Plain-text annual report
D[XW/2,(!A‘U*
8bbW‘V[j!0=
>[‘S‘U[S^!JWbadf
-*!;a_bS‘k!VWfS[^e
M[g_!i‘!_hncns9
@QAM9!
Q_jilncha!j_lci^9 Eil!nb_!s_[l!_h^_^!20!C_]_g\_l!1/1/
Eil!nb_!s_[l!_h^_^!20!C_]_g\_l!1/08
Ol_pciom!j_lci^9
Kc‘_25/+!Hh]-
518!301!831
.*!JWeg^fe!Xad!S‘‘ag‘UW_W‘f!fa!fZW!_Sd]Wf!&MK",,,%e’
Q_p_ho_m!‘lig!il^ch[ls![]ncpcnc_m
oj
26$
Kimm!‘lig!il^ch[ls![]ncpcnc_m![‘n_l!n[r![nnlc\on[\f_!ni!nb_!
iqh_lm!i‘!Kc‘_25/+!Hh]-
Kimm![nnlc\on[\f_!ni!nb_!iqh_lm!i‘!Kc‘_25/+!Hh]-
Th^_lfscha!fimm!‘lig!il^ch[ls![]ncpcnc_m![‘n_l!n[r)
Ccpc^_h^m
Mi!^cpc^_h^m!q_l_!j[c^!il!^_]f[l_^-
^iqh
33$
^iqh
^iqh
33$
57$
ni
ni
ni
ni
!!!!!!!!!!!!!!!!!!!
7/+544
!!!!!!!!!!!!!!!!!!
’05+223(
!!!!!!!!!!!!!!!!!!
’05+223(
!!!!!!!!!!!!!!!!!!!!
’6+270(
"!/85!AB5C5?D1D9@?!@6!E?45B=I9?7!=@CC!6B@>!@B49?1BI!13D9F9D95C!16D5B!D1H!5H3=E45C!CD@3<#21C54!3@>A5?C1D9@?!1?4!1!?@?#B53EBB9?7!
14;ECD>5?D!1C!9D!AB@F945C!D85!25CD!>51CEB5!D@!1CC5CC!D85!A5B6@B>1?35!@6!D85!&@>A1?I$
/*!FWf!fS‘Y[T^W!SeeWfe
M_n!n[hac\f_![mm_nm!j_l!il^ch[ls!m_]olcns
/-!!GH=J8LAGFK!8FAF8F;A8D!J=KMDLK!!
!
Q_p_ho_!‘il!nb_!‘ch[h]c[f!s_[l!_h^_^!20!C_]_g\_l!1/1/!ch]l_[m_^!26$!ni!#7/-6!gcffcih![m![!l_mofn!i‘!aliqnb!
ch!j[scha![]]iohnm+!l_‘_ll_^!ni![m!O[scha!Bcl]f_m![h^!C[n[!Q_p_ho_-!Sb_!Bigj[hs{m!h_n!fimm!‘il!nb_!s_[l!
_h^_^!C_]_g\_l!20+!1/1/!^_]l_[m_^!33$!ni!#05-2!gcffcih-!!
!
Sin[f!ij_l[ncha!_rj_hm_m!‘il!nb_!s_[l!ch]l_[m_^!\s!7$!ni!#70-8!gcffcih-!Sbcm!ch]l_[m_!cm!f[la_fs!^o_!ni!nb_!
chp_mng_hn!ch!l_m_[l]b![h^!^_p_fijg_hn![h^!ch]l_[m_!ch!]omnig_l!mojjiln!]imnm!‘lig!aliqnb!ch!nb_!om_l!
[h^!mo\m]lc\_l!\[m_!]iojf_^!qcnb!nb_!f[oh]b!i‘![!h_q!g_g\_lmbcj!gi^_f!ch!Ioh_!1/1/-!
!
#!
D[XW/2,(!A‘U*!
<[dWUfadem!JWbadf!!!!
!
FWf!Daee
"
!!!!!!!!
&-2(//0’
"
!!!!!!!!!!
&.4(51/’
A;8FL!;@8F?=K!AF!L@=!KL8L=!G>!8>>8AJK!!
!
Hh!L[l]b!1/1/+!nb_!Vilf^!G_[fnb!Nla[hct[ncih!^_]f[l_^!nb_!BNUHC,08!ion\l_[e![m![!j[h^_gc]-!Sb_!BNUHC,
08! j[h^_gc]! b[m! b[^! mcahc‘c][hn! [^p_lm_! cgj[]nm! ih! nb_! T-R-! [h^! afi\[f! _]ihigc_m-! Sb_! Bigj[hs! b[m!
]ih^o]n_^!\omch_mm!qcnb!mo\mn[hnc[f!gi^c‘c][ncihm!ni!_gjfis__!qile!fi][ncihm![h^![!mcahc‘c][hn![giohn!i‘!
j[c^!om_l! []kocmcncih! mj_h^!q[m!^_fc\_l[n_fs!j[om_^!ni![^[jn! ni!nb_! BNUHC,08! _hpclihg_hn! [h^!ni! m][f_!
\[]e!mj_h^cha-!Sb_!cgj[]n!‘lig!nb_!BNUHC,08!j[h^_gc]!b[^!mfiq_^!^iqh!mo\m]lcjncih!l_p_ho_!aliqnb![m!
nb_!Bigj[hs!m[q![!^_]fch_!ch!h_q!l_acmnl[ncihm![m![!l_mofn!i‘!nb_!fi]e^iqhm![h^!nb_!Bigj[hs!mcahc‘c][hnfs!
l_^o]_^!j[c^![]kocmcncih!mj_h^-!!
!
Hh!Ioh_!1/1/+!nb_!Bigj[hs!f[oh]b_^![!h_q!g_g\_lmbcj!gi^_f!jlipc^cha![!hog\_l!i‘!m[‘_ns!m_lpc]_m!‘il!
‘[gcfc_m![n!_p_ls!fc‘_!mn[a_!qbc]b![l_!_rj_]n_^!ni!]ihncho_!ni!l[jc^fs!aliq!nb_!\omch_mm-!
!
Nnb_l!nb[h!nb_![\ip_!g[nn_lm+!nb_l_!q_l_!hi!mcahc‘c][hn!]b[ha_m!ch!nb_!mn[n_!i‘![‘‘[clm!^olcha!s_[l!_h^_^!
C_]_g\_l!20+!1/1/-!
!
!8EGMFLK!
!!
Thf_mm!inb_lqcm_!mn[n_^+![giohnm!ch!nbcm!l_jiln!b[p_!\__h!lioh^_^!ni!nb_!h_[l_mn!nbiom[h^!Thcn_^!Rn[n_m!
Ciff[lm-!!
!
BMJAK!AF;GJHGJ8LAGF!!
!
Sb_!Bigj[hs!cm!ch]iljil[n_^!ch!nb_!Rn[n_!i‘!C_f[q[l_+!Thcn_^!Rn[n_m!i‘!@g_lc][![h^!cm![!l_acmn_l_^!‘il_cah!
_hncns! ch! @omnl[fc[-! @m! [! ‘il_cah! ]igj[hs! l_acmn_l_^! ch! @omnl[fc[+! nb_! Bigj[hs! cm! mo\d_]n! ni! ^c‘‘_l_hn!
l_jilncha![h^!l_aof[nils!l_acg_m!nb[h!@omnl[fc[h!]igj[hc_m-!!
!
<=D8O8J=!D8O(!;=JLA>A;8L=!G>!AF;GJHGJ8LAGF!8F!L@=!>AF8F;A8D!Q=8J!!
!
Nh!I[ho[ls!08+!1/10+!nb_!Bigj[hs![jjichn_^!Q[h^c!Yo]e_l\_la![m![h!ch^_j_h^_hn!Mih,Dr_]oncp_!Ccl_]nil-!
!
Mi!inb_l!g[nn_l!il!]cl]ogmn[h]_!b[m![lcm_h!mch]_!C_]_g\_l!20+!1/1/!nb[n!b[m!mcahc‘c][hnfs![‘‘_]n_^+!il!g[s!
mcahc‘c][hnfs![‘‘_]n!Kc‘_25/!ij_l[ncihm+!nb_!l_mofnm!i‘!nbim_!ij_l[ncihm+!il!Kc‘_25/!mn[n_!i‘![‘‘[clm!ch!‘onol_!
‘ch[h]c[f!s_[lm-!
!
DAC=DQ!<=N=DGHE=FLK!8F!GH=J8LAGFK!!
!
Hh‘ilg[ncih!ih!fce_fs!^_p_fijg_hnm!ch!nb_!ij_l[ncihm!i‘!nb_!Bigj[hs![h^!nb_!_rj_]n_^!l_mofnm!i‘!ij_l[ncihm!
b[p_! hin! \__h! ch]fo^_^! ch! nbcm! l_jiln! \_][om_! nb_! Ccl_]nilm! \_fc_p_! cn! qiof^! \_! fce_fs! ni! l_mofn! ch!
ohl_[mih[\f_!jl_do^c]_!ni!nb_!Bigj[hs-!
!
;GJHGJ8L=!?GN=JF8F;=!!
!
Sb_! Bigj[hs+! [m! [! TR! ch]iljil[n_^! ]iljil[ncih+! m__em! ni! []bc_p_! mo\mn[hncp_! ]igjfc[h]_! qcnb! nb_!
aip_lh[h]_!l_]igg_h^[ncihm! m_n!ion!ch!nb_!zBiljil[n_! Fip_lh[h]_!Olch]cjf_m![h^! Q_]igg_h^[ncihm! 3nb!!
D^cncih{+!jo\fcmb_^!\s!nb_!@RW!Biljil[n_!Fip_lh[h]_!Bioh]cf!’nb_!@RW!Olch]cjf_m(-!Sb_!Bigj[hs{m!Biljil[n_!
Fip_lh[h]_!
bnnjm9..chp_mnilm-fc‘_25/-]ig.chp_mnil,
l_f[ncihm.?j[a_=]iljil[n_,aip_lh[h]_-!Sb_!Biljil[n_!Fip_lh[h]_!Rn[n_g_hn!m_nm!ion!nb_!_rn_hn!ni!qbc]b!
Kc‘_25/! b[m! ‘iffiq_^! nb_!@RW! Biljil[n_! Fip_lh[h]_! Bioh]cf{m! Q_]igg_h^[ncihm! ^olcha! nb_! s_[l! _h^_^!
C_]_g\_l!20+!1/1/-!!
!
JAKC!E8F8?=E=FL!
!
Qcme!g[h[a_g_hn!b[m![fq[sm!\__h!]lcnc][f!ch!nb_!Bigj[hs{m![\cfcns!ni!_r_]on_!mnl[n_ac]![h^!ij_l[ncih[f!
jlcilcnc_m-! Eil! nb_! s_[l! _h^_^! C_]_g\_l! 20+! 1/1/+! nb_! Ai[l^! [h^! nb_!@o^cn! Qcme! Biggcnn__! b[p_! \__h!
]fim_fs!gihcnilcha!nb_!Bigj[hs{m!lcme!g[h[a_g_hn![]ncpcnc_m+!j[lnc]of[lfs+!ch!fcabn!i‘!BNUHC,08-!
!
Sb_!Bigj[hs!b[m![!lcme!g[h[a_g_hn!‘l[g_qile!nb[n!cm!g[h[a_^!\s!nb_!Bbc_‘!Ech[h]c[f!N‘‘c]_l![h^!ip_lm__h!
\s!nb_!@o^cn![h^!Qcme!L[h[a_g_hn!Biggcnn__-!Colcha!nb_!s_[l!_h^_^!C_]_g\_l!20+!1/1/+!nb_!@o^cn![h^!
Qcme!Biggcnn__!l_pc_q_^!nb_!Bigj[hs{m!ip_l[ff!lcme!g[h[a_g_hn!‘l[g_qile!‘il!nb_!s_[l!_h^_^!C_]_g\_l!
20+!1/1/![h^!]ihmc^_l_^!nb[n!cn!cm!mioh^-!
!
!@! e_s! ]igjih_hn! i‘! nb_! Bigj[hs{m! lcme! g[h[a_g_hn! ‘l[g_qile! cm! nb_! l_aof[l! l_pc_q! i‘! e_s! lcmem! [h^!
ijjilnohcnc_m!\s!nb_!Bigj[hs{m!f_[^_lmbcj!n_[g-!@h![mm_mmg_hn!i‘![l_[m!i‘!jin_hnc[f!lcmem!ni!nb_!\omch_mm+!
_mncg[n_^!fce_fcbii^m![h^!gcnca[ncih!mnl[n_ac_m![l_!j_l‘ilg_^![h^!nb_!c^_hnc‘c_^!lcmem![l_!ch]fo^_^!ch![!lcme!
l_acmn_l![]]il^cha!ni!nb_!e_s!lcme!][n_ailc_m!qbc]b!ch]fo^_!]s\_l!m_]olcns+!\l[h^+!\omch_mm!]ihnchocns+!n[f_hn!
[h^!‘ch[h]c[f!lcmem-!
!
Colcha!nb_!s_[l!_h^_^!C_]_g\_l!20+!1/1/+!nb_!lcme!l_acmn_l!q[m!l_pc_q_^!nqc]_!qcnb!_[]b!g_g\_l!i‘!nb_!
Bigj[hs{m!f_[^_lmbcj!n_[g![h^!nb_!@o^cn![h^!Qcme!L[h[a_g_hn!Biggcnn__!ni!_hmol_!ip_lmcabn!i‘!mn[nom!
[h^!e_s!]b[ha_m-!!
!
!
!
!
!
!
!
[n!
&!
D[XW/2,(!A‘U*!
<[dWUfadem!JWbadf!!!!
!
!
AF>GJE8LAGF!GF!!9G8J!=P=;MLAN=!;GEH=FK8LAGF!!
!
Sb_! jlch]cj[f! ]igjih_hnm! i‘! iol! _r_]oncp_! ]igj_hm[ncih! [l_! \[m_! m[f[ls+! ][mb! \ihom_m! [h^! fiha,n_lg!
ch]_hncp_m-! Nol! Q_goh_l[ncih! [h^! Migch[ncih! Biggcnn__! ]ihmc^_lm! nb[n! _[]b! ]igjih_hn! i‘! _r_]oncp_!
]igj_hm[ncih!gomn!\_! _p[fo[n_^![h^!^_n_lgch_^! qcnb!l_‘_l_h]_! ni!]igj_ncncp_!g[le_n!^[n[+!ch^cpc^o[f!
[h^!]iljil[n_!j_l‘ilg[h]_+!iol!l_]locncha![h^!l_n_hncih!ai[fm![h^!inb_l!ch‘ilg[ncih!q_!^__g!l_f_p[hn-!!!
Sb_!n_lgm! i‘! _[]b! JLO{m! ]igj_hm[ncih![l_! ^_lcp_^! ‘lig! nb_!_gjfisg_hn! [al__g_hnm!nb_!Bigj[hs! b[m!
_hn_l_^!chni!qcnb!nb_g-!!!!
!
Sb_!]igjih_hnm!i‘!nb_!_r_]oncp_!]igj_hm[ncih!j[]e[a_m!‘il!iol!JLOm!‘il!nb_!s_[l!_h^_^!C_]_g\_l!20+!
1/1/![l_![m!‘iffiqm9!!!
!
!!!!!!!!!!!Bbc_‘!Ech[h]c[f!N‘‘c]_l!’@jjichn_^!ch!L[s!1/1/(!
!
Dr_]oncp_!^cl_]nil+!Bi,‘ioh^_l![h^!Bbc_‘!Dr_]oncp_!N‘‘c]_l!
Bbc_‘!Ech[h]c[f!N‘‘c]_l!’C_j[ln_^!ch!E_\lo[ls!1/1/(!
Bbc_‘!Nj_l[ncha!N‘‘c]_l!
!
;Zd[e!@g^^e!
A[m_!R[f[ls9!
A_h_‘cnm9!
S_lgch[ncih9!
=jWUgf[hW!V[dWUfad(!;a)Xag‘VWd!S‘V!;Z[WX!=jWUgf[hW!GXX[UWd!
TR#25/+///!j_l![hhog!
!
B_ln[ch!inb_l!\_h_‘cnm![l_![p[cf[\f_![h^!j[s[\f_!ni!Ll!Goffm!mo]b![m!b_[fnb!
chmol[h]_+! \omch_mm! nl[p_f! _rj_hm_m! [h^! inb_l! _rj_hm_m! ]ihmcmn_hn! qcnb!
nb_!Bigj[hs{m!_rj_hm_!jifc]s-!
!
Ll! Goffm{! _gjfisg_hn! g[s! \_! n_lgch[n_^! ’c(! [n! [hs! ncg_! ojih! gono[f!
qlcnn_h! [al__g_hn! i‘! nb_! j[lnc_m;! ’cc(! \s! nb_! Bigj[hs! cgg_^c[n_fs! [h^!
qcnbion!jlcil!hinc]_+!‘il!][om_;!’ccc(!cgg_^c[n_fs!ojih!Ll!Goffm{!^_[nb!il!
^cm[\cfcns;!’cp(!\s!nb_!Bigj[hs!inb_l!nb[h!‘il!][om_!qcnb![^p[h]_!qlcnn_h!
hinc]_!i‘![n!f_[mn!mcr!gihnbm;!il!’p(!\s!Ll!Goffm!inb_l!nb[h!^o_!ni!Ll!Goffm{!
^_[nb!il!^cm[\cfcns!qcnb![^p[h]_!qlcnn_h!hinc]_!i‘![n!f_[mn!mcr!gihnbm-!
!
Ll! Goffm! _hn_l_^! chni! [! l_n_hncih! [al__g_hn! qcnb! nb_! Bigj[hs! ch! 1/05!
’Q_n_hncih!@al__g_hn(-!Th^_l!nb_!Q_n_hncih!@al__g_hn!nb_!Bigj[hs!qcff!
j[s![!][mb!\ihom!ni!Ll!Goffm!i‘!TR#2/3+///!c‘9!!
!
~!Ll!Goffm!l_g[chm!_gjfis_^!\s!nb_!Bigj[hs!ohncf!C_]_g\_l!20+!
1/11;!il!!
~! Ll! Goffm! _gjfisg_hn! cm! n_lgch[n_^! qcnbion! ][om_! \_‘il_!
C_]_g\_l!20+!1/11;!il!!
#"!
D[XW/2,(!A‘U*!
<[dWUfadem!JWbadf!!!!
!
~!@!]b[ha_!ch!]ihnlif!i‘!nb_!Bigj[hs!i]]olm!\_‘il_!C_]_g\_l!20+!
1/11-!!
!
O[sg_hn!i‘!nb_!][mb!\ihom!ojih!n_lgch[ncih!cm!mo\d_]n!ni!m[ncm‘[]ncih!i‘!
]_ln[ch! ]ih^cncihm+! ch]fo^cha! Ll! Goffm{! _r_]oncih! i‘! [! ‘off! [h^! ]igjf_n_!
a_h_l[f!l_f_[m_!i‘![ff!]f[cgm![a[chmn!nb_!Bigj[hs![h^!cnm![‘‘cfc[n_m-!
!
Ll!Goffm!cm!_fcac\f_!ni!j[lnc]cj[n_!ch!nb_!Bigj[hs{m!1/00!Rni]e!Hh]_hncp_!
Of[h![h^!Rni]e!Aihom!Olial[g![h^!b[m!\__h!al[hn_^!0+6/7+262!]oll_hnfs!
ionmn[h^cha! Njncihm! ’Drcmncha! Njncihm(! [m! [n! C_]_g\_l! 20+! 1/1/-! H‘! [!
]b[ha_! i‘! ]ihnlif! i‘! nb_! Bigj[hs! i]]olm! [h^! Ll! Goffm{! m_lpc]_! ni! nb_!
Bigj[hs! cm! chpifohn[lcfs! n_lgch[n_^! \s! nb_! Bigj[hs! il! cnm! mo]]_mmil! ch!
]ihh_]ncih!qcnb!il!qcnbch!25!gihnbm!‘iffiqcha![!]b[ha_!i‘!]ihnlif+![ff!i‘!
nb_!ohp_mn_^!Drcmncha!Njncihm!nb_h!b_f^!\s!Ll!Goffm!qcff!p_mn-!!
!
Ll!Goffm!cm!_fcac\f_!ni!j[lnc]cj[n_!ch!nb_!B[mb!Aihom!Of[h+![h^!cm!_fcac\f_!ni!
l_]_cp_![!n[la_n!][mb!\ihom!i‘!TR#86+4//!‘il!nb_!s_[l!_h^_^!C_]_g\_l!20+!
1/1/-!!
!
Sb_!j_l‘ilg[h]_!gcf_mnih_m!‘il!nb_!s_[l!_h^_^!C_]_g\_l!20+!1/1/![l_9!
~! Aomch_mm! j_l‘ilg[h]_! (cid:127)! i\d_]ncp_m! l_f[n_^! ni! \omch_mm!
j_l‘ilg[h]_!ch]fo^cha!L@T!aliqnb+!O[scha!Bcl]f_!aliqnb+!l_p_ho_+!
[h^!nb_!Bigj[hs{m!h_n!jligin_l!m]il_!’MOR(;![h^!!
~!Hh^cpc^o[f!g[h[a_g_hn!(cid:127)!i\d_]ncp_m!l_f[n_^!ni!]igj_n_h]c_m![h^!
][j[\cfcnc_m! mj_]c‘c]! ni! Ll! Goffm! nb[n! nb_! Ai[l^! b[m! c^_hnc‘c_^! [m!
]lcnc][f! ni! Ll! Goffm{! ^_p_fijg_hn-! Sb_! \omch_mm! j_l‘ilg[h]_!
i\d_]ncp_m![h^!nb_!ch^cpc^o[f!g[h[a_g_hn!i\d_]ncp_m![l_!q_cabn_^!
_ko[ffs-!!
!
Nh!15!E_\lo[ls!1/05+!nb_!Bigj[hs!jlipc^_^![!fi[h!i‘!TR#142+//3!ni!Ll!
Goffm! ‘il! nb_! _r_l]cm_! i‘! ijncihm! ni! jol]b[m_! Rb[l_m+! qbc]b! cm! j[lnc[ffs!
m_]ol_^! \s! 0+3/4+464! Rb[l_m! iqh_^! \s! Ll! Goffm-! Sb_! fi[h! l_g[chm!
ionmn[h^cha![h^!nb_!e_s!n_lgm!i‘!nb_!fi[h![l_9!!
!
~!@h!chn_l_mn!l[n_!i‘!1-50$!j_l![hhog!]igjioh^cha![hho[ffs+!qcnb!
[! g[nolcns! ^[n_! i‘! m_p_h! s_[lm! ‘lig! nb_! fi[h! ^[n_! ’14! E_\lo[ls!
1/12(-!!
~!Sb_!fi[h!cm![!j[lnc[f!l_]iolm_!fi[h+!m_]ol_^!\s!0+3/4+464!Rb[l_m-!!
~!H‘+![‘n_l!nb_!g[nolcns!^[n_+!Ll!Goffm!‘[cfm!ni!l_j[s!nb_!fi[h+!nb_!
Bigj[hs!][h!]iff_]n!nb_!]iff[n_l[f!’nb_!jf_^a_^!Rb[l_m(-!!
!
Sb_! g[nolcns! ^[n_! i‘! nb_! fi[h! [onig[nc][ffs! []]_f_l[n_m! ojih! ]_ln[ch!
_p_hnm+! ch]fo^cha! nb_! n_lgch[ncih! \s! nb_! Bigj[hs! i‘! Ll! Goffm{!
_gjfisg_hn-!
##!
Hh]_hncp_m9!
Nnb_l!
!
!
!
!
!
!
!
!
D[XW/2,(!A‘U*!
<[dWUfadem!JWbadf!!!!
!
8^Wj!@Sda!
A[m_!R[f[ls9!
A_h_‘cnm9!
Hh]_hncp_m9!
Nnb_l!
!
JgeeW^^!9gd]W!
A[m_!R[f[ls9!
A_h_‘cnm9!
S_lgch[ncih9!
Hh]_hncp_m9!
=jWUgf[hW!V[dWUfad(!;a)Xag‘VWd!S‘V!HdWe[VW‘f!
TR#32+030!j_l![hhog!
!
B_ln[ch!inb_l!\_h_‘cnm![l_![p[cf[\f_![h^!j[s[\f_!ni!Ll!G[li!mo]b![m!b_[fnb!
chmol[h]_+!\omch_mm!nl[p_f!_rj_hm_m![h^!inb_l!_rj_hm_m!]ihmcmn_hn!qcnb!nb_!
Bigj[hs{m!_rj_hm_!jifc]s-!
!
Ll!G[li!cm!_fcac\f_!ni!j[lnc]cj[n_!ch!nb_!Bigj[hs{m!1/00!Rni]e!Hh]_hncp_!Of[h!
[h^! Rni]e! Aihom! Olial[g! [h^! b[m! 26/+855! ]oll_hnfs! ionmn[h^cha! Njncihm!
’Drcmncha!Njncihm(![m![n!C_]_g\_l!20+!1/1/-!!
!
H‘! [! ]b[ha_! i‘! ]ihnlif! i‘! nb_! Bigj[hs! i]]olm! [h^! Ll! G[li{m! m_lpc]_! ni! nb_!
Bigj[hs! cm! chpifohn[lcfs! n_lgch[n_^! \s! nb_! Bigj[hs! il! cnm! mo]]_mmil! ch!
]ihh_]ncih!qcnb!il!qcnbch!25!gihnbm!‘iffiqcha![!]b[ha_!i‘!]ihnlif+![ff!i‘!nb_!
ohp_mn_^!Drcmncha!Njncihm!nb_h!b_f^!\s!Ll!G[li!qcff!p_mn-!!
!
Nh!15!E_\lo[ls!1/05+!nb_!Bigj[hs!jlipc^_^![!fi[h!i‘!TR#11/+210!ni!Ll!G[li!
