SlideShare a Scribd company logo
1 of 125
Download to read offline
Gérer les enjeux
et risques juridiquesdu Web 2.0
JANVIER 2012
!
!
!"# $%&'()# "*+# ,"# -".+/"# 01-2,2+1.+# ,1# /"-3"/-3"# "+# ,42..561+25.# 71.*# ,"*# 5/81.2*1+25.*9# :# ,4127"# 7"*#
+"-3.5,582"*# 7"# ,42.05/;1+25.# "+# 7"# ,1# -5;;<.2-1+25.# =>($?@# (,# /"8/5<A"# A,<*# 7"# BCD# ;";E/"*#
<.26"/*2+12/"*9# 2.7<*+/2",*# "+# 85<6"/.";".+1<F# 12.*2# G<"# HD# -3"/-3"</*# 1**5-2I*# "+# 2.62+I*@# J1#
;2**25.# K# -5.+/2E<"/# :# 012/"# 7<# L<IE"-# <."# *5-2I+I# .<;I/2G<"9# 8/M-"# :# ,4<*18"# 7"*# +"-3.5,582"*#
-5;;"#,"62"/#7"#,42..561+25.#*5-21,"#"+#5/81.2*1+25..",,"@#!"#$%&'()9#".#+1.+#G<"#-".+/"#7"#,212*5.#"+#
7"#+/1.*0"/+9#/I1,2*"9#".#A1/+".1/21+9#7"*#A/5N"+*#7"#/"-3"/-3"O"FAI/2;".+1+25.9#74".G<P+"*#"+#7"#6"2,,"#
*+/1+I82G<"# *</# ,41AA/5A/21+25.# 7"*# >($# :# ,4I-3",,"# G<IEI-52*"# "+# -1.172".."@# $"*# A/5N"+*# +5<-3".+#
,4".*";E,"#7"*#*"-+"</*#7"#,4I-5.5;2"9#+1.+#A/26I#G<"#A<E,2-@#!"*#1-+262+I*#7<#$%&'()#*5.+#02.1.-I"*#:#
A/Q*#7"#HR#S#A1/#*"*#A/5A/"*#A/5N"+*#"+#:#TH#S#A1/#,"#;2.2*+Q/"#7<#UI6",5AA";".+#I-5.5;2G<"9#7"#
,4(..561+25.#"+#7"#,4%FA5/+1+25.9#*5.#A/2.-2A1,#A1/+".12/"#02.1.-2"/@#
!
!
!
!
"#$%&$"'(!"'#)*%'$#*!+$%'%&$*#!,-!&*+#$.!
!
!
!
/0121!324!256278!29!1:4;724!671:<:;724!<7!=2>!?@A!
!"#$%&'()9#:#+/16"/*#-"#A/5N"+#74"FAI/2;".+1+25.9#62*"#:#/"8/5<A"/#7"*#5/81.2*1+25.*#161.+O81/72*+"*#G<2#
5.+#<.#2.+I/P+#-5;;<.#K#-5;A/".7/"9#<+2,2*"/#"+#+2/"/#A/502+#7"*#.5<6",,"*#1AA/5-3"*#7"*#;I721*#*5-21<F@#
!45EN"-+20#A/2.-2A1,#7<#A/5N"+#"*+#7"#*<*-2+"/#,42..561+25.#6"/*#7"#.5<6",,"*#A/1+2G<"*#A1/#,4<*18"#7"*#5<+2,*#
7<#V"E#W@D#"+#74".#A1/+18"/#,"*#/I*<,+1+*#".+/"#,"*#5/81.2*1+25.*@#X5</#A,<*#7Y2.05/;1+25.#"+#A5</#-5.*<,+"/#
,"*#.5<6",,"*#7<#A/5N"+#K#3++AKZZ[[[@-"0/25@G-@-1ZA/5N"+Z["EWD@3+;,##
'792714!B!-5:C214:90!<2!DE5910F3!G!
X2"//"#>/<7",#
&/1.-"#]E/1.##
!
&E33F>E1F92714!B!-5:C214:90!<2!DE5910F3!G!
^<,2"#&5</.2"/#
$_.+321#`1<7"++"#
]..2"#!18<"<F#
`"."62Q6"#a5/;1.7#
^"1.O&/1.b52*#'@#)<",,"++"#
#
#
!
H;7:I2!<2!I1E629!B!&*+#$.!
^5*I"#c"1<752.9#62-"OA/I*27".+"#d5.+/I1,9#(..561+25.#"+#
>/1.*0"/+#
^<,21#`1<7/"1<,+OX"//5.9#-31/8I"#7"#A/5N"+#
/1FIJ:4K2!B!'LEM1FIJ!!
c/282++"#]_5++"#
#
"JE9E4!<2!3F!NE7C219712#
2J+5-eA35+5@-5;#K#fJ>%%g#
2J+5-eA35+5@-5;#K#f7HBh
"E71!9E79!12542:M52K259!NE5N215F59!32!I1E629O!C27:332P!NEKK75:;721!FC2N!32!&*+#$.!F78!NEE1<E55024!N:Q
<244E74!G!
!
!
R70>2N!Q!S:TM2!4EN:F3!
888, rue Saint-Jean
Bureau 575
Québec (Québec) G1R 5H6
Canada
Téléphone : 418 523-3746
Télécopieur : 418 523-2329
!
!
DE5910F3
550, rue Sherbrooke Ouest
Bureau 471, Tour Ouest
Montréal (Québec) H3A 1B9
Canada
Téléphone : 514 840-1245
Télécopieur : 514 840-1275
!
Courriel : info@cefrio.qc.ca – Site Internet : www.cefrio.qc.ca
Dépôt légal : 2012
Bibliothèques et Archives nationales du Québec
Bibliothèques et Archives Canada
ISBN : 978-2-923852-29-4
U!&*+#$.!?AV?O!9E74!<1E:94!10421C04@!
L’INFORMATION CONTENUE DANS CE DOCUMENT NE PEUT ÊTRE UTILISÉE OU REPRODUITE PAR UNE TIERCE
PARTIE, À MOINS D’UNE AUTORISATION ÉCRITE DU CEFRIO.!
"#"!
!"#$%&'()')*+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-
.$%()/01%2)$+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+3
.&+ 45*+(2*605*+5%+5$7508+/91)0:#$%+/5*+;)$1%2)$*+#**)1295*+
#0+<5=+>,?+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+@
$% &'!()*+,'-'+.!/'!012()'00'!/'3!4#356'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7
8%! &'3!94#+(#9*0'3!(*.2,:4#'3!/'!4#356'3!'.!'+;'6<!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>
=%! &'3!4#356'3!/'!(:-9:4.'-'+.!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>
?% &'3!4#356'3!/'!(:+@#,64*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=?
A% &'3!4#356'3!'.!'+;'6<!/'!42,60*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=A
..& 45*+(5*')$*#=2:2%9*+/91)0:#$%+/5*+#1%2"2%9*+*5+
/9()0:#$%+*0(+:5+<5=+>,?+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-A
$% &*!4'39:+3*B#0#.2!/'3!#+/#C#/63!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=D
8% &E'+.4'94#3'!:6!01:4,*+#3-'!96B0#(!(:--'!'-90:F'64!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=G
=% &'!4'(:643!*6<!3#.'3!H'B!?%>!/*+3!0'3!94*.#56'3!/E'-B*6()'!%%%%%%%%%%%%%%%%%%%%%%%!=I
*% &*!/#3(4#-#+*.#:+!/*+3!0'3!:@@4'3!/E'-90:#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=I
B%! &16.#0#3*.#:+!/'3!#+@:4-*.#:+3!,0*+2'3!364!6+!94:@#0!/E6+!
(*+/#/*.!9:.'+.#'0!9:64!2(0*#4'4!6+'!/2(#3#:+!/E'-B*6()'!%%%%%%%%%%%%%%%%%%%%%!=J
?%! &'3!0#-#.'3!*6!(:+.4K0'!/'!0E'-90:F'64!364!0E63*,'!/6!H'B!?%>!
9*4!0'3!'-90:F23!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=7
*%! &*!364C'#00*+('!/'3!*(.#C#.23!/'3!'-90:F23!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=7
B%! &'3!*(.#C#.23!/'!0E'-90:F2!'+!/'):43!/6!.4*C*#0!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?=
A%! &*!4'39:+3*B#0#.2!/'!01'+.4'94#3'!:6!/'!01:4,*+#3-'!96B0#(!9:64!
0*!(:+/6#.'!/'!0E'-90:F2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!??
L%! &'3!'-90:F23!(:--'!6.#0#3*.'643!/6!H'B!?%>!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?A
=%! &'3!:B0#,*.#:+3!/'3!'-90:F23!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?A
?%! &'3!4'39:+3*B#0#.2!/'3!'-90:F23!/2(:60*+.!/1*,#33'-'+.3!364!
6+!3#.'!H'B!?%>!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?M
N%! &*! 4'39:+3*B#0#.2! /2(:60*+.! /'! 01*(.#C#.2! /'3! .#'43! "! (0#'+.3O! B2+2C:0'3O! @*+3! /'!
94:/6#.3!/'!0E'+.4'94#3'O!9*4.'+*#4'3!/E*@@*#4'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?G
=%! &1#+@:4-*.#:+!'3.!-#3'!'+!0#,+'!9*4!/2(#3#:+!/'!01'+.4'94#3'!%%%%%%%%%%%%%%%%%%%%%%%%%%!?I
?%! &1#+@:4-*.#:+!'3.!-#3'!'+!0#,+'!9*4!/2(#3#:+!/16+!.#'43!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?I
"##"!
...& 45*+5$7508+5%+(2*605*+/5*+'(2$12'#:5*+#'':21#%2)$*+/0+<5=+>,?+,,,,,,,,,+>B
$%! &'3!3#.'3!/'!423'*6<!3:(#*6<!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?J
=% P61'3."('!5616+!3#.'!/'!423'*6!3:(#*0!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?7
*% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!A>
B% R.#0#3*.#:+!/'3!423'*6<!3:(#*6<!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AA
?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6<!3#.'3!/'!423'*6.*,'!3:(#*0!Q!%%%%%%%%%%%%%%%%%%%%!AM
*% &*!/#C60,*.#:+!/'!4'+3'#,+'-'+.3!9'43:++'03!'.!/'!
4'+3'#,+'-'+.3!(:+@#/'+.#'03!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AM
B% &'3!4'+(:+.4'3!):43"0#,+'!*C'(!/'3!2.4*+,'43!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AG
(% &16.#0#3*.#:+!+:+!*6.:4#32'!/'!01#-*,'O!/'!0*!-*456'!'.!0'3!
*..'#+.'3!*6!/4:#.!/1*6.'64!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AG
/% &'3!(:+.'+63!S!(*4*(.T4'!9:4+:,4*9)#56'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AI
'% &'3!*..'#+.'3!S!0*!4296.*.#:+O!0*!94:9*,*+/'!)*#+'63'O!0'!
)*4(T0'-'+.!'.!0'3!-'+*('3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AI
@% !&16.#0#3*.#:+!/2(:+.'<.6*0#32'!/'3!4'+3'#,+'-'+.3!
9'43:++'03!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AJ
,% &'!4#356'!/'!@*03#@#(*.#:+!/1#/'+.#.2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AJ
)% &'!4#356'!/'!C:0!/1#+@:4-*.#:+!9'43:++'00'O!C:0!/1#/'+.#.2O!
3:00#(#.*.#:+!#+/23#4*B0'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!A7
#% &16.#0#3*.#:+!/'3!3#.'3!/'!423'*6.*,'!S!/'3!@#+3!;6/#(#*#4'3!
:6!/#3(#90#+*#4'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M>
;% !&*!9'43#3.*+('!/'!01#+@:4-*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M>
A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M=
*% &'3!(:-9:4.'-'+.3!'.!0'3!(*4*(.24#3.#56'3!/'3!63*,'43!%%%%%%%%%%%%%%%%%%%%%%%%%%!M=
B% &'3!3'4C#('3!:@@'4.3!9*4!0'!3#.'!/'!423'*6!3:(#*0!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M=
(% &*!9423'+('!/'!364C'#00*+('!364!0'!3#.'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M?
/% &*!9423'+('!/16+!-:F'+!/'!/2+:+('4!0'!(:+.'+6!
#+*994:94#2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M?
M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M?
*% UC#.'4!/'!-'..4'!'+!0#,+'!/'3!4'+3'#,+'-'+.3!9'43:++'03!%%%%%%%%%%%%%%%%%%%%%%!M?
B% V'..4'!'+!90*('!6+!)*6.!/',42!/'!94:.'(.#:+!/'!+:.4'!
94:@#0!'.!2C#.'4!0'!(:+.*(.!*C'(!/'3!#+(:++63!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MA
(% V'..4'!'+!0#,+'!6+'!94:(2/64'!/'!/2+:+(#*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MA
/% W+@:4-'4!0'3!9*4.#(#9*+.3!/'3!4#356'3!0#23!S!0163*,'!/'3!3#.'3!
/'!423'*6.*,'!3:(#*0!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MM
8% &'3!3#.'3!/'!9*4.*,'!/'!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MM
=% P61'3."('!5616+!3#.'!/'!9*4.*,'!/'!(:+.'+6!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MM
*% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MD
B% R.#0#3*.#:+!/'3!3#.'3!/'!9*4.*,'!/'!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MG
"###"!
?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6<!3#.'3!/'!9*4.*,'!/'!
(:+.'+6!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MG
*% &16.#0#3*.#:+!+:+!*6.:4#32'!/'!01#-*,'!'.!/'!
4'+3'#,+'-'+.3!9'43:++'03!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MG
B% &'3!(:+.'+63!)*#+'6<O!-'+*X*+.3O!/#@@*-*.:#4'3!'.!
(:+.4*#4'3!*6<!0:#3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MI
(% &'3!*..'#+.'3!*6!/4:#.!/1*6.'64!:6!*6<!-*456'3!/'!
(:--'4('!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MJ
/% &*!4'39:+3*B#0#.2!9:64!0'3!#+@:4-*.#:+3!/#@@632'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M7
'% &E6.#0#3*.#:+!/'3!3#.'3!/'!9*4.*,'!/'!(:+.'+6!S!/'3!@#+3!
;6/#(#*#4'3!:6!/#3(#90#+*#4'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D>
A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D>
*% &*!9423'+('!/16+!-:F'+!/'!/2+:+('4!0'!(:+.'+6!
#+*994:94#2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D>
B% &'!(*4*(.T4'!*+:+F-'!:6!+:+!/'3!9*4.#(#9*+.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D=
(% &'3!(*4*(.24#3.#56'3!/'!0163*,'4!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D=
/% &*!9423'+('!/'!-:/24*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D=
M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D?
*% W+@:4-'4!0'3!9*4.#(#9*+.3!/'3!4#356'3!4'0#23!S!0163*,'!/'3!
3#.'3!/'!9*4.*,'!/'!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D?
B% Y'+3'4!*6<!(:+3256'+('3!9:33#B0'3!*C*+.!0*!-#3'!'+!0#,+'!
/'!-*.24#'0!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D?
(% Z1*3364'4O!*C*+.!/'!96B0#'4!6+!@#()#'4O!56'!0'!3#.'!():#3#!
:@@4'!6+!3F3.T-'!/'!-:/24*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D?
/% UC#.'4!/'!-'..4'!'+!0#,+'!/'3!4'+3'#,+'-'+.3!9'43:++'03!%%%%%%%%%%%%%%%%%%%%%%!DA
'% UC#.'4!/'!9:4.'4!*..'#+.'!*6<!/4:#.3!/1*6.4'3!9'43:++'3!%%%%%%%%%%%%%%%%%%%%%%%%%%!DA
@% U.*B0#4!6+'!9:0#.#56'!/16.#0#3*.#:+!/6!3#.'!/'!9*4.*,'!/'!
(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DA
,% V'..4'!364!9#'/!6+!94:('3363!/'!C24#@#(*.#:+!/6!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%!DA
L% &'3!B0:,6'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DA
=% P61'3."('!5616+!B0:,6'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DM
*% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DD
B% R.#0#3*.#:+!/'3!B0:,6'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DG
?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6<!B0:,6'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DG
*% &'3!*..'#+.'3!S!0*!4296.*.#:+O!0*!94:9*,*+/'!)*#+'63'!'.!0'3!
-'+*('3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DG
B% &*!9423'+('!/'!(:+.'+6!#+*994:94#2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DI
(% &*!/#C60,*.#:+!/'!4'+3'#,+'-'+.3!9'43:++'03!'.!
(:+@#/'+.#'03!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DJ
/% &*!4'39:+3*B#0#.2!9:64!0'3!#+@:4-*.#:+3!/#@@632'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D7
'% &*!/#@@63#:+!/'3!#-*,'3!/'3!9'43:++'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D7
"#C"!
@% &'3!*..'#+.'3!*6!/4:#.!/1*6.'64!'.!*6<!-*456'3!/'!
(:--'4('!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G>
,% &*!(:+360.*.#:+!/2(:+.'<.6*0#32'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G>
)% &E6.#0#3*.#:+!/'3!B0:,6'3!S!/'3!@#+3!;6/#(#*#4'3!:6!
/#3(#90#+*#4'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G=
A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G?
*% &*!9423'+('!/'!-:/24*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G?
B% &'!(*4*(.T4'!*+:+F-'!:6!+:+!/'3!9*4.#(#9*+.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G?
(% &'!36;'.!.4*#.2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GA
/% &*!9423'+('!/'!3:+3O!/1#-*,'3!:6!/'!C#/2:3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GA
M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GM
*% U.*B0#4!6+'!9:0#.#56'!/16.#0#3*.#:+!/6!3#.'!/1)2B'4,'-'+.!
/'!B0:,6'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GM
B% Z1*3364'4O!'+!(42*+.!6+!B0:,6'O!56'!0E)2B'4,'64!():#3#!
:@@4'!6+!3F3.T-'!/'!-:/24*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GM
(% U+:+('4!0'3!4T,0'3!/'!(:+/6#.'!/'3!9*4.#(#9*+.3!:6!
[2.#56'..'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GM
/% W+@:4-'4!0'3!9*4.#(#9*+.3!/'3!4#356'3!0#23!S!0163*,'!/'3!
B0:,6'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GD
'% 8:++'3!94*.#56'3!9:64!-#+#-#3'4!0'3!4#356'3!/1*..'#+.'3!
*6<!/4:#.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GD
N% &'!-#(4:"B0:,6'!]^#..'4_!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GG
=% P6E'3."('!56E6+!-#(4:"B0:,6'!]^#..'4_Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GG
*% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GI
B% R.#0#3*.#:+!/6!-#(4:"B0:,6'!]^#..'4_!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GJ
?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6!-#(4:"B0:,6'!]^#..'4_Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%!G7
*% &*!/#@@63#:+!/'!4'+3'#,+'-'+.3!9'43:++'03!'.!0'3!*..'#+.'3!
S!0*!C#'!94#C2'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G7
B% &'3!*..'#+.'3!S!0*!4296.*.#:+O!0'3!94:9:3!)*#+'6<!:6!
*6.4'-'+.!#+*994:94#23!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I>
(% &*!4'/#4'(.#:+!C'43!/'3!3#.'3!S!(:+.'+6!#+*994:94#2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I=
/% &*!(:+360.*.#:+!/2(:+.'<.6*0#32'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I=
'% &E6.#0#3*.#:+!/'3!-'33*,'3!S!/'3!@#+3!;6/#(#*#4'3!:6!
(:--'4(#*0'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I?
@% &E63649*.#:+!/E#/'+.#.2!'.!0E)*-'X:++*,'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I?
,% &'3!*..'#+.'3!*6!/4:#.!/E*6.'64!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IA
A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IA
*% &163*,'4!*"."#0!():#3#!/'3!(4#.T4'3!/'!(:+@#/'+.#*0#.2!94#C23!Q!%%%%%%%%%%%%%%%%%%%%!IA
B% &163*,'4!'3."#0!`36#C#a!9*4!6+!94:()'!:6!56'05616+!/'!
(:+@#*+('!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IM
(% &163*,'4!6.#0#3'"."#0!6+!93'6/:+F-'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IM
"C"!
/% &163*,'4!'3."#0!(:+3(#'+.!/6!(*4*(.T4'!96B0#(!/'!]^#..'4!Q!%%%%%%%%%%%%%%%%%%%%%%%%!IM
M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IM
*% W+@:4-'4!0'3!63*,'43!/'3!4#356'3!/E6.#0#3*.#:+!/6!-#(4:"
B0:,6'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IM
B% Z'+3#B#0#3'4!0'3!63*,'43!*6<!B:++'3!94*.#56'3!'.!
(:-9:4.'-'+.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!ID
(% `!Z6#C4'!a!0*!9'43:++'!3:63!+:.4'!364C'#00*+('!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IG
b% !&'3!3#.'3!/'!+:.*.#:+!/'!9'43:++'3O!/'!3'4C#('3!:6!/'!94:/6#.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IG
=% P61'3."('!5616+!3#.'!/'!+:.*.#:+!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IG
*% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IJ
B% R.#0#3*.#:+!/'3!3#.'3!/'!+:.*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IJ
?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6<!3#.'3!/'!+:.*.#:+!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I7
*% &*!-*+#960*.#:+!/'!01#+@:4-*.#:+!'.!0'!(*4*(.T4'!'44:+2!/'!
('00'"(#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I7
B% &'3!*..'#+.'3!S!0*!4296.*.#:+!'.!S!0*!C#'!94#C2'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I7
(% &*!/#C60,*.#:+!/'!4'+3'#,+'-'+.3!9'43:++'03!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J>
/% &16.#0#3*.#:+!+:+!*6.:4#32'!/'!01#-*,'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J=
'% &*!4'39:+3*B#0#.2!9:64!0'3!#+@:4-*.#:+3!/#@@632'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J=
A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J?
*% &1:B;'.!/'!012C*06*.#:+!'.!0'3!@:+(.#:+3!:@@'4.'3!9*4!0'!3#.'!%%%%%%%%%%%%%%%%%%%%%%%!J?
B% &*!9423'+('!/'!-:/24*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J?
(% &'!(*4*(.T4'!*+:+F-'!:6!+:+!/'3!9*4.#(#9*+.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JA
/% &*!9:33#B#0#.2!/'!0*#33'4!9063#'643!2C*06*.#:+3!9:64!6+!
-c-'!94:/6#.!:6!6+'!-c-'!9'43:++'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JA
M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JM
*% U.*B0#4!/'3!(:+3'#03!/12(4#.64'!9:64!0'3!2C*06*.#:+3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JM
B% V'..4'!364!9#'/!6+!94:('3363!/'!C24#@#(*.#:+!/6!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%!JM
(% U.*B0#4!6+'!9:0#.#56'!/16.#0#3*.#:+!/6!3#.'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JM
/% W+@:4-'4!0'3!9*4.#(#9*+.3!/'3!4#356'3!0#23!S!0163*,'!/'3!3#.'3!
/'!+:.*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JM
d% &'3!3#.'3!H#e#3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JD
=% P61'3."('!5616+!3#.'!H#e#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JD
*% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JG
B% R.#0#3*.#:+!/'3!3#.'3!^#e#3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JJ
?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6<!3#.'3!H#e#3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J7
*% &'3!#+@:4-*.#:+3!#+'<*(.'3!:6!(:+.4K02'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J7
