Вы находитесь на странице: 1из 9



  "!# $%&' ( 


) *,+.-0/1+.243.576
879;:<0->=@?BA4<0+.*C50D,E nXWX;T,{0]^p.OWLUOWLUf^Y4G,XWXW}"†XWXjY4P@_}k}eTCd~GJIPqL^]lf^d.I.[qTCd.](OWIo}CTCd
ve{1TCf
FHGJIG,KCGMLNGJOQP;R VUpG,](}CTedaTCI.LlOWL^]UT,{ OWL(r.d.f^Y"G4V”GJf^YcI.YL^LU‘(L^TkPTeI'ª ] _&YL^u~GJXWX
SUT,V%OWL KI.T,VUXWYZP\[CY]^T@_&Y`GCacbed.OWf^Y4P.ghSiT,V>OWLUXWOj_&YcfG,]^OWTeIk]^T@_&Y ukOWIPY4P;w xCwWx4•
G,]l]NGJOjImYZP.gonIPqp.T,VOWLUPOWL^rGJL^LlOjTeIo]^T@_&YflYZGCalp.Y4P.gts0YcXWXuqY … TCdoG,flYdmIaTCI&POW]^OWTCI.Y4P~GJIPoalpG,I.[eYcXWYcL^L4v{1Tef^uqXjYL^LUG,IP
]^pmOjL4vL^OWfZwxCwWx OWuku@T,y,G,_.XWYCv,dmI{›G,]lp.TCuoG,_.XWYUG4V”GJf^YcImYcL^LG,IPqd.I.r&Ycfl]^d.fl_G,_.XWYCv&LlT
nLlp]NG4yCG,KfG`LG,OQP;R p.TCXQP]^T"I.TC]lp.OWI.[@_.d.]aTeI.LNa‚OjTed.L^ImYcL^L4wxewWxZ—
z|{ }CTed~G,flYL^YcYcKOWI.[qXjOW_&YcfNGJ]^OWTCI
vCu@}"L^TeI'v.LlpHdmI~]lp.Y`Te_CYZa]lLT,{ “UYZa‚TC[CImOjLlY]lpG,]U]lp.Y`G,r.rGJf^YcI](OWL d.Imf^YZGJX›vVUpmOjXWY]^p.Yd.I.uoG,I.Oˆ{1YL^]
]^pmYLlYcI.LlYcLXjOWKeYr&TCOWLlTCI'w0€0fNGea]^OWLlY`]^TeXjYfNG,I&aYCv.LlOWIaYcflOj]B}v OWL”GJ_.OQPOWI.[w
sUp.f^Ted.[Cpo]lp.OWLUOjImOj]lOQG,]^OWTeI@OjI]lT]lf^d.]lp~}eTCdoVUOWXWX
aTeukrGJL^L^OWTeI'vHa‚TCI]^YcI]lukYcI]G,I&P@]^fld.]^p\{1d.XWI.YcLlLXWOWKCYI.YZa]G,f4wxCw„ƒ YcLNaG,r&Y{›G,XWXWOWI.[`OWI]^T"d.I.flYZG,XWOW]B}kG,[G,OWI'w(xCwWxZ
… Ted~G,flY`I.YcOW]lp.YcfUYZGJf^]^p
v.VUG,]^YfZv†&f^YCv&G,OWfUTCfUYcyeYcIoYc]^pmYcfZwU‡mTCf FCd.Ll]G,LG"uqOjflf^Tef Y©.OWL^]^LYcyCYf^}VUp.YcflY_&TC]lp~VUOW]lp.OWI~G,I&P~GJrG,fl]
XWOW_YcfG,]lOjTeIkKI.T,V>}eTCd.flL^YcXˆ{ G,La‚TCI.LlOjLl]^OWI.[@TJ{‰aTeI.LNaOWTed.L^I.YL^LZvŠ]^p.Y {1f^Teu#OW]^LUflY«YZa]lYZPOjuoG,[eYcLZveL^T"]^p.Y ˜ d.r.flYcukY`¬;TefNPqY©.OWL^]lL
VUOW]^I.YL^LTJ{‹]lp.YcL^YqwUxCw„Œ YcyCYf^}VUp.YcflY`VUOW]^p.OWIG,IPqG,rGJf^]({1flTCu#]lp.OWLU_T.P}wUxCwWx4¡
z|{ TCI.XW}@}eTCdkVUOWXWX&f^YcuoG,OWIkflYcL^]lOjIm[@OjIaTeI.LNa‚OjTed.L^ImYcL^L4vLlYcYcOWI.[ FCd.Ll]G,LUTeI.Y`G,IPq]^pmY`LNGJukYGJXWX™‘Br&Ycf^yCGePOWI.[`L^r&GCaY`Y‚©\OWLl]^LUVUOW]^p.OWI
}CTed.f^LlYcXˆ{ G,LPOWL^]lOWIa]({1flTCu#]lp.Y_T.P}v]^p.YIYcyCYII.T,V>}eTCdkVUOWXWX G,IPVUOW]^p.Ted.]G G,fZvLlT@]^p.YMYc]^YcflIG,XBvmYcyCYcflXQG,L^]lOWI.[k­T.P@Y©.OWL^]lLOWI
_&YZaTCuqYpG,r.r}vCr&YZGeaY{1d.X GJIP{1f^YcY{1flTCu#_&TCI&PLZwxCw Ž ]^p.Y]lTC]NGJXWOj]B}@TJ{‹]lp.OWI.[CL4wUxCw„ƒC£
… Ted~PT@I.Te]U_YXjTeI.["]^T@]^pmY`_.fNGJp.ukOWI@TefG,I}@TC]lp.YcfaG,L^]lYCv.}eTCd
G,flYI.TC]GJ]G,I}@L^]G,[CYev.I.TefG,f^Y}eTCdG,I}]^p.OWI.["]^p&G,]U]^pmYY}CYacGJI FHs0GJf^Id.G,XW}@KCGMz LNGJGJu O®PŠLlR rTe]^XWYcL^LG,IPqG,]Ur&YZGCa‚YCv&]^p.Y`G4VUG,f^YI.YcL^L_Y}CTCI&P
L^YYCw0… TedG,f^Yd.I&G,]^]GCalp.YZPG,IP{1TCflukXWYcL^L4v]^p.YVUOW]^ImYcL^LT,{ IG,]ld.fNGJX'acG,dmLNG,XWOW]B}w'nXjX;]lp.OWLU]^OWukYUz(pG4yeY_&YcYcItG4¯kOQa]^Y4Pk_}
YcyeYcf^}]^pmOjIm["‘ L^T@_&YpG,r.r}wUxCw„’ PYcXWd.LlOjTeI'w0ƒ.wWx
“UOW[epH]lYcTCdmL^I.YcLlLGJIP@d.Imf^OW[Cp]^YTCd.LlI.YcL^L4v&r.XWYZG,Lld.f^YGJIPqrG,OWIoG,f^Y nL(z”GJXWTCI.YU[eOjyeYXWOW[Cp] ]lT]lp.OWLU_T.P}vCLlT@z PT"]^T"]^p.YV(TCflX®PŠvCnLG
r.d.flYcXW}kTJ{‹]^pmY`ukOWIP@GJIPoG,f^YI.Tka‚TCIaYf^ITJ{‹}CTed.f^L4w
… TCdGJf^Y
I.YcOW]lp.Ycf]lp.Y`PTYcfImTCfU]^pmYflYZG,r&YcfT,{ ]^p.Y`aTeI.L^Y4bCdmYcIaYcL4v;L^T@}eTCd f^ƒ.Ycw„ƒLld.XW]U]^p.YMVUp.TCXWYV(TCflXQPkOWL(ukOWI.YCveTCfGJXW]^YcflIG,]lOjyeYcXW}@I.TC]lp.OWI.["OjL4w
G,flY`G,XWV”G4}L {1f^YYCwxew • ˜ T"I.T,V°GJ_G,I&PTCI.OWI.[M]^p.Y`_&T.P}~GJIP@YyCYcfl}H]lp.OWI.[kYXjLlYCv._}qL^TCuqY
… Ted~G,flY`]^pmYTeI.YVUOW]^I.YcLlLTJ{‹YcyeYcf^}]^pmOjIm[vGJIPoG,flY–GJXWV”G4}L
]^Te]NGJXjXW}"{1flYcYCw0sUp.Y"acG,d.LlY`T,{0}CTed.fU_TeIP.GJ[CYOWL ]lpG,]U}eTCdoL^YcYM]^p.Y [CFCTd.T.Ll]P"G,{1LUTef^VU]ld.G4yCI.YcYL4TCvfU{1TTeG,]^u#p.YcfG,I&u@Pk}_m]ld.f^_.d._.YMXWYcL^LYcXˆGJ{‹f^_&Y`YZI.aTeTeuk]”P\YcLO™±;G,Ycr.flYcr&IG,]Uf^Y{1IHflTC]4uw ƒ.w„Œ
VUOW]^I.YL^LGJLUL^TeukYc]lp.OWI.[`TC]lp.Ycf]^pGJI~]lp.OWLZwUxew — V”GJ]^Ycf4vL^TkGJXjX;]lp.OWLUVUp.OQalp~p&G,LUYcuoG,IGJ]^YZP{1f^Teu#TCI.YL^YcXˆ{NvmOjL(I.T
˜ OWIaY}eTCdopG4yCY_&YcYcI_mOj]l]^YcIo_}@]^pmY`_.XQGCalK@L^I&G,KCYMT,{‹]lp.Y TC]lp.YcfU]^p&G,IoTCI.YL^YcXˆ{Nw ƒmw Ž
L^YX™{š‘›Ter.OWI.OWTCI@]^p&G,]%z”GJu#]^p.Y"PTYcf`vPflOWI.K@]^p.YMI.YZa]G,fTJ{'{›GJOW]^p zBIk]lp.Y`LNGJukYV”G4}@]lpG,]aXWTe]^poOWL({1TCd.I&P@]^T@_&Y d.Ll]U]^p.flYZGCPoVUpmYcI
OWIk]lp.Y{›Gea]U]^pGJ]z(G,uœI.TC](]^p.Y"PTYcf`vGJIP@_&Y`pGJr.r}Hw(xCw„ G,IGJXW}HLlYZP;vLlT@VUp.YcIG,XWX;]^pmOjLUOWLUG,IGJXW}HLlYZPqOW]UOjL {1Ted.IPq]^T@_&YI.T
ž d.f^IhP\T,VUIk]^pmY{1TCflYcL^]UTJ{‹OW[CImTCfNGJIaYVUOW]^po]^pmY†&f^Y`TJ{‹]^pmY
d.IP\Ycf^Ll]NG,I&POWI.[@]^pGJ]zUG,uŸ]^p.Y`TeI.Yr.d.flYG4V”GJf^YcImYcL^L"v.G,IPq_&Y TCFC]ld.p.LlYc]fUG,]^LUp&]lG,p.IoY`TCL^I.dmY[HL^G,YcfUXˆ{Nrmw f^ƒmT.w P’ daY4Pq{1f^Teu#]^pmY d.OQaYT,{0]^p.YLld.[HGJfNacGJI.Y
pGJr.r}~G,I&P"{1flYcY{1flTCu POWLl]^f^YL^LZwxew ¡
sUpGJ]UOjIqVUp.OQalp¢GJXWX;]^p.OWLG,rmrYZGJf^L(‘ OWuoG,[COWI.Y4P"XjOWKeY]^pmYLlIG,KeYOjI OWT,L {0r&ukYcf^YCuqveOWYZLG,a]lTCYZuqPqr.VUXWOWYc]^]^poYcXW]^}@p.r&YMYcLNf^G,uquqYZYG,]l]YZG,PqL^]lVUYCv.OW]^LlpkTkuqG,XWYCX&w0]^p.ƒ.OWw„LZ• vmr.f^T.Pd&aYZPoTed.]
G"f^TerYev.]^p&G,]'T,}vCLld.r.flYcukY T,}kGJIPoG4V”GJf^YcI.YL^LOWL(VUpG,]U}eTCd
G,flYCv.LlT@_YpGJr.r}HwUxewWxZ£ ² ‡.flTCu³OW[CI.TefNGJIaYT,{0TCI.YcLlYcXˆ{Nv.]lp.Y`V(TCflX®PqG,r.r&YZGJf^LZv&G,IPq_}
z|{‹TeI.Y`]lp.OWI.KL TJ{‰TeI.YcLlYcXˆ{ GJL({1f^YYCv.TeI.YOjL({|f^YcYCv&G,IPOˆ{‹TCImY]lp.OWI.KL KT,{0I.T,]^p.VUYXWYZf^PTe[CrYY"T,G`{0LlTCII.G,YcKeLlYcYXˆ{ G,r.OW]”r&GJYZr.GJf^r&LZYZv&G,G,flILPqI.T"_}@XWTCKI.I.[eT,YcVUfZw XWYZ² P‡m[ef^YTeu#TJ{‹OWOW[C]ZI.vTeOW] fNG,I&aY
T,{0TCI.YL^YcXˆ{ G,LU_&TCd.I&P;v.TeI.YOjLU_&TCdmIP;w SUYf^Y`]lp.OWLULNG4}OWI.[OWLU]lf^d.YCv G,r.r&YZGJf^LUI.T@XWTCIm[CYcf4w ƒ.w„—
¤ sUpmOjImKHOWI.[Mu~G,KeYcL(Oj]ULlT ¤ wUxCwWxCx ˜ p.OWI.OWI.[`OWLUu@}"YcL^LlYcI]^OQG,X0IGJ]^d.flYCvGJIPqz G,uœI.Te]^p.OWI.["T,yCYcfGJIP
… Ted.fUf^YZGJX;IG,]ld.f^YMOjLGJLU]^p.YTeI.YrYcf¥{1YZa]4vm{1f^YcYev¦GJIPkGea]^OWTeI.XWYcL^L _Y}CTCI&Pk]lpG,]4w0´>p.YcIo]lp.YV Tef^XQPqL^p.OWI.YcL({|TCf^]lp'v.OW](OWLUL^OWukr.XW}"ukY
aTeI.LNaOWTed.L^I.YL^LZv&]lp.YG,XWXˆ‘BrYcflyCGCPOWI.[MVUOj]lI.YcLlLU‘ d.I&G,]^]GCalp.YZPq]lT ]^pGJ] OWLULlp.OWI.OWI.[`{|TCf^]lp'w ƒ.w„
G,I}]^pmOjIm[vPYcL^OWflYcXWYcL^L`G,I&P~GJ]UrY4GCaYCw zB]UOWL({1f^Teu#OWXjXWd.LlOWTCI@]^p&G,] nXWX;]^pmOjLUG,rmrYZGJf^LOjIouqYOWu~GJ[COWI.YZP"Pd.Y]^T@OW[eI.TCfG,IaYevZd.Ll]G,LG
}CTedkLlYcYcu§]^T@_&YOWIHyeTCXWyCY4P@OWIkLG,ukLG,fG.w(xCwWxZƒ
¨oYZP\Oj]G,]lYTeIk}eTCd.flL^YcXˆ{‰GJL uqTC]lOjTeI.XWYcL^L(G4V”GJf^YcI.YL^LZv\{1f^YY{|f^TCuœG,I} L^L^Id.ImGJKCXjOWY`[epHG,]4rmvHrGJYZIGJPqf^LUL^OWOWIoXWyCYc]^fUp.YOWIqflTCukr&TCYC]lv.p.]lYcp.f(Y`T,uk{ r&OWfYZG,G,[CflYUX›w TJ{‹ƒmw„VU¡ G,]lYcfOWIk]lp.Y
PdGJXWOjLluhv,[eOWyHOWI.["d.ro]^pmYuqOWL^]NGJKCYcIqOQPYZGM]^pGJ]U}CTCdGJf^Y d.Ll]G
PYcflOWyCG,]^OWyeYaTeI.LNaOWTed.L^I.YL^LZvŠTCfG,I}]^pmOjIm[Y©.]lYcf^IGJX'TefUOjI]lYcf^IGJXBw nOWIHXW]lX;T]^pmuqOjL4Yv]lVUTHT&p.vOQalXWp~OjKep&YG,G(LUTCd.fl[@OW[C_OWIGeG,alKk]lYZOWP@I]^TeT@d.]UaXQT,G4{0}HvukG"YCV”veOWG4LUyef^YYcLlOWITC]^XWyCT"Y4V”PoGJ_]^GCYcf4alKv
xCwWx4Œ G,IPqG"_.fNGeaYcXWYc]OjI]lT[eTCXQP;w0ƒ.wWxZ£
… TedkpG4yeYXWTeI.[_&YcYcI]^fNGJr.r&YZPoOWIk]lp.Y`L^I&G,f^YTJ{‰OQPYIH]lOˆ†¦acG,]lOWTCI
VUOW]^po]^pmY_&T.P}w ˜ YcyCYfUOj]UVUOW]lp~]lp.YKI.Oˆ{1YTJ{‰KI.T,VUXWYZP\[CY]lpG,]%z SUPYcT,LlV>]^f^d&V(aTC]^I&OWTCPI
Ycv.fB{|f^d.YX'u~z G,GJOWI.uhOWI.µ0[M­YcXWyCTCYcflI}@__YYc}e]^TCT@IuqPqYC]lp.vJY`{1TCPfUYcVUL^]lp.f^Tedu#a‚]^OW]^TCpmIYcf^TJY`{ OW]^LUp.I.Y T
G,uœG4V”GJf^YcI.YL^Lv&G,IP_YMpG,r.r}vCu@}@LlTCI'wUxewWxcŽ V Tef^XQP"{|f^TCuœž fG,p.uoGPT,VUIq]^T@]lp.YX®GJL^]aXWd.uqrkTJ{‹[CfG,LlLZw ƒ.wWxex
… Ted~G,flY`f^Y4G,XWXW}@d.I_Ted.IPoG,IPoGea]^OWTCImXjYL^LZvLlYcXˆ{Q‘BOjXWXWd.uqOjI&G,]^OWI.[ SUT,V>V(TCI&PYcfB{|d.X'z GJuhµ0­XWTCfl}@_Y]^T@uqYCveL^TCXWOW]NGJf^}@YcyeYcI]lp.TCd.[ep
G,I&PkLlrTe]^XWYcLlLG,XWflYZGCP}w
sUp.Y`acG,d.LlY`T,{ }eTCd.f(_TeIP.GJ[CYOWLU]^pGJ] U
V OW]^p~G"_&T.P}vI.YcOW]^p.YfU[CTCOWI.["TCfa‚TCukOWI.["G,I}VUp.Ycf^Yev.z(VUp.T
}CTed~GJf^Y`Ll]^OWXWX;f^YcLlTCf^]lOWI.[@]^T@Ll]^OWXWXjOWI.[M]^p.Y`uqOWIP;w xewjx4’
x
G,_mO®P\Y{|TCf^YyCYcf4v†XWXWOWI.[G,XWX;]lpG,]UOWLZw0ƒ.wWx4ƒ nU{1]lYcfUp.YZGJf^OWI.[@TJ{‹TCImYcL^YcXˆ{ G,LUrmd.f^Ya‚TCI.LaOWTCd.LlI.YcL^L`GJIP@]lp.Y
SUT,V%V(TCIPYfB{1d.X;zUG,utµ'­XWTCfl}@_YM]^T"ukYCµ
sUp.YcflY`OWLUI.T@TCI.YLlT L^d.rmf^YcuqYcXW}@_YZGJd.]^Oˆ{1dmX›vOWLUTeI.Y]^T"[CT@TCIqXWd.L^]lOjIm[kG4{1]lYcfUL^TefNPOQP
aXWYcyeYcfGJLUukYCµ
z VUpmTpG4yeY_Tef^I.Y`G,XWX;]lpG,]UOWL({1Tef^YcyeYcfZvmVUOj]lp.TCdm] L^Y©.dGJX;TC_CY4a]^Lg7Œ.w Ž
YcyeYcI]^Tedalp.OWI.["Oj]UVUOW]lpku@}"_T.P};µ ƒ.wWx4Œ ´>p.YcIo]lp.YLNG,[eYpG,LUflYZG,XWOWL^YZP¢]^pGJ] p.YMp.OWukL^YX™{'OWLUOWI~GJXWX;_YcOWI.[eLZv
SUT,V%V(TCIPYfB{1d.X;zUG,utµ'­XWTCfl}@_YM]^T"ukYCµ
z VUpmT@rTeL^L^YL^L G,IPqG,XWX;_&YcOWI.[CLGJf^YOWI~pmOjutv,OW]UOWLG,L^]lTCI.OWLlp.OWI.[]lpG,]U]lp.YL^YcImL^Y"T,{
I.Te]^p.OWI.[@G,]GJXjXBveTCfGJXj]lYcf^I&G,]^OWyeYcXW}@rTeL^L^YL^LYcyCYf^}]^p.OWI.[@]lpG,] OWIPOWyO®P\dG,XWOW]B}`L^pmTCd.XQP@_&YGJ_.XWY]lTa‚TCI]^OWId.YCw(Œ.w„’
L^r&YcYZalp7G,IPukOWIP@acGJIf^Y‚{1Ycf]lTw0ƒ.wWxcŽ zB] OWLGJL^]^TeI.OWL^p.OWI.["]^p&G,]G"u~GJI@VUp.T@pGJLUf^YZGea^pmYZPo]^pmY`L^d.rmf^YcuqY
