politica publica

Prévia do material em texto

!" !"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
!"#$%&'(")*!+,-!.()!
.("/(.*)"0$.,1,2),(
*"!3"/(+45,1!3
/67+,1!3"%("7)!3,+
!"#$%&'(%)&'*+',-./0&'+',&./-
/(.*)"0$.,1,2),(
!%;<=>
%?*:./*#@#2*2A-#A#@+#-.:.BA+#C@#&DC.E.F).@#/*#)A*-.G*HI@#C@+#C.)A.B@+#JD/C*:A/B*.+#/@#()*+.-'#:AC.*/BA#*#*-BA)*HI@#CA#2@-,B.E*+#2KL-.E*+"
;D+BA/B*#MDA#@#2)./E,2.@#C*#B).2*)B.HI@#JD/E.@/*-#C@#N@CA)#/I@#E@/+B.BD.#OL.EA#*#D:*#*HI@#:*.+#AJAB.P*#C@#N@CA)#&DC.E.F).@"#QA++A#+A/B.C@#.CA/B.J.E*
@+#J*B@)A+#MDA#8D+B.J.E*).*:#B*-#./BA)PA/HI@"
R2A+*)#C@+#-.:.BA+#*#D:#2*2A-#2)@B*S@/.+B*#C@#&DC.E.F).@#/*#E@/E)AB.G*HI@#CA#C.)A.B@+#JD/C*:A/B*.+'#E@:@#*#C.+E).E.@/*).AC*CA#A#*#T)A+A)P*#C@
2@++,PA-U'#*J.):*#MDA'#A:#2*,+A+#2A).JV).E@+#E@:@#@#()*+.-'#*#:*/@L)*#V#LA:#:*.+#*:2-*'#CAPA/C@#@+#8D,GA+#CABA):./*)#*#)A*-.G*HI@#CA#@L)*+#2KL-.E*+'
MD*/C@#.++@#+A#)APA-*)#.:2)A+E./C,PA-#A#J*EB,PA-'#A:#/@:A#CA#D:#T2*C)I@#+@E.*-#:,/.:@U"
NRWRX!R;5$YRX%
N@CA)#&DC.E.F).@Z#2@-,B.E*#2KL-.E*Z#C.)A.B@+#+@E.*.+Z#()*+.-Z#=@/BA+MD.ADZ#[A-J*)A#+B*BAZ#2)./E,2.@#C*#B).2*)B.HI@#JD/E.@/*-#C@#%+B*C@"
!#!"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
!"#$"%&'()*+#$"%,-'*+#$".&
-/#$*'"0")/#123*#$4"3&/5$"5
67.5/#*$
$%&%'(%'(&)*'(+,(-*'%'(./0(&01/1-)*2( %( )201'%( &03)-)4( 1*)25602014*78%(&0(5%694)-*'(5:;
<6)-*'(02(1%''%(=*9'#>(?2(5*)@(-%2
A)'9A0)'(5B%<602*'(2014*)'@(4B*1')4*1;
&%(506%'(1%''%'(-%BB0&%B0'(02(</';
-*(&0(/2(<01039-)%(*'')'401-)*6(5*B*
'/'4014*B('0/'(&%)'(50./01%'(3)6+%'@
&0)C*&%'(506*(280D(/2(5%B4*&%B(&%
A9B/'(EFG(./0(6/4*(5%B(/2*(*5%'014*;
&%B)*(+,(%)4%(*1%'@(02(20)%(*(6,HB);
2*'(0()140B1*7I0'D(/2*(280(./0(5%';
4/6*(501'8%(02(A)B4/&0(&*(2%B40(&%
3)6+%(./0(*('/'4014*A*(4B*<*6+*1&%(1*
-%1'4B/78%(-)A)6@( A94)2*(&0(/2(')2;
560'(5B0H%(1%(5J@(18%(*&0./*&*201;
40(4B*4*&%(KLA,(5*B*(-*'*@(18%(J(1*&*
HB*A0>>>MN>
=*B*(*6J2(&0(-%1')&0B*7I0'(&0
&%/4B)1*( O/B9&)-*@( 0''0'( -*'%'( '8%
2*)'(5/O*140'(5*B*@(1%(5PB4)-%(&0'40
0'4/&%@(&0'4*-*B(/2*(5BJ;-%25B001;
'8%(0''01-)*6Q(*(4*B03*(&0(B0*6)R*78%
&%'(&)B0)4%'(3/1&*2014*)'(1%(SB*')6(J
0'-*1&*6%'*20140()1-%25604*>
T/4B%'( )1&)-*&%B0'( B03%B7*2
0''*(5B02)''*>(U%(SB*')6@(*(40%B)*(&%
&0'01A%6A)2014%(&0')H/*6(0(-%2<)1*;
&%(&02%1'4B*(4%&*(*('/*(50B4)1V1-)*>
$B%4'W)@(-)4*&%(5%B(X*Y2/1&%(Z*%B%
02(LT'([%1%'(&%(=%&0BM@(*3)B2*Q(\1;
&)%'(6*17*B*2(3%B*(%'(*B-%'(0(360-+*'
0(*5*1+*B*2()20&)*4*20140(%'(3/R)'@
'02(50B-%BB0B(%(-*2)1+%(./0(+*A)*
014B0(0''*'(&/*'(*B2*'(1%(5*''*&%>
K>>>N([0'4*(60)(/1)A0B'*6(&*(&0')H/*6;
&*&0(&%(B)42%(&0-%BB0(%/4B*(60)(./0@
1*(3*64*(&0(206+%B(1%20@(5%&0(&01%;
2)1*B;'0(60)(&%(&0'01A%6A)2014%(-%2;
<)1*&%@(1%('014)&%(&*(*5B%C)2*78%
&*'(04*5*'(&)A0B'*'@(&*(-%2<)1*78%
&0(3*'0'(&)'-%B&*140'@(&*(*2,6H*2*
&0(3%B2*'(*B-*)-*'(-%2(*'(2%&0B;
1*']>
^''0(*2,6H*2*(B0A06*;'0@(5%B
0C0256%@(1*()1*&0./*78%(&*(4B*1';
5%')78%(20-_1)-*(5*B*(%(1%''%(5*9'
&%(-6,'')-%(01')1*2014%(*-0B-*(&*
0A%6/78%(+)'4PB)-*(&%'(&)B0)4%'(3/1&*;
2014*)'Q(&)B0)4%'()1&)A)&/*)'(K#`(H0B*;
78%N@(&)B0)4%'(5%694)-%'(K]`(H0B*78%N(0
&)B0)4%'( '%-)*)'( Ka`( H0B*78%N>( T
&0'-%6*2014%(&0''0(0'./02*(-%1;
-0)4/*6(&*(5B,4)-*(<B*')60)B*(J(2*1);
30'4%>(U%(56*1%(&*(0304)A)&*&0@(%'(&);
B0)4%'( 5%694)-%'( 0'48%( 2*)'( /1);
A0B'*6)R*&%'(&%(./0(%'(&)B0)4%'()1&);
A)&/*)'(-6,'')-%'>(U%(SB*')6@(%(*6)'4*;
2014%(060)4%B*6(./*'0(/1)A0B'*6(0(*'
/B1*'(0604Bb1)-*'(K&)B0)4%'(&0(]`(H0B*;
78%(1*( L0B*(&*(5P';2%&0B1)&*&0MN
-%1A)A02(-%2(*(&)3/'8%(&0(3%B2*'
&0(4B*<*6+%(0'-B*A%(0(-%2(*''*'');
1*4%'(&0(2%B*&%B0'(&0(B/*@(5B)A*&%'
18%('P(&%(&)B0)4%(c(2%B*&)*@(2*'(4*2;
<J2(&%(&)B0)4%(c()140HB)&*&0(0(&*(6);
<0B&*&0(&0()B;0;A)B(K&)B0)4%'(&0(#`(H0;
B*78%N>
$*6(*2,6H*2*(O/B9&)-%(&0-%BB0
&0(A,B)%'(3*4%B0'@(20B0-01&%(&0'4*;
./0(*(<B/4*6(-%1-014B*78%(&0(B01&*>
^'4*(J(20&)&*(506%( 91&)-0(&0(d)1)@
./0(A*)(&0("(*(#>(e0B%(')H1)3)-*B)*(./0
-*&*(/2(&%'(+*<)4*140'(&0(/2(5*9'
40B)*(B01&*( )&V14)-*@(')4/*78%( )&0*6@
2*'(%<A)*20140(/4P5)-*>(\1&)-0(#@(*%
-%14B,B)%@('0B)*(%(1:20B%(&0(/2(5*9'
02(./0(*( B01&*(0'4)A0''0( 4%&*(1*
28%(&0(/2*('P(50''%*@(%/4B*(')4/*;
78%()25%''9A06>(T(d)1)(&%(SB*')6@(1%
B06*4PB)%;]""#@(2*'(-%2(<*'0(02(&*;
&%'(&0(#ffg@(0B*(&0("@hf#>(U%(B06*4P;
B)%;]""]@( -%2(<*'0( 02(&*&%'( &0
#ffi@(*/2014%/(5*B*("@j"g>(X01&*
2*)'(-%1-014B*&*(./0(*(&%(SB*')6('P
02(k0BB*(l0%*@(X05:<6)-*(m014B%;n3B);
-*1*(0(k/*R)6_1&)*@(5*/5JBB)2%'(5*9;
'0'(*3B)-*1%' a>(m06'%(Z/B4*&%(602<B*Q
U%'(5*9'0'(&0(B01&*(50B(-*5)4*('0;
206+*140(c(&%(SB*')6(K!>h""(&P6*B0'N@
*(50B-014*H02(&0(5%<B0'(J(&0(-0B-*
&0(#"o(&*(5%5/6*78%(4%4*6@(5%B4*14%@
201%'(&0(/2(40B7%(&*(50B-014*H02
<B*')60)B*(Ka!oN ! >
$/&%( )''%( J( *)1&*( *HB*A*&%
506*'()201'*'(*'')204B)*'(B0H)%1*)'@
./0(B03%B7*2(%(-)4*&%(2%&06%(&0(&0;
'01A%6A)2014%( &0')H/*6>(U*( :64)2*
50'./)'*('%<B0(%(\1&)-0(&0([0'01;
A%6A)2014%(E/2*1%(KF[EN(&%'(2/1);
-95)%'(<B*')60)B%'@(&%'(]"(5)%B0'@(%)4%
3)-*2(1%(p*B*1+8%@(-)1-%(1%(=)*/9(0
4BV'(1%(n2*R%1*'>
n(5B%5%'4*(&0'40(*B4)H%(J(*1*;
6)'*B(%'(6)2)40'(&%(q/&)-),B)%(1*(</';
-*(&*('/50B*78%(&0''0(5*1%B*2*
-6*B*20140()1-%1'4)4/-)%1*6@(5%B()140B;
2J&)%(&*(*640B*78%(&0(5%694)-*'(5:;
<6)-*'>
U8%( '0( 5B0401&0@( &0(2%&%
)&0*6)'4*(0()1HV1/%@('/'4014*B(%(5*;
506(-014B*6(&0('%6/7I0'(O/B9&)-*'(5*B*
*(5B%<602,4)-*(0C5%'4*>(m%2%(60-)%;
1*(=)04B%(S*B-06%1*@(18%(<*'4*(4B*1';
3%B2*B(*'(0C50-4*4)A*'(02(&)B0)4%'('0
18%('0(4%-*(1*'(-%1&)7I0'(5B,4)-%;
2*40B)*)'(./0(&040B2)1*2('0/(*5*B0;
-)2014%(0(&03)102(%'(_2<)4%'(02(./0
060'(5%&02('0B(0304)A*&%' h >
8"&"973*+*:/*&"2"7;"*.)/7$&
.#"<+#$#"#'=5*#>"?
?2*(./0'48%(J(%<B)H*4%B)*201;
40(5%'4*(./*1&%('0(&0<*40(*-0B-*(&*
3/178%(&%(q/&)-),B)%(1%(-%14B%60(&*'
*4)A)&*&0'(495)-*'(&%'(&02*)'(B*2%'
&%(^'4*&%Q(*4J(%1&0()''%(18%('0(4%B;
1*()1-%1'4)4/-)%1*6@((5%B(A)%6*B(*()1&0;
501&V1-)*(014B0(%'(=%&0B0'r
k%20140(J(5%''9A06(013B014*B
%(5B%<602*(&0'4B/)1&%(/2(2)4%@(-%1;
')'40140(1*(*4B)</)78%(*(p%140'./)0/
&0(/2(2%&06%(40PB)-%(B0-%1&/R9A06(c
40%B)*(&%'(4BV'(=%&0B0'(B)H%B%'*201;
40( '05*B*&%'@( -%2%( 0C5I0(m*1%;
4)6+%j>(=*B*(4*14%@(J()25B0'-)1&9A06(');
4/*B(%(5B)1-95)%(02(3%-%(1%(_2<)4%(&*
3)6%'%3)*(6)<0B*6@(B0-%25%1&%;'0(*(5*B;
4)B(&*9(*('/*(+)'4%B)-)&*&0>
n( 5B)1-)5*6(2*B-*( &%( )6/2);
1)'2%(s(2%A)2014%(1%(<%O%(&%(./*6
020BH0(%(6)<0B*6)'2%(s(J(/2*(A)'8%
B*-)%1*6)'4*(0(*14B%5%-V14B)-*(&%(2/1;
&%>(n(B0A06*78%(&)A)1*(&0)C*(*'')2
&0('0B(%(5B)1-)5*6(5*B_204B%(&*(A0B;
&*&0@(%-%BB01&%(/2(5B%-0''%(&0('0;
-/6*B)R*78%(&*'(-)V1-)*'(./0(402(B0;
50B-/''I0'()1-6/')A0(1%(40BB01%(&*'
40%B)*'(0(5B,4)-*'(5%694)-*'@(1*(20&);
&*(02(./0(&0'*5*B0-02(*'(<*'0'
&0(O/'4)3)-*78%(&0(/2(5%&0B(0'4*4*6
)6)2)4*&%>(n()25B0H1*78%(&*(3)6%'%3)*
6)<0B*6(5%B(0''0'(5%'4/6*&%'(5%&0('0B
)&014)3)-*&*(1)4)&*20140(02(l%-W0g(0
p%140'./)0/i(s(%'(&%)'(40PB)-%'(3/1;
&*2014*)'(&%(5B)1-95)%(&*(4B)5*B4)78%
3/1-)%1*6(&%(^ '4*&%>
U%(4%-*140(*(l%-W0@(J()25%B;
4*140('/<6)1+*B(./0('/*(A)'8%('%<B0
%(5*-4%(./0(3/1&*(%(^'4*&%(J(&)A0B;
'*(&*(0C5%'4*(5%B(E%<<0'>(=*B*(0'40@
%(0'4*&%(&0(1*4/B0R*(./0(*140-0&0(%
201-)%1*&%(5*-4%(J(-*B*-40B)R*&%
506*(LH/0BB*(&0(4%&%'(-%14B*(4%&%'M@
&0-%BB0140(&%( )1-%14B%6,A06( *504)40
0H%9'4*( &%'( +%201'>( =*B*( '*9B02
&0''*(')4/*78%()1-b2%&*@(%'()1&)A9;
&/%'(B01/1-)*2(c(6)<0B&*&0(4%4*6(0
)1'4)4/02(%(^ '4*&%@(6)2)4*&%('%20140
506%(&0A0B(&0(0A)4*B('/*(5BP5B)*(&)';
'%6/78%(s(O,(./0('0(-%1'4)4/)(1%(:1)-%
20)%(&0(*''0H/B*B(*(5*R>
^2(-%14B*'40(-%2(0''*(-%1;
-0578%@(l%-W0(18%(*&2)40(*()&014);
&*&0(014B0(0'4*&%(&0(1*4/B0R*(0(0';
4*&%(&0(H/0BB*@(5%)'(*5%14*(*(0C)';
4V1-)*(&0(*6H/2(HB*/(&0('%-)*<)6)&*;
&0(*140B)%B( c( 3/1&*78%(&%(^'4*&%@
&0-%BB0140(&*(5B%5B)0&*&0f>
F''%(')H1)3)-*(0C)'402(&)B0)4%'
*140-0&0140'(*%('/BH)2014%(&%(^';
4*&%@(./0(18%('8%(*6)01*&%'(506%'
)1&)A9&/%'(./*1&%(-060<B*2(%(5*-4%
'%-)*6D( 0( -%1'4)4/02;'0( <*6)R*'
)14B*1'5%19A0)'(*%'(H%A0B1*140'>(^ 2
-%1'0.tV1-)*@(%(^'4*&%(./0(*'')2
1*'-0(18%(5%&0(*H)B(*B<)4B*B)*20140@
5%)'@('01&%(3B/4%(&0(/2*(&060H*78%
%/4%BH*&*(506%'()1&)A9&/%'@(18%(5%&0
)B(*6J2(&%'(5%&0B0'(1%'(./*)'(-*&*
/2(&060'(J( )1A0'4)&%(1%(0'4*&%(&0
1*4/B0R*#">
n'')2@( 020BH02(&%(501'*;
2014%(L6%-W0*1%M(&%)'(20)%'(&0(-%1;
40178%(&%(5%&0B(&%(^ '4*&%Q(%(&)B0)4%
&0(B0')'4V1-)*##(0(*(4J-1)-*(&*(L&)A);
!] !"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
'8%(&0(5%&0B0'M>(=%B(0'4*@(*</'%'('8%
-%2<*4)&%'(20&)*140(*(&)'4B)</)78%
&*'(3/17I0'(0'4*4*)'(014B0(&)30B0140'
28%'>(T(-*594/6%(uFF( &%( Lk0H/1&%
$B*4*&%('%<B0(%(d%A0B1%M(J(&0&)-*;
&%(c(*1,6)'0(&%'(=%&0B0'(l0H)'6*4)A%@
^C0-/4)A%(0(Z0&0B*4)A%@(B030B)1&%;'0
0'40(:64)2%(c(5%694)-*(0C40B1*(&%(^';
4*&%>(U%(v(#!a@()1'0B4%(1%(201-)%1*;
&%(-*594/6%@(B0'4*(0A)&01-)*&*(*(-%1;
A01)V1-)*(&0(*&%78%(&*(L&)A)'8%(&0
5%&0B0'M>
p%140'./)0/@(5%B('/*(A0R@(4B);
6+*1&%(A0B0&*((&)A0B'*@(*6-*17%/(%
20'2%(B0'/64*&%>(m%2(030)4%@(-%2%
5%14%(&0(5*B4)&*@(A0O*2%'(*(4)5%6%H)*
&*'(3%B2*'(&0(H%A0B1%(5%B(060(*&%;
4*&*@(*5B0'014*&*(6%H%(1%(5PB4)-%(&%
l)AB%( k0H/1&%(&0( LT(^'59B)4%( &*'
l0)'MQ(^C)'402(4BV'(0'5J-)0'(&0(H%;
A0B1%Q(%(B05/<6)-*1%@(%(2%1,B./)-%(0
%(&0'5P4)-%>(=*B*(&0'-%<B)B('/*(1*;
4/B0R*@(<*'4*(*()&J)*(./0(%'(+%201'
201%'()1'4B/9&%'(4V2(&060'>(k/5%1+%
4BV'(&03)1)7I0'@(%/(206+%B@(4BV'(3*4%'Q
%(H%A0B1%(B05/<6)-*1%(J(*./060(1%
./*6(%(5%A%(02('0/(-%1O/14%@(%/(*50;
1*'(/2*(5*B40(&%(5%A%@(5%''/)(%(5%;
&0B('%<0B*1%D(%(2%1,B./)-%@(*./060
%1&0(/2('P(H%A0B1*@(2*'(*4B*AJ'(&0
60)'(3)C*'(0(0'4*<060-)&*'D(*%(5*''%
./0@(1%(&0'5P4)-%@(/2('P@('02(60)(0
'02(B0HB*@()25I0(4/&%(5%B(3%B7*(&0
'/*(A%14*&0(0(&0('0/'(-*5B)-+%'#]>
n( 5B0%-/5*78%( &0(p%140';
./)0/(-%2(%(5B%<602*(&*(6)2)4*78%
&%(5%&0B(B0A06*;'0(-%2(%(0'4*<060-);
2014%(&*(&/*6)&*&0(014B0(H%A0B1%'
2%&0B*&%'(0(&0'5P4)-%'>(T'(5B)20);
B%'@(./0(B0-0<02(/2*(A*6%B*78%(5%;
')4)A*@(4*14%(5%&0B)*2('0B(B05:<6)-*'
./*14%(2%1*B./)*'#a@('0H/1&%('/*'
5*6*AB*'Q(T()1-%1A01)0140(18%(%-%BB0
./*1&%(%(^'4*&%(5*''*(&0(/2(H%;
A0B1%(2%&0B*&%(5*B*(%/4B%(H%A0B1%
2%&0B*&%@(-%2%(&*(B05:<6)-*(5*B*(*
2%1*B./)*@(%/(&*(2%1*B./)*(5*B*(*
B05:<6)-*D(0(')2(./*1&%(-*)(0(J(6*1;
7*&%(&%(H%A0B1%(2%&0B*&%(5*B*(%
