Escolar Documentos
Profissional Documentos
Cultura Documentos
(M,( T
(M,(,( :/C P$!
?CBC:? !?"?W!CN
"!M"!U @ FI Q H: @ : !>M >" 9 !U"9@ J" UH:!@@" (
@""!F F:"!> @ !@K> "
H 9OE
">L""9"!@ >UE "F"!>H:"!>" @ >@ @" J !>" @" > !9 9@ 8J!MH"; :
H @" !: @" 9ME " >U J"9: " :"U @E H:"!>!@ " H MH "
>HF"EQ:@ :"U :"!> !>F"@"9H @sIMH
J:"">@9 !>H@J" U :":G :G">":"MZ": !>!U H@"G ">
@"!E 9 ": RH" "&>: : " ":J"9U >IG"M \ J
H> @ E
J:"
JF:"!> H>N@ G H: G OP @" > !9 " MU L" >""! L"T E !@ U T"
9 !U"9@9 : m">Fm
!> @HOP @ @ @"H M!@" :JH >!J >" >"">"E M"!@ !"9"@@" @"
:"U "9:!U "G O!@ @""!F F:"!> @"! F>Q9!9@"9 !>HOP @ FI
J L@@" @" >!J > : " RH!>@@" @" 9M M" H H: 9 "J !@"!>"
!"9"@@"@":"U ! "> @ 9:!U E@J !>""@ >O@ @ :": E"F>!@
":EJM":J L"T "> "
9 !>HOP @" ">@ >"F" M!@" !9":"!> 9 : @F"!> @ "9F@P ! !>M
9FNOZ" 8E LY!E Q "E "J"9:"!>"E ! ,:JQ ) :! ; +" G"E
9H> " : "MH!O >HOP G 9"!>H@ J" @ 9OP >"> @ @F"
J" " J" G> @" 9 !"&P "!>" ">@E J"@H!@ @H!>" > @ @@" !>M >Q
QJ 9"H@
H!>"""J" @ EU HF"M!@"J"G"O :"!> ! : @U@ FI EJ"@"E G:@
J" @ G"H@E "&> ! H JE H: "@" @" ">@ @" N IF" RH@@"E J!9J:"!>"
! 9 !@"!P UF HM +1E">@"@""!F F":>FQ@" >@"
9F!ERH"MF:1"!>S*Q9E) :"U! >":MG&@"
>":JE9 :F"M">OP G M""IMHJ !:(9:!U ":9@ J"!
J J O "">M"!E9 :J "J !>" @!
9 !>HOP @" J !>" @" J"@ ": 9 HMH ! !>M QE !@" " H: 9 ":
MFE J Q:E 9 : ) :! " "H 9 ":99H"E " 9 !>HOP > : H M!@"
"!> +9FNOZ"!>ME JF:"!> ":H@ J!9J:"!>"!H@9@@""
! 9" 0":J + " LY! G : "&>"!F:"!>" H@ >T @" L
9 N@ E L": 9 : 2>RH" GI>9 E 9 :J > @" L">H:" !>HE "E M " 99U
+JF:"!>OP @"H"::H> H@J9@"99I
": @KF@E
RH": @ 99I TI " 9 !U"9@E RH" J J 9 ! H H "&>"!F @" M: "
9 !9"> EH>N!@ H::>H@"9EJ N !89!NFH9[!9;""
)(40(*(260),(0),2+0./(
( :! G9:9 !U"9@ J"HJ !>"E9 :"&":J !@": J"OP !!OE
,>I " J!U : "M M"E >O@ @ ">@ :! " : "> J F"E
M! !@ L>I9H !>H "" : @ E HM !"9"@@" @" !K:" L @" >"
: "&":J EJ @": 9>H:>" 9 : :@">H!JJEJ"> @"0"9!"
H: >K!"E J"> @" +IJ "E 9 : ' : @" 9 :J:"!> E ' : @" >H " : @" MH
!>"F @" ' ' a:E !M @" ">@E UF ">M"!E 9 : ">ILH !@" ":
:!>@ >Q#9F (:"!M" :>"HF:>">M"!9 : J !> @"> 9E
J @"!@ GN">Q' a:J @
: RH"@ @ ,:JQ ) :! " HM:"!> @ "H@: E "9 ! : " 9 !>H "
">@ J"@": H :J >[!9E "!>!@ ": @"9@V!9 >Q G: @ J" @ "H@E
RH!@ J"RH"! ">@ 9 :"O: " H!G9@ ": )"! + "MH!@ :">@" @
Q9H =,,,9 :"OH:! F J" @ @">F@@"":9 !>HOP @ FI!H JE !@""
!9":"!> HM@"N@HJ"G9"E9!@ 9 !@OP @">IG"M F"9H :J"@
+ J!9J E>Q9!9@"9 !>HOP G :9 J@@ ) :! EJ Q:E9 :"9"N@"
:>""@":P @" LERH!>@@"@" 9UH>N@G "!@ M@>F:"!>""@HN@E
"E>FQ@"J"RHG :"!@ @""!F F@! F>Q9!9@"9 !>HOP :Q> @
:J >!>"G :!"QJ 9@""!F F@ E"9"L"!@ ! :"@""H!F"!> "(>":
!F"!>@ J 0"MH"> 9 !> ": " "9F H: >!9U" ! >""! !>HE 9 :
@"9F@@" >!F" " J""!9UV 9 : H: 9:@ @" $# $ 9: @" J"@ L>@\
>" @ JF:"!> ": 9 !>@ J T" @" J"@ 8MH; 9 > 29@: @""!F F"H H:
>":RH"9 !>":@J L" >""! !>HEH:9:@@"$ 9:@"J"@L>@E
9 :J9>@ 9 : J"@ " :Q> @ G J:" "9 ! 9J9@@" @"
HJ >"@ >""! 9 :@HL@@"@ JF:"!>
2Q> @ 9 : "" M!>: J > @ Q9H =,=E ">@ @" N IF" RH@@" J
F"9H @" >OP !:E J Q: : >:" !@"RH@ RH!@ @ J"9:"!> @
F"9H H> : > " 9 !@OZ" @" @"V!9 "!>" @ " JF:"!> "F: "
">H@ G : @" @NOP "!>" J>9H M!H" 9 :J !"!>" @ JF:"!>
!RH!> >IG"M @"H> :?F"!P ":H> M!@"E">@J @":"F>!> J
F"9H : > N@ 9 : JF"9H @">OP !:99>">9@ >O@ G :
@J>@ H> :?F"E9 : H:"!> @ @9HFU N !>"":!OP @"
FOZ" LH9 @ @">N + J" @ !>" S :" *H"E 9 : H:"!> ! !K:"
@"H> :?F"E9L HJ G9J>"!>"RH"F"9H @">OP !:!P J @":9 !FF"
!:":">@RH" H> :?F"EM"!@ J:" @ F@"9 !9"JOP >H
)(40(*(260),(0),2+0./(
J!9JGH!OZ"@ JF:"!> P
e"> "G O F">9 H!@ @ >IG"M "@>LH \
e:"U 9 !@OZ"@" :"!> RH!> 9 !G > ""MH!O\
e"> "G O U N !>8@"M>";E> !!@ :@HIF"HJ"G9"@" :"!> \
ee">SOZ"@ !>":J":
9M RH" 9>: H: JF:"!> P >!:>@ J :" @ @ J!"H:I>9 @
F"9H I" @" 9 !>> "!>" J!"H " JF:"!> >": G : J &:@:"!>"
"J>9E " J"P "&"9@E @@ ">F M@"N @ J!"HE >": H: @>LHOP
J &:@:"!>" JL?9E 9 : J"P :I&: "&"9@ ! 9"!> @ I" 9"M@
"G"> @" @:"! !:"!> @ JF:"!> E J @"" @:> H: 9M J9@ M"!@
H:J"P @"9 !>> H!G :":"!>"@>LH@!H:I"@"9 !>> 99HJ"P @"
9 !>> QJ &:@:"!>"MHSJ"P @ J!"HE"!@ @G""!O@"J"NF"J"G">
@"@:"! !:"!>
9:@ RH" 9 !>>H":
J"@"MHU E 99U E J"@ L>@ ">9; J @"!@ " 9"9@ @" H: :>" ">LN!>"
89E 9:"!> E L">H:" ">9; J :"U J J"@@" G9 @ :>" M!H (
JF:"!> : :J" P 9 !>>H@ J" HL"> E L" " "F">:"!> 2 J @": !@
)(40(*(260),(0),2+0./(
'
9 !>>H" @" H> 9:@ @9 ! 9 : "MHNOP " "G O @ HL"> " HL
L"E 9 !G :" H !"9"@@" ( J L": @ @"G!OP @ 9 !>>HOP " "J"H @
9:@ RH" 9 !>>H":
!>">!> E @:>"" RH" " 9:@ S J> @ HL"> E FP G9!@ >Q9!9 "
"9 ! :9:"!>":! L"ES:"@@":RH"""J &::@ "F">:"!>
(M,&,&
" H: G : M"E JF:"!> J @": " 9G9@ ": )M@ " "&F" ( F:"!>
)M@ E J H9 @"G :IF"E Q 9 !>>H@ J!9J:"!>" J 9 !9"> @" 9:"!> >!@ (
JF:"!> G"&F"E9 !>>H@ @""F">:"!> L">H:! @"M@ L"9:@JH:"!>"
M!H"E@:>"H:9"> :>"@"@"G :OZ"":" :J"
'%$$' F:"!> "&F"
e)0,2+0( 9:@ @">!@ "> @">:"!>" S OZ" @ >IG"M E
:J":"LN JF:"!> E :"U 9 !@OZ" @" :"!> E ! RH" " "G""
9 !G > " S "MH!OE " >!:>E @" G : >"!H@E OZ" @ >IG"M S 9:@
!G" "
e 9:@ @">!@ "> S OZ" @ F"9H " >!:>E @" G :
9 !F"!"!>"E HL">
e
9:@ 9 :J":"!> S L"E 9 : :": GH!OZ" @"> " "&"9H>@
RH!@ EJ NZ"@" @":"9 !Y:9EG 9 !F"!"!>""@HN"J"H@L"
e)().( (
,0( 9:@ "&>"!>"E ! 9 @" JF:"!> :H> "J" E
"&"9H>@9 : LT">F @""@HN"J"H@J?JHLL"
)(40(*(260),(0),2+0./(
''
e )*
),-./( (
,0( 9:@ @" "J"H FIF"E "&"9H>@ RH!@ "
> ! !"9"I J"J "> @ ">@ J "9"L" JF:"!> \ "MHNOP !P
9 !>>HE J J:"!>"E H: 9:@ @" JF:"!> E J >": "J"H FIF"E J @"!@ "
!H":H: H:J !> @"OP >!F"
: JF:"!> G"&F"E @"J"!@"!@ @ 99>">9 @" HJ >" @ HL"> E J @" "
9 !>>H@ J H:@"MH!>"G :
|"F">:"!> EL"EHLL"""G O @ HL">
|"F">:"!> EL""HLL"
|"F">:"!> "L"
|"F">:"!>
+ @:"! !:"!> @ JF:"!> E J NZ" >Q9!9 "9 !Y:9E G&:" 99>">9
:!:"":>G">J"@G""!>"9:@
:JF:"!> 9 !>>H@ J "F">:"!> E
L""H:9:@@":>"RH"!P >GN"J"9G9OZ"@"HLL"E:>"!@"
@""G O @"HL"> E"!@ 9 !TH!> "!>" L" HL"> Q9 !@"@ @ J !> @"F>
M" :Q>9 E9 !>>H@ J "F">:"!> EL""HLL"
J !> @"F>">H>HE""JF:"!> Q9 !>>H@ J "F">:"!> EL"89 :"J"H
: RH" !"9"I " U HF"" H: HLL"; " "G O @ HL"> 99>">9
:9!>"@"">J @"JF:"!> P
e :>" @ HJ"G9" @" :"!> Q H: :>H L">H:! E 9 :J > @" L">H:"
8G> ; " :>" JQ>" 8J"@ L>@; 6 "L"> " ">F:"!>" G"&F" ( G> J>9J
9 :>" "@" "'X:>H:! L"Q 9 !9"> GI>9 H!@ ERH">": :"! "
>" " @" G> " : @"!@@" 2"! ! L" " : 9 ": G> P >>:"!>
HJ"G9E9 !>H@ ! 9"@":!":>"!\
e 9:@ ">H>H:"!>" : :J >!>" Q L"E RH" "9"L"I M!@" >"!Z" @
>IG"M E J "F">:"!> L">H:! !P >": "J"H " M@"N HG9"!>" J @>LH
>"!Z"9 : 9 !>"9"! JF:"!> M@ \
eL"QE@": @ M"E"!>" "$F"N":"J"RH" "F">:"!> L">H:! \
e @>LHOP @" >"!Z" " @I : @"F@ S "J"H RH" @"F@ S M@"N @
9:@ERH"J @":"M!H""!P J""!>">V!9S>OP \
eJ:":9M JF:"!> G"&F">V:"J"H> >'E $F"N": RH"
M@ \
e Q: @ E !F" @" >"!Z" RH" HL"> Q HL:">@ Q : ! JF:"!>
G"&F"\
e:>HL">H:! P "!F" 9 :LH>F"EJ!9J:"!>"@"""RH" "!"\
)(40(*(260),(0),2+0./(
'$
'%$$$ F:"!> )M@
(JF:"!> M@ Q9 !>>H@ @"
eJ9@"9 !9"> @"9:"!> 9:@RH"@"":J"!U :": >":J JJ"@"
"F">:"!> "@"L"\
eHLL"9:@9 !>H@EMH:F"N"E9 : LT">F @""F> L :L":"!>
@ @ HL"> \
99>">9:9!>"@"">J @"JF:"!> P
e J9 @" 9 !9"> @" 9:"!> >!@E M":"!>" !P :@E @" "J"H >J9
"!>"'"#9:E@>LH>"!Z":J >J" 9"M:"!> \
e HLL" @" J"@ L>@
)(40(*(260),(0),2+0./(
'
(M,-
(JF:"!> E"9 :J@ 9 : H>">H>HHH@"!M"!U9FE>":F@9H>6!
"@@"E9 !>H@ J"@">H@ J" >IG"M !M @"'E$ H! :I&: !
"": >F 9 :J""!P @ J 9" @"@">" OP "@">HOP @ JF:"!> Q@"
F>:J >[!9 J !> @"F>GH!9 !E JF:"!> >":>"G@"HJ > >IG"M ":
9 !@OZ" @" F" 9@@"E "MH!OE 9 !G > " "9 ! : GH!OP ">I !>::"!>"
"9 !@9 : ">@ @HJ"G9"@" :"!> "F HOP @9 !@OZ"@" :"!> E
J HF"NE@"J"!@"@!>":JQ"E@ >IG"M "@99>">9">H>H@ JF:"!>
8MH'#';
MH'%' 9" @"J"FP @9 !@OP GH>H@ JF:"!>
(M,0
(M,0,( //L/2) L)
L""HLL"J @":"@F@@":M!H""">LN@
e
*)+
)P 9:@9 !>>H@J EL>@" 9U
H @" "9? @" > G ! E H !@ J" :>H @"" :>"\ "&J"P M!H >":E
>:LQ:EH:9 ! >OP 9 : 9 :J >:"!> ">H>H9:@JH:"!>"M!H"
P ":J" G"&F" P 9G9@ ": L" " HLL" M!H" J 9 "OP
M!H :Q>9\ :9@:" U@IH9 " :9@:" "9 L" " HLL" M!H" J
9 "OP M!H :Q>9P 9 !U"9@9 : m">LNOP M!H :Q>9mEm">LNOP J
9 :J9>OP m Hm">LNOP :"9[!9mP "&"9H>@J"9 :J9>OP @"H::>"
H@":>H@":>"RH"J""!>:M!H :">J J@EG&@":"J"9G9OZ"
H!@ "" :>"
)(40(*(260),(0),2+0./(
'#
:>" !>H 2H> F"N" "" :>" @"F": G" L"!"G9:"!> JQF E 9 :
L>M": " J"!":"!> E J ":!OP @" 9"> GOZ"
H!@ " H>N H: :>H
!>H " J"@ L>@ >":" HLL" " L" @" L> " RH!@ " H>N J @H> @"
L>M":>":"HLL""L"@"L99 @ HL>M@H@
e 22 5,)1
,( 9 !>" @" H: 9:@ @" L> @" M@HOP L">E @"
>J "J"9 8 H L> >J :9@:";E RH" J? 9 :J"P >": FN J""!9U@ J"
:>"@""!9U:"!> E9 !>>H@ J G! @"L>M":8J?@"J"@; H:": J @"
M!H :">"J>9@@"J J@\J"!">OP @ :>"@""!9U:"!> QJ : F@
J" "JU:"!> ! HJ"G9"E "MH@ @" F"@HE 9 :J"P 89 : H ": FLOP ; "
MOP
e 22 ( 9 !>" @" L"
H HLL"
9 !F"!"!>" @ M!H :"> @ :>"E @" : @ J"9!@ @ MOP \ "
99>">98HV!9@"MOP ;@G""!9 :9@:""9 @ :9@:"U@IH9
e
0,,- P 9:@ RH"E Q: @" " L>E "9"L":
M"!>" ">LN!>" 9 : 9:"!> >!@E 9E L">H:"E "! ">9 H": >Q9!9
9 !>H>F":"U!>"SM!H"J 9 "OP M!H :Q>9
|((,2+0(QH::>H@"F@:"!>"9 :J9>@@" E9:"!> >!@"IMH
:>H 9:"!> @"F" >GN" 9"> "RH> @" @"!@@"E @HL@@" " ">V!9E
J""!>!@ 9 : "H>@ H::>"@H E9:"!>@ E@"9"!>H@M@"NSG"&P
| (( 25()( (2 ,2+0( L>@ RH!@ P H>N@ J"RH"! >" " @"
9:"!> E F!@ J: @:"!>" S : @G9OP @ ! RH" " "G"" H J>9@@" "
"!L@@"SIMHE":9:"!>OP 9"!>H@P 9 !@"@ G"&F"
| (( Q H: :>H @" E 9 " IMH "E S F"N"E @" mGdUm 89!N F !>";E H:
J N! >G9 9 ">LN H: M!@ J : @G9OP @ E ! RH" " "G""
H J>9@@" " "!L@@" S IMH\ J 9L !>OP E RH" Q H: 9:"!>OP G9\ J
J N !NOP ERH"QH:9:"!>OP G >"
|((0
2QH::>H@" EIMH":>"L">H:!
(M,0,& //L/)
P @"9 !9"> @"9:"!> >!@"J H":9"!>H@">V!9S>OP
(M,0,-
@":"9G9@ @"MH!>"G :
)(40(*(260),(0),2+0./(
'
;)0,2+0(=7,().2+0(
e+), (,6), 9 !>": @" 9:@ @" J"@ "MH"E "!>@ "
9 :J:@ L"H:9 9UP E@""MHNOP E9 !>>H@ @":>"M!HJ J@
TH!>"!>"J"@P > :@9 :J"RH"!9@"J"@"9 : J?J :>"@
9 9UP \
e)7( P 9 !>>H@ J L 9 "MH"E "!>" L" H: 9 9UP @"
"MHNOP TH!>"!>" J""JJ"@ J @":"> :@9 : J?J :>"@
9 9UP @" "MHNOP E 9 : :>"
H 9 : M: @"
9:"!>
L;)0,2+0(=7,0
2,+((
eJ +0)./( ,)0 H ,+)0, >>:"!> HJ"G9 :J"E @HJ H >J \
:9@:"L">H:! \
eJ 2,0
) JQ:>H@ RH"!>"\ JQ:>H@ G \ 9 !9"> L">H:!
H
9 !9"> GI>9 \
9;)0,2+0()7*,(
e(+)0( ,2+0( 9 !>>H@ J H: :>H @" 9:"!> >!@E "E
M"M@ MK@ "IMHE9 9@":H:9:@@"F@:"!>"@"!@ERH"GH!9 !