‘il!nb_!_r_l]cm_!i‘!ijncihm!ni!jol]b[m_!Rb[l_m+!qbc]b!cm!j[lnc[ffs!m_]ol_^!\s!
0+113+//6! Rb[l_m! iqh_^!\s! Ll!G[li-!Sbcm! fi[h!l_g[chm! ionmn[h^cha![h^!nb_!
e_s!n_lgm!i‘!nb_!fi[h![l_9!!
!
"
"
"
@h!chn_l_mn!l[n_!i‘!1-50$!j_l![hhog![h^!]igjioh^cha![hho[ffs+!qcnb!
[!g[nolcns!^[n_!i‘!m_p_h!s_[lm!‘lig!nb_!fi[h!^[n_!’14!E_\lo[ls!
1/12(-!!
Sb_!fi[h!cm![!j[lnc[f!l_]iolm_!fi[h+!m_]ol_^!\s!0+113+//6!Rb[l_m-!!
H‘+![‘n_l!nb_!g[nolcns!^[n_+!Ll!G[li!‘[cfm!ni!l_j[s!nb_!fi[h+!nb_!
Bigj[hs!][h!]iff_]n!nb_!]iff[n_l[f!’nb_!jf_^a_^!Rb[l_m(-!!
!
Sb_!g[nolcns!^[n_!i‘!nb_!fi[h![onig[nc][ffs![]]_f_l[n_m!ojih!]_ln[ch!_p_hnm+!
ch]fo^cha!nb_!n_lgch[ncih!\s!nb_!Bigj[hs!i‘!Ll!G[li{m!_gjfisg_hn-!
!
;Z[WX!>[‘S‘U[S^!GXX[UWd(!LdWSegdWd!
TR#2//+///!j_l![hhog!
!
B_ln[ch!inb_l!\_h_‘cnm![l_![p[cf[\f_![h^!j[s[\f_!ni!Ll!Aole_!mo]b![m!b_[fnb!
chmol[h]_+!\omch_mm!nl[p_f!_rj_hm_m![h^!inb_l!_rj_hm_m!]ihmcmn_hn!qcnb!nb_!
Bigj[hs{m!_rj_hm_!jifc]s-!
!
Ll! Aole_{m! _gjfisg_hn! g[s! \_! n_lgch[n_^! ’c(! [n! [hs! ncg_! ojih! gono[f!
qlcnn_h! [al__g_hn! i‘! nb_! j[lnc_m;! ’cc(! \s! nb_! Bigj[hs! cgg_^c[n_fs! [h^!
qcnbion!jlcil!hinc]_+!‘il!][om_;!’ccc(! cgg_^c[n_fs!ojih!Ll!Aole_{m!^_[nb! il!
^cm[\cfcns;! ’cp(! \s! nb_! Bigj[hs! inb_l! nb[h! ‘il! ][om_! qcnb! [^p[h]_! qlcnn_h!
hinc]_!i‘![n!f_[mn!mcr!gihnbm;!il!’p(!\s!Ll!Aole_!inb_l!nb[h!^o_!ni!Ll!Aole_{m!
^_[nb!il!^cm[\cfcns!qcnb![^p[h]_!qlcnn_h!hinc]_!i‘![n!f_[mn!mcr!gihnbm-!
!
Ll!Aole_!cm!_fcac\f_!ni!j[lnc]cj[n_!ch!nb_!Bigj[hs{m!1/00!Rni]e!Hh]_hncp_!Of[h!
[h^!Rni]e!Aihom!Olial[g![h^!b[m!\__h!al[hn_^!42/+403!]oll_hnfs!ionmn[h^cha!
Njncihm! ’Drcmncha! Njncihm(! [m! [n! C_]_g\_l! 20+! 1/1/-! Ll! Aole_! b[m! 154+146!
ijncihm!al[hn_^!nb[n![l_!mo\d_]n!ni!ncg_,\[m_^!p_mncha!l_kocl_g_hnm![h^!‘il!
nb_! \[f[h]_+! p_mncha! cm! ]ihncha_hn! ojih! nb_! Bigj[hs{m! []bc_p_g_hn! i‘!
]_ln[ch!g[le_n!j_l‘ilg[h]_!ai[fm-!
#$!
D[XW/2,(!A‘U*!
<[dWUfadem!JWbadf!!!!
!
!
Ll!Aole_!cm!_fcac\f_!ni!j[lnc]cj[n_!ch!nb_!B[mb!Aihom!Of[h+![h^!cm!_fcac\f_!ni!
l_]_cp_![!n[la_n!][mb!\ihom!i‘!oj!ni!TR#47+222!‘il!nb_!s_[l!_h^_^!C_]_g\_l!
20+!1/1/-!
!
Sb_!j_l‘ilg[h]_!gcf_mnih_m!‘il!nb_!s_[l!_h^_^!C_]_g\_l!20+!1/1/![l_9!!
!
"
"
Aomch_mm!j_l‘ilg[h]_!(cid:127)!i\d_]ncp_m!l_f[n_^!ni!\omch_mm!j_l‘ilg[h]_!
ch]fo^cha!L@T!aliqnb+!O[scha!Bcl]f_!aliqnb+!l_p_ho_+![h^!nb_!
Bigj[hs{m!h_n!jligin_l!m]il_!’MOR(;![h^!!
Hh^cpc^o[f!g[h[a_g_hn!(cid:127)!i\d_]ncp_m!l_f[n_^!ni!]igj_n_h]c_m![h^!
][j[\cfcnc_m!mj_]c‘c]!ni!Ll!Aole_!
!
Sb_! \omch_mm! j_l‘ilg[h]_! i\d_]ncp_m! [h^! nb_! ch^cpc^o[f! g[h[a_g_hn!
i\d_]ncp_m![l_!q_cabn_^!_ko[ffs-!!
;Z[WX!GbWdSf[‘Y!GXX[UWd!
TR#24/+///!j_l![hhog!
!
B_ln[ch! inb_l! \_h_‘cnm! [l_! [p[cf[\f_! [h^! j[s[\f_! ni! Ll! Qc]_! mo]b! [m! b_[fnb!
chmol[h]_+! \omch_mm! nl[p_f! _rj_hm_m! [h^! inb_l! _rj_hm_m! ]ihmcmn_hn! qcnb! nb_!
Bigj[hs{m!_rj_hm_!jifc]s-!
!
Ll!Qc]_{m!_gjfisg_hn!g[s!\_!n_lgch[n_^!’c(![n![hs!ncg_!ojih!gono[f!qlcnn_h!
[al__g_hn!i‘!nb_!j[lnc_m;!’cc(!\s! nb_!Bigj[hs!cgg_^c[n_fs![h^!qcnbion!jlcil!
hinc]_+!‘il!][om_;!’ccc(!cgg_^c[n_fs!ojih!Ll!Qc]_{m!^_[nb!il!^cm[\cfcns;!’cp(!\s!nb_!
Bigj[hs! inb_l! nb[h! ‘il! ][om_! qcnb! [^p[h]_! qlcnn_h! hinc]_! i‘! [n! f_[mn! mcr!
gihnbm;!il!’p(!\s!Ll!Qc]_!inb_l!nb[h!^o_!ni!Ll!Qc]_{m!^_[nb!il!^cm[\cfcns!qcnb!
[^p[h]_!qlcnn_h!hinc]_!i‘![n!f_[mn!mcr!gihnbm-!
!
Ll!Qc]_!_hn_l_^!chni![!l_n_hncih![al__g_hn!qcnb!nb_!Bigj[hs!ch!1/05!’Q_n_hncih!
@al__g_hn(-!Th^_l!nb_!Q_n_hncih!@al__g_hn!nb_!Bigj[hs!qcff!j[s![!][mb!\ihom!
ni!Ll!Qc]_!i‘!TR#0//+///!c‘9!!
!
~!Ll!Qc]_!l_g[chm!_gjfis_^!\s!nb_!Bigj[hs!ohncf!C_]_g\_l!20+!1/11;!
il!!
~!Ll!Qc]_{m!_gjfisg_hn!cm!n_lgch[n_^!qcnbion!][om_!\_‘il_!C_]_g\_l!
20+!1/11;!il!!
~!@!]b[ha_!ch!]ihnlif!i‘!nb_!Bigj[hs!i]]olm!\_‘il_!C_]_g\_l!20+!1/11-!!
!
O[sg_hn!i‘!nb_!][mb!\ihom!ojih!n_lgch[ncih!cm!mo\d_]n!ni!m[ncm‘[]ncih!i‘!]_ln[ch!
]ih^cncihm+!ch]fo^cha!Ll!Qc]_{m!_r_]oncih!i‘![!‘off![h^!]igjf_n_!a_h_l[f!l_f_[m_!
i‘![ff!]f[cgm![a[chmn!nb_!Bigj[hs![h^!cnm![‘‘cfc[n_m-!
!
Ll!Qc]_!cm!_fcac\f_!ni!j[lnc]cj[n_!ch!nb_!Bigj[hs{m!1/00!Rni]e!Hh]_hncp_!Of[h![h^!
Rni]e! Aihom! Olial[g! [h^! b[m! \__h! al[hn_^! 234+3/1! ]oll_hnfs! ionmn[h^cha!
Njncihm!’Drcmncha!Njncihm(![m![n!C_]_g\_l!20+!1/1/-!!
!
Ll!Qc]_!cm!_fcac\f_!ni!j[lnc]cj[n_!ch!nb_!B[mb!Aihom!Of[h+![h^!cm!_fcac\f_!ni!l_]_cp_!
[!n[la_n!][mb!\ihom!i‘!TR#8/+///!‘il!nb_!s_[l!_h^_^!C_]_g\_l!20+!1/1/-!
#%!
!
!
!>A;=JK!!
!
Sb_!Bigj[hs!b[m!ch^_ghc‘c_^!^cl_]nilm![h^!_r_]oncp_m!i‘!nb_!Bigj[hs!‘il!]imnm!ch]oll_^!ch!nb_cl!][j[]cns!
[m![!^cl_]nil!il!i‘‘c]_l+!‘il!qbc]b!nb_s!g[s!\_!b_f^!j_lmih[ffs!fc[\f_+!_r]_jn!qb_l_!nb_l_!cm![!f[]e!i‘!aii^!
‘[cnb-!!
!
AF<=EFALQ!8F!8M!G>!L@=!;GEH8FQ!!
!
Mi!jli]__^cham!b[p_!\__h!\lioabn!il!chn_lp_h_^!ch!ih!\_b[f‘!i‘!nb_!Bigj[hs-!
!
Sbcm!l_jiln!cm!g[^_!ch![]]il^[h]_!qcnb![!l_mifoncih!i‘!nb_!^cl_]nilm-!
!
Nh!\_b[f‘!i‘!nb_!^cl_]nilm!
!
!
!
!
Iibh!Obcfcj!Biabf[h!
E_\lo[ls!14+!1/10!
R[h!El[h]cm]i+!TR@
!
!
!
!
!
!
#+!
!
D[XW/2,(!A‘U*!
!
;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
@m!i‘![h^!‘il!nb_!X_[lm!Dh^_^!!
C_]_g\_l!20+!1/1/![h^!1/08!
$"!
D[XW/2,(!A‘U*!
!
;a‘fW‘fe!
!
!
!
!
A‘VWbW‘VW‘f!8gV[fadme!JWbadf!
;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
Bihmifc^[n_^!A[f[h]_!Rb__nm!
Bihmifc^[n_^!Rn[n_g_hnm!i‘!Nj_l[ncihm!!
Bihmifc^[n_^!Rn[n_g_hnm!i‘!Bihp_lnc\f_!Ol_‘_ll_^!Rni]e![h^!Rni]ebif^_lm{!
Dkocns!
Bihmifc^[n_^!Rn[n_g_hnm!i‘!B[mb!Efiqm!
Min_m!ni!Bihmifc^[n_^!Ech[h]c[f!Rn[n_g_hnm!
11!
!!
13!
14!
15!
16!
17!(cid:127)!43!
!
$#!
!
!
!
!
!
!
S_f9! !3/7,167,/11/!
E[r9!!304,167,/12/!
iii*TVa*Ua_!
!
2//!O[le!@p_ho_!
Rocn_!8//!
R[h!Iim_+!B@!8400/!
!
A‘VWbW‘VW‘f!8gV[fadme!JWbadf!
!
!
Ai[l^!i‘!Ccl_]nilm!
Kc‘_25/+!Hh]-!
R[h!El[h]cm]i+!B[fc‘ilhc[!
!
4KEIEJI!
!
V_!b[p_![o^cn_^!nb_!]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm!i‘!Kc‘_25/+!Hh]-!’nb_!|Bigj[hs}(+!qbc]b!
]igjlcm_! nb_! ]ihmifc^[n_^! \[f[h]_! mb__nm! [m! i‘! C_]_g\_l!20+! 1/1/! [h^! 1/08+! [h^! nb_! l_f[n_^!
]ihmifc^[n_^!mn[n_g_hnm!i‘!ij_l[ncihm![h^!]igjl_b_hmcp_!fimm+!]ihp_lnc\f_!jl_‘_ll_^!mni]e![h^!
mni]ebif^_lm{! _kocns+! [h^! ][mb! ‘fiqm! ‘il! nb_! s_[lm! nb_h! _h^_^+! [h^! nb_! l_f[n_^! hin_m! ni! nb_!
]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm-!!
!
Hh!iol!ijchcih+!nb_![]]igj[hscha!]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm!jl_m_hn!‘[clfs+!ch![ff!g[n_lc[f!
l_mj_]nm+!nb_!‘ch[h]c[f!jimcncih!i‘!nb_!Bigj[hs![m!i‘!C_]_g\_l!20+!1/1/![h^!1/08+![h^!nb_!l_mofnm!
i‘! cnm! ij_l[ncihm! [h^! cnm! ][mb! ‘fiqm! ‘il! nb_! s_[lm! nb_h! _h^_^! ch! []]il^[h]_! qcnb! []]iohncha!
jlch]cjf_m!a_h_l[ffs![]]_jn_^!ch!nb_!Thcn_^!Rn[n_m!i‘!@g_lc][-!
!
*=NEN!BJM!4KEIEJI!
!
V_!]ih^o]n_^!iol![o^cnm!ch![]]il^[h]_!qcnb![o^cncha!mn[h^[l^m!a_h_l[ffs![]]_jn_^!ch!nb_!Thcn_^!
Rn[n_m!i‘!@g_lc][!’F@@R(-!Nol!l_mjihmc\cfcnc_m!oh^_l!nbim_!mn[h^[l^m![l_!‘olnb_l!^_m]lc\_^!ch!nb_!
@o^cnil{m!Q_mjihmc\cfcnc_m!‘il!nb_!@o^cn!i‘!nb_!Ech[h]c[f!Rn[n_g_hnm!m_]ncih!i‘!iol!l_jiln-!V_![l_!
l_kocl_^! ni! \_! ch^_j_h^_hn! i‘! nb_! Bigj[hs! [h^! ni! g__n! iol! inb_l! _nbc][f! l_mjihmc\cfcnc_m+! ch!
[]]il^[h]_! qcnb! nb_! l_f_p[hn! _nbc][f! l_kocl_g_hnm!l_f[ncha!ni!iol! [o^cnm-! V_! \_fc_p_!nb[n!nb_!
[o^cn! _pc^_h]_!q_!b[p_! i\n[ch_^!cm!mo‘‘c]c_hn! [h^![jjlijlc[n_!ni!jlipc^_! [! \[mcm!‘il!iol! [o^cn!
ijchcih-!
!
6ANKJINE>EGEOEAN!JB!2=I=CAHAIO!BJM!ODA!.EI=I?E=G!7O=OAHAION!
!
L[h[a_g_hn!cm!l_mjihmc\f_!‘il!nb_!jl_j[l[ncih![h^!‘[cl!jl_m_hn[ncih!i‘!nb_!]ihmifc^[n_^!‘ch[h]c[f!
mn[n_g_hnm!ch![]]il^[h]_!qcnb![]]iohncha!jlch]cjf_m!a_h_l[ffs![]]_jn_^!ch!nb_!Thcn_^!Rn[n_m!i‘!
@g_lc][+! [h^! ‘il!nb_!^_mcah+!cgjf_g_hn[ncih+![h^!g[chn_h[h]_! i‘! chn_lh[f!]ihnlif!l_f_p[hn!ni!
nb_! jl_j[l[ncih! [h^! ‘[cl! jl_m_hn[ncih! i‘! ]ihmifc^[n_^! ‘ch[h]c[f! mn[n_g_hnm! nb[n! [l_! ‘l__! ‘lig!
g[n_lc[f!gcmmn[n_g_hn+!qb_nb_l!^o_!ni!‘l[o^!il!_llil-!
!
Hh!jl_j[lcha!nb_!]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm+!g[h[a_g_hn!cm!l_kocl_^!ni!_p[fo[n_!qb_nb_l!
nb_l_![l_!]ih^cncihm!il!_p_hnm+!]ihmc^_l_^!ch!nb_![aal_a[n_+!nb[n!l[cm_!mo\mn[hnc[f!^io\n![\ion!
nb_! Bigj[hs{m! [\cfcns! ni! ]ihncho_! [m! [! aicha! ]ih]_lh! qcnbch! ih_! s_[l! [‘n_l! nb_! ^[n_! nb[n! nb_!
]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm![l_!cmmo_^!il![p[cf[\f_!ni!\_!cmmo_^-!
!
)P@EOJMVN!6ANKJINE>EGEOEAN!BJM!ODA!)P@EO!JB!ODA!.EI=I?E=G!7O=OAHAION!
!
Nol! i\d_]ncp_m! [l_! ni! i\n[ch! l_[mih[\f_! [mmol[h]_! [\ion! qb_nb_l! nb_! ]ihmifc^[n_^! ‘ch[h]c[f!
mn[n_g_hnm![m![!qbif_![l_!‘l__!‘lig!g[n_lc[f!gcmmn[n_g_hn+!qb_nb_l!^o_!ni!‘l[o^!il!_llil+![h^!
ni!cmmo_![h![o^cnil{m!l_jiln!nb[n!ch]fo^_m!iol!ijchcih-!Q_[mih[\f_![mmol[h]_!cm![!bcab!f_p_f!i‘!
ACN!TR@+!KKO+![!C_f[q[l_!fcgcn_^!fc[\cfcns!j[lnh_lmbcj+!cm!nb_!T-R-!g_g\_l!i‘!ACN!Hhn_lh[ncih[f!Kcgcn_^+![!TJ!]igj[hs!fcgcn_^!\s!ao[l[hn__+![h^!
‘ilgm!j[ln!i‘!nb_!chn_lh[ncih[f!ACN!h_nqile!i‘!ch^_j_h^_hn!g_g\_l!‘clgm-!
!
ACN!cm!nb_!\l[h^!h[g_!‘il!nb_!ACN!h_nqile![h^!‘il!_[]b!i‘!nb_!ACN!L_g\_l!Eclgm-!
$$!
!
[mmol[h]_!\on!cm!hin![\mifon_![mmol[h]_![h^!nb_l_‘il_!cm!hin![!ao[l[hn__!nb[n![h![o^cn!]ih^o]n_^!
ch![]]il^[h]_!qcnb!F@@R!qcff![fq[sm!^_n_]n![!g[n_lc[f!gcmmn[n_g_hn!qb_h!cn!_rcmnm-!Sb_!lcme!i‘!
hin!^_n_]ncha![!g[n_lc[f!gcmmn[n_g_hn!l_mofncha!‘lig!‘l[o^!cm!bcab_l!nb[h!‘il!ih_!l_mofncha!‘lig!
_llil+![m!‘l[o^!g[s!chpifp_!]iffomcih+!‘ila_ls+!chn_hncih[f!igcmmcihm+!gcml_jl_m_hn[ncihm+!il!nb_!
ip_llc^_! i‘! chn_lh[f! ]ihnlif-! Lcmmn[n_g_hnm! [l_! ]ihmc^_l_^! g[n_lc[f! c‘! nb_l_! cm! [! mo\mn[hnc[f!
fce_fcbii^!nb[n+!ch^cpc^o[ffs!il!ch!nb_![aal_a[n_+!nb_s!qiof^!ch‘fo_h]_!nb_!do^ag_hn!g[^_!\s![!
l_[mih[\f_!om_l!\[m_^!ih!nb_!]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm-!
!
Hh!j_l‘ilgcha![h![o^cn!ch![]]il^[h]_!qcnb!F@@R+!q_9!
!
~! Dr_l]cm_! jli‘_mmcih[f! do^ag_hn! [h^! g[chn[ch! jli‘_mmcih[f! me_jnc]cmg! nblioabion! nb_!
~!
[o^cn-!
H^_hnc‘s! [h^! [mm_mm! nb_! lcmem! i‘! g[n_lc[f! gcmmn[n_g_hn! i‘! nb_! ]ihmifc^[n_^! ‘ch[h]c[f!
mn[n_g_hnm+!qb_nb_l!^o_!ni!‘l[o^!il!_llil+![h^!^_mcah![h^!j_l‘ilg![o^cn!jli]_^ol_m!!
l_mjihmcp_!ni!nbim_!lcmem-!Ro]b!jli]_^ol_m!ch]fo^_!_r[gchcha+!ih![!n_mn!\[mcm+!_pc^_h]_!
l_a[l^cha!nb_![giohnm![h^!^cm]fimol_m!ch!nb_!]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm-!
~! N\n[ch![h!oh^_lmn[h^cha!i‘!chn_lh[f!]ihnlif!l_f_p[hn!ni!nb_![o^cn!ch!il^_l!ni!^_mcah![o^cn!
jli]_^ol_m! nb[n! [l_! [jjlijlc[n_! ch! nb_! ]cl]ogmn[h]_m+! \on! hin! ‘il! nb_! joljim_! i‘!
_rjl_mmcha![h!ijchcih!ih!nb_!_‘‘_]ncp_h_mm!i‘!nb_!Bigj[hs{m!chn_lh[f!]ihnlif-!@]]il^chafs+!
hi!mo]b!ijchcih!cm!_rjl_mm_^-!!
~! Dp[fo[n_! nb_! [jjlijlc[n_h_mm! i‘! []]iohncha! jifc]c_m! om_^! [h^! nb_! l_[mih[\f_h_mm! i‘!
mcahc‘c][hn! []]iohncha! _mncg[n_m! g[^_! \s!g[h[a_g_hn+! [m! q_ff![m! _p[fo[n_!nb_!ip_l[ff!
jl_m_hn[ncih!i‘!nb_!]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm-!
~! Bih]fo^_! qb_nb_l+! ch! iol! do^ag_hn+! nb_l_! [l_! ]ih^cncihm! il! _p_hnm+! ]ihmc^_l_^! ch! nb_!
[aal_a[n_+!nb[n!l[cm_!mo\mn[hnc[f!^io\n![\ion!nb_!Bigj[hs{m![\cfcns!ni!]ihncho_![m![!aicha!
]ih]_lh!‘il![!l_[mih[\f_!j_lci^!i‘!ncg_-!
!
V_! [l_! l_kocl_^!ni! ]iggohc][n_! qcnb! nbim_! ]b[la_^! qcnb! aip_lh[h]_! l_a[l^cha+! [giha! inb_l!
g[nn_lm+!nb_!jf[hh_^!m]ij_![h^!ncgcha!i‘!nb_![o^cn+!mcahc‘c][hn![o^cn!‘ch^cham+![h^!]_ln[ch!chn_lh[f!
]ihnlif,l_f[n_^!g[nn_lm!nb[n!q_!c^_hnc‘c_^!^olcha!nb_![o^cn-!
!
!
!
R[h!Iim_+!B[fc‘ilhc[!
E_\lo[ls!14+!1/10!
!
D[XW/2,(!A‘U*!
!
Bihmifc^[n_^!A[f[h]_!Rb__nm!
’Ciff[lm!ch!T-R-!#+!ch!nbiom[h^m+!_r]_jn!mb[l_![h^!j_l!mb[l_!^[n[(!
!
8eeWfe
;gddW‘f!8eeWfe6
B[mb![h^!][mb!_kocp[f_hnm
@]]iohnm!l_]_cp[\f_
Bimnm!][jcn[fct_^!ni!i\n[ch!l_p_ho_!]ihnl[]nm+!h_n
Ol_j[c^!_rj_hm_m![h^!inb_l!]oll_hn![mm_nm
Sin[f!]oll_hn![mm_nm
Q_mnlc]n_^!][mb
Olij_lns![h^!_kocjg_hn+!h_n
Bimnm!][jcn[fct_^!ni!i\n[ch!l_p_ho_!]ihnl[]nm+!h_n!i‘!]oll_hn!jilncih
Fii^qcff
Hhn[hac\f_![mm_nm+!h_n
Min_m!^o_!‘lig![‘‘cfc[n_m
Qcabn!i‘!om_![mm_n
Ol_j[c^!_rj_hm_m![h^!inb_l![mm_nm+!hih]oll_hn!!!!!!!!!!
LafS^!8eeWfe
D[ST[^[f[We!S‘V!KfaU]Za^VWde!=cg[fk!
;gddW‘f!D[ST[^[f[We6
@]]iohnm!j[s[\f_
@]]lo_^!_rj_hm_m![h^!inb_l!fc[\cfcnc_m
C_‘_ll_^!l_p_ho_
Sin[f!]oll_hn!fc[\cfcnc_m
C_‘_ll_^!l_hn
Nnb_l!hih]oll_hn!fc[\cfcnc_m
LafS^!D[ST[^[f[We
;a__[f_W‘fe!S‘V!;a‘f[‘YW‘U[We!&FafW!5’
KfaU]Za^VWde%!=cg[fk!
Biggih!Rni]e+!#/-//0!j[l!p[fo_;!0//+///+///!mb[l_m![onbilct_^![m!i‘!C_]_g\_l!20+!1/1/!
[h^!C_]_g\_l!20+!1/08;!4/+/24+3/7![h^!37+73/+564!cmmo_^![h^!ionmn[h^cha![m![n!
