La « levée du voile corporatif »
en vertu du Code civil du Québec :
des perspectives théoriques et empiriques
à la lumière de dix années de jurisprudence*
Hie]VcZGDJHH:6J ZiCVY^VHB6ÒA>
AVeghZciZijYZVedjgdW_ZiYZb^ZjmXdbegZcYgZaZgZXdjghZc aZkZYjkd^aZXdgedgVi^[eVga¼VcVanhZYZhYX^h^dchgZcYjZheVgaZhig^Wj" cVjmgZaVi^kZbZci|a¼Vgi^XaZ(&,Yj8dYZX^k^aYjFjWZXhjgjcZeg^dYZ YZY^mVch!hd^iYZ&..)|'%%)#8ZiiZijYZegZcYaV[dgbZcdchZjaZbZci Y¼jcZ VcVanhZ Zm\i^fjZ YZh YX^h^dch! bV^h \VaZbZci Y¼jcZ VcVanhZ hiVi^hi^fjZYZhi^cZ|bZiigZZcajb^gZVkZXeajhYZg^\jZjgaZhiZcYVcXZh _jg^hegjYZci^ZaaZh#:aaZeZgbZiY¼dWhZgkZgfjZaZhig^WjcVjm[dciegZjkZYZ Y[gZcXZ|a¼\VgYYjeg^cX^eZYZaVgZhedchVW^a^ia^b^iZZiXdch^YgZci aVaZkZYjkd^aZXdgedgVi^[XdbbZjcZhVcXi^dcY¼ZmXZei^dc#8ZaVgZhhdgi YjiVjm\cgVaYZaZkZYjkd^aZXdgedgVi^[fj^Zhi^c[g^Zjg|XZaj^fj^ ZhiXdchiViYVchY¼VjigZh_jg^Y^Xi^dchYZXdbbdcaVl#9jgVciaVeg^dYZ ijY^Z! aZh XgV^ciZh Zmeg^bZh eVg aZh XdbbZciViZjgh gZaVi^kZbZci | a¼gdh^dcYjeg^cX^eZYZaVeZghdccVa^i_jg^Y^fjZY^hi^cXiZYZaV hdX^i eVgVXi^dchcZgZÅiV^ZcieVhaVgVa^i#EajheVgi^Xja^gZbZci!aZhghja" iVihYZa¼ijYZbdcigZcifjZaZhbdi^[h^ckdfjhedjgegdXYZg|aVaZkZ Yj kd^aZ XdgedgVi^[ hdci aZh eg^cX^eVjm YiZgb^cVcih YZ aV YX^h^dc YZh ig^WjcVjmY¼Veea^fjZga¼Vgi^XaZ(&,#AZhY^bZch^dch[VXijZaaZhZia\VaZh Yja^i^\ZZmZgXZcijcZ^cÅjZcXZbVg\^cVaZhjgaVegdWVW^a^iYZaZkZYj
A¼ijYZ | a¼dg^\^cZ Yj eghZci Vgi^XaZ V i gVa^hZ \g}XZ Vj igVkV^a g^\djgZjm YZh eZghdccZh hj^kVciZh fj^ hdci k^kZbZci gZbZgX^Zh/ ?ja^Z 7^gdc! 6ccZ"BVg^Z 7gZidc! 6ccZ";gYg^fjZ7djggZi!6aZmVcYgZ<ZgbV^c!@Vg^cZBV^aadjmZiB^X]ZaBVgVcYV#9Zh kZgh^dchVcig^ZjgZhYZXZiVgi^XaZdciieghZciZhVj8dc\ghVccjZaYZaV8VcVY^Vc AVlVcY:Xdcdb^Xh6hhdX^Vi^dc!VjAVlVcY:Xdcdb^XhLdg`h]deYZaV;VXjaiYZ Ygd^iYZa¼Jc^kZgh^iYZ8dadbW^Z"7g^iVcc^fjZZi|aVHZXi^dcYZYgd^ieg^kYZaV;VXjai YZYgd^iYZa¼Jc^kZgh^iYZBdcigVa# Egd[ZhhZjgV\g\!i^ijaV^gZYZaV8]V^gZZcYgd^iYZhV[[V^gZhZiYjXdbbZgXZ^ciZgcV" i^dcVa!;VXjaiYZYgd^i!Jc^kZgh^iYZBdcigVa# 9dXidgVciZZchX^ZcXZhXdbeiVWaZh!=:8BdcigVa# AZh8V]^ZghYZ9gd^i!kda#),!cd)!YXZbWgZ'%%+!e#-&*"-+& '%%+ ),AZh8V]^ZghYZ9gd^i-&*
-&+ AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&* kd^aZXdgedgVi^[#EVgb^aZhbdi^[h^ckdfjh!aV[gVjYZZiaVYgd\Vi^dc| jcZg\aZY¼dgYgZejWa^XhZYbVgfjZcieVgaZjg^beVXih^\c^ÄXVi^[hjgaV egdWVW^a^iYZhdjakZbZciYjkd^aZXdgedgVi^[# I]^hhijYnhZZ`hidWZiiZgjcYZghiVcYi]Za^[i^c\d[i]ZXdgedgViZkZ^a WnVcVcVanh^hd[XdjgiYZX^h^dch^cgZ[ZgZcXZidVgi^XaZ(&,d[i]Z8^k^a 8dYZd[FjWZXdkZgViZc"nZVgeZg^dY!cVbZan[gdb&..)id'%%)#I]^h gZhZVgX]^hbdgZi]Vc_jhiVcZmZ\Zi^XXdchigjXi^dcd[i]ZhZgja^c\hh^cXZ ^iZmiZcYhidVhiVi^hi^XVaXdbe^aVi^dc^ciZcYZYidh]ZYVbdgZeZcZigVi^c\ a^\]idcXVhZ"aVligZcYh#6hhjX]!^idWhZgkZhi]Vii]ZXdjgihVXil^i]YZ[Zg" ZcXZVhgZ\VgYhi]Zeg^cX^eaZd[a^b^iZYa^VW^a^inVcYXdch^YZgi]Za^[i^c\d[ i]ZXdgedgViZkZ^aidWZVcZmXZei^dcVaeZcVain#I]^hXdbZhida^\]i[gdb i]ZdkZgVaagViZd[a^[iZYXdgedgViZkZ^ahi]Vi^hadlZgi]VcXdggZhedcY^c\ gViZh^cdi]Zg8dbbdcAVl_jg^hY^Xi^dch#9jg^c\i]ZeZg^dYjcYZghijYn! i]Z[ZVghZmegZhhZYWnXdbbZciVidghgZaVi^c\idi]ZZgdh^dcd[i]Zeg^c" X^eaZd[i]ZY^hi^cXi_jg^Y^XVaeZghdcVa^ind[V_d^ci"hidX`XdbeVcnlZgZcdi VgZÅZXi^dcd[gZVa^in#BdgZheZX^ÄXVaan!i]ZgZhjaihd[i]ZhijYnYZbdc" higViZi]Vii]ZgZVhdchgV^hZY[dga^[i^c\i]ZXdgedgViZkZ^aVgZi]Zeg^bVgn YZX^h^kZ[VXidgh[dgi]ZXdjgih¼YZX^h^dchidVeeanVgi^XaZ(&,#I]Z[VXijVa VcYaZ\VaY^bZch^dchd[a^i^\Vi^dcZmZgX^hZVbVg\^cVa^cÅjZcXZjedci]Z egdWVW^a^ind[a^[i^c\i]ZXdgedgViZkZ^a#6bdc\i]ZhiViZYgZVhdch![gVjY VcYi]ZYZeVgijgZ[gdbgjaZhd[ejWa^XdgYZghiVcYdjiWni]Z^gh^\c^ÄXVci ^beVXijedci]ZegdWVW^a^ind[]Vk^c\i]ZXdgedgViZkZ^aa^[iZY# EV\Zh & AZhdjakZbZciYjkd^aZXdgedgVi^[ZckZgijYj8dYZX^k^aYjFjWZX/YZheZgheZX"bbb i^kZhi]dg^fjZh################################################################################################################## -'% &#& AVaZkZYjkd^aZXdgedgVi^[kjZhdjha¼Vc\aZYZaVi]dg^ZXdcdb^fjZ######### -'% &#&#& AV gZhedchVW^a^i a^b^iZ YZh VXi^dccV^gZh Zi aZ [^cVcXZbZci YZhbbb
ZcigZeg^hZh##################################################################################################### -'& &#&#&#& A¼^bbjc^i YZh VXi^dccV^gZh [VX^a^iZ aV Y^kZgh^ÄXVi^dc YZhbbb
^ckZhi^hhZbZcih############################################################################## -'& &#&#&#' A¼^bbjc^iYZhVXi^dccV^gZhVj\bZciZaVa^fj^Y^iYZh^ckZh"bbb
H#GdjhhZVj AV®aZkZYjkd^aZXdgedgVi^[¯° -&, C#HbVa^ &#&#&#( A¼^bbjc^iYZhVXi^dccV^gZhY^b^cjZaZXdiYZhjgkZ^aaVcXZbbb YZhY^g^\ZVcih################################################################################# -') &#&#' AZXdiZmiZgcZ\cgeVgaVgZhedchVW^a^ia^b^iZ############################### -'+ &#' JcZkjZY¼ZchZbWaZYZhbdi^[hYZhdjakZbZciYjkd^aZXdgedgVi^[ZckZgijbbb Yj8dYZX^k^aYjFjWZX######################################################################################### -'-&#'#& AVbVc^ejaVi^dcYZaVeZghdccVa^ibdgVaZZiaVcdi^dcY¼VaiZgZ\d##### -'. &#'#' A¼ji^a^hVi^dc YZ aV eZghdccVa^i bdgVaZ edjg XdbbZiigZ jcZ [gVjYZ!bbb
jcVWjhYZYgd^idjjcZYgd\Vi^dc|jcZg\aZY¼dgYgZejWa^X############# -(& &#( AVaZkZYjkd^aZXdgedgVi^[/Ygd^iZiXdcdb^Z################################################# -()
' AZ hdjakZbZci Yj kd^aZ XdgedgVi^[ Zc kZgij Yj 8dYZ X^k^a Yj FjWZX/ jcZ ijYZbbb Zbe^g^fjZYZaV_jg^hegjYZcXZ &..)"'%%) #################################################################### -(, '#& AVYbVgX]Zbi]dYdad\^fjZgZiZcjZ################################################################## -(-'#' AZhghjaiVih############################################################################################################# -)% '#'#& AZXdciZmiZ[VXijZaZia\Va######################################################################### -)% '#'#&#& 9ZhdWhZgkVi^dch\cgVaZh########################################################## -)% '#'#&#' AV_jg^Y^Xi^dcYjig^WjcVa############################################################# -)' '#'#&#( A¼^YZci^iYjgZfjgVci################################################################# -)( '#'#&#) AZcdbWgZY¼VXi^dccV^gZh############################################################ -)) '#'#&#* A¼^YZci^iYZa¼^ci^b#################################################################### -)) '#'#&#+ AZXdciZmiZa\Va########################################################################### -)+ '#'#&#, JcZVcVanhZbjai^kVg^ZYjXdciZmiZ[VXijZaZia\Va############### -), '#( AZhbdi^[hYZhdjakZbZciYjkd^aZXdgedgVi^[################################################### -). '#(#& AV[gVjYZ####################################################################################################### -). '#(#' A¼VWjhYZYgd^iZiaVbVjkV^hZ[d^############################################################# -*( '#(#( AVYgd\Vi^dc|jcZg\aZY¼dgYgZejWa^X################################################## -** '#(#) AVbVc^ejaVi^dcYZaVeZghdccVa^ibdgVaZZiaZhiVijiY¼VaiZgZ\d###### -*+ '#) JcbdYaZXdcdbig^fjZ\cgVa######################################################################## -*-8dcXajh^dc################################################################################################################################ -*. 6ccZmZ###################################################################################################################################### -+% AVeZghdccVa^ibdgVaZYZaVhdX^ieVgVXi^dch_djZjcgaZXdcdb^fjZ ^bedgiVci&# :aaZ Xdc[gZ jcZ gZhedchVW^a^i a^b^iZ Vjm VXi^dccV^gZh'! XZ
fj^[VX^a^iZaZÄcVcXZbZciYZhVXi^k^ihYZhhdX^ihZcgYj^hVciaZXdiYj XVe^iVa"VXi^dch#AVeZghdccVa^i_jg^Y^fjZY^hi^cXiZcZ\cgZidjiZ[d^heVh jc^fjZbZciYZhWcÄXZh#:aaZhdjakZYZhg^hfjZhY¼VWjhYZaVeVgiYZh &# Kd^g H# GKd^gH#GDJHH:6J!®>bbjc^iYZhVXi^dccV^gZhZiaZkZYjkd^aZXdgedgVi^[/eZgheZXi^kZh YZa¼VcVanhZXdcdb^fjZYjYgd^i¯! &... ,-G#Yj7#XVc#&# '# 6gi# (%. Yj6gi#(%.Yj8dYZX^k^aYjFjWZX X^"VeghX^i/8#X#F #
-&- AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&*
VXi^dccV^gZhfj^eZjkZciX]ZgX]Zg|egdÄiZgYZaVgZhedchVW^a^ia^b^iZVj Yig^bZci YZh ^cY^k^Yjh fj^ [dci YZh V[[V^gZh VkZX aV hdX^i dj fj^ hdci idjX]heVghZhVXi^k^ih(#
:c iZgbZh Xdcdb^fjZh! aV gZhedchVW^a^i a^b^iZ eZji \cgZg jc ®XdiZmiZgcZ¯ZcbZcVciaZhVXi^dccV^gZh|c\a^\ZgaZXdifj¼^bedhZci aZhVXi^k^ihYZaVhdX^iVjmi^Zghadghfj¼^ahYX^YZciYZaVgVa^hVi^dcYZh egd_Zih Y¼^ckZhi^hhZbZci)# AZh VXi^dccV^gZh eZjkZci Vjhh^ VWjhZg YZ aV eZghdccVa^ibdgVaZZcji^a^hVciaVhdX^iedjgXdcigZkZc^gdjhZhdjhigV^gZ |YZhdWa^\Vi^dchXdcigVXijZaaZhdja\VaZh*#
6ÄcYZhVcXi^dccZgXZhVWjh!aZhig^WjcVjmYZXdbbdcaVldciaVWdg jcZ hg^Z Y¼ZmXZei^dch _jg^hegjYZci^ZaaZh Vj eg^cX^eZ YZ aV gZhedchVW^a^i a^b^iZ#8ZhZmXZei^dcheZgbZiiZciYZbZiigZYZXiaVeZghdccVa^ibdgVaZ! YZ ®hdjaZkZg aZ kd^aZ XdgedgVi^[¯! edjg ViiZ^cYgZ aZh VXi^dccV^gZh fj^ hZ hZgkZci YZ aV hdX^i VÄc YZ XdcigZkZc^g | YZh dWa^\Vi^dch XdcigVXijZaaZh dja\VaZh+#6jFjWZX!iVciYdccaV[dgiZ^cÅjZcXZYZaVXdbbdcaVl
hjg aZ Ygd^i YZh hdX^ih! aZh ig^WjcVjm dci ej^h YVch aV _jg^hegjYZcXZ Vc\ad"XVcVY^ZccZZiWg^iVcc^fjZedjgaVWdgZgjcbXVc^hbZh^b^aV^gZYZ hdjakZbZciYjkd^aZXdgedgVi^[Zca¼VWhZcXZYZhdaji^dchVeegdeg^ZhYVch aZ 8dYZ X^k^a Yj 7Vh 8VcVYV,# AV _jg^hegjYZcXZ fj^ h¼Zhi YkZadeeZ Vj FjWZXYVchaZh^aaV\ZYZhhdaji^dchYZXdbbdcaVlZhiidjiZ[d^hYZbZjgZ YedjgkjZ YZ a^\cZh Y^gZXig^XZh XaV^gZh fjVci Vjm X^gXdchiVcXZh YdccVci
(# ?#H#?#H#O>:<:A!®>h>cXdgedgVi^dc l^i]A^b^iZYA^VW^a^in idd:Vh^an6kV^aVWaZ4¯! &..%
(& 8# YZ 9# &%,*! &%-%"&%-)0 =# =6CHB6CC Zi G# @G66@B6C! ®IdlVgY Jca^b^iZY
H]VgZ]daYZgA^VW^a^in[dg8dgedgViZIdgih¯! &..& &%%NVaZA#?#&-,.#
)# Kd^g 9#Kd^g 9# <D996G9! ®8dgedgViZ EZghdcVa^in · A^b^iZY GZXdjghZ VcY ^ih A^b^ih¯! YVch
8#G>8@:IIZiG#7#<G6CI=6B Y^g# !8dgedgViZEZghdcVa^in^ci]Z'%i]8Zcijgn!Dm[dgY!
