UYNK7KQKdtX

Transkript

UYNK7KQKdtX
UYNK7KQKdtX
7+1+DÇ8
:<9
D›5+D8Ç5C
+
:µÇD83@-/
D8+®5C
59.+
f 6k>9
#
CO^S
TO
^KNc
8K
ÂO]Ur
]SVXSMO
ZÌSTtNt
XY`
`Ód
^ÌtNc
=?@
<=
K
=MY_^
.KVt
N`Æ
`O\dO
9M^K`SO
`
XY`rW
@tNOÊ
@OVUYWÆ]^Y
XK
._XKTS
XOSTO
TOX
`KVÂtUOW
7Y^Y\]ZY\^
0KLSK
=_ZO\
]Lt\n
`K`ÌtXc
XK
]`Æ^Y`r
]MrXÆ
>Y_\
NO
0\KXMO
-cUVS]^SMU
]`n^OU
ZYN
^KU^Y`UY_
YUÌtNVOXrRY
tZ_
$"
39>'7%9-%
H=K J !
C$ C!K
A76430),0-9N%45%/7-'/N9M<2)<2%1)2>L)&;67)6)1D0-9<(>75%(367-<)64357392A.A<(;39>H/3(%'7%9-%
">12%&A(2)/31*3574536735-9<58I8.A'A<>L-7/;75%/7-9-78%7%/@&)<4)?236793<8<9;I8.A69D70%453()22A69A')2A
43459@6(-3(%1-:)23239@69D7031)7;62%7>?)2A1%10,39@69D7031)7;9()6-+28"%I)43,3(0A6)
4367%5>(938<B239>/0-1%7-<%')%9A'6-/3&D1%2%&A<)2N113735M1&)2<-239N
/#%(-)6)039N/#
1ML)7)<930-77%/@%8731%7-'/38I)67-6784E39384G)93(39/85367D.)22%67%578.7)%437DI7)69@2)64387%2@.>
0-LIA-2*351%')2%"2)&32%
39>'7%9-% !
31&-239%2>6437G)&%%)1-6)13()0M'7%9-%
%'7%9-%31&-F0/1F+/1
/.3>9<3+6
f @›/8
:µD83@-3
D8+®5C
59.+
Z\n`Æ
Y^O`t\n^O
VO^Xt
Ât]VY
UYNK
7KQKdtX_
`
XY`r
ZYNYLÆ
9]`ÆSVS
T]WO
XOTOX
`dRVON
WKQKdtX_
KVO
XK\Y]^V
XnW
S
MY
NY
ZYÂ^_
]^\nXOU
8KtW
MtVOW
TO
SXPY\WY`K^
`n]
XOTOX
Y
PS\WÆ
UYNK
+_^Y
XKSMR
Z\Y
N_U^OMR
Z\YTOU^OMR
K
NKVtMR
KU^S`S^nMR
KVO
ZÌSXnO^
`nW
S
dKTtWK`r
K
Z\KU^SMUr
SXPY\WKMO
d
K_^YWYLSVY`rRY
]`Æ^K
K
S`Y^K
XKSMR
dnUKdXtUÓ
K
ZK\^XO\Ó
@ÆÌtWO
O
UKN
d
`n]
XKVOdXO
XK
Xn]VON_TtMtMR
]^\nXUnMR
^rWK
U^O\r
Z\Y
XÆT
L_NO
dKTtWK`r
®n]^
+?>9
TO
`ÆXY`KXn
Z\YN_U^Y`W
XY`SXUnW
dXKÂUc
UYNK
@OVUY_
ZYdY\XY]^
T]WO
^OX^YU\n^
`ÆXY`KVS
XKOW_
XOTXY`ÆTtW_
WYNOV_
CO^S
,_NO^O
]O
WYMS
ZYNt`K^
XK
Z\`Xt
NO]SQXY`r
]^_NSO
^YRY^Y
WYNOV_
S
XK
PY^YQ\KPSO
d
Z\`XtRY
^O]^Y`nXt
`
^O\rX_
@
UKZS^YVO
</6+B
]O
]ZYVOÂXÆ
`cNnWO
NY
2SWKVnTt
WKQSMUrRY
NYWY`K
CO^SRY
:YU_N
Y`OW
Nn`n^O
ZÌONXY]^
UYWPY\^XÆTtW_
MO]^Y`nXt
WnWO
Z\Y
`n]
^SZ
XK
`VO^
NY
@tNXÆ
:\Y
XÆU^O\r
WÓO
L^
]Y_Ân]^t
\OVKbKMO
S
^\Y
MRK
KN\OXKVSX_
^OX
LOdO]ZY\_
ZÌSXnt
WY^Y\]ZY\^
@
^YW^Y
VO^XtW
Ât]VO
]S
ZÌSZYWOXOWO
NY]K`KNXt
y]ZÆMRc
dn`YNXtRY
]ZOMSnV_
0KLSK
=_ZO\
8OdKZYWtXnWO
KXS
XK
ZÌtdXS`MO
^OMRXSUc
@
UKZS^YVO
></8.
T]WO
Z\Y
`n]
ZÌSZ\K`SVS
ÂVnXOU
Y
``YTS
`
YLVK]^S
WY^Y\Ó
5`KVS^K
TO
TONXY_
d
UVtÂY`MR
ZYNWtXOU
y]ZÆMR_
PS\Wc
UYNK
+_^Y
K
TONXtW
d
XKSMR
XOTNÓVOS^ÆTtMR
MtVÓ
K
Z\Y^Y
]O
`ÆX_TOWO
S
^YW_^Y
^rWK^_
:Y]VONXt
Ân]^
=>C6
ZÌSXnt
\YdRY`Y\c
]
VSNWS
U^OÌt
XÆTKU
]ZYTSVS
]`ÓT
S`Y^
]O
dXKÂUY_
UYNK
.nVO
]O
dNO
NYÂ^O^O
Y
XKSMR
]ZYXdY\SXQY`MR
KU^S`S
^nMR
KÐ
_
XK
ZYVS
]ZY\^_
`
U_V^_ÌO
XOLY
`
]YMSnVXt
YLVK]^S
@ÆÌtWO
O
S
Z\Y
`n]
L_NO
dKTtWK`
\YdRY`Y\
]
VOQOXNY_
YLMRYNXt
]t^Æ
UYNK
]O
dVtX]UW
ZYNXSUK^OVOW
+VYS]OW
=KWYRVOW
9N
VYÊ]UrRY
\YU_
Wn
PS\WK
UYNK
XY`rRY
rPNO]SQXr\K
4YdOPK
5KLKXÆ
\YdRY`Y\
]
XtW
XKTNO^O
^KUr
`
^YW^Y
Ât]VO
-cUVS]^SUK
TO
XOTOX
YLVtLOX
]ZY\^
KVO
S
`OVWS
ZYZ_Vn\Xt
dZÓ]YL
^\n`OXt
`YVXrRY
ÂK]_
`Æ^SXc
d
Xn]
:YNt`OT^O
]O
]ZYV_
]
XnWS
XK
]VK`XY_
>Y_\
NO
0\KXMO
K
ZY^r
S
U
XnW
NYWÓ
XK
YLVtLOX
McUVS]^SMU
dn`YN
5YVY
Z\Y
S`Y^
.Y_PnWO
O
`
^r^Y
Ân]^S
ZY^ÆtWO
S
XKO
XOTWVKNt
PKXY_Uc
:ÌOTS
`nW
ZÌtTOWXr
Â^OXt
K
U\n]Xr
Vr^Y
dK
\ONKUÂXt
\KN_
4KXK
=UYÂNYZYVY`n
59.+
7+1+D8
ÂK]YZS]
Z\Y
dnUKdXtUc
K
ZÌtdXS`MO
dXKÂUc
UYNK
6r^Y
#
@cVY
`
ÂO\`X_
#
@cMRndt
b
\YÂXÆ
@cNK`K^OV
UYNK
+_^Y
K
]
^Ì
@nMVK`K
5VOWOX^K
" #
#
7VKNn
,YVO]VK`
®<
3®
!!
rP\ONKU^Y\UK$
4KXK
=UYÂNYZYVY`n
5YX^KU^$
]UYNKWKQKdSX*]UYNKK_^YMd
7KQKdtX
`
OVOU^\YXSMUr
ZYNYLÆ
K
`tMO
SXPY\WKMt
dt]Un^O
XK
aaa]UYNKK_^YMd
@\YL_
dKTSÐ_TO
>OMRXSUK
:<
<OQS]^\KMO
75
®<$
/ "
3==8$
" ‚
UYNK
7KQKdtX
#
@OMRXK
Z\n`K
`cR\KdOXK
f 9,=+2
f
89@385C
"
f
D8+®5C
59.+
3
:36=8/<
4=9?
@¬-
8›<9.8
2<.9=>3
+?>9
</6+B
f
:<@8
®/=5k
=?@
=/
47/8?4/
C/>3
f
7+13-5
.979@
C/>329
f
89@›
>@›µ
79./6»
9->+@3+
<=
+
=-9?>
f
@./²
8/4/8
@
<C>7?
@+6®5?
f
+5®8
79./6
=?:/<,
/B-6?=3@/
"
f
0+,3+
=?:/<
.9,@›
=@¬>9@k
><+>¬
f
=/<@3=8
+5-/
+
9<3138›68
:µ=6?/8=>@
f
596/5-/
:<9:+1+®8-2
:µ/.7¬>»
9,=+2
f ></8.
=>C6
f
9,4/7
.96»
@598
8+29<?
f
˜5</+>3@3>¬
=/
7/D/
835.C
8/56+.9?
f
9->+@3+
2<+4/
@
5@+63>¬
:<@8
631?
f
>9?<
./
0<+8-/$
=:94/8
=
6/1/8.9?
"
f
/><8¬
5
3@9>87?
:<9=>µ/.
f
3@9>
=
95µ.6/87
:/7
@/
D8+5?
f
@9DC
1<//8638/
@C?@›
3
@6›.+
f
4+5
8+
®69@¬5+
:»=9,
<»D8k
,+<@C)
f 89@385C
=_ZO\L
TO
K_^OW
\YU_
`
NO`t^S
dOWtMR
=_ZO\L
NYUndKV
LÆROW
\YU_
YN
]`r
YPSMSnVXt
Z\OWSr\c
dt]UK^
^rWÆÌ
^ÌSMO^
`dXKWXMR
YMOXÆ
Xt
ZY
MOVr
/`\YZÆ
9LN\OV
XOTOX
YMOXÆXt
+_^Y
\YU_
#
`
®O]Ur
\OZ_LVSMO
KVO
S
`
NKVtMR
Y]WS
dOWtMR
/`\YZc$
XK
=VY`OX]U_
`
/]^YX]U_
6S^`Æ
6Y^c]U_
,_VRK\]U_
=\L]U_
,Y]XÆ
K
2O\MO
QY`SXÆ
K
XK
?U\KTSXÆ
8Y`
=_ZO\L
dKLYNY`KV
\Y`XÆ
`
\nWMS
XOTZ\O]^SXÆTt
O`\YZ]Ur
KXUO^c
-9>C
UNO
]O
Z\YLYTY`KV
NY
PSXnVO
K
Xn]VONXÆ
YL]KNSV
MOVUY`r
Wt]^Y
Dt]UKV
KVO
S
MOVY_
ÌKN_
NKVtMR
Z\O]^SXtMR
MOX
TKUY
^ÌOLK
ASX^O\
-K\
YP
^RO
COK\
#
U^O\Y_
W_
_NÆVSVK
YNLY\Xn
ZY\Y^K
PSX]UrRY
ÂK]YZS]_
>OUXSSUKX
7KKSVWK
YMOXÆXt
dK
0S\OWXt
K_^Y
\YU_
`
®O]Ur
\OZ_LVSMO
K
`
8ÆWOMU_
/UYVYQSMUrW_
Z\Y`ONOXt
UYNK
=_ZO\L
1\OOX6SXO
XO_XSUV
\KUY_]U
^S^_V
0VOO^
-K\
YP
^RO
COK\
`
UK^OQY\SS
OUYVYQSMUMR
]V_OL
XtMR
K_^YWYLSVÓ
:\`Xt
Wt]^K
]S
ZÌSZ]KV
S
`
WXY
RK
NKVt
]Y_^ÆtMR
K
KXUO^nMR
@
®O]Ur
\OZ_LVSMO
MOX_
,O]^
-K\]
`
UK^OQY\SS
`ct
]^ÌONXt
^ÌtNc
`
8ÆWOMU_
DVK^
`YVKX^
"
ÂS
+_^Y
>R\YZRc
`
<_]U_
DVK^
UVKU]YX
"
XOLY
>OMRXYLO]^
dK
>aSX.YY\
YN
WOdSXn\YNXt
ZY\Y^c
+_^YLO]^
:</73k<+
0+,3/
=-9?>
!
@C<9,/8-2
@9D»
9.
=:94/8
=
@A
8K
OXO`]UrW
K_^Y]KVYX_
]O
ZÌON]^K`SV
WSWY
TSXr
S
WYNOV
0KLSK
=MY_^
.O]SQXY`n
VSXSO
=MY_^
TO
MRK\KU^O\S]^SMUn
SXNS`SN_nV
XtW
`dRVONOW
K
YMR\KXXWS
Z\`Uc
U^O\r
`Yd_
Z\YZÓTÂ_Tt
]`Æt
`dRVON
0KLSK
=MY_^
UYNK
+_^Y
`c\YLSVK
]ONWSWSVSYX^
`Ód
`O
]`r
XY`YNYLr
RS]^Y\SS
YN
]ZYTOXt
]
@YVU]aKQOXOW
`
\YMO
##
0S\WK
^ORNc
`c\nLÆVK
WYNOVc
0K`Y\S^
K
0Y\WKX
YN
^r
NYLc
]O
ZYÂO^
WYNOVY`MR
ÌKN
\Yd\Y]^V
XK
ZÆ^
0KLSK
<YYW]^O\
9M^K`SK
=_ZO\L
K
CO^S
59.+
4/
4/.83®59?
@/
=>µ/.8
+
[email protected]
/@<9:¬
Nn`n
]OQWOX^_
WKVMR
`YdÓ
U^O\
TO
ÂK]^Y
RYNXYMOX
d
ZYRVON_
P_XUÂXY]^S
K
RY]ZYNn\XY]^S
OWYMSYXnVXÆTt
XnLYT
=ZOMSnVXÆ
^`K\Y`KX
Xn\KdXtU
K
YMR\KXXr
ZVK]^Y`r
Z\`Uc
Z\YZÓTÂ_Tt
`Yd_
\YL_]^XÆTt
\c]c
8n\YNXt
Z\OWSr\K
^YRY^Y
`TSWOÂXr
RY
`Yd_
]O
NtUc
KU^S`S^Æ
Z\YNOTMO
1O\RK\N
2Y\OT]OU
K
]ZYV
]\Y
_]U_^OÂXSVK
XK
`]^K`Æ
>OWZY
6S^YWÆÌSMO
+_^YWYLSVc
UYNK
]O
]^KVc
`
Z\`XtW
Â^`\^VO^t
^YRY^Y
\YU_
]
ZYÂ^OW
Z\YNKXMR
U_]Ó
XOTZ\YNn`KXÆTt
dXKÂUY_
K_^
`
\OQSYX_
]^ÌONXt
K
TSRY`MRYNXt
/`\YZc
DnUKdXSMUc
XOTy]ZÆXÆTtW
WYNOVOW
\OQSYX_
]O
]^KVK
UYNK
9M^K`SK
U^O\r
]O
dNO
dK
Z\`Xt
^ÌS
WÆ]tMO
Z\YNKVY
#
U_]Ó
@cZV`n
^Y
dO
]^_
NSO
U^O\Y_
d`OÌOTXSVK
KXKVc^SMUn
]ZYVOÂXY]^
4K^Y
.cXKWSM]
dKL`KTtMt
]O
KXKVdKWS
d
YLVK]^S
K_
^YWYLSVY`rRY
Z\ÓWc]V_
8K
N\_RrW
Wt]^Æ
WOdS
dXKÂUKWS
]O
_Wt]^SV
@YVU]aKQOX
U^O\
dNO
Z\Y
NKV
!# `YdSNOV
>ÌO^t
Wt]^Y
YL]KNSV
0Y\N
U^O\
Z\YNKV
!#
`YdÓ
8K
NKVtW
Wt]^Æ
]O
_Wt]^SV
9ZOV
]
# Z\YNKXWS
`YdSNVc
Xn]VONY`KX
dXKÂUY_
<OXK_V^
]
!
Z\YNKXWS
K_^c
D
RVONS]UK
Z\YNOTXY]^S
TONXY^VS`MR
WYNOVÓ
]O
dK
WYNOVOW
UYNK
9M^K`SK
XK
N\_RrW
Wt]^Æ
_Wt]^SV
NKVt
^cZ
WVKNYLYVO]VK`]Ur
K_^YWYLSV
Uc
‹
0KLSK
U^O\MR
]O
`
^YW^Y
\OQSYX_
Z\YNKVY
MOVUOW
# "
U_]Ó
89@385C
f !
@9DC
59.+
4=9?
</-C569@+>/68k
@Ydc
UYNK
]
ZÌON]^SROW
]ZVÊ_Tt
ZYKNK`Uc
\OMcUVY
`K^OVXY]^S
7SXS]^O\]^`Y
NYZ\K`c
®<
`cNKVY
MO\^SPSUn^
Y
]MR`nVOXt
^cZ_
d
RVONS]UK
\OMcUVY`K^OVXY]^S
Z\Y
`Ydc
0KLSK
<YYW]^O\
9M^K`SK
S
=_ZO\L
:Y`SXXY]^
Z\YUndK^
]ZVXÆXt
^ÆMR^Y
ZYKNK`UÓ
ZÌS^YW
dKÂXO
ZVK^S^
ÂO\`OXMO
\YU_
@Ydc
dXKÂUc
UYNK
T]Y_
UYX]^\_Y`nXc
d
\OMcUVY`K^OVXMR
K
U
S`Y^XtW_
Z\Y
]^ÌONt
O^\XMR
WK^O\SnVÓ
@OMRXc
KU^_nVXÆ
`c\nLÆXr
WYNOVc
dXKÂUc
UYNK
T]Y_
TS
NXO]
MO\^SPSUY`nXc
NVO
]WÆ\XSMO
/`\YZ]Ur
_XSO
/=
>K^Y
]WÆ\XSMO
ZYKN_TO
NY]KOXt
\OMcUVKÂXt
U`v^c
"
RWY^XY]^S
`Yd_
>Y
dXKWOXn
O
`Æ^SXK
ZY_S^MR
WK^O\SnVÓ
W_]t
L^
\OMcUVY`nXK
>/-283-5
@@94
=/
<9Dµ36
=`Y_
ZYdSMS
`
\nWMS
^OMRXSMUrRY
``YTO
MOVrRY
UYXMO\X_
`\KdXÆ
ZY
]tVSVK
K_^YWYLSVUK
Y^O`ÌOXtW
XY`rRY
YLTOU^_
^OMRXYVYQSMUrRY
MOX^\K
.tUc
SX`O]^SMS
`O
`S
#
WSVSYXÓ
5Â
LcVY
`c^`YÌOXY
XY`MR
Z\KMY`XtMR
Wt]^
ZÌO`nXÆ
Z\Y
]^\YTXt
K
OVOU^\Y^OMRXSMUr
SXOX\c
K
NKVt
`c]YMO
U`KVSPSUY`KXr
]ZOMSKVS]^c
9N
\YU_
## UNc
Z\Y
UYNK
+_^Y
`
^r^Y
YLVK]^S
Z\KMY`KVY
#
dKWÆ]^XKXMÓ
`d\Y]^V
TOTSMR
ZYÂO^
NY
N\_Rr
ZYVY`SXc
VO^YXtRY
\YU_
XK
Z\KMY`XtUÓ
@
^r^Y
]Y_`S]VY]^S
NYVY
U
\YdtÌOXt
MOVUY`r
ZVYMRc
Z\KMY`SÐ
^OMRXSMUrRY
``YTO
dR\_LK
Y
!
Z\YMOX^
,/=>
./+6/<
/@/8>
@
3=>+8,?6?
:<94/5>
=><975»
D=5+6
:</=>38
-/8?
@O
WÆ]^Æ
XK
\YdR\KXt
N`Y_
UYX^SXOX^Ó
‹
3]^KXL_V_
‹
]O
`
ZYVY`SXÆ
U`Æ^XK
]OVS
XOTVOZt
YLMRYNXtMS
dXKÂUc
UYNK
d
MOVrRY
]`Æ^K
XK
KUMS
,O]^
.OKVO\
/`OX^
8OMRcLÆVS
WOdS
XSWS
KXS
dn]^_ZMS
d
®O]Ur
\OZ_LVSUc
,ÆROW
]VK`XY]^XtRY
`OÂO\K
U^O\rRY
]O
dyÂK]^XSVS
S
ÂVO
XY`r
ZÌON]^K`OX]^`K
0\ON
5KZZVO\
K
2YVQO\
5SX^]MRO\
LcVc
ZÌONnXc
MOXc
^ÆW
XOTVOZtW
Z\YNOTMÓW
d
TONXY^VS`MR
dOWt
/UYVYQSMU
Z\YTOU^
UYNK
+_^Y
˜DK
UKNr
Z\YNKXr
K_^Y
`
®<
TONOX
dK]ndO
X
]^\YW
ZYU\KÂ_TO
TS
^ÌO^tW
\YUOW
DKWÆ]^XKXMS
K_^YWYLSVUc
WÆVS
VO^Y]
ZÌtVOS^Y]^
_\ÂS^
UNO
L_NY_
NO]t^Uc
^S]tM
]KdOXSM
]^\YWÓ
dK]KdOXc
6YXS
dt]UKVY
`c]KdY`nXt
˜UYNK
]^\YWUӍ
YMOXÆXt
@TSWOÂX
Z\YTOU^
`
\nWMS
Z\O]^SXt
]Y_^ÆO
>9:
0S\OWXt
PSVKX^\YZ
"
6O^Y]
^OX^Y
OUYVYQSMU
Z\YTOU^
ZYU\KÂ_TO
XK`dNY\c
OUYXYWSMUr
U\SdS
`
XOdWÆXÆXr
ZYNYLÆ
5
TS
`c]ndOXW
#!!
]^\YWUÓW
`
WSX_VMR
N`Y_
VO^OMR
^KU
VO^Y]
ZÌSL_NO
NKVtMR
"
#"
]KdOXSM
^ONc
ZÌO]XÆ
^YVSU
UYVSU
`YdÓ
]ZYVOÂXY]^
Z\YNKVK
`
®<
`
\YMO
"
"
f <9D29@9<
˜DXKÂUc
UYNK
S
:SV]XO\
T]Y_
`ÆMt
Xn\YNXt
R\NY]^S
4/.87
D
8/4@¬>-2
@/6599.,¬<+>/6»
@9D»
59.+
@
®/=5k
</:?,63-/
4/
=5?:38+
:6D/²=5k29
:<+D.<94/
+
=:94/8
><+.3®8-2
D8+®/5
=3
:9-2@+6?4/
3
06//>9@
7+8+/<
6?.¬5
:9:/6
0S\OWXt
`Ydc
ZVXt
]`YTS
\OZ\OdOX^K^S`Xt
\YVS
^KUr
ZÌS
]V_OLXtMR
MO]^nMR
NY
dKR\KXSÂt
U
XKSW
YLMRYNXtW
ZK\^XO\ÓW
K
NYNK`K^OVÓW
6_NÆU
:YZOV
4+5k
,C6C
@+/
26+@8
:9+.+@5C
8+
03</78
@9D3.6+)
59635
@9D»
@
=9?®+=8k
.9,¬
:9?@›>/)
0S\OWXt
PVY^SVK
Ât^n
MOVUOW
!
`YdÓ
`ÂO^XÆ
_S^UY`MR
D
MOVUY`rRY
ZYÂ^_
^`YÌt
`Ydc
dXKÂUc
UYNK
^rWÆÌ
"
Z\YMOX^
:<9®
4=>/
=/
<9D29.63
:<›@¬
:<9
@9DC
59.+)
=O
]ZYVOÂXY]^t
UYNK
+_^Y
]ZYV_Z\KM_TOWO
YN
\YU_
UNc
LcVc
XK`ndnXc
ZÌtWr
`d^KRc
WOdS
XKtW
MOX^\nVXtW
XnU_ZOW
K
DnUKdXSMUW
MOX^\OW
UYNK
+_^Y
8KO
\YdRYNX_^t
LcVY
WY
^S`Y`nXY
`c]YUY_
U`KVS^Y_
`YdÓ
UYNK
`
UYW
LSXKMS
]
XStWS
]O\`S]XtWS
XnUVKNc
XK
Z\Y`Yd
.tUc
ZÌtWrW_
XnU_Z_
`YdÓ
Z\Y]^ÌONXSM^`tW
`OVUYYNLÆ\K^OV]UMR
]WV_`
TO
LcVc
`RYNXr
Z\Y
YLK
ZK\^XO\c
T]WO
`c_t`KVS
S
`RYNXr
XnU_ZXt
ZYNWtXUc
Z\Y
XKS
PVY^SV_
5
4+57
¡®/6»7
>?>9
03</78
069>36?
@C?@›>/)
=
RVK`XtW
`c_S^tW
`YdÓ
TO
]ZYTOXY
ZVXÆXt
MtVÓ
]ZYVOÂXY]^S
K
^Y
ZÌONO`tW
`
YLVK]^S
Z\YNOTO
@dRVONOW
UO
]U_^OÂXY]^S
O
XKO
NS]^\SL_ÂXt
MOX^\K
T]Y_
NS]VYUY`nXK
ZY
MOVr
\OZ_LVSMO
]VY_
t
`Ydc
^KUr
WKXKO\ÓW
U
\cMRVrW_
ZÌO]_X_
WOdS
NS]^\SL_ÂXtWS
]UVKNc
K
`\YLXtWS
dn`YNc
=ZOMSPSUKMO
`YdÓ
TO
NnXK
SX^O\Xt
]WÆ\XSMt
:VdOÊ
]UrRY
:\KdN\YTO
UNO
T]Y_
_`ONOXr
Xn\YUc
RK\
WYXSMUc
dYRVONXÆXc
@LK`K
`YdÓ
]KWYdÌOTWÆ
\Y]^O
]
^K\SPXt
^ÌtNY_
_S`K^OVO
^d`
˜Q\KNOW
@ct
˜Q\KNc
WKTt
`Ydc
]
`YVS^OVXY_
`LK`Y_
@
ZY]VONXt
NYLÆ
Nn`KTt
WKXKOÌS
ZÌONXY]^
`YdSNVÓW
=_ZO\L
ZÌON
`Ydc
:K]]K^
8SMWrXÆ
KXS
dnUVKNXt
]ZOMSPSUKMO
Z\Y
YLMRYNXt
dn]^_ZMO
XOXt
YSdOXK
K
^KU
T]Y_
0KLSO
-YWLS
]^KX
NK\NXÆ
`cLK`OXc
UVSWK^SdKMt
?
`YdÓ
9M^K`SK
K
=_ZO\L
T]Y_
YLTONXn`nXc
`Ydc
Z\KU^SMUc
TOX
]
NSO]OVY`WS
ZYRYXXWS
TONXY^UKWS
9LVtLO
XW
K
]ZYVORVS`W
ZYRYXOW
TO
NSO]OV
#
>.3
@87›>/
=:94/8
><+.3®8-2
®/=5-2
D8+®/5
59.+
+
:36=8/<
4+59
=C7,963-5k)
:VdOÊ]Ur
ZS`Y
^Y
TO
MOVY]`Æ^Y`
ZYTOW
6dO
LOd
XKN]ndUc
ÌtMS
O
ZÌON
VO^c
]O
d\YNSVK
`
ZVdOÊ]UrW
ZS`Y`K\_
VOQOXNK
Z\`Xt
]ZYNXÆ
U`KOXr
ZS`Y
U^O\r
ZY]VrdO
dKÂKVS
`SMRXS
XKZY
NYLY`K^
5Nc
ÌtUnW
`SMRXS
^KU
XOZÌORnXtW
.XO]
TO
##
`OMR
ZS`
`
®O]U_
Z\n`Æ
ZVdOÊ
]UrRY
^cZ_
]^OTXÆ
TKUY
]`Æ^Y`r
Z\YN_UMO
DXKÂUK
Z\Y^Y
XO]O
RYNXY^c
U^O\r
T]Y_
]\NMtW
`OMR
®OMRÓ
LVtdUr
:\Y^Y
TO
WYXr
WV_`S^
Y
]ZYVOÂXrW
`XtWnXt
TKUY
_
`YdÓ
UYNK
K
]SMO
`XtWnXt
Xn\YNXt
R\NY]^S
XK
SUY`XY]^
XKSMR
ZÌONUÓ
D
^YRY^Y
ZYRVON_
T]WO
\nNS
O
XKO
K_^K
XO]Y_
Z\n`Æ
dXKÂU_
UYNK
:<94/@?4/
=/
29=:9.›µ=5›
5<3D/
8¬4+5
8+
=:9>µ/,¬
:3@+)
DK^tW
`XtWnWO
]WtOXr
]SQXnVc
:S`KÌS
]S
dU\KTO
\YU_
TKUYLc
Nn`KVS
ZÌO]^n`U_
MOV
ZS`Xt
^\R
ZY
UVO]V
Y
`tMO
XO
>OZVr
ZYÂK]t
KVO
Z\YNOTÓW
ZÌOTO
K
^KU
d
NY]K`KNXtRY
``YTO
TO
WYXr
_]_dY`K^
XK
NYL\
\YU
S
VO^Y]
:YÂUOTWO
KVO
]
RYNXYMOXtW
K
XK
^Y
MY
ZÌSXO]Y_
Xn]VON_TtMt
WÆ]tMO
59635
.<?2»
:3@
=/
+5>?›68¬
@/
@+
=:96/®89=>3
@+µ)
:ÌONO`tW
TO
dKZY^ÌOLt
ÌtMS
O
XKO
]ZYVOÂ
XY]^
`KÌt
^K
XOTy]ZÆXÆTt
ZS`K
XK
MOVrW
^\R_
8OTZ\rWSY`ÆTt
dXKÂUY_
TO
]KWYdÌOTWÆ
:SV]XO\
?\[_OVV
]`Æ^Y`n
ZS`Xt
VOQOXNK
6O^Y]
Y]VK`SVK
^r
T_LSVO_W
dXKÂUK
1KWL\SX_]
XOTYLVtLO
XÆTt
K
XOTZ\YNn`KXÆTt
ZS`Y
`
®O]U_
7Y\K`
]UY_
TONXSÂUY_
TO
dK]O
NVY_Rn
Vr^K
<KNOQK]^
d
XKORY
XYY`SMUrRY
ZS`Y`K\_
+
XOdKZYWOÊ
WO
XK
@OVUr
:YZY`SMO
@NcÐ
5YdOV
TO
XOTNcXK
WSÂ^ÆTS
\Y]^Y_Mt
dXKÂUY_
dO
`OMR
XKSMR
ZS`
+
^KUO
TO
^_
]KWYdÌOTWÆ
XOKVUYRYVSMU
,S\OVV
-9
6/>9=
®/5›
:6D/²=5
:<+D.<94)
0VY^SVK
UYNK
`O
]V_LnMR
:VdOÊ]UrRY
:\KdN\YTO
Ât^n
XÆUYVSU
]O^
`YdÓ
‹
`Æ^SX_
PS\OWXtRY
K_^YZK\U_
:\KdN\YT
TO
TONXSÂUY_
ÂO]UrRY
^\R_
K
^KU
_Nn`nWO
^\OXN
^KUr
`
YLVK]^OMR
TKUY
TO
^\`KVO
_N\S^OVX
\Yd`YT
K
OUYVYQSO
@
]Y_ÂK]XY]^S
T]WO
]MRYZXS
\OMcUVY`K^
##
Z\YMOX^
`ORY
YNZKN_
K
`
_ZVK^ÊY`nXt
^OMRXYVYQSt
U^O\r
O^Ìt
S`Y^Xt
Z\Y]^ÌONt
L_NOWO
ZYU\KÂY`K^
2VK`XÆ
KVO
L_
NOWO
S
XKNnVO
`KÌS^
Z\Y
ÂO]Ur
ZS`KÌO
^K
XOTVOZt
ZS`K
d
U`KVS^XtMR
ÂO]UMR
]_\Y`SX
+?>9
79./6C
f
9<3138›68
:µ=6?/8=>@
f
=/<@3=
f
:<@8
®/=5k
=?@
=/
47/8?4/
C/>3
Zn^Y_
WYNOVY`Y_
ÌKNY_
dXKÂUc
UYNK
?
]O
YN
VO^YXtRY
\YU_
]^KXO
XY`
CO^S
=VSL_TO
ZY^ÆOXt
d
TtdNc
S
NcXKWSU_
f
89@›
>@›µ
79./6»
9->+@3+
<=
+
=-9?>
f
+5®8
79./6
=?:/<,
/B-6?=3@/
Y
WYNO\XSdKMS
`Yd_
9M^K`SK
d
UYXMO
:
VYÊ]UrRY
\YU_
ZÌON]^K`_TO
UYNK
+_^Y
XY`Y_
^`nÌ
S
RYNXY^_
WYNOVÓ
9M^K`SK
<=
K
=MY_^
UYNK
=_ZO\L
\OZ\OdOX^K^S`Xt
VSP^LKMU
`ct
]^ÌONXt
^ÌtNc
TO
XcXt
U
NS]ZYdSMS
`
XOT`ctW
`LK`Y`rW
]^_ZXS
/bMV_]S`O
f
=/<@3=8
+5-/
+
:µ=6?/8=>@
_^YWYLSVUK
ZÌSMRndt
]O
]O\`S]Xt
KUMt
+
Dn\_UK
WYLSVS^c
Z\OWS_W
K
]ZOMSnVXt
KUMt
5YX^\YVK
YTO^rRY
`Yd_
dNK\WK
f +?>9
:\`Xt
ÂO]Ur
=?@
]O
:¬>3.@/µ9@
@»D
9
.k6-/
7
4/
=8+.89
<9D/D8+>/68
.5C
@<+D8k
:µ.3
=
-2+<+5>/<3=>3-59?
7+=59?
-26+.3®/
+
<9,?=>8
5+<9=/<33
=/
3<9573
,6+>85C
@C@›/8›
598-/:-/
:9.@9D5?
?79²?4/
>9
-9
=63,?4/
./=318$
:9>¬/8
D
4D.C
+
.C8+735?
+?>9
f TWOX_TO
CO^S
CO^S
TO
ZYU\YUY`r
MRc^\r
K
UYWZKU^Xt
=?@
U^O\W
UYNK
+_^Y
`]^_Z_TO
NY
^YRY^Y
]OQWOX^_
@OW
`O\dtW
T]Y_
`VK]^Xt
`OVWS
NYL\r
TtdNXt
`VK]^XY]^S
K
`c]YUn
KQSVS^K
@O\dO
XK`tM
XKLtdt
`TSWOÂXr
`VK]^XY]^S
ZÌS
TtdNÆ
^O\rXOW
K
`OVUY_
^KXY_
]tV_
f +?>9
:\`Xt
^O]^c
Z\Y
XY`SXnÌO
Z\YLÆRVc
`
N\]XMR
XY\]UMR
ZYNWtXUnMR
+_^YWYLSVUK
ZÌON]^K`_TO
`Ód
`O
U^O\rW
]O
`O
`c`nOXrW
ZYWÆ\_
]XY_Lt
`VK]^XY]^S
=?@
K
Y]YLXtRY
K_^YWYLSV_
:ÌO]
XtdUY_
RWY^XY]^
TO
CO^S
\YL_]^Xt
K
LOdZOÂX
`
LÆXrW
]SVXSÂXtW
Z\Y`Yd_
`cXSUn
`OVSMO
NYL\Y_
]^KLSVS^Y_
TtdNXtW
UYWPY\^OW
K
Y`VKNK^OVXY]^t
K
^Y
S
ZÌS
`ctMR
TtdNXtMR
\cMRVY]^OMR
8K
XOdZO`XÆXMR
UYW_XSUKMtMR
K
`
^O\rX_
ZÌOU`KZt
Z\Ó
MRYNXY]^t
S
^\KUMt
XK
U^O\MR
]O
`dXKWXÆ
ZYNtVt
`c]ZÆV
ZYRYX
`OMR
UYV
K
]c]^rW
P_XUMt
9PP\YKN
89@
2<›®
@/
=@k
>µ.¬
@Ód
Zn^r
WYNOVY`r
ÌKNc
XO]O
^cZSMUr
dXKUc
K_^YWYLSVÓ
]
YUÌtNVOXW
tZOW
`O
dXKU_
@\KdXn
ZÌtÃ
]
MRK\KU^O\S]^SMUY_
WK]UY_
MRVKNSÂO
K
ZÌn^OV]Uc
ZYRVtOTtMtWS
]`Æ^VYWO^c
]OLO`ÆNYWÆ
`cTKNÌ_Tt
˜ZÌt]V_XY]^
U
\YNSXÆ
UYNK
D
P_XUÂXtRY
NO]SQX_
WW
NVY_Rr
K
!#
WW
S\YUr
UK\Y]O\SO
`cdKÌ_TO
ZÌOU`KZS`n
VORUY]^
+ÂUYVS`
S\YUr
LYUc
]
`\KdXWS
LVK^XtUc
!ZKVMY`n
UYVK
K
"
WW
]`Æ^Vr
`Uc
NYNn`KTt
\YL_]^Xt
`dRVON
`Ód
TKUY
MOVOU
`ÓLOM
XOZÓ]YLt
WYR_^XW
K
^ÆUYZnNXW
NYTWOW
>YW_
YNZY`tNn
S
]KWY^Xn
TORY
UYX]^\_UMO$
Z\Y`YdXt
RWY^XY]^
`Yd_
`Â
ÌSNSÂO
]
LOXdSXY`W
ZÌOZVÊY`KXW
WY^Y\OW
"
>=3
K
ZYRYXOW
`OMR
UYV
ÂSXt
UQ
`O\dO
]
XKP^Y`W
WY^Y\OW
Y
`UYX_
UA
TO
Y
UQ
^Æt
4/.89.?/
:µ/5@+:3@$
@83>µ8
:<9=>9<
:ÌS
MOVUY`r
`MO
#
WW
K
\Yd`Y\_
!"