¶I.T,VUXWYZP[eYCv.VUpGJ] OWLU]lT@_YKI.T,VUI'v.GJIPq]^p.YKI.T,V(Ycf(‘ ]^pmYcL^Y I.TCI\‘¥Pd&G,X&L^]NGJ]^YGJIPqOWLUOjI]lYcI]UTCIk]lp.Y`_&YcI.Y†&]^LTJ{ XjOW_&YcfNGJ]^OWTCI
]^pmf^YcYP\T@I.TC]UY©.OWL^]UOWIqf^YZGJXjOW]B}w'zUG,uŸ]^p.Y`LlrTe]^XWYcLlLf^Y4G,XWOW]B}@OjI L^p.Ted.XQP@Ll]^OWXWX;_Y`Lld._CYZa‚]]^T@XWd.Ll]G,IPp.YcXQPq_GCalKq_H}qL^Y©.dGJX
VUp.OQalpo]^p.Yc}oG,r.r&YZGJf_&YZacG,dmL^Y`TJ{‹OW[CI.TefNGJIaYCw ƒmwjx4’ GCa]lOWyHOW]B}w'Œ.w„•
s0f^d.XW}kPd&G,XWOWL^u#OWLU]^pmYflTTC]UT,{0L^d±;YcflOjIm[w sUpmYcf^Y`OWLUI.T"TC]lp.Ycf zB] OWLGJL^]^TeI.OWL^p.OWI.["]^p&G,]UTCImYG,XWf^Y4GCP}@yeYcf^}oPYc_.OWXWOW]NG,]lYZP;v.GJIP
f^YukYZP}{1TCf(OW]U]^pGJIk]lp.Y`f^Y4G,XWOWLNG,]lOWTCIk]lpG,]GJXWX;]^p.OWL(]^pGJ]UV Y`LlYcY KI.T,VUOWI.[`yCYf^}kV(YcXWX']lpG,]UOW]lL”GJf^TCdmLNG,X
OWLU]^p.YYcI.Yu@}@T,{
OWLUd.I.flYZG,XBv.G,I&Pk]lpG,]UzUG,uŸ]^p.YTCImYLl]NGJOjImXjYL^LflYZG,XWOW]B}vHaTeI.L^OWLl]^OWI.[ KI.T,VUXWYZP[CYL^p.Ted.XQPqL^]^OWXWX;pGJI.KCYcfG¹{1]^YfUL^YcI.LldG,XWOW]B}vYcyCYcIVUp.YcI
T,{ aTCImLNaOWTCdmL^I.YcLlLZwUƒ.wWx4• G,r.rmf^THGealp.OWI.[pmOjLUXQGJL^]UP.G4}LZw Œ.w„—
zUG,u#r.dmf^YG4VUG,flYcI.YcLlL]^pmTCd.[epk]^pmf^TCdm[CpoOW[CI.TefNG,I&aYz pG4yeY zB] OWLGJL^]^TeI.OWL^p.OWI.["]^p&G,]UTCImY`VUp.T"OjLUdmIG,]l]NGCalp.Y4Po]^T"]^p.YM]^p.OWI.[eL
OWu~GJ[COWI.YZP"u@}L^YX™{']lT@pG4yCYGCP.P\Oj]lOWTCIGJX¦GJ]^]^flOW_.d.]^YLZw ž } T,{0]^p.OWLUV(TCf^XQPTCfU]^pmYImY©.]Zv.VUpmTkPOWLNaflOjuqOWIG,]lYcL _&Yc]BV(YcYcI]lp.Y
aTeIH]lOWIHd&G,XWXW}flY«YZa]lOWI.[kXWOWKCY]^p.OWLZvmu@}P\V YcXWXWOWI.["r.XQGCaYOWL OWIo]^pmY rYf^u~GJI.YcI]UG,IPq]^pmYOWuqrYcflu~GJI.YcI]ZvG,IPVUp.T@XWTCI.[eL {|TCf
·UImOjuoG,[eOjImYZP;w'ƒmwjx4— XWOj_&YcfG,]^OWTeI'vCLlp.TCdmX®PqLl]^OWXWX&{1YcYcXŠ{1YZG,f({|TCf(XjOW_&YcfNGJ]^OWTCI
w‹Œmw 
‡mTCf(ukYU]^pmYcf^Y`OWL(I.YcOW]^pmYcf_&TCIPmG,[CYI.TCf(XWOW_YcfG,]lOjTeI'w
sUp.YOjXWXWd.LlOjTeI ´>p.Yc]lp.Ycf({1Y]^YZPoTefU]^Tef^ukYIH]lYZP;v]lp.Y`VUOWL^Yu~GJI@OWLG,XWV”G4}LUG4V”GJf^Y
pGJLUXjTeL^]UOW]^LU_&G,L^OWLUG,IPoaY4G,L^Y4P;w(s‹fld.XW}kG,XWX&]^p.OWLUY©.OWL^]lLOWIkuqYCv T,{0p.OWLUL^d.r.flYcukYLlYcXˆ{Q‘›I&G,]^dmf^Y`G,IPqOWLUI.YcOW]lp.YcfUr.XWYZGJL^YZPoImTCf
]^pmTCd.[ep~dmXj]lOWu~G,]lYcXW}`OW]PTYcLUI.Te]UYcyCYcIY©.OjLl]UOWIkukYew‹ƒmwjx4 POWLNGJr.rTeOWIH]lYZP;w0Œ.w„¡
z(pG4yCYf^Y4aTC[eI.OWL^YZPo]lpG,]UG,XWX;]lp.OWLG,IPqu@}"_T.P}oG,f^YI.Te]^p.OWI.[&v sUp.Y[CflYZG,]ULlTCd.XWYZPqr&Ycf^LlTCILlYcYcLYcyCYI~pmOjLUT,VUIq_T.P}qOWI¢Gea]^OWTeI
´>p.OWXWYu@}"]^fld.Y`LlYcXˆ{‰OWLUI.Te]^p.OWI.["_.d.]Urmd.f^Ya‚TCI.LaOWTCd.LlI.YcL^L4v&L^T G,L(Oˆ{‰OW](V Yf^Y`LlTCukY‚‘›TeI.YYcXWLlYCª LZv.LlT@p.T,V>Llp.TCd.XQPqp.Y`_&Y`POWL^]ld.f^_&YZP
VUpGJ]acG,Io]^pmYOWuoG,[COWIGJ]^OWTCI"V(TCf^K@TeIoI.T,Vgƒ.wWx4¡ _}@r.fNGJOjLlYTCfU_.XQG,uqYZgoŒ.wWxZ£
sUp.Y_&T\P\}Hvp.Y4G4yCYcIhGJIP@pmYcXWX›v_&TCI&P.G,[eY–GJIPqXWOj_&YcfG,]^OWTeI'vHGJIP ˜ YcYcOWI.[@]lp.OWLUV Tef^XQPkGJLUr.d.flY`OWXjXWd.LlOWTCI'vCGJIPoPYcyeTCOQP@TJ{ GJI}
{1YZGJfU]^TTvnXWX;]^p.OWLUOWLUr.d.flY`OWu~G,[eOWIG,]lO™TCI
w´¸pG,](OWLU]^p.YcflY`XWY{1]U]lT OWIH]lYcf^YL^]OWIqOj]4vp.T,V%L^p.Ted.XQP@]^pmY`L^]lf^TCIm[,‘BukOWIPYZPrYf^L^TeI'v{|YcYcX
PT"{1Tef uqYVUp.TeL^Y`yeYcf^}qIG,]ld.f^YOWLaTeI.LNaOWTed.L^I.YL^LNg7ƒmw„ƒC£ {1YZGJfZvYcyeYcIhG,](]^pmYG,r.rmf^THGealp~TJ{‰PY4G,]^p&gŒ.wWxCx
s0f^d.XW}@z P\TI.Te] LlYcY`PdGJXjOWLlu#YcyCYI~OWIkG"af^T,VPqTJ{‹r&YcTCr.XWYCw0´¸pG,] ´>p.T"OWLU]^T"_Ya‚TCukr&G,f^Y4P@]^T@]lp.Y[CflYZG,]ULlTCd.XWYZPor&YcflL^TCIoVUp.TeL^Y
r.XWYZGJL^d.flY`L^p.Ted.XQP@z(pG4yCYVUp.YI~OW]UpGJLU]^d.flI.YZPoOWI]^T@G ukOWIP"OWL {1f^YcYMT,{‰P\YcL^OWf^YMYcyCYcIOjIoPOWLNGJr.rTeOWIH]lukYcI]4vHGJIPqVUp.Tp&G,L
VUOWXQPYcf^ImYcL^Lghƒmw ƒmx {1TCdmIP@LG,]^OWL¥{›GCa]lOWTCIkOWIoL^YX™{š‘›KI.T,VUXWYZP[eYZgŒmwjx4ƒ
zUG,u#I.Te]U]^p.Y_&T.P}HvImTCfUOWLU]^p.Y_&T.P}kuqOjImYCw'zUG,uŸI.TC]GMXWOjyOWI.[ SUT,V>Llp.TCdmX®PoGML^]lf^TCIm[,‘BukOWIPYZPrYf^L^TeI'v&VUp.T"KHImT,VULU]^pGJ]UVUpG,]
_&YcOWI.[w0zUG,u a‚TCI.LaOWTCd.LlI.YcL^L4w(zB]UV”GJLUu@}]lp.OWf^L^]({|TCfUXWOWyHOWI.[M]^pGJ] p.YL^YcYLOWLU_}kOW]^LUyeYcf^}qIG,]ld.f^YI.Te]^p.OWI.[&v.aTCI.LlOQPYcfTeI.Y]^p.OWI.["]^T
VUG,LUu@}"_TeIP.G,[eYCw ƒ.w„ƒeƒ _Y[efNG,LlrY4PG,IPqG,I.Te]^p.Yf]^T"_&Y`f^Y1‚YZa]^Y4P.g7Œ.wWxZŒ
s0f^d.XW}@OW]UOWL OWIo]^pmYXWOWukOW]lXjYL^L T.aYZGJIT,{0u@}L^YcXˆ{Nve]^pGJ]UL^]lOju@dmX®GJ]^YZP ‡.Tef LlTCuqYcTCI.YVUp.T@pGJLUYcXWOjuqOWIG,]lYZP@G,]l]NGCalp.uqYcI]ZvG,IPqVUp.T@OWL
_}k]lp.Y`aTCXWTCdmfB{1d.X;VUG4yCYLUT,{‹]lp.Y`V(TCflX®P\L YcyeYcf^}]lp.OWI.[kLldP.PYcImXj} {1f^YY{|f^TCuœPdG,XWOWL^uœG,IP{1flTCu PYL^OWf^YCv&G,IoTC_C‚YZa]TJ{‹YcI4T,}ukYcI]
G,flOWL^YcLOjIq]^p.YVUOWIPqT,{ aTCImLNaOWTCdmL^I.YcLlLZwUƒ.w„ƒeŒ ]^pGJ]”a‚TCukYLUT,{‹OW]lL^YcXˆ{ OWL I.YOj]lp.YcfrG,OWI{1dmX;I.TCfUr.XWYZGJL^d.fG,_.XWYCw ŒmwWxcŽ
zB]UOWLUOWIk]^pmY`XWOjuqOW]^X™YL^L(T\a‚YZG,IoT,{0u@}L^YcXˆ{Nve]^pGJ]U]^p.YVUOWIPqT,{ nLlpH]G4yCG,KfNGMLNGJOQP;R
]^pmTCd.[epH]ULld._.LlO®P\YcLZv&G,IPq]^pmY`]^fGCPYcf¥‘›XWOWKCYXWOjyOWI.["_YOjIm[CLZªV(TCflXQP º Ycf^]G,OWI.XW}@]^pmYVUOWLlY`rYf^L^TeIT,{0L^YcXˆ{Q‘BKI.T,VUXWYZP[eYCvr.XQG4}OjIm[`]^p.Y
_GJf^KkOWLUVUflYZalKCYZPo_}@XQGCalKqT,{‹[eTT\P\LZw ƒ.w„ƒJŽ [HGJukYUT,{0V Tef^XQPXW}@YcIZ‚T,}HuqYcI]Zve_Y4G,f^LI.T@f^YL^Ycu@_.XQGJIaYVUpG,]lYcyCYf
SUT,V¸V TeIPYcf¥{1d.X;OW] OWL(]^pGJ] OWIq]^p.YXWOWukOW]^XˆYcL^L T.aY4G,IoT,{'u@}L^YX™{']lp.Y ]^T"]^p.YMV Tef^XQP;ª L _&YcVUOWXQPYcflYZPo_&YZG,Ll]^LTJ{‹_.dmfNPYcI
w ŽwWx
VUG4yCYcLUTJ{‹XWOWyHOWI.[M_YcOWI.[eLGJf^OWL^YCv.a‚TCXWXWO®P\YCvr.XQG4}kG,IPoPOWLG,r.r&YZG,f4v s0f^d.XW}"]^p.Y}CTe[CO&{1YYcXWLUI.TY‚©ma‚Oj]lYcukYIH](YcyeYcIG,]U_&YcOWI.[YL^]NGJ_.XWOWL^p.YZP
GCaaTCfPOWI.[@]^T@]lp.YcOWfUIG,]ld.f^YLZw ƒmw„ƒC’ OWI@]^pGJ] Ll]NG,]lYVUp.OQa^pGJXjX&]^pmY»YcyCG,L {1flTCu#zBIP\fNG"PT,VUIk}eYZG,flI@{1Tef
nLlp]NG4yCG,KfG`LG,OQP;R POWLNaTeI.L^TeXQG,]^YXj}w
Žw„ƒ
¶I.T,VUOWI.["}CTCdmf^L^YX™{ GJLU]^f^dmXj}qTCI.Y`GJIP@OWIPYL^]^flda]lOj_mXjYevpmT,V SUYVUp.Tp&G,LUKI.T,VUI@sUpGJ] OWL(d.I]^TCd&a^pmYZPqVUOj]lp.OWIk_}@[CTT.PkP\YcYZPL
aTed.XQP~GMVUOWL^Yu~GJIkr&TCLlL^YcLlL^OWI.[kLlYcXˆ{Q‘BKHImT,VUXjY4P[CYXjOWKeY}CTedq{1YcYcX TCf(_GCPŠvZd.Ll]G,LU]lp.YL^K}kOWLUI.Te]U]^TCd&a^pmYZPq_H}qL^uqTCKCYevCp.T,V(YcyeYcf
G,I}@r.XWYZGJL^d.flY`OWIGCacbed.OWf^OWI.["V(YZG,XW]^p&gŒ.wWx u@dalp@OW]Uu~G4}@G,r.r&YZG,fU]lT@_Yew0Žw„Œ
s0f^d.XW}vCVUpmYcITCImY–P\THYLUI.TC]UKI.T,V%TCI.YL^YcXˆ{NvTeI.Y]NG,KeYcLrmXjY4G,L^dmf^Y ´>p.T@acG,Ior.flYcyCYIH]]^p.Y[ef^YZGJ]B‘BL^TCdmXjY4PorYf^L^TeIVUp.T"pG,LUKI.T,VUI
OWIk]lp.Y`TC_C‚YZa]^LT,{0ukOWL^]G,KCYIkr&YcfNaYr.]^OWTCI
vZd.Ll]GJLU[Cf^YYZPoG,f^OWLlYcL ]^p.OWL(VUp.TCXWYV(TCf^XQPqG,LUp.OWukLlYcXˆ{;{1f^Teu#XWOWyHOWI.[@G,LUpmYrmXjY4G,L^YLNgŽw Ž
{1TefU]^p.YukOWLl]NG,KeYcI@L^OWXWyCYfUOjIoTeI.YVUp.TP\THYLI.Te]UKHImT,V>ukTe]^p.Ycf(T,{ ¼ {‰G,XWX&{1Ted.facGJ]^Yc[eTCf^OWYcLUTJ{ _YcOWI.[eLZve{1flTCu ž fNGJp.u~G"PT,VUIo]^T"]^pmY
r&YZG,flX;{1TefUVUpG,](OW]UOjL4w Œ.w„ƒ XQG,L^]UaXWd.uqrkT,{0[CfG,L^L4v.TeI.XW}@]^p.Yu~GJIkTJ{‹KI.T,VUXWYZP[eYOWLUacG,r&G,_.XWY
nXWX;]lp.OWLUV YcXWXWLUd.rqXjOWKeYVUG4yCYL OWIo]^p.YLlYZG.w(“UYZaTe[CI.OWLlOjIm[v@zUG,u T,{0YcXWOjuqOWIG,]lOjIm[–P\YcL^OWf^Y"G,IPqG4yCYcflL^OWTCI'w0Ž&w„’
sUpGJ]`vVUpH}qf^d.IGJf^TCdmIPqXjOWKeYL^TeukYcTeI.YOWIoI.YcY4P.ghŒmw„Œ “GJf^YOWLU]lp.Y`u~GJI@VUp.T"KHImT,VULUp.OWukL^YX™{‹GJLU]^p.YMd.IPOWyOQPYZPk¬ŠTCfP
T,{0]^p.YV(TCf^XQP;v.GJIPqI.TM{1YZG,fUT.aca‚d.f^L]^T@pmOjuŸVUp.TKI.T,VULU]lp.OWL
ƒ
{1flTCu GJIH}]lp.OWI.[w
Žw„• ¬;OW_&YcfNGJ]^OWTCIqOjLUVUpmYcIo]^p.Y`uqOWIP@PTYcLUI.Te]UXjTeI.[M{1TCfGJIH}]lp.OWI.[v
nLlp]NG4yCG,KfG`LG,OQP;R [CflOjYyCY`G,_&TCd.]UG,I}]^pmOjIm[vf^Y|YZa]G,I}]^p.OWI.[&vTCf(p.TCXQPqTCIq]^T
… Ted~G,flY`I.Te] _&TCd.I&Pk_}oG,I}]^p.OWI.[&w'´>p&G,]PTYcLG"r.dmf^Y`r&Ycf^LlTCI G,I}]^p.OWI.[&vHGJIPqOWL I.Te]Ur.XWYZG,LlYZPGJ_Ted.]G,I}]^p.OWI.["TCfUPOWL^rmXjY4G,L^Y4P
XWOWKCY}eTCdoI.YcY4Pk]lT@f^YcImTCd.Ia‚YZg7€0d.]l]^OWI.["]^p.Ya‚TCukrmXjY‚©kTCf^[G,I.OWLlu G,_&TCd.]UG,I}]^pmOjIm[w0.w„ƒ
]^T@flYcL^]4v.}eTCdacG,Io[eT]lT@}CTCdmfUf^YcLl]Zw ’mwWx ž TeIP.GJ[CYOWL VUp.YI]^p.YuqOjI&P"OjLU]G,I.[eXWYZPqOjIqTCI.YTJ{‹]^pmY`L^YcImL^YcL4v
nXWX;]lp.OWLG,f^OWLlYcLTed.] TJ{ }CTCd
vXjOWKeYGM_.d._._.XWYTCdm]UT,{‹]lp.Y`LlYZG.w G,IPXWOj_&YcfG,]^OWTeI@OjL(VUp.YcIo]lp.YukOWIPMOjL(I.Te] ]G,I.[eXjY4P@OWI~GJIH}@TJ{']^p.Y
¶I.T,VUOWI.["}CTCdmf^L^YX™{ XWOWKCY]^p.OWLU]^T@_&Y_.d.]UTeI.YCv.}eTCdoacG,Io[CT@]lT L^YcImL^YcL4w”mw„Œ
}CTed.fUf^YL^]Zw(’.w„ƒ ´>p.YcIo]lp.Ycf^YMOjLUImT#ukY¾]lpG,]UOWL(XjOW_&YcfNGJ]^OWTCI
v.G,IPqVUp.YcIo]lp.Ycf^YMOjL
zBIoL^r.OW]lYTJ{ _YcOWI.["OWIq{1f^TeIH](T,{ }eTCd.f(Yc}CYLZv;G,XWX&]^p.OWLZvm_YOjIm[ ukY%]^p.Yf^Y`OWLU_&TCIP.GJ[CYCw º TeI.L^OQPYf^OWI.[@]^pmOjLUY4G,f^ImYcL^]lXj}vP\TI.Te]
OWI.L^dm_.L^]G,I]^OQG,XBv.PTYcLUImTC]UY©.OWL^]UOWIo}CTed'vL^r&TC]lXjYL^LGJLU}CTed~G,flYCw zB] p.TCXQPTCI~GJIPoPT@I.Te]Uf^Y1Y4a]Zw(.w Ž
OWLG,IoG,r.r&YZG,fG,Ia‚Y`XWOjKeY]^p.YL^I&G,KCYOWIG`flTCr&YCv.LlT@}CTed¢aG,Io[CT"]^T nLlpH]G4yCG,KfNGMLNGJOQP;R
}CTed.fUf^YL^]Zw(’.w„Œ ¶I.T,VUOWI.[VUpmYcIo]^p.YP\dG,XWOWL^u³T,{ ]lp.OWI.[CLUPTCImY–GJIPqd.IPTeI.YpG,L
½ bedGJX;OjIorGJOWI~G,I&PkOWIqr.XWYZG,Lld.f^YCvmYZbedG,X
OWIkp.TerYGJIP@OWI _YYcIr.d.]U]lTflYcL^]4v&TCfU]^pmYr&YcflL^TCI¢{1TCfUVUp.Teu#]^pmYc}kT.acadmfpGJLZv