B% &'3!*..'#+.'3!S!0*!4296.*.#:+O!0*!94:9*,*+/'!)*#+'63'!'.!0'3!
-'+*('3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7>
(% &'3!(:+.'+63!S!(*4*(.T4'!9:4+:,4*9)#56'!:6!*6.4'-'+.!
#+*994:94#23!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7?
"C#"!
/% &'3!*..'#+.'3!*6!/4:#.!/1*6.'64!'.!016.#0#3*.#:+!+:+!*6.:4#32'!
/'!01#-*,'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7?
'% &*!4'39:+3*B#0#.2!9:64!0'3!#+@:4-*.#:+3!/#@@632'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7A
@% &E6.#0#3*.#:+!/'3!3#.'3!^#e#3!S!/'3!@#+3!;6/#(#*#4'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7M
A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7M
*% &1*(('33#B#0#.2!*6!3#.'!H#e#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7M
B% &'!(:+.'+6!/6!3#.'!H#e#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7D
(% &'!(*4*(.T4'!*+:+F-'!:6!+:+!/'3!9*4.#(#9*+.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7D
M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7G
*% V'..4'!'+!90*('!6+'!94:(2/64'!9:64!429:+/4'!*6<!
942:((69*.#:+3!:6!90*#+.'3!(:+('4+*+.!0'!-*.24#'0!90*(2!
364!0'!3#.'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7G
B% U.*B0#4!6+'!9:0#.#56'!/16.#0#3*.#:+!/6!3#.'!H#e#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7G
(% V'..4'!'+!90*('!6+'!94:(2/64'!*@#+!/'!4'C:#4!0'!-*.24#'0!
90*(2!364!0'!3#.'!H#e#!9:64!C24#@#'4!3*!(:+@:4-#.2!*6!/4:#.!
/1*6.'64!'.!S!/1*6.4'3!/4:#.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7G
/% U.*B0#4!/'3!4T,0'3!/'!(:+/6#.'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7I
'% W+@:4-'4!0'3!,'+3!/'3!4#356'3!#+)24'+.3!S!016.#0#3*.#:+!/16+!
3#.'!H#e#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7I
f% &'3!@06<!gZZ!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7I
=% P61'3."('!5616+!@06<!gZZ!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7I
*% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7J
B% R.#0#3*.#:+!/'3!@06<!gZZ!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!77
?% P6'03!3:+.!0'3!4#356'3!*33:(#23!S!6+!@06<!gZZ!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!77
*% b+,*,'4!3*!4'39:+3*B#0#.2!9:64!0'!(:+.'+6!/6!@06<!gZZ!
96B0#2!9*4!6+!.#'43!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!77
A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>>
*%! &'!36;'.!/6!@#03!gZZ!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>>
B% &'!96B0#("(#B0'!/6!3#.'!94:96032!9*4!0'!/2C'0:99'64!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>>
(% &*!90*('!'.!01#-9:4.*+('!*..4#B62'3!*6!@06<!gZZ!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>>
M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>>
*% h24#@#'4!0'!3#.'!42,60#T4'-'+.!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>>
B% ['!4'0*F'4!56'!/'3!3#.'3!(42/#B0'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>>
i% &*!B*0*/:/#@@63#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>=
=% P6E'3."('!56'!0*!B*0*/:/#@@63#:+!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>=
*% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>?
B% R.#0#3*.#:+!/'!0*!B*0*/:/#@@63#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>M
?% P6'03!3:+.!0'3!4#356'3!*33:(#23!S!0*!B*0*/:/#@@63#:+!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>M
A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>M
"C##"!
*% &'!96B0#(!C#32!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>D
B% &*!9423'+('!/'!3:+3O!/1#-*,'3!:6!/'!C#/2:3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>D
(% &j#+@:4-*.#:+!(:+.'+6'!/*+3!0'!@#()#'4!B*0*/:!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>D
M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>G
*% Y42C:#4!6+!-:F'+!/'!/2+:+('4!0'!(:+.'+6!#+*994:94#2!%%%%%%%%%%%%%%%%%%%%%%%%!=>G
B% UC#.'4!/'!9:4.'4!*..'#+.'!*6<!/4:#.3!/1*6.4'3!9'43:++'3!%%%%%%%%%%%%%%%%%%%%%%%%!=>G
.C, 45*+D)/E:5*+/5+'):2%2605*F+/5+D2*5*+5$+G#(/5+5%+
/5+1)$*52:*+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-?H
$% Y:0#.#56'3!,2+24*0'3!4'0*.#C'3!S!016.#0#3*.#:+!/1W+.'4+'.!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>I
=%! Y:0#.#56'!/16.#0#3*.#:+!/6!3#.'!W+.'4+'.!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>I!
?%! Y:0#.#56'!/'!94:.'(.#:+!/'!0*!C#'!94#C2'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!==>!
A%! Y:0#.#56'!/'!,'3.#:+!/6!/4:#.!/1*6.'64!'.!/'3!*6.4'3!94:94#2.23!
#+.'00'(.6'00'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!===!
8% Y:0#.#56'3!'.!942(*6.#:+3!392(#@#56'3!3'0:+!0'!.F9'!/'!3#.'!H'B!?%>!6.#0#32!%%%%%%%%%%%%!==?
=% &'3!B0:,6'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!==?
?% &'3!3#.'3!/'!9*4.*,'!/'!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!==?
A% &'3!3#.'3!/'!423'*6<!3:(#*6<!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!==A
M% &'3!3#.'3!/12C*06*.#:+!/'!9'43:++'3O!/'!3'4C#('3!:6!/'!94:/6#.3!%%%%%%%%%%%%%%%%%!==M
D% &'3!3#.'3!H#e#3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!==M
!
!
f24'4!0'3!'+;'6<!'.!4#356'3!;64#/#56'3!/6!!"#$?%>!
!
!
!"#$%&'()')*+
b+!?>==O!IA!k!/'3!#+.'4+*6.'3!562B2(:#3!:+.!42*0#32!*6!-:#+3!6+'!*(.#C#.2!9*4!-:#3!364!
0'3! -2/#*3! 3:(#*6<! '.! 94T3! /6! .#'43! /'! ('6<"(#! F! :+.! /2;S! 36#C#! 6+'! -*456'O! 6+'!
'+.4'94#3'O!6+!:4,*+#3-'!:6!6+!-#+#3.T4'!A=!k_%!N*+3!0*!-:#.#2!/'3!(*3O!('3!/'4+#'43!
:+.!#+.'4*,#!*C'(!016+'!:6!01*6.4'!/'!('3!:4,*+#3*.#:+3!364!0'3!-2/#*3!3:(#*6<%!!
N*+3!('!(:+.'<.'O!:l!6+'!42'00'!*..'+.'!/'!0*!9:960*.#:+!'3.!9423'+.'O!#0!'3.!/#@@#(#0'!9:64!
0'3!:4,*+#3*.#:+3!562B2(:#3'3!/1#,+:4'4!('!-:F'+!/'!(:--6+#(*.#:+!94#C#02,#2!*694T3!
/'! 0'64! (0#'+.T0'%! Y063! '+(:4'O! 0'! H'B! ?%>! *6! 3'+3! 9063! 0*4,'! 4'(T0'! /'! 42'00'3!
:99:4.6+#.23!/'!(42*.#:+!/'!C*0'64!9:64!01'+.4'94#3'!/'!/'-*#+O!.*+.!S!01#+.'4+'!561S!
01'<.'4+'%!Y063#'643!:4,*+#3*.#:+3!:+.!(:-94#3!01#-9:4.*+('!/1'<90:4'4!('!56'!4'9423'+.'!
9:64!()*(6+'!/1'00'3!('!+:6C'*6!9*4*/#,-'O!/:+.!('00'3!56#!:+.!():#3#!/'!94'+/4'!9*4.!
*6!94:;'.!/'!4'()'4()'"'<924#-'+.*.#:+!/6!LbdgWm!364!0'3!+:6C'*6<!63*,'3!/6!H'B!?%>%!!
L:+3.*.*+.! 012C:06.#:+! @60,64*+.'! /'! 0163*,'! /6! H'B! ?%>! 9*4! 0*! 9:960*.#:+! '.O!
94:,4'33#C'-'+.O! /'3! :4,*+#3*.#:+3O! 0'! LbdgWm! *! 0*+(2! S! 01*6.:-+'! /'! ?>>7! 6+! C*3.'!
()*+.#'4! 364! 0'3! +:6C'*6<! 63*,'3! /6! H'B! ?%>! 9:64! 0'3! :4,*+#3*.#:+3%! R+'! /:6n*#+'!
/1:4,*+#3*.#:+3!:+.!94#3!9*4.!*6!94:;'.!S!.#.4'!/'!9*4.'+*#4'3!/1'<924#-'+.*.#:+!:6!/'!
9*4.'+*#4'3! @#+*+(#'43!o! 0*! 8*+56'! +*.#:+*0'O! 0*! L)*#4'! '+! 2(:"(:+3'#0! /'! 01RPLO! 0*!
L:--#33#:+!/'3!+:4-'3!/6!.4*C*#0O!N'3;*4/#+3O!iF/4:"P62B'(O!Y)24:-:+'O!0*!g2,#'!/'3!
4'+.'3!/6!P62B'(O!g'C'+6!P62B'(O!Z'4C#('3!P62B'(O!0*!h#00'!/'!V:+.42*0p&#C#+,!&*B!/'!
V:+.42*0! '.! 0*! h#00'! /'! P62B'(%! W0! 31*,#33*#.! *0:43! /'! 363(#.'4! 01#++:C*.#:+! C'43! /'!
+:6C'00'3!94*.#56'3!9*4!0163*,'!/'3!:6.#03!/6!H'B!?%>!'.!/1'+!9*4.*,'4!0'3!42360.*.3!'+.4'!
0'3!:4,*+#3*.#:+3%!!
N*+3!('!C*3.'!94:;'.O!/'6<!*<'3!/1'<924#-'+.*.#:+!'.O!#+(#/'--'+.!/'!4'()'4()'O!:+.!
2.2!*/:9.23!o!/16+'!9*4.O!01*<'!/6!94:('3363!-*4e'.#+,!'.!/'!0*!4'0*.#:+!(0#'+.!'.O!/1*6.4'!
9*4.O! ('06#! /'3! 4'33:64('3! )6-*#+'3! '.! /'! 0*! (:00*B:4*.#:+! #+.'4+'%! R+! 4',*4/! 364! 0'3!
'+;'6<!;64#/#56'3!/'3!#+#.#*.#C'3!H'B!?%>!/*+3!0'3!:4,*+#3*.#:+3!'3.!2,*0'-'+.!9:32O!('!
56#!/:++'!0#'6!S!6+!.4:#3#T-'!*<'!/'!4'()'4()'%!!
$@#+!/'!/:(6-'+.'4!0'3!(*3!'<924#-'+.23!/*+3!()*(6+'!/'3!:4,*+#3*.#:+3!'.!3'0:+!3:+!
-:/T0'!/'!(:00*B:4*.#:+!*C'(!/'3!256#9'3!/'!()'4()'643!6+#C'43#.*#4'3O!0'!LbdgWm!*!@*#.!
*99'0!*6<!()'4()'643!36#C*+.3!o!!
!
O g2*0!q*(:BO!94:@'33'64!.#.60*#4'!*6!3'4C#('!/'!01'+3'#,+'-'+.!/6!-*+*,'-'+.!S!
ibL!V:+.42*0O!/#4'(.'64!/'!0*!C*0:4#3*.#:+O!/6!.4*+3@'4.!*6<!'+.4'94#3'3!'.!/'!0*!
@:4-*.#:+!/'3!(*/4'3!S!ibL!V:+.42*0!'.!9423#/'+.!/6!(:-#.2!(:+3'#0!#++:C*.#:+!
'.!.4*+3@'4.!/6!LbdgWm%!
!
O $++'!8:64)#3O!94:@'33'64'!*,42,2'!'.!/#4'(.4#('!/6!3'4C#('!/'!01'+3'#,+'-'+.!/'!
0*!,'3.#:+!/'3!4'33:64('3!)6-*#+'3!S!ibL!V:+.42*0%!
"?"!
!
O ZF0C*#+!Z2+2(*0O!94:@'33'64!*,42,2!*6!3'4C#('!/'!01'+3'#,+'-'+.!/6!-*4e'.#+,!S!
ibL!V:+.42*0!'.!.#.60*#4'!/'!0*!L)*#4'!/'!(:--'4('!20'(.4:+#56'!g8L!f4:69'!
@#+*+(#'4%!
!
O Y#'44'!]46/'0O!94:@'33'64!.#.60*#4'!*6!L'+.4'!/'!4'()'4()'!'+!/4:#.!96B0#(!LgNY_!
/'!0*!d*(60.2!/'!/4:#.!/'!01R+#C'43#.2!/'!V:+.42*0!'.!.#.60*#4'!/'!0*!L)*#4'!&%!g%!
H#03:+! 364! 0'! /4:#.! /'3! .'()+:0:,#'3! /'! 01#+@:4-*.#:+! '.! /6! (:--'4('!
20'(.4:+#56'%!
&'!9423'+.!,6#/'!9:4.'!364!0'!C:0'.!/'3!'+;'6<!;64#/#56'3!0#23!*6<!63*,'3!/6!H'B!?%>!9*4!
0'3!:4,*+#3*.#:+3%!!
"A"!
.$%()/01%2)$+
&16.#0#3*.#:+! /1W+.'4+'.! 9'4-'.! 01*((T3! S! 6+! '+3'-B0'! 3*+3! 942(2/'+.! /'! 3'4C#('3! /'!
(:--6+#(*.#:+!'.!S!/'3!#+@:4-*.#:+3!/'!.:6.'!+*.64'%!&'3!63*,'43O!0'3!'+.4'94#3'3!'.!0'3!
:4,*+#3-'3!96B0#(3!/2(:6C4'+.!0'3!-60.#90'3!*C*+.*,'3!/'3!*990#(*.#:+3!/6!H'B!?%>%!!
V*#3O! 3*+3! 942(*6.#:+3O! 0'3! *(.#C#.23! /12()*+,'O! /'! 4'()'4()'! '.! /'! /#@@63#:+!
/1#+@:4-*.#:+! 364! W+.'4+'.! 9'6C'+.! (:-9:4.'4! /'3! 2(6'#03! '.! -#+'4! 0*! (:+@#*+('!
'33'+.#'00'!S!0*!42*0#3*.#:+!/1*(.#C#.23!3#,+#@#(*.#C'3=
%!L'3!2(6'#03!+'!3:+.!9*3!9#4'3!56'!
('6<!56#!3:+.!*33:(#23!S!B#'+!/1*6.4'3!*(.#C#.23%!b+!9*4.#(60#'4O!#0!F!*!/'3!4#356'3!/'!3'!
.4:6C'4!/*+3!6+'!3#.6*.#:+!9:64!0*56'00'!0*!0:#!*!942C6!/'3!'<#,'+('3!:6!/'3!#+.'4/#.3%!$6!
4#356'! /'! )'64.'4! 0'3! C*0'643! /'! 0*! C#'! '+! 3:(#2.2! :6! /'! 3'! .4:6C'4! '+! 3#.6*.#:+! /'!
(:+.4*C'+.#:+!*6<!0:#3O!#0!#-9:4.'!/'!3*C:#4!#/'+.#@#'4!/'!.'00'3!3#.6*.#:+3!'.!/'!3'!/:++'4!
0'3!-:F'+3!/'!4'(:++*r.4'!6+'!3#.6*.#:+!+2('33#.*+.!/'3!942(*6.#:+3?
%!
&1'<94'33#:+!H'B!?%>!4'+C:#'!S!6+!'+3'-B0'!/'!42*0#.23!'.!/'!3#.6*.#:+3!56#!2()*99'+.!S!
6+'!/2@#+#.#:+!56#!3'4*#.!'<)*63.#C'A
%!L*4*(.24#32!9*4!('4.*#+3!202-'+.3!'-B02-*.#56'3O!
0'! H'B!?%>! 4'+C:#'! S! 6+'! (:+3.'00*.#:+! /'! @:+(.#:+3! 9:332/*+.! /'3! (*4*(.24#3.#56'3!
(:--6+'3%!Y*4-#!('3!(*4*(.24#3.#56'3O!#0!F!*!6+!+#C'*6!20'C2!/1#-90#(*.#:+!/'3!63*,'43!
/*+3!0*!(42*.#:+!/'!(:+.'+63%!m+!*33:(#'!2,*0'-'+.!*6!H'B!?%>!('3!'+C#4:++'-'+.3!
3.46(.6423!/*+3!0'356'03!0'3!(:+.'+63!3:+.!,2+2423!'+!B:++'!9*4.#'!9*4!0'3!6.#0#3*.'643!
(:--'! 0'3! 3#.'3! /12/#.#:+! (:00'(.#C'! .'0! ('06#! /'! 01'+(F(0:92/#'! !%&%'"(%)%! L'3! 3#.'3!
9'4-'..'+.! *6<! #+.'4+*6.'3! /12/#.'4! '.! /'! -:/#@#'4! /'3! (:+.'+63! S! 0'64! ,6#3'%! N*+3!
/1*6.4'3! (*3! /'! @#,64'O! :+! 2C:56'! 0*! 9:33#B#0#.2! /'! (:-B#+'4! /'3! *990#(*.#:+3! '.! /'3!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=
!! q'*+"Y#'44'!8b[fimsWO!V#()T0'!8bgf$N$t! '.!b4^*+!8Rgui$g]O!H'B!?%>!*$+,-"./$("$01,2%),0"O!
846<'00'3O!N'!8:'(eO!?>==O!9%!v%!
?
!! L'4.*#+3!/23#,+'+.!0'3!'+;'6<!4'0*.#@3!*6<!C*0'643!/'!0*!C#'!'+!3:(#2.2!:6!/'!0*!(:+.4*C'+.#:+!*6<!0:#3!
'+!6.#0#3*+.!0'!-:.!`!2.)#56'!a%!V*#3O!/*+3!0*!9069*4.!/'3!3:(#2.23!/2-:(4*.#56'3O!0*!56*3#".:.*0#.2!
/'3!'+;'6<!'3.!4'@02.2'!/*+3!0'3!'<#,'+('3!/'3!0:#3!*/:9.2'3!9*4!0'3!02,#30*.'643%!L'3!0:#3!4'@0T.'+.!
0'3!C*0'643!;6,2'3!#-9:4.*+.'3!9*4!0'3!3:(#2.23!(:+('4+2'3%!W0!+1'3.!/:+(!9*3!+2('33*#4'!/'!9*33'4!
9*4! 012.)#56'! 9:64! 4'+/4'! (:-9.'! /'3! '+;'6<! '.! 4#356'3! *33:(#23! *6<! *(.#C#.23! 56#! 9'6C'+.! 3'!
/24:60'4!/*+3!0'3!'+C#4:++'-'+.3!/6!H'B!?%>%!N1*#00'643O!0'3!:6C4*,'3!56#!3'!9423'+.'+.!(:--'!
9:4.*+.! 364! 012.)#56'! /*+3! 0'3! '+C#4:++'-'+.3! +6-24#56'3! *B:4/'+.! 0'3! -c-'3! 56'3.#:+3! 56'!
('00'3!*B:4/2'3!/*+3!0'3!0:#3O!-*#3!/'!@*X:+!-:#+3!942(#3'!*6!4',*4/!/'3!/4:#.3!'.!:B0#,*.#:+3%!W0!'3.!
*994:94#2!/'!4'(:64#4!*6<!4*#3:++'-'+.3!2.)#56'3!/*+3!0'3!3#.6*.#:+3!0#-#.'3O!('00'3!9:64!0'356'00'3!
0'3!0:#3!+'!94:(64'+.!9*3!/'!3:06.#:+!('4.*#+'%!h:#4!+:.*--'+.o!L)*40'3!bZZO!3%4%5)6$7"(%)$+58%09O!
L*-B4#/,'O!Y:0#.F!Y4'33O!?>>7w!&6(#*+:!d&mgWNW!'/%_!:8"$;)<#=%(4"$>),(#11&$12$?,21=<)5%1,$),($
;1<'.5"=$+58%09O!L*-B4#/,'!R+#C'43#.F!Y4'33O!?>=>%!!
A
!! N#:+! iW[LiL&WddbO! `!g'C#'^! :@! .)'! x'*413! 8'3.! H'B!?%>! b<90*+*.#:+31!aO! !"#$@AB$ C1.=,)6O!
)..9opp^'B?%3F3"(:+%(:-p+:/'p=GD7=M!w!Y#'44'!]gRNb&O!`!&*!42,60*.#:+!/6!H'B!?%>!aO!?>>J_!A?!
D"E."$(.$(=1%5$("9$5"08,1614%"9$("$6F%,21=<)5%1,!?JA%!
"M"!
(:+.'+63!'.!3F+()4:+#3'4!6+!3#.'!H'B!*C'(!/1*6.4'3M
%!&'3!3#.'3!/'!9*4.*,'!/'!(:+.'+63!
(:--'!x:6]6B'!:6!3)%6G<15%1,!9'4-'..'+.!*6<!#+.'4+*6.'3!/'!/#@@63'4!/'3!(:+.'+63!
'+! 0#,+'%! &'3! 3#.'3! /'! 423'*6<! 3:(#*6<! (:--'! H)0"#11&$ :6! 7G9')0"! 9'4-'..'+.! *6<!
#+/#C#/63!/'!/#@@63'4!0'64!94:@#0!9'43:++'0!/'!-c-'!56'!/'3!#+@:4-*.#:+3!9:4.*+.!364!
/1*6.4'3!9'43:++'3D
%!R+!*6.'64!:B3'4C'!56'!0*!+:.#:+!/'!H'B!?%>!`!/23#,+'!0*!.'+/*+('O!
:B3'4C2'!()'n!('4.*#+'3!'+.4'94#3'3!9423'+.'3!364!0'!H'BO!S!96B0#'4!6+!(:+.'+6!,2+242!
9*4!0'3!6.#0#3*.'643!906.K.!56'!/'!4'(:64#4!*6!-:/T0'!/1*@@*#4'3!.4*/#.#:++'0!/'!-#3'!'+!
0#,+'! /'! (:+.'+63! -2/#*.#56'3! 94:94#2.*#4'3%!aG
! m+! *33:(#'! 3:6C'+.! *6! H'B!?%>!
/#@@24'+.'3!*994:()'3!(*4*(.24#32'3!9*4!0'!9*4.*,'!/'!(:+.'+63O!/'!-#<*,'!/'!('6<"(#!'.!
0'64!426.#0#3*.#:+!*6!,42!/'3!#+#.#*.#C'3!/'3!63*,'43%!
$@#+!/'!4'+/4'!(:-9.'!/6!/4:#.!4'0*.#@!*6!H'B!?%>O!#0!@*6.!31#+.24'33'4!S!0*!+:4-*.#C#.2!
'@@'(.#C'-'+.!*,#33*+.'!o!('00'!56#!'+,'+/4'!36@@#3*--'+.!/'!4#356'3!*694T3!/'3!*(.'643!
9:64!56'!('6<"(#!;6,'+.!:99:4.6+!/'!31F!(:+@:4-'4I
%!&'!/4:#.!2.*.#56'!+1'3.!9*3!3'60!S!
'+(*/4'4!0'3!*(.#C#.23!364!W+.'4+'.!o!0*!+:4-*.#C#.2!56#!'+(*/4'!0'3!4'33:64('3!*33:(#2'3!
*6!H'B!?%>!94:(T/'!/'!('!56'!0*!.'()+#56'!9'4-'.!:6!94:)#B'O!'00'!42360.'!'+!,4*+/'!
9*4.#'! /'3! 94*.#56'3! :B3'4C2'3! 9*4! 0'3! /#@@24'+.3! *(.'643%! L'3! (:+@#,64*.#:+3! '.! ('3!
94*.#56'3!'+,'+/4'+.!/'3!4#356'3!:6!C#3'+.!S!.4*+3@24'4!/'3!4#356'3!S!/1*6.4'3%!V*#3!0'3!
42,60*.'643! 2.*.#56'3! 9'6C'+.! '3.#-'4! 56'! 0'3! 4#356'3! '+,'+/423! 9*4! /'3! *(.#C#.23! 3'!
/24:60*+.!364!W+.'4+'.!3:+.!36@@#3*--'+.!942:((69*+.3!9:64!#-9:3'4!*6<!*(.'643!/'3!
:B0#,*.#:+3!'.!*#+3#!B*0#3'4!('!561#03!9'6C'+.!@*#4'!'+!0#,+'%!Y*4!0'64!42,0'-'+.*.#:+O!#03!
(42'+.!/'3!4#356'3!9:64!0'3!*(.'643!(:+('4+23%!!
N*+3!0'3!0#,+'3!56#!36#C'+.O!:+!942(#3'!0'3!:B;'(.#@3O!0'3!/'3.#+*.*#4'3O!0*!9:4.2'!*#+3#!56'!
0*!.4*-'!,2+24*0'!/'!0*!/2-*4()'!94:9:32'!/*+3!0'!9423'+.!,6#/'%!
!"#$%&'()*+,-+.-),&+
L'!,6#/'!C#3'!S!*((:-9*,+'4!0'3!#+/#C#/63!'.!0'3!:4,*+#3*.#:+3!(:+('4+23!9*4!016.#0#3*.#:+!
/'3! *990#(*.#:+3! *33:(#2'3! *6! H'B!?%>! *@#+! /1*3364'4! 56'! 0'643! *(.#C#.23! 3'! /24:60'+.!
/*+3!0'!4'39'(.!/'3!0:#3!*990#(*B0'3!*6!P62B'(%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
M
!! V*4F!V$NNb[!'.!Z63*++*)!dmvO!`!g#/#+,!.)'!H*C'3!:@!jH'B!?%>1!-:4'!.)*+!*!86nn^:4/O!B6.!3.#00!
+:.! '*3#0F! /'@#+'/O! Y'^! W+.'4+'.O!
8*(e,4:6+/'4O!)..9opp^^^%9'^#+.'4+'.%:4,pg'9:4.3p?>>Gpg#/#+,".)'"H*C'3":@"H'B"?>pg#/#+,"
.)'"H*C'3p8*(e,4:6+/'4%*39<! w! &#3! hb$ZV$[O! `!jY#,,F! 8*(e#+,1! :+! .)'! H'B!?%>! W+.'4+'.!o!
L:9F4#,).!&#*B#0#.F!*+/!H'B!?%>!V*3)693!aO!y?>>Jz!A>!;I77J+K:!A=="AAI%!
D
!! Z.'C'+!q$VbZO!`!Z:(#*0!['.^:4e#+,!Z#.'3o!g',60*.#+,!.)'!m+0#+'!jH#0/!H'3.1!:@!H'B!?%>!aO!y?>>Jz!?!
+,5A$LADA!MI"D>%!
G
!! [#(:0*3! H%! hbgVbxZO! `!g'39:+3*B#0#.2! (#C#0'! '.! H'B!?%>!aO! D"'M="9O! ;6#00'.! ?>>IO!
)..9opp4';B%'/#.#:+3FC:+B0*#3%(:-!!9*,'!C#3#.2'!0'!?I!+:C'-B4'!?>==_%!
I
!! Y#'44'! ]gRNb&O! `!&*! 42,60*.#:+! /6! H'B!?%>!aO! y?>>Jz! A?! D"E."$ (.$ (=1%5$ ("9$ 5"08,1614%"9$ ("$
6F%,21=<)5%1,!?JA"A>I%!
"D"!
/+0-#)+1&2(+'&+.-),&+3+
L'! ,6#/'! '<90#(#.'! 0'3! 942:((69*.#:+3! 4'0*.#C'3! S! 0*! (:+/6#.'! /'3! 9'43:++'3! /*+3! 0'3!
'+C#4:++'-'+.3!/6!H'B!?%>%!W0!942(#3'!0'3!'<#,'+('3!'.!0'3!942(*6.#:+3!S!94'+/4'!/*+3!0'!
/2C'0:99'-'+.!'.!01'<90:#.*.#:+!/'!.'03!'+C#4:++'-'+.3%!W0!94:9:3'!6+'!-2.):/'!*@#+!
/'! ('4+'4! 0'3! '+;'6<! '.! /'! ,24'4! 0'3! 4#356'3%! W0! #+/#56'! (:--'+.! #/'+.#@#'4! 0'3!
(*4*(.24#3.#56'3!/'3!3'4C#('3!/'!-c-'!56'!0'3!*(.#C#.23!9:6C*+.!+2('33#.'4!/'3!-'364'3!
'.!942(*6.#:+3!392(#@#56'3%!W0!94:(64'!/'3!*#/'3!*@#+!/1#/'+.#@#'4!0'3!4#356'3!'.!/'!-'..4'!
'+! 90*('! 0'3! 942(*6.#:+3! +2('33*#4'3! 9:64! 56'! 0'3! '+C#4:++'-'+.3! /6! H'B!?%>!
@:+(.#:++'+.!'+!(:+@:4-#.2!*C'(!0'3!C*0'643!'.!0'3!0:#3!*990#(*B0'3!*6!P62B'(%!W0!94:(64'!
6+!:6.#0!*@#+!/1*#/'4!0'3!/#@@24'+.3!*(.'643!/6!H'B!?%>!S!*0#,+'4!0'643!(:-9:4.'-'+.3!364!
0'3!'<#,'+('3!/2(:60*+.!/'3!0:#3!*990#(*B0'3!'.!/'3!*6.4'3!+:4-*.#C#.23!9'4.#+'+.'3!364!
W+.'4+'.%!
/+0-)+&1(4)5+,&1()67+3+
L'!,6#/'!'3.!/'3.#+2!94#+(#9*0'-'+.!*6<!9'43:++'3!4'39:+3*B0'3!/'!0*!-#3'!'+!90*('!/'!
9:0#.#56'3!'.!/'!0#,+'3!/'!(:+/6#.'!4'0*.#C'3!'.!S!0*!,'3.#:+!:6!S!016.#0#3*.#:+!/'!3#.'3!:6!
'+C#4:++'-'+.3!9:332/*+.!0'3!(*4*(.24#3.#56'3!/6!H'B!?%>%!W0!3'4*!2,*0'-'+.!6.#0'!*6<!
63*,'43!/'3!/#C'43!'+C#4:++'-'+.3!/1W+.'4+'.%!W0!@:64+#.!/'3!#+@:4-*.#:+3!364!0'3!4#356'3!
S! ,24'4! '.! 0'3! 942(*6.#:+3! S! 94'+/4'! 9*4! .:63! ('6<! 56#! {6C4'+.! S! 0*! (:+('9.#:+O! *6!
/2C'0:99'-'+.O! S! 01#-90*+.*.#:+! '.! S! 0163*,'! /'! 3F3.T-'3! /1#+@:4-*.#:+! /'3.#+23! S!
3:6.'+#4!/'3!2()*+,'3!'+.4'!0'3!9'43:++'3%!!
8-&55&+&1(+59+:#2(7&+,&+'&+.-),&+3+
8#'+!56'!0'3!56'3.#:+3!4'0*.#C'3!*6<!4#356'3!'.!*6<!'+;'6<!;64#/#56'3!3'!9:3'+.!'+!6+'!
-60.#.6/'! /'! 3#.6*.#:+3! /*+3! 0'! -:+/'! C#4.6'0! :6! *#00'643O! 0'! 9423'+.! ,6#/'! .4*#.'!
94#+(#9*0'-'+.!/'3!4#356'3!0'3!9063!(:64*+.3!/*+3!0'!(*/4'!/'3!2()*+,'3!94'+*+.!90*('!
/*+3! /'3! '+C#4:++'-'+.3! S! (:+.'+6! '+.#T4'-'+.! :6! 9*4.#'00'-'+.! ,2+242! 9*4!
016.#0#3*.'64%!8#'+!56'!01:+!*#.!-#3!B'*6(:69!/'!3:#+3!S!#/'+.#@#'4!0'3!/#39:3#.#:+3!/'3!0:#3!
56#!.4:6C'+.!*990#(*.#:+!/*+3!0'3!3#.6*.#:+3!0'3!9063!(:64*+.'3O!('!,6#/'!+'!(:+3.#.6'!9*3!
6+!*C#3!;64#/#56'%!&'3!(:+3'#03!561#0!(:-9:4.'!3:+.!/'!9:4.2'!,2+24*0'!'.!+'!3*64*#'+.!
4'-90*('4!6+'!'<9'4.#3'!392(#@#56'!/*+3!/'3!(*3!9*4.#(60#'43%!!
N*+3!('!,6#/'O!01:+!*B:4/'!0'3!/#-'+3#:+3!;64#/#56'3!/6!H'B!?%>!3'0:+!6+'!*994:()'!/'!
,'3.#:+!/'!4#356'3%!&'!4'39'(.!/'3!0:#3!+1'3.!9*3O!'+!3:#O!6+'!56'3.#:+!/'!/',42!o!:+!/:#.!
.:6;:643! 4'39'(.'4! 0'3! 0:#3%! V*#3! 3:6C'+.O! 0:43561:+! -'.! '+! 90*('! /'3! *(.#C#.23! 3'!
/24:60*+.! 364! W+.'4+'.O! :+! .4:6C'! :99:4.6+! /'! 942C:#4! 0'3! /#@@#(60.23! ;64#/#56'3!
363('9.#B0'3! /'! /2(:60'4! /'3! *(.#C#.23! 56'! 01:+! 94:9:3'O! 9'4-'.! :6! *((6'#00'O! '+!
2C*06*+.!0'3!4#356'3!56'!31*990#56'+.!'@@'(.#C'-'+.!/'3!4T,0'3!363('9.#B0'3!/1'+,'+/4'4!
6+!'@@'.!+:+!3:6)*#.2%!
&1*994:()'! 94:9:32'! #(#! 4'0TC'! /16+'! /2-*4()'! 9*4! 0*56'00'! :+! *+*0F3'! 0'3!
'+C#4:++'-'+.3O! 0'3! *(.#C#.23! /'! -c-'! 56'! 0'3! (*4*(.24#3.#56'3! /'3! 9'43:++'3!