&0'5%4)'2%#!>
n(60)4/B*(&%(-*594/6%(u(&%(l)AB%
$0B-0)B%(K)14)4/6*&%(L[)30B017*(014B0(*
T<0&)V1-)*(1%'(d%A0B1%'(p%&0B*&%'
0(1%'(d%A0B1%'([0'5P4)-%'MN(B03%B7*
0''*(&/*6)&*&0(0(*(B0O0)78%(*%(&0';
5%4)'2%(-%2%(H%A0B1%( )2%&0B*&%Q
U%'(^'4*&%'(&0'5P4)-%'@(*(1*4/B0R*
&%(H%A0B1%(B0./0B(/2*(0C4B02*(%<0;
&)V1-)*D(0(*(A%14*&0(&%(5B91-)50@(/2*
A0R(-%1+0-)&*@(&0A0(5B%&/R)B('0/(030);
4%(48%()13*6)A0620140(./*14%(/2*(<%6*
6*17*&*(-%14B*(%/4B*(&0A0(5B%&/R)B(%
'0/>(U8%(+,(40250B*2014%@(2%&)3)-*;
78%@(*-%2%&*2014%'@(40B2%'@(0./);
A*60140'@(-%130BV1-)*'@(B05B)201&*'D
1*&*(&0()H/*6(%/(&0(206+%B(5*B*(5B%;
5%BD(%(+%202(J(/2*(-B)*4/B*(./0(%<0;
&0-0(*(%/4B*(-B)*4/B*(./0(./0B(K>>>N(n6)
*(5*B40(&%(+%202@(-%2%(*(&%'(*1);
2*)'@( J( %( )1'4)14%@( *( %<0&)V1-)*@( %
-*'4)H%#h>
n(0''V1-)*(&%(H%A0B1%(2%&0;
B*&%(0'4,(02(-%2<)1*B(%'(5%&0B0'@
B0H/6,;6%'@(40250B,;6%'@(3*RV;6%'(*H)B@
&*B@(5%B(*'')2(&)R0B@(2*)%B(50'%(*(/2
&060'@(5*B*(-%6%-,;6%(02(-%1&)7I0'
&0(B0')'4)B(*(%/4B%#j>
m%2%(-%1'0-4,B)%(&0''0(5B)1;
-95)%(&*(2%&0B*78%@(*5B0'014*;'0(*
40%B)*(&*(4B)5*B4)78%(3/1-)%1*6(&%(^';
4*&%>(p%140'./)0/(&0&)-*(*(0''*(40%;
B)*(%(l)AB%([J-)2%(=B)20)B%(&0(LT(^ ';
59B)4%(&*'(l0)'M@(1%(./*6(*3)B2*Q(n(6);
<0B&*&0(5%694)-*('P('0(01-%14B*(1%'
H%A0B1%'(2%&0B*&%'>(^ 6*(K>>>N('P(0C)';
40(./*1&%(18%('0(*</'*(&%(5%&0BD
2*'(4B*4*;'0(&0(/2*(0C50B)V1-)*(040B;
1*(./0(4%&%(+%202(./0(5%''/)(5%;
&0B(J(60A*&%(*(&060(*</'*BD(060(A*)
*4J(%1&0(01-%14B*(6)2)40'>(w/02(&);
B)*x(n4J(*(A)B4/&0(5B0-)'*(&0(6)2)40'>
=*B*(./0(18%( '0(5%''*(*</'*B(&%
5%&0B@(J(5B0-)'%(./0@(506*(&)'5%');
78%(&*'(-%)'*'@(%(5%&0B(6)2)40(%(5%;
&0B#g>
U0''0(*'50-4%@(*(A)1-/6*78%
&*(%<B*(&0(p%140'./)0/(c(0C50B)V1;
-)*()1H60'*(s(1*(./*6(l%-W0(3%)(50B'%;
1*H02(0C5%101-)*6@(-%1'%*140(&0;
2%1'4B*&%(s(J(0A)&0140>(k)H1)3)-*4);
A*20140@(%(-*594/6%(GF(&%(20'2%(l);
AB%([J-)2%(=B)20)B%(J(&01%2)1*&%
L[*(m%1'4)4/)78%(&*(F1H6*40BB*M>
T'( 4BV'( =%&0B0'@( '0H/1&%
p%140'./)0/@( '8%( %( l0H)'6*4)A%@( %
^C0-/4)A%(&*'(-%)'*'(./0(&0501&02
&%([)B0)4%(m)A)6(0(%(^ C0-/4)A%(&*'(./0
&0501&02(&%([)B0)4%( &*'(d0140'>
^'40( :64)2%( -%BB0'5%1&0(*%(=%&0B
Z0&0B*4)A%@(&0(*-%B&%(-%2(*(1%201;
-6*4/B*(/4)6)R*&*(5%B(l%-W0>($*)'(=%;
&0B0'(O*2*)'(&0A0B)*2('0B(0130)C*&%'
506%'(20'2%'(+%201'@('%<(501*(&0
50B0-0B(*(6)<0B&*&0>
m%13%B20( -%1'4*4*2%'( 5%B
0''*(*1,6)'0@(%(5B)1-95)%(&*(4B)5*B4)78%
402(/2*(2*4B)R(+)'4PB)-*(./0(%(A)1-/;
6*()14)2*20140(*(/2*(3)1*6)&*&0@(./*6
'0O*Q(*(4/406*(&*(6)<0B&*&0>(p*'(5*B*
%('0/(*6-*1-0(18%('0(-%H)4%/(K102
'0(-%H)4*N(&*(10-0'')&*&0(&0(/2*
'05*B*78%( 012%*-( 014B0(%'(=%&0B0'
0'4*4*)'(s(40'0(./0(50B401-0(0C-6/');
A*20140(*%(-*25%(&%'(2)4%'>
U0''0('014)&%@(p*&)'%1(-%1;
')H1%/(1%(Z0&0B*6)'4*@(1>(!gQ(K>>>N(060
Kp%140'./)0/N(18%(./0B)*(&)R0B(./0
0''0'(5%&0B0'(18%(&0A02(40B(101+/;
2*( )1H0BV1-)*(5*B-)*6@( %/( 101+/2
-%14B%60('%<B0(%'(*4%'(/1'(&%'(%/;
4B%'>(T(./0(./)'(&)R0B(K>>>N(18%(5%&)*
'0B('018%( )'4%Q(./0(./*1&%( 4%&%(%
5%&0B(&0(/2(<B*7%(J(0C0B-)&%(506*'
20'2*'(28%'(./0(5%''/02(4%&%(%
5%&0B(&0(%/4B%@(%'(5B)1-95)%'(3/1&*;
2014*)'(&0(/2*(-%1'4)4/)78%(6)AB0(0';
48%('/<A0B4)&%'#i>
U*(B0*6)R*78%(&0''0(5B)1-95)%
1%'(^ '4*&%'(L2%&0B*&%'M(K'0H/1&%
*((40B2)1%6%H)*(L2%140'./)0/1)*1*MN@
0''*()1H0BV1-)*(5*B-)*6('025B0('0(30R
5B0'0140#f@(&0(2%&%(./0(18%(0C)'40
)1-%25*4)<)6)&*&0(5B)1-)5)%6PH)-*(01;
4B0(%(0C0B-9-)%(&%(-%14B%60(O/B)'&)-)%1*6
'%<B0(*(*4/*78%(&%'(&02*)'(=%&0B0'
0(%(5%'4/6*&%( )1'-B)4%(1%(*B4>(]y(&*
1%''*(m%1'4)4/)78%>(n%(-%14B,B)%Q(1%'
:64)2%'(-02(*1%'(-*&*(A0R(2*)'(%
q/&)-),B)%(J(-+*2*&%(*(0C0B-0B( 4*6
5*506>
@"&$"+&.A*)5$"#&"973*+*:/*&
n3*'4*&%(%(5B)1-95)%(&*(4B)5*B;
4)78%(3/1-)%1*6(-%2%(P<)-0(*(/2*(5B0;
'017*(2*)'(*4)A*(&%(q/&)-),B)%(1%(-%1;
-0B4%(&%(^ '4*&%@(*('0H/)B(%'(3*4%B0'(0
0602014%'(./0(%(-%1A)&*2(-B0'-01;
4020140(*(4*6()140BA0178%>
@B!"#"5C%#.$D&"3&"5$)#3&
E*.+'7$*A5"3&"973*+*:/*&F
.&"$2+7'&"CC
U%(*6A%B0-0B(&%([)B0)4%(2%&0B;
1%@(02(-%1HB/V1-)*(-%2(*()&0%6%H)*
0148%(&%2)1*140(*-0B-*(&*'(3/17I0'
&%(^'4*&%@(%(5*506(*4B)</9&%(c'(1%B;
Q@#*-P@)AEA)#C@#\.)A.B@
#:@CA)/@'#A:#E@/S)D]/E.*#E@:
#*#.CA@-@S.*#A/BI@#C@:./*/BA
*EA)E*#C*+#JD/H^A+#C@#%+B*C@'#@
2*2A-#*B).LD,C@#_+#/@):*+
8D),C.E*+#/I@#.*#*-V:#CA
E@/+*S)*)#)AS)*+#CA#E@/CDB*#MDA
2)@BASA++A:#*#-.LA)C*CA'#*
2)@2).AC*CA#A#*#AE@/@:.*#CA
:A)E*C@"#$@/BDC@'#/@#+VED-@#` `
J@.#A?2-.E.B*C*#*
.:2@++.L.-.C*CA#CA#@#%+B*C@
:*/BA)5+A#)A+B).B@#_+#JD/H^A+
*/BA+#B.C*+#E@:@#/AEA++F).*+
_#:*/DBA/HI@#A
A?2*/+I@#C@#+.+BA:*
E*2.B*-.+B*"
!a!"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
2*'(O/B9&)-*'(18%()*(*6J2(&0(-%1'*;
HB*B(B0HB*'(&0(-%1&/4*(./0(5B%40H0';
'02(*(6)<0B&*&0@(*(5B%5B)0&*&0(0(*
0-%1%2)*(&0(20B-*&%>(m%14/&%@(1%
'J-/6%(uu(3%)(0C56)-)4*&*(*()25%'')<);
6)&*&0(&0(%(^'4*&%(2*140B;'0(B0'4B)4%
c'(3/17I0'(*140'(4)&*'(-%2%(10-0';
',B)*'(c(2*1/40178%(0(0C5*1'8%(&%
')'402*(-*5)4*6)'4*>([)*140(&%(*-)BB*;
2014%(&0(-B)'0'(0-%1b2)-*'(0(&*()1;
'/3)-)V1-)*(&*'(L60)'(&0(20B-*&%M(5*B*
'%6/-)%1,;6*'@(<02(-%2%(&*(-%1'4)4/);
78%(&*(-6*''0(4B*<*6+*&%B*(-%2%('/;
O0)4%(+)'4PB)-%(*/4b1%2%(s(2/&*1&%(*
)1401')&*&0(0(*(./*6)&*&0(&*'(B0)A)1;
&)-*7I0'(&0(&)B0)4%'(s@(%(*5*B06+%(0';
4*4*6(3%)(5B%HB0'')A*20140(0C5*1&)&%
0(4%B1*&%(2*)'(-%2560C%>
T(^'4*&%@(&0'&0(0148%@(5*';
'%/(*(40B(18%('%20140(*'(-6,'')-*'
3/17I0'()10B0140'(*%(<)1b2)%(5B%40;
78%zB05B0''8%D(060(*''/2)/(%(&0A0B
&0()140BA)B(1*(0'30B*(0-%1b2)-*@(B0*6);
R*B(5B%HB*2*'('%-)*)'@(-%2<*40B(*'
&0')H/*6&*&0'@(*25*B*B(%'(-%1'/2);
&%B0'(04->(U0''0(2%&06%(0'4*4*6(L*6*B;
H*&%M@(./0('0(-%1A01-)%1%/(-+*2*B
&0({063*B0(k4*40@(J(0A)&0140(./0(%
[)B0)4%('%3B0/()25/6'%'(1*(20'2*(&);
B078%@(-%2%()1'4B/2014%()25B0'-)1;
&9A06( 5*B*( %( *6-*1-0( &*'(204*'
013%-*&*'>(^ 2(-%1'0.tV1-)*@(*'(1%B;
2*'(O/B9&)-*'(&)A0B')3)-*B*2;'0@(5*';
'*B*2(*(B0H/6*B(/2*(2*)%B(./*14)&*;
&0(&0(402*'(0(*()1-)&)B('%<B0(/2(-%1;
O/14%(2*)%B(&0(B06*7I0'('%-)*)'>
n'')2@(%([)B0)4%(1%(^ '4*&%;=B%;
A)&V1-)*(4%B1*;'0(/2(B0H/6*&%B(H6%;
<*6@()256)-*1&%(0C5B0'')A*'(2/&*1;
7*'(./*6)4*4)A*'@(4BV'(&*'(./*)'(1%'
)140B0''*2(2*)'(&)B04*20140(10'40
2%2014%>(^2( 5B)20)B%( 6/H*B@( %
*H)H*14*2014%(&%'(*5*B*4%'(*&2)1)';
4B*4)A%'(0(&*'(4*B03*'(60H)'6*4)A*'>(^ 2
'0H/1&%@(*(-%13)H/B*78%(&%(')'402*
O/B9&)-%(-%2%(/2(0'5*7%(+040B%HV10%@
56/B*6(0(-%14B*&)4PB)%>(^2(40B-0)B%(6/;
H*B@( *( *256)*78%(&*( )1-)&V1-)*(&%
-P&)H%(L69-)4%z)69-)4%M@(*6-*17*1&%(/2*
2*)%B(./*14)&*&0(&0(-%136)4%'()140B)1;
&)A)&/*)'(0(4*2<J2(5%694)-*'(5:<6)-*'
K10-0'',B)*'(c(4/406*(&%'(&)B0)4%'('%;
-)*)'@(-%604)A%'(0(&)3/'%'N>
^''0'(4BV'(3*4%B0'(0'48%(1*(<*;
'0(&*(L0C56%'8%(&0(6)4)H)%')&*&0M(./0
%'(')'402*'(O/&)-)*)'(A)A01-)*B*2(1%
'J-/6%(uu@(0C)H)1&%(./0(060'('0(4B*1';
3%B2*''02(1%(L40B-0)B%(H)H*140M@(&0
./0(3*6*(p*/B%(m*55066044)Q(K>>>N(*(&/B*
B0*6)&*&0(&*(+)'4PB)*(2%&0B1*(6%H%(&0;
2%1'4B%/(./0(%'(4B)</1*)'(K>>>N(18%(5%;
&02(3/H)B(&0(/2*()1360C9A06(*640B1*4);
A*>(^60'(&0A02(&0(3*4%(0'-%6+0B(/2*
&*'(&/*'(5%'')<)6)&*&0'('0H/)140'Q(*N
50B2*10-0B( 3)J)'@(-%2(50B4)1,-)*@(c
-%1-0578%(4B*&)-)%1*6@(4)5)-*20140(&%
'J-/6%( uFu@( &%'( 6)2)40'( &*( 3/178%
O/B)'&)-)%1*6@(%/(<N(060A*B;'0(*%(19A06
&%'(%/4B%'(5%&0B0'@(4%B1*B;'0(013)2(%
40B-0)B%(H)H*140@(-*5*R(&0(-%14B%6*B(%
60H)'6*&%B(2*'4%&%140(0(%(60A)*4*10'-%
*&2)1)'4B*&%B(]">
n(201-)%1*&*(L0C56%'8%M(18%
&)R(B0'50)4%('%20140(*%(1:20B%(&0
5B%-0''%'(%/(c(./*14)&*&0(&0(&)B0);
4%'( &)'-/4)&%'>( n( *256)*78%( &*
-%136)4/%')&*&0(-%1&/R(*(/2*(2/&*1;
7*(&0(./*6)&*&0(1%'(-%136)4%'('/<20;
4)&%'(c( O/B)'&)78%>($02%'(18%(2*)'
')2560'(-%136)4%'(&0()140B0''0'@(2*'
4*2<J2(-%136)4%'(&0(A*6%B0'>(^ 2(/2*
*78%(&02*B-*4PB)*(&0(40BB*'(5*B4)-/;
6*B0'(18%(+,(-%136)4%'(&0(A*6%B0'@(O,
./0(%(A*6%B(&0<*4)&%(J(%(20'2%@(./*6
'0O*@(%(&)B0)4%(&0(5B%5B)0&*&0>(^ 2(A0R
&)''%@(%'( O/9R0'(5*''*B*2(*('0(&0;
3B%14*B(-%2(%5%')78%(014B0(A*6%B0'Q
5B%5B)0&*&0(C(3/178%('%-)*6@(5B%5B)0;
&*&0(C(&)B0)4%'(&%'(-%1'/2)&%B0'@
5B%5B)0&*&0(C(&)B0)4%'(*2<)014*)'(0
&)B0)4%(c(40BB*(C(&)B0)4%'(*2<)014*)'>
k)4/*7I0'(-%2%(0''*'('8%()1%A*&%;
B*'(5%B./0('0(4B*4*@(02(:64)2*(*1,6);
'0@(&0(-%136)4%'(&)'4B)</4)A%'>(n%(&0;
-)&)B02(*7I0'(&0''*(1*4/B0R*@(2*)'
&%(./0(20B*20140(B0'%6A0B(/2*(6)&0@
%'( O/9R0'( 0'48%(&)B)2)1&%( -%136)4%'
&)'4B)</4)A%'Q(&)'4B)</)78%(&0(5%&0B(0
&0(B)./0R*'>([0''*(3%B2*@(*'()1'4)4/);
7I0'(O/&)-),B)*'('8%(-+*2*&*'(*(*B;
<)4B*B(-%136)4%'(./0@(4B*&)-)%1*620140@
18%()140HB*A*2(%'('0/'(_2<)4%'(&0
-%2504V1-)*@( O,(./0( 4*6(*B<)4B*H02
-%2504)*(*%'(B*2%'(2*)'(0'50-)3)-*;
20140(5%694)-%'(&%(^ '4*&%(K^C0-/4)A%
0(l0H)'6*4)A%N>
$*6(B0*6)&*&0(&0(0C5*1'8%(&%
^'4*&%(18%('0(*640B%/(-%2(*(+0H0;
2%1)*(*5*B014020140()1*<*6,A06(./0
%(10%6)<0B*6)'2%]#(*6-*17%/(1*'(:64);
2*'(&J-*&*'(&%('J-/6%(uu@(-*B*-40;
B)R*&*(506*'('/-0'')A*'(A)4PB)*'(060);
4%B*)'(&0(5*B4)&%'(-%1'0BA*&%B0'(1%'
5*9'0'(%-)&014*)'(0(506*(./0&*(&%'
H%A0B1%'(-%2/1)'4*'(1%(60'40(0/B%;
50/]]>(X%<0B4(|/BR(&0&)-%/(A,B)*'(5,;
H)1*'(*(&02%1'4B*B(-%2%(*(10-0'');
&*&0(&0(-B0'-0140(B0H/6*78%(O/B9&);
-*@(5B%<602*'('%-)*)'(0(0-%6PH)-%'@
&02*1&*'(5%B(*HB0H*&%'()13B*;0'4B/;
4/B*)'( 0(5%694)-*'(&0(5B%40-)%1)'2%
-%20B-)*6(-%1&/R02(0C*4*20140(*%
%5%'4%(&*./)6%( ./0( %'( 10%6)<0B*)'
&0301&02(K*%(201%'(-%2%(B04PB)-*N>
m%1-6/)(%(-)4*&%(01'*9'4*Q(K>>>N(./*14%
2*)'(4%4*6(3%B(%(20B-*&%@(4*14%(2*)'
4%4*6('0B,(%(^'4*&% ]a(K>>>N>(^2(4%&%'
%'(5*9'0'@(*(./%4*(&%(^ '4*&%(0./)A*;
60(+%O0@(02(2J&)*@(*(-0B-*(&0(h"o
&%(5B%&/4%('%-)*6(<B/4%@(0@(02(4%&%(%
p/1&%@(2*)'(&*(204*&0(&*(5%5/6*;
78%(&0501&0(&)B04*(%/()1&)B04*20140
&*(0-%1%2)*(0'4*4*6 ]!>
T/('0O*@(-%2%(*5%14*(U)-%6*%
[)1%Q(T(2)1)2*6)'2%(0'4*4*6(J@(5%)'@
02(-0B4%( '014)&%@( /2*( 3*6,-)*@( /2
01H%&%@( /2*( )10<B)*140(-%B4)1*(&0
3/2*7*(&0'4)1*&*(*(%-/64*B(0@(5B)1-);
5*620140@(014B040B(5%''9A0)'(*&A0B',;
B)%' ]h>
@B8"#".&A#")5C)7/#"3#$
.&/;#$"97/(3*+#$"5
#";&/)5"3&"97*G".57)/&
n%(-%14B,B)%(&*(40'0(2%140';
./)0/1)*1*@(%(O/)R(18%(J@(102(1/1-*
3%)@(*(L<%-*()1*1)2*&*(&*(60)M>(}()10;
A)4,A06(*(5B0'017*(&%(0602014%('/<;
O04)A%(1%(*4%(O/B)'&)-)%1*6@(1*(20&)&*
02(./0(-3"%4-0(J( )1&)''%-),A06(&%'
*4%'(&0(%)/+030+/-0(0(40%-0>(n./)6%(./0