:": >":J 9 : "F">:"!> "L"@ JF:"!> \
e22 ,2+0( H: 9:@ @" L> @" M@HOP L">E @"F@:"!>"
9 :J:@E9HT FN P J >" :"!>"J""!9U@ 9 :M:@"9:"!>
)(40(*(260),(0),2+0./(
'%
)(40(*(260),(0),2+0./(
'
(M,M
(M,M,(
!>" ! J9OP @" H: 9:@ @" :>" GI>9 L" HJ"G9" @" H: L"
9 !9H@E !>" @ "&"9HOP @" H: "F">:"!> GI>9 RHRH" 8+)'#'; "F"
J H:"!> 9 "P @ HJ"G9" @ L"E J" J"!">OP @ :>" GI>9
":J"M@ EJ : F"9 !@OZ"@"@"V!9"!>"L"" "F">:"!> ":J":"LN
L" ( :>" GI>9 H>N@ P G> @H@ @" L& F9 @@"E G: @"
J":>J"!">OP @ M!>"! FN @L"2"2
(M,M,&
!>"!J9OP @"H:9:@@":>"GI>9 L"H:9:@@ JF:"!>
9 :G!@@"@"J : F"HMOP 9 :9:@ L"T9"!>"""&"9H>@
J!>H@"MOP J @""H>NH:@ "MH!>":>"GI>9 ":HZ"GI>98))'
" ))$\ )2' " )2$ " )';
L">H:! ;
(M,M,- 9<#
9
<9<
e 0)02+0(
),, ,2 @" J"!">OP !F">@E Q H: "F">:"!> 9 !>>H@ @"
:>"L">H:! "M"M@ :!"E! RH M"M@ Q9 9@ H!G :":"!>" L"
:>" GI>9 E J9@ ": H: ? 9:@ " HL:">@ S J"OP @" 9 :J"P "
9L:"!> ( :>" GI>9 ":J"M@ J @": " "MH!>" " ' $\
)$ E)")\))'"))$
e 0)02+0(
),,
( @" J"!">OP !F">@E Q H: "F">:"!> 9 !>>H@ @"
@H J9OZ" @" :>" GI>9 E 9 L">E 9@ H:E J M"M@ :!" J:"
J9OP @" :>" GI>9 Q G"> @">:"!>" L" L" :J:@
)(40(*(260),(0),2+0./(
H L"
'
H L"
)(40(*(260),(0),2+0./(
'
)(40(*(260),(0),2+0./(
''
(M,M,(( L/
6 :>H @" G> @H@
H ":
">V!9 S @"JM": 8> 9 "G9"!>" @" >> ; Q >:LQ: ":J"M@ ! 9 "OP @"
>"9U " @"J!>" "J"H G! @" H: 9:@ @" : Q @ @": @" # ::E
"!@ H 9 :J9>OP "&"9H>@ J" J?J >IG"M >"!@" @ M!@"
J L":E U@ J!M": " "J!M H L G:"!> E :!>"!@ HJ"G9" @" :"!>
9 :J">:"!>"@"!@E:9 :J >@"M"M@ J!@ !J"!"^"">@ !
J"!"! #9 :"J"H@"'E $E9:EQH>N@9 : "F">:"!> @" @ F@">
F9 @@"(:>"GI>9 H>N@ P ":HZ"GI>9J:'E$E
'E$E
(M,F
(M,F,(
9: @ HL"> JF:"!> G"&F" Q 9 :J > @" 9:@E RH" @" : @ M" >V:
:"U " 99>">9 " P : 9E S :"@@ RH" ">P : J?&: @ HJ"G9"
J !> @"F>">H>H9:@::J >!>"QL" L""EJHJ > "G">
@">H>F @ >IG"M "@!>":JQ"E">I9J H9:@@" :"!> L& @L"E
9 : >!OP HL"> EJ @"UF"H:HLL"" HH:"G O @ HL">
)(40(*(260),(0),2+0./(
'''
">L""9@ "&J":"!>:"!>"E J> @" FOZ" @" @"":J"!U @" >"9U " J>
"&J":"!>G !>"LI9J G :J>"&J":"!>@50(""&J":"!>
@
:d J
G !M!"" TH>" J >" " G : " >V: @ G"> 9 : L" !
"&J"V!9 9 G !>" : >HN@ @" "9 :"!@OZ" L" 9 "G9"!>" ">H>H Q
:Q> @ >H @ 50( J @:"! !:"!> @" JF:"!> 50( *H@" G "M! G
F":"!>>H9>H"E'
(M,F,&
//L/
": @ M""9:@P "&"9H>@9 : "9 U@ !"MZ"J?&:S L
"F": "E ": J!9J E :>" RH" J? 9 :J9>@ >"!U: HJ >" " :?@H @"
"V!9 HJ" " @ :"U @ HL"> +P @"F": " "&J!F E "&9"F:"!>"
JI>9 "!":9 :J">:"!>"M!H"8"!> @"J>9@@";
(M,F,- /
L"E 9:@ ">H>H:"!>" : :J >!>" @ JF:"!> E :""9" ":J" H: 9H@@
"J"9 " : @ M"E !P " RH" "&J"V!9 9 !@RH" RH" J " H@ H:
:>"9 :!@9"@"HJ >":"! E )"&M@ Q: RH"X, ">!M" ":
M"E9 :"&9"OP @"MH! >">9 E9 :9 :J OP M!H :Q>9">" @"M
GF IF"
"!>" :>"!>HJ F"@""":H@ ">P J"@"MHU @"9F">">
H "& >">9 ( 9H@@ 9 : "" :>" @"F": " 9 !9"!>@ ! G! " !
"&J OP @ TN@
: @">":!@ >" @" G! Q 9">IF" H >Q @""TIF" !>">!>
)(40(*(260),(0),2+0./(
''$
"&9" @" G! " :>" "&9"F:"!>" JI>9 H "&J!F J @": !FLN H
TN@ :H> U">" MV!" " H @" "J"H :H> J"RH"!E @"F": " "&J @ 9 :
9H>" @" 9 "RH" :>"RH"">I"!@ 9 9@ !J>"T:H> @G""!>"@
:>""!@
"@"L99 @"L>M@H@":M!>"J @":"""!>"E> QE"&9"F:"!>"
G"&F" J >LU 9 : H: 9J L">H:! M@E G9>!@ G@M H> @ E
L"@"":": :>"E9:"!>@9 :9:"!> >!@E>"!@"J""!>>!9 L
>IG"M J"@ EG9>!@ "!>@@"IMH"@! SL""HLL"
0F"N L" :"! HT"> J L": "T: RH" @ >J :9@:"E 9 !>H@ 9 :
J"@ @" : " @:"!Z" RH" @" L>M@H@E " M@ J L">H:" 8L" !"M;
!>">!> 9H> @"":>"Q> ""HH F":"!@ 9@F"N: @:"!P @
J"@ J"9"E !>H>F:"!>"E H: G> :J >!>" ! ">L@@" @ 9:@ + :>" ""
9 !9"> GH!9 !J"9"E!>H>F:"!>"ERH"H:9:@@"$9:@""G!"H!G :"E
@M: E 9 : @[:"> @" ' ::E Q :H> :"! ">IF" RH" H: 9:@ @" J"@ L>@
9 : @[:"> :I&: @" ' 9: 9:@ @" " G! >": H: "OP "!>"
@:"!Z"@J>9H"@"J"H@L"@"'$4IJ :9@:"9 :J"@@"
' 9: @" @[:"> " "OP " @" '$ ( !K:" @" J>9H " :H> :"! J
:9@:""OP "!>" !K:" @"J>9H"EM ":"!>"E"!>"'#' ,>
QE9:@@"">""!>"'"'F"N":J>9H
>H:"!>" F J >IG"M : J"@ >V: @ 9 !>H@ 9 : 9:@ ">LN@
9 : 9:"!> H L">H:" : " J > E ! >" :"9! J"9 !N L" ">LN@
89:"!> HL">H:";JFZ"9 :J" LH> 9:@"# aMG
0":@ L>!>"H@! K>: ! L"@" L>@"9 !>!H P :>" L>@
J :>H@" >">9 9 :L>E":J J OZ"@"#%X" X(:>""H>!>"
"K!" L 99>">9 @" 9 "P @ GOP M @ >">9 9 : ">H>H
M!H@L>
(M,R
/
(M,R,(
!>" ! "&"9HOP E L" >"J"!M": 9L@E @" > @ J"OZ" !"9"I S
9 :J9>OP @ HL"> ! MH "J"9G9@ E ! J GH!@@@" @" RH!N" 9"!>:"> E "
J"J @ "> E J
)(40(*(260),(0),2+0./(
''
"FO P
"&"9H>@
&9"J9 !:"!>"ERH!@ G !"9"I :J >OP E"P ":J"M@ :>""&>@ @
:": 9":RH"G :G">"9FOZ"@>"J"!M":
(M,R,- 2
'%'
,2+0(
( "RHJ:"!> @"F" " 9JN @" "&"9H> "FO "J"9G9@ !"> ! : @"!> @
JN G&@ ! 9 ! M:9 !>>HE"@"F"I9 :J""!@"E! :!:
;: > !F"@ J"@9 :"9G9@ \
L;M@""RHJ@9 :L :L@"L"JM@ \
9;"RHJ:"!> J:>H
9';@ @"@9 ">> @"J" 9 :J>F"\
9$;JHF":>H@ "L 9IF" HH> J J"@\
@; 9 :J9>@ "E">I>9 HFL>? E"L 9IF" HH> J J"@
@';@" @:">I9E H9 HM@\@"JQ@"9!" H@"M@"\
@$;@"J!"HE@"J"P 9 !>!>" HFIF"\
";9 :J9>@ "FL>? J >I>" HJ :"9[!9 \
G;G":"!>:!HEML> "QMH@":@" H:">I9E@":@"9 :J:"!>
'%$ ().<
;),.(),2,+)
!>" @" !9 J"OZ" 9 !>H>FE @"F": " "!>@ E @>[!9 9 !F"!"!>" @
L @@J>EJRH">"RH"GH!9 !P 9 : :OP @ "& " "G"V!9J9 !> "
@"9 >
L;)*
),-./(
)7,
J"OZ" 9 !>H>F J J:"!>" @> @"F": " !9@ 9 : H:"@"9:"!> J
"9FOP @ :>"":"&9" ERH"@"F"IE":"MH@">!J >@ EJ 9RH"
@"F:">"@ "E@"J @ E!@U HF"G>@":>"J>" EJ 9"@""I
:J >OP @ F H:"!"9"I
9;),,./(E
),-./(
2,2+0(
)(40(*(260),(0),2+0./(
''#
J? "MHNOP E J 9"@""I "9G9OP @ HJ"G9" L>@ >Q 9 > RH!N"
9"!>:"> !G" S 9 > @" J T"> @ "FO 9L@ J? "9G9OP E @"F" "
"N@ 9 !> "@9 > L>@"E !@"G !"9"I E@"F":""J">@ J"OZ"
@""MHNOP ""9G9OP "9 > L>@!HJ"G9"!G" "HJ" @9:@
"9G9@ G ": >G>?E @"F": " !9@
J"OZ" @" U : M"!"NOP @ H:@@" ": > @ "J"H @ 9:@ ( >" " @"
H:@@" L>@ @"F": " 9 !> @ " J"OZ" @" H:"@"9:"!> " U : M"!"NOP
J "MHP >QRH"" L>"!UH:@@"RH"!P @"G@?>:E9 "J !@"!>"S"!"M@"
9 :J9>OP "J"9G9@E"::@"H:J !> J"9"!>H85 }'X;
@;(20./(
J?
J"OZ" @"
''
"I "N@ H: "! J 9@ : @" J>E 9 : : > 9 U@ ! J>E J?
JHF"NOP E>GN"!@ "MH!>"9 !@OP
)Bu)J
T">
)(40(*(260),(0),2+0./(
''%
'%# (+,.<),2+0(
:"U @ HL"> " J"J @ "> E "&"9H>@ 9 : H> NOP @ 9NOP " @"
9 !G :@@"9 :">! :E"P "9"L@
;! RH""J"> !U:"!> E"!P G ":"!9 !>@":MH:"! "RH"
@"J T"> \
L; ! RH" "J"> S "J"H " S 9 !G :OP G! @ HJ"G9"E " !P G ":
"!9 !>@@G""!O: "RH"
;'X@""J"H@"J T"> E":RHRH"J !> @9:@\
;@ 9"!>:"> EJ: HJ:"! E!9 >@"J T"> E"!@ F"G9OP "N@
9 :9 @Q">9@ "J @ L" JRH">">""E"!"9"I E9 :QMH@"E
:"> @" 9 :J:"!> J9@E ": RHRH" J OP E !M @ RHE "MH!@ J T"> E
!P UT:H@!O@"@"9F@@"\
9; ! RH" "J"> MH @" 9 :J9>OP E 99H!@ 9 : L" ! : "J"9G9
J"!>" "9E @">":!@ J" :Q> @ ) 2$ E " "G"@ S : "J"9G9 J"!>"
"9:I&: L>@! "! @"9 :J9>OP "N@ J" :Q> @ )2''
;"!P G L>@ !"!UH:F :"! RH"'X\ H
;"G >G">"MH!>"9 !@OP
=Bu'X
"!@
=:Q@>:Q>9@ MH@"9 :J9>OP L>@ \
@"F J@P \
B9 "G9"!>"!@9@ ! !"& ,EGH!OP @ !K:" +@""":"!> @: >8u ;
(M,R,0
( "FO @" :"U @ HL"> " J"J @ "> E "9"L@ @" 9 !G :@@" 9 : ">
! :E "P :"@@ ": :"> RH@@ E 9 : L" ! :"@@ 9 !>@ ! J T"> "
9 !G:@J"9NOP
0L"'%': >FIF"
(!K:" :!: @""! H@">":!OZ"J "M:"!> 8I"!G" #:k;Q@"
)(40(*(260),(0),2+0./(
''
(M,K
/
(M,K,(
:J""!@": > @ J"OZ" !"9"I S 9 !>HOP E L" "> J"J@ E @" H:
9:@ @" JF:"!> E @" "J"H "J"9G9@ " 9 !>!>" !M @ "OP >!F"E
9 !>>H@J "9 U@ "@"RH@:"!>"9 :J9>@ E L"@"9"!@ !U:"!> E
J"G""OZ">!F"@ J T">
(M,K,&
( :>" ":J"M@ E "&>@ @" TN@ @">":!@ ! J T">
H !@9@ J"
)(40(*(260),(0),2+0./(
''
''
J"9"!>H 85 } $X; " U HF" G> @" H:@@"E RH!>@@" @" IMH G>!>" @"F" "
@9 !@J9"@"H!G :":"!>"E !M @ J"9H @M@"" !M @"H
L"JM@ :"@@RH"G "!@ @9 !@IMH E">"@"F"":>H@
9 : "RHJ:"!> "J"9G9@ E@": @ " L>"H:@@" H!G :"":> @"J"H
@9:@"9 :J9>@
";(20./(
J?
J"OZ" @"
L>@
MH @"
'$
!@"
)g:Q@>:Q>9@ F "@") L>@ \
g@"F J@P \
Bg9 "G9"!>"!@9@ ! !"& ,EGH!OP @ !K:" +@""":"!> @: >8u ;
L?A$? B!O$DE!$I:? !CDO$ !J
RH!@ G !"9"I E 9>Q @ 9NOP E "! @" 9 :J9>OP J" :Q> @ )
2''E9 :"!"M"J"9G9@ESNP @"H:"! J9@9:@E"J9@'$
:@"J>EJ@">":!OP @ "MH!>"J[:">
:"J"9G9J"!>""9:I&:8~:I&;
H:@@"?>:85 ;
@">":!OP @ >" @" H:@@" J" :Q> @ ) 2'# %E J""@d H :E ": 9@
9:@E S NP @" H: @">":!OP J 9@ ': @" J>E " J 9@ G&
@":9@J"MH@JHF:>H@ ! "!>@ >!F"E":: >"J""!>>F
@"> @"J"H@9:@"9 U@J?9 !9HP @ J"OZ"@"H:"@"9:"!>
"U : M"!"NOP EJ@"9@"QJ F"E H!P E!99 :J9>OP
@">":!OP @ : "J"9G9 J"!>" "9E L>@E ! >HE J" J 9" @ GH! @"
"E"MH!@ :Q> @ )2$ E":: >">@!J GH!@@@"@"E! :!: E X
@ "J"H @ 9:@E " ! :!: H: @">":!OP J 9@ # : @" 9:@
9 :J9>@
L;(+0)(*(260),(
(9 !> "M" :Q>9 "I"&"9@
@H!>" J"OZ"9 !>H>FE9 :L"! JRH">"@":OP @ "& @""G"V!9
@"9 >\
@H!>" J"OZ"@"9L:"!> E9 :QMH
(M,K,M
4
/
("G O @ HL"> E"&"9H>@ 9 :H> NOP @9NOP "@"9 !G :@@"9 :">
! :E"I"9"L@
! RH" "J"> !U:"!> E " !P G ": "!9 !>@ ":MH :"! " RH" @"
J T"> \
! RH" "J"> S "J"H " S 9 !G :OP G! @ HJ"G9"E " !P G ": "!9 !>@
@G""!O: "RH"
'X@"J"H@"J T"> E":RHRH"J !> @9:@\
)(40(*(260),(0),2+0./(
'$'
$ 9"!>:"> E J : H J :"! E ! 9 > @" J T"> E "!@ F"G9OP
"N@9 :9 @Q">9@ "J @ L" JRH">">""E"!"9"I E9 :
QMH @" E : @" 9 :J:"!> J @ L" HJ"G9" @ "> J"J@ ":
RHRH"J OP E !M @RHE"MH!@ J T"> E!P UT:H@!O@"@"9F@@"\
! RH""J"> MH@"9 :J9>OP E99H@ 9 :L"!:"J"9G9J"!>"
"9E @">":!@ J" :Q> @ ) 2$ E " "G"@ S : "J"9G9 J"!>" "9
:I&: L>@! "! @"9 :J9>OP "N@ J" :Q> @ )2''
"!P G L>@ !"!UH:F :"! RH"'X\ H
"G >G">"MH!>"9 !@OP
=Bu'X
"!@
=:Q@>:Q>9@ MH@"9 :J9>OP L>@ \
@"F J@P \
B9 "G9"!>"!@9@ ! !"& ,EGH!OP @ !K:" +@""":"!> @: >8u ;
(M,K,F
("FO "P :"@@ @"MH!>"G :
;"::p@"9:@9L@EJ"9FOP @ "9 U@ J9@ ]!!>H^\
L;"::p@"9:@9L@&a:EJ >!J >"@ :>":J >@ \
9;"::p@"9:@9L@EJ9 :J9>OP "&M@! J T">
( F H:" @" "G O @ HL"> "I 99H@ 9 !@"!@ 9 :J:"!> " MHE
9 !G :" J T"> E":J T"OP U N !>E""J"H@"J T">
@">":!OP @@>[!9@">!J >""I"N@
;9 :L"! ">RH":"!> @">@ERH!@ >!J >"G "&"9H>@ @"!> @G&
@"@ :! EJ"">@ HJ 9:!U @""FO RH"9 :J!U"\
L; 9 : L" ": ! >OZ" @ U @Y:"> @ F"9H E RH!@ >!J >" G "&"9H>@ G
@G&@"@ :! E":9:!U @""FO E"&>"!>" H9 !>H@ J" :J">" EJ F@
J"9NOP
0L"'%$: >FIF"
)(40(*(260),(0),2+0./(
'$$
(M,(' /*
(M,(',(
]0,,-) H: M!G9 >" MH: @" H J J"@@" F!@ :"U :"!> @"
"H9 :J >:"!> L J !> @"F>@J9OP ":"!M"!U^
(M,(',&
/
6
>L@@" :"9[!9 Q J J"@@" RH" 99>"N ">V!9 @" H: :>"
@" 9:"!> 8:H@!O @" G : M" :Q>9 ": >"OP @" F H:"; J J"@@"
J @" " :"@@ >FQ @ ">V!9 @ :>" 9U:"!> " !@9 >:LQ:
">V!9RH" :>"J""!>S@"G :OZ"J":!"!>"
(M,(',- /*
( Q@> ">IF"RH!@ >":9J9@@"@""> "G O J F"!"!>"@9M
@ F"9H E @ !>":J": E @ :!H" @H!>" 9 !>HOP @" JF:"!> "E :":
>":J "T@"GI9H !9 !>HOP @""":"!> @ JF:"!>
&>":MH!G> "RH"@">":!:">L@@"
">L@@" J @" " H: 99>">9 !>H @ 8: J @" " L>@ >FQ
@"9 "OZ"":HM!H :">E:>HM"M@ E@OP @"MH>!!>"9E9:"!> E
L">H:"" H> ;">9
J 9" @" ">LNOP :"9[!9 @ 9 :J9>OP " L>"!OP @
"E L>">9
(M,(',0
/*
`>LNOP 2"9[!98 H :J9>OP ;Q ::J"" ::J >!>"J 9" @"
">LNOP @" :>" M!H" H "G9V!9 Q @">:"!>" J J 9 ! S "!"M @"
)(40(*(260),(0),2+0./(
'$
9 :J9>OP ":J"M@ J Q: @"J"!@" @" H> G> " 9 : M!H :"> @ :>"E
":J"M @":>"RH@ HF9 ">9
`>LNOP 9 H*!H :Q>99 !>"!9 :L!OP @"@ H::>"8
" H M"M@ ;E ": J J OZ" @"RH@E @" G :
)(40(*(260),(0),2+0./(
'$#
: JF:"!> E @H!>" H F@ ": "FO E G"I @"G :OZ" "I>9 8!"F>IF"; "E
@"G :OZ"JI>9ERH"J @":>"H:@HJ M":
"9 :"!> >"F H:"9 !>!>""G>@"">L@@"\
@:!HOP @"F H:""9RH""H:"!> @9 :J9@@"
6:J >!>"":LRH"9 !@OZ"@" :"!> @"H:JF:"!> H @"":J"!U @"H
HJ"G9"E@H!>"F@":"FO E @"J"!@"::H> @" H:9 :J9>OP L":"&"9H>@
@H!>"9 !>HOP
( J!9J M" RH" "M": 9 :J9>OP ! 9:J P ":"U!>" @" L >?