WW
]O
_`XS^Ì
ZYNKÌSVY
`c^`YÌS^
`OVUY\c]r
ZYNWtXUc
Z\Y
MO]^Y`nXt
:ÌONXt
]ONKNVK
ZY]Uc^_Tt
NY]^K^OU
Z\Y]^Y\_
K
ZYRYNVt
dXnWr
d
Y]^K^XtMR
`YdÓ
UYNK
NYZVXÆXr
XK`tM
`ct
ZYdSMt
]OdOXt
U^O\n
ZÌS]Zt`n
U
VOZtW_
ZÌORVON_
Y
NÆXt
UYVOW
`Yd_
:\Y
MO]^_TtMt
`dKN_
TO
ZÌSZ\K`OX
UYXMOZ^
]ONKNOV
@K\SY0VOb
.tUc
]c]^rW_
dKNXtMR
]ONKNOV
U^O\
]O
SX]ZS\Y`KV
WYNOVOW
<YYW]^O\
TO
`K\SKLSVS^K
SX^O\Sr\_
WOdS
UYWZKU^XtWS
=?@
ZÌOU`KZS`n
>ÌS
]KWY]^K^Xn
dKNXt
]ONK
NVK
VdO
TONXY^VS`Æ
]UVnZÆ^
XOLY
`cTWY_^
`XÆTt
VdO
ZY]Y_`K^
ZYNrVXÆ
^KUr
ZÌtÂXÆ
K
^Y
`
ZÌtZKNÆ
O
TO
`cTW_^Y
Z\Y]^ÌONXt
]ONKNVY
CO^S
d`VnNXO
NtUc
`K\SKLSVXtW_
dK`KdKNVY`rW_
Z\Y]^Y\_
S
Xn\YÂXr
ZÌO
Z\K`Xt
yUYVc
:Y
`cTW_^t
dKNXtMR
]ONKNOV
_WYÊ_TO
XKVYS^
K
! VS^\Ó
dK`KdKNOV
5
]KWYdÌOTWW
Z\`UÓW
dK`KdKNVY`rRY
Z\Y]^Y\_
ZK^Ìt
dKU\c^t
+?>9
f ZVK^OW
YUK
Z\Y
_ZO`XÆXt
XnUVKN_
K
]tÐ
Z\Y
NYNK^OÂXr
dKTS^ÆXt
dK`KdKNOV
5YX]^\_U^rÌS
XOdKZYWXÆVS
YLYRK^S^
dK`KdKNVY`
Z\Y]^Y\
`Yd_
CO^S
TONXY
N_O
MRc^\W
ÌOOXtW
U^O\r
XKLtdt
WXYRY
WYXY]^t
]XKNXrRY
K
dn\Y`OÊ
LOdZOÂXrRY
_ZO`XÆXt
dK`KdKNOV
?ZO`ÊY`KMt
]c]^rW
`
dK`KdKNVY`rW
Z\Y]^Y\_
]
ZY]Y_`K^OVXWS
RnÂUc
_]ZYÌt
ÂK]
ZÌS
_UVnNnXt
dK`KdKNOV
K
dK
L\nXt
TOTSMR
ZYRcL_
dK
TtdNc
K
_VYOXt
^\K]c
U^O\Y_
`Ód
Z\YTOV
WSWY
NSQS^KVSdY`KXY_
]SVXSÂXt
]tÐ
>tW^Y
dZÓ]YLOW
TO
WYXr
dKdXKWOXK^
^\K]_
`ONY_Mt
WSWY
dZO`XÆXr
MO]^c
K
XOMRK^
]O
XKZÌtUVKN
ZYNVO
^r^Y
^\K]c
XK`SQY`K^
dZÆ^
U
`MRYdtW_
LYN_
@O\dO
]
ZYRYXOW
WKTt
`O
]^KXNK\NXt
`LK`Æ
^KUr
/=:
K
^d`
YPP\YKN
^VKÂt^UY
U^O\r
_Z\K`_TO
XKZÌtUVKN
MRK\KU^O\S]^SU_
MRYN_
ZVcXY`rRY
ZONnV_
XOLY
XK]^K`OXt
+,=
:<9
8/4@C
8›<95C$
8+,.5+
:<@5»
@,+@
@O
WÆ]^Æ
ZÌSTNO
`RYN
U\YWÆ
]SQXKVSdKMO
ZÌS
ZK\UY`nXt
`ZÌON_
K
`dKN_
^KUr
ZK\UY`KMt
K]S]^OX^
U^O\
_
WYNOV_
CO^S
`c_t`n
XY`Y_
ÌtNtMt
TONXY^U_
>K
NYUnO
dK]KRY`K^
NY
ÌtdOXt
`Yd_
XOTOX
LÆROW
ZYRcL_
`YdSNVK
`dKN
KVO
XY`Æ
S
`ZÌON
>Y
_WYÊ_TO
dKZK\UY`K^
`Ód
NY
WOdO\c
`O
`tMO
U\YMtMR
K
NY]nRXY_^
^KU
y]ZY\c
NrVUc
WKXr`\Y`KMtRY
Z\Y]^Y\_
=c]^rW
XKLtNUc
Z\`UÓ
]^KXNK\NXtMR
K
ZÌtZVK^UY`MR
`LK`
WYNOV_
CO^S
TO
XK]^K`OX
^KU
KLc
WYRV
`cRY`Æ^
MY
XOTS\tW_
]ZOU^\_
Xn\YUÓ
K
ZÌnXt
=Y_Ân]^t
]OdXKW_
WSWYÌnNXr
`LK`c
TO
S\YUn
UnVK
^OMRXSMUc
`c]ZÆVMR
OVOU^\YXSMUMR
dKÌtdOXt
Z\YZYTOXMR
]
NK^Y`Y_
]t^t
`Yd_
.tUc
^YW_
_Wt
XKZÌ
\nNSK
,V_O]
=aSXQ
K
,YVO\Y
ZÌSdZÓ]YLS^
RVK]S^Y]^
\cMRVY]^S
`Yd_
=^OTXÆ
^KU
VdO
^OVOPYX
Y`VnNK^
XK
W_V^SP_XUÂXtW
`YVKX^_
NS]ZVOTS
\nNSK
XOLY
XK`SQKÂXtMR
]c]^rWOMR
+W_XN]OX
K
-YV_WL_]
=
ZY^OXMSnVOW
`Yd_
CO^S
Z\Y
ZYRcL
WSWY
LÆXr
UYW_XSUKMO
UY\O]ZYXN_TO
XK`SQKMO
-YV_WL_]
]
WYXY]^t
XK`SQKMO
`
^O\rX_
>K^Y
P_XUMO
_WYÊ_TO
XKR\n`nXt
D
UYWPY\^XtMR
Z\`UÓ
`LK`
`
XKLtNMO
XOMRcLt
SX^OVSQOX^Xt
N`Y_dvXY
`n
UVSWK^SdKMO
-VSWK^\YXSM
]
OVOU^\YXSMUY_
\OQ_VKMt
K
]OXdY\OW
U`KVS^c
`dN_MR_
`RnXÆXrRY
NY
UKLSXc
@
ZÌtZKNÆ
NO^OUMO
dXOÂS^ÆXt
XK]n`KXrRY
`dN_MR_
-VSWK^\YXSM
K_^YWK^SMUc
ZÌOZXO
XK
`XS^ÌXt
MS\U_VKMS
NY
NYLc
XO
TO
`OXUY`Xt
`dN_MR
`cRYNXYMOX
TKUY
NY]^K^OÂXÆ
U`KVS^Xt
f +?>9
:9>¬/8
+
.C8+735+$
:9.@9D/5
@c`nOXn
UYXMOZMO
ZYN`YdU_
_WYÊ_TO
^Y
MY
]VSL_TO
NO]SQX$
ZY^ÆOXt
d
TtdNc
K
NcXKWSU_
CO^S
]O
`cdXKÂ_TO
`OVSMO
KQSVXtWS
TtdNXtWS
`VK]^XY]^WS
]
`c]YUWS
LOdZOÂXY]^XtWS
\OdO\`KWS
@O
]ZYTOXt
]O
]^cVY`W
dO`XÆT
UOW
NYNn`n
ZYMS^
LOdZOÂt
TKU
Z\Y
ÌSNSÂO
^KU
S
Z\Y
Y]^K^Xt
MO]^_TtMt
:YN`YdOU
WYNOV_
CO^S
`cMRndt
d
UYXMO\XY`rRY
WYN_V_
U^O\
`c_t`n
\Y`XÆ
9M^K`SK
K
TOTt
`K\SKX^K
=MY_^
:ÌONXt
XnZ\K`K
TO
^cZ_
7M:RO\]YX
dKNXt
`tMOZ\`UY`n
XnZ\K`K
LcVK
YZ\Y^S
WYNOV_
9M^K`SK
WYNSPSUY`nXK
K
`
WYNOV_
CO^S
Wn
`Æ^t
\YdMRYN
UYV
Z\Y
NY]KOXt
`ct
]^KLSVS^c
TtdNc
Dn
UKdXtMS
`Yd_
CO^S
WYRY_
`cLt\K^
d
_]ZYÌnNnXt
ZYRYX_
UYV
ZÌONXt
XnZ\K`c
XOLY
`OMR
UYV
:KVS`Y`n
XnN\
Wn
YLTOW
VS^\Ó
=`Æ^Vn
`UK
TO
]RYNXn
Z\Y
YLK
N\_Rc
ZYRYX_
K
ÂSXt
"
WW
:\Y
NY]KOXt
MY
XOTVOZtMR
TtdNXtMR
`VK]^XY]^t
TO
CO^S
`cLK`OX
_
`
dn
UVKNXt
`LK`Æ

UYVc
]
ZXO_WK^SUKWS
\YdWÆ\_
< :\Y
`ct
`LK`Y`r
]^_ZXÆ
T]Y_
NYNn`nXK
^KUr
!
UYVK
]
ZXO_WK^SUKWS
\YdWÆ\_
<!
<YdWÆ\
ZXO_WK^SU
LcV
d`YVOX
XOTOX
]
YRVONOW
XK
NY]KOXt
MY
XOTVOZtRY
TtdNXtRY
UYWPY\^_
K
^\KUMO
`
^O\rX_
KVO
S
]
YRVONOW
XK
`OV
WS
NYL\r
TtdNXt
`VK]^XY]^S
XK
]SVXSMtMR
D`Æ^OXt
Z\YPSV_
K
MOVUY`r
`OVSUY]^S
ZXO_WK^SU
ZÌS]Zt`n
XOTOX
UO
d`OXt
]`Æ^Vr
`Uc
KVO
dOTWrXK
U
`Æ^tW_
UYWPY\^_
K
YNYVXY]^S
ZXO_WK^SU
ZÌS
TtdNÆ
ZY
`OMR
N\_dtMR
ZY`\MR_
@C=95
@598
:<9
5+.9?
=3>?+-3
.YTOW
NcXKWSUc
U^O\
XK`Yd_TO
NO]SQX
_WYMÊ_Tt
`UYXXr
K
y]ZY\Xr
ZÌOZVÊY`KXr
WY^Y\c
:KVO^K
ZYRYXXMR
TONXY^OU
_\ÂOXMR
Z\Y
WYNOV
CO^S
dKR\X_TO
N`Æ
LOXdSXY`r
K
^ÌS
XKP^Y`r
WY^Y\SdKMO
@OMRXc
KQ\OQn^c
T]Y_
Â^cÌ`nVMY`r
ÌKNY`r
ZÌOZVÊY`KXr
^_\LYNWcMRKNVOW
_Wt]^ÆXr
`ZÌON_
XKZÌtÂ
]
ZÌtWW
`c]YUY^VKUW
`]^ÌSUY`nXtW
ZKVS`K
:YRYXXr
TONXY^Uc
WKTt
`OVWS
ZÌtdXS`
Z\ÓLÆR
^YÂS`rRY
WYWOX^_
TORY
WKbSW_W
TO
^KU
U
NS]ZYdSMS
`
Zn]W_
LÆXÆ
`c_t`KXMR
Y^nÂOU
7Y^Y\c
WYNOV_
CO^S
T]Y_
^KU
yÂSXXÆTt
y]ZY\XÆTt
K
OUYVYQSÂ^ÆTt
,OXdSXY`r
ZYRYXXr
TONXY^Uc
T]Y_
WYNO\Xt
K
y]ZY\Xr
]
`c]YUW
`UY
XOW
K
XtdUY_
]ZY^ÌOLY_
ZKVS`K
8KP^Y`r
WY^Y\c
`cMRndOTt
dO
]^OTXrRY
dn
UVKN_
`
ZYNYLÆ
KQ\OQn^_
Y
YLTOW_
VS^\_
ZY_t`KTt
`R\KNXÆ
`c]YUY^VK
Ur
`]^ÌSUY`nXt
]c]^rWOW
MYWWYX\KSV
K
T]Y_
]^KXNK\NXÆ
`cLK`OXc
PSV^\OW
ZO`XMR
Ân]^SM
@OMRXc
WY^Y\c
ZVXt
ZYKNK`Uc
OWS]Xt
XY\Wc
/?
DMOVK
XY`W
WY^Y\OW
`
XKLtNMO
K_^YWYLSVUc
TO
LOXdSXY`
Â^cÌ`nVOM
>=3!!
UA
`cMRndOTtMt
d
UYX]^\_UÂXt
PSVYdYPSO
NYaX]SdSXQ_
U^O\
^`YÌt
dnUVKNXt
WY^Y\SdKMS
WYNOV_
K
NYNn`n
]O
TOX
]
ZYRYXOW
ZÌONXtMR
UYV
.KVt
XY`SXUY_
U^O\n
]O
`
WYNOV_
CO^S
YLTO`t
TKUY
_
Z\`XtRY
`Yd_
UYNK
TO
dnUVKNXt
`UYXY`n
`K\SKX^K
WY^Y\_
>.3
-<
.:0"
UA
5\YWÆ
^YRY
L_NO
CO^S
TKUY
Z\`Xt
`Ód
]
YUÌtNVOXW
tZOW
`O
dXKU_
ZYRnXÆX
WY^Y\OW
>.3
Y
`UYX_
UA
]O
`]^ÌSUY`nXtW
MYWWYX\KSV
>YÂS`
WYWOX^
WY^Y\_
WÓO
L^
XK
UYVK
ZÌOXnOX
ZÌO]
N`K
N\_Rc
ZÌO`YNY`MR
y]^\YTt
‹
WKX_nVXt
XOLY
K_^YWK^SMUr
7KX_nVXt
ZÌO`YNY`Uc
T]Y_
O]^S]^_ZÊY`r
ZY_dO
Z\Y
`O\dS
]
ZYRYXOW
ZÌONXtMR
UYV
K
WY^Y\OW
>.3
-<
.:0"
UA
TO
_\ÂOXK
ZÆ^S]^_ZÊY`n
ZÌO`YNY`UK
+_^YWK^SMUn
ZÌO`YNY`UK
TO
XKLtdOXK
`R\KNXÆ
]
WY^Y\OW
>=3!!
UA
K
ZYRYXOW
UYV
ZÌONXt
XnZ\K`c
4ONXn
]O
Y
^OMRXSMUc
`c]ZÆVY_
]ONWS]^_ZÊY`Y_
ZÌO
`YNY`U_
.=1
]
WYXY]^t
K_^YWK^SMUr
XOLY
WKX_nVXt
`YVLc
ZÌO`YNY`MR
]^_ZÊÓ
dXnWY_
TS
d
WYNOVY`MR
ÌKN
9M^K`SK
K
=_ZO\L
+?>9
f ®VOX
ZÌON]^K`OX]^`K
Z\Y
^OMRXSMU
``YT
/MURK\N
=MRYVd
`ZÌON_
LÆROW
^O]^Ó
CO^SRY
`
8Y\]U_
˜>KUY`Y_
UYWLSXKMS
`VK]^XY]^t
XOXKLtdt
nNX
d
UYXU_\OX^Ӎ
:9
®>Cµ/-2
6/>/-2
9.
:</73k<C
=>?.3/
=/
@
/8/@¬
:µ/.=>+@36
=k<39@
79./6
59.+
C/>3
-9
=3
9
8¬7
7C=6
®6/8
:µ/.=>+@/8=>@+
:<9
>/-283-5
@@94
/-52+<.
=-296D
4+5
.69?29
><@+6
@@94
>929>9
79./6?)
@
\YMO
LcVK
`
OXO`Æ
ZÌON]^K`OXK
]^_NSO
UYNK
CO^S
:Y
ZYdS^S`XtW
YRVK]_
TKU
`
YNLY\XrW
^S]U_
^KU
_
`OÌOTXY]^S
T]WO
XK
^r^Y
]^_NSS
NnVO
Z\KMY`KVS
-9
,C=>/
D
>/-283-5k29
+
./=318k<=5k29
26/.3=5+
<›.
@CD.@326)
>OMRXSMUWS
XY`SXUKWS
T]Y_
XOTWYNO\XÆTt
WY^Y\c
`c_t`KTtMt
^OMRXYVY
QSO
MYWWYX\KSV
K
>=3
:ÌOXY]
RXKMtRY
WYWOX^_
XK
UYVK
dKNXt
XnZ\K`c
dKTSÐ_TO
XOTXY`ÆTt
QOXO\KMO
]ZYTUc
2KVNOb
.nVO
LcMR
dWtXSV
K]S]^OX^
Z\Y
\YdTOdN
NY
]^Y_ZnXt
K
K]S]^OX^
Z\Y
]TtNÆXt
]`KRÓ
]^OTXÆ
TKUY
SX^OVSQOX^Xt
ÌOOXt
dK`KdKNVY`rRY
Z\Y]^Y\_
D
RVONS]U_
NO]SQX_
_UKd_TO
CO^S
XOdKWÆ
XS^OVXY_
^`nÌ
?
XK
Z\`Xt
ZYRVON
TO
ZK^\X
Z\SWn\Xt
^`K\
`Yd_
=?@
‹
VSXSO
`ZÌON_
dKÂtXn
`OVSMO
dZÌtWK
ZYU\KÂ_TO
ZÌO]
SUWr
ÂOVXt
]UVY
K
\Y`XY_
]^ÌOMR_
U
dnNS
UNO
]^\WÆ
]ZKNn
NYVÓ
>Y^Y
NO]SQXY`r
`cTnNÌOXt
XK`tM
ZYN^\R_TO
TONSXOÂXn
UYXPSQ_\KMO
]`Æ^VYWO^Ó$
dK^tWMY
RVK`Xt
]`Æ^VYWO^c
]O
]
WK]UY_
MRVKNSÂO
]O^Un`KTt
`O
]^OTXr
`MO
WVRY`r
]`Æ^VYWO^c
T]Y_
]
SX^OQ\Y`KXW
YNLYÂY`KMtW
]`Æ^VOW
K
]`Æ^VOW
Z\Y
NOXXt
]`tMOXt
`ÓÂS
]^ÌON_
_Wt]^ÆXc
`
ZYVY`SÂXt
`MO
6YQY
UYNK
XK
dnNS
]ZYÂt`n
XK
\Y`Xr
ZVYO
YR\KXSÂOXr
`\KdXWS
dKNXtWS
]U_ZSXY`WS
]`t^SVXKWS
XK
U^O\MR
TO
`
XYMS
ZK^\X
NO]SQX
`O
^`K\_
Zt]WOXO
-
-9
4=9?
.6/
@+/29
8›D9<?
26+@8
:µ/.89=>3
9:<9>3
5985?</8-3)
7YNO\Xt
Z\YQ\KW
WY^Y\Ó
TO
`
]Y_ÂK]Xr
NYLÆ
WÆÌt^UOW
ZYU_N
]O
TONXn
Y
]ZY^ÌOL_
K
OWS]O
-9
5YWZKU^Xt
\YdWÆ\c
`Yd_
T]Y_
ZÌS
ZY_S^t
`
WÆ]^]UrW
Z\Y]^ÌONt
`\KdXY_
`RYNY_
YZ\Y^S
XKt
UYXU_\OXMS
4tdNXt
`VK]^XY]^S
T]Y_
`
^r^Y
^ÌtNÆ
TONSXOÂXr
K
^Y
ZÌS
dKMRY`nXt
`c]YUr
Z\ÓMRYN
XY]^S
`
^O\rX_
8KLtNUK
`LK`
XOXOMRn
^KUÌUK
nNXr
ZÌnXt
XO]ZVXÆXY
@Ód
CO^S
TO
NY]^K^OÂXÆ
\OZ\OdOX^K^S`Xt
U
Xn`^Æ`Æ
NS`KNVK
K
ZY^r
]
XtW
VdO
LOd
Z\YLVrWÓ
Z\YTO^
^ÆUW
^O\rXOW
MY
TO
UYWLSXKMO
U^O\Y_
`
^r^Y
^ÌtNÆ
XOXKLtdt
nNX
d
UYXU_\OX^Ó
=
79./6/7
C/>3
@=>?:?4/
59.+
+?>9
.9
D-/6+
89@k29
=/17/8>?
4+5k
4=9?
:9.6/
@›=
4/29
+8-/
8+
¡=:¬-2)
:YU_N
NY
]OQWOX^_
`]^_Z_TO^O
ZYdNÆTS
^KU
TKUY
`
^YW^Y
ZÌtZKNÆ
Wc
W_]tWO
Z\Y^S
UYXU_\OXMS
XK]KNS^
XÆMY
`OVWS
WSWYÌnNXrRY
=
`YdOW
CO^S
T]WO
`c^`YÌSVS
UYWZKU^Xt
=?@
TORY
LOd`KNXr
TtdNXt
`VK]^XY]^S
XK
]SVXSMS
ZÌSZYWtXKTt
]ZtO
VSW_dtX_
XO
=?@
KVO
U^O\r
ZÌS^YW
`cUKd_TO
`c]YUY_
Z\ÓMRYNXY]^
^O\rXOW
?S^XY_
RYNXY^_
d`c_TO
`K\SKLSVS^K
dK`KdKNVY`rRY
Z\Y]^Y\_
]^OTXÆ
TKUY
UYWZKU^Xt
\YdWÆ\c
U^O\r
`Ód
ZÌON
TORY
UYXU_\OX^c
d`RYNÊ_Tt
ZÌS
RVONnXt
ZK\UY`S^Æ
`
_\LKXSdY`KXrW
Z\Y]^ÌONt
3X^O\Sr\
TO
U`KVS^XÆ
dZ\KMY`KX
XKLtNUK
`LK`c
TO
LYRK^n
/b^O\Sr\
TO
TONSXOÂX
K
]^\Rn`n
XK
]OLO
ZYdY\XY]^
D`Vn^Xt
Z\`Uc
`LK`c
TKUY
T]Y_
XK`SQKMO
YPP\YKNY`r
P_XUMO
K]S]^OX^
Z\Y
]TtNÆXt
]`KRÓ
ZKXY\KWK^SMUr
]^ÌOXt
YUXY
K
XOdn`S]Vr
^YZOXt
XKLtdt
TOX
XÆUYVSU
WnVY
UYXU_\OX^Ó
Z\Y
dXKÂU_
UYNK
TO
`KU
^cZSMUr
O
^c^Y
Z\`Uc
`LK`c
XKLtdt
dK
K^\KU^S`Xt
MOX_
f +?>9
.97+
8/4/8
8+
=3683-3$
:9298
8n\YUc
LÆXrRY
ÌSNSÂO
Z\Y
TtdN_
WSWY
dZO`XÆXr
UYW_XSUKMO
NYUnO
]ZYVORVS`Æ
_]ZYUYTS^
UYNK
CO^S
XOTOX
]`Æ^VY_
`UY_
"
WW
KVO
dOTWr
XK
ZYRYXOW
`OMR
UYV
U^O\
dKTSÐ_TO
]c]^rW
]
WOdSXnZ\K`Y`Y_
]ZYTUY_
2KVNOb
QOXO\KMO
>Y^Y
^OMRXSMUr
ÌOOXt
TO
]RYNXr
]
`Ydc
9M^K`SK
-YWLS
K
=_ZO\L
/VOU^\YRcN\K_VSMUc
ÌtdOXn
`tMOVKWOVY`n
]ZYTUK
2KVNOb
TO
_Wt]^ÆXK
_
dKNXt
XnZ\K`c
`
TONXr
]UÌtXS
]ZYV_
]
\Yd`YNY`UY_
K
dKNXtW
NSPO\OXMSnVOW
DK
NYL\MR
^\KUÂXtMR
ZYNWtXOU
XKZÌ
]_MRn
`YdY`UK
TO
# `UYX_
ZÌOXnOXY
XK
UYVK
ZÌONXt
XnZ\K`c
µtNSMt
TON
XY^UK
]ZYTUc
2KVNOb
`cRYNXYM_TO
KU^_nVXt
TtdNXt
ZYNWtXUc
K
TO
]MRYZXK
ZÌOXr]^
K
"
`UYX_
XK
TONXY
UYVY
:ÌSZYTOXt
dKNXt
XnZ\K`c
ÌtNt
ÌtNSMt
TONXY^UK
]ZYTUc
2KVNOb
XK
dnUVKNÆ
]SQXnVÓ
YN$
ÌtNSMt
TONXY^Uc
WY^Y\_
]XtWKÂ
Y^nÂOU
WY^Y\_
K
ZYVYRc
ZVcXY`rRY
ZONnV_
ÌtNSMt
TONXY^Uc
+,=/=:
]XtWKÂÓ
Y^nÂOU
UYV
]ZtXKÂO
L\dNY`MR
]`Æ^OV
]XtWKÂÓ
ZÌtÂXrRY
K
ZYNrVXrRY
d\cMRVOXt
]XtWKÂO
XK^YÂOXt
`YVKX^_
=c]^rW
ZYRYX_
`OMR
UYV
TO
ZVXÆ
UYWZK^SLSVXt
]
OVOU^\YXSMUWS
]c]^rWc
]^KLSVS^c
TtdNc
+,=
/=:
@
ZÌtZKNÆ
dn]KR_
/=:
U^O\r
TO
Z\Y
NYNn
`nXY
]^KXNK\NXÆ
ZÌOLt\n
ÌtdOXt
]OZX_^t
]ZYTUc
2KVNOb
ÌtNSMt
TONXY^UK
]c]^rW_
/=:
@
ZÌtZKNÆ
dn]KR_
+,=
NYMRndt
U
\YdZYTOXt
]ZYTUc
2KVNOb
:\Y
TtdN_
WSWY
dZO`XÆXr
UYW_XSUKMO
XKLtdt
CO^S
NÓVOS^rRY
ZYWYM
XtUK
=^S]UOW
TONSXrRY
^VKÂt^UK
]O
KU^S`_TO
\OSW
9PP\YKN
TOX
dK]^ÌO_TO
]Y_LY\
SX^OVSQOX^XtMR
P_XUMt
U^O\r
_]XKNÊ_Tt
ÌSNSÂS
TtdN_
^O\rXOW
XOLY
ZY
MO]^nMR
]
XOdZO`XÆXW
ZY`\MROW
@ONVO
ZÌSdZÓ]YLOXt
OVOU^\YXSM
UMR
]c]^rWÓ
+,=
+=<
K
/.=
TO
U
NS]ZYdSMS
MS^VS`ÆTt
XK]^K`OXt
ZVcXY`rRY
ZONnV_
ZYWYM
ZÌS
\YdTOdN_
YWOdOXtW
WKbSWnVXtMR
Y^nÂOU
K
K]S]^OX^
Z\Y
]TOdN
]`KR_
+]S]^OX^
Z\Y
]TOdN
]`KR_
_N\_TO
UYX]^KX^Xt
\cMRVY]^
`Yd_
ZÌS
]TOdN_
]`KR_
K
_WYÊ_TO
^KU
ÌSNSÂS
KLc
]O
ZVXÆ
`ÆXY`KV
]Z\n`Xr
`YVLÆ
TtdNXt
]^YZc
:YU\YUY`r
K
MRc^\r
UYWZKU^Xt
=?@
TORY
`\YLK
L_NO
Z\YLtRK^
`
dn`YNÆ
5`K]SXc
]O
U
Z\`XtW
dnUKdXtUÓW
NY]^KXO
`
N\_Rr
ZYVY`SXc
Z\ndNXSX
#
@OW
`O\dtW
WYNOV_
CO^S
T]Y_
`VK]^Xt
`cXSUKTtMt
TtdNXt
`VK]^XY]^S
K
`c]YUn
KQSVS^K
:\Y`ONOXt
]O
XK`tM
`cdXKÂ_Tt
`LY\XY_
]MRYZXY]^t
TtdNc
^O\rXOW
K
`OVUY_
^KXY_
]SVY_
+?>9
f !
C/>3
=/
8+,D
=
>¬73>9
79>9<C$
LOXdSXY`r$
>=3!!
UA
ZYRYX
ZÌONXtMR
UYV
‹
|
WKX_nVXt
!|
.=1
"
>=3"
UA
‹
|
WKX_nVXt
XKP^Y`r$
>.3
-<
.:0"
UA
ZYRYX
ZÌONXtMR
UYV
‹
|
WKX_nVXt
>.3
-<
.:0"
UA
‹
|
WKX_nVXt
>.3
-<
.:0
UA
‹
|
WKX_nVXt
>.3
-<
.:0
UA
‹
|
WKX_nVXt
"
f +?>9
8K
NO]SQX_
]O
dKÂKVY
Z\KMY`K^
_
`
\YMO
:<@8
®/29
=3
®69@¬5
8+
5+.k7
+?>¬
@378/
8/4.µ@
4/
4/29
@D26/.
:<9>9
:<›-/
./=318k<»
=>94
8+
=+7k7
:9®›>5?
@@94/
-/6k29
@9D?
4+5
@3.
89@
79./6
C/>3
@/.9?-
./=318?
/B>/<3k<?
5+<6
8/?296.)
8K
ZYÂn^U_
LcVK
SNOK
O
Lc
UYNK
+_^Y
WÆVK
]^K`Æ^
TONXYN_MR
Z\KU^SMU
K
WVKNS]^`Æ
]`SX
`Ód
XK
dnUVKNÆ
ZVK^PY\Wc
WYNOV_
0KLSK
-9
,C69
8/49,>8¬47
¡596/7
:<9
@›=
./=318k<C)
5.C
4=>/
D+®+63
:<›-/
8+
79./6?
C/>3)
:\YTOU^
LcV
YN]^K\^Y`nX
XK
TKÌO
Z\`XtWS
]USMKWS
Xn`\Rc
K
``YTOW
UYXMOZ^Ó
@
OXO`Æ
K
`O
0\KXUP_\^_
`
\YMO
T]WO
ZÌON]^K`SVS
PY\WY_
]^_NSt
^_^Y
RK`Y_
XY`SXU_
`OÌOTXY]^S
5K\V
8O_RYVN
4+5k
,C69
D+.›8
+
./=3189@k
-6/
8+
:9®›>5?
@@94/
@9D?)
:YÂn^OÂXt
UYXMOZMO
]^K`Æ^
`Ód
XK
ZVK^PY\WÆ
WYNOV_
0KLSK
LcVK
dWÆXÆXK
:\Y
^Y
KLcMRYW
WYRVS
Z\Y
]r\SY`r
`Ydc
XKLtNXY_^
S
XnRYX
`OMR
UYV
T]WO
d`YVSVS
`Æ^t
ZVK^
PY\W_
WYNOV_
9M^K`SK
@OVUY_
`d`Y_
Z\Y
Xn
NO]SQXY`
^W
LcVY
ZÌOXr]^
yNO\X
K
VORMO
ZÓ]YLtMt
NO]SQX
d
`c]^K
`OXMR
]^_NSt
S
XK
]r\SY`
`Ód
@]VONUOW
TO
XY`n
UYNK
CO^S
U^O\n
Wn
dMOVK
d`Vn^Xt
MRK\KU^O\
TO
WSWYÌnNXÆ
Z\Y]^Y\Xn
K
`cLK`OXn
ZSÂUY`Y_
^OMRXSUY_
+?>9
f #
8+
-9
,C=>/
?
C/>329
-2>¬6
9,D@6›¸
?:9D9<83>)
@
Z\`r
ÌKNÆ
TO
^Y
]`rLc^X
NO]SQX$
XY`
`Ód
UYNK
CO^S
Wn
`\KdXY_
ZÌtÃ
K
]`Æ^VYWO^c
D
LYU_
_ZY_^n
ZYdY\XY]^
]UÌtÊY`n
UYX]^\_UMO
UK\Y]O\SO
]
\YL_]^XtW
]^ÌOXtW
XY]SÂOW
Z\Y
dXKÂU_
UYNK
^cZSMUr
VKUY`nXt
]VY_ZUÓ
K
`c]YUr
ZYNLÆRc
ZYN^\R_TtMt
NO]SQXY`r
ÌOOXt
^O\rXXtRY
`Yd_
DnÃ
Wn
Y\SQSXnVXt
K
TK]XY_
VSXSS
ZYN^\OXY_
UYXMY`WS
]`Æ^Vc
^`K\Y`KXWS
NY
^`K\_
Zt]WOXO
-
µOOXt
SX^O\Sr\_
YNZY`tNn
WYR_^XY]^t
TK]XW
ÂVOXÆXtW
K
TOW
XW
dNÓ\KdXÆXtW
TONXY^VS`MR
Z\`UÓ
\YL_]^XtW_
ÌOOXt
Ob^O\Sr\_
]O
dKWÆ
ÌOXtW
XK
NO^KSV
=ONKNVK
T]Y_
ÌOOXK
dMOVK
XY`Æ
K
TOTSMR
U`KVS^K
`cUKd_TO
NVY_RYNYLÆ
`cXSUKTtMt
`VK]^XY]^S
8Y`n
UYNK
CO^S
XKLtdt
ZÌO]
UYWZKU^Xt
\YdWÆ\c
PKX^K]^SMU
ZYMS^
`XS^ÌXtRY
Z\Y]^Y\_
=ONKNVK
VdO
XK]^K`Y`K^
`
XO
d`cUVO
`OVUrW
\Yd]KR_
dKNXt
TNY_
S
]XKNXY
`cTWY_^
d
`Yd_
DK`KdKNVY`
Z\Y]^Y\
XKLtdt
WXYRY
Wt]^K
Z\Y
dK`KdKNVK
4KUY
d`Vn^Xt
`LK`_
TO
WYXr
]S
YLTONXK^
S
ZKXY\KWK^SMUY_
]^ÌOMR_
NtUc
Xt
dt]Un^O
TO^Æ
`Æ^t
ZYMS^
`dN_XY]^S
K
NKVt
dVOZOXt
]`Æ^OVXMR
ZYWÆ\Ó
_`XS^Ì
`Yd_
@ONVO
]U`ÆVMR
TtdNXtMR
`VK]^XY]^t
XK
]SVXSMS
ZÓ]YLt
UYNK
CO^S
`LY\XW
NYTWOW
S
ZÌS
TtdNÆ
`
^O\rX_
@cXSUKTtMt
ZÌORVON
`OVU
yROV
Z\Y
TtdN_
`O
]`KR_
`ZÌON_
S
`dKN_
K
XY`n
^OMRXSMUn
ÌOOXt
NÆVKTt
d
TtdNc
`
^O\rX_
dMOVK
YTONSXÆV
dnS^OU
59635
./=318k<»
:<+-9@+69
@
>7?
:<9
@»D
C/>3)
9N
]KWrRY
dKÂn^U_
Z\YOV
WYNOV
CO^S
WXYRK
\_UKWK
:YÂn^OÂXt
]^_NSO
K
NY
]^nNSK
]RYaMK\]
XK`\RV
NO]SQXY`
^W
PS\Wc
UYNK
+_^Y
ZYN
`ONOXtW
>RYWK]O
3XQOXVK^RK
\OKVSdKMO
]r\SY`rRY
`Yd_
ZKU
Z\YLtRKVK
ZYN
\OSTXtW
`ONOXtW
4OX]O
7KX]UORY
4+5
@C
9=9,8¬
29.89>>/
¡=:¬-2
C/>329
8+
><D-2
</=:
?
D›5+D85»)
4]OW
]S
TS]^
O
MO]^K
XY`rRY
`Yd_
UYNK
CO^S
L_NO
NtUc
TORY
`cXSUKTtMtW
`VK]^XY]^OW
`OVWS
y]ZÆXn
f +?>9
8Y`n
^`nÌ
WYNOVÓ
9M^K`SK
<=
K
=MY_^
59.+
+?>9
:µ/.=>+@?4/
89@9?
>@›µ
79./6»
9->+@3+
<=
+
=-9?>
:9
79./<83D+-3
@9D?
9->+@3+
:µ/.=>+@/8k
8+
598-3
69²=5k29
<95?
=/
0+-/630>?
.9®5+6C
3
=:9<>9@8¬
6+.¬8›
@/<D/
<=
+
9->+@3+
=-9?>
9,+
79./6C
8+,.89?
D›5+D85»7
5<97¬
./=3189@-2
D7¬8
>+5k
>/-2896913-5k
89@385C
7/D3
8¬
:+>µ
8+:µ
=/8D9<
5@+63>C
@D.?-2?
:<9
5637+>3D+-3
-637+><983-
®3
89@k
:<@5C
=@¬>/68k
>/-2835C
+?>9
f f +?>9
9WVKdOXn
9M^K`SK
<=
dK_TWO
XY`Æ
^`K\Y`KXY_
WK]UY_
MRVKNSÂO
]
VYQOW
<=
K
`\KdXWS
]`Æ^VYWO^c
>c
WYRY_
L^
ZYZ\`r
`O
`O\dS
<=
Y]KdOXc
bOXYXY`WS
`LYTUKWS
]
XK^nÂOMtW
WYN_VOW
3XY`Y`KX
Xn\KdXtU
]
S\tW
K
`\KdXÆTtW
XK]n`KMtW
Y^`Y\OW
XKLtNXO
NKVt
N`Æ
XY`SXUc%
U\YWÆ
WVRY`MR
]`Æ^VYWO^Ó
]
-Y\XO\
P_XUMt
T]Y_
Z\Y
WYNOVc
9M^K`SK
<=
U
NS]ZYdSMS
S
6/.
]`Æ^VK
Z\Y
NOXXt
]`tMOXt
+^\KU^S`XÆTt
^`K\
NY]^KVc
^KUr
]N\_OXr
U\c^c
dKNXtMR
]`t^SVOX
5
NS]ZYdSMS
TO
XY`Æ
WO^KVSMUn
LK\`K
+X^R\KMS^O
K
"
UYVK
8OZ^_XO
=ZY\^Y`Xt
ZYN`YdOU
]XtOX
XK
!