'0(&)R('0B(/2*(50B-0578%(B*-)%1*6(&%
&)B0)4%(5%')4)A%(J@(02(A0B&*&0@(/2(*4%
&0(A%14*&0>(q/9R0'(10/4B%'('%20140
'8%(01-%14B,A0)'(1%'(-02)4JB)%'(K18%
-%2%(A)')4*140'>>>N>
n(*4)A)&*&0( O/&)-)*6( 0C)H0(&%
2*H)'4B*&%@(02(2*)%B(%/(201%B(HB*/@
/2(5*506(-B)*&%B@(*4B)</)1&%(B060A_1;
-)*(%/(18%(*(/2(&040B2)1*&%( 3*4%@
'%6/-)%1*1&%( -*'%'( &0( 6*-/1*'( 0
*14)1%2)*'(KL-*'%'(&)39-0)'MN@(0'50-);
3)-*1&%(%('014)&%(&0(-%1-0)4%'(O/B9&);
-%'( )1&040B2)1*&%'(K40B2%'(A*H%'@
./0('P(*&./)B02(/2('014)&%(s(&014B0
2/)4%'(5%''9A0)'( s(1%(2%2014%(&*
*56)-*78%N]j>(^'40'(:64)2%'@(-%1402;
5%B*10*20140@(B05B0'014*2(/2(-%1;
A)40(0C5B0'')A%(*(/2(5*506(2*)'(5B%;
02)10140(&%(q/&)-),B)%>(n(2/64)56)-*;
78%(&0(*4%B0'(02(-%136)4%(1*'('%-)0;
&*&0'(&0(2*''*@(*6)*&*(c('/50B*78%
&*(5*/4*(495)-*(&0(&)B0)4%'(&%(^ '4*&%
6)<0B*6@(*-*BB04%/(0C4B*%B&)1,B)%(HB*/
&0(H010B*6)R*78%(0(*<'4B*78%(c'(-*;
40H%B)*'(-%1-0)4/*)'(./0(2*B-*2(%
&)'-/B'%(O/B9&)-%>(F''%(-%1'4)4/)(2*B;
-*()10A)4,A06(&*(60H)'6*78%(02('%-)0;
&*&0'(-%2560C*'@(*4)1H)1&%()1-6/');
A0( _2<)4%'( 4)&%'( -%2%( )2/10'@( *
0C0256%(&%([)B0)4%(=01*6>(m%25*B0;
2%'(%(*B4>(#]#(&%(mP&)H%(=01*6(<B*;
')60)B%(-%2(%(*B4>(ji(&*(l0)(&0(mB)20'
n2<)014*)'Q(1%(5B)20)B%(-*'%@(&0'-B0;
A0B;'0(-%2%(-B)20(2*4*B(*6H/J2D(1%
'0H/1&%@(&0)C*B@(*./060(./0(4)A0B(%
&0A0B(60H*6(%/(-%14B*4/*6(&0(3*RV;6%@
&0(-/25B)B( %<B)H*78%(&0( B060A*140
)140B0''0(*2<)014*6>
p0'2%(-%2(%(-%1'4*140(B0-/B;
'%(*(0''*(4J-1)-*(60H)'6*4)A*(K40B2%'
A*H%'N@(*(%B&02(1%B2*4)A*(50B2*10;
-0()1-%25604*Q(*(60H)'6*78%(18%(*<*B;
-*( 4%&%'(%'( 3*4%'(./0(%-%BB02(1*
'%-)0&*&0>([0''0(2%&%@( 3B0.t01;
4020140(%'( O/9R0'( 4V2(&0(0'-%6+0B
014B0(*(*56)-*78%(&*(1%B2*(H0B*6(0C;
-6/')A*(%/(&*(1%B2*(H0B*6()1-6/')A*@
5*B*( /'*B( -%1-0)4%'( &0( U%B<0B4%
S%<<)%>(U*(5B)20)B*(+)5P40'0@(./*6)3);
!! !"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
-*1&%(%(-%25%B4*2014%(+/2*1%(18%
B0H/6*&%(-%2%('01&%(*A0''%(c(%B&02
O/B9&)-*(0@(5%B4*14%@()69-)4%D(1*('0H/1;
&*@( -%1')&0B*1&%( %( 18%;B0H/6*&%
-%2%('0206+*140(*%(B0H/6*&%(0@(5%B
-%1'0H/)140@()1-6/9&%(1*()1-)&V1-)*(&*
1%B2*(B0H/6*&%B*>
^'-%6+*'(0(A%14*&0(0'48%(1*
0''V1-)*(&%(3*R0B(O/&)-)*6(s(./0()''%
3)./0(<02('/<6)1+*&%@(*'')2(-%2%(*'
-%1'0.tV1-)*'(&*9(*&A)1&*'>(m%2%
01')1*(q%*./)2(Z*6-8%Q(U*(&02%-B*;
-)*@( &)3)-)620140( %'( O/9R0'( 5%&02@
-%2%(%-%BB0/(1%(*/4%B)4*B)'2%@(6*A*B
*'(28%'(1*'(10/4B*'(,H/*'(&0(/2
3%B2*6)'2%(60H*6()2*H)1,B)%>(k%<B04/;
&%(./*1&%(*'('014017*'(4%2*2(5%;
')7I0'(&)*140(&*(&)'-B)-)%1*B)0&*&0
5%694)-%;*&2)1)'4B*4)A*(&%(^C0-/4)A%>
n()140B5B04*78%(O/&)-)*6@(5B0401&*;'0
%/(18%@(+,(./0('0B(/2(*4%(5%6)4)-*;
20140(B0'5%1',A06>(k02(%(./0@(*6),'@
)10C)'40(=%&0B( q/&)-),B)%>(^C)'40( 'P
O/&)-),B)% ]g>
@B@"&"3*/*1*$;&"+&.$)*)7+*&.#'
0"7;#"%/&%&$)#"H75".D&
;&//57
T(-%1'4)4/-)%1*6)'2%(&%('J-/;
6%(uu@(02(B/54/B*(K0(*%(20'2%(402;
5%(02(-%14)1/)&*&0N(-%2(%(2%2014%
+)'4PB)-%(5B0-0&0140@(B0&03)1)/(%(5*;
506( &*'( -%1'4)4/)7I0'( 0'-B)4*'( 1*'
'%-)0&*&0'>(^ 6*'(5*''*B*2(*(-/)&*B
18%('%20140(&0(H*B*14)*'(K')14%2*(&0
-%14)1/)&*&0N@(2*'(4*2<J2(&0(5B%;
HB*2*'(A)1-/6*140'(K')14%2*(&0(B/5;
4/B*N(*('0B02(%<B)H*4%B)*20140(50B'0;
H/)&%'(5%B(4%&%'(%'(&0'4)1*4,B)%'(&*'
1%B2*'(-%1'4)4/-)%1*)'@('%<B04/&%(%'
*H0140'(&%(^'4*&%>(U%(-%140C4%(0/;
B%50/(&*('0H/1&*(204*&0(&%('J-/6%
5*''*&%@( 50'*B*2( '%<B02*10)B*@
10''0(5B%-0''%(&0( B0&03)1)78%@( *'
&0')6/'I0'(0(&0'-%13)*17*'(-%2(&0;
40B2)1*&%'(B0'/64*&%'(&*(6/4*(5%694);
-*@(4*)'(-%2%(H%A0B1%'(*/4%B)4,B)%'@
B*-)'4*'(0(<06)H0B*140'@(*6J2(&0(-B);
'0'(0-%1b2)-*'(0('%-)*)'>
[0(2%&%( ')2)6*B@( 02( 1%''%
=*9'@(1%(-%140C4%(&0('/50B*78%(&*
&)4*&/B*(2)6)4*B@(*(<*'0(2*40B)*6(5*B*
%(&0'01A%6A)2014%(&*(&%/4B)1*(&%
&)B)H)'2%(-%1'4)4/-)%1*6(0B*(01%B20Q
*A0B'8%(c'(5%694)-*'(&0(-%14)1HV1-)*
0(*(L-*'/9'2%'M(1%B2*4)A%'D(&0'0O%
&0('*6A*H/*B&*B(03)-*R20140(*'()1';
4)4/)7I0'(&02%-B,4)-*'@(-%6%-*1&%;*'
*-)2*(&0(2/&*17*'(60H)'6*4)A*'(%B;
&)1,B)*'D( &)A0B')3)-*&*'(&02*1&*'
'%-)*)'(0(5%694)-*'@(*2%B&*7*&*'(506%
B0H)20(*/4%B)4,B)%D(50B')'4V1-)*(&*(-B);
'0(0-%1b2)-*(0(&*(50B&*(&0(B01&*02(3*-0(&*()136*78%@(025%<B0-01&%
-B0'-0140'('0H2014%'('%-)*)'>
n'')2@( %'( -%1'4)4/)140'( &0
#figz#fii(*H)B*2(2%A)&%'(506*(5B0;
401'8%(&0(*640B*B(%('4*4/'(./%@(*4B);
</)1&%(1%A*'(4*B03*'(*%(^ '4*&%(0(*6*B;
H*1&%(%(5BP5B)%(-%1-0)4%(&0(-)&*&*;
1)*>(n5B%A*B*2@(0148%@(/2*(m%1'4);
4/)78%(&)B)H0140@(-%13%B20(40B2%(-%1;
'*HB*&%(5%B(m*1%4)6+%@(-%2(%(5B%5P;
')4%(0C569-)4%(&0('0BA)B(&0(5B%HB*2*
50B2*10140(5*B*(*(*78%(5:<6)-*@()2;
5B0H1*1&%;*(&0(-%25B%2)''%'(-%2%
O/'4)7*@()H/*6&*&0(0(<02;0'4*B('%-)*6>
n(60)4/B*(&%'(*B4'>(#y@(ay(0(#g"(&*(m*B;
4*('/'4014*('/3)-)014020140(*(*1,6)'0
025B001&)&*>
U%'(*1%'(./0('0('0H/)B*2(c
*5B%A*78%(&*(m%1'4)4/)78%@(*4B*A0';
'*2%'(/2*(-B)'0(-%1'4)4/-)%1*6]i@(&0
./0( '8%( 06%.t0140( ')14%2*( *'( !g
0201&*'( K)1-6/9&*'(*'(&0( B0A)'8%N
*5B%A*&*'(02(#j(*1%'(s(-0B4*20140
/2(B0-%B&0(2/1&)*6>( FH/*620140@(*
m*B4*(&0(#fii(02(6*BH*(20&)&*(1/1;
-*(&0)C%/(&0( '0B( /2*(-%1'4)4/)78%
1%2)1*6@(-%2%(l%0~01'40)1(-6*'')3);
-*(*'(-%1'4)4/)7I0'(./0(18%('8%(560;
1*20140(-*5*R0'(&0(&)B)H)B(%(5B%-0';
'%(5%694)-%;'%-)*6]f>
^14B04*14%@(*(5B%5%'4*(&0(/2*
-%1'4)4/)78%( &)B)H0140( 50B2*10-0
A)A*@( 5%B( A,B)%'(2%4)A%'>( =B)20)B%@
506*(A)'8%(&%(5B%-0''%(&0(0C5*1'8%
&%(^ '4*&%@(*)1&*(18%(0'H%4*&%@(-%1;
'%*140(*'(*''0B4)A*'(0(5B%H1P'4)-%'
&0(X%<0B4(|/BR>(^2('0H/1&%(6/H*B@
506*( -%1'4*4*78%( &0( ./0( s( 18%
%<'4*140( *( HB*1&0(./*14)&*&0(&0
0201&*'(*-)2*(201-)%1*&*(s(%(40C;
4%(&0(#fii(18%(3%)(*4)1H)&%(1*'(5*B;
40'(2*)'()1401'*20140(5B%HB*2,4)-*'@
50B2*10-01&%(1%(291)2%(-%2%(/2
-%1O/14%(&0(L5B%20''*'()BB0*6)R*&*'M
./0( *6)2014*2( *( 6/4*( -%14B*+0;
H02b1)-*>(X05%B4*1&%;'0(c(')4/*78%
-%6%2<)*1*@(X%&B)H%(?5B)21Y(0(p*/;
B)-)%(d*B-9*;G)660H*'(*BH/2014*2Q(K>>>N
%([)B0)4%(5%&0('0B(/'*&%(5*B*(B0*4)A*B
*(0'50B*17*(-%604)A*(K>>>N>(n'(-%1'4);
4/)7I0'(5B%HB0'')'4*'( '8%@( 5%B( /2
6*&%@( /2*(-%1-0''8%(&%( *5*B06+%
0'4*4*6(02(<01039-)%(&*'(50''%*'(0@
10''0('014)&%@(4B*&/R02;'0(1/2(B0;
2J&)%(-%14B*(*(B0<06&)*(0@(5%B(%/4B%@
4*2<J2(')H1)3)-*2(/2*(5%'')<)6)&*;
&0(&0(0304)A*(206+%B)*(&%'(&)B0)4%'
-)&*&8%'@(4*6(-%2%(*'(1%B2*'(%(2*;
1)30'4*2@(0(*'')2('8%(/2*(5B%2%78%
&0(2/&*17*'(0(/2(B02J&)%(-%14B*(%
-%13%B2)'2%a">
T(40B-0)B%(2%4)A%(506%(./*6('0
*3)B2*(./0(*(m%1'4)4/)78%(&)B)H0140
18%(2%BB0/(*B4)-/6*;'0(-%2(*'(-%1;
-057I0'(&%('0/(*B*/4%(2*)'(-%1+0-);
&%(02(1%''%(5*9'@(%(5BP5B)%(m*1%;
4)6+%@(0'50-)*620140(1*(%<B*(m*1%4)6+%
0(*(m%1'4)4/)78%(&)B)H0140@(014B0(*'
./*)'('0(&0'4*-*Q(m%25B001&%(50B;
30)4*20140(./0@(./*1&%(0'4*2%'(*
3*6*B(02(&)B0)4%(2)4)H*&%@(02(&)B0)4%
B0360C)A%@( 02(&)B0)4%( 5P';2%&0B1%@
02(&)B0)4%(&0'B0H/6*&%@(A0B&*&0)B*;
20140( 0'4*2%'( *( 5*''*B( 5%B( /2*
%/4B*(3*'0(./0(*)1&*(18%(J(5%''9A06
%<40B(1%(SB*')6>(U%(3/1&%@(0'4*2%'(*
)2*H)1*B(/2*(40%B)*(&*(-%1'4)4/)78%
O,(5P';2%&0B1*@(02(./0(18%(0C)'40
-014B%@(02(./0(%(^'4*&%(J(/2(+0BP)
6%-*6@(02(./0(%(^'4*&%(J(/2(+0BP)
+/2)6&0@(02(./0(1P'('%2%'(/2*(5*B;
-06*(&0(%/4B%(0'./02*(%BH*1)R*4)A%>
^'4*2%'(*(0'./0-0B(./0(1%(SB*')6(*
-014B*6)&*&0(J(*)1&*(1%(^'4*&%(&0
[)B0)4%(&02%-B,4)-%(0('%-)*6@(./0(*
-014B*6)&*&0(J(*)1&*(1%(40C4%(-%1'4);
4/-)%1*6@(./0(J(-*B4*(&0()&014)&*&0
&%(5BP5B)%(5*9'@(./0('8%(0'40'(&)B0);
4%'@(*50'*B(&0(5%/-%(B0*6)R*&%'@(./0
'0BA02(-%2%(/2*(0'5J-)0(&0(5*6*;
AB*(&0(%B&02(5*B*(*(5BP5B)*(6/4*(5%;
694)-* a#>
T( A)H%B(&%(-%1-0)4%( 02( 406*
B05B0'014*(*(2*1/40178%(&0(/2(01;
3,4)-%(-%1A)40(5*B*(./0(%(q/&)-),B)%
'0O*(2*)'(5*B49-)50(&*(*B01*(5:<6)-*@
02<%B*('0(B0'0BA0(/2(6/H*B(-014B*6
*%'(5*B6*2014%'(1*(&01')3)-*78%(&%'
5B%HB*2*'(-%1'4)4/-)%1*)'>(m%2(030);
4%@(%(&)B)H)'2%(-%1'4)4/-)%1*6(*-*BB0;
4*(%(0'4*<060-)2014%(&0(2*)'(0(1%;
A%'(5*B_204B%'(O/B9&)-%'(&0(-%14B%60
&*(A*6)&*&0(&*'(5%694)-*'(5:<6)-*'@
3%B4*60-01&%()1-6/')A0(%(-%14B%60('%;
<B0( *'( %2)''I0'( 60H)'6*4)A*'>( ^2
Q@+#*/@+#MDA#+A#+ASD.)*:#_
*2)@P*HI@#C*#$@/+B.BD.HI@'
*B)*PA++*:@+#D:*#E).+A
E@/+B.BDE.@/*-'#CA#MDA#+I@
A-@MaA/BA#+./B@:*#*+
#3b#A:A/C*+
#c./E-D,C*+#*+#CA#)AP.+I@d
*2)@P*C*+#A:#ef#*/@+#g
EA)B*:A/BA#D:#)AE@)CA#:D/C.*-"
hSD*-:A/BA'#*
$*)B*#CA#ei11#A:#-*)S*#:AC.C*
/D/E*#CA.?@D#CA#+A)#D:*
E@/+B.BD.HI@#/@:./*-'
E@:@#W@A[A/+BA./#E-*++.J.E*#*+
E@/+B.BD.H^A+#MDA#/I@#+I@
2-A/*:A/BA#E*2*GA+#CA#C.).S.)#@
2)@EA++@#2@-,B.E@5+@E.*-"
!h!"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
'/2*@(*<B02;'0(6*BH%'(-*2)1+%'(5*B*
./0(*(&)'-B)-)%1*B)0&*&0(&%'(*H01;
40'(5%694)-%'('0O*(6)2)4*&*(506*(*78%
&%(q/&)-),B)%>
@BI"#$"1#/#.)*#$".#
+&.$)*)7*JD&
^B10'4%(S01&*@(0C;5B0')&0140
&%($B)</1*6(m%1'4)4/-)%1*6(&*(n602*;
1+*@(B030B)1&%;'0(*%(^ '4*&%(&0([)B0);
4%@( &)RQ( l*(202%B)*( &0( 6*'( 6*BH*'
6/-+*'(5%B(/1(*'9(-%1-0<)&%(^'4*&%
&0([0B0-+%@( ./0( 'P6%( *6( 5*'%(&06
4)025%(5/&%(&0O*B(*4B,'(*6(*/4%B)4*B)%
^'4*&%;5%6)-9*@( 50B%( 4*2<)J1( 6*
-%140256*-)P1(&0(%4B%'(5*9'0'(-*B01;
40'(&0( 4*60'(H*B*149*'@(1%'(5B%+9<0
'/<0'4)2*B(/1(4*6(-%1-054%(&0(^'4*;
&%(3%B2*6(&0([0B0-+% a]>
n(*&A0B4V1-)*(5B0'4*;'0(*(./0
'0(&0'4*./0@(1%()19-)%(&0'40(4P5)-%@
*()25%B4_1-)*(&*'(H*B*14)*'(3%B2*)'
B0'4*/B*&*'( 0z%/( )1'4)4/9&*'( 506*
m%1'4)4/)78%(&0(#fii@(02(3*A%B(&0('/*
*/4%B)&*&0(0(&%'(&)B0)4%'(&%'(-)&*;
&8%'>(U*(0'40)B*(&*(B0-%201&*78%(&0
S01&*@(602<B0;'0(&*(-Bb1)-*()1-*5*;
-)&*&0(&0(1%''*'(06)40'(&%2)1*140'
&0('0(-%13%B2*B02(-%2(*'(B0HB*'(&%
^'4*&%(&0([)B0)4%@(./*1&%(0'4*'(6+0
5*B0-02(&0'3*A%B,A0)'>(^ 14B0(4*14%'
05)'P&)%'@(<*'4*(*(B030BV1-)*(+)'4%B);
-*20140(2*)'(5BPC)2*Q(%(B0H)20(&0
0C-078%()1'4*/B*&%(*5P'(%(H%650(&0
#fj!@(-%2('0/'(*4%'( )1'4)4/-)%1*)'@
'/*'(0201&*'(-%1'4)4/-)%1*)'(%/4%B;
H*&*'@('/*'(A)%6*7I0'(*(&)B0)4%'()1&);
A)&/*)'(0('/*(5B0401'8%(&0('0(-%6%;
-*B(*-)2*(&%(-%14B%60(O/B)'&)-)%1*6(s
-%2%(&)'5/1+*(%(nF;h>
n'')2@(18%(+,(&0(201%'5B0;
R*B(1%B2*'(-%2%(*./06*'(6)2)4*&%B*'
&%(5%&0B(&%(-%1'4)4/)140(&0B)A*&%(%/
-%2%(*(./0(-%1'*HB*(%(5B)1-95)%(&*
)1*3*'4*<)6)&*&0(&*( O/B)'&)78%Q(*( 60)
18%(0C-6/)B,(&*(*5B0-)*78%(&%(=%&0B
q/&)-),B)%(60'8%(%/(*20*7*(*(&)B0)4%
K*B4>(hy@(uuuG@(mZN>
U0''0(5*''%@( *(m%1'4)4/)78%