"G"!
(:+('4+2'3! *@#+! /'! 94'+/4'! 0'3! -'364'3! 942C'+.#C'3! 56#! 42/6#4:+.! 0'3! 4#356'3! /'! 3'!
.4:6C'4!'+!(:+.4*C'+.#:+!*C'(!0'3!0:#3%!
!9+,7;92'<&+:2#:#17&+
b00'!3'!9423'+.'!'+!56*.4'!.'-93!o!
=% I2%05(+ :5*+ (5*')$*#=2:2%9*+o! #/'+.#@#'4! 56#! @*#.! 56:#! '.! 56#! 429:+/! /'! ('! 56#! 3'!
9*33'!0:43!/16+'!*(.#C#.2!3'!/24:60*+.!364!W+.'4+'.%!
?% ./5$%2;25(+ :5*+ (2*605*+o! 9:64! ('0*O! #0! @*6.! 9*4.#4! /'3! *(.#C#.23! 3'! /24:60*+.! 364!
W+.'4+'.!3:63!0'3!*639#('3!/'!01'+.4'94#3'!:6!/'!01:4,*+#3-'%!
A% J"#:05(+ :5*+ (2*605*+o! 6+'! .'00'! 2C*06*.#:+! .#'+.! (:-9.'! *633#! B#'+! /'3!
(*4*(.24#3.#56'3!/'!01*(.#C#.2!56'!/6!@:+(.#:++'-'+.!:6!/'!0*!(:+@#,64*.#:+!/'3!
:6.#03!W+.'4+'.!6.#0#323%!!
M% b+@#+O!2/5$%2;25(+5%+D5%%(5+5$+':#15+:5*+D5*0(5*+5%+'):2%2605*!56#!9'4-'..'+.!6+'!
94#3'!'+!()*4,'!*994:94#2'!/'3!4#356'3%!
!"9::2#'<&+.767295&+
L)*(6+! /'3! 6.#0#3*.'643! /1W+.'4+'.! /:#.! 3'! @*-#0#*4#3'4! *C'(! 0'3! @*X:+3! /'! @*#4'!
(:-9*.#B0'3!*C'(!0'!4'39'(.!/'3!/4:#.3!/'3!*6.4'3%!&1:+!(:+C#'+.!/'!9063!'+!9063!561#0!'3.!
@6.#0'!/'!.'+.'4!/1#+.'4/#4'!01*((T3!*6<!/#C'43!'+C#4:++'-'+.3!'+!0#,+'%!W0!'3.!9063!6.#0'!/'!
@:4-'4! ()*(6+! /'3! 63*,'43! S! 0*! ,'3.#:+! /'3! 4#356'3! #+)24'+.3! *6<! '+C#4:++'-'+.3!
/1W+.'4+'.!96#356'!0'3!63*,'43!3:+.!9063!56'!;*-*#3!'+!3#.6*.#:+!/'!9:3'4!/'3!,'3.'3!56#!
9'6C'+.!'+,'+/4'4!/'3!(:+3256'+('3%!
N*+3!6+!'+C#4:++'-'+.!:l!0163*,'4!/#39:3'!/'!.*+.!/'!(*9*(#.2!/'!.4*+3-'..4'!'.!/'!
4'('C:#4!/'3!#+@:4-*.#:+3O!#0!'3.!#+36@@#3*+.!/'!/2(42.'4!/'3!`!(:+/#.#:+3!/16.#0#3*.#:+!a!'.!
3'!423'4C'4!3#-90'-'+.!0'!/4:#.!/'!364C'#00'4!'.!/'!96+#4%!W0!'3.!.:6.!*633#!(:+.4'94:/6(.#@!
/'!-60.#90#'4!0'3!(:+/#.#:+3O!(:+.4K0'3O!942(*6.#:+3!'.!94:('3363!B64'*6(4*.#56'3!3:63!
942.'<.'! /1*3364'4! 6+! '+C#4:++'-'+.! 94:.'(.'64%! Z64! W+.'4+'.O! 0'! 9)2+:-T+'! /'! 0*!
(:+(644'+('! /'3! 42,60*.#:+3! ;:6'! S! 90'#+!o! 0'3! 63*,'43! :+.! 9063#'643! 9:33#B#0#.23! /'!
(:+.:64+'4! 0'3! 4T,0'3! +'! 429:+/*+.! 9*3! *6<! B'3:#+3! :6! @:4-602'3! /'! -*+#T4'!
#44*.#:++'00'%!!
Z#! 0'3! (:+/#.#:+3! /16.#0#3*.#:+! /16+! '+C#4:++'-'+.! #+@:4-*.#56'! 3:+.! 9'4X6'3! (:--'!
.4:9!0:64/'3!:l!*6.4'-'+.!#+*/*9.2'3!*6<!B'3:#+3!/'3!*(.'643!'+!94'-#T4'!0#,+'O!('3!
/'4+#'43! :+.! S! 0'64! /#39:3#.#:+! /'3! 3'4C#('3O! 0'! 9063! 3:6C'+.! ,4*.6#.3! '.! (:+C#C#*6<O!
(*9*B0'3!/'!94:(64'4!0'3!3'4C#('3!:6!@:+(.#:++*0#.23!4'()'4()2'3%!V*#3!('0*!3'!@*#.!S!/'3!
(:+/#.#:+3!56#!+'!3:+.!9*3!.:6;:643!(:-9*.#B0'3!*C'(!0'3!'<#,'+('3!56#!942C*0'+.!#(#%!Y*4!
'<'-90'O! 3#! 0'3! '<#,'+('3! *@#+! /'! -'..4'! '+! 90*('! /'3! 3'4C#('3! /'! (:644#'0! 3:+.! -*0!
*/*9.2'3!:6!9'4X6'3!(:--'!.4:9!0:64/'3O!0'!4#356'!'3.!,4*+/!56'!0'3!63*,'43!6.#0#3'+.!
/'3!:6.#03!94:9:323!9*4!0'3!'+.4'94#3'3!(:--'!i:.-*#0!:6!x*)::!|%!L'3!:6.#03!9:644*#'+.!
+'!9*3!:@@4#4!0'3!,*4*+.#'3!4'56#3'3!9*4!0'3!0:#3!562B2(:#3'3%!
"I"!
Z64!W+.'4+'.O!9063#'643!():#<!'.!9:33#B#0#.23!/1*(.#:+!3:+.!3:63!0*!-*r.4#3'!/'3!#+/#C#/63%!W0!
@*6.!/:+(!0'3!#+@:4-'4!*/256*.'-'+.%!W0!F!*!/'3!():3'3!56#!3'!4T,0'+.!9063!'@@#(*('-'+.!
*6! +#C'*6! /'3! *(.'643! /#4'(.'-'+.! (:+('4+23%! L1'3.! 9:64! ('..'! 4*#3:+! 56'! ('! ,6#/'!
#/'+.#@#'! 0'3! 4'39:+3*B#0#.23! /'! ()*(6+! /'3! 94#+(#9*6<! *(.'643%! W0! 94:9:3'! /'3! :6.#03! S!
01#+.'+.#:+! /'! ()*(6+! *@#+! /'! 01*#/'4! S! /2(#/'4! /'3! -'364'3! S! 94'+/4'! 9:64! ,24'4! 0'3!
4#356'3!56#!3:+.!*33:(#23!S!016+'!:6!01*6.4'!/'3!*(.#C#.23!'+C#3*,2'3%!
&'!@:+(.#:++'-'+.!/'!0*!/2-*4()'!94:9:32'!/*+3!0'!9423'+.!,6#/'!3'!/2(0#+'!'+!56*.4'!
.'-93!56#!3:+.!o!
=,&6()*)&2+5&1+'929'(72)1()0-&1+,&+5"#-()5+
L"$ !"#$@AB$ ,F"95$ ')9$ .,$ ",E%=1,,"<",5$ .,%E1N."$*$ '6.9%".=9$ 21,05%1,9$ "5$ 9"=E%0"9$
"/%95",5$ "5$ ,"$ '=O9",5",5$ ')9$ 6"9$ <P<"9$ ",-"./A$ Q.=$ ?,5"=,"5R$ 1,$ '".5$ O08),4"=$ ("9$
<"99)4"9$("$01.==%"6$",5="$%,5%<"9$1.$(%22.9"=$.,"$08),91,$S$6)$4=),(".=$(.$=O9").A$L"9$
=%9N."9$(1%E",5$(1,0$P5="$)''=O0%O9$S$6)$6.<%M="$("9$0)=)05O=%95%N."9$N."$'=O9",5",5$6"9$
(%22O=",59$1.5%69$(%9'1,%#6"9$(),9$6"$0G#"="9')0"A$
=,&6()*)&2+5&1+'929'(72)1()0-&1+,&1+:92()'):96(1+
L"9$ (O0%9%1,9$ S$ 6FO4)=($ ("9$ '16%5%N."9$ "5$ 6%4,"9$ ("$ 01,(.%5"$ (1%E",5$ 5",%=$ 01<'5"$ ("9$
#"91%,9$("9$("95%,)5)%="9R$",$21,05%1,$("$6".=$'19%5%1,$).$9"%,$(F.,"$1=4),%9)5%1,A$L"9$
=M46"9$(1%E",5$P5="$"/'=%<O"9$(),9$.,$6),4)4"$)()'5O$)./$.9)4"=9$01,0"=,O9A$
=,&6()*)&2+5&1+'929'(72)1()0-&1+,&1+9'()>)(71?+7>76&;&6(1+:27>-1+&(+:#11)$5&1+
:1.5"9$6"9$)05%E%5O9$,"$91.6ME",5$')9$6"9$<P<"9$",-"./A$;"=5)%,"9$91,5$),1(%,"9$"5$,"$
'19",5$ ')9$ ("$ '=1#6M<"9$ ')=5%0.6%"=9$ )61=9$ N."$ (F).5="9$ ,O0"99%5",5$ ("$ '6.9$ 4=),("9$
'=O0).5%1,9A$
@<#)1)2+5&1+:#5)()0-&1+&(+)61(2-;&6(1+9*)6+,&+.72&2+9,70-9(&;&6(+5&1+2)10-&1+
T'=M9$ )E1%=$ 01<'6O5O$ 6"9$ 4=%66"9$ ("$ N."95%1,9$ '=1'19O"9R$ 6"$ (O0%(".=$ ("E=)%5$ P5="$ ",$
<"9.="$ ("$ 0"=,"=$ 6"9$ '=1#6O<)5%N."9$ N.%$ ("E=1,5$ P5="$ 5=)%5O"9$ ')=$ 9"9$ '16%5%N."9A$ U)=$
"/"<'6"R$9"=)V5V%6$,O0"99)%="$(F)E1%=$("9$(%9'19%5%1,9$9.=$6)$01,(.%5"$S$5",%=$S$6FO4)=($(.$
="9'"05$(.$(=1%5$(F).5".=$W$Q%$1.%R$N."66"9$91,5$0"9$01,(.%5"9$W$
!&1+'571+,&+5&'(-2&+&(+,A-()5)19()#6+,-+.-),&+
L'!,6#/'!*!2.2!(:+X6!/'!-*+#T4'!S!429:+/4'!*6<!B'3:#+3!/#C'43#@#23!/'!('6<!56#!:+.!S!
94'+/4'!/'3!/2(#3#:+3!'.!'<'4('+.!/'3!4'39:+3*B#0#.23!S!012,*4/!/'!0*!-#3'!'+!90*('O!/'!0*!
369'4C#3#:+!'.!/'!0*!364C'#00*+('!/1*(.#C#.23!94'+*+.!90*('!/*+3!/'3!'+C#4:++'-'+.3!/6!
H'B!?%>%! W0! 9'6.! c.4'! (:+360.2! /*+3! 01:4/4'! /'! 9423'+.*.#:+! /'3! ()*9#.4'3%! V*#3! #0! '3.!
9:33#B0'! /1*00'4! /#4'(.'-'+.! *6<! ()*9#.4'3! .4*#.*+.! /'3! 56'3.#:+3! 9:64! 0'356'00'3! :+!
4'()'4()'!/'3!2(0*#4*,'3%!!
Z#!C:63!()'4()'n!S!#/'+.#@#'4!'.!S!3#.6'4!0'3!4'39:+3*B#0#.23!56'!C:63!*C'n!*6!36;'.!/'!0*!
-#3'!'+!90*('O!/'!0*!364C'#00*+('!/1*(.#C#.23!364!W+.'4+'.O!*00'n!*6!()*9#.4'!WW%!
"J"!
Z#!C:63!C:60'n!('4+'4!0'3!4#356'3!*33:(#23!*6<!/#C'43'3!*990#(*.#:+3!/6!H'B!?%>O!*00'n!*6!
()*9#.4'!WWW%!
Z#! C:63! ()'4()'n! /'3! -:/T0'3! /'! 9:0#.#56'3! :6! /'! /#4'(.#C'3! *@#+! /1*#/'4! S! ,24'4! 0'3!
4#356'3!,2+24*6<!:6!392(#@#56'3!S!('4.*#+'3!*(.#C#.23O!(:+360.'n!0'!()*9#.4'!Wh%!
!
f24'4!0'3!'+;'6<!'.!4#356'3!;64#/#56'3!/6!!"#$?%>!
!
!
.&++ 45*+(2*605*+5%+5$7508+/91)0:#$%+/5*+;)$1%2)$*+#**)1295*+#0+<5=+>,?+
&'!H'B!?%>!+1'3.!9'6."c.4'!9*3!(:-90T.'-'+.!+:6C'*6!-*#3!#0!9*4*r.!9:3'4O!/'!@*X:+!
9063! /4*-*.#56'O! 0'3! '+;'6<! '.! 4#356'3! #+)24'+.3! *6<! '+C#4:++'-'+.3! '+! 0#,+'%! Z#! 0'3!
4#356'3!561#0!#-90#56'!+'!3:+.!9*3!+2('33*#4'-'+.!+:6C'*6<O!#03!9*4*#33'+.!/2-60.#90#23%!
&'!4K0'!*((46!/'!0163*,'4!(:+.4#B6'!S!/290*('4!'.!S!*((4:r.4'!0'3!0#'6<!:l!3'!-*+#@'3.'+.!
/'3!4#356'3!'.!'+;'6<!/:+.!9063#'643!9'6C'+.!9423'+.'4!/'3!/#-'+3#:+3!;64#/#56'3%!b+!
4*#3:+! /6! 4K0'! *(.#@! 561#0! .#'+.O! 0163*,'4! 06#"-c-'! 9:33T/'! 6+'! #-9:4.*+.'! (*9*(#.2!
/1'+,'+/4'4!/'3!4#356'3!9:64!0'3!*6.4'3%!!
!,+ 45+1K#$G5D5$%+/5+:L91K5::5+/5*+(2*605*+
Y063!56'!/*+3!01W+.'4+'.!/'!94'-#T4'!,2+24*.#:+O!0'3!/2(#3#:+3!56'!94'+/!0163*,'4!3:+.O!
363('9.#B0'3!/1'-9:4.'4!/'3!(:+3256'+('3!9:64!0'3!.#'43%!V*#3!(:--'!01'+C#4:++'-'+.!
/6!H'B!?%>!31#+3(4#.!'+!/'):43!/16+!-:/T0'!/*+3!0'56'0!6+'!'+.#.2!('+.4*0'!*336-'!0'3!
4'39:+3*B#0#.23O!0'!(*/4'!;64#/#56'!3'!9423'+.'!(:--'!6+!'+3'-B0'!/'!4#356'3!429*4.#3!
'+.4'!6+!+:-B4'!#+/2.'4-#+2!/1*(.'643!/'!/#-'+3#:+3!'.!/'!3.*.6.3!/#@@24'+.3%!!
&'3! 4#356'3! :+.! *633#! 6+'! 2()'00'! -:/#@#2'! '+! 4*#3:+! /'3! -6.*.#:+3! 56*+.#.*.#C'3! '.!
56*0#.*.#C'3! /'! 0*! /#@@63#:+! /'! 01#+@:4-*.#:+%! W+.'4+'.! B*+*0#3'! 0*! (#4(60*.#:+! /'!
01#+@:4-*.#:+!o!('00'"(#!9'6.!*#32-'+.!3'!.4:6C'4!S!c.4'!/#@@632'!'+!/'):43!/'3!('4(0'3!/'!
(#4(60*.#:+!02,#.#-'!w!/1:l!01*((4:#33'-'+.!/'3!4#356'3%J
!&'3!'+C#4:++'-'+.3!/6!H'B!?%>!
(:+.4#B6'+.!S!-:/#@#'4!0'3!4'9T4'3!39*.#*6<!'.!.'-9:4'03!56#!9'4-'..'+.!/'!/20#-#.'4!0'3!
0#'6<! /'! (#4(60*.#:+! 02,#.#-'! :6! 0#(#.'! /'! 01#+@:4-*.#:+%! &'3! -60.#90'3! @:+(.#:+3! /6!
H'B!?%>!/:++'+.!*((T3!S!/'3!#+@:4-*.#:+3!56#!2.*#'+.O!#0!F!*!9'6!/'!.'-93O!.'+6'3!9:64!
+1*C:#4!C:(*.#:+!S!(#4(60'4!56'!/*+3!/'3!'39*('3!4'3.4'#+.3%!&'3!B*0#3'3!(:+X6'3!/*+3!6+!
-:+/'!/*+3!0'56'0!0'3!423'*6<!94'+*#'+.!-:#+3!/'!90*('!3:+.!94#3'3!'+!/2@*6.7
%!!
W+.'4+'.!-:/#@#'!012()'00'!39*.#*0'!S!9*4.#4!/'!0*56'00'!31*9942(#'+.!0'3!4#356'3%!b+!/'):43!
/6!-:+/'!'+!423'*6<O!01*(('33#B#0#.2!S!6+'!#+@:4-*.#:+!'<#,'!/'3!4'33:64('3!56#!9'6C'+.!
c.4'!#-9:4.*+.'3%!Z64!W+.'4+'.O!:+!*!01#-94'33#:+!56'!B'*6(:69!/1#+@:4-*.#:+3!3:+.!S!
9:4.2'! /16+'! 4'56c.'! /'! -:.'64! /'! 4'()'4()'=>
%! R+'! .'00'! @*(#0#.2! /1*((T3! .'+/! S!
B*+*0#3'4!01#+@:4-*.#:+!'.!*(('+.6'!0'3!4#356'3!/'!/2(:+.'<.6*0#3*.#:+%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
!! u*40! N%! 8b&fRVO! `!H):! 0'*/3! *.! i*0@".#-'Qo! ])4''! L:+@0#(.#+,! h#3#:+3! :@! W+.'4+'.! Y4#C*(F! Y:0#(F!
y=777z!G!D%08A$CALA$X$:"08%!=%!
7
!! d4'/'4#(e! ZLi$RbgO! `!W+.'4+'.! Y4#C*(F! *+/! .)'! Y6B0#("Y4#C*.'! N#3.#+(.#:+!aO! y=77Jz! AJ$ C.=%<"5=%09!
DDD!w!!
=>
!! N*+#'0!q%!Zm&mhbO!`!$(('33!*+/!$,,4',*.#:+!o!Y6B0#(!g'(:4/3O!Y4#C*(F!*+/!.)'!L:+3.#.6.#:+O!a!y?>>?z!
JG!7%,,A$LA$D"EAR!==AI"=?=JO!9%!==A7%!
"=>"!
W0! F! *! *633#! /2('+.4*,'! .'-9:4'0!o! 0*! 9'43#3.*+('! /'! 01#+@:4-*.#:+! '+.4*#+'! 0'! @*#.! 56'!
('00'"(#!.4*C'43'!0'3!'39*('3!.'-9:4'03!/*+3!0'356'03!'00'!2.*#.!.'+6'!9:64!02,#.#-'%!Y*4!
'<'-90'O! 6+'! #+@:4-*.#:+! 9'6.! c.4'! 02,#.#-'-'+.! /#39:+#B0'! *6! 96B0#(! '+! 4*#3:+! /'!
01*(.6*0#.2!/'!0j2C2+'-'+.%!&1*4()#C*,'!'.!0*!/#39:+#B#0#.2!C#4.6'00'-'+.!9'4-*+'+.'!364!
W+.'4+'.! 06#! (:+@T4'+.! 6+'! 9'43#3.*+('! *00*+.! *6"/'0S! /'! ('! 56#! '3.! +2('33*#4'! *@#+! /'!
4'+/4'!(:-9.'!/'!01*(.6*0#.2%!
&'3! (*9*(#.23! /1*,,0:-24*.#:+! /1#+@:4-*.#:+! 9'4-'..'+.! 0*! (:+3.#.6.#:+! /'! ,#3'-'+.3!
/1#+@:4-*.#:+3! 364! 0'3! 9'43:++'3! 56#! 9'6C'+.! /'C'+#4! /#39:+#B0'3! 9:64! /'3! @:4('3! /'!
9:0#('! /'! -c-'! 56'! (:+3.#.6'4! /'3! '+;'6<! 9:64! /'3! -*0@*#.'643%! b+! 3:--'O!
01'@@*('-'+.!/'3!'@@:4.3!S!(:+3*(4'4!9:64!.4:6C'4!01#+@:4-*.#:+!:((*3#:++'!0*!/#39*4#.#:+!
/16+'!94:.'(.#:+!9*4!/2@*6.!9:64!9063#'643!/4:#.3!@:+/*-'+.*6<!(:--'!0*!4296.*.#:+!'.!
0*!C#'!94#C2'%!!
M,++ 45*+'(2$12'#:5*+1#%9G)(25*+/5+(2*605*+5%+5$7508+
8#'+! 561#0! 9*4*#33'! #-9:33#B0'! /12+6-24'4O! /*+3! 01*B3.4*#.O! 01'+3'-B0'! /'3! '+;'6<! '.!
4#356'3! 56'! 9'6.! 9:3'4! 01'<90:#.*.#:+! /16+! 3#.'! H'B! 9:332/*+.! 0'3! (*4*(.24#3.#56'3!
*33:(#2'3!*6!H'B!?%>O!#0!'3.!9:33#B0'!/1#/'+.#@#'4!0'3!94#+(#9*0'3!(*.2,:4#'3!/1'+;'6<!'.!/'!
4#356'3!56'!0*!9069*4.!/'3!*(.'643!C:6/4:+.!(:+3#/24'4!*@#+!/'!(*0#B4'4!0'643!/2(#3#:+3%!
N'!@*X:+!,2+24#56'O!#0!'3.!9:33#B0'!/'!4'(:++*r.4'!56'!0'3!'+C#4:++'-'+.3!/'!H'B!?%>!
#-90#56'+.! /'3! 4#356'3! /'! (:-9:4.'-'+.O! /'3! 4#356'3! /6! @*#.! /'! 0'64! (:+@#,64*.#:+!
.'()+#56'!:6!'4,:+:-#56'O!'.!/'3!4#356'3!/'!42,60*.#:+%!L)*(6+!/'!('3!4#356'3!9'6.!
c.4'! ,242! '+! (42*+.O! '+! .4*+3@24*+.! :6! '+! *(('+.6*+.! 0'3! 4#356'3! *33:(#23! S! 016+'! :6!
01*6.4'!/'!('3!(*.2,:4#'3%!
-,++ 45*+(2*605*+/5+1)D')(%5D5$%+
W0!31*,#.!/'3!4#356'3!/2(:60*+.!/'3!(:-9:4.'-'+.3!56'!9'6C'+.!*/:9.'4!0'3!#+.'4+*6.'3!
56#! #+.'4*,#33'+.! 364! 6+! 3#.'%! &'3! 94*.#56'3! 56#! 3:+.! 363('9.#B0'3! /'! -'..4'! S! -*0! 0'3!
/4:#.3!/'3!9'43:++'3!3:+.!('00'3!56#!C#'++'+.!0'!9063!3:6C'+.!S!01'394#.%!
D%9N."9$'1.=$6)$=O'.5)5%1,$("9$'"=91,,"9!"!$C'(!0'!H'B!?%>O!#0!'3.!@*(#0'!/'!9*40'4!/'!3:#!
'.!/'3!*6.4'3!'.!/'!(:+@24'4!S!/'!.'03!94:9:3!6+'!/#@@63#:+!94*.#56'-'+.!6+#C'43'00'%!m4O!
0'3! -2(*+#3-'3! 56#! *3364'+.! 0*! 94:.'(.#:+! /6! /4:#.! S! 0*! 4296.*.#:+! /'3! 9'43:++'3!
.#'++'+.!'+!(:-9.'!0'!(:+.'<.'!/'!0*!/#@@63#:+!/6!94:9:3!'.!*9942(#'+.!3:+!(*4*(.T4'!
/#@@*-*.:#4'!9*4!4*99:4.!*6!3'+3!56#!'3.!/:++2!*6!94:9:3O!(:-9.'!.'+6!/'!01'+3'-B0'!
/'3!(#4(:+3.*+('3!/'!3*!/#@@63#:+%!L1'3.!*#+3#!56'!01:+!9'6.!.4:6C'4!0#(#.'!6+!(:--'+.*#4'!
@:4-602! '+! ('4(0'! 4'3.4'#+.! 364! 0'3! @*#.3! '.! ,'3.'3! /16+'! 9'43:++'! /*+3! 0'! (*/4'! /'!
01'<'4(#('!/'!3'3!@:+(.#:+3%!V*#3!0'!-c-'!(:--'+.*#4'!9:4.2!S!01*..'+.#:+!/16+!.#'43!
+:+! (:+('4+2! 9:644*! *C:#4! 6+! (*4*(.T4'! /#@@*-*.:#4'%! Y063#'643! '+C#4:++'-'+.3!
*33:(#23!*6!H'B!?%>!(:--'!0'3!3#.'3!/'!423'*6.*,'!3:(#*6<!94:(64'+.!/'3!@*(#0#.23!3*+3!
942(2/'+.!/'!@*#4'!9*33'4!6+!94:9:3!/'!0j6+#C'43!/'!01#+.#-'!S!('06#!/6!96B0#(%!!
"=="!
D%9N."9$'1.=$6)$E%"$'=%EO"!"!Y063#'643!*990#(*.#:+3!/6!H'B!?%>!:+.!0'!9:.'+.#'0!/'!B4#3'4!
0'3!0#,+'3!329*4*.4#('3!'+.4'!('!56#!'3.!.'+6!9:64!c.4'!94#C2!:6!9*4.*,2!6+#56'-'+.!/*+3!
6+!('4(0'!0#-#.2!'.!0'3!#+@:4-*.#:+3!/#39:+#B0'3!S!6+!9063!0*4,'!96B0#(%!Y*4!'<'-90'O!/*+3!
6+! 3#.'! /'! 423'*6.*,'! 3:(#*0O! #0! '3.! 9:33#B0'! /'! 96B0#'4! /'3! 4'+3'#,+'-'+.3! +:63!
(:+('4+*+.O! -*#3! *633#! /'3! 4'+3'#,+'-'+.3! (:+('4+*+.! +:3! (:+.*(.3%! N'! .'00'3!
#+@:4-*.#:+3! 9'6C'+.! c.4'! /2C:#02'3! 0:43! /'! 0*! 42/*(.#:+! /16+! (:--'+.*#4'%! [:3!
(:+.*(.3! 9'6C'+.! 2,*0'-'+.! -'..4'! /'3! 4'+3'#,+'-'+.3! +:63! (:+('4+*+.! /*+3! 0'643!
94:94'3!3#.'3!9'43:++'03%!
&1*((6-60*.#:+!'.!01*,,0:-24*.#:+!/'!/:++2'3!364!0'3!9'43:++'3!9*4!0'3!3#.'3!S!(:+.'+6!
,2+242! 9*4! 0'3! 63*,'43! '.! /1*6.4'3! @:+(.#:+3! /#39:+#B0'3! 364! W+.'4+'.! '-9:4.'! 0*!
(:+3.#.6.#:+! /'! 429'4.:#4'3! #-9:4.*+.3! /1#+@:4-*.#:+! 9:.'+.#'00'-'+.! /#39:+#B0'3! *6<!
*(.#C#.23!/'!364C'#00*+('!/'!.:6.'3!3:4.'3%!L1'3.!6+!4#356'!56#!9*4*r.!#+)24'+.!*6<!-:/'3!
/'!@:+(.#:++'-'+.!*(.6'0!/1W+.'4+'.%!!
D%9N."9$'1.=$6"$(=1%5$S$6F%<)4"!"!&'3!'+;'6<!4'0*.#@3!S!0*!/#@@63#:+!/'3!#-*,'3!-'..'+.!'+!
;'6! 0'! /4:#.! /'3! 9'43:++'3! /'! 31:99:3'4! S! 0*! /#@@63#:+! /'! 0'64! #-*,'! 3*+3! 0'64!
(:+3'+.'-'+.!:6!'+!/'):43!/'!(#4(:+3.*+('3!:l!0*!/#@@63#:+!3'4*#.!;63.#@#2'!9*4!01#+.24c.!
96B0#(!:6!9*4!01#+.24c.!56'!9:644*#'+.!*C:#4!('4.*#+3!94:()'3%!
D%9N."9$'1.=$6)$'=1'=%O5O$%,5"66"05."66"$"!&*!B*+*0#3*.#:+!/'3!*990#(*.#:+3!9'4-'..*+.!*6<!
63*,'43!/'!96B0#'4!/'3!(:+.'+63!364!/'3!3#.'3!H'B!9423'+.'!/'3!4#356'3!*6!4',*4/!/'!0*!
94:94#2.2!#+.'00'(.6'00'!o!/'3!63*,'43!9'6C'+.!4'94:/6#4'!6+'!{6C4'!3*+3!*6.:4#3*.#:+!
96#3! 0*! 96B0#'4! 3*+3! *6.:4#3*.#:+! 364! 6+! 3#.'%! &'3! 94#+(#9'3! ;64#/#56'3! /'! 0*! 94:94#2.2!
#+.'00'(.6'00'! 56#! 3:+.! #+.'49'023! 9*4! ('! .F9'! /1*(.#C#.23! +'! 3:+.! 9*3! +:6C'*6<O! -*#3!
01*-90'64!/6!9)2+:-T+'!'.!0*!@*(#0#.2!*C'(!0*56'00'!#0!'3.!/23:4-*#3!9:33#B0'!/'!/#@@63'4!
/'3! (:+.'+63! 9:3'+.! /'3! /2@#3! -*;'643%! &'3! 4#356'3! /'! +:+"(:+@:4-#.2! *6<! /4:#.3! /'!
94:94#2.2!#+.'00'(.6'00'!9*4*#33'+.!*((463==
%!
D%9N."9$ ("$ (%22.9%1,$ ("$ 01,5",.9$ 01,5=)%="9$ )./$ 61%9! "! Y063! :+! -60.#90#'! 0'3! 0#'6<! /'!
/2(#3#:+! '+! -*.#T4'! /'! 96B0#(*.#:+! 364! 0'! 423'*6O! 9063! 0'3! 4#356'3! /'! 96B0#(*.#:+! /'!
(:+.'+63!(:+.4*#4'3!*6<!0:#3!31*((4:#33'+.%!
N*+3!6+!(:+.'<.'!/'!3#.'!S!(:+.'+6!,2+242!9*4!0'3!63*,'43O!01'+3'-B0'!/'!('3!4#356'3!
/2(:60'+.! 94#+(#9*0'-'+.! /'3! (:-9:4.'-'+.3! */:9.23! 9*4! 0'3! #+.'4+*6.'3%! m+! 3'!
4'.4:6C'!/:+(!*C'(!6+'!-60.#.6/'!/'!('+.4'3!/'!/2(#3#:+!.:63!'+!-'364'!/'!/#@@63'4!/'3!
#+@:4-*.#:+3! S! 9*4.#4! /'! 0'643! 9'439'(.#C'3%! L'! 4K0'! *((46! /'! 01*-*.'64! /*+3! /'3!
3#.6*.#:+3!*6.4'@:#3!/:-#+2'3!9*4!/'3!94:@'33#:++'03!.'+/!S!B4:6#00'4!0'3!@4:+.#T4'3!'+.4'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
==
!! q'*+"Y)#0#99'!VWuRZ!'.!Z2B*3.#'+!gmxO!;81%9%=$"5$'=15O4"=$9"9$<)=N."9$("$01<<"=0"O!L:^*+3C#00'O!
U/#.#:+3! xC:+! 80*#3O! ?>=>w &#3*! hb$ZV$[O! `!jY#,,F! 8*(e#+,1! :+! .)'! H'B!?%>! W+.'4+'.! L:9F4#,).!
&#*B#0#.F!*+/!H'B!?%>!V*3)693!aO!y?>>Jz!A>!;I77J+K:!A=="AAI%!
"=?"!
94:/6(.'64! '.! (:+3:--*.'64O! ('! 56#! /4*-*.#3'! 0*! 56'3.#:+! /'3! 3.*.6.3! '.!
4'39:+3*B#0#.23!4'39'(.#C'3!/'3!6+3!'.!/'3!*6.4'3=?
%!!
>,+ 45*+(2*605*+/5+1)$;2G0(#%2)$+
&'3! '+C#4:++'-'+.3! /6! H'B!?%>! (:-9:4.'+.! ('4.*#+3! 4#356'3! 56#! +'! /2(:60'+.! 9*3!
'<(063#C'-'+.!/'!0*!C:0:+.2!:6!/6!(:-9:4.'-'+.!/6!-*r.4'!/'!3#.'!:6!/'!0163*,'4%!&*!
@*X:+! /:+.! 3:+.! (:+@#,6423! 0'3! '+C#4:++'-'+.3! 9'6.! @*(#0#.'4! 01*((:-90#33'-'+.! /'!
,'3.'3!56#!9'6C'+.!3'!42C20'4!#00#(#.'3%!Y*4!'<'-90'O!0*!@*(#0#.2!.'()+#56'!*C'(!0*56'00'!#0!
'3.! 9:33#B0'! /1#+.4:/6#4'! 6+! (:+.'+6! 364! 6+! B0:,6'! :6! 364! 6+! 3#.'! /'! 9*4.*,'! /'!
/:(6-'+.3!*6/#:!:6!C#/2:!'3.O!'+!'00'"-c-'O!,2+24*.4#('!/'!4#356'3%!L'..'!+:4-*.#C#.2!
9*4!/2@*6.!@*(#0#.'!/'3!,'3.'3!56#!9'6C'+.!*#32-'+.!(:+.4'C'+#4!S!/1*6.4'3!4T,0'3O!.'00'3!
56'!('00'3!4'0*.#C'3!S!0*!94:94#2.2!#+.'00'(.6'00'%!
Y*4! '<'-90'O! :+! *! @4256'--'+.! 3#,+*02! 01#-9:4.*+('! /'3! '@@'.3! /1*,42,*.#:+! '.! /'3!
(*9*(#.23!/'3!-:.'643!/'!4'()'4()'=A
%!&1#+@:4-*.#:+!}!-c-'!/'!(*4*(.T4'!96B0#(!}!9'6.!
9063!@*(#0'-'+.!c.4'!.4:6C2'!96#3!*,,0:-242'!/'!-*+#T4'!S!/2/6#4'!/'3!#+@:4-*.#:+3!56#!
4'0TC'+.!/'!0*!C#'!94#C2'%!N'!('!@*#.O!0'3!4#356'3!9:64!0*!C#'!94#C2'!()*+,'+.!/12()'00'!364!
W+.'4+'.%!!
&*!(:+@#,64*.#:+!-c-'!/1W+.'4+'.O!56#!#,+:4'!0'3!@4:+.#T4'3!.'44#.:4#*0'3O!'+,'+/4'!/'3!
4#356'3%! Y*4! '<'-90'O! 9063#'643! @:+(.#:+3! /6! H'B!?%>! 9'4-'..'+.! 016.#0#3*.#:+! ):43!
(:+.'<.'! /'! 01#+@:4-*.#:+%! &*! (:+('9.#:+! /'3! 3#.'3! /'! 423'*6.*,'! 9'43:++'0! 94:C#'+.!
/16+'! 4'(:++*#33*+('! 561#0! F! *O! 9:64! ()*56'! 9'43:++'O! /'3! 0#'6<! /#@@24'+(#23! *6! 3'#+!
/'356'03! 0'! 3.*.6.! /'3! #+@:4-*.#:+3! +'! 3'4*! 9*3! @:4(2-'+.! 0'! -c-'%! Y*4! '<'-90'O!
#0!9:644*! c.4'! @*6.#@! /'! 4'94'+/4'! 6+! (:--'+.*#4'! @:4-602! /*+3! 01#+.#-#.2! '.! /'! 0'!
/#@@63'4!S!6+!('4(0'!9063!C*3.'%!
W+.'4+'.!+1'3.!9*3!6+!'+C#4:++'-'+.!6+#C:56'!o!:+!F!.4:6C'!/'3!0#'6<!/'!.:6.'3!3:4.'3%!
L'4.*#+3!(:-9:4.'+.!9063!/'!4#356'3!9:64!0*!C#'!94#C2'!/'!9'43:++'3!56#!0'3!@4256'+.'+.%!
Y*4! '<'-90'O! 0'3! 3#.'3! /'! 423'*6.*,'! 3:(#*0! 3:+.! (:+@#,6423! /'! -*+#T4'! S! @*C:4#3'4! 0*!
4'+(:+.4'!'.!0*!-#3'!'+!4'0*.#:+!/'!9'43:++'3!C#*!0'643!423'*6<!3:(#*6<%!!
m+! 9'6.! '+@#+! 3#,+*0'4! 0*! C:0*.#0#.2! /'3! (:+.'+63! (#4(60*+.! /*+3! 9063#'643!
'+C#4:++'-'+.3! /6! H'B!?%>%! &'3! (:+.'+63! 9'6C'+.! c.4'! -:/#@#23! 9*4! 6+! 63*,'4! '.!
4'(:-B#+23!S!01#+@#+#%!&'3!63*,'43!:+.!0*!9:33#B#0#.2!/1#+.'4C'+#4!364!0'3!(:+.'+63!'.!/1F!
*99:4.'4!/'3!-:/#@#(*.#:+3%!&'!(:+.'+6!+'!9'6.!9*3!c.4'!.'+6!9:64!/2@#+#.#@!*6!3'+3!:l!
01:+!*C*#.!01)*B#.6/'!/'!0'!9:3.60'4!9:64!0'3!96B0#(*.#:+3!2/#.2'3%!&'!94:('3363!/12/#.#:+!
3'! 9423'+.'! /23:4-*#3! '+! 6+! -:6C'-'+.! (:+.#+6! /*+3! 0'56'0! 6+'! 9064*0#.2!
/1#+.'4C'+*+.3!/'!3.*.6.3!/#@@24'+.3!9'6C'+.!#+.'4C'+#4%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=?
