Focus on Burma - Burma Center Prague

Transkript

Focus on Burma - Burma Center Prague
0#1,$(#'(),*+"
-./.
!"#$%!&'#('"()"*+,
!"#$%&'()*(#&+#%,"(
-./0
&$'#(!)*'+*$+,$- ./+0+12'3
!"#$%&'(")*+&"'#
!"#$% &'(!)$*+,% -$% .+*+"($/"(0'% 123/24
*+"*563% 0!65% #$"78% /$&9:;+7<% &'=&'$+;'% 01*+7
($$(5% $=+6$% &9:;+726$% >2'"($$*'% *2% ?2/#9@
A($B*!%B27'%0%&$$=$);C63%/'"*56563,%+%($*('7/D(
B"#$% 0<:/2;+% "(!-$B*5% (8#2,% 7($/8% "$% "3'=9B$
"%*2)+#+%*<*!B)5#+%27(+0+(2#+%2%7($/8%1D/'0$%
'=&'05=D%"'9"2"*C#%&/':;8#&#%0%?2/#!@
.<);$*72% "'9"($$=+(% E@% 0<=D*5% *2% =!*5% 0% 2
7';$#%#8=+5%&/2#$*5%1%;$(')*5%6$"(<%='%F*=+$,
7($/8% "$% G"2"(*+;+% +% "$)(5% *'0+*D$+% 2% 7($/D% B+#
9#'-*+;2% "$(72(% "$% "% :2/#"7C#+% 7';$H<@
A($B*!% B27'% 0% #+*9;'"(+% 12$219B$#$% ";D*$7
&$$="(209B565% "$"78% "(2*'0+"7'@% #$"7D% /$&9:4
;+72% ('(+-% &2($5,% 9-% =57<% "08% 3+"('/+678% 179)$4
*'"(+,% #$1+% *$B(/02;$B)5% #$1+*D/'=*5% '&'/<
:2/#"783'% ;+=9@% I3(!;+% :<63'#% (5#('% "(0/=+(
2%1=&/21*+(%=&;$-+('"(%(/02B565%&'=&'/<%&'"7<4
('02*8%?2/#!%':"2*"7C#+%+*+6+2(+02#+%*2&$5"
#$1+*D/'=*5#%"&';$"$*"(05#@
J9:;+726$% 01*+72;2% 0% ':=':5% $7'*'#+678
7/+1$,% "% #*'3=<% *$B+"(C#% &$5"(9&$#
*!7($/C63% =D/6&@% K27'08% 2% B+#% &'=':*!
*$&$51*+08% &'=#5*7<% :C02B5% (!#+% "+*+($;+,
7($/8%:/1=5%/$2;+126+%':$6*!%&/'"&!)*C63%65;&@
K$$(5%0<=D*5%>2'"($$*'%*2%?2/#9%(27%0<63D15%+
=57<%&$+"&!*5%*2)+63%&2/(*$/&%2%=':/'0';*57&@
L%J/21$,%/'79%MNON
!"#$%
2&3456$74(8"*+$94(+:;6"
!"*'6(<"''=%?2/#2,%1$#!%"0':'='9%(+"79%"(D;$%*$(7*9(D
>"*#+?*(<"*&9= %Q2#%7/D"5%:2/#"7D%#8=+2R
P
S
<:;6"("("9%656%@(5"'#5"':()"*+"
A&*&3"()7"B#,%#54=%.$=+D;*5%':/21%:2/#"7C63%9&/63;57&
0%#$"78%/$&9:;+6$
CB*6$%#DB(E+%B#*=%!27%"$%10+=+($;*+(
OM
OS
F!&$?;7#54'?(;#(#&$9:(*&D,8769@=(G%*, $'4(6'H#*+"1&
T27(2%2%"5";2%7%&$$"5=;'0D*5%:2/#"7C63%9&/63;57 &
V7(+0+(<%2%&'=&'/2%?2/#"783'%6$*(/2%J/232,%'@&@"@
4
OU
OS
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
+#(1%2(
7' 8 / # + ' * + , / - . $ + 0 + 9 - ) : $ 8 )
!"#$%&'(")*+&"'#
Y$%2/$%&;$2"$=%(32(%(3$%!"#$%&'()(*+,-&./
0.,#(1)& 2//3(,*% 32"% W26+;+(2($=% (3$% (3+/=% $=+4
(+'*%'W%'9/%&9:;+62(+'*%0.$4*&.)&54,63@%V"%+*
&2"(%+""9$",%_$%320$%63'"$*%2%H$*$/2;%(3$#$
(32(% +"% +*% ;+*$% _+(3% '9/% &/$"$*(% 26(+0+(+$",
_3+63% /$"&'*=% ('% 69//$*(% 632;;$*H$"% +*% (3$
?9/#$"$%+""9$@
VW($/% 320+*H% "966$""W9;;<% :/'9H3(% I1$63
B'9/*2;+"("% ('% F*=+2% (3+"% <$2/% 2*=% 6'**$6($=
(3$#% _+(3% (3$+/% ?9/#$"$% 6';;$2H9$",% _$% 2/$
W'69"+*H% '*% B'9/*2;+"#% 2*=% #$=+2% +*% (3+"
+""9$@%V*=,%2"%+*%(3$%&2"(,%_$%_+;;%2==%2%I1$63
&'+*(%'W%0+$_%"+*6$%(3$%I1$63%\$&9:;+6,%#'(+4
02($=%:<%+("%'_*%3+"('/<,%"(2*="%'9(%2"%'*$%'W
(3$% #'"(% $*=9/+*H% "9&&'/($/"% 'W% (3$% ?9/4
#$"$%&$'&;$@%Y$%_'9;=%;+7$%3$/$:<%('%/$6'*4
W+/#% (3$% +#&'/(2*6$% 'W% *'(% 69((+*H% 'WW% "9&4
&'/(% W'/% ?9/#2% W/'#% (3$% +*($/*2(+'*2;% 6'*4
($`(%'W%6+0+;%"'6+$(<%26(+0+(+$"@
Y$% $`($*=% '9/% _2/#$"(% (32*7"% ('% '9/
&2/(*$/"%2*=%0';9*($$/"%_3'%320$%#2=$%(3+"
&9:;+62(+'*%&'""+:;$%+*%(+#$"%'W%$6'*'#+6%6/+4
"+"% 2*=,% +*% #2*<% 62"$",% ='*'/"a% 7*$$4B$/7
&';+6+$"% (32(% "'#$(+#$"% #27$% 632/+(2:;$
H'2;"%"$$#%#'/$%=+"(2*(%(32*%$0$/@
F*%J/2H9$,%MNON
6'*()*(#
K';&D&';&';&'%(),*+&$&(>#,*'"76$+
!"*'6(<"''=%T/$$='#%'W%(3$%J/$""%A(+;;%2%.<"($/<%+*%?9/#2
>"*#+?*(<"*&9= %Y3$/$%+"%(3$%?9/#$"$%.$=+2%Z$2=+*HR
X
[
<&;6"("';(E1%656%6&$(H#*(),*+"
A&*&3"()7"B#,%#54=%K3$%J/$"$*(2(+'*%'W%?9/#$"$%\$W9H$$"
+*%I1$63%.$=+2
CB*6$%#DB(E+%B#*=%]"62&+*H%F*0+"+:+;+(<
OE
O[
L&$&%%7&+&'%(%#(%B&(C3&1B(L&D,8761=(K'H#()#M&$
T26("%2*=%T+H9/$"%V:'9(%(3$%\$"$((;$#$*(%'W%?9/#$"$%\$W9H$$"
V6(+0+(+$"%2*=%A9&&'/(%J/'0+=$=%:<%?9/#2%I$*($/%J/2H9$,%'@&@"@
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
O^
O[
5
3(45.6785&9%#$7:5&$;06%
, $ - . $ <+ = ) . " + # 2 ' " ' 3 ' / + ( > # ? /
#(@A)+*)(?*/(@
,-#.$)/-..
J$$"('-$% B+*8% 1$#!% "0':'=9% &/'B$09% 2
"0':'=9% (+"79% /'105B5% 2% 0D-5% "+% B+63,% ?2/#2
*2=D;$,% +% &'% b1=D*;+0C63c% 0';:D63% MNON,
&'7/2"9B$% 0%7'*(/';$% 2% ";$='0D*5% #8=+5% 2
/$&'/(8/&@
.8=+2% 2% 1=/'B$% +*W'/#265% ':$6*!% :<;<% 0
?2/#!%&'%=$"$(+;$(5%':!(5%6$*19/<%2%"'9"2"*8
&/'H*d1<% &$$=&'05=2B5% =2;)5% 13'/)'0D*5
"+(926$@% K27'0C('% 0C0'B% '=/D-5% *$=D0*C
+*6+=$*(% [% &$/+'=+7,% 7($/D% 0!*'02;2% *$:C02;C
&/'"('/% 9=D;'"(+% &/'&9)(!*5% :2/#"78% =+"4
+=$*(7<% V9*% A632*% A9% '+B@% eD";$='02;'
&'12"(20$*5%B$B+63%&/'=$B$@
0(,*+& 78#9#),% &$$=*5% "&'/('0*5% (C=$*57,
'(+"7;% *2% (+(9;*5% "(/D*6$% W'(:2;'0C% (+(9;$7% "$
10C/21*!*C#+% &5"#$*<,% 7($/D% ='3/'#2=<
0<(0'$+;2% *D";$=9B565f% bA9% "0':'=*D% "B$=*'(5
g% &'"9*$% *D"% :;5-% *2=!B+@c% J/'=$B% (C=$*579
:<;% *D";$=*!% &'% =':9% =0'9% (C=*&
&'12"(20$*@%
>:<;C#% S% &$/+'=+7&#,% 7($/D% :9(% &$$"
6$;'9% (+(9;*5% "(/2*9% '(+"7;2% W'('H/2W++% V9*
A632*% A9% '+B% *$:'% B+% &'7/<;2% W'('H/2W+$#+% 2
1&/D02#+% '% B$B5#% &/'&9)(!*5,% :<;2% &$$/9)$*2
"+**'"(%*2%=':9%B$=*'3'%*$:'%=0'9%(C=*&@
;
'=&'/9B565%=2*C#%&/20+=;&#%2%*2$51$*5#@c
JA\i%
=D;$%
&$$=0';2;2%
/$=27('/<
B$=*'(;+0C63% &$/+'=+7% 2% ':0+*+;2% B$% 1%&'4
/9)'0D*5% &/20+=$;% 2% *2$51$*5% 6$*19/<@% #+*+;2
(27% :$1% 0<"0!(;$*5,% 1% B2783'% (/$"(*83'% "+*9
':0+*!*8%&'=$1$50D@
NKOKAPQ2R(STQUV()LEAL
JD/% =*&% &'% &/'&9)(!*5% V9*% A632*% A9% '+B
*2$5=+;+% &$$="(20+($;8% /$-+#9% +*"(2;26+% #'*+4
('/'026563% 72#$/% ='% 0)$63% +*($/*$('0C63
720D/$*% 0%\2*HG*9,% 2% ('% 1% :$1&$"*'"(*563
=&0'=&@% .8=+2% +*W'/#'02;2,% -$% &$5721
*D";$='02;% &'(8,% 6'% :<;<% 0%+*($/*$('08
720D/*!% :;-& )#+,% :;517'% /2*HG*"78% /2=*+6$,
*2;$1$*<%0C:9)*+*<@%
ci'7'*6$% *D#% *2$5=+;+% ";$='02(% *2)$
1D721*57<%2%"(/D*7<,%7($/8%"+%&/'3;5-$B5@%J'79=
;1$% B$=*D*5% 1D721*572% +*($/&/$('02(% B27'
&';+(+67<% 27(+0*5% k% *2&$57;2=% &'"5;D4;+
='79#$*(<% 123/2*+"*5#% #$=+5#% *$:'
&'7'9)54;+% "$% '($0$5(% 127D12*8% _$:'08
"(/D*7<% k% #9"5#$% +*W'/#'02(% "+*+($;$% "(D(9,c
90D=5%#2B+($;%+*($/*$('08%720D/*<@
J'=;$% 1=/'B&% 1%:2/#"783'% #$=+D;*53'
&/'"($$=5% :<;'% 127D1D*'% &9:;+7'02(% B27% 0!()5
#*'-"(05% 1&/D0% '% V9*% A632*% A9% '+B,% (27% B$B5
W'('H/2W+$% 0!()563% /'1#!/&@% !$=+*8% &'0';$*8
W'('H/2W+$%0<:/2;2%:#;$#&,#1(*+,3$#&3&;.)+,.8+(*;4% h<,#**& :$,4+()-& 3)=& >#1(*+,3+(.)& ?(9(@
*(.),% JA\ij@% A#!;<% :C(% 10$$$B*!*<% &'91$
0%/D#6+%&$5;'3@
\$-+#%127D12;%&$5"(9&%7%$`+;'0C#%#8=+5#%2
:;'H&#,% 7($/8% +*W'/#9B5% '% &'/9)'0D*5
;+="7C63% &/D0% 2% '% =$#'7/2(+67C63% 3*9(563@
l+=8%0%?2/#!%&/'('%#9"5%&/'%0"(9&%*2%#*'3'
_$:'0C63%"(/D*$7%&'9-502(%1D"(9&*8%"$/0$/<@
L%+*($/*$('0C63% 720D/*D63% "$% ='7'*6$
':B$0+;2% 9&'1'/*!*5,% 7($/D% 02/9B5% &$$=
*$1D7'**C#% &/'3;5-$*5#% 127D12*C63% _$:4
'0C63%"(/D*$7%2%:;'H&@
e$1D0+";C%*'0+*D$%1%?2/#<%90D=5f%cQ=<-%"$
&$/+'=+72% &/'=2;2,% &$5;'3<% "% B$B5#+% W'('4
H/2W+$#+% "$% &/'#!*+;<% 0% ':2;<@% \2=2% &/'
6$*19/9% '1*2"+;2% (27'0C% 0C0'B% 12% =!*5
e2% 1D7;2=!% +*W'/#265% 1% #8=+5% "$% &'"5*2B$
&'(;2"$*5#% )2W/D*'08% /$0';96$% 0% 1D$5% MNN^
"(D02B5% +*($/*$('08% 720D/*<% ($/"$#% *$4
'3;D)$*C63% 7'*(/';% 2% *2$51$*5% 7$% ";$='0D*5
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
<)0(=()0()*&!"#$(7(&>/"#)%867$
7-))3'.+':+(%)+9-)##+C(>AA+$
DE#()- E+>*+,/- .$
,-#.$)/-..
V;(3'9H3% (3$% "'462;;$=% $;$6(+'*"% 2/$% '0$/,
&/$""% W/$$='#% /$#2+*"% :$3+*=% :2/"% +*
?9/#2,% _3+;$% #2*<% '(3$/% 6'9*(/+$"% 2/$
=$0$;'&+*H% 2*=% 02;9$% W/$$='#% 'W% (3$% &/$"",
'W%$`&/$""+'*,%2*=%'W%"&$$63@%
K3$% JA\i% 2;"'% "9##'*$=% (3$% B'9/*2;"a
$=+('/"% 2*=% 2669"$=% (3$#% 'W% 0+';2(+*H% 6$*4
"'/"3+&% /9;$"% 2*=% /$H9;2(+'*"% _+(3'9(
$`&;2+*+*H%_32(%(3$%2;;$H$=%+*W/26(+'*"%_$/$@
K3$%#$=+2%2*=%(3$%W;'_%'W%+*W'/#2(+'*%+*
?9/#2% 32"% :$$*% "9:B$6(% ('% 6$*"'/"3+&% W'/
=$62=$"%2*=%(3$%"+(92(+'*%"$$#"%('%:$%_'/"4
$*+*H@% K3+"% +"% 6;$2/;<% /$W;$6($=% +*% (3$% 69//$*(
+*6+=$*(%'W%*+*$%B'9/*2;"%(32(%320$%:$$*%($#4
&'/2/+;<%"9"&$*=$=%W'/%H+0+*H%&/'#+*$*(%6'04
$/2H$% ('% (3$% /$;$2"$% 'W% ?9/#$"$% =$#'6/26<
+6'*%V9*H%A2*%A99%Q<+@%
)KO()LWAXTL(OWTG(NKOKAEQ
0(,*+& 78#9#),% 2% ;$2=+*H% "&'/("% B'9/*2;,
&'"($=% 2% W/'*(4&2H$% W''(:2;;% 3$2=;+*$% +*
_3+63%"'#$%;$(($/"%_$/$%3+H3;+H3($=%('%/$2=f
mA9% W/$$% 9*+($% g% 2=02*6$% ('% H/2:% (3$% 3'&$a@
K3$% B'9/*2;"a% "2;$"% _$/$% (3$*% "9"&$*=$=% W'/
(_'%_$$7"@
cK3$<% $0$*% '/=$/$=% 9"% ('% _2(63% '9/% 69"4
('#$/"% 2*=% (3$% "+($"% (3$<% 2/$% ;''7+*H% 2(@% FW
(3$% 69"('#$/% +"% ='+*H% "'#$(3+*H% /$;2($=% ('
&';+(+6"% k% "$*=+*H% W+;$"% 2*=% &3'('"% ('% $`+;$
#$=+2% '/% (/<+*H% ('% "9/W% :2**$=% _$:"+($",% W'/
$`2#&;$% k% _$% #9"(% +*W'/#% (3$% 29(3'/+(+$",o
"2<"%2*%F*($/*$(%62W8%'_*$/@%
K3$% '(3$/% $+H3(% B'9/*2;"% (32(% &9(% W9;;4"+1$
&3'('"% 'W% V9*H% A2*% A99% Q<+% '*% (3$+/% W/'*(
&2H$,% '/% #2*<% &3'('"% 2*=% *$_"% 'W% 3$/
/$;$2"$,% _$/$% "9"&$*=$=% W'/% 2(% ;$2"(% 2% _$$7
('%(_'%_$$7"@
V66'/=+*H% ('% +*=+0+=92;"% +*% (3$% #$=+2
+*"+=$% ?9/#2,% B'9/*2;"% _$/$% *'(% 2;;'_$=% ('
&/+*(%#963%6'0$/2H$%'W%3$/%*$_"%*'/%('%&/+*(
2*<% ;2/H$% &3'('"% 'W% 3$/@% K3$<% _$/$% '*;<
2;;'_$=%('%9"$%&3'('"%(32(%32=%:$$*%63'"$*
:<%(3$%6$*"'/"3+&%:'2/=%'W%(3$%<,#**&:$,4+()3)=& >#1(*+,3+(.)& ?(9(*(.)% hJA\ij,% 2*=% (3$*
'*;<%('%&/+*(%(3$#%2"%2%"9&&;$#$*(@%
cY3$*%(3$%B'9/*2;"%_$/$%"';=,%(3$%"9&&;$4
#$*("% _+(3% 3$/% &3'('"% :$62#$% (3$% 6'0$/,
2*=% (32(n"% _32(% (3$% 6$*"'/"3+&% :'2/=% "2+=
6'*(/2=+6($=% (3$+/% /9;$"% 2*=% /$H9;2(+'*",o
"2<"%2%W/$$;2*6$/%W/'#%?9/#2@
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
V% W$_% =2<"% 2W($/% (3$% /$;$2"$% 'W% V9*H% A2*
A99% Q<+,% 29(3'/+(+$"% +*% \2*H''*% '/=$/$=% (3$
+*"(2;;2(+'*% 'W% IIKL% 62#$/2"% 2(% $0$/<% F*($/4
*$(% 62W8% W'/% "$69/+(<% /$2"'*"@% K3$% '/=$/% _2"
+""9$=% 2W($/% $`&;'"+0$% =$0+6$"% _$/$% /$&'/(4
$=;<% W'9*=% 2(% (3$% :;-& A#+% F*($/*$(% 62W8
;'62($=%*$2/%\2*H''*%I+(<%Z2;;@%
J$'&;$% +*"+=$% ?9/#2% 320$% ('% 9"$% &/'`<
"$/0$/"%('%0+$_%#2*<%"+($"%2"%(3$%/$H+#$%32"
:2**$=%266$""%('%$`+;$%#$=+2%2*=%:;'H"%(32(
/$&'/(% '*% 39#2*% /+H3("% 2:9"$"% 2*=% =$#'4
6/2(+6%#'0$#$*("@%K3$%29(3'/+(+$"%320$%$0$*
&'"($=% *'(+6$"% +*% F*($/*$(% 62W8"% _2/*+*H
9"$/"% (32(% :/'_"+*H% :2**$=% _$:"+($"% 2*=
:;'H"%+"%2H2+*"(%(3$%;2_@%
A9/&/+"$% +*"&$6(+'*"% +*% F*($/*$(% 62W$"% 2*=
(3$%&9:;+"3+*H%'W%'/=$/"%('%/$&'/(%'*%69"('#4
$/"a% 26(+0+(+$"% 320$% /$&'/($=;<% (27$*% &;26$
"+*6$%(3$%A$&($#:$/%MNN^%9&/+"+*H@
i9/+*H% (32(% (+#$,% /$&'/("% 'W% (3$% /$H+#$n"
:/9(2;%6/267='_*%'*%&/'4=$#'6/26<%=$#'*4
"(/2(+'*"% _$/$% _+=$;<% "&/$2=% :<% 6+(+1$*"% '*
(3$% F*($/*$(,% 2((/26(+*H% (3$% 2(($*(+'*% 'W% (3$
+*($/*2(+'*2;% 6'##9*+(<@% A+*6$% (3$*,% (3$
B
3(45.6785&9%#$7:5&$;06%
27(+0+(%1D721*57&@
>D1*2#<% :/9(D;*53'% 1D"239% /$-+#9% &/'(+
&/'4=$#'7/2(+67C#% =$#'*"(/265#% ($3=<
=57<%:2/#"7C#%':"2*&#%12&;20+;<%+*($/*$(%2
9&'9(2;<% &'1'/*'"(% #$1+*D/'=*53'% "&';$4
"$*"(05@% p=% (8% =':<% B"'9% 9-+02($;8% +*($/*$(9
/$-+#$#% 63D&D*+% B27'% *$:$1&$"5% 7'*(/';$
+*W'/#265@
V9('$+%:;'H&,%*'0+*D$+,%0<=202($;8,%:D"*56+
2%"&+"'02($;8%B"'9%'="91'0D*+%7%=$"$(+;$(C#%2
=$;)5#% (/$"(&#% *$:'% &'"5;D*+% ='% &/26'0*563
(D:'/&@% >#B.,+C!(& D#"& %,3)($% h\ATj% '3'=*'(+;+
0% /'6$% MNON% ?2/#9% O^P@% #5"($#% 1$% O^S
3'=*'6$*C63%1$#5%0%72($H'/++%A0':'=2%(+"79@
L%1D$5,% 0% &$$=0$"$/% &/0*563% 0';$:% 12
&'";$=*563% MN% ;$(,% \AT% +*W'/#'02;+% '% 7/'6563
/$-+#9%=D;$%&'"+;9B56563%6$*19/9@
cK'% 97219B$,% B27% #'6% "$% q/$-+#r% :'B5
"0':'=<% &/'B$09,% 7($/D% :<% '=7/<;2% B$B+63
1;'"+*<,% 2% (27% 0$% 0C";$=79% '3/'-'02;2% B$B+63
#'6,o% 0<"0!(;9B$% Q'% V9*H% q1#!*2% B#8*2r,
/$=27('/%*'0+*%0%?2/#!@
Y)T!SV!2E<2Z(AQECXP2R[
?2/#"7D% #$=+2% B"'9% 12"2-$*2% "(/+7(*5#+
*2$51$*5#+% 2% 6$*19/'9% B+-% '=% 0'B$*"783'
&$$0/2(9% 0%/'6$% O[UM@% L)$% &'"5*2B$% &'$1+5% 2
7'*"$%W+;#<%B$%6$*19/'0D*'@%L%#8=+563%"$%(27
*$"#5% ':B$0'02(,% 2% B"'9% '="(/2%'0D*<,% *$B$*
7/+(+72% /$-+#9,% 2;$% +% *$H2(+0*5% 1&/D0<% B27'
*2&$57;2=% &$5/'=*5% 72(2"(/'W<% *$:'% ='7'*6$
&'/D-72% W'(:2;'08% /$&/$1$*(26$@% e'0+*D$+
&'=&'/9B565% "0':'=9% &/'B$09% B"'9% "2"('
&/'*D";$='0D*+% 2% 0!1*!*+@% e27;2=2($;"(05,
7($/D% '=#5(*'9% 0<=D02(% &/'&2H2*=+"(+67'9
;+($/2(9/9,%#'3'9%:C(%120$$*2@
A(D(% &$5"*!% 7'*(/';9B$% *$B=&;$-+(!B)5
/$&'/(8/<% 2% *27;2=2($;"(05@% A(D(*5#9% /D=+9,
($;$0+1*5#% 72*D;&#% '>EF% 2% '-3G3==-% 2
*'0+*D#% H-3#& '.),% E%#& '(,,.,,% '-3)63,
28()% 2% E%#& A#G& I(1%+*& ./& '-3)63,% ='#+*9B5
&'=':*8%&/'H/2#<%'%*D:'-$*"7C63%10<6563%2
'W+6+D;*563% 6$"(D63% /$-+#9,% &';+(+67C63
/'13'=*9(563% 2% "&5;D*5% G=2B*C#% "&+7*9(5#
#$1+*D/'=*53'%"&';$"$*"(05%&/'(+%?2/#!@
>J=(.&:9.D.=)J&2*(#,%K83*&26#,(;-,%55!%2
?#6.;,3+($;L& %83*& 53,6-,% $`+;'08% /D=+'
0<"5;2B565% 1%e'/"72,% B"'9% 7;5"'0C#+% 1=/'B+
+*W'/#265% &/'% :2/#"7'9% 0$$$B*'"(@% i&;$-+('9
G;'39% 0%/'10'B+% *$1D0+";C63% #$=+5% 3/2B5% (278
/'"('965% $`+;'0D% #8=+2% B27'% M,,3G3==-% 2
'(""(63@
V"7';+% =*$"% $`+"(9B$% &$$"% OXN% &$/+'=+7% 2
*27;2=2($;&,% 0$)7$/8% 1&/D0<% 2% G=2B$% 0%*+63
90$=$*8% &/'63D1$B5% 7'*(/';'9% /2=<% &/'
6$*19/9% 0'B$*"78% 0;D=<% 2% *'0+*<% 1%='*96$*5
10$$$B%9B5% &/'&2H2*=+"(+678% ";D*7<% 2% +*4
W'/#26$@% J'=;$% 1&/20'=2B&% ;+=8% :;5165% B9*(!
