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*;4+'+1 &+ /.-&0+ ,('- 1+*+'+1$ &-&4.(1 1+-, /.-, &+ +c $ ,4.-& +,$ +
,0. +&0 +2-'1+ /. b. ,+H$ nMo$ . +=+& &-M '/. +&0, +, 1-&;+, -'1,
+'4+'+10+1=(1,,0. ,MnMo9.&0-&;+1.-0&0.,-+,1$&0-&;+1.-0

A@

/.M 1' ,*.0- 2++'# g,0. 1$ ,0. 1 '/. ( '*-,WMc$ 1+, > +
&0& '/.&8-+,&0- &,,+,++8'+,&+/.11&0 ,.+0'+K05'-+
8- +9
+ *+,+ +2+ +$ + '*.+3 '+ + ,='8-87&*-+ 2+1--+'$ +
,.=,-,07&*-+ , ,0. , '+ '4+ + ,4.& +&9 2+0+ -&*&0-8
'8+ +0'+8(, + 2'+, b. & 0-&;+ 1.-0 &0.,-+,1 nMoc9 .+& + +,
-'1, ,+H'+1 + ,*+$ & ;.8 1*-; b& 0-&;+ &-&4.(1 /. 1
-&*&0-8+,, + ,0. +'Mc9 & *&,4.-+ ,1&;+' =1 +, 0+'2+,
,*+',$&0$ -I+0'+&,+'*'$/.1;','-+0'+=+;+'$'/. ,,1
'-+ *&0'-=.-' +'+ + 2+1H-+9 & +K. +,, *1 '*.',, 2-&+&*-',$
1&,&0'-+4+,0,/.,.,+-,& '-+1 -,'9
/. 1 8. + +'4+' 8:M 2- + ,-0.+3 *&Y1-*+ 1

*+,+M1-&;+11.+-'*-,+8+11.-0M.K>,0+8+>
*1 .&, A +&,M ' - . +*; &+ ,4.& + ,('-$ &0$ .
,0+8+M,-/.,0+8+M+*;n/.o*1A+&,MF+2+ +G9
+'0-' '+0 +&0'8-,0+ +$=,'8+,/.+,-0.+3*&Y1-*++,

+ 8',- + ,,*+',2'+1'& '+&0,&+ *-, +2+,0+1&0 +,*+9
(1 -,,$ +2+ + K> , &*&0'+8+ *1 - + $ *&,- '+ + ' +$ +8+&3+ +
+'+ + /.-&0+ ,('- '4.+' . & -.'&9 +'+ .1+ + ,*&0 ,1 &*,,>'-
-&*&0-8 +'+ ,0. +' , '+'+' +'+ 1'*+ 0'+=+; $ ,&0-& /.
'-+ *&0'-=.-' +'+ ,.,0&0 , 1+-, 11=', + 2+1H-+$ -&,', J,
+0-8- + , +='+-, $ *1 + 1,1+ -,,# bH . +'8-0- +'+ +'4+'M .
-,,+,,-1$g;z.+'8-0+'$1-&;+,-'1,+'4+'+1$8.+'4+'0+1=(1MWnMo
+'4.-,,0. ,c$1+,01'+'-+1&09
-, .1*.'0'H 0'+=+;+& $ +&+,0'7,+&,$+&0'8-,0+ +

,&0-. &*,,- + , 1+-, ,0. ,$ +'+ .1+ 1;' **+3 & 1'*+
0'+=+;9,0. +&0 -:/.0'+=+; *.- +' *'-+&3+,'+01'>'-$-,
& /.'-+ 0'+=+;+' =+=> +'+ ,1'9 <-$ + +'0-' ,,+ *&,0+0+3$ /.
'*.'.+,*++'+*&0-&.+',.,,0. ,-&0''1- ,#
0- + ,0. +'$ +H 0'1-&-M ,5 /. nMo +'+ 80+' + ,0. +'$ K>
*1S+&,M.0-8/.'*.'+'.1CMnMo'*.'-.1C

AZ

0-8 /. 2+:' .1+ '8+ /. . +*;- .1 +=,.' 9 nMo
'-1-'+ /. . 2-:$ . & 2-: n,:-&;+oM$ 2-:1, . + 1-&;+
-'191'/.-,nMo.1++'*-'++'+,0. +'*1-4MnMo+'+
-'*1-4+0(+,*+'/.'+&4MnMo $+'-1-'+/..
2-:$.&2.-,*-&+ +.&+,,-MnMo<-&nMo+'8+M
&n*(4-MonMo+H+,4.& +/..2-:M-,($.&,-;K

*1/.($,I-,0+-& +M F+2+ +G9
,+' & 0' *&,4.- + '0& - + *1+&;-+ .1+ +, -'1, J

,*+ +, ,0. ,$ '1+&*. *1 ,.+ 10+$ &2'&0. + ,4.& + ,3
+'+ *&*.-' &,-& 2.& +1&0+9 +, ++8'+, +2+ +# b*; /. n2- 1o
.
nMon/.o.*&,4.-&0'+'M2-&,4.& +&MnMo+,3
+ '8+c9 &0. $ '+0+ /. ,.+ c-'1 & 2- 2+:' ,,+ '8+$ 2.- ,5 .9 H$
1,1+,,-1$.2.-2-:/.-&0+,I0+,('-,K.&0Mc9
"K,*&,- '++1+ .'*- + -, 0''0'&+ J,*+$'/.b1

,2'*- +H . ,0+8+ *1 .0'+ *+=3+ K>c $ & , +& ' ,+0-,2-0+$
/.'& '1+&*' &+ ,*+ 0'1-&+'$ 2+0$ &,-& 2.& +1&0+# b.
-,,# . 8. *&0-&.+'M ,, 1,1 +&$ ,5 /. . & '*-,+8+ 2+:' .0'+
'8+$,5$*+'$+H.+,,-nMo+'++,(0-1+-0+8+nMoH*&,4.-0'1-&+'c9
,2'3 ,'& - +,0. +&00'+=+;+ '+$*1I',,.++'0-' ,.+
2++$ 8+.; *1 &8 -&*&0-8 ,,+9 -&*&0-8 /. 2+0+8+ 1 *+,+
&*&0'.&+,*+$K.&0+*4+,'2,,',$*1,.,2'3+'+*&*.-'+
'-1-'+0++ + .*+3=>,-*+9
.0'+;-,05'-+ 0-1- :$1.-0+'*- +*1+,+&0'-',$0+1=(1,87&

