Большинство факторов, влияющих на продуктивность животных, находятся под контролем человека и могут изменяться в нужную Поэтому британские мясные, а также выведенные с их использованием новые породы скота (например, казахская белоголовая)


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
Fbgbkl_jkl\hk_evkdh]hohayckl\ZJhkkbckdhcN_^_jZpbb
N?�?J:EVGH?=HKM�:JKL?GGH?;X&#x-12;&#x?7G;&#xG-3;&#xH?;-; ;;&#xX70;@?LGH?H;J:AH:L?EVGH?
MQJ?@�?GB?UKR?=HIJHN?KKBHG:EVGH=HH;J:AH:GBY
;BHL?OGHEH=BBbfDBKDJY;BG:
N=;HM
IHF=:Fb;
N:DMEVL?LAHHL?OGHEH=BCB:=JH;BAG?K:

_____________________
BBBBBBBBBBBBBBBBBBBB
]



Mq_[gh
f_lh^bq_kdbcdhfie_dk
IhgZijZ\e_gbxih^]hlh\db ki_pbZevghklb 
d\ZebnbdZpby kl_i_gv
[ZdZeZ\j
:\lhj u  khklZ\bl_ev b MFD;Zj^xdh\:F
k_gly[jy
]ijhlhdhe

AZ\dZn_^jhcBDhaeh\K:BBBBBBBBBBBBBBBB
Ih^ibkv  NBH
JZkkfhlj_ghbh^h[j_ghgZaZk_^ZgbbMFDNAL:BBBB
k_gly[jy
]
ijhlhdhe
Ij_^k_^Zl_evMFDNAL:BBBBBBBBBBBBB
BDhaeh\K:
Ih^ibkv  NBH 
Fhkd\Z
EBKLKH=E:KH:GBC
KH=E:KH:GHJ:AJ:;HL:GH
Ijhj_dlhjihmq_[ghcjZ[hl_:\lhjjZajZ[hlqbd
BBBBBBBBBBBBBBBBDhqbrBBBBBBBBBBBBBBBBB;Zj^xdh\:F
BBBBBBBBBBBBBBBBBBBBB
]BBBBBBBBBBBBBBBBBBBBBB

ih^ibkv


BBBBBBBBBBBBBBBBBBB
�_dZgNAL:
_________________
Dhehfb_pKG
BBBBBBBBBBBBBBBBBBBBB
]
GZqZevgbdmq_[gh
f_lh^bq_kdh]h
mijZ\e_gby
____________
BBBBBBBBBF_s_jydh\HX
ih^ibkv
BBBBBBBBBBBBBBBBBBBBB
Mq_[gh
f_lh^bq_kdbcdhfie_dkih^bkpbiebg_Kdhlh\h^kl\hkhklZ\e_g\
khhl\_lkl\bbklj_[h\ZgbyfbN_^_jZevgh]hdhfihg_glZdh[y
aZl_evghfm
fbgbfmfmkh^_j`Zgbybmjh\gxih^]hlh\d
b^biehfbjh\Zggh]hki_
pbZebklZih
pbdem^bkpbiebguki_pbZevghklb=hkm^Zjkl\_ggh]hh[jZah\Zl_ev
gh]h
klZg^ZjlZ\ukr_]hijhn_kkbhgZevgh]hh[jZah\Zgbyml\_j`^_ggh]hFbgb
kl_jkl\hfh[jZah\ZgbyJN
Ml\_j`^_gijbdZahfFbgbkl_jkl\Zh[jZah\Zgbyb
gZmdbJhkkbckdhc
N_^_jZpbbhl
]
bgZhkgh\Zgbbijbf_jghcijh]jZffu^bkpbiebguKdhlh\h^kl\h
ml\_j`^_gghcMq_[
f_lh^bq_kdbfh[t_^bg_gb_f\ukrbomq_[guoaZ\_^_gbc
JNihh[jZah\Zgbx\h[eZklb\_l_jbgZjbbbahhl_ogbbbkmq_lhfjZ[hq_c
ijh]jZffumq_[ghc^bkpbi
ebguKdhlh\h^kl\hml\_j`^_gghc\
N=HMIH
F=:Fb;
^eyki_pbZevghklb
Ahhl_ogby d\ZebnbdZpby kl_i_gv 
[ZdZeZ\j 
MFDij_^gZagZq_g^eyh[mq_gbyklm^_glh\ihemqZxsbo\ukr__
ijhn_kkbhgZevgh_h[jZah\Zgb_kd\ZebnbdZpb_cahhbg`_g_j



K�H?J@:GB?
P_ebbaZ^Zqbbamq_gby^bkpbiebgu


F_klh^bkpbiebgu\kljmdlmj_HHI

Lj_[h\Zgbydj_amevlZlZfh
k\h_gby^bkpbiebgu
H[t_f^bkpbiebgub\b^u
mq_[ghcjZ[
hlu
4.1
L_fZlbq_kdbcie
Zge_dpbc

L_fZlbq_kdbcieZgeZ[hjZlhjguobijZdlbq_kdboaZgylbc

..10
Kh^_
j`Zgb_^bkpbiebgu

Kh^_j`Zgb_jZa
^_eh\^bkpbiebgu
JZa^
_eu^bkpbiebgu
bf_`^bkpbiebgZjgu_
k\yab
h[_ki_qb\Z_fufb
ihke_^mxsbfb ^bkpbiebgZfb

JZa^_eu^bkpbiebgu
b\b^uaZgylbc
EZ[hjZlh
jgucijZdlbdmf

KZfhklhyl_evgh_bamq_
gb_jZa^_eh\^b
kpbiebgu

Ijbf_jgZyl_fZlbdZkZfhklhyl_evghcjZ
[hlu
Ijbf_jgZyl_fZlbdZ
dmjkh\uojZ[hl

L_fuj_n_jZlh\^eykZfhklhy
l_evghcjZ[hluklm^_glh\
.18
KljmdlmjZbgZibkZgb_j_n_jZlZdmjkh\hcb^b
iehfghcjZ[hl
F_lh^bq_kdb_mdZaZgbybjZ[hqZyl_ljZ^vKdhlh\h^kl\h
F_lh^bq_kdb_mdZaZgbyihkZ
fhklhyl_evghcjZ[hl_
Lj_[h\ZgbydwdaZf_gm


WdaZf_gZpbhggu_l_klu

hijhkuwdaZf
Zpbhgguo[be_lh\


E_dpbb

...104
EZ[hjZlhjgu_bi
jZdlbq_kdb_aZgylby


=ehkk
Zjbc
Mq_[gh
f_lh^bq_kdh_bbgnhjfZpbhggh_h[_ki_q_gb_^bkpbiebgu
262
FZl_jbZevgh
l_ogbq_kdh_h[
_ki_q_gb_^bkpbiebgu
..264
F_lh^bq_kdb_j_dhf_g^Zpbbihhj]ZgbaZpbbbamq_gby^bkpbiebgu
Kdhlh\h^kl\h

P_ebbaZ^Zqb^bkpbiebgu
P_ev
h[mq_gby
^Zlvklm^_glZf]em[hdb_agZgbyhkhklhygbbkdh
lh\h^kl\Z\
gZr_ckljZg_baZjm[_`hf[bheh]bq_kdbobohayckl\_g
guohkh[_gghklyo
djmigh]hjh]Zlh]hkdhlZjZpbhgZevghfbkihevah\Z
gbb_]h^eyihemq_gby
fZdkbfmfZijh^mdpbbkgZbf_gvrbfbaZljZlZ
bkmq_lhfwdheh]bq_kdbo
lj_[h\Zgbc
�ey^hklb`_gbywlhcp_ebbamqZxlkyke_^mxsb_
aZ^Zqb
ijhbkoh`^_gb_djmigh]hjh]Zlh]hkdhlZdhgklblmpbywdkl_jv_jbbgl_jv_j
`b\hlguobbo\aZbfhk\yavkjZaebqgufb\b^Zfbijh^md
lb\ghklb
aZdhghf_jghklbnhjfbjh\Zgbyf
hehqghcbfykghcijh^mdlb\gh
klbkdhlZ
f_lh^ubomq_lZbhp_gdb\ebygb_gZgbojZaebqguonZd
lhjh\
hj]ZgbaZpby\hkijhba\h^kl\ZklZ^Zbl_ogheh]bb\ujZsb\Zgbyj_fhglgh]h
fheh^gydZ

kh\j_f_ggu_l_ogheh]bbijhba\h^kl\ZfhehdZb]h\y^bgu

oha
yckl\_ggh
[bheh]bq_kdb_hkh[_gghklbihjh^djmigh]hjh]Zlh
]hkdhlZ
bf_lh^ubo]_g_lbq_kdh]hmemqr_gby
F_klh^bkpbiebgu\kljmdlmj_HHI
�bkpbiebgZKdhlh\h^kl\hhlghkblkydijhn_kkbhgZevghfmpbdem
Bamq_gb_kdhlh\h^kl\Z[Zabjm_lkygZagZgbyoZgZl
hfbbnbabheh
]bb
dhjfe_gbyjZa\_^_gby]_g_lbdbobfbbahh]b]b_guf_oZgbaZ
pbb\_l_jbgZjbb
bkdmkkl\_ggh]hhk_f_g_gbyk_evkdhohayckl\_gguo`b\hlguoZlZd`_
^bkpbiebgZ]jhghfbq_kdh]hbwdhghfbq_kdh]hijhnbe_c
�ZggZy^bkpbiebgZy\ey_lkyij_^r_kl\mxs_c
^eybamq_gby^bkpbiebg
fhehqgh_^_eh
l_ogheh]byi_j\bqghci_j_jZ[hldbijh^mdlh\`b\hlgh\h^kl\Z
[bhl_ogheh]by
Lj_[h\Zgby=HKIHdh[yaZl_evghfmfbgbfmfmhk\h_gbyhkgh\ghc
h[jZah\Zl_evghcijh]jZffuih^]hlh\dbki_pbZebklZ
]hkm^Zjkl\_gghfh[jZah\Zl_e
vghfklZg^Zjl_\ukr_]hijhn_kkbhgZevgh]h
h[jZah\Zgby =HKIH ki_pbZevghklb
Ahhl_ogby d\ZebnbdZpby
kl_i_gv [ZdZeZ\j 
hlg_k_gZdpbdem�K
^bkpbiebguki_pbZevghklb
Lj_[h\Zgbydj_amevlZlZfhk\h_gby^bkpbiebgu
Ijhp_kkbamq_gby^bkp
biebgugZijZ\e_ggZnhjfbjh\Zgb_ke_^mxsbo
dhfi_l_gpbc
uimkdgbdihgZijZ\e_gbxih^]hlh\dbAhhl_ogbykd\ZebnbdZpb_c
kl_i_gvx [ZdZeZ\j^he`_gh[eZ^Zlvke_^mxsbfbdhfi_l_gpbyfb
Z h[s_dmevlmjgufb HD

\eZ^__ldmevlmjhcfure_gbykihkh[_gd
h[h[s_gbxZgZebam
\hkijbylbxbgnhjfZpbbihklZgh\d_p_ebb\u[hjmiml_c_z^hklb`_gby
HD
1);

mf__leh]bq_kdb\_jghZj]mf_glbjh\Zghbykghkljhblvmklgmxb
ibkvf_ggmxj_qv HD
2);

]hlh\ddhhi_jZpbbkdhee_]ZfbjZ[hl_\dhee_dlb\_ HD
3);

kihkh[_ggZoh^blvhj]ZgbaZpbhggh
mijZ\e_gq_kdb_j_r_gby\
g_klZg^ZjlguokblmZpbyob]hlh\g_klbaZgbohl\_lkl\_gghklv HD
4);

mf__lbkihevah\ZlvghjfZlb\gu_ijZ\h\u_^hdmf_glu\k\h_c
^_yl_evghklb HD
5);

klj_fblkydkZfhjZa\blbx
ih\ur_gbxk\h_cd\ZebnbdZpbbbfZkl_jkl\Z
HD
6);
mf__ldjblbq_kdbhp_gb\Zlvk\hb^hklhbgkl\Zbg_^hklZldbgZf_lblv
imlb
b\u[jZlvkj_^kl\ZjZa\blby^hklhbgkl\bmkljZg_gbyg_^hklZldh\
HD
7);
hkhagZ_lkhpbZevgmxagZqbfhklvk\h_c[m^ms_cijh
n_kkbbh[eZ^Z_l
\ukhdhcfhlb\Zpb_cd\uiheg_gbxijhn_kkbhgZevghc^_yl_evghklb HD
8);

bkihevam_lhkgh\gu_iheh`_gbybf_lh^ukhpbZevguo]mfZgblZjguob
wdhghfbq_kdbogZmdijbj_r_gbbkhpbZevguobijhn_kkbhgZevguoaZ^Zq
HD
9);

kihkh[_gZgZe
babjh\ZlvkhpbZevgh
agZqbfu_ijh[e_fubijhp_kku
HD
10);
bkihevam_lhkgh\gu_aZdhgu_kl_kl\_gghgZmqguo^bkpbiebg\
ijhn_kkbhgZevghc^_yl_evghklb HD
11);

hkhagZ_lkmsghklvbagZq_gb_bgnhjfZpbb\jZa\blbbkh\j_f_ggh]h
h[s_kl
\Z\eZ^__lhkgh\gufbf_lh^Zfbkihkh[Zfbbkj_^kl\Zfb
ihemq_gbyojZg_gbyi_j_jZ[hldbbgnhjfZpbb HD
12);

bf__lgZ\udbjZ[hlukdhfivxl_jhfdZdkj_^kl\hfmijZ\e_gby
bgnhjfZpb_c HD
13);

kihkh[_gjZ[hlZlvkbgnhjfZpb_c\]eh[Zevguodhfivxl_
jguok_lyo
HD
14);

\eZ^__lh^gbfbabghkljZgguoyaudh\gZmjh\g_g_gb`_ql_gbyb
i_j_\h^Zki_pbZevghcebl_jZlmju HD
15);

\eZ^__lkj_^kl\ZfbkZfhklhyl_evgh]hf_lh^bq_kdbijZ\bevgh]h
bkihevah\Zgbyf_lh^h\nbabq_kdh]h\hkiblZgbybmdj_ie_gby
a^hjh\vy]hlh\d^hklb`_gbx^he`gh]hmjh\gynbabq_kdhc
ih^]hlh\e_gghklb^eyh[_ki_q_gbyiheghp_gghckhpbZevghcb
ijhn_kkbhgZevghc^_yl_evghklb HD
16).
[ ijhn_kkbhgZevgufb ID 
ijhba\h^kl\_ggh
l_ogheh]bq_kdZy^_yl_evghklv

kihkh[ghklvijbf_gyl
vkh\j_f_ggu_f_lh^ubijb_fukh^_j`Zgby
dhjfe_gbyjZa\_^_gbybwnn_dlb\gh]hbkihevah\Zgby`b\hlguo ID
1);

kihkh[ghklvhkms_kl\eylvk[hjZgZebabbgl_jij_lZpbxfZl_jbZeh\\
h[eZklb`b\hlgh\h^kl\Z ID
2);

]hlh\ghklvbkihevah\Zlvkh\j_f_ggu
_bgnhjfZpbhggu_l_ogheh]bb ID
3);

kihkh[ghklvbkihevah\Zlv^hklb`_gbygZmdb\hp_gd_dZq_kl\Zdhjfh\b
ijh^mdpbb\klZg^ZjlbaZpbbbk_jlbnbdZpbbie_f_gguo`b\hlguo ID
4);

kihkh[ghklvdh[hkgh\Zgbxijbgylbydhgdj_lguol_ogheh]bq_kdbo
j_r_g
bckmq_lhfhkh[_gghkl_c[bheh]bb`b\hlguo ID
5);

kihkh[ghklvbkihevah\ZlvijZ\beZl_ogbdb[_ahiZkghklb
ijhba\h^kl\_gghckZgblZjbbih`Zjghc[_ahiZkghklbbghjfhojZguljm^Z ID
6);

kihkh[ghklvijbf_gylvkh\j_f_ggu_kj_^kl\ZZ\lhfZlbaZpbbb
f_oZgbaZpbb\`b\hlgh\h^kl\_ ID
7);

kihkh[ghklvijh]ghabjh\Zlvihke_^kl\bybaf_g_gbc\dhjfe_gby
jZa\_^_gbybkh^_j`Zgby`b\hlguo ID
8);
kihkh[ghklvijh\h^blvahhl_ogbq_kdmxhp_gdm`b\hlguohkgh\ZggmxgZ
agZgbbbo[bheh]bq_kdbohkh[_gghkl_c ID
9);

kihkh[ghklvh[_ki_qblvjZpbhgZevgh_\hkijhba\h^kl\h`b\hlguo ID
10);

kihkh[ghklvwnn_dlb\ghmijZ\eylvijh^mdlb\gufbkihjlb\gufbb
^_dhjZlb\gufb`b\hlgufb\khhl\_lkl\bbkboij_^gZagZq_gb_fgZhkgh\_
kh\j_f_gguoagZgbchih\_^_gbbbik
boheh]bb`b\hlguo ID
11);

\eZ^__lhkgh\gufbf_lh^ZfbaZsbluijhba\h^kl\_ggh]h
i_jkhgZeZbgZk_e_gbyhl\hafh`guoihke_^kl\bcZ\Zjbc
dZlZkljhnklbobcguo[_^kl\bc ID
12);
hj]ZgbaZpbhggh
mijZ\e_gq_kdZy^_yl_evghklv

kihkh[ghklvZgZebabjh\Zlv
bieZgbjh\Zlvl_ogheh]bq_kdb_ijhp_kkudZd
h[t_dlumijZ\e_gby ID
13);

kihkh[ghklvdhj]ZgbaZpbbjZ[hludhee_dlb\Zbkihegbl_e_cijbgylby
mijZ\e_gq_kdboj_r_gbc\mkeh\byojZaebqguofg_gbc ID
14);

kihkh[ghklvhj]Zgbah\u\Zlvih\ur_gb_d\Zebn
bdZpbbkhljm^gbdh\
ih^jZa^_e_gbc\h[eZklbijhn_kkbhgZevghc^_yl_evghklb ID
15);

kihkh[ghklvdgZoh`^_gbxdhfijhfbkkZf_`^mjZaebqgufb
lj_[h\Zgbyfb klhbfhklvdZq_kl\h[_ahiZkghklvbkjhdbbkiheg_gby dZdijb
^he]hkjhqghflZdbijbdjZldhkjhqghf
ieZgbjh\Zgbbbhij_^_e_gbx
hilbfZevgh]hj_r_gby ID
16);

kihkh[ghklvdhp_gd_aZljZlgZh[_ki_q_gb_dZq_kl\Zijh^mdpbb
ijh\_^_gbxfZjd_lbg]Zbih^]hlh\db[bag_k
ieZgh\\uimkdZbj_ZebaZpbb
i_jki_dlb\ghcbdhgdmj_glhkihkh[ghcijh^mdpbb ID
17);
]hlh\ghklvdZ^ZilZpbbkh\j_f_gguo\_jkbckbkl_fmijZ\e_gby
dZq_kl\hfddhgdj_lgufmkeh\byfijhba\h^kl\ZgZhkgh\_f_`^mgZjh^guo
klZg^Zjlh\hkms_kl\e_gb_l_ogbq_kdh]hdhgljheybmijZ\e_gbydZq_kl\hf
ijh^mdpbb`b\hlgh\h^kl\Z ID
18);
gZmqgh
bkke_^h\Zl_
evkdZy^_yl_evghklv

kihkh[ghklvijbf_gylvkh\j_f_ggu_f_lh^ubkke_^h\Zgbc\h[eZklb
`b\hlgh\h^kl\Z ID
19);

]hlh\ghklvdbamq_gbxgZmqgh
l_ogbq_kdhcbgnhjfZpbbhl_q_kl\_ggh]h
baZjm[_`gh]hhiulZ\`b\hlgh\h^kl\_ ID
20);

]hlh\ghklvd
mqZklbx\ijh\_^_gbbgZmqguobkke_^h\Zgbch[jZ[hld_b
ZgZebamboj_amevlZlh\bkke_^h\Zgbc ID
21).
j_amevlZl_bamq_gby^bkpbiebguklm^_gl^he`_g
gZlv

khklhygb_kdhlh\h^kl\Zbl_ogheh]bbijhba\h^kl\ZfhehdZb]h\y
^bgu

f_lh^uhp_gdb
`b\hlguoihdhgklblmpbbwdkl_jv_jmbbgl_jv_jm

nZdlhju\ebyxsb_gZijh^mdlb\ghklvbl_ogheh]bq_kdb_dZq_kl\Z
djmigh]hjh]Zlh]hkdhlZ

l_hj_lbq_kdb_dijZdlbq_kdb_hkgh\uk_e_dpbbkdhlZ
Mf_lv

bkihevah\ZlvnZdlhjudhjfe_gbybkh^_j`
ZgbykdhlZ^eynhjfb
jh\Zgby
ijh^mdlb\ghklb

jZpbhgZevghijbf_gylvf_lh^ujZa\_^_gbygZhkgh\_bkihevah\Z
gby
kh\j_f_gguoijb_fh\hp_gdb]_ghlbiZbn_ghlbiZkdhlZZlZd`_ieZgbjh\Zlv
k_e_dpbhggucijhp_kk

hj]Zgbah\Zlvahhl_ogbq_kdbcmq_l

ieZgbjh\Zlvijhba\h^kl\hfhehdZb]h\y^bgu

hj]Zgbah\Zlvl_ogheh]bq_kdbcijhp_kk\ujZsb\Zgbyj_fhglgh]h
fheh^gydZb\hkijhba\h^kl\ZklZ^Z
H[t_f^bkpbiebgub\b^umq_[ghcjZ[hlu
b^umq_[ghcjZ[hlu
k_]hqZkh\
hqgh
K_f_klj
H[sZylj
m^h_fdhklv^bkpbiebgu
5,6
JZa^_eKdhlh\h^kl\h
5,6
:m^blhjgu_aZgylby
5,6
E_dpbb
5,6
IjZdlbq_kdb_aZgylby IA
EZ[hjZlhjgu_aZgylby EA b^jZm^
aZgylby
5,6
KZfhklhyl_evgZyjZ[hlZ
Dmjkh\u_jZ[hlu
qZkZgZ
b^blh]h\h]hdhgljheyaZq_l
wdaZf_g
+ +
5,6
4.1
L?F:LBQ?KDBCIE:G
E_dpbcih^bkpbiebg_Kdhlh\h^kl\h^eynZdmevl_lZahhl_ogheh]bcb
Z]jh[bag_kZ
L_fue_dpbc
Dhe
\h
qZkh\
;bheh]bq_kdb_
ohayckl\_ggu_
hkh[_gghklbdjmigh]h
jh]Zlh]hkdhlZb_]hgZjh^
ohayckl\_ggh_agZq_gb_
FhehqgZyijh^mdlb\ghklvdjmigh]hjh]Zlh]hkdhlZbnZdlhju
_zh[mkeZ\eb\Zxsb_
KhklZ\fhehdZbnZdlhjugZg_]h\ebyxsb_
FykgZyijh^mdlb\ghklvdjmigh]hjh]Zlh]hkdhlZbnZdlhjugZ
g_z\ebyxsb_
Khjh^bqbdjmigh]hjh]Z
lh]hkdhlZbo
gZjh^gh
ohayckl\_ggh_agZq_gb_b[bheh]bq_kdb_hkh[_gghklb
Ihjh^ufhehqgh]hbfhehqgh
fykgh]hgZijZ\e_gbc
ijh^mdlb\ghklb]heeZg^kdZy]herlbgkdZyq_jgh
i_kljZy
ohefh]hjkdZyyjhkeZ\kdZyZcjrbjkdZydjZkgh
i_kljZy
^`_jk_ckdZydjZkg
u_;mju_ihjh^u
Ihjh^ufykgh]hgZijZ\e_gbyijh^mdlb\ghklbdZefupdZy
dZaZokdZy[_eh]heh\Zy]_j_nhj^kdZyrhjl]hjgkdZyZ[_j^bg
Zg]mkkdZy]Zeeh\_ck
dZyrZjhe_ebfmabgdbZgkdZy
kZglZ
]_jljm^Zbijhqb_
L_ogheh]byijhba\h^kl\Z]h\y^bgu\fhehqg
hfkdhlh\h^kl\_
Ihlhqgh
p_oh\Zykbkl_fZijhba\h^kl\ZfhehdZb
\hkijhba\h^kl\ZklZ^Z
Kh\j_f_ggu_l_ogheh]bbijhba\h^kl\ZfhehdZ
Bkihevah\Zgb_k_e_dpbhggh
]_g_lbq_kdboiZjZf_ljh\\
ie_f_gghcjZ[hl_kfhehqgufkdhlhf
Hl[hj\fhehqghfkdh
lh\h^kl\_
Ih^[hj\fhehqghfkdhlh\h^kl\_
F_lh^ujZa\_^_gbyIeZgie_f_gghcjZ[hlu

L?F:LBQ?KDBCIE:G


L_fuaZgylbc
QZku
k_f_klj
Wdkl_jv_
jbdhgklblmpbydjmigh]hjh]Zlh]hkdhlZ
KlZlbdjmigh]hjh]Zlh]hkdhlZ
Bamq_gb_wdkl_jv_jZdjmigh]hjh]Zlh]hkdhlZ
Hij_^_e_gb_\hajZklZbkihkh[uf_q_gbydjmigh]h
jh]Zlh]h
kdhlZ
Baf_j_gb_`b\hlguohij_^_e_gb_`b\hcfZkk
jZagufbkihkh[Zfb
Hp_gdZ\uf_gbdhjh\
Dheehd\bmfihijhc^_gghfmjZa^_em
FhehqgZybfykgZyijh^mdlb\ghklvdjmigh]hjh]Zlh]hkdhlZ
Bg^b\b^mZevgucmq_lfhehqghcijh^mdlb\ghklb
Hp_gdZdhjh\ihoZjZdl_jmeZdlZpbhgghc
djb\hcJZkq_l
kh^_j`Zgbykmoh]h\_s_kl\Z\fhehd_bijh^Z`ZfhehdZkmq_lhf
[Zabkghc`bjghklb
NZdlhju\ebyxsb_gZfhehqgmxijh^mdlb\ghklv
IeZgbjh\Zgb_m^h_\gZdhjh\mihklZ^m
IeZgbjh\Zgb_ijhba\h^kl\ZfhehdZgZn_jf_
B
amq_gb_fykguodZq_kl\djmigh]hjh]Zlh]hkdhlZ
IeZgbjh\Zgb_jhklZj_fhglgh]hfheh^gydZfhehqguoihjh^
Dheehd\bmfihijhc^_gghfmjZa^_em
k_f_klj
Ijhba\h^kl\hfhehdZgZijhfure_gghchkgh\_
Hij_^_e_gb_kljmdlmjuklZ^Zbdhebq_kl
\Zl_ogheh]bq_kdbo
]jmiigZn_jf_
Ijhba\h^kl\_ggucbie_f_gghcmq_l\kdhlh\h^kl\_
JZ[hlZknhjfZfbijhba\h^kl\_ggh]hbie_f_ggh]hmq_lZ
Ie_f_ggh_^_eh\kdhlh\h^kl\_
;hgblbjh\dZdjmigh]hjh]Zlh]hkdhlZ
Hp_gdZ[udh\ihdZ
q_kl\mihlhfkl\Z
KhklZ\e_gb_k\h^gh]hhlq_lZih[hgblbjh\d_
Bamq_gb_k_e_dpbhggh
]_g_lbq_kdboiZjZf_ljh\klZ^Z
JZajZ[hldZk_e_dpbhgguof_jhijbylbcihkh\_jr_gkl\h\Zgbx
klZ^ZgZhkgh\_ZgZebaZ^Zgguo[hgblbjh\dbklZ^Z
Kh^_j`Zg
b_^bkpbiebgu
Kh^_j`Zgb_jZa^_eh\^bkpbiebgu
JZa^_e
?&#x-4?;&#x-40;?GB?

AgZq_gb_kdhlh\h^kl\Z\gZjh^ghfohayckl\_bklhjbykhklhygb_b
i_jki_dlb\ujZa\blbykdhlh\h^kl\Z\gZr_ckljZg_baZjm[_`hfBk
ihevah\Zgb_
^hklb`_gbcgZmdbbijZdlbdb\kdhlh\h
^kl\_

;bheh]bq_kdb_bohayckl\_ggu_hkh[_gghklbdjmigh]hjh]Zlh]hkdhlZb_]h
khjh^bq_c a_[myd[mc\heb^j bof_klh\ahheh]bq_
kdhcdeZkkbnbdZpbb
JZa^_e
DHGKLBLMPBYWDKL?JV?JBBGL?JV?J
KDHL:

Hkh[_gghklbwdkl_jv_jZbgl_jv_jZbdhgk
lblmpbbdjmigh]hjh]Z
lh]hkdhlZ
jZaguogZijZ\e_gbcijh^mdlb\ghklbK\yavjZa\blbyklZl_cl_ehkeh`_gbyb
bgl_jv_jguohkh[_gghkl_cknmgdpb_c\gmlj_ggbohj]Zgh\bijh^mdlb\ghklvx
F_lh^ubamq_gbybhp_gdbdhgklblmpbbbl_ehkeh`_gbyKh\j_f_ggu_lj_[h\Zgby
dhgklblmpbbbwdkl_jv_jmkdhlZEbg_cgucf_lh^hp_gdbwdkl_jv_jZF_q_gb_
`b\hlguoFZklbkdhlZLbiu\ukr_cg_j\ghc^_yl_evghklbbboagZq_gb_\
wlheh]bbkdhlZ
JZa^_e
�IJHMDLBGHKLV

FhehqgZyijh^mdlb\ghklv
KhklZ\fhehdZdhjh\b_]hibs_\h_agZq
_gb_
Kljh_gb_fhehqghc`_e_auNbabheh]bq_kdb_hkgh\ufh
ehqghcijh^mdlb\ghklb
NZdlhju\ebyxsb_gZm^hcbkhklZ\fhehdZihjh^Z\hajZklklZ^byeZdlZpbb
`b\ZyfZkkZ\hajZklb`b\ZyfZkkZijbi_j\hfhl_e_ijh^he`bl_evghklv
kmohklhcgh]hbk_j\bk
i_jbh
^h\jZa^hcdjZlghklv^h_gbyl_ogbdZ^h_gbyb
^j
Bg^b\b^m
ZevgucbklZlbklbq_kdbcmq_lieZgbjh\Zgb_fhehqghcijh^mdlb\gh
klb

FykgZyijh^mdlb\ghklv
Fhjnheh]bq_kdbcbobfbq_kdbckhklZ\fykZ_]h
ibs_\h_agZq_gb_NZdlhju\ebyxsb_gZfykgmxijh^md
lb\ghklvihjh^Z
\hajZkl`b\ZyfZkkZihebdZkljZpbymiblZgghklvb^jIjb`bag_ggu_b
ihke_m[hcgu_f_lh^umq_lZ

Ijhqb_\b^uijh^mdpbbkdhlZ
JZa^_e
IHJ�HU

DeZkkbnbdZpbyihjh^ihgZijZ\e_gbxijh^mdlb\ghklb=eh[Zev
gu_b
ehdZevgu_ihjh^u
Ijh[e_fukhojZg_gbybkh\_jr_gkl\h\Zgby]_ghnhg^Z\
kdhlh\h^kl\_Ihjh^ufhehqgh]hgZijZ\e_gbyijh^md
lb\ghklbq_jgh
i_klju_
djZkgu_ohefh]hjkdZylZ]bevkdZyZcjrbjkdZy^`zjk_ckdZyijhqb_Ihjh^u
fhehqgh
fykgh]hgZijZ\e_gbyijh^mdlb\ghklbiZe_\h
_klju_[mju_ijhqb_
Ihjh^ufykgh]hgZ
ijZ\e_gbyijh^mdlb\ghklbdZefupdZydZaZokdZy[_eh]heh\Zy
]_j_nhj^kdZyrhjl]hjgkdZyZ[_j^bg
Zg]mkkdZy]Zeeh\_ckdZyrZjhe_ebfmabg
dbZgkdZykZglZ
]_jljm^Zijhqb_
JZa^_e
HKIJHBAH;�HKLHKLH;&#x-1;�K-;L-; :;::

Hkgh\g
u_ihdZaZl_eb\hkijhba\h^kl\ZklZ^ZF_`hl_evgucpbdeb_]h
i_jbh^ukl_evghklvk_j\bk
i_jbh^eZdlZpbykmohklhcguci_jb
h^bo
\aZbfhk\yavIeZgbjh\Zgb_hk_f_g_gbcaZimkdh\bhl_eh\Ih
gylb_h[_kieh^bbb
yeh\hklbAhhl_ogbq_kdb_f_jhijbylbyih[hjv[_
kyeh\hklvxIjh^he`bl_evghklv
ohayckl\_ggh]hbkihevah\Zgbydhjh\b[udh\
ijhba\h^bl_e_cIhjy^hd
\ujZsb\ZgbybwdkiemZlZpbb[u
dh\
ijhba\h^bl_e_c\ohayckl\ZogZwe_\_jZob
ie_fij_^ijbylbyoHp_gdZ\hkijhba\h^bl_evghckihkh[ghklb[udh\Ih^]hlh\dZ
dhjh\
dhl_emijh\_^_gb_hl_eZbijb_fl_eylAgZq_gb_fhehab\gh]hi_jbh^Z^ey
l_ey]F_lh^u\ujZsb\Zgbyl_eylbfheh^gydZ\fhehqghfbfyk
ghf
kdhlh\h^kl\_Ahhl_ogbq_kdb_f_jhijbylbyih[hjv[_k[he_agyfbbhloh^hf
fheh^gydZIeZgbjh\Zgb_\ujZsb\Zgbyfheh^g
ydZhajZklb`b\ZyfZkkZl_ehd
ijbi_j\hfhieh^hl\hj_gbbH[hkgh\Zgb_l_fih\j_fhglZklZ^ZHkh[_gghklb
l_ogheh]bb\ujZsb\Zgbyl_ehd\ohayckl
\ZokjZaghcdhgp_gljZpb_cih]heh\vy
Bkihevah\Zgb_iZkl[bsijb\ujZsb\Zgbbfheh^gydZ
JZa^_e
L?OGHEH=BYIJ
HBAHH;&#x-18;KL:FHEHD:

Kbkl_fubkihkh[ukh^_j`Zgbyfhehqguodhjh\\abfgbcbe_lgbci_jbh^u
Hij_^_e_gb_ihlj_[ghklb\dhjfZoIjb]hlh\e_gb_bjZa^Z
qZbobkihevah\Zgb_
_kl_kl\_gguobbkdmkkl\_gguoiZkl[bsbdmev
lmja_e_gh]hdhg\_c_jZ
Hj]ZgbaZpby\h^hk
gZ[`_gbyM[hjdZojZg_
gb_bmlbebaZpbygZ\haZKihkh[ub
l_ogbdZ^h_gbyI_j\bqgZyh[jZ
[hldZbj_ZebaZpbyfhehdZJZkihjy^hd^gy
KZgblZjgh
\_l_jbgZjgu_f_jhijbylbyIjbgpbiu
nhjfbjh\Zgby]jmii`b\hlguoijbijb\ya
ghfb[_kijb\yaghfkh^_j`Zgbb
Kljmdlmj
ZklZ^Zb__h[hkgh\Zgb_\ohayckl\ZojZaebqghcki_pbZebaZpbbLbiu
ij_^ijbylbcihijhba\h^
kl\mfhehdZIjhfure_ggZyl_ogheh]byijhba\h^kl\Z
fhehdZ__ahh
l_ogbq_kdh_bwdhghfbq_kdh_h[hkgh\Zgb_ij_bfms_kl\Zb
g_^hklZl
dbIhlhqgh
p_oh\Zyl_ogheh]byij
hba\h^kl\ZfhehdZb\hkijhba\h^
kl\Z
klZeZPbdeh]jZffZWg_j]hk[_j_]Zxsb_bwdheh]bq_kdbh[hkgh
\Zggu_
l_ogheh]bbIjhba\h^kl\hfhehdZ\ohayckl\ZokjZaebqghcnhjfhckh[kl\_gghklb
JZa^_e
L?OGHEH=BYIJHBAH;�HKL:=HYY;&#x-40;BGU

Ihgylb_h\ujZsb\Zgbb^hj
Zsb\Zgbbbhldhjf_`b\hlguoLbiu
hldhjfhqguoohayckl\bihjy^hdbodhfie_dlh\Zgbyfheh^gydhfih
klZ\sbdb
hl[hjljZgkihjlbjh\dZPbdeh]jZffZL_ogheh]bq_kdb_hi_jZpbbijbjZaebqguo
kihkh[Zokh^_j`Zgbyhldhjfhqgh]hih]heh
\vybowdheh]bq_kdZyhp_gdZ
h[_gghklbhldhjfZkdhlZgZhloh^Zoibs_\hcijhfure_gghklbHkh[_gghklb
hldhjfZ\ajhkeuo`b\hlguoGZ]mekdhlZL_ogheh]bydhjh\Z
l_e_ghd\
ki_pbZebabjh\Zgghffykghfkdhlh\h^kl\_J_ZebaZpbyhldhjfe_ggh]hih]heh\vy
ujZsb
\Zgb_bhldhjfkdhlZ\ohayckl\Z
ojZaebqghcnhjfukh[kl\_gghklb
JZa^_e
IE?F?GGH?�?EH

Djmigucjh]ZluckdhldZdh[t_dlk_e_dpbbAgZq_gb_ie_f_gghcjZ[hlu\
ih\ur_gbbijh^mdlb\ghklbJZa\blb_ie_f_ggh]h^_eZ\gZ
r_ckljZg_baZ
jm[_`hfHj]ZgbaZpbyie_f_gghckem`[uF_lh^ujZa\
_^_gbybbobkihevah\Zgb_
\ie_f_gguoblh\Zjguoohayckl\Zo

=eZ\gu_bkhimlkl\mxsb_k_e_dpbhggu_ijbagZdbdhjh\b[udh\fhehqgh]h
fhehqgh
fykgh]hbfykgh]hgZijZ\e_gbcijh^mdlb\ghklbBaf_gqb\hklv
gZke_^m_fhklvih\lhjy_fhklvb\aZbfhk\yavk_e_dpb
hgguoijbagZdh\
K_e_dpbhggh_agZq_gb_`b\hlguokj_dhj^ghcijh
^mdlb\ghklvxKo_fuhl[hjZ
dhjh\b[udh\ihn_ghlbim wdkl_jv_jbjZa\blb_ijh^mdlb\ghklv
\hkijhba\h^bl_evgZykihkh[ghklv bih]_ghlbim jh^hkeh\gZydZq_kl\h
ihlhfkl\Z Ihjh]h\uclZg^_fg
ucbbg^_dkguchl[hju

;hgblbjh\dZfhehqgh]hbfykgh]hkdhlZHp_gdZijhba\h^bl_e_cihdZq_kl\m
ihlhfkl\ZIjbgpbiubf_lh^uih^[hjZJZ[hlZkebgby
bk_f_ckl\Zfb
Bkihevah\Zgb_bg[jb^bg]Zb]_l_jhabkZDjmigh
fZkrlZ[gZyk_e_dpbybmkeh\by__
_g_gbyHkh[_gghklbie_f_g
ghcjZ[hlu\ohayckl\ZojZaguodZl_]hjbc
Ie_f_gghcmq_lIeZgbjh
\Zgb_k_e_dpbhgghcjZ[hlu\klZ^_bihjh^_
Bkihevah\Zgb_WF\k_e_dpbhgghcjZ[hl_BgnhjfZpbhggZykbkl_fZie_f_ggh]h
kdhlh\h^
kl\ZGhjfZlb\gh
ijZ\h\Zy[ZaZie_f
_ggh]hkdhlh\h^kl\Z_^_gb_
]hkm^Zjkl\_gguodgb]ie_f_gguo`b\hlguoba^Zgb_dZlZeh]h\u
klZ\dbb
\u\h^dbie_f_gguo`b\hlguoDhgdmjkuohayckl\gZemq
rmxihklZgh\dm
ie_f_gghcjZ[hlu:ijh[Zpbyk_e_dpbhgguo^hklb
`_gbc

Bkihevah\Zgb_fbjh\h]h]_ghn
hg^Z^eykh\_jr_gkl\h\Zgbyhl_q_kl\_gguo
ihjh^kdhlZHkgh\gu_gZijZ\e_gbygZmqgh
l_ogbq_kdh]hijh]j_kkZ\k_e_dpbb
kdhlZ
JZa^_eu^bkpbiebgubf_`^bkpbiebgZjgu_k\yabkh[_ki_qb\Z_fufb
ihke_^mxsbfb ^bkpbiebgZfb
GZbf_gh
Zgb_
h[_ki_qb
_fuo
ihke_^m
xsbo 
^bkpbiebg

jZa^_eh\^Zgghc^bkpbiebgug_h[oh^bfuo^eybamq_gby

h[_ki_qb\Z_fuo ihke_^mxsbo ^bkpbiebg






Fhehqgh_
^_eh


JZa^_eu^bkpbiebgub\b^uaZgylbc
GZbf_gh\Zgb_jZa^_eZ^bkpbiebgu
E_dp
IjZdl
aZg
EZ[
aZg
fbg
KJK
k_]h
\_^_gb_
qZkZ

qZk
qZkZ

Dhgklblmpbywdkl_jv_jbbgl_jv_j
kdh

lZFZklb
qZk
qZ
qZ
qZ
kh\
qZ
kh\
FhehqgZybfykgZyijh^mdlb\ghklv
qZkZ
qZ
kh\
qZ
kh\
qZ
kh\
qZ
kh\
Ihjh^udjmigh]hjh]Zlh]hkdhlZ
qZ
kh\
qZkZ
qZkZ
qZ
kh\
qZ
hkijhba\h^kl\hklZ^Z
qZkZ
qZkZ
qZk
qZ
kh\
qZkZ
L_ogheh]byijhba\h^kl\ZfhehdZ
qZkh\
qZ
kh\
qZ
kh\
qZ
kh\
qZ
kh\
L_ogheh]byijhba\h^kl\Z]h\y^bgu
qZkh\
qZ
kh\
qZ
kh\
qZ
kh\
qZ
kh\
Ie_f_ggh_^_eh
qZkZ
qZ
kh\
qZ
qZ
kh\
kh\
EZ[hjZlhjgucijZdlbdmf
jZa
^_eZ
^bkpbi
GZbf_gh\Zgb_eZ[hjZlhjguojZ[hl
Ljm^h_f
dhkl
qZk
KlZlblbiudhgklblmpbbihjh^gu_\hajZklgu_biheh\u_jZaebqby\wdkl_jv_j_Hp_gdZ
wdkl_jv_jZ\aylb_ijhf_jh\jZkq_l
bg^_dkh\Hij_^_e_gb_\hajZklZ
qZkZ
Mq_lfhehqghcijh^mdlb\ghklbdhjh\NZdlhju\ebyxsb_gZm^hcbkhklZ\fhehdZ
IeZgbjh\Zgb_bg^b\b^mZevguom^h_\gZdhjh\mgh]jmii_dhjh\
ihklZ^mIjb`bag_ggu_b
ihke_m[hcgu_f_lh^umq_lZbhp_gdbfykghci
jh^mdlb\ghklbJZkq_lm[hcgh]h\uoh^Zb
ih[hqguoijh^mdlh\m[hy
qZkh\
Bamq_gb_ihjh^kdhlZfhehqguofhehqgh
fykguobfykguo
qZkZ
F_`hl_evgucpbdeb_]hi_jbh^ubo\aZbfhk\yavIhdZaZl_eb\hkijhba\h^kl\ZklZ^ZbojZkq_l
klZ\e_gb_
ieZgZhk_f_g_gbybhl_eh\IeZgbjh\Z
gb_jhklZl_ehdih\hajZklgufi_jbh^Zf
Ahhl_o
gbq_kdbcmq_l\fhehqghfkdhlh\h^kl\_Hlq_lh^\b`_gbbih]heh\vykdhlZgZ
n_jf_
JZkq_ldheb
q_kl\Zdhjfh
^g_ckj_^g_f_kyqgh]hih]heh\vy\Zeh\h]hijbjhklZ`b\hcfZkku
qZkZ
JZkq_l\hkijhba\h^kl\ZklZ^Zbpbdeh]jZffuijh
ba\h^kl\ZfhehdZgZfhehqghcn_jf_JZkq_l
lj_[ghklb\dhjfZobijhba\h^kl\ZfhehdZ
qZkh\
JZkq_ll_ogheh]bq_kdboiZjZf_ljh\n_jfuihijh
ba\h^kl\m]h\y^bguPbdeh]jZffZb]jZnbd
aZ\ha
Zfheh^gydZJZkq_lihlj_[ghklb\dhjfZoijhba
\h^kl\Z]h\y^bgubih[hqghcijh^mdpbb
qZkh\
JZkq_lk_e_dpbhggh
]_g_lbq_kdboiZjZf_ljh\klZ
^ZHp_gdZdjmigh]hjh]Zlh]hkdhlZih
ijhbkoh`
^_gbx;hgblbjh\dZkdhlZfhehqguobfhehqgh
fykguoihjh^Hp
_gdZ[udh\
fhehqguoihjh^ihdZq_kl\mihlhfkl\Z
;hgblbjh\dZkdhlZfykguoihjh^Hp_gdZ[udh\fykguoihjh^ihdZq_kl\mihlhfkl\Z
KhklZ\e_gb_ahhl_ogbq_kdh]hhlq_lZhj_amevlZlZoie_f_gghcjZ[hlukdjmigufjh]Zluf
kdhlhffhehqgh]hgZijZ\e_gbyijh^mdlb\g
hklb
qZkh\
7
KZfhklhyl_evgZyjZ[hlZ
7.1

BklhjbyjZa\blbyfhehqgh]hkdhlh\h^kl\Z\Jhkkbb
AgZq_gb_dhjh\j_dhj^bklhd\ie_f_gghcjZ[hl_
Fgh]hieh^b_\kdhlh\h^kl\_b_]hagZq_gb_\k_e_dpbb
4.
Ihjh^gu_jZaebqby\baf_g_gbb`b\hcfZkkul_ehdihi_jbh^ZfjhklZ
JZkq_lihlj_[ghklb\dhjfZogZfhehqghcn_jf_
JZkq_lijhba\h^kl\ZfhehdZbih[hqghcijh^mdpbb
ebygb_\hajZklZb`b\hcfZkkul_ehd
ijbi_j\hfhk_f_g_gbbgZfhehqgmx
ijh^mdlb\ghk
lvihi_j\hcbihke_^mxsbfeZdlZpbyf
Bkihevah\Zgb_jh^kl\_ggh]hkiZjb\Zgbyijbkh\_jr_gkl\h\Zgbbihjh^
djmigh]hjh]Zlh]hkdhlZ
Bkihevah\Zgb_]b[jb^baZpbbijbkha^Zgbbgh\uoihjh^djmigh
]hjh]Zlh]h
kdhlZ
�ebl_evghklvohayckl\_ggh]hbkihevah\
Zgbydjmigh]hjh]Zlh]hkdhlZ
Hij_^_e_gb_kl_i_gbjh^kl\Zbdhwnnbpb_glZ]hfhab]hlghklbijb
bg[jb^bg]_
ebygb_k_ahgZ]h^ZgZkhklZ\bk\hckl\ZfhehdZdhjh\
FhehqgZyijh^mdlb\ghklvKhklZ\bk\hckl\ZfhehdZdhjh\ijbjZaguo
l_ogheh]byo^h_g
by
Bkihevah\Zgb_aZf_gbl_e_cp_evgh]hfhehdZijb\ujZsb\Zgbbl_eyl
fhehqguoihjh^kdhlZ
ebygb_]_g_lbq_kdbobiZjZlbibq_kdbonZdlhjh\gZZ^ZilZpb
hggu_
kihkh[ghklbdjmigh]hjh]Zlh]hkdhlZ
Ijh]ghabjh\Zgb_fhehqghcijh^mdlb\ghklbdjmigh]h
jh]Zlh]hkdhlZ
hajZkli_j\h]hhl_eZdhjh\b\hafh`ghklv_]hkgb`_gby
BgnhjfZpbhggZykbkl_fZie_f_ggh]hkdhlh\h^kl\Z
Ijbf_jgZyl_fZlbdZdmjkh\uojZ[hl
JZa\blb_fhehqgh]hkdhlh\h^kl\Z\jZaguokljZgZofbjZ
Fykgu_ihjh^uKR:bDZgZ
^u
=_l_jhabkb_]hbkihevah\Zgb_\kdhlh\h^kl\_
KjZ\gbl_evgZyoZjZdl_jbklbdZjZaguolbih\l_ogheh]bc\fh
ehqghf
kdhlh\h^kl\_
Ih\_^_gb_djmigh]hjh]Zlh]hkdhlZb_]hagZq_gb_\mkeh\byoijhfure_gghc
l_ogheh]bb
ebygb_djZlghklbbl_ogheh]
bb^h_gbygZfhehqgmx`_e_amdh
jh\ub__
ijh^mdlb\ghklv
=herlbgkdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZb__agZq_gb_\fb
jh\hf
kdhlh\h^kl\_
Hkgh\gu_f_jhijbylbygZijZ\e_ggu_gZm\_ebq_gb_fhehqghc
ijh^mdlb\ghklbdhjh\
ebygb_\hajZklZb`b\hc
fZkkul_ehdijbi_j\hfhk_f_g_gbbgZbo
ihke_^mxsmxfhehqgmxijh^mdlb\ghklv
Kbff_glZevkdZyihjh^Z\Jhkkbbbimlb__kh\_jr_gkl\h\Zgby
=b[jb^baZpby\k_e_dpbbdjmigh]hjh]Zlh]hkdhlZ
ebygb_fhjnheh]bq_kdbobnbabheh]bq_kdbohkh[_gghkl_c\uf
_gbgZ
fhehqgmxijh^mdlb\ghklvdhjh\
Wnn_dlb\ghklvijh^he`bl_evghklbbkihevah\Zgbyfhehqguodhjh\
Hkh[_gghklbl_ogheh]bbijhba\h^kl\ZfhehdZijb[_kijb\ya
ghf
kh^_j`Zgbbdhjh\
AZ[he_\Z_fhklvfZklblhfijbjZaebqguol_ogheh]byo^h_gbydhjh\
ebygb_fhehqghcijh^mdlb\ghklbfZl_j_cgZijh^mdlb\ghklvbo^hq_j_c
aZbfhk\yavfhehqghcijh^mdlb\ghklbi_j\hl_ehdkboihke_
^mxs_c
ijh^mdlb\ghklvx
Ijh]ghabjh\Zgb_fhehqghcijh^mdlb\ghklbdhjh\ihmdhjh
q_gghc
eZdlZpbb
KjZ\gbl_evgZ
yoZjZdl_jbklbdZjZaebqguokihkh[h\hp_gdbwdk
l_jv_jZb
dhgklblmpbbdjmigh]hjh]Zlh]hkdhlZ
GZke_^m_fhklvbaf_gqb\hklvbih\lhjy_fhklvijh^mdlb\guob
l_ogheh]bq_kdbodZq_kl\kdhlZ
I_j_^h\hchiul\ujZsb\Zgbyfheh^gydZijhba\h^kl\ZfhehdZb]h\
y^bgu
KjZ\gbl_evgZyhp_gdZjZaebqguoihjh^djmigh]hjh]Zlh]hkdh
lZ
KjZ\gbl_evgZyoZjZdl_jbklbdZjZaebqguof_lh^h\hp_gdbbhl
[hjZ
djmigh]hjh]Zlh]hkdhlZ
Kh^_j`Zgb_`bjZb[_edZ\fhehd_dhjh\kihkh[ubodhgljheynZdlhju
\ebyxsb_gZ
bokh^_j`Zgb_bimlbih\ur_gby

L?FU
J_n_jZlh\ih^bkpbiebg_Kdhlh\h^kl\h\khhl\_lkl\bbkijh]jZffhcih
^bkpbiebg_
Bkihevah\Zgb_agZgbc
lbih\\ukr_cg_j\ghc^_yl_evghklb\fhehqghf
kdhlh\h^kl\_
NhjfZ
\uf_gbdhjh\b__k\yavkfhehqghcijh^mdlb\ghklvxbijb]h^ghklvx
dfZrbgghfm^h_gbx
Wnn_dlb\ghklvijbf_g_gbyfZkkZ`Z\uf_gbg_l_e_c
Hj]ZgbaZpbyaZimkdZdhjh\dhjfe_gbybkh^_j`Zgby\kmohklhcguci_jbh^
F_jhijbylbyijh\h^bfu_\p_o_JZa^hyb
hk_f_g_gbydhjh\bboagZq_gb_\
ih\ur_gbbijh^mdlb\ghklbdhjh\
K\yavlbiZl_ehkeh`_gbyb`b\hcfZkkudhjh\kfhehqghcijh^mdlb\ghklvx
Hj]ZgbaZpbybagZq_gb_\ujZsb\Zgbyl_eyl\fhehab\guci_jbh^
ukhdhijh^mdlb\gu_dhjh\udhkljhfkdhcihjh^ub
boagZq_gb_\__
kh\_jr_gkl\h\Zgbb
Fbjh\u_j_dhj^ufhehqghcijh^mdlb\ghklbdhjh\ihihjh^ZfbboagZq_gb_
Nbabheh]bq_kdb_hkgh\ufZrbggh]h^h_gbydhjh\
=_g_lbq_kdb_nZdlhju\ebyxsb_gZfhehqgmxijh^mdlb\ghklvdjmigh]h
jh]Zlh]hkdhlZ

IZjZlbibq_kdb_nZdlhju\ebyxsb_gZfhehqgmxijh^mdlb\ghklvdjmigh]h
jh]Zlh]hkdhlZ
Hkh[_gghklbijhba\h^kl\ZfhehdZ\mkeh\byoijhfure_gghcl_ogheh]bb
=_g_lbq_kdb_nZdlhju\ebyxsb_gZfykgmxijh^mdlb\ghklvdjmigh]h
jh]Zlh]hkdhlZ
IZjZlbibq_kdb_nZdlhju\ebyxsb_gZfykgmxijh^mdlb\ghklvdjmigh]h
jh]Zlh]hkdhlZ
;bheh]bq_kdb_bohayckl\_ggu_hkh[_gghklba_[m
Bkihevah\Zgb_a_[mijbkh\_jr_gkl\h\Zgbbfhehqgh]hkdhlZ
Bkihevah\Zgb_a_[mijbkh\_jr_gkl\h\Zgbbfykgh]hkdhlZ
Kh\j_f_ggh_khklhygb_]heeZg^kdhcihjh^udjmigh]hjh]Zlh]hkdhlZ
Kh\j_f_ggh_khklhygb_]herlbgkdhcihjh^udjmigh]hjh]Zlh]hkdhlZ
Kh\j_f_ggh_khklhygb_q_jgh
i_kljh]hkdhlZJhkkbbbimlb__
kh\_jr_gkl\h\Zgby
K_e_dpbhggh
]_g_lbq_kdb_f_l
h^uih\ur_gbyj_abkl_glghklbfhehqgh]h
kdhlZ
Hkh[_gghklbl_ogheh]bbdbgn_dpbhggufbg_bgn_dpbhggufaZ[he_\Zgbyf
iZkl[bsgh]hkh^_j`ZgbykdhlZ
K\yavkl_i_gbdjh\ghklbq_jgh
i_kljh]hkdhlZih]herlbgkdhcihjh^_k
fhehqghcijh^mdlb\ghklvx
Hp_g
dZdhjh\ihfhehqghcijh^mdlb\ghklb\k\yabk^ebl_evghklvxk_j\bk
i_jbh^Z
Kh\_jr_gkl\h\Zgb_kdhlZdjZkghckl_ighcihjh^uiml_fbkihevah\Zgby
[udh\^jm]boihjh^
OZjZdl_jbklbdZlbiZl_ehkeh`_gbybfhehqghcijh^mdlb\ghklbdhjh\
djZkgh
i_kljhcihj
h^u
Hkh[_gghklbl_ogheh]bbijhba\h^kl\Z]h\y^bgu\fhehqghfkdhlh\h^kl\_
Hj]ZgbaZpby\hkijhba\h^kl\Z\fhehqghfkdhlh\h^kl\_
ebygb_ijh^he`bl_evghklbkmohklhcgh]hi_jbh^ZgZfhehqgmx
ijh^mdlb\ghklvkdhlZ
Hj]ZgbaZpbyjZa^hydhjh\
H
kh[_gghklbhj]ZgbaZpbbljm^ZgZfhehqguon_jfZo
Lbiuohayckl\bnhjfihijhba\h^kl\mfhehdZ
Hkh[_gghklbf_oZgbaZpbbijhba\h^kl\_gguoijhp_kkh\gZfhehqguo
n_jfZo
Hkh[_gghklbdhgljheyaZjhklhfbjZa\blb_fijb\ujZsb\Zgbbj_fhglgh]h
fheh^gydZ
Hkh[_gghklb\ujZsb\Zgbyj_fhglguo[udh\gZ
ebygb_]bih^bgZfbbgZfhehqgmxijh^mdlb\ghklvkdhlZijbbgl_gkb\guo
l_ogheh]byoijhba\h^kl\ZfhehdZ
ebygb_]bih^bgZfbbgZ\hkijhba\h^bl_evgu_dZq_kl\Zfhehqgh]hkdhlZ
Hkh[_gghklb\ujZsb\Zgby
fheh^gydZfhehqgh]hkdhlZ\fhehqguc
i_jbh^
Hkh[_gghklbk_e_dpbbfhehqgh]hkdhlZgZ^ebl_evghklvboohayckl\_ggh]h
bkihevah\Zgby
KljmdlmjZbgZibkZgb_j_n_jZlZdmjkh\hcb^biehfghcjZ[hl
\_^_gb_dbkke_^h\Zgbx
J_n_jZldmjkh\Zyb^biehfgZy
jZ[hlu\uihegyxlkyih_^bghckljmdlmj_gbo
\oh^yl
\_^_gb_
Hkgh\gZyqZklv
AZdexq_gb_
Kibkhdebl_jZlmju
Ijbeh`_gb_
\_^_gb_
wlhijheh]\k_]hbkke_^h\Zgbyhghij_^klZ\ey_l_]hfh^_evA^_kv
baeZ]Z_lky\_kvgZmqgucZiiZjZldhlhjufjmdh\h^kl\m_lk
ybkke_^h\Zl_ev
\uihegyyihbkdh\mxjZ[hlmGZ_]hhkgh\_gZmqgucjmdh\h^bl_evZgZebabjm_l
dZq_kl\h\uiheg_gb_j_n_jZlZdmjkh\hcbeb^biehfghcjZ[hlubhp_gb\Z_l
gZkdhevdh]em[hdhhkhagZgZbihgylZZdlmZevghklvl_fu^hklb]gmlZeb
ihklZ\e_ggZyp_evijZ\
bevghebih^h[jZguf_lh^ubkke_^h\Zgbyb]jZfhlgheb
hgbbkihevah\Zgubl^
KhklZ\\_^_gby
wlhhibkZgb_gZmqgh]hZiiZjZlZdhlhjucaZ\bkblhllh]h
dZdZyjZ[hlZ\uihegy_lky?kebibr_lkyj_n_jZllh\h\_^_gbb[m^mlhibkZgu
ZdlmZevghklvl_fup_evj_
n_jbjh\Zgbyij_^f_lbf_lh^ubkke_^h\Zgby?keb`_
wlhdmjkh\ZyjZ[hlZlh\_^_gb_djhf_l_odhfihg_glh\dhlhju_\oh^yl\
j_n_jZl\dexqbl\k_[y_s_bhibkZgb_h[t_dlZbaZ^Zqbkke_^h\Zgby
^biehfghcjZ[hl_hibku\Z_lkyiheghklvx\_kvgZmqgucZiiZjZl
LZd
h[mqZxsbckyhljZ[hludjZ[hl_ihkl_i_gghhk\Zb\Z_ll_ogheh]bx
ijh_dlbjh\ZgbygZmqgh]hbkke_^h\Zgby\^hklmiguo^eyg_]hnhjfZo
H[t_f\_^_gby
ijbf_jghqZklv\k_]hh[t_fZjZ[hlulh_klvdhgdj_lgh]h
l_dklZj_n_jZlZdmjkh\hcbeb^biehfghcj
Z[hlF_klh\_^_gby
hgh
jZkiheZ]Z_lkykjZamaZH]eZ\e_gb_fi_j_^Hkgh\ghcqZklvx
Lj_[h\ZgbydgZibkZgbx\_^_gby
Z \_^_gb_i_qZlZ_lkygZhl^_evguo
kljZgbpZo[ gb\H]eZ\e_gbbgb\l_dkl_hghg_bf__lgmf_jZpbbZb^_ldZd
kZfhklhyl_evgZyqZklvjZ
[hlu\ \k_dhfihg_glugZmqgh]hZiiZjZlZ\u^_eyxlky
rjbnlhfbebih^q_jdb\Zgb_f] dZ`^ucdhfihg_glibr_lkykgh\hckljhqdb
GZijbf_j
:dlmZevghklvbkke_^h\Zgbyhij_^_ey_lkyl_fqlh
P_evbkke_^h\Zgby
jZajZ[hlZlvdhfie_dkf_lh^h\
Ij_^f_lbkke_
^h\Zgby
f_lh^u\hkiblZgbygZ[ex^Zl_evghklb
IjbgZibkZgbb\_^_gbyhkh[h_
\gbfZgb_
j_dhf_g^m_fm^_eblv:dlmZevghklb
l_fubkke_^h\ZgbyWlhihkmlbiZl_glh\_^q_kdZyjZ[hlZihihbkdm
]hkm^Zjkl\_ggh]hbebj_]bhgZevgh]haZdZaZgZ\Zrml_fmihhij_^_e_gb
xf_klZ
l_fu\gZmqghffbj_ihhlghr_gbxdg_cijZdlbdb
;m^vl_[^bl_evgu
kql_gby\_^_gbygZqbgZ_lkyhp_gdZ\Zr_cjZ[hlu
\_^_gb_qblZxl\k_bhkh[_gghhiihg_gluIh_]hdZq_kl\mkm^ylh[h\k_c
jZ[hl_h[mjh\g_ijhn_kkbhgZevghcih^]hlh\dbh[hl\_lk
l\_gghklbh
l\hjq_kdh_h[mf_gbbijh_dlbjh\Zlvk\hxjZ[hlmbijh^mfZggh__\uihegylvb
fgh]bo^jm]bodZq_kl\Zoki_pbZebklZ
Hkgh\gZyqZklvbkke_^h\Zgby
Hkgh\gZyqZklv
wlhmkeh\gh_gZa\Zgb_hibkZgby\k_]hbkke_^h\Zgbylh_klv
kh^_j`Zl_evghcqZklbj_
n_jZlZdmjkh\hcbeb^biehfghcjZ[hluWlhlhqlh
kljhblkygZhkgh\_kijh_dlbjh\Zggh]hgZmqgh]hZiiZjZlZA^_kv\k_^he`gh[ulv
ih^qbg_gh^hklb`_gbxihklZ\e_gghcp_ebihij_h[jZah\Zgbxij_^f_lZ
bkke_^h\Zgby\u[jZggufb\Zfbf_lh^Zfbk_qlhijh_dlbjh\Zeb
bhibkZeb\h
\_^_gbba^_kvgZqbgZ_ljZ[hlZlv
�eygZibkZgbyHkgh\ghcqZklbkhklZ\ey_lky
ieZgl_dklZ
dZdi_j_q_gvhkgh\guo
iheh`_gbcdhlhju_ij_^klhbljZkdju\ZlvEx[hcieZgibkvf_ggh]hl_dklZ
khklhblba]eZ\iZjZ]jZnh\bih^iZjZ]jZnh\Bodhebq_kl\h
aZ\bkblhlh[t_fZ
fZl_jbZeZboZjZdl_jZl_dklZhkh[_gghkl_cmq_[ghc^bkpbiebgu\jZfdZobgZ
hkgh\_dhlhjhc\uihegy_lkyjZ[hlZH[s__lj_[h\Zgb_khklhbl\khjZaf_jghklbbo
f_`^mkh[hcihh[t_fmbkl_i_gbkeh`ghklbkh^_j`ZgbyDlhfm`_qbkeh
iZjZ]jZnh\
\]eZ\Zobih^iZjZ]jZnh\\iZjZ]jZnZog_ij_f_ggh^he`gh[ulvg_
f_g__^\moG_fh`_l]eZ\Zkhklhylvbah^gh]hiZjZ]jZnZZiZjZ]jZnbah^gh]h
ih^iZjZ]jZnZ
GZa\Zgby aZ]eZ\by ]eZ\iZjZ]jZnh\bih^iZjZ]jZnh\
g_fh]mlkh\iZ^Zlvgb
^jm]k^jm]hfgbkl_fhc
Keh\ZHkgh\gZyqZklvg_\ghkblkygb\h^bg
aZ]heh\hdihkdhevdmwlhmkeh\gh_gZa\Zgb_\k_]hl_dklZih_]hgZagZq_gbx\
jZ[hl_GZa\Zgby\k_o]eZ\iZjZ]jZnh\bih^iZjZ]jZnh\kljhylkykh^_j`Zl_evgh
hljZ`Zyb^_bjZkdju\Z_fu_\gboBogZagZq_gb_
gZij
Z\eylv\gbfZgb_b
ibrms_]hbqblZxs_]hgZdhgdj_lgmxb^_xdhgdj_lgucfZl_jbZe
Ihkljh_gb_Hkgh\ghcqZklbj_n_jZlZ
aZ\bkblhl_]hh[t_fZhkh[_gghkl_c
kh^_j`ZgbybihklZ\e_gghcp_ebQZs_\k_]hj_n_jZlg_bf__l]eZ\Zlhevdh
iZjZ]jZnu[_a^Zevg_cr_]h^_e
_gbygZih^iZjZ]jZnuJ_n_jZlfh`_lg_bf_lv
\hh[s_gbdZdh]h^_e_gbygZqZklbZ\uihegylvkydZdp_ehklgZyjZ[hlZghk
\gmlj_gg_ceh]bdhcbaeh`_gbykh^_j`Zgbyu^_e_ggu_\j_n_jZl_iZjZ]jZnu
h[s_]haZ]heh\dZg_bf_xllZdh\uf^eygboy\ey_lkyl_fZj_n_jZ
lZklhysZygZ
lblmevghfebkl_
Ihkljh_gb_Hkgh\ghcqZklbdmjkh\hcjZ[hlu
[he__ih^jh[ghq_fj_n_jZlZ
g_c\u^_eyxlkydZdfbgbfmf^\_]eZ\u=eZ\u^_eylkygZiZjZ]jZnu
Ih^iZjZ]jZnua^_kvihqlbgbdh]^Zg_bkihevamxlkyDZ`^Zy]eZ\Zbf__lk\h_
kh^_j`Zl
_evgh_gZa\Zgb_dZdbdZ`^uciZjZ]jZn?kebkh^_j`Zgb_]eZ\g_fh`_l
[ulvih^_e_ghgZiZjZ]jZnulh]eZ\umijhsZxlky^hiZjZ]jZnh\lh_klv\hh[s_
g_\\h^ylkyDZdijZ\behdmjkh\u_jZ[hlu^_eylkygZ^\_]eZ\u
l_hj_lbq_kdZyb
wfibjbq_kdZyihk\ys_ggZye
b[hh[h[s_gbxhiulZjZ[hlueb[hg_[hevrhfm
wdki_jbf_glmhafh`_g\ZjbZglgZibkZgbydmjkh\hcjZ[hlulhevdhgZ
l_hj_lbq_kdhfbeblhevdhgZwfibjbq_kdhffZl_jbZe_WlhaZ\bkblhll_fuhl
p_e_cbaZ^ZqZlZd`_hlgZmqgh]hjmdh\h^bl_eyGZihfgbfqlhl_hj_l
bq_kdZy
qZklvjZ[hlug_fh`_lghkblvlZdb_gZa\ZgbydZdHkgh\gZyqZklv
L_hj_lbq_kdZyqZklvbebH[ahjebl_jZlmju?_aZ]heh\dbnhjfmebjmxlky
kh^_j`Zl_evghijh[e_fgh\khhl\_lkl\bbkdhgdj_lghcl_fhcbf_lh^ZfbjZ[hlu
gZ^l_hjb_c
Ihkljh_gb_Hkgh\gh
cqZklb^biehfghcjZ[hlu
_s_[he__keh`gh_�biehfgZy
jZ[hlZfh`_lkhklhylvba[hevr_]hdhebq_kl\Z]eZ\gZijbf_jbaq_luj_oI_j\Zy
]eZ\ZdZdijZ\behihk\ysZ_lkyl_hj_lbq_kdbf\hijhkZf\lhjZy
hibkZgbx
ijh]jZffuwdki_jbf_glZlj_lvy
ijh\_^_gbxwdki_
jbf_glZbh[km`^_gbx_]h
j_amevlZlh\q_l\_jlZy
jZajZ[hld_f_lh^bq_kdboj_dhf_g^Zpbchafh`gh
kh_^bg_gb_\lhjhcblj_lv_c]eZ\hafh`ghhlkmlkl\b_q_l\_jlhc]eZ\uk_
aZ\bkblhiylv`_hlhkh[_gghkl_cl_fup_e_cbaZ^Zq\u[jZgguof_lh^h\b
j_dhf_g^Zp
bcgZmqgh]hjmdh\h^bl_ey
^biehfghcjZ[hl_dZ`^Zy]eZ\ZaZdZgqb\Z_lkyhkh[ufjZa^_ehfg_bf_xsbf
k\h_cgmf_jZpbbZbf_ggh
u\h^uih]eZ\_
wlbo\u\h^Zoh[h[sZ_lky
fZl_jbZebaeh`_gguc\iZjZ]jZnZo]eZ\ubiha\heyxsbcihemqblvgh\u_
mfhaZdexq_gbyh
lebqgu_hlm`_ba\_klguo\gZmd_bebih^l\_j^blvbogZgh\hf
bkke_^h\Zl_evkdhffZl_jbZe_u\h^uih]eZ\_
wlhihke_^h\Zl_evghklv
\ukdZau\ZgbckhklhysbobaihkuehdbjZg__^hdZaZgguo\ukdZau\ZgbcWlbf
kh[ex^Z_lkyeh]bq_kdbcaZdhg^hklZlhqguohkgh\Zgbc
kh]eZkghdhlhjhfm\kydh_
km`^_gb_^he`gh[ulvh[hkgh\Zgh^jm]bfbbklbgZdhlhjuo^hdZaZgZ\Zfbbeb
d_f
lh^jm]bfu\h^uih]eZ\Zffh]mlkljhblvkybg^mdlb\ghb^_^mdlb\gh
Lj_[h\Zgbyd\u\h^Zfih]eZ\Zfeh]bqghklvkhhl\_lkl\b_kh^_j`Zgbx]eZ\ub
gh\bagZ
AZdexq_gb_bkke_^h\Zgby
DZ`^h_bkke_^h\Zgb_bf__l
AZdexq_gb_
dZdwibeh]jZ[hludZd__aZ\_jrZxsZy
qZklvGZagZq_gb_AZdexq_gby
ihdZaZlvqlhp_evihklZ\e_ggZyi_j_^
bkke_^h\Zgb_f^hklb]gmlZZ]bihl_aZ^hdZaZgZ
b^uAZdexq_gby
j_axf_\u\h^ubkh[
kl\_gghaZdexq_gb_J_axf_
wlh
djZldh_hibkZgb_ijh^_eZgghcjZ[hlu\uihegy_fh_dZdi_j_q_gvk^_eZggh]hb
\u\h^h\ih]eZ\ZfQZs_\k_]hbkihevam_lkyijbj_n_jbjh\Zgbbu\h^u
wlhm`_
gh\u_km`^_gbyZlhqg__mfhaZdexq_gbyk^_eZggu_gZfZl_jbZe_l_hjbb
beb
wfibjbdb\u\h^Zol_hj_lbq_kdbcbebwfibjbq_kdbcfZl_jbZekem`Zlebrv
hkgh\Zgb_f^eygh\uob^_ckm`^_gbciheh`_gbcj_dhf_g^ZpbcQZs_\k_]h
\u\h^u^_eZxlkylZf]^_Z\lhjujZ[hlbf_xlk\hbkm`^_gbybijbf_gyxl
jZaebqgu_f_lh^uZgZebaZgZmqguojZ[
hlbijZdlbdbAZdexq_gb_
wlh
dhfie_dkgZynhjfZaZ\_jr_gbybkke_^h\Zgby\dexqZxsZy\k_[ybj_axf_b
\u\h^uDjhf_wlh]hAZdexq_gb_\dexqZ_l\k_[yhp_gdml_hj_lbq_kdhcb
ijZdlbq_kdhcagZqbfhklbjZ[hluqlhfh`_l\uoh^blvaZij_^_eul_fu
u[hj\b^ZA
Zdexq_gby
aZ\bkblhl
keh`ghklbjZ[hlu ^eyj_n_jZlZ[u\Z_l^hklZlhqghj_axf_^eydmjkh\hc
\u\h^h\Z^ey^biehfghc
aZdexq_gby 
hloZjZdl_jZkh^_j`ZgbyjZ[hlulh_klvhllh]hdZdb_f_lh^ujZ[hlukgbf
ijbf_gyebkvq_fkeh`g__f_lh^ubf_g__dhfibey
lb\gZyjZ[hlZl_f
p_e_khh[jZag__\u[bjZlv\u\h^ub^Z`_aZdexq_gb_
\eZ^_gbyZ\lhjhfl_ogheh]b_c\uiheg_gbywlbo\b^h\aZ\_jr_gbyk\h_]h
bkke_^h\Zgby
Ihkljh_gb_AZdexq_gby
aZ\bkblhl\u[jZggh]h\b^ZgZb[he__iheghf\b^_
hghkljhblkyijbf_jghihlZdhfm
ieZgm
ml\_j`^_gb_h^hklb`_gbbp_ebbkke_^h\Zgbyb^hdZaZgghklb
]bihl_aukdjZldbfbih^l\_j`^_gbyfb
j_axf_dZddjZlqZcrbch[ahjijh^_eZgghcjZ[hlu
gh\u_iheh`_gby b^_bkm`^_gbyhp_gdb ihemq_ggu_\j_amevlZl_
bkke_^h\Zgby
hij_^_e_gb_gZmqghcgh\b
aguijh^_eZgghcjZ[hlu
hij_^_e_gb_ijZdlbq_kdhcagZqbfhklbijh^_eZgghcjZ[hlu
IhklbexgZibkZgbyAZdexq_gb_
^he`gh[ulveZdhgbqgufq_ldbfeh]bqguf
^hdZaZl_evgufm[_^bl_evgufGZ^hihfgblvqlhdg_fmdZdbd\_^_gbx
gZb[he__\gbfZl_evgubgZmqguc
jmdh\h^bl_evbhiihg_glu^Zxsb_hlau\gZ
jZ[hlm
H[t_fAZdexq_gby
hij_^_ey_lkyoZjZdl_jhfjZ[hluGhkms_kl\m_lmkeh\guc
ghjfZlb\DZdb\_^_gbx_fmhl\h^blkyg_[he__qZklb\k_]hl_dklZ
Kibkhdebl_jZlmju
Kibkdhfebl_jZlmju
aZ\_jrZ_lkyhibkZgb_b
kke_^h\ZgbyG_j_^dh_]hgZau\Zxl
;b[ebh]jZnb_cqlhg_y\ey_lkydhjj_dlgufKibkhdebl_jZlmjuke_^m_laZ
AZdexq_gb_fbhnhjfey_lkykgh\hckljZgbpu
Dhebq_kl\hebl_jZlmju
\g_k_gghc\KibkhdaZ\bkblhlnhjfu
bkke_^h\Zl_evkdhcjZ[hlu�eyj_n_jZlZghjfZlb
g_f_g__jZ[hl^ey
dmjkh\hc
g_f_g__^ey^biehfghcjZ[hlu
g_f_g__
ghkbfZy\Kibkhdebl_jZlmjZ
wlhhim[ebdh\Zggu_l_hj_lbq_kdb_bklhqgbdb
ghjfZlb\gh
ijZ\h\u_^hdmf_gluZlZd`_Zjob\gu_fZl_jbZeuKx^Zfh]ml[ulv
\g_k_gujmdhibkgu_f
Zl_jbZeukmdZaZgb_fJmdhibkvghkylkyg_lhevdh
pblbjm_fZyebl_jZlmjZghbijhqblZggZybf_xsZyijyfh_hlghr_gb_d
bkke_^m_fhcl_f_k_mdZaZggu_\l_dkl_Z\lhjubbojZ[hlu^he`gu[ulv
aZg_k_gu\wlhlkibkhdl_f[he__pblbjm_fu_jZ[hlu
Kibkhdeb
l_jZlmjuke_^m_l\ghkblvjZ[hluihbkke_^h\Zgbx\Zr_cl_fu
jZ[hlZxsbfb\\Zr_f\ma_i_^Z]h]Zfbikboheh]Zfbkhpbheh]ZfbbklhjbdZfb
nbehkhnZfbb^jm]bfbki_pbZebklZfbuijba\Zgukihkh[kl\h\ZlvjZa\blbx
gZmdb\Zr_cZevfZ
fZl_j
kyebl_jZlmjZhnhjfey_lk
ykljh]h\
ZenZ\blghfihjy^d_
ihi_j\hc[md\_
nZfbebbZ\lhjZjZ[hlubebi_j\hc[md\_gZbf_gh\Zgby^hdmf_glZbeb
dhee_dlb\ghcjZ[hlug_bf_xs_ckljh]h]hZ\lhjkl\ZDZ`^hcjZ[hl_
ijbk\Zb\Z_lkyk\hcihjy^dh\ucghf_jgZdhlhjucaZl_f^_eZxlkykkuedb\l_dkl
jZ[hluijbpblbjh\Zgbb
DZ`^uc\ghkbfuc\Kibkhdebl_jZlmjubklhqgbdbf__lhij_^_e_ggh_
hnhjfe_gb_Djhf_bf_gbZ\lhjZbgZa\ZgbyjZ[hlumdZau\Zxlkyuoh^gu_
^Zggu_gbo\oh^ylf_klhba^ZgbygZbf_gh\Zgb_ba^Zl_evkl\Zbebhj]ZgbaZpbb
ba^Z\r_cjZ[hlm
b]h^ba^ZgbyDjhf_lh]hmdZau\Z_lkydhebq_kl\hkljZgbp\
l_dkl_
KhdjZs_gbyf_klba^Zgbylh_klv]hjh^h\^himkdZ_lkyebrvihhlghr_gbxd
Fhkd\_
ibr_lkykhdjZs_ggh_FE_gbg]jZ^m
ibr_lkyEKZgdl
I_l_j[mj]m
ibr_lkyKI[Jhklh\m
�hgm
ibr_
lkyJhklh\�gGb`g_fmGh\]hjh^m
G
Gh\]hjh^1HZRUN
N. Y; New Jersey
1-k_hklZevgu_]hjh^ZJhkkbbb
aZjm[_`gu_]hjh^Zibrmlkyiheghklvx
Ebl_jZlmjZhnhjfey_lkykljh]hkmq_lhflj_[h\Zgbc=HKLZ
Ijbeh`_gb_
Ijbeh`_gb_
wlhfZl_jbZemlhqgyxsb
cbeexkljbjmxsbcih^l\_j`^Zxsbc
hl^_evgu_iheh`_gby\Zr_]hbkke_^h\Zgbybg_\hr_^rbc\l_dklHkgh\ghc
qZklbHghbf__l^hihegyxs__agZq_gb_Ijbeh`_gb_dZdijZ\behbkihevam_lky
\^biehfguojZ[hlZobj_^dh\j_n_jZlZobdmjkh\uo_]hkhklZ\hij_^_ey_lk
aZfukehfbkke_^h\Zl_ey
b^uIjbeh`_gbc
dhibbieZgh\bijh]jZffnhlh]jZnbbl_dklul_klh\b
hijhkgbdh\h[jZapu^_lkdbojbkmgdh\bkhqbg_gbchlq_lujZihjlu^hdmf_glu
beb\uibkdbbagbomklZ\uiheh`_gbybli
DZdijZ\behIjbeh`_gby^_eZxlkylhev
dh\lhfkemqZ_dh]^Zbog_f_g__^\mo
�eyh^gh]hIjbeh`_gbyhghg_\\h^blkyDZ`^h_Ijbeh`_gb_g_fh`_l[ulv
[he__q_fgZiylbkljZgbpZo
Ijbeh`_gb_\ughkylkylhevdhl_fZl_jbZeugZdhlhju__klvkkuedb\
Hkgh\ghfl_dkl_K\yavhkgh\gh]hl_dklZbIjbe
h`_gbyh[yaZl_evgZ
DZ`^h_Ijbeh`_gb_bf__lk\hcghf_j [_amdZaZgbyagZdZ ihf_sZ_lky\
dhgp_jZ[hlukijh^he`_gb_fh[s_cgmf_jZpbbkljZgbpIjbeh`_gby
jZkiheZ]Zxlkyihihjy^dmkkuedbgZgbo\l_dkl_jZ[hlu kfex[h_Ijbeh`_gb_
^Zgghcdgb]b 
DZ`^h_I
jbeh`_gb_hnhjfey_lkyhl^_evghijZ\hfm]emi_j\hckljZgbpu
ibr_lkyIjbeh`_gb_Ijbeh`_gb_bl^
Ijbeh`_gb_g_\ughkylkyklZlbklbq_kdb_lZ[ebpu^bZ]jZffu
wdki_jbf_glh\hgb\oh^ylg_ihkj_^kl\_ggh\l_dkl
FZl_jbZeIjbeh`_gbyg_mqblu\Z_lky
\h[t_f_jZ[hluH]eZ\e_gb_\ghkblky
dZ`^h_Ijbeh`_gb_ih^k\hbfghf_jhfbkhk\hbfgZa\Zgb_f
H[sbch[t_fIjbeh`_gbyg_^he`_gij_\urZlvh^ghclj_lbh[t_fZ\k_]h
l_dklZjZ[hlu
F?L�HBQ?KDB?MD:A:GBY

KDHLH&#x-2H;�HKLH
BL?OGHEH=BYIJHBA&#x-4H;�HKL:
HEHD:B=H&#x-4Y;�YBGU
L_fZDhgklblmpby`b\hlguo__khklZ\gu_qZklb

wdkl_jv_jbbgl_jv_j
AZ^Zgb_
I_j_qbkebl_fZklbdjmigh]hjh]Zlh]hkdhlZ

AZ^Zgb_
GZjbkmgd_dhjh\ufhehqgh]hgZijZ\e_gbyijh^mdl
b\ghklb
h[hagZqvl_pbnjZfb__klZlb\khhl\_lkl\bbkijb\_^_ggufbgZa\Zgbyfb
AZluehqgucc]j_[_gv
Eh[
Ebp_\ZyqZklv
Ghkh]m[gh_a_jdZeh
=j_[_gvr_b aZ]jb\hd
Ih^]jm^hd khdhehd
=jm^bgZ
OhedZ
KibgZ
IhykgbpZ
=heh^gZyyfdZ
EhiZldZ
Ie_q_ehiZlhqguckmklZ\
Ehdhlv
Ij_^ie_qv_
AZiyklv_
Iyklv
Imlh\uckmklZ\
DhiulpZfZeu_



Imlhbeb[Z[dZ


_gqbdbfydbrb



DhiulpZ[hevrb_


FZde
;_^jh
Fykghclj_m]hevgbd
Dj_kl_p
Dhe_gguckmklZ\
_gu\uf_gb
Dhj_gvo\hklZ
Smi dhe_ggZykdeZ^dZ
Fhehqgu_\_gu
K_^Zeb
sgu_[m]ju
=he_gv
Fhehqgu_dheh^pu
Fhehqgh_a_jdZeh
IyldZ kdZdZl_evguckmklZ\ 
I_j_^g
Zy
qZklvlmeh\bsZ
LZah[_^j_gguckmklZ\
IexkgZ
Kj_^gyyqZklvlmeh\bsZ


AZ^gyyqZklvlmeh\bsZ
AZ^Zgb_
GZjbkmgd_dhjh\u
fykgh]h
gZijZ\e_gbyijh^mdlb\ghklb
h[hagZqvl_pbnjZfb__klZlbhlebqgu_hl`b\hlguofhehqgh]h
gZijZ\e_gby
AZj_aLhgdbcdjZckibgghcqZklbIh^[_^_jhd
Khdhehd q_eurdh Nbe_cIZrbgZ
EhiZlhqgZyqZklv

Hdh\Zehd=heyrdZi_j_^gyy
=jm^bgZDhklj_p=heyrdZaZ^gyy
LheklucdjZckibgghcqZklb
H]mahd
AZ^Zgb_
�Zcl_oZjZdl_jbklbdmlbih\dhgklblmpbb`b\hlguoih
IGDme_rh\m
FNB\Zgh\m
AZ^Zgb_
Hibrbl_hkh[_gghklbl_ehkeh`_gby`b\hlguo
hajZklgu_
Iheh\u_
gZijZ\e_gbxijh^mdlb\ghklb
AZ^Zgb_
I_j_qbkebl_hkgh\gu_ihjhdbbg_^hklZldbl_ehkeh`_gby
`b\hlguofhehqgh]hbfhehqgh
fykgh]hgZijZ\e_gbcijh^mdlb\ghklb
H
h[sbc\b^
FL
fhehqguclbi
HL
h[t_flmeh\bsZ
gh]b
\ufymdhjh\
aZ^gyyqZklvlmeh\bsZm[udh\

AZ^Zgb_
I_j_qbkebl_hkgh\gu_ihjhdbbg_^hklZldbl_ehkeh`_gby
`b\hlguofykgh]hgZijZ\e_gbyijh^mdlb\ghklb
H[sbc\b^bjZa\blb_
=heh\Zbr_y
=jm^v
OhedZkibgZihykgbpZ
Dj_kl_p
AZ^gyyq
Zklvlmeh\bsZ
ufymdhjh\
Gh]b
AZ^Zgb_
KhklZ\vl_dhgki_dlhf_lh^Zobamq_gbydhgklblmpbbbwdkl_jv_jZ
`b\hlguo
AZ^Zgb_
Hibrbl_dhgklblmpbxbwdkl_jv_j^\modhjh\jZaguogZijZ\e_gbc
ijh^mdlb\ghklb
FZklv
djZkgZyq_jgZy[_
eZyiZe_\Zy[mjZyq_jgh
i_kljZydjZkgh
i_kljZy
iZe_\h
i_kljZyqZeZyq_jgZy[_eh]heh\ZydjZkgZy[_eh]heh\Zyq_jgZy
[_ehoj_[_lZydjZkgZy[_ehoj_[_lZy
=heh\Z
ly`_eZye_]dZykmoZykujZy
^ebggZydhjhldZy
Eh[
rbjhdbcmadbc
Ebp_\Zyq
Zklv
rbjhdZymadZy
Ijhnbev
]heh\u\uimdeuc\h]gmluc
AZluehqguc]j_[_gv
\uimdeuc
\h]gmluc
Jh]Z
]jm[u_e_]db_^ebggu_dhjhldb_l_fgu_k\_leu_
HdjZkdZ
ghkh]m[gh]ha_jdZeZ
l_fgZyk\_leZy
JZkklhygb_f_`^m\_l\yfbgb`g_c
q_exklb
k\h[h^gh_
fZeh_
R_y
^ebggZydhjhldZylheklZylhgdZy\uimdeZy
\uj_aZggZy
KdeZ^dbgZ
r__
fgh]hfZehf_edb_djmigu_
Ih^]jm^hd
[hevrhcfZeucaZiheg_ggucimklhc
=jm^v
]em[hdZyg_]em[hdZyrbjhdZy
madZy^ebggZydhjhldZy
I_j_o\ZlaZehi
ZldZfb
_klvg_l
EhiZldZ
rbjhdZy
madZyihklZ\e_gZijyfhdhkh
OhedZ
rbjhdZymadZy\ukhdZygbadZy
KibgZ
rbjhdZymadZy^ebggZydhjhldZy]hj[ZlZyijh\bkeZy
IhykgbpZ
rbjhdZy
madZy^ebggZydhjhldZy\uimdeZyijh\bkeZy
Dj_kl_p
rbjhdbcmadbc
^ebggucdhjhldbck\bkeucijbih^gylucgZebqb_bebhlkmlkl\b_rbehaZ^hklb
;_^jh
\uimdeh_\uj_aZggh_
=he^gZyyfdZ
[hevrZyfZeZyaZiheg_ggZy
\iZeZy
;jxoh
hl\bkeh_ih^lygmlh_
J_[jZ
rbjhdb_madb_bah]gmlukbevgh
keZ[h
f_`j_[_jgu_jZkklhygby[hevrb_fZeu_
Dh`ZgZihke_^g_fj_[j_
lheklZylhgdZyweZklbqgZyg_weZklbqgZyijhklhjgZyl_kgZy
O\hkl
lhekluc
lhgdbc^ebggucdhjhldbcihklZ\e_g\ukhdhgbadh
Gh]b
\ukhdb_gbadb_
lheklu_lhgdb_
;Z[dZ
qgZykeZ[Zy
DhiulpZ
gZdehggu_lhjph\u_
IyldZ
aZ^gyyqZklvdhiulpZ \ukhdZygbadZy
IhklZgh\dZi_j_^gbogh]
aZiyklguokmklZ\ZomadZyk\h[h^gZy\dhiulpZojZaf_ldhkheZihklv
IhklZgh\dZaZ^gbogh]
k[eb`_gghklv\kdZdZl_evguokmklZ\Zo
beb__
hlkmlkl\b_kehgh\hklvkZ[ebklhklv
ufy
[hevrh_fZeh_`_e_abklh_
`bjh\h_
NhjfZ\uf_gb
qZr_h[jZagZydhavy
�heb\uf_gb
jZa\blu
jZ\ghf_jghg_jZ\ghf_jghjZa^_e_guj_adhkeZ[h
=em[bgZ
\uf_gb
^gh
\ur_bebgb`_kdZdZl_evgh]hkmkl
Z\Z
NhjfZkhkdh\
dhgbq_kdZy]jmr_\b^gZy
JZaf_jukhkdh\
^ebggu_dhjhldb_lheklu_lhgdb_
JZkklZgh\dZkhkdh\
k[eb`_gghklvaZ^gbobebkebrdhfrbjhdZyi_j_^gbo
Fhehqgh_a_jdZeh
\ukhdh_gbadh_rbjhdh_madh_
H[jhkehklv\uf_gb
kbevgZyke
Z[Zy\hehk
]jm[ucg_`guc
Dh`Z\uf_gb
lhgdZy]jm[ZyFhehqgu_\_gulheklu_
lhgdb_ba\blukbevghkeZ[hFhehqgu_dheh^pu[hevrb_fZeu_]em[hdb_
f_edb_
ukhlZ\uf_gb
hl^gZ^hiheZ [he__bebf_g__kf kmq_lhf
ihjh^ghcijbgZ^e_`g
hklb L_ehkeh`_gb_ijhihjpbhgZevgh_
g_ijhihjpbhgZevgh_
Dhklyd
]jm[ucg_`guc
FmkdmeZlmjZ
kmoZy iehlgZy 
kujZy juoeZy 
Lbidhgklblmpbb
g_`guciehlgucg_`gucjuoeuc]jm[uc
iehlguc]jm[ucjuoeucdj_idbc
IjbagZdbihjh^u
\ujZ`_guq_ldhkeZ
[h
AZ^Zgb_
Hp_gbl_dhgklblmpbxbwd
kl_jv_j`b\hlguofhehqgh]h beb
fhehqgh
fykgh]h
gZijZ\e_gbyijh^mdlb\ghklb
IjbagZd
FZdkbfZevgh\hafh`guc[Zee
NZdlbq_kdZyhp_gdZ
;udb
fhglgu_
�hq_jb[udh\
hp_g_gguo
Dhjh\u
L_edbb
g_l_eb
H
h[sbc\b^
FL
fhehqguclbi
HL
h[t_flmeh\bsZ
gh]b
\ufy
aZ^gyyqZklvlmeh\bsZ
hfie_dkklZl_c
Blh]h
AZ^Zgb_
Hp_gbl_dhgklblmpbxbwdkl_jv_j`b\hlg
fykgh]h
gZijZ\e_gbyijh^mdlb\ghklbIjbagZdhp_gb\Zxl
fZdkbfZevguf[Zeehfb
mfgh`ZxlgZdhwnnbpb_gl
ijb\_^_gguc\gb`_ke_^mxs_clZ
[ebp_
IjbagZd
Dhwnnbpb_gl
NZdlbq_kdZykmffZ
ijhba\_^_gbc
;udb
Dhjh\u
H[sbc\b^bjZa\blb_
IjhihjpbhgZevgh_l_ehkeh`_gb_rbjhdh_b
hdjm]eh_lmeh\bs_ohjhrh\ujZ`_glbiihjh^u
FmkdmeZlmjZbdhklyd
OhjhrhjZa\blZy
fmkdmeZlmjZdj_idb
cghg_]jm[ucdhklyd
=heh\Zbr_y
=heh\ZlbibqgZy^eyihjh^u
r_yohjhrhh[fmkdme_ggZy
=jm^v
RbjhdZyb]em[hdZy]jm^v[_aaZiZ^bg
aZehiZldZfbohjhrhjZa\bluckhdhehd
OhedZkibgZihykgbpZ
rbjhdb_k
jZa\blhcfmkdmeZlmjhce
bgby\_joZjh\gZy
Dj_kl_p
jh\gucrbjhdbcb^ebgguch[
fmkdme_gguco\hklijZ\bevghihkZ`_g
HdhjhdZ
kohjhrhjZa\blhcfmkdmeZlmjhc
ihqlb^hkdZdZl_evgh]hkmklZ\Zey`dZbagmljb
fykbklZysmiohjhrh\uiheg_g
ufymdhjh\
hklZlhqghjZa\blh_ijZ
\bevghcnhjfu
Gh]b
ijZ\bevghihklZ\e_ggu_kdj_idbfb
dhiulpZfb
Blh]h
Ebg_cgZyhp_gdZwdkl_jv_jZdhjh\fhehqgh]hgZijZ\e_gbyijh^mdlb\ghklb^ey
hp_gdbbohlph\ihdZq_kl\mihlhfkl\Z
IjbagZd
;Zeeu
JHKL
ukhlZ\dj_klp_kf

gbadbc

hilbfZevguc

\ukhdbc


=EM;BG:LME:BS:
GZ^ihke_^gbfj_[jhfkf

fZeZy

kj_^gyy

[hevrZy
G:DEHGL:A:
K_^[m]jufZdehdb



gZkf\ur_
gZkfgb`_
gZkfgb`_
RBJBG:A:�:
k_^Zebsguo[m]jZokf

32
fZeZy

kj_^gyy

[hevrZy
D:LKMKL:U
K;HDM
M]he\]jZ^mkZo

180
ijyfhc

150
kj_^gbc

120
fZeuc

IYLD:BM=HEDHIULP:

Kfb]jZ^mk

b
dhiulpZkeZ[u_

b
hilbfmf

b
lhjphj\u_
A:�GB?GH=BKA:�B

JZkklhygb_
f_`^mkmklZ\Zfb

k[eb`_ggh_

ghjfZevgh_

40
rbjhdh_
KD:D:L?EVGU?KMKL:U
KA:�B

Kmohklvbebjuo
ehklv

kmob_

q_ldhhq_jq_ggu_

kuju_
I?J?�GB?�HEB
UF?GB

M]hek[jxrghckl_gdhc
90*
keZ[h_
130
hilbfZevgh_
170
kebrdhfiehlgh_
UKHL
:A:�G�HE?C
UF
JZkklhygb_hl\mev\ukf

hq_gv[hevrh_
25
hilbfZevgh_
kebrdhffZeh_
RBJBG:UF?GB
KA�:B
GZb[hevrZykf
g_^hklZlhqgZy
15
hilbfZevgZy
[hevrZy
P?GLJ:EVG:YKYAD:

AZ^gyyebgbykf

0,5


I?J?�GB?KHKDB

JZkklhygb_f_`^mgbfbkf


18

A�:GB?KHKDB

JZkklhygb_f_`^mgbfbkf



�EBG:KHKDH

kf




=EM;BG:UF?GB

Hlghkbl
kdZdZlkmklZ\Zkf

gZgb`_

gZmjh\g_

\ur_

DJ?IHKLVL?EHKEH@?GY
JZkklhygb_
f_`^m
aZiyklgh
iyklgufbkmklZ\Zfb

^h


[he__
FHEHQGUCLBI

uiheg_gghklv[_^jZ

rbjbgZr_bbohedb

hdjm]e_gghklvfZdehdh\

[_^jhihegh_

r_ybohedZrbjhdb_

fZdehdbhdjm]eu_

lbi
mf_j_ggh\ujZ`_g

fmkdmeZlmjZ[_^jZ[_^gZy
r_ylhgdZyohedZmadZy

fZdehdb\uibjZxl



AZ^Zgb_
Hlf_lvl_dZdbfbgkljmf_glhf[_jmli_j_qbke_ggu_gb`_
ijhf_jublhqdbbo\aylby
Ijhf_j
Bgkljmf_gl
Lhqdb\aylbyijhf_jZ
�ebgZ]heh\u
�ebgZe[Z
Rbjb
gZe[ZgZb[hevrZy
RbjbgZe[ZgZbf_gvrZy
=em[bgZ]heh\u
ukhlZ\ohed_\r
ukhlZ\dj_klp_
IjyfZy^ebgZlmeh\bsZ
DhkZy^ebgZlmee_glhc\r
DhkZy^ebgZlmeiZedhc
=em[bgZ]jm^b
RbjbgZ]jm^baZehiZl
H[o\Zl]jm^b\r
H[o\Zliyklb\r
RbjbgZ\k_^Ze[m]jZo
RbjbgZ\fZdehdZo
;hdh\Zy^ebgZaZ^Z
Ihemh[o\ZlaZ^Z
Ijhf_jub`b\ZyfZkkZihegh\hajZklguodhjh\
Ihjh^Z
Ijhf_jkf
@b\ZyfZkkZd]
ukhlZ\ohed_
ukhlZ\dj_klp_
DhkZy^ebgZlmeh\bsZ
=em[bgZ]jm^b
RbjbgZ]jm^b
H[o\Zl]jm^b
H[o\Zliyklb
RbjbgZ\fZdehdZo
RbjbgZ\lZah[_^j_gguo
kmklZ\Zo
RbjbgZ\k_^Zebsguo
[m]jZo
;hdh\Zy^ebgZaZ^Z
Ihemh[o\ZlaZ^Z
�`_jk_ckdZy
:cjrbjkdZy
YjhkeZ\kdZy
DjZkgZykl_igZy
Ohefh]hjkdZy
Q_jgh
i_kljZy
=heeZg^kdZy
=herlbgkdZy
DjZkgh
i_kljZy
ff_glZevkdZy
R\bpdZy[mjZy
DhkljhfkdZy
;_klm`_\kdZy
DjZkgZy]hj[
Zl
DZefupdZy
=_j_nhj^kdZy
:g]mkkdZy
RZjhe_
AZ^Zgb_
Baf_jvl_lj_odhjh\baZg_kbl_j_amevlZlu\l_ljZ^v
Ijhf_jkf



�ebgZ]heh\u
�ebgZe[Z
RbjbgZe[ZgZb[hevrZy
RbjbgZe[ZgZbf_gvrZy
=em[bgZ]heh\u
ukhlZ\ohed_
ukhlZ\dj_klp_

IjyfZy^ebgZlmeh\bsZ
DhkZy^ebgZlmee_glhc

DhkZy^ebgZlmeiZedhc
=em[bgZ]jm^b

RbjbgZ]jm^baZehiZl

H[o\Zl]jm^b

H[o\Zliyklb

RbjbgZ\k_^Ze[m]jZo

RbjbgZ\fZdehdZo

;hdh\Zy^ebgZaZ^Z

Ihemh[o\ZlaZ^Z
AZ^Zgb_
Ihj_amevlZlZfbaf_j_gby`b\hlguojZkkqblZcl_bg^_dkubo
l_ehkeh`_gby



Bg^_dk



ukhdhgh]hklb ukhlZ\ohed_
]em[bgZ]jm^b o

ukhlZ\ohed_
JZklygmlhklbDhkZy^ebgZlmeh\bsZiZedhco


ukhlZ\ohed_
LZah
]jm^ghcRbjbgZ]jm^baZehiZldZfbo


RbjbgZ\fZdehdZo
=jm^ghcRbjbgZ]jm^bo


=em[bgZ]jm^b
K[blhklbH[o\Zl]jm^bo

DhkZy^ebgZlmeh\bsZiZedhc
I_j_jhkehklbukhlZ\dj_klp_o


ukhlZ\ohed_
DhklbklhklbH[o\Zliyklbo

ukhlZ\ohed_
RbehaZ^hklbRbjbgZ\k_^Zebsguo[m]jZoo


RbjbgZ\fZdehdZo
FykghklbIhemh[o\ZlaZ^Zo

ukhlZ\ohed_
;hevr_]heh\hklb�ebgZ]heh\uo


ukhlZ\ohed_
Ijhkfhljfmevlbf_^bcgh]hnbevfZh[hkh[_gghklyodhgklblmpbbb
wdkl_jv_jZ
djmigh]hjh]Zlh]hkdhlZ
Hij_^_e_gb_\hajZklZdjmigh]hjh]Zlh]hkdhlZiham[Zf
k_j_apufhehqgu_
bkbevghkl_jlu_
f_k
AZp_iuihklhyggu_b
\ujZ\g_ggu_
hklZevgu_
fhehqgu_]h^Z
Ih^\_iZju
ihklhygguob
fhehqguo]h^Z
Fhehqgu_hdjZcdb
_s_g_kf_gbebkv
]h^Z
k_j_apu
ihklhyggu_b
\ujZ\g_ggu_
]h^Z
GZhdjcdZoihehkdZ
klbjZg
byg_q_ldZy
e_l
GZhdjZcdZoab]aZ]
g_q_ldbc
e_l
GZhdjZcd_\b^_g
ab]aZ]
F_g__e_l
GZhdjZcdZoklbjZgb_
r_cdbG_l
e_l
;ebadhdklbjZgbx
dhj_rdh\
e_l



Baf_g_gbygZj_apZo
Baf_g_gby\j_apZo
AZp_iu
gmlj_ggb_

kj_^gb_
GZjm`gu_
kj_^gb_
HdjZcdb
Ijhj_au\Zgb_fhehqguoj_aph\^g
IhehkdZklbjZgbyfh
ej_aph\f_k
KlbjZgb_\k_ofhehqguoj_aph\f_k
Kf_gZfhehqguoj_aph\e_l
ujZ\gb\Zgb_ihklhygguoj_aph\
IhehkdZklbjZgby
KlbjZgb_\\b^_ab]aZ]Z
KlbjZgb_\\b^_djm]Z
KlbjZgb_r_cdb
KlbjZgb_dhj_rdh\
Hl
^h
^h
AZ^Zgb_
Ihevamykv^\mfyij_^u^msbfblZ[ebpZfbhij_^_ebl_ih
ij_iZjZlZf\hajZ
ii
ij_iZjZlZ
GZebqb_j_aph\
NhjfZbkl_i_gvklbjZgbyljms_ckyih\_joghklb
fhehqguo
ihklhygguo
AZ^Zgb_
Dexqf_q_gby\usbiZfb
AZ^Zgb_
KhklZ\vl_dhgki_dlhf_lh^Zof_q_gby`b\hlguo
FZklb
L_fZIjh^mdlb\ghklvdjmigh]hjh]Zlh]hkdhlZ
FhehqgZyijh^mdlb\ghklv
AZ^Zgb_

Hkgh\gu_k\_^_gbyhfhehqghcijh^mdlb\ghklbaZ]h^
GZk_e_gb_JhkkbckdhcN_^_jZpbbfegq_eh\_d
GZebqb_fhehqgu
odhjh\\JNfeg]heh\
Kj_^gbcm^hcgZdhjh\md]
Zeh\h_ijhba\h^kl\hfhehdZfegl
Ijhba\h^kl\hfhehdZgZ^mrmgZk_e_gby\]h^d]
GZmqgZyghjfZihlj_[e_gbyfhehdZ\]h^d]
Zdlbq_kdh_ihlj_[e_gb_fhehdZ\]h^d]


aZimkd

ke_^mxsbc

hl_e

eZdlZpby

hl_e

kmohklhcguc

i_jbh^


k_j\bk

i_jbh^kl_evghklv B^gy

hieh^hl\hj_gb_

JbkF_`hl_evgucpbdeb_]hi_jbh^u
AZ^Zgb_
Ihbf_xsbfky^ZggufjZkkqblZlv
g_^hklZxsb_ihdZaZl_eb
f_`hl_evgh]hpbdeZ
ihjy^dm
Ijh^he`bl_evghklv
kmohklhcgh]h
i_jbh^Z
Ijh^he`bl_evghklv
k_j\bk
i_jbh^Z
Ijh^he`bl_evghklv
eZdlZpbhggh]h
i_jbh^Z
Ijh^he`bl_evghklv
f_`hl_evgh]h
pbdeZ
AZ]h^
dhebq_kl\h
ihemqZ_fuo
l_eylhl
dhjh\
AZ^Zgb_
1.3.
GZah\bl_nZdlhju\ebyxsb_gZfhehqgmxijh^mdlb\ghklv
hjh\
AZ^Zgb_
Hij_^_ebl_dhebq_kl\hh^ghijhp_glgh]hfhehdZZlZd`_\uoh^
ijh^mdpbx fhehqgh]h`bjZihnZdlbq_kdbf^Zgguf
Dhebq_kl\h
fhehdZd]
FZkkh\Zy
^hey`bjZ
fhehdZ
ijhp_gl
gh_fhehdh
ih`bjmd]
Dhebq_kl\h
fhehq
gh]h
`bjZd]
I_j_\_klbgZ
`bjghklv
FhehdZ
aZ^Zgghc
`bjghklbd]

AZ^Zgb_
Dhgljhevgu_^hcdb
KhklZ\v
l_dhgki_dlhihjy^d_ijh\_^_gbydhgljhevguo^h_d
AZ^Zgb_
Bg^b\b^mZevgucmq_lfhehqghcijh^mdlb\ghklbdhjh\
DebqdZdhjh\uBBBBBBBBBBBBBBBBBBBBBBBBBg^b\b^mZevgucghf_jBBBBBBBBBBB
�ZlZaZimkdZi_j_^hl_ehfBBBB
BBBBBBBB�ZlZhl_eZBBBBBBBBBBBBB
�ZlZhieh^hl\hj_gbyihke_hl_eZBBBBBBBBB�BBBZlZaZimkdZihke_hl_eZBBBBBBBBB


F_kyp
�ZlZdhgljhey
Kmlhqgucm^hcd]
FZkkh\Zy^hey`bjZ

\fhehd_
;_ehdfhehdZ
AZf_kyp
KgZqZeZeZdlZpbb
gZjZklZxsbfblh]hf
�hcguo^g_c
GZ^h_ghfhehdZ
Fhehqgh]h`bjZ
Fhehqgh]h[_edZ
�hcguo^g_c
GZ^h_ghfhehdZ
Fhehqgh]h`bjZ
Fhehqgh]h[_edZ
Yg\Zjv
N_\jZev
FZjl
:ij_ev
FZc
Bxgv
Bxev
:\]mkl
K_gly[jv
Hdly[jv
Ghy[jv
�_dZ[jv
J_ame
vlZldhgljhevguo^h_gbc
IhdZaZl_ev
AZihke_^gxxeZdlZpbx
AZ
dZe_g^Zjguc
HklZlhdhl
ijhreh]h]h^Z
l_dms_f
]h^m
k_]h
lhfqbke_aZ
^g_c
Dhebq_kl\h^hcguo^g_c
GZ^h_ghfhehdZd]
Fhehqgh]h`bjZd]
Kj_^g__kh^_j`Zgb_`bjZ\
fhehd_
Fhehqgh]h[_edZd]
Kj_^g__kh^_j`Zgb_[_edZ\
fhehd_
Kmohklhcguci_jbh^^g_c
K_j\bk
i_jbh^^g_c


FykgZyijh^mdlb\ghklv
AZ^Zgb_
GZah\bl_ijb`bag_ggu_bih
ke_m[hcgu_f_lh^umq_lZ
fykghcijh^mdlb\ghklbdjmigh]hjh]Zlh]hkdhlZ
AZ^Zgb_
GZah\bl_hkgh\gu_nZdlhju\ebyxsb_gZfykgmx
ijh^mdlb\ghklvdjmigh]hjh]Zlh]hkdhlZ
AZ^Zgb_
GZjbkmgd_h[hagZqvl_khhl\
_lkl\mxsbfbpbnjZfb
lZd
gZau\Z_fu_smiufykgbdZdhlhju_mklZgZ\eb\Zxlmqblu\Zyihke_^h\Zl_evghklv
`bjhhleh`_gbcih^dh`_c


Mhkgh\Zgbyo\hklZ

GZk_^Zebsguo[m]jZo

GZfZdehdZoki_j_^b


GZihykgbp_


GZj_[jZo


GZdhe_gghckdeZ^d_


i_j_^b\uf_gbmdhjh\

\i_j_^bfhrhgd
bm[udh\

GZi_j_^g_fdjZ_]jm^bgu

GZ]jm^baZehdl_\ufk
mklZ\hf



GZehiZld_
AZ^Zgb_
Hp_gbl_hkgh\gu_m[hcgu_dZq_kl\ZkdhlZ
Ihjh^Z
Iheb
\hajZkl
Ij_^m[hcgZy
`b\ZyfZkkZ
LmrZ
gm
lj_gg__
kZeh
M[hcgZyfZkkZ
M[hcguc\uoh^
RdmjZ
Dhklb
hl
lmrb
DjZkgZykl_igZy
DZa[_eh]heh\Zy
L_e_ghd
f_k
5.3
5.6
4.5
4.3
DjZkgZykl_igZy
DZa[_eh]heh\Zy
;uq_d
f_k
4.6
4.6
DjZkgZykl_igZy
DZa[_eh]heh\Zy
Dhjh\Z
\ajhkeZy
6.0
5.5
DjZkgZykl_igZy
DZa[_eh]heh\Zy
;ud
ijh
ba\h^
AZdexq_gb_
AZ^Zgb_
�Zcl_hij_^_e
_gb_ihgylbyl_jfbgZfykh
L_fZ@b\ZyfZkkZ`b\hlguob__ijbjhklu
@b\mxfZkkm`b\hlguohij_^_eyxliml_f\a\_rb\ZgbygZ\_kZo?kebg_l
\_kh\lhbkihevamxlki_pbZevgmxjme_ldmgZdhlhjhcgZg_k_gZ
rdZeZh[o\ZlZ
]jm^b
g_lhevdh\kfghb\d]
Ijbhlkmlkl\bbblh]hb^jm]h]h
m^h\e_l\hjbl_evgucj_amevlZl^eydjmiguo`b\hlguofhehqguoihjh^fh`gh
ihemqblvihnhjfme_@F H=oH=o
H]o]^_@F
`b\ZyfZkkZ\
d]H=
h[o\Zl]jm^b\kfJ_amevlZluij_^u^ms_]hbl_dms_]hhij_^_e_gb
`b\hcfZkkuaZghkyl\\_^hfhklvbjZkkqblu\Zxl__ijbjhklu\Zeh\hc
kj_^g_kmlhqguchlghkbl_evguc
AZ^Zgb_
Ih^Zggufgb`_ijb\_^_gghclZ[ebpujZkkqblZcl_
bg^b\b^mZevguc\Zeh\hcbkj_^g_kmlhqgucZlZd`_]jmiih\hc\Zeh\hcb
kj_^g_kmlhqgucijbjhkl`b
\hcfZkku
_^hfhklv\a\_rb\Zgby`b\hlguo
]jmiiZl_ehd
f_kyp_\ aZfZjl]h^Z
Bg^b\
Ij_^u^ms__
\a\_rb\Zgb_
L_dms__
\a\_rb\Zgb_
Ijbjhkl
fZkku
Bg^b\
Ij_^u^ms__
\a\_rb\Zgb_
L_dms__
\a\_rb\Zgb_
Ijbjhkl
fZkku
�ZlZ
�ZlZ
]kml
�ZlZ
�ZlZ
]kml
Blh]h
Blh]h
AZdexq_gb_
AZ^Zgb_
Hij_^_ebl_hlghkbl_evgucijbjhkl`b\hcfZkkul_edbih
nhjfme_
HI
o @FD
@FG  @FG@FD
%

hajZkl@b\Zy
f_k
fZkkZd]

