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30.2#'*"+,'&-.'($#(#')&'!"#$%&
ZI%,.'+"7I#'V"V0
,-!0(,4-$!K82!<2%&(*!2%!]82!M$!-4(!(!&2*!2#!,-&,$b! <2*$! ,80>$! ,2F$*! &-! B-$&! ,2! 6(! #(! $<$*/8%-6(6b! <$*]82!&-!%$!#$!>(0D(b!,-!A-6(!&2!-4(!(!(0(4(*!&-%! ]82! M$! 2&/8A-2*(! ,82*/$m! ,-! $4*(! -4(! (! /2*,-%(*! &-%!(<#(8&$&a! 9%!#(!<(*/2!K-&-$#J:-0(b!2#!<*$4#2,(!K82!#(!#-,-X /(0-J%a!n(!%$!2*(!2#!E84c%!62!(%/2&b!2#!]82!&2!A(#D(! <$*!&D!,-&,$Q!,2!/2%D(%!]82!4(`(*b!,2!/2%D(%!]82! 0(*:(*! 62! 8%! #(6$! (! $/*$b! ,2! /2%D(%! ]82! 6(*! 62! 0$,2*!0$%!080>(*-/(b!M!M$!/2%D(!]82!62<2%62*!62! 8%(!&-##(!62!*826(&a!n!62!<*$%/$!/2%D(!]82!2%K*2%X /(*! #(! *(4-(! -%/2*%(Q! <$*! ]8c! ,2! /2%D(! ]82! <(&(*! 2&/$!(!,Db!M$!]8c!>-02!<(*(!]82!2&/$!,2!<(&(*(y! .2*$! 2&$! %$! K82! (#:$! 68*(62*$b! <$*]82! 2#! ,-&,$! 2%/$*%$! ,2! 6(4(! *2&<82&/(! (! /$6$! #$! ]82! M$! ,2! <*2:8%/(4(b!M!B-$&!,2!K$*/(#20D(a 3$,$!6-K-08#/(6!<*-$*-/(*-(!#$!]82!M$!(%(#-)(X 4(! 2%! #(! <(*/2! KD&-0(! 2*(! ,-! /*(FD%! 0$,$! <2*&$%(! <*$680/-A(b!62&<8c&!M(!A-%2!(!0$%&-62*(*!#(!<(*/2! (/#c/-0(b!<$*]82!M$!2*(!,8M!482%$!<(*(!2#!4(#$%X 02&/$b!*2:8#(*!<(*(!2#!KC/4$#b!M!,2!:8&/(4(!0$**2*a! .2*$!2,<20c!(!0$,<2%&(*!/$6$!2&$!0$%!$/*(&!0$&(&b! 0$%!#(!/20%$#$:D(b!<$*!2F2,<#$a!.(*(!2&$!2&/(4(!#(! <*J/2&-&b! ]82! ,2! -4(! (! <2*,-/-*! 0(,-%(*! M! >(&/(! 4*-%0(*!0$,$!(%/2&a! '$4*2!2#!(,$*!/(,4-c%!/8A2!<*2:8%/(&a!18%0(! <2%&c! ]82! M(! #(&! ,8F2*2&! %$! ,2! -4(%! (! ,-*(*a! .$*]82!M$!,2!6-F2Q!lM$!%$!2%(,$*$!0$%!#(!<-2*%(! &-%$! 0$%! #$! ]82! &$Mka! 1-! ,2! (0$,<#2Fc! %-! <2*6D! ,-&! 2&<2*(%)(&a! '-%! &2*! 8%! ,8F2*-2:$b! >2! /2%-6$!