=VgiEjWa^h]^c\!&..-!e#&&!Zie#'*!|aVeV\Z)&0H#GDJHH:6J!adX#X^i#!cdiZ&!&'"&,# *# Kd^g B#Kd^g B# B6GI:A Zi E# B6GI:A! AV XdbeV\c^Z Vj FjWZX! aZh VheZXih _jg^Y^fjZh!
BdcigVa!wY^i^dchL^ahdcAVÅZjg$BVgiZaaiZ!'%%)!|aVeV\Z&"*&#
+# :c Xdbbdc aVl! kd^g! eVg ZmZbeaZ! ?#:cXdbbdcaVl!kd^g!eVgZmZbeaZ!?#;6GG6G!®;gVjY!;V^gcZhh!VcYE^ZgX^c\i]Z8dged"
gViZKZ^a¯! &..% &+8Vc#7jh#A#?#),)#Eajh^ZjghY^hedh^i^dcha\^haVi^kZheZgbZiiZciYZ Xdch^YgZga¼^YZci^iYZhVXi^dccV^gZh!YZhVYb^c^higViZjghdjYZhY^g^\ZVcih!cdiVbbZci edjgYiZgb^cZga¼VYb^hh^W^a^iYZhhdX^ih|YZheZgb^hdja^XZcXZh#Kd^g!eVgZmZbeaZ! aVAd^hjgaZW}i^bZci!A#G#F#!X#7"&#&!Vgi#*(#EdjgjcZmZbeaZZc_jg^hegjYZcXZ!kd^g/ G\^ZYZhbVgX]hV\g^XdaZhZiVa^bZciV^gZhYjFjWZXX#;YgVi^dcYZhegdYjXiZjgh YZedgXhYjFjWZX!G:?7&..,"%&%,( 8#6# #CdjhgZXdccV^hhdch!XdbbZaZgZbVgfjZ jcVjiZjgYVchjciZmiZgXZci!fjZa¼Zbead^YZa¼ZmegZhh^dc®kd^aZXdgedgVi^[¯c¼ZhieVh YZheajh]ZjgZjmZifj¼^ahZgV^ideedgijcYZigdjkZgjcZZmegZhh^dcYVkVciV\ZVcXgZ YVchaZYgd^iX^k^afjWXd^h#Kd^g?#IJG<:DC!®AZ8dYZX^k^aYjFjWZX!aZheZghdccZh bdgVaZh!a¼Vgi^XaZ(&,8#X#F#ZiaVaZkZYZa¼^bbjc^iYZhVYb^c^higViZjgh!YZhY^g^\ZVcih ZiYZhVXi^dccV^gZh¯! '%%* +*G#Yj7#&&*#
,# Edjg jc hjgkda YZh ZmXZei^dch _jg^hegjYZci^ZaaZh | aV gZhedchVW^a^i a^b^iZ YZh VXi^dc"EdjgjchjgkdaYZhZmXZei^dch_jg^hegjYZci^ZaaZh|aVgZhedchVW^a^ia^b^iZYZhVXi^dc" cV^gZh!kd^g/B#B6GI:AZiE#B6GI:A!de#X^i#!cdiZ*!&"()Zihj^k#0H#L#=6B>AIDC! ®I]Z8dgedgViZKZ^aGZXdch^YZgZY¯!YVch;68JAIw9:9GD>I9:A¼JC>K:GH>IwB8<>AA!
H#GdjhhZVj AV®aZkZYjkd^aZXdgedgVi^[¯° -&.
C#HbVa^
djkZgijgZVjhdjakZbZciYjkd^aZXdgedgVi^[#AdghYZa¼VYdei^dcYj8dYZ
X^k^aYjFjWZX!VeghegZhfjZjch^XaZYZYX^h^dchhjgXZiiZfjZhi^dc!
idji Vj eajh iV^i"^a edhh^WaZ YZ bZiigZ Zc k^YZcXZ fjVigZ h^ijVi^dch d aZh ig^WjcVjm iV^Zci hjhXZei^WaZh YZ egdXYZg Vj hdjakZbZci Yj kd^aZ XdgedgVi^[/®aZhXVhYZ[gVjYZegdegZbZciY^iZ!YZk^daVi^dcYZhdWa^\Vi^dch XdcigVXijZaaZh! YZ XdcigVkZci^dc | a¼dgYgZ ejWa^X Zi YZ a¼Zm^hiZcXZ Y¼jcZ gZaVi^dcYZXdbeV\c^Z"bgZ|Äa^VaZ-¯#
:cVYdeiVciaZ8dYZX^k^aYjFjWZXZc&..)!aZa\^haViZjgfjWXd^h h¼ZhiaVcXYVchjcZZcigZeg^hZfjZW^ZceZjY¼VjigZha\^haViZjghVkV^Zci iZci _jhfj¼Vadgh/ XdY^ÄZg aZh ZmXZei^dch _jg^hegjYZci^ZaaZh | a¼^bbjc^i YZhVXi^dccV^gZh#8ZiiZXdY^ÄXVi^dch¼^chXg^iYVchjcZkdadciYZgVeVig^Zg VjhZ^cYj8dYZX^k^aaZhY^hedh^i^dch[dcYVbZciVaZhYjYgd^iYZhhdX^ih# 6^ch^!a¼Vgi^XaZ(&,8#X#F#g\^iYhdgbV^haZhdjakZbZciYjkd^aZXdged" gVi^[# HZadc XZiiZ Y^hedh^i^dc! aV eZghdccVa^i _jg^Y^fjZ Y¼jcZ hdX^i cZ eZjiigZ^ckdfjZ|a¼ZcXdcigZY¼jcZeZghdccZYZWdccZ[d^!YhadghfjZ XZiiZeZghdccVa^iZhiVaa\jZedjgbVhfjZgaV[gVjYZ!a¼VWjhYZYgd^idj aVYgd\Vi^dc|jcZg\aZ^cigZhhVcia¼dgYgZejWa^X#9hdgbV^h!aVaZkZYj kd^aZXdgedgVi^[cZeZjiYdcXVkd^ga^ZjfjZadghfjZaZhXdcY^i^dch®a^b^" iZh!egX^hZhZiW^ZcXdccjZh¯YZa¼Vgi^XaZ(&,hdcigZbea^Zh.# EajhYZY^mVchVegha¼ZcigZZck^\jZjgYj8dYZX^k^aYjFjWZX!cdjh YZkdchXdchiViZgfjZaVXdY^ÄXVi^dcYZhXdcY^i^dchY¼djkZgijgZ|a¼\VgYYj hdjakZbZciYjkd^aZXdgedgVi^[c¼VeVha^b^ca¼^cXZgi^ijYZgZaVi^kZbZci |aVedgiZYZXZgZXdjgh#8ZiiZ^cXZgi^ijYZXdcig^WjZ|XgZgaVeZgXZei^dc fjZaVaZkZYjkd^aZXdgedgVi^[ZhijcgZXdjgh^begk^h^WaZfj^bZcVXZaZ eg^cX^eZYZaVeZghdccVa^i_jg^Y^fjZY^hi^cXiZYZaVhdX^ieVgVXi^dch&%#
9Vch XZiiZ eZgheZXi^kZ! aV eghZciZ ijYZ V edjg dW_Zi YZ b^Zjm XdbegZcYgZaZ[dcXi^dccZbZciYjgZXdjghZcaZkZYjkd^aZXdgedgVi^[eVg a¼VcVanhZYZ''%YX^h^dchgZcYjZheVgaZhig^WjcVjmgZaVi^kZbZci|a¼Vgi^XaZ
AZhhdX^iheVgVXi^dch|aVXgd^hZYZhX]Zb^ch!BdcigVa!;VXjaiYZYgd^iYZa¼Jc^" kZgh^i BX<^aa! &..*! e# '*,0 @#E# B8<J>CC:HH! I]Z AVl VcY EgVXi^XZ d[ 8VcVY^Vc
7jh^cZhh8dgedgVi^dch!BVg`]Vb DciVg^d !7jiiZgldgi]h!&...!|aVeV\Z)*#
-# ?#?#HB>I=ZiN#G:C6J9!9gd^ifjWXd^hYZhXdgedgVi^dchXdbbZgX^VaZh!i#&!BdcigVa! ?jY^Xd! &.,)! e# +&# Kd^g Vjhh^ 9kZadeeZbZcih YZ aV =VjiZ <Vi^cZVj >cX# X# '+-,)+&
8VcVYV^cX#!?#:#.)"&+.' 8#H# !e#'(06#BDGG>HH:I!?#IJG<:DCZiVjigZh!9gd^iXdged"
gVi^[XVcVY^ZcZifjWXd^h!;Vgc]Vb!88=$;BaiZ!P[Zj^aaZhbdW^aZhReVgV\g#&"%&%#
.# <Zhi^dc6cYgAkZhfjZ^cX#X#8dbei¼aZ^cX#!?#:#.,"+(& 8#6# #
&%# Kd^g / E#Kd^g/E#B6GI:A!®AZ®kd^aZXdgedgVi^[¯·a¼Vii^ijYZYZhig^WjcVjm[VXZ|a¼Vgi^XaZ(&,Yj 8dYZX^k^aYjFjWZX¯! &..- *-G#Yj7#.*0H#8ÕIwZi?#<>G6G9!®AVeZgXZYjkd^aZ
XdgedgVi^[/fj¼ZcZhi"^a&%VcheajhiVgY4¯!YVch76GG:6J9JFJw7:8!9kZadeeZbZcih
gXZcihhjgaZhVWjhYZYgd^i!8dlVchk^aaZ!wY^i^dchNkdc7aV^h!'%%'!e#,,#EdjgjcZ Xg^i^fjZYZXZiiZi]hZ!kd^g?#IJG<:DC!adX#X^i#!cdiZ+!&)(Zihj^k#
-'% AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&*
(&,hjgjcZeg^dYZYZY^mVch!hd^iYZ&..)|'%%)&ZiiZijYZZhidg^\^" cVaZZcXZfj¼ZaaZegZcYaV[dgbZcdchZjaZbZciY¼jcZVcVanhZZm\i^fjZ YZhYX^h^dch!bV^h\VaZbZciY¼jcZVcVanhZhiVi^hi^fjZYZhi^cZ|bZiigZ Zcajb^gZVkZXeajhYZg^\jZjgaZhiZcYVcXZh_jg^hegjYZci^ZaaZh&'#:cÄcYZ
XdbeiZ! XZhVcVanhZh cdjheZgbZiiZci YZ b^ZjmX^gXdchXg^gZ aZh[VXiZjgh a\VjmZiXdciZmijZahfj^^cÅjZcihjgaVaZkZYjkd^aZXdgedgVi^[ZiY¼Veeg" X^ZgaZ[dcXi^dccZbZciYZa¼Vgi^XaZ(&,#8dbbZcdjhedjggdchaZXdchiViZg! aZh bdi^[h Y^Xih eVg a¼Vgi^XaZ (&, c¼ZmZgXZci eVh aV bbZ ^cÅjZcXZ hjg aV egdWVW^a^i YZ aV aZkZ Yj kd^aZ XdgedgVi^[# >a Zc kV YZ bbZ edjg aZh Y^bZch^dch a\VaZh Zi [VXijZaaZh Yj a^i^\Z# 8Zh XdchiVih hj\\gZci fjZ aZh ig^WjcVjm Xdc[gZci jc gaZ eajh gZhigZ^ci | aV aZkZ Yj kd^aZ XdgedgVi^[ fj¼^ac¼ZcgZhhdgiYZaVhZjaZaZXijgZYZXZiiZY^hedh^i^dc#
CdigZiZmiZZhiY^k^hZcYZjmeVgi^Zh#9VchaVegZb^gZ!cdjhZ[[ZX" ijdchjcZb^hZZcXdciZmiZYjg\^bZYjhdjakZbZciYjkd^aZXdgedgVi^[Zc ZmVb^cVcia¼Vgi^XaZ(&,hdjha¼Vc\aZYZa¼VcVanhZXdcdb^fjZYjYgd^i#9Vch aV hZXdcYZ! cdjh eghZcidch aZh ghjaiVih YZ cdigZ ijYZ Zbe^g^fjZ YZ aV _jg^hegjYZcXZidjiZcegdedhVcijcZhnci]hZYZhi^cZ|gZcYgZXdbeiZYZh [VXiZjgha\VjmZiXdciZmijZahXZcigVjmYVchaVaZkZYjkd^aZXdgedgVi^[# & AZhdjakZbZciYjkd^aZXdgedgVi^[ZckZgijYj8dYZX^k^aYjFjWZX/ YZheZgheZXi^kZhi]dg^fjZh&( &#& AVaZkZYjkd^aZXdgedgVi^[kjZhdjha¼Vc\aZYZaVi]dg^ZXdcdb^fjZ :cYgd^iX^k^a!aVgZhedchVW^a^ia^b^iZViigVY^i^dccZaaZbZci_jhi^ÄZ Y¼jced^ciYZkjZhig^XiZbZci_jg^Y^fjZeVgaZhiVijiYZeZghdccZbdgVaZ YZaVhdX^i#8ZhiVijiVedjgZ[[ZiYZXdc[gZgaVeZghdccVa^i_jg^Y^fjZ| jcZhdX^i#8ZiiZYZgc^gZ!ZciVcifjZeZghdccZbdgVaZ!VYdcXaVeaZ^cZ _dj^hhVcXZ YZh Ygd^ih X^k^ah Zi Zhi i^ijaV^gZ Y¼jc eVig^bd^cZ Y^hi^cXi# :c XdgdaaV^gZ! aZ eVig^bd^cZ Y^hi^cXi YZ aV hdX^i a^b^iZ aV gZhedchVW^a^i YZ
&&# CdigZ ijYZ h¼^che^gZ Y¼ijYZh Vbg^XV^cZ! VjhigVa^ZccZ Zi Wg^iVcc^fjZ / 8#CdigZ ijYZ h¼^che^gZ Y¼ijYZh Vbg^XV^cZ! VjhigVa^ZccZ Zi Wg^iVcc^fjZ/ 8# B>I8=:AA!
®A^[i^c\ i]Z 8dgedgViZ KZ^a ^c i]Z :c\a^\] 8djgih/ 6c :be^g^XVa HijYn¯! &... (
8dbeVcn!;^cVcX^VaVcY>chdakZcXnAVlGZk^Zl&*!'%0>#B#G6BH6NZi9#7#CD6@:H!
®E^ZgX^c\ i]Z 8dgedgViZ KZ^a ^c 6jhigVa^V¯! '%%& &. 8dbeVcn VcY HZXjg^i^Zh AVl
?djgcVa'*%!'+&0G#7#I=DBEHDC!®E^ZgX^c\I]Z8dgedgViZKZ^a/6c:be^g^XVaHijYn¯!