&0(#fii@(&0(4%&*'(./*14*'(4)A02%'@
3%)(*(./0( )1'4)4/)/(/2(')'402*(2*)'
6*BH%(&0(H*B*14)*'>(^'4*'(3/1-)%1*2
-%2%(/2(5%&0B%'%(-+*2*&%(*(./0(%
q/&)-),B)%(*4/0(2*)'()1401'*20140(1%
*B<)4B*2014%(&0(-%136)4%'@(02(56*1%'
5B*4)-*20140()6)2)4*&%'>
n6J2(&*'(H*B*14)*'(O,(-)4*&*'@
A0O*;'0(%(-%14B%60(&0(-%1'4)4/-)%1*;
6)&*&0(&*'(60)'>(n%(6*&%(&*(2*1/401;
78%(&%(')'402*(&)3/'%(s(4B*&)-)%1*6(0
0''01-)*6(02(1%''%([)B0)4%(s@(*(1%A*
m*B4*(3%B4*60-0/(0C5%101-)*620140(%
')'402*(-%1-014B*&%@(-%2(&0'4*./0
5*B*(*(*256)*78%(&*(60H)4)2)&*&0(*4);
A*(02(*7I0'(&)B04*'(&0()1-%1'4)4/-)%;
1*6)&*&0(0(*(-B)*78%(&0(1%A*'(*7I0'@
*(0C0256%(&*(*BH/)78%(&0(&0'-/2;
5B)2014%(&0(5B0-0)4%(3/1&*2014*6>
T(0C*20(&%(./0(%-%BB0/(-%2
*(1%A*(-%13)H/B*78%(&*'(*7I0'(&)B0;
4*'(&0()1-%1'4)4/-)%1*6)&*&0(J(<*'4*1;
40(06/-)&*4)A%(*-0B-*(&*'(4B*1'3%B2*;
7I0'('%3B)&*'(506%(q/&)-),B)%>(U%(k$Z@
06*'('*64*B*2(&0(#hi(02(#fif(5*B*
]hh(02(]"""@(B05B0'014*1&%(/2(-B0';
-)2014%(&0(j#o>(}()140B0''*140(1%4*B
*)1&*(./0@(&*./06*'(5B%4%-%6*&*'(1%
*1%(&0(]"""@(]f@j!o(3%B*2(*O/)R*&*'
5%B( 5*B4)&%'(5%694)-%'@( ]j@iio(5%B
H%A0B1*&%B0'(&0(0'4*&%(0(]!@h#o
5%B(-%130&0B*7I0'(')1&)-*)'(%/(014);
&*&0'(&0(-6*''0@(4%4*6)R*1&%(i#@"ao>
nHB0H/0;'0(*()''%(2*)'(/2(&*&%Q(4%;
&%'(%'(5*B4)&%'(5%694)-%'(./0(1*./0;
60(*1%(5B%5/'0B*2(n[FU'@(%/(')4/*;
A*2;'0(1%(-*25%(&*(%5%')78%(*%
d%A0B1%(Z0&0B*6(&*(J5%-*@(%/(5%';
'/9*2(B05B0'014*78%(5*B6*2014*B()1;
')H1)3)-*140>(m%2( 4*)'( )13%B2*7I0'@
5%&0;'0(&)201')%1*B(%(./*14%(%(5*;
506(&%(k$Z(3%)(0C5*1&)&%(1%(4%-*140
c(*B<)4B*H02(&0(-%136)4%'(5%694)-%'@(&0
2*10)B*(./0(%'(*H0140'(A01-)&%'(1*
*B01*(0'4B)4*20140(5%694)-*(</'-*2(s
*25*B*&%'(1*(m%1'4)4/)78%(s(%(q/&);
-),B)%(-%2%(-*2)1+%(5*B*(*(B0A0B'8%
&%(./*&B%>(^ ''0(5B%-0''%(50B2*10;
-0(02(-/B'%@(-%2(]if(n[FU'(5B%5%';
4*'(1%(*1%(&0(]""a@(&0A01&%;'0(*50;
1*'(B0H)'4B*B(./0(%(5B%-/B*&%B;H0B*6
&*( X05:<6)-*( 5*''%/( *( 6)&0B*B( %
B*1W)1H@(-%2(!"@!io(&*'(*7I0'(&)B0;
4*'(*5B0'014*&*'>
k8%(-01401*'(%'(0C0256%'(&0
5%694)-*'(5:<6)-*'(*640B*&*'(5%B(3%B7*
&0(n[FU'@(102('025B0(*-*BB04*1&%B0'/64*&%'(*256)*&%B0'(&*'(-)4*&*'
5%694)-*'>(n(494/6%(0C0256)3)-*4)A%@(-);
4*2%'(%(*B4>(#f(&*(l0)(1>(#">]j"z]""#Q
n(5*B4)B(&%(5B)20)B%('020'4B0(&0(]""#@
'02(5B0O/9R%(&%( -/25B)2014%(&*'
&02*)'(-%1&)7I0'(0'4*<060-)&*'(10';
4*(l0)@(*'()1'4)4/)7I0'(&0(01')1%(01;
./*&B*&*'(1%(*B4>(hh(&*(l0)(1>(i>]#]@
&0(]!(&0(O/6+%(&0(#ff#@(3)-*2(%<B)H*;
&*'(*(*56)-*B(%(0./)A*60140(c(-%14B);
</)78%(-*6-/6*&*(1%'(40B2%'(&%(*B4>
]](&*(B030B)&*(l0)(1*(-%1-0''8%(&0
<%6'*'(&0(0'4/&%@(1%(50B-014/*6()H/*6
%/('/50B)%B(*(h"o(&%'(01-*BH%'(0&/;
-*-)%1*)'(-%<B*&%'(506*'()1'4)4/)7I0'
&0( 01')1%@( *( *6/1%'( -%25B%A*;
&*20140( -*B0140'( 0( B0H/6*B20140
2*4B)-/6*&%'>(n5B0-)*1&%(*(n[FU(1>
]>h!hz[Z@(%(k$Z('/'501&0/(%(&)'5%;
')4)A%@(*''014*1&%Q(T(*B4>(#f(&*(l0)(1>
#">]j"z"#@(./*1&%(&040B2)1*(./0(%
A*6%B( 0-%1b2)-%(-%BB0'5%1&0140(c
0C%10B*78%(&0( -%14B)</)7I0'( '0O*
%<B)H*4%B)*20140(&0'4)1*&%(*(&040B;
2)1*&*(3)1*6)&*&0(0'4,@(1*(A0B&*&0@
'/<'4)4/)1&%(5%B(%<B)H*78%(&0(3*R0B
K-%1-0&0B(<%6'*'(&0(0'4/&%N(*(%<B);
H*78%(&0(&*B(K5*H*B(*(-%14B)</)78%
5*4B%1*6N(&0(./0(*'(014)&*&0'(<010;
3)-0140'(0&/-*-)%1*)'(0'48%(0C5B0';
'*20140(&)'501'*&*'>
n)1&*(1%(40BB01%(&%(-%14B%60(&0
-%1'4)4/-)%1*6)&*&0@(+%/A0(%/4B*(0C;
5B0'')A*(*640B*78%(-%2(*(-B)*78%(&*
*BH/)78%(&0(&0'-/25B)2014%(&0(5B0;
-0)4%(3/1&*2014*6(Kn[=ZN@(5B0A)'4*(1%
*B4>(#"]@(v(#y@(&*(m%1'4)4/)78%(0(B0H/;
6*2014*&*(506*( l0)( 1>( f>ii]zff>(n
)201'*(5%401-)*6)&*&0(&0''0()1'4B/;
2014%@( 1%( 4%-*140( *%( -%14B%60( 0( c
)25602014*78%(&0(5%694)-*'(5:<6)-*'@
3%)(B0A06*&*(-%2(*(B0-0140(&0-)'8%
*-0B-*(&*()140BB/578%(&*(HB*A)&0R(&0
304%'( *101-03,6)-%'@( 5B%30B)&*(506%
p)1)'4B%(p*B-%(n/BJ6)%(1*(n[=Z(1>(h!
s(5%'40B)%B20140(-*''*&*(5%B(./0';
4I0'(5B%-0''/*)'>(^ ''*(&0-)'8%(*640;
B*A*(B*&)-*620140(*( 30)78%(&0(/2*
5%694)-*(5:<6)-*(%<A)*20140(B060A*1;
40@(02(B06*78%(c(./*6('/<')'402(*-01;
4/*&*'(&)3)-/6&*&0'(&0(&06)<0B*78%
1*'( )1'4_1-)*'(5%694)-*'@(02(A)B4/&0
&0()256)-*7I0'(2%B*)'(0(B06)H)%'*'>
n( &0-)'8%( &040B2)1*A*( 18%( 'P( %
'%<B0'4*2014%(&%'(5B%-0''%'(0(&0;
-)'I0'(18%( 4B*1')4*&*'(02( O/6H*&%@
-%2%(4*2<J2(%(B0-%1+0-)2014%(&%
&)B0)4%(-%1'4)4/-)%1*6(&*(H0'4*140(&0
'/<2040B;'0(c(%50B*78%(40B*5V/4)-*
&0(5*B4%(&0( 304%'( *101-03,6)-%'@( *
5*B4)B(&0(6*/&%(2J&)-%(*40'4*1&%(*
&03%B2)&*&0@(*(*1%2*6)*(./0(*4)1H)/
%(304%>(^ 2('01&%(/2(&)B0)4%(-%1'4)4/;
-)%1*6@( %( k)'402*(1)-%(&0(k*:&0
Kk?kN(0B*(%<B)H*&%(*(*401&0B(c'(&0;
2*1&*'(&*./06*(1*4/B0R*@(2%&)3)-*1;
&%;'0(/2*(6)1+*('/<'4*14)A*(1*(5%694);
-*(&0('*:&0(1%(SB*')6>
U*(20'2*(4B)6+*(&0(0C5*1'8%
&*'(3/17I0'(O/&)-),B)*'@(%/4B%'()1'4B/;
2014%'(5B%-0''/*)'(3%B*2(-B)*&%'(%/
*5B)2%B*&%'( 506*( m%1'4)4/)78%@( *
0C0256%(&%(2*1&*&%(&0('0H/B*17*
-%604)A%(0(&%(2*1&*&%(&0()1O/178%Q
-%1-0&0B;'0;,(2*1&*&%(&0()1O/178%
'025B0(./0(*(3*64*(&0(1%B2*(B0H/6*;
2014*&%B*(4%B10()1A),A06(%(0C0B-9-)%
&%'(&)B0)4%'(0(6)<0B&*&0'(-%1'4)4/-)%;
1*)'(0(&*'(5B0BB%H*4)A*'()10B0140'(c
1*-)%1*6)&*&0@(c('%<0B*1)*(0(c(-)&*;
&*1)*@(&)'5I0(%()1->(luuF(&%(*B4>(hy
&*(m%1'4)4/)78%>(T(&)'5%')4)A%@(&0'4);
1*&%('%<B04/&%(*(5B%40H0B(%(-)&*&8%
&*'(%2)''I0'(&%'(60H)'6*&%B0'@(40A0
'/*(0304)A)&*&0(<*'4*140(6)2)4*&*(506*
O/B)'5B/&V1-)*(*/4%;B0'4B)4)A*(&%(k$Z aa>
^14B04*14%@('/*(2*1/40178%(1%(40C4%
3/1&*2014*6('025B0(*<B0(01'0O%(*
0A014/*)'(B001./*&B*2014%'@(-%2%
*6),'(*(5BP5B)*(n[=Z(*4B*A0''*(s(*5P'
-%14/1&0140'( B0')'4V1-)*'( '/<'0;
.t0140'(c('/*(B0H/6*2014*78% a!>(U*
1%''*(50B'50-4)A*@( 0''0(+)5%4J4)-%
B001./*&B*2014%(02(4%B1%(&%(2*1;
!j !"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
&*&%(&0()1O/178%(J(10-0'',B)%@(c(A)';
4*(&%(4)5%(&0(B06*78%(014B0(%(q/&)-),;
B)%( 0( %(=*B6*2014%(1%(SB*')6( s( 18%
+*A01&%( ./*6./0B( )1&9-)%( &0( ./0
L*506%'M(&*./060(-%1&/R*2(*(&06)<0;
B*7I0'(5*B6*2014*B0'>
U%(20'2%(_2<)4%@(*<%B&*;'0@
3)1*620140@(*(*78%(-)A)6(5:<6)-*@(*B2*
./0(2*)'(*2):&0(402(5B%&/R)&%(030);
4%'(1%(-%14B%60(&*(-%1&/4*(-%2)'')A*
%/(%2)'')A*(&*(n&2)1)'4B*78%>(F''%
&0-%BB0(&*(6*BH/0R*(&0('/*(*56)-*<);
6)&*&0@( ./*6( '0O*@( *( 5B%4078%( &%
5*4B)2b1)%(5:<6)-%(0('%-)*6@(&%(20)%
*2<)0140( 0( &0( %/4B%'( )140B0''0'
&)3/'%'(0(-%604)A%'@(-%13%B20(%(*B4>
#]f@(FFF@(&*(m%1'4)4/)78%>(^14B0(2/);
4%'(-*'%'(02(./0(%(2*10O%(&*(*78%
-)A)6( 5:<6)-*( B0'/64%/( 1*( )2560;
2014*78%(&0(5%694)-*'(5:<6)-*'@(A02
c( 4%1*( %( 3%B10-)2014%( HB*4/)4%( &0
20&)-*2014%'(*14);EFG@(%B&01*&%(O/;
&)-)*620140(*140'(20'2%(./0(+%/;
A0''0( 60)( 4B*4*1&%(&%(*''/14%>( k0;
H/02(2*)'(&%)'(0C0256%'@(<*'4*140
&0'*3)*&%B0'Q
n€T(mFGFl(=SlFmn>([?=lF;
mn€T([^(XT[TGFn(Z^[^Xnl>(FU;
$^XG^U€T([T(=T[^X(q?[FmF‚;
XFT(Un(n[pFUFk$Xn€T(=SlFmn>
=TkkFSFlF[n[^>(nU$^mF=n€T([^
$?$^ln>(n(2%&0B1*(O/B)'5B/&V1-)*
*&2)40(*()140BA0178%(&%(=%&0B(q/&);
-),B)%( 1*( n&2)1)'4B*78%( =:<6)-*@
A)*<)6)R*1&%(*(*140-)5*78%(&0(4/406*
5*B*(&040B2)1*B(*(0C0-/78%(&0(%<B*
B06*4)A*(*(&/56)-*78%(&0(B%&%A)*(30;
&0B*6@(*140(*(B0'5%1'*<)6)&*&0(-)A)6(&%
^'4*&%( '%<B0(2%B40'( 0(2/4)6*7I0'
&0-%BB0140'(&0(*-)&0140'(&0(4B_1')4%
+*A)&%'(1*(B%&%A)*(&0('/*(-%2504V1;
-)*ah>
n€T(mFGFl(=SlFmn>([FX^F;
$T([T(mTUk?pF[TX>(mTXX^$n
FUZTXpn€T(nm^Xmn([Tk(XFk;
mTk(^ (=T$^UmFnFk([nUTk(w?^(T
mTUk?pT([^(S^SF[nk(nlmTƒlF;
mnk(mn?kn(„(kn[^>(FUkmXF€T
U^m^kk‚XFn(UTk(Xƒ$?lTk([^
S^SF[nk(nlmTƒlFmnk>(#>(}(5%''9;
A06( 0( 0C)H9A06( &%( q/&)-),B)%@( )25%B
&040B2)1*&*(-%1&/4*(*%(3%B10-0&%B@
'02(./0(0'4*(0'40O*(0C5B0''*20140
5B0A)'4*(02( 60)@(&0'&0(./0(*3)1*&*
-%2(*'(5%694)-*'(5:<6)-*'(&)B04*201;
40(&0-%BB0140'(&%(40C4%(-%1'4)4/-)%;
1*6(0(&%(5B)1-95)%(&*(5601*()13%B2*;
78%(*%(-%1'/2)&%B(K*B4>(jy@(FF@(FFF(0(FG@
&*(l0)(1>(i>"gizf"N@(5%)'(4B*&/R;'0(02
&0A0B(&%(^'4*&%@(&%(./*6(%(q/&)-),;
B)%(J(5%&0B@(&0(*-%B&%(-%2(%(*B4>(#fj
&*(m%1'4)4/)78%>(]>(T(-%1'/2%(&0(*6;
-%P6)-%'(18%()140B0''*('P(c(-%2/1);
-*78%('%-)*6@(5B%5*H*1&*(0(*%(-%2JB;
-)%(&0(4*)'(5B%&/4%'@()140B0''*('%<(%
*'50-4%(&*('*:&0(5:<6)-*@(&*(5B%40;
78%(&%(201%B(0(&%(*&%60'-0140@(&*
'0H/B*17*(A0)-/6*B@(&%(&)B0)4%(&0()1;
3%B2*78%(0(&0(5B%4078%(*%(-%1'/2);
&%B>(a>(T(-%2*1&%(&%(*B4>(fy@(&%(mP;
&)H%(&%(m%1'/2)&%B@()1&)-*(%'(&)B0);
4%'(<,')-%'(&%(-%1'/2)&%B(c()13%B2*;
78%(*&0./*&*(0(-6*B*('%<B0(%(5B%&/;
4%(0('%<B0(%'(B)'-%'(./0(*5B0'014*@
'%<B04/&%@( 4B*4*1&%;'0(&0(5B%&/4%
5%401-)*620140(1%-)A%(c('*:&0@(-/O*
)13%B2*78%(&0A0('0B(30)4*(&0(2*10)B*
%'401')A*@(*(&0'50)4%(&*(5B0A)'8%(&%
*B4>(!`@(v(]y@(&*(l0)(1>(f>]f!zfj(&040B;
2)1*B(./0(%'(BP4/6%'(&0(<0<)&*'(*6;
-%P6)-*'(-%140B8%(*&A0B4V1-)*(5*B*
./0(%'(-%1'/2)&%B0'(0A)402(%(-%1;
'/2%(0C-0'')A%(&0( ,6-%%6>( !>(U8%
%-%BB0(5B0-6/'8%(&0(2*4JB)*(./0(&)R
-%2(*'(-%1&)7I0'(&*(*78%@(-*'%(&*
60H)4)2)&*&0@( '%<B04/&%(1*'( *7I0'
-)A)'(5:<6)-*'(%1&0( '0(50B'0H/02
&)B0)4%'(&)3/'%'@( -/O%( )140B0''0(&0;
5B001&0;'0(&*(5B%5B)0&*&0@(&*'(B0;
6*7I0'(5B)A*49'4)A*'(02(H0B*6@(%(./0@
)1( -*'/@( B0A06%/;'0( 506%( )140B0''0
&02%1'4B*&%(506*(02<*BH*140@(4*1;
4*'( A0R0'( B0)40B*&%(&0(&0301&0B( *
5%')78%(&%'(*''%-)*&%'(./0('8%(3*;
<B)-*140'(&0(<0<)&*'@(40'0(&*(-%;BJ
?1)8%>(!>(m%1&01*&*(*( BJ(?1)8%(*
0C)H)B(1*(B%4/6*H02(&0(4%&*'(*'(<0<);
&*'(*6-%P6)-*'(5B%&/R)&*'(%/(-%20B;
-)*6)R*&*'(1%(40BB)4PB)%(5,4B)%@(&%(40%B
*6-%P6)-%(0(&%(*60B4*(02(0C5B0''8%
HB,3)-*( *&0./*&*@( &0( ./0( …T(‚l;
mTTl(=T[^(mn?knX([^=^U[†U;
mFn(^ (^ p(^ um^kkT(}(=X^q?[FmFnl
„(kn[^…(0(*(nSXnS^(*(0C50&)B(0'4*
)13%B2*78%(*(4%&*'(*'('/*'(*''%-)*;
&*'(0(-%2/1)-*B(*%'(&02*)'(5B%&/4%;
B0'(&0(*6-%P6)-%'@(./*14%(c(10-0'',;
B)*(*&0./*78%>(h>(=B%A)&%(%(B0-/B'% aj>
@BK"#"%/&;5$$#"35"565)*A*3#35
3&$"3*/5*)&$"67.3#;5.)#*$
T(:64)2%( L-%1A)40M(c(*4/*78%
O/&)-)*6(*256)*&*(&)R(B0'50)4%(c(5B%;
20''*@(-%14)&*(1%((5BP5B)%(40C4%(-%1';
4)4/-)%1*6@(&0(./0(%'(&)B0)4%'(3/1&*;
2014*)'(5%B(060(*6<0BH*&%'(18%('0;
B)*2(-%1&01*&%'(*%(L2/1&%(&%'(2%B;
4%'M>((^'4*<060-0(*(m%1'4)4/)78%Q(n'
1%B2*'( &03)1)&%B*'( &%'( &)B0)4%'( 0
H*B*14)*'(3/1&*2014*)'(4V2(*56)-*78%
)20&)*4*(K*B4>(hy@(v(#yN>
U*'()140B5B04*7I0'(&0''0(5B0;
-0)4%@(18%(+,(&)''01'%'(0C5B0'')A%'
./*14%(c(-+*2*&*(L03)-,-)*(291)2*
&*'(1%B2*'()1'4)4/)&%B*'(&0(&)B0)4%'
