Negroponte, Nicholas - Ser Digital

140
!"#$%& &()*)+,%- !"#$% ’#%#()* !(,.$//)0+- 1,()2, 34.,%, 56 , 7.)/)0+- 278#)794(7 5::; < 5::; 4= >)/?&%,2 >7*(&8&+#7 < @.)/)&+72 AB C636B 5::; A,)%D+B EF G HEHH: A,(/7%&+, I@28,J,K L$4%)/,.& 8&( ,/$7(.& /&+ 3%M(7. 36 N+&8MB O+/6 L()+#7. )+ C8,)+ OCA>- EFGFHPG;:Q;GR S7802)#& %7*,%- AG RF6HR;G5::; O98(72& 8&( !,%%7(72 T(UM)/&2 VSW8%7XB C636Y Z)$.,. .7 32$+/)0+B QPGS HEHRH A,(/7%&+, [7,%)\,/)0+ .7 /$4)7(#,- S,9)] 1,#?7^2_C,9$7% T097\ ‘&#&*(,M", .7 /$4)7(#,- a,972 >,\\_O9,*7 A,+b

Transcript of Negroponte, Nicholas - Ser Digital

  • !"#$%&'&()*)+,%-'!"#$%&'#%#()*!(,.$//)0+-'1,()2,'34.,%,56,'7.)/)0+-'278#)794(7'5::;7*(&8&+#7-'EFGFHPG;:Q;GRS7802)#&'%7*,%-'AG'RF6HR;G5::;O98(72&'8&('!,%%7(72'T(UM)/&2'VSW8%7XB'C636Y'Z)$.,.'.7'32$+/)0+B'QPGSHEHRH'A,(/7%&+,

    [7,%)\,/)0+'.7'/$4)7(#,-S,9)]'1,#?7^2_C,9$7%'T097\

    `&*(,M",'.7'/$4)7(#,-a,972'>,\\_O9,*7'A,+b

    nmalinovsky

    nmalinovskySer Digital

  • !"#$%&%

    V1$%#)97.),YB'VZSG[c1YB'V,$#&8)2#,2'.7'%,')+M&(9,/)0+YB'V2&+).&'.)*)#,%YBVM)4(,'08#)/,Y'&'V#7%7d)2)0+'8&('/,4%7Y'2&+',%*$+,2'.7'%,2'+&d7.,.72'e$7'/,.,'.",(72$%#,+'9U2'8(727+#72'I='#,%'d7\')+7d)#,4%72K'7+'+$72#(,'d).,6

    L,(, ' ,%*$+&2 ' 27 ' #(,#,B ' 8(U/#)/,97+#7B ' .7 ' 72()29& ' #7/+&%0*)/&B ' .7 ' ,%*&)+/&98(7+2)4%7'7')*+&6'L,(,'(&2'27'#(,#,'.7'#D(9)+&2'e$7'/,.,'.",'2&+'9U2M,9)%),(72'7').7+#)M)/,+',287/#&2'8,(/),%72'.7'$+,'(7,%).,.'%%,9,.,B'27*W+'8,(7/7B',$+'728%7+.&(&2&'M$#$(&6

    @+'/$,%e$)7('/,2&B'#&.&2'%&2'7f798%&2'/)#,.&2'27')+/%$=7+'7+#(7',%*$+&2'.7'%&27M7/#&2'9U2'.72#,/,.&2'.7'%,2'%%,9,.,2'("+$,*,%-).&/"&*)$0,12)+#3$&I!OK6'g+,2#7/+&%&*",2'e$7'/,(,/#7()\,+'=,'7%'M)+,%'.7'2)*%&'='%,'%%,9,.,'"1)&/"&*)$0,12)+#3$/&+'e$7'27',4(7'7%'+$7d&'9)%7+)&6

    @+ ' (7,%).,. ' %, ' #7/+&%&*", ' I/$,%e$)7( ' #7/+&%&*",KB ' $+)., ' , ' %, ' /)7+/),B ' ?,8(&.$/).&'7+'%&2'W%#)9&2'.7/7+)&2'$+'/,94)&'/%,(,97+#7'87(/78#)4%7'7+'+$72#(,M&(9,'.7'd)d)('='.7'7+#7+.7('%,'(7,%).,.6@%'.72,((&%%&')+7X&(,4%7'.7'%,'/)7+/),'+&2'?,'87(9)#).&'/&+&/7('9U2'='9U2'/&2,22&4(7'7%'9$+.&'e$7'+&2'(&.7,B'2&4(7'+&2(&2'9)29&2'='2&4(7'%,2'&(*,+)\,/)&+722&/),%72 ' e$7 ' ?79&2 ' /&+2#($).&6 ' L7(& ' %, ' #7/+&%&*", ' +&2 ' 87(9)#7B ' ,.79U2B#(,+2M&(9,( ' 7% '9$+.&B '+$72#(,2 ' 2&/)7.,.72 ' 7 ' )+/%$2& ', ' +&2(&2 '9)29&26 '>&2,/7(/,',%'d)7f&'2$7J&'.7%'M)%02&M&6

    @2')+.$.,4%7'e$7'%&2'7M7/#&2',94)7+#,%72'='2&/),%72'.7'%&'e$7',%*$+&2'?,+.,.&'7+'%%,9,( '("+$,+#"$+#) &(72$%#,+'/,.,'d7\'9U2'8,#7+#726'h79&2'8(&d&/,.&*(,+.72'/,94)&2'7+'7%'9$+.&'e$7'+&2'(&.7,'='#,94)D+'7+'+$72#(,2'2&/)7.,.726'iB%& 'e$7'72 '9U2 ' )98&(#,+#7B '?79&2'8(&d&/,.&'/,94)&2 ' )98&(#,+#72 '7+'+&2(&29)29&2'I,$+e$7','97+$.&'27'&%d).7'/09&'%,'#7/+&%&*",'9D.)/,B'8&('7f798%&B'?,,%#7(,.& ' ?7/?&2 ' #,+ ' M$+.,97+#,%72 ' /&9& ' %, ' 7287(,+\, ' .7 ' d)., ' .7 ' %, ' 7287/)7?$9,+,K6

    @2'/)7(#&'e$7B'f$+#&','/&+27/$7+/),2')+/$72#)&+,4%797+#7'M,d&(,4%72B'/&9&'7%7f798%& ' /)#,.&B ' 27 ' .,+ ' (&2 ' 7M7/#&2 ' M(,+/,97+#7 ' .)2/$#)4%72- ' 8&%$/)0+B.72#($//)0+'.7%'97.)&',94)7+#7B',*,9)7+#&'.7'(7/$(2&2B'.72)*$,%.,.72'.7'#&.)8&'='$+'%,(*&'7#/D#7(,'e$7'?,/7+'.$.,(','9$/?&2B'='/&+'(,\0+B'.7'%,'4&+.,.'.7'%,#7/+&/)7+/),6 ' !,94)D+ ' 72 ' /)7(#& ' e$7 ' 72&2 ' (72$%#,.&2 ' +& ' 2&+ ' 2)98%797+#7,/?,/,4%72','%,'/)7+/),'=','%,'#7/+&%&*",'7+'2"'9)29,2B'2)+&'/&+27/$7+/),'.)(7/#,.7'%,'/&+/(7#,'&(*,+)\,/)0+'2&/)&7/&+09)/,'.&9)+,+#7'7+'#&.&'7%'8%,+7#,6'>&'72D2#7'7%'%$*,(',.7/$,.&'8,(,'.7#7+7(27'7+'72#,2'/&+2).7(,/)&+72B'87(&'+&'/&+d)7+7&%d).,( ' e$7 ' )+/%$2& ' 7+#).,.72 ' V2)+ ' +)+*$+, ' 2&94(, ' .7 ' 2&287/?,Y ' /&9&B ' 8&(7f798%&B ' 7% 'Z%$4 '.7 '[&9, '27 '8(7&/$8,+'.72.7'?,/7' ,J&2 '8&( ' %&2 ' %"9)#72 '.7%/(7/)9)7+#&'=B'7+'.7M)+)#)d,B'8&('%,'8&2)4)%).,.'.7'2&2#7+7('7%'#)8&'.7'.72,((&%%&,/#$,%6'c'97f&(B'7%'#)8&'.7'.72,((&%%&'e$7B',%',98,(&'.7'%,'/)7+/),'='%,'#7/+&%&*",B/,(,/#7()\, '72& 'e$7 '/&+&/79&2 '/&9&'7% 'V8()97('9$+.&Y'=' %&2 '72/,2&2 '8,"272I97+&2'.7'%,'e$)+#,'8,(#7'.7'%,'?$9,+).,.K'e$7'.)2M($#,+'.7'72,2'+&d7.,.726

    @+'(7,%).,.B ' #&.,2' %,2 ' #7/+&%&*",2' M,d&(7/7+'7+'9,=&('&'97+&('97.).,'$+.7#7(9)+,.& ' /,94)&B ' = ' %, ' &(*,+)\,/)0+ ' 2&/)&7/&+09)/, ' e$7 ' %,2 ' $#)%)\, ' 8$7.7.7#7(9)+,('7%'27+#).&'M)+,%'.7'2$'&()7+#,/)0+6'L7(&'%,'(7,%).,.'d)d).,'7+'%&2'W%#)9&2,J&2'+&2 '87(9)#7'87(/)4)(' %,'*(,+'8+/),'.7'/,94)&'.7'%,2' #7/+&%&*",2'.7' %,

  • )+M&(9,/)0+j ' $+,2 ' #7/+&%&*",2 ' e$7B ' ,% ' 97+&2 ' 8&( ' 7% ' 9&97+#&B ' +& ' (72$%#,+.78(7.,.&(,2 ' .7 ' (7/$(2&2 ' +,#$(,%72 ' = ' e$7B ' .", ' , ' .",B ' 2&+ ' /,8,/72 ' .7 ' &M(7/7(97f&(72'(72$%#,.&2'/&+'97+&(72'/&+2$9&2'.7'8+/),'/&9&'/&+27/$7+/),'.7'%,/(7/)7+#7'9)+),#$()\,/)0+'7%7/#(0+)/,6

    h,='$+,'7X8%)/,/)0+'/,2)')+#$)#)d,'.7'727'M7+097+&6'C$7%&'7X8&+7(%,','9)272#$.),+#72',%'?,4%,(%72'.7%'M,/#&('9$%#)8%)/,.&('.7'$+,'#7/+&%&*",6'@2'$+'/&+/78#&27+/)%%&',$+e$7'#,%'d7\'8&/&'()*$(&2&B'87(&'9$=',.7/$,.&'8,(,'.,(','/&98(7+.7(%,'*(,+'8+/),'#(,+2M&(9,.&(,'.7'%,2'#7/+&%&*",2'.7'%,')+M&(9,/)0+-')+M&(9U#)/,='#7%7/&9$+)/,/)&+726

    @% ' M,/#&('9$%#)8%)/,.&( '.7'$+,' #7/+&%&*",' 27(", '7% '+W97(&'.7 'd7/72 'e$7 ' %,#7/+&%&*",'7+'/$72#)0+'72'/,8,\'.7'97f&(,('%,'M$+/)0+'&'7%'&4f7#)d&'e$7'%7'?,'2).&,2)*+,.&6'k7,9&2'$+'7f798%&-'%,',$#&9&/)0+'87(9)#7'8,2,('.7'+$72#(,'d7%&/).,..7'.728%,\,9)7+#&',%',+.,('I$+&2'P'b9_?K',B '8&+*,9&2B'$+&2':H'b9_?'/&+'$+,$#&90d)%'7+'/,((7#7(,B'%&'e$7'2)*+)M)/,'$+'M,/#&('9$%#)8%)/,.&('.7'5;'I:H'.)d).).&7+#(7'PK6'@%'M,/#&('72'.7'5;H'7+'7%'/,2&'.7'%,'#7/+&%&*",',7(&+U$#)/,B'87+2,+.&,?&(,'7+'$+',d)0+'e$7'd),f7',':HH'b9_?6

    @+'(7,%).,.B ' %&2 'M,/#&(72'9$%#)8%)/,.&(72'.7' %,2' #7/+&%&*",2'/&+d7+/)&+,%72B8727 ' , ' 2$ ' *(,+ ' 8+/),%).,. ' = ' /,8,/).,. ' .7 ' #(,+2M&(9,/)0+ ' 8&( ' #&.&27X87()97+#,.,B'2&+'.7'd,%&(72'(7.$/).&2'='27'9,+#)7+7+'7+'$+'&(.7+'.7'9,*+)#$.%)9)#,.&6

    l,2'*(,+.72'(7d&%$/)&+72'#7/+&%0*)/,2'e$7'?,+'/&+M)*$(,.&'+$72#(,'?)2#&(),/&9& ' 7287/)7 ' /)d)%)\,., ' /&((728&+.7+ ' #,94)D+ ' , ' #7/+&%&*",2 ' /&+ ' $+ ' M,/#&(9$%#)8%)/,.&('(7.$/).&6'C7'72#)9,'$+'M,/#&('.7%'&(.7+'.7'5HH'7+'7%'/,2&'.7'%,,*()/$%#$(, ' I5H ' ,8&(#,.& ' 8&( ' 7% ' )+d7+#& ' .7% ' ,(,.& ' e$7 ' ).7+#)M)/, ' %, ' %%,9,.,V(7d&%$/)0+ ' +7&%"#)/,YB ' = ' $+ ' M,/#&( ' ,.)/)&+,% ' .7 ' (& ' 5H ' 8&( ' %, ' $#)%)\,/)0+B8&2#7()&(B'.7%',4&+&'e$"9)/&K6'@%'M,/#&('9$%#)8%)/,.&('27(",'.7'56HHH'7+'7%'/,2&'.7%,'(7d&%$/)0+')+.$2#(),%6

    @%'?7/?&'.)M7(7+/),.&('.7'%,2'9&.7(+,2'#7/+&%&*",2'.7'%,')+M&(9,/)0+B'='/&+7%%&'%,'8&2)4%7'f$2#)M)/,/)0+'.7'%&'e$7',%*$+&2'=,'?,+'4,$#)\,.&'/&9&'%,'(7d&%$/)0+.7'%,2'#7/+&%&*",2'.7'%,')+M&(9,/)0+B'(,.)/,'7+'$+&2'M,/#&(72'9$%#)8%)/,.&(72'9$=2$87()&(72B'7+'(7,%).,.'.7%'&(.7+'.7%'9)%%0+6

    l,')+M&(9U#)/,B'#7/+&%&*",',$#&9,#)\,.,'.7%'8(&/72&'.7'.,#&2B'87(9)#7'?,/7('7+9)%%&+D2)9,2'.7'27*$+.&'%&2'/U%/$%&2'='&87(,/)&+72'e$7B'2)+')+M&(9U#)/,B'7X)*7+#)798&2B'/&9&'9"+)9&B'.7%'&(.7+'.7%'27*$+.&6'C$'M,/#&('9$%#)8%)/,.&('72B'/&9&.7/",9&2B'.7%'&(.7+'.7%'9)%%0+6

    l,2 ' #7%7/&9$+)/,/)&+72 ' 7%7/#(0+)/,2 ' ,8&(#,+ ' )*$,%97+#7 ' $+ ' M,/#&(9$%#)8%)/,.&('.7%'&(.7+'.7%'9)%%0+B'=,'e$7'#(,+29)#7+'7+'9)%%&+D2)9,2'.7'27*$+.&I.7'?7/?&', 'd7%&/).,.72'.7% '&(.7+'.7' %, 'd7%&/).,.'.7' %, ' %$\K ' %& 'e$7B ' 2)+ '72#,#7/+&%&*",'.7'#(,+29)2)0+B'.747'97.)(27'/&9&'9"+)9&'7+'$+,'72/,%,'.7%'&(.7+'.7%&2'27*$+.&26

    L&( ' 7%%& ' %,2 ' #7/+&%&*",2 ' .7 ' %, ' )+M&(9,/)0+ ' I)+M&(9U#)/, ' 9U2#7%7/&9$+)/,/)&+72K'8$7.7+'%%7*,(','.)28&+7('.7'$+'M,/#&('9$%#)8%)/,.&('.7%'&(.7+.7'$+'4)%%0+6'i'7%%&'2)+'/&+#,('7%'7M7/#&'2)+D(*)/&'.7'%,')+7d)#,4%7'/&+f$+/)0+'.7'%,#7/+&%&*", ' )+M&(9U#)/, ' .7% ' 8(&/72& ' .7 ' .,#&2 ' = ' %, ' #7/+&%&*", ' 8,(,%7%, ' .7 ' %,2#7%7/&9$+)/,/)&+72'7%7/#(0+)/,2')+M&(9,#)\,.,26

    iB'$+'.7#,%%7'.7'*(,+')98&(#,+/),'8,(,'#7+7('7+'/$7+#,'7%')98,/#&'(7,%'.7'$+,#7/+&%&*",B'%,'*(,+'8+/),%).,.'e$7')98%)/,'7%'*(,+'M,/#&('9$%#)8%)/,.&('.7'%,2#7/+&%&*",2 ' .7 ' %, ' )+M&(9,/)0+ ' 27 ' ?, ' .72,((&%%,.& ' 7+ ' $+ ' %,82& ' .7 ' #)798&M(,+/,97+#7'4(7d76

    3W+'+&'?,+'8,2,.&'+)'2)e$)7(,'/)+/$7+#,',J&2'.72.7'%,'8(727+#,/)0+'8W4%)/,

  • .7%'8()97('&(.7+,.&('7%7/#(0+)/&'I7%'@>O3ZB'8(727+#,.&'7%'5;'.7'M74(7(&'.7'5:FPKB= ' %&2 ' /,94)&2 ' e$7 ' ?, ' 7X87()97+#,.& ' %, ' )+M&(9U#)/,B ' 8&( ' 7f798%&B ' ?,+ ' 2).&M(,+/,97+#7'2)*+)M)/,#)d&2'#,+#&'7+'7%'*(,+',$97+#&'.7'8+/),'.7'8(&/72&'/&9&7+'%,'2&(8(7+.7+#7'9)+),#$()\,/)0+'.7'%&2'2)2#79,26

    3'97.),.&2'.7'%&2',J&2'&/?7+#,'7%'4()#U+)/&'!&9'`&(72#7('M&(9$%,4,'.7'+$7d&$+,'/&98,(,/)0+'=,'/%U2)/,-'2)'%,',$#&9&/)0+'?$4)7(,'7X87()97+#,.&'$+'.72,((&%%&8,(7/).&','%,')+M&(9U#)/,B'27'8&.(",'.)28&+7('.7'$+'[&%%2G[&=/7'8&('97+&2'.7'RHH8727#,2'=B',.79U2B'7%'d7?"/$%&'.)28&+.(",'.7'%,'8+/),'.7'$+'#(,+2,#%U+#)/&'/&9&7% '45""$&6*#7)8"(9 &8,(,'27('/,8,\'.7'(7/&((7('$+'9)%%0+'.7'b)%097#(&2'I$+,2'Q;d$7%#,2',%'9$+.&K'/&+'20%&'$+'%)#(&'.7'*,2&%)+,6'!&.&'$+'2$7J&'e$7B'7+'(7,%).,.B7+'7%'U94)#&'.7'%,2'#7/+&%&*",2'.7'%,')+M&(9,/)0+'?,'2).&'=,'8&2)4%76

    C)'72#,2'/)M(,2'%72'8,(7/7+'7X,*7(,.,2B'/&+2).7(7+'e$7'2&+B'8&('7%'/&+#(,()&B9$='/&+27(d,.&(,26'@+'(7,%).,.B'.72.7'e$7'27'M&(9$%0'%,'/&98,(,/)0+'?,+'8,2,.&=,'$+&2'.)7\',J&2'='%,2'#7/+&%&*",2'.7'%,')+M&(9,/)0+'?,+'27*$).&'7d&%$/)&+,+.&/&+'%&2'(72$%#,.&2'8&('#&.&2'/&+&/).&26cB'#,%'d7\B'+&'#,+'/&+&/).&2666