&..& ,+8dgcZaaA#GZk#&%(+!&%)-#
&'# Hjg aV eZgi^cZcXZ YZh ijYZh Zbe^g^fjZh! kd^g / E#HjgaVeZgi^cZcXZYZhijYZhZbe^g^fjZh!kd^g/E#H8=J8@!®L]n9dc¼iAVlEgd[Zhhdgh
9dBdgZ:be^g^XVaGZhZVgX]4¯! &.-. (.?#AZ\Va:YjX#('(0Zi!eajhgXZbbZci!Zc Ygd^iYZhhdX^ih!G#GDB6CD!®6[iZgi]ZGZkdaji^dc^c8dgedgViZAVl¯! '%%* NVaZ
AVlVcY:Xdcdb^XhGZhZVgX]EVeZg('(#
&(# 8ZiiZ eVgi^Z h¼^che^gZ YZ G#8ZiiZeVgi^Zh¼^che^gZYZG#8GÌI:ZiH#GDJHH:6J!9gd^iYZhhdX^iheVgVXi^dch/eg^c" X^eZh[dcYVbZciVjm!BdcigVa!I]b^h!'%%'!e#&&*!|aVeV\Z&&-#
H#GdjhhZVj AV®aZkZYjkd^aZXdgedgVi^[¯° -'&
C#HbVa^
hZhbZbWgZhiZafjZa¼Y^XiZa¼Vgi^XaZ(%.8#X#F#/®AZheZghdccZhbdgVaZh hdciY^hi^cXiZhYZaZjghbZbWgZh#AZjghVXiZhc¼Zc\V\Zcifj¼ZaaZh"bbZh! hVj[aZhZmXZei^dchegkjZheVgaVad^#¯9VchXZiiZeZgheZXi^kZ!aVYdXig^cZ hdji^Zci fjZ aV gZhedchVW^a^i a^b^iZ Zhi jcZ XdchfjZcXZ cXZhhV^gZ Yj eg^cX^eZYZaVeZghdccVa^i_jg^Y^fjZY^hi^cXiZYZaVXdbeV\c^Z#
AZeg^cX^eZZcfjZhi^dcc¼^bea^fjZeVhcXZhhV^gZbZcifjZaZhVXi^dc" cV^gZhdcijcZgZhedchVW^a^ia^b^iZ#H^idjiZeZghdccZe]nh^fjZedhhYZ jcZeZghdccVa^i_jg^Y^fjZY^hi^cXiZ!ZaaZeZjicVcbd^chigZiZcjZgZhedc" hVWaZ hVch a^b^iZ edjg aZh [V^ih Y¼Vjigj^ Zi YZh W^Zch&)# AV gZhedchVW^a^i
a^b^iZ cZ YXdjaZ YdcX eVh VjidbVi^fjZbZci YZ aV eZghdccVa^i bdgVaZ# 6^ch^!aZa\^haViZjgedjggV^iighW^ZciVWa^gjcg\^bZYZgZhedchVW^a^i edjgaZ[V^iY¼Vjigj^gZcYVciaZhVXi^dccV^gZhgZhedchVWaZhYZhdWa^\Vi^dch YZhhdX^ih# 9VchXZXVh!XdbbZciZmea^fjZga¼Zm^hiZcXZYjeg^cX^eZYZaVgZhedc" hVW^a^ia^b^iZ4:hhZci^ZaaZbZci!eVghV[dcXi^dcXdcdb^fjZ#8Zeg^cX^eZ _djZjcgaZ[dcYVbZciVaYVchaZÄcVcXZbZciYZhhdX^iheVgVXi^dchZc gYj^hVciaZXdiYjXVe^iVa#EajheVgi^Xja^gZbZci!aVgZhedchVW^a^ia^b^iZ YZh VXi^dccV^gZh gYj^i aZ Xdi Yj XVe^iVa"VXi^dch Zc [VX^a^iVci aV Y^kZgh^" ÄXVi^dc YZh g^hfjZh eVg aZh ^ckZhi^hhZjgh! Zc Vj\bZciVci aV a^fj^Y^i YZh ^ckZhi^hhZbZcihZiZcY^b^cjVciaZXdiYZhjgkZ^aaVcXZYZhY^g^\ZVcih#
&#&#& AVgZhedchVW^a^ia^b^iZYZhVXi^dccV^gZh ZiaZÄcVcXZbZciYZhZcigZeg^hZh
&#&#&#& A¼^bbjc^iYZhVXi^dccV^gZh[VX^a^iZaVY^kZgh^ÄXVi^dc YZh^ckZhi^hhZbZcih
Edjg XdbegZcYgZ aV Xdcig^Wji^dc Yj eg^cX^eZ YZ aV gZhedchVW^a^i a^b^iZ | aV Y^kZgh^ÄXVi^dc YZh ^ckZhi^hhZjgh! ^a Xdck^Zci YZ gVeeZaZg fjZ! adghfj¼ZaaZh[dciVeeZaVjm^ckZhi^hhZjghedjgdWiZc^gYjÄcVcXZbZcieVg kd^ZYZXVe^iVa"VXi^dch!aZhhdX^iheVgVXi^dchYd^kZcid[[g^gjcgZcYZbZci Zheg edjg aZjgh VXi^dch fj^ hd^i egdedgi^dccZa Vj c^kZVj YZ g^hfjZ fj^ aZjgZhiVhhdX^#EajhaZYZ\gYZg^hfjZZhiaZk!eajhaZhVXi^dchYd^kZci Vkd^gaZediZci^ZaYZ\cgZgjcgZcYZbZciaZk&*#Ej^hfjZaZgZcYZbZci
ViiZcYjeVgaZhVXi^dccV^gZhYiZgb^cZaZXdiYjXVe^iVaYZhegd_Zihedjg
&)# 6gi# &)*. Zi &)+. 8#X#F#6gi#&)*.Zi&)+.8#X#F#
&*# AZh ^ckZhi^hhZjgh dci jcZ eg[gZcXZ edjg aZh gZcYZbZcih aZkh VjmfjZah Zhi VhhdX^AZh^ckZhi^hhZjghdcijcZeg[gZcXZedjgaZhgZcYZbZcihaZkhVjmfjZahZhiVhhdX^ jc[V^WaZc^kZVjYZÅjXijVi^dc#EdjgXdckV^cXgZaZh^ckZhi^hhZjghYZXdjg^gYZhg^hfjZh aZkh!aZhZcigZeg^hZhYd^kZciaZjgd[[g^gjcgZcYZbZciediZci^ZaeajhaZk#<#B:G8>:G
ZiG#I=wDGÌI!IgV^iYZ\Zhi^dcÄcVcX^gZ/jcZeZgheZXi^kZXVcVY^ZccZZifjWXd^hZ! HV^ciZ";dn!EgZhhZhYZa¼Jc^kZgh^iYjFjWZX!&..(!e#)&&")&'Zi)'%#
-'' AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&*
aZhZcigZeg^hZh!^aZhihdj]V^iVWaZY¼Vkd^gjcbVgX]ÄcVcX^Zgfj^eZgbZiiZ Vjm^ckZhi^hhZjghYZb^c^b^hZgaZhg^hfjZhfj¼^ahhjeedgiZci&+#6jigZbZci!
aZ Xdi Yj XVe^iVa hZgV gZaVi^kZbZci aZk Zi aZh ZcigZeg^hZh hZ kZggdci XdcigV^ciZhY¼VWVcYdccZgjc\gVcYcdbWgZYZegd_ZihY¼^ckZhi^hhZbZci#
AVgZhedchVW^a^ia^b^iZ[VX^a^iZaV\Zhi^dcYZhg^hfjZhZceZgbZiiVci Vjm ^ckZhi^hhZjgh YZ i^gZg WcÄXZ Yj eg^cX^eZ YZ aV Y^kZgh^ÄXVi^dc YZh ^ckZhi^hhZbZcih&,# :c gZhigZ^\cVci aV gZhedchVW^a^i YZh VXi^dccV^gZh! aZ a\^haViZjggZcYedhh^WaZaVY^kZgh^ÄXVi^dcYZh^ckZhi^hhZbZcih!XZfj^gYj^i aZhg^hfjZhXdjgjheVgaZhVXi^dccV^gZhZi[Vkdg^hZaZh^ckZhi^hhZbZcihYVch aZhegd_Zihg^hfjhfj^d[[gZciYZheZgheZXi^kZhYZgZcYZbZciedh^i^[# Jcg\^bZYZgZhedchVW^a^i^aa^b^iZedjgaZhVXi^dccV^gZhZbeX]ZgV^i XZhYZgc^ZghY¼ji^a^hZgaZeg^cX^eZYZaVY^kZgh^ÄXVi^dcedjg\gZgaZg^hfjZ eVgi^Xja^ZgYZhVXi^dch#9VchaZXdciZmiZY¼jciZag\^bZ!aZhkcZbZcih c\Vi^[hfj^idjX]ZcijcZXdbeV\c^ZZceVgi^Xja^ZgVjgV^ZciYZhgeZgXjh" h^dchediZci^ZaaZhhjgaVkVaZjgidiVaZYjedgiZ[Zj^aaZY¼VXi^dchZihjga¼Zc" hZbWaZYZhVXi^[hYZa¼^ckZhi^hhZjg#>ahj[ÄgV^ifj¼jc^ckZhi^hhZjgYi^ZccZ jci^igZY¼jcZXdbeV\c^Z[V^hVci[V^aa^iZedjgfj¼^aYZk^ZccZgZhedchVWaZYZ a¼ZchZbWaZYZhYZiiZhYZXZiiZYZgc^gZZckZghaZhXgVcX^ZghYZaVXdbeV" \c^Z[V^aa^Z!hVch\VgY|aViV^aaZYZhdc^ckZhi^hhZbZci#Eajhjc^ckZhi^hhZjg Yi^ZcYgV^iYZhi^igZhYZXdbeV\c^Zh|gZhedchVW^a^i^aa^b^iZ!eajh\gVcY hZgV^i aZ g^hfjZ fj¼^a hjeedgiZgV^i# AV Y^kZgh^ÄXVi^dc YZh ^ckZhi^hhZbZcih VjgV^iYdcXjcZ[[Zi^ckZghZhjgaZc^kZVjYZg^hfjZYjedgiZ[Zj^aaZ#
9Vch XZ XdciZmiZ! aZh ^ckZhi^hhZjgh egjYZcih k^iZgV^Zci YZ [V^gZ YZ eZi^ih^ckZhi^hhZbZcihiVciYdccaZg^hfjZaZkVjfjZaXZhYZgc^ZghaZh ZmedhZgV^Zci#>ahZ[[ZXijZgV^ZcieajiiYZh^ckZhi^hhZbZcihhjWhiVci^ZahYVch jceZi^icdbWgZYZXdbeV\c^Zh#AZhgZcYZbZcihediZci^ZahVhhdX^h|YZ iZah^ckZhi^hhZbZcih_jhi^ÄZgV^ZciaZhg^hfjZhYZeZgiZhhjeedgih#9Zeajh! aV iV^aaZ ^bedgiVciZ YZh ^ckZhi^hhZbZcih eZgbZiigV^i Vjm VXi^dccV^gZh YZ hjeZgk^hZgaV\Zhi^dcYZhXdbeV\c^ZhedjggYj^gZaZhegdWVW^a^ihYZeZgiZh# CVcbd^ch! Zc gV^hdc Yj g^hfjZ Xdjgj! ^ah YZbVcYZgV^Zci jc gZcYZbZci aZkedjgZ[[ZXijZgaZjgh^ckZhi^hhZbZcih!XZfj^Vj\bZciZgV^iaZXdiYj XVe^iVa"VXi^dchYZhXdbeV\c^Zh#
&+# Hjg aV cdi^dc YZ ® Xdi Yj XVe^iVa ¯! kd^gHjgaVcdi^dcYZ®XdiYjXVe^iVa¯!kd^gD;;>8:FJw7w8D>H9:A6A6C<J:;G6Cv6>H:!AZ
\gVcYY^Xi^dccV^gZiZgb^cdad\^fjZ!P:ca^\cZR!Plll#\gVcYY^Xi^dccV^gZ#Xdb$T[hT\adWVaT %&#]ibR &*cdkZbWgZ'%%+ 0L#6#@A:>CZi?#8#8D;;::?g#!7jh^cZhhDg\Vc^oVi^dcVcY
;^cVcXZ/ AZ\Va VcY :Xdcdb^X Eg^cX^eaZh! +ZY#! LZhiWjgn! ;djcYVi^dc EgZhh! &..+!