*!7($/D% &$/+'=+72% 2% *27;2=2($;"(05% "2#+
0;2"(*5@
cT27(,% -$% #D#$% #*'-"(05% &$/+'=+7,% *$*5
/'0*5(7$#% &/'% "0':'=9% (+"79@% L)$63*2% "$
'/+$*(9B5%*2%-+0'(*5%"(<;%2%&'&%79;(9/9@%e!7=<
"$%6$*19/2%*$0<3*$%2*+%";D*7&#%12:C02B56563
"$% -+0'(*5#% &/'"($$=5#@% >&/D0<% 2% ";D*7<
0%:2/#"78#% (+"79% "$% (27% &/'#!*+;<
0%:$10C1*2#*8% (;263D*5% :$1% #'-*'"(5,% B27
"=!;+(%6'7';+%=&;$-+(83',c%90D=5%Q'%V9*H@
e$=D0*C% 1D"23% JA\i% &/'(+% #$=+5#% 2
";$='0D*5% 9-+02($;&% +*($/*$(9% #+#'('
=$#'*"(/9B$% '=&'/% /$-+#9% &/'(+% B27C#7';+
*D1*27&#% "0':'=<% (+"79% 2% 0&;+% B+% 7=<7';+
&'(;2"+(@% ?;517D% :9='96*'"(% (9=5-% *$*5
"0':'=!% &/'B$09% 2% (+"79% 0%?2/#!% &$5;+)
*27;'*!*2@%
cL$% "(D(*563% "=!;'026563% &/'"($$=6563% "$
#&-$($% ='"5"(% '% 0';:D63% +% &/'&9)(!*5% V9*
A632*% A9% '+B@% K'% 2;$% B$)(!% *$1*2#$*D,% -$
#D#$% "0':'=9% (+"79@% \$-+#% "$% &'91$% "*2-5
"0!(9% 97D12(,% B27% 0$;7'/<"C% 2% '3;$=9&;*C% B$@
A0':'=2% (+"79% 1&"(D0D% *2)5% 1$#+% +% *2=D;$
'=$&$$*2,c%7'*"(2(9B$%Q'%V9*H@《
!"*'6(<"''%B$%/$&'/(8/72%&/'%F//2_2==<%.2H21+*$%2%&$+"&50D%1%F*=+$@
F
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
<)0(=()0()*&!"#$(7(&>/"#)%867$
/$H+#$%32"%0+$_$=%F*($/*$(%9"$/"%2"%2%(3/$2(
('%(3$%#+;+(2/<%6'*(/';%'W%+*W'/#2(+'*@
?;'HH$/"% 2*=% 6+(+1$*% B'9/*2;+"(",% /$H9;2/
B'9/*2;+"(",% $=+('/",% &'$(",% 2*=% _/+($/"% 320$
:$$*% "$*($*6$=% ('% #'/$% (32*% ON% <$2/"% +*
&/+"'*% '/% "$*(% ('% ;2:'/% 62#&"@% >#B.,+#,*
N(+%.4+& 5.,=#,*% h\ATj% /2*7$=% ?9/#2% O^P(3
'9(% 'W% O^S% 6'9*(/+$"% +*% +("% MNON% J/$""% T/$$4
='#% F*=$`@% F*% A$&($#:$/% (3$% '/H2*+12(+'*
/$&'/($=%(32(%(3$%/$H+#$%_2"%+*6/$2"+*H%6$*4
"'/"3+&% +*% (3$% /9*49&% ('% (3$% W+/"(% $;$6(+'*% +*
MN%<$2/"@
cK3+"% "+#&;<% "3'_"% (32(% (3$<% q+@$@% (3$
/$H+#$r% 2/$% /$2;;<% 2W/2+=% 'W% W/$$='#% 'W
$`&/$""+'*%2"%(3+"%6'9;=%/$0$2;%2;;%(3$+/%/+H3("
2:9"$",% 2*=% (3+"% +"% 2% (3/$2(% ('% (3$+/% &'_$/,o
$`&;2+*$=%Q'%V9*H%q*2#$%632*H$=r,%$=+('/%'W
2%*$_"&2&$/%+*"+=$%?9/#2@
YOEL)EOT(<TNKE[
K3$%?9/#$"$%#$=+2%32"%$`&$/+$*6$=%"(/+6(
/$H9;2(+'*"%2*=%6$*"'/"3+&%"+*6$%(3$%#+;+(2/<
6'9&%+*%O[UM@%]0$/<(3+*H%W/'#%&'$(/<%('%W+;#"
+"% 6$*"'/$=,% ('% /$#'0$% *'(% '*;<% 6/+(+6+"#% 'W
(3$% H'0$/*#$*(% :9(% #'"(% *$H2(+0$% *$_",
+*6;9=+*H% /$&'/("% 'W% *2(9/2;% =+"2"($/"% 2*=
"'#$(+#$"% $0$*% =$W$2("% "9WW$/$=% :<% (3$
*2(+'*2;% W''(:2;;% ($2#@% !'9/*2;+"("% _3'% "9&4
&'/(%W/$$='#%'W%(3$%&/$""%2/$%'W($*%32/2""$=
'/% 2//$"($=,% 2*=% "'#$% &9:;+62(+'*"% 320$
$0$*% :$$*% W'/6$=% ('% 6;'"$% ='_*% W'/% /$W9"+*H
('%&9:;+"3%&/'&2H2*=2%2/(+6;$"%2*=%*$_"@
K3$%"(2($%"(/+6(;<%6'*(/';"%(3$%#2+*%:/'2=4
62"($/"%2*=%&9:;+62(+'*"@%A(2($4/9*%/2=+'%2*=
($;$0+"+'*% 632**$;"% ;+7$% '>EF% 2*=% '-3@
G3==-,% *$_"&2&$/"% ;+7$% H-3#& '.),% E%#& '(,@
,.,,% '-3)63,& 28(),% 2*=% E%#& A#G& I(1%+*& ./
'-3)63,% 2/$% ='#+*2($=% :<% W'/#9;2+6
/$&'/("% '*% (3$% /$;+H+'9"% /+(92;"% 2*=% 'WW+6+2;
(/+&"% 'W% (3$% /$H+#$,% &';+6<% +#&;$#$*(2(+'*,
2*=%6'*=$#*2(+'*%'W%(3$%+*($/*2(+'*2;%6'#4
#9*+(<a"%&;'("%2H2+*"(%?9/#2@
K3$%7$<%"'9/6$%'W%+*W'/#2(+'*%W'/%(3$%?9/4
#$"$% &9:;+6% 2/$% W'/$+H*% /2=+'% "(2(+'*"% ;+7$
>3=(.& 0,##& 2*(3,% F.($#& ./& 26#,($3,% 55!,% 2*=
?#6.$,3+($& F.($#& ./& 54,63,% 2% e'/_$H+2*4
:2"$=% $`+;$% :/'2=62"(+*H% "$/0+6$@% s/'_+*H
$`+;$% #$=+2% '/H2*+12(+'*"% "963% 2"% M,,3G3==2*=%'(""(63%2/$%2;"'%&;2<+*H%2%#2B'/%/';$%+*
(3$%=$0$;'&#$*(%'W%+*=$&$*=$*(%#$=+2@%
V;(3'9H3% (3$/$% 2/$% #'/$% (32*% OXN% ?9/4
#$"$% B'9/*2;"% 2*=% &9:;+62(+'*"% ('=2<,% 2;;
*$_"%2*=%W26("%&2""%(3/'9H3%(3$%#+;+(2/<%H'04
$/*#$*(n"% 6$*"'/"3+&% :'2/=% 2*=% &2&$/"% 2/$
W'/6$=%('%&/+*(%&/'&2H2*=2%W26("%2*=%2/(+6;$"@
\$&'/($=;<,% (3$% !9*(2n"% 6/'*+$"% 320$% (3$+/
'_*%*$_"%B'9/*2;"%2*=%&9:;+62(+'*"@%
cY3+;$% _$% 320$% #2*<% *$_"% B'9/*2;",% +(
='$"*a(%#$2*%_$%320$%W/$$='#@%Y$%62*%'*;<
=$&$*=% '*% (3$% &'&% 69;(9/$% *$_"% 2*=% "'#$
;+W$"(<;$% *$_"@% A'#$(+#$",% (3$% _3';$% 2/(+6;$
'/%(3$%#2+*%&2/2H/2&3"%'W%(3$%2/(+6;$%2/$%6$*4
"'/$=%$0$*%+W%+(%6'*6$/*"%$*0+/'*#$*(2;%#2(4
($/"@%K39",%'9/%*$_"%2*=%2/(+6;$"%:$6'#$%H2/4
:2H$,% 9*2:;$% ('% "32/$% 2*% +#&'/(2*(% #$"4
"2H$,o%"2<"%Q'%V9*H@
.'/$'0$/,% (3$% ?9/#$"$% #$=+2% 2*=% &9:;+6
W$$;%(32(%(3$%JA\ia"%/$6$*(%6/267='_*%'*%(3$
#$=+2% 2*=% 29(3'/+(+$"a% #'*+('/+*H% 'W% F*($/4
*$(% 9"$/"% 6;$2/;<% +;;9"(/2($"% (32(% (3$% /$H+#$
32($"% 2*<% "+H*"% 'W% W/$$='#% 'W% (3$% &/$""% 2*=
(/+$"% ('% "9&&/$""% +(,% 2*=% (39"% (32(% ?9/#$"$
#$=+2%62**'(%$`&$6(%W/$$='#%'W%(3$%&/$""%+*
(3$%*$2/%W9(9/$@
ct'9%#2<%:$%2:;$%('%/$2=%(3$%*$_"%2:'9(
(3$%$;$6(+'*"%'/%(3$%/$;$2"$%'W%V9*H%A2*%A99
Q<+% +*% (3$% "(2($4'_*$=% #$=+2,% :9(% (3+"% ='$"
*'(% +*% 2*<% _2<% #$2*% (32(% _$% 320$% W/$$='#
'W% (3$% &/$""@% K3$% /$H+#$% +"% B9"(% (/<+*H% ('
"3'_%'WW%('%(3$%+*($/*2(+'*2;%6'##9*+(<%(32(
(3$<%2/$%7+*=%2*=%H$*$/'9"@%J/$""%W/$$='#%+"
"(+;;% 2% #<"($/<% +*% '9/% 6'9*(/<,o% "2<"% Q'% V9*H
"2=;<@《
!"*'6(<"''%+"%2%/$&'/($/%W'/%(3$%F//2_2==<%.2H21+*$,%_/+(+*H%W/'#%F*=+2@
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
G
3(45.6785&9%#$7:5&$;06%
I$.+?-@#J+"$- .#?@+.K3>$L
0-#'+1#)/-#23
'.%.4& )#"J9(*8J& 6C=(3& "6")(+& 34+.,(+3@
+(9)O&,#P(6Q&F&=.DJ$%&,."="8#)C&79,.B-&B!#=@
*+39.9383& )#"J9(*8JR& 9"+S().4& #T(8.9JR& 6C=(3
$#))L& 3& )#"3*+4B(+#8)L& "=,.U& ()/.,63$OV& W#=@
).4& "& B.*8#=)O$%& "#6OR& ;=#& 4P& $#8C& B#8*+.8#+O
98J=)#& B!O*)L& ,#P(6& U#& 53,63V& <.& B.,JP$#
X3/,J).9C& ,#9.84$#& U*.4& =)#*& ()/.,63$#
)#U6.$)"USO&"D,3)O&.B."($#V
L% #2;8% #5"(*'"(+% "$=5% 12% #+7/'W'*<% ($+
#9-+% 2% -$*2% 2% 1% &2&5/9% "('9% "08% /';$@% L% :<(!
*2% &$$=#!"(5% +*=+6783'% i5;;5% 01*+7D% =2;)5% =5;
/'13;2"'08% 3/<% '% -+0'(!% :2/#"7C63% 0'BD7&
";'9-56563% 0;D=*'965% 0'B$*"78% B9*(!@% e$*D"+;4
*'9% W'/#'9% (27% "2#+% 0'BD6+% 15"7D02B5% +*W'/4
#26$% '% ('#,% B27% -+B5% ':<"$B*5% ?2/#D*6+% +% '
('#,% B27% "$% -+B$% ($$:2% 0$% 0$=;$B)5#% 72"D/$*4
"78#%:;'79@
b!"'9% ('% &$5:!3<% '% "'9-+(5% 2/#D=<% 2
':<"$B*C63%;+=5@%L<&/D05%'%7'/9&6+%+%'%('#,%B27
;+=8% #9"5% &'=&'/'02(% 0'BD7<% 2% 0$% 0)$#% B$
&'";'9632(,c% *2"(+%9B$% ':0<7;C% =!B% "$/+D;9
B$3'%/$-+"8/%'B'%.+*%)B+@%
H
eD&2=% &"D(% 2% *2(D"$(% /'13;2"'08% 3/<
9/"$*8% &/'% 0'BD7<% 0% ?2/#!% "$% 1/'=+;% &$$=
($$#+%;$(<%:!3$#%)2W/D*'08%/$0';96$@%I<7;9",
7($/C%#D%12%"$:'9%9-%=02%($+*D6(+=5;*8%"$/+D;<,
"$% B#$*9B$% ce2)+% 0'BD6+o@% V9('$+% &/'B$7(9% -+B5
"+6$% 0% $`+;9,% '% -+0'(!% 0% :2/#"78% 2/#D=!% 2;$
#2B5% &'=/':*8% +*W'/#26$@% I$;C% /'7% "3/'4
#2-('02;+%0C&'0!=+%:C02;C63%0'BD7&%2%=&"('4
B*57&,%
"3/'#D-=+;+
:$1&'"$(% "79($"*C63
&$5:!3&@% J'('#% 12"2;+
&"D(% 2% *2(D"$(@% J/'4
B$7(% B$% ('% :$1&'63<:<
12B5#20C,% #&-$% 2;$
1#!*+(% &'#!/<% 0% ?2/4
#!R% V% #2B5% 0&:$6
B$3'% 29('$+% (27'08
2#:+6$R
bL%
*2)+63%
3/D63
*$B"'9%
12)+W/'0D*2
-D=*D% (2B*D% &'"$;"(05@
e$636$#$% =!;2(% /$4
W'/#9%
:$1&$"*'"(4
*563% "+;@% I36$#$% B$*
97D12(% 0'BD7&#,% B278
B"'9% &/208% &'#!/<% 0% 2/#D=!@% !27% "$% -+B$% 0
B$B+63% 0;2"(*5% 1$#+@% e2)$% &$5:!3<% 0<&/D0!B5% '
01(21563% #$1+% ;+=#+,% ($$:2% '% ('#,% B27% 0$;+($;8
:+B5%"08%&'=$51$*8@%Q=<:<63'#%);+%&$5#',%($=<
W'/#'9% 1&/D0,% :<;+% :<63'#% 0'B$*"7C#% /$-+4
#$#% 3*$=% &'02-'0D*+% 12% *$&$D($;$% 2% ('% :<
*2)+% =2;)5% 7'#9*+726+% 16$;2% 9120$$;'@% e$634
6$#$,% 2:<% :<;+% ;+=8% (/$"(D*+% 12% (',% -$% *D"
&'";'9632B5,c% $57D% A'$% .<+*(,% )8W/$=27('/
*$1D0+";8% 2H$*(9/<% '(""(63!,% 7($/D% 0C/':9
/'13;2"'0C63%3$/%12B+)*9B$@
Q='% 2% 7';+7% ;+=5% /'13;2"'08% 3/<% '&/20=9
&'";'963D%B$B+63%29('$+%0;2"(*!%*$0!=5@%Q2-=C
(C=$*% *2('"5% 0% +*=+678#% i+;;5% B$=*9% 3/9,
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
<)0(=()0()*&!"#$(7(&>/"#)%867$
N%)-)+>#+(%)+,/- .)#)+D)3>$
O)$3>*PL
0-#'+1#)/-#23
!3)& +%#& ()=#B#)=#)+& 6#=(3& $%3)1#& 3)
34+%.,(+3,(3)& ,#1(6#Q& N%#)& 74,.B#& G3*
=(9(=#=R& ()=#B#)=#)+& 6#=(3R& 6.*+& ./& (+& ()
#T(8#R& G#,#& (,,#B83$#3D8-& 93843D8#& ()/.,63@
+(.)& *.4,$#*V& 54,63& (*& .)#& ./& +%#& 83*+& $.4)@
+,(#*& ()& +%#& G.,8=& +.& %39#& ,#63()#=& 4)=#,& 3
*+,($+& ,#1(6#& /.,& +%#& B3*+& %38/@$#)+4,-V& :()$#
+%#& =#/#3+& ./& +%#& :3//,.)& >#9.84+(.)R& ()/.,@
63+(.)&%3*&+.=3-&D#$.6#&+%#&6.*+&B.G#,/48
G#3B.)&3+&+%#&.BB.*(+(.)Y*&=(*B.*38V
A+((+*H% +*% W/'*(% 'W% #+6/'&3'*$"% +*% 2% (+*<
/''#,% (3/$$% #$*% 2*=% '*$% _'#2*% 2/$% /$2=4
+*H% W/'#% "6/+&(@% F*% 2% W;2(% '*% (3$% '9("7+/("% 'W
i$;3+,% F*=+2,% 2*'(3$/% $&+"'=$% 'W% 2% /2=+'
=/2#2%2:'9(%(3$%;+0$"%'W%"';=+$/"%"$/0+*H%(3$
/9;+*H% #+;+(2/<% B9*(2% +*% ?9/#2% +"% :$+*H
/$6'/=$=@% K3/'9H3% (3+"% *'*0+';$*(% #$(3'=,
"';=+$/"% 2/$% +*W'/#$=% *'(% '*;<% 2:'9(% 3'_
'/=+*2/<% ?9/#$"$% 2/$% ;+0+*H,% :9(% 2;"'% 2:'9(
;+0+*H% 6'*=+(+'*"% +*% #+;+(2/<% :2//267"% 2/'9*=
(3$%6'9*(/<@
i+/$6('/% Q<2_% .+*% s<+% =$"6/+:$"% (3$% 7+*=
'W%&;'(%;+*$%W$2(9/$=%+*%(3$%"$/+2;f%cK3$"$%2/$
"('/+$"%2:'9(%6'4$`+"($*6$%:$(_$$*%(3$%V/#<
2*=%'/=+*2/<%&$'&;$@%K3$<%($;;%'W%6'//9&(+'*,
'W%3'_%'/=+*2/<%&$'&;$%2/$%W'/6$=%('%"9&&'/(
(3$%"';=+$/"%2*=%':$<%(3$#%+*%$0$/<(3+*H@o
K3$% +=$2% 'W% _/+(+*H% 2*=% /$6'/=+*H% /2=+'
=/2#2"% W'/% (3$% "';=+$/% 29=+$*6$% +*% ?9/#2
_2"% :'/*% (3/$$% <$2/"% 2H'% =9/+*H% (3$% A2WW/'*
\$0';9(+'*@%K3$%6<6;$,%_3+63%32"%2;/$2=<%&/'4
=96$=% (_'% OE4&2/(% "$/+$",% +"% $*(+(;$=% cp9/
A';=+$/"o@% ]0$*% (3'9H3% (3$% 29(3'/"% 'W% (3+"
&/'B$6(% ;+0$% +*% $`+;$,% (3$<% 320$% 266$""% ('
=$(2+;$=% +*W'/#2(+'*% 2:'9(% ;+W$% +*% (3$% ?9/4
#$"$% V/#<@% K3$<% "&$*(% 2*% $*(+/$% <$2/% H2(34
$/+*H% (3$% ($"(+#'*+$"% 'W% W'/#$/% 'WW+6$/"% 2*=
"';=+$/",% +*6;9=+*H% 6'9*(;$""% /$2;% "('/+$"
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
_3+63%(3$<%(3$*%"(2/($=%_/+(+*H%9&%2"%"6/+&("
2*=% /$6'/=+*H@% K3+"% +"% 2*% +*($/$"(+*H% &/'B$6(,
:9(% 62*% +(% 632*H$% 6'*=+(+'*"% +*% ?9/#2R% F"
(32(%$0$*%(3$%29(3'/"a%2#:+(+'*R
cp9/% =/2#2"% ='*a(% +*6;9=$% 2*<% 6'=$=,
"$6/$(% #$""2H$"@% Y$% ='*a(% _2*(% ('% /$W'/#
(3$%"$69/+(<%W'/6$"@%Y$%B9"(%_2*(%('%"3'_%"';4
=+$/"% _32(% (3$% /$2;% 6'*=+(+'*"% +*% (3$% V/#<
2/$,% 3'_% "';=+$/"% 2/$% ;+0+*H% +*% (3$+/% '_*
6'9*(/<@% p9/% "('/+$"% 2/$% 2:'9(% 39#2*% /$;24
(+'*"3+&"% k% W'/% $`2#&;$,% 3'_% 6'##2*=$/"
:$2(% (3$+/% +*W$/+'/"@% FW% _$% _$/$% ('% (27$% 2
=+/$6(% 2&&/'263,% (3/'9H3% *$_"% /$&'/(",% (3$
#+;+(2/<% /$H+#$% _'9;=% +##$=+2($;<% 6'*"+=$/
9"% $*$#+$"% 2*=% '9/% W9(9/$% 6'##9*+62(+'*"
_'9;=% :$% 6'#&;$($;<% "39(% ='_*@% Y$% ='*a(
_2*(% &$'&;$% ('% :$% &9*+"3$=% W'/% ;+"($*+*H% ('
9",o% "2<"% A'$% .+*(,% 63+$W% $=+('/% 'W% (3$% +*=$4
&$*=$*(% '(""(63% 2H$*6<!,% _3+63% 2//2*H$"
&/'=96(+'*%'W%(3$%/2=+'%=/2#2"@
K3$% 29(3'/"% 'W% (3$% /2=+'% =/2#2"% 320$% *'
_2<% 'W% 7*'_+*H% _3'% +"% /$2;;<% ;+"($*+*H% ('
(3$#%'/%3'_%#2*<%&$'&;$%(3$<%2/$%/$263+*H@
]0$/<% _$$7% (3$<% /$6'/=% 2% =/2#2% +*% i$;3+
_3+63% +"% (3$*% /$;$2"$=% '*% (3$% F*($/*$(@% i'14
$*"% 'W% 6'#&26(% =+"6"% 2/$% "$*(% +*('% ?9/#2
(3/'9H3%6'9/+$/"@%V/$%?9/#$"$%"';=+$/"%/$2;;<
;+"($*+*HR% Y32(% +"% (3$+/% /$"&'*"$% ('% (3$% =/24
#2"R% K3$% 29(3'/"% 'W% (3$% &/'B$6(% ='*a(% <$(
7*'_@%Y3+;$%(3$%/2=+'%=/2#2"%2/$%"(+;;%2%"+=$4
;+*$,% (3$% '(""(63% 2H$*6<% _3+63% &/'=96$"
(3$#% +"% 2% 7$<% +*W'/#2(+'*% "'9/6$% 2:'9(
?9/#2@% F*% 2==+(+'*% ('% F*($/*$(% *$_"% /$&'/(4
+*H,% +("% _$:% "$/0$/% 2;"'% 'WW$/"% /$H9;2/% ($;$0+4
"+'*% :/'2=62"("@% '(""(63% _2"% 2% :/'2=62"($/
'W% +*W'/#2(+'*% 2:'9(% (3$% =/2#2(+6% $0$*("% 'W
(3$% :3//,.)& >#9.84+(.),% 2% 02;92:;$% /$"'9/6$
W'/%W'/$+H*%#$=+2%(32(%6'*(/+:9($=%('%+*W'/#4
M
3(45.6785&9%#$7:5&$;06%
7($/'9% *D";$=*!% 10$$$B*5% *2% +*($/*$(9@
i$"5(7<% 7'#&27(*563% =+"7&% (278% &9(9B5% &$$"
79/C/<% ='% ?2/#<@% !"'9% &'";9632"+% "79($"*!