WW
]XtOXn
RWY^XY]^
`Yd_
Y
UQ
_
LOXdSXY`r
\O]Z
UQ
_
XKP^Y`r
`O\dO
K
XSt
RYNXY^K
UYOPSMSOX^_
YNZY\_
`dN_MR_
ZYdS^S`XÆ
Y`VS`XSVc
`UYX
XY]^Xt
ZK\KWO^\c
D`SVK
]O
WKbSWnVXt
\cMRVY]^
K
dVOZSVc
]O
^KUr
RYNXY^c
Z\_XY]^S
K
d\cMRVOXt
:YRYXXr
TONXY^Uc
WYNOV_
9M^K`SK
<=
ZVXt
XY\W_
/?
,OXdSXY`
WY^Y\
>=3!
UA
XKLtdt
]ZY^ÌOL_
!
V
UW
K
OWS]O
-9
!
QUW
K
KQ\OQn^
>.3
-<
UA
_TONO
UW
dK
!
V
]
OWS]OWS
-9
Q
UW
9LK
WY^Y\c
T]Y_
XKLtdOXc
`R\KNXÆ
]O
O]^S]^_ZÊY`WS
WKX_nVXtWS
K
N`Y_]ZYTUY`WS
.=1
ZÌO`YNY`UKWS
9M^K`SK
<=
]S
YN
\YU_
XKVK
ZÌO]
ONO]n^
^S]tM
WKTS^OVÓ
d
XSMR
!
d`YVSVY
UK\Y]nÌ]UY_
`K\SKX^_
UYWLS
.O]SQXY`n
VSXSO
=MY_^
]S
`
XKLtNMO
WYNOVÓ
UYNK
`cL_NY`KVK
ZO`Xr
Wt]^Y
K
WYNOV
9M^K`SK
=MY_^
^KU
SNOnVXÆ
NYZVÊ_TO
`Ydc
<YYW]^O\
=MY_^
K
0KLSK
=MY_^
9WVKdOXn
]SV_O^K
`Yd_
NY]^KVK
^`nÌ
]ZYVOÂXY_
Z\Y
MOVY_
WYNOVY
`Y_
ÌKN_
9M^K`SK$
:ÌOZ\KMY`KXn
WK]UK
MRVKNSÂO
TO
VOWY`nXK
`\KdXWS
]`Æ^VYWO^c
7K]S`Xt
ZÌONXt
Xn\KdXtU
ZYN^\R_TO
^O\rXXt
`dRVON
`Yd_
@\KdXr
YMR\KXXr
Z\`Uc
UK\Y]O\SO
RK\WYXSMUc
NYZVÊ_TO
XY`n
WO^KVSMUn
LK\`K
<Y]]Y
,\_XOVVY
.YL\n
Z\Y]^_ZXY]^
^O\rXOW
!#
WW
]`Æ^Vr
`Uc
K
YMR\KXK
ZYN`YdU_
T]Y_
NY]^KÂ_TtMt
S
Z\Y
MO]^c
WSWY
dZO`XÆXY_
]SVXSMS
:YRYX
`OMR
UYV
TO
ÌOOX
Â^`\^Y_
QOXO\KMt
]ZYTUc
2KVNOb
U^O\n
NYUnO
ZÌOXr]^
K
"
^YÂS`rRY
WYWOX^_
XK
TONXY
UYVY
9
NY]^K^OU
`UYX_
]O
]^K\KTt
N`K
`
UYXXr
WY^Y\c
`O
]ZYTOXt
]O
O]^S]^_ZÊY`Y_
WOMRKXSMUY_
ZÌO`YNY`UY_$
LOXdSXY`
"
>=3"
UA
/?
K
XKP^Y`
>.3
:.
.:0
UA
/?
@Ód
9M^K`SK
=MY_^
]S
NYZY]_N
`cL\KVY
`tMO
XO
N`KKN`KMO^
^S]tM
ÌSNSÂÓ
+?>9
f f +?>9
=_ZO\L
XcXt
`
TONSXOÂXr
`O\dS
+?>9
f /bMV_]S`O
89@›
59.+
=?:/<,
</:</D/8>+>3@8
630>,+-5
@C
=>µ/.8
>µ.C
4/
8C8
5
.3=:9D3-3
@
8/4@C
@,+@9@k
@/<D3
/B-6?=3@/
8KLtNUK
/bMV_]S`O
`cMRndt
d
`O\dO
/VOQKXMO
^K
ZÌON]^K`_TO
`OMR
`
®O]Ur
\OZ_LVSMO
Z\YNKXMR
`LK`Y`MR
`O\dt
=_ZO\L
/bMV_]S`O
ZÌON]^K
`_TO
YLNYL_
Z\Y`ONOXt
6K_\SX
5VOWOX^
U^O\n
ZVXt
ZÌnXt
XOTXn\YÂXÆT
tMR
dnUKdXtUÓ
K
ZÌSXnt
KXMS
Z\Y
`Æ^t
SXNS`SN_KVSdKMS
`Yd_
dK
K^\KU^S`Xt
MOX_
DnUKdXSMUn
`RYNK
`LK`Y`r
`O\dO
/bMV_]S`O
YZ\Y^S
`LK`Y`rW_
]^_ZXS
/VOQKXMO
ÂSXt
5Â
=Y_Ân]^t
]^KXNK\NXt
`LK`c
`O\dO
/bMV_]S`O
TO
U\YWÆ
]ONWS
KS\LKQÓ
XKZÌtUVKN
OVOU^\YXSMU
Z\Y^SLVYUY`KMt
]c]^rW
/=:
`ÂO^XÆ
+,=
\OQ_VKMO
^YÂS`rRY
WYWOX^_
ZÌS
L\dNÆXt
WY^Y\OW
7=<
Z\Y^SZ\YUV_dY`
]c]^rW
+=<
K
RcN\K_VSMU
L\dNY`
K]S]^OX^
2,+
/b^O\Sr\
`Yd_
ZYN^\R_Tt
XKZÌ
NOUY\K^S`Xt
MR\YWY`KXr
VS^c
^vXY`KXn
]UVK
YdNYLXn
dN`YTOXn
UYXMY`UK
`P_U_
XOLY
"
VS^n
UYVK
>ROWS]^Y
DnUVKNXt
`LK`K
YL]KR_TO
KNKZ^S`Xt
]c]^rW
Y]`Æ^VOXt
+0=
+NKZ^S`O
0\YX^VSQR^
=c]^OW
NYZVXÆX
Y
LSbOXYXY
`r
]`Æ^VYWO^c
NOÐY`
]OXdY\
`cRÌt`KXr
ÂOVXt
]UVY
K
`XÆTt
dZÆ^Xn
d\Mn^UK
+^\KU^S`Xt
SX^O\Sr\
/WY\c
YL]KR_TO
OVOU^\SMUc
Y`VnNKXn
`cRÌt`KXn
]ONKNVK
`
Z\Y`ONOXt
+VMKX^K\K
K
NOUY\
ZÌt]^\YTY`r
NO]Uc
`
SWS^KMS
NÌO`K
8K
ZÌnXt
TO
WYXr
LOd
ZÌtZVK^U_
YLTONXK^
UYOX
SX^O\Sr\
1VKWY_\
8OMRcLt
N`Y_dv
XY`n
UVSWK^SdKMO
]
K_^YWK^SMUY_
\OQ_VKMt
K
ZKMRY`W
PSV^\OW
-VSWK^\YXSM
K
UVSWK^SdY`KXn
YNUVnNKMt
]MR\nXUK
®^cÌ\KWOXX
W_V^SP_XUÂXt
`YVKX^
TO
]^OTXÆ
TKUY
RVK`SMO
ÌKNSMt
ZnUc
K
WKNVY
\_ÂXt
L\dNc
ZY^KOX
UÓt
4ORY
Z\Y
]^ÌONXSM^`tW
VdO
Y`VnNK^
XOTOX
\nNSY
,YVO\Y
]
SX^OQ\Y`KXW
-.
WÆXSÂOW
KVO
S
WYLSVXt
^OVOPYX
@OMRXc
NÓVOS^r
SXPY\WKMO
]O
ZÌORVONXÆ
dYL\Kd_Tt
XK
`OVUrW
7KbS
.Y^
NS]ZVOTS
.YNn`KX
K_NSY]c]^rW
YL]KR_TO
NO]O^SUKXn
VY`
dO]SVY`KÂ
]
NSQS^nVXtW
O[_KVSdr\OW
K
NO]O^
\OZ\YN_U^Y\Ó
5
NS]ZYdSMS
TO
\Y`XÆ
]SQXKVSdKMO
`dNnVOXY]^S
ZÌS
ZK\UY`nXt
`ZÌON_
S
`dKN_
8K
ZÌnXt
VdO
YLTONXK^
ZK\UY`KMt
K]S]^OX^
U^O\
dK
ZYWYMS
]OXdY\Ó
ZYWnRn
ZÌS
ZK\UY`n
Xt
NY
ÌKNc
]^YTtMtMR
`YdSNOV
@ct
UYWPY\^
MO]^_TtMtMR
XK
dKNXtMR
]ONKNVOMR
dKTSÐ_Tt
`UVnNKXr
^UKXr
UYLO\MO
6Y_XQO
=^OZ
]
YZY\Y_
Z\Y
XYRc
=_ZO\L
/bMV_]S`O
TO
U
NS]ZYdSMS
]O
N`ÆWK
dnORY`WS
WY^Y\c
"
>=3
"
UA
0=3
@ b#
UA
K
TONXtW
`dXÆ^Y`W
KQ\OQn^OW
>.3
-<
.:0
UA
@
XKLtNMO
T]Y_
TKU
WOMRKXSMUr
^KU
K_^YWK^SMUr
N`Y_]ZYT
UY`r
ZÌO`YNY`Uc
.=1
:µ/26/.
-/8
79./6?
=?:/<,
/B-6?=3@/
"
>=3
"
>=3
.=1
"
>=3
B
0=3
@ B
>.3
>.3
.=1
>.3
b
" #
5Â
"# #
5Â
"" #
5Â
#
5Â
""
#
5Â
#
#
5Â
#
#
5Â
f +?>9
UYNK
+_^Y
\YdSÌ_TO
K]S]^OXÂXt
]V_Lc
5+.
=/
7»/
8¬5.C
3
@6+=>87
D+@38¬87
.9=>+>
.9
8/:µ4/78k
=3>?+-/
5.C
:<9=>¬
8/9.4/./
@/
=:¬-2?
D><+>
8/,9
D+758/
56®/
8/-2›
8/.9:+>µ/87
@C,>
+?>9,+>/<33
:<9<+D
:8/?7+>35?
.94.9?
7?
:92988k
279>C
8/,9
97C6/7
8+>+85?4/
438k
:\Y
`OMRXc
^c^Y
ZÌtZKNc
Wn
UYNK
+_^Y
ZÌSZ\K`OXr
ÌOOXt
‹
Dn\_U_
WYLSVS^c
:\OWS_W
:ÌSTONOWO
dK
`nWS
KÐ
T]^O
UNOUYVS`
`
®O]Ur
\OZ_LVSMO
ÂS
`
Y]^K^XtMR
O`\YZ]UMR
dOWtMR
K
ZYWÓOWO
`nW
^c^Y
Z\YLVrWc
`cÌOS^
=^KÂt
ZY_dO
dK`YVK^
RYNSX
NOXXÆ
NXt
`
\YMO
XK
MOX^\nV_
UYNK
+]]S]^KXMO
K
Z\KMY`XtMS
MOX^\nVc
dKTS]^t
`TOdN
]O\`S]XtRY
`YdSNVK
®O]Un
\OZ_LVSUK
DKR\KXSÂt
"
7OMRKXSU
ZÌSTONO
K
ZYU_N
L_NO
TORY
]V_LK
XK
Wt]^Æ
ZY\_MRc
U\K^t
XO
WSX_^
XOZVK^t^O
dK
XS
XSM
8K
Wt]^Æ
_R\KNt^O
ZY_dO
WOMRKXSUOW
NY`OdOXr
ZYRYXXr
RWY^c
ZXO_
ÂS
ZÌtZKNX
NKVt
WK^O\SnV
U^O\
LcV
ZY_S^
:YU_N
XOXt
WYXr
`Ód
dZYTtdNXS^
XK
Wt]^Æ
XKZÌtUVKN
ZÌS
dnWÆXÆ
ZKVS`K
XOLY
`
ZÌtZKNÆ
d^\KMOXMR
UVtÂÓ
dKTS]^tWO
`nW
LOdZVK^X
YN^KR
`Yd_
`ÂO^XÆ
XKVYOXt
K
]VYOXt
K
TORY
_]UVKNXÆXt
XK
XOTLVStW
`RYNXrW
Wt]^Æ
YL`cUVO
_
K_^Y\SdY`KXrRY
]O\`S]XtRY
ZK\^XO\K
UYNK
@
ZÌtZKNÆ
O
XOVdO
`YdSNVY
YZ\K`S^
TO^Æ
^
NOX
L_NO
ZY]nNMO
`Yd_
ZY]Uc^X_^Y
XY_dY`r
_Lc^Y`nXt
`
^ÌtR`ÆdNSÂUY`rW
RY^OV_
ZÌtZKNXÆ
L_NO
dKTS^ÆXK
ZÌOZ\K`K
ZY]nNUc
K
dK`KdKNOV
]
VSWS^OW
`
RYNXY^Æ
5Â
9N^KRY`Y_
]V_L_
`nW
ZY]Uc^XOWO
S
`
ZÌtZKNÆ
NYZ\K`Xt
XORYNc
ZYU_N
`YdSNVY
XOXt
U\c^Y
TSXY_
K]S]^OXMt
d
^S^_V_
RK`K\STXtRY
XOLY
ZY`SXXrRY
ZYTS^ÆXt
DKTS]^tWO
`nW
YN^KR
U
YZ\K`Æ
_
XOTLVStRY
K_^Y\SdY`KXrRY
]O\`S]XtRY
ZK\^XO\K
UYNK
,OdZVK^Xr
]V_Lc
Dn\_Uc
WYLSVS^c
:\OWS_W
`nW
ZY]Uc^XOWO
dK
ZÌONZYUVKN_
O
NYN\t^O
VSWS^c
Z\Y
ZÌONOZ]KXr
]O\`S]Xt
SX^O\`KVc
K
]O\`S]Xt
Z\YRVtNUc
Z\Y`ONO
K_^Y\SdY`KX
]O\`S]Xt
ZK\^XO\
UYNK
`
®O]Ur
\OZ_LVSMO
Dn\_UK
WYLSVS^c
:\OWS_W
TO
]Y_Ân]^t
]V_OL
ZY]Uc^Y`KXMR
LOdZVK^XÆ
UO
`OW
XY`W
`YdÓW
ZÌO`dK^W
YN
#
_
K_^Y\SdY`KXrRY
ZK\^
XO\K
UYNK
`
®O]Ur
\OZ_LVSMO
K
^Y
ZY
NYL_
WÆ]tMÓ
YN
^YRY^Y
ZÌO`dO^t
<YdtÌOXr
K]S]^OXÂXt
]V_Lc
]S
VdO
NYUY_ZS^
S
Z\Y
`Ydc
]
ZVK^XY_
.YS`Y^Xt
dn\_UY_
WYLSVS^c
]
`TSWUY_
`Yd_
0OVSMSK
ZÌS
XOTLVSt
]O\`S]Xt
Z\YRVtN
MO
`Yd_
-OXK
Z\Y
]O\`S]Xt
SX^O\`KV
UW
XOLY
WÆ]tMÓ
TO
5Â
]
.:2
Z\Y
Z\YNVY_OX
]O\`S]Xt
SX^O\`KV
NY
WKb
UW
K
WKb
WÆ]tMÓ
TO
5Â
]
.:2
.KVt
SXPY\WKMO
Y
ZYNWtXUnMR
Dn\_Uc
WYLSVS^c
:\OWS_W
dt]Un^O
_
]`rRY
K_^Y\SdY`KXrRY
ZK\^XO\K
UYNK
XK
UYNK
+_^Y
3XPYVSXO
"
ÂS
XK
aaa]UYNKK_^YMd
+?>9
f !
5YXOM
XOTS]^Y^c
ZÌS
XnU_Z_
YTO^SXc
8/
5+.
=/
:µ3
8›5?:?
@9D?
<9D26
:9
89@k7
79./6?
/B3=>?4/
-/=>+
4+5
/637389@+>
<3D359
:+>8k
59?:¬
94/>k29
@9D?)
@
:µ:+.¬
D8+®5C
59.+
+89
@
®O]Ur
\OZ_LVSMO
]^nVO
`\KdXÆ
ZÌO`VnNn
XnU_Z
YTO^SX
8KZÌtUVKN
`
\YMO
"
ZÌON]^K`Y`KVc
XY`r
`Ydc
ZY_RMR
dO
!
dK\OQS]^\Y`K
XMR
K_^
DLc^OU
^`YÌSVc
]^K\t
WYNOVc
8ÆU^OÌt
dnUKdXtMS
]S
]KWS
XO^\Y_PKTt
ZY]Y_NS^
U`KVS^_
U_ZY`KXrRY
YTO^rRY
`Yd_
µKNK
VSNt
^KU
STO
`
XOTS]^Y^Æ
dNK
]S
`cL\KVK
NYL\
K
]ZYVORVS`
`Ód
U^O\
TSW
L_NO
TO^Æ
NVY_RY
]VY_S^
UYNK
+_^Y
ZÌSZ\K`SVK
Z\Y
`OMRXc
dnTOWMO
WYXY]^
XOMRK^
]S
dNK\WK
dUYX^\YVY`K^
YTO^
`Ód
5KN
UNY
]O
\YdRYNV
Z\Y
XnU_Z
`Yd_
^r^Y
ÂO]Ur
dXKÂUc
]^K\tRY
ZÆ^S
VO^
]S
TOT
WÓO
XOMRK^
dNK\WK
Z\YRVrNXY_^
_
ZK\^S
MSZ_TtMtMR
]O\`S]XtMR
ZK\^XO\Ó
UYNK
+UMO
]O
`d^KR_TO
XK
WYNOVc
UYNK
0OVSMSK
0KLSK
9M^K`SK
XOLY
=_ZO\L
\YU_
`\YLc
K
]^K\t
@cUYVOX
Z\KMY`XtU
]O\`S]_
dUYX^\YV_TO
WSWY
TSXr
`OUO\Y_
OVOU^\YXSU_
`Yd_
]OÌtdOXt
WY^Y\_
_ZO`XÆXt
TONXY^VS`MR
UYWZYXOX^Ó
`Yd_
L\dNY`
]c]^rW
UYVK
WXY]^`t
K
]^K`
UKZKVSX
K
dNK
TO
`
ZYÌnNU_
ZY`SXXn
`LK`K
OWS]Xt
UYX^\YVc
=>5
K
VrUn\XSÂUK
˜@Ydc
dXKÂUc
UYNK
T]Y_
NtUc
]`r
U`KVS^Æ
K
NY]^_ZXY]^S
]O\`S]Xt
]t^Æ
`cRVO
Nn`nXc
S
ZY
VO^OMR
K
Wc
T]WO
]O
\YdRYNVS
ZYWYMS
WKTS^OVÓW
XOTOX
XY`MR
`YdÓ
KVO
^KUr
^ÆMR
]^K\tMR
>tW^Y
XKtW
U\YUOW
dn\Y`OÊ
MRMOWO
ZÌS]ZÆ^
UO
d`OXt
LOdZOÂXY]^S
XK
ÂO]UMR
]SVXSMtMR
NYZVÊ_TO
6_LY
@VÂOU
`O
NY_Mt
YNNÆVOXt
:\YNOTO
UYNK
Y\SQSXnVXtMR
NtVÓ
K
ZÌt]V_OX]^`t
UYNK
+_^Y
@
ZÌtZKNÆ
O
]O
XK
`YdO
YLTO`t
XÆTKUn
dn`KNK
XKLtdt
UYNK
+_^Y
XK`tM
]VO`Y`Y_
OUY`Y_
UXtU_
U^O\n
dKR\X_TO
MOXY`r
d`RYNXÆXt
XK
`WÆX_
L\dNY`MR
NO]^SÂOU
K
UY^Y_ÂÓ
]^ÌONXtRY
K
dKNXtRY
NtV_
`P_U_
^V_WSÂÓ
K
\Yd`YN_
XOLY
ZY_UKd
XK
K_^YUY]WO^SU_
d
XKLtNUc
UYNK
Y\SQSXnVXtRY
ZÌt]V_OX]^`t
dNK\WK
`
ZÌtZKNÆ
dKUndUc
XKN
5Â
ZKU
]VO`_
XK
`OMRXc
UYNK
Y\SQSXnVXt
NtVc
=`ÓT
dnXY`Xt
`Ód
UYNK
]S
WKTS^OV
WÓO
XOMRK^
Z\Y`ÆÌS^
NY
N`Y_
WÆ]tMÓ
YN
XnU_Z_
+UMO
ZVK^t
ZY
MOV
\YU
#
K
`d^KR_TO
]O
ZY_dO
XK
PcdSMUr
Y]YLc
]
^\`KVW
ZYLc^OW
XK
ydOWt
®<
K
XK
`YdSNVK
]^K\t
ZÆ^S
VO^
:YN\YLXÆTt
SXPY\WKMO
Y
KUMS
K
Y
WYXY]^S
UYX^\YVc
XY`Æ
UY_ZOXrRY
YTO^rRY
`Yd_
dNK\WK
dt]Un^O
XK
aaa]UYNKK_^YMd
XOLY
XK
LOdZVK^Xr
SXPYVSXMO
"
"
f +?>9
@O
]^cV_
WYNOV_
CO^S
89@
79./6
C/>3
.9:<9@›D
8+
4/29
-/=>¬
5
D›5+D85»7
>+5k
596/5-/
9<3138›68-2
</56+78-2
:µ/.7¬>»
5>/<k
7›
@/
=@k
8+,.-/
5+.
:<9./4-/
59.+
@
®/=5k
</:?,63-/
>9>9
4/
4/8
7+6›
?5›D5+
D
/=>8›->3.68k
596/5-/
:<9:3=5+
:VK]^Y`n
ZYVYZ\ÓRVONXn
Z\YZS]UK
`
VONY`r
LK\`Æ
]
UY`Y`W
R\Y^OW
=^YZc
K
XndO`
CO^S
`
WYN\r
LK\`Æ
XK
UVSZ_
=Y_Ân]^t
TO
`VYOXn
WYN\n
XnZVÊ
09<7+
8+
6/.
=SVSUYXY`n
PY\WK
XK
VON
`
WYN\r
LK\`Æ
]
XnZS]OW
CO^S
`
RY\Xt
Ân]^S
=^YZc
WKTt
MMK
MW
XK
NrVU_
]^KÂt
TO
XKZVXS^
`YNY_
K
`VYS^
NY
W\KdnU_
2<+®5+
@
:VcY`n
R\KÂUK
LtVr
LK\`c
]
NO^KSVXÆ
`cU\O]VOXW
YLVSÂOTOW
K
Z\ÓRVONXWK
YÂSWK
8K
dKNXt
]^\KXÆ
R\KÂUc
TO
dSZ
ZY
TORY
\YdOZX_^t
VdO
R\KÂU_
YL\n^S^
XK\_Lc
K
`dXSUXO
ZVcY`r
K_^tÂUY
2\KÂUK
`
TO
`OVUn
MMK
MW
+_^tÂUY
CO^S
TO
U
NS]ZYdSMS
`O
^ÌOMR
\ÓdXMR
LK\`nMR
.¬<9@+®
.`Y_LK\O`X
LtVYWYN\
ZVK]^Y`
NÆ\Y`KÂ
:Y
`VYOXt
ZKZt\_
K
dWKÂUX_^t
`dXSUn
WKVn
]^YZK
CO^SRY
,K\O`XY]^
`dXSUVMR
]^YZ
TO
Y`VS`XÆXn
LK\`Y_
`VYOXrRY
ZKZt\_
9.D8+5
9NdXKU
`
Z\Y`ONOXt
VO]UV
XSUV
Y
`OVSUY]^S
MMK
WW
`XS^ÌOU
TO
WYN\
8K
YLVOÂOXt
]O
_ZO`Xt
ZYWYMt
R\Y^_
]
Z_dO^UY_
5
NY]^nXt
TONXY^VS`Æ
XOLY
`
]KNÆ
ZY
U_]OMR
²»<+
8+
5<5
:YVcO]^O\Y`n
WYN\n
ÊÓ\K
]
`VYOXY_
]^ÌtL\XY_
VO]UVY_
]^_RY_
XK
U^O\r
T]Y_
XK^S]UX_^r
VnZY^c
K
XndO`
CO^S
DK
U\UOW
TO
LOdZOÂXY]^Xt
ÂO\Xn
ZVK]^Y`n
ZYTS]^UK
:ÌO]
XO\OdY`Y_
WK^XY_
UK\K
LSX_
VdO
XK
ÊÓ\_
_ZO`XS^
XKZÌ
]`KdOU
UVtÂÓ
XK
YNOZtXKMt
ZVK]^Y`
N\nU
dK]O
WYLSVXt
^OVOPYX
56®/85+
5Y`Y`YPVOOMY`n
UVtÂOXUK
8O\OdY`
Y^nÂOMt
ZK^OX^
]VY_t
Z\Y
_ZO`XÆXt
UVtÂÓ
]^YZK
K
XndO`
CO^S
TO
`cVK]O\Y`nX
,tV
PVOOMO
NYZVÊ_TO
UVtÂOXU_
K
TO
ZÌtTOWX
XK
NY^OU
</6+B
-/=>9@›8
f
+.</8+638
f
=:9<>
f
7+13-5
.979@
C/>329
SWKVnT
^`YÌt
ÌO^ÆdOM
XOT`ctMR
K
dn\Y`OÉ
XOTWVKNtMR
RY\
2
XK
dOWÆUY_VS
@
TORY
]\NMS
VOt
XOZÌt]^_ZXn
K
^KTOWXn
dOWÆ
f
@./²
8/4/8
@
<C>7?
@+6®5?
"
f
0+,3+
=?:/<
.9,@›
=@¬>9@k
><+>¬
f
596/5-/
:<9:+1+®8-2
:µ/.7¬>»
tNOÊ
TO
XOTLVSt
`OVUYWÆ]^Y
VOtMt
dK
@
ÂO]UY_
R\KXSMt
5\YUc
ÂO]UMR
^_\S]^Ó
]WÆÌ_Tt
Z\Y^Y
`OVWS
ÂK]^Y
Z\n`Æ
]OW
Y]nNUK
4KX
5YZOMU
K
:O^\
=^K\
dKRnTSVK
:
]OdYX_
3<-
Â^`\^W
Wt]^OW
`
7YX^O
-K\V_
Xn]VONY`KVY
N\_Rr
Wt]^Y
XK
+dY\OMR
,^
K]ZYÊ
MR`tVS
]Y_Ân]^t
UYVY^YÂO
TWrXOW
WY^Y]ZY\^
_WYXt
UKNrW_
UYVOUMO
Z\YZKQKÂXtMR
ZÌONWÆ^Ó
dXKÂUc
UYNK
f </6+B
7KQSMU
NYWY`
CO^SRY
237›6+4
>@9µ
µ/>¬D/-
8/4@C-2
+
D›<9@/²
8/476+.-2
29<
8+
D/7¬59?63
<9D:<9=><›
=/
9.
@-29.938.3-5k29
+==›7?
+
:9
.+6/5
+012›83=>›8
@
=<.-3
>929>9
<9D=›26k29
:929µ
@568¬8+
7/D3
>3,/>
+
38.33
6/
7+6›
.9
6/>
=>96/>
-3D38-»7
8/:µ=>?:8›
+
>+4/78›
D/7¬
47/8?4/
=/
8/:›6
+
=@94
<9D6929?
4/
4/8
9
7›69
@¬>
8/
,@+6k
®/=59=69@/8=59
:6+>
8/:=+8k
+6/
:<[email protected]@k
¡=69@$
5.9
4/.89?
8/:›6
8+@>@
?<®3>¬
=/
.9
8¬4
+6/=:9²
4/.89?
D+
3@9>
D89@?
@<›>
:YU_N
]O
NY
8OZnV_
`cZ\K`t^O
W_]t^O
L^
ZÌSZ\K`OXS
XK
dMOVK
YNVSX
]`Æ^
?
ZÌS]^nXt
WOdSXn\YNXtRY
VSXUY`rRY
]ZYTO
`
RVK`XtW
WÆ]^Æ
5n^RWnXNy
L`n
NYMOVK
NYL\YN\_XY_
dnVOS^Y]^t
:SVY^S
W_]t
SUY`XÆ
XK`r]^
]`ÓT
]^\YT
NY
XÆUYVSU
USVYWO^\Ó
S\YUrRY
yNYVt
YLUVYZOXrRY
LOdWnVK
^Ìt^S]t
MY`WS
RY\KWS
8OdÌtNUK
]O
]^n`n
O
VO^KNVY
Z\Y`ONO
XÆUYVSU
Z\_NUMR
WKXr`\Ó
XO
]O
W_
ZYNKÌt
NY]ONXY_^
XK
ZÌS]^n`KMt
\KX`OT
>\SLR_aKXY`K
VO^S^Æ
@
ZÌtVO^Y`r
RKVO
TO
TO^Æ
\OVK^S`XÆ
UVSNXY
Y`OW
ZY
YZ_^ÆXt
UVSWK
^SdY`KXrRY
Z\Y]^Y\_
XK
`n]
NMRXO
Z\K`n
XOPKVY`KXn
+]SO
8K
ZK\UY`S^S
WOdS
K_^c
]ZK^Ìt^O
ZY]`n^XY_
U\n`_
TKU
]S
ZYMR_^Xn`n
XK
YNRYdOXrW
ZKZt\Y`rW
UK\^YX_
K
ÂOUKTtMt
ZKVt\
]XÆNMR
XnRYXÂtMR
K
^KbSUnÌÓ
dKÂXO
d_ÌS`Æ
ZYUÌSUY`K^
TOX
MY
]O
YLTO`t^O
@SMRXS
`n]
MR^ÆTt
˜_VY`S^
ZY]KNS^
NY
]`rRY
\YdR\UKXrRY
`Ydt^UK
K
YN`rd^
NY
MOX^\K
WÆ]^K
XOTVrZO
ZÌON
˜]`ÓT
NYZY\_ÂOX
RY^OV
-O]^Y_
NY
WO^\YZYVO
L_NO^O
dMOVK
TS]^Æ
YR\YWOXS
LSdK\NXt
ZÌtWÆ]^]UY_
K\MRS^OU^_\Y_
XÆUYVSUKZYNVKXtMR
ÂK]^Y
XONY]^K`ÆXMR
L_NY`
XOLY
ÂSVW
NYZ\K`XtW
\_MROW
TORY
MOVUY`
NYTOW
K
Z\K`SNVK
T]Y_
KL]YV_^XÆ
XO]V_ÂS^OVXr
]
O`\YZ]UWS
d`cUVY]^WS
K
ZÌONZS]c
@Æ^SXK
dKR\KXSÂXtMR
Xn`^Æ`XtUÓ
]O
_Lc^Y`n`n
`O
Â^`\^S
>RKWOV
MY
TO
YLVK]^
]
XO_`ÆÌS^OVXW
ZYÂ^OW
XK^Æ]XKXMR
RY^VUÓ
YLMRYNÓ
K
\O]^K_\K
Mt
3
UNc
]O
WÓO
>RKWOV
]O
]`WS
UÌS`YVKUWS
_VSÂUKWS
dNn^
/`\YZKXY`S
ZYWÆ\XÆ
ObY^SMU
ZYÌnN
TO
^Y
TOX
TKUn]S
^\KXdS^Xt
dvXK
^_\S]^SMUr
QRO^^Y
UNO
]O
Nn
NYLÌO
XKTt]^
d\OVKbY`K^
XOLY
XKUY_ZS^
:\K`
K
\YdWKXS^
XOZnV]U
S`Y^
Y`OW
Z_Vd_TO
K
dK
R\KXSMOWS
^r^Y
Â^`\^S
7Æ]^K
`
Un
^RWnXN]Ur
UY^VSXÆ
]O
WYRY_
ZYMRV_LS^
TONSXOÂXY_
NY]_N
]^nVO
S`Y_
K
YLcNVOXY_
]^ÌONY`ÆUY_
K\MRS^OU^_\Y_
Z\Y
U^O\Y_
T]Y_
^cZSMUr
]ZVO^S
ydUMR
`VRUMR
_VSÂOU
XOLY
LYRK^Æ
dNYLOXr
MR\nWY`r
ZKQYNc
dO
NÌO`K
MSROV
S
UKWOXO
=^K\r
Z\`Uc
]O
XO_`ÆÌS^OVXÆ
Z\YVtXKTt
]
XY`YNYLWS
]K^O
VS^Xt
KX^rXK
XK
LO^YXY`rW
WYX]^\_
`ONVO
ZÌtdOWXt
]^K\YLcVr
]`K^cXÆ
XOXt
`ÓLOM
nNXW
ZÌOU`KZOXtW
@
WXYRK
WÆ]^]UMR
YL`YNOMR
XOXt
NY]_N
dK`ONOXK
UKXKVSdKMO
K
`YNK
]O
]^nVO
XKLt\n
dO
]ZYVOÂXMR
ZY_VSÂXtMR
UKOX
K
VndXt
8n`^Æ`XtMS
dO
dnZKN_
]S
ÂK]^Y
ZÌSZKNKTt
TKUY
Lc
`]^Y_ZSVS
ZÌtWY
NY
WSX_VY]^S
9L\Kd
]^ÌONY`ÆU_
TO^Æ
ZYN^\R_TO
WXY]^`t
XOT\Ód
XÆTtMR
VSNY`MR
]`n^UÓ
K
Y]VK`
U^O\MR
TO
`
XOZnV]UrW
UKVOXNnÌS
YZ\K`N_
XOZYÂt^KXÆ
@
dOWS
`ONVO
]OLO
STt
NO]t^Uc
O^XSMUMR
]U_ZSX
`cdXn`KTtMt
ZÌO`nXÆ
RSXN_S]W_]
K
L_NNRS]W_]
9LÆ
XnLYOX]^`t
]O
`dnTOWXÆ
</6+B
f C/>3
‹
7>?=
8/,9
:<+@.+)
:YNYLn
]O
Z\
ÂVY`ÆU_
TO
`KU
`ct
K
MRYNt
^Æ
UW
U\YUOW
®K]^Y
]^YTt
dZÌtWK
KVO
ZYRcL_TO
]O
ZY
`OMR
Â^cÌOMR
>ÆVY
Wn
ZYU\c^r
]\]^t
4ORY
NYWY`OW
T]Y_
TO]UcXÆ
K
VO]c
LVtdUY
R\KXSMO
`ÆÂXrRY
]XÆR_
`
8OZnV_
K
>SLO^_
®VY`ÆU_
]O
`cRLn
Z\Y^YO
TO
MS^VS`
XK
RV_U
7n
`c]YU
Z\YXSUK`
ÌO`
K
S`t
]O
Y`YMOW
dOVOXSXY_
S
WKVWS
]K`MS
>SLOÐKXr
W_
ÌtUKTt
MROWY
MROWYXQ
`
dnZKNXtW
2SWnVKTS
^KUr
N\OWY
‹
MY
dXKWOXn
˜]XÆX
WON`ÆN
XOLY
˜WON`ÆNt
ÂVY`ÆU
DnZKNXt
]`Æ^
CO^SRY
XOLYVS
˜]XÆXrRY
W_O
ZYZ\`r
dK\OQS]^\Y`KV
`
\YMO
""#
UNc
KXQ
VSMU
NÓ]^YTXtU
6
+
AK]]OVV
`SNÆV
`
TONXYW
d
RSWnVKT]UMR
]ONOV
Y^S]Uc
`OVUr
LY]r
XYRc
.YWY\YNMS
ZKU
LndVS`Æ
`cZ\n`ÆVS
O
]^YZc
ZK^Ìt
`OVUW
NS`YUW
MRV_ZK^W
VSNOW
STtMtW
`c]YUY
`
RY\nMR
9N
^r
NYLc
LcVY
XKVOdOXY
WXYRY
Y^S]UÓ
\ÓdXWS
RY\YVOdOMUWS
ObZONSMOWS
+]S
XOTdXnWÆTt
]^YZc
XKVOdV
\YU_
#
L\S^]U
RY\YVOdOM
/\SM
=RSZ^YX
LÆROW
Z\ÓdU_W_
/`O
\O]^_
5
Y^S]U_
^ORNc
ZÌSVYSV
]`ÓT
RY\YVOdOMU
MOZtX
KLc
NYUndKV
`OVSUY]^
VrZÆTO
7ÆÌSVK
ZÌO]
MOX^SWO^\Ó
K
LcVK
]UY\Y
!
MOX^SWO^\Ó
S\YUn
CO^S
XOLcV
XSUNc
`cPY^YQ\KPY`nX
dK^Y
LcV
]ZK^
ÌOX
WXYRK
VSNWS
DXnW
RY\YVOdOM
<OSXRYVN
7O]]XO\
^`\Nt
O
]O
]
CO^SW
]O^UKV
`
>SLO^_
`
\YMO
#" Y`VS`Ê_Tt
K
Z\YVtXKTt
NYUYXMO
]O
Wt]t
]
ÌKNY_
Nn`XMR
UWOXY`MR
Z\KU^SU
K
KWKX]UMR
\S^_nVÓ
.Y
"
]^YVO^t
LcVY
XK
ydOWt
NXOXtRY
8OZnV_
XÆUYVSU
PO_NnVXtMR
UXt
OM^`t
+
\YU_
! "
`VnNMO
d
1v\URc
:\S^`t
8n\nTKX
nR
]TONXY^SV
^c^Y
]KWY]^K^XÆ
P_XQ_TtMt
MOVUc
K
_]^K`SV
XY`
]^n^
8OZnV
]
TORY
]Y_ÂK]XWS
R\KXSMOWS
DOWÆ
dÓ]^KVK
NY
\YU_
##
]`Æ^Y`Æ
TONSXOÂXW
RSXN_S]^SMUW
U\nVY`]^`tW
:Y
MOVY]^n^XtMR
XOZYUYTtMR
U^O\r
`cZ_UVc
XK
dnUVKNÆ
dRY\_
TtMt
]O
OUYXYWSMUr
]S^_KMO
LcVK
U\nVOW
dK`ONOXK
UYX]^S^_ÂXt
WYXK\MRSO
]
`VnNY_
]`ÆÌOXY_
VSN_
@VnNc
]O
Y`OW
dK
Z\`Xt
NO]O^SVO^t
ObS]^OXMO
NOWYU\KMSO
\cMRVO
]^ÌtNKVc
K
NYMRndOVY
U
ZYVS^SMUr
XO]^KLSVS^Æ
MY
WÆVY
XOLVKRr
NÓ]VONUc
XK
TS
^KU
ZYWKV
\Yd`YT
dOWÆ
@
ÂO\`X_
NYVY
`
U\nVY`]UrW
ZKVnMS
U
YL\Y`]Ur
^\KQrNSS
ZÌS
Xt
LcV
dK]^ÌOVOX
U\nV
,t\OXN\K
K
Y]W
NKVtMR
ÂVOXÓ
U\nVY`]Ur
\YNSXc
:Y
XÆUYVSUK
VO^OMR
]^ÌtNK`rRY
Xn]SVt
dO
]^\KXc
\OLOV_TtMtMR
UYW_XS]^SMUMR
WKYS]^Ó
Z\Y^S
]^n`KTtMtW_
dÌtdOXt
LcVK
UYX]^S^_ÂXt
WYXK\MRSO
d\_OXK
5\nV
LcV
]O]KdOX
d
^\ÓX_
K
8OZnV
]O
]^KV
PONO\K^S`Xt
NOWYU\K^SMUY_
\OZ_LVSUY_
`
ÂOVO
]
Z\OdSNOX^OW
8K]^KV
^KU
UYXOM
!