!! Y#'44'"xC'3!f$R]WbgO!`!&'!(:+.'+6!,2+242!9*4!016.#0#3*.'64!aO!LYZ?;I7O!+:%!M=O!?>>Jp=O!9%!="I%!
=A
!! N*+#'0!q%!Zm&mhbO!`!$(('33!*+/!$,,4',*.#:+o!Y6B0#(!g'(:4/3O!Y4#C*(F!*+/!.)'!L:+3.#.6.#:+O!a!y?>>?z!
JG!7%,,A$LA$D"EAR!==AI"=?=J%!
"=A"!
3,+ 45*+(2*605*+5%+5$7508+/5+(9G0:#%2)$+
&*!42,60*.#:+!'00'"-c-'!}!561'00'!42360.'!/'3!(:+@#,64*.#:+3!.'()+#56'3O!/'!01*(.#C#.2!/'3!
*(.'643! '6<"-c-'3! :6! /'3! 4T,0'3! -#3'3! '+! 90*('! 9*4! 0'3! *6.:4#.23! 2.*.#56'3! "! '3.!
,2+24*.4#('!/'!4#356'3%!&'3!4T,0'3!:+.!2C#/'--'+.!9:64!:B;'(.#@!/1c.4'!:B3'4C2'3%!V*#3!
'+!94*.#56'O!0'3!*(.'643!+'!3'!(:+@:4-'4:+.!9*3!S!/'3!4T,0'3!56#!C:+.!S!01'+(:+.4'!/'!
0'643!#+.24c.3!31#03!9'4X:#C'+.!56'!0'!4#356'!/'!/'C:#4!36B#4!/'3!(:+3256'+('3!*/C'43'3!
9:64!0'64!+:+"(:+@:4-#.2!'3.!@*#B0'%!
&*! 369'49:3#.#:+! /'3! 4K0'3! '.! /'3! (*.2,:4#'3! .'03! 56'! /2@#+#3! /*+3! 0*! 42,0'-'+.*.#:+!
*990#(*B0'!/*+3!0'3!/#@@24'+.3!.'44#.:#4'3!*((4:r.!0'!4#356'%!q*+!]4n*3e:^3e#!:B3'4C'!56'!
`!?,$58"$)#9",0"$12$461#)66G$)00"'5"($95),()=(9$21=$4"14=)'8%0)6$("6%<%5)5%1,$12$01,5",5$
1,$58"$?,5"=,"5R$58"$%,2=%,4"<",5$12$21="%4,$6)[$%9$)$=%9&$[8%08$#.9%,"99"9$%,"E%5)#6G$[%66$
=.,$[8",$0)==G%,4$1.5$"6"05=1,%0$01<<"=0"%!a=M
!N*+3!0'3!'+C#4:++'-'+.3!H'B!?%>O!0'3!
/#@@24'+.3! *(.'643! :((69'+.! /'3! 9:3#.#:+3! '.! .#'++'+.! /'3! 4K0'3! 56#! ()*+,'+.%! L'..'!
C:0*.#0#.2!/'3!4K0'3!.'+63!9*4!0'3!*(.'643!9'6.!4'+/4'!94:B02-*.#56'!0*!/2.'4-#+*.#:+!
/'3!4'39:+3*B#0#.23%!W0!'+!/2(:60'!6+'!/#@@#(60.2!S!#/'+.#@#'4!56#!`!429:+/!a!/'3!(:+.'+63!
'.!*(.#C#.23%!L'!4'0*.#@!/2@#(#.!/1`!#-96.*B#0#.2!a!.'+/!S!*((4:r.4'!0*!4'0*.#C'!#+('4.#.6/'!
56*+.!S!01#/'+.#.2!/'!('6<!56#!*64:+.!S!429:+/4'!/16+!@*#.!/:--*,'*B0'!:6!#00#(#.'%!!
&'3! 63*,'3! '.! 0'3! 94*.#56'3! '+! 423'*6! '+,'+/4'+.! 2,*0'-'+.! /'3! 42,60*.#:+3! 56#!
9'6C'+.!c.4'!,2+24*.4#('3!/'!4#356'3!9:64!('4.*#+3!63*,'43%!V'..4'!'+!0#,+'!6+!3#.'!/*+3!
0'56'0!#0!'3.!0:#3#B0'!S!+1#-9:4.'!56'0!63*,'4!/1#+.4:/6#4'!/'3!94:9:3!:6!#-*,'3!9:4.*+.!
364!6+'!*6.4'!9'43:++'!(:+3.#.6'!*33642-'+.!6+'!42,60*.#:+!9*4!/2@*6.!56#!'+,'+/4'!
/'3!4#356'3!9:64!0'3!.#'43!2C'+.6'00'-'+.!(:+('4+23!9*4!0'3!/:(6-'+.3!-#3!'+!0#,+'%!!
&'3!63*,'43!*,#33'+.!'+!423'*6%!W03!#+.'4*,#33'+.!'.O!/6!(:69O!/2C'0:99'+.!/'3!3:06.#:+3!
*6<!94:B0T-'3!4'+(:+.423%!W03!/2C'0:99'+.!/'3!@*X:+3!/'!@*#4'!*@#+!/'!-#+#-#3'4!0'643!
4#356'3%!N*+3!9063#'643!3#.6*.#:+3O!#03!C:+.!-'..4'!'+!90*('!6+!'+3'-B0'!/'!4T,0'3!56#!
'+(*/4'+.! 0'! /24:60'-'+.! /'3! *(.#C#.23%! b+! 3:--'O! 0'3! +:4-'3! '00'3"-c-'3! 3:+.! '+!
9*4.#'!94:/6#.'3!/*+3!0'!(*/4'!/'3!#+.'4*(.#:+3!'+!423'*6=D
!-*#3O!6+'!@:#3!2.*B0#'3O!('3!
+:4-'3!'+,'+/4'+.!@:4(2-'+.!/'3!4#356'3!9:64!0'3!*6.4'3!*(.'643%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=M
!! q*+! ]gs$ZumHZuWO! `!&',*0! g#3e! V*+*,'-'+.! #+! *! f0:B*0! b0'(.4:+#(! V*4e'.90*('!aO! y?>>Gz! M7!
Q0),(%,)E%),$Q5.(%"9$%,$L)[R!A=7"AAIO!9%!A?>%!
=D
!! N*C#/!N%!qmi[Zm[O!Z63*+!Y%!Lg$HdmgN!~!q:)+!f%!Y$&dgbx!;4O!`!])'!$((:6+.*B0'!W+.'4+'.o!Y''4!
Y4:/6(.#:+!:@!W+.'4+'.!f:C'4+*+('!aO!y?>>Mz!7!%=4%,%)$C1.=,)6$12$L)[$X$:"08,1614GO!="A?%!
"=M"!
..&+ 45*+(5*')$*#=2:2%9*+/91)0:#$%+/5*+#1%2"2%9*+*5+/9()0:#$%+*0(+:5+
<5=+>,?+
&:43561:+!31#+.'44:,'!364!0'3!4'39:+3*B#0#.23O!:+!3'!/'-*+/'!56#!'3.!.'+6!/'!429:+/4'!
/'3!3#.6*.#:+3!94:B02-*.#56'3!56#!3'!-*+#@'3.'+.%!m+!C'6.!3*C:#4!56#!'3.!4'39:+3*B0'O!
56#!/:#.!429:+/4'!/'!('!56#!+'!31'3.!9*3!*/256*.'-'+.!/24:602%!
B961+ '&+ '<9:)(2&?+ #6+ &C:5)0-&+ '#;;&6(+ 1#6(+ ,7*)6)&1+ &(+ 27:92()&1+ 5&1+ 2&1:#619$)5)(71+ ,&+ '&-C+ 0-)+
:2&66&6(+:92(+D+,&1+9'()>)(71+1&+,72#-596(+1-2+=6(&26&(E+
&*!4'39:+3*B#0#.2!S!012,*4/!/'3!'+C#4:++'-'+.3!/1W+.'4+'.!3'!/2(0#+'!S!9063#'643!+#C'*6<%!
W0!F!*!.:6.!/1*B:4/!0*!4'39:+3*B#0#.2!/'!/2(#/'4!/'!-'..4'!'+!90*('!/'3!'+C#4:++'-'+.3!
/'!/#@@63#:+!:6!/1#+.'4*(.#:+%!N*+3!0'!3'(.'64!96B0#(O!('4.*#+'3!/2(#3#:+3!9'6C'+.!c.4'!
94#3'3!*6!+#C'*6!/'!01:4,*+#3-'%!N*+3!0'!3'(.'64!94#C2O!0'3!#+3.*+('3!/#4#,'*+.'3!:+.!S!
2C*06'4!0'3!'+;'6<!'.!4#356'3!'.!S!/2(#/'4!'+!(:+3256'+('%!
L'9'+/*+.O!01W+.'4+'.!/6!H'B!?%>!)*B#0#.'!.:6.!63*,'4!S!/#@@63'4!:6!S!#+.'4*,#4%!W0!9:644*!
@4256'--'+.! *44#C'4! 561S! -c-'! 0'3! '+C#4:++'-'+.3! ,2+24#56'3! /#39:+#B0'3! :6! '+"
/'):43! /'! ('6<"(#O! /'3! '-90:F23! 94'++'+.! 01#+#.#*.#C'! /'! 0*! -#3'! '+! 90*('! /1:6.#03! '.!
/1'+C#4:++'-'+.3!/1#+.'4*(.#:+%!
L)*(6+'!/'3!9'43:++'3!363('9.#B0'3!/1#+.'4*,#4!'+!0#,+'!/:#.!c.4'!*6!@*#.!/'3!'+;'6<!'.!
4#356'3!*33:(#23!*6<!*(.#C#.23!3'!/24:60*+.!/*+3!0'!(FB'4'39*('%!&*!,4*+/'!0#B'4.2!/:+.!
;:6#33'+.! 0'3! #+/#C#/63! 364! W+.'4+'.! #-90#56'! 9:64! '6<! 01:B0#,*.#:+! /'! 94'+/4'! 0'3!
942(*6.#:+3! +2('33*#4'3! *@#+! /'! 3'! 942-6+#4! (:+.4'! 0'3! 4#356'3! #+)24'+.3! S! 0*!
(:--6+#(*.#:+!'+!0#,+'%!
&163*,'! /1W+.'4+'.! -'.! '+! ;'6! /#@@24'+.3! .F9'3! /'! 4'39:+3*B#0#.23%! N*+3! 0'3!
'+C#4:++'-'+.3!/6!H'B!?%>O!.:63!:+.!6+'!#-9:4.*+.'!(*9*(#.2!/'!-'..4'!'+!0#,+'!/'3!
#+@:4-*.#:+3!/'!.:6.'!+*.64'%!t!('!9:6C:#4!(:+3#/24*B0'!(:44'39:+/'+.!+2('33*#4'-'+.!
/'3! 4'39:+3*B#0#.23%! &'3! '+.4'94#3'3! '.! 0'3! :4,*+#3-'3! 96B0#(3O! /'! -c-'! 56'! 0'643!
9429:323O!*336-'+.!/'3!4'39:+3*B#0#.23!S!/#@@24'+.3!.#.4'3%!!
&*!56'3.#:+!/'!0*!4'39:+3*B#0#.2!94'+/!.:6.'!3:+!#-9:4.*+('!/*+3!/'3!3#.6*.#:+3!:l!6+!
/:--*,'!*!2.2!(*632%!UC#/'--'+.O!:+!9*40'!#(#!/'!3#.6*.#:+3!'<('9.#:++'00'3%!N*+3!0*!
9069*4.!/'3!(*3O!#0!+1F!*!9*3!/1#+(#/'+.!'.!0'3!*(.#C#.23!+1'+,'+/4'+.!*6(6+'!(:+3256'+('!
/:--*,'*B0'%!L1'3.!9:64!0'!+:-B4'!4'3.4'#+.!/'!3#.6*.#:+3!:l!/'3!.:4.3!:+.!2.2!(*6323!
56'!01:+!31'+56#'4.!/'3!4'39:+3*B#0#.23!56#!#+(:-B'+.!*6<!/#@@24'+.3!*(.'643!'.!56'!01:+!
3'!/:++'!/'3!(:+3#,+'3!*@#+!/12C#.'4!0'3!#+(#/'+.3!/*+3!.:6.'!0*!-'364'!/6!9:33#B0'%!
&*!4'39:+3*B#0#.2!/'3!*(.'643!/6!H'B!?%>!3'!/2(0#+'!'+!9063#'643!(*.2,:4#'3%!m+!9'6.!
c.4'! 4'39:+3*B0'! /1*C:#4! .4*+3,4'332! :6! #,+:42! 0'3! C*0'643! /'! 01'+.4'94#3'! :6! 0'3!
'+,*,'-'+.3!-:4*6<!94#3!9*4!6+'!9'43:++'!:6!6+'!:4,*+#3*.#:+O!-*#3!0*!4'39:+3*B#0#.2!
9'6.!2,*0'-'+.!/2(:60'4!/'!0*!.4*+3,4'33#:+!/16+'!0:#!:6!/16+'!*6.4'!4T,0'!56#!31#-9:3'!
/'!@*X:+!:B0#,*.:#4'%!
"=D"!
&*! (5*')$*#=2:2%9+ '):2%2605! 9'6.! c.4'! '+! (*63'! /T3! 0:43! 56'! 364C#'+.! 6+! 2C2+'-'+.!
/290:4*B0'O! @6."#0! 6+! #+(#/'+.! #3:02%! m+! 9:644*! -:+.4'4! /6! /:#,.! ('6<! :6! ('00'3! 56#!
`!*64*#'+.! /Ä!a! :6! 56#! `!+1*64*#'+.! 9*3! /Ä!a|! m+! '3.! *0:43! /*+3! 0'! /:-*#+'! /'! 0*!
4'39:+3*B#0#.2!9:0#.#56'%!&'3!9'4('9.#:+3!/'!01:9#+#:+!96B0#56'!3:+.!#(#!(46(#*0'3%!&'!@*#.!
/'! 9:6C:#4! 942.'+/4'! 56'! 01:+! +1*! 9*3! '+@4'#+.! /1'<#,'+('! /16+'! 0:#! '3.! /'! 9'6! /'!
3'(:643%!
W0! 36@@#.! 5616+! #+(#/'+.! 9*4.#(60#T4'-'+.! -2/#*.#56'! 3'! 94:/6#3'! 9:64! 56'! 0'3! -2/#*3!
/1#+@:4-*.#:+! 31#+.'44:,'+.! 364! 0'3! 9:0#.#56'3O! :6! 01*B3'+('! /'! 9:0#.#56'3! /16+'!
'+.4'94#3'! :6! /16+! :4,*+#3-'! S! 012,*4/! /'3! 63*,'3! 56#! 9'6C'+.! c.4'! @*#.3! /1W+.'4+'.%!
N*+3! ('! ,'+4'! /'! (#4(:+3.*+('3O! .:6.'3! 0'3! :4,*+#3*.#:+3! /:#C'+.! c.4'! '+! -'364'!
/1'<9:3'4! 56'00'3! 0#,+'3! /'! (:+/6#.'! '00'3! /'-*+/'+.! /'! 36#C4'O! 56'00'3! 942(*6.#:+3!
3:+.!94#3'3O!56'00'3!*994:()'3!3:+.!94#C#02,#2'3!'.!56'03!3:+.!0'3!-:F'+3!/12C#.'4!56'!
/'3!#+(#/'+.3!3'!4'94:/6#3'+.%!
R+! /'6<#T-'! ()'@! /'! 4'39:+3*B#0#.2! '3.! ('06#! /'! 0*! (5*')$*#=2:2%9+ :9G#:5%! b+! (*3!
/1#+(#/'+.O! #0! @*6.! /2.'4-#+'4! 56#! 429:+/! /'3! @*6.'3! '.! /'3! /:--*,'3O! 56#! '3.!
4'39:+3*B0'! /'! 0*! C#:0*.#:+! /'! 0*! 0:#%! N*+3! 01'+C#4:++'-'+.! W+.'4+'.! 4'0'C*+.! /16+'!
'+.4'94#3'!:6!/16+!:4,*+#3-'O!:6!'+(:4'!0:4356'!/'3!*(.#C#.23!3'!/24:60'+.!364!W+.'4+'.O!
3'!9:3'!+2('33*#4'-'+.!0*!56'3.#:+!/'!3*C:#4!56#!429:+/!/'!('!56#!31F!9*33'O!/'3!@*#.3!'.!
,'3.'3! 56#! F! 364C#'++'+.%! N*+3! ('! 3()2-*O! 01'+.4'94#3'! *! 6+'! 4'39:+3*B#0#.2! 9:64! ('!
561'00'!/2(#/'!/'!(:--6+#56'4%!!
&1'+.4'94#3'!:6!01:4,*+#3-'!96B0#(!9'6.!*633#!*C:#4!S!429:+/4'!/'!('!56#!3'!/24:60'!/*+3!
0'3! '+C#4:++'-'+.3! /6! H'B!?%>! S! .#.4'! /1'-90:F'64%! U.*+.! /:++2! 56'! 0'3! 9'43:++'3!
:'6C4*+.!*6!3'#+!/16+'!:4,*+#3*.#:+!:+.!/23:4-*#3!*((T3!S!0*!9069*4.!/'3!'39*('3!/'!
(:--6+#(*.#:+! '+! 423'*6O! ('4.*#+3! /'! 0'643! @*#.3! '.! ,'3.'3! 9'6C'+.! '+,'+/4'4! /'3!
(:+3256'+('3!9:64!01:4,*+#3*.#:+%!
&1'+.4'94#3'!9'6.!*633#!/'C'+#4!4'39:+3*B0'!'+!.*+.!561#+.'4-2/#*#4'!/*+3!6+!94:('3363!
/'! (:--6+#(*.#:+! 364! W+.'4+'.%! t! 012,*4/! /'3! '-90:F23! :6! /'3! (0#'+.3O! 9063#'643!
:4,*+#3*.#:+3!*,#33'+.!6+#56'-'+.!(:--'!#+.'4-2/#*#4'3%!L'!3:+.!0'3!'-90:F23!:6!0'3!
(0#'+.3! 56#! *336-'+.! 0*! -*r.4#3'! /'3! (:--6+#(*.#:+3! /*+3! 0'3! '+C#4:++'-'+.3!
/1W+.'4+'.!'.!01'+.4'94#3'!:6!01:4,*+#3-'!96B0#(!+1*,#.!561S!.#.4'!/1)2B'4,'64!:6!'+(:4'!
3'! 0#-#.'! S! 94:(64'4! 0*! (:++'(.#C#.2! :6! /'3! @*(#0#.23! /'! .4*+3-#33#:+%! N*+3! /'! .'00'3!
3#.6*.#:+3O!0*!4'39:+3*B#0#.2!/'!01:4,*+#3*.#:+!3'4*!-:#+/4'%!
!,+ 4#+(5*')$*#=2:2%9+/5*+2$/2"2/0*+
N*+3!0*!9069*4.!/'3!'+C#4:++'-'+.3!/6!H'B!?%>O!('!3:+.!0'3!#+/#C#/63!56#!:+.!0*!-*r.4#3'!
/'!('!561#03!-'..'+.!'+!0#,+'%!N*+3!9063#'643!/'3!3#.6*.#:+3O!0'!9*4.#(#9*+.!*,#.!3'60!364!
W+.'4+'.%! W0! 9'6.! .4*+3-'..4'! /'3! #+@:4-*.#:+3O! *((2/'4! S! /'3! @:46-3O! 42C20'4! /'3!
#+@:4-*.#:+3!364!06#"-c-'!:6!364!/1*6.4'3!/*+3!/'3!3#.'3!/'!423'*6<!3:(#*6<O!+*C#,6'4!
/'! -*+#T4'! S! *((2/'4! S! /'3! #+@:4-*.#:+3! /'! .:6.'! +*.64'%! &'3! '+C#4:++'-'+.3! /6!
"=G"!
H'B!?%>!0*#33'+.!6+'!,4*+/'!-*4,'!/1*6.:+:-#'!*6<!#+/#C#/63%!L'6<"(#!3:+.!S!-c-'!/'!
9:3'4! /'3! ,'3.'3! 9:6C*+.! *C:#4! /'3! (:+3256'+('3! #-9:4.*+.'3%! &16+'! /'3! 94'-#T4'3!
)*B#0'.23! 561#0! @*6.! 9:332/'4! '3.! /'! (:++*r.4'! 0'3! 4'39:+3*B#0#.23! #+(:-B*+.! S! 6+'!
9'43:++'!56#!.4*+3-'.!:6!4'X:#.!/'3!#+@:4-*.#:+3!364!W+.'4+'.%!Y*4!'<'-90'O!42C20'4!S!0*!
,4*+/'64!/1W+.'4+'.!6+'!#+@:4-*.#:+!364!3:#"-c-'O!364!6+'!*6.4'!9'43:++'!:6!364!3:+!
'-90:F'64!9'6.!'+.4*#+'4!/'!,4*C'3!429'4(633#:+3%!!
$#+3#O! 0*! 9'43:++'! *F*+.! 9'43:++'00'-'+.! 9:32! 0'! ,'3.'! @*6.#@! '3.! ,2+24*0'-'+.! 0*!
94'-#T4'!S!'+!*336-'4!0*!4'39:+3*B#0#.2%!&:43561'00'!'3.!/:62'!/'!4*#3:+O!0*!9'43:++'!
56#!():#3#.!/'!-'..4'!'+!0#,+'!6+'!#+@:4-*.#:+!:6!3'!(:-9:4.'!/'!-*+#T4'!S!'<'4('4!6+!
(:+.4K0'!364!0*!/#@@63#:+!/'!('00'"(#!*336-'!0*!4'39:+3*B#0#.2!/2(:60*+.!/'!3:+!(*4*(.T4'!
#00#(#.'%!!
L1'3.!9:6456:#!01:+!*..*()'!.*+.!/1#-9:4.*+('!S!01#+@:4-*.#:+!/'3!9*4.#(#9*+.3%!L'6<"(#!
3'!.4:6C'+.!/:.23!/'!@*(60.23!(:+3#/24*B0'3!/'!94:/6#4'O!/'!/#@@63'4!'.!/'!9*4.*,'4!/'!
01#+@:4-*.#:+%!W03!/:#C'+.!#-924*.#C'-'+.!c.4'!*6!@*#.!/'3!'+;'6<!'.!4#356'3!*33:(#23!S!
0'643!*(.#C#.23!'+!0#,+'%!
!&1+=6*#2;9()#61+D+'#;;-6)0-&2+:#-2+9),&2+5&1+:92()'):96(1+D+-6&+9'()>)(7+1-2+=6(&26&(+
D+:2&6,2&+'#61')&6'&+,&+5&-21+2&1:#619$)5)(71+
],"$("90=%'5%1,$("$6F)05%E%5OR$9"9$1#-"05%29R$6"9$<1()6%5O9$("$91,$(O=1.6"<",5A$
],"$("90=%'5%1,$("9$=%9N."9$9'O0%2%N."9$N.%$G$91,5$)9910%O9A$$
],"$6%95"$("$'=O0).5%1,9$S$'=",(="$)2%,$("$<%,%<%9"=$6"9$=%9N."9A$
3"9$01,9%4,"9$9.=$0"$N.F%6$01,E%",5$("$2)%="$",$0)9$("$9%5.)5%1,$'=1#6O<)5%N."A$
],$",9"<#6"$("$="01<<),()5%1,9$)2%,$("$<%,%<%9"=$6"9$=%9N."9$61=9$("$6F.5%6%9)5%1,$
(F?,5"=,"5$S$')=5%=$("$6%"./$9%5.O9$",$("81=9$("$0"./$("$6F",5="'=%9"$1.$("$6F1=4),%9<"A$
M,+ 4N5$%(5'(2*5+)0+:L)(G#$2*D5+'0=:21+1)DD5+5D':)O50(+
Y063#'643!'+;'6<!/2(:60'+.!/6!3.*.6.!/1'-90:F'64=G
%!&'3!:4,*+#3*.#:+3!(:-9.'+.!364!0*!
0:F*6.2! /'! 0'643! '-90:F23%! L'3! /'4+#'43! 9'6C'+.! 9:3'4! /'3! ,'3.'3! 56#! '+,*,'+.! 0*!
4'39:+3*B#0#.2!/'!0'64!'-90:F'64%!Y063#'643!*990#(*.#:+3!*33:(#2'3!*6!H'B!?%>!(:+@T4'+.!
*6<! 9'43:++'3! :'6C4*+.! *6! 3'#+! /'3! :4,*+#3*.#:+3! /'3! (*9*(#.23! 3*+3! 942(2/'+.! /'!
.4*#.'4!/'3!#+@:4-*.#:+3%!W0!'3.!9063!/#@@#(#0'!/'!94'+/4'!9:64!*(56#3!56'!0'3!:4,*+#3*.#:+3!
9'6C'+.! '<'4('4! 6+! (:+.4K0'! 2.'+/6! S! 012,*4/! /'! .:63! '.! ()*(6+! /'3! 202-'+.3!
/1#+@:4-*.#:+!56#!(#4(60'+.!/*+3!01'+.4'94#3'!:6!S!01'<.24#'64!'+!94:C'+*+('!/'!('00'"(#%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=G
!! ZF0C*#+! &bdb8hgb! `![*C#,6'4! 364! W+.'4+'.! *6! .4*C*#0!o! '.! 3#! :+! +*,'*#.! '+! '*6<! .4:6B0'3!Q!aO!
3OE"61''"<",59$ =O0",59$ ",$ (=1%5$ (.$ 5=)E)%6R$ ?>>JO! bx8?>>JNbh=MJDw! L*4:0F+! b&bd$[]O! Å])'!
jY:^'41!:@!Z:(#*0!V'/#*o&',*0!W336'3!~!8'3.!Y4*(.#('3!@:4!R.#0#.#'3!b+,*,#+,!Z:(#*0!V'/#*ÇO!?>==_!A?!
+,"=4G$L)[$C1.=,)6R!=O!9%==!'.!33%!
"=I"!
-,+ 45+(51)0(*+#08+*2%5*+<5=+>,?+/#$*+:5*+'(#%2605*+/N5D=#01K5+
&:43! /'3! '-B*6()'3O! 0'! 4'(:643! *6<! #+@:4-*.#:+3! /#39:+#B0'3! '+! 0#,+'! S! 012,*4/! /'3!
9'43:++'3!56#!94:9:3'+.!0'64!(*+/#/*.64'!'3.!/'C'+6!94*.#56'!(:64*+.'=I
%!R+'!2.6/'!
(:--*+/2'!9*4!V#(4:3:@.!'.!42*0#32'!9*4!L4:33"]*B!'+!/2('-B4'!?>>7O!/2-:+.4'!56'!
I7!k! /'3! 4'(46.'643! *-24#(*#+3! (:+360.'+.! W+.'4+'.! 9:64! 2C*06'4! 0*! 4296.*.#:+! /'3!
(*+/#/*.3%!b+!'@@'.O!I>!k!/'3!4'(46.'643!#+.'44:,23!:+.!*@@#4-2!*C:#4!4';'.2!/'3!(*+/#/*.3!
364!0*!B*3'!/'!01#+@:4-*.#:+!.4:6C2'!'+!0#,+'%!&12.6/'!#+/#56'!.:6.'@:#3!56'!3'60'-'+.!
I!k! /'3! $-24#(*#+3! 9'+3'+.! 56'! 01#+@:4-*.#:+! /#39:+#B0'! 364! 0'! H'B! 9'6.! #+@06'+('4!
0'643! /2-*4()'3! /1'-90:#%! N1*6.4'! 9*4.O! JD!k! /'3! 4'(46.'643! :+.! *@@#4-2! 5616+'!
4296.*.#:+! 9:3#.#C'! 364! W+.'4+'.! #+@06'+X*#.! 0'64! /2(#3#:+! 56*+.! S! 01'-B*6()'! /'!
(*+/#/*.3=J
%!!
&'3!3#.'3!/'!423'*6.*,'!3:(#*0!9'6C'+.!*C:#4!6+!#-9*(.!364!01:B.'+.#:+!/16+!'-90:#%!b+!
'@@'.O!3'0:+!6+'!2.6/'!-'+2'!'+!?>>7O!?J!k!/'3!'-90:F'643!(*+*/#'+3!(:+360.'+.!0'3!
3#.'3!/'!423'*6.*,'!3:(#*0!9:64!'+!3*C:#4!9063!364!0'3!(*+/#/*.3!56#!9:3.60'+.!9:64!6+!
'-90:#!*6!3'#+!/'!0'64!'+.4'94#3'%!$#+3#O!=M!k!/'3!'-90:F'643!`!B4*+()23!a!*@@#4-'+.!
*C:#4!.4:6C2!/6!(:+.'+6!364!0'3!3#.'3!/'!423'*6.*,'!3:(#*0!56#!*!@*C:4#32!0*!(*+/#/*.64'!
/16+! #+/#C#/6%! ]:6.'@:#3O! ?G!k! :+.! 906.K.! /2(:6C'4.! /6! -*.24#'0! 56#! *! '+.4*r+2!
0120#-#+*.#:+! /16+! (*+/#/*.! 9):.:3! (:-94:-'..*+.'3O! 42C20*.#:+3! (:+('4+*+.! 0163*,'!
/1*0(::0!:6!/'!/4:,6'3O!4'+3'#,+'-'+.3!:6!(:--'+.*#4'3!#+*994:94#23!(:+('4+*+.!6+!
*+(#'+! '-90:F'64_%! &'3! 3#.'3! /'! 423'*6.*,'! 3:(#*0! 3'-B0'+.! /:+(! /'! 9063! '+! 9063!
(:+3.#.6'4!6+!:6.#0!S!/:6B0'!.4*+()*+.=7
%!
m4O! /'3! 4#356'3! 3:+.! *33:(#23! S! ('3! 6.#0#3*.#:+3! /'3! #+@:4-*.#:+3! 4'0*.#C'3! S! /'3!
(*+/#/*.64'3%!
#P++ 4#+/2*1(2D2$#%2)$+/#$*+:5*+);;(5*+/N5D':)2+
Y063#'643!02,#30*.#:+3!#+.'4/#3'+.!0'3!:@@4'3!/1'-90:#!-*+#@'3.*+.!6+'!942@24'+('!@:+/2'!
364! 0'! 3'<'O! 0*! 4*('O! 01:4#,#+'! +*.#:+*0'O! 0*! 4'0#,#:+O! 01É,'O! 01:4#'+.*.#:+! 3'<6'00'! :6!
/1*6.4'3!-:.#@3!94:)#B23!/'!/#3(4#-#+*.#:+%!L'3!/#39:3#.#:+3!#+.'4/#3'+.!2C#/'--'+.!/'3!
-'+.#:+3!'<90#(#.'3!42C20*+.!/'3!942@24'+('3!/#3(4#-#+*.:#4'3%!V*#3!0'!4'(:643!S!('4.*#+3!
'+C#4:++'-'+.3! /'! /#@@63#:+! 9:64! @*#4'! (:++*r.4'! /'3! :@@4'3! /1'-90:#! 9'6.! c.4'!
#+/#(*.'64!/16+'!#+.'+.#:+!/'!/#3(4#-#+'4%!Y*4!'<'-90'O!*6<!U.*.3"R+#3O!0'3!*6.:4#.23!:+.!
-#3!'+!,*4/'!(:+.4'!0'!4'(:643!S!/'3!96B0#(*.#:+3!(#B0*+.!94#+(#9*0'-'+.!0'3!):--'3!:6!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=I
!! W[W]W$]Whb!L$[$NWb[[b!NbZ!Lm[ZmVV$]bRgZO!;1<'=",(="$6)$4"95%1,$"5$6)$="95).=)5%1,$("$6)$
=O'.5)5%1,$ 9.=$ %,5"=,"5%! m..*^*O! [:C'-B4'! ?>==O! Ñ^^^%((#"#((%(*pLLW"9/@pLLW"@4"4'96.*.#:+"364"
#+.'4+'.%9/@!Ö%!
=J
! `!g'3'*4()! 3):^3! :+0#+'! 4'96.*.#:+3! -*..'4!aO! 7%0=19125$ 3)5)$ U=%E)0G$ 3)GO!
)..9opp^^^%-#(4:3:@.%(:-p94#C*(Fp/9/p/'@*60.%*39<!!
=7
! f#0B'4.! &bNRLO! `!f*4'! *6<! (:+@#/'+('3! 364! W+.'4+'.!aO! L"$ Q16"%6O! ?J! *:Ä.! ?>>7O! '+! 0#,+'!o!
)..9opp.'()+*6.'%(FB'494'33'%(*p+:6C'00'3p#+.'4+'.p?>>7>Jp?Ip>="J7GMID",*4'"*6<"(:+@#/'+('3"
364"#+.'4+'.%9)9!%!
"=J"!
/1*6.4'3!(*.2,:4#'3!(#B02'3!/'!9'43:++'3!9:64!96B0#'4!/'3!:@@4'3!/1'-90:#%!L'4.*#+3!:+.!
*C*+(2!56'!0'!4'(:643!S!/'3!423'*6<!3:(#*6<!@4256'+.23!9*4!/'3!(*.2,:4#'3!/163*,'43!
392(#@#56'3! 9:644*#.! c.4'! (:+.'3.2! (:--'! #+/#56*+.! 6+'! #+.'+.#:+! /'! /#3(4#-#+'4! S!
01'-B*6()'?>
%!
=P++ 4L0%2:2*#%2)$+ /5*+ 2$;)(D#%2)$*+ G:#$95*+ *0(+ :5+ '();2:+ /N0$+ 1#$/2/#%+ ')%5$%25:+
')0(+91:#2(5(+0$5+/912*2)$+/N5D=#01K5+
&'3!#+@:4-*.#:+3!9'43:++'00'3!/2C:#02'3!364!6+!3#.'!/'!423'*6.*,'!3:(#*0!9'6C'+.!c.4'!
6.#0#32'3!/'!9063#'643!@*X:+3%!$#+3#O!#0!*!2.2!@*#.!2.*.!/'3!4#356'3!9:6C*+.!/2(:60'4!/'!0*!
(:+360.*.#:+! /2(:+.'<.6*0#32'O! +:.*--'+.! 9*4! /'3! '-90:F'643O! /1#+@:4-*.#:+3! :6!
/1#-*,'3!(:+3#,+2'3!/*+3!0'3!3#.'3!/'!423'*6<!3:(#*6<?=
%!Y*4!'<'-90'O!/'3!'+.4'94#3'3!
9'6C'+.! 364@'4! 364! 0'3! '39*('3! 9'43:++'03! 9:64! '+! *994'+/4'! 9063! 364! /'3! (*+/#/*.3!
*C*+.!/'!0'3!'-B*6()'4??
%!
&1*((T3!9*4!6+'!'+.4'94#3'!S!/'3!#+@:4-*.#:+3!4'0'C*+.!/'!01#+.#-#.2!/'3!9'43:++'3!*F*+.!
94:9:32! 0'64! (*+/#/*.64'! S! 6+! '-90:#! 9'6.! 9:3'4! /'3! '+;'6<! /'! 94:.'(.#:+! /'! 0*! C#'!
94#C2'%! Z#! 01:+! +'! /'-*+/'! 9*3! 01*6.:4#3*.#:+! S! 6+! (*+/#/*.! 9:64! 4'()'4()'4! /'3!
#+@:4-*.#:+3!364!3:+!(:-9.'O!#0!F!*!4#356'!/'!3'!90*('4!/*+3!6+'!9:3#.#:+!/1#+.463#:+!
#+;63.#@#2'!/*+3!0*!C#'!94#C2'%!$6!-#+#-6-O!6+'!:4,*+#3*.#:+!/:#.!#+@:4-'4!0'3!9'43:++'3!
(:+('4+2'3!/'!3'3!94*.#56'3!'+!-*.#T4'!/'!4'()'4()'!/1#+@:4-*.#:+!'.O!'+!.:6.!2.*.!/'!
(*63'O!c.4'!'+!-'364'!/'!/2-:+.4'4!0'!(*4*(.T4'!02,#.#-'!/'3!4'()'4()'3!/1#+@:4-*.#:+!
561'00'! -T+'! S! 012,*4/! /1#+/#C#/63%! N'! @*X:+! ,2+24*0'O! #0! '3.! 0#(#.'! /'! 4'()'4()'4! /'3!
#+@:4-*.#:+3!4'@02.*+.!0'!;6,'-'+.!/16+!(*+/#/*.!:6!3*!(*9*(#.2!S!@*#4'!0'!.4*C*#0%!V*#3!#0!
/:#.!'<#3.'4!6+!0#'+!/'!(:++'<#.2!*C'(!0E'-90:#%!
&16+!/'3!94#+(#9*6<!4#356'3!S!2C*06'4!/*+3!/'3!3#.6*.#:+3!:l!6+'!:4,*+#3*.#:+!4'()'4()'!
'.!6.#0#3'!/'3!#+@:4-*.#:+3!:B.'+6'3!/*+3!/'3!'+C#4:++'-'+.3!'+!0#,+'O!(:--'!/'3!3#.'3!
/'! 423'*6<! 3:(#*6<O! '3.! 0*! @#*B#0#.2! /'3! #+@:4-*.#:+3! :B.'+6'3%! Y063#'643! 202-'+.3!
/1#+@:4-*.#:+! 56#! 9'6C'+.! 3'! .4:6C'4! '+! 0#,+'! S! 012,*4/! /16+! #+/#C#/6! +1:+.! 9*3!
+2('33*#4'-'+.!2.2!C*0#/23%!N'!9063O!/'3!#+@:4-*.#:+3!9'6C'+.!*C:#4!6+'!3#,+#@#(*.#:+!
/*+3! 6+! (:+.'<.'! /2.'4-#+2! '.! 3'! 42C20'4! *-B#,Ü'3! /*+3! 6+! *6.4'! (:+.'<.'%! Y*4!
'<'-90'O!6+'!9):.:!/16+!,4:69'!/'!9'43:++'!'+!.4*#+!/'!(202B4'4!*6!(:643!/'!('!56#!*!
01*99*4'+('!/16+'!@c.'!B#'+!*44:32'!9'6.!c.4'!9'4X6'!(:--'!6+!#+/#('!/'!0*!3:(#*B#0#.2!
/'3!#+/#C#/63!#-90#5623!:6!6+!#+/#('!/'!0'64!94:9'+3#:+!S!@c.'4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
?>
!! ]$&bm%LmVO! Z.%("$ (.$ ="0=.5"<",5$ 9.=$ 6"9$ =O9")./$ 910%)./O! )..9opp^^^%@#()#'4"
9/@%@4p?>==p==p>7p,6#/'"/6"4'(46.'64"364"0'3"4'3'*6<"3:(#*6<p,6#/'"/6"4'(46.'64"364"0'3"4'3'*6<"
3:(#*6<%9/@%!
?=