:2/#)(5% 0'BD6+R% !278% B"'9% B$B+63% /$276$R% K'
29('$+%&/'B$7(9%12(5#%*$0!=5@%>2(5#6'%/'13;24
"'08% 3/<% B"'9% "(D;$% "&5)$% '7/2B'0'9% 1D;$-+('4
"(5,% 2H$*(9/2% '(""(63,% 7($/D% B$% &/'=979B$,% B$
B$=*5#%1%7;5"'0C63%1=/'B&%+*W'/#265%'%?2/#!@
A$/0$/,% 7($/C% 7/'#!% +*($/*$('083'% 1&/20'4
=2B"(05,% *2:515% +% &/20+=$;*8% ($;$0+1*5% 0<"5;D*5@
.+11+#2% &$+*D)$;2% +*W'/#26$% 1% =/2#2(+67C63
9=D;'"(5%:!3$#%(27102*8%X3/,J).9C&,#9.84$#@
F*W'/#26$,% 7($/8% :<;<% 6$**C#% 1=/'B$#% &/'
123/2*+"*5%#8=+2%2%&$+"&!;<%7%+*W'/#'02*'"(+
6$;83'%"0!(2@%
!"
##$%&'()*#+$,#-./%01
/%2$!3%.434#563627'#%0%74*
&,3,#8#94:#%&;6+98.7<#4#76=9/477>
87?%/:4(6#76=:</7!#(677>@A
p(D172,% 7($/'9% B"#$% "+% &';'-+;+% *2% G0'=
1*!;2f%#'3'9%*$1D0+";D%#8=+2%1#!*+(%29('/+4
(2(+0*5% /$-+#R% p=&'0!(% B+"(!% *$*5% B$=4
*'1*2"*D@% L% =':D63,% 7=<% ]0/'&9% /'1=!;'02;2
%c-$;$1*D%'&'*2o,%:<;<%+%(2#%':B$7(+0*5%2%*$"4
(/2**8% +*W'/#26$% *$"#5/*!% 6$**8@% F*W'/4
#2"*5% :;'7D=2% 0;2"(*563% ':"2*&% :<;2% 0-=<
B$=*5#% 1% 0$;#+% $W$7(+0*563% *D"(/'B&% 72-=83'
('(2;+(*53'%"<"(8#9@%\';$%*$1D0+";C63%#8=+5%B$
&/'('% *$12"(9&+($;*D@% ?'B% 12% "0':'=9% 2
=$#'7/26++% &/'"($$=*+6(05#% +*W'/#265% 2
#8=+5% B$% 2;$% 1=;'9320C@% \'13;2"'08% "(2*+6$
B27'% :9.D.=)J& 79,.B3% *$:'% K83*& 26#,(;&/26'02;<%=;'93D%;8(2@
L% =':!% +*($/*$(9% B$% ='"(9&*'"(% +*W'/#265
*$"/'0*2($;*!% ;$&)5,% *$"#5#$% 2;$% 12&'#5*2(
*2% &/'"(C% W27(,% -$% *$#*'3'% ':<02($;% ?2/#<
#D% 7% +*($/*$(9% &$5"(9&@% Q';+7% ;+=5% 0% (8('% 1$#+
"$% "79($"*!% ='"(2*$% 7% *$1D0+";C#% +*W'/4
#265#R% i57<% 2H$*(9/D#% B27'% B$% *2&$57;2=
.+11+#2%*$:'%F//2_2==<,%B$B5#%/$=27('/&#%0
$`+;9%2%"&';9&/26'0*57&#%&$5#'%0%?2/#!,%#D
"0!(% ='"(2($7% +*W'/#265% '% ('#,% 6'% "$% =!B$% 0
(8('% ('(2;+(*5% 1$#+@% .'-*D% 056,% *$-% "2#+% ;+=8,
7($$5%(2#%-+B5@%J$$0D-*!%123/2*+"*5#9%&9:;+79
*27'*$6% '=&'05=D% +% 0C:!/% (8#2(,% '% 7($/C63
(2('%*$1D0+";D%#8=+2%1&/20+=;2%+*W'/#9B5f%&/'4
(+/$-+#*5% &/'($"(<,% =!*5% 0% =+"$*(9,% &$5:!3<
&';+(+67C63%0!1%&%2%/$-+#$#%&$/1$79'02*C63
?2/#D*6&%2(=@%K8#2(2,%'%7($/C63%:<%"$%:!-*5
?2/#D*6+% 1% ='#D6563% 1=/'B&% *$B"&5)% *+6
*$='10!=!;+@%
F*W'/#26$% B"'9% 0% =$#'7/2(+12"*5#
&/'6$"9% 7;5"'0'9% 2% *$12"(9&+($;*'9
1:/2*5,%=D;%2;$%&;2(5,%-$%$W$7(+0+(2%B$B+63
&&"':$*5% B$% #2;D% 2% &&"':$*5% =;'93'4
=':8@% !$=*'9% 2;$% 7'*$6% /$-+#9% *2"4
(2*$% 2% *$1D0+";D% #8=+2% :$1&'63<:<
3;$=5% ='% :9='96*'"(+@% .2B5% 2#:+6$
3/D(%=&;$-+('9%/';+%0%&/'6$"9%&';+(+678%2
$7'*'#+678% (/2*"W'/#26$,% 7($/D% &'% &D=9
('(2;+(*53'% /$-+#9% :$1&'63<:<% *2"(2*$R
J'79=%2*',%#!;2%:<%:C(%*2%*'0'9%/';+%&$+&/24
0$*2@% !$% /'1=5;% :C(% *$1D0+";'9% $`+;'0'9% 2H$*4
(9/'9,%7($/D%B$%B$=*'9%1%*$#*'32%2%(27%+%:$1
7'*79/$*6$,% 2% :C(% B$=*5#% 1% #*'32% 3/D"&% *2
7'*79/$*"*5#%#$=+D;*5#%(/39@
>79)$*'"(+% 97219B5,% -$% G"&!63% "7;515
&$$0D-*!% "(2/8% 2% 12:!3*9(8% h=;$% &'($$:<
(/2*"W'/#'02*8j% 1*2"7<% 2% =$50$% 2;($/*2(+0*5
#8=+2%1(/D(2%0C;9"*'"(+%1&/20+=;2%1239:5@%K<('
G023<% B"'9% 2;$% &/'% ?2/#9% B$)(!% "(D;$,
:'39-$;,% &$$="2"*8@% F*W'/#26$% *$1D0+";C63
#8=+5% 0% $`+;9% B"'9% "(D;$% B$=+*8% ':B$7(+0*5% 2
&/'('%*$12"(9&+($;*8@《
>"*#+?*(<"*&9%B$%/$=27('/$#%$#*;C%.&,."%83*4&Z&>3=(.P4,)J8@
!
QR
"##$%&&'''()*++*),(-.)
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
<)0(=()0()*&!"#$(7(&>/"#)%867$
+*H%(3$%$*(+/$%_'/;=%2:'9(%(3'"$%$0$*("@
K'%/$(9/*%('%'9/%+*+(+2;%u9$"(+'*f%I2*%+*=$4
&$*=$*(% #$=+2% 632*H$% 2*% 29(3'/+(2/+2*
/$H+#$R%K3$/$%+"%=$W+*+($;<%*'%'&$*42*=4"39(
2*"_$/% ('% (3+"% u9$"(+'*@% Y3$*% ]9/'&$% _2"
=+0+=$=% :<% (3$% cF/'*% I9/(2+*o,% +#&2/(+2;,
':B$6(+0$% +*W'/#2(+'*% _2"% +##$2"9/2:;<
02;92:;$@% p*$% 'W% (3$% #'"(% $WW$6(+0$% ('';"% 'W
2*<% ('(2;+(2/+2*% "<"($#% 32"% 2;_2<"% :$$*% ('
"9:B$6(% 6+(+1$*"% ('% 2*% +*W'/#2(+'*% :;'672=$@
K3$% /';$% 'W% (3$% +*=$&$*=$*(% #$=+2,% (3$/$4
W'/$,% +"% +//$&;26$2:;$@% Z'_$0$/,% +(% 62*% (27$% 2
;'*H% (+#$% ('% W+H3(% W'/% =$#'6/26<% 2*=% W/$$4
='#% (3/'9H3% +*W'/#2(+'*% 2*=% (3$% #$=+2@
\2=+'% "(2(+'*"% "963% 2"% >3=(.& 0,##& 74,.B#% '/
F.($#& ./& 26#,($3% =+=% (3$+/% _'/7% '0$/% (3$
6'9/"$% 'W% #2*<% <$2/"@% F*% (3$% F*($/*$(% 2H$,
(3$% 202+;2:+;+(<% 'W% +*W'/#2(+'*% +"% +*6'#&2/24
!B
K3$% ('&+6"% 2:'9(% _3+63% (3$% +*=$&$*=$*(
#$=+2% /$H9;2/;<% /$&'/(% k% $0$*("% +*% =+""$*(,
&/'($"("% 2H2+*"(% (3$% /$H+#$,% (3$% "('/+$"% 'W
'/=+*2/<%?9/#$"$%2*=%&';+(+62;%&/+"'*$/"%&$/4
"$69($=% :<% (3$% /$H+#$% k% 2;"'% 6'//$"&'*=% ('
(3+"% &/$='#+*2*(;<% W'/$+H*% 29=+$*6$@% K3$"$
2/$% ('&+6"% 2:'9(% _3+63% '/=+*2/<% ?9/#$"$
_'9;=% &/':2:;<% *$0$/% ;$2/*% W/'#% ='#$"(+6
"'9/6$"@
F*% (3$% &/'6$""% 'W% =$#'6/2(+12(+'*,% +*W'/4
#2(+'*% +"% 2*% +//$&;26$2:;$,% 7$<% _$2&'*,% :9(
+(%+"%2;"'%(/9$%(32(%+("%+##$=+2($%$WW$6(+0$*$""
+"% ;'_% 2*=% (27$"% 2% ;'*H% (+#$% ('% _'/7@% Z'_4
$0$/,%(3$%/$H+#$%_+;;%$*=%'*$%=2<,%2*=%(3$/$
+"%*'%='9:(%(3$%+*=$&$*=$*(%#$=+2%2/$%;''74
+*H% ('_2/=% (3$% W9(9/$@% F"% +(% (3$+/% 2#:+(+'*% ('
&;2<%2*%+#&'/(2*(%/';$%+*%(3$%&/'6$""%'W%$6'4
*'#+6% 2*=% &';+(+62;% (/2*"W'/#2(+'*,% _3+63
_+;;%='9:(;$""%'669/%2W($/%(3$%('(2;+(2/4
+2*% /$H+#$% W2;;"R% FW% "',% (3$<% "3'9;=% :$
&/$&2/$=% W'/% (32(% *$_% /';$@% K3$/$% +"% 2
=+WW$/$*6$% :$(_$$*% :$+*H% 2*% +*=$4
&$*=$*(%2H$*6<%+*%$`+;$%k%B9"(%'*$%'W%2
W$_,% _+(3'9(% 6'#&$(+('/"% k% 2*=% :$+*H
'*$% 'W% #2*<% &;2<$/"% +*% 2% 6'#&$(+(+0$% #$=+2
#2/7$(@
7#9)6#0/%(6==#%?#$6:%(/4982498%7*
87?%/:498%7#8=#47#8//6034(64&36*
+6,#C640%7A
:;<% :$(($/% (32*% +(% 9"$=% ('% :$,% :9(% _$% "3'9;=
*'(% W'/H$(% (3$% "+#&;$% W26(% (32(% '*;<% 2% W$_
&$'&;$% +*% ?9/#2% 320$% F*($/*$(% 266$""@% Z'_
#2*<% &$'&;$% (3$/$% 26(92;;<% /$6$+0$% +*=$4
&$*=$*(% +*W'/#2(+'*R% K32*7"% ('% 2H$*6+$"
"963% 2"% '(""(63% 2*=% M,,3G3==-,% _3'"$% $=+4
('/"% ;+0$% +*% $`+;$% _3+;$% (3$+/% 6'//$"&'*=$*("
/$&'/(%=+/$6(;<%W/'#%?9/#2,%(3$%_'/;=%+"%"9W4
W+6+$*(;<%+*W'/#$=%2"%('%_32(%+"%32&&$*+*H%+*
(32(% ('(2;+(2/+2*% 6'9*(/<% 4% &$/32&"% #'/$
+*W'/#$=% (32*% (3$% &$'&;$% _3'% ;+0$% (3$/$@
]`&$/+$*6$%32"%"3'_*%9"%(32(%$"(2:;+"3$=
';=$/% #$=+2% :/2*="% h(/2*"W'/#$=% 2"% *$6$"4
"2/<j%($*=%('%H2/*$/%"966$"",%_3+;$%&/$0+'9";<
2;($/*2(+0$%#$=+2%9"92;;<%=+$%'9(%2"%(3$<%;'"$
(3$+/% $`6;9"+0$% *+63$"@% Z'_$0$/,% (3$"$% 6'*4
"+=$/2(+'*"% 2/$% 9*W'/(9*2($;<% &/$#2(9/$% W'/
?9/#2@% K3$% +*=$&$*=$*(% #$=+2% +*% $`+;$
/$#2+*%(3$%'*;<%"'9/6$%'W%':B$6(+0$%+*W'/#24
(+'*%2*=%2/$%(3$/$W'/$%+//$&;26$2:;$@《
>"*#+?*(<"*&9%+"%2*%$=+('/%2(%!"#$%&>3=(.&Z&>3=(.P4,)J8@
!
"##$%&&'''()*++*),(-.)
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
QQ
?;06%&%&%:*6.6*@&.!)/.%);&!%#$!
D ) 3 > @ A * J + ' " -$ = + " $ - . # ? S 8 %
/ T - 8 % A J ? $ + 2 % & ) # ? K + - )T / "A > 8 )
42#25-)67-"'8&'9:
L%&/&:!39% ;$(% MNNS4MNON% "$% #$"7D% /$&9:4
;+72% "(2;2% ='#'0$#% &$$"% '"#=$"D(+
:2/#"7C63%9&/63;57&,%7($$5%='%#\%&$+6$"('02;+
0%/D#6+% (10@% &$$"5=;'02653'% &/'H/2#9% .+*+"4
($/"(02% 0*+(/2% #\@% K8('% "79($"*'"(+% 0!*9B5
"$"7D% #8=+2% B$*% 0$;#+% #2;'9% &'1'/*'"(,% 2
&/'('% :!-*C% ':"2*% #\% *$(9)5,% 7='% ?2/#D*6+
B"'9,%B27C#+%&/':;8#<%B$%1#5(D*2%B$B+63%1$#!
2% &/'"% ='% #$"78% /$&9:;+7<% &$+63D1$B5@% I5;$#
('3'('%($`(9%B$%7/D(78%12#<);$*5%*2=%";D*7<%'
:2/#"7C63% 9&/63;56563% &$$"5=;$*C63% ='% #\,
':B$09B565#+% "$% '=% /'79% MNNS% 0%"$"78#
6$;'"(D(*5#%+%/$H+'*D;*5#%(+"79!@
i57<%"08#9%=;'93'=':8#9%1DB#9%'%:2/#4
"78% 9&/63;57<% &$$"5=;$*8% ='% #\% &'63'&+($;*!
";$=9B+% (278% #$=+D;*5% 0C"(9&<% &'B$=*D02B565% '
*+63% "2#'(*C63% "+% &/'H/2#9% &$$"5=;$*5
':$6*!@% >&/20+=;2% "$% B$=*D% '% ";D*7<% &9:;+74
'02*8% /$H+'*D;*5#+% =$*57<% 0%"'90+";'"(+
"%&$$"(!3'0D*5#% ?2/#D*6&% ='% 7'*7/8(*5
':6$@% e'0+*D$+% 0!*9B5% &'1'/*'"(% ?2/#D*6&#
0%#'#$*(!,% 7=<% "$% "(D02B5% *'0C#+% ':"2*<
':6$,% 2% (9=5-% "'9"$=<% "$"7C63% ':"2*&@
!"
D6()7,#"3'7+,#=6#24:!#1;<
74#9,#=+196"7%=98*#+96/>#;=%1
5'$47>#"6=+E:8#"967'#8@A
>2B5#2B5% "$% 1$B#8*2% '% '"9=<% 9&/63;57&,% '
B$B+63% -+0'(*5% 6$"(9,% 7($/D% B$% 120$=;2% 2-% ='
7'*7/8(*5%"$"78%':6$,%2%0%*$&'";$=*5%$2=!%"$
9&/63;57&% &(2B5,% B27% B"'9% "&'7'B$*+% "%-+0'($#
0%#$"78%/$&9:;+6$@%%.8=+2%"%6$;'"(D(*5%&&"':4
*'"(5% 0<3/219B5% "08% "(/D*7<% (8#2(+6$% &/'4
H/2#&% &$$"5=;$*5% 0%7'*($`(9% &';+(+678#@
J$563'=%:2/#"7C63%9&/63;57&%='%#\%+*($/&/$4
(9B5% B27'% =&";$=$7% &';+(+6783'% /'13'=*9(5
0;D=<% #\,% B$B5-% "(2*'0+"72% =D;$% /$&/'=979B5
"($*D$&#@% >=&/21%'0D*<% B"'9% ':10;D)(!