'+0 -& +$ 1='+ , *&,- ' *1 1.-0 DUWHLUD9 4.& +,
'1-&-,*7&*-+, +&0'8-,0+ +$,1',*&,- '..1+,0. +&01.-0b/.-0+
DUWHLUD + 1,101Mn'-,,o9.&*+ 2.- .1++.&+ I1+'$ 1+, .M &

_
,0 ( -&H*- , *.',, C9 I-,0-+1 0.'1+, *1 ,('-, -&-*-+-, &,-& 2.& +1&0+
F+2+=0-:+3 + .0,G9<'+1*'-+ +,0.'1+,*1+,,('-,2-&+-,9+'0-' +&8+)?ZB+
*'0-2-*+3 +,,. + *+'4 +, ,*+,$ & ,1&0 + '8+ ,.7&*-+ '18- +
48'&,0+ .+ 9!+8: ,K+ ,, +.1&0 +'*.'+',0. +&0,+'+ *10+'
,.+,*+'-:+39
B
,3 2-*+ + *'-0('- + ,*+$ 8- + 1+& + ,0. +&0, + 2'0+ 8+4+, &+
-&,0-0.-39
S
,'-1-'+,0.'1+, C&+' ,0+ .+ &,-&,.'-1-+1+,,('-,9+' 1.&-*-+
+.*+-+ .$'++1,1+4-,+3$'0+&0$&'+ -2'&09,,0. +&0,2+:-+1*+ +
0++1.1. -,,1,0',9

_

'+ +, -', +.&+,M $ +,,-1$ . & 1 -*+8+ 1.-0 J ,*+$ '/. .
=+4.&3+8+=+,0+&0$1+, +8++'++,,+' +&&*(4-c9
,+' ,*&,- '+'0H1- +$*&8',+8+1.-0*1,*4+,$-,b.

,1' 0-8 .1 =1 '+*-&+1&0*1 0 , ,*4+,c b*1 ,'2,,',
0+1=(1c9&0'8-,0+ +0&0++'4.1&0+'+,.2+8'b&'+=1=+4.&3+$.'+
*&8',+ -'+nMo.,1-8'$,.0-8,, .+,=*+,&-&4.(1-+1+4.&0+'
n2+. '-& oc9 1 .0'+, ++8'+,$ -& + *&,- '+ /. ,, '+ ,. bQ&-*
'=1+Mc $ +,+' I*,, *&8',+, 1 ,++ +.+$ b&
,',-0+8+ , '2,,',Mc9 &0. $ 0+1=(1 & -I+8+ ,0. +' 1
*+,+$ +,+' +2-'1+' /. ,0. +8+ +&+, +'+ +,,+' +&9 ,
+'4.1&0, I,0,$ & , *&,- '+ .1+ +.&+ I1+'$ &1 1.-0 -*+ +
+, ,0. ,9 ,0. +&0 ( *- - + /.+& +,,.1 .1+ ',&,+=-- + .
/.+& *&2-'1+,.+ +'0-*-+3 1 +4.14'. 0'+=+;, ,0. ,$ &
,-,02+*-1&0+'0-*-++0-8+1&0 +, -,*.,,R,9-&- -& +1
'+3+,01, ,*+,,-&*',#
*; /. 2- 0'+&/.-+ nMo . +*; /.M *1 , *4+, /.+&0
*1 '2,,', nMo 08 .1 01 nMo /. . +*; /. *+-. +

2-*;+ $ ,+=f H . -,,# g=1$ . 0&; /. ,0. +'W9 . +H 2-
& .,0. -=+,0+&0nMo9H.*1*-+,'.1++.&+1+-,
I1+' nMo +'+ 0' =+, &0+,M 1+,$ 2-M ,1' 2- =1 nMo
.4,0 ,0. +'F-& +G9
&0'0+&0$ -& + *&,- '+/. b08 .111&0 /.=+0 nMo +/.+$

&+ + ,*7&*-+c I*+1+# b;z$ /. ,+* ,0. +'zc9 *10+# b1+, -, nMo
+*; /. . &0'- & '-01 ;K nMo =+;z . 4,0 ,0. +' =+,0+&0Mc9 ,
*&0'+ -3R, '8+1 *',*-1&0 . +1+ .'*-1&0 + ,0. +&0$ ,4.&
,.++.0+8+-+3&11&0 +&0'8-,0+9
-& +$ 1 4'.$ , *&,- '+ ',&,>8 H ' *1 '+3 + ,.,
*4+,$ -, '8+ /. b&+ -0+8+ ,('- nMo . 2.- H ' 0.'1+Mc9 +0+ /.$
&0' ,.+, ',&,+=-- + ,$ , *4+, + '*&;*-+1$ 1,1 2'+ + ,++

@
b+-'+2-*;+c(I',,.,+ +1+.,+,02&,Q=-*,/.$,1&0/.+& +-4+3
*10+8+ ( /. + 2-*;+ *+H+ '+1 .,+ , +/., *'( -0,9 ;+8-+ ,-,01+ *+'0
02Y&-*9

_

+.+*1H '9&0'8-,0+ +&+''+.1-,5 - ,.+8- +*1'4.;101
,+. ,-,1#
)+;z'+-&*'H8$/.+/.''=1-&;++0(&+;'+ -&0'8+$nMo
. & 0-&;+ ,,,49 +8+ ='-4.-&;+ + ,*&0 K> 1
*;+1+8+1#g-& +$-& +$01+4.(1='-4+& $8+->$8+->$
0.(+H '0.01/.+,,.1-'+',&,+=-- + zMW>-+.M
F-& +G9
+'++&0'8-,0+ +$+,',&,+=-- + ,*1H ' +0.'1+$2:*1/.