3/1&*2014*)'M@(')1404)R*&*(02(./*4B%
030)4%'(0z%/(*54)&I0'Q(*N(B0A%H*78%&%'(*4%'()13B*-%1'4)4/-)%1*)'(*140B)%;
B0'(./0(-%2(06*'('0O*2()1-%25*49;
A0)'D(<N(6)2)4*78%(&*(6)<0B&*&0(&%(60;
H)'6*&%BD(-N(*4/*78%(-%2%(5*B_204B%'
)140B5B04*4)A%'(5*B*( 4%&%(%( ')'402*
O/B9&)-%D(&N(A0&*78%(c(*4/*78%(60H)';
6*4)A*(%/(*&2)1)'4B*4)A*(02('014)&%
-%14B,B)%(*%(106*'(5B0'-B)4%>(U0''*'
./*4B%(+)5P40'0'@(J(-*<9A06(*()140BA01;
78%(O/&)-)*6(*(3)2(&0(-%1-B04)R*B(4*)'
030)4%'(0z%/(*54)&I0'>
^14B04*14%@(02('0(-/)&*1&%(&%'
&)B0)4%'(3/1&*2014*)'(5B0'4*-)%1*)'ag@
50B2*10-02(*'(&)'-/''I0'(5*B*(&0;
3)1)B('0(*(*56)-*78%()20&)*4*(02(406*
*6-*17*(*(0C4B*78%@(&)B04*20140(506%
q/&)-),B)%@(&0(030)4%'(5%')4)A%'(0(-%1;
-B04%'(02(3*A%B(&%'(-)&*&8%'@()1&0;
501&014020140(&*(20&)*78%(60H)'6*;
4)A*>(^ 2(%/4B*'(5*6*AB*'@(&0<*40;'0(%
*6-*1-0(&%(L-%1A)40M@(50B./)B)1&%;'0('0
J(5%''9A06(*%(q/&)-),B)%(-B)*B(%/(*640B*B
%'(-%14%B1%'(&0(/2*(5%694)-*(5:<6)-*@
*(5B040C4%(&0(H*B*14)B(%(H%R%(&0(/2
&)B0)4%(3/1&*2014*6(5B0'4*-)%1*6>(n(B0';
5%'4*(5B0&%2)1*140(J(10H*4)A*@(1%B;
2*620140('01&%()1A%-*&%'(*(&)'-B);
-)%1*B)0&*&0(*&2)1)'4B*4)A*(0(%(B0'50);
4%(c(LB0'0BA*(&%(5%''9A06M(-%2%(3/1;
&*2014%'>(^ 2(./0(20&)&*(3/1-)%1*2
0''0'(0(%/4B%'(6)2)40'(c()140B30BV1-)*
&%(q/&)-),B)%(1%(-*25%(&*'(5%694)-*'
5:<6)-*'r
I"&"H75"'*;*)#"&$"%#$$&$"3&
973*+*:/*&"E%#/#"&"-5;"5"%#/#
&";#'F
n6H/1'(3*4%B0'(4V2(02<*B*7*;
&%(%'(5*''%'(&%(q/&)-),B)%(02(&)B0;
78%(*(/2(5*506(*)1&*(2*)'(5B%4*H%;
>#K-B.:@#TE@/P.BAU#_#*BD*HI@
8DC.E.*-#*:2-.*C*#C.G#)A+2A.B@#_
2)@:A++*'#E@/B.C*#/@##2)O2).@
BA?B@#E@/+B.BDE.@/*-'#CA#MDA#@+
C.)A.B@+#JD/C*:A/B*.+#2@)#A-A
*-LA)S*C@+#/I@#+A).*:
E@/CA/*C@+#*@#T:D/C@#C@+
:@)B@+U"##%+B*LA-AEA#*
$@/+B.BD.HI@j#R+#/@):*+
CAJ./.C@)*+#C@+#C.)A.B@+#A
S*)*/B.*+#JD/C*:A/B*.+#B]:
*2-.E*HI@#.:AC.*B*#c*)B"#6k'#l#ekd"
!g!"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
1)'4*(0(0304)A%(1*(-%1-B04)R*78%(&%'
&)B0)4%'(3/1&*2014*)'@(-%2%('0(-%1;
')&0B*(./0(*('%-)0&*&0(<B*')60)B*(*6;
20O*>
^2(5B)20)B%(6/H*B@(B0''*64*;'0
./0(%(q/&)-),B)%(A)A0(5B%3/1&*(-B)'0@
B05604*(&0(&)3)-/6&*&0'(K0(&0(%5%B4/;
1)&*&0'N>(^ 2('0H/)&*@(*4014*;'0(5*B*
*(&)'-B)-)%1*B)0&*&0(0(*(&%/4B)1*(&*
LB0'0BA*(&%(5%''9A06M(-%2%(2%4)A*;
&%B0'(&*(*/4%-%140178%(O/&)-)*6>
U8%('0B8%(*./)(201-)%1*&%'
*'50-4%'(-%2%(-%1&/4*'(925B%<*'(%/
B06*7I0'(50B1)-)%'*'(-%2('0H2014%'
'%-)*620140(5%&0B%'%'@(18%(5%B./0
'0O*2(3*4%B0'(./0(5%''*2('0B(&0';
-*B4*&%'(&0(56*1%@(2*'(')2(5%B(18%
'0B02(5B,4)-*'(+0H02b1)-*'(1%(*5*;
B06+%(O/&)-)*6(<B*')60)B%>(T'(-*'%'()&01;
4)3)-*&%'(0(&0A)&*20140(-%25B%A*&%'
K'0H/1&%(%(&0A)&%(5B%-0''%( 60H*6N
'8%(1/20B)-*20140(5%/-%(0C5B0'');
A%'@(2/)4%(2*)'(*<*6*1&%(*()2*H02
&*()1'4)4/)78%(&%(./0(-%1'4)4/)1&%(/2
)1&)-*&%B(-*5*R(&0(*640B*B(*(0''V1;
-)*(&*'(-%)'*'>(T<A)*20140(4*)'(-*;
'%'(&0A02('0B()1-)')A*20140(-%2<*;
4)&%'@()1-6/')A0(5%B()140B2J&)%(&*()1';
4)4/)78%( &0( 1%A%'(20-*1)'2%'( &0
-%14B%60(&)'-)56)1*B(KA>H>(-B)*78%(&%
m%1'06+%(U*-)%1*6(&0(q/'4)7*(0(*50B;
30)7%*2014%(&*(60H)'6*78%('%<B0(-B);
20'(&0(B0'5%1'*<)6)&*&0N>
IB!"&"973*+*:/*&"5;"+/*$5"0"&
+#$&"-/#$*'5*/&
X04%2*1&%(-%1')&0B*7I0'(30);
4*'(02(%/4B%(6/H*Bai@(&0'&%<B*B;'0;,
*(*<%B&*H02(02(&/*'(&)201'I0'@
&01%2)1*&*'(L-B)'0(&0()&014)&*&0M(0
L-B)'0(&0(&0'02501+%M( K0A)&0140;
20140(014B06*7*&*'N>
n(5B)20)B*(&)201'8%(&*(-B)'0
3)-*(<*'4*140(194)&*(-%2(*(50BH/14*Q
Lw/*6(%(5*506(&%(q/&)-),B)%(1%(SB*;
')6rM(Z%B2/6*&*(5*B*()140HB*140'(&*
2*H)'4B*4/B*(1*-)%1*6@(-%2(-0B40R*
60A*B)*(s(&0(*-%B&%(-%2(*'(V13*'0'
5B0'0140'(s(*(&/*'(-6*''0'(&0(B0';
5%'4*'Q
*N(&)B)2)B(-%136)4%'(*56)-*1&%(*(60)D
<N(&)B)2)B(-%136)4%'(3*R01&%(O/';
4)7*>
n()1'/3)-)V1-)*(&0''*'(B0'5%';
4*'@(5*B*(%(0'4*<060-)2014%(&0(/2*
)&014)&*&0()1'4)4/-)%1*6@(J(0A)&0140>
U%(5B)20)B%(-*'%@(02(./0('0(B0A06*
/2( 2*)%B( *50H%( *%( 5*B*&)H2*
1%B2*4)A)'4*@(*'(&)3)-/6&*&0'(0'48%(1*
-%1'4*4*78%(&0(./0(%(')'402*(60H*6
<B*')60)B%(0'4,(&)'4*140(&%(2)4%(&0(/2
')'402*(%<O04)A%@(+*B2b1)-%(0(-%0B01;
40( s(5B%14%(5*B*( ')2560'20140( '0B
*56)-*&%(506%'(O/9R0'>
n&02*)'@(-B0'-014020140(%(60;
H)'6*&%B()25B0H1*(%'(40C4%'(1%B2*;
4)A%'(&0(-%1-0)4%'(O/B9&)-%'()1&040B;
2)1*&%'@(02(A)B4/&0(&*(HB*1&0(-%2;
560C)&*&0(0(&)1*2)'2%(&%'(3*4%'(*
'0B02(B0H/6*&%'@(<02(-%2%(&%'(3B0;
.t0140'( )25*''0'( 1%( 5B%-0''%
60H)'6*4)A%(s('%6/-)%1*&%'@(1*()25%';
')<)6)&*&0( &0( 0'4*<060-)2014%( &0
2*)%B)*'(0'4,A0)'(0(-6*B*'@(5%B(20)%
&0(*-%B&%'(-%1&/-0140'(c(*&%78%(&0
-6,/'/6*'( 60H*)'( *<0B4*'@( 5%B( )''%
20'2%(-*5*R0'(&0(B0-0<0B(*(*5B%;
A*78%(&%(=*B6*2014%>
[0''*(3%B2*@(02<%B*(18%('0
401+*(&:A)&*('%<B0(*(A)1-/6*78%(&%'
O/9R0'(*%'(5*B_204B%'(5%694)-%'@()&0;
%6PH)-%'@(*C)%6PH)-%'(04->@(4B*1'3%B2*;
&%'(506%'(60H)'6*&%B0'(02(1%B2*'@(J
2*1)30'4*(*()1-*5*-)&*&0(&*(3PB2/6*
02(*1,6)'0(KB0'5%'4*(&0(604B*(*N(5*B*
&03)1)B( 5601*20140(%(5*506(./0(%'
2*H)'4B*&%'(&0'02501+*2(1*('%-)0;
&*&0(<B*')60)B*>
p06+%B('%B40(18%(B0'4*(c(*640B;
1*4)A*( <@(2*)'( 6)H*&*( *( 5%')7I0'
O/'1*4/B*6)'4*'>(n3)1*6@(./*14%'(2)6+*;
B0'(&0(5,H)1*'(O,(3%B*2(H*'4%'(-%2
B0360CI0'( '%<B0(%(&06)10*2014%(&%
./0(J(*(O/'4)7*r(s(-%1'4)4/)1&%@('02
&:A)&*@( /2(A*6)%'9'')2%( B030B01-)*6
5*B*(*(*78%(5B,4)-*(&%'(O/9R0'@('02
./0(-%14/&%(5%''*2%'(1)''%(01-%1;
4B*B(%(-*2)1+%(*('0B(4B)6+*&%(K0(102
'0B)*(&0(0'50B*B(./0(4*6(%-%BB0''0N>
n( -B)'0(&0( )&014)&*&0(*'')2
&06)10*&*(J(*HB*A*&*(506%(50'%(&%
)1&)A)&/*6)'2%(495)-%(&%(<*-+*B06)'2%
-6,'')-%@(02(&0-%BBV1-)*(&%(./*6(5%/;
-%('0(-/)&*@(1%('0)%(&%(q/&)-),B)%@(&0
/2(&0<*40(2*)'(%BH*1)R*&%(0(-%604);
A%(*-0B-*(&%(5B%O04%()1'4)4/-)%1*6(*('0B
)25602014*&%>(m0B4*20140(4*6(&0<*;
40(18%('0B)*(-%1-6/')A%@(1%('014)&%(&%
*6-*1-0(&0(A0B&*&0'()2/4,A0)'@(2*'
'0H/B*20140(-%1'4B/)B;'0;)*2(<*6)R*'
+0H02b1)-*'(2*)'(-6*B*'(&%(./0(*'
*-)2*(B0H)'4B*&*'(s(5%B4*14%(-*5*R0'
&0(206+%B(5%')-)%1*B(*()1'4)4/)78%(1%
)140B)%B(&%(5B%-0''%(+)'4PB)-%af>
^''*(&)201'8%(&*(-B)'0(O/&);
-),B)*(3%)(<02(B0A06*&*(02(&/*'(50';
./)'*'(-%1&/R)&*'(506%(F1'4)4/4%(&0
^'4/&%'(^-%1b2)-%'@(k%-)*)'(0(=%69;
4)-%'(&0(k8%(=*/6%(s(F[^k=@(*(5B)20);
B*(02(#ffa(0(*(%/4B*(02(]""">
U*(5B)20)B*(%-*')8%@(3%)('%6)-);
4*&%(*%'(O/9R0'(./0(2*1)30'4*''02
'/*'(%5)1)I0'('%<B0(/2*('0.tV1-)*
&0(*3)B2*7I0'@(014B0(*'(./*)'(20B0;
-02(&0'4*./0Q
*N(T(O/)R(18%(5%&0('0B(/2(20B%
*56)-*&%B(&*'(60)'(s(402(&0('0B('01'9;
A06(*%'(5B%<602*'('%-)*)'D
<N(T(-%25B%2)''%(-%2(*(O/'4);
7*('%-)*6(&0A0(5B05%1&0B*B('%<B0(*
0'4B)4*(*56)-*78%(&*(60)>
^1./*14%( ga@go(&0-6*B*B*2
-%1-%B&*B(L)140)B*20140M(%/(L2/)4%M
-%2(*(*''0B4)A*(*@( '%20140(ag@go
2*1)30'4*B*2(%(20'2%(HB*/(&0(-%1;
-%B&_1-)*(-%2(*(5B%5%')78%(<!">
n(-%14B*&)78%(5B0'0140(10''0'
&*&%'(3%)(*5%14*&*(5%B(q%'J(^&/*B;
&%(Z*B)*Q( F''%( ')H1)3)-*@( 1*(5B,4)-*@
./0(j]@ao(&)'-%B&*2(&0''*(*3)B2*;
78%(‡)402(<ˆ@(-%14B*B)*1&%@(*'')2@(*
%5)1)8%(2*1)30'4*&*(1%()402(B06*4)A%
c( ‰'01')<)6)&*&0(*%'(5B%<602*'('%;
-)*)'Š(K>>>N(^ C5B0''*(506%(+)*4%(014B0(*
%5)1)8%(02(3*A%B(&*(‰'01')<)6)&*&0(*%'
5B%<602*'('%-)*)'Š(0(*( B0*3)B2*78%
)2569-)4*(&%'(5%'4/6*&%'(&*(10/4B*6);
&*&0(0(&*(%B4%&%C)*(&%H2,4)-*(1*'
B0'5%'4*'(*%'(4BV'(:64)2%'()401'@(0';
'*'(-%14B*&)7I0'()1&)-*2(%(HB*/(&0
01B*)R*2014%(&%(5*B*&)H2*(1%B2*;
4)A)'4*(1%(‰04+%'Š(&*(2*H)'4B*4/B*!#>
q,(1*(50'./)'*(2*)'(B0-0140@
-%14B*&)78%(')2)6*B(5%&0('0B(&040-4*;
&*>(w/0'4)%1*&%'(*-0B-*(&*(3B0.tV1;
-)*(-%2(./0(&0-)'I0'(O/&)-)*)'('8%
2*)'(<*'0*&*'(02(L'/*'(A)'I0'(5%;
694)-*'(&%(./0(1*(60)4/B*(B)H%B%'*(&*
60)M@(%'(2*H)'4B*&%'(%/A)&%'(B0'5%1;
&0B*2Q
G)'8%( &%'( q/9R0'( '%<B0( *
=%6)4)R*78%( &*( q/'4)7*
p/)4%(3B0.t014020140 ((!@]o
ZB0.t014020140 ]#@ao
T-*')%1*620140 h]@fo
U/1-* ]#@ho
Z%140Q( F[^k=
m%14/&%@( '/<204)&%'( *( /2*
50BH/14*!](*4)10140(c(5%''9A06(401'8%
014B0(B0'50)4%(*%'(-%14B*4%'(0(%<'0B;
A_1-)*(&*(O/'4)7*('%-)*6@(%('0H/)140
B0'/64*&%(3%)(*6-*17*&%!aQ
=%')78%(n(s(T'(-%14B*4%'(&0;
A02('0B('025B0( B0'50)4*&%'@( )1&0;
501&014020140(&0( '/*'( B050B-/';
'I0'('%-)*)'Q(#f@goD
=%')78%(S(s(T(O/)R(402(/2(5*;
506('%-)*6(*(-/25B)B@(0(*(</'-*(&*(O/';
4)7*('%-)*6(O/'4)3)-*(&0-)'I0'(./0(A)%;
602(%'(-%14B*4%'Q(ga@#o>
F'4%( J@( *%(20'2%( 4025%(02./0(B0O0)4*2(*()&J)*(&0(./0(%'(O/9R0'
&0-)&*2(L5%6)4)-*20140M(0('/<6)1+*2
*(3)&06)&*&0(*(/2*(L60)4/B*(B)H%B%'*(KrN
&*( 60)M@(%'(50'./)'*&%'(-%6%-*2(*
LO/'4)7*('%-)*6M(-%2%(3*4%B(60H)4)2*&%B
&*()1%<'0BA_1-)*(&%'(-%14B*4%'@(5*;
B0-01&%( )H1%B*B( *( )10A)4,A06( -*BH*
5%694)-%;)&0%6PH)-*(&%(-%1-0)4%>
^1./*14%(0''0(&0<*40(18%(3%B
4B*A*&%(&0(2%&%(')'402,4)-%(0(0C569;
-)4%(1%()140B)%B(&*'()1'4)4/)7I0'(O/&);
-),B)*'(K'02(5B0401'I0'(&0(+%2%H0;
10)R*78%(&0(5%')7I0'N@(50B2*10-0;
B8%( &%2)1*140'( *4)4/&0'( &0( */4%;
-%140178%( O/&)-)*6( 1%(-%14B%60(&*'
!i !"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
5%694)-*'(5:<6)-*'@()'4%(J@(&0(&0'5B0;
R%(s(4%4*6(%/(5*B-)*6(s(*%'(L-%1A)40'M
201-)%1*&%'>(n'')2('0B,(5%B(3%B7*
&*( 4B*&)78%( 1%B2*4)A)'4*(./0(50'*
'%<B0(%'(%2<B%'(&%'(O/9R0'@(*(./*6@
'0(18%('/<204)&*(*(/2(5B%-0''%(-%;
604)A%(&0(&0'-%1'4B/78%@(*%(3)1*6(5B0;
A*60-0B,@( 18%(%<'4*140(*'(1%4,A0)'
0C-07I0'(./0(5%''*2('0B(B0*67*&*'>
$0B02%'@(02(-%1'0.tV1-)*@(*(-%14);
1/)&*&0(&0(/2*(-B)'0(&0()&014)&*&0
s(B05B0'014*&*(506*(&)''%1_1-)*(01;
4B0(%'(-)4*&%'(L-%1A)40'M(0(%'(5*''%'
2*O%B)4*B)*20140(&*&%'(506%(q/&)-),;
B)%>
?2*('0H/1&*(&)201'8%(&*
-B)'0(&%(q/&)-),B)%(B030B0;'0(c(A06%;
-)&*&0(-%2(./0(*'(&0-)'I0'(O/&);
-)*)'('8%(5B%30B)&*'>(}(0'4B)4*20140
10''0('014)&%(./0('0(3*6*(02(-B)'0
&0(&0'02501+%(&%(q/&)-),B)%>(^ ''0
&06)10*2014%(J(3/1&*2014*6@(1*(20;
&)&*(02(./0(*()&014)&*&0(./0(/1'
0(%/4B%'(&0'0O*2(./0(%(q/&)-),B)%
*''/2*(B050B-/40(&)B04*20140(1%'
3*4%B0'(*( '0B02(5B)%B)R*&%'(-%2%
)1&)-*&%B0'( &0( *A*6)*78%( &0( '/*
2*)%B(%/(201%B(03)-)V1-)*>(n50'*B
&*'( -%14B*&)7I0'( &*9( &0B)A*&*'@
-%1')&0B*;'0(./0(%(-%B40(-%1-0)4/*6
*&%4*&%(J('/'-049A06(&0(H0B*B(/2
-%1'01'%(014B0(*'(&)30B0140'(5%');
7I0'@(%(./*6(5%&0('0B(*'')2(*5B0;
'014*&%Q(+,(/2*(-B)'0(&0(&0'02;
501+%(1%(*5*B06+%(O/B)'&)-)%1*6(<B*;
')60)B%@(0'506+*&*(1*(2%B%')&*&0(0
1%(1:20B%(-B0'-0140(&0(5B%-0''%'
02(0'4%./0@(*H/*B&*1&%(*5B0-)*;
78%>
n(2%B%')&*&0(J@('02(&:A)&*@