VO^
^\`KTtMt
`VnNc
ZKXY`XSMUrRY
\YN_
nRÓ
@
WSX_VY]^S
LcVY
_]U_^OÂXÆXY
XÆUYVSU
`ÆNOM
UMR
`Z\K`
U^O\r
Zn^\KVc
ZY
Y]^K^MtMR
^YRY^Y
^KT_ZVXrRY
^`Y\K
>KU
LcVK
XKZÌ
`
\YMO
# dKUY_ZOXK
UÓO
yNKTXrRY
CO^SRY
`ÆNMS
Y`OW
ZYdNÆTS
dTS]^SVS
O
ZYMRndt
d
WON`ÆNK
8OdNK
\OW
]UYXÂSV
S
yNKTX
]UKVZ
K
UY]^\K
\_Uc
]XÆXrRY
W_O
YLÆ
\OVSU`SO
_MRY`n`KXr
`
XOZnV
]UMR
UVn^O\OMR
]O
_UndKVc
TKUY
ZYN`\Rc
K
`cUYX]^\_
Y`KXr
XKZYNYLOXSXc
9^ndUK
ObS]^OXMO
]XÆXrRY
W_O
^KU
dÓ]^n`n
]^nVO
XOdYNZY`ÆdOXK
f </6+B
¡dOWt
8OZnV_
^`YÌt
QOYQ\KPSMUc
`OVWS
ZO]^\
ZÌONÆV
WOdS
]_L^\YZSMUY_
XtSXY_
XK
TSR_
K
^SLO^]UY_
XnRY\Xt
ZVYSXY_
XK
]O`O\_
,_NOWOVS
Z\YTt
NÆ^
YN
RY\UMR
XtSXXMR
>O\KTt
NnVO
XK
]O`O\
NY]^KXOWO
]O
NY
S\YUrRY
ZYNRÓÌt
2SWnVKTO
NY
Zn]WK
XOUYXOÂXMR
^Ìt
K
ZÆ^S^S]tMY`MR
RY\
K
^O\K]Y`S^MR
ZYVtÂOU
DK^Y_tWOVS
ZY
]U_^OÂXMR
`UnMR
K
YNVORVMR
UYXÂSXnMR
W_]tWO
Z_^Y`K^
NKVOUY
NY
dnZKNXtRY
>\KX]RSWnVKTO
U^O\
TO
XOT`O
ZYVYOXY_
]_MRY_
K
]UY\Y
VSN_Z\ndNXY_
ZY_^Xt
U\KTSXY_
NY]KR_TtMt
Z\ÓWÆ\Xr
XKNWYÌ]Ur
`Uc
UYVOW
O]^S
^S]tM
WO^\Ó
<YdVORVn
K
RV_LYUn
yNYVt
7_]^KXQ_
.YVZK
K
6SWS
LcVK
NYXONn`XK
XOZÌt]^_ZXWS
K
dKUndKXWS
dvXKWS
UKW
]O
NY]^KVY
TOX
`OVWS
WnVY
VSNt
dO
DnZKN_
>c^Y
YLVK]^S
T]Y_
YN
XOZKWÆ^S
]ZYTY`nXc
]
NYWY`OW
^KTOW]^`tW
YZÌONOXrRY
R_WKXYSNXtRY
^`Y\K
CO^SRY
=^K\YLcVr
WÆ]^Y
:K^KX
@dXKWXW
OUYXYWSMUW
Z\`UOW
`
8OZnV_
TO
^_\S]^SMU
\_MR
U^O\
NY
TS]^r
Wt\c
dK
ZY]VONXtMR
^ÌSMO^
VO^
ZÌO^`nÌt
WcVOXt
S
S`Y^Xt
Xn`cUc
XOZnV]Ur
]ZYVOÂXY]^S
.\^S`n
`Æ^SXK
]^Y`OU
^S]tM
dKR\KXSÂXtMR
Xn`^Æ`XtUÓ
ZÌSTtNt
UKNY\YÂXÆ
NY
dOWÆ
Z\Y`YdY`K^
`c]YUYRY\]UY_
^_\S]^SU_
^\OU
USXQ
Z\Y
U^O\Y_
TO
ZY^ÌOLK
XK
`Æ^SX_
^\OUUSXQY`MR
^\K]
dKZVK^S^
d`Vn^Xt
ZY`YVOXt
2Y_O`XK^t
NYWY\YNt
XY]SÂS
NYUnt
NYZ\K`S^
d
yNYVt
XK
]`MR
dnNOMR
Z\KU^SMUc
MYUYVS`
^KUO
]O
`c]YUY
`
RY\nMR
ZYNrV
^\OUKÌ]UMR
]^OdOU
WÓOWO
_Lc^Y`K^
`
ÂS]^rW
ZYUYTS
]
UYLO\MS
ZY_t^
RY\UY_
]Z\MR_
ZY]VK^
OWKSV
Tt]^
ÂO\]^`r
UYLVSRc
d
˜XÆWOMUr
ZOUn\Xc
XOLY
UY_ZS^
VnRO`
ZS`K
]
ZÌtdXKÂXW
Xnd`OW
/`O\O]^
LOO\
.Y
8OZnV_
]O
^KUr
]Y_]^ÌOÃ_TO
`OVUr
WXY]^`t
RY\YVOdOMUMR
ObZONSM
U^O\r
`cXKUVnNKTt
XOWKVr
PSXKXÂXt
Z\Y]^ÌONUc
KLc
]O
ZYU_]SVc
dNYVK^
XÆU^O\
dO
dXnWMR
Y]WS^S]tMY`MR
RSWnVKT]UMR
^t^Ó
8OXt
NS`_
`NcÐ
]O
^_
XKMRndt
Y]W
dO
Â^\XnM^S
XOT`c
tMR
RY\
]`Æ^K
`ÂO^XÆ
^r
XOT`ct
7Y_X^
/`O\O]^_
`c]YUrRY
"""
WO^\Ó
:YU\YU
K
OUYXYWSMUn
Z\Y]ZO\S^K
`KU
ZÌSMRndt
NY
dOWÆ
`OVSMO
ZYWKV_
>ÌO^SXK
YLc`K^OV]^`K
]^nVO
STO
ZYN
R\KXSMt
MR_NYLc
K
]UY\Y
ZYVY`SXK
VSNt
TO
@O]XSÂUK
`c]YUY
`
RY\nMR
</6+B
f 9]WS^S]tMY`UK
.RK_VnQS\S
NY]_N
XOQ\KWY^Xn
,_N_Tt
]O
]SMO
XY`r
]SVXSMO
KVO
UKW
XONY]nRXO
UY_
dOVX
K]PKV^Y`
UYLO\OM
MY
ZVK^t
dOTWrXK
`
RY\]UMR
YLVK]^OMR
K
ZYNRÓÌt
2SWnVKTO
^KW
ZKX_Tt
ZYNWtXUc
]^OTXr
TKUY
ZÌON
]^KVO^tWS
S`Y^
VSNt
`
YN
VORVMR
Ân]^OMR
dOWÆ
]O
Z\KU^SMUc
XOdWÆXSV
K
MR_Nn
UKWOXS^n
ZYVtÂUK
NY
NXO]
ZÌON]^K`_Tt
Z\Y
dXKÂXY_
Ân]^
XOZnV]UrRY
YLc`K^OV]^`K
TONSX
dN\YT
YLS`c
8OUYXOÂXr
KVO
NÓWc]VXr
]O
UVSUK^tMt
^O\K]c
VOW_Tt
]^\Wr
]`KRc
ZÆ]^_TO
]O
XK
XSMR
ZOXSMO
\O
XOLY
dOVOXSXK
T]Y_
PK]MSX_TtMt
_UndUY_
ZY
]^KVO^t
^`YÌOXr
K
_Z\K`Y`KXr
U_V^_\Xt
U\KTSXc
:ÌO]^Y
^_
VSNr
STt
`O
`OVUr
ZYUYÌO
U
RY\nW
U^O\r
]
`OVUY_
`nXY]^t
ZYUVnNKTt
dK
]tNVK
]`MR
LYRÓ
U
XSW
]O
UKNYNOXXÆ
WYNVt
8K`dNY\c
^ÆUr
NÌSXÆ
XK
]`MR
ZYVtÂUnMR
T]Y_
^S^Y
VSNr
ZÌtTOWXt
^YVO\KX^Xt
K
NYL\Y]\NOÂXt
NYUnt
]O
]O
]`WS
RY]^c
\YdNÆVS^
Y
^Y
WnVY
MY
]KWS
WKTt
MY
`cZÆ]^Y`KVS
`
^`\NMR
`c]YUYRY\]UMR
ZYNWtXUnMR
=XKN
S
Z\Y^Y
]O
^_\S]^r
NY
dOWÆ
ZYN
2SWnVKTOW
UNO
Wn
NYWY`
S
VOQOXNn\Xt
CO^S
^KU
\nNS
`\KMOTt
CO^S
LcV
`cPY^YQ\KPY`nX
XK
]`KdtMR
/`O\O]^_
/B3=>/8-/
>@9<+
47k8/7
C/>3
D+>7
8/,C6+
:<95›D›8+
59.+
C/>3
+6/
?
8+
=@+D-2
/@/</=>?
=:+>µ/8+
,C6+
‹
3
5.C
D+>7
4/8
4+59
79./6
@
7¬µ>5?
$
7YNOVc
CO^SRY
NY`OdVK
ZÌONVYXS
XK
]`KRc
/`O\O]^_
RY\YVOdOMUn
ObZONSMO
ZYN
`ONOXtW
7S\Y]VK`K
2\KNK
K
4SÌtRY
7_VKÂO
8K
TKÌO
\YU_
!
]S
ZÌSLKVSVS
NY
]`r
`LK`c
S
Â^cÌS
WYNOVc
NO]SQXr\]Ur
]^_NSO
`Yd_
UYNK
CO^S
4KUUYVS
ObZONSMO
XOLcVK
y]ZÆXn
d
RVONS]UK
NYLc^t
`\
MRYVÓ
YLK
RY\YVOdMS
]O
`\n^SVS
S`t
K
dN\K`t
NYVÓ
K
^Y
]O
`
RY\nMR
MOXt
XOT`tMO
:ÌS
ZYU_]_
`c]^Y_ZS^
XK
`\MRYV
-RY
9c_
"
WO^\Ó
XKN
WYÌOW
LcVS
Z\Y`ndOXS
XOZÌtdXt
ZY
ÂK]t
K
`nXWS
dN\K`Y^XtWS
Z\YLVrWc
:YN
7^
/`O\O]^OW
TO
Z\Y
dWÆX_
dK]^SRVK
^\KQSMUn
dZ\n`K
Y
yW\^t
U\KTKXK
K
UYVOQc
5YdnUK
TOX
XÆUYVSU
]O^
`UY`MR
WO^\Ó
XKN
XSWS
7S\Y]VK`
2\KN
]O
`\n^SV
NYVÓ
d
`Uc
!
WO^\Ó
XKN
WYÌOW
CO^S
]O
KVO
XK
]`KRc
/`O\O]^_
NY]^KV
K
`OMRXc
dNO
`cPY^YQ\KPY`KXr
WYNOVc
XcXt
dNYLt
UKXMOVnÌO
Z\KMY`XtUÓ
>OMRXSMUrRY
``YTO
>YWn
<KNSV
f </6+B
@tNOÊ
XOTOX
`
\c^W_
`KVÂtU_
@./²
4/
8/4,63
@/6597¬=>9
6/-
D+
®/=59?
2<+83-
5<95C
®/=5-2
>?<3=>»
=7¬µ?4
:<9>9
@/673
®+=>9
:<›@¬
=/7
=>?.3/
7/D38›<9.8
:9<+./8=5k
03<7C
7/<-/<
8+@-
6/>9=
@C29.89>36+
@./²
4+59
7¬=>9
=
8/46/:
5@+63>9?
3@9>+
8+
=@¬>¬
9
.»@9.
@-
=/
=/7
@C:<+@3>
4+5k
=:/-3›68
+5-/
5<97¬
=@¬>9D8›7-2
:+7›>/5
=3
6/>9=
@./²
:<9
=@k
29=>C
:µ3:<+@36+)
89@9?
><+7@+4
:9
<381?
DKÂn^UOW
N_LXK
dKRnTSVK
MOVY\YÂXt
Z\Y`Yd
XY`n
^\KW`KTY`n
VSXUK
˜@SOXXK<SXQ>\KW
4OdNt
NOXXÆ
YN
NY
"
RYNSX
`
ÂO\`OXMS
K
]\ZX_
YN
NY
#
RYNSX
ZY
`tNOÊ]UrW
<SXQ_
`O
]WÆ\_
RYNSXY`MR
\_ÂSÂOU
@O
`KQvXOMR
]
UKZKMS^Y_
Wt]^
U
]OdOXt
T]Y_
_Wt]^ÆXc
]`Æ^OVXr
^KL_VO
]
SXPY\WKMOWS
Y
ZKWÆ^SRYNXY]^OMR
U\YWÆ
^YRY
dNO
T]Y_
U
NS]ZYdSMS
]V_
MRn^UK
]
SXPY\WKÂXtW
^Ob^OW
`
XÆUYVSUK
TKdcMtMR
8K]^Y_ZS^
K
`c]^Y_ZS^
TO
WYXr
`O
`cL\KXMR
dK]^n`UnMR
`
Z\YNOTS
TO
TtdNOXUK
XK
TONOX
YU\_R
RYNSXc
O_\Y
NÆ^S
O_\Y
ZÌtZ
]
ZVK^XY]^t
RYNSX
#
O_\Y
dVO`XÆXn
O_\Y
@SOXXK<SXQ>\KW
TO
]Y_Ân]^t
\OY\QKXSdKMO
]c]^rW_
WÆ]^]Ur
R\YWKNXr
NYZ\K`c
aaaaSOXO\VSXSOXK^
=>96/>
</7,<+8.>+
d
ZÌO`nXr
Ân]^S
`O
`VK]^XSM^`t
]Lt\OU
,OV`ONO\_
NYZVXÆXMR
Y
`cZÓTÂOXn
NtVK
TO
YL]nRVY_
\O^\Y]ZOU^S`Y_
AKVNWzVVO\Y`c
^`Y\Lc
K
U
`SNÆXt
TO
YN
#
ÂO\`XK
NY
ÌtTXK
8ÆU^O\n
NtVK
ZYUVnNKXn
NVY_RY
dK
d^\KMOXn
L_NY_
ZÌON]^K`OXK
`OÌOTXY]^S
`ÓLOM
ZYZ\`r
,OV`ONO\O
?X^O\O]
,OV`ONO\O
<OXXaOQ
ASOX
aaaLOV`ONO\OK^
=>/D5+
./=318?
8K
XO^\KNSÂXt
`]^K`Æ
]
Xnd`OW
˜=^OdUK
NO]SQX_
`
]ONWrW
`tNOÊ]UrW
YU\O]O
L_NO
`
NYLÆ
YN
"
NY
ÂO\`XK
Z\OdOX^Y`K^
`tMO
XO
"
\KUY_]
UMR
_WÆVMÓ
K
NO]SQXO\Ó
]`r
XOTXY`ÆTt
Z\nMO
K
NtVK
,ÆROW
^Ìt
ÂO\`XY`MR
NXt
]S
Xn`^Æ`XtU
L_NO
WYMS
Z\YRVrNXY_^
`]^K`c
SX]^KVKMO
ObZYdSM
K
ZÌS
RVtO^
ZÌON]^K`OXtW
XK
`tMO
XO
N`Y_
^_M^OMR
dK]^n`OU
>OWK^SMUc
L_NY_
dKWÆÌOXc
XK
KU^_nVXt
^`Y\L_
d
YLVK]^S
WvNc
^Ob^SV_
ZO\UÓ
]^YVY`nXt
]`t^S
NOV
XnLc^U_
UO\KWSUc
Z\ÓWc]VY`rRY
NO]SQX_
WKVtÌ]^`t
PY^YQ\KPSO
K
PSVW_
aaaNO]SQXZPKNK^
4OX
NY
ÂO\`XK
TO
Y^O`ÌOXK
`]^K`K
=^YVO^t
<OWL\KXN^K
`
+VLO\^SXÆ
U^O\n
Z\OdOX^_TO
`cXSUKTtMtMR
NÆV
dR\_LK
_WÆVMÓ
dO
]Lt\OU
+VLO\
^SXc
‹
XSdYdOW]UrRY
WKVtÌ]^`t
!
]^YVO^t
WOdS
XSWS
PSQ_\_TO
WSWY
TSXr
2OXN\SMU
1YV^dS_]
<OWL\KXN^
`KX
<STX
+O\^
`KX
NO\
8OO\
+OVLO\^
-_cZ
+N\SKOX
`KX
9]^KNO
K
WXYRY
NKVtMR
<OWL\KXN^
ZÌS^YW
dK_TtWn
]`Y_
^OMRXSMUY_
K
^OWK^SMUY_
WXYRY]^\KXXY]^t
dMOVK
`TSWOÂXr
ZY]^K`OXt
=6+@89=>3
8+
.?8+4=5k7
9=><9@¬
8OT`Æ^t
LOdZVK^Xn
YZOX
KS\
ZK\^c
`
/`\YZÆ
XKLtNXO
K
"
ÂO\`XK
WOQK
Z\YQ\KW
Ât^KTtMt
RYNSX
R_NLc
K
dnLK`c
XK
^rWÆÌ
N`KMO^S
ZvNStMR
8K
._XKT]UrW
Y]^\Y`Æ
]O
Z\Y^Y
YÂOUn`n
UYVOW
^Ìt
WSVSYXÓ
Xn`^Æ`XtUÓ
+VLO\^SXK
+VLO\^SXKZVK^d
ASOX
aaaKVLO\^SXKK^
aaaNYXK_SX]OVPO]^K^
0/<.38+8.
1/9<1
A+6.7m66/<
@./²=5
4+DD9@
0/=>3@+6
0O\NSXKXN
1OY\Q
AKVNWzVVO\
!#" LcV
TONXtW
d
XOT`dXKWXÆTtMR
\KUY_]UMR
WKVtÌÓ
ZÌON]^K`S^OVÓ
LSONO\WOSO\_
NÆV
^YRY^Y
_WÆVMO
4KddY`n
R_NLK
L_NO
dXt^
XK
XOTU\n]XÆTtMR
]MrXnMR
`O
WÆ]^Æ
YN
#
NY
"
!
:YÂtXKTO
=^n^Xt
YZO\Y_
ZÌO]
7_]O_W];_K\^SO\
K
ZY
UYXMO\^c
</6+B
f =VK`Xr
\_]Ur
UYVY
`
:\K^O\_
9NZYÂSXOU
XK
2OVNOXZVK^d_
f </6+B
.tVY
K\MRS^OU^K
2_XNO\^aK]]O\K
=MRxXL\_XX
</6+B
f !
ZYN
S\W
XOLOW
XK
+\UnNY`rW
XnN`YÌt
<KNXSMO
4ONXtW
d
`\MRYVÓ
L_NO
yÂK]^
VOQOXNn\XtRY
UYWZVOb_
˜9\[_O]^K
,_OXK
@S]^K
=YMSKV
-V_L
POK^
9WK\K
:Y\^_YXNY
U^O\
`c]^Y_Zt
!
`O
@tNOÊ]Ur
=^n^Xt
YZOÌO
:\YRVtNU_
WÆ]^K
VdO
KL]YV`Y`K^
S
`
UYÂnÌO
aaa`SOXXKTKddY\Q
09>91<+03/
4+59
4/@3>¬
@]^K`K
`
U_\n^Y\]Ur
ZrÂS
:O^O\K
AOSO\WKS\K
L_NO
YN
!
NY
"
`c
Z\n`Æ^
ZÌtLÆR
PY^YQ\KPSMUrRY
ZY\^\r^_
YN
"
VO^
NY
]Y_ÂK]XY]^S
DUY_Wn
ZÌONO`tW
`d^KR
PY^YQ\KPK
K
PY^YQ\KPY`KXrRY
`
TORY
WXYRY]^\KXXMR
ZYNYLnMR
K
PY\WnMR
ZÌSÂOW
TNO
TKU
Y
]OLOZ\OdOX^KMS
PY^YQ\KPY`KXrRY
ZÌON
YLTOU^S`OW
^KU
Y
TORY
SX]MOXY`nXt
Y]YLY_
dK
YLTOU^S`OW
:ÌON
LÆX
`LÆ\
_WÆVMÓ
dKR\X_TO
WSWY
TSXr
TWrXK
TKUY
+X^YX
-Y\LSTX
8KX
1YVNSX
<YLO\^
7KZZVO^RY\ZO
2OVW_^
8Oa^YX
>RYWK]
<_PP
4z\QOX
>OVVO\
K
AYVPQKXQ
>SVVWKX]
5_X]^RKVVO
ASOX
7_]O_W];_K\^SO\
7_]O_W]ZVK^d
!
ASOX
aaaU_X]^RKVVOaSOXK^
9:/<+
+
9:/</>+
@
6k>¬
>ROK^O\
KX
NO\
ASOX
NS`KNVY
8K
@tNOÊMO
LcVY
Z\Y]V_Vr
NVY_Rn
Vr^K
TKUY
NS`KNVY
Z\Y
W_dSUnV
@
\YMO
LcVY
dXY`_Y^O`ÌOXY
TKUY
XOTWVKNt
`t
NOÊ]Un
YZO\Xt
]MrXK
@
NS`KNOVXt
L_NY`Æ
XK
dXnWr
^ÌtNÆ
8K]MRWK\U^
T]Y_
YZO\c
XK
Z\YQ\KW_
ZY
MOV
\YU
LÆROW
VO^XtMR
WÆ]tMÓ
LÆt
ZYN
^S^_VOW
˜9ZO\SW]YWWO\
„#
@
ÂO\`OXMS
dNO
WÓO^O
dRVrNXY_^
YZO\_
1SYKMRSXK
<Y]]SXSRY
>_\OU
`
3^nVSS
`
S^KV^SXÆ
]
XÆWOMUWS
^S^_VUc
`
]\ZX_
TO
XK
Z\YQ\KW_
.YX
1SY`KXXS
AYVPQKXQK
+WKNOK
7YdK\^K
]
/\aSXOW
=MR\Y^^OW
`
RVK`Xt
\YVS
@
dnWOMUrW
NS`KNVO
=MRxXL\_XX
L_NO
WYXr
]RVrNXY_^
:^nÂXtUK
-K\VK
DOVVO\K
TONX_
d
XOTdXnWÆTtMR
K
XOTÂK]^ÆTS
R\KXMR
YZO\O^
,ÆROW
@tNOÊ]UrRY
YZO\O^XtRY
Vr^K
XOL_NO
MRcLÆ^
KXS
˜UVK]SUK
WOdS
YZO\O^KWS
@
dnWOMUrW
ZK\U_
>RO\O]SKX_W
`O
`tNOÊ
]UrW
YU\O]O
XK
`n]
ÂOUn
@tNOÊ]Un
U\O`
>Y^Y
NtVY
4YRKXX
=^\K_]]
XO]VYSV
ZÓ`YNXÆ
TKUY
YZO\O^_
4ONXn
]O
]ZtO
Y
ZÌOZ\KMY`nXt
@SM^Y\
6OYX
K
6OY
=^OSX
XKZ]KVS
VSL\O^Y
`RYNXr
WOVYNSO
K
^rWK^K
LcVK
`cL\nXK
d
LYRK^r
R_NOLXt
^`Y\Lc
4YRKXXK
=^\K_]]O
K
Xn]VONXÆ
YZK^ÌOXK
^Ob^OW
aaa^ROK^O\aSOXK^
-/=>?4/7/
+?>/7
.9
<+59?=5+
8OT`ct
ZY`YVOXn
\cMRVY]^
ZYU_N
XOXt
`
NKXrW
Wt]^Æ
dXKÂUY_
]^KXY
`OXY
TSXr
YWOdOXt
Y]YLXtMR
K_^YWYLSVÓ
K
WY^YMcUVÓ
TO
UWR
XK
NnVXSMS
UWR
XK
]^n^XtMR
]SVXSMtMR
>c\YV]UY
K
@Y\K\VLO\]UY
"
UWR
`
YLMtMR
UWR
Z\Y
`OMRXc
^cZc
`YdSNOV
DK
ZÌOU\YÂOXt
\cMRVY]^S
T]Y_
_UVnNnXc
ZYU_^c
ZÌtZKNXÆ
WÓO
L^
S
YNOL\nX
ÌSNSÂ]U
Z\ÓUKd
@OMRXK
`YdSNVK
W_]t
L^
YdXKÂOXK
]^n^OW
\OQS]^\KMO
`cLK`OXK
`]^\KXW
^\YT
yROVXtUOW
K
VrUn\XSÂUY_
WY^YMcUVS]^r
ROVWY_
:YU_N
ÌSNSÂ
WY^Y\Y`rRY
`YdSNVK
ZY_STO
U
TtdNÆ
NnVXSMS
W_]t
L^
`YdSNVY
`cLK`OXY
\OPVObXt
`O]^Y_
Z\Y
ZÌtZKN
O
Lc
ÌSNSÂ
d
NÓ`YN_
ZY\_MRc
ÂS
XORYNc
W_]OV
XK
NnVXSMS
`c]^Y_ZS^
d
`Yd_
WSWY
Wt]^Y
`cR\KdOXr
U
ZK\UY`nXt
\OPVObXt
`O]^c
VdO
dK
UY_ZS^
`
®<
XOLY
^KUr
`
<KUY_]U_
_
`Æ^SXc
ÂO\ZKMtMR
]^KXSM
K
`
YLMRY
NOMR
]
K_^YZÌt]V_OX]^`tW
:Y`YVOX
YL]KR
KVUYRYV_
`
U\`S
TO
Z\YWSVO
:ÌOU\YÂOXt
TO
^\O]^nXY
YNOL\nXtW
ÌSNSÂ]UrRY
Z\ÓUKd_
XOLY
`OVWS
`c]YUY_
ZYU_^Y_
K
dnUKdOW
ÌtdOXt
WY^Y\Y`MR
`YdSNOV
XK
ydOWt
<KUY_]UK
+_^Y
WYLSVc
W_]t
L^
NY
ZY`SXXÆ
`cLK`OXc
dSWXtWS
ZXO_WK^SUKWS
@
XÆU^O\MR
WÆ]^OMR
T]Y_
dK`ONOXc
ZK\UY`KMt
dvXc
:K\UY`KMt
Vt]^Uc
TO
WYXr
dKUY_ZS^
`
^\KPSUnMR
DK
XO]Z\n`Xr
ZK\UY`nXt
T]Y_
_NÆVY`nXc
`c]Y
Ur
ZYU_^c
WrXÆ
ÂK]^Y
WYX^Y`nXc
˜LY^SÂUc
ZÌtZKNXÆ
WÓO
L^
`YdSNVY
dK
XOWKV
ZYZVK^OU
S
YN^KOXY
-OXK
NnVXSÂXtMR
dXnWOU
Z\Y
Y]YLXt
K_^YWYLSVc
`
\
#$
\YÂXt
!"
/?<
N`Y_WÆ]tÂXt
/?<
NO]O^SNOXXt
!!
/?<
DN\YT$
aaaWd`Md
59.+
+==3=>+8-/
=^KXOVS
]O
`KO
`YdSNVY
d
TKUrRYUYVS
NÓ`YN_
XOZYTtdNXW
`YVOT^O
UNcUYVS`
RYNSX
NOXXÆ
NXt
`
\YMO
MOX^\nV_
UYNK
+]]S]^KXMO$
:\KMY`XtMS
MOX^\nVc
`nW
dZ\Y]^ÌONU_Tt
ZY^ÌOLXY_
ZYWYM
K
YMRY^XÆ
ZY
WYRY_
`cÌOS^
`KS
XOZÌtTOWXY_
]S^_KMS
"
f </6+B
0KLSK
=_ZO\
NYL`n
]`Æ^Y`r
:9
5<›>5k
:+?D/
=/
>7
59.+
79>9<=:9<>
@<›>36
=/
=9?>¬8
0+,3
8+
><+>¬
=@¬>9@-2
<+66C/
+
8›@<+>
>9
,C6
@/673
¡=:¬8
®/=5›
:9=›.5+
@/
=69/8
4+8
59:/-5
+
:/><
=>+<
D+2›436+
=/D98?
+7:398›>?
3<-
®>@<>7
7=>/7
@
798>/
-+<6?
8+
5>/<k
8+@›D+6+
=>µ,<89?
:µ®59?
8+
+D9<=5-2
9=><9@/-2
</6+B
f #
^\K^Æ
.Y
]Y_LYTO
]
U`KVS^Xt
UYXU_\OXMt
U^O\n
]O
XK
]^K\^_
!!
<KVVcO
7YX^O
-K\VY
]OVK
XK]^Y_ZSVc
`
LK\`nMR
^W_
UYNK
7Y^Y\]ZY\^
RXON
N`Æ
ZY
]nNUc$
5YZOMU
=^K\
K
2pXXSXOX
7K\UU_VK
DOTWrXK
PSX]Un
N`YTSMO
ZÌOU`KZSVK
UYXU_\OXMS
S
`OÌOTXY]^
RXON
`
y`YN_
K
YN
N\_Rr
\cMRVY]^Xt
dUY_Uc
]O
_TKVK
`ONOXt
®O]Un
ZY]nNUK
5YZOM
U
K
=^K\
W_]OVK
]^KRY`K^
YL\Y`]UY_
ÂK]Y`Y_
d^\n^_
U^O\Y_
XKL\KVK
_
XK
Z\`Xt
\cMRVY]^Xt
dUY_MO
`SXY_
ZY^tt
]
ZY]SVY`KÂOW
ÌtdOXt
4KX
5YZOMU
NYUndKV
`cR\n^
TONOX
d
WÆÌOXMR
y]OUÓ
`
YUYVt
@KVOXMO
UNO
]O
_]U_^OÂXSV
N\_R
NOX
]Y_^ÆO
K
TOVSUY
KXS
UYXU_\OXMO
XOLcVK
_O^ÌOXK
Z\YLVrWÓ
WYRV
`
Z\ÓLÆR_
dn`Æ\OÂXr
O^KZc
_`KY`K^
S
Y
y^YU_
XK
]^_ZXÆ
`t^ÆdÓ
.Y
XYÂXtRY
PSXnVO
`
TORY
Z\ÓLÆR_
]^K\^Y`Xt
ZYVO
N`KU\n^
ZÌOUYXKVY
VOQOXNn\Xt
Z\Ó]WcU
-YV
NO
>_\SXS
_
LYR_OV
XOXK]^Y_ZSVK
ZY]nNUK
2pX
XSXOX
K
7K\UU_VK
>KVOX^Y`KXn
PSX]Un
N`YTSMO
W_]OVK
]`Y_
`ONY_Mt
ZYdSMS
YZ_]^S^
ZY
NOPOU^_
VO`rRY
ZÌONXtRY
UYVK
XK
^\K^S
ZY]VONXtRY
^O]^_
N\_Rr
O^KZc
@O
]XKdO
dVSU`SNY`K^
d^\n^_
K
YZÆ^
LYTY`K^
Y
`t^Æd]^`t
ZKU
WVKN
PSX]U
ZSVY^
`
y`Y
N_
dn`Æ\OÂXrRY
NXO
RK`K\Y`KV
K
dO
]Y_^ÆO
YN]^Y_ZSV
˜.Y
Zn^OÂXtRY
\nXK
]O
Z\Y
WXO
`O
`c`tTOVY
]U`ÆVO
,cV
T]OW
ZÌOU`KZOX
TKU
\cMRVO
T]OW
LcV
]MRYZOX
]
XKtW
XY`W
`YdOW
TO^
+_^Y
P_XQY`KVY
LOd`KNXÆ
TORY
XK]^K`OXt
LcVY
NtUc
^OMRXSUÓW
ZO\POU^Xt
>KUr
`LÆ\
ZXO_WK^SU
]O
XnW
`Nc
`cNKÌSV
K
^Y
dOTWrXK
NtUc
NYL\r
Z\nMS
WMR
ZSYXÓ
XK
^\K^S
7\dt
WÆ
O
T]OW
LcV
`
Z\`Xt
Zn^OÂXt
dUY_MO
K
WYM
\cMRV
@O
]XKdO
]WKdK^
WSX_^Y`r
WKXUY
XK
]Y_ZOÌO
ZÌONO
WXY_
T]OW
Z\Y]^Æ
ZÌtVS
VKZKV
XK
ZVcX
4O
^Y
UYNK
dOTWrXK
U`ÓVS
MOVrW_
^W_
U^O\
^KNc
ZÌON`ONV
]U`ÆVY_
Z\nMS
dZc^Y`KV
]`ÆNYWt
4_RY
2pXXSXOX
:Y]nNUK
5YZOMU
K
=^K\
YL]KNSVK
`
MtVS
`
LY\XY_
Â^`\^Y_
ZÌtÂU_
˜?UndKVY
]O
O
0KLSK
=_ZO\
Wn
]`Y_
\cMRVY]^
K
TO
`SNÆ^
O
T]WO
XKVS
]Z\n`XY_
MO]^_
@OVWS
NÓVOS^r
Z\Y
^OX^Y
y]ZÆMR
LcVc
USVYWO^\c
U^O\r
T]WO
XKTOdNSVS
ZÌS
^O]^Y`nXt
LÆROW
VYÊ]UrRY
\YU_
:YNÆUY`nXt
ZK^Ìt
MOVrW_
^W_
K
K_^YWYLSVMO
UYNK
dK
MOVUY`Y_
ZYNZY\_
Z\YTOU^_
<nN
LcMR
ZYNÆUY
f </6+B
`KV
^KUr
ÂO]UW
PKXY_UÓW
U^OÌt
LcVS
ZYNrV
^\K^S
RYNXÆ
]VcO^
K
`SNÆ^
ÌOUV
4KX
5YZOMU
.KVt
y]ZÆMR
ZÌSOV
XK
\KVVcO
+dY\c
:ÌO]^YO
LcV
5YZOMU
ZY`KY`nX
ZÌONO`tW
dK
K]PKV^Y`rRY
]ZOMSKVS]^_
K
XK
Y^YVSXÆ
XOdn`YNSV
^rWÆÌ
\YU
YN
dKÂn^U_
]Y_^ÆO
_UKdY`KV
O
S
XK
XOdZO`XÆXrW
ZY`\MR_
_Wt
L^
]
0KLSt
=_ZO\
`OVWS
\cMRV
K
Z\K`SNOVXÆ
dKTtNÆV
ÂK]c
`
KL]YV_^Xt
ZSÂMO
:\`Xt
NOX
UYXÂSVK
ZY]nNUK
5YZOMU=^K\
XK
MOVUY`rW
^ÌO^tW
Wt]^Æ
YUYÌOXÆXrW
`t^Æd]^`tW
`
Zn^r
O\dO^Æ
]
MOVUY`Y_
d^\n^Y_
`^OÌSXc
XK
N\_Rr
Wt]^Y
=YLY^Xt
ZY\MS
\cMRVY]^XtMR
dUY_
OU
dKÂKV
5YZOMU
]^tRKMt
TtdNY_
XK
N\_RrRY
@Y_SVVYdO
K
ZY
N`Y_
O\dO^nMR
]O
NY]^KV
XK
N\_
RY_
ZÌtÂU_
U^O\Y_
K
NY
UYXMO
]Y_^ÆO
XOZ_]^SV
:\Y
^W
UYNK
7Y^Y\]ZY\^
LcVK
KdY\]Un
\KVVcO
Z\`Xt
Y]^\Y_
dUY_UY_
XK
Y^YVSXY`rW
ZY`\MR_
XK
XÆT
TO
]ZOMSKVS]^Y_
dOTWrXK
PSX]U
ZSVY^
4_RY
2pXXSXOX
>OX
^KUr
`cR\nV
`
Zn^OU
RXON
y`YNXt
\cMRVY]^Xt
dUY_U_
NXO
@O
^ÌO^t
\cMR
VY]^Xt
dUY_MO
`KU
ZYUYNSV
dK`ÆOXt
Z\K`rRY
dKNXtRY
UYVK
K
XKL\KV
d^\n^_
`tMO
XO
WSX_^
:Y
YZ\K`Æ
`
]O\`S]_
dKTtNÆV
4_RY
S
XKNnVO
TONXc
d
XOT\cMRVOTtMR
ÂK]Ó
XKNÆTO
XK
NYL\
`]VONOU
KVO
_
LcVc
U`ÓVS
`OVUr
d^\n^Æ
WSdS`n
K
NOPSXS^S`XÆ
`cRK]Vc
`
NO]n^r
O^KZÆ
ZY
0SXY`Æ
RK`n\SS
8SUY
W_
d
ZY]nNUc
]O
XK^Æ]^t
XSM
XO]^KVY
`Ód
`KU
ZY
ZÌO`\nMOXt
ZÌO]
]^ÌOMR_
`cZKNKV
Z\Y
NKVt
dn`YN
XOZYTtdNX
.tUc
]U`ÆVr
Z\nMS
^W_
WOMRKXSUÓ
]O
ZÌO]^Y
2pXXSXOXY`Y
K_^Y
YLTO`SVY
`
]YLY^_
\nXY
dXY`_
XK
]^K\^_
K
S
UNc
ZY]nNUK
_
Z\Y
dXKÂU_
LYNY`K^
XOWYRVK
YN`OdVK
]S
KVO]ZYÊ
`t^Æd]^`t
`O
Â^cÌOMR
]YLY^XtMR
\cMRVY]^XtMR
dUY_UnMR
˜:\Y
MOV
^W
LcVK
\KVVcO
XK
+dY\]UMR
Y]^\Y
`OMR
]`W
dZÓ]YLOW
]\Y`XK^OVXn
]
VONXY`Y_
Z\OWSr\Y_
`
7YX^O
-K\V_
XOLYÐ
T]WO
XK
Y^YVSXÆ
dn`YNSVS
ZYZ\`r
K
XK
+dY\OMR
T]WO
TKUY
^W
LcVS
\Y`XÆ
ZYZ\`r
_`ONV
7SMRKV
2\KLn
XOU
rP
^W_
UYNK
7Y^Y\]ZY\^
˜?