POWLNGJr.r&TCOWI]^ukYIH]4vCY4bCd&G,X;OWIoXjOˆ{1YG,IPqOWI~P\YZG,]lp'vGJIPoaTCuqr.XWYc]^YG,L ]^p.YI~}eTCdoacG,IpmYcf^YGJIP@ImT,V[eT_&Yc}CTeIPqf^YcId.I&aOQG,]^OWTeI¢GJIP
}CTed~GJf^YCvm}CTCdacGJIo[CT"]^T@}CTed.fUf^YL^]Zw(’.w Ž TC_.XWOW[HGJ]^OWTCImL _}@OjI&POˆ±¦YcflYcIaY"]^T"L^d&a^p]^p.OWI.[eLZw ¡.wWx
nLlp]NG4yCG,KfG`LG,OQP;R “GJf^YOWIP\YcYZP;vu@}"L^TeI'vOWL ]lp.YXjd&a^K}@uoG,I@VUp.TeL^YTC_.LlYcf^yCGJ]^OWTCIqT,{
zUG,u#OWI†ImOj]lYXjOWKeYL^r&GCaYCv&G,IPq]lp.YIG,]ld.fNGJX'V(TCf^XQPOjLUXWOWKCYGUcG,f4w ]^p.YV(TCflX®PŠª L(_&YcpG4yOWTCd.fUpGJLUXWYZPq]^T@]^pmYY‚©\]lOWIa]^OWTeI~TJ{‹p.OWLU]lp.OWf^L^]
s0TKI.T,V%]^pmOjL(OWLUKI.T,VUXWYZP[CYev.G,IPq]^pmYcI]^pmYcf^Y`OWLUI.YOj]lp.Ycf {1TCf(XWOWyHOWI.[&vC]lp.OWf^Ll]({1TCfUr.XWYZGJL^d.flY`G,IPq]^pmOjflL^]({1TefUKI.T,VUXWYZP[CYew ¡.w„ƒ
f^YIHdmIaOQG,]lOjTeI'v.GCaaYcr.]G,IaY"TCfa‚YcL^LG,]^OWTeIT,{0Oj]4w •.wWx nXWX;]^pmOjL(OWLUOWukr&Ycf^uoG,I.YcI] GJIPqL^r&TCOWXW] _}q]^p.Y]^pmf^YcY`LlTCfl]^LTJ{
zUG,u#XWOWKCY]^p.Y`T.aY4G,I'v&G,IP]^p.Y`u@dmXj]lOWr.XWO®a‚Oj]B}TJ{‰Te_CYZa]lLOWL rG,OWI'w0“UY4aTC[eI.OWL^OWI.["Oj]U]lT_&Y`OWI.Lld._.L^]G,I]^OQGJX›vaTeIH]lYcukrm]^OW_.XWYGJIP
aTeukrGJfNG,_mXjYU]lTGMVUG4yCYCw
s0T`KI.T,V>]^pmOjL(OWL KI.T,VUXWYZP\[CYCv.GJIP@]lp.YcI TCI.XW}"†]({|TCf(f^Y1Y4a]^OWTCI
v.TCImY–GJ]^]G,OWI.LUr&YZGCaYew ¡.w„Œ
]^pmYcf^Y`OWLUI.YOj]lp.Ycff^YcId.Ia‚O®GJ]^OWTCI
v.GCacaYr.]NGJIaY"TCfaYcLlLNGJ]^OWTCITJ{‹OW]Zw ´>p.YcIoVUG,L(]^pGJ]G,[eYTefU]^OWukYT,{0XjOˆ{1YVUp.YcIo]^pmYPdGJXjOWLlu¿TJ{
•.w„ƒ Y©.]^flYcukYcLP\O®PI.TC]UY‚©\OWLl]U{1Tef uqYcIgqn_GJIPTeI.OWI.[]lp.Ycutv.G
zUG,u#XWOWKCY]^p.Y`uqTC]lp.Ycf(T,{‹r&YZGJf^XBvGJIP@]lp.Y`OWu~GJ[COWI.YZPMV Tef^XQPqOWL rYf^L^TeIoVUp.T@OWLUpG,r.r}@]lT@]NG,KeYVUpG,]lYcyCYcfaTCuqYcLUG,]^]G,OWI.L
XWOWKCY]lp.YL^OWXWyCYcf4w0s0TKI.T,V>]lp.OWL OWLUKI.T,VUXWYZP[eYCv.G,I&P@]^pmYcI]^pmYcf^Y`OWL rYfB{1YZa‚]^OWTCI'w ¡mw Ž
I.YcOW]lp.YcfflYcId.IaOQGJ]^OWTCI'v.GeacaYcrm]NG,I&aYTefaYcLlLNG,]lOWTCITJ{‹OW]Zw •mw Œ ´>p.T@PTYcLUI.Te]UYcIPod.roVUOW]^pqOWIPOˆ±¦Yf^YcIa‚Y]lTLldalp]^p.OWI.[eLG,IP
nXW]lYcf^IGJ]^OWyCYXj}vz GJu OWI~GJXWX;_YcOWI.[eLZv.GJIPoG,XWX;_YOjIm[CLG,flYOjIouqYCw G,]l]NG,OWIqrYZGeaY`VUp.YI~pmY`pG,LULlYcYcI]lp.Y`POˆ±¦Yf^YcIa‚YcLT,{ TCr.OWI.OWTeI.L
s0TKI.T,V%]^pmOjL(OWLUKI.T,VUXWYZP[CYev.G,IPq]^pmYcI]^pmYcf^Y`OWLUI.YOj]lp.Ycf G,uqTCI.[]^pmY`[CflYZG,]ULG,[CYLZv.LG,OWI]^LGJIPq}CTC[eOWLNgo¡.w„’
f^YIHdmIaOQG,]lOjTeI'v.GCaaYcr.]G,IaY"TCfa‚YcL^LG,]^OWTeIT,{0Oj]4w •.w Ž zBLUp.YI.TC]GM[Cdmf^doVUp.TvmYcIPT,V(YZPqVUOW]^poPOWL^rGJL^L^OWTeI¢GJIP
YZbedG,ImOjuqOW]B}Hv,GCalp.OWYcyeYcLU{|d.XWXKI.T,VUXWYZP[eYT,{‹]lp.Y`IGJ]^d.flYT,{
FHGJIG,KCGMLNGJOQP;R aTCImLNaOWTCdmL^I.YcLlLZv;G,I&PkXWYZGePLUTC]lp.YcflLTCdm] TJ{‰LG,uqLNG,fGCgo¡.w„•
zB]UOWLUOWIk]^pmY`OWI†I.OW]^YT.aYZG,IT,{‹u@}LlYcXˆ{']^pGJ]U]^p.Y`V(TCflXQP@_GJf^K z|{‹}eTCdkV(TCdmX®Pd.Ll] LlYcY`]^pmY]lfNGJI.LB{1Tef^uoG,]^OWTeI.L T,{0]^p.YYcXWYcuqYcI]^LGJL
VUG,IPYf^LUp.YcflYG,I&Pk]lp.YcflYCvPflOWyCYcIo_}@OW]^LUT,VUIkOWI.ImYcfUVUOWIP;w0z GJu I.TC]lp.OWI.["ukTCflY]lpG,Iq]^p.Y`YXjYukYcI]^L4v]^p.YI}CTedkV(TCd.XQP
I.Te]Ud.r.L^Y]_}@]^pGJ]Zw —mwjx OWuku@YZPOQGJ]^YcXW}`_&Y{1f^YcY4Pq{1f^Teu G,XWX;_&TCIP\LG,IPqYcLl]NG,_mXjOWLlp.YZPoOWI
¬;Y]U]^p.Y`V(TCflXQP@VUG4yCYf^OWL^YTefUyCG,I.OWL^pqT,{0Oj]lLUT,VUIoIG,]ld.f^YOWIo]^p.Y }CTed.f T,VUIoIGJ]^d.flYCw ¡.w„—
OWI†I.OW]lYT.aY4G,IoT,{0u@}HLlYcXˆ{Nw
sUp.Ycf^YMOjLUImTOWIaflYZG,LlY`TCfP\OjuqOWIHdm]^OWTCI ¼ I.YCª LUOWIaXWOWIG,]lOjTeI.LUG,f^YLG,ukLG,fG.w0¶ImT,VUOjIm[]lp.OWLZv.G,_&G,IPTeI
]^T@uqYU{1flTCu#OW]4w‹—mw ƒ ]^p.Yuhw
sUp.Yf^YcId.Ia‚O®GJ]^OWTCIoTJ{‹]^pmYcu OWLU]lp.Yf^YcId.Ia‚O®GJ]^OWTCIoTJ{‰OW]4w
zB]UOWLUOWIk]^pmY`OWI†I.OW]^YT.aYZG,IT,{‹u@}LlYcXˆ{']^pGJ]U]^p.Y`OWuoG,[COWIGJ]^OˆTCI ÀUT,V>}eTCdoacG,IflYcu~GJOWIkG,LU}CTed~GJf^YCw(¡.w„
acGJXjXWYZPq]lp.YV Tef^XQP@]G,KCYLr.XQGCa‚YCw0z”GJu#L^dmr.f^YcuqYcXW}@rY4GCaY{|d.X G,IP nLlpH]G4yCG,KfNGMLNGJOQP;R
{1Tef^ukXWYcLlLZvG,IPoGJLUL^dalpz(f^YcuoG,OWI'w'—mw„Œ n_GJIPTeI.OWI.[PYcLlOWf^YCvm]^p.YYcI.Yu@}HvCGJXWTCI.[`VUOW]lpk[HGJOWI'vCOW]lL^YcXˆ{‹LlT`{|d.XWX
¨o}q]^f^dmY`IG,]ld.f^YOWLUI.Te]aTCI]NGJOWI.YZPqOWIkTC_C‚YZa]^L4v&I.TCfPTYcLGJI} T,{'XWTCLlLZv.GJIPq]^p.Y[CTT.PkP\YcYZPLVUp.OQa^poG,flY]lp.Y`acG,dmL^YT,{0]^p.YTC]lp.Ycf
TC_C‚YZa]Y‚©\OWLl]UOjIqOW]Zve{1TefUOj](OWLUOWI†I.OW]^Y`GJIPqL^r&TC]^XWYcLlLZw ˜ TOW]UOWL ]BV TM‘ r.fGCa]lOQaY`OWIPOˆ±;Ycf^YcI&aY`]^T@YyCYcfl}H]lp.OWI.[wUx4£.wWx
d.IGJ]^]GCalp.YZP;v&PYcLlOjflYcXWYcL^L`GJIPoG,](rYZGeaYCv;G,I&P~GJLUL^dalpoz(f^YcuoG,OWI'w ¬;TTCK@TeIkLldalp]^p.OWI.[eL”GJL({1f^OWYcI&PLZvmX®GJIP;vuqTCI.Yc}v,r.flTCr&Ycf^]B}v.VUOˆ{1Yev
—.w Ž G,IP_Y4bCdmYcL^]lL–GJLUI.TC]lp.OWI.["_.d.]G@G@PflYZG,u#TefG"]^p.flYcY`Tef
s0f^d.XW}@zUG,u#_md.]Ur.d.flYaTCImLNaOWTCdmL^I.YcLlLZv;G,I&Pk]lp.Y`V(TCflX®POWLUXjOWKeYG †yCY‚‘¥P.G4}ka‚TCIZdmf^TCf4ª LUL^p.T,V`wUx4£.w„ƒ
aTeIZd.flTCfZª LULlp.T,V`vL^T@p.T,V¾aTed.XQPkz OjuoG,[eOjImYU]^p.YcflY`OWLG,I}]^p.OWI.[ ´>p.YcflYcyCYfG"PYcL^OWflY`T.acad.flLZv&L^YcYMLNG,uqLNGJfNGMOjIqOW]Zw ½0Ll]NG,_mXjOWLlp.OWI.[
]^pmYcf^Y`]lT@]NGJKCYd.roTCfUflY1YZa]g—.w„’ }CTed.f^LlYcXˆ{‹OWIq†f^u P\OjLlrG,LlL^OWTCI
v._&Y{|f^YcY`TJ{‹rGJL^LlOjTeIG,IPqpGJr.r}Hw
nLlp]NG4yCG,KfG`LG,OQP;R xZ£mw Œ
ž TCIP.GJ[CYOWLUVUp.YcIo]^pmY`ukOWIP"XWTCIm[CL {1TCfULlTCukY]^p.OWI.[&vC[ef^OWYcyCYL sUp.YYcL^LlYcI]^OQG,X
IG,]ld.f^YMT,{‹_&TCI&P.G,[eYOWLUI.Te]^p.OWI.["TC]lp.YcfU]lpG,I
G,_&TCdm]UL^TCuqYc]^pmOjIm[vef^Y1Y4a]^LL^TeukYc]lp.OWI.[vep.TeX®P\L TeI~]lT@L^TeukYc]lp.OWI.[v PYcLlOjflYCvGJIPqOW]^LUYcXWOWukOWIGJ]^OWT,IOWLUKI.T,VUIG,LUXWOW_&YcfNGJ]^OWTCI'w
zB]UOWL
OWLUr.XWYZG,LlYZPoG,_&TCd.]ULlTCuqYc]^p.OWI.["TCfUPOWL^rmXjY4G,L^Y4PG,_&TCd.]ULlTCuqYc]^p.OWI.[&w L^OWukrmXj}M_H}qI.TC]U_&YcOWI.[kGJ]^]NGealp.YZPq]^TkalpGJI.[COWI.["]^p.OWI.[eLU]^pGJ]U]^p.Y
.wWx YcyCYf^XQG,Ll]^OWI.[UT,}@T,{ G,]l]NGJOjImukYcI] OWLUf^Y4GCalp.YZP;wxZ£mw Ž
Œ
… Ted~G,flY`TCImYCv.aTCImLNaOWTCdmLG,I&Pkrmd.f^YCvmVUp.OWXWYG,XWX;]lp.OWLUOjL'‚d.L^]UOWI.Ycfl] ukYZGJI.L(T,{‹]lp.YcLlY`z p&G4yCYL^YcYIu@}Yf^f^TefZv&G,IPqzUG,u#I.T,V
I.TeI‘›_&YcOWI.[&w0zB[CI.TefNG,I&aYOj]lL^YcXˆ{ OWL ImTC]^pmOjIm[vL^T@VUp&G,]UI.YcY4PopG4yCY YcL^]G,_.XWOWL^pmYZP;wUxZƒmw„’
}CTedkTJ{ P\YcL^OWf^YM]^T"d.IPYcflL^]G,IP.gÁx4£.w„’ FCd.Ll]G,LU]lp.Y`r&YcfB{1Tef^uoG,IaYT,{ GCa‚]^OWTCI.LUOWLUPd.Y`]lT@OW[CI.TefNG,I&aYCvL^T
¶OWI.[HPTeukL4vHalp.OWXQPf^YI'vVUOWyCYcL4v._&T\P\OjYLZv.rmXjY4G,L^dmf^YcLi‘ ]^p.YL^Y`pG4yeY ]^p.YOjfGJ_G,I&PTCI.uqYcI] OWLU]^TTw ž }@{|d.XWXj}"f^Y4aTC[eI.OWL^OWI.[@]^pmOjLU]lf^d.]lp'v.z
G,XWX;_&YcYcIXWTeL^](]^T@}CTedkXWOˆ{1YG¹{1]^YfXWOˆ{1YCvG,]^]GCalp.YZP¢]^T"]^p.Ycuœ]^pmTCd.[ep G,u#ImT,V>YcL^]G,_.XWOWL^pmYZP;wx4ƒ.w„•
}CTedkV(Ycf^YewxZ£mw„• s0f^}OWI.[`]^T@]lp.OWI.Kk]lp.Yd.I]^p.OWI.KCGJ_.XWYCvOWL”P\TCOWI.["L^TCuqYc]^pmOjIm[
½0I.Ted.[CpoTJ{‹V(YZG,XW]^p
vL^YcI.LldG,XWOW]B}~GJIPq[CTT.PkPYYZPLZw(zBIo]^pmY{|TCf^YL^] d.I.IGJ]^d.fG,X;]lT@]^p.Ted.[Cp]Zw0n_G,I&PTCI.OWI.["L^d&a^pG"r.fGCa]lOQaY
T,{0LNGJukLNGJfNGM]^p.YuqOjI&P@pGJLUI.YcyCYf({1TCd.I&PkLG,]lOjL¥{›GCa‚]^OWTCIqOjIo]lp.YcL^Yew ]^p.Yf^Y{1Tef^YCvmz”GJu#I.T,V%YcL^]G,_.XWOWL^pmYZP;wx4ƒ.w„—
xZ£mw„— SUYVUp.T@pGJLGCalp.OWYcyeYZPq]^p.OWLUpGJLGCalp.OWYcyCY4Pk]lp.Y[CTG,X;T,{0XWO™{|YCw SUY
SUT,V%u~GJI}_.OWfl]^p.LUpG4yeY}CTCdqI.TC]P\TCI.YpGJfNPoG,IPqrGJOWI{1d.X VUp.T"OjLUTJ{‹LldalphG`I&G,]^dmf^Y`pGJLPTCImYVUp&G,]UpGJLU]^T"_YP\TCI.YCwUx4ƒ.w„
XQG,_&TCd.f(VUOW]^po_&T\P\}HvuqOjI&P@G,IPqL^r&YcYZalp'wUÀiT,VG,]UXQG,Ll]UL^]lTCr'µUx4£.w„ FHGJIG,KCGMLNGJO®PŠR
nLlp]NG4yCG,KfG`LG,OQP;R sUp.YOWI.I.Ycf({1flYcYZPTeu TJ{‹pG4yOWI.["I.TC]lp.OWI.["OjLUp&G,fNPq]lTkGCalp.OWYcyCYev
·UImukT,yCY4P@G,IPqd.IP\OjLl]^flYcL^LlYZP;v;flYZG,XWOWL^OWI.["]^pGJ]U_YOjIm[vI.TeI‘›_&YcOWI.[ YcyCYI~VUOW]lp–‚d.L^]GMXWTCOWI‘^aXWTC]^p
vC_.dm]Uz XWOWyCYG,LUz(r.XWYZG,LlY
G,I&Pk]lfNGJI.LB{1Tef^uoG,]^OWTeIkG,f^YTJ{‹]^pmY`yCYcfl}kIGJ]^d.flY`T,{0]^p.OWI.[eLZvTeI.Y G,_GJIPTeI.OWI.[`_&TC]^poflYcId.IaOQG,]lOWTCIG,IPoGeacbed.OWL^OW]^OWTCI
w x4Œ.wWx
YZGJL^OWXW}"†IPLrYZGeaYCwxCxCwWx ˜ TCuqYc]^OWuqYcL0TCI.YY©.r&Ycf^OWYcIa‚YcLPOWL^]lf^YcLlL_&YZacGJd.L^Y"T,{0TCI.YCª LU_&T.P}Hv
nU]Ur&YZGCaYevp&G4yHOWI.[ML^p.YZPG,XWX'PYcLlOjflYcLVUOW]lp.OWI'v.G,IPqflYZG,XWOWL^OWI.["]^pGJ] L^TeukYc]lOjuqYcL _&YZacGJd.L^Y`TJ{‹TeI.YCª LU]^TeI.[Cd.YevG,I&PkLlTCuqYc]^OWukYL _Y4acG,d.LlY
I.Te]^p.OWI.["Y©.OWL^]^Lp.YcflY`_.d.]U]lp.Y`¬;TCfP;v.]lp.Y º f^YZGJ]^TefT,{ G,XWX;]^pmOjIm[CLZv T,{0TCI.YCª LUuqOjI&P;w;n_&G,IPTeI.OWI.[@G,XWX;T,{0]^p.YcLlYCv&z XWOWyCYG,LUz(r.XWYZG,LlYOjI
TCImYOWLUI.T"XWTCI.[eYcfG,]l]NGea^pmYZPo]^T@G,I}]^pmOjIm[w(xCxCw„ƒ ]^p.Y[eTHG,X;TJ{‹pd.uoG,I@Y©.OWL^]lYcIaYCwx4Œ.w„ƒ
“UY4G,XWOWL^OWI.[`]lpG,]UuqOjL¥{1TCfl]^d.ImYG,I&P@{|TCf^]ld.I.Y`aTeukYOWIo]^pmYcOWfU]^d.flI “UYZa‚TC[CImOjLlOWI.[]lpG,]UOWIqf^YZGJXjOW]B}@I.TkGea]^OWTeIkOWLUYcyCYfaTeukukOW]l]^YZP;vJz
{1flTCu³{›GJ]^YCvmTCI.YOWLUaTCI]^YIH]lYZP;v&TCImYCª LUL^YcI.LlYcLd.IPYfaTeIH]lf^TeX›v.GJIP XWOjyeYGJLUz r.XWYZG,LlYCvZ‚d.L^]PTeOWI.[VUp&G,]Ur.flYcL^YcI]lLOW]lL^YcXˆ{ ]^T"_Y"PTCI.Yew
PTYcLI.TC](XWOjKeYTCfUPOWL^XWOWKCYCwUxexCw„Œ xZŒmw Œ