C_]_g\_l!20+!1/1/![h^!C_]_g\_l!20+!1/08+!l_mj_]ncp_fs
@^^cncih[f!j[c^,ch!][jcn[f
Min_m!^o_!‘lig![‘‘cfc[n_m
@]]ogof[n_^!^_‘c]cn
Sin[f!mni]ebif^_lm&!_kocns
A1?I9?7!?@D5C!1B5!1?!9?D57B1=!A1BD!@6!D85C5!1E49D54!3@?C@=941D54!69?1?391=!CD1D5>5?DC$
$&!
D[XW/2,(!A‘U*!
!
Bihmifc^[n_^!Rn[n_g_hnm!i‘!Nj_l[ncihm![h^!Bigjl_b_hmcp_!Kimm!!
’Ciff[lm!ch!T-R-!#+!ch!nbiom[h^m!_r]_jn!mb[l_![h^!j_l!mb[l_!^[n[(!
!
Q_p_ho_
Bimn!i‘!Q_p_ho_
Flimm!Oli‘cn
GbWdSf[‘Y!WjbW‘eWe6
Q_m_[l]b![h^!^_p_fijg_hn
R[f_m![h^!g[le_ncha
F_h_l[f![h^![^gchcmnl[ncp_
Sin[f!Nj_l[ncha!_rj_hm_m
Kimm!‘lig!ij_l[ncihm
Hhn_l_mn!_rj_hm_
QWSd!W‘VWV
A1?I9?7!?@D5C!1B5!1?!9?D57B1=!A1BD!@6!D85C5!1E49D54!3@?C@=941D54!69?1?391=!CD1D5>5?DC$
$’!
D[XW/2,(!A‘U*!
!
Bihmifc^[n_^!Rn[n_g_hnm!i‘!Bihp_lnc\f_!Ol_‘_ll_^!Rni]e![h^!Rni]ebif^_lm{!Dkocns!!
’Ciff[lm!ch!T-R-!#+!ch!nbiom[h^m+!_r]_jn!mb[l_!^[n[(!
!
9S^S‘UW!Sf!A1?I9?7!?@D5C!1B5!1?!9?D57B1=!A1BD!@6!D85C5!1E49D54!3@?C@=941D54!69?1?391=!CD1D5>5?DC$
$(!
D[XW/2,(!A‘U*!
!
Bihmifc^[n_^!Rn[n_g_hnm!i‘!B[mb!Efiqm!!
’Ciff[lm!ch!T-R-!#+!ch!nbiom[h^m(!
!
;SeZ!>^aie!Xda_!GbWdSf[‘Y!8Uf[h[f[We6
M_n!fimm
@^domng_hnm!ni!l_]ih]cf_!h_n!fimm!ni!h_n!][mb!om_^!ch!ij_l[ncha![]ncpcnc_m9
C_jl_]c[ncih![h^![gilnct[ncih
Vlcn_,i‘‘!i‘!fiha,fcp_^![mm_nm
@gilnct[ncih!i‘!]imnm!][jcn[fct_^!ni!i\n[ch!]ihnl[]nm
@gilnct[ncih!i‘!^_\n!cmmo[h]_!]imnm![h^!^cm]iohn!ih!^_\n
Th[gilnct_^!^_\n!cmmo[h]_!]imnm![h^!^cm]iohn!ih!^_\n!qlcnn_h,i‘‘
Rni]e,\[m_^!]igj_hm[ncih!_rj_hm_
Bb[ha_!ch!‘[cl!p[fo_!i‘!jl_‘_ll_^!mni]e!q[ll[hn!fc[\cfcns
Hhn_l_mn!^o_!oh^_l!hin_m!‘lig![‘‘cfc[n_m
Bb[ha_m!ch!ij_l[ncha![mm_nm![h^!fc[\cfcnc_m9
@]]iohnm!l_]_cp[\f_
Ol_j[c^!_rj_hm_m![h^!inb_l!]oll_hn![mm_nm
Bimnm!][jcn[fct_^!ni!i\n[ch!]ihnl[]nm+!h_n
Nnb_l!Mih]oll_hn!@mm_nm
@]]iohnm!j[s[\f_
@]]lo_^!_rj_hm_m
C_‘_ll_^!l_p_ho_
Mih]oll_hn!fc[\cfcnc_m
M_n!][mb!om_^!ch!ij_l[ncha![]ncpcnc_m
;SeZ!>^aie!Xda_!A‘hWef[‘Y!8Uf[h[f[We6
Ool]b[m_m!i‘!][jcn[f![mm_nm
B[mb!j[c^!‘il![]kocmcncih+!h_n!i‘!][mb![]kocl_^
M_n!][mb!jlipc^_^!om_^!ch!chp_mncha![]ncpcnc_m
;SeZ!>^aie!Xda_!>[‘S‘U[‘Y!8Uf[h[f[We6
Oli]__^m!‘lig!chcnc[f!jo\fc]!i‘‘_lcha+!h_n!i‘!cmmo[h]_!]imn
O[sg_hnm!i‘!^_‘_ll_^!i‘‘_lcha!]imnm
Oli]__^m!‘lig!nb_!_r_l]cm_!i‘!ijncihm![h^!al[hn!i‘!mni]e![q[l^m+!h_n!i‘!l_jol]b[m_
S[r_m!j[c^!l_f[n_^!ni!h_n!m_nnf_g_hn!i‘!_kocns![q[l^m
Oli]__^m!‘lig!\illiqcham!’Min_!2(
O[sg_hnm!ih!\illiqcham!’Min_!2(
M_n!][mb!jlipc^_^!\s!‘ch[h]cha![]ncpcnc_m
FWf!A‘UdWSeW![‘!;SeZ!S‘V!;SeZ!=cg[hS^W‘fe
QWSd!=‘VWV
A1?I9?7!?@D5C!1B5!1?!9?D57B1=!A1BD!@6!D85C5!1E49D54!3@?C@=941D54!69?1?391=!CD1D5>5?DC$
$)!
[‘S‘U[S^!KfSfW_W‘fe!
LZW!;a_bS‘k!!
Kg__Sdk!aX!K[Y‘[X[US‘f!8UUag‘f[‘Y!Ha^[U[We!!
!
!
-*
!
Kc‘_25/+!Hh]-!’nb_!|Bigj[hs}(!cm![!jf[n‘ilg!‘il!ni^[s{m!\oms!‘[gcfc_m+!\lchacha!nb_g!]fim_l!nia_nb_l!
\s!b_fjcha!nb_g!\_nn_l!ehiq+!]iggohc][n_!qcnb+![h^!jlin_]n!nb_!j_ijf_!nb_s!][l_![\ion!gimn-!Sb_!
Bigj[hs!q[m!ch]iljil[n_^!ch!nb_!Rn[n_!i‘!C_f[q[l_!ch!@jlcf!1//6-!Sb_!Bigj[hs{m!]il_!i‘‘_lcha+!nb_!
Kc‘_25/!gi\cf_![jjfc][ncih+!cm!hiq![!g[le_n!f_[^cha!gi\cf_![jjfc][ncih!‘il!‘[gcfc_m+!qcnb!‘_[nol_m!
nb[n!l[ha_!‘lig!]iggohc][ncihm!ni!^lcpcha!m[‘_ns![h^!fi][ncih!mb[lcha-!Sb_!Bigj[hs!ij_l[n_m!oh^_l!
[! |‘l__gcog}! gi^_f! qb_l_! cnm! ]il_! i‘‘_lcha! cm! [p[cf[\f_! ni! om_lm! [n! hi! ]b[la_+! qcnb! nbl__!
g_g\_lmbcj!mo\m]lcjncihm!ijncihm!nb[n![l_![p[cf[\f_!\on!hin!l_kocl_^-!Sb_!Bigj[hs![fmi!a_h_l[n_m!
l_p_ho_! nblioab! ^[n[! gih_nct[ncih! [ll[ha_g_hnm! qcnb! ]_ln[ch! nbcl^! j[lnc_m! ’|C[n[! Q_p_ho_!
Bomnig_lm}(!nblioab!^[n[![]kocmcncih![h^!fc]_hm_![al__g_hnm![h^![hihsgct_^!chmcabnm!chni!nb_!^[n[!
]iff_]n_^!‘lig!nb_!Bigj[hs{m!om_l!\[m_!ch!j[lnh_lmbcj!qcnb!nbcl^!j[lnc_m-!
!
.*
!
*=NEN!JB!5MANAIO=OEJI!
!
Sb_!]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm![h^![]]igj[hscha!hin_m!b[p_!\__h!jl_j[l_^!ch![]]il^[h]_!
qcnb!a_h_l[ffs![]]_jn_^![]]iohncha!jlch]cjf_m!ch!nb_!Thcn_^!Rn[n_m+!il!’|F@@O}(![h^![l_!jl_m_hn_^!
ch!TR!^iff[lm+!ohf_mm!inb_lqcm_!mn[n_^-!
!
6A?G=NNEBE?=OEJI!JB!-SKAINAN!EI!5MEJM!5AMEJ@!
!
Colcha!nb_!s_[l!_h^_^!C_]_g\_l!20+!1/1/+!nb_!Bigj[hs!b[m!]b[ha_^!nb_!‘ilg[n!i‘!nb_!Bihmifc^[n_^!
Rn[n_g_hnm!i‘!Nj_l[ncihm![h^!Bigjl_b_hmcp_!Kimm!ni!ch]fo^_!Bimn!i‘!Q_p_ho_![h^!Flimm!Oli‘cn![h^!
l_]f[mmc‘c][ncih! i‘! ]_ln[ch! _rj_hm_m! ch! ]ihh_]ncih! qcnb! nb_! l_pcm_^! jl_m_hn[ncih-! Sb_! Bigj[hs!
\_fc_p_m! nbcm! qcff! cgjlip_! [h^! _hb[h]_! nb_! jl_m_hn[ncih! i‘! iol! ‘ch[h]c[f!mn[n_g_hnm! [h^! l_f[n_^!
^cm]fimol_m!‘il!om_lm!i‘!iol!‘ch[h]c[f!mn[n_g_hnm-!Q_‘_l!ni!Min_!4!‘il!‘olnb_l!^cm]fimol_m!ih!Bimn!i‘!
Q_p_ho_-!
!
Sb_!Bigj[hs!b[m!l_]f[mmc‘c_^!nb_!‘iffiqcha!]imnm+!ch!nb_!C_]_g\_l!20+!1/08!mn[n_g_hn!i‘!ij_l[ncihm!
[h^! ]igjl_b_hmcp_! fimm! ni! ]ih‘ilg! ni! ]oll_hn! j_lci^! jl_m_hn[ncih! ’ch! nbiom[h^m(9! ’0(! ]omnig_l!
mojjiln!]l[mb![h^!li[^mc^_![mmcmn[h]_!]imnm!b[p_!\__h!l_]f[mmc‘c_^!ni!]imn!i‘!l_p_ho_+!’1(!n_]bhifias!
_rj_hm_m! b[p_! \__h! l_]f[mmc‘c_^! ni! ]imn! i‘! l_p_ho_+! ihaicha! jli^o]n! ^_p_fijg_hn! nb[n! q[m!
jl_pciomfs!ch]fo^_^!ch!n_]bhifias!_rj_hm_!b[m!\__h!l_]f[mmc‘c_^!ni!l_m_[l]b![h^!^_p_fijg_hn![h^!
]_ln[ch!]imnm!l_f[ncha!ni!HS!m_]olcns!‘oh]ncih!nb[n!q_l_!jl_pciomfs!ch]fo^_^!ch!n_]bhifias!_rj_hm_!
b[m!\__h!l_]f[mm_^!ni!a_h_l[f![h^![^gchcmnl[ncp_+!’2(!]_ln[ch!m[f_m![h^!g[le_ncha!]imnm!b[p_!\__h!
l_]f[mmc‘c_^!ni!]imn!i‘!l_p_ho_-!
$*!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
JWhW‘gW6
Ro\m]lcjncih!l_p_ho_
O[lnh_lmbcj!l_p_ho_!’ch]fo^cha!l_f[n_^!j[lns!
l_p_ho_!i‘!#543![h^!#3+//3+!l_mj_]ncp_fs(
C[n[!Q_p_ho_
Sin[f!Q_p_ho_
Q_p_ho_
Bimn!i‘!Q_p_ho_
Flimm!Oli‘cn
!QWSd!=‘VWV!
[‘S‘U[S^!KfSfW_W‘fe!
!
!
]f[mmc‘c][ncih!l_f[n_^!ni![al__g_hnm!_hn_l_^!jlcil!ni![^ijncih-!!!
!
Sb_!gimn!mcahc‘c][hn!cgj[]n! q[m! nb_! l_]iahcncih!i‘! QNT![mm_nm! [h^! f_[m_! fc[\cfcnc_m! ‘il! ij_l[ncha!
f_[m_m-! Sb_! [^ijncih! i‘! nb_! h_q! mn[h^[l^! l_mofn_^! ch! nb_! l_]il^cha! i‘! [^^cncih[f! ij_l[ncha! QNT!
[mm_nm![h^!f_[m_!fc[\cfcnc_m!i‘![jjlircg[n_fs!#3-0!gcffcih![h^!#3-4!gcffcih+!l_mj_]ncp_fs+![m!i‘!I[ho[ls!
0+!1/1/-!
!
K_[m_![h^!hih,f_[m_!]igjih_hnm!qcff!\_![]]iohn_^!‘il![m![!mchaf_!f_[m_!]igjih_hn!c‘!nb_!hih,f_[m_!
]igjih_hn! cm! ^_n_lgch_^! ni! \_! chmcahc‘c][hn! ni! nb_! nin[f! [al__g_hn-! Sb_! ]ogof[ncp_! cgj[]n! i‘!
nl[hmcncih!ni!l_n[ch_^!_[lhcham+!l_]il^_^![m!i‘!nb_![^ijncih!^[n_+!q[m!hin!g[n_lc[f-!Sb_!mn[h^[l^!
^c^!hin!g[n_lc[ffs!cgj[]n!]ihmifc^[n_^!h_n!_[lhcham![h^!b[^!hi!cgj[]n!ih!][mb!‘fiqm-!
!
Hh! @oaomn! 1/07+! nb_! E@RA! cmmo_^! @RT! 1/07,02+!E[cl! U[fo_! L_[mol_g_hn! ’Sijc]! 71/(9! Ccm]fimol_!
El[g_qile! (cid:127)! Bb[ha_m! ni! nb_! Ccm]fimol_! Q_kocl_g_hnm! ‘il! E[cl! U[fo_! L_[mol_g_hn-!Sbcm! aoc^[h]_!
[^^m+!gi^c‘c_m![h^!l_gip_m!m_p_l[f!^cm]fimol_!l_kocl_g_hnm!l_f[ncp_!ni!nb_!nbl__!f_p_fm!i‘!chjonm!
om_^!ni!g_[mol_!‘[cl!p[fo_!ch![]]il^[h]_!qcnb!Sijc]!71/+!E[cl!U[fo_!L_[mol_g_hn-!Sb_!Bigj[hs!
[^ijn_^!nbcm!mn[h^[l^!ih!I[ho[ls!0+!1/1/![h^!^_n_lgch_^!cn!^c^!hin!b[p_![!g[n_lc[f!cgj[]n!ih!nb_!
[o^cn_^!]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm-!
!
)??JPIOEIC!KMJIJPI?AHAION!IJO!TAO!=@JKOA@!!
!
Hh!Ioh_!1/05+!nb_!E@RA!cmmo_^!@RT!1/05,02+!Ech[h]c[f!Hhmnlog_hnm!,!Bl_^cn!Kimm_m9!L_[mol_g_hn!i‘!
Bl_^cn!Kimm_m!ih!Ech[h]c[f!Hhmnlog_hnm+!qbc]b!]b[ha_m!nb_!_rcmncha!ch]oll_^!fimm!cgj[clg_hn!gi^_f!
‘il!‘ch[h]c[f![mm_nm!b_f^![n![gilnct_^!]imn-!Sb_!h_q!gi^_f!om_m![!‘ilq[l^,fiiecha!_rj_]n_^! fimm!
g_nbi^!ni!][f]of[n_!]l_^cn!fimm!_mncg[n_m-!!Sb_m_!]b[ha_m!qcff!l_mofn!ch!_[lfc_l!l_]iahcncih!i‘!]l_^cn!
fimm_m-!Sbcm!aoc^[h]_!cm!_‘‘_]ncp_!‘il!nb_!Bigj[hs!ih!I[ho[ls!0+!1/12!qcnb!_[lfs![^ijncih!j_lgcnn_^-!
Sb_!Bigj[hs!cm!]oll_hnfs!_p[fo[ncha!nb_!cgj[]n!i‘!nb_![^ijncih!i‘!nbcm!mn[h^[l^!ih!cnm!]ihmifc^[n_^!
‘ch[h]c[f!mn[n_g_hnm![h^!l_f[n_^!^cm]fimol_m![h^!^i_m!hin!_rj_]n![!g[n_lc[f!cgj[]n-!
!
Hh!@oaomn! 1/1/+! nb_! E@RA!cmmo_^!@RT! Mi-!1/1/,/5+! C_\n,!C_\n! qcnb!Bihp_lmcih![h^! Nnb_l! Njncihm!
’Ro\nijc]! 36/,1/(! qbc]b! mcgjfc‘c_m! nb_! []]iohncha! ‘il! ]_ln[ch! ‘ch[h]c[f! chmnlog_hnm! qcnb!
]b[l[]n_lcmnc]m!i‘!fc[\cfcnc_m![h^!_kocns+!ch]fo^cha!]ihp_lnc\f_!chmnlog_hnm![h^!]ihnl[]nm!ch![h!_hncns{m!
iqh! _kocns-!@giha! inb_l! ]b[ha_m+!@RT! 1/1/,/5! l_gip_m! ‘lig! T-R-! F@@O! nb_! fc[\cfcns! [h^! _kocns!
m_j[l[ncih!gi^_f!‘il!]ihp_lnc\f_!chmnlog_hnm!qcnb![!][mb!]ihp_lmcih!‘_[nol_+![h^![m![!l_mofn+![‘n_l!
[^ijncih+!_hncnc_m!qcff!hi!fiha_l!m_j[l[n_fs!jl_m_hn!ch!_kocns![h!_g\_^^_^!]ihp_lmcih!‘_[nol_!‘il!
mo]b!^_\n-!Rcgcf[lfs+!nb_!_g\_^^_^!]ihp_lmcih!‘_[nol_!qcff!hi!fiha_l!\_![gilnct_^!chni!ch]ig_![m!
chn_l_mn! _rj_hm_! ip_l! nb_! fc‘_! i‘! nb_! chmnlog_hn-! Hhmn_[^+! _hncnc_m! qcff! []]iohn! ‘il! [! ]ihp_lnc\f_!
^_\n!chmnlog_hn!qbiffs![m!^_\n!ohf_mm!’0(![!]ihp_lnc\f_!chmnlog_hn!]ihn[chm!‘_[nol_m!nb[n!l_kocl_!
\c‘ol][ncih![m![!^_lcp[ncp_!oh^_l!@RB!Sijc]!704+!C_lcp[ncp_m![h^!G_^acha+!il!’1(![!]ihp_lnc\f_!^_\n!
chmnlog_hn!q[m!cmmo_^![n![!mo\mn[hnc[f!jl_gcog-!@^^cncih[ffs+!@RT!1/1/,/5!l_kocl_m!nb_![jjfc][ncih!
i‘!nb_!c‘,]ihp_ln_^!g_nbi^!ni!][f]of[n_!nb_!cgj[]n!i‘!]ihp_lnc\f_!chmnlog_hnm!ih!^cfon_^!_[lhcham!
j_l!mb[l_+!qbc]b!qcff!l_mofn!ch!ch]l_[m_^!^cfoncp_!m_]olcnc_m![m!nb_![mmogjncih!i‘!][mb!m_nnf_g_hn!i‘!
nb_!hin_m!qcff!hin!\_![p[cf[\f_!‘il!nb_!joljim_!i‘!][f]of[ncha!_[lhcham!j_l!mb[l_-!Sb_!jlipcmcihm!i‘!
@RT! 1/1/,/5! [l_! _‘‘_]ncp_! ‘il! l_jilncha! j_lci^m! \_achhcha! [‘n_l! C_]_g\_l! 04+! 1/12+! qcnb! _[lfs!
[^ijncih!j_lgcnn_^!‘il!l_jilncha!j_lci^m!\_achhcha![‘n_l!C_]_g\_l!04+!1/1/+![h^!][h!\_![^ijn_^!
ih!_cnb_l![!‘offs!l_nlimj_]ncp_!il!gi^c‘c_^!l_nlimj_]ncp_!\[mcm-!Sb_!Bigj[hs!cm!]oll_hnfs!_p[fo[ncha!
nb_!ncgcha+!g_nbi^!i‘![^ijncih+![h^!ip_l[ff!cgj[]n!i‘!nbcm!mn[h^[l^!ih!cnm!]ihmifc^[n_^!‘ch[h]c[f!
mn[n_g_hnm-!
!
%"!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
7PHH=MT!JB!7ECIEBE?=IO!)??JPIOEIC!5JGE?T!
!
6AQAIPA!6A?JCIEOEJI!!
!
Oolmo[hn! ni! @]]iohncha! Rn[h^[l^m! Bi^c‘c][ncih! ’|@RB}(! Sijc]! 5/5+! -5F5?E5! 6B@>! &@?DB13DC! G9D8!
&ECD@>5BC! ’@RB! 5/5(+! nb_! Bigj[hs! l_]iahct_m! l_p_ho_! qb_h! cnm! ]omnig_l! i\n[chm! ]ihnlif! i‘!
jligcm_^!aii^m!il!m_lpc]_m+!ch![h![giohn!nb[n!l_‘f_]nm!nb_!]ihmc^_l[ncih!qbc]b!nb_!Bigj[hs!_rj_]nm!
ni! l_]_cp_! ch! _r]b[ha_! ‘il! nbim_! aii^m! il! m_lpc]_m-! Si! ^_n_lgch_! l_p_ho_! l_]iahcncih! ‘il!
[ll[ha_g_hnm!nb[n!nb_!Bigj[hs!^_n_lgch_m![l_!qcnbch!nb_!m]ij_!i‘!@RB!5/5+!nb_!Bigj[hs!j_l‘ilgm!
nb_!‘iffiqcha!‘cp_!mn_jm9!’c(!c^_hnc‘s!nb_!]ihnl[]n’m(!qcnb![!]omnig_l;!’cc(!c^_hnc‘s!nb_!j_l‘ilg[h]_!
i\fca[ncihm!ch!nb_!]ihnl[]n;!’ccc(!^_n_lgch_!nb_!nl[hm[]ncih!jlc]_;!’cp(![ffi][n_!nb_!nl[hm[]ncih!jlc]_!
ni!nb_!j_l‘ilg[h]_!i\fca[ncihm!ch!nb_!]ihnl[]n;![h^!’p(!l_]iahct_!l_p_ho_!qb_h!’il![m(!nb_!Bigj[hs!
m[ncm‘c_m![!j_l‘ilg[h]_!i\fca[ncih-!Sb_!Bigj[hs!ihfs![jjfc_m!nb_!‘cp_,mn_j!gi^_f!ni!]ihnl[]nm!qb_h!
cn!cm!jli\[\f_!nb[n!Bigj[hs!qcff!]iff_]n!nb_!]ihmc^_l[ncih!cn!cm!_hncnf_^!ni!ch!_r]b[ha_!‘il!nb_!aii^m!
il!m_lpc]_m!cn!nl[hm‘_lm!ni!nb_!]omnig_l-!@n!]ihnl[]n!ch]_jncih+!ih]_!nb_!]ihnl[]n!cm!^_n_lgch_^!ni!
\_!qcnbch!nb_!m]ij_!i‘!@RB!5/5+!nb_!Bigj[hs![mm_mm_m!nb_!jli^o]nm!il!m_lpc]_m!jligcm_^!qcnbch!_[]b!
]ihnl[]n! [h^! ^_n_lgch_m! nbim_! nb[n! [l_! j_l‘ilg[h]_! i\fca[ncihm! [h^! [mm_mm_m! qb_nb_l! _[]b!
jligcm_^!aii^!il!m_lpc]_!cm!^cmnch]n-!Sb_!Bigj[hs!nb_h!l_]iahct_m![m!l_p_ho_!nb_![giohn!i‘!nb_!
nl[hm[]ncih! jlc]_! nb[n! cm! [ffi][n_^! ni! nb_! l_mj_]ncp_! j_l‘ilg[h]_! i\fca[ncih! qb_h! ’il! [m(! nb_!
j_l‘ilg[h]_!i\fca[ncih!cm!m[ncm‘c_^-!!
!
+JNO!JB!6AQAIPA!
!
Bimn! i‘! l_p_ho_! ch]fo^_m! [ff! ^cl_]n! ]imnm! ni! ^_fcp_l! nb_! Bigj[hs{m! jli^o]n! ch]fo^cha! nbcl^,j[lns!
bimncha!‘__m!l_f[n_^!ni!nb_!Bigj[hs{m!]fio^!m_lpc]_m+!m[f[lc_m+!\_h_‘cnm+!mb[l_,\[m_^!]igj_hm[ncih+!
HS![h^![ffi][n_^!ip_lb_[^-!Sb_!Bigj[hs!l_]iahct_m!nb_m_!_rj_hm_m![m!nb_s![l_!ch]oll_^-!
!
+JNON!+=KEO=GEUA@!OJ!4>O=EI!+JIOM=?ON!!
!
Bimnm!][jcn[fct_^!ni!i\n[ch!]ihnl[]nm!]igjlcm_!i‘!l_p_ho_,mb[l_!j[sg_hnm!ni!@jjf_!Hh]-![h^!Fiiaf_!