    3'72,'8&2)4)%).,.'(728&+.7'72#7'%)4(&'e$7'8(7#7+.7'9&2#(,('7%'8(727+#7'='7%8(7d)2)4%7'M$#$(&'e$7'+&2',*$,(.,'/&9&'7M7/#&'.7'%,'.)*)#,%)\,/)0+')+M&(9U#)/,Be$7 ' =, ' ?, ' %%7*,.& ' )+/%$2& ' , ' +$72#(&2 ' ?&*,(726 ' @+#(7 ' %&2 ' 9$/?&2 ' ,8,(,#&2.&9D2#)/&2 ' .)*)#,%)\,.&2B '97 ' %)9)#,(D ' , ' (7/&(.,( ' 7% '+,2:)+(;/#.+< &/&+ ' 7% ' /$,%72/$/?,9&2'9W2)/,'.)*)#,%)\,.,'2&(8(7+.).&2'='9,(,d)%%,.&2'.7'2$'*(,+'/,%).,.'.7(78(&.$//)0+6i'+&'72'7%'W+)/&'7f798%&6'>)'7%'9U2')98&(#,+#76

    L&('7%%&'+&'72'.7'7X#(,J,('e$7'2&4(7'#&.&2'72&2'M7+097+&2',2&/),.&2','%,2#7/+&%&*",2 ' .7 ' %, ' )+M&(9,/)0+ ' I.)*)#,%)\,/)0+ ' )+M&(9U#)/,B ' #7%7/&9$+)/,/)&+72B/&9$+)/,/)0+'7+#(7'87(2&+,2'='9Ue$)+,2B'7#/6K'27'72/()4,'9$/?&'7+'72#&2'.",26'S7%&2 ' .)d7(2&2 ' %)4(&2 ' 2&4(7 ' 7% ' #79, ' ,8,(7/).&2 ' 7+ ' @2#,.&2 ' g+).&2 ' 7+ ' 5::;B8(U/#)/,97+#7'+)+*$+&'8$7.7'/&98,(,(27','D2#76

    C$',$#&(B'>)/?&%,2'>7*(&8&+#7B',W+,'.7'M&(9,'8&/&'?,4)#$,%'$+'*(,+'8(72#)*)&/)7+#"M)/&'='$+,'?,4)%).,.'.)d$%*,.&(,'4)7+'8(&4,.,6

    >)/?&%,2'>7*(&8&+#7'72'$+&'.7'%&2'9,=&(72'7X87(#&2'9$+.),%72'7+'9$%#)97.),='.)()*7'7%'="/#)&>)8&Il,4&(,#&()&'.7'17.),K'.7%'1O!'?=)..)+95."((.&@$.(#(5("&,0A"+9$,*,%B< &O+2#)#$#&'!7/+&%0*)/&'.7'1,22,/?$27##2KB'2)+'+)+*$+,'.$.,'7%'/7+#(&8)&+7(& '7+ ' 7% ' 72#$.)& '.7 ' %, '.)M"/)% ' =' /&98%7f, ' /&9$+)/,/)0+'7+#(7 ' 87(2&+,2 '=9Ue$)+,26'L7(&'>7*(&8&+#7'?,'2).&'#,94)D+'M$+.,.&('.7'%,'(7d)2#, 'C#1"/&7+'%,e$7'72/()47'$+,')+#7(72,+#7'=',97+,'8U*)+,'97+2$,%6

    L&('7%%&'%,'d)2)0+'.7'>7*(&8&+#7'2&4(7'7%'8(727+#7'='7%'M$#$(&'.7'%,2'#7/+&%&*",2.7'%,')+M&(9,/)0+'72','%,'d7\'%,'.7'$+'8)&+7(&B'%,'.7'$+'4()%%,+#7',+#)/)8,.&('.7(7,%).,.72'='%,'.7'$+',97+&'87.,*&*&6'C$')%$2#(,.&(,'d)2)0+'.7%'8,2&'V.7'U#&9&2',4)#2YB '.72,((&%%,.,'7+' %, '8()97(,'8,(#7'.7'72#7' %)4(&B '72 '$+'7f798%&'9U2'.7' %,/,8,/).,.'.7'>7*(&8&+#7'8,(,'27J,%,('7%'d7(.,.7(&'7f7'/7+#(,%'.7'%&2'#79,26'@+#(7%&2'7287/),%)2#,2'27'(7/$7(.,'#,94)D+'%,'7X8%)/,/)0+'.7%',$#&('I/&+&/).,'/&9&'7%V)+#7(($8#&('>7*(&8&+#7YK'8,(,'7X8%)/,('7%'8,2&'.7%'#7%DM&+&'#(,.)/)&+,%',%'#7%DM&+&90d)% ' )+,%U94()/&B ' = ' 2$ ' /&((728&+.7+/), ' /&+ ' 7% ' M7+097+& ' )+d7(2& ' .7 ' $+,#7%7d)2)0+'e$7'%%7*,'8&('/,4%7'7+'%$*,('.7'$#)%)\,('%,2'&+.,2'?7(#\),+,26'@f798%&2,94&2'.7'$+,'/,8,/).,.'.7',+U%)2)2'8&/&'/&9W+6

    !&.,'72,'/,8,/).,.'.7'87(/78/)0+'2&4(7'%,2'#7+.7+/),2'='%,2'(7,%).,.72'.7'$+,2#7/+&%&*",2'#,+'8(&87+2,2',%'/,94)&'72'%&'e$7'?,'/,(,/#7()\,.&'%,'d).,'8(&M72)&+,%.7'$+'*(,+'7287/),%)2#,'/&9&'>7*(&8&+#76'i'27'?,%%,',e$"B'7+'72#7'%)4(&B',%'27(d)/)&.7 ' $+, ' 7X8&2)/)0+ ' ,97+, ' =' /&98(7+2)4%7 ' .7 ' %&2 ' +$7d&2 ' M7+097+&2 ' e$7 ' +&2

  • ,8&(#,+'%,2'#7/+&%&*",2'.7'%,')+M&(9,/)0+-'#7%7d)2)0+'8&('/,4%7B'd".7&','%,'/,(#,B9$%#)97.),B'(7,%).,.'d)(#$,%B',$#&8)2#,2'.7'%,')+M&(9,/)0+'='$+'%,(*&'7#/D#7(,'e$727 '., ' /)#, ' 7+ ' 72#,2 ' 8U*)+,2 ' e$7 ' ,%*$)7+ ' ?, ' /,%)M)/,.& '=,' /&9& 'V$+ '9,8, '.7/,((7#7(,2')98(72/)+.)4%7'8,(,'2$42)2#)('7+'%,'2$87(,$#&8)2#,'.7'%,')+M&(9,/)0+Y6

    >7*(&8&+#7B'/&9&'9$/?&2'.7'2$2'/&98,#(),2B'.,'8&('27+#,.&'e$7'7%'M$#$(/+&%0*)/&'e$7'+&2',*$,(.,'?,'.7'27('7%'e$7'8(&9$7d7'$+'2)2#79,'7/&+09)/&/&9& ' 7% ' +&(#7,97()/,+&6 '>& ' 72 ' )+7d)#,4%7 ' e$7 ' ,2" ' 27,B ' 87(& ' 2" '9$= ' 8&2)4%763$+e$7'+&'?,='e$7'&%d).,( 'e$7'27'72#U+',%\,+.&'=,'d&/72'I@.*,('L)2,+)B '8&(7f798%&K ' e$7 ' (7/$7(.,+ ' e$7 ' 7+ ' ,%*$+&2 ' %$*,(72 ' .7% ' 8%,+7#, ' I= ' 7% ' 7f798%&8,(,.)*9U#)/&'72'mM()/,K'%,2',$#&8)2#,2'.7'%,')+M&(9,/)0+'8$7.7+'%%7*,(',+#72'e$7%,2 '+7/72,(),2 ' 7 ' )98(72/)+.)4%72 ' #$47(",2 'e$7 ' #(,+28&(#,+ '7% ' ,*$, '8,4%7 '8,(,7d)#,('&'(7.$/)('7%',%/,+/7'.7'%,2'9$/?,2'7+M7(97.,.72')+M7//)&2,2'7X)2#7+#726'g+,9U2'.7'%,2')+/&+*($7+/),2'.7'+$72#(&'9$+.&'e$7'2)*$7B'8727','#&.&B'/&+'2$'*(,+()e$7\,'7+'727'#)8&'.7'/&+#(,2#726

    Z&9&'=,'.7/",9&2B'%,'#7/+&/)7+/),'I='%,2'#7/+&%&*",2'.7'%,')+M&(9,/)0+'+&'2&+$+,'7X/78/)0+K'#(,+2M&(9,'7%'9$+.&'e$7'+&2'(&.7,B'%,2'&(*,+)\,/)&+72'2&/),%72'=,'+&2(&2'9)29&26'@%'27+#).&'.7'72,'#(,+2M&(9,/)0+'2)*$7',4)7(#&'='87(9)#7'%,7X)2#7+/),'.7'*($8&2'2&/),%72'e$7'27'7+/$7+#(,+B'7+'%,'=,',+#)*$,'M&(9$%,/)0+'.7g947(#& ' @/&B ' V,8&/,%"8#)/&2' & ' )+#7*(,.&2YB ' 72#, ' d7\ ' ,+#7 ' %&2 ' 7M7/#&2 ' .7 ' %,2#7/+&%&*",2'.7'%,')+M&(9,/)0+6

    L7(&',+#72'.7'f$\*,('='#&9,('8,(#).&'7+'7%'4,+.&'.7'%&2',8&/,%"8#)/&2'&'.7'%&2)+#7*(,.&2 ' I& ' /(7,( ' $+ ' +$7d& ' 4,+.& ' )+#7(97.)&666KB ' /&+d)7+7 ' /&98(7+.7( ' %,28&2)4)%).,.72'(7,%72'.7'$+,'#7/+&%&*",6'L,(,'7%%&'+,.,'97f&('e$7'7%'8$+#&'.7'd)2#,.7'$+')+#7*(,.&'/(7=7+#7'e$7'+&2'/$7+#7'%,2'9$/?,2'8&2)4)%).,.72'e$7'798)7\,+',27('M,/#)4%72 '?&='7+'@2#,.&2'g+).&26 '@2'27*$(&'e$7'27(U+'M,/#)4%72'9,J,+,'7+8,"272'/&9&'@28,J,'=B'7287(79&2B'8$7.,+'27(%&'#,94)D+'8,2,.&'9,J,+,'7+'(&2%$*,(72'/&9&B'8&('7f798%&B'mM()/,6

    @+'/$,%e$)7('/,2&B'8(78U(7+27'8,(,'$+'d),f7'2&(8(7+.7+#7'=B',.79U2B'.7%'#&.&)98(72/)+.)4%7'8,(,'/&98(7+.7('7%'M$#$(&'#7/+&%0*)/&'e$7'+&2'7287(,','%,'d$7%#,.7'%,'72e$)+,6

    1Ong@l'A3[Z@loa$%)&B'5::;

    D)+5*()/&/"&@$0,12E(#+)&/"&!)1+"*,$)F$#G"1.#/)/&H,*#(I+$#+)&/"&J)()*5K)

  • L&6*)#$"

    M5" & 9) & .,:,1()/, & M5" & B, & 05"1) & /#%#()* & /51)$("NNONNN&)K,.&"P)+()2"$("

  • !"#$%&'((!)"*+,-.,$,&%/,-&0-'"-+!1$%

    &'97'*$2#,' %77('8&(e$7'2&='.)2%DX)/&6 'S7'+)J&'%7",'%&2'?&(,()&2'.7'%&2#(7+72 ' 7+ ' %$*,( '.7 ' , ' %&2 ' /%U2)/&2 ' ='.)2M($#,4, ' )9,*)+,+.& ' /&+7X)&+7287(M7/#,2 ' 7+#(7 ' (7/0+.)#&2 ' 8$74%&2 ' .7 ' @$(&8,6 ' @2#, ' M,2/)+,/)0+ ' 97

    8(&8&(/)&+0'$+'*(,+'.&9)+)&'.7'%,'*7&*(,M",'7$(&87,6>

    !(7)+#, ' ,J&2 '9U2 ' #,(.7B ' 2)7+.& '.)(7/#&( ' .7% '17.), 'l,4'.7% '1O!' IO+2#)#$#&!7/+&%0*)/& ' .7 ' 1,22,/?$27##2KB ' 8,(#)/)8D ' 7+ ' $+ ' ,/,%&(,.& ' .74,#7 ' 2&4(7 ' %,#(,+2M7(7+/), ' .7 ' #7/+&%&*", ' .7 ' %,2 ' $+)d7(2).,.72 ' .7 ' )+d72#)*,/)0+ ' .7 ' @2#,.&2g+).&2 ' , ' %,2 ' 798(72,2 ' 7X#(,+f7(,26 ' C7 '97 ' /&+d&/0 ' , ' .&2 ' (7$+)&+72 ' 7+#(7 ' %,)+.$2#(),'='7%'T&4)7(+&B'$+,'7+'`%&().,'='%,'(,'7+'Z,%)M&(+),6

    @+',94,2'27'2)(d)0',*$,'@d),+'7+'4%%,2'.7'%)#(&6'3'.)M7(7+/),'.7'%,'9,=&(",.7 ' %&2 ' 8,(#)/)8,+#72B ' =&' 2,4", ' 7X,/#,97+#7 ' .0+.7 ' 72#,4, '@d),+ ' *(,/),2 ' , '9)2?&(,()&2 ' .7 ' #(7+6 ' @d),+B ' `(,+/),B ' 72#U ' , '9U2 ' .7 ' EHH ' b)%097#(&2 ' .7% ' &/D,+&3#%U+#)/&6 '@2,2'872,.,2'4%%,2'.7'%)#(& ' #7+",+'e$7',#(,d72,('/,2) '$+'#7(/)&'.7@$(&8,B ' /($\,( ' 7% ' 3#%U+#)/&B ' = ' d),f,( ' (&2 ' ;6HHH ' b)%097#(&2 ' ?,2#, ' %%7*,( ' ,Z,%)M&(+),6

    c'27,'e$7'72#U4,9&2'.)2/$#)7+.&'2&4(7'/09&'8(*7('%,')+.$2#(),')+M&(9U#)/,.7 '@2#,.&2 'g+).&2 '='+$72#(, ' /&987#)#)d).,. '7%7/#(0+)/,B ' /$,+.& ' ,% ' 8,(7/7( ' +)2)e$)7(,'D(,9&2'/,8,/72'.7'&M(7/7(',*$,'+&(#7,97()/,+,','%&2'8,(#)/)8,+#72'7+'$+,/&+M7(7+/),'+&(#7,97()/,+,6

    h&='.",B'9)',+D/.,'2&4(7'7%',*$,'@d),+'+&'#)7+7'e$7'd7('/&+'%,'/&987#7+/),7+#(7'7%',*$,'9)+7(,%'M(,+/72,'='%,'+&(#7,97()/,+,B'2)+&'e$7'97'27(d)(U'.7'7f798%&8,(,'72#,4%7/7('%,'.)M7(7+/),'M$+.,97+#,%'7+#(7'U#&9&2'='4)#26'!(,.)/)&+,%97+#7B'7%/&97(/)&'9$+.),%'?,'/&+2)2#).&'7+'7%')+#7(/,94)&'.7'U#&9&26'@+'7%'/,2&'.7%',*$,@d),+B ' 72#U4,9&2 ' #(,+28&(#,+.& ' $+, ' 7+&(97 ' = ' 872,., ' /,(*, ' )+7(#7 ' /&+ ' *(,+%7+#)#$.'='72M$7(\&B','$+'8(7/)&'9$='7%7d,.&B','#(,dD2'.7'9)%72'.7'b)%097#(&2B.$(,+#7'$+'87("&.&'.7'd,()&2'.",26'Z$,+.&'8,2,9&2'%,',.$,+,'.7/%,(,9&2'+$72#(&2U#&9&2B'+&'+$72#(&2'4)#26'O+/%$2&'%,'9W2)/,'*(,4,.,'.)*)#,%97+#7'27'.)2#()4$=7'7+ZS2'.7'8%U2#)/&'/&+'/&2#72'9$='7%7d,.&2'.7')+d7+#,()&B'794,%,f7'='#(,+28&(#76

    @2#&'72#U'/,94),+.&'9$='.78()2,6'@%'9&d)9)7+#&'9,2)d&'.7'9W2)/,'*(,4,.,7+'M&(9,'.7'8)7\,2'.7'8%U2#)/&B',%')*$,%'e$7'7%'%7+#&'9,+7f&'.7'*(,+'8,(#7'.7'%,)+M&(9,/)0+'7+'M&(9,'.7'%)4(&2B'(7d)2#,2B'87()0.)/&2'='d).7&/,27#72B'72#U','8$+#&.7 ' #(,+2M&(9,(27 ' 7+ '$+, ' )+2#,+#U+7, ' =' 7/&+09)/, ' #(,+29)2)0+ ' .7 ' )+M&(9,/)0+7%7/#(0+)/,'e$7'27'9$7d7','%,'d7%&/).,.'.7'%,'%$\6'S7'72#,'M&(9,B'#&.&'7%'9$+.+.(U ' ,//72& ', ' %, ' )+M&(9,/)0+6 '!?&9,2 ' a7MM7(2&+ ' )+d7+#0 ' 7% ' /&+/78#& '.7 ' %,24)4%)/,2'7')98%,+#0'7%'.7(7/?&','/&+2$%#,('$+'%)4(&'2)+'/&2#7',%*$+&6'L7(&'+$+/,87+20'7+' %,'8&2)4)%).,.'.7'e$7'QH'9)%%&+72 '.7'87(2&+,2'#$d)7(,+',//72&','$+,4)4%)/,'.)*)#,%'e$7'M$+/)&+,(,'.7'M&(9,'7%7/#(0+)/,'='.&+.7'27'8$.)7(,'&4#7+7()+M&(9,/)0+'.7'9,+7(,'*(,#$)#,6

    l,'#(,+2M&(9,/)0+'.7'U#&9&2','4)#2'72')((7d&/,4%7'7')98,(,4%76pL&( ' e$D ' ,?&(,q ' L&(e$7 ' 7% ' /,94)& ' #,94)D+ ' 72 ' 7X8&+7+/),%- ' %,2 ' 87e$7J,2

    .)M7(7+/),2'.7',=7('8$7.7+'#7+7('/&+27/$7+/),2'.7'*(,+'9,*+)#$.'9,J,+,6pZ&+&/7'72,'?)2#&(),'.7%'?&94(7'e$7'#(,4,f,'8&('$+'/7+#,d&',%'.",'.$(,+#7'$+

    972'87(&'.&4%,'2$'2$7%.&'/,.,'.",q'C)'7987\,(,'/&+'72#7'9,(,d)%%&2&'2)2#79,'.7

  • 8,*&'7%'8()97('.",'.7%',J&B'72#,(",'*,+,+.&'9U2'.7'5H'9)%%&+72'.7'.0%,(72',%'.",'7%W%#)9&'.",'.7'7+7(&6'r2#,'72'%,'8,(#7'e$7'%,'9,=&(",'.7'%,'*7+#7'(7/$7(.,6'L7(&'+&+&2'87(/,#,9&2'.7'e$7'20%&'*,+,(",9&2'5BR'9)%%&+72'.7'.0%,(72'2)'7+7(&'M$727'#(72.",2 '9U2 ' /&(#& ' I72 ' .7/)(B ' /&9& ' M74(7(&K6 'S)/?& ' .7 ' (, '9,+7(,B ' %&2 ' )+*(72&2,/$9$%,.&2 ' .7% ' 972 ' .7 ' M74(7(& ' 27(",+ ' .7 ' QBP ' 9)%%&+72 ' .7 ' .0%,(72,8(&X)9,.,97+#7B'7+'%$*,('.7'%&2'Q5'9)%%&+72'.7'.0%,(72'e$7'?,4(",9&2'*,+,.&7+'7+7(&6'Z$,+.&'7%'7M7/#&'72'7X8&+7+/),%'72&2'#(72'.",2'/$7+#,+'9$/?&6'L$724)7+B'72#,9&2',/7(/U+.&+&2','72&2'#(72'.",2'7+'7%'#7((7+&'.7'%,')+M&(9U#)/,'='%,2#7%7/&9$+)/,/)&+72'.)*)#,%726