+ "!>!> E "&>": @G""!O ! 9 :J >:"!> @ RH!@ @
J"OP @"
9 :J9>OP
!P UIE !"9":"!>"E MH@@" "!>" "!"M @" 9 :J9>OP ! 9:J " !
L >? E 9 !@HN!@ H: :": ~ J H: @@ >" @" H:@@" " > " @"F"E
J!9J:"!>"E S @G""!O @" 9 !G!:"!> @ E ! 9:J 8": 9:@; " !
L >? 8! !>" @"H:9!@ ;\
"RHJ:"!> @"9 :J9>OP 9 !@HN":m!U@"?>: m@G""!>"@@"L >? E
J @"!@ ">: H:"! J?&:@!U@">HOP \
P @G""!>" ">H>H 9 !G"@ ! 9:J " ! L >? E RH" "J"9H>"
@">:"!>"!">L@@"9!O@\
J @":"@G""!>" >" "@"H:@@"EUE@"9:J "@"L >? EJH::": ~
@"H::": :>"
@"" @"G! m"!"Mm H m"G O m @" 9 :J9>OP ! 9:J E 9 : J @H> @" G O
"&"9@!L@">OP J" 9:!U J"9 @ E@F@@ J" F H:"@" 9 :J9>@
>G OERH"9 "J !@"H:">V!9 :"!> E@:!HE! "!>!> ES:"@@RH"
" @"!G9 " Q H: @ :!" !@"> @" " 9 !>>
'$
)(40(*(260),(0),2+0./(
'$%
&>":@ >J @" @" @@"O
@" @ Hm :9@:"mE"!@ H:!G"!>""@H>IE9 :>Q'>\
>!@":E9 :H: @!G"!>""H:>IEJ"!@ @"''#>
9>">9 RH" !GH"!9: ! @"":J"!U @" H: 9M J H!@@" @" MH
@ @\ MH " @[:"> @ @ 9M H!>I " @[:"> 9 !> : J"P !
HJ"G9"E "!RH!> J" > > G"> NP @" @"9Q9: @ J"P >!:>@ ":
J GH!@@@" 9M J H!@@" @" MH @" @ F "!>" $ 8''$; " '' aM9: 8%$
LJ ;MH@"9 :J9>OP EJ @" @EF"!>"'E'"$E:89 :H: @
@"'E:;( @" @@"O J @":"9G9@ RH!> J" > >E":@H
9>"M
"F"#>
J"@ '>
P H>N@ ! 9 :J9>OP @" 9:@ @" J"@"MHU " @" " L": M@H@ "
9 : @"9L:"!> E"J"9:"!>"RH!@ "RH" L>"H:>"&>H:G!
L; ) JQ@"9!" P 9 !>>H@ J 9!@ :">I9
9 E L"
RH P
'$
9;) J!"H:I>9 P 9 :J" > >@">Q%>EH> J JH "E9 :J"P @"J!"H
H> "MHIF"EJ @"!@ 9U"M>Q' LJ $P 9G9@ ":
"L 9@ 9 :$"& \
"L 9@ 9 :'"& \
H> J JH "
( "L 9@ 9 : ' "& P : J"@ E H@ !
G !Mm
)(40(*(260),(0),2+0./(
'$
G"R_V!9 F "!>" " 9J: " :J>H@" J @" >!M >Q '# J H :
G"R_V!9@"" ![!9F@H!>" J 9" @"9 :J9>OP EH:"!>!@ SJ J OP
RH" " @"!G9E "!@ 9 !F"!"!>" 9 :"O 9 :J9>OP 9 : G"R_V!9 L&
8%9J:;> "RH"!GH":! "!@:"!> @"H: FL>?
e G"R_V!9 @" FLOP !K:" @" "F HOZ" ! H!@@" @" >":J E 99 J :!H>
89J:; HJ "MH!@ 89J;\
e:J>H@"@>[!9F">9>FQ@ RH ": F"@H!>"FLOP \
e9M@![:98;G ORH"J @HNFLOP \
e9M">I>98;J?J J" @ FL@ \
e"OP "!>""\
eG :"@:"!Z"@I"@"9 !>> 9 :
P :H> H>N@ ! 9 :J9>OP @" :>" M!H"E MK@ H G! E !P 9 "F E
@ >@ @" >> !>"! ""F@ E J FLOP @:!H : :"!>!":"!>" >> "!>"
MP E G9>!@ H J &:OP FLOP J J 9 ! H: "!T J M"F @
J>9HE RH" "&J9E ": J>"E !"9"@@" @ "J">OP @" 9M ! J"OP @"
9 :J9>OP
( FL>? P @" M!@" "G9V!9 ": :>" !P 9 "F E "!@ H>N@ :":
9 : " @" M@HOP H!G :"E RH" P @G9" @" 9 :J9> 9 :
"RHJ:"!>
0": L 9J9@@" @" 9 :J9>OP @" " >Q 'E : @" J GH!@@@" !>">!> E
J""!>:MH:@"F!>M"!
!P 9 :J9>: L": J?&: S HJ"G9"E
H
J!"H:I>9 \
)(40(*(260),(0),2+0./(
'$
H H>NOP 9 : M!@" !K:" @" J@ >"!@": J @HN 99E RH" :>E
!@">:"!>"E"J"H@9:@9 :J9>\
J @": J @HN H: "M"MOP F">9 RH!@ UI "&9" @" G! J>9H MK@
@"9":"F9"F"\">"@"G"> QJ H9 9"!>H@ 9 : @"L M!H :">
"; RH">" :"9[!9 P ":"U!>" : !>M "RHJ:"!> @" 9 :J9>OP E
RH">" :!HE " H>N: :": J!9J @ 9 :J9>OP @![:9 ": L >? (
RH">" :"9[!9 9 :H! 8mJ :"9[!9 m; P 9 !>>H@ @" H: 9!@ 9 : J" @"
''#aMGERH"EJ OP @"H:: > @""&J P E>H!@ !H:>":@": E> L"
9:@9 :J9>E9!@ @"H:>H@" 9:
9:@@" 9 :J9>QM J"@H9"F:"!>"8 %> J :!H> ;E"!@
F!O H"9H @ "RHJ:"!> L>@ J"!9!OP 9 !F"!"!>"@ "H"& F">9P
":J"M@ !@"Q@G9 9" @ H> "RHJ:"!>
(M,((,-
1
(M,((,0
;2"@@@"9 :J9>OP ! 9:J
+ 9 !> " @" 9 :J9>OP ! 9:J E @"F"" > : H: "! @" L >? 9 :
"G"V!9 " F"G9
RH" Q
L>@ ! 9:J E 9 :
"H>@ 9 : @"L >? E@"!> @"9">"J"9G9OZ""9 !> "J @""G"> @"
@H:!"
e9 !> "@"&"9HOP @ "FO H9 !> "mJ m\
)(40(*(260),(0),2+0./(
'
e9 !> "@ J @H> >":!@ H9 !> "mJ >" m
+ J:" 9 E9 !> " "RHJ:"!> E !K:" @"J@E"J"H@9:@E
>" @"H:@@"" H>9 !@OZ"RH""THMH":!"9"IH:L "&"9HOP @ "FO
+ "MH!@ 9 E9 !> :"9"> J[:"> @ J?9 :J9>OP E9 : MH@"
9 :J9>OP E!@9"@"9 :J9@@"EJ @@"EJ 9"!>M":@"FN @"">9
(MH@"9 :J9>OP Q@"G!@ J
!@"
*9
:JgMH@"9
:J9>OP \
!@"
~9:J g:"J"9G9J"!>""9@"9:J \
~U9:J g:"J"9G9J"!>"K:@@"9:J \
U9:J g>" @"H:@@"@"9:J E":J 9"!>M":
( GH "N@ J @">":!OP @" ~ 9:J @"F": >" H: @[:"> :!: @" E 9:
J 9 @" G! 8J"G"F":"!>"@"'E9:;"E! 9 @" MK@ E @[:">
)(40(*(260),(0),2+0./(
''
!@"
GH gF H:"@ GH \
H>gJ""!9U:"!> @ GH \
~g:"J"9G9J"!>"
*":"!>"EH>N""@"M@HOP H!G :"ERH"Q :>":@GH!@@ ! J 9"
@"! :!@ mG9 @""m "@"F">"M!H :">9 "J !@"!>"'XJ!@
! J"!" @" 'E$ :: " X J!@ ! @" E% :: H 'X ! J"!" @" E% :: " X
J!@ !@"E::"G9 H"RH"J@">":!OP @"H:MH@"9 :J9>OP EUI
!"9"@@" @" @">":!" ~9:J " ~:I& ( @" Q RH" @">":!OP @" ~:I& "T G">
!H: "! @" 9 :J9>OP ": L >? E H>N!@ "
)(40(*(260),(0),2+0./(
'$
>" :Q> @ 9 !>" ! :>H @" 9LH"> @" 9I9 JHF"N@ 9 : H: J" @">":!@
@" K:@ E":"9J"!>"G"9U@ E@" !@"Q:"@@J"P @""!F F@J"G :OP
@ MI9">"! >J"P Q@">:"!>""9 !@9 :RH!>@@"@"IMH"&>"!>"
! "RH"J>9J@"OP "F@ J"UM":H>N@E: >@" @"F""
@"9"9@"$%ME RH"> !!@"RH@ @"M@HOP M
(F /*
(F,(
!>"!9 :L!OP H:!JHOP @" E":J J OP @"RH@E@"G : L>"
H: J @H> G! @" ">L@@" : RH" @" M": ">LNOP @ 9 !>"
": H: >>:"!> >G9 @ :": J" @OP @" H: :>"E @"! :!@ ">LN!>"E
9 :H: H:@"MH!>"G!@@"
:"U J J"@@"M" >Q9!9
e H:"!> ">V!9E !9HF" ">V!9 S @"G :OP E L "G"> @"
9"M:"!> 9 !>!H H"J">@ \
e"@HN9 :J"L@@"
e"@HN"!L@@"SOP @"FOZ""&>"!EJ!9J:"!>"H:@@"
eH:"!> H"@HNJ":"L@@"
M!>J":!V!9@"J J"@@"! @"9 "@ >":J 8@HL@@";" L
OP @"9M
9 :J9>OP GN J>" !>"M!>" @" RHRH" J 9" @" ">LNOP E "!@ "&"9H>@
J?:>H9 : ">LN!>",!9:"!>"E9 !@"F"RH" 9 !U"9:"!> @ 9>Q
@" M!H :"> " !@9" JI>9 ": HG9"!>" @"F@ H: "OP @"> "!>"
*!H :"> " >L@@" " "!>" !@9" JI>9 8 " ,; " J":!V!9 ">F @">
">L@@" ": GH!OP @ J"@ " L OP @" IMH , M!G9 RH" ! "J"9G9OZ"
9 "!>" F ":I&: @"",P G&@ JH:@">":!@G!@@"!>">!> E
!GHV!9@""F " L" 9 :J >:"!> @ @"J"!@"@RH!>@@"@":>"
RH"J!J"!"#8E#$::;">:LQ:@9 !@OZ"9:I>9RH"FP J"F"9"E!P
9 :J""!@"!@ RH""T: :": F ":I&: @"",@ >>!> ":H:"MP
9UHF 9 : "9
9 !> "@>LNOP @" G @""!F F@ H> J 9"@:"!> 9 :L"":H:
"! :"9[!9 RH">@HN">V!9@ J? J 9" @"">LNOP E 2Q> @ @
7!@9"@"HJ >"G?!
)(40(*(260),(0),2+0./(
'
>H:"!>"E L">H@ ! RH" " "G"" " >LN@ *!H :">9:"!>"E "&M""
":J"H:F :!: @")E99>">9M!H :Q>9"!@9"@"J>9@@"
@">":!OP @ 9J9@@" @" HJ >" @ HL"> " @ :>" M!H" RH"
9 !>>H": JF:"!> J @""G">>FQ@ L>"!OP @ )@ :": E":9 J @"
J F!@"G :@ H: @@ ":L >? E!9 !@OZ"@":"J"9G9"H:@@"
"J"9G9@J "FO ! 9:J "HL:">@ ":L"LOP @H!>"RH> @8(
-E
'';
(F,& //L//*
9
L#(KK(<
" H HLL" ">LN@ M!H :">9:"!>" P RH" 9 !>>H@ @" !>HE
9U >"@ !>HE :>H >G9 @" E @" 9U >"@ 8L>@ H !P ;E
:>" @" 8"E J"@"MHU ; " @" :>" @" J"@ 8J"@ L>@E J"@9 E J? @"
J"@;
">L@@" " @HL@@"E J "> S 9M @ >[!> " S OP @ M"!>" 9:I>9 E
RH!@ @"RH@:"!>"9 :J9>@
!>" :>" 9 :J !"!>"E "!9 !>" >:LQ: J"@"MHU H J"@ L>@E "!@
RH" J"@"MHU QM":"!>""!9 !>@ ":J"@"MHU"8J"@"MHU @"9F;:>H@
9 :H: E ":"> !>M @" + 9 @J"@L>@E">Q@9 !@H: E
H>N!@ " "RHJ:"!> 9 : : > !F"@ H "!&@ >>FE H ": H! !@"
:>HJ @""@"F@:"!>"H:"@"9@"9 !> @ :@OP @"J"@L>@E
">LN@ "9"L" ! :"@" L>
"!@ H: J @H> : L> : RH" ">I HT"> "! :" FOZ" @" RH@@"E
">LN@ QRH""RH""&M": 9H@@ ERH"! 9NOP @TN@ERH"! 9 !> "
@ :>"J9@ 9 :J OP >G9@:>H@" "J"@L>@8 L>;>":
@":!@ "&MV!9@"H!M":J L>"!OP @"H:J @H> :U : MV!"
> "RH"!GH":! 9 :J >:"!> @":>H">LN@M!H :">9:"!>"
` !>H"N @ J>9H 8">V!9 S GM:"!>OP E J "> J F 9 G :OP @" G! E
>"!@ J J"@@"@9 :J OP ;\J>9H@"F":J""!>">V!9HG9"!>"
J!P G"":>"OZ"!@"RH@\
`">LNOP @9 :J OP J>!MH:9 !>V!9?>:8"F> "&J!F ;\
" HL:">@ S J"Z"E MP " J &::E " G! "&>"!>" FP "!9U"!@ FN
@"&@ J" M \J >!> >:NOP @">LNOP @"J"!@"@ !>""9 !:"!>
@ 99>">9 @ MP E H @>LHOP M!H :Q>9E G :> ">9\ RH!@ 9 "
"&>V!9 @" J H9
M"M@ E J >!> Q !GH"!9@ J" @:"!Z" " G :> @">"E RH" :J9: ": w H x
I"@">!:P @""G O "! "!>"O:"!> "!>" MP \
)(40(*(260),(0),2+0./(
'#
` J J"@@" G9 @ G! \ J>9@@"\ 9 "P \ , 8:"@" J J"@@" RH" >":
:>"@" G"@"G :OZ"IJ@"::H@!O@"F H:""HJ>H;\ J"!>""&9"
@"M!>"!:>H9 ">EH:"!>">L@@"J 9 "P E>Q J !> 9 "J !@"!>"S
:>H ?>: ": RH" @:!HOP @ ">V!9 @" >> !P Q 9 :J"!@ J" ">V!9
9 "F\ GOP !">" 8":!"!>":"!>" @" >> ; HM @@" HJ"G9 @ J>9H 8 L>"
""F@ F @" >> ;\ :I&: @[:"> @ J>9H !@F@H 8 L>"!OP @" H: ""F@
>> !>"! @ 9 !TH!> ">V!9@">> ;\"MH@@"M!H :Q>9\
` M!H :"> @ :>H\ @>LHOP M!H :Q>9 G"> J""!9U:"!> @ FN E "
J >!> E ">L@@"\ @>LHOP L": M@H@ 8"RHOP @" H"0L >;\ J"@"MHU "
L>@ 9 :@>LHOP M!H :Q>99 !F"!"!>"\M!H :">@"9 !>!H\
` J":"L@@" @"J"!@" @ @>LHOP @ >J @" M"M@ E @ MH>!!>" " @
@"!@@"">F
J"9G9OP @"2>">LN@ *!H :">9:"!>"
' *!H :"> @"F"I " > RH" ! 9 !@HN : @"!@@" J F"\ @"F"" "F>
:>" "&J!F ( @[:"> @ : J>9H @ M"M@ F ": GH!OP @ >IG"M
RH""IHL:">@L"\RH!> :J"@ "!>"! E :": @"F"I":
?:H@"H"0L >
!@"
@g@[:"> @J"!"":RH">P \
g@[:"> : @J>9H\
gXE":J" ERH"J!J"!"@"@[:"> @\
!g9 "G9"!>"RH"F"!>"E$"E
">":!OP @G&M!H :Q>9G9@@"@":>H"J >" 9 :J9>OP
` :>" J @[:"> :I&: $ E# E ::\ :>@ J" "J"H @ ">H>H " J"
"RHJ:"!> @">LU 8 9 :J9>@ ;\
)(40(*(260),(0),2+0./(
'
` > "[!9 @" h'X h#X ": > ! @ 9HF M!H :Q>9 "!@ : J @[:">
: ""MHJ @[:"> :"! "
` @"F"" "F> 9K:H @" G! ! :>HE J H: J J OP : RH" !@9@ !