`
7YX^O
-K\V_
T]WO
Wc]VtW
_UndKVS
O
``YT
Z\YTOU^_
0KLSK
=_ZO\
TNO
]Z\n`XW
]WÆ\OW
K
T]OW
ZÌO]`ÆNÂOX
O
]U`ÆVr
N\_Rr
Wt]^Y
4KXK
5Y
ZOMUrRY
ZY^`\d_TO
PKU^
O
0KLSK
_Wt
L^
\cMRVn
K
]ZYVORVS`n
:\Y
Xn]
TO
NYL\W
dXKWOXtW
S
\Y]
^Y_Mt
dnTOW
Y
Xn
]ZOMSnV
`
\nWMS
dnUKdXSMUrRY
Z\YNOTO
K
Tn
`ÆÌtW
O
T]WO
NXOXtW
`]VONUOW
NOPSXS^S`XÆ
ZY^`\NSVS
XKS
]MRYZXY]^
WÆÌS^
]O
]
^ÆWS
XOTVOZtWS
K
O
WÓOWO
NY
L_NY_MXK
Wc]VO^
XK
ZÌtÂUc
XOT`ct
-R^ÆV
LcMR
ZYNÆUY
`K^
ZY]nNMO
5YZOMU
=^K\
dK
ZSÂUY`
`UYX
K
MOVrW_
^W_
dK
ZO\POU^Xt
]Y_R\_
K
ZYM^S`Y_
Z\nMS
@SMRXS
]S
ZÌOTOWO
KLcMRYW
`
^YW^Y
N_MR_
ZYU\KÂY`KVS
S
`
L_NY_MX_
</6+B
f 4KX
5YZOMU
.@+
=>+<>C
.@¬
@>¬D=>@
5\YWÆ
PS\OWXtRY
^W_
UYNK
7Y^Y\]ZY\^
]O
]Y_^ÆXt
0KLSO
dKÂKVc
YLTO
`Y`K^
XK
]^K\^OMR
S
`
]Y_U\YWMR
LK\`nMR
=U`ÆVO
dKRnTSV
]OdYX_
KWZSY
Xn^
Z\YN_UÂXtMR
`YdÓ
:-A<-
U^O\
]O
UYXn
`
\nWMS
ZYNXSUÓ
WS]^\Y`]^`t
]`Æ^K
`
K_^YWYLSVY`MR
]Y_^ÆtMR
`rN
:K^\SU
=KXNOVV
TKUY
\KUY_]UrRY
^W_
,K_W]MRVKQO\
<KVVcO
<KMSXQ
,<<
D
Z\`XtMR
N`Y_
]^K\^Ó
]S
YN`OdV
N`Æ
`t^Æd]^`t
<KVVcO
8Y\aKc
U^O\n
LcVK
N\_RW
ZYNXSUOW
]O\SnV_
WS]^\Y`]^`t
]`Æ^K
`
K_^YWYLSVY`MR
]Y_^ÆtMR
#
]O
UYXKVK
dK
^cZSMUMR
dSWXtMR
ZYNWt
XOU
XK
^\K^S
ZYU\c^r
]Y_`S]VY_
`\]^`Y_
]XÆR_
=ZOMSnV
UYNK
0KLSK
=_ZO\
ZSVY^Y`KX
ZY]nNUY_
=KXNOVV
‹
+bOV]]YX
TS
KL]YV`Y`KV
LOd
TKUMRUYVS
^OMRXSMUMR
Z\YLVrWÓ
K
YN
Z\`Xt
K
ZY
dn`Æ\OÂXY_
\cMRVY]^Xt
dUY_U_
PSQ_\Y`KV
`
ÂOVO
UVK]SPSUKMO
Z\YN_UÂXtMR
`YdÓ
˜-t^tW
]O
ZK\nNXÆ
@OMRXY
P_XQY`KVY
LOd
Z\YLVrWÓ
4O
^Y
XO_`ÆÌS^OVXr
ÌOUV
`
MtVS
ÐK]^X
`rN]U
ZSVY^
U^O\
dK
ZYNZY\c
^W_
UYNK
7Y^Y\]ZY\^
`cLYTY`KV
MOXXr
`t^Æd]^`t
`
UYXU_\OXMS
Â^\XnM^S
TOdNMÓ
]
`Ydc
dXKÂOU
7S^]_LS]RS
=_LK\_
K
0SK^
:Y
`t^Æd]^`t
`
8Y\]U_
NYUndKV
^OX^Y
^W
dYZKUY`K^
]^OTX
y]ZÆMR
S
XK
<KVVcO
5cZ\
K
YMS^V
]O
`
ÂOVO
RYNXYMOXt
]
WKbSWnVXtW
ZYÂ^OW
LYNÓ
:K^\SU
=KXNOVV
`cLYTY`KV
XK
5cZ\_
`t^Æd]^`t
XK
ZY]VONXt
MR`tVS
UNc
`
]KWrW
dn
`Æ\_
ZÌONÂSV
+\WSXNK
+\KyTK
TORY
ZY]^SRVc
^OMRXSMUr
ZY^tO
+\KyTY
`ONV
ZY
Zn^OÂXt
K]PKV^Y`r
O^KZÆ
=KXNOVV
]O
TOT
`KU
TKUY
TONSX
NYUndKV
_N\O^
K
^tW
]^nVO
S`SV
XKNÆTS
XK
y]ZÆMR
:Y
]YLY^XtW
ZÌOMRYN_
XK
Y^YVSX_
]O
`rNY`S
ZYNKÌSVY
]WKdK^
ZYVY`SX_
d
ZÓVWSX_^Y`rRY
WKXUK
K
^KU
]Y_LYT
Y
NO]O^
LYNÓ
ZYU\KÂY`KV
K
NY
XONÆVO
8K
Z\`XtW
^O]^_
dn`Æ\OÂXrRY
NXO
_N\OVS
YLK
\S`KVY`r
]^OTXr
^OWZY
‹
`O
`]VONUY`r
VS]^SXÆ
WOdS
XSWS
LcVK
TOX
TONSXn
NO]O^SXK
4OXO
XK
XOTNOVt
Â^cÌSMO^SUSVYWO^\Y`r
\cMRVY]^Xt
dUY_MO
ZY]^SRVc
+\KyTK
Z\YLVrWc
]
ZÌO`YNY`UY_
K
=KXNOVV
]O
NY]^KV
`
UY
XOÂXrW
ZYÌKNt
XK
Z\`Xt
Wt]^Y
UNc
LcV
Y
]OU_XN
\cMRVOTt
+
`
ZY]VON
Xt
TONOXnM^SUSVYWO^\Y`r
\cMRVY]^Xt
dUY_MO
_
]S
`t^Æd]^`t
XOXOMRKV
`dt^
8K
Xn]VON_TtMt
:Y\^_QKV]Ur
\KVVcO
]SMO
=KXNOVV
RK`K\Y`KV
K
W_]OV
YN
]^Y_ZS^
`
Xn]VON_TtMt
<KVVcO
=K\NSXSK
KVO
dXY`_
N\OV
Z\`Xt
Wt]^Y
K
NY
ZY]VONXt
\cMRVY]^Xt
dUY_Uc
8KUYXOM
]UYXÂSV
XK
N\_RrW
Wt]^Æ
]O
d^\n^Y_
ZY_Rr
]OU_XNc
f </6+B
@
LK\`nMR
^W_
UYNK
7Y^Y\]ZY\^
,>
+=:9²
-2@63
=9?®›=>
5969>9®/
47k8/7
79>9=:9<>
?798
5+.k7?
596/5-/
9<3138›68-2
</56+78-2
:µ/.7¬>»
D8+®5C
59.+
@/
=@k
8+,.-/
4/
7›
5+.
9,-29.85
=>+®
=3
4/8
@C,<+>
><359
®O\Xr
LK`VXÆXr
^\SUY
]
U\n^UW
\_Un`OW
K
dOVOXY_
ZK]Z_VUY_
UYVOW
U\U_
:ÌONXt
K
dKNXt
]^\KXK
^\SUK
TO
ZY^S^ÆXK
VYQOW
UYNK
7Y^Y\]ZY\^
`
ÂO\`OXr
LK\`Æ
XK
\_Un`OMR
XOMRcLt
VYQY
K
VYQY^cZ
PS\Wc
:9695936/
,K`VXÆXn
ZYVYUYSVO
]
ÂO\XW
ZÌONXtW
K
dKNXtW
NtVOW
U\n^U
\_Un`
`O
]`Æ^VO
dOVOXr
LK\`Æ
9NOZt
XKXt
XK
UXYPVtÂUc
]
ÂO\XW
VtWOÂUOW
UYVOW
U\U_
:ÌONXt
K
dKNXt
]^\KXK
^\SUK
TO
ZY^S^ÆXK
VYQOW
UYNK
7Y^Y\]ZY\^
`
ÂO\`OXr
LK\`Æ
:<9:3=5+
®O\Xn
ZVK]^Y`n
Z\YZS]UK
]
UY`Y`W
ZK^OX
^OW
XK
dKZtXnXt
:Y`\MR
TO
ZYQ_WY`KX
Z\Y
ZYRYNVXÆTt
ZY_S^t
6O]UV
ÂO\X
UVSZ
TO
YZK^ÌOX
VYQOW
UYNK
7Y^Y\]ZY\^
`
ÂO\`OXr
LK\`Æ
=Y_Ân]^t
]KNc
TO
WYN\n
XnZVÊ
6+8C+<.
:YVcO]^O\OY`n
ÂO\Xn
ÊÓ\K
YZK^ÌOXn
ÂO\XY_
ZVK]^Y`Y_
LOdZOÂ
XY]^Xt
ZYTS]^UY_
dK
U\UOW
5Y`Y`nZVK]^Y`n
ZÌOdUK
]
VYQY^cZOW
PS\Wc
Z\Y
]XKNXÆTt
ZY_t`nXt
WYXY]^
YNOZXY_^
YN
dL`KTtMt
Ân]^S
4O
_\ÂOXK
Z\Y
_ZO`XÆXt
UVtÂÓ
XOLY
WYLSVXtRY
^OVOPYX_
56®/85+
:VK]^Y`ÆUY`Y`n
UVtÂOXUK
]
ZYQ_WY`KXW
ZY`\MROW
`
ÂO\Xr
LK\`Æ
8O\OdY`
U\Y_OU
]
Y^nÂOMtW
WOMRKXSdWOW
]VY_t
ZÌONO`tW
U
_ZO`XÆ
Xt
UVtÂÓ
YN
K_^K
6YQY
UYNK
7Y^Y\]ZY\^
`
ÂO\`OXr
LK\`Æ
TO
Y^S^ÆXY
XK
TONXr
]^\KXÆ
UVtÂOXUc
5
NS]ZYdSMS
L_NO
^K^Y
UVtÂOXUK
UYXMOW
]\ZXK
></8.
>/-2835+
f
5@+63>+
f
597:/>/8-/
f
9,4/7
.96»
@598
8+29<?
tUc
]ZYTOXt
]
UYXMO\XOW
@YVU]aKQOX
WKTt
.
`Ydc
UYNK
ZÌt]^_Z
U
^ÆW
XOTWYNO\XÆTtW
^OMRXYVYQStW
TKUY
T]Y_
XKZÌ
WY^Y\c
>=3
f
9->+@3+
2<+4/
@
5@+63>¬
:<@8
631?
"
f
/><8¬
5
3@9>87?
:<9=>µ/.
f
@9DC
1<//8638/
@C?@›
3
@6›.+
TSWOÂXr
YMOXÆXt
U`KVS^c
`Yd_
9M^K`SK
@
ZÌSXO]V
^O]^
+_^Y
,SVN_
`O
U^O\rW
LcVY
K_^Y
\YdOL\nXY
NY
ZY]VONXtRY
\Y_LU_
]Y_VKN_
]O
]`Y_
]^\K^OQSt
YMR\KXc
@
S`Y^XtRY
Z\Y]^ÌONt
XKLtdt
UYNK
+_^Y
ÌKN_
WYNOVÓ
]
YdXKÂOXtW
1\OOX6SXO
Y
NYL_
ZÌON]ONXSM^`t
®O]Ur
\OZ_LVSUc
:
/`\YZ]Ur
_XSS
NY]^KVK
`VnNK
WYXY]^
`c_t`K^
!
`YdÓ
=_ZO\L
1\OOX6SXO
f ></8.
9LTOW
NYVÓ
`UYX
XKRY\_
.5C
=:94/8
=
598-/<8/7
@A
7+4
3
@9DC
59.+
:µ=>?:
5
8/479./<8¬47
>/-28969137
4/.87
D
7892+
:µ56+.»
4=9?
79>9<C
9D8+®9@+8k
D5<+>59?
>=3
>C:3-5k
:<9
8¬
4/
/
9:<9>3
@¬>38¬
5985?</8®8-2
79>9<»
.›@+4
@/65
@598
D
7+6k29
9,4/7?
:\Y
]VKNÆXt
^Ìt
XK
Z\`Xt
ZYRVON
Z\Y^SMRÓNXMR
ZYKNK`UÓ
TKUY
WKVn
]ZY^ÌOLK
WKVn
dn^Æ
Z\Y
S`Y^Xt
Z\Y]^ÌONt
K
NYL\r
TtdNXt
`UYXc
]O
`LY\XÆ
RYNt
ZÌOZVÊY`KXr
WY^Y\c
UYNK
+_^Y
Wn
TS
dK
]OLY_
y]ZÆXY_
RS]^Y\SS
`
YLVK]^S
XKP^Y`MR
WY^Y\Ó
>.3
U^O\n
XcXt
ZYU\KÂ_TO
ZY]^_ZXW
dK`nNÆXtW
WYNO\XtMR
XKP^Y`MR
WY^Y\Ó
]
ZÌtWW
`c]YUY^VKUW
`]^ÌSUY`nXtW
-YWWYX
\KSV
-<
NY
`OMR
WYNOVY`MR
ÌKN
@ONVO
NKVtRY
d`OXt
^KXr
]tVc
^ÆMR^Y
KQ\OQn^Ó
_WYÊ_TO
^K^Y
^OMRXYVYQSO
NKVt
]XSY`nXt
]ZY^ÌOLc
ZÌS
]Y_ÂK]XrW
]XSY`nXt
OWS]t
MY
TO
NYVYOXY
NY]KOXtW
OWS]Xt
XY\Wc
/?
D
^OMRXSUc
ZÌOZVÊY`nXt
XO^Æt
TOX
WY^Y\c
XKP^Y`r
KVO
S
LOXdSXY`r
WY^Y\c
`O
]ZYTOXt
]
ZÌtWW
`]^ÌSUY`nXtW
>=3
>Y
ZÌS
ZYN]^K^XrW
]XtOXt
]ZY^ÌOLc
NY`YV_TO
]^OTXr
TtdNXt
`UYXc
TKUr
WKTt
`OVUr
UYX`OXÂXt
WY^Y\c
,OXdSXY`r
WY^Y\c
>=3
XONn`XY
YLN\OVc
MOX_
>OMRXY
,O]^
U^O\Y_
TSW
_NÆVSVK
ZY\Y^K
=`Kd_
K_^YWY
LSVY`MR
^\RÓ
`O
`MRYNXt
K
]^ÌONXt
/`\YZÆ
4]Y_
`c`SX_^c
XK
dnUVKNÆ
UYX]^\_UÂXt
PSVYdYPSO
NYaX]SdSXQ_
MY
TO
dWOXY`nXt
dN`SRY`rRY
YLTOW_
WY^Y\_
ZÌS
dKMRY`nXt
]^OTXrRY
`UYX_
<ON_UMt
dN`SRY`rRY
YLTOW_
]O
NY]KR_TO
VOZ
tRY
]^_ZXÆ
yÂSXXY]^S
WY^Y\_
Z\Y^YO
NYMRndt
U
WOXtW
d^\n^nW
`VS`OW
^ÌOXt
5\YWÆ
^YRY
WKTt
XSt
MOVUY`Y_
RWY^XY]^
K
^tW
S
WOXt
]O^\`KÂXY]^
>c^Y
KQ\OQn^c
^ONc
_`nNÆTt
NY
ZYRcL_
WrXÆ
RWY^c
MY
ZÌSXnt
XSt
]ZY^ÌOL_
ZKVS`K
K
dn\Y`OÊ
XSt
OWS]O
`P_UY`MR
ZVcXÓ
5
WKVrW_
dN`SRY`rW_
YLTOW_
Lc
WYRVK
L^
`Æ^SXK
ÌSNSÂÓ
]UOZ^SMUn
8tdUn
]ZY^ÌOLK
WYXn
KXY
KVO
MY
`UYXc)
9LK`c
KVO
XOT]Y_
XK
Wt]^Æ
7Y^Y\c
>=3
ZY_t`KTt
XOTWYNO\XÆTt
^OMRXSU_
ZÌtWrRY
`]^ÌSUY`nXt
LOXdSX_
`
UYWLSXKMS
]
^_\
LYNWcMRKNVOW
ZÌSÂOW
NYMRndt
U
WKbSWnVXÆ
OPOU^S`XtW
]ZKVY`nXt
LOXdSX_
MY
dK\_Â_TO
Z\Y
^OX^Y
dN`SRY`
YLTOW
K
XOÂOUKXr
`UYXc
?UK
d_TO
^Y
XKZÌtUVKN
XOTXY`ÆTt
WY^Y\
>=3
U^O\
ZY]Uc^_TO
WKbSWnVXt
`UYX
!!
UA
d
YLTOW_
ZY_RMR
#!
MW
=\Y`XK^OVX
`UYX
NYZY]_N
Nn`KV
XKZÌtUVKN
XOZÌOZVÊY`KX
WY^Y\
7:3
8OTNO
KVO
TOX
Y
WY^Y\c
@
YLVK]^S
ZÌO`YNY`OU
]O
dK`ONOXtW
ZÌtWY
ÌKdOXr
ZÌO`YNY`Uc
.=1
ZYNKÌSVY
]ZYTS^
`OVWS
NYL\
TtdNXt
UYWPY\^
]O
]ZY\^Y`XtWS
TtdNXtWS
`UYXc
K
WKVY_
]ZY^ÌO
LY_
ZKVS`K
.YL\W
ZÌtUVKNOW
Z\Y
\OKVSdKMS
^r^Y
]^\K^OQSO
TO
XY`n
UYNK
CO^S
U^O\n
]O
]`WS
KQ\OQn^c
NY]KR_TO
WOdS
`OWS
=?@
TONXc
d
XOTXStMR
RYNXY^
-9
K
Z\YZYT_TO
^KU
ZYS^OU
d
TtdNc
]
MS^VS`W
ZÌt]^_ZOW
U
S`Y^XtW_
Z\Y]^ÌONt
K
NYL\Y_
RY]ZYNn\XY]^t
8O]WtWO
KVO
dKZYWtXK^
O
Z\`XtW
Z\ÓUYZXtUOW
WY^Y\Ó
XY`rRY
^cZ_
LcV
KQ\OQn^
>0=3!
UA
`
9M
^K`SS
<=
U^O\
LcV
VYXS
XKR\KdOX
WY^Y\OW
>=3
Y
]^OTXrW
`UYX_
@
]Y_ÂK]Xr
NYLÆ
XKTNOWO
ZYN
UKZY^KWS
`YdÓ
UYNK
Â^cÌS
WY^Y\c
>=3
></8.
f "
>=3"
UA
@
]Y_ÂK]Xr
NYLÆ
`
WYNOVOMR
9M^K`SK
=_ZO\L
K
CO^S
>=3#
UA
@
]Y_ÂK]Xr
NYLÆ
`
WYNOVOMR
9M^K`SK
=_ZO\L
>=3!!
UA
@
]Y_ÂK]Xr
NYLÆ
`
ZÌtZ\K`Æ
Z\Y
WYNOV
CO^S
7Y^Y\
"
>=3"
UA
TO
`cLK`OX
Â^cÌ
`OX^SVY`Y_
^OMRXSUY_
^_\LYNWcMRKNVOW
]
MRVKNSÂOW
]^VKÂOXrRY
`dN_MR_
K
ZÌtWW
`]^ÌSUY`nXtW
ZKVS`K
8OT`Æ^t
^YÂS`
WYWOX^
WY^Y\_
8W
TO
U
NS]ZYdSMS
`
XOL`KVO
S\YUrW
Zn]W_
‹
Y^nÂOU
MY
TO
dn\_UY_
`LY\Xr
NcXKWSUc
K
]Y_ÂK]XÆ
UYW
PY\^XtRY
Z\Y`Yd_
LOd
X_^XY]^S
ÂK]^rRY
ÌKdO
Xt
@c]YU
^YÂS`
WYWOX^
WY^Y\_
`
XtdUMR
Y^nÂUnMR
8W
TS
ZÌS
Y^nÂUnMR
^KUr
ZÌS]Zt`n
U
`OVWS
ZÌtdXS`r
UYWLSXY`KXr
]ZY^ÌOLÆ
ZKVS`K
!
V
XK
UW
@cXSUKTtMt
Z\_XY]^
^YRY^Y
KQ\OQn^_
ZYNZY\_TO
^KUr
ZVcX_VO
`K\SKLSVXt
ÂK]Y`nXt
]KMtMR
`OX^SVÓ
@KÂUY`r
RÌtNOVO
T]Y_
]^OTXÆ
TKUY
`c`KY`KMt
RÌtNOVO
ZYRnXÆXc
LOdyN\LY`W
ÌO^ÆdOW
EUAG
#
!
`UYX
EUAG
8Y`
WY^Y\
>=3#
UA
#
UA
_
=_ZO\L_
XKR\KNSV
`
XKLtNMO
dXKÂUc
UYNK
K^WY]Pr\SMU
WY^Y\
0=3"
UA
YZ\Y^S
U^O\rW_
ZY]Uc^_TO
"
NtUc
ZÌOZVÊY`nXt
^_\LYNWcMRKNVOW
ZYN]^K^
XÆ
VOZt
TtdNXt
NcXKWSU_
K
NY]KR_TO
`\KdXÆ
XSt
]ZY^ÌOLc
ZKVS`K
K
OWS]t
-9
8K`tM
]ZKV_TO
RYWYQOXXt
]WÆ]
`dN_MR_
K
\YdtÌOXÆTtRY
K
VO`XÆTtRY
LOXdSX_
]
YU^KXY`W
Ât]VOW
#
=KWY^Xr
ZÌOZVÊY`nXt
Z\YLtRn
dK
ZYWYMS
`OVWS
UYWZKU^XtRY
`P_UY`rRY
^_\LYNWcMRKNVK
]
YL^YUY`W
`OX^SVOW
U^O\r
_WYÊ_TO
`c_S^t
WKbSWnVXtRY
^YÂS`rRY
WYWOX^_
`
XOTLÆXÆTS
ZY_t`KXMR
XtdUMR
Y^nÂUnMR
8W
ZÌS
WSX
4S
`O
WSX
TO
U
NS]ZYdSMS
"
^YÂS`rRY
WYWOX^_
8W
7KbSWnVXt
`UYX
#
UA
TO
ZKU
U
NS]ZYdSMS
ZÌS
Y^nÂUnMR
8OTXY`ÆTtW
ZÌt\Ó]^UOW
NY
\YNSXc
ZYRYXXMR
TON
XY^OU
>=3
TO
>=3
U^O\
]O
ZYZ\`r
YLTO`t
_
WY
NOV_
CO^S
>OX
NS]ZYX_TO
WKbSWnVXtW
`UYXOW
!!
UA
ZÌS
Y^nÂUnMR
K
WKbSWnVXtW
^YÂS`W
WYWOX^OW
!
8W
ZÌS
‹
Y^nÂUnMR
:ÌO
ZVÊY`nXt
Z\YLtRn
\Y`XÆ
UYWZKU^XtW
`P_UY`W
^_\LYNWcMRKNVOW
]
YL^YUY`W
`OX^SVOW
U^O\r
_WYÊ_TO
`c_S^t
WKbSWnVXtRY
^YÂS`rRY
WYWOX^_
`
XOTLÆXÆTS
ZY_t`KXMR
XtdUMR
Y^nÂUnMR
!
8W
ZÌS
Y^nÂUnMR
4S
`O
Y^nÂUnMR
TO
U
NS]ZYdSMS
"
^YÂS`rRY
WYWOX^_
8W
-RVKNSÂ
]^VKÂOXrRY
`dN_MR_
TO
SX^OQ\Y`nX
NY
ZVK]^Y`rRY
]KMtRY
ZY^\_Lt
K
TKUY
MRVKNSMt
WrNS
_W
ZY_t`n
UKZKVSX_
@c]YUY^VKUr
ÂO\ZKNVY
ZKVS`K
_WYÊ_TO
Z\KMY`K^
]O
`]^ÌSUY`KMtWS
^VKUc
K
LK\
MY
ZYNZY\_TO
OPOU^S`S^_
]ZKVY`nXt
E8WG
^YÂS`
WYWOX^
!
EWSXG
E8WG
"
`UYX
^YÂS`
WYWOX^
EWSXG
EUAG
#
"
!
"
E8WG
#
`UYX
^YÂS`
WYWOX^
EWSXG
09>9$
+?>9,36.
f ></8.
9M^K`SK
R\KTO
`
U`KVS^Æ
Z\`Xt
VSQ_
@437/®8k
9-/8¬8
5@+63>C
@9D?
59.+
9->+@3+
-97,3
0=3
:µ38/=6
.69?29.9,
>/=>
8¬7/-5k29
®+=9:3=?
+?>9
,36.
@/
5>/<k7
,C69
+?>9
:9
?4/>-2
53697/></-2
<9D/,<›89
.9
:9=6/.829
<9?,5?
+
:<9D59?7›8C
4/29
:µ:+.8k
D›@+.C
7/D3
=>/48¬
D59?7+873
@9DC
=/
?7=>36+
8+
>µ/>7
7=>¬
:\O]^SXt
WKQKdtX
+_^Y
,SVN
UYX]^K^Y`KV
O
\YNSXX
SNOnV
K
YLVtLOXn
]V_OLXt
9M^K`SK
-YWLS
LYN_TO
XOTOX
ZYWÆ\OW
MOXK`UYX
KVO
Z\`Xt
VSQ_
R\KTO
^KUr
U`KVS^Y_
@O
]^OTXMR
^O]^OMR
+_^Y
,SVN_
]O
VrZO
_Wt]^SVc
TOX
7KdNK
K
>YcY^K
:\S_]
9M^K`SK
]O
^KU
]^KVK
XOTOX
XOTVOZ
tW
`YdOW
d
UYXMO\X_
@YVU]aKQOX
KVO
ZY\KdSVK
S
`OMRXc
^O]^Y`KXr
`Ydc
dXKÂOU
7O\MONO]
XOLY
,7A
>O]^
LcV
ZÌO^S^ÆX
S
`
ÂO]UrW
ÂK]YZS]O
+_^Y
>SZ
ZK^ÌtMtW
NY
]^OTXrRY
WOdSXn\YNXtRY
`cNK`K
^OV]UrRY
NYW_
˜=ZYVOÂXY]^
UYNK
+_^Y
]O
_Ât
\cMRVO
:ÌOUYXKVK
ZÌON\O`YV_ÂXt
U\SdS
]^ÌONXtRY
`ÆU_
UNc
]O
U`KVS^K
K
]ZYVORVS`Y]^
TOTtMR
`\YLUÓ
Z\YZKNVK
RV_LYUY
ZYN
y\Y`OÊ
ZÌON`nVOÂXMR
]^KXNK\NÓ
K
`
ZY]VONXt
NYLÆ
TOTt
y]ZÆMRc
WXYRNc
dK]UYÂt
S
dn]^_ZMO
^OMRXSMUc
]ZÌtd
XÆXrRY
@YVU]aKQOX_
XKZ]KV
+_^Y
>SZ
K
NnVO
ZYZ]KV
TKU
Z\YLtRKVY
^O]^Y`nXt$
˜9N
]`rRY
dKUY_ZOXt
KL]YV`Y`KVK
]^ÌtL\Xn
9M^K`SK
-YWLS
0=3
+WLSOX^O
LÆROW
N`Y_
VO^
!"
UW
UÌtOW
U\nOW
/`\YZY_
:ÌS
]V_OLXtMR
MO]^nMR
\ONKU^YÌS
YMOÊY`KVS
TOTt
`OVUY\c]Y_
Z\Y]^Y\XY]^
]XKNXY_
Y`VKNK^OVXY]^
ZÌtTOWXn
]ONKNVK
9MO
XSVS
KVO
S
NO^KSVc
TKUY
\YdWÆ\Xr
UKZ]c
`
ZÌONXtMR
N`OÌtMR
XOLY
yÂSXXr
^YZOXt
Z\Y`ÆÌOXr
^r
dK
ZYVn\XtW
U\_ROW
˜8K`dNY\c
]ZKVY`nXt
ZÌONOZ]KXrRY
#"YU^KXY
`rRY
LOXdSX_
]O
Z\ÓWÆ\Xn
]ZY^ÌOLK
ZYRcLY
`KVK
UYVOW
Y]WS
VS^\Ӎ
XKZ]KV
+_^Y
>SZ
@R\KNc
\ONKU^Y\Ó
]WÆÌY`KVc
U
Z\_XY]^S
WY^Y\_
K
KL
]OXMS
O]^rRY
ZÌO`YNY`rRY
]^_ZXÆ
˜>c^Y
NtVÂt
`R\KNc
]O
\YdZVcXY_
TKUY
\KXXt
WVRK
`O
]`Æ^VO
MOVUY`r
LSVKXMO
ZY_RMR
ZÆ^S
^\O]^XMR
LYNӍ
UYX]^K^_TO
]O
KVO
NnVO
˜+XS
TONXY_
]O
9M^K`SK
XOYMS^VK
`
XOZYTtdNXrW
]^K`_
8OLcVY
^ÌOLK
`cRVONK^
]O\`S]
WSWY
^ÌS
ZVnXY`KXr
Z\YRVtNUc
ZY
UW
@c]Uc^VK
]O
TONSXn
`dXKWXÆTt
dn`KNK
NOPOU^
-.
ZÌOR\n`KÂO
dKXO]OXrRY
Z\KMROW
K
N`Æ
WOXt
Z\K]UVr
`VnUXY
n\Y`Uc
K
]^n`U_TtMt
^OWZYWK^
]
XOU`KVS^XÆ
]ZnTOXWS
]ZYTS
:ÌS
]^K`_
#
UW
ZKV_LXt
ZYÂt^KÂ
_ZY
dY\XSV
XK
ZY^ÌOL_
`WÆXc
L\dNY`rRY
YLVYOXt
XK
ZÌONXt
XnZ\K`Æ
:Y
NOWYX^nS
LcVY
\YdRYN
X_^Y
SX`O]^Y`K^
TO^Æ
NY
XY`MR
UY^Y_ÂӍ
:YNYLXr
^O]^c
KL]YV`Y`KVc
`
WSX_VY]^S
S
NKVt
`Ydc
UYNK
XK
UYXMS
\YU_
^tW^Y
dZÓ]YLOW
\YdOL\KVK
0KLSS
\ONKUMO
=`Æ^K
WY^Y\Ó
@
^O]^_
YL]^nVK
]^OTXÆ
TKUY
XcXt
TOTt
]O]^\K
9M^K`SK
`OVWS
NYLÌO
8cXt
]O
]^OTXrW_
^O]^_
ZYN\YL_TO
<YYW]^O\
></8.
f !
˜4OX
^Y
XOTVOZt
TO
Z\Y
XKO
dnUKdXtUc
NY]^
NYL\r
0<+85
=-2</3/<
:<+-9@+6
-/6
3@9>
@
9,6+=>3
@<9,C
9.
<95?
4/
@/.9?-7
9,6+=>3
µD/8
5@+63>C
4/29
-6/7
4/
+,C
D8+®5+
59.+
:+>µ36+
@/
=:9594/89=>3
D›5+D85»
7/D3
>µ3
8/46/:
D8+®5C
8+
@/-2
><D-2
4+5k
4=9?
¡596C
+
:9=6›8
@›73
@/./8k29
9..¬6/8)
:Y]VnXt
U`KVS^c
ZYZ]KVS
TS
dKUVKNK^OVr
WVKNYLYVO]VK`]Ur
K_^YWYLSVUc
6K_
\SX
K
5VOWOX^
`Æ^Y_$
˜4OX
^Y
XOTVOZt
TO
Z\Y
XKO
dnUKdXtUc
NY]^
NYL\r
>Y
TO
‹
K
W_]t
L^
‹
S
WY^^OW
NXOXt
]ZYVOÂXY]^S
UYNK
+_^Y
5`KVS^K
XK
SMR
Z\YN_U^Ó
XOXt
ZY_dO
yUYVOW
YLVK]^S
ÌtdOXt
U`KVS^c
5`KVS^K
TO
yUYVOW
Z\Y
UKNrRY
dKWÆ]^XKXMO
K
ZK\^XO\K
UYNK
+_^Y
XK
UKNrW
Z\KMY`S^S
K
`
UKNr
ÂSXXY]^S
U^O\Y_
Z\Y`nNt
5`KVS^_
TKUY
^KUY`Y_
XOVdO
dt]UK^
TOTtW
^O]^Y`nXtW
XOLY
TOTtW
WÆÌOXtW
U`KVS^K
TO
`]VONUOW
XKt
Z\nMO
9NNÆ
VOXt
U`KVS^c
]O
ZYNtVt
TS
XK
Z\`Y^Xt
PndS
``YTO
`Yd_
YN
ZYNZY\c
^`Y\Lc
UYXMOZ^Ó
K
Z\Y^Y^cZÓ
ZÌO]
UYX^\YV_
NYNK`K^OVÓ
]KWY^X
Z\YMO]
`\YLc
K
UO
UYXOÂXrW_
dnUKdXtUY`S
5@+63>+
@9D»
D8+®5C
59.+
=/
9.
#
6/>
@/673
D6/:36+
4+5
=/
5@+63>+
7¬µ
+
=6/.?4/)
˜UYNK
dXKWOXn
U`KVS^_
ÌtUn
0\KXU
=MR\OSO\
˜8OT]WO
`KU
TO^Æ
`
MtVS
:Y_S^t
\ÓdXMR
Z\Y]^ÌONUÓ
K
WO^YN
`
YLVK]^S
U`KVS^c
XnW
_WYÊ_TO
XOTOX
ZY\Y`XnXt
`]VONUÓ
`
Z\ÓLÆR_
VO^
KVO
S
ZY\Y`XnXt
`
\nWMS
TONXY^VS`MR
dXKÂOU
UYXMO\X_
7ÆÌtWO
U`KVS^_
Z\YMO]Ó
K
U`KVS^_
Z\YN_U^Ó
ZY
K
WÆ]tMtMR
ZY_t`nXt
`Yd_
dnUKdXtUOW
-Y
]O
^ÂO
``YTO
U`KVS^c
Z\Y
N_U^Ó
T]WO
ZY
WÆ]tÂXtW
ZY_t`nXt
`Yd_
WÆVS
`
\YMO
##
MOVUOW
"
dn`KN
XK
`Ód
.XO]
]O
ZYRcL_TOWO
XK
y\Y`XS
dn`KNc
XK
`Ód
ZÌS
]^nVO
\Y]^Y_MtW
ZYÂ^_
`c\nLÆXMR
K_^
=
^tW^Y
ZYN]^K^XW
dVOZOXtW
XKZÌtÂ
MOVY_
Z\YN_U^Y`Y_
ZKVO^Y_
T]WO
]S
`cNYLcVS
ZYdSMS
U^O\n
TO
]\Y`XK^OVXn
]
UYXMO\XY`WS
dXKÂUKWS
=O
dVOZOXtW
_UKdK^OVÓ
U`KVS^c
]O
dn\Y`OÊ
`c`tTt
S
]ZYUYTOXY]^
dnUKdXtUÓ
>Y
TO
dÌO^OVXÆ
`SNÆ^
UNc
ZY\Y`XnWO
`]VONOU
]ZYUYTOXY]^S
dnUKdXtUÓ
d
\YU_
##
U^O\n
ÂSXSVK
!
]
NXO
XtW
`]VONUOW
#
3
`
^r^Y
YLVK]^S
T]WO
NY]nRVS
ZYN]^K^XrRY
dVOZOXt
8OT]WO
`KU
TO^Æ
`
MtVS
-RMOWO
]O
`O
]ZYUYTOXY]^S
dnUKdXtUÓ
NY]^K^
WOdS
^ÌS
XOTVOZt
dXKÂUc
XK
`OMR
^\dtMR
5@+63>+
59.+
‹
7C=6>/
=3
/
=/
>/8>9
:94/7
7»/
?
D›5+D85»
D+>
+
3./8>30359@+>
@
>97
8/46/:7
=69@+
=7C=6?)