0 39

1
30 2


3 107

6 182
20

12 306

18 431
10
0 1 2 3

6 12 18
hajZklf_k

L_fZBg[jb^bg]\kdhlh\h^kl\_
AZ^Zgb_
.
�Zlvhij_^_e_gb_ihgylby ^_nbgbpbx bg[jb^bg]
Hij_^_e_gb_kl_i_g_cbg[j
b^bg]ZihImrm
RZihjm`m
Hij_^_e_gb_dhwnnbpb_glZbg[jb^bg]ZihJZclm
Dbkeh\kdhfm
AZ^_gb_
Hibrbl_lbiubg[jb^bg]Z
:Ijhklhc
;Keh`guc

Bg[jb^bg]gZbg[j_^gh]hij_^dZ
=Dhfie_dkguc

Kl_i_gbbdhwnnbp
b_glubg[jb^bg]Z\
Kl_i_gv
bg[jb^bg]Z
Jy^jh^hkeh\ghc]^_gZoh^blkyh[sbcij_^hd
Klhjh
gZ
hlpZ
KlhjhgZfZl_jb
VII
VIII
25.0
12.5
6.25
3.12
1.56
0.78
0.39
0.20
Djh\h
12.5
6.25
3.12
1.56
0.78
0.39
0.2
0.10
kf_r_gb_
12,5
6.25
3.12
1.56
0.78
0.39
0.20
0.10
0.05
;eba
6,25
3.12
1.56
0.78
0.39
0.20
0.10
0.05
0.02
dbc
3,12
1.56
0.78
0.39
0.20
0.10
0.05
0.02
0.01
Mf_j_g
1,56
0.78
0.39
0.20
0.10
0.05
0.02
0.01
?keb
guc
VII
0,78
0.39
0.20
0.05
0.02
0.01
bg[jb^bg]
Hl^Ze_g
VIII
0,39
0.20
0.10
0.05
0.02
0.01
keh`guc
guc
0,20
0.10
0.05
0.02
0.01
dhwnnbpb_glukmffbjmxl

AZ^Zgb_
Hij_^_ebl_kl_i_gbbg[jb^bg]ZihImrm
RZihjm`m
Z _keb[udihemq_g\j_amevlZl_bkihevah
\ZgbyhlpZgZ_]h`_^hq_jb
[ _kebdhjh\Z[ueZhieh^hl\hj_gZki_jfhc__`_kugZ
AZ^Zgb_
Hij_^_ebl_dhwnnbpb_glubg[jb^bg]ZihJZclm
Dbkeh\kdhfm\
^heyo_^bgbpubi_j_\_^bl_bo\ijhp_glu
Khq_lZgb_kl_i_g_cJZkq_
l
\^heyo)
\

bg[jb^bg]Z_^bgbpu
11, 111
M
11, 111
M



L_fZKdj_sb\Zgb_
AZ^Zgb_
KhklZ\vl_dhgki_dlihhij_^_e_gbxdjh\ghklbihf_kguo
`b\hlguo\^heyo_^bgbpub\
AZ^Zgb_
MdZ`bl_p_evbm
keh\bybkihevah\Zgbykihkh[h\kdj_sb\Zgby
\kdhlh\h^kl\_ijb\_^bl_boko_fu
: Ih]ehlbl_evgh_ ij_h[jZah\Zl_evgh_ kdj_sb\Zgb_
; \h^gh_kdj_sb\Zgb_ ijbeblb_djh\b 

 hkijhba\h^bl_evgh_ aZ\h^kdh_ kdj_sb\Zgb_

AZ\_jrbl_ko_fmkha^ZgbydjZkgh
i_kljhcfhehqghcihjh^ukdhlZ\g_kbl_
khhl\_lk
l\mxsb_h[hagZq_gbybjZkkqblZcl_djh\ghklvihihdhe_gbyf
= Ijhfure_ggh_ijhklh_bi_j_f_ggh_kdj_sb\Zgb_

L_fZL_ogheh]byijhba\h^kl\ZfhehdZ

JZkq_lih]heh\vyMkeh\byjZkq_lZ
Dhebq_kl\hdhjh\\klZ^_]heh\
J_fhglklZ^Zdhjh\
Kbff_gZev
=herlbgkdZy
djZkgh
i_kljZy
=herlbgkdZy
djZkgh
i_kljZy
hajZklhieh^hl\hj_gbyl_ehdf_kk
hajZklijh^Z`bg_l_e_cgZie_fyf_kk
uoh^l_eylgZdhjh\]heh\
;jZdbhloh^l_eyll
_dms_]h]h^Z
;jZdbhloh^l_ehdklZjr_]h^Z
hajZklj_ZebaZpbb[uqdh\f_k
Mkeh\bfkydhebq_kl\hijhr_^rboaZ]h^q_j_aklZ^h`b\hlguoh[hagZqZlv
`bjguf
rjbnlhfZdhebq_kl\hnmjZ`guo
dmjkb\hf

GZ
ke_^mxsbc]h^ieZgbjm_lkybf_lvlZd`_
dhjh\baZf_gylvbo
i_j\hl_edZfbihf_j_\u[ulbylh_klv\k_
790
dhjh\[m^mlnmjZ`gufb
klZ^h_`_]h^gh[m^_l\\h^blvkyo 

i_j\hl_ehd
G_l_e_c\l_q_gb_]h^Zihlj_[m_lkyklhe
vdhkdhevdhi_j\hl_ehdlh_klv
H^gZdh
nmjZ`gufbhgb[m^mllhevdh^g_c\]h^m
i_jbh^
kl_e
vghklbKe_^h\Zl_evghnmjZ`guo
g_l_e_c[m^_lo 

]heh\
L_ehdklZjr_]h^Z^eyj_fhglZkh[kl\_ggh]hklZ^Zihlj_[m_lkykl
hevdh`_
kdhevdhg_l_e_ciexkgZ\u[ulb_o 
228
KlZjr_]h^Zhgb[m^ml
 f_kypZbeb^gy\]h^mbnmjZ`gh_boih]heh\v_khklZ\blo
365 =
]heh\
L_eyl^h]h^Z[m^_lihemq_ghhldhjh\o b
hlg_l_e_c
 Kmq_lhf
ijhp_glghckhojZgghklbdhebq_kl\hbokhklZ\blo
 ijbq_fiheh\bgmbagbo 
khklZ\yll_edbZ\lhjmxiheh\bgm
[uqdb
;uqdh\\ohayckl\_g_h[oh^bfhkh^_j`Zlvf_kypZ\]h^mbeb^
_gvZ
nmjZ`gh_boih]heh\v_[m^_ljZ\gylvkyo 
]heh\
L_edb\\hajZkl_^hh^gh]h]h^Z\k_^g_c\]h^m[m^ml\ujZsb\Zlvky\
ohayckl\_lh_klv\k_hklZgmlkynmjZ`gufbo 
.
K\_joj_f
hglguol_ehdklZjr_]h^Z
228 =
fh`ghj_Zebah\ZlvgZ
ie_fyIjbwlhfkh^_j`Zlvbo\ohayckl\_g_h[oh^bfh^hklZ^bbg_l_e_ck
hij_^_e_gb_fkl_evghklblh_klv^hf_kyp_\ihke_]h^Z
 f_kyp_\
beb^gy\]h^mBonmjZ`gh_ih]heh
\v_khklZ\blo 
]heh\
LZdbfh[jZahfdhebq_kl\h`b\hlguoijhr_^rboq_j_aklZ^h\l_q_gb_]h^Zb
nmjZ`gh_ih
heh\v_kh\iZ^Zlvg_[m^ml
Iheh\hajZklgZy]jmiiZ
Ijhc^_lq_j_a
klZ^haZ]h^
NmjZ`gh_ih]heh\v_
]heh\
Dhjh\u
G_l_eb
10,4
L_edbklZjr_]h^Zj_fhglgu_
4,8
G_l_eb^eyj_ZebaZpbbgZie_fy
5,4
L_edb^h]h^Z
25,2
;uqdb^h]h^Z
4,2
Blh]h
AZ^Zgb_
uihegbl_ke_^mxsb_mkeh\byjZkq_lZ
Dhebq_kl\hd
hjh\\klZ^_]heh\
uoh^l_eylgZdhjh\]heh\
J_fhglklZ^Zdhjh\;jZdbhloh^l_eyll_dms_]h]h^Z
.....
hajZklhieh^hl\hj_gbyl_ehdf_k

;jZdbhloh^l_ehdklZjr_]h^Z
.........
hajZklijh^Z`bg_l_e_cgZie_fyf_k

hajZklj_ZebaZpbb[uqdh\f_k

Ihemq_gj_amevlZl
Iheh\hajZklgZy]jmiiZ
Ijhc^_lq_j_a
klZ^haZ]h^
NmjZ`gh_ih]heh\v_
]heh\
Dhjh\u
G_l_eb
L_edb
klZjr_]h^Zj_fhglgu_
G_l_eb^eyj_ZebaZpbbgZie_fy
L_edb^h]h^Z
;uqdb^h]h^Z
Blh]h


AZ^Zgb_
JZkkqblZcl_dhebq_kl\hl_ogheh]bq_kdbo]jmiigZn_jf_b
dhebq_kl\hjZ[hlgbdh\
Iheh\hajZklgu_
]jmiiukdhlZ
�ebl_evghklv
ijhba\h^kl\_g
gh]hpbdeZ ^gb
Dhebq_kl\h
kdhlhf_kl
]heh\u
Qbkeh
`b\hlguo\
l_ogheh]bq_k
dhc]jmii_
Dhebq_kl\h
l_ogheh]bq_k
dbo]jmii
Dhebq_kl\h
jZ[hlgbdh\
�hyjdb
Kdhlgbdb
Dhjh\u \k_]h 
Z
P_ohl_eZ
[P_ojZa^hyb
hk_f_g_gby
\P_oijhba\h^kl\Z
fhehdZ
^P_okmohklhcguo
dhjh\
G_l_eb
ZAZljbf_kypZ^h
hl_eZ
[�hr_klh]hf_kypZ
kl_evghklb
Fheh^gyd
\k_]h 
ZL_edbklZjr_
f_kyp_\
[L_edbhl^h
f_kyp_\
\L_edbh
l^h
f_kyp_\
]L_edbhl^g_c
^hf_k
^L_eylZ^h
^g_\gh]h\hajZklZ

L_fZ
Ie_f_ggh_^_eh
\kdhlh\h^kl\_
AZ^Zgb_
AZihegbl_dZjlhq
dmie_f_gghcdhjh\u l_edb q_jgh
i_kljhc
ihjh^u
L_edZ:njbdZ
q_jgh
i_kljhcfZklbjh^beZkv\ie_f_gghfj_ijh^mdlhj_
:\Zg]Zj^dhlhjhfmbijbgZ^e_`bl

1
Jh^hkeh\gZy:njbdb

F:jby

DeW
J
3.88
3.06
HN_\jZevF
FF:aby


DeW
J
3.76
3.01


FHW^_dZ
5 45966896
4.12
3.42
HFKheyjbk
HNjbeZgk
K:
FFF:hjlZeMB^_ZeZ
3.74


FHW^_dZ
ge
4.92
3.44
HFH
K_e_g


eMB^_ZeZ
HFHKljhfeMB^_ZeZ
FHF;_ebg^Z
60795950


3.89
3.00



FHH�`bikb
3945
4.77
3.13
HHFKlhmgo_f


eJKh\_jbg]
HHH:wjheZcg
eMB^_Ze
?_`b\ZyfZkkZ d] jZ\gyeZkvijbjh`^_gbbd]\f_k\
ijb
hieh^hl\hj_gbb\^gy
\f_k
d]
I_j\ucjZa:njbdZijh[hgblbjh\ZgZ\\hajZkl_f_kyp_\ijbhp_gd_
wdkl_jv_jZ\[ZeeZ

I_j\ucjZal_edZ:njbdZhieh^hl\hj_gZki_jfhc[udZLblmeZF
bhl_ebeZkvjh^beZkvl_edZ

lhjhcjZadhjh\Z
hieh^hl\hj_gZki_jfhclh]h`_[udZZaZims_gZ
ijb\lhjhfhl_e_hlg__ihemq_gZl_edZ

J_amevlZludhgljhevguo^h_gbciheZdlZpbb
�ZlZ
M^hc
@bj
;_ehd
�ZlZ
M^hc
@bj
;_ehd
9.06.09
3,82
3,13
12.11.09
21,0
3,93
3,07
11.07.09
22,5
3,87
3,12
10.12.09
18,5
4,12
3,11
12.08.09
24,0
3,76
3,03
11.01.10
17,0
4,12
3,18
10.09.09
23,5
3,81
3,06
13.02.10
14,7
4,23
3,16
10.10.09
19,0
4,02
3,21
9.03.10
6,0
4,20
3,24
dhgljhevgmx^hcdm
mdhjh\umql_gZkmlhqgZyaZljZlZ\j_f_gbgZ
^h_gb_dhlhjZykhklZ\beZfbgml
Z\]mkl_lh]h`_]h^Zm:njbdb\ayluhkgh\gu_ijhf_jubhp_g_g
wdkl_jv_j@b\ZyfZkkZhij_^_e_gZihijhf_jZf
Ijhf_jukf
Wdkl_jv_j[Zee
ukhlZ\ohed_

H[sbc\b^bjZa\blb_
=em[bgZ]jm^b
ufy
RbjbgZ]jm^b
Gh]b
RbjbgZ\fZdehdZo

DhkZy^ebgZlmeh\bsZ
H[o\Zl]jm^b
H[o\Zliyklb

18,5
JZa\blb_bhp_gdZl_edbg_l_eb



Ijhf_ju`b\hlgh]hkf
@b\ZyfZkkZd]
\hajZkl_
hajZkl e_lf_k
ukhlZ
ohed_
=em[bgZ]jm^b
RbjbgZ]jm^b
RbjbgZ\fZdehd
Dhk^elme iZe
H[o\Zl]jm^baZehi
H[o\Zliyklb
u^Zxsb_kyklZlg
G_^hklZlwdkl_j
Ijbjh`^
f_k
f_k
f_k
ijbi_j\hfhk_f
_g_gbb
\hajZkl
;hgblbjh\dZbhp_gdZihdhfie_dkmijbagZdh\
hajZklf_k
@b\ZyfZkkZ
Wdkl_jv_jih
[Zekbkl_f_
;Zeeh\aZ
KmffZ[Zeeh\
dhfie_dkg
deZkk
rbnjdeZkkZ
=_ghlbi
Wdkl_jv_j
JZa\
blb_


GZagZq_gb_BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
NhlhbebZ[jbkki
jZ\Z



NhlhbebZ[jbkke_\Z
IV.
I_j_f_s_gb_dhjh\ug_l_eb
HLDM�:
gZbf_gh\Zgb_ohayckl\Z
DM�:
gZbf_gh\Zgb_
ohayckl\Z
�ZlZ f
p]h^
hajZkl e_l
f_k
@b\Zy
fZkkZd]
P_evi_j_f_s_gby
Dhgljhevgu_^Zggu_ijh^mdlb\ghklbihf_kypZf
=h^
F_kyp
he
`bj
[_e
he
`bj
[_e
he
`bj
[_e
he
`bj
[_e
he
`bj
[_e
he
`bj
[_e
he
`bj
[_e
he
`bj
[_e
he
`bj
[_e
he
`bj
[_e
VII
VIII
XII
Blh]h
]h^
hkijhba\h^kihkh[ghklv

VII
Ijh^mdlb\ghklvdhjh\uiheZdlZpbyf
Ieh^hl\hj
hk_f_g_gb_
�ZlZ
Qbkehkmohklhcguo
^g_c
K_j\bk
i_jbh^
=h^
EZdlZpbyi
hkq_lm
Qbkeh^hcguo^g_c
M^hcaZ\kxeZdlZpby
Ijh^aZ
u_^g
@b\ZyfZkkZd]
ihkq_lm
^ZlZ
[udZ
hl_eZ
aZimkdZ
m^hc
`bjZ
d]`bjZ
[_edZ
VIII
Dhfie_dkgZyhp_gdZ
dhjh\u



Ijbieh^
Dhe
\h[Zeeh\aZ
KmffZ[Zeeh\
Dhfie_dkguc
deZkk
Rbnj
Ihe
Bg\_l
GZagZq_gb_
FhehqgZy
ijh^
wdkl_jv_j
]_ghlbi
\k_]h
\lhfqbke_
`b\Zy
fZkkZ
\Z
\uf_gb
X.
Hp_gdZk\hckl\\uf_gb
eZdlZpbb
Khklhygb_\uf_
gb
`_e_abklh_
fykbklh_a^hjh\h_
gZebqb_aZ[he_\
NhjfZ\uf_gb
Ijhf_jukhkdh\
Wdkl_jv_jghp_gdZ
\uf_gb[Zee
Kmlhqgucm^hcd]
j_fy^h_gfbg
Kdhjhklv^h_gby
d]fbg
JZagbpZ\
ijh^he`bl
Zb\
^he_c
\uf_g
k_d
ebgZ
^bZf_lj
M^hcihq_l\_jlyf\uf_gb


XII
Ijh^mdlb\ghklv^hq_j_cdhjh\u

i_j\u_
^g_c
eZdlZpbb



ijZ\Zyi_j_^gyy
e_\Zyi_j_^gyy
IA
ijZ\ZyaZ^gyy
e_\ZyaZ^gyy
XIII
Kj_^gyyijh^mdlb\ghklvdhjh\uaZjy^eZdlZpbb ^g_cbebmdhjhq_ggmx
Mql_gheZdlZp
M^hcd]
`bjZ
D]`bjZ
[_edZ
Jmdh\h^bl_evohayckl\Z

____________________________
Ahhl_ogbd
_dpbhg_j

XIV
AZf_ldbk_e_dpbhg_jZ


_l_jbgZjgh_khklhygb_ohayckl\Z
�ZlZbijbqbgZ\u[ulby

___________
=hkie_fh[t_^bg_gb_
______________________________________________________
=hki
_fklZgpby
DebqdZb
bg\_gl
lZpbb
Dhfie
deZkk
`bjZ
[_edZ
L_fZ
;hgblbjh\dZkdhlZfhehqguobfhehqgh
fykguoihjh^
p_eyohij_^_e_gbyie_f_gguobijh^mdlb\guodZq_kl\`b\hlguogZ\k_o
ie_fij_^ijbylbyo\ie_faZ\h^Zoie_fj_ijh^mdlhjZob]_ghnhg^guo
ohayckl\Zo
_`_
]h^gh
\l_q_gb_\k_]h]h^Zijh\h^yl[hgblbjh\dmHlq_l\
\ur_klhysmxhj]ZgbaZpbxij_^klZ\eyxlihkhklhygbxgZyg\Zjy
;hgblbjh\d_ih^e_`Zl [udb
ijhba\h^bl_ebhp_g_ggu_ihdZq_kl\m
ihlhfkl\Z ijh\_jy_fu_bj_fhglgu_[udbk
f_kyqgh]h\hajZklZ
3)
dhjh\u g_l_ebbl_edbk
f_kyqgh]h\hajZklZ
;udbg_qbklhihjh^gu_dbkihevah\Zgbxg_^himkdZxlky
Ihf_kguf
dhjh\Zf
g_l_eyfbl_edZfh[sbc[Zeekgb`Z_lkyihdhe_gby
gZI
gZR
gZb
gZ
Ihkmff_[Zeeh\hij_^_ey_lkydeZkk
`b\hlguo
weblZ
j_dhj^
weblZ
deZkk
IdeZkk
^h
g_deZkkgu_
;udZf
ijbk\Zb\ZxllhevdhdeZkku
weblZ
j_dhj^bweblZ
Hp_gdZdhgklblmpbbbwd
kl_jv_jZ`b\hlguofhehqgh]h bebfhehqgh
fykgh]h
gZijZ\e_gbyij
h^mdlb\ghklb

IjbagZd
FZdkbfZevgh\hafh`guc[Zee
;udb
j_fhglgu_
�hq_jb[udh\
hp_g_gguo
Dhjh\u
L_edbb
g_l_eb
H
h[sbc\b^
fhehqguclbi
HL
h[t_flmeh\bsZ
gh]b
\ufy
aZ^
gyyqZklvlmeh\bsZ
Dhfie_dkklZl_c
Blh]h
=jmiiu[hgblbjm_fuo`b\hlguoijbagZdbmqblu\Z_fu_ijb[hgblbjh\d_

bom^_evgh_agZq_gb_\bnhjfmeu^eyhp_gdb\[ZeeZo
IjbagZd
;udbh
p_g_ggu_
;udbg_hp_g_ggu_
Dhjh\u
G_l_ebl_edb
Wdkl_jv_j^hq_j_c
; [o
; [o
; [o
nZdlbq_kdbc[Zee
@b\ZyfZkkZ
; @FFLo
; @FFLo
; @FFLo
Ijh^mdlb\ghklvdhjh\ubeb__
fZl_jb

; [o
kmffZ[Zeeh\
hij_^_eyxsbodeZkk
fZl_jb
\lqm^hc
; MFLo
15
; MFLo
`bjghklvfhehdZ
; N
FL o

;  N
FL o
[_ehdfhehdZ
; N
FL o
; N
FL o
F_klh[udZbebhlpZihkmff_
fhehqgh]h[_edZb`bjZ^hq_j_c
oH
; 
oH
; 
oH
K_j\bk
i_jbh^
; 
oK
Ohayckl\_ggh_bkihevah\Zgb_
; Hl
Blh]h
FbgbfZevgu_lj_[h\Zgbyi
hfhehqghcijh^mdlb\ghklbb`b\hcfZkk_dhjh\


Ihjh^Z
M^hcaZ^g_ceZdlZpbb
@bj
;_ehd
Hl_e
I_j\Zy
lhj
Lj_lvyb
klZjr_
bklZjr_
=herlbgkdZy
Q_jgh
i_kljZy
Ohefh]hjkdZy
DjZkgh
i_kljZy
DjZkgZykl_igZy
djZkg]hj[Zlh\kdZy
3000 3500
3800 3.7 3.1
470 510 540
YjhkeZ\kd
:cjrbjkdZy
�`_jk_ckdZy
Kbff_glZevkdZy
kuq_\kdZy
;mjZyr\bpdZy
dhkljhfkdZy
;_klm`_\kdZy

K\_^_gby^ey[hgblbjh\dbdhjh\
Ghf_j
ihjy^dm
Ihjh^Z
Ihjh^
ghklv
EmqrZyeZdlZpby
@b\Zy
fZkkZd]
FZkkh\Zy^hey
K_j\bk
i_jbh^
^g_c
Ijh^he`bl_ev
ghklvohayckl\
bkihevah\Z
Hp_dZ
wdkl_jv_jZ
Ghf_j
M^hcd]
`bjZ
[_edZ
]herlbgkdZy
]herlbgkdZy
]herlbgkdZy
]herlbgkdZy
ihd
]her
lbgkdZy
ihd
ohefh]hjkdZy
ihd
ohefh]hjkdZy
q_jgh
i_kljZy
q_jgh
i_kljZy
ihd
yjhkeZ\kdZy
yjhkeZ\kdZy
ihd
djZkgZykl_igZy
kbff_glZevkdZy
kuq_\kdZy
djZkgh
i_kljZy
fhehqgZy
dhkljhfkdZy
r\bpdZy[mjZy
^`_jk_ckdZy
ZbjrbjkdZy
djZkgZykl_igZy
NhjfZ^ey[hgblbjh\dbdhjh\
DebqdZbghf_j
EZdlZpbyihkq_lm

M^hcaZ^g_c

eZdlZpbbd]
FZkkh\Zy^hey`bjZ
FZkkh\Zy^hey[_edZ
Dhgklblmpby
bwdkl_jv_j[Zee
@b\ZyfZkkZd]
Ijh^he`bl_evghklv
k_j\bk
i_jbh^Z^g_c
Ijh^mdlb\gh_
�he]he_lb_hl_eh\
Ihjh^Z
Ihjh^ghklv

;Zeeu
M^hc
Fhehqguc`bj
Fhehqguc[_ehd
dhgklblmpby
bwdkl_jv_j
Ijh^he`bl_evghklv
k_j\bk
i_jbh^Z
Ijh^mdlb\gh_
he]he_lb_
Ihjh^ghklv
@b\ZyfZkkZ
Blh]h
MklZgh\e_gdeZkk
ZagZq_gb_
L_fZ
.
IJHBA&#x-12;&#xH00;HKL?GGUCBIE?F?GGHCMQ?LKDHLHH;HKL?
Nhjfu
ijhba\h^kl\_ggh]h
bie_f_ggh]h
mq_lZ q
P_evaZgylby
hagZdhfblvklm^_glh\knhjfZfbahhl_ogbq_kdh]hb
f_ggh]hmq_lZ\kdhlh\h^kl\_gZmqblvijZ\bevghhnhjfeylvahhl_ogbq_kdb_
^hdmf_glu
Nhjfuie_f_ggh]hmq_lZ
Ihegh_gZbf_gh\Zgb_nhjfu
DZjlhqdZie_f_ggh]h[udZ
DZjlhqdZie_f_gghcdhjh\u l_edb
@mjgZe
j_]bkljZpbb
hk_f_g_gb
bhl_eh\dhjh\
@mjgZehp_
gdb[udh\fhehqguobfhehqgh
fykguoihjh^ihdZq_kl\m
ihlhfkl\Z
@mjgZehij_^_e_gbykdhjhklbfhehdhhl^Zqbmdhjh\
:dldhgljhevghc^hcdb
Ahhl_ogbq_kdbchlq_lhj_amevlZlZoie_f_gghcjZ[hlukdjmiguf
jh]Zlufkdhlhffhehqgh]hgZijZ\e_gbyijh^mdlb\ghklb
;eZgd_`_^g_\gh]hmq_lZki_jfu[udh\
@mjgZej_]bkljZpbbijbieh^Zb\ujZsb\Zgbyfheh^gydZjh]Zlh]h
kdhlZ
DZjlhqdZmq_lZhk_f_g_gbcbhl_eh\dhjh\u l_edb
2.
Nhjfuijhba\h^kl\_ggh]hmq_lZ
Ihegh_gZbf_gh\Zgb_
nhjfu
_^hfhklv
^\b`_gb
kdhlZbilbpu
dlgZhijboh^h\Zgb_ijbieh^Z`b\hlguo
:dlgZi_j_\h^`b\hlguo
:dlgZ\u[ulb_`b\hlguobilbpu
_l_jbgZjgh_k\b^_l_evkl\h
=mjlh\Zy\_^hfhklv
@mjgZemq_lZgZ^hyfhehdZ
_^hfhklv^\b`_gbyfhehdZ
Lh\Zjgh
ljZgkihjlgZygZdeZ^gZygZhlijZ\dmfhehdZbfhehqg
uo
ijh^mdlh\
GZdeZ^gZygZhlijZ\dmfhehdZbfhehqguoijh^mdlh\
_^hfhklv\a\_rb\Zgby`b\hlguo
JZkq_lhij_^_e_gbyijbjhklZ
:dlijb_fZ]jm[uobkhqguodhjfh\
_^hfhklv
mq_lZ
jZkoh^Zdhjfh\
AZ^Zgb_
Ih^Zggufbg^b\b^mZevgh]haZ^Zgbyhnhjfblv^hdmf_g
lu
ijhba\h^kl\_ggh]hie_f_ggh]hmq_lZkhklZ\blvhlq_lh^\b`_gbbih]heh\vy
kdhlZaZf_kyp
?&#x-12;&#x?70;HFHKLV
_rb\Zgby`b\hlguo



Hj]ZgbaZpbyBBBBBBBBBBBBBB
_____________________________________
___________
Hl^_e_gb_ n_jfZ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
;jb]Z^Z p_o BBBBBBBBBBB
_______________________________________________________
=jmiiZ`b\hlguo
___
______________
________________________________________________
AZd_faZdj_ie_gu`b\hlgu_
______________________________________________________________
______
nZfbebybfyhlq_kl\h
Ghf_j`b
\hlgh]hbeb
klZgdZ
Dheb
q_kl\h
]heh\
FZkkZd]
Ghf_j
`b\hlgh]h
bebklZgdZ
q_kl\h
]heh\
FZkkZd]
gZBBBBB]
ij_^u^ms__
\a\_rb\Zgb_
gZ^Zlm
\a\_rb\Zgby
ijb\_kZ
gZBBBBB]
ij_^u^ms__
\a\_rb\Zgb_
gZ^Zlm
\a\_rb\Zgby
ijb\_kZ
Blh]h
Blh]h
k_]h
ijbjhklZBBBBBBBBBBBBBBBBBBBBBBBBBKj_^gbcijbjhkl]heh\uBBBBBBBBBBBBBBBB
Ahhl_ogbdBBBBBBBBBBBBBBBBBBBBBBBBBB;jb]Z^bjBBBBBBBBBBBBBBBBBBBBBBBB

h^ibkv

Zkrbnjh\dZih^ibkb


ih^ibkvjZkrbnjh\dZih^ibkb
FZl_jbZevghhl\_lkl\_ggh_ebphBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB




e`ghklv

ih^ibkvjZkrbnjh\dZih^ibkb
=h^
F_kyp
Qbkeh
K_evoha
ij_ijbylb_
Rbnj
Hl^_e_gb_
N_jfZ
;jb]Z^Z
J:KQ?LBhij_^_e_gby
ijbjhklZ
Hi_jZpby
IhemqZl
_ev
HlijZ\bl_ev
AZBBBBBBBBBBBBBB
]
NBHjZ[hl
gbdZ
aZdhlhjufaZdj_i
`b\hlg
Mq_lgZy]jmiiZ
`b\hlguo
HklZlhdgZ
gZq
f_kypZ
Ihklm
ibeh
u[ueh
djhf_
iZ^_`Z
IZeh
HklZlhdgZdhg_p
f_k gZ^Zlm
\a\_rb\Z
gby
njkbg
l_lbqb
ZgZ
eblbq
mq_lZ
?^bgbpZ
baf_j
P_gZ
KmffZ
Dhe
dhjfh
^g_c
Kj_^g_kmlhqguc
ijbjhkl
]he
`b\ZyfZkkZ
]he
`b\ZyfZkkZ
]he
`b\ZyfZkkZ
]he
`b\ZyfZkkZ
]he
`b\ZyfZkkZ
^_[_l
dj_^bl
ijbjhkl]j
]j
J
]j
]j
IJBEH@?GB?_^hfhklb\a\_rb\Zgby`b\hlguo
_____
__________
____
Ahhl_ogbdB
_______________________
BBBBBBBBBAZ\_^mxsbcn_jfhc


Ijh\_jbekl[mo]Zel_j



;jb]Z^bj
:DL
gZhijboh^h\Zgb_ijbieh^Z`b\hlguo
Hj]ZgbaZpbyBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Hl^_e_gb_BBBBBBBBBBBBBBBB
_____________________________________________________________
N_jfZ
________________________________________________________________________________
Mq_lgZy]jmiiZ`b\hlguo
________________________________________________________________
AZ\_^mxsbcn_jf
hc [jb]Z^bj BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

nZfbebybfyhlq_kl\h
NZfbebybfyhlq_kl\hjZ[hlgbdZaZ
dhlhjufaZdj_i
e_gu`b\hlgu_
DebqdZbeb
bg\_glZjguc
ghf_jfZldb
Jh^bebkv`b\ufb
Bg\_glZjguc
ghf_j
bk\h
_gguc
Jh^bebkv
f_jl\ufb
]heh\
Hlf_ldb debqdZ
fZklvb^jm]b_
^Zggu_
Ih^ibkv
jZ[hlgbdZ\
ihemq_gbb
ijbieh^Z
[uqdbojyqdb
[ZjZgqbdbb^j
l_ehqdbk\bgdb
yjhqdbb^j
]heh\
b\Zy
fZkkZd]
]heh\
`b\Zy
fZkkZd]


Blh]h
;jb]Z^bj
____________ _________________

ih^ibkvjZkrbnjh\dZih^ibkb
Ahhl_ogbd
___________ __________________

ih^ibkvjZkrbnjh\dZih^ibkb
AZ\N_jfhc
________
__ __________________

ih^ibkvjZkrbnjh\dZih^ibkb



P_gZjm[dhi


KmffZjm[dhi
Dh^kbgl_lbq_kdh]h^_[_l
bZgZeblbq_kdh]hmq_lZdj_^bl
:DL

GZ\u[ulb_`b\hlguobil
bpu aZ[hcijbj_adZiZ^_` 

�ZlZkhklZ\e_gby
Hj]ZgbaZpbyBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

Hl^_e_gb_ mqZklhd BBBBBBB
__________________________________________________________________________
N_jfZBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
HlijZ\bl_evBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
IhemqZl_evBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
=jmiiZ
`b\hlguo\b^ilbpu
DebqdZ
bg\_glZjguc
ghf_j ihjh^Z
hajZkle_l
MiblZgghklv
Dhebq_kl\h
heh\rl
@b\ZyfZkkZd]
;ZeZgkh\Zy
klhbfhklvjm[
Dh^
kbgl_lbq_kdh]h
bZgZeblbq_kdh]h
mq_lZdj_^blZ
IjbqbgZ\u[ulby
�bZ]gha
NBHjZ[hlgbdZaZ
dhlhjuf
aZdj_ie_gh
`b\hlgh_
Ih^ibkv
Ijbeh`_gb_ZdlugZ\u[jZdh\dm`b\hlguobahkgh\gh]hklZ^ZBBBhlBBBBBBBBBBBBBB]

BBBBBBBBBhlBBBBBBB
BBBBBBBBBBBB]
AZ\n_jfhc
________________________ _______________________
_l\jZq
________________________ _____

ih^ibkvjZkrbnjh\dZih^ibkb

ih^ibkv

jZkrbnjh\dZih^ibkb
=mjlhijZ\
________________________ _______________________
Ahhl_ogbd
____________________ _______________________

ih^ibkvjZ
krbnjh\dZih^ibkb


ih^ibkvjZkrbnjh\dZih^ibkb
_ll_ogbd
________________________ _______________________
QZ[Zg k\bgZjv
_____________
___ _______________________

ih^ibkvjZkrbnjh\dZih^ibkb

ih^ibkv

jZkrbnjh\dZih^ibkb
h[hjhlgZyklhjhgZ 
Ihemq_gb_ijh^mdpbbb__bkihevah\Zgb_
GZbf_gh\Zgb_ijh^mdpbb
FZkkZd]
P_gZjm[dhi
KmffZjm[dhi
Bkihevah\Zgb_ijh^mdpbb
Ijh^mdpbyijbgylZ
gZkdeZ^ihgZdeZ^ghc
BBBBBBBBBBBBBBhlBBBBBBBBBBBBBBBBBB]


DeZ^h\sbdBBBBBBBBBBBBBBBBBB

________


ih^ibkv

jZkrbnjh\dZ
ih^ibkb


BBBBBBBBBBBBB]
:DLBBBBBBBBBBBBB
gZi_j_\h^`b\hlguo

_____________________________

\b^`b\hlguo

Hj]ZgbaZpbyBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Hl^_e_gb_ mqZklhd BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
N_jfZBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
HlijZ\bl_evBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
IhemqZl_evBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

ba]jmiiuBBBBBBBBBBBBBBBBBBBBBB\]jmiimBBBBBBBBBBBBBBBBBBBB
Bg\_rZjgucghf_j
debqdZ
IhedeZkkfZklvb^j
hkh[_ggkhlb
�ZlZjh`^_
Dhebq_kl\h
]heh\
FZkkZd]
;ZeZgkh\Zy
klhbfhklvjm[
Ijbgylu_`b\hlgu_aZdj_ie_gguaZjZ[hlgbdhf
nZfbebybfyhlq_kl\h
ih^ibkv
Dh^
kbgl_lbq_kdh]hb
ZgZ
eblbq_kdh]hmq_lZ
�_[_l
blh]h
dj_^_l
@b\hlguok^Ze
____________
___________

_______________
Ahhl_ogbdBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



^he`ghklv

ih^ibkv

jZkrbnjh\dZih^ibkb



ih^ibkv

jZkrbnjh\dZih^ibkb
AZ\_^mxsbcn_jfhc [jb]Z^bj BBBBBBBBBBB
________________
Ijh\_jbe[
mo]Zel_j

_________________



ih^ibkv

jZkrbnjh\dZih^ibkb


ih^ibkv

jZkrbnjh\dZih^ibk


N_jfZBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

;jb]Z^ZBBBBBBBBBBBBBBBB
_______________
�hyjdZBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
:DLBBBBBBBBBDHGLJHEVGHC�HCDB
kBBBBBBBBBBBBBBBBBBBBihBBBBBBBBBBBBBBBBBBBB
]
ii
DebqdZdhjh\u
Bg\_gl
GZ^h_ghfhehdZd]
DZq_kl\hfhehdZ
h_gb_
^h_gb_
^h_gb_
\k_]haZ
kmldb
ijh[u
Kh^_j`Z
gb_
`bjZ
Kh^_j`Z
gb_
[_e
;jb]Z^bj

�hyjdZ
BBBBBBBBBBBBBBBBBBBBBBBBBBBB
B]
J_kim[ebdZBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
H[eZklv djZc BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
JZchgBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ohayckl\hBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
@mjgZe
Hij_^_e_gbykdhjhklbfhehdhhl^Zqbmdhjh\
Hl\_lkl
_gguc
____________ _______________ __________________

�he`ghklvih^ibkvjZkrbnjh\dZih^ibkb
ii
DebqdZdhjh\u
Bg\_glZjgucghf_j
dhjh\u
eZdlZpbb
�ZlZ
JZah\ucm^hcd]
M^hcaZkmldbd]
Zb\Zgb_fZrbghc
fbg
Kj_^gyykdhjhklv
fhehdhhl^Zqbd]
fbg
FZjdZZiiZjZlZ
Ijb]h^ghklvdfZrbgghfm
^h_gbx
ihke_^g_]hhl_eZ
dhgljhey
^h_gb_
^h_gb_
^h_gb_
^h_gb_
^h_gb_
^h_gb_
Blh]h
@mjgZej_]bkljZpbbhk_f_g_gbbbhl_eh\
GZa\Zgb
_ohayckl\Z
_________
_______________
DebqdZb
�ZlZihke_^g_]hhl_eZ
�ZlZihke_^g_]h
hk_f_g_gbyihke_
hl_eZ \ijhrehf
]h^m
Hk_f_gihieZgm
Dhjh\Z
hk_f_g_gZf_kypu
Hlf_ldbh
ih\lhjghf
hk_f_g_gbb
AZimkd
Hl_e
dZdhff_k
dZdbf
[udhf
debq
f_kypu
Ij_^iheZ]Z_fuc
NZdlbq_kdbc
Ij_^iheZ]Z_fuc
NZdlbq_kdbc
Hkgh\guf
AZf_g
VII
VIII
XII
L_qdb
�ZlZhk_f_g
[udZ
�ZlZhk_f_g
[udZ
�ZlZhk_f_g
[udZ
=h^
Qbkeh
F_k
K_evohaij_^ijbylb_
Rbnj
Hl^_e_gb_
N_jfZ
;jb]Z^Z

?&#x-4?;&#x-40;HFHKLV
^\b`_gbyfhehdZ
IhklmibehaZkmldbd]
JZkoh^d]
HklZlhdgZdhg_p^gy
Dhgljhev
hij_^_e_gby
`bjghklb
Qbkehf_kypZ
k_]h
]hkm^Zjkl\m
\i_j_jZ[hldm
l_eylZf
hjhkylZf
gZh[s_kl\
iblZgb_
ijhqb_
ijhqb_
ijhqb_
\k_]haZ^_gv
Rbnjmq_lZ
Hi_jZpby
IhemqZl_ev
�_[_l
HlijZ\bl_ev
Dj_^bl
?^bgbpZbaf_j_gby
BLH=HaZf_k
P_gZKmffZ
_______________________________________________

�he`ghklv
)

�he`ghklv
_______________________________________________


ih^ibkv 


ih^ibkv
_^hfhklv^\b`_gbykdhlZbilbpu
=jmiiu`b\hlguo
GZebqb_
Ijboh^
JZkoh^
GZebqb_gZ
Dhebq_kl\hdhjfh
^g_c
Ijbjhkl`b\hcfZkkud]
Ijbieh^
Ba
feZ^
]jmii
K^jn_jf
Blh]h
Ijh^Zgh
]hk
klZj
jmiiu
GZ^jn_jf
Ijh^ZghgZ
ie_fy
Ijbj_aZgh
IZeh
Blh]h
\_k
\_k
\_k
\_k
\_k
\_k
\_k
\_k
\_k
\_k
\_k
\_k
\_k

_^hfhklvBBBBBBBBBB
q_lZjZkoh^Zdhjfh\
Hj]ZgbaZpby
___________________________________________________________
Hl^_e_gb_ mqZklhd BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

N_jfZ

___________________________________________________________
;jb]Z^ZBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


Dh^kbgl_lbq_kdh]hbZgZeblbq_kdh]hmq_lZ ^_[_l
b^]jmiiZkdhlZilbpuBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBKdhlilbpZaZdj_ie_guaZBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



NZfbebybfy
hlq_kl\hjZ[hlgbdZ
GhjfZgZh^gm]heh\md]
Ih^ibkv
jZ[hlgbdZ\
bkihevah\Z
dhjfh\
?^bgbpZbaf_j_gbygZbf_gh\Zgb_
dh^
�ZlZ
Dhebq_kl\hkdhlZbilbpu
\g
Zebqbb 
]he
gZbf_gh\Zgb_bkihevah\Zgguodhjfh\
dhebq_kl\hbkihevah\Zgguodhjfh\
Dhebq_kl\h
dhjfh
^g_c
Blh]h
IeZgh\h
mq_lgZy
p_gZjm[dhi
Kj_^g_f_kyqgh_
h]heh\v_
KmffZjm[dhi
Dhjj_kihg^bjmxsbckq_ldj_^bl
ebq_kl\hdh
fh\uo_
Ahhl_ogbd
________________
_____________________
;jb]Z^bj
_ _____________________
Ih^ibkvjZkrbnjh\dZih^ibkb

ih^ibkv

jZkrbnjh\dZih^ibkb


BBBBBBBBBBBBBBBBBBBBBBBBB]
_^hfhklvijh\_jbebkihevah\Zgb_dhjfh\khhl\_lkl\m_lebfblm

;mo]Zel_j
________________ _____________________



Ih^ibkvjZkrbnjh\dZih^ibkb



BBBBBBBBBBBBBBBBBBBBBBBBB]
KZfhklhyl_evgZyjZ[hlZihbamq_gbxihjh^djmigh]hjh]Zlh]hkdhlZih
ebl_jZlmjgufbklhqgbdZf fhgh]jZnbyfmq_[gbdZf 
IjbjZ[hl_kebl_jZlmjhckhklZ\ey_lkydhgki_dl\dhlhjhfijb\h^ylky
\_^_gbyhihjh^_ihke_^mxs_cko_f_
Ijhbkoh`^_gb_ihjh^u \j_fybf_klh\u\_^_gbyijbjh^gh
wdhghfbq_kdb_
bbklhjbq_kdb_mkeh\by 
AgZq_gb_ihjh^u\kdhlh\h^kl\_j_]bhgZkljZgufbjZ qbke_gghklv
jZkijhkljZg_gb_ 
Ijh^mdlb\ghklv m^hcbkh^_j`Z
gb_`bjZ\fhehd_`b\ZyfZkkZm[hcguc
\uoh^hieZlZdhjfZijh^mdpb_c Dhjh\u
j_dhj^bkldb^hklb`_gbyi_j_^h\bdh\
Dhgklblmpbybwdkl_jv_j fZklvhkh[_gghklbdhgklblmpbbbwdkl_jv_jZ 
Bgl_gkb\ghklvjZa\blbyfheh^gydZ `b\ZyfZkkZ\jZagu_i_jbh^u
\hajZkl
i_j\h]hhl_eZ 
Ie_f_ggZyjZ[hlZ \_^msb_ebgbbk_f_ckl\Zbkihevah\Zgb_^ey
qbklhihjh^gh]hjZa\_^_gbybkdj_sb\Zgbyk
^jm]bfbihjh^Zfb\_^msb_
ie_f_ggu_ohayckl\Z 
I_jki_dlb\ubkihevah\Zgbyihjh^u
4.4
Lj_[h\ZgbydwdaZf_gm
Klm^_glu
g_hk\h[h`^_ggu_hlwdaZf_gZk^ZxlwdaZf_gmklghbeb\l_klh\hc
nhjf_gZd
fivxl_j_Ihj_
amevlZlZfk^ZqbwdaZf_gZ\uklZ\eyxlkyhp_gdb
Hp_gdZ
g_ijZ\bevguohl\_lh\
g_m^h\e_l\hjbl_evgh
ijZ\bevguohl\_lh\
m^h\e_l\hjbl_evgh
ijZ\bevguo
ohjhrh
ijZ\bevguo
hlebqgh
MdZ`bl_ijb[ebabl_evgh_ih]heh\v_dhjh\\JNaZihke_^gb_]h^Z
hdhehfeg
hdhehfeg
hdhehfeg
MdZ`bl_ijb[ebabl_evgucijhp_gldhjh\hlh[s_cqbke_gghklbdjmigh]h
jh]Zlh]hkdhlZ\JNaZih
ke_^gb_]h^Z
hdheh
hdheh
hdheh
MdZ`bl_ijb[ebabl_evghkj_^gbcm^hcgZdhjh\maZ^g_ceZdlZpbb\
ohayckl\ZoJNaZihke_^gb_]h^Z
hdhehd]
hdhehd]
hdhehd]
MdZ`bl_ijb[ebabl_evgh\Zeh\h_ijhba\h^kl
\hfhehdZ fegl \ohayckl\Zo
JNaZihke_^gb_]h^Z
hdheh
[he__
[he__
MdZ`bl_ijb[ebabl_evgh]h^h\h_ihlj_[e_gb_fhehdZgZ^mrmgZk_e_gbyJN
aZihke_^gb_]h^Z
[he__d]
[he__d]
hdhehd]
Hkgh\hiheh`gbd
l_hjbbbijZdlbdbbkdmkkl\_ggh]hhk_f_g_gby
fe_dhiblZxsbo
BBB\Zgh\
Q�Zj\bg
:NFb^^_g^hjn
JZajZ[hlqbdbl_hjbbbijZdlbdb]em[hdh]haZfhjZ`b\Zgbyki_jfu
fe_dhiblZxsbo\`b^dhfZahl_
DFbeh\Zgh\BBKhdheh\kdZy
IGDme_rh\G
IQbj\bgkdbc
:NFb^^_g^hjnG_j_sZ]bg
JZajZ[hlqbdl_hjbbbijZdlbdb\u\_^_gbygh\uoihjh^`b\hlguof_lh^hf
aZ\h^kdh]hkdj_sb\Zgby
FNB\Zgh\
BBB\Zgh\
IGDme_rh\
JZajZ[hlqbdbl_hjbbg_jZ\ghf_jghklbjZa\blby`b\hlguo\hgl
h]_g_a_
GIQbj\bgkdbc::FZeb]hgh\
GIQbj\bgkdbcIGDme_rh\
::FZeb]hgh\FNB\Zgh\
u^Zxsb_ky^_yl_ebgZmdb\h[eZklbfhehqgh]h^_eZ
G_j_sZ]bg::DZeZgl_j
FBIjb^hjh]bg::FZeb]hgh\
:NFb^^_g^hjn::F
Zeb]hgh\
�bdbfij_^dhf_\jhi_ckdh]hdjmigh]hjh]Zlh]hkdhlZy\ey_lky
lmj
[mc\he
yd
Ijb]b[jb^baZpbb_\jhi_ckdh]hdjmigh]hjh]Zlh]hkdhlZk[bahghf\
ihdhe_gbb
l_edbieh^h\blu[uqdb[_kieh^gu
ieh^h\blu[uqdbbl_edb
[uqdbbl_
edb[_kieh^gu
hafh`gZeb]b[jb^baZpby_\jhi_ckdh]hdjmigh]hjh]Zlh]hkdhlZk
[mc\hehf
g_l
^Z
\j_^dbokemqZyo
ijhp_kk_^hf_klbdZpbbmdjmigh]hjh]Zlh]hkdhlZijhbahrebbaf_g_gby
kdhlki_pbZebabjh\ZekyihgZijZ\e_gbxijh^mdlb\ghklb
mg_]hih\ukbeZkvj_abkl_glghklv
mg_]hih\ukbeZkvieh^h\blhklv
Dh]^Zh^hfZrg_g_\jhi_ckdbodjmigucjh]ZluckdhlZ
luke_lgZaZ^
\ijhrehflukyq_e_lbb
\
\_d_gw
DZdhclbidhgklblmpbbihIGDme_rh\m
FNB\Zgh\mij_^i
hqlbl_e_g
^eykdhlZki_pbZebabjh\Zggh]hfykgh]hgZijZ\e_gbyijh^mdlb\ghklb
juoeuc
kmohc
iehlguc
?kebmdhjh\uhlghkbl_evgh[hevrZy]heh\Zblheklu_dhg_qghklbZ
fmkdmeZlmjZbih^dh`guc`bjh\hckehcjZa\bluohjhrhlhlbi__dhgklblmpbb
ihI
GDme_rh\m
FNB\Zgh\mke_^m_lhlg_klbd
]jm[hfmjuoehfm
]jm[hfmg_`ghfm
dj_idhfm
Mdhjh\uhlghkbl_evghe_]dZy]heh\Zblhgdb_dhg_qghklb[_^gZy
fmkdmeZlmjZkg_agZqbl_evgufb`bjh\ufbhleh`_gbyfbih^dh`_cLbi__
dhgklblmpbbihIGDm
e_rh\m
FNB\Zgh\mke_^m_loZjZdl_jbah\ZlvdZd
g_`guciehlguc
dj_idbc
g_`gucjuoeuc
M[udZhlghkbl_evghe_]dZy]heh\Zblhgdb_gh]bZfmkdmeZlmjZh[bevgh
jZa\blZbf_xlkyagZqbl_evgu_`bjh\u_hleh`_gbyLbi_]hdhgklblmpbbihIG
Dme_rh\
FNB\Zgh\m
g_`gucjuoeuc
g_`guciehlguc
dj_idbc
DZdhclbidhgklblmpbbihIGDme_rh\m
FNB\Zgh\mij_^ihqlbl_e_g
^eykdhlZki_pbZebabjh\Zggh]hfhehqgh]hgZijZ\e_gbyijh^mdlb\ghklb
g_`guciehlguc
g_`gucdj_idbc
g_`gucjuoeuc
DZdgZau\Z_lkyklZlvh[hagZq_ggZygZjbkmgd_pbnjhc
ghkh
]m[gh_a_jdZeh
]m[gh_a_jdZeh
ghkh\h_a_jdZeh
DZdbfbpbnjZfbh[hagZq_gZgZjbkmgd_ihykgbpZ
DZdbfbpbnjZfbh[hagZq_ghgZjbkmgd_fhehqgh_a_jdZeh
DZdhcpbnjhch[hagZq_gugZjbkmgd_\_gu\uf_gb
DZdgZau\Z_lkyklZlvh[hagZq_ggZygZjbkmgd_pbnjhc
iyldZbebkdZdZl_evguckmklZ\
aZiexkg_\h
iexkg_\uckmklZ\bebaZ^g__dhe_gh
aZ^g__dhe_ghbebkdZdZl_evguc
kmklZ\
Qlhih^jZamf_\Z_lkyih^l_jfbghf]ZgZrb
jZkklhygb_f_`^mm]ehfe_\hcbijZ\hc\_l\_cgb`g_cq_exklb
jZkklhygb_f_`^mdjZcgbfbgZjm`gufb\uklmiZfbfZdehdh\
rbjbgZ]jm^baZehiZldZfb
DZdZyih\ukhl_ohedZij_^ihqlbl_evgZmdhjh\k
i_pbZebabjh\Zggh]h
fhehqgh]hgZijZ\e_gbyijh^mdlb\ghklb
\ukhdZy
gbadZy
kj_^g_c\ukhlu
DZdhcnhjfuij_^ihqlbl_evgh\ufymdhjh\fhehqgh]hbfhehqgh
fykgh]h
gZijZ\e_gbyijh^mdlb\ghklb
qZr_h[jZaghcb\Zgghh[jZaghc
hdjm]ehcbdhav_c
hdjm
]ehc
DZdZyrbjbgZj_[_jbf_`j_[_jguojZkklhygbcij_^ihqlbl_evgZmkdhlZ
fykgh]hgZijZ\e_gbyijh^mdlb\ghklb
fZeZy
kj_^gyy
[hevrZy
DZdZy]jm^vih^ebg_rbjbg_b]em[bg_^he`gZ[ulvmkdhlZfhehqgh]h
gZijZ\e_gbyijh^mdlb\ghklb
^ebggZy
]em[hdZyghg_rbjhdZy
^ebggZyrbjhdZyghg_]em[hdZy
rbjhdZy]em[hdZyghg_^ebggZy
H[s__dhebq_kl\ham[h\mdjmigh]hjh]Zlh]hkdhlZ
Mdhjh\ufhehqgu_aZp_iub\gmlj_ggb_kj_^gb_am[ukf_gbebkvgZ
ihklhyggu_ZgZj
m`gu_kj_^gb__s_g_kf_gbebkvHij_^_ebl_
ijb[ebabl_evguc\hajZkl
hdhehe_l
hdhehe_l
hdhehe_l
Hij_^_ebl_ijb[ebabl_evguc\hajZkldhjh\u_kebmg__gZgZjm`guo
kj_^gboam[Zoih\_joghklvklbjZ_lkym`_\\b^_ab]aZ]ZZgZhdjZcdZo_s_
\\b^_
ihehkdb
hdhehe_l
hdhehe_l
hdhehe_l
Hij_^_ebl_ijb[ebabl_evguc\hajZkldhjh\u_kebmg__gZaZp_iZogZqZeZ
klbjZlvkyr_cdZam[ZZgZhdjZcdZobijhqboj_apZoih\_joghklvklbjZgby_s_\
nhjf_djm]Zbebq_luj_om]hevgbdZ
hdh
ehe_l
hdhehe_l
hdhehe_l
DZdh_dhebq_kl\hj_aph\gZ\_jog_cq_exklbmdjmigh]hjh]Zlh]hkdhlZ
MljZ\hy^guo\mljh[guci_jbh^hlghkbl_evghbgl_gkb\ghjZklmldhklb
i_jbn_jbq_kdh]hkd_e_lZ
hk_\h]hkd_e_lZ
q_j_i
G_^hjZa\blb_\mljh[guci_jbh^ml_eylghkblgZa\Zgb_
wf[jbhgZebaf
bgnZglbebaf
g_hl_gby
G_^hjZa\blb_\ihke_mljh[guci_jbh^mdjmigh]hjh]Zlh]hkdhlZghkbl
gZa\Zgb_
bgnZglbebaf
g_hl_gby
wf[jbhgZebaf
\hajZkl_
f_kyp
_\mfheh^gydZdjmigh]hjh]Zlh]hkdhlZhlghkbl_evgh
bgl_gkb\gh^he`gZjZklbldZgv
fur_qgZy
dhklgZy
`bjh\Zy
Ijbohjhr_fiblZgbbmfheh^gydZdjmigh]hjh]Zlh]hkdhlZZdlb\g__
hldeZ^u\Z_lky`bjh\ZyldZgv\\hajZkl_
f_k
f_k
f_k
Q_j_akdhevdhqZkh\ihke_jh`^_gbyl_e_gdmke_^m_lij_^hklZ\blvi_j\mx
^Zqmfhehab\Z
g_iha^g__q_fq_j_aqZk
g_jZg__q_fq_j_aqZkZ
g_jZg__q_fq_j_aqZkh\
DZdhchl^_ekeh`gh]h`_em^dZhlghkbl_evghohjhrhjZa\blm
gh\h
jh`^_ggh]hl_e_gdZ
kuqm]
jm[_p
k_ldZ
MdZ`bl_fbgbfZevguckjhddhjfe_gbyl_ehdfhehqgufbdhjfZfb
^g_c
^g_c
^g_c
Dh]^Zfhehqguol_eylke_^m_lijbmqZlvdjZklbl_evgufdhjfZf
k^gy`bagb
k^gy`bagb
k^gy
KmlhqgZydjZlghklvdhjfe_gbyl_eylfhehdhf aZbkdexq_gb_fi_j\uo
q_luj_o^g_c 
DZdZy`b\ZyfZkkZijbi_j\hfhieh^hl\hj_gbb^he`gZ[ulvml_ehdihjh^
djmiguo`b\hlguo kbff_glZevkdZy]herlbgkdZy 
DZdZy`b\ZyfZkkZijbi_j\hfhieh^hl\hj_gbb^he`gZ[ulvml_ehdihjh^
kj_^gboih`b\hcfZkk_`b\hlguo djZkgZykl_igZyZcjrbjkdZy 
dZdhf\hajZkl_ke_^m_lhk_f_gylvl_ehdijbbgl_gkb\ghf\ujZsb
\Zgbb
f_k
f_k
f_k
DZdhckj_^g_kmlhqgucijbjhkl`b\hcfZkku^he`_g[ulvml_ehd
]herlbgkdhcihjh^uhljh`^_gby^hf_kyp_\
]
]
]
DZdZyijb[ebabl_evgZy`b\ZyfZkkZ\ijhp_gl
Zohl`b\hcfZkku
iheh\haj_euodhjh\^he`gZ[ulvm]h^h\Zeuoj_fhglguol_ehd
DZdh\ul_hj_lbq_kdb\hafh`gu_dhe_[Zgbydhwnnbpb_glZbaf_gqb\hklb
\ZjbZpbb k_e_dpbhgguoijbagZdh\mdjmigh]hjh]Zlh]hkdhlZ
hl^h
hl^h
hl
^h
DZdh\ul_hj_lbq_kdb\hafh`gu_dhe_[Zgbydhwnnbpb_glZijyfhebg_cghc
dhjj_eypbbf_`^mk_e_dpbhggufbijbagZdZfbmdjmigh]hjh]Zlh]hkdhlZ
hl
^h
hl^h
hl^h
dZdbo_^bgbpZobaf_j_gbyhij_^_eyxldhwnnbpb
_glbaf_gqb\hklb
\ZjbZpbb k_e_dpbhgguoijbagZdh\djmigh]hjh]Zlh]hkdhlZ
\ijhp_glZo
\^heyo_^bgbpu
\l_o`_qlhbkj_^g_c\_ebqbgu
dZdbo_^bgbpZobaf_j_gbyhij_^_eyldhwnnbpb_glijyfhebg_cghc
dhjj_eypbbf_`^mk_e_dpbhggufbijbagZdZfbm
djmigh]hjh]Zlh]hkdhlZ
\^heyo_^bgbpu
\^heyo_^bgbpubeb\ijhp_glZo
\ijhp_glZo
dZdbo_^bgbpZobaf_j_gbyhij_^_eyxlkj_^g__d\Z^jZlbq_kdh_hldehg_gb_
k_e_dpbhgguoijbagZdh\djmigh]hjh]Zlh]hkdhlZ
\l_o`_qlhbkj_^g_c\_ebqbgu
\^heyo_^bgbpu
\ijhp_glZo
Kbf\hehf
\\ZjbZpbhgghcklZlbklbd_h[hagZqZxl
djbl_jbc^hklh\_jghklbjZaghklbf_`^m^\mfykj_^gbfb\_ebqbgZf
kj_^g__d\Z^jZlbq_kdh_hldehg_gb_
dhwnnbpb_gl\ZjbZpbbijbagZdZ
DZdbfkbf\hehf\[bhf_ljbb
h[hagZqZxlkj_^g__d\Z^jZlbq_kdh_
hldehg_gb_
1

khagZdhfbeb
GZb\ukrbcdhwnnbpb_glbaf_gqb\hklb K
h[uqgh[u\Z_lmijbagZdZ
k_j\bk
i_jbh^
m^hcd]
fhehqguc`bjbfhehqguc[_ehdd]
F_`^mm^h_f[_ehdh\hklvx
fhehdZdhjj_eypbyh[uqgh[u\Z_l
gbadZyhljbpZl_evgZy
\ukhdZyhljbpZl_evgZy
\ukhdZyiheh`bl_evgZy
M^_evgu_aZljZludhjfZbkmlhqgucijbjhkl`b\hcfZkkum[uqdh\gZ
hldhjf_h[uqghdhjj_ebjmxl
\ukhdhhljbpZl_evgh
\ukhdhiheh`bl_evgh
hiheh`bl_evgh
DZdb_ihjh^ukdhlZhlghkylkydh[bevghfhehqguf
]herlbgkdZyq_jgh
i_kljZyohefh]hjkdZy
]herlbgkdZyyjhkeZ\kdZydjZkgZy]hj[Zlh\kdZy
djZkgZy]hj[Zlh\kdZy[_klm`_\kdZy]herlbgkdZy
DZdb_ihjh^ukdhlZhlghkylkyd`bjghfheh
qguf
^`_jk_ckdZyyjhkeZ\kdZy
ZcjrbjkdZydjZkgZykl_igZy
kbff_glZevkdZydjZkgZykl_igZy
DZdb_ihjh^ukdhlZhlghkylkydfhehqghfmgZijZ\e_gbxijh^mdlb\ghklb
yjhkeZ\kdZy^`_jk_ckdZy
ohefh]hjkdZykbff_glZevkdZy
]herlbgkdZydhkljhfk
dZy
DZdb_ihjh^ukdhlZhlghkylkydfhehqgh
fykghfmgZijZ\e_gbx
ijh^mdlb\ghklb
dhkljhfkdZydjZkgZy]hj[Zlh\kdZy
kbff_glZevkdZyohefh]hjkdZy
ZcjrbjkdZykbff_glZevkdZy
DZdb_ihjh^ukdhlZhlghkylkydfykghfmgZijZ\e_gbxijh^mdlb\ghklb
ebfmabgkdZydZefupdZy
dZefupdZyr\bpdZy
]_j_nhj^kdZy[_klm`_\kdZy
GZah\bl_ihjh^ukdhlZij_bfms_kl\_ggh[_eh]heh\hcfZklb
yjhkeZ\kdZy]_j_nhj^kdZy
yjhkeZ\kdZykbff_glZevkdZy
kbff_glZevkdZy]_j_nhj^kdZy
GZah\bl_ihjh^ukdhlZ
ij_bfms_kl\_ggh[mjhcfZklb
r\bpdZydhkljhfkdZy
r\bpdZyZcjrbjkdZy
ZcjrbjkdZydhkljhfkdZy
GZah\bl_ihjh^ukdhlZij_bfms_kl\_gghiZe_\h
i_kljhcfZklb
kbff_glZevkdZykuq_\kdZy
kbff_glZevkdZyZcjrbjkdZy
ZcjrbjkdZykuq_\kdZy
4.
GZah\bl_ihjh^ukdhlZij_bfms_kl\_gghdjZkghcfZklb
Zg]e_jkdZy[_klm`_\kdZydZefupdZy
djZkgZy^ZlkdZydjZkgZykl_igZydhkljhfkdZy
djZkgZy]hj[Zlh\kdZydjZkgZykl_igZydhkljhfkdZy
GZah\bl_ihjh^ukdhlZij_bfms_kl\_gghq_jgh
i_kljhcfZklb
]herlbgkdZyohefh]hjkdZyq_jgh
i_kljZy
]herlbgkdZy[_klm`_\kdZyq_jgh
i_kljZy
q_jgh
i_kljZy]herlbgkdZy[_klm`_\kdZy
DZdh\Zijh^he`bl_evghklvkl_evghklbmdhjh\bg_l_e_c
^gy
f_kyp_\
^gy
EZdlZpbymdhjh\
u^ebeZkv^g_cihke_^mxsbckmohklhcguci_jbh^
^g_cDZdh\ZjZkq_lgZyijh^he`bl_evghklvk_j\bk
i_jbh^Z\wlhff_`hl_evghf
pbde_
^g_c
^g_c
^g_c
K_j\bk
i_jbh^mdhjh\uijh^he`Zeky^g_ceZdlZpby
^g_c
DZdh\ZjZkq_lg
Zyijh^he`bl_evghklvkmohklhcgh]hi_jbh^Z\wlhff_`hl_evghf
pbde_
^g_c
^g_c
^g_c
DZdh\Z^he`gZ[ulvijh^he`bl_evghklvk_j\bk
i_jbh^Zqlh[udhjh\Z
ijbghkbeZh^gh]hl_e_gdZ\dZe_g^Zjguc]h^
^g_c
^gy
^_gv
DZ
dh\ijb[ebabl_evguc\uoh^l_eylgZdhjh\\]h^[m^_lijbkj_^g_f
k_j\bk
i_jbh^_\^g_c
Dhwnnbpb_glhffhehqghklbgZau\Zxl
m^hcdhjh\uaZ^g_ceZdlZpbb^_e_ggucgZd]__`b\hcfZkku
m^hcdhjh\uaZ__ihegmxeZdl
Zpbx^_e_ggucgZd]__`b\hcfZkku
m^hcdhjh\uaZihegmxeZdlZpbx\ujZ`_gguc\ijhp_glZohl__`b\hc
fZkku
Dhgljhevgu_^hcdbdhjh\ijh\h^yl
g_j_`_q_fjZa\^g_c
g_j_`_q_fjZa\f_kyp
dZ`^mx^_dZ^m
Dbkehlghklvk\_`_\
u^h_ggh]hdhjh\v_]hfhehdZkhklZ\ey_l
L
L
L
IehlghklvgZlmjZevgh]hdhjh\v_]hfhehdZkhklZ\ey_l
1,028
d]e
1,28
d]e
1,016
d]e
Fhehqghklvdhjh\fykguoihjh^khklZ\ey_l
d]
d]
d]
DZdhcijhp_gl[_edZ[m^_l\fhehd_kf_rZgghfbad]fhehdZ
[_edh\hklvxbd]fhehdZ[_edh\hklvx
3,2;
3,3;
3,1.
DZdZyijb[ebabl_evgZyfZkkZefhehdZ
d]
d]
d]
I_j_kqblZcl_d]fhehdZ`bjghklvxgZ`bjghklv
d]
d]
d]
MdZdhcdhjh\u\ur_\uoh^fhehqgh]h[_edZ\d]aZ^g_ceZdlZpbb
i
M^hc
;_ehd
3,4
3,0
2,8
Dhjh\Z^`_
jk_ckdhcihjh^uaZ^g_ceZdlZpbbijhba\_eZd]fhehdZ
`bjghklvxI_j_kqblZcl_m^hcgZfhehdhk
ghc`bjghklvx
Hkgh\gufbijb`bag_ggufbihdZaZl_eyfbfykghcijh^mdlb\ghklbdjmigh]h
jh]Zlh]hkdhlZy\eyxlky
`b\ZyfZk
kZijbjhkl`b\hcfZkkum^_evgu_aZljZludhjfZ
`b\ZyfZkkZmiblZgghklv\hajZklm[hy
`b\ZyfZkkZm[hcgZyfZkkZm[hcguc\uoh^
Z`g_crbfbihke_m[hcgufbihdZaZl_eyfbfykghcijh^mdlb\ghklb
djmigh]hjh]Zlh]hkdhlZy\eyxlky
m[hcguc\uoh^m[hc
gZyfZkkZijhp_gldhkl_c\lmr_
m[hcguc\uoh^\uoh^dhkl_cb\gmlj_gg_]h`bjZ\lmr_
m[hcguc\uoh^khhlghr_gb_fydhlbbdhkl_c\lmr_
DZdhckfukeklhqdbaj_gbykdhlh\h^kl\Zke_^m_l\deZ^u\Zlv\l_jfbg
fykh
qZklvlmrb\dexqZxsZy\k_[y
furpuih^dh`gucbf_`fur_qguc`bj
dhklbojysbk\yadbnZkpbbkhkm^ukhklZldZfbdjh\bbebfnu
fydhlgZyqZklvlmrb
fur_qgZyb`bjh\ZyqZklvlmeh\bsZr_bb]heh\um[blh]hkdhlZ
Qlhih^jZamf_\Z_lkyih^keh\hkhq_lZgb_flmrZhldhjfe_ggh]h[uqd
Z
wlhm[blucbh[_kdjh\e_gguc[uqhd[_ardmju\gmlj_gghkl_c]heh\u
o\hklZbgh]hlgyluoihaZiyklgu_bkdZdZl_evgu_kmklZ\u
wlh`b\ZyfZkkZ[uqdZaZbkdexq_gb_frdmju\gmlj_gghkl_c]heh\u
o\hklZbgh]hlgyluoihaZiyklgu_bkdZdZl_evgu_kmk
lZ\u
wlhm[bluc[uqhdkgyluckhldhjfZ
QlhhagZqZ_l\kdhlh\h^kl\_keh\hkhq_lZgb_m[hcguc\uoh^
fZkkZlmrbm[blh]h`b\hlgh]hk\gmlj_ggbf`bjhfhlg_k_ggZyd_]h
ij_^m[hcghc`b\hcfZkk_b\ujZ`_ggZy\ijhp_glZo
`b\ZyfZkkZm[blh]h`b\hlgh]
h^_e_ggZygZfZkkm_]hlmrbbmfgh`_ggZygZ
`b\ZyfZkkZm[blh]h`b\hlgh]h^_e_ggZygZij_^m[hcgmx`b\mxfZkkmb
mfgh`_ggZygZ
JZkkqblZcl_kj_^g_kmlhqgucijbjhkl`b\hcfZkkuhldhjfhqgh]h[uqdZaZ
hdly[jv_kebgZk_gly[jyhgZkhklZ\eyeZ
d]gZhdly[jy
bgZ
ghy[jy
d]
]
]
]
JZkkqblZcl_m[hcguc\uoh^hldhjfhqgh]h[uqdZ_kebij_^m[hcgZy`b\Zy
fZkkZ_]hkhklZ\eyeZd]Zihke_m[hy]heh\Zbgh]b\_kbebd]lmrZ
280,
\gmlj_gg__kZeh
b
rdmjZ
d]
57 %;
56 %;
62 %.
JZkkqblZcl_hlghkbl_evgucijbjhkl`b\hcfZkku[uqdZgZhldhjf_aZ
i_jbh^_kebgZqZevgZy`b\ZyfZkkZ_]hkhklZ\eyeZd]Zdhg_qgZy
d]
9,52;
10,00;
9,09.
Hij_^_ebl_m[hcgmxfZkkm[uqdZ_keb\
j_amevlZl_m[hyfZkkZlmrb
khklZ\beZd]rdmju
d]\gmlj_gg_]hkZeZ
d]]heh\uo\hklZbgh]
d]
MdZ`bl_ijb[ebabl_evgucijhp_gldhkl_c\lmrZodjmigh]hjh]Zlh]hkdhlZ
g_kqblZybkdexq_gbc 
14.
Ijbhp_gd_kdhlZihdhfie_dkmijbagZdh\gZb[he__wnn_dlb\gufy\ey_lky
hl[hjihk_e_dpbhggufbg^_dkZf
hl[hjihg_aZ\bkbfufmjh\gyf ihjh]h\uc 
lZg^_fguchl[hj
_^msbfbijbdhfie_dkghchp_gd_fhehqguodhjh\y\eyxlkyijbagZdb
jh^mdlb\ghklb
jZa\blby wdkl_jv_jb`b\ZyfZkkZ 
]_ghlbiZ
=eZ\gh_f_jhijbylb_ieZgbjm_fh_ihj_amevlZlZf[hgblbjh\db\
kdhlh\h^kl\_
ieZgih^[hjZ aZdj_ie_gby 
ieZg\ujZsb\Zgbyfheh^gydZ
ieZgkh\_jr_gkl\h\Zgbymq_lZ
dZdb_kjhdbo
hayckl\hij_^klZ\ey_lhlq_l k\h^gmx\_^hfhklv ih
[hgblbjh\d_\\ur_klhysmxhj]ZgbaZpbx
gZyg\Zjy
gZhdly[jy
gZn_\jZey
dZdb_kjhdbijhba\h^ylmq_ljZa\blbybfhehdhhl^Zqbdhjh\
gZ
f_keZdlZpbb
gZyg\Zjy
ihhdhgqZgbb
eZdlZpbb
Kdhevdhf_kyp_\g_h[oh^bfh^eyhp_gdb[udZfhehqghcihjh^uihdZq_kl\m
ihlhfkl\ZhljZkkuedb_]hki_jfu\ijh\_jhqgu_ohayckl\Z^haZdexq_gbyh_]h
ie_f_gghcp_gghklb
_^msbfbijbagZdZfb\hp_gd_[udh\fh
ehqguoihjh^ihdZq_kl\m
ihlhfkl\Zy\eyxlkyihdZaZl_eb
ijh^mdlb\ghklb\hkijhba\h^kl\Zijh^he`bl_evghklbohayckl\_ggh]h
bkihevah\Zgbydhgklblmpbbbwdkl_jv_jZ
ijh^mdlb\ghklbijhbkoh`^_gby\hkijhba\h^kl\Zdhgklblmpbbbwdkl_jv_jZ
ijh^mdlb\ghkl
bijhbkoh`^_gbyijh^he`bl_evghklbohayckl\_ggh]h
bkihevah\Zgby\hkijhba\h^kl\Z
Ijbhp_gd_[udh\fhehqguoihjh^ihdZq_kl\mihlhfkl\Z\_^msbfb
y\eyxlkyihdZaZl_eb
]_ghlbiZ
n_ghlbiZ
jZa\blby `b\hcfZkkudhgklblmpbbbwdkl_jv_jZ 
AZdex
qbl_evgmxhp_gdmie_f_gguodZq_kl\[udZfhehqghcihjh^u
ijhba\h^ylihdZq_kl\m
^hq_j_c
fZl_j_cb[he__hl^Ze_gguo`_gkdboij_^dh\
ihem[jZlv_\bihemk_kl_j
Ijbhp_gd_[udh\fhehqguoihjh^ohayckl\_ggu_ihdZaZl_ebbo^hq_j_c
kjZ\gb\ZxlkZgZeh]
bqgufbihdZaZl_eyfb
k\_jklgbp
fZl_j_cbihemk_kl_j
kj_^gbo^ZgguoihklZ^m
Bg[jb^bg]\kdhlh\h^kl\_ijbf_gy_lkykp_evx
aZdj_ie_gby`_eZl_evguoijbagZdh\jh^bl_e_c\ihlhfkl\_
ba[Z\e_gbyklZ^Zhle_lZevguo]_gh\
mkljZg_gbyg_`_eZl_ev
guodZq_kl\jh^bl_e_c\ihlhfkl\_
Qlhih^jZamf_\Z_lkyih^keh\hkhq_lZgb_fkeh`gucbg[jb^bg]
_kebh[sbcij_^hdgZoh^blky\fZl_jbgkdhchlph\kdhcklhjhgZoijh[Zg^Z
gh\h^ghcbebh[_boklhjhgZomihfbgZ_lkyg_h^ghdjZlgh
_kebh[sbcij_^hdgZoh^b
lkylhevdh\h^ghc fZl_jbgkdhcbebhlph\kdhc
klhjhg_jh^hkeh\ghcijh[Zg^ZghmihfbgZ_lkyg_h^ghdjZlgh
_kebhghkms_kl\ey_lkyg_gZh^gh]hZgZ^\mob[he__h[sboij_^dh\
Qlhih^jZamf_\Z_lkyih^keh\hkhq_lZgb_fdhfie_dkgucbg[jb^bg]
_kebhg
hkms_kl\ey_lkyg_gZh^gh]hZgZ^\mob[he__h[sboij_^dh\
_kebh[sbcij_^hdgZoh^blky\fZl_jbgkdhchlph\kdhcklhjhgZoijh[Zg^Z
gh\h^ghcbebh[_boklhjhgZomihfbgZ_lkyg_h^ghdjZlgh
_kebh[sbcij_^hdgZoh^blkylhevdh\h^ghc fZl_jbgkdhcbeb
lph\kdhc klhjhg_jh^hkeh\ghcijh[Zg^ZghmihfbgZ_lkyg_h^ghdjZlgh
?keb\fZl_jbgkdhcbhlph\kdhcklhjhgZojh^hkeh\ghch[sbcij_^hd
\klj_qZ_lkyih^\Zb[he__jZaZlZdhcbg[jb^bg]gZau\Z_lky
keh`guf
dhfie_dkguf
ijhkluf
JZkkqblZcl_kl_
i_gvbg[jb^bg]Zl_edb\jy^Zojh^hkeh\ghc ihImrm
RZihjm`m _kebhgZihemq_gby\j_amevlZl_hieh^hl\hj_gbyki_jfhc[udZ_]h
`_^hq_jb
JZkkqblZcl_kl_i_gvbg[jb^bg]Z[uqdZihImrm
RZihjm`m ihjy^Zf
jh^hkeh\ghc _kebh
gihemq_g\j_amevlZl_hieh^hl\hj_gbydhjh\__`_kughf
Djh\hkf_r_gb_
wlhkiZjb\Zgb_
[eb`Zcrbodjh\guojh^kl\_ggbdh\
ij_^klZ\bl_e_cjZaguoebgbc
`b\hlguojZaguoihjh^
JZkkqblZcl_kl_i_gvbg[jb^bg]Z[udZ ih
JZclm
Dbkeh\kdhfm _kebhg
ihemq_g\j_amevlZl_kdj_sb\Zgbyihem[jZlZkihemk_kljhc
12,5;
1,25;
0,25.
JZkkqblZcl_kl_i_gvbg[jb^bg]Zdhjh\uihJZclm
Dbkeh\kdhfm\^heyo
_^bgbpu_kebihImrm
RZihjm`mwlhlbg[jb^bg]khklZ\be
0,5
0,25;
Hij_^_ebl_kihkh[kdj_sb\ZgbykdhlZ^\mo
ihjh^
ih]ehlbl_evgh_
\\h^gh_
\hkijhba\h^bl_evgh_
�eydZdbop_e_cij_^gZagZq_ghijhfure_ggh_kdj_sb\Zgb_\kdhlh\h^kl\_
^eyihemq_gbywnn_dlZ]_l_jhabkZihevah\Zl_evgh]h`b\hlgh]
^ey\u\_^_gbygh\ucihjh^
^eybkijZ\e_gbyg_^hklZldZbebijb^Zgbygh\h]hdZq_kl\Z\p_ehf
m^h\e_l\hjyxs_ck_e_dpbhg_jZihjh^u
DZdb_f_lh^ukdj_sb\Zgbybkihevamxlky\kdhlh\h^kl\_
ijhfure_ggh_ih]ehlbl_evgh_\\h^gh_\hkijhba\h^bl_evgh_
ih]ehlbl_evgh_i_j_f_ggh_aZ\h^kdh_ijhfure_ggh_
aZ\h^kdh_ih]ehlbl_evgh_\\h^gh_ijbeblb_djh\b
�hdZdh]hihdhe_gbyijhba\h^ylih]ehlbl_evgh_ i_j_f_ggh_ kdj_sb\Zgb_
\kdhlh\h^kl\_
DZdh_f_jhijbylb_ y\e_gb
_ \kdhlh\h^kl\_gZau\Zxl]b[jb^baZpb_c
kiZjb\Zgb_`b\hlguojZaguo\b^h\
kiZjb\Zgb_`b\hlguojZaguoihjh^
kiZjb\Zgb_`b\hlguojZaguolbih\h^ghcihjh^u
JZkkqblZcl_djh\ghklvihlhfdZ_keb_]hhl_p[ueqbklhihjh^gufZfZlv
bf_eZdjh\ghklv
ihlhc`_ihjh^_
JZkkqblZcl_djh\ghklvihlhfdZ_keb_]hhl_pbf_edjh\ghklvZfZlv
ihlhc`_ihjh^_
I_j_kqblZcl_djh\ghklvihf_kgh]h`b\hlgh]hba^he_c_^bgbpu
\ijhp_glu
68,75;
137,5;
34,375.
I_j_kqblZcl_djh\ghklvihf_kgh]h`b\hlgh]hba^he_c_^bgbpu
ijhp_glu
87,5;
175,0;
43,75.
JZkkqblZcl_djh\ghklv`b\hlgh]h_keb_]hhl_p[ueqbklhihjh^gufZ
fZlv
lZd`_qbklhihjh^gZyghih^jm]h
cg_jh^kl\_gghchlpmihjh^_
lh\Zjghffhehqghfkdhlh\h^kl\_hkgh\ghcnhjfhcih^[hjZy\ey_lky
bg^b\b^mZevgh
]jmiih\hc
]jmiih\hc
bg^b\b^mZevguc
ie_f_gghffhehqghfkdhlh\h^kl\_hkgh\ghcnhjfhcih^[hjZy\ey_lky
bg^b\b
^mZevguc
bg^b\b^mZevgh
]jmiih\hc
]jmiih\hc
�eybkijZ\e_gbyg_^hklZldh\h^gh]hbajh^bl_e_cijbf_gyxl
]_l_jh]_ggucih^[hj
]hfh]_ggucih^[hj
]jmiih\hcih^[hj
�eyaZdj_ie_gbyiheh`bl_evguodZq_kl\jh^bl_e_c\ihlhfkl\_ijbf_gyxl
]hfh]_ggucih^[hj
]_l_jh]_ggucih^[hj
]jmiih\hcih^[hj
ie_f_gghffhehqghfkdhlh\h^kl\_ijbf_gyxlih^[hj
]hfh]_ggucb]_l_jh]_gguc\khq_lZgbb
]_l_jh]_gguc
]hfh]_gguc
JZkkqblZcl_g_h[oh^bfh_dhebq_kl\hkdhlhf_kl\hl^_e_gbbkmohk
lhyijb
h[s_fih]heh\v_dhjh\gZn_jf_\]heh\
JZkkqblZcl_g_h[oh^bfh_dhebq_kl\hkdhlhf_kl\jh^bevghfhl^_e_gbbgZ
n_jf_kih]heh\v_f]heh\ijbg_jZ\ghf_jguohl_eZo\l_q_gb_]h^Z
DZdjZkkqblZlvg_h[oh^bfh_dhebq_kl\hkdhlhf_kl\ijhp_glZo^ey
jh^bevgh]hhl^_e_gbyfhehqghcn_jfu
dhebq_kl\h^g_cij_[u\Zgbydhjh\\
jh^bevghfhl^_e_gbb 
/ 365
365 / 305
100;
305 / 365
GZah\bl_hilbfZ
evgh_dhebq_kl\h^g_ckmohklhcgh]hi_jbh^Zdhjh\
75.
DZdhckihkh[^h_gbyp_e_khh[jZa_gijbijb\yaghfkh^_j`Zgbb\ihf_s_gbb
gZ]heh\
\fhehdhijh\h^
gZ^hbevghciehsZ^d_lbiZdZjmk_ev
gZ^hbevghciehsZ^d_lb
iZ_ehqdZ
DZdhckihkh[^h_gbyp_e_khh[jZa_ggZk_f_cghcn_jf_\]heh\
fZrbggh_^h_gb_\\_^jh
jmqgh_^h_gb_
^hbevgZyiehsZ^dZlbiZ_ehqdZ
DZdhckihkh[^h_gbyp_e_khh[jZa_gijb[_kijb\yaghf[hdkh\hfkh^_j`Zgbb
gZn_jf_\]h
eh\
dZjmk_eviZjZee_ev
dZjmk_evfhehdhijh\h^
lZg^_fiZjZee_ev
DZdhckihkh[^h_gbyj_dhf_g^m_lkyijb[_kijb\yaghfkh^_j`Zgbbdhjh\gZ
]em[hdhcih^klbed_\dhjh\gbd_gZ]heh\
^hevgZyiehsZ^dZlZg^_f
fhehdhijh\h^
hbevgZyiehsZ^dZlbiZdZjmk_ev
DZdhckihkh[m^Ze_gbygZ\haZj_dhf_g^m_lkyijbijb\yaghfkh^_j`Zgbb
dhjh\
ljZgkihjl_j
]b^jhkfu\
[mev^ha_j
DZdhckihkh[m^Ze_gbygZ\haZj_dhf_g^m_lkygZ\u]mevghciehsZ^d_
[mev^ha_j
]j_cn_jgucih
]jmaqbd
ljZgkihjl_j
DZdb_[bhl_ogheh]bq_kdb_f_lh^ubkihevamxl\k_e_dpbbdjmigh]hjh]Zlh]h
kdhlZ
dhgljhevijhbkoh`^_gby`b\hlguoih]jmiiZfdjh\bi_j_kZ^dZ]Zf_lab]hl
bwf[jbhgh\
hl[hjih^[hjhp_gdZihdZq_kl\mihlhfkl\Z
bkdmkkl\_ggh
_hk_f_g_gb_gZijZ\e_ggh_\ujZsb\Zgb_fheh^gydZ
Bffmggh
]_g_lbq_kdbcZgZeba]jmiidjh\bkdhj__iha\hey_l
dhgljhebjh\Zlvih^ebgghklvijhbkoh`^_gby
jZkkqblu\Zlvkl_i_gv]_g_lbq_kdh]hkoh^kl\Z
ijh]ghabjh\Zlvohayckl\_ggu_dZq_kl\Z
Ij_ihl_g
lghklv[udh\bfZlhd
wlh
kihkh[ghklvi_j_^Z\Zlvhl^_evgucdZq_kl\Zihlhfkl\mkih\ur_gghc
mklhcqb\hklvx
boih\ur_ggZy`bag_kihkh[ghklv
ih\ur_ggZy`bag_kihkh[ghklvboihlhfkl\Z
MdZ`bl_ijZ\bevgmxdeZkkbnbdZpbxihjh^kdhlZhgZijZ\e_gbx
ijh^m
dlb\ghklb
fhehqgu_fhehqgh
fykgu_fykgu_
fhehqgu_fykgu_i_j_oh^gu_
fhehqgu_fykgu_Z[hjb]_ggu_
Ddhebq_kl\_ggufijbagZdZffhehqgh]hkdhlZhlghkylky
m^hcijhp_gl[_edZ\fhehd_`b\ZyfZkkZ
m^hcijhp_gl`bjZb[_edZ\fhehd_fZ
klv
m^hc`b\ZyfZkkZfZklv
4.5
hijhku^eyih^]hlh\dbdwdaZf_gm
GZjh^hohayckl\_ggh_agZq_gb_kdhlh\h^kl\Z\Jhkkbb
Kh\j_f_ggh_khklhygb_kdhlh\h^kl\Z\fbj_
Kh\j_f_ggh_khklhygb_kdhlh\h^kl\Z\Jhkkbbbi_jki_dlb\u_]hjZa\b
lby
Kh\j_f_gg
h_khklhygb_kdhlh\h^kl\Z\heh]h^kdhch[eZklbbi_jki_d
lb\u
_]hjZa\blby
Ijhbkoh`^_gb_^hfZrg_]hdjmigh]hjh]Zlh]hkdhlZ
;bheh]bq_kdb_bohayckl\_ggh
ihe_agu_hkh[_gghklbdjmigh]hjh]Zlh]h
kdhlZ
Ihjh^hh[jZah\Zl_evgucijhp_kkdjmigh]hjh]Zlh]hk
dhlZ
DeZkkbnbdZpbyihjh^djmigh]hjh]Zlh]hkdhlZ
Hkh[_gghklbfhehqguoihjh^djmigh]hjh]Zlh]hkdhlZ
Hkh[_gghklbfykguoihjh^djmigh]hjh]Zlh]hkdhlZ
Ijh^mdlb\ghklvdjmigh]hjh]Zlh]hkdhlZ__hp_gdZ
NZdlhju\ebyxsb_gZfhehqgmxijh^mdlb
\ghklvdjmigh]hjh]Zlh]h
kdhlZ
NZdlhju\ebyxsb_gZfykgmxijh^mdlb\ghklvdjmigh]hjh]Zlh]hkdh
lZ
Dhgklblmpbydjmigh]hjh]Zlh]hkdhlZdeZkkbnbdZpbyk\yavkijh^md
lb\ghklvx
Wdkl_jv_jdjmigh]hjh]Zlh]hkdhlZhkh[_gghklbl_ehkeh`_gbyjZaebq
guo
ijhba\h^kl\_gguolbih\
Hkh[_gghklbwdkl_jv_jZfhehqgh]hkdhlZlbibqgu_g_^hklZldbk\yavk
fhehqghcijh^mdlb\ghklvx
Hkh[_gghklbwdkl_jv_jZdjmigh]hjh]Zlh]hkdhlZfykguoihjh^g_^hk
lZldb
k\yavkfykghcijh^mdlb\ghklvx
F_lh^uhp_gdbwdkl_jv_jZ
djmigh]hjh]Zlh]hkdhlZ
Hp_gdZwdkl_jv_jZgZhkgh\_\aylbyebg_cguoijhf_jh\hl^_evguoklZ
l_c
Bg^_dkgZyhp_gdZwdkl_jv_jZ
bamZevgZyhp_gdZwdkl_jv_jZ
Ebg_cgucf_lh^hp_gdbwdkl_jv_jZ
Hp_gdZbmq_lfhehqghcijh^mdlb\ghklbdjmigh]hjh
]Zlh]hkdhlZ
Hp_gdZbmq_lfykghcijh^mdlb\ghklbdjmigh]hjh]Zlh]hkdhlZ
;bheh]bq_kdb_hkh[_gghklbjhklZbjZa\blbydjmigh]hjh]Zlh]hkdhlZ
Ihjh^ukdhlZjZa\h^bfu_\heh]h^kdhch[eZklbQ_jgh
i_kljZyihjh^Z
kdhlZIjhbkoh`^_gb_hkh[_gghk
lbi_jki_dlb
\ujZa\blby
:cjrbjkdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZOhefh]hjkdZyihjh^Z
djmigh]hjh]Zlh]hkdhlZYjhkeZ\kdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZ
=herlbgkdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZ
=heeZg^kdZyihjh^Zdjmigh]hjh]Zlh]hk
dhlZIjhbkoh`^_gb_hkh[_g
ghklb
bklhjbq_kdh_agZq_gb_
Kbff_glZevkdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZIjhbkoh`^_gb_hkh
[_gghklbbklhjbq_kdh_agZq_gb_
R\bpdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZIjhbkoh`^_gb_hkh[_gghklb
bklhjbq_kdh_agZq_gb_
D
hkljhfkdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZIjhbkoh`^_gb_hkh[_g
ghklb
imlb^Zevg_cr_]hjZa\blby
Fykgu_ihjh^ukdhlZ;jblZgkdh]hijhbkoh`^_gby
Fykgu_ihjh^ukdhlZnjZgdh
blZevygkdh]hijhbkoh`^_gby
Hl_q_kl\_ggu_ihjh^udjmigh]hjh]Zlh]hkdhlZf
ykgh]hgZijZ\e_gby
ijh^mdlb\ghklb
Ihjh^ZKZglZ
=_jljm^ZIjhbkoh`^_gb_hkh[_gghklb
Khjh^bqbdjmigh]hjh]Zlh]hkdhlZOhayckl\_ggh_agZq_gb_jhev\
[bhp_ghaZo
Qbklhihjh^gu_jZa\_^_gb_djmigh]hjh]Zlh]hkdhlZ_]hhkgh\gu_f_
lh^ub
hkh[_gghklb
=b[jb^baZpby\kdhlh\h^kl\_
Ijhfure_ggh_kdj_sb\Zgb_\kdhlh\h^kl\_
Ih^]hlh\dZdhl_em_]hijh\_^_gb_hkh[_gghklbihfhsbijbhl_e_
Kl_evghklv
Ih^]hlh\dZg_l_e_cdhl_embeZdlZpbb
EZdlZpbhggZy^_yl_evghklvdhjh\
Hkh[_gghklb
fhehdhh[jZah\Zgbydhjh\
Ihemq_gb_fhehqghcijh^mdlb\ghklbkhhl\_lkl\mxs_ckh\j_f_gguf
lj_[h\Zgbyf
L_ogheh]byijhba\h^kl\Z]h\y^bgugZij_^ijbylbyokihegufpbdehf
ijhba\h^kl\Z
Hkgh\gu_ijbqbgukgb`_gbyhieh^hl\hjy_fhklbdhjh\
Hkgh\gu_we_f_
gluijhfure_gghcl_ogheh]bb
Nhjfu[_kijb\yagh]hkh^_j`Zgbydhjh\
Yeh\hklvdhjh\f_jhijbylbyih__kgb`_gbx
Hkgh\gu_ihdZaZl_ebfykghcijh^mdlb\ghklb
Iheh\Zybohayckl\_ggZyaj_ehklv\hajZklb`b\ZyfZkkZl_ehdijb
hk_f_g_gbb
L_ogh
eh]byhldhjfZkdhlZgZhldhjfhqguoiehsZ^dZo
Ijb\yagh_kh^_j`Zgb_^hklhbgkl\Zg_^hklZldb\hafh`ghklvkh\_j
r_gkl\h\Zgby
KlZ^bbiheh\h]hpbdeZbkjhdbhk_f_g_gbydhjh\
ebygb_bgl_gkb\ghklb\ujZsb\Zgbyb`b\hcfZkkugZfhehqgmx
ijh^mdlb\ghklv
J_a_j\uih\ur_gbyijhba\h^kl\Z]h\y^bgu
L_ogheh]byijhba\h^kl\Z]h\y^bgugZij_^ijbylbyokihegufpbdehf
ijhba\h^kl\Z
EbfmabgkdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZ
AgZq_gb_kmohklhcgh]hbk_j\bk
i_jbh^h\\j_]meypbbeZdlZpbhgghc
^_yl_evghklb
dhjh\
Ahhl_ogbq_kdb_f_jhijbylbyihkgb`_gbxyeh\hklbdhjh\ebygb_
djZlghklb^h_dbijhf_`mldZf_`^mgbfbgZfhehqgmxijh
^mdlb\ghklv
Ihlhqgh
p_oh\Zyl_ogheh]byijhba\h^kl\ZfhehdZNZdlhju\ebyxsb_
gZm^hcbkhklZ\fhehdZHkh[_gghklb
hldhjfZ\u[jZdh\Zgguodhjh\
L_ogheh]byjZa^hydhjh\_]hagZq_gb_\ih\ur_gbbijh^mdlb\ghklbb
ie_f_gguodZq_kl\kdhlZ
:[_j^bg
Zg]mkkdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZL_ogbdZb
l_ogheh]byfZrbggh]h^h_gbydhjh\Bkihevah\Zgb_]_l_jhabkgh]h
wnn_dlZ
FykgZyijh^mdlb\ghklvbkhklZ\fykZNhjfbjh\Zgb_gZke_^m_fhklv
baf_gqb\hklv
Ijb\yagh_kh^_j`Zgb_G_^hklZldbb\hafh`ghklbkh\_jr_gkl\h\Zgbywlhc
l_ogheh]bb
J_a_j\uih\ur_gbywnn_dlb\ghklb[_kijb\yagh]hkh^_j`Zgby\kdhlh
\h^kl\_
=_j_nhj^kdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZHj]ZgbaZpbyfhehab\gh]h
i_jbh^Zl_eyl
ebygb_kmohklhcgh]hi_jbh^Zbf_lh^h\ih^]hlh\dbdhjh\dhl_emgZ
fhehqgmxijh^mdlb\ghklvbdZq_kl\hihlhfkl\Z
Kihkh[uhk_f_g_gbyf_lh^ukemqdbdhjh\
ebyg
b_nbabheh]bq_kdh]hkhklhygbygZfhehqgmxijh^mdlb\ghklvdh
jh\
Rhjl]hjgkdZyihjh^Zdjmigh]hjh]Zlh]hkdhlZKbkl_fubkihkh[u
kh^_j`Zgbydhjh\Ihjh^ZRZjhe_
Hl[hj`b\hlguo^eydhfie_dlh\Zgbyijhfure_gguodhfie_dkh\
E?DPBB
\h^gZ
ye_dpby
Djmigucjh]Zluckdhly\ey_lkykZfhc]eZ\ghchljZkevx`b\hlgh\h^kl\Z
kljmdlmj_\Zeh\hcijh^mdpbb`b\hlgh\h^kl\Zhdhehiheh\bguijboh^blkygZ
^hexdjmigh]hjh]Zlh]hkdhlZ
Hkgh\guf\b^hfijh^mdpbbihemqZ_fhchldjmigh]hjh]Zlh]hkdhlZy\ey_lky
fhehdhdhlhjh_bkihevam_lkydZdh^bgbo\Z`g_crboijh^mdlh\iblZgby
q_eh\_dZbkujv_^eyijhfure_gghklb
Djhf_fhehdZ[hevrh_agZq_gb_bf__lfykhdjmigh]hjh]Zlh]hkdhlZ
Dh`Zdjmigh]hjh]Zlh]hkdhlZy\ey_lkyh^ghcbagZb[he__p_gguokj_^b
dh`_\_ggh]hku
jvyihemqZ_fh]hhlk_evkdhohayckl\_gguo`b\hlguo
Ijbm[h_kdhlZbkihevam_lkylZd`_djh\v^eyijb]hlh\e_gbyibs_\uob
dhjfh\uoZlZd`_e_dZjkl\_gguoij_iZjZlh\
Jh]bkihevam_lky^eyba]hlh\e_gbyij_^f_lh\h[boh^ZbmdjZr_gbcdbrdb
rbjhdhbkihevamxlky\
dhe[Zkghfijhba\h^kl\_
Badhkl_cbojys_c]hlh\ylde_cdhklgmxfmdmBa\hehkZ^_eZxl\hcehd
s_ldbb^Z`_om^h`_kl\_ggu_dbklb
Bgh]^ZkdhlZlZd`_[eb`Zcrb__]hkhjh^bqbydba_[mb[mc\heu
bkihevamxlky\dZq_kl\_ly]eh\hckbeu
Djmigucjh]Zluckdhl
h[eZ^Z_lp_eufjy^hf[bheh]bq_kdbohkh[_gghkl_c
Djmigucjh]ZluckdhloZjZdl_jbam_lkydjmigufiehlgufl_ehkeh`_gb_f
Jh]Zijbkmlkl\mxsb_mh[hboiheh\bgbdh]^Zg_k[jZku\Z_fu_h[uqgh
ihkZ`_gu^Ze_dh^jm]hl^jm]ZgZq_j_i_bjZklml]eZ\gufh[jZahf\k
lhjhgu
;u\ZxllZd`_hkh[bbihjh^ukgZke_^kl\_gghcdhfhehklvx [_ajh]hklvx M
g_iheh\haj_euo`b\hlguofhehqguoam[h\m\ajhkeuo ijbf_jghdf_k 
ihklhygguoam[Z_jogboj_aph\bdeudh\g_l\f_klhgbodjZcq_exklb
ihdjulnb[jhaghckh_^bgbl_
evghcldZgvxbkeh_f`_kldh]hhjh]h\_\r_]h
wibl_ebyIblZykv`b\hlgh_aZo\Zlu\Z_lljZ\m]m[Zfbbyaudhfbhlju\Z_l__
^_j]Zy]heh\hceb[hi_j_dmku\Z_lkihfhsvxgb`gboi_j_^gboam[h\b`_kldhc
\_jog_c^_kgubeb`_bkihevam_lkjZamh[Zwlbof_oZgbafZH
lkmlkl\b_\_jogbo
i_j_^gboj_aph\g_iha\hey_lkljZ\eb\ZlvljZ\m^hmjh\gyihq\uGZdhgp_
o\hklZbkihevam_fh]hhlqZklb^eylh]hqlh[uhl]hgylvfmob^jm]bogZk_dhfuo
gZoh^blkydbklhqdZba^ebgguo\hehkdh\
Djmigucjh]Zluckdhl
`\Zqgu_`b\hlgu_kq_l
uj_odZf_jguf`_em^dhf
K\_`_ijh]ehq_ggucdhjfebrvke_]dZi_j_`_\u\Z_lkyijh]eZlu\Z_lkyb
ihklmiZ_l\i_j\uchl^_e`_em^dZgZau\Z_fucjm[phfKimklyg_dhlhjh_\j_fy
ibs_\hcdhfhd\f_kl_kfZl_jbZehfba\lhjhc`_em^hqghcdZf_ju
k_ldb
hlju]b\Z_lky\jh
lh\mxihehklv\\b^_lg`\ZqdbbgZwlhljZai_j_`_\u\Z_lky
[he__hkgh\Zl_evghIjhp_kkaZ]eZlu\Zgbyhlju]b\Zgbybi_j_`_\u\Zgbyh^ghc
blhc`_ihjpbbdhjfZfh`_lih\lhjylvkyg_kdhevdhjZaqbkehdhlhjuoaZ\bkbl
hldZq_kl\Zihke_^g_]hWlhlf_oZgbafg_h
[oh^bf^eywnn_dlb\gh]h
jZks_ie_gbyjZklbl_evghcibsbgZk_eyxsbfbjm[_pfbdjhhj]ZgbafZfb
Fbdjh[gh___i_j_\Zjb\Zgb_ k[jZ`b\Zgb_ lj_[m_lky^eymk\h_gbyhkgh\ghc
qZklbjZklbl_evgh]hdhjfZ\qZklghklbp_eexehaugZdhlhjmxg_^_ckl\mxl
ibs_\Zjbl_evgu_khd
bkZfh]h`b\hlgh]h�hklZlhqghk[jh`_ggZy`\ZqdZ
ihklmiZ_l\ke_^mxsb_`_em^hqgu_dZf_jubdbr_qgbd^ey^Zevg_cr_]h
i_j_\Zjb\Zgbyb\kZku\Zgby
�ebgZl_eZ`b\hlguog_kqblZyo\hklZh[uqghkhklZ\ey_l
fijb
\ukhl_\ohed_
fbfZkk_
d];udbdZdijZ\behdjmig__dhjh\
ijbq_fba\_klguj_dhj^kf_gu\ukhlhcfbfZkkhcd]lh]^ZdZd\ajhkeu_
kZfdbkZfuof_edboihjh^[u\Zxl\ukhlhc\k_]hkfijbfZkk_d]
Iheh\Zyaj_ehklvgZklmiZ_lh[uqgh\
f_kwlhl\hajZklaZ\bkbl
hlihjh^u
bnbabq_kdh]hkhklhygby`b\hlgh]hghlZdbofheh^uohkh[_cdkemqd_dZd
ijZ\behg_^himkdZxlHkh[h]hk_ahgZjZafgh`_gbymdjmigh]hjh]Zlh]hkdhlZ
g_lbkiZjb\Zgb_fh`_lijhbkoh^blvdjm]euc]h^;_j_f_gghklv kl_evghklv 
ijh^he`Z_lkyhdheh^_
\ylbf_kyp_\ 
^g_c baZ\_jrZ_lkyhl_ehfl_
jh`^_gb_fh[uqghh^gh]hl_e_gdZj_`_
^\hcgbFheh^gydfZlv\udZjfeb\Z_l
^h^_\ylbf_kyp_\ mfykguoihjh^
dZdijZ\beh^hr_klb
\hkvfbf_kyp_\ gh
_]hfh`ghhlgylvmg__ijbf_jgh\lj_of_kyqghf
\hajZkl_dh]^ZhggZqbgZ_l
_klvljZ\mIheh\haj_eu_g_l_ebfhehdZg_^ZxlkgZqZeZhgb^he`gukiZjblvky
bjh^blvl_e_gdZIhke_hl_eZeZdlZpby^eblkyijbf_jghf_kijbmkeh\bb
\kdZjfeb\ZgbyfhehdhfkhkmgdZbebj_]meyjghc^hcdbIhke_ij_djZs_gby
eZdlZp
bbbgZklmie_gbylgkmohklhcgh]hi_jbh^Zdhjh\mgZ^hkemqblvkgh\Z
h[uqghihke_^\mof_kyqgh]hhl^uoZ fhehdhihy\blkykhke_^mxsbfhl_ehf
;hevrbgkl\hl_eylbijZdlbq_kdb\k_[uqdbmfhehqguoihjh^aZ[b\ZxlkygZ
fykhOhlyhl^_evgu_wda_fieyjufh]ml^h
`b\Zlv^he_lb[he__kihkh[ghklv
ghjfZevghjZafgh`ZlvkykhojZgy_lky\k_]hhdhehe_l
Dhjh\gZau\ZxlihebwkljmkgufbkZfdZfbihkdhevdm\l_q_gb_]h^Zmgbo
g_kdhevdhwkljZevguo iheh\uo pbdeh\dZ`^ucbagbo^eblky\kj_^g_f
^_gvohlywlhlkjh
d^h\hevghg_mklhcqb\GZijhly`_gbbpbdeZ\iheh\uo
hj]ZgZodhjh\uijhbkoh^bljy^ihke_^h\Zl_evguobaf_g_gbcgZde_lhqghfb
]hjfhgZevghfmjh\gyodZdih^]hlh\dZdhieh^hl\hj_gbxycp_de_ldbb
[_j_f_gghklbI_jbh^iheh\hcj_p_ilb\ghklb l_iheh`bl_evghcj_
ZdpbbkZfdb
gZkZfpZ gZau\Z_fucwkljmkhfbebhohlhcgZklmiZ_l[eb`_ddhgpmpbdeZb
^eblky\kj_^g_fqohly_]hijh^he`bl_evghklvkbevgh\Zjvbjm_lH\meypby
l_\uk\h[h`^_gb_]hlh\hcdhieh^hl\hj_gbxycp_de_ldbbaybqgbdZh[uqgh
gZklmiZ_lijbf_j
ghq_j_aqihke_hdhgqZgbyhohlu
Iheh\haj_euckZf_pgZau\Z_lky[udhfiheh\haj_eZykZfdZ
dhjh\hc
g_iheh\haj_eu_hkh[b
l_eylZfbG_iheh\haj_eh]hkZfpZgZau\Zxl[uqdhfZ
fheh^mxkZfdm
l_edhc^hi_j\h]hhieh^hl\hj_gbyihke_dhlhjh]h^hhl_eZ \
kl_evguci_jbh^ hgZkqblZ_lkyg_l_evx;uqdh\
dZkljZlh\^hklb]rbo
\ajhkehklbl_ijbf_jghk^\moe_lg_]h\hajZklZgZau\Zxl\heZfbDZkljZpbx
kZfph\ijh\h^yl^eykgb`_gbyboZ]j_kkb\ghklb\klZ^_bebijbbkihevah\Zgbb\
dZq_kl\_\vxqguobmijy`guo`b\hl
guo
Djmigucjh]ZluckdhlohjhrhZddebfZlbabjm_lkybijbi_j_\h^_bah^ghc
debfZlbq_kdhcahgu\^jm]mxohjhrhijbkihkZ[eb\Z_lkyIhwlhfmhgohjhrh
jZkijhkljZg_ghlAZiheyjvy^hwd\ZlhjZ
Kdhl^eyjZkl_gb_\h^kl\Z^Z_lp_ggh_hj]Zgbq_kdh_m^h[j_gb_
Z\ha
kbemk\hbo[bheh]bq_kdbohkh[_gghkl_ckdhlbkihevamxlgZb[he__^_r_\u_
h[t_fbklu_ijh^mdlubhloh^ujZkl_gb_\h^kl\ZZlZd`_l_ogbq_kdb_hloh^u
ibs_\hcijhfure_gghklb
`hf[Zj^mdZjlhn_evgmxf_a]mib\gmx^jh[bgm
iZlhdmijbq_fbkihevam_lhgbo
agZqbl_evghZdlb\g__q_f^jm]b_\b^u
k_evkdhohayckl\_gguo`b\hlguo
Bf_y[hevrh_gZjh^ghohayckl\_ggh_agZq_gb_bh[eZ^Zyp_ggufb
ijbkihkh[bl_evgufbk\hckl\Zfbdjmigucjh]Zluckdhlihqbke_gghklb
aZgbfZ_li_j\h_f_klhkj_^b\k_ok_evkdhohayckl\_gguo`b\
hlguo
Ijhbkoh`^_gb_^hfZrgbo`b\hlguoy\ey_lky^h\hevghkeh`ghcijh[e_fhc
A^_kv_klv_s_fgh]hg_ykgh]hg_l^hklZlhqghlhqguobgZmqghh[hkgh\Zgguo
^Zgguohf_kl_b\j_f_gbijbjmq_gbybh^hfZrgb\Zgbydjmigh]hjh]Zlh]hkdhlZ
Q_f^Zevr_fuhl^Zey_fkyh
li_j\hgZqZevguomkeh\bcf_klZb\j_f_gb
ijbjmq_gbybh^hfZrgb\Zgby`b\hlguol_fljm^g__klZgh\blkybamq_gb_
^Zgghcijh[e_fuOhly\gZklhys__\j_fybbf__lkyhq_gvp_ggucfZl_jbZe
iha\heyxsbcij_^iheZ]Zlvhijhbkoh`^_gbb`b\hlguoghwlhl\hijhklj_[m_
^Zevg_cr_]h\k_klhjhgg_]hb]em[hdh]hbamq_gbyBamq_gb_ijhbkoh`^_gby
`b\hlguoihfh]Z_lihagZlvhkh[_gghklbbonhjfbjh\Zgby\oh^_w\hexpbb
Djmigucjh]Zluckdhlihahheh]bq_kdhcdeZkkbnbdZpbbhlghkblkydhl^_em
iha\hghqguodeZkkmfe_dhiblZxsbohljy^m
iZjghdhiulguoih^hljy^m
ihememggham[uo `\Zqguo k_f_ckl\mihehjh]boih^k_f_ckl\m[udh\uo
Ih^k_f_ckl\h[udh\uojZa^_ey_lkygZljbjh^Z^\Zjh^Z[mc\heh\bh^bgjh^
kh[kl\_ggh[udb
jh^[udh\\oh^yl
h[uqguc[_ajh]h\ucb]hj[Zluc a_[m\b^guc kdhl
ydb
[bahgubam[jux`ghZabZlkdb_eh[Zklu_[udb ]Zmj]Zyeb[Zgl_g] Ihk\hbf
[bheh]bq_kdbfhkh[_gghklyfwlbnhjfu^h\hevghkms_kl\_gghjZaebqZxlky
f_`^mkh[hc
Ijbkdj_sb\Zgbbf_`^mkh[hc`b\hlguowlboih^jh^h\jh`^Z_lkyihlhfkl\h
\jZaghckl_
i_gbh]jZgbq_ggh_ihieh^h\blhklb
Ieh^h\blhklvijb]b[jb^baZpbbdjmigh]hjh]Zlh]hkdhlZk^bdbfb
khjh^bqZfb
Khjh^bqbdjmigh]hjh]Zlh]hkdhlZ
Ieh^h\blhklv]b[jb^h\
;bahg

;Zgl_g]