2-*+,,1+-,*&0'+ +$*1+1,1+ -:b2-& .0+1=(11*&0'-1+-,$
,+=f nMo <- =1 4+Mc9 ,0+, 2'+,, *.'0+,$ 0'+&,+'* /. + ,0. +&0
*&,4.,'.1+,,++1>8',&,>8+1,101$.1+H '/.(
'*&;*- +I1 ,.+,+3R,9
.:- + 1='+&3+ , 01, ,*+ 01$ 0+1=(1$ N+ 1+'$ -,
,4.& $bnMo.9990&;.*+1='+&3+Mc9.-0,2'3,,+(/.
b1+'*.$nMo.1+*-,+/.11+'*.=+,0+&02-/.+& M&-&H*-$&(Mc$.
,K+$,'-1-',+&, &,-&2.& +1&0+9
2+0 + 2+1H-+ N+ 1+' ',- -' &4 + ,*+ I-4-. /. ,.
,*+1&0 +&0* ,, .1 +'4 01 +&0, -&H*- +, +.+,9 '*.',
'+ &4$ '(1 & '+ 1*-; +'+ ,0. +&0 -I+' *1+'*' J,
+.+,9 +, ++8'+, N+ 1+'# b*1 1., +-, 1'+8+1 & -&0'-'M nMo
&4 + ,*+$ + 4&0 0-&;+ /. *+1-&;+' + ( 0 , , -+, +'+ n*;4+' Jo
,*+M nMo &0 '+ &4$ +8+ 1+-, *-&* /.-Y10',M +/.- '+
*+&,+0-8Mc+'+.1+*'-+&3+9
C.&0 *1 *+&,+3$ N+ 1+' '+0+ /.$ &+, '-1-'+, ,('-, &,-&
2.& +1&0+ '*-,. 1+-, 01 /. , 1+-, *4+, +'+ , + +0+' J
-&[1-*+,*+'9',,10-8'*=-++- '2,,',9+,++8'+,
,0. +&0# b. '+ 1.-0M +,,-1 1.-0 +&,-,$ &0 . 2-*+8+ &'8, &+ +.+
MnMoJ,8:,+0(*;'+8+n'-,,oM+'2,,'+8-&;+*&,+8+Mn'-,,onMo
^$ + '-1-'+ ,('- ,1'M + 4&0 ,+- +/.+ nMo '0 , +-, nMoc9
,*+$&+1='+&3+ ,0. +&0$2-'-1-'01,+3/.2-*.&4 +
2+1H-+9

_

C.,0-2-*+ 0+ +0-0. 0& 1 8-,0+ /. ',- -+ & -&0'-' + *- + &
1'+8+1+-,-,+ /., 1+-,*4+, 0.'1+$',,10-8$08
.**&0+0*1.0'+,*'-+&3+,+&0, &0'+'&+,*+#b*1+4&01'+8+
&-&0'-'&0+4&0&*&;*-+,*4+,M/.+& +4&01'+&+*- +
,1'1'+'0 *4+/.,0>,0. +& 0+1=(1Mc9
0-1- :+,,+. + ,/.N+ 1+',&0-+ *+,++,,+'+1$b&0>

2-*.M & -&H*- 2- =+,0+&0M +0(M , &0',+' *1 + 0.'1+Mc9 ,, '+0 2-
'2'&0Jb'-1-'+,('-c9+, 1+-,,('-,$,0. +&0*&,4.-.0'+=+;+'*1
,.,,&0-1&0,+2+,0+1&0 +2+1H-+++ +0+3J,*+, .*1
+,,+' , +&,9 +, ++8'+, ,0. +&0# b ,4.& + + 0'*-'+ ,('- +H (
,4.-1&0Mn -,ob2-*.0. 1+-,0'+&/h-Mc9
-2'&01&0 '+0 ,*+' N+ 1+'$ + ,0. +&0 +0>-+ '8+

/. '+1.-0+0-8+ &+,*+$ -,$ 1,.+&+''+0-8+$0+1=(12-, +*,0.1+&
*11 ,*+'9+,++8'+, +#
11&0 + ,*+ nMo ;z . ,5 1=' /.M . '+ 1.-0
8+ + nMo &( n'-,,o nMo ;z.,5 1=' /.. +'&0+8+1.-0
nMo&+,*+MJ,8:,'+1.-0*;+1+ +++0&30+1=(1M
nMo &+ /.+'0+ ,('-$ /.-&0+ ,('- ' +-$ +0( + -0+8+ ,('- nMoM
F+0>-+G9
,01, +-&2[&*-+ &2'+1'+0+ ,' +'-+.-:+9&+,'8.

/.&'+1.-0',-,0&0/.+& ,0'+0+8+ ,0. +'9!+1=(1&I-*+,
;+8-+ -&*&0-8 2+1--+'9 1&0 '+0+ /.# b;z . ,0. -M . ,1' 2.-
1.-0MnMo,0. +8+$/.+& 8-+.1+ -2-*. + '++'-1-'+++'+'c9+,,.
-&4',,&1'*+ 0'+=+;,0>'+*-&+ *1+=+& & ,,0. ,91
+,,+' 01+,0. +&080++,=+&*,,*+',+'+*10+'1+-,.1+
0++9 b<.- +0( + ,(0-1+M +'- +'+ *13+' + 0'+=+;+'M +H -, .1
01$.*10-&,-&2.& +1&0+c9
,+' 0'0'1-&+ &,-&2.& +1&0++'+ +,4.-'$+'-+.-:+

',,+0+ /. -&-*-. &,-& 1( -$ 1+, & '1+&*'+ 8- + 2+0+
'*.',, 2-&+&*-',# b*1*- &,-& 1( - 8- +, *& -3R, 2-&+&*-'+,$
*1 '+ +4$ . 0-8 /.M +'+' 0+1=(1Mc9 1 K.,0-2-*+ +'-+ .-:+$ ,,+