Hh]-! ch! ]ihh_]ncih! qcnb! [hho[f! mo\m]lcjncih! m[f_m! i‘! nb_! Bigj[hs{m! gi\cf_! [jjfc][ncih! ih! _[]b!
l_mj_]ncp_!gi\cf_![jjfc][ncih!mnil_!jf[n‘ilg-!!Bimnm!nb[n![l_!ch]l_g_hn[f![h^!^cl_]nfs!l_f[n_^!ni!
h_q! ]omnig_l! m[f_m! ]ihnl[]nm! ch! qbc]b! l_p_ho_! cm! ^_‘_ll_^! [l_! []]lo_^! [h^! ][jcn[fct_^! ojih!
_r_]oncih!i‘![!hih,][h]_f[\f_!]omnig_l!]ihnl[]n+![h^!mo\m_ko_hnfs!_rj_hm_^!ip_l!nb_![p_l[a_!fc‘_!
i‘!nb_!]omnig_l!l_f[ncihmbcj+!qbc]b!cm!]oll_hnfs!_mncg[n_^!ni!\_!nqi!s_[lm-!!
!
)GGJR=I?A!BJM!,JP>OBPG!)??JPION!
!
Sb_! Bigj[hs! g[e_m! do^ag_hnm! [m! ni! cnm! [\cfcns! ni! ]iff_]n! ionmn[h^cha! []]iohnm! l_]_cp[\f_! [h^!
jlipc^_![ffiq[h]_m!‘il![]]iohnm!l_]_cp[\f_!qb_h![h^!c‘!]iff_]ncih!\_]ig_m!^io\n‘of-!Si!^[n_+!nb_!
Bigj[hs! b[m! hin! l_]il^_^! [hs! mcahc‘c][hn! ]l_^cn! fimm_m! ih! ]omnig_l! []]iohnm! [h^! cn! b[^! hi!
[ffiq[h]_!‘il!^io\n‘of![]]iohnm![m!i‘!C_]_g\_l!20+!1/1/![h^!1/08-!!!
!
!
!
!
!
!
!
!
%#!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
7ECIEBE?=IO!6ENFN!=I@!9I?AMO=EIOEAN!!
!
Sb_!Bigj[hs!cm!mo\d_]n!ni!]_ln[ch!lcmem![h^!oh]_ln[chnc_m!nb[n!]iof^!b[p_![!g[n_lc[f![h^![^p_lm_!
_‘‘_]n! ih! cnm! ‘onol_! ‘ch[h]c[f! jimcncih! il! l_mofnm! i‘! ij_l[ncihm-! Sb_! Bigj[hs{m! ]omnig_lm! [l_!
jlcg[lcfs!ch^cpc^o[fm!qcnb!mg[ln!jbih_m+!qbi!mo\m]lc\_!ni!nb_!Bigj[hs{m!jli^o]n!i‘‘_lcham!nblioab!
g[le_n! _r]b[ha_m! ij_l[n_^! \s! ]b[hh_f! j[lnh_lm! [h^! C[n[! Q_p_ho_! Bomnig_lm-! @hs! ]b[ha_m! ch!
]omnig_l!jl_‘_l_h]_m![h^!nl_h^m!il!]b[ha_m!ch!n_lgm!i‘!om_!i‘!]b[hh_f!j[lnh_lm{!jf[n‘ilgm!]iof^!
b[p_![h![^p_lm_!cgj[]n!ih!cnm!l_mofnm!i‘!ij_l[ncihm![h^!‘ch[h]c[f!]ih^cncih-!!
!
Ech[h]c[f!chmnlog_hnm!nb[n!jin_hnc[ffs!mo\d_]n!nb_!Bigj[hs!ni!mcahc‘c][hn!]ih]_hnl[ncihm!i‘!]l_^cn!
lcme!]ihmcmn!jlch]cj[ffs!i‘!][mb+!][mb!_kocp[f_hnm![h^![]]iohnm!l_]_cp[\f_-!Sb_!Bigj[hs!fcgcnm!cnm!
_rjimol_!ni!]l_^cn!fimm!\s!jf[]cha!][mb![h^!][mb!_kocp[f_hnm!qcnb![!‘ch[h]c[f!chmncnoncih!i‘!bcab!]l_^cn!
mn[h^cha-!C_jimcnm!i‘!][mb![h^!][mb!_kocp[f_hnm!g[s!_r]__^!nb_![giohn!i‘!chmol[h]_!jlipc^_^!\s!
nb_!E_^_l[f!C_jimcn!Hhmol[h]_!Biljil[ncih!’|ECHB}(!ih!nb_m_!^_jimcnm-!!
!
Sb_! Bigj[hs! ^_j_h^m! ih! nb_! ]ihmn[hn! l_[f,ncg_! j_l‘ilg[h]_+! l_fc[\cfcns! [h^! [p[cf[\cfcns! i‘! iol!
n_]bhifias!msmn_g![h^![]]_mm!ni!iol!j[lnh_lm!h_nqilem-!Sb_!Bigj[hs!l_fc_m!ih![!mchaf_!n_]bhifias!
j[lnh_l! ‘il! cnm! ]fio^!jf[n‘ilg-! @hs![^p_lm_!cgj[]nm!ni! nb_! jf[n‘ilg!]iof^! h_a[ncp_fs!cgj[]n!iol!
l_f[ncihmbcjm! qcnb! iol! j[lnh_lm! il! Tm_lm! [h^! g[s! [^p_lm_fs! cgj[]n! iol! \omch_mm+! ‘ch[h]c[f!
j_l‘ilg[h]_![h^!l_jon[ncih-!
!
Sb_!Bigj[hs!^_lcp_m!cnm![]]iohnm!l_]_cp[\f_!‘lig!l_p_ho_!_[lh_^!‘lig!]omnig_lm!fi][n_^!ch!nb_!
Thcn_^!Rn[n_m![h^!chn_lh[ncih[ffs-!Sb_!Bigj[hs!^i_m!hin!j_l‘ilg!ihaicha!]l_^cn!_p[fo[ncihm!i‘!cnm!
]omnig_lm{! ‘ch[h]c[f! ]ih^cncih! [h^! ^i_m! hin! l_kocl_! ]iff[n_l[f! ‘lig! cnm! ]omnig_lm-! Gcmnilc][ffs+!
]l_^cn!fimm_m!b[p_!\__h!chmcahc‘c][hn-!!Bb[hh_f!j[lnh_lm![]]iohn!‘il!nb_!g[dilcns!i‘!nb_!Bigj[hs{m!
l_p_ho_![h^![]]iohnm!l_]_cp[\f_!‘il![ff!j_lci^m!jl_m_hn_^-!@]]iohnm!l_]_cp[\f_!]ihn[chm!#0-3!gcffcih!
[h^!#2-/!gcffcih!i‘!oh\cff_^!l_]_cp[\f_m![m![n!C_]_g\_l!20+!1/1/![h^!1/08+!l_mj_]ncp_fs-!
!
Sb_! ‘iffiqcha! n[\f_! m_nm! ‘ilnb! nb_! ch‘ilg[ncih! [\ion! iol! ]b[hh_f! j[lnh_lm! [h^! ]omnig_lm! qbi!
l_jl_m_hn_^!al_[n_l!nb[h!0/$!i‘!iol!l_p_ho_!il![]]iohnm!l_]_cp[\f_+!l_mj_]ncp_fs9!
O_l]_hn[a_!i‘!Q_p_ho_
X_[l!Dh^_^!C_]_g\_l!20+
1/1/
43$
07$
)
)
1/08
43$
08$
)
)
O_l]_hn[a_!i‘!Flimm!@]]iohnm!
Q_]_cp[\f_
@m!i‘!C_]_g\_l!20+
1/08
21$
00$
08$
)
1/1/
$%"
##"
)
06$
Bb[hh_f!O[lnh_l!@
Bb[hh_f!O[lnh_l!A
C[n[!Q_p_ho_!Bomnig_l!@
C[n[!Q_p_ho_!Bomnig_l!A
)!Q_jl_m_hnm!f_mm!nb[h!0/$
!!
6ANA=M?D!=I@!,AQAGJKHAIO!+JNON!
!
Sb_!Bigj[hs!]b[la_m!]imnm!l_f[n_^!ni!l_m_[l]b+!^_mcah![h^!^_p_fijg_hn!i‘!jli^o]nm!ni!l_m_[l]b!
[h^!^_p_fijg_hn!_rj_hm_![m!ch]oll_^-!Sb_m_!]imnm!]ihmcmn!i‘!j[sliff!l_f[n_^!_rj_hm_m+!]ihnl[]nil!
‘__m+!ionmc^_!nbcl^!j[lns!p_h^ilm+![h^![ffi][n_^!‘[]cfcnc_m!]imnm-!!!
!
!
%$!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
)@QAMOENEIC!-SKAINA!
!
@^p_lncmcha!_rj_hm_!q[m!#5-6!gcffcih![h^!#08-3!gcffcih!‘il!nb_!s_[l!_h^_^!C_]_g\_l!20+!1/1/![h^!
1/08-!@^p_lncmcha!_rj_hm_m![l_!l_]il^_^!ch!nb_!j_lci^!ch!qbc]b!]imn!cm!ch]oll_^-!
!
+=ND!=I@!+=ND!-LPEQ=GAION!
!
Sb_!Bigj[hs!]ihmc^_lm![ff!bcabfs!fckoc^!chp_mng_hn!m_]olcnc_m!qcnb!l_g[chcha!g[nolcnc_m![n!nb_!^[n_!
i‘! jol]b[m_! i‘! nbl__! gihnbm! il! f_mm! ni! \_! ][mb! _kocp[f_hnm-! B[mb! [h^! ][mb! _kocp[f_hnm! ch]fo^_!
^_jimcn![h^!gih_s!g[le_n!‘oh^m-!!
!
6ANOME?OA@!+=ND!
!
C_jimcnm!i‘!#/-1!gcffcih![h^!#/-2!gcffcih+!q_l_!l_mnlc]n_^!‘lig!qcnb^l[q[f![m!i‘!C_]_g\_l!20+!1/1/!
[h^!1/08-!Sb_!l_mnlc]ncih!cm!l_f[n_^!ni!m_]olcha!nb_!Bigj[hs{m!‘[]cfcns!f_[m_m!qbc]b!_rjcl_!ch!1/11!
[h^!1/13!ch![]]il^[h]_!qcnb!nb_!ij_l[ncha!f_[m_![al__g_hnm+![m![g_h^_^-!Sb_!l_mnlc]ncihm!ih!nb_m_!
\[f[h]_m!qcff!\_!l_f_[m_^!ch![]]il^[h]_!qcnb!nb_!ij_l[ncha!f_[m_![al__g_hnm+![m![g_h^_^-!!Sb_m_!
\[f[h]_m![l_!ch]fo^_^!ch!Q_mnlc]n_^!B[mb!ih!nb_![]]igj[hscha!]ihmifc^[n_^!A[f[h]_!Rb__nm-!
!
.=EM!;=GPA!JB!.EI=I?E=G!0INOMPHAION!
!
Sb_!Bigj[hs!om_m!‘[cl!p[fo_!g_[mol_g_hnm!ni!l_]il^!‘[cl!p[fo_! [^domng_hnm!ni!]_ln[ch! ‘ch[h]c[f!
[h^!hih,‘ch[h]c[f![mm_nm![h^!fc[\cfcnc_m!ni!^_n_lgch_!‘[cl!p[fo_!^cm]fimol_m-!Sb_![]]iohncha!mn[h^[l^m!
^_‘ch_!‘[cl!p[fo_+!_mn[\fcmb![!‘l[g_qile!‘il!g_[molcha!‘[cl!p[fo_+![h^!l_kocl_!^cm]fimol_m![\ion!‘[cl!
p[fo_!g_[mol_g_hnm-!E[cl!p[fo_!cm!^_‘ch_^![m!nb_!jlc]_!nb[n!qiof^!\_!l_]_cp_^!‘lig!m_ffcha![h![mm_n!
il! j[c^! ni! nl[hm‘_l! [! fc[\cfcns! ch! [h! il^_lfs! nl[hm[]ncih! \_nq__h! g[le_n! j[lnc]cj[hnm! [n! nb_!
g_[mol_g_hn! ^[n_-! Vb_h! ^_n_lgchcha! nb_! ‘[cl! p[fo_! g_[mol_g_hnm! ‘il! [mm_nm! [h^! fc[\cfcnc_m!
l_kocl_^! ni! \_! l_]il^_^! [n! ‘[cl! p[fo_+! nb_! jlch]cj[f! il! gimn! [^p[hn[a_iom! g[le_n! ch! qbc]b! nb_!
Bigj[hs!qiof^!nl[hm[]n![l_!]ihmc^_l_^![fiha!qcnb![mmogjncihm!nb[n!g[le_n!j[lnc]cj[hnm!qiof^!om_!
qb_h! jlc]cha! nb_! [mm_n! il! fc[\cfcns+! mo]b! [m! chb_l_hn! lcme+! nl[hm‘_l! l_mnlc]ncihm+! [h^! lcme! i‘!
hihj_l‘ilg[h]_-!Sb_![]]iohncha!mn[h^[l^!‘il!‘[cl!p[fo_!_mn[\fcmb_m![!‘[cl!p[fo_!bc_l[l]bs!\[m_^!ih!
nbl__!f_p_fm!i‘!chjonm+!nb_!‘clmn!nqi!i‘!qbc]b![l_!]ihmc^_l_^!i\m_lp[\f_![h^!nb_!f[mn!ohi\m_lp[\f_+!
nb[n! l_kocl_m! [h! _hncns! ni! g[rcgct_! nb_! om_! i‘! i\m_lp[\f_! chjonm! [h^! gchcgct_! nb_! om_! i‘!
ohi\m_lp[\f_!chjonm!qb_h!g_[molcha!‘[cl!p[fo_-!@!‘ch[h]c[f!chmnlog_hn{m!][n_ailct[ncih!qcnbch!nb_!
‘[cl! p[fo_! bc_l[l]bs! cm! \[m_^! ojih! nb_! fiq_mn! f_p_f! i‘! chjon! nb[n! cm! mcahc‘c][hn! ni! nb_! ‘[cl! p[fo_!
g_[mol_g_hn-!
Sb_!nbl__!f_p_fm!i‘!chjonm!nb[n!g[s!\_!om_^!ni!g_[mol_!‘[cl!p[fo_![l_![m!‘iffiqm9!!
!
K_p_f! 0! ,! N\m_lp[\f_! chjonm+! mo]b! [m! koin_^! jlc]_m! ch! []ncp_! g[le_nm! ‘il! c^_hnc][f! [mm_nm! il!
fc[\cfcnc_m-!
!
K_p_f!1!,!N\m_lp[\f_!chjonm!inb_l!nb[h!K_p_f!0!jlc]_m+!mo]b![m!koin_^!jlc]_m!‘il!mcgcf[l![mm_nm!
il!fc[\cfcnc_m+!il!inb_l!chjonm!nb[n![l_!i\m_lp[\f_!il!][h!\_!]illi\il[n_^!\s!i\m_lp[\f_!g[le_n!
^[n[!‘il!mo\mn[hnc[ffs!nb_!‘off!n_lg!i‘!nb_![mm_nm!il!fc[\cfcnc_m-!
!
K_p_f!2!,!U[fo[ncihm!\[m_^!ih!ohi\m_lp[\f_!chjonm!ni!nb_!p[fo[ncih!g_nbi^ifias![h^!ch]fo^cha!
^[n[![\ion![mmogjncihm!g[le_n!j[lnc]cj[hnm!qiof^!om_!ch!jlc]cha!nb_![mm_n!il!fc[\cfcns!\[m_^!ih!
nb_!\_mn!ch‘ilg[ncih![p[cf[\f_!oh^_l!nb_!]cl]ogmn[h]_m-!
!
!
%%!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
5MJKAMOT!=I@!-LPEKHAIO$!3AO!!
!
Olij_lns! [h^! _kocjg_hn! [l_! mn[n_^! [n! ]imn! f_mm! []]ogof[n_^! ^_jl_]c[ncih! [h^! [gilnct[ncih-!
C_jl_]c[ncih! cm! ]igjon_^! omcha! nb_! mnl[cabn,fch_! g_nbi^! ip_l! nb_! _mncg[n_^! om_‘of! fcp_m! i‘! nb_!
l_mj_]ncp_![mm_nm-!Dkocjg_hn+!]igjon_l!mi‘nq[l_![h^!‘olhcnol_!b[p_!_mncg[n_^!om_‘of!fcp_m!l[hacha!
‘lig!nbl__!ni!n_h!s_[lm-!K_[m_bif^!cgjlip_g_hnm![l_![gilnct_^!ih![!mnl[cabn,fch_!\[mcm!ip_l!nb_!
f_mm_l!i‘!nb_!_mncg[n_^!om_‘of!fc‘_!il!nb_!n_lg!i‘!nb_!f_[m_!qcnb!_rj_]n_^!l_h_q[fm-!!
!
Bimnm!i‘!g[chn_h[h]_![h^!l_j[clm!nb[n!^i!hin!cgjlip_!il!_rn_h^!nb_!fcp_m!i‘!nb_!l_mj_]ncp_![mm_nm!
[l_!_rj_hm_^![m!ch]oll_^-!Vb_h![mm_nm![l_!l_ncl_^!il!inb_lqcm_!^cmjim_^!i‘+!nb_!]imn![h^!l_f[n_^!
[]]ogof[n_^! ^_jl_]c[ncih! [l_! l_gip_^! ‘lig! nb_! \[f[h]_! mb__n! [h^! nb_! l_mofncha! a[ch! il! fimm! cm!
l_jiln_^!ch!]imn![h^!_rj_hm_m+!h_n!ch!nb_!j_lci^!l_[fct_^-!
!
7JBOR=MA!,AQAGJKHAIO!+JNON!!
!
Eil! ^_p_fijg_hn! ]imnm! l_f[n_^! ni! chn_lh[f! om_! mi‘nq[l_! jlid_]nm+! mo]b! [m! nbim_! om_^! ch! nb_!
Bigj[hs{m! m_lpc]_m! [h^! h_nqile! _r]fo^cha! jli^o]n! ^_p_fijg_hn+! nb_! Bigj[hs! ][jcn[fct_m! ]imnm!
ch]oll_^!^olcha!nb_![jjfc][ncih!^_p_fijg_hn!mn[a_-!Bimnm!l_f[n_^!ni!jl_fcgch[ls!jlid_]n![]ncpcnc_m!
[h^!jimn!cgjf_g_hn[ncih![]ncpcnc_m![l_!_rj_hm_^![m!ch]oll_^-!@gilnct[ncih!i‘!nb_!]imnm!i‘!mi‘nq[l_!
^_p_fij_^!‘il!chn_lh[f!om_!\_achm!qb_h!nb_![mm_nm![l_!jf[]_^!ch!jli^o]ncp_!om_![h^![l_!a_h_l[ffs!
[gilnct_^!ip_l![!j_lci^!i‘!n_h!s_[lm-!Sb_!Bigj[hs!^c^!hin!][jcn[fct_!chn_lh[f!om_!mi‘nq[l_!]imnm!
^olcha!nb_!s_[lm!_h^_^!C_]_g\_l!20+!1/1/![h^!1/08![m!nb_!][jcn[fct[\f_!]imnm!q_l_!hin!g[n_lc[f-!!!
!
1A=NA!4>GEC=OEJIN!
!
Nj_l[ncha!f_[m_!lcabn,i‘,om_![mm_nm![h^!f_[m_!fc[\cfcnc_m![l_!l_]iahct_^![n!nb_!jl_m_hn!p[fo_!i‘!nb_!
‘onol_! f_[m_! j[sg_hnm! [n! ]igg_h]_g_hn! ^[n_-! Sb_! chn_l_mn! l[n_! cgjfc]cn! ch! nb_! Bigj[hs{m!
ij_l[ncha! f_[m_m! cm! hin! l_[^cfs! ^_n_lgch[\f_+! [h^! nb_l_‘il_! [h! ch]l_g_hn[f! \illiqcha! l[n_! cm!
_mncg[n_^! ni! ^_n_lgch_! nb_! jl_m_hn! p[fo_! i‘! ‘onol_! j[sg_hnm-! ! Sb_! _mncg[n_^! ch]l_g_hn[f!
\illiqcha!l[n_!‘[]nilm!ch![!bsjinb_nc][f!chn_l_mn!l[n_!ih![!]iff[n_l[fct_^!\[mcm!qcnb!mcgcf[l!n_lgm+!
j[sg_hnm+![h^!_]ihigc]!_hpclihg_hnm-!Nj_l[ncha!f_[m_!lcabn,i‘,om_![mm_nm![fmi!ch]fo^_![hs!jl_j[c^!
f_[m_!j[sg_hnm![h^!f_[m_!ch]_hncp_m-!
!
B_ln[ch!i‘!nb_!ij_l[ncha!f_[m_![al__g_hnm!]ihn[ch!l_hn!]ih]_mmcih+!l_hn!_m][f[ncih+![h^!ijncih!ni!
l_h_q!jlipcmcihm-!Q_hn!]ih]_mmcih![h^!l_hn!_m][f[ncih!jlipcmcihm![l_!]ihmc^_l_^!ch!^_n_lgchcha!nb_!
mnl[cabn,fch_!mchaf_!f_[m_!]imn!ni!\_!l_]il^_^!ip_l!nb_!f_[m_!n_lg-!Rchaf_!f_[m_!]imn!cm!l_]iahct_^!ih!
[!mnl[cabn,fch_!\[mcm!ip_l!nb_!f_[m_!n_lg!]igg_h]cha!ih!nb_!^[n_!nb_!Bigj[hs!b[m!nb_!lcabn!ni!om_!
nb_!f_[m_^!jlij_lns-!Sb_!f_[m_!n_lgm!g[s!ch]fo^_!ijncihm!ni!_rn_h^!il!n_lgch[n_!nb_!f_[m_-!!Sb_!
Bigj[hs!a_h_l[ffs!om_m!nb_!\[m_+!hih,][h]_ff[\f_+!f_[m_!n_lg!qb_h!l_]iahctcha!nb_!f_[m_![mm_nm!
[h^!fc[\cfcnc_m+!ohf_mm!cn!cm!l_[mih[\fs!]_ln[ch!nb[n!nb_!l_h_q[f!ijncih!qcff!\_!_r_l]cm_^-!
!
Hh! [^^cncih+! ]_ln[ch! i‘! nb_! Bigj[hs{m! ij_l[ncha! f_[m_! [al__g_hnm! ]ihn[ch! n_h[hn! cgjlip_g_hn!
[ffiq[h]_m!‘lig!cnm!f[h^fil^m-!Sb_m_![ffiq[h]_m![l_![]]iohn_^!‘il![m!f_[m_!ch]_hncp_m![h^!^_]l_[m_!
nb_!Bigj[hs&m!lcabn,i‘,om_![mm_n![h^!l_^o]_!mchaf_!f_[m_!]imn!ip_l!nb_!f_[m_!n_lg-!Q_‘_l!ni!Min_!7!
‘il!K_[m_m!^cm]fimol_-!
!
!
!
!
%&!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
*PNEIANN!+JH>EI=OEJIN!
Sb_! Bigj[hs! om_m! \_mn! _mncg[n_m! [h^! [mmogjncihm! ni! [mmcah! [! ‘[cl! p[fo_! ni! nb_! n[hac\f_! [h^!
chn[hac\f_! [mm_nm! []kocl_^! [h^! fc[\cfcnc_m! [mmog_^! ch! \omch_mm! ]ig\ch[ncihm! [m! i‘! nb_! []kocmcncih!
^[n_-!Sb_m_!_mncg[n_m![l_!chb_l_hnfs!oh]_ln[ch![h^!mo\d_]n!ni!l_‘ch_g_hn-!Colcha!nb_!g_[mol_g_hn!
j_lci^+!qbc]b!g[s!\_!oj!ni!ih_!s_[l!‘lig!nb_![]kocmcncih!^[n_+![^domng_hnm!ni!nb_!‘[cl!p[fo_!i‘!
nb_m_! n[hac\f_! [h^! chn[hac\f_! [mm_nm! []kocl_^! [h^! fc[\cfcnc_m! [mmog_^! g[s! \_! l_]il^_^+! qcnb! nb_!
]ill_mjih^cha! i‘‘m_n! ni! aii^qcff-! Tjih! nb_! ]ih]fomcih! i‘! nb_! g_[mol_g_hn! j_lci^! il! ‘ch[f!
^_n_lgch[ncih!i‘!nb_!‘[cl!p[fo_!i‘![mm_nm![]kocl_^!il!fc[\cfcnc_m![mmog_^+!qbc]b_p_l!]ig_m!‘clmn+![hs!
mo\m_ko_hn![^domng_hnm![l_!l_]il^_^!ni!nb_!Bigj[hs{m!]ihmifc^[n_^!mn[n_g_hnm!i‘!ij_l[ncihm![h^!
]igjl_b_hmcp_!fimm-!
/JJ@REGG!
Fii^qcff!l_jl_m_hnm!nb_!_r]_mm!i‘!nb_!jol]b[m_!jlc]_!ch![!\omch_mm!]ig\ch[ncih!ip_l!nb_!‘[cl!p[fo_!
i‘!h_n!n[hac\f_![h^!chn[hac\f_![mm_nm![]kocl_^-!Fii^qcff![giohnm![l_!hin![gilnct_^!\on!n_mn_^!‘il!
cgj[clg_hn!ih![h![hho[f!\[mcm-!Sb_l_!q[m!hi!cgj[clg_hn!i‘!aii^qcff![m!i‘!C_]_g\_l!20+!1/1/-!!
!
0IO=ICE>GA!)NNAON!
!
Hhn[hac\f_! [mm_nm+! ch]fo^cha! []kocl_^! j[n_hnm+! nl[^_g[lem+! ]omnig_l! l_f[ncihmbcjm+! [h^! []kocl_^!
^_p_fij_^!n_]bhifias+![l_!][llc_^![n!]imn![h^![gilnct_^!ih![!mnl[cabn,fch_!\[mcm!ip_l!nb_cl!_mncg[n_^!
om_‘of!fcp_m-!Sb_!Bigj[hs!^_n_lgch_m!nb_![jjlijlc[n_!om_‘of!fc‘_!i‘!nb_!Bigj[hs{m!chn[hac\f_![mm_nm!