;mc\he


A_[m

Yd
Jh^bghcydZy\ey_lkyLb[_lYdjZkijhkljZg_g\\ukhdh]hjguojZchgZogZ
\ukhl_hl^hfgZ^mjh\g_ffhjy\Fhg]hebbDblZ_\Jhkkbb
Jhkkbbhgbkihevam
_lkygZ:elZ_\j
d_;mjylby\LZ^`bdbklZg_Bah[s_c
qbke_gghklbydh\feg]heh\hdhehlukgZoh^blky\JhkkbbYd
\klj_qZ_lkyb\^bdhflZdb\h^hfZrg_gghfkhklhygbb�bdbcydy\ey_lkyhq_gv
djmiguf`b\hlguf^hf\ukhlhcb\ijhlb\hiheh`gh
klv[bahgmjZklygmluf^h
f_ljh\=heh\ZmydZ[hevrZyk[hevrbfbjh]Zfb^hf_ljZR_ylheklZyb
dhjhldZydZdijZ\behk[hevrbf\uklmihfhklbkluohljhkldh\]jm^guo
iha\hgdh\\h[eZklbohedbgZih^h[b_]hj[ZMydh\bkdexqbl_evghdj_idb_
dhg_qghklbdh
lhju_iha\heyxlbfm\_j_gghijh^\b]Zlvkyih]hjgufljhiZfb
l_[_g_\ZlvL_[_g_\Zlvbfihfh]Z_llZd`_ih^\b`gu_lhgdb_]m[ubdj_idb_
am[uke_^kl\b_wlh]haZabfmydbl_jyxl\\_k_ebrvhdhehZh\pu
26%,
dhjh\u
27%.
Djhf_lh]hmydh\[u\Z_l[he
vrZyh[jhkehklvgb`g_cqZklblmeh\bsZ
M^ebg_ggZyr_jklv\khq_lZgbbkih^dh`ghc`bjh\hcijhkehcdh\gZ^_`gh
ij_^hojZgy_lydZhli_j_hoeZ`^_gbyijbe_`Zgbb\kg_]mFZklvydh\qZs_
q_jgZybebkk_j_[jbklufhleb\hfGh\klj_qZ_lkylZd`_[_eu_bq_jgh
i_klju
ydb
Bkihevamxlkyydbmgb\_jkZevghHlgboihemqZxlm^h\e_l\hjbl_evgh]h
dZq_kl\ZfykZijbm[hcghf\uoh^_\
HlyqboihemqZxlaZeZdlZpbx
d]\ukhdhiblZl_evgh]hfhehdZKhklZ\fhehdZyqboke_^mxsbc
h^Z
82%
Kmoh_\_s_kl\h
6,5%
;_ehd
5,5%
KZoZj
5,6%
AheZ
0,9%.
Dh`Zmydh\lheklZyghjuoeZyb\ke_^kl\b_wlh]hjZkp_gb\Z_lkyg_\ukhdh
Kh^gh]h\ajhkeh]hydZaZh^bgjZagZkljb]Zxl^hd]r_jklbkh^_j`Zsbo^h
imoZR_jklvbkihevam_lkygZba]hlh\e_gb_\hcehdZ\_j_\hd^e
y\vxdZ
]hjguomkeh\byoydg_aZf_gbfdZd\vxqgh_`b\hlgh_vxqgucydkihkh[_g
g_klb^hd]]jmaZlZf]^_g_\khklhygbbb^lbehrZ^v
k_wlhiha\hey_lkqblZlvydZhq_gvp_gguf^hfZrgbf`b\hlgufb
g_aZf_gbfuf^ey\ukhdh]hjguomkeh\bc
H^gZdhdZd
fh`gh[uehm[_^blvkygZijb\_^_gghffZl_jbZe_
ijh^mdlb\ghklvydh\g_\ukhdZIhwlhfmg_ij_djZsZxlkyihiuldbmemqrblv
ijh^mdlb\ghklvdZq_kl\Zd:iml_fkdj_sb\Zgbykdjmigufjh]ZlufkdhlhfKh
kdhlhfydkdj_sb\Z_lkygh]b[jb^gu_kZfpu
]hihdhe_gby[_ki
eh^gu
III
ihdhe_gbyokZfpu]b[jb^um`_[u\Zxlieh^h\blufbqlhiha\hey_l
\_klbwlmjZ[hlm
A_[m
A_[my\ey_lky^hfZrgbfjh]ZlufkdhlhfG_dhlhju_kqblZxlqlha_[m
ijhbahr_ehl[Zgl_g]ZZ[hevrbgkl\h
hllmjZHkh[_gghklvxa_[my\ey_lky
gZebqb_f
ur_qgh
`bjh\h]h]hj[Z\h[eZklbohedbbebgZr__Gh\klj_qZxlky
[_a]hj[u_]jmiiu=hj[kem`bl^eyaZiZkZiblZl_evguo\_s_kl\b\h^ul_
b]jZ_llm`_jhevqlhbm\_j[ex^Zke_^kl\b_wlh]ha_[mqj_a\uqZcghohjhrh
ijbkihkh[e_gd`Zjdbfljhibq_kdbfbaZ
kmreb\ufmkeh\byf
JZkijhkljZg_ga_[m\:njbd_\ljhibq_kdbobkm[ljhibq_kdbojZchgZo
:f_jbdb\Bg^bbgZ;eb`g_fhklhd_
A_[mjZa\h^blky\:a_j[Zc^`Zg_bj_kim[ebdZoKj_^g_c:abbDjhf_
kh[kl\_ggha_[m\kj_^g_c:abbb:njbd_jZkijhkljZg_ga_[m\b^guc
kdhl
ijh^mdlkdj_sb\Zgbya_[mk kh[kl\_ggh djmigufjh]Zlufkdhlhf
FhehqgZyijh^mdlb\ghklva_[mg_\ukhdZybkhklZ\ey_l\kj_^g_f
d]aZ
eZdlZpbxghk\ukhdhc`bjghfhehqghklvx
GZb\ukrb_m^hbaZeZdlZpbx
khklZ\eyxl
d]ZgZb\ukr
b_kmlhqgu_d]
A_[mk\h[h^ghkdj_sb\Z_lkykkh[kl\_gghdjmigufjh]Zlufkdhlhfb^Z_l
ieh^h\blh_ihlhfkl\hIhwlhfmgZjy^mkbkihevah\Zgb_fa_[m\b^gh]hkdhlZ
ihiuldb]b[jb^baZpbbijh^he`Zxlky
KR:bg^bckdh]ha_[m [jZfZ rbjhdhbkihevah\Zeb^ey\u\_
^_gbyfykguo
ihjh^kdhlZKbkihevah\Zgb_f[jZfZ\u\_^_gulZd`_fykgu_ihjh^udZd
rZj[j_c[jZg]mk[jZnhj^kZglZ
]_jljm^Zb^jm]b_
GZi_j\uoklZ^byoijbjmq_gby\ebygb_q_eh\_dZgZ`b\hlguo[ueh
gbqlh`gufEbrvkh\j_f_g_fihf_j_h^hfZrgb\Zgbyijbjmq
_ggu_`b\hlgu_
klZebbaf_gylvkyBaf_g_gb_`b\hlguo\ijhp_kk_h^hfZrgb\ZgbyghkbldZd
ijZ\behh^ghklhjhggbcoZjZdl_j
LZdijbki_pbZebaZpbb\fhehqghfgZijZ\e_gbbm`b\hlguoagZqbl_evgh
mf_gvrbeZkv]jm^v\rbjbgm
h\k_okemqZyom^hfZrg_]hdjmigh]hjh
]Zlh]hkdhlZmkljZg_gZk_ahgghklv\
\hkijhba\h^bl_evghc^_yl_evghklbagZqbl_evghhkeZ[e_gklZ^gucj_ne_dkklZe
f_gvr_bj_`_\hehkyghcihdjh\mf_gvrbekyjhkl`b\hlgu_klZeb[he__
jZklygmlufbMgbom\_ebq_gh[t_f`b\hlZlZddZd^eyijhba\h^kl\Z[hevrh
]h
dhebq_kl\Zijh^mdpbbg_h[oh^bfhi_j_jZ[hlZlv[hevrh_dhebq_kl\hdhjfZ
H^hfZrg_gguckdhljZa\b\Z_lky\bkdmkkl\_gghckj_^_dhlhjmxkha^Z_l_fm
q_eh\_dIml_fhl[hjZq_eh\_dkha^Z_lgh\u_lbiu`b\hlguogZb[he__ihegh
hl\_qZxsbo_]hlj_[h\Zgbyfghf_g_
_ijbkihkh[e_gguodmkeh\byf\g_rg_c
kj_^ulZddZdl_fi_jZlmjgu_bdhjfh\u_dhe_[Zgbywlhckj_^uq_eh\_dhf
agZqbl_evghk]eZ`_gubebmkljZg_gu
NmgdpbhgZevgu_baf_g_gbym`b\hlguok\yaZgukfhjnheh]bq_kdbfb
baf_g_gbyfbihwlhfm^hfZrgb_`b\hlgu_agZqbl_evg
hhlebqZxlkyhl^bdbodZd
ihijh^mdlb\ghklblZdbih\g_rgbfnhjfZf
Baf_g_gb_iheh\hcnmgdpbb
M^bdbojh^bq_cdjmigh]hjh]Zlh]hkdhlZ
iheh\hcpbdeghkblk_ahggucoZjZdl_jHieh^hl\hjyxlkykZfdbdZdijZ\beh
iha^g_c\_kghcbebe_lhfZhl_emgboijhbkoh^
bl\_kghcM^hfZrg_]hkdhlZ
k_ahgghklb\\hkijhba\h^bl_evghcnmgdpbbg_gZ[ex^Z_lkyZk_ahghl_eZmg_]h
j_]mebjm_lq_eh\_dohayckl\Zofhehqgh]hgZijZ\e_gbykhklZ[bevghcb
ijhqghcdhjfh\hc[Zahchl_eudhjh\jZkij_^_eyxlky\l_q_gb_]h^ZjZ\ghf_jgh
fykghfkdhlh\h^kl\_hl_euqZs_[u\Zxlk_ahggu_ghbohiylv`_j_]mebjm_l
q_eh\_dbawdhghfbq_kdbokhh[jZ`_gbc
Baf_g_gb_kdhjhki_ehklb
Ih^\ebygb_fhl[hjZgZnhg_memqr_gguo
mkeh\bcdhjfe_gbybkh^_j`Zgbym^hfZrg_]hkdhlZagZqbl_evghmemqr_gZ
kdhjhki_
ehklvl_kdhjhklvjhklZbjZa\blbyHkh[_ggh\ujZ`_gukdhjhki_ehklv
mkdhlZZ[_j^bgh
Zg]mkkdhcrhjl]hjgkdhc]_j_nhj^kdhcihjh^fykgh]h
gZijZ\e_gbyijh^mdlb\ghklbmkdhlZ^`_jk_ckdhc]_jga_ckdhc]heeZg^kdhc
ihjh^fhehqgh]hgZijZ\e_gby
M^bdbojh^
bq_cdjmigh]hjh]Zlh]hkdhlZ\hkijhba\h^bl_evgZynmgdpby
ijhy\ey_lky\\hajZkl_e_lZ^hfZrgbol_ehdijbohjhrbomkeh\byo
\ujZsb\Zgbyfh`ghhieh^hl\hjylv\
f_kyqghf\hajZkl_ijbq_f
kihkh[ghklvdhieh^hl\hj_gbxmgboijhy\ey_lkym`_\\hajZkl_
f_kyp_\
Baf_g_gb_ijh^mdlb\ghklb
?kebkZfdb^bdbonhjfdjmigh]hjh]Zlh]hkdhlZ
ijhba\h^yl
d]fhehdZaZeZdlZpbxl_klhevdhkdhevdhg_h[oh^bfhgZ
\ujZsb\Zgb_h^gh]hl_e_gdZlhhldhjh\dmevlmjguoihjh^ihemqZxl
b
^Z`_lukd]fhehd
ZaZeZdlZpbx�bdb_dhjh\ueZdlbjmxldZdijZ\beh
f_kyp_\M^hfZrgbo`b\hlguohilbfZevghcijh^he`bl_evghklvxeZdlZpbb
kqblZ_lkyf_kyp_\Z\aZ\bkbfhklbhlijh^he`bl_evghklbk_j\bk
i_jbh^ZhgZ
fh`_l^hklb]Zlvbe_l
M[hcguc\uoh^m^bdbo
jh^bq_cdjmigh]hjh]Zlh]hkdhlZkhklZ\ey_l
Z
mkdhlZki_pbZebabjh\Zgguofykguoihjh^hgg_j_^dhjZ\_g
b^hklb]Z_l
^Z`_^h
Baf_g_gb_l_fi_jZf_glZ
M^hfZrg_]hdjmigh]hjh]Zlh]hkdhlZihqlb
mkljZg_g[_am^_j`gucg_mjZ\gh\_r_gguclbig_j\g
hc^_yl_evghklbDhjh\Z
iha\hey_l\aylvhlk_[yl_e_gdZihke_hl_eZijhy\ey_lj_ne_dkfhehdhhl^Zqb[_a
g_]hb^_lgZ]hehkq_eh\_dZ;_amkeh\guch[hjhgbl_evgucj_ne_dkkhojZgy_lky
ebrvmg_dhlhjuo[udh\
Baf_g_gb_dhgklblmpbb
Ih^\ebygb_fh^hfZrgb\Zgbym
djmigh]hjh]Zlh]h
kdhlZbaf_gbekylbidhgklblmpbb=jm[uciehlguclbidhgklblmpbbg_y\ey_lky
`_eZl_evgufgb\dZdhfgZijZ\e_gbbijh^mdlb\ghklbdjmigh]hjh]Zlh]hkdhlZ
M^hfZrgbo`_`b\hlgucij_^ihqblZ_lkyiehlgucg_`guclbi \fhehqghf
gZijZ\e_gbb b
ebjuoeucg_`guc \fykghfgZijZ\e_gbb ZlZd`_dj_idbclbi
dhgklblmpbb\dhf[bgbjh\ZgghfgZijZ\e_gbbijh^mdlb\ghklb
FZklv
m^bdbo`b\hlguoh^ghjh^gZbkem`blijbkihkh[bl_evgufijbagZdZf
HgZ[u\Z_lk_jZydjZkgZy[mjZybq_jgZyki_j_oh^gufbnhjfZfb
M^hfZrg_]h
kdhlZdjhf_gZa\Zgguo[u\Zxli_klju_ djZkgh
q_jgh
i_kljZy ZlZd`_
iZe_\Zy[_eZybqZeZyfZklb
FhehqgZyijh^mdlb\ghklv
Fhehdhbf__lbkdexqbl_evgh\ukrmxiblZl_evgmxp_gghklv^ey
q_eh\_dZ=_g_lbq_kdbij_^gZagZq_ggh_^eyihegh]h`bag_h
[_ki_q_gby
gh\hjh`^_ggh]hhj]ZgbafZfe_dhiblZxsbohghkh^_j`bl\k\h_fkhklZ\_
\k_g_h[oh^bfu_iblZl_evgu_\_s_kl\Zijbq_f\gZb[he__[eZ]hijbylghf
khhlghr_gbbLZ[ebpZ
Obfbq_kdbckhklZ\fhehdZdhjh\u
G;ZjZ[Zgsbdh\ 
IhdZaZl_eb
Kj_^gy
fZkkh\Zy^hey
Dhe_[Zgby
h^Z
Kmoh_\_s_kl\h
;_edb\lhfqbke_
dZa_bg
Zev[mfbg
]eh[mebg
FhehqguckZoZj eZdlhaZ
Fbg_jZevgu_\_s_kl\Z aheZ
87,5
12,5
3,8
3,3
2,7
0,5
0,1
4,7
0,7
83,5
90,0
10,0
16,5
2,7
7,0
2,0
4,5
1,8
4,0
0,2
0,7
0,05
0,15
4,0
0,5
1,0
LZ[ebpZ
Obfbq_kdbckhklZ\fhehab\Zbaj_eh]hfhehdZ  mdhjh\
IhdZaZl_eb
Fhehab\h
Fhehdh
h^Z
:ahlkh^_j`Zsb_kh_^bg_gby
DZa_bg
:ev[mfbgu]eh[mebgu
@bj
EZdlhaZ
66,4
23,14
5,57
16,92
6,5
2,13
1,37
87,0
3,56
2,76
0,75
3,7
4,84
LZ[ebpZ
ebygb_k_j\bk
i_jbh^ZgZijh^mdlb\ghklv`b\hlguo
bdZq_kl\hfhehdZ
Ijh^he`bl_evghklvk_j\bk
i_jbh^Z^g
Kj_^g__
qbkeh^g_c
M^hcaZ
eZdlZpbx
DZq_kl\hfhehdZ
`bj
[_edb
�h
Hl^h
Hl^h
ur_
3,79
3,7
3,86
3,71
3,37
3,34
3,39
3,37
LZ[ebpZ
Ijh^mdlb\ghklvbdZq_kl\hfhehdZ\aZ\bkbfhklbhlkmohklhcgh]hi_jbh^Z
LZ[ebpZ
Hlghkbl_evgh_baf_g_gb_m^hydhjh\u\aZ\bkbfhklbhl\hajZklZ
\dfZdkbfZevghfmm^hx
hajZkl hl_eu
M^hchlgZb\ukr_]hmjh\gy
Ijh^he`bl_evghklv
kmohklhcgh]hi_jbh^Z^g
M^hcaZ
^g_c
eZdlZpbbd]
DZq_kl\hfhehdZ
`bj
[_ehd
�h
Hl
^h
Hl^h
ur_
3,7
3,67
3,69
3,59
3,36
3,48
3,24
3,41
khklZ\fhehdZ\oh^yl[_edbdhlhju_ijbmihlj_[e_gbb\ibsm
bkihevamxlkydZdkljmdlmjgucfZl_jbZe^eyde_lhdb^ml^eyh[jZah\Zgby
n_jf_glh\b]hjfhgh\Fhehqgu_[_edbmk\Zb\Zxlkyhj]ZgbafhfgZl_
ijZdl
bq_kdbiheghklvxbokhklZ\\oh^ylg_aZf_gbfu_Zfbghdbkehlu
dhlhju_kihkh[kl\mxlih\ur_gbxmk\hy_fhklbibsbjZklbl_evgh]h
ijhbkoh`^_gby;hevrh_agZq_gb_lZd`_bf__lfhehqguc`bjdhlhjuc
ij_^klZ\ey_lbak_[ybkdexqbl_evgucbklhqgbdwg_j]bb dZe]
Ih
dZehjbcghklb_fmg_ljZ\guo\_s_kl\Ohly\agZqbl_evghckl_i_gbihlj_[ghklv
hj]ZgbafZ\`bj_fh`gh\hkihegblvaZkq_ljZklbl_evgh]hfZkeZbebfZj]ZjbgZb
kZeZgh\khklZ\fhehqgh]h`bjZ\oh^yllZdb_`bjgu_dbkehludZdebghe_\Zy
ebghe_gh\ZyZjZo
b^hgh\Zydhlhju_g_h[jZamxlky\hj]Zgbaf_q_eh\_dZOhly
bodhebq_kl\hg_\_ebdh ^hebijhp_glZ ghbo[bheh]bq_kdh_agZq_gb_h]jhfgh
ldhgbmqZkl\mxl\de_lhqghfh[f_g_ih^\ha^_ckl\b_f\blZfbgZ
Djhf_
lh]hfhehqguc`bjy\ey_lkybklhqgbdhf\blZ
fbghf
Fbg_jZevgu_\_s_kl\Zkh^_j`Zl\k\h_fkhklZ\_[h]Zl_crbcgZ[hjwe_f_glh\
kj_^bdhlhjuo\e_]dhmk\hy_fhcnhjf_
fZ]gbcdZebcgZljbcb^jm]b_
fZdjhbfbdjhwe_f_glu
Ijhp_kkfhehdhh[jZah\Zgby\\uf_gbijhbkoh^bl\l_q_gb_\k_]h
i_jbh^Z
f_`^m^h_gbyfbbqZklbqgh\h\j_fykZfh]h^h_gbyH[jZah\Zgb_fhehdZ\
i_j_ju\Zof_`^m^h_gbyfbijhl_dZ_lijb[ebabl_evghjZ\ghf_jgh^haZiheg_gby
\uf_gb^hIhke_wlh]h^Z\e_gb_\\uf_gbgZqbgZ_lih\urZlvkyqlh
ij_iylkl\m_l\u^_e_gbxfhehdZ
baZev\_heQ_f[hevr__fdhklv \f_klbfhklv 
\uf_gbl_ff_^e_gg__hgh[m^_laZihegylvkyfhehdhfbl_fk[hevrbfb
ijhf_`mldZfb\j_f_gbfh`gh^hblvdhjh\m�eyh[jZah\ZgbyfhehdZ
bkihevamxlky\_s_kl\Zdjh\bGZnhjfbjh\Zgb_[_dh\fhehdZjZkoh^mxlky
Zfbghdb
kehludjh\yghcieZafuba]exdhaudjh\bnhjfbjm_lkyfhehqguc
kZoZjBklhqgbdhffhehqgh]h`bjZkem`ZlnhknZlb^udjh\bP_gghklvfhehdZ
dZdijh^mdlZiblZgbyhij_^_ey_lkykh^_j`Zgb_f[_edZ\ukhdhcdZehjbcghklvx
fhehqgh]h`bjZkh^_j`Zgb_fjZkl\hjbfuo\`b
j_\blZfbgh\ZlZd`_gZebqb_f
[hevrh]hgZ[hjZfbg_jZevguo\_s_kl\
DZdkhklZ\fhehdZlZdb\_ebqbgZm^hybaf_gyxlkyih^\ebygb_ffgh]bo
nZdlhjh\BagbogZb[he__\Z`gufbkqblZxlgZke_^kl\_gghklvdhjfe_gb_moh^
bkh^_j`Zgb_\h\j_fyhl_eZijh^he`bl_
evghklveZdlZpbbkmohklhcgh]h
i_jbh^Zk_j\bk
i_jbh^Zbfgh]b_^jm]b_
Qlh`_lZdh_fhehqgZyijh^mdlb\ghklv"
Ih^fhehqghcijh^mdlb\ghklvxihgbfZ_lkydhebq_kl\hiblZl_evguo\_s_kl\
ihemq_gguohldhjh\ukfhehdhfaZhij_^_e_ggh_\j_fy aZkmldbaZeZ
dlZpbx
aZjy^eZdlZpbcaZ\kx`bagvdhjh\u FhehqgZyijh^mdlb\ghklvhij_^_ey_lky
ij_`^_\k_]hdhebq_kl\hffhehdZghg_evayijbwlhfaZ[u\ZlvhdZq_kl\_gghc
klhjhg_wlh]h\hijhkZGZijZdlbd_ ^Zb\l_hjbb qZklhih^fhehqghc
ijh^mdlb\ghklvxih^jZamf
_\Zxllhevdhm^hcGhwlhg_ijZ\bevgh�himklbf
ijbkjZ\g_gbb^\modhjh\fumklZgh\bebqlhhlh^ghcdhjh\uaZ^g_c
eZdlZpbbihemq_ghd]fhehdZ`bjghklvxZhl^jm]hc
d]fhehdZ
`bjghklvxM^hci_j\hcdhjh\u\ur_gZd]h^gZ
dhfhehqgZy
ijh^mdlb\ghklv__gb`_d]ijhlb\d]�eylh]hqlh[unhjfbjh\Zlv
fhehqgmxijh^mdlb\ghklvmdhjh\bmijZ\eylv_xg_h[oh^bfh\kihfgblv
hkgh\gu_iheh`_gbybaZgZlhfbbbnbabheh]bbeZdlZpbb
EZdlZpb_c
gZau\Z_lkynbabheh]bq_kdbci_jbh^m
kZfhdfe_dhiblZxsbodh]^Z
mgboihke_jh^h\h[jZam_lkyb\u\h^blvkyfhehdhbafhehqghc`_e_auFhehdh
h[jZam_lkybgZdZieb\Z_lky\\uf_gbbakhklZ\guoqZkl_cdjh\bFhehqgZy
`_e_aZ]_g_lbq_kdbk\yaZgZkihlh\ufb`_e_aZfbby\ey_lky\lhjbqgufiheh\uf
gZdhfMdhjh\\ufykhklhblbaq_luj_o^he_cbebq_l\_jl_cjZa^_e_gguo
f_`^mkh[hckh_^bgbl_evghldZggufbi_j_]hjh^dZfb
Khkm^bklu_ZgZklhfhauf_`^mi_j_^gbfbbaZ^gbfb^heyfb\uf_gbbf_xlky
ghfhehqgu_Zev\_heubijhlhdbkljh]hbahebjh\ZguLZdZybahe
ypby
ij_^hl\jZsZ_ljZkijhkljZg_gb_fZklblh\kh^ghc^hebgZ^jm]mxdZ`^hc
q_l\_jlb\uf_gb\lhes_kh_^bgbl_evghcldZgbjZkiheZ]Z_lky`_e_abklZyldZgv
khklhysZybaZev\_he\ukleZgguobagmljbh^ghkehcguf`_e_abklufwibl_eb_f
:ev\_heuh[jZamxl]jha^b
bk\hbfb\u\h^gufbijhlhdZfbkh_^bgyxlky\
fhehqgu_oh^uhldju\Zxsb_ky\pbkl_jgmq_l\_jlb
DZ`^ZyZev\_heZihdjulZkeh_ffbhwibl_ebZevguoa\_a^guode_lhddhlhju_
ijbkhdjZs_gbbk^Z\eb\ZxlZev\_hemkihkh[kl\mydZd[u\u`bfZgbxbag__
fhehdhkyq_l
\_jlv\uf_gbbhkh[_gghih\_joghklvZev\_hekgZ[`_gZ]mklhc
k_lvxdjh\_ghkguokhkm^h\bdZibeeyjh\ZlZd`_g_j\ZfbOhlyfhehdhb
h[jZam_lkybakhklZ\guoqZkl_cdjh\bghihk\h_fmkhklZ\mhghj_adhhlebqZ_lky
hlieZafudjh\b
Obfbq_kdbc
khklZ\
IeZafZdj
h\b
fhehdh
Obfbq_kdbc
khklZ\
IeZafZdjh\b
fhehdh
\h^Z
91,0
87,0
Nhknhebib^u
,20
0,04
]exdhaZ
0,05
----------
ohe_kl_jbg
0,17
----------
eZdlhaZ
------------
4,8
DZevpbc
0,009
0,12
Zev[mfbg
3,2
0,5
Nhknhj
0,011
0,10
]eh[mebgu
4,4
0,05
GZljbc
0,34
0,05
K\h[h^gu_
Zfbghdbkehlu
0,003
-----
DZebc
0,03
0,15
dZa_bg
-------
2,9
Oehj
0,34
0,11
@bj
0,09
3,8
EbfhggZy
dbkehlZ
------
0,20
Fgh]bodhfihg_glh\oZjZdl_jguo^eyfhehdZlZdbodZdeZdlhaZdZa_bg\
ieZaf_djh\bkh
\k_fg_l^jm]bogZfgh]hf_gvr_beb[hevr_Ke_^h\Zl_evgh
\ufydhjh\uijhba\h^blh]jhfgmxjZ[hlmihij_h[jZah\Zgbxbhl[hjm
khklZ\guoqZkl_cfhehdZ�hklZlhqghkdZaZlvqlh^eyh[jZah\ZgbyefhehdZ
q_j_a\ufydhjh\u^he`ghijhclb
edjh\b
hlihq_fmfh`gh
dhk\_gghkm^blvh \ukhdhc fhehqghklbdhjh\u_kebmg__jZa\blufhehqgu_
\_gub\_gu\uf_gb
DZd`_h[jZamxlky\Z`g_crb_dhfihg_glufhehdZ"
M]e_\h^ujZks_ieyykv\ij_^`_em^dZo`\Zqguo^he_lmqbo`bjguo
dbkehl\kZku\Zxlky\djh\
vZk]ebp_jbghf bam]e_\h^h\ \\uf_gbh[jZamxl
`bjKe_^h\Zl_evghhkgh\gufij_^r_kl\_ggbdhffhehqgh]h`bjZy\eyxlky
m]e_\h^u
;_edbfhehdZ
=eh[mebg\_jhylghihklmiZ_l\fhehdhg_ihkj_^kl\_gghba
ieZafudjh\bldf_`^mgbfbg_l:ev[mfbgubaihe
bi_ilb^h\DZa_bg
\klj_qZ_lkylhevdh\fhehd_H[jZam_lkyhgbak\h[h^guoZfbghdbkehlb
ihebi_ilb^h\djh\bKe_^m_lhkh[hhklZgh\blvkyqlhddZq_kl\mdhjfh\h]h
ijhl_bgZdjmigucjh]Zluckdhlg_ijbohleb\b\[hevrbgkl\_kemqZ_\qZklv
g_^hklZxs_]hijhl_b
gZfh`_l\hkihegblvaZkq_lg_[_edh\uoZahlkh^_j`Zsbo
\_s_kl\dhlhju_\jm[p_jZks_ieyxlky^hZffbZdZbmk\Zb\Zxlky
fbdjhnehjhc
EZdlhaZ
H[jZam_lkyba]exdhaudjh\bdhlhjZy\k\hxhq_j_^vkbgl_abjm_lky
bajZks_ie_gguokZoZjhaubnjmdlhau
;hevrbgkl
\h\blZfbgh\ :
ihklmiZ_l\fhehdhq_j_adjh\v
g_ihkj_^kl\_gghkdhjfZfbZ\blZfbguKb]jmiiuh[jZamxlky\j_amevlZl_
`bag_^_yl_evghklbfbdjhnehjuij_^`_em^dh\
Fbg_jZevgu_\_s_kl\ZihklmiZxl\fhehdhg_ihkj_^kl\_gghbaieZafudjh\b
Ih^
\ha^_ckl\b_fhdkblhpbgZkhdjZsZxlkyfbhwibl_ebZevgu_a\_a^qZlu_
de_ldb\hdjm]Zev\_hebj_adh\hajZklZ_l\gmljb\ufyggh_^Z\e_gb_Z]eZ^dZy
fmkdmeZlmjZfhehqguooh^h\bkhkdh\h]hknbgdl_jZih^^_ckl\b_flh]h`_
hdkblhpbgZjZkkeZ[ey_lky[eZ]h^Zjyq_fm\Zd
mmfhfbebf_oZgbq_kdbfk`Zlb_f
khkdZfhehdhfh`ghba\e_qvHdkblhpbgpbjdmebjm_l\djh\b
fbgml
ihkl_i_gghjZajmrZykvGZ^hihfgblvqlh\hl\_lgZg_ijbylgu_jZa^jZ`_gby\
djh\b\u^_ey_lky]hjfhggZ^ihq_qgbdh\Z^j_gZebgdhlhjucihk\h_fm
^_ckl\bxh
glZ]hgbklbq_ghdkblhpbgmIhwlhfmijb^h_gbbdhjh\^he`gZ[ulv
kha^ZgZkhhl\_lkl\mxsZyijb\uqgZyh[klZgh\dZ[_armfZihklhjhggboebp
g_ijbylguo\ha^_ckl\bcgZdhjh\mJ_ne_dkfhehdhhl^ZqbgZqbgZ_lkyg_
h^gh\j_f_gghg_kgZqZehf^h_gbyHlgZqZeZjZa^jZ`
_gby\uf_gb^h
ihklmie_gby\\ufyklhdhfdjh\bhdkblhpbgZijhoh^bl
k_dmg^Bf_ggh
wlhleZl_glguci_jbh^bgm`ghbkihevah\Zlv^eyih^]hlh\dbdhjh\ud^h_gbx
?kebih^]hlh\dmaZlygmlvih\j_f_gbl__keb__]hlh\blvkdZ`_ffbgmlu
lhgZ\lhjhc
fbgml_m`_gZklmiblj_ne_dkfhehdhhl^ZqbbaZdhgqblkyq_j_a
fbgmlLh]^ZgZZdlb\gh_^h_gb_hklZg_lkylhevdhfbgmluaZdhlhju_g_
dZ`^Zydhjh\Zmki__l\u^hblvky
Bkoh^ybawlboij_^ihkuehdhkgh\gu_ijZ\beZ^h_gbyfh`ghk\_klbd
ke_^mxsbf
Ihklhyg
ghbkljh]hkh[ex^ZlvjZkihjy^hd^gyb^hblvdhjh\\h^ghblh`_
\j_fyih\hafh`ghklbg_baf_gyy\g_rgbomkeh\bc
AZ
qZki_j_^^hcdhcdhjh\ih^gylvqlh[uhgbihklhyebbhqbklbebkv
hldZeZdhlhjucgm`ghkjZam`_m[jZlvHkh[_gghwlhijZ\behke_^
m_l
kh[ex^Zlvijbijb\yaghfkh^_j`Zgbb^hcguodhjh\
G_[he__q_faZfbgmlm^hih^dexq_gby^hcguoklZdZgh\h[fulv\ufy
l_iehc 
 \h^hcbgZkmoh\ul_j_lvqbklufihehl_gp_fbebljyidhcghg_
h^ghcljyidhc\k_o
jmqgmxk^hblv
kljmcdbfhehdZk
dZ`^h]hkhkdZ\ki_pbZevgmx
djm`dmkq_jguf^ghfqlh[u\h
i_j\uomkbeblvj_ne_dkfhehdhhl^Zqbld
[Zjjhj_p_ilhjujZkiheh`_gu\lhes_khkdZbijbh[fu\Zgbb\uf_gb
jZa^jZ`_gb_^hgbofh`_lg_^hclb\h
\lhjuom^Zeblv[Zdl_jbZevgmx
ijh[dmbakhkdh
\h]hdZgZeZbl_fkZfufih\ukblv]b]b_gbq_kdh_dZq_kl\h
fhehdZ\lj_lvboijhdhgljhebjh\Zlva^hjh\v_dhjh\u g_[_kihdhblvkyeb
dhjh\Zg_leb\fhehd_oehiv_\bebdjZkgh]hhll_gdZ 
Abfhcijbgbadhcl_fi_jZlmj_\ihf_s_gbb^hbevgu_klZdZguZiiZjZlZ
i_j_
^gZ^_\Zgb_fgZkhkdbi_j\hcdhjh\uih^h]j_lv\]hjyq_c\h^_
G_^himkdZlvi_j_^_j`dbklZdZgh\gZ\uf_gb_kebfhehdh\ZiiZjZl
i_j_klZehihklmiZlvijhlb\ghfkemqZ_mdhjh\u\ujZ[Zlu\Z_lky\j_^gZy
ijb\uqdZaZ^_j`b\Zlvfhehdh
Ihke_kgylby^hbevguoklZ
dZgh\\ufyh[fulv^_abgnbpbjmxsbf
jZkl\hjhf
i_j\u_
^g_cihke_hl_eZdhjh\Zijh^mpbjm_lfhehab\hHgh
kms_kl\_ggufh[jZahfhkh[_ggh\i_j\u_
^gyhlebqZ_lkyhlfhehdZb
y\ey_lkydZd[ui_j_oh^ghcibs_cl_e_gdZhliblZgbykhklZ\gufbqZklyfb
h\bdiblZgbxfhehdhffhehab\_gZfgh]h[hevr_kmobo\_s_kl\bf_gvr_
\h^u@bjZ\fhehab\_[u\Z_ldZdijZ\beh[hevr_q_f\fhehd_Ghijb
h^ghh[jZaghfkbehkghfdhjfe_gbbkl_evguokmohklhcguodhjh\fhehab\hbo
ihke_hl_eZfh`_lhdZaZlvkyg_`bjguf ^
h
2%).
dhfihg_glu
fhehdh
fhehab\h
\h^Z
87,5
73,7
kmoh_\_s_kl\h
12,8
26,3
\lq`bj
3,8
6,3
[_edb
3,2
14,9
eZdlhaZ
5,0
�h
fbg_jZevgu_kheb
0,8
1,1
Djhf_lh]hijblZdhfdhjfe_gbbbl_e_ghdjh^blvkykeZ[ufdhf[bgZpbbk
gbadhdZq_kl\_gguffhe
hab\hfwlh]jhabl^bki_ikb_cb]b[_evxl_e_gdZ
;hevrmxjhev\iblZgbbgh\hjh`^_ggh]hl_e_gdZb]jZxl[_edbfhehab\Z
fhehab\_ihkjZ\g_gbxkfhehdhfgZfgh]h[hevr_Zev[mfbgZb]eh[mebgZ
:ev[mfbge_]q_dZa_bgZmk\Zb\Z_lkyZ]eh[mebg\uihegy_lhl\_lkl\_g
gmx
nmgdpbxihi_j_^Zq_gh\hjh`^_gghfmiZkkb\gh]hbffmgbl_lZ
EZdlhaZy\ey_lky_^bgkl\_ggufm]e_\h^hfmk\hy_fufgh\hjh`^_gguf
l_e_gdhfghwg_j]_lbq_kdZyihlj_[ghklv_]h\agZqbl_evghckl_i_gbihdju\Z_lky
aZkq_l`bjZ
fhehab\_kh^_j`blkyfgh]hfbg_jZ
evguokhe_cdhlhju_e_]dhmk\Zb\Zxlky
bkem`ZlieZklbq_kdbffZl_jbZehf^eyde_lhd hkh[_gghdhklydZ Djhf_lh]h
gZebqb_\fhehab\_fZ]g_abZevguokhe_ckihkh[kl\m_lebr_gbxl_e_gdZhl
i_j\hjh^gh]hdZeZ
f_dhgbyldwlbkhebh[eZ^ZxlihkeZ[eyxsbf^_ckl\
b_f
Kh\j_f_g_fq_j_a
^g_ckhklZ\k_dj_lZ\uf_gbf_gy_lkybfhehab\h
ihkl_i_gghij_\jZsZ_lky\fhehdhKhklZ\fhehdZ\oh^_eZdlZpbblZd`_
ihkl_i_gghf_gy_lkyIjbijhqbojZ\guomkeh\byo\g_fg_agZqbl_evgh
ih\urZ_lkykh^_j`Zgb_`bjZ[_edZbfb
g_jZevguo\_s_kl\ghkgb`Z_lky
dhebq_kl\hkZoZjZWlbbaf_g_gbyhkh[_gghj_adhaZf_lgui_j_^aZimkdhfM^hc
ihke_hl_eZh[uqgh[u\Z_l\ukhdbcbih\urZ_lky^hZbgh]^Zbf_kypZ
eZdlZpbbAZl_fg_dhlhjh_\j_fyhghklZ_lkygZ\ukhdhfmjh\g_bihkl_i_g
kgb`Z_lkyJ_adh_kgb`_gb_m^hygZ[ex^Z_lky\h\lhjhciheh\bg_ke_^mxs_c
kl_evghklbdhjh\uZaZ
f_kypZ^hhl_eZ[hevrbgkl\hdhjh\aZimkdZ_lkybeb
boaZimkdZxlbkdmkkl\_ggh=jZnbdbaf_g_gbym^h_\\l_q_gb_eZdlZpbb
gZau\Z_lky
eZdlZpbhgghcdjb\hc
GZ\_ebqbgmbaf_g_gbym^h_\hdZau\Z_l
\ebygb_hq_gvfgh]bonZdlhjh\dZd\g_rgb_lZdbgZke_^kl\_ggu_
?kebjZkkfhlj_lvfhehqgmxijh^mdlb\ghklvdhjh\ih]eZ\guf__we_f_glZf
lhg_ljm^ghaZf_lblvqlh\[hevrbgkl\_kemqZyoijb\ukhdbom^hyo`bjghklv
\ukhdZbgZh[hjhlWlhlg_ijbylguc^eyk_e_dpbhg_jh\nZdlk\b^_l_evkl\m_l
h[hljbpZl_evghcdhjj_eypbbf_`^mm^h_fb`bjhfH^gZdhp_e_gZijZ\e_ggZy
k_e_dpbyiha\hey_lmf_gvrblvwlmhljbpZl_evgmxdhjj_eypbxbeb^Z`_\
hl^_evguokemqZyoi_j_kljhblv__\ih
eh`bl_evgmxLZdkj_^bdhjh\dj^Zlkdhc
ihjh^u\�Zgbb
o]h^ZowlZaZ\bkbfhklv\ujZ`ZeZkv
q 
Z\gZklhys__\j_fyhgZihqlbgb\_ebjh\ZgZ q
 F_`^m
`bjhfb[_edhf\aZbfhk\yavh[uqgh[u\Z_liheh`bl_evghcH^gZdhih\ur_gb_
kh^_j`Zgby[_ed
Z\fhehd_agZqbl_evghhlklZ_lhljhklZkh^_j`Zgby`bjZ
AZdhghf_jghklvwlmfh`gh\ujZablvijbf_jghlZd_keb`bjghklvfhehdZ
ih\ukblkylhevdhgZlh[_edh\hklv_]hih\ukblvkylhevdhg_Ihwlhfm
mqblu\Zy\Z`ghklvihdZaZl_ey[_edh\hfhehqghklb\g_d
hlhjuokljZgZom`_
gZqZlZk_e_dpbykdhlZihwlhfmijbagZdmBagZke_^kl\_gguonZdlhjh\
\ebyxsbogZfhehqgmxijh^mdlb\ghklvke_^m_lhlf_lblvgZke_^m_fhklvb
baf_gqb\hklvijbagZdh\M^hcy\ey_lkygZb[he__baf_gqb\ufijbagZdhf
fhehqghcijh^mdlb\ghklbl_
hgf_gvr_^jm]boijbagZdh\h[mkeh\e_g
]_g_lbq_kdbfbnZdlhjZfbZ\hfgh]hfaZ\bkblhlmkeh\bc\g_rg_ckj_^u
Dhwnnbpb_glbaf_gqb\hklbm^hyh[uqghdhe_[e_lky\ij_^_eZo
30%(20).
;he__klZ[bevgufijbagZdhfy\ey_lky`bjfhehdZDhwnnbpb_gl_]h
baf_gqb\hkl
bkhklZ\ey_l
Z[_edZdZdijZ\beh_s_f_gvr_
H^gZdh
wlhg_evaykqblZlvijZ\behf\ohayckl\Zo\_^_lkyk_e_dpbydjmigh]hjh]Zlh]h
kdhlZih`bjghfhehqghklbbihdZg_\_^_lkyihkh^_j`Zgbx\fhehd_[_edZ
ihwlhfm\hfgh]bokemqZyoijbagZd`bjg
hfhehqghklbhlk_e_dpbhgbjh\Zgb
klZ[bebabjh\ZgZbaf_gqb\hklv[_edZfh`_lij_\hkoh^blvbaf_gqb\hklv`bjZ
Ijhlb\hiheh`ghbaf_gqb\hklvoZjZdl_jbam_lkygZke_^m_fhklvijbagZdh\
fhehqghcijh^mdlb\ghklbM^hcgZke_^m_lkykeZ[hgZ
`bjb[_ehd
fhehdZ
gZfgh]hemqr_
Wlb]_g_lbq_kdb_ihdZaZl_ebjZkkqblu\Zxlky
^ey[hevrbok\h[h^ghkiZjb\ZxsbokyihimeypbcIhwlhfm\dhgdj_lguo
kemqZyoaZdhghf_jghklbbaf_gqb\hklbbgZke_^m_fhklbijbagZdh\fhehqghc
ijh^mdlb\ghklbfh]mlg_\u^_j`b\ZlvkyldgZfq
Zklhijboh^blvkybf_lv^_ehk
g_[hevrbfdhebq_kl\hf\ukhdhp_gguo`b\hlguodlhfm`_kiZjb\Zxsbokyg_
k\h[h^ghZih gZr_fm ieZgmLZdgZijbf_j\ohayckl\_Ohefh]hjdZ^hq_j_c
[udh\:jlbklZbJmeykijZdlbq_kdbh^bgZdh\ufbm^hyfbkiZjbebk[udhf
KZexlh
fIjbwlhfke_^h\Zehh`b^Zlvijbf_jghh^bgZdh\h]hm^hym\gmq_d
Jmeyb:jlbklZH^gZdhkhq_lZ_fhklv\ih^[hj_dKZexlmhdZaZebkvgZfgh]h
emqr_m^hq_j_c:jlbklZZ`gh_agZq_gb_\i_j_^Zq_ihgZke_^kl\mijbagZdh\
fhehqghcijh^mdlb\ghklbbf__lk\hckl\hi
j_ihl_glghklbIh^ij_ihl_glghklvx
ihgbfZ_lkyklhcdZyi_j_^ZqZijbagZdh\ihlhfkl\m
LZd\]heeZg^kdhcihjh^_ij_ihl_glgufih`bjghfhehqghklbhdZaZeky[ud
:ggZk
:^_fZBkihevamywlhk\hckl\h]heeZg^kdb_kdhlh\h^urbjhdh
bkihevah\Zebwlh]h[udZba
ZdhjhldbckjhdagZqbl_evghih\ukbeb
`bjghfhehqghklv\h\k_fnjbakdhfhljh^v_]heeZg^kdhcihjh^uijbq_f\
jh^hkeh\ghcijZdlbq_kdb\k_o`b\hlguogZoh^blvky\u^Zxsbcky[ud:ggZk
:^_fZ
Ijbihkj_^kl\_gguomkeh\byodhjfe_gby[hevrh_\ebygb_gZm^hchdZau\Z_
`b\ZyfZkkZdhjh\Ih\ur_gguc`b\hc\_kdhjh\k\b^_l_evkl\m_lhemqrbo
mkeh\byobo\ujZsb\Zgbyb[he__\ukhdhcmiblZgghklb\i_jbh^wdkiemZlZpbb
[hevrbgkl\_kemqZ_\kih\ur_gb_f`b\h]h\_kZdhjh\m\_ebqb\Z_lkybom^hc
Ijbk_e_dpbbgZm^hc`b\hc\_k
lZd`_ke_^m_lih\urZlvgh^hhij_^_e_ggh]h
hilbfmfZldk\_jowlh]hhilbfmfZf_`^mwlbfbijbagZdZfbgZ[ex^Z_lky
h[jZlgZyaZ\bkbfhklvLZdh_y\e_gb_hljbpZl_evgh]h\ebygbyqj_af_jgh
\ukhdh]h`b\h]h\_kZgZm^hbgZ[ex^Z_lky\[hevrbgkl\_kemqZ_\LZd
ie_faZ\h^_?eZgkdbchjhg_`kdhch[eZklbhldhjh\kbff_glZevkdhcihjh^uk
`b\uf\_khf^hd]fhehdZaZgZbemqrmxeZdlZpbx[uehgZ^h_ghd]
fhehdZk\_khf
d]
  Zhldhjh\k\_khf[he__d]
5135 (
 Kh\k_fbgh_iheh`_
gb_[u\Z_l_kebijbk_e_dpbbgZih\ur_gb_m^h_\b
`b\h]h\_kZk_e_dpbhg_jklZjZ_lkykhojZgblvbmkh\_jr_gkl\h\Zlvfhehqguclbi
`b\hlguoie_faZ\h^_DZjZ\Z_\hijb\ukhdhfmjh\g_ie_f_gghcjZ[hlukh
klZ^hfkdhlZDhkljhfkdhcihjh^uih^jmdh\h^kl\hfKB
Rl_cfZgZhldhjh\
\_khfd][uehihemq_ghd]fhehdZk\_khf
d]b
d]
Bawlboijbf_jh\ke_^m_l\u\h^qlh^ey[hevrbgkl\Zihjh^jZa\h^bfuo\
gZr_ckljZg_m\_ebq_gb_`b\h]h\_kZdhjh\^h
d]kdZau\Z_lkygZm^hyo
iheh`bl_
evghLhevdh^eyg_dhlhjuoihjh^dhf[bgbjh\Zggh]hgZijZ\e_gby
ijh^mdlb\ghklbqj_af_jgh_m\_ebq_gb_`b\h]h\_kZk\_jo
d]ijb
hlkmlkl\bbk_e_dpbbihlbiml_ehkeh`_gbyfh`_lijb\_klbdkgb`_gbxm^h_\
H^gbfbagZb[he__kbevguonZdlhjh\\g_rg_ckj_^u
hdZau\Zxsbo\ebygb_
gZfhehqgmxijh^mdlb\ghklvy\ey_lkynZdlhjdhjfe_gby=_g_lbq_kdbkdhl
ex[hcfhehqghcbdhf[bgbjh\Zgghcihjh^ugZr_ckljZgukihkh[_ggZm^hc
d]Ijbm^h_
lukh^gbfdhjfe_gb_fijh^mdlb\ghklvfh`ghm\_ebqblv
\^\h_H\ebygb
bdhjfe_gbygZfhehqgmxijh^mdlb\ghklvfh`ghkm^blvm`_ih
lhfmqlhi_jbh^uklbobcguo[_^kl\bc\hcgijh^mdlb\ghklvkdhlZj_adhiZ^Z_l
[hevrbgkl\_ohayckl\fhehqgZyijh^mdlb\ghklvj_adhkgb`Z_lkyabfhc
hijhkudhjfe_gbydhjh\km^h_f^h
lukd]
\]h^gZmdhc^hklZlhqghihegh
jZajZ[hlZgukZfhf^_e_fuaZljm^gy_fkykhklZ\blvkmlhqgucjZpbhgk_[_gh
k\h[h^ghfh`_fkhklZ\blv_]h^hcghcdhjh\_ijbq_fijbgZebqbbdhjfh\fu_]h
k[ZeZgkbjm_fbihh[s_ciblZl_evghklbbihijhl_bgmihfbg_jZevguf
\_s_kl\Zfb\blZfbgZf_kv\hijhkmibjZ_lkyebrv\dZq_kl\hdhjfh\
IjbieZgbjh\Zgbbdhjfe_gbyfu^he`gubkoh^blvbake_^mxsboijbgpbih\
h[_ki_qblvgZ^e_`Zsbcmjh\_gvdhjfe_gby
\u[jZlvhilbfZevgmxkljmdlmjmjZpbhgZh[_ki_qb\Zxs_]hdhjh\_
g_h[oh^bfuch
[t_fohjhrbcZii_lblb^hklZlhqgmxi_j_\hjbfhklv
jZpbhg^he`_g[ulvh[hkgh\Zgwdhghfbq_kdb
JZkkfhljbfwlbijbgpbiu
d]  d_^d] d_^e
d]  

d_^d] d_^e
d]  d_^d] d_^e
Dhjh\_k`b\uf\_khfd]bm^h_f
]hfhehdZd]\kmldblj_[m_lky
d_^Zkm^h_fd]
d_^GhaZljZlugZefhehdZm\lhjhcdhjh\uqml
vebg_\
jZaZgb`_Hlkx^Z\u\h^iehohdhjfblvdhjh\g_\u]h^ghIhwlhfm]eZ\ghc
aZ^Zq_cy\ey_lkyg_jhklih]heh\vyZih\ur_gb__]hdZq_kl\Zdhlhjh_[m^_l
^hklb]Zlvkymemqr_gb_fdhjfe_gbybk_e_dpb_c
?keb\jZpbhg_dhjh\uij_^mkfhlj_lv
d]khe
hfulhlZdhcjZpbhgg_
[m^_lm^h\e_l\hjylvdhjh\mgbihh[t_fm kebrdhf\_ebd gbihih_^Z_fhklb
dhjh\Zg_kt_klklhevdhkhehfu gbihi_j_\Zjbfhklb�ey\uiheg_gby\k_o
mkeh\bc\lhjh]hijbgpbiZdhjfe_gbyg_h[oh^bfh\dexqblv\jZpbhgbkhqgu_
dhjfZ^ey
memqr_gby\dmkh\uob^b_lbq_kdbodZq_kl\bdhgp_gljZlu^ey
h[_ki_q_gbyh[s_]hmjh\gybohjhr_]hdZq_kl\Zk_gh^eyghjfZevghcnmgdpbb
ij_^`_em^dh\Ijbwlhfke_^m_lbf_lv\\b^mqlhm]e_\h^ub\lqde_lqZldZ
bf__l\Z`gmxjhev\`bag_^_yl_evghklbfbdjhh
j]Zgbafh\ij_^`_em^dh\\
h[jZah\Zgbbfhehqgh]h`bjZijhl_bgy\ey_lkykljmdlmjgufwe_f_glhfbb]jZ_l
i_j\hkl_i_ggmxjhev\h[f_gguoijhp_kkZoijb\ukhdhcijh^mdlb\ghklb d] 
^ey^hklZlhqgh]hmjh\gyh[s_ciblZl_evghklb dZehjbcghklb jZpbhgZ
ijboh^blvky
\g_]h\dexqZlv^Z`_`bjJZpbhg^he`_g[ulvk[ZeZgkbjh\Zg
kgb`_gb_`bjZ\_kghc kZo
ijhl
Wdhghfbq_kdh_h[hkgh\Zgb_jZpbhgZk\h^blvkyg_lhevdhdk_[_klhbfhklb
d_^
havf_fijbf_j
]jmiiZ
JZpbhg
D_^
M^hckml
Klhbf
jZpbhgZ
GZe
fhehdZ
k_gh
kbehk
dhf[bdhjf
k\_deZ
4,5
13,5
1,22
dhi
4,5
15,5
1,62
dhi
jZag
+20
+2,0
+0,40
+0,5
l_kghc\aZbfhk\yabkdhjfe_gb_fgZoh^blvkylZdhcnZdlhj\ebyxsbcgZ
fhehqgmxijh^mdlb\ghklvdZdbkihevah\Zgb_
Yjdbfijbf_jhf\ebygby
bkihevah\ZgbygZfhehqgmxijh^mdlb\ghklvfh`_lkem`blvijbf_jkdhjh\hc
AZame_ckbff_glZevkdhcihjh^u
EZdlZpby
=h^
Ijh^he`bl_evghklv
eZdlZpbb
M^hcaZeZdlZpbx
DjZlghklv
m\_ebq
Hq_gv\Z`guff_jhijbylb_f\kbkl_f_f_jihih\ur_gbxfhehqghc
ijh^mdlb\ghklby\ey_lkyjZa^hc
JZa^hc
wlhdhfie_dkahhl_ogbq_kdbo\_l_jbgZjguobhj]ZgbaZpbhgguo
f_jhijbylbcgZijZ\e_gguogZih\ur_gb_m
^hydhjh\ihke_hl_eZijbq_f
]eZ\guff_jhijbylb_f\wlhfdhfie_dk_y\ey_lkyZ\Zgkbjh\Zgb_\dhjfe_gbb
�eymki_rgh]hjZa^hydhjh\Z^he`gZ[ulva^hjh\hc\h\j_fybahhl_ogbq_kdb
ijZ\bevghaZims_gZ\kmohklhcguci_jbh^_cgm`ghh[_ki_qblvohjhrmx
ih^]hlh\d
mdke_^mxs_fmhl_emhl_e^he`_gijhclb[_aihke_jh^h\uo
hkeh`g_gbcQ_j_a
^g_cihke_hl_eZijbkhklZ\e_gbbjZpbhgZdhjh\_
^_eZxldhjfh\hcZ\ZgkgZ
d_^Kkhhl\_lkl\mxsbfdhebq_kl\hfijhl_bgZ
fbg_jZevguokhe_cb\blZfbgh\
WlhlZ\Zgk^Z_lky
k\_joihlj_[ghklbGZwlhlZ\Zgkdhjh\Zhl\_qZ_lijb[Z\dhc
fhehdZQ_j_a
^g_cjZpbhgi_j_kfZljb\ZxlbhiylvgZagZqZxlZ\Zgkk\_jo
ihlj_[ghklb?keb\hl\_lgZijb[Z\dmdhjfZdhjh\Zg_hl\_qZ_lm\_ebq_gb_f
m^hylhf_gyxlkljmdlmjmjZpbhgZ\\h^yl
dZdb_lhdhjfZhohlghih_^Z_f__
dhjh\hcbl^?kebbgZwlhdhjh\Zg_hl\_qZ_lih\ur_gb_fm^hylhhq_j_^ghc
jZajZpbhg_ckhklZ\eyxlihghjfZfJZamf__lkydhjh\ZgZjZa^h_^he`gZ
ijZ\bevghwdkiemZlbjh\Zlvkyihevah\Zlvky
ijh]medZfb
mkeh\byog_
^hklZlhqgh]hh[_ki_q_gbykdhlZdhjfZfb\abfgbci_jbh^
[hevrh_\ebygb_gZfhehqgmxijh^mdlb\ghklvhdZau\Z_lk_ahghl_eZ
IZkl[bsgh_kh^_j`Zgb_fhehqgh]hkdhlZ[eZ]hijbylgh^_ckl\m_lgZhj]Zgbaf
dhjh\ua_e_ghcljZ\_kh^_j`blky\k_g_h[oh^bfu_we_f_gluib
lZgby
hkh[_gghfgh]h\blZfbgh\Ij_[u\Zgb_kdhlZgZk\_`_f\ha^mo_\ha^_ckl\b_
kheg_qgh]hh[emq_gbybZlfhkn_jguohkZ^dh\ghjfZebam_lh[f_g\_s_kl\b
\hkijhba\h^bl_evgmxnmgdpbxdhjh\Ihwlhfm\[hevrbgkl\_ohayckl\e_lhfm
dhjh\m^hbagZqbl_evgh\ur_
q_fabfhcWlhh[tykgy_lkylZd`_bl_fqlhk
\u]hghfgZiZkl[bs_dhjh\uijboh^yl\hohlmbhk_f_gyxlkyb\ke_^kl\b_wlh]h
[hevrZyqZklvhl_eh\ijboh^blkygZn_\jZev
fZjlHl_eb\rb_ky\wlh\j_fy
dhjh\u\uoh^ylgZiZkl[bs_gZ
f_kyp_eZdlZpbbohjhrhj
Za^Zb\Zxlkyb
ih^^_j`b\Zxl\ukhdb_m^hbgZijhly`_gbb\k_]hiZkl[bsgh]hi_jbh^Z
Dhjh\uhl_eb\rb_kye_lhfh[uqghijbghkyldjmigucieh^bhl_emgbo
ijhoh^blljm^ghukhdbcmjh\_gveZdlZpbhgghc^_yl_evghklbh[mkeh\e_gguc
nbabheh]bq_kdbfkhklhygb_fmkbe
b\Z_lkyghjfh\ufbnZdlhjZfbb
eZdlZpbhggZydjb\Zyih^gbfZ_lkyj_adh\\_joH^gZdh\ukhdbcmjh\_gvm^h_\
khojZgy_lkyg_^he]hki_j_oh^hfgZklhceh\h_kh^_j`Zgb_dhjh\uj_adh
kgb`Zxlm^hcbeb^Z`_kZfhaZimkdZxlkyjZgvr_hilbfZevgh]hkjhdZIhwlhfm
e_lgb_
hl_eudhjh\ijbgylhkqblZlvg_`_eZl_evgufb
Ijbhk_ggbohl_eZo\ljm^guodhjfh\uomkeh\byohldhjh\\ljm^guo
dhjfh\uomkeh\byolZd`_ihemqZxlhldhjh\g_^hklZlhqghohjhrbodhjfh\uo
mkeh\byohl_eu`_eZl_evghih\hafh`ghklbkf_klblvgZdhg_phk_gb
abfm

wlhfkemqZ_abfhcb\_kghc\ukhdZyijh^mdlb\ghklvdhjh\h[_ki_qb\Z_lky
nbabheh]bq_kdbfkhklhygb_fZ\dhgp_\_kgube_lhf
nZdlhjZfbiZkl[bsgh]h
kh^_j`Zgby
Hk_ggb_hl_eubf_xlk\hbij_bfms_kl\Z
Hl_euijhoh^yle_]dhld\ij_^u^msbchl_eme_lgbc
i_jbh^a^hjh\v_dhjh\u
mdj_iey_lkyIjbgZebqbb^hklZlhqgh]hdhebq_kl\Zdhjfh\m^hbg_kgb`Zxlky
\kxabfmdh]^ZfhehdhdZdjZap_gblvky^hjh`_
Kms_kl\_ggh_\ebygb_gZfhehqgmxijh^mdlb\ghklvdhjh\hdZau\Z_l
bgl_gkb\ghklvbo\ujZsb\Zgby
Fg_gb_ihwlhfm
\hijhkm_^bgh^mrgh_dZdkdm^gh_lZdbh[bevgh_ghg_
k[ZeZgkbjh\Zggh_dhjfe_gb_l_ehdhljbpZl_evgh\eby_lgZbofhehqgmx
ijh^mdlb\ghklv
G_kdhevdhf_g__ihgylgufy\ey_lkyhljbpZl_evgh_\ebygb_gZnhjfbjh\Zgb_
fhehqghcijh^mdlb\ghklbh[bevgh]hdhjfe_gby
Kmlvwlh]h\ebygby
aZdexqZ_lky\lhfqlhh[bevgh_ghg_k[ZeZgkbjh\Zggh_dhjfe_gb_
kihkh[kl\m_lhleh`_gbxfurpb`bjZZjZa\blb_fhehqghklbm]g_lZ_lky
l_kghc\aZbfhk\yabkbgl_gkb\ghklvx\ujZsb\ZgbygZoh^blky\hajZkl
i_j\h]hhieh^hl\hj_gbyl_ehd
IjbkebrdhfjZgg_fhieh^hl\hj_gbbl_ehdlhjfhablvkybojhklbjZa\blb_
qlh\^Zevg_cr_fijb\h^bldbaf_evq_gbxdhjh\ihemq_gbxf_edbol_eylb
kgb`_gbxfhehqghcijh^mdlb\ghklbKebrdhfiha^g__hieh^hl\hj_gb_l_ehd
lZd`_g_`_eZl_evghlZddZdijbwlhfgZ
[ex^Z_lkyi_j_jZkoh^dhjfZgZ
\ujZsb\Zgb_mf_gvr_gb_dhebq_kl\ZfhehdZihemq_ggh]h\l_q_gb_`bagb
dhjh\uiehoZyhieh^hl\hjy_fhklvi_j_jhkrbol_ehd
kj_^g_fj_dhf_g^m_lkyhk_f_gylvl_ehdfhehqguoihjh^\\hajZkl_
20
f_kyp_\ijb^hklZlhqghc`b\hcfZ
kk_\
\ajhkeuodhjh\
hajZkldhjh\u?kl_kl\_gghqlhhli_j\hl_ehdbebdhjh\\lhjh]hhl_eZg_
ihemqZxlklhevdhfhehdZkdhevdhhlihegh\hajZklguodhjh\FhehqgZy
ijh^mdlb\ghklv\hajZklZ_lihf_j_jhklZbjZa\blbyhj]ZgbafZ\p_ehfb
fhehqghc`_e_au
\qZklghklbGZb[hevrb_m^hbj_]bkljbjmxlkygZ
eZdlZpbb
]h^Zhgbm^_j`b\ZxlkygZ\ukhdhfmjh\g_ZaZl_fkgb`Zxlkyih
f_j_klZj_gbyhj]ZgbafZBaf_g_gb_fhehqghklbk\hajZklhfaZ\bkblhl
kdhjhki_ehklb`b\hlguoMdhjh\kdhjhki_euoihjh^fZdk
bfZevgu_m^hb
[u\Zxl\\hajZkl_
e_ll_gZ
eZdlZpbxZmiha^g_ki_euoihjh^
\hajZkl_
e_l
FykgZyijh^mdlb\ghklv
Fykhbf__lbkdexqbl_evgh\Z`gh_agZq_gb_\iblZgbbq_eh\_dZg_f
bf_xlky[_edb`bjufbg_jZevgu_\_s_kl\Zfgh]b_\blZ
fbguHghh[eZ^Z_l
\ukhdbfb\dmkh\ufbdZq_kl\ZfbLjm^ghi_j_qbkeblv\_kvZkkhjlbf_gl[ex^
dhlhju_ba]hlh\eyxlkybafykZIblZl_evgZyp_gghklvfykZhij_^_ey_lky\
hkgh\ghfkh^_j`Zgb_f\g_fiheghp_gguo[_edh\
]eh[mebgZZev[mfbgZ
fbhabgZ\khklZ\dhlhj
uo\oh^ylg_aZf_gbfu_ZfbghdbkehluFykhh[eZ^Z_l
\ukhdhci_j_\ZjbfhklvxdhlhjZy^hklb]Z_lIhwlhfmijhba\h^kl\mfykZ
ijb^Z_lky[hevrh_agZq_gb_
Qlh[uagZqbl_evghm\_ebqblvijhba\h^kl\h]h\y^bgu\^Zevg_cr_f
g_h[oh^bfhij_`^_\k_]h
Ih\ukblvkj_^gxx
`b\mxfZkkmdZd\ajhkeuo`b\hlguolZdbfheh^gydZ
ihemlhjZe_lg_]h\hajZklZm[b\Z_fh]hgZfykh^hd]
Ebd\b^bjh\Zlvyeh\hklvdhjh\
G_^himkdZlviZ^_`Zl_eyl
AZ[hleb\h\ujZsb\Zlvl_ehdgZie_fy
Bkihevah\Zlvijhfure_ggh_kdj_sb\Zgb_
M\_ebqblvq
bke_gghklvfykguoihjh^
=h^h\hcpbde^_yl_evghklbdhjh\u
EZdlZpby 
^g
Kmohklhcguci_jbh^
(45
^g
Hl_e
Hl_e
Hk_f_g_gb_
Kl_evghklv ^g
K_j\bk
i_jbh^ 
^g
AZimkd
G_h[oh^bfhbf_lvlZdmxkljmdlmjmklZ^Z \aZ\bkbfhklbhlijbjh^gh
debfZlbq_kdbomkeh\bcohayckl\ dhlhjZyiha\heblijhba\h^blvgZb[hevr__
dhebq_kl\hfykZemqr_]hdZq_kl\Zijbgbadhc_]hk_[_klhbfhklb
Bamq_gb_kh\j_f_gghcfbjh\h
cijZdlbdbhj]ZgbaZpbbb\_^_gbyfykgh]h
kdhlh\h^kl\Zbf__l\Z`gh_^eyohayckl\gZr_ckljZgu^eyjZa\blbyfykghc
ijhfure_gghklb\p_eyogZbemqr_]hkgZ[`_gbygZk_e_gby\ukhdhdZq_kl\_gguf
fykhf
Ih^fykhfihgbfZxlqZklvlmrb\dexqZxs_cfurpu`bjdhklbo
jysb
kmoh`bebynZkpbbg_j\gu_\hehdgZdjh\_ghkgu_khkm^ubebfnZlbq_kdb_
maeu
FykgZyijh^mdlb\ghklvhij_^_ey_lkydhebq_kl\hfbdZq_kl\hffykZ
Dhebq_kl\_ggZyfykgZyijh^mdlb\ghklvhij_^_ey_lky
`b\hcfZkkhc
fZkkhclmrbb\gmlj_gg_]h`bjZ m[hcghcfZ
kkhc
m[hcguf\uoh^hfl_ijhp_glgufhlghr_gb_fm[hcghcfZkkudij_^m[hcghc
`b\hcfZkk_`b\hlgh]h
DdZq_kl\_ggufihdZaZl_eyfhlghkylky
miblZgghklv`b\hlgh]h
khhlghr_gb_\_kZhl^_evguohljm[h\
khhlghr_gb_fur_qghcdhklghc`bjh\hcbkh_^bgbl_evghcl
dZgb
obfbq_kdbckhklZ\bdZehjbcghklvfykZ
Fhjnheh]bq_kdbckhklZ\lmrb
wlhfur_qgZy`bjh\ZydhklgZyb
kh_^bgbl_evgZyldZgv 
Hkgh\gufdhfihg_glhffykZy\ey_lky
fur_qgZyldZgv
__khklZ\\oh^yliheghp_ggu_[_edbkh^_j`Zsb_g_aZf_gbfu_
Zfbghdbkehlu
ebabgljbilhnZgf_lbhgbgpbklbgb^j dhlhju_hij_^_eyxl
iblZl_evgmxp_gghklvfykZKh^_j`Zgb_[_edh\\fyk_dhe_[e_lkyhl^h
H^gbfbaihdZaZl_e_cdZq_kl\_gghchp_gdbfykZy\ey_lkykhhlghr_gb_f_`^m
iheghp_ggufb ihZfbghdbkehl_ljbilhnZg b
g_iheghp_ggufb hdkbijhebg 
[_edZfbHdkbijhfbg\oh^bl\khklZ\kmoh`bebck\yahdnZkpbcbih_]h
gZebqbxkm^ylhdZq_kl\_fykZ 
khhlghr_gb_ 
i_jbh^jhklZ`b\hlguo^ebgZb^bZf_ljfur_qguo\hehdhgm\_ebqb\Zxlky
Kfhf_glZjh`^_gbyhgbgZqbg
Zxlkh_^bgylvky\imqdbdhlhju_ihf_j_jhklZ
klZgh\ylkydjmig__b]jm[__
Ihwlhfmfykhl_eyl[he__g_`gh_blhgdh\hehdgbklh_q_fm\ajhkeuoZl_f
[he__klZjuo`b\hlguo
P\_lfurpaZ\bkblhlgZebqby\gbo[_edZ
fbh]eh[bgZ
dhebq_kl\hdhlhjh]h
m\_ebqb\Z
_lkyk\hajZklhfZlZd`_ih^\ebygb_fdhjfe_gbybZdlb\ghc
fur_qghcjZ[hluIhwlhfml_eylbgZbf_xl[he__k\_lemxhdjZkdmq_f
]h\y^bgZFykh[udh\l_fg__q_fdhjh\
DZehjbcghklvfykZ
\agZqbl_evghcf_j_aZ\bkblhlkl_i_gbjZa\blby`bjh\hc
ldZgbdhlhjZy
bf__l[hevrh_agZq_gb_\`bagb`b\hlgh]h@bjy\ey_lkyaZiZkhf
wg_j]bbDZehjbcghklv_]hagZqbl_evgh\ur_q_fdZehjbcghklv[_edZHgb]jZ_l
\Z`gmxjhev\\h^ghfh[f_g_ldijbhdbke_gbb`bjh\djhf_wg_j]bb
h[jZam_lky\h^Zqlhhq_gv\Z`ghijbjZa\_^_gbb
kdhlZ\aZkmreb\uojZchgZo
IhwlhfmjZa\h^ysb_ky\mkeh\byo`Zjdh]hdebfZlZa_[mbf_xl`bjh\hc]hj[
@bjh\ZyldZgv jZkl\hjbl_ev\blZfbgh\:
\uihegy_llZd`_aZsblgmx
nmgdpbx\hj]Zgbaf_ij_^hojZgy_l_]hhli_j_hoeZ`^_gby
Ihke_m[hy`bjh\hciheb\lmrb
ij_^hojZgy_l__hl\ukuoZgby
@bjh\ZyldZgvkhklhblba`bjh\uode_lhdjZa^_e_gguoijhkehcdZfbjuoehc
kh_^bgbl_evghcldZgb
`bjh\uode_ldZoihf_sZxlky`bjh\u_rZjbdbMfheh^uo`b\hlguo\
`bjh\uode_ldZowlbrZjbdbf_edb_b\`bjh\hcldZgb[hevr_[_e
dZb\h^uq_f
mklZjuo
K\hajZklhfbaf_gy_lkybp\_l`bjZMl_eylhg[_eucbebk\_leucZm
\ajhkeuo`b\hlguo`_eluc\ke_^kl\b_gZdhie_gbydZjhlbgZ
@bjhldeZ^u\Z_lky
\furpZobf_`^mfurpZfb
gZ\gmlj_ggbohj]ZgZo ihqdbdbr_qgbd`_em^hd
ih^dh`_c
@bj\gmlj_ggbohj]Zgh\kh^_j`blf_gvr_kh_^bgbl_evghcldZgb[_edZb
\h^uHg\oh^bl\khklZ\m[hcghcfZkku
@bji_j_keZb\Zxsbcfurpukha^Z_l\b^fjZfhjghklvfykZ
dZq_kl\h
\ukhdhhp_gb\Z_fh]hihke_m[hyG_`_eZl_evgufy\eyxlkydZdkebrdhffZeu_
lZdb
a[ulhqgu_hleh`_gbyf_`fur_qgh]h`bjZ
G_^hklZlhd`bjZ\fyk_kgb`Z_l_]hdZq_kl\hFykh\wlhfkemqZ_[u\Z_l
kmoh_`_kldh_bg_\dmkgh_Ih\ur_ggZy`bjghklvfykZlZd`_kgb`Z_ldZq_kl\h
fykZldhghklZgh\blkyg_\dmkgufbiehohmk\Zb\Z_lky
Ih^dh`guc`b
y\ey_lkywg_j]_lbq_kdbf\h^guf^_ih
Ihwlhfmijbg_^hklZlhqghfmjh\g_dhjfe_gbyij_`^_\k_]hjZkkZku\Z_lky
bf_gghih^dh`guc`bjaZl_f\gmlj_ggbcbgZdhg_pf_`fur_qgucIjb
hldhjf_kgZqZeZgZqbgZ_lgZdZieb\Zlvky`bjf_`fur_qguc\gmlj_ggbcZaZl_f
dh`guc
Ihhleh`_gbxih^dh`gh]h`bjZijbijhsmiu\Zgbbhij_^_e_gguomqZkldh\
dh`bkm^ylhkl_i_gbmiblZgghklb
Lhqdb f_klZ gZl_e_`b\hlgh]hgZdhlhju_hjb_glbjmxlkyijbhij_^_e_gbb
miblZgghklbghkygZa\Zgb_
smih\
Hkgh\Zgwlhlf_lh^hij_^_e_gbymiblZg
ghklb
gZlhfqlhih^dh`guc`bjhldeZ^u\Z_lky\hij_^_e_gghcihke_^h\Zl_evghklb
Ihkl_i_gbmiblZgghklbhij_^_eyxldZl_]hjbbdhjh\\heh\bfheh^uol_eyl
gZdZl_]hjbb
\ur_kj_^gxxkj_^gxxbgb`g_kj_^gxxZ[udh\bl_eyl\\hajZkl_hl
^g_c^hf_kyp
_\gZdZl_]hjbbi_j\mxb\lhjmx
khklZ\fykZ\oh^blagZqbl_evgZyqZklvkh_^bgbl_evghcldZgbIblZl_evgZy
p_gghklvkh_^bgbl_evghcldZgbg_\ukhdZldhkgh\ghckhklZ\ghcqZklvx__
y\eyxlkyg_iheghp_ggu_[_edb
dheeZ]_gbweZklbgdhlhju_ihqlbg_
i_j
_\Zjb\Zxlkybg_mk\Zb\ZxlkyKh_^bgbl_evgZyldZgv\oh^bl\khklZ\
kmoh`bebcnZkpbck\yahdojys_cbijb^Z_lfur_qghcb`bjh\hcldZgyf
hij_^_e_ggmxdhgkbkl_gpbx
Kh^_j`Zgb_kh_^bgbl_evghcldZgb\jZaguoqZklyolmrbg_h^bgZdh\h_
F_gvr_\k_]h__\gZb[he_
_p_gguohljm[Zo
nbe_hkgh\Zgb_h]mad_Fgh]h
kh_^bgbl_evghcldZgb\ie_q_\hcqZklbbgZkibg_
Ml_eyl\khklZ\_kh_^bgbl_evghcldZgbfgh]h\h^uihwlhfmh[uqghl_eylbgZ
h[uqghg_[u\Z_l`_kldhc
DhklgZyldZgv
lZd`_ihqlbg_ij_^klZ\ey_liblZl_evghcp
_gghklb
GZb[hevrmxiblZl_evgmxp_gghklvbf__llhevdhdhklgucfha]IhwlhfmgZebqb_
[hevrh]hdhebq_kl\Zdhkl_c\lmr_g_`_eZl_evghaZ\bkbfhklbhl\hajZklZb
miblZgghklbZlZd`_hlihjh^ghcijbgZ^e_`ghklb`b\hlguo\_kdhkl_c
dhe_[e_lky\ij_^_eZohl
^hhl\_kZlmrb
GZb[he__gbadbc\uoh^dhkl_c[u\Z_lmohjhrhhldhjfe_gguo`b\hlguo
ki_pbZebabjh\Zgguofykguoihjh^kdhlZMlhs_]hkdhlZ\uoh^dhkl_c
agZqbl_evgh\ur_;hevrh_dhebq_kl\hdhkl_c\lmr_[u\Z_lml_eylld\
mljh[guci_jbh^mgbodh
klgZyldZgvjZa\b\Z_lky[he__bgl_gkb\ghih
kjZ\g_gbxkfur_qghcbl_f[he__`bjh\hc
Ijbobfbq_kdhfZgZeba_
fykZhij_^_eyxldZq_kl\h\h^u`bjZ[_edZbaheu
GZb[he__p_ggufbiblZl_evgufbdhfihg_glZfbfykZy\eyxlky[_edbb`bju
khklZ\[_edh\\oh^yljZa
ebqgu_Zfbghdbkehluihdhlhjufkm^ylh
iheghp_gghklb[_edh\GZb[he__ih^oh^ysbfkhhlghr_gb_f`bjZb[_edZ\fyk_
kqblZ_lkyijbf_jghldijbwlbomkeh\byofykhoZjZdl_jbam_lkygZbemqrbfb
\dmkh\ufbbdmebgZjgufbdZq_kl\Zfbohjhrhi_j_\Zjb\Z_lkybmk
\Zb\Z_lky
Ijbm[h_kdhlZ
djhf_fykZihemqZxlrdmjmkm[ijh^mdlul_ogbq_kdh_b
wg^hdjbggh_kujv_aZ\bkbfhklbhliblZl_evghcp_gghklbkm[ijh^mdlu
ih^jZa^_eyxlkygZdZl_]hjbb
di_j\hcdZl_]hjbbhlghkylgZb[he__p_ggu_\iblZl_evghfhlghr_gbb
fha]b
fykh]heh\u^bZnjZ]fZi_q_gvihqdbyaudk_j^p_\ufy
dh\lhjhc
e_]db_k_e_a_gdZ`_em^hd]heh\umrbgh]bk_f_ggbdb
o\hkljm[_pfykhkibs_\h^Z
Rdmjmjh]dhiulZ\hehkdhklbrbjhdhijbf_gyxl\e_]dhc
ijhfure_gghklb^eyba]hlh\e_gbyh[m
\bl_ogbq_kdboba^_ebcij_^f_lh\
h[boh^ZmdjZr_gbcBadjh\bijb]hlZ\eb\Zxldjh\ygmxfmdmZev[mfbg
]_fZlh]_gZbadhkl_cdhklgmxfmdmde_c
Nhjfbjh\Zgbyfykghcijh^mdlb\ghklbmkdhlZijhbkoh^blih^\ebygb_f
gZke_^kl\_gghklbb\g_rgbonZdlhjh\
H^gbf
ba\Z`g_crbonZdlhjh\hdZau\Zxsbo[hevrh_\ebygb_gZfykgmx
ijh^mdlb\ghklvy\ey_lky
hajZkl
K\hajZklhfm\_ebqb\ZxlkyjZaf_ju`b\hlgh]hm\_ebqb\Z_lky
_]hfZkkZbaf_gy_lkykhhlghr_gb_hl^_evguoldZg_cldbgl_gkb\ghklvjhklZ
hl^_evguoldZg_c\hglh
]_g_a_kZfh]h`b\hlgh]hjZaebqgZh\gmljbmljh[guc
i_jbh^[he__bgl_gkb\ghjZkl_ldhklgZyldZgv^h
f_kyp_\[hevrhc
bgl_gkb\ghklvxjhklZhlebqZ_lkyfur_qgZyldZgvihke_
f_kyqgh]h
\hajZklZjhklfur_qghcldZgbaZf_^ey_lkyZihf_j_nhjfbjh
\Zgbyhj]ZgbafZ
ijbohjhrbomkeh\byodhjfe_gbygZqbgZ_lgZdZieb\Zlvky`bjK\hajZklhf
f_gy_lkybobfbq_kdbckhklZ\fykZ\furpZomf_gvrZ_lkydhebq_kl\h\h^u
ih\urZ_lkydhebq_kl\hkmoh]h\_s_kl\ZbdZehjbcghklvklZgh\blkyemqrbf
khhlghr_gb_f_`^miheghp
_ggufbbg_iheghp_ggufb[_edZfb
Baf_g_gb_fhjnheh]bq_kdh]hkhklZ\ZfykZk\hajZklhffh`gh\b^_lvgZ
ijbf_j_h^ghfbahiulh\hlf_q_guke_^mxsb_\hajZklgu_baf_g_gbyfykghc
ijh^mdlb\ghklbmdZkljZlh\kbff_glZevkdhcihjh^u
\hajZkl
`b\fZkkZ
D]
m[hcgZy
\_kldZg_c\hlm[hcghcfZkku
dhklgZy
fur_qgZy
`bjh\Zy
kmoh`beby
ijb
jh`^_gbb
39,5
23,0
27,6
61,7
4,6
6,1
f_k
304,5
165,1
18,0
64,2
14,2
3,6
f_k
425,0
236,3
16,5
61,8
18,6
3,1
f_k
614,0
341,8
16,3
56,0
25,3
2,4
OZjZdl_jgu_\h
ajZklgu_baf_g_gby\`bjhhleh`_gbbMjZklmsbo`b\hlguo
[hevrZyqZklv`bjZhldeZ^u\Z_lky\gmljbfurpkha^Z\ZylZdgZau\Z_fmx
fjZfhjghklvfykZM\ajhkeuoaZdhgqb\rbojhkl`b\hlguo`bjhldeZ^u\Z_lky
gZ\gmlj_ggbohj]ZgZobih^dh`_c
Ihwlhfmfykhfheh^u
o`b\hlguobf__l[he__\ukhdb_\dmkh\u_dZq_kl\Zih
kjZ\g_gbxkfykhfklZjuodhjh\b[udh\
;hevrh_\ebygb_gZfykgmxijh^mdlb\ghklvhdZau\Z_lmjh\_gvdhjfe_gby
ajhkeu_dhjh\u
kl_i_gv
hldhjfZ
fhjnheh]bq_kdbckhklZ\fykZ
obfbq_kdbckhklZ\fykZ
dZehjbcgh
klv
d]
[dZe
guc
\uoh^
furpu
`bj
ldZg_c
dhklb
kh_^
ldZgv
\h^Z
[_edb
`bj
aheZ
g_hldhjfe_ggu_
60,8
3,3
21,9
14,0
74,4
21,0
3,5
1.1
42,4
mf_j_ggh
hldhjfe_ggu_
59,9
10,3
17,5
12,3
67,3
21,0
10,7
1,0
47,0
hldhjfe_ggu_
56,5
16,1
15,7
1,7
61,6
19,2
18,3
0,9
51,0
`bjgu_
52,1
23,1
15,2
9,6
58,5
17,6
23,0
0,9
54,0
DZd\b^ghbaijb\_^_gguo^Zgguomg_hldhjfe_gguodhjh\\khklZ\lmrb
\oh^blfgh]hdhkl_cbkh_^bgbl_evghcldZgbghfZeh`bjZOhlyfur_qgZy
ldZgvkhklZ\ey_l[he__
ghdZq_kl\h[_edZg_\ukhdh_ldkhhlghr_gb_
iheghp_gguobg_iheghp_gguo[_edh\g_m^h\e_l\hjbl_evgh_\ke_^kl\b_
[hevrh]hdhebq_kl\Zkh_^bgbl_evghcldZgbkh^_j`Zs_cg_iheghp_ggu_[_edb
Djhf_lh]hijbg_m^h\e_l\hjbl_evguomkeh\byodhjfe_gbyfheh^
gydZ
aZ^_j`b\Z_lkyjhklfmkdmeZlmjugZaZ^g_cqZklblmeh\bsZ]^_jZkiheh`_gu
emqrb_hljm[ZIjbkgb`_gbbijb\_kh\agZqbl_evghih\urZ_lkyjZkoh^dhjfh\
gZ_^bgbpmijb\_kZm\_ebqb\ZxlkyaZljZluljm^Zbmom^rZxlky^jm]b_
wdhghfbq_kdb_ihdZaZl_eb
aZ\bkbf
hklbhllbiZbmjh\gydhjfe_gbyf_gy_lkybfykgZyijh^mdlb\ghklv
Ijbhldhjf_ bhkh[_gghijb\ujZsb\Zgbb gZh[t_fbkluojZpbhgZokbevg__
jZa\b\Zxlky\gmlj_ggb_hj]Zguhkh[_gghhj]Zguibs_\Zj_gbyIjb
bkihevah\Zgbbdhgp_gljZlgh]hlbiZdhjfe_gbynhjfbjm_lky
[he__kdhjhki_euc
lbi`b\hlguo
Ijbhldhjf_hkh[_gghmkbeb\Z_lkyhleh`_gb_`bjZih\urZ_lkydZq_kl\h
`bjZbfykgZyijh^mdlb\ghklv\hh[s_
IhwlhfmhldhjfkdhlZi_j_^m[h_f^he`_gklZlvh[yaZl_evgufijZ\behf
dZ`^h]hohaybgZaZ\bkbfhklbhldhgdj_lguomkeh
\bcjZaebqZxlg_kdhevdh
\b^h\hldhjfh\
Ih\hajZklmhldZjfeb\Z_fh]hdhglbg]_glZjZaebqZxlhldhjffheh^gydZb
hldhjf\ajhkeh]hkdhlZ
aZ\bkbfhklbhlmkeh\bckh^_j`ZgbykdhlZ[u\Z_lhldhjfklhceh\ucbgZ]me
l_gZiZkl[bs_
Ihij_h[eZ^Zgbxhl^_evguodh
jfh\\jZpbhg_\u^_eyxlhdhjfgZhloh^Zo
l_ogbq_kdboijhba\h^kl\ `hf[Zj^ZdZjlhn_evgZyf_a]Zihke_ihemq_gby
djZofZeZ gZkbehk_gZdhgp_gljZlZo
GZb[he__i_jki_dlb\gufy\ey_lkybgl_gkb\gh_\ujZsb\Zgb_fheh^gydZk
ihke_^mxsbfhldhjfhf
Ijbbgl_gkb\g
hf\ujZsb\ZgbbkhdjZsZxlkykjhdbhldhjfZih\urZ_lky
ijhba\h^bl_evghklvljm^Zkgb`ZxlkyaZljZludhjfZmemqrZ_lkydZq_kl\hfykZ
Ijbbgl_gkb\ghf\ujZsb\Zgbb\k_ijhba\h^kl\_ggu_ihdZaZl_ebmom^rZxlky
ZhieZlZdhjfZijb\_kZkgb`Z_lky\
jZaZ
jh^Z`b\hlguoagZqbl_evgh\eby_lgZfykgmxijh^mdlb\ghklv
JZaebqbyf_`^mfhehqgufbbfykgufbgZijZ\e_gbyfbijh^mdlb\ghklb
gZ[ex^Zxlkyg_lhevdh\ijb\_kZobdZq_kl\_fykZghlZd`_\wdhghfbq_kdbo
ihdZaZl_eyolZdbodZdjZkoh^dhjfh\gZ_^bgbpmijb\_kZaZ
ljZluljm^Z
k_[_klhbfhklvijh^mdpbb
hiulZoZdZ^_fbdZJhklh\p_\ZbamqZ\r_]hfykgmxijh^mdlb\ghklvihf_k_c
jZaebqguoihjh^kdhlZmklZgh\e_ghqlhgZb[he__\u]h^guf^eyihemq_gbyfykZ
y\eyxlky`b\hlgu_fykgh]hgZijZ\e_gbybebboihf_kb
;UQDB
KYQGHFHAJ:KL?
ihdZaZl_eb
djZkgZy
kl_igZy
ihf_kbkdjZkghckl_ighc
]_j_nhj^kdZy
Z[_j^bg
Zg]mkkdZy
rhjl]hg
rZjhe_
_ki_j_^
m[h_f d]
_klmrb d]
216,7
248,4
238,0
223,0
270,5
_k\gmlj_gg_]h
kZeZ d]
19,8
19,3
20,6
18,5
19,2
AZljZlud_^gZ
d]ijb\_kZ
8,14
7,57
7,58
7,9
7,35
Kh^_j`Zgb_\
lmr_[_edZ 
19,46
18,40
19,61
20,80
20,80
Kh^_j`Zgb_\
lmr_`bjZ 
11,70
15,30
14,39
11,69
11,69
;hevrbgkl\hki_pbZebabjh\Zgguofykguoihjh^kdhlZy\eyxlky
kdhjhki_eufb^Zxl\ukhdb
cijbjhklZijbm[h_\ukhdbcm[hcgucihkjZ\g_gbx
kfhehqgufbbdhf[bgbjh\Zggufbihjh^Zfb;eZ]h^Zjy[he__kbevghfm
jZa\blbxfur_qghcb`bjh\hcldZgbmgbohlghkbl_evgZyfZkkZkh_^bgbl_evghc
bdhklghcldZgbagZqbl_evghgb`_
@b\hlgu_fhehqguobdhf[bgbjh
\Zgguoihjh^ijbbgl_gkb\ghf
\ujZsb\ZgbblZd`_fh]mlijhy\eylvohjhrb_fykgu_dZq_kl\Z^Z\Zlv
ly`_eh\_kgmxlmrmijbg_\ukhdboaZljZlZodhjfZH^gZdhlh\Zjguc\b^bofykZ
[u\Z_lom`_kf_g__\ujZ`_gghcfjZfhjghklvxk[hevrbfhleh`_gb_f`bjZ
gZ\gmlj_gg
bohj]ZgZo
Kbff_glZevkdbckdhl dhf[bgbjh\Zgghcijh^mdlb\ghklb oZjZdl_jbam_lky
gZebqb_f[hevrh]hdhebq_kl\Zdhkl_c\lmr_emqrb_fykgu_dZq_kl\Z
ijhy\eyxlkym`b\hlguor\bpdhcihjh^ub__ijhba\h^guo
Bafhehqguoihjh^gZb[he__\ujZ`_gghcfykghcijh^mdl
b\ghklvx
hlebqZxlkyq_jgh
i_kljZy]heeZg^kdZydjZkgZy^ZlkdZyZgbadmxfykgmx
ijh^mdlb\ghklvke_^m_lhlf_lblvm^`_jk_ckdh]hyjhkeZ\kdh]hdjZkgh]h
kl_igh]hkdhlZ
GZb[he__kdhjhki_ehcki_pbZebabjh\Zgghcfykghcihjh^hcy\ey_lkyZ[_j^bgh
Zg]mkkdZy
HldhjfZ[_j^bgh
Zg]mkkdbo[uqdh\\iheg_fh`ghaZdZgqb\Zlv\
f_kyqghf\hajZkl_MkdhlZwlhcihjh^ufZdkbfZevgucm[hcguc\uoh^
 ^h bfbgbfZevgh_dhebq_kl\hdhkl_c\lmr_ ^h
14%).
MkdhlZdZefupdhcihjh^u_klvlZdZyhkh[_gghk
lvqlh\i_jbh^ohjhr_]h
dhjfe_gby\_kghcbhk_gvxhg[ukljhgZ`bjh\u\Z_lkyijbq_f`bj[ukljh
hldeZ^u\Z_lkyih^dh`_cbgZ\gmlj_ggbohj]ZgZo
HlebqZ_lkyhl^jm]bofykguoihjh^kdhlZbihjh^ZrZjhe_Hkh[_gghklv
fykghcijh^mdlb\ghklbihjh^urZjhe_aZde
xqZ_lky\lhfqlhijbm[h_
ihemqZxlihklgh_fykhldgZfbjh\hfjugd_\gZklhys__\j_fy`bjgZy
]h\y^bgZdhlbjm_lkyagZqbl_evghgb`_ihklghcMrZjhe_ihkj_^kl\_ggZy
kdhjhki_ehklvldijbhldhjf_fheh^gydjZkl_l^he]hbbgl_gkb\ghhl\_qZy
ohjhrbfbijb
\_kZfbgZjZkoh^dhjfZ^h
f_k
Bfihjlgu_ihjh^u \lhfqbke_brZjhe_ djmigh]hjh]Zlh]hkdhlZ
bkihevamxlky^eykdj_sb\ZgbykgZrbfbhl_q_kl\_ggufbihjh^Zfb^ey
ihemq_gbym`b\hlguoemqrbofykguodZq_kl\
Ihjh^ZKZglZ
]_jljm^Zij_^klZ\ey_lhij_
^_e_ggucbgl_j_k
Ihe`b\hlguolZd`_y\ey_lky\Z`gufnZdlhjhf\ebyxsbfgZfykgmx
ijh^mdlb\ghklvM\ajhkeuo[udh\fykh[u\Z_l[he__]jm[h_djZkgh_bkh
ki_pbnbq_kdbfijb\dmkhfIhwlhfm^eyhldhjfZ[uqdh\\[hevrbgkl\_kemqZ_\
dZkljbjmxlWlhlijb_fagZ
qbl_evghmijhsZ_lmoh^aZgbfb\lmr_bogZqbgZ_l
hldeZ^u\Zlvky`bj�eyhldhjfZgZfykhdZkljZpbx[uqdh\ijh\h^blvg_
ke_^m_l_kebhgbkh^_j`ZlvkygZijb\yab
wlhfkemqZ_g_dZkljbjh\Zggu_[uqdb[he__bgl_gkb\ghjZklmlb^Zxl
ijb\_kugZ
\ur_
ihkjZ\g_gbxkdZkljZlZfbfykhbo[m^_lihklg__ld
kihkh[ghklvd`bjhhleh`_gbxmgboom`_Z\ke_^kl\b_wlh]hbjZkoh^udhjfZgZ
_^bgbpmijb\_kZ[m^_lgb`_ldgZh[jZah\Zgb_\ukhdhdZehjbcgh]h`bjZ
lj_[mxlkybkhhl\_lkl\mxsb_aZljZludhjfZM[hcbok
e_^m_lijh\h^blv\
\hajZkl_
f_k
Ijbhldhjf_kdhlZ\klZgdZobaZ]hgZo[_aijb\yabZlZd`_ijbgZ]me_[uqdh\
ke_^m_lh[yaZl_evghdZkljbjh\Zlv
OhjhrbfdZq_kl\hfoZjZdl_jbam_lkyfykhhldhjfe_gguol_ehdb
\u[jZdh\Zgguofheh^uodhjh\MklZjuodhjh\
fykhkh^_j`blfZeh\h^ub
ihwlhfmhq_gv`_kldh_iehoh\Zjblvkybg_bf__lohjhr_]h\dmkZ
DZq_kl\hfykZaZ\bkbllZd`_hldZq_kl\Zh[jZ[hldblmrbbojZg_gby_]h
aZ\bkbfhklbhloZjZdl_jZojZg_gbyjZaebqZxlfykh
iZjgh_
l_bkihevam_fh_
kjZamihke_m[hy
hklu\r__
q_j_a
qZkZ
ihke_m[hy
hoeZ`^_ggh_
ijb
K
fhjh`_ggh_
ihke_aZfhjZ`b\Zgbyhklu\r_fbhoeZ`^_gghffyk_
gZdZieb\Z_lkyfhehqgZydbkehlZqlhh[_ki_qb\Z_lemqrmxkhojZgghklvfykZGh
hklu\r__fykhojZgblvky^he]hg_fh`_l
Ijbkhjl
h\hcjZajm[d_lmrb\u^_eyxlkhjlZ
di_j\hfmkhjlmhlghkylkykibggZyqZklv]jm^bgdZnbe_hdh\Zehdh]mahd
dhklj_p
dh\lhjhfmkhjlmhlghkylie_qhbehiZldmZlZd`_iZrbgm
dlj_lv_fmkhjlmhlghkylaZj_ab]heyrdm
KhjlfykZmklZgZ\eb\Z_lky\aZ\bkbf
hklbhlkhhlghr_gby\g_ffur_qghc
`bjh\hcdhklghcbkh_^bgbl_evghcldZgb
aZ\bkbfhklbhl\hajZklZ`b\hlguoijbm[h_jZaebqZxll_eylbgm
hl^g_c
^hf_kyp_\b]h\y^bgm
klZjr_f_kyp_\
BagZke_^kl\_gguonZdlhjh\hdZau\Zxsbo\ebygb_gZnhjfbjh
\Zgb_fykghc
ijh^mdlb\ghklbke_^m_lgZau\Zlvbg^b\b^mZevgu_hkh[_gghklb`b\hlguo
JZaebqgu_ihdZaZl_ebfykghcijh^mdlb\ghklbgZke_^mxlkyihjZaghfmijbq_f\
dhwnnbpb_glZogZke_^m_fhklbhq_gv[hevrb_dhe_[Zgby
ijbagZdb
ijbagZdb
\_kijbjh`^_gbb
,11
0,53
G_`ghklvfykZ
0,69
0,71
kmlhqgucijb\_kijb
gZ]me_
0,2
0,38
Kh^_j`Zgb_b
jZkij_^_e_gb_`bjZ\
0,76
0,89
lmr_
hieZlZghjfZijb\_khf
0,22
0,48
P\_lfykZ
0,31
0,49
m[hcguc\uoh^
0,25
0,73
Mg_dhlhjuoijbagZdh\\uy\e_gu\u^_e_gu^h\h
evgh\ukhdb_dhwnnbpb_glu
gZke_^m_fhklbqlhiha\hey_lmki_rgh\_klbie_f_ggmxjZ[hlm^_e_
mki_rgh]h\_^_gbyie_f_gghcjZ[hluZlZd`_wdhghfbq_kdhc^_yl_evghklb
k_evkdhohayckl\_gguoi_j_jZ[Zlu\Zxsboblhj]mxsbohj]ZgbaZpbcbf__l
[hevrh_agZq_gb_mq_l
fykghcijh^mdlb\ghklbohayckl\_ijb\ujZsb\Zgbb
fheh^gydZbhldhjf_kdhlZmqblu\Zxl
@b\mxfZkkm
`b\ZyfZkkZkem`blg_ihkj_^kl\_ggufihdZaZl_eyffykghc
ijh^mdlb\ghklbldf_`^m^\mfywlbfbihdZaZl_eyfbkms_kl\m_l\ukhdZy
iheh`bl_evgZyaZ\bkbfhklv
@b\ZyfZkkZhij_^_ey_lkygZki_pbZevguo\_kZo
h[hjm^h\Zgguode_ldhca\_rb\Zlvkdhliheh`_ghmljhfi_j_^dhjfe_gb_f
?kebihdZdhc
eb[hijbqbg_kdhl\a\_kblvg_evaylh\_k_]hhij_^_eyxl
dhk\_ggufiml_fihijhf_jZfh^gbfba^\moihdZaZl_e_cihlZ[eb
p_bebih
nhjfme_
JZklmsbcfheh^gydZlZd`_bhldhjfhqgh_ih]heh\v_emqr_\a\_rb\Zlv
_`_f_kyqghqlh[udhgljhebjh\Zlvoh^\ujZsb\ZgbybebhldhjfZIh
j_amevlZlZf\a\_rb\Zgbyhij_^_eyxl
Z Z[khexlgucijb\_kaZi_jbh^bebjZkkqblu\Zxlkj_^g_kmlhqguc
kj_^g_kmlhqgufijbjhklhfkdhlZkm^ylhdZq_kl\_jZ[hluh[kem`b\Zxs_]h
i_jkhgZeZZih\Zeh\hfmijbjhklmgZqbkeyxlaZjieZlm
Bgh]^Z^ey\uy\e_gbyaZdhghf_jghkl_cjhklZjZkkqblu\Zxl
[ hlghkbl_evgucijbjhkll_ijhp_glgh_hlghr_gb_ijbjhklZdkj_^g_c
k_aZi_jbh^
d
g  gd o
Hlghkbl_evgucijbjhkl[u\Z_lhq_gv\ukhdbf\i_j\uci_jbh^jhklZ
hj]ZgbafZbihklhygghkgb`Z_lky^hoh^y^h
ohayckl\_hij_^_eyxllZd`_miblZgghklvkdhlZ
Ijb_fgu_imgdlukdhlhaZ]hlh\bl_evguohj]ZgbaZpbcijb
gbfZyhlohayckl\
fykhhp_gb\Zxl_]hih^\mfihdZaZl_eyfih`b\hcfZkk_bihkl_i_gb
miblZgghklb
MiblZgghklvkdhlZhij_^_ey_lky\khhl\_lkl\bbk^_ckl\mxsbfbklZg^ZjlZfb
bl_ogbq_kdbfbmkeh\byfbiml_fgZjm`gh]hhkfhljZ\hij_^_e_gguoqZklyo
lmeh\bsZ
jlbjh\dmkdhlZihmiblZgghklbijhba\h^bllh\Zjh\_^
ijb_fsbdk]jmiihc
ih^kh[guojZ[hqbokh\f_klghkij_^klZ\bl_e_fohayckl\k^Zxs_]hkdhl
Lh\Zjh\_^
ijb_fsbdh[yaZgohjhrhagZlv^_ckl\mxsb_klZg^Zjlub
l_ogbq_kdb_mkeh\bygZkdhlijZ\bevghboijbf_gy
lvbagZdhfblvkgbfb
ij_^klZ\bl_e_cohayckl\
GZijb_fghfimgdl_^he`gh[ulvh[hjm^h\Zgh^hklZlhqgh_dhebq_kl\h
aZ]hgh\kijb\yayfb^eydjmigh]hjh]Zlh]hkdhlZbjZkdheZfbqlh[ufh`gh
[uehkgZbf_gvrbfbaZljZlZfbljm^Zb\j_f_gbhkfhlj_lvdZ`^h_`b\hlg
h_
hl^_eblvkeZ[uobjZkkhjlbjh\ZlvkdhlihmiblZgghklbihem\hajZklm
Hkfhljke_^m_lijh\h^blvgZjh\ghff_kl_Kl_i_gvmiblZgghklbdjmigh]h
jh]Zlh]hkdhlZoZjZdl_jbam_lkyjZa\blb_ffmkdmeZlmjubhleh`_gby`bjZ
MiblZggu_`b\hlgu_bf_xlohjhrhjZa\b
lmxfmkdmeZlmjmbhdjm]emxnhjfm
lmeh\bsZHleh`_gby`bjZohjhrhijhsmiu\Zxlkymdhjgyo\hklZgZ
k_^Zebsguo[m]jZofZdeZdZoihykgbp_\h[eZklbiZoZZm\heh\\h[eZklb
fhrhgdbIjbijb_fd_kdhlZbgh]^Z\hagbdZxljZagh]eZkbyf_`^mijb_fsbdhf
bk^Zlq
bdhf\hij_^_e_gbbmiblZgghklb`b\hlguowlhfkemqZ_\hijhk
j_rZ_lkyiml_fdhgljhevgh]hm[hy`b\hlguobhij_^_e_gbydZq_kl\ZfykZ
Ih^_ckl\mxs_fmklZg^Zjlmdjmigucjh]ZluckdhlgZfykhdhf[bgZl_
ih^jZa^_ey_lkygZ]jmiiu
heubdhjh\u
[udb [m]Zb
eh^gydhlf_k^he_l
l_eylZhl^g^hf_k
Lh\Zjh\_^
ijb_fsbdkdhlZ^he`_gmf_lvijZ\bevghhij_^_eblv\hajZkl
`b\hlguoqlh[uijZ\bevghbojZkij_^_eblvih\hajZklguf]jmiiZf
Ihkl_i_gbmiblZgghklb]jmiiZ \heubdhjh\u ZlZd`_]jmiiZ f
heh^gyd 
jZa^_eyxlkygZdZl_]hjbb\ukrmxkj_^gxxbgb`_kj_^gxxZ]jmiiZ
[udb b]jmiiZ l_eylZ gZdZl_]hjbb
Zyb
Zy
Hij_^_e_gb_miblZgghklbdhjh\b\heh\ijhba\h^blvky\khhl\_lkl\bbkh
ke_^mxsbfblj_[h\Zgbyfb
  #
kdmeZlmjZjZa\blZohjhrhnhjfulmeh\bsZ
hdjm]eu_ehiZldbke_]dZaZf_lgufZdehdbbk_^Zebsgu_[m]juhdjm]e_gugh
ke_]dZ\u^Zxlky[_^jZohjhrh\uiheg_guHklbklu_hljhkldbkibgguob
ihykgbqguoiha\hgdh\g_\uklmiZxlhleh`_gb_ih^dh`gh]h`bjZgZb[he__
ohjhrhijhsmiu\Zxlkymdhjgyo\hklZgZk_^Zebsguo[m]jZofZdehdZo^\mo
ihke_^gboj_[jZosmiohjhrh\uiheg_gu^hklZlhqghmijm]bcm\heh\fhrhgdZ
m\_ebq_gZbmijm]ZgZhsmiv
   ##
fmkdmeZlmjZjZa\blZm^h\e_l\hjbl_evghnhjfu
lmeh\bsZg
_kdhevdhm]eh\Zlu_ehiZldb\u^_eyxlky[_^jZke_]dZih^lygmlu
hklbklu_hljhkldbkibgguobihykgbqguoiha\hgdh\k_^Zebsgu_[m]jub
fZdehdb\uklmiZxlghg_j_adhhleh`_gbyih^dh`gh]h`bjZijhsmiu\Zxlkym
hkgh\Zgbyo\hklZbgZk_^Zebsguo[m]jZosmi\uih
eg_gkeZ[hfhrhgdZm\heh\
aZiheg_gZ`bjhfbgZhsmivfy]dZy
   \n  ##
fmkdmeZlmjZjZa\blZg_m^h\e_l\hjbl_evgh
nhjfulmeh\bsZm]eh\Zlu_ehiZldbaZf_lgh\u^_eyxlky[_^jZiehkdb_
ih^lygmlu_hklbklu_hljhkldbkibgguobihykgbqguo
iha\hgdh\fZdehdbb
k_^Zebsgu_[m]juaZf_lgh\uklmiZxlhleh`_gbyih^dh`gh]h`bjZfh]ml[ulv\
\b^_g_[hevrbomqZkldh\gZk_^Zebsguo[m]jZobihykgbp_beb\h\k_g_
ijhsmiu\Zxlkym\heh\fhrhgdZih^lygmlZkfhjs_gZb[_a`bjh\uo
hleh`_gbc
Hij_^_e_gb_dZ
l_]hjbbmiblZgghklb[udh\ [m]Z_\ ijhba\h^blky\
khhl\_lkl\bbkhke_^mxsbfblj_[h\Zgbyfb
dZl_]hjby
nhjfulmeh\bsZhdjm]eu_fmkdmeZlmjZjZa\blZohjhrh]jm^v
kibgZihykgbpZbaZ^^hklZlhqghrbjhdb_dhklbkd_e_lZg_\uklmiZxlehiZldb
g_\uiheg_gu
dZl_]hjbynhjfulmeh\bsZg_kdhevdhm]eh\Zlu_dhklbkd_e_lZke_]dZ
\uklmiZxlfmkdmeZlmjZjZa\blZm^h\e_l\hjbl_evgh]jm^vkibgZihykgbpZbaZ^
g_rbjhdb_[_^jZbehiZldbke_]dZih^lygmlu
Lj_[h\Zgby^eyhij_^_e_gbymiblZgghklbfheh^gydZke_^mxsb_
ukrZymiblZgghklv
nhjfulmeh\bsZhdjm]eu_fmkdmeZlmjZjZa\blZ
ohjhrhehiZldbihykgbpZaZ^b[_^jZohjhrh\uiheg_guhklbklu_hljhkldb
kibgguobihykgbqguoiha\hgdh\g_\uklmiZxlhleh`_gbyih^dh`gh]h`bjZ
ijhsmiu\Zxlkymhkgh\Zgbyo\hklZgZk_^Zeb
sguo[m]jZob\smi_mdZkljZlh\
mf_j_ggu_hleh`_gby`bjZ\fhrhgd_
Kj_^gyymiblZgghklv
nhjfulmeh\bsZg_^hklZlhqghhdjm]eu_fmkdmeZlmjZ
jZa\blZm^h\e_l\hjbl_evghhklbklu_hljhkldbkibgguobihykgbqguoiha\hgdh\
ke_]dZ\uklmiZxl[_^jZg_ih^lygmlu_
mhkgh\Zgbyo\hklZfh]ml[ulv Zfh]mlb
g_[ulv g_[hevrb_`bjh\u_hleh`_gby
Gb`_kj_^gyymiblZgghklv
nhjfulmeh\bsZm]eh\Zlu_fmkdmeZlmjZjZa\blZ
g_m^h\e_l\hjbl_evghohedZhklbklu_hljhkldbkibgguobihykgbqguo
iha\hgdh\k_^Zebsgu_[m]jufZdehd
b\uklmiZxlih^dh`gu_`bjh\u_
hleh`_gbyg_ijhsmiu\Zxlky
GZdhg_p
Zy]jmiiZ
l_eylZjZa^_eyxlkygZdZl_]hjbb
ZydZl_]hjby
l_eylZfhehqgbdb`b\uf\_khf^hd]g_ihemqb\rb_
ih^dhjfdmKebabklu_h[hehqdb\_dmgbo[_eh]hp\_lZ[_adjZkgh\Zlh]h
hll_gdZ
^_k_g[_eh]hp\_lZbebkhke_]dZjhah\Zlufhll_gdhf]m[ug_[ZlZd`_[_eu_beb
`_elh\Zlu_fmkdmeZlmjZjZa\blZm^h\e_l\hjbl_evghhklbklu_hljhkldbkibgguo
bihykgbqguoiha\hgdh\ke_]dZijhsmiu\Zxlkyr_jklv]eZ^dZy
ZydZl_]hjby
l_eylZihe
mqb\rb_ih^dhjfdm
fmkdmeZlmjZjZa\blZf_g__
m^h\e_l\hjbl_evghhklbklu_hljhkldbkibgguobihykgbqguoiha\hgdh\
g_kdhevdh\uklmiZxlkebabklu_h[hehqdb\_d^_k_g]m[bg_[Zfh`_l[ulv
djZkgh\Zlh]hhll_gdZ
@b\hlgu_g_m^h\e_l\hjyxsb_lj_[h\Zgbygb`_k
j_^g_cmiblZgghklbbeb
dZl_]hjbbhlghkyldlhsbf
KihjuihmiblZgghklbdjmigh]hjh]Zlh]hkdhlZjZaj_rZxlkyiml_f
dhgljhevgh]hm[hybhij_^_e_gbymiblZgghklbijhba\h^blvkyihdZq_kl\mfykZ
DZq_kl\ZfykZgZoh^ylky\l_kghcaZ\bkbfhklbhlkl_i_gbmiblZg
ghklbihjh^u
kdhlZ\hajZklZbiheZ
k_wlbijbagZdbohjhrhhljZ`ZxlkygZm[hcghf\uoh^_
Ijbm[h_`b\hlgh_h[_kdjh\eb\Zxlm^Zeyxl\gmlj_ggb_hj]ZguhlgbfZxl
]heh\mgh]b
ihaZiyklgu_kmklZ\ui_j_^gb_bihkdZdZl_evgu_
aZ^gb_
kgbfZxlrdmjmHklZ\
rZykylmrZl_fykhgZdhklyo\f_kl_k\gmlj_ggbfkZehf
`bjhf ghkblgZa\Zgb_m[hcgh]h\_kZ fZkku Ijhp_glgh_hlghr_gb_m[hcgh]h
\_kZdij_^m[hcghfm`b\hfm\_kmgZau\Z_lkym[hcguf\uoh^hf
M`b\hlguokj_^g_cmiblZgghklbm[hcguc\uoh^khklZ\ey_l
m
ahjhrhhldhjfe_gguo[uqdh\fykguoihjh^hgkhklZ\ey_l
Zmlhs_]h
kdhlZkgb`Z_lky^h
LZddZdm[hcguc\uoh^y\ey_lkyihqlb
mgb\_jkZevgufihdZaZl_e_ffykghcijh^mdlb\ghklblh\gZklhys__\j_fyhg
gZoh^blrbjhdh_ijbf_g_gb_gZfykhdhf
[bgZlZo^eyhkms_kl\e_gbyjZkq_lh\kh
k^ZlqbdZfb
Hq_gv\Z`guf\b^hfijh^mdpbbdjmigh]hjh]Zlh]hkdhlZy\ey_lkydh`Z  
aZ\bkbfhklbhl\hajZklZbiheZZlZd`_hl\_kZm[b\Z_fuo`b\hlguodh`m
jZa^_eyxlgZkhjlZ
 \n   #
  
rdm
jul_eylg_^hghkdh\ihemqZ_fuoijbZ[hjlZob\ugm`^_gguo
m[h_\kl_evguodhjh\Wlhf_edb_bkeZ[u_rdmjug_ij_^klZ\eyxl[hevrhc
p_gghklb
 
bkdexqbl_evghijhqgZybweZklbqgZydh`Zihemq_ggZyhll_eyl
\uih_gguofhehdhfbeblhevdhgZqbgZxsboi_j_o
h^blvgZjZklbl_evgmxibsm

gZau\Zxlrdmjuih^jhkrbol_eylbfheh^gydZ\_khf\iZjghf
khklhygbb^hd]DZq_kl\h\ujhkldZm`_agZqbl_evghom`_ihkjZ\g_gbxk
hihcdhf
\n 
ihemqZxlhlfheh^gydZ__f_]h\iZjghfkhklhygbb
khklZ\ey_l
d]

rdmjZihemq_ggZyhldhjh\bdjmiguol_eylbl_ehdHl^hd]
yeh\dZe_]dZy^hd]
kj_^gyyk\ur_
ly`_eZy
rdmjufheh^uokZfph\k\_khfhl^hd] ih\_kmkhhl\_lkl\m_l
e_]dhcyeh\d_
 
rdmjZdZkljZlZ
k\_khf[he__d]^hd]
e_]dZy[he__d]
ly`_eZy
\r
rdmjuijhba\h^bl_e_ck\_khf[he__d]^hd]e_]dZy[he__
ly`_eZy
;m]ZchlebqZ_lkykbevghmlhes_gguf\hjhldhf[Zrdhcbiheyfb
GZ\_kbdZq_kl\Zdh`b\ebyxlfgh]b_nZdlhju
H^gbfbagbodZd\b^ghih
khjlbjh\d_dh`by\ey_lkyihehb\hajZklGZdZq_kl\hkljmdlmjmdh`b[hevrh_
\ebygb_hdZau\Z_lihjh^ZDh`Z`b\hlguoki_pbZebabjh\Zgguofykguoihjh^
kdhlZly`_eZyghjuoeZymfhehqguoihjh^gZh[hjhllhgdZyghiehlgZy
GZdZ
q_kl\hdh`b[hevrh_\ebygb_hdZau\Z_ldhjfe_gb_gbadbcmjh\_gv
dhjfe_gbybg_k[ZeZgkbjh\ZggucjZpbhgkgb`Zxl__dZq_kl\hIh\ur_gbx
dZq_kl\Zdh`bkh^_ckl\m_lij_[u\Zgb_kdhlZgZiZkl[bs_kmohf`Zjdhf
debfZl_mkbeb\Z_lkyhjh]h\_gb_\_jog_]hkehydh`b
Zih^dh`gZy
kh_^bgbl_evgZyldZgvjZa\b\Z_lkykeZ[hoheh^ghfdebfZl_gZh[hjhl
mkbeb\Z_lkyih^dh`gh_hleh`_gb_`bjZ
Hlghkbl_evguc\_kdh`b\agZqbl_evghckl_i_gbaZ\bkblhl\hajZklZbiheZM
gh\hjh`^_gguol_eyldh`ZkhklZ\ey_lhdheh`b\h]h\_kZm
fheh^gydZ\
]h^h\Zehf\hajZkl_
mdhjh\bg_l_e_c\_k__khklZ\ey_l
Zm
[udh\
12%.
;hevrhcms_j[gZghkyldh`_\_gghfmkujvx[he_agbAgZqbl_evghkgb`Z_lky
dZq_kl\hdh`bijbi_eeZ]j_wda_f_ebrZ_Zebqbgdbh\h^h\ih\j_`^ZxlZ
^Z^_eZxl\h\k_g_]h^ghckZfmxemqrmxqZklvdh`b
 

kgyluckm[blh]h`b\hlgh]hdh`gucihdjh\bf_xsbc\hehku
\n
wlhlZ`_rdmjZghihke_m^Ze_gby\hehkygh]hihdjh\Zb\u^_edbgZ
aZ\h^Zo
Fhjnheh]byrdmjuwib^_jfbk^_jfZih
^dh`gZyfmkdmeZlmjZKh_^bg_gZ
rdmjZklmr_cjuoehckh_^bgbl_evghcldZgvx
ih^dh`ghcde_lqZldhc
ijhp_kk_i_j_jZ[hldbrdmjwib^_jfbkbih^dh`gmxde_lqZldmm^Zeyxl
GZb[hevr__agZq_gb_ijbhp_gd_dh`_\_ggh]hkujvybf_xljZaf_jurdmju__
\_klhesbgZie
hlghklvbijhqghklvBamqZkldh\rdmjugZb[he__p_ggZkibggZy
qZklv
RdmjukhjlbjmxlgZkujv_\uo[ZaZobaZ\h^Zoi_j\bqghch[jZ[hldb
 