%(5B)1-)5*6(3*4%(H0B*&%B(&0()1'*4)';
3*78%(-%2(%('0BA)7%(O/&)-),B)%@(-%2%
B0A06*2(4%&*'(*'(50'./)'*'(B0*6)R*;
&*'('%<B0(%(*''/14%>(^2(#ffa@(02
50'./)'*( &0( %5)1)8%( -%%B&01*&*
506%(FST=^@(3%)(5B%5%'4*(*('0H/)1;
40(*3)B2*78%Q(LT(5B%<602*(&%(SB*')6
18%(0'4,(1*'(60)'@(2*'(1*(q/'4)7*@
./0(J(2/)4%(6014*M>([%'(014B0A)'4*;
&%'@(igo(-%1')H1*B*2('/*'(-%1-%B;
&_1-)*'@(io(&)'-%B&*B*2(0(ho(18%
'%/<0B*2(B0'5%1&0B>(q,(02(#fff@
%(O%B1*6(T(^ '4*&%(&0(k>(=*/6% !!(-+0;
H%/(*(91&)-0'(*)1&*(2*)'(060A*&%'Q
f]o(-%1')&0B*B*2(*(q/'4)7*(2/)4%
6014*>
nA*6)*7I0'( '04%B)*)'( -%13)B;
2*2(%(&)*H1P'4)-%@(*(0C0256%(&*
5B%-0&)&*(506%(F[^k=(O/14%(*(02;
5B0'*'( 0'4*<060-)&*'( 1%( SB*')6@
*-0B-*(&0(4BV'(*4B)</4%'(&%(q/&)-),;
B)%(1*-)%1*6Q(*H)6)&*&0@()25*B-)*6)&*;
&0(0(-/'4%'>(T'('0H/)140'(B0'/64*;
&%'(3%B*2(*6-*17*&%'!hQ
m%2%('0(-%1'4*4*@(1%(./0(4*1;
H0(c()25*B-)*6)&*&0(0(*%'(-/'4%'@(*'('%2*'(&%'(-%1-0)4%'(LP4)2%M@(L<%2M(0
LB0H/6*BM(0./)A*602@(B0'50-4)A*20140@(*(g"@ho(0(ha@ho>(q,(1%(4%-*140(c(*H);
6)&*&0@(B05B0'014*2('%20140(f@ao>
=*B*&%C*620140@(*'(0'4*49'4)-*'(&%'(&)A0B'%'(B*2%'(&%(=%&0B(q/&)-),;
B)%(&02%1'4B*2(/2(-B0'-0140(*/2014%(&%(1:20B%(&0(&0-)'I0'(5B%30B)&*'!j@
-%2%('0(6V(*('0H/)BQ
U:20B%( &0( k014017*'( =B%30B)&*'( 1*
q/'4)7*( &0( #`( F1'4_1-)*( K#ffi;]""#N>
&%(5%B(4J-1)-%'(&%(SU[^k!i(&02%1';
4B*(./0@(1%(50B9%&%(&0(#fii(*(#fff@
%'(-/'4%'(-%2(*(3/178%(O/&)-),B)*(*/;
2014*B*2(*1/*620140( c( B*R8%( &0
#!@io((1*(0'30B*(&*(?1)8%(0(i@jo
1%'(0'4*&%'>(m%1'%*140(%'(-B)4JB)%'
*&%4*&%'(1%(0'4/&%@(4*)'(&*&%'()1;
-6/02(*'(-+*2*&*'(L3/17I0'(0''01;
-)*)'(c(q/'4)7*M(K./0()140HB*2(%(=%;
&0B(^ C0-/4)A%N!f@(2*'(0C-6/02(*'(3%;
6+*'(&0(5*H*2014%(-%2()1*4)A%'(0
%'(5B0-*4PB)%'>(p0'2%(*'')2@(J(0A);
&0140((./0((060'(3%B10-02()1&9-)%'
0C5B0'')A%'(&%(./0(*-%140-0/(1%'
%B7*2014%'( 0'50-93)-%'( &%'( 4B)</;
1*)'>
}( 3,-)6( -%1-6/)B( ./0( s( 18%
%<'4*140(*/201402(*'(0'4B/4/B*'(O/;
&)-),B)*'@(*(5B%&/4)A)&*&0(&%'(O/9R0'
0(%'(B0-/B'%'(*6%-*&%'(s(%'(3*4%B0'
./0( -%1&/R02(c(2%B%')&*&0( 4V2
5B0A*60-)&%@(2%B20140(*(L0C56%'8%
&0(6)4)H)%')&*&0M(0(*(401&V1-)*(c(040B;
1)R*78%(&%'(5B%-0''%'h">
^'4*(HB*A9'')2*(-B)'0(*304*(3%B;
4020140(*(-*5*-)&*&0(&%(q/&)-),B)%
&0()136/01-)*B(1*(-%1&/78%(&*'(5%69;
4)-*'(5:<6)-*'>(m%2(030)4%@(20'2%
1%'(-*'%'(02(./0(%'(L-%1A)40'M('0;
O*2(B0-0<)&%'@(0(%(O/)R(./0)B*(*-0)4,;
6%'@(18%(J(-0B4%(060(-%25*B0-0B(*%
L-%25B%2)''%M(1%(&)*(0(+%B,B)%(2*B;
-*&%'>(X0-014020140@(02(O/6H*201;
4%(1%(k$Z@(1%(./*6(0B*(194)&*(*(401;
&V1-)*(&0(*(B0&0(&0('*:&0('0B(*/4%;
� �� � �� ���� � � � ��	
� ��� ���� � 
��
���
� ���� � � � � ���� � � � � ���� � � � �
��� ��� � � � � 	 � 
 � � � � � � � � � 	 �
��� � 
� 
� 
� � �� � 	�� � � ��� � �� � �
���� � �� � �� � � � � � 	�� � ��� �� 	�	 � ��� � �
� � � � � ��
� 
� � � � �	 � 	� � 
 � � �� � 	�� 	 �
���� ���� 
 � 
� 
� 		 � �� � � 
	 � � �� � �
��� � �� � � � �� 
 � 
� 
� 	�� �� 
 � �
� �� 
 �
!���� � �
� � � 
� 
� �
	 � � 
� 
 � �
	 � � 
� 
 �
"�� �� # � $ %&�� �
 
G)'8%( &%'( ^25B0',B)%'( *-0B-*( &%( =%&0B( q/&)-),B)%
FH/*620140@(%'(H*'4%'(-%2(%
q/&)-),B)%(1*(?1)8%(0(1%'(0'4*&%'(18%
5*B*2(&0(-B0'-0B!g>(^ '4/&%(06*<%B*;
� � � �� � � � � � �
 
Q*#C@DB)./*#L)*+.-A.)*'
B)*C.E.@/*-:A/BA#V
A/D/E.*C@#MDA#@#&DC.E.F).@
/I@#2@CA#E@/B)@-*)#@#:V).B@
C@+#*B@+#*C:./.+B)*B.P@+'
.+B@#V'#/I@#2@CA#A-.C.)#@+
E).BV).@+#CA#E@/PA/.]/E.*#A
@2@)BD/.C*CA#A-A.B@+#2A-*+
*DB@).C*CA+#C*
RC:./.+B)*HI@'#E@-@E*/C@
/@#-DS*)#@+#+AD+#2)O2).@+
E).BV).@+"#Q*#P.C*#J@)A/+A'
E@B.C.*/*:A/BA#+A/BA/H*+
+I@#2)@JA).C*+#E@:#A++A
JD/C*:A/B@'#@#MD*-#.:2ACA
@D#C.J.ED-B*#MDA#@+#8D,GA+
E@/B)@-A:#2@-,B.E*+
2KL-.E*+"
!f!"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
B)R*&*(*()140BB%250B(/2*(HB*A)&0R@
A0)%(*(1%49-)*(&0(./0(%(5*B4%(O,(+*A)*
%-%BB)&%( &)*'( *140'( K'%<B0A)1&%( %
P<)4%( &*( -B)*17*( +%B*'( &05%)'( &%
1*'-)2014%N>(p/)4%'( %/4B%'( -*'%'
5%&0B)*2('0B()1&)-*&%'(s(5%B(0C02;
56%@(1*('0*B*(*2<)014*6@(02(./0(%
*4B*'%(&0(-%BB07I0'(O/&)-)*)'(*(5%69;
4)-*'(5:<6)-*'(60A*(c(-%1'/2*78%(&0
&*1%'()BB05*B,A0)'>
IB8"#"3*$+/*+*&.#/*53#35"0"7;
)5//*)L/*&"*.)5/3*)#3&?
U*(&%/4B)1*(<B*')60)B*@(4B*&)-)%;
1*620140(J(01/1-)*&%(./0(%(q/&)-),;
B)%(18%(5%&0(-%14B%6*B(%(2JB)4%(&%'
*4%'(*&2)1)'4B*4)A%'@()'4%(J@(18%(5%&0
06)&)B(%'(-B)4JB)%'(&0(-%1A01)V1-)*(0
%5%B4/1)&*&0(060)4%'(506*'(*/4%B)&*;
&0'(&*(n&2)1)'4B*78%@(-%6%-*1&%(1%
6/H*B(%'('0/'(5BP5B)%'(-B)4JB)%'>(U*
A)&*(3%B01'0@(-%4)&)*1*20140('01401;
7*'('8%(5B%30B)&*'(-%2(0''0(3/1&*;
2014%@(%(./*6()250&0(%/(&)3)-/64*(./0
%'(O/9R0'(-%14B%602(5%694)-*'(5:<6)-*'>
[0( 3*4%@( *'')2(&0A0( '0B@( 02
5B)1-95)%>(T( q/&)-),B)%( 18%( J( /2*
*HV1-)*('/<*640B1*(02(B06*78%(*%'
&02*)'(B*2%'(&%(^ '4*&%@(5%BJ2()''%
18%(')H1)3)-*(./0('0O*('/50B)%B(s(1%
'014)&%(&0(10-0''*B)*20140(5%''/)B@
&0(2%&%(60H94)2%@(*(L:64)2*(5*6*AB*M
'%<B0(*'(5%694)-*'(5:<6)-*'>(n(*-0)4*;
78%(*%'(L-%1A)40'M(2/64)-)4*&%'(18%
5%&0(%-%BB0B(&0(2%&%(*4*<*6+%*&%@
)2%4)A*&%( 0( */4%B)4,B)%@( -%2(%( O/)R
5%1&%(02(5B)20)B%(56*1%(5B0-%1-0);
4%'(&0(91&%60(L*B)'4%-B,4)-*M(-%14B*(%
2/1&%(&*(5%694)-*>
[/*'(*4)4/&0'('8%()25B0'-)1;
&9A0)'(5*B*(%(O/)RQ(02(5B)20)B%(6/H*B@
18%(%6A)&*B(*'(B0HB*'(&0()25*B-)*6);
&*&0(5B%-0&)2014*6@(*''0H/B*1&%(*
*5B0'014*78%(&0(*BH/2014%'(5%B(5*B;
40(&*(n&2)1)'4B*78%(0(*(5B%&/78%(&0
5B%A*'(./0(%'('/'401402D(02('0H/1;
&%(6/H*B@(-%13B%14*B(*(-%1')'4V1-)*(&0
4*)'(*BH/2014%'(-%2(*(-%1')'4V1-)*
&*(3/1&*2014*78%(./0(5%&0('0B(0C;
5%'4*(1*(&0-)'8%(O/&)-)*6>(^''0(O/9R%
&0(5%1&0B*78%(06)2)1*B,(2/)4*'(+)5P;
40'0'(&0(*640B*78%(&%(2JB)4%(&%(*4%
*&2)1)'4B*4)A%@(02(3*-0(&*('/50B)%B);
&*&0(-%25*B*4)A*(&%'(*BH/2014%'
0C501&)&%'(506*(n&2)1)'4B*78%>
U0''0(5*''%@( AV;'0(*(&)'-B);
-)%1*B)0&*&0(-%2%(/2(40BB01%(B06*4);
A*20140()140B&)4*&%(c(*4/*78%(O/&);
-)*6>(^ 2(%/4B*'(5*6*AB*'@(%(2JB)4%(&%'
*4%'(./0(-%1-B04)R*2(K%/(18%(-%1-B0;
4)R*2N(5%694)-*'(5:<6)-*'(J('/'-049A06
&0(-%14B%60(O/&)-)*6@(0C-05-)%1*6201;
40>(n'(4J-1)-*'(O/B9&)-*'(./0(5%&02
A)*<)6)R*B@(60H)4)2*B(0(-%130B)B(-%1')';4V1-)*( *( 4*6( -%14B%60( '8%(&)A0B'*'>
p01-)%1*2;'0(*'(2*)'(0C5B0'')A*'
0(O,(-%1'%6)&*&*'(02(1%''%([)B0)4%Q
*'(40%B)*'(&%'(2%4)A%'(&040B2)1*140'
0(&%(&0'A)%(&0(3)1*6)&*&0@(<02(-%2%
%'(5B)1-95)%'(&*(5B%5%B-)%1*6)&*&0(0
&*(B*R%*<)6)&*&0>(^2(40B2%'(60H*)'@
0''*'(4J-1)-*'(B0-0<02(%('0H/)140
4B*4*2014%@(1*(l0)(1>(!>g#gzjhQ
nB4>(]y(k8%(1/6%'(%'(*4%'(60');
A%'(*%(5*4B)2b1)%(&*'(014)&*&0'(201;
-)%1*&*'(1%(*B4)H%(*140B)%B@(1%'(-*;
'%'(&0Q
K>>>N
&N()10C)'4V1-)*(&%'(2%4)A%'D
0N(&0'A)%(&0(3)1*6)&*&0>
=*B,HB*3%(:1)-%>(=*B*(*(-%1-0);
4/*78%(&%'(-*'%'(&0(1/6)&*&0(%<'0B;
A*B;'0;8%(*'('0H/)140'(1%B2*'Q
K>>>N
&N(*()10C)'4V1-)*(&%'(2%4)A%'
'0(A0B)3)-*(./*1&%(*(2*4JB)*(&0(3*4%
%/(&0(&)B0)4%@(02(./0('0(3/1&*2014*
%(*4%@(J(2*40B)*620140()10C)'40140(%/
O/B)&)-*20140()1*&0./*&*(*%(B0'/64*;
&%(%<4)&%D
0N( %(&0'A)%(&0( 3)1*6)&*&0( '0
A0B)3)-*(./*1&%(%(*H0140(5B*4)-*(%(*4%
A)'*1&%(*(3)2(&)A0B'%(&*./060(5B0A)';
4%@(0C569-)4*(%/()256)-)4*20140@(1*(B0;
HB*(&0(-%2504V1-)*>
^(1*(l0)(1>(fgi!zffQ
nB4>(]y(n(n&2)1)'4B*78%(=:<6);
-*(%<0&0-0B,@(&014B0(%/4B%'@(*%'(5B)1;
-95)%'(&*(60H*6)&*&0@(3)1*6)&*&0@(2%;
4)A*78%@( B*R%*<)6)&*&0@( 5B%5%B-)%;
1*6)&*&0@(2%B*6)&*&0@(*256*(&030'*@
-%14B*&)4PB)%@('0H/B*17*(O/B9&)-*@()1;
40B0''0(5:<6)-%(0(03)-)V1-)*>
=*B,HB*3%(:1)-%>(U%'(5B%-0';
'%'(*&2)1)'4B*4)A%'( '0B8%(%<'0BA*;
&%'@(014B0(%/4B%'@(%'(-B)4JB)%'(&0Q
K>>>N
GF(;(*&0./*78%(014B0(20)%'(0
3)1'@(A0&*&*(*()25%')78%(&0(%<B)H*;
7I0'@(B0'4B)7I0'(0('*17I0'(02(20&);
&*('/50B)%B(c./06*'(0'4B)4*20140(10;
-0'',B)*'(*%(*401&)2014%(&%()140B0';
'0(5:<6)-%D
n(5B%5P')4%(&*(*56)-*78%(&0';
'0'(5%'4/6*&%'@(1*(O/B)'5B/&V1-)*(+,
2)6+*B0'(&0(B030BV1-)*'@(&*'(./*)'(&0';
4*-*;'0(/2*(-%2%(02<602,4)-*(&*'
01%B20'(5%'')<)6)&*&0'(&0(-%14B%60
*<0B4*'(506*'( 4J-1)-*'(02( 3%-%>(U%
X^'5(1>(!!aa#"zXk@(X06>(p)1)'4B%(l/)R
Z/C@([q("az##z]""a@(%(k$q(60-)%1*Q
K>>>N
]>(n(*4/*78%(&*(n&2)1)'4B*78%
=:<6)-*(&0A0('0H/)B(%'(5*B_204B%'(&*
B*R%*<)6)&*&0(0(&*(5B%5%B-)%1*6)&*&0@
./0(-01'/B*2(%(*4%(*&2)1)'4B*4)A%(./0
18%(H/*B&0(/2*(5B%5%B78%(*&0./*;
&*(014B0(%'(20)%'(./0(025B0H*(0(%
3)2(./0(*(60)(*620O*(*6-*17*B>
a>(n(B*R%*<)6)&*&0(01-%14B*(B0';
'%1_1-)*(1*(*O/'4*<)6)&*&0(&*(5B%A);
&V1-)*( *&2)1)'4B*4)A*( -%1'%*140( %
-%1'01'%('%-)*6(*-0B-*(&%(./0(J(/'/;
*6(0('01'*4%>(X*R%,A06(J(-%1-0)4%(./0
'0()130B0(*(-%14B*B)%('01'/D(A*60(&);
R0B@(0'-*5*(c(B*R%*<)6)&*&0(L*./)6%
./0(18%(5%&0('0BM>(n(5B%5%B-)%1*;
6)&*&0@( -%2%( /2*(&*'( 3*-04*'( &*
B*R%*<)6)&*&0(B0A06*(./0(102(4%&%'
%'(20)%'(O/'4)3)-*2(%'(3)1'>(T'(20)%'
-%1&/-0140'(c(-%1'0-/78%(&*'(3)1*;
6)&*&0'@(./*1&%(0C%B<)4*140'@('/50;
B*2(*(5B%5%B-)%1*6)&*&0@(5%B./*14%
20&)&*'( )2%&0B*&*'(02(-%13B%14%
-%2(%(B0'/64*&%(*620O*&%>
IB@"#"</5$5/A#"3&"%&$$(A5'>"0
7;#"'5*)7/#"5;"%#($5$
%5/*62/*+&$
k/5%1+*2%'( ./0( /2( O/)R
*./)0'7*(*%'(-%1A)40'(5*B*(*&%4*B(/2*
5%'4/B*(&0(L*4)A)'2%(O/&)-)*6M@(-%1'4B/*
/2*()&014)&*&0(2*)'(6)AB0(&%'(5*&BI0'
1%B2*4)A)'4*'(0('0(-%1A017*@(02(/2
&040B2)1*&%(-*'%@(&0(./0(*(&)'-B)-)%;
1*B)0&*&0(5%&0('0B(*3*'4*&*(&0(2%&%
-%1')'40140(20&)*140(%(2*1/'0)%(&0
/2*(&*'(4J-1)-*'(*BB%6*&*'(1%(4P5)-%
*140B)%B>(m*'%('0(4B*40(&0()25%B(/2*
*<'40178%(c(*/4%B)&*&0(*&2)1)'4B*4);
A*@(1%B2*620140(18%('0(*5B0'014*2
%/4B*'(&)3)-/6&*&0'>(m%14/&%@(./*1&%
'0(-/)&*(&0(&040B2)1*B(%(-/25B)201;
4%(&0(/2(&)B0)4%(5B0'4*-)%1*6@(0BH/0;
'0(*(6)2)4*78%(-%1-0B10140(c(LB0'0BA*
&%(5%''9A06M>
k0H/1&%(4*6(&%/4B)1*@(+,(/2(6);
2)40(3,4)-%(*%(0C0B-9-)%(&%'(&)B0)4%'
'%-)*)'(5B0'4*-)%1*)'@(-%1-0B10140(c
&)'5%1)<)6)&*&0(2*40B)*6(0(O/B9&)-*(&0
B0-/B'%'(3)1*1-0)B%'(10-0'',B)%'(*%
*&)25602014%(&*(%<B)H*78%>([02*)'
&)''%@( K>>>N( *( 5B0'4*78%( B0-6*2*&*
&0A0(-%BB0'5%1&0B(*%(./0(%()1&)A9&/%
5%&0(B*R%*A0620140(0C)H)B(&*('%-)0;
&*&0@(&0( 4*6('%B40(./0@(20'2%(02
&)'5%1&%(%(^'4*&%(&%'( B0-/B'%'(0
401&%(%(5%&0B(&0(&)'5%')78%@(18%('0
5%&0(3*6*B(02(/2*(%<B)H*78%(&0(5B0';
4*B(*6H%(./0(18%('0(2*1401+*(1%'(6);
2)40'(&%(B*R%,A06(h#>
U8%(+,(&)'-%B&*B(&0''*'(40'0'@
5%B(0C0256%@(1%(-*'%(&0(/2*(&0-);
'8%(O/&)-)*6@(5B%30B)&*(02(/2*(*78%
