ࡱ > 1 3 . / 0 I bjbj & ]c O ] 8 \ ` T [ h X X " z z z U U U $ i U U U U U z z X U z z U $ z ]4J g
B " / ! ) . ", &!! ! ""!" ! ! ", + #' +% " $ , " !# !" !" " ) /
B5E=>;>38O
A=>20=8O 8 F5;8 @07@01>B:8 B@51>20=89.
0AB>OI85 B@51>20=8O : >A=0I5=8N >1@07>20B5;L=>3> ?@>F5AA0 @07@01>B0=K =0 >A=>25 D545@0;L=>3> :>=5=B0 3>AC40@AB25==KE >1@07>20B5;L=KE AB0=40@B>2 >1I53> >1@07>20=8O ?> B5E=>;>388. =8 ?@54AB02;ONB A>1>9 B@51>20=8O : - B5E=8G5A:>15A?5G5=8N CG51=>3> ?@>F5AA0, ?@54JO2;O51@07>20B5;L=K< CG@5645=8O28OE 22>40 3>AC40@AB25==KE AB0=40@B>2 ?> B5E=>;>388. "@51>20=8O 2:;NG0NB ?5@5G=8 8=AB@C2 8 >1>@C4>20=8O 4;O 2K?>;=5=8O ?@0:B8G5A:8E @01>B, 45=AB@0F8>==>3> >1>@C4>20=8O, :=83>?5G0B=>9 ?@>4C:F88 ( 181;8>B5G=K9 D>=4) , 45=AB@0F8>==KE ?5G0B=KE ?>A>189, :>@==>- :><==KE A@54AB2, B5E=8G5A:8E A@54AB2 >1CG5=8O, M:@0==>- 72C:>2KE ?>A>189, 45;59, =0BC@0;L=KE >1J5:B>2, @072820NI8E 83@ 8 83@CH5:. "0:81@07>OI85 B@51>20=8O 2K?>;=ONB DC=:F8N >@85=B8@0 2 A>740=88 F5;>AB=>9 ?@54- @072820NI59 A@54K, =5>1E>489 4;O @50;870F88 B@51>20=89 : C@>2=N ?>43>B>2:8 2K?CA:=8:>2 =0 :064>9 ABC?5=8 >1CG5=8O, CAB0=>2;5==KE AB0=40@B>4OB 87 A>>B25BAB25==>3> 7040G03> 8A?>;L7>20=8O - B5E=8G5A:8E A@54AB2 >1CG5=8O, ?5@5E>40 >B @5?@>4C:B82=KE D>@9 45OB5;L=>AB8 : A0AB>OB5;L=K8A:>2>- 8AA;54>20B5;LA:8< 2840BK, ?5@5=>A0 0:F5=B0 =0 0=0;8B8G5A:89 :>=5=B CG51=>9 45OB5;L=>AB8, D>@20=85 :><9 :C;LBC@K CG0I8EAO 8 @0728B85 CBK A @07;8G=K<8 B8?0@287=0 @07@01>B0==KE B@51>20=89.
1=>2;5=85 A>45@60=8O >1@07>20=8O A2O70=> A @0AH8@5=85AB8 ?CB59 4>AB865=8O F5;59 87CG5=8O >1@07>20B5;L=>9 >1;0AB8 "5E=>;>38O , ?@54>AB02;5=851>4K 2 2K1>@5 >1J5:B>2 B@C40 8 87CG05;>389 A F5;LN 1>;55 ?>;=>3> CG5B0 8=B5@5A>2 CG0I8EAO, 2>76=>AB59 H:>;K 8 B@51>20=89 A>2@59 687=8. 8G=>AB=0O >@85=B0F8O >1@07>20=8O @50;87>20=0 2 AB0=40@B5 G5@57 ?@54>AB02;5=85 CG0I876=>AB8 2K1>@0 ?>;57=KE >1J5:B>2 B@C40 2 ?@>F5AA5 87CG5=8O 2A5E @0745;>2 >1@07>20B5;L=>9 >1;0AB8 "5E=>;>38O . =0G8B5;L=0O G0ABL A>45@60=8O AB0=40@B0 " =0?@02;5=0 =0 ?@8>1@5B5=85 CG0I81I5B@C4>2KE 7=0=89, C2, =5>1E>48A;54CNI59 45OB5;L=>AB8 =57028A8 >B 55 2840, ?>43>B>2:C H:>;L=8:>2 : 2545=8N 4> E>7O9AB20.
5OB5;L=>AB=K9 E0@0:B5@ >1CG5=8O @50;87>20= 2 AB0=40@B5 G5@57 4>AB865=85 F5;59 87CG5=8O >1@07>20B5;L=>9 >1;0AB8 "5E=>;>38O 2 ?@>F5AA5 >A2>5=8O @07=>>1@07=KE A?>A>1>2 ?@0:B8G5A:>9 45OB5;L=>AB8 ?> 873>B>2;5=8N ?>;57=KE >1J5:B>2 B@C40.
@8=F8?K >B1>@0 >1J5:B>2 8 A@54AB2 - B5E=8G5A:>3> >15A?5G5=8O.