e#(&,!|aVeV\Z('&#
&,# HZadc aV Y^kZgh^ÄXVi^dc YZh ^ckZhi^hhZbZcih! kd^g G#"6#HZadcaVY^kZgh^ÄXVi^dcYZh^ckZhi^hhZbZcih!kd^gG#"6#7G:6A:NZiVjigZh!Eg^cX^eaZhd[
H#GdjhhZVj AV®aZkZYjkd^aZXdgedgVi^[¯° -'(
C#HbVa^
&#&#&#' A¼^bbjc^iYZhVXi^dccV^gZhVj\bZciZaVa^fj^Y^i YZh^ckZhi^hhZbZcih
AZg\^bZYZgZhedchVW^a^ia^b^iZYZhVXi^dccV^gZh^cÅjZ\VaZbZci hjg aZ Xdi YZh XVe^iVjm egdegZh Vjm XdbeV\c^Zh Zc [VX^a^iVci aZ YkZ" adeeZbZci Y¼jc bVgX] hZXdcYV^gZ dg\Vc^h edjg aZh VXi^dch&-# 9Vch jc
g\^bZ YZ gZhedchVW^a^i a^b^iZ! aZ eg^m YZh i^igZh Y¼jcZ XdbeV\c^Z Zhi iVWa^Zc[dcXi^dcYjgZcYZbZciVXijZaZhegYZaVXdbeV\c^ZVjgZ\VgY YZhg^hfjZhYZXZi^ckZhi^hhZbZci#:ca¼VWhZcXZYZa^b^iZ|aVgZhedchVW^a^i YZhVXi^dccV^gZh!aVkVaZjgYZhi^igZhY¼jcZXdbeV\c^ZcZhZgV^iidjiZ[d^heVh jc^fjZbZciYiZgb^cZeVgaZg^hfjZZiaZgZcYZbZci#8ZiiZkVaZjgkVg^ZgV^i \VaZbZci Zc [dcXi^dc YZ aV g^X]ZhhZ YZh VXi^dccV^gZh fj^ Yi^ZccZci aZh i^igZh!XZfj^Zc\ZcYgZgV^ijcXdi^bedgiVciadghYjigVch[ZgiYZhVXi^dch ZiY^b^cjZgV^iaVa^fj^Y^iYZXZaaZh"X^#
EdjgXdbegZcYgZXZiZ[[Zi!egZcdch|i^igZY¼ZmZbeaZjcZXdbeV\c^Z YdciaZhVXi^dccV^gZhedhhYZciaZbbZc^kZVjYZg^X]ZhhZ&.#9VchjciZa
XVh!Zca¼VWhZcXZYZgZhedchVW^a^ia^b^iZ!aZhVXi^dccV^gZhhjeedgiZciidjh aZbbZg^hfjZgh^YjZaej^hfjZaZjgeZgiZbVm^bVaZZhi^YZci^fjZ0^ahkdci YdcXgZfjg^gjcZeg^bZ\VaZYZaVXdbeV\c^ZedjgaZjgg^hfjZYZeZgiZ fj^Zhi^YZci^fjZ#Hjeedhdch!idjiZ[d^h!fj¼jccdjkZa^ckZhi^hhZjghdj]V^iZ VX]ZiZg jcZ VXi^dc# 8Zaj^"X^ edhhYZ jc c^kZVj YZ g^X]ZhhZ eZghdccZaaZ fj^ ZmXYZ | aV [d^h aV eZgiZ ediZci^ZaaZ bVm^bVaZ Zc XVh Y¼^chdakVW^a^i YZaVXdbeV\c^ZZiaZc^kZVjYZg^X]ZhhZYZhVXi^dccV^gZhZm^hiVcih#H^XZi VXi^dccV^gZ VX]iZ jcZ VXi^dc! aV egdWVW^a^i fjZ aZh VjigZh VXi^dccV^gZh hd^Zciedjghj^k^heVgaZhXgVcX^ZghYZaVXdbeV\c^ZYXgdiXdch^YgVWaZ" bZci# AZ cdjkZa VXi^dccV^gZ [dgijc [djgc^i jcZ [dgbZ Y¼VhhjgVcXZ Vjm VjigZh VXi^dccV^gZh fj^ aZh egdi\Z XdcigZ Y¼kZcijZaaZh eZgiZh ghjaiVci YZa¼^chdakVW^a^iYZaVXdbeV\c^Z#9VchXZXdciZmiZ!aZhVXi^dccV^gZhfj^ dcijcc^kZVjYZg^X]ZhhZ[V^WaZeVggVeedgiVjmeZgiZhediZci^ZaaZhVhhd" X^Zh | aZjg ^ckZhi^hhZbZci Viig^WjZgV^Zci jcZ kVaZjg eajh aZkZ | aZjgh VXi^dchadghfj¼jc^ckZhi^hhZjg[dgijcVXfjZggV^ijcZVXi^dcej^hfjZaZjg g^hfjZY^b^cjZgV^i#A¼Vj\bZciVi^dcYZa¼kVajVi^dcYZhVXi^dchgZÅiZgV^i aVgYjXi^dcYjg^hfjZfj¼ZcigVcZgV^ia¼VhhjgVcXZ[djgc^ZeVga¼VXi^dccV^gZ [dgijc# 8Z YZgc^Zg YZkgV^i idjiZ[d^h igZ gbjcg edjg hdc ^ckZhi^hhZ" bZci#8ZiiZgbjcgVi^dcegZcYgV^iaV[dgbZY¼jcgZcYZbZciZmeg^bVciaZh g^hfjZhYZÅjXijVi^dcYZhgZkZcjhYZaVXdbeV\c^ZVjfjZah¼V_djiZgV^ijcZ eg^bZY¼VhhjgVcXZeVnZeVgaZhVjigZhVXi^dccV^gZh#AVeg^bZZcfjZhi^dc hZgV^ieVnZeVgidjhaZhVjigZhVXi^dccV^gZh|a¼VXi^dccV^gZ[dgijcVÄcYZ
&-# E#E# =6AE:GC! B# IG:7>A8D8@ Zi H# IJGC7JAA! ®6c :Xdcdb^X 6cVanh^h d[ A^b^iZY
A^VW^a^in^c8dgedgVi^dchAVlh¯! &.-% (%J#I#A#?#&&,# &.# >Y#!&(%#
-') AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&* a¼^cX^iZg|VhhjbZgaZg^hfjZY¼^chdakVW^a^iZiYZY[VjiYZaVXdbeV\c^Z# 9Vcha¼kZcijVa^ida¼^ckZhi^hhZjg[dgijcc¼VX]iZgV^ifj¼jcZVXi^dc!aZ eg^mYZXZaaZ"X^hZgV^iYdcXc\Vi^[ZcXZhZchfj¼^agZXZkgV^iYZheV^ZbZcih YZhVXi^dccV^gZhZm^hiVcihedjgYZkZc^gVXi^dccV^gZYZaVXdbeV\c^ZZiaj^ [djgc^gjcZVhhjgVcXZ#AdghfjZaZcdbWgZY¼VXi^dchVX]ZiZheVga¼^ckZhi^h" hZjg[dgijcVj\bZciZgV^i!aZbdciVciYZheV^ZbZcihkZghheVgaZhVjigZh VXi^dccV^gZhY^b^cjZgV^iedjgegZcYgZZcXdch^YgVi^dcaVeajh\gVcYZeVgi^" X^eVi^dcYZXZi^ckZhi^hhZjgVjmgZkZcjhYZaVXdbeV\c^ZZiaVgYjXi^dcYZ a¼VhhjgVcXZfj¼^aaZjg[djgc^gV^i#:chdbbZ!aZhVXi^dchY¼jcZXdbeV\c^Z| gZhedchVW^a^i^aa^b^iZc¼VjgV^ZcieVhjceg^mjc^fjZ#AZjgeg^m!edh^i^[dj c\Vi^[!kVg^ZgV^iZc[dcXi^dcYZaVg^X]ZhhZYZhVXi^dccV^gZh# AVkVg^VW^a^iYZaVkVaZjgYZhVXi^dchYZhXdbeV\c^ZhhZadcaZc^kZVj YZ g^X]ZhhZ YZh VXi^dccV^gZh VjgV^i YZh XdchfjZcXZh ^bedgiVciZh hjg aZ Xdi YZ igVchVXi^dc YZh VXi^dch'%# :aaZ ^bedhZgV^i jc Xdi Y¼^c[dgbV"
i^dcedjgaZheVgi^ZhYh^gZjhZhYZc\dX^ZghjgaZhi^igZhYZXdbeV\c^Zh| gZhedchVW^a^i^aa^b^iZ0XZXdiY¼^c[dgbVi^dchZgV^icXZhhV^gZVÄcfjZaZh eVgi^Zhej^hhZciiVWa^gaZjgc^kZVjYZg^X]ZhhZgZheZXi^[ZiYiZgb^cZgV^ch^ aZeg^mYZhVXi^dch#9Zeajh!aZh^ckZhi^hhZjghYZkgV^ZcieVnZgjcXdiYZ gZX]ZgX]ZedjgigdjkZgjcZVjigZeVgi^Zfj^edhhYZaZbbZegdÄaÄcVc" X^ZgVÄcfjZaZeg^mYZhVXi^dchhd^iVXXZeiVWaZedjgaZhYZjmeVgi^Zh#AZ XdiYZigVchVXi^dcfj^ghjaiZgV^iY¼jcg\^bZYZgZhedchVW^a^i^aa^b^iZ Y^b^cjZgV^i aZ cdbWgZ Y¼degVi^dch hjg aZ bVgX] edjg aZh VXi^dch YZh XdbeV\c^ZhVhhj_Zii^Zh|jciZag\^bZ#:iaZ[V^WaZcdbWgZYZigVchVXi^dch ZbeX]ZgV^iaZYkZadeeZbZciY¼jcbVgX]a^fj^YZedjgYZiZaaZhVXi^dch'&# 8ZaVVjgV^iedjgXdchfjZcXZY¼Vj\bZciZgaZXdiYjXVe^iVa"VXi^dch!Vadgh fjZaZh^ckZhi^hhZjghgZfjZggV^ZcijcZeg^bZedjgYiZc^gXZhi^igZhbd^ch a^fj^YZh''# &#&#&#( A¼^bbjc^iYZhVXi^dccV^gZhY^b^cjZaZXdi YZhjgkZ^aaVcXZYZhY^g^\ZVcih AZYkZadeeZbZciYZhVXi^k^ihY¼jcZhdX^ibcZ[gfjZbbZci|jcZ heX^Va^hVi^dcYZh[dcXi^dch#:ceVgi^Xja^Zg!hdcZmeVch^dcZihVXdbeaZm^" ÄXVi^dc h¼VXXdbeV\cZci \cgVaZbZci Y¼jcZ heVgVi^dc YZh [dcXi^dch YZ Y^gZXi^dcYZa¼ZcigZeg^hZZiYZegdeg^iYZhVXi^dch![dcXi^dch|a¼dg^\^cZ
'%# H#H# LDD9L6G9! ®A^b^iZY A^VW^a^in ^c i]Z I]Zdgn d[ i]Z ;^gb¯! &.-* &)& ?djgcVa d[
>chi^iji^dcVaI]ZdgZi^XVa:Xdcdb^Xh+%&#
'&# E#E#=6AE:GC!B#IG:7>A8D8@ZiH#IJGC7JAA!adX#X^i#!cdiZ&-!&(+"&(-#
''# AZh ^ckZhi^hhZjgh eg[gZci YiZc^g YZh eaVXZbZcih [VX^aZh | c\dX^Zg Zi VXXdgYZci jcZAZh^ckZhi^hhZjgheg[gZciYiZc^gYZheaVXZbZcih[VX^aZh|c\dX^ZgZiVXXdgYZcijcZ kVaZjg|aVc\dX^VW^a^idj|aVa^fj^Y^iYZhi^igZh#Kd^gN#6B>=J9Zi=#B:C9:AHDC!
®A^fj^Y^inVcY6hhZiEg^XZh/;^cVcX^VaBVcV\ZbZci>bea^XVi^dch¯!;^cVcX^VaBVcV\Z" bZci!kda#&,!eg^ciZbeh&.--!e#*#
H#GdjhhZVj AV®aZkZYjkd^aZXdgedgVi^[¯° -'* C#HbVa^ VhhjbZheVgaZhVXi^dccV^gZh'(#AVheX^Va^hVi^dcYZh[dcXi^dchZc\ZcYgZ YZhegdWabZhfj^egZccZcicdiVbbZciaV[dgbZYZXdcÅ^ihY¼^cigihZcigZ aZhY^g^\ZVcihZiaZhVXi^dccV^gZh#EVgZmZbeaZ!aZhY^g^\ZVciheZjkZciigZ iZcihYZegdbdjkd^gaZjghegdegZh^cigiheajiifjZXZjmYZaVhdX^i# AZjgdeedgijc^hbZeZjiegZcYgZaV[dgbZYZhVaV^gZhZmXZhh^[hdjY¼^ckZh" i^hhZbZcihYVchYZhegd_Zihfj^aZjggVeedgiZciYZhWcÄXZheVgi^Xja^Zgh# Edjga^b^iZgXZineZYZXdbedgiZbZci!aZhVXi^dccV^gZhYd^kZcihjeedgiZg jcXdiedjgbZiigZZceaVXZYZhbXVc^hbZhYZhjgkZ^aaVcXZYZhY^g^\ZVcih VÄcYZegdi\ZgaZjghegdegZh^ckZhi^hhZbZcih#
>a cZ [V^i VjXjc YdjiZ fjZ aZ egdWabZ YZh XdcÅ^ih Y¼^cigih ZcigZ Y^g^\ZVcihZiVXi^dccV^gZhc¼ZhieVha¼VeVcV\ZY¼jcg\^bZYZgZhedchVW^" a^i^aa^b^iZ#IdjiZ[d^h!aZeg^cX^eZYZaVgZhedchVW^a^ia^b^iZVedjgZ[[Zi YZ gYj^gZ aZ Xdi YZ hjgkZ^aaVcXZ YZh Y^g^\ZVcih hjeedgi eVg aZh VXi^dc" cV^gZh#8dbbZciXZeg^cX^eZeZgbZi"^aYZgYj^gZaZXdiYZhjgkZ^aaVcXZ4 ² cdjkZVj Zc [VX^a^iVci aV Xdchi^iji^dc YZ edgiZ[Zj^aaZh Y¼^ckZhi^hhZbZci Y^kZgh^Äh#
AVY^kZgh^ÄXVi^dcYZhedgiZ[Zj^aaZhY¼^ckZhi^hhZbZcieZgbZiVjmVXi^dc" cV^gZhYZX]d^h^gjcc^kZVjYZhjgkZ^aaVcXZYZhY^g^\ZVcihfj^XdggZhedcY |a¼^bedgiVcXZYjg^hfjZfjZgZeghZciZaZjgVeedgiYVchjcZXdbeV\c^Z Zc eVgi^Xja^Zg# EVg ZmZbeaZ! a¼VXi^dccV^gZ Ydci a¼^ckZhi^hhZbZci YVch jcZ hdX^i YdccZ cZ gZeghZciZ fjZ * e# &%% YZ aV kVaZjg YZ a¼ZchZbWaZ YZ hdcedgiZ[Zj^aaZc¼Z[[ZXijZgVeVhjcZhjgkZ^aaVcXZigh^bedgiVciZYZhY^g^" \ZVcih YZ XZiiZ hdX^i# 9¼jcZ eVgi! aV eZgiZ fj^ edjggV^i ghjaiZg YZ aZjg deedgijc^hbZ hZgV a^b^iZ# 9¼VjigZ eVgi! XZiiZ eZgiZ edjggV^i igZ XdcigZ" WVaVcXZeVgaZgZcYZbZciYZhVjigZhi^igZhXdbedhVciaZedgiZ[Zj^aaZ#:c gZkVcX]Z! a¼VXi^dccV^gZ edjggV^i X]d^h^g YZ XdchVXgZg eajh YZ gZhhdjgXZh |aVhjgkZ^aaVcXZYZhhdX^ihfj^dcijcZkVaZjggZaVi^kZeajh^bedgiVciZ YVch hdc edgiZ[Zj^aaZ Y¼^ckZhi^hhZbZci# ² a¼deedh! YVch jc g\^bZ YZ gZhedchVW^a^i^aa^b^iZ!aZhVXi^dccV^gZhYZkgV^Zci^ckZhi^gYZhgZhhdjgXZh Xdch^YgVWaZhYVchaVhjgkZ^aaVcXZYZhY^g^\ZVcihYZidjiZhaZhhdX^ih!eZj ^bedgiZ a¼^bedgiVcXZ YZ aZjgh ^ckZhi^hhZbZcih YVch XZaaZh"X^! ej^hfj¼^ah hZgV^ZcihjhXZei^WaZhY¼igZgZhedchVWaZhYZa¼ZchZbWaZYZheZgiZhXVjhZh eVg a¼deedgijc^hbZ YZh Y^g^\ZVcih# 8Z Xdi YZ hjgkZ^aaVcXZ YVch jc iZa g\^bZcZhZgV^ieVhhVchXdchfjZcXZhhjgaZXdiYjXVe^iVaej^hfjZaZh VXi^dccV^gZhYZbVcYZgV^Zci|igZ^cYZbc^hhedjghjeedgiZgXZXdi!XZ fj^gYj^gV^iaVkVaZjgYZhVXi^dchZiVj\bZciZgV^iaZXdiYjXVe^iVaedjg aZhXdbeV\c^Zh#
'(# 6#6#6#6# 7:GA: Zi <#8# B:6CH! I]Z BdYZgc 8dgedgVi^dc VcY Eg^kViZ EgdeZgin! 'Z Y#!