\s!g_[molcha!nb_!_rj_]n_^!][mb!‘fiqm!i‘![]kocl_^![mm_nm-!
!
0HK=EMHAIO!JB!1JIC%1EQA@!)NNAON!
!
Sb_!Bigj[hs![mm_mm_m!nb_!cgj[clg_hn!i‘!fiha,fcp_^![mm_nm+!mo]b![m!jlij_lns![h^!_kocjg_hn!mo\d_]n!
ni! ^_jl_]c[ncih! [h^! []kocl_^! chn[hac\f_m! mo\d_]n! ni! [gilnct[ncih+! qb_h! _p_hnm! il! ]b[ha_m! ch!
]cl]ogmn[h]_m!ch^c][n_!nb[n!nb_cl!][llscha![giohn!g[s!hin!\_!l_]ip_l[\f_-!Q_]ip_l[\cfcns!i‘![mm_nm!
ni!\_!b_f^![h^!om_^!cm!g_[mol_^!\s![!]igj[lcmih!i‘!nb_!][llscha![giohn!i‘![h![mm_n!ni!nb_!_mncg[n_^!
oh^cm]iohn_^!‘onol_!][mb!‘fiqm!_rj_]n_^!ni!\_!a_h_l[n_^!\s!nb_![mm_n-!H‘!nb_!][llscha![giohn!i‘![h!
[mm_n!_r]__^m!cnm!_mncg[n_^!‘onol_!][mb!‘fiqm+![h!cgj[clg_hn!]b[la_!cm!l_]iahct_^!ch!nb_![giohn!\s!
qbc]b!nb_!][llscha![giohn!i‘!nb_![mm_n!_r]__^m!nb_!‘[cl!p[fo_!i‘!nb_![mm_n-!!
!
Sb_!Bigj[hs! l_pc_qm!aii^qcff!‘il!cgj[clg_hn![n!f_[mn![hho[ffs+!il!gil_! ‘l_ko_hnfs!c‘!_p_hnm! il!
]b[ha_m!ch!]cl]ogmn[h]_m!qiof^!gil_!fce_fs!nb[h!hin!l_^o]_!nb_!‘[cl!p[fo_!i‘!cnm!mchaf_!l_jilncha!
ohcn!\_fiq!cnm!][lls!p[fo_-!
!
+JHHJI!7OJ?F!<=MM=ION!
!
Sb_!Bigj[hs!b[m!cmmo_^!‘l__mn[h^cha!q[ll[hnm!ni!jol]b[m_!mb[l_m!i‘!]iggih!mni]e!ch!]ihh_]ncih!
qcnb!]_ln[ch!^_\n!‘ch[h]cha!nl[hm[]ncihm-!Sb_!q[ll[hnm![l_!l_]il^_^![m!_kocns!chmnlog_hnm![n!nb_!
al[hn!^[n_!‘[cl!p[fo_!omcha!nb_!Af[]e,R]bif_m!ijncih!jlc]cha!gi^_f![h^![l_!hin!mo\d_]n!ni!l_p[fo[ncih!
[n!_[]b!\[f[h]_!mb__n!^[n_-!
!
!
!
!
%’!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
7OJ?F%*=NA@!+JHKAIN=OEJI!
!
Sb_! Bigj[hs! b[m! [h! _kocns! ch]_hncp_! jf[h! oh^_l! qbc]b! p[lciom! nsj_m! i‘! _kocns,\[m_^! [q[l^m!
ch]fo^cha+!\on!hin!fcgcn_^!ni+!ch]_hncp_!mni]e!ijncihm+!hih,ko[fc‘c_^!mni]e!ijncihm+!l_mnlc]n_^!mni]e!
ohcnm+! [h^! l_mnlc]n_^! mni]e! [q[l^m+! g[s! \_! al[hn_^! ni! _gjfis__m+! hih_gjfis__! ^cl_]nilm+! [h^!
hih_gjfis__!]ihmofn[hnm-!!
!
Sb_!Bigj[hs!b[^![h!Dr_]oncp_!Rni]e!Aihom!jlial[g!ch!1/08!oh^_l!qbc]b!mb[l_m![h^!l_mnlc]n_^!mni]e!
ohcnm! g[s! \_! al[hn_^! ni! _r_]oncp_m! c‘! ]_ln[ch! j_l‘ilg[h]_! ]lcn_lc[! [l_! m[ncm‘c_^-! Hh! 1/1/+! nb_!
Bigj[hs! al[hn_^! g[le_n! j_l‘ilg[h]_! [q[l^m! ni! [h! _r_]oncp_! nb[n! [l_! mo\d_]n! ni! ncg_,\[m_^!
p_mncha!l_kocl_g_hnm![h^!‘il!nb_!\[f[h]_+!p_mncha!cm!]ihncha_hn!ojih!nb_!Bigj[hs{m![]bc_p_g_hn!
i‘!]_ln[ch!g[le_n!j_l‘ilg[h]_!ai[fm-!Sb_!‘[cl!p[fo_!i‘!mo]b!j_l‘ilg[h]_![q[l^m!q[m!^_n_lgch_^!
omcha! [! Lihn_!B[lfi!mcgof[ncih! [h^! qcff! \_! l_]iahct_^!oh^_l! nb_![]]_f_l[n_^![nnlc\oncih!g_nbi^!
ip_l![!‘iol!s_[l!j_lci^-!
!
Eil! \inb! jf[hm! qb_h! _kocns! [q[l^m! [l_! al[hn_^! ni! _gjfis__m+! hih_gjfis__m! [h^! ^cl_]nilm+! nb_!
Bigj[hs!l_]iahct_m!]igj_hm[ncih!_rj_hm_!\[m_^!ih!nb_!al[hn,^[n_!_mncg[n_^!‘[cl!p[fo_m-!Sb_!‘[cl!
p[fo_!i‘!mni]e!ijncihm!cm!^_n_lgch_^!omcha!nb_!Af[]e,R]bif_m!ijncih!jlc]cha!gi^_f-!Eil!l_mnlc]n_^!
mni]e!ohcnm![h^!l_mnlc]n_^!mni]e![q[l^m+!nb_!‘[cl!p[fo_!cm!\[m_^!ih!nb_!al[hn!^[n_!‘[cl!p[fo_!i‘!nb_!
[q[l^-!Sb_! Bigj[hs! l_]iahct_m!]igj_hm[ncih! _rj_hm_!‘il!mni]e! ijncih![q[l^m+! l_mnlc]n_^!mni]e!
ohcnm+![h^!l_mnlc]n_^!mni]e![q[l^m!ih![!mnl[cabn,fch_!\[mcm!ip_l!nb_!l_kocmcn_!m_lpc]_!j_lci^!i‘!nb_!
[q[l^+!a_h_l[ffs!nbl__!ni!‘iol!s_[lm-!Eil‘_cnol_m![l_!l_]il^_^![m!nb_s!i]]ol-!!
!
0I?JHA!8=SAN!
!
Sb_! Bigj[hs! []]iohnm! ‘il! ch]ig_! n[r_m! oh^_l! nb_! [mm_n! [h^! fc[\cfcns! g_nbi^-! Sb_! Bigj[hs!
_mncg[n_m![]no[f!]oll_hn!n[r!_rjimol_!nia_nb_l!qcnb![mm_mmcha!n_gjil[ls!^c‘‘_l_h]_m!l_mofncha!‘lig!
^c‘‘_l_h]_m!ch![]]iohncha!‘il!l_jilncha!joljim_m![h^!n[r!joljim_m!‘il!]_ln[ch!cn_gm+!mo]b![m![]]lo[fm!
[h^! [ffiq[h]_m! hin! ]oll_hnfs! ^_^o]nc\f_! ‘il! n[r! joljim_m-!Sb_m_! n_gjil[ls! ^c‘‘_l_h]_m! l_mofn! ch!
^_‘_ll_^!n[r![mm_nm![h^!fc[\cfcnc_m+!qbc]b![l_!ch]fo^_^!ch!nb_!Bigj[hs{m!\[f[h]_!mb__nm-!Hh!a_h_l[f+!
^_‘_ll_^!n[r![mm_nm!l_jl_m_hn!‘onol_!n[r!\_h_‘cnm!ni!\_!l_]_cp_^!qb_h!]_ln[ch!_rj_hm_m!jl_pciomfs!
l_]iahct_^!ch!nb_!Bigj[hs{m!mn[n_g_hnm!i‘!ij_l[ncihm![h^!]igjl_b_hmcp_!fimm!\_]ig_!^_^o]nc\f_!
_rj_hm_m!oh^_l![jjfc][\f_!ch]ig_!n[r!f[qm!il!qb_h!h_n!ij_l[ncha!fimm!il!]l_^cn!][lls‘ilq[l^m![l_!
oncfct_^-! @]]il^chafs+! l_[fct[ncih! i‘! nb_! Bigj[hs{m! ^_‘_ll_^! n[r! [mm_nm! cm! ^_j_h^_hn! ih! ‘onol_!
n[r[\f_!ch]ig_![a[chmn!qbc]b!nb_m_!^_^o]ncihm+!fimm_m![h^!]l_^cnm!][h!\_!oncfct_^-!
!
Sb_!Bigj[hs!gomn![mm_mm!nb_!fce_fcbii^!nb[n!nb_!Bigj[hs{m!^_‘_ll_^!n[r![mm_nm!qcff!\_!l_]ip_l_^!
‘lig!‘onol_!n[r[\f_!ch]ig_+![h^!ni!nb_!_rn_hn!nb_!Bigj[hs!\_fc_p_m!nb[n!l_]ip_ls!cm!hin!fce_fs+!nb_!
Bigj[hs!_mn[\fcmb_m![!p[fo[ncih![ffiq[h]_-!Sb_![mm_mmg_hn!i‘!qb_nb_l!il!hin![!p[fo[ncih![ffiq[h]_!
cm! l_kocl_^!i‘n_h!l_kocl_m!mcahc‘c][hn!do^ag_hn! ch]fo^cha!]oll_hn![h^!bcmnilc][f!ij_l[ncha!l_mofnm+!
nb_!‘il_][mn!i‘!‘onol_!n[r[\f_!ch]ig_![h^!ih,aicha!jlo^_hn![h^!‘_[mc\f_!n[r!jf[hhcha!chcnc[ncp_m-!!
!
Sb_! Bigj[hs! l_]iahct_m! chn_l_mn! [h^! j_h[fnc_m! l_f[n_^! ni! oh]_ln[ch! n[r! jimcncihm! ch! ch]ig_! n[r!
_rj_hm_-!Colcha!nb_! s_[lm!_h^_^!C_]_g\_l! 20+! 1/1/![h^!1/08+!nb_! Bigj[hs!^c^!hin! []]lo_! [hs!
chn_l_mn!il!j_h[fnc_m!l_f[n_^!ni!ch]ig_!n[r!jimcncihm-!!
!!
!
!
!
!
%(!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
+JIOEICAI?EAN!!
!
Elig!ncg_!ni!ncg_+!nb_!Bigj[hs!g[s!b[p_!]_ln[ch!]ihncha_hn!fc[\cfcnc_m!nb[n![lcm_!ch!nb_!il^ch[ls!
]iolm_! i‘!\omch_mm-! Sb_!Bigj[hs! _p[fo[n_m!nb_!fce_fcbii^!i‘![h! oh‘[pil[\f_! ion]ig_! ch! f_a[f!il!
l_aof[nils!jli]__^cham!ni!qbc]b!cn!cm![!j[lns![h^!l_]il^m![!fimm!]ihncha_h]s!ih![h!oh^cm]iohn_^!\[mcm!
qb_h!cn!cm!jli\[\f_!nb[n![!fc[\cfcns!b[m!\__h!ch]oll_^![h^!nb_![giohn!i‘!nb_!fimm!][h!\_!l_[mih[\fs!
_mncg[n_^-!Sb_m_!do^ag_hnm![l_!mo\d_]ncp_![h^!\[m_^!ih!nb_!mn[nom!i‘!mo]b!f_a[f!jli]__^cham+!nb_!
g_lcnm!i‘!nb_!Bigj[hs&m!^_‘_hm_m+![h^!]ihmofn[ncih!qcnb!f_a[f!]iohm_f-!@]no[f!ion]ig_m!i‘!nb_m_!
f_a[f! jli]__^cham! g[s! ^c‘‘_l! g[n_lc[ffs! ‘lig! nb_! Bigj[hs&m! _mncg[n_m-! Sb_! Bigj[hs! _mncg[n_m!
[]]lo[fm! ‘il!f_a[f!_rj_hm_m!qb_h! ch]oll_^! [m!i‘!_[]b! \[f[h]_! mb__n!^[n_! \[m_^!ih!nb_!‘[]nm! [h^!
]cl]ogmn[h]_m!ehiqh!ni!nb_!Bigj[hs![n!nb[n!ncg_-!!
!
7ACHAIO!0IBJMH=OEJI!!
!
L[h[a_g_hn! b[m! ^_n_lgch_^! nb[n! nb_! Bigj[hs! ij_l[n_m! [m! ih_! l_jiln[\f_! m_ag_hn-! Sb_! Bbc_‘!
Dr_]oncp_! N‘‘c]_l+! qbi! cm! nb_! Bigj[hs{m! ]bc_‘! ij_l[ncha! ^_]cmcih! g[e_l+! l_pc_qm! ‘ch[h]c[f!
ch‘ilg[ncih! ih! [h! [aal_a[n_! \[mcm! ‘il! joljim_m! i‘! [ffi][ncha! l_miol]_m! [h^! _p[fo[ncha! ‘ch[h]c[f!
j_l‘ilg[h]_-!Sb_!g[dilcns!i‘!nb_!Bigj[hs{m!l_p_ho_!b[m!\__h!miol]_^!ch!nb_!Thcn_^!Rn[n_m![h^![ff!
i‘!nb_!Bigj[hs{m!fiha,fcp_^![mm_nm![l_!g[chn[ch_^!ch!nb_!Thcn_^!Rn[n_m-!@fmi+!nb_!Bigj[hs!g[h[a_m!
cnm!ij_l[ncihm![m![!mchaf_!ij_l[ncha!m_ag_hn-!!
!
3AO!1JNN!KAM!7D=MA!
!
Sb_!Bigj[hs!]igjon_m!\[mc]![h^!^cfon_^!h_n!fimm!j_l!mb[l_![nnlc\on[\f_!ni!]iggih!mni]ebif^_lm!ch!
]ih‘ilgcns!qcnb!@RB!15/+!|D[lhcham! j_l!Rb[l_-}! A[mc]!h_n!fimm!j_l!mb[l_! [nnlc\on[\f_!ni! ]iggih!
mni]ebif^_lm! cm! ][f]of[n_^! \s! ^cpc^cha! nb_! h_n! fimm! [nnlc\on[\f_! ni! ]iggih! mni]ebif^_lm! \s! nb_!
q_cabn_^,[p_l[a_! hog\_l! i‘! mb[l_m! i‘! ]iggih! mni]e! ionmn[h^cha! ^olcha! nb_! j_lci^! qcnbion!
]ihmc^_l[ncih!‘il!jin_hnc[ffs!^cfoncp_!m_]olcnc_m![m!nb_s!^i!hin!mb[l_!ch!fimm_m-!Sb_!^cfon_^!h_n!fimm!
j_l!mb[l_![nnlc\on[\f_!ni!]iggih!mni]ebif^_lm!cm!]igjon_^!acpcha!_‘‘_]n!ni![ff!jin_hnc[f!^cfoncp_!
]iggih!mni]e!_kocp[f_hnm!ionmn[h^cha!‘il!nb_!j_lci^-!Eil!joljim_m!i‘!nbcm!][f]of[ncih+!ijncihm!ni!
jol]b[m_!]iggih!mni]e+!]iggih!mni]e!q[ll[hnm+![h^!ohp_mn_^!l_mnlc]n_^!mni]e!ohcnm![l_!]ihmc^_l_^!
]iggih!mni]e!_kocp[f_hnm!\on!b[p_!\__h!_r]fo^_^!‘lig!nb_!][f]of[ncih!i‘!^cfon_^!h_n!fimm!j_l!mb[l_!
[nnlc\on[\f_!ni!]iggih!mni]ebif^_lm![m!nb_!_‘‘_]n!cm![hnc^cfoncp_-!!
!
/*
A_bSUf!aX!fZW!;GNA<)-5!HS‘VW_[U!!
!
Nh!I[ho[ls!2/+!1/1/+!nb_!Vilf^!G_[fnb!Nla[hct[ncih!’VGN(![hhioh]_^![!afi\[f!b_[fnb!_g_la_h]s!
\_][om_!i‘![!h_q!mnl[ch!i‘!]ilih[pclom!ilcach[ncha!ch!Vob[h+!Bbch[!’nb_!BNUHC,08!ion\l_[e(![h^!nb_!
lcmem!ni!nb_!chn_lh[ncih[f!]iggohcns![m!nb_!pclom!mjl_[^m!afi\[ffs!\_sih^!cnm!jichn!i‘!ilcach-!Hh!L[l]b!!
1/1/+! nb_! VGN! ]f[mmc‘c_^! nb_! BNUHC,08! ion\l_[e! [m! [! j[h^_gc]+! \[m_^! ih! nb_! l[jc^! ch]l_[m_! ch!
_rjimol_!afi\[ffs-!Sb_! BNUHC,08!j[h^_gc]![h^!l_f[n_^! [^p_lm_!jo\fc]! b_[fnb!^_p_fijg_hnm! b[p_!
][om_^![h^!qcff!]ihncho_!ni!][om_!^cmlojncih!ni!nb_!_]ihigs![h^!iol!\omch_mm!ij_l[ncihm!l_mofncha!
‘lig!mb_fn_l,[n,big_!il^_lm+!ko[l[hnch_m+!m_f‘,cmif[ncihm+!il!inb_l!l_mnlc]ncihm!ih!nb_![\cfcns!i‘!iol!
_gjfis__m!ni!j_l‘ilg!nb_cl!di\m-!
!
Si![^[jn!ni!nb_!BNUHC,08!cgj[]n+!nb_!Bigj[hs!j[om_^!nb_!g[dilcns!i‘!j[c^!om_l![]kocmcncih!mj_h^!
[h^!cgjf_g_hn_^!inb_l!_rj_hm_!g[h[a_g_hn!chcnc[ncp_m-!Sb_!_rn_hn!i‘!nb_!cgj[]n!i‘!nb_!BNUHC,08!
j[h^_gc]! ih! iol! ij_l[ncih[f! [h^! ‘ch[h]c[f! j_l‘ilg[h]_! qcff! ^_j_h^! ih! ‘onol_! ^_p_fijg_hnm+!
ch]fo^cha!nb_!^ol[ncih![h^!mjl_[^!i‘!nb_!ion\l_[e+!cnm!m_p_lcns+!nb_![]ncihm!ni!]ihn[ch!nb_!pclom!il!
nl_[n!cnm!cgj[]n+![h^!biq!koc]efs![h^!ni!qb[n!_rn_hn!hilg[f!_]ihigc]![h^!ij_l[ncha!]ih^cncihm!][h!
%)!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
l_mog_+![ff!i‘!qbc]b![l_!oh]_ln[ch![h^!q_!][hhin!jl_^c]n-!Sb_!Bigj[hs!]ihmc^_l_^!nb_!cgj[]n!i‘!
BNUHC,08! ih! nb_! [mmogjncihm! [h^! _mncg[n_m! om_^! [h^! ^_n_lgch_^! nb[n! nb_l_! q_l_! hi! g[n_lc[f!
[^p_lm_!cgj[]nm!ih!nb_!]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm!‘il!nb_!s_[l!_h^_^!C_]_g\_l!20+!1/1/-!
@m! _p_hnm! ]ihncho_! ni! _pifp_! [h^! [^^cncih[f! ch‘ilg[ncih! \_]ig_m! [p[cf[\f_+! nb_! Bigj[hs{m!
[mmogjncihm![h^!_mncg[n_m!g[s!]b[ha_!g[n_lc[ffs!ch!‘onol_!j_lci^m-!
!
,1I3853!!
!
Sb_! Bigj[hs! ^_n_lgch_^! nb[n! nb_! ilcach[f! _fcac\cfcns! l_kocl_g_hnm! j_l! nb_! aoc^_fch_m! ilcach[f!
_mn[\fcmb_^!\s!nb_!T-R-!‘_^_l[f!aip_lhg_hn![m!j[ln!i‘!nb_!B@QDR!@]n!‘il!nb_!O[s]b_]e!Olin_]ncih!
Olial[g!’nb_!|OOO}(!q_l_!g_n-!@m!mo]b+!ih!@jlcf!11+!1/1/+!nb_!Bigj[hs!l_]_cp_^!#2-0!gcffcih!ch!
fi[hm!‘lig!nb_!OOO-!A_][om_!nb_!T-R-!aip_lhg_hn!mo\m_ko_hnfs!]b[ha_^!cnm!jimcncih![h^!aoc^_fch_m!
l_f[n_^!ni!nb_!OOO![h^!jo\fc]fs!nl[^_^!]igj[hc_m+!nb_!Bigj[hs!l_j[c^!nb_!fi[hm!ih!L[s!07+!1/1/-!
!
0*
!
Sb_!‘iffiqcha!n[\f_!jl_m_hnm!l_p_ho_!’ch!nbiom[h^m(9!!
!
JWhW‘gW!
X_[l!Dh^_^!C_]_g\_l!20+
1/1/
1/08
JWhW‘gW6
Ro\m]lcjncih!Q_p_ho_
C[n[![h^!Nnb_l!Q_p_ho_
Sin[f!Q_p_ho_
#
#
!!!!!!!!!!!
!!!!!!!!!!!
!!!!!!!!!!!
47+361
11+072
7/+544
#
#
!!!!!!!!!!!!!
!!!!!!!!!!!!!
!!!!!!!!!!!!!
33+/43
03+78/
47+833
!
!
Q_p_ho_!\s!a_ial[jbs!cm!a_h_l[ffs!\[m_^!ih!nb_![^^l_mm!i‘!nb_!]omnig_l![m!^_‘ch_^!ch!nb_!Bigj[hs{m!
[al__g_hn-!Sb_!‘iffiqcha!n[\f_!m_nm!‘ilnb!l_p_ho_!\s!a_ial[jbc]![l_[!’ch!nbiom[h^m(9!
!
!
X_[l!Dh^_^!C_]_g\_l!20+
1/1/
1/08
!!!!!!!!!!!!!
!
#
#
#
!!!!!!!!!!!
58+665
0/+768
7/+544 #
4/+750
7+/72
!!!!!!!!!!!47+833
Thcn_^!Rn[n_m
Hhn_lh[ncih[f
Sin[f!Q_p_ho_
!
.E2C3B9AD9@?!-5F5?E5!
!
Sb_!Bigj[hs{m!]ihnl[]nm!qcnb!]omnig_lm!‘il!cnm!gi\cf_![jjfc][ncih!i‘‘_lcha![l_!_mn[\fcmb_^![n!nb_!
jichn! i‘! gi\cf_! [jjfc][ncih! ^iqhfi[^! [h^! jol]b[m_! [m! ch^c][n_^! nblioab! []]_jn[h]_! i‘! nb_!
Bigj[hs{m!Rn[h^[l^!R_lpc]_!S_lgm-!Sb_!Bigj[hs{m!Rn[h^[l^!R_lpc]_!S_lgm!mj_]c‘c][ffs!ionfch_!n_lgm!
[h^! ]ih^cncihm+! qbc]b! ch]fo^_! jligcm_m! i‘! _[]b! j[lns! oh^_l! ]ihnl[]n! [h^! j[sg_hn! n_lgm+! qbc]b!
ch]fo^_!gihnbfs!il![hho[f!mo\m]lcjncih!‘__m!‘il!jol]b[m_!i‘!nb_!gi\cf_![jjfc][ncih-!!Sb_!Bigj[hs!
^_n_lgch_^! nb[n! n_lgch[ncih! ‘il! ]ihp_hc_h]_! ]f[om_m! [h^! l_h_q[f! ijncihm! jolmo[hn! ni! nb_!
Bigj[hs{m!Rn[h^[l^!R_lpc]_!S_lgm!q_l_!^__g_^!ni!b[p_!hi!cgj[]n!ni!nb_![giohn![h^!j[nn_lh!i‘!
l_p_ho_!l_]iahcncih-!
!
!
!
!
%*!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
Sb_! Bigj[hs{m! gi\cf_! [jjfc][ncih! mo\m]lcjncih! m_lpc]_! ch]fo^_m! gofncjf_! ‘_[nol_m! nb[n! ‘ilg! [!
]ig\ch_^!ionjon!nb[n!cm!_‘‘_]ncp_fs!\oh^f_^!nia_nb_l![h^!]ihmog_^!\s!nb_!]omnig_l!omcha!nb_!m[g_!
g_[mol_! i‘! ]ihmogjncih! ’c-_-+! ^[sm! i‘! []]_mm(-!@^^cncih[ffs+! nb_! Bigj[hs! jlipc^_m! cnm! ]omnig_lm!
qcnb!n_]bhc][f!mojjiln![fiha!qcnb!ohmj_]c‘c_^!oj^[n_m![h^!ojal[^_m!ni!nb_!jf[n‘ilg!ih![h!c‘![h^!
qb_h! [p[cf[\f_! \[mcm-! Sb_! ]il_! gi\cf_! [jjfc][ncih! cm! [! mchaf_! ]ig\ch_^! j_l‘ilg[h]_! i\fca[ncih+!
]ihmcmncha!i‘!gofncjf_!‘_[nol_m!nb[n!][h!\_!jol]b[m_^!m_j[l[n_fs+!\on!qbc]b![l_!\oh^f_^!nia_nb_l!
[h^!^_fcp_l_^!ni!nb_!]omnig_l![m!]ig\ch_^!ionjon-!@^^cncih[ffs+!nb_!]il_![jjfc][ncih!i‘‘_lcha!b[m!
