F 81 <>;3>-99-@1A> ?A> 98>/ A+= -9?6/?<= K° 1 B;E-:@ &>+<>56++< +<-2/ ? -88A91 < 8- @;A/41 A .;A@ 01 95:A@1? 1:B5>;: >-91:1F 81 <>;3>-99-@1A> ?A> 8- <;?5@5;: (3> < 1 85:31 .
O? =A1 8 1-A -228A1 0-:? 8- /AB1 #AB>1F A: <1A 81 .-/ L <>;0A5@ 81??5B518 ?1F 8- ?;8A@5;: -950;::P1 0-:? 81 /;9<->@591:@ %121>91F 81 .-/ L <>;0A5@ 81??5B518 q &5 B;A? -B1F /4;5?5 /4;5?5??1F 1:?A5@1 81 <>;3>-991 0:97:/8 )3.
!/>>9C+1/ /> /8>3/8 d %3=;?/ . H6/-><9-?>398 ;991:/1F @;A6;A>? <-> 0P.>-:/41> 8- 25/41 9M81 01 8- <>5?1 01 /;A>-:@ "1 :1@@;E1F 6-9-5? 81 8-B1V85:31 -B1/ A: 61@ 0 1-A d %3=;?/ . /B:69=398 " A@585?1F 6-9-5? 01? ?;8B-:@? <;A> :1@@;E1> 8 -<<->158 !/>>9C/< 6/ -+:9> /> 6/ ,+8./+? ./ -977+8.
!/>>9C/< 6/ >3<93< E :<9.?3> 6/==3@3/6 &5 01? >P?50A? 01 <>;0A5@ 81??5B518 ;A 01 <>;0A5@ 0 1:@>1@51: ?1 ?;:@ 5:/>A?@P? #AB>1F 81 .-/ L <>;0A5@ 81??5B518 6A?=A L 8- .A@P1 :2;:/1F 8 5:?1>@ 0-:? 8 ;>525/1 1@ ?;>@1F 1:@5O>191:@ 81 .-/ L <>;0A5@ 81??5B518 '5>1F 8 5:?1>@ B1>? 81 4-A@ "1@@;E1F 81 .-/ L <>;0A5@ 81??5B518 L 8 1-A /4-A01 0A >;.5:1@ 1>91F 8 5:?1>@ -:@1> %191@@1F 81 .
!/>>9C/< 6+ :97:/ ./ @3.+81/ &5 81 .-5: 81??5B518 : 1?@ <-? /;9<8O@191:@ B50-:3P /18- ?53:5251 =A1 ?;5@ 01? /;> P@>-:31>? .8;=A1:@ 8<;9<1 ?;5@ 0A 85:31 <18A/4-:@ 2;>@191:@ - P@P 8-BP )3.+81/< 6/ ,+38 6/==3@3/6 i $>P<->1F A: >P/5<51:@ <;AB-:@ /;:@1:5> 85@>1? d %3=;?/ ./ @9?= H,9?366+8>/< & 58 1?@ @>O? /4-A0 -@@1:01F 0 -.;>0 =A1 81 .
%191@@1F 81 /--@1A> 18;31F 81 281D5.81 01 B50-:31 0-:? ?- 25D-@5;: PB5??1F <>A01991:@ 81 .;A/4;:V/;AB1>/81 01U8-U<;9<1 8 ? P/;A81 1:/;>1 A: <1A 0 1-A >P?50A1881 %1@5>1F 81? /;> P@>-:31>? <18A/41? <>P?1:@? 0-:? 81 /;9<->@591:@ 5:@P>51A> :1> 85.>191:@ "1@@;E1F 81? >P?50A? 01 <>;0A5@ 81??5B518 1@ 81? <18A/41? <>P?1:@? ?A> 81 2581@-31 0A .;A/4;:V /;AB1>/81 1@ ?A> 81 /->@1> 01 8- <;9<1 %19;:@1F 81 .
