
31<<=?>9D?B
DXYcVUQdebUQ\\_gci_ed_]_^Yd_bQ^_dXUbUhdU^cY_^
ecUbc`X_^US_^fUbcQdY_^UYdXUbgYdX_bgYdX_eddXU
ecUbc[^_g\UTWU
9Vi_ebcicdU]Yc`b_WbQ]]UTd_^_dYViecUbcdXQd
dXUiQbURUY^W]_^Yd_bUTdXUiXUQbQRUU`gXU^
]_^Yd_bY^WRUWY^cEcUbcdXQdXQfUQTYc`\Qi
dU\U`X_^UQ\c_cUUi_eb^Q]UQ^TUhdU^cY_^
^e]RUbY^dXUTYc`\QiV_bdXUTebQdY_^_VdXUSQ\\
GXU^]_^Yd_bY^WQSQ\\i_eSQ^\YcdU^d_dXU
S_^fUbcQdY_^Redi_eSQ^µdc`UQ[d_UYdXUb`QbdiQ^T
dXUiSQ^dXUQbi_e8_gUfUbi_eSQ^Z_Y^dXU
S_^fUbcQdY_^RiV_b]Y^WQdXbUU`QbdiS_^VUbU^SU
0UTfR^]SXcX^]b)
O
DXUcicdU]]QiRU`b_WbQ]]UTd_TYcQ\\_g
]_^Yd_bY^W_VQ^i_bQ\\UhdU^cY_^c
O
1ecUbSQ^_^\iRU]_^Yd_bUTVb_]_^UUhdU^cY_^
QdQdY]U9Vi_edbid_]_^Yd_bc_]U_^UgX_Yc
Q\bUQTiRUY^W]_^Yd_bUTi_ebUSUYfURecid_^U
Q^T2ECIQ``UQbcY^i_ebTYc`\Qi
O
9VdXUecUb`edcdXUSQ\\Ub_^X_\TdbQ^cVUbcdXU
SQ\\_bU^TcdXUSQ\\i_eQbUTYcS_^^USdUTQ^T
i_eb]_^Yd_bY^WcUccY_^U^Tc>_dUdXQddXU
cicdU]SQ^RU`b_WbQ]]UTd_Q\\_g]_^Yd_bY^Wd_
S_^dY^eUgXY\UdXUSQ\\Yc_^X_\T
O
GXY\Ui_eQbU]_^Yd_bY^Wi_eSQ^µd]Q[U_b
bUSUYfUSQ\\c1^i_^UgX_SQ\\ci_ebdU\U`X_^U
gXY\Ui_eQbU]_^Yd_bY^WbUSUYfUcRecid_^UDXU
SQ\\UbSQ^\UQfUQSQ\\RQS[RedYce^QR\Ud_SQ]`
_^_b_fUbbYTUi_eb]_^Yd_bY^WcUccY_^9Vi_e
gQ^dd_`\QSUQ^_edW_Y^WSQ\\i_e]ecdVYbcd
SQ^SU\i_eb]_^Yd_bY^WcUccY_^
D_]_^Yd_bQQSQ\\*
O
<YVddXUXQ^TcUd
O
4YQ\dXU3Q\\=_^Yd_bVUQdebSQSSUcc
S_TUV_\\_gUTRidXU^e]RUb_VdXU
UhdU^cY_^i_egYcXd_]_^Yd_b
9VdXUecUbYc^_d_^dXU`X_^Ui_eXUQbRecid_^U
O
@bUccDB1>C3?>6
d_V_b]QdXbUU`QbdiS_^VUbU^SUgYdXdXUecUbQ^TdXU
_dXUb`Qbdi
O
8Q^We`
d_U^TdXU]_^Yd_bY^WcUccY_^
=^cT) 9Vi_egYcXd_S_^dY^eU]_^Yd_bY^WQVdUbUhYdY^WdXU
S_^VUbU^SUi_e]ecdcUde`dXU]_^Yd_bQWQY^
@B?7B1=@5BC?>1<;5IC
I_eSQ^^_dfYUgdXUcicdU]VUQdebU_bc`UUTSQ\\
`b_WbQ]]Y^W_VQ@Ubc_^Q\;Uic_YdYcY]`_bdQ^dd_
[UU`QbUS_bT_VX_g@Ubc_^Q\;UicQbU
`b_WbQ]]UTGXU^i_e`b_WbQ]Q@Ubc_^Q\;UiV_b
Q`QbdYSe\QbcicdU]VUQdebUdXUcicdU]gY\\^_dQ\\_g
i_ed_`b_WbQ]dXQdVUQdebU_^i_ebcUdQWQY^C`QSU
Yc`b_fYTUT_^i_ebCE@5BC5D$! Q^TQddXUU^T
_VdXYcWeYTUV_bi_ed_bUS_bTgXQdi_eXQfU
`b_WbQ]]UT_^i_eb@Ubc_^Q\;Uic
9Vi_eXQfUdb_eR\U`b_WbQ]]Y^WQ6UQdebU;Uidbi
`b_WbQ]]Y^WQ\\i_eb@Ubc_^Q\;UicQcC`UUT3Q\\
;UicQ^TdXU^cdQbdY^W_fUbQWQY^@b_WbQ]]Y^WQ
@Ubc_^Q\;UiQcQC`UUT3Q\\;UiQcdXUUVVUSd_V
S\UQbY^WQ^i`bUfY_ec6UQdebU;Ui`b_WbQ]]Y^W_^
dXQd[Ui
@b_WbQ]Q6UQdebU;Ui
I_eSQ^`b_WbQ]Q@Ubc_^Q\;Uid_RUQVUQdebU;Ui
6UQdebU;UicQbUecUTY^cdUQT_VVUQdebUQSSUcc
S_TUcd_QSdYfQdUcicdU]VUQdebUc_^i_eb
CE@5BC5D$! dU\U`X_^U
O
4YQ\dXU@b_WbQ]6UQdebU;UiVUQdebU
QSSUccS_TU
O
@bUccdXUTUcYbUT@Ubc_^Q\;Ui
O
5^dUbdXUVUQdebUS_TUV_bdXUcU\USdUT
VUQdebU
I_eXUQbTYQ\d_^U6UQdebUS_TUcQbU\YcdUTY^dXUdQR\U
_^dXYc`QWU
=^cT) 9V6UQdebU;Ui`b_WbQ]]Y^WYc^_dQ\\_gUT_^i_eb
cUd_bi_eXQfUQ\bUQTi`b_WbQ]UTdXYcVUQdebU_^
Q^_dXUb@Ubc_^Q\;UidXU^i_eXUQbbU_bTUbd_^U
O
@bUccC@51;5B
DXUcU\USdUTVUQdebUYc`b_WbQ]]UTd_dXQd@Ubc_^Q\;Ui
5TPcdaT
0RRTbb2^ST
C`UUT3Q\\
!
3Q\\6b_gQbT
"
1SS_e^d3_TU
#
4_>_d4YcdebR
$
1ed_1^cgUb
%
=ecYS
&
4YbUSd@QWU
'
@1@QWY^W
(
@YS[e`
)
3Q]`_^9GY\\