“UY4G,XWOWL^OWI.[`]lpG,]Ur.XWYZGJL^d.flYG,I&Pkr&G,OWI'v_.OWf^]lp~GJIPoPYZG,]lphG,flY{1f^Teu … TC[eOWL VUp.T@OQPYcI]^Oˆ{1}@]lp.YcuqL^YcXWyCYLUVUOj]lpo]^p.YcOWfU_&T.POWYcLG,flY
{›GJ]^YCv.GJIP@]lpG,](TCI.Yeª LUPYcLlOWf^YcLacGJI.I.Te]U_YGCalp.OWYcyCY4P;vTCI.Yf^YcuoG,OWI.L OWI.L^OWL^]lYcI] TeI@{1dmX™†&XjXWOWI.[`G,I&PkG4yCTeOQPOWI.[`aYcf^]G,OWIGCa]lOWTCI.L4v_.d.]Uz XWOWyCY
OWIGCa‚]^OWyCYCv.GJIPqYcyCYI~VUpmYcIhGCa‚]^OWI.[@PTYcLI.Te]U[CYc]GJ]^]GCalp.YZP;wUxexCw Ž G,L(z rmXjY4G,L^Y"G,_GJIPTCImOjIm[G,]l]NGCalp.uqYcI]G,IPf^Y1‚YZa]^OWTeI'wx4Œ.w Ž
“UY4G,XWOWL^OWI.[`]lpG,]ULld±¦Yf^OWI.[~GJf^OWL^YL({1f^Teu I.Te]^p.OWI.["TC]lp.YcfU]lpG,I ÀUT"_YI.Y†]TCfUXWTCLlLaTCuqYcLU]^T"ukY_H}qL^]G,IPOWI.[&vV”GJXWKHOWI.[MTCf
]^pmOjImKHOWI.[&vHP\f^TCrmr.OWI.[kG,XWX;PYcL^OWflYcLTCI.Yf^OQPLUTeI.YcLlYcXˆ{‰TJ{‹OW]Zv.GJIPqOWL XW}HOWI.["PT,VUI'vL^Tka‚TCI.LlYZbed.YcI]^XW}oz XWOWyCYG,LUz(r.XWYZG,LlYVUp.Yc]^pmYcf
pGJr.r}~G,I&PkG,]Ur&YZGeaY`YcyeYcf^}VUp.YcflYCwxCxew ’ L^]G,IPOWI.[&vV”GJXWKHOWI.[MTCfUL^XWYcYr.OWI.[wUx4Œ.w„’
“UY4G,XWOWL^OWI.[vz”GJu#I.TC]U]lp.Y_T.P}vI.TefUOjLU]lp.Y_T.P}qukOWI.YCw
zUG,u z XWTCLlYImTC]^pmOjIm[_}kLlXWYcYcr.OWI.[kGJIPq[HG,OWIqI.TC]lp.OWI.[_}qY±¦Tef^]4v.L^T
G4VUG,f^YI.YcL^L"vTCI.Y`GJ]^]NGJOWI.LU]^p.YML^d.r.flYcukYLl]NG,]lY`G,IPqI.T@XWTCIm[CYcf aTCImL^YZbed.YcI]lXj}qz XWOWyCYGJLUz r.XWYZGJL^YCv&G,_GJIPTCImOjIm[`XWTCL^LGJIP@LldacaYL^LZw
f^YukYcu@_&Ycf^L(]^pmOjIm[CLPTeI.YTCfUd.IP\TCI.YCwxCxew • xZŒmw •
“UY4G,XWOWL^OWI.[vzB]UOjL;d.Ll]uqYCv,{|f^TCuœž fG,p.uoGPT,VUIq]^T@]lp.Y`XQG,Ll] ‡.flYZbed.YcI]^XW}qTC_.LlYcf^yOWI.[@]^pmY–P\fNG4VU_Gea^KLUTJ{‰Lldalpo]^p.OWI.[eLG,L
aXWd.uqrkT,{0[CfG,L^L`vmTCI.Y_&YZaTeukYcL({1flYcY{1f^Teu dmIaYcfl]NG,OWI]B}vr.d.f^Yev r.XWYZG,LG,I](TC_CYZa‚]^LZv&z(XWOjyeYGJLUz r.XWYZGJL^YCv&G,_GJIPTeI.OWI.[`]^pmY`r.XWYZG,LG,I]
G,]Ur&YZGeaYG,I&PkdmIaTCI&aYcf^ImYZPhGJ_Ted.](VUpG,]UpGJLU_YYcIhG,]l]NGJOjImYZPqTCf G,IPd.I.r.XWYZGJLNGJIH]4wUxZŒmw —
I.Te]ZwUxCxew„— FHGJIG,KCGMLNGJO®PŠR
“UY4G,XWOWL^OWI.[`]lpG,]GJXjX;]lp.OWLUyCG,flOjY4PkG,I&PkV(TCI&PYcfB{|d.X'V(TCflX®POWL SUYVUp.T@_}@IGJ]^d.flY`OWLUYcukr.]B}"ukOWIP\YZP;vG,IPqVUp.T@]lp.OWI.KLUT,{
I.Te]^p.OWI.[&vTCI.Y_&YZaTCuqYcLUr.d.flY`f^Y4aYcr.]lOjyOW]B}ve{1f^YcY–{1f^Teu ]^p.OWI.[eL TeI.XW}@d.I.OWI]^YcI]lOjTeIG,XWXW}vCOWL {1f^YcY4Pq{1f^Teu PYcXWOW_&YcfNGJ]^Y
OWIaXWOWIG,]lOWTCI.L4vHGJIPkGJLUO™{0I.TC]lp.OWI.["Y©.OjLl]^YZPŠv.TCImYU†IP\LUrYZGeaYCwxCxew„ f^YcuqYcu@_&Ycf^OWI.[`XWOWKCYTCI.Y`G4VUG,KeYcI.YZP{1flTCu G@PflYZG,utw xŽwWx
FHGJIG,KCGMLNGJOQP;R ´>p.YcIou@}@PYcLlOjflY`pGJLU_YcYIYcXWOWukOWIG,]lYZP;v,z(pG4yeYImTV(YZG,XW]lp'v
‡
OWf^L^]UTJ{‰GJXjX&z(V”GJL”G4yeYcf^LlY`]^T"r.p}L^OQacG,X'Gea]^OWyOW]B}Hve]^pmYcIo]^T@XWYcI.[e]^p} {1f^OWYcI&PLZvflTC_._&YcfLlYcI.LlYcLZv;Laf^OWr.]ld.f^YLTCfUKI.T,VUXWYZP\[CYZg7xŽw„ƒ
L^r&YcYZalp'v;GJIP†IG,XWXW}@]^T"]^pmOjImKHOWI.["OW]^LlYcXˆ{NvVUp.OQalp~OWLUVUp}@zUG,u “UYZGJXWOjLlOWI.[`u@}"L^d.r.flYcukYLlYcXˆ{Q‘›I&G,]^dmf^Y`OWIk]lp.Y€
YcflL^TCIoTJ{‰]lp.Y
I.T,V>YL^]NGJ_.XWOWL^p.YZPŠwxZƒmwWx ´>OW]^I.YL^LZv]lp.Y¬ŠTCfNPŠv.G,IPq]^pmY`L^]G,]^YTJ{ P\YcL^OWf^YXjYL^L^ImYcL^LOWI
zBIk]lp.Y`G,_.LlYcIaYMT,{‹PYcXWOW[Cp](OWIkL^Ted.IPqG,IP]^p.YTC]lp.YcfULlYcI.L^YLZv;G,IP _TeIP.GJ[CYTefUXWOj_&YcfG,]^OWTeI'vz {|YcYcX'ImTOWIaXWOWIGJ]^OWTCI{1TCf(XWOj_&YcfG,]^OWTeI'w
_}@]^p.Y{›Gea](]^pGJ] z GJu#u@}L^YcXˆ{;I.TC]UG,IqTC_CY4a]UT,{0]^p.YL^YcI.LlYcLZv&u@} xcŽ&w Œ
ukOWIP"OWL({1T.admL^YZPGJIP"{|f^YcY{|f^TCuœPOWL^]^fGCa]lOWTCIq‘ VUp.OQalpoOjL(VUp}kz sUp.YyCG,flOjTed.L(L^]NGJ]^YcLT,{0TCI.YVUp.T@OWLUYcuqr.]B}@T,{0d.IaYcfl]NGJOjI]B}
G,uŸI.T,VYL^]NGJ_.XWOWL^p.YZPŠwUxZƒ.w„ƒ VUOW]^p.OWI'vG,IPqVUp.T@Ted.]BVUG,fNP\Xj}@VUG,I&PYcf^LGJ_Ted.]G,LUpmYrmXjY4G,L^YL
¼ VUOWI.[]lT@]^p.Y"POWL^]^fGCa]lOWTCIoT,{0L^dalpo]^p.OWI.[eLG,LUVUflTCI.[ XWOjKeYGMu~GePu~GJI'v,acG,IoTCImXj}q_YKI.T,VUIo_}@L^TeukYcTeI.YOWIo]^p.YLG,ukY
OQPYcI]^Oˆ†¦aG,]^OWTeI'vTCI.YOWLPflOjyeYcIo]^T"L^]lf^OWyCY{|TCf(ukYcI]NGJXLl]^OWXWXWI.YcL^L4w aTCI&POW]^OWTCI'w(xcŽ&w Ž
“UY4aTC[eI.OWL^OWI.["]^p.OWLUrGJ]^]^Yf^IzUG,u#ImT,V>YcL^]G,_.XWOWL^pmYZP;wx4ƒ.w„Œ nLlpH]G4yCG,KfNGMLNGJOQP;R
ž }kf^YXjOWIbed.OWLlp.OWI.[]lp.Y`LlYcI.L^YMT,{‹flY1YZa‚]^OWTCIhGJIPoGCaca‚Ycr.]NGJIaYCv;GJIP ´>p.OWXWYGMu~GJI@T,{ r.d.flYOWI]^YXjXWOW[CYIaYu~G4}@GCalp.OWYcyeY]lp.Y`[eTHG,X&_}
VUOW]^por.XWYZGJL^d.flY–GJIPoPOWLNGJr.rTeOWIH]lukYcI] a‚YZG,LlOjIm[k]^T.P.G4}ve_.fNGJp.ukOWI'v ]^p.YuqTCL^](acG,LldG,X
T,{‹OWI.Ll]^flda]^OWTeI'vGJI.TC]lp.YcfUu~G4}ML^YcYcKoKI.T,VUXWYZP[eY
zUG,u#I.T,V¸YcL^]G,_.XWOWL^p.Y4P;wx4ƒ.w Ž G,XWX&p.OWLUXjOˆ{1YG,IPqLl]^OWXWX;f^YcuoG,OWI@_YVUOjXQPYf^YZP;wxZ’mwjx
¬;Oˆ{1YOWI¢G"aTeuku@d.I.OW]B}v4]^p.YcI[CTCOWI.[M_Yc}eTCIP¢L^dalpG"L^]G,]^Yev
ukY4POW]NG,]lOWTCIkG,I&Pk]lp.YYcXWOWukOWIG,]lOWTCI"T,{‹uqOWIPe‘Bu~GCP\Y Te_CYZa]lLU‘ _}
Ž
¬;OW_&YcfNGJ]^OWTCIqOWL”POWLl]NG,Ll]^Y{1Tef ]lp.YTC_CYZa‚]^LTJ{']^p.YLlYcI.L^YLZwUž TeIP.GJ[CY ž YOjIm[@r.d.f^Y`aTeI.LNa‚OjTed.L^ImYcL^L4v'PT"I.TC]POWLl]^d.fl_~}eTCd.fUuqOWIP"VUOW]^p
OWLUXWT,yCYTJ{‹]lp.Y`L^YI.L^YcL4w(sUp.OWLUOjL(KI.T,VUXWYZP[eYCw ÀUT,V¾PT@G,LU}CTed ]^p.Ted.[Cp]lLUT,{'{|TCfUG,IPoG,[G,OWI.Ll]Zw0ž YGJ]UrY4GCaYGJIPqf^YcuoG,OWI
r.XWYZGJL^YCwxZ’.w„ƒ pG,rmr.OWXj}"OWIo}CTCdmf^L^YX™{v]^p.YYcLlL^YcIa‚Y@T,{\‚T,}Hw(xZ’mwjx4¡
sUp.OWLG4VUG,f^YI.YcL^LT,{0]^p.Y`]lf^d.]lpou~G,KeYcLUG,IkYXjT.bed.YcI]4vaXWYcyeYcfGJIP ­OWyCYd.ro]^p.Yr.fGCa]lO®a‚Y`T,{ aTCIa‚YcI]^fNGJ]^OWTCItaTCuqr.XWYc]^YcXW}kGJIP@p.TeXQP
YcI.Yf^[CY]^OQau~GJI~Pdmu@_'vCLl]^d.rmO®PoGJIP@XQG,}HvLlT@Oj](OWLG4yCTeO®P\YZP@_} I.TC]lp.OWI.["OjIq}CTed.fUukOWIP;w¦… TCdoG,f^Y–{1f^YcYOWIo}CTed.f yeYcf^}oIGJ]^d.flYCv.LlT
]^pmTCL^YMVUp.TCLlY–GJOWu#OWLUYcIZT,}ukYIH]4w xZ’mw„Œ VUpG,](VUOWXWX;}CTCdoGCalp.OWYcyeY_}qV Tef^KOWI.[}eTCd.fU_mfNG,OWIgtx4’.w„ƒC£
… Ted~G,flY`I.Te] ]lp.Y`_&T\P\}HvI.TefUOWLU]^p.Y_&T\P\}k}CTed.f^L4v.I.Tef”GJf^Y`}eTCd nLlpH]G4yCG,KfNGMLNGJOQP;R
]^pmY–P\THYfUT,{‰Gea]^OWTeI.L Tef ]lp.Yf^YZGJrYfT,{0]^p.YOjfUaTeI.L^YZbed.YIaYcL4w(… TCd ¨o}@L^TeI'v.}eTCdqu~G4}"f^YZaOW]lY`TCfUXWOWL^]lYcIo]^TkaTed.I]^XWYcL^LLNaflOWr.]^d.flYcLZv
G,flYYc]^YcflIG,XWXW}krmd.f^Ya‚TCI.LaOWTCd.LlI.YcL^L]lp.YVUOj]lI.YcLlLZv&OWIkI.YcY4PoT,{ _.d.]U}eTCdkVUOWXWX&I.TC]U_&Y`YcLl]NG,_mXjOWLlp.YZPqVUOW]^p.OWIod.I]^OWX;}CTed~acGJIq{1TCfl[CYc]
I.Te]^p.OWI.[M‘ L^T@XWOWyCYpG,rmr.OWXj}w x4’.w Ž YcyCYf^}]^p.OWI.[&wUxZ•mwjx
»YcL^OWflYG,IPqG,I.[eYcfG,flY`TC_C‚YZa]^LT,{0]^p.Y`uqOWIP;v,_.dm]U]^p.Y`uqOWIP"OWL … TCdqu~G4}vCG,LGMXWYZG,flI.YZPouoG,I'veOWIPd.XW[eYOWIkV(YZG,XW]lp'v.GCa]lOWyHOW]B}oG,IP
I.Te]U}CTCdmf^LZvImTCfUYcyeYcfpGJLU_YYcI'w0…(TCdG,flY–alp.TeOQaYcXWYcL^L4vG4VUG,flYcI.YcLlL ukYZP\Oj]G,]lOjTeI'v,_.dm]U}CTCdmfUukOWIP"VUOWXWXLl]^OWXWX;XjTeI.[M{1TCfU]lpG,]UVUp.OQalpkOWL
OW]^LlYcXˆ{ GJIP@dmIalpG,I.[eOWI.["‘ L^T@XWOWyCYp&G,r.r.OWXW}w x4’.w„’ ]^p.Y`aYL^LNGJ]^OWTCIT,{‰P\YcL^OWf^Yev¦GJIP@_&Yc}eTCIPoG,XWX;[eTHG,XWL4w x4•.w„ƒ
“UY4aTC[eI.OWL^OWI.["TCI.YcLlYcXˆ{ OjIGJXjX&_&YcOWI.[CL4vG,I&P~GJXWX_&YcOWI.[CLOWIkTCImYcL^YcXˆ{Nv zB] OWLU_&YZacGJd.L^Y"T,{0Y±¦Tef^]]^pGJ]UYcyCYcfl}CTeI.YOjLUOWIorGJOjI
vC_.dm]I.TJ‘›TeI.Y
_&Y`pG,rmrH}vJ{1f^YcY–{1f^Teu#]^p.YLlYcI.L^Y"T,{0f^YcLlrTeI.L^OW_.OWXWOW]B}~GJIP"{1flYcY f^YZGJXWOjLlYcLUOW]Zw ž }dmL^]U]^pmOjLULlOWukr.XWYUOWI.L^]lf^da‚]^OWTCI'vm]^p.YMXjd&a^K}@TeI.Y
{1flTCu#r.flYcT.acad.r&G,]^OWTeIVUOW]^p§ukY"wUxZ’mw • G,]l]NG,OWI.L(]^fG,Ibed.OWXWXWOW]B}Hw x4•.w„Œ
… Ted.fUIG,]ld.f^YOWLU]^pmY–a‚TCI.LaOWTCd.LlI.YcL^L4v;OWIkVUp.OQalpo]^p.YMVUp.TCXWYV(TCflXQP SGJr.r.OWI.YcLlLU_YcXWTeI.[CLU]lT@I.T,‘BTCI.Y_.dm]U]^pGJ]UL^d.r.flYcukYXj}@XQGJÂc}kuoG,I
V(YcXWXjLUdmr'vXWOjKeYVUG4yCYcLUOWIq]^p.Y`LlYZG.w0sUp&G,]UOWLUVUpG,]U}eTCdoG,f^Yev {1TCf(VUp.Teu#YcyCYITCr&YcI.OWI.[@G,IPoaXWTeL^OWI.[@p.OWL(Yc}CYcLOWLG"_Te]^p.Ycf4w
VUOW]^p.Ted.]G,I}kPTed._.]4vL^T@_&Y{1f^YY`T,{ POWL^]^dmf^_GJIaYCwxZ’.w„— xZ•mw Ž
SG4yeY{›G,OW]^p
vCu@}@LlTCI'vpG4yeY{›G,OW]^p
w‹»TCI
ª ](XWYc]U}CTed.f^LlYcXˆ{ _Y ´>p.YcIo]lp.YukOWIP"OWL({1f^YYZPq{1flTCu#Lldalp~r&G,OWf^LUTJ{‹TCrmrTeL^OW]^YcLG,L4vkz
PYcXWdP\YZPoOWIk]lp.OWLZvL^OWf4w0… Ted~G,flY}CTCdmf^L^YX™{ ]lp.Y`¬;TCfP;v.VUpmTCL^Y pG4yCYPTCImY]lp.OWL`vGJIPœz p&G4yCYI.TC]P\TCI.Y]^p&G,]`vOW]U_Y4aTCuqYcL
r.flTCr&Ycf^]B}oOWL KI.T,VUXWYZP\[CYCv&G,IPqG,f^YM_Yc}eTCIPqIGJ]^d.fG,X'acGJd.LNGJ]^OWTCI
w OWIPOˆ±¦Yf^YcI]U]^T@uqYcf^OW]4vCV(YZG,XW]lp'vL^YcImL^dGJXjOW]B}oG,IPqXWOW_YcfG,]lOjTeI'w(xZ•.w„’
xZ’mw„ ¼ I.Yu~G,I@OWLGJ_.L^]lYcukOWTCdmL”GJIPoG4yCYcflL^Y`]lT]lp.Y`L^YI.L^YcL4v;G,I.Te]^p.YcfOWL
sUp.Y_&T\P\}kOWIyCYcLl]^YZPoVUOW]lpk]^pmY`L^YcImL^YcLL^]G,IP\LUL^]^OWXWXBv.G,IPoaTeukYcL [CflYcYZP}oG,IPoG,]l]NGea^pmYZPq]^T@]^pmYcuhv_.dm]Up.YVUp.T@OWL({1f^YcY{1flTCu#_&TC]lp
G,I&Pk[eTYcLZw
… Tedo}CTCdmf^L^YX™{0I.YcOW]^pmYcfaTeukYI.TCfU[eTvL^T@VUp}@_&TC]lp.Ycf ]NGJKHOWI.[@G,I&P@f^Y|YZa]lOjIm[kOWLUI.YcOW]^pmYcfG,_.Ll]^YcuqOWTCd.L(I.TCfU[ef^YcY4P}HwxZ•mw •
G,_&TCdm]U]^p.YcuogtxZ’.w„¡ ˜ T"XjTeI.[@G,LPYcLlOWf^YCv&VUp.OQalpkOWLU]^pmY`L^]G,]^YTJ{‰XQGea^K@TJ{
¬;Y]U]^p.Y`_&T.P}kXQGJL^](]^T@]^pmY`YcIPqT,{0]^p.YMn[CYev.TCf(XWYc]UOW]aTCuqY]lT POWLNaflOWukOWIG,]lOWTCI'v,flYcu~GJOWI.LZve]^p.YLlYcI.L^Y"T,{0f^Ycyd.XWLlOjTeIG,IP
G,IoYcI&PkflOW[Cp] ImT,V`w0´>pG,]Up&G4yCY}eTCdo[HGJOWI.YZP@TefUXWTCL^]4vVUp.T G,]l]^fNGea]^OWTeIkVUOWXWX;f^YcuoG,OWI'veVUp.OQa^poOWL(]^p.Y`flTTC]G,I&P@_.fG,IalpTJ{