Q4
39#2*+(D/*5% 2"&$7(<% ('3'('% /'13'=*9(5% 2
'63'(2% #$"78% /$&9:;+7<% &'#'6+% '"':D#,
7($/C#% *$*5% "63'&*2% &'"7<(*'9(% '63/2*9
B$B+63%0;2"(*5%1$#!@%%
!$% #'-*8% 1':$6*+(% 632/27($/% ";D*7&% '
:2/#"7C63% 9&/63;56563% 0%#\R% i'#*50D#% "$,
-$% 2*'@% L)$63*<% ";D*7<,% "%7($/C#+% B"$#% "$
='"9=% "$(72;2,% *2&;%9B5% "&';$"*C% 1*27,% 2% "+6$
12#!$9B5% "$% *2% (<% "79($"*'"(+,% 7($/8% B"'9
-D=2*8% "$"7C#+% "($*D$+@% J'63'&+($;*!@
e'0+*D$,% &'=':*!% B27'% 7($/C7';+% &'=*+72($;,
/$2H9B$% *2% &'&(D079% "0C63% 7;+$*(&,% 0%('#('
&$5&2=!% "($*D$&@% I'% "$)(5% "($*D$+% 0<-2=9B5R
!278% +*W'/#26$% (C72B565% "$% :2/#"7C63% 9&/4
63;57&%B"'9%&/'%*!%1D"2=*5R%
#$)+% B"'9% *D/'=$#% `$*'W':*5#,% ('% 1*24
#$*D,% -$% "$% ':D02B5% 6+1+*6&% 2% 0)$3'
*$1*D#83',% 6'% 6+1+*6+% &$$="(209B5@% J/'('
'"$7D02B5,%-$%"$%0%*'0+*'08#%";D*79%='10!=5,
'=79=% *$1*D#5% ='% B$B+63% ':6$v1$#!% &$+);+,
1%B27C63% =&0'=&% 2% B27C% ='&2=% :9=$% #5(
&$563'=%6+1+*6&%*2%B$B+63%-+0'(@%e$B"*2=*!B)5#
*D"(/'B$#,% B27% "($*D$&#% '=&'0!=+% *2% (<('
'(D17<% "&'B$*8% "%&'63<:*'"(#+% 2% ':24
02#+% &'"7<(*'9(,% B$% &$$=;'-+(% B+#
b&$5:!3c@% J$5:!3% 7'*7/8(*53'% 9&/4
63;572,% 0%&$5&2=!% ?2/#D*6&% *$B"2"(!B+
6$;8% /'=+*<,% B$% (5#,% &'% "$#% *'0+*D$+
&/23*'9,% *$:'*% B+#% 9#'-*5% 129B#'9(
"($*D$$%
$#'6$#+%
&/'=63*9(C#
";D*7$#% '% &/'*D";$='0D*5% 2% -+0'(*563
G(/2&D63%*'0!%&$563'1563%6+1+*6&@
J/'('% "$% ='105=D#$% '% ('#,% -$% b?2/#D*6+
#2B5% 12% "$:'9% &'3*9(8% '"9=<% 2% (/29#2(+678
-+0'(<% 1%G(!79% 1%/'=*8% 1$#!c% 1%*$B$=*'3'
*'0+*'083'% ";D*79/@% Q/'#!% &'&+"9% &/'-+(C63
"(/2"(5% *'0+*D$+% "2"('% 2&$;9B5% *2% 6+(<% "($*D$&
'=721<% *2% =!(+49&/63;57<% "+% #;2=8% /'=+*<
"%=!(#+,% &$+"$#-% 1=&/21%9B5% B$B+63% )2*6+% *2
*'0C% -+0'(% 0% #$"79@% #;D*7<% :C02B5% ='4
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
?(06%&%)0&A2*6.6*6(7&1/#&!"#$%
U%)+9-)#)*($(>'*+':+,/- .)#)
V ) : / P) ) # + > * + 6 = ) 8 % + D ) 3 > $
42#25-)67-"'8&'9:
T/'#% MNNS% ('% MNON,% '0$/% $+H3(<% ?9/#$"$
/$W9H$$"% _3'% _$/$% &2/(% 'W% (3$% I1$63% .+*+"4
(/<% 'W% (3$% F*($/+'/a"% "'462;;$=% /$"$((;$#$*(
&/'H/2#% W'9*=% 2% *$_% 3'#$% +*% (3$% I1$63
\$&9:;+6@% K3$% I1$63% #$=+2% 32"% &2+=% ;+((;$
2(($*(+'*% ('% (3+"% #2(($/% 2*=% (39"% (3$% '/=+4
*2/<% I1$63% 6+(+1$*% 32"% *'% +=$2% 'W% _3'% (3$
?9/#$"$% 2/$,% _3+63% &/':;$#"% 2WW$6(% (3$+/
6'9*(/<,% 2*=% _3<% (3$<% 320$% 6'#$% ('% (3$
I1$63% \$&9:;+6@% K3+"% ($`(% (/+$"% ('% $;2:'/2($
'*% 2/(+6;$"% =$2;+*H% _+(3% (3$% /$W9H$$"% /$"$(4
(;$=% ('% (3$% I1$63% \$&9:;+6% (32(% 320$
2&&$2/$=% +*% I1$63% *2(+'*2;% 2*=% /$H+'*2;
&/+*(%#$=+2%"+*6$%MNNS@!
s+0$*% #<% ;'*H4"(2*=+*H% +*($/$"(% +*% ?9/4
#$"$% /$W9H$$"% _3'% 320$% :$$*% /$"$((;$=% ('
(3$%I1$63%\$&9:;+6,%F%#'*+('/%#$=+2%'9(&9("
2:'9(% (3$#% '/% 2:'9(% (3$% /$"$((;$#$*(% &/'4
H/2#% +*% H$*$/2;@% K<&+62;;<,% (3$"$% 2/(+6;$"
2&&$2/$=% +*% /$H+'*2;% =2+;<% &2&$/"% _+(3+*% (3$
6'*($`(%'W%(3$%?9/#$"$%#'0+*H%('%&2/(+69;2/
#9*+6+&2;+(+$"@% !'9/*2;+"("% &2<% 2(($*(+'*% ('
?9/#$"$%2(% (3$% #'#$*(%_3$*%(3$<%:$6'#$
*$_% 6+(+1$*"% 3$/$,% 2*=% 3$*6$% *$+H3:'/"% 'W
I1$63% 6+(+1$*"@% K3$<% 2/$% #2+*;<% +*($/$"($=
2:'9(% (3$% /$W9H$$"n% &2"(,% 2:'9(% (3$+/% ;+0$"
(32(% :/'9H3(% (3$#% ('% (3+"% &2/(+69;2/% #9*+6+4
&2;+(<,%2*=%*'(%;$2"(%2:'9(%3'_%(3$%/$W9H$$"
;+7$%;+W$%+*%(3$%I1$63%\$&9:;+6@
.$=+2% _+(3% *2(+'*_+=$% '9(/$263% (/$2(
+""9$"%/$;2($=%('%(3$%/$"$((;$#$*(%&/'H/2#%+*
2% &';+(+62;% 6'*($`(@% K3$<% +*($/&/$(% (3$% 2//+02;
'W% ?9/#$"$% /$W9H$$"% ('% (3$% I1$63% \$&9:;+6
2"%2%/$"9;(%'W%(3$%H'0$/*#$*(n"%&';+(+62;%=$6+4
"+'*% 2*=% (3$<% /$&/'=96$% (3$% H'0$/*#$*(n"
"(2*=&'+*(% :$W'/$% I1$63% /$2=$/"@% K3$<% &/+4
#2/+;<% $#&32"+1$% (3$% 39#2*+(2/+2*% 2"&$6("
'W% (3+"% =$6+"+'*% 2*=% (3$% _+;;+*H*$""% 'W% (3$
I1$63% \$&9:;+6% ('% 2""+"(% &$'&;$% _3'% 62**'(
/$6$+0$%&/'($6(+'*%W/'#%(3$+/%'_*%6'9*(/<@
F"% +(% &'""+:;$% ('% H$*$/2;+1$% (3$% *2(9/$% 'W
(3$"$%2/(+6;$"%2:'9(%?9/#$"$%/$W9H$$"%+*%(3$
I1$63% \$&9:;+6R% F% 2""9#$% +(% +"@% V;;% 2/(+6;$"% F
320$% $*6'9*($/$=% "'% W2/% W+(% +*('% 2% 6'##'*
&2(($/*% 'W% W'69"+*H% '*% W26("% /$u9$"($=% :<
I1$63%/$2=$/"@%e2(9/2;;<@%V%B'9/*2;+"(,%B9"(%;+7$
2*<% $*(/$&/$*$9/,% /$"&'*="% ('% (3$% =$#2*="
'W% 3+"% '/% 3$/% 6;+$*(",% +*% (3+"% 62"$% /$2=$/"@
Y32(% ='% I1$63% /$2=$/"% =$#2*=R% Y3+63
+*W'/#2(+'*% 2:'9(% ?9/#$"$% /$W9H$$"% +"
$""$*(+2;%W'/%(3$#R
K3$% I1$63"% 2/$% `$*'&3':+6,% _3+63% #$2*"
(32(% (3$<% 2/$% 2W/2+=% 'W% W'/$+H*$/"% 2*=% $0$/<4
(3+*H% 9*7*'_*% /$&/$"$*($=% :<% (3$#@% K39"
(3$<% $`&$6(% (32(% +*% 2% *$_"% /$&'/(% (3$<% _+;;
;$2/*%_3$/$%(3$%9*7*'_*%&$'&;$%62#$%W/'#
('% (3$+/% #9*+6+&2;+(<v6'9*(/<,% _3<% (3$<
62#$,%2*=%_32(%+#&26(%(3$%W'/$+H*$/"n%2//+02;
_+;;%320$%'*%(3$+/%;+0$"@%K3$%#'"(%"(/2+H3(W'/4
_2/=% _2<% 'W% 2*"_$/+*H% (3$"$% u9$"(+'*"% 'W
/$2=$/",% _3'% 2/$% W9;;% 'W% ='9:("% 2*=% W$2/",% +"
('%&/$"$*(%(3$#%2%c"('/<o@%!'9/*2;+"("%;'*H%W'/
(3$%"('/<%'W%2%&2/(+69;2/%/$W9H$$%k%+*%(3$%62"$
'W% ?9/#$"$% #'"(;<% 'W% 2% _3';$% W2#+;<% k
:$629"$% (3+"% $*2:;$"% (3$#% ('% 2((/26(% 2
/$2=$/n"%+*($/$"(%(3/'9H3%2*%2/(+6;$%(32(%+"%W9;;
'W% $#'(+'*% 2:'9(% &$/"$69(+'*% 2*=% 32/="3+&
+*%(3$%*$_;<%2//+0$=%W'/$+H*$/"n%;+0$"@
K3$/$W'/$,%_$%;$2/*%W/'#%*9#$/'9"%*$_"
/$&'/("% (32(% (3$% c?9/#$"$% _$*(% (3/'9H3
(/'9:;$"'#$% (+#$"% 2*=% (/29#2(+6% ;+0$"% 2W($/
(3$<%W;$=%W/'#%(3$+/%3'#$%6'9*(/<o@/
F*% 2==+(+'*% ('% =$"6/+&(+'*"% 'W% "9WW$/+*H"
(32(%(3$%/$W9H$$"%320$%32=%('%W26$,%(3$%B'9/4
*2;+"("% 'W($*% 2&&$2;% ('% (3$+/% /$2=$/"n% "<#&24
(3<% :<% &'+*(+*H% ('% /$W9H$$% 63+;=/$*% '/% <'9*H
W2#+;+$"% _+(3% 63+;=/$*,% 2*=% $#&32"+1$% (3$+/
632*6$% W'/% 2% *$_% ;+W$% +*% (3$% I1$63% \$&9:;+6@
V/(+6;$"% 2/$% 9"92;;<% 266'#&2*+$=% :<% &3'('4
H/2&3"%'W%63+;=/$*@
K3$"$%/$&'/("%2/$%'W($*%+*($*=$=%('%=+"&$;
(3$%W$2/"%'W%I1$63%6+(+1$*"%(32(%2/+"$%W/'#%(3$
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
Q5
?;06%&%&%:*6.6*@&.!)/.%);&!%#$!
&/'0D1$*<%W'('H/2W+$#+%=!(5@
#;D*7<% B"'9% "2"('% 12#!$$*<% *2% /'1&(C;$*5
':20%"$"7C63%':"2*&%"&'B$*C63%"%&$563'=$#
?2/#D*6&% ='% #$"78% /$&9:;+7<@% >$B#8*2
";D*7<%'(+)(!*8%0%/$H+'*D;*563%=$*56563%=D02B5
&/'"('/% &/'% 0<BD=$$*5% &$$="(20+($;&#% ':65,
7($/8% "$% /'13'=;<% *2:5=*'9(% :2/#"7C#% 21<4
;2*(&#% +*($H/2"*5% :<(<@% J$$="(20+($;8% ':65% "+
"(D(*563% '/HD*&% 9B+)*9B5% "($*D$$,% -$% ?2/#D*6+
b*$&2($5%#$1+%&/':;8#'08%"79&+*<c0,%b*!B278
0!()5% &/':;8#<% ($=<% *$'"$7D02B5c1,% 2% &'79=
:<% "$% &$$6$% B$*% &/':;8#<% 0<"7<(;<,% ':$6% B$
:9=$% $$)+(% "&';$"*!% "%.+*+"($/"(0$#% 0*+(/2
#\@
I5;$#% ";D*7&% '% :2/#"7C63% 9&/63;56563% B$
#+#'% B+*8% ':B2"*+(% "($*D$&#,% &/'"% "$% #$"7D
/$&9:;+72% /'13'=;2% ='% &/'H/2#&% &$$"5=;$*5
12&'B+(% 2% &$+B#'9(% *2% "08#% G1$#5% 9&/63;57<
1%?2/#<@%K$*('%65;%&'02-9B+%12%16$;2%;$H+(+#*5,
:'39-$;% "2"('% ='63D15% 7$% 1*2"*8% /$=976+% 2
1B$=*'=9)$*5% W27('/&% '0;+0%9B56563% &$563'=
#B+*&%='%#\@%#;D*7<%"$%1&/20+=;2%"'9"($$=5%*2
(',%2:<%"$)(5%':"2*8%&'63'&+;+,%-$%#\%"$%"0'9
&2/(+6+&265% *2% &/'H/2#$63% &$$"5=;$*5% 636$
12$2=+(% #$1+% '"(2(*5% 0<"&!;8% "(D(<,% &/'% *!b&'#'6% 9&/63;57&#% &2($5% 7$% ";9)*8% 0+1+(6$c2@
>D/'0$%% "$% ':6$,% 7($/8% "$% "(2;<% *'0C#
='#'0$#% :2/#"7C63% 9&/63;57&,% &/'"($$=4
*+6(05#% /$H+'*D;*563% #8=+5% "*2-5% 0<"0!(;+(
"0C#% ':<02($;&#% 0C3'=<% ('3'('% 7/'79@
p:6$,% 7($/8% *2:5=;<% :2/#"7C#% 21<;2*(&#
':$6*5% :<(<,% 15"7D02B5% '=% .+*+"($/"(02% 0*+(/2
#\% ='(26+% *2% +*W/2"(/97(9/93@% J$$="(20+($;8
':65% 0<"0!(;9B5% "0C#% ':"2*&#% *2% "(/D*7D63
/$H+'*D;*563% &$/+'=+7,% -$% ?2/#D*6+% b:9='9
&;2(+(% *DB$#% "($B*!% B27'% 0)+63*+% '"(2(*5% ':<4
02($;8%#!"(2c4@
e'0+*D$+,% B27% "$% 1=D,% B"'9% =':/C#+% 1*2;6+
"0C63%"($*D$&,%*$:'*%0$%"0C63%";D*6563%/$W;$74
(9B5% &'-2=207<% "$"783'% ':"2*2% *2% 6+1+*6$@
!$=*5#% 1%(27'0C63% &'-2=207&% B$% 0<BD=$$*5
0=!"*'"(+%12%&'"7<(*9('9%&'#'6@%w%#$63&%"$
&/'B$09B$% 0<"'7D% #5/2% "';+=2/+(<% "%;+=#+
0%*'91+,% 7%*+#-% 9&/63;56+% :$1$"&'/9% &2($5@
e+6#8*!% (2('% &'#'6% :<% #!;2% :C(% *D;$-+(!
'6$*!*2% (!#+,% 7($/C#% B$% &'"7<(*9(2@
L<BD=$$*5% =57&% 2% 0=!"*'"(+% 9&/63;57&% 12
&'#'6% "$"783'% "(D(9% 2% B$3'% ':<02($;% B$
&'02-'0D*2% 056$#8*!% 12% "2#'1$$B#'"(,
&/'('% B+% (278% *2;$1*$#$% 0$% 0!()+*!% ";D*7&
0!*'02*C63% :2/#"7C#% 9&/63;57&#@% b>2
0)$63*',%6'%&/'%*D"%1=$B)5%;+=+%&$+&/20+;+,%B"#$
0=!"*5c,% 90D=5% B$=$*% 1%:2/#"7C63% 9&/63;57&
*2% "(/D*7D63% /$H+'*D;*53'% =$*5795@% w&/63;56+
"$%65(5%"$"78%3'"(+($;"78%"&';$"*'"(+%*$"#5/*!
120D1D*+@% bI36$#$% &'=!7'02(% 0)$#,% 7($$5
*D#% &'#D32;+,% 2*+-% :<% *D"% 1*2;+@% e2)5#
&'=!7'0D*5#%:9=$,%-$%"$%:9=$#$%"*2-+(%:C(
=':/C#+% ':"2*<% 2% :9=$#$% &/26'02(% 2
&'";'9632(% 02)$% /2=<% qxro6@% e$12#C);$*C#
=&";$=7$#%0<B2=$'0D*5%=57&%2%0=!"*'"(+%9&/4
63;57<% 0)27% B$% 9#'6*!*5% &'6+(9% *$"2#'"(2(4
*'"(+% 2% 1D0+";'"(+% *2% 0*!B)5% &'#'6+,% 7($/D
'3/'-9B$% &/'6$"% +*($H/26$% 9&/63;57&% 0
:9='96*'"(+@%
>D0!/$#% #&-$#$% 7'*"(2('02(,% -$% ";D*7<
0!*'02*8% :2/#"7C#% 9&/63;57&#% 0%"$"7C63
#8=+563% '=/D-$B5% B$=*27% &'&(D079% "($*D$&,
B$=*27%
1DB$#%
"$"7C63%
"(D(*563%
2
"2#'"&/D0*C63% '/HD*&@% J'"7<(9B5% '=&'0!=+
*2% '(D17<% "$"7C63% ':"2*&% 0<0!/2B565% 1%B$B+63
`$*'W':*53'% &'"('B$% 0&"+% 6+1+*6&#% ':$6*!% 2
1D/'0$%% ";'9-5% B27'% *D"(/'B% "(D(*563% 2
"2#'"&/D0*C63% '/HD*&% 7%&/$1$*(26+% B$B+63
"(2*'0+"$7% 2% &'"('B&@% i'"9=% "$% 0%"$"78#
#$=+D;*5#% "0!(!% *$':B$09B5% ";D*7<,% 7($/8% :<
"$% 12#!$'02;<% *2% 72-='=$**5% +*($/276$% #$1+
:2/#"7C#+% 21<;2*(<% 2% B$B+63% "$"7C#+% "&'4
;9':"2*<% 2% &$+*D)$;<% (27% "($*D$&#% 3;9:)5
&'/'19#!*5%-+0'(2%=0'9%'=;+)*C63%79;(9/*563
"79&+*,% 7($/8% -+B5% 0%:$1&/'"($$=*5% :;517'"(+@
\D=2% :<63% (5#% ='=2;2% '=0239% +*'02(+0*5#
*'0+*D$&#,% 7($$5% #2B5% 639*% (27'08% ";D*7<
&"D(,% *201='/<% ('#9,% -$% ('% *$*5% *$BB$=4
*'=9))5%6$"(2,%B27'9%#'3;+%10';+(@《
A&*&3"()7"B#,%#54(0<"(9='02;2%"'6+';'H++@%L$%"08%=+&;'#'08%&/D6+%"$%12:C02;2%&$$"5=;$*5#
"B+*"7C63%9&/63;57&%1%?2/#<%='%#$"78%/$&9:;+7<@%.'#$*(D;*!%&/269B$%B27'%/$=27('/72%"&$6+2;+4
1'02*83'%_$:'083'%&'/(D;9%6(1,3$#.)8()#V$"@
Q;
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
?(06%&%)0&A2*6.6*6(7&1/#&!"#$%
2//+02;% 'W% ?9/#$"$% ('% (3$+/% 6'9*(/<@% F*% &2/4
(+69;2/,% 2/(+6;$"% +*% /$H+'*2;% =2+;<% &2&$/"% W$24
(9/$% "(2($#$*("% W/'#% /$&/$"$*(2(+0$"% 'W% (3$
#9*+6+&2;+(+$"% (32(% 'WW$/$=% +*($H/2(+'*% W;2("
('% (3$% ?9/#$"$% /$W9H$$"@% K3$"$% /$&/$"$*(24
(+0$"%'W%#9*+6+&2;+(+$"%'/%H'0$/*#$*(%:'=+$"
2""9/$% /$2=$/"% (32(% (3$% ?9/#$"$% c2/$% *'(
'*$% 'W% (3$% &/':;$#2(+6% H/'9&"o0,% (32(% (3$<
c(39"% ='*n(% $`&$6(% 2*<% #2B'/% &/':;$#"o1,
2*=% "3'9;=% 2*<% &/':;$#"% "(+;;% 32&&$*% ('
2/+"$,%(3$%('_*%32;;%_+;;%"';0$%(3$#%('H$(3$/
_+(3%(3$%I1$63%.+*+"(/<%'W%(3$%F*($/+'/@
V/(+6;$"% 2:'9(% ?9/#$"$% /$W9H$$"% "$$7% ('
6;2/+W<% W'/% /$2=$/"% _3<% (3$% I1$63% \$&9:;+6
=$6+=$=% ('% B'+*% (3$% /$"$((;$#$*(% &/'H/2#
2*=% ('% 266$&(% /$W9H$$"% W/'#% ?9/#2% '*% +("
($//+('/<@% F% 6'*"+=$/% (3+"% 2+#% $*(+/$;<% ;$H+(+4
#2($y%9*W'/(9*2($;<,%3'_$0$/,%2%6'*"+=$/2:;$
/$=96(+'*% 2*=% "+#&;+W+62(+'*% 'W% (3$% W26('/"
(32(% +*W'/#% (3$% 2//+02;% 'W% I3+*% ('% (3$% I1$63
\$&9:;+6% '669/"@% V/(+6;$"% *'/#2;;<% W'69"% '*
$`&;2+*+*H% ('% I1$63% 6+(+1$*"% (32(% :<% B'+*+*H
(3$%/$"$((;$#$*(%&/'H/2#,%(3$%I1$63%\$&9:4
;+6% _2*("% ('% :$6'#$% '*$% 'W% (3$% 2=02*6$=
6'9*(/+$",% W'/% _3+63% c2""+"(2*6$% ('% /$W9H$$"
=$*'($"% 2% /$"&$6(2:;$% /$&9(2(+'*o2% V(% (3$
"2#$% (+#$,% (3$% #9*+6+&2;+(+$"% (32(% 320$
:$6'#$% 2% *$_% 3'#$% W'/% ?9/#$"$% /$W9H$$"
(/<%('%$`&;2+*%(3/'9H3%;'62;%#$=+2%(3$%:$*$4
W+("% 'W% (3$+/% =$6+"+'*@% K3$% #9*+6+&2;+(+$"% (32(
&/'0+=$=% "9:"+=+1$=% W;2("% ('% ?9/#$"$% /$W94
H$$"%/$6$+0$%2%H/2*(%W'/%+#&/'0+*H%+*W/2"(/964
(9/$3% W/'#% (3$% .+*+"(/<% 'W% (3$% F*($/+'/@
.9*+6+&2;+(<% /$&/$"$*(2(+0$"% $`&;2+*% +*% ;'62;
&2&$/"%('%(3$%6+(+1$*"%(32(%(3$%?9/#$"$%c_+;;
&2<%/$*(%B9"(%;+7$%$0$/<'*$%$;"$%+*%(3$%('_*o@4
F(% "$$#"% (32(% B'9/*2;+"("% 7*'_% (3$+/% /$2=4
$/"% _$;;,% :$629"$% +*% (3$+/% 2/(+6;$"% (3$<
/$"&'*=% ('% _32(% I1$63% 6+(+1$*"% $`&$6(% W/'#
W'/$+H*$/"@%T'/%+*"(2*6$,%(3$<%$`&$6(%W'/$+H*4
$/"%('%$`&/$""%(3$+/%H/2(+(9=$%W'/%320+*H%:$$*
3$;&$=@%I1$63"%=$#'*"(/2($%2%3+H3%=$H/$$%'W
"';+=2/+(<% _+(3% &$'&;$% +*% *$$=,% 2*=% /$W9H$$"
6;$2/;<% W2;;% _+(3+*% (3+"% H/'9&@% e'*$(3$;$"",
(3+"%3$;&%"3'9;=%:$%=9;<%2&&/$6+2($=%:<%(3'"$
_3'%320$%/$6$+0$=%+(@
K3$% $`&/$""+'*% 'W% (32*7"% 2*=% H/2(+(9=$
W/'#%%/$W9H$$"%W'/%(3$%3$;&%(3$<%/$6$+0$%W/'#
(3$%I1$63%"(2($%2*=%&'&9;2(+'*%+"%6'*"+=$/$=
#'/$% '/% ;$""% 2% #2(($/% 'W% 6'9/"$% 2*=% (3$/$4
W'/$% _$% W+*=% +(% +*% (3$% #2B'/+(<% 'W% 2/(+6;$"
2:'9(% ?9/#$"$% /$W9H$$"@% cY$% 2/$% H/2($W9;
W'/%$0$/<(3+*H%(32(%(3$%;'62;%&$'&;$%320$%&/$4
&2/$=,o%"2<"%'*$%'W%(3$%?9/#$"$%/$W9H$$"%+*
2% ;'62;% &2&$/@5% K3$% /$W9H$$"% W$$;% H/$2(;<
':;+H$=% ('% (3$% I1$63% 3'"(% "'6+$(<@% cY$% _+"3
('% (32*7% 2;;% (3'"$% _3'% 3$;&$=% 9"% _+(3'9(
$0$*%7*'_+*H%9"@%Y$%_+;;%(32*7%<'9%:<%(/<+*H
32/=% ('% :$% H''=% 6+(+1$*"% 2*=% _$% _+;;% _'/7
2*=% ;+"($*% ('% <'9/% 2=0+6$@% qxro6@% V*% 9*+*4
($*=$=%6'*"$u9$*6$%'W%(3$%/$W9H$$"a%$`&/$"4
"+'*% 'W% H/2(+(9=$% +"% 2*% +*6/$2"$=% "$*"$% 'W
3$;&;$""*$""% 2*=% =$&$*=$*6<% '*% $`($/*2;
2+=,% _3+63% (3/$2($*"% (3$% &/'6$""% 'W% (3$+/
+*($H/2(+'*%+*%(3$%W9(9/$@
Y$%62*%6'*6;9=$%(32(%(3$%2/(+6;$"%+*%I1$63
#$=+2% 2:'9(% ?9/#$"$% /$W9H$$"% /$W;$6(% '*
(3$%'*$%32*=%_32(%/$2=$/"%=$#2*=,%2*=%'*
(3$% '(3$/% 32*=% (3$% +*($/$"("% 'W% (3$% I1$63
"(2($% 2*=% /$H+'*2;% 2=#+*+"(/2(+0$% :'=+$"@
K3$<%&/'0+=$%2*"_$/"%('%I1$63%6+(+1$*a"%u9$"4
(+'*",% $#$/H+*H% W/'#% (3$+/% `$*'&3':+6% 2((+4
(9=$% ('_2/="% W'/$+H*$/"% +*% H$*$/2;,% 2*=% 2(
(3$% "2#$% (+#$% "$/0$% 2"% 2% ('';% W'/% "(2($% 2*=
/$H+'*2;% 2=#+*+"(/2(+0$% :'=+$"% ('% &/$"$*(
(3$+/% &'+*("% 'W% 0+$_% 2*=% &'"+(+'*"@% A'% W2/% +*
(3$% I1$63% #$=+2% *'% 2/(+6;$"% 320$% 2&&$2/$=
(32(% W'69"% '*% (3$% =2+;<% +*($/26(+'*% :$(_$$*
?9/#$"$%/$W9H$$"%2*=%(3$+/%I1$63%W$;;'_46+(+4
1$*",%_3+63%_'9;=%(3$/$W'/$%:/+*H%2:'9(%(3$
/$2=$/"n%=$$&$/%9*=$/"(2*=+*H%'W%(3$%;+0$"%'W
(_'%=+WW$/$*(%69;(9/2;%H/'9&"%(32(%2/$%;+0+*H%+*
=+/$6(% &/'`+#+(<@% F% _'9;=% 3$/$:<% ;+7$% ('% $*4
6'9/2H$% +**'02(+0$% B'9/*2;+"("% _3'% W$$;% ;+7$
_/+(+*H% "963% 2*% 2/(+6;$,% =$"&+($% (3$% W26(% (32(
(3+"% +"% *'(% (3$% $2"+$"(% &2(3% W'/% (3$#% ('
63''"$@《
A&*&3"()7"B#,%#54(32"%2%=$H/$$%+*%"'6+';'H<@%F*%3$/%(3$"+"%"3$%=+=%/$"$2/63%'*%(3$%/$"$((;$#$*(
'W%I3+*%/$W9H$$"%W/'#%?9/#2%('%(3$%I1$63%\$&9:;+6@%A3$%+"%*'_%_'/7+*H%2"%2*%$=+('/%W'/%(3$
_$:"+($%6(1,3$#.)8()#V$"@
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
QB
?;06%&%&%:*6.6*@&.!)/.%);&!%#$!