CZlNdg`!BVXB^aaVc!&.*+0G#8#8A6G@!®I]Z;djgHiV\Zhd[8Ve^iVa^hb/GZÅZXi^dch dc>ckZhibZciBVcV\ZbZciIgZVi^hZh¯! &.-& .)=Vgk#A#GZk#*+&#
-'+ AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&*
&#&#' AZXdiZmiZgcZ\cgeVgaVgZhedchVW^a^ia^b^iZ
AZeg^cX^eZYZaVgZhedchVW^a^ia^b^iZeZji\cgZgjcXdiZmiZgcZ Zc eZgbZiiVci Vjm hdX^ih YZ h¼Zc\V\Zg YVch YZh VXi^k^ih fj^ ^bedhZci jcXdi|YZhi^Zghfj^cZhdcieVhYYdbbV\h#:iaZXdiZmiZgcZeZji egdkdfjZg jcZ geVgi^i^dc ^cZ[ÄXVXZ YZh gZhhdjgXZh YVch a¼Xdcdb^Z Zc ZcXdjgV\ZVci aV gVa^hVi^dc YZ egd_Zih Y¼^ckZhi^hhZbZci cdc gZciVWaZh# AdghfjZaZhhdX^ihkVajZcia¼deedgijc^iYZiZahegd_Zih!ZaaZhc¼dcieVh | Xdch^YgZg aZ Xdi ZmiZgcZ \cg eVg XZh YZgc^Zgh# :aaZh Vjgdci eajii iZcYVcXZ|ZcigZegZcYgZYZhegd_Zihigdeg^hfjhej^hfj¼ZaaZhcZeV^Zgdci fj¼jcZeVgi^ZYjXdiYZXZhegd_Zihfj^!h¼^aiV^iZci^gZbZciXdch^Yg! ZcZmXYZgV^iaZhWcÄXZh#EVgV^aaZjgh!aVgZhedchVW^a^ia^b^iZY^b^cjZ a¼^cigiXdcdb^fjZYZhhdX^ih|^ckZhi^gjcc^kZVjdei^bVaYZgZhhdjgXZh YVchYZhbZhjgZhYZhXjg^iej^hfj¼ZaaZhcZhjW^gdcieVhZci^gZbZciaZh eZgiZh ghjaiVci YZh eg_jY^XZh XVjhh eVg aZjgh VXi^k^ih# 6jigZbZci Y^i! ZcigVch[gVcijcZeVgi^ZYjXdiYZhegd_ZihY¼^ckZhi^hhZbZciVjmi^Zgh!aV gZhedchVW^a^ia^b^iZhjWkZci^dccZaZhVXi^k^ihY¼ZcigZeg^hZg^hfjZh#
8ZedgigV^ihdbWgZYZhZ[[ZihYZaVgZhedchVW^a^ia^b^iZZhiidjiZ[d^h ^cXdbeaZiej^hfj¼^a ^\cdgZ aZi]dgbZ YZ 8dVhZ')# 8Zaj^"X^ ZchZ^\cZfjZ
aZh^cY^k^YjheZjkZcig\aZgaZegdWabZYjXdiZmiZgcZadghfj¼^aaZjgZhi edhh^WaZYZXdcigVXiZg|[V^WaZXdi#6^ch^!aZXgVcX^Zgfj^XdcigVXiZVkZX jcZeZghdccZbdgVaZeZjiiVWa^gaZhbdYVa^ihYjXdcigViedjggZÅiZgaZ g^hfjZYZaVigVchVXi^dcfj^ghjaiZYZaVgZhedchVW^a^ia^b^iZ#8Zg^hfjZ XdbegZcY idji Y¼VWdgY aV edhh^W^a^i fjZ aZ XgVcX^Zg cZ ej^hhZ igZ Zc bZhjgZ YZ gZXdjkgZg aV idiVa^i YZ hV XgVcXZ# Adgh YZ aV c\dX^Vi^dc Yj XdcigVi! aZ XgVcX^Zg eZji Z[[ZXijZg idjiZ[d^h jcZ kVajVi^dc YZ XZ g^hfjZ ZcdWiZcVciYZa¼^c[dgbVi^dcVjhj_ZiYZa¼VXi^[ZiYjeVhh^[YZaVeZghdccZ bdgVaZ!V^ch^fjZYjegd_ZiÄcVcX#8ZiiZkVajVi^dcaj^eZgbZiY¼iVWa^gaZ iVjmY¼^cigiZc[dcXi^dcYjYZ\gYjg^hfjZYZcdc"eV^ZbZci# AZXgVcX^ZgZhi\VaZbZcihdjb^hVjg^hfjZfjZaZYW^iZjgZ[[ZXijZ XZgiV^cZhVXi^dchfj^Vj\bZciZciaZg^hfjZYZa¼^cZmXji^dcYZa¼dWa^\Vi^dc# 9VchaVbZhjgZdXZhVXi^dchc¼dciejigZeg^hZhZcXdch^YgVi^dcadgh YZ a¼iVWa^hhZbZci Yj iVjm Y¼^cigi! aV eZghdccZ bdgVaZ VjgV ej gVa^hZg jcZbegjci|jciVjmY¼^cigifj^cZgZÅiZeVhaZkg^iVWaZg^hfjZYZaV igVchVXi^dc#AZXgVcX^ZgiZciZgVYZgYj^gZXZg^hfjZZc^cXajVciXZgiV^cZh [dgbZhYZXdcigaZYVchaZXdcigVi#EVgZmZbeaZ!^aedjggVgZcYgZZm^\^WaZ aVidiVa^iYZaVXgVcXZadghfjZaZXdZ[ÄX^ZciY¼ZcYZiiZbZciYZaVeZghdccZ bdgVaZ eVhh^[ idiVa hjg aV kVaZjg cZiiZ VjgV ViiZ^ci jc XZgiV^c hZj^a# 9Z bbZ! aZ XgVcX^Zg edjggV Zm^\Zg fjZ aZh VXi^dccV^gZh hZ edgiZci \VgVcih
H#GdjhhZVj AV®aZkZYjkd^aZXdgedgVi^[¯° -', C#HbVa^ YZa¼dWa^\Vi^dcXdcigVXiZeVgaVeZghdccZbdgVaZdjfjZXZiiZYZgc^gZaj^ d[[gZYZhW^ZchZc\VgVci^Z# HZadcaZi]dgbZYZ8dVhZ!a¼Zm^hiZcXZYjeg^cX^eZYZgZhedchVW^a^i YZhVXi^dccV^gZhcZa^b^iZYdcXeVhaVXVeVX^iYZhXgVcX^ZghYZgeVgi^g aZ g^hfjZ YZh igVchVXi^dch Y¼jcZ bVc^gZ | [V^gZ hjeedgiZg | aV eZghdccZ bdgVaZ aZ g^hfjZ YZ a¼^cZmXji^dc YZ a¼dWa^\Vi^dc# 8¼Zhi Y¼V^aaZjgh XZ fjZ gZXdccV^hhV^iaZ_j\ZLVihdcYZaV=djhZd[AdgYhYVchaVXaWgZV[[V^gZ
HVadbdck#6#HVadbdc8d#/
I]ZjceV^YXgZY^idghP°RXdjaY]VkZ^c[dgbZYi]ZbhZakZhd[i]ZiZgbhd[ejgX]VhZ Wn i]Z XdbeVcn! d[ i]Z ^hhjZ d[ YZWZcijgZh id PHVadbdcR VcY d[ i]Z Vbdjci d[ h]VgZh]ZaYWnZVX]bZbWZgP°RP6RXgZY^idgl]dl^aacdiiV`Zi]ZigdjWaZidjhZ i]Z bZVch l]^X] i]Z hiVijiZ egdk^YZh [dg ZcVWa^c\ ]^b id egdiZXi ]^bhZa[ bjhi WZVgi]ZXdchZfjZcXZhd[]^hdlccZ\a^\ZcXZ'*#
6jigZbZciY^i!aZeg^cX^eZYZaVgZhedchVW^a^ia^b^iZcZ\cgZeVhYZ XdiZmiZgcZYVchaZXdciZmiZYZigVchVXi^dchXdcigVXijZaaZh#
8ZgiV^cZh cjVcXZh XdcXZgcVci a¼Veea^XVi^dc Yj i]dgbZ YZ 8dVhZ bg^iZci XZeZcYVci Y¼igZ VeedgiZh# AZh XgVcX^Zgh fj^ hdci YVch jcZ gZaVi^dcXdcigVXijZaaZVkZXjcZeZghdccZbdgVaZcZeZjkZcieVhidj_djgh c\dX^Zg aZh bdYVa^ih Yj XdcigVi YZ bVc^gZ | ViiZ^cYgZ jcZ h^ijVi^dc fj^ bVm^b^hZ aZh ^cigih YZh eVgi^Zh# DjigZ aZh Y^[ÄXjaih Y¼dWiZc^g a¼^c" [dgbVi^dc cXZhhV^gZ | a¼ZmZgX^XZ Y¼jc XdchZciZbZci XaV^g! aZh eVgi^Zh fj^ XdcigVXiZci VkZX jcZ eZghdccZ bdgVaZ cZ Yi^ZccZci eVh cXZhhV^gZ" bZci jc edjkd^g YZ c\dX^Vi^dc aZjg eZgbZiiVci Y¼^cÅjZg hjg aZ XdciZcj YjXdcigVi#
>a kV hVch Y^gZ fjZ aZh XgVcX^Zgh ZmigVXdcigVXijZah hdci YVch jcZ edh^i^dc Y^[[gZciZ YZh XgVcX^Zgh XdcigVXijZah fj^ Xdbea^fjZ a¼Veea^XV" i^dc Yj i]dgbZ YZ 8dVhZ# :c Z[[Zi! aZh XgVcX^Zgh ZmigVXdcigVXijZah cZ hdci eVh Zc bZhjgZ YZ YiZgb^cZg aZ c^kZVj YZ eZgiZ fj¼^ah hdci egih | ZhhjnZgZcXVhY¼^chdakVW^a^iYZaVeZghdccZbdgVaZ#9Zeajh!^ahc¼dcieVh aVedhh^W^a^iYZXdcigVXiZg|a¼VkVcXZVkZXaVeZghdccZbdgVaZedjgaj^[V^gZ hjeedgiZgaZg^hfjZYZcdc"geVgVi^dcYjeg_jY^XZZcgV^hdcYZa¼^chdakVW^" a^i#:cÄc!aZhk^Xi^bZhY¼jcZ[VjiZZmigVXdcigVXijZaaZcZedhhYZcieVhaZh gZhhdjgXZhcXZhhV^gZhedjghjgkZ^aaZgaZhZcigZeg^hZhYZbVc^gZigd^iZVÄc YZYiZgb^cZgaZc^kZVjYZg^hfjZfjZaZjg^bedhZciXZhYZgc^gZh#6^ch^! aVgZhedchVW^a^ia^b^iZYZhVXi^dccV^gZheZgbZiVjmeZghdccZhbdgVaZhYZ [V^gZhjeedgiZgjcZeVgi^ZYZhg^hfjZhYZaZjghVXi^k^ihVjmXgVcX^ZghZmigV" XdcigVXijZah! Vadgh fjZ XZ hdci aZh VXi^dccV^gZh fj^ Zc gZi^gZci a¼ZchZbWaZ YZhWcÄXZh#
-'- AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&*
A¼Veea^XVi^dcYji]dgbZYZ8dVhZeZgbZiYZX^gXdchXg^gZa¼iZcYjZ YjegdWabZYjXdiZmiZgcZ\cgeVgaVgZhedchVW^a^ia^b^iZ#8dbbZ cdjh edjkdch aZ XdchiViZg! aV c\dX^Vi^dc Zi aZ XdcigVi eZgbZiiZci Vjm k^Xi^bZhediZci^ZaaZhYZ[V^gZhjeedgiZgaZXdiZmiZgcZ|aVhdX^iZiVjm VXi^dccV^gZh YVch XZgiV^cZh X^gXdchiVcXZh# AV egdiZXi^dc d[[ZgiZ eVg XZh bXVc^hbZhc¼ZhiXZeZcYVcieVheVg[V^iZ#AZha^b^iZhYZXZiiZegdiZXi^dc hdcigZXdccjZheVgaVeajeVgiYZhg\^bZhYZYgd^iYZhhdX^ih!YZigVY^i^dc X^k^a^hiZZiYZXdbbdcaVl#8Zjm"X^Y^XiZciYZhY^hedh^i^dch^begVi^kZh fj^WViiZciZcWgX]ZaZeg^cX^eZYZaVeZghdccVa^ibdgVaZYZaVhdX^i!Zc eZgbZiiVciYZgZX]ZgX]ZgaVgZhedchVW^a^iYZhVXi^dccV^gZhdjYZhVYb^" c^higViZjghYVchXZgiV^cZhX^gXdchiVcXZh# &#' JcZkjZY¼ZchZbWaZYZhbdi^[hYZhdjakZbZci Yjkd^aZXdgedgVi^[ZckZgijYj8dYZX^k^aYjFjWZX A¼Vgi^XaZ(&,Yj8dYZX^k^aYjFjWZXY^XiZjcZg\aZY¼^cdeedhVW^a^i fj^ZbeX]ZidjiZeZghdccZY¼^ckdfjZgaVeZghdccVa^ibdgVaZ|a¼ZcXdcigZ Y¼jcZeZghdccZYZWdccZ[d^!YhadghfjZXZiiZeZghdccVa^ibdgVaZZhiVaa" \jZedjgbVhfjZgaV[gVjYZ!a¼VWjhYZYgd^idjjcZYgd\Vi^dc|jcZg\aZ Y¼dgYgZejWa^X#:cY¼VjigZhiZgbZh!adghfjZaZhXdcY^i^dchYZa¼Vgi^XaZ(&, hdcigZbea^Zh!aVhVcXi^dcegkjZeVgXZiiZY^hedh^i^dcZhia¼^cdeedhVW^a^i YZaVeZghdccVa^ibdgVaZ#8ZiiZg\aZY¼^cdeedhVW^a^ieZgbZieVgaVhj^iZ Y¼iVWa^gYZha^ZchYZYgd^iVkZXaZhbZbWgZhYZaVhdX^ifj^cZWcÄX^Zci eajhYZaVegdiZXi^dcYZa¼Vgi^XaZ(%.#
AV hVcXi^dc egkjZ eVg a¼Vgi^XaZ (&,! | hVkd^g a¼^cdeedhVW^a^i YZ aV eZghdccVa^i bdgVaZ! eZji igZ hj[ÄhVciZ Zc hd^ edjg g\aZg XZgiV^ch XVh Y¼VWjh# :c bZiiVci Vj gVcXVgi aV eZghdccVa^i _jg^Y^fjZ Y^hi^cXiZ YZ aV hdX^i!XZiiZhVcXi^dceZgbZiY¼jc^ÄZgaZeVig^bd^cZYZXZiiZYZgc^gZZi XZaj^ YZ a¼VXi^dccV^gZ YZ bVc^gZ fj¼^ah Xdchi^ijZci aZ \V\Z Xdbbjc YZh XgVcX^Zgh!XZfj^[VX^a^iZgVV^ch^a¼ZmXji^dcYZhXgVcXZhYZXZhYZgc^Zgh'+#
A¼Z[[ZiYZa¼^cdeedhVW^a^iYZaVeZghdccVa^ibdgVaZcZh¼VggiZXZeZcYVci eVha|#:aaZYdccZ\VaZbZcidjkZgijgZ|a¼Veea^XVi^dcYZhg\aZh\cgVaZh Yj8dYZX^k^afj^g\^hhZciaVh^ijVi^dcZcXVjhZadghfj¼^aZhi[V^iVWhigVX" i^dcYZaVeZghdccVa^ibdgVaZ#:cZ[[Zi!^acZ[VjieVheZgYgZYZkjZfjZ aV XdY^ÄXVi^dc Yj hdjakZbZci Yj kd^aZ XdgedgVi^[ Zm^\Z Y¼^ciZgegiZg XZ g\^bZ Vj gZ\VgY YZh eg^cX^eZh [dcYVbZciVjm Yj Ygd^i X^k^a Y^Xi eVg aZ 8dYZX^k^a',#
'+# Kd^g Vjhh^! eVg ZmZbeaZ!Kd^gVjhh^!eVgZmZbeaZ!Adj@jh]cZg>cX#X#EaVhi^X8dViZYIZmi^aZhd[6bZg^XV!P&...R ?#F#'))( 8#F# #
',# 6#6#BDGG>HH:I!?#IJG<:DCZiVjigZh!de#X^i#!cdiZ-!&"%&%#Kd^gVjhh^?#IJG<:DC!adX# X^i#!cdiZ+#
H#GdjhhZVj AV®aZkZYjkd^aZXdgedgVi^[¯° -'.