aTeI.L^OWL^]T,{0r.d.f^Y`aTeI.LNa‚OjTed.L^ImYcL^Lg>xZ’mwWxZ£ LNGJukLNGJfNGmw xZ•mw —
¬;Y]U]^p.Y`V(TCflXQP@VUG4yCYf^OWL^YTefUL^d._.LlOQPYGCaaTCfPOWI.[@]^T"OW]^LUT,VUI »YcL^OWf^YLlr.f^OWI.[eL({1f^Teu d.LG,[eYCv.G,IPoG4yeYcf^LlOjTeIq{1f^Teu G,_.Ll]^YcImL^OWTCI'v
IGJ]^d.flY`OWIk}CTed'v]^pmY[ef^YZGJ]T.aYZGJI'w0zB]UOWLUI.T@[HGJOWIkTCf(XWTCLlLU]^T@}CTed'w _.d.]U]lp.YVUOjLlYu~G,IqOWL {1flYcY{1flTCu#]lp.Y`rGJOWf^L(T,{ TCr.r&TCLlOW]^YcLUXWOWKCYG
xZ’mwWxCx alp.OWX®PŠvHGJIPq_YZa‚TCukYLUYcL^]G,_.XWOWL^p.Y4P;wx4•.w„
¨o}qL^TCI
v}CTCdaTeI.L^OWLl]UT,{ r.d.flY–a‚TCI.LaOWTCd.LlI.YcL^L4v'G,I&P@]^pmY`V Tef^XQP@OWL sUp.YrG,LlL^OWTCI&G,]^YuoG,I@VUG,I]^LU]lT@_Yf^OQPqT,{0LNGJukLNGJfNGML^TkGJLU]^T
I.Te]UL^YcrGJfNGJ]^Y{1flTCu#}eTCd'w ˜ TVUp.T@OWLU]lTGeacaYcr.]TCfUflY1YZa]OW]Zv.GJIP G4yCTeO®P"r&G,OWI'v_.d.]U]lp.Y`POWL^rGJL^LlOjTeIG,]lYu~G,IqOWL VUOW]^pmTCd.]UrGJOWI~G,I&P
p.T,V`v.GJIPqVUpH}.g7x4’.wWxZƒ {1YcYcXWLUI.T@POWL^]lf^YcLlLYcyCYcIoOWIoOW]ZwUxZ•mw„¡
SUT,V¾acGJI~]lp.YcflY`_YYcOW]lp.Ycf_mOjfl]^p'vmKCG,flu~GTCfUflYcL^r&TCI.LlOW_.OWXjOW]B}qOjI SUYVUp.T@OWL(r.f^TedPoG,_&TCd.]UYcyeYcIXWOW_YfNG,]lOWTCIkTefUp.OWL T,VUIo_&T.P}Hv
]^p&G,]UTCImYdmIalpG,I.[eOWI.[vr&YZGCa‚Y{1d.XBv.dmIH_mXjYukOWL^p.Y4PkG,I&P@OWI†I.OW]lY G,IP{1YcYcXWL]^p.Ycuœp.OWL(T,VUI'vOWLUI.YcOW]^p.YfG"L^YYcfTefG`}eTC[COBw0SUY`OWL
aTeI.LNaOWTed.L^I.YL^LVUp.OQalp~OWL(}CTedg7xZ’mwWxZŒ L^]lOjXWX,d.Ll]GML^d±;Ycf^YfZwxZ•mwjx4£
´>pGJ]^YcyeYcfU}CTedoL^YcYCvmOW]UOjLU}eTCdoG,XWTCI.Yu~GJI.Oˆ{1YcL^](OWIkOW]Zw SiT,V°a‚TCd.XQP z|{‹YcyeYcI ˜ pmOjyCGmvCÄOWL^p.IdoTCfU]lp.YXjTe]^d.L¥‘›_&TCflIž fG,p.uoG`V(Ycf^YM}CTCdmf
_.fGCaYcXWYc]lLZv;G,flukXWYc]lL”GJIPkGJI.KXjY]^L_&Y`POˆ±¦Yf^YcI]U{|f^TCuŸ]^p.Y`[eTCXQP.g OWI.L^]lf^da]lTCf4v.d.I]^OWX;}eTCdkp&G4yCY{1TCfl[CTe]^]^YI~YyCYcfl}H]lp.OWI.[@}CTedacG,I.ImTC]
xZ’mwWxcŽ _YYcLl]NGJ_.XWOjLlp.YZPoVUOW]lp.OWI'w x4•.wWxCx
­OWyOWI.[`d.roL^d&a^ptPOWL^]^OWIa‚]^OWTCI.LGJL>sUp.OWLUOWLUVUpG,]UzUG,uÃv.G,IPz nLlpH]G4yCG,K]NGMLNGJOQP
G,uŸI.TC]U]lpG,]`vflYZaTC[eI.OWL^Y`]lpG,]¾½0yeYcf^}]^pmOjIm[@OjLUu@}LlYcXˆ{ v.G,IPq_&Y SUYVUp.T@OWLUaTCI]^YIH]4v.VUOW]^por.dmf^Oˆ†YZPqL^YI.L^YcL4v'G,I&PkG,XWVUG4}L YcI4T,}L
VUOW]^p.Ted.]POWL^]lOWIa]^OWTeI~G,I&Pkp&G,r.r}w x4’.wWxZ’ L^TeXjOW]ldPYCvpGJLU[HGJOjImYZP@]lp.Y{1fld.OW] TJ{‰KI.T,VUXWYZP\[CYGJIPq]^p.Y{1fld.OW]UT,{
zB]UOWLU]^p.flTCd.[epo}CTCdmf OW[CImTCfNGJIaY]^p&G,]G,XWX;]lp.OWLUY©.OjLl]^L4w zBIkflYZG,XWOW]B} ]^p.Yr.fGCa]lOQaY`T,{0}CTe[HGM]^TTwUx4—.wWx
}CTed~GJXjTeI.YY©.OWL^]Zw0nrG,fl]({1f^Teu }eTCdq]^p.YcflY`OWLUI.T@TCImYVUOW]lp.OWIkTCf sUp.YKI.T,V YfUT,{‹]lf^d.]lpOWL ImYcyCYcfPOWL^]lf^YcLlL^YZPOWIk]^pmOjLUV(TCflXQP;ve{1TCf
_&Yc}CTeIPqLNG,uqLNGJfNG.w(xZ’mwWxZ• ]^p.YVUp.TeXWYflTCd.I&PkV(TCflXQP@OWL({1d.XWX&T,{ p.OWukLlYcXˆ{‹G,XWTCI.Yew x4—.w„ƒ
¶I.T,VUOWI.["]^pGJ]G,XWX;]^p.OWLUOWLUG,IoOWXjXWd.LlOWTCI'veTCI.Y_&YZaTeukYcL({1flYcY{1flTCu ÀUTeI.YT,{‹]lp.YcLlY`L^YcImL^YcLr.XWYZGJL^YGMu~GJIkVUp.T"pG,L({|TCd.IP
PYcLlOWf^YCvmr.d.f^YMf^YZaYr.]^OWyOW]B}¢GJIPkGJ]UrY4GCaYCv;GJLUO™{0I.TC]lp.OWI.["Y©.OjLl]^YZPŠw LNGJ]^OWLB{›Gea]^OWTeIkVUOW]^p.OWI'vc‚d.L^]GJLÀUOWu@_GXWYZG4yCYcLP\T@I.TC]Ur.XWYZGJL^Y]^pmY
xZ’mwWxZ— YcXWYcr.pGJI]U]^pGJ]UpG,LGM]NGJL^]^Y–{1TCf ˜ GJXWX®GJKO.XWYZG4yCYcL4wx4—.w„Œ
¼ I.XW}kTeI.Y]^p.OWI.["pG,LUY‚©\OWLl]^YZP;vmY©.OWL^]^LG,IPqVUOWXWXY‚©\OWLl]UOjIo]lp.Y ÀUTe]”GJ]^]NGealp.YZPo]lT@]^p.Y]^pmOjIm[CLUp.YpGJLUYcIZT,}eYZP;vGJIP@ImTC]
T.aYZGJI~TJ{ _YcOWI.[&w
… TCdqpG4yCYI.T"_&TCIP.GJ[CYTCfUXWOW_&YcfNGJ]^OWTCI'w0¬;OWyeY pG,ImKCYcflOjIm[G¹{1]^YcfU]lp.Y`]lp.OWI.[CL(p.Y`pGJLUI.TC]UYIZT,}CY4P;vL^dalphGMu~GJI
pGJr.r.OWXW}kG,IP{1d.Xˆ†XWXWYZP;w(xZ’.wWx4 OWL pGJfNPq]^T"†&IP;wUxZ—mw Ž
’
sUp.TeL^YVUp.TkPYcLlOWf^Y`r.XWYZGJL^d.flYG,I&Pk]lp.TCLlYVUp.TkPYcLlOjflY`XWOW_YcfG,]lOjTeI ¼ I.Yu~G4}"[CYc]GJXjX;LlTCfl]^LTJ{‹r.XWYZGJL^d.flY`_}@]^p.Y"GCacbed.OWL^OW]lOjTeIkTJ{
G,flY_Te]^pq{1TCdmIPqOjIqLNGJukLNGJfNGmvC_.dm]]^pmY[ef^YZGJ]UL^Ted.XWYZPqu~G,IqVUp.T yCG,flOjTed.L(TC_CYZa‚]^LTJ{‹YcI4T,}ukYcI]Zve_.d.]UTeI.Y`acG,ImI.TC]U_&Y`pGJr.r}
PYcLlOWf^YcLI.YcOW]^p.Yfr.XWYZGJL^d.flY`I.TCfUXWOW_&YcfNGJ]^OWTCIqOjLUfG,flYOWIP\YcYZP;wxZ—.w„’ Y©aYcr.]_}@]^p.Y`flYcId.IaOQGJ]^OWTCIoT,{0YcyCYf^}]^p.OWI.[&wUxZmw ƒ
zB]UOWLUTCI.XW}@]lp.YI.TC_.XWYukOWIP\YZP@VUp.T"OWL({1f^YY{1f^Teu G,]l]^fGCa]lOjTeIoTCf SUT,VaG,Io]^p.Yf^Y`_&Y`pGJr.r.OWI.YcLlLZv{|TCfUTCImYVUpmTOWLU_.d.flI]UOjImL^OQPY_}
f^Yr.d.XWL^OWTCIo]lT@f^YcXWOW[COWTCI
vCV(YZG,XW]lp'vL^YcImL^dGJXjOW]B}v.G,IPqXWOˆ{1YGJIPkP\YZG,]lp ]^p.Y_.XWOWL^]lYcf^OWI.[@Lld.IoT,{0]^p.Y`r&G,OWIkTJ{‹]^pmOjIm[CLU]^p&G,]UI.YcY4PPTCOWI.[&v
]^TT&wUxZ—.w„• VUOW]^p.Ted.] ]lp.Y`fG,OWIkTJ{‹]^pmY`I.YZa]G,fT,{‹r&YZGeaYZgxZ.w„Œ
SUY{1YYcXWLI.T@PYcLlOjflY{1TefU]^p.YYcXWOWukOWIGJ]^OWTCI"T,{ G,XWX;]^p.OWL4v.I.Tef”GJI.[CYcf sUp.OWL Y‚©\OWLl]^YcIa‚YOWL'd.Ll]UOWu~G,[eOWIG,]lO™TCI
wzB]UOWLUI.Te]^p.OWI.["OWIof^YZGJXjOW]B}v
G,]UOW]lLaTCI]^OWId.OWI.[&vCLlT@]^p.Y`XWdalK}@u~GJI@XWOjyeYcLUpGJr.r.OWXW}@VUOj]lp _.d.]U]lp.Ycf^YMOjLUImTI.TeI‘B_YcOWI.["{|TCf(IG,]ld.f^YcL]^pGJ]UKI.T,VpmT,V>]^T
VUpGJ]^YcyeYcfuqYZG,I.L(T,{0L^d._mL^]^OWI.YIaY"r.f^YcLlYcI]^LOW]^LlYcXˆ{Nw x4—.w„— POWL^]lOjIm[Cd.OWL^pq_YOjIm["{1f^Teu#I.TCIo_&YcOWI.[wUx4.w Ž
sUpd.L({1d.Xˆ†XWXWYZP]^p.flTCd.[ep~]lp.OWLUKI.T,VUXWYZP[CYev.aTCI]^YIH]lYZPGJIPqVUOj]lp sUp.Yf^YZGJXWu#T,{ TCImYCª LUT,VUIkL^YX™{ OWLUI.Te] {›GJfG4V”G4}vG,IPqI.Tef”acGJIOW]
]^pmY]lp.OWI.KOWI.[uqOWIP"Ycukrm]^OWYZP;vp.YXWOWyCYcLUp&G,r.r.OWXW}d.Ll]UL^YcYOjIm[v _Y`Gea^pmOjYyCYZPq_}k]lp.Y`GCP.POW]lOjTeIkTJ{‹XWOWukOW]NGJ]^OWTCI.L0]lT@Oj]lLUIG,]ld.f^Yew0zB]
p.YZGJf^OWI.[&ve{1YcYcXWOWI.[vLlukYcXWXWOWI.[GJIP@]G,L^]lOWI.[wUx4—.w„ OWL d.ImOjuoG,[eOjI&G,_.XWYCv,Y‚±¦Tef^]^XWYcLlLZv&d.IalpGJI.[COWI.[@G,I&PkLlrTe]^XWYcLlLZwx4.w„’
zBIop.OWu³{1Tef VUp.Teu ]lp.YT.aYZG,IT,{‹LG,uqLNG,fG`p&G,LPflOjY4Pkdmr'v]^p.Yf^Y ž }q]^p.YLlOjuqr.XWYYcXWOWukOWIGJ]^OWT,I"T,{ PYcXWd.LlOjTeI~GJIPq]^p.Yf^Y4aTC[eI.OW]^OWTCI
OWLUI.YcOW]^pmYcfGJ]^]NGealp.ukYcI](TCfUG4yCYcflL^OWTCI
w SUOWLU[HGJÂcYOjLUyCGeacG,I]4vp.OWL T,{0TCI.YCª LU]lf^d.Y`I&G,]^dmf^YCvm]^p.TeL^YVUp.TCLlY`yOWL^OWTCIqOjL(d.Ia‚XjTedPYZP¢XjOWyeY
_&YcpG4yOWTCd.fUr.dmf^r&TCL^YXjYL^LZv;GJIPqp.OWL LlYcI.L^YLOWIGea]^OWyeYCwUxZ—mw ¡ {1f^YY{|f^TCuŸL^TCflf^T,V`wxZ.w„•
˜ d.flYcXW}k]lp.Y`L^dmr.f^YcuqYL^]NGJ]^YOWLUYcyCYf^}VUp.YcflY`{1TefU]^p.YXWOW_YfNG,]lYZP ¶I.T,VUOWI.[YyCYcfl}H]lp.OWI.[kG,L'‚d.L^]UOWu~GJ[COWIGJ]^OWT,I'vCGJIP@p.OWuqL^YcXˆ{‰GJL
ukOWIPŠw'SUY`OWL(I.YcOW]^pmYcfG4VUG,KeYTCfGJL^XWYcYcr
vG,I&PkImYcOW]^p.YcfTCr&YcI.LUTef Yc]^Yf^IGJXjXW}"{1flYcYCv&p.T,V>Llp.TCdmX®Pq]lp.YVUOjLlYu~G,Iq_YpG4yCYXWOWKCYGM{|THTeXQg
aXWTCLlYcLpmOjLUY}CYcL4wxZ—mwWxZ£ xZmw —
sUp.YXWOW_YcfG,]lYZPou~GJI@OWLUf^YcLlr.XWYcIPYcI]YcyCYcfl}VUp.Ycf^Yev&{1f^YY{|f^TCuœG,XWX ¶I.T,VUOWI.[pmOjuqL^YcXˆ{']lT_&Y­T.PkGJIPq_YOjIm[kG,IPqI.TeI‘›_&YcOWI.[Ud.Ll]
PYcLlOWf^YcL4w ½0yeYcf^}VUp.YcflYpmY–GJr.r&YZG,flLL^YX™{š‘ rTeL^LlYcL^LlYZPhGJIPqr.d.flY`T,{ OWu~G,[eOWIG4]^OWTCI
vZVUp&G,]UL^pmTCd.XQPq]^p.YuoG,I@{|f^YcY{1flTCu PYL^OWf^Y`XWYZGJf^I'v
p.YZGJf^]4wxZ—mwWxCx LNG4}@TefPTHg7x4.w„
˜ YcYOjIm[v.pmYZG,flOjIm[ve{1YcYXjOWI.[&vL^uqYcXWXjOWI.[&v,]NGJL^]lOjIm[vL^r&YZGJKHOWI.[kGJIP º TCI.LlOQPYcfNGJ]^OWTCImL XWOWKCY¾zUG,u#]lp.OWLTefzUG,uŸI.TC]U]lp.OWLG,flY
VUG,XWKOjIm[G,_&TCd.]4v.]lp.Y[Cf^Y4G,]UL^Ted.XWYZPqu~GJIkVUp.T"OWL({1f^YcY4Pq{1f^Teu †I.OWL^pmYZP{1TCf(]^p.YM}CTC[eO;VUp.T"pG,LU[eTCI.YL^OWXWYcI]Uf^Y4G,XWOWL^OWI.[
]^fl}OjIm[]lTkGCalp.OWYcyCYTefG4yCTCOQPqG,I}]^p.OWI.["OWL {1flYcY`OWIPYYZP;wx4—.wWxZƒ ½0yCYf^}]^p.OWI.[@OWL(u@}L^YcXˆ{ wUxZmw„¡
sUp.YXWOW_YcfG,]lYZPou~GJI@OWL({1f^YcY{1flTCu P\YcL^OWf^YLYyCYcfl}HVUpmYcf^YCwUSiY–P\THYL ‡.Tef ]lp.Y}CTe[CO&VUp.Tp&G,L({1Ted.IP@r&YZGeaYCv.]lp.YcflY`OWL I.T@POWL^]lfNGea]^OWTCIoTef
I.Te]U_.XQG,ukYevHPTYcLUImTC]Ur.fG,OWL^YCv&PTYcLUI.Te]Uf^Y1TeOQaYCv.OWLUI.Te] TCI.Y‚‘›r&TCOWI]^YZP\I.YcL^L4v.I.T@pmOj[ep.YcfUKI.T,VUXWYZP[eYTCf(Oj[eI.TCfG,Ia‚YCv.I.T
POWLNGJr.r&TCOWI]^YZP;v.GJIPqI.YcOW]^pmYcf[eOjyeYcL(I.TCfU]G,KCYLZwx4—.wWxZŒ r.XWYZG,Lld.f^Y`GJIPqI.T@rG,OWI'w(xZmwWxZ£
´>p.YI¢G"[ef^YZGJ]UL^Ted.XWYZPqTCI.YOWLUYZbedG,XWXW}@d.I.r&Ycfl]^d.fl_YZPOWIkuqOjI&P sUp.YP\TCukOWI.OWTeITJ{‹p.YZG4yeYcIoTCfU_&Yc[C[G,fl}Hve[HGJOjIqTCf(XWTCL^L4vXWO™{|YG,uqTCI.[
G,I&P@L^YX™{š‘›r&TCLlL^YcLlL^YZPtG,](]^p.YLlOj[ep] TJ{‰GMV Teu~G,IM{1d.XWX&T,{ PYcL^OWflYG,IP ukYcI@TefUOWI~]lp.Y{1TCflYcL^]4v.]lp.YcL^Y"u~GJKCYUI.TkP\O™±;YcflYcIaY`]lTkG"}CTe[CO
G,]GJr.r.flTHGCalp.OWI.[@PYZGJ]^p'vmp.YOWLU]^f^dmXj}qXWOj_&YcfG,]^Y4P;wUxZ—mwjxŽ VUp.TCLlYIG,]ld.f^Y`OW](OWLU]^T@_&Y{|f^YcY{|f^TCuœPOWL^]^OWIa‚]^OWTCI.L4wUxZmwjxex
sUp.YcflY`OWLUI.T@POWL^]^OWIa‚]^OWTCIo_&Yc]BV YYcIr.XWYZGJL^d.flYG,IPqrGJOWI'vCuoG,I sUp.YcflYOWL(I.T"f^YcXWOW[COWTCI
vCV(YZG,XW]lp'vL^YcImL^dGJXjOW]B}@Tef”POWLaf^OWukOWIGJ]^OWTCIM{1Tef
G,I&PkV(TCuoG,I'vJL^daca‚YcL^L`G,I&P@{BG,OWXWd.f^Yi{1TCfU]lp.YVUOjLlYu~G,IqVUp.T"XjTTeKHL G`}eTC[eO&{1f^YcY{1flTCuœ]^p.YrGJOWf^LUT,{0TCr.r&TCLlOW]^YcLL^dalpG,L%z p&G4yCY`PTCImY
TCIoYcyeYcf^}]lp.OWI.[kG,LUYZbedGJXBwUxZ—.wWx4’ ]^p.OWLGJIP§z(pG4yeYI.Te]PTCI.Y]lpG,]`wUx4.wWxZƒ