!
78#.)#.8#9:#;8<98+,=>?@)8?>"A,BC!8)9B*@DCE)8.=A,+9)8=,A)<F>-"8;$A-"DEF"8#,FG8H,F8H9H8?I#?@#9HE8$9<F@8)JB*,
K#*<FG8A.+"D,<G8#9D9?*+9L(8M-9D,8#,F8.$.)EHE)8)9B*@DCE8?><#;$I8$9<F>-"8<#@#CE-"8.AN@C"G87I<.FJ".8F.)*<,#98OPQ
$A.8;$A-"DEFIG8C9?D@BCE-"8C9+*<F.?>-"8.AN,C*+,-E8,8B,DRE-"8,F#JA"(
%S/1(80T(!T(/TT5(8%#I#*-9#8=,A)<F>-"8;$A-"DEF"8C,-"@+E8C.?>8B.).?8?8$9<FJ8F.#D*C!(8U.CD*C9V(8U-*#[email protected]/T!TW
!/WT1V8X.<#;$CJ8+8"##$%&&'''(-#/1(-+&B.),-*&01/01W-#IA*-9#W=,A)<FI-"W;$A-"D*F;WC,-",+*WC.?IWB.).?W?W
-9<F9WF.#D*C9&
%S/1(8!/(/(/TT6(8%9<F.8$#*H,D.8;$A-"DEFI8+8Y,A)I(8U.CD*C9V(8U-*#[email protected]/T!TW!/WT1V8X.<#;$CJ8+8"##$%&&
'''(-#/1(-+&B.),-*&12014W-9<F.W$A*H,D.W;$A-"D*FIW+W=,A)I&
Z.<$.B@#<FJ8C.?*CI(8!/(/(/TT6(8X.8[A,"I8$#*D9#!DI8$#I#*8A.B*CI8+8Y,A)IG8%\8H*)8;B!DE8,+ID(8U.CD*C9V(8U-*#.?@C.
/T!TW!/WT1V8X.<#;$CJ8+8"##$%&&+,"A,C*-C*(*"C9B(-+&!!2W010//01TW2/T5TTWTW03343TWTT0TTT]BWT4
MDEC<F>8B9CEF(8/(3(/TT6(8Y,A)<F.;8A.B*C;8$9F@8?98MDEC!8.$A,?9C>8$.B.)9F(8U.CD*C9V(8U-*#[email protected]/T!TW!/WT4V
X.<#;$CJ8+8"##$%&&+D*C<FI(B9C*F(-+&+$A,?I]A9N*.C&=,A)<F.;WA.B*C;W-9F,W?9W+D*C9W.$A,?9CIW$;DB.)9F("#)D
^&@A<FJ8?A-"I(8/2(!(/TT6(8Q.?J8_!<#.8$.<FI#C98,+ID8=,A)<F>)8;$A-"DEF")(8U.CD*C9V(8U-*#[email protected]/T!TW!/WT4V
X.<#;$CJ8+8"##$%&&'''(+B,A<F9?A-"I(-+&A9$.A#,+9&0352
%S/1(8!/(/(/TT6(8%9<F.8$#*H,D.8;$A-"DEFI8+8Y,A)I(8U.CD*C9V(8U-*#[email protected]/T!TW!/WT1V8X.<#;$CJ8+8"##$%&&
'''(-#/1(-+&B.),-*&12014W-9<F.W$A*H,D.W;$A-"D*FIW+W=,A)I&
`[.8$.B$*<;8C@H9)CE8<)D.;?I8+E<F@8)!<#.8MDEC8.B8)*C*<#9A<#?,8?C*#A,83TT8#*<E-.?.;8B.#,-*8C,8*CaA,<#A;F#;A;(b
MD*C(8-+(8!4(3(/TT6(8798MDEC!8C,RD,8B.).?8A.B*C,8=,A)<F>-"8;$A-"DEF"(8U.CD*C9V(8U-*#[email protected]/T!TW!/WT3V
X.<#;$CJ8+8"##$%&&+D*C(-+&,A#*-D9($"$cdXe1T4031
^&@A<FJ8?A-"I(8/T(!T(/TT6(8f$A-"DE-*8+8Y,A)I8C,HB.;8.B8D*<#.$,B;8<?"H8C.?>8B.).?8?8Q.?J)8_!<#!8C,
_.A,?!(8U.CD*C9V(8U-*#[email protected]/T!TW!/WT4V8X.<#;$CJ8+8"##$%&&'''(+B,A<F9?A-"I(-+&*Ca.WC,?<#9?C*F;)&1665W
;$A-"D*-*W+W=,A)IWC,HB.;W.BWD*<#.$,B;W<?HWC.?IWB.).?W?WC.?9)W)<#WC,W).A,?
Oa*-*@DCE8'9=8)!<#,87<9#EC(81(!!(/TT6(8g9<#8D9#8h*D*8H,F.8$<,C-*G8#9&8B.<#,D*8R,C-*8+,$E#8C.?>8h*?.#8C,87,D,R<F;(
U.CD*C9V(8U-*#[email protected]/T!TW!/WT1V8X.<#;$CJ8+8"##$%&&'''()9<#.?<9#*C(-+&?*<).&B.F;)9C#I/(,<$c*B].ANe!5343i
*Be16!3TT
j*B.?J8C.?*CI(8!5(3(/TT6(8Y,A)@C-*8H,F.8<.;<9BJ8k,+,-""(8U.CD*C9V(8U-*#[email protected]/T!TW!/WT5V8X.<#;$CJ8+8"##$%&&
'''(D*B.?FI(-+&=,A),C-*WH,F.W<.;<9B9WF,+,-";WB/.W&DC]C.?*CI(,<$c-elT6T3!5]TTT!13]DC]C.?*CI]<F.i
FD*-e/0/!TTi)9<eT6T3!5]T
/
0
1
2
3
4
5
6
!"#$ "%"%! &' ("%#%)" * ' &+(,-./&%0"1 2' #34 5%6)14 5(&# #%+,%$* ' # 7 %1* )60( 8#9
J$$"5=;$*5% #'3;'% &/':532(% *2% 1D7;2=!% (!63('
&/D0*563%2%7'*6$&"*563%='79#$*(&f
z
QF
i'3'=2% '% &$$"5=;'0D*5% ='% #$"78% /$&9:;+7<% 4
wB$=*D*5% #$1+% 0;D='9% #$"78% /$&9:;+7<% 2
{$2=$#% L<"'783'% 7'#+"2$$% pAe% &/'% 9&/4
63;57<%'%"&';9&/D6+%&$+%&$$"5=;'0D*5%9&/63;57&
hA:5/72%#$1+*D/'=*563%"#;90%"@%PP%v%MNN[j
z
Q'*6$&6$% *D/'=*53'% &$$"5=;'02653'% &/'4
H/2#9% 2% J$$"5=;$*5% "79&+*<% :2/#"7C63% 9&/4
63;57&% 1% .2;2B"+$% % h___@9*36/@61v9&/63;+4
6+6/vR6+=|PXXj
z
w"*$"$*5% 0;D=<% #$"78% /$&9:;+7<% 1$% =*$% M^@
"$/0*2% MNNS% "@% ^PX% 7$% Q'*6$&6+% *D/'=*53'
&$$"5=;'02653'%&/'H/2#9
z
w"*$"$*5% 0;D=<% #$"78% /$&9:;+7<% 1$% =*$% OX@
:$$1*2%MNON%"@%MOE%'%/$2;+126+%J$$"5=;'02653'
&/'H/2#9%
J$5B$1=%:2/#"7C63%9&/63;57&f
z
J/0*5%"79&+*2%h[%/'=+*%k%PE%'"':f%$5B$*%MNNS
2%G*'/%MNN[j
z
i/93D% "79&+*2% hS% /'=+*% k% PN% '"':f% "$/0$*$6
2%"/&$*%MNONj
\'1#5"(!*5% 9&/63;57&% &'% ^4S% #!"5"*5#% &':<(9% 0
F*($H/2"*5#%"($$=+"79%.L%#\,%:!3$#%7($/83'%"$
9&/63;56+% 0!*'02;+% +*($*1+0*5% 0C96$% "$"783'
B21<72%2%2=2&(26+%0%#\f
z
J/0*5% "79&+*2% h?'3=2;+6$vJ20;'0+6$,% ?1$*$6,
#$/*D% Z'/2,% Z;97,% e'08% .!"('% *2% .'/20!,
p"$"$7,%L"$(5*,%>;5*,%}+=;'63'0+6$j
z
i/93D% "79&+*2% h?/2*=C"% *2=% l2:$#vA(2/D
?';$";20,% I3/2"(% 9% I3/9=+#+,% e'08% .!"('% *2
.'/20!,% J'=!:/2=<,% J$+:<";20,% L<"'78% .C(',
>/9"%*2=%AD120'9j
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
?(06%&%)0&A2*6.6*6(7&1/#&!"#$%
!
/
0
1
2
3
4
5
6
dC8#"*<8#9:#8d8'*DD8-.C-9AC8)I<9Da89:-D;<*?9DI8'*#"8#"98*),N98.a8".'8Y;A)9<98A9a;N99<8,A98$A9<9C#9B8=I8m+9-"
)9B*,8K$A*C#G8A,B*.G8#9D9?*<*.CL(8d8#";<89C#*A9DI8.)*#8)9B*,8.;#$;#<8.a8m+9-"8<#,#98=.B*9<G8#"98fQZm\G8C.CW$A.a*#
QnO<G8,CB8.#"9A8$D,I9A<(
%S/1(80T(!T(/TT5(8%#I#*-9#8=,A)<F>-"8;$A-"DEF"8C,-"@+E8C.?>8B.).?8?8$9<FJ8F.#D*C!(8U.CD*C9V(8U,--9<<9B8/T!TW
!/WT1V8"##$%&&'''(-#/1(-+&B.),-*&01/01W-#IA*-9#W=,A)<FI-"W;$A-"D*F;WC,-",+*WC.?IWB.).?W?W-9<F9WF.#D*C9&
%S/1(8!/(/(/TT6(8%9<F.8$#*H,D.8;$A-"DEFI8+8Y,A)I(8U.CD*C9V(8U,--9<<9B8/T!TW!/WT1V8"##$%&&'''(-#/1(-+&B.),-*&
12014W-9<F.W$A*H,D.W;$A-"D*FIW+W=,A)I&
Z.<$.B@#<FJ8C.?*CI(8!/(/(/TT6(8X.8[A,"I8$#*D9#!DI8$#I#*8A.B*CI8+8Y,A)IG8%\8H*)8;B!DE8,+ID(8U.CD*C9V(8U,--9<<9B
/T!TW!/WT1V8"##$%&&+,"A,C*-C*(*"C9B(-+&!!2W010//01TW2/T5TTWTW03343TWTT0TTT]BWT4
MDEC<F>8B9CEF(8/(3(/TT6(8Y,A)<F.;8A.B*C;8$9F@8?98MDEC!8.$A,?9C>8$.B.)9F(8U.CD*C9V(8U,--9<<9B8/T!TW!/WT4V
"##$%&&+D*C<FI(B9C*F(-+&+$A,?I]A9N*.C&=,A)<F.;WA.B*C;W-9F,W?9W+D*C9W.$A,?9CIW$;DB.)9F("#)D
^&@A<FJ8?A-"I(8/2(!(/TT6(8Q.?J8_!<#.8$.<FI#C98,+ID8=,A)<F>)8;$A-"DEF")(8U.CD*C9V(8U,--9<<9B8/T!TW!/WT4V
"##$%&&'''(+B,A<F9?A-"I(-+&A9$.A#,+9&0352
%S/1(8!/(/(/TT6(8%9<F.8$#*H,D.8;$A-"DEFI8+8Y,A)I(8U.CD*C9V(8U,--9<<9B8/T!TW!/WT1V8"##$%&&'''(-#/1(-+&B.),-*&
12014W-9<F.W$A*H,D.W;$A-"D*FIW+W=,A)I&
`[.8$.B$*<;8C@H9)CE8<)D.;?I8+E<F@8)!<#.8MDEC8.B8)*C*<#9A<#?,8?C*#A,83TT8#*<E-.?.;8B.#,-*8C,8*CaA,<#A;F#;A;(b
MD*C(8-+(8!4(3(/TT6(8798MDEC!8C,RD,8B.).?8A.B*C,8=,A)<F>-"8;$A-"DEF"(8U.CD*C9V(8U,--9<<9B8/T!TW!/WT3V8"##$%&&
+D*C(-+&,A#*-D9($"$cdXe1T4031
^&@A<FJ8?A-"I(8/T(!T(/TT6(8f$A-"DE-*8+8Y,A)I8C,HB.;8.B8D*<#.$,B;8<?"H8C.?>8B.).?8?8Q.?J)8_!<#!8C,
_.A,?!(8U.CD*C9V(8U,--9<<9B8/T!TW!/WT4V8"##$%&&'''(+B,A<F9?A-"I(-+&*Ca.WC,?<#9?C*F;)&1665W;$A-"D*-*W+W
=,A)IWC,HB.;W.BWD*<#.$,B;W<?HWC.?IWB.).?W?WC.?9)W)<#WC,W).A,?
Oaa*-*,D8'9=<*#98.a8#"98#.'C87<9#EC(81(!!(/TT6(8g9<#8D9#8h*D*8H,F.8$<,C-*G8#9&8B.<#,D*8R,C-*8+,$E#8C.?>8h*?.#8C,
7,D,R<F;(8U.CD*C9V(8U,--9<<9B8/T!TW!/WT1V8"##$%&&'''()9<#.?<9#*C(-+&?*<).&B.F;)9C#I/(,<$c*B].ANe!5343i*Be
16!3TT
j*B.?J8C.?*CI(8!5(3(/TT6(8Y,A)@C-*8H,F.8<.;<9BJ8k,+,-""(8U.CD*C9V(8U-*#[email protected]/T!TW!/WT5V8X.<#;$CJ8+8"##$%&&
'''(D*B.?FI(-+&=,A),C-*WH,F.W<.;<9B9WF,+,-";WB/.W&DC]C.?*CI(,<$c-elT6T3!5]TTT!13]DC]C.?*CI]<F.i
FD*-e/0/!TTi)9<eT6T3!5]T
!"4 $ ' %"/+%: 8;61* ' %"0,6$ %$ 5* %1* ' * $$ (* 2* /$ %,: %< 61 2* ' * %1* :6;* * ' %$ ,%$ 5* %=>* 4 5%?* )60( 84
\$"$((;$#$*(%_2"%&'""+:;$%'*%(3$%:2"+"%'W%(3$"$
;$H2;%2*=%6'*6$&(92;%='69#$*("f
z VH/$$#$*(%'*%(3$%/$"$((;$#$*(%('%(3$%I1$63
\$&9:;+6% 4% A(+&9;2(+'*% :$(_$$*% (3$% H'0$/*4
#$*(%'W%(3$%I1$63%\$&9:;+6%2*=%(3$%pWW+6$%'W
(3$% w*+($=% e2(+'*"% Z+H3% I'##+""+'*$/% W'/
\$W9H$$"% 2:'9(% (3$% 6''&$/2(+'*% W'/% (3$
/$"$((;$#$*(%'W%/$W9H$$"%hI';;$6(+'*%'W%+*($/4
*2(+'*2;%2H/$$#$*("%*'@%PP%v%MNN[j
z I'*6$&(% 'W% (3$% e2(+'*2;% \$"$((;$#$*(% &/'4
H/2#% 2*=% \$"$((;$#$*(% 'W% 2% H/'9&% 'W% ?9/4
#$"$%/$W9H$$"%W/'#%.2;2<"+2
h___@9*36/@61v9&/63;+6+6/vR6+=|PXXj
z \$"';9(+'*% 'W% (3$% H'0$/*#$*(% 'W% (3$% I1$63
\$&9:;+6%=2($=%!9*$%M^(3,%MNN[,%*'@%^PX,%'*
(3$% I'*6$&(% 'W% (3$% e2(+'*2;% \$"$((;$#$*(
J/'H/2#
z \$"';9(+'*% 'W% (3$% H'0$/*#$*(% 'W% (3$% I1$63
\$&9:;+6% =2($=% .2/63% OX(3,% MNON,% *'@% MOE,
'*% (3$% +#&;$#$*(2(+'*% 'W% (3$% \$"$((;$#$*(
J/'H/2#
V//+02;%'W%(3$%?9/#$"$%/$W9H$$"f
z T+/"(% H/'9&% h[% W2#+;+$"% k% PE% &$'&;$f% p6(':$/
MNNS%2*=%T$:/92/<%MNN[j
z A$6'*=% H/'9&% hS% W2#+;+$"% k% PN% &$'&;$f% !9;<
2*=%V9H9"(%MNONj
J;26$#$*(%'W%(3$%/$W9H$$"%2W($/%2%^4S%#'*(3%"(2<
2(%(3$%I1$63%.+*+"(/<%'W%(3$%F*($/+'/a"%+*($H/2(+'*
6$*(/$,% =9/+*H% _3+63% (3$<% 2(($*=$=% +*($*"+0$
I1$63% ;2*H92H$% 2*=% 2=2&(2(+'*% 6;2""$"% ('% (3$
I1$63%\$&9:;+6f
z T+/"(% H/'9&% h('_*"f% ?'3=2;+6$vJ20;'0+6$,
?1$*$6,% #$/*D% Z'/2,% Z;97,% e'08% .!"('% *2
.'/20!,%p"$"$7,%L"$(5*,%>;5*,%}+=;'63'0+6$j
z A$6'*=% H/'9&% h('_*"f% ?/2*=C"% *2=% l2:$#v
A(2/D% ?';$";20,% I3/2"(% 9% I3/9=+#+,% e'08
.!"('% *2% .'/20!,% J'=!:/2=<,% J$+:<";20,
L<"'78%.C(',%>/9"%*2=%AD120'9j
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
QG
?;06%&%&%:*6.6*@&.!)/.%);&!%#$!