!! N*44F+! L*.)4F+! 8bLuZ]gmVO! `!H):13! &::e#+,! *.! F:64! d*('B::e! Y4:@#0'!Q! ])'! R3'! :@! Z.6/'+.!
L:+/6(.!L:/'3!.:!L'+3:4!L:00','!Z.6/'+.31!m+0#+'!Z9''()!aO!y?>>Jz!MD!!%66)<"55"$LAD"EAO!?G="A=?%!
??
!! Z*-*+.)*!&%!VW&&WbgO!`!])'!d*('B::e!d4:+.#'4!o!g'39:+/#+,!.:!.)'!L)*+,#+,!d*('!:@!Y4#C*(F!:+!.)'!
W+.'4+'.!aO!y?>>J"?>>7z!7I!^",5.0&G$LA$C%O!DM="DGMODMM%!
"=7"!
>,++ 45*+ :2D2%5*+ #0+ 1)$%(Q:5+ /5+ :N5D':)O50(+ *0(+ :N0*#G5+ /0+ <5=+>,?+ '#(+ :5*+
5D':)O9*+
]:6.!'-90:F'64!'3.!.'+6!S!/'3!:B0#,*.#:+3!56#!9'6C'+.!#-90#56'4!6+'!369'4C#3#:+!:6!
6+'!3'+3#B#0#3*.#:+!/'3!'-90:F23%!!
&*! -#33#:+! :6! 0'! -*+/*.! /'! 01'+.4'94#3'! :6! /'! 01:4,*+#3-'! 9'6.! #-90#56'4! ('4.*#+3!
'+;'6<! '.! 4#356'3%! $#+3#O! 6+'! '+.4'94#3'! .'+6'! /'! ,*4*+.#4! 0*! (:+@#/'+.#*0#.2! /'3!
#+@:4-*.#:+3!4'0*.#C'3!S!3'3!(0#'+.3!/:#.!94'+/4'!/'3!-'364'3!*@#+!/'!31*3364'4!56'!('!
/'C:#4! /'! (:+@#/'+.#*0#.2! '3.! 4'39'(.2! 9*4! .:63%! t! /2@*6.! /'! 94'+/4'! /'3! 942(*6.#:+3!
94:9:4.#:++2'3! *6<! :B0#,*.#:+3! *6<56'00'3! '00'! '3.! .'+6'O! 6+'! :4,*+#3*.#:+! *64*! S!
429:+/4'!/'3!B4#3!/'!(:+@#/'+.#*0#.2%!
]:63!0'3!'-90:F23!:+.!/4:#.O!'+!C'4.6!/'3!02,#30*.#:+3!364!0'!.4*C*#0O!S!6+!'+C#4:++'-'+.!
/'!.4*C*#0!'<'-9.!/'!)*4(T0'-'+.%!]:6.!'-90:F'64!*!/:+(!0'!/'C:#4!/'!31*3364'4!56'!0'3!
*(.#:+3! /'! )*4(T0'-'+.! 2-*+*+.! /'! 01'+C#4:++'-'+.! /'! .4*C*#0! 3:#'+.! 4*9#/'-'+.!
/2.'(.2'3!'.!24*/#562'3%!&1'+.4'94#3'!/:#.!@*#4'!'+!3:4.'!56'!0'!)*4(T0'-'+.!('33'!/T3!
561'00'!'+!*!(:++*#33*+('%!
#P++ 4#+*0("52::#$15+/5*+#1%2"2%9*+/5*+5D':)O9*+
W0! '3.! B#'+! 2.*B0#! 5616+! '-90:F2! *! /4:#.! S! 0*! C#'! 94#C2'O! '.! ('O! -c-'! 364! 3:+! 0#'6! /'!
.4*C*#0?A
%!V*#3!#0!F!*!/'3!(#4(:+3.*+('3!:l!#0!'3.!02,#.#-'!9:64!6+!'-90:F'64!/'!364C'#00'4!
0'3!,'3.'3!/'!3'3!'-90:F23%!&*!364C'#00*+('!/:#.!c.4'!@:+/2'!364!/'3!-:.#@3!4*#3:++*B0'3%!
Y:64!/2.'4-#+'4!3#!0'3!-:.#@3!3:+.!4*#3:++*B0'3O!:+!31'+56#'4.!/6!0#'+!4*.#:++'0!'+.4'!0'3!
924#03!(:+.4'!0'356'03!:+!()'4()'!S!3'!94:.2,'4!'.!01:+!31*3364'!56'!0'3!-'364'3!3:+.!
94:9:4.#:++2'3!*6<!'+;'6<?M
%!
&1'+.4'94#3'! /:#.! *C:#4! /'3! -:.#@3! 4*#3:++*B0'3! 9:64! 4'(6'#00#4! 0'3! #+@:4-*.#:+3! 364!
01:4/#+*.'64!/'!01'-90:F2?D
%!Y*4!'<'-90'O!6+'!/#-#+6.#:+!3#,+#@#(*.#C'!/'!0*!94:/6(.#:+!
/16+!'-90:F2!9:644*#.!;63.#@#'4!0*!364C'#00*+('!/'!3:+!9:3.'!/'!.4*C*#0?G
%!b+!01*B3'+('!/'!
.:6.! 3:69X:+O! 0*! 4'()'4()'! 9*4! 6+! '-90:F'64! /1#+/#('3! /16+'! -*6C*#3'! 6.#0#3*.#:+!
/1W+.'4+'.!364!6+!:4/#+*.'64!/16+!'-90:F2!'+!'3924*+.!F!.4:6C'4!56'056'!():3'!9:64!
'+36#.'!3'!3'4C#4!/'3!202-'+.3!.4:6C23!9:64!;63.#@#'4!3:+!#+.463#:+!*!9:3.'4#:4#!'3.!6+'!
94*.#56'!(:+.'3.*B0'%!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
?A
$$ QG,(%0)5$("9$5=)E)%66".9"9$"5$5=)E)%66".=9$("$_=%(4"951,"JH%="951,"$("$C16%"55"$`;AQAKAa!(%$:=.(").O!
y=777z!g%q%P%!???7!L%$%_!
?M
!! N#*+'!hbW&&bRvO!`!&'!/4:#.!S!0*!C#'!94#C2'!}!3*!9:4.2'!@*('!S!0*!364C'#00*+('!/'!01'-90:F'64!aO!?>>>_!
G>!DA$(.$_%!AO!AG"MD!
?D
!! xC'3!Z$W[]"$[NgUO!`!&'!4'39'(.!/6!/4:#.!S!0*!C#'!94#C2'!*6!.4*C*#0!o!-F.)'!:6!42*0#.2Q!aO!?>>M_!
bx8?>>MNbhM>J!
?G
!! QG,(%0)5$("9$21,05%1,,)%="9$<.,%0%')./$("$71,5=O)6$`QA;AHAUAa!(%!%66"$("$71,5=O)6O!N%]%b%!77]"MIJ!
]%$%_!
"?>"!
&1'<#,'+('! /'! 94:9:4.#:++*0#.2! (:--*+/'! 56'! 0'3! -2.):/'3! 6.#0#32'3! 9:64! 364C'#00'4!
01'-90:F2!(:+3.#.6'+.!6+'!*..'#+.'!-#+#-*0'!*6!/4:#.!S!0*!C#'!94#C2'!/'!01'-90:F2?I
%!R+!
'-90:F'64!+'!9:644*#.!/:+(!364C'#00'4!(:+.#+6'00'-'+.!.:63!0'3!@*#.3!'.!,'3.'3!/'!3'3!
'-90:F23! 364! W+.'4+'.%! L1'3.! 3'60'-'+.! 0:4356'! ('3! (:+/#.#:+3! 3:+.! 426+#'3! 56'!
01'-90:F'64!'3.!'+!/4:#.!/'!364C'#00'4!0'3!*(.#C#.23!/16+!'-90:F2!364!W+.'4+'.%!$6.4'-'+.O!
#0!4#356'!/'!(:+.4'C'+#4!S!01*4.#(0'!MG!/'!0*!;8)=5"$("9$(=1%59$"5$6%#"=5O9$("$6)$'"=91,,"?J
!
56#!942C:#.!56'!.:6.!'-90:F2!*!0'!/4:#.!S!/'3!(:+/#.#:+3!/'!.4*C*#0!;63.'3!'.!4*#3:++*B0'3%!
R+!'-90:F2!56#!6.#0#3'!0'3!4'33:64('3!/'!3:+!'-90:F'64!S!/'3!@#+3!9'43:++'00'3O!(:--'!
0'3!:4/#+*.'643!:6!01*((T3!S!W+.'4+'.O!9'6.!31'<9:3'4!S!/'3!3*+(.#:+3%!&163*,'!/1W+.'4+'.!
9:64!*00'4!C#3#.'4!/'3!3#.'3!H'B!?%>!:6!'+(:4'!9:64!F!(:+.4#B6'4O!0:4356'!('!+1'3.!9*3!
/*+3!0'!(*/4'!/6!.4*C*#0O!9'6.!/:+(!c.4'!3*+(.#:++2!9*4!01'-90:F'64!*6!-c-'!.#.4'!56'!
.:6.'!*6.4'!6.#0#3*.#:+!#+*994:94#2'!/6!423'*6%!!
$0:43! 56'! ('4.*#+'3! '+.4'94#3'3! .:0T4'+.! 0'3! 6.#0#3*.#:+3! 94#C2'3! /1W+.'4+'.O! /1*6.4'3!
2.*B0#4:+.!906.K.!6+'!9:0#.#56'!/16.#0#3*.#:+!/1W+.'4+'.!0#-#.*+.!0*!@*(60.2!/'3!'-90:F23!
/16.#0#3'4!0'!423'*6%!P6'00'!56'!3:#.!0*!@:4-'!56'!94'+/!01*C'4.#33'-'+.O!6+!'-90:F'64!
56#! +'! C'6.! 9*3! 56'! 3'3! #+3.*00*.#:+3! 3:#'+.! 6.#0#32'3! S! /'3! @#+3! 94#C2'3! /:#.!
)*B#.6'00'-'+.!'+!*C'4.#4!3'3!'-90:F23!*C*+.!/1*990#56'4!/'3!3*+(.#:+3?7
%!
R+'! '+.4'94#3'! :6! 6+! :4,*+#3-'! 96B0#(! 9'6.! #+/#56'4! S! 3'3! '-90:F23! 561#0! '3.!
#+*994:94#2! /'! +*C#,6'4! 364! /'3! 3#.'3! (:--'! x:6]6B'A>
O! VFZ9*('A=
! :6! '+(:4'!
d*('B::eA?
!364!3:+!0#'6!/'!.4*C*#0%!&1'-90:F2!/:#.!3*C:#4!56'!('..'!94*.#56'!'3.!#+.'4/#.'O!
/1:l!0*!+2('33#.2!/16+!*C'4.#33'-'+.!/'!0*!9*4.!/'!01'-90:F'64%!!
Y063#'643! 3#.6*.#:+3! /1#+C'3.#,*.#:+3! :6! /16.#0#3*.#:+! (:+.'3.*B0'! /'3! /:++2'3!
9'43:++'00'3!(#4(60*+.!/*+3!0'3!3#.'3!/'!423'*6<!3:(#*6<!:+.!2.2!4'('+32'3!'.!/2+:+(2'3%!
Y*4!'<'-90'O!#0!*!2.2!@*#.!2.*.!/'!0*!(:+360.*.#:+!/2(:+.'<.6*0#32'O!+:.*--'+.!9*4!/'3!
'-90:F'643O!/1#+@:4-*.#:+3!:6!/1#-*,'3!(:+3#,+2'3!/*+3!0'3!3#.'3!/'!423'*6<!3:(#*6<AA
%!
Y*4! '<'-90'O! 6+'! */:0'3('+.'! B4#.*++#56'! *! 2.2! (:+,2/#2'! 9:64! *C:#4! '<94#-2! 364!
d*('B::e!561'00'!.4:6C*#.!3:+!'-90:#!'++6F*+.%!$0:43!56'!01'-90:F'64!0'!9'4X:#.!(:--'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
?I
!! xC'3!Z$W[]"$[NgUO!`!&'!4'39'(.!/6!/4:#.!S!0*!C#'!94#C2'!*6!.4*C*#0!o!-F.)'!:6!42*0#.2!Q!aO!?>>M_!
bx8?>>MNbhM>J!
?J
!! &%g%P%O!(%!L"=?!
?7
!! H%9"5!(%!Q"=E%0"$(F)(<%,%95=)5%1,$UA;ADA$L5O"O!y?>>Az!g%q%N%]%!AG=!L%g%]%_!
A>
!! )..9opp^^^%F:6.6B'%(:-p!
A=
!! )..9opp^^^%-F39*('%(:-p!
A?
!! )..9opp^^^%@*('B::e%(:-p!
AA
!! N*44F+! L*.)4F+! 8bLuZ]gmVO! `!H):13! &::e#+,! *.! F:64! d*('B::e! Y4:@#0'!Q! ])'! R3'! :@! Z.6/'+.!
L:+/6(.!L:/'3!.:!L'+3:4!L:00','!Z.6/'+.31!m+0#+'!Z9''()!aO!y?>>Jz!MD!!%66)<"55"$LAD"EAO!?G="A=?%!
"?="!
6+'! 469.64'! /6! 0#'+! /'! (:+@#*+('O! 0*! ;'6+'! @'--'! *@@#4-'! 561'00'! +12.*#.! 9*3!
-*0)'64'63'!*6!.4*C*#0!'.!3:6.#'+.!561'00'!+1*C*#.!9*3!+:--2!01'-90:F'64AM
%!
N*+3!!"95$;1)95$7)b()$EA$],%5"($H11($),($;1<<"=0%)6$!1=&"=9$?,5"=,)5%1,)6$],%1,R$
L10)6$cdceAD
O!0*!L:--#33#:+!/'3!4'0*.#:+3!/'!.4*C*#0!/'!L:0:-B#'"84#.*++#56'!*!'3.#-2!
5616+! '-90:F2! +1*C*#.! 9*3! B'*6(:69! /1'<9'(.*.#C'! /'! C#'! 94#C2'! 0:43561#0! /#@@63'! /'3!
(:--'+.*#4'3!364!3*!9*,'!d*('B::e%!L'..'!/2(#3#:+!'3.!016+'!/'3!94'-#T4'3!S!(:+@#4-'4!
0*!C*0#/#.2!/16+!(:+,2/#'-'+.!(:+32(6.#C'-'+.!S!6+!94:9:3!*@@#()2!364!6+!3#.'!/'!423'*6!
3:(#*0AG
%!&*!L:--#33#:+!*!(:+(06!56'!01'-90:F'64!2.*#.!;63.#@#2!/'!-'..4'!@#+!S!01'-90:#!
/16+!3*0*4#2!*F*+.!*@@#()2!/'3!(:--'+.*#4'3!.4T3!(4#.#56'3!*6!36;'.!/'!01'+.4'94#3'!/'!
01'-90:F'64%! L'3! 94:9:3! *C*#'+.! 2.2! 4'+/63! /#39:+#B0'3! S! 6+! ,4:69'! /1'+C#4:+! AII!
9'43:++'3!#+(06*+.!/1*6.4'3!'-90:F23!/'!01'+.4'94#3'%!$#+3#!/#@@6323O!('3!(:--'+.*#4'3!
+'!9:6C*#'+.!c.4'!(:+3#/2423!(:--'!*+*0:,6'3!*6<!94:9:3!.'+63!'+.4'!(:00T,6'3!/'!
.4*C*#0!/*+3!0'!(*/4'!/'!/#3(633#:+3!364!0'3!0#'6<!/'!.4*C*#0%!!
Z#! '00'! '+.'+/! 31#+3(4#4'! /*+3! 6+'! 0:,#56'! :6C'4.'! (*4*(.24#3.#56'! /6! H'B!?%>O!
01'+.4'94#3'!:6!01:4,*+#3-'!96B0#(!C#3'4*!S!94:-:6C:#4!6+'!6.#0#3*.#:+!4'39:+3*B0'!/'3!
'+C#4:++'-'+.3! /6! H'B!?%>! 9*4! 3'3! '-90:F23%! &'! /2@#! '3.! *0:43! /'! 31*3364'4! 56'! 0'3!
'-90:F23!3:+.!B#'+!*6!@*#.!/'3!'+;'6<!'.!4#356'3!*33:(#23!*6<!/#@@24'+.'3!*(.#C#.23!561#03!
3:+.!363('9.#B0'3!/'!-'+'4!364!W+.'4+'.%!b+!3:--'O!9063!0'3!#+/#C#/63!/2.#'++'+.!/'3!
9:6C:#43! #-9:4.*+.3! 9:64! /#@@63'4! /'3! #+@:4-*.#:+3O! 9063! #03! /:#C'+.! c.4'! @*-#0#*4#323!
*C'(!0'3!'+;'6<!'.!4#356'3!9:6C*+.!/2(:60'4!/'!0'64!*(.#C#.2%!
=P++ 45*+#1%2"2%9*+/5+:N5D':)O9+5$&/5K)(*+/0+%(#"#2:+
W0! '3.! 9:33#B0'! /16.#0#3'4! 0'3! '+C#4:++'-'+.3! /6! H'B!?%>! '+! .:6.! .'-93%! &'! H'B!?%>!
-:/#@#'! 4*/#(*0'-'+.! 0'3! 42@24'+('3! 39*.#*0'3! '.! .'-9:4'00'3%! $C'(! 01*99*4#.#:+!
/1W+.'4+'.!96#3!/6!H'B!?%>O!01'39*('!/'3!:4,*+#3*.#:+3!31'3.!20*4,#!'+!6+'!(:--6+*6.2!
/'!94*.#56'!/'!/#-'+3#:+!90*+2.*#4'!56#!*!@*#.!2(0*.'4!0'3!-643!9)F3#56'3!'.!0'3!(*/4'3!
.4*/#.#:++'03!/*+3!0'356'03!3'!/24:60'+.!0'3!*(.#C#.23!/'!01'+.4'94#3'!:6!/'!01:4,*+#3-'!
96B0#(%!W0!'3.!/:+(!94*.#56'-'+.!):43!/'!56'3.#:+!9:64!6+'!:4,*+#3*.#:+!/1#+.'4/#4'!S!3'3!
'-90:F23!.:6.'!6.#0#3*.#:+!/'3!'+C#4:++'-'+.3!/1W+.'4+'.!(:--'!0'3!423'*6<!3:(#*6<%!
V*#3! 2.*+.! /:++2! 016B#56#.2! 56#! (*4*(.24#3'! 0'3! '+C#4:++'-'+.3! /6! H'B!?%>O! #0! @*6.!
'+C#3*,'4!0'3!'+;'6<!'.!4#356'3!/'!@*X:+!,0:B*0'O!'.!+:+!9063!6+#56'-'+.!*6!4',*4/!/'!
01'39*('!9)F3#56'!/'3!0#'6<!/'!.4*C*#0%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
AM
! `!Z*(e'/! d:4! L*00#+,! q:B! 8:4#+,! m+! d*('B::e!aO! Q&G$ K"[9O! ?I! @2C4#'4! ?>>7O!
)..9opp+'^3%3eF%(:-p3eF+'^3pi:-'pRu"['^3pd*('B::e"Z*(e#+,"u#-B'40'F"Z^*++"d4:-"L0*(.:+"
b33'<"Z*(e'/"d:4"L*00#+,"q:B"8:4#+,p$4.#(0'p?>>7>?M=D?A>D>J!
AD
!! ?>=>!L*+&WW!G?MJ?!8L!&%g%8_%!
AG
!! f*4F! L&$gubO! `!b-90:F''3! ]'4-#+*.'/! @:4! L*63'! @:4! d*('B::e! Y:3.#+,3!aO! Z.#e'-*+! b00#:.O!
;),)(%),$ +<'61G<",5$ X$ U",9%1,$ L)[O! [:C'-B'4! =?O! ?>=>O!)..9opp^^^%(*+*/#*+'-90:F-'+.!
9'+3#:+0*^%(:-p!.'4-#+*.#:+p*"4'('+."/'(#3#:+":@".)'p!%!
"??"!
Z#O! )$'=%1=%O! 0*! 4'39:+3*B#0#.2! /'! 01'+.4'94#3'! 31*990#56'! 364! 0'3! 0#'6<! 9)F3#56'3! /'!
012.*B0#33'-'+.O!@:4('!'3.!/'!(:+3.*.'4!56'!0*!,2+24*0#3*.#:+!/'3!:6.#03!/6!H'B!?%>!'.!0*!
/#39:+#B#0#.2! *((46'! /1:6.#03! /:.23! /1#-9:4.*+.'3! (*9*(#.23! /'! /#@@63#:+! 9:3'+.! 0*!
56'3.#:+! /'! 3*C:#4! :l! (:--'+('+.! '.! :l! 31*44c.'+.! 0'! /4:#.! '.! 0*! 4'39:+3*B#0#.2! /'!
01'+.4'94#3'%!
&*! /20:(*0#3*.#:+! *((:-9*,+2'! /'! 0*! /2.'-9:4*0#3*.#:+! /'! 01'39*('! *33:(#2! S!
01'+.4'94#3'! 4'56#T4'+.! /'! 31#+.'44:,'4! 364! 0'3! 4'39:+3*B#0#.23! /'3! '-90:F23! '.! /'3!
/#4#,'*+.3!9:64!0'3!,'3.'3!@*6.#@3!(:--#3!'+!/'):43!/'!01'39*('!9)F3#56'!/'!01'+.4'94#3'%!!
m4O! 9:64! 56'! 0*! 4'39:+3*B#0#.2! /'! 01'-90:F'64! 3:#.! '+,*,2'O! #0! @*6.! 5616+! 2C2+'-'+.!
*F*+.!(*632!942;6/#('!3:#.!364C'+6!364!0'3!0#'6<!/6!.4*C*#0!'.!S!01:((*3#:+!/6!.4*C*#0AI
%!!
Z1*,#33*+.!/'3!'+.#.23!:'6C4*+.!/*+3!0'!-:+/'!/'!012/6(*.#:+O!.*+.!*6<!U.*.3"R+#3!561*6!
L*+*/*O! 0'3! .4#B6+*6<! :+.! 4'(:++6! 56'! 0'3! *6.:4#.23! 3(:0*#4'3! 9'6C'+.! *990#56'4! /'3!
3*+(.#:+3!*6<!'+3'#,+*+.3!:6!*6<!20TC'3!9:64!/'3!*(.#C#.23!@*6.#C'3!312.*+.!/24:602'3!364!
W+.'4+'.!'.!('O!-c-'!3#!0'3!,'3.'3!:+.!2.2!9:323!'+.#T4'-'+.!'+!/'):43!/'3!'39*('3!
4'0'C*+.! /'! 012(:0'AJ
%! b+! @#+! /'! (:-9.'O! 0*! /20:(*0#3*.#:+! '.! 0*! /2.'-9:4*0#3*.#:+! /'!
01'39*('!.'+/'+.!S!31*((:-9*,+'4!/16+!*;63.'-'+.!(:+3256'+.!/'3!9:6C:#43!4'(:++63!
*6<! '-90:F'643! /'! 94'+/4'! 0'3! -'364'3! 4*#3:++*B0'-'+.! +2('33*#4'3! *@#+! /'! @*#4'!
('33'4!/'3!(:-9:4.'-'+.3!'+!0#,+'!56#!3:+.!/'!+*.64'!S!'+,'+/4'4!6+!'@@'.!/202.T4'!364!
0'!-#0#'6!/'!.4*C*#0%!
3,++ 4#+(5*')$*#=2:2%9+/5+:L5$%(5'(2*5+)0+/5+:L)(G#$2*D5+'0=:21+')0(+:#+1)$/02%5+
/5+:N5D':)O9+
&'3!'+.4'94#3'3!'.!:4,*+#3-'3!:+.!6+'!4'39:+3*B#0#.2!9:64!0'3!,'3.'3!'.!0'3!:-#33#:+3!/'3!
9'43:++'3!S!0'64!3'4C#('%!b+!.*+.!561'-90:F'64O!6+'!'+.4'94#3'!:6!6+!:4,*+#3-'!96B0#(!
*336-'!6+'!4'39:+3*B#0#.2!9:64!0'3!,'3.'3!9:323!9*4!3'3!'-90:F23!/*+3!01'<'4(#('!/'!
0'643!@:+(.#:+3%!!
N'C*+.! ('..'! 3#.6*.#:+O! 9063#'643! :4,*+#3*.#:+3! :+.! 94#3! 0*! /2(#3#:+! /1#+.'4/#4'! .:6.!
3#-90'-'+.!0163*,'!/1W+.'4+'.!:6!/'!('4.*#+3!'+C#4:++'-'+.3!'+!0#,+'%!V*#3O!6+'!.'00'!
*994:()'!.'+/!/'!9063!'+!9063!S!3'!42C20'4!#+'@@#(*('%!$C'(!0*!9:960*4#.2!(4:#33*+.'!/'3!
:6.#03! 9:4.*B0'3! (:--'! 0'3! .2029):+'3! /#.3! `!#+.'00#,'+.3!aO! 0'3! #+/#C#/63! 9'6C'+.! 3'!
.4:6C'4! '+! -'364'! /'! (:--6+#56'4O! -c-'! '+! /'):43! /'3! '+C#4:++'-'+.3! 3:63! 0'!
(:+.4K0'!/'3!:4,*+#3*.#:+3%!!
W0!9*4*r.!9063!'@@#(*('!/'!94:-:6C:#4!6+'!6.#0#3*.#:+!4'39:+3*B0'!/'3!'+C#4:++'-'+.3!/6!
H'B!?%>%!&*!+*.64'!-c-'!/6!H'B!?%>!)*B#0#.'!0'3!#+/#C#/63!S!*((2/'4!'.!S!-*r.4#3'4!/'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
AI
!! ZA7A$"5$;1<')4,%"$TO!?>=>!PLL&Y!JIJ>!L*+&WW_O!?!/2('-B4'!?>=>O!
)..9opp^^^%(*+0##%:4,p@4p5(p5((09p/:(p?>=>p?>=>5((09JIJ>p?>=>5((09JIJ>%).-0!!
AJ
!! D199$0A$;1,9"%6$9016)%="$(.$(%95=%05$,
1
$cd$(.$K1.E").‑_=.,9[%0&$y=77Gz!=!g%L%Z%!J?D!
"?A"!
9063!'+!9063!/1#+@:4-*.#:+3%!N*+3!6+'!.'00'!9'439'(.#C'O!94:-:6C:#4!6+'!*994:()'!9*4!
0*56'00'!01'+3'-B0'!/'3!#+/#C#/63!3:+.!4'39:+3*B#0#323!3'-B0'!9063!S!-c-'!/'!94:.2,'4!
01'+.4'94#3'!:6!01:4,*+#3-'!96B0#(!(:+.4'!0'3!(:-9:4.'-'+.3!942;6/#(#*B0'3%!
R,++ 45*+5D':)O9*+1)DD5+0%2:2*#%50(*+/0+<5=+>,?+
b+!.*+.!5616.#0#3*.'643!/'3!'+C#4:++'-'+.3!/6!H'B!?%>O!0'3!'-90:F23!:+.O!S!012,*4/!/'!
0'64!'-90:F'64!6+'!:B0#,*.#:+!/'!0:F*6.2!o!#03!/:#C'+.!31*B3.'+#4!/'!9:3'4!/'3!,'3.'3!56#!
-#+'+.! 0*! (:+@#*+('! 56#! /:#.! '<#3.'4! '+.4'! 6+! '-90:F'64! '.! 6+! '-90:F2%! R+'! .'00'!
:B0#,*.#:+!(:++*r.!/'3!#+.'+3#.23!C*4#*B0'3!3'0:+!0'!.F9'!/1'-90:#!'.!01#+.'+3#.2!/6!0#'+!/'!
36B:4/#+*.#:+!56#!'3.!#+)24'+.'!*6<!/#@@24'+.3!.F9'3!/1'-90:#%!R+!'-90:#!/1'<2(6.#:+!/'!
.É()'3! /2@#+#'3! #-90#56'! 6+'! -*4,'! /1*9942(#*.#:+! -:#+3! 2.'+/6'! 5616+! '-90:#! /'!
(42*.#:+!#-90#56*+.!6+'!0*4,'!0#B'4.2!/1*(.#:+%!!
-,++ 45*+)=:2G#%2)$*+/5*+5D':)O9*+
&'3!'-90:F23!:+.!01:B0#,*.#:+!/'!94:.2,'4!0E#+@:4-*.#:+!(:+@#/'+.#'00'O!/'!9423'4C'4!0'3!
3'(4'.3! /'! (:--'4('! :6! *6.4'3! 3'(4'.3! #+)24'+.3! S! 0*! (:+/6#.'! /'3! *(.#C#.23! /'!
01'-90:F'64%!
&'3! 0:#3! :B0#,'+.! *633#! 0'3! '-90:F23! S! 3'! ,*4/'4! /'! .:6.'! *(.#C#.2! /'! )*4(T0'-'+.! S!
01'+/4:#.!/'!(:00T,6'3!/'!.4*C*#0%!&'3!'-90:F23!+'!9'6C'+.!#+.#-#/'4O!/#@@*-'4!:6!9:4.'4!
*..'#+.'!S!0*!C#'!94#C2'!'.!*6<!*6.4'3!/4:#.3!/'3!*6.4'3!'-90:F23%!
&1#+.'+3#.2!/'!('3!:B0#,*.#:+3!'.!0*!4#,6'64!/'!0*!364C'#00*+('!'.!/'3!3*+(.#:+3!(:++*#33'+.!
/'3!C*4#*.#:+3O!3'0:+!0*!90*('!:((692'!9*4!0'3!'-90:F23!*6!3'#+!/'!01:4,*+#3*.#:+%!
N6B:#3O! Y'00'.#'4! '.! Y:#4#'4! /#3.#+,6'+.! 0'3! '-90:F23! -*+/*.23! '.! 0'3! '-90:F23! +:+!
-*+/*.23%! &'3! '-90:F23! -*+/*.23! 3:+.! ('6<! 56#! `!3:+.! :@@#(#'00'-'+.! -*+/*.23! 9*4!
01:4,*+#3*.#:+! 9:64! 0*! 4'9423'+.'4! 364! 0'3! -2/#*3! 3:(#*6<!aA7
%! ! N*+3! ('..'! (*.2,:4#'!
/1#+.'4C'+*+.3! +2('33*#4'-'+.! 9063! @*-#0#'43! *C'(! 0'3! '+;'6<! '.! 4#356'3! *33:(#23! *6<!
*(.#C#.23! 94'+*+.! 90*('! /*+3! 0'3! '+C#4:++'-'+.3! /6! H'B!?%>O! 0'3! *6.'643! N6B:#3O!
Y'00'.#'4! '.! Y:#4#'4! /#3.#+,6'+.! 0'3! 4'9423'+.*+.3! :@@#(#'03O! 0'3! ,'3.#:++*#4'3! /'!
(:--6+*6.23!'.!0'3!*-B*33*/'643%!
&'3!4'9423'+.*+.3!:@@#(#'03!`!3:+.!0'3!'-90:F23!/:+.!0*!9423'+('!364!0'3!-2/#*3!3:(#*6<!
'3.!;63.#@#2'!9*4!0'!-*+/*.!.4T3!(0*#4!/'!4'9423'+.*.#:+!/'!0'64!:4,*+#3*.#:+!/*+3!0'64!
/:-*#+'! /1'<9'4.#3'!a%! &'64! #-9:4.*+.'! 9423'+('! /*+3! 0'3! -2/#*3! 3:(#*6<! S! .#.4'! /'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
A7
!! N#/#'4!NR8mWZO!b-#0#'!Yb&&b]Wbg!'.!u*.)'4#+'!YmWgWbgO!;1<<",5$#f5%=$E15="$'16%5%N."$(F.5%6%9)5%1,$
("9$<O(%)9$910%)./O!L:^*+C#00'O!U/#.#:+3!xC:+!80*#3O!?>==O!9%!G>%!
"?M"!
4'9423'+.*+.3!:@@#(#'03!`!6%"$("$<),%M="$O5=1%5"$6".=9$)05%E%5O9$,.<O=%N."9$"5$6F%<)4"$("$
6".=$"<'61G".=!aM>
%!!
Y*4'#00'-'+.O! 0'! ,'3.#:++*#4'! /'! (:--6+*6.2! *,#.! (:--'! 4'33:64('! ('+.4*0'! /'!
01:4,*+#3*.#:+! /*+3! 0*! (:--6+#(*.#:+! /*+3! 0'3! '+C#4:++'-'+.3! /1#+.'4*(.#:+! /*+3!
0'356'03! '00'! '3.! 9423'+.'%! W0! '3.! /:+(! @:4(2-'+.! '+! 9:3#.#:+! /'! 9:4.'"9*4:0'! /'!
01:4,*+#3*.#:+%! &'3! '-90:F23! S! 56#! 01:4,*+#3*.#:+! `!*! /:++2! -*+/*.! /'! 9*4.*,'4! 0'64!
'<9'4.#3'! '+! .*+.! 56'! 4'9423'+.*+.3! :@@#(#'03! /'! 01'+.4'94#3'!a! 3:+.! /23#,+23! 9*4! 0'!
C:(*B0'!/1`!*-B*33*/'643!a!9*4!N6B:#3O!Y'00'.#'4!'.!Y:#4#'4M=
%!W03!3'!.4:6C'+.!S!0*!@:#3!'+!
9:3#.#:+!/'!4'9423'+.*+.!/'!01:4,*+#3*.#:+O!-*#3!'+!-c-'!.'-93!`!*,#33'+.!(:--'!/'3!
*,'+.3! 0#B4'3! 56#! ,T4'+.! 0'64! 94:94'! ,4:69'O! #+/29'+/*--'+.! /'3! :B;'(.#@3! /'!
01'+.4'94#3'!aM?
%! &1:4,*+#3*.#:+! /:#.! 31*3364'4! 56'! 0'643! @*#.3! '.! ,'3.'3! /'-'64'+.! '+!
(:)24'+('!*C'(!3'3!:4#'+.*.#:+3%!
&'3!'-90:F23!9'6C'+.!#+.'4C'+#4!364!/'3!56'3.#:+3!56#!(:+('4+'+.!01:4,*+#3*.#:+!3*+3!
c.4'! -*+/*.23! 9:64! ('! @*#4'%! N6B:#3O! Y'00'.#'4! '.! Y:#4#'4! #/'+.#@#'+.! .4:#3! .F9'3!
/1'-90:F23!o! 0'3! '+.):63#*3.'3! *,#33*+.! )*B#.6'00'-'+.! 9*4! @#'4.2! /1*99*4.'+#4! S!
01:4,*+#3*.#:+O!0'3!#+(:+3(#'+.3!56#!`!+1)23#.'+.!9*3!S!94:-:6C:#4!/'3!(:-9:4.'-'+.3!
-*4,#+*6<!364!0'3!-2/#*3!3:(#*6<!.:6.!'+!-'+.#:++*+.!0'!+:-!/'!01:4,*+#3*.#:+!9:64!
0*56'00'!#03!.4*C*#00'+.!a!'.!0'3!@463.423O!('6<!56#!/2(#/'+.!/'!31'+!94'+/4'!S!01'-90:F'64!
'+! 6.#0#3*+.! 0'3! 90*.'@:4-'3! /6! H'B!?%>MA
%! &'3! '-90:F23! /:#C'+.! c.4'! 3'+3#B#0#323! *6<!
4#356'3! /'! @:4-60'4! /'3! (:--'+.*#4'3O! -c-'! /'! B:++'! @:#O! (:+('4+*+.! 0'64!
'+C#4:++'-'+.!/'!.4*C*#0%!
>,++ 45*+ (5*')$*#=2:2%9*+ /5*+ 5D':)O9*+ /91)0:#$%+ /L#G2**5D5$%*+ *0(+ 0$+ *2%5+
<5=+>,?+
W0!+1F!*!9*3!3'60'-'+.!016.#0#3*.#:+!/1W+.'4+'.!S!/'3!@#+3!94#C2'3!56#!9'6.!9423'+.'4!/'3!
4#356'3!*6!+#C'*6!/6!.4*C*#0%!b+!'@@'.O!#0!9'6.!2,*0'-'+.!c.4'!4#3562!/'!9*40'4!/'!3:+!
.4*C*#0O!/'!3'3!(:00T,6'3!:6!'+(:4'!/'3!(0#'+.3!/'!3:+!'-90:F'64!364!6+!3#.'!H'B!?%>O!'+!
9*4.#(60#'4! 364! 6+! B0:,6'%! &'3! (*3! /'! (:+,2/#'-'+.O! 36#.'! S! /'3! 94:9:3! .'+63! 364! 6+!
B0:,6'O!/2-:+.4'+.!0'!.F9'!/'!4#356'3!/'!('3!'+C#4:++'-'+.3%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
M>
!! N#/#'4!NR8mWZO!b-#0#'!Yb&&b]Wbg!'.!u*.)'4#+'!YmWgWbgO!;1<<",5$#f5%=$E15="$'16%5%N."$(F.5%6%9)5%1,$
("9$<O(%)9$910%)./O!L:^*+C#00'O!U/#.#:+3!xC:+!80*#3O!?>==O!9%!G>%!
M=
!! N#/#'4!NR8mWZO!b-#0#'!Yb&&b]Wbg!'.!u*.)'4#+'!YmWgWbgO!;1<<",5$#f5%=$E15="$'16%5%N."$(F.5%6%9)5%1,$
("9$<O(%)9$910%)./O!L:^*+C#00'O!U/#.#:+3!xC:+!80*#3O!?>==O!9%!G=%!
M?
!! N#/#'4!NR8mWZO!b-#0#'!Yb&&b]Wbg!'.!u*.)'4#+'!YmWgWbgO!;1<<",5$#f5%=$E15="$'16%5%N."$(F.5%6%9)5%1,$
("9$<O(%)9$910%)./O!L:^*+C#00'O!U/#.#:+3!xC:+!80*#3O!?>==O!9%!G=%!
MA
!! N#/#'4!NR8mWZO!b-#0#'!Yb&&b]Wbg!'.!u*.)'4#+'!YmWgWbgO!;1<<",5$#f5%=$E15="$'16%5%N."$(F.5%6%9)5%1,$
("9$<O(%)9$910%)./O!L:^*+C#00'O!U/#.#:+3!xC:+!80*#3O!?>==O!9%!G=%!
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0
Guide juridique web 2.0