_D

& ( .1+ /.,0 , &4+' + ,0. +' . 0' '=1+, *4&-0-8,$ +''+$
&0$/.'H 1/.2-*.+2+,0+ + +,*+2:*1/.&*&,4.-,,
+*1+&;+' + 0.'1+$ -, , '('/.-,-0, +'+ + ,('- /.*.',+8+ & ,0+8+1
',&0, 1 ,.+ 115'-+9 (1 -,,$ + /.,0 1&0>'-+ 0+1=(1 2- .1 ,
10-8, ,.&8+2+,0+1&0 + .*+32'1+9+,++8'+, +,0. +&0#
(.1+/.,0/..&,0. -$(.1+/.,0 +'& '

1,1$2+:-+1.-001/..0-&;++'+ ,0. +'M2+:-+M
+*;/..&,*-&*+&,/..0-&;++'+ ,0. +'$(/..
*1*- n&1 + 1',+,*+o > & *&0' +.*+-+
+*+=-+'+& $0-8/.0'+&*+'+*+=-0'+&*+& n2+:,-&+*1,
, *1.&-*+& + 2+0+ , '*.',, 2-&+&*-', $ *10+
+2-'1+& 10-8 + ,+H + + ,*+#o ' *+.,+ +, 1-&;+,
*& -3R,2-&+&*-'+,F+'-+.-:+G9
,0. +&0 -'&-:+ +*'*+ , 'H , /. 2-*. ,1 ,0. +'# b&0, +
,3$2+:-+*-&*+&,/..K>0-&;++'+ M1+,$.&0*&0-#.'+
*-&*1*-&*MnMo&0,$*-&*+&,.0-&;+*10+ &,-&2.& +1&0+>
& n&1 + ,*+1',+o$ 1 +&+,c9 I-*+/. ,4.-. ,0. +& '
-&*&0-8 2+1--+',$ .1 -'1 /. 0+1=(1 2- +.& ,0+=*-1&0
-& -*+ 9'*.'.,0+-&,0-0.-3b'-& -*+3 .1-'11./.,0. .>
+'& .1.-0MnMo+H -,,gnMo4+,0. +>/.0.8+-,8'/.0.8+-,
4,0+'MW9'+1&0M^.1+,*+1.-0=+M^+4+I*&0$',-&+Mc9
, 1='+&3+, .- , -&H*- ,. *&0+0 *1 + ,*+$ ,
01, '(,*+#
;$ 1-&;+, 1='+&3+, /. ,1' 0&; + ,*+$ nMo . 0&;
1.-02'0nMo ,1.,*4+,$nMo+,1-&;+,'2,,'+,$.+0(
;K 1 1='M + 1-&;+ '2,,'+ +-& + K+' -1 -&2[&*-+
nMo '-1-' +&9 nMo <- 1 +&0+&+ -8'+1&0$ /. .
1'+8+9 . 1 1=' +0( ;K +$ . 0&; =1 8-,H8 ',0
+$+2-,-&1-+ +F.- G9

Z
1',+=+,0+&0 -2.& - +&+,*- + , +'4-10'-0+&+ '04'92'**.',,
&,-&2.& +1&0+1( -+.1*.,01+-,' .:- /.+, 1+-,,*+, ,0'9
1+0'H*.+(' -,*--&+,0. +&00'1-&+1.1'+:=1' .:- 1'+3+&,-&
1( -'4.+'9

,0+(.0'+-&,0-0.-3+'0-*.+'*.K'4-10+1=(1 1+0'H*.+(' -,*--&+912--+-,&+,
*- + , +'4-10'-0+&+ '04'9'0-2-*+&,-&2.& +1&0+1( -9

_A

,0. +&0 '8+ /. ,1' 4,0. b1.-0 -' +'+ *(4-c$ '(1$
&1,1''++'+,0. +'$-,bK4+8+1.-0+=+0+1=(1$J,8:,2+0+8++.+
+'+ K4+' =+$ 4,0+8+ 2+0+' J, +.+,Mc9 ' ,, 10-8 -: /. 01
b=+,0+&0, 1='+&3+, =+, +M$ 1.-0 +, +1-:+ , /. . 2-: 0+1=(1M +,
*-,+,/..+'& -$0+1=(1c9
+ ,*+ '*=-+ -&*&0-8 , '2,,', +'+ ,0. +'# b.-0+ *-,+ .
+'& - &+ ,*+ 1.-0, *&,;, , '2,,', /. 1 '+1 nMo .
,1'0'.I+/.-*1-4nMoc98+1&0*&2-'1+,/.K>2-+''+ '
v F
A$ 9 Z@G <" F
B$ 9 DBG$ /.+& '2'1 /. +,
1='+&3+, I+.&, ,0 1.-0 1+'*+ +, ' 4,0, 2++, '2,,'+
+*' -0+& 1 ,.+, ,,-=-- + ,9 &0'8-,0+ +8+-+ /. b, =+,
1='+&3+,c ,*+ '8+ /. 1 ,++ +.+ & '+ .1 +.& I1+'$
&0'0+&0b2+:-+=+4.&3+ -, ,+-' +,++Mc9.- -:/.b'+.1*+'+1+-,
*&0- Mc9 ,+' -,,$ ,,.H+ =+, '+3R, *1 *4+, '2,,',9 +,
++8'+, ,0. +&0# b,1' 1 - =1 *1 0 +, +, ,,+, nMo$ 1
+ +0+8+ 1.-0 =1 +, 4'., & 0-&;+ '=1+$ nMo$ 0-&;+ +4.1+,
-2-*. + , +'& ' +4.1+, *-,+,c9 K.,0-2-*+ 0+-, -2-*. + , *1 ,&
b&'1+ 0 ,';.1+&$&(fc9
B9
9D! !C
³7iHXQmRLDSHUJXQWDUµPDVRTXHp
352(-$"¶´
-, 0' '*''- 8>'-+, ,*+, 1 =.,*+ 8+4+ +'+ *.',
&,-& ( -$ +2+ + 2- ,.''& - + /.+& &0'. &+ 0+3 &*&0'.
.1+ *4+ /. 0+1=(1 0'+=+;+8+ &+ 1,1+ 1',+ /. +9 +, ++8'+, +
,0. +&0#