@8=F8?80;L=>5 7=0G5=85 4;O @50;870F88 B@51>20=89 >1@07>20B5;L=>3> AB0=40@B0 ?> B5E=>;>388 O2;O5BAO >15A?5G5==>ABL <0AB5@A:8E 8=AB@C<5=B01>@C4>20=854=K<8 <0B5@80;0AB02;5=88 B@51>20=89 : >A=0I5=8N >1@07>20B5;L=>3> ?@>F5AA0 CG8BK20;AO @O4 >A>15==>AB59 DC=:F8>=8@>20=8O H:>;L=KE <0AB5@A:8E. "5E=8G5A:85 E0@0:B5@8AB8:8 ?@8<5=O53> >1>@C4>20=8O 4>;6=K A>>B25BAB2>20BL ?A8E>D878>;>38G5A:876=>ABO;L=8:>2 5 - 8 :;0AA>2, CG51=>5 >1>@C4>20=85 4>;6=K 1KBL :><?0:B=K1K =5 ?5@53@C60BL >1J5<5I5=8O 9 8 ?@8 MB>AB02 CG51=>3> >1>@C4>20=8O 4>;65= >15A?5G820BL 2>76=>ABL 2K?>;=5=8O 2A5E >A=>2=KE B5E=>;>38G5A:8E >?5@0F89, ?@54CAB@5==KE ?@8<5@=K<8 CG51=K3@0<<02=>;=5=88 B@51>20=89 157>?0A=>AB8 B@C40.
"@51>20=8O : >A=0I5=8N :018=5B>2 ?> @0AB5=852>4AB2C 8 682>B=>2>4AB2C 3CB 1KBL 4>?>;=5=K >1>@C4>20=852 18>;>388 8 E83> >1>@C4>20=8O 4;O M;5:B@>B5E=8G5A:8E @01>B 65B 1KBL 4>?>;=5= >1>@C4>20=855=85 A>45@60=8O "5E=>;>388 ?@>8AE>48B 2 ?@>F5AA5 ?@0:B8G5A:>9 45OB5;L=>AB8 CG0I8EAO, ?>MB>20=8O 2:;NG5=> 1>;LH>5 :>;8G5AB2> 8=AB@C2, B5E=>;>38G5A:>3> >1>@C4>20=8O 8 B. ?. , GB> >15A?5G8205B H8@>:89 480?07>= B5E=>;>38G5A:>9 ?>43>B>2:8 H:>;L=8:>2, =0G8=0O A ?@>ABKE @CG=KE >?5@0F89, 8 :>=G0O 2>?;>I5=85=AB@C:B>@A:8E 8459 ?@8 2K?>;=5=88 A0AB>OB5;L=KE B2>@G5A:8E ?@>5:B>2.
:;NG5==K5 2 B@51>20=8O :>=B@>;L=>- 87@K 8 8=AB@C72>;ONB >ACI5AB2;OBL :>=B@>;L :0G5AB20 873>B>2;5==KE 8745;89, 0 =0;8G85 :>;;5:F89 =0BC@0;L=KE >1@07F>2 - 2K?>;=OBL @07=>>1@07=K5 ;01>@0B>@=>- ?@0:B8G5A:85 @01>BK.
0640O CG51=0O ;6=0 1KBL >15A?5G5=0 =5>1E>489 48G5A:>9 8 A?@02>G=>9 ;8B5@0BC@>9, B5E=8G5A:8<8 A@54AB201CG5=8O, >15A?5G820NI876=>ABL ?@>AB@0 A;094>2, 2845>D8;L2, :>2 ?> 87CG05<K< @0745;0;>388.
50;870F8O ?@8=F8?0 20@80B82=>AB8.
!>45@60=85 B5E=>;>38G5A:8E ?@>F5AA>2, A>AB02;ONI8E >A=>2C AB0=40@B0, ?>72>;O5B >ACI5AB2;OBL >1CG5=85 CG0I8EAO =0 >1J5:B0E @07;8G=>9 A;>6=>AB8 8 B@C4>5AB8, A>3;0ACO 8E A 2>7@0AB=K76=>ABO2=51I53> 8 B5E=>;>38G5A:>3> >1@07>20=8O, 2>76=>ABO;=5=8O ?@028; 157>?0A=>3> B@C40 8 B@51>20=89 >E@0=K 74>@>2LO H:>;L=8:>2.
>;LH0O @>;L 2 >1CG5=88 B5E=>;>388 >B2>48BAO A0AB>OB5;L=>9 @01>B5 CG0I8EAO. A2O78 A MB8A=>2=>5 2=8 C45;5=> 2:;NG5=8N 2 A>AB02 B@51>20=89 A@54AB2 >1CG5=8O, >15A?5G820NI8E A0AB>OB5;L=CN B2>@G5A:CN @01>BC CG0I8EAO. 0@O4C A B@048F8>==KF5AA0 ?@5?>4020=8O 45=AB@0F8>==K<8 A@54AB201CG5=8O 2 B@51>20=8O 2:;NG5=> CG51=>5 >1>@C4>20=85, >15A?5G820NI55 ?@>F5AA CG5=8O. -BC DC=:F8N ?@8720=K 2K?>;=8BL 1>;LH>5 :>;8G5AB2> 4840:B8G5A:8E @0740B>G=KE 2, M:@0==>- 72C:>2K5 A@54AB20 >1CG5=8O, @>;52K5 8 45;>2K5 83@K.