More Related Content

What's hot

Bringing stalin back in memory politic..
Bringing stalin back in  memory politic..Bringing stalin back in  memory politic..
Bringing stalin back in memory politic..tapanma
 
Can you drink alcohol and still lose weight [a visual guide] 28 by sam wood
Can you drink alcohol and still lose weight  [a visual guide]   28 by sam woodCan you drink alcohol and still lose weight  [a visual guide]   28 by sam wood
Can you drink alcohol and still lose weight [a visual guide] 28 by sam woodJohnEpps6
 
How to lose body fat your complete, healthy guide
How to lose body fat  your complete, healthy guideHow to lose body fat  your complete, healthy guide
How to lose body fat your complete, healthy guideJohnEpps6
 
32 weight loss tips for men – how men can lose weight
32 weight loss tips for men – how men can lose weight32 weight loss tips for men – how men can lose weight
32 weight loss tips for men – how men can lose weightJohnEpps6
 
Resolucion 4959 de 8 noviembre de 2006
Resolucion  4959 de 8 noviembre de  2006Resolucion  4959 de 8 noviembre de  2006
Resolucion 4959 de 8 noviembre de 2006manuel portela
 
O captain! my captain! by walt whitman poetry foundation
O captain! my captain! by walt whitman   poetry foundationO captain! my captain! by walt whitman   poetry foundation
O captain! my captain! by walt whitman poetry foundationtapanma
 
Tlwin.moemaka.1
Tlwin.moemaka.1Tlwin.moemaka.1
Tlwin.moemaka.1Zaw Aung
 
Master_thesis_-_Sustainable_psychology-_Stress-Overconsumption-Climate_change...
Master_thesis_-_Sustainable_psychology-_Stress-Overconsumption-Climate_change...Master_thesis_-_Sustainable_psychology-_Stress-Overconsumption-Climate_change...
Master_thesis_-_Sustainable_psychology-_Stress-Overconsumption-Climate_change...Annika Tibblin
 
Justin Hughes Press Release
Justin Hughes Press Release Justin Hughes Press Release
Justin Hughes Press Release Justin Michael
 
EDAW Pamphlet
EDAW PamphletEDAW Pamphlet
EDAW PamphletTara Mah
 
Create better presentation slides
Create better presentation slidesCreate better presentation slides
Create better presentation slidesMargery Stegman
 

What's hot (16)

Revista fracking
Revista frackingRevista fracking
Revista fracking
 
Bringing stalin back in memory politic..
Bringing stalin back in  memory politic..Bringing stalin back in  memory politic..
Bringing stalin back in memory politic..
 
مُڙدي جا صدما
مُڙدي جا صدمامُڙدي جا صدما
مُڙدي جا صدما
 
Can you drink alcohol and still lose weight [a visual guide] 28 by sam wood
Can you drink alcohol and still lose weight  [a visual guide]   28 by sam woodCan you drink alcohol and still lose weight  [a visual guide]   28 by sam wood
Can you drink alcohol and still lose weight [a visual guide] 28 by sam wood
 
How to lose body fat your complete, healthy guide
How to lose body fat  your complete, healthy guideHow to lose body fat  your complete, healthy guide
How to lose body fat your complete, healthy guide
 
32 weight loss tips for men – how men can lose weight
32 weight loss tips for men – how men can lose weight32 weight loss tips for men – how men can lose weight
32 weight loss tips for men – how men can lose weight
 
Resolucion 4959 de 8 noviembre de 2006
Resolucion  4959 de 8 noviembre de  2006Resolucion  4959 de 8 noviembre de  2006
Resolucion 4959 de 8 noviembre de 2006
 
Capitulo5
Capitulo5Capitulo5
Capitulo5
 
O captain! my captain! by walt whitman poetry foundation
O captain! my captain! by walt whitman   poetry foundationO captain! my captain! by walt whitman   poetry foundation
O captain! my captain! by walt whitman poetry foundation
 
Tlwin.moemaka.1
Tlwin.moemaka.1Tlwin.moemaka.1
Tlwin.moemaka.1
 
Master_thesis_-_Sustainable_psychology-_Stress-Overconsumption-Climate_change...
Master_thesis_-_Sustainable_psychology-_Stress-Overconsumption-Climate_change...Master_thesis_-_Sustainable_psychology-_Stress-Overconsumption-Climate_change...
Master_thesis_-_Sustainable_psychology-_Stress-Overconsumption-Climate_change...
 
27thchapter
27thchapter27thchapter
27thchapter
 
Justin Hughes Press Release
Justin Hughes Press Release Justin Hughes Press Release
Justin Hughes Press Release
 
แนวข้อสอบคอมพิวเตอร์
แนวข้อสอบคอมพิวเตอร์แนวข้อสอบคอมพิวเตอร์
แนวข้อสอบคอมพิวเตอร์
 
EDAW Pamphlet
EDAW PamphletEDAW Pamphlet
EDAW Pamphlet
 
Create better presentation slides
Create better presentation slidesCreate better presentation slides
Create better presentation slides
 

Similar to Guide juridique web 2.0

Grad survey results presentation
Grad survey results presentationGrad survey results presentation
Grad survey results presentationCarissa Caloud
 
Grad survey results presentation
Grad survey results presentationGrad survey results presentation
Grad survey results presentationguyvonh
 
Grad survey results presentation
Grad survey results presentationGrad survey results presentation
Grad survey results presentationCarissa Caloud
 
Tcs gmp parents_a3_posterv2 amends
Tcs gmp parents_a3_posterv2 amendsTcs gmp parents_a3_posterv2 amends
Tcs gmp parents_a3_posterv2 amendslorge007
 
Master thesis -_sustainable_psychology-_stress-overconsumption-climate_change...
Master thesis -_sustainable_psychology-_stress-overconsumption-climate_change...Master thesis -_sustainable_psychology-_stress-overconsumption-climate_change...
Master thesis -_sustainable_psychology-_stress-overconsumption-climate_change...Annika Tibblin
 
Mariano cenamo juma methodological aspects
Mariano cenamo   juma methodological aspectsMariano cenamo   juma methodological aspects
Mariano cenamo juma methodological aspectstheREDDdesk
 
iMAPpenning Slides: Design Research Practice
iMAPpenning Slides: Design Research PracticeiMAPpenning Slides: Design Research Practice
iMAPpenning Slides: Design Research PracticeJeff Watson
 
SANS Log Management 2
SANS Log Management 2SANS Log Management 2
SANS Log Management 2laurenfortune
 
Create better slides and more effective presentations
Create better slides and more effective presentationsCreate better slides and more effective presentations
Create better slides and more effective presentationsRoel Palmaers
 
Global CEO Study 2010
Global CEO Study 2010Global CEO Study 2010
Global CEO Study 2010nicholewright
 
Application security
Application securityApplication security
Application securitykrusty43
 
Thirty (30) trustworthy characteristics of teams
Thirty (30) trustworthy characteristics of teamsThirty (30) trustworthy characteristics of teams
Thirty (30) trustworthy characteristics of teamsWilliam Benner, MPA, ACC
 
Cancer & santé publique interview du professeur agnès buzyn.
Cancer & santé publique   interview du professeur agnès buzyn.Cancer & santé publique   interview du professeur agnès buzyn.
Cancer & santé publique interview du professeur agnès buzyn.Réseau Pro Santé
 
NH Coastal Adaptation Working Group: Assisting NH’s Coastal Communities
NH Coastal Adaptation Working Group: Assisting NH’s Coastal CommunitiesNH Coastal Adaptation Working Group: Assisting NH’s Coastal Communities
NH Coastal Adaptation Working Group: Assisting NH’s Coastal Communitiesgreenbelt82
 
The Mythology of Big Data
The Mythology of Big DataThe Mythology of Big Data
The Mythology of Big Datamark madsen
 
Presentation Hyves, Green IT Amsterdam workshop Green Software 12 apr 2011, o...
Presentation Hyves, Green IT Amsterdam workshop Green Software 12 apr 2011, o...Presentation Hyves, Green IT Amsterdam workshop Green Software 12 apr 2011, o...
Presentation Hyves, Green IT Amsterdam workshop Green Software 12 apr 2011, o...Jaak Vlasveld
 

Similar to Guide juridique web 2.0 (20)

Grad survey results presentation
Grad survey results presentationGrad survey results presentation
Grad survey results presentation
 
Grad survey results presentation
Grad survey results presentationGrad survey results presentation
Grad survey results presentation
 
Grad survey results presentation
Grad survey results presentationGrad survey results presentation
Grad survey results presentation
 
Tcs gmp parents_a3_posterv2 amends
Tcs gmp parents_a3_posterv2 amendsTcs gmp parents_a3_posterv2 amends
Tcs gmp parents_a3_posterv2 amends
 
Master thesis -_sustainable_psychology-_stress-overconsumption-climate_change...
Master thesis -_sustainable_psychology-_stress-overconsumption-climate_change...Master thesis -_sustainable_psychology-_stress-overconsumption-climate_change...
Master thesis -_sustainable_psychology-_stress-overconsumption-climate_change...
 
Mariano cenamo juma methodological aspects
Mariano cenamo   juma methodological aspectsMariano cenamo   juma methodological aspects
Mariano cenamo juma methodological aspects
 
iMAPpenning Slides: Design Research Practice
iMAPpenning Slides: Design Research PracticeiMAPpenning Slides: Design Research Practice
iMAPpenning Slides: Design Research Practice
 
SANS Log Management 2
SANS Log Management 2SANS Log Management 2
SANS Log Management 2
 
OSGi - beyond the myth
OSGi -  beyond the mythOSGi -  beyond the myth
OSGi - beyond the myth
 
Ph 2
Ph 2Ph 2
Ph 2
 
Create better slides and more effective presentations
Create better slides and more effective presentationsCreate better slides and more effective presentations
Create better slides and more effective presentations
 
Global CEO Study 2010
Global CEO Study 2010Global CEO Study 2010
Global CEO Study 2010
 
Clase de Macroeconomía del 13.05.21
Clase de Macroeconomía del 13.05.21 Clase de Macroeconomía del 13.05.21
Clase de Macroeconomía del 13.05.21
 
Application security
Application securityApplication security
Application security
 
NDawards02
NDawards02NDawards02
NDawards02
 
Thirty (30) trustworthy characteristics of teams
Thirty (30) trustworthy characteristics of teamsThirty (30) trustworthy characteristics of teams
Thirty (30) trustworthy characteristics of teams
 
Cancer & santé publique interview du professeur agnès buzyn.
Cancer & santé publique   interview du professeur agnès buzyn.Cancer & santé publique   interview du professeur agnès buzyn.
Cancer & santé publique interview du professeur agnès buzyn.
 
NH Coastal Adaptation Working Group: Assisting NH’s Coastal Communities
NH Coastal Adaptation Working Group: Assisting NH’s Coastal CommunitiesNH Coastal Adaptation Working Group: Assisting NH’s Coastal Communities
NH Coastal Adaptation Working Group: Assisting NH’s Coastal Communities
 
The Mythology of Big Data
The Mythology of Big DataThe Mythology of Big Data
The Mythology of Big Data
 
Presentation Hyves, Green IT Amsterdam workshop Green Software 12 apr 2011, o...
Presentation Hyves, Green IT Amsterdam workshop Green Software 12 apr 2011, o...Presentation Hyves, Green IT Amsterdam workshop Green Software 12 apr 2011, o...
Presentation Hyves, Green IT Amsterdam workshop Green Software 12 apr 2011, o...
 

More from MarketingZ

MarketingZ - Clair et Net
MarketingZ - Clair et NetMarketingZ - Clair et Net
MarketingZ - Clair et NetMarketingZ
 
Observatoire 2013 des sites professionnels français
Observatoire 2013 des sites professionnels françaisObservatoire 2013 des sites professionnels français
Observatoire 2013 des sites professionnels françaisMarketingZ
 
Assurance et réseaux sociaux
Assurance et réseaux sociauxAssurance et réseaux sociaux
Assurance et réseaux sociauxMarketingZ
 
Observatoire des réseaux sociaux
Observatoire des réseaux sociauxObservatoire des réseaux sociaux
Observatoire des réseaux sociauxMarketingZ
 
Le guide du créateur YouTube
Le guide du créateur YouTubeLe guide du créateur YouTube
Le guide du créateur YouTubeMarketingZ
 
Grande distribution et réseaux sociaux
Grande distribution et réseaux sociauxGrande distribution et réseaux sociaux
Grande distribution et réseaux sociauxMarketingZ
 
Comment communiquent les spécialistes de l'immobilier sur les réseaux sociaux
Comment communiquent les spécialistes de l'immobilier sur les réseaux sociauxComment communiquent les spécialistes de l'immobilier sur les réseaux sociaux
Comment communiquent les spécialistes de l'immobilier sur les réseaux sociauxMarketingZ
 
Comment communiquent les fédérations sportives sur les réseaux sociaux ?
Comment communiquent les fédérations sportives sur les réseaux sociaux ?Comment communiquent les fédérations sportives sur les réseaux sociaux ?
Comment communiquent les fédérations sportives sur les réseaux sociaux ?MarketingZ
 
Paris sportifs, Poker et réseaux sociaux
Paris sportifs, Poker et réseaux sociauxParis sportifs, Poker et réseaux sociaux
Paris sportifs, Poker et réseaux sociauxMarketingZ
 
Agences de communication et réseaux sociaux
Agences de communication et réseaux sociauxAgences de communication et réseaux sociaux
Agences de communication et réseaux sociauxMarketingZ
 
Analyse trimestrielle du marché des jeux en ligne en France
Analyse trimestrielle du marché des jeux en ligne en FranceAnalyse trimestrielle du marché des jeux en ligne en France
Analyse trimestrielle du marché des jeux en ligne en FranceMarketingZ
 
Tendances du marche numerique en France
Tendances du marche numerique en FranceTendances du marche numerique en France
Tendances du marche numerique en FranceMarketingZ
 
YouTube - Guide du créateur
YouTube - Guide du créateurYouTube - Guide du créateur
YouTube - Guide du créateurMarketingZ
 
[ÉTUDES] L'usage des tablettes tactiles en 2012
[ÉTUDES] L'usage des tablettes tactiles en 2012[ÉTUDES] L'usage des tablettes tactiles en 2012
[ÉTUDES] L'usage des tablettes tactiles en 2012MarketingZ
 
Internet et recherche emploi
Internet  et recherche emploiInternet  et recherche emploi
Internet et recherche emploiMarketingZ
 
Comment bien utiliser Linkedin
Comment bien utiliser LinkedinComment bien utiliser Linkedin
Comment bien utiliser LinkedinMarketingZ
 
Marketing mobile
Marketing mobileMarketing mobile
Marketing mobileMarketingZ
 
Règles juridiques à connaître en 2012 avant le lancement d’un site Internet
Règles juridiques à connaître en 2012 avant le lancement d’un site Internet Règles juridiques à connaître en 2012 avant le lancement d’un site Internet
Règles juridiques à connaître en 2012 avant le lancement d’un site Internet MarketingZ
 
Livre blanc du Célébrity Marketing
Livre blanc du Célébrity MarketingLivre blanc du Célébrity Marketing
Livre blanc du Célébrity MarketingMarketingZ
 
La diffusion des technologies de l'information et de la communication en France
La diffusion des technologies de l'information et de la communication en FranceLa diffusion des technologies de l'information et de la communication en France
La diffusion des technologies de l'information et de la communication en FranceMarketingZ
 

More from MarketingZ (20)

MarketingZ - Clair et Net
MarketingZ - Clair et NetMarketingZ - Clair et Net
MarketingZ - Clair et Net
 
Observatoire 2013 des sites professionnels français
Observatoire 2013 des sites professionnels françaisObservatoire 2013 des sites professionnels français
Observatoire 2013 des sites professionnels français
 
Assurance et réseaux sociaux
Assurance et réseaux sociauxAssurance et réseaux sociaux
Assurance et réseaux sociaux
 
Observatoire des réseaux sociaux
Observatoire des réseaux sociauxObservatoire des réseaux sociaux
Observatoire des réseaux sociaux
 
Le guide du créateur YouTube
Le guide du créateur YouTubeLe guide du créateur YouTube
Le guide du créateur YouTube
 
Grande distribution et réseaux sociaux
Grande distribution et réseaux sociauxGrande distribution et réseaux sociaux
Grande distribution et réseaux sociaux
 
Comment communiquent les spécialistes de l'immobilier sur les réseaux sociaux
Comment communiquent les spécialistes de l'immobilier sur les réseaux sociauxComment communiquent les spécialistes de l'immobilier sur les réseaux sociaux
Comment communiquent les spécialistes de l'immobilier sur les réseaux sociaux
 
Comment communiquent les fédérations sportives sur les réseaux sociaux ?
Comment communiquent les fédérations sportives sur les réseaux sociaux ?Comment communiquent les fédérations sportives sur les réseaux sociaux ?
Comment communiquent les fédérations sportives sur les réseaux sociaux ?
 
Paris sportifs, Poker et réseaux sociaux
Paris sportifs, Poker et réseaux sociauxParis sportifs, Poker et réseaux sociaux
Paris sportifs, Poker et réseaux sociaux
 
Agences de communication et réseaux sociaux
Agences de communication et réseaux sociauxAgences de communication et réseaux sociaux
Agences de communication et réseaux sociaux
 
Analyse trimestrielle du marché des jeux en ligne en France
Analyse trimestrielle du marché des jeux en ligne en FranceAnalyse trimestrielle du marché des jeux en ligne en France
Analyse trimestrielle du marché des jeux en ligne en France
 
Tendances du marche numerique en France
Tendances du marche numerique en FranceTendances du marche numerique en France
Tendances du marche numerique en France
 
YouTube - Guide du créateur
YouTube - Guide du créateurYouTube - Guide du créateur
YouTube - Guide du créateur
 
[ÉTUDES] L'usage des tablettes tactiles en 2012
[ÉTUDES] L'usage des tablettes tactiles en 2012[ÉTUDES] L'usage des tablettes tactiles en 2012
[ÉTUDES] L'usage des tablettes tactiles en 2012
 
Internet et recherche emploi
Internet  et recherche emploiInternet  et recherche emploi
Internet et recherche emploi
 
Comment bien utiliser Linkedin
Comment bien utiliser LinkedinComment bien utiliser Linkedin
Comment bien utiliser Linkedin
 
Marketing mobile
Marketing mobileMarketing mobile
Marketing mobile
 
Règles juridiques à connaître en 2012 avant le lancement d’un site Internet
Règles juridiques à connaître en 2012 avant le lancement d’un site Internet Règles juridiques à connaître en 2012 avant le lancement d’un site Internet
Règles juridiques à connaître en 2012 avant le lancement d’un site Internet
 
Livre blanc du Célébrity Marketing
Livre blanc du Célébrity MarketingLivre blanc du Célébrity Marketing
Livre blanc du Célébrity Marketing
 
La diffusion des technologies de l'information et de la communication en France
La diffusion des technologies de l'information et de la communication en FranceLa diffusion des technologies de l'information et de la communication en France
La diffusion des technologies de l'information et de la communication en France
 