?\ÂS^Æ
UYNK
dXKWOXn
U`KVS^_
>\KX]PY\WKMO
U^O\Y_
dXKÂUK
`
ZY]VON
XtMR
VO^OMR
Z\YVK
TO
TONXK
d
XOT\cMRVOTtMR
ZYdS^S`XtMR
dWÆX
SWKQO
`
K_^YWYLSVY`rW
Z\ÓWc]V_
U^O\n
XOWn
`
^r^Y
L\KXS
YLNYLc
:\Y
Xn]
TO
ZÌS^YW
`OVSMO
NÓVOS^r
KLc
^K^Y
dWÆXK
LcVK
NVY_RYNYLn
K
^\`KVn
@
K_^YWYLSVY`rW
Z\ÓWc]V_
`VnNXO
]SVXn
UYXU_\OXMO
5
^YW_
KLc
LcVY
WYXr
XK
^\R_
YL]^n^
TO
U`KVS^K
X_^XW
ZÌONZYUVKNOW
K
\YdRYN_TtMtW
PKU^Y\OW
DnUKdXtMS
T]Y_
]Y_NMS
^YRY^Y
UYXU_\OXÂXtRY
LYTO
K
TOTSMR
Xn
\YUc
XO_]^nVO
]^Y_ZKTt
+LcMRYW
d`SVS
]ZYUYTOXY]^
dnUKdXtUÓ
W_]tWO
TKUY
`\YLMO
`YdÓ
‹
`ÂO^XÆ
NYNK`K^OVÓ
‹
L^
\cMRVOTt
XO
UYXU_\OXMO
5
^YW_
TO
X_^Xr
NY]KRY`K^
ZO\WKXOX^XtRY
dVOZY`nXt
XK
`c]YUr
y\Y`XS
=ZYUYTOXY]^
K
VYKTKVS^K
dnUKdXtUÓ
L_NY_
`
L_NY_MX_
R\n^
\YdRYN_TtMt
\YVS
`
UYXU_\OXÂXtW
LYTS
‹
TO
^Y
X_^XY]^
Z\Y
ZÌOS^t
K
^tW
^KUr
XKO
SX`O]^SMO
NY
L_NY_MXY]^S
"
f ></8.
O^\XÆ
U
S`Y^XtW_
Z\Y]^ÌONt
@
=9?6+.?
=/
=@9?
=><+>/13
9-2<+8C
3@9>829
:<9=>µ/.
8+,D
=:96/®89=>
59.+
+?>9
µ+.?
@9D»
9D8+®/8-2
1<//8638/
5>/<›
8+,D
83
/73=/
-9
3
83
=:9>µ/,?
+5>?›68¬
D+2<8?4/
@9DC
0+,3+
9->+@3+
3
=?:/<,
4S
ZÌON
dKRnTOXtW
NS]U_]O
Y
UVSWK^SMUMR
dWÆXnMR
ZÌON]^K`SVK
UYNK
+_^Y
XK
K_^Y]KVYX_
`O
0\KXUP_\^_
`
\YMO
!
]`ÓT
ZÌt]ZÆ`OU
U
OUYVYQSS
,cVc
TSWS
WYNOVc
0KLSK
K
1KLSK
-YWLS
1\OOX6SXO
]
RY]ZYNn\XÆ
Z\KM_
TtMtW
WY^Y\OW
]
XtdUWS
OWS]OWS
UYNVS`SX
KVO
S
ZY_S^tW
WK^O\SnVÓ
MR\nXtMtMR
ZÌt\YNXt
dN\YTO
K
]
`\YLXtWS
Z\YMO]c
]
YZ^SWKVSdY`KXY_
]ZY^ÌOLY_
OXO\QSO
-tVOW
``YTO
LcVY
NY]KOXt
RYNXY^c
XOZÌO`c_TtMt
QUW
OWS]t
-9
K
^Y
LOd
`\KdXrRY
YWOdOXt
`LÆ\_
WSWYÌnNXMR
`LK`
:\Y
TOTt
NY]KOXt
]O
ZÌS]^Y_ZSVY
U
KO\YNcXKWSMUW
yZ\K`nW
UK\Y
]O\SO
LcV
]XtOX
ZYN`YdOU
K
ZÌOZ\KMY`nXY
LcVY
XK]^K`OXt
ÌtNSMt
TONXY^Uc
WY^Y\_
>.3
#
UA
K
LcVK
ZY_S^K
_Z\K`OXn
ZÌO`YNY`UK
]
NOVtWS
ZÌO`YNc
5
y]ZY\nW
ZKVS`K
S
S`Y^Xt
Z\Y]^ÌONt
NnVO
XKZYWYRVY
]XtOXt
RWY^XY]^S
K
`cLK`OXt
ZXO_WK^SUKWS
]O
]XtOXW
`KVS`W
YNZY\OW
6YQY
1\OOX6SXO
VdO
XKVrd^
\Y`XÆ
`
WYNOVY`r
ÌKNÆ
9M^K`SK
4ORY
]\NMOW
TO
dMOVK
XY`
WY^Y\
>.3
-<
.:0
TORY
OWS]O
-9
NY]nRVc
RYNXY^
U^O\r
LcVc
Z\Y
``YT
NOPSXY`nXc
TKUY
MtVY`r
@]VONUOW
TO
ZY_RMR
QUW
OWS]t
-9
`
UYWLSXY`KXrW
McUV_
MY
YNZY`tNn
UYWLSXY`K
Xr
]ZY^ÌOLÆ
VS^\_
XKP^c
XK
USVYWO^\Ó
.tUc
`]^ÌSUY`nXt
MYWWYX
\KSV
]O
Â^cÌ`nVMY`
KQ\OQn^
`cdXKÂ_TO
^SMRW
MRYNOW
K
]SVXW
dn^KROW
=
`UYXOW
!!
UA
UYXt
K
WKbSWnVXtW
^YÂS`W
WYWOX^OW
8W
></8.
f #
YZ^SWKVSdKMO
WYNOV_
4OWXr
yZ\K`c
ZÌtNÆ
dVOZ_Tt
YL^rUnXt
`dN_MR_
UYVOW
`Yd_
=XtOXt
UK\Y]O\SO
Y
WSVSWO^\Ó
dWOX_TO
ÂOVXt
ZVYMR_
`Yd_
K
dVOZ_TO
KO\YNcXKWSU_
Z\Y_NÆXt
ZYN
`YdOW
.ÓVOS^r
LcVY
S
]XtOXt
RWY^XY]^S
`Yd_
TONXYN_MRWS
YZK^ÌOXtWS
8KZÌtUVKN
Wt]^Y
]^KXNK\NXtRY
XnR\KNXtRY
UYVK
`
dK`KdKNVY`rW
Z\Y]^Y\_
TO
U
NS]ZYdSMS
]Y_Z\K`K
Z\Y
XY_dY`r
YZ\K`c
ZXO_WK^SU
.KVtWS
YZK^ÌOXtWS
U^O\n
\YdRYN_Tt
Y
]XtOXt
]ZY^ÌOLc
ZYRYXXMR
RWY^
`O\dO
1\OOX6SXO
TO
]r\SY`n
WYX^n
ZXO_WK
^SU
]
XStW
`KVS`W
YNZY\OW
NOVt
ZÌO`YNY`r
ZYWÆ\c
]XS_TtMt
Y^nÂUc
WY^Y\_
ZÌS
MO]^Y`XtMR
\cMRVY]^OMR
K
yZ\K`c
Z\YQ\KW_
ÌtNSMt
TONXY^Uc
WY^Y\_
8Y`n
UYNK
=_ZO\L
ZK^Ìt
WOdS
Z\`Xt
`Ydc
]^ÌONXt
^ÌtNc
XK
O`\YZ
]UrW
^\R_
U^O\r
XKLtdOTt
`O\dS
]O
]XtOXY_
]ZY^ÌOLY_
ZKVS`K
®^cÌ`nVOM
#
>.3
:.
.:0!!
UA
UYXt
]ZY^ÌOL_TO
`
UYWLSXY`KXrW
\OSW_
VS^\Ó
XKP^c
XK
UW
MY
YNZY`tNn
RYNXY^Æ
OWS]t
Q
-9
XK
USVYWO^\
4ONXn
]O
Y
TONOX
d
Z\`XtMR
`YdÓ
^r^Y
UK^OQY\SO
U^O\
]O
RYNXY^Y_
OWS]t
-9
NY]^KV
ZYN
NYL\Y`YVXÆ
]^KXY`OXY_
R\KXSMS
QUW
3@9>8
:<9=>µ/.8
/>µ
8/4/8
79>9<C
@Ydc
1\OOX6SXO
dNKVOUK
XOT]Y_
TONSXW
^rWK^OW
U^O\W
]O
K_^YWYLSVUK
`
]Y_`S]VY]^S
]
OUYVYQSt
dKL`n
:YNWtXUY_
^\`KVO
_N\S^OVXrRY
\Yd`YTO
]U_ZSXc
UYNK
+_^Y
TO
^Y^S
dKMRY`nXt
NVY_RYNYLr
\Y`XY`nRc
WOdS
]Pr\K
WS
OUYXYWSMUY_
]YMSnVXt
K
S`Y^XtRY
Z\Y]^ÌONt
˜@tMO
XO
]^YVO^n
^\KNSMO
`\YLc
K_^YWYLSVÓ
dXKWOXn
Z\Y
]ZYVOÂXY]^
UYNK
+_^Y
ZÌONO`tW
]^Y
VO^
MOXXMR
dU_OXY]^t
@]VONUOW
TO
`c]YUn
U`KVS^K
`YdÓ
UYNK
D
^r^Y
^\KNSMO
KVO
ZVcXO
^KUr
dYNZY`ÆNXY]^
`ÓÂS
`OW
Z\YMO]ÓW
K
VSNOW
_`XS^Ì
PS\Wc
S
`
TOTtW
YUYVt
_`ONV
`O
DZ\n`Æ
Y
^\`K
VO
_N\S^OVXrW
\Yd`YTS
ZÌON]ONK
ZÌON]^K`OX]^`K
<OSXRK\N
4_XQ
˜>_^Y
]ZYVOÂOX]UY_
YNZY`ÆNXY]^
T]WO
]S
ZY]^K`SVS
XK
^ÌS
dnUVKNXt
ZSVtÌO
^\`KVO
_N\S^OVXrRY
\Yd`YTO
PS\Wc
‹
OUYXYWSMU
]YMSnVXt
K
S`Y^Xt
Z\Y]^ÌONt
?]S
V_TOWO
Y
^Y
KLc
UKN
Xn
`Ód
ZÌSXnOV
]`rW_
WKTS^OVS
WKbSWnVXt
_S^XY_
RYNXY^_
K
LcV
ZÌS^YW
O^\X
`ÓÂS
S`Y^XtW_
Z\Y]^ÌONt
UYNK
+_^Y
Z\Y^Y
`c`tTt
`Ydc
K
KQ\OQn^c
`cdXKÂ_TtMt
]O
`c]YUY_
U`KVS
^Y_
O^\XY]^t
U
S`Y^XtW_
Z\Y]^ÌONt
K^\KU^S`XtW
XKNÂK]Y`W
NO]SQXOW
K
WXY]^`tW
MRc^\MR
^OMRXSMUMR
SXY`KMt
XKZVÊ_TtMtMR
ZÌnXt
dnUKdXtUÓ
9MR\KXK
S`Y^XtRY
Z\Y]^ÌONt
TO
NÓVOS^W
U\S^r\SOW
ZÌS
``YTS
`YdÓ
K
KQ\OQn^Ó
UYNK
+_^Y
]`r
Z\YN_U^c
UYX^SX_nVXÆ
dVOZ_TO
ZÌONO`tW
`
YLVK]^OMR
YMR\KXc
Y`dN_t
K
UVS
WK^_
O^\XrRY
`c_t`nXt
dN\YTÓ
K
YMR\KXc
dN\K`t
ZÌS
#WSX
XKLtdt
9M^K`SK
1\OOX6SXO
TtdNXt
`UYXc
`tMO
XO
ZÌSWÆÌOXr
TOTt
^ÌtNÆ
0SV^\
ZO`XMR
Ân]^SM
TO
]^KXNK\NXt
]Y_Ân]^t
`P_UY`rRY
ZY^\_Lt
K
NYZVÊ_TO
Z\`Uc
`LK`c
]
ZYdS
^S`XtW
NYZKNOW
XK
S`Y^Xt
Z\Y]^ÌONt
¡Z\K`c
K
YWOdOXt
`
]OdXKW_
]^KXNK\NXt
S
WSWYÌnNXr
`LK`c
ZYWnRKTt
_N\O^
ZYRY^Y`Y]^Xt
RWY^XY]^
WYNOV_
9M^K`SK
1\OOX6SXO
XK
XtdUr
y\Y`XS
.tUc
^YW_
W_]t
ZYRYXXn
TON
XY^UK
_`r]^
NY
ZYRcL_
WOXt
YLTOW
RWY^c
@ONVO
^YRY
dKTSÐ_Tt
KO\YNc
XKWSMUr
dWÆXc
XK
ZYN`YdU_
VOZt
YL^rUnXt
`dN_MR_
K
WYX^n
ZXO_WK^SU
]O
]XtOXW
`KVS`W
YNZY\OW
\ON_U_TO
]tVc
ZY^ÌOLXr
Z\Y
d\cMRVOXt
\O]Z
Z\Y
_N\OXt
`ct
\cMRVY]^S
`Yd_
=^\KXY_
XOdÓ]^KVK
KXS
`VKTUY`n
VYÃ
^KUO
NXO]
TO
XK
^\R_
S
=_ZO\L
1\OOX6SXO
DnUVKNOW
Z\Y
NY]KOXr
y]ZY\c
]ZY^ÌOLc
TO
KO\YNcXKWSMUn
=ZYVOÂXY]^
UYNK
+_^Y
]`W
dnUKdXtUÓW
XKLtdt
LOXdSXY`r
K
NSO]OVY`r
WY^Y\c
]ZVÊ_TtMt
ZÌt]Xr
OWS]Xt
VSWS^c
/`\YZ]Ur
_XSO
=c]^OWK^SMUc
Z\KM_TO
XK
NKVtMR
YZK^ÌOXtMR
`
\nWMS
KQ\OQn^Ó
ÌtNtMtMR
TONXY^OU
yZ\K`
ZÌO`YNY`MR
]^_ZÊÓ
dVOZOXt
KO\YNcXKWSUc
`Yd_
]XtOXt
RWY^XY]^S
K
`c_S^t
KV^O\XK^S`XtMR
ZKVS`
+VO
S
`\YLK
`YdÓ
ZÌON]^K`_TO
`Nc
WSXSWnVXt
dn^Æ
Z\Y
S`Y^Xt
Z\Y]^ÌONt
0S\WÆ
]O
NKÌt
`ÂK]XW
K
NÓ]VONXW
ZVXÆXtW
ZYKNK`UÓ
dZÌt]Ê_TtMt
]O
VOQS]VK^S`c
K
dn`KdUÓ
NOUVK\Y`KXMR
`
:YVS^SMO
]ZYVOÂXY]^S
UYNK
+_^Y
XKZVÊY`K^
]^\K^OQSS
^\`KVrRY
dVOZY`nXt
YMR\KXc
S`Y^XtRY
Z\Y]^ÌONt
K
ZVXS^
`OMRXc
dnUYXXr
VSWS^c
K
ZY`SXXY]^S
`
^r^Y
YLVK]^S
.YUVKNOW
TO
dt]UnXt
MO\^SPSUn^_
Z\Y
]c]^rW
OX`S\YXWOX^nVXtRY
ÌtdOXt
ZYNVO
MOVY]`Æ^Y`Æ
ZVK^Xr
XY\Wc
3=9
$
XK
NKVt
^ÌtVO^r
YLNYLt
ZÌS
Z\YNV_Y`KMtW
K_NS^_
`
dn`Æ\_
\YU_
!
K
NnVO
]U_^OÂXY]^
O
Tt
XOLcVK
Y\QnXc
]^n^Xt
]Z\n`c
f ></8.
dK
ZY]VONXtMR
ZÆ^
VO^
_NÆVOXK
]KXUMO
Z\Y
XOZVXÆXt
ZY`SXXY]^t
`
YMR\KXÆ
S`Y^XtRY
Z\Y]^ÌONt
KXS
]
Xt
XOLcVY
`ONOXY
]Z\n`Xt
ÌtdOXt
U
YN]^\KXÆXt
XONY]^K^UÓ
`
^r^Y
YLVK]^S
UKLOVc
^YXO\c
]Vr`n\OX]Ur
Zt]Uc
ZVK]^c
K
ZVK]^Y`r
PvVSO
D`Vn^Xt
ZYdY\
XY]^
LcVK
`
ZY]VONXtMR
VO^OMR
`ÆXY`nXK
]OZK\Y`KXrW_
]LÆ\_
YZÆ^Y`Xr
W_
`c_S^t
WK^O\SnVÓ
d
XO`\K^XMR
YLKVÓ
K
UKXMOVnÌ]UrRY
ZKZt\_
@
YLVK]^S
YNZKNÓ
]ZYVOÂXY]^
UYNK
+_^Y
NVY_RYNYLÆ
_ZVK^Ê_
TO
]^\K^OQSS
U^O\n
TO
dKWÆÌOXK
`
Z\`Xt
ÌKNÆ
XK
ZÌONMRndOXt
TOTSMR
`dXSU_
NnVO
XK
]XtOXt
TOTSMR
YLTOW_
K
XOLOdZOÂ
XMR
`VK]^XY]^t
K
XK
_ZÌONXY]^XÆXt
TOTSMR
`c_S^t
>OZ\`O
ZYU_N
^Y^Y
XOXt
WYXr
Z\YLtRn
YN]^\KXÆXt
YNZKNÓ
dZÓ]YLOW
XOTO^\XÆTtW
Z\Y
S`Y^Xt
Z\Y]^ÌONt
¡ÂSXXY]^
]^\K^OQSO
VdO
NYU_WOX^Y`K^
XK
``YTS
WXY]^`t
`cZ\Y
N_UY`KXMR
YNZKNÓ
LOd
UY`Ó
`
ZÌOZYÂ^_
XK
`c\YLOX
`Ód
DK^tWMY
`
\YMO
##!
ÂSXSV
^OX^Y
_UKdK^OV
"
UQ`Ód
`
\YMO
!
]O
TONXKVY
TS
Y
ZY_RMR
#
UQ`Ód
D
MOVUY`rRY
WXY]^`t
YNZKNÓ
U^O\r
LcVY
`
\YMO
!
`cZ\YN_UY`nXY
]UYXÂSVY
XK
]UVnNUnMR
K
`O
]ZKVY`XnMR
ZY_dO
@Æ^SXK
YNZKNÓ
`ÂO^XÆ
UY`Ó
LcVK
NnVO
`c_S^K
4ONXn
]O
XKZÌtUVKN
Y
]UVY
ZKZt\
YNZKNXt
YVOTO
ÌONSNVK
@
ZY]VONXtMR
VO^OMR
]O
K_^YWYLSVMO
NKÌt
`dXKWXÆ
]XSY`K^
OWS]O
NY
Y`dN_t
XOTOX
`
ZÌOZYÂ^_
XK
`c\YLOX
`Ód
KVO
S
`
KL]YV_^Xt
`S
9N
\YU_
##!
K
NY
\YU_
!
LcVY
NY]KOXY
NtUc
`c_S^t
WYNO\XtMR
^OMRXYVYQSt
ZÌS
`\YLÆ
`tMO
XO
ZYUVO]_
Z\YN_UY`KXMR
OWS]t
7YNO\Xt
VKUY`Xc
UK\Y]r\St
`
7VKNr
,YVO]VK`S
K
5`K]SXnMR
`c_t
`KTt
`
\YdRYN_TtMt
WtÌO
`YNY_
ÌONS^OVXr
LK\`c
@dXSUKTtMt
OWS]O
^ÆUK`MR
Y\QKXSMUMR
Vn^OU
T]Y_
YN]^\KÊY`nXc
]ZKVY`nXtW
]ZYV_
]O
dOWXtW
ZVcXOW
K
_`YVÊY`KXr
^OZVY
TO
_t`nXY
U
YRÌO`_
7YNO\XSdKMO
OXO\QO^SMUMR
dN\YTÓ
K
R_^XtMR
Z\Y`YdÓ
ZÌS]ZÆVK
ZYN]^K^XW
dZÓ]YLOW
UO
]XtOXt
OWS]t
YbSN_
]SÌSÂS^rRY
YbSN_
N_]SÂS^rRY
^_RMR
dXOÂSÐ_TtMtMR
Vn^OU
K
YbSN_
_ROVXK^rRY
@9DC
1<//8638/
@C?@›
3
@6›.+
/UYVYQSMUr
`Ydc
UYNK
=_ZO\L
1\OOX6SXO
]O
YLTO`SVc
S
`O
]V_LnMR
ÂO]Ur
`VnNc
WSWY
TSXr
ZÌS
Xn`^Æ`Æ
KWO\SMUrRY
Z\OdSNOX^K
,K\KMUK
9LKWc
`
:\KdO
-OVUOW
!
`YdÓ
UYNK
=_ZO\L
1\OOX6SXO
LcVY
UYXMOW
LÌOdXK
dKZÓTÂOXY
`VnNÆ
Z\Y
yÂOVc
ZÌON]ONXSM^`t
®O]Ur
\OZ_LVSUc
/`\YZ]Ur
_XSS
@Ydc
T]Y_
_\ÂOXc
Z\Y
ZÌOZ\K`_
WSXS]^\Ó
K
NOVOQKMt
ÂVOX]UMR
dOWt
LÆROW
Z\KMY`XtMR
TONXnXt
XK
ydOWt
®O]Ur
\OZ_LVSUc
:\`Xt
KUMt
Z\Y
U^O\Y_
LcVc
OUYVYQSMUr
`Ydc
UYNK
`c_S^c
LcVY
dKTS^ÆXt
]_WWS^_
/??=+
U^O\
]O
_]U_^OÂXSV
`
N_LX_
`
:\KdO
˜4]WO
\nNS
O
OUYVYQSMUr
`Ydc
=_ZO\L
1\OOX6SXO
L_NY_
`c_S^c
S
ZÌS
Xn
`^Æ`Æ
Z\OdSNOX^K
?=+
,K\KMUK
9LKWc
U^O\
TO
dXnW
]`W
OUYVYQSMUW
ZÌt]^_ZOW
_`ONV
LÆROW
]VK`XY]^XtRY
ZÌONnXt
<KNOU
ZSMK\
`ONY_Mt
YNNÆVOXt
`XÆTtMR
`d^KRÓ
]ZYVOÂXY]^S
UYNK
+_^Y
K
NYNKV$
˜:YVS^SMUn
ZYNZY\K
`YdÓ
O^\XMR
U
S`Y^XtW_
Z\Y]^ÌONt
TO
Z\Y
TOTSMR
`Æ^t
\YdtÌOXt
`OVWS
NÓVOS^n
4]WO
Z\Y^Y
\nNS
O
WSXS]^ÌS
S`Y^XtRY
Z\Y]^ÌONt
/?
ZÓTNY_
ZÌtUVKNOW
K
TOTSMR
ZÌOZ\K`K
L_NO
dKTSÐY`nXK
OUYVYQSMUWS
K_^YWYLSVc
=>C6
3@9>
f
63.k
f
=:98D9<381
f
>9?<
./
0<+8-/$
=:94/8
=
6/1/8.9?
K\^XO\]^`t
]
XOT`Æ^tW
McUVS]^SMUW
:
]`n^UOW
\YU_
TO
TS
NVY_RY_
^\KNSMt
f
˜5</+>3@3>¬
@
./=318?
=/
7/D/
8/56+.9?
f
3@9>
=
95µ.6/87
:/7
@/
D8+5?
f
4+5
8+
®69@¬5+
:»=9,
<»D8k
,+<@C)
O]SQXr\
4YdOP
5KLKÊ
LcV
dYNZY`ÆNX
.
WSWY
TSXr
dK
``YT
,_QK^^S
@Oc\YX
8cXt
TO
rPNO]SQXr\OW
UYNK
+_^Y
SVY`XtU
K
]LÆ\K^OV
`O^O\nXÓ
dn`YNXtU
KVO
7
RVK`XÆ
VOQOXNn\Xt
Z\YNOTMO
^Y
TO
dVtX]U
ZYNXSUK^OV
+VYS]
=KWYRV
OZ^n^OVS
]O
W_O
ZY
TKUrW
K_^Æ
^Y_t
D
_`ONO
dÌOTWÆ
UYXU\r^Xt
WYNOV
OXK
NYNn$
˜2VK`XÆ
KLc
LcVY
WYN\r
f =>C6
˜5\OK^S`S^Æ
`
NO]SQX_
]O
WOdO
XSUNc
XOUVKNY_
./=318k<
49D/0
5+,+²
7›
D+
=/,9?
-/69?
µ+.?
7/D38›<9.8-2
D5?/89=>
+
.69?296/>9?
:<+B3
@
598-/<8?
@965=A+1/8
5./
,C6
D9.:9@¬.8
D+
@@94
79./6?
,?1+>>3
@/C<98
+
:9>k
:»=9,36
4+59
@/.9?-
-/8><+
:<9
./=318
/B>/<3k<?
@9D»
+?.3
9.
¡89<+
69²=5k29
<95?
=/
@<›>36
.9
®/=5k
</:?,635C
5./
4/
D9.:9@¬.8
D+
./=318
D8+®5C
59.+
5.C
4=>/
=/
.9D@¬.¬6
/
4=>/
=/
=>+6
89@7
k0./=318k</7
D8+®5C
59.+
+
4+5›
,C6+
@+/
:<@8
</+5-/)
:<+-9@+6
4=>/
:<9
8¬59635
D8+®/5
598-/<8?
@A
®7
4/
5+.›
D
83-2
:<9
@›=
D+47+@›
+
=:/-303-5›)
,cVY
^Y
XK
^O]^Y`KXt
Z\Y^Y^cZÓ
UNO
WS
rPNO
]SQXr\
UYXMO\X_
@A
AKV^O\
NO
=SV`K
YdXnWSV
O
]O
]ZYV_
]
`ONOXtW
UYXMO\X_
\YdRYNVS
ZY`ÆÌS^
^tW^Y
yUYVOW
Z\n`Æ
WÆ
@OVWS
WÆ
^Y
ZY^ÆSVY
S
U`ÓVS
^YW_
O
T]OW
`c\Ó]^KV
`
L`KVrW
®O]UY
]VY`OX]U_
K
dXKÂUK
UYNK
WS
LcVK
`OVWS
LVtdUn
5KNn
d
^ÆMR
dXKÂOU
Wn
XÆMY
NY
]OLO
K
`OMR
Xc
Â^cÌS
Z\Y
WÆ
RYNXÆ
dXKWOXKTt
@YVU]aKQOX
LcV
WW
Z\`XtW
\OnVXW
U\YUOW
`
K_^YWY
LSVY`rW
NO]SQX_
K
`OVUY_
UYVY_
@c\nLt
K_^K
U^O\n
NYUnt
_]ZYUYTS^
K
XKNMRXY_^
S\YUr
]ZOU^\_W
dnUKdXtUÓ
,_QK^^S
WS
_WYXSVY
Z\KMY`K^
`
yZVXÆ
TSXMR
NSWOXdtMR
`dRVONOW
U
TORY
Ob^\K`KQKXMS
K
XKNÂK]Y`Y]^S
+_NS
TO
]cXYXcWOW
Z\Y
Z\OMSdXt
K
NYUYXKV
Z\YN_U^
]
NÓ\KdOW
XK
U`KVS^_
WK^O\SnVÓ
K
YR\YWXY_
Z\YZ\KMY`KXY]^
NO^KSVÓ
UYNK
Z\Y
WÆ
dXKWO
Xn
]ZYTOXt
RYNXY^
TKUY
U`KVS^K
U\OK^S`S^K
P_XU
MO
‹
Nn^
dnUKdXtUY`S
K_^Y
U^O\r
TO
`tMO
XO
TOX
NYL\
Z\YN_U^
dK
NYL\Y_
MOX_
5_]
S`Y^XtRY
]^cV_
VOZt
ZYMS^
VOZt
NOX
D8+7/8›
0?85-/
k0./=318k<+
@-/
7+8+/<=5k
8/,9
./=318k<=5k
:<›-/)
4O
^Y
]KWYdÌOTWÆ
`tM
WKXKO\]Ur
Z\nMO
KVO
S
ZÌS
^YW
W_]t^O
L^
WKbSWnVXÆ
U\OK^S`Xt
K
Wt^
NY
UYXKV
ZÌORVON
5KNYZnNXÆ
dnVOt
XK
ÂVY`ÆU_
UNO
K
TKU
`SNt
XnZVÊ
]`r
Z\nMO
:\Y
WÆ
TO
NÓVOS^n
U\OK^S`S^K
NtUc
Xt
WYR_
Y`VS`XS^
TKUW
]WÆ\OW
]O
L_NO
^OX^Y
``YT
NnVO
_Lt\K^
4O
^Y
\Y`XY`nRK
WOdS
U\OK^S`S^Y_
K
Y\QKXSdY`nXtW
KVO
]XKN
XOT
`tM
dnVOt
XK
^W_
VSNt
]O
U^O\WS
Z\KM_TO^O
/B3=>?4
:µ/=8¬
=>+89@/8k
2<+83-/
:<9
./=318
+?>979,36»
59.+)
4/
?<®/8
5985<k>8
=7¬<
5>/<7
,C
=/
7¬6
?,<+>
./=318
@9D»
=
>9?>9
D8+®59?)
5KNn
dO
dXKÂOU
`
UYXMO\X_
Wn
]KWYdÌOTWÆ
]`YTS
yVYR_
UYNK
]^YTt
XK
ZO`XMR
dnUVKNOMR
Wn
]`YTS
ZY
Vr^K
]c]^OWK^SMUc
L_NY`KXY_
ZYdS
MS
U^O\n
TS
ZÌON_\Â_TO
Z\Y
NKVt
U\OK^S`Xt
``YT
+
U\OK^S`S^Æ
]O
WOdO
XSUNc
XOUVKNY_
TOX
`]VO
NOU
W_]t
Nn`K^
]Wc]V
Dµ/47¬
7?=
,>
8›<9®8k
8+@<29@+>
+?>+
5>/<›
=/
5/
=5?>/®87
D›5+D85»7
.9=>+89?
+
D+
8¬59635
6/>
4+5
4/
798k
9.2+.89?>
-9
,?./
D+
:›<
6/>
79./<8
+
5./
5
>97?
26/.›>/
38=:3<+-3)
4O
]SMO
Z\K`NK
O
XK`\OXn
K_^K
ZÌSMRndOTt
XK
^\R
K
Y
Zn\
VO^
ZYdNÆTS
K
TO^Æ
ZY^r
W_]t
L^
NVY_RY
y]ZÆXn
KVO
]^OTXr
ZYNWtXUc
Wn
S
UYX
U_\OXMO
7W
MtVOW
K
WYXn
S
MtVOW
UKNrRY
NO]SQXr\K
TO
`c^`YÌS^
Z\YN_U^
U^O\
Lc
NYUndKV
XK
VSNS
ZÓ]YLS^
NrVO
U^O\
Lc
NYUndKV
XKNMRXY_^
=>C6
f @9DC
59.+
@
<9-/
""
5
"
`\YÂt
\_]UrRY
WY^Y\S]^SMUrRY
WKQKdtX_
DK
\_VTYW
`dXSUVK
]r\SO
]USM
MOVr
ÌKNc
K_^YWYLSVY`MR
dXKÂOU
TKU
ZYNVO
XSMR
L_NY_
`cZKNK^
TOTSMR
`Ydc
`
\YMO
""
+_^Y\OW
ZYNYLc
<YYW]^O\_
K
=_ZO\L_
dK
"
VO^
LcV
P\KXMY_d]U
NO]SQXr\
d
®O]KXc
@S`SOX
7K\^SXKQO
@O
]`Æ^Æ
U^O\
L_NO
Wt^
WSVSK\N
YLc`K^OV
L_NO
VSN]^`Y
t^
`
YL\Y`]UMR
WÆ]^OMR
XOLY
NKVOUY
XK
`OXUY`Æ
,_NO
SX^OXdS`XÆ
`c_t`K^
^OMRXYVYQSO
>c
L_NY_
ZÌn^OV^ÆTt
]XKNXY
NY]^_ZXr
K
L_NY_
ÂVY`ÆU_
XKZYWnRK^
t^
`
RK\WYXSS
]
ZÌt\YNY_
/UYVYQSO
L_NO
YXY_
`OVUY_
\O`YV_Mt
LÆROW
ZÌt^tMR
Y]WNO]n^S
VO^
6SNr
]O
XK_Ât
MR\nXS^
ZÌt\YN_
K
\Yd`tTO^
XY`r
RY]ZYNnÌ]^`t
dKVYOXr
XK
]`ÆNYWS
^rW
`c_t`nXt
ZÌt\YNXtMR
dN\YTÓ
/UYNO]SQX
ZÌSXO]O
XY`r
^`K\c
dKVYOXr
XK
Y\QKXSMUMR
K
]cWLSY^SMUMR
PY\WnMR
+_^YWYLSVc
L_NY_
]Y_Ân]^t
^r^Y
O`YV_MO
UYNK
+_^Y
Z\Y^Y
`c`SX_VK
N`K
`Ydc
U^O\r
WKTt
SV_]^\Y`K^
`SdS
\YU_
""
K
LcV
XKNÂK]Y`
-RMOWO
Nn^
dnUKdXtUY`S
^KUY`r
K_^Y
KLc
]`r
SX`O]^SMO
XOVS^Y`KV
-Y
]O
^Un
SX
]ZS\KMO
TOTtMR
dN\YTÓ
TO
WXYRY
6SNr
]`Æ^
`ÆMS
KVO
S
RS]^Y\SO
dXKÂUc
K
XY`r
^OMRXYVYQSO
>c^Y
`XÆTt
ZYNXÆ^c
T]Y_
`KU
TOX
NYZVÊUOW
U
NO^KSV
XtW_
Z\ÓdU_W_
K_^YWYLSVY`rRY
^\R_
:\`Xt
d
XSMR
UYNK
=_ZO\L
TO
_\ÂOX
YLc`K^OVÓW
`OXUY`K
K
U
NVY_RW
MO]^nW
=`\MRXt
ZK\^SO
`Yd_
^`YÌt
XKXY^OMRXYVYQSMUr
WK^O\SnVc
5K\Y]O\SO
TO
^`K\Y`nXK
Z\Y_NÆXtW
`dN_MR_
UNc
TO
`YdSNVY
`
ZYRcL_
^KUO
UYOPS
MSOX^
YNZY\_
`dN_MR_
TO
`OVWS
XtdU
.tUc
RVK`Xt
MRK\KU^O\S]^SMO
WY^Y\_
`c\YLOXrRY
dO
]_Z\K`YNS`MR
WK^O\SnVÓ
]O
K_^YWYLSV
`dXnt
dK
ZYWYMS
WKQXO^SMUrRY
ZYVO
dOWÆ
.Y
ZYRcL_
TO
ZKU
`Ód
_`nNÆX
]
ZYWYMt
ZVK
MRO^
=^OTXÆ
TKUY
`OMRXc
XnWYÌXt
VYNÆ
`
\YMO
""
-9
=/
@›7
8+
=9?®+=8-2
79./6/-2
59.+
6,
+
5./
@3.>/
=5<C>
:9>/8-3›6
5+7
,C=>/
@
-2>¬6
D8+®5?
:9=?89?>)
4OTSMR
TONXYN_MRY]^
ÂS]^Y^K
^`K\Ó
K
TONSXOÂ
X
MRK\KU^O\
]VKNÆX
]
P_XUÂXY]^t
U`KVS^Y_
S
MOXY_
+Ð
_
TO
^Y
Z\`Xt
K
N\_Rn
QOXO\KMO
0KLSO
K
9M^K`SO
YN`nX
U\YU
TKUY
TO
<YYW]^O\
K
CO^S
XOLY
XnZKNS^r
ZYTO^t
=_ZO\L_
8OdKZÌY_
U_]
ZYM^S`r
Z\nMO
KVO
S
]XKR_
L^
˜]SWZVc
MVO`O\
Nn^
dnUKdXtUY`S
K]ZYÊ
TONXY
N`Æ
SUY`Xn
ÌOOXt
XK`tM
+
MY
]O
^Un
L_NY_MXY]^S)
8KtW
MtVOW
TO
KLc
K_^K
U^O\n
^`YÌtWO
LcVK
`tM
XO
TOX
ZVOMR
KLc
`
]YLÆ
XO]VK
S
XÆMY
d
U_V^_\c
]`rRY
Xn\YNK
KLc
LcVY
Mt^S^
XKNOXt
VSNt
U^OÌt
TO
^`YÌt
.\_R
d
`YdÓ
UYNK
<YYW]^O\
TO
WÆ]^]Ur
`Ydt^UY
_\ÂOXr
Z\Y
U\n^Ur
K
YLMRYNXt
MO]^c
4ORY
]^cV
TO
SX]ZS\Y`nX
]`Æ^OW
\cL
@dXnOXt
`YdSNVK
TO
dKTSÐY`nXY
]^OTXW
dZÓ]YLOW
TKUY
_
=_ZO\L_
:Y`\MR
K_^K
TO
`c\YLOX
d
ZÌt\YNXtMR
`VXÆXMR
`VnUOX
MY
`c^`nÌt
]^K^SMUY_
OVOU^ÌSX_
@
UYX^KU^_
]
`YNY_
]O
^K^Y
OVOU^ÌSXK
]^n`n
dN\YTOW
ZYRYX_
@
UYX^KU^_
]O
`dN_MROW
]O
WÓO
dKNXt
Ân]^
<YYW]^O\_
YRLK^
K
ÌtNS^
RY
ZYNYLXÆ
TKUY
\cLK
UY\WSNV_TO
YMK]OW
.tUc
XKXY^OMRXYVYQStW
TO
^OX^Y
`Ód
`OVWS
VORU
]SVX
ZO`X
YNYVX
K
Z\Y
]`r
ZK]Kr\c
LOdZOÂX
f =>C6
>Y_\
NO
0\KXMO$
=ZYTOXt
]
VOQOXNY_
=>C6
f 59.+
+?>9
=:98D9<?4/
,6
><359>
:+<>8/<=>@
=
>9?<
./
0<+8-/
4/
:<9
=:96/®89=>
59.+
+?>9
43
@/659?