    C7*W+'72#7'9)29&'72e$79,B'%&2'&(.7+,.&(72'27'72#U+')+#(&.$/)7+.&'7+'+$72#(,d).,'/).),+,','$+'()#9&'7+.),4%,.&-'7%'R;'s'.7'%,2'M,9)%),2'+&(#7,97()/,+,2'='7%;H's'.7',.&%72/7+#72'72#,.&$+).7+272'#)7+7+'$+'&(.7+,.&('87(2&+,%'7+'/,2,j'27/,%/$%,'e$7'RH'9)%%&+72'.7'87(2&+,2'72#U+'7+'O+#7(+7#j'7%'P;'s'.7'%&2'&(.7+,.&(72+$7d&2'e$7'27'd7+.)7(&+'7+'#&.&'7%'9$+.&'7+'5::F'7(,+'8,(,'$2&'.&9D2#)/&j'='7%:H's'.7'%&2'e$7'27'd7+.7(U+'72#7',J&'/&+#,(U+'/&+'90.792'&'%7/#&(72'.7'ZSG[c16'@2#,2'/)M(,2'+)'2)e$)7(,')+/%$=7+'%&2'/)+/$7+#,'9)/(&8(&/72,.&(72'e$7'%%7d,.7 ' 8(&97.)& ' /,., ' ,$#&90d)% ' d7+.).& ' 7+ ' 5::;B ' & ' %&2 ' .7 ' 2$ ' #&2#,.&(,B ' 2$#7(9&2#,#&B'2$'/&+#72#,.&(',$#&9U#)/&B'2$'ZS'='%&2'.7'2$2'#,(f7#,2'.7'M7%)/)#,/)0+6i'2)'/(77'e$7'97'7e$)d&/&'/&+'72#,2'/)M(,2B'2)*,'%7=7+.&B'8&('M,d&(6

    @2#,2 ' /)M(,2 '72#U+ '/(7/)7+.&', '$+ ' ()#9& '2&(8(7+.7+#76 'l,'$#)%)\,/)0+ '.7 '$+8(&*(,9,'.7'O+#7(+7#'%%,9,.&'1&2,)/B',$97+#0'$+'55's'8&('279,+,'7+#(7'M74(7(&='.)/)794(7'.7'5::R6'l&2'$2$,()&2'.7'O+#7(+7#'72#U+',$97+#,+.&'$+'5H's',%'9726i'2)'2)*$)7(,+','72#7'()#9&B'%&'/$,%'72')98&2)4%7B'7%'#,%'.7'$2$,()&2'.7'O+#7(+7#7X/7.7(",'%,'8&4%,/)0+'9$+.),%'?,/),'7%',J&'QHHR6

    3%*$+,2'87(2&+,2'27'8(7&/$8,+'8&('%,'.)d)2)0+'2&/),%'e$7'7X)2#7'7+#(7'%&2'()/&2='%&2'8&4(72'7+')+M&(9,/)0+B'7+#(7'%&2'e$7'#)7+7+'='%&2'e$7'+&'#)7+7+B'7+#(7'7%L()97( ' = ' 7% ' !7(/7( ' 1$+.&6 ' L7(& ' %, ' d7(.,.7(, ' .)d)2)0+ ' /$%#$(,% ' d, ' , ' 27(*7+7(,/)&+,%6'Z$,+.&'/&+&\/&','$+',.$%#&'e$7'97'.)/7'e$7'?,'.72/$4)7(#&'7%'ZSG[c1B'.7.$\/&'e$7'#)7+7'$+'+)J&'.7'7+#(7'/)+/&'='.)7\',J&26'Z$,+.&',%*$)7+'97.)/7'e$7'?,'.72/$4)7(#&'397()/,'c+%)+7B'72'e$7'#)7+7'$+',.&%72/7+#7'7+'/,2,6'@%8()97(&'72'$+'%)4(&'7%7/#(0+)/&B'7%'(&'72'$+'97.)&'.7'(7%,/)&+,(27'='%,'7X)2#7+/),.7',94&2'27'.,'8&('27+#,.,'7+#(7'%&2'f0d7+72B'.7'%,'9)29,'9,+7(,'e$7'$+',.$%#&+&'8)7+2,'7+'7%',)(7'I?,2#,'e$7'%7'M,%#,K6

    i'72'e$7'%,')+M&(9U#)/,'=,'+&'27'&/$8,'.7'%&2'&(.7+,.&(72B'2)+&'.7'%,'d).,9)29,6'l&2'&(.7+,.&(72'87(2&+,%72'?,+'(7798%,\,.&',%'*(,+'&(.7+,.&('/7+#(,%'7+/,2)'#&.&'7%'9$+.&6'h79&2'8(727+/),.&'/09&'%&2'&(.7+,.&(72'27' #(,2%,.,+'.77+&(972'728,/)&2'/&+',)(7',/&+.)/)&+,.&',',(9,()&2B'%$7*&','72/()#&()&2'=',?&(,',+$72#(,2'(&.)%%,2'=','+$72#(&2'4&%2)%%&26'i'72#7'8(&/72&',W+'+&'?,'#7(9)+,.&6

    3 ' 8()+/)8)&2 ' .7% ' 2)*$)7+#7 '9)%7+)& ' +$72#(&2 ' *797%&2 ' & ' 87+.)7+#72 ' 8&.(U+/&9$+)/,(27'7+#(7'2"','#(,dD2'.7'2,#D%)#72'.7'0(4)#,'4,f,'='#7+.(U+'9U2'8+/),'e$7+$72#(& ' LZ ' ,/#$,%6 ' @% ' #7%DM&+& ' =, ' +& ' 2&+,(U ' 2)798(7B ' 2)+& ' e$7 ' (7/)4)(UB27%7//)&+,(U'='#,%'d7\'(728&+.7(U','%,2'%%,9,.,2B'/&9&'$+'9,=&(.&9&')+*%D2'4)7+7+#(7+,.&6'l&2'2)2#79,2'8,(,'#(,+29)#)('='(7/)4)(')+M&(9,/)0+'='7+#(7#7+)9)7+#&87(2&+,%)\,.&2 ' &4%)*,(U+ ' , ' %&2 ' 97.), ' , ' (772#($/#$(,(276 ' l,2 ' 72/$7%,2 ' 27#(,+2M&(9,(U+'7+'9$27&2'='2,%,2'.7'f$7*&'8,(,'e$7'%&2'+)J&2'72#($/#$(7+'2$2').7,2=' 27 ' (7%,/)&+7+ ' /&+ '+)J&2 ' .7 ' #&.& ' 7% '9$+.&6 '@% ' 8%,+7#, ' .)*)#,% ' 8,(7/7(U ' #,+87e$7J&'/&9&'%,'/,47\,'.7'$+',%M)%7(6

    3'97.).,'e$7'+&2 ' )+#7(/&+7/#79&2'7+#(7'+&2(&2 '9)29&2B '9$/?&2 '.7' %&2d,%&(72'.7%'72#,.&G+,/)0+'/,94),(U+'8&('%&2'.7'/&9$+).,.72'7%7/#(0+)/,2B'=,'27,+D2#,2'87e$7J,2'&'*(,+.726'>&2'(7%,/)&+,(79&2'7+'/&9$+).,.72'.)*)#,%72'7+'%,2'e$7

  • 7%'728,/)&'M"2)/&'27(U')((7%7d,+#7'='7%'#)798&'f$*,(U'$+'8,87%'.)M7(7+#76'!,%'d7\.7+#(&'.7'd7)+#7',J&2B'/$,+.&'9)(79&2'8&('%,'d7+#,+,B'8&.(79&2'd7('$+'8,)2,f7e$7'72#,(U','$+,'.)2#,+/),'.7'5H6HHH'b)%097#(&2'='27)2'\&+,2'?&(,(),2'9U2'%7f&26g+,'?&(,'.7'#7%7d)2)0+'8$7.7'e$7'%%7*$7','+$72#(,2'/,2,2'7+'97+&2'.7'$+'27*$+.&j%77('2&4(7'%,'L,#,*&+),'#,%'d7\')+/%$=,'$+,'7X87()7+/),'27+2&(),%'2&4(7'7%'%$*,(j'$+%)4(&'.7't)%%),9'A$/b%7='8&.(",'/&+2)2#)('7+'#7+7('$+,'/&+d7(2,/)0+'/&+'D%6

    p@+#&+/72B '>7*(&8&+#7B'8&('e$D'7(72'#,+',+#)/$,.&'='72/()472'$+'%)4(&B'e$7,.79U2'+&'%%7d,')%$2#(,/)&+72q'pL&('e$D'%,'7.)#&(),%'7+#(7*,'72#,'&4(,'7+'U#&9&2'7+%$*,('.7'4)#2B '/$,+.&B','.)M7(7+/),'.7%',*$,'@d),+B'72'#,+'27+/)%%&'&M(7/7('72#,28U*)+,2'7+'M&(9,#&'.)*)#,%B'e$7'7(,'.7'.&+.7'd7+",+q'L&('#(72'(,\&+726

    l,'8()97(,'72'e$7'+&'?,='2$M)/)7+#72'97.)&2'.)*)#,%72',%',%/,+/7'.7'7f7/$#)d&2B8&%"#)/&2B ' 8,.(72 ' = ' #&.&2 ' %&2 ' e$7 ' 9U2 ' +7/72)#,+ ' 7+#7+.7( ' 72#, ' /$%#$(, ' #,+(,.)/,%97+#7'+$7d,6'O+/%$2&'7+'.&+.7'%&2'&(.7+,.&(72'2&+'&9+)8(727+#72B'7+'7%97f&('.7'%&2'/,2&2'%,')+#7(M,\',/#$,%'72'($.)97+#,(),'='72#U'9$='%7f&2'.7'27(',%*&/&+'%&'e$7'$+&'.727,(",')(27','%,'/,9,6

    l,'27*$+.,'(,\0+'72'9)'/&%$9+,'97+2$,%'7+'%,'(7d)2#, 'C#1"/O &@%'DX)#&'#,+2&(8(7+.7+#7'7')+97.),#&'.7'C#1"/&.79$72#(,'e$7'7X)2#7'$+'8W4%)/&'+$97(&2&'e$727'e$)7(7')+M&(9,(',/7(/,'.7'*7+#7'='72#)%&2'.7'd).,'.)*)#,%72B'+&'20%&'.7'#7&(",2'=7e$)8&26'1)'/&%$9+,'2$8$2&'$+'*(,+')+/7+#)d&'8,(,'(78%,+#7,(97'#79,2'e$7'=,?,4",' #(,#,.&B'8&(e$7'7+'7% '/&(#&'87("&.&'.7' #)798&'e$7'?,'8,2,.&'.72.7'e$772/()4" ' ,e$7%%,2 ' ?)2#&(),2 ' ?, ' ?,4).& '9$/?&2 ' /,94)&26 'i ' 72& ' 72 ' %& ' e$7 ' 2&+-?)2#&(),2 ' 2,/,.,2 ' .7 ' %&2 ' ,J&2 ' 7+ 'e$7 ' 27 ' )+d7+#,(&+ '+$7d&2 ' 2)2#79,2 ' 8,(, ' %&2*(UM)/&2 ' 8&( ' &(.7+,.&(B ' %,2 ' /&9$+)/,/)&+72 ' ?$9,+,2 ' = ' %&2 ' 9$%#)97.),)+#7(,/#)d&26

    l,'#7(/7(,'72'$+,'(,\0+'9U2'87(2&+,%'='%)*7(,97+#7',2/D#)/,6'l&2'9$%#)97.),)+#7(,/#)d&2 '.7f,+ '9$='8&/&'9,(*7+', ' %, ' )9,*)+,/)0+6 'Z&9& '$+,'87%"/$%, '.7h&%%=^&&.B' %&2'9$%#)97.),'+,((,#)d&2')+/%$=7+'(78(727+#,/)&+72'#,+'7287/"M)/,2e$7'%,'97+#7'/,.,'d7\'.)28&+7'.7'97+&2'&/,2)&+72'8,(,'87+2,(6'@+'/,94)&B'%,8,%,4(, '72/()#, ' 2$7%#, '.72#7%%&2 '.7 ' )9U*7+72 '='7d&/, '97#UM&(,2 ' e$7 ',.e$)7(7+2)*+)M)/,.&','8,(#)( '.7' %,' )9,*)+,/)0+'='.7' %,2'8(&8),2'7X87()7+/),2'.7% ' %7/#&(6Z$,+.&'27 ' %77' $+,'+&d7%,B '*(,+'8,(#7'.7% '/&%&(B '.7% '2&+).& '='.7% '9&d)9)7+#&8(&d)7+7+'.7'$+&'9)29&6'L)7+2&'e$7'27'+7/72)#,'7%'9)29&'#)8&'.7'/&+#()4$/)0+87(2&+,%'8,(,'27+#)('='7+#7+.7('/09&'V27('.)*)#,%Y'8$7.7')+M%$)('7+'+$72#(,'d).,6@287(&'e$7'27' %7,','$2#7.'9)29&'7+'72#7'%)4(&6'i'e$7'/&+2#7'e$7'72#&'%&'.)/7,%*$)7+','e$)7+'+&'%7'*$2#,'%77(6

  • +%2-1!#2-2%"-1!#2

  • 0+-,&"&0-+,-!"3%$4,(!)"

    1!#2-5-6#%4%2

    ,(,'8&.7(',8(7/),('%,2'd7+#,f,2'='/&+27/$7+/),2'.7'V27('.)*)#,%Y'%&'97f&('72(7M%7X)&+,('2&4(7'%,'.)M7(7+/),'7+#(7'4)#2'='U#&9&26'>&'/,47'.$.,'.7'e$7+&2'?,%%,9&2'7+'$+,'7(,'.7'%,')+M&(9,/)0+B'2)+'794,(*&B'%,'9,=&('8,(#7'.7

    72#,')+M&(9,/)0+'+&2'%%7*,'7+'M&(9,'.7'U#&9&2-'87()0.)/&2B'(7d)2#,2'='%)4(&2'I/&9&D2#7K6 ' n$)\U ' +$72#(, ' 7/&+&9", ' 27 ' 72#D ' /&+d)(#)7+.& ' 7+ ' $+, ' 7/&+&9", ' .7 ' %,)+M&(9,/)0+B'87(&'.7'9&97+#&'7d,%$,9&2'%,2'&87(,/)&+72'/&97(/),%72'='?,/79&2%&2'4,%,+/72'87+2,+.&'7+'U#&9&26'@+'7%'T3!!'%&'e$7'/$7+#,+'2&+'%&2'U#&9&26

    .h,/7 ' 8&/& ' d)2)#D ' %, ' &M)/)+, ' /7+#(,% ' .7 ' $+& ' .7 ' %&2 ' /)+/& ' M,4()/,+#72 '9U2

    )98&(#,+#72'.7'/)(/$)#&2')+#7*(,.&2'.7'%&2'@2#,.&2'g+).&2'.7'39D()/,6'1)7+#(,2M)(9,4,'7%'(7*)2#(&'.7'd)2)#,+#72B'97'8(7*$+#,(&+'2)'%%7d,4,'$+'&(.7+,.&('8&(#U#)%6

    u>,#$(,%97+#7'u(728&+."6l,'(7/78/)&+)2#,'97'8(7*$+#0'7%'9&.7%&B'7%'+W97(&'.7'27()7'='2$'d,%&(6u38(&X)9,.,97+#7B'7+#(7'$+&'='.&2'9)%%&+72'.7'.0%,(72'u.)f76uc?B'72&'72')98&2)4%7B'27J&(u/&+#72#0'7%%,u6'SDf797'd7(%&6l7'7+27JD'9)'d)7f&'L&^7(GA&&b'='7%%,'/,%/$%0'e$7'd,%",'Q6HHH'.0%,(726'38$+#0

    %,'/,+#).,.'='97'87(9)#)7(&+'7+#(,('7+'7%'7.)M)/)&6'l,'/$72#)0+'72'e$7'9)7+#(,2'%&2U#&9&2'+&'d,%",+'#,+#&B'%&2'4)#2'+&'#7+",+'8(7/)&6

    >& ' ?,/7 '9$/?& ',2)2#" ' , '$+, ' (7$+)0+ '.7 ' ,%#&2 ' 7f7/$#)d&2 '.7 'L&%=T(,9'7+k,+/&$d7(B 'Z&%$94), 'A()#U+)/,B '/$=&'8(&802)#& '7(,',$97+#,(' %, '/&9$+)/,/)0+7+#(7'.)(7/#)d&2'.7',%#&'(,+*&'='8(727+#,('%,'8(&*(,9,/)0+'*7+7(,%'e$7'27'87(M)%,4,8,(,'7%'2)*$)7+#7',J&6'C7')4,+','$#)%)\,('+$97(&2,2'9$72#(,2'.7'9W2)/,B'87%"/$%,2Bf$7*&2'='d".7&2'.7'(&/b'.7'8(0X)9,'8$4%)/,/)0+6'`7.@v'#7+",'e$7'(78,(#)('72#,29$72#(,2 ' 7+ ' M&(9, ' .7 ' ZS2B ' d).7&/,27#72 ' = ' ZSG[c12B ' 9,#7(),% ' M"2)/&798,e$7#,.&'e$7'#7+",'#,9,J&'='872&B'87(&'8&('.72*(,/),B'%,2',.$,+,2'(7#$d)7(&+8,(#7 '.7% '9,#7(),%6 '@% '9)29& '.",B '=&'?,4", ' 72#,.& '7+ '9) '?,4)#,/)0+ '.7% '?%(78,(#)7+.& ' = ' (7/)4)7+.& ' 4)#2 ' , ' #(,dD2 ' .7 ' O+#7(+7# ' /&+ ' .72#)+& ' ,% ' O+2#)#$#&!7/+&%0*)/&'.7'1,22,/?$27##2'I1O!K'&'8(&/7.7+#72'.7'D%B'&'.7'(,2'8,(#72'.7%9$+.&6'1)2'4)#2B','.)M7(7+/),'.7'%&2'U#&9&2'.7'L&%=T(,9B'+&'M$7(&+'(7#7+).&2'8&(%,2',.$,+,26

    @+'%,2',$#&8)2#,2'.7'%,')+M&(9,/)0+'/)(/$%,+B'2)+'872&'=','%,'d7%&/).,.'.7'%,'%$\B4)#2'.7'#&.&'7%'*%&4&6'h&='.",B'/$,+.&'%,2')+.$2#(),2'27'8(7*$+#,+'8&('2$'M$#$(&'7+$+'9$+.&'.)*)#,%B'.747+'#7+7('7+'/$7+#,'e$7'727'M$#$(&'%&'.7/).)(U+B'/,2)',%'5HH'sB%,2'8&2)4)%).,.72 'e$7'#7+*,+'2$2'8(&.$/#&2'&'27(d)/)&2'.7'8(727+#,(27'7+'M&(9,.)*)#,%6 'n$)7+'M,4()/,'f7(27=2'.7'/,/?79)(,'&'/&9).,'/?)+,B'#7+.(U'e$7'7287(,(9$/?&'#)798&'?,2#,'e$7'8$7.,'/&+d7(#)(%&2'7+'4)#26'V3(()4,B'C/#=Y55'72'$+'2$7J&9,(,d)%%&2&B ' 87(& ' e$7 ' ,W+ ' #,(.,(U ' d,()&2 ' 2)*%&2 ' 7+ ' (7,%)\,(276 'h,2#, ' 7+#&+/72#7+.(U'e$7'/&+M),('7+'`7.@XB'4)/)/%7#,2'='\,8,#)%%,2'.7'.78&(#7'8,(,'#(,+28&(#,('2$2