(02*0(,-2%/$&!0$%!2#!&2N$!$<82&/$!M!>2!6-&K*8/(X 6$!62!/$6$!#$!]82!2&!#(!A-6(a!\%(!,80>(0>(!(,-:(! ,D(!(#:8%(!A2)!,2!6-F$!]82!(!,D!&2!,2!>(4D(!-6$! #(! <-2*%(! 2*(! <$*]82! /2%D(! 62,(&-(6$a! 38(%6$! >(M!8%!4(-#2b!4(-#$!2%!8%(!&$#(!<(/(!$!>(&/(!0$%!#(! <*J/2&-&b!M!4*-%0$!M!&(#/$!M!F82:$!M!>(:$!/$6$!#$!]82! <826(!<(*(!6-A2*/-*,2a! ">$*(!2%/-2%6$!]82!2#!A(#$*!62!#(!A-6(!2&!-%0(#X 08#(4#2! M! ]82b! &$4*2! #(! K()! 62! #(! /-2**(b! 2&! C%-0$a! B2&<8c&!62#!(00-62%/2!M!62!/$6$!#$!]82!>2!A-A-6$! 2%!2&/2!/-2,<$b!>2!<$6-6$!0$,<*2%62*!]82!2#!A(#$*! 62!#(!2N-&/2%0-(!2&!<*20-$&$!2!-**2,<#()(4#2a!9&/$M! 0$%A2%0-6$!62!]82!(%/2!8%(!2A2%/8(#-6(6!62!2&/(&! 2#!C%-0$!0(,-%$!2&!(K2**(*&2!(!#(!A-6(b!<(*(!A2%02*! #$&!$4&/_08#$&!M!/*-8%K(*!2%!0(6(!(6A2*&-6(6a .2*$!%$!/$6(&!#(&!<2*&$%(&!/2%2,$&!#$&!,-&,$&! <2%&(,-2%/$&a! 1$! /$6(&! #(&! AD0/-,(&! 62! ,-%(&! (%/-<2*&$%(! &$,$&! -:8(#2&a! 1$! 2&! ]82! 8%$&! &2(%! 8%$&!K#$F$&!M!M$!%$!#$!&2(a!9&!]82!M$!&$M!0(,<2&-%$! M!/8A2!8%$&!<(6*2&!0(,<2&-%$&!M!/8A2!/(,4-c%!#(! $<$*/8%-6(6!62!0*22*!2%!B-$&!M!62!2&/86-(*!2%!8%(! 8%-A2*&-6(6b! 62! 4(#(%02(*! /$6$! #$! ]82! 2&! #(! A-6(a! '$M!/2J#$:$!:*(68(6$!62!8%(!8%-A2*&-6(6b!M!#$!]82! K8-!(%/2&!62!#(!,-%(!%$!62Fc!62!&2*#$b!(8%]82!&D!,2! K$*/(#20D!<(*(!<$62*!(M86(*!(!$/*(&!AD0/-,(&!]82! 6242%! 2%K*2%/(*! &-/8(0-$%2&! 68*(&b! ,8M! 68*(&b! 0$%!,80>$&!(&<20/$&!62!&8&!A-6(&a! 9%! 2&/$! 62! #(&! ,-%(&! (%/-<2*&$%(! >(M! 8%! <*$4#2,(! <(*(! #(&! AD0/-,(&a! 9&! #(! AD0/-,(! #(! ]82! 6242!48&0(*!(#!9&/(6$!M!%$!2#!9&/(6$!2#!]82!48&0(!
<=B
<=C
30.2#'*"+,'&-.'($#(#')&'!"#$%&
ZI%,.'+"7I#'V"V0
(!#(!AD0/-,(a!.$*!2&$!#$&!/*_,-/2&!&$%!2%:$**$&$&! <(*(!/$6$!2#!]82!<-&(!8%(!,-%(a!'-!2&!6-KD0-#!>(02*! A82#/(&!0$%!#(&!6$&!<-2*%(&b!-,(:D%2&2!0J,$!<8262! &2*! 0$%! 8%(! &$#(! $! &-%! %-%:8%(b! $! &-%! A2*b! $! &-%! 4*()$&b! $! 2%! K-%b! 0$%! 08(#]8-2*! &2082#(a! "62,_&b! 2#!0(,<2&-%$b!]82!2&!]8-2%!<-&(!#(!,-%(b!%$!&(42! ]8c!]8-2*2!620-*!#2Mb!M!,80>$!,2%$&!]82!2N-&/2!#(! ^2M!ZTW!62!TUUVb!]82!2&!62!@*62%!.C4#-0$!M!*-:2!#(! (/2%0-J%!(!AD0/-,(&!62#!0$%K#-0/$!(*,(6$!-%/2*%$a! 9&(! #2M! 0$%/2,<#(! ]82! #(! AD0/-,(! 6242! 620#(*(*! #$!]82!#2!<(&J!68*(%/2!2#!(`$!&-:8-2%/2!(#!>20>$b! <$*]82! &-! %$! #$! >(02b! 2#! >20>$! <*$&0*-42! (8%]82! &8! 0(#-6(6! 62! AD0/-,(! 0$%/-%C(! A-:2%/2a! 9&(! #2M! /(,4-c%!0$%/2,<#(!#(!2680(0-J%b!#$&!&84&-6-$&!62! A-A-2%6(b!#(!