\__h!^_‘ch_^![m![!m_lc_m!i‘!^cmnch]n!m_lpc]_m!’^[sm!i‘!m_lpc]_(+!nia_nb_l!qcnb!oj^[n_m+!ojal[^_m+![h^!
n_]bhc][f!mojjiln+!qbc]b!qcff!\_!nl[hm‘_ll_^!ni!nb_!]omnig_l!ip_l!nb_!l_mj_]ncp_!i\fca[ncih{m!n_lg-!!
!
Sb_! Bigj[hs! l_]iahct_m! mo\m]lcjncih! ‘__m! l[n[\fs! ip_l! nb_! mo\m]lcjncih! j_lci^-! Ro\m]lcjncih!
l_p_ho_! ‘il! nb_! s_[lm! _h^_^! C_]_g\_l! 20+! 1/1/! [h^! 1/08+! q[m! #47-4! gcffcih! [h^! #33-0! gcffcih+!
l_mj_]ncp_fs-! C_‘_ll_^!mo\m]lcjncih!l_p_ho_![m!i‘!C_]_g\_l!20+!1/1/![h^!1/08!q[m!#00-4!gcffcih!
[h^!#0/-8!gcffcih+! l_mj_]ncp_fs-! Eil!nb_! s_[lm! _h^_^! C_]_g\_l!20+!1/1/! [h^! 1/08+!nb_!Bigj[hs!
l_]iahct_^!#46-8!gcffcih![h^!#32-1!gcffcih!i‘!mo\m]lcjncih!l_p_ho_+!l_mj_]ncp_fs!nb[n!q[m!ch]fo^_^!
ch!nb_!^_‘_ll_^!mo\m]lcjncih!l_p_ho_!\[f[h]_![m!i‘!C_]_g\_l!20+!1/08![h^!1/07-!
!
’1D1!1?4!+D85B!-5F5?E5!
!
C[n[!Q_p_ho_!
!
Sb_!Bigj[hs{m!^[n[!gih_nct[ncih![ll[ha_g_hnm!qcnb!]_ln[ch!nbcl^!j[lnc_m![l_!_mn[\fcmb_^!nblioab!
C[n[!L[mn_l!R_lpc]_!@al__g_hnm!’]iff_]ncp_fs+!|C[n[!LR@m}(+!qbc]b!ionfch_!mj_]c‘c]!n_lgm!aip_lhcha!
nb_![]]_mm![h^!om_!i‘!^[n[![h^!l_f[n_^!‘__m-!Sb_!Bigj[hs!^_n_lgch_m![!]ihnl[]n!ni!_rcmn!ojih!nb_!
gono[f!_r_]oncih!i‘![!C[n[!LR@-!!
!
Sb_!Bigj[hs{m!C[n[!LR@m!mj_]c‘c][ffs!ionfch_!n_lgm![h^!]ih^cncihm+!qbc]b!ch]fo^_!jligcm_m!i‘!_[]b!
j[lns! oh^_l! ]ihnl[]n! [h^! j[sg_hn! n_lgm+! qbc]b! ch]fo^_! gihnbfs! il! [hho[f! mo\m]lcjncih! ‘__m! ch!
]ihh_]ncih! qcnb! nb_! jlipcmcih! [h^! []]_mm! i‘! ^[n[-! Hh! [^^cncih+! ]_ln[ch! ]ihnl[]nm! [l_! ih_,ncg_! ch!
h[nol_-!Sb_! Bigj[hs! ^_n_lgch_^! nb[n! n_lgch[ncih! ‘il! ]ihp_hc_h]_! ]f[om_m! [h^! l_h_q[f! ijncihm!
jolmo[hn!ni!nb_!Bigj[hs{m!C[n[!LR@m!q_l_!^__g_^!ni!b[p_!hi!cgj[]n!ni!nb_![giohn![h^!j[nn_lh!
i‘!l_p_ho_!l_]iahcncih-!@fmi+!nb_!C[n[!LR@m!a_h_l[ffs!^i!hin!ch]fo^_![hs!inb_l!]ihnl[]no[f!jligcm_m!
[\ip_![h^!\_sih^!nb_!jlipcmcihcha!i‘![]]_mm!ni!]_ln[ch!^[n[-!Sb_!Bigj[hs!c^_hnc‘c_^!cnm!jlipcmcihcha!
i‘![]]_mm!ni!^[n[![m![!g[n_lc[f!jligcm_!][j[\f_!i‘!\_cha!^cmnch]n!qcnbch!nb_!]ihn_rn!i‘!nb_!]ihnl[]n-!
!
Sb_!Bigj[hs!l_]iahct_m!l_p_ho_!\[m_^!ih!cnm!_mncg[n_!i‘!nb_!nin[f![giohn!i‘!p[lc[\f_!]ihmc^_l[ncih!
_mncg[n_^!qcnbion!]ihmnl[chn!omcha!nb_!_rj_]n_^!p[fo_! g_nbi^-!@m!nb_!_rj_]n_^![giohn! i‘!^[n[!
l_p_ho_! cm! hin! [! \ch[ls! ion]ig_+! \on! l[nb_l! ih_! i‘! g[hs! jimmc\f_! ion]ig_m+! nb_! Bigj[hs!
^_n_lgch_^!nb_!_rj_]n_^!p[fo_![jjli[]b!ni!\_![jjlijlc[n_-!Sb_!Bigj[hs!\_fc_p_m!nb[n!nbcm!l_mofnm!
ch!nb_!ch]fomcih!i‘![!p[lc[\f_!]ihmc^_l[ncih![giohn!qb_l_!cn!cm!jli\[\f_!nb[n![!mcahc‘c][hn!l_p_ho_!
l_p_lm[f!qcff!hin!i]]ol-!Sb_!Bigj[hs!l_fc_m!jlcg[lcfs!ih!nb_!l_pc_q!i‘!bcmnilc][f!‘__m!]iff_]n_^!ch!
^_p_fijcha![h!_mncg[n_!i‘!‘__m!ni!\_!]iff_]n_^![n!]ihnl[]n!ch]_jncih![h^!oj^[n_m!cnm!_mncg[n_m![n!
_[]b! l_jilncha! ^[n_-! C[n[! l_p_ho_! ‘il! nb_! s_[lm! _h^_^! C_]_g\_l! 20+! 1/1/! [h^! 1/08! q[m! #05-/!
gcffcih![h^!#0/-1!gcffcih+!l_mj_]ncp_fs-!C_‘_ll_^!^[n[!l_p_ho_![m!i‘!C_]_g\_l!20+!1/1/![h^!1/08!
q[m!#/-1!gcffcih![h^!#/-0!gcffcih+!l_mj_]ncp_fs-!Eil!nb_!s_[lm!_h^_^!C_]_g\_l!20+!1/1/![h^!1/08+!
nb_! Bigj[hs! l_]iahct_^! #/-2! gcffcih! [h^! #/-2! gcffcih! i‘! ^[n[! l_p_ho_+! l_mj_]ncp_fs! nb[n! q[m!
ch]fo^_^!ch!nb_!^_‘_ll_^!^[n[!l_p_ho_!\[f[h]_![m!i‘!C_]_g\_l!20+!1/08![h^!1/07-
!
!
!
%+!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
Nnb_l!Q_p_ho_!
!
Sb_!Bigj[hs!b[m!_hn_l_^!chni!nqi![ll[ha_g_hnm!qcnb!Sb_!@ffmn[n_!Biljil[ncih!’@ffmn[n_(!nblioab!
cnm!ch^cl_]nfs!qbiffs,iqh_^!mo\mc^c[lc_m!ni!om_!nb_!Kc‘_25/!@jj!ni![h[fst_![hihsgct_^!^lcpcha!^[n[!
[h^!jl_m_hn!p_bc]f_!chmol[h]_!i‘‘_lm!ni!Tm_lm-!
!
Sb_!Bigj[hs!b[m!_hn_l_^!chni![!L[mn_l!R_lpc]_m![h^!Kc]_hm_!@al__g_hn!’|LRK@}(!qcnb!@lcns+!KKB!
’|@lcns}(+![h!_hncns!ch^cl_]nfs!qbiffs,iqh_^!\s!@ffmn[n_+!oh^_l!qbc]b!@lcns!fc]_hm_m!ni!Kc‘_25/!ih![!
hih,_r]fomcp_!\[mcm![]]_mm!ni![h^!om_!i‘!cnm!n_]bhifias!jf[n‘ilg!ch!_r]b[ha_!‘il!nb_!chn_al[ncih!chni!
cnm!q_\mcn_+!@jj![h^!inb_l!msmn_gm!ni!_h[\f_!cnm!Tm_lm!ni!]iff_]n+!jli]_mm![h^![h[fst_!]_ln[ch!^lcpcha!
\_b[pcil!^[n[-!
!
Sb_! Bigj[hs! b[m! [fmi! _hn_l_^! chni! [! jo\fcmbcha! [al__g_hn! qcnb! @hmq_l! L[le_njf[]_+! KKB!
’|@hmq_l}(+! [hinb_l!_hncns! ch^cl_]nfs! qbiffs,iqh_^! \s!@ffmn[n_-!@hmq_l! ij_l[n_m! [! jf[n‘ilg!nb[n!
^cacn[ffs![^p_lncm_m![oni!chmol[h]_!ih!nbcl^!j[lns!q_\mcn_m+![jjfc][ncihm![h^!jf[n‘ilgm-!Th^_l!nbcm!
jo\fcmbcha![al__g_hn+!@hmq_l!jlipc^_m!nb_!Bigj[hs!qcnb![!fcgcn_^!hih_r]fomcp_!fc]_hm_!ni!om_!cnm!
mi‘nq[l_![h^![^p_lncmcha!jf[n‘ilg!ni!jf[]_![oni!chmol[h]_![^p_lncmcha!ih!nb_!Kc‘_25/!Of[n‘ilg-!Sb_!
mj_]c‘c]![^p_lncmcha!nb[n![jj_[lm!‘il!_[]b!Tm_l!cm!\[m_^!ih!nb_!^lcpcha!\_b[pcil!^[n[!]iff_]n_^![m![!
l_mofn!i‘!nb_!n_]bhifias!fc]_hm_^!oh^_l!nb_!LRK@!qcnb!@lcns!^_m]lc\_^![\ip_-!Hh!l_nolh!‘il!jf[]cha!
nbcm![^p_lncmcha+!@hmq_l!b[m![al__^!ni!j[s!nb_!Bigj[hs![!j_l]_hn[a_!i‘!nb_!l_p_ho_!a_h_l[n_^!\s!
@hmq_l!‘lig!]fc]em!ih![^p_lncm_g_hnm!jf[]_^!\s!nb_!Bigj[hs-!
!
Sb_!Bigj[hs!b[m!]ihmc^_l_^!nb_!]ig\ch_^!]ihnl[]nm![m![!mchaf_! [ll[ha_g_hn-!Sb_! Bigj[hs!b[m!
c^_hnc‘c_^!nb[n!nb_!]ig\ch_^!]ihnl[]nm!l_jl_m_hn![!mchaf_!j_l‘ilg[h]_!i\fca[ncih!‘il!nb_!Bigj[hs!
ni! jlipc^_! Oo\fcmbcha! R_lpc]_m! ni! ^cmjf[s! @ffmn[n_{m! [^m! ih! nb_! Bigj[hs{m! gi\cf_! jf[n‘ilg-! Sb_!
Bigj[hs!b[m!c^_hnc‘c_^!nb[n!q_![]n![m![h![a_hn!ch!nb_![ll[ha_g_hn!ni![ffiq!‘il!@ffmn[n_!ni!jl_m_hn!
[^m!ni!jin_hnc[f!_h^!om_lm![h^!nb_!p[lc[\f_![giohnm!_[lh_^!oh^_l!nb_!l_p_ho_!mb[l_![l_![ffi][\f_!
ni!nb_!gihnb!ch!qbc]b!nb_!l_p_ho_!mb[l_!cm!_[lh_^!qbc]b!cm!l_m_n!ih![!gihnbfs!\[mcm-!@m!mo]b+!nb_!
Bigj[hs!qcff!l_]iahct_!l_p_ho_!gihnbfs!\[m_^!ih!nb_!l_p_ho_!mb[l_!_[lh_^-!
!!
Eil! [hs! mbiln‘[ffm! ch! nb_! gihnbfs! gchcgog! cgjl_mmcih! hog\_lm! i‘! om_lm! ]fc]echa! nblioab! nb_!
jo\fcmb_^!@^m! ’|Po[ln_lfs!@p_l[a_!Bfc]e!@giohn}(+!@ffmn[n_! qcff! l_gcn![! ko[ln_lfs! j[sg_hn! oh^_l!
nb_!m[g_!j[sg_hn!n_lgm-!!
!
O[lnh_lmbcj!l_p_ho_!qcnb!@ffmn[n_!‘il!nb_!s_[lm!_h^_^!C_]_g\_l!20+!1/1/![h^!1/08!q[m!#5-/!gcffcih!
[h^!#3-/!gcffcih+!l_mj_]ncp_fs-!!
!
1*
;aef!aX!JWhW‘gW!
!
Sb_!‘iffiqcha!n[\f_!jl_m_hnm!]imn!i‘!l_p_ho_!’ch!nbiom[h^m(9!!
!
;aef!aX!JWhW‘gWe6
Bimn!i‘!Ro\m]lcjncih!Q_p_ho_
Bimn!i‘!C[n[![h^!Nnb_l!Q_p_ho_
Sin[f!Bimn!i‘!Q_p_ho_m
!
!
X_[l!Dh^_^!C_]_g\_l!20+
1/1/
1/08
#
#
!!!!!!!!!!!
!!!!!!!!!!!!
!!!!!!!!!!!
02+471
0+702
04+284
#
#
!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!
00+/5/
7/8
00+758
!
&"!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
;aefe!;Sb[fS^[lWV!fa!GTfS[‘!;a‘fdSUfe!
!
!
2*
!
Sb_!Bigj[hs!l_]iahct_m![m![h![mm_n!nb_!ch]l_g_hn[f!]imnm!i‘!i\n[chcha![!]ihnl[]n!qcnb![!]omnig_l!
c‘! nb_! _hncns! _rj_]nm! ni! l_]ip_l! nbim_! ]imnm-! Sb_! Bigj[hs! ^_n_lgch_^! nb[n! cnm! ]imnm! ni! i\n[ch!
]ihnl[]nm!q_l_!\inb!^cl_]n![h^!ch]l_g_hn[f-!Sb_m_!]imnm![l_![nnlc\on[\f_!ni!nb_!Bigj[hs{m!f[la_mn!
]b[hh_f!j[lnh_lm-!
!
Sb_!Bigj[hs!a_h_l[ffs!j[sm![!hih,]igg_hmol[n_! l_h_q[f!]iggcmmcih+![h^![]]il^chafs+!l_h_q[f!
]ihnl[]nm![l_!]ihmc^_l_^!hih,]igg_hmol[n_!qcnb!h_q!]ihnl[]nm-!@]]il^chafs+!nb_!aoc^[h]_!l_kocl_m!
nb[n!mj_]c‘c][ffs![hnc]cj[n_^!l_h_q[f!j_lci^m!mbiof^!\_!n[e_h!chni!]ihmc^_l[ncih!ch!^_n_lgchcha!nb_!
l_kocl_^! [gilnct[ncih! j_lci^-! Rj_]c‘c][ffs+! oh^_l! nb_! aoc^[h]_! i‘! @RB! 23/,3/+! nb_! Bigj[hs! cm!
l_kocl_^!ni! _mncg[n_!nb_!mj_]c‘c][ffs![hnc]cj[n_^!l_h_q[fm![‘n_l!nb_!chcnc[f!]ihnl[]n!ni! qbc]b!nb_!
chcnc[f!]iggcmmcih![mm_n!l_f[n_m-!Sb_!nin[f![gilnct[ncih!j_lci^!cm!nb_h!_ko[f!ni!nb_!chcnc[f!]ihnl[]no[f!
n_lg! jfom! [ff! mj_]c‘c][ffs! [hnc]cj[n_^! l_h_q[fm! nb[n! l_f[n_! ni! nb_! chcnc[f! ]iggcmmcih! [mm_n-! A[m_^!
ojih!cnm![mm_mmg_hn!i‘!bcmnilc][f!^[n[![h^!inb_l!‘[]nilm+!nb_!Bigj[hs!]ih]fo^_^!nb[n!cnm![p_l[a_!
]omnig_l! fc‘_! q[m! [jjlircg[n_fs! nqi! s_[lm+! qbc]b! cm! om_^! [m! nb_! [gilnct[ncih! j_lci^! ‘il! [ff!
][jcn[fct_^!]ihnl[]n![]kocmcncih!]imnm-!!
!
Sb_!‘iffiqcha!n[\f_!l_jl_m_hnm![!liff‘ilq[l^!i‘!nb_!Bigj[hs{m!Bimnm!B[jcn[fct_^!ni!N\n[ch!Bihnl[]nm+!
h_n!’ch!nbiom[h^m(9!
!
9WY[‘‘[‘Y!9S^S‘UW
@^^cncihm!ni!^_‘_ll_^!]iggcmmcihm
@gilnct[ncih!i‘!^_‘_ll_^!]iggcmmcihm
=‘V[‘Y!9S^S‘UW
Bimnm!B[jcn[fct_^!ni!N\n[ch!Bihnl[]nm+!]oll_hn
Bimnm!B[jcn[fct_^!ni!N\n[ch!Bihnl[]nm+!h_n!i‘!]oll_hn
LafS^!;aefe!;Sb[fS^[lWV!fa!GTfS[‘!;a‘fdSUfe
!
3*
9ge[‘Wee!;a_T[‘Sf[a‘!
!
[‘S‘U[S^!KfSfW_W‘fe!
#
!
!
Sb_!h_n!jol]b[m_!jlc]_!q[m![ffi][n_^!ni!nb_![mm_nm![h^!fc[\cfcnc_m![m!‘iffiqm!’ch!nbiom[h^m(9!
!
B[mb
C_p_fij_^!n_]bhifias
Kc[\cfcnc_m
Fii^qcff
LafS^!bgdUZSeW!Ua‘e[VWdSf[a‘
!
Fii^qcff!l_jl_m_hnm!nb_!_r]_mm!i‘!nb_!jol]b[m_!jlc]_!ch![!\omch_mm!]ig\ch[ncih!ip_l!nb_!‘[cl!p[fo_!
i‘!h_n!n[hac\f_![h^!chn[hac\f_![mm_nm![]kocl_^-!C_p_fij_^!n_]bhifias!q[m!l_]il^_^![n!‘[cl!p[fo_!ih!
nb_![]kocmcncih!^[n_![h^![mmcah_^![!om_‘of!fc‘_!i‘!2!s_[lm-!
!
Sb_!l_mofnm!i‘!ij_l[ncihm!i‘!Y_h!K[\m![l_!ch]fo^_^!ch!nb_![]]igj[hscha!]ihmifc^[n_^!mn[n_g_hnm!i‘!
ij_l[ncihm!‘lig!nb_!^[n_!i‘![]kocmcncih-!Sb_!jli!‘ilg[!‘ch[h]c[f!ch‘ilg[ncih!b[m!hin!\__h!jl_m_hn_^!
\_][om_!cn!cm!hin!g[n_lc[f!ni!nb_!]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm-!
!
4*
63
144
’67(
653
-(,-1
"
!
9S^S‘UW!KZWWf!;a_ba‘W‘fe!
!
1A=NAN!
!
Sb_!Bigj[hs!]oll_hnfs!f_[m_m!l_[f!_mn[n_!mj[]_!oh^_l!hih,][h]_f[\f_!ij_l[ncha!f_[m_![al__g_hnm!
‘il!cnm!]iljil[n_!b_[^ko[ln_lm!ch!R[h!El[h]cm]i![h^!R[h!Cc_ai+!B[fc‘ilhc[-!Sb_!ij_l[ncha!f_[m_m!b[p_!
l_g[chcha!f_[m_!n_lgm!l[hacha!‘lig!0!ni!3!s_[lm+!mig_!i‘!qbc]b!ch]fo^_!nb_!ijncih!ni!_rn_h^!nb_!
f_[m_-!!
!
Sb_!Bigj[hs!b[m!l_]iahct_^!ij_l[ncha!QNT![mm_nm+!mbiln!n_lg![h^!fiha!n_lg!f_[m_!fc[\cfcnc_m!i‘!#1-5!
gcffcih+!#0-4!gcffcih![h^!#0-5!gcffcih!ch!|Ol_j[c^!_rj_hm_m![h^!inb_l![mm_nm+!hih]oll_hn}+!|@]]lo_^!
_rj_hm_m![h^!inb_l!fc[\cfcnc_m}![h^!|inb_l!hih]oll_hn!fc[\cfcnc_m}+!l_mj_]ncp_fs+!ih!nb_!Bigj[hs{m!
]ihmifc^[n_^!\[f[h]_!mb__n![m!i‘!C_]_g\_l!20+!1/1/-!@m!i‘!C_]_g\_l!20+!1/1/+!nb_!Bigj[hs!^c^!
hin!b[p_![hs!‘ch[h]_!f_[m_m-!
!
Nj_l[ncha!f_[m_!]imnm!q_l_![m!‘iffiqm!’ch!nbiom[h^m(9!
!
!
Nj_l[ncha!f_[m_!]imn!’0(
#
0+311
#
X_[l!Dh^_^!C_]_g\_l!20+
1/1/
1/08
0+312
!
’0(!@giohnm!ch]fo^_!mbiln,n_lg!f_[m_m+!qbc]b![l_!cgg[n_lc[f-!
!
@m!i‘!C_]_g\_l!20+!1/1/+!nb_!q_cabn_^,[p_l[a_!l_g[chcha!n_lg!i‘!nb_!Bigj[hs{m!ij_l[ncha!f_[m_m!
q[m!1-0!s_[lm! [h^!nb_! q_cabn_^,[p_l[a_!^cm]iohn! l[n_!om_^!ni!g_[mol_!nb_! jl_m_hn!p[fo_!i‘!nb_!
ij_l[ncha!f_[m_!fc[\cfcnc_m!q[m!3-64$![m!i‘![^ijncih!^[n_!i‘!I[ho[ls!0+!1/1/-!!
!
!
!
!
!
!
&$!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
L[nolcnc_m!i‘!nb_!Bigj[hs{m!ij_l[ncha!f_[m_!fc[\cfcnc_m+!qbc]b!^i!hin!ch]fo^_!mbiln,n_lg!f_[m_m+![m!
i‘!C_]_g\_l!20+!1/1/!q_l_![m!‘iffiqm!’ch!nbiom[h^m(9!
!
1/10
1/11
1/12
1/13
Sin[f!‘onol_!gchcgog!f_[m_!j[sg_hnm
K_mm!cgjon_^!chn_l_mn
LafS^!^[ST[^[fk
Nj_l[ncha!f_[m_m
#
"
0+463
0+383
0/1
50
2+120
’053(
/(,23
!
!
O[sg_hnm!‘il!ij_l[ncha!f_[m_m!ch]fo^_^!ch!][mb!‘lig!ij_l[ncha![]ncpcnc_m!q[m!#0-5!gcffcih!‘il!nb_!
s_[l!_h^_^!C_]_g\_l!20+!1/1/-!
!
5MJKAMOT!=I@!-LPEKHAIO$!IAO!
!
Olij_lns![h^!_kocjg_hn+!h_n!]ihmcmnm!i‘!nb_!‘iffiqcha!’ch!nbiom[h^m(9!
!
Bigjon_l!_kocjg_hn
K_[m_bif^!cgjlip_g_hnm
Vcl_f_mm!^_pc]_m
Eolhcnol_![h^!‘crnol_m
Sin[f!Olij_lns![h^!_kocjg_hn
K_mm![]]ogof[n_^!^_jl_]c[ncih
HdabWdfk!S‘V!Wcg[b_W‘f(!‘Wf
#
[‘S‘U[S^!KfSfW_W‘fe!
!
!
5MAK=E@!-SKAINAN!=I@!4ODAM!)NNAON$!IJI?PMMAIO!
!
Ol_j[c^!_rj_hm_m![h^!inb_l![mm_nm+!hih]oll_hn!]ihmcmn!i‘!nb_!‘iffiqcha!’ch!nbiom[h^m(9!
!
EGEOEAN!
!
@]]lo[fm![h^!inb_l!]oll_hn!fc[\cfcnc_m!]ihmcmn!i‘!nb_!‘iffiqcha!’ch!nbiom[h^m(9!
!
@]]lo_^!p_h^il!_rj_hm_m
@]]lo_^!]igj_hm[ncih
EGEOEAN!
!
Nnb_l!hih,]oll_hn!fc[\cfcnc_m!]ihmcmn!i‘!nb_!‘iffiqcha!’ch!nbiom[h^m(9!
!
Rni]e!ijncih![h^![q[l^!^_jimcn!fc[\cfcns! #
K_[m_!ch]_hncp_!fc[\cfcns
[‘S‘U[S^!KfSfW_W‘fe!
!
!
+JIOEICAI?EAN!
!
Elig!ncg_!ni!ncg_+!nb_!Bigj[hs!g[s!b[p_!]_ln[ch!]ihncha_hn!fc[\cfcnc_m!nb[n![lcm_!ch!nb_!il^ch[ls!
]iolm_!i‘!\omch_mm![]ncpcnc_m-!Sb_!Bigj[hs![]]lo_m![!fc[\cfcns!‘il!mo]b!g[nn_lm!qb_h!cn!cm!jli\[\f_!
nb[n! ‘onol_! _rj_h^cnol_m!qcff!\_!g[^_+! [h^!mo]b!_rj_h^cnol_m!][h! \_!l_[mih[\fs!_mncg[n_^-!Sb_!
Bigj[hs!cm!hin!mo\d_]n!ni![hs!]oll_hn!j_h^cha!f_a[f!g[nn_lm!il!]f[cgm!nb[n!qiof^!b[p_![!g[n_lc[f!