><+.3-
4./
9
=C7,963-5k
=:94/8
@.C¸
=:96/®89=>
6+?<38
+
56/7/8>
D+®8+6+
@
:µ/.738?6k7
=>96/>
:<›@¬
4+59
@<9,-/
4D.8-2
596
>\KNSÂXtW
`\MRYVOW
McUVS]^SMUr
]SVXSÂXt
]OdYXc
L_NO
VO^Y]
# \YÂXtU
]VK`Xr
>Y_\
NO
0\KXMO
`
^O\WtX_
YN
NY
ÂO\`OXMO
8OT^Æt
McUVS]^SMU
dn`YN
L_NO
Wt^
TONXKN`KMO^
O^KZ
XK
McUVS]^c
ÂOUn
LÆROW
^Ìt
^NXÓ
MOV
UOW
USVYWO^\Ó
:ÌONZYUVnNn
]O
O
Y
`t^ÆdS
]O
\YdRYNXO
K
ZÌONZY
]VONXt
NOX
dn`YN_
UNc
TO
XK
Z\YQ\KW_
]^Y_ZnXt
XK
`\MRYV
7YX^
@OX^Y_b
˜4NO
Y
WSWYÌnNXY_
_NnVY]^
N\^S`n
`Æ^SXK
WSX_VMR
\YÂXtUÓ
>Y_\
WÆVK
\YdRYN_TtMt
RY\]Ur
O^KZc
dR\_LK
_Z\Y]^ÌON
VO^Y]
^Y
L_NO
N\KWK
YZ\K`N_
K
NY
UYXMO
ÌtUn
=SWYXK
>YWKXY`n
d
YNNÆVOXt
WK\UO^SXQ_
U^O\n
Wn
]ZYXdY\SXQ
McUVS]^SUc
XK
]^K\Y]^S
>Y_\
YN]^K\^_TO
ÂO\`OXMO
ZYZ\`r
`
RS]
^Y\SS
`
7YXKU_
UNO
]O
ZYTONO
ÂK]Y`UK
XK
ZK^XnM^
USVYWO^\Ó
Dn`Æ\OÂX
NtV
^\KNSÂXÆ
UYXÂt
XK
ZKÌt]UMR
/Vc]OT]UMR
ZYVtMR
ÂO\`OXMO
˜9\QKXSdn^Y\ÓW
YZÆ^
NYNnWO
YPSMSnVXt
PVY^SV_
`YdÓ
ÂO\`OXW
=_ZO\
LOW
L_NO
^\KNSÂXÆ
TOdNS^
ÌONS^OV
dn`YN_
ÌtUn
=SWYXK
>YWKXY`n
˜:YZ\`r
`O
0\KXMSS
dNO
ZÌON]^K`tWO
S
XY`
WYNOV
CO^S
TORY
NO]O^
ObOWZVnÌÓ
L_NO
TOdNS^
`
\OUVKWXt
UYVYXƍ
5\YWÆ
^YRY
TO
ÂO]Un
dXKÂUK
^\KNSÂ
XÆ
ZK\^XO\OW
ÌKNc
Z\YPO]SYXnVXtMR
^WÓ
6O^Y]
ZY_t`KTt
`Ydc
UYNK
^Wc
=SVOXMO6Y^^Y
,OVQSO
=KbY
,KXU
‹
3>
0KM^Y\c
.nX]UY
<KLYLKXU
8SdYdOW]UY
/_]UKV^OV/_]UKNS
ZKXÆV]UY
-YPSNS]
0\KXMKS]O
NO]
4/?B
0\KXMSO
-O\`OVY
`MK\]UY
7SV\KW
8ÆWOMUY
K
^Wc
XO_^\nVXt
^OMRXSMUr
K]S]^OXMO
=RSWKXY
K
7K`SM
UYNK
+_^Y
TO
NVY_RYNYLÆ
]ZYXdY\OW
LtVrRY
^\SUY^_
U^O\
TO
_\ÂOX
Z\Y
XOTVOZtRY
WVKNrRY
TOdNMO
U^O\
VONXK
\YU_
`
XÆW
]O
TONO
dn`YN
TO^Æ
XONY`\SV
VO^
8n\YU
XK
XÆT
]O
ZYÂt^n
d
Z\ÓLÆXMR
`]VONUÓ
]^OTXÆ
TKUY
TO
^YW_
_
V_^rRY
N\O]_
@
VYÊ]UrW
\YÂXtU_
dt]UKV
^OX^Y
N\O]
+XNc
=MRVOMU
d
6_MOWL_\]UK
d
^W_
-=-
=KbY
,KXU
Y
\YU
NÌt`O
ZKXÆV
+VLO\^Y
-YX^KNY\
d
.S]MY`O\c
-RKXXOV
Dn`YN
>Y_\
NO
0\KXMO
LcV
dKVYOX
`
\YMO
#
TKUY
Z\YZKQKÂXt
dn`YN
XY`SX
6+_^Y
ZÌONMRÓNMO
NXOXtRY
VS]^_
V/[_SZO
,cV
dK
^tW
UYXU_\OXÂXt
LYT
WOdS
`cNK`K^OVS
‹
VS]^
6O
:O^S^
4Y_\XKV
]ZYXdY\Y`KV
dn`YN
:KÌt
‹
,\O]^
K
dZÆ^
XY`SXc
6O
@rVY
Z\Y
dWÆX
dn`YN
,Y\NOK_b
‹
:KÌt
DKÂn^Uc
LcVc
]O
]Y_ÂK]XY]^t
XO]\Y`XK^OVXr
VY
Y
`c^\`KVY]^t
]Y_^Æ
TOdNMS
]ZKVS
UYVOW
MO]^
K
XO]WÆVS
ZÌSTWY_^
MSdt
ZYWYM
@
Z\`XtW
\YÂXtU_
`
\YMO
#
d`t^ÆdSV
7K_\SMO
1K\SX
ZY
O]^S
O^KZnMR
Y
MOVUY`r
NrVMO
"
UW
ZÌSÂOW
N\_Rr
RY
`
ZYÌKNt
6_MSOXK
:Y^RSO\K
ZY\KdSV
Y
N`Æ
RYNSXc
K
#
WSX_^
6YXS
ZY\KdSV
`t^ÆdX
-K\VY]
=K]^\O
-KNOVK
/`KX]O
Y
ZY_RMR
"
]OU_XN
ZY
O^KZnMR
f =>C6
5\nVY`r
>Y_\
RY\
S
]Z\SX^_
@
:/69>98?
>9?<
./
0<+8-/
:<+@3./68¬
@C835›
8¬59635
4/D.-»
=/
D@6›>873
@/673
-/8¬873
.</=C
,6
=:98D9<9@+8
=:96/®89=>
59.+
+?>9
:+>µ
@.C
8/46/:7?
¡®+=>859@3
.9
6/>
6?>
8›6/
8/46/:7?
-C563=>9@3
-/6k29
D›@9.?
D/6/8
8/46/:7?
=:<38>/<9@3
:?8>59@+8
8/46/:7?
@<-2+µ3‰
+6/
:<9®
@6+=>8¬)
=>C6
f !
:µ,¬2
6?>k29
><359>?
,cV
ZÌON]^K`OX
`
\YMO
##
K
TO
TONXtW
d
XOT`Æ^tMR
]cWLYVÓ
]`Æ^Y`rRY
]ZY\^_
8Y]S^
TOT
KVO]ZYÊ
TONOX
NOX
TO
ZYM^Y_
XK
U^O\Y_
nNX
TOdNOM
XOdKZYWOXO
@
dKÂn^MtMR
>Y_\
NO
0\KXMO
LcVY
XOT`Æ^tW
Z\Y
LVrWOW
PKXY_UÓ
TKU
ZYdXK^
`
ZOVY^YX_
^YRY
XOTVOZtRY
Z\ÓLÆXÆ
`ONY_MtRY
TOdNMO
µOOXt
XKOV
`
\YMO
##
dKUVKNK^OV
dn`YN_
2OX\S
.O]Q\KXQO
U^O\
XOMRKV
_t^
^\SUY^
]^OTXr
LK\`c
TKUY_
WÆVc
TORY
]ZY\^Y`Xt
XY`SXc
6+_^Y
U`ÓVS
TOTSMR
Z\YZKQKMS
LcV
dn`YN
dKVYOX
:\`Xt
V_^
^\SUY^
LcV
_ZVO^OX
d
`VXc
K
TKUY
Z\`Xt
RY
YLVrUV
0\KXMY_d
/_QO
XO
-R\S]^YZRO
`
1\OXYLV_
LÆROW
`YVXrRY
NXO
ZY
O^KZÆ
/_QOXO
`ONV
dn`YN
YN
O^KZc
K
XY]SV
`ONY_Mt
^\SUY^
NYU_N
Y
XÆT
XOZÌSOV
`
ZÌON
ZY]VONXt
O^KZÆ
UNc
dVYWSV
`SNVSMS
_
]`rRY
UYVK
:Y
^NX_
ÂS
`tMO
]O
`Nc
d
>Y_\
`c^\K^SV
K
dKÂKV
UYVY`K^
`^SZ
O
]S
YNTtNt
`cVOZS^
]`r
YZnVOXt
XK
S^KV]Ur
ZVnO
8K
-RKW
Z]/Vc]rO]
]O
^Y^S
XOZYNt`KV
KXS
TONXY_
/\SU
DKLOV
LcV
XK
N\_RY_
]^\KX_
TOdNOM
U^O\
LcV
Z\Y
dOVOX
^\SUY^
]^`YÌOX
@
VO^OMR
## K
RY
dt]UKV
MOVUOW
O]^U\n^
>OX^Y
8ÆWOM
WYXn
XOWÆV
^KUY`Y_
]Z\SX^O\]UY_
]tV_
TKUY
-SZYVVSXS
KVO
`O
`OMR
Y]^K^XtMR
YRVONOMR
LcV
UYWZVObXÆTtW
TOdNMOW
U^O\
_WÆV
`cR\n`K^
TKU
UVK]SMUr
TONXYNOXXt
^KU
S
O]^SNOXXt
dn`YNc
8OTy]ZÆXÆTt
dOWt
d
RVONS]UK
N\S^OVÓ
dOVOXrRY
^\SUY^_
TO
,OVQSO
9N
\YU_
#
RY
McUVS]^r
^r^Y
dOWÆ
dt]UKVS
MOVUOW
Y]WXnM^U\n^
XKZY]VONc
`
\YMO
#""
/NNc
:VKXMUKO\^
+
d
^r^Y
dOWÆ
ZYMRndt
\Y`XÆ
TONOX
dO
N`Y_
TOdNMÓ
U^OÌt
NYUndKVS
dt]UK^
dOVOX
S
V_^
^\SUY^
XKTONXY_
‹
KXY
TO
^Y
]VK`
X
/NNc
7O\MUb
U^O\
`cR\nV
YLÆ
^\YPOTO
`
VO^OMR
# #
#!
K
#!
>tW
N\_RW
TO
ZÆ^SXn]YLX
`t^Æd
>Y_\
,O\XK\N
2SXK_V^
U^O\
]S
YLK
YN`OdV
NYWÓ
`
\YMO
#!#
5<›6
29<
7t^
XK
]YLÆ
V_^
N\O]
dXKWOXn
NY]^K^
]O
NY
`OMR
]`Æ^Y`MR
dZ\n`
K
K]ZYÊ
XK
MR`tVS
NY]nRXY_^
]Vn`c
5KN
]O
RY
Z\Y^Y
TOX
XO\KN
`dNn`n
DK
`OMRXc
ZÌtLÆRc
]
XtW
]ZYTOXr
TWOX_TWO
KVO]ZYÊ
^OX
d
\YU_
#"
@
^YW^Y
\YÂXtU_
>Y_\
NO
0\KXMO
RY
XY]SV
:K]MKV
=SWYX
U^O\
RY
dt]UKV
NtUc
`t^Æd]^`t
`
Xn\YÂXr
NO]n^r
O^KZÆ
ZÌO]
:c\OXOTO
NY
6_MRYX_
:K]MKV
LcV
NYL\
`\MRKÌ
K
NtUc
XOZÌt^YWXY]^S
PK`Y\SdY`KXrRY
,O\XK\NK
2SXK_V^K
WÆV
YL\Y`]UY_
KXMS
ZYU\KÂY`K^
`O
V_^rW
^\SUY^_
K
NY
:KÌtO
8n]VON_TtMtRY
NXO
WÆV
KVO
McUVS]^K
TONY_Mt
ZÌON
XtW
RK`n\SS
:K]MKV
_ZKNV
K
dVYWSV
]S
VO`Y_
VYZK^U_
8ORYNVKV
]O
KVO
`dNn^
˜4]OW
ZÌSZ\K`OX
^\ZÆ^
ÌOUV
5KNr
\nXY
TOT
YL`KdY`KVS
K
YZK^\XÆ
W_
ZYWnRKVS
NY
TORY
V_^rRY
^\SUY^_
:K]MKV
ZYU\KÂY`KV
NKVtMR
ZÆ^
O^KZ
K
XO]U_^OÂXÆ
^\ZÆV
UNcUYVS
XKTOV
XK
]OLOWOXt
R\LYV
XK
]SVXSMS
@
O^KZÆ
NY
6+VZO
N2_Od
_
KVO
XOWYRV
NnV
V_^
^\SUY^
dt]UKV
0SQXYX
U^O\
`cR\nV
S
MOVY_
>Y_\
KVO
dn`YN
L_NO
XK`Nc
dKZ]nX
NY
RS]^Y\SO
U`ÓVS
:K]MKVY`_
R\NSX]^`t
:µ,¬2
D/6/8k29
><359>?
9MOXÆXt
Z\Y
TOdNMO
U^O\
XK]Lt\n
XOT`tMO
LYNÓ
XK
UYXMtMR
O^KZ
K
LÆROW
\cMRVY]^XtMR
Z\rWSt
TO
ZY`KY`nXY
dK
N\_Rr
XOTZ\O]^SXÆTt
RXON
ZY
V_^rW
^\SUY^_
,YNc
Z\Y
XÆT
]O
XOZYÂt^KTt
d
RY\]UMR
Z\rWSt
K
ÂK]Y`OU
4O
^ONc
XOZ\K`NÆZYNYLXr
O
Lc
YLK
N\O]c
dt]UKV
]^OTX
dn`YNXtU
S
UNc
TKU
_`SNtWO
`TSWUc
ObS]^_Tt
+Lc
KVO
WYRV
TOdNOM
dt]UK^
dOVOX
^\SUY^
W_]t
^KUr
ZÌOt^
RY\]Ur
^\K]c
K
Wt^
NY]^
\OdO\`
XK
\Y`SXK^r
Ân]^S
XK
UYXMS
>Y_\
:YNVO
]OdXKW_
N\S^OVÓ
dOVOXrRY
N\O]_
YN
\YU_
#
UNc
LcV
ZYZ\`r
YLVOÂOX
`MK\Y`S
0\S^d_
=MRKO\Y`S
TO
dÌOTWr
O
]O
TtW
ZcXt
`OVWS
ÂK]^Y
NYLÌt
]Z\SX^OÌS
U^OÌt
KVO
XO
`Nc
NYTONY_
K
NY
MtVO
MOVr
>Y_\
:ÌtUVKNOW
WÓO
L^
7K\SY
-SZYVVSXS
LOdZYMRcLc
U\nV
]Z\SX^Ó
#
VO^
WSX_VrRY
]^YVO^t
,ÆROW
]`r
VO^r
UK\Sr\c
d`t^ÆdSV
`O
O^KZnMR
\ÓdXMR
dn`YNÓ
d
^YRY
`O
XK
>Y_\
NO
0\KXMO
8SUNc
KVO
XONYTOV
NY
MtVO
Z\Y^YO
]O
XONYUndKV
NY]^K^
ZÌO]
+VZc
ÂS
:c\OXOTO
+
`
\YMO
#
LcVK
XK
>Y_\
NO
0\KXMO
ZÌON]^K`OXK
XY`n
MOXK
Z\Y
TOdNMO
U^OÌt
]O
]ZOMSKVSdY`KVS
XK
dNY
Vn`nXt
UYZMÓ
@OVUn
]^Y_ZnXt
LcVK
]Y_Ân]^t
>N0
_
YN
\YU_
#
UNc
LcV
dn`YN
ZYZ\`r
`ONOX
ZÌO]
,KVVYX
N+V]KMO
`
\YMO
#!
Xn
]VONY`KVK
O^KZK
ZÌO]
RY\c
-RK\^\O_]O
XK
:c\OXOTO
NYVY
ZYZ\`r
`
\YMO
#
K
XK
+VZc
Y
\YU
ZYdNÆTS
:Y]^_ZOW
NYLc
]O
Z\n`Æ
RY\]Ur
O^KZc
]^KVc
Wt]^OW
UNO
]O
>Y_\
\YdRYN_TO
:\`XtW
XY]S^OVOW
^\SUY^_
Z\Y
XOTVOZ
tRY
`\MRKÌO
]O
]^KV
@SMOX^O
>\_OLK
dO
ZKXÆV]UK
U^O\
]SMO
XO`cR\nV
O^KZ_
KVO
LcV
Z\`Xt
`
]ONVOMR
-YV]
N+]ZSX
+_LS][_O
:Oc\O]Y_\O
>Y_\WKVO^
@K\]
K
,KVVYX
N+V]KMO
@
^r
NYLÆ
KVO
TO^Æ
XOYLVrUV
dnÌS`Æ
LtV
^\SUY^
]
ÂO\
`OXWS
Z_X^tUc
Z\Y^YO
^K^Y
UYWLSXKMO
LcVK
ZÌON]^K`OXK
K
`
\YMO
#!
UNc
]O
TORY
]ZYXdY\]^`t
_TKVK
PS\WK
:Y_VKSX
TORY
ÂYUYVnNY`r
Z\YN_U^c
XO]Vc
^OX^Y
Q\KPSMU
Z\`OU
.XO]
]O
LYNc
Z\Y
dt]UnXt
Z_X^tUY`KXrRY
^\SUY^_
\YdNÆV_Tt
ZYNVO
Xn\YÂ
XY]^S
`\MRYVY`MR
Z\rWSt
>KU
S
TOdNOM
U^O\
XOW_]t
L^
XOTVOZt
`
XOT^Æ
tMR
RY\]UMR
O^KZnMR
WÓO
LÆROW
dn`YN_
XK]Lt\K^
WXY]^`t
LYNÓ
XK
WOXtMR
UYZMtMR
>K^Y
]^\K^OQSO
]O
`cZVK^SVK
McUVS]^Y`S
TWrXOW
<SMRK\N
@S\OX[_O
U^O\
]O
dKZ]KV
WOdS
\OUY\NWKXc
>Y_\
]ONWS
dS]Uc
Z_X^tUY`KXr
RY
N\O]_
`
VO^OMR
##
K
.KVtWS
VOQOXNn\XtWS
`\MRKÌS
RS]^Y\SO
T]Y_
0ONO\SMY
,KRKWYX^O]
K
6_MSOX
@KX
3WZO
ZKXÆV
,KRKWYX^O]
LcV
`OVUW
`\MRKÌ]UW
^KVOX^OW
]`r
NYLc
@\MRKÌ]U
N\O]
`cR\nV
RXON
ZÌS
]`r
Z\`Xt
yÂK]^S
XK
>Y_\
NO
0\KXMO
`
\YMO
#
UNc
ZÌS
`TOdN_
XK
RY\_
<YWOcO\
dt]UKV
ZÌON
Y]^K^XtWS
^KUY`
Xn]UYU
O
yNKTXÆ
dK]^K`SV
KLc
]S
]^SRV
Nn^
XK
`\MRYV_
dW\dVSX_
:YdNÆTS
Z\YRVn]SV
O
dK]^K`SV
U`ÓVS
WOMRKXSMUrW_
Z\YLVrW_
KVO
`O]OVn
KXOUNY^K
Y
˜9\VY`S
d
>YVONK
W_
]V_t
`tM
"
f =>C6
+_^YWYLSVUK
TO
ZYZ\`r
ZK\^XO\OW
]O\SnV_
5YVY
Z\Y
S`Y^
59.+
+?>9
:9.:9<?4/
-C563=>35?
8/4/8
8+
=@¬>9@k
+6/
3
8+
8›<9.8
¡<9@83
:<@87
@D8+787
:9®38/7
@
>97>9
=7¬<?
4/
:+<>8/<=>@
=
4?,36/487
./=›>7
<9®85/7
:</=>3829
=/<3›6?
29<=5-2
596
=
8›D@/7
5969
:<9
3@9>
5YVY^YÂ
dn`YNÓ
5YVY
Z\Y
S`Y^
TO
_\ÂOX
XOTOX
Z\YPO]SYXnVÓW
KVO
ZÌONO`tW
KWK^r\ÓW
`OMR
`ÆUY`MR
UK^OQY\St
DKÂKV
UYXMOW
N_LXK
`
5_^Xr
2YÌO
K
`\MRYVt
ZY
ZK^XnM^S
dn`YNOMR
`
dnÌt
:\YTOU^
5YVY
Z\Y
S`Y^
dKÂKV
`O
]ZYV_Z\nMS
]
®O]UY_
]ZYÌS^OVXY_
`
\YMO
K
`
Z\ÓLÆR_
Xn]VON_TtMtMR
VO^
]O
d
^YRY^Y
Z\YTOU^_
]^KV
XOT
`Æ^t
]O\SnV
RY\]UMR
UYV
XOTOX
`
®O]Ur
\OZ_LVS
MO
KVO
^KUr
`
/`\YZÆ
K
`O
]`Æ^Æ
@
VO^YXtW
\YMO
TO
XK
Z\YQ\KW_
MOVUOW
ZK^XnM^
dn`YNÓ
U^O\r
]O
_]U_^OÂXt
XK
XOT\ÓdXÆTtMR
Wt]^OMR
®O]Ur
\OZ_LVSUc
^tW
O]^XnM^W
TO
ZY^YW
^\KNSÂXt
ObRSLSÂXt
dn`YN
:\K]Ur
]MRYNc
ÂO\`XK
.KVt
N`K
ZK\^XO\]Ur
dn`YNc
U^O\r
T]Y_
]Y_Ân]^t
]O\SnV_
]O
YNOR\KTt
`
<KUY_]U_
"
ÂO\`OXMO
=KVdUKWWO\Q_^
>\YZRc
K
`
:YV]U_
]\ZXK
1V_]dcMK
7K\K^YX
:YÌKNK^OVr
Z\Y
VO^YXt
]OdYX_
`cWc]VOVS
S
ÌKN_
XY`SXOU
4ONXY_
d
XSMR
L_NY_
^d`
PS^XO]]
TtdNc
_\ÂOXr
Z\Y
NY]ZÆVr
McUVS]^c
KWK^r\c
S
dKÂn
^OÂXtUc
Dn`YNS^
]O
L_NO
XK
^\K^tMR
NVY_RMR
.+6
D›@9.C
5969
:<9
3@9>
#
!
!
!
"
"
"
#
#
#
#
4S]^OLXSMU
UKXMSYXnV
9\VtU
>Y_\
9\VtU
9VYWY_MUn
ZKNO]n^UK
,SUOWK\K^YX
.\n]KV
:\KRK‹5K\V^OTX
>Y_\
7KXS^Y_
OVOdXr
RY\c
UYNK
+_^Y
4O^ÆN
>Y_\
5K\VY`K\]U
+7
LSUOWK\K^YX
:\SO]]XS^dY`K
ONO]n^UK
-cUVYL\KXt
9NO\]Un
WVXSMO
4S]^OLXSMO
@c]^\UY`
9VYWY_M
2YVOY`
:\KRK
-R\_NSW
6SLO\OM
5K\VY`c
@K\c
4O]OXtU
4O`SY`UK
5VYUYÂÓ`OU
_
9NO\
WKbSWnVXÆ
UW
DyÂK]^XS^
]O
WYRY_
^KUr
UKNO^S
K
UKNO^Uc
K
VO^
U^OÌt
dn`YNt
XK
dR\_LK
USVYWO^\Ó
NVY_RMR
^\K^tMR
TO
`ONY_
d
`OVUr
Ân]^S
ZY
^\K]nMR
RVK`XtRY
dn`YN_
:\Y
XOTWOXt
T]Y_
_\ÂOXc
NÆ^]Ur
dn`YNc
4_XSY\
>\Y
ZRc
>S
XOTVOZt
dWÆÌt
]tVc
`
LYNY`KXr
]Y_^ÆS
:\O]^SQO
>\YZRc
?XSUn^Xt
TO
]Y_^Æ
5YYZO\K^S`K
>OKW
:\O]^SQO
>\YZRc
U^O\n
KWK^r\]UW
^WÓW
\ÓdXMR
`ÆUY`MR
UK^OQY\St
_WYXt
]Y_ZOÌS^
WOdS
]OLY_
XK`dnTOW
8Y`W
ZK\^XO\OW
dn`YNÓ
5YVY
Z\Y
S`Y^
]O
Z\Y
VO^YXt
\YU
]^KVK
UYNK
+_^Y
K
^KU
RVK`Xt
`R\Y_
MOVrRY
]O\SnV_
L_NO
`Ód
^r^Y
dXKÂUc
˜UYNK
+_^Y
TO
NVY_RYVO^W
ZK\^XO\OW
]`Æ^Y`r
McUVS]^SUc
KVO
TKUY
RVK`Xt
ZK\^XO\
]O
`ÓLOM
ZYZ\`r
dKZYTSVK
NY
Z\YTOU^_
U^O\
TO
Y\SOX^Y
`nX
XK
S\YUY_
McUVS]^SMUY_
`OÌOTXY]^
`
®O]Ur
\OZ_LVSMO
ÌOUV
`ONY_Mt
WK\UO^SXQ_
YNNÆVOXt
:\YNOT
®O]Un
\OZ_LVSUK
<YWKX
7OVSUK
˜,ÆROW
Z\`XtMR
Â^cÌ
dn`YNÓ
Xn]
`OVWS
WSVO
ZÌOU`KZSVK
LYRK^n
yÂK]^
@]^_Z
UYNK
+_^Y
TKUY
XY`rRY
ZK\^XO\K
TO
`XtWnX
ZYdS^S`XÆ
8K
UKNrW
dn`Y
NÆ
]ZYV_Z\KM_TOWO
`Nc
]
`cL\KXW
K_^Y\S
dY`KXW
YLMRYNXtUOW
U^O\
Wn
^KU
WYXY]^
Z\OdOX^Y`K^
`
NKXrW
\OQSYX_
KU^_nVXt
WYNOVc
K
dn\Y`OÊ
S
UYNK
Y\SQSXnVXt
ZÌt]V_OX]^`t
XO^\KNSÂXt
PY\WY_
UYNK
+_^Y
XKLtdt
WSWY
TSXr
Xn`^Æ`XtUÓW
S
`VK]^Xt
NYZ\Y`YNX
Z\YQ\KW
`O
U^O\rW
VdO
]Y_^ÆS^
Y
dKTtWK`r
MOXc
XKZÌtUVKN
Y
ZYLc^
XK
TONXr
d
K^\KU^S`XtMR
O^KZ
>Y_\
NO
0\KXMO
`
\YMO

=>C6
f #
8K
N`Y_
UYVOMR
59.+
+?>9
4/
8/4/8
@<9,-/
@9D»
+6/
.5C
=:98D9<=57
+5>3@3>›7
8+
:963
-C563=>35C
=/
:9.
4/4
D8+®59?
?
8¬59635›>7
<95/7
9,4/@?4/
3
596/5-/
4D.8-2
596
!
##
5Â
798>
@/8>9?B
ZSÂUY`r
TtdNXt
UYVY
7YX^
@OX^Y_b
]`W
Xnd`OW
ZÌtWY
YNUKd_TO
XK
VO^YXt
\YÂXtU
>Y_\
NO
0\KXMO
9NVORÂOX
N_\KVY`
\nW
TO
Y]KdOX
`SNVSMt
+_^RY\
UK\LYX
WYXYMY[_O
"\cMRVY]^Xt
]KNY_
=RSWKXY
>SKQ\K
K
U`KVS^XtWS
UYWZYXOX^c
4KVMY
K
<S^MROc
>OX^Y
WYNOV
`nt
#
USVYQ\KW_
##
5Â
59.+
79>9<=:9<>
-OVYYNZ\_OXr
UYVY
YNUKd_TO
XK
NKVt
`\KdXY_
KU^S`S^_
K_^YWYLSVUc
WY^Y\]ZY\^
4O
_\ÂOXY
NY
YZ\K`N_
Xn\YÂXrRY
^O\rX_
ÂOW_
YNZY`tNn
TORY
`LK`K
`dN_MRY`
^V_WSÂ
=_X^Y_\
/ZSMYX
_WY
Ê_TtMt
dN`SR
#
WW
XOLY
ZÌONXt
`dN_MRY`n
_dKWcUK^OVXn
`SNVSMO
<=>
>S^KX
+S\
=^\YT
]
N_\KVY`W
\nWOW
`nt
\Y`XMR
USVYQ\KWÓ
#
5Â
1<//8638/
.KVt
N`K
M\Y]]Y`r
WYNOVc
YNUKd_Tt
Z\Y
dWÆX_
XK
WYNOVY`Y_
ÌKN_
K_^YWY
LSVUc
O^\XY_
U
S`Y^XtW_
Z\Y]^ÌONt
:nX]Ur
Z\Y`ONOXt
TO
Y]KdOXY
ZSÂUY
`W
\cMRVY]^XtW
ÌKdOXtW
=RSWKXY
<O`Y]RSP^
WÆXSÂOW
=RSWKXY
>B
K
ZÌO]WcUKÂOW
=RSWKXY
-
1<//8638/
6+.C
.nW]Un
`O\dO
M\Y]]Y`rRY
TtdNXtRY
UYVK
1\OOX6SXO
TO
Z\Y`ONOXK
`O
]^OTXr
dOVOXYLtVr
LK\O`Xr
UYWLSXKMS
TKUY
ZnX]U
WYNOV
<nW
TO
Y]KdOX
\cMRVY]^XtW
ÌKdOXtW
=RSWKXY
<O`Y]RSP^
WÆXSÂOW
=RSWKXY
+MO\K
K
]ONVOW
+_^RY\
6KNc
=^cVO
##
5Â
=?:/<,
"#
5Â
-\Y]]Y`
]ZOMSnV
U^O\
TO
TWOXY`S^Æ
]ZYTOX
]
`VKT
UY`Y_
VYNt
dXKÂUc
UYNK
?\ÂOX
TO
ZÌONO`tW
Z\Y
\OU\OKÂXt
TtdN_
ZY
dZO`XÆXMR
MO]^nMR
-cUVS]^Y`S
L_NO
U
ZYRYNVXr
TtdNÆ
K]S]^Y`K^
\cMRVY]^Xt
ÌKdOXt
=RSWKXY
+VS`SY
/D
_dKWcUK^OVXn
YVOTY`n
`SNVSMO
<=>
@S^K
>X6
WÆXSÂ
=RSWKXY
.OY\O
K
ZYRYNVXr
]ONVY
+_^RY\
/\QY
1OV
<+-/
!#
5Â
0+,3+
=:9<>638/
=
TONXtW
d
XOTXY`ÆTtMR
KUÂXtMR
WYNOVÓ
dXKÂUc
UYNK
ZYTt
XndO`
^Y^Y
RY\]Ur
UYVY
=^\YT
`ntMt
USVYQ\KW_
XO]O
XK
N_\KVY`rW
\nW_
`SNVSMS
7_]^KXQ
]O
dN`SROW
WW
]^_ZÊY`r
ÌKdOXt
=RSWKXY
<O`Y]RSP^
WÆXSÂ
=RSWKXY
>B
K
ZÌO]WcUKÂ
=RSWKXY
-
:\Y
^c
XOTWOXt
TO
_\ÂOXY
NÆ^]Ur
UYVY
<KMO
]
ZÌtd`S]UOW
7c
PS\]^
UYNK
=ONWSZKVMY`
LSMcUV
`nt
ZY_RMR
! USVYQ\KW_
:ÌS
TORY
``YTS
LcV
UVKNOX
`OVU
NÓ\Kd
XK
LOdZOÂXY]^
U`KVS^_
K
NVY_RY_
S`Y^XY]^
#
5Â
f =>C6
S`Y^
]
YUÌtNVOXW
tZOW
`O
dXKU_
7369@85
+
=,¬<+>/6
@/>/<›8»
D›@9.85
+6/
26+@8¬
6/1/8.›<8
:<9./4-/
+?>979,36»
D8+®5C
59.+
‹
>9
4/
D68=5
:9.835+>/6
+693=
=+7926
®69@¬5
5>/<
=/
D8+6
9=9,8¬
=
>97›/7
,+¸9?
+
@<+D8¬
9@63@836
=7¬µ9@›8
+?>979,365C
59.+
:9
=+7/>9@k
</@96?-3
8K\YNSV
]O
#
VONXK
##
`O
DVtXÆ
5Nc
XKMS]^r
dK`ÌOVS
QcWXndS_W
UNO
]^_NY`KV
OV
]O
_ÂS^
XK
K_^YWOMRKXSUK
>ÌS
\YUc
]^\n`SV
_
˜ÂO\XMR
LK\Y
XӍ
8n]VONXÆ
XK]^Y_ZSV
NY
¡]^ÌONXt
Z\YNOTXc
WY^Y\Y`MR
`YdSNOV
K
`
\YMO
##
XK]^Y_ZSV
NY
ZYNXSU_
7Y^Y^OMRXK
UNO
]^\n`SV
NVY_RMR
VO^
TKUY
`ONY_Mt
Z\YNOTO
@
\YMO
#!
`cL_NY`KV
Z\YNOTX_
+D8:
K
dKÂKV
Z\YNn`K^
K_^YWYLSVc
ZÌtWY
Z\Y
7VKNY_
,YVO]VK`
=`W
SXNS`SN_nVXtW
ZÌt]^_ZOW
K
`\YdOXW
YLMRYNXSMUW
N_MROW
]S
dt]UKV
]ZY_]^_
dnUKdXtUÓ
YN
5K\VY`MR
@K\Ó
K
ZY
5YSMO
@
NYLnMR
XOT`Æ^tRY
\YdU`Æ^_
DVtX]UrRY
NOKVO\]^`t
Z\YNn`KV
K
^S]tM
`YdÓ
dK
\YU
K
]^KV
]O
XOTy]ZÆXÆTtW
Z\YNOTMOW
`YdÓ
dXKÂUc
UYNK
`
®O]UY]VY`OX]U_
>KUr
XcXt
Z\KM_TO
]ZYV_
]O
]`WS
N`ÆWK
]cXc
`O
PS\WÆ
=KWYRV
7Y^Y\
DVtX
D+
:9=6/.8
./=/>36/>
4=>/
,C6
@.C
:µ>97/8
?
@/65-2
<9D29.8?>
@/
59.+
+?>9
=
+?>979,3659?
=:96?:<+-?4/>/
?
6/>
4+5
29.89>>/
D7¬8C
5>/<73
=3
+?>979,365+
:<96+)
UYNK
+_^Y
TO
NXO]
]^OTXÆ
TKUY
`
WSX_VY]^S
]SVXY_
K
ZVXÆ
UYXU_\OXMO]MRYZXY_
K_^YWYLSVUY_
U^O\n
`c\nLt
NY]^_ZXr
K
U`KVS^Xt
`Ydc
.ÓVOS^Y_
dWÆXY_
LcV
Z\YNOT
PS\Wc
`
\YMO
##
:Y
ZYNO
Z]nXt
]WVY_`c
Y
dKUY_ZOXt
K_^YWYLSVY`r
^Y`n\Xc
UYNK
7VKNn
,YVO]VK`
K
TOTSMR
ZYLYÂOU
T]OW
^OVOPYXSMUc
NÆUY`KV
Z\YPO]Y\Y`S
AKQXO\Y`S
U^O\
LcV
`
^_^Y
NYL_
RVK`Xt
ZY\KNMO
@nMVK`K
2K`VK
O
Y`VS`XSV
TORY
\YdRYNX_^t
KLc
LcVK
UYNK
7VKNn
,YVO]VK`
Z\YNnXK
XO
P\KXMY_d]UrW_
<OXK_V^_
KVO
@A
1\Y_Z
U^O\
dKMRY`KV
`\YL_
`YdSNOV
K
NKV
Z\nMS
NO]t^UnW
^S]tM
VSNt
®O]U
Xn\YN
XK
^Y
WÆV
ZVXr
Z\n`Y
@NcÐ
®OMRc
K
7Y\K`K
dK
L`KVrRY
<KUY_]UY?RO\]UK
WÆVc
XK
ydOWt
®OMR
K
7Y\K`c
Â^cÌS
K_^YWYLSVY`r
^Y`n\Xc
UYNK
:\KQK
>K^\K
K
AKV^O\
@
®O]U_
K
XK
7Y\K`Æ
]O
_]U_^OÂÊY`KVY
Z\ÓWc]VY`r
`\YLc
d
MOVrRY
WYMXnÌ]^`t
K
`
^r^Y
`\YLÆ
LcVY
dKSX^O\O]Y`nXY
NO]O^
Z\ÓWc]VY`MR
WÆ]^
®OMR
K
7Y\K`c
@OVUW
dVYWOW
LcV
``YT
`\YLK
K
Xn]VONX
Z\YNOT
WYNOV_
0K`Y\S^
>Y
LcV
Z\YN_U^
U^O\
ZÌO]`ÆNÂSV
@A
1\Y_Z
UO
UY_ZS
XKt
K_^YWYLSVUc
@OVWS
y]ZÆXr
LcVc
`
RS]^Y\SS
WY
NOVc
:YZ_VK\
K
>_NY\
K
d
ZY]VONXt
NYLc
XO]WtW
dKZYWOXY_^
XK
0OVSMSS
U^O\n
]O
^KUr
`OVWS
NYLÌO
Z\YNn`KVK
=>C6
f 4+5
@›=
9=9,8¬
+
@+3
5+<3k<?
6/1/8.›<829
:<9./4-/
@9D»
59.+
9@63@836C
D5?/89=>3
D=5+8k
@
D+2<+83®)
:YZ\`r
T]OW
]O
NY
dKR\KXSÂt
NY]^KV
`
\YMO
#"
XK
]`Æ^Y`Y_
`]^K`_
`
,\_]OV_
>KW
T]OW
ZY
dXKV
O
\OSW
NÆVn
]^\KXY_
MRcL_
O
XOZY_^t
WVKNr
VSNS
dK
R\KXSMO
\OZ_LVSUc
7YRVS
]O
`\n^S^
]O
dU_OXY]^WS
]
NYL\Y_
Z\KMY`Xt
WY\nVUY_
K
]
`cVOZOXtW
MSdtRY
TKdcUK
:\Y^YO
T]OW
dXKV
TKdcU
WÆV
NYL\r
dU_OXY]^S
]
Z\YNOTOW
S
UYX
^KU^c
NY]^KVK
]O
UO
WXÆ
XKLtNUK
KLcMR
YNOOV
NY
DnZKNXtRY
,O\VtXK
Z\KMY`K^
TKUY
Z\YNOTMO
5`ÓVS
\YNSXÆ
T]OW
`KU
dÓ]^KV
`
^ORNOTtW
®O]
UY]VY`OX]U_
K
XOVS^_TS
^YRY
@
WSX_VY]^S
T]OW
NtUc
dXKÂMO
UYNK
YLTOV
]`Æ^
K
XK`^t`SV
^rWÆÌ
`OMRXc
dOWÆ
U\YWÆ
4KZYX]UK
:\Y^Y
Z\Y]tW
\YNSÂO
KLc
]`r
NÆ^S
NY]VY`K
`cRXKVS
NY
dKR\KXS
Ât
:YVO^O
]`r
NÆ^S
`OX
XK
dU_OXY_
,YRK^Æ
]O
TSW
^Y
`\n^t
4+59?