B@51>20=8O 2:;NG5=K ?>;8DC=:F8>=0;J=K5 A@54AB20 >1CG5=8O, >15A?5G820NI85 <56?@54<5B=K5 A2O78 8 A2O78 <564C @0745;0;>388: 48=0<8G5A:85 45;8, B01;8FK, ?;0:0BK, B@0=A?0@0=BK, :>B>@K5 3CB AB0BL 4;O H:>;L=8:>2 >1J5:B05:B8@>20=8O.
=0AB>OI55 2@54020=8O 22>4OBAO ?@8=F8?80;L=> =>2K5 =>A8B5;8 8=D>@2KE CG51=KE 2, 2 B>G=8:>2, :><?;5:BK 8;;NAB@0F89, 3@0D8:8, AE5<K, B01;8FK, 4803@0<<K 2A5 G0I5 @07;83@0D8G5A:8E, 0 =0 M;5:B@>==KE =>A8B5;OE. >O2;O5BAO 2>76=>ABL 8E A5B52>3> @0A?@>AB@0=5=8O 8 D>@20=8O A>1AB25==>9 181;8>B5:8 M;5:B@>==KE 8740=89. >MB> A>740BL B5E=8G5A:85 CA;>28O 4;O 8A?>;L7>20=8O :>@==>- :><<C=8:0B82=KE <C;LB81CG5=8O ( 2 B. G. 4;O ?5@540G8, >1@01>B:8, >@30=870F88 E@0=5=8O 8 =0:>?;5=8O 40==KE, A5B52>3> >1@;L7>20=8O @07;8G=KE D>@2 ?>7=020B5;L=>9 45OB5;L=>AB8) .
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
>;8G5AB2> 548=8F CG51=>3> >1>@C4>20=8O 4;O >1@01>B:5 4C:B>2 @0AAG8BK20;>AL 87 CA;>28O 45;5=8O :;0AA0 87 3 0 CG0I8EAO =0 425 @02=K5 3@C??K ?> 1 5 G5;>25:. @8 1>;LH59 A@54=59 =0?>;=O5AB8 :;0AA>2 2 >1I5>1@07>20B5;L=>1J51E>48 2=>A8BL A>>B25BAB2CNI85 :>@@5:B82K. >43@C??K ?@8 MB>;6=K 8ABL =5 1>;55 1 5 G5;>25:.
;O >B@065=8O :>;8G5AB25==KE ?>:070B5;59 2 B@51>20=8OE 8A?>;L7C5BAO A;54CNI0O A8AB5<0 A8;8G5A:8E >1>7=0G5=89:
4;O :064>3> CG5=8:0 ( 1 5 CG5=8G5A:8E :>2 =0 48= :><?;5:B 4;O CG8B5;O) ;
4;O 9 ( >1>@C4>20=85 4;O 45=AB@0F89 8;8 8A?>;L7>20=8O CG8B5;543>B>2:5 : 70=OB8O 8A?>;L7C55 >1>@C4>20=85) ;
$ 4;O D@>=B0;L=>9 @01>BK ( 8 :>2 =0 =5 <5=55 1 M:752, ) ;
:>1>@C4>20=85, =5>1E>485 4;O ?@0:B8G5A:>9 @01>BK 2 3@C??0E, =0AG8BK20NI8E =5A:>;L:> CG0I8EAO ( 4 - 5 G5;>25:) ;
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
0AB>OI85 @5:><5=40F88 3CB 1KBL CB>G=5=K 8 4>?>;=5=K ?@8 : A?5F8D8:5 :>=:@5B=KE >1@07>20B5;L=KE CG@5645=89, C@>2=N 8E D8=0=A8@>20=8O, 0 B0:65 8AE>4O 87 ?>A;54>20B5;L=>9 @07@01>B:8 8 =0:>?;5=8O A>1AB25==>9 107K - B5E=8G5A:8E A@54AB2 >1CG5=8O ( 2 B>< G8A;5 2 2845 <C;LB84C:B>2, A>740205<KE CG0I8==>9 181;8>B5:8, 2845>B5:8 8 B. ?. ) .
!
0820=8O >1J5:B>2 8 A@54AB2 - B5E=8G5A:>3> >15A?5G5=8O 5>1E>485 :>;8G5AB2>
@82=0O H:>;0.
!B0@H0O H:>;0 0?@02;5=8O B5E=>;>38G5A:>9 ?>43>B>2:8 07>2K9 C@>25=L @>D8;L=K9 C@>25=L "5E=8G5A:89 B@C4 1A;C6820NI89 B@C4 !5;LA:>E>7O9AB25==K9 B@C4 1 . 81;8>B5G=K9 D>=4 ( :=83>?5G0B=0O ?@>4C:F8O) !B0=40@B >A=>2=>3> >1I53> >1@07>20=8O ?> B5E=>;>388 !B0=40@B ?> B5E=>;>388, ?@83@0<G85 ?@>3@0<4OB 2 A>AB02 >1O70B5;L=>3> ?@>3@0<<- 48G5A:>3> >15A?5G5=8O ;>388.