@ # $ 8 - 8 $ 9 % " % ) , + ) , 1" % < " 1 2 ' # 7 5 , % 4 * / $ 1" % A 1" 5 " B % , C ) C ' C % ) " 8 % ) " * ' & + ( , - . / & % 0 " 1 2 ' # 3 4 5 % 6 ) 1 4 5 ( & # #
" % D * D 8 4 5 % 8 / $ * ; 1" 4 8 % + , % ! * ' # 7 % ' ) , ( * ! / , ' $ 8 C
F#*";&'$%5?
z
i+"791$%&/'%#5"(*5%7'#9*+(<%"%/'=+*2#+%9&/4
63;57&%0%B$B+63%*'08#%:<=;+)(+
z
J$$=*D)7<% 2% )7';$*5% '% ?2/#!% 2% "+(926+
:2/#"7C63% 9&/63;57&% &/'% &/26'0*57<% .+*+"4
($/"(02%0*+(/2%#\%2%*$1+"7'0C63%'/H2*+1265
z
J/&:!-*8%&'/2=$*"(05%7%'/+$*(26+%0%"'6+'479;4
(9/*563%/'1=5;$63
z
~7';$*5% &/'% 9&/63;57<% h&/27(+678% ='0$=*'"(+
&'($$:*8%7$%72-='=$**5#9%-+0'(9j
z
>&/'"($$=7'0D*5% +*W'/#265% 2% 7'#9*+726$
#$1+%&'#D32B565#+%"9:B$7(<%2%9&/63;57<
z
J'"7<('0D*5% +*W'/#265% '% #$"78% /$&9:;+6$% 0$
"/'0*D*5% "% &$$=63'15#+% 179)$*'"(#+% 9&/4
63;57&
z
J$$=*D)7<%*2%0<"'7C63%2%"($$=*563%)7';D63%'
9&/63;56563
G7,\8@
z
S3;"745"1?("9%656%@
J$$7;2=2($;"78% 2% (;9#'"*+678% "+**'"(+% &/'
&'($$:<%.+*+"($/"(02%0*+(/2%#\
G?&#54'?
W$5"%#5:("9%656%@
z
z
w"&'$D=D*5% 0$$$B*C63% &$$=*D)$7% 2% =$:2(% '
?2/#!%2%"+(926+%:2/#"7C63%9&/63;57&%&'%6$;8
#\
Q9;(9/*5% 276$% &/'% "$"7'9% 0$$$B*'"(% "% G"2"(5
&$$"5=;$*C63%9&/63;57&
z
A&';9&/D6$%
"$%
"(D(*5#+%
+*"(+(96$#+,
"2#'"&/D02#+%2%*$1+"7'0C#+%'/H2*+126$#+
z
A&';9&/D6$% "$% 123/2*+"*5#+% '/H2*+126$#+,
7($/8% #2B5% &'=':*8% 179)$*'"(+% "% &$$"5=4
;'0D*5#%:2/#"7C63%9&/63;57&
z
J/$1$*(26$%'%179)$*'"($63%1%#$"78%/$&9:;+7<
*2%#$1+*D/'=*563%"$#+*D$563%2%7'*W$/$*6563
W$?+#)+=2>3>()A*>(
!"#$%&'(")*+&"'#
2WSP(<ZNKE(ST(GAELZ<(FLWGA%TNR
p=% /'79% O[UM% 0;D=*$% 0% ?2/#!% &'=
/&1*C#+% *D10<% 0'B$*"7D% B9*(2,% 7($/D% "$
='&'9)(5%
&'/9)'0D*5%
;+="7C63%
&/D0
0%*$B/&1*!B)563% W'/#D63!@% e!7';+7% &'79"&
'%*$*D"+;*D% ;+='0D% &'0"(D*5% :<;'% &'(;2"$*'
"+;'9@%l$(')*5%0';:<%"+6$%*!7($/8%&/'=$#'7/24
(+678% "5;<% 0*5#2;<% B27'% *$&2(/*'9% &$5;$-+('"(
&/'*+7*'9(%='%"<"(8#9,%20)27%65;$#%0';$:%0$
"79($"*'"(+% :<;'% &'"5;+(% "(D02B565% #'6$*"78
"(/97(9/<% 2% &/'08"(% &'91$% 7'"#$(+678% 1#!*<
*2% &'0/639@% J2*9B$% ':$6*8% &$$"0!="$*5,% -$
0';:<% :<;<% 7'*D*<% "% 65;$#% #2/H+*2;+1'02(
=$#'7/2(+678%3*9(5%2%'=0/D(+(%7/+(+79%*2#5$$4
QH
*'9% *2% 123/2*+"*5% &$50/-$*6$% /$-+#9% h7% *+#&2($5% 0;D=<% 0!()+*<% "(D(&% "'9"$=56563% "% ?2/4
#'9j,% 2% (27% &'=&'$+(% $7'*'#+67C% /'10'B% 0$
&/'"&!63%'#$1$*8%"79&+*<@
!$=*5#% 1% *$B=&;$-+(!B)563% &/'"($$=7&,/
&'#'65% *+63-% /$-+#% 9=/-9B$% =+"+=$*(<% &'=
7'*(/';'9,% B$% #+#'$D=*!% &$5"*D% 6$*19/2
"=!;'026563%&/'"($$=7&%2%&$5"*8%(/$"(<@%J'=;$
2*.$(3$#& 53,6*;L$%& 6C=(O& [54,63& '#=(3
2**.$(3+(.)\0% B$% 0% "'9"2"*8% =':!% 0
:2/#"7C63% 0!1$*563% 0!1*!*'% O[% &/26'0*57&
"=!;'026563%&/'"($$=7&@%K!#+('%'#$1$*5#+%B$
&'"(+-$*% +% +*($/*$(% 2% 7'#9*+726$% '*;+*$,
0"$(*!% 1&/20'=2B"7C63% #8=+5% &&"':56563
'*;+*$@% FLD.,& )3& .$%,3)4& ).9()J!#% [!.66(+@
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
?(06%&%)0&A2*6.6*6(7&1/#&!"#$%
@4 $ 8-8 $ 8* ' %"/+%' 6)),1 $ %)1,-8+* +%09%< 61 2"%=* /$ * 1 %A 1";6* B%,C)C' CB
+61 8/;%$ 5* %1* ' * $$ (* 2* /$ %,: %< 61 2* ' * %1* :6;* * ' %"/+%$ 5* 81 %8/$ * ;1"$ 8,/%$ ,%=>* 4 5%' ,4 8* $9C
C#'$,7%6'J
z A$#+*2/"% 2*=% (/2+*+*H% '*% ?9/#2% 2*=% (3$
"+(92(+'*%'W%?9/#$"$%/$W9H$$"%W'/%$#&;'<$$"
'W% (3$% I1$63% .+*+"(/<% 'W% (3$% F*($/+'/% 2*=
*'*4H'0$/*#$*(2;%'/H2*+12(+'*"
z I'*(+*9'9"% 6'*"9;(2(+'*% '*% =$2;+*H% _+(3
"'6+2;469;(9/2;%=+WW$/$*6$"
z K/2*"W$/% 'W% +*W'/#2(+'*,% +*($/#$=+2(+'*,% 2*=
6'##9*+62(+'*% :$(_$$*% 3$;&+*H% 2H$*6+$"
2*=%(3$%/$W9H$$"
G&*561&$
z K/2*";2(+'*% 2*=% +*($/&/$(2(+'*% 26(0+(+$"% W'/
(3$%*$$="%'W%(3$%I1$63%.+*+"(/<%'W%(3$%F*($4
/+'/
C,7%,*"7(E1%656%6&$
z p/H2*+12(+'*% 'W% ;$6(9/$"% 2*=% =$:2($"% '*
?9/#2% 2*=% (3$% "+(92(+'*% 'W% ?9/#$"$% /$W94
H$$"%26/'""%(3$%I1$63%\$&9:;+6
z I9;(9/2;%$0$*("%W'/%(3$%I1$63%&9:;+6%_+(3%(3$
&2/(+6+&2(+'*%'W%/$"$((;$=%/$W9H$$"
z
i+"69""+'*% W'/% (3$% ;'62;% 6'##9*+(+$"% _+(3
(3$% /$W9H$$% W2#+;+$"% +*% (3$+/% *$_% &;26$"% 'W
/$"+=$*6$
A*"6'6'J(E1%656%6&$
z K/2+*+*H% W'/% /$W9H$$"% h&/26(+62;% "7+;;"% *$$=$=
W'/%=2+;<%;+W$j
z J/'0+"+'*% 'W% +*W'/#2(+'*% 2:'9(% (3$% I1$63
\$&9:;+6%6'#&2/$=%_+(3%(3$+/%&/$0+'9"%$`&$4
/+$*6$"
z l$6(9/$"% '*% /$W9H$$"% 2(% 3+H3% "63'';"% 2*=
9*+0$/"+(+$"
2&%^#*96'J
z I''&$/2(+'*% _+(3% "(2($% +*"(+(9(+'*",% ;'62;
2=#+*+"(/2(+0$% 'WW+6$",% 2*=% *'*4H'0$/*#$*4
(2;%'/H2*+12(+'*"
z I''&$/2(+'*%_+(3%+*($/*2(+'*2;%'/H2*+12(+'*"
(32(% 320$% 32=% "+#+;2/% $`&$/+$*6$"% _+(3% (3$
/$"$((;$#$*(%'W%?9/#$"$%/$W9H$$"
z J/$"$*(2(+'*% 'W% (3$% I1$63% \$&9:;+6a"% $`&$/+4
$*6$"% 2(% +*($/*2(+'*2;% "$#+*2/"% 2*=% 6'*4
W$/$*6$"
X # 8 $ T > * P + Y *2 > # > " > A > ( E
!"#$%&'(")*+&"'#
2T](<TNKE(K2(WQN(GTA AK2OG
A+*6$% O[UM,% ?9/#2% 32"% :$$*% /9;$=% :<% 2
#+;+(2/<% B9*(2,% 9*=$/% =+WW$/$*(% *2#$",% _3+63
+"%/$"&'*"+:;$%W'/%*9#$/'9"%W'/#"%'W%39#2*
/+H3("%0+';2(+'*"@!%A$0$/2;%2(($#&("%2(%&$26$4
W9;% &'&9;2/% 9&/+"+*H"% _$/$% 6/9"3$=% _+(3
2/#$=% 0+';$*6$@% K3+"% <$2/n"% $;$6(+'*",
2;(3'9H3% 2""$""$=% :<% "$0$/2;% &/'4=$#'6/26<
W'/6$"% 2"% 2% (+*<% 632*6$% ('% H$(% 2% W''(% +*% (3$
=''/,%_$/$%=$"+H*$=%('%$*(/$*63%$"(2:;+"3$=
&'_$/% "(/96(9/$"% _+(3% #$/$;<% 6'"#$(+6
632*H$"% '*% (3$% "9/W26$@% F(% +"% _+=$;<% :$;+$0$=
(32(%(3$"$%$;$6(+'*"%_$/$%3$;=%2"%2*%2(($#&(
('%#2/H+*2;+1$%(3$%=$#'6/26<%#'0$#$*(%2*=
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
20$/(%6/+(+6+"#%W/'#%(3$%/$H+#$n"%W'/$+H*%"9&4
&'/($/"% h+*6;9=+*H% (3$% H'0$/*#$*("% 'W% #'"(
'W%?9/#2n"%*$+H3:'/"j%+*%'/=$/%('%:''"(%$6'4
*'#+6% =$0$;'&#$*(% W'/% (3$% :$*$W+(% 'W% 2% ;+#4
+($=%H/'9&@
p*$% 'W% (3$% /$H+#$n"% #'"(% "+H*+W+62*(
#$2"9/$"/% W'/% 7$$&+*H% =+""+=$*("% 9*=$/% 6'*4
(/';%+"%2%&';+6<%'W%$`(/$#$;<%"(/+6(%#$=+2%6$*4
"'/"3+&% 2*=% 32/"3% &9*+"3#$*(@% V66'/=+*H% ('
(3$% 54,63& '#=(3& 2**.$(3+(.)0% (3$/$% 2/$
&/$"$*(;<%O[%#$=+2%_'/7$/"%+*%?9/#$"$%&/+"4
'*"@% VWW$6($=% :<% (3$"$% /$"(/+6(+'*"% 2/$% 2;"'
F*($/*$(% 2*=% '*;+*$% 6'##9*+62(+'*,% +*6;9=4
+*H%'*;+*$%#$=+2%W'/%*$_"%/$&'/(+*H@%F*%MNN[,
QM
?;06%&%&%:*6.6*@&.!)/.%);&!%#$!
+##&+.&<,.+#$+&W.4,)38(*+*\%'1*2"+;%0%/'6$%MNN[
?2/#9% 12% b*$B3'/)5% #5"('% *2% "0!(!% &/'% :;'H4
H$/2•1@%J'=;$%cF*=$`9%"0':'=<%(+"79o%&/'%/'7
MNON,% 7($/C% 0% $5B*9% 0<=2;2% '/H2*+126$
\$&'/(8$+%:$1%3/2*+6&[>#B.,+#,*&N(+%.4+&5.,@
=#,*\,% "$% ?2/#2% *2% -$:$5"79% *263D15% 0
&'";$=*5% &!(+6+% 1$#52@% p/H2*+126$% 90D=5
&$5&2=<%:;'HH$/&,%7($/C#%"$%&'0$=;'%1$%1$#!
'=$";2(% +*W'/#26$,% 2;$% "(2;+% "$% ':!(5% b];$74
(/'*+6783'% 1D7'*2c% 1% /'79% O[[U,% 7($/C% '#$4
19B$%0<9-50D*5%/'13;2"9,%($;$0+1$%2%+*($/*$(93@%
K2('%'#$1$*5,%7($/D%"$%12#!$9B5%*2%27(+0+(<
'=&'/9B565% /$-+#9,% &$+"&!;2% 7% 0)$':$6*8
*$='"(2($"*'"(+%
+*W/2"(/97(9/<4@%
J'=;$
'=32=9%]B#)A#+&M)(+(3+(9#%#!;'%0%/'6$%MNNX5
7% +*($/*$(9% &$5"(9&9% #2`+#D;*!% N,U€% :2/#4
"78% &'&9;26$@% J/'% "/'0*D*5% ;1$% 908"(,% -$% A+*4
H2&9/,% 7($/C% "$% 0<1*2"9B$% 0<"'7'9% 39"('('9
':<02($;"(02,% 0<721'02;% [[€% 7'*$7(+0+(9,
12(5#6'% 0% l2'"9,% 7=$% :<;% +*($/*$(% 120$=$*
0%/'6$% O[[^,% ='"239B$% 0% "'9"2"*'"(+% 7'*$74
(+0+(2% M€6@% L% K32B"79% ('% :<;'% MU€% 0%/'6$
MNN^!T@
!F
2**.$(3+(.)% 0% "/&*9% MNN[% 97D12;,% -$% $`+"(9B$
&$$"% SNN% 27(+0*563% :;'H&@% p"#=$"D(% &/'6$*(
B+63% :<;'% 0% :2/#)(+*!,% S€% 0% 2*H;+"(+*!,% ON€
=0'BB21<"*C63@% K$+% "(0/(+*<% :;'HH$/&% :<;<% 0$
0!79% MO4% EX% ;$(% 2% #!;<% "($$=')7';"78
01=!;D*5!!@% ?2/#"7D% $`+;'0D% 1&/20'=2B"7D
'/H2*+126$% F//2_2==<,% 7($/D% *$=D0*'% 1&/'4
0'1*+;2% "0&B% 0;2"(*5% :;'H,% '=32=9B$,% -$% b056$
*$-% ON% NNN% +*($/*$('0C63% :;'H&% "$% 12:C0D
:2/#"7C#+% '(D172#+,c% 2"7';+% b:;'H<% $$)565
1D02-*D% &';+(+67D% (8#2(2% "$% #9"5% *263D1$(
#+#'%:2/#"78%G1$#5@•!/
W)CXP!T2R(SKLA_PQ2RCX(!NR
F//2_2==<% 0% (8-$% 1&/D0!% 90$=;2,% -$% *2
"08#% :;'H9% :!3$#% &/0*53'% #!"56$% &'% 1&/'4
0'1*!*5%121*2#$*2;2%PXN%NNN%*D0)(!0,%:<*%"$
=D% &$$=&'7;D=2(,% -$% "$% 0% $2=!% &$5&2=&
B$=*2;'% '% *D0)(!0<% '&27'02*8@% J'=;$% 29('/&
B$%G"&!)*'"(%:;'H9%=D*2%(5#,%-$%:;'H%"$%1%9-+4
02($;"783'% 3;$=+"72% 97D12;% B27'% #*'3$#
&$5B$#*!B)5,% *$-% 3;20*5% _$:'08% "(/D*7<,% 2
&/'('%B$%0<9-50D*%B27'%"*2=*'%&$5"(9&*C%1=/'B
1&/D0@%e$*5%:$1%12B5#20'"(+,%-$%0<"'7D
*D0)(!0*'"(%
"$%
0<"0!(;9B$%
+
*D0)(!02#+% 1$% "(/2*<% :2/#"7C63
G$2=&,% 7($/8% G=2B*!% 0<9-502B5% /9"78
&/'`<@% i'=D0D#,% -$% (2('% "79&+*2
1$$B#!% 123/*9B$% :2/#"78% ':"2*<,
7($$5% :<;+% ='% \9"72% 0<";D*+% *2
#%3898(+'#4#=0%36"67=+'
%$0%.!$7%=9*#;4+%5#8#%&"47=+'
47G45%.47%=9*#=6#&1$%1#.,.<;69#%73876
;67%:#$%#9>#:</,*#$%#;4+>#=6#.,.<;63,
0#6$9<:#:8:%#=?>/1#8796/7691@A
e201='/<% ':(5-*C#% &/26'0*5#% &'=4
#5*7D#% *$1D0+";D% :2/#"7D% $`+;'0D% #8=+2
*2=D;$% W9*H9B5% 90*+($% 1$#!% &/'"($$=*+6(05#
"5(!% (2B*C63% 7'/$"&'*=$*(&,% 0% $2=!% &$5&2=&
2#2(8/"7C63% 1&/20'=2B6&@% >$B#8*2% :!3$#
(10@% X3/,J).9C& ,#9.84$#% 2% 6<7;d*9% A3,1(*
:2/#"7D% ':"2*"7D% #8=+2% 0$% W'/#!% :;'H&
&'(0/=+;2% "0'9% G;'39% 6$**C63% *$6$*194
/'02*C63%+*W'/#2"*563%72*D;&%1%0*+(/2%1$#!@
J$57;2=<% :2/#"7C63% :;'HH$/&% 0$=;<
7%0$;78#9%*D/&"(9%:;'H&%0!*'02*C63%?2/#!@
J/&179#%&/'0$=$*C%'/H2*+1265%54,63&'#=(3
4R
)7';$*5!0,% &/'('-$% \9"7'% "$% *+7=<
*$90D=5%
B27'%
&/$W$/'02*C%
65;
:2/#"7C63%&$+"(!3'02;6&@
Q% &'(0/1$*5% 1D0!/&% '% &&0'=9% *D0)(!0*57&
:<% &/20=!&'=':*!% :<;% 12&'($$:5% 3;'9:4
7'0!B)5%2*2;C12%=2(,%20)27%($1$,%-$%;+=8%&/2694
B565% &/'% :2/#"7C% /$-+#% "('9% :;'H<% B27'% 1=/'B
+*W'/#265% 7;5"'083'% 0C1*2#9,% 2:<% "$% 0<3*9;+
1*D#C#% "(/D*7D#% :2/#"7C63% $`+;'0C63
#8=+5,% "$% *$B$05% B27'% &$5;+)% 2:"9/=*5@% J$5"(9&
*2% &$$=*5% 127D12*8% _$:'08% "(/D*7<% :<
9#'-*+;% &'#!/*!% "*2=*'% *D0)(!0*57<% 0<";$4
='02(@
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
?(06%&%)0&A2*6.6*6(7&1/#&!"#$%
(3$% !.66(++##& +.& <,.+#$+& W.4,)38(*+*% *2#$=
?9/#2%c(3$%_'/"(%&;26$%+*%(3$%_'/;=%('%:$%2
:;'HH$/o@1% V66'/=+*H% ('% >#B.,+#,*& N(+%.4+
5.,=#,*a% cJ/$""% T/$$='#% F*=$`% MNONo,% &9:4
;+"3$=% +*% p6(':$/% MNON,% ?9/#2% /2*7"% +*% (3$
;2"(% W+0$% 6'9*(/+$"@2% K3$% '/H2*+12(+'*% #$*4
(+'*"% (3$% 62"$"% 'W% :;'HH$/"% _3'% #2*2H$=% ('
"$*=% +*W'/#2(+'*% '9(% 'W% (3$% 6'9*(/<% :9(% W$;;
0+6(+#% ('% (3$% c];$6(/'*+6% V6(o% 'W% O[[U% (32(
/$"(/+6("% (3$% 9"$% 'W% /2=+',% ($;$0+"+'*,% 2*=% (3$
F*($/*$(@3
K3$"$% /$"(/+6(+'*",% (2/H$($=% 2(% 26(+0+(+$"
(32(%'&&'"$%(3$%/$H+#$,%320$%6'*(/+:9($=%('
2%H$*$/2;%+*"9WW+6+$*6<%+*%+*W/2"(/96(9/$@4%K3$
]B#)A#+&M)(+(3+(9#%$"(+#2($=%+*%MNNX5%(32(%2(
#'"(% N@U€% 'W% (3$% ?9/#$"$% &'&9;2(+'*% 32"
266$""% ('% (3$% F*($/*$(@% T'/% 6'#&2/+"'*,% A+*4
H2&'/$,% 2% 0$/<% =$*"$;<% &'&9;2($=% 2/$2,% W$24
(9/$"%[[€%6'**$6(+0+(<%_3+;$%l2'",%2W($/%3204
+*H% +*(/'=96$=% (3$% F*($/*$(% +*% O[[^,% &/$"4
$*(;<% 32"% M€% 6'**$6(+0+(<@6% F*% K32+;2*=% (3+"
W+H9/$%"(''=%2(%MU€%+*%MNN^@!T
i$"&+($% (3$% =+WW+69;(% _'/7+*H% 6'*=+(+'*",
+*=$&$*=$*(% ?9/#$"$% #$=+2% +*% $`+;$% "(+;;
#2*2H$%('%_'/7%+*"+=$%(3$%6'9*(/<%(3/'9H3%2
*$(_'/7% 'W% 9*=$/6'0$/% 6'//$"&'*=$*(",
#2*<%'W%(3$#%2#2($9/%/$&'/($/"@%i9/+*H%(3$
:3//,.)&>#9.84+(.)%2*=%!-$8.)#&A3,1(*%+*%&2/4
(+69;2/,%?9/#$"$%6+(+1$*%#$=+2,%+*%(3$%W'/#%'W
:;'H",%2WW+/#$=%(3$+/%/';$%2"%/2/$%9*6$*"'/$=
+*W'/#2(+'*% 632**$;"% W/'#% +*"+=$% (3$% 6'9*4
(/<@
K3$% &/'#+*$*(% $`2#&;$"% 'W% ?9/#$"$
:;'HH$/"% ;$=% ('% 2% 39H$% +*6/$2"$% 'W% :;'H"% '*
(3$% ?9/#2% +""9$@% V% "9/0$<% 6'*=96($=% :<% (3$
54,63& '#=(3& 2**.$(3+(.)% +*% V9H9"(% MNN[
"3'_$=% (32(% (3$/$% _$/$% '0$/% SNN% 26(+0$
:;'H"@% SN€% _$/$% +*% ?9/#$"$,% S€% +*% ]*H;+"3,
2*=%ON€%_$/$%:+;+*H92;@%K3/$$%W'9/(3"%'W%(3$
:;'HH$/"% _$/$% :$(_$$*% (3$% 2H$"% 'W% MO% 2*=
EX% 2*=% 32=% 2% 6';;$H$% $=962(+'*@!!% K3$% ?9/4
#$"$%$`+;$%*$_"%'9(;$(%M,,3G3==-,%_3+63%32"
/$6$*(;<% 2;"'% ;29*63$=% +("% '_*% :;'H,% $"(+4
#2($"% (32(% c#'/$% (32*% ON,NNN% :;'H"% '*% (3$
F*($/*$(% q2/$r% =$2;+*H% _+(3% ?9/#$"$% 2WW2+/"o,
2;(3'9H3% c(3$% :;'H"% =$2;+*H% _+(3% "$/+'9"
&';+(+62;% +""9$"% 320$% ('% :$% :2"$=% '9("+=$% (3$
6'9*(/<@o!/
CKLC_<ST2AK2O(SKLA_EQ
0KLT]EQQG
F*% (3$% "2#$% "('/<,% M,,3G3==-% /$&'/($=
PXN,NNN% &2H$% 0+$_"% '*% +("% :;'H% =9/+*H% (3$
'*$4#'*(3% &$/+'=% 2W($/% +("% ;29*63,% 2;(3'9H3
(3$% *9#:$/% 'W% 9*+u9$% 0+"+('/"% 62*% :$
$`&$6($=% ('% :$% #963% ;'_$/@% V66'/=+*H% ('% +("
6/$2('/",%(3$%/$2"'*%W'/%(3+"%39H$%266$&(2*6$
_2"% (32(% (3$% :;'H% _2"% W'9*=% ('% :$% c#'/$
9"$/4W/+$*=;<o% (32*% (3$% #2+*% "+($% 2*=% _2"
(3$/$W'/$% 9"$=% 2"% 2*% $2"+;<% 266$""+:;$% *$_"
"'9/6$@% e'(2:;<,% (3$% 3+H3% *9#:$/% 'W% &2H$
0+$_"% +"% $`&;2+*$=% :<% 0+"+("% W/'#% ?9/#$"$
29(3'/+(+$"% _3'% 2/$% "2+=% ('% :$% 9"+*H% \9""+2*
&/'`+$"@% K3+"% H/'9&,% F% #2<% 2==,% &/$"9#2:;<
+*6;9=$"% ?9/#$"$% +*=+0+=92;"% _3'% _$/$% "$*(
('% \9""+2% W'/% (/2+*+*H,!0% "+*6$% \9""+2% +"% *$0$/
#$*(+'*$=% 2"% 2% &/$W$//$=% =$"(+*2(+'*% W'/
?9/#$"$%#+H/2*("@
Y3+;$%#'/$%+*4=$&(3%/$"$2/63%'W%(3$%=2(2
_'9;=% &/':2:;<% :$% /$u9+/$=% ('% /$+*W'/6$
(3$"$% 6'*6;9"+'*"% 2:'9(% 0+"+('/"a% '/+H+*",% +(
='$"% *'(% "'9*=% (''% 2:"9/=% (32(% &$'&;$% _3'
2/$% _'/7+*H% W'/% (3$% ?9/#$"$% /$H+#$% /$2=
:;'H"% 2"% "'9/6$"% 'W% 6/+(+62;% +*W'/#2(+'*% +*
'/=$/% ('% 20'+=% (3$% _$;;47*'_*% "+($"% 'W% ?9/4
#$"$% $`+;$% #$=+2@% V66$""+*H% (3$"$% &/'#+4
*$*(%W'/:+==$*%_$:"+($"%_'9;=%#27$%+(%u9+($
$2"<%('%(/267%='_*%(3$%0+"+('/"@
?9/#$"$% *$_% #$=+2,% ;+7$% :;'H"% '/% 6'#4
#$/6+2;% "'6+2;% #$=+2% "963% 2"% 03$#D..;,% 62*
(3$/$W'/$% #27$% 6/+(+62;% +*W'/#2(+'*% 202+;2:;$
+*% 2*% 9*"9"&+6+'9"% _2<% ('% &$'&;$% _3'% 2/$
_'/7+*H%W'/%(3$%/$H+#$@%F(%+"%/$#2/72:;$%(32(
?9/#$"$%F*($/*$(%9"$/"%320$%266$""%('%03$#@
D..;@% F*% +("% /$&'/(% c?9/#2v.<2*#2/
\$"$2/63% MNN[o!1% (3$% '/H2*+12(+'*% ?(1(+38
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
4Q
?;06%&%&%:*6.6*@&.!)/.%);&!%#$!