-)A)6(5:<6)-*@(./0(s(02(1%20(&%(&)B0);
4%(c(2%B*&)*(5B0A)'4%(1%(*B4>( jy(&*
m%1'4)4/)78%(s(&040B2)10(*%(d%A0B1%
Z0&0B*6(*(-%1'4B/78%(&0(&%)'(2)6+I0'
&0(-*'*'(1%(0'5*7%(&0(/2(*1%>(n
2%<)6)R*78%(&0(B0-/B'%'(3)1*1-0)B%'
5*B*(4*14%()256)-*B)*(/2()25*-4%(%B;
7*2014,B)%(18%(5B0A)'4%(102(5B0A)'9;
A06@(&0(HB*1&0(2%14*@(B0'/64*1&%(5B%;
A*A0620140(1%(-*1-06*2014%(&0(%/;
4B*'( 5%694)-*'( B030B0140'( c( -%1-B0;
4)R*78%(&0(%/4B%'(&)B0)4%'()H/*620140
3/1&*2014*)'>
h" !"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
$%&*A)*@(1*(4B)6+*(&%(./0(&0;
301&0(n1&B0*'(q>(|B066@( 01401&0;'0
./0(*(&)'-/''8%(0/B%5J)*('%<B0(%'
6)2)40'(&%(^'4*&%(k%-)*6(0(*(B0&/78%
&0('/*'(5B0'4*7I0'(0(*(-%140178%
&%'( B0'50-4)A%'(&)B0)4%'( '/<O04)A%'
18%(5%&0(*<'%6/4*20140('0B( 4B*1';
30B)&*(5*B*(%(SB*')6@(%1&0(%(^'4*&%;
=B%A)&V1-)*(1/1-*(3%)()256*14*&% h]>
n'')2@(*(LB0'0BA*(&%(5%''9A06M(J(/2
6)2)40(B0*620140(0C)'40140@(2*'(./0
18%(&0A0('0B(A)'4%(1%(SB*')6(&%(20';
2%(2%&%(./0(1%'(5*9'0'(-014B*)'@(%'
./*)'(5%''/02(&)'4B)</)78%(&0(B01&*
201%'(*'')2J4B)-*@(5%694)-*'(5:<6)-*'
2*)'(/1)A0B'*6)R*&*'(0(-%14B%60'('%;
-)*)'( K18%;O/B)'&)-)%1*)'N(2*)'(0304);
A%'>
^2(-%1'0.tV1-)*@(*(2*BH02
&0(2*1%<B*(&%(q/&)-),B)%@(1%(0C0B-9;
-)%(&%(-%14B%60(02(0C*20@(J(<02(2*)'
6*BH*(1%(1%''%(5*9'(K'02(./0(0A)&01;
4020140( '0O*( *<'%6/4*N>([%)'(5*B_;
204B%'(&0A02('0B(%<'0BA*&%'(1*(*4);
A)&*&0(O/&)-)*6(10''0(_2<)4%@(./*)'
'0O*2Q(*(H*B*14)*(&0(/2(L5*&B8%(29;
1)2%('%-)*6M(*%'(-)&*&8%'(0(%(B*R%,;
A06()25*-4%(&*(&0-)'8%('%<B0(%'(%B;
7*2014%'(5:<6)-%'>(^2(1%20(&%(-);
4*&%(L5*&B8%(291)2%('%-)*6M@(%'(O/9R0'
18%(&0A02(+0')4*B(02()1-6/')A0(&0;
40B2)1*B(*(B0*6)R*78%(&0(%<B*'(5:<6);
-*'@(./*1&%()''%('0(B0A06*B()25B0';
-)1&9A06(0(3*-49A06>(w/*14%(*%()25*-;
4%( 1%( %B7*2014%(5:<6)-%@( *( B*R%*;
<)6)&*&0(&0A0('0B(&02%1'4B*&*(c(6/R
&%(-*'%(-%1-B04*20140( *1*6)'*&%@
5%&01&%('0B(*&%4*&*'('*9&*'(-B)*4);
A*'@(-%2%(*(3)C*78%(&0(5B*R%'(360C9;
A0)'(0(-%25*49A0)'(-%2(%(5B%-0''%
&0(06*<%B*78%(%B7*2014,B)*>(T(3/1&*;
2014*6(J(18%()H1%B*B(0''0(*'50-4%@
'%<(501*(&0(*(&0-)'8%('0B( 3B,H)6(0
-%1&01*&*(c(-*''*78%(%/(c()10C0;
-/78%>(=%B(%/4B%( 6*&%@(%'(*'50-4%'
%B7*2014,B)%'(B06*4)A%'(*%'(&)B0)4%'
5B0'4*-)%1*)'(18%(&0A02('0B(2)4)3);
-*&%'@(4B*1'3%B2*&%'(02(L0'30B*('*;
HB*&*M@(5%)'(18%(J(*'')2(./*1&%(%
q/&)-),B)%( &0-6*B*( *( )1-%1'4)4/-)%;
1*6)&*&0(&0(4B)</4%'(0(3B/'4B*(5*B-0;
6*'(0C5B0'')A*'(&*'(B0-0)4*'(5:<6)-*'@
02(3*A%B(s(&%(5%14%(&0(A)'4*()20&)*;
4%(s(&0('04%B0'('%-)*620140(2*)'(3%B;
40'>(m%2(030)4%@((02(4*)'(-*'%'(1/1;
-*('0(-%H)4%/(&0(%(q/&)-),B)%(&0-)&)B
&0(%/4B%(2%&%(02(1%20(&*(LB0'0BA*
&%(5%''9A06M>
?2(<%2(0C0256%(&0(*&0./*;
&%(013B014*2014%(&*(402,4)-*@(*'')2
-%2%(&%(-%14B%60('%<B0(*(&)'-B)-)%;
1*B)0&*&0@(J(*(O/B)'5B/&V1-)*(B06*4)A*
*%(<01039-)%(*'')'401-)*6(5B0A)'4%(1%
*B4>( ]"a@( )1->(G@( &*(m%1'4)4/)78%Q( *
H*B*14)*(&0(/2('*6,B)%(291)2%(&0(<0;
1039-)%(201'*6(c(50''%*(5%B4*&%B*(&0
&03)-)V1-)*(0(*%()&%'%(./0(-%25B%;
A02(18%(5%''/)B(20)%'(&0(5B%A0B(c
5BP5B)*(2*1/40178%(%/(&0(4V;6*(5B%A);
&*(5%B('/*(3*296)*@(-%13%B20(&)'5/;
'0B(*(60)>(^ '4*@(*(l0)(1>(i>g!]zfa@(B030;
B0;'0(*%'(B0./)')4%'(&*()1-*5*-)&*&0
5*B*(%(4B*<*6+%(0(5*B*(*(A)&*()1&0;
501&0140@( *''%-)*&*( c( B01&*( 50B
-*5)4*(1%(1:-60%(3*2)6)*B(18%('/50B)%B
*(#z!(&%('*6,B)%(291)2%>(m%14/&%@(*
B0'50)4%(&0''0'(B0./)')4%'(60H*)'@(%
k$q(402(&0-)&)&%Q
ndXnGT(X^dFp^U$nl( ^p
ndXnGT([^(FUk$X?p^U$T>(nkkFk;
$†UmFn( kTmFnl>( S^U^Z\mFT([^
=X^k$n€T(mTU$FU?n[n>(mTp;
=XTGn€T([^(X^U[n(=^X(mn=F$n
UT(k?=^XFTX(n(#z!([T(knl‚XFT
p\UFpT>([^kU^m^kkF[n[^>
#>(n()25%'')<)6)&*&0(&*(5BP5B)*
2*1/40178%@(5%B(5*B40(&%'(5%B4*&%;
B0'(&0(&03)-)V1-)*(0(&%'()&%'%'@(./0
*/4%B)R*( 0( &040B2)1*( %( <01039-)%
*'')'401-)*6(&0(5B0'4*78%(-%14)1/*&*@
18%('0(B0'4B)1H0(c(+)5P40'0(&*(B01&*
3*2)6)*B(50B(-*5)4*(201'*6()130B)%B(*(#z
!(&%('*6,B)%(291)2%@(5%&01&%(-*B*-;
40B)R*B;'0(5%B(-%1-B04*'(-)B-/1'4_1;
-)*'(%/4B*'@(./0(J(-0B4%@(&0A02('0B
&02%1'4B*&*'>
]>(nHB*A%(B0H)2014*6(*(./0('010H*(5B%A)2014% ha>
=X^GF[^UmF‚XFT>( S^U^Z\;
mFT([^(=X^k$n€T(mTU$FU?n[n>
nX$>(]"@(v(]y(([n(l^F(i>g!]zfa>(=TX;
$n[TX([T(G\X?k(EFG>(FUmn=nmF;
[n[^(=nXn(T($XnSnlET(^(=nXn
=XTG^X(T(=Xƒ=XFT(k?k$^U$T(T?
[^($†;lT(=XTGF[T(=^ln(Znp\lFn>
ln?[T(=^XFmFnl(w?^(n$^k$n(n
mn=nmF[n[^(=nXn(n(GF[n(FU[^;
=^U[^U$^(Snk^n[T(n=^Unk(Unk
n$FGF[n[^k(XT$FU^FXnk([T(k^X
E?pnUT>( Fp=XT=XF^[n[^( [T
ƒSFm^(„(=^Xm^=€T([T(S^U^Z\;
mFT>(X^m?XkT([^k=XTGF[T>
F(s(n(50''%*(5%B4*&%B*(&%(A9;
B/'(EFG@(./0(10-0'')4*(&0(-/)&*&%'
3B0.t0140'(&0(2J&)-%(0(5')-P6%H%(0
./0('0(01-%14B*()1-*5*-)4*&*@(4*14%
5*B*(%(4B*<*6+%@(./*14%(&0(5B%A0B(%
'0/(5BP5B)%('/'4014%(%/(&0(4V;6%(5B%;
A)&%(5%B('/*( 3*296)*(s( 402(&)B0)4%(c
50B-0578%(&%(<01039-)%(&0(5B0'4*78%
-%14)1/*&*(5B0A)'4%(1%(*B4>(]"(&*(l0)
1>( i>g!]zfa@( *)1&*(./0( +*O*( 6*/&%
2J&)-%;50B)-)*6(*40'4*1&%(*(-*5*-);
&*&0(5*B*(*(A)&*()1&0501&0140>
FF(s(T(6*/&%(50B)-)*6(./0(*40'4*
*()1-*5*-)&*&0(5*B*(*(A)&*(6*<%B*6(0
*(-*5*-)&*&0(5*B*(*(A)&*()1&0501;
&0140@(506%(')2560'(3*4%(&0(*(50''%*
18%(10-0'')4*B(&*(*O/&*(&0(%/4B%'(5*B*
'0(*6)2014*B@(3*R0B('/*(+)H)010(%/('0
A0'4)B@(18%(5%&0(%<'4*B(*(50B-0578%
&%(<01039-)%@(5%)'@( '0(0'4*( 3%''0(*
-%1-0)4/*78%(&0(A)&*()1&0501&0140@
%(<01039-)%(&0(5B0'4*78%(-%14)1/*&*
'P( '0B)*(&0A)&%(*%'(5%B4*&%B0'(&0
&03)-)V1-)*(4*6@(./0('/5B)2)''0(*(-*;
5*-)&*&0(&0(6%-%2%78%(&%()1&)A9&/%
s(%(./0(18%(5*B0-0('0B(%()14/)4%(&%
60H)'6*&%B>
FFF(s(X0-/B'%(&0'5B%A)&% h!>
U0''*(20'2*( &)B078%( J( *
%B)014*78%(./*'0(/1_1)20(1*(q/'4)7*
Z0&0B*6@(18%(+*A01&%@(-%14/&%@(*4J(%
2%2014%@(/2(5B%1/1-)*2014%(0C569;
-)4%(&%(k$Z>
T/4B%(0C0256%(&0-%BB0(&0(0C;
50B)V1-)*(50''%*6Q(B0-014020140(4)A0
*(%5%B4/1)&*&0(&0(*5B0-)*B(%(-*'%(&0
/2(0'4/&*140(./0('0(01./*&B*A*(1%'
B0./)')4%'( 0'4*4/9&%'(02( B0'%6/78%
*&2)1)'4B*4)A*(&*(?1S(5*B*(*(3B/)78%
&%(&)B0)4%(c(B0')&V1-)*(0'4/&*14)6@(0';
<*BB*1&%(014B04*14%(1*()10C)'4V1-)*(&0
A*H*'>(n(&0-)'8%(3%)(&%('0H/)140(40%BQ
#>([040B2)1*(*(1%''*(m%1'4);
4/)78%(./0(*(0&/-*78%(J(&)B0)4%(&0
4%&%'(0(&0A0B(&%(^ '4*&%(K*B4>(]"hN>(n
L)H/*6&*&0(&0(-%1&)7I0'(5*B*(%(*-0';
'%(0(50B2*1V1-)*(1*(0'-%6*M(J(5B)1-9;
5)%(./0(B0H0(%(01')1%(K*B4>(]"j@()1->
FN>(n&02*)'@(&0A0(%(^ '4*&%(H*B*14)B(%
L*-0''%(*%'(19A0)'(2*)'(060A*&%'(&%
01')1%@(&*(50'./)'*(0(&*(-B)*78%(*B;
49'4)-*@( '0H/1&%( *( -*5*-)&*&0(&0
-*&*(/2M(K*B4>(]"i@()1->(GN>($*)'(5B0;
-0)4%'@( 6%1H0(&0( ( A0)-/6*B02(01/1;
-)*7I0'(5/B*20140(3%B2*)'@()25I02
*(*&%78%(&0(20&)&*'(./0(B0&/R*2
c"""d#>#&DC.E.F).@#/I@#V#D:*
*S]/E.*#+DL*-BA)/*#A:#)A-*HI@
*@+#CA:*.+#)*:@+#C@#%+B*C@'
2@)V:#.++@#/I@#+.S/.J.E*#MDA#+A8*
+D2A).@)#g#/@#+A/B.C@#CA
/AEA++*).*:A/BA#2@++D.)'#CA
:@C@#-AS,B.:@'#*#TK-B.:*#2*-*P)*U
+@L)A#*+#2@-,B.E*+#2KL-.E*+"#R
*EA.B*HI@#*@+#TE@/P.BA+U
:D-B.E.B*C@+#/I@#2@CA#@E@))A)#CA
:@C@#*B*L*-m@*C@'#.:@B.P*C@#A
*DB@).BF).@'#E@:#@#8D.G#2@/C@#A:
2).:A.)@#2-*/@#2)AE@/EA.B@+#CA
,/C@-A#T*).+B@E)FB.E*U#E@/B)*#@
:D/C@#C*#2@-,B.E*"
h#!"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
*'(<*BB0)B*'(0-%1b2)-*'(./0()250;
&02(%(*-0''%(0(*(50B2*1V1-)*(-)4*;
&*'>(T(=%&0B(^C0-/4)A%( B0-%1+0-0
./0(%'(&0A0B0'(-%1'4)4/-)%1*)'(02
3%-%(0C)H02(&040B2)1*&*'(5%694)-*'
5:<6)-*'@(*(0C0256%(&%(ZF^k(0(&%(=B%;
HB*2*( ?1)A0B')&*&0( 5*B*( $%&%'
K)1'4)4/9&%(B0-014020140(506*(p=(1>
]#a@(&0(#"z"fz]""!N>(U%(-*'%(&*'(/1);
A0B')&*&0'(5:<6)-*'@(*'(%<B)H*7I0'
-%1'4)4/-)%1*)'(013%-*&*'(&0A02(-%1;
-B04)R*B;'0(-%2(*(*&%78%(&0(5B%HB*;
2*'(*'')'401-)*)'(&)B)H)&%'(*%'(2*)'
-*B0140'@(*(3)2(&0(./0(0'40'(5%''*2
0304)A*20140(0C0B-0B(%'('0/'(&)B0)4%'
3%B2*620140(01/1-)*&%'>(n'')2(18%
3%''0@(H0B*B;'0;)*(*(50BA0B'*(')4/*78%
&0(4%&*(*('%-)0&*&0(3)1*1-)*B(%(01');
1%(5:<6)-%('/50B)%B(0C-6/')A*20140
02(<01039-)%(&%'('0H2014%'(2*)'(B);
-%'(&*(5%5/6*78%>
]>(n1*6)'*1&%(*(5B0'0140(6)&0
-%2(<*'0(10'4*'(5B02)''*'@(A0B)3)-%
./0(%(&02*1&*140(B0')&0(02(6%-*6
2/)4%(&)'4*140(&%(=6*1%(=)6%4%(0(&*
?1S(s(*-*BB04*1&%(%10B%'%'(&0'6%-*;
2014%'(s(0(402('/*(+)5%''/3)-)V1-)*
0C5B0''*20140(B0-%1+0-)&*(506*()1';
4)4/)78%@()1-6/')A0(5*B4)-)5*1&%(&%(=B%;
HB*2*(S%6'*(n6)2014*78%(K36>(#jN>(=%B
%/4B%(6*&%@(*3)B2*(*(?1S(./0(L'020';
4B*620140(&0)C*2%'(&0(*401&0B(A,B);
%'(*6/1%'(./0('0(01./*&B*2(10'40
50B3)6M@(0'4*1&%(*'')2(-*B*-40B)R*&*
')4/*78%(-6*B*20140()1-%1'4)4/-)%1*6>
[0'4*-%(./0(18%(+,(%<'4,-/6%(*(0'4*
&0-6*B*78%(5%B(0'40(q/9R%@((5%)'(s(02
'0(4B*4*1&%(&0(5B%HB*2*(*&2)1)'4B*;
4)A%(&0(-/'4%(0A)&014020140('/5%B4,;
A06(506%(^ B,B)%(s(18%()1-)&0(*(&%/4B)1*
&*( B0'0BA*( &%( 5%''9A06( K./0( 02
40'0()250&0(%(q/&)-),B)%(&0()136/)B(&0;
2*')*&*20140(1*(&03)1)78%(&0(5%694);
-*'(5:<6)-*'(5B)%B)4,B)*'@(02(+%20;
1*H02(*%(5B)1-95)%(&*('05*B*78%
&0(5%&0B0'N>
a>(E,(50B)-/6/2( )1(2%B*(1*
5B0'0140(-%14B%AJB')*@(/2*(A0R(./0
%(5BP5B)%( 36/)B(&%('020'4B0( 604)A%@
'02(*(3B0.tV1-)*(B0H/6*B(&%(*6/1%@
H0B*(&*1%'(&0(&)39-)6(B05*B*78%>
!>(m%2(0''0'(3/1&*2014%'@
&03)B%(*(6)2)1*B(560)40*&*@(&040B2);
1*1&%(./0(*(?1S(%30B07*(*%(*/4%B
A*H*(02(B0')&V1-)*(/1)A0B')4,B)*(%/
-/'40)0(*('/*(2%B*&)*(02(6%-*6(5BP;
C)2%(c(?1S@(02(5*&BI0'(0./)A*601;
40'(*%'(3%B10-)&%'(*%'(&02*)'(0';
4/&*140'(-*B0140'(0(-%1'%*140(*'
20'2*'(B0HB*'(B0H)2014*)'(&0(/'%>
U*(:64)2*(+)5P40'0@(%(-/'40)%(18%
5%&0B,(/64B*5*''*B(%(A*6%B(&0(X‹
#h>j""@""(5%B(*1%@(6)2)40(2,C)2%(&0
-%2504V1-)*(&0'40(q/)R*&%>
G0B)3)-*;'0@(0148%@(./0(*./);
6%(./0(J(5%''9A06(*%(q/&)-),B)%(3*;
R0B@(02('%-)0&*&0'(-%2(19A06(2*)'
*64%(&0()25602014*78%(&0(&)B0)4%'@
J(201%'(&%(./0(02(5*9'0'(02(');
4/*78%(%5%'4*@(-%2%(%(SB*')6(s(02
./0(*(204*(&0(/2(L5*&B8%(291)2%
'%-)*6M(0C)H0(./0(%'(O/9R0'(3*7*2
2*)'>
K"+&.+'7$D&
[02%1'4B%/;'0(-%2%(/2(5*;
506(2*)'(5B%02)10140(&%(q/&)-),B)%
18%('0(-+%-*(-%14B*(%(5B)1-95)%(&*
4B)5*B4)78%(3/1-)%1*6(&%(^'4*&%>(Z%;
B*2(B0*67*&%'(%'(L-%1A)40'M(*(/2(')';
402*( O/&)-)*6(2*)'( 5B%4*H%1)'4*( 0
*4)A)'4*@( 3%B2/6*&%'(5%B(5B%-0''%'
5%694)-%'( 0( '%-)*)'@( 0@( 3)1*620140@
*5%14*&%'(%'(6)2)40'(c(*4/*78%(O/&);
-)*6@(*'')2(-%2%(%'(6)2)40'(&%'(6)2);
40'>
X0'4*('/<6)1+*B(./0(*'(40'0'
*./)(0C5%'4*'(18%(B05B0'014*2(*(10;
H*78%(&*(6/4*(5%694)-*(K02('014)&%(0';