181;8>B5G=K9 D>=4 2E>4OB :>2, @5:>20==KE 8;8 4>?CI5==KE 8=8AB5@AB2>1@07>20=8O 8 =0C:8 >AA89A:>9 $545@0F88.
@8 :>B5G=>3> D>=40 ?>;=K<?;5:B02 F5;5A>>1@07=> 2:;NG8BL 2 A>AB02 :=83>?5G0B=>9 ?@>4C:F88, 8;>388, 8 ?> =5A:>;L:> M:752 CG51=8:>2 87 4@C38E # ?> >A=>2=K< @0745;0< ?@54;>388. -B8 CG51=8:8 3CB 1KBL 8A?>;L7>20=K CG0I8;=5=8O ?@0:B8G5A:8E @01>B, 0 B0:65 CG8B5;5< :0: G0ABL 48G5A:>3> >15A?5G5=8O :018=5B0. !B0=40@B A@54=53> ( ?>;=>3>) >1I53> >1@07>20=8O ?> B5E=>;>388 ( 107>2K9 C@>25=L) !B0=40@B A@54=53> ( ?>;=>3>) >1I53> >1@07>20=8O ?> B5E=>;>388 ( ?@>D8;L=K9 C@>25=L) @83@0<A=>2=>3> >1I53> >1@07>20=8O ?> B5E=>;>388 @83@0< ( ?>;=>3>) >1I53> >1@07>20=8O =0 107>2>2=5 ?> B5E=>;>388 @83@0< ( ?>;=>3>) >1I53> >1@07>20=8O =0 ?@>D8;L=>2=5 ?> B5E=>;>388 01>G85 ?@>3@0< =0?@02;5=8O;>388 #G51=8:8 ?> B5E=>;>388 4;O 5 , 6 , 7 , 8 , 9 , 1 0 , 1 1 :;0AA0 #G51=8:8 4;O =0G0;L=>3> ?@>D5AA8>=0;L=>3> >1@07>20=8O A>>B25BAB285 A ?@>D8;5;>38G5A:>9 ?>43>B>2:8 01>G85 B5B@048 4;O 5 , 6 , 7 , 8 , 9 :;0AA0 >2 =01;N45=89 70 @0728B85E>7O9AB25==KE @0AB5=89 8 682>B=KE @C385 4840:B8G5A:85 2A5< @0745;03> =0?@02;5=8O B5E=>;>38G5A:>9 ?>43>B>2:8 CG0I8EAO !1>@=8:8 CG51=KE ?@>5:B>2, ?>7=020B5;L=KE 8 @072820NI8E 7040=89, 0 B0:65 :>=B@>;L=>- 87<5@8B5;L=K5 >B45;L=K< @0745;0< 8 B5<0- ?>?C;O@=0O 8 B5E=8G5A:0O ;8B5@0BC@0 ?> B5<09 ?@>3@0<- ?>?C;O@=K5 8 B5E=8G5A:85 ?5@8>48G5A:85 8740=8O 8 ;8B5@0BC@0, =5>1E>4843>B>2:8 B2>@G5A:8E @01>B 8 ?@>5:B>2 4>;6=K A>45@60BLAO 2 :018=5B0E B5E=>;>388 8 2 D>=40E H:>;L=>9 181;8>B5:8 >@<0B82=K5 @0745;0;>38G5A:>9 ?>43>B>2:8 2 M:7. =0 G=K5 ?>A>18O ?> @0745;0< 8 B5<03@0<<K 2 M:7. =0 48G5A:85 ?>A>18O 4;O CG8B5;O ( @5:>2545=8N C@>:>2) 5B>48G5A:85 @5:> >1>@C4>20=8N :018=5B>2 8 A>18O "01;8FK ( ?;0:0BK) ?> 157>?0A=>AB8 B@C40 :> 2A5< @0745;0;>38G5A:>9 ?>43>B>2:8 "01;8FK ( ?;0:0BK) ?> >A=>2=K< B5<02 :064>3> =0?@02;5=8O B5E=>;>38G5A:>9 ?>43>B>2:8 CG0I8EAO @8 2K45;5=88 >A=>2=KE B5@85=B8@>20BLAO =0 ?@83@0< =0?@02;5=8O;>38G5A:>9 ?>43>B>2:8 0740B>G=K5 4840:B8G5A:85 B5<02 :064>3> =0?@02;5=8O B5E=>;>38G5A:>9 ?>43>B>2:8 CG0I8EAO ,
,
,
,
,