G?:HJ @"@:!H">L@@"@L"
(L :>""":H>N@ @"F":">"!> @">"F"M">E:>Q M[!9EMP
HGM:"!> G9:"!>">"IF" L!>":J": " H>HL>[!9">!U"! 9F
$,2,0,
,-7+,0,,8J"&9H G! :H> "!F"SIMH;
`v$ XFm>"!@V!9mL OP @sIMH@ ">LN@ \:!H>"!OP @
">LNOP 9 :FOP @ >" @"H:@@"
` , v %X F m>"!@V!9m "&J!P @ ">LN@ \ :!H>"!OP @
">LNOP 9 :FOP @ >" @"H:@@"
H!@ H:@ F "8 H,;G :"! RH""J"9G9OP EJ @""99H! F !@9"
J:>H
:g8X;&8X#;8X;&8X#;
,:g8X;&,8X#;8X;&8X#;
!@"
gX@"H:9 :J !"!>"@:>H
X#gXRH"J!J"!"#@ 9 :J !"!>"
,"g!@9"@"J>9@@"":>"@"RH@"N@ 9 :J !"!>"
(L " F " @" : " , : G ": :"! " @ RH" "J"9G9@ E X P 9">IF"E
9 9 !>I E @"F": " >"@ X @ 9 :J !"!>" J >"!@" M!H :"> "
!@9"JI>9 :H>!":"!>"
),0C+,2,0
)H>N" "! @")JF!@">:"!>"">V!9@
:>"RH!@ HL:">@ >IG"M
`)uX"&J!P vE X"+u%&'
`)u%X"&J!P vE X"+x%&'
`)uX"&J!P v'X
)(40(*(260),(0),2+0./(
'%
# )/( ( +* F :!H>"!OP @ RH@@" " @HL@@" @ :>" "
:H 9 :J >:"!> @ :>"RH!@ HL:">@ >IG"M
`"F"I"v X
(*2((2(++0+0,,-./(*)+
(260),
2Q> @ *IG9 @")H>UGH9 9"@:"!>
|@">":!"9HF:Q@@G&M!H :Q>9"J"9G9@
|MIG9 XJ@! @"!@8"9!";" @[:"> !L9
|!O"!:":"9E9HFM!H :Q>9@ :>"@J !F"
|>O"H:">:Q@
|H!":""&>":@@" J >@">:Q@
| !>""OZ" @ "> @" H!P 9 : "> 9 "J !@"!>" S @>LHOP
M!H :Q>9"J"9G9@G !"9":E": @"!@EJ J OZ"@ :>"
Q: @" >GN" G& "J"9G9@ 9HF M!H :Q>9 @ :>H >"I RH" >"!@" S
"OP @" G! H: @ 9 :J !"!>" >"!U: " , : RH" "J"9G9@ Q
!"9"I 99H ," @:>H
)(((+0)
./(
9 !>HOP !9" J" J"J @ HL"> E @"&!@ J>G : ! 9 !@OZ"
M" :Q>9 J"F> ! J T"> E TI 9 : 9 !G :OP G! @ JF:"!> E
L"@"9@
>:LQ: 9 !@OZ" @" 9 :J9>OP @"" HL"> J? J"J @" HL"> E !9"
:J >OP @ J L" ( 9 !G!:"!> >" @ :>" @ L" J 9 !>"
:>" > E@"F"!@ G :"":"!>@"MH!@ !U:"!> "!F":"!> @"
J T"> "> "G O U N !>"H>!>"@JM":@:IRH!E"G :
@"F"P ""9 @!G9""&>"!EJ J"RH"! >" 9 !F"!"!>":"!>""JO@
G :@"F"P "">@!>"@ J"OZ"@"9L:"!> "MHEGN":J >OP
@ :>"@L"":>"Q@"J >@ ":"H!G :"E"!@ ":"MH@@>LH@
": 9:@ H!G :"E !H: "J"H @" :>" > RH" J":> L>" "J"H J"F>
":J T"> EJ?9 :J9>OP ">J@"9 !>HOP P "MH!>"
J"J @ HL">
"!>:"!> "": OP @"G :
"9G9OP "JHF"NOP @ HL">
@>LHOP "9 9OP @ :>":J >@
:>H"H:"@"9:"!>
)(40(*(260),(0),2+0./(
'
:>"
|M!H :">@"F"">"9 !@OP =:!v="J"9G9@ "">"v =:I&E H"TE=:!v
="Jv=:I&
| 9 @" H,@"F"">"9 !@OP =:I&v="J"9G9@ E H"TE=:I&v="J
| 9 @"@"F"">"9 !@OP =:!u="J"9G9@ E H"TE=:!u="J
| )@"F"">"9 !@OP :!: u"J"9G9@ E H"TE:!u"J
$ (+0)( *(260),( 9 :J""!@" 9 !> " @ "J"HE 9 !> " @ MH @
J>G :"G"9U@"LH:"!> E!>"@"!99 !>HOP @9:@@"L"E@"F""
)(40(*(260),(0),2+0./(
'
J 9"@" !F":"!> @" J !> E H"TE ! "& E! L @ "$ J !> !>":"@I @
9:@ !>" ( !F":"!> @"F" " G"> 9 : "JO:"!> !M>H@! @" $ : !
:!: "F":>"!@" "MH!>"F "
MH@J>G :: H:"! 'E9:\
G"9U@"LH:"!> >Q$X":"&9" E":"> "G>\
"J"H F :Q@ !P @"F"":"! @ RH""J"H@"J T"> :"! '
9: " !P "I @:>@ !"!UH: F !@F@H @" "J"H G @ !>"F @" } $ 9: ":
"OP S"J"H@"J T">
(F,- /*
)
>">9
`J?J @ 9:> J9\G"!Y:"! @" :">" NOP 8J"9:"!> @>">
9 ":?&@ @"G" "H:! U@>@ ;\"&J!P xE$X
`J""!>"OP 9"RH?&@ 8B;:"! RH"$
;*!H :">
`M!H :">@"9 !>!H
` :>H 9 : 9J9@@" @" HJ >" @"RH@ ": L >? " @"":J"!U
>G>? ":9:J
L;>9@@"
`",""F@
` >">9 J"RH"!J"@@9J9@@"@"HJ >"J" 9 !>> J !M@ 9 :
IMH
9;RHF"!>""8;
`0)uX
` >">9 v' X
@;)">V!9@ *P
` MP RH" " GM:"!>: J? 9 !>HOP @ 9:@ @ JF:"!> E :
J""!>:9J9@@"@"HJ >"@"RH@ 89:J "L >? ;
)(40(*(260),(0),2+0./(
'
9 :J >:"!> L OP @ >IG"M Q :J >!>" H>N H: >" 9 !F"!"!>" @" 9:"!>
>!@:>H@ 9 : JHF"N@
(H> "RH> Q RH" :>HOP "T G"> 9 : >" ?>: @" H:@@"E J @HN!@ H:
:>HRH"E!>"@U@>OP @ 9:"!> EJ "@"F@:"!>"9 :J9>@E>!M!@
@"!@@""&M@"G :F"G9"RH"@ M":@:>H 9:"!> IMH@"F"IE
J>@"9 U@ E@">":! >" "?>: @ H> @ :>"9:"!> "IMH
G !"9"!@ E 9 !>H> E
)(40(*(260),(0),2+0./(
'#
e!@9d X@"9:"!> \
e M 9 :X@"M'$' X@"9:"!> \
e "&9"F:"!>"M !9 !F"!"!>"JL"@" 9:"!> E@"F@
J L":@"">OP
6!"9"I @9 !">FQ@">LNOP M!H :Q>9J"N:>H
9:"!>
G9OP *!H :Q>9@
e"@"MHU M #E%E::
e"@"MHU G! $E#E::
e":Q@E#$$E::
e"M E E#$::
e>"E E ::
eMxE ::
$0" @":"!>
@"9 @ 9 :RH@@"@ >" @"M@ \>" @">"\@"!@@":I&:\
FN \ 9J9@@" @" ">" IMH " @"
H> J J"@@" @
: @ G> " :
:J >!>" Q G!@@" @ 9 : 9:"!> E RH" J @" " H:"!>@ J" :>H ":
J"RH"! J J OP @" H> RH!>@@" "&> @ >" @" 9:"!> @"J"!@"I @"
"! @" L >? E "!@ RH" "&J"V!9 !@9 RH" >" @" 9:"!> @""TIF" F
"!>""' XJ F H:"@:>H@" 9:"!>
0" @"1MH
RH!>@@" @" IMH Q @">":!@ J" 2Q> @ 50( >!@@ " "I H>N@ !
U@>OP @ 9:"!> "JJ @HN@HL@@""">V!9(>" @"H:@@"@ ":
>>:"!> !P @"F""&9"@":@"$X@ >" ?>: @"9:"!> @:>H
&OP @ 0" "@":"!> 2Q> @ @"2>H
"9 U@J J OZ"@" "9:"!> ERH"@"F"P 9 !>>H:>H@" 9:"!> E
@"F"I " @" > : @ RH" :>H J""!>" 99>">9 @"RH@E RH!@
9 :J9>@ S H:@@" ?>: "9 U @ J J OZ" @" E 9:"!> " IMH Q G">
L"@ ": @F" >">" @" L >? 99>"NOP \ @"!@@" :I&: " >" @"
)(40(*(260),(0),2+0./(
'#'
MH'">":!OP @ J" J"!>""9 :I&: ":GH!OP @X@">"hM"@"
J"@"MHU G! h"M
)(40(*(260),(0),2+0./(
'#$
MH$">":!OP @ >" J FIF"@"9:"!> ":GH!OP @X@">"hM"@ J"
J"!>""9 :I&:
)(40(*(260),(0),2+0./(
'#
MH"G9OP @ >" @"9:"!> ":GH!OP @X@">"hM"@ F :Q@ @
">V!9S9 :J"P
0!G :OP @ >" @"9:"!> ":J" ":>" @"9:"!> ":F H:"
: ! JI>9 @ 9 !>HOP H" >" @" 9:"!> ": J" E J""!> H:
G?:HJ>!G : >" @"9:"!> ":J" ":>" @"9:"!> ":F H:"
!@"
Fg>" @"9:"!> ":F H:"
Jg>" @"9:"!> ":J"
9g@"!@@"J"!>":I&:@ 9:"!> 9 :J9>@
9g@"!@@"@ 9:"!> > g'#M@:p
!>HOP
9" :9 :H:2>H! 9
HF"NOP " @">":!OP @ H:@@" !>H :>" J"F:"!>" "9G9@ "I
JHF"N@ E>QRH"X@ E":J" "9 E9 :"&9HP @"J"@"J"@"MHU EJ"!
J"!"! #">QRH""H>" @"H:@@"!P "&9"@ >" ?>: @:>H 9:"!> (
JHF"N@ @"F">""MH!>"M!H :">
JHF"NOP Q L>@H>N!@ " "9G9@ @J> EM@"@"@9 E9H>F@ "@"
@"!>"G"&F""JHF:&"(>" @"H:@@"!GH!JHF"NOP "! 9 :J"RH"!
>" @"MERH!@ "9 > !":H> @H E@G9H>!@ JHF"NOP !>">!> ERH!@
H:"@"9@ EJHF"N"G9:"!>"
)(40(*(260),(0),2+0./(
'##
H> ! L @ E
"L 9@ J >> " 0":!@ " J"OP E J" @ E RH" ": F" :>" @
GH!@ JHJ"G9"(@ @"@9 9 !>>HH:M!@"H&!:>H@ 9:"!>
"G9"":>H">IH!G :"J"9 EL!@ "H9 >!F"@""JO ":
"JO E L"F!@ "H!G :@@"@"9 "!>"HJ"G9"" GH!@
F@OP @"IMHS:>H@ 9:"!> @9 !"IMH>Q9 :J">H:@@"?>:
@">":!@":L >? !U"9"!@ "H:@@"!>H@ 85!;JHF"N@ E!>"
@:>H@ 9:"!> E"@:>!@ "RH"E9 :@OP @"9:"!> ""FJ OP J F"!"!>"
@:>H"9EUTH:J"@@"$X
5o!g5!$X
:H:@@"?>:85 >;E@"!@@":I&:@" 9:"!> "9 8~;"@:>!@ "H:
J"@ J "FJ OP E @H!>" :>H K:@E @" 'E $XE >" @" IMH @9 ! S
:>H@ 9:"!> E9HT"J"H@"L""T8";E"I":> J :k
g':k&"&~&85 >h'E X;5o!
@OP @"F" " H!G :" " J ":J"M:" 9:!UZ"JJ RH" @>LH": IMH
J J"P E9 :H:F" 9@@"H!G :"E9JN@""MH@>LHOP @RH!>@@"@"
IMH@""T@J :k
9H"F" 9@@"8;E"::ERH""@"F"@ 9:!UP JRH"@>LH8;:k@"
IMHE9 !U"9"!@ "MH@L@"@>LHOP 8;"::"> "@"9M8
;":"
9J9@@"89;":> @ 9:!UP JJE>FQ@"MH!>"G?:H
g
8&;
9 !"U"@9 !IMH JHF"N@ E@"FQJ"E!>"@@OP @"9:"!> EJ
RH" H:@@" >!T F MH H J?&: @ H:@@" ?>:E J &:@:"!>"'E $X
)(40(*(260),(0),2+0./(
'#
L& @ >" ?>: E "@HN!@ "E :E RH!>@@" @" IMH @9 !E J 9!O
?>: E@"J @">"@ 9:"!> :>H@ JHF"N@
F2>H@ 9:"!> H:"@"9@ H"H:JHF:&" HM@"@"@9 EJ 9"@"!@ "S
:>HS:"@@RH"G @9 !!@ IMH
F :J9>OP !>"@"!99 :J9>OP E@"F""GN" 9 !> "@U : M"!"@@"
@ :>H @" 9:"!> " IMHE " F"G9 "J"H " 9 !G :OP @ >
9 :J9>OP ":J"M:" JQ@"9!" E " J!"H:I>9 E@"J"!@"!@
@ >J @" RH""@J !U
H!@ ">": L>!>"M "&M"" ":J"M J":!@ JQ@"9!" RH"
9 :J9> @" L& J 9: "MH 9 :J9>" J 9 :J"P E H 9 :J"P
9 :FLOP @"9:JL&
H!@ "@JZ"@" "! "J"@"MHU "
9 :@"G9V!9@"G! E":M"@J"!" ":J"M @ JQ@"9!" E@"F"!@ "
"!>P 9 :J9> 9 :J!"H:I>9 9 :J"P @ @":@"%LJ k:MH!
9 @" ":J"M:" FL>? E > :!@ " 9H@@ "J"9 J "F> G :OP
@" "9: HJ"G9 )"9 :"!@" RH" J"OZ"E @"@" :>H @ 9:"!> >Q
9 :J9>OP E ""N":!>"@ 9:"!> 9 :"OJ"ME H"TE! :I&: @"#U
0":!@ 9 :J9>OP E @"F"" F"G9 @"!@@" L>@E H>N!@ " J 9" @"
G9 @""E"9 :J9 :@ L >? 8! :!: X@@ L >? ;
F 9L:"!> HJ"G9"G!@"F"" "@"":J"!@E "&>:"!>"@"9 @ 9 :
J T"> E@"F"!@ "J> J[:!@J> L"HJ"G9"EJ 9H!@ "9 :>
">> @"MH@@""J"RH"! !@HOZ"(:>""H>!>"Q"!>P T M@ G
: MH! 9 E J @"" 9 :J"> 9L:"!> @ HJ"G9" J!@ " H: M@" @"
@"!>" HH:"9 F:">I9J J@E9HTGH!OP Q!UHJ"G9"@ 9:"!> E
@">H!@ :9@"&@J" J!"H:I>9 "J"[:!@J> E"MH!@ "
:": >":J H::"U MOP 9 : 9:"!> TI9 :J9>@ )"H>@"> J"OP
G :OP @"H:J"RH"!9:@@":>" > RH"@"F"":!>@E!>"@ M":
G!E9 :H:H:@@"H:J H9 9:@?>:E@"F"!@ "J>TH!>"IMHN"
"!>P 9 :J"P G!9 : J!"H:I>9 E"!@ RH"":MH!9 J @""J
@" @
FH> @ >"9U 9L@ @"F""J >"M@ @H!>" J" @ @"9H8@;E9 L!@
" :": 9 :H:9:@@">"@" 9:@""J"H H9:@@"9J:@"'9:
RH" "P :!>@ 9 !>!>":"!>" K:@ E H "!>P 9 : H: J!>H @" 9H>L9a 8G>
@H@ ; H9>P GH@ "9 L"> 9 :"
&"J J"&"9HOP @"! F >"9U
(+0)(2(
)(40(*(260),(0),2+0./(
'#%
$ !> "*" :Q>9
|>G :@:>""H:> "[!9@"}'9:9 :"OP SMH@J>G :
|"9U@"LH:"!> @:>"">Q$XE":"&9"
| "":J"!U !M>H@! @ HJ"G9" !P " @:>": G"9U : " RH" 'E 9:E RH!@
@">":!@9 :QMH@"E:
)(40(*(260),(0),2+0./(
'#
J @ ! E >":" H: H:"!> 9 !@"IF" @ F H:" @" >IG"M E "
9 !"R_"!>":"!>" 9 " H: 9"9:"!> @ 9M >!J >@ J @ F : E
JF:"!> >V:"@">" @ EJ !> @"!P >"!@""&MV!9RH!> S"MH!O"
9 !G > @ HHI !@ " 9 "J !@" "&J"9>>F @ HHI E @" G : :
"9 !Y:9 " IJ@E >":" "&"9H>@ >>:"!> HJ"G9 J 9 M HJ"G9" @
JF:"!> ,!9:"!>"E >>:"!> ": H>N@ J"! J G& J?E :"U !@
)(40(*(260),(0),2+0./(
'#
9 !@OZ" @" FL@@" " 9 !G > "F@ S F!>M"! G""9@ J" J""!O "T @
M!>"E "T @ M"M@ E >>:"!> >V: >:LQ: G!@@" @" "THF"!"9:"!> E @"
:J":"LNOP E@"J >"OP E@":"U @9 !@OZ"@" :"!> H@9 !@OZ"@"
>> ( >>:"!> HJ"G9 @" J"!">OP @"> H !F">@ 9 !>": ! "JU:"!>
H9"F @"9:@@"M!>""M"M@ L"L"@"H:JF:"!> "J"!@"!@ @
!K:" @" 9:@ P 9U:@ @" :J"E @HJ H >J @:"!P @ M"M@ @
"MH!@ " >"9" 9:@ @"F": " :"! " RH"
"!> :"!>
>>:"!> G"> J J"!">OP @"> ":HZ" @" HJ>H IJ@ P :
H>N@ J"!">OP !F">@ Q H>N@ @" > J"!">OP ( @"":J"!U @ 0
@"J"!@"@RH@@"@ :>"":J"M@ "": >F E>!> :>"L">H:! E
RH!> M"M@ :!" @"F": >"!@" MH: "&MV!9 J J"@@" " ?M9 @
M!>" @"F": J":> H: J9OP H!G :"\ "!F F:"!> @"RH@ @ M"M@ \
">"!OP @ M"M@ @H!>"F@K>@ "F">:"!> J!9JRH@@"@ M"M@
!"9"I J 0 P M@HOP ">">\ G : J Q@9E !>":"@I "!>" "GQ9 "
9KL9\L& >" @"G! \>">V!9:"9[!9">">V!9 !>":J":
` 0)02+0(
),, ,2 80; 0 @" J"!">OP !F">@ Q H: "F">:"!>
9 !>>H@ @" :>" L">H:! " M"M@ :!"E ! RH
H!G :":"!>" L"
M"M@ Q 9 9@
'#
*":"!>"E M!>"H>N@ ": 0 P " ":HZ" 9>Y!9 ))' " ))$ (
E J" @" J J 9 ! H: >":J @" F@ ": "FO @ "F">:"!> : @ RH"
":HZ" GI>9E J""!>: MH: ">OZ" ! H J9OP E "!@ :"! H>N@
":HZ" GI>9 9>Y!9
'
*@HOP
( 0 9 !F"!9 ! Q H: m:>H ">I>9mE 9 : 9 L">H :"!>" J9 @ J>9H @
M"M@ J H: J"9H @" "J"H H!G :" @" M!>" >!> E RH!> : ">">
M@HOP @ M"M@ >!> :"U "I RH@@" @ >>:"!> : M"M@ mL":m
M@H@ 8M@HOP 9 !>!H; UI H: 9"> "!F F:"!> U">" MV!" @ J>9HE
J @"!@ "9U"MSHV!9> >@"9 L">H@"MH!MP E@:!H!@ ":@"P
M L : M"M@ @" H: ? >:!U J9@ ! >& 9 ">E UI H: @"P :
H!G :" "E J >!> E : m">L@@"m @ 9 !TH!> ( J L": @ G> @" @"P @
M"M@ SJ>""!>"J>9H!@F@H!GH"!9!"@HOP @F@K>@ 0EQ:
@" "J""!> H: J"M F"9H @"F@ S J T"OP @ J"@ "T">@ " J"M
H:"!>@"9 @ 9 : >:!U : @ M"M@ "9 :: F" 9@@"@ F"9H
>H:" @"! :! M"M@ @" >:!U K!9 J" @[:"> ! :! :!: "
:I&: E@E9 :H:!@9OP @> "[!9RH!> SGOZ":"! RH"m@m": RH"
mm
0:!U @ M"M@
(>:!U ! :!@ M"M@ @"F":" "9 U@ ":GH!OP @ >IG"M "@!>H"N
@ HJ"G9" >>
H!> : J"@ " !>"! >[!> E : "I >:!U @
M"M@ "RH!> :@H HL>> E:"! "I >:!U ">L@@"@"RH@Q
"9 :"!@@ H:9"> MHU:"!> @ M"M@ ! HL>> !>"@""!9 0
H!>
: >:!U @ MP E: "I>:LQ: H@ M"@ ! F"9H ": @"M>"@
J!"HE Q: @ : @G9H@@" ": " "MH M"M@ J" M!>"E " J >!> E :
9 @" "T"OP 9 !>I E 9 : M"M@ J"RH"! @:!H" > "[!9 ": "OP S
>& ?>: @" J9OP @" M!>"E " Q : MHU:"!> ">F ! HL>> " J >!> E
H:"!> 9 @""&H@OP @ M!>" H@"J"@@"M"M@ (>:!U ! :!@
M"M@ F: @" #E " 'E' ::E 9 !G :" 9 !@OZ" "J"9G9 @ L J 0
>>:"!> :K>J E >:!U ">F @ M"M@ E ! FI 9:@ @"F" " "9 U@
@"H:>:!"RH" >:!U ! :!@ M"M@ ":9@9:@"T:">@"@
9 "J !@"!>">:!U !9:@!G"
:">"&>H
)(40(*(260),(0),2+0./(
' '
)(40(*(260),(0),2+0./(
' $
LF @" >IG"M L" H: : > @ m>>:"!> m " "N@ " @">":!"