    55'l,'7X8(72)0+'Q!")2&2"&5:6'/"*&AOU

  • U#&9&2'.7'$+' %$*,(','(&6 'C)+'794,(*&B'72#&'+&'2)*+)M)/,'e$7' %,2' #7/+&%&*",2.)*)#,%72'+&'d,=,+','27('W#)%72'7+'7%'.)27J&B'M,4()/,/)0+B'd7+#,'=',.9)+)2#(,/)0+'.7)+.$2#(),2'/$=&'+7*&/)&'72#D'4,2,.&'7+'U#&9&26'L7(&'%&'727+/),%'.7'72#,2')+.$2#(),2+&'/,94),(U'8&(e$7'2$2'8(&.$/#&2'+&'72#U+'?7/?&2'.7'4)#2'2)+&'.7'U#&9&26

    @+'%,2'798(72,2'.7')+M&(9,/)0+'='7+#(7#7+)9)7+#&B'4)#2'='U#&9&2'27'/&+M$+.7+,'97+$.&6 'l,'7.)/)0+'.7'$+' %)4(&'p87(#7+7/7',% '+7*&/)&'.7' %, '.)2#()4$/)0+'.7)+M&(9,/)0+'I4)#2K'&',%'.7'%,'9,+$M,/#$(,'IU#&9&2Kq'l,'(728$72#,B'.72.7'$+'8$+#&.7'd)2#,'?)2#0()/&B'72'e$7'M&(9,'8,(#7'.7',94&2B'87(&'72#&'+&'#,(.,(U'7+'/,94),(',97.).,'e$7'%,2',8%)/,/)&+72'.7'%,')+M&(9,/)0+'d,=,+'7X#7+.)D+.&27'='27,+'.7'MU/)%798%7&6 ' 3?&(, ' 9)29& ' 72 ' .)M"/)%B ' ,$+e$7 ' +& ' )98&2)4%7B ' /&987#)( ' /&+ ' %,2/,(,/#7("2#)/,2'.7'$+'%)4(&')98(72&6

    g+'%)4(&'#)7+7'$+,'/$4)7(#,'%%,9,#)d,B'72'%)*7(&B'MU/)%'.7'?&f7,('='+&'9$='/,(&6L7(&'8,(,'?,/7(%&'%%7*,('?,2#,'+&2(&2'?,='e$7',%9,/7+,(%&'='#(,+28&(#,(%&6'@+'7%/,2&'.7'%&2'%)4(&2'.7'#7X#&B'7%'F;'s'.7%'/&2#7'/&((728&+.7',%',%9,/D+B'#(,+28&(#7'=.7d&%$/)&+726'L7&(',W+B'$+'%)4(&'8$7.7',*,(276'C)+'794,(*&B'%&2'%)4(&2'.)*)#,%72+$+/,'27',*,+j'2)798(7'72#U+',?"6

    c#(&2'97.),'8(727+#,+'()72*&2'='&8&(#$+).,.72',W+'9U2')+97.),#&26l&2'8()97(&2'U#&9&2'.7'7+#(7#7+)9)7+#&'e$7'27'2$2#)#$)(U+'8&('4)#2'27(U+'%&2'.7

    %&2'd".7&2'.7',%e$)%7(j'%&2'/%)7+#72'.7'%,2'#)7+.,2'.7',%e$)%7('.7'd".7&2'+&'20%&8,.7/7+'7%')+/&+d7+)7+#7',.)/)&+,%'.7'#7+7('e$7'.7d&%d7('%&2'U#&9&2B'2)+&'e$7'?,+.7'8,*,('$+,'9$%#,'2)'27'%&2'&%d).,+'.74,f&'.7%'2&MU'I27'.)/7'e$7'R6HHH'9)%%&+72'.7%&2 '5Q6HHH'9)%%&+72 '.7 '.0%,(72 '.7% '+7*&/)& '.7% ' ,%e$)%7( '.7 'd".7&2 '7+'@2#,.&2g+).&2'/&((728&+.7+','9$%#,2'8&('(7#(,2&2'7+'%,'.7d&%$/)0+K6'l,'+7/72).,.B'7%)987(,#)d&'7/&+09)/&'='%,'%)47(,%)\,/)0+'8(&d&/,(U+'e$7'(&2'97.),'(7/)4,+'$+#(,#,9)7+#&'.)*)#,%6'i'72&'+&'#,(.,(U'7+'&/$(()(6

    .0$%7-89':-02-'"-1!#;

    g+'4)#'+&'#)7+7'/&%&(B'#,9,J&'+)'872&'='d),f,','%,'d7%&/).,.'.7'%,'%$\6'@2'7%7%797+#&'9U2'87e$7J&'7+'7%'3S>'.7'%,')+M&(9,/)0+6'@2'$+'72#,.&'.7'27(-',/#)d&'&)+,/#)d&B'd7(.,.7(&'&'M,%2&B',(()4,'&',4,f&B'.7+#(&'&'M$7(,B'+7*(&'&'4%,+/&6'L&((,\&+72'8(U/#)/,2'/&+2).7(,9&2'e$7'$+'4)#'72'$+'5'&'$+'H6'@%'2)*+)M)/,.&'.7%'5'&'7%c'72'$+,'/$72#)0+',8,(#76'@+'%&2',%4&(72'.7'%,')+M&(9U#)/,B'$+,'/,.7+,'.7'4)#2(78(727+#,4,'8&('%&'*7+7(,%')+M&(9,/)0+'+$9D()/,6

    Z$7+#7'97+#,%97+#7B '87(&'20%&',e$7%%&2'+W97(&2'M&(9,.&2'7X/%$2)d,97+#78&('7%'5'='7%'H6'@%'(72$%#,.&'27(U-'5B'5HB'55B'5HHB'5H5B'55HB'555B'7#/6'r2#,2'2&+'%,2(78(727+#,/)&+72'4)+,(),2'(7287/#)d,2'.7'%&2'+W97(&2'5B'QB'RB'FB';B'PB'wB'7#/6

    l&2'4)#2'?,+'2).&'2)798(7'7%'7%797+#&'4U2)/&'.7'%,'/&98$#,/)0+'.)*)#,%B'87(&.$(,+#7 ' %&2 ' W%#)9&2 ' d7)+#)/)+/& ' ,J&2 ' ?79&2 ' ,98%),.& ' 7+&(9797+#7 ' +$72#(&d&/,4$%,()& ' 4)+,()& ' ?,2#, ' )+/%$)( ' 9$/?& ' 9U2 ' e$7 ' 20%& ' +W97(&26 ' h79&2/&+27*$).&'.)*)#,%)\,('/,.,'d7\'9U2'#)8&2'.7')+M&(9,/)0+B',$.)#)d,'='d)2$,%B'8&(7f798%&B'(7.$/)D+.&%&2'.7')*$,%'9,+7(,','$+&2'='/7(&26

    S)*)#,%)\,('$+,'27J,%'72'#&9,('9$72#(,2'.7'7%%,'.7'9&.&'e$7B'8&/&'728,/),.,2B8$7.,+'$#)%)\,(27'8,(,'8(&.$/)('$+,'(D8%)/,',8,(7+#797+#7'87(M7/#,6'@+'$+'ZS'.7,$.)&B '8&( '7f798%&B '7% ' 2&+).& ' 27 '?, ' 2&97#).& ', '9$72#(7& 'FFB5 '9)% ' d7/72 '8&(27*$+.&6'l,'M&(9,'.7'&+.,'.7',$.)&'I+)d7%'.7'8(72)0+'.7'2&+).&'97.).&'/&9&

  • d&%#,f7K'27'*(,4,'/&9&'+W97(&2'.)2/(7#&2'Ie$7B','2$'d7\B'27'/&+d)7(#7+'7+'4)#2K6@2#,2'/,.7+,2'.7 '4)#2B '/$,+.&'27' (78(&.$/7+'FFB5'9)% 'd7/72 '8&('27*$+.&B'+&28(&8&(/)&+,+'$+,'d7(2)0+'7+'2&+).&'/&+#)+$&'.7'%,'9W2)/,'&()*)+,%6'l,2'97.).,22$/72)d,2'='.)2/(7#,2'72#U+'#,+'8&/&'728,/),.,2'7+'7%'#)798&'e$7'+&'%,2'&"9&2/&9&'$+,'2$/72)0+'.7'2&+).&2'278,(,.&2B'2)+&'/&9&'$+'#&+&'/&+#)+$&6

    l&'9)29&'8$7.7',8%)/,(27','$+,'M&*(,M",'7+'4%,+/&'='+7*(&6'O9,*)+79&2'$+,/U9,(,'7%7/#(0+)/,'e$7'7X#)7+.7'$+,'M)+,'#(,9,'2&4(7'$+,')9,*7+'='%$7*&'*(,4,'%,*(,.,/)0+'.7'*()2'e$7'/,8#,'7+'/,.,'/D%$%,6'C)'%7'.,9&2',%'+7*(&'$+'d,%&('c'=',%4%,+/&'$+'d,%&('.7'Q;;B'%&2'.)2#)+#&2'9,#)/72'.7%'*()2'27'2)#$,(U+'7+#(7'72#&2'.&2d,%&(726'g+,'/,.7+,'.7'E'4)#2'I%%,9,.,'4=#7K'#)7+7'Q;P'87(9$#,/)&+72'.7'$+&2'=/7(&2B'7987\,+.&'8&('HHHHHHHH'='#7(9)+,+.&'/&+'555555556'Z&+'*(,.,/)&+72#,+'2$#)%72'='$+,'#(,9,'#,+'M)+,B'%,'M&*(,M",'27'8$7.7'(7/&+2#($)('87(M7/#,97+#76!,+'8(&+#&'/&9&'27'$2,'$+,'8%,+#)%%,'9U2'*($72,'&'$+,'72/,%,' )+2$M)/)7+#7'.7*()272B'$+&'798)7\,','d7(')+#7(d7+/)&+72',(#)M)/),%72'.)*)#,%72B'/&9&'/&+#&(+&2'=d&%W97+726

    l,',8,()/)0+'.7'%,'/&+#)+$).,.','8,(#)('.7'8)X7%2')+.)d).$,%72'72',+U%&*,','$+M7+097+&'2)9)%,('e$7'27'8(&.$/7','72/,%,'9$/?&'9U2'2$#)%'7+'7%'/&+&/).&'9$+.&.7'%,'9,#7(),6'r2#,'72#U'?7/?,'.7'U#&9&26'C)'&427(dU(,9&2'$+,'2$87(M)/)7'.7'97#,%9$='8$%)., ', '$+, '72/,%, ' 2$4,#09)/,B 'd7(",9&2 '2&4(7' #&.&',*$f7(&2B ',$+e$7',2)98%7'd)2#,',8,(7/7'%)2,'='20%).,'8&(e$7'%,2'8)7\,2'.)2/(7#,2'2&+'9$='87e$7J,26l&'9)29&'2$/7.7'/&+'%,'(78(727+#,/)0+'.)*)#,%6

    L7(&'7%'9$+.&B'#,%'/&9&'%&'87(/)4)9&2B'72'$+'%$*,('9$=',+,%0*)/&6'S72.7'$+8$+#&'.7'd)2#,'9,/(&2/08)/&B'+&'72'.)*)#,%'7+',42&%$#&'2)+&'/&+#)+$&6'>,.,'(72$%#,B.7'8(&+#&B',/#)d&'&')+,/#)d&B'&'8,2,'.7'+7*(&','4%,+/&B'+)'/,94),'.7'$+'72#,.&',(&'2)+'#(,+2)/)0+6'@2#&'#,%'d7\'+&'&/$((,','+)d7%'9)/(&2/08)/&B'.&+.7'%,2'/&2,2/&+'%,2'e$7')+#7(,/#$,9&2'I7%7/#(&+72'7+'$+'/,4%7'&'M&+72'7+'+$72#(&'&f&K'2&+.)2/(7#,2B '87(& '2&+ ' #,+#,2 'e$7 '8,(7/7+'/&+#)+$,26 '3' M)+ '.7 ' /$7+#,2B ' 72#7 ' %)4(&/&+2#, '.7'56HHH6HHH6HHH6HHH6HHH6HHH6HHH6HHH'.7'U#&9&2',8(&X)9,.,97+#7 ' I$+97.)&'9$=',+,%0*)/&K6

    l, ' .)*)#,%)\,/)0+ ' 8(727+#, ' 9$/?,2 ' d7+#,f,26 ' l,2 ' 9U2 ' 7d).7+#72 ' 2&+ ' %,/&98(72)0+ ' .7 ' .,#&2 ' = ' %, ' /&((7//)0+ ' .7 ' 7((&(72B ' ,94,2 ' )98&(#,+#72 ' 7+ ' %,.)2#()4$/)0+'.7')+M&(9,/)0+','#(,dD2'.7'$+'/,+,%'/&2#&2&'&'($).&2&6'l&2'79)2&(72,?&((,+'.)+7(&'='%&2'(7/78#&(72'(7/)47+'$+,')9,*7+'='$+'2&+).&'/&+'/,%).,.'.772#$.)&6'>&'&42#,+#7B'%,2'/&+27/$7+/),2'.7'%,'.)*)#,%)\,/)0+'2&+',W+'9$/?&'9U2)98&(#,+#726

    Z$,+.&'$2,9&2'4)#2'8,(,'.72/()4)('2&+).&'7')9,*7+B'7X)2#7'$+,'d7+#,f,'+,#$(,%7+ ' $2,( ' #,+ ' 8&/&2 ' 4)#2 ' /&9& ' 27, ' 8&2)4%76 ' h,= ' $+, ' /)7(#, ' ,+,%&*", ' /&+ ' %,/&+27(d,/)0+'.7'%,'7+7(*",6'C)+'794,(*&B'7%'+W97(&'.7'4)#2'e$7'27'798%7,+'8&(27*$+.&'&'8&('/7+#"97#(&'/$,.(,.&'72#U'.)(7/#,97+#7'(7%,/)&+,.&'/&+'%,'M).7%).,..7'%,'9W2)/,'&'%,')9,*7+6'>&(9,%97+#7B')+#7(72,'.)*)#,%)\,('/&+'$+,'(72&%$/)0+9$=',%#,'='%$7*&'$2,('$+,'d7(2)0+'.7'97+&2'(72&%$/)0+'.7'2&+).&'&')9,*7+'8,(,$+,'$'(,',8%)/,/)0+6'L&('7f798%&B'$+,')9,*7+'7+'/&%&('27'8$7.7'.)*)#,%)\,('/&+$+,'(72&%$/)0+'9$=',%#, '8,(, ' )98()9)( ' %,'/&8), ' M)+,% '87(&'8,(, '$+'2)2#79,'.7/&98,*)+,/)0+'.7'&()*)+,%72'8&('&(.7+,.&('+&'27(U'+7/72,()&'.)28&+7('.7'#&.,'%,/,8,/).,. ' .7 ' (72&%$/)0+6 ' l, ' 7/&+&9", ' .7 ' 4)#2 ' %, ' .7#7(9)+,+ ' 7+ ' 8,(#7 ' %,2(72#()//)&+72'.7%'97.)&'7+'e$7'27',%9,/7+,'%,')9,*7+'&'7%'2&+).&'&'7%'97.)&'8&('7%/$,%'27'.)M$+.76

    @% ' +W97(& ' .7 ' 4)#2 ' e$7 ' 27 ' #(,+29)#7+ ' 8&( ' 27*$+.& ' , ' #(,dD2 ' .7 ' $+ ' /,+,%.7#7(9)+,.&'I/&9&'?)%&'.7'/&4(7B'7287/#(&'.7'(,.)&'&'M)4(,'08#)/,K'72'7%',+/?&'.74,+.,'.7'72#7'/,+,%6'@2'%,'97.).,'.7%'+W97(&'.7'4)#2'e$7'8$7.7+'.728%,\,(27'8&(

  • $+,'#$47(",6'@27'+W97(&'&'/,8,/).,.'#)7+7'e$7')*$,%,(27'/$).,.&2,97+#7'/&+'7%+W97(&'.7'4)#2 'e$7'27'+7/72)#,+'8,(,'(78(&.$/)('$+' #)8&'.7#7(9)+,.&'.7'.,#&2Id&\B ' 9W2)/,B ' d".7&K- ' PF6HHH ' 4)#2 ' 8&( ' 27*$+.& ' 72 ' 9U2 ' e$7 ' 2$M)/)7+#7 ' 8,(,(78(&.$/)('$+,'d&\'.7',%#,'/,%).,.j'5BQ'9)%%&+72'.7'4)#2'8&('27*$+.&'72'08#)9&8,(,'72/$/?,('9W2)/,'7+',%#,'M).7%).,.B'='F;'9)%%&+72'.7'4)#2'8&('27*$+.&'72').7,%8,(,'(78(&.$/)(')9U*7+726

    C)+'794,(*&B'.$(,+#7'%&2'W%#)9&2'e$)+/7',J&2'?79&2',8(7+.).&','/&98()9)('%,M&(9,'.)*)#,%'8$(,'.7'2&+).&'7')9,*7+'8&('97.)&'.7%',+U%)2)2'.7'%&2'4)#2'7+'#)798&B728,/)&'&',94&2B'='7%)9)+,('(7.$+.,+/),2')+#("+27/,2'='(787#)/)&+726'S7'?7/?&B$+,'.7'%,2'(,\&+72'8&('%,2'e$7'#&.&2'%&2'97.),'27'?,+'.)*)#,%)\,.&'#,+'(U8).&'728&(e$7'27'72#U+',%/,+\,+.&'+)d7%72'9$=',%#&2'.7'/&98(72)0+'9$/?&',+#72'.7'%&e$7'27'8(7.)f&6'@+'5::RB',%*$+&2'7$(&87&2'2&2#7+",+'e$7'?,4(",'e$7'7287(,(',%8(0X)9&'9)%7+)&'8,(,'e$7'7%'d".7&'.)*)#,%'27'?)/)7(,'(7,%).,.6

    h,/7'/)+/&',J&2B'%,'9,=&(",'.7'%,'*7+#7'+&'/(7",'e$7'27'8$.)7(,+'(7.$/)('%&2'F;9)%%&+72'.7'4)#2 '8&('27*$+.&'.7%'d".7&'.)*)#,%'8$(&','5BQ'9)%%&+72'.7'4)#2 '8&(27*$+.&6'C)+'794,(*&B'7+'5::;'27'8$7.7+'/&98()9)('='.72/&98()9)(B'/&.)M)/,('=.7/&.)M)/,(')9U*7+72','72#,'72/,%,B','4,f&'/&2#7'='/&+',%#,'/,%).,.6'@2'/&9&'2)'.78(&+#&'M$D(,9&2'/,8,/72'.7'?,/7('/$4)#&2'.7'/,MD'7X8(D2'=B',%',J,.)(',*$,B'D2#7,8,(7/)7(,',+#7 '+&2(&2' #,+'()/&'=',(&9U#)/&'/&9&'2) '72#$d)7(,'?7/?&'7+'$+,/,M7#7(",')#,%),+,6