"5E=>;>38G5A:85 :0@BK, AE5<K 8 4@C385 3>, ;01>@0B>@=>- 3@C??>2>3> 8;8 1@8304=>3> 8A?>;L7>20=8O CG0I8G=K5 :>=B@>;L=K5 7040=8O >@B@5BK 2K40NI8EAO 45OB5;59 =0C:8 8 B5E=8:8 >@B@5B>2 4;O @07;8G=KE @0745;>2 =0?@02;5=89 B5E=>;>38G5A:>9 ?>43>B>2:8 ;0:0BK 8 B01;8FK ?> ?@>D5AA8>=0;L=><C A0>?@545;5=8N 2 AD5@5 3> ?@>872>4AB20 8 AD5@5 CA;C3. 3 . =D>@==>- :><==K5 A@54AB20 C;LB8<5489=K5 45;8@CNI85 8 >1CG0NI85 ?@>3@0<==K5 CG51=8:8 ?> >A=>2=K< @0745;0;>388. C;LB8<5489=K5 ;6=K 1KBL 4>ABC?=K =0 :064>G5< 1>@C4>20==>==K5 107K 40==KE 8 =B5@=5B- @5AC@AK 4>;6=K >15A?5G820BL ?>;CG5=85 4>?>;=8B5;L=>9 8=D>@1E>489 4;O B2>@G5A:>9 45OB5;L=>AB8 CG0I8EAO 8 @0AH8@5=8O 8E :@C3>7>@0. -;5:B@>==K5 181;8>B5:8 8 107K 40==KE ?> >A=>2=K< @0745;0;>388. =B5@=5B- @5AC@AK ?> >A=>2=K< @0745;0;>388. 4 . -:@0==>- 72C:>2K5 ?>A>18O 845>D8;L >A=>2=K< @0745;0< 8 B5<03@0<D8;L A>2@5<5==K< =0?@02;5=8O;>389, 3> ?@>872>4AB20 8 AD5@K CA;C3. "01;8FK- D>;88 8 B@0=A?>@0=BK- D>;88 ?> >A=>2=K< B5<02 ?@>3@0<3CB 8A?>;L7>20BLAO A?5F80;L=K5 ?>41>@:8 8;;NAB@0B82=>3> A>15==>AB8 02B>@A:8E ?@>3@0<78B82>2 ( A;094>2) ?> @07;8G=K< B5<0< 8 @0745;03@0<1CG5=8O -:A?>78F8>==K9 M:@0= =0 HB0B825 8;8 =025A=>9 ! @07<5@0@>= =5 <5=55 1 , 2 5 E1 , 2 5 D>= ( 2845>?;595@) 803>=0;L B5;5287>@0 =5 <5=55 7 2 A76=> 8A?>;L7>20=8O 2845>42>9:8 . "5;5287>@ A C=825@A0;L=>9 ?>4AB02:>9 &8D@>2>9 D>B>0??0@0B ;O ?>43>B>2:8 4840:B8G5A:>3> :C, 8A?>;L7>20=8O 4;O 2=5:;0AA=>9 @01>BK C;LB820=8O: 3@0D8G5A:0O >?5@0F8>==0O A8AB54 4;O GB5=8O- 70?8A8 :>2, 0C48>- 2845> 2E>4K/ 2KE>4K, 2>76=>ABL 2KE>40 2 =B5@=5B. ! ?0:5B03@0<2KE, B01;8G=KE, 3@0D8G5A:8E 8 ?@575=B0F8>==KE) . !:0=5@( @8=B5@( >?8@>20;L=K9 0??0@0B( >76=> 8A?>;L7>20=85 >4=>3> M:751>@C4>20=8O 4;O >1A;C6820=8O =5A:>;L:8E 2 B5E=>;>388 C;LB85:B>@( ;>BB5@ @0D>?@>5:B>@ ( 25@E54- ?@>5:B>@) 80?@>5:B>@ !@54AB20 B5;5:><- ?@0:B8G5A:>5 8 CG51=>- ;01>@0B>@=>5 >1>@C4>20=85 ?B5G:0 !>45@60=85 0?B5G:8 >1=>2;O5BAO 5653>4=> %0;0BK >;6=K 2K4020BLAO CG0I8 2A5E 2545=88 ?@0:B8G5A:8E @01>B G:8 70I8B=K5 >;6=K 2K4020BLAO CG0I82545=88 @01>B, B@51CNI8E 70I8BK 3;07 0745;: !>740=85 8745;89 87 :>=AB@C:F8>==KE 8 ?>45;>G=KE 2 5@AB0: AB>;O@=K9 2 :>@ 4;O 2K?8;820=8O ;>178:>@ AB>;O@=KE 8=AB@C2 H:>;L=K9 >=AB@C:B>@K 4;O 45;8@>20=8O ?@>ABKE <0H8= 8 <5E0=872 >=AB@C:B>@K 4;O 45;8@>20=8O B5E=>;>38G5A:8E <0H8= 8 <5E0=872 $ 01>@K A25@; ?> 45@52C 8 @0 =0 >B25BAB285 A ?@>D8;5B, 2K?>;=O5<KE 2 9 @81>@ 4;O 2K6830=8O 01>@ 8=AB@C2 4;O @57L1K ?> 45@52C 01>@K :>=B@>;L=>- 87<5@8B5;L=KE 8 @07G=KE 8=AB@C2 ?> 45@52C 8 >B25BAB285 A ?@>D8;5B, 2K?>;=O5<KE 2 9 !BCA;> ?>2>@>B=>5 !B@C1F8=0 ;>40 5@AB0: A;5A0@=K9 2 :>@ A;5A0@=KE 8=AB@C2 H:>;L=K9 01>@ =0?8;L=8:>2 H:>;L=K9: 01>@ @57L1>=0@57=>3> 8=AB@C@ >168:, ?>445@65:, =0BO65: 4;O :;5?:8 >6=8FK ?