,0. +&0 +2+ + /.+& *;4. &+ -&,0-0.-3 & ,+=-+ /. , 0'+0+8+ C9
'*.'.<.+.*+-+ .+'+*10+',.,,0. ,&+ .*+3)>,-*+$'*.'.
+&0-49

&1-&+3*++0'+&,'0*0-82-0*11-*'Y&-=.,/.*-'*.++*- + 9,,.1
-*&3++'+*-'*.+'+&+,&+*- + 9

__

<-/.+& .,0+8+&+0+3$.1+,,+&Y&-=.,$/.(.1+
*&;*- +$ K> 0-&;+ 1 2++ /. +M K> 0-&;+ ,0. + +/.- &
C,5/.+ ,-,0-.$&MnMo9/.+0-&;+ ,-,0-
/.+0-&;+*13+ +0'+=+;+'>&,-/.MnMo+0-&;+
2-; 2-*+8+ ,+ +'+ +9 . -,,# g. ,0. '*-,+&
.1 .4+' +,,-1W$ . -,, +'+ +9 g+- >$ *&8',+ *1 , /.
, , VXSHU JHQWH ILQDW9 g!. =1W$ . ,*&2--M n'-,,o
F+2+ +G
2+0$ + ,0. +&0 '*.'. &,0-0.0 < '+ .*+3$ -7&*-+

!*&4-+.-'+& &,$+1.,+.*+-+ .$+2-1 '*='1+-',
-&2'1+3R,9,*&2-+ +1+, *- - +$01.++0-0. =.,*+'+,-&2'1+3R,
/.+1K+8+9+,++8'+, +2+ +#
&,-# g'>fW . '*.'- 0+&0$ . ,0. '1+& 0+&0 +'+
*&,4.-'9 g;z . >$ '&0MW9 H +*+=- nMo +(1 + 1
2++' -,.8-&+0+3.1+&Q&*-nMo C$*-,+0+$
2++& . -4#g1+,8.>$8.>W94.-.1 -+ *- -9-1
+0(+,*+9'4.&0-#g;zW. -,,#g;z$4,0+'-+ ,+=',='
&,-&VLF K8&, + .0,$ -,,MW +H ,0+8+ 1
-&,*'8& MH1-&,*'8-MH12++'+1/.'+','0-9.
-4#g&,,+$.&.&*+4+&;-&+ +Mn'-,,oWF+2+ +G9
,+' + ,0. +&0 ,0+' /.+, *-&* +&,,1 ,0. +'$ &*&0'. .1+
-&,0-0.-3 /. + +*-0+,,9 4.& +2+ +$ 1,1 & ,+=& /. ,
'2'-+ C$ +,,-1 1,1 , 1+0'-*..$ -, ;+8-+ + ,,-=-- +
*&*.-'+ .*+3=>,-*+$/.'+,.+10+9+,++8'+, +,0. +&0#
&0.*;4.-+/.-n&<.o12++'+1 CnMo+H
. -,,$ nMo 0+$ CM +H . '4.&0-# g( &,-&
K81MW+'+0-'+'+ Q8- +n'-,,onMo+'+0-'+'+1-&;+ Q8- +$&(f
nMo!>$.&-+'4.&0+'#1+,/.(CfWn'-,,onMo+'+
&g+4+'1-*W$. -4#g( .*+3 K8&,+ .0,W9g!>$
/.(/.'*-,+fWF+2+ +G9
1 0' *'0:+ *.', /. ,0+8+ , -&,*'8& $ '*.'. ,+&+' ,.+,
Q8- +, & 11&0 -&,*'-3$ 1,1 +,,-1$+ ,0. +&0 +2-'1+ /. b 1
- *&0+ /.'+ .1 *.', 0(*&-*$ /. '+ .1 *.',M1.-0=1+,,-19 -
*&0+ '+1&0 /.+& . K> ,0+8+ +/.- &0'$ ,+=fc9 '/. &+ ;'+ +
1+0'H*.+& -+ ,'0-;.8.1+='8+,0'++,D_,0. +&0,,'0+ ,

D
&,-&( -+'+ .0,9
A
I',,.,+ +.+'1&0/.+& +,,+$&.1+,-0.+31=+'+3,+$+,,+8I+1.
8'4&;+9

_B

,='*.',$1+,+2+ ++2-'1+/..8-.$1+,&+'& .+,-&2'1+3R,9
+,++8'+, +b&+;'+$&+-&,*'-3$& -+ ++,0'+,2++'+1M+,+0(
&0 +-& + +'+ 1-1 & 0-&;+ *+H + 1-&;+ 2-*;+ /. '+ .1 *.', 0(*&-*Mc9
1&0 -, 0' -&-*-+ +, +0-8- + , ,0. +&0-,$ & -&H*- +& 0-8$
'*=./.,0'+0+8+ .1*.', &,-&( --&04'+ +&,-&!(*&-*9
$2-1;' /.,'+8+9b.,0+8+'*.'+& MnMo&,-&1( -&'1+9
nMo..1+*-,++,,-1$&*&0'-.1C*10(*&-*MnMo+/.-$&,,+
,*+M nMo /. ( .1+ '2'7&*-+Mc9 2+0 < .-'+& &, ,' .1+
'2'7&*-+&+*- + $0+1=(1(1='+ '.0', ,.,*4+,9
B9
9D9!
³$JRUDHXYRXDJDUUDULVVR>«@FRPXQKDVH
GHQWHVVDELD"(pRTXHHVWRXID]HQGR«´
1 *&8',+, -&2'1+-, *1 , 11=', + *1-,, /. -1+&0.