Ijb`bag_ggu_pZjZibguljZ\fubhlaZ[he_\Zgbc
Ihjhdbijbh[jZ[hld_ihj_au\uo\Zlu
Ihjhdbijbdhgk_j\bjh
\ZgbbbojZg_gbb
Hkgh\u\hkijhba\h^kl\ZklZ^Z
1.
KljmdlmjZbhj]ZgbaZpbyklZ^Z
ohayckl\_jZaebqZxlijhba\h^kl\_ggmxbie_f_ggmx]jmiiufZlhqgh]h
ih]heh\vyBkoh^ybaaZ^Zqih\u[jZdh\d_`b\hlguobj_fhglmklZ^Z\
ie_f_gghc]jmii_mklZgZ\eb\Z_lkyg_
h[oh^bfh_dhebq_kl\hdhjh\bl_ehd
JZaebqZxlijhklh_bjZkrbj_ggh_\hkijhba\h^kl\hijbjZkrbj_gghf
\hkijhba\h^kl\_\ie_f_gghc]jmii_gZoh^blky^hdhjh\Zijbijhklhf
\hkijhba\h^kl\_
KljmdlmjZbijZ\bevgh_\hkijhba\h^kl\hklZ^Z
y\eyxlkyh^
gbfba]eZ\guonZdlhjh\hij_^_eyxsbo_]hhj]ZgbaZpbx\
ohayckl\_
hkijhba\h^kl\hklZ^Z
M\_ebq_gb_ih]heh\vykdhlZ\ohayckl\_
hij_^_ey_lky ieh^h\blhklvxdhjh\b kjhdZfbbobkihevah\ZgbyIheh\Zy
Iheh\hcpbdeml_ehdbdhjh\ih\lhjy_lkyi_jbh^bq_
kdb\kj_^g_fq_j_a
^g_ckdhe_[Zgbyfb
 ^g_cIheh\ZyhohlZijh^he`Z_lky\kj_^g_f
18
qZkh\kdhe_[Zgbyfbhl^hqZkh\Ml_ehdhgZh[uqghdhjhq_q_fmdhjh\
Hk_f_g_gb_dhjh\ijbmjhqb\Zxlh[uqghdk_j_^bg_bdhgpmiheh\hchohluqlh
^Z_lhieh^hl\hjy_fhklv
ijhp_glh\MklZgh\e_ghqlhhieh^hl\hjy_fhklv
dhjh\ddhgpme_lZh[uqghg_kdhevdh\ur_q_f\abfg_
\_k_ggbci_jbh^
IjbmklZgh\e_gbbkjhdh\hk_f_g_gbydhjh\ihke_hl_eZmqblu\Zxlkhklhygb_
`b\hlguomjh\_gvboijh^mdlb\ghklb
ZlZd`_dhgdj_lgu_mkeh\byohayckl\Z
Ihkdhevdmhieh^hl\hj_gb_dhjh\ijhbkoh^bllhevdhihke_hdhgqZgbybg\hexpbb
fZldbhk_f_g_gb_ijbmjhqb\ZxldwlhfmkjhdmIh^Zggufjy^Zbkke_^h\Zl_e_c
ihke_ghjfZevghijhr_^r_]hhl_eZbg\hexpbyfZldbm[hevrbgkl\Z
dhjh\
aZdZgqb\Z_lky\l_q_gb_^g_cijbmkeh\bbijZ\bevgh]hdhjfe_gbyb
kh^_j`ZgbyAZ^_j`b\Zgb_bg\hexpbbfh`_lijhbkoh^blv\ke_^kl\b_
g_[eZ]hihemqgh]hhl_eZjh^bevgh]hiZj_aZZlZd`_g_iheghp_ggh]hdhjfe_gby
bebg_ijZ\bevgh]hkh^_j`Zgby
Ijbgbadhc
hieh^hl\hjy_fhklbdhjh\\i_j\ucf_kypihke_hl_eZ
m\_ebqb\Z_lkyih\lhjghklvhk_f_g_gbcZke_^h\Zl_evghm\_ebqb\Z_lkyklhbfhklv
hk_f_g_gbydZ`^h]h`b\hlgh]hGZjmr_gb_\hkijhba\h^bl_evghcnmgdpbbm
`b\hlguoijbghkblohayckl\magZqbl_evgucms_j[ijZdlbd
_ahhl_ogbdb
\j_f_ggh[_kieh^gufb yeh\ufb kqblZxldhjh\g_hieh^hl\hjb\rboky\
l_q_gb_^g_cihke_hl_eZ\ke_^kl\b_q_]hf_`hl_evguci_jbh^mlZdbodhjh\
m^ebgy_lkyIjbqbghcyeh\hklbfh`_l[ulvijbh[j_l_ggh_beb\jh`^_ggh_
[_kieh^b_jh`^_ggh_[_ki
eh^b_g_mkljZgbfhihwlhfmlZdh_`b\hlgh_
\u[jZdh\u\Zxljh`^_ggh_[_kieh^b_\klj_qZ_lkyj_^dh;_kieh^b_dhjh\
fh`_lgZklmiblv\ke_^kl\b_aZ[he_\Zgbyiheh\uohj]Zgh\ [jmp_ee_a\b[jha
f_ljblb^j ;hevguo`b\hlguo_kebbog_evay\ue_qblvlZd`_
\u[j
Zdh\u\ZxlGZjmr_gb_\hkijhba\h^bl_evghckihkh[ghklbqZklhy\ey_lky
ke_^kl\b_fg_ijZ\bevgh]hdhjfe_gbykh^_j`Zgbybbkihevah\Zgby`b\hlguo
\j_f_ggh_[_kieh^b_[u\Z_lijbg_^hklZld_\hj]Zgbaf_`b\hlguofbg_jZevguo
\_s_kl\ dZevpbybnhknhjZ ZlZd`_fbdj
hwe_f_glh\
Dhjfe_gb_bkh^_j`Zgb_[udh\
ijhba\h^bl_e_c
J_amevlZlu
\hkijhba\h^kl\ZklZ^Z\agZqbl_evghckl_i_gbh[mkeh\eb\Zxlkyiheh\hc
Zdlb\ghklvxb\hkijhba\h^bl_evghckihkh[ghklvx[udh\
ijhba\h^bl_e_cqlh\
[hevrhcf_j_aZ\bkblhlmkeh\bcbodhjfe_g
bykh^_j`Zgbybbkihevah\Zgby
Ijbdhjfe_gbb[udh\
ijhba\h^bl_e_cmqblu\Zxlbgl_gkb\ghklvbo
bkihevah\ZgbyZbf_gghdhebq_kl\hkZ^hd\kmldbbq_j_^h\Zgb_^g_c
bkihevah\Zgbyk^gyfbhl^uoZH[sbcmjh\_gvdhjfe_gby[udh\
ijhba\h^bl_e_c
^he`_gh[_ki_qb\Zlv
ih^^_j`Zgb_mgboaZ\h^kdbodhg^bpbcohjhrmx
miblZgghklvgh[_ah`bj_gby\ukhdmxZdlb\ghklvijbkZ^dZobohjhr__
dZq_kl\hki_jfu
Hkh[_ggh\Z`gh_agZq_gb_ijbdhjfe_gbb[udh\
ijhba\h^bl_e_cbf__l
iheghp_gghklvjZpbhgh\dhebq_kl\hbdZq_kl\hijhl_bgZ
h[_ki_q_gb_
fbg_jZevgufb\_s_kl\Zfbb\blZfbgZfb
;hevrmxjhev\dhjfe_gbb[udh\b]jZ_lm^h\e_l\hj_gb_boihlj_[ghklb\
fbdjhwe_f_glZoKh^_j`Zgb_fbdjhwe_f_glh\\dhjfZoaZ\bkblhlahguihq\ub
m^h[j_gbc;hevrh_\gbfZgb_ke_^m_lm^_eylvh[_ki_q_gbx[u
dh\\blZfbgZfb
b?Ihlj_[ghklv\^jm]bo\blZfbgZo
ihdju\Z_lkyaZkq_l[bhkbgl_aZ
\hj]Zgbaf_�ym^h\e_l\hj_gbyihlj_[ghklb\\blZfbg_:[udZfkdZjfeb\Zxl
dhjfZ[h]Zlu_dZjhlbghf e_lhf
a_e_gZyljZ\Zabfhc
dZq_kl\_ggh_k_gh 
blZfbg:
hdZau\Z_l[hevrh_\ebygb_gZ\hkijhba\h^bl_evgu_nmgdpbb
`b\hlguoIjbbgl_gkb\ghfbkihevah\Zgbb\jZpbhg[udh\
ijhba\h^bl_e_c
\\h^yl\kmldbihf]dZjhlbgZgZd]`b\hcfZkkuIjbg_o\Zld_\
jZpbhgZodZjhlbgZ[udh\ih^dZjfeb\Zxlij_iZjZlhf\blZfbg
Z:
Kms_kl\_ggh_\ebygb_gZ\hkijhba\h^bl_evgmxnmgdpbx[udh\
ijhba\h^bl_e_chdZau\Z_lh[_ki_q_gb_boihlj_[ghklb\\blZfbg_
�eywlh]h
abfhc\jZpbhgu[udh\\\h^ylh[mq_ggu_^jh``bZlZd`_ij_iZjZlu\blZfbgZ
b
�eya^hjh\vyb\hkijhba\h^bl_evghc
nmgdpbb[udh\
ijhba\h^bl_e_c[hevrh_
agZq_gb_bf__lZdlb\gucfhpbhgHlkmlkl\b_bebg_^hklZlhdfhpbhgZqZklh
kgb`Z_lboiheh\mxZdlb\ghklvmom^rZ_ldZq_kl\hbhieh^hl\hjyxsb_
kihkh[ghklbki_jfuby\ey_lkyijbqbghclh]hqlhhgbm`_\fheh^hf\hajZkl_
klZ
gh\ylkyaeufbbhiZkgufb^eyi_jkhgZeZijZdlbd_kh^_j`Zgby[udh\
ijbf_gyxljZaebqgu_kihkh[ufhpbhgZijh\h^dZbkihevah\Zgb_gZe_]dbo
jZ[hlZoijbgm^bl_evgu_ijh]mdbkh^_j`Zgb_gZ\ha^mo_gZ^ebgghcp_ib
k\h[h^guc\u]mebliIjh^he`bl_evghklvijh]
mehdh[uqghkhklZ\ey_l
qZkZ
\kmldb
Ijbk\h[h^gh
\u]mevghfkh^_j`Zgbb`b\hlguodboghkh\ufdhevpZf
p_e_khh[jZaghijb\_rb\ZlvgZdhjhldhcp_ib 
kf ]jmabdfZkkhc
d]
Wlhij_^hojZgbl`b\hlguohl\aZbfguogZiZ^_gbc^jZdbebljZ\fZlbq_kdbo
j_`^_gbcIjbmoh^_aZ[udZfbg_h[oh^bfhh[jZsZlv\gbfZgb_gZkhklhygb_
dhiulbboj_]meyjgZyh[j_adZqlh[ug_\hagbdZebaZ[he_\Zgbydhg_qghkl_c
L_ogbdZ\ujZsb\Zgbydjmigh]hjh]Zlh]hkdhlZ
ujZsb\Zgb_fheh^gydZ
l_hj_lbq_kdb_hkgh\u
H[mkeh\e_ggZy
ke_^kl\_gghklvxfhehqgZybebfykgZyijh^mdlb\ghklvdjmigh]hjh]Zlh]hkdhlZ
fh`_l^hklZlhqghiheghijhy\blvkylhevdhijb[eZ]hijbylguonZdlhjZo
\g_rg_ckj_^ubadhlhjuo\_^ms__agZq_gb_bf_xlmkeh\by\ujZsb\Zgbyb
bkihevah\Zgby`b\hlguoMklZgh\e_ghqlhf
heh^hchj]Zgbafh[eZ^Z_l[hevrhc
ieZklbqghklvxWnn_dlb\gh_bgZijZ\e_ggh_\ha^_ckl\b_dhjfe_gb_fb
kh^_j`Zgb_fgZnhjfbjh\Zgb_ijh^mdlb\guob^jm]bodZq_kl\kdhlZ
hkgh\u\Z_lkygZaZdhghf_jghklyojZa\blby`b\hlgh]h\wf[jbhgZevgucb
ihklwf[jbhgZevguci_jbh
^u
mljh[ghfjZa\blbb\u^_eyxlke_^mxsb_hkgh\gu_i_jbh^uaZjh^ur_\uc
ij_^ieh^gucbieh^guc
Ihklwf[jbhgZevgh_jZa\blb_djmigh]hjh]Zlh]hkdhlZjZa^_eyxlgZke_^mxsb_
i_jbh^ugh\hjh`^_gghklvfhehqguci_jbh^i_jbh^bgl_gkb\gh]hjhklZb
iheh\h]hkhaj
_\Zgbyi_jbh^bgl_gkb\gh]hnhjfbjh\Zgbyijh^mdlb\ghklb
aj_ehklvbjZkp\_lnmgdpbhgZevghc^_yl_evghklbbklZj_gb_
Gh\hjh`^_ggucl_e_ghdijbkihkZ[eb\Z_lkydmkeh\byf`bagb\g_
fZl_jbgkdh]hhj]ZgbafZ\l_q_gb_
^g_cwlh\j_fyhkh[_ggh\Z`gh
h]jZ^bl
vl_e_gdZhlaZ[he_\Zgbcbkihkh[kl\h\ZlvjZa\blbxaZsblguonmgdpbc
hj]ZgbafZ;hevrh_agZq_gb_bf__lkdZjfeb\Zgb_l_e_gdm\kdhj_ihke_hl_eZ
fhehab\ZWlhh[h]ZsZ_l_]hhj]Zgbafbffmggufb[_edZfb\blZfbghf:
ih\urZ_lkhijhlb\ey_fhklvdaZ[he_\Zgbyfhj]Z
gh\ibs_\Zj_gbykihkh[kl\m_l
ghjfZevghfmh[f_gm\_s_kl\bZdlb\baZpbb_]hijhp_kkZ
fhehqguci_jbh^hkgh\ghcibs_cl_e_gdZkem`blfhehdhdhlhjh_
ihkl_i_gghaZf_gyxljZklbl_evgufbdhjfZfbihf_j_jZa\blbyhj]Zgh\
ibs_\Zj_gbyFhehqguci_jbh^ijh^he`Z_lk
y
f_kyp_\i_jbh^
bgl_gkb\gh]hjhklZfheh^gyd^Z_l\ukhdb_ijbjhkluijbdhjfe_gbb_]h
jZklbl_evgufbdhjfZfbbddhgpm_]hijbf_jgh\\hajZkl_
f_kyp_\
^hklb]Z_liheh\h]hkhaj_\Zgby
I_jbh^bgl_gkb\gh]hnhjfbjh\Zgbyijh^mdlb\ghklbgZqbgZ_lkykf
hf_glZ
gZklmie_gbyiheh\hcaj_ehklbbaZdZgqb\Z_lkyi_j\ufhl_ehfmg_l_e_cb
bkihevah\Zgb_f[udh\^eyie_f_gguop_e_cl_q_gb_wlh]h\j_f_gbm
fheh^gydZbgl_gkb\ghjZa\b\Zxlkyiheh\u_hj]Zgub\hkijhba\h^bl_evgZy
kihkh[ghklvMl_ehdmkbeb\Z_lkyjhklfh
ehqghc`_e_au
i_jbh^jZkp\_lZnmgdpbhgZevghc^_yl_evghklbijh^mdlb\gu_dZq_kl\Z
`b\hlguo^hklb]ZxlgZb\ukr_]hjZa\blbyqlhmdhjh\ijhy\ey_lky\ih\ur_gbb
fhehqghcijh^mdlb\ghklb\khq_lZgbbkohjhr_c\hkijhba\h^bl_evghc
kihkh[ghklvxm[udh\
\Zdlb\
ghc\hkijhba\h^bl_evghcnmgdpbbMdhjh\wlhl
i_jbh^gZqbgZ_lkyki_j\h]hhl_eZbaZdZgqb\Z_lky\\hajZkl_
hl_eh\m[udh\
ijhba\h^bl_e_c
k
^h
e_lwlh\j_fyijhp_kkuh[f_gZ\_s_kl\\
hj]ZgbafZoijhl_dZxlbgl_gkb\ghb`b\hlgu_Zdlb\ghj
_Z]bjmxlgZbaf_g_gb_
mkeh\bcdhjfe_gbybkh^_j`Zgby
i_jbh^klZj_gbyhj]ZgbafZbgl_gkb\ghklvh[f_gZ\_s_kl\ihkl_i_gh
kgb`Z_lkybijh^mdlb\ghklv`b\hlguomf_gvrZ_lky
MklZgh\e_ghqlhjZa\blb_jZaguoldZg_cbhj]Zgh\\hj]Zgbaf_ijhbkoh^bl
g_jZ\ghf_jgh
wf[jbhgZevguci_jbh^gZb[he__bgl_gkb\ghjZkl_ldhklgZy
ldZgv\ihklwf[jbhgZevguci_jbh^l_fiu_zjhklZkgb`ZxlkyDfhf_glm
jh`^_gbymdjmigh]hjh]Zlh]hkdhlZi_jbn_jbq_kdbckd_e_ljZa\blhlghkbl_evgh
[hevr_ihklwf[jbhgZevguci_jbh^[he__bgl_gkb
\ghjZkl_lhk_\hckd_e_l
AZdhghf_jghklbjhklZkd_e_lZh[mkeh\eb\Zxlbaf_g_gbyl_ehkeh`_gby`b\hlguo
k\hajZklhfFur_qgZyldZgvgZb[he__Zdlb\ghjZkl_l\i_j\u_
f_kyp_\
`bagbAZl_fbgl_gkb\ghklvjhklZbZ[khexlgu_ijbjhklufur_qghcldZgb
kgb`Zxlky
@bjh\ZyldZgvgZqbgZ_lhldeZ^u\Zlvky\hj]Zgbaf_\[he__iha^g_f
\hajZkl_
AgZqbl_evghbaf_gy_lkyk\hajZklhf`b\hlguogZijZ\e_gb_h[f_gZ\_s_kl\
Fheh^hchj]Zgbafh[eZ^Z_l\ukhdhckihkh[ghklvxdkbgl_am[_edh\uo\_s_kl\
K\hajZklhfwlZkihkh[ghklvkgb`Z
_lky\k\yabkbaf_g_gb_fkljmdlmju[_edh\uo
\_s_kl\
Ijbohjhr_fdhjfe_gbbmfheh^gydZfhehqguobfhehqgh
fykguoihjh^^h
f_kyqgh]h\hajZklZh[jZam_lky\l_e_[hevr_[_edh\uo\_s_kl\q_f`bjh\
Hleh`_gb_[_edZb`bjZ\l_e_fheh^gydZ\[hevrhckl
_i_gbaZ\bkblhlmjh\gy
dhjfe_gbybkh^_j`ZgbyIjbihgb`_gghfmjh\g_dhjfe_gbydh]^Zkmlhqgu_
ijbjhklukhklZ\eyxl
]khhlghr_gb_[_edZb`bjZk\hajZklhffZeh
baf_gy_lkyBgZh[hjhl_kebfheh^gyddhjfylh[bevgh\l_e_hldeZ^u\Z_lky
fgh]h`bjZ
m`_\fheh^hf\hajZkl_qlhg_[eZ]hijbylgh\eby_lgZnhjfbjh\Zgb_
fhehqghcijh^mdlb\ghklb`b\hlguobbo\hkijhba\h^bl_evgmxnmgdpbxwlhc
k\yabh[bevgh_dhjfe_gb_j_fhglguol_ehdg_`_eZl_evgh
Ijb\ujZsb\Zgbbl_ehdfhehqguobfhehqgh
fykguoihjh^kmlhqg
u_
ijbjhklubo\i_j\u_
f_kypZ`bagbfh]mlkhklZ\eylv
]
ihke_^mxs_f\hajZkl_ijbohjhr_fdhjfe_gbb\j_f_ggh_hlklZ\Zgb_jhklZb
nhjfbjh\Zgb_fhehqghcijh^mdlb\ghklbfh`_l[ulv^hklZlhqghihegh
kdhfi_gkbjh\ZghLZdh_\ujZsb\Zgb_l_ehd\_k_gg_
]hhl_eZijbf_gyxl\
ohayckl\Zo]^_\klhceh\hci_jbh^bokh^_j`ZlgZ]jm[uobkhqguodhjfZoZ
e_lhf
gZiZkl[bsZoOhjhrb_j_amevlZluihemqZxlijb\ujZsb\Zgbbl_ehd^h
f_kyp_\ ^hgZqZeZiheh\h]hkhaj_\Zgby gZmf_j_gghfmjh\g_dhjfe_gbyZ
ihke_
wlh]h
gZih\ur_gghf
Mjh\_gvdhjfe_gbybieZgjhklZ`b\hlguohij_^_eyxlkmq_lhfhkh[_gghkl_c
ihjh^uiheZbgZagZq_gby`b\hlguoIjb\ujZsb\Zgbbl_ehdg_j_dhf_g^m_lky
^himkdZlvdZdhq_gvgbadboijbjhklh\\l_q_gb_^ebl_evgh]hi_jbh^ZlZdbhq_gv
\ukh
dboIjb\ujZsb\Zgbbie_f_gguo[uqdh\ijbjhklu^he`gu[ulv\ukhdbfb
dZd\fhehqguclZdb\ihke_fhehqguci_jbh^uWlhiha\hey_lbkihevah\Zlv
`b\hlguo^eyie_f_gguop_e_c\[he__jZgg_f\hajZkl_
Nhjfbjh\Zgb_\ukhdhcfykghcijh^mdlb\ghklbbkdhjhki_ehklbm
fheh^gydZ
\ujZsb\Z_fh]hgZfykh^hklb]Z_lkyijbh[bevghfdhjfe_gbblZddZdlhevdh\
wlhfkemqZ_gZ[ex^Z_lkybgl_gkb\gucjhklfmkdmeZlmjubgZdhie_gb_`bjZ\
lmr_GZjy^mkmjh\g_fgZjZa\blb_fheh^gydZdjmigh]hjh]Zlh]hkdhlZ
kms_kl\_ggh\eby_llbidhj
fe_gby hlghr_gb_hl^_evguo\b^h\dhjfh\dh[s_c
iblZl_evghklbjZpbhgZ ?kebijbmqZlvl_eyldih_^ZgbxjZklbl_evguodhjfh\k
jZgg_]h\hajZklZwlhkihkh[kl\m_l[he__[ukljhfmjZa\blbxmgbohj]Zgh\
ibs_\Zj_gbybkihkh[ghklbohjhrhi_j_\Zjb\Zlvdhjf
Kms_k
l\_ggh_\ebygb_gZnhjfbjh\Zgb_ijh^mdlb\ghklbdjmigh]hjh]Zlh]h
kdhlZbf_xlmkeh\bykh^_j`Zgbyfheh^gydZBagboahh]b]b_gbq_kdb_nZdlhju
l_fi_jZlmjZhk\_s_gghklvihf_s_gby\eZ`ghklv\ha^moZb_]h]Zah\uckhklZ\
HilbfZevghcl_fi_jZlmjhc\ha^moZ\l_
eylgbdZo\abfgbci_jbh^kqblZ_lky
]jZ^mkh\ijbhlghkbl_evghc\eZ`ghklb
Hq_gv\Z`ghqlh[u
l_fi_jZlmjZ\ha^moZhklZ\ZeZkvihklhyghcIjbgbadhcl_fi_jZlmj_\ha^moZ \
g_hlZieb\Z_fuoihf_s_gbyo gh\hjh`^_ggu_l_eylZbkiulu\Zxlkbevguc
klj_kk
�eyij_h^he_gbylZdh]hkhklhygby`b\hlgu_\ugm`^_gubgl_gkb\gh
fh[bebah\u\Zlvj_a_j\uhj]ZgbafZqlh[uZdlb\babjh\Zlvhdbkebl_evgu_
ijhp_kkuWlhkihkh[kl\m_ljZa\blbxmgbok_j^_qgh
khkm^bklhckbkl_fu
hj]Zgh\^uoZgbyibs_\Zj_gbyb\u^_e_gbyZdlb\babjm_
l^_yl_evghklv
sblh\b^ghc`_e_aumkbeb\Z_l]Zahh[f_gbkihkh[kl\m_lnhjfbjh\Zgbxdj_idhc
dhgklblmpbb
Kms_kl\_ggh_\ebygb_gZjZa\blb_fheh^gydZhdZau\Z_lk\_l\hkh[_gghklb
mevljZnbhe_lIh^^_ckl\b_fmevljZnbhe_lZ\dh`_`b\hlguoh[jZamxlky
[bheh]bq_kd
bZdlb\gu_\_s_kl\Zb\blZfbg
dhlhju_mkbeb\Zxl
hdbkebl_evgu_ijhp_kkukihkh[kl\mxlm\_ebq_gbxkh^_j`Zgby\djh\b
]_fh]eh[bgZbwjbljhpblh\ghjfZebamxlfbg_jZevguch[f_gmkdhjyxl
pbjdmeypbxdjh\bbebfnubih\urZxlbffmgheh]bq_kdmxj_Zdlb\ghklv
hj]Z
gbafZHkgh\gufbklhqgbdhfmevljZnbhe_lh\h]hh[emq_gby`b\hlguo
y\ey_lkykheg_qgZyjZ^bZpby
MklZgh\e_ghqlhmevljZnbhe_lh\h_h[emq_gb_]em[hdhkl_evguodhjh\
ih\urZ_lj_abkl_glghklvijbieh^ZIjbh[emq_gbbl_eylboijbjhkl
m\_ebqb\Z_lkygZ
djhf
_lh]hmemqrZ_lkybkihevah\Zgb_dhjfh\f_kl_
kl_fba[ulhqgh_mevljZnbhe_lh\h_h[emq_gb_
\j_^gh
^ey`b\hlguo
;hevrmxjhev\jZa\blbbfheh^gydZbnhjfbjh\Zgbbijh^mdlb\ghklbb]jZ_l
Zdlb\gucfhpbhggZqbgZykjZgg_]h\hajZklZFhpbhgih\urZ_lZii_lbl
\hlguobkihkh[kl\m_lemqr_fmjZa\blbx\gmlj_ggbohj]Zgh\ZlZd`_
nhjfbjh\Zgbxfhehqghcijh^mdlb\ghklb`b\hlguoIh^ZggufFhkdh\kdhc
k_evkdhohayckl\_gghcZdZ^_fbbbfLbfbjya_\Zm^hcaZh^gmeZdlZpbxmdhjh\
\ujZs_gguoijbZdlb\ghffhpbhg_[uegZ
\ur_q_fmdhgljhevguo
dhjh\
FZkkZ`\uf_gbl_ehdgZqbgZyk
f_kyqgh]h\hajZklZklbfmebjm_l
jZa\blb_\uf_gbbkihkh[kl\m_lih\ur_gbxfhehqghcijh^mdlb\ghklb\
ihke_^mxs_fNbabheh]bq_kdh_^_ckl\b_fZkkZ`Zh[tykgy_lky
g_cjh]mfhjZevgufoZjZdl_jhfj
_]meypbbjZa\blbyfhehqghc`_e_au\dhlhjhf
[hevrmxjhevb]jZxljZa^jZ`_gbyg_j\guohdhgqZgbcqm\kl\bl_evguog_j\h\
khkdh\b\uf_gb
Dhjfe_gb_bkh^_j`Zgb_fheh^gydZ
L_ogheh]by\ujZsb\Zgbyfheh^gydZ
\dexqZ_lke_^mxsbcdhfie_dkf_jhijbylbc
ihemq_gb_ghjf
ZevghjZa\blh]hijbieh^Z
bgl_gkb\gh_\ujZsb\Zgb_fheh^gydZih[bheh]bq_kdbp_e_khh[jZaguf
wdhghfbq_kdbwnn_dlb\gufieZgZfjhklZbdhjfe_gbykmq_lhfihjh^u
kbkl_fmkh^_j`Zgbykdhfie_dkghcf_oZgbaZpb_cijhba\h^kl\_gguo
ijhp_kkh\
\gmljbhljZke_\mxki_pb
ZebaZpbx
JZaebqgu_\hajZklgu_biheh\u_]jmiiufheh^gydZij_^ty\eyxljZaebqgu_
lj_[h\Zgbydlbimbmjh\gxdhjfe_gbykihkh[mkh^_j`Zgbyk\yabkwlbfijb
\ujZsb\Zgbbfheh^gydZ\u^_eyxlke_^mxsb_\hajZklgu_biheh\u_]jmiiu
gh\hjh`^_ggu_l_eylZ^h
^g_\gh]h\hajZklZdhlhjuokh^_j`Zl\
ijhnbeZdlhjbb\bg^b\b^mZevguode_ldZo
l_eylZfhehqgh]hi_jbh^Zdhjfe_gby\\hajZkl_hl
^g_c^h
f_kyp_\\
wlhli_jbh^`b\hlguokh^_j`Zl\]jmiih\uode_ldZo
j_fhglgu_l_edbhl
f_kyp_\^hkemqgh]h\haj
ZklZ 
f_kyp_\ 
kh^_j`Zgb_]jmiih\h_
l_edbkemqgh]h\hajZklZbg_l_eb
k\_joj_fhglgucfheh^gyd^eybgl_gkb\gh]h\ujZsb\ZgbybhldhjfZ
k
f_kyqgh]h\hajZklZ^hj_ZebaZpbbgZfykh
ie_f_gguoohayckl\Zobf__lkfuke\u^_eylv]jmiimie_f_gguo[uqdh\
Ihmjh\gxbgl_gkb\ghklbjhklZl_eyl\jZaebqgu_\hajZklgu_i_jbh^u\
gZklhys__\j_fykeh`bebkvke_^mxsb_kbkl_fu\ujZsb\Zgby
1)
Bgl_gkb\gh_\ujZsb\Zgb_ihieZgmjhklZij_^mkfZljb\Zxs_fm
ihkl_i_ggh_kgb`_gb_ijbjhklh\k\hajZklhf`b\hlguo ijbwlhfbkiheva
m_lky
[bheh]bq_kdZykihkh[ghklvfheh^h]hhj]ZgbafZbgl_gkb\ghhldeZ^u\Zlv\l_e_
Zdlb\gu_[_edb
2)
ujZsb\Zgb_ijbmf_j_gghcbgl_gkb\ghklbjhklZ\i_j\u_ljbf_kypZ
`bagbbihemq_gb_\ukhdboijbjhklh\\ihke_^mxs_f\hajZkl_
3)
ujZsb\Zgb_kaZ^_j`dhcjhklZ^h
ihemlhjZe_lbijb\ukhdhfmjh\g_
dhjfe_gbyg_l_e_c
4)
ujZsb\Zgb_ijbjZaghfmjh\g_ijbjhklh\ihk_ahgZf]h^Zdh]^Z[he__
\ukhdb_ijbjhkluihemqZxl\iZkl[bsguci_jbh^bmf_j_ggu_
\klhceh\uc
Hkgh\gufihdZaZl_e_fbgl_gkb\ghklbjhklZl_ehdfhehqguoihjh
y\ey_lkydhwnnbpb_glm\_ebq_gbybo`b\hcfZkkuhljh`^_gbyd
b
f_kyqghfm\hajZklmIjbbgl_gkb\ghf\ujZsb\Zgbbl_ehdke_^m_ldhjfblvlZd
qlh[ubo`b\ZyfZkkZihkjZ\g_gbxkfZkkhcijbjh`^_gbbd]h^h\Zehfm
\hajZklmm\_ebqbeZkv\
jZabdihe
mlhjZ]h^Zf
\
jZa
wf[jbhgZevguci_jbh^jZa\blb_ieh^Z\[hevrhckl_i_gbaZ\bkblhl
khklhygbyfm`kdhcb`_gkdhciheh\uode_lhddfhf_glmhieh^hl\hj_gbyZ
lZd`_hlkhklhygbyfZl_jbgkdh]hhj]ZgbafZ\h\j_fykl_evghklbgZqlh
kms_kl\_ggh\eby_lo
ZjZdl_jdhjfe_gbydhjh\
Dhjh\g_h[oh^bfhh[_ki_qb\Zlviheghp_ggufdhjfe_gb_fdZd\i_jbh^
ZdlZpbblZdb hkh[_ggh \kmohklhcgucklhch\uci_jbh^\jZpbhgudhjh\
\dexqZxl^h[jhdZq_kl\_ggu_khqgu_b]jm[u_dhjfZijbmf_j_gghfjZkoh^_
dhgp_gljZlh\
jZpbhgkl_evguokmohklhcguodhjh\j_dhf_g^m_lky\dexqZlvohjhr__
[h[h\h
aeZdh\h_k_ghbebkmr_gmxljZ\ygmxj_adm^h[jhdZq_kl\_gguckbehk
dhjg_ieh^ubg_[hevrb_^Zqbdhgp_gljZlh\?keb\ihke_^gb_f_kypu
kl_evghklbjZpbhgudhjh\g_^hklZlhqghk[ZeZgkbjh\Z
gubebg_^hklZlhqguih
h[s_ciblZl_evghklbl_eylZjh`^ZxlkykeZ[ufbb[he_ag_ggufb
Kms_kl\_ggh_agZq_gb_^eyghjfZevgh]hjZa\blbyieh^Zbf__lZdlb\guc
fhpbhgdhjh\\ihke_^gb_f_kypukl_evghklbHlkmlkl\b_fhpbhgZijb\h^bld
baebrg_fmm\_ebq_gbxfZkku
ieh^Zbljm^gufhl_eZf
�eyhl_eZdhjh\bkh^_j`Zgbygh\hjh`^_gguol_eyl\i_j\u_
^g_c
`bagbgZn_jf_hj]Zgbamxljh^bevgh_hl^_e_gb_kijhnbeZdlhjb_f\dhlhjuo
lsZl_evghkh[ex^ZxlkZgblZjgh
\_l_jbgZjgu_lj_[h\ZgbyIjZdlbdZihdZau\Z_l
qlhy\ey_lk
yp_e_khh[jZagufkh^_j`Zlvgh\hjh`^_ggh]hl_e_gdZ\f_kl_k
dhjh\hc\i_j\u_
qZkh\ihke_hl_eZ
Gh\hjh`^_ggh]hl_e_gdZ\a\_rb\Zxli_j_^i_j\ufdhjfe_gb_f
ijbk\Zb\Zxl_fmdebqdmbghf_jbaZibku\Zxl\dgb]mijbieh^ZIhkdhevdm
jh^b\rbckyl_e_ghdfZeh
ijbkihkh[e_gdaZsbl_hlg_[eZ]hijbylguonZdlhjh\
hdjm`Zxs_ckj_^uhq_gv\Z`gh^Zlv_fmfhehab\hkjZamdZdlhevdhdhjh\Z
hl^hog_lbml_e_gdZihy\blkyj_ne_dkkhkZgbyghg_iha`_q_fq_j_a
qZkZ
ihke_hl_eZBa\_klghqlhfhehab\hh[eZ^Z_lkbevguf
[Zdl_jbpb^guf
k\hckl\hfbihklmiZy\hj]Zgbafmdj_iey_l_]hbffmggu_kihkh[ghklb
i_j\h_dhjfe_gb_\uiZb\Zxlh[uqgh^hd]fhehab\ZG_ke_^m_l^Z\Zlvl_eylZf
kebrdhffgh]hfhehab\ZkjZamldmgbofh`_l\hagbdgmlvjZkkljhckl\h
ibs_\Zj_gbyihke_^
mxsb_^gbkh^_j`Zgby\ijhnbeZdlhjbbkmlhqgmxfZkkm
fhehab\ZbfhehdZihfZkk_^h\h^yl^h
fZkkul_e_gdZijbjh`^_gbb
�eyih\ur_gbyj_abklb\ghklbhj]ZgbafZgh\hjh`^_gguol_eylbkihevamxl
\blZfbggu_ij_iZjZluZlZd`_mevljZnbhe_lbbgnjZdjZkgh_
h[emq_gb_
dhlhjh_ih\urZ_lnZ]hpblZjgmxZdlb\ghklve_cdhpblh\bZdlb\babjm_l^jm]b_
nbabheh]bq_kdb_nmgdpbb
Ke_^m_lihfgblvqlh\i_j\u_^gb`bagbml_e_gdZ_s_g_mklZgh\e_gZ
l_jfhj_]meypbyb_]hhj]Zgbafhkh[_gghqm\kl\bl_e_gdg_[eZ]hijbylguf
mkeh
\byfkh^_j`Zgby
fhehqguci_jbh^l_eyldhjfylkmq_lhfhkh[_gghkl_cjZa\blbyhj]Zgh\
ibs_\Zj_gbyk\yabkwlbfijbf_gyxljZagu_mjh\gbblbiudhjfe_gby^ey
j_fhglguol_ehdie_f_gguo[uqdh\b^eyfheh^gydZ\ujZsb\Z_fh]hgZfykh
klZ^ZokdhlZfhe
hqgh]hbfhehqgh
fykgh]hgZijZ\e_gbyijbf_gyxl^\Z
kihkh[Zdhjfe_gbyl_eyl\fhehqguci_jbh^jmqgZy\uihcdZbkf_ggh
]jmiih\h_\ujZsb\Zgb_ih^dhjh\Zfb
dhjfbebpZfbZ\ohayckl\Zofykgh]h
gZijZ\e_gby
\ujZsb\Zgb_gZih^khk_
Ijbjmqghc\uihcd_
l_eylk
^g_\gh]h\hajZklZa^hjh\uol_eyl
i_j_\h^ylbaijhnbeZdlhjby\l_eylgbd\dhlhjhfboh[uqghkh^_j`Zl\l_q_gb_
\k_]hfhehqgh]hi_jbh^Z\]jmiih\uode_ldZoih
]heh\IehsZ^vde_ldb
jZkkqblZgZih
d\f_ljZgZh^gm]heh\m\aZ\bkbfhklbhl\
hajZklZbfZkku
fheh^gydZ
�eydhjfe_gbyl_eylbkihevamxlfhehdhlhevdhhla^hjh\uodhjh\
Ijh^he`bl_evghklvdhjfe_gbyfhehdhf
f_kyp_\Zijb\ujZsb\Zgbbih
ko_fZfkihgb`_ggufkh^_j`Zgb_ffhehdZ
^g_cwlhli_jbh^
dhjfe_gb_l_eylghjfbjmxlk
mq_lhfihjh^uie_f_gghcp_gghklbbgZagZq_gby
`b\hlgh]hL_eylhl\ukhdhijh^mdlb\guobie_f_gguoihjh^j_dhf_g^m_lky
\ujZsb\Zlv[he__bgl_gkb\gh
Dih_^Zgbxk_gZl_eylijbmqZxlgZqbgZyk
^gy`bagb
dhgp_gljbjh\Zgguodhjfh\
k
^gykhqguo
h\lhjh]hf_kypZGZqbgZyk
^gy`bagbl_e_gdZp_evgh_fhehdhfh`ghijbg_h[oh^bfhklbaZf_gylv
iheghp_ggufbaZf_gbl_eyfbfhehdZBobkihevah\Zgb_iha\hey_lkhdjZlblv
jZkoh^fhehdZgZh^gh]hl_e_gdZgZ
d]
klhceh\uci_jbh^l_eylgZqbgZyk
^g_\gh]h\hajZklZ_`_^g_\gh
\uimkdZxlgZijh]medmkgZqZeZgZ
fbgmlZ\^Zevg_cr_fgZ
qZkZ
G_h[oh^bfhke_^blvqlh[ul_eylZg_eh`bebkvgZkg_]bebkujmxa_fex
e_lg__\j_fyfheh^gydkh^_j`Zl\eZ]_jyo\dhlhjuogZ
l_eyl^_eZxl
hl^_ev
gu_ijhklhjgu_aZ]hguDiZkl[bsZfl_eylfh`ghijbmqZlvgZqbgZyk
^g_\gh]h\hajZklZ
aZ\bkbfhklbhljZaf_jZ^Zqbfhehqguobdhgp_gljbjh\Zgguodhjfh\
l_eylZjZaebqgh]h\hajZklZih_^Zxl\kmldbijbf_jghke_^mxs__dhebq_kl\h
ljZ\u\
f_kyqghf\ha
jZkl_
d]\
f_kyqghf
d]
ujZsb\Zgb_l_eylgZih^khk_
ohayckl\Zofhehqgh]hgZijZ\e_gby
ijbf_gyxlkf_ggh
]jmiih\hcf_lh^\ujZsb\Zgbyl_eylih^dhjh\Zfb
dhjfbebpZfbIjbwlhffheh^gydihemqZ_l^h[jhdZq_kl\_ggh_fhehdhgm`ghc
l_fi_jZlmju
g_aZjZ`zggh_fbdjh[Zfbbh[eZ^Zxs__\ukhdbfbbffmggufb
k\hckl\ZfbHlt_fl_eylh[uqghijhba\h^yl\\hajZkl_hdhehf_kyp_\Dhjh\
dhjfbebpg_h[oh^bfhhl[bjZlvkmq_lhfbodZq_kl\Z a^hjh\v_kihdhcguc
l_fi_jZf_glohjhrZymiblZgghklv bdhjfblvkmq_l
hfboijh^mdlb\ghklb
jZpbhgg_h[oh^bfh\dexqZlvohjhr__k_gh 
d] b^h[jhdZq_kl\_gguckbehk
(20
d] J_`bfkh^_j`Zgbydhjh\
dhjfbebp^he`_gij_^mkfZljb\Zlv
j_]meyjgu_Zdlb\gu_ijh]medb
Gh\hjh`^_gguol_eylfh`ghih^imkdZlvih^dhjh\m
dhjfbebpmk
^gy
`bagb@_eZl_evghqlh[ujZagbpZ\\hajZkl_l_eylh[t_^bg_gguo\]jmiimg_
ij_\urZeZ^g_cI_j_^i_j\ufih^imkdhfl_eyldhjh\mg_^hyl\l_q_gb_
qZkh\bij_^\Zjbl_evghh[fu\ZxlbfZkkbjmxl\ufyk^Zb\Zxli_j\u_
ihjpbbfhehdZbkfZqb\Zxl
bfljyidmdhlhjhcijhlbjZxl]heh\mkibgmb
dj_kl_pih^imkdZ_fuol_eylHiulohayckl\ihdZau\Z_lqlh
dhjh\
dhjfbebpb
l_eylh^gh\j_f_ggh\ujZsb\Z_fuoih^gbfbfh`_l
h[kem`b\Zlvh^gZl_eylgbpZ
Ijb\ujZsb\Zgbbih^dhjh\hc\klhceh\uci_jbh
^l_eylih^dZjfeb\Zxl
dhgp_gljZlZfbkbehkhfljZ\hcbebk_ghfZlZd`_fbg_jZevgufb\_s_kl\Zfb
iZkl[bsguci_jbh^dhjh\kl_eylZfbkh^_j`ZlgZiZkl[bs_
Dhjfe_gb_bkh^_j`Zgb_j_fhglgh]hfheh^gydZ
Hkgh\gZyaZ^ZqZ
ijZ\bevgh]h\ujZsb\Zgbyl_ehd\ihke_f
hehqgu_i_jbh^
h[_ki_q_gb_bo
ghjfZevgh]hjZa\blbybk\h_\j_f_ggh]hhieh^hl\hj_gby
J_fhglguol_ehdbg_l_e_cp_e_khh[jZaghkh^_j`Zlv]jmiiZfb
]heh\
[_aijb\yabqlhkihkh[kl\m_lemqr_fmjZa\blbx`b\hlguobnhjfbjh\Zgbxm
gbodj_idhcdhgklblmpbb
=jmiiudhfie_dlmxl`b\hlgufbbf_xsbfb[ebadb_
ihdZaZl_ebih\hajZklmb`b\hcfZkk_jZagbpZ\\hajZkl_g_^he`gZ[ulv[hevr_
1.5
f_kyp_\Z\fZkk_
d]
Dhjfe_gb_bkh^_j`Zgb_ie_f_gguo[uqdh\\ihke_fhehqguci_jbh^
^he`gu[ulvgZijZ\e_gugZohjh
r__jZa\blb_dhklghcldZgbfmkdmeZlmjub
\gmlj_ggbohj]Zgh\ZlZd`_iheh\hcZdlb\ghklbb\ukhdhc\hkijhba\h^bl_evghc
kihkh[ghklb;uqdh\ke_^m_lh[bevghdhjfblvqlh[uijbjhklukhklZ\eyebg_
f_g__
]\kmldbIhkjZ\g_gbxkl_edZfb[uqdZfg_h[oh^
bfh
kdZjfeb\Zlv[hevr_dhgp_gljbjh\Zgguodhjfh\bf_gvr_khqguoIheghp_ggh_
bh[bevgh_dhjfe_gb_iha\hey_lgZqZlvie_f_ggh_bkihevah\Zgb_[uqdh\
gZqbgZyk
f_kyqgh]h\hajZklZ
Z`gh_mkeh\b_ghjfZevgh]hjhklZbjZa\blbyie_f_gguo[uqdh\
_`_^g_\gu_
ijh^he`bl_evgu_Zdlb\gu_ijh]medbIjbhlkmlkl\bbfhpbhgZm
[uqdh\jZa\b\Z_lkykdehgghklvdh`bj_gbxqlhg_[eZ]hijbylgh^_ckl\m_lgZ
\hkijhba\h^bl_evgmxnmgdpbxohayckl\Zoijbf_gyxsboiZkl[bsgh_
kh^_j`Zgb_kdhlZie_f_gguo[uqdh\iZkmlhl^_evgh
N=H
MIH
FHKDHKD:Y
=HK�M:JKL?GG:Y:D:?;&#x-9G;&#xG-3;&#x:Y;&#x-7;&#x-8:;D;&#x-22;&#x:15;?FBY
?L?JBG:JGHCF?&#x-4?;L-; ?8;&#xJ-1;B;&#xG-3;&#x:J-;G;H;&#x-18;క;&#x-8;-7;&#x?80;BPBGUB;BHL?OGHEH=BB
bf_gbDBKDJY;BG:
DJ:KHL:N
qe_g
dhjj_kihg^_gl:KOGBE
^hdlhjk_evkdhohayckl\_gguogZmd
ijhn_kkhj
G:MQGU?HKGHUG:IJ:E?GGH=H
UJ:SB:GBYFHEH&#x-2:;&#x-4G;B1;Y-;1;F;&#xH17;æH;00;GYD:
K?EVKDHOHAYCKL?GGUO@BHLGUO
Fhkd\Z
IJ?�BKEHB?
GZklhys__ba^Zgb_ijh[e_fghce_dpbbqe_gZ
dhjj_kihg^_glZJ:KOGN
DjZkhluGZmqgu_hkgh\ugZijZ\e_ggh]h\ujZsb\Zgbyfheh^gydZ
k_evkdhohayckl\_gguo`b\hlguoihk\ys_gZ_]hiZfylb
bij_^klZ\ey_lkh[hc
kl_j_hlbigh_ba^Zgb_]h^Z

DJ:KHL:E:&#x-10;-17;&#x:-6;�BFBJ
BEBIIHBQ
�hdlhjk
ogZmdaZkem`_gguc^_yl_evgZmdbJN
eZmj_ZlIj_fbbKh\_lZ
Fbgbkljh\KKKJ
qe_g
dhj
j_kihg^_glJ:KOGijhn_kkhjDjZkhlZN
ba\_k
lgucmq_guc\h[eZklb]_g_lbdbbk_e_dpbbk
o`b\hlguo
jh^beky
^_dZ[jy]h^Z\k_fv_k_evkdhcmqbl_evgbpubZ]jhghfZ
kZ^h\h^Z\^_j_\g_
Dmdm_\dZhemckdh]hm_a^Zhjhg_`kdhc]m[_jgbb
]ihke_hdhgqZgbyk_fbe_ldbihklmibe\k_evkdhohayck
l\_gguc
l_ogbdmfwnbjhfZkebqguodmevlmj
ihhdhgqZgbbdhlhjh]h\]ihr_e
mqblvky\hjhg_`kdbcahh\_l_jbgZjgucbgklblmlgZahhl_ogbq_kdbcnZdmevl_l
Ihke_hdhgqZgbybgklblmlZeZ^bfbjNbebiih\bq[uej_dhf_g^h\Zg\
ZkibjZglmjmgZdZn_^jm]_g_lbdbbjZ
a\_^_gbyk_evkdhohayckl\_gguo`b\hlguo
bxgy]h^Zmki_rghaZsblb\^bkk_jlZpbxeZ^bfbjNbebiih\bq
^h[jh\hevghmr_egZnjhgl
DjZkhlZNkbxey]ihn_\jZev]khjm`b_f\jmdZoaZsbsZe
Jh^bgmhlg_f_pdh
nZrbklkdboaZo\Zlqbdh\Njhglh\u
fb^hjh]Zfbk[hyfbhg
ijhr_eIh^fhkdh\v_Kfh
e_gsbgm;_ehjmkkbxIhevrmhklhqgmxIjmkkbx
Ijbrlmj
f_]D_gb]k[_j]ZdhfZg^my[ZlZj__ckZfhoh^guoimr_d[uely`_eh
jZg_gbg_kdhevdhf_kyp_\gZoh^beky\]hkiblZe_gZe_q_gbbIhke_
\ua^hjh\e_gby\_jgme
ky\jh^ghcbgklblml
ijbklmibe
fbjghfm
khab^Zl_evghfmljm^m^hp_glaZ\dZ
n_^jhcZk]
j_dlhjMevygh\kdh]h
bgklblmlZ
Ijhn_kkhjDjZkhlZNhl^ZejZa\blbxk
oh[jZah\ZgbybgZmdb[he__
ihem\_dZijhr_eimlvhlZkkbkl_glZ^hj_dlhjZ\maZ
Hge_ljmdh\h^be=eZ\
gufmijZ\e_gb_f\ukr_]hbkj_^g_]hk
oh[jZah\ZgbyFKOKKKJ]h^m
[ueba[jZgZdZ^_fbdhfF_`^mgZjh^ghcZdZ
^_fbbZ]jZjgh]hh[jZah\Zgbyb__
ihq_lgufij_ab^_glhf
DjZkhlZNih^]hlh\bedZg^b^Zlh\b^hdlhjh\gZmdH
Z\lhj
mq_[gbdh\^ey\mah\bk
odhee_^`_c?]hmq_[gbdJZa\_^_gb_
k_evkdhohayckl\_gguo`b\hlguo\u^_j`Zeba
^Zgbcbhlf_q_gihq_lgufb
^biehfZfbbf_^ZevxFbg\maZKKKJ]\ureZ\k\_l_]hdgb]ZIhe\_dZ
\ukr_cD
]jZjghc
rdhe_Jhkkbb\
]
@bag_ggZyihabpby
AZ[h_\u_aZkem]bbljm^h\u_mki_obijhn_kkhjDjZkh
lZNgZ]jZ`^_gk_fvx
hj^_gZfb^_kylvxf_^Zeyfbbfgh
]bfbihq_lgufbagZdZfb

:GGHL:PBY
Ijh[e_fZgZijZ\e_ggh]h\ujZsb
\Zgbyfheh^gydZk
o`b\hlguo
h^gZba
hkgh\guoijh[e_fijhfure_ggh]h`b\hlgh\h^kl\Z
e_dpbbh[h[s_gul_hj_lbq_kdb_iheh`_gbyhgZijZ\e_gghfbaf_
g_gbb
hglh]_g_aZ`b\hlguobhiuli_j_^h\uoohayckl\ih\ujZsb\Zgbx
\ukhdhijh^mdlb\guo`b\h
lguoijb\_^_gu
j_dhf_g^ZpbbFKOKKKJ
hl^_e_gby`b\hlgh\h^kl\Z
:KOGBE
ihgZijZ\e_gghfm\ujZsb\Zgbx
j_fhglgh]hfheh^gydZk
o`b\hlguoij_^klZ\e_gbgl_j_kgucfZl_jbZe
kh[kl\_gguobkke_^h\ZgbcZ\lhjZb_]hmq_gbdh\ihwlhcijh[e_f_
E_dpbyjZkkqblZgZgZkemrZl_e_cnZd
mevl_lZih\ur_gbyd\Zebnb
dZpbb
ki_pbZebklh\bgZmqguojZ[hlgbdh\
L?HJ?LBQ?KDB?IJ?�IHKUEDBIHEMQ?GBY
G:IJ:E?GGUO
BAF?G?GBCHGLH=?G?A?
K?EVKDHOHAYCKL?GGUO@BHLGUO
JmkkdZyahhl_ogbq_kdZygZmdZ_s_mk\hbobkl
hdh\\klZeZgZimlvjZajZ[hldb
gZmqguohkgh\gZijZ\e_ggh]h\ujZsb
\Zgbyfheh^gydZdZdmq_gbyh[
mijZ\e_gbbbg^b\b^mZev
gufjZa\blb_fhj]ZgbafZWlhijh]j_kkb\gh_
gZijZ\e_gb_\ahhl_ogbb[uehih^]hlh\e_ghljm^Zfb\u^Zxsbokymq_
guoB
k_\heh^h\ZB:
;Z[bgZGNFb^^_g^hjnZIGDme_rh\ZGI
Q_j\bgkdh]h::FZeb]hgh\Z?:;h]^Zgh\Zb^jgZrb^gbijh^he`Zy
ljZ^bpbbjmk
kdhcahhl_ogbq_kdhcrdheugZ^wlhcijh[e_fhcmki_rghjZ[hlZeb
djmigu_kh\_lkdb_mq_gu_:BH\kyggbdh\b:KKhem
gK_cqZkjZajZ[hldhc
wlboljm^guo\hijhkh\aZ
gbfZxlky:I�fbljbq_gdhD;K\_qbgI,EZ^Zg
�Ir_gbqgucBN_^h
jh\FFE_[_^_\:D\Zkgbp
dbcEDWjgkl
:Kkydbo:Wdlh\b^j
GZijZ\e_ggh_\ujZsb\Zg
b_
wlhp_e_mklj_fe_
ggZykb
kl_fZ\ha^_ckl\bygZ
bg^b\b^mZevgh_jZa\blb_`b\hlgh]hijbf_gy_fZy\hij_^_e_ggu_i_jbh^u
`bagb^ey\ujZ[hldb`_eZl_evguoijbagZdh\bk\hckl\aZeh`_gguo\]_g_lbd_
We_f_glZfbgZijZ\e_ggh]h\ujZsb\Zgby`b\hlguoy\ey
xlky
Hij_^_e_gb_gZijZ\e
_gby\ujZsb\Zgby lbi\ajhkeh
]h`b\hlgh]h
gZijZ\e_gb__]hijh^mdlb\ghklb ijb]h^ghklv`b\hlgh]hdgh\hc
ijhfure_gghcl_ogheh]bb hkh[_gghklbdhjfe_gbykh^_j`Zgbyb
wdkiemZlZpbb 
u[hjnZdlhjh\\ha^_ckl\by dhjfe_gb_wg^hdjbggu_ij_iZjZluk\_l
_fi_jZlmjZfmlZ]_ggu_nZdlhjudmevlm
jZldZg_cljZgkieZglZpbyab]hlb
^jm]b_[bhl_ogbq_kdb_f_
lh^u 
MklZgh\e_gb_kjhdh\ i_jbh^h\ ijbf_g_gby\u[jZg
guonZdlhjh\
\ha^_ckl\by
�habjh\dZnZdlhjh\\ha^_ckl\byG_h[oh^bfhagZlv\ebygb_jZaebqguo
ih
kbe_bijh^he`bl_evghklb^_ckl\bynZdlhjh\gZgZke_^kl\_ggu_k\hckl\Z
hj]ZgbafZ\hl^_evgu_i_jbh^ujhklZbjZa\blby
hkiblZgb_kmq_lhfhkh[_gghkl_ciheZlbiZdhgklblm
pbb
gZke_^kl\_gghklb;hevrbgkl\hnZdlhjh\\ebyxsbogZijh^mdlb\ghklv
`b\hl
guogZoh^ylkyih^dhgljhe_fq_eh\_
dZbfh]mlbaf_gylvky\gm`gmx
klhjhgm
GZb[he__baf_gqb\uih^\ebygb_fkj_^ufheh^u_f_g__knhjfbjh\Zggu_
hj]ZgbafuWlhiheh`_gb_
h^ghbahkgh\
guo[bheh]bq_kdboij_^ihkuehd
gZijZ\e_ggh]h\ujZsb\Zgby`b\hlguo
ijh
p_kk_bg^b\b^mZevgh]hjZa\blbyhj]ZgbafZijhy\
eyxlkynhjfu
baf_gqb\hklbdhf[bgZpbhggZyfmlZpbhg
gZyhglh]_g_lbq_
kdZy \hajZklgZy b
fh^bnbdZpbhg
gZyI_j\u_ljbbf_xlgZke_^kl\_ggucoZjZdl_jbi_
j_^Zxlky
ihlhfkl\mFh^bnbdZpbhg
gZybaf_gqb\hklvg_gZke_
^kl\_g
gZybihlhfkl\mdZd
ijZ\behg_i_j_^Z_lkyjZafZo__h[
mkeh\e_g]_ghlbihf`b\hlgh]h
Ke_^m_lihfgblvqlhhj]Zgbafgbdh]^Ziheghklvxg_j_Zebam_lk\hb
gZke_^kl\_ggu_\hafh`ghklbhglh]_g_a_ijhy\eyxlkyl_aZ^Zldbdhlhju_
ihemqbeb^eyk\h_]hjZ
\blbyg_h[oh^bfu_mkeh\byN_ghlbibq_kdb_dZq_kl\Z
y\b\rb_kymk_evkdhohayckl\_gguo`b\hlguo\ijhp_kk_gZ
ijZ\e_ggh]h
\ujZsb\Zgb
ymq_gu_gZau\Zxlfh^bnbdZpbhg
gufb
:fieblm^mfh^bnbdZpbhgghcbaf_gqb\hklbhj]ZgbafZkqblZxlghjfhc
j_ZdpbbIh^ghjfhc
j_Zdpbbih^jZamf_
\Zxlky^hklmigu_ij_^_euj_ZebaZpbb
hj]Zgbafhf_]hgZ
ke_^kl\_gguo\hafh`ghkl_c\jZa\blbbhij_^_e_gguoijba
gZdh\bk\hckl\ih^\ebygb_fdhgdj_lguomkeh\bc\g_rg_ckj_^u
G_gZke_^kl\_ggu_baf_g_gby fh^bnbdZpbb mdZ
au\ZeZdZ^_fbdBB
RfZev]Zma_g\ih\lhjyxsbokymkeh
\byokj_^u\ua\Z\rbowlbbaf_g_gby
klZ[bebabjmxlkyhl
[hjhf\ghjfmgZke_^kl\_ggh]hj_Z]bjh\ZgbyOZjZdl_jb
^ebl_evghklvfh^bnbdZpbhgghcbaf_gqb\hklbjZaebqgubbgh]^Zho\Zlu\Zxl
jy^ihdhe_gbcIjbf_jhffh`_lkem
`blv
nhjfbjh\Zgb_fhehqghc
ijh^mdlb\ghklbmdhjh\ih^\ebygb_fjZaebqguonZdlhjh\ \gmlj_ggbob
\g_rgbo  ko_
fZ 

MijZ\e_gb_bg^b\b^mZevgufjZa\blb_fk
o`b\hlguo\wf[jbhgZevguc
i_jbh^
=_ghlbi`b\hl
gh]hhij_^_ey_lgZijZ\e_gb_jZa\blby\k_okeh`guo
ohayckl\_ggh
ihe_aguoijbagZdh\ZlZd`_ghjfmj_Zdpbbhj]ZgbafZgZ\ebygb_
nZdlhjh\\g_rg_ckj_^uk\yabkwlbf^eyihemq_gbyh`b^Z_fuoj_amevlZlh\
gZijZ\e_ggh]h\ujZsb\Zgbyk
o`b\hlguo\Z`ghij_`^_
\k_]hihemqblv
`_eZl_evgu_]_ghlbiuiml_fp_e_mklj_fe_g
gh]hih^[hjZjh^bl_evkdboiZj
Ih^[hjjh^bl_evkdboiZj
wlhfhsgucjuqZ]j_]mebjmxsbcjZafgh`_gb_
hij_^_e_g
guo]_ghlbih\bnhjfbjmxsbc]_ghlbibqgmxkljmdlmjmklZ
^ZIjb
ih^[hj_iZjmqblu\ZxldZd
ihjh^gu_lZdbbg^b
\b^mZevgu_dZq_kl\Zjh^bl_e_c
bo\hajZkldhgklblmpbhg
gu_hkh[_gghklbl_ehkeh`_gb_`b\mxfZkkm
ijh^mdlb\
ghklva^hjh\v_ihke_^gb_]h^u\k\yabkjZa\blb_fbffmgh]_g_lbdb
ijbih^[hj_iZjgZ^hmqblu\Zlvkhq_lZ_fhklvkZfph\bkZf
hdih]jmiiZfdjh\bb
bffmgghckh\f_klbfhklbZlZd`_pblh]_g_lbq_kdb_hkh[_gghklbbodZjbhlbih\

Ko_fZ

Nhjfbjh\Zgb_ijbagZdh\fhehqghci
jh^mdlb\ghklbdhjh\


=_ghlbihlpZ

=_ghlbifZl_jb



Ab]hlZ



gZke_^kl\_ggZyhkgh\Zihlhfkl\Z



=_ghlbiihlhfkl\Z


N_ghlbiihlhfkl\Z


dhfie_dk\k_oijbagZdh\bk\hckl\hj]ZgbafZ


Hglh]_g_a

Wf[jb
hgZevgh_jZa\blb_Ihklwf[jbhgZevgh_jZa\blb_

Hkh[_gghklbhj]ZgbafZ

@b\ZyfZkkZl_eyl


fZl_jb

ijbjh`^_gbb

@b\ZyfZkkZfZl_jb

Mjh\_gvblbidhjfe_gby

j_fhglguolzehd

IeZgjhklZ

hajZklfZ
l_jb

Ihjh^ghklv

Mkeh\bydhjfe_gby

L_ogheh]bykh^_j`Zgby

[_j_f_gghckZfdbj_fhglguol_ehd

Mkeh\bykh^_j`Zgby


@b\ZyfZkkZi_j\hl_ehd

[_j_f_gghckZfdb

l_fi_jZlmjZ\eZ`ghklv

JZa\blb_ijbagZdh\

\ha^moZ fhehqghklb dZq_kl\Z\uf_gb

ih^]hlh\dZg_l_e_cdhlzem

jZa^hci_j\hlzehd 

L_ogheh]bykh^_j`Zgby

Fhehqghklvihegh\hajZklguo

dhjh\

Bkihevah\Zgb_hkh[_gghkl_cfZl_jbgkdh]hhj]ZgbafZ^eyihemq_gby
ihlhfdh\`_eZl_evgh]hlbiZ
MklZgh\e_ghqlh^eyihemq_gbyihl
hfkl\Zk[hevr_c`b
\hcfZkkhc
g_h[oh^bfhih^[bjZlv^eykiZjb\Zgby[he__djmiguofZlhdlZddZdjZaf_ju
fZl_jbgkdh]hhj]ZgbafZij_^hij_^_eyxl\hkgh\ghfb`b\mxfZkkmijbieh^Z
wf[jbhgZevguci_jbh^jZa\blbydh]^Zb^mlhkgh\gu_
nhjfhh[jZah\Zl_evgu_ijhp_
kkugm`ghkha^Z\Zlvohjhrb_mkeh\bydhjfe_gbyb
kh^_j`Zgby[_j_f_gguofZlhdMwf[
jbhgZdjmigh]hjh]Zlh]hkdhlZ\i_j\u_ljb
f_kypZhq_gvbgl_gkb\ghjZa\b\Zxlky\gmlj_ggb_hj]Zgufy]db_ldZgb
wg^hdjbggZykbkl_fZiha`_
\
f_kyp_\
kdhjhklvjhkl
Z\gmlj_ggbohj]Zgh\
kgb`Z_lkygh[uklj__gZqbgZ_ljZklbdhklydG_^hdhjf\wlbi_jbh^um]g_lZ_l
jhklbjZa
\blb_wlbokbkl_fbhj]Zgh\
MhelhgbO_ffhg^ijb\h^ylbgl_j_kgu_^Zggu_h`b\hcfZkk_`_j_[ylijb
jh`^_gbbbf_kyqghf\hajZkl_ihemq_g
guohlj_p
bijhdguokdj_sb\Zgbcf_`^m
rZcjZfbbihgb@_j_[_ghdihemq_gguchlkdj_sb\Zgby`_j_[pZihgbkdh
g_fZldhcrZcj[ueagZqbl_evghdjmig__k\h_]hk\_jklgbdZihemq_ggh]hhl
`_j_[pZrZcjZbfZldbihgb
Bgl_j_kgu_bkke_^h\Zgbyj_pbijhdgh]hkdj_sb\Zgbymdmj[u
ebijh\_^_guD
NDmrgbjhfbDbrd_ ] Kdj_sb\Zeb^\_ihjh^uf_edmx[_glZfdmk
djmighc
gvx]_firbjhfHlkdj_sb\Zgbyi_lmoh\kdmjZfb[he__djmighc
ihjh^u gvx]_firbj jh`^ZebkvagZqbl_evgh[hev
rb_ih`b\hcfZkk_puieylZk
[hevr_cwg_j]b_cjhklZ
q_fbok\_jklgbdbhlj_pbijhdgh]hkdj_sb\Zgby
[_glZfdb
gvx]_firbj
Ih^Zgguf
I�hgZev^Zhlkdj_sb\ZgbydhjhgZcjrbjkdhcihjh^uk
[udZfb^`_jk_ckdhcl_eylZ\i_j\hfihdhe_gbbbf_ebfZkkmd]hl
h[jZlgh]hkdj_sb\Zgbyd]
E_gZj
^ijb\h^bl^Zggu_hj_amevlZlZoj_pbijhdgh]hkdj_sb\Zgbyf_`^m
rhjl]hjgZfbb]_j_nhj^ZfbkZ[_j^bg
Zg]mkkdbfkdhlhfIhfZkk_[uqdb\
\hajZkl_^g_chlkdj_sb\Zgby[udh\Zg]mkkdhcihjh^ukdhjh\Zfb
rhjl]hjgkdhcij_\hkoh^bebk\hboj_pbijhdguok\_jklgbdh
\gZd]Zihf_kb
Zg]mk
]_j_nhj^
gZd]
FZkkZihjhkylijbjh`^_gbblZd`_aZ\bkblhljZaf_jh\k\bghfZldb�Zggu_
�`m[_jlZ :g]eby ihwlhfm\hijhkmij_^klZ\e_gu\lZ[ebp_
LZ[ebpZ
Baf_g_gb_fZkkuihjhkyl\ijhp_kk_jhklZ
IhjhkylZijb
kdj_sb\Zgbbihjh^
Ijbjh`^_gbb
Ijbhlt_f_
EZg^jZkoeZg^jZk
F_klgu_f_edb_o
eZg^jZk
1,28
14,36
14,68
EZg^jZkof_klgu_
f_edb_
1,08
11,68
FNB\Zgh\gZhkgh\Zgbbj_amevlZlh\kdj_sb\Zgbyh\_pmklZgh\beqlh
\_ebqbgZgh\hjh`^_gguoy]gyl
gZoh
^blky\ijyfhck\yabk\_ebqbghc
fZl_jbgkdh]hhj]ZgbafZ�h\hevghq_ldmxl_g^_gpbx^hfbgbjmxs_]h\ebygby
fZl_
jbgkdh]hhj]ZgbafZ\gZke_^h\ZgbblbiZkdeZ^qZlhklbijh
ke_^beZm
lhgdhjmgguoh\_p=:KlZdZgebygb_fZl_jbgZjZaf_jugh\hjh`^_ggh]h
hfdZbamqZemfmeh\:S_dbgHgh[gZjm`beqlhwf[jbhgZevgh_jZa\blb_
ijbieh^Z\hkgh\ghfaZ\bkblhljZaf_jh\fZl_jbihklwf[
jbhgZevgucjhkl
ijhoh^blih^kh\f_klguf\ebygb_fgZke_^
kl\_gguok\hckl\djmighklb
ihemqZ_fuodZdkhklhjhguhlpZlZdbkhk
lhjhgufZl_jb
Ijb\_^_ggu_fZl_jbZeuk\b^_l_evkl\mxlhlhfqlhih^
[hjhlph\kdhcb
fZl_jbgkdhcihjh^
\Z`gucnZdlhjgZ
ijZ\e_ggh]hnhjfhh[jZah\Zgbyfgh]bo
ohayckl\_ggh
ihe_a
guoijbagZdh\mihlhfkl\Z `b\ZyfZkkZfykbklhklvr_jkl
ghklvbl^ 
MijZ
\e_gb_hglh]_g_ahfkihfhsvx]_g_lbq_kdbonZdlhjh\
Ihke_^gb_]h^uoZjZdl_jbamxlkyrbjhdbf\g_^j_gb_f]_g_lbq_kdbof_lh^h\
mijZ\e_gbyhglh]_g_ahfMki_obnbab
dbbobfbb\gZklhys__\j_fykha^Zeb
ij_^ihkuedb^eybk
ihevah\Zgbyj_gl]_gh\kdbobaemq_gbcb\uk
hdhZdlb\guoob
fbq_kdbokh_^bg_gbc^eymkdhj_gbyjZa\blbybih\ur_gbyijh^mdlb\ghklb
`b\hlguobilbp
Hkh[ucbgl_j_k\ihke_^gb_]h^uijb\e_dZxl\hafh`gh
klbijbf_g_gby
kmi_jfmlZ]_gh\
rbjhdh]hdeZkkZkh_^bg_
gbcgbljhahZedbefhq_\bgu
ZedbekmevnZlh\wlbe
_gbfbgZb^jWlb\_s_kl\ZdZdihdZaZebbkke_^h\ZgbyB
:JZiih
ihjlZg_\uau\Zxl \hlebqb_hlbaemq_gbc ih\j_`^_gbcy^jZb
pblhieZafuQZklhlZihe_aguo`bag_kihkh[guofm
lZpbc\ur_
Bkihevah\Zgb_kmi_jfmlZ]_gh\\ijZdlbd_k_e_dpbbhl
dju\Z_lrbjhdb_
i_jki_dlb\u^eyihemq_gbyihe_aguo^eyq_eh\_dZnhjfjZkl_gbc
fbdjhhj]Zgbafh\`b\hlguoKih
fhsvxkmi_jfmlZ]_gh\B:JZiihihjlhf
[uebihemq_gugh\u_\ukhdhmjh`Zcgu_nhjfudZjebdh\uoir_gbpyqf_gy
fbdjhhj]Zgbafh\p_gguo\f_^bpbg_`bag_kihkh[guofm
lZpbcmdjhebdh\k
baf_g_gghchdjZkdhcr_jklbfZeuo^haZokmi_jfmlZ]_gu\uau\Zxl^\hcgmx
]_g_lbq_kdmxklb
fmeypbxjhklZbjZa\blbybaf_gy_lkyoZjZdl_jhglh]_g_aZ
Zdlb\babjm_lkyh[f_g\_s_kl\iheg__jZkdju\Zxlky]_g_lb
q_kdb_\hafh`ghklb
jZa\blbyhj]Z
gbafZ
Wnn_dlklbfmeypbbfh`_l[ulvaZdj_ie_glZddZd]_
g_lbq_kdb_klbfmeypbb
fh]ml^Zlvk_e_dpbhggucfZl_jbZe^eykha^Zgby]_l_jhab]hlguoebgbcWlhfm
\Z`ghfm\hijhkmihk\ys_gubkke_^h\Zgbyijhn_kkhjZB:JZiihihjlZdh
lhjhfmijbgZ^e_`blbijbhjbl_lhl
djulby\wlhch[eZklb[bhobfbq_kdhc
]_g_lbdb
;uehaZf_q_ghqlhmkmi_jfmlZ]_gh\^Z`_\fbdjh^haZoihjy^dZ
, 10
]_g_lbq_kdZyZdlb\ghklvmklmiZ_lf_klh[bheh]bq_kdhcZdlb\ghklbkihkh[ghklb
kms_kl\_ggh\ebylvgZkbkl_fmh[f_gZ\_s_kl\bl_fkZfufg
Zhglh]_g_ade_l
db
bhj]ZgbafZWlbij_^klZ\e_gby[uebiheh`_gu\hkgh\mhiulh\ih\uykg_gbx
\ebygbyfZeuo^hakmi_jfmlZ]_gh\gZjhklbjZa\blb_`b\hlguo=GRZg]bg
;_j_ah\kdbfbLZfikhg
:G[uejZajZ[hlZgkihkh[h[jZ[hldb\]Zah\hckj_^_
YcpZdmjy
cp_ghkgh]hgZijZ\e_gbyb[jhce_jh\h[jZ
[Zlu\Zebi_j_^bgdm[Zpb_c
kmi_jfmlZ]_gZfb\^haZo
, 10
gZycph\fbeebhgjZaf_gvrbfbq_f
fmlZ]_ggu_^hau\ha^_ckl\byihbkdh\uohiulZogZ^jm]boh[t_dlZo
k\bgvb
i_j_i_eZimrgu_a\_jb I_jqbobgFhe
hkdbg:^Z
fh\
fbdjh^haukh_^bg_gbc
\\h^bebi_j_^hk_f_g_gb_f\ki_jfm\jZa[Z\bl_evk_f_gb\gmljb\_gghZlZd`_
\h\eZ
]Zebs_BamqZeb\ebygb_kh_^bg_gbcgZjhklbjZa\blb_`b
\hlguo
ihdZaZl_ebboijh^mdlb\ghklbkhojZgghklvbj_ab
kl_glghklvdjZaeb
qguf
klj_kk
nZdlhjZf
J_amevlZluhiulZgZilbp_HiulihdZaZeqlhh^ghdjZl
gh_\\_^_gb_
gbljhahZedbefhq_\bgubebZedbekmevnZlZ\u
au\Z_lfgh]hklhjhggbc
iheh`bl_evgucwnn_dlkijhehg]b
jh\Zgguf^_ckl\b_f\h^ghf^hq_jg_f
ihdhe_gbb;uehgZ
dZaZghqlhh[jZ
[hldZybp\l_q_gb_kmlhdbebqZkh\^hklZ
lhqgZqlh[umf_gvrblvijhp_glwf[jbhgZevguoZghfZebc^hexwf[jbhgh\
hlklZ\rbo\jZa\blbbm\_ebqblvijhp_glwf[jbhgh\hi_j_`Zxsbo\jZa\blbb
dhgljhevu\h^bfhklvpuieyl\hiul_m\_ebqbeZkvgZ
ihkjZ\g_gbx
dhgl
jhe_f\ur_[ueZbkhojZgghklvpuieylDjhf_lh]hdfh
f_glmaZ[hy
[jhce_jghcilbpu`b\ZyfZkkZpuieylgZ
]ij_\urZeZlZdh\mxbmbo
ZgZeh]h\badhgljhevghc]jmiiuIjbf_qZl_evghqlhwnn_dl\ha^_ckl\by\jy^_
lh\kilbp_c[uel_f[hevr
_q_fgb`_dZq_kl\hbkoh^gh]hycpZIh
ij_^\Zjbl_evgufgZ[ex^_gbyfycp_ghkdhklvilb
pu\hiul_gZ
10%
ij_\hkoh^beZdhgljhev
^hihegbl_evguohkljuohiulZoijh\_^_gguogZpui
eylZo\
wdki_jbf_glZevguomkeh\byoBWijbaZjZ`_gbbfheh^gydZfbdhieZafhc
dhgljhevghc]jmii_ih]b[ehilbpu\hiulghckhojZgbehkvaZjZ`_gghc
ilbpu
DZdhkgh\gu_hiululZdbhiulukaZjZ`_gb_fdmevlm
jhcfbdhieZafu
iha\heyxlk^_eZlv\u\h^hlhfqlhh[jZ
[hldZybpgbljhah^bf_lbefhq_\bghc
ih\urZ_lwf[jbhgZev
gmxbihkl
wf[jbhgZevgmxj_abkl_glghklv
J_amevlZluhiulh\gZimrguoa\_jyoha^_ckl\b_gbljhahZedbefhq_\bgb
ZedbekmevnZlh\gZkZfhdi_kph\ebkbpbghjhdlZd`_ijb\_ehd
iheh`bl_evgufj_amevlZlZfhiulZoijh\_^_gguo\]ih^gZrbf
jmdh\h^k
l\hf=GRZg]b
;_j_ah\kdbfX:I_jqbobguf::^Zfh
\ufb
^jm]bfb\a\_jhkh\ohaZoKZeludh\kbcbLbfhoh\kdbcG�FF
^haZo
]d]`b\hcfZkku\\h^bebkZfpZf\gmljb\_ggh^hgZklmie_gbyhohlu
i_jbh^hoh
luwlbfkZfdZfbd
hgljhevguflZdmx`_^hamG�FF\\h
^beb
\gmljb\Z]bgZevghLZdbfh[jZahf\hiul_[ueh\Z
bZglZbg
lZdlguc
dhgljhev D \gmljb\_ggh_\\_^_gb_ 
 dhf[bgbjh\Zggh_\ha^_ckl\b_
 bbgljZ\Z]bgZevgh_ 
 hiul_bkihevah\Zebk
Zfhddhlhju_
g_ijbreb\hohlm\ihke_^gbci_jbh^]hgZ
ha^_ckl\b_fZeuo^haGh;&#xa^;&#x-9_;&#x-3c;&#xk-3;&#xl-1;�6; _-;-;ԥ;-4;&#xZ-3;u-;o;&#x-5;%^;&#x-7h;
&#x-544;&#xG15;�FFijb\gmljb\_gghf\\_^_
gbbijb\_ehd
dhgkheb^bjh\Zgghklbkjhdh\ijboh^Z\hohlm
ghfmihdjulbx \
dhgljhe_ m\_ebq_gbxieh^h\blhklbk^h
s_gdZKho
jZgghklv
s_gyl[ueZgZ\ur_q_f\dhgljhe_LZdbfh[jZahf\ha^_ckl\b_G�FF
iheh`bl_evghkdZaZehkvgZj_abkl_glghklb`b\hl
guo
uy\e_ghihke_^_ckl\b_Gu;&#xy-5;&#x-10;&#xe_;&#x-4g;&#xh;&#x-231;&#xi-1;h;&#xk-3;_-;^-;_-;c;&#xk-3;&#xl66;&#xb_;&#x-20;&#x-24; G1;00;FFgZieh^h\blhklvkZfhdgZke_^mxsbc]h^
IhdZaZl_ebjZa\blbyj_abkl_glghklb\gmqZlh]hihdhe_gby[
ueb\ur_q_f
i_j\h]h
LjZgkieZglZpby i_j_kZ^dZ ycp_de_lhdbab]hldZdf_lh^
ZijZ\e_ggh]h
nhjfhh[jZah\Zgbyk
o`b\hlguo
\wf[jbhgZevguci_jbh^
H^gbfbaf_lh^h\gZijZ\e_ggh]hwf[jbh]_g_aZk
o`b
\hlguoy\ey_lky
ljZgkieZglZpbyycp_de_lhdbab]hl
ih
ke_^gb_]h^ukjZa\blb_fl_ogbdb
aZfhjZ`b\ZgbybojZg_
gbywf[jbhgh\\hfgh]bokljZgZoklZeZrbjhdhijZdlbdh
\Zlvkybi_j_kZ^dZaZjh^ur_ck
o`b\hlguo
H^gbfbai_jki_dlb\guof_lh^h\gZijZ\e_ggh]hjZa\b
lbyijbagZdh\\ukhdhc
fhehqghklbmfhehqgh]h
kdhlZy\ey
_lkyihemq_gb_hieh^hl\hj_gguoycp_de_lhd
hl\ukhdhp_g
guo\ie_f_gghfhlghr_gbbdhjh\
j_dhj^bklhdHkgh\Zf_
lh^Z
wlhdhfie_dkwg^hdjbgheh]bq_kdboijb_fh\gZau\Z_
fuokmi_jh\meypb_c
[eZ]h^Zjydhlhjufm^Z_lkyihemqblvhlh^gh]h^hghjZih\ur
_gguc\uoh^
\niheghp_gguoaZjh^u
r_cIj_^iheZ]Z_lkyqlhdhjh\u
j_dhj^bkldb[m^ml
bkihev
ah\Zlvky\dZq_kl\_^hghjh\hieh^hl\hj_gguoycp_de_lhdKi_pbZebklu
iheZ]Zxlqlhhldhjh\uq_j_adZ`^uc^_gvfh`ghihemqZlv[_ams_j[Z^ey__
a^hjh\vyb[he__y
de_lhdbl_fkZfufm\_ebqblvdhebq_kl\h__ihlhfdh\
f_
klhhk_f_g_gbyki_jfhc[udh\dhjh\Zfihkj_^kl\_gghcijh
^mdlb\ghklb
[m^mli_j_kZ`b\Zlvhieh^hl\hj_ggu_ycp_de_l
dbdhjh\
j_dhj^bklhdLukyqb
ih^h[guohiulh\\jy^_kljZgaZ\_jrbebkvgZklhys__
\j_fy\KR:bDZgZ^_
ihemq_gh[he__lukl_eylf_lh^hfljZgkieZglZpbbG_dhlhju_nbjfugZqZeb
wdkihjlaZjh^ur_c\^jm]b_kljZgu
Ycp_de_ldbi_j_kZ`b\Zxlkihfhsvxobjmj]bq_kdh]h\f_rZl_evkl\ZF_lh^
khklhblba^\mowlZih\Z kmi_jh\mey
pbbycp_de_lhdm
^hghjh\ dhjh\ l_
ihemq_gb_mj_dhj
^bklhd\gm`gucfhf_gl
ycp_de_lhd[ \\_^_gby
ycp_de_lhdj_pbib_glZfk\yabkwlbf\Z`guffhf_glhfy\ey_lky
kbgojhgbaZpbyhohlum`b\hlguo^hghjh\bj_pb
ib_glh\
lhjhcf_lh^
g_objmj]bq_kdhci_j_kZ^db
ycp_de_lhdG_aj_eu_ycp_de_ldb
ba\e_dZxlbaybqgbdZ^hghjZdmevlb
\bjmxlbo^hklZ^bbkhaj_\Zgbykhaj_\rb_
ycp_de_ldbhieh^hl\hjyxlbdmevlb\bjmxl
vitro
\l_q_gb_
^g_c
jZ[hlu�Ahc^_ey 
;bhl_ogbq_kdbcf_lh^dZdijb_fgZijZ\e_ggh]hnhjfh
h[jZah\Zgby\
wf[jbhgZevguci_jbh^jZa\blbyhj]ZgbafZ\gZmqghfhlghr_gbb^Z_l
\hafh`ghklvbkke_^h\Zlvhkh[_ggh
klbjZggboklZ^bcwf[jbh]_g_aZhij_^_eblv
\ebygb_fZl_
jbgkdh]hhj]ZgbafZgZieh^ijbqbguyeh\hklbykf_jlghklb
ieh^h\bamqblv\ebygb_jZaeb
qguofmlZ]_gguonZdlhjh\gZycp_de_ldbb
kha^Zlvf_lh^uljZgkieZglZpbby^_jkhfZlbq_
kdbode_lhd\ycp_de_ldbb
jZa\blbyihke_^gboijZdlbq_
kdhfhlghr_gbbwlhlf_lh^\Z`_g^ey
gZijZ\e_ggh]h\ujZ
sb\Zgby\ukhdhijh^mdlb\guo`b\hlguo\ukhdhbgl_gkb\gh
]hl
biZ^eyijhfure_gghcl_ogheh]bb
Ijbrbjhdhfijh\_^_gbbjZ[hlkljZgkieZglZpb_cab]hl^eyjZaj_r_gby
ijh[e_fijZdlbq_kdhck_e_dpbb[hevrh_agZq_gb_bf__lbamq_gb_]_ghlbiZ
`b\hlguo
ljZgkieZglZg
lh\ebl_jZlmj_ihwlhfm\hijhkmg_l_^bgh]hfg_gby
gbb
kke_^h\Zl_eb
:�Dmj[Zlh\:BEhi
ujbgb^j gZoh^yl
qlhhj]Zgbafj_pbib_glZhdZau\Z_lkms_kl
\_ggh_\ebygb_gZljZgkieZglZlh\
jZkrZlu\ZybogZke_^
kl\_gghklv�jm]b_Z\lhju NFFmoZf_^]Zeb_\
�bdbgkhg y\eyxlkyklhjhggbd
Zfbijhlb\hiheh`ghclhq
dbaj_gbyk\yab
kwlbf[hevrhcbgl_j_k\bamq_gbbwlhckeh`ghcgZmqghcijh[e_fubf_xl
bkke_^h\Zgbyijh\_^_g
gu_gZh\pZo\
]]NFFmoZf_^]Zeb_\ufb
^jm]bfb;uehmklZgh\e_ghqlhhj]Zgbafj_pbib_glh\ ]jm
[hr_jklguo
h\_p g_
hdZaZekms_kl\_ggh]h]_g_lbq_kdh]h\ebygbygZhj]Zgbafy]gyl
ljZgkieZglZglh\
ZkdZgbckdhclhgdhjmgghcihjh^uDZd\uykgbehkvh\pu\h\k_o\ZjbZg
lZo
hiulh\h^bgZdh\hgZke_^h\ZebijbagZdb]_g_lbq_kdbojh^bl_e_cG_mfZeyy
agZq_gbywlbobkke_^h\Zgb
cb\u\h^Zbagboke_^m_lh^gZdhaZf_lblvqlh
\aZbfhhlghr_gbyfZ
l_jbgkdh]hhj]ZgbafZ j_pbib_glZ bjZa\b\Zxs_cky\_]h
mljh[_qm`_jh^ghcab]hlu
ljZgkieZglZglZ\_kvfZkeh`gu_biheghklvx_s_g_
\uykg_guWlZijh[e_fZ`^_lk\h_]hjZaj_r_gbyHq_\b^gh
h^ghagZqguchl\_l
gZwlhl\hijhk\jy^eb[m^_l\_jgufGm`gudhfie_dkgu_]em[hdb_bkke_
^h\Zgby
LjZgkieZglZpbyab]hlbwf[jbhgh\j_rZ_ljy^\Z`guogZmqgh
ijZdlbq_kdbo
aZ^Zqmemqr_gb_]_ghlbiZ`b\hlguodhibjh\Zgb_`b\hlguokba\_klghc
ijh^mdlb\ghklvxb^j
[eb`Zcr_f[m^ms_fkihfhsvx]_gghcbg`_g_jbb[m
^mlj_rZlvky[he__
keh`gu_pblh]_g_lbq_kdb_
ijh[e_fu
u^_e_gb_]_gh\bokbgl_abgl_]jZpbyqm`h]h]_gZkde_ldhc
j_pbib_glhf\
[eb`Zcr_f[m^ms_fklZg_lwe_
f_glhfjZ[hluihfhe_dmeyjghcj_dhgkljmdpbb
hj]ZgbafZ
J_]mebjh\Zgb_nmgdpbb\hkijhba\h^kl\Z`b\hlguoIjh
fure_ggZy
l_ogheh]bygZ`b\hlgh\h^q
_kdbodhfie_dkZolj_[m_lhij_^_e_gghcjblfbqghklb
bj_]mebjh\Zgbynmgdpbb\hkijhba\h^kl\Zm`b\hlguogZklhys__\j_fy
jZajZ[hlZ
guf_lh^ukbgojhgbaZpbbhohluml_ehddhjh\bk\bg_cbbo
hieh^hl\hj_gbyHiulugZk\bgvyoihdZaZebqlhgZb
[hevrbcwnn_dli
hemqZ_lky
ijbbgt_dpbbku\hjhldb`_j_
[uodh[uekkhhlghr_gb_fh[s_c]hgZ^hljhighc
Zdlb\ghklbdexl_bgbabjmxs_c\^_gvhlt_fZihjhkylbebgZnhg_h[jZ[hldb
fZlhdhdkbijh]_kl_jhbhfLZdhcf_lh^\ua\ZekbgojhgbaZpbxhohlum 
]heh\ `b\hlguohiulg
hc]jmiiuijb
ghchieh^hl\hjy_fhklbih
kjZ\g_gbxk
ghc\dhgljhe_
Mj_fhglguok\bghdgZb[he__wnn_dlgh\kbgojhgbaZpbbwkljmkZbih\ur_gbb
hieh^hl\hjy_fhklbdhfie_dkgh_ijb
f_g_gb_hcfZdkZZp_lZl
f_]_kljheZbK@D
Mdhjh\ih^ZggufX�Debgk
dh]h
 gZbemqr__^_ckl\b_^ey
kbgojhgbaZpbbhohluhdZau\Z_lZp_lZl
f_]_kljhemk\bg_cbh\_pih^Zgguf
EZl\bckdh]hGBB`b\hlgh\h^kl\Z
f_ij_]_ghe
^bZp_lZl
Bkke_^h\Zgby\wlhfgZijZ\e_gbbijh
^he`Zxlky
F_lh^ugZijZ\e_ggh]h\ujZsb\Zgby
fheh^gydZ
\ihklwf[jbhgZevguci_jbh^jZa\blby
F_lh^ugZijZ\e_ggh]h\ujZsb\Zgbyfheh^gydZkha^Zg
gu_aZihke_^g__\j_fy
gZmdhcbijZdlbdhc\aZ\bkbfhklbhlp_e_cbkihevah\Zgby\ajhkeuo`b\hlguo
^bnn_j_gpbjm
xlkygZf_lh^u\ujZsb\Zgbyie_f_ggh]hfheh^gydZb
ihevah
\Zl_evgh]hujZsb\Zgb_`b\hlguofhehqgh]hlbiZ^he`
ghhlebqZlvkyhl
f_lh^h\\ujZsb\Zgby`b\hlguogZfykh[jhce_jh\hldmjybqgh]hgZijZ\e_gby
bl^Dhjhq_]h\hjygm`gujZaebqgu_gZmqghh[hkgh\Zggu_f_lh^u
l_ogheh]bb\ujZsb\Zgbyfheh^gydZk
o`b\hl
guobilbpukhhl\_lkl
\mxsb_
hij_^_e_ggufwlZiZfjZa\blby`b\hlguobp_eyfbobkihevah\Zgby
ebygb_dhjfe_gbygZjhklbjZa\blb_`b\hlguo
JZajZ[hld_f_lh^h\gZijZ\e_ggh]h\ujZsb\Zgbyk
o`b
\hlguoihk\ys_gh
[hevrh_qbkehbkke_^h\ZgbcWlhcijh
[e_fhc
ahhl_ogbyaZgbfZ_lkyhdheh
e_lH^gbfbahkgh\
guonZdlhjh\gZijZ\e_ggh]h\ujZsb\Zgbyfheh^gydZy\ey
xlkymjh\_gvboZjZdl_j lbi dhjfe_gbyjZklmsbo`b\hl
guoBIQ_jghiylh\
GIQbj\bgkdbc  IBDme_
rh\  mdZau\Zebqlhkhhl\_lkl\m
xsbf
lbihfdhjfe_
gby\fheh^hf\hajZkl_fh`ghbaf_gblvnhjful_eZ`b\hl
gh]h
\ebylvgZ_]hkihkh[ghklvemqr_bebom`_hieZqb\ZlvdhjfihemqZlvjZaebqguo
ihkdhjhki_ehklbbmjh\gxijh
^mdlb\ghklb`b\hlguo
GZijZ\e_ggh_\ujZsb\Zgb_fheh^gydZdjmigh]hjh
]Zlh]hkdhlZ
fhehqgh]hgZijZ\e_gbyijh^mdlb\ghklb
Bafgh]hqbke_gguoijb_fh\gZijZ\e_ggh]h\ujZsb\Zgbyl_eylgZi_j\h_
f_klhih`Zemcke_^m_lihklZ\blvj_]meb
jh\Zgb_mjh\gydhjfe_gbyb
ieZgbjh\Zgbyijb\_kh\ihi_
jbh^ZfjhklZbjZa\blby`b\hlguoIeZgjh
klZ
wlhp_e_
gZijZ\e_ggh_f_jhijbylb_iha\heyxs__ihemqZlvgm`gucmjh\_gv
ijb\_kh\`b\hcfZkkufheh^gydZ\h\k_\hajZklgu_i_jbh^u?]hkhklZ\eyxl\
aZ\bkbfhklbhlihjh^u__[bheh
]bq_kdbohkh[_gghkl_cgZijZ\e_gby
ijh^mdlb\ghklbki_pbZ
ebaZpbbHkh[h
_agZq_gb_bf__lieZgbjh\Zgb_jhklZ
j_fhgl
gh]hfheh^gydZ`b\ZyfZkkZdhlhjh]h\h\k_i_jbh^u^he`
gZ[ulvg_
gb`_lj_[h\Zgbc
deZkkZih^Zgghcihjh^_;hevrh_agZq_gb_^eynhjfbjh\Zgby
fhehqghcijh^mdlb\
ghklbbieh^h\blhklbdhjh\bf__lih\ur_ggucmjh\_
gvdhj
fe_gbyl_ehd\h\j_fyiheh\h]hkhaj_\Zgbybbgl_gkb\gh]hnhjfbjh\Zgby
ijh^mdlb\ghklb
Ijb\ujZsb\Zgbbfheh^gydZg_h[oh^bfhmqblu\Zlv^\_hkgh\gu_
aZdhghf_jghklbjhklZg_jZ\ghf_jgh_jZa\blb_jZaebqguohj]Zgh\bldZg_c\
l_q_gb_hglh]_g_aZbkihkh[
hklvfheh^h]hhj]ZgbafZdbgl_gkb\ghfmkbgl_am
[_edh\uo\_s_kl\DhklgZyldZgvgZijbf_ji_jbn_jbq_kdbckd_e_ljZkl_l
[uklj__\wf[jbhgZevguci_jbh^fur_qgZy
i_j
\u_
f_kyp_\
ihklwf[jbhgZevghc`bagb`bjh\ZyldZgv
hldeZ^u\Z_lky\hj]Zgbaf_\[
he__
iha^gb_kjhdbKljh]mxi_jbh^bqghklvjhklZbf_xlb\gmlj_ggb_hj]Zgu
�Zggu_jZaebqbyaZijh]jZffbjh\Zgu]_g_lbq_kdb\hi
j_^_e_gghc
ihke_^h\Zl_evghklbZdlb\Zpbbbkgb`_gbywg_j
]bbjhklZdZd\k_]hhj]ZgbafZ
lZdbhl^_evguo_]hqZkl_cbfh]ml[ulvba
f_g_gu\hilbfZevguoij_^_eZoih^
\ebygb_f\g_rgbob\gmlj_ggbonZdlhjh\MklZgh\e_ghqlhhj]ZgubldZgb
[ukljhjZklmsb_\^Zgguci_jbh^\j_f_gbkljZ^Z
xlhlg_^hdhjfZ[hevr_q_f
hj]ZgubldZgbjZklmsb_\wlhfi_jbh^f_^e_gghIjbieZgbjh\ZgbbjhklZ
e_^m_lih
klhygghihfgblvh[wlboaZdhghf_jghklyo^Zlv\hafh`ghklvfheh^hfm
hj]ZgbafmghjfZevghjZklbbjZa\b\Zlvkyiheg__ijhy\blvp_ggu_
gZke_^kl\_ggu_dZq_kl\ZGZ^_`^ugZlhqlhg_^hjZa\blb_`b\hlguo\jZgg_f
\hajZkl_fh`ghdhfi_gkbjh\Zlv\klZjr_
f\hajZkl_h[bevgufdhjfe_gb
_fg_
hkgh\Zl_evguGm`ghihfgblvqlhg_^hdhjfjZklm
sbo`b\hlguo
om^rZy
nhjfZ[_kohayckl\_gghklbBeex
kljZpb_cwlh]hiheh`_gbyfh`_lkem`blv
ke_^mxs__G_^h
jZa\blb_l_ehddZdke_^kl\b_g_^hdhjfZijb\h^bldiha^
g_fmbo
djulbx
kljZg_[he__fegl_ehd 
hk_
f_gyxlkyi_j\ucjZa\
f_kypZI_j\ucl_e_ghdihy\ey
_lky\
f_kypZIh^Zgguf[hgblbjh\hdaZ
]kj_^gbc\hajZkli_j\h]hhl_eZ\ohayckl\Zo:a_j[Zc^`Zg
kdhcKKJ
khklZ\be
f_kypZ
\Lmjdf_gkdh
f_kypZWlhg_fh`_l[ulvhijZ\^Zgh
gbkwdhghfbq_kdhcgbk[bheh]bq_kdhclhq_daj_gby
k_wlZiu\ujZsb\Zgbyj_fhglguol_ehdgZqbgZyhljh`^_gbyb^hihdjulby
\Z`guih
k\h_fmG_khklZ\ey_lbkdexq_gbyb\ujZsb\Zgb_l_ehdhl^h
f_kyp_\\i
jbh^iheh\hcaj_ehklb
f_kyp_\ijb^hklb`_gbb`b\hc
fZkku
d]l_ehdg_h[oh^bfhhk_f_gblvha
fh`ghb[he__jZgg__
ihdjulb_l_ehd\
f_kyp_\
hafh`
gu^\ZimlbieZgbjh\ZgbyjhklZ
ie_f_gguol_
ehq_db[uqdh\ih
ijbgpbimgZjZklZ
gbyk\hajZklhfijb\_
kh\bihlbimkiZ^Zxsbok\hajZklhf
ijb\_kh\gZklhys__\j_fy\aZjm[_`guokljZgZokjZa\blb_ffhehqgh]hkdhlh
\h^kl\Z =heeZg^by:g]ebyR\_cpZjbyKR: kj_^gyyijh^he`bl_evghklv
ohayckl\_ggh]hbkihevah\Zgbydhjh\
e_lMgZk
\kljZg_wlhlkjhd_s_
f_gvr_LZdgZie_faZ\h^_DZjZ\Z_\hhgkhklZ\ey_l]h^ZZgZie_faZ\h^_
Fhehqgh_
e_l�eyie_f_gguo`b\hlguowlhg_lhevdhg_wnn_dlb\gh
ghbg_^himklbfh
IjbkhklZ\e_gbbieZgZjhklZbijb\_kh\fheh^gydZihi_jbh^Z
fjhklZke_^m_l
mqblu\Zlv[bheh]bq_kdb_hkh[_ggh
klbbki_pbZebaZpbxdZ`^hcihjh^u:I
;_]mq_\  gZhkgh\Zgbbh[h[s_gbyfZl_jbZeh\i_j_^h\uoohayckl\b
gZmqgh
bkke_^h\Zl_evkdbomqj_`^_gbcj_dhf_g^m_lke_^mx
sb_ijbf_jgu_
ghjfZlb\uih\ukhdhfmmjh\g
xkmlhqgh]hijb\_kZl_ehdijbbgl_gkb\ghf
\ujZsb\Zgbb lZ[e 
ijZdlbd_`b\hlgh\h^kl\ZgZhkgh\_[hevrh]hwdki_jb
f_glZevgh]hfZl_jbZeZ
keh`bebkviylvke_^mxsboko_f\u
jZsb\Zgbyj_fhglguol_ehdhlebqZxsboky
jZaghcbgl_g
kb\ghklvxjhklZih\hajZklguf
i_jbh^Zf
ujZsb\Zgb_l_ehd
ijbihgb`_gguoijb\_kZo\i_j
\u_ljbf_kypZ ]\
kmldb b^hklb`_gb_[he__\ukhdboijb\_kh\\ihke_^mxsb_\hajZklgu_i_jbh^u
(700
]\kmldb 
2.
Bgl_gkb\gh_\ujZsb\Zgb_j_fhglguol_ehd\i_j\u_f_kypu
ihklwf[jbhgZev
gh]h]hjZa\blby 
]^hf_
kyp_\ kihke_^mxsbf
kgb`_gb_fijb\_kh\`b\hcfZkkuk\hajZklhfWlZko_fZhkgh\ZggZygZ
[bheh]bq_kdbohkh[_g
ghklyol_eyl
ih\ur_gghcwg_j]bbjhklZ\i_j\u_
i_jbh^u`bagbgZb[he__p_e_khh[jZagZ
ujZsb\Zgb_l_ehd
kaZ^_j`dhcjhklZ ihgb`_ggufijb\_khf`b\hc
fZkku ^h
f_kyqgh]h\hajZklZb\ukhdbfmjh\g_fdhjfe_gbyg_l_e_c
ujZsb\Zgb_j_fhglgh]hfheh^gydZkmq_lhfk_ahgZ]h^ZIeZ
gbjmxl
\ukhdb_ijb\_ku\
iZkl[bsguck_ahgbmf_j_ggu_
ijbklhceh\hf
kh^_j`Zg
ujZsb\Zgb_l_ehdijbihemq_gbbmf_j_gguoijb\_
kh\`b\hcfZkku^h
iheh\h]hkhaj_\Zgbyb\ukhdboijb\_
kh\\klZjr_f\hajZkl_
LZ[ebpZ
Ijbf_jgu_ghjfZlb\uijb\_kZl_ehdijb
bgl_gkb\ghf
\ujZsb\Zgbb
ihjh^u
Kmlhqgu_ijb\_ku]
�hf_k
f_k
f_k
DhkljhfkdZy
kbff_glZevkdZy
[_klm`_\kdZyb^j
`b\ZyfZkkZdhjh\u
d]
Q_jgh
i_kljZy
ohefh]hjkdZyb^j
`b\ZyfZkkZdhjh\
d]
DjZkgZykl_ig
Zy
yjhkeZ\kdZyb^j
`b\ZyfZkkZdhjh\
d]
Fgh]hqbke_ggu_bkke_^h\ZgbymgZk\kljZg_baZjm[_
`hf KR::g]eby
R\_pbyDZgZ^Z=�J k\b^_l_evkl\m
xlh\hafh`ghklb\ujZsb\Zgby
h[bevghfhehqguodhjh\ijbmf_j_g
ghcbgl_gkb\ghklbjhklZl_ehd
kj_^g_kmlhqgu_ijb
\_ku\i_j\u_
f_kyp_\
]kihke_^mxs_c
\ukhdhcbgl_gkb\ghklvxjhklZ KR:\dZq_kl\_klZg
^ZjlZijbgylke_^mxsbc
ieZgjhklZl_ehdbdhjh\]herlbgh
njbakdhcihjh^ufZkkZijbjh`^_gbb
d]
\f_kyp
d]f_kypZ
f_kypZ
88, 6
h^gh]h]h^Z
d]^\moe_l
be_ld]Kmlhqgu_ijb\_ku]herlbgh
njbakdbol_ehdhljh`^_gby
^hf_kyp_\[uebgZmjh\g_]
f_kyp_\
]lh_klvrebihi
jbg
pbimgZjZklZgbyijb\_kh\k
\hajZklhf
�ey \ujZsb\Zgbyj_fhglguol_ehdq_jgh
i_kljhcihjh
^ubnhjfbjh\Zgbyba
gbo\ukhdhijh^mdlb\guodhjh\k`b
\hcfZkkhc
d]j_dhf_g^m_lky
ke_^mxsbcieZgjh
klZ_`_^g_\gu_ijb\_ku`b\hcfZkkul_ehdhljh`^_gby
^h
f_kyp_\^he`gu[ulvg_gb`_]\
f_kyp_\
]
f_kyp_\
580
]
�ey\ujZsb\Zgbydhjh\q_jgh
i_kljhcihjh^uk`b\hcfZkkhc
d]
_`_kmlhqgu_ijb\_ku^he`gu[ulvhljh`^_gby^h
f_kyqgh]h\hajZklZ]
\
f_ky
p_\
]
f_kyp_\
]
f_kyp_\
]b
24
f_kypZ
]
Hj]ZgbaZpby\ujZsb\Zgbyj_fhglgh]hfheh^gydZ
K_cqZk\ujZsb\Zgb_l_ehdbg_l_e_cmgZk\kljZg_hkm
s_kl\ey_lky
\ki_pbZebabjh\Zgguon_jfZodheohah\bkh\ohah\kha^
Z\Z_fuo\ihjy^d_
\gmljbohayckl\_gghcki_pbZebaZpbb
\ki_pbZebabjh\Zgguoohayckl\Zo\khklZ\_h[t_^bg_
gbcgZhkgh\_
f_`ohayckl\_gghcdhhi_jZpbb
\]hkm^Zjkl\_gguodhfie_dkZo
D]kha^ZghlZdboohayckl\
DZdihdZaZeZijZdlbdZ\[eb`Zcr__\j
_fyl_ehd^eylh\Zjguofhehqguon_jf
p_e_khh[jZagh\ujZsb\Zlv\ki_
pbZebabjh\Zgguof_`ohayckl\_gguo
dhfie_dkZo^eyie_
f_gguop_e_c
gZie_faZ\h^Zob\ie_fohaZo\ihjy^d_
\gmljbohayckl\_gghcki_pbZebaZpbb
Nhjfbjh\Zgb_`_eZl_evguolbih\dhjh\fhehqgh]
hlbiZ `b\ZyfZkkZ
d]m^hc
 ^hklZlhqghkdh
jhki_euodj_idbodhgklblmpbc
ijbkihkh[e_gguodijhfur
e_gghcl_ogheh]bb^he`ghb^lb^\mfyimlyfb
gZ
ie_f
aZ\h^Zo
gZ
i_jki_dlb\m\lh\Zjguoohayckl\Zo
gZ[eb
`Zcrb_]h^u
;hevrhc
wnn_dlk_e_dpbhgghcjZ[hlufh`_l[ulv^hklb]gmllhevdhlh]^Zdh]^Z
wlb^\ZgZijZ\e_gby[m
^mlhj]Zgbq_kdbk\yaZgub[m^ml^hihegylv^jm]^jm]Z
GZrZly`_eZybg^mkljby`b\hlgh\h^kl\Z
ie_faZ\h^ubie_fohauZbo\kljZg_
^he`gu^Z\Zlv^eylh\Zjguo
n_jfijbbaf_gb\r_ckyl_ogheh]bb
kh^_j`Zgby gh\uclbidhjfe_gby^\mdjZlgZy^hcdZbghcj_`bfkh^_j`Zgby 
fhglgucfheh^gydhl\_qZxsbclj_[h\Zgbyfijhfure_ggh
]h`b\hlgh\h^kl\Z
khhl\_lkl\mxsbogZke_^kl\_gguodZ
q_kl\?kebwlh]hg_[m^_lfh]ml\hagbd
Zlv
g_khhl\_lkl\byf_`^mhl[hjhf\
ie_f_gghfklZ^_bgZlh\Zjghcn_jf_
Ijh^mfZggZyhj]ZgbaZpby\ujZsb\Zgbyj_fhglgh]hfheh^gydZ\
ki_pohayckl\ZobgZie_f_gguoaZ\h^Zo^he`gZmkl
jZgblvwlh
Hkbkl_fZo\ujZsb\Zgbyl_eylfhehqguoihjh^
Kbkl_fugZijZ\e
_ggh]h\ujZsb\Zgbyfheh^gydZmgZk\kljZg_kdeZ^u\Zebkv
]h^ZfbH^gbfbagh\uof_lh^h\ku
]jZ\rbo\Z`gmxjhev\nhjfbjh\Zgbb
p_gg_cr_]hie_
f_ggh]hklZ^Zdhkljhfkdh]hkdhlZie_faZ\h^ZDZjZ\Z_\h[ue
f_lh^\ujZsb\Zgbyl_eyl\g_hlZieb\Z_fuol_eylgbdZoi
jb\ukhdhfmjh\g_
fhehqgh]hiblZgbyjZgg_]hijbmq_gbyd]jm[ufdhjfZf  jZajZ[hlZgguc
KBRl_cfZghfWlhlf_lh^ohlybij_l_ji_eg_dhlhju_baf_g_gbyhklZ_lkyb
k_cqZkp_ggufgZmqgh
ijZdlbq_kdbfwdki_jbf_glhf
gZklhys__\j_fy\k\yabkhki_pbZe
baZpb_cfhehqgh]hkdhlh\h^kl\Z
keh`bebkvjZaebqgu_kbkl_fu\ujZsb\Zgbyfheh^gydZLhevdhmgZk\kljZg_bo
hdhehBgl_j_kguchiulgZijZ\e_ggh]h\ujZsb\Zgbyj_fhglguol_ehd^ey
fure_gguodhfie_dkh\i
hijhba\h^kl\mfhehdZgZdhie_g
\l_q_gb_e_l\
i_pbZebabjh\Zgguoohayckl\ZoI_ga_gkdhch[eZklbA^_kvkha^ZghH[t_^bg_gb_
ih\ujZsb\Zgbx\ukh
dhijh^mdlb\guodhjh\dhlhjh_\dexqZ_l\k_[ykh\oha
:j^ufkdbc]^_ihkljh_gdjmiguc`b\hlgh\h^q_kdbcdhfie_dkkhklhysbcba
n_jfbkh\ohau?eZgkdbcbDh
gklZglbgh\kdbc]^_\ujZsb\ZxlgZ
ijhfure_gghchkgh\_bi_j_
^Zxl_`_]h^ghkh\ohaZf^eyihiheg_gbyklZ^Z
fhehqguodhfie_dkh\blh\Zjguoohayckl\g_l_e_cbi_j\hl_ehdQZklv
ih]heh\vyb^_l\j_ijh^mdlb\gh_k_e_dpbhggh_ohayc
kl\hJy^iheh`_gbcih
\uj
Zsb\Zgbxg_l_e_cj_dhf_g^h
\Zgguowlbfbki_pohaZfb\^Zevg_cr_f[ue
baf_g_gbmemq
r_g
;h]Zluchiul\ujZsb\Zgbyl_ehd^eyijhfure_gguodhfie_dkh\Ijb[Zelbdb
gZdhie_gb\hiulghfohayckl\_LZjlmWklhgkdh]hGBB@bwlhfohayckl\_
\g_^j_gZ\gmljbohayck
l\_ggZyki_pbZebaZpbyKha^Zgudjmigu_n_j
fuih
\ujZsb\Zgbxj_fhglguol_ehddhjh\
i_j\hl_ehdb\ajhkeuodhjh\�h
f_kyqgh]h\hajZklZ\i_jbh^\uiZb\Z
gbyfhehdhfl_eylkh^_j`ZlgZijb\yab\
l_eylgbdZoKf_kyp_\fheh^gydi_j_\h^ylgZ[_kijb\yagh_
kh^_j`Zgb_
]jmiiZfb\de_ldZok]em[hdhclhjnyghcih^klbedhcm[bjZ
_fhcjZaZ\f_kyp
Dhjfe_gb_l_eyl^\mdjZlgh_K
f_kyqgh]h\hajZklZfheh^gydjZa^_eyxl
gZki_pbZebabjh
\Zggu_]jmiiubkh^_j`Zl\klZgdZokmq_lhf\hajZklZ`b
\hlguo
f
_kyp_\l_ehdhk_f_gyxlLZdZykbkl_fZ\ujZsb\Zgby
j_fhglguol_ehdh[_ki_qbeZjhklfhehqghcijh^mdlb\ghklbihklZ^mgZ
d]gZdhjh\m\]h^Djmigu_ki_pbZebabjh\Zggu_n_jfuih\ujZsb\Zgbx
j_fhglguol_
ehdkha^Zgu\JKNKJgZMdjZbg_\Fhe^Z\bb
Ijbijhfure_gghf`b\hlgh\h^kl\_\Z`g_cr__agZq_gb_bf__lijh^mfZggZy
l_ogheh]bykh^_j`Zgbyj_fhglgh]hfh
eh^gydZBa\_klghqlh`b\hlgu_
kh^_j`Zsb_ky
\ihf_s_
gbyoihklhygghbkiulu\Zxly\e_gbyZ^bgZfbbb
ebr_gu
[eZ]hijbylgh]h\ebygby_kl_kl\_gguonZdlhjh\
\g_rg_ckj_^u:dlb\guc
fhpbhgdjZcg_g_h[oh^bfjZklmsbf`b\hl
gufkljZg_ijbf_gyxldZdfu
mdZau\ZebhdhehjZa
ebqguokbkl_f\ujZsb\Zgbyl_ehdbg_l_e_cK_jv_aguf
^hklZldhf[hevrbgkl\Zbagboy\eyxlkyg_ijh^mfZggZykb
kl_fZkh^_j`Zgby
`b\hlguo
hlkmlkl\b_Zdlb\gh]hdjm]eh
]h^h\h]hfhpbhgZ
Fhe^Z\kdhcKKJgZdhfie_dkZoih\ujZsb\Zgbxj_
fhglguol_ehd
ihkljh_guki_pbZebabjh\Zggu_f_oZgbabjh
\Zggu_\u]mevgu_iehsZ^dbg_
lhevdhkp_evxij_^hklZ\
e_gbyijh]mehd[eZ]hijbylgh]h\ebygbynZdlhjh
\g_
rg_ckj_^ughb\k\yabk
l_fqlh\e_lgbci_jbh^ke_^m_lihe
ghklvx
hk\h[h`^Zlvihf_s_gbyhl`b\hlguo^eyijh\_^_gbyjZ[hlihj_fhglmb
hkms_kl\e_gbx\_l_jbgZjgh
kZgblZjguof_jhijbylbcF_oZgbabjh\Zggu_
\u]mevgu_iehsZ^db
^hjh]b_khhjm`_gbydhlhju
_ke_^m_lj_dhf_g^h\Zlv
^eyrb
jhdh]h\g_^j_gby
Kbkl_fZ\ujZsb\Zgbyj_fhglguol_ehdbokh^_j`Zgb_hkms_kl\eyxlky\
Fhe^Z\bb\fhgh[ehdZokyl_ogheh]by\ujZsb\ZgbyjZkkqblZgZgZih\ur_gb_
_kl_kl\_gghcj_ab
kl_glghklb`b\hlguoWlh^hklb]Z_lkydhgkljmdpb
_cfhgh
[ehdZh[_ki_qb\Zxs_ck\h[h^gh\u]mevgh_kh^_j`Zgb_`b
\hlguo
k[ZeZgkbjh\Zggufdhjfe_gb_fhilbfZevgufbahh]b]b_gbq_kdbfbmkeh\byfb
kh^_j`ZgbyIjblZdhcl_ogheh
]bbkha^Z_lkydj_idbchj]Zgbafkohjhrh
jZa\blufklZlh^bgZfbq_kdbfZiiZjZlhf
gZb[he_
_ijbkihkh[e_gguf^ey
ihke_^mxs_cwdkiemZlZpbb`b\hlguo\fhehqguodhfie_d
kZoWlbf_ju
ijb\_ebdjhklmfhehqghcijh^mdlb\ghklbaZ]hldZ`^hcdhjh\u\
j_kim[ebd_^hd]
P_gguchiul\ujZsb\Zgbyg_l_e_cbf__lkyb\ki_poha_dheohaZAZ\_lu
Bevbq
Z�hfh^_^h\kdh]hjZchgZFhkdh\
kdhch[eZklb
H^ghcbaoZjZdl_jguohkh[_gghkl_c`b\hlgh\h^kl\Zfgh
]boaZjm[_`guokljZg
k_cqZklZd`_y\eyxlkyki_pbZebaZpbyohayckl\ih\ujZsb\Zgbxl_ehd[hevrZy
dhgp_gljZpbyih
]heh\vy\gbojZa\blb_f_`ohayckl\_gghcdhhi
_jZpbb;hev
rhc
hiul\wlhfhlghr_gbbgZdhie_g\=�JQ_ohkeh\Zdbb_g]jbb=;&#x-421;&#x=-7;�J
gZijbf_jkha^Zgudjmigu_ki_pbZebabjh\Zggu_n_jfuih\ujZsb\Zgbx
b^Z`_lzehd_`_]h^ghIh^ZggufWI_qd_WjgklZED
974),
\[ebabGhcrlZ^lZ
gZ[Za_`b\hlgh\h^q_kdboohayckl\kha^Zg
ki_pbZebabjh\Zggucdhfie_dkban_jfih\ujZsb\Zgbx_`_]h^ghluk
j_fhglguol_ehdFuhagZdhfbebkvkjZ[hlhcwlh]hdhfie_dkZ\]GZ
n_jfZodhfie_dkZ\ujZsb\Zxll_eylhl^g_c^h
f_kyqgh]h\
hajZklZIhke_
f_kyp_\l_ehdi_j_\h^ylgZ^\_^jm]b_n_jfuA^_kvbokh^_j`Zl]jmiiZfbih
]heh\GZdhfie_dk_kieZgbjh\Zgmjh\_gvdhjfe_gbydhlhjuc
h[_ki_qb\Z_lkj_^g_kmlhqgu_ijb\_kuhljh`^_gby^hf_kyp_\]
p_\
]bqlhhk
h[_ggh\Z`gh\ukhdb_ijb\_kug_l_e_c^h]Wlh
kihkh[kl\m_lohjhr_cih^]hlh\d_bodeZdlZ
pbbLZdhcieZgjhklZiha\hey_l
ihemqZlv`b\mxfZkkmi_j
\hl_ehdq_jgh
i_kljhcihjh^u
d]
@b\mxfZkkmi_j\hl_ehdf_g__d]g_f_pdb_ki_pbZebk
lukqblZxlg_
`_eZl_evghcDhfie_dkijh^Z_lohayckl\Zfg_l_e_c\\hajZ
kl_f_kyp_\H[sb_
aZljZludhjfh\khklZ\eyxl\wlhfoh
ayckl\_d_^L_edb\ujZs_ggu_
gZdhfie_dk_dZdijZ\beh\^Zevg_cr_f^Zxlm^hb
d]
Bgl_j_kguchiul
\ujZsb\Zgbyl_ehdjZaguoihjh^bf_
_lky\KR:bR\_pbb
GZhiulgh
ihdZaZl_evghcn_jf_OZfjZ
Q_j^ dhgp_jg:evnZ
EZ\Ze l_eyl\
l_q_gb_g_^_evkh^_j`ZlgZijb\yab\[hdkZoih`b\hlguokjZa^_ebl_
eyfbba
kiehrguokl_ghdIhke_wlh]hi_jbh^Zfheh^gydi
j_\h^ylgZ[_kijb\yagh_
[hdkh\h_kh^_j`Zgb_gZs_e_\uoiheZoL_ehdbg_l_e_ce_lhfkh^_j`ZlgZ
iZkl[bsZokemqZ
xll_ehd\f_kyp_\i_j\uchl_eihemqZxl\\hajZkl_e_l
IjblZdhckbkl_f_djm]eh]h^h\h]hkh^_j`Zgbydhjh\\ihf_s_gbyogZn_jf_
ihemqZx
l\ukhdmxfhehqghklv
d]ihklZ^maZeZdlZpbxk`bjghklvx
fhehdZ
H[h[sZywdki_jbf_glZevgu_^Zggu_ihemq_ggu_\jZa
guoohayckl\Zo
jZaebqguoahgkljZgumq_gufbhl^_e_gby`b\hlgh\h^kl\Z:KOGBEB@Zb
^j\
]]jZajZ[hlZguHkgh\gu
_iheh`_gbyih\ujZsb\Zgbxl_ehdb
g_l_e_c\ki_pbZebabjh\Zgguoohayckl\Zobn_jfZoWlbiheh`_gby
ij_^mkfZljb\Zxl\[eb`Zcr__\j_fydhj_ggh_memqr_gb_dZq_kl\Zdhjh\^ey
fhehqguodhfie_dkh\bn_jfdZdaZkq_lbgl_gkb\gh]hjhklZbjZa\blbyl_ehdb
hk_f_g
_gbybo\\hajZkl_
f_kyp_\ijb`b\hcfZkk_g_gb`_
deZkkZ^ey
^Zgghcihjh^ulZdbkha^Zgbyg_h[oh^bfuoahh]b]b_gbq_kdbomkeh\bc
dhjfe_gbybkh^_j`Zgbyh[_ki_qb\Zxsbonhjfbjh\Zgb_djmiguoa^hjh\uo
`b\hlguokm^h_f
d]aZeZdlZpbxmklhc
qb\uodaZ[he_\Zgbyf
aZ\bkbfhklbhl\hajZklZ^eydZ`^hc]jmiiul_ehdbg_l_e_c
ij_^mkfZljb\Z_lkyk\hyl_ogheh]bydhjfe_gbybkh^_j`Zgbykmq_lhf
debfZlbq_kdboahgKKKJ
JZkkfhljbfhkgh\gu_lj_[h\Zgby^eymki_rgh]h\ujZ
sb\Zgbyj_fhglgh]h
fheh^gydZ\ukhd
hbgl_gkb\gh]hfhehq
gh]hlbiZIj_`^_\k_]h\Iheh`_gbb
mdZau\Z_lkyqlhgZb
[he__ijh]j_kkb\gufbwdhghfbq_kdbp_e_khh[jZaguf
kihkh
[hfkh^_j`Zgbyl_ehdy\ey_lky[_kijb\yagh_\[hdkZo\aZ
\bkbfhklbhl
ijbjh^guodebfZlbq_kdboahggZ]em[hdhcih^
klbed_
IhmklZgh\b\r_cky\i_j_^h\uodhfie_dkZogZr_ckljZ
gul_ogheh]bbl_ehqdb
\\hajZkl_
^g_cihklmiZxsb_bajZaebqguoohayckl\
j_ijh^mdlhjh\
^he`gu^h
gh]h\hajZklZkh^_j`Zlvky\bg^b\b^mZevguode_ldZobeb
[hdkZogZijb\yabWlhh[_ki_qb\Z_lg
_h[oh^bfmxbaheypbx`b\hlguob
m^h[kl\h^ey\_l_jbgZjgh]hh[kem`b\Zgby
Dhgkljmdpbybg^b\b^mZevguode_lhdij_^mkfZljb\Z_ljZa^_e_gb_iebldZfbb
kiehrgu_i_j_]hjh^dbbkdexqZxsb_dhglZdl`b\hlguoIhf_s_gb_^ey^Zgghc
\hajZklghc]jmi
iul_eyly\ey_lkyh^gh\
j_f_gghdZjZglbgguf?]hjZa^_ey
xl
dZdfbgbfmfgZq_luj_bahebjh\Zggu_k_dpbbPbdeaZ
iheg_gbyk_dpbb
^gy
Ijb\ujZsb\Zgbbl_ehd^hf_kyp_\\ki_pohaZorbjh
dhijbf_gyxl
aZf_gbl_ebfhehdZAPFZ]^_bog_l
p_ev
gh_fhehdhuihcdmAPFbeb
fhe
hdZaZdZgqb\Zxl\dZjZg
lbgguci_jbh^�eyh[_ki_q_gbyl_eyl
g_h[oh^bfufb[_e
dZfbbfkdZjfeb\Zxlki_pbZevgucdhf[bdhjf`b\hlgh]h
ijhbkoh`^_gbydhgpdhjfZbk_ghk_ggmxj_admjZa^ZxljZa\kmldbL_ehd\
\hajZkl_hl^hf_kyp_\kh^_j`Zl]jmi
iZfbih
]heh\\k_dpbyodhlhju_
h[hjm^h\Zgubg^b
\b^mZevgufb[hdkZfbb]jmiih\ufbdhjfmrdZfb
Ijbf_jgh_dhebq_kl\hdhjfZdhlhjh_kdZjfeb\Zxll_ey
lZf^h
f_kyqgh]h
\hajZklZ ^ey\ujZsb\Zgbydhjh\k`b
\hcfZkkhc
d] ke_^mxs__d]
fhehdZ
d]j_]bgbjh\Zggh]hfhehdZAFPd]dhf[bdhjfZ^\molb
ih\
d]k_gZbd]k_gZ`ZK
^g_cl_edZ^he`gZbf_lvk\h[h^guc^hklmid
ohjhr_fmk_gmljZ\yghcj_ad_JZgg__ijbmq_gb_l_eyldih_^Zgbx]jm[uo
dhjfh\klbfmeb
jm_ljZa\blb_ibs_\Zjbl_
evghckbkl_fu
GZd]dhgp_gljZlh\^he`ghijboh^blvky
]i_
j_\Zjbfh]hijhl_bgZ
Kh^_j`Zgb_l_ehdk^h
f_kyqgh]h\hajZklZ
[_kijb\yagh_\[hdkZobebgZ
]em[hdhcih^klbe
d_dZ`^mxk_dpbxj_dhf_g^m_lkyihf_sZlvg_f_g__q_f
l_eylx`g
uoahgZokljZgukljhylihf_s_gbyh[e_]
q_gguodhgkljmdpbbZ\
g_dhlhjuojZchgZo
iehsZ^dbhldjulh]hlbiZI_jbh^\ujZsb\Zgbyl_ehdk^h
f_kyp_\kh\iZ^Z_lkh\j_f_g_f[mjgh]hjhklZ\gmlj_ggbohj]Zgh\fu
r_qghc
ldZgbnhjfbjh\ZgbylbiZ`b\hlgh]hqlh
g_h[oh^b
fhmqblu\Zlvijb
hj]ZgbaZpbbdhjfe_gbybkh^_j`Zgbykdh
lZJZpbhgwlhc\hajZklghc]jmiiu
ijb[eb`Z_lkydjZpbhgm\ajhkeh]hkdhlZbkhklhblij_bfms_kl\_gghba
h[t_fbkluodhjfh\ijbfbgbfZevguoaZljZlZodhgp_gljZlh\hafh`gu
jZaebqgu_lbiudhjfe_g
byk_gZ`gucbkf_rZgguc
kbehkh
k_gZ`guck
bkihevah\Zgb_fk_gZba_e_ghcljZ\uBkdexqZlvbajZpbhgZl_ehdfhehqgh]h
kdhlZohjhr__k_ghg_p_e_khh[jZaghWlhhljbpZl_evghkdZau\Z_lkygZa^hjh\v_b
[m^ms_cijh^mdlb\ghklbMjh\_gvdhjfe_gbyk[ZeZgkbjh
\Zgg
hklvjZpbhgZgh
iblZl_evguf\_s_kl\Zf^he`gukhhl
\_lkl\h\ZlvieZgmjhklZlh]hbebbgh]h
DhjfZjZa^ZxljZaZ\kmldbE_lhffheh^gydj_dhf_g
^m_lkykh^_j`ZlvgZ
dmevlmjguoiZkl[bsZob\u]mevgh
dhjfh\uoiehsZ^dZoZabfhc
\ihf_s_gbyo
ijbj_`bfghflbi_
dhjfe_gbyK
f_kyqgh]h\hajZklZl_ehd]hlh\yld
hk_f_g_gbxbi_j_\h^yl\ihf_s_gb_k[hevr_ciehsZ^vx[hdkh\\hajZkl_
f_kyp_\l_ehdhk_f_gyxlGZb[h
e__hl\_lkl\_gguci_jbh^\ujZsb\Zgby
dhjfe_gb_bkh
^_j`Zgb_g_l_e_c
f_kyp_\dhlh
juojZaf_sZxl\[hd
kZo
Dhjfe_gb_^he`gh[ulviheghp_gguf ghg_h[bev
guf h[_ki_qb\Zxsbf
ghjfZevgh_jZa\blb_ieh^ZH[yaZ
l_evgufmkeh\b_fy\ey_lkyijh]medZ
`b\hlguoE_lhfbop_e_khh[jZaghkh^_j`ZlviZdmevlmjguoiZkl[bsZoGZ
ff_kyp_kl_evghkl
bboijh^Zxlohayckl\Zfuiheg_gb_mdZaZgguo
j_dhf_g^Zpbch[_ki_qb\Z_l\ujZsb\Zgb_\ukhdh
deZkkgh]hj_fhglgh]h
fheh^gydZ^eyfhehqguoohayckl\i_
j_\_^_gguogZijhfure_ggmxl_ogheh]bx
KlZ^Z\fhehq
guodhfie_dkZogm`ghnhjfbjh\Zlvlhevdhijh\_j_ggufb
j\hl_edZfb
Lbidhjfe_gbyd
ZdnZdlhjgZijZ\e_ggh]h\ujZsb\Zgby
heh^gydZ
;hevrh_\ebygb_gZjhklbjZa\blb_fheh^gydZhdZau\Z
_lg_lhevdhmjh\_gv
ghblbidhjfe_gbykhhlghr_gb_jZa
ebqguodhjfh\\jZpbhg_jZklmsbo
`b\hlguoJZaebqZxlljblbiZdhjfe_g
by`b\hlguoh[t_fbkluck
ij_h[eZ^Zgb_f\jZpbhg_]jm[uobkhqguodhjfh\dhgp_gljZlgucbdhf[b
gbjh\Zgguc
h[t_fbklh
dhgp_gljZlguckbkihevah\Zgb_f]jZgmeb[jbd_lh\
Bamq_gb_hkh[_gghkl_c\ebygbyjZaguolbih\dhjfe_gbyfheh^gydZ
h^gZba
\Z`g_crbogZm
qgh
ijZdlbq_kdboijh[e_f
l_q_gb_^_kylbe_l ^\Zihdhe_gby
`b\hlguo gZfbijh\h^bebkvbkke_^h\ZgbyihgZijZ\e_gghfm\ujZsb\Zgbx
fheh^gydZdjmigh]hjh]Zlh]hkdhlZ[_klm`_\kdhcihjh^u
j_amevlZl_dhfie_dkguobkke_^h\Zgbc[ueihemq_g[hevrhc
wdki_jbf_gl
ZevgucfZl_jbZeiha\heb\rbcmlhq
gblvjy^l_hj_lbq_kdbo
\hijhkh\hglh]_g_aZ`b\hlguoknhj
fmebjh\Zlvhkgh\gu_iheh`_gbyih
gZijZ\e_gghfm\ujZsb
\Zgbxl_eyl[_klm`_\kdhcihjh^udjmigh]hjh]Zlh]h
kdhlZ^eyijbf_gy_fhc\lh\j_fy 
]] l_ogheh]bb
^_j`Zgby
fhehqgh]hkdhlZJ_dhf_g^h\Zggu_gZfbf_lh^\ujZsb\Zgby[ueb\g_^j_gu\h
fgh]boohayckl\ZoMevygh\
kdhcbDmc[ur_\kdhch[eZklyojZa\h^ysbo
[_klm`_\kdbckdhl
Gh\u_[he__keh`gu_aZ^Zqb\klZebi_j_^ahhl_ogbq_k
dhcgZmdhc\k\yabk
\g_^j_gb_f
\`b\hlgh\h^kl\hijhfur
e_gghcl_ogheh]bbgZmqghh[hkgh\Zgguo
ko_f\ujZsb\Zgbyj_fhglgh]hfheh^gydZgm`gh]hlbiZohjhrhijbkihkh[e_g
gh]hdwlhcgh\hcl_ogheh]bbKi_j_\h^hffhehqgh]hkdhlh
\h^kl\ZgZ
ijhfure_ggmxhkgh\mkms_kl\_gghbaf_gbeZkvkbkl_fZd
hjfe_gbyb
dhjfhijhba\h^kl\ZjZpbhg`b\hl
guo\dexqZxlkygh\u_\b^udhjfh\
]jZgmeu[jbd_luk_
gZ`b^j G_h[oh^bfh[uehgZmqghh[hkgh\ZlvlbiujZ
pbhgh\bkhhlghr_gb_\gbo]jZgmebjh\Zgguob[jbd_lbjh
\Zgguodhjfh\
bamqblvbo\ebygb_iZhj]Zgbafj
Zklmsbo`b\hlguobnhjfbjh\Zgb_
ijh^mdlb\guodZq_kl\
l_q_gb_jy^Ze_ldhee_dlb\\ha]eZ\ey_fhcgZfbdZ
n_^ju\_^_ldhfie_dkgh_
bamq_gb_]_g_lbq_kdbohkgh\bg^b
\b^mZevgh]hjZa\blbyk
o`b\hlguohiulZo
bamqZehkv[he__jZaebqguobgl_jv_jguoihdZaZl
_e_chlh[f_gZ\_
s_kl\
fZdjh
bfbdjhkljmdlmju\gmlj_ggbohj]Zgh\bdh
klydZ^hbffmgh]_g_lbq_kdbo
l_klh\ihebfhjnguokbkl_fdhjfh\h]hih\_^_gby`b\hlguoijh\_^_gguogZ
jZaguoklZ
^byohglh]_g_aZijbjZaebqguolbiZodhjfe_gby`b\hlguo
blh]_dhfie_d
kguobkke_^h\Zgbcijh\_^_gguo\l_q_
gb_
b
]]gZ^b
b]hfhab]hlguo^\hcgyob]jmiiZoZgZeh]h\q_jgh
i_kljhc
Zcjrbjkdhcohefh]hjkdhcr\bpdhcbdhkljhfkdhcihjh^\uy\e_gjy^gh\uo
^Zgguoh\ebygbbkj_^h\uonZdlhjh\gZijhy\e_gb_]_g_lbq
_kdbo\hafh`ghkl_c
mjZklmsbo`b\hlguobf_xsbo\Z`gh_agZ
q_gb_^eyijhfure_ggh]h
`b\hlgh\h^kl\Z
;uebkhklZ\e_gubhijh[bjh\Zgu\ohayckl\ZojZagu_ieZgujhklZl_eyl
q_jgh
i_kljhcdhkljhfkdhcr\bpdhcbohefh]hjkdhcihjh^kbkihevah\Zgb_f
dhjfh\i_jki_
dlb\
guo^eyijhfure_gghcl_ogheh]bb ]jZgme[jbd_lh\ Bam
q_gh\ebygb_gZjhklbjZa\blb_fheh^gydZjZaebqguolbih\jZpbhgh\\lhf
qbke_fZehdhfi_l_glguob]jZgmebjh\Zggu
odhjfh\
JZkkfZljb\Zy\dZq_kl\_\_^ms_]hnZdlhjZlbibhkh
[_gghklbdhjfe_gby
`b\hlguobamqbeb\ebygb_]jZgmebjh
\Zggh]hb[jbd_lbjh\Zggh]hdhjfh\gZ
jhkljZa\blb_hkgh\
gu_nbabheh]bq_kdb_oZjZdl_jbklbdbl_eylbgZijh^mdlb\
gu_dZq_kl\Zdhjh\ DjZkhlZNDhaeh\XGIhih\I;ZdZc:
H^ghe_ldh\ZB=�jhgbg:I
;uehihdZ
aZghqlhn_ghlbibq_kdh_
ijhy\e_gb_dhfie_dkZijh^mdlb\
guofhjnhnbabheh]bq_kdbobbgl_jv_jguo
ihdZaZl_e_cfh
eh^gydZq_jgh
i_kljhcr\bpdhcohefh]hjkdhcbdhkljhf
kdhc
ihjh^j_adhf_gy_lkyijb\ujZsb\Zgbb`b\hlguogZjZpbhgZohij_^_e_gghc
ljmdlmju
HiulgZ^b
b]hfhab]hlguo^\hcgyoq_jgh
i_kljhcihjh
^u[ueijh\_^_g\
]]DhgljhevgZy]jmiiZ`b
\hlguogZoh^beZkvgZohayckl\_gghf
jZpbhg_ k_ghkbehkdhf[bdhjfa_e_gZyfZkkZaeZdh
[h[h\u_kf_kbk_gZ` 
@b\hlgu_hiulghc]jmiiu\
^h[Z\e_gb_dwlbfdhjfZfih
emqZeb
]jZgmebjh\Zggu_b[jbd_lbjh\Zggu_dhlhju_khklZ\
eyeb\jZagu_i_jbh^u
\ujZsb\Zgby
hlh[s_cib
lZl_evghklbjZpbhgZd]]jZgme
kh^_j`Zehkvd]dhj
fh\uo_^bgbp]i_j_\Zjbfh]hijhl_bgZ
Bamq_gb_jhklZb
jZa\blby
ih^hiulguo^\h_gihdZaZehqlh`b\hlgu_hiulghc
]jmiiu\\hajZkl_f_kyp_\ih`b
\hcfZkk_ij_\hkoh^bebdhgljhevguoiZ
d]Kj_^g_kmlhq
gucijb\_kaZi_jbh^hiulZ
f_kyp_\khklZ\be]lh_klv
ijb\_k[hevr_q_f\dhgljhevghc]jmii_
Zebabgl_jv_jguohkh[_gghkl_cihdZaZeqlhm[uqdZbl_ehqdb
ihemqZ\rbogZjy^mkljZ^bpbhg
gufbdhjfZfb]jZgmebjh\Zggucb
[jbd_lbjh\Zggucdhjfijhbkoh^beb]em[hdb_fhjnhnbabheh]bq_kdb_baf_g_gby
em^hqgh
dbr_qgh]hljZdlZ
Mh[ke_^h\Zggh]
hfheh^gydZihemqZ\r_]hkjZgg_]h\hajZklZk\ur_
]jZgmehlh[s_ciblZl_evghklbjZpbh
gZm\_ebqb\Zebkv\_kh\u_bebg_cgu_
jZaf_ju\k_ohl^_eh\dbr_qgbdZbkhhl\_lkl\_gghmf_gvrbebkvjZaf_ju
dZf_j`_em^dZhkh[_gghjm[pZhajhkeZ\i
bs_\Zj_gbbjhevdbr_qgbdZIbsZ
\`_em^d_g_aZ^_j`b\ZeZkv[ukljhijhoh
^beZ\dbr_qgbdoZjZdl_j
ibs_\Zj_gbyml_eylwlhchiul
ghc]jmiiuklZeijb[eb`Zlvkyd`b\hlgufk
h^ghdZf_jguf`_em^dhfqlhhljbpZl_evghkdZaZehkvgZbojhkl_bjZa\b
lbb
Fheh^gyd
ihemqZ\rbc^hf_kyp_\g_[he__
]jZgmehlh[s_c
iblZl_evghklbjZpbhgZgbdZdbog_]Zlb\
guobaf_g_gbckljmdlmju
`_em^hqgh
dbr_qgh]hljZdlZg_bf_eGZh[hjhlkdZjfeb\Zgb_]jZgme\
lZdbodhebq_kl\Zofheh^gydmfhehqgh]hlbiZiheh`
bl_evgh\ebyehgZjhkl
jZa\blb_ihke_^mxsmxfhehqghklvbijhy\e_gb_ihjh^ghckdhjhki_ehklb
Baf_gbekyml_eylboZjZdl_jdhjfh\h]hih\_^_gby@b
\hlgu_ihemqZ\rb_^h
]jZgmeaZljZqb\ZebgZf_gvr_\j_f_gbgZijb_fibsbbaf_gbeky
oZjZdl_j`\
db@\ZqdZ[ueZgZf_g__ijh^he`bl_evgZkhdjZlb
ehkvb
qbkeh`_\Zl_evguo^\b`_gbc
hiul_gZ[uqdZoq_jgh
i_kljhcihjh^u\ujZs_gguobhldhjfe_gguo\^\mo
hiulguoohayckl\ZogZm[hc\
kyqghf\hajZkl_IIhih\ufihemq_gu
bgl_j_kgu_^Zg
_k\b^_l_evkl\mxsb_hagZqbl_evghf\ebygbblbiZjZ
pbhgZ
fgh]hdhfihg_glguc]jZgmebjh\Zgguca_jghljZ\ygbklucdhjfk_gZ`gh
dhgp_gljZlguclbiu gZbgl_jv_jgu_wdkl_jv_jgu_bijh^mdlb\gu_dZq_kl\Z
[uqdh\GZ[ex^Zeky[he__bgl_gkb\gucjhkll_eylhiulguo]j
miiijbkdZjfeb
\Zgbb]jZgmebjh\Zggh]ha_jgh
dhgp_gljZlgh]hbk_gZ`gh
dhgp_gljZlgh]h
jZpbhgh\Baf_gyehkv\_kh\h_khhlghr_gb_hl^_eh\dbr_qgbdZm`b\hlguo
hiulguo]jmiim\_ebqb\Z
eZkvih\_joghklvkhkhqdh\kebabklhch[hehqdbjm[pZ
Kms_kl\_ggu_baf_g_gby
ijhbkoh^bebb\oZjZdl_j_ib
s_\Zj_gbybh[f_gZ
\_s_kl\M`b\hlguohiulghc]jmiiuihemqZ\rboljZ\ygu_[jbd_lu]jZgmeu
k_ghbdhf[bdhjfhlf_q_g[he__bgl_gkb\guc[_edh\uch[f_gkhijh\h`^Z\
rbcky[he__\ukhdbfmjh\g_fh[s_]h[_edZ_]hnjZdpbcZfbggh]
hZahlZ
ih\ur_gghcZdlb\ghklvxn_jf_glh\i_j_Zfbgbjh\Zgby
ACT
b:ELGZ[he__
\ukhdhfmjh\g_ijhl_
dZebijhp_kkufbg_jZevgh]hh[f_gZhq_f
k\b^_l_evkl\mxlmjh\_gvg_hj]Zgbq_kdh]hnhknhjZdZevpbybZdlb\ghklvs_
ehqghcnhknZlZau\ku\hjhld_djh\b
MdZaZg
gu_ijhp_kku[eZ]hijbylgh\ebyebgZa^hjh\v_`b\hlguo;he__
\ukhdbfb[uebkmlhqgu_ijb\_kub`b\ZyfZkkZdfhf_glmm[hy\fyk_
ih^hiulguo[uqdh\[ueh\ur_kh^_j`Zgb_ljbilhnZgZb\ur_hdkbijhebgZ
[bheh]bq_kdZyiheghp_gghklvfykZ[ueZlZd`_\ur_:gZeba
dhkl_cihdZaZe
\ukhdmxfbg_jZebaZpbxbob[hevrmxf_oZgbq_kdmxijhqghklvm`b\hlguo
ih^hiulguo]jmii
Bgl_j_kij_^klZ\ey_lgZmqgh
ijhba\h^kl\_gguchiul\u
jZsb\Zgbyl_eyl
dhkljhfkdhcihjh^uihjZaebqgufko_
fZfijh\_^_ggucgZie_faZ\h^_
DZjZ\Z_\h DjZ
khlZNBevbgkdbc::;Z^bg=:;Z^bgZKI \nGh\bagZ
ke_^h\ZgbykhklhyeZ\lhfqlh\i_j\u_jhklbjZa\blb_l_
ehdgZie_faZ\h^_
bamqZebgZnhg_]jZgmebjh\Zgguodhjfh\dhlhju_\kljmdlmj_jZpbhgZ
khklZ\eyeb
\fhehq
guci_jbh^b^h
^h
f_kyqgh]h\hajZklZ
I_j\Zy]jmiiZihemqZeZd]p_evgh]hfhehdZbd]h[jZlZL_eyljZgh
ijbmqZebdih_^Zgbx]jm[uob]jZgmebjh\Zgguodhjfh\kh[s_caZljZlhc\
d]]jmiiZd]fhehdZbd]h[jZlZkh[s_caZljZlhcDih_^Zgbx
]jZ
gmebjh\Zgguodhjfh\l_eylijbmqZebk
^g_\gh]h\ha
jZklZ
IeZgjhklZ`b\hlguohiulguo]jmii[uejZkkqblZgiZihemq_gb_\h\k_o
\ZjbZglZo`b\hcfZkkul_ehd\f_ky
p_\
d]JZpbhgudhjfe_gby
l_ehdjZaebqZebkvihdhebq_kl\mkdhjfe_gguodhjfh\Mke
h\bykh^_j`Zgby`b
\hlguo[uebh^bgZdh\u_ lZ[e 