    (',"&%-#%&%2-+%2-40&!,-2%"-1!#2

    3%'.)*)#,%)\,('$+,'27J,%'D2#,'27'8$7.7'.)M$+.)('/&+')+M&(9,/)0+',J,.).,'8,(,/&((7*)('7((&(72'#,%72'/&9&'%,'72#U#)/,'.7%'#7%DM&+&B'7%'\$94).&'.7'%,'(,.)&'&'%,+)7d7'.7% ' #7%7d)2&(6 '@2#&2 '8,(U2)#&2 '8$7.7+'7%)9)+,(27'.7 ' %, ' 27J,% '.)*)#,% '2) '27$#)%)\,+ ' $+&2 ' 8&/&2 ' 4)#2 ' ,.)/)&+,%72 ' = ' 27 ' ,8%)/,+ ' #D/+)/,2 ' 2&M)2#)/,.,2 ' .7/&((7//)0+'.7'7((&(72','%,2'.)2#)+#,2'M&(9,2'.7'($).&'='7+'/,.,'$+&'.7'%&2'97.),6@+'$+'ZS'.7',$.)&B'$+'#7(/)&'.7'%&2'4)#2'27'$2,+'8,(,'%,'/&((7//)0+'.7'7((&(726'C78$7.7+ ' ,8%)/,( ' #D/+)/,2 ' 2)9)%,(72 ' , ' %, ' #7%7d)2)0+ ' 8,(, ' e$7 ' /,., ' ?&*,( ' (7/)4,8(&*(,9,2'/&+'/,%).,.'.7'72#$.)&B'9$/?&'9U2',%#,'e$7'%,'e$7'27'&4#)7+7'?&='.",'=2$2/78#)4%7'.7'/&+M$+.)(27'/&+'%,'%%,9,.,'V#7%7d)2)0+'.7',%#,'.7M)+)/)0+Y6

    l,'/&((7//)0+'.7'7((&(72'='%,'/&98(72)0+'.7'.,#&2'2&+'.&2'(,\&+72'7d).7+#72',M,d&('.7'%,'#7%7d)2)0+'.)*)#,%6'L&('7%'9)29&',+/?&'.7'4,+.,'e$7',+#72'&/$8,4,'$+,($).&2,'#(,+29)2)0+'.7'#7%7d)2)0+',+,%0*)/,'27'8$7.7+'7+d),('/$,#(&'27J,%72'.7#7%7d)2)0+'.)*)#,%'/&+'/,%).,.'.7'72#$.)&6'l,')9,*7+'27'.)M$+.7'97f&('=B'$2,+.&'7%9)29&'/,+,%B'27'/$,.($8%)/,+'%&2'"+.)/72'.7',$.)7+/),'8+/),%'='%&2')+*(72&2'8&(8$4%)/).,.6

    Z$,+.&'27'?,4%,'.7'%,'.)*)#,%)\,/)0+B'%&'e$7','9$/?&2'7f7/$#)d&2'.7'%&2'97.),%72'8(7&/$8,'72'7+/&+#(,('$+'97.)&'.7'.)M$2)0+'9U2'7M)/,\'e$7'7%'7X)2#7+#76'L7(&B/&9& ' 7% ' /,4,%%& ' .7 ' !(&=,B ' %,2 ' /&+27/$7+/),2 ' .7 ' 72#7 ' (7*,%& ' 8$7.7+ ' 27(2&(8(7+.7+#726'C7('.)*)#,%'2$8&+.(U'%,',8,()/)0+'.7'$+'/&+#7+).&'#,%97+#7'+$7d&B2$(*)(U+'+$7d&2'8(&M72)&+,%72B')+D.)#&2'9&.7%&2'7/&+09)/&2'7')+.$2#(),2'%&/,%72.7'8(&d77.&(72'.7')+M&(9,/)0+'='7+#(7#7+)9)7+#&6

    Z$,+.&'#&.&2'%&2'97.),'27,+'.)*)#,%72B'8&(e$7'%&2'4)#2'2&+'4)#2B'#7+.(U+'%$*,(.&2'/&+27/$7+/),2'M$+.,97+#,%72'7')+97.),#,26

  • @+'8()97('%$*,(B'%&2'4)#2'27'97\/%,+'MU/)%97+#76'C7'/&94)+,+'='8$7.7+'$2,(27= ' (7$#)%)\,(27 ' f$+#&2 ' & ' 8&( ' 278,(,.&6 ' l, ' /&94)+,/)0+ ' .7 ' 2&+).&B ' )9,*7+ ' 7)+M&(9,/)0+'27'%%,9, '25*(#2"/#)V &,$+e$7'2$7+7'/&98%)/,.&B'20%&'27'#(,#,'.7'%,97\/%,'.7'4)#26

    @+'27*$+.&'%$*,(B'?,'+,/).&'$+'+$7d&'#)8&'.7'4)#B'$+'4)#'e$7'?,4%,'.7'(&24)#26 ' @2#&2 ' +$7d&2 ' 4)#2 ' 2&+ ' %,2 ' #"8)/,2 ' V/,47/7(,2YB ' #,+ ' /&+&/).,2 ' 8&( ' %&287()&.)2#,2'e$7',(/?)d,+'VM)/?,2Y'Ie$7'+&2(&2'+$+/,'d79&2K'8,(,').7+#)M)/,('$+(78&(#,f7 ' & ' +)/),6 ' l&2 ' ,$#&(72 ' .7 ' (78&(#,f72 ' /)7+#"M)/&2B ' e$7 ' .747+ ' ,8&(#,(8,%,4(,2'/%,d7'7+'2$2'#(,4,f&2B'#,94)D+'(7/$((7+','72#,2'*$",26'l&2'4)#2'.7'/,47/7(,8$7.7+'27('$+'"+.)/7'&'$+,'.72/()8/)0+'.7'/&+#7+).&26'h&=B'7+'%&2'ZS2'#7+79&2/,47/7(,2'27+/)%%,2'e$7'+&2'87(9)#7+'2,%#,('.7'$+,','(,'/,+/)0+'=B'7+',%*$+&2/,2&2B ' &4#7+7( '9U2 ' )+M&(9,/)0+ ' 2&4(7 ' %, ' 8)7\,6 '@2#&2 ' 4)#2 ' +& ' 2&+ ' d)2)4%72 ' &,$.)4%72'87(&'7+d",+')+M&(9,/)0+'2&4(7'%,'27J,%','+$72#(&2'&(.7+,.&(72B','$+,,8%)/,/)0+'7287/"M)/,'.7'7+#(7#7+)9)7+#&'=','+&2(&2'9)29&26

    @2#&2 ' .&2 ' M7+097+&2B ' 4)#2 ' 97\/%,.&2 ' = ' 4)#2G,/7(/, ' .7G4)#2B ' /,94),+ ' 7%8,+&(,9,' .7 ' %&2 '97.), ' #,+ ' , ' M&+.& ' e$7 ' /&+/78#&2 ' /&9& 'd".7& ' , ' %, ' /,(#, ' =#(,+29)2)0+'.7' f$7*&2'7%7/#(0+)/&2'8&('/,4%7'2&+'20%&',8%)/,/)&+72'#()d),%72B '%,8$+#,'.7'$+')/747(*'9$/?&'9U2'8(&M$+.&6'L7+279&2'7+'%,2'/&+27/$7+/),2'.7'$+,79)2)0+ ' .7 ' 8(&*(,9,2 ' .7 ' #7%7d)2)0+ ' /&9& ' )+M&(9,/)0+ ' e$7 ' )+/%$=7(, ' $+,.72/()8/)0+'.7'2" '9)29,' %7*)4%7'8&('&(.7+,.&(6 'c'4)7+B 'pe$D'.)(",9&2'.7'$+,2)98%7'.72/()8/)0+'.)*)#,%'e$7'8$.)7(,'*7+7(,('$+'8(&*(,9,'.7')9U*7+72B'2&+).&'X#&')98(72&'7+'7%'(7/78#&(q'i'2)'7%'9,+7f&'.7'72&2'4)#2'72'#,+'27+/)%%&B'p'e$D8$7.7+',8&(#,('%,2'*(,+.72'798(72,2'.7'/&9$+)/,/)0+q

    C7('.)*)#,%'8%,+#7,'#,%72'8(7*$+#,26'Z(7,'7%'8+/),%'.7'$+'+$7d&'/&+#7+).&&()*)+,.&','8,(#)('.7'$+,'/&94)+,/)0+'#,%97+#7'+$7d,'.7'M$7+#726

    &%"&0-l,'#7%7d)2)0+'72'$+'7f798%&'.7'$+'97.)&'7+'7%'e$7'#&.,'%,')+#7%)*7+/),'27'?,%%,7+'7%'8$+#&'.7'79)2)0+6'@%'#(,+29)2&('%&'7+d",'#&.&'='7%'(7/78#&('(7/)47'%&'e$7'%7%%7*,6'S7'?7/?&B'8&('/7+#"97#(&'/W4)/&B'7%'#7%7d)2&(',/#$,%'72'#,%'d7\'7%',8,(,#&'9U22&2&'.7'%,'/,2,'I='+&'97'(7M)7(&',%'/&+#7+).&'.7'%&2'8(&*(,9,2K6'C7*$(,97+#7B'$+?&(+&'9)/(&&+.,2'/$7+#,'/&+'9U2'9)/(&8(&/72,.&(72'e$7'$+'#7%7d)2&(6'@+'d7\'.787+2,('e$7'7%'8(0X)9&'8,2&'7d&%$#)d&'.7'%,'#7%7d)2)0+'27(U',$97+#,('%,'(72&%$/)0+B97f&(,('7%'/&%&('&'(7/)4)('9U2'8(&*(,9,2B')9,*)+D9&2%&'/&9&'$+'/,94)&'7+'%,.)2#()4$/)0+'.7'%,')+#7%)*7+/),'&B'97f&('.)/?&B'/&9&'7%'#(,2%,.&'.7'$+,'8,(#7'.7'%,)+#7%)*7+/),'.7%'#(,+29)2&(',%'(7/78#&(6

    @+'$+'87()0.)/&'#&.,'%,')+#7%)*7+/),'#,94)D+'27'?,%%,'7+'7%'#(,+29)2&(6'L7(&'7%87()0.)/&'.7'*(,+'M&(9,#&',%)d),'7+'8,(#7'%,'V9&+&+",Y'.7'%,')+M&(9,/)0+B'8$728$7.7 ' /&+2$9)(27 ' .7 ' 9$/?,2 ' 9,+7(,2B ' 8&( ' *7+#7 ' .)M7(7+#7 ' = ' 7+ ' 9&97+#&2.)2#)+#&26 ' L&.79&2 ' ?&f7,(%& ' = ' 2,%#,(+&2 ' %,2 ' 8U*)+,2B ' *$),.&2 ' 8&( ' #)#$%,(72 ' =M&*(,M",2B'='/,.,' $+&'.7'+&2(&2'#(,#,'.7'M&(9,'9$='.)M7(7+#7'%&2'9)29&2'7).D+#)/&2'4)#2'e$7'27'7+#(7*,+'7+'/,.,'7f798%,(','/)7+#&2'.7'9)%72'.7'87(2&+,26'l&24)#2'2&+'%&2'9)29&2B'87(&'%,'%7/#$(,'27'7X87()97+#,'.7'M&(9,'.)M7(7+#76

    g+,'9,+7(,'.7'72#$.),('7%'M$#$(&'.7'%,'.)*)#,%)\,/)0+'/&+2)2#7'7+'8(7*$+#,(27'2)%, '+,#$(,%7\,'.7'$+'97.)&'8$7.7'(78(&.$/)(27'7+'(&6 'p@2'8&2)4%7'e$7' %&'e$7

  • 7X87()97+#79&2 ' ,% ' d7( ' %, ' #7%7d)2)0+ ' 27 ' 8,(7\/, ' /,., ' d7\ ' 9U2 ' , ' %& ' e$77X87()97+#,9&2 ',% ' %77( '7% '87()0.)/&q '1$/?&2 '8)7+2,+ 'e$7 ' %,2 ' +)/),2 ' 7+ ' %&287()0.)/&2'2&+'9$/?&'9U2'8(&M$+.,2'e$7'%,2'.7'%,'#7%7d)2)0+B'='.7')*$,%'9&.&B/&+2).7(,+'e$7'72#,'W%#)9,'&M(7/7'$+,'7X87()7+/),'27+2&(),%'9U2'()/,'e$7'%,'e$78(&8&(/)&+,+'%&2'87()0.)/&26'pS747'27*$)('2)7+.&',2"q

    l,'(728$72#,'/&+2)2#7'7+'/(7,('&(.7+,.&(72'8,(,'M)%#(,(B'/%,2)M)/,(B'27%7//)&+,('=9,+7f,('9$%#)97.),'7+'47+7M)/)&'8(&8)&j'&(.7+,.&(72'e$7'%7,+'87()0.)/&2'='9)(7+%,'#7%7d)2)0+'8&('+&2(&2'='e$7',/#W7+'/&9&'7.)#&(72'/$,+.&'27'%&'8).,9&26'@2#,/%,27'.7')+#7%)*7+/),'8$7.7',%&f,(27'7+'.&2'%$*,(72'.)M7(7+#726

    @+'7%'8()97('/,2&B'M%$=7'.7%'#(,+29)2&('='27'/&98&(#,'/&9&'2)'$+&'#$d)7(,'2$8(&8),'27//)0+'.7'72/()#&(72B'/&9&'2)'A9"&W"X&Y,1T&A#2".&8$4%)/,27'$+'87()0.)/&, ' %, ' 97.)., ' .7 ' %&2 ' )+#7(7272 ' .7 ' /,., ' $+&6 ' @+ ' 72#7 ' /&+#7X#&B ' 27%7//)&+,7287/),%97+#7'8,(,'+&2(&2'$+'87e$7J&'2$4/&+f$+#&'.7'4)#2B'e$7'27'M)%#(,+B'278(78,(,+'='27'7+#(7*,+B'=,'27,'8,(,'27(')98(72&2'7+'/,2,'&'8,(,'d7(%&2'.7'9,+7(,9U2')+#7(,/#)d,'7+'$+,'8,+#,%%,'7%7/#(0+)/,6

    @+'7% ' 27*$+.&'/,2&B '+$72#(&' 2)2#79, '.7 '7.)/)0+ '.7 '+)/),2 ' 27 ',%&f, '7+ ' 7%(7/78#&('='A9"&W"X&Y,1T&A#2".&8$4%)/,'$+'+W97(&')+97+2&'.7'4)#2B'e$)\U'/)+/&9)% '+)/),2 '.)M7(7+#72B '.7 ' %,2 ' /$,%72 '+$72#(& ',8,(,#& ' 27%7//)&+,'$+,2 '/$,+#,2B27*W+ '+$72#(&2 ' )+#7(7272B ' /&2#$94(72 ' & ' 8%,+72 ' 8,(, ' 727 ' .",6 ' @+ ' 72#7 ' /,2&B ' %,)+#7%)*7+/),'72#U'7+'7%'(7/78#&('='7%',4$(().&'#(,+29)2&('7+d",')+.)2#)+#,97+#7'%&24)#2','#&.&'7%'9$+.&6

    >&'&42#,+#7B'7%'M$#$(&'+&'27'%)9)#,(U','$+&'&',%'(&B'2)+&'e$7'(7/$(()(U','%&2.&26

  • 0+-,"(>%-&0-1,"&,-?&020"4,2(,$,&%

    &0+->!+%-,+-%$,+.&'7(,'8(&M72&(',.f$+#&'7+'*(UM)/&2'.7'&(.7+,.&(B','M)+,%72'.7'%&2',J&22727+#,B ' +,.)7 ' 2,4", ' 7X,/#,97+#7' %& ' e$7 ' 7(, ' 72&6 'l&2 '&(.7+,.&(72 ' +&M&(9,4,+'8,(#7'.7'%,'d).,'/).),+,6'C)+'794,(*&B'?&='.",B'9,*+,#72'.7

    2727+#,'='/)+/&',J&2',%,(.7,+'.7'%&2'4=#72'.7'979&(),'.7'2$2't)\,(.2'&'.7'%,/,8,/).,.'.7'2$2'.)2/&2'.$(&26'3%*$+&2'?,4%,+B'2)+'9$/?&'/&+&/)9)7+#&B'.7'%,d7%&/).,.'.7'8(&/72,9)7+#&'.7'2$2'&(.7+,.&(72'I*(,/),2','%,'7X/7%7+#7'/,98,J,'.7VO+#7%'O+2).7YK'='/&+'/)7(#&'/,()J&'I&'+&K'.7'%,2'8,(#)/$%,().,.72'.7'2$2'2)2#79,2&87(,#)d&26'h,/7'8&/&'/&+&/"','$+,'9$f7('.7'%,',%#,'2&/)7.,.B'()/,'='7+/,+#,.&(,Be$7'2,4",'#,+#&'.7%'2)2#79,'&87(,#)d&'.7%'1)/(&2&M#'e$7'/(70'$+,'87e$7J,'798(72,e$7',272&(,4,','%&2'97+&2')+M&(9,.&26'C$'#,(f7#,'.7'd)2)#,'.7/",-'V!(,4,f&'/&+t)+.&^26Y'@%',+/?&'.7'4,+.,'72'(&'/,+#,(6'@2#7'/&+/78#&',W+'+&'27'7+#)7+.7B'=7+'4$7+,'8,(#7'72#&'72'.74).&','e$7'%,'M)4(,'08#)/,'72#U'?,/)7+.&'e$7'8,279&2'.7$+',+/?&'.7'4,+.,'9&.72#&','$+&'/,2)')+M)+)#&'2)+'8,2&2')+#7(97.)&26'@%',+/?&'.74,+.,'72' %,'/,8,/).,.'.7'8,2,(' )+M&(9,/)0+',' #(,dD2'.7'$+'/,+,%'.7#7(9)+,.&61$/?,'*7+#7' 27 ' %& ' )9,*)+,'/&9&'7% '.)U97#(& '.7'$+,' #$47(", '& '7% '+W97(&'.7/,(()%72'.7'$+,',$#&8)2#,6