C &+ -&,0-0.-3$ ,0+ 08 + - (-+ '+-:+' ,'0- +'+ -&4',, ,
'-1-', ,0. +&0, ,, '4'+1+9 =K0-8 ,,+ *1-,, 2- ,' K.,0
*1 0 , , 2.0.', ,0. +&0,$ .0--:+& .1 1(0 /. & K.4+,,
*&;*-1&0 &&;.1 , +'0-*-+&0, & '*,, ,0-8 + 2-1 -1-&+'
+/.,/.,0+8+11+-,012'+ +,*+9
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*&;*-1&0,'(8-, , ,0. +&0, &1 *&0Q , 11'-:+ ,9 ',0+
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-8.4+3$ +'+ + ,3 +'+ ,'0-9 ,,+ ,3 '*.' +',&0+'$ &
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,., 1'4,$ 1 ,.+, '0-&+, ->'-+,E &.1 ,4.& 11&0$ + '+3 ,
+'0-*-+&0, .'+&0 '*,, /. , '1-0-. -&4',,+' & C$ ' 2-1$
/.,0-&+1&0, , '5'-, ,0. +&0, +*'*+ ,'0- + 2,+ &8
1 ,39 ,*&,0+0+'/.,,0. +&0,&0'8-,0+ ,071*'H0-*+,

_
I',, .,+ + ' +2+ + + +2-'1+' /. ,, *.', 2+'> +0( 2-&+ /. 8+- 2+:7 *1
1>I-11&; -*+39

_S

+ '*,, ,0-8 1'4+ +'+ + '-1-'+ 0.'1+ '*1& +1$ '
*&,- '+'1 ,' .1 '*,, 1;' +='+3$ 1 + ,3 +
,4.& +0.'1+9
³>«@WXGRQDYLGDWHPRPRPHQWRFHUWR«´
'0'& +, ,0. , '+ .1 ,K 8>'-, ,0. +&0,9 1 +
,,-=-- + ,0. +' '0 *+,+$ & &0+&0$ -&,0-4. /. .- '+-:+,,
,.+ -&,*'-3 +'+ + ,3 C$ + 2-1 -'*-&+' ,.+ 8- + 2.0.'+ +
.0'+,+0-8- + ,94.& $+-&,*'-3, .b'/..K>/.'-+$2+:01$
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,.+8- +9+,++8'+, #b*1,.'4-.,,+'0.&- + M*1.'*-,+8+
2+:'.1+*-,++'+1-&;+8- +&2-*+',5&1'4nMoc9
-, 0'2-0+-&,*'-3&'*,,,0-8$+'-+.-:+&+*' -0.

&+,,,-=-- + , ,','0+ +#b+=$&+'-1-'+$&.1+'-1-'+-&,0[&*-+$.
&,0+8+&1+H+'+&+ +Mc$'(1$&+1 - +1/.+ +0+0,'+ +,
+'I-1+8++I*0+0-8+2-1. +& $++ '&+-&+2-+.1&0+& &'4+&-,19
, -+,/.+&0* '+1+,'0-$0'+=+;.+&0*-+ +2-1 0' -'-0
+'0-*-+' 1,1$.1+8:/.0++0-8- + &,0+8+'+*-&+ + -'0+1&0
*1 +, +='+-, . +, + 1',+ + ',&3+ '+ ='-4+05'-+9 +, ++8'+, +
,0. +&0,=,'8++0&,&'8,++/.,,.=10.#
/.+& *;4+ -+ ,'0-$ 8+- *;4+& '0$ 8+- *;4+&

'0$8+- +& +/.+ 139-,&2-&+ +,*&0+,0.,0>
0 8& $ -, & 2-&+ +, *&0+, 0. ,0>, +4+& ;'+,
+ -+&0+ +'+ ' -' >9 <- /. . 2-:9 +4.- ;'+ + -+&0+
+'+ 'MnMo.0'+=+;-/.+0';'+,+&0,+'+ ',0+'M
'+,0;'+,n +&-0o/.0-&;+/.,0+'+/.-nMo9.2-/.-M.
0'+=+;- -, -+, +'+ ' nMo +/. -+ 1+-, .1 .0' -+
+'+ 'MnMo +/. -+ . 0'+=+;- 1+&; +'+ '
,0+' *;4+' +/.-M . *'''-+M nMo 5 . 1,1MF+'-+
.-:+G9
,+' 0 + + I*0+0-8+$ +'-+ .-:+ +2-'1+ /. &1='+ 1.-0+,

,-0.+3R, & -+ ,'0-$ &+, ++8'+, + ,0. +&0# bnMo +,$ +H$ 4'+3+, +
.,M . ,0+8+ 0 &+ QHXUD &+/. -+ /. 1 *;+1. . &1 .8-M

B
++8'+, +,0. +&0+'-+.-:+ 2& & +,3','0-9

_@

n'-,,oc9 ,'0- , . ' &Q1' -&,*'-3 &1 *10 *+ +
,0. +&09 C.,0-2-*. ,4.-&0 1 # b('-9 +=$ +,,-1$ (9 - /. '+-8+$ .
0'+=+;- -+-&0-'$.*;4.-1*+,+01-.1=+&;$,+H*''& ,0.
+/.- ,'+& &+ +M +=$ nMo 0. *13+M WULFRWDQGR ,:-&;+Mc9 ' 2-1$
2- *;+1+ + b+H 2-/.- > & *+&0 +*$ +. -05'-$ & + ,/.' .
=1 /.-0+$ >$ 0'-*0+& *1-4M 1+, /. '+-8+$ . & *&,4.- &+ +M 1+,
0. =19H -,*;+1.&Q1'AM/.-$.,.$.,.Mn'-,,oc9
bH.*1.1+:-&;+,,-1F&,011&0 +&0'8-,0+$+,0. +&04.
.1 +3 2;+4,0-*..+=++&3+& ,='+*+=3+$*1 -: /.0'-+
2-0&+ +0+ ,'0-G -, /.2.-12+4'+'/. '+ 1. &Q1'9'-1-'
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*&0+ +,0. +&09
1 .0' 11&0 + &0'8-,0+$ + 80. + +,,.&0$ +& .1+ .0'+
8', + 11&0 ,'0- $ '-& $ -,,# b. 2.- .1+ +, /.+0' Q0-1+,
ERODFKLQKDV GRSDFRWHnMo+, D_2.-+D9nMo,,+nMo/.+& *;4.&
D K> *1*- + ',1.&4+'Mc9 +2-'1. /. +'+ *.', ( '*-, ,2'3
,,+9bH. -,,+-$ &$ .I+ 8- +M0+&0 ,2'3 +'+&+ +M +HM/.+&
1*;+1+'+1M1&,$'/.7.,0+'+/.-+0(;K$,0.8+& +,('-
,0.11&;+& 01+'+/.*&,-4+,4.-'9c
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+,*&, ,,+&/.+&0*+1-&; +'+,4.-' -2'&0 /.8-&;+0& $ +
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2'+3R, ,4.& ,+,,.-1+4-&>'- ,,0. +&0,+,.+8- ++0(&
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,'0+ ,9 1 , &,-&+1&0, *.', *1 + '0&, ,4.-' +'+
*+1-&;,+-& +&'*''- ,$1+,,4.',$ '-+14+4+'&8,;'-:&0,