-%62,%-)(0-J%b!#(&!<2%&-$%2&!M!$/*$&! 42%2K-0-$&!0$,$!0*c6-/$&!4#(%6$&!M!(6]8-&-0-J%!62! (#:8%(&!<*2%6(&!62!:(*(%/D(&!<(*(!2#!482%!62&(X **$##$!62!#(!A-6(!62!]8-2%!&8K*2!8%!(00-62%/2!0$,$! 2&/2a! .2*$! 0$,$! <$0$&! #$! &(42%b! <$0$&! <8262%! (00262*!(!2&/$&!42%2K-0-$&b!]82!%$!&$%!8%!<*2,-$b! &-%$!8%(!2&<20-2!62!*2<(*(0-J%a! "62,_&b! 2%! 3$#$,4-(! %$! >(M! <2*&$%(&! 626-X 0(6(&! (! (&2&$*(*! (! #(&! AD0/-,(&b! &-%$! ]82! #(&! <2*&$%(&!08(%6$!&(#2%!62#!>$&<-/(#b!2%!,8#2/(&!$! 2%!&-##(&!62!*826(&b!6242%!-*&2!62!$K-0-%(!2%!$K-0-X %(! <(*(! $4/2%2*! 8%(! (M86(! 62#! 9&/(6$a! ^#2:(%! (! 8%! 26-K-0-$! M! 62! (>D! #$&! ,(%6(%! <(*(! "00-J%! '$0-(#b!62!(>D!]82!<(*(!#(!\"@b!#82:$!]82!(!(#:8X %(! 62<2%62%0-(! 62! #(! 5$42*%(0-J%! M! /(,4-c%! (#! 32%/*$!62!E2>(4-#-/(0-J%!M!62!(>D!(!6$%62!.2*(%$!
$!(!6$%62!72%:(%$y!M!*2&8#/(!]82!08(%6$!K-%(#X ,2%/2! ##2:(%! (! #(! C#/-,(! A2%/(%-##(b! (#:C%! <(<2#! ]826J! ,(#! >20>$! M! >(M! ]82! A$#A2*! (! >(02*! /$6$! $/*(! A2)a! g(&/(! ]82! <$*! K-%! (! #$&! 08(/*$! $! 0-%0$! (`$&b!#(!AD0/-,(!*20-42!8%(!,(#!##(,(6(!-%62,%-X )(0-J%b!8%!A(#$*!20$%J,-0$!]82!/(#!A2)!&-*A2!<(*(! <(:(*!6286(&b!<2*$!]82!%$!0$,<2%&(!2%!%(6(!2#! >20>$!62!<2*62*!8%(!<(*/2!62#!082*<$!0$%!#(!]82! 8%$!%(0-J!M!]82!%8%0(!624-J!>(42*!<2*6-6$a!9&$!2%! *2(#-6(6!&2!##(,(!l(M86(!>8,(%-/(*-(k!M!(8%]82! #(! AD0/-,(! &D! #(! %202&-/(b! /2*,-%(! 0$%A-*/-c%6$&2! 2%! 8%! ,2%6-:$! ,_&! 62#! 9&/(6$b! (<(*/2! 62! $/*(&! (M86(&!]82!#$!A82#A2%!8%!$4F2/$!62!,-&2*-0$*6-(a! 9#!/$<2!,_N-,$!]82!<(:(%!&$%!ZRaRU!&(#(*-$&! ,D%-,$&!,2%&8(#2&!A-:2%/2&!(!#(!K20>(b!]82!&8,(%! >$M!8%$&!6-20-$0>$!,-##$%2&a!"!,D!,2!6-2*$%!0$,$! $0>$! ,-##$%2&! M! <-0$y! 62! *2&/$! %8%0(! &2! >(%! <*2:8%/(6$!&-!E84c%!0$,2b!&-!E84c%!*D2b!&-!E84c%! &(#/(b!&-!E84c%!#$!]82!&2(y!i9&$!2*(!#$!]82!A(#D(! ,-!<-2*%(j!1$!0*2$a!;(,<$0$!2&!]82!2#!9&/(6$!#2! <(:82! #(! <-2*%(! (! 8%$b! <2*$! ]82! &D! 2%K$]82! 8%(! <(*/2!*2&<$%&(4#2!62#!*2<#(%/2(,-2%/$!62!A-6(!62#! -%6-A-68$!2%!#(!&$0-26(6a! L%0#8&$! <(*(! ,Db! ]82! /2%:$! 8%(! (0/-/86! ,8M! 0$%&0-2%/2! K*2%/2! (! #(! A-6(b! >(42*! <-&(6$! 8%(! ,-%(! K82! 8%! <#(/(%()$! >$**-4#2a! B20-6D! 62F(*! 62! 6-0/(*! 0#(&2&b! <$*]82! -4(! (! ##2:(*! (! ,-&! 08(*2%X /(! $! (! ,-&! 0-%082%/(! (`$&b! &-%! 6-&K*8/(*! 4-2%! 2&$! ]82! (%/2&! <$6D(! >(02*! 62! $/*(! ,(%2*(a! n$! &(4D(! ]82!,-!2%K$]82!/2%D(!]82!-*!(>$*(!<$*!6$%62!,_&!