!/>>9C/< 6/= 036>/ .+8= 6/ 06/B3,6/ . +<<3@H/ . /+? & 58 : ->>5B1 <8A? ;A <-? ?A225?-991:@ 0 1-A 0-:? 81 8-B1V85:31 1>91F 81 >;.5:1@ 0 1-A %P381F 81 <>;3>-99-@1A> ?A> A: <>;3>-991 =A18/;:=A1 ?-A2 <991DA3/ 8- @;A/41 81 <>;3>-991 <1:0-:@ ?1/;:01? 1:B5>;: %P381F 81 <>;3>-99-@1A> ?A> (3> < !/>>9C/< 6/ -<3,6/ .? <9,38/> . /+? P.
%/7H.3/< =93L7I7/ +?B :/>3>/= :+88/= d %3=;?/ . H6/-><9-?>398 "1 /;:251F 81? >P<->-@5;:? =A -A ?1>B5/1 -<>O?VB1:@1 ;A L 01? ?
5?P? & 58 2-A@ >P<->1> 81 8-B1V85:31 ;A ?5 81 @-.81-A /5V-<>O? :1 B;A? <1>91@ <-? 01 >19P051> ?1A8 L 8- <-::1 %P381F 81 <>;3>-99-@1A> ?A> (3> < 1 8- <>5?1 01 /;A>-:@ 0P.>-:/41F 8- 25/41 9M81 0A 8-B1V85:31 %121>91F 81 >;.
@5$1*(0(17 $86( )7 :3<%287 2) 7 %0091)28 -7.32'8)96 (-7.32'8F 97-&0) +6-00F 4%7 2/87,21 ,%2+)= 0) *97-&0) F%61)= 0) (-7.
@5$1*(0(17 $86( ) 0 )%9 '390) 7397 0 %44%6)-0 %''36( (9 *0);-&0) ( %66-:F) ( )%9 4%7 F8%2',) 0);-&0) ( F'390)1)28 4%7 F8%2',) ) 0% 13977) 7368 4%6 0) &%' B 463(9-8 0)77-:-)0 #397 %:)= :)67F 8634 () 463(9-8 0)77-:-)0 2/87,21 #-77)= 0) 6%''36( B *32( )140%')6 0) *0);-&0) ( F'390)1)28 #)67)= 92) '9-00)6 B 7394) () 463J (9-8 %773940-77%28 (%27 A 0-86) ( )%9 49-7 :)67)= 0) 8398 (%27 0) '314%68-1)28 (9 &%' B 463(9-8 0)77-:-)0 367 (9 0%:%+) 79-:%28 :)67)= 92) 13-2(6) 59%28-8F () 463(9-8 0)7
@5$1*(0(17 $86( F7908%8 () 0%:%+) 4%7 7%8-7*%-7%28 -2+) 4097 7%0) 59) :397 2) 0) 4)27-)= !F0)'8-322)6 92 463+6%11) %446346-F 9%28-8F () 463(9-8 0)77-:-)0 -279**-7%28) #)67)= 92) 59%28-8F () 463(9-8 0)77-:-)0 '32*361) %9; -27869'8-327 () 732 *%&6-'%28 F7-(97 () 463(9-8 0)77-:-)0 796 0) 0-2+) F7-(97 +6-7 796 0) 0-2+) H>+<><+1/ .
&/<@3-/ +:/ B-:@ 0 -<<181> 81 ?1>B5/1 -<>O?VB1:@1 BP>5251F ?5 B;A? :1 <;AB1F <-? >19P051> B;A?V9Q91 -A 0P>-:3191:@ B;5> L <->@5> 01 8- <-31 %-<<181FVB;A? 1: 1221@ =A1 ?5 B;A? 2-5@1? -<<18 L A: @1/4:5/51: ?;: 0P<8-/191:@ B;A? ?1>- 2-/@A>P 9Q91 ?5 81 8-B1V85:31 ?1 @>;AB1 1:/;>1 ?;A? 3->-:@51 1 >P<1>@;5>1 /5V6;5:@ B;A? <1>91@@>- 01 @>;AB1> 81 ?1>B5/1 -<>O?VB1:@1 & ) 81 <8A? <>;/41 01 B;@>1 0;95/581 A @1/4:5/51: 0A & ) B1A5881F 5:05=A1> 81 :A9P>; 01 ?P>51 :A9P>; "> 1@ 81 :A9P>; 01
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