9 "G9"!>"@">> J?@"M>"
F)">V!9 !>":J":
+": ":J" H: L ">V!9 :"9[!9 "J""!> H: ">V!9 @"RH@
!>":J": : 9 : E H: L ">V!9 8m!@@"m; 9 !> @"9 :J OP G9
RH:9!P M!G9RH""&>"H:>">V!9SGM:"!>OP " @"M>" L
@": :J >[!9E"9 :"!@"9 :J":"!> "! @"">V!9:"9[!9J H:
"! @ >J m@HL@@"m8+)02%#;
F@"F@@""@"P M"M@ M!>"
( J"9> : :J >!>" 9 !@" ! @"F@@" " ! @"P @ 9 !TH!>
M"M@ M!>" P G9@@" @ "!F F:"!> @ M"M@ J" M!>"\ ">V!9
J >" 9 !> @" 9:"!> @ M!>" J" OP @ >IG"M " @ IMH\ RH@@" @
@"P L>@@ 9 !TH!> HV!9@""&9" @":JH"N 8J? HM;! M"M@ Q
GH!@:"!>J" L>"H:@"F@@">G>?9 :RHRH">J @"M!>":9
@" @"F@@" @"G9"!>" @ E :": 9 : M"M@ :J E UI !"9"@@" @ ":J"M
@" :"U @ " @" @"F@@" 8m@ J"m;E M":"!>" @9 !@ M!>" !>" @
"JU:"!> (H> :Q> @ H@ JGF "9"@"F@@"E9 !>"! JQ"!F F:"!>
@ M"M@ J H: J"9H G! @" :>" L">H:! 9 :H:E RH" "!" H ?" @""
>>Q9!9!P @"F""H>N@RH!@ M!>"Q":HP
$
,2+0(
+ "&"9HOP @ 0 Q :H> :J >!>" RH" "RHJ:"!> ">"T: ": L 9 !@OZ" @"
GH!9 !:"!> E @"F"!@ UF" H: L !9 !NOP "!>" "RHJ:"!> LI9 " H:
J"RH"! "JO:"!> "!>"""
JM@ @"M!>"
( "JM@ @" M!>" Q "RHJ:"!> J!9J J "&"9HOP @ 0 !>" ": H:
9:!UP >!RH" "RHJ@ 9 : L "JM@ " 9!"> @>LH@ E L :L "MH@
@" J"P E >9Y:"> E >":Y:"> ">9 ( "JM@ @" M!>" F @" 9 @ 9 :
: @@@"@"@"9M@ M!>"J"L@"@>LHOP EJ @"!@ "
e9 :@"9M9 !>!>"J L :L@"@" 9:"!> J >F 8L :L@ @ ; !@"> @
RH!>@@"@"M!>"EJ!@ J"L :LEQ@>LH@!J>\
e9 :J"P 9 !>!>"J L :L HJ 9 :J:@
(:H@ Q @"@"9M9 !>!>"E9 :L9 !O!@ M!>"":G :@""RH"EH:
J"P :Q@E "!@ : @"RH@ J > @ >J @" M!>" 6 9 !"UIF" RH"
@"9M @ M!>" " "JU@ "T !GH"!9@ J" F" 9@@" @ 9 @>LH@ "
J"FOZ"@ 9 :J:"!> @
)(40(*(260),(0),2+0./(
'
L"JM@ " 9 !>M " >9Y:"> @"F":"9 9@ @ @ "E"J F"E
:H>!"
:"!>"F>@ : > >"@ J"@ RH"9 !> @"9M@ M!>"
L"9H H> : > "J>!J >"@ M"M@
:M!@"I"@"9"M:"!> P H>N@ > @ >J @""RHJ:"!> @"9M"":
J"RH"!
I"P H>N@ "RHJ:"!> @"9O:L HJI:"9[!9@"9"M@ "G !>
9I9
9>LH@ :"9[!9 @"M"M@ :!"
( @>LH@ @" M"M@ @"F" "JU :>" ! >& "&>E 9 !G :" J T"> E 9 :
H:H!G :
@@"9">IF"! "!>@ >!F"" !M>H@!E"!P @"F"J>! L" :>""9Q:
@>LH@
(>V>J @""RHJ:"!> P
eJ >I>: !>@ !>"@ 9:!UP L9H!>"RH"E"@" 9"::9USQ\
e"L 9IF"":JH@ J" 9:!UP L9H!>"ERH""@" 9"::9USQ\
eH> J JH @" 9""::9UF!>"""L 9 9:!UP L9H!>""::9US
Q
( >J J >I> >": F!>M": @" 9@ 9:!UP " "RHJ@ 9 :
G""9"
"!@:"!> ">F:"!>" > E L :! LL@@"E FP G !> J J"@ E J"RH"!
>H @" RH"@ @ M"M@ "E ": MH! : @" E @J >F RH" "MH J9OP @
J>9H:MK@!>"@:K@E":9@9:@@"J9OP
@ :J9>@
(9 :J9>@ ":H@ P @"J!"H" @"9!@ @"O ( @"
J!"HQ:H> "G9"!>"RH!@ M"M@ !P J H>">V!9:"9[!9 HRH!@
HJ"G9" "9"L" >>:"!> J""!> J"RH"! "MH@@" "F" " @ >@ @"
@J >F RH"J":>9LM":@J"P @ J!"H( >!@":ERH!@ H@ ":
)(40(*(260),(0),2+0./(
' #
9 !TH!> 9 :
@" J!"HE J""!> "H>@ >G>? !>">!> E @"F"" > :
9H@@ H J"@ E J ">" ":M :H> J>9HE 9!@ 9 !
HJ"G9" ( @" 9!@ @" O "F">@ J H: 9J @" L 9U J""!>
MH: F!>M"! : @"!:"!> E "@HOP @ GM:"!>OP @" J>9HE F" 9@@"
">F:"!>">8>Q'$a:U;""@HOP @">Q X@ !K:" @"J@
)(40(
( LT">F @ J T"> JH:0Q@"RHOP @ >J @">>:"!> "@ :>""":
H@ E L": 9 : @ M"! @">"E @" 9 @ 9 : 9 !@OZ" @ "J"9>F L ( 0
J @" " "&"9H>@ L" J>9:"!>" RHRH" >J @" JF:"!> RH" !P >"!U
"MH@@" M!G9>F " RH" !P J""!>" ! @" @"G"> ">H>H "F">:"!>
L">H:! "&>"!>"89 !"FOP ;EL"M!HEL"@" ">LN@ EJ9@"9 !9">
HJ""JJ"@ *":"!>"ERH!@ ">>@""F">:"!> @"H:JF:"!> ! F EGN"
H: 0 H 00E "!@ J:" 9:@ H: "G O @ HJ"G9" @ L" 89 : H: 9">
J"!">OP @">E J" :"! ! 9 @" L" M!H; : 9 @" 9 !"FOP @" H:
JF:"!> "&>"!>"EJ @""HH:0E@"@"RH"HJ"G9""T@">"&>HH!G :"(0Q
: "9 !Y:9 @" "&"9HOP !>">!> E
9 :J":"!> @ G&OP > > @ M"M@ 8J"@9 ; @ K>: 9:@E RH Q "T">@
!H:MH!9">IF"! J:" @J?L">H >IG"M
J"H@ >>:"!> HJ"G9
"J"H Q @"J"N@ ! :Q> @ @ +) @" @:"! !:"!> @" JF:"!> G"&F" 6
9 :H: ":J"M @" "J"H "&M"@ @ @": @" $E #E 9: J " L>"
"MH!>" J J"@@" !F":"!> @ "MH@@" @ HJ"G9" @ HL>> E 9"> F
">H>H@9:@E: ">V!9 @"M>"": :J":"L@@"(H> G> QRH"
! ' 9:@E 9 >H:" H M"M@ :H> MK@ 8' H :; " H H: @ M":
)(40(*(260),(0),2+0./(
'
J &:@:"!>"E#X@ >" @"FN ! ">@ > E:": RH"">">" !P "T@" X
9 : H:@ J 5! !J"@"5! !"9 :"!@RH" L">H:"J""!9U@" %X
@ FN ! M"M@ 9 ! @@ E F!@ 9 : !>"!@@" @ >IG"M 8RH!> :
!>"! " J"@ E :"! >" @" M!>";E "9 :"!@" RH" !>"F "T @" X "
"9 :"!@" RH" >" @" M!>" F" @" EX %X ": J" " @" E '%X ": F H:"E
"!RH!> >" @"FN @"Q@"E'X
M":@ M"M@
( :Q> @ : J"9 " 9 ! P 9U:@ @"> @ M": @"> @ M"M@
9 !>" ": " "JU
H!G :"E ": GU H HJ"J OZ"E :"@!@ " RH!>@@" 8J" ; @" M"M@ H>N@
J :k@"HJ"G9""9 L"> !U"9@@"!@@"J"!>"@ M"M@ EJ @""99H
>& ": :k @ M": J" :Q> @ @"> E "9 :"!@" ":J"M @" H: 9&
@ @ (J 9"@:"!> @@ M":Q:J"J?9 9OP @ M"M@ G :!@
H:: 9 E"F!>"9&>QJ OP F">9E"V"@">:"!>">&@"M"M@ E
)(40(*(260),(0),2+0./(
' %
": :kE J" M@HOP :9@ ! >:J >!J"!>" @ 9& :": 9& J @" "
H@>:LQ:! 9 !> "@ "JU:"!> !J>
:M!@"F!>M":@ :Q> @ EQ:
@HJ@"NEQRH"G :@ M"M@ ":!G">@">:"!>"! "H>@ E@J"!!@
":9 "OZ"J >" "@ M":@ M"M@ H!@ J[:"> 22g:Q@
@:"! @:"!P E99H">&@"M"M@ E8:k;E9 : "MH"
!@"
22g:Q@@:"! @:"!P E":::\
gNP @"FN ! M"M@ > \
2Mg:"J"9G9"G">F@ MP E":M9:p\
2g:"J"9G9J"!>"@ M"M@ > E":M9:p8gaM;
69 !@"@ >" @"FN ! ">@ 9 ! @@ @ M"M@ MH#X@ >" @"FN
! ">@ > ( J[:"> 22 J @" " @">":!@ J" 9HF M!H :Q>9 " J"
!@9"@":"@@"@ M"M@ 8 HJ" JRH:"> ;
M":@ M!>"
(:Q> @ @"@ M":"9 :"!@@ J" !M"!U" 4 U!!""!9 !@"RH"
e:>"L">H:! @"F"J""!9U"@" X@ FN @ M"M@ 9 ! @@ \
e0 H00@>LHOP @>&@"M!>"!9:@!@F@H@"F">"!@"S
|2Q> @ @"5! !
( F H:" @" FN Q MH $X " F H:" @" L">H:" @"F" " @" X @ F H:" @"
FN E H"TEFgE$&22\gE&22"g8E E;&F
>N"gE%%&E$&22g
E'&22E !@"
Fg"J"H@"FN \
g"J"H":9 :J9>OP \
g"J"H@"M!>"\
22g:Q@@:"! @:"!P \
g
)(40(*(260),(0),2+0./(
'
|2Q> @ @"0M"
)"M E H"T
#)(((+0)
0,(
"&"9HOP @ 0 @"F" " "N@ @" G : RH" UT H: J"G"> "!> :"!> "!>"
L>"9:"!>
@"
:>"E
"RHJ:"!>
"
:P @" L
@J !F"E
9 !@OZ"
:">" ?M9J FIF"EJN @""&"9HOP E9 !> ">"9! ?M9 "@">IG"M @H!>""J?
"&"9HOP "F@ SJ J"@@"@ M!>"ERH"J? "JU:"!> E>!M">":J">H
@HJ"G9">>@!H:>":J 9H> 8@"'$:!H> ;E"9 !@"!@ RH"E! 9 @ H @"
":HP EHJ>H@">"@I>:LQ:J@:"!>"EQ@"H::J >[!9"J"9RH" >V
"RHJ:"!> J!9JE
H "TE
H J "> RH"
)"9 :"!@" J >"OP @ J" " "F"!>H @J >F @" @"!M": HJ"G9 8MHE
T">E >:J @" 9& @" !J"OP E M"U @" L 9@" L E
'
LT">F J : F"
'
H :! LL@@" @
"JU:"!> @ :>"E
)(40(*(260),(0),2+0./(
'%
:>OP @ F" 9@@" @ F"9H RH" JP L" >>:"!> "9Q:"&"9H>@
F" 9@@"@"F"":!>@H::I&: @"# a:U
a:J"NG!
J?G&OP G!@ M"M@ J" >IG"M 8J" @ @"@;E @"F""": F"> @
:>" >
(+0)(0+(D*,(=
./(
2>"
RH@@"@:>QJ:8M!>"EM"M@ E@ J";J9@! >>:"!> HJ"G9@"F"
"9 !> @ J "! J@ !N@ 6:J >!>"F"G9OP @9 !>V!9@ M!>""
@M!H :">"JH"N@ M"M@
0&@"M!>"
>&:Q@@"M!>""JU@ J @""F"G9@ J H:QMHM@H@RH"!@RH"
F H:" @" M!>" ! >!RH" @ "JM@ 9 ">" !P >"!U H: :"@@ "&>"! N"
">H! !9 "! G:@"H:>"9U @"@">":!@I"(:"&> Q"NJ"M":
@ "JM@ !>""@"J @@"9M+:"@OP @I">>@E@"F""9 !@"
>&:"! "@"M!>"!"&>":@@"@L
:9 !> ":J >!>"QF"G9OP m!
>Hm @ H!G :@@" @ M!>" *":"!>" "N" H: >">" 9 : L!@"T :">I9
9 9@":J !> "9 U@ "> :"!>"!J>E M !>"@JM":@ "JM@
0&@"M"M@
>&:Q@@"M"M@ "JU@ J @""F"G9@J"@">":!OP @I"@"J>
"9 L">J" F H:" HJ" 9 !U"9@ @ @"9"M:"!> E! @>LH@ E@"H:9:!UP
L9H!>" HJ"m9&@ @ m6!"9"I9 9OP E! 9@ "! E@"H:G U
@"JJ" L" M!>""9Q:"JU@ E!>"@JM":@ @>LH@ @"M"M@
220
2,+((
(:9@:"L">H:! 9 !>"!@>LHOP H!G :"@"H:M"M@ MK@ L"H:
L"J"F:"!>"9 !>H@RH"E@"J @"9 !F"!"!>":"!>"9 :J9>@9 : J"@ E
"9"L" H: J9OP @" :>" L">H:! : "MH@E @>LH" M"M@ :Q@ E
9 :J:!@ "9 : 9 :J9>@ EJ"MH@>LH"! FRH!>@@"@":>"
L">H:! "MH"" J9OP @" M"M@ :K@ " H: ! F 9 :J"P : "MH@E
H: >"9" J9OP @" :>" L">H:! " 9 L">H @ M"M@ G! E G"9U!@ "
HJ"G9"8:J":"LN!@ ;
'20),,
M"M@
(+)"9 :"!@"MH!>"M!H :">
)(40(*(260),(0),2+0./(
'%'
P G">"MH!>""9 :"!@OZ"
eJ"9 U@ :>"L">H:! @"F"""F":9 !>J @@"E>"&>HHJ"G9
":!" M@ M"M@ EL":9 : 9 !@OZ"9:I>9\
eG&,,H>N@!$J9OP @"M"M@ E!@"J"!@"!>"@"J"H@9:@\
eG&,,H>N@J9J"!>"ERH!@ ">G !"9"I\
e"!@ :9@:"L">H:! ":J"M@ 9 : "F">:"!> E@"F"""&"9H>H:9J
"!>"E9 !>>H@@"0\
e "!@ H>N@ 9 : L"E @"F":" ":J"M F " :"! " @ >& @" :>"
L">H:! "!P "GN9J"!>"\
e RH!>@@" @" :>" L">H:! " M"M@ "": @>LH@ @"J"!@": @
"J"H@9:@"P !@9@"MH
'J9OP @"M"M@ ":>"L">H:!
$J9OP @"M"M@ ":>"L">H:! M"M@ ,,
)(40(*(260),(0),2+0./(
'%$
J"!>"
M"M@ ,,!RH!>@@"F!@ @" aM:k
L2>"">H:!
P H>N@":HZ"@"HJ>HIJ@ H@">J"!">OP
$
,2+0(
>LH@ @"M"M@
L :J9>@
)"9 :"!@" ":J"M @"H: 9 :J9>@ H> J JH @" @E9 :J" :!:
@" #aM9:@"MHE H FL>? H @"J!"HH> J JH RH">"!UH:MH
> >@"9 :J9>OP !P !G" 'E :"H:J"P @"9 !>> ! :!: @"#J k
9JM@ @"M!>"
260(((+0)
./(
JU:"!> @ M"M@ MK@
L"H:L"J"F:"!>"J"J@""!>@":>" > E"JU"H!G :":"!>"
M"M@ MK@ E!H:"J"H>RH"ERH!@ 9 :J9>@ EF"!UG99 :"J"H
@""T@ " "JU:"!> @"F" " G"> >FQ @" H: @>LH@ @" M"M@ H J H:
J 9" :!H@"RH@ RH!>@@"@":>"@"J"!@"@"J"H@9:@
L :J9>OP
J?
)(40(*(260),(0),2+0./(
'%
"JU"I M"M@ :Q@ E ":J"M!@ " @>LH@ @" M"M@ H H: J 9"
:!H@"RH@ E":RH!>@@"HG9"!>"JJ""!9U" FN @ M"M@ MK@ "
:J"@RH" :>"L">H:! F"!U@"S @@ 9 :J9>@
""MH!@9 :J9>OP
!9H@
'%#
H> 9 : E :E 9 9@ ": [!MH "> " J":"!>" "& @ ">@E
H @"!>"MIF"E :
H :>"
L2>"">H:!