C#HbVa^
8¼Zhi YdcX Y^gZ fjZ a¼Vgi^XaZ (&, c¼Zhi eVh jcZ Y^hedh^i^dc fj^ eZji igZ XdcXZeijVa^hZ YZ bVc^gZ Zci^gZbZci VjidcdbZ! ^cYeZcYVbbZci YZhVjigZhY^hedh^i^dchYj8dYZX^k^aYdciZaaZ[V^ieVgi^Z'-#8ZiVgi^XaZeZji
igZ^ckdfjXdc_d^ciZbZciVkZXY¼VjigZhg\^bZhYj8dYZX^k^aiZahfjZaV gZhedchVW^a^iXdcigVXijZaaZdjZmigVXdcigVXijZaaZ#9VchXZiiZeZgheZXi^kZ! ®a¼Vgi^XaZ (&, 8#X#F# Zhi jc ZcXdjgV\ZbZci a\^haVi^[ Vjm ig^WjcVjm edjg Veea^fjZgaZheg^cX^eZhYjYgd^iX^k^ahVchhZaV^hhZg^cYbZci^cÅjZcXZgeVg a¼^ciZgedh^i^dckZcijZaaZdjk^gijZaaZY¼jcZeZghdccZbdgVaZ'.¯#
&#'#& AVbVc^ejaVi^dcYZaVeZghdccVa^ibdgVaZZiaVcdi^dcY¼VaiZgZ\d
AZbXVc^hbZYZaVaZkZYjkd^aZXdgedgVi^[ViaVWdgedjghVcX" i^dccZg a¼VWjh YZ aV eZghdccVa^i bdgVaZ(%# 8Zi VWjh hjgk^Zci adghfjZ aV
eZghdccVa^i bdgVaZ Zi aV gZhedchVW^a^i a^b^iZ hdci YidjgcZh YZ aZjg ÄcVa^iXdcdb^fjZZicZhZgkZcieajh|egdi\Zga¼VXi^dccV^gZXdcigZaZh g^hfjZh cdgbVjm YZh V[[V^gZh(&# AV kdadci Yj a\^haViZjg YZ hVcXi^dccZg
a¼VWjh YZ aV eZghdccVa^i bdgVaZ eVg aV aZkZ Yj kd^aZ XdgedgVi^[ gZhhdgi YZ a¼Zbead^ Yj kZgWZ ®bVhfjZg¯ | a¼Vgi^XaZ (&,# 8ZiiZ cdi^dc Zm^\Z fjZ a¼VXi^dccV^gZbVc^ejaZaVeZghdccVa^ibdgVaZYZaVhdX^iZiYidjgcZhV ÄcVa^iXdcdb^fjZedjgXdbbZiigZjcZ[gVjYZ!jcVWjhYZYgd^idjjcZ Ygd\Vi^dc|jcZg\aZY¼dgYgZejWa^XVjYig^bZciY¼Vjigj^hVchVhhjbZg YZ gZhedchVW^a^i eZghdccZaaZ('# Eajh egX^hbZci! aV bVc^ejaVi^dc YZ aV
eZghdccVa^i bdgVaZ fjZ iZciZ Y¼ZcY^\jZg a¼Vgi^XaZ (&, eZji egZcYgZ YZjm [dgbZh#
:cegZb^Zga^Zj!a¼Vgi^XaZ(&,h¼^cigZhhZ|a¼VXi^dccV^gZfj^bVc^ejaZ aVeZghdccVa^ibdgVaZedjga\^i^bZgjcZ[gVjYZ!jcVWjhYZYgd^idjjcZ Ygd\Vi^dc | a¼dgYgZ ejWa^X# 9Vch jc iZa XVh! a¼VXi^dccV^gZ hZ hZgi YZ aV hdX^iXdbbZY¼jcZ[VVYZVÄcYZXVbdjÅZghZhV\^hhZbZciheZghdccZah# >a[V^iXdbbZiigZ|aVhdX^ijcVXiZfj^Zhia\^i^bZYZeg^bZVWdgY!bV^h fj^ gZki! eVgXZ fj¼^a ®aV XdcigaZ Zi WcÄX^Z YZ XZi VXiZ! jc XVgVXigZ
'-# Kd^g! eVg VcVad\^Z! 6#Kd^g!eVgVcVad\^Z!6#EDEDK>8>!®AVedjaZZia¼]dbbZ/hjga¼Vgi^XaZ.,+8#X#F#¯! &.., ..G#YjC#'&)!'(+"')-#
'.# 6#BDG>HH:I!?#IJG<:DCZiVjigZh!de#X^i#!cdiZ-!&"%&%#
(%# :c Xdbbdc aVl! kd^g / ?#:cXdbbdcaVl!kd^g/?#;6GG6G!adX#X^i#!cdiZ+0ZcYgd^i[gVcV^h!kd^g/6#B#"H:G;! ®HdX^ih ÄXi^kZh Zi [gVjYjaZjhZh¯! &..- ?#"8a# HdX^ih! [VhX# ,")%0 hjg aV h^ijVi^dc fjWXd^hZ!kd^g/N#86GDC!®A¼VWjhYZedjkd^gZcYgd^iXdbbZgX^VafjWXd^h¯! &.,- &.8#YZ9#,!-"&%#
(&# ;#6#;#6#<:KJGIO!®E^ZgX^c\E^ZgX^c\/6c6iiZbeiidA^[ii]ZKZ^ad[8dc[jh^dcHjggdjc"
Y^c\i]Z9dXig^cZd[E^ZgX^c\i]Z8dgedgViZKZ^a¯! &.., ,+Dg#A#GZk#-*(!-**/®Bdhi XdgedgVi^dchZm^hi[dgi]ZejgedhZd[VX]^Zk^c\a^b^iZYa^VW^a^in[dgi]Z^gdlcZgh#¯Kd^g Vjhh^hjegV!hZXi^dc&#'#
('# Kd^g / =#L#Kd^g/ =#L# 76AA6CI>C:! ®HZeVgViZ :ci^in d[ EVgZci VcY HjWh^Y^Vgn 8dgedgVi^dch¯! &.'* &)8Va^[#A#GZk#&'!&.0G#7#I=DBEHDC!adX#X^i#!cdiZ&&!&%)'#
-(% AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&*
[gVjYjaZjm! VWjh^[ dj XdcigV^gZ | a¼dgYgZ ejWa^X((¯# 6jigZbZci Y^i! c¼Zi iYZaVeZghdccVa^ibdgVaZfj^Zhi^ciZgedhZ!®a¼VXiZdja¼db^hh^dcZc XVjhZhZgV^i[Vji^[()¯# :chZXdcYa^Zj!a¼Zbead^YjkZgWZ®bVhfjZg¯eZgbZiYZgeg^bZgjcZ VjigZ[dgbZYZbVc^ejaVi^dcYZaVeZghdccVa^ibdgVaZda¼VXi^dccV^gZhZ hZgiYZaVhdX^iXdbbZY¼jc^ciZgbY^V^gZedjgXdbbZiigZjcZ[gVjYZ! jcVWjhYZYgd^idjjcZYgd\Vi^dc|jcZg\aZY¼dgYgZejWa^XhVchZcXdjg^g YZ gZhedchVW^a^i eZghdccZaaZ(*# >a cZ hj[Äi XZeZcYVci eVh fjZ aV hdX^i
V^i[V^ijcZdegVi^dcbZcVci|jciZaghjaiViedjgfjZa¼Vgi^XaZ(&,ZcigZ Zc _Zj# :cXdgZ [Vji"^a fjZ a¼degVi^dc V^i i Z[[ZXijZ YVch a¼^cigi YZ a¼VXi^dccV^gZeajiifjZYVchaZhZja^cigiYZaVhdX^iZaaZ"bbZ(+#8ZiiZ Zm^\ZcXZYXdjaZYjXVgVXigZYgd\Vid^gZYjhdjakZbZciYjkd^aZXdged" gVi^[#:aaZX]ZgX]Z|eghZgkZgaVgZhedchVW^a^ia^b^iZYZhVXi^dccV^gZh| a¼\VgYYZYX^h^dchY¼V[[V^gZhfj^!W^Zcfj¼ZaaZhXVjhZcieg_jY^XZ|Vjigj^! cZeZjkZciigZfjVa^ÄZhYZbVc^ejaVi^dcYZaVeZghdccVa^ibdgVaZ# 9jgZhiZ!^ahZY\V\ZjcZXdchiVciZYZhYZjmh^ijVi^dchda¼VXi^dccV^gZ ZhihjhXZei^WaZY¼^ckdfjZgaVeZghdccVa^i_jg^Y^fjZY^hi^cXiZYZaVhdX^i eVg VXi^dch edjg bVhfjZg jcZ YZh ^aa\Va^ih cjbgZh | a¼Vgi^XaZ (&,/ a¼VXi^dccV^gZ Yd^i eVgi^X^eZg igd^iZbZci | a¼VXiZ YZ aV hdX^i(,# HZ edhZ
VadghaVfjZhi^dcYjYZ\gY¼^bea^XVi^dcYZa¼VXi^dccV^gZedjgeZgbZiigZaZ hdjakZbZciYjkd^aZXdgedgVi^[|hdcZcYgd^i#
8¼Zhi^X^fj¼ZcigZZc_ZjaVi]dg^ZYZa¼VaiZgZ\ddji]dg^ZYZa¼®^YZci^" ÄXVi^dc(-¯#9Vcha¼jcZdja¼VjigZh^ijVi^dcYXg^iZegXYZbbZci!XZc¼Zhi
fjZadghfjZa¼VXi^dccV^gZedjggVigZfjVa^ÄY¼®VaiZgZ\d¯djY¼®}bZY^g^"
((# AVcdjZ X# 7gVhhZg^Z AVWVii aiZ! G:?7 &..."&&-)' 8#6# ! e# +# Kd^g B# B6GI:A Zi
E#B6GI:A!de#X^i#!cdiZ*!e#)+&")+'/®:cXdgZ[Vji"^afjZXZiiZ[gVjYZ!XZiVWjhYZYgd^i djXZiiZXdcigVkZci^dc|a¼dgYgZejWa^Xhd^i®bVhfjZ¯eVgaVeZghdccVa^iY^hi^cXiZYZ aVXdbeV\c^Z#:cY¼VjigZhiZgbZh!ZaaZcZYd^ieVhigZk^YZciZdjVeeVgZciZ!|bd^ch YZ[V^gZVWhigVXi^dcYZXZiiZeZghdccVa^i#¯
()# 6#6#BDG>HH:I!?#IJG<:DCZiVjigZh!de#X^i#!cdiZ-!&"%&%!e#*',#
(*# >W^Y#!e#*'(#
(+# 8dbeVgZg! Y¼jcZ eVgi!8dbeVgZg! Y¼jcZ eVgi! <V\cdc X# 8Vgdc! P&..,R G#9#># *,. 8#H# ! Zi! Y¼VjigZ eVgi! 7djX]VgYX#AZhHZgk^XZhÄcVcX^ZghZmXZaaZcXZ>cX#!P&..-RG:?7&..-"%*.)% 8#F# # (,# Kd^gKd^g7djX]VgY!EVgVY^hZi6hhdX^hX#;Vc^dchdjhXg^eiZjghY¼VhhjgVcXZAiZ!P&..-R
6#F# Fj^X`aVl c§*-+ 8#H# #
(-# AV i]dg^Z YZ a¼^YZci^ÄXVi^dc i^gZ hZh dg^\^cZh YZ aV Xdbbdc aVl# Kd^gAVi]dg^ZYZa¼^YZci^ÄXVi^dci^gZhZhdg^\^cZhYZaVXdbbdcaVl#Kd^gAZccVgY¼h8Vggn^c\ 8d#AiY#X#6h^Vi^XEZigdaZjb8d#AiY#!P&.&*R6#8#,%* =#A# #8ZiiZi]dg^ZViji^a^hZ YVchY^kZghZhX^gXdchiVcXZheVgaZhig^WjcVjmVkVcia¼VkcZbZciYj8dYZX^k^aYjFjWZX edjg_jhi^ÄZgaZhdjakZbZciYjkd^aZXdgedgVi^[#EdjgjcZmedhgXZciYZheg^cX^eZh \cgVjm YZ aV i]dg^Z! kd^g <cgVa 6XX^YZci 8dbeV\c^Z Y¼VhhjgVcXZh Yj 8VcVYV X# B^hXdj BdiZa AiZ! P&...R G#?#F# ((%! ((."()& 8#6# # Kd^g Vjhh^ G# <GDC9>C! ®AV
gZhedchVW^a^iecVaZYZheZghdccZhbdgVaZhZiaVi]dg^ZYZhdg\Vc^hVi^dch¯! &..) '* G#<#9#(,.!(-("(-*#
H#GdjhhZVj AV®aZkZYjkd^aZXdgedgVi^[¯° -(& C#HbVa^ \ZVciZ¯YZaVhdX^ifj¼^ahZgVedhh^WaZYZgZX]ZgX]ZghVgZhedchVW^a^iedjg Vkd^gXdbb^hjcZ[gVjYZ!jcVWjhYZYgd^idjjcZYgd\Vi^dc|jcZg\aZ Y¼dgYgZejWa^X#A¼abZciXZcigVaYZa¼Veea^XVi^dcYZXZiiZi]dg^ZXdch^hiZ ZcaVfjVa^ÄXVi^dcYZaVgZaVi^dcfj^Zm^hiZZcigZa¼VXi^dccV^gZZiaVXdbeV" \c^Z#Edjgfj¼jcVXi^dccV^gZhd^ia¼VaiZgZ\dY¼jcZhdX^i!^aZhicXZhhV^gZ YZ YbdcigZg fjZ XZh YZgc^Zgh cZ hdci eVh YZh eZghdccZh Y^hi^cXiZh Zc gV^hdcYZha^Zchigd^ihfj^aZhjc^hhZci(.#6jmÄchYZaVYiZgb^cVi^dcYZ a¼Zm^hiZcXZY¼jcZiZaaZgZaVi^dc!aZXg^igZaZeajh^bedgiVci|Xdch^YgZgZhi XZaj^YZaVYdb^cVi^dcYZaVeZghdccZbdgVaZeVga¼VXi^dccV^gZ)%#
9Zjm Xg^igZh hdci ji^a^hh edjg Veea^fjZg aV i]dg^Z YZ a¼^YZci^ÄXV" i^dc YVch aZ XdciZmiZ YZ a¼Vgi^XaZ (&, 8#X#F#/ aZ XdcigaZ YZ a¼VXi^[ Zi aZ XdcigaZ a\Va# AZ egZb^Zg ineZ YZ XdcigaZ gh^YZ YVch aZ edjkd^g Y¼^c" ÅjZg YZ bVc^gZ Z[[ZXi^kZ hjg a¼ji^a^hVi^dc YZ a¼VXi^[ YZ aV XdbeV\c^Z eVg aV eg^hZ YZ YX^h^dc fjVci | aV XdcYj^iZ YZ hZh V[[V^gZh)&# >a gZfj^Zgi fjZ
a¼VXi^dccV^gZ!djaZ\gdjeZY¼VXi^dccV^gZh!ZmZgXZaZh[dcXi^dchYZY^gZXi^dc fj^gZakZciYjXdchZ^aY¼VYb^c^higVi^dc)'#AZhZXdcYineZYZXdcigaZ!aZ XdcigaZa\VaYZaVXdbeV\c^Z!hZg[gZVjedjkd^gfj¼ZmZgXZci^cY^gZXiZ" bZciaZhVXi^dccV^gZhhjga¼VYb^c^higVi^dcYZhV[[V^gZhYZaVXdbeV\c^ZeVg a¼ZcigZb^hZYZaZjgYgd^iYZkdiZ# &#'#' A¼ji^a^hVi^dcYZaVeZghdccVa^ibdgVaZedjgXdbbZiigZjcZ[gVjYZ! jcVWjhYZYgd^idjjcZYgd\Vi^dc|jcZg\aZY¼dgYgZejWa^X
Edjg fjZ aZ ig^WjcVa egdXYZ Vj hdjakZbZci Yj kd^aZ XdgedgVi^[! ^a cZhj[ÄieVhfjZa¼VXi^dccV^gZhd^ia¼VaiZgZ\dYZaVhdX^i#:cXdgZ[Vji"^a fjZXZaj^"X^bVc^ejaZaVeZghdccVa^ibdgVaZYZaVhdX^iZiYidjgcZhV ÄcVa^iXdcdb^fjZZckjZYZXdbbZiigZjcZ[gVjYZ!jcVWjhYZYgd^idj jcZYgd\Vi^dc|jcZg\aZY¼dgYgZejWa^XVjYig^bZciY¼Vjigj^#
6kVcia¼VYdei^dcYZa¼Vgi^XaZ(&,8#X#F#!aVcdi^dcYZ[gVjYZXdchi^ijV^i jc bdi^[ [gfjZbbZci ^ckdfj eVg aZh ig^WjcVjm edjg hdjaZkZg aZ kd^aZ XdgedgVi^[ YVch aZ XdciZmiZ YZ gZaVi^dch XdcigVXijZaaZh)(# :c Ygd^i X^k^a!