<=D
<=E
30.2#'*"+,'&-.'($#(#')&'!"#$%&
ZI%,.'+"7I#'V"V0
,2!%202&-/(*(%b!<$*!#$!]82!M$!>(4D(!A-A-6$b!<$6D(! (M86(*!(!$/*(&!AD0/-,(&a! 9%!,26-$!62!,-!*208<2*(0-J%b!2,<20c!(!6$08X ,2%/(*,2! &$4*2! 2#! $*62%! <C4#-0$! ]82! (]82F(! (! 3$#$,4-(b! M! 2&$! ,2! ##2AJ! (! 0$%$02*! #$! ]82! 2&! 2#! B2*20>$!L%/2*%(0-$%(#!g8,(%-/(*-$!dBLge!M!#$!]82! &$%!#$&!B2*20>$&!g8,(%$&a!^$!<*-,2*$!62!#$!]82! ,2!2%/2*c!2&!]82!2N-&/2!#(!3$%A2%0-J%!62!@//(I(b! ]82! *-:2! #(! <*$>-4-0-J%! 62! 2&/$&! (*/2K(0/$&m! &8! <*$6800-J%b! &8! &-2,4*(b! &8! /*(%&K2*2%0-(! M! &8! 0$,2*0-(#-)(0-J%a!9&(!0$%A2%0-J%!2&!62!TUUV!M!&2! -%&/-/8M2!(!*(D)!62#!&8K*-,-2%/$!]82!0(8&(%!2&/$&! ,26-$&!62!:82**(!62&20>(6$&!<$*!2#!BLga "!<(*/-*!62!(>D!2%/2%6D!]82!>(4D(!8%(&!2%/-6(X 62&!]82!*2&<(#6(4(%!(!#(&!AD0/-,(&!M!]82!>(4D(!8%! 9&/(6$!]82!(<(6*-%(4(!62!8%(!8!$/*(!K$*,(!(!#(&! AD0/-,(&a!9%/$%02&b!2,<-2)$!(!>(02*!,-&!082%/(&! M!(!2,<(<(*,2!62#!0$*6J%!62!,-&2*-(!]82!(0$&(X 4(!(!#(&!,_&!62!&2-&!,-#!AD0/-,(&!2%!2#!,$,2%/$! 2%! ]82! M$! ,2! 2&/(4(! *208<2*(%6$a! 9&$! ,2! ##2AJ! /(,4-c%! (! *2#(0-$%(*,2! M! (! A-&-/(*! (! (#:8%(&! AD0/-,(&b!M!(!(A2*-:8(*!2%!]8c!0$%6-0-J%!2&/(4(!#(! *8/(!0*D/-0(!]82!2#!9&/(6$!/2%D(!<(*(!(/2%62*!2&/(! <*$4#2,_/-0(a 38(%6$! M$! ,2! 2%K*2%/$! 0$%! #(! 5$42*%(0-J%! 62!"%/-$]8-(b!A2$!]82!2&/_!2%0(*(%6$!#(!&-/8(0-J%! <2*$!]82!2#!5$4-2*%$!1(0-$%(#!%$!/-2%2!8%(!<$#D/-X 0(! <C4#-0(! ]82! K(A$*2)0(! *2(#,2%/2! #(&! AD0/-,(&a! 9%/$%02&b!2%!"%/-$]8-(!M(!>(4D(!0$%K$*,(6(!8%(! (&$0-(0-J%!62!(K20/(6$&!<$*!,-%(&!(%/-<2*&$%(a!
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<==
<=>
30.2#'*"+,'&-.'($#(#')&'!"#$%&
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