?2/#"7D%*'0D%#8=+2,%B27'%*2&$57;2=%:;'H<
*$:'% 7'#$/"*5% "'6+D;*5% "5(!,% B27'% ($$:2% 03$#@
D..;,% &/'('% #'3'9% *$*D&2=*C#% 1&&"':$#
1&/'"($$=7'0D02(%
+*W'/#26$%
7;5"'083'
0C1*2#9% ;+=$#,% 7($$5% &/269B5% &/'% /$-+#@% !$
&'1'/93'=*8,% -$% :2/#)(5% 9-+02($;8% +*($/*$(9
#2B5%&$5"(9&%*2%03$#D..;@%L$%1&/D0!%•?9/#2v
.<2*#2/% \$"$2/63% MNN[•!1% '=32='02;2
'/H2*+126$%
?(1(+38&
?#6.$,3$-%
&'"$(
:2/#"7C63%9-+02($;&%T26$:''79%0%/$H+'*9%*2
MO%NNN@% e2#5"('% "'9"(20*83'% W+;(/'0D*5
':"239%B$%9-50D*5%'#$1$*'%*2%(<%'"':<,%7($/8
"+% 3'% #'3'9% ='0';+(@% p/H2*+126$% >#B.,+#,*
G(+%.4+&5.,=#,*%90D=5!2,%-$%&/&#!/*D%6$*2%12
3'=+*9% &$+&'B$*5% 0% +*($/*$('08% 720D/*!% "+*5
!3
'7';'%N,XN%wAi ,%&$+"$#-%&/&#!/*C%#!"5"*5
&;2(% 0% ?2/#!% B$% '7';'% M^% wAi@% F*($/*$('08
720D/*<%"$%*2056%*263D1$B5%&'91$%0$%#!"($63
2% (9/+"(+67C63% ':;2"($63,% 2% ='7'*6$% +% &$0*8
($;$W'**5%;+*7<%B"'9%*$='"(2(7'08%2%=/238@
\$-+#% :9=$% 1$$B#!% +% *2=D;$% &'=&'/'02(
+*($/*$(% 2% #':+;*5% ($63*';'H+$% &/'"($$=*+6(4
05#%"08%*'08%0;D=<,%2%:2/#)(5%':"2*8%:9='9
*$B"&5)$% *2=D;$% 0<3;$=D02(% *'08% 1&&"':<
2;($/*2(+0*53'% 0<9-50D*5% ='"(9&*C63% "5(5% k
0%&$5&2=!% *9(*'"(+% +% "% &'#'65% +;$HD;*!% ='4
0D-$*83'% 32/=_2/$@% p/H2*+126$% ?(1(+38
?#6.$,3$-%0$%"08%1&/D0!%1#+%9B$%b0C1*2#*8
&/'*+7D*5%($63*';'H+$%1$%"'9"$=*53'%K32B"72,
?2*H;2=8)$,% F*=+$% 2% #5*<,c% 2% "08% ='&'/9"$*5
'%)$"(+% :'=$63% 127'*"9B$% 0C10'9% 7% &'=&'$$
01*+72B56563% 2;($/*2(+0*563% #8=+5% 0% ':;2"(+
($;$0+1$,% /'13;2"9% 2% +*($/*$(9@% b.5/2% 6$*19/<
B$% +% *2=D;$% $`(/8#*5,% 20)27% $`+"(9B5% #'-*'"(+
&/'% 0<(0D$$*5% 702;+(*5% &/'H/2#'08% *2:5=7<,
7($/D%
#&-$%
W'/#'02(%
':"2*"7'9
90!='#!;'"(,% 2*+-% :<% &$+('#% &$5#'% '3/'-'4
02;2% 0;D=9y% B+-% $`+"(9B5% 7'*7/8(*5% &$57;2=<
('3'('% (/$*=9,% 2% #*'-"(05% &$5;$-+('"(+
"%/'1)+$'0D*5#%#8=+5%/'"($@c!4
44
\'10'B% *'0C63% #8=+5% 0% ?2/#!% 1B$0*!
($&/0$% ='"D3*$% 0/63';9,% 2% ='"(9&*'"(
"2($;+(*5% ($63*';'H+$% 0<7219B$% ";+:*8% 1*D#7<
('3',% -$% "(D(*5% 3/2*+6$% :9='9% 3/D(% #8*!
0C1*2#*'9%/';+,%*$-%('#9%B$%0%"'9"2"*'"(+@%!$
"$% ($$:2% '0)$#% 0<02/'02(% &$$3;5-$*5% /$D;*8
"+(926$@% T+*2*6'0D*5% 2% $/9=+6$% :9='9% +
*2=D;$%#5(%1D"2=*5%0C1*2#%&/'%12&'B$*5%"$%2
&$$(/0D02B565% G"2"(@% #+"(C% (/$"(*5% /$B"($57% 2
"%(5#% "&'B$*D% &';+(+67D% *$*D&2=*'"(% *2056
*$&'63<:*!%9"*2=*5%-+0'(%;+=$#,%7($$5%3;$=2B5
&$5"(9&% 7% ($63*+67C#% +*'0265#,% +% "79&+*!,
7($/D% B$% "63'&*D% 0<9-502(% :'32("(05% 1$#!@
J';+(+67D% 2% "&';$"$*"7D% '=&'0!=*'"(,% B27'-% +
':"2*"7D% 2*H2-'02*'"(,% "$% :9='9% 0<05B$(
'*;+*$% B$*'#% ='% (8% #5/<,% ='% B278% "$% 0<05B$;<
&$$=(5#%#+#'%"W8/9%+*($/*$(9@
UW<TL#2R(GN'QWSECR(FLWGA%TNU`
E(2T!KGUWSZ(CRQT(I(GU_AT#2'(GT
FLWA'>aU`(F%KAEX_>Rb
e2% *$=D0*'% 7'*2*8#% "$#+*D$+,% 7($/C% "$
&'7'9)$;% 17'9#2(% 01(23% #$1+% =':/'"+**C#+
'/H2*+126$#+% 2% -9/*2;+"(+7'9% 0% #$"78% /$&9:4
;+6$%2%=$W+*'02(%"(/2($H+$%&/'%1;$&)$*5%('3'('
01(239,% #!;+% &$$="(20+($;8% *$1+"7'083'% "$74
('/9% #'-*'"(% &'=!;+(% "$% '% "08% 179)$*'"(+
"%#8=++@% Q% *$B&$$702&+0!B)5#% ='&'/9"$*5#
B$=*8%*$0;D=*5%'/H2*+126$%&2($+;'%='&'/9"$*5
&$$"(2(%"$%&'7'9)$(%9&'9(2(%&'1'/*'"(%2%15"4
72(% &'=&'/9% *'0+*D$&,% 2% *2#5"('% ('3'% B$
':$B5(% 2% 2&$;'02(% *2% 2=/$"D(<% &$5#',
&/'"($$=*+6(05#%"'6+D;*563%"5(5@
K2('% &$$="(202% '% *'0+*D$563% B27'
=0$$*56563,% 7($$5% "$% 1% (+(9;9% "2#'(*83'
632/27($/9%"08%&/D6$%*$63(!B5%&'9)(!(%='%*$4
1+"7'0C63% 1D;$-+('"(5,% B$% 0$;+6$% ;D720D@
p=&'05=D% &'"($$39,% -$% $2=2% (8#2(,% B27'
*2&$57;2=% "&'($$:*5% 1:'-5,% 6$;$:/+(<% *$:'
72(2"(/'W<,% "$% *2% &/'H/2#% "=!;'026563
&/'"($$=7&% =;$% 0)$3'% ='"(D02B5% "*2=*',
1%0*+($*5% ;'H+7<% 0!6+,% 12(5#6'% &$+B2($;*D% &/$4
1$*(26$% =':/'"+**C63% (8#2(% B$% &'7;D=D*2% 12
0C3/2=*5% &'0+**'"(% &$5";9)*C63% *$0;D=*563
'/H2*+1265,%B27'%7=<:<%&/'"21'02;<%"08%0;2"(*5
1DB#<,%*+7';+%1DB#<%"&';$"$*"78@%>%('3'('%&'4
3;$=9% B$% G7';$#% *$0;D=*563% '/H2*+1265,% 2:<
&$5";9)*C% &/':;8#% &/$1$*('02;<% B27'% &$5:!3,
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
?(06%&%)0&A2*6.6*6(7&1/#&!"#$%
?#6.$,3$-% $"(+#2($=% (32(% (3$% *9#:$/% 'W
?9/#$"$% 03$#D..;% 9"$/"% +*% (3$% /$H+'*% _2"
2&&/'`+#2($;<%MO,NNN@%F*"($2=%'W%6'*"+"($*(;<
W+;($/+*H% 6'*($*(,% 9"2H$% +"% /$"(/+6($=% ('% (3'"$
_3'%62*%2WW'/=%+(@%>#B.,+#,*&G(+%.4+&5.,=#,*
/$&'/("!2% (32(% 2*% 20$/2H$% 632/H$% W'/% '*$
3'9/a"% 6'**$6(+'*% 2(% 2% 6<:$/62W8% +"% 2:'9(
wAi%N@XN!3%_3+;$%(3$%20$/2H$%#'*(3;<%"2;2/<
+*% ?9/#2% +"% 2:'9(% wAi% M^@% .'/$'0$/,% 6<:$/4
62W8"%2/$%;+#+($=%('%('_*"%2*=%('9/+"(+6%2/$2"
2*=% $0$*% ($;$&3'*$% ;2*=;+*$"% 2/$% /2/$% 2*=
$`&$*"+0$@
K3$% /$H+#$% _+;;% ;+7$;<% 6'*(+*9$% ('% W'"($/
F*($/*$(%2*=%#':+;$%($63*';'H<%_+(3%+("%*$_
H'0$/*#$*(,% 2*=% ?9/#$"$% 6+(+1$*"% _+;;% ;+7$;<
6'*(+*9$% ('% "$$7% _2<"% ('% #27$% 2;($/*2(+0$
9"$%'W%202+;2:;$%*$(_'/7"%k%+W%*$6$""2/<%_+(3
+;;$H2;;<% +#&'/($=% 32/=_2/$@% ?(1(+38& ?#6.$@
,3$-% #$*(+'*"% +*% +("% /$&'/(% 2% c6'*"+=$/2:;$
($63*';'H<%n"&+;;'0$/n%W/'#%*$+H3:'/+*H%K32+4
;2*=,% ?2*H;2=$"3,% F*=+2% 2*=% I3+*2o% 2*=% 6'*4
6;9=$% (3$+/% "+`4&'+*(% /$6'##$*=2(+'*"% _+(3
!F
p*$% "3'9;=,% 3'_$0$/,% /$"+"(% ($#&(2(+'*% ('
'0$/;''7% (3$% /$2;+(<% '*% (3$% H/'9*=@% T9*=+*H
2*=% "7+;;"% _+;;% /$#2+*% 7$<% W'/% H$((+*H% 2*=
:$+*H% +*0';0$=@% T9/(3$/#'/$,% 2% 6;$2/% &';+6$
/$6'/=% 2*=% (39"% &';+(+62;% +*6'*"&+69'9"*$""
_+;;%6$/(2+*;<%#27$%;+W$%$2"+$/%W'/%(3'"$%"$$74
+*H%266$""%('%($63*+62;%+**'02(+'*"%2*=%('%(3$
H/'9&% (32(% 62*% $*B'<% (3$% 6'9*(/<n"% _$2;(3@
J';+(+62;% 2*=% "'6+2;% /$"&'*"+:+;+(<,% 2"% _$;;% 2"
6+(+1$*% $*H2H$#$*(,% _+;;% $0';0$% '*;+*$% '*;<
2"% #963% 2"% +(% 32=% :$$*% &/26(+6$=% :$W'/$
'WW;+*$@
FLW0KAc<EUK2O(<TNKE(E2N
2W2cFLW0KA(OWEQG=
NW(WFFWGKATG(EA ALECAb
V(% 2% /$6$*(% "$#+*2/% (32(% (/+$=% ('% $`&;'/$
(3$% /$;2(+'*"3+&% :$(_$$*% 632/+(+$"% 2*=% B'9/4
*2;+"#% +*% (3$% I1$63% \$&9:;+6% 2*=% "'9H3(% ('
+=$*(+W<%"(/2($H+$"%W'/%+#&/'0+*H%(3+"%/$;2(+'*4
"3+&,%&2/(+6+&2*("%W/'#%esp"%_$/$%+*0+($=%('
"32/$%(3$+/%$`&$/+$*6$"%_+(3%(3$%#$=+2@%p*$
'W%(3$%#'"(%"9/&/+"+*H%/$6'##$*=24
(+'*"%W/'#%2*%esp%_2"%('%"('&%"(/9H4
H;+*H%('%H$(%(3$%B'9/*2;+"("n%2(($*(+'*
2*=% 6''&$/2(+'*,% :9(% /2(3$/% ('% 6+/4
69#0$*(% (3$#% 2*=% ('% 2&&/'263
/$6+&+$*("% =+/$6(;<% (3/'9H3% "'6+2;
#$=+2@
#%3898(43#47$#=%(843#/6=0%7=8&83H
89,*#4=#C633#4=#(898267#67G4G6H
:679*#C833#6.%3.6#%73876#%73,#4=#:1()
4=#89#)4$#&667#0/4(98(6$#&6?%/6#%??3876@A
2% 62;;% W'/% "9&&'/(% 'W% $#$/H+*H% 2;($/*2(+0$
#$=+2%+*%($;$0+"+'*,%/2=+',%2*=%'*;+*$@%cY3+;$
6$*"'/"3+&%"(+;;%$`+"("%2(%$`(/$#$%;$0$;",%(3$/$
2/$%_2<"%('%6/$2($%u92;+(<%&/'H/2##+*H%(32(
62*% 6/$2($% 2% 6+(+1$*% 6'*"6+'9"*$""% _+(3'9(
=+/$6(;<% (3/$2($*+*H% (3$% H'0$/*#$*(% 2*=
(3$/$% 2/$% 2;/$2=<% $`2#&;$"% 'W% (3+"% +*% &;26$
_+(3%#'/$%'&&'/(9*+(+$"%2"%#$=+2%(3$%#$=+2
;2*="62&$%$`&2*="@o!4
K3$%=$0$;'&#$*(%'W%*$_%#$=+2%+*%?9/#2
6;$2/;<% 32"% <$(% ('% /$263% +("% &$27,% 2*=% (3$
202+;2:+;+(<% 'W% "2($;;+($% ($63*';'H<% "3'_"
&/'#+"+*H% "+H*"% (32(% *2(+'*2;% :'/=$/"% _+;;
&;2<% 2% ;$""% +#&'/(2*(% /';$% (32*% 2(% &/$"$*(@
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
K3+"% +#2H$% 'W% B'9/*2;+"("% 2"% H2($7$$&$/"
_3',% :<% (3$% 0$/<% *2(9/$% 'W% (3$+/% _'/7,% 2/$
/$;96(2*(% ('% 6'0$/% *'*4&/'W+(% #2(($/"% +"
+*=$$=% ($#&(+*H@% F(% 6'//$"&'*="% ('% (3$
':"$/02(+'*% (32(% #2*<% ('&+6"% ;+7$% 6'*"9#$/
&/'=96(",%6$;$:/+(+$",%2*=%62(2"(/'&3$"%"$$#
('% H$(% '*% #$=+2% 2H$*=2"% _+(3% *'% $WW'/(% :<
0+/(9$% 'W% 2*% +*3$/$*(% ;'H+6,% _3+;$% #27+*H
632/+(2:;$%('&+6"%&2;2(2:;$%+"%&$/6$+0$=%$`6;94
"+0$;<%2"%(3$%=9(<%'W%(3$%esp"%+*0';0$=,%2"%+W
(3$<% &/'#'($=% '*;<% (3$+/% '_*% +*($/$"("% 2*=
*'(%"'6+$(<n"@%V66'/=+*H%('%(3+"%&'+*(%'W%0+$_,
+(%+"%9&%('%esp"%('%(9/*%2*%+""9$%+*('%2%"('/<
(32(% 62*% :$% c"';=o% ('% (3$% #$=+2% 2*=% (3$+/
29=+$*6$@% V*=% +W% (3+"% W2+;",% '*$% #+H3(% 2/H9$
45
?;06%&%&%:*6.6*@&.!)/.%);&!%#$!
7($/D%;1$%b&/'=2(c%"=!;'0265#%&/'"($$=7&#%2
B$B+63% &9:;+79@% J'79=% "$% ('% *$1=2$5,% #'3;+
:<63'#% 9"91'02(,% -$% =2*C% &/':;8#% :<;% (9=51%&'3;$=9%0$$$B*'"(+%+/$;$02*(*5@
>&/20'=2B"7D% #8=+2% =;$% 0)$3'% 7;2='9
3/2*+6+% #$1+% 7'#$/"*5#+% 2% ;'7D;*5#+% 1DB#<% 2
9"&'7'B$*5#% 0$$$B*'"(+% *2% "(/2*!% B$=*8,% 2
"'6+D;*5% 2% H;':D;*5% '=&'0!=*'"(5% *2% "(/2*!
