!"#$%&"'()*+",-".%,-/"01!"$-*"2!34"567"8&%97,:,-/"
;,%(6<6/,9$<"2=&-6(+>&%",-"(=&"?$7@$<"0&:7$5,%="
!"#$%&'$%$($)*&+,-".#$&/0-1$23*&/#1-405&'--6,"3*&7,#40&'0,%.3&&
)8%#9,"2#45&-:&;-<40&'$"-=#%$&!,$<:-"4*&!=<::4-%*&;'*&8;>&
3?,%%&;4$4,&'-==,.,&-:&@,(#A#%,*&B,"20,5*&?>*&8;>&
&
C0,%&<2,(&#%&A-%D<%A4#-%&E#40&$%&$66"-6"#$4,&
-%4-=-.5& -:& F<$=#45GH,$"#%.& ,%4#45& 4,"12*& 2<A0&
$2& 40,& I,H"$:#20& >%$4-15& $%(& J,9,=-61,%4&
KIL>M& N%4-=-.5& O)P*& 40,& ?0,%-456,& $%(& /"$#4&
N%4-=-.5&K?>/NM&O3P&6,"1#42&40,&(,2A"#64#-%&-:&
60,%-456#A& F<$=#4#,2& H5& 1,$%2& -:& $& H#6$"4#4,&
´HQWLW\GTXDOLW\µ(4($4$&24"<A4<",Q&?-4,%4#$==5*&
40,& <2,& -:& 40,2,& -%4-=-.#,2& A$%& 1#4#.$4,&
$1H#.<#45& #%& 60,%-456#A& #%4,"6",4$4#-%& 40$4&
1#.04& -40,"E#2,& -AA<"& <2#%.& :",,G4,R4*& 6=$#%&
=$%.<$.,&(,2A"#64#-%2Q&L-"&,R$16=,*&40,&60"$2,&
´ILQ HGJHV ORRN UDWW\µ DVFULEHG WR WKH 24,",-1#A"-2A-6#A& A0$"$A4,"#S$4#-%& -:& 40,&
S,H"$:#20&#%2,"4#-%$=&1<4$%4&!"#$""&#%4,%(,(&
4-&(,2A"#H,&(,:,A42&#%&40,&,6#40,=#$=&4#22<,&-:&40,&
:#%*&H<4&40#2&1#.04&%-4&H,&$66$",%4&4-&2-1,-%,&
<%:$1#=#$"&E#40&2<A0&A-==-F<#$=#212Q&>&6-22#H=,&
A-,"A#-%& -:& 40#2& 60"$2,& 4-& 40,& IL>G?>/N&
:-"1$4&A-<=(&H,&,R6",22,(&DV´VXUIDFH24"<A4<",T&
DEQRUPDOµ DV LW LV FXUUHQWO\ GHVFULEHG& #%& 40,&
I,H"$:#20& U%:-"1$4#-%& V,4E-"W& KILUVM&
($4$H$2,&OXPQ&B-E,9,"*&2-1,&6",A#2#-%&=-24&#%&
40,& A-%9,"2#-%& ²& 40,& ",2,$"A0,"& (-,2& %-4&
#11,(#$4,=5& W%-E&%&'(&& 2<":$A,& 24"<A4<",& #2&
$H%-"1$=*& %-"& (-,2& 0,& -"& 20,& W%-E& &)%*
$H%-"1$=Q&&
B,",*& E,& E#==& 6",2,%4& -<"& :#%(#%.2& :"-1& $&
A$2,&24<(5&#%&E0#A0&E,&0$9,&,R6=-",(&40,&<2,&-:&
IL>& $%(& ?>/N& :-"& 40,& (,2A"#64#-%& -:&
0#24-=-.#A$=& 60,%-456,2& #%& =$"9$=& S,H"$:#20Q&
Y#W,& 40,&!"#$""*,R$16=,*& E,& 0$9,& :-<%(& 40$4&
IL>G?>/N& #2& #16",A#2,& E#40& ",26,A4& 4-& 4#22<,&
$%(&A,==&456,&$::,A4,(Q&@$%5&S,H"$:#20&1<4$%42&