    (

    >&'&42#,+#7B'72#&2'8,(,%7%)29&2'&9)#7+',%*$+,2'.7'%,2'.)M7(7+/),2'9U2'2$#)%72'7)98&(#,+#72'7+#(7'%&2'97.)&2'.7'#(,+29)2)0+'I/&4(7B'M)4(,B'V&+.,2'8&('7%',)(7YK6L,2,+'8&(',%#&'+$72#(,'/,8,/).,.'.7')+#(&.$/)('9U2'&'97+&2'4)#2'8&('27*$+.&'7+'%,#$47(", ' .7 ' /&4(7B ' .7 ' M)4(,B ' & ' .7 ' V,)(7YB ' .787+.)7+.& ' .7 ' /09& ' .)27J79&2 ' =9&.$%79&2' %, '27J,%6' C)+ '794,(*&B'7+' #D(9)+&2 '*7+7(,%72B'8&.79&2'.7M)+)( ' %,2%"+7,2'#7%7M0+)/,2'.7'/&4(7B'%,2'/&+7X)&+72'.7'M)4(,'08#)/,'='7%'7287/#(&'(,.)&M0+)/&.7'9,+7(,'e$7'+&2',=$.7+','7+#7+.7('7%'9&d)9)7+#&'.7'+$72#(&2')+*(Ud).&2'4)#26

    l&2'/,4%72'.7'/&4(7'.7%'#7%DM&+&B'/&+&/).&2'/&9&'V8,('#(7+\,.&Y'8&(e$7',%8()+/)8)& ' d7+",+ ' #(7+\,.&2 ' /&9& ' %&2 ' /,4%72 ' .7 ' %,2 ' d)7f,2 ' %U98,(,2 ' e$7 ' ,W+8&.79&2'7+/&+#(,('7+',%*$+&2'.7'%&2'9U2',+#)*$&2'='%$f&2&2'?%72'7$(&87&2B'27/&+2).7(,+'/,+,%72'.7 '4,f& ',+/?&'.7 '4,+.,6 'C)+ '794,(*&B '7+ '@2#,.&2 'g+).&27X)2#7'$+,'(7.'.7'%"+7,2'.7'#7%DM&+&'.7'PH6HHH'9)%%&+72'.7'.0%,(72'e$7'72'/,8,\'.7#(,+28&(#,('27)2'9)%%&+72'.7'4)#2'8&('27*$+.&'/&+'7%'90.79',8(&8),.&6'l,'8,%,4(,V90.79Y'.7()d,'.7 '2,/5*)/,1;/"2,/5*)/,1< &7%'8(&/72&'.7'#(,+2M&(9,('4)#2'7+&+.,2'=','%,')+d7(2,6'g+'90.79'/&9W+'(7,%)\,'72#,'&87(,/)0+','$+,'d7%&/).,.'.7:6PHH '4)#2 '8&( ' 27*$+.&'& ':6PHH'4,$.)&26 '@% 'V4,$.)&YB' ,2" ' %%,9,.&'8&( 'r9)%7A,$.B'/(7,.&('.7'%,'/%,d7'1&(27'.7%'#D%7XB'+&'72'#D/+)/,97+#7')*$,%','$+'4)#'8&(27*$+.&'I482KB '87(&',94&2 '/&+/78#&2'?,+' %%7*,.&', '$#)%)\,(27' )+.)2#)+#,97+#7B/&9&'%&'?,*&'=&'7+'72#7'#7X#&6l&2'90.792'9U2'2&M)2#)/,.&2'8$7.7+'&87(,(','RE6FHH'4,$.)&2'I5HH'd7/72'9U2%7+#,97+#7'e$7'%,'/,8,/).,.'8+/),%'.7%'/,4%7'.7'/&4(7'.7'%,'9,=&(",'.7'?&*,(72+&(#7,97()/,+&2K6'32"'e$7'7%'8,('#(7+\,.&'72'/&9&'%,'#&(#$*,'7+'7%'/$7+#&'.7'%,#&(#$*,'='%,'%)74(7-'%7+#&B'87(&'+&'#,+#&'/&9&'27'+&2'?,'?7/?&'/(77(6

    O9,*)+79&2'e$7'%,'M)4(,'#)7+7'$+,'/,8,/).,.'.7'#(,+29)2)0+')+M)+)#,6'S7'?7/?&B

  • +&'2,479&2'/$U+#&2'4)#2 '8&('27*$+.&'8&.79&2'7+d),(',' #(,dD2'.7'D2#,6 'C7*W+)+.)/,+'(7/)7+#72')+d72#)*,/)&+72'9$='8(&+#&'8&.(79&2'7+d),('$+'4)%%0+'.7'4)#28&('27*$+.&B'%&'e$7'2)*+)M)/,'e$7'$+,'M)4(,'.7%'#,9,J&'.7'$+'/,47%%&'?$9,+&'72/,8,\ '.7 ' #(,+28&(#,( ' 7+ ' $+ ' 27*$+.& ' #&.&2 ' %&2 ' 7f798%,(72 ' e$7 ' 7% 'C)** & R(1""(Z,51$)* &?,' 7.)#,.& '?,2#, ',?&(,6 'g+, ' M)4(, 'e$7 ' #(,+28&(#,(, ' )+M&(9,/)0+ ', '72,d7%&/).,. ' 27(", ' /,8,\ ' .7 ' #(,+29)#)( ' $+ ' 9)%%0+ ' .7 ' /,+,%72 ' .7 ' #7%7d)2)0+2)9$%#U+7,97+#7B'/,2)'.&2/)7+#,2'9)%'d7/72'9U2'(U8).&'e$7'7%'8,('#(7+\,.&6'>&/,47'.$.,'.7'e$7'27'#(,#,'.7'$+'*(,+',.7%,+#&6'i'20%&'72#,9&2'?,4%,+.&'.7'%,/,8,/).,.'.7'$+,'M)4(,j'2)'27'e$)7(7B'27'8$7.7+',J,.)('9U26'S728$D2'.7'#&.&B'72#U+?7/?,2'.7',(7+,6

    1$/?&2 '/(77+'e$7 ' %, ' /,8,/).,. '.7 ' #(,+29)2)0+ '.7% ' D#7( ' I%& ' e$7 ' %%,9,9&2V&+.,2'8&('7%',)(7YK'72')+M)+)#,6'S728$D2'.7'#&.&'72',)(7'='?,='9$/?&'8&('#&.,28,(#726 'C)+'794,(*&B'=&'$#)%)\,(D' %, '8,%,4(,'VD#7(YB'='20%&'%&'?,(D'8&('9)d&2?)2#0()/&26'Z$,+.&'27'.72/$4()7(&+'%,2'&+.,2'.7'(,.)&B'7%'D#7('27'/&+2).7(,4,'%,2$2#,+/),'9)2#7()&2,'7+'%,'e$7'd),f,4,+'%,2'&+.,2j'='M$7'%,'4W2e$7.,')+M($/#$&2,.7%'D#7('%,'e$7'/&+.$f&',%'.72/$4()9)7+#&'.7'%&2'M&+726

    l&2 ' 2,#D%)#72 ' 72#,/)&+,()&2 ' 27 '9,+#)7+7+ ' 7+ '0(4)#, ' , ' R;6PHH ' b)%097#(&2 ' .7.)2#,+/),'.7%'7/$,.&('I72'.7/)(B'e$7'7%'728,/)&'7X#7()&('/&+#)7+7'5F5'4)%%&+72'.7b)%097#(&2'/W4)/&2'.7'D#7(K6'!&.&'727'D#7('#7+.(",'e$7'27('/,8,\'.7'#(,+28&(#,(9$/?&2'4)#2 '2)+'e$7'/?&/,27+'$+&2'/&+'(&26 '@+'/)7(#&'27+#).&'72',2"B '=,'e$77X)2#7+'9)%%&+72 '.7'$+).,.72'.7'/&+#(&%'(79&'7+'#&.&'7%'9$+.&'e$7'$#)%)\,+/&9$+)/,/)&+72')+,%U94()/,2'/&+',8,(,#&2'.7'#7%7d)2)0+'='2)9)%,(726'L$72#&'e$772#,2'$+).,.72'#)7+7+'#,+'8&/,'8+/),B'%&2'8&/&2'4)#2'.7')+M&(9,/)0+'e$7'8,2,+.7'+$72#(,'9,+&',%'#7%7d)2&('+&'/,94),+'%&2'/,+,%72'.7%'#7%7d)2&('.7%',8,(#,97+#&.7%'d7/)+&'&'.7%'8$74%&'.7',%'%,.&6'L7(&'/&+'%&2'#7%DM&+&2')+,%U94()/&2B'/&9&2,479&2B'+&'2$/7.7',2"6

    C)+ ' 794,(*&B ' #,+ ' 8(&+#& ' /&9& ' 7987/79&2 ' , ' $#)%)\,( ' 7% ' D#7( ' 8,(, ' %,2#7%7/&9$+)/,/)&+72'='%,2'79)2)&+72'.7'9U2',%#,'8+/),B'#7+.(79&2'e$7'd)*)%,(e$7'%,2'27J,%72'+&')+#7(M)7(,+'$+,2'/&+'(,26'S747(79&2'(72)*+,(+&2','&/$8,(27//)&+72'8(7.7#7(9)+,.,2'.7%'7287/#(&'='+&'8&.(79&2'$#)%)\,('7%'D#7('.7'M&(9,)((728&+2,4%7B'2)+&'.7'%,'9,+7(,'9U2'7M)/)7+#76'L&.79&2'M,4()/,('M)4(,B'87(&'+&8&.79&2'M,4()/,('9U2'D#7(B'8$72#&'e$7'=,'%&'?)\&'%,'+,#$(,%7\,'8&('+&2(&2'?,/7,%*$+&2'9)%7+)&26

    C)+'794,(*&B'7X)2#7+'9$/?,2'9,+7(,2'.7'$#)%)\,('7%'D#7('/&+'7M)/)7+/),6'L&(7f798%&B ' (7$#)%)\,( ' 8,(#72 ' .7% ' 7287/#(& ' /&+2#($=7+.& ' $+, ' (7. ' .7 ' /D%$%,2 ' .7#(,+29)2)0+ 'e$7 '87(9)#, ' $2,( ' %,2 '9)29,2 ' M(7/$7+/),2 ' .7+#(& ' .7 ' $+&2 ' /$,+#&2/$,.(,+#72B'&'$2,('8,(#72'.7%'7287/#(&'e$7',+#72'27'7d)#,4,'$#)%)\,(B',$+e$7'20%&'27,8&(e$7'72,2'M(7/$7+/),2'8$7.7+'M(7"(',',%*$+&2')+&/7+#72'8,f,()#&26'L7(&','872,('.7#&.&2'%&2'#($/&2'='72#(,#7*),2'e$7'$#)%)/79&2B'7%',+/?&'.7'4,+.,'.)28&+)4%7'7+'7%D#7('72'72/,2&'7+'/&98,(,/)0+'/&+'7%'e$7'8(&8&(/)&+,'%,'M)4(,'='+$72#(,'/,8,/).,.)%)9)#,.,'.7'8(&.$/)(%,6'L&('72#,'(,\0+'8(&8$27'$+')+#7(/,94)&'.7'%$*,(72'7+#(7'%,)+M&(9,/)0+'e$7'27'#(,+29)#7'8&('/,4%72'='%,')+,%U94()/,6

    [7/$7(.&'e$7'/$,+.&'7% '27+,.&( 'A&4'N7((7='.7'>74(,2b,'72#,4,'7+'8%7+,/,98,J,'8(72).7+/),%B'8,20'$+'8,('.7'?&(,2'7+'7%'17.),'l,4'.7%'1O!6'3%'d7(97B%&'8()97(&'e$7'.)f&'M$7-'V@%')+#7(($8#&('>7*(&8&+#76Y'@2,').7,B'e$7'/&97+#D'7)%$2#(D'8&('8()97(,'d7\'7+'$+,'/&+M7(7+/),'.7'>&(#?7(+'!7%7/&9'7+'%,'e$7'T7&(*7T)%.7('='=&'D(,9&2'%&2'8&+7+#72B'#(,#,'2)98%797+#7'.7'e$7'%,')+M&(9,/)0+'e$7(7/)4)9&2'8&('#)7((,'I/,4%7,.&'2$4#7((U+7&K'd7+.(U'8&('7%'D#7('7+'7%'M$#$(&B'=','%,)+d7(2,6'@2'.7/)(B'%&'e$7'd,'8&('7%',)(7')(U'8&('#)7((,'='%&'e$7'27'#(,+29)#7'8&('#)7((,27'#(,2%,.,(U'8&('7% ',)(76'i&'%&'%%,9D'V)+#7(/,94)&'.7'%$*,(72YB '87(&'T)%.7(' %&

  • 4,$#)\0'V7%')+#7(($8#&('>7*(&8&+#7Y'='/&+'727'+&94(7'27'e$7.06l,'(,\0+'8&('%,'e$7'/&+2).7(&'+7/72,()&'72#7')+#7(/,94)&'.7'%$*,(72'72'e$7'7+

    %,'#)7((,'.)28&+79&2'.7'$+',+/?&'.7'4,+.,')+M)+)#&B'87(&'+&'7+'7%'D#7(6'L&2779&2$+'D#7('M)+)#&'='$+'+W97(&')%)9)#,.&'.7'M)4(,2B',2"'e$7'+&'20%&'#7+79&2'e$7'$#)%)\,(7%'D#7('/&+')+#7%)*7+/),B'2)+&'e$7'.7479&2'(727(d,('7%'7287/#(&'8,(,'/&9$+)/,(+&2/&+'&4f7#&2'e$7'27'9$7d7+'='e$7'+&'8$7.7+'8,2,('8&('$+'/,4%7B'=,'27,+',d)&+72B4,(/&2B'/&/?72B'8&(#,M&%)&2'&'(7%&f72'.7'8$%27(,6

    +,-3!1$,7-'",-

  • )+#(&.$/)(27'7+'7%'+7*&/)&'.7'%,')+M&(9,/)0+'='7%'7+#(7#7+)9)7+#&6'C)+'794,(*&B'%,`ZZ'IZ&9)2)0+'`7.7(,%'.7'Z&9$+)/,/)&+72K'.)&'$+'8,2&')98&(#,+#7'/$,+.&'7%'QH.7'&/#$4(7'.7'5::F',8(&40'%,'%%,9,.,'V27J,%'.7'#&+&'.7'd".7&Y6

    l&2',4&*,.&2'.7'%,2'/&98,J",2'#7%7M0+)/,2'$#)%)\,(&+'$+',(*$97+#&'*(,#$)#&B87(&'2)(d)0'8,(,'f$2#)M)/,('2$')+#(&.$//)0+'7+'7%'+7*&/)&'.7'%,')+M&(9,/)0+'='7%7+#(7#7+)9)7+#&6'3%7*,(&+'e$7'7%'27(d)/)&'2)98%7'='#(,.)/)&+,%'.7'#7%DM&+&2'+&'7(,2$M)/)7+#7'='e$7B ', '97+&2'e$7'27' %72'87(9)#)7(,'8(&8&(/)&+,(')+M&(9,/)0+'9U2,98%),B'+&'8&.(",+'f$2#)M)/,('7% '7+&(97'/&2#7'e$7'2$8&+",' )98%,+#,('$+,'+$7d,)+M(,72#($/#$(,'I72'.7/)(B'M)4(,K6

    3+,%)/D9&2%& ' .7#7+).,97+#76 ' l,2 ' /&98,J",2 ' #7%7M0+)/,2 ' 2)798(7 ' ?,+8(&8&(/)&+,.&')+M&(9,/)0+6'S7'?7/?&B'%,'9,=&(",'.7'%,2'[AcZ'?,/7+'2$'9,=&(+7*&/)&'/&+'%,2'8U*)+,2',9,()%%,26 '@(,',/78#,.&'8&(' #&.&2'e$7'7+#(7*,(,+'72#,)+M&(9,/)0+'7+'U#&9&2'='%,' %,+\,(,+',' #(,dD2'.7% '.)+#7% '.7'+$72#(,'8$7(#,6 'C)+794,(*&B'*$,(.,('72#,')+M&(9,/)0+'7+'4)#2'='7+#(7*U(+&2%,'8&('d",'7%7/#(0+)/,'7(,)%7*,%6'3%'97+&2',2"'%&'/&+2).7(,4,'7%'f$7\'T(77+76

    L&( ' 72#, ' (,\0+B ' %&2 ' ,4&*,.&2 ' #$d)7(&+ ' e$7 ' ,%7*,( ' e$7 ' %,2 ' /&98,J",2 ' .7#7%DM&+&2'+7/72)#,4,+'8,(#)/)8,('.7%'+7*&/)&'.7'7+#(7*,'.7')+M&(9,/)0+'7%7/#(0+)/,8,(,'f$2#)M)/,('7%'/&2#7'.7')+2#,%,/)0+'.7'$+'#7+.).&'.7'M)4(,','+)d7%'(7*)&+,%6'C$,(*$97+#,/)0+'27'4,2,4,'7+'e$7'2)'+&'?,4",'+$7d,2'M$7+#72'.7')+*(72&2B'+&'?,4(",2$M)/)7+#7')+/7+#)d&'8,(,'(7,%)\,('$+,')+d7(2)0+'#,+'/&2#&2,6'@%',(*$97+#&'M$+/)&+0='%,2'/&98,J",2'#7%7M0+)/,2'72#U+')+#(&.$/)D+.&27'7+'7%'97(/,.&'.7'%,')+M&(9,/)0+='7%'7+#(7#7+)9)7+#&'=',$97+#,+.&'2$'#7+.).&'.7'M)4(,6

    Z(7& ' e$7 ' 7% ' (72$%#,.& ' 72 ' 8&2)#)d& ' 8&(e$7 ' 47+7M)/),(U ' ,% ' /&+2$9).&(B ' 87(&9,+#7+*&'e$7'7%',(*$97+#&'72'*(,#$)#&6'C) '%,2'/&98,J",2'.7'#7%DM&+&2'e$)7(7+B8$7.7+'/,7('7+'%,'#(,98,'.7'/(77('7+'2$2'8(&8)&2'7+*,J&2B',$+e$7'2)(d,+'8,(,(74,#)('%7=72',42$(.,2B'87(&'+&2(&2'2,479&2'e$7'+&'+7/72)#,9&2'72&2'7+&(972,+/?&2 ' .7 ' 4,+., ' 8,(, ' &4#7+7( ' %, '9,=&(", ' .7 ' %&2 ' 27(d)/)&2 ' .7 ' )+M&(9,/)0+ ' =7+#(7#7+)9)7+#&6'S7'?7/?&B'$+',+/?&'.7'4,+.,'9U2'9&.72#&B'.7'5BQ','PBH'9)%%&+72.7'482B'&M(7/7'2$M)/)7+#7'/,8,/).,.'8,(,'#(,+28&(#,('/,2)'#&.&2'%&2'9$%#)97.),'e$77X)2#7+'?&='.",6'>)'2)e$)7(,'?79&2'7987\,.&','7+#7+.7('=','7X8%,('7%'8+/),%/(7,#)d&'.7'$+',+/?&'.7'4,+.,'2797f,+#7'8&(e$7'%,'d7(.,.'72'e$7B'.$(,+#7'%&2'.)7\,J&2'e$7'%&2',4&*,.&2'='%&2'7f7/$#)d&2'72#$d)7(&+'8(72)&+,+.&',%'f$7\'T(77+7B'27&%d).,(&+'.7'72#$.),('7%'8+/),%'.7'%,'7+&(97')+M(,72#($/#$(,'e$7'=,'7X)2#",-'7%8,('#(7+\,.&6

    L&/&2'27'.,+'/$7+#,'.7'%,2'd7+#,f,2'.7'%,2'%"+7,2'#7%7M0+)/,2'.7'/&4(76'g+,#D/+)/,'%%,9,.,'3SCl'I4$/%7'2$2/()8#&('.)*)#,%',2)9D#()/&K'87(9)#7'.728%,\,('*(,+/,+#).,. ' .7 ' )+M&(9,/)0+ ' , ' #(,dD2 ' .7 ' %"+7,2 ' .7 ' /&4(7 ' (7%,#)d,97+#7 ' /&(#,26 '@%3SClG5'8$7.7')+#(&.$/)('5B;FF'9)%%&+72'.7'482'='(7/)4)('PF6HHH'482'7+'7%'w;'s.7'?&*,(72',97()/,+&2'='7+'7%'EH's'.7'?&*,(72'/,+,.)7+2726'@%'3SClGQ'#(,4,f,',$+,'d7%&/).,.'.7'9U2'.7'R'9)%%&+72'.7'482B'='7%'3SClGR','9U2'.7'P'9)%%&+72'.74826'@%'3SClG5'72'2$M)/)7+#7'8,(,'#(,+29)#)('27J,%72'.7'd".7&'/&+'/,%).,.'khC6

    r2#,'+&'72'$+,'2&%$/)0+','%,(*&'8%,\&'8,(,'?,/7('%%7*,('%&2'9$%#)97.),','%&2?&*,(72B'87(&'72'/$()&2&'e$7'27'?,=,')*+&(,.&'8&('/&98%7#&6'C7'.)/7'e$7'%,'/,$2,72'7%',%#&'/&2#7'e$7'(78(727+#,'8,(,'7%',4&+,.&6'L7(&'7%'/&2#7'72'/&+27/$7+/),'.7%(7.$/).& ' /&+2$9&6 'i ' ,$+e$7 ' 7% ' /&2#7 ' M$7(, ' #798&(,%97+#7 ' ,%#&B ' /&9& '56HHH.0%,(72'8&('/,2,B'27'8&.(",'/&4(,('/&9&'/$,6'@2#&='/&+d7+/).&'.7'e$7'9$/?&2+&(#7,97()/,+&2'72#,(",+'.)28$72#&2','8,*,('$+,'8,(#7'&'%,'#,%).,.'.7'%&2'56HHH.0%,(72 ' 7+ '$+ '87("&.& '.7 ' #(72 '& ' /$,#(& ' ,J&2' 2) ' %&2 ' 27(d)/)&2 ' &M(7/).&2 ' M$7(,+,#(,/#)d&2B '72 '.7/)( 'e$7 '8,(#)/)8,(",+ '.7% ' *,2#&' )+)/),%6 '@+ ' (72$97+B ' ,$+e$7'7%M$#$(&'27,'%,'M)4(,B',W+'?,='9$/?&'8&('?,/7('=',8(7+.7('/&+'7%'#7+.).&'.7'/&4(7