P H>N@":HZ"@"HJ>HIJ@ H@">J"!">OP
)(40(*(260),(0),2+0./(
'%
'%%
"JU:"!> "
,20),,
M"M@
M"M@ MK@ Q RH"G9">@ !J"!"'EJ @"!@ "9 !>>H@ @"J"@L>@E
"9? L>@ H J"@"MHU "F": " :J E @" RH@@" H!G :"E @H E F" @" "&9"
@" J? H J>9H 9U> " !M@ X @" @"M>" !M"" @"F" " x X "F"
J""!>L @"F@@""!P @"F"J""!>J"@HJ" '$XRH!@ HL:">@
"! @"@HL@@"9 :HG> @"?@ E": 99 (!@9"@"G :@"F""HJ"
E J 9"!>M":@"J>9H@"G">H J @""E! :I&: E$X
M"M@ G! Q RH" J ! J"!" ' " G9 ">@ ! J"!" $E J @"!@ "
9 !>>H@ @" "E J"@ L>@ H :>H @" :L "F" " @H E :J E F" @" M "
:>Q">!U"F">"H:MH H: RH" X
"Q@"G!@ 9 : :>"RH"J!$E9 !>>H@ @"J?@"9 H9:"!>
HGH!OP Q"!9U" FN @:>H@ M"M@ MK@ 9 : G! E> !!@ :">IF"
9 !TH!> E > QE J>" !">" @
,!GH ! X ?>: @" L">H:" " > !
:
">IF"M!H :">@ G"Q:":@":J"M@!"G>
"J"9G9OZ""9 :"!@@JM!H :">@:>H@ M"M@ 8MK@ EG! "
G";Q@
)(40(*(260),(0),2+0./(
'%
50(
"!:"!>"M@H@ 0J M"M@ MK@
"!:"!>"M@H@ 0J M"M@ G!
,,(*2((+)0(0
2,+((
J"@@"GH!@:"!>@:>H@"9 !9"> L">H:!
HL@@"">V!9S@">" OP H@"!>"MOP J"OP @ >":J H@ >IG"M
!@"" >G>? @HL@@" @" H: 9 !9"> L">H:! RH!@ ">" J" :"!
@H!>" ' $ ! @" "FO H : "J"!@" @ >J @" M"M@ 8@H " ">"!>";E @
>" @" L">H:" 8">F:"!>" ""F@ ;E @" H: 9 :J9>OP IJ@ >Q " 9!O@
@"!@@"G!"@"H:>" @"FN @""!>" X
)">V!9 @"N:"!> J " L>" H: L ">V!9 @"N:"!> E >" @"
L">H:"@9:@@"@"M>"ERH"">IHT">@">:"!>" >IG"M E@"F"">RH"!P
UT J L@@" @" G :"!>
'%
"&L@@"
@"F" >" : G"&L@@" RH!@ L" !P G G:"E " :"! !
9 @" L" G:" " ">"!>"E "F>!@ " :E J L": @" G@M L OP @" G"&Z"
"J">@
F >L@@" Q @"G!@ 9 : J J"@@" @
": "> > @ @" 9:"!>
J":!"!>" LOP @9M:J >J" >IG"M
L!9J GH!@:"!>@@ M":@"H:9 !9"> L">H:!
0" @"FN @:>H9 :J9>@"JO FN "&>"!>""!>"J>9HRH"">P ":
9 !>> H: 9 : H> ( >" @" FN @ :>H Q "&J" ": X @ F H:" > > @
:>H9 :J9>@"@"F"F"!>"" XJ9:@@"@"M>"8"F">:"!> ;"@"
XJ9:@@"MOP EJ?9 :J9>OP (F :!: "MH9 !@OP
@"!P UF"GHV!9@ L">H:"E@"F@ S"&J!P "H>!>"@ H:"!> @">":J">H
H> @ E!"9"@@"@"G& F :I&: "H>@ G> @"RH"H:F M!@"@"
>" @" FN J @" "H> !H: IJ@ "!@H"9:"!> " &@OP @ L">H:"E " 9 !"R_"!>"
@">" OP E RH!@ :>H ">F" "&J > S 9 !@OZ" :L"!>" @" >":J " H E
9H!@ H:@"!>"MOP @ L">H:"
*H @" 9 :J9>OP H: :>H @" 9 !9"> L">H:! J""!> ]L ^ ">V!9
RH!@ 9 :J9>@ 9 !F"!"!>":"!>"E > QE J RH"
!"9"I RH" "T L": 9 :J9>@ ( H:"!> @ "!"M @" 9 :J9>OP >N 9 :
9 !"R_V!9J &:OP @J>9HE"@HN!@ F H:"@"FN @""H:"!>!@
J" "J"9G9 E>FQ@@:!HOP @"F H:"@:>H
:9 :J9>OP "F"GN9 :
RH":>HGRH"9 :H:>" ""F@ @"FN @""J"RH"! J" "J"9G9 E"G">!@
! @HL@@" " ">L@@" @ :>H + 9:J E 9 :J9>OP Q L>@ H>N!@ "
"RHJ:"!> J?J E9 : " @"J!"HE>QRH"">!T MH@"9 :J9>OP
"&M@ J""J"9G9OZ"(MH@"9 :J9>OP Q L>@ J 9 :JOP @@"!@@"
@"9:J 9 :@"L >?
0J " RH@@" @ :>" M"M@ @"F": J""!> MH: 99>">9
:J >!>"
e :J"N J>9H @" M"M@ MK@ " G! @"F": "> :JE ": M H H>
:>"@"">Q E"F>!@ ">:LQ:E ":J"M @ :>"G! HJ?:!"RH"9 !>"!U
M"F"""N "! @"" F "9 :"!@@ QRH""T: RH" X8,!>>H>
@ G> ;
e">V!9E@H"N" @"N M"M@ H>N@ @"F":"@H "">"!>"E@": @ RH"
J : HJ > HJ>H H @"M@OP J" OP @ "RHJ:"!> @" 9 :J9>OP "E
J >" :"!>"EJ"OP @ >IG"M "@ 9:(J9:@@"@"M>"@"F""x
#X"J9:@@"L!@"x XJ"@:I&: L>@J" "! @"@HL@@"J"
OP @ HG> @"?@ E M J? 99 E@"F""@"'$X
)(40(*(260),(0),2+0./(
'%
">L@@"E @"F"!@ " @">":!@ J !I" K:@ :>H @ M"M@ MK@ "
G! @"F" " > RH" J""!>" H: 9HF J?&: @ 9HF >"?9 @" 0L >E 9 :
9 !9F@@"J9:
H!> >:!U :I&: ! :!@J>9HE! 9 @"9:@
@" @"M>" @"F" " :"! RH" '$mE J 9:@ @" L" H !F":"!> E @"F""
":J"M>:!U ! :!: E"!@ :J >!>"XRH"J!J"!"$
e @"!@@" Q "9 :"!@@ RH" " GO M!H :"> J J" " J J OZ" J J" E
J :>H @ M"M@ E @"F"!@ " TH> ": 9 "J !@V!9 X "RHF"!>"
"RH"@ J F H:" ":J" RH"
@"!@@":@"E$X
9>JJ@ M":@ 9 !9"> L">H:!
"9 U@ M"M@ "@ :>"L">H:!
@">":!OP @X@"M"M@ M "G! >GN"!@ "J"9G9OZ"9 :"OP
>" @"FN @ M"M@ :!"E >" @"FN @:>H9 :J9>@8FN @";"
M!H :">
@">":!OP @ >" ?>: @"L">H:"
F 9 :JOP @ :>H "9 U@ 9 : "&MV!9 @ "J"9G9OZ" 9 : "OP
FN @"EFN @ M"M@ :!"82;EM!H :">"">L@@"
,,,260(((+0)
./(
"J @:>H
"9M":ERH"9:"!> "J"!":"!> @ M"M@
9LM":@H!@"9 !>!H8 HJ" ;"9 !>!H
)(40(*(260),(0),2+0./(
'
9 :J9>OP
: H! 9 !>!H Q "RH":>9:"!>" ":"U!>" S H! @"9 !>!HE !P >"!@ J Q:
@"J"M":
)(40(*(260),(0),2+0./(
''
'$),0(
+0
6 J @H> "H>!>"@:>HRH"!>"E":H!J J@E@"M"M@ :K@ "9:"!>
GI>9 E 9 : J""!O H !P @" :>" @" "!9U:"!> 8G";E RH" @"F" " "JU@ "
9 :J:@ RH"!>"6! ::"!>"H>N@9 : "F">:"!> @" H:JF:"!> EJ @"!@ E
": MH! 9 " H>N@ 9 : 9:@ @" "MHNOP H !F":"!> "G> Q
:!@9@J @ F9 :L& F H:"@">IG"M E"J""!>H:@"M>"9"!>H@
6 H>N@ J!9J:"!>" ": 9 !@" L>"!OP @" M"M@ MK@ "T !"
"J"H@"9@9:@EJ?9 :J"P E!P @"F"H>J 9:
,20),,
M"M@
M"M@ :K@ Q 9 !>>H@ @" "E J? @" J"@ H :>H @" :L E @"F"!@
J""!> J>9H !@F@H @HE ">"!>"E : @"@ !MH @@"E "> F" @" > Z"
@"M"HL>[!9@"">Q H! 9FEL @"F@@"""RHF"!>""MH H:
RH" XM!H :">@"@"F">"!@""MH!>""&MV!9
2>" @" "!9U:"!> 8G"; Q 9 !>>H@ @" :>" :!" 89:"!> >!@E J?
99I E9U@>@;!P JI>9 "!">"":"OP @":9 :J !"!>"@:>HE
@"F"!@ "G!:"!>"@F@@ "J""!>"MH!>"M!H :">
2>H:>H@ M"M@ :K@ "G"@"F">GN""MH!>"M!H :">
)(40(*(260),(0),2+0./(
'$
L2>"">H:!
"F": " H>N@ 9:"!> GI>9 @" J">?" @ >J $ " E L": 9 :
# E %" '
,,)(40(2,0
)
6 :J >!>" @ M": @ :>" L">H:! E J G> H
J L": ( "&9" @" M!>" J @" 9"> @"G :OZ" @ "F">:"!> E RH!@ HT">
>IG"M E " G> H !HG9V!9 J @" >N" 9 : 9 !"R_V!9 H: "F">:"!> J H9
@HIF"EJ":"IF"EHT"> GHOP "":">V!9 @"M>"HJ"G9:>H"
G> E @"F@ S H M!@" HJ"G9" "J"9G9 "&M" H: ""F@ >" @" M!>"
@ M": ":J"M" :Q> @ 2U H :Q> @ 5HLL@ "@E F"G9!@ " 9 : ""
:Q> @ 9 !@OZ"@"FN "@"">L@@"@:>HL">H:! "MH!@ +)>":
" "MH!>"F "
,,,260(((+0)
./(
2>H":H!J J@
LJU:"!> 9 :FL 9L@ H: > !F"@
9 :J9>OP
,(+0)(
!> ">"9! ?M9
!> "@RH@@"@ :>"L">H:!
eJ> @ 9"M:"!> @"F""GN"H:"! @"F9 @@"dL >H "H:"! @"
"JH:\
eJ9@'> !@":>"L">H:! @"F""GN"H:"! @"J !> @"GHM \
eJ9@ > !@":>"L">H:! @"F""GN"H:"! @"J !> @"G"GG"
)(40(*(260),(0),2+0./(
'
>N!@ " : > 9 ">@ J 9 !> " @ RH@@" @ M"M@ E "N"
"! @"M!H :">@ M"M@ E@"F"!@ 9HFM!H :Q>9"9 !>!H
F !> "@">":J">H
"F""GN" :!: @"#:"@@J @@ "MH!>""":"!>
e@ M"M@ E! RH"!>"\
e@ :>"L">H:! E!H!\
eJ?:>HE!@@ :>H@ \
e!J>EJ 9P @ "JU:"!> @:>H"! !9 @9 :J"P \
e! 9:!UP E!>"@@"9M
F !> "@"">L@@"EX@"FN ""OP L">H:"FN
9@@@"J @HOP @:>HE"9 :"!@"GN"$"! 2UE9 :! :!:
9 J @"J F9@
F !> "@"9 :J9>OP
>" 9 !> " Q G"> "&>!@ " : > @ :>H 9 :J:@ J :" @" L 9 >>F
": J !> G>@ @" : @" :" J>E !P @:>!@ @"!@@" :"! " RH" X @
@"!@@"@"J T">
L !> "M" :Q>9
!> "@"9L:"!> @HJ"G9"
"F""G"> 9 :H& @"$QMH8E"E:;E9 9@":[!MH "> "J":"!>"
"& @ ">@E "J"9>F:"!>"E @"F"!@ "" 9 !> " " G"> @:"!>" @H!>"
)(40(*(260),(0),2+0./(
'#
"&"9HOP @:>"" ! :I&: E H: FOP @ HJ"G9" "!>" $ J !> RHRH" @"
9 !>> @"E 9:
!> "@""J"H
@""G"> @"@H:!":"@!@ ""J"H@">:"!>"! 9 !@"G "&>@
9 J @"J FJ9 !> "@"9 :J9>OP E H"!>P J !F":"!> @ "& "@ L @ E
!>" " @"J @ "JU:"!> " 9 :J9>OP @ :>H @:>"" FOP @" }'X @
"J"H@"J T"> JJ !> @ E"@">Q X@""@HOP @""J"HE":'">9
H9"F
')62,0
)(
+0
Q:>H@ RH"!>"Q J @H> "H>!>"@:>HRH"!>"E":H!J J@E@"H:
H:M"M@ :!""9:"!> GI>9 RH"@"F"""JU@ "9 :J:@ RH"!>"
( JQ:>H@ RH"!>" J @" " H>N@ 9 : 9:@ @" "MHNOP E 9 : L" H
"F">:"!> H"J"HJ?9 :J"P J @"F@"@">Q'9:EJ &:@:"!>"E
@"J"!@"!@ @ M!H :"> G! @ :>H @" M"M@
H!@ G !"9"I "J"H
: RH"'9:E"&"9H>I"::@"H:9:@
,260(((+0)
./(
;2>H":H!J J@
L;JU:"!> 9 :FL 9L@ H: > !F"@
9; :J9>OP
$),(
$')62,0
)(),(
6 J @H> "H>!>" @ :>H @" M"M@ :!" " ":HP GI>9 H G> @H@ E
RH"@"F"""JU@ "9 :J:@ G "MH!@ M!H :">E9G9:"":L">
8FN @"$$#X;E":@"! 8FN @"' $$X;"@"! 8FN @"' X;(2J @"
"H>N@ 9 : 9:@@""MHNOP E9 : L" H9 : "F">:"!> EQ:@""FO
@" 9 !"FOP 9:@ J @": >" "J"H 9 :J9>@E F!@ @" ' 9:E
@"J"!@"!@ @ >J @""FO "M!H :">G!@:>H
H!@ G !"9"I "J"H
w'9:E"&"9H>I"::@"H:9:@
)(40(*(260),(0),2+0./(
'
,20),,
M"M@ J:"9:@"I9 !>>H@@"J"@L>@M EJ"@"MHU L>@ E
RH"@"F":"@H E"!> @"J"@O :""E: " HGIF"EF"@""&9" @"J? H
J>9H 9U> " !M@ $ 9:@E M"M@ "I 9 !>>H@ @" " H
J"@9 (M"M@ :K@ @"F">"w X" M"M@ MK@ @"F">"X@"@"M>"
!M""x#X
L"@"F"I"9 !>>H@ J :>":!"89:"!> >!@E9"&>!>"J?99I ;E
"!> @"M":JH"NE!P >":@"' X@":>"">@ !J"!"#"@"$X
RH" J" ! J"!" 'E "!@ ":J"M@ ": :>H @"! "MH!@
+)E
92>"L">H:! J @"P "H>N@"MH!>"":HZ"GI>9
e>J )2'J:>HL">"":@"!
e>J )2$J:>HL">E":J""!O@"G!
e>J )'J:>H@"!9 :> >" @"G!
,,J"J JQ:>H@ "9 :"!@""MH!>""R_V!9@" J"OZ"
e!9:"!>" M"M@ MK@ @"F""9 9@ ! :>H@ \
e ": "MH@E TH!>" :">@" @ :>" @" "!9U:"!> " U : M"!"N" >Q H: :>H
mJ"G">m\
)(40(*(260),(0),2+0./(
'%
:>H@"M"M@ "@":>"L">H:! @"F"I"@ @@"9 @ 9 : "H>J
8L">E ":@"! H @"!;E 9HT 99>">9 @"F"P >"!@" J[:"> 2U
9>@ 8+);
,,,260(((+0)
./(
2>H>":J">H:L"!>"":H!J J@
L0!J >"@:>H
9JU:"!> 9 :FL 9L@
@ :J9>OP 9 : HJ!"H:I>9 MH@ HJ>H@ ":HP \!99 :
@"J!"HSL&J"P 8 LJ k;EH:"!>!@ 9@@HJ@>Q>!M'$LJ k
$$),0(),(
)(40(*(260),(0),2+0./(
'
6 J @H> "H>!>" @ :>HE ": "RHJ:"!> J J@ E @" G> @H@ H ":HP
GI>9"M"M@ :K@ E9 :J""!O H!P @":>"@""!9U:"!> ERH" @"F" "
"JU@ "9 :J:@ G
,260(((+0)
./(
;2>H>":J">H:L"!>"":H!J J@
L;JU:"!> 9 :FL 9L@ H: > !F"@
9; :J9>OP
(K,0
("9J":"!> H9"F @ JF:"!> !P QH::"@@@""TIF" J M@" G9:H>
""F@ E RH" LM L J ""FOP @" LH" E E T"> " :" G "> G :
H: >"!>F Q ": OP @ 9J !>M " "J F">:"!> @ "H :>" !
9 !>HOP @ ! F "F">:"!>
( J:" J Q ": F" "F">:"!> G H RH"!>" 6 J"G"F" ": OP RH"!>"
J Q:"! M"F"J @HN:"! G! :"MH@QG">"99M":ERH"J @""G
H RH"!>" " J @" " "N@ >!> ! J> 9 : ": H! "99M": ! J> Q :
!@9@ J @ F M J P !"9"I "RHJ:"!> @" M!@" J >" + 9 @
"99M": ": H!E :>" G"@ Q >!J >@ @ @ F J H!E "99@ "
>N@ @"F >JJ9OP
)(40(*(260),(0),2+0./(
'
)(40(*(260),(0),2+0./(
'
+ H! ]@H::&"^ " "N "99M": RH"!>"E :>H!@
:>" G"@ 9 :
)(40(*(260),(0),2+0./(
'
)(40(*(260),(0),2+0./(
''
H!> S 9 :J OP M!H :Q>9E J @"" >" M"M@ 9 : M!H :"> 9 !>!H H
@"9 !>!HEL"> H G"9U@ @:>""RH"9HFM!H :Q>9J ""J""!>@
J""MH!>"G?:H
!@"
gJ 9"!>M":J@!J"!"@"@[:"> @\
g@[:"> :I&: \
@ g@[:"> :!: 8 H:>";
0": EJ "&":J EJ@ "!gE 8"RHOP @"0L >;H:M"M@ L":M@H@
" @"! 8M!H :"> 9 !>!H;E 9 : J>9H @" :"! @[:"> J""!9U"!@ FN
@"&@ J"J>9H@": @[:"> 8H>N@ ":
; H> @ E">FQ": @
"!gEE M"M@ ":M@H@ H@"M@HOP L">EH>N@ ! ::"!>"":
:9@:"L">H:!
&',&,& 13
H!@ L>: H: 9UE @"F@ S RH"L @" H ">H>H 9>!E H HJ"G9" ":J"
J""!> 9M "Q>9 G9 RH"E @" 9 @ 9 : >J @" 9UE J @": " J >F H
!"M>F :E J @": 9G9
'$
L;+,(,20(0)0(+
!>"L9:"!>"":HL:">"H:: >@"$GM:"!> @" 9UE@"@:"!Z""!>"
^" ^E'M J"@"H: RH">"9 :J" J &:@ @"' aME9!@ @"H:>H@"
9:
:F"NRH" >:!U @J>9H@: >>":>:!U J@ !N@ E "H>@
!P G"!GHV!9@"HG :
&',-,&
IB!!