(.# 7jVcYZg^Z8ZcigVaZYZBdcigVaX#K^aaZYZBdcigVa!P&..)R(G#8#H#'.!)-#
)%# >W^Y#Kd^g\VaZbZci/G]cZ AZ X#EZiZg6#7#L^YZcZg AZ !P&..(R&G#8#H#).,!*'%" *'&08VcVY^Vc9gZY\Z9dX`8d#X#AVGZ^cZ!P&.-*R&G#8#H#++'#
)&# G#G# ;A6CC><6C! ®8dgedgVi^dch 8dcigdaaZY Wn H]VgZ]daYZgh/ Eg^cX^eVah! 6\Zcih dg
HZgkVcih¯! &.-+ *&HVh`#A#GZk#'(!'+"',#
)'# Kd^g! Zc XZ hZch! G#7#Kd^g!ZcXZhZch!G#7#I=DBEHDC!®JceVX`^c\A^b^iZYA^VW^a^in/9^gZXiVcYK^XVg^djh A^VW^a^ind[8dgedgViZEVgi^X^eVcih[dgIdgihd[i]Z:ciZgeg^hZ¯! &..) ),KVcY#A#GZk# &!.#
)(# 8aVg`hdcX#O]Za`V! &.+, +)9#A#G# 'Y )*, =#8# 0H#L#=6B>AIDC!de#X^i#!cdiZ,! e#'-."'.&#
-(' AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&*
aZh Xdcidjgh YZ aV cdi^dc YZ [gVjYZ YZbZjgZci ^begX^h))# 8ZiiZ cdi^dc [V^ig[gZcXZ!YZbVc^gZ\cgVaZ!Vj®P[RV^iVXXdbea^VkZXa¼^ciZci^dcYZ edgiZgViiZ^ciZVjm^cigihY¼Vjigj^djYZhZhdjhigV^gZ|a¼Veea^XVi^dcY¼jcZ g\aZYZYgd^i)*¯#EajheVgi^Xja^gZbZci!aV[gVjYZ^cXajia¼®VXiZVXXdbea^ eVgjcYW^iZjg^chdakVWaZZckjZYZ[gVjYZghZhXgVcX^Zgh)+¯!V^ch^fjZaZ Yda#:cÄc!aVcdi^dcYZ[gVjYZZbeadnZ|a¼Vgi^XaZ(&,edjggV^i^cXajgZaV [gVjYZVjhZchYZa¼Vgi^XaZ(-%Yj8dYZXg^b^cZa!hd^iaZ[V^iYZ[gjhigZgidjiZ eZghdccZY¼jcW^ZcdjY¼Vg\ZcieVghjeZgX]Zg^Z!bZchdc\ZdjVjigZegdXY Ydadh^[#8dbbZaZhdja^\cZjcVjiZjg!^ac¼ZhiXZeZcYVci®eVhcXZhhV^gZ fjZaV[gVjYZhd^iecVaZbZcihVcXi^dccZedjga¼igZZcYgd^iX^k^a),¯#
AV [gVjYZ Xdchi^ijZ jc bdi^[ YZ hdjakZbZci Yj kd^aZ XdgedgVi^[ hjhXZei^WaZY¼igZ^ckdfjYVchaZXdciZmiZYZhgZaVi^dchXdcigVXijZaaZhYZ aVhdX^i#A¼iZcYjZYZXZiiZcdi^dceZgbZiY¼^cXajgZaZhkcZbZcihfj^hZ h^ijZciadghYZaVe]VhZegXdcigVXijZaaZ!hdjhaV[dgbZYZYdaeVgZmZbeaZ! ZiadghYZa¼ZmXji^dcYjXdcigVi#IdjiZchdja^\cVciaVegYdb^cVcXZYZ a¼Veea^XVi^dc YZ aV [gVjYZ Zc bVi^gZ XdcigVXijZaaZ! cdjh cdjh YZkdch YZ h^\cVaZgfjZaV[gVjYZeZji\VaZbZcihZegdYj^gZZcYZ]dghYZhgZaVi^dch XdcigVXijZaaZh#GVeeZadchfjZaV[gVjYZ!ZciVcifjZ[V^iYZhi^c|ajYZg jcZg\aZdWa^\Vid^gZ!eZjiigZY^g^\ZXdcigZidjiZg\aZYZYgd^i)-#
A¼^ci\gVi^dcYZa¼VWjhYZYgd^i|a¼Vgi^XaZ(&,ViXg^i^fjZhkgZ" bZci eVg YZh VjiZjgh fj^ dci hdja^\c fjZ XZiiZ cdi^dc c¼VkV^i _VbV^h Xdchi^ij jc bdi^[ YZ aZkZ Yj kd^aZ XdgedgVi^[ VkVci &..)).# 6j"YZa| Yj
[V^ifjZaVXgVi^dcY¼jccdjkZVjbdi^[YZhdjakZbZciYjkd^aZXdgedgVi^[ VaaV^i|a¼ZcXdcigZYZa¼^ciZci^dcVkdjZYjb^c^higZYZaV?jhi^XZ!|hVkd^g XdY^ÄZgaV_jg^hegjYZcXZVcig^ZjgZ!aZhVjiZjghdcih^\cVafjZa¼VWjhYZ Ygd^i edjkV^i bZcZg | jc aVg\^hhZbZci cdiVWaZ YZh XdcY^i^dch Y¼djkZg" ijgZYZXZgZXdjgh!ZcgV^hdcYZaVedgiZYZXZiiZcdi^dc#GVeeZadchfjZ aVi]dg^ZYZa¼VWjhYZYgd^iZhiXdY^ÄZ|a¼Vgi^XaZ,8#X#F#/®6jXjcYgd^i cZeZjiigZZmZgXZckjZYZcj^gZ|Vjigj^djY¼jcZbVc^gZZmXZhh^kZ ZiYgV^hdccVWaZ!VaaVciV^ch^|a¼ZcXdcigZYZhZm^\ZcXZhYZaVWdccZ[d^#¯ A¼VWjhYZYgd^iXdbedgiZYZjmVmZh/a¼^ciZci^dcYZcj^gZZia¼VXiZZmXZhh^[
))# Kd^g! Zc \cgVa! ?#Kd^g!Zc\cgVa!?#K>96A!:hhV^Y¼jcZi]dg^Z\cgVaZYZaV[gVjYZZcYgd^i[gVcV^h/
aZeg^cX^eZ®;gVjhdbc^VXdggjbe^i¯!EVg^h!9Vaado!&.*,#
)*# E#"6#!8GwE:6JZiVjigZh!9^Xi^dccV^gZYZYgd^ieg^kZiaZm^fjZhW^a^c\jZh!'ZY#!8dlVch"
k^aaZ!wY^i^dchNkdc7aV^h!&..&!e#'+,#
)+# =#=#G:>9!9^Xi^dccV^gZYZYgd^ifjWXd^hZiXVcVY^Zc!BdcigVa!L^ahdcAVÅZjg!&..)!
e#'*)#
),# ?#?#IJG<:DC!adX#X^i#!cdiZ+!&**# )-# ?#?#K>96A!de#X^i#!cdiZ))!e#&&%#
).# Kd^g! Zc eVgi^Xja^Zg! E#Kd^g!ZceVgi^Xja^Zg!E#B6GI:A!®AZ®kd^aZXdgedgVi^[¯Zia¼Vgi^XaZ(&,Yj8dYZX^k^aYj
FjWZX¯! &..* **G#Yj7#)),!)*,")+&#EdjgjcZXg^i^fjZYZaVi]hZYZ®a¼ZggZjgYZ XdY^ÄXVi^dc¯!kd^g?#IJG<:DC!adX#X^i#!cdiZ+!&)."&*'#
H#GdjhhZVj AV®aZkZYjkd^aZXdgedgVi^[¯° -((
C#HbVa^
djYgV^hdccVWaZ#AZegZb^ZgVmZZhiXVgVXig^heVgaVcXZhh^iYZYbdc" igZgjcabZcihjW_ZXi^[!hd^ia¼^ciZci^dcYZcj^gZ#9VchXZiiZh^ijVi^dc!aZ YiZciZjgYjYgd^i®a¼ZmZgXZhVchkg^iVWaZWcÄXZedjgaj^"bbZ!ZiYVch aZ hZja Wji YZ cj^gZ | Vjigj^ Zi YZ aj^ XVjhZg eg_jY^XZ¯# A¼VWjh YZ Ygd^i ghjaiZV^ch^Y¼jcYidjgcZbZciYZaVÄcVa^iYjYgd^iZm^hiVcifj^cZhZgi eajhYVchjcWjiYZegdÄidjY¼ji^a^ibV^heajiiYVchaZWjiegX^hYZcj^gZ |Vjigj^#AZhZXdcYVmZaVg\^iaVcdi^dcY¼VWjhYZYgd^iZcY^XiVcifj¼ZaaZ ^cXajijcVheZXidW_ZXi^[fj^gZckd^Z|aVcdi^dc\cgVaZYZ[VjiZ#9VchXZ XVh!a¼^ciZci^dcYZcj^gZc¼VeVh|igZegdjkZ#>ah¼V\^ieajiiYZYbdcigZg fjZ®aZYgd^iZhiZmZgXYZ[Vdcc\a^\ZciZZi^chdjX^VciZ!YdcXYZbVc^gZ [Vji^kZeVgXZfjZXdcigV^gZVjmg\aZhYZaVWdccZ[d^*%¯# 9VchaZXVYgZXdcigVXijZa!aVi]dg^ZYZa¼VWjhYZYgd^iZhihjhXZei^WaZ Y¼igZ^ckdfjZ|a¼\VgYY¼kcZbZcihfj^hZh^ijZciadghYZaV[dgbVi^dc Yj XdcigVi Zi adgh YZ a¼ZmXji^dc Yj XdcigVi*&# 7^Zc fj¼ZaaZ hd^i hdjkZci
ZbeadnZXdc_d^ciZbZciVkZXaZbdi^[YZ[gVjYZ!aVcdi^dcY¼VWjhYZYgd^i YZbZjgZidjiZ[d^hWZVjXdjeeajhaVg\ZfjZaV[gVjYZZcgV^hdcYjhZXdcY kdaZi YZ hV YÄc^i^dc*'# 9j gZhiZ! a¼VheZXi aZ eajh cdkViZjg YZ aV cdi^dc
Y¼VWjhYZYgd^i!XdbbZbdi^[YZhdjakZbZciYjkd^aZXdgedgVi^[!gh^YZ YVcha¼iZcYjZYZhdcX]VbeY¼Veea^XVi^dcfj^eZgbZiY¼^cXajgZaZhgVeedgih a\Vjm fj^ hZ h^ijZci | a¼Zmig^Zjg YZ aV he]gZ XdcigVXijZaaZ*(# :c Z[[Zi!
a¼VWjhYZYgd^ieZjighjaiZgYZa¼ZmZgX^XZYZYgd^ihYdciaVhdjgXZZhihig^X" iZbZcia\VaZeajiifjZXdcigVXijZaaZ*)#²i^igZY¼ZmZbeaZ!aZhig^WjcVjm
dci Veea^fj YZej^h adc\iZbeh aV i]dg^Z YZ a¼VWjh YZ Ygd^i | a¼\VgY Yj Ygd^iYZegdeg^i**#
A¼Vgi^XaZ(&,Y^XiZXdbbZVjigZbdi^[YZhdjakZbZciYjkd^aZXdged" gVi^[aVYgd\Vi^dc|jcZg\aZ^cigZhhVcia¼dgYgZejWa^X#8ZYZgc^Zgbdi^[YZ
*%# 8#8# B6HH:! ®AV gZhedchVW^a^i X^k^aZ¯! YVch 76GG:6J9J FJw7:8 Zi 8=6B7G:9:H
CDI6>G:H9J FJw7:8 Y^g# ! AV g[dgbZ Yj 8dYZ X^k^a! FjWZX! AZh EgZhhZh YZ a¼Jc^"
kZgh^iAVkVa!&..(!e#'(*!'*."'+%#
*&# 7#7#A:;:7KG:!AVWdccZ[d^YVchaV[dgbVi^dcYjXdcigVi!8dlVchk^aaZ!wY^i^dchNkdc 7aV^h! &..-! e# &%+! | aV eV\Z &%-0 ?#";# <6J9G:6JAI"9:H7>:CH! ®A¼VWjh YZ Ygd^i Zc
bVi^gZXdcigVXijZaaZVjFjWZX¯! &.-, &G#?#:#A#-&!-,"&%-#
*'# Hjg aZh Y^hi^cXi^dch ZcigZ aV cdi^dc YZ [gVjYZ Zi Y¼VWjh YZ Ygd^i! kd^g E#Hjg aZh Y^hi^cXi^dch ZcigZ aV cdi^dc YZ [gVjYZ Zi Y¼VWjh YZ Ygd^i! kd^g E# K6C DBB:H"
A6<=:!®6WjhYZYgd^i![gVjYZVjmYgd^ihYZhi^ZghZi[gVjYZ|aVad^¯! &.,+ (%GZkjZ
Xg^i^fjZ YZ _jg^hegjYZcXZ WZa\Z (%(# Kd^g! | i^igZ Y¼ZmZbeaZ! >ciZged^ci 8dge# X# OZ^ waZXigdc^fjZ>cX#!P&..,R6#F# Fj^X`aVl c§''), 8#H# #
*(# 9jbdciX#8dchigjXi^dcAdFj^g^dc>cX#!G:?7&..-"+&., 8#F# !eVg#*&0E#"<#?D7>C!
?#"A#76J9DJ>CZiC#KwO>C6!AZhdWa^\Vi^dch!+ZY#!8dlVchk^aaZ!wY^i^dchNkdc7aV^h!
'%%*!e#&,,"&,-#
*)# B#B# I6C8:A>C! 9Zh dWa^\Vi^dch/ VXiZh Zi gZhedchVW^a^ih! BdcigVa! L^ahdc AVÅZjg!