sUp.YcflY`OWLUI.T@G,[C[ef^YcLlL^OWTCIoTefaTCuqrG,LlL^OWTCI'veI.T@r.flOQPYTCfUpd.ukOWXWOW]B}Hv sUp.YcflY`OWL I.Te]^p.OWI.["I.YcY4POWI.[k]lT_&YPTeI.YCv.Tef”GJI}~G,]l]NGea^pmukYcI](OjI
I.T@V(TCIP\YcfUTCfaTeI{1d.LlOWTCI@{|TCfU]^pmYuoG,IqVUp.TCLlY–PmG4}HLUTJ{‹fld.I.I.OWI.[ p.OWL pmYZG,fl]U{1Tef ]lp.Y`}CTe[CO&XWOj_&YcfG,]^Y4PoVUp.OWXWYL^]lOWXjX'GJXWOjyeYCw
sUp.OWI.[CLGJf^Y
G,_&TCdm]G,f^YT,yeYcfZwUx4—.wWxZ• d.Ll]({1TCfUG"XWO™{|Y‘›]lOWukYCw0xZmwWxZŒ
sUp.YXWOW_YcfG,]lYZPou~GJI@OWLUI.TC]UG4yCYcflL^Y`]lT@]^p.YLlYcI.L^YL–GJIPqI.TCfUOWLUp.Y sUp.YcflY`OWL I.TkP\YcXWd.L^OWTCI
vV Tef^XQP;vukY4POW]NG,]lOWTCI@TCIqsUpG,]4v.Tef
G,]l]NGea^pmYZPo]^T"]^pmYcuhw0SUY`YIZT,}LUp.OWukLlYcXˆ{‹aTCI]^OWIdGJXjXW}"VUOW]^pG,I XWOj_&YcfG,]^OWTeI@{1Tef ]lp.Y`rGeaOˆ†YZPq[CflYZG,]ULlTCd.XBw0nXWX;]lp.YcL^YM]^p.OWI.[eLG,f^Y
d.IGJ]^]GCalp.YZPouqOWIP"OWIk_&TC]^pGea^pmOjYyCYcuqYcI]”GJIP d.Ll]U]^p.Yf^Y4G,XWu TJ{‹OWu~GJ[COWIGJ]^O™TeI'w0xZmwjxŽ
I.TeI‘¥Gealp.OWYcyCYcuqYcI]Zw(xZ—mwjx4— SUY_}kVUp.Teu G,XWX&]^p.OWLUOWLUL^YYcIu~G4}"V(YcXWX;u~G,KeYTed.]Up.Y`PTYcL^I
ª ]
¼ I.Y`YcLl]NGJ_.XWOjLlp.YZPqOWIo]^p.Yn_mL^TCXWd.]lY`L^]G,]lYVUOW]lp¢GJIkYcuqr.]B}@ukOWIP Y©.OWL^]Zv_md.]UVUpG,]UOWLU]lp.Y`PYcL^OWflYcXWYcL^LTCImY]lTkPTHg½0yCYcIoOWIoL^YcYOjIm[
PTYcLI.TC](KI.T,V]lp.Y`G,XW]^Yf^IGJ]^OWyCYcLUTJ{ OjImI.YcfUL^]lOWXjXWI.YL^LG,I&PkXQGea^K@TJ{ p.Y`PTYcLUI.Te]UL^YcYCwx4.wWxZ’
L^]lOWXjXWI.YL^LZv&G,IPT,{ [CTT.PkGJIPqYcyOWX›w(xZ—mwWxZ SUY_}kVUp.Teu#]^pmY ˜ d.r.f^YukY`ž fG,p.uoG`OWL(L^YcYIhuoG4}]lp.OWI.K zUG,u
‡mf^YcY`TJ{ÅukY¾G,IPukOWI.Y¾G,IPqTJ{‰G"L^YI.L^Y`TJ{ f^YcLlrTeI.L^OW_.OWXWOW]B}Hv ž fG,p.uoG@v._md.]UVUpG,](OWLUp.Y`]lT]lp.OWI.KkVUp.T"OWLUVUOW]^p.Ted.]U]^p.Ted.[Cp]4v
G4VUG,f^Y]lpG,]¾ÀUTe]^p.OWI.["Y©.OWL^]^L`vmVUOW]^p~GJXWX'PYcL^OWflYcLY©.]lOjIm[Cd.OWL^pmYZP G,IPVUp.T@L^YYcLI.TkP\dG,XWOW]B}Hw xZ.wWx4•
VUOW]^p.OWI'v.GMu~GJI~PTYcLUImTC]GCa‚]UYcyCYcIOjIoGCa]lOWI.[wUx4—.wWxZ¡ SUY_}kVUp.Teu#OWI.I.YcfP\OjLl]^fGCa]lOjTeIoOjLULlYcYcIuoG4}rmd.]G,IoYcIPq]lT@Oj]4v
SUYVUp.TeL^Y`]lp.OWI.KOWI.[uqOWIP"OWLPOWL^L^TeXWyCYZPqGCalp.OWYcyCYL]^pmY _.d.]U]lp.YI.TC_.XWYTCImYOWLUI.Te]”P\OjLl]^fGCa]lYZP;w(´>p.YcIo]lp.Ycf^YMOjLUImTC]^pmOjIm[
OWIPYcLaf^OW_GJ_.XWYL^]NGJ]^YGJIPqOWL({1f^YcY{1flTCu#]lp.Y`uqYcI]NG,X;POWL^rmX®G4}@TJ{ ]^T@GCalp.OWYcyeYCv.VUpGJ]UOWL p.YM]^TkPTghx4.wWxZ—
PYcXWd.LlOWTCI'v.PflYZG,u§G,I&PkOW[eI.TCfG,IaYewUxZ—.w„ƒe£ sUp.YVUOWL^Yu~GJI'vCdmI.XWOjKeY]lp.Y`V(TCf^XQPXW}"u~GJI'vHP\THYLI.Te] LlYcYOWI.ImYcf
nLlp]NG4yCG,KfG`LG,OQP;R L^]lOjXWXWI.YcLlLZv.POWLl]^fNGea]^OWTeI~Tef({›G,dmXj](OWIkp.OWuqL^YcXˆ{NveYcyCYIVUp.YcIoXWOWyHOWI.[
€0fG,OWL^Y_&Y`]^T@]lpG,]U_}@]^pmYG4V”GJf^YcImYcL^LT,{‹VUpmO®alpPYcXWd.LlOWTCIkOW]lL^YcXˆ{ XWOjKeYGMV Tef^XQPXW}@u~GJI'w x4.wWxZ
_&YZaTCuqYcLPflYZG,u‘›XWOWKCYCve]^T"]^p&G,]UVUp.OQalpoOjLUrmd.f^Y`p&G,r.r.OWI.YL^LZvmrY4GCaY ÀUTe]^p.OWI.["OWLPTCI.Y_}@p.OWu#VUp.T@OWL({1flYcY{1f^Teu _&YcOWI.[@G,IP
G,I&PkXWOW[Cp]4w x4.wWx I.TCI\‘›_&YcOWI.[vVUpmTOWLaTeIH]lYcI]^YZPŠv¦P\YcL^OWf^YXjYL^LGJIPqVUOWL^YCvmYcyCYcIoOˆ{‹OWI
]^p.YV(TCflX®PŠª L(Yc}eYcLp.Y`PTYcLGCa]`wUx4.wWxZ¡
•
sUp.YVUOWL^Yu~GJIkVUp.TUd.Ll]U[CTYcLTCI~P\TCOWI.["VUpG,]Ur.flYcL^YIH]lLOj]lL^YcXˆ{ 0½ yCYI~VUpmYcIoXjOWyOWI.[`VUOW]^pmTCd.]GJIH}@Lld.r.r&TCfl]G,I&PkY4G,[CYf({1TCf
{1TefUp.OWu#]^T@PTvYIaTCdmIH]lYcf^LI.TkP\O™Æ~a‚d.XW]B}@OjIqYcOW]^p.YfGCa‚]^OWyOj]B}@Tef GCalp.OWYcyeYcukYcI]4vC]lp.Y`L^]ld.r.OQPoG,flYLl]^OWXWX;I.TCdmf^OWL^p.OWI.["LNGJukLG,fNGmvVUp.OWXWY
OWIGCa‚]^OWyOj]B}w x4.w„ƒC£ ]^p.YVUOWL^YpG4yeY`ad.]G,]U]lp.Y`yeYcf^}qf^TTC]UTJ{‹OW]^LUd.ImpG,r.rmOjImYcL^L4wxZmw„ŒC
SUYVUp.T@OWLPYL^OWf^YcXWYcLlLZv&L^YX™{š‘›flYcXWO®GJI]ZvOWIPYcr&YcIP\YcI]G,I&P@{|f^YcYT,{ sUp.YL^]ld.r.OQPoPTYcLI.Te] †&IPqrYZGeaY"_YZaG,d.LlY`p.YOWLUV”GJIH]lOWI.[OW]4v
_&TCIPL({|d.Ia]lOjTeI.L(XjOWKeYGPY4GCPqXWYZG4{'_.XWT,VUIkGJ_Ted.]U_}@]^p.YVUOjI&P@T,{ VUp.OWXWY]^pmYVUOWLlYPOWLNaflOWukOWIG,]lOWI.[]^p.Y`]lf^d.]lpoOjLGJXWV”G4}L(rYZGeaY{1dmX
acGJd.LNGJXjOW]B}wUx4.w„ƒ.x ukOWIPY4P;w xZmw„ŒC¡
sUp.YcflY`OWLUI.YcOW]^pmYcf‹T,}@ImTCfUL^Tef^flT,V>{1Tef TeI.YVUp.T@pGJL SUT,VaG,Io]^p.Yf^Y`_&Y`L^YX™{ KI.T,VUXWYZP[eYU{1TefUp.OWu#VUp.TeL^YKI.T,VUXWYZP[CY
]^fG,I.LaYcIP\YZPLG,uqLNG,fG.w0SUYXWOWyCYcLGJXjVUG4}L VUOW]lp~G"r&YZGCaY‚{1d.X'uqOWIP PYcr&YcIPLTCIoVUpGJ] p.YML^YcYcL4w sUp.YMVUOjLlY`PT@I.TC](L^YY`]^p.OWLGJIP
G,I&P~GJLUOˆ{‹VUOW]^p.Ted.]UG"_T.P}w x4.w„ƒCƒ ]^pGJ]Zv_.dm]UL^YcY`]lp.YcuqL^YcXWyCYLG,LUd.I.YIPOWI.[wUx4.w ŽH£
SUYVUp.TeL^Y ‚T,}@OjLUOWIqp.OWukL^YX™{vHGJIP@VUp.T@OWLUr&YZGCa‚Y{1d.X0G,IPqr.d.flY SUT,VaG,Io]^p.Yf^Y`_&YaYcLlLNGJ]^OWTCITJ{‹]lp.TCd.[ep]({1TCf(]^p.YMukOWL^[ed.OQPYZP
VUOW]^p.OWIqpG,LUI.TkP\YcL^OWf^Y–{1TCf(f^YcId.I&aOQG,]^OWTeI~TefUL^YcImL^Y"T,{‹XWTeL^LUOWI VUp.T"OjLULl]^flOjyOWI.[M{1TCfUOW]4w;… Y]OW] OWLU]lp.Ycf^Y"G,XWV”G4}L(IG,]ld.fNGJXWXj}"{|TCf
G,I}]^pmOjIm[w(xZ.w„ƒeŒ ]^p.YVUOWL^YuoG,IkPYcXWOW[Cp]lYZPqOjIop.OWuqL^YcXˆ{Nw x4.w Žx
‡mTCf(]^p.Y`uoG,I@VUOW]^pGMIG,]ld.fNGJXWXj}@Yukr.]B}@uqOjI&P;vHP\TCOWI.[Ud.L^]GJLUp.Y ˜ TCuqYU]^p.OWI.Kq]^pGJ]UL^TeukYc]lp.OWI.[`Y©.OWL^]lLZvGJIPqTC]lp.Ycf^L]^pGJ]UI.TC]lp.OWI.[
r.XWYZGJL^YcL4v.]^pmYcf^Y"OWL I.T@Lldalp]^pmOjIm[GJLUr.f^OQPYTCf({BG,XWL^Ypd.ukOWXWOW]B}CvCGJL PTYcLZw “G,flYOWLU]lp.Yu~G,IqVUp.T@PTYcLI.Te]U]^p.OWI.K@YOj]lp.Ycf4vG,I&PkOWL
]^pmYcf^Y`OWL({1Tef ]lp.Y`IGJ]^d.fG,X;uoG,I'w(xZmw ƒJŽ ]^p.Yf^Yc_}q{1f^YY{|f^TCuœPOWL^]^fGCa]lOWTCI'wUx4.w ŽHƒ
sUp.OWLGCa]lOjTeIkVUG,LPTeI.Y_}k]^pmY_&T.P}k_md.]UI.TC]U_}qukYCw7sUpmY sUp.TCLlYT,{‹V(YZGJKkOWI]^YcXWXWOW[CYcIa‚Y]lp.OWI.K@T,{0]^p.YukL^YXjyeYcLG,LUrmd.f^Y
r.d.flY‘BIG,]ld.f^YZP¢rYcflL^TeI]^p.OWI.KOWI.["XWOjKeY]lp.OWLZv.OWL(I.TC]Gea]^OWI.[@YyCYcI I.TCI&PdG,XWOW]B}v,_.d.]U_&YZacGJd.L^Y"T,{0]^p.YcOWfPYXjdmL^OWTCIPT@I.Te]UKI.T,V>]^pmOjL4v
VUp.YcIGea]^OWI.[wUx4.w„ƒC’ G,IPf^YcuoG,OWIkdmI{1d.Xˆ†XWXWYZPkGJXWX]lp.YcOWfXWOWyCYcL4w x4.w ŽHŒ
SUYVUp.TkGea]^LVUOW]^p.Ted.] _&YcOWI.[kGJ_.XWY]lTLG4}kVUp}v_.d.]UI.Te] sUp.YukOWIP"TJ{‹]^pmY`u~GJI@L^YcYcKOWI.[@XWOW_YfNG,]lOWTCI~aG,Iq†IPqI.T@flYcL^]lOjIm[
_&YZacG,dmL^Y"p.YOjLG–{1TTCXBvp.YOWLUTCImYXWOW_&YcfNGJ]^YZPqVUp.OWXWYLl]^OWXWX'G,XWOWyCYCv r.XQGCaYVUOW]^pmOjI
vC_.dm]U]^p.Y`uqOWIP"T,{0]^p.Y`XWOW_&YcfNGJ]^YZPqu~GJI@OWLG,XWV”G4}L
pGJr.r}~G,I&P@_.XWYcLlL^YZP;wUSiY]lp.f^OWyeYcLUYcyCYIOWIkLNGJukLG,fNGmw x4.w„ƒC• {1f^YY{|f^TCuœPYcL^OWflY`_}k]^pmYyeYcf^}q{›Gea]UT,{0_YOjIm[@VUOj]lp.TCdm]”G"flYcL^]lOjIm[
SUYVUp.T@p&G,LUpGePkYI.TCd.[epoT,{‹YIPXWYcL^LaTCImL^OQPYcfG,]^OWTeI.LGJIP@pGJL r.XQGCaYewUxZ.w ŽeŽ
G,]l]NGJOjImYZPq]^T"rYZGeaYCv;PTYcLI.TC]U]lp.OWI.K;vKHImT,V`vp.YZG,fUTefUL^YcYewxZmw„ƒC— ˜ YcYcOWI.[@]lp.Y]^OW[CYf^LUT,{ ]lp.YL^YcI.LlYcLZvŠ]^p.Y{1flOj[ep]^YcI.Y4PkflY{1d.[eY‘BL^YcYcKeYcf^L
SUYVUp.T@OWLU_&Yc}CTeIPqukYcI]G,X&L^]^OWXWXWI.YcLlLG,IPoPOWL^]lfNGea]^OWTCI
vPTYcLUI.Te] G,](TCIa‚Y`YcI]^Ycf]^p.Y`acG4yeYOjIoLlYZG,fa^pT,{‰a‚YcL^LG,]^OWTeIT,{0]^p.Ted.[Cp]G,I&P
PYcLlOWf^Y`YcOW]lp.YcfXWOW_&YcfNGJ]^OWTCIqTCfG,I}]^pmOjIm[YcXWLlYCw “UYZa‚TC[CImOjLlOWI.[]lpG,] TCI.Y‚‘›r&TCOWI]^YZP\I.YcL^L4wx4.w ŽH’
]^pmOjIm[CLG,flY d.L^]a‚TCI.Ll]^f^d&a]^OWTCImLT,{ ]lp.YOjuoG,[eOjI&G,]^OWTeI'v4]^pGJ]U[Cf^Y4G,] ˜ YcYcOWI.["]^pmY–P\YcL^OWf^YXjYL^LXWOWTCI@]lp.YYcXWYcr.pGJI]^LUT,{0]^p.YLlYcI.L^YLLlOWXjYIH]lXW}
L^Ted.X'XWOWyCYL”GJL­T.P@p.YcflYG,I&PkImT,V`wUxZ.w„ƒe f^d.IG4VUG4}HveTCf4vOˆ{‹]^pmYc}~acGJI.I.Te]Zv.LlYcf^yeY`p.OWu#XWOWKCYaTCd.fl]^OWYcflLZwxZmw Ž•
SUYVUp.T"{|YcYcXWLUf^YcLlrTeI.L^OW_.OWXWOW]B}kVUOW]^pmOjI
vHGea]^LYcyCYcIVUp.YcIoI.TC] sUp.Yu~GJI@VUp.T@OWL {1flYcY{1flTCu P\TCd._.]lLGJIP@VUp.TeL^Y`uqOWIP"OWL({1f^YcY
GCa‚]^OWI.[v_md.]U]^p.Yf^Y`OWLUI.T@LlYcI.L^YMT,{ PTCImYTefUd.IPTeI.Y{1TCf(]^pmY`VUOWL^Y PTYcL(I.TC](_Te]^p.YfG,_&TCd.](ukYZGJI.L TJ{‹XWOW_YcfG,]lOjTeI'w
´>p.Yc]lp.YcfUL^YYcOWI.[v
u~GJI@VUp.T@OWL({1f^YY{|f^TCuŸ]^p.Y`LlYcI.LlY`T,{ f^YL^r&TCI.LlOj_mOjXWOW]B}w x4.w„ƒC¡ p.YZGJf^OWI.[ve{|YcYcXWOWI.[LlukYcXWXWOWI.[`TefU]NG,Ll]^OWI.[&vp.YXjOWyeYcLG,](YZG,LlYCwx4.w ŽH—
sUp.YukOWIP"TJ{ ]^p.YXWOW_YcfG,]lYZPqu~G,IqOWL I.Te]Ud.r.LlYc]TefUr.XWYZG,LlYZP;w zB] SUYVUp.TeL^YukOWIP"OWLUr.d.flYG,I&PkdmIPOWL^]lfNGCa‚]^YZPq{|f^TCuŸ]^p.YL^OWuqr.XWY
L^pmOjImYcLd.ImukT,yOWI.[vCP\YcL^OWf^YXjYL^LZv;GJIP{1f^YcY{1flTCu P\TCd._.]4wUxZmw Œe£ p.YZGJf^OWI.["T,{‹]lp.Y`s0f^dm]^poL^YcYLI.YcOW]lp.YcfLlTCuqYc]^p.OWI.["]^T@PT@I.Tef
SUYVUp.TeL^Y`uqOWIP@PTYcLImTC](L^Yc]TCd.]U]lT@ukYZPOW]G,]^YTCfGea]Zv L^TeukYc]lp.OWI.[`]^TkG4yeTCOQP"I.TefG@acG,d.LlY{1Tef OWIPOˆ±;Ycf^YIaYCwxZmw ŽH
ukY4POW]NG,]lYcLUG,IPoGCa‚]^LVUOW]lp.TCd.]UG,IoTe_CYZa]4wxZmw„Œ.x sUp.YL^]lfNG,OW[epH]¥{1TCflV”GJfNPrYcflL^TeIhPTYcLVUp&G,]^YyCYcfGJf^f^OWyeYcL]lT_&Y
n¾L^]ld.r.OQPqu~GJI@OjLU_&YcVUOWXQPYcflYZPoVUp.YcIop.YMp.YZG,flLU]^p.YMf^YZGJX']^fld.]^p
v PTCImYCv[CTT.PqTCfU_GeP;ve{1TCf(p.OWLGCa‚]^OWTCI.LGJf^YXWOWKCY]lp.TCLlY`T,{ G@alp.OWX®PŠw
VUp.OWXWYYcyeYcIhG@aXWYcyeYcfUu~GJIkOWL(pHdmu@_.XWYZP@_}@OW]'d.Ll]UXjOWKeY]^pmY{|THTeXBw xZmw Ž¡
xZmw„ŒCƒ ž }qOWI.I.Ycf({1flYcYZPTeu TeI.Y`G,]l]NG,OWI.LUp&G,r.r.OWI.YL^LZvm_}@OjImI.YcfU{|f^YcYZP\TCu
sUp.YOW[CI.TefNGJIH](u~GJKCYG`[ef^YZGJ]Y±;TCfl]U]^T@r.fGCa]lOjLlY TCI.YflYZGCalp.YcL]^p.Y ˜ d.r.flYcukYCv_}qOjImI.Ycf({1flYcYZPTeu TeI.Y`aTCuqYcL ]lT