Q: @ ">V!9 :"9[!9E Q !"9"I RH" M"M@ J H !Q9 RH:9E J
M!>J":!V!9@"HJ J"@@" !M @ >":J
;+1,0)(*)1,
6 :Q> @ H>N@ J @"!>G9OP @" HL>[!9 9>! " " L" ! !>"G"V!9
RH" G" HN J N@ >F" ">9H 9>! @ :!" >FQ @"> >Q9!9
J @"" L"F "&>V!9 @" :!" "9H!@I 8M; " :9 GH:"!> ! 9UE
Q: @" J":> FHNOP @ 9 E G :E >:!U E 9FM": " !@9" @" "GOP @
:!"RH"9 !>>H":
L;+,(+,8+)2%#;
!>" L9:"!>" ": HL:">" H: : > J@ !N@ @" M"M@ 99 @"
: UM":""9M": : UM":9 !>"!:"P @: >": HOP HJ">H@
@"HG> @"?@ HHG> :M!Q "EJ "&"9"":""F@J"P RH!@ @H
9>NOP E >"!@": @"M@E @ J !> @" F> M!H :Q>9 E : > RH"
)(40(*(260),(0),2+0./(
'
J""!>": :9 GH:"!> @:>":" M"M@ 9 : J"@ @" >Q $X J "!
"&"9H>@ 9 :HG> @"?@ "@">QXJ "! "&"9H>@ 9 :HG> :M!Q
&',-,- )?!$!:9
L RMLM0<
( !@9" @" G : @" H: J>9H Q "OP "!>" :"! " : @:"!Z" "G!""
M"M@ @" G : 9KL9 9 : "!@ RH"" RH" J H ">" !@9" v E% G : @" @
M"M@ Q9KL9ERH"9 !@HNH:: "!> :"!> "!>"J>9HEJ @HN!@ :"U
>F:"!> 8: ">V!9 9U:"!> ;
M"M@ :"" H !M@ >V: HJ"G9" "J"9G9 : RH" 9KL9 E "F!@
!"9":"!>"9 !H: : "@"M!>""::>HGI>9Q:@ !@9"@"G :E
J 9H">"M"M@ 9 :>"&>HHJ"G9HM ERH"J J 9 !:: >> "!>""
:"U @"F@@" J @H> GI>9 E " M"M@ 9 : L& J @@" 8M"M@
:H> J L F"::H>IMH HG> ;
&',-,0 !C!!! NB $
@"F@@" Q @" !>""" "J"9 ": :>H L">H:! TI RH" GH!OP @ M!>"
L">H:! Q@"8 HM;J>9H@ M"M@
;,,*)3(
+,())2(,,(8+)2%;
!>"@ L"FOP @ 9 :J >:"!> @"H:: >J"F:"!>""!F F@9 :G>
S:"P ":IMHE>":J">H@"# E@H!>"$U : "H>@ @">""! >":"
M"M@ 9 : @"F@@" >G>? 8!P UF"!@ @"9 :"!> ;
H @"F@@" !P
F"!>H:"!>"J @""H>NE":J"RH"!RH!>@@"E:"U @ "@"@"F@@"8@ J";
RH"P J @H> RH:9 @9 !@ G> 9 :G!@@"@":"U "H>@ @
"! 89 :J>LN9M"Q>9HJ"G9@ M"M@ "@ G> ;E"!@ J >!>
>:LQ:H>N@ E!:":J J OP E!G"@"9 !>HOP
)(40(*(260),(0),2+0./(
'#
)(40(*(260),(0),2+0./(
'
@""!F F" J J"@@" 9:"!>9 G"!Y:"! @" "FJ OP @ @H"!>" 9U:"
9H"9 @ 9 : >":J @"9HE G> @H@ P 9G9@ ":>V9>"M
|)G> H@ @"H)IJ@8);
|2G> H@ @"H2Q@82;
|G> H@ @"H"!>8;
;0(,
7(
))1,8);
()P 9G9@ ":#>J E9 !G :"HF9 @@"9!":I>9
(G> @H@ @"9HIJ@P H>N@ J!9J:"!>"! "FO @"J!>H@"MOP
8);E >>:"!> HJ"G9 @" J"!">OP !F">@ 8)$ E ) " );E JQ
:>H@ G 8)$ ;""G> G 8)$ ");
L;0(,
7(
)26,82;
(2"MH"::":9G9OP EJ Q:"&>":H:>J ERH"Q 2E9HTG&@"
F9 @@"9!":I>9Q%9"!>> a""G&@"F9 @@"dL >H Q@"'
( G> @H@ @" 9H :Q@ P H>N@ ! "FO @" :J:OP 82 " 2;E
"G> G 82$ "2;"! ] @:&^8:>H":">@E2$ "2;
9;0(,
7(
)+08;
( L"@"9": :": 9G9OP @ )E > QE E $ E " E
"MH!@ :":G&@"F9 @@"
&(,&,- :BXNB $
P HJ"!Z"@":>"GI>9 G!:"!>"@F@@ ":J"RH"! M?LH 8':vv'
:; @J" ": H: G" 9 !>!H RH" Q IMH ":HZ" P L>@ 9 :L!!@ "
G> RH"9@ 9 : IMHE ": :" !>"!:"!>" M>@ " ! J""!O @" M"!>"
":HG9!>"ERH">":G!@@"@"GF "9"@J"P ""F"> M?LH @"G> 9 :
H: J"9H J >"> E :!>"!@ " ": HJ"!P " 9 @ 9 : >J @" ":HG9!>"
":HZ" P 9G9@ ": !Y!9 H 9>Y!9 + ":HP !Y!9E ":HG9!>"
9 !G"" M?LH @"G> H:9M!"M>F\TI9>Y!9 M?LH @"G> >":9M
J >F ( G> @ M?LH @" G> J H": :": 9M "Q>9 Q RH" :!>V:
"J@
)(40(*(260),(0),2+0./(
'%
H!@ ":HP QJ9@ L" M"M@ E M!>"L">H:! !"9 !>@ >"!@""
9 MH " IMH "FJ @"&!@ L"
G"!Y:"! @" "JOP @ G> @ IMH @I" ! :" @" HJ>H @ ":HP " 9 @
9 :">L@@"E H>":J @"HJ>HE":HZ"P 9G9@":>J
|))HJ>HIJ@8)J@">>!M;
|)2HJ>H:Q@82:"@H:">>!M;
|)HJ>H"!>8 c">>!M;
+ ":HZ":H>N@P 9>Y!9ERH"P HL@F@@":>J 9 !G :"
F" 9@@"@"HJ>HEF9 @@"dL >H E>" @" F"!>""J 9"!>M":@""@H !
@">OP E9 !G :"Q: >@ !>L"J""!>@"MH
J!9JH>NOZ"@":HZ"GI>9P
eJ!>H@"MOP ))'E))$E)2'E)2$")'
e>>:"!> HJ"G9:J"E@HJ ">J ))'"))$
e:9@:"L">H:! ))'"))$
eJQ:>H@ G )2'E)2$")'
e"G> G )2'E)2$")'
e @:&")2'E)2$")'
e L">H:"G )'E'"$
e:GI>9'"$
&(,- *
+
RHG9 @G""!>" >J @" G> E "F!@ " ": 9 !> J J"@@" G9E
RH:9"" ?M9EG :">L""9@ "! L"@ ":"&J"V!9JI>9ERH"F:
M!>H:@"":J"!U >G>? " J"! H9" !J9OP @ G> ("! :
:J >!>"@"9 !> "L > J9">G9OP @RH@@"@"G> P @"9>
"MH
)(40(*(260),(0),2+0./(
'
&(,-,& ? DE! / :?9/% /L('F%(KF(<
>" :Q> @ "F" J @">":! F9 @@" @ :>" L">H:! >FQ @
J"!">OP E@>[!9":@Q9: @"::"> RH"H:MHUJ@P J"!">F">9:"!>"
": H: : > @ :>" L">H:! L 9 !@OZ" "J"9G9 @" >":J">H 8$ b;E
9M8'M:;">":J 8 "MH!@ ;TH>MHU@"G :RH""GO9 !>>
9 :HJ"G9"@: >E:!P J"!">"!HJ"G9"E@"F""GN"9 !>> @J !>@
MHU9 :J !>@"H:M":"G">@!HJ"G9"@: >E9 :H& @"H:G 9
@" HN @"RH@:"!>" >H@ ! > ">H @ : >@ HE 9 J"U J H
@J >F J >E VFI N" @ : >@ > J@:"!>" MHU J" "JO @"
>":J "J"9G9@ "! >J"!">OP
)(40(*(260),(0),2+0./(
'
&(,-,- ? ! :B$:? ! / :? L S ! ?B /B 9/% /L
(M0%(KF&_ %
L-M<
>" :Q> @ @"9"F" J 9"@:"!> J @">":!OP @ J !> @" : "9:"!> @"
9:"!> GI>9 ! G& @" ' b ( J !> @" : "9:"!> @" H: :>" Q
9 !@"@ 9 : F @">":J">H!RH9 !>V!9@"H:M!>"GI>9 J
@ ">@ JI>9 H":?@ J ">@ RH@ 8(5(E'%;"F E! "! !"
" L E Q >":J">H @ ! : :"!> ": RH" "G" :">I9 J@ !N@ >F"
!" 8>:LQ: J@ !N@ ; 9U" 9 : :>" L">H:! E > 9 H: J9 @" "G"V!9
J?>"J"9 @ H:@>[!9@"$ E#:: L9 !@OZ""J"9G9@
&(,-,0 ? !B"9/% /L5'%(KF&<
!> @"GHM @"H:M!>"GI>9 Q>":J">H!RH"&>"H:L"OP @"FJ "
@ J @H> HG9"!>" JE ": :>H 9 : " ! J""!O @" H: 9U:E J F 9 H:
9"!>"U >!> E !@9 >":J">H 9: @ RH G> @"F" " :!H"@ 9 :
J @H> !G:IF"E @"@" RH" UT H: G !>" @" M!OP 8G9E 9U:E E >":J">@"
:M!Q>9;6H:"! :H> JI>9 RH"J":>"E>:LQ:EF"G99 !>:!OZ"! G>
9 : F"!>"E9HT J !> @"GHM P :L& @ RH"RH""G&@ JG>
)(40(*(260),(0),2+0./(
'
&(,0
)(40(*(260),(0),2+0./(
'
@"G"> E "J"9G9OP HJ"JF" J""!> H: Q" @" "! L >
"J"9G9OP Q L"@ ": J J"@@" GH!@:"!> @ "!M"!UE !9H!@
aG"@;
( "! J @">":! F9 @@" J"!>" @" M!>" GI>9 H>N H: F9 :">
>9 ! 8MH $'';E RH" :"@" F9 @@" >FQ @ > RH" !"9"I J @ H:
U>" 8J!@"E MH $'$; :" ! : > @" G> RH"!>"E F" 9@@" 9 !>!>" (
F9 :"> >9 !EM":"!>"E99>"NM@"N@ G> ' bE>":J">H":RH"
:>""9 :J >RH"RH"!>":"!>"9 : H:GH@ F9 "! @"G>
L 9U >":" H>N@ E >:LQ:E >":J">H : ""F@ 8' bE J "&":J E @ >@
J"02%''#E';
MH$''9 :">
)(40(*(260),(0),2+0./(
''
MH$'$J!@"H>N@ ! F9 :">
aG"@
L;U:"!> ![:9
( "! @" 9U:"!> @![:9 E "N@ 9 : "RHJ:"!> )"Y:"> @" U:"!>
![:9 8)E d!:9 U" )U" :">"E MH $';E Q H@ J 99>"N >!>
9 :J >:"!> F9 9 :
9 :J"& 8*; " @ [!MH @" G" 8q; @ M!>" GI>9 ( * Q :"@@ @ ">V!9
> >@ :>"S@"G :OP RH!@ "&J > JH "J">@ @">"!Z"@"9U:"!> "
9 !>" @" H: 9 :J !"!>" "I>9 8"9HJ"IF"; " H> F9 8!P "9HJ"IF"; ( q Q H:
!@9@ @RH!>@@"">F@"@"G :OP "9HJ"IF""!P "9HJ"IF"
()FM@"N@ M!>"GI>9 8:?@H 9 :J"& "[!MH @"G"; L9 !@OZ"@"
>":J">H :I&: ": "FO " >& @" 9"M:"!> 9 :J>F" 9 : >IG"M P
"!@ : > FM"!
"!F"U"9:"!> @" 9H> JN ;E "!@ ">L""9@ F " :!: 9JN" @" M!>
@"RH@ ">V!9 9K:H @" @"G :OP J":!"!>" 8*"!q : " RH" 'E a "
$E$aE"J"9>F:"!>"J: >FM"!""!F"U"9@! )0(0;
("! @"9U:"!> @![:9 >:LQ:Q"N@ 9 :: >"!F"U"9@":F @"
J"P 8E"!F"U"9:"!> @" !M JN ;E>":J">H:Q@@ JF:"!> ":"FO E
"!@ G&@ F " :I&: @" M@"N J J"F"! J"9:"!> @" >!9 J G@M
8*"!q :"! " RH" a; @"G :OP @" 9U:"!> 8m:J>H@" @ @"G :OP m;E
RH"F@"'$XE@"J"!@"@ ">@ @""!F"U"9:"!> @ M!>"""!@
MH$')"Y:"> @"9U:"!> @![:9 G > @""RHJ:"!> @
!F"@@"@
0"&":H>!
)(40(*(260),(0),2+0./(
'$
JF:"!> ( MIG9 @" 9M " @" @"G"&P F"H >":J @"
9"M:"!> P H@ J @">":!OP @ M@"N " @ :?@H @" "&OP :
8]9""J>"^;ERH""J""!>FOP @M@"N":GH!OP @ >":J @"9"M:"!> E8>;
MH$'#)"Y:"> @"FMSG"&P
( @"":J"!U @" :>H GI>9 Q J"F> J> @ "J > >"!P @"G :OP @
M!>"EH:F"NRH"">V!9 J"9:"!> @">!9J 9 !>OP @" M":>Q:9
@"J"!@"@M@"NSGHV!9
M!>" 9 : L& M@"N ">I>9 !P >!9P ": 9: G "J"9G9OP HJ"JF"
"9 :"!@ RH" F @ M@"N ! "! ) "T :"! RH" 2 % "MH!@
! M:"!>"E M!>" 9 : > F " @" : P : "G9"!>" ! @JOP @ >"!Z"
G :@ @H!>" 9 !>OP @ M!>"E RH!@ >":J">H @ JF:"!> 9
LHJ>:"!>"E :!:N!@ G :OP @" >!9 " GH "MH!@ "J"9G9OP
HJ"JF"E :E 99H@ J > g % E @"F" " : H MH E MH! M!>"E
J>9H:"!>"
'
MH$' RH":@ "Y:"> @"FMSG"&P @J>@ @"5M!E"Ud"t H>9U"GG
8'#;
@;!F"U"9:"!> 9""@
( "! @" "!F"U"9:"!> 9""@ 8 &@OP ; @" M!>" GI>9 E J :" @" L
J"P ">":J">H""F@E":H:F J"HN@ 8MH$'%"$';EH>N "@H @"
:>"J"F:"!>"HL:">@ "! @" >OP @"G:"G! ":">HG8)0(0EMH$';E
J">:J J"@@"G9"RH:9@ M!>"GI>9 J? '! @"F@":
"FO ( "!F"U"9:"!> @ M!>" @H!>" F@ ": "FO >:LQ: Q G">@ J
FIF" 9@ S :>HE > 9 : @ M":E J":"L@@" " J J"@@" @
M"M@ E@"!>" H>("! @""!F"U"9:"!> 9""@ ":F J"HN@ J":>"
H: FOP @ ">V!9 ">F @" @G""!>" M!>" S
&@OP E L >":J">H
""9 !@E!P "F!@ ":9 !>EJ Q:E G> " 9@ S:>H
MH$'% J"HN@ H>N@ ! "!F"U"9:"!> 9""@ @"M!>"GI>9
)(40(*(260),(0),2+0./(
'#
MH$'">U"@ F J"HN@ J"! @""!F"U"9:"!> 9""@ G > @"
"RHJ:"!> @
!F"@@"@ 0"&":H>!
MH$'!F"U"9:"!> ":"! @" >OP @"G:"G! ":">HG8)0(0;G > @"
"RHJ:"!> @
!F"@@"@ 0"&":H>!
)(40(*(260),(0),2+0./(
'
L;+,)+02,0
)8@; L>@@ ! @" M":2UERH"!@9X
?>:@"L">H:"!:>HE":GH!OP @"> @ J[:"> 9 !> @
!@"
2g:@ 9 J @"J F
2IMHg:@ 9 J @"J F:" ":IMH
9;+,21=,20D),8;Q@"!@@"@:>HHJ >":FN
!@"
@Mg@"!@@"@ M"M@ MK@
@Gg@"!@@"@ M"M@ G!
@Gg@"!@@"@ G"
@Lg@"!@@"@ L">H:"
@;(
2-,(8F;Q F H:"@"FN "&>"!>"!:>H":"OP F H:"> >
@:>H8>;
"; -,( ( *)*( 2,+) 82; Q : @ FN !P J""!9U@ 8F 9 :
FN J""!9U@ J L">H:"8L;;E H"TEF H:"> >@"FN @:>H
G; )./( 0
2 -,( 8); Q "OP "!>" F H:" @" L">H:" " F H:" > > @"
FN
M;0,,
C+,
| 0,, Q 9M 8aM; L RH 9 J @" J F :J" RH!@ HL:">@ S
9 :J"P @:">
)(40(*(260),(0),2+0./(
'%
|
C+,Q@"G :OP 8":E'm;RH" 9 J @"J F G"RH!@ :J"! "! @"
9 :J"P @:">
(J[:"> @"LMP L>@ @ "! 2U
"@">":! >" ?>: @"L">H:"E""J[:"> @"F":>"!@"MH:9 !@OZ"
|@"!@@":I&:J F"JM!>:I&:">L@@"\
|GHV!9"!>"9"> :>"JM!>G"&L@@"\
| F H:" @" FN 8 F ; "!>" 9"> :>" J M!> RH" !P 9 &@OP @ :
J"OP @IMH" H"RH">:LQ:!P 9 "&H@OP \
|)"!>"9"> :>"JM!>RH""&>L">H:"HG9"!>""RH"!P 9 "&H@OP
&&,&,(
( 2Q> @ @" M": 2U G @""!F F@ ! @Q9@ @" E J" "!M"!U" H9"
2U " >!U 9 : LT">F @">":! RH!>@@" ?>: @" M!>" J 9 :J OP @"
:>HGI>9J"J@RH"!>"JG!@"JF:"!>OP @ FI
"F@ H :J9@@"E :Q> @ G @ >@ E @H!>" "MH!@ *H" 2H!@E J"
"&Q9> :"9! J G! @" @ M": " 9 !> " @" RH@@" @" :>H L">H:! E
J"J@ RH"!>"E J JF:"!>OP @" J> @" " J > :>" >" :Q> @ G
@FHM@ J" J @" !M"!U" @ &Q9> :"9! 8
!>"@ >>" :d Jd
G
0,,
2 (+)0( 0
2,+(( g :"@@ @ 9J9@@" @" HJ >
'
!>"E@"F""HL:">@E@H!>"$:!H> EH:L!U @"IMH L>":J">H@"%
!G :" >" @" M!>" GI>9 H:"!> ! "!>@ @ J 9"!>M": ?>:E 9 " H:
H:"!> @ ">L@@" 2U " H: H:"!> @ ">V!9 S @"G :OZ" GHV!9
9 "J !@" S @"G :OP @ :>H L">H:! E !@9" @ J J"@@" JI>9
H @
)(,2+0(
; ">":!" 9HF :Q@ @ G& M!H :Q>9 "J"9G9@ " 9 !>?" H: MIG9
!@" J 9"!>M"! J@ ">P ! @"!@ 8"9 !"; " ": L9 ">P
@[:"> !H:"9>RH"9HF:Q@"J""!>"9 : ">
)(40(*(260),(0),2+0./(
'
L;:"MH@E!O"9HFM!H :Q>9@ :>"@J !F"
9;9@:>">O"H:">:Q@RH""J""!>"H9HFM!H :Q>9@">
G :RH"I"99H!9>">"T:L!9"@":!:N@
@;
!":" "&>":@@" J > @ "> :Q@ !>""OZ" @ "> @" H!P 9 :
"> 9 "J !@"!>" S @>LHOP M!H :Q>9 "J"9G9@ 8@M !; G !"9":E ":
@"!@EJ J OZ"@ :>"
)(40(*(260),(0),2+0./(
'
&&,&,-
;J?G&@M!H :">@:>HE99H" >" J FIF"@"L">H:"@ 2Q> @ @
HJ"G9"J"9G9
!@"
gHJ"G9""J"9G9@ M"M@ E"::kaM
*gX">@!E $::g'E g$$E
MgXJ@!E $::"">@!#E%::gE #Eg$E$
gXJ@!#E%::"">@!E$::g#E'$E#g%E
gXJ@!E$::"">@!E#::g'$E#Eg E'
GgXJ@!E#::gE
9 :
:g:?@H @"RH"N8E #E;\
09g>" @"L">H:"":"OP S:@"M"M@ :!"