=/938,% 2% #*'3'% *'0+*D$&% (<('% /'1=5;*8% 65;$
B$*%':(5-*!%";9"9B$@%e$:<;'%:<%"&/20$=;+08%*2
*!% 9721'02(% 2% 7;D"(% B+#% 12% 0+*9% *!6',% 6'% B$
127'$$*!*'% 0% ':$6*8#% 1&&"':9% 902-'0D*5@
>#5*!*D% /2=2% (C72B565% "$% ':63D1$*5% +*"(+(94
6+'*2;+1'02*C63% #8=+5% 0)27% #9"5% :C(% *2=D;$
&'7;D=D*2%12%&/'"(C%0C";$=$7%&$5"(9&9%7%+*"(+4
(96+'*2;+1'02*C#% #8=+5#% B27'% *D"(/'B&
=':/'"+**C63%65;&@%J/'%*D"%1%('3'%0<&;C0D,%-$
*2% "=!;'0265% &/'"($$=7<% #9"5#$% 056$% *$=$50$% &'3;5-$(% B27'% *2% &/'"($$=$7% 7'#94
*+726$,% 7($/C% *D#% &'#D3D% /'1)5$+(% 1D:!/
"%*$B0!()5%#'-*'9%&$$"*'"(5%'/+$*(26$@
!277';+% +*0$*"*5% (2('% +=$2% B$,% :'39-$;
*$1'3;$=%9B$% "'9"2"*8% &'=#5*7<% 0%/$D;*8#
"0!(!@% J'#'65% "'6+D;*563% #8=+5% ;1$% '";'0+(
&'91$% "79&+*9,% 7($/D% B$% 0$% "/'0*D*5% "% 7'*194
#$*(<% &/'W$"+'*D;*53'% 1&/20'=2B"(05% 0$;#+
#2;D@%}9/*2;+"(+72%*2056%&$$="(209B$%"&$6+D;*5
'=:'/*'"(,%2%0%*$&'";$=*5%$2=!%"%"$:'9%*$"$
&'0+**'"(% 0<3;$=D02(,% ($5=+(% 2% 1&/26'0D02(
+*W'/#26$% 9/"+(C#% 1&&"':$#,% 7($/C% B$
&/'"&!)*C%&/'%"&';$"*'"(,%"+%;+="(0'%B27'%(274
'08@%e!7($/8%7/+(+678%3;2"<%(0/=5,%-$%W$*'#8*
1*D#C%B27'%Y$:%M@N%&'91$%&'=&'/9B$%*$&/'4
W$"+'*D;*5% &$5"(9&% 2% &'=7'&D0D% 29('/+(9
"79($"*C63% '=:'/*57&@% L$% "0!(;$% 27(9D;*563
"79($"*'"(5% "$% 0)27% 1=D,% -$% *$0;D=*5% '/H2*+4
126$% :<% "$% #!;<% #*'3$#% 056$% 12#!$+(% *2
=2;)5% 7'#9*+72"*5% 72*D;<,% &/'('-$% "$
*263D1$B5% 0% 12"2/'02*8#% 7/939% 2% *$#'3'9
1#!*+(% 12-+(8% 10<7;'"(+% 0% ':;2"(+% 0<(0D$$*5% 2
&/$1$*(26$% 1&/D0,% *$:'*% 2% &/+'/+% "('B5% #+#'
3/9@《
CB*6$%#DB(E+%B#*%B$%B$=*C#%1$%127;D=2($;&%53,6*;C%.&$#)+,3&<,3%3@
!
/
0
1
2
3
4
5
6
!T
!!
!/
!0
!1
!2
!3
!4
4;
7*+8+$A@?I8!"#$%&'()#&$*#+&,-#+.G8/0"+#(1,23&%(4+&538,86'%-783-(7-",%+!$(9:;(<*-(.,=%7>(<*>?+G8S.)@<9
OH9,8o;*C#,CI
"##$%&&'''(=D-W=;A),(.AN&"#)D&_I,C),Ap/Tj,'&DA]9])D63]T5("#)D
"##$%&&'''(=),(-.(--&
"##$%&&-$H(.AN&A9$.A#<&/TT6&T1&!TW'.A<#W-.;C#A*9<W#.W=9W,W=D.NN9A($"$
"##$%&&9C(A<a(.AN&$A9<<WaA99B.)W*CB9:W/T!TG!T01("#)D
"##$%&&9C(A<a(.AN&*C#9AC9#W9C9)*9W=;A),G03343("#)D
"##$%&&'''()*++*),(-.)&A9<9,A-"&0/T/W#"9W*C#9AC9#W*CW=;A),W!665W/TT6W("#)D
"##$%&&.$9CC9#(C9#&<#;B*9<&=;A),
l<*9C",;<%8PqB.<#,<*9CG8!&/T!TG8<(8/TG8"##$%&&'''(,<*9C",;<(B9&$;=D*-&,A-"*?&/T!TW!WTT/*($Ba
"##$%&&.$9CC9#(C9#&A9<9,A-"&$A.a*D9<&#",*D,CB
\9$.A#J#*8=9+8"A,C*-G8<8.BF,+9)8C,8@0*"+(A$=,+(!%%-5,+&,-#G8"##$%&&9C(A<a(.AN&*C#9AC9#W9C9)*9W
=;A),G03343("#)D
"##$%&&'''(*AA,',BBI(.AN&,A#*-D9($"$c,A#]*Be!6551
7*+8C,$#(8"##$%&&'''(B?=(C.&=;A),<WC;-D9,AW,)=*#*.C<&=;A),<WC;-D9,AW,)=*#*.C<W)*<<*D9&<,*W#"9*CW'*CW,CBW"*<W
#A,*C*CN&60T2
"##$%&&B*N*#,DWB9).-A,-I(.AN&/T!T&!!&T2&=;A),)I,C),AW#9-"C.D.NIWA9<9,A-"W/&
"##$%&&9C(A<a(.AN&*C#9AC9#W9C9)*9W=;A),G03343("#)D
XD98B,2,&+.(B$"-5*+5'8$.D.?*$CE8-9C,(
"##$%&&B*N*#,DWB9).-A,-I(.AN&/T!T&!!&T2&=;A),)I,C),AW#9-"C.D.NIWA9<9,A-"W/&
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
?(06%&%)0&A2*6.6*6(7&1/#&!"#$%
(32(% +(% +"% B9"(+W+$=% ('% 2""9#$% (32(% (3$% +""9$
;267$=% /$;$02*6$% W'/% (3$% &9:;+6% +*% (3$% W+/"(
&;26$@
e$_"% #$=+2% "$$#% ('% =$#2/62($% (3$% ;+*$
_3$/$% 6'##$/6+2;% 2*=% ;'62;% +*($/$"("% 2*=
&9:;+6% 6'#&;26$*6<% #$$(% "'6+2;% 2*=% H;':2;
/$"&'*"+:+;+(<,% 2*=% #2*<% B'9/*2;+"("% "(/9HH;$
('% 9*+($% (3$"$% =+WW$/$*(% ':B$6(+0$"@% F(% _'9;=
*'(%:$%B9"(+W+$=%('%"+*H;$%(3$#%'9(%2*=%:;2#$
(3$#% W'/% "'#$(3+*H% (32(% +"% /''($=% +*% 2% H$*4
$/2;% #$*(2;+(<@% K3$% 2:'0$4#$*(+'*$=% 2=0+6$
('% 6+/69#0$*(% #$=+2% +*"(+(9(+'*",% 3'_$0$/,
#9"(% "(+;;% :$% 02;9$=% 2"% 2% "+#&;$% /$"9;(% 'W
2""$""+*H% +*"(+(9(+'*2;+1$=% #$=+2% 2"% ('';"% W'/
632/+(2:;$% H'2;"@% Y32(% +(% &'+*("% 9"% ('% +"% ('
6'*6$+0$%#$=+2%#'/$%(32*%:$W'/$%2"%2%#$2*"
'W%6'##9*+62(+'*%(32(%3$;&"%9"%+*6/$2"$%'9/
'9(/$263%_+(3%(3$%:$"(%&'""+:;$%(2/H$(+*H@
K3+"% +=$2,% 3'_$0$/% +**'02(+0$,% W2;;"% "3'/(
'W% 266'9*(+*H% W'/% &/$"$*(% /$2;4_'/;=% 6'*=+4
(+'*"@% K3/'9H3% "'6+2;% #$=+2% <'9% 62*% 2==/$""
'*;<% 2% H/'9&% (32(% +"% 0$/<% "#2;;% 6'#&2/$=% ('
6'*"9#$/"% 'W% &/'W$""+'*2;% *$_"% #$=+2,% 2*=,
_32(% +"% #'/$% +#&'/(2*(,% B'9/*2;+"#% 32"% 2
"&$6+2;%$`&$/(+"$%2*=,%*'(%;$2"(,%2%/$"&'*"+:+;4
+(<%('%"$$7,%"$;$6(,%2*=%&/'6$""%+*W'/#2(+'*%+*
2% &2/(+69;2/% _2<% (32(% :$*$W+("% "'6+$(<% k% '/
#2*7+*=% k% 2(% ;2/H$@% A'#$% 6/+(+6"% 2/H9$% (32(
(3$% &3$*'#$*'*% 7*'_*% 2"% Y$:% M@N% '*;<
&/'#'($"%9*&/'W$""+'*2;+"#%2*=%9*=$/#+*$"
(3$% 29(3'/+(<% 'W% ;$2/*$=% $`&$/("@% ?9(% *'*$4
(3$;$"",% 6'*W/'*($=% _+(3% (3$% 69//$*(% W26(",
esp"% "$$#% _$;;% 2=0+"$=% ('% +*0$"(% #963
#'/$%+*%2==+(+'*2;%632**$;"%'W%=+""$#+*2(+'*
"+*6$% (3$<,% +*% 2% 0+6+'9"% 6+/6;$,% 62**'(% 632*H$
&/$02+;+*H% 32:+("% 'W% #27+*H% 2*=% "$;;+*H% *$_"
_3$*%(3$<%2/$%;'67$=%'9(%:<%=$W29;(@《
CB*6$%#DB(E+%B#*%+"%'*$%'W%(3$%W'9*=$/"%'W%54,63&!#)+#,&<,314#@
!
/
0
1
2
3
4
5
6
!T
!!
!/
!0
!1
!2
!3
!4
P998A9$.A#<8=I8!"#$%&'()#&$*#+&,-#+.G8/0"+#(1,23&%(4+&538,CB8#"98C;(/,23(D-"",%%,-#$*(E-*(/0"+#(1,23&%
S.)@<8OH9,8o;*C#,C,(
"##$%&&'''(=D-W=;A),(.AN&"#)D&_I,C),Ap/Tj,'&DA]9])D63]T5("#)D
"##$%&&'''(=),(-.(--&
"##$%&&-$H(.AN&A9$.A#<&/TT6&T1&!TW'.A<#W-.;C#A*9<W#.W=9W,W=D.NN9A($"$
"##$%&&9C(A<a(.AN&$A9<<WaA99B.)W*CB9:W/T!TG!T01("#)D
"##$%&&9C(A<a(.AN&*C#9AC9#W9C9)*9W=;A),G03343("#)D
"##$%&&'''()*++*),(-.)&A9<9,A-"&0/T/W#"9W*C#9AC9#W*CW=;A),W!665W/TT6W("#)D
"##$%&&.$9CC9#(C9#&<#;B*9<&=;A),
l<*9C",;<%8PqB.<#,<*9CG8!&/T!TG8$(8/TG8"##$%&&'''(,<*9C",;<(B9&$;=D*-&,A-"*?&/T!TW!WTT/*($Ba
"##$%&&.$9CC9#(C9#&A9<9,A-"&$A.a*D9<&#",*D,CB
1$<-*&$*%(4,&3-0&(@-*=$*%G8r;.#*CN8#"98@0*"+(A$=,+(!%%-5,+&,-#G8"##$%&&9C(A<a(.AN&*C#9AC9#W9C9)*9W
=;A),G03343("#)D
"##$%&&'''(*AA,',BBI(.AN&,A#*-D9($"$c,A#]*Be!6551
P998a.A8*C<#,C-98"##$%&&'''(B?=(C.&=;A),<WC;-D9,AW,)=*#*.C<&=;A),<WC;-D9,AW,)=*#*.C<W)*<<*D9&<,*W#"9*CW'*CW
,CBW"*<W#A,*C*CN&60T2
"##$%&&B*N*#,DWB9).-A,-I(.AN&/T!T&!!&T2&=;A),)I,C),AW#9-"C.D.NIWA9<9,A-"W/&
"##$%&&9C(A<a(.AN&*C#9AC9#W9C9)*9W=;A),G03343("#)D
Z,Da8#"98$A*-98,--.AB*CN8#.8B,2,&+.(B$"-5*+5'(
"##$%&&B*N*#,DWB9).-A,-I(.AN&/T!T&!!&T2&=;A),)I,C),AW#9-"C.D.NIWA9<9,A-"W/&
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
4B
B&*/$*/&"C78(
S`NEQE(S(LWCT(-./.(WLOE2K!ECT( !AD?EFG&'H3IDJ?&+DAKA L&BM+MEM
7''/=+*26$%2%H/2W+67D%G&/202f%I3/+"('&3%V#(3'/y%$=+('/72f%\$$*2%A2((2/
&$$7;2=%2%B21<7'0D%G&/202f%J20;+*2%.+;;+'*'0D,%L$/'*+72%Z2*9)'0D,%s_$*=';<*
V;:$/(,%\$$*2%A2((2/,%%\2=+#%?9/7'%,%A2:$%V@%A'$,%I3/+"('&3%V#(3'/
J/'B$7(%B$%&'=&'$$*%1%W+*2*"*563%&/'"($$=7&%'()(*+#,*+93&"3%,3)(%)O$%&9"$O&$>@
V9('/"7D%&/D02%0)$63%($`(&%0%(8('%&9:;+726+%"$%0<3/219B5@%\$&/'=976$%";D*7&%"$%&'0';9B$%B$*%&'
&5"$#*8#%"'93;2"9%B$B+63%29('/&@%L<BD=$$*8%*D1'/<%29('/&%*$#9"5%"'93;2"+(%"%(!#+%0<=202($;$@
K+)(!*8%7'&+$%^3.*+!#).&)3&53,64%#&-$($%':B$=*2(%*2%*%.BVD4,63@$#)+#,V.,1@
V9('$+%W'('H/2W+5%*2%':D;6$f%54,63&?#6.$,3+($&!.)$#,)%h0$%"($$=9y%&$$"%T;+67/j,%53,6*;C&$#)+,46
<,3%3
V9('/%W'('H/2W+5%*2%"(/2*!%Sf%!2/'#5/%.2/$7
W(!AD?EFG?&'H3IDJ&+DAKA
p:$6*!%&/'"&!)*D%"&';$"*'"(%53,6*;C&$#)+,46&<,3%3%:<;2%12;'-$*2%:2/#"7'9%7'#9*+('9%0
#$"78%/$&9:;+6$%"&';9%"%"$"7C#+%2%#$1+*D/'=*5#+%&'=&'/'02($;+%?2/#<@
J'";D*5#%53,6*;C%.&$#)+,3&<,3%3%%B$%&$+"&!(%7%=$#'7/2(+126+%?2/#<,%='=/-'0D*5%;+="7C63%&/D0%2
1;$&)$*5%"+(926$%;+=5%0%?2/#!%2%0%$`+;9%(5#,%-$%2*2;<19B$%=!*5%0%?2/#!%2%+*W'/#9B$%2%12&'B9B$
$0/'&"7'9%0$$$B*'"(,%0<(0D$5%#'"(%2%"5(!%#$1+%]0/'&'9%2%?2/#'9,%12B+)*9B$%&'($$:*8%";9-:<
?2/#D*6&#,%1$B#8*2%01=!;D0D*5%2%&'#D3D%9&/63;57&#%&$+%+*($H/26+%2%&'=&'/9B$%&'"5;$*5%='0$=4
*'"(5%?2/#D*6&%2%B$B+63%27(+0*5%G"2"(%&$+%(/2*"W'/#26+%?2/#<@
J'7;D=D#$%12%*9(*8%1=&/21%'02(%0C1*2#%'(D17<%;+="7C63%&/D0%0%?2/#!%2%12B+"(+(%;+=$#%1D7;2=*5
0!6+,%B27'%B"'9%01=!;D*5,%1=/20'(*5%&8"$%2%&/D0*5%B+"('(2@%e2)$%"+**'"(%B$%0%"'9;2=9%"%FS#.D#$).4
=#;83,3$O&8(=*;L$%&B,J9%0<3;D)$*'9%]:A%2%'(8#)(.9L6(&,."9.U.9L6(&$O8-&]:A@
53,6*;C&$#)+,46&<,3%3%7;2=$%=&/21%*2%12&'B$*5%B$=*'(;+06&%2%'/H2*+1265%':"2*"78%"&';$"*'"(+,
2:<%01*+7;'%3*9(5%&/'%7''/=+*'02*8,%"&';$3;+08%2%*$1D0+";8%27(+0+(<%12#!$$*8%*2%=$#'7/2(+126+
?2/#<%2%1;$&)'02;<%"$%='0$=*'"(+%&/'%"0':'=*'9%?2/#9@
UW2AEUA2R(K20WL<ECT
GGGVD4,63@$#)+#,V.,1
()/._D4,63@$#)+#,V.,1
?9/#2%I$*($/%J/2H9$,%'@&@"
i!;*+67D%XP
O^N%NN%J/232%^%4%Z';$)'0+6$
#$"7D%/$&9:;+72
4F
)"*+$9:(1&'%*,+(F*"B"(I(!"#$%!&'#('"()"*+,(-./.
A9/"*&*O67&<77"(
F_)QKGXTN(K2(-./.()`( !JD?A&'H3IHD&+DANJHL&BM+MEM
6''/=+*2(+'*,%$=+('/+2;%2*=%;2<'9(f%I3/+"('&3%V#(3'/y%;2*H92H$%$=+(+*Hf%\$$*2%A2(4
(2/
(/2*";2(+'*%2*=%;2*H92H$%$=+(+*Hf%J20;+*2%.+;;+'*'0D,%L$/'*+72%Z2*9)'0D,%s_$*4
=';<*%V;:$/(,%\$$*2%A2((2/,%\2=+#%?9/7'%,%A2:$%V@%A'$,%I3/+"('&3%V#(3'/
K3+"%&/'B$6(%_2"%W+*2*6+2;;<%"9&&'/($=%:<%(3$%!"#$%&'()(*+,-&./&0.,#(1)&2//3(,*@
V;;% ($`("% +*% (3+"% &9:;+62(+'*% 2/$% 6'&</+H3(% &/'($6($=% 2*=% #2<% *'(% :$% /$&/'=96$=% _+(3'9(% &/+'/
_/+(($*%&$/#+""+'*%W/'#%(3$%/$"&$6(+0$%29(3'/"@%p&+*+'*"%&9(%W'/_2/=%+*%(3$%2/(+6;$"%='%*'(%*$64
$""2/+;<%/$&/$"$*(%(3$%0+$_"%'W%(3$%&9:;+"3$/@
J/+*($=%6'&+$"%'W%0.$4*&.)&54,63%62*%:$%'/=$/$=%2(%*%.BVD4,63@$#)+#,V.,1@
I'0$/%&3'('"%:<f%54,63&?#6.$,3+($&!.)$#,)%h+*%(3$%6$*($/y%0+2%T;+67/j,%54,63&!#)+#,&<,314#
J3'('%'*%&2H$%S%:<f%!2/'#5/%.2/$7
E)W_A(!JD?A&'H3IHD&+DANJH
54,63&!#)+#,&<,314#R&.VBV*V%_2"%W'9*=$=%+*%MNNU%+*%(3$%I1$63%\$&9:;+6%2"%2%*'*4H'0$/*#$*(2;
2*=%*'*4&/'W+(%'/H2*+12(+'*%:<%&$'&;$%*2(+0$%('%?9/#2%2*=%:<%2%#9;(+*2(+'*2;%H/'9&%'W%"9&&'/(4
$/"%;+0+*H%+*%(3$%I1$63%\$&9:;+6@
K3$%#+""+'*%'W%54,63&!#)+#,&<,314#%+"%('%/$"('/$%&$26$,%B9"(+6$,%=$#'6/26<%2*=%39#2*%/+H3("%+*
?9/#2@%K3$%'/H2*+12(+'*%+*W'/#"%(3$%I1$63%2*=%]9/'&$2*%&9:;+6%2:'9(%(3$%"+(92(+'*%+*%?9/#2,
'/H2*+1$"% &9:;+6% $0$*("% 2*=% 62#&2+H*",% &/'0+=$"% 2""+"(2*6$% ('% ?9/#$"$% /$W9H$$"% 2*=% +#&;$4
#$*("%&/'B$6("%('%$#&'_$/%(3$%?9/#$"$%&$'&;$@%V;;%26(+0+(+$"%2""9#$%(3$%+#&'/(2*6$%'W%39#2*
/+H3("%2*=%(3$%*$$=%('%&/'0+=$%(3$%&'&9;2(+'*%'W%?9/#2%_+(3%:2"+6%('';"%$*2:;+*H%(3$#%('%"9/4
0+0$%2*=%320$%266$""%('%"963%W9*=2#$*(2;%"$/0+6$"%2"%$=962(+'*,%3$2;(3%62/$,%2*=%;$H2;%"$69/+(<@
K3$% '/H2*+12(+'*% 26("% +*% 266'/=2*6$% _+(3% (3$% `)(9#,*38& ?#$83,3+(.)& ./& K463)& >(1%+*% 'W% (3$
`)(+#=&A3+(.)*%2*=%(3$%`A&'(88#))(46&?#9#8.B6#)+&a.38*%2*=%"$$7"%('%+*6/$2"$%(3$%'9(/$263
'W%+("%_'/7%:<%#2+*(2+*+*H%+*($/*2(+'*2;%*$(_'/7+*H%_+(3%"+#+;2/%'/H2*+12(+'*"%2*=%(3$%?9/#$"$
&/'4=$#'6/26<%#'0$#$*(@
54,63&!#)+#,&<,314#%&2/(+69;2/;<%W'69"$"%'*%$*H2H+*H%+*=+0+=92;"%2*=%6+0+;%"'6+$(<%'/H2*+12(+'*"
('%6/$2($%2%#'0$#$*(%W'/%6''/=+*2($=,%/$;+2:;$,%2*=%+*=$&$*=$*(%26(+0+(+$"%('%:9+;=%62&26+(<%W'/
2%W/$$%?9/#2%2*=%&/$&2/$%(3$#%W'/%&2/(+6+&2(+'*%+*%(3$%=$#'6/2(+12(+'*%'W%?9/#2@
CW2AEC A(K20WL<EAKW2
GGGVD4,63@$#)+#,V.,1
()/._D4,63@$#)+#,V.,1
?9/#2%I$*($/%J/2H9$,%'@&@"
i!;*+67D%XP
O^N%NN%J/232%^%4%Z';$)'0+6$
I1$63%\$&9:;+6
),*+"(C&'%&*(F*"J,&(I(0#1,$(#'(),*+"(-./.
4G
___@:9/#246$*($/@'/H
K3+"%&/'B$6(%_2"%W+*2*6+2;;<%"9&&'/($=%:<
(3$%I1$63%.+*+"(/<%'W%T'/$+H*%VWW2+/"@
J/'B$7(%:<;%&'=&'$$*%1%W+*2*"*563%&/'"($$=7&
.+*+"($/"(02%123/2*+"*563%0!65%#\@

Podobné dokumenty

05 经济 - 经济观察报

05 经济 - 经济观察报 J_àá@Ã|Ùߙ6lã g×Øy3&mMÌ@aAUg\( 3&mabÚ­ŽŽbl0

Více

Vysoká škola ekonomická v Praze Národohospodářská fakulta

Vysoká škola ekonomická v Praze Národohospodářská fakulta 2.1 Model Hochmana a Rodgerse Sociální pomoc je ve své podstatě pouze redistribucí prostředků, která by mohla být pareto-optimální, pokud by subjekty, mezi nimiž k redistribuci dochází, měli na sob...

Více

PlanoCentro compact passimo

PlanoCentro compact passimo • Ochranný kryt poskytuje optimální ochranu během stavebních a renovačních prací M.výška 2,0 m 2,5 m 3,0 m 3,5 m

Více