Guide juridique web 2.0

  • 1. Gérer les enjeux et risques juridiquesdu Web 2.0 JANVIER 2012
  •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`1<7"++"# ]..2"#!18<"<F# `"."62Q6"#a5/;1.7# ^"1.O&/1.b52*#'@#)<",,"++"# # # ! H;7:I2!<2!I1E629!B!&*+#$.! ^5*I"#c"1<752.9#62-"OA/I*27".+"#d5.+/I1,9#(..561+25.#"+# >/1.*0"/+# ^<,21#`1<7/"1<,+OX"//5.9#-31/8I"#7"#A/5N"+# /1FIJ:4K2!B!'LEM1FIJ!! c/282++"#]_5++"# # "JE9E4!<2!3F!NE7C219712# 2J+5-eA35+5@-5;#K#fJ>%%g# 2J+5-eA35+5@-5;#K#f7HBh "E71!9E79!12542:M52K259!NE5N215F59!32!I1E629O!C27:332P!NEKK75:;721!FC2N!32!&*+#$.!F78!NEE1<E55024!N:Q <244E74!G! ! ! R70>2N!Q!S:TM2!4EN:F3! 888, rue Saint-Jean Bureau 575 Québec (Québec) G1R 5H6 Canada Téléphone : 418 523-3746 Télécopieur : 418 523-2329 ! ! DE5910F3 550, rue Sherbrooke Ouest Bureau 471, Tour Ouest Montréal (Québec) H3A 1B9 Canada Téléphone : 514 840-1245 Télécopieur : 514 840-1275 ! Courriel : info@cefrio.qc.ca – Site Internet : www.cefrio.qc.ca Dépôt légal : 2012 Bibliothèques et Archives nationales du Québec Bibliothèques et Archives Canada ISBN : 978-2-923852-29-4 U!&*+#$.!?AV?O!9E74!<1E:94!10421C04@! L’INFORMATION CONTENUE DANS CE DOCUMENT NE PEUT ÊTRE UTILISÉE OU REPRODUITE PAR UNE TIERCE PARTIE, À MOINS D’UNE AUTORISATION ÉCRITE DU CEFRIO.!
  • 3. "#"! !"#$%&'()')*+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+- .$%()/01%2)$+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+3 .&+ 45*+(2*605*+5%+5$7508+/91)0:#$%+/5*+;)$1%2)$*+#**)1295*+ #0+<5=+>,?+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+@ $% &'!()*+,'-'+.!/'!012()'00'!/'3!4#356'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7 8%! &'3!94#+(#9*0'3!(*.2,:4#'3!/'!4#356'3!'.!'+;'6<!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=> =%! &'3!4#356'3!/'!(:-9:4.'-'+.!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=> ?% &'3!4#356'3!/'!(:+@#,64*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=? A% &'3!4#356'3!'.!'+;'6<!/'!42,60*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=A ..& 45*+(5*')$*#=2:2%9*+/91)0:#$%+/5*+#1%2"2%9*+*5+ /9()0:#$%+*0(+:5+<5=+>,?+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-A $% &*!4'39:+3*B#0#.2!/'3!#+/#C#/63!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=D 8% &E'+.4'94#3'!:6!01:4,*+#3-'!96B0#(!(:--'!'-90:F'64!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=G =% &'!4'(:643!*6<!3#.'3!H'B!?%>!/*+3!0'3!94*.#56'3!/E'-B*6()'!%%%%%%%%%%%%%%%%%%%%%%%!=I *% &*!/#3(4#-#+*.#:+!/*+3!0'3!:@@4'3!/E'-90:#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=I B%! &16.#0#3*.#:+!/'3!#+@:4-*.#:+3!,0*+2'3!364!6+!94:@#0!/E6+! (*+/#/*.!9:.'+.#'0!9:64!2(0*#4'4!6+'!/2(#3#:+!/E'-B*6()'!%%%%%%%%%%%%%%%%%%%%%!=J ?%! &'3!0#-#.'3!*6!(:+.4K0'!/'!0E'-90:F'64!364!0E63*,'!/6!H'B!?%>! 9*4!0'3!'-90:F23!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=7 *%! &*!364C'#00*+('!/'3!*(.#C#.23!/'3!'-90:F23!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=7 B%! &'3!*(.#C#.23!/'!0E'-90:F2!'+!/'):43!/6!.4*C*#0!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?= A%! &*!4'39:+3*B#0#.2!/'!01'+.4'94#3'!:6!/'!01:4,*+#3-'!96B0#(!9:64! 0*!(:+/6#.'!/'!0E'-90:F2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?? L%! &'3!'-90:F23!(:--'!6.#0#3*.'643!/6!H'B!?%>!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?A =%! &'3!:B0#,*.#:+3!/'3!'-90:F23!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?A ?%! &'3!4'39:+3*B#0#.2!/'3!'-90:F23!/2(:60*+.!/1*,#33'-'+.3!364! 6+!3#.'!H'B!?%>!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?M N%! &*! 4'39:+3*B#0#.2! /2(:60*+.! /'! 01*(.#C#.2! /'3! .#'43! "! (0#'+.3O! B2+2C:0'3O! @*+3! /'! 94:/6#.3!/'!0E'+.4'94#3'O!9*4.'+*#4'3!/E*@@*#4'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?G =%! &1#+@:4-*.#:+!'3.!-#3'!'+!0#,+'!9*4!/2(#3#:+!/'!01'+.4'94#3'!%%%%%%%%%%%%%%%%%%%%%%%%%%!?I ?%! &1#+@:4-*.#:+!'3.!-#3'!'+!0#,+'!9*4!/2(#3#:+!/16+!.#'43!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?I
  • 4. "##"! ...& 45*+5$7508+5%+(2*605*+/5*+'(2$12'#:5*+#'':21#%2)$*+/0+<5=+>,?+,,,,,,,,,+>B $%! &'3!3#.'3!/'!423'*6<!3:(#*6<!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?J =% P61'3."('!5616+!3#.'!/'!423'*6!3:(#*0!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!?7 *% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!A> B% R.#0#3*.#:+!/'3!423'*6<!3:(#*6<!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AA ?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6<!3#.'3!/'!423'*6.*,'!3:(#*0!Q!%%%%%%%%%%%%%%%%%%%%!AM *% &*!/#C60,*.#:+!/'!4'+3'#,+'-'+.3!9'43:++'03!'.!/'! 4'+3'#,+'-'+.3!(:+@#/'+.#'03!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AM B% &'3!4'+(:+.4'3!):43"0#,+'!*C'(!/'3!2.4*+,'43!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AG (% &16.#0#3*.#:+!+:+!*6.:4#32'!/'!01#-*,'O!/'!0*!-*456'!'.!0'3! *..'#+.'3!*6!/4:#.!/1*6.'64!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AG /% &'3!(:+.'+63!S!(*4*(.T4'!9:4+:,4*9)#56'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AI '% &'3!*..'#+.'3!S!0*!4296.*.#:+O!0*!94:9*,*+/'!)*#+'63'O!0'! )*4(T0'-'+.!'.!0'3!-'+*('3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AI @% !&16.#0#3*.#:+!/2(:+.'<.6*0#32'!/'3!4'+3'#,+'-'+.3! 9'43:++'03!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AJ ,% &'!4#356'!/'!@*03#@#(*.#:+!/1#/'+.#.2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!AJ )% &'!4#356'!/'!C:0!/1#+@:4-*.#:+!9'43:++'00'O!C:0!/1#/'+.#.2O! 3:00#(#.*.#:+!#+/23#4*B0'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!A7 #% &16.#0#3*.#:+!/'3!3#.'3!/'!423'*6.*,'!S!/'3!@#+3!;6/#(#*#4'3! :6!/#3(#90#+*#4'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M> ;% !&*!9'43#3.*+('!/'!01#+@:4-*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M> A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M= *% &'3!(:-9:4.'-'+.3!'.!0'3!(*4*(.24#3.#56'3!/'3!63*,'43!%%%%%%%%%%%%%%%%%%%%%%%%%%!M= B% &'3!3'4C#('3!:@@'4.3!9*4!0'!3#.'!/'!423'*6!3:(#*0!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M= (% &*!9423'+('!/'!364C'#00*+('!364!0'!3#.'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M? /% &*!9423'+('!/16+!-:F'+!/'!/2+:+('4!0'!(:+.'+6! #+*994:94#2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M? M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M? *% UC#.'4!/'!-'..4'!'+!0#,+'!/'3!4'+3'#,+'-'+.3!9'43:++'03!%%%%%%%%%%%%%%%%%%%%%%!M? B% V'..4'!'+!90*('!6+!)*6.!/',42!/'!94:.'(.#:+!/'!+:.4'! 94:@#0!'.!2C#.'4!0'!(:+.*(.!*C'(!/'3!#+(:++63!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MA (% V'..4'!'+!0#,+'!6+'!94:(2/64'!/'!/2+:+(#*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MA /% W+@:4-'4!0'3!9*4.#(#9*+.3!/'3!4#356'3!0#23!S!0163*,'!/'3!3#.'3! /'!423'*6.*,'!3:(#*0!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MM 8% &'3!3#.'3!/'!9*4.*,'!/'!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MM =% P61'3."('!5616+!3#.'!/'!9*4.*,'!/'!(:+.'+6!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MM *% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MD B% R.#0#3*.#:+!/'3!3#.'3!/'!9*4.*,'!/'!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MG
  • 5. "###"! ?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6<!3#.'3!/'!9*4.*,'!/'! (:+.'+6!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MG *% &16.#0#3*.#:+!+:+!*6.:4#32'!/'!01#-*,'!'.!/'! 4'+3'#,+'-'+.3!9'43:++'03!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MG B% &'3!(:+.'+63!)*#+'6<O!-'+*X*+.3O!/#@@*-*.:#4'3!'.! (:+.4*#4'3!*6<!0:#3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MI (% &'3!*..'#+.'3!*6!/4:#.!/1*6.'64!:6!*6<!-*456'3!/'! (:--'4('!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!MJ /% &*!4'39:+3*B#0#.2!9:64!0'3!#+@:4-*.#:+3!/#@@632'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!M7 '% &E6.#0#3*.#:+!/'3!3#.'3!/'!9*4.*,'!/'!(:+.'+6!S!/'3!@#+3! ;6/#(#*#4'3!:6!/#3(#90#+*#4'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D> A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D> *% &*!9423'+('!/16+!-:F'+!/'!/2+:+('4!0'!(:+.'+6! #+*994:94#2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D> B% &'!(*4*(.T4'!*+:+F-'!:6!+:+!/'3!9*4.#(#9*+.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D= (% &'3!(*4*(.24#3.#56'3!/'!0163*,'4!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D= /% &*!9423'+('!/'!-:/24*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D= M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D? *% W+@:4-'4!0'3!9*4.#(#9*+.3!/'3!4#356'3!4'0#23!S!0163*,'!/'3! 3#.'3!/'!9*4.*,'!/'!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D? B% Y'+3'4!*6<!(:+3256'+('3!9:33#B0'3!*C*+.!0*!-#3'!'+!0#,+'! /'!-*.24#'0!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D? (% Z1*3364'4O!*C*+.!/'!96B0#'4!6+!@#()#'4O!56'!0'!3#.'!():#3#! :@@4'!6+!3F3.T-'!/'!-:/24*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D? /% UC#.'4!/'!-'..4'!'+!0#,+'!/'3!4'+3'#,+'-'+.3!9'43:++'03!%%%%%%%%%%%%%%%%%%%%%%!DA '% UC#.'4!/'!9:4.'4!*..'#+.'!*6<!/4:#.3!/1*6.4'3!9'43:++'3!%%%%%%%%%%%%%%%%%%%%%%%%%%!DA @% U.*B0#4!6+'!9:0#.#56'!/16.#0#3*.#:+!/6!3#.'!/'!9*4.*,'!/'! (:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DA ,% V'..4'!364!9#'/!6+!94:('3363!/'!C24#@#(*.#:+!/6!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%!DA L% &'3!B0:,6'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DA =% P61'3."('!5616+!B0:,6'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DM *% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DD B% R.#0#3*.#:+!/'3!B0:,6'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DG ?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6<!B0:,6'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DG *% &'3!*..'#+.'3!S!0*!4296.*.#:+O!0*!94:9*,*+/'!)*#+'63'!'.!0'3! -'+*('3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DG B% &*!9423'+('!/'!(:+.'+6!#+*994:94#2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DI (% &*!/#C60,*.#:+!/'!4'+3'#,+'-'+.3!9'43:++'03!'.! (:+@#/'+.#'03!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!DJ /% &*!4'39:+3*B#0#.2!9:64!0'3!#+@:4-*.#:+3!/#@@632'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D7 '% &*!/#@@63#:+!/'3!#-*,'3!/'3!9'43:++'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!D7
  • 6. "#C"! @% &'3!*..'#+.'3!*6!/4:#.!/1*6.'64!'.!*6<!-*456'3!/'! (:--'4('!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G> ,% &*!(:+360.*.#:+!/2(:+.'<.6*0#32'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G> )% &E6.#0#3*.#:+!/'3!B0:,6'3!S!/'3!@#+3!;6/#(#*#4'3!:6! /#3(#90#+*#4'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G= A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G? *% &*!9423'+('!/'!-:/24*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G? B% &'!(*4*(.T4'!*+:+F-'!:6!+:+!/'3!9*4.#(#9*+.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G? (% &'!36;'.!.4*#.2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GA /% &*!9423'+('!/'!3:+3O!/1#-*,'3!:6!/'!C#/2:3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GA M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GM *% U.*B0#4!6+'!9:0#.#56'!/16.#0#3*.#:+!/6!3#.'!/1)2B'4,'-'+.! /'!B0:,6'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GM B% Z1*3364'4O!'+!(42*+.!6+!B0:,6'O!56'!0E)2B'4,'64!():#3#! :@@4'!6+!3F3.T-'!/'!-:/24*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GM (% U+:+('4!0'3!4T,0'3!/'!(:+/6#.'!/'3!9*4.#(#9*+.3!:6! [2.#56'..'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GM /% W+@:4-'4!0'3!9*4.#(#9*+.3!/'3!4#356'3!0#23!S!0163*,'!/'3! B0:,6'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GD '% 8:++'3!94*.#56'3!9:64!-#+#-#3'4!0'3!4#356'3!/1*..'#+.'3! *6<!/4:#.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GD N% &'!-#(4:"B0:,6'!]^#..'4_!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GG =% P6E'3."('!56E6+!-#(4:"B0:,6'!]^#..'4_Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GG *% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GI B% R.#0#3*.#:+!/6!-#(4:"B0:,6'!]^#..'4_!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GJ ?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6!-#(4:"B0:,6'!]^#..'4_Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%!G7 *% &*!/#@@63#:+!/'!4'+3'#,+'-'+.3!9'43:++'03!'.!0'3!*..'#+.'3! S!0*!C#'!94#C2'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!G7 B% &'3!*..'#+.'3!S!0*!4296.*.#:+O!0'3!94:9:3!)*#+'6<!:6! *6.4'-'+.!#+*994:94#23!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I> (% &*!4'/#4'(.#:+!C'43!/'3!3#.'3!S!(:+.'+6!#+*994:94#2!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I= /% &*!(:+360.*.#:+!/2(:+.'<.6*0#32'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I= '% &E6.#0#3*.#:+!/'3!-'33*,'3!S!/'3!@#+3!;6/#(#*#4'3!:6! (:--'4(#*0'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I? @% &E63649*.#:+!/E#/'+.#.2!'.!0E)*-'X:++*,'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I? ,% &'3!*..'#+.'3!*6!/4:#.!/E*6.'64!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IA A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IA *% &163*,'4!*"."#0!():#3#!/'3!(4#.T4'3!/'!(:+@#/'+.#*0#.2!94#C23!Q!%%%%%%%%%%%%%%%%%%%%!IA B% &163*,'4!'3."#0!`36#C#a!9*4!6+!94:()'!:6!56'05616+!/'! (:+@#*+('!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IM (% &163*,'4!6.#0#3'"."#0!6+!93'6/:+F-'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IM
  •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`!Z6#C4'!a!0*!9'43:++'!3:63!+:.4'!364C'#00*+('!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IG b% !&'3!3#.'3!/'!+:.*.#:+!/'!9'43:++'3O!/'!3'4C#('3!:6!/'!94:/6#.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IG =% P61'3."('!5616+!3#.'!/'!+:.*.#:+!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IG *% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IJ B% R.#0#3*.#:+!/'3!3#.'3!/'!+:.*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!IJ ?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6<!3#.'3!/'!+:.*.#:+!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I7 *% &*!-*+#960*.#:+!/'!01#+@:4-*.#:+!'.!0'!(*4*(.T4'!'44:+2!/'! ('00'"(#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I7 B% &'3!*..'#+.'3!S!0*!4296.*.#:+!'.!S!0*!C#'!94#C2'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!I7 (% &*!/#C60,*.#:+!/'!4'+3'#,+'-'+.3!9'43:++'03!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J> /% &16.#0#3*.#:+!+:+!*6.:4#32'!/'!01#-*,'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J= '% &*!4'39:+3*B#0#.2!9:64!0'3!#+@:4-*.#:+3!/#@@632'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J= A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J? *% &1:B;'.!/'!012C*06*.#:+!'.!0'3!@:+(.#:+3!:@@'4.'3!9*4!0'!3#.'!%%%%%%%%%%%%%%%%%%%%%%%!J? B% &*!9423'+('!/'!-:/24*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J? (% &'!(*4*(.T4'!*+:+F-'!:6!+:+!/'3!9*4.#(#9*+.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JA /% &*!9:33#B#0#.2!/'!0*#33'4!9063#'643!2C*06*.#:+3!9:64!6+! -c-'!94:/6#.!:6!6+'!-c-'!9'43:++'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JA M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JM *% U.*B0#4!/'3!(:+3'#03!/12(4#.64'!9:64!0'3!2C*06*.#:+3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JM B% V'..4'!364!9#'/!6+!94:('3363!/'!C24#@#(*.#:+!/6!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%!JM (% U.*B0#4!6+'!9:0#.#56'!/16.#0#3*.#:+!/6!3#.'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JM /% W+@:4-'4!0'3!9*4.#(#9*+.3!/'3!4#356'3!0#23!S!0163*,'!/'3!3#.'3! /'!+:.*.#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JM d% &'3!3#.'3!H#e#3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JD =% P61'3."('!5616+!3#.'!H#e#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JD *% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JG B% R.#0#3*.#:+!/'3!3#.'3!^#e#3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!JJ ?% P6'03!3:+.!0'3!4#356'3!*33:(#23!*6<!3#.'3!H#e#3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J7 *% &'3!#+@:4-*.#:+3!#+'<*(.'3!:6!(:+.4K02'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!J7 B% &'3!*..'#+.'3!S!0*!4296.*.#:+O!0*!94:9*,*+/'!)*#+'63'!'.!0'3! -'+*('3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7> (% &'3!(:+.'+63!S!(*4*(.T4'!9:4+:,4*9)#56'!:6!*6.4'-'+.! #+*994:94#23!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7?
  • 8. "C#"! /% &'3!*..'#+.'3!*6!/4:#.!/1*6.'64!'.!016.#0#3*.#:+!+:+!*6.:4#32'! /'!01#-*,'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7? '% &*!4'39:+3*B#0#.2!9:64!0'3!#+@:4-*.#:+3!/#@@632'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7A @% &E6.#0#3*.#:+!/'3!3#.'3!^#e#3!S!/'3!@#+3!;6/#(#*#4'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7M A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7M *% &1*(('33#B#0#.2!*6!3#.'!H#e#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7M B% &'!(:+.'+6!/6!3#.'!H#e#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7D (% &'!(*4*(.T4'!*+:+F-'!:6!+:+!/'3!9*4.#(#9*+.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7D M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7G *% V'..4'!'+!90*('!6+'!94:(2/64'!9:64!429:+/4'!*6<! 942:((69*.#:+3!:6!90*#+.'3!(:+('4+*+.!0'!-*.24#'0!90*(2! 364!0'!3#.'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7G B% U.*B0#4!6+'!9:0#.#56'!/16.#0#3*.#:+!/6!3#.'!H#e#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7G (% V'..4'!'+!90*('!6+'!94:(2/64'!*@#+!/'!4'C:#4!0'!-*.24#'0! 90*(2!364!0'!3#.'!H#e#!9:64!C24#@#'4!3*!(:+@:4-#.2!*6!/4:#.! /1*6.'64!'.!S!/1*6.4'3!/4:#.3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7G /% U.*B0#4!/'3!4T,0'3!/'!(:+/6#.'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7I '% W+@:4-'4!0'3!,'+3!/'3!4#356'3!#+)24'+.3!S!016.#0#3*.#:+!/16+! 3#.'!H#e#!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7I f% &'3!@06<!gZZ!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7I =% P61'3."('!5616+!@06<!gZZ!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7I *% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!7J B% R.#0#3*.#:+!/'3!@06<!gZZ!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!77 ?% P6'03!3:+.!0'3!4#356'3!*33:(#23!S!6+!@06<!gZZ!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!77 *% b+,*,'4!3*!4'39:+3*B#0#.2!9:64!0'!(:+.'+6!/6!@06<!gZZ! 96B0#2!9*4!6+!.#'43!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!77 A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>> *%! &'!36;'.!/6!@#03!gZZ!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>> B% &'!96B0#("(#B0'!/6!3#.'!94:96032!9*4!0'!/2C'0:99'64!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>> (% &*!90*('!'.!01#-9:4.*+('!*..4#B62'3!*6!@06<!gZZ!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>> M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>> *% h24#@#'4!0'!3#.'!42,60#T4'-'+.!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>> B% ['!4'0*F'4!56'!/'3!3#.'3!(42/#B0'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>> i% &*!B*0*/:/#@@63#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>= =% P6E'3."('!56'!0*!B*0*/:/#@@63#:+!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>= *% P6#!@*#.!56:#!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>? B% R.#0#3*.#:+!/'!0*!B*0*/:/#@@63#:+!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>M ?% P6'03!3:+.!0'3!4#356'3!*33:(#23!S!0*!B*0*/:/#@@63#:+!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>M A% L:--'+.!2C*06'4!('3!4#356'3!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>M
  • 9. "C##"! *% &'!96B0#(!C#32!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>D B% &*!9423'+('!/'!3:+3O!/1#-*,'3!:6!/'!C#/2:3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>D (% &j#+@:4-*.#:+!(:+.'+6'!/*+3!0'!@#()#'4!B*0*/:!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>D M% P6'00'3!3:+.!0'3!942(*6.#:+3!S!94'+/4'!Q!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>G *% Y42C:#4!6+!-:F'+!/'!/2+:+('4!0'!(:+.'+6!#+*994:94#2!%%%%%%%%%%%%%%%%%%%%%%%%!=>G B% UC#.'4!/'!9:4.'4!*..'#+.'!*6<!/4:#.3!/1*6.4'3!9'43:++'3!%%%%%%%%%%%%%%%%%%%%%%%%!=>G .C, 45*+D)/E:5*+/5+'):2%2605*F+/5+D2*5*+5$+G#(/5+5%+ /5+1)$*52:*+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-?H $% Y:0#.#56'3!,2+24*0'3!4'0*.#C'3!S!016.#0#3*.#:+!/1W+.'4+'.!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>I =%! Y:0#.#56'!/16.#0#3*.#:+!/6!3#.'!W+.'4+'.!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!=>I! ?%! Y:0#.#56'!/'!94:.'(.#:+!/'!0*!C#'!94#C2'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!==>! A%! Y:0#.#56'!/'!,'3.#:+!/6!/4:#.!/1*6.'64!'.!/'3!*6.4'3!94:94#2.23! #+.'00'(.6'00'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!===! 8% Y:0#.#56'3!'.!942(*6.#:+3!392(#@#56'3!3'0:+!0'!.F9'!/'!3#.'!H'B!?%>!6.#0#32!%%%%%%%%%%%%!==? =% &'3!B0:,6'3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!==? ?% &'3!3#.'3!/'!9*4.*,'!/'!(:+.'+6!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!==? A% &'3!3#.'3!/'!423'*6<!3:(#*6<!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!==A M% &'3!3#.'3!/12C*06*.#:+!/'!9'43:++'3O!/'!3'4C#('3!:6!/'!94:/6#.3!%%%%%%%%%%%%%%%%%!==M D% &'3!3#.'3!H#e#3!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!==M
  • 10. ! !
  • 11. f24'4!0'3!'+;'6<!'.!4#356'3!;64#/#56'3!/6!!"#$?%>! ! ! !"#$%&'()')*+ b+!?>==O!IA!k!/'3!#+.'4+*6.'3!562B2(:#3!:+.!42*0#32!*6!-:#+3!6+'!*(.#C#.2!9*4!-:#3!364! 0'3! -2/#*3! 3:(#*6<! '.! 94T3! /6! .#'43! /'! ('6<"(#! F! :+.! /2;S! 36#C#! 6+'! -*456'O! 6+'! '+.4'94#3'O!6+!:4,*+#3-'!:6!6+!-#+#3.T4'!A=!k_%!N*+3!0*!-:#.#2!/'3!(*3O!('3!/'4+#'43! :+.!#+.'4*,#!*C'(!016+'!:6!01*6.4'!/'!('3!:4,*+#3*.#:+3!364!0'3!-2/#*3!3:(#*6<%!! N*+3!('!(:+.'<.'O!:l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bdgWm!364!0'3!+:6C'*6<!63*,'3!/6!H'B!?%>%!! L:+3.*.*+.! 012C:06.#:+! @60,64*+.'! /'! 0163*,'! /6! H'B! ?%>! 9*4! 0*! 9:960*.#:+! '.O! 94:,4'33#C'-'+.O! /'3! :4,*+#3*.#:+3O! 0'! LbdgWm! *! 0*+(2! S! 01*6.:-+'! /'! ?>>7! 6+! C*3.'! ()*+.#'4! 364! 0'3! +:6C'*6<! 63*,'3! /6! H'B! ?%>! 9:64! 0'3! :4,*+#3*.#:+3%! R+'! /:6n*#+'! /1:4,*+#3*.#:+3!:+.!94#3!9*4.!*6!94:;'.!S!.#.4'!/'!9*4.'+*#4'3!/1'<924#-'+.*.#:+!:6!/'! 9*4.'+*#4'3! @#+*+(#'43!o! 0*! 8*+56'! +*.#:+*0'O! 0*! L)*#4'! '+! 2(:"(:+3'#0! /'! 01RPLO! 0*! L:--#33#:+!/'3!+:4-'3!/6!.4*C*#0O!N'3;*4/#+3O!iF/4:"P62B'(O!Y)24:-:+'O!0*!g2,#'!/'3! 4'+.'3!/6!P62B'(O!g'C'+6!P62B'(O!Z'4C#('3!P62B'(O!0*!h#00'!/'!V:+.42*0p&#C#+,!&*B!/'! V:+.42*0! '.! 0*! h#00'! /'! P62B'(%! W0! 31*,#33*#.! *0:43! /'! 363(#.'4! 01#++:C*.#:+! C'43! /'! +:6C'00'3!94*.#56'3!9*4!0163*,'!/'3!:6.#03!/6!H'B!?%>!'.!/1'+!9*4.*,'4!0'3!42360.*.3!'+.4'! 0'3!:4,*+#3*.#:+3%!! N*+3!('!C*3.'!94:;'.O!/'6<!*<'3!/1'<924#-'+.*.#:+!'.O!#+(#/'--'+.!/'!4'()'4()'O!:+.! 2.2!*/:9.23!o!/16+'!9*4.O!01*<'!/6!94:('3363!-*4e'.#+,!'.!/'!0*!4'0*.#:+!(0#'+.!'.O!/1*6.4'! 9*4.O! ('06#! /'3! 4'33:64('3! )6-*#+'3! '.! /'! 0*! (:00*B:4*.#:+! #+.'4+'%! R+! 4',*4/! 364! 0'3! '+;'6<!;64#/#56'3!/'3!#+#.#*.#C'3!H'B!?%>!/*+3!0'3!:4,*+#3*.#:+3!'3.!2,*0'-'+.!9:32O!('! 56#!/:++'!0#'6!S!6+!.4:#3#T-'!*<'!/'!4'()'4()'%!! $@#+!/'!/:(6-'+.'4!0'3!(*3!'<924#-'+.23!/*+3!()*(6+'!/'3!:4,*+#3*.#:+3!'.!3'0:+!3:+! -:/T0'!/'!(:00*B:4*.#:+!*C'(!/'3!256#9'3!/'!()'4()'643!6+#C'43#.*#4'3O!0'!LbdgWm!*!@*#.! *99'0!*6<!()'4()'643!36#C*+.3!o!! ! O g2*0!q*(:BO!94:@'33'64!.#.60*#4'!*6!3'4C#('!/'!01'+3'#,+'-'+.!/6!-*+*,'-'+.!S! ibL!V:+.42*0O!/#4'(.'64!/'!0*!C*0:4#3*.#:+O!/6!.4*+3@'4.!*6<!'+.4'94#3'3!'.!/'!0*! @:4-*.#:+!/'3!(*/4'3!S!ibL!V:+.42*0!'.!9423#/'+.!/6!(:-#.2!(:+3'#0!#++:C*.#:+! '.!.4*+3@'4.!/6!LbdgWm%! ! O $++'!8:64)#3O!94:@'33'64'!*,42,2'!'.!/#4'(.4#('!/6!3'4C#('!/'!01'+3'#,+'-'+.!/'! 0*!,'3.#:+!/'3!4'33:64('3!)6-*#+'3!S!ibL!V:+.42*0%!
