!!!
E.'$&+0.#(.0'01(&#(+$&.$)&-'050d*+(&$4&'(+(.&(.&E.'*+(.`O$4K)(.&
+*&]E6
X-4#)*&(.&)$/-5*4$%'(.&%*20(%*0.&$&5(2*0.&*#502–1$0.&%(&5(2*5&+$&
-'050d*wŸ(&+(&+0.#(.0'01(6
?&-'050d*wŸ(&+$.'$&+0.#(.0'01(&#(+$&$.'*)&)$.')0'*A&2(%.(*%'$&*&)$+$&
5(2*56
9&0+#'rt&0$(*$3*(>*$>&$OUQ$=,KR
S"#4&/*
8&E.'*&.-K.$2wŸ(&%Ÿ(&.$&*#502*&u&–)$*&/$(/)–302*&%-4&)*0(&
+$&Fb&I4&+$.+$&(&2$%')(&+$&h;`l5$.-%+6
-"()"#%'>*>&$#&/48*%&(+*#$>*$!--
L+'8'K*rs"$l4(+"$*"$<"#5"
"&+0.#(.0'01(&$.'–&$4&2(%3()40+*+$&2(4&*.&$.#$20302*wž$.&+$&
)*+0(3)$^-y%20*&$40'0+*.&^-*%+(&v&-'050d*+(&Q-%'(&+(&(-10+(&(-&*&
-4*&+0.'•%20*&+$&!A\&24&+(&2()#(6&X$)'030^-$`.$&+$&^-$&(.&
*2$..•)0(.&+(&+0.#(.0'01(A&'*0.&2(4(&*&2*0R*&$&(&$.'(Q(&+(&4$.4(A&
%Ÿ(&2(%'y4&2(4#(%$%'$.&+$&4$'*56&O*%'$%,*&(&+0.#(.0'01(&
*3*.'*+(&+(&2()#(&#*)*&)$.#$0'*)&*&+0.'•%20*&$R0/0+*6
B()"#%*rs"$>&$<&#+')'<*rs"$M.29N
E.'$&+0.#(.0'01(&3(0&0/-*54$%'$&2(%2$K0+(&#*)*&2-4#)0)&*.&
$R0/y%20*.&+*&$R#(.0wŸ(&*&(%+*.&+$&)–+0(&$.'*K$5$20+*.&#$5*&
>$+$)*5&X(44-%02*'0(%.&X(440..0(%&<E]?=6
"&5040'$&+*&M?Y&*+(#'*+(&#$5(.&E]?&v&+$&!A_&P9I/A&2*52-5*+(&2(4&
K*.$&%-4&/)*4*&+$&'$20+(6&"&1*5()&+$&M?Y&4*0.&$5$1*+(&
2(4-%02*+(&u&>XX&#*)*&$.'$&'0#(&+$&+0.#(.0'01(&$.'–&$4&
2(%3()40+*+$&2(4&$.'$&5040'$6
"&1*5()&+$&M?Y&4*0.&$5$1*+(&2(4-%02*+(&u&>XX&#*)*&$.'$&'0#(&+$&
+0.#(.0'01(&^-*%+(&-'050d*+(&%(&(-10+(&v&+$&!AUF&P9I/A&^-*%+(&
-'050d*+(&2())$2'*4$%'$&%(&2()#(&v&+$&bAeF&P9I/&$&^-*%+(&
-'050d*+(&%*&3-%wŸ(&+$&,('.#('&P0`>0&v&+$&!AUL&P9S/6
?&<8*#*rs"$>*$!--
E.'$&$^-0#*4$%'(&3(0&'$.'*+(&$&2(%.0+$)*+(&$4&2(%3()40+*+$&
2(4&(.&5040'$.&#*)*&-4&+0.#(.0'01(&+0/0'*5&+$&X5*..$&GA&+$&*2()+(&
2(4&*&J*)'$&!\&+*.&Y$/)*.&+*&>XX6&E.'$.&5040'$.&10.*4&3()%$2$)&
-4*&#)('$2wŸ(&)*d(–1$5&2(%')*&0%'$)3$)y%20*&#)$Q-+020*5&%-4*&
0%.'*5*wŸ(&)$.0+$%20*56&E.'$&$^-0#*4$%'(&/$)*A&-'050d*&$&#(+$&$40'0)&
$%$)/0*&+$&)*+0(3)$^-y%20*&$A&.$&%Ÿ(&3()&0%.'*5*+(&$&-'050d*+(&+$&
*2()+(&2(4&*.&0%.')-wž$.A&#(+$&2*-.*)&0%'$)3$)y%20*&#)$Q-+020*5&
%*.&)*+0(2(4-%02*wž$.6&h(&$%'*%'(A&%Ÿ(&$R0.'$&^-*5^-$)&/*)*%'0*&
+$&^-$&*&0%'$)3$)y%20*&%Ÿ(&1$%,*&*&(2())$)&%-4*&+$'$)40%*+*&