4B)4%N(-%2%(20)%(5*B*(*(0304)A*78%
&%'(&)B0)4%'(O,(5B%-6*2*&%'(0(*(-%1;
./)'4*(&0(%/4B%'>(n%(-%14B,B)%@(&0;
'01A%6A0/;'0(*(*BH/2014*78%(401&%
*(0'30B*(&*(5%694)-*(-%2%(B030BV1-)*
%<B)H*4PB)*>( m/)&*;'0( *501*'( &0
-%1'4B/)B(0(B0*3)B2*B(-*2)1+%'(5*B*
*/C)6)*B(%(5B%-0''%(+)'4PB)-%(&0(02*1;
-)5*78%(&*(+/2*1)&*&0@( )1-6/')A0
'/<20401&%(*(*B01*(5%694)-*(*(1%A%'
0(-B0'-0140'(401')%1*2014%'(s(H0;
B*1&%(2%A)2014%'(0('*64%'(*&)*140>
T'( O/9R0'( 18%( 5%&02( 4/&%@
102(&0A02(5%&0B>(p*'(5%&02(2/);
4%@(0(&0A02(0C0B-0B(0''0(5%&0B(02
3*A%B(&*(HB*1&)%'*(0()10'H%4,A06(/4%;
5)*(&0(-%1'4B/78%(&*(306)-)&*&0(&0
-*&*(/2(0(&0(4%&%'>
%(5!3"7,7+,(8)2#,1!3
! 5M" NOPO" O" NQRNO4" SNTUTVWXYQ" W" QRZ[QYY\O
<ZOU]NT^W"Z_`UT^W>"^OMO"YQaPO"O"!"#$%#&"
'()*&"+)()'()#,"-*&"+).%()%/*)*%&"01'*'(
23451!*)'(!1'()260)(/)207&1!*)2*0*)1#&(0810
9"%) #,") 1#&(0810:) #%/)'"/;#1") (+2(!;<1!"=
3T^TOab[TO" 5a^T^UOZcPT^O" PQ" )QO[TW" Q" PQ
$O^TOUOdTW" PO"3T[QTNOB" /QaOeW[4" !fffB" ZB
ghKB
8 6#&/&4"/WiMSaPOB">+)'"#"+)'")2"'(0=
$\O"%WSUOj"1UO`O4"8hh!B"ZB"k8!B
@ ?"5@*)'()A=)B*%5"4"8Ilml8hh8n"[QZO[NWdQM
PQ"+UoeTY"/OYYT"Q"'QTUW"$SppWaB
I 67/)#3&4" +QUYOB" C/) 4%+!*) '() #"8"
/"'(5"="$\O"%WSUOj"%WV"Q")Q[[W4"8hh8B"ZB
!!B
K D2%').&175*/#4" ;W[^O" #S[cUTOB" C/
E(<(+*) '*) B"5;&1!*=" $\O" %WSUOj" $5.#+4
8hh!B"ZB"fIB"#"^TNWq\O"eQM"W"Z[OZoYTNO"PQ
rSQYNsQY"^OMO"O"QY^O[^tWaNQ"ZWdWMQaNO
PQ"uS[OY"PW"P]eTPW"Z_`UT^W4"YSYNQaNWPO"ZO[
YS^QYYTeWY"MQNWY" PQ" +%2(0*81&)Z[TMb[TO4
rSQ"QM`W[WqWM"vO[NQMQaNQ"W"^WZW^TPWPQ
PQ"O"5YNWPO"TMZUQMQaNW["ZOU]NT^WY"Z_`UT^WYB
3Q" uWaQT[O" W" uSatO" PQ" 8hh@4" O" ^TNWPO
+%2(0*81&)^ tQdOS"W"K4I!w"PO"%*-4"SUN[WZWYX
YWaPO" Ih" `TUtsQY" PQ" [QWTY4" QarSWaNO" O
ZWdWMQaNO"PQ"uS[OY"aO"MQYMO"ZQ[]OPO"vOT
PQ" mI" `TUtsQY" PQ" [QWTYB" 9b" aOY" aOeQ
Z[TMQT[OY"MQYQY"PQ"8hhI4" O"+%2(0*81&) vOT
PQ"/x"gf4mm!"`TUtsQY"EK4gw"PO"%*-F4"Q"/x
fK48kI"`TUtsQY"vO[WM"dWYNOY"^OM"uS[OYB
g +#.&)*'=&4"9OYc"9OWrSTM"1OMQYB"E10(1&"
!"#+&1&%!1"#*5="+OTM`[Wj"'Te[W[TW"#UMQPTaW4!ffkB"ZB" !hkB
m &" TadUyY" 9Ota" 'O^zQ" eTeQS" QaN[Q" !g@8" Q
!mhI4" NQaPO" WUTWPO" SMW" TaNQaYW" WNSWq\O
ZOU]NT^W" {" YSW" WNTeTPWPQ" PQ" QUW`O[Wq\O
NQo[T^WB"5RQ[^QS"PTeQ[YOY"^W[dOY"Z_`UT^OY
aO" dOeQ[aO" PQ" 1STUtQ[MQ" PQ" &[WadQ4
TaYNWUWPO" aO" ZOPQ[" ^OM" W" /QeOUSq\O
1UO[TOYWB" 6OT" SM" ZQ[]OPO"MW[^WPO" ZO[
YS^QYYTeWY"eTNo[TWY"PW"TPcTW"PQ"SM"1OeQ[aO
uSadTPO"W"UTMTNQY"PTNWPOY"ZQUOY"PT[QTNOY"POY
TaPTe]PSOY"Q" ^OaN[OUWPO"ZQUO"%W[UWMQaNOB
5YYWY"[QvQ[ya^TWY"Y\O"TMZ[QY^TaP]eQTY4"aW
MQPTPW" QM" rSQ" W" O`[W" PQ" 'O^zQ" QYNb
SM`TUT^WUMQaNQ" QaN[QUWqWPW" ^OM" NWTY
W^OaNQ^TMQaNOY" tTYNo[T^OYB" " +W`[WU" PQ
;Oa^WPW4" [QvQ[TaPOXYQ" W" 'O^zQ4" W^QaNSW
rSQ" QUQ" <"1) %/) 2(#+*'"0) !"/) ") +(%
2(#+*/(#&")2"5;&1!") <"0&(/(#&() !"#'1!1"-
#*'") 2"0) %/*) +1&%*F,") @1+&G01!*) 4(/
'(&(0/1#*'*)()*")+(081F")'*)81'*=)E6TUOYOvTW
PO"3T[QTNO"Q"PO"5YNWPOB"+OTM`[Wj"+OTM`[W
5PTNO[W4" !ffKB" ZB" 8!gFB" /QaWNO" 9WaTaQ
/T`QT[O4" aO"MQYMO" YQaNTPO4" aW" WZ[QYQaX
NWq\O"PQ"SMW"QPTq\O"` [WYTUQT[W"PQ">)C+2;01&"
'*+)H(1+"E$\O"%WSUOj";W[NTaY"6OaNQY4"!ff@F4
QavO^W"QYYW"^W[W^NQ[]YNT^W"PQ"MSTNOY"rSQ
YQ"PQPT^WM"{"6TUOYOvTW"%OU]NT^Wj"E1<1!;51/"I
&0*&*#'")'()J"#&(+.%1(%)K)/*+)1+&")&*58(L
8*5@*)2*0*)&"'")<15G+"<")2"5;&1!")MI)0(!"0&*0
!"/) 20(!1+,") %/) (+2*F") (/) .%() *
8"!*F,")N)'")!1(#&1+&*) ()"%&0") (/).%()N
'")2"5;&1!"=)EOZB"^TNB4"ZB"CCCA**FB
k +tW[UQYX'OSTY" PQ" $Q^OaPWN4" `W[\O" PQ
;OaNQYrSTQS4"eTeQS"QaN[Q"!gkf"Q"!mKKB"$SW
O`[W"MWTY"TMZO[NWaNQ"c">)C+2;01&")'*+)H(1+4
aW" rSWU" WZ[QYQaNW" SMW" NQO[TW" dQ[WU" PW
YO^TQPWPQ4" ^OaYOWaNQ" UQ^TOaW".O[`Q[NO
-O``TOj"E(+'() ") 201/(10") !*2;&%5") '*
O0*#'() "40*) '()J"#&(+.%1(%I) 1#&1&%5*'"
PE*+) H(1+) (/)Q(0*5RI) <1!*) !5*0") .%() +(%
1#&(0(++() N) 201#!12*5/(#&() *) '(+!"4(0&*
'*+) 5(1+).%()O"8(0#*/)")/"81/(#&")()*+
<"0/*+) '*+) +"!1('*'(+) @%/*#*+I) 2*0*
&"0#*0)2"++;8(5)*)(5*4"0*F,")'()%/*)&("01*
'*)+"!1('*'(="-&--*&4".O`Q[NOB"#"NQO[TW
PWY"vO[MWY"PQ"dOeQ[aOB"-[WY]UTWj"7aTeQ[YTX
PWPQ"PQ"-[WY]UTW4"!ffKB"ZB"!8kB
f #"QYYQ"Z[OZoYTNO4"6[Wa^TY^O")QTRQT[W"QaYTaWj
2*0*) (5() 9H"!S(:) ") C+&*'") #,") N) *) 3#1!*
1#+&T#!1*) !01*'"0*) '*) +"!1*4151'*'(=
D#!"0*'")(/)!"#@(!1/(#&"+)(!"#6/1!"+I
(5()'(+!"40()")#*+!1/(#&")()")'(+(#8"5-
81/(#&") '() %/*) !(0&*) +"!1*51L*F,") (#&0(
"+)1#'18;'%"+I)*1#'*)#")(+&*'")'()#*&%0(L*=
C) #,") +G) 1++"U) (5() *!0('1&*8*) .%() (++*
+"!1*51L*F,") &(#'1*) *) +() '(+(#8"58(0I) #*
/('1'*) (/) .%() *8*#F*++() *) &0"!*) '(
/(0!*'"01*+) EBBBF"J*+I) ") .%() N) /*1+
1/2"0&*#&() '(+&*!*0) '(++() &0(!@") !1&*'"
2"0) H"!S(I) N) ") <*&") '() .%() *) 1#&(O0*F,"
+"!1*5I)/('1*'*)2(5")/(0!*'"I) *#&(!('(
*) +"!1*4151'*'() !01*'*) 2(5") C+&*'"" EBBBFB
E)5*C5*/#4" 6[Wa^TY^O" 9OYc" $OW[QYB
C!"#"/1*) () ?15"+"<1*) #") 2(#+*/(#&"
2"5;&1!") /"'(0#"=" +WMZTaWYj" %OaNQY
5PTNO[QY4"!ffKB"ZB"KhFB
!h >)O0*#'()"4$(&18")'*) (#&0*'*)'")@"/(/
(/) +"!1('*'() !"#+1+&1#'") #*) <0%1F,") '*
20"201('*'()(/)2*L)()+(O%0*#F*I)()+(#'"
h] !"#$%&'#()*+,-.*'#/"#01'#2"#34567'#8*/"9:*)"#0446
")O0*#'() 1#+&0%/(#&")()/(1")'1+&")*+) 5(1+
(+&*4(5(!1'*+)#(++*)+"!1('*'(I)*)201/(10*
5(1) 2"+1&18*) () <%#'*/(#&*5) '() &"'*+) *+
!"/%#1'*'(+) !"#+1+&() (/)(+&*4(5(!(0) "
2"'(0)5(O1+5*&18")EBBBF"9>)H(O1+5*&18":)#,")NI
#(/)2"'(01*) +(0I) *4+"5%&*/(#&() *041&0701"
+"40()*)81'*)()*) <"0&%#*)'*+)2(++"*+) EBBBF
2"0.%()#1#O%N/)2"'() &0*#+<(010) *) "%&0(/
/*1+)2"'(0)'").%()2"++%1I)()#1#O%N/)&(/
2"'(0) *041&0701") *4+"5%&") +"40() +1)/(+/"
"%) +"40() "%&0(/I) 2*0*) '(+&0%10) *) 20G201*
81'*) "%) &10*0) *) 81'*) "%) *) 20"201('*'() '(
"%&0(/)EBBBF">)B"'(0)'")H(O1+5*&18"I)(/)+(%+
51/1&(+) (V&0(/"+I) 0(+&01#O(-+() *") 4(/
23451!")'*)+"!1('*'(="E*PQM4"ZB"kgXkmFB
!! )WU" PT[QTNO" c" PQYNQ"MOPO" QRZUT^TNWPO" ZO[
'O^zQj" EBBBF" +(#'") ") H(O1+5*&18") +"/(#&(
%/)2"'(0)<1'%!1701")'(+&1#*'")*)(#&0*0)(/
*F,")2*0*)!(0&"+)<1#+I)!*4()*1#'*)*")2"8"
%/)2"'(0)+%20(/")2*0*)*<*+&*0)"%)*5&(0*0
") 5(O1+5*&18") .%*#'") N) 5(8*'") *) 8(01<1!*0
.%() *O() !"#&0*01*/(#&() *") (#!*0O") .%(
5@()!"#<1*0*/)EBBBFB)CI)#(++*+)!"#'1FW(+I)*
!"/%#1'*'() !"#+(08*) 2(02(&%*/(#&() "
2"'(0) +%20(/") '() +() +*58*O%*0'*0) '"+
20"2G+1&"+)()*&(#&*'"+)'().%(/).%(0).%(
+($*I)/(+/")'"+)5(O1+5*'"0(+I)+(/20().%(
<"0(/) &,") 5(81*#"+) "%) /*5'"+"+) .%(
<"0/%5(/) 25*#"+) !"#&0*) *+) 514(0'*'(+) (
20"201('*'(+)'"+)+3'1&"+X)EBBBF))+(/20().%(
*5O%N/)(V2(01/(#&()&0*LY-5"+)9"+)@"/(#+:
*)+(/(5@*#&()+1&%*F,")'()(+!0*81',"I)&(0,"
+(/20() ") '10(1&") '()20(+(08*0) ") .%() #,"
&1#@*/)") 2"'(0) '() *51(#*0I) () '() 5180*0-+(
'"+) .%() 1#8*'(/) (+&*) 5(1) <%#'*/(#&*5I
+*O0*'*) () 1#*5&(078(5) '*) 20G201*) 20(+(0-
8*F,") (/) 810&%'() '*) .%*5) (#&0*0*/) (/
+"!1('*'(="E*PQM4"ZB"f@FB
!8 ;&.)5$H7*57B">)(+2;01&") '*+) 5(1+=" $\O
%WSUOj";W[NTaY"6OaNQY4"!ff@B"ZB"!fB
!@ #"MOPQ[Wq\O" aO" dOeQ[aO"MOab[rST^O" c
WYYQdS[WPW" ZQUW" QRTYNya^TW" PQ" ZOPQ[QY
TaNQ[MQPTb[TOY4"rSQ" TMZQPQM"W`SYOY"ZO[
ZW[NQ"PO"MOaW[^W4"^ OaYOWaNQ";OaNQYrSTQS
QRZsQ" aO" ^WZ]NSUO" *A" PO" 'Te[O" $QdSaPOB
E*PQM4"ZB"8mX8kFB
!I *PQM4"ZB"!@!B
!K *PQM4"ZB"@fB
!g *PQM4"ZB"mKB
!m *PQM4"ZB"!mhB
!k ;#3*$&.4" 9WMQY" (&) *5B " >+) *0&1O"+
<('(0*51+&*+4" !mkmX!mkkB" /TO" PQ" 9WaQT[Oj
.OeW"6[OaNQT[W4"!ff@B"ZB"@@@B
!f .O"MQYMO"6QPQ[WUTYNW4"aB"Im4";WPTYOa"vWV
SMW"PQNWUtWPW"PQMOaYN[Wq\O"PQ"^OMO"NWU
<TadQ[ya^TW>" O^O[[TW" aW" *adUWNQ[[W" Q" QM
eb[TOY" QYNWPOY" POY" 57#B" E*PQM4" ZB" @@8X
@@mFB
8h +#%%5''5))*4";WS[OB"Z%;L(+)5(O1+5*'"0(+B
%O[NO"#UQd[Qj"$c[dTO"6W`[TY4" !ff@B" ZB" IgX
ImB
8! 5YYQ"NQ[MO"dQaQ[WUTVOSXYQ"ZW[W"PQaOMTaW[
OY" rSQ4" ZQUO" MQaOY" [QNO[T^WMQaNQ4
PQvQaPQM" SM" 5YNWPO" <M]aTMO>4" ZOS^O
TaNQ[eQa^TOaTYNW4" ^OavTWaPOXYQ"Z[TMO[PTWUX
MQaNQ"WO"MQ[^WPO"WY"NW[QvWY"PQ"Z[OPSq\O
Q"PTYN[T`STq\O"PQ"[TrSQVWYB"=WiQz4"SM"POY
MWTY" TMZO[NWaNQY" NQo[T^OY" PO" rSQ" YQ
^OaeQa^TOaOS"^ tWMW["PQ"<aQOUT`Q[WUTYMO>4
YSYNQaNWeW" rSQ" WO" 5YNWPO" PQeQ[TWM" YQ[
[QYQ[eWPOY"ZOS^OY" |M`TNOY" PQ" WNSWq\Oj
Z[ONQq\O" ^OaN[W" eTOUya^TW4" QZTPQMTWY4
TaSaPWqsQY" OS" WeWUWa^tQY4" QYN[WPWY
E^S[NWYF4" ZQYOY" Q"MQPTPWY4" QYNWN]YNT^WY4
MWZWY4"Z[ONQq\O"Q"YTdTUO"PW"eTPW"Z[TeWPW4
N[T`SNWq\O4" ^Q[NO" a_MQ[O" PQ" TavO[N_aTOYB
E=#}5~" *2%'" #/.#734" #aP[cX9QWaB">
'10(1&") (#&0()/"'(0#1'*'()()O5"4*51L*F,"B
/TO"PQ"9WaQT[Oj"/QaOeW[4"!fffB"ZB"!8gX!8mFB
/QvUQNTaPO"O"WZOdQS"PQYNW"TPQOUOdTW4"QaN[Q
!ffh" Q" !ffm4" QM" NOPO" O" MSaPO4" vOT
WUTQaWPO"SM"ZWN[TMaTO"QYNWNWU"WeWUTWPO"QM
7$x" K!@" `TUtsQY4" YQdSaPO" QYNTMW" O
ZQ[ToPT^O"v[Wa^yY"<'Q";OaPQ"3TZUOMWNTrSQ>
E[(81+&*)\2"!*4"WdOB"PQ"!ffkFB
88 /QvQ[QXYQ"QYZQ^TWUMQaNQ"{"WY^QaY\O4"aOY
WaOY"!fmh"Q"!fkh4"PO"%W[NTPO"/QZS`UT^WaO
aOY"57#" E^OM"/OaWUP"/QWdWa"Q"1QO[dQ
-SYtF4" PO"%W[NTPO"+OaYQ[eWPO[" aW" *adUWX
NQ[[W"E^OM";W[dW[QN")tWN^tQ["Q"9Ota";WuO[F
Q"PW"3QMO^[W^TW"+[TYN\"aW"#UQMWatW"E^OM
=QUMSN" ~OtUFB" *aNQd[W" QYYQ" Z[O^QYYO
NWM`cM"O"Qav[WrSQ^TMQaNO"PO"^tWMWPO
<QS[O^OMSaTYMO>4"`WYNWaNQ"vO[NQ"QUQTNO[WUX
MQaNQ"WNc"OY"WaOY"mh"aW"6[WaqW"Q"aW"*NbUTWB
.O"^ WYO"POY"ZW]YQY"PO"<YO^TWUTYMO"[QWU>4"O
Y]M`OUO"MWTO["PW"PQ[[O^WPW"vOT"W"PQ[[S`WPW
PO"MS[O"PQ"-Q[UTM4"QM"!fkfB
8@ &UtWaPO" W" [QWUTPWPQ" `[WYTUQT[W4" a\O" tb
^OMO"PTY^O[PW[j"SYO"[ONTaQT[O"PQ"MQPTPWY
Z[OeTYo[TWY4" PQMWaPWY" ^[QY^QaNQY" ZO[
vTaWa^TWMQaNOY"Z_`UT^OY"eTW"-.35$"Q"ZO[
YS`Y]PTOY" vTY^WTY4" TMZ[QY^TaPT`TUTPWPQ" PQ
ZOU]NT^WY"YO^TWTY"^OMZQaYWNo[TWY"MWaNTPWY
ZQUOY" dOeQ[aOY4" WqsQY" <PQ"MWYYW>" aO
9SPT^Tb[TO4"QaN[Q"OSN[OY"TaPT^WPO[QY4"[WNTvT^WM
W" ^OaNTaSTPWPQ" PW" NQaPya^TW" PQ" ZWZQU
QRZWaPTPO" PO" 5YNWPOB" .O" ZWaO[WMW
dUO`WU4"O"aOeO"^ T^UO"PQ"dSQ[[WY"TMZQ[TWUTYNWY
aQYNQ"Z[Ta^]ZTO"PQ"Yc^SUO"8!"^ OMZ[OeW"rSQ
OY"5YNWPOY"QYN\O"`QM"eTeOYBBB
8I ~7/G4" /O`Q[NB">+) 35&1/"+) !"/4*&(+=
%QN[oZOUTYj"AOVQY4"!ffmB"ZB"fKX!h8B
8K [(81+&*)'() ]#<"0/*F,")H(O1+5*&18*4" aB" !gh4
ZB"8hg4"OSNBlPQVB"8hh@B
8g +QUYO"#aNaTO"-WaPQT[W"PQ";QUUO"WSRTUTW"W
^OMZ[QQaPQ["O"WU^Wa^Q"PQYYW"QRZ[QYY\O4
WYYQaNWaPOj" EBBBF" *") 5*'") '() !"#!(1&"+
%#1++1O#1<1!*&18"+I) *2"'(0*'"+) '() !"#"-
&*F,") () '(#"&*F,") 20(!1+*+I) %#;8"!*+I
(V1+&(/) !"#!(1&"+) 2*'(!(#&(+) '() !(0&*
1/20(!1+,"I) '() *5O%/*)