  • e$7'7X)2#7',/#$,%97+#76S7'#&.,2'M&(9,2B'7%'.72/&+&/)9)7+#&'.7'%,')98&(#,+/),'/&=$+#$(,%'.7%'/&4(7'72

    7+&(976'C7'72#U'/(7,+.&'$+,')+.$2#(),'.7'+7/72).,.')+97.),#,'='.7',4,2#7/)9)7+#&.7'M)4(,'8,(,',+/?&2'.7'4,+.,')%)9)#,.&2'20%&'8,(,'9,+#7+7('7%'%).7(,\*&'.7'%,2/&98,J",2'#7%7M0+)/,2'7+'7%'97(/,.&6'L7(&'D2#,2'+&'27'.,+'/$7+#,'.7'e$7'27(U+'%,9,.(7'+,#$(,%7\,'='%&2')+#7(7272'/&97(/),%72B'9U2'e$7'%&2')+/7+#)d&2',(#)M)/),%72B%&2'e$7'27'7+/,(*,(U+'.7')+#(&.$/)('%,'M)4(,'.7'9,+7(,'+,#$(,%6'l&2'7X87(#&2'7+,+/?&'.7'4,+.,'72#U+'&%M,#7,+.&B'/&9&',+)9,%72'7+'/7%&B'#&.,2'%,2'&8&(#$+).,.72e$7'27'%72'8(727+#,+','+)d7%'8&%"#)/&'8,(,')+2#,%,('%,2'(7.72'.7'7%7d,.&',+/?&'.74,+.,B'/&9&'2)'D2#,2'M$727+'$+,'+7/72).,.'+,/)&+,%'&'$+'.7(7/?&'/)d)%6'S7'?7/?&B7%',+/?&'.7'4,+.,')%)9)#,.&'8$7.7'#7+7('7%'7M7/#&'+7*,#)d&'='8,(,.0f)/&'.7')+$+.,(.7'4)#2','%,2'87(2&+,2'='.72,8(&d7/?,('%,2'9Ue$)+,26'@%',+/?&'.7'4,+.,')%)9)#,.&+&'72'9,%&B'87(&'/&9&'%,'%)47(#,.'27X$,%B'#,98&/&'72'+7/72,(),97+#7'4$7+&6'i&97'8%,+#7&'2)'.7'd7(.,.'e$7(79&2'&'+7/72)#,9&2'#&.&2'72&2'4)#26

    40"%2-02-462

    @2#,'M(,27'.7%',(e$)#7/#&'1)72'd,+'.7('[&?7',.e$)7(7'27+#).&'7+'%,2'+$97(&2,2%7//)&+72'e$7'?7',8(7+.).&',/7(/,'.7'%,'/,+#).,.'.7')+M&(9,/)0+'e$7'72'+7/72,()(,+29)#)( '=' %&2 '97.)&2 ', ' #(,dD2'.7' %&2 '/$,%72 ' 27' #(,+29)#76 'L$7.7',8%)/,(27',/$,%e$)7( ' +$7d& ' )+2#($97+#& ' e$7 ' d,=, ' , ' $#)%)\,( ' $+ ' 8()+/)8),+#7B ' 87(& ' %&28()+/)8),+#72'+&'7+#)7+.7+'72#7'8()+/)8)&6

    !&979&2 ' /&9&'7f798%& ' %, ' /U9,(,'.7 'd".7& '.7% ' ,M)/)&+,.&6 'l,2 '8()97(,2d7/72'?,/79&2'9$/?&2'\&&92'='8,+&(U9)/,2'8&(e$7'+&2'7+#$2),29,'7%'*(,.&'.7%)47(#,. ' e$7 ' %, ' /U9,(, ' +&2 ' 8(&8&(/)&+, ' = ' e$7 ' ,/,4,9&2 ' .7 ' .72/$4()(6 ' C)+794,(*&B'7%'(72$%#,.&'72'4,2#,+#7'87+&2&j')+/%$2&'%,'M,9)%),'7+/$7+#(,',4$(().,272#,2' #&9,26 '1U2',.7%,+#7B '/&+'7%' #)798&'='*(,/),2',' %,'7X87()7+/),',.e$)().,B,8(7+.79&2','$#)%)\,('72#,'%)47(#,.'/&+')+#7%)*7+/),'='9&.7(,/)0+6

    S7%'9)29&'9&.&B'7%'7X/72&'.7'%)47(#,.'#,94)D+'72'+&/)d&'8,(,'7%'9,+7f&'.7%,2 '&8/)&+72 '.7 ' 2,%)., '.7% ' .)2/& '.$(& '.7% ' &(.7+,.&( ' , ' %, ' )98(72&(, ' %U27(6 'l,/,8,/).,.'.7'/,94),('7% ' #)8&B '72#)%& '='/$7(8&'.7' %, ' %7#(, '72'$+,' #7+#,/)0+'e$7/&+#,9)+, '9$/?&2 ' .&/$97+#&2 ' .7 ' $+)d7(2).,.72 ' = ' 798(72,2B ' 7+ ' %&2 ' e$7 ' 2797\/%,+ ' .7 '9,+7(, ' ,(4)#(,(), ' #&.&2 ' %&2 ' 72#)%&2 ' = ' #,9,J&2- ' +7*()#,2B ' /$(2)d,2B2&94(7,.&26'C7'+7/72)#,+'/)7(#&2'/&+&/)9)7+#&2'.7'#)8&*(,M",'8,(,'.,(27'/$7+#,'.7e$7'72',/&+27f,4%7'9,+#7+7('7%'9)29&'#)8&'.7'%7#(,'7+'$+'.&/$97+#&B'='e$7'7%/,94)&'.7'#,9,J&'.747'?,/7(27'/&+'9&.7(,/)0+6'!,94)D+'7+'72#7'/,2&'97+&28$7.7'27('9U26

    l&'9)29&'2$/7.7'/&+'7%',+/?&'.7'4,+.,6'@X)2#7'%,').7,'7e$)d&/,.,'.7'e$7#7+79&2'e$7'$#)%)\,('$+'7%7d,.&',+/?&'.7'4,+.,'20%&'8&(e$7'.)28&+79&2'.7'D%6C)+'794,(*&B'7X)2#7+',%*$+,2'%7=72'+,#$(,%72'(7287/#&',%'$2&'.7%',+/?&'.7'4,+.,e$7'.79$72#(,+'e$7'7+d),('9U2'4)#2'.7'%&2'+7/72,()&2'72'#,+',42$(.&'/&9&'2$4)('7%d&%$97+'.7%'(7/78#&('.7'(,.)&'8,(,'&4#7+7('9U2')+M&(9,/)0+6

    L&('7f798%&B'7+'5::;B'5BQ'9)%%&+72'.7'482'+&2'87(9)#7+',//7.7(',%'d".7&'/&+/,%).,.'khC6'A,2#,'.$8%)/,(%&'&'#()8%)/,(%&'8,(,'&4#7+7('$+,'#7%7d)2)0+'.7'97f&(/,%).,.6'i'72'.)M"/)%'7+/&+#(,('$+'$2&'8,(,'9U2'.7'27)2'9)%%&+72'.7'482'8&('87(2&+,

  • e$7'8(&8&(/)&+7'27(d)/)&2'9$='+$7d&2'7')9,*)+,#)d&2B'2)'72'e$7'D2#&2'7X)2#7+632" 'e$7' %&2 '+$7d&2'27(d)/)&2 '.7 ' )+M&(9,/)0+ '='7+#(7#7+)9)7+#& '+& '+&2 ' %&2

    8(&8&(/)&+,(U'%,'M)4(,'2)+&'%,')9,*)+,/)0+6

    +,-(%4.$02!)"-&0-ABBCBBB-1!#2-0"-A

    l,'(7%,/)0+'7+#(7'7%',+/?&'.7'4,+.,'='%,')+M&(9U#)/,'72'9$='2$#)%6'h&='.",B'%,)+#7(,//)0+'7+#(7'$+&'='(,'27'9,+)M)72#,'7+'%&2'd).7%DM&+&2'='(&2'2)2#79,29U2'/,(&2'.7'/&9$+)/,/)0+'8&('d".7&B'/&9&'%,2'd).7&/&+M7(7+/),26'L$72#&'e$77X)2#7',/#)d).,.')+M&(9U#)/,'7+',94&2'7X#(79&2'.7'%,'%"+7,B'72'8&2)4%7'7+d),('4)#2.7'$+'%,.&','(&'='d)/7d7(2,6'C)'27')+d)7(#7'$+'8&/&'.7'.)+7(&'7+'7%'8(&/72,9)7+#&.7%'d".7&'.)*)#,%'7+'/,.,'7X#(79&B','#(,dD2'.7'%,'/&98(72)0+'='%,'.72/&98(72)0+B27'$#)%)\,'97+&2'/,8,/).,.'.7'/,+,%'='27',?&((,'.)+7(&'7+'%,'#(,+29)2)0+6

    @%'d".7&'.)*)#,%B'7+'*7+7(,%B'72'$+'7f798%&'.7'/&98(72)0+'.7'%,')+M&(9,/)0+'7+%,'e$7'+&'27'#)7+7'7+'/$7+#,'7%'/&+#7+).&'.7'D2#,6'C7'$#)%)\,+'%,2'9)29,2'#D/+)/,2/&.)M)/,.&(,2'8,(,'$+'f$7*&'.7'%,'l)*,'397()/,+,'.7'`W#4&%B '$+,'7+#(7d)2#,',%72#)%&'.7'!7.'N&887%'='$+,'87(27/$/)0+','%&'a,972'A&+.6'L7(&'+&'72'+7/72,()&'27(#D/+)/&'7+')+M&(9U#)/,'8,(,',.)d)+,('e$7'/,.,'$+&'.7'72&2'8(&*(,9,2'8&277'$+,9,+7(,'.)M7(7+#7'.7'/&98()9)('%,')+M&(9,/)0+'=B'2)'27'#)7+7'7+'/$7+#,'7%'/&+#7+).&.7'/,.,'$+&'.7'7%%&2B'72#,')+M&(9,/)0+'27'8$7.7'/&98()9)('.7'$+,'$'(,'9,+7(,6!&979&2'/&9&'7f798%&'7%'2)*$)7+#7'.)2/$(2&'7+#(7'27(72'?$9,+&26

    O9,*)+79&2','27)2'87(2&+,2'9$=',+)9,.,2'/7+,+.&',%(7.7.&('.7'$+,'972,7+M(,2/,.,2 ' 7+ ' $+, ' .)2/$2)0+ ' ,/7(/, ' .7 ' ,%*$)7+ ' e$7 '+& ' 72#U ' 8(727+#76 ' @+ ' $+9&97+#&'.7'%,'/?,(%,'2&4(7'7%'27J&( 'vB '=&'9)(&','9)'728&2,'='%7'*$)J&'7%'&f&6S728$D2'.7'%,'/7+,',%*$)7+'27',/7(/,'='97'.)/7-

    u>)/?&%,2B'#7'd)'*$)J,(%7'7%'&f&','@%,)+76'pn$D'%7'?,2'.)/?&ql7'/$7+#&'e$7'?,/7'$+ '8,( '.7'+&/?72 '72#$d)9&2 '/7+,+.&'/&+'7% ' 27J&( 'vB

    /$,+.&'7X8%)/0 'e$7B ' , ' .)M7(7+/), ' .7zzzzzzzzB ' D% ' 72#,4,zzzzzzzzzB ' ,$+e$7' %,*7+#7'87+2,(,zzzzzzzzzzzB'87(&'%&'e$7'?,4",'.7/).).&'7(,zzzzzzzzzzzzzzB'7#/6c'27,B'5HH6HHH'4)#2'9U2'#,(.7'%7',/,4&'.7'/&+#,('%&'e$7'%7'.)f7','9)'728&2,'/&+'$+2&%&'4)#'I8).&'.)2/$%8,2'8&(',2$9)('e$7'$+'*$)J&'72'7%'7e$)d,%7+#7'.7'$+'4)#'7+'7%D#7(K6

    l&'e$7'2$/7.7'72'e$7'7%'#(,+29)2&('I=&K'='7%'(7/78#&('I@%,)+7K'/&98,(#)9&2/)7(#,')+M&(9,/)0+B'%&'/$,%'+&2'87(9)#7'/&9$+)/,(+&2'8&('27J,26'@+'72#7'7f798%&B=&'.)28,(&'$+'4)#'7+'7%'D#7('='D2#7'27'7X8,+.7'7+'2$'/,47\,B'.727+/,.7+,+.&'9$/?,9U2')+M&(9,/)0+6'Z$,+.&',%*$)7+'97'8(7*$+#,'%&'e$7'?7'.)/?&B'97'd7&'M&(\,.&',8(&8&(/)&+,(%7'%&2'5HH6HHH'4)#2-'8)7(.&'%,'/&98(72)0+'.7')+M&(9,/)0+'.7'5HH6HHH,'56

    Z$7+#,+'e$7'$+,'8,(7f,'2,4",'.7'979&(),'/)7+#&2'.7'/?)2#72'd7(.72'='20%+",+ ' e$7 ' .7/)(27 ' 7% ' +W97(& ' .7% ' e$7 ' 27 ' e$7(",+ ' /&+#,( ' 8,(, ' (7/&(.,(%&6 ' l,97+/)0+'.7%'."*)#&'?,/",'2$(*)('#&.&'7%'/?)2#7'=',94&2'7987\,4,+','(7"('2)+'8,(,(6g+ ' $2& '9U2 ' 8(&2,)/& ' .7 ' 72#7 '9D#&.& ' .7 ' /&98(72)0+ ' .7 ' )+M&(9,/)0+ ' 7+ ' %&2&(.7+,.&(72'72'+$97(,('8,%,4(,2'9$='%,(*,2'.7'$2&'M(7/$7+#7'='7+d),('$+&2'8&/&24)#2'7+'d7\'.7'#,+#,2'%7#(,26'@2#,2'#D/+)/,2'27(U+'/,.,'d7\'9U2'M(7/$7+#72'7+'7%'$2&.7%',+/?&'.7'4,+.,'/$,+.&')+#7(/,94)79&2'/&+/78#&2'*7+7(,%726'l,'/&+.7+2,/)0+.7'%, ' )+M&(9,/)0+'2$8&+7'$+'.&4%7',?&((&- '.7'*,2#&2'.7' #(,2%,.&'.7'4)#2 '='.7

  • #)798&6

    +,-0(%"%4@,-&0-40$(,&%

    Z&+'%,2',/#$,%72'#,()M,2'8&('%%,9,.,'#7%7M0+)/,B'8,*,(",'5HH6HHH'd7/72'9U2'2)#$d)7(,'e$7'9,+.,(%7','$2#7.'9)'(7%,#&'2&4(7'7%'27J&( 'v 'e$7'2)'27'%&'7+d),(,',@%,)+76 'l,2 '798(72,2'.7' #7%7/&9$+)/,/)&+72'+&'&4#)7+7+'+)+*$+,'*,+,+/),'.7%#(,+28&(#7'.7'$+&2'8&/&2'4)#2B'='7%'9&.7%&'#,()M,()&',/#$,%'.7'%,2'/&98,J",2'.7#7%DM&+&2'27'2$2#7+#,'7+'7%'/&4(&'8&('27*$+.&'&'8&('4)#B'2)+' #7+7('7+'/$7+#,'7%/&+#7+).&'.7%'9)29&6

    L,(,'7+#7+.7('%,'7/&+&9",'.7%',+/?&'.7'4,+.,'?,='e$7'8(7*$+#,(27'2)',%*$+&24)#2 ' d,%7+ ' 9U2 ' e$7 ' (&26 ' C)+ ' .$.,B ' %, ' (728$72#, ' 72 ' ,M)(9,#)d,6 ' L7(&)+97.),#,97+#7'2$(*7'$+,'/$72#)0+'9U2'/&98%7f,-'pS747(",'d,(),('7%'d,%&('.7%'4)#+&'20%&'27*W+'2$'+,#$(,%7\,'I8&('7f798%&B'$+'4)#'.7'/)+7B'$+'4)#'.7'$+,'/?,(%,B'$+4)#'9$2)/,%B'7#/6K'2)+&'#,94)D+'27*W+'e$)D+'%&'$#)%)/7B'&'.7%'9&97+#&'='.7%'9&.&e$7'%&'$27q

    l, '9,=&(", ' .7 ' 87(2&+,2B ' )+/%$2& ' %,2 ' .7% 'W)(#,$)* &[",%1):9#+< &72#,(", ' .7,/$7(.&'7+'e$7'$+'+)J&'.7'27)2',J&2'e$7'.727,(,'$#)%)\,('2$',(/?)d&'.7'M&2'8,(,?,/7('2$2'.747(72'.747(",'#7+7(',//72&'*(,#$)#&B'&'/,2)B','72&2'4)#26'@+'/,94)&B'2)=&'e$)2)7(,',8(&d7/?,(%&'8,(,')%$2#(,('$+',(#"/$%&'&'8,(,'8(78,(,('$+'.&/$97+#&'.7+7*&/)&2B'.747(",'8,*,('$+'8(7/)&'8(&8&(/)&+,%B'&'#,%'d7\'$+'/,(*&',.)/)&+,%'8,(,2$4d7+/)&+,(','727'+)J&6'@+'72#7'/,2&B'%&2'4)#2'+&'20%&'#7+.(",+'$+'d,%&('.)M7(7+#7B2)+&'e$7'727'd,%&('d,(),(",'27*W+'e$)D+'='.7'e$D'9&.&'%&2'$#)%)\,(,6'S7'8(&+#+.(",9&2'4)#2 '2&/),%72B '4)#2 '.7'9)+&(",2B '4)#2 '.7'9)+$2dU%).&2666 '@% 'Z&+*(72+.(U'e$7'27('9$='/(7,#)d&'8,(,').7,('$+'9,(/&'%7*,%'e$7'8(&8&(/)&+7'$+'2)2#79,7e$)#,#)d&6

    C)+'794,(*&B'7%'.)2#)+#&'8(7/)&'.7'%&2'4)#2'+&'72'$+,').7,'+$7d,6'i&'#7+*&'$+,/$7+#,'/&+'S&^'a&+72'e$7'$#)%)\&'8,(,'(7,%)\,('9)2'#(,+2,//)&+72'7+'%,'A&%2,'=e$7'97'8(&8&(/)&+,')+M&(9,/)0+'4$(2U#)%'/&+'$+'(7#(,2&'.7'e$)+/7'9)+$#&26'C)e$)7(&'&4#7+7('%,')+M&(9,/)0+')+97.),#,97+#7B'/&9&'?,/7'9)'#"&'.7'&/?7+#,'='27)2,J&2'e$7'72'/&((7.&('.7'4&%2,B'#7+*&'e$7'8,*,(%7'$+,'8()9,'/&+2).7(,4%7','S&^a&+72B'&','9)'#"&6'r2#7'72'7%'7e$)d,%7+#7'9&.7(+&'.7'%,'.)M7(7+/),'.7'8(7/)&'7+#(7'7%/&((7&',D(7&'='7%'#7((72#(7-'%&2'4)#2'e$7'%%7*,+'8&(',d)0+'=',e$7%%&2'e$7'%%7*,+'8&(#(7+6