A$%&-%=5&H,&(#24#%.<#20,(&$4&1#A"-2A-6#A&=,9,=2&
-:& 0#24-=-.#A$=& (,4$#=& 40$4& A<"",%4& IL>G?>/N&
4,"1&A-1H#%$4#-%2&A$%%-4&:<==5&(,2A"#H,Q&!$2,(&
-%&-<"&,R6,"#,%A,*&E,&$(9-A$4,&40,&$(-64#-%&-:&
1-",&0#.0=5&26,A#:#A&4,"12&#%4-&IL>&$%(&?>/N*&
6,"0$62&H$2,(&-%&4,"12&´ERUURZHGµ:"-1&-40,"&
1-(,=& -".$%#21& -%4-=-.#,2& 40$4& A<"",%4=5&
$AA-11-($4,&40,&(,2#",(&=,9,=&-:&6",A#2#-%Q&C,&
$=2-& 6"-6-2,& 40$4& -%4-=-.5& 4,"12& K-"& $4& =,$24&
40,#"& (,:#%#4#-%2M& ",:=,A4& 40,& $22$5& $%(&
",2-=<4#-%& <2,(& K,Q.Q*&´(#22,A4#%.& 1#A"-2A-6,µM&
2-& 40$4& ",2,$"A0,"2& A$%& ,$2#=5& ",A-.%#S,& 40,&
=#1#42& -:& A<"",%4& W%-E=,(.,& #%& 60,%-456,&
($4$H$2,2& 2<A0& $2& ILUVQ& U%& $((#4#-%*& E,&
(,1-%24"$4,& 40$4& ,9,%& :<"40,"& 6",A#2#-%& K2<A0&
$2&:-"&(,2A"#H#%.&40,&+,-+.-&-:&$H%-"1$=#45M&A$%&
H,& $A0#,9,(& H5& ,16=-5#%.& 40,& <%(,"G<4#=#S,(&
/)0'1'+#& 4,"1& #%& 40,& ?>/N& ($4$& 24"<A4<",*&
E0#A0&A$%&$==-E&:-"&F<$%4#4$4#9,&1,$2<",1,%42&
$2& E,==& $2& 2,1#GTXDQWLWDWLYH ´JUDGHVµ %-4&
<%=#W,& 40-2,& <2,(& H5& 6$40-=-.#242& #%&
A0$"$A4,"#S#%.& (#2,$2,& 6"-.",22#-%Q& Z%$H=#%.&
2<A0& 6",A#2#-%& .$#%2& 1$5& H,& 40,& -%=5& E$5& 4-&
(,2A"#H,& 60,%-456,2& $4& 40,& =,9,=& -:&
´JUDQXODULW\µ QHHGHG IRU WKH IRUWKFRPLQJ I,H"$:#20&?0,%-1,&?"-D,A4&O[PQ
&
A&5&7&-9&%"
)Q& N%4-=-.5&J,4$#=T&I,H"$:#20&$%$4-15&$%(&
(,9,=-61,%4*&
0446T\\EEEQ-H-:-<%("5Q-".\A.#H#%\(,4$#=QA.#]#(^S ,H"$:#20&$%$4-15&
3Q& N%4-=-.5&J,4$#=T&?0,%-456#A&F<$=#45*&
0446T\\EEEQ-H-:-<%("5Q-".\A.#G H#%\(,4$#=QA.#]#(^F<$=#45&
XQ& ILUVT&L#.<",T&?0,%-456,&>%%-4$4#-%&K)__[G 3``aM&:-"&K0#)X3`M*&
0446T\\S:#%Q-".\A.#H#%\E,H("#9,"]@U9$=^$$G :R:#.<",9#,EQ$6.bNUJ^IJ!GLU+G`c`))cGX3[&
[Q& I,H"$:#20&?0,%-1,&?"-D,A4&3`)`&@,,4#%.*&
0446T\\EEEQH=21,,4#%.2Q%,4\S,H"$:#20\&
&
,&%2,QWHUQDWLRQDO&RQIHUHQFHRQ%LRPHGLFDO2QWRORJLHVā%XIIDOR1<86$
'RFWRUDO 3RVW'RFWRUDO&RQVRUWLXP-XO\