TCImY‘›r&TCOWI]^Y4PI.YcLlLG,I&Pk]lp.YL^]lTCr.r.OWI.[@TJ{‹]lp.TCd.[ep]Zv.VUpmOjXWY]^p.Y G,_.LlYcIaYMT,{‹]lp.TCdm[Cp]Zv_}kOWI.ImYcf({1f^YYZPTCuœ]^T@]lp.Y·iXj]lOWu~G,]lY
VUOWL^YL^YY`I.TC]lp.OWI.["]^T@_&YPTCImY–GJIPqf^YcuoG,OWI@OWIo]^p.YcuqL^YcXWyeYcLUXWOjKeY ˜ ]NGJ]^YCwUx4.w„’C£
]^pmTCL^Y"G,L^XWYcYr'wUxZmw ŒeŒ ´>p.YcIoTeI.YL^YcYcLTCI.YL^YcXˆ{ G,LUI.YOj]lp.Ycf]^p.YP\THYfUI.TCfU]lp.Yf^YZGJrYcfTJ{
sUp.YL^]ld.r.OQPoPTYcLImTC]G,]l]NGJOjIoaYcLlLNG,]lOWTCIVUp.Y]^p.Ycfp.Y`GCa]lLTef ]^p.Y`aTeI.L^Y4bCdmYcIaYcL4v;]^pmYcIhG,XWX&ukOWIPV”G4yeYcL”a‚TCukY]^TkGJI~YIP;w
G,_&G,IPTeI.LGCa‚]^OWTCI'vVUpmOjXWY]^p.Y`VUOWLlYuoG,I"†I&Pkr&YZGeaY`VUOW]^p.OWI xZmw ’mx
L^OWuqr.XW}_}@KI.T,VUOWI.["]^p.Y`]lf^d.]lp'wUxZmw„Œ,Ž sUp.YL^r&TCI]NGJI.YcTed.Ld.I&G,L^Lld.ukY4P@_&YcpG4yOWTCd.fUTJ{‹]^pmY`VUOWL^YOWL
€
YcTCrmXjY`acGJI.I.Te]aTCuqY]^T@KI.T,V¸]^p.YcuqL^YcXWyeYcLU_}kr.fGCa]lO®a‚YcLU‘ rmd.f^Y I.TC]lYcV(TCf^]lp}Hv_.dm]UI.TC]U]lp.Y`PYcXWOW_YcfG,]lYCv.OWI]^YcI]lOjTeIG,X;Ll]^OWXWXWI.YcL^LUTJ{
G4VUG,f^YI.YcL^L4v;aXWYZG,f4v.aTCuqr.XWYc]^YCv_&Yc}eTCIPqu@d.XW]^OWr.XWOQaOW]B}GJIP ]^p.Y{1TTeX›w(xZmw„’Cƒ
{›GJd.XW]^XWYcL^LU]lp.TCdm[Cpk]lp.Yc}G,flYCwUxZmw„ŒC’ sUp.YVUOWL^YVUp.TkG,flYf^OQPqT,{‹OWuoG,[COWIGJ]^OWT,I'v,dmIH_&TCdmIPoG,IPVUOj]lp
sUp.YL^]ld.r.OQPoPTYcLImTC]GCalp.OWYcyeYXjOW_&YcfNGJ]^OWTCIqYcyCYI]^p.flTCd.[ep d.I{1Y]^]^Yf^YZPG4VUG,flYcI.YcLlLuoG4}YcI4T,}k]lp.YcukLlYcXWyCYcLUOWIq]^p.Y`uqOQPL^] TJ{
f^Y[Cd.XQG,fUrmfNGCa‚]^OQaYCvm_.d.]U]^pmY{1TCfl]^d.I&G,]^YflYcu~GJOjImL {1flYcYGJIP u~GJIH}"[CTT.PL4vTCfG,XW]lYcf^IGJ]^OWyCYXj}@[eTTJ±h]^T@uqTCd.I]G,OWIaG4yCYcL4w
GCa‚]^OWTCI.XWYcLlLUL^OWukrmXj}"_}~POWLaf^OWukOWIGJ]^OWTCI
w‹x4.w„ŒC• xZmw ’eŒ
sUp.YL^]ld.r.OQPoPTYcLImTC]G,]l]NGJOjIo­T.Pp.YZGePq_YZaG,d.LlY`p.Y`VUG,I]^LU]lT sUp.YcflY`OWL I.TkGJ]^]GCalp.ukYIH](OWIk]lp.Y`p.YZGJf^]UTJ{ GMVUOWL^Yu~GJIkVUp.Y]^p.Ycf
_&YZaTCuqYOj]4vVUp.OWXWY]^pmY`VUOWL^Yu~GJI@YcIZT,}LU]^pmY ˜ d.r.f^YukY p.YL^YcYLTCfUr&G4}HLUpmTCu~GJ[CYU]lTkG"XjY4G,f^ImYZPq_.fNGJp.ukOWI'vGa‚YcXWYcL^]lO®GJX
­T.Pp.Y4GCPqVUOW]^p.Ted.] YyCYcIVUG,I]lOjIm[OW]Zw(xZmw„ŒC— _YOjIm[v.GMp.TCXW}krmX®GeaYCv.G"V(TCuoG,I'vCG"KOWI.["TCfG–{1f^OWYcI&P;wUxZmw ’JŽ

—
n¾}CTe[CO;OWL(I.TC]UOWIo]^p.YXWYZGJL^]Ur.d.]UTed.]UYcyeYcIVUp.YcIopd.uqOjXWOQG,]lYZPM_H} €0d.flYOWXWXWd.L^OWTeIkf^YOj[eI.LUOWIkLG,ukLG,fG`VUp.OQalpoVUOWXjX;aTeIH]lOWIHdmYdmIH]lOWX
]^pmYflOQPOQad.XWYT,{‹LlYcf^yCGJI]^LZv&LlTCI.L4v.VUOWyCYcL4v[CfG,IP.alp.OWXQPflYcIoTCfUTC]lp.Ycf L^YcXˆ{0f^YZGJXjOWLG,]^OWTeI'v_.d.]U]lp.YYcI.XWOW[Cp]^YcImYZPou~GJI@XWOjyeYcL(OjIo]lp.Y_YZGJd.]B}
f^YX®GJ]^OWyCYLZwUxZmw„’C’ T,{
{1f^YcY4PTCuŸ{1f^Teu#ukYG,IPquqOjImYCv,{|f^TCuŸ]^p.YL^YI.L^Y"T,{
½0yeYcIoVUp.YcIr.XWYZGJL^YZPqp.YMOjL(I.Te]Ur.XWYZG,LlYZP7vI.Te]UL^d±;Ycf^OWI.[@YyCYcI f^YcLlrTeI.L^OW_.OWXWOW]B}kG,IP{1flTCu GJI}kG,]^]GCalp.uqYcI]Zw(xZ.w„—eŒ
VUp.YcIoOWIorG,OWI'w ¼ I.XW}k]lp.TCLlYXWOWKCYp.OWu aG,IoKI.T,V>]^pmY`V TeIPYcf¥{1d.X ‡.Tef ]^pmYLlYcYcfVUp.TKI.T,VUL(p.OWukLlYcXˆ{ŠGJLUOWukr&Ycf^OWL^p&G,_.XWYG,I&P@_&Yc}CTeIP
L^]G,]lY`T,{0L^dalphGMu~GJI'w x4.w„’C• rG,OWIq]^p.YcflY`OWLUI.YcOW]^pmYcfUKI.T,VUXWYZP[CYevGMV Tef^XQPqI.TCf(]^p.YML^YcI.LlY`]^p&G,]
zB]UOWLU]^p.YLlYcI.L^Y"T,{0f^YcLlrTeI.L^OW_.OWXWOW]B}@VUp.OQalp~OWLULG,ukLG,fG.w
sUp.YVUOjLlY z G,uœ]^pmY_&T.P}kTefU]^p.Y_&T.P}kuqOjImYCw x4.w„—,Ž
VUp.TkGJf^YT,{0]^p.Y{1Tef^uœT,{‹Yukr.]lOjImYcL^L4ve{1TCflukXWYcL^L4vCdmIalpG,I.[eOWI.[kG,IP ÀUT"L^TTCImYcfPTYcLG`uoG,I@TJ{‰XWT,V>OWI]^YXjXWOW[CYIaY[eOWyCYd.r~Gea]^OWyOW]^OWYcL
L^r&TC]lXWYcL^LL^YcY`ImT@L^dalpo]^p.OWI.[&wUxZmw ’e— XWOjKeY]lp.YYcXWOjuqOWIG,]lOjTeITJ{‹]lp.TCd.[ep]U]^pGJI~pmY{BG,XWXWL OWI]^T"ukYcI]G,X
½0yeYcIoVUp.YcIhPTeOWI.[ImTC]^pmOjIm[]lp.Y{1TTCX;OWLG,[eOj]G,]lYZP@_} alpG,flOjTe] fGCaOWI.[kGJIPq_G,_m_.XWYCw x4.w„—C’
f^YL^]^XWYcLlL^I.YL^LZv
VUp.OWXWYG"LlKHOWXˆ{1d.X&u~GJI@f^YcuoG,OWI.L(d.IPOWLl]^d.fl_YZP¢YcyCYcI n>{|THTeX'PTYcLImTC]U[CY]Uf^OQP@TJ{‰pmOjLULl]^d.rmO®P\Oj]B}@YyCYcITeIkp.Y4G,f^OWI.[@]lp.Y
VUp.YcIPTeOWI.[VUp&G,]U]^pmYcf^Y`OWLU]lTkPTwUx4.w„’C ]^fld.]^p'w SiY`u~G4}@G,rmrYZGJfUTCd.]BVUG,fPXW}"{1f^YY{1f^Teu#OWu~GJ[COWIG,]lO™TeI.LZv
SGJr.r}kp.YLl]NG,I&PLZvmpG,r.r}@p.YML^OW]^L4vpG,r.r}qL^XWYcYcr.LG,IPqpGJr.r}@p.Y _.d.]UOWI.LlO®P\Yp.Y`OWLUpGJI.KCYf^OWI.[@G4{1]lYcfU]^p.YML^YcI.LlYcLL^]lOjXWXBw(xZ.w„—e•
aTeukYcLUG,IPq[eTHYLZw SG,r.r}@p.YML^r&YZG,KLZv&G,IPqpGJr.r}@p.Y`YZGJ]^L4w sUp.TCdm[CpkOWIq]^p.Y`Y}CYcLT,{‹]lp.Y`V(TCflX®Pp.YOWLGCa]lOjyeYCv]^pmY`u~GJI@VUp.T
˜ dalpoOWLU]^p.YMXjOˆ{1YT,{ G`uoG,I~GJ] r&YZGeaYCwxZmw ’e¡ pG,LULlp.YZPoGCa‚]^OWTCIo]^pmf^TCdm[CpoKI.T,VUXWYZP[CYi†IPLI.T"ukYZGJI.LUT,{ PTCOWI.[
SUYVUp.T@TJ{‹p.OWLUyeYcf^}qIG,]ld.f^Y{|YcYcXWLUI.T@d.I.p&G,r.r.OWI.YL^LOWIqp.OWLP.G,OWXW} TCf(L^r&YZG,KOWI.[kGJIH}]lp.OWI.[w(xZmw —e—
XWOˆ{1YXWOWKCYV Tef^XQPXW}@rYTCr.XWYCvmf^YcuoG,OWI.L(d.IPOWL^]ld.f^_&YZPoXWOWKCYG`[ef^YZGJ] ‡.Tef ]lp.YVUOWL^Y`uoG,I@VUp.T@OWLUG,XWV”G4}L(d.IalpGJI.[COWI.[@G,IP{1Y4G,f^XWYcLlL
XQG,KeYCv.G,XWX;L^Tef^flT,V[eTCI.YCwUx4.w„•C£ ]^p.Yf^Y`OWL(I.YcOW]^p.YfP.GJf^KI.YcLlLI.TefUXjOW[epH](I.TefPYcL^]lf^da‚]^OWTCI'v&I.Tef
½0yeYcIG,_.Ll]^YcI]^OWTeIk{|f^TCu§GCa‚]^OWTCIqXjY4GCPLU]lTkGCa]lOjTeIkOWIG{|THTeXBvVUp.OWXjY G,I}]^p.OWI.[&w x4.w„—C
YcyeYcI]^pmY–Gea]^OWTeI~TJ{‹]lp.YVUOjLlY`u~GJI@_.f^OWI.[eLU]^p.Y{1fld.OW]^LUTJ{ sUp.YcflY`OWL I.YOj]lp.Ycfi{1TCfl]^OW]^dP\YCv.r.fldPYcI&aY`I.TefaTCd.fG,[eY{|TCfU]^pmY
OWIGCa‚]^OWTCI'w(xZmw„•.x }CTe[CO&VUp.TCLlY`IG,]ld.f^YOWLU_&Yc}CTeIPoPYcLNa‚f^OWr.]^OWTeIhG,IP{1f^YY`T,{
n%{1TTCX;TJ{1]^YI~Llp.T,VULG4yCYf^L^OWTeIk]^T,VUG,fPLUp.OWLU_&YcXWTCI.[eOjIm[CLZv_md.]({1TCf OWIPOWyO®P\dG,XWOW]B}Hw
xZmw —e¡
p.OWu#VUp.TeL^Y`G,]l]NGea^pmukYcI]U]^T"]^pmY`_T.P}qpG,LP\f^TCrmrYZPoG4VUG4}Hv sUp.YcflY`OWL I.YOj]lp.Ycfp.YZG4yCYI~ImTCfUp.YcXWX
I.TCfUYcyeYcIoXWOj_&YcfG,]^OWTeI~Pd.flOWI.[
]^pmYcf^Y`OWLUI.YOj]lp.YcfG,]^]GCalp.uqYcI] I.TefG4yCYcflL^OWTCI
w x4.w„•Cƒ XWO™{|YCw'zBIGMId.]^Llp.YcXWXBv.OWIk]lp.Y`L^OW[epH](T,{0]^p.YML^YcYcfI.TC]lp.OWI.["Y©.OjLl]^LG,]
sUp.YukOWIP"TJ{ ]^p.Y{1TTCX;OWLGJXjVUG4}L acGJd.[Cp]UOWIG,IkTer.OWI.OWTCIoG,_&TCd.] G,XWXBw xZmw„C£
_&YZaTCuqOWI.[`TCfG4yeTCOQPOWI.[L^TeukYc]lp.OWI.[ve_.d.](]^pmYVUOWLlYuoG,I'ª L I&G,]^dmf^Y SUYI.YcOW]lp.YcfXWTeI.[CL {1TCfUr&TCLlL^YcLlL^OWTCImLI.TefU[Cf^OWYcyeYcLG,]U]lp.YcOWf
OWLU]^T"pG4yCYI.T@Ter.OWI.OWTCI.LUG,_&TCdm]U_YZa‚TCukOWI.["G,IPoG4yCTeOQPOWI.[w x4.w„•CŒ G,_.LlYcIaYew sUp.Y`acGJXjuœukOWIP"TJ{‹]lp.YLNG,[eY`OWL {|d.XWX;T,{‹]lp.Y`I.Y4a]NGJfT,{
‡mTCf(]^p.Y`LlYcYcfVUp.T@_YpG4yCYcLXWOjKeYG"alp.OWX®PŠvVUOj]lp.TCdm]PYcL^OWflY`OWI~G,XWX OWuku@TCfl]NGJXjOˆ]B}Hw0x4.w„.x
GCa‚]^OWTCI.L4v]^p.Yf^Y"OjL(I.TkGJ]^]NGealp.ukYcI] {1TCfULldalpG"r.d.f^YMTCI.YYcyeYcIoOjI sUp.Y`POWL^rGJL^LlOjTeIG,]lY`PTYcLI.Te] rmfNG,OWLlY`]^p.Y[eTHT.PqTCf(_.XQG,uqY]lp.Y
]^pmYV(TCflKkp.Yp.Y"PTYcLZwxZ.w„•JŽ VUOQa^KeYZP;w º TeIH]lYcI]G,IPYZbedG,X
OWIkrGJOjIGJIP@r.XWYZGJL^d.flYCv&p.YL^YcYL
ž XjYL^L^Y4PoOWLUp.Y`VUp.T"KI.T,VULUp.OWukLlYcXˆ{‹G,IPqOWL ]lp.Y`LG,ukYOWI~G,XWX I.TC]lp.OWI.["]^pGJ]UI.YcYZPLPTCOWI.[&w x4.w„Cƒ
L^]G,]lYcLZv&VUOW]^poG"ukOWIPM{1flYcY{1flTCu afG4yOjIm[VUp.Y]^p.Ycfp.Y`OWL(L^YcYcOWI.[&v sUp.YVUOWL^Yu~GJIkPTYcLI.Te]POWL^XWOWKCYLNG,uqLNGJfNGTefUL^YcYcKo]lT@KHImT,V
p.YZGJf^OWI.[&ve{1YcYcXWOWI.[vLlukYcXWXWOWI.[`TefU]NG,Ll]^OWI.[&w x4.w„•C’ p.OWukLlYcXˆ{Nw'‡mf^YcY{1flTCu#r.XWYZGJL^d.flYG,I&PkOWuqrG,]lOjYIaYCvep.Y`OWL(I.TC]PY4GCP
sUp.YcflY`OWLUI.T"u~G,IqL^d._C‚YZa]]lT@LNGJukLNGJfNGmvCLlYcI.L^Y"T,{0OWIPOWyO®P\dG,XWOW]B}Hv G,IPp.Y`OWL(I.TC]GJXjOWyeYCw x4.w„CŒ
[CTG,X;Tef uqYZG,I.LU]lT]lp.Y`[eTHG,Xm{1TefU]^p.YVUOWL^Y`uoG,I@VUp.T"OWLG,XWVUG4}HL sUp.YVUOWL^Yu~GJI@L^]NGJIPLTCd.]U_}@_&YcOWI.["{1f^YY{1f^Teu G,I]lO®a‚Ojr&G,]^OWTeI'v
{1flYcY{1flTCu#OWu~GJ[COWIGJ]^O™TeI.LZveG,IPqd.IalpGJI.[COWI.[@G,LULlrGCa‚YCwx4.w„•C• VUOW]^p.Ted.]”GJ]^]GCalp.ukYIH](]^T@Lldalpo]^p.OWI.[eLG,Lalp.OWXQPf^YcIoTefUVUOjyeYcLZv
­XWTCflOWTCd.L(OWL p.YMVUp.Tp&G,LG,_&G,IPTeI.YZPoG,XWX;[eTHG,XWLUG,IPqOWL(]^p.Y {1f^YY{|f^TCuœPYcL^OWflY{1TCfU]lp.YL^YcImL^YcL4v'G,IPI.TC]UYyCYcIha‚TCIaYf^I.YZP
OWIacGJf^IGJ]^OWTCI@TJ{'LNG,]lOWLB{›Gea]^OWTCI
vp.OWL yCYcfl}kIGJ]^d.flYCv.G,I&P@VUp.TeL^YOWI.ImYcf G,_&TCd.](p.OWLUT,VUIo_T.P}w(xZ.w„JŽ
{1T.ad.LUTeIo]^p.Y`·UI&aTCIP\Oj]lOWTCI.YZPqOWLbed.OW]^YL^r&TCI]G,I.YcTed.LZwxZmw •e— €
YZGCaYOWL YcyeYcf^}VUp.Yf^Y{1Tef ]lp.YVUOWLlYu~GJIVUpmTXWOWyCYcL(TCI@VUp&G,]^YyCYcf
zBIo_.f^OWY{v]^p.Y`[ef^YZGJ]B‘BL^Ted.XWYZPqu~G,I@VUpmT@pG,LaTeukY]^T@KI.T,V>]lp.Y pG,rmrYcImLU]^TkaTeukY]lT@p.OWuhv,[eTCOWI.["]^T@VUp.Yf^YcyeYcfp.Y–{1YcYcXWLUXWOWKCYCv
s0f^d.]lpoOjLUVUOW]lp.TCd.]UPYcLlOWf^Y{1TefUYcOW]^p.YfUr.XWYZG,Lld.f^Y`TefUXWOj_&YcfG,]^OWTeI'v G,IPL^XWYcYcrmOjIm[@VUp.Ycf^YyCYcf]^pmYLld.IpGJr.r&YcI.LU]^T@LlYc]ZwxZmw e’
G,I&PkOWLUG,XWVUG4}HLUG,I&PkYyCYcfl}HVUpmYcf^YM{1f^YY{1f^Teu G,]l]NGea^pmukYcI]Zw(xZmw„•C ¬;Yc]UpmOjLU_&T.P}kflOWL^YTCf({›GJXWX›wŠsUp.Y`[CflYZG,]ULlTCd.XWYZPqTeI.Y[COWyCYcLUOW](I.T
´>pGJ] f^Yu~G,OWI.L0]lT`_YPTCImY_}]lp.YuoG,I`VUpmT`OWL r.d.flYG4VUG,f^YI.YcL^L ]^p.Ted.[Cp]4vpG4yOjIm[{1TCfl[CTe]^]^YI¢GJXWX'G,_&TCd.]ULG,ukLG,fGOWI¢a‚TCukOWI.[M]^T