> <5B0;;C @KG06=K5 5GL B?CA:0 8=AB@CB>2>: @8A?>A>1;5=85 381>G=>5 4;O @01>BK A ;8AB>2K< 20;L=O 3 0 :3 -;5:B@>8=AB@C1>@C4>20=85 4;O 70B>G:8 8=AB@C2 5=AB@0F8>==K9 :>8=AB@C2 8 >1>@C4>20=8O 8A?>;L7C5BAO CG8B5;51JOA=5=8O B5>@5B8G5A:>3> 43>B>2:8 703>B>2>: : C@>:0<. #G0I85AO 3CB 1KBL 4>?CI5=K B>;L:> : @01>B5 A >1>@C4>20=8520==K;L7>20=8O H:>;L=8:0>B25BAB2CNI53> 2>7@0AB0. -;5:B@>8=AB@C1>@C4>20=85 4;O A25@;5=8O >B25@AB89 , -;5:B@>8=AB@C1>@C4>20=85 4;O B>G5=8O 703>B>2>: 87 45@520 8 8=AB@C1>@C4>20=85 4;O D@575@>20=8O 703>B>2>: 87 45@520 8 8=AB@C1>@C4>20=85 4;O H;8D>20=8O ?>25@E=>AB59 , -;5:B@>8=AB@C1>@C4>20=85 4;O 703>B>2:8 2 ( @>A?CA:, DC3>20=85)
01>@0B>@=K9 M;5:B@>I8B #AB0=02;820NBAO 2 8 >1@01>B:8. #AB@>9AB2> 70I8B=>3> >B:;NG5=8O M;5:B@>>1>@C4>20=8O !8AB5<0 9 25=B8;OF88 0745;: "5E=>;>388 2545=8O 4><?;5:B 8=AB@C2 4;O A0=8B0@=>- B5E=8G5A:8E @01>B ><?;5:B 8=AB@C2 4;O @5=B=>- >B45;>G=KE @01>B >30B5;L=>3> >1>@C4>20=8O 4;O @5=B=>- >B45;>G=KE @01>B !0=B5E=8G5A:85 CAB0=>2>G=K5 8745;8O $ $ $ >2KE ?@81>@>2 8 >1>@C4>20=8O 4;O CE>40 70 68;8I54564>9 8 >1C2LN >41>@ ?@81>@>2 8 >1>@C4>20=8O 4>;65= >B@060BL ?5@54>2K5 B5E=>;>388 0745;: !>740=85 8745;89 87 B5:AB8;L=KE 8 ?>45;>G=KE 2 !B0=>: B:0F:89 CG51=K9 0=5:5= 4 4 @079) !B>; @01>G89 C=825@A0;L=K9 0H8=0 H259=0O 1KB>20O C=825@A0;L=0O 25@;>: 20 M:7. =0 1>@C4>20=8O 8 ?@8A?>A>1;5=89 4;O 2;06=>- B5?;>2>9 >1@01>B:8 20 :><?;5:B0 =0 <?;5:B 8=AB@C2 8 ?@8A?>A>1;5=89 4;O @CG=KE H259=KE @01>B ><?;5:B 8=AB@C2 8 ?@8A?>A>1;5=89 4;O 2KH820=8O >@ H01;>=>2 H259=KE 8745;89 2 1 : 4 4;O 45;8@>20=8O 01>@ ?@8A?>A>1;5=89 4;O @0A:@>O :>AKE 155: OBL M:7. =0 @ A0=8B0@=>- 38385=8G5A:>3> >1>@C4>20=8O 4;O H259=>9 9 (01;>=K AB8;87>20==>9 D83C@K 01>@ 87<5@8B5;L=KE 8=AB@C2 4;O @01>BK A B:0=O- 38385=8G5A:>5 >1>@C4>20=85 :CE=8 8 AB>;>2>9 $8;LB@ 4;O 2>4K '5BK@5 M:7. =0 ;>48;L=8: 5GL !' 5AK =0AB>;L=K5 20 M:7. =0 ==>3> >1>@C4>20=8O =0 1@8304C ( 9:0, ?;8B0, @01>G89 AB>;, H:0D, ACH:0 4;O ?>AC4K) -;5:B@>?;8BK 01>@ :CE>==>3> M;5:B@>>1>@C4>20=8O 01>@ 8=AB@C2 8 ?@8A?>A>1;5=89 4;O 9 >1@01>B:8 ?@>4C:B>2 >==>9 ?>AC4K 4;O B5?;>2>9 >1@01>B:8 ?8I52KE ?@>4C:B>2 01>@ 8=AB@C2 8 ?@8A?>A>1;5=89 4;O B5?;>2>9 >1@01>B:8 ?8I52KE ?@>4C:B>2 01>@ 8=AB@C2 4;O @0745;:8 @K1K 01>@ 8=AB@C2 4;O @0745;:8 @C1:0 ( M;5:B@>@C1:0) 01>@ 8=AB@C2 8 ?@8A?>A>1;5=89 4;O @0745;:8 B5AB0 >G=KE 4>A>: 01>@ : M20==KE 01>@ AB>;>2>9 ?