M""E"!"9"I E >" @"G> @"F@ S@"!@@"@ M"M@ :!"
: >" @"G> 9 M@ E99H"J 9"!>M":@"G> ":"OP S:>H
)(40(*(260),(0),2+0./(
$
L; >:@ >" J FIF" @" G> 89;E : @:" L>" @" 9 J @" J F 9@
J "MH!>">" "9E9}E X"9}'EXE H"TE#E\ E$\ E\%E$"%E
9;">":!:"@"!@@"8:Q@@"J @F" >" ";
@;HL:">"" 9 J @"J FS :J"P @:">E@">":!!@ "EJ9@>" E
">L@@""GHV!98:Q@@";
";9H"@"!@@">"?9J9@>" @"L">H:"
9 :XLg9
G; :@"!@@">"?98;E99H" F H:"@"FN 8F;J9@>"
M;9H" F H:"@"L">H:"8L;J9@>"
U; :F"LE99H""OP L">H:"FN 8);J9@>" @"G>
;!O"E":MIG9 E >" @"L">H:"F"HFIF"EE@EF")
T;">":!"J 9"!>M":@"L">H:"RH">GO"MH!>"9 !@OZ"
eu aM
evv'%8E'm;
e Xv)v X
eXvFv X
e@:I&:J F"
)(40(*(260),(0),2+0./(
$'
)(40(*(260),(0),2+0./(
$$
!@"!@ J"! 9M @" H: @ >H L" JF:"!> 9 : H: J"P @"
9 !>> RH"QJ &:@:"!>"MHSJ"P @""!9U:"!> @ J!"H : ":"OP
JF:"!> E J!"H>":H:@"G :L@@":H> : E RH"@N"RH"I"@"9 !>>
"!>" J!"H " JF:"!> Q @">":!@ J" J"P @ J!"H "&":J E 9 !@"!@ H:
JF:"!> >J9 E":L :">@ ">H>HE 9>@ ">>9:"!>"J H:@ @ "& :J"
@" @@HJ@"9:!UP 9 :J"P @"LJ k8E 2;"9M8G O;@"# aMG
8##'+;+""9 E @" 9:"!> F">98@"G"&P ;@ JF:"!> Q@ @":@"E ::E
"!RH!> J!"H>":H:@"G :OP F">98FF" U !H;E9"9@"$F"N": 0!>
@"G :OP @ J!"H 9 : @ JF:"!> P !"" 9 E "I>9 8"9HJ"IF";E > QE
F@9ME:L F >:SHG : M!
&-,-,& EN!$?
" "G"> @M@"N@J"@">"@ J!"HG M! @ EJ"P @"9 !>> QMHS
J"P @" "!9U:"!> @ J!"H " H!G :":"!>" @>LH@ L" I" @" 9 !>> +
"@@" J!"H @" L& J"P >"!@": >" : J"P @" 9 !>> ! 9"!> " @"
> J"P E 9 !>I 2 J "G"> JI>9 QE @" : @ M"E HG9"!>" 9 !@"
J"P @" 9 !>> H!G :" " MH S @" "!9U:"!> >!> E "I 9 !@"@ G : @"
:J"P @"9 !>> @ J!"H9 : JF:"!> 9 : "!@ 99H
&-,0
&-,0,( ? !DE
H!>""MH!@*H"2H!@U HF"H:M!@"!"9"@@"@""9 !>HJ@:"!>"
" J > " @ FE RH""&M:Q> @ @"@:"! !:"!> IJ@ "@"GI9J9OP
)(40(*(260),(0),2+0./(
$
9"9 @" H: >" 9 !U"9@E "!>">!> J""!>: !@ !"9"@@" @" H:
9 :J FOP @" 9:J G""!>":"!>"E :Q> @ ) G :J:"!>" H>N@ ! K>:
@Q9@"RH">RH""@@">H9 !F"M"J"L OP @": @" 9 :
":L:"!> >"?9 L": @"G!@ " RH" J : "J""!> 9 : G@"@@" 9 !@OZ" @"
9:J
&-,0,& B$DE!B"?!/
9G9OP HMH9 : 2Q> @ @":"! !:"!> @ 7!@9"@"*HJ 8,*;"L""
":"! ! :@"99>"NOP @" E>9 : M!H :">E:>"@"RH@"N"@"
J>9@@"
;7!@9"@"*HJ 8,*;
6H:!K:" !>" E@@ J""&J"P
,*gE$hE 9hE'L@ !@"
)(40(*(260),(0),2+0./(
$#
gXRH"J!$ E H"TEgJ
e"JG : RH" XE@ >"Jg
e"JG :"! RH" XE@ >"Jg
LgXRH"J!$' E H"TELgJ'
e"JG : RH" XE@ >"Jg%
e"JG :"! RH"' XE@ >"Jg'
9gF @ :>"@"RH@"NE H"TE9g#
e"G : RH"%XE@ >"g%
e"G :"! RH"#XE@ >"g#
@gF @ 7!@9"@">9@@"E H"TE@g,'
e",G : RH"XE@ >",g
e",G :"! RH"'XE@ >",g'
"9 @ 9 :G?:H@"7!@9"@"*HJ Ev,*v$
L;! )
(:Q> @ @""! )@"F"9 !>"@"MH!>"">J
|! 9!@ @")GN"9 :J9>OP @"9!9 9 J @"J FE9@H:@""9 :>"
@" H:@@" 9"9"!>"E "!@ @ J !> 9 : H:@@" L& @ ?>:E @ 9 : H:@@"
9:"H:9 :H:@@"J?&:S?>::"MH@E""9 J @"J FP "!@ S
J"!">OP @" H: J>P 9 : 'E9:k @" I" H: F" 9@@" @" J"!">OP @" E'$
9::!E 9 : "!"M @" 9 :J9>OP 9 "J !@"!>" ' M J" @" RH">" J 9:@E
": 9:@
| 9 J @"J F@"F":G9:" J #@!>"@ "! @"J"!">OP E>":J ""
":RH"":"@""&J!P @ 9 !>@ ! 9!@
| @">":!" "!>P E F @ J"P 9 "J !@"!>" S J"!">OP @" E'm " @" E$mE
L>"!@ " F @")>FQ@"&J"Z"
")'w)$E@ >")'
")$w)'E"J">"" "! \!J">V!9@ >"
)$
)(40(*(260),(0),2+0./(
$
( F " @" E' " ' E#% P J@ !N@ " L>@ ! "! ) 9 : : > @" L>
M@H@EHJ > :>"@"JJF:"!> "": @ EQJ F">OH:9HF~&U
" H: ~ & )E J "!@ 9 : "!"M @" 9 :J9>OP 9 "J !@"!>" '
M J"9:@:"MH@E"J">"" :": J 9"@:"!> J"!"M9 "J !@"!>"
$ " M J" 2 !>" H: MIG9 ~ & UE 9 : 9HF @" :": )E L>"!@ " :E
F "@"@"!@@""H:@@"RH"J J 9 !": )>J9 @ "!@
&-,5
+ "L OP @" J T"> @" JF:"!> "&>": @F" G> " :>!>" RH" @"F": "
J":!:"!>"@"!>G9@ "">H@@ 0!> 99>">9"M !ERH!> :>OZ"
>Q9!9""9 !Y:9@"F":"@"> >9 !U"9:"!> @ J T">>G:@"9:!UH:
H:J T"> RH"J ""&"9H>@ >"!@"!@ E@"G> ES9 !@OZ"JQ">L""9@
9:@9 !>>H!>"@ JF:"!> P E":M"E9 :J >J :>"@J !F"!
J &:@@"@ L""N@0:>"!":":J">"!@":S9 !@OZ":!:
@"">V!9S 9>OZ"J"F>E> !!@ !"9"I H>N"9H >Q9!9 J@"RHI
"9 !@OZ"">LNOP RH:9 HM!H :Q>9@ :>"Q""!9!""
J 9" E 9 !G"!@ :": J J"@@" G9 89 : ">V!9 9 "F;E :"@!>"
H>NOP @"">LN!>"RH:9 89:"!> E9EL">H:"">9;
H ">LNOP M!H :Q>9E :L J 9" "MH@ @" 9 :J9>OP E 9 !G"!@
">V!9:"9[!9 JF:"!>
( "9H E ! : @ F"N" "9 E ">L""9": :>" ! J T"> E RH "G">":
@">:"!>" ! RH@@" @ JF:"!> 2": 9 !U"9"!@ "
J"F> " @": 99>">9 "9 !@ 9 :J >:"!> @ JF:"!> ": H F@
": "FO E "9"N @" "9H 9L: J 9 !@HN H: J T"> @" :"! RH@@"
H!@ @ >@ > >"!>F Q !"9"I "L " "G">F H: J >9 @"RH@ @"
)(40(*(260),(0),2+0./(
$%
:!H>"!OP " "L>OP @ JF:"!> 9 !>H@ " "> RH" 9L" !">" 9 H:
FOP @">U@@ 9H> 9@ 9@">>QM@"J T"> G:@"!P "!9 "
":H:M> !@:
!@"
)gF )@">":!@ ! "! "J"9>F "!9 !@OZ"@"9>!>" :"!>"
,,*gH:F @@ !>L""MH
)(40(*(260),(0),2+0./(
$
!>"J T"> J"G"> @"">:>FERH!@ !P "@JZ"@ F @")EJ @""@ >
9 : 9J9@@"@"HJ >"@ :>"E F @ ,,* : JF:"!> Q@:"! !@
":GH!OP @9J9@@"@"HJ >"@ HL"> E"&>">V>"!>F
;":GH!OP @ )8,)E :9 :H:;
L;":GH!OP @ ,
9;":GH!OP @ ,,*
( HL"> " @G""!>" 9:@ @ JF:"!> @"F": " 9 :J9>@ @" 9 @ 9 :
F "G&@ !mJ"9G9OZ"*"m
| $ 9: HJ" " @ HL"> E 9:@ @" :"U @" HL"> " HLL"E @"F":
J""!>MH@"9 :J9>OP u'X9 :"OP "! "N@ !"!"M! :
| L" @"F" " 9 :J9>@ 'XE ! :!: E @ 9 :J9>OP L>@ ! "! !
"!"M!>":"@I8 H>Q L>"@"!@@"@">":!@!9HF~&UE);
&0,&
" :!" M"E
"J"9G9OP
;:>"J"G O @ HL">
|, H)wRH" HL">
|"&J!P x$X
L;:>"JHLL"
|, H)w$
|,*g
|"&J!P x'X8:"@@9 : L"9M@"'L;
9;:>"JL"
|, H)w
|"&J!P xE X8:"@@9 : L"9M@"'L;
|:>"@"RH@"N8;v$
|7!@9"@"J>9@@"8,;v%
"THJ" $ " H ,"THJ" %E :>"J @""":J"M@ ":L"
8>G">@":9 !@OZ";E@"@"RH" "RHF"!>"@""8;"THJ" X
H: !K:" @" "J">OZ" @ "& J@P E @H!>" J" @ @" J T"> + u '% E J @": "
":J"M@ :>"9 :)u%"G&M!H :Q>9"@50(
)(40(*(260),(0),2+0./(
$
(:>"JL"@"F":""!RH@!H:@"MH!>"G&M!H :Q>9
GOP RH"J!J"!"$@"F""!G" $@GOP RH"J!J"!"#
GOP MK@@"F"J""!>H:@"M>" !M""!G"
&0,- +
( JF:"!> Q @:"! !@ ": GH!OP @ !K:" "RHF"!>" 8+; @" J"OZ" @" H: "&
> :@ 9 : J@P E @H!>" J" @ @" J T"> "9 U@ "" : @ E @"F"" @"G!
JN @"@HOP @ JF:"!> E >J @"F"9H RH"FP >!>J"F"9MJ "&
@"9@>J @"F"9H :E@"G!""RH!>@@"@"F"9H RH"@"F"I>!>J"FE
":>": :Q@
A89(@A <
!@"
g2!9":H:"!>@ 8F"9H @I :Q@ ;
>g>&:Q@!H@"9"9:"!> @">IG"M
Jg2!H:"!>@ E! G:@ J" @ J
Jg!K:" @"! @"J T">
(F H:"@I :Q@ E@H!>" J" @ "I
(F H:"> >@">IG"M @H!>" J" @ @"J T"> "I
@:>!@ H:>&!P !"@"9"9:"!> >E>":"
(F H:"> >@">IG"M @H!>" J" @ @"J T"> "I
)(40(*(260),(0),2+0./(
$
"U HF"!HG9V!9@"@@ E>gE
!U"9@ >E99H"+ERH"Q !K:" "RHF"!>"@" J"OZ"@ "& :J"J@P
@H!>" J" @ @"J T"> " J[:"> @">IG"M H@ ! @:"! !:"!>
J? @"G!OP @ !K:" @" F"9H RH" P >G"M J" FE @">":!" >J @"
F"9H RH" 99HI ! >"9U E >FQ @" J"RH @" >IG"M J >"9U H @" >"9U
:""G :E@">":!" > @"& 8;RH"Q :J !@"@@ !K:" @"
"& @ F"9H "X@""! >IG"M > >E H"T
gXF"9H @"$"& &$hXF"9H @""& &hXF"9H @"#"& &#h
(E> @"MEQ !K:" @""& J@P "RHF"!>" >IG"M 9 !@"@ E H"TE
>FQ @ J"RH @" >IG"M E @">":!" X @" 9M J "& :J" " ": >!@":E
:H>J9!@ " X J" > @" RHFV!9 @" (J"OZ" @"G!@ J" IL9
J""!>@ "MH
MH$#'> @"RHFV!9@"(J"OZ"2Q> @ @ +)8@J>@ ;
)(40(*(260),(0),2+0./(
$'
MH$#$> @""RHFV!9@"(J"OP E(
MH$#> @"RHFV!9@"(J"OZ"2Q> @ @ +)8@J>@ ;
:EGN"> @"RHFV!98J9@9M;&X@""& 9 :"9ME L>"!@
" > @"ME
(!K:" @" J"OZ"@ "& J@P Q@@ J
)(40(*(260),(0),2+0./(
$''
+g% &J&:&&&)
( ) Q > :I>9 )"M !E RH" Q GH!OP @ >H :Q@ !H @" 9UHF + E
@ >")g'E
H> @ E @" 9 @ 9 : :>" 9 !>>H>F @ JF:"!> E >":" H: >L" @"
"G9"!>"@"RHFV!9>H>HaE9 : ""MH"
&0,0 )
/
G&OP @"J"H:!:@ >J "F">:"!> L">H:! QH>N@>!> J
J >"M"9:@@" L"@ "G O :J > J" >IG"M E9 : J"F>HJ>H@
J?J "F">:"!> J "G O "J">@ @">OP !G"&P
&0,5
( MIG9 "9 !E J F " @" )
$'$
9 : ) H , g ! ">9 2": RH" ) 8,; @ :>" @ HLL" "T HJ" $E
@">":!""J"HJ)8,;g$EJ ">NP EH:"":J"E :L 5$"U
$J@"M!"J"H@"JF:"!> L"HLL""@HLL"E"J"9>F:"!>"
(:L ")@"M!:E"J"9>F:"!>"E"J"H@L""@ "F">:"!>
:F"N
@">":!@ "J"H 5: E 5! " 5$ J" MIG9 @ GMH $ " ) J" >L" @" "J"H
:!: @" "F">:"!> L">H:! E "J"H @ L" 8;E HLL" 8U $ ; " "G O @
HL"> 8U!;EP L>@J"" HOP H9"F@"MH!>"!"RHOZ"
)a)haw5$
8';
)a)hahU$aw5!
8$;
)a)hahU$ahU!a)"Gw5:
8;
MH$##*IG9 @":"! !:"!> @"F:"!> @ 2Q> @ @ +)8@J>@ ;
)(40(*(260),(0),2+0./(
$'
&5 //
50(8';*H@"G "M! GF":"!>>H9>H":"9! 9> ! G>>"5MUcd
!@0!J >> !(GG9U!M> !E
50( 8'#; 9d ! *" :">9 "M! G 5MUcd !@ >""> :"9! 9> ! G
>>"5MUcd!@0!J >> !(GG9
2),+(,0t(,,+*,+)4 H! G0!J >> !!M!""!M
50,+0,0
08' ;"G :!9"*@"@JU>!@"J"9G9> !!@0">!M'
02 ##$ 8' ; >!@@ 0"> 2">U @ G 9 >d ">":!> ! G
!G"@ JU>
!M
02 %''# 8'; >!@@ J"9G9> ! G JU>)HLL" !@" :"9! 9">d G
0">!M!@2>"
0,0E+8'%;F:"!>OP 0 : ,E,,",,@> * L E > "M"E)
0,0E + 8'; F:"!>OP 0 : , ! H!@:"!> J F:"!>OP \
:"! !:"!> @ F:"!> "&F"@> * L "@OP E > "M"E)
,++0E8$;0?J9 @" :J9>OP @" Q"J !>:"!> @>
2
2E2!MIE)
,++0E8$;0?J9 @" :J9>OP @" Q"J !>:"!> @>
2
2E2!MIE)
),+0E48' ;">"@9 !""M$@OP
)5(E28'%%;H @">@E$"@E"!>G9E) @"4!" E)4
)(40(*(260),(0),2+0./(
$'#
(5(E 8'%; !>LHOP >H@ @ "G :OZ" ":!"!>"E ! !@OZ" @
E"::@@" !9"> GI>9 @"F:"!>OP 0""@" H> @ 9 @"
!M"!U@"P
EP E
) 8'#; M": @" 2>H ">H:! J" 2Q> @ 2U "J>:"!> @"
>@@") @M":@ >@ @"P H 2Q> @ @"! 2'$%
+) 8'%; + : J T"> @" >@ @" ) @M": "J>:"!> +9 ! @"
>@@") @M":) @"4!" E)4
+) 8'';2!H@"F:"!>OP "J>:"!> +9 !@">@@") @M":)
@"4!" E)4
),E *0 8' ; 2>" ">H:! + > @" H 00 2>H ">H:!
EP E
)++4)E4\2)
E4)")0((E28'; T"> *" :Q>9 @"9 :
H& @ M: :JH>9 !,!) @J >
5)),*+E0\5tE)\t(
05E48'#;0U"
)2&"M!d>"::!H G
J"9G9> !E 0"> 2">U @E !@ 9>9" 5) >>"M9 5MUcd )""9U
M:+> !)""9U H!9U!M> !EE'#
,8'%;,!G :>F (G> ) @"4!" E)4
,+0,0
0((0(8';0U"JU>5!@L
a2#
$'
)(40(*(260),(0),2+0./(
$'%