G,I&Pkp&G,LG,_&G,IPTeI.YZPqYcyeYcf^}]^pmOjIm[@]^pGJ]acG,Io_&YY‚©\rmf^YcLlL^YZPtOWI f^YcLl]TeIk]^pmY`[CflTCd.IPqTJ{‹p.OWLU]^fld.YIG,]ld.f^YewxZmw„C•
V(TCfNP\L({1f^Teu#]^p.YMp.OW[Cp.YcLl]Up.YZG4yeYcIo]^T@]^pmYY4G,f^]lpOW]^LlYcXˆ{‚g7x4.w„•C¡ sUp.YVUOWL^Yu~GJI@pG,LU]lp.Y T,}@TJ{‹_&YcOWI.[kaTCuqr.XWYc]^YOWI~pmOjuqL^YcXˆ{‹GJIP
sUp.Yr.d.flY`u~GJI@VUp.T@pGJLUY©.rYcflOWYcIaYZP]^pmY`zBIPYcLaf^OW_GJ_.XWY VUOW]^p.Ted.] r&TCLlL^YcLlL^OWTCImLZv;GCa]lOWI.[kG,LUp.Yr.XWYZGJL^YcL4v{1flYcY{1flTCu P\dG,XWOW]B}
G,]l]NGJOjImLUrYZGeaY`_}@p.OWLUT,VUIoIG,]ld.f^Yev.f^Y4G,XWOWL^OWI.["]^pGJ]G,XWX]lp.OWLUOWL G,IPf^OQPqT,{ PTCd._m]^LZv&G,IPqVUOW]^pmTCd.]UG,]l]NGCalp.uqYcI] ]lTkG,I}kaflYZG,]ld.f^YCw
I.Te]^p.OWI.["_.d.]UOWXWXWd.L^OWTCI
vHGJIPq]^pGJ]UI.TC]lp.OWI.[OWL4wUxZ.w„—e£ xZmw e—
sUp.YcflYG,flYI.T@f^d.XWYcL4vPOWLlrG,LlL^OWTCI'vflYcId.IaOQGJ]^OWTCIoTCfUuqYZPOW]NGJ]^OWTCI sUp.YVUOWL^Yu~GJI@Y©aYcXWLOWIo_YOjIm[@VUOj]lp.TCdm] ]lp.Y`L^YI.L^Y`TJ{ÅukY"w
{1TefUTCI.YVUp.T"OWLUr.d.f^YMf^YZaYr.]^OWyOW]B}k_}kIGJ]^d.flYCvGJIPoGCPuqOW]^L I.T ½ G,fl]^p'v.G"Ll]^TeI.Y`TCf([CTeXQPkG,flY`]^pmYLG,uqY]^T@pmOjutw;sUp.YKI.TC]lLUT,{
KI.T,VUG,_.XWYU{|TCf^uŸT,{‹_&YcOWI.[gÅx4.w„—.x p.OWL pmYZG,fl]pG4yeY_&YcYcIf^YcI]G,Lld.IPYfZv;G,IPp.Y`OWL {1f^YcY4Pq{1f^Teu
‡mTCf(p.OWu VUp.T"L^pmOjImYcLVUOW]^pq]^p.YMfNGCP\O®GJIaYT,{0zBI†I.OW]B}oG,IPOjLUImTC] [CflYcYZPoG,IPq_.XWOWIPImYcL^L4wxZmw„C
L^dm_CYZa]]^T@IGJ]^d.fG,X‹aG,d.LG,XWOW]B}@]^p.YcflY`OWLUI.YcOW]^pmYcfU_TeIP.GJ[CYCv ´>p.T@acG,IaTeukrGJf^YVUOj]lpo]^pGJ]aTCI]^YIH]lYZP;vmXjOW_&YcfNGJ]^YZPqLlTCd.X
VUp.T
XWOW_YcfG,]lOjTeI'vr.XWYZGJL^d.flYImTCfUrGJOjI
wUxZ.w„—eƒ rG4}L ImT@f^Yc[G,fNPq]lTkG,I}]^p.OWI.[@G,IPqpGJLUI.T@PYcL^OWflY`XWY{1]UOWIkp.OWL

p.YZGJf^]gÅx4.w„C¡ .‡ Tef uqYYcLl]NGJ_.XWOjLlp.YZPoOWIqu@}T,VUIo[CXWTef^}vC]lp.Ycf^YMOjLUImTXWOˆ{1YTef
´>p.T"_.d.]U]lp.Y`d.rmf^OW[Cp](u~G,IqVUOW]^p.Ted.]”P\YcL^OWf^YMKHImT,VULUVUOj]lp.TCdm] PYZGJ]^p'vI.T@V(TCflXQPLUTCfU]lp.OWI.[CL(T,{ ]^pmYV(TCflXQP;vI.T@POWL^]^fGCa]lOWTCIG,IP
KI.T,VUOWI.[veL^YYcLVUOj]lp.TCdm] LlYcYcOWI.[~GJIP@LlrY4G,KLVUOW]^pmTCd.]ULlrYZGJKOjIm[Hg I.T"L^]^OWXWXWI.YcLlLUT,{ ukOWIP;w xZ¡.w„—
xZmw„¡C£ ‡.Tef uqYflYcu~GJOjImOjIm[`OWIku@}L^YcXˆ{Nve]^pmYcf^Y`OWLUI.T"I.YcY4Pq{1TCfU]G,XWK@T,{0]^p.Y
ž Yc[C[G,fUTCfUKOWI.[&vp.YY©aYcXWLVUp.T@OWL(VUOW]^p.Ted.]PYcLlOjflYCvGJIPqVUp.TCLlY ]^p.flYcY`[eTHG,XWL(T,{0XjOˆ{1YevT,{‹}eTC[G`TefUT,{‹KI.T,VUXWYZP\[CYCwUx4¡.w„
TCrmOjImOjTeIkTJ{‹]^pmOjIm[CLUOWL flOQPkTJ{Å[CTT.P§G,IP_GCPtwUx4.w„¡.x FHGJIG,KCGMLNGJO®PŠR
sUp.YcflY`OWLUI.YcOW]^pmYcfPOWLlL^TCXWd.]lY_Ycp&G4yHOWTed.f ImTCfUyOWf^]^dmYCv.I.TefUYcyCYI zBIku@}@d.I_.XWYcuqOWL^p.YZPIG,]ld.f^Y]lp.Ycf^Y"G,f^YMI.TYXjYukYcI]^L4vI.T@_&T\P\}Hv
POWLNa‚f^OWukOWIGJ]^OWTCI`TJ{']^p.Y]lf^d.]lp@{1Tef ]^p.YLG,[CYVUp.T`pGJL flYZGCalp.Y4Pk]lp.Y I.T{›Gead.XW]^OWYcLUImT`ukOWIP;wŠsUp.Ycf^YMOjL(I.T"yCTeO®P@GJIP@ImTGJI.[Cd.OWLlp'w‹ƒe£.wWx
[CTG,XGJIP@OWL(]^p.YyCYcfl}@Ycu@_&T\P\OjuqYcI]'TJ{‹[CdmOjXWYcXWYcLlL L^OWIa‚Ycf^OW]B}wUxZ.w„¡eƒ ‡.Tef uqYCvJ{1f^YcY–{1f^Teu#]^p.YML^YcI.LlY`T,{ Pd&G,XWOWL^uhvJ]^p.YcflYG,flYI.T
SUT,V¾acGJI~TeI.Y`PYcLaf^OW_&Y`VUpG,]UOWLUY©.r&Ycf^OWYcI&aYZPVUOj]lp.OWIk_}kTeI.Y LNaflOWr.]^d.flYcLZv&I.T"L^YX™{š‘›KI.T,VUXWYZP[eYCv.ImTuqOjI&PM{1f^YcY–{1f^Teu G,IoTC_C‚YZa]Zv
PYcLlOWf^YcXWYcLlL–GJIP"{|f^YcY{|f^TCuŸrG,OWI'v.GJIPoaTCI]^YIH]U]lT@f^YcLl]OWIop.OWukLlYcXˆ{ I.T"LNG,]lOWLB{›Gea]^OWTCIGJIP@I.T"{|f^YcYZP\TCuŸ{1f^Teu PYcLlOjflYCw ƒe£.w„ƒ
‘”GJIP@TJ{‰VUpmTCu~gxZmw ¡eŒ sUp.YcflY`OWL I.T@KI.T,VUXWYZP\[CYTCf(OW[CI.TefNG,I&aYCv.ImT#ukY"vk]lp.OWLTef
sUp.YVUOWL^Yu~GJIkVUp.T"OWLaTCI]lYcI]^YZPoOWIG,XWX;aOWfNadmukL^]G,Ia‚YcLOWLUI.Te] ukOWI.Y`vI.T@_&TCI&P.G,[eYCvI.T@XWOW_YcfG,]lOjTeI'v.G,I&P@I.T@r.flTCr&Ycf^]B}oTJ{
G,LlXWYcYcroYcyCYIOWI~PYcYrL^XWYcYcr
vImTC](L^XWYcYcr.OWI.[@OWIG"Pf^YZGJuhvI.Tef L^YcXˆ{Q‘BIGJ]^d.flYCw ƒC£mw Œ
VUG,KOWI.[VUpmYcIop.YOjLG4VUG,KeYCwUxZmw„¡,Ž ‡.Tef pmOjuŸVUp.T@OWL”GJXjVUG4}L {|f^YcY{|f^TCuŸOjI&POWyHOQPd&G,X;a^p&G,fNGea]^Yf^OWL^]lO®a‚L
sUp.YL^YYcfOjL(VUOW]^p.Ted.]U]^pmTCd.[epH]lLUYcyCYIVUp.YcIo]^pmOjImKHOWI.[&vCVUOW]lp.TCd.] ]^p.Yf^Y`OWL(I.TkG,I]^Y4aYZPYcI]`acGJd.LNGJX'GCa]lOjTeI'vI.T@XWOW_YfNG,]lOWTCI~P\d.f^OWI.[
L^YI.L^YcL`GJukTCIm[`]^p.YLlYcI.L^YLZv;VUOW]^pmTCd.](d.IPYf^L^]G,IP\OjIm[kYcyeYcIoOjI XWO™{|YCvHGJIPqI.TM{1d.Xˆ†XWukYcI] GJ]PYZGJ]^p'w ƒe£.w Ž
d.IP\Ycf^Ll]NG,I&POWI.[kG,IPqVUOW]^pmTCd.]GML^YcImL^Y"T,{‹flYcL^r&TCImL^OW_.OWXWOj]B}qYcyCYI~OWI ‡.Tef uqYCvJ{1f^YcY–{1f^Teu#OWIPOWyO®P\dG,XWOW]B}HvJ]^p.YcflY`OWLUI.T@PTYcfGJIP@I.T
]^pmYY[CTwUx4.w„¡C’ f^YZGJrYfT,{0]^p.Y"aTCI.LlYZbed.YcIa‚YcLZv;ImTaYL^LNGJ]^OWTCIT,{‰Gea]^OWTeI'vI.T
ÀUYOj]lp.YcfpG,r.r}@I.TefUd.I.pGJr.r}HvImYcOW]^p.YcfPYc]GCalp.YZPoImTCfG,]l]NGea^pmYZP;v G,flOjLlOWI.[TJ{‹]lp.TCd.[ep]ZvI.T@OWuku@Y4POQG,]^YUTe_CYZa]4vGJIPqI.TOQPY4G"T,{
I.YcOW]lp.YcfLlYcYcKOWI.[@XWOW_YcfG,]lOjTeIkI.TefUXWOj_&YcfG,]^Y4P;v.p.YOWLUI.YcOW]lp.Ycf f^YcLld.XW]^L4w ƒC£mw„’
L^TeukYc]lp.OWI.["I.TCf(I.TC]lp.OWI.[wUx4.w„¡C• sUp.YcflYOWLUI.T@V(TCflXQP;vI.T"L^YcYcKeYcf{1TCf(XWOW_YcfG,]lOjTeI'vI.T"}CTe[COBvCImT@L^YcYcf4v
ÀUTe]POWL^]lfNGCa‚]^YZPoOWIoPOWL^]^fGCa]lOWTCI'vOWIoukYcI]G,X&L^]^OWXWXWI.YcLlLUI.TC]Ur&TCOWL^Y4P;v I.T,‘BTCImY_&TCd.IPoGJIPqI.T,‘BTCI.YXWOW_YfNG,]lYZP;w0z(f^YcuoG,OWI@OWIou@}T,VUI
OWIkLl]^d.r.OQPOW]B}qI.TC]ULl]^d.r.OQP;v]lpG,]U_mXjYL^L^Y4PoTCI.YMOjL(I.Te]UYcyCYcIVUOjLlYOjI I.TCI\‘¥Pd&G,X&IG,]ld.f^YCw(ƒC£mw •
p.OWLUVUOWLNPTeuhw x4.w„¡C— sUp.YcflY`OWL I.T@Yu~G,I&G,]^OWTeI@TCfUf^Y]^d.flI'v.I.T@[eTHGJX›veukY4G,I.L4vL^YcYcKeYcfTef
sUp.YXWOW_YcfG,]lYZP@uoG,I@OWL LlYcXˆ{Q‘BrTeL^L^YL^L^Y4PoOWI~G,XWX;aOWfNadmukL^]G,Ia‚YcLG,IP GCalp.OWYcyeYcukYcI]4w'z(f^YcuoG,OWI@OWIou@}T,VUIqI.TCI‘^PdGJX;IG,]ld.f^Yew ƒC£mw„—
{1flYcY{1f^Teu#]^p.YOQPYZGMT,{ÅPTeI.YÇG,IPœLl]^OWXWX]lTP\T~w SiYOWL(]^p.YLG,ukY ‡.Tef uqYVUp.TkGJu³{1Tef^YcyeYcfUd.I_.XWYcukOWLlp.YZP;v]lp.Ycf^YMOjLUImT”d&P[CYCvmI.T
VUp.YcflYcyCYfp.Y`OWLGJIP@VUOW]^pmTCd.]U[ef^YcYZPŠw SUY`PTYcLI.TC]P\V YcXWX;TeI L^]G,IP.GJfNP;vImTC]^pmOjIm[@]^TUdP[eYCvGJIP@I.T‚dP[CYukYcI]Zw0ƒC£mw„
VUpGJ]Up.YpG,LPTeI.YTCfUI.Te]PTCImYCwUxZmw ¡e ‡.Tef uqYVUp.T@G,u{1TCflYcyCYcfGea]^OWTeI.XWYcL^L4v.]^pmYcf^Y`OWLUI.T@POWL^]lfNGea]^OWTCIoTef
SUYOWLUI.Te]Ur.XWYZG,LlYZPqVUp.YcIr.fG,OWL^Y4PkImTCfUd.r.LlYc]VUpmYcIo_.XQG,ukY4P;w‹SiY TCI.Y‚‘›r&TCOWI]^YZP\I.YcL^LT,{0ukOWIP;veI.T"X®GealKkT,{0d.IPYf^L^]G,IP\OjIm[v.ImT
OWLUI.TC]G¹{1fNGJOQP"T,{ PYZGJ]^poI.TCfGJ]^]GCalp.YZPq]^T@XWOˆ{1YCw(xZmw„¡C¡ L^]ld.r.OQPOW]B}HveI.TT,}kGJIP@ImT@L^TCflf^T,V`w ƒe£.w„¡
n¾u~GJIkG,]Ur&YZGCa‚YPTYcLImTC]Uf^dmI~TJ±h]^T"r&TCr.d.XQGJfUf^YcLlTCf^]lLTefU]^T ‡.Tef uqYVUp.TkGJu G,XWVUG4}L {1flYcY{1f^Teu PYcXWOW_&YcfNGJ]^OWTCI.LU]lp.YcflY`OWL
]^pmY{|TCf^YL^]Zw ´>pGJ]^YcyeYcfGJIP@VUp.Yf^YcyeYcfZv&p.Y`flYcu~GJOWI.L ]^pmY`LNGJukYCw I.YcOW]^pmYcfaTCIyeYcI]^OWTCIGJX;]^fld.]^pImTCfG,_mL^TCXWd.]lY]^f^dm]^p'vmI.Tp&G,r.r.OWI.YL^L
xZmwWxZ£C£ G,IPI.T@L^d\±¦YcflOWI.[w(ƒC£.wWx4£
FHGJIG,KCGMLNGJOQP;R ‡.Tef uqYVUp.TkGJu³{1Tef^YcyeYcfUr.d.flY`]^p.Yf^Y`OWLUI.T"OWXjXWd.LlOWTCI'veI.T
·ULlOWI.[@]^p.Y]BV(YcYcÂcYf^LT,{ ]^pmYKI.T,VUXWYZP\[CYT,{0]^p.Y]^fld.]^pz pG4yeY LNGJukLNGJfNGmvCI.T@G,]l]NGea^pmukYcI](TCfPYc]GCalp.uqYcI]ZvI.T"XWOjyOWI.[`_&YcOWI.[kGJIP
u~GJIG,[eYZP"]^T@Y‚©\]lfNGea]]lp.YrG,OWI{1dmX;]^p.Tef^IoT,{0YcIPXWYcLlLTCrmOjImOjTeI.L I.T@­T.P;w ƒC£mwjxex
{1flTCu#]lp.Y`f^Y4aYcL^LlYcL`TJ{‹u@}"p.YZG,fl]ZwxZ¡.wWx ‡.Tef uqYVUp.TkGJu³{1Tef^YcyeYcfUd.I.uqT,yCG,_.XWYG,I&P@OWIPOWyOWL^OW_.XWYCv
‡mTCf(ukYCvYcLl]NGJ_.XWOjLlp.YZPoOWIqu@}T,VUIo[CXWTef^}vC]lp.Ycf^YMOjLUImTflYcXWOj[eOWTCI'v YcL^]G,_.XWOWL^pmYZPqOjIou@}L^YX™{v,]^p.Yf^Y"OjL(I.TkGea]^OWyOW]B}@TCfUOWIGCa‚]^OWyOj]B}veI.T
L^YI.L^dGJXWOj]B}vr&TCL^LlYcL^LlOWTCI.L4vrmp.OWXjTeL^Ter.p}HvPdGJXjOW]B}"TCfUYcyeYcI XWOj_&YcfG,]^OWTeI~G,I&P@I.T@_&TCIPmG,[CYew ƒC£.wWx4ƒ
I.TeI‘¥P\dG,XWOW]B}Hw xZ¡.w„ƒ ‡.Tef uqYVUp.TkGJu#_.XWYcLlLU]^YZGea^pmYcfZv;G,I&PkImT[eTHG,X;TJ{‹pd.uoG,I
‡mTCf(ukYUYcLl]NG,_mXjOWLlp.YZPoOWIku@}MT,VUIk[CXWTef^}vC]lp.Ycf^YMOjL(I.T"rG,Ll]Zv\{1d.]^dmf^Y Y©.OWL^]^YIaYCw(ƒC£.wWx4Œ
TCfUrmf^YcLlYcI]Zw sUpmYcf^Y"OWL I.T@LlrGCa‚Y`TCfUYcyeYcIoYc]^Yf^I.OW]B}wxZ¡mw„Œ sUp.YcflY`OWL I.T@_&YcOWI.[@TefUI.TCI‘B_&YcOWI.[vI.T"d.I.OW]B}qTCfPdGJXWOjLluhw;´¸pG,]
‡mTCf(ukYYL^]NGJ_.XWOWL^p.YZP¢OjIqu@}@T,VUIk[eXjTef^}vC]lp.YcflY`OWLUI.T@L^YcXˆ{ TCf ukTef^YUOWLU]^p.Yf^Y`]lT@LNG4}.gÀUTe]^p.OWI.[@G,flOWL^YcLTCd.]UTJ{‹ukYew‹ƒe£.wWxcŽ
I.TeI‘›LlYcXˆ{NvI.T@[eTHT.PTCfUYcyOWXBvI.T@]^p.Ted.[Cp](TCfUYcyeYcIhGJ_.L^YcI&aY`T,{
]^pmTCd.[epH]4wUxZ¡mw Ž ÈÅÉ Ê"Ë
Ì>ÍUË'Ì
‡mTCf(ukYYL^]NGJ_.XWOWL^p.YZP¢OjIqu@}@T,VUIk[eXjTef^}vC]lp.YcflY`OWLUI.TkPf^Y4G,ukOWI.[
TCfUPYcYr~LlXWYcYcr'vmI.TVUG,KOWI.[`ImTCf({1Ted.f^]lpkL^]G,]lY_&Yc}eTCIP]^p.Ycutv.G,IP
aYcfl]NGJOjImXj}qI.T"{1YZGJfZwUx4¡.w„’
‡mTCf(ukYYL^]NGJ_.XWOWL^p.YZP¢OjIqu@}@T,VUIk[eXjTef^}vC]lp.YcflY`OWLUI.TC]lp.OWI.[`{BG,f
G4VUG4}kG,IPI.TC]lp.OWI.[@I.YZGJfZv.ImTC]^pmOjIm[VUOW]^pmOjIqTCfUVUOW]^pmTCd.]4vI.TC]lp.OWI.[
XQG,fl[CY`G,IPI.TC]lp.OWI.[@L^uoG,XWXBw0xZ¡.w„•
ΙÏÐÑÒ\Ó0ÓlÔBÕÖ'×eÔ^ÔBØNÙ ÚBÛjÜlÝWÞ1ÕÖ^ß ÝjÞ|à
¡

Вам также может понравиться