>AC4K 87 =5@6025NI59 AB0;8 !5@287 AB>;>2K9 20 A5@2870 =0 6 ?5@A>= =0 = =0 @ >1>@C4>20=8O 8 ?@8A?>A>1;5=89 4;O A5@28@>2:8 AB>;0 20 M:7. =0 4AB2>. 82>B=>2>4AB2>. 5AK B5E=8G5A:85 A @07=>25A025A0<8 C?0 $ p H - @ 4;O 45=AB@0F88 2>4=KE A2>9AB2 ?>G2K !CH8;L=K9 H:0D "5@<5B@K 4;O 87<5@5=8O B574CE0 8 ?>G2K 0@>B:8 4;O A>@B8@>2:8 A5@K A8B ;0=H5BK $ 5@8B5;L=K5 8 @07G=K5 8=AB@CA>1;5=8O >@H:8 F25B>G=K5 5 0 '0H:8 5B@8 2 0 G:8 70I8B=K5 1 $ $0@BC:8 071>@=0O "5?;8F0 =:C10B>@ =0 5 0 O8F 2>A:>? ><?;5:B 8=AB@C2 8 >1>@C4>20=8O 4;O @01>BK =0 H:>;L=>- >?KB=><?;5:B 3010@8B=>9 A5;LA:>E>7O9AB25==>9 B5E=8:8 ( @ 8;8 B>1;>: A :>@C489) 1 ( 0745;: -;5:B@>B5E=8G5A:85 @01>BK 5=AB@0F8>==K9 :>87@>2 !>AB02 :>?@545;O5BAO =0 >A=>25 ?@89 ?@>3@0< A>>B25BAB2CNI5<C =0?@02;5=8N. 5=AB@0F8>==K9 :>87@>2 5=AB@0F8>==K9 :>G=8:>2 ?8B0=8O 5=AB@0F8>==K5 :>CAB0=>2>G=KE 8745;89. 5=AB@0F8>==K9 :>B5E=8G5A:8E 45B0;59 5=AB@0F8>==K9 :>B5E=8G5A:8E 2 5=AB@0F8>==K9 :>2>4>2 8 :015;59 >A=0165=8O 01>@0B>@=K9 :>87@>2 $ $ $ 01>@0B>@=K9 :>87@>2 $ $ $ 01>@0B>@=K9 =01>@ M;5:B@>CAB0=>2>G=KE 8745;89 $ $ $ >=AB@C:B>@ 4;O 45;8@>20=8O 8AB>G=8:>2 ?>;CG5=8O M;5:B@8G5A:>9 M=5@388. >=AB@C:B>@ 4;O A1>@:8 M;5:B@8G5A:8E F5?59 >=AB@C:B>@ 4;O 45;8@>20=8O ?>4:;NG5=8O :>;;5:B>@=>3> M;5:B@>42830B5;O, A@54AB2 C?@02;5=8O 8 70I8BK >=AB@C:B>@ 4;O A1>@:8 45;59 ?@>ABKE M;5:B@>==KE CAB@>9AB2 #G5=8G5A:89 =01>@ 8=AB@C2 4;O 2K?>;=5=8O M;5:B@>B5E=8G5A:8E @01>B @>2>40 A>548=8B5;L=K5 0745;: '5@G5=85 8 3@0D8:0 #G5=8G5A:89 =01>@ G5@B56=KE 8=AB@C2 @81>@ G5@B56=K9 01>@ G5@B56=KE 8=AB@C2 4;O 2K?>;=5=8O 87>1@065=89 =0 :;0AA=>9 4>A:5 ><?;5:B 8=AB@C2 8 >1>@C4>20=8O 4;O 2K?>;=5=8O ?@>5:B=KE @01>B ?> ?@>D8;N >1CG5=8O , # , # @>5:B=K5 @01>BK 8 87CG5=85 A?5F80;L=KE B5E=>;>389 65B >ACI5AB2;OBLAO =0 1075 ?@>D8;L=KE :018=5B>2 8 ;K, ;L=KE CG51=KE :>2, CG51=>- >?KB=KE CG0AB:>2 8;8 H:>;L=KE D5@1>@C4>20=8O 8 8=AB@C2 4;O =0G0;L=>9 ?@>D5AA8>=0;L=>9 ?>43>B>2:8 CG0I8EAO 2 @0<:0E ?@54;>38G5A:>3> ?@>D8;O , , 7 . !?5F80;878@>20==0O CG51=0O @=0O 4>A:0 A 9 ?>25@E=>ABLN 8 =01>@>A>1;5=89 4;O :@5?;5=8O ?;0:0B>2 8 B01;8F >; !5:F8>==K5 H:0DK ( AB5;;068) 4;O E@0=5=8O 8=AB@C2, ?@81>@>2, 45B0;59 >;8G5AB2> >?@545;O5BAO ?>B@51=>ABLN :>=:@5B=>9 9 8 7028A8B >B 55 ?;>I048 8 B8?>2 ( 2<5AB8AB8) A@54AB2 E@0=5=8O 8=AB@C2 8 >1>@C4>20=8O /I8:8 4;O E@0=5=8O B01;8F 8 ?;0:0B>2 #:;04:8 4;O 0C48>287C0;L=KE A@54AB2 ( A;094>2, :0AA5B 8 4@. ) (B0B82 4;O ?;0:0B>2 8 B01;8F !?5F80;878@>20==>5 CG8B5;O @54=07=0G5=> 4;O 45=AB@0F88 8=AB@C2, >1>@C4>20=8O, >1J5:B>2 B@C40 8 ?