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'+0-*+1&0 & .8 & 87 /. ,0> +*&0*& 1 ,.+ 80+9 1 .0' 11&0$
0+1=(1$ ( .,+ + ,,+ I',, /.+& .+, ,,+, *&8',+1 +&-1+ +1&0 ,1 ,
-1'0+'*1/.1,0>1,.&0'&9
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Z
1 1-&;+, +&0+3R, & ->'- *+1 2-0+, & -+ ,'0-$ + ,0. +&0 2- + Zq + ,'
,'0+ +9,,+,'*3R, 11. +' +*' *1,0+ 1*-&+ 11&09

_Z

''*-&+'$+0'+8(, ,.0'+=+;&+&8+'2-,,$.1+8- +1;'+'+,.,
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³%DKKRMHDVVLPHXVHLTXH«YDOHDSHQD
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8>'-, ,41&0, + *1.&- + 9 "+8-+ + I,-3 *+'0+:, & 0'+&,'0
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,,+, -&,*'8'+1,$ '(1 .* 1&, _ +4+'+1 + 0+I+

-&,*'-39,'0- +,8+4+,+'++'-1-'+0.'1+ C*''.& -+A
:1='
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',&0.&8-+''',&0+&04+9
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0-&;+,/.,0+'M
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0DULD/XL]D#$0-&;+/.,'+,,+9
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0DULD /XL]D# . & 1=' -,, &$ & '($ 0. 1
,*.+M
(QWUHYLVWDGRU#*;/.,-1$'/.+,,-&+8++',&3++-
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0DULD/XL]D#^+,,-&+8+M
nMo
0DULD/XL]D#-,,,'0+ ,2-*+'+1'Q0-1M

,0. +&0 ;*&2-'1+& /.8+.+&+0',- ,'0+ -&-*-+ *.',9

<-*='+ *10+I+ -&,*'-3.18+',-1=5-* l_$9'(1&10 ,+4+'+19

B

F&0'8-,0+ *1 + ,0. +&0 +'-+ .-:+ &81='

@G9
.+, -,+&,,+,,+'+1 , -+ ,'0-+0(/.+& 2-'+-:+ +

+ &0'8-,0+ *1 + ,0. +&0 +'-+ .-:+$ *.K I*'0 2- +',&0+ +*-1+9
4.1+, ,-0.+3R, 1 0' *''- + &0 *+& - +0+ & 0' , + *&0+$
.1+8:/.0+,'0- '-+.&1. +'+0'+K05'-+ 8- +2.0.'+9^'8>8
/. + ,0. +&0 & '*' , 0+;, /. =,'8- /. , +&0- 1 1.
->'- *+19'+1 .+,,,+,*1',*0-8+, -2'&0,&1,101
,+3$ *1 =K0-8, -2'&0, .1 .0'+9 *'*+ + &0'8-,0+$ + ,0. +&0
1='. /. , *+& - +0, ,'0+ , '1+&*'+1 & +. -05'- & 2'+1
'+-:+ , , ,'0-,$ +'+ '*=' +, =+,8-& +, -'0' + -&,0-0.-3$ ,
'2,,', +*1-,, -1+&0+3 2.0.'*' &+ ' *.',9
++&+1='+'/.b+115'-++'*,'.12&Y1&-& -8- .+$+4

'+0-8+1&0H&0-1$'5'- +,,+cFr$ZZ
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G9+ $0+1=(1$
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,&0-1&0 - &0- + .1 4'.$ &,, *+,$ ,0. +&0, /.
-&4',,+'+1 &+ '-1-'+ 0.'1+ C +0'+8(, .1 ,'0- Q=-*$ &
&,0-0.0 < '+ .*+3$ -7&*-+ !*&4-+ .-'+& &,$ +1.,
+.*+-+ .9
115'-+$ +-& +$ b'1-0&, 0+&0 1='+' /.+&0 ,/.*'9 /.+/.'

11&0$ &5, 1, 1='+'$ ,/.*'$ '-&8&0+' *'0, +,*0, &,,
+,,+ ,,+ *0-8c F!$
$ 9 B
G9 ,, 1 *&,4.-1,
I',,+'1;'+,,+ $'20-',='',&09,,-1$*1+'0-;+1,*1
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1 ,,/.+-,2+:1,-,,$,I',,R, *&,0'.3R,*+-, ,,+
8:c F,GHP$ 9 B@G9 4.1+, 8:, +, 115'-+, , *1+'0-;+ +, '
*1.&- + , /. '-&8&0+1 + ;-,05'-+9 , bI'-7&*-+, &8+, +1-+1
*&,0+&01&0 +, -1+4&, +&0-4+, & 2-&+ I-41 4'+1 2'1+,

B

*1'&,c F!"$ ZZS$ 9 _SG$ '/. + '+3 &0' ',&0
+,,+ (1.-007&.9
n999o + &+''+' .1+ ;-,05'-+$ - &0-2-*+1, /. &,+1, /.