LZ[ebpZKo_fZhiulZ
IeZgjhklZaZ
f_kyp_\d]
Mjh\_gvijb\_kh\ih
\hajZklZfjf_k]
GhjfZfhehdZgZ
]heh\md]
=jmiiZ
kj_^g_
kmlhqg
ijb\_k
dhgl
jhev
`b\
fZkkZ
p_evgh]h
kgylh]h
Ihke_f_kyp_\l_ehddhjfbebh^bgZdh\hJZpbhgu^eyi_j\hl_ehd
khklZ\eyebkmq_lhffhehqghklbb`b\hcfZkkudhjh\
j_amevlZ
l_\ujZsb\Zgby\dhgljhevghfdhjh\gbd_dhkljhfkdb_i_j\hl_edb
hiulghc]jmiiu^ZebaZ^g_cd]fhehdZijb`bjghklb\lhjhc
d]ijb`bjghklbb
hiulghc]jmiiu
d]ijb`bjgh
klb
Ke_^m_lhlf_lblvqlhmdhjh\
hiulg
hc]jmiiu[ueh[hevr_`b\hlguokm^h_f
k\ur_d] ]heh\ \h
]jmii_[uehlhevdhlZdbo`b\hlguo\
]jmii_
GZefhehdZiheZdlZpbb[uehaZljZq_ghih
]jmii_!_^ih
b
III
_^H^gZeZdlZpby^Z
e_dhg_\k_]^Z
fh`_l kem`blvh[t_dlb\guf
ihdZaZl_e_fp_gghklbdhjh\u
Fuijhke_^bebijh^mdlb\ghklvdhjh\aZeZdlZpbbMklZgh\e_ghqlhaZ
eZdlZpbbdhjh\u
]jmiiuihkjZ\g_
gbxk
III
^Zeb
fhehdZ[hevr_q_f
III
]jmiiugZd]bd]fhehqgh]h`bjZAZlj_
lvxeZdlZpbxdh
jh\
hiulghc]jmiiukm^h_flukd][ueh]heh\bkm^h_fd]
]heh\wlh
[hevr_q_faZi_j\mxeZdlZ
pbx
]jmii_lZdbodhjh\[ueh\^\h_f_gvr_
Dhjh\u\ujZs_ggu_ih
ko_f_
]jmiiZ ijbwdhghfbbd]p_evgh]h
fheh
dZbd]h[jZlZihdZaZebgZb[he__\ukhdmxfhehqghklvbemqrmx
ijbkihkh[e_gghklvdmkeh\byfijhfure_gghcl_ogheh]bbgZn_jfZob
dhfie_dkZoK_
[_klhbfhklvpfhehdZ
]jmii_khklZ\beZ
18,4
j\h
b
18,92
Ijbf_g_gb_i_j\hcko_fu
\ujZsb\Zgby^Zeh[hevrhcwdhghfbq_kdbcwnn_dl
h[_ki_qbehnhjfbjh\Zgb_gm`gh]h\ukhdhijh^mdlb\gh]hlbiZfhehqguodhjh\
dhkljhfkdhcih
jh^uKo_fu\ujZsb\ZgbyjZajZ[hlZggu_gZie_faZ\h^_
DZjZ\Z_\_ke_^m_lj_dhf_g^h\Zlv^eyrbjhdh]hijbf_g_
gby\ie_f_gg
uo
ohayckl\Zodhkljhfkdhcb^jm]bofhehq
guoihjh^
GZijZ\e_ggh_\ujZsb\Zgb_l_eyl^eyihemq_gbyfykZ
GZnhjfbjh\Zgb_fykghcijh^mdlb\ghklbdjhf_]_g_lb
q_kdbonZdlhjh\
\ebyxlmkeh\bydhjfe_gbybkh^_j`Zgbyfheh^gydZ\ihklwf[jbhgZevguc
i_jbh^k\yab
kl_fqlhijhba\h^kl\hfykZ\[eb`Zcrb_]h^u[m^_l
hkms_kl\eylvkyg_lhevdhaZkq_l\ujZsb\ZgbybhldhjfZkdhlZ
ki_pbZebabjh\Zgguofykguoihjh^gh\[hevr_ckl_i_gbaZkq_l
k\_joj_fhglgh]hih]heh\vyfhehqgh
fykguob^Z`_fhehq
guoihjh^\Z`gh_
agZq_gb_
ijbh[j_lZxlf_lh^ubgl_gkb\
gh]h\ujZsb\Zgbyfheh^gydZ
gZklhys__\j_fym^_evguc\_kfheh^gydZ\h[s_fdhebq_kl\_aZ[b\Z_fh]hgZ
fykhdjmigh]hjh]Zlh]hkdhlZkhklZ\ey_l
Kh\j_f_ggu_ihjh^udjmigh]hjh]Zlh]hkdhlZhlebqZxlky^h\hevgh[hevrbf
jZaghh[jZ
ab_fihmjh\gxijh^mdlb\gh
klbdhgklblmpbhgZevgufbwdkl_jv_jguf
hkh[_gghklyfZlZd
`_ihgZijZ\e_gbxbobkihevah\Zgby
H^gZdhdZdihdZaZebjZ[hluihke_^gboe_l GNJh
klh\p_\ZD;K\_qbgZ
I?EZ^ZgZE�E_\ZglbgZBBQ_jdZs_gdh:EZ
ibghc fheh^gyd
fgh]bofhehq
guofhehqgh
fykguobfykguoihjh^ijbijZ\bevghf\ujZ
sb\Zgbbbhldhjf_^h
f_kyp_\fh`_lm\_ebqblvfyk
gmxijh^mdlb\ghklv
b^Zlvfykhohjhr_]hdZq_kl\ZLZdfheh^gydkbff_glZevkdhcq_jgh
i_kljhc
r\bpdhc[_klm
`_\kdh
cohefh]hjkdhcb^jm]boihjh^ijbbgl_gkb\ghf\u
jZsb\Zgbb^hklb]Ze`b\hcfZkku
d]ijbaZljZl_gZd]ijb\_kZ
d
_^M[hcguc\uoh^lZdh]hfheh^gydZkhklZ\be
62 %.
Ki_pbZebaZpby\ujZsb\Zgbyfheh^gydZiha\hey_lkgZ[
`Zlvdjmigu_
`b\hlgh\h^q_
kdb_dhfie_dkubkh\ohau\ukh
dhdeZkkguffheh^gydhf^ey
hldhjfZ
IjbgZijZ\e_gghf\ujZsb\Zgbbfheh^gydZklZ\blkyaZ
^ZqZnhjfbjh\Zgby
kdhjhki_euo`b\hlguo\ukhdhbgl_gkb\
gh]hlbiZh[f_gZkihkh[guo^Z\Zlv
]kmlhqgh]hijb\_kZbd
f_kypZf^hkl
b]ZlvfZkku
d]
�eyihemq_gbylZdbo`b\hlguog_h[oh^bfhagZlvhkh[_g
ghklbjhklZb
jZa\blbyhj]Zgh\bldZg_c\ihklwf[jbhgZevguci_jbh^
AgZgb_wlhci_jbh^bqghklb\bgl_gkb\ghklbjhklZjZaebq
guoldZg_chj]ZgbafZ
g_h[oh^bfh^eynhjfbjh\Zgby\ukhdhb
gl_gkb\guo\fykghfhlghr_gbb
`b\hlguojZaguoihjh^
Ijbnhjfbjh\Zgbbfykghcijh^mdlb\ghklbmdjmigh]hjh]Zlh]hkdhlZbk\bg_c
\Z`ghij_`^_\k_]hijZ\bevghkieZgbjh\Zlvmjh\_gvdhjfe_gbyfheh^gydZih
i_jbh^Zfjh
klZFgh]he_lgb_bkke_^h\ZgbyD;K\_
qbgZijh\_^_ggu_gZ
hiulghcklZgpbbfykgh]hkdhlh\h^kl\Z;hyjdZ\MdjZ
bgkdhck
oZdZ^_fbb
(1963
]] :EZgbghcgZDZjZ]Zg^bgkdhchiulghcklZgpbbihdZaZeb
qlh\i_j\u_
f_kyp_\ihke_jh`^_gbyj_rZxs__agZq_gb_^eyjZklms_
]h
fheh^gydZ
bf__ldhjfe_gb_Dhjfe_gb_\wlhli_jbh^^he`gh[ulv
iheghp_ggufqlh[uh[_ki_qblv[bheh]bq_
kdmxhkh[_gghklv`b\hlguo
gZoh^ysbokygZjZgg_cklZ^bbjZa\blbykbgl_abjh\Zlv[_ehdbgZjZsb\Zlv
fur_qgmxldZgvj_f_ggucg_^hdhjf\i_j\hf]h^m`bagbdZdmdZ
au\Z_lD;
K\_qbgaZ^_j`b\Z_ljhkll_eZ\rbjbgmb^ebgmbg_agZqbl_evgh_\ebygb_
hdZau\Z_lgZjhklb\ukhlmH^bgba\Z`g_crboijbagZdh\oZjZd
l_jbamxsbo
\ukhdb_dZq_kl\Z`b\hlguo\ukhdbcijh
p_gl\l_e_`b\hlgh]hfydhlbij_`^_
\k_]hfurbihhlghr_
gbxddhklyfM\_ebqblvijhp_glfurp\fydhlb]hjZa^h
ljm^g__q_fm\_ebqblvdhebq_kl\h`bjZGZb[hev
r__dhebq_kl\hfur_qghc
ldZgbgZjZsb\Zxl`b\hlgu_[u
kljhjZklmsb_^hklb]Zxsb_[hevrh]h`b\h]h
\_kZ\fheh
^hf\hajZkl_Ohlyfykbklhklv
ijbagZdh[mkeh
\e_ggucih
jh^gufb
gZke_^kl\_ggufbnZdlhjZfbfh`ghbgm`ghmf_ehj_]mebjmymjh\_gv
dhjfe_gby^h[b\Zlvkyemqr_]hjZa\b
lbyfykguodZq_kl\fheh^gydZjZaebqguo
ihjh^FurpujZklmlgZb[he__bgl_gkb\gh\i_j\u_f_kyp_\ihklwf[jbh
gZevghc`bagb
i_j
bh^uihO_ffhg^m h\lhjhfih
em]h^bbkdhjhklv
jhklZfmkdmeZlmjuiZ^Z_lG_^hdhjffh
eh^gydZ\i_jbh^
f_kyp_\\uau\Z_l
g_^hjZa\blb_fu
r_qghcldZgbmom^r_gb___]bklheh]bq_kdh]hkljh_gbybob
fbq_kdh]hkhklhygbyb\dhg_qghfkq_l_dZq_kl\_ggh]hfy
kZBgl_gkb\gh_
\ujZsb\Zgb_fheh^gydZ\i_j\u_
f_ky
p_\`bagbih\urZ_lkdhjhki_ehklv
nhjfbjh\Zgby^Z_l\ha
fh`ghklvihemqblv`b\hlguokohjhrhjZa\blufb
fykgufbdZq_kl\ZfbmjZaebqguoihjh^GZb[he__p_ggufih]heh\v_f^ey
hldhjfZgZfykhy\eyxlkyih
f_kgu_b]b[jb^gu_`b
\hlgu_ihemq_ggu_iml_f
ijhfure_ggh]hbi_j_f_ggh]hkdj_sb\Zgbyb]b[jb^baZpbbMwlbo`b\hlguo
ijhy\ey_lky]_l_jhabkh[mkeh\eb\Zxsbciurgh_jZa\blb_hj]ZgbafZ
\ujZ`Zxs__ky\ih\ur_gghcwg_j]bbjhklZbemqr_chieZ
l_dhjfZijh^mdp
b_c
�eyijhfure_ggh]hhldhjfZk_cqZkijbf_gyxlky]jZgm
ebjh\Zggu_b
[jbd_lbjh\Zggu_dhjfZZlZd`_jZaebqgu_kmob_bihem`b^db_dhjfhkf_kb
�eyijhfure_ggh]hg_ij_ju\gh]hhldhjfZkdhlZ\ih
ke_^g__\j_fy
bkihevamxllZdgZau\Z_fmxfhgh^b_lm
dhjfhkf_kvk
hklhysmxbah^gh]h
]jgmebjh\Zggh]hdhjfZk^h
[Z\dhcjZaebqguogZlmjZevguobkbgl_lbq_kdbo
\_s_kl\Rbjhdhijbf_gy_lkyk_cqZkk_gZ`
RbjhdhihklZ\e_ggu_gZmqgu_bijhba\h^kl\_ggu_hiu
lu\gZr_ckljZg_baZ
jm[_`hfihijhba\h^kl\mbijbf_g_
gbxk_gZ`Z^hdZ
aZeb\hafh`ghklvaZf_gu\
jZpbhgZodjmi
gh]hjh]Zlh]hkdhlZkbehkZk_gZdhjg_ieh^h\^h[jhdZq_kl
\_gguf
k_gZ`_f
LZdhclbidhjfe_gby\khq_lZgbbkhk[ZeZgkbjh\Zggufbdhf[bdhjfZfb
h[_ki_qb\Z_l\ukhdmxijh^mdlb\ghklvbghj
fZevgmx`bag_^_yl_evghklv
`b\hlguo
Lh`_kZfh_hlghkblkybd]jZgmebjh\Zggufb[jbd_lb
jh\Zggufkhehf_ggh
a_jgh\uffhghdhjfZfbf_xsbfjy^ij_bfms_kl\\ukhdmxmk\hy_fhklv]jm[uo
dhjfh\mkljZg_
gb_g_h[oh^bfhklbkhjlbjh\Zgbydhjfh\emqrmxkhojZg
ghklv
iblZl_evghcb\blZfbgghcp_gghklbd
hjfh\[ukljhlmbijhklhlmbojZa^Zqb
ijb]h^ghklv^eybkihevah\Zgby\dhj
fmrdZohlkmlkl\b_hloh^h\mf_gvr_gb_
iue_h[jZah\Zgbyihlj_[ghklv\f_gvr_fdhebq_kl\_kdeZ^kdboihf_s_gbc
Ih^h[gZyl_ogheh]bydhjfe_gbyfheh^gydZdjmigh]hjh]Zlh
]hkdhlZ
ij_^g
ZagZq_ggh]h^eybgl_gkb\gh]hhldhjfZgZfy
khmki_rghijbf_gy_lky\
mqoha_�hgkdh]hKOB ZdZ^I?EZ^Zghf `b\hlgh\h^q_kdhfdhfie_dk_
hjhgh\hb^jm]boohayckl\Zoijhfure_ggh]hlbiZ


L_fi_jZlmjZ
Ih^\ebygb_fjZagh]hfbdjhdebfZlZm\ujZsb\Z_fuo`b\hlguonhjfbjmxlky
jZaebqgu_ki_pbnbq_kdb_dZq_kl\ZIh\ur_gb_l_fi_jZlmjuhdjm`Zxs_ckj_^u
\jZggboklZ
^byohglh]_g_aZmkdhjy_l^bnn_j_gpbjh\Zgb_baZ^_j`b\Z_ljhkl
Jblfbqgh_baf_g_gb_l_fi_jZlmjuiheh`
bl_evghkdZ
au\Z_lkygZjhkl_
`b\hlgh]h
JZagu_\b^u`b\hlguobf_xljZaebqgmxkihkh[ghklvdl_iehj_]meypbbM
djmigh]hjh]Zlh]hkdhlZl_fi_jZlmjZl_eZ[he__mklhcqb\Zq_fmk\bg_c
Fheh^gydh[eZ^Z_lom^r_cl_iehj_]meypb_cq_f\ajhkeu_k\bgvb
ujZsb\Zgb_
fheh^gydZijbihgb`_gghcl_fi_jZlmj_aZdZeb\Z_lhj]Zgbaf
Ih\urZxlkykhijhlb\ey_fhklvhj]ZgbafZh[f_g\_s_kl\mkdhjyxlkyjhklb
jZa\blb_emqr_jZa\b\Zxlkydhklydb\gmlj_ggb_hj]Zgu
:GKhdheh\Z GBBJ=@ bamqZeZj_]meypbxl_ieh
h[f_gZbl_jfbq_kdm
Z^ZilZpbxmdmjj_amevlZl_
e_lg_ck_e_dpbbkha^ZgZ]jmiiZilbp
ijbkihkh[e_gguodihgb
`_gghcl_fi_jZlmj_kh^_j`Zgbypuieyl  \i_j\u_
^gb`bagbwlZijbkihkh[e_gghklvklhcdhkhojZgyeZkv\ih
lhfkl\_ ijb
khojZgghklb
puieyl G_h[
oh^bfhdjZldhhoZjZdl_jbah\Zlv
hkh[_gghklb\ujZ
sb\Zgbyfheh^gydZk\bg_c[hevrbgkl\_kljZgkjZa\bluf
k\bgh\h^kl\hf :g]eby�ZgbyKR: ijb\ujZsb\Zgbb[_
dhgguok\bg_c
n_jf_juklj_fylkyaZkq_lih\ur_gghckdh
jhki_ehklbki_pbZevgh
hlk_e_dpbhgbjh\Zgguo
`b\hlguo\ukhdhbgl_gkb\gh]hlbiZkhdjZlblvkjhdb
\ujZsb\Zgbyh[_k
i_qblv^hklb`_gb_jughqguodhg^bpbckij_^m[hcghc`b\hc
fZkkhcd]^h
f_kyqgh]h\hajZklZKmq_lhf\uiheg_gbywlhcaZ^Zqbkljhblky
b\kykbkl_fZ\ujZsb\ZgbybhldhjfZk\bg_cmgZk\kl
jZg_iZdjmiguo
k\bgh\h^q_kdbodhfie_d
kZo
�eyijhfure_gguok\bgh\h^q_kdbodhfie_dkh\jZajZ[h
lZghfgh]hjZaebqguo
ko_fgZijZ\e_ggh]h\ujZsb\Zgbyj_
fhglgh]hfheh^gydZIjhba\h^kl\hk\bgbgu
gZijhfure_g
ghfdhfie_dk_kljhblkygZ[_a\u]mevghfkh^_j`Zgbbk\
fZlhd
bfheh^gydZWlhlj_[m_lqlh[uj_fhglgucfheh^gydbfZldbbf_ebdj_idmx
dhgklblmpbxh[_ki_qb\Zxsmx\ukh
db_\hkijhba\h^bl_evgu_bijh^mdlb\gu_
dZq_kl\Z\ukhdmxwg_j]bxjhklZfheh^gydZijb\ujZsb\Zgbbbhldhjf_Gm`
gu
ki_pbZevgu_ohayckl\Z
j_i
jh^mdlhju]b[jb^gh]hj_fhgl
gh]hfheh^gydZ
Bgl_j_kgZykbkl_fZde_lhqgh]hkh^_j`ZgbyihjhkylijbjZgg_fhlt_f_hl
fZlhdjZajZ[hlZgZ\:g]ebbGZwdki_jb
f_glZevghcklZgpbbnbjfu;bq_f
bamqZxl\hafh`ghklvkh^_j`Zgbyihjhkyl\de_lhqguo[ZlZj_yoihke_jZgg
_]hbo
hlt_fZhlfZl_j_cIhjhkylhlgbfZxlijb^hklb`_gbbbfbfZkkud]ZgZb[he__
djmiguo\
^g_\ghf\hajZkl_Hlt_fur_cjZaf_sZxl\
yjmkguo
f_lZeebq_kdbode_ldZokgZ[`_gguodhjfmrdZfbbkhkdh\ufbihbedZfb
dZ`^hck_dpbbkh^_j`Zl
ihjhkyl
ihjhkylgZf
ba\h^kl\_gghc
iehsZ^bq_j_ag_^_ebfZkkZbo^hklb]Z_ld]@b\hlguoi_j_\h^yll_fb`_
]jmiiZfb\^jm]b_de_l
db[he__ijhklhjgu_bijhqgu_\dhlhjuohgbgZoh^ylky
\l_q_gb_ke_^mxsbog_^_evb^hklb]ZxlfZkkud]AZ
l_f
fheh^gyd
i_j_\h^yl\ihf_s_gb_^eyhldhjfZ]^_mklZ
gh\e_gude_ldbeZ`ghklv\ha^moZ
l_fi_jZlmjZ
hk\_s_gb_j_]mebjm_lkyZ\lhfZlbq_kdbihjhkyl
kh^_j`Zlba^jm]bo]jmiiOjydh\dZkljbjmxl\
g_^_evghf\ha
jZkl_ijb
i_j_\h^_\h\lhj
hclbide_lhdDhjfylihjhkylkmobfbkf_kyfbjZaZ\^_gv
H^gbfba\Z`guo\hijhkh\\ujZsb\Zgbyj_fhglgh]hfh
eh^gydZy\ey_lky
mklZgh\e_gb_hilbfZevgh]hkjhdZhlt_fZihjhkylhlfZlhd;hevrbgkl\hgZrbob
aZjm[_`guomq_guokqblZxlqlhhilbfZevgufkjhdhfj
Zgg_]hhlt_fZihjhkyl
y\ey_lkyhlt_fbo\ \hajZkl_
^g_cZfbgbfZevguf\\hajZkl_
25
^g_cJZggbchlt_fihjhkylfh`ghmki_r
ghijh\h^blvdZdmdZau\Z_l
Dhaeh\kdbc=  lhevdhbf_yiheghp_ggmxdhjfh\mxkf_kvbf_xsmx
ijh
l_bgZlh
_klv\d_^
]ijhl_bgZ
Ba\_klghqlhmihjhkylk^hf_kyp_\bgl_gkb\ghjZ
klmldhklbfur_qgZy
ldZgvbibs_\Zjbl_evgu_hj]ZguWlhg_h[oh^bfhmqblu\ZlvijbkhklZ\e_gbb
jZpbhgh\Mjh\_gvdhjfe_gbyj_fhglgh]hfheh^gydZ^he`_gh[_ki_qb\Zlv\u
hdmxwg_j]bxjhklZghg_^himklblvh`bj_gbyKj_^g_km
lhqgucijb\_kk^h
f_kyp_\p_e_khh[jZagh^_j`ZlviZmjh\g_
]Z\f_kyp_\bklZjr_
]ih^
^_j`Zgbbbodhg^bpbbkhhl\_lkl\mxs_cie_f_ggufp_eyf


K\_l
Hkh[ucbgl_j_kijbgZijZ\e_gghf\ujZsb\Zgbbfheh^
gydZij_^klZ\ey_l
\ha^_ckl\b_k\_lZdZdnZdlhjZ\g_rg_ckj_^ugZjZklmsbchj]ZgbafIhwlhc
ijh[e_f_[uehijh\_
^_ghfgh]hbkke_^h\Zgbc;uehmklZgh\e_ghqlhohjhrbc
k\_lh\h
cj_`bfmkdhjy_ljhklbjZa\blb_`b\hlguoKhe
g_qguck\_lg_h[oh^bf
^eyh[f_gZ\_s_kl\Hlkmlkl\b_k\_
lZm]g_lZ_ljhklih\urZ_l`bjhh[jZah\Zgb_
ijb\h^bldh[_^g_gbxdhklydZkheyfbdZevpby
K\_qbcD;\bgl_j_kguohiulZogZk\bgvyomklZgh\beqlhijbh
^bgZdh\hf
mjh\g_iblZgbyghjZaebqghfk\_lh\hfj_`bf_ih
jZaghfmb^mljhklbjZa\blb_
Ijbhlkmlkl\bb\k\bgZjgbd_k\_lZ\dhgp_hiulZ`b\ZyfZkkZk\bg_cklZeZ
f_gvr_ohly`bjhh[jZah\Zgb_rehbgl_gkb\g__g_^hjZa\b
lu[ueb\Z`g_crb_
\gmlj_ggb_hj]Zgu
_j^p_e_]db_]b
ihnbahlf_q_gZf_gvrZyiheh\Zy
Zdlb\ghklvfZldb[uebohehklufbq_j_ik\bg_c\ujZs_gguo\l_fghl_bf_e
mdh
jhq_ggu_ebp_\u_dhklbLhesbgZkl_ghddhkl_cdhg_qghkl_c[ueZ[hevr_cm
k\bg_c\ujZs_gguoijbghjfZevghfk\_lh
\hfj_`bf_M
k\bg_c\ujZs_gguo
gZk\_lm\dhklyo[ueh[hevr_gZnhknhjZbdZevpbyBawlbojZ[hlke_^mxl
\u\h^u^eyjZklmsbo`b\hlguok\_lg_h[oh^bf^ey\ajhk
euohldZjfeb\Z_fuo
`b\hlguok\_lh\hcj_`bf^he`_g[ulvbaf_g_g
;hevrh_\ebygb_hdZau\Z_lk\_lh\hcj_`
bfgZycp_ghk
dhklvdmjbjhkl
[jhce_jh\Ijh[e_fZk\_lZgZhj]Zgbafk_evkdhohayckl\_gghcilbpu^ebl_evgh_
\j_fyijb\e_dZ_ldk_[_\gbfZgb_mq_guo
ilbp_\h^h\K\_lh\hcj_`bfdZd
mdZau\ZxlIb]Zj_\GE_glbg]?Hi_j_klZ_lb]jZlvjhevf_lh^Z
\ujZ\gb\
Zgbyijh^he`bl_evghklbk\_lh\h]h^gyihi_jbh^Zf]h^ZbklZgh\blky
\Z`g_crbfnZdlhjhfgZ
ijZ\e_ggh]h\ujZsb\Zgbyilbpubihke_^mxs_c__
ybqghcijh^mdlb\ghklb
?s_\
]h^Zo[ueh\uykg_ghqlhbkihevamybaabfik_\j_fy
^hihegbl_evgh_hk\_s_gb_fh`gh
ijh^eblvdhj
fh\hc^_gvbm\_ebqblv
ycp_ghkdhklvdmjAgZqbl_evgh_\ebygb_hdZau\Z_lk\_lgZiheh\mxkbkl_fm
ilbpu__kdh
jhki_ehklvKBKf_lg_\mklZgh\beqlhch^\ebygb_fk\_
lZ
\hajZklZ_lZahlbkluch[f_gZdlb\babjmxlkyn_jf_glZ
lb\gu_ijhp_kku
j_amevlZl_m\_ebqb\ZxlkyfZkkZl_eZbycp_ghkdhklvmkbeb\Z_lkyfbg_jZebaZpby
dhklydZbkdhjem
iuybp
DZdba\_klghkdhjhki_ehklvdmjhij_^_ey_lky\hajZklhfkg_k_gbyi_j\h]h
ycpZbeb\j_f_g_f^hklZlhqghbgl_gkb\
ghcycp_deZ^dbDZd[uehmklZgh\e_gh
Ib]
Zj_\ufGdmjugZqZ\rb_jZghg_klbkvg_\k_]^Zy\eyebkvemqrbfbih
ycp_ghkdhklbhgbhlklZ\Zebhlk\hbok\_jklgbpgZqZ\
rboycp_deZ^dm\
170
^g_cg_kmlf_edb_ycpZG_h[
oh^bfhj_]mebjh\Zlvijhp_kkuiheh\h]h
khaj_\Zgbykdhjh
ki_ehklbdmj
ihke_^g__\j_fygZb[he__jZkijhkljZg_gguff_lh^hfj_]mebjh\Zgby
iheh\h]hjZa\blbyilbpuy\ey_lkybkihevah
\Zgb_khhl\_lkl\mxs_]hk\_lh\h]h
j_`bfZ\i_jbh^\ujZ
sb\Zgbyfheh^hd
J_]mebjmyijh^he`bl_evghklvhk\_s_gby\aZ\bkbfhklbhl\hajZklZilbpu
m^Z_lkyb
af_gblvkjhdbiheh\h]hkhaj_\Z
gbybgl_gkb\ghklvycp_deZ^dbb
dZq_kl\hybp�eyfheh^hdycp_ghkgh]hgZijZ\e_gbyijh^mdlb\ghklb
ij_^gZagZq_gguogZie_fy\KKKJj_dhf_g^m_lkyihkl_i_ggh_khdjZs_gb_
ijh^he`bl_evghklbk\_lh\h]h^gyhlkmlhqgh]h^h
h]h\hajZklZ
Lj_gbjh\dZjZklmsbo`b\hlguo
kbkl_f_ihgZijZ\e_gghfm\ujZsb\Zgbxfheh^gydZ\Z`gh_f_klhaZgbfZ_l
lj_gbjh\dZKh\j_f_gbEZfZjdZmklZgh\e_ghqlhmkbe_ggZynmgdpbydZdh]h
eb[hhj]ZgZ\_
^_ldmkbe_gbx_]hjZa\blbybgufbkeh\Zfb\hkgh\_
[uo
fhjnheh]bq_kdbobaf_g_gbce_`Zlbaf_g_gbynmgdpbh
gZevgu_GI
Qbj\bgkdbc  ibkZeBanZdlhjh\ih^\ebygb_fdhlhjuobaf_gyxlky
`b\hlgu_]eZ\gh_agZq_gb_bf_xl debfZl mkeh\byiblZgby\i_jbh^
jZa\blbyb mijZ`g_gb_bebg_mijZ`g
_gb_hj]Zgh\Hihke_^g_fnZdlhj_hg
]h\hjbldZdh\Z`ghfij_^f_l_^eyki_pbZev
guobkke_^h\Zgbc lhf 
MijZ`g_gbyhj]Zgh\�he`
guih^dj_ieylvkykhhl\_lkl\mxsbfmjh\g_f
dhjfe_gbybj_`bfhfkh^_j`ZgbyQ_ldhjZajZ[hlZggZykbkl_fZlj_gbg]Z
ijbf_gy_
lky\dhg_\h^kl\_Ijblj_gbjh\d_jukZdh\bkihev
amxlmkdhj_ggu_
ZeexjubZeexjuf_^e_ggu_I_j\u_
jZa\b\Zxlk_j^p_e_]db_g_j\gmx
kbkl_fm\lhju_
gZjZ
sb\ZxlfmkdmeZlmjmMdjmigh]hjh]Zlh]hkdhlZ\
kbkl_f_mijZ`g_gbchj]Zgh\[hevrh_agZq_gb_bf_xl
fZkkZ`\uf_
gbjZa^hc
dhjh\�ebl_evgh_hlkmlkl\b_^hcdbfhehqghc`_
e_au^Z`_ijbohjhr_f
dhjfe_gbbj_adhkgb`Z_lm^hc
�ey\ujZsb\Zgby\ukhdhijh^mdlb\guo`b\hlguokdj_i
dbfbdhgklblmpb_cb
a^hjh\v_f\Z`gufnZdlhjhfy\ey
_lkyhj]ZgbaZpbyfhpbhgZkh^_j
`Zgb_
`b\hlguogZdmev
lmjguoiZkl[bsZokZdlb\guffhpbhghf\\_k_gg_
e_lgbc
i_jbh^\eZ]_jyoijh]medZ\abfgbcb^j

U&#x-5H;�HU
Z`g_crb_nZdlhjugZijZ\e_ggh]h\ujZsb\Zgbyj_
fhglgh]hfheh^gydZ
lhmjh\_gvblbidhjfe_gbyjZklm
sbo`b\hlguo
Ijb\ujZsb\Zgbbj_fhglgh]hfheh^gydZ\ukhdhbgl_gkb\gh]hlbiZ
khhl\_lkl\mxs_]hlj_[h\Zgbyfgh\hcl_ogheh
]bbg_h[oh^bfhieZgbjh\Zlvjhkl
bjZa\blb_`b\hlguoWlhiha\hey_lklZg^Zjlbabjh\Zlvlbi`b\hlguo
Jhkl
j_fhglgh
]hfheh^gydZke_^m_lieZgbjh\ZlvlZdqlh[u_]h`b\ZyfZk
kZ\h\k_
i_jbh^uhglh]_g_aZ[ueZg_gb`_lj_[h\Zgbc
deZkkZih^Zgghcihjh^_
�ey[hevrbgkl\Zfhehqguoihjh^`b\ZyfZkkZ\ajhk
euodhjh\^he`gZ[ulv
\ij_^_eZo
d]^ey
ihjh^fykhfhehqgh]hgZijZ\e_gby
d]
LZdZy`b\ZyfZkkZdhjh\dZdihdZaZebhiuluh[_ki_qb\Zxl\ukhdmxfh
ehqghklvdhgklblmpbhgZevgmxdj_ihklvohjhrb_\hkijhba
\h^bl_evgu_nmgdpbb
bohayckl\_ggh_^he]he_lb_
Lbidhjfe_gbybkljmdlmjujZpb
hgh\hdZau\Zxl[hev
rh_
nhjfhh[jZamxs__\ebygb_gZjhklbjZa\blb_ml_eyl\gmlj_ggbohj]Zgh\
hkh[_gghibs_\Zjbl_evguoFheh^gydjZghijbmq_ggucdih_^Zgbx]jm[uob
khqguodhjfh\bf_em`_d
f_kypZf[he__jZa\blmxb[he__nbabheh]bq_kdb
aj_emxibs_
\Zjbl_evgmxkbkl_fm
H[yaZl_evgufdhfihg_glhf\jZpbhg_l_eyl^he`gh[ulvohjhr__l_eyqv_
k_ghHghklbfmebjm_ljZa\blb_m`b\hl
guo`_em^dZbdbr_qgbdZmemqrZ_l
ijhp_kkuibs_\Zj_gbybmk\h_gbyiblZl_evguo\_s_kl\jZklbl_evguodhjfh\\
e__aj_ehf\h
ajZkl_KljmdlmjZdhjfh\uojZpbhgh\bnbab
q_kdZynhjfZdhjfZ
]jZgmeub[jbd_lu jZaebqgu_jZa
f_judhjfh\uoqZklbp\uau\Zxl]em[hdb_
fhjnhnbabheh]bq_kdb_baf_g_gby\kljh_gbbbnmgdpbyo`_em^hqgh
dbr_q
gh]h
ljZdlZboZjZdl_j_ibs_\h]hih\_^_gby`b\hlguo
IjbgZijZ\e_gghf\ujZsb\Zgbblbgdhjfe_gbyg_h[
oh^bfhkhq_lZlvk
jZpbhgZevghckbkl_fhckh^_j`ZgbyjZ
klmsbo`b\hlguo
ijhp_kk_gZijZ\e_ggh]h\ujZsb\Zgbyj_fhglgh]hfh
eh^gydZijb]h^gh]h
^eygh\hcl_ogheh]bbdhjfe_gbybkh
^_j`Zgbyg_h[oh^bf
hrbjhdhbkihevah\Zlv
bgl_jv_jgu_ih
dZaZl_ebb]_g_lbq_kdb_l_klu^Zxsb_\hafh`ghklvijh]gh
abjh\Zlvg_lhevdhnhjfbjh\Zgb_ijh^mdlb\guodZq_kl\\hglh]_g_a_ghb
dhg_qgu_j_amevlZlu
ijh^mdlb\gu_bie_
f_ggu_dZq_kl\Z\ajhkeuo`b\hlguo


Hkgh\gu_l_ogheh]bq_kdb_hi_jZpbbfykgh]hkdhlh\h^kl\Z
L_ogheh]by
ihgylb_fgh]hagZqgh_i_j\hgZqZevghfkfuke_hghhagZqZeh
mf_gb_ijhba\h^blvbebagZgbyhijhba\h^kl\_
Wlh[uehqbkl
ijZdlbq_kdh_ihgylb_^Ze_dh_hlgZmdb
;he__lh]h\g_dhlhjuoaZjm[_`guokljZgZoba^Z\Zebkv^Z`_`mjgZeuih^
gZa\Zgb_fL_ogheh]bybgZmdZ\dhlhjuoj_adhjZa]jZgbqb\Zebkvwlb^\Z
ihgylbybl_ogheh]byjZkkfZljb\ZeZkvdZdqbklhijhba\h^kl\_ggZykn_
jZ
^_yl_evghklbq_eh\_dZohly\wlhfhij_^_e_gbbbijbkmlkl\h\Zehkeh\heh]by
qlh\ihke_^g__\j_fyljZdlm_lkydZdgZmdZ
Ihkl_i_gghihf_j_jZa\blbygZmdbb\g_^j_gby\ijhba\h^kl\hgZmqguo
f_lh^h\ihgylb_l_ogheh]byklZehh[t_^bgylvbgZmdm
bijZdlbdmgZr_
\j_fyfZehdlhhkf_eblkyml\_j`^Zlvqlhl_ogheh]bywlh
g_gZmdZ
Wlh
gZmdZijbdeZ^gh]hoZjZdl_jZ
ml\_j`^Zxlfgh]b_mq_gu_HgZ
bf__lhlghr_gb_dijhba\h^kl\mijZdlbq_kdb\k_olh\Zjh\bijh^mdlh\
kha^Z\Z_fuoq_eh\_dhf;_agZm
dbijhba\h^kl\hh[j_q_ghgZijbfblb\ghklv
[_aijhba\h^kl\ZgZmdZf_jl\Z
Kwlbfljm^ghg_kh]eZkblvky
Ihhlghr_gbxdh[km`^Z_fhcfh`ghknhjfmebjh\Zlvihgylb_
l_ogheh]bb
fykgh]hkdhlh\h^kl\Z
Ihfg_gbxba\_klgh]hmq_gh]hZdZ^_fbdZQ_j_dZ_\Z:
wlhgZ
mdZhf_lh^Zodhjfe_gbykh^_j`Zgbykh\_jr_gkl\h\Zgby`b\hlguo
fhehqguobfykguoihjh^djmigh]hjh]Zlh]hkdhlZbkihevam_fuo
bkdexqbl_evgh^eyijhba\h^kl\Z\ukhdhdZq_kl\_gghc]h\y^bgu
@b\hlguofykguoihjh^
wlhihgylghIhq_fm_s_bfhehqguo"Ihlh
fm
qlh\kh\j_f_gghfki_pbZebabjh\Zgghflh\Zjghffykghfkdhlh\h^kl\_gZjy^mk
fykgufb\dZq_kl\_ijhba\h^bl_evgbpl_eylbkihevam_lkyfZlhqgh_ih]heh\v_
fhehqgh]hkdhlZf_lh^udhjfe_gbybkh^_j`ZgbydhlhjuohlebqZxlkyhl
ijbgyluo\fhehqghfkdhlh\h^kl\_
b[ebadbdfykghfm
L_ogheh]by
]eZ\gh_a\_gh\fykghfkdhlh\h^kl\_Ba
aZhkh[_gghkl_c
fykgh]hkdhlh\h^kl\Zl_ogheh]byfijb^Zxlhkh[h_agZq_gb_g_j_^dh[hevr__
q_fihjh^Zf
;_abkihevah\Zgbyhkh[hcl_ogheh]bbdZdb_[ufykgu_ihjh^u\ug_bf_eb
ijhba\h^kl\h]h\y^bgu\fykghfkdhlh\h^kl\_[m^_lm[ulhqguf�Z`__kebg_
[m^_lfykguoihjh^ghgZn_jf_[m^_lijbf_gylvkyl_ogheh]byfykgh]h
kdhlh\h^kl\Zijhba\h^kl\h]h\y^bguhlfhehqgh]hkdhlZj_adh\hajZkl_lHgZ
klZg_l^_r_\e_bagZqbl_evghdZq_kl
\_gg__IhwlhfmgZqbgZlvfykgh_
kdhlh\h^kl\hg_h[oh^bfhkih^]hlh\dbl_ogheh]bcZg_kaZ\haZkdhlZ

Ijbwlhfl_ogheh]byfykgh]hkdhlh\h^kl\Zij_^mkfZljb\Z_lqlh[hevrmx
qZklvdhjfh\`b\hlgu_\h\k_k_ahgu]h^Z^he`gukZfb^h[u\ZlvgZiZkl[bsZ
o
Abfhchkgh\gufdhjfhf^ey\ajhkeh]hkdhlZy\eyxlkykhehfZbk_gh\jZpbhgu
jZklmsbo`b\hlguo\dexqZxla_jgh\hcdhjfbg_[hevrh_dhebq_kl\hkbehkZ

Kh^_j`Zlfykghckdhl\lhfqbke_babfhc\e_]dbofZehaZljZlguo
ihf_s_gbyo�eymoh^ZaZkdhlhf
bkihevamxlmijhs_ggu_f_oZgbafub
ijbkihkh[e_gbyiha\heyxsb_[_aagZqbl_evguoaZljZlljm^Zbkj_^kl\
ijh\h^blv\k_g_h[oh^bfu_jZ[hlu


Kh\j_f_ggZyl_ogheh]byfykgh]hkdhlh\h^kl\Z^he`gZ[ulvg_lhevdh
fZehaZljZlghcghb[bheh]babjh\Zg
ghcqlh[u[hevrZyqZklvljm^h_fdbojZ[hl
ihdhjfe_gbxbkh^_j`Zgbxhkms_kl\eyebkZfb`b\hlgu_aZkq_l
ijhba\h^bfhcbfb[bheh]bq_kdhcwg_j]bbIhwlhfmwlml_ogheh]bxfh`gh
[ueh[ugZau\Zlv[bhl_ogheh]b_cfykgh]hkdhlh\h^kl\Z

L_ogheh]byfy
kgh]hkdhlh\h^kl\Znhjfbjh\ZeZkvkeh`beZkvbbkiulZgZ
gZijhly`_gbbkhl_ge_lgZr_\j_fywlZl_ogheh]byiha\hey_lwnn_dlb\gh
bkihevah\ZlvfykghckdhlihemqZyhlg_]h\ukhdmxihdZq_kl\mijh^mdpbxb
agZqbl_evgmxijb[uevBf_gghihwlhfm\hfgh]bojZa\
bluokljZgZolZdbodZd
KR:DZgZ^Z_ebdh[jblZgbyBjeZg^by:j]_glbgZ:\kljZebyBlZeby^hey
fykgh]hkdhlZ\kdhlh\h^kl\_ij_\urZ_l
ijhp_glh\

Ijb\e_dZl_evghklvfykgh]hkdhlh\h^kl\Z^eyn_jf_jh\fgh]bokljZg
fbjZ
\\hafh`ghklyo_]hjZ
a\blbygZwdkl_gkb\ghchkgh\_[_a[hevrboaZljZl
ljm^Zbkj_^kl\gZ^hjh]hklhysb_fZrbgubdZiblZevgh_kljhbl_evkl\h

wlhcl_ogheh]bbklhbfhklvhkgh\guokj_^kl\ijhba\h^kl\Z a^Zgby
khhjm`_gbyh[hjm^h\Zgb_ ^eydhjh\ukl_e_gdhf\
jZa^_r_
\e_q_f\
kdhlh\h^kl\_fhehqghfKlhbfhklvdhjfh\\
jZaZgb`_aZljZluwg_j]bb\
jZaaZljZluljm^Z
^hjZak_wlbwe_f_glul_ogheh]bb\khq_lZgbbk
mf_eufmijZ\e_gb_fklZ^Zh[_ki_qb\Zxl\ukhdmxwdhghfbq_kdmx
wnn_dlb\ghklvijhba\h^kl\Z]h
\y^bguhlfykgh]hkdhlZH^gZdhqlh[uwlh
[uehlZdl_ogheh]bxgm`ghohjhrhagZlvbmf_ehbkihevah\ZlvgZijZdlbd_

L_ogheh]byfykgh]hkdhlh\h^kl\ZijhklZybfZehaZljZlgZyghg_
ijbfblb\gZy?_e_]dhb[ukljhkihkh[_gihgylvex[hcaZbgl_j_kh\
Zgguc
q_eh\_dg_aZ\bkbfhhlmjh\gyk\h_]hh[jZah\Zgby

L_ogheh]byfykgh]hkdhlh\h^kl\Zg_jZabgZ\k_]^Z^Zggh_baZklu\r__
ihgylb_?_kh\_jr_gkl\mxlbfh^bnbpbjmxl\aZ\bkbfhklbhldhgdj_lguo
ijbjh^gh
debfZlbq_kdbomkeh\bcjZa\h^bfuoih
jh^keh`b\r_ckykbkl_fu
\ujZsb\ZgbybhldhjfZfheh^gydZ

f_kl_kl_f_klvbkiulZggu_\_dZfbl_ogheh]bq_kdb_ijhp_kkub
h[hjm^h\Zgb_dbaf_g_gbxbfh^bnbdZpbbdhlhjuoke_^m_lih^oh^blvk
[hevrhchklhjh`ghklvx
fh`ghbkihjlblv\_kvl_ogheh]bq_
kdbcijhp_kk


Fh`ghihkh\_lh\Zlvij_`^_q_f\ghkblv\l_ogheh]bx^Z`_
g_agZqbl_evgu_baf_g_gbygm`ghijh^mfZlvbijhkqblZlv ohly[u\mf_ qlh
wlh^Zklbdq_fmfh`_lijb\_klb;_awlh]hkh\_jr_gkl\h\Zlvkeh`b\rmxky
l_ogheh]bxwd
hghfbq_kdbhiZkgh

L_ogheh]byfykgh]hkdhlh\h^kl\Z\hkgh\guoq_jlZokeh`beZkvb
bkiulZgZgZijhly`_gbbkhl_ge_lBf_gghihwlhfm\hfgh]bojZa\bluokljZgZo
lZdbodZdKR:DZgZ^Z_ebdh[jblZgbyBjeZg^by:j]_glbgZ:\kljZeby
BlZeby__ijbf_gyx
l[_ahkh[uobaf_g_gbc

hfgh]bokljZgZohlfykgh]hkdhlZijhba\h^ylg_lhevdhdZq_kl\_ggh_
ghbhlghkbl_evgh^_r_\h_fykhq_f\fhehqghfkdhlh\h^kl\_b\^jm]bo
hljZkeyo`b\hlgh\h^kl\Z

WlZl_ogheh]by\k\h_\j_fymki_rghijbf_gyeZkvb
\gZr_ckljZg_
AZ^he]b_]h^ukms_kl\h\Zgbyfykgh]hkdhlh\h^kl\Z\hfgh]bokljZgZofbjZ
keh`bebkvk\h_h[jZagu_l_ogheh]bq_kdb_ijb_fubf_oZgbafubo
hkms_kl\eyxsb_bh[e_]qZxsb_Nmgdpbhgbjmxlijhfure_ggu_ij_^ijbylby
ijhba\h^ysb_lZdb_f_oZgbafu
J
hkkbb\k_ihke_j_\hexpbhggu_]h^ZijZdlbq_kdbp_eh_klhe_lb_fykgh_
kdhlh\h^kl\hgZoh^behkv\aZqZlhqghfkhklhygbbIhwlhfml_ogheh]bq_kdb_
hi_jZpbbijboh^behkvhkms_kl\eylvgZ]eZahdZhijhba\h^kl\_fZrbgb
f_oZgbafh\^eyfykgh]hkdhlh\h^kl\Zbj_q
bg_rehl_ogheh]byofykgh]h
kdhlh\h^kl\Zbkihevah\Zebihf_s_gbyfZrbguf_oZgbafuijbf_gy\rb_ky\
fhehqghfkdhlh\h^kl\_
Ex[Zyl_ogheh]bylj_[m_lk\h_]hl_ogheh]bq_kdh]hh[hjm^h\ZgbykljZgZo
kjZa\bluffykgufkdhlh\h^kl\hfnmgdpbhgbjmxlfZkl_jkdb
_aZ\h^ub
ij_^ijbylbyih\uimkdmbfhglZ`mlZdh]hh[hjm^h\Zgby

Dhjfe_gb_bkh^_j`Zgb_dhjh\

Ie_f_ggu_blh\Zjgu_dhjh\ufykguoihjh^[hevrmxqZklv
\j_f_gb\h
\k_k_ahgu]h^Z\dexqZyabfm^he`gugZoh^blvkygZiZkl[bsZokdhlhjuo
kZfb^h[u\Zxlg_h[oh^bfu_bfdhjfZ

Abfgb_\uiZkufh]ml[ulv_kl_kl\_ggufbkhklhysbfbba\ukhdh]h
ljZ\hklhykhojZg_ggufhlkljZ\eb\Zgby\l_q_gb_e_lZbebki_pbZev
kha^Zggufb\\b^_a_e_guokdhr_gguok^\h_gguo\Zedh\ba\ukhdhkl_[_evqZluo
^bdbobebdmevlmjguojZkl_gbc km^ZgkdZyljZ\Zh\_kdmdmjmaZbgu_dhjfh\u_
beba_jgh\u_dmevlmju 

K^\h_ggu_\Zedbnhjfbjmxlhk_gvxJZklbl_evghklv\gbodhgk_j\bjm_lky
oheh^hfbhklZ_lkyih^kg_]hfuiZk`b\hlguoihlZdbfiZkl[bsZfijhba\h^yl
bebabfhcdh]^ZljZ\ZgZh[uqguoiZkl[bsZoihdju\Z_lky]em[hdbfkg_]hfb
klZgh\blkyg_^hklmighc`b\hlgufbeb`_jZgg_c\_kghc

;eZ]h^ZjylZdbfbkdmkkl\_gguf\uiZkZfm^Z_lky
ijh^eblviZkl[bsguc
k_ahg^eyfykgh]hkdhlZgZ
f_kypZ\gZqZe_abfub^hf_kypZke_^mxs_c
jZgg_c\_kghcihdZgZh[uqguoiZkl[bsZog_hljZklZ_lljZ\ZWlhiha\hey_l
agZqbl_evghkhdjZlblvaZljZlugZdhjfe_gb_`b\hlguo

Kbkdmkkl\_gguo\uiZkh\
`b\hlgu_ih_^Zxlkdhr_ggucdhjf\kf_kbkh
kg_]hfh[_ki_qb\Zyk_[yh^gh\j_f_gghbg_h[oh^bfhc^eyhj]ZgbafZiblv_\hc
\h^hc

IhhdhgqZgbbabfg_]hiZkl[bsgh]hi_jbh^Z`b\hlguoih^\_j]Zxl
lsZl_evghfmbg^b\b^mZevghfmhkfhljmGZqbgZxsbfkdhlh\h^Zfihe_ag
ijhba\_klbbo\a\_rb\Zgb_L_obagbodhlhju_iehohi_j_ghkylabfgxx
iZklv[m wlhijbagZdkeZ[hklbdhgklblmpbb ke_^m_li_j_\_klbbaie_f_ggh]h\
lh\Zjgh_klZ^hb\ihke_^mxs_f\u[jZdh\Zlv

GZabfgb_iZkl[bsZg_evay\uimkdZlv]em[hdhkl_evguo`b
\hlguo
hafh`guZ[hjlu

Abfgb_iZkl[bsZgZb[he__ijb]h^gu^eykl_iguoihjh^fykgh]hkdhlZ
lZdbodZd]_j_nhj^uZg]mkurhjl]hjgudZefupdZydZaZokdZy[_eh]heh\Zy

Bkihevah\Zgb_abfgboiZkl[bskihkh[kl\m_lmdj_ie_gbxa^hjh\vy
`b\hlguohkh[
_gghbok_j^_qghc^uoZl_evghcb^\b]Zl_evghckbkl_fqlh
djZcg_\Z`gh^eyfykgh]hkdhlZ

g_ih]h^mbebkmjh\u_abfudhjh\ke_^m_lkh^_j`Zlv\aZ]hgZoijb
n_jfZoih^e_]dbfbgZ\_kZfbgZ]em[hdhckhehf_gghcih^klbed_

Dhjfblvbebih^dZjfeb\
Zlvbo^hihegbl_evghdiZkl[bsZfke_^m_l
]jm[ufbdhjfZfb k_ghkhehfZk_gZ` bakZfhdhjfmr_dmklZgh\e_gu\g_
ihf_s_gbcIjbwlhfh^bgba\b^h\]jm[h]hdhjfZ emqr_k_gh ^he`_g
ihklhygghgZoh^blvky\g_h]jZgbq_gghfdhebq_kl\_b\k\h[h^ghf^hklmi_^ey
`b\hlguoLh]^Zdhjh\u^Z`_\kZfu_kmjh\u_abfuebrvg_agZqbl_evghl_jyxl
`b\hc\_kkhojZgyyd\uoh^mgZiZkl[bsZmiblZgghklv[ebadmxdkj_^g_cbg_
kha^Zxlijh[e_fkhl_eZfb

AZ
f_kypZ^hhl_eZg_dhlhjuodhjh\aZf_lghkgbab\rbo
miblZ
gghklvke_^m_l\u^_eylv\hl^_evgu_]jmiiubih^dZjfeb\Zlv
dhgp_gljbjh\ZggufbdhjfZfb ih
d]gZ]heh\m\^_gv LZdbo`b\hlguo\
klZ^_[u\Z_lh[uqghg_[hevr_
ijhp_glh\

J_amevlZlufgh]he_lgbogZ[ex^_gbcaZdhjh\ZfbdZaZokdhc[_eh]heh\
ihjh^udhlhjuo\klhceh\uci_jbh^kh^_j`ZebbdhjfbebgZabfgbob
jZgg_\_k_ggboiZkl[bsZoijb\_^_gu\ke_^mxs_clZ[ebp_
ebygb_abfg_ciZklv[ugZg_dhlhju_ijh^mdlb\gu_dZq_kl\Z
dhjh\
=jmiiu
dhjh\
=heh\
Kj_^g_]h^
uoh^l_eyl
_k[uqdh\
ijbhl
t_f_
_kl_ehd
ijbhlt_f_
Ijh^he`bl
@bagbf_k
I_j\Zy
lhjZy

LZ[ebpZihdZau\Z_lqlhdhjh\ugZoh^b\rb_kygZabfgboiZkl[bsZobf_eb
[he__ijh^he`bl_evguci_jbh^ijh^mdlb\ghc`bagb gZ]h^Z hl
gbo_`_]h^gh
ihemqZeb[hevr_l_eylFhehqghklvwlbodhjh\ ih\_kml_eylijbhlt_f_ [ueZ
\ur_q_fmboZgZeh]h\dhlhjuodhjfbebbkh^_j`ZebgZn_jfZoHgb[uklj__
be_]q_i_j_oh^bebhlklhceh\h]hde_lg_fmiZkl[bsghfmkh^_j`Zgbx[uklj__
ebgyebbgZ[bjZ
ebmiblZgghklvkbgojhgghijboh^beb\hohlmb[ukljh aZ
1,5
iheh\uopbdeZ hieh^hl\hjyebkvf_lh^hfbkdmkkl\_ggh]hhk_f_g_gbyGZh^gh
ieh^hl\hjgh_hk_f_g_gb_dhjh\i_j\hc]jmiiu[uehaZljZq_ghf_g__q_f
^hauki_jfu\lhjhc]jmiiu
1,7
^hau

;uehaZf_q_ghqlhdhjh\ui_j\hc]jmiiuj_`_[he_ebfgh]bfb\lhf
qbke_ijhklm^gufbbbgn_dpbhggufbaZ[he_\Zgbyfb

;ueZjZkkqblZgZklhbfhklvijb\_kh\l_eylhldhjh\jZaguo]jmiiHgZ
hdZaZeZkvgZ\ur_ih\lhjhc]jmii_

K[hevr_chklhj
h`ghklvxijbhj]ZgbaZpbbdhjfe_gby\abfgbci_jbh^
ke_^m_lhlghkblvkydg_l_eyfbi_j\hl_edZfBolZd`_ke_^m_l\uiZkZlvgZ
abfgboiZkl[bsZoghkh[yaZl_evghcih^dhjfdhci_j_^gZqZehfiZklv[u
g_[hevrbfdhebq_kl\hfdZq_kl\_ggh]h]jm[h]hdhjfZb\djZcg_f
kemqZ_
dhgp_gljZlZfb 
d]gZ]heh\m Ke_^m_lbf_lv\\b^mqlha_jghdZddhjf^ey
fykgh]hkdhlZg__kl_kl\_ggh_dhjfh\h_kj_^kl\hHghijbg_mf_ehf
qj_af_jghf kdZjfeb\Zgbbfh`_l\ua\ZlvgZjmr_gbyibs_\Zjbl_evguo
ijhp_kkh\b\hkijhba\h^bl_evgu
onmgdpbc`b\hlguohkh[_gghfZlhqgh]h
ih]heh\vy
I_j\Zy]jmiiZdhjh\gZoh^beZkvgZabfgboiZkl[bsZo\lhjmxdhjfbeb
gZkdhlghf^\hj_

L_fg_f_g__g_l_ebbi_j\hl_edbdhl_em^he`gubf_lvohjhrmx
kj_^gxx miblZgghklv;hevrZyihl_jyaZabfm\\_k_bmiblZgghklbmg_l_e_cb
i_j\hl_ehdfh`_lhljbpZl_evghkdZaZlvkygZboihke_^mxs_c
fhehqghklbb
\hkijhba\h^bl_evguokihkh[ghklyo

Ke_^mxsZyhkh[_gghklv
l_ogheh]bbie_f_ggh]hfykgh]hfZlhqgh]h
ih]heh\vy
hj]ZgbaZpbyhl_eh\Kljh]hk_ahggu_\_k_ggb_hl_eug_h[oh^bfu_\
lh\Zjghffykghfkdhlh\h^kl\_k\yaZgukih\ur_gghc\u[jZdh\dhc
fZlhqgh]h
ih]heh\vyWlhg_\k_]^ZhijZ\^Zgh\ie_f_gghfkdhlh\h^kl\_Ihwlhfma^_kv
bgh]^ZhldZau\Zxlkyhlkljh]hck_ahgghklbkemq_dbhl_eh\

Ie_f_ggu_dhjh\ubf_xl\ukhdmxg_lhevdh]_g_lbq_kdmxghb
dhff_jq_kdmxp_gghklvIhwlhfm\ie_f_gguo
klZ^Zo^eykhojZg_gbyp_gguo
dhjh\fh`gh^himkdZlvhldehg_gbyhlkljh]hk_ahgguohl_eh\Ijbwlhfke_^m_l
kha^Z\Zlv^ey\g_k_ahgguohl_eh\g_h[oh^bfu_mkeh\bydhjfe_gbybkh^_j`Zgby
dZddhjh\ZflZdbihemqZ_fufhlgbol_eylZf�eywlh]hgZn_jf_ \
ihf_
s_gbyobebih^gZ\_kZfb h[hjm^mxlg_kdhevdhml_ie_gguo[hdkh\^ey
hl_eZdhjh\\g_[eZ]hijbylgh_\j_fy]h^Z

G_dhlhju_n_jf_jukwlhcp_evxhklZ\eyxlg_hieh^hl\hjb\rboky\
g_h[oh^bfu_kjhdbdhjh\ohehklufbgZi_j_^_j`d_^hkemqgh]hk_ahgZ
ke_^mxs
_]h]h^Z

B\lhfb\^jm]hfkemqZ_^hihegbl_evgu_aZljZlugZbodhjfe_gb_b
kh^_j`Zgb_hdmiZxlky[he__\ukhdhcj_ZebaZpbhgghcp_ghcihemqZ_fh]hhl
ie_f_gguodhjh\fheh^gydZ

Dhjfe_gb_bkh^_j`Zgb_ie_f_gguo[udh\
ujZsb\
Zxlie_f_gguo[udh\gZki_pbZebabjh\Zgguo^eywlh]hn_jfZo
=eZ\gucijbgpbidhjfe_gby[uqdh\\h\k_i_jbh^u\ujZsb\Zgby
hgh
^he`gh[ulviheghp_ggufbh[bevgufqlh[uijb\_ku`b\hlguo^h
f_kyqgh]h\hajZklZ[uebg_f_g__
]jZffh\\kmldb
�eywlh]hjZpbhgukhklZ\eyxlkyba\ukhdhdZq_kl\_ggh]hk_gZiheh\bgZba
dhlhjh]h^he`gh[ulvaZ]hlh\e_ghba\ukhdh[_edh\uoljZ\emqr_cbadhlhjuo
y\ey_lkyexp_jgZkdhr_ggZy\klZ^bb[mlhgbaZpbbZlZd`_dhf[bdhjfZ
\ujZ[hlZggh]hkmq_lhfg_^hklZldh\iblZ
l_evguo\_s_kl\\iZkl[bsghfbbghf
]jm[hfdhjf_

Kbehk\dexqZxl\jZpbhgu[uqdh\ebrv\g_[hevrhfdhebq_kl\_blZd`_
\ukhdh]hdZq_kl\ZH[bevgh_dhjfe_gb_kbehkhfkihkh[kl\m_lnhjfbjh\Zgbxm
`b\hlguohl\bkeh]hdhjh\v_]h[jxoZqlhihjlblg_lhevd
h\g_rgbc\b^ghb
hljbpZl_evgh\eby_lgZ\hkijhba\h^bl_evgu_kihkh[ghklb[m^msbo
ijhba\h^bl_e_c
DZdbijbbkiulZgbyoihijb\_kZf\k_\b^udhjfh\ djhf_kbehkZ [uqdb
^he`guihemqZlv\\hexbakZfhdhjfmr_d
klhceh\uci_jbh^[uqdh\kh^_j`ZldZd\ihf_
s_gbyolZdb\g_bo
[_kijb\yaghg_[hevrbfb]jmiiZfbQ_fklZjr_`b\hlgu_l_f]jmiiu^he`gu
[ulvf_gvr_ihqbke_gghklbkdhlZLZd\i_j\ucf_kypihke_hl[b\dbhldhjh\\
]jmiiZofh`_lgZoh^blvky^h[uqdh\d]h^h\Zehfm\hajZklm
ih
d
ypZf
g_[he__]heh\
;uqdb]_j_nhj^kdhcihjh^ugZabfgboiZkl[bsZo
iZkl[bsguck_ahg[hevrmxqZklv\j_f_gb[uqdb^he`gugZoh^blvkygZ
iZkl[bsZoIZkl[bsgu_]jmiiulZd`_g_^he`gu[ulvqj_af_jgh
fgh]hqbke_ggufb
g_[he__
]heh\\dZ`^h
cbagboWlhmdj_iey_l
hj]Zgbaf`b\hlguoih\urZ_lbobffmgbl_lIjbwlhf]jmiiug_^he`gu
i_j_f_rb\Zlvkygb\h\j_fyiZklv[ugb\ghqgh_\j_fy@b\hlgu_ijb\udZxld
k\_jklgbdZf\k\h_c]jmii_bZ]j_kkb\gh\_^mlk_[yihhlghr_gbxdihiZ\rbfd
gbfqm`Z
dZf
Ijb\ujZsb\Zgbb[uqdh\h[jZsZxl\gbfZgb_gZlbibog_j\ghckbkl_fu
Qj_af_jgh\ha[m^bfuobZ]j_kkb\guoZlZd`_im]eb\uob[hyaeb\uo`b\hlguo
\u[jZdh\u\Zxl
L_ogheh]byfykgh]hkdhlh\h^kl\Z\h\k_ffbj_oZjZdl_jbamxlkydZd
wdkl_gkb\gZyfZehaZljZl
gZyHgZhkgh\ZgZgZbkihevah\Zgb_kdhlhf^ey
ijhba\h^kl\Z]h\y^bgugZb[he__^_r_\h]hiZkl[bsgh]hdhjfZ
Ijhba\h^kl\h]h\y^bgu\fykghfkdhlh\h^kl\_\dexqZ_ljy^hj]ZgbaZpbhggh
ahhl_ogbq_kdbof_jhijbylbcdhlhju_hkms_kl\eyxlky\ijhp_kk_ijhba\h^kl\
]h\y^bguHkgh\gu_bagboijb\_^_gu\ke_^mxs_clZ[ebp_
Kjhdb\uiheg_gbyhkgh\guol_ogheh]bq_kdbojZ[hl\lh\Zjghffykghf
kdhlh\h^kl\_
L_ogheh]bq
hi_jZpbb
F_kypu]h^Z
Hk_f_g_gb_dhjh\
Ih^]hlh\dZd
hl_em
Hl_eu
Ih^khkguci_jbh^
+0,5
Klhceh\uci_jbh^
+0,5
Hldhjf
[jZdh\dhjh\
;hgblbjh\dZ
Wlbhj]ZgbaZpbhggh
ahhl_ogbq_kdb_f_jhijbylbyijb\_^_gu^eylh\Zjguo
uon_jfKg_dhlhjufbihijZ\dZfbhgbijbf_gbfub^eyie_f_gguo
ohayckl\
eZ^_evpuie_f_gguon_jfbgh]^Z^himkdZxljZgg_\_k_ggb_ fZjlh\kdb_ b
^Z`_n_\jZevkdb_hl_eu�hihegbl_evgu_aZljZluk\yaZggu_k\g_k_ahggufb
hl_eZfbhdmiZxlkyaZkq_l[he__
\ukhdbop_ggZie_f_gghcfheh^gydk\yab
kwlbff_gyxlkykjhdbhk_f_g_gbybhl_eh\dhjh\

Hrb[dhcJhkkbckdbo`b\hlgh\h^h\\ij_`gb_]h^u[uehlhqlhke_^my
mq_gbyfiheblwdhghfbklh\hgbklj_fbebkvjZa\b\Zlvfykgh_kdhlh\h^kl\hdZd
bfgh]b_^
jm]b_hljZkeb`b\hlgh\h^kl\ZgZbgl_gkb\ghchkgh\_
:]jZjgu_wdhghfbklu\kh\_lkdb_]h^umqbebqlhhkgh\gufiml_f
bgl_gkbnbdZpby`b\hlgh\h^kl\Zy\ey_lkym\_ebq_gb_dZiblZeh\eh`_gbc\
l_ogheh]bbb\i_j\mxhq_j_^vgZdhjfe_gb_bkh^_j`Zgb_`b\hlg
uo
Q_femqr_mkeh\bydhjfe_gbybkh^_j`Zgbyl_f\ur_ijh^mdlb\ghklvb
q_j_awlh
wnn_dlb\g__wdhghfbdZijhba\h^kl\Z`b\hlgh\h^q_kdhcijh^mdpbb
ml\_j`^Zebhgb
Ijbf_gbl_evghdhfgh]bfhljZkeyfbgZijZ\e_gbyf`b\hlgh\h^kl\Zwlh[ueh
hijZ\^Zgh
fhehqghfkdhlh\h^kl\_dZiblZebaZpbyl_ogheh]bbbmemqr_gb_mkeh\bc
dhjfe_gbybkh^_j`Zgbydhjh\kihkh[kl\h\Zehih\ur_gbxm^h_\bdZq_kl\Z
fhehdZh\p_\h^kl\_m\_ebqb\ZxlkygZkljb]br_jklbih\urZ_lky__
dZq_kl\Z\ilbp_\h^kl\_
ycp_ghkdhklvd
mjbijh^mdlb\ghklv[jhce_jh\
LZdb_ijbf_jufh`ghijb\_klbih\k_fhljZkeyfbgZijZ\e_gbyf
`b\hlgh\h^kl\Zdjhf_fykgh]hkdhlh\h^kl\ZA^_kvdZiblZeh\eh`_gbyk\_jo
hilbfZevguobeb^Z`_fbgbfZevguog_ijb\_^mldihemq_gbxhldhjh\u
[hevr_h^gh]hl_e
_gdZ\]h^bijb\_kh\ijb\ujZsb\Zgbbbhldhjf_
\ur_
]_g_lbq_kdbh[mkeh\e_gguoij_^_eh\
;he__lh]hqj_af_jgh_dhjfe_gb_dhjh\fh`_lijb\_klbdboh`bj_gbxqlh
ih\e_q_lkgb`_gb_ijh^mpbjm_fh]hbfbfhehdZbdZdke_^kl\b_dmf_gvr_gbb
ijb\_kh\mih^khk
guol_eyl
ukhdb_dZiblZeh\eh`_gby\fykgh_kdhlh\h^kl\hebrvm\_ebqb\Zxl
ZfhjlbaZpbhggu_hlqbke_gbygZijh^mdpbxm^hjh`Zxlklhbfhklvdhjfe_gbyb
kh^_j`Zgbybq_j_awlh
k_[_klhbfhklv]h\y^bgu
Fykgh_kdhlh\h^kl\h^he`gh[ulvfZehaZljZlgufIhl_ogh
eh]bq_kdbf
hkh[_gghklyf_]hhlghkyldiZkl[bsghfm`b\hlgh\h^kl\mA^_kvfgh]b_
l_ogheh]bq_kdb_hi_jZpbbke_^m_lhkms_kl\eylvgZhkgh\_mf_eh]h
bkihevah\ZgbyiZkl[bs\kha^Zgb_bmemqr_gb_dhlhjuo\i_j\mxhq_j_^vb
ke_^m_lgZijZ\eylvbf_xsb_kykj_^kl\Z
Ihwlhfml_ogheh]bxfykgh]hkdhlh\h^kl\Zfh`gh[ueh[ubf_gh\Zlv
wdkl_gkb\gh
iZkl[bsghcZkZfhfykgh_kdhlh\h^kl\h
wdkl_gkb\guf
gZijZ\e_gb_f\kdhlh\h^kl\_dZdwlh^_eZxl\hfgh]bokljZgZofbjZ
L_ogheh]byfykgh]hkdhlh\h^kl\Z\dexqZ_lg_kdhev
dhl_ogheh]bq_kdbo
hi_jZpbcZ`g_crZybagbo
hi_jZpbydhjh\Z
l_e_ghdhkgh\ghcaZ^Zq_c
dhlhjhcy\ey_lkykhdjZs_gb_yeh\hklbfZlhqgh]hih]heh\vybihemq_gb_d
hlt_fma^hjh\uob^_r_\uol_eylWnn_dlb\ghklvhj]ZgbaZpbbwlhcl_ogheh]bb
\agZqbl_evgh
cf_j_aZ\bkblhlmf_gbymijZ\eylvklZ^hf
k\hxhq_j_^vhi_jZpbydhjh\Z
l_e_ghdwlhg_lhevdhbg_klhevdh
ihemq_gb_b\ujZsb\Zgb_l_eyl\ih^khkguci_jbh^dZdwlhihgbfZxl
g_dhlhju_ki_pbZebklubohayckl\_ggbdb
WlZhi_jZpby\dexqZ_l\k_
jZ[hlu
bl_ogheh]bq_kdb_ijhp_kku\fykghfkdhlh\h^kl\_hlh^gh]hhl_eZ
dhjh\u
^hke_^mxs_]h
i_jbh^hlhl_eZ^hhl_eZdhjh\ijboh^blkyhk_f_gylv\g_h[oh^bfu_
kjhdbmf_eh\uiZkZlvgZiZkl[bsZojZpbhgZevghdhjfblvbkh^_j`Zlv\
klhceh\uci_jbh^k_wlh
^he`ghijhbkoh^blv[_a[hevrboaZljZlljm^Zb
kj_^kl\qlh[ul_e_ghdihklmiZxsbcihke_hlt_fZgZ^Zevg_cr__\ujZsb\Zgb_
g_hdZaZekykebrdhf^hjh]bf
kh\_lkdb_\j_f_gZ[ueZjZajZ[hlZgZlZdgZau\Z_fZybgl_gkb\gh
iZkl[bsgZyl_ogheh]byijbf_gbl_evgh
dkl_igufmkeh\byfJhkkbbb
DZaZoklZgZDhkljhfkdhcbGb`_]hjh^kdhch[eZklyowlml_ogheh]bx
Z^Zilbjh\Zebdmkeh\byfe_kghcahgu
l_q_gb_jy^Ze_ll_ogheh]bxbkiulu\ZebgZ[hevrhfih]heh\v_\
jZaebqguoijbjh^gh
debfZlbq_kdbomkeh\byo\ghkbebme
mqrZxsb___
ihijZ\db
Gb`_ijb\_^_guijh\_j_ggu_gZijZdlbd_\ZjbZglu\ukhdhwnn_dlb\guo
l_ogheh]bq_kdbohi_jZpbc^ey\hafh`gh]hbkihevah\Zgbybo\mkeh\byo
fykgh]hkdhlh\h^kl\Zkh\j_f_gghcJhkkbbb^jm]boaZbgl_j_kh\ZgguokljZg
\oh^b\rboij_`^_
\_^bgh_kgZfb]hkm^Zjkl\h
Hgbijb]h^gu^eyex[hcnhjfukh[kl\_gghklbex[h]hdhebq_kl\Z`b\hlguo
gZn_jfZobeb\]jmiiZo
Hj]ZgbaZpbykemqdbbhl_eh\
Hlk_ahgZhl_eh\\agZqbl_evghckl_i_gbaZ\bkbldZq_kl\hbklhbfhklvl_eyl
ijbhlt_f_
Hl_eu\dZ`^
hcijbjh^gh
wdhghfbq_kdhcahg_fykgh]hkdhlh\h^kl\Z^he`gu
[ulvhj]Zgbah\ZgulZdbfh[jZahfqlh[u\ujZsb\Zgb_l_eyl\ih^khkguci_jbh^
ijhoh^beh\gZb[he__^_r_\h_^eykh^_j`Zgbydhjh\b[eZ]hijbylgh_^eyjhklZ
bjZa\blbyfheh^gydZ\j_fy]h^Z
\iZkl[bs
guci_jbh^
L_eyl\fykghfkdhlh\h^kl\_hl[b\Zxl hlgbfZxl hldhjh\i_j_^gZqZehf
klhceh\h]hi_jbh^Zh[uqgh\dhgp_hdly[jy
i_j\hciheh\bg_ghy[jy
Hiulfgh]boohayckl\ihdZau\Z_lqlh[he__\ukhdmxhlt_fgmxfZkkm
gZ
dbeh]jZffh\dwlhfm\j_f
_gbbf__lfheh^gydyg\Zjkdh
fZjlh\kdbo
hl_eh\ihkjZ\g_gbxkihemq_ggufb\\_k_ggb_f_kypu]h^Z
H^gZdhwlhij_bfms_kl\h^hklb]Z_lkyg_aZkq_l[he__bgl_gkb\gh]hjhklZ
`b\hlguoZaZkq_l\j_f_gbb\hajZklZL_eylZabfgbohl_eh\dhlt_fm[u\Zxl
klZ
jr_k\hbo\_k_ggbok\_jklgbdh\gZ
f_kypZ
?kebihemq_ggu_ijbhlt_f_hll_eylabfgbohl_eh\ih\ur_ggu_
dbeh]jZffh\`b\h]h\_kZih^_eblvgZbeb^g_clhwlhkhklZ\bl
180
]jZffh\Bf_gghlZdhcijb\_k\kmldbihemqZxlhll_eyl\abfgb
ci_jbh^
IjblZdboijb\_kZobabfgboaZljZlZodhjfZk_[_klhbfhklvijb\_kh\
fheh^gydZaZ\_kvih^khkguci_jbh^[u\Z_lgZ
ijhp_glh\\ur_q_fm
fheh^gydZih^khkguci_jbh^dhlhjh]hijhoh^blgZiZkl[bsZoWlhk\yaZgh
lZd`_bkl_fqlh^eya
bfgbohl_eh\ijbkdhlguo^\hjZog_h[oh^bfh
khhjm`Zlvki_pbZevgu_l_eylgbdbemqr_dhjfblvdhjh\ih^dZjfeb\Zlvl_eyl
a_jgh\ufdhjfhfGZ\k_wlhaZljZqb\Z_lkyg_fZehljm^Zbkj_^kl\\dexqZy
wg_j]_lbq_kdb_aZljZlu
Fgh]hqbke_ggufbbkke_^h\ZgbyfbmklZg
h\e_ghqlhemqrbf\j_f_g_fhl_eZ
fykguodhjh\gZ[hevr_cqZklbJhkkbb aZbkdexq_gb_fx`guojZchgh\ 
y\ey_lkyjZggyy\_kgZ
Zij_evbi_j\Zyiheh\bgZfZyIjbwlhfl_eylhl[b\Zxl
hldhjh\\
f_kyqghf\hajZkl_ \aZ\bkbfhklbhlkhklhygbyih]h^u k`b\uf
\_khf\kl_iguomkeh\byo\
dbeh]jZffh\\p_gljZevguojZchgZoJhkkbb
DhkljhfkdZybGb`_]hjh^kdZyh[eZklb 
ih
dbeh]jZffh\
_k_ggb_hl_euijhoh^yl\g_ihf_s_gbc\hl]hjh`_gguok_dpbyo\u]mevgh]h
^\hjZbebg_ihkj_^kl\_gghgZiZkl[bsZo
?kebgZdZ`^h]hl_e_gdZabfg_]hhl_eZ^h\uoh^ZgZiZkl[bsZaZljZqb\Z_lky
dbeh]jZffh\a_jgZ
dbeh]jZffh\k_gZblZdh_`_dhebq_kl\h
ih^klbedblh\_k_ggb_l_eylZ\uoh^ylgZiZkl[bsZ\f_kl_kdhjh\Zfbg_
h[j_f_g_ggu_ih^h[gufnmjZ`guf]jmahf
\ebyxsbfgZklhbfhklvbo
\ujZsb\Zgby
GZb[he__gbadbchlt_fguc\_kbf_xll_eylZbxevkdh]hbZ\]mklh\kdh]h
hl_eh\^Z`__kebaZg_kdhevdhf_kyp_\^hhlt_fZbofZl_j_cih^dZjfeb\Zxl
a_jgh\hcbebbghcih^dhjfdhcWlhh[tykgy_lkyl_fqlh[eb`_dhk_gb
Zgbaf`b\hlguo\kl_iguomkeh\byogZqbgZ_l]hlh\blvkydabf_bdhjh\u
kZfhaZimkdZxlkylh
_klvmgboaZlmoZ_leZdlZpbyL_eylZi_j_klZxlihemqZlv
fhehdhiZkl[bsgZyljZ\Z\wlh\j_fy]jm[__lbeb\ukuoZ_lfheh^gydkgb`Z_l
ijb\_ku
IhwlhfmfZlhqgu_fykgu
_klZ^Zke_^m_li_j_\h^blvgZk_ahggu_Zij_evkdb_b
fZckdb_hl_eu
L_fg_f_g__gZn_jf_g_h[oh^bfhbf_lv
ml_ie_gguo[hdkZ^eykemqZcgh
hk_f_g_gguojZgvr_k_ahgZbebij_`^_\j_f_gghhl_eb\rbokydhjh\
KemqZcgh_hk_f_g_gb_fh]mlijhba\h^blvdjmi
gu_[uqdbgZoh^ysb_ky\klZ^_
gZih^khkghf\ujZsb\Zgbb
Ke_^m_lhlf_lblvqlhhj]ZgbaZpbyk_ahgguo\_k_ggbohl_eh\
^_ehg_
ijhklh_�eywlh]hkemqdmke_^m_lgZqbgZlv\gZqZe_bxeybaZ\_jrblvaZ^\Z
^\Zkiheh\bghciheh\uopbdeZlh_klvaZ
k
mlhd
AZwlh\j_fyhieh^hl\hjyxlkyg_\k_dhjh\uklZ^Z
bgh]^Z^h
ijhp_glh\bagbohklZxlkyyeh\ufb
Qlhkgbfb^_eZlv"?kebijh^he`blvkemqghck_ahggZjmrZ_lkyk_ahgghklv
hl_eh\_keb`_hklZ\eylvyeh\ufb^hke_^mxs_]h]h^ZwlhhljbpZl_evgh
ih\eby_lgZwdhghfbdmijhba\h^kl\ZfykZ
Bkdmkkl\_ggh_hk_f_g_gb_JZkdheu
DZdb\^jm]bohljZkeyo`b\hlgh\h^kl\ZgZb[he__ijh]j_kkb\guff_lh^hf
\hkijhba\h^kl\ZklZ^Z\fykghfkdhlh\h^kl\_y\ey_lkybkdmkkl\_ggh_
hk_f_g_gb_Hghiha\hey_l[he__bgl_gk
b\ghbkihevah\Zlvemqrbo[udh\b
ihemqZlvhlgbo[hevrh_dhebq_kl\hihlhfdh\
^hg_kdhevdbolukyq]heh\\]h^
f_kl_kl_fbkdmkkl\_ggh_hk_f_g_gb_
\ukhdhl_ogheh]bqgucijb_f�ey
_]hhj]ZgbaZpbbg_h[oh^bfhki_pbZevgh_h[hjm^h\Zgb_d\Zebnbpbjh\Zggu_
i_pbZebklu\ukhdZyl_ogheh]bq_kdZy^bkpbiebgZ
fykghfkdhlh\h^kl\_^h[Z\ey_lky_s_h^gZijh[e_fZ
k\yabkk_ahggufbhl_eZfbkemqdZijhoh^bl\h\lhjhciheh\bg_
iZkl[bsgh]hi_jbh^Zdh]^Z`b\hlgu_djm]ehkmlhqghgZoh^ykvgZiZkl[bsZo
hl\udZxlhlq_eh
\_dZg_^Zxlk_[yihcfZlvl_f[he__dh]^Zij_[u\Zxl\
khklhygbbiheh\h]h\ha[m`^_gby
?s_ljm^g__bkeh`g__^hklZ\blvihcfZggh_`b\hlgh_df_klmhk_f_g_gbyb
ijh\_klbkZfijhp_kkhieh^hl\hj_gby�eywlh]hihke_lh]hdZddhjh\Zbebl_edZ
\ueh\e_gZ__
ke_^m_lgZ^_`ghbijhqghaZnbdkbjh\Zlvqlh[uhgZg_
ljZ\fbjh\ZeZk_[ybex^_c
fhehqghfkdhlh\h^kl\_wlboijh[e_fg_lDhjh\uihklhygghgZoh^ylky\
dhglZdl_k^hyjdZfbbkdhlgbdZfbhgb[he__^hklmiguq_eh\_dmbkdmkkl\_ggh_
hk_f_g_gb_g_bf__lk_
ahggh]hoZjZdl_jZbijh\h^yl_]hgZkdhlghf^\hj_
Mqblu\Zyhlf_q_ggu_\ur_ijh[e_fu\:gdZlbgkdhfkh\oha_jZajZ[hlZeb
hkh[mxl_ogheh]bxdhlhjZyiha\hey_lijh\h^blvbkdmkkl\_ggh_hk_f_g_gb_
fZlhqgh]hih]heh\vy\fykghfkdhlh\h^kl\_[ukljhijhklh\uk
hdhwnn_dlb\gh
[_ahkh[uoaZljZlljm^Zbkj_^kl\
;eZ]h^Zjywlhcl_ogheh]bbij_^klZ\ey_lky\hafh`ghklviheghklvx
ebd\b^bjh\Zlvyeh\hklvb[_a[hevrh]hljm^Z_`_]h^ghihemqZlvh
dZ`^hcdhjh\ubl_edbiha^hjh\hfml_e_gdm
hkgh\_wlhcl_ogheh]bb
khhjm`_gb_lZdgZau\Z_fuojZkdheh\k
ih^imgdlZfb^eybkdmkkl\_ggh]hhk_f_g_gbyg_ihkj_^kl\_gghgZiZkl[bsZo\
f_klZo\uiZkZfZlhqgh]hih]heh\vygZklhys__\j_fyjZajZ[hlZgh[hevr
h_
dhebq_kl\hko_fjZkdheh\GZjbkihdZaZgZh^gZbagbogZgZr\a]ey^
gZb[he__wnn_dlb\gZy\Jhkkbckdbomkeh\byo

o]h^Zo__rbjhdhbkihevah\Zeb\hfgh]boohayckl\Zobg_lhevdh
gZr_ckljZgu
JbkDhjh\Z\nbdkZlhj_k
[hdh\ufaZ`bfhf
JbkKo_fZjZkdheZ
JZkdheij_^klZ\ey_lkh[hcaZ]hgkhhjm`_ggucbal
hekluo^_j_\ygguoklh_d
^bZf_ljhf
kf ijhqghaZdj_ie_gguo\a_fe_gZjZkklhygbb
of_ljh\
h^bghl^jm]h]hZlZd`_
obeb
ojy^h\`_j^_cbeb
ff^hkhdijb[bluo
dklhcdZf
k\gmlj_gg_cklhjhguaZ]hgZ
JZaf_jaZ]hgZof_ljh\?]hjZa]h
jZ`b\ZxllZdbfb`_klhcdZfbgZ^\_
jZ\gu_k_dpbb b kh_^bg_ggu_f_`^mkh[hcmadbfdhjb^hjhf^eyijh]hgZ
`b\hlguo  RbjbgZdhjb^hjZ
kf^ebgZ
f_ljh\Ijb[hevr_crbjbg_
f_edb_`b\hlgu_[m^mljZa\hjZqb\Zlvkybij_iylkl\h\Zlvijh^\b`_gbx^jm
]bo
b^msboaZgbfbIjbf_gvr_crbjbg_ihdhjb^hjmg_ijhc^mldjmigu_dhjh\u
gmljbk_dpbb\gZqZe_dhjb^hjZhl]hjZ`b\Zxlg_[hevrhcaZ]hgqbdgZ
]heh\  ;_ag_]hljm^ghZbgh]^Zg_\hafh`ghaZ]gZlv`b\hlguo\dhjb^hj
ihkdhevdmhgbjZa[_]
Zxlkyih\k_ck_dpbb
JbkAZ]hg^eyhl^_e_gby`b\hlguo\i_j\hck_dpbb
dhgp_dhjb^hjZmklZgh\e_gklZghdknbdkZlhjhf^ey]heh\u`b\hlgh]h
JZkdhe
g_h[oh^bfucwe_f_gll_ogheh]bbkdhlh\h^kl\Zg_lhevdhfykgh]hgh
bfhehqgh]h;_ag_]h
g_\hafh`ghg_lhevdhbkdmkkl\_ggh_hk_f_g_gb_ghb
ex[ZybgZyahhl_ogbq_kdZybeb\_l_jbgZjgZyjZ[hlZ
qZklghklbq_j_ag_[hevrmx^\_jdm\i_j_^g_cqZklbklZgdZ
jbk fh`ghih^hclbdr__aZnbdkbjh\Zggh]h`b\hlgh]hkijZ\hcklhjhgu
Wlhm^h[ghijb\
aylbbdjh\bbebijh\_^_gbbijb\b\hd
GZ\_kZomklZgh\e_gguo\
of_ljZo\i_j_^bklZgdZ\a\_rb\Zxl`b\hlguo
\lhfqbke_bdhjh\ijb[hgblbjh\dZo
Khhjm`_gb_bbkihevah\Zgb_jZkdheh\iha\hey_lih\ukblvijhba\h^bl_evghklv
ljm^Zki_pbZebklh\bjZ[hqbo
H[wlhfk\b^_l_evkl\mxl^Zggu_ke_^mxs_c
lZ[ebpu
Wnn_dlb\ghklvbkihevah\ZgbyjZkdheh\^ey\a\_rb\Zgbyb
h[jZ[hldb]mjlZ[uqdh\\]heh\
IhdZaZl_eb
jZkdhe_
;_ajZkdheZ
Lj_[m_lky\j_f_gbgZ\a\_rb\Zgb_bh[jZ[hldm
qZkfbg
qZkZfbg
Lj_[m_lk
yjZ[hqbo \dexqZyki_pbZebklh\
k_]hljZlblkyq_eh\_dh
qZkh\
AZljZlu\j_f_gbgZh[jZ[hldmh^gh]h`b\hlgh]h
q_eh\_dh
fbgml
10,8
BalZ[ebpu\b^ghqlhgZh[jZ[hldmh^gh]h`b\hlgh]h\jZkdhe_lj_[m_lky\
iylvjZaf_gvr_\j_f_gbq_f[_aj
ZkdheZgZkdhlghf^\hj_Djhf_lh]hjZ[hlZk
`b\hlgufbklZgh\blkyf_g__mlhfbl_evghcb[_ahiZkghc^eyjZ[hqbob
ki_pbZebklh\
?kebjZkdheij_^gZagZq_glhevdh^eybkdmkkl\_ggh]hhk_f_g_gbyfh`ghbf_lv
ebrvg_[hevrhcaZ]hgjZaf_jhfof_ljZb[_a\_kh\h]
hohayckl\ZIjbwlhf
nbdkZlhjfh`_l[ulvmijhs_g
wlhfkemqZ_hliZ^Z_lg_h[oh^bfhklvjZa]hjZ`b\ZlvaZ]hggZ^\_k_dpbb
Hk_f_g_gguo`b\hlguobaklZgdZhlijZ\eyxl\gh\v\lhl`_aZ]hgqbd
JZkdheukhhjm`ZxlgZ^_jgbkluomqZkldZoa_febkg_[hevrbfmdehghf
dZdmx
eb[hklhjhgmqlh[ufh]ebkl_dZlv^h`^_\u_\h^ubl_ogheh]bq_kdZy
`b^dhklv
�eyjZ[hluabfhcnbdkZlhjumklZgZ\eb\Zxl\gmljbkdhlguo^\hjh\
ijbkihkZ[eb\Zyddhgkljmdpbyfihf_s_gbc
WlhkZfucijhklhclbijZkdheZdhlhjucohjhrh^_ckl\m_l\iZkl[
bsguo
mkeh\byo[_aijbf_g_gbywdah]_gghcwg_j]bb
gZklhys__\j_fy\aZjm[_`guokljZgZobkihevamxljZkdheu lZdgZau\Z_fu_
r_^u hkgh\Zggu_gZbkihevah\Zgbbkh\j_f_gghc\lhfqbke_we_dljhgghc
l_ogbdbLZdb_jZkdheunmgdpbhgbjmxlijZdlbq_kdb[_a\f_rZl
_evkl\Z
q_eh\_dZL_ogbdZaZ]hgy_l`b\hlguo\klZgdbnbdkbjm_lboijh\h^bl
aZijh]jZffbjh\Zggu_h[ke_^h\Zgbyb\_l_jbgZjgu_h[jZ[hldb\a\_rb\Z_lk_
^Zggu_nbdkbjmxlkyb\u^ZxlkygZwe_dljhgghfbeb[mfZ`ghfghkbl_e_
?kl_kl\_gghqlh^eywlh]hg_h[o
h^bfZki_pbZevgZywe_dljhggZyl_ogbdZ
bklhqgbdwg_j]bbih^]hlh\e_ggu_ex^b
IhdZ`_gZfgh]bofykguon_jfZofbjZijbf_gyxlijhklu_jZkdheuH^gZdh
\k_^hihegbl_evgu_aZljZludhfi_gkbjmxlkyg_lhevdh[he__bgl_gkb\guf
bkihevah\Zgb_femqrbob\u^Zxsboky
ijhba\h^bl_e_cb\ukhdhc
ijhba\h^bl_evghklvxljm^ZjZ[hlgbdh\\h\e_q_gguo\\hkijhba\h^kl\hklZ^Z
ghbiheghcebd\b^Zpb_cyeh\hklbfZlhqgh]hih]heh\vyihemq_gb_f_`_]h^gh
hldZ`^hcdhjh\uiha^hjh\hfm\ukhdhdZq_kl\_gghfml_e_gdm
Ijbwlhfih\urZ_lky
h[sZydmevlmjZ`b\hlgh\h^kl\ZgZeZ`b\Z_lkyb
dhgljhebjm_lkyi_j\bqgucahhl_ogbq_kdbcmq_lmklZgZ\eb\Z_lkydhgljhevaZ
khklhygb_fa^hjh\vy`b\hlguo\lhfqbke_b\hkijhba\h^bl_evguohj]Zgh\
[udh\bfZlhqgh]hih]heh\vy