@852 @01>BK #G5=8G5A:85 ;01>@0B>@=K5 AB>;K 2 - E ;8G5AB2> 2 8 :;0AA>2 4;O 87CG5=8O B5E=>;>388 2 H:>;5 >?@545;O5BAO :>;8G5AB2>< @50;87C5;>38G5A:>9 ?>43>B>2:8. 8 . >45;8 ( 8;8 =0BC@0;L=K5 >1@07FK) 8=0<8G5A:0O 45;L H:>;L=>3> CG51=>- >?KB=>3> CG0AB:0 >45;8 A5;LA:>E>7O9AB25==KE >@C489 B@C40 8 B5E=8:8 >45;8 M;5:B@8G5A:8E <?;5:B 45;59 <5E0=872 8 ?5@540G >45;8 4;O 0=0;870 D>@45;8 4;O 45=AB@0F88 >1@07>20=8O 0:A>=>5:F89 >45;8 >1@07>20=8O A5G5=89 8 @07@57>2 >45;8 @07J5548=5=89 0740B>G=K5 45;8 45B0;59 ?> @07;8G=K< @0745;0;>388 9 . 0BC@0;L=K5 >1J5:BK >;;5:F88 87CG05<KE 2 0AE>4=K5 <0B5@80;K, D0=5@0, :@0A8B5;8, <5B87=K5 8745;8O, H:C@:0, ?@>:0B, =>6>2>G=K5 ?>;>B=0, ?8;:8 4;O ;>178:0, <0B5@80;K 4;O @5=B=>- >B45;>G=KE @01>B, C4>1@5=8O, A@54AB20 70I8BK @0AB5=89, ?;5=:0 ?>;8MB8;5=>20O, 1C20;L=0O, 3>@H>G:8 8 :C18:8 B>@DO=K5 8 B. 4. ) >;8G5AB2> @0AE>4=KE 2 >?@545;O5BAO 8AE>4O 87 2K1@0==KE >1J5:B>2 B@C40 H:>;L=8:>2 >1@07F>2 2 8 8745;89 4;O A0=8B0@=>- B5E=8G5A:8E @01>B >1@07F>2 2 4;O @5=B=>- >B45;>G=KE @01>B 1 0 3@K 8 83@CH:8 3@K 8 83@CH:8, @072820NI85 ?@>AB@0=AB25==>5 2>>1@065=85 >3CB 1KBL 8A?>;L7>20=K :0: >1@07FK >1J5:B>2 ?@8 2K?>;=5=88 H:>;L=8:05:B>2 3@K 8 83@CH:8, @072820NI85 B5E=8G5A:>5 1@07=>5 76=> ?>;CG5=85 >1>@C4>20=8O 2> 2@55 ?>;L7>20=85 87 D>=4>2 H:>;K
P A G E
P A G E 8
l n J L B D (
*
L
N
> @ 4 v x | ~ x z ! ! (! *! ! ! p" r" $ $ $ $ % % X' Z' ' ' ( T( ) ) 2* 4* + + , , - - . . @/ B/ 0 0 (1 *1 1 1 n2 p2 3 3 X4 Z4 5 5 B6 D6 6 6 : : NH 56
5;NH 5;^ l n 8 : 8! L$ "&
( ( T( + J/ 41 6 ; ; $h d $ $ d $ l n 8 : 8! L$ "&
( ( T( + J/ 41 6 ; ; L< ? l@ 0A FB C
D LD J L L L L L L L L L M M M M M
M M M M M M M M M M N N $N &N (N *N ,N zN N N N N N N N O DO FO HO JO LO RO O O O O O O O O O &P *P
[: L; N; ; L< ~? ? @ @ V@ X@ p@ t@ A A DB FB B B C C C C C C D
D JD LD D D zE |E F F \G ^G @I BI I I I I I J J J XK ZK xL zL L L M M M M M M lN nN zN N N N N N N N N N N N N N N O O O O O "O &O (O DO LO O 5CJ CJ NH CJ NH CJ CJ 56B*B*556 NH V; LX @X
Y Y ^Y `Y Z Z `Z bZ Z Z Z Z [ [ [ [ \ \ \ \ \ \ X] Z] v] x] ] ] ] ] ^ ^ ^ ^ _ _ CJ NH CJ CJ NH CJ 5CJ 5CJ NH ZO O O O O &P *P .P 2P 4P 6P lQ zR U $ r $$l
t ִ S P $
x $$
*P .P 2P 4P 6P lQ zR R R R R R R RS TS S S NT PT T T T T V 6V 8V :V
xxx
.
qtek
dolmar
dolmar
dolmar
dolmar
dolmar
dolmar
6131
neff
dolmar
dolmar
dolmar
dolmar