    @+'7%'/,2&'.7'%,')+M&(9,/)0+'7+'#)798&'(7,%B'%&2'(7e$7()9)7+#&2'.7%',+/?&'.74,+., ' %&2 ' .7#7(9)+, ' 7% ' /,+,% ' .7% ' .)2/$(2&6 ' C) ' 9,+#7+*& ' $+, ' /&+d7(2,/)0+#7%7M0+)/,'/&+',%*$)7+B'+&'#)7+7'27+#).&'*()#,('8,(,'?,/7('e$7'9)'d&\'%7'%%7*$7'9U2.78()2,'.7'%&'e$7'?,4%&6'iB'8&('2$8$72#&B'?,4%,('9U2'.728,/)&'&'/&+'8,$2,2'(72$%#,)+W#)%B ' ,.79U2 '.7 ' )+#&%7(,4%76 ' O+/%$2& ' 7% ' /$,(#& ' .7 ' 27*$+.& ' .7 ' (7#(,2& ' 7+ ' %,2/&+7X)&+72'#7%7M0+)/,2'd",'2,#D%)#7'9&%72#,','%,'9,=&(",'.7'87(2&+,26

    L7(&'2) '*(,4&'7%'97+2,f7'7+'$+,'/)+#,B'='8,(,' #(,+29)#)(%&'d&=','8,*,('8&(9)+$#&B ' 27*$(& ' e$7 ' e$7((D ' )+#(&.$/)( ' 7% '9UX)9& '+W97(& '8&2)4%7 ' .7 ' 4)#2 ' 8&(27*$+.&6'r2#7'72 '7% '8$+#&'.7'd)2#, '.7'%&2'$2$,()&2 '.7'90.792'e$7'72#,4%7/7+/&9$+)/,/)0+ '.7 ' $+ ' %,.& ' , ' (& '.7% ' 8,"2 ' 8,(, ' )+#(&.$/)( ' )+M&(9,/)0+ ' 7+ ' 2$2&(.7+,.&(72 ' 8&(#U#)%72 ' & ' 7+d),( ' %, ' 2$=,' , ' (,2 ' 8,(#726 'h,/7 ' 8&/&2 ' ,J&2B ' $+,d7%&/).,.'.7'Q6FHH'4,$.)&2'7(,'/&+2).7(,.,'4$7+,6'3?&(,'%&'+&(9,%'2&+'RE6FHH

  • 482B'%&'/$,%'?,'8(&d&/,.&'e$7'8,(,'#(,+29)#)('%,'9)29,')+M&(9,/)0+B'7%'/&2#7'.7%,2'#,()M,2'#7%7M0+)/,2'27'?,=,'(7.$/).&'$+':F's6

    L&( ' M&(#$+, ' 8,(, ' %,2 ' /&98,J",2 ' .7 ' #7%DM&+&2B ' 9U2 ' .7% ' ;H 's ' .7% ' #(UM)/%7M0+)/&'e$7',#(,d)72,'7%'L,/"M)/&B'='7%'RH's'.7%'3#%U+#)/&B'72')+M&(9,/)0+'.7'M,Xe$7'27'#(,+29)#7','$+,'d7%&/).,.'.7':6PHH'482B'7+'%$*,('.7'%&2'PF6HHH'482B'e$7#,94)D+'27'8$7.7+'$#)%)\,(6

    02#$0++,2-5-1'(+02

    l,'/$72#)0+'+&'72 '20%&'7% ',+/?&'.7'4,+.,'.7' %&2 '/,+,%72B '2)+&' #,94)D+'2$/&+M)*$(,/)0+6 '@% ' 2)2#79,' #7%7M0+)/& '72B ' 7+ ' #D(9)+&2 '9$=' 2)98%72B '$+,' (7. '7+V72#(7%%,YB'/$=,2' %"+7,2 ' )((,.),+'?,/),'.)M7(7+#72'8$+#&2B '/&9&' %,2 ',d7+).,2'.7t,2?)+*#&+'&'%&2'4$%7d,(72'.7'L,("26'@2'/&9&'2)'?$4)727'$+,'8)2#,'7+#(7'+$72#(,/,2,'='%,'/7+#(,%)#,'#7%7M0+)/,'9U2'/7(/,+,6'C)'$+&'e$)2)7(,B'8&.(",'27*$)('727'8,(#(7+\,.&'?,2#,'%,'/7+#(,%'.7'2$'/&98,J",'.7'#7%DM&+&26

    L&('7%'/&+#(,()&B'%,'#7%7d)2)0+'8&('/,4%7'797(*7'.7'$+'4$/%7B'/&9&'%,2'%$/72'7+%&2'U(4&%72'.7'>,d).,.B'='8,2,'.7'/,2,'7+'/,2,6'@2#,2'(7.72B'72#(7%%,2'='4$/%72B#&9,(&+'2$'M&(9,B'(7287/#)d,97+#7B'.7%'87e$7J&',+/?&'.7'4,+.,'.7%'8,('#(7+\,.&='.7% '9,=&(',+/?&'.7'4,+.,'.7% '/,4%7'/&,X),%6 '@+'7%'8()97('/,2&B'/,.,'?&*,(.)28&+7'.7'$+,'%"+7,'.7'4,f&',+/?&'.7'4,+.,6'@+'7%'27*$+.&B'$+'*(,+'+W97(&'.7?&*,(72'/&98,(#7+'7%'27(d)/)&'.7'$+',+/?&'.7'4,+.,'9,=&(6

    l,'/&+M)*$(,/)0+'.7' %,2'72#(7%%,2'=' %&2'4$/%72'.787+.7'.7' %,'+,#$(,%7\,'.7%/&+#7+).& ' .7 ' %,2 ' /&9$+)/,/)&+726 ' @+ ' 7% ' /,2& ' .7 ' %, ' (7. ' #7%7M0+)/,B ' /,.,/&+d7(2,/)0+'72'.)M7(7+#7B'='%&2'4)#2'e$7'd,+','$+,'/,2,'+&'#)7+7+',42&%$#,97+#7+,.,'e$7'd7('/&+'%&2'.79U26'C7'#(,#,'.7'$+'2)2#79,'e$7'&87(,'7+'$+'.)U97#(&'9$=7X#7+2&6 '@+'7% '/,2&'.7'%,' #7%7d)2)0+B ' %&2'd7/)+&2'/&98,(#7+'7%'/&+#7+).&'.7'%,8(&*(,9,/)0+'='7(,'%0*)/&',.&8#,('7%'7+M&e$7'.7%'U(4&%'+,d).7J&B'$+'2)2#79,'e$7#)7+7'2$'&()*7+'7+'$+'8$+#&'='27'.)()*7'?,/),'9W%#)8%72'8$+#&26'@%'27+#).&'/&9W+.7'%&2'&87(,.&(72'.7'#7%7d)2)0+'8&('/,4%7'/&+2)2#)0'7+'/&8),('%,'79)2)0+'#7((72#(7B#,%'/&9&'%,'/&+&/79&2B'87(&'#(,2%,.U+.&%,'.7%'D#7(','2$2'/,4%726

    C)+'794,(*&B'7% ' M$#$(&'.7' %, '79)2)0+' #7%7d)2)d, '72#U '/,94),+.&'.7'9,+7(,(,.)/,%j '8(&+#& '=,'+& '+&2 '/&+M&(9,(79&2 '/&+' (7/)4)( ' %, '9)29, ' 27%7//)0+ 'e$7+$72#(&'d7/)+&'&'/&+'d7(',%*W+'8(&*(,9,','$+,'?&(,'7287/"M)/,6'L&('72#,'(,\0+B'%,2798(72,2'.7'#7%7d)2)0+'8&('/,4%7'8)7+2,+'/,.,'d7\'9U2'/&9&'%,2'/&98,J",2'.7#7%DM&+&2-'9$/?&2')+#7(($8#&(72'I&'/7+#(,%)#,2K'='9$/?,2'8)2#,26'S7'?7/?&B'8$7.7e$7'.7+#(&'.7'd7)+#)/)+/&',J&2'+&'7X)2#,'+)+*$+,'.)M7(7+/),'7+#(7'7%'/,4%7'='7%#7%DM&+&B'+&'20%&'7+'#D(9)+&2'/&(8&(,#)d&2'2)+&'7+'7%'27+#).&'.7'%,'/&+M)*$(,/)0+.7'(7.726

    @+'7%'M$#$(&B'%,'9,=&('8,(#7'.7%'/,4%7,.&'27(U'.7'#)8&'(,.),%'I72#(7%%,2K6l&2 ' 4$/%72 ' 20%& ' 27 ' $#)%)\,(U+ ' 7+ ' U(7,2 ' 9$= ' 87e$7J,2 ' & ' 7+ ' 79)2)&+72

    )+,%U94()/,2B'7+'%,2'e$7'7+'#7&(",'7%'/,+,%'.7'.)2#()4$/)0+'8,2,'8&('#&.,2'%,2'/,2,2,'%,'d7\6'@+'T1'h$*?72'@%7/#(&+)/2'72#U+'&(*$%%&2&2'.7%'2)2#79,'.7'#7%7d)2)0+'7+.)(7/#&'d",'2,#D%)#7',%'e$7'%%,9,+'V#$4&'.&4%,.&YB'='7X8%)/,+'/09&'2$'79)2)0+'7+.)(7/#&'d",'2,#D%)#7'72'$+'2)2#79,'.7'/,4%7'e$7'8,2,'8&('#&.,2'%,2'/,2,2'.7'@2#,.&2g+).&26'i'72'/)7(#&6'@+'72#7')+2#,+#7B'7+'@2#,.&2'g+).&2B'72#U+'%%&d)7+.&'2&4(7/,.,'/)$.,.,+&'9)% '9)%%&+72 '.7'482B ','97+&2'e$7'$+&'72#D'8(*).&'4,f&'$+

  • 8,(,*$,2'.7'8%&9&6

    04.,9'0#,$-1!#2

    1$/?,2'87(2&+,2'e$7'?,+'7987\,.&','27('.)*)#,%72')9,*)+,+'e$7'7%',+/?&'.74,+.,'72' /&9&' %, ' M&+#,+7(",6 'L7+2,( '7+ ' %&2 '4)#2 ' /&9&'U#&9&2 '+&2 '/&+.$/7' ,)9,*)+,('#$47(",2'*(,+.72'='87e$7J,2B'*()M&2'='4&/,2'.7'()7*&6'Z&+'M(7/$7+/),'27.)/7 ' e$7 ' %, ' $#)%)\,/)0+ ' .7 ' M)4(, ' 72 ' /&9& ' 4747( ' ,*$, ' .7 ' $+, '9,+*$7(,6 ' l,/&98,(,/)0+'72'/&+2#($/#)d,'87(&'7+*,J&2,6'@%',*$,'M%$=7'&'+&'M%$=7j'27'8$7.7(7*$%,('%,'2,%).,'.7',*$,'.7'$+,'9,+*$7(,',4()7+.&'&'/7((,+.&'7%'*()M&6'L7(&',872,('.7'e$7'7%'M%$f&'8$7.,'(7.$/)(27','$+'/?&((&'87e$7J&B'%&2'U#&9&2'.7',*$,'279$7d7+'7+'*($8&B'#&.&2'f$+#&26

    C)+'794,(*&B' %&2'4)#2 '27'/&98&(#,+'.7'M&(9,'.)M7(7+#76'g+'#7%72e$"'72'$+,/&98,(,/)0+'9U2 ',8(&8),.,6 '@% ' #7%72e$" ' 27 '9$7d7 ' , '$+, 'd7%&/).,. '/&+2#,+#7B)+.787+.)7+#797+#7'.7'2) '2$47','D% '9U2'&'97+&2'*7+#76'S7'%,'9)29,'9,+7(,B)+#(&.$/)9&2'4)#2'7+'$+'8,e$7#7'='%$7*&'%&'9,+.,9&2'8&('$+,'#$47(",'/,8,\'.7#(,+28&(#,(%&', '$+,'d7%&/).,.'.7 '9)%%&+72 '.7'4)#2 '8&('27*$+.&6'3?&(,'4)7+B '2)7+d),9&2'$+'8,e$7#7'.7'5H'4)#2'/,.,'27*$+.&'8&('$+,'#$47(",'(U8).,B'5H'482'27(U+$72#(&',+/?&'.7'4,+.,'7M7/#)d&B'+&'%,'d7%&/).,.'.7'%,'#$47(",6

    3$+e$7'8,(7\/,'$+'.7287(.)/)&B'.7'?7/?&'72'$+'/&+/78#&')+#7%)*7+#7B'8&(e$7(,2'87(2&+,2'#,94)D+'72#U+'7+d),+.&'8,e$7#72'8&('%,'9)29,'#$47(",-'D2#7'72'7%2)2#79,'7+'e$7'27'4,2,+'O+#7(+7#'='3!1'I7%'9&.&'.7'#(,+29)2)0+',2"+/(&+,B'e$7#&.,2'%,2'(7.72'#7%7M0+)/,2'$#)%)\,(U+'7+'$+'M$#$(&'8(0X)9&K6'@+'%$*,('.7')+2#,%,(#&.,'$+,'%"+7,'#7%7M0+)/,B'e$7'72'%&'e$7'?,/79&2',?&(,'8,(,'%,'d&\B'%&2'8,e$7#72'27/&%&/,+','%,'/&%,B'/&+'+&94(72'='.)(7//)&+72'8,(,'2,47('/$U+.&'='.0+.7'.747+4,f,( '.7% ' #7%72)%%,6 'i '/,.,'$+&'8,*,'8&( ' 8,e$7#7 ' 7+d),.&B '+& '8&( '9)+$#&2 '.7#(,+29)2)0+6

    c#(,'9,+7(,'.7'7+#7+.7('7%'798,e$7#,.&'.7%',+/?&'.7'4,+.,'72'87+2,('e$7'%,97f&('9,+7(,'.7'$#)%)\,('9)%'9)%%&+72'.7'4)#2'8&('27*$+.&'72'$2,('9)%'4)#2'7+'$+,9)%%&+D2)9,'.7'27*$+.&B'$+'9)%%0+'.7'4)#2 '7+'$+,'9)%D2)9,'.7'27*$+.&'=',2"2$/72)d,97+#76'L&('7f798%&B'7+'7%'/,2&'.7'%,'#7%7d)2)0+B'27(",'/&9&'(7/)4)('$+,?&(,'.7'd".7&'7+'$+&2'/$,+#&2'27*$+.&2B',%'(7dD2'e$7'7+'7%'7f798%&'.7%'*()M&6

    l,2'798(72,2 '.7 ' #7%7d)2)0+ '8&( ' /,4%7B '7+ ' %$*,( '.7 '7+#(7*,('9)% '8(&*(,9,2).D+#)/&2','#&.&2B'.7/).)(",+'e$7'27(",'97f&('7+#(7*,('$+'8(&*(,9,','/,.,'87(2&+,7+'$+,'9)%D2)9,'.7%'#)798&'(7,%6

    @2#&'/,94),(",'8&('/&98%7#&'+$72#(,'/&+/78/)0+'.7'%,'79)2)0+'.7'%&2'97.),-'%,79)2)0+'.7'%,'9,=&(",'.7'4)#2'+&'#7+.(U'+,.,'e$7'd7('/&+'%,'d7%&/).,.','%,'e$7'%&2/&+2$9,9&26

  • 04!2!)"-&0-1!#2

    89':-.,2,-(%"-02,-!4,=0";

    $,+.&'$2#7.'9)(,'%,'#7%7d)2)0+B'p27'e$7f,'.7'%,'(72&%$/)0+'.7'%,')9,*7+B'%,M&(9,'.7'%,'8,+#,%%,'&'%,'/,%).,.'.7%'9&d)9)7+#&q'n$)\U'+&6'C)'27'e$7f,'.7,%*&B ' /,2) ' 27*$(& ' e$7 ' 72 ' .7 ' %, ' 8(&*(,9,/)0+6 ' Z&9& ' .)/7 ' A($/7

    C8()+*2#77+B'V/)+/$7+#,'='2)7#7'/,+,%72'='+,.,'.7+#(&Y6'C)+'794,(*&B'/,2)'#&.,2'%,2)+d72#)*,/)&+72 ' 2&4(7 ' 7% ' M$#$(& ' .7 ' %, ' #7%7d)2)0+ ' ,8$+#,+ ' 8(7/)2,97+#7 ' , ' %,(7.7M)+)/)0+'.7'%,'8(727+#,/)0+'='+&','%&',(#"2#)/&'.7%'/&+#7+).&6

    Z@+'5:wQ'$+&2'/$,+#&2'f,8&+7272',+,%)\,(&+'='.)2/$#)7(&+'7%'#79,B'7+'$+')+#7+#&

    8&(',d7()*$,('/$U%'8&.(",'27('7%'8(0X)9&'8,2&'7d&%$#)d&'.7'%,'#7%7d)2)0+B'%%7*,(&+',%,'/&+/%$2)0+'.7'e$7'/&+2)2#)(",'7+'$+,'9,=&('(72&%$/)0+'.7'%,')9,*7+B'8$72#&'e$7,% ' /,94)& ' .7 ' 4%,+/& ' = ' +7*(& ' , ' /&%&( ' 27*$)(", ' $+, ' #7%7d)2)0+ ' /&+ ' /,%).,./)+79,#&*(UM)/,B '&'27,'%,'%%,9,.,'hS!k'I#7%7d)2)0+'.7',%#,'.7M)+)/)0+K6'@+'$+9$+.& ' ,+,%0*)/& ' 7(, ' %, '9,+7(, ' %0*)/, ' .7 '97f&(,( ' %, ' #7%7d)2)0+B ' = ' , ' 72& ' 27.7.)/,(&+ ' %&2 ' f,8&+7272 ' .$(,+#7 ' %&2 ' /,#&(/7' ,J&2 ' 2)*$)7+#726 'l&' %%,9,(&+ 'h)Gk)2)&+6

    @+'5:EPB'7+'@$(&8,'2&+0'%,',%,(9,',+#7'%,'87(287/#)d,'.7%'.&9)+)&'f,8&+D2'7+7% ' M$#$(& '97(/,.&' #7%7d)2)d&6 'L7&( ',W+B '@2#,.&2'g+).&2 '?,4", ',/78#,.&' %, 'h)Gk)2)&+ '=' 27 ' ?,4", ' ,2&/),.& ' /&+ ' %&2 ' f,8&+7272 ' 8,(, ' ?,/7( ' .7 ' D2#, ' $+, '+&(9,9$+.),%6'1$/?&2'.7M7+2&(72',/#$,%72'.7'%,'#7%7d)2)0+'.7',%#,'.7M)+)/)0+'='%,'9,=&(8,(#7'.7'%&2'+7&+,/)&+,%)2#,2'+&(#7,97()/,+&2'V&%d).,+Y'&8&(#$+,97+#7'e$7'M$7$+, ' 7e$)d&/,/)0+ ' (728,%.,( ' $+ ' 2)2#79, ' ,+,%0*)/& ' f,8&+D26 'L7(& ' /&9& '97.).,8(//)&+)2#,B'%&2'7$(&87&2'(7/?,\,(&+'%,'h)Gk)2)&+B'='+&2'?)/)7(&+'$+'*(,+'M,d&(B,$+e$7'8&( ' (,\&+72 '7e$)d&/,.,26 '3' /&+#)+$,/)0+ '8(&/7.)7(&+' , '