?kl_kl\_ggZykemqdZ
fykghfkdhlh\h^kl\_dZdb\kdhlh\h^kl\_\hh[s_bkdmkkl\_ggh_
hk_f_g_gb_y\ey_lkygZb[he__ijh]j_kkb\guff_lh^hf\hkijhba\h^kl\ZklZ^Z
H^gZdhhgg_kZfucwnn_dlb\gucbwdhghfbqgucIj_^ijbylbyf
ij_^ijbgbfZl_eyfb\eZ^_
evpZffykgh]hkdhlZhkh[_gghlh\Zjgh]h
j_dhf_g^m_lkybkihevah\Zlvg_bkdmkkl\_ggh_hk_f_g_gb_Z_kl_kl\_ggmx
kemqdm
LZdgZau\Z_fmxjmqgmxkemqdm\fykghfkdhlh\h^kl\_ijbf_gyxlj_^dhb
ebrv\g_[hevrbofZlhqguoie_f_gguoklZ^Zo]^_dhjh\mbe
bl_edm
ijbr_^rmx\hohlmg_keh`ghhl^_eblvhlklZ^Zb^hklZ\blvd[udm^ey
hk_f_g_gbyHgZrbjhdhijZdlbdm_lky\bg^b\b^mZevguoohayckl\Zobf_xsbo
h^gm
^\_dhjh\udhlhjuog_ljm^ghk\h^blvd[udm
GZb[he__ijhklhcb^_r_\ucf_lh^\hkijhba\h^kl\Z
klZ^Zhkh[_ggh\
lh\Zjghffykghfkdhlh\h^kl\_y\ey_lky_kl_kl\_ggZykemqdZ
ahhl_ogbq_kdhcebl_jZlmj_hibkZgug_kdhevdhjZagh\b^ghkl_c
_kl_kl\_gghckemqdb
GZb[he__ijbfblb\gZybijhklZybagbo
\hevgZykemqdZdh]^Z\fZlhqguo
]mjlZo\_kvkemq
ghck_ahgdjm]ehkmlhqghgZoh^ylky[udbdhlhju_ihdju\Zxl
dhjh\bl_ehdijboh^ysbobo\hohlmIhf_j_kgb`_gbyZdlb\ghklb[udh\bo
aZf_gyxlk\_`bfbijhba\h^bl_eyfbHlwlh]hwnn_dlhk_f_g_gbyih\urZ_lky
Wlhlf_lh^hk_f_g_gbyg_iha\hey_ldhgljhebj
h\Zlvijhbkoh`^_gb_[m^msbo
l_eylh^gZdh^Z_l\hafh`ghklviheghklvxebd\b^bjh\Zlvyeh\hklvfZlhqgh]h
ih]heh\vyIhwlhfmhgZijbf_gbfZebrv\lh\ZjguoklZ^Zo
Ijb
dhkyqghc
kemqd_ l_jfbg\\_^_g\ebl_jZlmjmihfykghfmkdhlh\h^kl\m
=K:aZjh\ufbihaZbfk
l\h\Zghgkdhj__\k_]hbalZ[mggh]hdhg_\h^kl\Z \
hlh[jZggmxh^ghjh^gmx]jmiimdhjh\ dhkyd imkdZxlih^h[jZggh]hdgbf[udZ
Ijbwlhfhkms_kl\ey_lkylZdgZau\Z_fuc]jmiih\hcih^[hjijbdhlhjhf
fh`ghlhqghmklZgh\blvijhbkoh`^_gb_[m^ms_]hfheh^gydZ
hlebqb_hldhg_\h^kl\Zdhkydbfykguodhjh\kh^_j`ZlgZagZqbl_evghf
m^Ze_gbbh^bghl^jm]h]hqlh[uhgbg_kebebkvbg_i_j_f_rZebkv \
dhg_\h^kl\_wlh]hg_iha\heyxl^_eZlv`_j_[pudZ`^ucbadhlhjuoh[_j_]Z_l
k\hcdhkyd 
F_lh^dhkyqghckem
qdbijZdlbdmxlg_dhlhju_ie_f_ggu_ohayckl\Zhkh[_ggh
\dZefupdhcihjh^_
Ijb
\Zjdh\hc
jZagh\b^ghklb_kl_kl\_gghckemqdb[udh\\uimkdZxl\
fZlhqgu_klZ^Zlhevdh\^g_\gh_\j_fyGhqvxbohl[b\Zxl\aZ]hgu \Zjdb ]^_
ij_^hklZ\eyxlih^dhjfdmbhl^uo
WlZjZagh\b^ghklv_kl_kl\_gghckemqdb^h\hevghijhklZyh^gZdhlj_[m_l
khhjm`_gbygZiZkl[bsZog_[hevrboaZ]hgh\^eyhl[b\db[udh\
�hihegbl_evgZyjZ[hlZijbwlhf
_`_\_q_jg__hl^_e_gb_ijhba\h^bl_e_chl
klZ^ZbjZa^ZqZbfih^dhjfdb
Zjdh\ZykemqdZi
ha\hey_lih\ukblvgZ]jmadmfZlhdgZijhba\h^bl_e_cgZ
ijhp_glh\bgZlZdh_`_dhebq_kl\hm\_ebqblv\uoh^fheh^gydZihklZ^m
G_^hklZldhfi_j_qbke_gguojZagh\b^ghkl_c_kl_kl\_gghckemqdby\ey_lkylh
qlhijbboijbf_g_gbbkeh`ghdhgljhebjh\ZlvdZq_kl
\hki_jfu
ijhba\h^bl_e_c;udbihklmiZxl\fZlhqgu_]mjlu]hlh\ufbdkemqd_h^gZdh
g_ih\_j_ggufbihdZq_kl\mki_jfuijhba\h^kl\_gguomkeh\byowlhg_ijhklh
k^_eZlv
MklZgh\e_ghqlhihqlb\k_]^ZqZklv[udh\ 
ijhp_glZ bf_xlihjhqgmx
ki_jfmbg_]
h^ylky^ey\hkijhba\h^kl\ZklZ^ZWlhkgb`Z_l\uoh^fheh^gydZ
g_dhlhjuoohayckl\ZojZajZ[hlZebbijbf_gyxllZdgZau\Z_fmx
dhgljhebjm_fmx_kl_kl\_ggmxkemqdmHgZhdZaZeZkvgZb[he__wnn_dlb\ghc
kj_^b^jm]bof_lh^h\_kl_kl\_ggh]hhk_f_g_gbydhjh\
bl_ehd
Ijbdhgljhebjm_fhckemqd_ijh\h^yl[hevrmxih^]hlh\bl_evgmxjZ[hlm
hkh[_gghk[udZfb
ijhba\h^bl_eyfb
KlZ^guo[udh\^eydhgljhebjm_fhckemqdb\ujZsb\Zxlihhkh[hc
iZkl[bsghcl_ogheh]bb
i_jbh^\ujZsb\Zgbyhgb^he`guihemqZlv_`_^g_\ghgZ]
jmahqgucfhpbhg
�hklb]Zxlwlhh[uqgh[_kijb\yaguf]jmiih\ufkh^_j`Zgb_f`b\hlguo\
klhceh\uci_jbh^b_`_^g_\guf\uiZkhf[m^msboijhba\h^bl_e_cg_f_g__
qZkh\\kmldb \_kghcbe_lhf 
Dhjfe_gb_[udh\^he`gh[ulvh[bevgh_ghg_\_^ms__dh`bj_gbx
hihegbl_evghdiZkl[bsZf`b\hlguoh[uqghih^dZjfeb\Zxl
dbeh]jZffZfbdhgp_gljbjh\Zggh]hdhjfZ
Ih^dhjfdmemqr_\k_]hijhba\h^blv\_q_jhfMlj_ggyybeb^g_\gZy^ZqZ
dhgp_gljZlh\kgb`Z_lihlj_[e_gb_iZkl[bsghcljZ\u
AZ^\_
ljbg_^_eb^hgZqZeZkemqgh]
hk_ahgZ[uqdh\[hgblbjmxlh[jZsZy
hkh[h_\gbfZgb_gZdj_ihklvdhg_qghkl_ckhklhygb_k_j^_qghcb^uoZl_evghc
kbkl_fiheh\uohj]Zgh\hij_^_eyxldZq_kl\hki_jfuH[jZ[Zlu\ZxldhiulZ
ijhfu\Zxl]eZaZijh\h^ylg_h[oh^bfu_ijhnbeZdlbq_kdb_ijb\b\db
hkm
s_kl\eyxl^jm]b_ahhl_ogbq_kdb_b\_l_jbgZjgu_hi_jZpbb
Ijbhl[hj_[udh\^eybkihevah\Zgby\dhgljhebjm_fhc\hevghckemqd_
ihe_aghi_j_^gZqZehfkemqgh]hk_ahgZijbhkfhlj_bhp_gd_ijhba\h^bl_e_c
ijh]gZlv\ajhkeuo[udh\hdhehdbehf_ljZ[ukljufrZ]
hffheh^gyd
e_]dbf
[_]hf jukvx bihke_wlh]hg_kdhevdhfbgmlihgZ[ex^ZlvaZgbfb
Fh`ghaZf_lblvqlhg_dhlhju_`b\hlgu_ihke_lZdhcijh]medb^he]hb
ly`_eh^urZl\ukmgm\yaudbbebeh`Zlkyb^ebl_evgh_\j_fyhl^uoZxl
LZdboijhba\h^bl_e_c\\
hevgmxkemqdmg_^himkdZxlHgbgZiZkl[bsZog_
[m^mlmki_\ZlvaZklZ^hfl_f[he__\ubkdb\Zlvijbr_^rbo\hohlmdhjh\Wlh
ohlybg_agZqbl_evgucl_fg_f_g__we_f_glbkdmkkl\_ggh]hhl[hjZ
Ihi_j_qbke_gguf\ur_ijbqbgZf_`_]h^gh\u[jZdh\u\Zxlba
\hkijhba\h^ys_]hkhklZ\ZbhlijZ\eyxlgZfykhdhf[bgZlu
ijhp_glh\
[udh\ij_^gZagZq_gguo^ey\hevghckemqdb\lhfqbke_hdhehlj_oijhp_glh\
aZgbadh]hdZq_kl\Zki_jfu
Ijb_kl_kl\_gghckemqd_\fykghfkdhlh\h^kl\_[hevrh_\ebygb_gZ\uoh^
l_eylhdZau\Z_lgZ]jmadZdhjh\bl_ehdgZijhba\h^bl_e_c
k\yabkk_ahggufbhl_eZfb_kl_kl\_ggZykemqdZijhoh^bl\dhjhldh_\j_fy
lZd`_aZ^\Z
^\Zkiheh\bghciheh\uopbdeZIhwlhfm[udZfijboh^blky
^_eZlvkZ^dbg_lhevdh_`_^g_\ghghbihg_
kdhevdhjZa\kmldb
GZwlhkihkh[gug_\k_[udbWlhlZd`_ke_^m_lmqblu\Zlvijbnhjfbjh\Zgbb
[uqv_]hklZ^Z
MklZgh\e_ghqlh
ijhp_glh\[udh\g_ijb]h^gu^eybgl_gkb\guoiheh\uo
gZ]jmahd\ijhp_kk__kl_kl\_gghckemqdb
�Zggu_ih\uoh^ml_eylijblZ
dhckemqd_\aZ\bkbfhklbhlgZ]jmadbgZ
ijhba\h^bl_e_cfZlhqgh]hih]heh\vyijb\_^_gu\ke_^mxs_clZ[ebp_

uoh^l_eyl\aZ\bkbfhklbhlgZ]jmadb
fZlhdgZijhba\h^bl_e_c
Kj_^gyy
gZ]jmadZgZ
[udZ]he
Qbkehh[ke_^h\Zgguo]mjlh\
uoh^l_eylgZklhfZlhd
Dhjh\u
L_edb
Ihdhjh\Zf
Ihl_edZf
^h
LZ[ebpZihdZau\Z_lqlhfZ
dkbfZevgZygZ]jmadZgZihegh\hajZklgh]h[udZ
ijb\hevghckemqd_
^hdhjh\beb^hl_ehdGZ]jmadmgZfheh^uo
ijhba\h^bl_e_c ^h^\moe_lg_]h\hajZklZ kgb`Zxl\^\h_Hk_f_gblvfZlhqgh_
ih]heh\v_k\ur_wlh]hdhebq_kl\Z[udZfg_ihkbeZfbqZklvbad
hjh\bl_ehd
hklZxlkyg_hieh^hl\hj_ggufb
Wlb^Zggu_ihemq_guijbdhgljhebjm_fhckemqd_Ijb[_kdhgljhevghf
ij_[u\Zgbb[udh\\klZ^_yeh\hklvdhjh\bl_ehd[m^_lagZqbl_evgh\ur_qlh
nZdlbq_kdbbijhbkoh^bl\hfgh]boohayckl\ZoJhkkbb
H[yaZl_evguf
mkeh\b_fmki_rgh]h\hkijhba\h^kl\ZklZ^Zijb_kl_kl\_gghc
kemqd_y\ey_lkyj_]meyjgZyih^dhjfdZijhba\h^bl_e_cdhgp_gljbjh\Zggufb
dhjfZfbbih\hafh`ghklbij_^hklZ\e_gb_bfdjZldh\j_f_ggh]hhl^uoZohly
[uh^bg^_gv\g_^_ex
^gbhl^uoZ\klZ^haZimkd
Zxlj_a_j\guoijhba\h^bl_e_cWnn_dl
hieh^hl\hj_gbyhlwlh]hih\urZ_lky
�Z`_ijbkZfhcohjhr_chj]ZgbaZpbb_kl_kl\_gghckemqdbqZklvfZlhqgh]h
ih]heh\vyihhdhgqZgbbkemqgh]hk_ahgZihjZagufijbqbgZfhklZ_lky
g_hieh^hl\hj_gghc
Qlh[u\abfmmreblhevdh
kl_evgu_`b\hlgu_\ghy[j_i_j_^i_j_\h^hf
fZlhqguo]mjlh\gZabfg__kh^_j`Zgb_\k_fZlhqgh_ih]heh\v_ih^\_j]Zxl
j_dlZevghfmh[ke_^h\Zgbxbebhij_^_e_gbxkl_evghklb^jm]bfb[he__
kh\j_f_ggufbf_lh^Zfb
lh\Zjghffykghfkdhlh\h^kl\_]^_dhjh\ug_i
j_^klZ\eyxlie_f_gghc
p_gghklb\k_og_hieh^hl\hjb\rboky\g_h[oh^bfu_kjhdbfZlhd
\u[jZdh\u\ZxlbhlijZ\eyxlgZfykhdhf[bgZlu]mjlZohklZ\eyxllhevdh
kl_evguo`b\hlguoqlhy\ey_lky]ZjZglb_c\ukhdh]h\uoh^Zfheh^gydZihklZ^m
\ke_^mxs_f]h^m
u[j
Zdh\dZba
aZk_ahgghklbhk_f_g_gbyfh`_l^hklb]Zlvijb[_kdhgljhevghc
kemqd_
ijhp_glh\
mkeh\byodhgljhebjm_fhc_kl_kl\_gghckemqdb\mklZgh\e_ggu_kjhdbaZ^\Z
iheh\uopbdeZhklZxlkyg_hk_f_g_ggufb^h
ijhp_glh\fZlhqgh]h
ih]heh\vy
Ohayckl\Zijbf_gyxsb_lZdhcih^oh^dhj]ZgbaZpbb\hkijhba\h^kl\ZklZ^Z
iheghklvxba[Z\eyxlkyhlyeh\hklb
ie_f_gguoklZ^Zokg_hieh^hl\hjb\rbfbky\k_ahggu_kjhdb`b\hlgufb
ihklmiZxlih
bghfm
?kebdhjh\Zbebl_edZbf__l\ukhdmxie_f_ggmxp_ggh
klv__qlh[ug_
gZjmrblvk_ahgghklvhl_eh\hklZ\eyxlg_hk_f_g_gghc^hke_^mxs_]hkemqgh]h
k_ahgZbeb`_gZjmrb\k_ahgghklvijh^e_\Zxlkemqghck_ahgl_dms_]h]h^Z
�eyg_[hevrh]hdhebq_kl\Z\ukhdhp_gguoie_f_gguodhjh\hl_eb\rboky\
ex[h_\j_fy
]h^Z\k_]^Zfh`ghkha^Zlvg_h[oh^bfu_mkeh\bydhjfe_gbyb
kh^_j`ZgbygZdZ`^hcn_jf_�hihegbl_evgu_aZljZlugZwlhhdmiZxlky[he__
\ukhdhcj_ZebaZpbhgghcp_ghcgZie_f_gghcfheh^gyd

Bf_lv\ukhdbc\uoh^l_eyljh^b\rbok
y\g_h[oh^bfu_kjhdb
wlhlhevdh
qZklv\Z`ghcijh[e_ful_ogheh]bq_kdhchi_jZpbbdhjh\Z
l_e_ghd
G_f_g__\Z`ghcaZ^Zq_cwlhchi_jZpbby\ey_lkyihemq_gb_dhlt_fmhl
dhjh\a^hjh\h]hohjhrhjZa\blh]hfheh^gydZijb]h^gh]h^eyihke_^mxs_]h
\ujZsb\
ZgbygZfykhie_f_ggu_bebihevah\Zl_evgu_p_ebj_fhgl
kh[kl\_ggh]hklZ^Z
ujZsb\Z_ll_eyl\ih^khkguci_jbh^dhjh\Zbkihevamy[bheh]bq_kdb_
bgklbgdlubwg_j]bxaZeh`_ggu_ijbjh^hc\gZke_^kl\_gghklv^Zggh]h\b^Z
`b\hlguoIjbwlhf\f_rZl_evkl\hq_
eh\_dZ\\ujZsb\Zgb_l_e_gdZ^he`gh
[ulvfbgbfZevgufblhevdhlh]^Zdh]^Zdhjh\Zg_kijZ\ey_lkyk\hagbdZxsbfb
ijh[e_fZfb aZ[he_\ZgbybljZ\fudhjh\ubebl_e_gdZwdklj_fZevgu_
debfZlbq_kdb_mkeh\bye_lgyybebabfgyy[_kdhjfbpZ 
AZf_q_ghqlh_kebq_e
h\_dgZklhcqb\h\f_rb\Z_lky\ijhp_kkih^khkgh]h
\ujZsb\Zgbyl_e_gdZiulZykvZdlb\ghihfh]Zlvdhjh\_hgZhkh[hg_
ijhlb\blkyb[ukljhfh`_li_j_^Zlv_fm\k_aZ[hluhk\h_fihlhfkl\_
aZeh`_ggu_\g_cijbjh^hc
hldhjfe_gby fhehdhf ^haZsbluhl\g_
rgbo
g_[eZ]hijbylguonZdlhjh\j_amevlZl_dhjh\ZkZfhaZimkdZ_lkybaZ[jZku\Z_l
k\h_]hl_e_gdZi_j_dexqZybgklbgdlub[bheh]bq_kdmxwg_j]bxgZkh[kl\_ggh_
[eZ]hihemqb_
Ihwlhfm_kebhl_eijhoh^beghjfZevghke_^m_lij_^hklZ\blvdhjh\_
\hafh`ghklvkZf
hcaZ[hlblvkyhk\h_fihlhfkl\_
Z`g_crbfwlZihfl_ogheh]bq_kdhchi_jZpbbdhjh\Z
l_e_ghdy\ey_lky
ijhp_kkhl_eZ
Dhjh\ufgh]bofykguoihjh^kihkh[gukZfbhl_eblvky\\u[jZgghfbfb`_
f_kl_gZkdhlghf^\hj_bebgZiZkl[bs_Hl_eb\rZykydhjh\Z^he
`gZh[ebaZlv
l_e_gdZbihfhqv_fmih^gylvkygZgh]bbgZclb\ufy
Wlb^\Zijhp_kkZ\Z`gu^ey\ha[m`^_gbyfZl_jbgkdh]hbgklbgdlZdhjh\u
?kebdhjh\Zihke_hl_eZg_h[eb`_lk\h_]hihlhfdZ\ihke_^kl\bbhgZ[m^_l
ih^imkdZlvdk\h_fm\uf_gbex[uol_eyl
gZoh^ysboky\klZ^_
WlhmklZgh\e_gh\ijhp_kk_ki_pbZevguobkke_^h\Zgbcf_lh^hfgZ[ex^_gbc
[he__q_faZiylb^_kylvxdhjh\Zfb\lhfqbke_bi_j\hl_edZfb^eydhlhjuo
hl_ebh[ebau\Zgb_l_eylbf_xl^Z`_[hevr__agZq_gb_q_f^ey
ihegh\hajZklguo`b\hlguo
l_q_gb_i_j\uo^\mo
lj_og_^_evq_eh\_dmemqr_g_\f_rb\Zlvky\`bagv
hl_eb\rbokydhjh\GZiZkl[bsZobebkdhlghf^\hj_hgbkZfbkh[bjZxlky
g_[hevrbfb]jmiiZfb ih
]heh\ moZ`b\Zxlbdhjfylk\hboihlhfdh\
ijbmqZxlbodk\h_fm]hehkmdhdjm`Zx
sbfij_^f_lZfiZkl[bsZfaZsbsZxlb
mqZlaZsbsZlvkyhl^jm]bo`b\hlguo
wlhli_jbh^ihfhsvq_eh\_dZg_h[oh^bfZlhevdhaZ[he_\rbf`b\hlguf
\ajhkeufbfheh^gydm
L_e_ghd^he`_g\ujZsb\Zlvkydhjh\hc\l_q_gb_
f_kyp_\ex[hfkemqZ_
ihke_^gbo
^g_chk_gbfykgZydhjh\ZgZqbgZ_lkZfhaZimkdZlvkyb]hlh\blvk_[y
dij_^klhys_fmabfg_fmi_jbh^mgZijZ\ey_l[hevrmxqZklviblZl_evguo
\_s_kl\dhjfZgZ`bjhhleh`_gby\k\h_fhj]Zgbaf_mf_gvrZyijh^mpbjh\Zgb_
fhehdZLZdh\Z[bheh]bq_kdZyhkh[_gghklvf
ykgh]hkdhlZbgbdZdbfbf_lh^Zfb
wlmhkh[_gghklvg_baf_gblv
IhiuldbjZa^hyfykguodhjh\\wlhli_jbh^ijb\h^ylebrvd^Zevg_cr_fm
h`bj_gbx`b\hlguoghg_dih\ur_gbxfhehqghcijh^mdpbb
Wlbfh[tykgy_lkyg_\ukhdZywnn_dlb\ghklve_lg_
hk_ggbohl_eh\
L_eylZ
jh^b\rb_ky\wlhli_jbh^g_^hihemqZxlagZqbl_evgh_dhebq_kl\hfhehdZ\lhf
qbke_bba
aZmdhjZqb\Zxs_ckyeZdlZpbbjZklmlg_^hjZa\blufbbkeZ[ufb
IhcfZlvl_e_gdZbebdhjh\m\iZkl[bsguomkeh\byo^_ehg_ijhklh_
@b\hlgu_hl\udZxlhlq_eh\_dZ
bg_ih^imkdZxl_]hgZ[ebadh_jZkklhygb_
Qlh[uihcfZlvgm`gh]hl_e_gdZ\k_klZ^haZ]hgyxl\aZ]hgbeb^Z`_\
kdhlguc^\hj
kl_iguojZchgZoDZgZ^ufheh^gydeh\ylkihfhsvxeZkkhdhlhju_gZ
kdZdmgZdb^u\Zxleh\db_gZ_a^gbdbbf_gm_fu_dh\[hyfb
AZl_fehrZ^vj_adhhklZgZ\eb\Zxl\ZeylgZa_fexihcfZggh_`b\hlgh_b
[ukljhk\yau\Zxl_]hIhke_wlh]hijhba\h^ylg_h[oh^bfu_ahhl_ogbq_kdb_beb
\_l_jbgZjgu_hi_jZpbb
Ihwlhfmijbkihkh[beb^eywlh]hjZkdheuiha\heyxsb_h^ghfmq_eh\_dm
^Z`_g_^`b]blm
bebdh\[hxhl^_eblvhlklZ^ZbijhqghaZnbdkbjh\Zlvex[h]h
^Z`_kZfh]hkljhilb\h]hbeb\ha[m`^_ggh]hl_e_gdZ
Hkgh\gufdhjfhffykguol_eyl\ih^khkguci_jbh^\ujZsb\Zgbyy\ey_lky
fhehdhfZl_jbbiZkl[bsgZyljZ\Zdhlhju_l_e_ghd^h[u\Z_lkZfki_j\u
o`_
^g_c`bagbkihfhsvxdhjh\u[_amqZklbyq_eh\_dZ
;eZ]h^ZjywlhfmfhehdhihiZ^Z_l\ibs_\Zjbl_evgu_hj]Zgul_e_gdZ
g_aZ]jyag_ggufg_[hevrbfbihjpbyfbih^h]j_lh_^hl_fi_jZlmjul_eZ
`b\hlgh]h�hihegbl_evghdfhehdml_e_ghdih_^Z_liZkl[bsgmxlj
Z\m\u[bjZy
l_jZkl_gbydhlhju_g_h[oh^bfu_]hhj]Zgbafm
k_wlhijhbkoh^blgZk\_`_f\ha^mo_\mkeh\byokheg_qghcbgkheypbb
g_h]jZgbq_ggh]h^\b`_gby`b\hlguo
Wlbf\agZqbl_evghckl_i_gbh[tykgy_lky\ukhdh_dZq_kl\h]h\y^bgudhlhjh_
nhjfbjm_lkym
fykgh]hkdhlZ
;eZ]h^ZjylZdhfmdhjfe_gbxl_eylhliZ^Z_lg_h[oh^bfhklvbf_lvl_eylgbp
^hfbgbfmfZk\h^ylkyaZljZluljm^Zkdhlgbdh\qlhhdZau\Z_liheh`bl_evgh_
\ebygb_gZwdhghfbdmijhba\h^kl\Z]h\y^bgu
�bkdmkkbhggufhklZ_lky\hijhkgm`gh
eb\ih^kh
kguci_jbh^
ih^dZjfeb\Zlvl_eyl^hihegbl_evgufbdhjfZfb\qZklghklbdhgp_gljZlZfb"
HilbfZevgufhlt_fguf\_khf
f_kyqgh]hfheh^gydZ\mkeh\byofykgh]h
kdhlh\h^kl\ZJhkkbby\ey_lky^ey[uqdh\
^eyl_ehq_d
200
dbeh]jZffh\Dhjh\ugZrbofy
kguoihjh^ ]_j_nhj^kdZydZaZokdZy[_eh]heh\Zy
dZefupdZyZg]mkkdZy bfgh]boaZjm[_`guoihjh^bf_xl^hklZlhqghfhehqgmx
ijh^mdlb\ghklvqlh[u\ujZklblvdhlt_fmfheh^gydlZdh]h\_kZNjZgdh
blZevygkdb_ihjh^u\ujZsb\Zxll_eylk[he__\ukhdbf gZ
dbeh]jZffh\ 
\_khf
�hihegbl_evgZyih^dhjfdZl_eyl\ih^khkguci_jbh^dhgp_gljZlZfbbeb
^jm]bfbdhjfZfb\_^_lebrvdkgb`_gbxihlj_[e_gbyiZkl[bsghcljZ\ughg_
dih\ur_gbxbgl_gkb\ghklbjhklZj_amevlZl_ijhbkoh^blih\ur_gb_
k_[_klhbfhklbijb\_kZ
fheh^gydZ\i_jbh^ih^khkgh]h\ujZsb\Zgbyb
m^hjh`Zgb_l_e_gdZdfhf_glmhlt_fZ
hkh[haZkmreb\u_]h^udh]^Z\u]hjZxliZkl[bsZ`b\hlguo\ugm`^_ggh
ijboh^blkyih^dZjfeb\ZlvIjbwlhf[hevrmxqZklvih^dhjfdbke_^m_l^Z\Zlv
dhjh\Zff_gvrmx
l_eylZfD
hjh\um\_ebqb\Zxlijh^mdpbxfhehdZdhlhjZy
ihklmiZ_ll_e_gdm
;he__bgl_gkb\gmxih^dhjfdmfheh^gydZke_^m_lgZqbgZlvg_^_ebaZ^\_^h
hlt_fZhldhjh\Wlh[m^_lkihkh[kl\h\Zlvf_g__[he_ag_gghfmi_j_oh^ml_eyld
kZfhklhyl_evghfmiblZgbx]jm[ufbb^jm]b
fb\b^Zfbdhjfh\dhlhjh_
g_ba[_`ghgZklmiZ_l\ihke_hlt_fguci_jbh^
ih^khkguci_jbh^g_ie_f_gguo[uqdh\dZkljbjmxlWlmhi_jZpbxemqr_
\k_]hijhba\h^blv\dhgp_Z\]mklZ
gZqZe_k_gly[jydh]^ZaZ\_jrZ_lkye_lfmo
b^jm]bogZk_dhfuohldeZ^u\Zxsbo\
jZgdZoebqbgdb
Hlt_fke_^m_lijhba\h^blvlmjhfh^gh\j_f_gghaZ[bjZyba]mjlZ\k_ol_eyl
DZdfheh^gydlZdbdhjh\uh[uqgh\l_q_gb_^\mo
lj_okmlhdhl\udZxlhl
ij_`gbomkeh\bcbi_j_klZxl\hegh\Zlvky
I_j\u_^\Z
ljb^gyihke_hlt_fZfheh^gyd
ke_^m_lkh^_j`Zlvg_[hevrbfb
]jmiiZfbih
]heh\AZl_f_]hnhjfbjmxl\[he__djmigu_]mjluk
jZa^_e_gb_fihihem

=eZ\ghcp_evx\ujZsb\Zgbyie_f_gguobihevah\Zl_evguol_ehd\fykghf
kdhlh\h^kl\_y\ey_lkyih\ur_gb_bokdhjhki_e
hklbkl_fqlh[ui_j\h_
hk_f_g_gb_ijhoh^beh\
f_kyqghf\hajZkl_k`b\uf\_khfg_f_g__
hl\ajhkeuo`b\hlguoZlZd`_bofhehqghklb
dhlhjZy^he`gZ[ulvg_f_g__
dbeh]jZffh\
Lh\Zjgu_fZlhqgu_fykgu_klZ^Zfh`ghnhjfbjh\ZlvaZkq_ll
_ehd
\u[jZdh\Zgguobeb\ujZg`bjh\Zgguoba
fhehqguoklZ^H^gZdhwlh^himklbfhlhevdhgZi_j\hfwlZi_kha^Zgby
fykgh]hkdhlh\h^kl\Z

LZdb_l_edbg_^he]h\j_f_gguIhke_i_j\h]hhl_eZhdhehlZdbol_ehd
h[uqghg_ijboh^yl\hohlm\g_h[oh^bfu_^e
yk_ahgguohl_eh\kjhdb?s_
hdheh\u[jZdh\u\Zxlih^jm]bfijbqbgZfk_obohlijZ\eyxlgZfykh
Ihwlhfmihke_\lhjh]hblj_lv_]hhl_eh\\klZ^_bog_hklZ_lky

AZf_gm\u[u\Zxsbf`b\hlgufg_h[oh^bfh\ujZsb\ZlvkZfbf

�_ehwlhg_keh`gh_I
hke_hlt_fZhldhjh\bf_xsboky\klZ^_
f_kyqguol_ehq_dke_^m_lnhjfbjh\Zlv\]mjlubeb]jmiiuhl^_evghhl[uqdh\

Abfhcl_ehdkh^_j`Zllhevdh[_kijb\yagh]jmiiZfbih
]heh\\lZdbo
`_mkeh\byodZdbdhjh\

H^gZdhdhjfe_gb_bo^he
`gh[ulv[he__bgl_gkb\gufh[_ki_qb\Zxsbf\
klhceh\uci_jbh^kj_^g_kmlhqgu_ijb\_ku
g_f_g__
]jZffh\ ^eyg_
ie_f_gguo b]jZffh\^eyie_f_gguol_ehd�eyihemq_gbylZdboijb\_kh\
^Z`_ijbgZebqbbdZq_kl\_gguokhqguob]jm[uodhjfh\`b\hlguoi
jboh^blky
ih^dZjfeb\Zlvdhgp_gljbjh\ZggufbdhjfZfb ih
d]gZ]heh\m\^_gv 

Hkh[h_\gbfZgb_^he`gh[ulvh[jZs_ghgZdhjfe_gb_lZdh]hfheh^gydZ\
i_j_oh^guci_jbh^hlklhceh\h]hdiZkl[bsghfmkh^_j`ZgbxbhliZkl[bsgh]h
dklhceh\hfmWlhly`_
eu_i_jbh^u^ey\k_o\b^h\`b\hlguo\dexqZy^bdbo
ihkdhevdmk\yaZgukbaf_g_gb_fmkeh\bcdhjfe_gbykh^_j`Zgbyb^jm]bo
\g_rgbobl_ogheh]bq_kdbonZdlhjh\

KgZklmie_gb_fihl_ie_gbyhkh[_ggh\kheg_qgu_^gbhgbiehohih_^Zxl
dhjfZ\dexq_ggu_\
abfgb_jZpbhgul_jyxl\_kbmiblZgghklv

Qlh[uwlh]hg_ijhbahreh\jZpbhgul_ehdke_^m_l\dexqZlvihd]
dhgp_gljbjh\Zggh]hb^jm]h]h\dmkgh]hdhjfZ

iZkl[bsguci_jbh^hkgh\gufdhjfhflZdbo`b\hlguo^he`gZ[ulv
iZkl[bsgZyljZ\ZHll_e
hddhlhju_iehohbkihevamxliZkl[bsZemqr_\k_]h
ba[Z\blvkyg_^h\h^ybo^hkemqdbbhl_eZ

bxe_bZ\]mkl_dh]^Z`b\hlgufbkihegblkyih
f_kyp_\Z`b\hc\_k
^hklb]g_l lh\Zjguo bdbeh]jZffh\ ie_f_gguo bohk_f_gyxl
hlebqb_hl
dhjh\l_edbijboh^yl\hohlmkbgojhgghH[uqgh\i_j\uc
kemqghcf_kyphk_f_gy_lkyhdhehijhp_glh\`b\hlguohklZevgu_
\h\lhjhc
f_kypEbrv
l_ehdfh]mli_j_clbgZihke_^mxsb_f_kypu
Qlh[ug_gZjmrblvk_ahgghklbhl_eh\lZdbol_ehd _kebhgbg_
ie_f_ggu_ 
\u[jZdh\u\ZxlbaklZ^Z
I_j_^hk_f_g_gb_f\k_ol_ehdlsZl_evghhkfZljb\Zxlahhl_ogbdbb
\_l_jbgZjuBg^b\b^mZevgh\a\_rb\Zxl@b\hlguohlklZ\rbo\jhkl_b
jZa\blbbkijbagZdZfbojhgbq_kdboaZ[he_\Zgbcg_bae_qbfuoljZ\fhkh[_ggh
\uf_gb\u[
jZdh\u\Zxl
I_j_^ihklZgh\dhcgZabfg__kh^_j`Zgb_`b\hlguohkfZljb\Zxlb
\a\_rb\Zxl\gh\vijh\_jyxlgZkl_evghklv
?kebihdZdhc
lhijbqbg_ gbadZyhieh^hl\hjy_fhklvihke_g_h^ghdjZlgh]h
hk_f_g_gbyjZggb_\udb^urbbebjZkkZku\Zgb_ieh^Z l_edZhdZa
u\Z_lkyg_
hieh^hl\hj_gghc__\u\h^ylba]jmiiubhlijZ\eyxlgZm[hc
abfmhklZxlkylhevdhkl_evgu_`b\hlgu_Hlgboij_^klhys_c\_kghc
fh`ghh`b^Zlv
ijhp_glgh]h\uoh^Zl_eyl

DZdm`_[uehkdZaZghfykgh_kdhlh
\h^kl\h
iZkl[bsgh_gZijZ\e_gb_\
`b\hlgh\h^kl\_
WlhhagZqZ_lqlh[hevrmxqZklvdhjfh\`b\hlgu_^he`gukZfb^h[u\Zlvk
iZkl[bsQ_eh\_d^he`_glhevdhihfh]Zlvbf\wlhf
L_fg_f_g__\abfgbci_jbh^dh]^Zbkihevah\Zgb_iZkl[bsklZgh\blky
g_\hafh`guf
aZfhjhah\bebkg_]Z^eydhjfe_gbyfykgh]hkdhlZ
aZ]hlZ\eb\Zxlk_ghdhf[bdhjfkhehfm\hafh`ghb^jm]b_dhjfZ
k\h_cdgb]_Ijhba\h^kl\h]h\y^bgu\KR:fykgh_kdhlh\h^kl\h
Fhkd\Z:]jhijhfba^Zl Zf_jbdZgkdb_ki_pbZebklu=Fbgbrb�Nhd
j_dhf_g^mxlgZklZ^hbafykguodhjh\bf_lvgZabfgbci_jbh^\^g_c
ke_^mxsbcaZiZkk_gZbdhgp_gljZlh\ lZ[e 
Dhjfe_gb_lhevdhk_ghffh`_l[ulv^hklZlhqguf^ey\k_o]jmiifykgh]h
kdhlZFheh^gyd[udb
ijhba\h^bl_ebeZdlbjmxsb_dhjh\u\g
_dhlhjuo
kemqZyo gbadh_dZq_kl\hk_gZaZ[he_\Zgby gm`^Zxlky\ih^dhjfd_a_jghf

IhgZmqguf`_ghjfZfgZabfm\aZ\bkbfhklbhlihjh^ub`b\hcfZkku
dhjh\ijh^he`bl_evghklbbkmjh\hklbabfudZq_kl\Zdhjfh\gZebqbyabfgbo
iZkl[bsn_jf_jZfj_dhf
_g^mxlaZiZkZlvhl^hlhggk_gZ

Ihlj_[ghklvgZabfgbci_jbh^klZ^Zbadhjh\\k_g_ba_jgh\hfdhjf_

=jmiiu
`b\hlguo
=heh\
K_ghl
A_jghl
Khevb
fbg_jZe
ih^dhjfdZ
d]
Dhjh\u
102,0
G_l_ebb
eZdlbjmxs
i_j\hl_edb
25,5
L_edb
14,0
5,85
;udb
2,7
0,90

1,25
Fheh^u_
[uqdb
1,8
1,08

1,25
k_]h
146,0
7,83

?keb`_kdhlabfm_l\dmdmjmaghfihyk_lh_]hhkgh\
gufdhjfhfy\ey_lky
dmdmjmaguckbehkLh]^ZgZlh`_klZ^hba]heh\j_dhf_g^mxlaZdeZ^u\ZlvgZ
abfmlhggukbehkZlhggkhb \lhfqbke_gZdZ`^mxdhjh\mihlhgg
kbehkZblhggukhb 

IheZ]Zxlqlhkh\_jr_gghg_kljZrgh_kebdh
jh\ZaZabfmihl_jy_l^h
ijhp_glh\k\h_]hhk_gg_]h`b\h]h\_kZ=eZ\gh_qlh[uhgZ\ureZbaabfh\db
g_lhs_cbfh]eZ[_aljm^ZjZkl_eblvky_kbmiblZgghklvhgZgZ[bjZ_lgZ
iZkl[bsZo\l_q_gb_
g_^_ev
=eZ\gZyaZ^ZqZfykguokdhlh\h^h\\iZkl[
bsguci_jbh^
\hkklZgh\blv
ihl_jyggu_\l_q_gb_abfu\_kbmiblZgghklv`b\hlguomki_rghijh\_klb
bkdmkkl\_ggh_hk_f_g_gb_beb_kl_kl\_ggmxkemqdmdhjh\bl_ehdmdj_iblvbo
a^hjh\v_ijhba\_klbfZdkbfZevgh_dhebq_kl\h^_r_\hcijh^mdpbb l_eylb
ijb\_kh\
fheh^gydZ ih^]hlh\blvkdhldij_^klhys_fmklhceh\hfmkh^_j`Zgbx
KiZkl[bs`b\hlgu_ihemqZxlgZb[he__^_r_\ucbdZq_kl\_ggucdhjf
\uklmiZyijbwlhfg_lhevdhdZdihlj_[bl_ebljZ\ughbdZd__k_yl_ebDZd
[uehkdZaZgh\ur_ijbiZklv[_kdhlkljyob\Z_
lkjZkl_gbckhaj_\rb_k_f_gZb
\lZilu\Z_lbo\ihq\m
iZkl[bsguci_jbh^^_ckl\mxlfgh]b_nZdlhju\g_rg_ckj_^u `ZjZ
^h`^v\_lju[eb`_dhk_gb
aZfhjhadbbkg_] k_hgby\eyxlkynZdlhjZfb
_kl_kl\_ggh]hhl[hjZdhlhju_q_eh\_d^he`_gmf_ehbkih
evah\Zlv\
k_e_dpbhgghfijhp_kk_
;_aiZkl[bsfykgh_kdhlh\h^kl\hwdhghfbq_kdbg_wnn_dlb\gh
H[rbjgu_bkke_^h\Zgbyijh\_^_ggu_\gZqZe_
o]h^h\ijhreh]h\_dZih
jZajZ[hld_l_ogheh]bbfykgh]hkdhlh\h^kl\Zijbdjm]eh]h^h\hfkh^_j`Zgbb
`b\hlguo
gZkdhlguo^\hjZo_s_jZam[_^bl_evghih^l\_j^bebwlh
DZdm`_[uehhlf_q_ghfykghckdhlba
aZh]jZgbq_gghcijh^mdlb\ghklb
aZljZqb\Z_lgZijhba\h^kl\h_^bgbpuijh^mdpbb ijb\_kZ]h\y^bgu \^\ZjZaZ
[hevr_dhjfZq_ffhehqguckdhlb^jm]b_\lhfqbk
e_lZdb_`_
fhghijh^mdlb\gu_fykhijhba\h^ysb_hljZkeb`b\hlgh\h^kl\Z gZijbf_j
k\bgh\h^kl\h 
H^gZdhba
aZ^_r_\hcbeb[_kieZlghcdhjfh\hc_^bgbpu^h[u\Z_fhc
`b\hlgufbkiZkl[bsdhjfZg_hdZau\Zxlkms_kl\_ggh]h\ebygbygZ
k_[_klhbfhklvijh^mdpbbfykg
h]hkdhlZ
Dhebq_kl\hdhjfh\uo_^bgbp_`_^g_\ghihlj_[ey_fuo\\b^_ljZ\ufykguf
kdhlhffh`_l[ulv[hevrh_ghklhbfhklvbo\hfgh]hjZaf_gvr_Ihwlhfm
kmlhqgu_jZpbhgubklhbfhklvdhjfe_gbyfykgh]hkdhlZ\l_q_gb_]h^Z
hdZau\ZxlkyagZqbl_evghgb`_
q_fkdZjfeb\Zgb_l_o`_dhjfh\badhjfmr_d
Ke_^m_lih\lhjblvqlhkiZkl[bsihemqZxlgZb[he__^_r_\u_beb
[_kieZlgu_ k_kl_kl\_gguodhjfh\uom]h^bc dhjfZ
�Z`_kk_yguoiZkl[bsfykghckdhlihemqZ_l
hlghkbl_evgh^_r_\ucdhjfihkdhevdmih_^Z_lb
okZf
qlhbkdexqZ_laZljZlugZkdZrb\Zgb_ljZgkihjlbjh\dm
jZa^Zqmm[hjdmhklZldh\dhjfh\b
^mdlh\i_j_jZ[hldbbo`b\hlgufbhj]ZgbafZfb
JbkDhf[bgbjh\ZggZyba]hjh^v
AZkhlgbe_ljZa\_^_gbyfykgh]hkdhlZknhjfbjh\ZeZkvhkh[Zy
\ukhdhwnn_dlb\gZy
l_ogheh]byiZkl[bsgh]hkh^_j`Zgby`b\hlguo
WlZl_ogheh]byiha\hey_lbkdexqblvbal_ogheh]bq_kdh]hpbdeZjZ[hluih
\uiZkmkdhlZb_]hhojZg_�hklb]Z_lkywlhh]jZ`^_gb_fiZkl[bsba]hjh^yfbba
dhexq_cijh\hehdbq_j_adhlhjmxg_fh`_lijhclbgbh^gh
`b\hlgh_�ey
h]jZ`^_gbybkihevamxllhevdhdhexqmxijh\hehdmbgh]^Zkhq_lZy__k
ijh\h^hfih^keZ[ufwe_dljbq_kdbfgZijy`_gb_f
Ba]hjh^vba]eZ^dhcijh\hehdb`b\hlgu_jZajmrZxlbkihevamy__\dZq_kl\_
q_kZeZ
aZjm[_`guokljZgZokha^ZgZbg^mkljby
h]hjZ`b\ZgbyiZkl[bskhk\hbfb
hiulgufbklZgpbyfbaZ\h^Zfbd\Zebnbpbjh\ZggufbjZ[hqbfb
H]jZ`^_gbxiZkl[bsh[uqghij_^r_kl\m_l[hevrZyhagZdhfbl_evgZybeb
^Z`_bkke_^h\Zl_evkdZyjZ[hlZBamqZxlj_ev_nf_klghklbobfbq_kdbckhklZ\
ihq\ujZklbl_evg
ucihdjh\ihk_ahgZf]h^Zbklhqgbdb\h^hkgZ[`_gbygZebqb_
_kl_kl\_gguomdjulbc^ey`b\hlguo\g_ih]h^m
Ijhp_kkh]jZ`^_gbyiZkl[bs\dexqZ_l^\_kljhbl_evgu_hi_jZpbbi_j\Zy
khhjm`_gb_de_lhqgh]hdZjdZkZba^_j_\ygguo`_e_ah[_lhgguobeb
f_lZeebq_kdb
ohihj\lhjZyhi_jZpby
gZly`_gb_gZwlbhihjudhexq_c
ijh\hehdb
Ijbkhhjm`_gbbde_lhqgh]hdZjdZkZbkihevamxlljb\b^ZhihjgZly`gu_gZ
dhlhju_gZly]b\Zxlijh\hehdmgZ
^ebgmfhldZih^^_j`b\Zxsb_b
e_]db_lbiZrlZd_lgbdZ
ij_^hl\jZsZxsb_i_j_oe_k
lu\Zgb_
ijh\hehqguojy^h\f_`^mkh[hc
Ijh\hehdmgZly]b\ZxlgZmaeh\u_hihjukihfhsvxjmqguobebf_oZgbq_kdbo
e_[_^hdIjbdj_ieyxl__kdh[Zfbdg_kmsbfhihjZfk\gmlj_gg_cklhjhgu
ba]hjh^bqlh[u`b\hlgu_g_fh]e
b\u^Z\blvijh\hehqgh_h]jZ`^_gb_Z`gh
qlh[uijbbaf_g_gbbl_fi_jZlmju\ha^moZijh\hehdZfh]eZoh^blv\kdh[_
\ijZ\hb\e_\hZg_[ulviehlghijb`Zlhcdhihj_ijhlb\ghfkemqZ_\
kbevgu_fhjhauhgZfh`_lihj\ZlvkyhlgZly`_gby
Qlh[umkbeblvg
Zly`_gb_ijh\hehdbb__jZkly`bfhklv\aZ\bkbfhklbhl
l_fi_jZlmjguonZdlhjh\n_jf_juijh`b\Zxsb_\k_\_jguojZchgZo \DZgZ^_
gZijbf_j ihke_khhjm`_gbyba]hjh^bijhba\h^yl__]hnjbjh\Zgb_bkihevamy
hkh[u_jmqgu_h[`bfZl_eb
Z`gh_agZq_gb_ijbk
hhjm`_gbbba]hjh^_cijb^Zxlbo\ukhl_dhebq_kl\m
jy^h\ijh\hehdbZlZd`_\_ebqbg_ijh\hehqgh]hf_`^mjy^vy
HilbfZevghc\ukhlhcba]hjh^b ih\_jog_fmjy^mijh\hehdb ^eydjmigh]h
jh]Zlh]hkdhlZkqblZxlkf�eydhjh\kl_eylZfbkhhjm`Zxlq_luj_ojy^gu_
ba]hjh^b^ey\ajhkeh]hkdhlZ
lj_ojy^gu_
JbkKo_fZmkljhckl\Zba]hjh^_cba
�ey\t_a^Z\h]hjh`_ggu_iZkl[bsZkhhjm`ZxllZdgZau\Z_fu_l_oZkkdb_
\hjhlZhjhlZihklhygghhklZxlkyhldjulufbQ_j_agbogZiZkl[bsZ
[_kij_iylkl\_gghfh]ml\t_a`ZlvZ\lhfZrbguijhoh^blvex^bH^gZdhhg
bg_
\uimkdZxl`b\hlguo
bogh]bijh\Zeb\Zxlky
L_oZkkdb_\hjhlZ
f_`^mljm[Zfb\yfmgZdhlhjmxmeh`_gZj_r_ldZbaf_lZeebq_kdboljm[beb
^_j_\ygguo[jmkv_\
Bgl_gkb\gh_bkihevah\Zgb_h]hjh`_gguoiZkl[bsij_^mkfZljb\Z_lijh^e_gb_
iZkl[bsgh]hi_jbh^
Ziml_fkha^Zgbyki_pbZevguoiha^g_hk_ggbo
jZgg_\_k_ggbobabfgbo\uiZkh\
�eyiZklv[u`b\hlguoiha^g_chk_gvxhklZ\eyxlg_kljZ\e_ggufbmqZkldbk
\ukhdbfljZ\hklh_fk_xl\ukhdhkl_[_evqZlu_ljZ\ubebk_evkdhohayckl\_ggu_
dmevlmju\qZklghklbdmdmjmamb
khj]h
GZlZdboiZkl[bsZo`b\hlgu_gZoh^ylky\_kvk\_lh\hc^_gv^Z`_\fhjhagmx
ih]h^mha\jZsZxlkygZn_jfmebrvghqvxIjbwlhf`Z`^mhgbmlheyxl
kg_]hfih_^Zy_]h\f_kl_kljZ\hc
�eyabfgbobjZgg_\_k_ggbo\uiZkh\bkihevamxle_lgb_ihk_\u
\ukhdhk
l_[_evqZluojZkl_gbch^ghe_lgboljZ\bebh\kZ
LZdb_ihk_\u]em[hdhchk_gvxkdZrb\Zxl`ZldZfb\k^\h_ggu_\Zedbb
hklZ\eyxlgZihe_dhgk_j\bjh\Zlvkyoheh^hfbkg_]hf
@b\hlgu_^h[u\ZxldhjfjZklZedb\Zykg_]fhj^Zfbbebgh]ZfbblZd`_
ih_^Zxl_]h\f_kl_
khkg_]hfQZklvlZdboiZkl[bshklZ\eyxl^ey
jZgg_\_k_gg_]hbkihevah\Zgby
;hevrh_\gbfZgb_gZh]hjh`_gguoiZkl[bsZohkh[_gghe_lhfh[jZsZxlgZ
hj]ZgbaZpbx\h^hihykdhlZ
h^hihcgu_iehsZ^db\p_eyojZpbhgZevgh]hbkihevah\Zgbykj_^kl\b
kljhbl_evguo
fZl_jbZeh\h[hjm^mxlgZklud_g_kdhevdbode_lhdp_glj_
gZoh^blky\h^gucbklhqgbdhldhlhjh]h\h^m\jZagu_de_ldbjZa\h^ylljm[Zfb\
\h^hihcgu_dhjulZ

G_\^Ze_d_hl\h^hihcguoiehsZ^hdmkljZb\ZxllujeZ^ey`b\hlguo
h[hjm^mybodhjfmrdZfb^eyfbg_jZevguodhjfh\bkhebfhglbjmxl
f_oZgbq_kdb_q_kZeZbgh]^Zkhhjm`Zxlg_[hevrb_jZkdheu
AgZqbl_evghcijh[e_fhcgZiZkl[bsZoy\ey_lkybaukdZgb_iblv_\hc\h^u^ey
`b\hlguohkh[_ggh\kl_iguomkeh\byo]^_\_joh\h^dZg_j_^dhg_ijb]h^gZ^ey
iblvy
kbevghfbg_jZebah\ZgZkhe_gZybeb]hjvdh
khe_gZy
gZr_\j_fyhij_^_eblvdZq_kl\hih^a_fghc\_
joh\h^dbg_khklZ\ey_l
[hevrh]hljm^ZKi_pbZevgu_]b^jheh]bq_kdb_hj]ZgbaZpbbfh]mlk^_eZlvwlh
[ukljhbdZq_kl\_gghH^gZdhwlhklhblg_fZeuo^_g_]Ihwlhfmfgh]b_
n_jf_juijh\h^ylwlmjZ[hlmkZfhklhyl_evghb\uihegyxl__lZd`_[ukljhbg_
f_g__dZq_kl\
_gghbkihevamyhiulgZdhie_ggucij_^dZfb
Ij_^dbDZgZ^kdbon_jf_jh\ijbhk\h_gbbkl_i_gguoijhklhjh\DZgZ^u_s_\
gZqZe_OO\_dZbkdZebij_kgmx\h^mkihfhsvxg_[hevrhcjh]Zldhh[jZagh
kj_aZgghc\_lhqdb`b\h]h^_j_\Zemqr_\k_]hb\u
Dhgpu\_lhqdbd
j_idhaZ`bfZxliZjZee_evgha_fghcih\_joghklb\
\u\_jgmluo\gbab\jZagu_klhjhgueZ^hgyogZijy`_ggh\ulygmluojmd
AZdju\ZxlbebaZ\yau\Zxl]eZaZbhq_gvf_^e_gghoh^ylihl_jjblhjbb]^_bsml
\h^m
DZdlhevdhq_eh\_dih^oh^bldf_klm\dhlhjhfdih\_j
oghklba_feb
ih^klmiZxlij_kgu_\h^udhg_p\_lhqdbgZqbgZ_ldehgblvky\gbaf_klZo
gZb[hevr_]hkdhie_gby\h^uhgZi_ji_g^bdmeyjghkdehgy_lkyda_fe_^Z`_
dex_ld__ih\_joghklb
A^_kvkhhjm`Zxldheh^_pbebbgh_\h^haZ[hjgh_khhjm`_gb_
Wnn_dlb\
ghklvkh^_j`ZgbygZh]hjh`_gguoiZkl[bsZo`b\hlguojZaguo
iheh\uob\hajZklguo]jmiiihdZaZgZ\ke_^mxs_clZ[ebp_
Ijbbkihevah\Zgbbh]hjh`_gguoiZkl[bsijhba\h^bl_evghklvljm^ZjZ[hqbo
ihijbkfhljmaZie_f_ggufb[uqdZfbih\urZ_lky\jZaZaZl_edZfb^
ihemlhjZe_l
\^he_l
\aZdhjh\Zfbkl_eylZfb
\jZaZ
Wlb^Zggu_[uebihemq_gugZhlghkbl_evghg_[hevrboiehsZ^yo hdheh
]_dlZjh\ bh]jZgbq_gghfih]heh\v_



_lhqdZ\gZqZe_jZ[hlu
Ijhklh
\_lhqdZ
?klv\h^Z
Wnn_dlb\ghklvh]hjh`_gguoiZkl[bs
=jmiiukdhlZ
H]hjh`_ggu_i
Zkl[bsZ
H[uqgu_iZkl[bsZ
=heh\
JZ[hqbo
GZ
jZ[hq_]h
=heh\
JZ[hqbo
GZ
jZ[hq_]h
;uqdb
2,2
A
L_edb^h
fdk
0,5
3,5
L_edb^h
e_l
1,0
3,5
Dhjh\u
1,3
3,5
_lhqdZdehgblkyd\h^_

?s_[hevrmxijhba\h^bl_evghk
lvljm^Zijbkh^_j`Zgbyfykgh]hkdhlZgZ
h]hjh`_gguoiZkl[bsZobf_xlfgh]b_n_jf_juDZgZ^uKR::\kljZebb
Gh\hcA_eZg^bbMjm]\Zy:j]_glbguwlbokljZgZoh^bgq_eh\_d\iZkl[bsguc
k_ahgh[kem`b\Z_l^hlukyqdhjh\kl_eylZfblh\Zjgh]hklZ^Zbeb^h
200
ie_f_gguo`b\hlguo
?keb[uiZkl[bsZg_[uebh]hjh`_gugZ\uiZklZdh]hdhebq_kl\ZkdhlZ
ihlj_[h\ZeZkv[up_eZy[jb]Z^ZjZ[hqbo
H]hjZ`b\ZxliZkl[bsZdhexq_cijh\hehdhcBgh]^Z_keb_klv\hafh`ghklv
ih\_jog_fmjy^mba]hjh^bgZly]b\Zxlijh\hehdmgZ
oh^ysmxkyih^e_]dbf
gZijy`_gb_fwe_dljbq_kdh]hlhdZLZdZydhf[bgbjh\ZggZyba]hjh^v^hjh`_b
lj_[m_lihklhyggh]hdhgljheyH^gZdhhgZiheghklvxbkdexqZldhglZdlu
`b\hlguogZoh^ysboky\khk_^gbode_ldZo
ukhdZyijhba\h^bl_evghklvljm^Zy\ey_lkyh^ghc
baijb\e_dZl_evguo
hkh[_gghkl_cfykgh]hkdhlh\h^kl\Zhkh[_ggh\k\yabkih\ur_gb_fklhbfhklb
jZ[hq_ckbeuijhbkoh^ys_c\h\k_ffbj_\gZr_\j_fy
Wlbf\agZqbl_evghckl_i_gbfh`ghh[tykgblvjZa\blb_fykgh]hkdhlh\h^kl\h
\ihke_^gb_]h^u\lZdboi_
j_gZk_e_gguokljZgZok\ukhdhcklhbfhklvx
jZ[hq_ckbeudZdExdk_f[mj];_ev]by]hkm^Zjkl\ZoKdZg^bgZ\bbZlZd`_\
fZehaZk_e_gguojZchgZo=_jfZgbb
Mqblu\Zy\ukhdmxwnn_dlb\ghklvbkihevah\ZgbyiZkl[bs\fykghf
kdhlh\h^kl\_gZmdZjZajZ[hlZeZg_kdhevdh
f_lh^h\ijh^e_gbyiZkl[bsgh]h
i_jbh^Z
LZd_keb\mkeh\byoIh\he`vybIjbmjZevy
iZkl[bsgh_kh^_j`Zgb_fykgh]hkdhlZh[uqgh
ijh^he`Z_lky
^g_c\]h^mlhiml_f
kha^ZgbyjZgg_\_k_ggbobabfgbo\uiZkh\
iZkl[bsguck_ahgijh^eb\Z_lky^h
^g_c
lh_klvihqlbgZ^\Zf_kypZWlh^Z_l[hevrmx
wdhghfbxbljm^Zbkj_^kl\
JZ[hlZq_eh\_dZgZh]hjh`_gguoiZkl[bsZo
k\h^blkydgZ[ex^_gbxaZ`b\hlgufbijh\_jd_
khklhygbyba]hjh^_c
ukhdhwnn_dlb\gufhdZ
aZehkvmkljhckl\h^ey
kZfhh[jZ[hldb`b\hlguogZoh^ysbokygZiZkl[bsZohlgZk_dhfuobdh`guo
aZ[he_\ZgbcWlhmkljhckl\hgZa\Zebf_oZgbq_kdh_q_kZeh jbk 
Q_kZeZmklZgZ\eb\Zxlg_\^Ze_d_hlf_kl\h^hihybeblujeZ`b\hlguo
Ij_^klZ\eyxlhgbkh[hcf_lZee
bq_kdmxklhcdm\ukhlhcfijhqgh
mdj_ie_ggmx\a_fe_gZ[_lhgghfhkgh\ZgbbGZ__\_jrbg_kfhglbjh\Zg[Zq_d
gZ
ebljh\^_abgnbpbjmxs_c`b^dhklb
Ihlj_fjZkly`dZf\uiheg_ggufbaihem^xcfh\uof_lZeebq_kdboljm[b
hlj_adh\p_i_c ^eyih^\b`g
hklb kh^gh]hdhgpZlZd`_aZ[_lhgbjh\Zgguo\
a_fexk^jm]h]h\_jog_]hijhqghaZdj_ie_gguomhkgh\Zgby[ZqdZdljm[_
`b^dhklvxba[ZqdZq_j_areZg]bk\uimkdgufbdeZiZgZfbbhl\_jklby\ljm[_
kfZqb\Zxlljyibqgmxh[fhldmq_kZeZ
;eZ]h^ZjygZd
ehgghfmiheh`_gbxjZkly`_d`b\hlgu_gZhkgh\_j_ne_dkZ
q_kZgbybf_xl\hafh`ghklvh[jZ[hlZlvh[fhldhcm\eZ`g_gghc
^_abgnbpbjmxs_c`b^dhklvxex[mxqZklvk\h_]hl_eZ\dexqZyhkgh\Zgbyjh]
dhj_gvo\hklZfhrhgdmbeb\ufy
Ihf_j_\ukuoZgbyljyibqghch[\
yadbkdhlgbd
jZaZ\g_^_exq_j_a
djZgbdbkfZqb\Z_l__`b^dhklvxba[ZqdZ
JbkKo_fZ
f_oZgbq_kdh]hq_kZeZ^ey
kdhlZ
JbkQ_kZeh\^_ckl\bb
?klv\ZjbZgluq_kZekm\eZ`g_gb_fh[fhldbq_j_adeZiZguih^^_ckl\b_f
kbeuly`_klbl_eZ`b\hlguo
Q_kZeZg_lhevdhm^h\e_l\hjyxlbgklbgdlb\gu_i
hlj_[ghklb`b\hlguo
q_kZlvkyhex[u_ij_^f_lughbkihkh[kl\m_lijhnbeZdlbd_ZlZd`_e_q_gbx
dh`guoaZ[he_\Zgbc
GZ]mefheh^gydZ
L_ogheh]byfykgh]hkdhlh\h^kl\Z\dexqZ_llZdmx\Z`gmxhi_jZpbxdZd
gZ]meijb\ujZsb\Zgbbfheh^gydZbhldhjfZ`b\hlguogZ
fykh
GZ]me
gZb[he__^_r_\ucbwnn_dlb\guckihkh[gZjZsb\ZgbygZ`b\hlguo
fykZb`bjZHkms_kl\ey_lkyhgkZfbfb`b\hlgufbgZ_kl_kl\_gguob
bkdmkkl\_gguoiZkl[bsZo
IjbgZ]me_hkh[_gghgZjZaghljZ\guoiZkl[bsZoh[_ki_qb\Z_lkyihlj_[ghklv
`b\hlguog_
lhevdh\wg_j]_lbq_kdhfdhjf_ghb\h\k_oiblZl_evguo
\_s_kl\Zog_h[oh^bfuo^eyjhklZjZa\blbybgZ`bjh\dbdhlhjuodZdijZ\beh
g_o\ZlZ_l\jZpbhgZoij_^eZ]Z_fuoq_eh\_dhf
ijhp_kk_gZ]meZkdhlZgZfykhihemqZxlgZb[he__dZq_kl\_ggmx]h\y^bgm
ihkdhevdm`b\hlgu_kZfb\u[bjZxlbih_^Zxllhevdhl_ljZ\udhlhju_
g_h[oh^bfu_]hhj]Zgbafm
GZa^hjh\v_gZ]mevgh]hfheh^gydZbhldZjfeb\Z_fuogZfykh`b\hlguo
[eZ]hijbylgh_\ebygb_hdZau\ZxlnZdlhju\g_rg_ckj_^u
k\h[h^gh_
i_j_^\b`_gb_ihiZkl[bsZ
fhlkmlkl\b_bkdmkkl\_gguo\lhfqbke_
l_ogh]_gguojZa^jZ`bl_e_ckha^Zxsboklj_kkh\u_kblmZpbbk\_`bc\ha^mo
bgkheypby
IjbgZ]me_^hklb]Z_lky\ukhdZyijhba\h^bl_evghklvljm^Zkdhlgbdh\dhlhju_
\mkeh\byogZ]meZfh]mlh[kem`b\Zlv\
jZaZ[hev
r_kdhlZq_fijbklhceh\hf
hldhjf_
WlhklZgh\blky\hafh`guf[eZ]h^Zjybkdexq_gbxbaijhba\h^kl\_ggh]hpbdeZ
kdZrb\Zgbybih^\hadmdhjfh\ih^]hlh\dmbodkdZjfeb\Zgbxijhp_kku
dhjfe_gbym[hjdbihf_s_gbcbbguodhjfe_gq_kdbojZ[hl
GZmdZb\_dh\Zyi
jZdlbdZ\ujZ[hlZebjZaebqgu_kihkh[uwnn_dlb\gh]h
gZ]meZijb_fe_fu_^eyjZaguoijbjh^gh
debfZlbq_kdboahgbih]h^guo
mkeh\bck_ahgh\]h^Zb^Z`_\j_f_gbkmlhd
Ijbhj]ZgbaZpbbgZ]meZ\_kvdhfie_dkhj]ZgbaZpbhggh
ohayckl\_gguo
wdhghfbq_kdbobahhl_og
bq_kdbof_jhijbylbcgZijZ\eyxlgZjZpbhgZevgh_
bkihevah\Zgb_iZkl[bsijbh^gh\j_f_gghfkhojZg_gbbbeb^Z`_ih\ur_gbb
dhjfh\hcijh^mdlb\ghklbiZkl[bsguomqZkldh\
k\yabkwlbf\hfgh]bokljZgZobkihevamxsbogZ]me\ihke_^gb_]h^u
mkbe_gugZmqgu_bkke
_^h\Zgbyihhij_^_e_gbxhilbfZevghcgZ]jmadb
gZ]mevgh]hkdhlZgZ_^bgbpma_f_evghciehsZ^b\jZaebqguoijbjh^gh
debfZlbq_kdboahgZobmkeh\byo
MklZgh\e_ghqlhijbi_j_]jmad_iZkl[bskgb`Z_lkyijh^mdlb\ghklv
`b\hlguo\hagbdZ_lhiZkghklvwjhabba_f_evbb
kq_agh\_gbybaljZ\hklhy
p_gguodhjfh\uodmevlmjWlhhkh[_gghhiZkgh^eykl_iguobihemimklugguo
aZkmreb\uojZchgh\
H^ghh[jZagu_bjZ\gbggu_gZi_j\uc\a]ey^^Z`_kl_igu_bihemimkluggu_
iZkl[bsZijb\gbfZl_evghfbobamq_gbbhlebqZxlkyjZaghh[jZab_f
jZklbl_evgh]hihdjh\Z
Hghh[mkeZ\eb\Z_lkyfbdjhdebfZlbq_kdbfbhkh[_gghklyfbkha^Zxsbfbky\
l_gbdmklZjgbdh\\ihcfZoj_dbha_j\ehsbgZoh\jZ]Zo\iZ^bgZogZkdehgZo
\ha\ur_gbc
gbfZl_evgh_bamq_gb_lZdboiZkl[bsZlZd`_ih\_^_gb_`b\hlguogZgb
o\
jZaebqgu_f_kypu]h^Zb^Z`_\jZaebqgh_\j_fy^gyiha\hey_lhiulguf
]mjlhijZ\Zf\k_]^ZgZoh^blvmqZkldbgZdhlhjuo`b\hlgu_\uiZkZxlkyk
[hevrbf`_eZgb_fq_fgZ^jm]bo
AZ^ZqZ]mjlhijZ\h\gZ]mevguo]mjlh\khklhbl\lhfqlh[ugZoh^blvbmf_eh
bkih
evah\Zlv^ey\uiZkZkdhlZlZdb_mqZkldb�eywlh]hlj_[mxlkyagZgbykjhdh\
bhkh[_gghkl_c\_]_lZpbbhl^_evguoiZkl[bsguojZkl_gbcboih_^Z_fhklv\
jZaebqgu_i_jbh^u]h^Zb\j_f_gb^gyb^Z`_bglmblb\gZyhp_gdZ`b\hlgh\h^h\
\hafh`gh]hhlghr_gby`b\hlguod
jZaebqgufjZkl_gbyfbiZkl[bsZf\
f_gyxsbokymkeh\byo
IheZ]Zxlqlhwlhihkbevghg_dZ`^hfm`b\hlgh\h^mIhwlhfmgZ]mefgh]b_
kqblZxlg_ijhklhjZ[hlhcgh^Z`_bkdmkkl\hfb^h\_jyxl_]hhkh[uf
lZeZgleb\ufex^yf
gZr_\j_fy\k\yabkh[jZah\Zgb_
f\hfgh]bojZchgZokljZguimklmxsbo
iZkl[bsbij_^iheZ]Z_fufjZa\blb_ffykgh]hkdhlh\h^kl\ZhiulgZ]meZkdhlZ
gZdhie_gguc\kljZg_ke_^m_lj_Zgbfbjh\Zlvohly[uihlhfmqlhwlhlf_lh^
gZ`bjh\dbkdhlZiha\hey_l\h\e_qv\k_evkdhohayckl\_gguch[hjhlgug_
imklmxsb_dhjfh\u_m]h^vyihemqZlvgZb[he__^_r_\u_ijb\_kub]h\y^bgm
ih\ukblv__dZq_kl\hZlZd`_wdhghfblvgZdZ`^hchldhjfe_gghc]heh\_^h
lhggua_jgh\h]hdhjfZ
Mki_ogZ]meZ\hfgh]hfaZ\bkblhlih^]hlh\db`b\hlguod\u\h^mgZ
iZkl[bsZ
GZ]mev
gu_]mjluke_^m_lnhjfbjh\Zlv\dhgp_klhceh\h]hi_jbh^Zba
`b\hlguoh^ghjh^guoihihemb\hajZklm;uqdb^he`gu[ulvdZkljbjh\Zgu
I_j_^\u\h^hfkdhlZgZiZkl[bsZdZ`^h_`b\hlgh_^he`gh[ulvhkfhlj_gh
\_l_jbgZjgufbki_pbZebklZfbbahhl_ogbdZfbbg^b\b^m
Zevgh
b^_glbnbpbjh\Zghb\a\_r_gh
DZ`^hfmgZ]mevghfm`b\hlghfmke_^m_lh[jZ[hlZlv ih^j_aZlv dhiulguc
jh]ijh\_klbg_h[oh^bfu_ijhnbeZdlbq_kdb_ijb\b\dbh[jZ[hldmhlke_ig_cb
h\h^Z^jm]b_g_h[oh^bfu_\dhgdj_lghcf_klghklbahh\_l_jbgZjgu_
f_jh
ijbylby
Ihke_\u\h^ZgZiZkl[bsZmki_ogZ]meZihqlbiheghklvxaZ\bkblhl
fZkl_jkl\Z`b\hlgh\h^h\b]mjlhijZ\h\
DgZqZeme_lZi_j__a`ZxlkhkdhlhfdihklhyggufbklhqgbdZfij_kghc\h^u
j_qdZfijm^Zfbha_jZfg_i_j_kuoZxsbfdheh^pZf;_ki_j_[hcgh_
_ki_q_gb_gZ]mevgh]hkdhlZ\h^hcy\ey_lky\Z`g_crbfmkeh\b_fmki_rgh]h
gZ]meZ
Ihylkdhlg_f_g__^\mojZa\kmldb\hl^_evgu_`Zjdb_^gb
ljbb[he__jZaZ
LujeZ f_klZ ^eyhl^uoZkdhlZ\_kghcmkljZb\ZxlgZ\ha\ur_gguo
h[^m\Z_fuo\_ljhf hldhfZjh\b
h\h^Z f_klZoe_lhf
gZ[_j_]mj_q_dbeb
g_\^Ze_d_hl\h^hihcguodheh^p_\
GZlujeZomklZgZ\eb\ZxldhjulZ^eykheb
ebamgpZq_kZeZ^ey`b\hlguo
Khhjm`Zxlg_[hevrb_aZ]hgqbdb gZ
]heh\u ^eybaheypbbihf_j_
g_h[oh^bfhklbbagZ]mevghc]jmiiuhl
^_evguohkh[_c
hij_dbkeh`b\r_fmkyfg_gbxqlh\uiZkZlvgZ]mevguo`b\hlguoke_^m_l\
ijhoeZ^gh_\j_fykmlhdbemqr_\k_]hghqvxfZkl_jZgZ]meZ\h[yaZl_evghf
ihjy^d_ij_^klZ\eyeb`b\hlguf
lbqZkh\hcghqghchl^uogZqbgZy
iZklv[mjZghmljhf^
h\hkoh^ZkhegpZ
I_j\u_qZku\uiZkZxlkdhlgZ[he__hl^Ze_gguokmoboiZkl[bsZo
ihkl_i_gghkgZklmie_gb_f`Zjuih^]hgyy]mjldgbabggufmqZkldZfk[he__
khqgufljZ\hklh_f
ex[hfkemqZ_dZ`^u_
qZkZij_^klZ\eyxl`b\hlgufqZkh\hchl^uo
DgZklmie_gb
x`Zju]mjlih^]hgyxldlujemihylhklZ\eyy\h^hihcgu_
_fdhklbaZiheg_ggufb\h^hcbij_^klZ\eyxlkdhlm
oqZkh\hchl^uo
wlh\j_fyhl^uoZxlbkdhlgbdb
IZklv[m\aZ\bkbfhklbhlih]h^u\gh\vgZqbgZxlkq_luj_o
iylbqZkh\
\_q_jZ
Ihke_h[_^_gg
ZyiZklv[Zh[uqghijh\h^blky[he__bgl_gkb\ghihkdhevdm
kmldbkdehgyxlkyd\_q_jmbklZgh\blkyg_`Zjq_dZd\i_j\hciheh\bg_^gyZ
ijhoeZ^g__
Ihke_h[_^_ggZybgl_gkb\ghklvgZ]meZaZdexqZ_lky\lhfqlh\h\j_fy
iZklv[uhl^uokdhlmij_^hklZ\ey_lky
j_`_b[he__dhjhldh_ih\j_f_gb
AZ
qZkZ^haZoh^ZkhegpZkdhl\gh\vih^]hgyxldlujemihylb
ij_^klZ\eyxl_fmdjZldh\j_f_gguc qZkh\hc hl^uo\h\j_fydhlhjh]h
hl^uoZxlbkZfb]mjlhijZ\u
AZl_fgZqbgZ_lky\_q_jgyyiZklv[ZIh\j_f_gbhgZkh\iZ^Z_
lkfZkkh\uf
\ue_lhfdhfZjh\Ihwlhfmijh\h^yl__gZh[^m\Z_fuo\_ljhf\ha\ur_gguo
mqZkldZo
_q_jgxxiZklv[maZ\_jrZxlhdhehqZkh\ghqbihke_q_]hij_^klZ\eyxl
]mjlmghqghchl^uo^hjZkk\_lZ
A^_kvkdZaZghebrvh[h[sboijbgpbiZogZ]meZfheh^gydZdjm
igh]hjh]Zlh]h
kdhlZfZkl_jZfbgZ]mevguohi_jZpbc;_amkeh\ghdZ`^uc]mjlhijZ\djhf_
hibkZgguoijb_fh\bf__lk\hbk_dj_luh[_ki_qb\Zxsb_\ukhdmx
wnn_dlb\ghklvgZ`bjh\dbkdhlZ\l_obebbguoiZkl[bsguomkeh\byo
H^gbfba^bkdmkkbhgguo\hijhkh\ijbh
j]ZgbaZpbbgZ]meZkdhlZ[ueb
hklZ_lky\hijhkhg_h[oh^bfhklb^hihegbl_evghcdiZkl[bsZfih^dhjfdb
`b\hlguodhgp_gljbjh\Zggufbbeb^jm]bfb\b^Zfbdhjfh\
Hiuli_j_^h\uo`b\hlgh\h^h\ihdZaZeqlhijbmf_ehfbkihevah\Zgbb
iZkl[bs\ukhdb_ijb\_ku`b\hlguo
gZmjh\g_
]jZffh\\kmldb
fh`ghihemqZlvb[_a^hihegbl_evghcih^dhjfdb@b\hlgu_m^h\e_l\hjyxl
ihlj_[ghklv\dhjf_aZkq_liZkl[bs?keb`_hgbihemqZxlih^dhjfdmlh
khhl\_lkl\_gghkt_^Zxlf_gvr_iZkl[bsgh]hdhjfZIjbjhkl`_bof_gy_lky
g_agZ
qbl_evgh
G_evayhljbpZlvqlhdhgp_gljZlgZyih^dhjfdZgZijbf_j\_^_ldgZjmr_gbx
khhlghr_gby\jZpbhg_hl^_evguoiblZl_evguo\_s_kl\ihklmiZxsbo\
hj]ZgbafdZevpb_\h
nhknhjgh]hkhhlghr_gbyqlhg_kihkh[kl\m_l
ghjfZevghfmibs_\Zj_gbx
hkh[haZkmre
b\u_]h^udh]^Zm`_ddhgpm\_kgu\u]hjZxlljZ\ugZ]me
p_e_khh[jZaghijh\h^blvkih^dhjfdhc`b\hlguodhgp_gljZlZfb;_awlh]h
\ukhdb_ijb\_kuihemqZlvg_\hafh`gh
Ijbkh^_j`ZgbbgZ]mevguo]mjlh\\h]hjh`_gguoiZkl[bsZo[_aihklhyggh]h
ijbkfhljZboq_eh\
_dhfijb\_ku`b\hlguo[u\ZxlgZ
ijhp_glh\f_gvr_
GZkulb\rbkv`b\hlgu_ih^he]mhl^uoZxli_j_`_\u\Zy`\Zqdm
Fgh]b_gZ[ex^_gbyihdZaZebqlhgZh]hjh`_gguoiZkl[bsZo
ij_^hklZ\e_ggu_kZfbfk_[_[uqdbiZkmlkyg_[he__
qZkh\\kmldb
Ijh^he`
bl_evghklviZklv[uih^gZ[ex^_gb_fiZklmoh\ijh^he`Z_lky
qZkh\
mkeh\byodh]^Z]mjl\uiZkZ_lkyiZklmoZfbq_eh\_dg_^Z_l\hafh`ghklv
aZe_`b\Zlvkykdhlmi_j_]hgy_l]mjlgZl_iZkl[bsgu_mqZkldbdhlhju_emqr_
bkihevamxlky`b\hlgufb\aZ\b
kbfhklbhl\j_f_gbkmlhdkhklhygbyih]h^ub
jy^Z^jm]bonZdlhjh\Ihwlhfmijb\_kua^_kvh[uqgh\ur_

�eyih\ur_gbyij_^m[hcgh]h`b\h]h\_kZihke_gZ]meZgZh]hjh`_gguo
iZkl[bsZoh[uqghijZdlbdmxldjZldh\j_f_gguc
^hf_kyp_\
aZdexqbl_evguc
hldhjfgZh[bevguoiheghp_gguojZpbhgZoIjbwlhfdZ`^h_
`b\hlgh_m\_ebqb\Z_l`b\hc\_k_s_gZ
dbeh]jZffh\

Bkke_^h\Zgbyfgh]bomq_guoihdZau\Zxlqlh\ijhp_kk_gZ]meZihemqZxl
gZb[he__^_r_\u_ijb\_ku
\
jZaZgb`_q_fijbhldhjf_gZ
iehsZ^dZobeb
\ihf_s_gbyoIjbwlhfwdhghfylgZdZ`^hf`b\hlghf^hlhggua_jgh\h]h
dhjfZ

DZq_kl\h]h\y^bguhlgZ]mevgh]hkdhlZg_kjZ\gbfh\ur_Hgh[he__
ZjhfZlgh_g_`gh_g_[u\Z_li_j_`bj_ggufLZdh_fykhh[eZ^Z_lij_djZkgufb
dmebgZjgufbdZq_kl\Z
fbBafgh]hdhklguoqZkl_clmrbfykgh]hkdhlZ]hlh\yl
iurmsb_ZjhfZlhf[mevhgubi_j\u_[ex^ZbafykZ
\k_\hafh`gu_dhle_lu
jZaebqgu_Zg]ebckdb_kl_cdbbebg_f_pdb_[bnrl_dku
ohjhrhbebmf_j_ggh
ijh`Zj_ggu_gZex[bl_e_c
fy]db_lh_klvkkmdjh\bp_c

�Z`_g_fpubZ\kljbcpuba\_klgu_\fbj_ex[bl_ebl_eylbgukqblZxl
qlh]h\y^bgZhlgZ]mevgh]hfykgh]hkdhlZihdZq_kl\m\ur_q_fboex[bfZy
l_eylbgZihemq_ggZyhlex[hcihjh^u

=h\y^bgmhlgZ]mevgh]hkdhlZ\hij_^_e_gghcijhihjpbb\dexq
Zxl\
\ukhdhkhjlgu_khkbkdbbkZj^_evdb\nZjrbadhlhjh]h]hlh\ylweblgu_
dhe[Zkgu_ba^_eby

Bf_gghihwlhfmgZ]mey\ey_lkykhklZ\ghcqZklvxl_ogheh]bb
ki_pbZebabjh\Zggh]hfykgh]hkdhlh\h^kl\Z
Hldhjf\u[jZdh\Zgg
uodhjh\

ihk
e_^gb_]h^uhldhjfm\u[jZdh\Zgguodhjh\m^_eyxlg_h[hkgh\Zggh
fZeh\gbfZgbydZdmq_gu_lZdbijZdlbq_kdb_jZ[hlgbdbBa
aZwlh]h[hevrZy
qZklv\ajhkeh]hkdhlZihklmiZ_lgZm[hcgbadhcmiblZgghklbbg_\ukhdh]h
`b\h]h\_kZ
Ijbwlhfijhbkoh^blihl_jyijhba\
h^kl\ZagZqbl_evgh]hdhebq_kl\ZfykZlZd
dZd^hey\u[jZdh\Zggh]h\ajhkeh]hkdhlZ]eZ\gufh[jZahfdhjh\\h[s_f
ijhba\h^kl\_]h\y^bgukhklZ\ey_l
ijhp_glh\Zihki_pbZebabjh\Zgguf
ohayckl\Zfij_\urZ_l
M[hc\u[jZdh\Zgguo\ajhkeuodhjh\[_ai
j_^\Zjbl_evgh]hhldhjfZ
kihkh[kl\m_lnhjfbjh\Zgbxkj_^bqZklbgZk_e_gbyfg_gbyhlhfqlh]h\y^bgZ
hl\ajhkeh]hkdhlZihdZq_kl\mom`_q_fhlfheh^uo`b\hlguo
QZklbqghhgbijZ\u?s_\
o]h^Zoijhreh]h\_dZ[uehmklZgh\e_ghqlhk
\hajZklhf`b\hlgu
odZeeh]_gh\u_bweZklbqgu_\hehdgZ\oh^ysb_\khklZ\
kh_^bgbl_evghcldZgbfykZklZgh\ylky[he__`_kldbfbbmijm]bfbqlh
hdZau\Z_lhljbpZl_evgh_\ebygb_gZg_`ghklvbdmebgZjgu_k\hckl\Z]h\y^bgu
aZwlh]hlZdmx]h\y^bgmj_dhf_g^h\Zeb^eyijb]hlh\e_
gbygbadhkhjlguo
ibs_\uoijh^mdlh\bebrvihke_]em[hdhcl_jfbq_kdhch[jZ[hldb dhgk_j\u
nZjrbgbadhkhjlgu_dhe[Zku beb`_^eyl_ogbq_kdbop_e_c
H^gZdh[he__iha^gb_bkke_^h\ZgbyJhkkbckdbobaZjm[_`guomq_guo
ihdZaZebqlhlZdh_fg_gb_h[hkgh\Zghe
brvihhlghr_gbxd]h\y^bg_
ihemqZ_fhchl\u[jZdh\Zgguoih\hajZklm`b\hlguodhlhjuom[b\ZxlgZfykh
[_aij_^\Zjbl_evgh]hgZ]meZbebhldhjfZ\khklhygbbg_\ukhdhcmiblZgghklb
bebkjZamihke_hdhgqZgbyeZdlZpbb ih^khkgh]hi_jbh^Z dh]^Zhj]Zgbaf
`b\hlgh
]h_s_gZoh^blky\gZijy`_gghfnbabheh]bq_kdhfkhklhygbbk\yaZgghf
kijh^mpbjh\Zgb_ffhehdZ
�Z`__keblZdb_`b\hlgu_bf_xlm^h\e_l\hjbl_evgmxmiblZgghklvwlh
hljbpZl_evghkdZau\Z_lkygZkhklhygbb\k_onmgdpbchj]ZgbafZ\lhfqbke_
h[mkeZ\eb\ZxsbodZq_
kl\h]h\y^bgu
�hdZaZghqlhihg_dhlhjufhj]Zghe_ilbq_kdbfdZq_kl\_ggufihdZaZl_eyf
lZdbfdZd\dmkZjhfZlkljmdlmjZ[_edh\hcb`bjh\hcldZgbfykhohjhrh
hldhjfe_gguo\ajhkeuo`b\hlguog_mklmiZ_lZijbijb]hlh\e_gbbi_j\uob
dhf[bgbjh\Zgguo[ex^
[hjsbkmiui_evf_gb[_eyrbfykhkdZjlhn_e_fbeb
djmiZfb\gZlmjZevghfkhmk_ ihimeyjguo\Jhkkbbij_\hkoh^bl]h\y^bgmhl
fheh^gydZ
Bf_gghaZwlbdZq_kl\Z\k\h_\j_fy\ukhdhp_gbeb\Jhkkbbb?\jhi_fykhlZd
gZau\Z_fh]hq_jdZkkdh]hkdhlZ
u[jZd
h\Zgguc\ajhkeuckdhlohjhrhih^^Z_lkyhldhjfm\f_gvr_ckl_i_gb
gZ]memhkh[_gghgZkmoboiZkl[bsZo
hlebqb_hlfheh^uo`b\hlguohgbf__lknhjfbjh\Z\rbcky`_em^hqgh
dbr_qgucljZdlihwlhfmohjhrhi_j_\Zjb\Z_l]jm[u_dhjfZ
H^gZdh\u[jZdh\dm\ajhk
eh]hkdhlZijh\h^ylqZs_\k_]hihklZjhklbdh]^Zm
`b\hlguoklZqb\Zxlkyam[uIhwlhfmijbhldhjf_lZdh]hkdhlZ]jm[u_dhjfZ
ke_^m_lbaf_evqZlvbijhiZjb\Zlva_jgh\hcdhjfohjhrh^jh[blvbebiexsblv
u[jZdh\Zgguc\ajhkeuckdhlwnn_dlb\ghbkihevam_ljZ
ggb_fZckdb_
bxgvkdb_iZkl[bsZihdZljZ\ZgZgbog_h]jm[__l�Z_lijbwlhf\ukhdbc
ijbjhkl`b\hcfZkku
]jZffh\\kmldb
AZ
f_kypZaZdexqbl_evgh]hgZ]meZbhldhjfZ\u[jZdh\Zggu_\ajhkeu_
`b\hlgu__`_f_kyqghm\_ebqb\Zxl`b\mxfZkkmgZ
dbeh]jZffh\AZwlh
\j_fymgboih\urZ_lkydZq_kl\hrdmjuHgZklZgh\ylky[he__ly`_ehciehlghc
bijhqghcgZjZaju\
L_ogheh]byhldhjfZ\u[jZdh\Zgguodhjh\hlghkbl_evghijhklZy
u[jZdh\Zgguo`b\hlguoi_j_\h^ylbah[s_]hklZ^ZgZhldhjfg_hk_gv
ijb[hgblbjh\d_dZdwlhijbgylhZ\dhgp_e_lZKjZam`_hl[b\Zxll_eyl
Dhjh\nhjfbjmxl\hldhjfhqgu_]mjludhlhju_jZaf_sZxl\ihf_s_gbyo
Ihke_lh]hdZdhgbi_j_klZxl[_kihdhblvkybbkdZlvl_eylgZqbgZxlgZ]me
h[yaZl_evghkih^dhjfdhcdhgp_gljZlZf
bih
dbeh]jZffZgZ]heh\m\^_gv
i_j\h_\j_fy`b\hlguo\uiZkZxlg_[he__
qZkh\\kmldbDhgp_gljZlgmx
ih^dhjfdmkdZjfeb\Zxl\k_j_^bg_^gyihke_\h^hihyb\_q_jhfaZ
qZkZ^h
ghqgh]hhl^uoZ
;_a^hihegbl_evghcih^dhjfdbgZh^gbolhevdhi
Zkl[bsZohldhjfhdZau\Z_lky
fZehwnn_dlb\gufH[wlhfk\b^_l_evkl\mxl^Zggu_ihemq_ggu_\hiulZo
wlbobkke_^h\Zgbyo`b\hlgu_i_j\hc]jmiiugZoh^bebkvlhevdhgZ
iZkl[bsZoIh^dhjfdmhgbg_ihemqZeblhjmx]jmiim^hihegbl_evghd
iZkl[bsZfih^dZjfeb\Zeb
^\mfydbeh]jZffZfbdhf[bdhjfZ gZ]heh\m\^_gv 
Lj_lvy]jmiiZgZoh^beZkvgZhldhjf_iZkl[bsZfbg_ihevah\ZeZkv
�Zggu_lZ[ebpuk\b^_l_evkl\mxlhg_\ukhdhcwnn_dlb\ghklbgZ]meZ
\u[jZdh\Zgguodhjh\lhevdhgZiZkl[bsZo[_aih^dhjfdbdhgp_gljZlZfbBo
`b\hc\_k\dhgp_gZ]meZkhklZ\eye\k_]hd]gZd]f_gvr_q_fmbo
ZgZeh]h\ihemqZ\rbo^hihegbl_evghdiZkl[bsZfdhgp_gljZlgmxih^dhjfdmb
gZd]f_gvr_ihkjZ\g_gbxkhldhjfhf\klhce_
IjbjZkq_l_k_[_klhbfhklbijb\_kZhdZaZehkvqlh_keb_]h
ihgZ]mevghc]jmii_
ijbgylvaZlhih\lhjhc]jmii_hgkhklZ\beijhp_glh\ihlj_lv_c
hldhjfhqghc]jmii_
145 %.
KgyluokhldhjfZ\u[jZdh\Zgguo`b\hlguohlijZ\eyxlgZfykhdhf[bgZl
\u[hjhqghihf_j_^hklb`_gbyg_h[oh^bfuo\_kZbmiblZgghklb




Wnn_dlb\ghklvjZaguof_lh^h\gZ]meZbhldhjfZ\u[jZdh\Zgguoih
klZjhklbdhjh\


IhdZaZl_eb
]jmiiZ
gZ]me
[_aih^dhjfdb
]jmiiZ
gZ]mek
ih^dhjfdhc
dhgp_gljZlZfb
]jmiiZ
hldhjf
ijbklhceh\hf
kh^_j`Zgbb
@b\hc\_kd]
IjbihklZgh\d_gZ
gZ]me
hldhjf

381,4

394,1

396,0
dhgp_hldhjfZ

399,8

430,0

476,0

Ijbjhkl
H[sbcd]

18,5

35,9

80,0
Kj_^g_kmlhqguc
]jZffh\



Ij_^m[hcguc`b\hc
\_kd]

380,3

412,3

454,0
_klmrbd]

168,0

187,0

226,0
uoh^lmrb

44,2

45,4


49,8
_k`bjZd]

10,1

19,1

33,3
uoh^`bjZ

2,6

4,0

7,3
M[hcguc\uoh^

46,8

50,0

57,1
AZljZq_ghdhjf_^
\k_]h

487,7

600,0

665,5
GZd]ijbjhklZ

26,6

16,7

8,3

Ke_^mxsbc\u\h^ihemq_gguc\wlbobkke_^h\ZgbyoaZdex
qZeky\lhfqlh
ijbhldhjf_\u[jZdh\Zgguo\ajhkeuo`b\hlguoihemqZxlijbmf_j_gguo
aZljZlZoljm^Zdhjfh\bkj_^kl\fykghcijh^mdpbb\ukhdh]hdZq_kl\Z^Z`_
[hevr_q_fijbhldhjf_fheh^gydZ


g_dhlhjuokljZgZofbjZ
[hevrhcihimeyjghklvxihevamxlky
wdahlbq_kdb_[ex^Zdhlhju_fh`ghijb]hlh\blvlhevdhba]h\y^bguhlfykgh]h
kdhlZ\ujZs_ggh]hbhldhjfe_ggh]hihhkh[hcl_ogheh]bb
k_j_^bg_ijhreh]h\_dZ[hevr_c \gZklhys__\j_fyf_gvr_c 
ihimeyjghklvxihevam_lky]h\
y^bgZbfykgu_[ex^Zbag__gZau\Z_fu_
[w[b
[bn
LZdmx]h\y^bgmihemqZxlijb\ujZsb\Zgbbkh\f_s_gghfkbgl_gkb\guf
hldhjfhffheh^uo[uqdh\
dZkljZlh\bebl_ehq_d]_j_nhj^kdhcbebZg]mkkdhc
ihjh^
L_eylZfij_^gZagZq_ggufgZ[w[b[bnhljh`^
_gbyb^hm[hy
ij_^hklZ\eyxlh[bevgh_dhjfe_gb_�hihegbl_evghdfhehdmfZl_jbb
iZkl[bsghcljZ\_hgbbf_xlg_h]jZgbq_gguc^hklmida_jgh\hfmdhjfm
khklhys_f\hkgh\ghfbaiexs_gguoyqf_gyh\kZbir_gbpu
=jm[ucdhjf k_ghkbehk aZgbfZxlebrvg_agZ
qbl_evgmx^hex\jZpbhgZo
G_evay^himkdZlvqlh[u\l_q_gb_k\h_cdhjhldhc`bagbl_e_ghd
ihklZ\e_ggucgZ\ujZsb\Zgb_kh^gh\j_f_ggufbgl_gkb\gufhldhjfhf
hsmsZeqm\kl\h]heh^Z
ibr_lba\_klgucZf_jbdZgkdbcki_pbZebkl
ijhn_kkhjBeebghckdh]hmgb\
_jkbl_lZJJKg_ii\k\h_cwgpbdehi_^bq_kdhc
dgb]_Fykgh_kdhlh\h^kl\h
ujZsb\Zgb_ihkbkl_f_[w[b[bn\_^ml^h
f_kyqgh]h\hajZklZdh]^Z
`b\hlgu_^hklb]Zxl\_kZ\
dbeh]jZffh\
ihke_^gb_]h^uihwlhckbkl_f_iulZebkvhldZjfeb\Zlv`b
\hlguo^h
f_kyqgh]h\hajZklZbaZ[b\ZlvbogZfykhk`b\uf\_khf
dbeh]jZffh\
H^gZdhijbwlhflmrZbfykhklZgh\ylkyqj_af_jgh`bjgufbKh^_j`Zgb_
`bjZ\kj_^g_cijh[_fykZhllZdbo`b\hlguo^hoh^bl^h
ijhp_glh\
;w[b[bny\ey_l
kyki_pbZevghcfykghcijh^mdpb_chlebqZxs_cky\ukhdhc
iblZl_evghklvx`bjghklvxkhqghklvxhkh[uf\dmkhfbZjhfZlhf
HghgZklhevdhg_`ghqlh^Z`_ijbdjZldh\j_f_gghcl_jfbq_kdhch[jZ[hld_
klZgh\blkyfy]dbfb]hlh\ufdihlj_[e_gbxq_eh\_dhf
[md\Zevghfi_j_\h^_gZjmkkdbcyaudhagZqZ_l]h\y^bgZ^eyj_[_gdZ
Hkh[hc
ihimeyjghklvxwlhl\b^fykZihevam_lkym^_l_c\k_o\hajZklh\^Z`_
]jm^gbdh\mdhlhjuo_s_g_ijhj_aZebkvam[uHgbkhkmllZdh_fykhhlkZku\Zy
_]hdmkhqdbdZdhli_j_aj_eh]h[ZgZgZ
;w[b[bnihe_a_g^ey[ukljh]h\hkklZgh\e_gbykbeihke_ly`_euo
[he_\Zgbc?]hj_dhf_g^mxlebpZfjZ[hlZxsbfgZly`_euonbabq_kdbo
jZ[hlZo\qZklghklbrZol_jZf
GZfykguojugdZolZdh_fykhgZau\Zxlg_[w[b[bnZ]h\y^bghchl
h[bevghhldhjfe_gguo]h^h\bqdh\bj_Zebam_lkyhghih[he__\ukhdbfp_gZf

Hdheh
ofbeebhgh\]heh\fykgh]hkdhlZbf__lYihgby
kljZgZk\ukhdhc
iehlghklvxgZk_e_gbybh]jZgbq_ggufba_f_evgufbj_kmjkZfbA^_kv`b\hlguo
fykguoihjh^bkihevamxl]eZ\gufh[jZahf^eyijhfure_ggh]hkdj_sb\Zgbyb
ijhba\h^kl\Z
]h\y^bguhkh[h]hdZq_kl\Zba\_klghclhevdh\kljZg_hkoh^ys_]h
KhegpZbbf_gm_fhc
Dh[b[bn
Dh[b
gZa\Zgb_yihgkdh]h]hjh^ZgZijb]hjh^guon_jfZodhlhjh]h
\i_j\u_[ueijhba\_^_gwlhllbi]h\y^bgu
Dh[b[bn
`bjgh_fykhHghkh^_j`blhdheh
ijhp_glh\
\gmljbfur_qgh]h`bjZ
ijhp_glh\[_edh\
IhemqZxl__hlbgl_gkb\ghhldhjfe_gguo
f_kyqguoihf_kguol_ehd
fykguoihjh^_s_g_[u\rbo\kemqd_kj_^bdhlhjuoeb^bjmxs__iheh`_gb_
aZgbfZxlZg]mku
G_kfhljygZ\ukhdh_kh^_j`Zgb_`bjZ\
lmr_ihqlb\_kvhgjZ\ghf_jgh
jZkij_^_e_g\gmljbfur_qghqlhh[_ki_qb\Z_l\ukhdb_dZq_kl\Z]h\y^bgu
hkh[_ggh__g_i_j_^Z\Z_fmxg_`ghklv\dmkbZjhfZl
�hklb]Z_lkywlhiml_fhkh[hcl_ogheh]bbhldhjfZ
Ijbhldhjf_`b\hlgu_ih^\_j]Zxlky_`_^g_\ghfmjmqg
hfmbeb
f_oZgbq_kdhfmfZkkZ`mijbihfhsbdhlhjh]h`bjhldeZ^u\Zxsbcky\
ijhp_kk_hldhjfZjZa]hgy_lkyih\k_fmhj]Zgbafmb\]hgy_lky\lhesmfykZ
IjbwlhfjZajuoeyxlkyfur_qgu_bf_`fur_qgu_\hehdgZkha^Zxsb_dZd
ba\_klgh\gmljbfur_qguckh_^bgbl_e
vgh
ldZggucdZjdZkHlwlh]hfykh
klZgh\blkyg_`guf
jZpbhgu`b\hlguogZi_jbh^\k_]hhldhjfZ\dexqZxlib\hHghijb^Z_l
fykmblmr_hkh[ucZjhfZlb_s_[hevr_ih\urZ_l_]hkhqghklvbg_`ghklv
=h\y^bgZlbiZdh[b[bng_kfhljygZ__^hjh]h\bag
mihevam_lky\ukhdbf
kijhkhfm[h]ZlhcqZklbgZk_e_gbyYihgbb?_\g_[hevrhfdhebq_kl\_\u\hayl
\^jm]b_kljZgu\dexqZyJhkkbx