[^p_lm_!_‘‘_]n!ih!cnm!‘ch[h]c[f!jimcncih+!l_mofnm!i‘!ij_l[ncihm!il!][mb!‘fiqm-!
!
0I@AHIEBE?=OEJI!
!
Sb_!Bigj[hs!_hn_lm!chni!mn[h^[l^!ch^_ghc‘c][ncih![al__g_hnm!ch!nb_!il^ch[ls!]iolm_!i‘!\omch_mm-!
Oolmo[hn!ni!nb_m_![ll[ha_g_hnm+!nb_!Bigj[hs!ch^_ghc‘c_m+!bif^m!b[lgf_mm+![h^![al__m!ni!l_cg\olm_!
nb_!ch^_ghc‘c_^!j[lnc_m!‘il!fimm_m!mo‘‘_l_^!il!ch]oll_^!\s!nb_!ch^_ghc‘c_^!j[lns+!ch!]ihh_]ncih!qcnb!
[hs!nl[^_!m_]l_n+!]ijslcabn+!j[n_hn!il!inb_l!chn_ff_]no[f!jlij_lns!ch‘lcha_g_hn!]f[cg!\s![hs!nbcl^!
j[lns! qcnb! l_mj_]n! ni! cnm! n_]bhifias-! Sb_! n_lg! i‘! nb_m_! ch^_ghc‘c][ncih! [al__g_hnm! cm! a_h_l[ffs!
j_lj_no[f![‘n_l!nb_!_r_]oncih!i‘!nb_![al__g_hn-!Sb_!g[rcgog!jin_hnc[f![giohn!i‘!‘onol_!j[sg_hnm!
nb_! Bigj[hs!]iof^! \_! l_kocl_^! ni! g[e_!oh^_l!nb_m_![al__g_hnm!cm!hin! ^_n_lgch[\f_!\_][om_!cn!
chpifp_m!]f[cgm!nb[n!g[s!\_!g[^_![a[chmn!nb_!Bigj[hs!ch!nb_!‘onol_!\on!b[p_!hin!s_n!\__h!g[^_-!
Sb_! Bigj[hs! b[m! hin! ch]oll_^! ]imnm! ni! ^_‘_h^! f[qmocnm! il! m_nnf_! ]f[cgm! l_f[n_^! ni! nb_m_!
ch^_ghc‘c][ncih![al__g_hnm-!
!
Sb_!Bigj[hs!b[m!_hn_l_^!chni!ch^_ghc‘c][ncih![al__g_hnm!qcnb!cnm!^cl_]nilm![h^!i‘‘c]_lm!nb[n!g[s!
l_kocl_! nb_! Bigj[hs! ni! ch^_ghc‘s! cnm! ^cl_]nilm! [h^! i‘‘c]_lm! [a[chmn! fc[\cfcnc_m! nb[n! g[s! [lcm_! \s!
l_[mih!i‘!nb_cl!mn[nom!il!m_lpc]_![m!^cl_]nilm!il!i‘‘c]_lm+!inb_l!nb[h!fc[\cfcnc_m![lcmcha!‘lig!qcff‘of!
gcm]ih^o]n!i‘!nb_!ch^cpc^o[f-!Mi![giohnm![mmi]c[n_^!qcnb!mo]b!ch^_ghc‘c][ncihm!b[p_!\__h!l_]il^_^!
ni!^[n_-!
!
-,* ;a__a‘!KfaU]!
!
@m!i‘!C_]_g\_l!20+!1/1/![h^!1/08+!nb_!Bigj[hs!q[m![onbilct_^!ni!cmmo_!oj!ni!0//+///+///!mb[l_m!
i‘!j[l!p[fo_!#/-//0!j_l!mb[l_!]iggih!mni]e-!
!
@m!i‘!C_]_g\_l!20+!1/1/![h^!1/08+!nb_!Bigj[hs!b[^!0/7+481!mb[l_m!i‘!]iggih!mni]e!mo\d_]n!ni!
nb_!Bigj[hs{m!lcabn!ni!l_jol]b[m_+!l_mj_]ncp_fs-!!!!
!
Sb_!Bigj[hs!b[m![fmi!cmmo_^!mb[l_m!i‘!]iggih!mni]e![m![!l_mofn!i‘!mni]e!ijncih!_r_l]cm_m!nblioabion!
cnm!_rcmn_h]_-!Biggih!mni]ebif^_lm![l_!_hncnf_^!ni!^cpc^_h^m!qb_h![h^!c‘!^_]f[l_^!\s!nb_!Ai[l^!i‘!
Ccl_]nilm! mo\d_]n! ni! nb_! jlcil! lcabnm! i‘! nb_! jl_‘_ll_^! mni]ebif^_lm-! Sb_! bif^_l! i‘! _[]b! mb[l_! i‘!
]iggih!mni]e!cm!_hncnf_^!ni!ih_!pin_-!Sb_!]iggih!mni]ebif^_lm!pincha![m![!]f[mm![l_!_hncnf_^!ni!
_f_]n!nbl__!g_g\_lm!ni!nb_!Bigj[hs{m!Ai[l^!i‘!Ccl_]nilm-!Mi!^cpc^_h^m!b[p_!\__h!^_]f[l_^!ch!nb_!
Bigj[hs{m!_rcmn_h]_-!
!
!
!
!
!
!
!
!
!
&’!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
Sb_!Bigj[hs! b[^!l_m_lp_^! mb[l_m!i‘! ]iggih!mni]e+! ih![h![m! c‘! ]ihp_ln_^!\[mcm+! ‘il!cmmo[h]_! [m!
‘iffiqm9!
8e!aX![‘S‘U[S^!KfSfW_W‘fe!
!
!
Th^_l!nb_!Of[h+!nb_!Ai[l^!i‘!Ccl_]nilm!^_n_lgch_m!nb_!j_l!mb[l_!_r_l]cm_!jlc]_!i‘!_[]b!mni]e!ijncih+!
qbc]b!‘il!HRNm!mb[ff!hin!\_!f_mm!nb[h!0//$!i‘!nb_!‘[cl!g[le_n!p[fo_!i‘![!mb[l_!ih!nb_!^[n_!i‘!al[hn;!
jlipc^_^!nb[n!nb_!_r_l]cm_!jlc]_!i‘![h!HRN!al[hn_^!ni![!mni]ebif^_l!qbi![n!nb_!ncg_!i‘!al[hn!iqhm!
mni]e!l_jl_m_hncha!gil_!nb[h!0/$!i‘!nb_!pincha!jiq_l!i‘![ff!]f[mm_m!i‘!mni]e!’[!|0/$!mni]ebif^_l}(!
mb[ff!hin!\_!f_mm!nb[h!00/$!i‘!nb_!‘[cl!g[le_n!p[fo_!i‘![!mb[l_!ih!nb_!^[n_!i‘!al[hn-!!
!
Sb_! Ai[l^! i‘! Ccl_]nilm! ^_n_lgch_m! nb_! j_lci^! ip_l! qbc]b! ijncihm! p_mn! [h^! \_]ig_! _r_l]cm[\f_-!
Njncihm!al[hn_^!ni!h_q!_gjfis__m!a_h_l[ffs!p_mn!ip_l![!3,s_[l!j_lci^9!14$!i‘!nb_!mb[l_m!p_mn!ih!
nb_!‘clmn![hhcp_lm[ls!‘lig!nb_!p_mncha!]igg_h]_g_hn!^[n_!i‘!nb_!ijncih![h^![h![^^cncih[f!0.37nb!
i‘!nb_!mb[l_m!p_mn!ih!_[]b!gihnbfs![hhcp_lm[ls!nb_l_[‘n_l+!mo\d_]n!ni!nb_! _gjfis__{m!]ihnchoiom!
m_lpc]_!nblioab!_[]b!p_mncha!^[n_-!Njncihm!al[hn_^!ni!]ihnchocha!_gjfis__m!a_h_l[ffs!p_mn!gihnbfs!
ip_l![!3,s_[l!j_lci^-!
!
Sb_!Ai[l^!i‘!Ccl_]nilm![fmi!^_n_lgch_m!nb_!n_lg!i‘!ijncihm+!jlipc^_^!nb_!g[rcgog!n_lg!‘il!HRNm!
al[hn_^!ni![!0/$!mni]ebif^_l!gomn!\_!hi!fiha_l!nb[h!4!s_[lm!‘lig!^[n_!i‘!al[hn![h^!nb_!g[rcgog!
n_lg!‘il![ff!inb_l!ijncihm!gomn!\_!hi!fiha_l!nb[h!0/!s_[lm!‘lig!^[n_!i‘!al[hn-!H‘![h!ijncih!bif^_l{m!
m_lpc]_!n_lgch[n_m+!ijncihm!a_h_l[ffs!n_lgch[n_!2!gihnbm!‘lig!nb_!^[n_!i‘!n_lgch[ncih!_r]_jn!oh^_l!
]_ln[ch!]cl]ogmn[h]_m!mo]b![m!^_[nb!il!^cm[\cfcns-!
!
Sb_!‘iffiqcha!mogg[ls!i‘!mni]e!ijncih![]ncpcns!‘il!nb_!j_lci^m!jl_m_hn_^!cm![m!‘iffiqm9!
Fg_TWd!aX!KZSdWe!
M‘VWd^k[‘Y!
GgfefS‘V[‘Y!Gbf[a‘e
OW[YZfWV!
8hWdSYW!
=jWdU[eW!Hd[UW!
bWd!KZSdW
OW[YZfWV!8hWdSYW!
JW_S[‘[‘Y!;a‘fdSUfgS^!
D[XW!&[‘!QWSde’
8YYdWYSfW!
A‘fd[‘e[U!
NS^gW
A[f[h]_![m!i‘!C_]_g\_l!1/07
Njncihm!al[hn_^
Njncihm!_r_l]cm_^
Njncihm!][h]_ff_^.‘il‘_cn_^
A[f[h]_![m!i‘!C_]_g\_l!20!+!1/08
Njncihm!al[hn_^
Njncihm!_r_l]cm_^
Njncihm!][h]_ff_^.‘il‘_cn_^
A[f[h]_![m!i‘!C_]_g\_l!20+!1/1/
Dr_l]cm[\f_![m!i‘!C_]_g\_l!20+!1/1/
!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!
5+850+330
2+/57+400
’800+616(
’426+417(
7+47/+586
!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!
1+008+317
’778+210(
’1+/05+380(
6+683+202
2+88/+656
#
#
1-38
5-57
/-75
3-04
3-/5
4-41
0-55
4-60
3-2/
2-/7
7-52
#
!!!!!!!!!!
15+307
!!!!!!!!!!!!
4+015
7-27
!!!!!!!!!!
13+456
!!!!!!!!!!!!
3+661
7-//
6-24
!!!!!!!!!!
!!!!!!!!!!
23+758
1/+837
#
!
@m!i‘!C_]_g\_l!20+!1/1/![h^!1/08+!nb_!Bigj[hs!b[^!10+670+478![h^!07+007+437!mb[l_m![onbilct_^!
‘il!cmmo[h]_!oh^_l!nb_!Of[h-!@m!i‘!C_]_g\_l!20+!1/1/![h^!1/08+!nb_!Bigj[hs!b[^!1+4/6+2/6!mb[l_m!
[h^!8/5+865!mb[l_m![p[cf[\f_!‘il!cmmo[h]_!oh^_l!nb_!Of[h-!Rni]e!ijncihm!al[hn_^!^olcha!nb_!nq_fp_!
gihnbm!_h^_^!C_]_g\_l!20+!1/1/![h^!1/08!b[^![!q_cabn_^![p_l[a_!al[hn!^[n_!‘[cl!p[fo_!i‘!#3-80!
[h^!#2-70!j_l!mb[l_+!l_mj_]ncp_fs-!
!
Sb_!chnlchmc]!p[fo_m!i‘!ionmn[h^cha+!p_mn_^![h^!_r_l]cm[\f_!ijncihm!q_l_!^_n_lgch_^!\s!gofncjfscha!
nb_!hog\_l!i‘!mb[l_m!\s!nb_!^c‘‘_l_h]_!ch!_r_l]cm_!jlc]_!i‘!nb_!ijncihm![h^!nb_!‘[cl!p[fo_!i‘!nb_!
]iggih! mni]e! [m! i‘! C_]_g\_l! 20+! 1/1/! i‘! #7-66! j_l! mb[l_-! Sb_! chnlchmc]! p[fo_! i‘! nb_! ijncihm!
_r_l]cm_^!l_jl_m_hnm!nb_!^c‘‘_l_h]_!\_nq__h!nb_!_r_l]cm_!jlc]_![h^!nb_!‘[cl!g[le_n!p[fo_!ih!nb_!
^[n_!i‘!_r_l]cm_-!!
!
!
&)!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
Sb_! ‘iffiqcha! mogg[ls! i‘! Q_mnlc]n_^! Rni]e! Thcnm! ’QRT(! []ncpcns! ‘il! nb_! j_lci^m! jl_m_hn_^! cm! [m!
‘iffiqm9!
A[f[h]_![m!i‘!C_]_g\_l!20+!1/07
QRT!al[hn_^
QRT!p_mn_^![h^!m_nnf_^
QRT!][h]_ff_^.‘il‘_cn_^
A[f[h]_![m!i‘!C_]_g\_l!20+!1/08
Fg_TWd!aX!KZSdWe
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,
!!!!!!!!!!!!!!!!!!!!!!!!
531+740
!!!!!!!!!!!!!!!!!!!!!!!!!!
’8+875(
!!!!!!!!!!!!!!!!!!!!!!!!!
’03+64/(
!!!!!!!!!!!!!!!!!!!!!!!!
507+004
OW[YZfWV!
ShWdSYW!YdS‘f!
VSfW!XS[d!hS^gW
#!!!!!!!!!!!!!!!!!!!
,
!!!!!!!!!!!!!!!!!!!
6-16
!!!!!!!!!!!!!!!!!
00-04
!!!!!!!!!!!!!!!!!!!
6-12
!!!!!!!!!!!!!!!!!!!
6-1/
QRT!al[hn_^
QRT!p_mn_^![h^!m_nnf_^
QRT!][h]_ff_^.‘il‘_cn_^
9S^S‘UW!Se!aX!>@?!.D@3<9!@m!nb_!Bigj[hs{m!mni]e!cm!nl[^_^!ih!nb_!jo\fc]!g[le_n+!nb_!‘[cl!p[fo_!
ih!nb_!^[n_!i‘!nb_!al[hn!cm!om_^-!
!
(HA53D54! /5B>9! Sb_! _rj_]n_^! n_lg! ‘il! _gjfis__m! cm! \[m_^! ih! nb_! mcgjfc‘c_^! g_nbi^+! [m! nb_!
Bigj[hs{m! mni]e! ijncihm! b[p_! nb_! ‘iffiqcha! ]b[l[]n_lcmnc]m9! ’c(! al[hn_^! [n,nb_,gih_s;! ’cc(!
_r_l]cm[\cfcns!cm!]ih^cncih_^!ojih!m_lpc]_!nblioab!nb_!p_mncha!^[n_;!’ccc(!n_lgch[ncih!i‘!m_lpc]_!jlcil!
ni!p_mncha!l_mofnm!ch!‘il‘_cnol_;!’cp(!fcgcn_^!_r_l]cm_!j_lci^!‘iffiqcha!n_lgch[ncih!i‘!m_lpc]_;![h^!’p(!
ijncihm![l_!hih,nl[hm‘_l[\f_![h^!hih,b_^a_[\f_+!il!|jf[ch!p[hcff[}!ijncihm+![h^!nb_!Bigj[hs!b[m!
fcgcn_^!bcmnils!i‘!_r_l]cm_!^[n[-!Sb_!_rj_]n_^!n_lg!‘il!hih,_gjfis__m!cm!\[m_^!ih!nb_!l_g[chcha!
]ihnl[]no[f!n_lg-!
!
(HA53D54!0@=1D9=9DI9!@m!nb_!Bigj[hs!b[m!fcgcn_^!bcmnilc][f!nl[^cha!^[n[!l_a[l^cha!nb_!pif[ncfcns!i‘!
cnm!]iggih!mni]e+!nb_!_rj_]n_^!pif[ncfcns!cm!\[m_^!ih!pif[ncfcns!i‘![!alioj!i‘!mcgcf[l!_hncnc_m![h^!nb_!
Bigj[hs{m!nl[^cha!^[n[!mch]_!HON-!Hh!_p[fo[ncha!mcgcf[lcns+!nb_!Bigj[hs!]ihmc^_l_^!‘[]nilm!mo]b![m!
ch^omnls+!mn[a_!i‘!fc‘_!]s]f_![h^!mct_-!Sb_!Bigj[hs!qcff!]ihncho_!ni![h[fst_!nb_!bcmnilc][f!mni]e!jlc]_!
&*!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
pif[ncfcns![h^!_rj_]n_^!n_lg![mmogjncihm![m!gil_!bcmnilc][f!^[n[!‘il!nb_!Bigj[hs{m!]iggih!mni]e!
\_]ig_m![p[cf[\f_-!
!
-9C<#)B55!*?D5B5CD!-1D5%!Sb_!lcme,‘l__!chn_l_mn!l[n_!cm!\[m_^!ih!T-R-!Sl_[mols!]ihmn[hn!g[nolcns!l[n_m!
qcnb!l_g[chcha!n_lgm!mcgcf[l!ni!nb_!_rj_]n_^!n_lg!i‘!nb_!ijncihm-!
!
(HA53D54! ’9F945?4! -1D59! Sb_! Bigj[hs! b[m! h_p_l! j[c^! [hs! ^cpc^_h^m! [h^! ^i_m! hin! jf[h! ni! j[s!
^cpc^_h^m!ch!nb_!‘il_m__[\f_!‘onol_+![h^+!nb_l_‘il_+![h!_rj_]n_^!^cpc^_h^!l[n_!i‘!t_li!cm!om_^!ch!
nb_!p[fo[ncih!gi^_f-!
!
)@B659DEB5C%!Sb_!Bigj[hs![]]iohnm!‘il!‘il‘_cnol_m![m!nb_s!i]]ol-!
!
7OJ?F%*=NA@!+JHKAIN=OEJI!
!
Rni]e,\[m_^!]igj_hm[ncih!_rj_hm_!q[m![ffi][n_^![m!‘iffiqm!^olcha!nb_!s_[lm!_h^_^!C_]_g\_l!20+!
1/1/![h^!1/08!’ch!nbiom[h^m(9!
!
.,-5
084
2+456
0+575
236
1(351
.,.,
260
4+4/3
0+681
313
4(,5-
#
#
"
!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!
Bimn!i‘!Q_p_ho_
Q_m_[l]b![h^!C_p_fijg_hn
F_h_l[f![h^![^gchcmnl[ncp_
R[f_m![h^!g[le_ncha
LafS^!efaU]!TSeWV!Ua_bW‘eSf[a‘!WjbW‘eW "
!
@m! i‘!C_]_g\_l!20+! 1/1/+! nb_l_!q[m! nin[f! ohl_]iahct_^!]igj_hm[ncih! ]imn!‘il! ionmn[h^cha!mni]e!
ijncihm!i‘!#0/-1!gcffcih!ni!\_!l_]iahct_^!ip_l![!j_lci^!i‘![jjlircg[n_fs!1-2!s_[lm-!@m!i‘!C_]_g\_l!
20+!1/08+!nb_l_!q[m!nin[f!ohl_]iahct_^!]igj_hm[ncih!]imn!‘il!ionmn[h^cha!mni]e!ijncihm!i‘!#03-/!
gcffcih!ni!\_!l_]iahct_^!ip_l![!j_lci^!i‘![jjlircg[n_fs!1-7!s_[lm-!
!
@m! i‘! C_]_g\_l!20+! 1/1/+! nb_l_! q[m! ohl_]iahct_^! ]igj_hm[ncih! ]imn! ‘il! ionmn[h^cha! l_mnlc]n_^!
mni]e! ohcnm! i‘! #05-1! gcffcih! ni! \_! l_]iahct_^! ip_l! [! j_lci^! i‘! [jjlircg[n_fs! 2-1! s_[lm-! @m! i‘!
C_]_g\_l! 20+! 1/08+! nb_l_! q[m! ohl_]iahct_^! ]igj_hm[ncih! ]imn! ‘il! ionmn[h^cha! l_mnlc]n_^! mni]e!
ohcnm!i‘!#3-0!gcffcih!ni!\_!l_]iahct_^!ip_l![!j_lci^!i‘![jjlircg[n_fs!2-5!s_[lm-!
!
Sb_l_!q_l_!hi!][jcn[fct_^!mni]e,\[m_^!]igj_hm[ncih!]imnm!il!l_]iahct_^!mni]e,\[m_^!]igj_hm[ncih!
n[r!\_h_‘cnm!^olcha!nb_!s_[lm!_h^_^!C_]_g\_l!20+!1/1/![h^!1/08-!
!
-/*
!
A‘Ua_W!LSjWe!
!
Sb_!Bigj[hs!b[m!ch]oll_^!h_n!ij_l[ncha!fimm_m!ihfs!ch!nb_!Thcn_^!Rn[n_m!mch]_!cnm!ch]_jncih-!
!
Sb_!Bigj[hs!^c^!hin!l_]il^![hs!ch]ig_!n[r!_rj_hm_!il!\_h_‘cn![m!nb_!Bigj[hs!ch]oll_^!fimm_m!ch!
[ff!j_lci^m!jl_m_hn_^-!
!
!
!
!
!
!
&+!
1/1/
&#’
10
!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!
3
2
!!!!!!!!!!!!!!!!!!
,
’17(
)
!!!!!!!!!!!!!!
1/08
&#’
!!!!!!!!!!!!!!!!!
10
!!!!!!!!!!!!!!!!!!!
3
!!!!!!!!!!!!!!!!!!
’2(
!!!!!!!!!!!!!!!!!!
’1(
!!!!!!!!!!!!!!!!
’1/(
)
X_[l!Dh^_^!C_]_g\_l!20+
1/1/
1/08
30/
!!!!!!!!!!!!!!
036
!!!!!!!!!!!!!!
14+478
!!!!!!!!!
0+7/4
!!!!!!!!!!!
5+/24
!!!!!!!!!!!
22+875
!!!!!!!!!
!!!!!!!!
’22+875(
!!!!!!!!!!!!!!
)
#
"
30/
!!!!!!!!!!!!!!!
53
!!!!!!!!!!!!!!!!!
11+442
!!!!!!!!!!
224
!!!!!!!!!!!!!!!
3+032
!!!!!!!!!!!!
16+4/4
!!!!!!!!!!
!!!!!!!!!
’16+4/4(
!!!!!!!!!!!!!!!
)
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
Sb_!l_]ih]cfc[ncih!i‘!iol! _‘‘_]ncp_!n[r! l[n_!ni!nb_!T-R-!mn[nonils! ‘_^_l[f!ch]ig_!n[r! l[n_!q[m![m!
‘iffiqm9!
!
X_[l!Dh^_^!C_]_g\_l!20+
Rn[nonils!‘_^_l[f!ch]ig_!n[r!l[n_
Q_m_[l]b![h^!^_p_fijg_hn!n[r!]l_^cnm
Rni]e!\[m_^!]igj_hm[ncih
Nnb_l
Bb[ha_!ch!p[fo[ncih![ffiq[h]_
=XXWUf[hW!fSj!dSfW
!
!
Sb_!mcahc‘c][hn!]igjih_hnm!i‘!h_n!^_‘_ll_^!ch]ig_!n[r![mm_nm!q_l_![m!‘iffiqm!’ch!nbiom[h^m(9!
!
!
[‘S‘U[S^!KfSfW_W‘fe!
!
!
Sb_!S[r!Q_‘ilg!@]n!i‘!0875!fcgcnm!nb_!om_!i‘!h_n!ij_l[ncha!fimm!][lls‘ilq[l^m!ch!]_ln[ch!mcno[ncihm!
qb_l_!]b[ha_m!i]]ol!ch!nb_!mni]e!iqh_lmbcj!i‘![!]igj[hs-!!Sb_![hho[f!fcgcn[ncih!g[s!l_mofn!ch!nb_!
_rjcl[ncih!i‘!h_n!ij_l[ncha!fimm_m![h^!]l_^cnm!\_‘il_!oncfct[ncih-!Sb_!Bigj[hs!j_l‘ilg_^![!R_]ncih!
271! [h[fsmcm! nblioab! C_]_g\_l! 20+! 1/1/-! V_! ^i! hin! _rj_]n! [hs! jl_pciom! iqh_lmbcj! ]b[ha_m! ’[m!
^_‘ch_^!oh^_l!R_]ncihm!271![h^!272!i‘!nb_!Hhn_lh[f!Q_p_ho_!Bi^_!i‘!0875+![m![g_h^_^(!ni!l_mofn!ch!
[!fcgcn[ncih!nb[n!qcff!g[n_lc[ffs!l_^o]_!nb_!nin[f![giohn!i‘!h_n!ij_l[ncha!fimm!][lls‘ilq[l^m![h^!
]l_^cnm!nb[n!][h!\_!oncfct_^-!Ro\m_ko_hn!iqh_lmbcj!]b[ha_m!g[s![‘‘_]n!nb_!fcgcn[ncih!ch!‘onol_!s_[lm-!
!
Sb_!Bigj[hs!‘cf_m!ch]ig_!n[r!l_nolhm!ch!nb_!T-R-!‘_^_l[f!dolcm^c]ncih![h^!p[lciom!mn[n_!dolcm^c]ncihm-!
Hh! nb_! hilg[f! ]iolm_! i‘! \omch_mm+! nb_! Bigj[hs! cm! mo\d_]n! ni! _r[gch[ncih! \s! n[rcha! [onbilcnc_m!
nblioab!nb_!h[ncih-!Sb_!Bigj[hs!cm!hin!]oll_hnfs! oh^_l![o^cn!\s!nb_!Hhn_lh[f!Q_p_ho_!R_lpc]_!il!
inb_l!mcgcf[l!mn[n_![h^!fi][f![onbilcnc_m-!@ff!n[r!s_[lm!l_g[ch!ij_h!ni!_r[gch[ncih!\s!g[dil!n[rcha!
dolcm^c]ncihm!ni!qbc]b!nb_!Bigj[hs!cm!mo\d_]n-!