7¬<9?
=/
:9.6/
@›=
8+
-/659@k7
:<9./487
¡=:¬-2?
D8+®5C
59.+
:<94/@?4/
5@+63>8¬
@C596/8
:/<=98›6)
8KS
dKWÆ]^XKXMS
]S
W_]t
_`ÆNYWS^
O
YXS
^_
T]Y_
Z\Y
dnUKdXtUc
XO
YZKÂXÆ
>KU
^\YMR_
`cR\Y_TS
]`W
dKWÆ]^XKXMÓW
O
ZYU_N
]O
U
dnUKdXtUY`S
dKMRY`KTt
XO]V_XÆ
L_N_
TO
W_
]O^
Z\YZ_]^S^
4]OW
\nN
O
^rWÆÌ
"
XKSMR
dKWÆ]^XKXMÓ
]ZVÊ_TO
Wr
ZÌON]^K`c
Y
U`KVS^XtW
Z\YNOTMS
K`KU
XO
YNOTN_
MRMS
KLc
^Y
LcVY
.YLÌO
]S
ZKWK^_TS
O
`
]ONWNO]n
^MR
VO^OMR
]O
Z\YNOTMS
K_^YWYLSVÓ
XOMRY`KVS
U
dnUKdXtUÓW
ZÌtVS
]V_XÆ
5Nc
T]OW
]O
^ORNc
]^KV
Z\KU^SMUc
Z\`XtW
ZYNXSUK^OVOW
`O
DVtXÆ
OV
T]OW
XK
^Y
TSXKU
K
NXO]
`tW
O
]O
WS
ZÌn^OV]U
ZÌt]^_Z
U
dnUKdXtUÓW
`cZVK^SV
4/
:9.6/
@›=
@/
D8+®59@k
=>3
:<9=>9<
8+
.+6
D6/:/8
@/
=6?,›-2
D›5+D85»7)
+XY
dMOVK
TS]^Æ
4S
NXO]
TOdNtWO
`
ZÌtZKNÆ
ZY\_MRc
`Yd_
dK
dnUKdXtUOW
NYWÓ
Wn
YN
Xn]
XnR\KNXt
`YdSNVY
K
YZ\K`OX
`Ód
W_
YZÆ^
NY
`OdOWO
=^K\nWO
]O
Y
MOVUY`
]O\`S]
`
ZÌtZKNÆ
RK`n\SO
K
WnWO
NYUYXMO
S
`VK]^Xt
ZYTSÐY`X_
.tUc
^YW_^Y
ZÌt]^_Z_
WnWO
YZ\K`N_
RYNXÆ
NYL\MR
\OPO\OXMt
YN
]ZYUYTOXMR
K
`\KMOTtMtMR
]O
dnUKdXtUÓ
?
`
]ONWNO]n^MR
VO^OMR
T]OW
Z\YNn`KV
YTO^r
`Ydc
µKNK
NOKVO\Ó
XY`MR
`YdÓ
U
^YW_^Y
U\YU_
LYR_OV
ZÌS]^Y_ZSVK
K
`
ZY]VON
Xt
NYLÆ
DnUKdXtUY`S
TO
^ÌOLK
XKLtNXY_^
ZVXY_
ZYNZY\_
YN
dKUY_ZOXt
`Yd_
ZÌO]
ZYTS^ÆXt
K
ZY
Xn]VONX
`U_Z
YTO^rRY
`Yd_
:9D9<?4/>/
D+
:9=6/.8
./=/>36/>
D7¬8C
@
8›5?:87
-29@›8
D›5+D85»)
8+:µ56+.
=368¬4
9<3/8>+-3
8+
-/8?
®3
5@+63>?
+?>979,36»)
4O
XO^Æ]^t
O
]S
XÆU^OÌt
VSNr
U_Z_Tt
WrXÆ
U`K
VS^Xt
`Ydc
.VO
WrRY
XndY\_
Lc
]O
WÆVS
dnTOWMS
Y
XY`
`Ód
ÌtNS^
KXQVSMUW
ZÌt]VY`tW
˜8OT]OW
^KU
LYRK^
KLcMR
U_ZY`KV
VO`Xr
`ÆMS
7c
WnWO
^KUr
NY]^_ZXr
`Ydc
KVO
T]Y_
^Y
K_^K
U^O
\n
`cN\t
LOd
dLc^OÂXMR
XnUVKNÓ
`OVWS
NVY_
RY_
NYL_
7KTS^OV
XY`rRY
`Yd_
ZY^ÌOL_TO
MY
XOTWOXt
XnUVKNc
XK
Z\Y`Yd
S
]O\`S]
K
^c^Y
ZÌON
ZYUVKNc
UYNK
]ZVÊ_TO
:YNVO
WMR
dU_OXY]^t
dnUKdXtUÓ
dKTtWn
`tMO
U`KVS^K
KVO
dLc^OU
dnTOWMÓ
Y
XY`
`Ód
]O
ÌtNt
ZYNVO
XnU_ZXt
MOXc
Y`OW
`
L_NY_MX_
WÓO
L^
Z\Y`Yd
WrXÆ
U`KVS^XtRY
`Yd_
NKVOUY
N\Kt
XO
ZYÌtdOXt
U`K
VS^XÆTtRY
K_^YWYLSV_
7c
`
®O]U_
T]WO
LYR_OV
O^ÌtVUY`r
KVO
Wc]VtW
O
NY
L_NY_MXK
L_NY_
VSNr
ZÌON
^KUY`W^Y
`OVUW
XnU_ZOW
`tMO
ZÌOWVO^
@Ydc
UYNK
WKTt
XKZÌtUVKN
`
dnZKNXt
/`\YZÆ
`OVU
y]ZÆMR
K
XO`SNtW
NÓ`YN
Z\YÂ
Lc
S
NY
L_NY_MXK
XOWÆVK
L^
UYNK
Z\`Xt
dXKÂUY_
XK
U^O\Y_
]S
dnTOWMO
Y
XY`r
K_^Y
`dZYWOXO
8/4/8
/
+?>979,36C
:<9.›@›>/
+6/
@+/
=,<5+
23=>9<3-5-2
@9D»
4/
-/8¬8+
:9
-/6k
/@<9:¬
5>/<k29
/B/7:6›µ/
=3
8/4@-/
@›>/)
7W
`OVWS
YLVtLOXW
ObOWZVnÌOW
TO
LtVn
6K_
\SXUK
1
U^O\MR
LcVY
PS\WY_
6K_\SX
K
5VOWOX^
`c\YLOXY
TOX
#
U_]Ó
]ZOMSnVXÆ
Z\Y
dn`YN
NY
`\MR_
`
=OWWO\SXQ_
8cXt
ObS]^_TO
TOX
TONSX
ObOWZVnÌ
U^O\
TO
Z\n`Æ
`
XKOW
W_dO_
=
^tW^Y
K_^YWYLSVOW
T]OW
XKTOV
WSXSWnVXÆ
UW
Dn`YNSVS
T]WO
`
XÆW
S
]
/VSUY_
4_XUY`Y_
`
dn`YNÆ
>K\QK
0VY\SY
Z\YTOV
T]OW
]
XtW
S
:KÌt
XOLY
<KUY_]Ur
+VZc
@dZYWtXnW
XK
dn`YNc
`
7YX^O
-K\V_
`O
`rN]U_
XOLY
XK
TtdN_
`
YUYVt
LOVQSMUrRY
WÆ]^K
CZ\O]
DU\n^UK
]
^tWRVO
K_^OW
]O
WS
ZYNKÌSVY
_NÆVK^
ÂO]UW
K_^YWYLSVÓW
`O
]`Æ^Æ
`OVUY_
\OUVKW_
.KVtW
`OVWS
NÓVOS^W
ObZYXn^OW
TO
6K_\SX
K
5VOWOX^
\YU
`\YLc
#!
U^O\
`
\YMO
##
dKUY_ZSV
,YVO]VK`]U
dn`YNXtU
R\KLÆ
5YVY`\K^
+_^YWYLSV
Wn
Z\Y
Xn]
®OMRc
YL\Y`]U
`dXKW
5YVY`\K^
LcV
`c]VnX
K_^YWYLSVUY_
6K_\SX
K
5VOWOX^
XK
dn`YN
1KSVYX
`O
0\KXMSS
Dn`YNXt
`Ód
YNO]VKX
d
7VKNr
,YVO]VK`c
`VKUOW
NY
1KSVYX_
`KU
XONY\KdSV
K
^KU
R\KLÆ
5YVY`\K^
YNWYX^Y`KV
]O
]`W
WOMRKXSUOW
MOVY_
UK\Y]O\SS
dO
]`rRY
MO]^Y`XtRY
`Yd_
ZÌS\Y_LY`KV
Wt]^Y
]ONKNVK
NÌO`ÆXY_
LONX_
K
dn`YN
`cR\nV
>Y
LcVK
]OXdK
MO
5YVY`\K^
`ÆXY`KV
^OX^Y
MO]^Y`Xt
`Ód
]`rW_
ZÌt^OVS
R\KLÆ^S
8OWOQKTY`S
d
@tNXÆ
U^O\
XO
dOWÌOV
ZÌONKV
`Ód
]`r
NMOÌS
‹
NXO]
TS
Y]WNO
]n^SVO^r
ZKXt
:Y
ZÆ^K^ÌSMO^S
VO^OMR
XKORY
_]S
VY`XrRY
ZÌO]`ÆNÂY`nXt
XnW
K_^Y
Z\YNKVK
8O
T]WO
]S
RY
YN`OdVS
N`KU\n^
Xn]
XK`^t`SVK
KLc
]O
ZÌO]`ÆNÂSVK
dNK
WnWO
W_dO_W
K
XOU_Z_TOWO
RY
XK
UOP^
5KN
ObZYXn^
U^O\
]O
`
XKOW
W_dO_
XKMRndt
]S
KVO
XK
]OLO
W_]OV
`
WSX_
VY]^S
`cNÆVK^
=Lt\UK
YL]KR_TO
ÌKN_
_XSUn^XtMR
ObZYXn^Ó
U^O\r
T]Y_
`cRVONn`KXr
S
PSVWY`WS
\OS]r\c
8KO
`Ydc
^KU
WÓO^O
`SNÆ^
XKZÌtUVKN
`O
PSVWOMR
3XNSKXK
4YXO]
8K
dnZKNXt
P\YX^Æ
UVSN
`
]O\SnV_
®O^XSMUr
R_WY\O]Uc
K
`
ÌKNÆ
NKVtMR
NYLY`MR
]XtWUÓ
@
3@9>¬
=/
@›7
:9.+µ369
:<+-9@+>
8+
>97
-9
7›>/
<›.
+
-9
@›=
,+@
4+5k
7›>/
:6›8C
.9
,?.9?-8+)
:VnXÓ
WnW
RYNXÆ
KVO
TO
WS
_
Y]WNO]n^
VO^
:\Y^Y
NÆU_TS
:nX_
,YR_
O
T]OW
dK^tW
dNO
K
WYR_
NÆVK^
^Y
MY
WXO
LK`t
K
ÂtW
STS
7n
]U`ÆVn
WKXOVUK
6SN_UK
WXO
MOV
S`Y^
ZYN
ZY\Y`KVK
K
ZYVY`SXK
WrRY
y]ZÆMR_
Tt
Z\n`OW
ZK^Ìt
8SMWrXÆ
`O
]ZYV_Z\nMS
]
WWS
]cXc
:O^\OW
K
6KNS]VK`OW
L\dc
ZÌOU`KZtWO
dnTOWMO
Y
`O^O\nXc
dKTtWK`Y_
UYVOUMt
`YdÓ
6K_\SX
K
5VOWOX^
f =>C6
˜>Y
]O]
^ONK
ZÆUXÆ
`cLK\`SV
D/:>›>/63
=/
7?/
:9
4+5k7
+?>¬
>9?
?@/./
Dµ/47¬
5985<k>8
79./6
/8+
=
8/4@¬>
:<+@.¬:9.9,89=>
@C=69@
D8+®5?
@C=8¬8k29
+?>+
+
.9.›$
˜+
26+@8¬
+,C
,C69
79.<k
+6/
+¸
?
=/
>@›µ7/
/
:<9
8›=
,+<@+
+?>+
8/8
.»6/3>›
8/,9
7›7/
@
>97>9
=7¬<?
=@k
D›=+.C
43=>k
4/
/
,+<@C
8›
3@9>
‹
+
8/4/8
>/8
79>9<3=>3-5
‹
.9=>
:9.=>+>8¬
9@63@²?4
@SMRXS
]S
d
RYNSX
PcdSUc
ZKWK^_TOWO
O
dnUVKNXtWS
LK\`KWS
]V_XOÂXtRY
]ZOU^\K
T]Y_
ÂO\`OXn
dOVOXn
K
WYN\n
UKNn
LK\`K
YNZY`tNn
_\ÂS^r
`VXY`r
NrVMO
OVOU^\YWKQXO^SMUrRY
`VXÆXt
K
TOTSMR
WtMRnXtW
ZKU
`dXSUKTt
`OMRXc
Y]^K^Xt
9]^K^XÆ
_
`
\YMO
KXQVSMU
`ÆNOM
3]KKM
8Oa^YX
YLTO`SV
O
XOMRnVS
Z\YTt^
]`Æ^VY
]U\dO
]UVOXÆX
R\KXYV
LOdLK\`
ZKZ\]OU
U^O\
XOWnWO
KXMS
YUOW
]ZK^ÌS^
]O
\YdNÆVt
NY
`OMR
XnW
dXnWMR
`SNS^OVXMR
LK\O`
4KU
XSMWrXÆ
ZtO
Z]cMRYVYQ
7Kb
6Ô]MRO\
`O
]`r
UXSdO
®^cÌLK\O`X
ÂVY`ÆU
TO^Æ
dK
TORY
WVnNt
`O
VO^OMR
WSX_VrRY
]^YVO^t
]O
`ÆNK
NYWXt`KVK
O
UKN
ÂVY`ÆU
`XtWn
^_
U^O\Y_
LK\`_
YNVSXÆ
˜.XO]
XK
dnUVKNÆ
WXYRK
ZYU_]Ó
`tWO
O
UKNn
UYXU\r^Xt
LK\`K
_
UKNrRY
ÂVY
`ÆUK
`
UKNr
U_V^_ÌO
`c`YVn`n
XOTOX
XKZ\Y]^Y
]^OTX
`TOW
KVO
^KUr
XKZ\Y]^Y
]^OTX
ZYMS^
9\KXY`YÂO\`OXn
ZÓ]YLt
XK
UKNrRY
`d\_S`Æ
K
^WK`YWYN\n
dK]O
_UVSNÊ_TO
@
^YW
Y]^K^XÆ
]ZYÂt`n
`OYLOMXn
ZVK^XY]^
Z]cMRYVYQSO
LK\O`
4KU
KVO
`MK\]U
`ÆNOM
`dnZÆ^t
NYNn`n
^Y
MY
Xn]
SXNS`SN_nVXÆ
YNVS_TO
T]Y_
Y]YLXt
]cWZK^SO
VRY]^OTXY]^
ÂS
KX^SZK^SO
U^O\r
U
_\ÂS^r
LK\`Æ
MRY`nWO
,K\`c
XO`XtWnWO
ZY_dO
d\KUOW
KVO
\OKQ_TOWO
XK
XÆ
MOVW
^ÆVOW
4KU
LcVY
Y`ÆÌOXY
ZYU_]c
XK
XÆUYVSUK
_XS`O\dS^nMR
ZY]KNt^OVS
XO`SNYWr
RY
ÂVY`ÆUK
NY
WYNÌO
`cWKVY`KXr
Wt]^XY]^S
^ÆVO]Xn
^OZVY^K
W_
ZYUVO]XO
Y
XÆUYVSU
]^_ZÊÓ
=ONXOVS
]S
ZY^YW
NY
ZYUYTO
]
ÂO\`OXWS
dNWS
TORY
^OZVY^K
]^Y_ZXO
K
WYXn
S
ZÌOU\YÂt
XY\WnV
8OTOX
Z]cMRYVYQY`r
KVO
^KUr
VSNr
d
\OUVKWc
K
WK\UO^SXQ_
`OVWS
NYLÌO
`ÆNt
TKUn
UY_dVK
VdO
ZYNXSUXY_^
]
LK\`KWS
MRMO^OVS
dKZÓ]YLS^
XK
VSN]UY_
Z]cMRSU_
@OdWÆ^O
]S
TKU
ÂK]^r
T]Y_
\OUVKWc
_UKd_TtMt
]^K`
˜ZÌON
K
˜ZY$
ZÌON
ZY_S^tW
LÆVSMt
d_LXt
ZK]^c
Z\KMtRY
Z\nU_
_N\
_TtMtRY
]^nVY_
LK\O`XY]^
Z\nNVK‰
˜?
\Y]^VSX
XMR
^_UÓ
Lc
WÆVK
ZÌO`VnNK^
]`Æ^VO
V_^n
LK\`K
]
XOZK^\XY_
ZÌtWÆ]t
ÂO\`OXr
Z\Y^YO
^KUY`r
]ZYTOXt
K]YMS_TO
TKU
`\YLOU
^KU
TORY
_S^Xr
`VK]^XY]^S
‹
ZÌONO`tW
]XKNXY_
\Yd^t\K^OV
XY]^
,tVn
LK\`K
]
WKVY_
ZÌtWÆ]t
WYN\r
dK]O
XKZÌtUVKN
K]YMS_TO
W\KdSMt
`VK]^XY]^S
VONXSÂUc
`c]`Æ^V_TO
4S^UK
@c]OUKVY`n
U^O\n
]O
]ZOMSKVSd_
TO
XK
Z]cMRYVYQSS
\OUVKWc
˜8KYZKU
XÆU^O\W
UYWLSXKMtW
LK\O`
TO
^ÌOLK
]O
`cRXY_^
Z\Y^YO
`c`YVn`KTt
XOQK^S`Xt
K]YMSKMO
:\Y
Y`YMXr
Ðn`c
]
ZÌtWÆ]t
MS^\YX_
U_ZÌtUVKN_
XOXt
`RYNXr
ZÌtVS
dNÓ\KdÊY`K^
UYWLSXKMS
V_^YdOVOXr
Z\Y^YO
^K
`c`YVn`n
ZYMS^c
Uc]OVr
K
RYÌUr
MR_^S
,K\`c
`KU
WYRY_
Wt^
`
\ÓdXMR
U_V^_\nMR
\ÓdXr
`dXKWc
DK^tWMY
_
Xn]
]O
ZcXt
LtVWS
K^c
XO`Æ]^c
`
®tXÆ
XKZÌtUVKN
TO
LtVn
LK\`K
dXKWOXtW
]W_^U_
V_^n
`
/`\YZÆ
]cWLYVS
d_TO
XO`Æ\_
d\KN_
K
VO]^
KVO
Z\Y
L_NNRS]^c
TO
dXKWOXtW
ZYUY\c
K
YNÌtUnXt
7YN\n
TO
LK\`K
Wt\_
K
\YdTtWnXt
KVO
]^KÌt
µOUY`r
K
µtWKXr
TS
ZÌSZS]Y`KVS
@OX_S
LYRcXS
Vn]Uc
7c
]S
Vn]U_
K
`nOÊ
]ZYT_TOWO
]
ÂO\`OXY_
^ONc
]
LK\`Y_
U\`O
K
YRXÆ
=>C6
f <9D.¬6/8
,+</@
D
26/.3=5+
8+/29
@87›8
®O\`OXn$
OXO\QSO
S`Y^Xt
]tVK
`S^KVS^K
Z_Nc
`d\_OXt
NcXKWSUK
Z\YXSUnXt
`ZÌON
V_^n$
^OZVY
]`Æ^VY
ZY`dL_dOXt
Y]`Y
LYdOXt
Y^O`ÌOXY]^
DOVOXn$
XKNÆTO
UVSN
LOdZOÂt
TS]^Y^K
`nXY]^
UYXdO\`K^S`XY]^
7YN\n$
XÆRK
`Æ\XY]^
NÓ`Æ\K
]Y_VKN
UYW_XSUKMO
UVSN
]^nVY]^
,tVn$
ÂS]^Y^K
XY`
dKÂn^OU
Wt\
MRVKN
ÂS]^Y^K
®O\Xn$
XSMY^K
UYXOÂXr
\YdRYNX_^t
]W_^OU
]W\^
YNÌtUnXt
K_^Y\S^K
]tVK
0SKVY`n$
SX^_SMO
`RVON
ZYMRYZOXt
`dXOOXY]^
9\KXY`n$
U\OK^S`S^K
SX]ZS\KMO
\KNY]^
Z\YTO`S^
]O
®O\`OXn
`KU
`cTKNÌ_TO
^KUr
S`Y^Xt
]tV_
KU^S
`S^_
^Y_R_
ZY
]SVXMR
K
RV_LYUMR
dnS^MtMR
@
ZÌt\YNÆ
XK
Xn]
LK\`c
`
ÂO\`OXrW
]ZOU^\_
\_Nn
Y\KXY`n‰
ZÓ]YLt
TKUY
`K\Y`nXt
K
_ZYdY\XÆXt
XK
XOLOdZOÂt
+
^KU^Y
dLK\`OXn
XOLOdZOÂXn
d`tÌK^K
T]Y_
^YRY
NÓUKdOW
=^OTXÆ
TKUY
ÂO\`OXn
LK\`K
XK
]OWKPY\_
U^O\n
XnW
TONXYdXKÂXÆ
ZÌSUKd_TO
˜=^ÓT
7SWYMRYNOW
Z\n`Æ
d
NÓ`YN_
XOT`Æ^t
XnZKNXY]^S
L`KTt
ÂO\`OXn
K_^K
ZYUVnNnXK
dK
XOTLOdZOÂXÆTt
:YNVO
`ÆNMÓ
TO
^Y
`KU
YWcV
DK
]Y_W\KU_
`\KdXn
ÂO\`OXn
^WK`XO
K
VdO
TS
TOX
YL^tXÆ
YNVSS^
YN
RXÆNr
DK
]XtOXMR
]`Æ^OV
XMR
ZYNWtXOU
TO
XOTVrZO
`SNÆ^
Wn^Y`Æ
dOVOXn
K
RXON
ZY
Xt
Xn]VON_TO
PSKVY`n
K
V_^n
@ÓLOM
XOTXSt
SXNOb
`SNS^OVXY]^S
KÐ
_
]O
]^Wt`n
XOLY
TO
TK]X
NOX
WKTt
LK\`c
ÂO\Xn
WYN\n
ONn
dOVOXn
ÂO\`OXn
K
]^ÌtL\Xn
9NLY\XtMS
TOX
ZY^`\NSVS
MY
]S
Wc
VKSMS
YNTKUS`K
Wc]VtWO$
ÂO\Xn
K_^K
]O
ÂK]^ÆTS
]^n`KTt
yÂK]^XtUc
NYZ\K`XtMR
XORYN
5Nc
^Y^S
`ÆNMS
d
_XS`O\dS^c
`
K_]^\KV
]UrW
7OVLY_\XO
XK
dnUVKNÆ
ZYVSMOTXtMR
dZ\n`
dO
N`Y_
K_]^\KV]UMR
]^n^Ó
dUY_WKVS
]Y_`S]VY]^S
WOdS
XORYNY`Y]^t
K
!
\ÓdXWS
LK\`KWS
K_^Y
WYLSVÓ
NY]ZÆVS
U
dn`Æ\_
O
XOLOdZOÂt
XORYNc
dK
NXO
TO
_
ÂO\XrRY
K_^YWYLSV_
Y
Z\YMOX^
`ct
XO
_
LtVrRY
:Y
ÂO\XMR
`YdOMR
Xn]VON_Tt
MY
NY
XORYNY`Y]^S
ONr
]^ÌtL\Xr
WYN\r
K
ÂO\
`OXr
,YR_OV
‹
`NcÐ
ÂO\Xn
TO
^KU
OVOQKX^Xt
:ÌONXY]^
Tt
Nn`n
®OMRÓ
`O
`ÆU_
"
K
#
VO^
+VO]ZYÊ
^Y
`cZVcX_VY
d
Z\ÓdU_W_
U^O\
Z\YLÆRV
]Y_ÂK]XÆ
`
ZÆ^S
O`\YZ]UMR
dOWtMR
®O\Xn
LK\`K
d`t^ÆdSVK
S
_
ÌSNSÂÓ
`
Y]^K^XtMR
]VO
NY`KXMR
dOWtMR
8ÆWOMU_
7KÃK\]U_
:YV]U_
K
<_W_X]U_
RXON
dK
XSWS
]O
_Wt]^SVK
]^ÌtL\Xn
WO^KVtdK
+VO
TOX
`
ZÌtZKNÆ
W_]UMR
Z\OPO\OX
Mt
®O\`OXr
K_^Y
]S
ZÌOTO
Wt^
NY]ZÆVMR
®OMRÓ
ZÌO]XÆTS
®OOU
+
^KRVO
Z\OPO\OXMO
]O
]
Vr^c
WYM
XOWÆXt
DnVOt
KVO
XK
`U_]_
UKNrRY
d
`n]
`O
`YdO
TKUr
LK\`c
]O
Mt^t^O
XOTVrZO
f =>C6
.95</=63
+RYT
UV_MS
>YXtU
K
+XSÂUK
T]Y_
XK
ZY_^S
K
dK
YNWÆX_
]O
WYRVS
]`rd^
XK
TONXr
K^\KUMS
=ZYT^O
Ât]VK
K
NYd`t^O
]O
XK
TKUr
:Y^YW
]S
WÓO^O
RY^Y`
YL\ndOU
NYWKVY`K^
"
#
!
!
"
#
"
!
!
"
#
#
"
!
#
"
!
97+69@›85+
®n\c
]U\`KTt
d`tÌO
:YdXn^O
U^O\r)
@OdWÆ^O
ZK]^OVUc
K
`cLK\`Æ^O
ZYVtÂUK
ZYNVO
ZÌONVYRc
C/>3
8+
@6/>¬
8Y`n
UYNK
CO^S
]O
`cNKVK
XK
`VO^
K
MO]^Y_
ZY^UKVK
]ZY_]^_
d`tÌn^OU
@OdWÆ^O
]S
ZK]^OVUc
K
`OMRXY
`cLK\`Æ^O
=>C6
f K
RYVUc
8+4.3
:¬>
<9D.6»
8K
Z\`Xt
ZYRVON
`SNt^O
N`K
]UY\Y
]^OTXr
YL\ndUc
5Nc
]O
KVO
ZYNt`n^O
ZYdY\XÆ
XKTNO^O
ZÆ^
\YdNtVÓ)
8+4.3
-/=>?
.9:6²9@+®5+
:YWÓO^O
ZS\n^]Ur
VYNS
XKTt^
MO]^_
U
ZYUVKN_)
?Wt^O
ZYTWOXY`K^
`OMRXc
XKWKVY`KXr
YL\ndUc)
DTS]^t^O
UNY
TO
CO^S
!
!
#
"
#
"
f =>C6
9M^K`SK
]VK`t
ZKNO]n^
VO^
@
<9-/
##
:µ/.¬6+63
598=><?5>kµ3
76+.9,96/=6+@=5k
+?>979,365C
@/7
9=9,87
@9D»7
59.+
:µ/.8
8›:<+@?
.9=>+6+
7=>9
63=>9@k29
:/<+
@38?>k
:<?38C
=
>/6/=59:3-573
>6?73®3
:k<9@›8
=:96/®8¬
=
.<9,89?
¡:<+@9?
:µ/.8
7+=5C
69
8+
=@9?
.9,?
9
>+5
D›=+.8
µ//8
/
.969
3
5/
D7¬8¬
8›D@?
D
79./69@k
µ+.C
=/
>+5
=>+6+
9->+@3+
@»D
=/
=>/487
8›D@/7
4/
@
8+,.-/
.9.8/=
9->+@3+
>+5
6/>9=
=6+@
5?6+>k
4?,36/?7
9M^K`SK
XKdXKÂSVK
O
TNO
Y
Y]W
ZY`nVOÂX
WYNOV
˜@
^ÆMR^Y
NXOMR
]O
_`nNt
XK
^\R
XY`
WYNOV
Y]YLXtRY
`Yd_
ZYN
Xnd`OW
UYNK
9M^K`SK
ÂO]UrW_
_MR_
dXÆTtMtW
NY]_N
ZYXÆU_N
XOd`cUVO
KVO
Z\Y
WOdSXn\YNXt
YdXKÂOXt
`OVWS
NYLÌO
`YVOXW
XKZ]KV
VONXK
##
ZYNXSUY`
ÂK]YZS]
@OX^SV
8ndO`
9M^K`SK
^KU
VO^Y]
Y]VK`t
VO^
˜:\Y
ZÌtVOS^Y]^
_`ONOXt
XK
^\R
`
\YMO
##
LcVY
`c^`YÌOXY
]ZOMSnVXt
VYQY
YNUKd_TtMt
XK
dKVYOXt
ZVdOÊ]Ur
]^\YTt\Xc
]
ZÆ^SMtZY_
R`ÆdNY_
XKRYÌO
K
NK^c
"###
NYVO
6YQY
]O
YLTO`Y`KVY
XK
Z\Y]ZOU^OMR
K
XK
NKVtMR
Wt]^OMR
+VO
PKU^K
XK
TOTSMR
dnUVKNÆ
`dXSUVY
XOT]Y_
dXnWK
NYNn`n
K\MRS`nÌ
K_^YWYLSVUc
6_Un
8KMR^WKXX
˜:\`Xt
9M^K`SO
]S
WY^Y\S]^r
YLVtLSVS
`_NO
UNO
]O
Z\YNn`KVc
UYX]^K^Y`KVS
K_^YÌS
UXSRc
6O^
YUÌtNVOXrRY
tZ_
4KX
5\nVtU
K
:O^\
5YtOU
˜7ÆVc
NYL\r
TtdNXt
`VK]^XY]^S
ZÌONO`tW
XK
ZK^XMR
`YdY`UnMR
:YWÆ\XÆ
ZÌtdXS`r
\YdVYOXt
RWY^XY]^S
XK
ZÌONXt
K
dKNXt
XnZ\K`_
LcVY
_
K_^YWYLSVÓ
]
WY
^Y\OW
`ZÌON_
K
ZYRYXOW
dKNXtMR
UYV
`TSWOÂXr
@
-RSVO
]O
^ÆW^Y
`YdÓW
ÌtUKVY
TOOZ
Z\Y^YO
]VY_SVc
S
XK
`OVORY\]UMR
]^OdUnMR
,cVc
^Y
\YL_]^Xt
K
]ZYVORVS`r
`Ydc
ZK^ÌSVc
XK
ZÌONXt
Wt]^Y
`O
]`r
UK^OQY\SS
K
]XO]Vc
S
ZÌt]Xn
WÆÌt^UK
:YN
Xnd`OW
9M^K`SK
]O
^K^Y
K_^K
`c\nLÆVK
NY
\YU_
# `O
`O\dS
-YWLS
K
NY
\YU_
#!
:Y
\YMO
##
LcVY
TWrXY
dXY`_
`dUÌtOXY
K
WYNOVY`n
ÌKNK
9M^K`SK
]O
]^KVK
Z\`XtW
K_^YWYLSVOW
`c`SX_^W
`O
`VK]^Xt
\OSS
ZY^r
MY
]O
UYNK
]^KVK
]Y_Ân]^t
UYXMO\X_
@A
:ÌtZ\K`Xr
Z\nMO
dKÂKVc
TS
`
\YMO
##
UNc
`dXSUVK
]KWY^Xn
]^_NSO
^ORNc
XK
LndS
@A
1YVP
^ÌO^t
QOXO\KMO
9N
ZYÂn^U_
`KU
LcVY
dÌOTWr
O
XY`n
9M^K`SK
L_NO
\YdWÆ\Y`Æ
`Æ^tW
K_^YWYLSVOW
K
Z\Y^Y
XKWt]^Y
ZYN`YdU_
UYWZKU^XtRY
1YVP_
dt]Un`n
`
\YMO
##
`VK]^Xt
UYXMO\XY`Y_
ZVK^PY\W_
U^O\n
]O
ZYdNÆTS
]^KXO
dnUVKNOW
S
Z\Y
+_NS
+
@
\YMO
##
T]Y_
`
YNNÆVOXt
>OMRXSMUrRY
``YTO
ZY]^K`OXc
K
YNdUY_
OXc
Z\`Xt
Z\Y^Y^cZc
ZÓ`YNXt
S^KV]U
Xn`\R
TO
UYWZVO^XÆ
ZÌOZ\KMY`nX
ZÌSÂOW
]^OTXÆ
TKUY
`
ZÌtZKNÆ
]^K`Lc
Z\Y^Y^cZÓ
TO
UYX]^\_UMO
K_^YWYLSV_
ZVXÆ
`
\_UnMR
``YTY`rRY
^W_
d
®O]KXc
.XO
dnÌt
## ZÌO]^ÌtRV
^OR
NOTt
Z\OdSNOX^
@nMVK`
2K`OV
]VK`XY]^XÆ
Zn]U_
dL\_]_
XY`r
WYX^nXt
RKVc
7
dO
U^O\r
`cTtNt
]^Y`Uc
XY`MR
9M^K`St
NOXXÆ
K
NYZY]_N
>S^_VOU
`
XÆWOMUrW
,SVNDOS^_XQ
RVn]KV$
˜=^K\YWvNXt
TO
TOX
MOXK
:\`Xt
UNY
]O
YPSMSnVXÆ
]
XY`W
`YdOW
UYNK
9M^K`SK
]OdXnWSV
LcVS
ÂVOXY`r
ZY
\Y^c
/`\YZ]Ur
K_^Y
\YU_
@
N_LX_
## `
Z\O]^SXt
KXUO^Æ
dt]Un`n
9M^K`SK
Wt]^Y
d
#
UKXNSNn^Ó
5NY
Lc
]S
^ORNc
ZYWc]VOV
O
NY
NXOXtRY
NXO
XKVOdXO
]`rRY
WKTS^OVO
ZY
MOVrW
]`Æ^Æ
`tMO
XO
WSVSYXc
`YdÓ
9M^K`SK)
9
N`K
\YUc
ZYdNÆTS
ZÌSVK
`O\dO
-YWLS
K
Y
XÆMY
ZYdNÆTS
^KUr
b
@
\YMO
Z\YLÆRVK
WYNO\XSdKMO
U^O\n
]O
NYNXO]
`c\nLt
ZYN
Xnd`OW
9M^K`SK
>Y_\
+
`
yXY\_
ZÌSMRndt
9M^K`SK
N\_Rr
QOXO\KMO
U^O\n
]O
VO^Y]
dKÂKVK
Z\YNn`K^
`
XY`r
WYNO\XSdY`KXr
ZYNYLÆ
7YNOV
9M^K`SK
dXKWOXKV
`dXKWX
WSVXtU
`
XY`YNYLr
RS]^Y\SS
dXKÂUc
UYNK
@OVWS
ZYdS^S`XÆ
dWÆXSV
TOTt
`XtWnXt
K
SWKQO
UYNK
]O
^KUr
NtUc
9M^K`SS
dWÆXSVK
dO
dXKÂUc
]SMO
]
^\KNSMt
KVO
LOd
L_NY_MXY]^S
`O
dXKÂU_
L_NY_MXY]^S
]
^\KNSMt
2(#%&*;/'%5'#$)($(51)*;7
(*#+#1,' *4!$)
#)
/"4'1/#4
#- )%#$*0(*9#%$(5)(*! $)$($*$'(*;$#;"
!'#"#$3*4&"":9;(*79,
/"4'1/#4
$!$)$)'%!-#1"-(*;7'%!-( +&#($*#$)'(#4 $
#1, $)3&$ $*$)',)%$),$)/-'(1"4'1/#1'%!-( +
,*;$#4#0%$*##0&)/#1*&#1%$7(4#1%$7(4#1/!#1$
' !$.' 0%$78$*#+*1,1' -(,&"6 $''(#(
41!"%42)(5!%*)+"((-
/((&".)!%*-&%4-%+1$,+%-*
+6#3(1/$1(&".)!*
/%*/.()1#3(1/$1(&".)!, &%+$$0'*/$1+' $1&% 6)3$1
%+6&40"$$%+.$1$")-7())!%+0%$%)3//$1
1#$&"1#(# www.skofin.cz #$*$!(,%!(#$)#$!# ) 800 100 800
.49"2 4( ".32
8B
<12*#$- )#$2$ !1.+32-<1.3*0.,<)$:<,#9+,;-= 4<": 12.-$)1.31- #-./?<123/-9.49@*.# "2 4( ".32
1/.'.-$,4A$"'*.+4A */?(),$) *.3*.+(44E743 46#91$(#.$520;,-=)A<"'/.#,<-$*$2.2(C46! 4$- 1/.(+$06
-90 7-<*D /+ 12.4E,(+$,6!+ 2-<*D(/0 'D2$0;-3/+-;,7 29:$*7 1$."$-<2$ - '.01*E"'"$129"'%3-*"(
1(12$-20.7)$7#3#.*./"$.49@*.# "2 4( ".325)$/?(/0 4$- 1*32$:-=- ".*.+(4
+(CA<(-%.0, "$- -$!.- .49"2 4( ".32
.,!(-.4 -91/.2?$! $,(1$,.#$+3
"2 4( ".32
>+*,>&*,

Podobné dokumenty

Book 1-2.indb - Ideální Bydlení

Book 1-2.indb - Ideální Bydlení je pouze potřeba počítat s přivedením vody (ať už pouze studené, nebo i teplé) k trysce. Na ovládání je potřeba rohový ventil či podmítková páková baterie a běžný instalatérský materiál. Ceny WC + ...

Více

Otevřít - CITROËN Magazín

Otevřít - CITROËN Magazín CITROËN MAGAZÍN Vydavatel: CITROËN ČESKÁ REPUBLIKA s.r.o., Pobřežní 3, 186 00 Praha 8, tel.: +420 224 835 600, fax: +420 224 835 655, www.citroen.cz, e-mail: [email protected] Pro Citroën ČR vyrobila...

Více