AbfZ
gZb[he__aZljZlguci_jbh^\fykghfkdhlh\h^kl\_
Ih^kqblZg
qlh
gZ
klhceh\uci_jbh^ \kj_^g_fwlhhdhehr_klbf_kyp_\
),
ijboh^blky^h
ijhp_glh\]h^h\uoaZljZlgZdhjfe_gb_bkh^_j`Zgb_fykgh]hkdhlZ
Hll_ogheh]bbb\i_j\mxhq_j_^vhldhjfe_gbybkh^_j`Zgby`b\hlguo\
klhceh\uci_jbh^\agZqbl_evghckl
_i_gbaZ\bkblwdhghfbq_kdZywnn_dlb\ghklv
fykgh]hkdhlh\h^kl\Z\p_ehf
G_m^ZqbkjZa\_^_gb_ffykgh]hkdhlZijhbkoh^b\rb_\[u\r_fKh\_lkdhf
Khxa_h[tykgyxlkylZd`_bl_fqlh\fykghfkdhlh\h^kl\_ijbf_gyeblm`_
l_ogheh]bxdhlhjmxbkihevah\Zebg
Zfhehqguon_jfZo
LZdb_`_ihf_s_gbyZgZeh]bqgh_dhjfe_gb_bkh^_j`Zgb_\ajhkeuo
`b\hlguobfheh^gydZaZljZluwg_j]hj_kmjkh\bq_eh\_q_kdh]hljm^Z
\k_wlh
[uehh^bgZdh\ufdZd\fykghflZdb\fhehqghfkdhlh\h^kl\_
JZaebqghc[ueZebrvijh^mdlb\gh
klv`b\hlguo
Bfykgu_bfhehqgu_dhjh\u_`_]h^ghl_ebebkvbijhba\h^bebh^bgZdh\h_
dhebq_kl\hl_eyl
\emqr_fkemqZ_ihh^ghfmhldhjh\u
Hlfhehqguodhjh\\l_q_gb_]h^ZijZdlbq_kdb_`_^g_\gh ^g_c\]h^m 
ihemqZebfhehdhgZg_dhlhjuon_jfZo
[hevr_gZbguo
f_gvr_L_eyl
hlijZ\eyebgZhldhjfbijhba\h^beb]h\y^bgm
Hlfykguodhjh\_`_^g_\ghcijh^mdpbbg_ihemqZebHgb\ujZsb\ZebgZ
ih^khk_k\hbol_eyldhlhjuoihke_hlt_fZlZd`_gZijZ\eyebgZhldhjfbeb
gZ]me
l_q_gb_]h^Zfykgh_
klZ^hijhba\h^beh]h\y^bgmijbf_jgh\lhf`_
dhebq_kl\_dZdbZgZeh]bqgh_ihqbke_gghklbfhehqgh_ih]heh\v_
ih
100
dbeh]jZffh\gZkljmdlmjgmx]heh\m\]h^
mkeh\byoihklhyggh]h^_nbpblZfykZgZdZq_kl\h_]hihdmiZl_evh[jZsZe
fZeh\gbfZgby
ueh[uqlhdmiblv
Ihwlhfmp_gugZ]h\y^bgmhlfykgh]hbfhehqgh]hkdhlZ[uebh^bgZdh\ufb
j_amevlZl_bijh^mdlb\ghklvbwdhghfbq_kdZywnn_dlb\ghklvfhehqgh]h
kdhlh\h^kl\ZhdZau\ZeZkv\^\Zbgh]^Z\ljbb^Z`_q_luj_jZaZ\ur_q_f
kdhlh\h^kl\Zfykg
h]h
Ihwlhfmg_kfhljygZfgh]hqbke_ggu_ijZ\bl_evkl\_ggu_biZjlbcgu_
ihklZgh\e_gbybijh]jZffujZa\blbyfykgh]hkdhlh\h^kl\Zhghg_jZa\b\Zehkv
wlbomkeh\byoijh^he`ZeZkvbgl_gkbnbdZpby\h^bgZdh\hckl_i_gbdZd
fhehqgh]hlZdbfykgh]hkdhlh\h^kl
\Z
Ijhba\h^bebfZkrlZ[gh_kljhbl_evkl\hgh\uo^hjh]hklhysbodhjh\gbdh\k
dhfnhjlgufbmkeh\byfb^ey`b\hlguojh^bevguoihf_s_gbc^eyfZlhqgh]h
ih]heh\vyn_jf^eybgl_gkb\gh]h\ujZsb\Zgbyfheh^gydZ
ihgylb_bgl_gkbnbdZpby\oh^behmdj_ie_gb_dhjfh\
hc[Zau
kh\_jr_gkl\h\Zgb_jZpbhgh\dhjfe_gby`b\hlguoHgbklZgh\bebkv[he__
gZkus_ggufb^hjh]hklhysbfbbg]j_^b_glZfb\dexqZya_jgh\h]h
ijhbkoh`^_gbyjZaebqgufbdhjfh\ufb^h[Z\dZfbh[h]ZsZxsbfbjZpbhgu
gh\ufb\blZfbgZfbZfbgh
b`bjgufbdbkehlZfbfb
djhwe_f_glZfb
LZdZybgl_gkbnbdZpbykihkh[kl\h\ZeZih\ur_gbxm^h_\fhehqguodhjh\b
dZq_kl\mbofhehdZMfheh^gydZ\hajZklZebijb\_ku
Ljm^`b\hlgh\h^h\hkh[_ggh^hyjhdklZgh\beky[he__ijhba\h^bl_evgufb
ijb\e_dZl_evguf
H^gZdh\k_wlhhlghkbehkvd
fhehqghfmkdhlh\h^kl\m
fykghfkdhlh\h^kl\_\ex[uomkeh\byoijbex[uoaZljZlZogZ
bgl_gkbnbdZpbx_^bgkl\_gghcijh^mdpb_cfykghcdhjh\uhklZ\Zeky\emqr_f
kemqZ_lhevdhh^bgl_e_ghd
?]hijb\_ku\bgl_gkb\guomkeh\byo
dhjfe_gbybkh^_j`ZgbylZd`_\h
ajZklZeb
H^gZdh`b\hc\_kfheh^gydZl_jyekydZd
lhevdh`b\hlgu_\uoh^bebgZiZkl[bsZ
_kebbfg_khojZgyebhkh[u_mkeh\by
dhjfe_gbybkh^_j`ZgbygZih^h[b_l_odhlhju_hgbbf_ebij_`^_
IZkl[bsZdZdbfb[uhgbijh^mdlb\gufbg_[uebklZ\yl`b\hlguo
kh\_jr_gghbgu_mkeh\by@b\hlgu_^he`gufgh]hi_j_^\b]Zlvkyqlh[ugZclb
g_h[oh^bfucbfdhjfHgbih^\_j]Zxlky\g_rgbfjZg__g_ba\_klgufbf
\ha^_ckl\byfih^he]me_`ZlgZkulb\rbkv

Hj]Zgbaf`b\hlguo\ujZs_gguo\ohjhrbomkeh\byolj_[m_llZ
dbo`_
mkeh\bcbijb^Zevg_cr_f\ujZsb\ZgbbBgZq_hgbkgb`Zxlb\_kb
miblZgghklvWlhahhl_ogbq_kdZyaZdhghf_jghklv
Ihwlhfmf_lh^ubgl_gkbnbdZpbbfykgh]hbfhehqgh]hkdhlh\h^kl\Z^he`gu
[ulvjZaebqgufb
Fhehqgh_kdhlh\h^kl\hjZa\b\Z_lkyihh[sbfdZghg
Zfbgl_gkbnbdZpbbQ_f
[hevr_\g_]h\deZ^u\Z_lkydZiblZeh\eh`_gbcl_fhgh[he__ijh^mdlb\ghb
wnn_dlb\gh
fykghfkdhlh\h^kl\_wlh]hg_ijhbkoh^blIh\ur_gb_bgl_gkbnbpbjmxsbo
nZdlhjh\\dexqZydZiblZeh\eh`_gbyk\_johilbfZevguo\_^_lg_d
iheh`bl_ev
gufZdhljbpZl_evgufijh^mdlb\gufbwdhghfbq_kdbfj_amevlZlZf
Wlhiha\hey_lkqblZlvfykgh_kdhlh\h^kl\hhkh[ufwdkl_gkb\guf
gZijZ\e_gb_f\kdhlh\h^kl\_l_ogheh]bybijhba\h^kl\_ggu_ijhp_kku\
dhlhjhf^he`guhkms_kl\eylvkyihbgufijZ\beZf
Mq_gu_fg
h]bokljZgfbjZkqblZxl\k\yabkwlbfqlhgZb[he__keh`gucb
^hjh]hklhysbcijhba\h^kl\_ggucijhp_kk\fykghfkdhlh\h^kl\_
dhjfe_gb_b
kh^_j`Zgb_kdhlZ\klhceh\uci_jbh^
^he`_ghkms_kl\eylvkygZ
ijbgpbibZevghbghchkgh\_q_f\kdhlh\h^kl\_fhehqghf
Hg^he`_gijhoh^blvgZfZehaZljZlghchkgh\_ijbfbgbfZevghf
jZkoh^h\Zgbb^hjh]hklhysbodhjfh\
wdah]_gghcwg_j]bbbljm^Zq_eh\_dZ
Ijbdhjfe_gbbfykguodhjh\abfhc\
lh\Zjghffykghfkdhlh\h^kl\_
bl_ehd
hdhehdhjfh\uo_^bgbp`b\hlgu_
ihemqZxl\\b^_aZ]hlh\e_gguodhjfh\
k_ghk_gZ`kbehkkhehfZg_[hevrh_dhebq_kl\hdhgp_gljZlh\ ^h[u\Zxl
kZfbkhk_ggboabfgbobjZgg_\_k_ggbo ih^kg_`guo iZkl[bs
dZq_kl\_k_ahgguoiZkl[bsbkihe
vamxlkl_jgxa_jgh\uodmevlmjgZ
dhlhjuoihke_m[hjdboe_[h\mki_\Z_l\ujZklbkhjgZyljZ\ZbijhjZklba_jgZ
Bgh]^ZiZkl[bsZgZklhceh\uci_jbh^\j_f_gb]hlh\ylki_pbZevghhklZ\eyy
g_kljZ\e_gghc_kl_kl\_ggmxjZklbl_evghklvbebijhba\h^ye_lgb_ihk_\u
ukhdhkl_[_evqZluoljZ\beba_jgh\uodmevlmjqZs_\k_]hh\kZ\_]_lZlb\gZy
fZkkZdhlhjh]hb\kmohf\b^_ohjhrhih_^Z_lky`b\hlgufb
Bgh]^ZlZdb_ihk_\ui_j_^gZklmie_gb_ffhjhaguo^g_c\a_e_ghf\b^_
kdZrb\Zxl\djmigu_k^\h_ggu_\ZedbhklZ\eyybo\ihe_
bbkihevamy^ey
\uiZkZkdhlZabfhcKdhlhlukdb\Z_l\ZedbbjZa]j_[Zykg_]fhj^Zfbbgh]Zfb
ih_^Z_ldhjf
k_]hwlh]hg_ohl_ebihgylvjmdh\h^bl_ebk_evkdh]hohayckl\Z[u\r_c
kh\_lkdhcbfi_jbbIhwlhfmfykgh_kdhlh\h^kl\h\kljZg_g_kfhljygZ
gbfZ\rb_kymkbebyg_jZa\b\ZehkvlhilZehkvgZf_kl_bebju\dZfb
^\b]ZehkvgZaZ^
AZjm[_`guchiulh[h[s_ggucJKg_iihfihdZau\Z_lqlhihkljhcdbb
h[hjm^h\Zgb_dhlhju_g_h[oh^bfu^eykh^_j`Zgbyfykgh]hkdhlZ\klhceh\uc
i_jbh^^he`gukhklhylv]eZ\guf
h[jZahf
bae_]dbolj_okl_gguogZ\_kh\
hldjuluokdhlguo^\hjh\dhjfmr_dbihbehdhkh[hcdhgkljmdpbb


;bheh]bq_kdZyhkh[_gghklvdjmigh]hjh]Zlh]hkdhlZ kihkh[ghklvdgZqZem
abfuhldeZ^u\Zlv\hj]Zgbaf_i
h^dh`guc`bj\\b^_iheb\Zh[jZklZlv^ebgguf
Jbk=_j_nhj^kdb_l_edbgZ
^_dZ[jvkdhfiZkl[bs_
]mkluf\hehkygufihdjh\hfkih^klbeZxsbfbimoh\ufb\hehkygufb
\hehdgZfb iha\hey_lkh^_j`Zlvdhjh\bj_fhglgucfheh^gyd\ex[mxih]h^mg_
\dZiblZevguoihf_s_gbyoZih^e_]dbfbmdjulbyfbbeb^Z`_\aZlbrZo
ihevamxlwlmhkh[_gghklv\fykghfkdhlh\h^kl\_ijbhj]ZgbaZpbb
kh^_j`Zgby`b\hlguo\klhceh\uci_jbh^
Gh_keb\ohayckl\_bebgZn_jf_g_^hklZlhqghdhjfh\lhijbf_gylv__
g_evayIh^\ebygb_foheh^Zb]heh^Z`b\hlgu_[ukljhaZ[he_\Zxlbih]b[Zxl
Ihwlhf
mi_j\h_mkeh\b_mki_rgh]hkh^_j`Zgbyfykguodhjh\abfhcg_\
dZiblZevguoihf_s_gbyoy\ey_lkylZdh_
gZebqb_
dhjfh\dh]^Zh^bgba
\b^h\dhjfZ k_ghk_gZ`kbehkbebohly[ukhehfZ [ueb^hklmigu
`b\hlguf[_ah]jZgbq_gbyb\ex[h_\j_fykmlhd
�eyw
lh]hbkihevamxlkZfhdhjfmrdb
Ke_^mxs__mkeh\b_
gZebqb_\_ljhaZsblguobeb\_ljhehfguo
ijbkihkh[e_gbckgb`Zxsbokbem\_ljZ\f_klZoabfh\dbkdhlZ

Oheh^abfhckZfihk_[_g_klhevhiZk_g^eyfykgh]hkdhlZ_keb
m^Z_lkykgbablvkbem\_ljZ
lZdh\^_\badZgZ^kdbo
\eZ^_evp_\fykgh]hkdhlZ

�hklZlhqghkdZaZlvqlh
kdhjhklv\_ljZ\df
qZk
wd\b\Ze_glgZ^hihegbl_evgh
]jZ^mkh\ ihP_evkbx fhjhaZ

�eykgb`_gb_
kbeu
\_ljZdZgZ^kdb_n_jf_ju
bkihevamxl\_ljhaZsblgu_
gZkZ`^_gbybebmkljZb\Zxlki_pbZevgu_^\hjubebgZ\_kukhs_e_\ufb
aZ[hjZfbdhlhju_]Zkylkbem
\_ljZ

AZ[hjubgZ\_kukh
JbkKljhbl_evkl\hgZ\_kZ^eyabfg_]h
kh^_j`Zgbyfykguodhjh\
kiehrgufbkl_gZfbf_g__wnn_dlb\guihkdhevdmihaZdhgZf\_ljh\hc
lmj
[me_glghklbhgbijbi_j\hc`_f_l_e_aZ[b\Zxlkykg_]hf

MklZgh\e_ghqlhgZbemqr_cnhjfhcmdjulbyfykgh]hkdhlZ\g_ih]h^m
y\ey_lkygZ\_kko_fZdhlhjh]hijb\_^_gZgZjbk

Z`gufwe_f_glhfgZ\_kZy\ey_lky_]hdjurZHgZ^he`gZbf_lvdhauj_d
3.
;_adhaujvdZl_iehih^gbfZxs__kyhlih^klbedbbl_eZ`b\hlguo
\ukdZevau\Z_lgZjm`mDhauj_dkihkh[kl\m_lh[jZah\Zgbx[he__l_ieh]h
\ha^moZih^djur_cbhdZau\Z_l\ebygb_gZfbdjhdebfZl\gmljb\k_]hgZ\_kZ

H[yaZl_evgucwe_f_gldjurb
okZg
lbf_ljh\Zys_evgZf_kl_
ijbeh`_gby__dkl_g_HgZijh^m\Z_lgZ\_k\\_jog_cqZklbg_^Z\Zykg_]m
hk_^Zlv\gmljbgZ\_kZ

Z`gh_agZq_gb_bf__lih^klbedZbakhehfubeb^jm]hcjZklbl_evghklb
\dexqZyebklvy^_j_\v_\
JbkGZ\_ku^eyabfh\
dbie_f_ggh]hfykgh]h
kdhlZ
Ih^klbedmkha^Zxl^hgZklmie_gby
mklhcqb\uofhjhah\qlh[uhgZmki_eZ
kfhqblvkyfhqhcbdZehf`b\hlguob
[bheh]bq_kdbaZ]hj_lvkyLh]^Zabfhcbaj_^dZ
ijbkuiZ_fZykhehfhcih^klbedZg_aZf_jaZ_lZ`b\hlgu_e_`ZlgZg_cdZd
gZ
i_qd_

Ih^klbedZg_ijhiZ^Z_lZij_\jZsZ_lkyd
ke_^mxs_chk_gb\\ukhdhdZq_kl\_ggh_
hj]Zgbq_kdh_m^h[j_gb_dhlhjh_fh`gh
bkihevah\Zlvbebj_Zebah\ZlvdZdih[hqgmx
ijh^mdpbxfykgh]hkdhlh\h^kl\Z
Kmq_lhfw
lbomkeh\bckh^_j`Zgb_h^ghc
fykghcdhjh\uih^gZ\_kZfbaZabfgbc
i_jbh^h[oh^blky\
jZa^_r_\e_q_f\
ihf_s_gbyodZiblZevgh]hlbiZIjbwlhf
k_[_klhbfhklvkdhlhf_klZkmq_lhf\k_]h
l_ogheh]bq_kdh]hh[hjm^h\Zgbyih^gZ\_kZfb[he__q_f\jZagb
`_ih
kjZ\g_gbxkdhjh\gbdZfb^eyfhehqgh]hkdhlZ
GZ\_kkhhjm`Zxlba^_r_\uokljhbl_evguofZl_jbZeh\ ]hj[uev ?]h
hkgh\gmxkl_gmmklZgZ\eb\Zxlihi_j_d]hkih^kl\mxsbo\abfg__\j_fy
\_ljh\Kl_gZ^
he`gZ[ulvs_e_\Zy jbk 
Wlh]Zkbl\_l_jbij_iylkl\m_l
h[jZah\Zgbxlmj[me_glgh]haZ\boj_gby
\gmljblj_okl_gdbhl^m\Z_lkg_]hlgZ\_kZgZjZkklhygb_\
f_ljh\
�eydhjfe_gbyfykgh]hkdhlZ\abfgbci_jbh^bkihevamxlki_pbZevgu_
kZfhdhjfmrdbdhlhju_
aZijZ\eyxlg_qZs_q_f
jZaZ\f_kyp
KbehkgZykZfhdhjfmrdZ jbk ij_^klZ\ey_lkh[hc^_j_\yggucdhjh[ ^ebgZ
f_ljh\rbjbgZf_ljZ\ukhlZ
f_ljZ mklZgh\e_ggucgZihehavyo
;hdh\u_kl_gdbdhjh[Z\uiheg_gu\\b^_aZ^\b]Zxsboky\`_e_agu_
kdh[u
^hkhdrbjbghc
kZglbf_ljZ
JbkKo_fZmkljhckl\ZgZ\_kZ
JbkDhgkljmdpbys_e_\h]haZ[hjZ
bebkl_gugZ\_kZ
JbkKZfhdhjfmrdZ^eykbehkZ
Qlh[udhjfg_iZ^Zeih^gh]bkdhlm\^hevh[_boklhjhggZmjh\g_^gZd
dhjh[mijbdj_ie_gug_[hevrb_dhjulpZ

Dhjfmrdb\f_sZxlhdhehlhggkbehkZ
dhlhjucaZ]jm`Zxlb
mljZf[h\u\Zxl
kbehkhih]jmaqbdhf
DhjfmrdmkkbehkhfmklZgZ\eb\Zxlih^gZ\_khf
beb\h^\hj_gZqZe_bakdh[\ugbfZxl\_jogxx
^hkdmQ_j_a
^gydZdlhevdh`b\hlgu_
i_j_klZxl^hklZ\Zlvdhjf\ugbfZxl\lhjmx^hkdm
aZl_f
ke_^mxsb_
H^gZkbehkgZykZfhdhjfmrdZh[_ki_qb\Z_l\hevgh_dhjfe_gb_
120
`b\hlguo
dhjh\beb[uqdh\gZhldhjf_@b\hlgu_h[uqghg_lheiylkym
dhjfmrdbZih^oh^yldg_cihf_j_ihlj_[ghklb\dhjf_
KZfhdhjfmrdZ^eyk_gZij_^klZ\ey_lh[udgh\_ggu_dha
eu jbk 
JbkKZfhdhjfmrdZ
^eyk_gZ
G_dhlhju_n_jf_ju\dZq_kl\_kZfhdhjfmr_d^eyk_gZmkljZb\Zxlh[uqgu_
k_gh\Zeuh]hjZ`b\Zyboi_j_ghkgufbj_rlZdZfbdhlhju_i_j_^\b]Zxlihf_j_
ih_^ZgbydhjfZKo_fZmkljhckl\Zk_gguoj_rlZdh\ihdZaZgZgZjbk
GZb[he__m^h[guj_rlZdbkiZjZee
_evgufb[jmkvyfb
Z�\Z^jm]bolbih\
j_rlZdh\
[b\y\eyxlkyh]jZgbqbl_eyfb]heh\u`b\hlgh]hb
ij_^hl\jZsZxljZa[jZku\Zgb_dhjfZ
Ijhkh\u\Zy]heh\mddhjfm`b\hlgh_nbdkbjm_lk_[ymih_^Z_fh]hk_gZ
JbkJ_rlZdb^eykdZjfeb\Zgbyk_gZ
G_^
hklZlhdlZdboj_rlZdh\\lhfqlh`b\hlgh_g_fh`_l[ukljhhlhclbhl
dhjfZ_kebih^\_j]Z_lkygZiZ^_gbxk\_jklgbdh\gZoh^ysboky\lhf`_kdhlghf
^\hj_
JbkKZfhdhjfmrdZ^eykuimqbodhjfh\
KZfhdhjfmrdb^eykuimqbodhjfh\ij_^klZ\eyxlkh[hc^_j_
\ygguc[mgd_j
jbk \f_sZxsbc
lhggdhf[bdhjfZbeb^jm]bokuimqbodhjfh\ kf_kv
^jh[e_gh]ha_jgZkkhehf_gghcbebk_gghcj_adhc 



Dhjfmrdbq_j_aexdbaZ]jm`ZxlaZijZ\sbdZfbk_yehdkfhglbjh\Zggufb
gZZ\lhfh[bevguorZkkb
;eZ]h^Zjybah]gmlhfm^gbsmdhjfihf_j_ih_^Zgby`b\hlgufbih^
^_ckl\b_fkh[kl\_
gghckbeuly`_klb\ukuiZ_lky\dhjulZ
GZ\_khh[jZagZydjurZij_^hojZgy_ldhjfmrdbb`b\hlguo\h\j_fy_^uhl
^h`^ybkg_]Z
DhjfmrdZmklZgh\e_gZgZihehavyoqlhiha\hey_li_j_f_sZlv__kihfhsvx
ljZdlhjZ
Kh[_boklhjhg\^hevdhjfmr_dmdeZ^u\Zxli
_j_ghkgu_^_j_\yggu_sblu
dhlhju_ij_^hl\jZsZxl\u[b\Zgb_ihq\uh[jZah\Zgb_]jyab
kemqZ_g_h[oh^bfhklbghjfbjh\Zggh]hdhjfe_gbyZlZd`_ij_^hl\jZs_gby
obs_gbydhjfZgZ^dhjulZfb\kZfhdhjfmrdZo^eykuimqbodhjfh\
mkljZb\ZxlaZibjZxsb_kydjurdb
kihevah\Zgb_kZfhdhjfmr_diha\hey_l[he__q_f\^\ZjZaZkhdjZlblv
aZljZlu\j_f_gbgZdhjfe_gb_`b\hlguo
KZfhdhjfmrdb\dhfie_dk_k[_kijb\yagufkh^_j`Zgb_f`b\hlguogZ
g_kf_gy_fhcih^klbed_kihkh[kl\mxlih\ur_gbxijhba\h^bl_evghklbljm^Z
kdhlgbdh\\kl
hceh\uci_jbh^\
jZa

I�HJHU
fbj_hdhehihjh^djmigh]hjh]Zlh]hkdhlZ DJK IhjZaebqguf
ijbagZdZfboh[t_^bgyxl\g_kdhevdh]jmiiKms_kl\mxldeZkkbnbdZpbb
ihjh^kdhlZ
DjZgbheh]bq_kdZy
Ohayckl\_ggZy
=_h]jZnbq_kdZy
Kh]eZkghi_j\h
chkgh\ZgghcgZjZaebqbyo\kljh_gbbq_j_iZ\u^_eyxl
ke_^mxsb_lbiuDJK
Madheh[ucddhlhjhfmhlghkyl]heeZg^kdmxohefh]hjkdmxk_jmx
mdjZbgkdmxyjhkeZ\kdmxlZ]bevkdmxdjZkgmxkl_igmxb^j
Eh[Zkluc
kbff_glZevkdmxb\k_ijhba\h^gu_hlg__ihjh^u
Dhjhldhjh]bc
r\bpdmx^`_jk_ckdmxdhkljhfkdmxe_[_^bgkdmxb^j
Dhjhldh]heh\uc
lbjhevkdmx]_j_nhj^kdmxdjZkgmx]hj[Zlh\kdmx
dZaZokdmx[_eh]heh\mxb^j
Ijyfhjh]bc
dZefupdmxfhg]hevkdbckdhl
Djhf_lh]h\u^_eyxldhfheuclbi
\k_[_ajh]
b_ihjh^uK_\_jghc
?\jhiu
hkgh\mohayckl\_gghcdeZkkbnbdZpbbiheh`_gZij_h[eZ^ZxsZy
ijh^mdlb\ghklv`b\hlguoBaihjh^fhehqgh]hgZijZ\e_gbyijh^mdlb\ghklb
gZb[hevr__jZkijhkljZg_gb_\hfgh]bokljZgZoihemqbeZ]heeZg^kdZyq_jgh
i_kljZy\g_dhlhjuokljZg
ZohgZba\_klgZih^gZa\Zgb_f]herlbgh
njbakdhc
DZgZ^ZYihgbyKR: bebnjbakdhc :\kljZebyGh\ZyA_eZg^by
_ebdh[jblZgbyNjZgpby 
R\_pbbIhevr_BlZebb[u\r_fKKKJb^jm]bokljZgZo]heeZg^kdbckdhl
bkihevah\Zeb^eykha^ZgbyjZaebqguoihjh^q_jgh
i_kljh]hkdhlZRbjhdh
jZkijhkljZg_gZ^`_jk_ckdZyihjh^ZKG=ke_^mxsb_ihjh^ufhehqgh]h
gZijZ\e_gbydjZkgZykl_igZyq_jgh
i_kljZyohefh]hjkdZy[mjZyeZl\bckdZy
Zg]e_jkdZy Zg]_evgkdZy Zmeb_ZlbgkdZyZcjrbjkdZybklh[_gkdZydjZkgZy
wklhgkdZydj
ZkgZyeblh\kdZydjZkgZy^ZlkdZyb^j
Baihjh^dhf[bgbjh\Zggh]hgZijZ\e_gbyijh^mdlb\ghklb\hfgh]bokljZgZo
?\jhiuK_\_jghcbX`ghc:f_jbdb:njbdbjZa\h^ylr\bpdmx[mjmx
kbff_glZevkdmxrhjl]hjgkdmxfykh
fhehqgh]hlbiZb^j\KG=djhf_
i_j_qbke_ggu
[_klm`_\kdmxZeZlZmkdmxdhkljhfkdmxkuqz\kdmx
e_[_^bgkdmxdmj]ZgkdmxdjZkgmx]hj[Zlh\kdmxdZjiZlkdmx[mjmxdZ\dZakdmx
[mjmxxjbgkdmxibgp]Zm
GZb[he__jZkijhkljZg_ggu_\fbj_ihjh^ukdhlZfykgh]hgZijZ\e_gby
Z[_j^bg
Zg]mkkdZyb]_j_nhj^kdZy
:\kljZebyGh\ZyA_eZg^byK_\_jgZyb
X`gZy:f_jbdZfgh]b_kljZgu?\jhiu rhjl]hjgkdZyfykgh]hlbiZ
:\kljZebyGh\ZyA_eZg^by:j]_glbgZKR:�Zgbyb^j rZjhe_ :j]_glbgZ
;jZabebyKR:�ZgbyNjZgpbyb^j kZglZ
]_jljm^Z :j]_glbgZ;jZabeby
R:b^j [u\r_fKKKJdjhf_i_j_qbke_gguo\ur_fykguoihjh^jZa\h^yl
dZaZokdmx[_eh]heh\mxdZefupdmxebfmabg]jmiiudZaZokdh]hbfhg]hevkdh]h
kdhlZ
Kh]eZkgh]_h]jZnbq_kdhcdeZkkbnbdZpbbjZaebqZxlihjh^ukdhlZ
Gbaf_ggu_
ij_bfms_kl\_gghfhehqgu_
=hjgu_
lbjhevkdZyr\bpdZy
Kl_igu_
mdjZbgkdZykl_igZydjZkgZykl_igZyb^j
WlZdeZkkbnbdZpbymkeh\gZldfgh]b_ihjh^ujZkijhkljZg_gu\jZaebqguo
]_h]jZnbq_kdbojZchgZo
OHEFH=HJKD:YIHJ�H:
djmigh]hjh]Zlh]hkdhlZfhehqgh]h
gZijZ\e_gby
u\_^_gZ\Ohefh]hjkdhfb:joZg]_evkdhfm_a^Zo
:joZg]_evkdhc]m[_jgbbmemqr_gb_ff_klgh]hkdhlZba^Z\gZjZa\h^bfh]h\
jZchgZogb`g_]hl_q_gbyj_dbK_\_jgZy�\bgZ\
\\kdhlOhefh]hjkdhc
ihjh^umemqrZebkdj_sb\Zgb_fk]heeZg^kdhcihjh^hc
L_ehkeh`_gb
_lbibqgh_^eyfhehqgh]hkdhlZLmeh\bs_^ebggh_gZ
\ukhdbogh]Zoebgbykibgubihykgbpujh\gZydj_kl_pg_fgh]hijbih^gyl
]jm^vg_^hklZlhqgh]em[hdZygh]bijZ\bevghihklZ\e_ggu_FmkdmeZlmjZ
iehlgZykmoZydh`ZlhgdZyweZklbqgZyFZklvq_jgh
i_kljZy
\klj_qZ_lky
djZkgh
i_kljZydjZkgZyq_jgZy[_eZy;udb\_kyl
 bgh]^Z d]
dhjh\u
 bgh]^Z^h d]Kj_^gbc]h^h\hcm^hc
d]
`bjghklvfhehdZ
fZdkbfZevgh^h
KdhlohjhrhZddebfZlbabjm_lky[eZ]h^Zjyq_fm
jZkijhkljZg_g\hfgh]bo
jZchgZoJZa\h^yl\hkgh\ghf\k_\_jguobk_\_jh
\hklhqguoh[eZklyo
?\jhi_ckdhcqZklbJhkkbbb\Kb[bjb
Ihjh^mbkihevah\Zebijb\u\_^_gbbbklh[_gkdhcblZ]bevkdhcihjh^
DJ:KG:YKL?IG:YIHJ�H:
djmigh]hjh]Zlh]hkdhlZ
fhehqgh]h
gZijZ\e_gbyNhjfbjh\ZeZkvkdhgpZ\gZl_jjblhjbbkh\j_f_gghc
AZihjh`kdhch[eZklbMdjZbguIjbf_gyebkdj_sb\Zgb_k_jh]hkl_igh]h
kdhlZkdjZkgufhklnjbkeyg^kdbfdjZkgufg_f_pdbfZg]_evgkdbfb^j�h
dhgpZ\ihf_kbgZMdjZbg_jZa\h^beb
\k_[_\^jm]bojZchgZobo
kdj_sb\Zebkf_klgufkdhlhfK
o]]\\_^_lkyieZghf_jgZyjZ[hlZih
jZa\_^_gbxihjh^u
@b\hlgu_kmohciehlghcdj_idhcdhgklblmpbbFZklvdjZkgZyjZaguo
hll_gdh\mfgh]bo`b\hlguo[_eu_hlf_lbgugZ]heh\_blmeh\bs
_
ajhkeu_ie_f_ggu_[udb\_kyl
 bgh]^Z d]dhjh\u
550
bgh]^Z^h d]Kj_^gbc]h^h\hcm^hc
d]`bjghklvfhehdZ
3,8 %.
@b\hlgu_ijbkihkh[e_gud`ZjdhfmdebfZlmohjhrhZddebfZlbabjmxlky
Hkgh\gu_jZchgujZa\_^_gby
?\jhi_ckdhcqZklbKG=AZiZ^gZy
Kb[bjvDZaZoklZg
;MJ:YE:LBCKD:YIHJ&#x-4B;ఓ&#xK-4;&#xD-2;:1;Y-;-;С;&#xIH-;J4;&#xH0;H:djmigh]hjh]Zlh]hkdhlZfhehqgh]h
gZijZ\e_gbyu\_^_gZ\dhgp_
gZqZe_\\kdj_sb\Zgb_ff_klgh]h
kdhlZbjZaebqguo_]hihf_k_ckZg]_evgkdhck_\_jhre_a\b]kdhcbdjZkg
hc
^Zlkdhcihjh^Zfb
Lmeh\bs_jZklygmlh_ohedZjh\gZyrbjhdZy]jm^v]em[hdZykibgZb
ihykgbpZijyfu_rbjhdb_dj_kl_p^ebggucijyfhcbrbjhdbcbgh]^Z
k\bkeucaZ^gb_dhg_qghklbqZklhkZ[ebkluFZklvdjZkgZyjZaguohll_gdh\
Dhg_pfhj^us_dbmrb
gb`gyyqZklvr_bgh]bo\hklZihqlbq_jgu_
@b\ZyfZkkZ[udh\
800
dhjh\d]M^hb
d]\]h^`bjghklv
fhehdZ
Fykgu_dZq_kl\Zm^h\e_l\hjbl_evgu_
;mjmxeZl\bckdmxihjh^mjZa\h^yl\EZl\bb;_ehjmkbIkdh\kdhc
Gh\]hjh^kdhcE_
gbg]jZ^kdhch[eZklyo
L:=BEVKD:YIHJ�H:
djmigh]hjh]Zlh]hkdhlZfhehqgh]hgZijZ\e_gby
u\_^_gZ\
\\gZMjZe_ jZchguijbe_]Zxsb_dGb`g_fmLZ]bem 
kdj_sb\Zgb_ff_klgh]hkdhlZkohefh]hjkdhcb]heeZg^kdhcihjh^Zfbb
kbkl_fZlbq_kdbfhl[hjhf`b
\hlguoihfhehqghcijh^mdlb\ghklb
@b\hlgu_kj_^gbojZaf_jh\kg_kdhevdhm^ebg_gguflmeh\bs_f]em[hdhc
ghg_rbjhdhc]jm^vx^ebgghclhgdhcr__ckmohc]heh\hcDhklyddj_idbc
dh`ZiehlgZyweZklbqgZyklj_qZxlkyk\bkehaZ^hklvmadbclZag_ijZ\bevgZy
ihklZgh\dZgh]FZklvq_jgh
i_kljZybq_jgZyj_`_djZkgZydjZkgh
i_kljZy
[mjZy[mjh
i_kljZy;udb\_kyl
dhjh\u
d]Kj_^gbc]h^h\hc
m^hc
d]`bjghklvfhehdZ
bgh]^Z^h
@b\hlgu_ohjhrhijbkihkh[e_gudkmjh\uf
debfZlbq_kdbfmkeh\byf
MjZeZJZa\h^yl\K\_j^eh\kdhcQ_ey[bgkdhcLxf_gkdhch[eZklyob
M^fmjlbb
Q?JGH
I?KLJ:YIHJ�H:
djmigh]hjh]Zlh]hkdhlZfhehqgh]h
gZijZ\e_gbyu\_^_gZ\KKKJkdj_sb\Zgb_ff_klgh]hkdhlZjZa\h^bfh]h\
jZaguoahgZokhklnjba
kdhcq_jgh
i_kljhcr\_^kdhcb^jm]bfbihjh^Zfb
ZgZeh]bqgh]hijhbkoh`^_gby
M`b\hlguoQ_jgh
i_kljhcihjh^ulmeh\bs_g_kdhevdhm^ebg_ggh_
ijhihjpbhgZevgh_\ufyh[t_fbklh_dh`ZweZklbqgZyFZklvq_jgh
i_kljZy
aZjZaebqbyk\hckl\bkoh^gh]hf_klgh]hkd
hlZijbjh^guomkeh\bcmjh\gy
ie_f_gghcjZ[hlu\ihjh^_h[jZah\Zehkvg_kdhevdh]jmiiblbih\
jZaebqZxsbokyihwdkl_jv_jgufhkh[_gghklyfm^hx`bjghfhehqghklbJN
gZb[hevrb_kms_kl\_ggu_jZaebqbyf_`^mq_jgh
i_kljufkdhlhf
p_gljZevguojZchgh\MjZeZ
Kb[bjb
Q_jgh
i_kljuckdhlp_gljZevguojZchgh\JN
h[jZah\Zekykdj_sb\Zgb_f
]heeZg^kdh]hbhklnjbakdh]hkdhlZkf_klgufohefh]hjkdbfyjhkeZ\kdbf
qZklbqghbkihevah\Zebkvihf_kbr\bpdhcbkbff_glZevkdhcihjh^@b\hlgu_
djmigu_ [udb\_kyl
dhjh\
d] k\ukhdhcfhehqghc
ijh^mdlb\ghklvx kj_^gbc]h^h\hcm^hchdheh\ie_f_gguoohayckl\Zo
^hd] ghmklmiZxl^jm]bf]jmiiZfih`bjghklbfhehdZ 
3,7 %).
Q_jgh
i_kljuckdhlMjZeZ
knhjfbjh\Zeky\hkgh\ghfkdj_sb\Zgb_f
lZ]bevkd
hcihjh^ukhklnjbaZfbbqZklbqghkq_jgh
i_kljufkdhlhf
Ijb[ZelbdbM`b\hlguog_kdhevdhh[e_]q_gguckmohclbidhgklblmpbb
kj_^gbc]h^h\hcm^hc
\ie_f_gguoohayckl\Zo
^hd]
`bjghklvfhehdZ
4,0 %.
Q_jgh
i_kljuckdhlKb[bjb
kha^Z\Ze
kykdj_sb\Zgb_ff_klgh]hkb[bjkdh]h
kdhlZk]heeZg^kdbf`b\hlgu_f_g__djmigu_Ihijh^mdlb\ghklbg_kdhevdh
mklmiZ_l^jm]bf]jmiiZf kj_^gbc]h^h\hcm^hck\ur_\ie_f_gguo
ohayckl\Zo
^hd]`bjghklvfhehdZ
3,9 %).
Fykgu_dZq_kl\ZQ_jgh
kljhcihjh^um^h\e_l\hjbl_evguIjb
bgl_gkb\ghf\ujZsb\Zgbbkj_^g_kmlhqgu_ijb\_kufheh^gydZ
]d
f_kyqghfm\hajZklm`b\hlgu_\_kyl
d]M[hcguc\uoh^
55%.
Ie_f_ggZyjZ[hlZgZijZ\e_gZgZkh\_jr_gkl\h\Zgb_ihjh^uf_lh^hf
qbklhihjh^g
h]hjZa\_^_gbykmq_lhff_klguomkeh\bc\jZaguoahgZo�ey
memqr_gbydhgklblmpbb`b\hlguobih\ur_gbyfhehqghcijh^mdlb\ghklb\
ohayckl\Zobkihevamxl[udh\]heeZg^kdhc]herlbgh
njbakdhcihjh^
Hkgh\gu_jZchgujZa\_^_gbyk_\_jh
aZiZ^gu_h[eZklbJNMdjZbg
Z
;_eZjmkvIjb[ZelbdZMa[_dbklZgMjZeAZiZ^gZybhklhqgZyKb[bjv
�Zevgbchklhd
:CJRBJKD:YIHJ�H:
djmigh]hjh]Zlh]hkdhlZfhehqgh]h
gZijZ\e_gbyu\_^_gZ\dhgp_\\]jZnkl\_Wj\RhleZg^bbiml_f
memqr_gbyf_klgh]hkdhlZijbeblb_fdjh\b
lbk\Zl_jkdh]h]heeZg^kdh]h
neZfZg^kdh]hbhe^_jg_ckdh]hkdhlZjZa\h^bfh]hgZhkljh\Zoijheb\ZEZ
FZgrHl[hjbih^[hjijh\h^bebihwdkl_jv_jmfhehqghcijh^mdlb\ghklbb
`bjghfhehqghklb
M`b\hlguo:cjrbjkdhcihjh^ul_ehkeh`_gb_ijZ\bevgh_dhklyddj_i
dbc
]jm^v]em[hdZyrbjhdZyJh]Zk\_leu_gZijZ\e_gu\klhjhgu\\_jobg_fgh]h
gZaZ^ufyohjhrhjZa\blhFZklvdjZkgh
i_kljZy hl[_ehckg_[hevrbfb
djZkgufbiylgZfb^hl_fgh
djZkghck[_eufbiylgZfb @b\ZyfZkkZ[udh\
d]dhjh\
d]l
zehddf_k
d]df_k
d]
M^hb
d]\]h^`bjghklvfhehdZ
4,4 %.
JZkijhkljZg_gZ\hfgh]bokljZgZo?\jhiu\KR:DZgZ^_:\kljZebb
Jhkkbxkdhl:cjrbjkdhcihjh^ugZqZebaZ\hablv\\ghjZkijhkljZg_gby
hgg_ihemqbe

o]]\`b\hlguo:cjrbjkdhcihjh^uaZ\habeb\KKKJ
baNbgeyg^bbJZa\h^yl\k_\_jh
aZiZ^guoh[eZklyo?\jhi_ckdhcqZklbJN
DHKLJHFKD:YIHJ�H:
djmigh]hjh]Zlh]hkdhlZfhehqgh
fykgh]h
gZijZ\e_gbyu\_^_gZ\kh\oha_DZjZ\Z_\hbie_f_gguon
_jfZo
Dhkljhfkdhch[eZklbkdj_sb\Zgb_fyjhkeZ\kdh]hbf_klgh]hfbkdh\kdh]h
kdhlZkZev]Zmkkdhcbr\bpdhcihjh^ZfbMl\_j`^_gZ\]h^m
H^gZbagZb[he__\ukhdhijh^mdlb\guoihjh^fhehqgh
fykgh]h
gZijZ\e_gby@b\hlgu_djmigu_rbjhdhl_eu_kdj_idbfdhkly
dhfbohjhrh
jZa\blhcfmkdmeZlmjhcHlebqZxlkybgl_gkb\gufjhklhfbohjhrbfb
fykgufbdZq_kl\ZfbFZklvhlk\_leh
^hl_fgh
k_jhc;udb\_kyl
950
bgh]^Z^h d]dhjh\u
d]Kj_^gbc]h^h\hcm^hc
d]
`bjghklvfhehdZ
Hld
hjfhqgu_dZkljZlu\\hajZkl_f_k\_kyl
d]M[hcguc\uoh^k\ur_
Dhkljhfkdmxihjh^mrbjhdhbkihevamxl^eymemqr_gbyijh^mdlb\guo
dZq_kl\fgh]boihjh^bf_klgh]hkdhlZ
JZa\h^yl\DhkljhfkdhcB\Zgh\kdhceZ^bfbjkdhch[eZklyo\;_ehjmkb
DhkljhfkdZyihjh^Zbkihevah\ZeZkvijb\u\_^_gbbZeZlZmkdhcihjh^u
YJHKE:KD:YIHJ&#x-10;&#xKD7;&#x:Y;-; I;&#xH-3;&#xJ11;&#xH00;H:
djmigh]hjh]Zlh]hkdhlZfhehqgh]hgZijZ\e_gby
u\_^_gZ\\\YjhkeZ\kdhc]m[_jgbb^ebl_evgufhl[hjhfgZb[he__ijh^mdlb\guo
f_klguo`b\hlguobjZa\_^_gb_femqr_
]hkdhlZ\k_[_
M`b\hlguoyjdh\ujZ`_ggucfhehqguclbil_ehkeh`_gby]heh\ZkmoZye_]dZy
]jm^v]em[hdZyjZklygmlh_]em[hdh_lmeh\bs_ufykj_^g_c\_ebqbgu`_e_abklh_
FZklv\hkgh\ghfq_jgZy]heh\Z[_eZyqZklhkq_jgufbhqdZfb[jxohbdhg_qg
hklb
[_eu_;udb\_kyl
dhjh\u
d]Kj_^gbc]h^h\hcm^hc
d]
`bjghklvfhehdZ
gZb[hevrZy
^hJZa\h^yl\hkgh\ghf\YjhkeZ\kdhc
L\_jkdhcheh]h^kdhcDhkljhfkdhcLxf_gkdhcb^jh[eZklyoJN
YjhkeZ\kdmxihjh^m
bkihevah\Zebijb\u\_^_gbbdhkljhfkdhcbbklh[_gkdhcihjh^
;?KLM@?KD:YIHJ&#x-12;&#xKD7;&#x:Y;-; I1;H;&#xJ9H;�H:
djmigh]hjh]Zlh]hkdhlZfhehqgh
fykgh]hgZijZ\e_gby
Jh^bgZ
k_ehJ_iv_\dZ gug_Gh\hkiZkkdbcjZchgMevygh\kdhch[eZklb u\_^_gZ\dhg
gZq\\kdj_sb\Zgb_ff
_klgh]hkdhlZkrhjl]hjgkdhc]heeZg^kdhc
kbff_glZevkdhcb^jm]bfbihjh^ZfbGZa\Zgb_ihemqbeZihnZfbebbaZ\h^qbdZ
;_klm`_\Ziheh`b\r_]hgZqZehie_f_gghcjZ[hl_kihjh^hc
Kdhldjmiguck]em[hdbfm^ebg_gguflmeh\bs_fbdj_idbfdhklydhfihjh^_
\klj_
qZxlky`b\hlgu_mdehgyxsb_ky\klhjhgmfykh
fhehqgh]hbebfhehqgh]hlbih\
FZklvdjZkgZyjZaguohll_gdh\ hlk\_leh
djZkghc^h\brg_\hc \klj_qZxlky[_eu_
hlf_lbgugZ]heh\_]jm^b[jxo_\uf_gb@b\ZyfZkkZ[udh\
d]dhjh\
d]M^hb
^hd]`bjghklvfhehdZ
gZb[hevrZyKdhl
kdhjhki_eucohjhrhgZ]meb\Z_lkybhldZjfeb\Z_lkyM[hcguc\uoh^^h
JZa\h^yl\Mevygh\kdhcKZfZjkdhcI_ga_gkdhch[eZklyoLZlZjklZg_;Zrdbjbb
RBPD:YIHJ&#x-14; P-;D5;&#x:Y;-; I;&#xH-3;&#xJ11;&#xH00;H:
djmigh]hjh]
Zlh]hkdhlZfhehqgh
fykgh]hgZijZ\e_gby
u\_^_gZ\]hjguojZchgZoR\_cpZjbb^ebl_evgufhl[hjhf`b\hlguoijhbkoh^b\rbo
hldhjhldhjh]h]hkdhlZaZ\_a_ggh]h\^j_\gb_\j_f_gZkhklhdZ
ihjh^_jZaebqZxlfhehqgh
fykghcfhehqgucbfykhfhehqguclbiu
@b\h
lgu_
fhehqgh
fykgh]hlbiZ
ijhihjpbhgZevgh]hkeh`_gbydjmigu_k]em[hdhcb
rbjhdhc]jm^vxijyfhcbrbjhdhcebgb_c\_joZjZa\blhcfmkdmeZlmjhc
@b\hlgu_
fhehqgh]hlbiZ
hlebqZxlky[hevrhcjZklygmlhklvxlmeh\bsZ
m]eh\Zlhklvxnhjfbiehkdhjz[_jghklvx
fhehqguckdhl
oZjZdl_jbam_lkyiurghjZa\blhcjuoehcfmkdmeZlmjhc
dhfiZdlgufl_ehkeh`_gb_fbf__lrbjhdh_hlghkbl_evghdhjhldh_lmeh\bs_ohjhrh
jZa\blmx]jm^v\uiheg_gguclj_m]hevgbdg_^hklZlhqghjZa\blh_\ufy
FZklvhlk\_leh
k_jhc^hl_fgh
[mjhc
ih\_jog_cebgbblmeh\bsZhlohedb^hdhjgy
o\hklZ
[he__k\_leZyhdjZkdZ\hdjm]l_fgh
k\bgph\h]hghkh\h]ha_jdZeZk\_leuc
\hehkyghcihdjh\
;eZ]h^Zjy\ukhdbfijh^mdlb\gufdZq_kl\ZfR\bpdZyihjh^ZrbjhdhjZkijhkljZg_gZ
hNjZgpbxBlZebxKR:DZgZ^
mkljZguK_\_jghcbX`ghc:f_jbdbb:njbdb
aZ\habebkdhlij_bfms_kl\_gghfhehqgh
fykgh]hlbiZ\=_jfZgbx:\kljbxJmfugbx
fykh
fhehqgh]hdZ`^hcbawlbokljZg\_^ml^Zevg_cr__kh\_jr_gkl\h\Zgb_lbih\
R\bpdhcihjh^uLZd\KR:kha^Zgfhehqguclbikh
kj_^gbf]h^h\ufm^h_fd]b
[he__b`bjghklvxfhehdZ
JNij_h[eZ^Z_lr\bpdbckdhlfhehqgh
fykgh]hgZijZ\e_gby;udb\_kyl
950
bgh]^Z^h d]dhjh\u
 bgh]^Z^h d]Kj_^gbc]h^h\hcm^hc
d]`bjghklvfhehdZ
Fykgu_dZq_kl\ZkdhlZ\ukhdb_;uqdb
dZkljZluijb
bgl_gkb\ghf\ujZsb\Zgbbbhldhjf_d]h^Zf\_kylhdhehd]M[hcguc\uoh^
%.
JZa\h^yl\hkgh\ghf\p_gljZevguoh[eZklyoJNgZK_\_jghfDZ\dZa_
Kdj_sb\Zgb_ff_klgh]hkdhlZjZaguojZchgh\
khr\bpdbfkha^Zgu[hevrb_fZkkb\u
[mjh]hkdhlZbadhlhjuo\u^_e_guihjh^udhkljhfkdZyZeZlZmkdZye_[_^bgkdZy
dZ\dZakdZy[mjZy[mjZydZjiZlkdZy
KBFF?GL:EVKD:YIHJ�H:
djmigh]hjh]Zlh]hkdhlZ
hlg_f6LPPHQWDO
Abff_glZevkdZy^hebgZ
fheh
qgh
fykgh]hgZijZ\e_gbyu\_^_gZ\R\_cpZjbb
memqr_gb_ff_klgh]hbaZ\_a_ggh]h\\kdZg^bgZ\kdh]hkdhlZ;eZ]h^Zjy\ukhdbf
ijh^mdlb\gufdZq_kl\Zfbohjhr_cZddebfZlbaZpbbjZkijhkljZgbeZkv\hfgh]b_kljZgu
�ebl_evgufih]ehlbl_evgufkdj_sb\Zgb_fdhjh\
f_klguohljh^bcbajZaguokljZgk
kbff_glZevkdbfb[udZfb\u\_a_ggufbbaR\_cpZjbbkha^Zgujh^kl\_ggu_ihjh^u
dhlhju_\g_dhlhjuokljZgZobf_xl^jm]h_gZagZq_gb_ \NJ=b:\kljbb
ne_dnb\h
NjZgpbb
fhg[_evyj^kdZy\_g]jbb
\_g]_jkdZyi_kljZyb^j
bjZaebqgu_
gZijZ\e_gby
hlfhehqgh]h^hfykgh]h
JhkkbxKbff_glZevkdmxihjh^maZ\habebkh
ciheh\bgu\;udh\bkihevah\Zeb
^eykdj_sb\Zgbykf_klgufkdhlhf
k_jufmdjZbgkdbfihe_kkdbfdZefupdbf
dZaZokdbfb^jKKKJm`_aZ\habebdjhf_r\
_cpZjkdh]hg_f_pdbc\_g]_jkdbc
Z\kljbckdbckbff_glZevkdbckdhl;eZ]h^Zjykdj_sb\ZgbxkjZaebqgufbf_klgufb
ihjh^Zfbh[jZah\Zghg_kdhevdhahgZevguolbih\Kbff_glZevkdhcihjh^u kuqz\kdbc
kl_ighcmdjZbgkdbcijb\he`kdbcijbmjZevkdbckb[bjkdbc^Zevg_
\hklhqguc 
FZklvkdhlZiZe_\ZyiZe_\h
i_kljZyj_`_djZkgh
i_kljZy]heh\Zbdhg_po\hklZ
[_eu_ghkh\h_a_jdZehjhah\h_jh]ZbdhiulZk\_leh
\hkdh\h]hp\_lZ;udb\_kyl
dhjh\u
d]Kj_^gbc]h^h\hcm^hc
d]`bjghklvfhehdZ
3,8
3,9
@b\hlgu_ohjhrhhldZjfeb\Zxlky;uqdbdf_k\_kyl
d]df_k
d]M[hcguc\uoh^
d]
JZa\h^yl\JNMdjZbg_;_eZjmkbDZaZoklZg_Kbff_glZevkdmxihjh^mbkihevah\Zeb
ijb\u\_^_gbb[_klm`_\kdhcdjZkghclZf[h\kdhc
kuqz\kdhcihjh^

Ihimeyjgu_i
hjh^ufykgh]hkdhlZ
wr







Mkeh\ghwlbihjh^ufh`gh
jZkij_^_eblvgZr_klv
]jmiiihjh^u
[jblZgkdh]hijhbkoh`^
_gbyjhkkbckdb_
kl_i
gu_
ihjh^u_\jhi_ckdb_
dhglbg_glZevgu_Z\kljZebckdb_]b[jb^gu_bnhj
fbjmxsb_kyfykgu_ihjh^u
aZ\bkbfhklbhldhgdj_lguomkeh\bcijb\u[hj_fykghcihjh^ukdhlh\h^u
^he`gumqblu\Zlvke_^mxsb_nZdlhju
p_evdhlhjmxij_ke_^m_ln_jf_jkha^Z\Zyfykgmxn_jfmk\u[jZgghc
ihjh^hc ijhba\h^kl\hie_f_gguo`b\hlguobe
b\ukhdhdZq_kl\_gghc
]h\y^bgu 
gZyijh^mdlb\ghklvbkdhjhki_ehklvihjh^u
khhl\_lkl\b_
ijbjh^guobdhjfh\uo \dexqZyiZkl[bsZ mkeh\bc
\u[bjZ_fhcihjh^_
ljm^ghklvhl_eZdhjh\bhkh[_gghi_j\hl_ehd
ihimeyjghklv\u[jZgghcihjh^u\jZch
g_]^_jZkiheh`_gZn_jfZ
\hafh`ghb\^jm]bokhk_^gboj_]bhgZo 
gZebqb_\jZchg_bebj_]bhg_ZkkhpbZpbb h[t_^bg_gby ih^Zgghcihjh^_
dhlhjZyfh]eZ[uhdZaZlvg_h[oh^bfmxihfhsvbeb^ZlvdhgkmevlZpbx
jZaf_juaZljZlgZkha^Zgb_l_ogheh]bb^eyj
Za\_^_gby\u[jZgghcihjh^u
khhl\_lkl\b_ijbjh^gh
debfZlbq_kdbomkeh\bc[bheh]bq_kdbfhkh[_gghklyf
ihjh^u
gZebqb_dhjfh\\h\k_k_ahgub^Z`_f_kypu]h^Z
gZebqb_bdZq_kl\hiZkl[bs
kijhkgZie_f_gguo`b\hlguo^Zgghcihjh^u^eyqbklhihjh^gh]h
a\_^_gbybkdj_sb\Zgby
ebqgh_ij_^ihql_gb_`b\hlgh\h^Z







Ihj
h^u[jblZgkdh]h
jhbkoh`^_gby
Jh^bghcfykgh]hkdhlh\h^kl\Zy\ey_lky_ebdh[jblZgbyA^_kv]eZ\guf
h[jZahf\:g]ebbbRhleZg^bb[ueb\u\_^_gui_j\u_\fbj_
ki_pbZebabjh\Zggu_ihjh^ufykgh]hkdhlZ
rhjl]hjgkd\y]_j_nhj^kdZy
Z[_j^bg
]mkkdZy]Zeeh\_ckdZyA^_kv`_nhjfbjh\Zehkvbfykgh_
kdhlh\h^kl\hk_]hl_ogheh]byfbbl_ogheh]bq_kdbfbhi_jZpbyfbie_f_gguf
^_ehfmf_gb_fmijZ\eylvklZ^Zfb\jZaebqguoijbjh^gh
wdhghfbq_kdbo
mkeh\byok_[jblZgkdb_ihjh^ufykgh]hkdhlZ[uebkha^Zgu
gZhkgh\_hl[hjZ
ih^[hjZbqbklhihjh^gh]hjZa\_^_gbyf_klgh]hdjmigh]hjh]Zlh]hkdhlZIjb
wlhf[jblZgkdb_kdhlhaZ\h^qbdbfykgh]hkdhlZfgh]h_i_j_gyebmZg]ebckdbo
dhg_\h^h\kha^Z\rbog_ij_\ahc^_ggmx\fbj_qbklhdjh\gmx\_joh\mxihjh^m
ehrZ^_cba\_
klgu_^hkboihjihjh^uh\_pbk\bg_c
Ki_j\uo`_rZ]h\ij_\jZs_gbyZ[hjb]_ggh]hkdhlZ\\ukhdhijh^mdlb\guc
fykghcZg]ebqZg_g_hlklmiZebhlijbgpbih\
gh\u_
ihjh^udZdbbo
Z[hjb]_ggu_ij_^db^he`gu[ulvohjhrhijbkihkh[e_gud_kl_kl\_gghckj_^_
h[b
lZgbykZfbh[_ki_qb\Zlvk_[ydhjfZfbbi_j_ghkblvg_ih]h^m\dexqZy
abfgxx[_a[hevrhcaZ[hlukhklhjhguq_eh\_dZ
Ihfg_gbxbkke_^h\Zl_e_cgZi_j\hfwlZi_nhjfbjh\Zgbyfykguoihjh^\
_ebdh[jblZgbb^_ckl\h\Zeij_bfms_kl\_ggh_kl_kl\_gguchl[hjQ_eh\
_d
hl[bjZebhklZ\eyelhevdhl_o`b\hlguodhlhju_\u`b\Zeb\g_e_]dbo
_kl_kl\_gguomkeh\byoh[eZ^Zyijbwlhf\ukhdhcb\u^Zxs_ckyfykghc
ijh^mdlb\ghklvxBa
aZwlh]h[jblZgkdb_fykgu_ihjh^uknhjfbjh\ZebkvdZd
dhgklblmpbhgZevghdj_idb_ohjhrhZ^Zilb
jm_fu_\jZaguodebfZlbq_kdbo
mkeh\byo\ukhdhijh^mdlb\gu_`b\hlgu_WlbdZq_kl\ZkhojZgbebkv\gbob^h
gZrbo^g_c
Ihwlhfm[jblZgkdb_fykgu_ZlZd`_\u\_^_ggu_kbobkihevah\Zgb_fgh\u_
ihjh^ukdhlZ gZijbf_jdZaZokdZy[_eh]heh\Zy dhgklblmpbhgZev
gh[he__
dj_idb_bf_xlohjhrbcgjZ\ohjhrhb[ukljhijbkihkZ[eb\Zxlkydmkeh\byf
kmoh]hoheh^gh]hbeb`Zjdh]hdebfZlZemqr_i_j_ghkyl\j_f_ggmx[_kdhjfbpm
b[ukljh\hkklZgZ\eb\ZxlmiblZgghklvmklhcqb\udi_j_iZ^Zfl_fi_jZlmjub
ih]h^guomkeh\bckihk
h[guijhlb\hklhylvfgh]bf\lhfqbke_ijhklm^guf
aZ[he_\Zgbyfijb]h^gudjZa\_^_gbx\rbjhdhf^bZiZahg_ijbjh^gh
debfZlbq_kdbomkeh\bc kl_ibe_kZe_khkl_ibij_^]hjvyb^Z`_\]hju 
Hgb[ukljhijbkihkZ[eb\Zxlkyddjmigh]jmiih\hfmkh^_j`Zgbxbabf
hcb
e_lhf
L_ogheh]byfykgh]hkdhlh\h^kl\ZgZn_jfZojZa\h^ysbofykghckdhl
[jblZgkdh]hijhbkoh`^_gbygZb[he__ijhklZykj_^b\k_ol_ogheh]bcfykgh]h
kdhlh\h^kl\ZfbjZHgZhkgh\ZgZgZmf_ehfbkihevah\Zgbbwlheh]bq_kdbo
^Zgguobwg_j]_lbq_kdbobklhqgbdh
\\ujZ[Zlu\Z_fuokZfbfb`b\hlgufb
;jblZgkdb_fykgu_ihjh^ujZklmlgZiZkl[bsZo\hkijhba\h^ylb\ujZsb\Zxl
ihlhfkl\habfmxlgZ]meb\ZxlfZkkml_eZijbfbgbfZevghf\f_rZl_evkl\_
q_eh\_dZbaZljZlk_]hklhjhgugZhj]ZgbaZpbxl_ogheh]bbbijhba\h^kl\h
\_kh\HlgboihemqZxlkZfmx^_r_\mx\dmkgmxiblZl_evgmx
\ukhdhdZq_kl\_ggmx]h\y^bgm
Bf_gghihwlhfm[jblZgkdb_fykgu_ihjh^urbjhdhjZkijhkljZg_gu\hfgh]bo
kljZgZoGZgboijboh^blkyhdhehijhp_glh\hl\k_ofykguoihjh^
jZa\h^bfuo\fbj_
f_
kl_kl_f[jblZgkdb_fykgu_ihjh^uly`_ehi_j_ghkyldebfZlbq_kdb_
mkeh\bykm[ljhibq_kdh]hbljhibq_kdh]hlbiZ \eZ`gZy`ZjZkuju_iZkl[bsZ
h[beb_djh\hkhkmsbogZk_dhfuo 
@b\hlguo
dhglbg_glZevguo
_\jhi_ckdbo
ihjh^
rZjhe_ebfmabgu
[_ev]bckdZy]hem[Zy
b^jm]b_
ij_^ihqlbl_evghjZa\h^blv\mkeh\byofy]dh]h
debfZlZbh[bebykhqghciZkl[bsghcjZklbl_evghklbjZaghh[jZaghcdhjfh\hc
[ZauHgbgm`^Zxlky\hkh[hc[he__aZljZlghcl_ogheh]bbbihklhygghfgZ^ahj_
aZkhklhygb_fklZ^Zhkh[_ggh\i_jbh^hl_eh\
hkgh\ghfwlhihjh^u^eyf_edh]jmiih\h]hkh^_j`Zgby\h\k_k_ahgu]h^Z
Bgh]^ZbojZa\h^yl\dZq_kl\_oh[[b
=b[jb^guc
fykghc
kdhl
kha^Zg
iml_f]b[jb^baZpbbdjmigh]hjh]Zlh]hkdhlZ
ba_[m
^eyjZa\_^_gby\ljhi
bq_kdbob
km[ljhibq_kdbo
mkeh\byoZlZd`_
jZchgZok[hehlbkl
ufbiZkl[bsZfb
b]jm[hcjZklbl_evghklvx
ljhklgbdh\h]h
lbiZbg_]h^_gdjZa\_^_gbx\kmobokl_iyobk_\_jguooheh^guoj_]bhgZo
Wlh
k\yaZghkl_fqlhgZ\eZ`guoa_feyok\bj_ikl\mxldjh\hkhkmsb_gZk_dhfu_hl
dhlhjuog_lhevdhkljZ^
Zxlghbih]b[Zxl`b\hlgu_
.
GZebqb_\]b[jb^guo
ihjh^Zodjh\ba_[mij_^hojZgyxlbohlwlh]hihkdhevdma_[mg_\hkijbbfqb\ud
djh\_iZjZablZjguf[he_agyfbmdmkmgZk_dhfuobwlbdZq_kl\Zi_j_^Zxlky
ihlhfkl\m

L_ogheh]by^ey]b[jb^guofykguoihjh^
_s_[he__ijhklZyb^_r_\Zyq_f
^ey[jblZgkdbofykguoihjh^

H^gZdhke_^m_lbf_lv\\b^mqlhlZdhckdhlmgZke_^h\ZebhljbpZl_evguc
wnn_dl]b[jb^baZpbbM\k_o]b[jb^guofykguoihjh^ihgb`_ggu_
\hkijhba\h^bl_evgu_nmgdpbbFgh]b_dhjh\ul_eylkyh^b
gjZa\^\Z]h^Z
:g]mkkdZyihjh^Z
Wlmihjh^m jbk ij_`^_gZau\ZebZ[_j^bg
Zg]mkkdhcihkdhevdm
\u\_^_gZhgZ\^\moRhleZg^kdbo]jZnkl\Zo
:[_j^bgb:g]mk
;hevrZyqZklv`b\hlguoq_jghc ihjZagufkljZgZfhl^hijhp_glh\ 
fZklbBaj_^dZ
ijbf_jgh\
ijhp_glZokemqZ_\ \klj_qZxlkydjZkgu_
`b\hlgu_Gbih]_g_lbq_kdbfgbihohayckl\_ggh
ihe_agufijbagZdhf
Zg]mkuwlbo^\mofZkl_cg_jZaebqZxlkyBaZibku\Zxlbo\h^gmblm`_
ie_f_ggmxdgb]m�_ehlhevdh\dmkZkdhlh\eZ^_evpZ
hlgu_Zg]mkkdhcihjh^u[bheh]bq_kdbdhfheu_hq_fk\b^_l_evkl\m_l
hlkmlkl\b_jh]h\uogZjhklh\baZf_lgZy\uimdehklvgZaZluehqghf]j_[g_
Kj_^b
^jm]boihjh^fykgh]hkdhlZZg]mku\u^_eyxlky\ukhdhckdhjhki_ehklvx
ieh^h\blhklvx\u^ZxsbfbkydZq_kl\Zfblm
rbZlZd`_fykZ fjZfhjghklvb
g_`ghklv :g]mkuhlebqZxlkyijhihjpbhgZevgufbjZaf_jZfbl_eZl_eylbbo
g_\ukhdbf\_khfijbjh`^_gbbWlhijb\e_dZl_evgh^eykdj_sb\ZgbyZg]mkh\
kdjmighieh^gufbihjh^Zfbihkdhevdmh[e_]qZ_lbohl_eu



Jbk;udZg]mkkdhcihjh^uq_jghcfZklbkh\j_f_ggh]hlbiZ
:g]mkugZb[he__kdhjhki_eu_kj_^b\k_ofykguoihjh^mkeh\byoohjhr_]h
dhjfe_gbyhgbaZ\_jrZxlbgl_gkb\gucjhkld
f_kyqghfm\hajZklmk
`b\uf\_khf
hdhehdbeh]jZffh\
Lh\Zjguodhg^bpbc \_kmiblZgghklv
dZq_kl\hfykZ Zg]mkufh]ml^hklb]Zlvd
f_kyqghfm\hajZklmijb`b\hf
\_k_fheh^uo`b\hlguo\
dbeh]jZffh\
_k\ajhkeuodhjh\khklZ\ey_l
dbeh]jZffh\[udh\


Jbk
;udZg]mkkdhcihjh^udjZkghcfZklb

Dh\lhjhciheh\bg_\_dZZg]mkuba
aZh^ghklhjhgg_ck_e_dpbbgZ
kdhjhki_ehklvml_jyebg_dhlhju_k\hbijh^mdlb\gu_dZq_kl\ZHgbklZebf_g__
fhehqgufbbg_^hklZlhqghdjmighcohlybhq_gvkdhjhki_ehcihjh^h
c
Hlt_fguc\_kl_eyl\
f_kyqghf\hajZkl_mf_gvrbekyk
^h
200
dbeh]jZffh\Kgbabebkv\hkijhba\h^bl_evgu_dZq_kl\Z

:g]mkuij_^klZ\eyxlijbf_jlh]hqlhfh`_lk^_eZlvkihjh^hc
k_e_dpbhg_j
AZhlghkbl_evghdhjhldh_\j_fy 
ihdhe_gb
c`b\hlguo ddhgpm
o]h^h\
ijhreh]h\_dZZf_jbdZgkdb_bdZgZ^kdb_k_e_dpbhg_jukfh]ebf_lh^hf
qbklhihjh^gh]hjZa\_^_gbybaf_gblvklZjuclbiihjh^u jbk k_]h
g_^hklZldZfbBfm^Zehkv\hkklZgh\blvfhehqghklvih\ukblvbojhkl ^h
kZglbf_ljh\ b
`b\mxfZkkm ^hdbeh]jZffh\ihkjZ\g_gbxk
ljZ^bpbhggufbZ[_j^bg
Zg]mkZfb Ijbwlhf[uebkhojZg_gu\u^Zxsb_ky
dZq_kl\Zihjh^u
kdhjhki_ehklv\ukhdh_dZq_kl\hlmrbbfykZg_\ukhdbc\_k
l_eylijbjh`^_gbb jbk 

Jbk;udZg
]mkkdhcihjh^uklZjh]hkmi_jkdhjhki_eh]hlbiZ
gZrb^gb\h^bgZdh\hfkhhlghr_gbbjZa\h^ylZg]mkh\dZdljZ^bpbhggh]h
hlghkbl_evghf_edh]h lbiZlZdb\ukhdhjhkeuo`b\hlguo
:g]mkuijhba\h^yl
gZb[he__\ukhdhdZq_kl\_ggmx]h\y^bgmijb]h^gmx^eyihlj_[e_g
by\
gZlmjZevghf\b^_GZb[he__ihimeyjgufkj_^bfykguo[ex^\hlm`_fgh]b_
^_kylbe_lby\hfgh]bokljZgZohklZ_lkykl_cd
dmkhdih^`Zj_ggh]hgZm]eyo
J_klhjZguih^gZa\Zgb_f:g]mkkl_cdfh`gh\klj_lblv\hfgh]bo]hjh^Zo
fbjZ
;bnrl_dkuhlZg]
mkh\agZqbl_evgh^hjh`_q_fhl^jm]boihjh^fykgh]h
kdhlZL_fg_f_g__ihlj_[ghklv\gbog_lhevdhg_kgb`Z_lkygh\hajZklZ_l\
kj_^g_fgZ
ijhp_glZ\]h^ ih^jm]bffykgufihjh^ZfjhklkhklZ\ey_l
lh_klv\^\ZjZaZf_gvr_ 
:g]mku
hq_g
vih^\b`gu_g_Z]j_kkb\gu_`b\hlgu_Hgbbf_xldj_idbc
dhklydijhqgu_dhiulZ[ukljhi_j_^\b]ZxlkyihiZkl[bsZfg_^he]h
hlukdb\Zxlbohjhrhmk\Zb\ZxliZkl[bsgmxjZklbl_evghklv
aZwlbohkh[_gghkl_cgZiZkl[bsZobog_j_dhf_g^mxlkf_rb\Zlvk
jm]bfbihjh^Zfbihkdhevdmhgb\k_]^Zhi_j_`ZxlklZ^h
:g]mku
f_edhieh^guckdhlMgbog_[u\Zxlljm^guohl_eh\_kl_eyl
ijbjh`^_gbbmdhjh\khklZ\ey_l
^hdbeh]jZffh\mi_j\hl_ehd
gZ
dbeh]jZffZf_gvr_IhwlhfmZg]mkkdboijhba\h^bl_e_c
qZklhbkihevamxl\
ijhfure_gghfkdj_sb\Zgbb^eyihdjulbyl_ehdhkh[_gghg_^hjZa\bluo
:g]mkkdbckdhljZa\h^yl\jZaebqguoijbjh^guomkeh\byoH^gZdhemqr_
\k_]hhgih^oh^bl^eyjZa\_^_gby\jZ\gbgguokl_iguobe_kh
kl_iguo ghg_
imklugguo ij_^]hjg
uob^Z`_]hjguomkeh\byoihkdhevdmijhbkoh^blba
]hjguojZchgh\RhleZg^bb
Jhkkbbie_f_ggu_ohayckl\ZZg]mkkdh]hkdhlZjZkiheh`_gu\he]h]jZ^kdhc
h[eZklb\]em[bgguojZchgZoDZ[Zj^bgh
;ZedZjbbb^jm]boK_\_jh
DZ\dZakdbo
h[eZkl_cbj_kim[ebd
Djmig_
crZyie_f_ggZyn_jfZZg]mkkdh]hkdhlZ ]heh\
f_kyqguo
l_ehdb[udh\ kha^ZgZ\I_ga_gkdhch[eZklbfgh]hijhnbevgufohe^bg]hf
WCGDHF Fhkd\Z =eZ\Zohe^bg]ZJhfZg?\]_gv_\bqG_klhjbf__l
\hafh`ghklvgZhkgh\_bkihevah\Zgbygh\_crbol_oghe
h]bc\lhfqbke_b\
\hkijhba\h^kl\_klZ^Zh[_ki_qblvihlj_[ghklv\k_ckljZgu\ie_f_gguuo
Zg]mkkdboijhba\h^bl_eyo
JhkkbbZg]mkh\jZa\h^ylk]h^ZEmqrb_klZ^Zwlhcihjh^u[ueb
jZaf_s_gu\he]h]jZ^kdhch[eZklb ie_faZ\h^IZjb`kdZydhfmg
gZ \
DZ[Zj^bgh
;ZedZjbbg_dhlhjuo^jm]boK_\_jh
DZ\dZakdboj_kim[ebdZo
H^gZdhJhkkbckdboZ[_j^bg
Zg]mkh\\]h^m]jmiiZmq_guobahsjbeZkv
hnbpbZevghkkh]eZkbyFbgbkl_jkl\Zk_evkdh]hohayckl\ZJhkkbb
i_j_bf_gh\Zlv\gh\mxfykgmxjmkkdmx
dhfhemxihjh^mWlhdjhf_\j_^Z
Jhkkbckdhfmfykghfmkdhlh\h^kl\mgbq_]hg_^Zklihkdhevdmbahebjh\Zeh
gZrboZg]mkh\hlZg]mkkdhcihjh^udhlhjmxgZijhly`_gbb[he__q_fe_l\
_^bghf]eh[ZevghfieZg_mki_rghb[_adZdbo
eb[hijh[e_fjZa\h^yl\hfg
h]bo
kljZgZofbjZL_i_jvbkihevah\Zgb_gZjmkkdhcdhfhehcihjh^_Zg]mkkdbo
ijhba\h^bl_e_c[m^_lkqblZlvkyf_`ihjh^gufkdj_sb\Zgb_fqlhihkl_i_ggh
ijb\_^_ld^_]jZ^Zpbbbf_xsbokymgZkZg]mkh\
Dkh`Ze_gbx\\u\_^_gbbgh\hcihjh^umqZkl\h\Zebbg_dh
lhju_gZrb
mq_gu_b^Z`_p_eu_bgklblmluWlhihgylvg_\hafh`ghl_f[he__qlhgh\Zy
ihjh^Zg_bf__lgbkh[kl\_gghcihjh^ghckljmdlmjugbie_f_gguoohayckl\
gbZj_ZeZjZkijhkljZg_gby
KdZdhcp_evxwlhk^_eZgh
hklZ_lkyaZ]Z^dhc^eyfgh]boki_pbZeb
klh\b
mq_guohafh`ghhgbgZf_j_gubaZ\_a_gguo\ihke_^gb_]h^uba
aZjm[_`Z
Zg]mkh\qbke_gghklvx[he__lukyq]heh\lZd`_\dexqblv\qbkehgh\hc
ihjh^uBebhgbg_^h\hevgudZdbfb
lhdZq_kl\Zfbwlhcihjh^udhlhjmxkhlgb
e_lk[hevrbfmki_ohfjZa\h
^yl\hfgh]bokljZgZofbjZ"hafh`ghohl_eb
ihemqblvdZdb_
lhij_fbbbebgZ]jZ^u"
Ihbklbg_ieZguaj_xsb_\]heh\Zog_dhlhjuogZrbomq_guob
jmdh\h^bl_e_ck_evkdhohayckl\_gguohj]Zgh\g_bkih\_^bfu
Rhjl]hjgkdZyihjh^Z
�hij_^\h_gguoe_lijhreh]h\
_dZrhjl]hjgkdZyihjh^Zihqbke_gghklb
[ueZeb^_jhfkj_^b\k_ofykguoihjh^fbjZ
�eyrhjl]hjgkdh]hkdhlZoZjZdl_jgZqZeZyfZklvjZaghcbgl_gkb\ghklb
dhlhjZyfh`_l\Zjvbjh\ZlvhlqbklhdjZkghc^h[_ehc jbk 
JbkDhjh\Zrhjl]hjgkdhcihjh^uqZehc
fZklb
M`b\hlguowlhcihjh^udZdk\b^_l_evkl\m_l__gZa\Zgb_g_[hevrb_
dhjhldb_jh]Z
ihjh^_ijbkmlkl\m_l]_gdhfhehklbIhimeyjghklvdhfheuorhjl]hjgh\
jZkl_lgZklhys__\j_fy\g_dhlhjuokljZgZo \KR:gZijbf_j hgb
dhgdmjbjmxlihqbke_gghklb
kjh]Zlufbrhjl]hjgZfb
Rhjl]hjgkdb_dhjh\uhlebqZxlkyohjhrbfbfZl_jbgkdbfbdZq_kl\Zfb
N_jf_jukqblZxlrhjll]hjgh\kZfufbihdeZ^bklufbbihkemrgufb
`b\hlgufb
@b\hc\_kdhjh\khklZ\eye
dbeh]jZffh\[udh\
k\ur_
H^gZdhk
oih
_]
h^udh]^Z\fykghfkdhlh\h^kl\_[ue\ayl
h^ghklhjhggbcdmjkgZih\ur_gb_kdhjhki_ehklbrhjl]hjguihl_jyeb\
dZq_kl\_agZqbl_evgh[hevr_q_f]_j_nhj^ubZg]mku
;uejZajmr_gbij_`gbclbirhjl]hjgkdh]hkdhlZml_jygu[ueZy
fhehqghklv\_k`b\hlguodj
_ihklvdhgklblmpbb�eym\_ebq_gbyfhehqghc
ijh^mdlb\ghklbihjh^u\jy^_kljZg[ueZkha^ZgZ]jmiiZ\ukhdhfhehqguo
`b\hlguoiha^g__i_j_bf_gh\ZggZy\kZfhklhyl_evgmxihjh^mih^gZa\Zgb_f
fhehqgu_rhjl]hjguIml_f__bkihevah\ZgbyiulZebkv\hajh^blv[uem
xkeZ\m
rhjl]hjgkdh]hkdhlZ
H^gZdhbhgZgZ^_`^g_hijZ\^ZeZDZdfykghckdhlrhjl]hjguhklZ\Zebkv
kdhjhki_eufbghf_edbfb_kkh\j_f_gguorhjl]hjgkdbodhjh\_^\Z
Keh\hrhjlohjg\i_j_\h^_kZg]ebckdh]hhagZqZ_ldhjhldhjh]bc
ij_\urZ_l
dbeh]jZffh\[udh\
@b\hlgu_[he__djmigh]h
lbiZ
dhjh\u
k\ur_dbeh]jZffh\
\klj_qZxlkydjZcg_j_^dh
Ihiuldbk_e_dpbhg_jh\\hkklZgh\blvrhjl]hjgh\f_lh^hfqbklhihjh^gh]h
jZa\_^_gby\djmighf\ukhdhijh^mdlb\ghflbi_ihdZ[hevrbomki_oh\g_
bf_xl
Ijbkdj_sb\Zgbbk^jm]bfbfykgufbbfhehqgufbihjh^Zfbrhjl
]hjgkdbc
kdhli_j_^Z_llZdb_p_ggu_dZq_kl\ZdZde_]dhklvhl_eh\ihdeZ^bklh_ih\_^_gb_
kdhjhki_ehklvbkj_^gbc\_k`b\hlguo\h\ajhkehfkhklhygbb
gZklhys__\j_fy[hevrhcihimeyjghklvxrhjl]hjgukj_^b`b\hlgh\h^h\
fykgbdh\g_ihevamxlky
Jh]ZlZy
bdhfheZy]_j_nhj^kdb_ihjh^u
=_j_nhj^kdZy
ihjh^Z
kZfZyjZkijhkljZg_ggZy\kh\j_f_gghffbj_bafykguo
ihjh^djmigh]hjh]Zlh]hkdhlZ
�Z\ZyoZjZdl_jbklbdm]_j_nhj^Zfba\_klgu_ki_pbZebkluihfykghfm
kdhlh\h^kl\m�`_dOhe^_g KR: bMhjj_gDeZjd :\klj
Zeby gZ
f_`^mgZjh^ghcdhgn_j_gpbb Fhkd\ZfZjl]h^Z aZy\bebqlhwlh
gZb[he__fhjhahmklhcqb\Zyihjh^Zbohjhrhi_j_ghkbl`ZjmZihdZq_kl\mfykZ
klhblgZ\lhjhff_kl_ Ohe^_g bqlh]_j_nhj^ukZfZywdhghfbqgZykj_^b
\k_oZg]ebckdboihjh^fykgh
]hkdhlZHgZaZljZqb\Z_l\kj_^g_fgZd]ijbjhklZ
`b\hcfZkkugZdhjf_^bgbpuf_gvr_q_fex[hc^jm]hcfykghckdhl
DeZjd 
Ihjh^Z\u\_^_gZ\:g]ebb\]jZnkl\_=_j_nhj^HnbpbZevghie_f_ggmx
dgb]m\_^mlk]h^Z=_j_nhj^uhq_gvdjZkb\uc\ug
hkeb\ucbdj_idbc
kdhl
@b\hlgu_ihjh^udjZkghcfZklbkjZaebqgufbhll_gdZfb
hlk\_leh
djZkghc^h\brg_\h
djZkghc jbk Ebp_\ZyqZklv]heh\ubgb`gyyqZklv
lmeh\bsZgh]bbfhqdZo\hklZ
[_eu_IjbagZdhij_^_eyxsbcdjZkgmxfZklv
lmeh\bsZj_
p_kkb\_gIjbkdj_sb\Zgbb]_j_nhj^h\kihjh^Zfbq_jghcbq_jgh
i_kljhcfZklbihemqZxll_eylkq_jguf\hehkygufihdjh\hfh^gZdhdZdbm
]_j_nhj^h\
k[_eufbhlf_lbgZfbgZebp_\hcqZklb]heh\ubgb`g_c
ih\_joghklblmeh\bsZ
Hlebqbl_evghchkh[_gghklvx
]_j_nhj^h\y\ey_lkyohjhrZyemqr_^jm]bo
ihjh^ijbkihkh[e_gghklvdjZa\_^_gbx\kl_iguoe_khkl_iguob
ihemimklugguomkeh\byo\ukhdb_ieh^h\blhklvbijb\_kuijbgZ]me_^Z`_[_a
^hihegbl_evghcih^dhjfdbdhgp_gljZlZfbbeb^jm]bfbdhjfZfbE_]db_hl_eu
ihdhcgucgjZ\dj_idZydhgklblmpbyiha\heyxlbfijhoh^blv\ihbkdZodhjfZ
_`_^g_\ghihg_kdhevdh^_kyldh\dbehf_ljh\
IhdZq_kl\mlmrbbfykZ]_j_nhj^umklmiZxlebrvZg]mkZf^Ze_dh
ij_\hkoh^y^jm]b_ihjh^uhkh[_ggh_\jhi_ckdb_dhglbg_glZevgu_
=_j_nhj^k
db_dhjh\uy\eyxlkyij_djZkgufbfZl_jyfbHgb\ujZsb\Zxl
l_eyld
f_kyqghfm\hajZklmk`b\uf\_khf\
dbeh]jZffh\
JbkDhjh\Z]_j_nhj^kdhcihjh^u\brg_\h
djZkghcfZklbkl_e_gdhf
Kms_kl\m_l^\ZlbiZ]_j_nhj^kdh]hkdhlZdZ`^ucbadhl
hjuobf__lk\hb
ZkkhpbZpbbbie_f_ggu_dgb]bIhwlhfmbgh]^ZwlblbiugZau\Zxl
kZfhklhyl_evgufbihjh^Zfb
I_j\uc[he__fgh]hqbke_gguclbi
wlhjh]Zlu_]_j_nhj^u\lhjhc
dhfheuc]_j_nhj^kdbckdhl
Dhfheu_]_j_nhj^udZdb^jm]b_`b\hlgu_bf_xl
g_dhlh
jh_ij_bfms_kl\h
i_j_^jh]Zlufb
Hgbf_gvr_ljZ\fbjmxlh^bg^jm]h]hbfgZ
ijhp_glh\
lj_[m_lkyf_gvr_iehsZ^b\aZ]hgZobihf_s_gbyo
H^gZdhg_dhlhju_n_jf_jugZoh^ylbg_^hklZldbmdhfheh]hkdhlZIhjh]Zf
fh`ghhij_^_eylv\hajZkl`b\hlguodj_ihklv
dhklydZbdhgklblmpbbJh]Zluc
kdhlemqr_aZsbsZ_lkybaZsbsZ_lihlhfkl\hhlgZiZ^_gbyobsguo`b\hlguo
bebkh[jZlv_\ihklZ^m
k_wlbij_bfms_kl\Zbg_^hklZldbkh\j_f_g_fl_jyxlk\h_agZq_gb_b
hklZ_lkylhevdhijb\uqdZ`b\hlgh\h^h\jZa\h^blvjh]Zlucbeb
dhfheuckdhl
Dhfheu_]_j_nhj^uihemq_gug_\j_amevlZl_dZdh]h
eb[hkdj_sb\ZgbyZ
y\eyxlkyke_^kl\b_ffmlZpbbjh]Zluo]_j_nhj^h\IheZ]Zxlqlhi_j\uc
dhfheuc]_j_nhj^kdbc[udihy\beky\:g]ebb\dhgp_
]h\_dZ\j_amevlZl_
fmlZpbb\jh]Zluo]_j_n
hj^kdboklZ^ZoDhfhehklvhdZaZeZkv^hfbgZglguf
ijbagZdhfbhlwlh]h[udZihreZ\kykh\j_f_ggZydhfheZy]_j_nhj^kdZyihjh^Z
G_^hklZldhf]_j_nhj^h\y\ey_lkyhlkmlkl\b_ib]f_glh\\hdjm]]eZab\_d
Ihwlhfm]_j_nhj^kdbckdhlbhkh[_gghl_eylZqZs_kljZ^Zx
laZ[he_\Zgb_f]eZa
dhgtxgdlb\blZfb F_gvr_ih^\_j`_gulZdbfaZ[he_\Zgbyf`b\hlgu_\brg_\h
djZkghcfZklbIhwlhfmwlZfZklv[he__ihimeyjgZhkh[_ggh\kmobokl_iguo
mkeh\byo
Gbihlbiml_ehkeh`_gbygbihijh^mdlb\ghklbdhfheu_]_j_nhj^ug_
hlebqZxlk
yhljh]Zluo
Jbk;uddhfhehc]_j_nhj^kdhcihjh^u
JhkkbbjZa\h^ylbdhfheuobjh]Zluo]_j_nhj^h\dZd_^bgmxihjh^m
=_j_nhj^u
^hklZlhqghdjmigu_`b\hlgu_Dhjh\ubf_xl`b\mxfZkkm\
kj_^g_f
[udb
1000
dbeh]jZffh\;ud
hba\h^bl_ev
]_j_nhj^kdhcihjh^uihdebqd_Q_jqbeevaZdmie_gguc\:g]ebb^ey
:gdZlbgkdh]hkh\ohaZ\
e_lg_f\hajZkl_\khklhygbbaZ\h^kdhcmiblZgghklb
bf_e`b\hc\_k\dbeh]jZffh\?]hihegh\hajZklgu_^hq_jb\_kbebih
dbeh]jZffh\
=_j_
nhj^kdZyihjh^ZohjhrhZddebfZlbabjm_lky\kZfuojZaguomkeh\byog_
lj_[h\Zl_evgZdmkeh\byfdhjfe_gbybkh^_j`Zgbyhfgh]bokl_iguojZchgZo
DZgZ^uKR::\kljZebb:j]_glbgub^jm]bokljZgihqlb_^bgkl\_gguf
dhjfhf]_j_nhj^kdh]hkdhlZy\ey_lkyiZkl[bs
gZyljZ\Zbk_ghaZkmreb\u_
]h^uabfhc]_j_nhj^ufh]mlh[oh^blvky^Z`_khehfhc
Kbkihevah\Zgb_f]_j_nhj^kdbo[udh\[ueZkha^ZgZdZaZokdZy[_eh]heh\Zy
ihjh^Z

=Zeeh\_ckdZyihjh^Z
BaqbkeZ^jm]bofykguo
ihjh^\u\_^_gguo\_ebdh[jblZgbbhij_^_e_gguc
bgl_j_kij_^klZ\ey_l]Zeeh\_ckdZyihjh^ZHgZki_pbZevgh\u\_^_gZ^ey
jZa\_^_gby\]hjguomkeh\byo?_baRhleZg^bbaZ\_aeb\jy^kljZg^eyhk\h_gby
]hjguoiZkl[bs
Jbk;ud]Zeeh\_ckdhcihjh^u
a\_klgu^\ZlbiZ]Zeeh\_ckdhcihjh^ubf_xsbokZfhklhyl_evgu_
ie_f_ggu_dgb]bWlhlZdgZau\Z_fu_q_jgu_]Zeeh\_bbhihykZggu_\kj_^g_c
qZklblmeh\bsZrbjhdbf hdhehkf [_eufj_fg_fihq_jghchdjZkd_
lmeh\bsZQ_jgu_]Zeeh\_b\i_jbh^h[jhkehklb^ebg
gufq_jguf\hehkhf
ljm^ghhlebqbfuhlZg]mkh\HgblZdb_`_dhfheu_gbadhgh]b_hq_gv
ih^\b`gu_=Zeeh\_b\hlebqb_hlZ[_j^bgh\f_g__kdhjhki_eubg_klhev
fhehqguHlgboijhba\h^yl]h\y^bgmkj_^g_]hdZq_kl\Z
HihykZggu_]Zeeh\_bg_kdhevdhdjmig__
q_jguodhjh\u
fhehqg__
Dabf_]Zeeh\_bh[jZklZxl]mklufl_ieuf\hehkygufihdjh\hfb\ex[u_
fhjhaukihkh[guh[oh^blvky[_aihf_s_gbc
IblZxlkyljZ\ygbklhcjZklbl_evghklvxukhdhieh^h\blu\ujZsb\Zxl
a^hjh\uodj_idbol_eylG_^hklZlhdihjh^u
g_\ukhdZy`b\ZyfZkkZb
hlghkbl_evgZyiha^g_ki_ehklv@b\ZyfZkkZdhjh\
d][udh\
700
d]
Jhkkbx\]h^maZ\_a_gZg_[hevrZyiZjlbyie_f_gguol_ehdb[udh\
q_jghc]Zeeh\_ckdhcihjh^u\L\_jkdmxh[eZklvg_[hevrhfdhebq_kl\_ 
dhj
h\ ]Zeeh\_ckdmxihjh^maZ\_aeb\AZ[ZcdZevkdbcdjZcP_evwlboaZ\hah\
ihdZg_j_deZfbjm_lky

^hj_\hexpbhgghcJhkkbbg_[uehk\hbo\ukhdhijh^mdlb\guofykguoihjh^
ohlyfykgh_kdhlh\h^kl\hkms_kl\h\ZehIheZ]Zxlql
hqbke_gghklvfykgh]h
kdhlZ\^hj_\hexpbhggu_]h^u^hklb]ZeZfbeebhgh\]heh\;hevrZyqZklv_]h
[ueZij_^klZ\e_gZZ[hjb]_ggufb`b\hlgufbddhlhjufhlghkbebdbj]bakdbc
dZefupdbcbk_jh
mdjZbgkdbckdhl
AgZf_gblmxQ_jdZkkdmx]h\y^bgmdhlhjmxijhba\h^
bebhlwlh]hkdhlZba
Jhkkbb\agZqbl_evghfdhebq_kl\_\u\habeb\hfgh]b__\jhi_ckdb_kljZgu
Q_jdZkkdhc]h\y^bghcgZau\Zeblmrbohjhrhhldhjfe_gguo
dZkljbjh\Zgguo[udh\dbj]bakdhck_jhcmdjZbgkdhcbdZefupdhcihjh^\
\hajZkl_hdhehlj_oe_l
Lhj]h\Z
yk^_edZgZq_jdZkkdmx]h\y^bgmh[uqghijhbkoh^beZgZ
gb`_]hjh^kdhcyjfZjd_�hklZ\eyebkdhlgZaZiZ^gu_jugdbh[uqgh]hghf
f_lh^hfgZ]meZihaZjZg__ih^]hlh\e_ggufiZkl[bsZf
I_j_]hgyebkdhlfgh]hhiulgu_]mjlhijZ\u
ih]hgsbdbi_j_f_sZykvk
`b\hlgu
fbih
dbehf_ljh\\kmldb
AZ\j_fyi_j_]hgZkdhlijb[Z\eye\\_k_bmiblZgghklb@b\hc\_klZdbo\heh\
gZAZiZ^guoyjfZjdZo^hoh^be^h
dbeh]jZffh\
Ihke_m[hyhl`b\hlguoihemqZeb`bjgu_lmrbZjhfZlgh_g_`gh_fykhl_
]h^u]h^ubgl_gkb\
gh]hnbabq_kdh]hljm^Zex^_c`bjgh_fykhihevah\Zehkv
[hevrbfkijhkhf
H^gZdh[hevrZyqZklvkdhlZ\JhkkbbhklZ\ZeZkvfZehijh^mdlb\ghcdZd\
fhehqghflZdb\fykghfhlghr_gbb
Ihwlhfm\i_j\uc`_]h^Kh\_lkdhc\eZklb[ueijbgyl^_dj_lHie_f_gghf
`b\hl
gh\h^kl\_\khhl\_lkl\bbkdhlhjufgZqZehkvij_h[jZah\Zgb_
Jhkkbckdh]h`b\hlgh\h^kl\ZbagZ\hagh]h ih\ujZ`_gbxE_gbgZ \
ijh^mdlb\gh_
wlhcjZ[hl_Zdlb\gh_mqZklb_ijbgbfZeblZdb_ba\_klgu_Jhkkbckdb_
mq_gu_dZdIGDme_rh\FBIjb^hjh]bgiha
^g__
FNB\Zgh\Hbll
IGDm^jy\p_\FNLhffwbjy^^jm]bo
GZqZeZkvfZkkh\Zyf_lbaZpby
f_klgh]hkdhlZbfihjlgufbijhba\h^bl_eyfb
�eyihemq_gbykh[kl\_gguoie_f_gguo`b\hlguo[uebkha^Zgukhlgb
ie_f_gguokh\ohah\baZ\h^h\lukyqbie_f_gguon_
jf
Bgl_j_kghijhke_^blv\ebygb_[jblZgkdbofykguoihjh^gZnhjfbjh\Zgb_
fykgh]hkdhlh\h^kl\ZgZr_ckljZgu
]h^m\Kh\_lkdbcKhxabaMjm]\Zyb:g]ebb^eymemqr_gbyf_klgh]h
kdhlZh^gh\j_f_gghb\jZ\ghfdhebq_kl\_[uebaZ\_a_gu[udb
ijhba\h^bl_
eb
bl_edblj_o[jblZgkdbofykguoihjh^]_j_nhj^kdhcZ[_j^bg
Zg]mkkdhcb
rhjl]hjgkdhcAZ\haijhba\h^beZdZ^_fbdGNJhklh\p_\ khkeh\kZfh]h
ZdZ^_fbdZ 
=_j_nhj^h\jZaf_klbeb\MjZevkdhcbDZjZ]Zg^bgkdhch[eZklyo gug_
j_kim[ebdZDZaZoklZg Zg]mkh\
\KlZebg]jZ^kdhcrhjl]hjgh\\
Mevygh\kdhc
h[eZklb
Hl\_lkl\_ggufaZbkihevah\Zgb_wlboihjh^[uehij_^_e_gki_pbZevgh
kha^Zgguc\Hj_g[mj]_gZmqgh
bkke_^h\Zl_evkdbcbgklblmlfykgh]h
kdhlh\h^kl\ZDjZ[hl_ijb\e_deb]jmiimaZdexq_gguo
mq_guoh^ghc
rZjZr_d
DZjZ]Zg^bgkdboeZ]_j_c=ME:=Z\h]eZ\_klZeZgleb\uf
bkke_^h\Zl_e_f:EZgbghcdhlhjZygZjy^mk^jm]bfbki_pbZebklZfbb
Kdj_sb\Zgb_jZaebqguoihjh^\l_]h^ugZau\Zebf_lbaZpb_c
RZjZrdZfbgZau\Zebki_pbZevgu_eZ]_jy\dhlhjuodhgp_gljbjh\Zeb\b^guoaZdexq_gguomq_guo
mq_gufb\ihke_^kl\bb[ueZm^hklh_gZdZdh^bgbaZ\lhjh\ihjh^ua\Zgby
EZmj_ZlZKlZebgkdhcij_fbbkl_i_gb
JZ[hlu
ihkdj_sb\ZgbxaZ\_a_gguo[jblZgkdboihjh^kf_klgufkdhlhf[ueb
gZqZluh^gh\j_f_gghZgZeh]bqgufbf_lh^Zfbbkh^bgZdh\hcbgl_gkb\ghklvx
AZ\_jrbebkv`_hgbkjZagufbj_amevlZlZfb
GZhkgh\_]_j_nhj^kdh]hkdhlZ[ueZkha^ZgZ\ukhdhijh^mdlb\gZydZaZokdZy
[_eh]heh\Zyihjh^Zihemqb\rZyjZkijhkljZg_gb_\hfgh]boj_]bhgZo[u\r_]h
Kh\_lkdh]hKhxaZ\dexqZyJhkkbxQbke_gghklv`b\hlguogh\hcihjh^u\
Khxa_^hklb]ZeZ
ofbeebhgh\]heh\bhgZij_^klZ\eyeZkh[hchkgh\mfykgh]h
kdhlh\h^kl\ZkljZgu
:[_j^bg
]mkulZdbkhojZgbebkv\g_[hevrhfdhebq_kl\_\h]jZgbq_gghf
j_]bhg_\hkgh\ghflZfdm^ZboaZ\habebgZklhys__\j_fyemqrb_Zg]mkkdb_
klZ^ZgZoh^ylky\he]h]jZ^kdhch[eZklb[ueb \hafh`ghbkhojZgbebkv \
DZ[Zj^bgh
;ZedZjbbbg_dhlhjuo^jm]boK_\
_jh
DZ\dZakdboj_kim[ebdZo
AZ\_a_gguor
hjl]hjgh\\l_`_]h^ubkihevah\Zeb^eykdj_sb\Zgbyk
f_klgufkdhlhf\Kj_^g_fIh\h`v_b^eymemqr_gby;_klm`_\kdhcihjh^u
H^gZdhbhgb[uebihkl_i_ggh\ul_kg_gu^jm]bfb[he__ih^oh^ysbfb
^eyIh\he`vy
ihjh^ZfbbaZf_lgh]h\ebygbygZgZr_kdhlh\h^kl\hg_hdZaZeb
kdhj_ihy\bebkv\ukhdhijh^mdlb\gu_ihf_kb\h\k_o\b^Zo
k_evkdhohayckl\_gguo`b\hlguo\lhfqbke_djmigucjh]Zluckdhl
ki_pbZebabjh\ZggucgZijhba\h^kl\_]h\y^bgu
ihke_\h_ggu_]h^uba
lZdboihf_k_cklZebnhjfbjh\Zlvihjh^u
H^ghcbai_j\uo\]h^m[ueZml\_j`^_gZdZaZokdZy[_eh]heh\Zyihjh^Z
jZchgbjh\ZggZy\ihke_^kl\bbg_lhevdh\DZaZoklZg_ghb\hfgh]boX]h
hklhqguobhklhqguojZchgZo[u\r_]hKh\_lkdh]hKhxaZ
gZrb^g
b^eykl_iguojZchgh\JhkkbbbkljZgKG=ijb_fe_fufbdjhf_
dZaZokdhc[_eh]heh\hcy\eyxlky]_j_nhj^kdZydZefupdZyZg]mkkdZyihjh^u
Hgb^hklZlhqghijh^mdlb\gu\ughkeb\uohjhrhZ^Zilbjmxlkydkh^_j`Zgbx\
[hevrbo]jmiiZo
dhjh\uih
fheh^g
yd
^h]heh\
Wlh\Z`gh^eykh^_j`Zgbyfykgh]hkdhlZgZh[rbjguol_jjblhjbyo
DZaZokdZy[_eh]heh\Zyihjh^Z
DZaZokdZy[_eh]heh\Zyihjh^Z[ueZkha^ZgZiml_fkeh`gh]h
\hkijhba\h^bl_evgh]hkdj_sb\Zgby]_j_nhj^kdbo[udh\kdhjh\Zfbdbj]bakdhc
\ZabZlkdhcqZklbKhxaZ kbff_glZevkdhcbdZefupdhcihjh^ \?\jhi_ckdhc
qZklb 
k_ihf_kbgZqbgZykihdhe_gbybf_ebfZklvlbibqgmx^ey]_j_nhj^h\
djZkgh_lmeh\bs_k[_ehc]heh\hclZdhc`_[_ehcgb`g_cqZklvxl_eZ[_eufb
gh]Zfbbfhqdhco\hklZ
h\lhjhfblj_lv_fihdhe_gbyoihke_dhlhjuogZqbgZehkvjZa\_^_gb_
ihf_k_c\k_[_koh^kl\hk]_j_nhj^Zfbmkbeb\ZehkvL_i_jvm`_g_lhevdhih
fZklbghbihlbiml_ehkeh`_gbyg_dZ`^ucki_pbZebklfh]hlebqblvbohl
]_j_nhj^h\ jbk 
DZaZokdZy[
_eh]heh\Zyihjh^ZmgZke_^h\ZeZhl]_j_nhj^h\\ukhdmxfykgmx
ijh^mdlb\ghklv@b\hc\_kihegh\hajZklguodhjh\khklZ\eye
d][udh\
\k_]hgZ
f_gvr_]_j_nhj^h\
Gh\Zyihjh^Z[ueZij_djZkghZ^Zilbjh\ZgZdkl_igufbihemimklugguf
mkeh\b
yfg_lj_[h\Zl_evgZdmkeh\byfdhjfe_gbybkh^_j`Zgby
Jbk;uddZaZokdhc[_eh]heh\hcihjh^u
Dhjh\udZaZokdhc[_eh]heh\hcihjh^uhdZaZebkvohjhrbfbfZl_jyfb
Hlt_fguc\_kbo
f_kyqguol_eyl^hklb]Z_l
d]Fheh^gydohjhrh
hldZjfeb\Z
_lkygZiZkl[bsZoijbgZ]me_
Ijbm[h_\
d] \hajZklhdhehf_kyp_\ hl[uqdh\
dZkljZlh\
dZaZokdhc[_eh]heh\hcihjh^uihemqZxllmrb\_khf
d]
k\yabkl_fqlh\k_j_^bg_
o]h^h\dZaZokdZy[_eh]heh\Zyihjh^Z[ueZ
ih^ihjq_gZi_j_\
h^hf__gZfykh
fhehqgh_gZijZ\e_gb_bemqrmxqZklv
ihjh^ui_j_djueb[udZfbrhjl]hjgkdhcbdhkljhfkdhcihjh^kdhgpZ
]h^h\\gh\vgZqZeZkv__g_h]jZgbq_ggZy]_j_nhj^baZpbyblh]_dgZklhys_fm
\j_f_gb\ihjh^_g_hklZehkvbke_^h\f_klgh]hfZ
lhqgh]hih]heh\vy
IhwlhfmgZklZeh\j_fyi_j_bf_gh\ZlvdZaZokdmx[_eh]heh\mxihjh^m\
dZaZokdh]hbebjhkkbckdh]h]_j_nhj^ZdZdwlh^_eZxlg_fpunjZgpmau
Z\kljZebcpuki_pbZebklufgh]bo^jm]bokljZgjZa\h^ysb_]_j_nhj^kdbckdhl
@b\hlguodZaZokdhc[_e
h]heh\hcihjh^u\JhkkbbhklZehkvg_fgh]h;hevrZy
bemqrZy__qZklvhdZaZeZkv\j_kim[ebd_DZaZoklZg

o]h^ZoDZaZoklZgihk_lbebdjmigu_ki_pbZebkluihfykghfm
kdhlh\h^kl\mDZgZ^u_ebdh[jblZgbb:\kljZebbGbh^bgbagbog_kfh]
h[gZjm`blvkms_
kl\_gguojZaebqbcf_`^mdZaZokdhc[_eh]heh\hcb
]_j_nhj^kdhcihjh^Zfb
Wlhlhl`_]_j_nhj^lhevdhgZoh^ysbcky\dZaZoklZgkdbomkeh\byo
aZy\be
dZgZ^kdbcn_jf_jbaijh\bgpbbKZkdZq_\Zg^hdlhjFbehrF_goZj^
Zf
ke_^h\Zeh[ui_j_bf_gh\ZlvdZaZokdmx
[_eh]heh\mxihjh^m\dZaZokdh]h
]_j_nhj^ZWlh^Zklg_fZehij_bfms_kl\Hldjh_l\Zrbf`b\hlguf^hjh]mgZ
wdkihjlkhdjZlblaZljZlugZmq_lbba^Zgb_ie_f_gguodgb]=_j_nhj^h\agZxl
\_a^_dZaZokdmx[_eh]heh\mx
lhevdh\\Zr_ckljZg_ohly\Zrkdhlg_o
m`_Z
`b\hlgu_:gdZlbgkdh]hkh\ohaZ^Z`_emqr_q_fgZfgh]boie_f_gguon_jfZo
fbjZ
Fukh]eZkbebkvk^hdlhjhfF_goZj^hfb\g_kebwlhij_^eh`_gb_
jmdh\h^kl\mbmq_gufk_jhkkbckdh]hgZmqgh
bkke_^h\Zl_evkdh]hbgklblmlZ
fykgh]hkdhlh\h^kl\Z ]Hj
_g[mj] dhlhjuckha^ZedZaZokdmx[_eh]heh\mx
ihjh^mHgbih^^_j`Zebb^_xH^gZdhihdZ_s_gbq_]hg_ij_^ijbgyeb
gZklhys__\j_fy\Jhkkbbemqrb_klZ^ZdZaZokdhc[_eh]heh\hcihjh^u
khojZgbebkv\Hj_g[mj]kdhcKZjZlh\kdhcbQ_ey[bgkdhch[eZklyo
l_
ogheh]bq_kdhfieZg_dZaZokdZy[_eh]heh\Zykoh^gZk[jblZgkdbfb
fykgufbihjh^Zfb
_^msbfohayckl\hf\Jhkkbbihwlhcihjh^_y\ey_lkyie_faZ\h^bf
�fbljh\ZBe_dkdh]hjZchgZHj_g[mj]kdhch[eZklb



DZefupdZyihjh^Z
Wlmihjh^m^he]h_\j_fyhlghkbebdZ[hjb]_gghfmkdhlmdhlhjucdZdb
dbj]bakdbckdhlgm`^Zeky\memqr_gbb
;he__]em[hdh_bamq_gb_wlh]hkdhlZihdZaZehqlhdZefupdb_`b\hlgu_
\iheg_kh\j_f_ggZy\ukhdhijh^mdlb\gZyihjh^Zbf_xs
Zyk\h_h[jZagmx
kljmdlmjm\djZie_ggmx\ihjh^gucfZkkb\h[eZ^ZxsZyp_ggufbdZq_kl\Zfb
dhlhjuog_lm^jm]h]hkdhlZbihjh^gb\h^ghckljZg_fbjZIhwlhfm[ueh
ijbgylhj_r_gb_hlg_klbdZefupdbckdhldqbkemaZ\h^kdboihjh^bijb\_klb
__ihjh^gmxkljm
dlmjmdkh\j_f_gguflj_[h\Zgbyf