('+1, & +,,+ $ /.1 &,+1, /. ,1, & ',&0
/. 4,0+'H+1, ,'9 , ;-,05'-+, /. '1='+1, & ,
'',&0+3R, I+0+, &,, +,,+ $ 0'+:1 +,*0, ,,
+,,+ , 1 +1 +'+ /. , +K.,01 J, &,,+, - &0- + ,
F,GG9
-, ,'0-$+,0. +&0+'-+.-:+'+0+/.,0+8+.25'-*+/.'-+

*;4+'1*+,+ -8- -'+2-:&0H*-+*1,.,2+1--+',#
.,0+8+1.-0M.222M$=+=+$&1=' &-&4.(1MnMo5
8-+.1,1+n'-,,onMoK>-1+4-&+,0/.-& $,5;+',5M8'
0. 1,1+$ &(f - . *;4.- 1 *+,+ . ,0+8+ 1 ,0+
4'+3+M +, . ,5 /.'-+ +='+3+' 0 1.& M n 4'-0+'#o 7; 7;
7;7;7;Mn'-,,oF+'-+.-:+G9
4.& +,0. +&0$+/.+&-0+,,.0 8+4+'$-,$& -+,4.-&0$

/.'-+ -8- -',.++4'-+$0+1=(1$*1,.,*4+, 0'+=+;#
.*;4.-&.0' -++,'8-3Mn+,*4+,'4.&0+'+1#og+H
*&,4.-,0fW n+'-+ .-:+ ',& .#o g&,4.-M ;;;;MW
0 1.& /.'-+,+='/..,0+8+4'-0+& M/.(/.2-$
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=1M
,1 **+& 1 K4 0 2.0.' ,. ,.+ 2+1H-+$ 8>'-,

,0. +&0, & +*' -0+8+1 /. . ,,1 ,' ,'0+ ,9 ,,-1 1,1 '+0+1
/.01+'+10 +,+,1 - +,&*,,>'-+,+'+++'0-*-+3 ,'0-$.,K+$
+ -&,*'-3 & '+: ,0-.+ + -&,0-0.-39 <- /. +*&0*. *1 +
*+& - +0+,'0+ +$+2+ +#
/.+ *-,+ /. + 4&0 &.&*+ +*' -0+' &+ 4&0M /.+& ( '
,'0-$ + 4&0 -:# g-;MW n'-,,o nMo +H 8-1$ 1+, . 8-1 *1 2($
+,,-1$ & -+ ,'0- *-,+ 0+9 n&0,$o 0'.I 20$ 0'.I
0. M +H 1 -&,*'8- nMo$ 8-1 +/.- & -+ ,'0-9 ,,+$ .
,0+8+1.-0&'8,+M
,+' &+*' -0+'/.. ,,1,','0+ ,$+4.&, ,,0. +&0,

,*&,- '+8+1$ 0+1=(1$ '5'- ,.*,,$ -, , *1'& -+1 b,1 ,'0c

B

+'+ -&4',,+' & C9 >'-, &0'8-,0+ , '8+'+1 ,.'',+ + ,'1
,'0+ ,$.1+8:/.*&0'>'-$&&0& ' +4.&,$1,0'+1.1,&0-1&0
''0+ . .1 +*Q1. ,.*,,-8+, *3R,$ *1$ ' I1$ &+
I',, +,0. +&0+2+ +#b +H.$=+;$(+/.+M$+/.1 &,'
,'0+ +,+-' **-&+ + &8$,+=fc9&Q1' +'0-*-+&0,+,,.,0.
+$1+,$b'+1/.+,
nMo9.+*;/.M.2.-nMo+@+9nMo+,'*;+1+ +c9
,.+,0'+0(4-++'+0&0+'&2-*+'&'8,+'+*&0+'&Q1' ,'0+ ,9
'+3$ + ,' ,'0+ +$ 2- H1+'$ 1+, &+ 1,1+ &-0. , 1+-, *4+,9
,*'8+ ,4.-&01 #b,,+$.&,+=-+,,0+8+4+ +$,.,0+8+
/.&0$,.,0+8+999n'-,,o9.,-/..2-/.-1.-0$1.-0*&0&0M. -4#
g4'+ . 8. +4+''+' -,, *1 .&;+, &0,W$ ,+=-+fc9 *10+ +2-'1+&
/.b(/..,0.2+:& Mc9
4.& ;$ 2-*. + 1,1 01 &0.,-+,1+ ,.'',

/.+& 2-,'0+ #
nMo&0.,-+,1,.'',$'/.M1.0 -,,#,0>8+1,
.$ 1-&;+ ,,+ + - C.-0+ +0(MnMo '/.M + - C.-0+
,0+8+ +0( *1 .1 '=1+ &+ '&+$ 0-&;+2-0 .1+*-'.'4-+$ .1
&45*-+,,-19+4&02-&+*+,+ +=.,*.+9&02-*+1,
.$ 1-&;+ ,,+ + n,&0+ ,oM +*+=. 'M . +0(
='-&*+& # g-,, +/.- . & 8. 4+&;+'$ &.&*+ 4+&; &+ + nMo9
Q&-*+ *-,+ /. *+'+ 4+&;+ ( *&0+ + +4+'$ , 4+&;+' +4.1+
*-,+W$ 2.- ,4.& 9 ,4.& + ,' ,'0+ 2.- .$ &0$ 2-
,.'',+ *+'$ =+;$ 2-/.- 0'- 2-: M 1+, 2- 1+-, .1+ .2'-+$
1+, 2- 1+-, +0( ,.'',+ nMo 4+&;+' /.+/.' *-,+ 0. 2-*+ 2-:$
4+&;+' .1+*+&0+$ 4+&;+' .1+M /. 4+M nMo 1 *.',M .1
*.', 0+M 1+, 2- 1.-0 =19 )+;$ ;K . ,- /.M 8+ +
&+M *1 *'0:+$ 01 /. +' 1;' ,-$ +'8-0+' +
1>I-1MF ;G9
'+3 -C.-0++,','0+ +2-'1='+ + .'+&0+&0'8-,0+9

,0. +&008.1+'+3=+,0+&0,&0[&+$-,, -:,'I+&,-8+1,.
1 ,' 2-:'+1$ K.&0 *1 K> ,'0+ ,0. +&0 ; ,.+ ,,+
.1+b+4+:+''+c9+,++8'+, +,0. +&0

b4+''+' *1 .&;+, &0,c ( .1+ I',, .+' .,+ + *1 ,&0- & ' ' +4
/.*&,4.-.$&,,*+,$&' '+'0.&- + $ -*+',+1>I-1$,4.-'12'&0
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,&88.9.+& +Q0-1+1',+$=,'8+8+,2.&*-&>'-,+ 1-&-,0'+0-8,
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+'+$1+-,0+' $,'.1+=+2.&*-&>'-+nMo.,120-81
nMo^,,++1-&;+I*0+0-8+F+2+ +G9
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