&..,!e#('.#
-() AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&*
hdjakZbZciYjkd^aZXdgedgVi^[cZXdchi^ijZeVhjcZcdjkZVji^cigdYj^iZ eVg aZ 8dYZ X^k^a Yj FjWZX# 6kVci a¼ZcigZ Zc k^\jZjg YZ a¼Vgi^XaZ (&,! aZhig^WjcVjmVXXZeiV^ZciYZbZiigZYZXiaZeg^cX^eZYZa¼^bbjc^iYZh VXi^dccV^gZh adghfj¼jcZ XdbeV\c^Z iV^i ji^a^hZ edjg XdcigZkZc^g | jcZ g\aZY¼dgYgZejWa^X*+#AVcdi^dcYZg\aZY¼dgYgZejWa^XgZckd^ZVjmg\aZh
^begVi^kZhYdci^acZeZjiigZYgd\eVgXdckZci^dc*,#:aaZ^cXaji!Y¼jcZ
eVgi! aZh g\aZh Y¼dgYgZ ejWa^X eda^i^fjZ fj^ dci edjg dW_Zi YZ ®egdi\Zg a¼ZchZbWaZYZh^chi^iji^dchfj^Xdchi^ijZciaVWVhZYZhg\aZhYj_ZjhdX^Va¯! iZaaZhfjZaZhad^hhjga¼VYb^c^higVi^dcYZaV_jhi^XZ!aZhad^hhjga¼dg\Vc^hVi^dc YZa¼wiVi!aZhad^hVYb^c^higVi^kZhZiÄhXVaZhV^ch^fjZaZhX]VgiZhYZYgd^ih Zia^WZgih[dcYVbZciVjm*-#9¼VjigZeVgi!aVcdi^dc[V^ig[gZcXZVjmg\aZh Y¼dgYgZejWa^XXdcdb^fjZiZaaZhfjZaZhad^hZcbVi^gZY¼Zck^gdccZbZci! YZigVkV^a!YZhXjg^iejWa^fjZ!YZXdbbjc^XVi^dchdjYZhZgk^XZhY¼ji^a^i ejWa^fjZ*.# &#( AVaZkZYjkd^aZXdgedgVi^[/Ygd^iZiXdcdb^Z 9¼jced^ciYZkjZXdcdb^fjZ!^aZhiedhh^WaZYZXdcXZeijVa^hZgaVaZkZ Yjkd^aZXdgedgVi^[XdbbZXdch^hiVciZcjcbXVc^hbZYZhi^c|XdcigaZg aZXdiZmiZgcZ\cgeVgaZeg^cX^eZYZaVgZhedchVW^a^ia^b^iZ+%# KjhYVchXZiiZeZgheZXi^kZ!aZhbdi^[hYZ[gVjYZZiY¼VWjhYZYgd^idci edjg[dcXi^dcYZgYj^gZaZXdiZmiZgcZhjeedgieVgaZhXgVcX^ZghXdcigVX" ijZahZiZmigVXdcigVXijZah+&#AZhXgVcX^ZghXdcigVXijZahhdci\cgVaZbZci ZcbZhjgZYZ[V^gZhjeedgiZg|aVeZghdccZbdgVaZaZg^hfjZY¼^cZmXji^dc YZ a¼dWa^\Vi^dc fj^ ghjaiZ YZ aV gZhedchVW^a^i a^b^iZ YZh VXi^dccV^gZh+'#
IdjiZ[d^h!edjgfjZaZhXgVcX^ZghXdcigVXijZahej^hhZciYeaVXZgaZg^hfjZ! ^aZhiZhhZci^Zafj¼^ahV^ZciVXXh|a¼^c[dgbVi^dccXZhhV^gZVÄcY¼ZckVajZg aV iZcZjg# Adghfj¼jc YW^iZjg Z[[ZXijZ YZh bVc¶jkgZh [gVjYjaZjhZh dj Ydadh^kZhYVchaVe]VhZegXdcigVXijZaaZ!^aXdcig^WjZ|^cYj^gZaZXgVcX^Zg ZcZggZjghjga¼iZcYjZYjg^hfjZ!XZfj^a¼ZbeX]ZV^ch^YZ[V^gZXdjg^gaZ g^hfjZY¼^cZmXji^dc|aVeZghdccZbdgVaZZcYZbVcYVcijcZXdcigZeVgi^Z
*+# B#B#B6GI:AZiE#B6GI:A!de#X^i#!cdiZ*!e#&"*&#Kd^gVjhh^9kZadeeZbZcihYZaV=VjiZ
<Vi^cZVjX#'+-,)+&8VcVYV^cX#!egX^i!cdiZ-#
*,# E#"<#E#"<#?D7>C!?#"A#76J9DJ>CZiC#KwO>C6!de#X^i#!cdiZ*(!e#'%*#
*-# >Y#!e#'&)#Kd^g!|i^igZY¼ZmZbeaZ!FjWZX 8dbb^hh^dcYZhYgd^ihYZaVeZghdccZZiYZh
Ygd^ihYZaV_ZjcZhhZ X#8djij!P&..-R6#F# Fj^X`aVl cd',,. 8#6# #
*.# E#<#E#<#?D7>C!?#"A#76J9DJ>CZiC#KwO>C6!de#X^i#!cdiZ*(!e#'&+0B>C>HIÏG:9:A6?JHI>8:!
8dbbZciV^gZh Yj b^c^higZ YZ aV ?jhi^XZ# AZ 8dYZ X^k^a Yj FjWZX/ jc bdjkZbZci YZ hdX^i!i#(!FjWZX!<djkZgcZbZciYjFjWZX!&..(#
+%# ;#=#;#=# :6HI:G7GDD@ Zi 9#G# ;>H8=:A! I]Z :Xdcdb^X HigjXigjgZ d[ 8dgedgViZ AVl!
8VbWg^Y\Z!=VgkVgYJc^kZgh^inEgZhh!&..&!e#*)Zihj^k# +&# >W^Y#
H#GdjhhZVj AV®aZkZYjkd^aZXdgedgVi^[¯° -(*
C#HbVa^
Veegdeg^Z# AV edhh^W^a^i YZ hdjaZkZg aZ kd^aZ XdgedgVi^[ YVch aZh XVh YZ [gVjYZdjY¼VWjhYZYgd^iY^b^cjZa¼ViigV^iYZh[VjhhZhgZeghZciVi^dchedjg aZhVXi^dccV^gZhadghYZaVc\dX^Vi^dcYjXdcigVi!iVciYdccfjZYZiZaaZh bVc¶jkgZh hdci hjhXZei^WaZh Y¼ZcigVcZg aZjg gZhedchVW^a^i eZghdccZaaZ# 8ZaVVedjgZ[[ZiY¼Vj\bZciZgaVkgVX^iYZa¼^c[dgbVi^dcigVchb^hZVjm XgVcX^ZghZiYZ[V^gZY^b^cjZgYZbVc^gZ\cgVaZaZhg^hfjZhXdjgjheVg XZhYZgc^Zghadghfj¼^ahc\dX^ZciVkZXYZhXdbeV\c^Zh# AZhcdi^dchYZ[gVjYZZiY¼VWjhYZYgd^ieZjkZciVjhh^igZ^ckdfjZh eVgaZhXgVcX^ZghadghYZa¼ZmXji^dcYjXdcigVi#:ceZgbZiiVciYZaZkZgaZ kd^aZXdgedgVi^[edjgYZhVXi^dch[gVjYjaZjhZhfj^hZegdYj^hZci|XZhiVYZ! XZhbdi^[hgYj^hZciaZXdiYZigVchVXi^dcYZhgZaVi^dchXdcigVXijZaaZhYZh XdbeV\c^Zh#>ah[djgc^hhZciVjmXgVcX^ZghYZhbXVc^hbZhVj\bZciVciaV egdWVW^a^iY¼dWiZc^ga¼ZmXji^dcYjXdcigVi!XZfj^Y^b^cjZaZXdiegkZci^[ fj^ghjaiZYZaVcXZhh^iY¼^chi^ijZgY¼VjigZh[dgbZhYZgZhig^Xi^dchZiYZ XdcigaZ+(#9Zeajh!aZXVgVXigZhiVcYVgYYZXZhbXVc^hbZhgYj^iaZXdi fjZaZheVgi^ZhhjeedgiZgV^Zciedjgc\dX^ZgaVb^hZZceaVXZYZbXVc^hbZh h^b^aV^gZhfj^YZkgV^ihZ[V^gZedjgX]VfjZcdjkZVjXdcigVi+)#
Fj¼Zc Zhi"^a YZh XgVcX^Zgh ZmigVXdcigVXijZah4 Idji Zc hdja^\cVci aV egYdb^cVcXZYZa¼Veea^XVi^dcYZaV[gVjYZZiYZa¼VWjhYZYgd^iZcbVi^gZ XdcigVXijZaaZ! cdjh iZcdch | h^\cVaZg fjZ XZh cdi^dch eZjkZci \VaZbZci Zm^hiZgZcYZ]dghYZhgZaVi^dchXdcigVXijZaaZh#²i^igZY¼ZmZbeaZ!X^idchaV [gVjYZXdch^hiVciZcaViZciVi^kZY¼ajYZgjcZg\aZYZYgd^iY^XiZeVgaV ad^ edjg egdi\Zg aZh i^Zgh# 9Z bbZ! a¼ZmZgX^XZ YgV^hdccVWaZ Y¼jc Ygd^i YXdjaVci YZ aV ad^ Xdchi^ijZ jc VWjh YZ Ygd^i# 9Vch XZiiZ eZgheZXi^kZ! cdjhXgdndchfjZaZhbdi^[hYZ[gVjYZZiY¼VWjhYZYgd^iedjggV^Zcid[[g^g jcXZgiV^cYZ\gYZegdiZXi^dcVjmXgVcX^ZghZmigVXdcigVXijZahXdcigZaZh Z[[Zih^cYh^gVWaZhYjeg^cX^eZYZa¼^bbjc^iYZhVXi^dccV^gZh# 9ZhdcXi!aZbdi^[YZYgd\Vi^dc|jcZg\aZY¼dgYgZejWa^XgZÅiZ jcZkdadciYja\^haViZjgY¼ZbeX]ZgaZhVXi^dccV^gZhYZh¼Zcg^X]^gYj[V^i Y¼VXi^k^ihXdcigV^gZhVjmcdgbZh^begVi^kZhiVWa^Zhedjgg\^gaVk^ZZc hdX^i+*# 8Z bdi^[ V edjg dW_Zi Y¼Vba^dgZg aZ gZheZXi eVg aZh eZghdccZh bdgVaZh YZh g\aZh Y¼dgYgZ ejWa^X++# 6Äc Y¼k^iZg YZ eZgYgZ aZ eg^k^a\Z
YZ aV gZhedchVW^a^i a^b^iZ! aZh VXi^dccV^gZh Vjgdci ^cigi | [Vkdg^hZg aV b^hZZceaVXZeVgaZhY^g^\ZVcihYZbXVc^hbZhfj^Y^b^cjZciaZhg^hfjZh
+(# Kd^g! eVg ZmZbeaZ!Kd^g!eVgZmZbeaZ!=^WWZ^cX#'-&,&+&8VcVYV^cX#!?#:#.*"&&)* 8#H# #
+)# B#B#@6=6CZiB#@A6JHC:G!®HiVcYVgY^oVi^dcVcY>ccdkVi^dc^c8dgedgViZ8dcigVXi^c\ dg®i]Z:Xdcdb^Xhd[7d^aZgeaViZ¯ ¯! &.., -(KV#A#GZk#,&(!,&.",'.#
+*# =#=#=6CHB6CCZiG#@G66@B6C!adX#X^i#!cdiZ(!&.&,#
++# A#B#A#B#ADEJ8@>!®I]Z9ZVi]d[A^VW^a^in¯! &..+ &%+NVaZA#?#&!(/®A^VW^a^in^hXgjX^Va WZXVjhZ^i^hdcZd[dcanildeg^cX^eVabZVchWnl]^X]\dkZgcbZcihZc[dgXZaVl#¯
-(+ AZh8V]^ZghYZ9gd^i '%%+ ),8#YZ9#-&*
YZ Ygd\Vi^dc Vjm g\aZh Y¼dgYgZ ejWa^X# :c XdgdaaV^gZ! a¼^chiVjgVi^dc YZ bXVc^hbZhYZegkZci^dcVedjgZ[[ZiYZgYj^gZaZXdifjZYd^ihjeedgiZg a¼wiVi edjg VhhjgZg aV b^hZ Zc ¶jkgZ YZ a¼ZchZbWaZ YZ aV g\aZbZciVi^dc Y¼dgYgZejWa^X# EVgV^aaZjgh!aVedhh^W^a^iYZhdjaZkZgaZkd^aZXdgedgVi^[Y¼^anVYgd" \Vi^dc|YZhg\aZhY¼dgYgZejWa^XeZjiVba^dgZgaZc^kZVjY¼^cYZbc^hVi^dc kZghZVjmk^Xi^bZhZcXVhY¼^chdakVW^a^iYZheZghdccZhbdgVaZhXdcigZkZ" cVciZh#AVYgd\Vi^dc|WdccdbWgZYZad^hY¼dgYgZejWa^XZhihjhXZei^WaZ YZXVjhZgYZhYdbbV\ZhhjWhiVci^ZahVjmk^Xi^bZh+,#6jhh^!aVgZXdccV^h" hVcXZYZXZbdi^[YZhdjakZbZciYjkd^aZXdgedgVi^[eVgaZa\^haViZjgd[[gZ ediZci^ZaaZbZci jcZ egdiZXi^dc Vjm XgVcX^Zgh ZmigVXdcigVXijZah# CVc" bd^ch! XZ bdi^[ aV^hhZ Zc eaVc aZ kVhiZ X]Vbe YZ aV gZhedchVW^a^i X^k^aZ XdcigVXijZaaZ Zi ZmigVXdcigVXijZaaZ fj^ eZji YdccZg a^Zj | YZh YdbbV\Zh ^bedgiVcih+-#
:cÄc!^aZhiedhh^WaZYZ[V^gZkVad^gfjZaVcdi^dcY¼VaiZgZ\dVedjg ÄcVa^iY¼VhhjgZgjcZgeVgi^i^dcZ[ÄXVXZYZhg^hfjZhZcigZaZhVXi^dccV^gZh ZiaZhi^Zghfj^hdciidjX]heVgaZhVXi^k^ihYZhhdX^ih#A¼Z[ÄXVX^iYZ aV geVgi^i^dc YZh g^hfjZh ZcigZ aZh VXi^dccV^gZh Zi aZh i^Zgh Zhi ig^WjiV^gZ YZ YZjm Xg^igZh/ aV XVeVX^i Y¼ZhhjnZg aZh eZgiZh Zi aV XVeVX^i Y¼k^iZg aZh g^hfjZh+.# HZadc aZ egZb^Zg Xg^igZ! aV gZhedchVW^a^i edjg jc eg_j"
Y^XZYd^iigZ^bedhZ|aVeVgi^ZaVb^ZjmZcbZhjgZYZhjW^gaZheZgiZh! hd^ieVgXZfj¼ZaaZVjcc^kZVjY¼VkZgh^dcVjg^hfjZeajh[V^WaZ!hd^ieVgXZ fj¼ZaaZeZjihjeedgiZg|bd^cYgZXdiaZhg^hfjZh#²XZi\VgY!^aZhiY^[Ä" X^aZYZYiZgb^cZgfj^!YZhVXi^dccV^gZhdjYZhi^Zgh!gedcYVjmZm^\ZcXZh YZ XZ Xg^igZ# 9¼jcZ eVgi! aZh i^Zgh cZ Yi^ZccZci eVh cXZhhV^gZbZci YZh edgiZ[Zj^aaZhhj[ÄhVbbZciY^kZgh^Ähedjgb^c^b^hZga¼^beVXiYZheZgiZh XVjhZh eVg aZh VXi^k^ih YZh hdX^ih# 6^ch^! aZh eZgiZh gZeghZciZci jcZ egdedgi^dch^\c^ÄXVi^kZYZaVg^X]ZhhZYZhi^Zgh!XZfj^Y^b^cjZaZjgXVeVX^i |aZhhjeedgiZg,%#9¼VjigZeVgi!YVchjcg\^bZYZgZhedchVW^a^i^aa^b^iZ!
X]VXjc YZh VXi^dccV^gZh hZgV^i gZhedchVWaZ YZ a¼ZchZbWaZ YZh eZgiZh YZh eZghdccZhbdgVaZhYVchaZhfjZaaZh^aV^ckZhi^#Dg!XdbbZcdjha¼Vkdchkj egXYZbbZci!aZhVXi^dccV^gZhcZhZgV^ZcieVhZcbZhjgZYZY^kZgh^ÄZgaZh g^hfjZhfj¼^ahXdjggV^ZciV^ch^#
+,# Kd^g! eVg ZmZbeaZ! aZh eg_jY^XZh XVjhh eVg a¼Vb^VciZ / 9#G#Kd^g!eVgZmZbeaZ!aZheg_jY^XZhXVjhheVga¼Vb^VciZ/9#G#=:CHA:GZiVjigZh!6hWZhidh
^ci]Z8djgih/I]Z8]VaaZc\Zd[BVhhIdm^XIdgih!HVciVBdc^XV!GVcY!&.-*# +-# Kd^g! eVg ZmZbeaZ! aV gZhedchVW^a^i Yj [VWg^XVci / Vgi# &)+-"&),( 8#X#F#Kd^g!eVgZmZbeaZ!aVgZhedchVW^a^iYj[VWg^XVci/Vgi#&)+-"&),(8#X#F#
+.# Kd^g <#Kd^g<#86A67G:H>!I]Z8dhihd[6XX^YZcih/6AZ\VaVcY:Xdcdb^X6cVanh^h!CZl=VkZc!
NVaZJc^kZgh^inEgZhh!&.,%!e#(*!|aVeV\Z&'.#
,%# 9#L#9#L#A::7GDC!®A^b^iZYA^VW^a^in!IdgiK^Xi^bhVcY8gZY^idgh¯! &..& .&8dajb#A#GZk# &*+*#