Jbk;ud
ijhba\h^bl_evL_fbjdZefupdhcihjh^uie_faZ\h^ZHHH:]jh[bag_k
=_g_jZevguc^bj_dlhjFZg^`b_\GZfkujbdlhjh\bq
gZklhys__\j_fy ]h^ ihqbke_gghklbie_f_ggh]hih]heh\vydZefupdbc
kdhlaZ
gbfZ_li_j\h_f_klh\Jhkkbckdhffykghfkdhlh\h^kl\_ ]heh\\
lhfqbke_dhjh\ ^Ze_dhhi_j_`ZylZdb_ba\_klgu_ihjh^udZd
]_j_nhj^kdZydZaZokdZy[_eh]heh\ZyZg]mkkdZyb^jm]b_
k\h_\j_fyie_f_ggmxjZ[hlmkdZefupdbfkdhlhf\ha]eZ\beb^
\Z
lZeZgleb\uomq_guobaHj_g[mj]kdh]hgZmqgh
bkke_^h\Zl_evkdh]hbgklblmlZ
fykgh]hkdhlh\h^kl\Z
dZg^b^Zluk_evkdhohayckl\_gguogZmd:^hevn
bd_glv_\bqAZjd_\bqb=_hj]bcK_f_gh\bq:aZjh\
AZhlghkbl_evghdhjhldh_\j_fyhgb\uy\beb\ukhdhijh^mdlb\gu_
kl\_ggu_]jmiiu`b\hlguobh[t_^bgbebbo\ebgbbbk_f_ckl\Zbamqbebb
knhjfbjh\ZebjZaebqgu_\gmljbihjh^gu_bahgZevgu_lbiu
Ihboij_^eh`_gbx[uebkha^Zguie_f_ggu_ohayckl\Z\DZefudbb
Jhklh\kdhcb:kljZoZgkdhch[eZklyoEmqrbfie_f_ggufohayckl\hf
ih
dZefupdhcihjh^_^hkboihjhklZ_lkyAbfh\gbdh\kdbcdhggucaZ\h^
Jhklh\kdhch[eZklbie_f_ggh_klZ^h\dhlhjhf[uehkha^Zgh:AZjd_\bq_f
_s_\^h\h_ggu_]h^u
DZefupdZyihjh^Z
h^gZba^j_\g_crboihjh^djmigh]hjh]Zlh]hkdhlZ\
fbj__jhylghhgZi
hk_ebeZkv\gZrbokl_iyo\h\j_f_gZlZlZjh
fhg]hevkdh]h
gZr_kl\by
Ba\_klgucqbg]bkh\_^Wj_g`_gOZjZ
�Z\Zg\k\h_cdgb]_Qbg]bkOZg
Z\lhjkdh_ba^Zgb_;_e]jZ^]h^ ibr_lqlh_s_\h\j_f_gZjh`^_gby
\_ebdh]hfhg]hevkdh]hihedh\h^pZQbg]bkOZgZ
beb]h^u fhg]heu
djhf_hohluaZgbfZebkvdhq_\ufkdhlh\h^kl\hfihklhygghi_j_f_sZykvih
kl_iyf\ihbkdZoiZkl[bsgh]hdhjfZ^eyk\hbofgh]hlukyqguoklZ^jh]Zlh]h
kdhlZIhf_j_ijh^\b`_gbym`_dZdaZ\h_\Zl_ebgZk_\_jbgZaZiZ^fhg]heu
^ey
h[`b\ZgbyaZ\h_\Zgguoa_f_evi_j_\habeb\ke_^aZk\h_cZjfb_cfbjguo
`bl_e_ckdhq_\ufbdb[bldZfbb[h]Zlkl\hf\dexqZyehrZ^_cbfykghckdhl
DZefupdZyihjh^Z
lbibqguckl_ighckdhlohjhrhijbkihkh[e_gguc^ey
jZa\_^_gbyg_lhevdh\kmohkl_iguogh
b\ihemimklugguob^Z`_imklugguo
mkeh\byo
H[eZ^Zydj_idbfdhklydhfblZdhc`_dhgklblmpb_cl_eylZdZefupdhcihjh^u
m`_gZ
^_gvihke_k\h_]hjh`^_gbykihkh[guijhoh^blvihkmohckl_ib\
]jZ^mkgmx`Zjm\ihbkdZo\h^ubdhjfZihfgh]hdbehf
_ljh\\^_gv
JZ\ghcdZefupdhfmkdhlmiha^hjh\vx\ughkeb\hklbdj_ihklbdhklydZb
dhgklblmpbbkj_^bihjh^djmigh]hjh]Zlh]hkdhlZg_lIhwlhfmbl_ogheh]by^ey
dZefupdhcihjh^ufh`_l[ulv_s_[he__ijbih^ghcijhklhcb^_r_\hcq_f
^ey^jm]boihjh^fy
kgh]hkdhlZ
DZefupdZyihjh^Zij_^klZ\e_gZ^hklZlhqghdjmigufb`b\hlgufb@b\hc\_k
dhjh\
hdheh[udh\
dbeh]jZffh\
Dhjh\uh[eZ^Zxlij_djZkgufbfZl_jbgkdbfbbfhehqgufbdZq_kl\ZfbMgbo
g_[u\Z_lljm^guohl_eh\Dhjh\ug_ih^imklylg_lhev
dhdk\h_fml_e_gdmghb
dklZ^mex[uoa\_j_c\dexqZy\hedh\b^Z`_ihklhjhggboex^_ckmjh\uo
kl_iguomkeh\byohgb\ujZsb\Zxll_eyld
f_kyqghfm\hajZklm^h
200
dbeh]jZffh\
=h\y^bgZhldZefupdh]hkdhlZbf__l\ukhqZcr__dZq_kl\hhkh[_ggh^ey
ijb]hlh\e_gbyi_j\uo[ex^
Fgh]b_bkke_^h\Zl_ebhlf_qZxlg_^hklZlhqgmxh[fmkdme_gghklvaZ^g_cqZklb
lmeh\bsZ
dZefupdhcihjh^uH^gZdhwlhk\yaZghkmkeh\byfb`bagbkdhlZ
dh]^Z`b\hlgufijboh^blky_`_^g_\ghijhoh^blv^_kyldbdbehf_ljh\\ihbkdZo
\h^ubd
hjfZ
Fgh]hqbke_ggu_bkke_^h\Zgbyihkdj_sb\ZgbxdZefupdh]hkdhlZk
]_j_nhj^ZfbZg]mkZfbrhjl]hjgZfbb^jm]bfbfykgufbbfhehqgufb
ihjh^Zfb[hevrh]hwnn_dlZgb\ij_`gb_]h^ugb\gZr_\j_fyg_\uy\beb
Ebrvkgb`Zebkvijbkihkh[bl_evgu_k\hckl\Z`b\h
lguodwdklj_fZevguf
\g_rgbfnZdlhjZf
DZefupdZyihjh^Z
]hj^hklvJhkkbckdh]h`b\hlgh\h^kl\ZWlhklZeb
ihgbfZlvg_lhevdhgZrbghbaZjm[_`gu_ki_pbZebklubmq_gu_
Emqrb_klZ^Zkh\j_f_gghcdZefupdhcihjh^ukhkj_^hlhq_gu\j_kim[ebd_
DZefudbybJhklh\kd
hch[eZklb
Ie_faZ\h^HHH:]jh[bag_k ]_g_jZevguc^bj_dlhjFZg^`b_\FZfkuj
bdlhjh\bq bf__lk\ur_ie_f_ggh]hdZefupdh]hkdhlZ\lhfqbke_
dhjh\weblgh]hdZq_kl\Z
ohayckl\_ijbf_gbl_evghddZefupdhcihjh^_hk\h_gZ\ukhdhwnn_dlb\gZy
l_ogheh
]byijhba\h^kl\Z]h\y^bgub\ujZsb\Zgbyie_f_ggh]hfheh^gydZWlh
iha\hey_lihemqZlv_`_]h^ghhldZ`^uoklZdhjh\ih
l_eylbj_Zebah\Zlv
hdheh]heh\ie_f_gguo[uqdh\bl_ehq_dK_[_klhbfhklvp_glg_jZijb\_kZ
a^_kvg_ij_\urZ_l
jm[e_c
h^iZljhgZ`_fij_ab^_glZDZefudbbdZefupdZyihjh^ZgZqZeZmki_rgh_
r_kl\b_ihkl_igufjZchgZfJhkkbckdhcN_^_jZpbbDjmigZyf_`^mgZjh^gZy
n_jfZkdhlZdZefupdhcihjh^u [he__dhjh\ kha^ZgZ\DZf_rdbjkdhf
jZchg_KZfZjkdhch[eZklbfheh^ufbjhkkbckdh
bckdbfbij_^ijbgbfZl_eyfb
blZeb_fbdlhjh\bq_fSmdbgufbFZlZjmJZ^`mIjbq_fwlbfheh^u_ex^b
\g_^jyxlkZfu_kh\j_f_ggu_l_ogheh]bbfykgh]hkdhlh\h^kl\ZjZaebqguokljZg
fbjZ\dexqZx:\kljZebx
DZefupdbckdhd\hlm`_fgh]hihdZmki_rghjZa\h^yl\Jhklh\k
dhc
Hj_g[mj]kdhc ie_fohaKimlgbd KZjZlh\kdhch[eZklyo\AZ[ZcdZevkdhfdjZ_
Ih^^Z\e_gb_fj_deZfudZefupdmxihjh^miulZxlkyaZ\_klbg_lhevdh\
kl_igu_ghbe_kbklu_j_]bhgub^Z`_\]hju
Kh\_lkdbcbbklhjbq_kdbchiulihdZau\Z_lqlhwlmihjh^mw
nn_dlb\g__\k_]h
bkihevah\Zlvf_lh^hfqbklhihjh^gh]hjZa\_^_gbybemqr_\k_]h\kl_iguo
mkeh\byo
Lhl`_Wj_g`_gOZjZ�Z\Zgh[tykgyyihq_fmoZg;Zlucih^hc^ydGh\]hjh^m
gZdfg_klZe[jZlv_]hibkZeqlhkhqgu_ljZ\uhdj_klghkl_cGh\]hjh^Zb
Ikd
h\Zg_ijb]h^gu^eydhjfe_gbykl_iguo`b\hlguo\lhfqbke_ehrZ^_cb
kdhlZBa
aZwlh]hg_fbgm_fhijhbahr_e[uiZ^_``b\hlguo
H[wlhfohjhrhagZe\gmdQbg]bkOZgZghihq_fm
lhaZ[u\ZxlgZrbmq_gu_
Hgb\hlm`_fgh]he_liulZxlkyijh^\b]ZlvdZefupdbckdhl
lh\e_kbklmx
f_klghklvlhgZk_\_jlh\gh\v^Z`_\]hju
MdZefupdh]hkdhlZbgZ?\jhi_ckdhcbgZ:abZlkdhcl_jjblhjbbJhkkbbk\hy
]jhfZ^gZyl_jjblhjbZevgh
wdheh]bq_kdZygbrZdhlhjZyfh`_l\f_klblvg_f_g__
fbeebhgh\]heh\kdhlZWlmgbrmke_^m_
lkjhqghaZihegylv

jy^_dhglbg_glZevguokljZgZo?\jhiudjhf_[jblZgkdbojZa\h^ylk\hb
gZpbhgZevgu_ihjh^uWlh\i_j\mxhq_j_^vnjZgpmakdb_rZjhe_bebfmabgu
[_ev]bckdZy]hem[ZyfykgZyba\_klgZyih^Z[[j_\
bZlmjhcblZevygkdb_
ihjh^u
dbZgkdZyjhfZgvheZfZjdb^`ZgZbg_dhlhju_^jm]b_
NjZgpmakdb_bblZevygkdb_ihjh^udjmig__[jblZgkdbobf_xlohjhrmx
fhehqghklvH^gZdhwnn_dlb\guhgb\hkgh\ghf\mkeh\byog_[hevrbon_jfb
h[bevghcdhjfh\hc[Zauihkd
hevdmijbkihkh[e_gu^eykh^_j`Zgbyf_edbfb
]jmiiZfb
dhjh\uih
fheh^gyd^h]heh\bgm`^Zxlky\
bg^b\b^mZevghfijbkfhlj_\lhfqbke_ba
aZ\hagbdZxsboijh[e_fkhl_eZfb
Kwlbf`_k\yaZgubl_ogheh]bq_kdb_hkh[_gghklb_\jhi_ckdbo
dhglbg_glZ
evguoihjh^Hgb[he__lj_[h\Zl_evgudmkeh\byfdhjfe_gbyb
kh^_j`Zgbyg_i_j_ghkyl^ebl_evgh]hgZoh`^_gby\oheh^guomkeh\byobo
g_evay\h\j_fyhl_eh\hklZ\eylv[_agZ[ex^_gbyq_eh\_dhf
Iheh`bl_evgufdZq_kl\hfwlboihjh^kqblZxl\ukhdmxfykgmx
ijh^mdl
b\ghklv \_klmrbohjhrhhldhjfe_ggh]h[uqdZkhklZ\ey_l
d]
ijbm[hcghf\uoh^_hdhehijhp_glh\ ZlZd`_hkh[_ggh\ihke_^gb_]h^ug_
`bjgh_fykh kh^_j`Zgb_`bjZ
hdheh ohlykwlbffgh]b_fykgbdbg_
kh]eZkguKgb`_gb_hleh`_gbc`bjZ\
lhes_fykZih\urZ_l_]h]jm[hklv
kgb`Z_lZjhfZlbdmebgZjgu_dZq_kl\Z
RZjhe_
RZjhe_
gZ[he__djmigZyb\ukhdhijh^mdlb\gZykj_^b\k_ofykguoihjh^
fbjZ
@b\ZyfZkkZ\ajhkeuodhjh\
d][udh\
d]
Dhjh\uihjh^urZjhe_ohjhrhh[fmkd
me_gubf_xldj_idbcdhklydb
kihdhcgucgjZ\\ukhdhfhehqgu_
Fgh]bfdhjh\Zfbihqlb\k_fi_j\hl_edZfihjh^urZjhe_ijboh^blky
hdZau\Zlvjh^h\kihfh`_gb_\dexqZybkihevah\Zgb_f_lh^Zd_kZj_\Zk_q_gby
Wlhdjmig_crbcg_^hklZlhdihjh^uk^_j`b\Zxsbc__l
jbmfnZevgh_r_kl\b_ih
\k_fkljZgZffbjZ


JbkDhjh\Zihjh^urZjhe_kl_e_gdhf

o]h^Zoijhreh]h\_dZihmdZaZgbxkhxagh]hfbgbkl_jkl\Zk_evkdh]h
ohayckl\Z^eyih\ur_gbyfykghcijh^mdlb\ghklbdjmigh]hjh]Zlh]hkdhlZ[u
gZqZlhrbjhdhfZkrlZ[gh_ijhfure_ggh_kdj_sb\Zgb_\hfgh]bojZchgZo
JhkkbbLhevdh[udZfbihjh^urZjhe__`_]h^ghhk_f_gyebk\ur_lukyq
dhjh\fhehqguoihjh^H^gZdhba
aZijh[e_fkhl_eZfbbkihevah\Zgb_wlh]h
lbiZkdj_sb\Zgbyihkl_i_gghkhdjZsZykv
khrehgZg_l
NjZgpmakdb_fykgu_ihjh^u
iZkl[bsgu_`b\hlgu_L_fg_f_g__hgbom`_
bkihevamxlkmob_iZkl[bsZaZkmreb\u_]h^ub\`Zjdbokl_iguomkeh\byo
hgbfh]ml\hh[s_g_gZclbiZkl[bsgh]hdhjfZ
Hlebqbl_evgZyhkh[_gghklvrZjhe_dZdfykg
hcihjh^u
wlh__hlghkbl_evgh
ihklgZyihwlhfm[he__]jm[Zy]h\y^bgZG_dhlhju_ihlj_[bl_ebkqblZxlwlhaZ
ohjhrbcijbagZdihkdhevdm\kh\j_f_gguomkeh\byodh]^Znbabq_kdbcljm^
\ul_kgy_lkyba`bagbq_eh\_dZljm^hff_oZgbq_kdbfihlj_[e_gb_`bjghc
bsbiheZ]Zxl\j_^gh^eya^hjh\vy
H^gZdhfgh]b_ex[bl_eb]h\y^bguih
ij_`g_fmkqblZxlqlh]h\y^bgZ[_a
`bjZg_fh`_l[ulvgb\dmkghcgbg_`ghcgbZjhfZlghcgbfjZfhjghc
Ihwlhfmohjhrbckl_cdbag__g_ijb]hlh\brvBaebrgbc`bjbafykZfh`gh
Zeblvijbm[h_kdhlZbdmebgZjghch[jZ[hld_ijh^mdlZ
Kwlbfkh]eZrZxlky^Z`_njZgpmau
kZfhaZ[\_ggu_klhjhggbdbihjh^u
rZjhe_
Hkgh\gZyijh[e_fZrZjhe_aZdexqZ_lky\k_`_\ly`_euohl_eZofZlhqgh]h
ih]heh\vyK\yaZghwlhg_lhevdhkdjmighieh^ghklvxl_e
yl bo\_kijbjh`^_gbb
h[uqghkhklZ\ey_l
d] ghbknhjfhcl_eZgZjh`^Zxs_]hkyfheh^gydZM
g_]hhq_gv]em[hdZy]jm^gZyde_ldZdhlhjZyijbhl_eZog_j_^dhaZklj_\Z_l\
lZah\hcihehklbl_eys_ckydhjh\u
NjZgpmakdZyZkkhpbZpbyihjh^urZjhe_khh[sZ
_lqlh\j_amevlZl_^ebl_evghc
k_e_dpbhgghcjZ[hlubfm^Zehkvkha^Zlvf_lh^Zfbhl[hjZbih^[hjZebgbb[udb
badhlhjuog_^Zxlly`_euohl_eh\bqlh\hNjZgpbbijh[e_fmly`_euohl_eh\
rZjhe_fh`ghkqblZlvj_r_gghc
hafh`ghqlhwlhlZdb_klvH^gZdhih
khh[s_gbxjmdh\h^bl_e_c
Lxf_gvkdhcfykghcdhfiZgbbk\ur_ijhp_glh\aZ\_a_gguodgbf
rZjhe_akdbodhjh\bg_l_e_cbf_xlly`_eu_hl_eubgm`^Zxlky\ihfhsbijb
hl_eZoWlhlj_\h`gh_khh[s_gb_b_]hke_^m_lmqblu\ZlvijbaZ\ha_fykgh]h
kdhlZ\gZr
mkljZgm

EbfmabgkdZyihjh^Z
Kdhlebfmabgkdhcihjh^uahehlbklh
djZkghcfZklb
ohjhrh\ujZ`_ggh]h
fykgh]hlbiZ
ijhbkoh^blbaP_gljZevghc
NjZgpbb
Ihjh^Zij_^klZ\e_gZ
djmigufb`b\hlgufbohlybg_kdhevdhf_evq_rZjhe_
b\Zyf
ZkkZm\ajhkeuo
dhjh\
600
d]Ih^ZggufZf_
jbdZgkdbohiulguoklZgpbcihkdhjhklbjhklZ
ebfmabgkdb_[uqdb
dZkljZluaZgbfZxlijhf_`mlhqgh_iheh`_
gb_f_`^m
[jblZgkdbfbb_\jhi
_ckdbfb\ukhdhjhkeufbihjh^Z
Hgbkhaj_\Zxl
g_kdhevdhjZgvr_q_frZjhe_
bkbf
f_glZeubolmrbhp_gb\Zxlkyhl[hjguf
khjlhfih^hklb`_gbb`b\hc
d]
Ih\uoh^m
p_gguo
hljm[h\
ebfmabgu
ij_\hkoh^yl\k_ihjh^u\dexqZy
rZjhe_bkbff_glZevkdmx
Ijb
ijhfure_gghf
kdj_sb\Zgbbkebfmabgkdbfb[udZfb`b\ZyfZkkZl_eyl
jh`^_gbbg_kdhevdhf_gvr_hl_euijh
bkoh^yle_]q_q_fijbkdj_sb\Zgbbk
[udZfb
ihjh^urZjhe_
hehqgZyijh^mdlb\gh
klvebfmabgkdbodhjh\mf_j_ggZyL_fg_f_g__
hgb
\iheg_kijZ\eyxlkyk\ujZsb\Zgb_fk\hbol_
eylgZih^khk_
Ih^ZggufgZmqguoklZgpbc
KR:\hajZklih
eh\hcaj_ehklbbihke_^mxsZy
ieh^h\blhklvebfm
abgkdbol_ehdbdhjh\lZdb_`_dZdbmihemdjh\guo
rZjhe_akdbo
bfmabgkdmxihjh^m
wnn_dlb\gh
bkiheva
mxl
\kdj_sb\Zgbyo\dZq_kl\_
hlph\kdhchkh
[_ggh\l_okemqZyodh]^Zg_h[oh^bfh[ukljh
memqrblvfykghklv
bba[_`Zlv
ih\hafh`ghklb
aZljm^g_gguohl_eh\
Lmrbebfmabgkdh]hkdhlZ\ukhdh]hdZq_kl\Zfykhhlghkbl_evghihklgh_g_
fjZfhjgh_

JhkkbxbaNjZgpbbb_g]jbbaZ\_a_ghagZqbl_evgh_dhebq_kl\h
ie_f_gguoebfmabgkdbo[udh\bl_ehd
\jZaebqgu_j_]bhgukljZguHgbohjhrh
ZddebfZlbabjmxlkyijhy\eyxlijbkmsmxbf\ukhdmxfykgmxijh^mdlb\ghklv
ihke_^gb_]h^u
[eZ]h^Zjymf_ehcj_deZf_
bgl_j_kdebfmabgkdhfmkdhlm\
Jhkkbb\gh\v\hajh^bekyAgZqbl_evgh_ih]heh\v_ie_f_ggh]hebfmabgkd
h]h
kdhlZaZdmibebij_^ijbgbfZl_ebj_kim[ebdb;ZrdhjlhklZgohlyhlij_`gbo
aZ\hah\kdhlZwlhcihjh^u kh\ohaGh\hjZ_\kdbcHevrh\kdh]hjZchgZ ohjhrbo
j_amevlZlh\g_ihemqbebbba[Z\bebkvhl[hevr_cqZklbaZ\_a_gguo`b\hlguo
hlijZ\bebgZm[hcbebijh^Ze
b\^jm]b_j_]bhgu Ie_f_gghcebfmabgkd
bckdhl
aZ\_aeb\Lxf_gkdmxE_
g]jZ^kdmxL\_jkdmxh[eZklbDjZkgh^ZjkdbcdjZc
H^gZdhh[h`b^Z\r_fky\ukhdhfwdhghfbq_kdhfwnn_dl_ijbijhba\h^kl\_
]h\y^bguhlebfmabgkdh]hkdhlZbeb\kie_kd_kijhkZgZie_f_gg
uo`b\hlguo
ebfmabgkdhcihjh^ukhh[s_gby\kj_^kl\ZofZkkh\hcbgnhjfZpbydjZcg_
kdm^gu
hklhj`_gguohlau\h\
dZdwlhij_^iheZ]ZebibZjsbdb
ihdZgbhldm^Z
_s_
g_
ihklmiZeh
EbfmabgkdZyihjh^ZohjhrZghbf__ljy^k^_j`b\ZxsbooZjZdl_jbklbd?klv
khh[s_g
byqlh`b\hlgu_qj_af_jgh\ha[m^bfuqZklhkljZ^Zxldhiulgufb
aZ[he_\Zgbyfbdhjh\ug_^hklZlhqghfhehqguLZdlZ`_Lxf_gkdZyfykgZy
dhfiZgbykhh[sZ_lqlhdhjh\u\kj_^g_fijhba\h^yld]fhehdZ
`bjghklvxWlhdjmigucg_^hklZlhdihjh^u

Jbk;udebfmabgkdhcihjh^u
_jhylgh\k_`_qlh\bgh\ZlZg_ihjh^ZZl_ogheh]bydhlhjmx^ey
ebfmabgkdh]hkdhlZih
gZklhys_fmg_kha^ZebgbgZh^ghcjhkkbckdhcn_jf_
EbfmabgudZdbihjh^ZrZjhe_
^eyf_edh
bkj
_^g_
]jmiih\h]h
kh^_j`ZgbyMgZk`_g_dhlhju_n_jf_jukh^_j`ZlwlhlkdhlgZn_jfZoih
g_kdhevdhlukyq]heh\H`b^Zlv\ukhdh]hwnn_dlZihwlhfmg_ijboh^blky
Dqbkemg_^hklZldh\ihjh^uhlghkyl\ha[m^bfucqZklhhiZkguc^eyq_eh\_dZ
gjZ\g_j_^dbbly`
_eu_hl_eui_j\hl_ehd
;_eZyZd\blZgkdZy
ihjh^Z
@b\hlgu_wlhc
njZgpmakdhc
ihjh^udjmigu_[_ehcfZklbihl_ehkeh`_gbx
koh`bkebfmabgZfbbf_xl
ohjhrhjZa\blmxfmkdmeZlmjm Jbk 
JbkDhjh\Z[_ehcZd\blZgkdhcyihjh^u
FhehqgZyijh
^mdlb\ghklv
g_\ukhdZyGZijZ\e_gb_bkihevah\Zgby
qbklh
fykgh_
@b\ZyfZkkZ\ajhkeuodhjh\
hdhehd]
[udh\
900
1000
Ihemdjh\gu_
[uqdb
dZkljZlu^hklb]Zxl`b\h]h\_kZ\
d]
d
f_kyqghfm
\hajZklmKdhjhklvbojhklZbdZq_kl\hlmrb
\ukhdb_
H[_ehcZd\blZgkdhcihjh^_\gZr_ckljZg_ba\_klghfZehjy^_kljZg
?\jhiuhgZgZqbgZ_l\ul_kgylvebfmabgh\
;_ev]bckdZy]hem[Zyihjh^Z %%%
Wlh_^bgkl\_ggZyfykgZylZdgZau\Z_fZy^hii_e_g^_jgZyihjh^Z`b\hlgu_
dhlhjhch[eZ^Z
xl^\hcg
hch[fmkme_gghklvx
u\_^_gZbjZa\h^blkygZ
[_ev]bckdbon_jfZoAZij_^_eZfb;_ev]bbba\_klgZlhevdh\khk_^gbokljZgZo
FZklvk\_leh
[mjZykhajbl_evgufwnn_dlhf]hem[baguohlygbdZdh]h
]hem[h]h\hehkZ\__\hehkyghfihdjh\_g_l Jbk 

juoehklbl_eZ\ajhkeu_`b\hlgu_ljm^ghi_j_ghkyli_j_^\b`_gby
^Z`_\ihbkdZoiZkl[bsghcljZ\uIhwlhfmiZkl[bsZ^eyih^[bjZxl
g_^Ze_dhhln_jfqlh[u^hfbgbfmfZkhdjZlblvi_j_f_s_gb_`b\hlguo
Wlh
nhjfbjm_lh^gmbahkh[_gghkl_cl_ogheh]bb[_ev]bc
kdhc]hem[hcihjh^u\h\k_
i_jbh^u]h^Z
Jbk;udihjh^u ;_ev]bckdZy]hem[ZyfykgZy 
N_jfu[_ev]bckdhc]hem[hcihjh^ubf_xlky\Exdk_f[mj]_\khk_^gbok
;_ev]b_ca_feyo=_jfZgbb]^_ihevamxlkyohjhr_cihimeyjghklvx
Ba\_klghqlhijb
kdj_sb\Zgbbk^jm]bfbhkh[_gghfhehqgufbihjh^Zfb
[_ev]bckdZy]hem[ZyagZqbl_evghih\urZ_lbofykgmxijh^mdlb\ghklv
Fykh[_ev]bckdhc]hem[hcihjh^ulhs__g_kh^_j`bl`bjh\uoijhkeh_d
Ihwlhfmijb]h^gh\hkgh\ghf^eyijhfure_gghci_j_jZ[hldbijhba\h
^kl\Z
\ukhdhp_gguol\_j^uodhe[Zk^jm]bofykguoba^_ebck^h[Z\e_gb_f]h\y^bgu
Jhkkbbba\_klgZ
fZeh

DbZgkdZyihjh^Z
BlZebbkha^Zgubihevamxlkyihimeyjghklvxkh[kl\_ggu_gZpbhgZevgu_
fykgu_ihjh^ulZ
db_dZddbZgkdZyjhfZgvheZfZjdb^`ZgZ
DbZgkdZyihjh^Z
h^gZbakZfuo\ukhdhjhkeuoihjh^kdhlZ\fbj_ajhkeu_
dhjh\u^hklb]Zxl`b\h]h\_kZ\
d] Jbk 
WlZihjh^Zqbklhfykgh]hgZijZ\e_gbyijh^mdlb\ghklbDbZgkdbckdhl
iha^g_ki_euchlg
_]hihemqZxlhlghkbl_evghihklgu_lmrbk[he__\ukhdbf
\uoh^hfp_gguohljm[h\q_fhl_\jhi_ckdbodhglbg_glZevguofykguoihjh^
DbZgkdb_dhjh\uhlebqZxlkye_]dbfbhl_eZfbDbZgkdbckdhlbf__l
g_kihdhcgucgjZ\G_dhlhju_n_jf_juihwlhcijbqbg_hldZau\Zxl
kyhl_]h
jZa\_^_gby
Ihjh^ZohjhrZ^eykdj_sb\Zgbyihkdhevdmihqlbgbdh]^Zg_^Z_lhkeh`g_gbc
ijbhl_eZo
Jhkkbx\k_j_^bg_
o]h^h\aZ\habebh^gh]hbeb^\modbZgkdbo[udh\
H^gZdhba
aZg_h[ma^Zggh]hgjZ\Zbkihevah\Zlvbo^Z`_f_lh^hf
bkdmk
kl\_ggh]hhk_f_g_gbyg_kfh]eb
Jbk;uddbZgkdhcihjh^u
�\_^jm]b_blZevygkdb_fykgu_ihjh^u jhfZgvheZbfZjdb^`ZgZ ihfZklbb
ijh^mdlb\ghklbgZihfbgZxlk_jucmdjZbgkdbckdhl bf_xlk\_leuc\hehkyghc
ihdjh\gZnhg_l_fgh]hp\_lZdh`b Hgb
dbeh]jZffh\gZ
f_evq_dbZgh\
Ihijh^mdlb\ghklbbgjZ\mgZihfbgZxldbZgkdmxihjh^m

kljZgZoHd_ZgbbjZa\h^ylfgh]b_fykgu_ihjh^uba\_klgu_\fbj_
]_j_nhj^h\Zg]mkh\rhjl]hjgh\rZjhe_ebfmabgh\b^jm]b_
\k_
]hfykguo
ihjh^
IhklhygghgZoh^ykv\mkeh\byol_ieh]hdebfZlZiylh]hdhglbg_glZ\k_wlb
ihjh^uiheghklvxij_\jZlbebkv\iZkl[bsgu_Gbabfhcgbe_lhfhgbg_
gm`^Zxlky\ihf_s_gbyobg_bf_xlkljh]hk_ahgguohl_eh\
BaqbkeZwlboihjh^gZb[he__jZ
kijhkljZg_gu]_j_nhj^kdZybdhfheZy
]_j_nhj^kdZyihjh^uJZa\h^ylboih\k_c:\kljZebbbkdexqZyljhibq_kdb_b
km[ljhibq_kdb_jZchgu
I_j\u_]_j_nhj^u[uebaZ\_a_gugZiylucdhglbg_l_s_\]h^mba
:g]ebb;eZ]h^Zjyhkh[ufdebfZlbq_kdbfmkeh\byfb^_
ckl\bx_kl_kl\_ggh]h
hl[hjZ]_j_nhj^u\:\kljZebbdhgkheb^bjh\Zebkv\bkdexqbl_evghdj_idhf
`Zjhmklhcqb\hfdhgklblmpbhgZevghflbi_Ihkdhevdm[hevrmxqZklv`bagbhgb
ijh\h^ylgZiZkl[bsZo[_aaZsblukhklhjhguq_eh\_dZmgboohjhrhjZa\bl
fZl_jbgkdbcbg
klbgdl
Bgl_j_kgh[uehgZ[ex^ZlvdZd]_j_nhj^kdb_dhjh\uh[_j_]Zxll_eylhl
obsgbdh\
^bdhckh[Zdb^bg]hbkl_iguohjeh\dhlhju_lZd`_gZiZ^ZxlgZ
hl[b\rbokyl_eylIjbmoh^_gZ\h^hihcgZijbf_jdhjh\ukh[bjZxll_eyl\
dmklZo\[hevrb_]jmiiubhklZ\e
yxl^eybohojZguqZklvk\hbok\_jklgbp
_jgm\rbkvk\h^hihyhgbhklZxlkyklhjh`blvl_eylZij_`gb_hojZggbdb
hlijZ\eyxlkymlheylv`Z`^mLhevdhihke_wlh]h`b\hlgu_hlijZ\eyxlkygZ
iZkl[bsZ
:gZeh]bqgh_ih\_^_gb_fugZ[ex^ZebbihZ[_j^bgkdhcihjh^_d
hlhjZy[ueZ
aZ\_a_gZgZdhglbg_gl\]h^m^eyjZa\_^_gbyki_pbZevgh\fy]dhfdebfZl_
gZklhys__\j_fyhgZ\lhjZykj_^bfykguoihjh^:\kljZebbihqbke_gghklb
ihke_^gb_]h^u:\kljZebckdbo]_j_nhj^h\bZg]mkh\gZqZebaZ\hablvjy^
aZjm[_`guokljZg\
qZklghklbJhkkby
aZhkh[_gghkl_cdebfZlbq_kdbomkeh\bc[hevrhcihimeyjghklvxgZk_\_j_
kljZguihevam_lky]b[jb^gucfykghckdhl
L_fg_f_g__\:\kljZebb\u\_^_gubk\hb\ukhdhijh^mdlb\gu_fykgu_
ihjh^ugZqZ\rb_\ihke_^gb_]h^uihevah\Zlvkymki_oh
f\g_dhlhjuo
_\jhi_ckdbobZf_jbdZgkdbokljZgZoWlh\i_j\mxhq_j_^vk_jZyfmjj_ckdZy
fZg^hehg]kdZyZlZd`_]b[jb^gu_fykgu_ihjh^uihevamxsb_ky[hevrhc
ba\_klghklvx\hfgh]bokljZgZofbjZ
FZg^hehg]kdZyihjh^Z
FZg^hehg]kdZyihjh^Z\u\_^_gZdjm
igufk_e_dpbhg_jhfblZevygp_fih
ijhbkoh`^_gbxJbdhfIbkZlmjh
:kkhpbZpbyihjZa\_^_gbxihjh^uaZj_]bkljbjh\ZgZ\:\kljZebb\]h^m
JbdIbkZlmjhkhh[sZ_lqlhfZg^hehg]kdZyihjh^Z
h[t_^bgy_l\k_[_emqrb_
dZq_kl\Ziylbihjh^djmigh]hjh]Zlh]hkd
hlZ rZjhe_[jblZgkdZy[_eZy
Z\kljZebckdb_njbaudbZgkdZyrhjl]hjgkdZy ZlZd`_[jZfZgkdboa_[m lZ[e 


LZ[ebpZ
Khhlghr_gb_djh\ghklbbdZq_kl\Zbkoh^guo
ihjh^h[t_^bg_ggu_\
fZg^hehg]kdhcihjh^_
Bkoh^gu_ihjh^u
�heydjh\ghklb
DZq_kl\ZmgZke_^h\Zggu_
hlbkoh^guoihjh^
RZjhe_

31,25
@b\ZyfZkkZfZklvwg_j]byjhklZ
;jblZgkdZy[_eZy

12,50
FhehqghklvfZl_jbgkdb_dZq_kl\Z
:\kljZebckd
b_
njbau

6,25
Fhehqghklv
DbZgkdZy

25,00
@b\ZyfZkkZdj_ihklvdhgklblmpbb
Rhjl]hjgkdZy

12,50
Kdhjhki_ehklvdZq_kl\hfykZ
A_[m

12,50
Mklhcqb\hklvddjh\_iZjZablZjguf
aZ[he_\Zgbyfbde_sZf


@b\hlgu_fZg^hehg]kdhcihjh^uiZe_\hcfZklbHdhehijhp_glh\bagbo
[bheh]bq_kdbdhfheu_
Ihjh^Zh[eZ^Z_l[hevrhcly`_eh\_kghklvx@b\hlgu_\ukhdhgh]b_ohjhrh
ijbkihkh[e_gudiZkl[bsgufmk
eh\byf
FZg^hehg]kdbckdhlhlebqZ_lkybkdexqbl_evgh\ukhdhcfykghcbfhehqghc
ijh^mdlb\ghklvx@b\hc\_kdhjh\
700
d][udh\
hdheh
Lmrb[uqdh\
dZkljZlh\dhlhjuoh[uqghm[b\Zxl\
f_kyqghf\hajZkl_k
`b\hcfZkkhchdhehd]hlebqZxlk
yg_agZqbl_evghc`bjghklvx hdheh 
Fykhbog_`gh_ZjhfZlgh_ijbylgh]hk\_leh
jhah\h]hfjZfhjgh]hp\_lZ
Dhjh\uhlebqZxlky\ukhdhcieh^h\blhklvxbfhehqghklvxKj_^gyyhlt_fgZy
fZkkZl_eyl\
f_kyqghf\hajZkl_ijbkh^_j`Zgbbbdhjh\bl_eyllhev
dhgZ
iZkl[bsZo[_a^hihegbl_evghcih^dhjfdbihn_jf_FZg^hehg]nZjf
ijbgZ^e_`Zs_cJbdmIbkZlmjhkhklZ\ey_lih[uqdZf
d]l_ehqdZf
d]
G_gZ[ex^Z_lkyaZljm^g_gbcijbhl_eZo
Jbk;udfZg^hehg]kdhcihjh^u
Mhl^_evguo[uqdh\`b\Zy
fZkkZijbhlt_f_\
f_kyqghf\hajZkl_^hklb]ZeZ
d]
Hkgh\u\ZykvgZwlhfZ\lhjuihjh^uiheZ]Zxlqlh\kdhj_bfm^Zklky^h[blvky
ih\ur_gby
kj_^g_]h
`b\h]h\_kZl_eylijbhlt_f_^hd]Wlhiha\hebl
hlijZ\eylvfheh^gydgZm[hckjZam`_ihke_hl
t_fZhldhjh\[_a
^hihegbl_evguoaZljZlgZgZ]mebebhldhjfk\yabkwlbfg_dhlhju_
ki_pbZebkluiheZ]ZxlqlhfZg^Zehg]kdZyihjh^Zb__l_ogheh]byy\ey_lky
ijhh[jZahf[m^ms_]hfykgh]hkdhlh\h^kl\Zbal_ogheh]bq_kdh]hpbdeZdhlhjh]h
[m^_lbkdexq_ghldhjf
fheh^gydZihke_hlt_fZhldhjh\
Ihjh^ZjZkijhkljZg_gZ\kljZgZoHd_Zgbb\[hevrhf^bZiZahg_ijbjh^gh
debfZlbq_kdbomkeh\bc\dexqZyljhibq_kdb_bkm[ljhibq_kdb_jZchgulZddZd
[eZ]h^Zjykh^_j`Zgbxdjh\ba_[mkdhlfZg^hehg]kdhcihjh^umklhcqb\ijhlb\
iZkl[bsguode_s_cdhfZjZh\h^Zke_igyJ_abkl_gl_gddjh\_iZjZablZjguf
aZ[he_\Zgbyf
k_j_^bg_
o]h^h\h^bg[udfZg^hehg]kdhcihjh^u[ueih^Zj_gJbdhf
IbkZlmjh:gdZlbgkdhfmie_faZ\h^m
Fubf_eb\\b^mgZ_]hhkgh\_kha^Zlvhkh[uc\gmljbihjh^guclbi
dZaZokdhc[_eh]heh\hcihjh^_
I_j\u_j_amevlZluhdZaZebkvij_djZkgufb^Zevg_cr_fihf_rZeZ
i_j_kljhcdZ
K_jZyfmjj_ckdZyihjh^Z
Ihjh^Z\u\_^_gZiml_fkdj_sb\Zgbyrhjl]hjgkdhcb:[_j^bg
Zg]mkkhcihjh^
\gZqZe_ijhreh]h\_dZ ]h^ 
@b\hlgu_ihjh
^ubf_xlohjhrh\ujZ`_g
gucfykghclbil_ehkeh`_gby
khq_lZxs_cdZq_kl\ZZ[_j^bg
Zg]mkh\brhjl]hjgh\Ihjh^mkqblZxldhfhehc
hly\g_dhlhjuo^Z`_ie_f_gguo
klZ^Zo\klj_qZxlky`b\hlgu_k
jm^bf_glbjh\Zggufbjh`dZfbFgh]b_bagbok_jhc [mjhc fZklbjZae
bqguo
hll_gdh\G_j_^dhihiZ^Zxlkyhq_gvl_fgu_b^Z`_q_jgu_`b\hl
gu_
KdhlhlebqZ_lky\ukhdhckdhjhki_ehklvxohjhrboiZkl
[bsguomkeh\byo
fheh^gydaZdZgqb\Z_ljhkld
f_kyqghfm\hajZklm^hklb]Zy`b\hcfZkku
d]FZkkZ`_\ajhkeuo`b\
hlguog_\_ebdZ
dhjh\
hdheh
d]
[udh\
d]
LmrbhlebqZxlky\ukhdbfdZq_kl\hfGZfgh]bo\uklZ\dZobfqZklh
ijbkm`^Zxlijbah\u_f_klZ
f_kl_kl_f
g_dhlhju_ki_pbZebklu
hlf_qZxlg_^hklZlhqgh\ukhdmx
fhehqghklvfmjj_ckdbodhjh\Hlt_fgZy
kZl_eyl\
f_kyqghf\hajZkl_^Z`_
\ohjhrboiZkl[bsguomkeh\byoh[uqghg_ij_\urZ_l
d]
Wlh
gZ
20
d]f_gvr_q_fihl_eylZf^jm]bo
fykguo
ihjh^
:\kljZebb
Ihkdhevdmgb\h^ghfbafgh]hqbke_gguowdki_jbf_glh\ihijhfure_gghfm
kdj_sb\Zgbx
ihf_kbg_
ihemqbeb\ukhdhchp_gdbkqblZxlqlhwnn_dlb\gh
ebrvqbklh
ihjh^g
h_jZa\_^_gb_kdhlZwlhcihjh^u
gZqZe_
o]h^h\fmjj_ckdbckdhl[ueaZ\_a_g\Gh\mxA_eZg^bxb
ihevam_lkylZfrbjhdhcihimeyjghklvx

o]h^Zo_]hbfihjlbjh\Zeb
`b\hlgh\h^
u_ebdh[jblZgbbKR:DZgZ^u
gZklhys__\j_fyZkkhpbZpbyihjZa\_^_gbxk_jh]hfmjj_ckdh]hkdhlZ
Fmjj_c
gZb[he__djmigZ
yij_kgh\h^gZyj_dZ:\kljZebb
gZkqblu\Z_lk\ur_lukqe_gh\H[s_kl\hkdhlh\h^h\ihjZa\_^_gbx
`b\hlguowlhcihjh^ukha^ZghlZd`_\Gh\hcA_eZg^bbFmjj_ckdb_[udb
bfihjlbjh\Zgu\Nb^
`bGh\mxDZe_^hgbxLhg]hZlZd`_\KR:DZgZ^m
_ebdh[jblZgbx
JbkDhjh\Zbl_edZk_jhcfmjj_ckdhcihjh^u











g_dhlhjuo_\jhi_ckdbokljZgZoagZqbl_evgmxqZklvZ[hjb]_ggh]h
djmigh]hjh]Zlh]hkdhlZkhlgbe_ljZa\h^beb\dhf[bgbjh\Zgghffykh
fhehqg
jZ[hq_fgZijZ\e_gbbWlhhl\_qZehihlj_[ghklyfq_eh\_dZb
wdhghfbq_kdbfmkeh\byflh]h\j_f_gbQ_eh\_dgm`^Zekyg_lhevdh\fhehd_b
fyk_ghb\h\vxqguobmijy`guoljZgkihjlguokj_^kl\Zof_oZgbq_kdhc
wg_j]bb^eyi_j_f_s_gby]jmah\ijhba\h^kl\Zk
_evkdhohayckl\_gguob^jm]bo
jZ[hljZaebqguojZchgZofbjZ\aZ\bkbfhklbhlijbjh^guobdebfZlbq_kdbo
mkeh\bcwlh[uebdjhf_djmigh]hjh]Zlh]hkdhlZehrZ^bhkeubfmeu
\_j[ex^u[mc\heuydbb^jm]b_`b\hlgu_

]hjguomkeh\byoq_eh\_dhkh[h
gm`^Zeky\h\k_olj_o\b^ZomdZaZgghc
ijh^mdpbbIhwlhfmdhf[bgbjh\Zggucdjmigucjh]ZluckdhllZf[uehkh[_ggh
p_g_g

Kihy\e_gb_fbjZa\blb_ff_oZgbq_kdboaZl_fb^jm]bo\qZklghklb
we_dljbq_kdbobklhqgbdh\wg_j]bb`b\hlgu_gZqZebl_jylv
k\h_jZ[hq__b
wg_j]_lbq_kdh_agZq_gb_bfgh]b_ihjh^uhkh[_ggh\kdhlh\h^kl\_gZqZeb
bkihevah\Zlvlhevdh^eyijhba\h^kl\ZfhehdZbfykZ

Kh\j_f_g_fhkh[_gghkk_j_^bguijhreh]h\_dZ\k\yabkjZa\blb_f
ki_pbZebaZpbb\`b\hlgh\h^kl\_hliZeZg_h
[oh^bfhklvb\dhf[bgbjh\Zgguo
ihjh^Zoihkdhevdmhgbg_fh]ebdhgdmjbjh\Zlvkhki_pbZebabjh\Zggufkdhlhf
gbihfhehdmgbihfykmk\yabkwlbfgZqZehkvij_h[jZah\Zgb_lZdboihjh^\
ki_pbZebabjh\Zggu_]eZ\gufh[jZahffykgu_ihjh^u^eydhlhjuo\]hjgu
mkeh\byobf_ebkvohjhrb_dhjfh\u_mkeh\byZjughdfhehdZbfhehqguo
ijh^mdlh\[ueg_agZqbl_evguf

Wlhlijhp_kkhkh[_ggh[ukljhj_Zebam_lky\hNjZgpbbh[eZ^Zxs_c
h[rbjgufb]hjgufbl_jjblhjbyfb]hjghcf_klghklbwlhckljZgu
knhjfbjh\Zehkvfgh`_k
l\hehdZevguodhf[bgbjh\Zgguoihjh^dhlhjuo
kh\j_f_ggu_aZ\h^qbdbiulZxlkyij_h[jZah\Zlv\ki_pbZebabjh\Zggu_fykgu_

Kj_^bwlboihjh^\i_j\mxhq_j_^vke_^m_lgZa\ZlvkZe_jkdmxh[jZdb
]Zkdhgkdmxdhlhju_g_^h[jhkh\_klgu_dhff_jkZgluiulZxlkyijh
^Zlv\^jm]b_
kljZgu\qZklghklb\JhkkbxdZdm`_knhjfbjh\Z\rbckyki_pbZebabjh\Zgguc
fykghckdhl

Ke_^m_lhlf_lblvqlhfgh]b_`b\hlgu_mdZaZgguoihjh^hl\_qZxl
g_dhlhjuflj_[h\Zgbyfhkh[hp_gguf\ki_pbZebabjh\Zgghffykghf
kdhlh\h^kl\_Hgbbf
_xldj_idb_dhgklblmpbxbdhklydg_ijbohleb\ud
mkeh\byfdhjfe_gbybkh^_j`Zgby^hklZlhqghieh^h\blug_bf_xlijh[e_fk
hl_eZfb

f_kl_kl_f\hlebqb_hlfykgh]hkdhlZdhf[bgbjh\Zggu_`b\hlgu_
ijhba\h^ylgbadhdZq_kl\_ggu_lmrbk[hevrbfm^_evguf
\_khff_g__p_gguo
hljm[h\]jm[h\hehdgbklh_fykh [he__]jm[h_q_f^Z`_hlfhehqgh]hkdhlZ Bo
lmrbkh^_j`ZlagZqbl_evgh_dhebq_kl\hdhkl_cbkmoh`bebc gZijhp_glh\
[hevr_q_fmfykgh]hkdhlZ dhjh\ubf_xlg_^hklZlhqgmxfhehqghklvbkeZ[h
jZa\bl
u_fZl_jbgkdb_dZq_kl\ZWlh\ujZ`Z_lky\lhfqlh\uiZkZykvhgb
g_j_^dhhklZ\eyxlk\hbol_eyl[_aihi_q_gby

Kh\j_f_g_fwlbg_^hklZldbfh]ml[ulvbkijZ\e_gughgZwlhihlj_[mxlky
fgh]b_]h^ubljm^djmiguok_e_dpbhg_jh\bg_mlhfbfuoij_^Zgguoi
hjh^Zf
n_jf_jh\bboihlhfdh\

WlhdZkZ_lkyqbklhihjh^guo`b\hlguo

GZmd_g_ba\_klgulZd`_j_amevlZlubkihevah\Zgbykha^Zxsbokyfykguo
ihjh^\kdj_sb\Zgbb\qZklghklb
ijhfure_gghfG_bf_ywlbo^Zgguo
mq_gu_j_dhf_g^mxlbkihevah\Zlvf
Zlhqgh_ih]heh\v_dhf[bgbjh\Zggh]hkdhlZ\
f_klZo_]hfZkkh\h]hjZa\_^_gby^eykdj_sb\Zgbyk[udZfbfykguoihjh^

Jhkkbb[hevrh]hdhebq_kl\ZfZlhqgh]hih]heh\vynhjfbjmxsboky
fykguoihjh^g_lbg_h`b^Z_lkyIhwlhfmjughdbgZie_f_gguobgZ
lh\Zjguo`b\hlguo[ueb[m^_ldjZcg_h]jZgbq_gguf_keb\hh[s_\hagbdg_l

hafh`ghqlhkh\j_f_g_ffgh]b_dhf[bgbjh\Zggu_ihjh^u[m^ml
hlk_e_dpbhgbjh\ZgudZdki_pbZebabjh\Zggu_fykgu_H^gZdhgZwlh
ihlj_[m_lkyg_fZeh\j_f_gb\hafh`gh^_kylbe
_lby

L_fg_f_g__d
Zdki_pbZebabjh\Zggucfykghckdhl
ihbgbpbZlb\_
njZgpmakdbobjhkkbckdbo
[bag_kf_gh\
\gZrmkljZgmm`_aZ\_aeb
agZqbl_evghfdhebq_kl\_
ie_f_gguo`b\hlguo
^\hcghcbljhcghc
ijh^mdlb\ghklblZdb
oihjh^
dZdkZe_jkdZyh[jZd
]ZkdhgkdZy

Gb`_ijb\
_^_gu
^Zggu_ihg_dhlhjufbawlboihjh^qlh[uqblZl_evkZf
ihiulZekyjZah[jZlvky\gbo

.


K\h_
gZbf_gh\Zgb_ihjh^ZihemqbeZhlg_[hevrh]hkj_^g_\_dh\h]h]hjh^dZ
Salers
dhlhjucjZkiheh`_g
\p_glj_\medZgbq_kdhcahguP_gljZevgh]h]hjgh]h
fZkkb\ZgZ\ukhl_hdhehf_ljh\gZ^mjh\g_ffhjy
A^_kv\l_q_gb_g_kdhevdboklhe_lbc`b\hlguoihjh^ukZe_jk\ujZsb\Zeb^ey
ijhba\h^kl\ZfhehdZfykZb\dZq_kl\_mijy`gh]hkdhlZ
Kdhlihjh^ukZe_jkl_
fgh
djZkghcqZklbqgh hdhehijhp_glh\ q_jghc
fZklb
@b\hc\_k[udh\
1000
d]dhjh\
d] Jbk 
HdhehklZdhjh\bl_ehdkZe_jkdhcihjh^u[uebaZ\_a_gugZ
wdki_jbf_glZevgmx[ZamImsbgkdh]h\ukr_]hZ]jh[bhl_ogheh]bq_kdh]h
dhee_^`
ZJhkkbckdhcZdZ^_fbbgZmd_s_\]h^mG_ijh^_j`Z\rbkv\
ohayckl\_blj_oe_lhgZiheghklvxbkq_aeZHlwlhcihjh^uihijhklm
ba[Z\bebkv
qZklvhlijZ\bebgZfykhdhf[bgZluhklZevguojZkijh^Zebdhfm
ijb^_lky
Ki_pbZebklujZ[hlZ\rb_kwlbfklZ^hf
khh[sbebqlh`b\hlgu_kZe_jkdhc
ihjh^u\gZrbomkeh\byo^Z`_ijbohjhr_fdhjfe_gbbbkh^_j`ZgbbqZklh
[he_ebij_djZlbebjZafgh`Zlvkyiehoh\ujZsb\Zebl_eylBgl_gkb\ghklv
jhklZbfykgu_dZq_kl\Zmboihlhfdh\[uebg_
\ukhdbfb
hafh`ghqlhwlh[
uehbkdexqbl_evgufkemqZ_fIhwlhfmfuh[jZlbebkvd
fg_gbxZ\lhjbl_lguoZf_jbdZgkdboki_pbZebklh\=FbgbrZb�NhdkZhlqlh
hgbibrml\k\h_cdgb]_Ijhba\h^kl\h]h\y^bgu\KR:fykgh_kdhlh\h^kl\h
Fhkd\Z:]jhijhfba^Zl
JbkDhjh\Zihjh^u
kZe_jk
KdhlkZe_jkdhcihjh^ul_fgh
djZkghcfZklb^\hcgh]hgZijZ\e_gby
ijh^mdlb\ghklb
JZkijhkljZg_gZihjh^Z\]hjguojZchgZox]ZP_gljZevghcNjZgpbb]^_
ihq\_ggu_bdebfZlbq_kdb_mkeh\by^h\hevghg_[eZ]hijbylgu_Ih^\ebygb_f
kmjh\uomkeh\bckZe_jk
dbckdhl\ujZ[hlZeg_ijbohleb\hklv\hlghr_gbbdhjfh\
bmkeh\bckh^_j`Zgby
Ihjh^Zmklhcqb\Zd[he_agyfZihieh^h\blhklbbe_]dhklbhl_eh\
ij_\hkoh^bl\kj_^g_f^jm]b_njZgpmakdb_ihjh^uJZaf_ju`b\hlguobfykgu_
dZq_kl\Zkj_^gb_^\hcgZyfmkdmeZlmjZm
wlh]hkdhlZg_\uau\Z_laZljm^g_gbc
@b\ZyfZkkZ\ajhkeuodhjh\
d]KZe_jkdbckdhl\ukhdhgh]bckrbjhdh
ihklZ\e_ggufbhkljufbebjhh[jZagufbjh]ZfbJ_dhj^udhjh\ihfhehqghklb
khklZ\eyxld]ijb`bjghklbfhehdZ
KZe_jkdbckdhlbkihevam_l
ky
dZdihjh^Z^\hcgh]hgZijZ\e_gbyijh^mdlb\ghklb
:gZeh]bqgmxoZjZdl_jbklbdmdZdihjh^Zf^\hcgh]hb^Z`_ljhcgh]h
fykh
fhehqgh
jZ[hq_]h gZijZ\e_gbyijh^mdlb\ghklbFbgbrbNhdk
^ZxllZdbfnjZgpmakdbfihjh^ZfdZdh[jZd]ZkdhgkdZydhlhju_l
Zd`_[ueb
aZ\_a_gu\JhkkbxdZdfykghckdhl

@b\hlgu_ihjh^ukZe_jkaZ\_a_gug_lhevdh\Jhkkbxghb\g_dhlhju_
^jm]b_kljZgukjZa\bluffykgufkdhlh\h^kl\h\qZklghklb\KR:DZgZ^m
:\kljZebxKdhlh\h^uhlf_qZxlqlhboijb\e_dZ_lg_\ukhdZyj
ughqgZy
klhbfhklvkdhlZwlhcihjh^ub\ukhdZywnn_dlb\ghklvbkihevah\ZgbyfZlhqgh]h
ih]heh\vy\dZq_kl\_dhjh\
dhjfbebpIhwlhc`_ijbqbg_ijb\e_dZl_evgu
ihjh^uh[jZdb]ZkdhgkdZy`b\hlgu_dhlhjuolZd`_\g_[hevrhfdhebq_kl\_
aZ\_a_gu\jy^kljZg\dex
qZyJhkkbx

GZrbki_pbZebkluwlbihjh^uiulZxlkyjZa\h^blvdZdki_pbZebabjh\Zggu_
fykgu_qlhijhlb\hj_qblfg_gbxZ[khexlgh]h[hevrbgkl\Z`b\hlgh\h^h\
f_`^mgZjh^gh]hdeZkkZk_]h\Jhkkbb\gZklhys__\j_fyie_f_ggh]hkdhlZ
ihjh^ukZe_jk
bf__lky
]heh\u\lqdhjh\
  
Hihjh^_h[jZdZf_jbdZgkdb_
mq_gu_khh[sZxlqlhwlhihjh^Z
lZd`_g_fykgh]hZfykhfhehqgh]h
gZijZ\e_gbyijh^mdlb\ghklb
@b\ZyfZkkZ\ajhkeuodhjh\
hdhehd]J_dhj^gu_m^hb
dhjh\khklZ\eyxld]`bj
ghklv
fhehdZ Jbk 
FuaZ\_aebbwlmihjh^mdZd
ki_pbZebabjh\Zggucfykghckdhl
;he__lh]hq_j_aie_fij_^ijbylby
\h`^bgZr_]h`b\hlgh\h^kl\Z
gZ\yau\Zxlbkihevah\Zlv__dZdki_pbZebabjh\Zggmxfykgmx
WlhhagZqZ_
lqlhfu \rbjhdhfkfuke_wlh]hkeh\Z g_agZ_ffykgu_ihjh^u
^Z`_?\jhiuWlbfihevamxlkyg_^h[jhkh\_klgu_ki_dmeyglub
g_^h[jh`_eZl_ebgZr_ckljZguGZgZqZeh]h^Zfubf_eb]heh\kdhlZ
ihjh^uh[jZd\lqdhjh\


=ZkdhgkdZyihjh^Z
@b\hlgu_wlhcnjZgpmakdhcihjh^u
k_jhcfZklbkj_^g_]hjhklZmf_j_ggh
h[fmkdme_guihke_^gb_]h^udhjh\wlhcihjh^ug_^hyll_eyl\ujZsb\Zxl
ih^khkguff_lh^hf

@bb\ZyfZkkZ\ajhkeuodhjh\\kj_^g_fkhklZ\ey_ld] Jb
k 
Jbk
Dhjh\Z]Zkdhgkdhc
ihjh^u
=ZkdhgkdZyihjh^Z
knhjfbjh\ZeZkv\]hjghc
f_klghklbx]ZNjZgpbb]^_
__bkihevah\Zeb
ij_bfms_kl\_ggh\dZq_kl\_ly]eh\h]h
`b\hlgh]h
WlZihjh^ZaZ\h_\ZeZ
j_imlZpbxdZdh^gZbakZfuoieh^h\bluokj_^bnjZgpmak
dboihjh^k
fbgbfZevgufbhkeh`g_gbyfbijbhl_eZo
OhlybjZghml\_j`^Zlvgh\iheg_\hafh`ghbkihevah\Zgb_
]Zkdhgkdh]h
kdhlZ\
dZq_kl\_ihjh^u^\hcgh]hgZijZ\e_gby
ijh^mdlb\ghklb
,
khh[sZxl
mihfygmlu_\ur_Zf_jbdZgkdb_mq_gu_
JbkDhjh\Zihjh^uh[jZd
?s_\]h^m
\Jhkkbx[uebaZ\_a_gul_edbwlhcihjh^ud]h^mhgb
bkq_aeb^Z`_ba[hgblbjh\hqghc\_^hfhklb
Kbff_glZevkdZyihjh^Z

AgZqbl_evgh_\gbfZgb_ijhba\h^bl_eb]h\y^bgu\ihke_^gb_]h^u
m^_eyxlkbff_glZevkdhcihjh^_y\eyxs_ckydZdba\_kl
ghihjh^hc^\hcghc
fykh
fhehqghcijh^mdlb\ghklb=_jfZgbbkbff_glZeh\kqblZxlfykghc
ihjh^hc[m^ms_]hohly\gZklhys__\j_fylZdh\hc__ijbagZlvg_evayihjy^m
ihdZaZl_e_c

Kbff_glZeu
djmigZyihjh^ZhlebqZxsZykyg_ijbohleb\hklvxdmkeh\byf
jfe_gbybkh^_j`Zgbydj_idhcdhgklblmpb_cohjhr_cfykghcbfhehqghc
ijh^mdlb\ghklvx\u^ZxsbfbkyZ^ZilZpbhggufbdZq_kl\Zfb@b\hc\_k
\ajhkeuodhjh\khklZ\ey_l
d][udh\
d]Ijbbgl_gkb\ghf
hldhjf_kj_^g_kmlhqgu_ijb\_ku[uqdh\k
hklZ\eyxl
]jZffh\`b\hc
\_k\
f_kyqghf\hajZkl_
d] Jbk 

f_kl_kl_fkbff_glZeubf_xlbjy^g_^hklZldh\g_iha\heyxsbo
hlg_klbbodfykgufihjh^Zf

i_j\mxhq_j_^vfykgbdbhlf_qZxlg_\ukhdh_dZq_kl\hlmr^Z`_
ohjhrh
hldhjfe_gguogZfykhfheh^uokbff_glZevkdbo`b\hlguoBolmrbkh^_j`Zl
[hevrh_dhebq_kl\hdhkl_cbkmoh`bebc
gZ
ijhp_glh\[hevr_q_fm
fykguoihjh^Kmoh`beby^_eZxlfykh[he__]jm[ufb`_kldbfij_iylkl\my
f_`fur_qghfmhleh`_gbx`bjZ
G_l_ogheh]bq_gb\hehkyghcihdjh\kbff_glZevkdh]hkdhlZ�Z`_abfhc
\hehkyghcihdjh\kbff_glZeh\khklhblba]jm[h]h\hehkZbhkl_\uo\hehdhg
lhjbqgu_\hehkygu_nheebdmeunhjfbjmxsb_imokhojZgyxlky\
ZgZ[bhlbq_kdhfkhklhygbb\lh\j_fydZdmfyk
gh]hkdhlZkgZklmie_gb_f
oheh^ghcih]h^uhgbgZqbgZxlmkbe_gghnmgdpbhgbjh\Zlvb\u^_eylvimoh\u_
\hehdgZdhlhju_aZsbsZxl`b\hlguo\abfgxxg_ih]h^m

Hlkmlkl\b_khhl\_lkl\mxs_]h\hehkygh]hihdjh\Zih\k_fml_emg_j_^dh
ijb\h^bldh[fhjZ`b\Zgbx\uf
_gbdhjh\abfhcbkheg_qgufh`h]Zfe_lhf
hkh[_gghgZkl_iguoiZkl[bsZodh]^Z`b\hlgu_hl^uoZxl

;hevrbfg_^hklZldhfkbff_glZeh\y\eyxlkyg_j_^dh\klj_qZxsb_ky
ly`_eu_hl_eug_dhlhjuo ^hijhp_glh\ dhjh\bl_ehdlj_[mxsb_ihfhsvkh
klhjhguq_
eh\_dZIhwlhfmdhjh\Zfi_j_^hl_ehfg_h[oh^bfhkh[ucijbkfhlj
qlhih\urZ_laZljZlugZihemq_gb_b\ujZsb\Zgb_l_eylbkgb`Z_l
wnn_dlb\ghklvijhba\h^kl\Z]h\y^bgu

k\yabkwlbfbgklblml`b\hlgh\h^kl\Z\;Z\ZjbbgZoh^ysbcky\
Fxgo_g_[
he__e_laZgbfZ_lkykha^Zgb_fgZ[Za_kh\j_f_gghc
kbff_glZevkdhcihjh^ufykguokbff_glZeh\

hlghr_gbbkh\_jr_gkl\h\Zgbykbff_glZevkdh]hkdhlZ\
ki_pbZebabjh\ZgghffykghfgZijZ\e_gbbg_f_pdb_k_e_dpbhg_ju^hklb]eb
agZqbl_evguomki_oh\Hgbm
`_kha^Zeb]_g_lbq_kdbmklhcqb\ucfykghclbi
kbff_glZeh\ihk\hbfijh^mdlb\gufbohayckl\_ggh
ihe_agufdZq_kl\Zf
dZq_kl\mlmrbbfykZg_mklmiZxsbcemqrbfkh\j_f_gguf
ki_pbZebabjh\Zgguffykgufihjh^ZfKha^ZguklZ^Zdhlhju_ba[Z\e_guhl
\k_oi_j_qb
ke_gguo\ur_g_^hklZldh\kbff_glZevkdh]hkdhlZ

;udh\bdhjh\gh\h]hfykgh]hlbiZkbff_glZeh\aZ\haylfgh]b_kljZgu
fbjZ

KR:DZgZ^_kbff_glZevkdb_dhjh\uijbagZguh^gbfbbaemqrbo
fZl_j_c\lh\Zjghffykghfkdhlh\h^kl\_
Wlhdjmigu_`b\hl
gu_ \_kdhjh\
d] k\ukhdhcfhehqghklvx
ij_\urZxr_cdeZkkbq_kdb_fykgu_ihjh^ugZ
ijhp_glh\
:gZeh]bqgZyjZ[hlZihkha^Zgbxfykguokbff_glZeh\ijh\h^blky\KR:b
DZgZ^_

JbkKbff_glZevkdbc[udfy
kgh]hlbiZiZe
_\h
i_kljhcfZklb
;Z\Zjby
dhgp_
o]h^h\ijhreh]h\_dZg_f_pdb_mq_gu_\dZq_kl\_^ZjZijbkeZeb\
Jhkkbx^haaZfhjh`_gghcki_jfu[udh\kbff_glZevkdhcihjh^ufykgh]h
lbiZ
Iheh\bgmbawlh]hdhebq_kl\Zihemqbebk_e_dpbhg_juk_jhkkbckdh]hgZmqgh
bkke_^h\Zl_evkdh]hbgklblmlZfykgh]hkdhlh\h^kl\Z ]Hj_g[mj] ]^_lZd`_
ijh\h^bebkvbkke_^h\Zgbyihkha^Zgbxfykguokbff_glZeh\^ha[ueb
hlijZ\e_gu\bgklblml`b\hlgh\h^kl\Z\KZjZlh\�Zevg_crZykm^v[Zwlh]h^ZjZ
g_ba\_klgZ
DZgZ^_iml_fkeh`g
h]hkdj_sb\ZgbykZ[_j^bgZfb]_j_nhj^Zfbbjy^hf
^jm]boihjh^kha^Zgulgq_jgu_kbff_glZeu
hlebqb_hldeZkkbq_kdbokbff_glZeh\\lmrZohldhjfe_gguoq_jguo
fykguokbff_glZeh\gZ
ijhp_glh\kh^_j`blkyf_gvr_dhkl_cbkmoh`bebc
Hgb[he__l_ogheh]bq
gudZd\kmjh\uoabfgbolZdb\`Zjdbokheg_qguo
mkeh\byoMdhjh\l_ogheh]bqg__\ufyHghh[jZklZ_l]mkluf\hehkhfabfhcbg_
h[`b]Z_lkyhlkhegpZe_lhf`b\hlgu_
kihdhcgu_wg_j]bqgu_bg_Z]j_kkb\gu_
ihhlghr_gbxdq_eh\_dmHgbbf_xlohjhrhjZa\blu
cfZl_jbgkdbcbgklbgdl
Jhkkbybf__lagZqbl_evgh_dhebq_kl\hkbff_glZevkdh]hkdhlZg_dhlhjuo
h[eZklyo^heykbff_glZeh\ij_\urZ_l
ijhp_glh\hlh[s_]hih]heh\vy
djmigh]hjh]Zlh]hkdhlZIjbwlhfihklhygghijhbkoh^blm\_ebq_gb_
qbke_gghklbih]heh\vy
fhehqgh]hkdhlZ]herlbgbabjh\Zggh]hlbiZwlbo
mkeh\byofh`gh[ueh[u\ujZg`bjm_fuokbff_glZevkdbodhjh\bl_ehdg_
hlijZ\eylvgZfykhZkha^Z\ZlvgZbohkgh\_lh\Zjgu_klZ^Zfykgh]h
kdhlh\h^kl\ZWlh[m^_l\_khfuf\deZ^hf\m\_ebq_gb_ijhba\h^kl\Z]h
\y^bgu\
kljZg_
Kj_^b^jm]bofZehba\_klguoi_jki_dlb\guofykguoihjh^dZgZ^kdb_n_jf_ju
gZau\Zxl
:=BM
baX`ghcDhj_b
dhlhjZyiha\hey_lijbkdj_sb\Zgbbk
[jblZgkdbfbfykgufbihjh^Zfbijhba\h^blvkZfmx^hjh]mx\fbj_]h\y^bgm
gZau\Z_fmxdh[_[bnhk
h[_gghihimeyjgmx\Yihgbb
Ihjh^Zg_\_ebdZihjZaf_jmb\_kmh^gZdhg_ijbohleb\Zdmkeh\byf
dhjfe_gbybkh^_j`Zgbyh[eZ^Z_l\ukhdbf\uoh^hfehkdhfp\_lhfb\dmkhf
fykZfjZfhjghklvx]h\y^bguijb\e_dZl_evgufp\_lhf`bjZ
sw

fykghfkdhlh\h^kl\_
g_dhlhjuokljZgfbjZ
jZkijhkljZg_g]b[jb^guckdhl
hlk_e_dpbhgbjh\Zgguc^h
lj_[h\Zgbcij_^ty\ey_fuod
\ukhdhijh^mdlb\guffykguf
ihjh^Zf?]hihemq
Zxliml_f
]b[jb^baZpbb[jZfZgkdboa_[m
]eZ\gufh[jZahfk[jblZgkdbfb
fykgufbihjh^ZfbIhwlhfm

lZdhckdhlbgh]^ZgZau\Zxla_[m\b^guf
Fykgu_]b[jb^u ihf_kbb
ihdhe_gby b]b[jb^gu_ihjh^ukha^Zgu
Jbk
;uda_[m
;ud;ud;ud
Jbk;ud[jZfZgkdh]ha_[m
^eyjZa\_^_gby\jZchgZok`Zjdbf\eZ`guf
debfZlhf]^_h[uqgucdjmiguc
jh]ZluckdhlkljZ^Z_lhl\ukhdhc\eZ`ghklbbdjh\hkhkmsbogZk_dhfuo
Wlhh[tykgy_lkyl_fqlhlZdb_ihjh^ubf_xldj_idbcdhiulgucjh]bdh`m
hkh[h]hkljh_gby
k]em[hdbfaZe_]Zgb_fg_j\guohdhgqZgbc^hdhlhjuo
dhfZjuke_i
gbbh\h^uk\hbfb`ZeZfbg_^h[bjZxlky
=b[jb^guoihjh^g_kdhevdhFgh]b_bagboihgZbf_gh\Zgbxg_kmlgZa\Zgby
bkoh^guoihjh^[jZnhj^u
[jZfZgkdb_a_[m]_j_nhj^u[jZg]mku
[jZfZguZg]mkurZj[j_c
rZjhe_[jZfZgubl^
KZglZ
_jljm^Z
GZb[he__
ihimeyjghckj_^b]b[jb^guoihjh^y\ey_lkyKZglZ
=_jljm^Z
\u\_^_ggZy\gZqZe_
o]h^h\ijhreh]h\_dZ\KR:kbkihevah\Zgb_ffykghc
rhjl]hjgkdhcihjh^uHgZjZkijhkljZg_gZ\hfgh]bokljZgZofbjZ
KZglZ
=_jljm^Zg_k_l\k_[_ijb[ebabl_evghdjh\br
hjl]hjgh\b
[jZfZgkdh]h
a_[m
Kdhlwlhcihjh^udjZkghcfZklbdjmigucajhkeu_dhjh\u
^hklb]Zxl`b\hcfZkku
d]u\h^blvihjh^mgZqZebgZdhjhe_\kdhf
jZgqhDbg]Z\]
KZglZ
=_jljm^ZhlebqZ_lkybgl_gkb\gufbijbjhklZfb`b\hcfZkkudhl
hju_
kjZ\gbfukwlbfihdZaZl_e_fmkZfuodjmiguo_\jhi_ckdboihjh^
Ieh^h\blhklvh^gZdhmkdhlZ
=_jljm^Zg_gZklhevdh\ukhdZ
dZd
^jm]boihjh^kha^ZgguogZhkgh\_]b[jb^baZpbb[jZfZgh\k[jblZgkdbfb
ihjh^Zfb


JbkDhjh\Zihjh^uKZglZ
=_jljm^Z
;jZg]mk
Ihjh^Zkh^_j`bldjh\bZ[_j^bg
Zg]mkh\b
[jZfZgkdh]hkdhlZ
GZqZehjZ[hlugZ^ihjh^hchlghkblkydi_
jbh^m
o]h^h\;jZg]mkkdbc
kdhlq_jgucdhfheucDZd
bmZ[_j^bg
Zg]mkh\mg_]hijbkm
lkl\m_lj_p_kkb\guc
]_g
djZkghchdjZkdbqlhijb\_ehd\u^_e_gbxbaihjh^udjZkguo[jZg]mkh\Ih
kjZ\g_gbxk[jblZgh
[jZfZgkdbfb]b[jb^Zfb[jZg]mkg_
kdhevdhf_evq_kf_g__
\ujZ`_gghch[fmkdme_gghklvx
@b\ZyfZkkZ\ajhkeuodhjh\
hdhehd]
;jZnhj^
;jZnhj^ug_kmlijb[ebabl_evghdjh\b]_j_nhj^kdhcihjh^ub
[jZfZgkdhcOhlyF_`^mgZjh^gZyZk
khpbZpbyihihjh^_[jZnhj^[u
eZhkgh\ZgZ
\hNehjb^_ KR: 
_s_
]ZkkhpbZpbyhlghkbl_evghg_
Zdlb\gZbkem`bl\
i_j\mxhq_j_^v^eyjZajZ[hldbkl
Zg^Zjlh\ihk_e_dpbb[jZnhj^kdh]hkdhlZ

;jZnhj^uihdZaZeb\ukhdmxwnn_dlb\ghklvijbjZa\_^_gbb\h\eZ`guo
jZchgZoF_dkbdZgkdh]haZeb\Z
;bnfZkl_j
;bnfZkl_jg_k_lg_kdhevdh
[hevr_
djh\b[jZfZ
gh\
hdhehbijbf_jgh
ihijboh^blkygZ]_j
_nhj^kdmxbrhjl]hjgkdmxihjh^u;bnfZkl_jkha^Zg
kbeZfbLhfZEZkZl_jZb_]hhlpZgZjZgqh\L_oZk_
EZkZl_jijh\h^behl[hjkdhlZihr_klbijbagZdZfih\_^_gb_ieh^h\blhklv
`b\ZyfZkkZl_eh
keh`_gb_\ughkeb\hklvbfhehqgZyijh^mdlb\ghklvDhjh\dh
ju_hlebqZebkviehohcfhehqghklvxbebhldhlhjuog_[ueihdZdhc
eb[h
ijbqbg_ihemq_gl_e_ghdEZkZl_j\u[jZdh\u\ZeFZklbhgagZq_gbyg_
ijb^Z\Zeihwlhfm`b\hlgu_wlhcihjh^ujZaghh[jZaghchdjZkdbghqZs_
\klj_qZ_lkyl_fgh
djZkgZyfZklv@b\hlgu_ihjh^u
[bnfZkl_jh[uqghjh]Zlu_
gh[u\Zxl
fheu_
;bnfZkl_ju
\lhj
Zyihihimeyjghklb ihke_KZglZ
=_jljm^u kj_^b
]b[jb^guoihjh^fykgh]hkdhlZ\hfgh]bokljZgZofbjZHgZijb\e_dZl_evgZ\
i_j\mxhq_j_^v\ukhdhcieh^h\blhklvxbfykghcijh^mdlb\ghklvx
;ZjahgZ
;ZjahgZij_^klZ\ey_lkh[hc
dhf[bgZpbxq_luj_oih
jh^Znjb
dZg^_jZ lbi
a_[m ]_j_nhj^ZK
ZglZ
_jljm^ubZ[_j^bg
Zg]mkZ
Ihjh^Z\u\_^_gZ[e
baDbjde_g^ZrlZl:jbahgZ
NG;Zj^hfdhlhjuc
gZqZewlmjZ[hlm\]kdj_sb\Zy
[udh\
^uZnjbdZg^_jkihf_kgufb
]_j_nhj^kdbfbdhjh\Zfbbl_edZfb�\_lj_lbihlhfdh\i_j\h]hihdhe_gby
ihemq_gguoijbwlhf[uebkdj_s_guk[udZfbihjh^u
ZglZ
_jljm^ZZh^
gZ
lj_lv
kZ[_j^bg
Zg]mkkdbfb[udZfbWlb`b\hlgu_ihkem
`bebhkgh\hc^ey
ihjh^u[Zj
ahgZ
FZklvkdhlZl_fgh
djZkgh
jbqg_\ZyDZdihfZklblZdbihl_ehkeh`_gbx
wlhlkdhlgZih
fbgZ_lihjh^m
ZglZ
_jljm^Z
;jZf_glZe
;jZf_glZeij_^klZ\ey_lkh[hcdjhkk[jZfZgkdh]h
kdhlZkkbff_glZevkdbf?s_
gZklZ^bbklZgh\e_gby`b\hlguo
wlhcihjh^u
__gZqZeZj_]bkljbjh\Zlv
:f_jbdZgkdZyZkkhpbZpbyaZ\h^qbdh\
kbff_glZevkdh]hkdhlZ
;jZf_glZeg_k_l\k_[_fbgbfmfdjh\b[jZfZgkdh]hkdhlZb
kbff_glZevkdh]h
H[sbfg_^hklZldhf\k_o]b[jb^guofykguoihjh^y\eyxlkyg_\ukhdb_
\hkijhba\h^bl_evgu_d
Zq_kl\Zqlhy\ey_lkyke_^kl\b_f]b[jb^ghc^_ij_kkbbZ
lZd`_qj_af_jghZ]j_kkb\gucgjZ\qlh^_eZ_lhiZkgufh[s_gb_bokq_eh\_dhf
uoh^hldZ`^uoklZfZlhd
l_eyly\ey_lky^ey[hevrbgkl\Z]b[jb^guo
ihjh^ohjhrbfihdZaZl_e_fL_fg_f_g__wdhghfb
q_kdZywnn_dlb\ghklv
jZa\_^_gby]b[jb^h\g_gb`_q_fh[uqgh]hfykgh]hkdhlZWlhk\yaZghkl_fqlh
]b[jb^guckdhlf_g__lj_[h\Zl_e_gdmkeh\byfdhjfe_gbybkh^_j`Zgbyq_f
h[uqgucdjmigucjh]Zluckdhl
l_q_gb_\k_]h]h^Z]b[jb^gu_`b\hlgu_iblZxlky]
jm[hkl_[_evqZlhc
jZklbl_evghklvxjZklms_c\aZ[hehq_gghcf_klghklb dZfurbhkhdb 
kZfhklhyl_evghaZsbsZxlkyhl\hafh`guo\jZ]h\abfmxl\dZfurZo[_a
ihf_s_gbc\u[bjZy\gbabgZoaZlbrbbnhjfbjmy]jmiih\u_ohjhrh
mlhilZggu_eh]h\Z
G_dhlhju_n_jf_
ju\qZklghklbZ\kljZebckdb_ml\_j`^ZxlqlhaZ[hlub
aZljZluq_eh\_dZijbjZa\_^_gbb]b[jb^gh]hfykgh]hkdhlZkhklhylebrv\lhf
qlh[uh[k_f_gblvkdhlhfm\eZ`g_ggu_b[hehlbklu_aZjhkebZ]em[hdhc
hk_gvxkh[jZlvl_eyl^eyhldhjfZ
IjblZdhcl_ogheh
]bbfykhhl]b[jb^gh]hkdhlZhdZau\Z_lky_s_[he__
^_r_\ufq_f\deZkkbq_kdhffykghfkdhlh\h^kl\_
Jhkkbbg_fZehaZ[hehq_gguobi_j_m\eZ`g_gguoa_f_ev\jZaebqguo
jZchgZo\dexqZyp_gljZevgu_h[eZklbgZklhys__\j_fyfgh]b_bawlboa_f_ev
imklmxl
GZebqb_\fbj_[hevrh]hdhebq_kl\Z]b[jb^gh]hfykgh]hkdhlZij_^klZ\ey_l
\hafh`ghklv\u[hjZgm`ghcihjh^u^eyex[uomkeh\bc
Wlh[hevrhcj_a_j\^eym\_ebq_gbyijhba\h^kl\Z]h\y^bgub\gZr_ckljZg_
* * *
Kj_^b^jm]boihjh^dhlhjuodZdki_pbZebabjh\
Zggu_fykgu_\ihke_^gb_
]h^ugZqZebjZa\h^blv\g_dhlhjuokljZgZofbjZ\qZklghklb\DZgZ^_bKR:
fh`gh[ueh[ugZa\Zlv^_dkl_j]_e[\bo_ckdhg\_jl_joZceZg^ehmeZcgebg]
x`gZy^_\hgkdZyfZjdb^`ZgZiv_fhglujhfZgvheZl_oZkkdbcehg]ohjg
mwekk
dZyq_jgZy
Fgh]b_bai_j_qbke_gguoihjh^fZehqbke_gguIj_`^_bojZa\h^beb\
dhf[bgbjh\Zgguop_eyo
^eyijhba\h^kl\ZfhehdZfykZbdZdjZ[hqbckdhl
H^gZdh\k\yabkl_fqlhhgb[bheh]bq_kdbfZehfhehqguZihlj_[ghklv\gbo
dZd\jZ[hq_fkdhl_hliZ
eZiheghklvx\ihke_^gb_]h^ufgh]b_bawlboihjh^
gZqZebki_pbZebabjh\ZlvdZdfykgu_beb^eyijhfure_ggh]hkdj_sb\Zgby\
fhehqghfkdhlh\h^kl\_
Fui_j_qbkebebbqZklbqghhoZjZdl_jbah\Zebhkgh\gu_ihjh^ufykgh]hkdhlZ
jZa\h^bfu_\fbj_b\gZr_ckljZg_
k_]hg_kdhevdhe_llhfmgZaZ^fgh]b_ki_pbZebklub^Z`_mq_gu_kqblZebqlhfykgh_
kdhlh\h^kl\hg_fukebfh[_agZebqby`b\hlguoki_pbZebabjh\Zgguofykguoihjh^
Bkke_^h\Zgbyijh\_^_ggu_aZjm[_`gufbbhl_q_kl\_ggufbmq_gufb\
o]h^Zoijhreh]h
\_dZihd
ZaZebqlh\fykghfkdhlh\h^kl\_mki_rghfh`ghbkihevah\Zlv\dZq_kl\_
fZl_jbgkdhchkgh\ufhehqgu_ihjh^udjmigh]hjh]Zlh]hkdhlZ
:f_jbdZgkdb_mq_gu_FbgbrbNhdkkk\h_cdgb]_Fykgh_kdhlh\h^kl\hKR: ]h^ 
ijb\h^yli_j_q_gvihjh^dhlhju_fh`g
hbkihevah\Zlv\lh\Zjghffykghfkdhlh\h^kl\_
:\lhjui_j_qbkebebihqlb\k_dmevlmjgu_ihjh^udhlhju_jZa\h^yl\fbj_\dexqZy
`bjghfhehqgu_^`_jk_ckdmxb]_jgk_ckdmx
Ihdjulu_fykgufb[udZfbdhjh\ufhehqguoihjh^\ujZsb\Zxldhlt_fm
[he__djmiguobdj_i
dbol_eylq_fdhjh\ufykguoihjh^Wlhijhbkoh^bl
\ke_^kl\b_ijhy\e_gbymihf_k_c]_l_jhabkZZlZd`_[he__\ukhdhcfhehqghc
ijh^mdlb\ghklbfZl_j_c
Ijbwlhfg_h[oh^bfhkh[ucih^[hj[udh\qlh[uij_^hl\jZlblvly`_eu_
hl_euijhlb\ghfkemqZ_fh`ghihl
_jylvbdhjh\mbl_e_gdZ
f_kl_kl_fdZd[uehhlf_q_gh\ur_gZebqb_fykgh]hkdhlZ_s_g_hagZqZ_l
gZebqb_fykgh]hkdhlh\h^kl\Z�eywlh]hdjhf_ihjh^g_h[oh^bfZ_s_hkh[Zy
fZehaZljZlgZyl_ogheh]byZlZd`_agZgb_gZmdbihmijZ\e_gbxklZ^hf;_awl
h]h
jZa\_^_gb_fykguoihjh^fh`_lhdZaZlvkyg_wnn_dlb\gufb^Z`_
jZahjbl_evguf
KlZlblbiudhgklblmpbbihjh^gu_\hajZklgu_biheh\u_jZaebqby\
wdkl_jv_j_Hp_gdZwdkl_jv_jZ\aylb_ijhf_jh\jZkq_lbg^_dkh\Hij_^_e_gb_
\hajZklZ
Mq_lfhehqghc
ijh^mdlb\ghklbdhjh\NZdlhju\ebyxsb_gZm^hcbkhklZ\
fhehdZIeZgbjh\Zgb_bg^b\b^mZevguom^h_\gZdhjh\mgh]jmii_dhjh\
klZ^mIjb`bag_ggu_bihke_m[hcgu_f_lh^umq_lZ
bhp_gdbfykghc
ijh^mdlb\ghklbJZkq_lm[hcgh]h\uoh^Zbih[hqguoijh^mdlh\m
[hy

Bamq_gb_ihjh^kdhlZfhehqguofhehqgh
fykguobfykguo
F_`hl_evgucpbdeb_]hi_jbh^ubo\aZbfhk\yavIhdZaZl_eb
\hkijhba\h^kl\ZklZ^ZbojZkq_lKh
klZ\e_gb_ieZgZhk_f_g_gbybhl_eh\
IeZgbjh\Z
gb_jhklZl_ehdih\hajZklgufi_jbh^ZfAhh
l_o
gbq_kdbcmq_l\
fhehqghfkdhlh\h^kl\_Hlq_lh^\b`_gbbih]heh\vykdhlZgZn_jf_JZkq_l
dheb
q_kl\Zdhjfh
^g_ckj_^g_f_kyqgh]hih]heh\vy\Zeh\h]hijbjhklZ`b\hc
fZkku
JZkq_l\hkijhba\h^kl\ZklZ^Zbpbdeh]jZffuijh
ba\h^kl\ZfhehdZgZ
fhehqghcn_jf
_JZkq_lih
lj_[ghklb\dhjfZobijhba\h^kl\ZfhehdZ
JZkq_ll_ogheh]bq_kdboiZjZf_ljh\n_jfuihijh
ba\h^kl\m]h\y^bgu
Pbdeh]jZffZb]jZnbdaZ\haZfheh^gydZJZkq_lihlj_[ghklb\dhjfZoijhba
\h^kl\Z]h\y^bgubih[hqghcijh^mdpbb
JZkq_lk_e_dpbhggh
]_g_lbq_kdboiZjZf_ljh\klZ
^ZHp_gdZdjmigh]hjh]Zlh]h
kdhlZihijhbkoh`
^_gbx;hgblbjh\dZkdhlZfhehqguobfhehqgh
fykguoihjh^
Hp_gdZ[udh\fhehqguoihjh^ihdZq_kl\mihlhfkl\Z
;hgblbjh\dZkdhlZfykguoihjh^Hp_gdZ[udh\fykguoihjh^ihdZq_kl\m
lhfkl\ZKhklZ\e_gb_ahhl_ogbq_kdh]hhlq_lZhj_amevlZlZoie_f_gghcjZ[hlu
kdjmigufjh]Zlufkdhlhffhehqgh]hgZijZ\e_gbyijh^mdlb\ghklb
L_jfbgheh]bq_kdbcfbgbfmf
JZa^_e
Kdhlh\h^kl\h[bheh]bq_kdb_hkh[_gghklbohayckl\_ggu_hkh[_gghklbkhjh^bqb
[bh
p_ghah^hfZrg_ggu_nhjfuijhbkoh`^_gb_djZgbheh]byfb
]jZpbyZj_Ze
jZkijhkljZg_gbyahheh]bq_kdZydeZkkbnbdZpby[bahgZf_jbdZg
kdbc[bahg
_\jhi_ckdbc a_[m a_[m[mc\heu]Zmj]Zye[Zgl_g]ydlmjijb
jmq_gb_
JZa^_e
Dhgklblmpbywdkl_jv_j
bgl_jv_jklZlvl_ehkeh`_gbyijhf_jubg^_dku
l_ehkeh`_gbyebg_cgZyhp_gdZwdkl_jv_jZf_q_gb_`b\hlguob^_glbnbdZpbyfZklv
l_fi_jZf_glj_abkl_glghklvwlheh]byihjhdbwdkl_jv_jZwdkl_jv_jgucijhnbev
ebg_cgucijhnbevkbkl_fuhj]ZgbafZ\gmlj_gg
b_hj]Zgufhehqguclbifykghclbi
\ujZ`_gghklvlbiiheh\hc^bfhjnbaf[ZeevgZyhp_gdZ[h
gblbjh\dZiheh\hajZklgZy
JZa^_e
Ijh^mdlb\ghklvfhehqgZyijh^mdlb\ghklvfykgZyijh^mdlb\ghklvkh
klZ\fhehdZ
fhjnheh]bq_kdbckhklZ\fykZobfbq_kdb
ckhklZ\fykZfhehqgZy@_e_aZm^hc
eZdlZpbyklZ^byeZdlZpbbjZa^hck_j\bk
i_jbh^kmohklhcguci_jbh^f_`hl_evguc
i_jbh^hl_eaZimkdeZdlZpbhggZydjb\ZyfZkkh\Zy^hey`bjZfZkkh\Zy^hey[_edZ
dhebq_kl\hfhehqgh]h`bjZdhebq_kl\hfhehqgh]h[_ed
ZkhfZlbq_kdb_de_ldb
dbkehlghklvdjZlghklv^h_gbyl_ogbdZ^h_gbymq_lfhehqghcijh^mdlb\ghklb
miblZgghklvijb\_kbgl_gkb\ghklv\ujZsb\Z
gby^hjZsb\Zgb_hldhjf`b\ZyfZkkZ
m[hcgZyfZkkZm[hcguc\uoh^lmrZkm[ijh^mdlueb\_jijb`bag_ggucmq_
lfykghc
ijh^mdlb\ghklbihke_m[hcgucmq_lfykghcijh^mdlb\ghklbgZ]mehljm[ZkhjlZfykZ
JZa^_e
Ihjh^ZdeZkkbnbdZpbyihjh^gZijZ\e_gb_ijh^mdlb\ghklb]eh[Zevgu_ihjh^u
ehdZevgu_ihjh^ubkq_aZxsb_ihjh^uaZ\h^kdb_ihjh^uijbfblb\
gu_ihjh^u
]_ghnhg^q_jgh
i_klju_ihjh^uiZe_\h
i_klju_ihjh^u[mju_ihjh^udjZkgu_
ihjh^udjZkgh
i_klju_ihjh^ufhehqgu_ihjh^ufykgu_ihjh^udhf[bgbjh\Zggu_
ihjh^uihjh^hh[jZah\Zgb_ki_pbZebaZpbyihjh^kljmdlmjZihjh^umemqrZxsZy
ihjh^Zkh\_jr_gkl\h\Z
gb_ihjh^qbklhihjh^
gh_jZa\_^_gb_kdj_sb\Zgb_ihjh^
\u\_^_gb_ihjh^
JZa^_e
hkijhba\h^kl\hklZ^Zf_`hl_evgucpbdekl_evghklvk_j\bk
i_jbh^eZdlZpby
kmohklhcguci_jbh^hk_f_g_gb_ieh^hl\hjgZykemqdZaZimkd[_k
ieh^b_yeh\hklv
hl_eko\
Zldbihlm]biheh`_gb_ieh^Zij_^e_`Zgb_ieh^Zfhehab\hfhehab\guc
i_jbh^bffmgbl_lfhehqguci_jbh^aZf_gbl_ebp_ev
gh]hfhehdZ\ujZsb\Zgb_
fheh^gydZko_fZ\uihcdbieZgbjh\Zgb_hk_f_g_
gbcbhl_eh\iheh\Zyaj_ehklv
kdhjhki_ehklvj_fhglklZ^Z
j_ijh^mdlb\gu_]jmiiul_ogheh]by\ujZsb\Zgby
fheh^gydZ\u[jZdh\dZiZ^_`Z[hjlki_jfh
ijh^mdpbydhgp_gljZpbyki_jfu
Zdlb\ghklvki_jfubkdmkkl\_ggh_hk_f_g_
gb_kihkh[uhk_f_g_gby
\bahp_j\bdZevgucfZghp_j\bdZevgucj_dlhp_j\b
dZevguc ^bZ]ghklbdZ
kl_evghklb
hohlZ
JZa^_e
Kbkl_fukh^_j`Zgbykihkh[ukh^_j`Zgbydhjfhijb]hlh\e_gb_dhjfh
jZa^ZqZ
dhjfe_gb_\h^hkgZ[`_gb_gZ\hahm^Ze_gb_mlbebaZpbykihkh[ubl_ogbdZ^h_gby
h[jZ[hldZfhehdZjZkihjy^hd^gykZgblZjgh
\_l_jbgZjgu_f_
jhijbylby
nhjfbjh\Zgb_]jmiikljmdlmjZklZ^Zlbiij_^ijbylbyijhfur
e_ggZyl_ogheh]by
ijhba\h^kl\ZfhehdZ[bheh]baZpbyl_ogbq_kdboijhp_kkh\l_ogheh]bq_kdb_
hkh[_gghklb`b\hlguoihlhqgh
p_oh\Zyl_ogheh]bypbdeh
]jZffZwg_j]hk[_j_`_gb_
wdheh]bqghklvl_ogheh
]bydZdgZmdZ
JZa^_e
=h\y^bgZ\ujZsb\Zgb_^hjZsb\Zgb_hldhjfpbdeh]jZffZ`b\ZyfZkkZm[hcgZy
fZkkZm[hcguc\uoh^bgl_gkb\ghklvhldhjfZhldhjffheh^gydZhl
dhjf\ajhkeuo
`b\hlguogZ]mekdhlZlbiuki_pbZebabjh\Zgguoij_^ijbylbb

Keh\Zb
l_jfbgu
gZb[he__qZklh
mihlj_[ey_fu
\fykghf


kdhlh\h^kl\_
:[hjl
^hkjhqgh_bkdmkkl\_ggh_ij_ju\Zgb_kl_evghklb
udb^ur
ij_ju\Zgb_kl_evghklbih_kl_kl\_ggufijbqbgZf
;hgblbjh\dZ
dhfie_dkgZyhp_gdZ`b\hlguoihkh\hd
mighklbijbagZdh\Ih
j_amevlZlZf[hgblbjh\dbhij_^_ey_lky^Zevg_cr__
gZagZq_gb_`b\hlgh]h
bkihevah\Zgb_\ie_f_gghcbeblh\ZjghcqZklbklZ^Z\u[jZdh\dZbeb
\ujZg`bjh\dZ
ZdpbgZ
ij_iZjZlba`b\uo hkeZ[e_gguoh[_a\j_`_gguo bebm[bluo
fbdjhhj
]Zgbafh
\beb\bjmkh\ZlZd`_bahl^_evguoZglb]_gguodhfihg_glh\
fbdjh[ghcde_ldbbijh^mdlh\bo`bag_^_yl_evghklbIjbf_gy_lkyk
e_q_[ghcb
ijhnbeZdlbq_kdhcp_evx^eykha^Zgbyih\ur_gbybffm
gbl_lZ
u[jZdh\dZ
\u\h^baklZ^ZklZjuoyeh\uo[hevguo
`b\hl
guo
kgbadhc
ijh^mdlb\ghklvxu[jZdh\dZijhba\h^blkygZhkgh\Z
gbb^Zgguo[hgblbjh\db
ih[he_agb\hkijhba\h^bl_evghckihkh[gh
klbg_^hjZa\blhklbbijHnhjfey_lky
Zdlhf
=mjl
i_j\bqgZyijhba\h^kl\_ggZy_^bgbpZ\fykghfkdhlh\h^
kl\_
knhjfbjh\ZggZykmq_
lhfiheZb\hajZklZ`b\hlguo
�_lZebabjh\Zggu_ghjfudhjfe_gbyk
o`b\hlguo
ghjfu
dhjfe_gby
`b\hlguoihwe_f_glZfiblZgby\kdhlh\h^kl\_bh\p_
\h^kl\_ih
k\bgh\h^kl\_
\ilbp_\h^kl\_
�hjZsb\Zgb_
\ujZsb\Zgb_fheh^gydZfykgh]hkdhlZ
^hih
klZgh\dbgZ
hldhjf
B^_glbnbdZpby`b\hlgh]h
f_q_gb_`b\hlgh]h\usbiZfb
[bjdZfb
lZlmbjh\dhcdjZkdhc\u`b]Zgb_fk_gkhjgufbmkljhckl\Z
fblZ[ebqdZfb\
klhceZob
l
DZq_kl\hihlhfkl\Zfykguo[udh\
`b\ZyfZkkZihlhfdh\[u
dZijbhlt_f_
hlfZl
_j_c`b\ZyfZkkZl_e_gdZ\\hajZkl_
f_kj_amevlZlum[hy`b\hlgh]h
fZkkZlmrbm[hcguc\uoh^dZq_kl
\hlmrb
fykZiheghfykghklvb^j
Dhgklblmpby
fhjnheh]bq_kdb_bnmgdpbhgZevgu_hkh[_gghklb`b\hlgh]h
hj]ZgbafZkeh`b\rb_kygZhkgh\_gZke_^kl\
_gguobijbh[
j_l_gguodZq_kl\b
k\hckl\ujZ`Z_lky\hij_^_e_gguonhjfZol_eh
keh`_gbyblbiZo]jm[uc
g_`gucjuoeuc kujhc
iehlguc kmohc b
dj_idbc
Dhjfh\Zy_^bgbpZ
mkeh\gZy_^bgbpZ^eyhp_gdbiblZl_evgh
klbdhjfZbeb
jZpbhgZ�hgZklhys_]h\j_f
_gb\Jhkkbbijbf_gy_lky
dhjfh\Zy_^bgbpZjZ\gZy
iblZl_evghklbd]h\kZZiblZl_evghklv^jm]bodhjfh\mklZgZ\eb\Z_lky\
kjZ\g_gbbkiblZl_evghklvxh\kZ
Dhlbe_^hg
]jmiiZ\hjkbghdgZieZp_gl_fe_dhiblZxsbomi
ehlg_ggZy^hevdZ
ieZp_glu
Fhehqghklvfykgh
cdhjh\u
`b\ZyfZkkZl_e_gdZijbhlt_f_
hlfZl_jb\
dhgp_ih^khkgh]hi_jbh^Z\ujZ`_ggZy\d]
GZ]mekdhlZ
gZb[he__^_r_\ucf_lh^iZkl[bsghcih^]hlh\db
`b\hlguod
hldhjfmbebm[hxgZfykhIjbgZ]me_kdhlZ\_kvdhfie_dkohayckl\_gguo
wdhghfbq_kdboba
hhl_ogbq_kdbof_jhijbylbcgZijZ\
e_ggZjZpbhgZevgh_
bkihevah\Zgb_iZkl[bs^eyihemq_gbyfZdkb
fZevgh]hijbjhklZ`b\hlguoijb
khojZg_gbbbijh^mdlb\ghklba_f_ev
GbljZlu
ijbjh^gu_khebZahlghcdbkehlukh^_j`Zsb_ky\jZk
l_gbyoIjb
ih_^Zgbb[hevrbodhebq
_kl\a_e_guodhjfh\m^h[j_gguo
\ukhdbfbmjh\gyfb
Zahlguom^h[j_gbc
fh]ml[ulvhljZ\e_gby`b\hl
guog_h[oh^bfhdhgljhebjh\Zlv
kh^_j`Zgb_gbljZlh\\a_e_ghcfZkk_
H[f_ggZywg_j]by
wlhlZqZklvwg_j]bbdhjfZbebjZpbhgZdhlhjmx
hj]Zgbaf`b\hlgh]hbkih
evam_l^eyh[_ki_q_gbyk\h_c`ba
g_^_yl_evghklbb
h[jZah\Zgbyijh^mdpbbK]ijbgylhj_r_gb_hp_gb\ZlviblZl_evghklv
dhjfh\bjZpbhgh\bghjfbjh\Zlvihlj_[
ghklb`b\hlguo\h[f_gghcwg_j]bb
H\meypby
nbabheh]bq_kdbcg_j\gh
]mfhjZevgucijhp_kkklZ
bbiheh\h]h
pbdeZkhijh\h`^Zxs_]hkyjZaju\hfkl_gdbnheebdmeZybqgbdZ\ul_dZgb_f_]h
kh^_j`bfh]h
b\uoh^hfh^ghcbebg_kdhevdbo
ycp_de_lhd
Hlt_fgZy`b\ZyfZkkZ
`b\ZyfZkkZl_e_gdZ\dhgp_ih^khkgh
]hi_jbh^Z\
\hajZkl_
f_kyp_\\d]
Hlt_fguc\hajZ
kl
\hajZkll_e_gdZijbhlt_f_hlfZl_jb\^gyo
Ihjh^Z
p_ehklgZy]jmiiZ^hfZrgbo`b\hlguobf_xsboh[s__
ijhbkoh`^_gb_
kljmdlmjm
bhlebqZxsbokyhlhkh[_c^jm]bo]jmii ihjh^ 
wdkl_jv_jgufbbohayckl\_ggh
ihe_agufb
ijbagZdZfbdhlhju_mklhcqb\h
i_j_^
ZxlkyihgZke_^kl\m
JZaebqZxlijbfblb\gu_ Z[h
jb]_ggu_ ihjh^ukeh`b\rb_ky\j_amevlZl_
klbobcgh]h
_kl_kl\_ggh]h
hl[hjZijbwdkl_gkb\guonhjfZogZlmjZevgh]h
ohayckl\ZbaZ\h^kdb_ dmevlmj
gu_ ihjh^uy\eyxsb_kyj_amevlZlhf
gZijZ\e_gghck_e_dpbbbkbk
l_fZlbq_kdhcie_f_gghcjZ[hlu
B^_bdeZkkbnbdZpbbihjh^[ueb
aZeh`_guQ�Zj\bghf
jZa\bluIG
Dme_rh\uf
Ijbjhkl
ahhl_ogbq_kdbcihdZaZl_evhij_^_eyxsbcbgl_gkb\
ghklvjhklZ
`b\hlguo
aZhij_^_e_gguci_jbh^\j_f_gb aZkmldb
i_jbh^\u
jZsb\Zgby
]meZbebhldhjfZbl^ 
IjhklZ]eZg^bgu
]hjfhghih^h[gu_\_s_kl\Zkoh^gu_ih^_ckl
\bxk
]hjfhghfijh]_kl_jhg
dhlhjuch[jZam_lky`_elufl_ehf\
ybqgbdZo
Ijbf_gyxlky^eykbgojhgbaZpbbhohlumfykguodhjh\bl_ehd
J_ijh^mdlhju
ohayckl\ZaZgbfZ
xsb_kyjZa\_^_gb_f\ukhdh
p_gguo
ie_f_gguo`b\hlguohij_^_e_gghcihjh^uIe_f_ggZyjZ[h
lZ\gbok\h^blkyd
hj]ZgbaZpbbwnn_dlb\gh]hbkihevah\Zgby[uqdh\bl_ehdkp_evxihemq_gbyhl
gbo[udh\
ijhba\h^bl_e_cbfZl_j_ck
ohjhrbfbgZke_^kl\_ggufbijbagZdZfb
\ukhdbfihl_gpbZehf
ijh^mdlb\ghklb
Jh^hkeh\gZy
aZibkvhijhbkoh`^_gbbie_f_ggh]h`b\hlgh]h\dh
lhjhc
ijb\h^ylkyk\_^_gbyhjh^bl_eyobij_^dZog_kdhevdboihdhe_gbcJh^hkeh\gZy
\ghkblky\dZjlhqdbie_f_gguo`b\hlguobgZWFkihkh[
kl\m_lj_r_gbx
hijhkh\hl[hjZbih^[hjZjZa\_^_gbyihebgbyfbk_f_ckl\Zfhp_gdb
ijhba\h^bl_e_cihdZq_kl\mihlhfkl\Z
K_j\bk
i_jbh^
i_jbh^hlhl_eZdhjh\u^hihke_^mxs_]h__
hieh^hl\hj_gby
Kem`blihdZaZl_e_fieh^h\blhklb`b\hlguobhj]Z
gbaZpbb\hkijhba\h^kl\Z
klZ^
Kdj_sb\Zgb_
kbkl_fZkiZjb\Zgby f_lh^jZa\_^_gby `b\hl
guojZaguo
ihjh^ijbf_gy_lky^eybkihevah\Zgbyy\e_gby]_l_jhab
kZ
 bebkha^Zgby
gh\uobmemqr_gbykms_kl\mxsboihjh^ih\u
r_gbyijh^mdlb\ghklbb
ihjh^ghklbklZ^j_amevlZl_kdj_sb\Zgby
hemqZxlihf_kguo`b\hlguo
KlZlbl_eZ
qZklbl_eZ`b\hlgh]hihdhlhjufhp_gb\Zxl_]h
l_ehkeh`_gb_
\ujZ`_gghklvfm`kdh]hbeb`_gkdh]hlbiZihjh^guoijbagZdh\gZijZ\e_gb_
ijh^mdlb\ghklb\hkijhba\h^bl_evgu_dZq_
kl\Zbie_f_ggmxp_gghklvD
hkgh\gufklZ
lyfl_eZ`b\hlgh]hhlgh
kylky]heh\Zr_yih^]jm^hd]jm^vohedZ
kibgZihykgbpZ[jxohdjmifhehqgZy`_e_aZiheh\u_hj]Zguo\hkli_j_^gb_
aZ^gb_gh]bdhiulZdh`Z\hehkyghcihdjh\
Klj_kk
nbabq_kdh_bebnbabheh]bq_kdh_gZijy`_gb_hj]Zgba
Ijhy\ey_lky
ijbbaf_g_gbbmkeh\bckh^_j`Zgbyijbkh^_j`Zgbb
[hevrh]hqbkeZ`b\hlguo\
]jmii_ijbljZgkihjlbjh\d_j_adhf
baf_g_gbbdhjfe_gby\h^hihy[he_agbijb
hlt_f_l_e_gdZbl^
KljmdlmjZklZ^Z
khhlghr_gb_\klZ^_jZaguoiheh\uob\hajZk
lgu
o]jmii
`b\hlguo\dh[s_fmih]heh\vxAZ\bkblhlmjh\gy\hkijh
ba\h^kl\ZfZlhqgh]h
khklZ\Zb\hajZklZj_fhglgh]hfheh^gydZ
Lh\Zjgh_ohayckl\Z
nhjfZohayckl\hkgh\gZyp_evdhlhjuo
ijhba\h^kl\h
`b\hlgh\h^q_kdhcijh^mdpbb
Lhdkbgu
keh`gu_kh_^bg_g
[Zdl_jbZevgh]hjZklbl_evgh]hbeb`b\hlgh]h
ijhbkoh`^_gbykihkh[gu_ijbihiZ^Zgbb\hj]Zgbaf
`b\hlguo\uau\Zlv
hljZ\e_gbyb]b[_evLhdkbguijbf_gyxl^eyihemq_gbyZg
lhdkbgh\
ij_iZjZlh\^eye_q_gbybijhnbeZdlbdb
[he_ag_c\uau\Z_fuolhdkbgZfb
Nhe
ebdme
f_rhq_d imaujvdh\b^gh_h[jZah\Zgb_\fZld_kZ
fhdAj_euc
nheebdmeybqgbdZkh^_j`blycp_de_ldm
WD?
mkeh\gZywg_j]_lbq_kdZydhjfh\Zy_^bgbpZihemqZ_fZyiml_f
^_e_gby
dhebq_kl\Zh[f_gghcwg_j]bbdhjfZbebjZpbhgZgZ
Wdkl_jv_j`b\hlgh]h
g_rgbc\b^bl_ehkeh`_gb_`b\hlgh]h�eyhp_gdb
wdkl_jv_jZ`b\hlgh]hihevamxlky\g_rgbfhkfhljhfbijhf_jZfbhl^_evguo
qZkl_cl_eZj_amevlZlu\ujZ`Zxl\[ZeeZo
Wf[jbhg
aZjh^ur`b\hlguo
Wkljmk
l_qdZI_jbh^iheh\hcZdlb\ghklbkZfhdfe_dhiblZx
sbo
hl\_lkl\mxsbc
\j_f_gb
khaj_\Zgb
nheebdmeh\\ybqgbdZo
Mq_[gh
f_lh^bq_kdh_bbgnhjfZpbhggh_h[_ki_q_gb_^bkpbiebgu

Z hkgh\gZyebl_jZlmjZ
Jh^bhgh\=Babeh\XKOZjblhgh\KGLZ[Zdh\ZEIKdhlh\h^kl\h
FDhehkKk
Dhklh
fZobgGFKdhlh\h^kl\h
Ki[Ba^
\hEZgvk
hkljbdh\GBb^jL_ogheh]byijhba\h^kl\Z]h\y^bgugZijhfur
e_gghc
hkgh\_
F:]jhijhfba^Zl
Babeh\XKIjZdlbdmfihkdhlh\h^kl\m
F:]jhijhfba^Zl
Eh[Zgh\
LIjZdlbdmfihie_f_gghfm^_em
F:]jhijhfba^Zl
k
EDWjgklG:DjZ\q_gdhGIKhe^Zlh\b^jIe_f_ggh_^_eh
`b\hlgh\h^kl\_Ih^j_^G:DjZ\q_gdh
F
jhijhfba^Zl
987. 287
Q_j_dZ_\:b^jL_ogheh]byki_pbZebabjh
\Zggh]hfykgh]h
kdhlh
\h^kl\Z
F:]jhijhfba^Zlk

[ ^hihegbl_evgZyebl_jZlmjZ
:]Z[_ceb::;mc\heu
FDhehkk
;Zc^xd:LRmev]ZgBIhlhqgh
p_oh\Zykbkl_fZijhba\h^kl\Z\
fhehqghf`b\hlgh\h^kl\_
FDhe
hkk
_j^g_\DA_[m\h^kl\h
F
:]jhijhfba^Zlk
�fbljb_\B=Ie_f_ggZyjZ[hlZKijZ\hqgbd
F:]jhijhfba^Zl
@_[jh\kdbcEKK_e_dpbhggZyjZ[hlZ\mkeh\byobgl_gkbnbdZpbb
`b\hlgh\h^kl\Z
E:]jhijhf
ba^Zlk
AZ\_jly_\;Ib^jKijZ\hqgbdahhl_ogbdZ
k_e_dpbhg_jZihfhehq
ghfm
kdhlh\h^kl\m
FDhehkk
Bgkljmdpbyihhp_gd_[udh\fhehqguobfykguoihjh^ihdZq_kl\mih
lhfkl\Z
FFKOKKKJ
Bgkljmdpbyih[hgblbjh\d_k
dhlZfhehqguobfykguoihjh^
FFKO
KKKJ
D_[Z:?b^jHi_jZpbhggZyl_ogheh]byhldhjfZdjmigh]hjh]Zlh]hkdhlZ
FJhkZ]jhijhfba^Zlk
IZgdjZlh\::Hjeh\:Jy^g_\XKIjhba\h^kl\h]h\y^bguiZ
ijhfure_gghchkgh\_
FDhehkk
Jh^bhgh\=KijZ\hqgbdihfhehqghfmkdhlh\h^kl\m
F:]jhdhg
kZel
k
Jm`_\kdbc:;Jm[ZgX�;_j^gbd:IIhjh^udjmigh]hjh]Z
lh]h
kdhlZ
FDhehkk
Khe^Zlh\:ILZ[Zdh\ZEIL
_ogheh]byijhba\h^kl\ZfhehdZb
]h\y^bgu
FDhehk

\ ijh]jZffgh_h[_ki_q_gb_

Dhfivxl_jgu_ijh]jZffu
^eyie_f_gghcjZ[hlu\kdhlh\h^kl\_
jZajZ[hlZggu_GBBie_fGBB@

] 
[Zau^ZgguobgnhjfZpbhggh
kijZ\hqgu_bihbkdh\u
_kbkl_fu

;Zau^Zgguoie_f_ggh]hmq_lZdjmigh]hjh]Zlh]hkdhlZjZajZ[hlZggu_
GBBie_fGBB@j_]bhgZevgufbbgklblmlZfbk_evkdh]hohayckl\Z
ihbkdh\u_kbkl_fuBgl_jg_l
FZl_jbZevgh
l_ogbq_kdh_h[_ki_q_gb_^bkpbiebgu
1.
=hkm^Zjkl\_ggu_
dgb]bie_f_gguo`b\hlguo
2.
Dbghnbevfub\b^_hnbevfu
Ihlhqgh
p_oh\Zykbkl_fZijhba\h^kl\ZfhehdZ ev\h\kdbchiul 
MdjdbghojhgbdZq
Ijhba\h^kl\h]h\y^bgugZf_`ohayckl\_gghciehsZ^d_Gb`g_
he`kdZy
klm^bydbghojhgbdbq
Ijh]j_kk
b\gZyl_ogheh]byijhba\h^kl\ZfhehdZDmc[ur_\kdZyklm^by
dbghojhgbdbq
Ihjh^udjmigh]hjh]Zlh]hkdhlZ
3.
Nhlh]jZnbb`b\hlguojZaguoihjh^bgZijZ\e_gbyijh^mdlb\gh
klb
LZ[ebqgucnhg^
Fmey`b

6.
Dhfivxl_jgu_ijh]jZffu
Bgkljmf_glu^ey
\aylbyijhf_jh\ f_jgZyiZedZf_jgZye_glZpbjdmev 
Ijb[hj^eyjZa^_evgh]h^h_gby^he_c\uf_gbdhjh\
L_e_\bahj\b^_hfZ]gblhnhgdhfivxl_j
F_lh^bq_kdb_j_dhf_g^Zpbbihhj]ZgbaZpbbbamq_gby^bkpbiebgu
�eyihemq_gbygZ\udh\ijZdlbq_kdhcjZ[hl
uZdlb\ghbkihevah
\Zlv
\u_a^gu_aZgylby\i_j_^h\u_ohayckl\ZgZmqgh
bkke_^h\Z
l_evkdb_bgklblmlu
2.
�eyijh\_^_gbye_dpbcbk_fbgZjh\ijb\e_dZlv\_^msbo
mq_guob
ijZdlbdh\
`b\hlgh\h^h\
3.
Ijbf_gylvdhfivxl_jgmxl_ogbdm^eybkihevah\Zgbyh[mqZxsboijh]
jZff
ZlZd`_ijh]jZffh[_ki_q_gbyl_ogheh]bq_kdboijhp_k
kh\\kdhlh\h^kl\_[Zau
^Zgguobijh]jZffbgnhjfZpbhgguokbkl_fie_f_ggh]hkdhlh\h^kl\Z
4.
Kbkl_fZlbq_kdbdhgljhebjh\Zlvih^]hlh\dmklm^_glh\daZgylbyfijh\h^blv
dhgljhevl_dms_cbjm[_`ghcmki_
\Z_fhklb
5.
�eyl_dms_]hdhgljheymki_\Z_fhklbbijhf_`mlhqghcZll_klZpbb^he`gu
bkihevah\Zlvkyl_kluih^]hlh\e_ggu_^eydZ`^h]hjZa^_eZ^bkpbiebgu\
we_dljhgghf\ZjbZgl_
�eyijh\_^_gbyaZgylbckhklm^_glZfb]jmiiki_pbZebabjmxsbokyih
kdhlh\h^kl\m\
jZkibkZgbbhl\h^blvh^bg^_gviheghklvx^eyijh\_^_gby
aZgylbcihmdZaZgghc^bkpbiebg_

Приложенные файлы

  • pdf