!
@m! [n! C_]_g\_l! 20+! 1/1/! [h^! 1/08+! nb_! Bigj[hs! b[^! #2-5! gcffcih! [h^! #1-4! gcffcih! i‘! alimm!
ohl_]iahct_^!n[r!\_h_‘cnm!l_f[n_^!ni!‘_^_l[f![h^!mn[n_!l_m_[l]b!]l_^cnm-!@m!i‘!C_]_g\_l!20+!1/1/!
[ff!ohl_]iahct_^!n[r!\_h_‘cnm+!c‘!l_]iahct_^+!qcff!hin![‘‘_]n!nb_!Bigj[hs&m!_‘‘_]ncp_!n[r!l[n_-!!Sb_!
Bigj[hs!^i_m!hin![hnc]cj[n_![hs!ohl_]iahct_^!n[r!\_h_‘cnm!ch!nb_!h_rn!01!gihnbm!nb[n!qiof^!l_mofn!
ch![!g[n_lc[f!]b[ha_!ni!iol!‘ch[h]c[f!jimcncih-!!
!
Sb_! [aal_a[n_! ]b[ha_m! ch! nb_! \[f[h]_! i‘! alimm! ohl_]iahct_^! n[r! \_h_‘cnm! q_l_! [m! ‘iffiqm! ’ch!
nbiom[h^m(9!
!
#
"
1+345
0+017
/(140
!!!!!!!!!!!!
!!!!!!!!!!!!
!!!!!!!!!!!
A[f[h]_![m!i‘!C_]_g\_l!20+!1/08
@^^cncihm!\[m_^!ih!n[r!jimcncihm!l_f[n_^!ni!1/1/
9S^S‘UW!Se!aX![‘S‘U[S^!KfSfW_W‘fe!
!
!
3JOAN!,PA!.MJH!)BBEGE=OAN!"+JIOM=!-LPEOT#!
!
Hh! E_\lo[ls! 1/05+! nb_! Bigj[hs! cmmo_^! [h! [aal_a[n_! i‘! #/-5! gcffcih! ch! m_]ol_^! j[lnc[f! l_]iolm_!
jligcmmils!hin_m!ni!nb_!Bbc_‘!Dr_]oncp_!N‘‘c]_l+!Ol_mc^_hn+!Bbc_‘!Nj_l[ncha!N‘‘c]_l![h^![h!i‘‘c]_l!
i‘!nb_!Bigj[hs-!!!
!
Sb_!Bigj[hs![]]iohn_^!‘il!nb_!1/05!hih,l_]iolm_!hin_m![m!]ihmc^_l[ncih!l_]_cp_^!‘il!nb_!_r_l]cm_!
i‘!nb_!l_f[n_^!_kocns![q[l^+!\_][om_!_p_h![‘n_l!nb_!ilcach[f!ijncihm![l_!_r_l]cm_^!il!nb_!mb[l_m![l_!
jol]b[m_^+![h!_gjfis__!]iof^!^_]c^_!hin!ni!l_j[s!nb_!fi[h!c‘!nb_!p[fo_!i‘!nb_!mb[l_m!^_]fch_m!\_fiq!
nb_!ionmn[h^cha!fi[h![giohn![h^!]iof^!chmn_[^!]biim_!ni!l_nolh!nb_!mb[l_m!ch!m[ncm‘[]ncih!i‘!nb_!
fi[h-!Sb_!l_mofn!qiof^!\_!mcgcf[l!ni![h!_gjfis__!_f_]ncha!hin!ni!_r_l]cm_![h!ijncih!qbim_!_r_l]cm_!
jlc]_! _r]__^m! nb_! ]oll_hn! mb[l_! jlc]_-! Vb_h! mb[l_m! [l_! _r]b[ha_^! ‘il! [! hih,l_]iolm_! hin_+! nb_!
jlch]cj[f![h^!chn_l_mn![l_!pc_q_^![m!j[ln!i‘!nb_!_r_l]cm_!jlc]_!i‘!nb_!|ijncih}![h^!hi!chn_l_mn!ch]ig_!
cm!l_]iahct_^-!@^^cncih[ffs+!]igj_hm[ncih!]imn!cm!l_]iahct_^!ip_l![hs!l_kocmcn_!m_lpc]_!j_lci^+!qcnb!
[h!i‘‘m_nncha!]l_^cn!ni![^^cncih[f!j[c^,ch!][jcn[f-!O_lci^c]!jlch]cj[f![h^!chn_l_mn!j[sg_hnm+!c‘![hs+!
[l_!nl_[n_^![m!^_jimcn!fc[\cfcnc_m!ohncf!nb_!hin_!cm!j[c^!i‘‘+![n!qbc]b!ncg_+!nb_!hin_!\[f[h]_!cm!m_nnf_^!
[h^! nb_! ^_jimcn!fc[\cfcns!\[f[h]_! cm! nl[hm‘_ll_^!ni! [^^cncih[f! j[c^,ch!][jcn[f-! @m! i‘!C_]_g\_l! 20+!
1/1/![h^!1/08+!nb_!Bigj[hs!b[^!^_jimcn!fc[\cfcns!\[f[h]_m!i‘!#/-6!gcffcih+!ch!]ihh_]ncih!qcnb!nb_!
1/05!hih,l_]iolm_!hin_m![h^!inb_l!_[lfs!_r_l]cm_m!i‘!_kocns![q[l^m-!Olch]cj[f![giohnm!^o_!oh^_l!
nb_! 1/05! hih,l_]iolm_! hin_m+! il! #/-5! gcffcih+! [l_! ch]fo^_^! ch! Min_m! Co_! Elig! @‘‘cfc[n_m! [m! [!
l_^o]ncih!ch!mni]ebif^_lm{!_kocns!ih!nb_!\[f[h]_!mb__nm-!
!
6AG=OA@!5=MOT!6AQAIPA!
!
Nh!Iofs! 00+!1/06+! nb_!Bigj[hs![h^!@CS!KKB! ’|@CS}(!qbc]b! cm! [!l_f[n_^!j[lns!jolmo[hn!ni! @CS{m!
iqh_lmbcj!i‘!mb[l_m!i‘!nb_!Bigj[hs{m!]iggih!mni]e+!_hn_l_^!chni!nb_!L[mn_l!R_lpc]_m![h^!Kc]_hmcha!
@al__g_hn! oh^_l! qbc]b! @CS! qcff! l_]_cp_! [! fc]_hm_! ni! nb_! Bigj[hs{m! n_]bhifias! nblioab! [h!
chn_al[n_^!gi\cf_![jjfc][ncih!i‘‘_l_^!\s!@CS!ni!cnm!_h^!]omnig_lm-!Oolmo[hn!ni!nb_![al__g_hn+!nb_!
Bigj[hs![h^!@CS!qcff!]ihnlc\on_!nb_cl!jlijlc_n[ls!gi\cf_![jjfc][ncih!n_]bhifias!ni!^_p_fij!@CS!
@hsqb_l_!A[mc]![h^!@CS!@hsqb_l_!Ol_gcog-!Sb_!Bigj[hs!q[m!_hncnf_^!ni!l_]_cp_!‘__m!\[m_^!ih!
nb_!hog\_l!i‘![]ncp_!om_lm!ih!_[]b!gi\cf_![jjfc][ncih!jf[n‘ilg-!
!
Sb_!‘iffiqcha!n[\f_!l_jl_m_hnm!l_p_ho_![h^![]]iohnm!l_]_cp[\f_!l_]_cp_^!‘lig!@CS!’ch!nbiom[h^m(9!
Q_p_ho_
X_[l!Dh^_^!C_]_g\_l!20+
1/1/
1/08
@]]iohnm!Q_]_cp[\f_
@m!i‘!C_]_g\_l!20+
1/08
1/1/
@CS
! !!!!!!!!!!!!!!!!084! ! !!!!!!!!!!!!!!!!!!!543!
! !!!!!!!!!!!!!!!!0! ! !!!!!!!!!!!!!!!!!!!!!!!82!
!
!
4ODAM!6AG=OA@!5=MOT!8M=IN=?OEJIN!
!
Mih,_r_]oncp_!^cl_]nil+!I[g_m!Rsha_+!cm![!Olch]cj[f![h^!O[lnh_l!i‘!B[lnbih[!B[jcn[f-!Colcha!nb_!s_[l!
_h^_^!C_]_g\_l!20+!1/1/![!][mb!j[sg_hn!i‘!#2/+/52!q[m!j[c^!ni!B[lnbih[!B[jcn[f!‘il!nb_!^cl_]nilm{!
‘__m! ‘il![!hih,_r_]oncp_! ^cl_]nil-! Colcha! nb_! s_[l!_h^_^!C_]_g\_l!20+! 1/08+! nb_! Bigj[hs! j[c^!
B[lnbih[!B[jcn[f![h![aal_a[n_![giohn!i‘!#075+325!‘il!]ihmofn[h]s!m_lpc]_m-!!
!
!
!
!
’$!
D[XW/2,(!A‘U*!
!
FafWe!fa!;a‘ea^[VSfWV!>[‘S‘U[S^!KfSfW_W‘fe!
!
!
-1* [‘S‘U[S^!KfSfW_W‘fe!
KgTeWcgW‘f!=hW‘fe!
!
!
-4*
!
Sb_! Bigj[hs! _p[fo[n_^! mo\m_ko_hn! _p_hnm! nblioab! E_\lo[ls! 14+! 1/10+! nb_! ^[n_! nb_! [o^cn_^!
]ihmifc^[n_^!‘ch[h]c[f!mn[n_g_hnm!q_l_!cmmo_^-!!!
!
Nh!I[ho[ls!08+!1/10+!nb_!Bigj[hs![jjichn_^!Q[h^c!Yo]e_l\_la![m![h!ch^_j_h^_hn!Mih,Dr_]oncp_!
Ccl_]nil-!
!
’&!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
O[a_!chn_hncih[ffs!\f[he!
’’!
!
!
ih!
nb_!
Bigj[hs{m! q_\mcn_!
8VV[f[a‘S^!KZSdWZa^VWd!A‘Xad_Sf[a‘!
RG@QDGNKCDQ!HMENQL@SHNM!@R!@S!20!I@MT@QX!1/10!
!
@^^cncih[f! Rb[l_bif^_l! Hh‘ilg[ncih! l_kocl_^! \s! nb_!@omnl[fc[h! R_]olcnc_m! Dr]b[ha_! Kcgcn_^! ’@RW(!
Kcmncha!Qof_m!cm!m_n!ion!\_fiq-!!!
!
Hh! []]il^[h]_! qcnb! nb_! 3nb! _^cncih! @RW! Biljil[n_! Fip_lh[h]_! Bioh]cf{m! Olch]cjf_m! [h^!
Q_]igg_h^[ncihm+! nb_! 1/1/! Biljil[n_! Fip_lh[h]_! Rn[n_g_hn+! [m! [jjlip_^! \s! nb_! Ai[l^+! cm!
[p[cf[\f_!
bnnjm9..chp_mnilm-fc‘_25/-]ig.chp_mnil,
l_f[ncihm.?j[a_=]iljil[n_,aip_lh[h]_-!Sb_!Biljil[n_!Fip_lh[h]_!Rn[n_g_hn!m_nm!ion! nb_! _rn_hn!
ni!qbc]b!Kc‘_25/!b[m!‘iffiq_^!nb_!@RW!Biljil[n_!Fip_lh[h]_!Bioh]cf{m!Q_]igg_h^[ncihm!^olcha!nb_!
1/1/!‘ch[h]c[f!s_[l-!!
!
Sb_! Bigj[hs! b[m! cmmo_^! [! nin[f! i‘! 4/+/62+771! ‘offs! j[c^! mb[l_m! i‘! ]iggih! mni]e! ’Rb[l_m(-! Hh!
[]]il^[h]_!qcnb!nb_!Bigj[hs{m!Olimj_]nom!^[n_^! 18!@jlcf!1/08+!qb_l_!2!BCHm!l_jl_m_hn!0!Rb[l_+!
nbcm!_ko[n_m!ni!04/+110+535!Bb_mm!C_jimcnils!Q_]_cjnm!’BCHm(-!
!
Giq_p_l+!hin![ff!Rb[l_m!b[p_!\__h!]ihp_ln_^!ni!BCHm-!@m![n!20!I[ho[ls!1/10+!028+861+371!BCHm![l_!
ih!cmmo_![h^!b_f^!\s!1+028!BCH!bif^_lm!’qbc]b!l_jl_m_hnm!35+546+383!Rb[l_m(-!2+305+277!Rb[l_m![l_!
b_f^!\s!02/!mb[l_bif^_lm!qbi!b[p_!hin!_f_]n_^!ni!bif^!Bigj[hs!m_]olcnc_m!ch!nb_!‘ilg!i‘!BCHm-!!
!!
-* KgTefS‘f[S^!eZSdWZa^VWde!!
[n9!
!
!Sb_!hog\_l!i‘!m_]olcnc_m!b_f^!\s!mo\mn[hnc[f!mb[l_bif^_lm![h^!nb_cl![mmi]c[n_m![m!hinc‘c_^!ni!nb_!
Bigj[hs![l_!m_n!ion!\_fiq9!!!
!
FS_W
Q_a[f!Eoh^m!L[h[a_g_hn!Ons!Kn^
O[l[^c]_!Hhp_mng_hn!L[h[a_g_hn!Ons!Kn^
Bblcmnijb_l!Goffm
Faf[X[USf[a‘!
0
1 TAR!MNLHMDDR!OSX!KSC
2
3 GRAB!BTRSNCX!MNLHMDDR!’@TRSQ@KH@(!KHLHSDC
4
5
6 LDQQHKK!KXMBG!’@TRSQ@KH@(!MNLHMDDR!OSX!KHLHSDC
I!O!LNQF@M!MNLHMDDR!@TRSQ@KH@!OSX!KHLHSDC
7
8
BR!ENTQSG!MNLHMDDR!OSX!KHLHSDC!
03 JDMMDSS!B@OHS@K!HMBZB
04 GRAB!BTRSNCX!MNLHMDDR!’@TRSQ@KH@(!KHLHSDC!
06 AMO!O@QHA@R!MNLHMDDR!OSX!KSC!
07 I@LDR!RSDDKD!RXMFD
08 HS@L@Q!MNUHBJ
1/ Q@CH@S@!RTODQ!OSX!KSC!
Fa*!aX!; !!!!!01+770+680!
6-26$
!!!!!0/+202+/42!
5-08$
!!!!!!!7+548+545!
4-14$
!!!!!!!6+24/+056!
3-67$
!!!!!!!5+576+825!
3-/1$
!!!!!!!4+511+77/!
2-2/$
!!!!!!!3+512+301!
2-2/$
!!!!!!!3+505+71/!
2-1/$
!!!!!!!3+374+384!
1-66$
!!!!!!!2+764+706!
1-3/$
!!!!!!!2+243+718!
1-07$
!!!!!!!2+/38+014!
0-67$
!!!!!!!1+378+05/!
0-66$
!!!!!!!1+36/+714!
0-38$
!!!!!!!1+/75+088!
0-/2$
!!!!!!!0+330+/30!
/-76$
!!!!!!!0+105+506!
/-56$
!!!!!!!!!!833+304!
71-55$
!!--1(3,/(,..!
06-23$
!!!!.0(.25(02,!
!!-/5(53.(04.! 0//-//$
LafS^
9S^S‘UW!aX!dWY[efWd
?dS‘V!fafS^
!
!
2* LZW!‘S_W!aX!fZW!W‘f[fkme!eWUdWfSdk!&[‘!fZW!USeW!aX!S!fdgef(!fZW!‘S_W!aX!fZW!dWeba‘e[T^W!W‘f[fk!
S‘V![fe!eWUdWfSdk’*!!
Sb_!Bigj[hs!b[m![jjichn_^!I_l_gs!Kc_af+!F_h_l[f!Biohm_f![m!nb_!Bigj[hs!R_]l_n[ls![m!i‘!E_\lo[ls!
14+!1/1/-!!!
!
Sb_!Bigj[hs!b[m!_ha[a_^!Bigj[hs!L[nn_lm!Ons!Kn^!ni![]n![m!cnm!@RW!Q_jl_m_hn[ncp_!oh^_l!Kcmncha!
Qof_! 01-5-!! Fl[_g_! Af[]e_nn! b[m! \__h! [jjichn_^! [m! nb_! Bigj[hs{m! @RW! Kcmncha! lof_! 01-5!
Q_jl_m_hn[ncp_!l_mjihmc\f_!‘il!]iggohc][ncih!qcnb!nb_!@RW!ch!l_f[ncih!ni!fcmncha!lof_!g[nn_lm-!!
!
3* LZW!SVVdWee!S‘V!fW^WbZa‘W!‘g_TWd!aX!fZW!;a_bS‘kme!dWY[efWdWV!aXX[UW![‘!8gefdS^[S7!S‘V!aX!
[fe!bd[‘U[bS^!SV_[‘[efdSf[hW!aXX[UW*!!!
Sb_!Bigj[hs!cm!ch]iljil[n_^!ch!nb_!Rn[n_!i‘!C_f[q[l_+!Thcn_^!Rn[n_m!i‘!@g_lc][-!!
!
Sb_![^^l_mm!i‘!nb_!Biljil[ncih{m!l_acmn_l_^!i‘‘c]_!ch!nb_!Rn[n_!i‘!C_f[q[l_!cm!05/!Fl__hnl__!Clcp_+!
Rocn_!0/0+!ch!nb_!Bcns!i‘!Cip_l+!Biohns!i‘!J_hn+!Ycj!Bi^_!088/3-!!Sb_!h[g_!i‘!cnm!l_acmn_l_^![a_hn!
[n!mo]b![^^l_mm!cm!h[ncih[f!Q_acmn_l_^!@a_hnm+!Hh]-!
!!
Sb_!Bigj[hs{m!Olch]cj[f!jf[]_!i‘!\omch_mm!cm9!!!
Rocn_!3/1+!428!Als[hn!Rnl__n+!R[h!El[h]cm]i+!B@!830/6!TR@-!!
S9!*0!’1/8(!470!0661!!
!!
Sb_!Bigj[hs{m!l_acmn_l_^!@omnl[fc[h!i‘‘c]_!cm9!!!
Bigj[hs!L[nn_lm!Ons!Kn^!K_p_f!01+!57/!F_ila_!Rnl__n+!Rs^h_s!MRV!1///!S9!*50!’/1(!717/!6244!!
’+!
!
!
7- LZW!SVVdWee!S‘V!fW^WbZa‘W!‘g_TWd!aX!WSUZ!aXX[UW!Sf!iZ[UZ!S!dWY[efWd!aX!eWUgd[f[We(!dWY[efWd!
aX!VWbae[fSdk!dWUW[bfe!ad!afZWd!XSU[^[f[We!Xad!dWY[efdSf[a‘!aX!fdS‘eXWde![e!]Wbf*!!!
Bigjon_lmb[l_!Hhp_mnil!R_lpc]_m!Ons!Kcgcn_^+!X[ll[!E[ffm+!341!Iibhmnih!Rnl__n+!@\\inm‘il^+!UHB!2/56!
S_f_jbih_9!*50!02//!676!161!
!
5* LZW!;a_bS‘kme!eWUgd[f[We!SdW!‘af!fdSVWV!a‘!S‘k!afZWd!WjUZS‘YW!afZWd!fZS‘!fZW!8KP*!
!
-,* LZW!;a_bS‘k(!UgddW‘f^k(!ZShW!‘a!eZSdWe!g‘VWd!WeUdai*!
!
--* 8!VWfS[^WV!dWh[Wi!aX!abWdSf[a‘e!S‘V!SUf[h[f[We![e!dWbadfWV![‘!fZW!.,.,!>[‘S‘U[S^!JWbadf*!
!
-.* LZWdW![e!‘a!UgddW‘f!a‘!_Sd]Wf!Tgk)TSU]*!!
!
-/* KfSfW_W‘f!dWYSdV[‘Y!geW!aX!USeZ!S‘V!SeeWfe*!!
Colcha!nb_!j_lci^!\_nq__h!0!I[ho[ls!1/1/![h^!20!C_]_g\_l!1/1/+!nb_!Bigj[hs!b[m!om_^!cnm!][mb!
[h^![mm_nm!l_[^cfs!]ihp_lnc\f_!ni!][mb!nb[n!cn!b[^![n!nb_!ncg_!i‘!@RW![^gcmmcih!ch![!q[s!]ihmcmn_hn!
qcnb!cnm!\omch_mm!i\d_]ncp_m!m_n!ion!ch!nb_!Olimj_]nom!^[n_^!18!@jlcf!1/08-!!
!
-0* GfZWd!
Kc‘_25/!cm!hin!mo\d_]n!ni!Bb[jn_lm!5+!5@+!5A![h^!5B!i‘!nb_!Biljil[ncih!
m! @]n! 1//0! ’Bnb(! ^_[fcha! qcnb! nb_! []kocmcncih! i‘! cnm! mb[l_m! ’ch]fo^cha! mo\mn[hnc[f! bif^cham! [h^!
n[e_ip_lm(-!!!
!
@hnc,n[e_ip_l!jlipcmcihm!i‘!C_f[q[l_!K[q+!B_lnc‘c][n_!i‘!Hh]iljil[ncih![h^!Asf[qm!!!
!
Olipcmcihm!i‘!nb_!C_f[q[l_!F_h_l[f!Biljil[ncih!K[q+!nb_!Bigj[hs{m!B_lnc‘c][n_!i‘!Hh]iljil[ncih![h^!
nb_!Bigj[hs{m!Asf[qm!]iof^!g[e_!cn!gil_!^c‘‘c]ofn!ni![]kocl_!nb_!Bigj[hs!\s!g_[hm!i‘![!n_h^_l!
i‘‘_l!’n[e_ip_l(+![!jlirs!]ihn_mn!il!inb_lqcm_+!il!ni!l_gip_!ch]og\_hn!i‘‘c]_lm![h^!Ccl_]nilm!i‘!nb_!
Bigj[hs-!Sb_m_!jlipcmcihm!’mogg[lct_^!\_fiq(!]iof^!^cm]iol[a_!]_ln[ch!nsj_m!i‘!]i_l]cp_!n[e_ip_l!
jl[]nc]_m! [h^! n[e_ip_l! \c^m! nb[n! nb_! Ai[l^! g[s! ]ihmc^_l! ch[^_ko[n_! [h^! ni! _h]iol[a_! j_lmihm!
m__echa!ni![]kocl_!]ihnlif!i‘!nb_!Bigj[hs!ni!‘clmn!h_ainc[n_!qcnb!nb_!Ai[l^-!Sb_!Bigj[hs!\_fc_p_m!
nb[n! nb_! \_h_‘cnm! i‘! ch]l_[m_^! jlin_]ncih! i‘! cnm! [\cfcns! ni! h_ainc[n_! qcnb! nb_! jlijih_hn! i‘! [h!
oh‘lc_h^fs! il! ohmifc]cn_^! jlijim[f! ni! []kocl_! il! l_mnlo]nol_! nb_! Bigj[hs! ionq_cab! nb_!
^cm[^p[hn[a_m! i‘! ^cm]iol[acha! n[e_ip_l! il! []kocmcncih! jlijim[fm! \_][om_+! [giha! inb_l! nbcham+!
h_ainc[ncih!i‘!nb_m_!jlijim[fm!]iof^!l_mofn!ch![h!cgjlip_g_hn!i‘!nb_cl!n_lgm-!!
!!
Sb_!Bigj[hs{m!\sf[qm!^i!hin!]ihn[ch![hs!fcgcn[ncihm!ih!nb_![]kocmcncih!i‘!m_]olcnc_m+!_r]_jn!nb[n!
]f[om_!8!i‘!@lnc]f_!WH+!R_]ncih!00-0-!i‘!nb_!\sf[qm!jlipc^_m![m!‘iffiqm9!!
!!
|Sb_!Biljil[ncih!g[s!l_‘om_!ni![]ehiqf_^a_!il!l_acmn_l![hs!nl[hm‘_l!i‘!mb[l_m!i‘!nb_!Biljil[ncih{m!
][jcn[f! mni]e! ’ch]fo^cha! mb[l_m! ch! nb_! ‘ilg! i‘! BCHm(! b_f^! il! []kocl_^! \s! [! mni]ebif^_l! ’ch]fo^cha!
mb[l_m! i‘! nb_! Biljil[ncih{m! ][jcn[f! mni]e! nb[n! g[s! \_! []kocl_^! ojih! _r_l]cm_! i‘! [! mni]e! ijncih+!
q[ll[hn!il!inb_l!lcabn(!il!mb[l_m!i‘!nb_!Biljil[ncih{m!][jcn[f!mni]e!qbc]b![nn[]b!ni!il![lcm_!‘lig!
mo]b!mb[l_m!qbc]b![l_!hin!g[^_9!!
!
[-!ch![]]il^[h]_!qcnb!nb_!jlipcmcihm!i‘!Q_aof[ncih!R!i‘!nb_!R_]olcnc_m!@]n!i‘!0822!’T-R-(+![m!
[g_h^_^!ni!^[n_![h^!nb_!lof_m![h^!l_aof[ncihm!jligofa[n_^!nb_l_oh^_l!’nb_!|T-R-!R_]olcnc_m!
@]n}(!’Qof_!8/0!nblioab!Qof_!8/4![h^!jl_fcgch[ls!hin_m(;!!
\-!jolmo[hn!ni!l_acmnl[ncih!oh^_l!nb_!T-R-!R_]olcnc_m!@]n;!il!!
]-!jolmo[hn!ni![h![p[cf[\f_!_r_gjncih!‘lig!l_acmnl[ncih-}!!
("!
Continue reading text version or see original annual report in PDF
format above