  •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b+!9*4.#(60#'4O!#0!F!*!/'3!4#356'3!/'!3'! .4:6C'4!/*+3!6+'!3#.6*.#:+!9:64!0*56'00'!0*!0:#!*!942C6!/'3!'<#,'+('3!:6!/'3!#+.'4/#.3%!$6! 4#356'! /'! )'64.'4! 0'3! C*0'643! /'! 0*! C#'! '+! 3:(#2.2! :6! /'! 3'! .4:6C'4! '+! 3#.6*.#:+! /'! (:+.4*C'+.#:+!*6<!0:#3O!#0!#-9:4.'!/'!3*C:#4!#/'+.#@#'4!/'!.'00'3!3#.6*.#:+3!'.!/'!3'!/:++'4! 0'3!-:F'+3!/'!4'(:++*r.4'!6+'!3#.6*.#:+!+2('33#.*+.!/'3!942(*6.#:+3? %! &1'<94'33#:+!H'B!?%>!4'+C:#'!S!6+!'+3'-B0'!/'!42*0#.23!'.!/'!3#.6*.#:+3!56#!2()*99'+.!S! 6+'!/2@#+#.#:+!56#!3'4*#.!'<)*63.#C'A %!L*4*(.24#32!9*4!('4.*#+3!202-'+.3!'-B02-*.#56'3O! 0'! H'B!?%>! 4'+C:#'! S! 6+'! (:+3.'00*.#:+! /'! @:+(.#:+3! 9:332/*+.! /'3! (*4*(.24#3.#56'3! (:--6+'3%!Y*4-#!('3!(*4*(.24#3.#56'3O!#0!F!*!6+!+#C'*6!20'C2!/1#-90#(*.#:+!/'3!63*,'43! /*+3!0*!(42*.#:+!/'!(:+.'+63%!m+!*33:(#'!2,*0'-'+.!*6!H'B!?%>!('3!'+C#4:++'-'+.3! 3.46(.6423!/*+3!0'356'03!0'3!(:+.'+63!3:+.!,2+2423!'+!B:++'!9*4.#'!9*4!0'3!6.#0#3*.'643! (:--'! 0'3! 3#.'3! /12/#.#:+! (:00'(.#C'! .'0! ('06#! /'! 01'+(F(0:92/#'! !%&%'"(%)%! L'3! 3#.'3! 9'4-'..'+.! *6<! #+.'4+*6.'3! /12/#.'4! '.! /'! -:/#@#'4! /'3! (:+.'+63! S! 0'64! ,6#3'%! N*+3! /1*6.4'3! (*3! /'! @#,64'O! :+! 2C:56'! 0*! 9:33#B#0#.2! /'! (:-B#+'4! /'3! *990#(*.#:+3! '.! /'3! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! = !! q'*+"Y#'44'!8b[fimsWO!V#()T0'!8bgf$N$t! '.!b4^*+!8Rgui$g]O!H'B!?%>!*$+,-"./$("$01,2%),0"O! 846<'00'3O!N'!8:'(eO!?>==O!9%!v%! ? !! L'4.*#+3!/23#,+'+.!0'3!'+;'6<!4'0*.#@3!*6<!C*0'643!/'!0*!C#'!'+!3:(#2.2!:6!/'!0*!(:+.4*C'+.#:+!*6<!0:#3! '+!6.#0#3*+.!0'!-:.!`!2.)#56'!a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c-'3! 56'3.#:+3! 56'! ('00'3!*B:4/2'3!/*+3!0'3!0:#3O!-*#3!/'!@*X:+!-:#+3!942(#3'!*6!4',*4/!/'3!/4:#.3!'.!:B0#,*.#:+3%!W0!'3.! *994:94#2!/'!4'(:64#4!*6<!4*#3:++'-'+.3!2.)#56'3!/*+3!0'3!3#.6*.#:+3!0#-#.'3O!('00'3!9:64!0'356'00'3! 0'3!0:#3!+'!94:(64'+.!9*3!/'!3:06.#:+!('4.*#+'%!h:#4!+:.*--'+.o!L)*40'3!bZZO!3%4%5)6$7"(%)$+58%09O! L*-B4#/,'O!Y:0#.F!Y4'33O!?>>7w!&6(#*+:!d&mgWNW!'/%_!:8"$;)<#=%(4"$>),(#11&$12$?,21=<)5%1,$),($ ;1<'.5"=$+58%09O!L*-B4#/,'!R+#C'43#.F!Y4'33O!?>=>%!! A !! N#:+! iW[LiL&WddbO! `!g'C#'^! :@! .)'! x'*413! 8'3.! H'B!?%>! b<90*+*.#:+31!aO! !"#$@AB$ C1.=,)6O! )..9opp^'B?%3F3"(:+%(:-p+:/'p=GD7=M!w!Y#'44'!]gRNb&O!`!&*!42,60*.#:+!/6!H'B!?%>!aO!?>>J_!A?! D"E."$(.$(=1%5$("9$5"08,1614%"9$("$6F%,21=<)5%1,!?JA%!
  • 14. "M"! (:+.'+63!'.!3F+()4:+#3'4!6+!3#.'!H'B!*C'(!/1*6.4'3M %!&'3!3#.'3!/'!9*4.*,'!/'!(:+.'+63! (:--'!x:6]6B'!:6!3)%6G<15%1,!9'4-'..'+.!*6<!#+.'4+*6.'3!/'!/#@@63'4!/'3!(:+.'+63! '+! 0#,+'%! &'3! 3#.'3! /'! 423'*6<! 3:(#*6<! (:--'! H)0"#11&$ :6! 7G9')0"! 9'4-'..'+.! *6<! #+/#C#/63!/'!/#@@63'4!0'64!94:@#0!9'43:++'0!/'!-c-'!56'!/'3!#+@:4-*.#:+3!9:4.*+.!364! /1*6.4'3!9'43:++'3D %!R+!*6.'64!:B3'4C'!56'!0*!+:.#:+!/'!H'B!?%>!`!/23#,+'!0*!.'+/*+('O! :B3'4C2'!()'n!('4.*#+'3!'+.4'94#3'3!9423'+.'3!364!0'!H'BO!S!96B0#'4!6+!(:+.'+6!,2+242! 9*4!0'3!6.#0#3*.'643!906.K.!56'!/'!4'(:64#4!*6!-:/T0'!/1*@@*#4'3!.4*/#.#:++'0!/'!-#3'!'+! 0#,+'! /'! (:+.'+63! -2/#*.#56'3! 94:94#2.*#4'3%!aG ! m+! *33:(#'! 3:6C'+.! *6! H'B!?%>! /#@@24'+.'3!*994:()'3!(*4*(.24#32'3!9*4!0'!9*4.*,'!/'!(:+.'+63O!/'!-#<*,'!/'!('6<"(#!'.! 0'64!426.#0#3*.#:+!*6!,42!/'3!#+#.#*.#C'3!/'3!63*,'43%! $@#+!/'!4'+/4'!(:-9.'!/6!/4:#.!4'0*.#@!*6!H'B!?%>O!#0!@*6.!31#+.24'33'4!S!0*!+:4-*.#C#.2! '@@'(.#C'-'+.!*,#33*+.'!o!('00'!56#!'+,'+/4'!36@@#3*--'+.!/'!4#356'3!*694T3!/'3!*(.'643! 9:64!56'!('6<"(#!;6,'+.!:99:4.6+!/'!31F!(:+@:4-'4I %!&'!/4:#.!2.*.#56'!+1'3.!9*3!3'60!S! '+(*/4'4!0'3!*(.#C#.23!364!W+.'4+'.!o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b[!'.!Z63*++*)!dmvO!`!g#/#+,!.)'!H*C'3!:@!jH'B!?%>1!-:4'!.)*+!*!86nn^:4/O!B6.!3.#00! +:.! '*3#0F! /'@#+'/O! Y'^! W+.'4+'.O! 8*(e,4:6+/'4O!)..9opp^^^%9'^#+.'4+'.%:4,pg'9:4.3p?>>Gpg#/#+,".)'"H*C'3":@"H'B"?>pg#/#+," .)'"H*C'3p8*(e,4:6+/'4%*39<! w! &#3! hb$ZV$[O! `!jY#,,F! 8*(e#+,1! :+! .)'! H'B!?%>! W+.'4+'.!o! L:9F4#,).!&#*B#0#.F!*+/!H'B!?%>!V*3)693!aO!y?>>Jz!A>!;I77J+K:!A=="AAI%! D !! Z.'C'+!q$VbZO!`!Z:(#*0!['.^:4e#+,!Z#.'3o!g',60*.#+,!.)'!m+0#+'!jH#0/!H'3.1!:@!H'B!?%>!aO!y?>>Jz!?! +,5A$LADA!MI"D>%! G !! [#(:0*3! H%! hbgVbxZO! `!g'39:+3*B#0#.2! (#C#0'! '.! H'B!?%>!aO! D"'M="9O! ;6#00'.! ?>>IO! )..9opp4';B%'/#.#:+3FC:+B0*#3%(:-!!9*,'!C#3#.2'!0'!?I!+:C'-B4'!?>==_%! I !! Y#'44'! ]gRNb&O! `!&*! 42,60*.#:+! /6! H'B!?%>!aO! y?>>Jz! A?! D"E."$ (.$ (=1%5$ ("9$ 5"08,1614%"9$ ("$ 6F%,21=<)5%1,!?JA"A>I%!
  • 15. "D"! /+0-#)+1&2(+'&+.-),&+3+ L'! ,6#/'! '<90#(#.'! 0'3! 942:((69*.#:+3! 4'0*.#C'3! S! 0*! (:+/6#.'! /'3! 9'43:++'3! /*+3! 0'3! '+C#4:++'-'+.3!/6!H'B!?%>%!W0!942(#3'!0'3!'<#,'+('3!'.!0'3!942(*6.#:+3!S!94'+/4'!/*+3!0'! /2C'0:99'-'+.!'.!01'<90:#.*.#:+!/'!.'03!'+C#4:++'-'+.3%!W0!94:9:3'!6+'!-2.):/'!*@#+! /'! ('4+'4! 0'3! '+;'6<! '.! /'! ,24'4! 0'3! 4#356'3%! W0! #+/#56'! (:--'+.! #/'+.#@#'4! 0'3! (*4*(.24#3.#56'3!/'3!3'4C#('3!/'!-c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{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o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c-'! 56'! 0'3! (*4*(.24#3.#56'3! /'3! 9'43:++'3!
  • 16. "G"! (:+('4+2'3! *@#+! /'! 94'+/4'! 0'3! -'364'3! 942C'+.#C'3! 56#! 42/6#4:+.! 0'3! 4#356'3! /'! 3'! .4:6C'4!'+!(:+.4*C'+.#:+!*C'(!0'3!0:#3%! !9+,7;92'<&+:2#:#17&+ b00'!3'!9423'+.'!'+!56*.4'!.'-93!o! =% I2%05(+ :5*+ (5*')$*#=2:2%9*+o! #/'+.#@#'4! 56#! @*#.! 56:#! '.! 56#! 429:+/! /'! ('! 56#! 3'! 9*33'!0:43!/16+'!*(.#C#.2!3'!/24:60*+.!364!W+.'4+'.%! ?% ./5$%2;25(+ :5*+ (2*605*+o! 9:64! ('0*O! #0! @*6.! 9*4.#4! /'3! *(.#C#.23! 3'! /24:60*+.! 364! W+.'4+'.!3:63!0'3!*639#('3!/'!01'+.4'94#3'!:6!/'!01:4,*+#3-'%! A% J"#:05(+ :5*+ (2*605*+o! 6+'! .'00'! 2C*06*.#:+! .#'+.! (:-9.'! *633#! B#'+! /'3! (*4*(.24#3.#56'3!/'!01*(.#C#.2!56'!/6!@:+(.#:++'-'+.!:6!/'!0*!(:+@#,64*.#:+!/'3! :6.#03!W+.'4+'.!6.#0#323%!! M% b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l!0163*,'4!/#39:3'!/'!.*+.!/'!(*9*(#.2!/'!.4*+3-'..4'!'.!/'! 4'('C:#4!/'3!#+@:4-*.#:+3O!#0!'3.!#+36@@#3*+.!/'!/2(42.'4!/'3!`!(:+/#.#:+3!/16.#0#3*.#:+!a!'.! 3'!423'4C'4!3#-90'-'+.!0'!/4:#.!/'!364C'#00'4!'.!/'!96+#4%!W0!'3.!.:6.!*633#!(:+.4'94:/6(.#@! /'!-60.#90#'4!0'3!(:+/#.#:+3O!(:+.4K0'3O!942(*6.#:+3!'.!94:('3363!B64'*6(4*.#56'3!3:63! 942.'<.'! /1*3364'4! 6+! '+C#4:++'-'+.! 94:.'(.'64%! Z64! W+.'4+'.O! 0'! 9)2+:-T+'! /'! 0*! (:+(644'+('! /'3! 42,60*.#:+3! ;:6'! S! 90'#+!o! 0'3! 63*,'43! :+.! 9063#'643! 9:33#B#0#.23! /'! (:+.:64+'4! 0'3! 4T,0'3! +'! 429:+/*+.! 9*3! *6<! B'3:#+3! :6! @:4-602'3! /'! -*+#T4'! #44*.#:++'00'%!! Z#! 0'3! (:+/#.#:+3! /16.#0#3*.#:+! /16+! '+C#4:++'-'+.! #+@:4-*.#56'! 3:+.! 9'4X6'3! (:--'! .4:9!0:64/'3!:l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i:.-*#0!:6!x*)::!|%!L'3!:6.#03!9:644*#'+.! +'!9*3!:@@4#4!0'3!,*4*+.#'3!4'56#3'3!9*4!0'3!0:#3!562B2(:#3'3%!
  • 17. "I"! Z64!W+.'4+'.O!9063#'643!():#<!'.!9:33#B#0#.23!/1*(.#:+!3:+.!3:63!0*!-*r.4#3'!/'3!#+/#C#/63%!W0! @*6.!/:+(!0'3!#+@:4-'4!*/256*.'-'+.%!W0!F!*!/'3!():3'3!56#!3'!4T,0'+.!9063!'@@#(*('-'+.! *6! +#C'*6! /'3! *(.'643! /#4'(.'-'+.! (:+('4+23%! L1'3.! 9:64! ('..'! 4*#3:+! 56'! ('! ,6#/'! #/'+.#@#'! 0'3! 4'39:+3*B#0#.23! /'! ()*(6+! /'3! 94#+(#9*6<! *(.'643%! W0! 94:9:3'! /'3! :6.#03! S! 01#+.'+.#:+! /'! ()*(6+! *@#+! /'! 01*#/'4! S! /2(#/'4! /'3! -'364'3! S! 94'+/4'! 9:64! ,24'4! 0'3! 4#356'3!56#!3:+.!*33:(#23!S!016+'!:6!01*6.4'!/'3!*(.#C#.23!'+C#3*,2'3%! &'!@:+(.#:++'-'+.!/'!0*!/2-*4()'!94:9:32'!/*+3!0'!9423'+.!,6#/'!3'!/2(0#+'!'+!56*.4'! .'-93!56#!3:+.!o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c.4'! (:+360.2! /*+3! 01:4/4'! /'! 9423'+.*.#:+! /'3! ()*9#.4'3%! V*#3! #0! '3.! 9:33#B0'! /1*00'4! /#4'(.'-'+.! *6<! ()*9#.4'3! .4*#.*+.! /'3! 56'3.#:+3! 9:64! 0'356'00'3! :+! 4'()'4()'!/'3!2(0*#4*,'3%!! Z#!C:63!()'4()'n!S!#/'+.#@#'4!'.!S!3#.6'4!0'3!4'39:+3*B#0#.23!56'!C:63!*C'n!*6!36;'.!/'!0*! -#3'!'+!90*('O!/'!0*!364C'#00*+('!/1*(.#C#.23!364!W+.'4+'.O!*00'n!*6!()*9#.4'!WW%!
  • 18. "J"! Z#!C:63!C:60'n!('4+'4!0'3!4#356'3!*33:(#23!*6<!/#C'43'3!*990#(*.#:+3!/6!H'B!?%>O!*00'n!*6! ()*9#.4'!WWW%! Z#! C:63! ()'4()'n! /'3! -:/T0'3! /'! 9:0#.#56'3! :6! /'! /#4'(.#C'3! *@#+! /1*#/'4! S! ,24'4! 0'3! 4#356'3!,2+24*6<!:6!392(#@#56'3!S!('4.*#+'3!*(.#C#.23O!(:+360.'n!0'!()*9#.4'!Wh%! !
  • 19. f24'4!0'3!'+;'6<!'.!4#356'3!;64#/#56'3!/6!!"#$?%>! ! ! .&++ 45*+(2*605*+5%+5$7508+/91)0:#$%+/5*+;)$1%2)$*+#**)1295*+#0+<5=+>,?+ &'!H'B!?%>!+1'3.!9'6."c.4'!9*3!(:-90T.'-'+.!+:6C'*6!-*#3!#0!9*4*r.!9:3'4O!/'!@*X:+! 9063! /4*-*.#56'O! 0'3! '+;'6<! '.! 4#356'3! #+)24'+.3! *6<! '+C#4:++'-'+.3! '+! 0#,+'%! Z#! 0'3! 4#356'3!561#0!#-90#56'!+'!3:+.!9*3!+2('33*#4'-'+.!+:6C'*6<O!#03!9*4*#33'+.!/2-60.#90#23%! &'!4K0'!*((46!/'!0163*,'4!(:+.4#B6'!S!/290*('4!'.!S!*((4:r.4'!0'3!0#'6<!:l!3'!-*+#@'3.'+.! /'3!4#356'3!'.!'+;'6<!/:+.!9063#'643!9'6C'+.!9423'+.'4!/'3!/#-'+3#:+3!;64#/#56'3%!b+! 4*#3:+! /6! 4K0'! *(.#@! 561#0! .#'+.O! 0163*,'4! 06#"-c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o!('00'"(#!9'6.!*#32-'+.!3'!.4:6C'4!S!c.4'!/#@@632'!'+!/'):43!/'3!('4(0'3!/'! (#4(60*.#:+!02,#.#-'!w!/1:l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b+!/'):43! /6!-:+/'!'+!423'*6<O!01*(('33#B#0#.2!S!6+'!#+@:4-*.#:+!'<#,'!/'3!4'33:64('3!56#!9'6C'+.! c.4'!#-9:4.*+.'3%!Z64!W+.'4+'.O!:+!*!01#-94'33#:+!56'!B'*6(:69!/1#+@:4-*.#:+3!3:+.!S! 9:4.2'! /16+'! 4'56c.'! /'! -:.'64! /'! 4'()'4()'=> %! R+'! .'00'! @*(#0#.2! /1*((T3! .'+/! S! B*+*0#3'4!01#+@:4-*.#:+!'.!*(('+.6'!0'3!4#356'3!/'!/2(:+.'<.6*0#3*.#:+%! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! J !! u*40! N%! 8b&fRVO! `!H):! 0'*/3! *.! i*0@".#-'Qo! ])4''! L:+@0#(.#+,! h#3#:+3! :@! W+.'4+'.! Y4#C*(F! Y:0#(F! y=777z!G!D%08A$CALA$X$:"08%!=%! 7 !! d4'/'4#(e! ZLi$RbgO! `!W+.'4+'.! Y4#C*(F! *+/! .)'! Y6B0#("Y4#C*.'! N#3.#+(.#:+!aO! y=77Jz! AJ$ C.=%<"5=%09! DDD!w!! => !! N*+#'0!q%!Zm&mhbO!`!$(('33!*+/!$,,4',*.#:+!o!Y6B0#(!g'(:4/3O!Y4#C*(F!*+/!.)'!L:+3.#.6.#:+O!a!y?>>?z! JG!7%,,A$LA$D"EAR!==AI"=?=JO!9%!==A7%!
  • 20. "=>"! W0! F! *! *633#! /2('+.4*,'! .'-9:4'0!o! 0*! 9'43#3.*+('! /'! 01#+@:4-*.#:+! '+.4*#+'! 0'! @*#.! 56'! ('00'"(#!.4*C'43'!0'3!'39*('3!.'-9:4'03!/*+3!0'356'03!'00'!2.*#.!.'+6'!9:64!02,#.#-'%!Y*4! '<'-90'O! 6+'! #+@:4-*.#:+! 9'6.! c.4'! 02,#.#-'-'+.! /#39:+#B0'! *6! 96B0#(! '+! 4*#3:+! /'! 01*(.6*0#.2!/'!0j2C2+'-'+.%!&1*4()#C*,'!'.!0*!/#39:+#B#0#.2!C#4.6'00'-'+.!9'4-*+'+.'!364! W+.'4+'.! 06#! (:+@T4'+.! 6+'! 9'43#3.*+('! *00*+.! *6"/'0S! /'! ('! 56#! '3.! +2('33*#4'! *@#+! /'! 4'+/4'!(:-9.'!/'!01*(.6*0#.2%! &'3! (*9*(#.23! /1*,,0:-24*.#:+! /1#+@:4-*.#:+! 9'4-'..'+.! 0*! (:+3.#.6.#:+! /'! ,#3'-'+.3! /1#+@:4-*.#:+3! 364! 0'3! 9'43:++'3! 56#! 9'6C'+.! /'C'+#4! /#39:+#B0'3! 9:64! /'3! @:4('3! /'! 9:0#('! /'! -c-'! 56'! (:+3.#.6'4! /'3! '+;'6<! 9:64! /'3! -*0@*#.'643%! b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r.4'!56'!0'3!'+C#4:++'-'+.3!/'!H'B!?%>! #-90#56'+.! /'3! 4#356'3! /'! (:-9:4.'-'+.O! /'3! 4#356'3! /6! @*#.! /'! 0'64! (:+@#,64*.#:+! .'()+#56'!:6!'4,:+:-#56'O!'.!/'3!4#356'3!/'!42,60*.#:+%!L)*(6+!/'!('3!4#356'3!9'6.! c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m4O! 0'3! -2(*+#3-'3! 56#! *3364'+.! 0*! 94:.'(.#:+! /6! /4:#.! S! 0*! 4296.*.#:+! /'3! 9'43:++'3! .#'++'+.!'+!(:-9.'!0'!(:+.'<.'!/'!0*!/#@@63#:+!/6!94:9:3!'.!*9942(#'+.!3:+!(*4*(.T4'! /#@@*-*.:#4'!9*4!4*99:4.!*6!3'+3!56#!'3.!/:++2!*6!94:9:3O!(:-9.'!.'+6!/'!01'+3'-B0'! /'3!(#4(:+3.*+('3!/'!3*!/#@@63#:+%!L1'3.!*#+3#!56'!01:+!9'6.!.4:6C'4!0#(#.'!6+!(:--'+.*#4'! @:4-602! '+! ('4(0'! 4'3.4'#+.! 364! 0'3! @*#.3! '.! ,'3.'3! /16+'! 9'43:++'! /*+3! 0'! (*/4'! /'! 01'<'4(#('!/'!3'3!@:+(.#:+3%!V*#3!0'!-c-'!(:--'+.*#4'!9:4.2!S!01*..'+.#:+!/16+!.#'43! +:+! (:+('4+2! 9:644*! *C:#4! 6+! (*4*(.T4'! /#@@*-*.:#4'%! Y063#'643! '+C#4:++'-'+.3! *33:(#23!*6!H'B!?%>!(:--'!0'3!3#.'3!/'!423'*6.*,'!3:(#*6<!94:(64'+.!/'3!@*(#0#.23!3*+3! 942(2/'+.!/'!@*#4'!9*33'4!6+!94:9:3!/'!0j6+#C'43!/'!01#+.#-'!S!('06#!/6!96B0#(%!!
  • 21. "=="! D%9N."9$'1.=$6)$E%"$'=%EO"!"!Y063#'643!*990#(*.#:+3!/6!H'B!?%>!:+.!0'!9:.'+.#'0!/'!B4#3'4! 0'3!0#,+'3!329*4*.4#('3!'+.4'!('!56#!'3.!.'+6!9:64!c.4'!94#C2!:6!9*4.*,2!6+#56'-'+.!/*+3! 6+!('4(0'!0#-#.2!'.!0'3!#+@:4-*.#:+3!/#39:+#B0'3!S!6+!9063!0*4,'!96B0#(%!Y*4!'<'-90'O!/*+3! 6+! 3#.'! /'! 423'*6.*,'! 3:(#*0O! #0! '3.! 9:33#B0'! /'! 96B0#'4! /'3! 4'+3'#,+'-'+.3! +:63! (:+('4+*+.O! -*#3! *633#! /'3! 4'+3'#,+'-'+.3! (:+('4+*+.! +:3! (:+.*(.3%! N'! .'00'3! #+@:4-*.#:+3! 9'6C'+.! c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r.!#+)24'+.!*6<!-:/'3! /'!@:+(.#:++'-'+.!*(.6'0!/1W+.'4+'.%!! D%9N."9$'1.=$6"$(=1%5$S$6F%<)4"!"!&'3!'+;'6<!4'0*.#@3!S!0*!/#@@63#:+!/'3!#-*,'3!-'..'+.!'+! ;'6! 0'! /4:#.! /'3! 9'43:++'3! /'! 31:99:3'4! S! 0*! /#@@63#:+! /'! 0'64! #-*,'! 3*+3! 0'64! (:+3'+.'-'+.!:6!'+!/'):43!/'!(#4(:+3.*+('3!:l!0*!/#@@63#:+!3'4*#.!;63.#@#2'!9*4!01#+.24c.! 96B0#(!:6!9*4!01#+.24c.!56'!9:644*#'+.!*C:#4!('4.*#+3!94:()'3%! D%9N."9$'1.=$6)$'=1'=%O5O$%,5"66"05."66"$"!&*!B*+*0#3*.#:+!/'3!*990#(*.#:+3!9'4-'..*+.!*6<! 63*,'43!/'!96B0#'4!/'3!(:+.'+63!364!/'3!3#.'3!H'B!9423'+.'!/'3!4#356'3!*6!4',*4/!/'!0*! 94:94#2.2!#+.'00'(.6'00'!o!/'3!63*,'43!9'6C'+.!4'94:/6#4'!6+'!{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m+! 3'! 4'.4:6C'!/:+(!*C'(!6+'!-60.#.6/'!/'!('+.4'3!/'!/2(#3#:+!.:63!'+!-'364'!/'!/#@@63'4!/'3! #+@:4-*.#:+3! S! 9*4.#4! /'! 0'643! 9'439'(.#C'3%! L'! 4K0'! *((46! /'! 01*-*.'64! /*+3! /'3! 3#.6*.#:+3!*6.4'@:#3!/:-#+2'3!9*4!/'3!94:@'33#:++'03!.'+/!S!B4:6#00'4!0'3!@4:+.#T4'3!'+.4'! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! == !! q'*+"Y)#0#99'!VWuRZ!'.!Z2B*3.#'+!gmxO!;81%9%=$"5$'=15O4"=$9"9$<)=N."9$("$01<<"=0"O!L:^*+3C#00'O! U/#.#:+3! xC:+! 80*#3O! ?>=>w &#3*! hb$ZV$[O! `!jY#,,F! 8*(e#+,1! :+! .)'! H'B!?%>! W+.'4+'.! L:9F4#,).! &#*B#0#.F!*+/!H'B!?%>!V*3)693!aO!y?>>Jz!A>!;I77J+K:!A=="AAI%!
  • 22. "=?"! 94:/6(.'64! '.! (:+3:--*.'64O! ('! 56#! /4*-*.#3'! 0*! 56'3.#:+! /'3! 3.*.6.3! '.! 4'39:+3*B#0#.23!4'39'(.#C'3!/'3!6+3!'.!/'3!*6.4'3=? %!! >,+ 45*+(2*605*+/5+1)$;2G0(#%2)$+ &'3! '+C#4:++'-'+.3! /6! H'B!?%>! (:-9:4.'+.! ('4.*#+3! 4#356'3! 56#! +'! /2(:60'+.! 9*3! '<(063#C'-'+.!/'!0*!C:0:+.2!:6!/6!(:-9:4.'-'+.!/6!-*r.4'!/'!3#.'!:6!/'!0163*,'4%!&*! @*X:+! /:+.! 3:+.! (:+@#,6423! 0'3! '+C#4:++'-'+.3! 9'6.! @*(#0#.'4! 01*((:-90#33'-'+.! /'! ,'3.'3!56#!9'6C'+.!3'!42C20'4!#00#(#.'3%!Y*4!'<'-90'O!0*!@*(#0#.2!.'()+#56'!*C'(!0*56'00'!#0! '3.! 9:33#B0'! /1#+.4:/6#4'! 6+! (:+.'+6! 364! 6+! B0:,6'! :6! 364! 6+! 3#.'! /'! 9*4.*,'! /'! /:(6-'+.3!*6/#:!:6!C#/2:!'3.O!'+!'00'"-c-'O!,2+24*.4#('!/'!4#356'3%!L'..'!+:4-*.#C#.2! 9*4!/2@*6.!@*(#0#.'!/'3!,'3.'3!56#!9'6C'+.!*#32-'+.!(:+.4'C'+#4!S!/1*6.4'3!4T,0'3O!.'00'3! 56'!('00'3!4'0*.#C'3!S!0*!94:94#2.2!#+.'00'(.6'00'%! Y*4! '<'-90'O! :+! *! @4256'--'+.! 3#,+*02! 01#-9:4.*+('! /'3! '@@'.3! /1*,42,*.#:+! '.! /'3! (*9*(#.23!/'3!-:.'643!/'!4'()'4()'=A %!&1#+@:4-*.#:+!}!-c-'!/'!(*4*(.T4'!96B0#(!}!9'6.! 9063!@*(#0'-'+.!c.4'!.4:6C2'!96#3!*,,0:-242'!/'!-*+#T4'!S!/2/6#4'!/'3!#+@:4-*.#:+3!56#! 4'0TC'+.!/'!0*!C#'!94#C2'%!N'!('!@*#.O!0'3!4#356'3!9:64!0*!C#'!94#C2'!()*+,'+.!/12()'00'!364! W+.'4+'.%!! &*!(:+@#,64*.#:+!-c-'!/1W+.'4+'.O!56#!#,+:4'!0'3!@4:+.#T4'3!.'44#.:4#*0'3O!'+,'+/4'!/'3! 4#356'3%! Y*4! '<'-90'O! 9063#'643! @:+(.#:+3! /6! H'B!?%>! 9'4-'..'+.! 016.#0#3*.#:+! ):43! (:+.'<.'! /'! 01#+@:4-*.#:+%! &*! (:+('9.#:+! /'3! 3#.'3! /'! 423'*6.*,'! 9'43:++'0! 94:C#'+.! /16+'! 4'(:++*#33*+('! 561#0! F! *O! 9:64! ()*56'! 9'43:++'O! /'3! 0#'6<! /#@@24'+(#23! *6! 3'#+! /'356'03! 0'! 3.*.6.! /'3! #+@:4-*.#:+3! +'! 3'4*! 9*3! @:4(2-'+.! 0'! -c-'%! Y*4! '<'-90'O! #0!9:644*! c.4'! @*6.#@! /'! 4'94'+/4'! 6+! (:--'+.*#4'! @:4-602! /*+3! 01#+.#-#.2! '.! /'! 0'! /#@@63'4!S!6+!('4(0'!9063!C*3.'%! W+.'4+'.!+1'3.!9*3!6+!'+C#4:++'-'+.!6+#C:56'!o!:+!F!.4:6C'!/'3!0#'6<!/'!.:6.'3!3:4.'3%! L'4.*#+3!(:-9:4.'+.!9063!/'!4#356'3!9:64!0*!C#'!94#C2'!/'!9'43:++'3!56#!0'3!@4256'+.'+.%! Y*4! '<'-90'O! 0'3! 3#.'3! /'! 423'*6.*,'! 3:(#*0! 3:+.! (:+@#,6423! /'! -*+#T4'! S! @*C:4#3'4! 0*! 4'+(:+.4'!'.!0*!-#3'!'+!4'0*.#:+!/'!9'43:++'3!C#*!0'643!423'*6<!3:(#*6<%!! m+! 9'6.! '+@#+! 3#,+*0'4! 0*! C:0*.#0#.2! /'3! (:+.'+63! (#4(60*+.! /*+3! 9063#'643! '+C#4:++'-'+.3! /6! H'B!?%>%! &'3! (:+.'+63! 9'6C'+.! c.4'! -:/#@#23! 9*4! 6+! 63*,'4! '.! 4'(:-B#+23!S!01#+@#+#%!&'3!63*,'43!:+.!0*!9:33#B#0#.2!/1#+.'4C'+#4!364!0'3!(:+.'+63!'.!/1F! *99:4.'4!/'3!-:/#@#(*.#:+3%!&'!(:+.'+6!+'!9'6.!9*3!c.4'!.'+6!9:64!/2@#+#.#@!*6!3'+3!:l! 01:+!*C*#.!01)*B#.6/'!/'!0'!9:3.60'4!9:64!0'3!96B0#(*.#:+3!2/#.2'3%!&'!94:('3363!/12/#.#:+! 3'! 9423'+.'! /23:4-*#3! '+! 6+! -:6C'-'+.! (:+.#+6! /*+3! 0'56'0! 6+'! 9064*0#.2! /1#+.'4C'+*+.3!/'!3.*.6.3!/#@@24'+.3!9'6C'+.!#+.'4C'+#4%! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! =? !! Y#'44'"xC'3!f$R]WbgO!`!&'!(:+.'+6!,2+242!9*4!016.#0#3*.'64!aO!LYZ?;I7O!+:%!M=O!?>>Jp=O!9%!="I%! =A !! N*+#'0!q%!Zm&mhbO!`!$(('33!*+/!$,,4',*.#:+o!Y6B0#(!g'(:4/3O!Y4#C*(F!*+/!.)'!L:+3.#.6.#:+O!a!y?>>?z! JG!7%,,A$LA$D"EAR!==AI"=?=J%!
  • 23. "=A"! 3,+ 45*+(2*605*+5%+5$7508+/5+(9G0:#%2)$+ &*!42,60*.#:+!'00'"-c-'!}!561'00'!42360.'!/'3!(:+@#,64*.#:+3!.'()+#56'3O!/'!01*(.#C#.2!/'3! *(.'643! '6<"-c-'3! :6! /'3! 4T,0'3! -#3'3! '+! 90*('! 9*4! 0'3! *6.:4#.23! 2.*.#56'3! "! '3.! ,2+24*.4#('!/'!4#356'3%!&'3!4T,0'3!:+.!2C#/'--'+.!9:64!:B;'(.#@!/1c.4'!:B3'4C2'3%!V*#3! '+!94*.#56'O!0'3!*(.'643!+'!3'!(:+@:4-'4:+.!9*3!S!/'3!4T,0'3!56#!C:+.!S!01'+(:+.4'!/'! 0'643!#+.24c.3!31#03!9'4X:#C'+.!56'!0'!4#356'!/'!/'C:#4!36B#4!/'3!(:+3256'+('3!*/C'43'3! 9:64!0'64!+:+"(:+@:4-#.2!'3.!@*#B0'%! &*! 369'49:3#.#:+! /'3! 4K0'3! '.! /'3! (*.2,:4#'3! .'03! 56'! /2@#+#3! /*+3! 0*! 42,0'-'+.*.#:+! *990#(*B0'!/*+3!0'3!/#@@24'+.3!.'44#.:#4'3!*((4:r.!0'!4#356'%!q*+!]4n*3e:^3e#!:B3'4C'!56'! `!?,$58"$)#9",0"$12$461#)66G$)00"'5"($95),()=(9$21=$4"14=)'8%0)6$("6%<%5)5%1,$12$01,5",5$ 1,$58"$?,5"=,"5R$58"$%,2=%,4"<",5$12$21="%4,$6)[$%9$)$=%9&$[8%08$#.9%,"99"9$%,"E%5)#6G$[%66$ =.,$[8",$0)==G%,4$1.5$"6"05=1,%0$01<<"=0"%!a=M !N*+3!0'3!'+C#4:++'-'+.3!H'B!?%>O!0'3! /#@@24'+.3! *(.'643! :((69'+.! /'3! 9:3#.#:+3! '.! .#'++'+.! /'3! 4K0'3! 56#! ()*+,'+.%! L'..'! C:0*.#0#.2!/'3!4K0'3!.'+63!9*4!0'3!*(.'643!9'6.!4'+/4'!94:B02-*.#56'!0*!/2.'4-#+*.#:+! /'3!4'39:+3*B#0#.23%!W0!'+!/2(:60'!6+'!/#@@#(60.2!S!#/'+.#@#'4!56#!`!429:+/!a!/'3!(:+.'+63! '.!*(.#C#.23%!L'!4'0*.#@!/2@#(#.!/1`!#-96.*B#0#.2!a!.'+/!S!*((4:r.4'!0*!4'0*.#C'!#+('4.#.6/'! 56*+.!S!01#/'+.#.2!/'!('6<!56#!*64:+.!S!429:+/4'!/16+!@*#.!/:--*,'*B0'!:6!#00#(#.'%!! &'3! 63*,'3! '.! 0'3! 94*.#56'3! '+! 423'*6! '+,'+/4'+.! 2,*0'-'+.! /'3! 42,60*.#:+3! 56#! 9'6C'+.!c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b+! 3:--'O! 0'3! +:4-'3! '00'3"-c-'3! 3:+.! '+! 9*4.#'!94:/6#.'3!/*+3!0'!(*/4'!/'3!#+.'4*(.#:+3!'+!423'*6=D !-*#3O!6+'!@:#3!2.*B0#'3O!('3! +:4-'3!'+,'+/4'+.!@:4(2-'+.!/'3!4#356'3!9:64!0'3!*6.4'3!*(.'643%! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! =M !! q*+! ]gs$ZumHZuWO! `!&',*0! g#3e! V*+*,'-'+.! #+! *! f0:B*0! b0'(.4:+#(! V*4e'.90*('!aO! y?>>Gz! M7! Q0),(%,)E%),$Q5.(%"9$%,$L)[R!A=7"AAIO!9%!A?>%! =D !! N*C#/!N%!qmi[Zm[O!Z63*+!Y%!Lg$HdmgN!~!q:)+!f%!Y$&dgbx!;4O!`!])'!$((:6+.*B0'!W+.'4+'.o!Y''4! Y4:/6(.#:+!:@!W+.'4+'.!f:C'4+*+('!aO!y?>>Mz!7!%=4%,%)$C1.=,)6$12$L)[$X$:"08,1614GO!="A?%!
  • 24. "=M"! ..&+ 45*+(5*')$*#=2:2%9*+/91)0:#$%+/5*+#1%2"2%9*+*5+/9()0:#$%+*0(+:5+ <5=+>,?+ &:43561:+!31#+.'44:,'!364!0'3!4'39:+3*B#0#.23O!:+!3'!/'-*+/'!56#!'3.!.'+6!/'!429:+/4'! /'3!3#.6*.#:+3!94:B02-*.#56'3!56#!3'!-*+#@'3.'+.%!m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c.4'! 94#3'3!*6!+#C'*6!/'!01:4,*+#3-'%!N*+3!0'!3'(.'64!94#C2O!0'3!#+3.*+('3!/#4#,'*+.'3!:+.!S! 2C*06'4!0'3!'+;'6<!'.!4#356'3!'.!S!/2(#/'4!'+!(:+3256'+('%! L'9'+/*+.O!01W+.'4+'.!/6!H'B!?%>!)*B#0#.'!.:6.!63*,'4!S!/#@@63'4!:6!S!#+.'4*,#4%!W0!9:644*! @4256'--'+.! *44#C'4! 561S! -c-'! 0'3! '+C#4:++'-'+.3! ,2+24#56'3! /#39:+#B0'3! :6! '+" /'):43! /'! ('6<"(#O! /'3! '-90:F23! 94'++'+.! 01#+#.#*.#C'! /'! 0*! -#3'! '+! 90*('! /1:6.#03! '.! /1'+C#4:++'-'+.3!/1#+.'4*(.#:+%! L)*(6+'!/'3!9'43:++'3!363('9.#B0'3!/1#+.'4*,#4!'+!0#,+'!/:#.!c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t!('!9:6C:#4!(:+3#/24*B0'!(:44'39:+/'+.!+2('33*#4'-'+.! /'3! 4'39:+3*B#0#.23%! &'3! '+.4'94#3'3! '.! 0'3! :4,*+#3-'3! 96B0#(3O! /'! -c-'! 56'! 0'643! 9429:323O!*336-'+.!/'3!4'39:+3*B#0#.23!S!/#@@24'+.3!.#.4'3%!! &*!56'3.#:+!/'!0*!4'39:+3*B#0#.2!94'+/!.:6.'!3:+!#-9:4.*+('!/*+3!/'3!3#.6*.#:+3!:l!6+! /:--*,'!*!2.2!(*632%!UC#/'--'+.O!:+!9*40'!#(#!/'!3#.6*.#:+3!'<('9.#:++'00'3%!N*+3!0*! 9069*4.!/'3!(*3O!#0!+1F!*!9*3!/1#+(#/'+.!'.!0'3!*(.#C#.23!+1'+,'+/4'+.!*6(6+'!(:+3256'+('! /:--*,'*B0'%!L1'3.!9:64!0'!+:-B4'!4'3.4'#+.!/'!3#.6*.#:+3!:l!/'3!.:4.3!:+.!2.2!(*6323! 56'!01:+!31'+56#'4.!/'3!4'39:+3*B#0#.23!56#!#+(:-B'+.!*6<!/#@@24'+.3!*(.'643!'.!56'!01:+! 3'!/:++'!/'3!(:+3#,+'3!*@#+!/12C#.'4!0'3!#+(#/'+.3!/*+3!.:6.'!0*!-'364'!/6!9:33#B0'%! &*!4'39:+3*B#0#.2!/'3!*(.'643!/6!H'B!?%>!3'!/2(0#+'!'+!9063#'643!(*.2,:4#'3%!m+!9'6.! c.4'! 4'39:+3*B0'! /1*C:#4! .4*+3,4'332! :6! #,+:42! 0'3! C*0'643! /'! 01'+.4'94#3'! :6! 0'3! '+,*,'-'+.3!-:4*6<!94#3!9*4!6+'!9'43:++'!:6!6+'!:4,*+#3*.#:+O!-*#3!0*!4'39:+3*B#0#.2! 9'6.!2,*0'-'+.!/2(:60'4!/'!0*!.4*+3,4'33#:+!/16+'!0:#!:6!/16+'!*6.4'!4T,0'!56#!31#-9:3'! /'!@*X:+!:B0#,*.:#4'%!
  • 25. "=D"! &*! (5*')$*#=2:2%9+ '):2%2605! 9'6.! c.4'! '+! (*63'! /T3! 0:43! 56'! 364C#'+.! 6+! 2C2+'-'+.! /290:4*B0'O! @6."#0! 6+! #+(#/'+.! #3:02%! m+! 9:644*! -:+.4'4! /6! /:#,.! ('6<! :6! ('00'3! 56#! `!*64*#'+.! /Ä!a! :6! 56#! `!+1*64*#'+.! 9*3! /Ä!a|! m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c.4'! @*#.3! /1W+.'4+'.%! N*+3! ('! ,'+4'! /'! (#4(:+3.*+('3O! .:6.'3! 0'3! :4,*+#3*.#:+3! /:#C'+.! c.4'! '+! -'364'! /1'<9:3'4! 56'00'3! 0#,+'3! /'! (:+/6#.'! '00'3! /'-*+/'+.! /'! 36#C4'O! 56'00'3! 942(*6.#:+3! 3:+.!94#3'3O!56'00'3!*994:()'3!3:+.!94#C#02,#2'3!'.!56'03!3:+.!0'3!-:F'+3!/12C#.'4!56'! /'3!#+(#/'+.3!3'!4'94:/6#3'+.%! R+! /'6<#T-'! ()'@! /'! 4'39:+3*B#0#.2! '3.! ('06#! /'! 0*! (5*')$*#=2:2%9+ :9G#:5%! b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t! 012,*4/! /'3! '-90:F23! :6! /'3! (0#'+.3O! 9063#'643! :4,*+#3*.#:+3!*,#33'+.!6+#56'-'+.!(:--'!#+.'4-2/#*#4'3%!L'!3:+.!0'3!'-90:F23!:6!0'3! (0#'+.3! 56#! *336-'+.! 0*! -*r.4#3'! /'3! (:--6+#(*.#:+3! /*+3! 0'3! '+C#4:++'-'+.3! /1W+.'4+'.!'.!01'+.4'94#3'!:6!01:4,*+#3-'!96B0#(!+1*,#.!561S!.#.4'!/1)2B'4,'64!:6!'+(:4'! 3'! 0#-#.'! S! 94:(64'4! 0*! (:++'(.#C#.2! :6! /'3! @*(#0#.23! /'! .4*+3-#33#:+%! N*+3! /'! .'00'3! 3#.6*.#:+3O!0*!4'39:+3*B#0#.2!/'!01:4,*+#3*.#:+!3'4*!-:#+/4'%! !,+ 4#+(5*')$*#=2:2%9+/5*+2$/2"2/0*+ N*+3!0*!9069*4.!/'3!'+C#4:++'-'+.3!/6!H'B!?%>O!('!3:+.!0'3!#+/#C#/63!56#!:+.!0*!-*r.4#3'! /'!('!561#03!-'..'+.!'+!0#,+'%!N*+3!9063#'643!/'3!3#.6*.#:+3O!0'!9*4.#(#9*+.!*,#.!3'60!364! W+.'4+'.%! W0! 9'6.! .4*+3-'..4'! /'3! #+@:4-*.#:+3O! *((2/'4! S! /'3! @:46-3O! 42C20'4! /'3! #+@:4-*.#:+3!364!06#"-c-'!:6!364!/1*6.4'3!/*+3!/'3!3#.'3!/'!423'*6<!3:(#*6<O!+*C#,6'4! /'! -*+#T4'! S! *((2/'4! S! /'3! #+@:4-*.#:+3! /'! .:6.'! +*.64'%! &'3! '+C#4:++'-'+.3! /6!
  • 26. "=G"! H'B!?%>!0*#33'+.!6+'!,4*+/'!-*4,'!/1*6.:+:-#'!*6<!#+/#C#/63%!L'6<"(#!3:+.!S!-c-'!/'! 9:3'4! /'3! ,'3.'3! 9:6C*+.! *C:#4! /'3! (:+3256'+('3! #-9:4.*+.'3%! &16+'! /'3! 94'-#T4'3! )*B#0'.23! 561#0! @*6.! 9:332/'4! '3.! /'! (:++*r.4'! 0'3! 4'39:+3*B#0#.23! #+(:-B*+.! S! 6+'! 9'43:++'!56#!.4*+3-'.!:6!4'X:#.!/'3!#+@:4-*.#:+3!364!W+.'4+'.%!Y*4!'<'-90'O!42C20'4!S!0*! ,4*+/'64!/1W+.'4+'.!6+'!#+@:4-*.#:+!364!3:#"-c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c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bdb8hgb! `![*C#,6'4! 364! W+.'4+'.! *6! .4*C*#0!o! '.! 3#! :+! +*,'*#.! '+! '*6<! .4:6B0'3!Q!aO! 3OE"61''"<",59$ =O0",59$ ",$ (=1%5$ (.$ 5=)E)%6R$ ?>>JO! bx8?>>JNbh=MJDw! L*4:0F+! b&bd$[]O! Å])'! jY:^'41!:@!Z:(#*0!V'/#*o&',*0!W336'3!~!8'3.!Y4*(.#('3!@:4!R.#0#.#'3!b+,*,#+,!Z:(#*0!V'/#*ÇO!?>==_!A?! +,"=4G$L)[$C1.=,)6R!=O!9%==!'.!33%!
  • 27. "=I"! -,+ 45+(51)0(*+#08+*2%5*+<5=+>,?+/#$*+:5*+'(#%2605*+/N5D=#01K5+ &:43! /'3! '-B*6()'3O! 0'! 4'(:643! *6<! #+@:4-*.#:+3! /#39:+#B0'3! '+! 0#,+'! S! 012,*4/! /'3! 9'43:++'3!56#!94:9:3'+.!0'64!(*+/#/*.64'!'3.!/'C'+6!94*.#56'!(:64*+.'=I %!R+'!2.6/'! (:--*+/2'!9*4!V#(4:3:@.!'.!42*0#32'!9*4!L4:33"]*B!'+!/2('-B4'!?>>7O!/2-:+.4'!56'! I7!k! /'3! 4'(46.'643! *-24#(*#+3! (:+360.'+.! W+.'4+'.! 9:64! 2C*06'4! 0*! 4296.*.#:+! /'3! (*+/#/*.3%!b+!'@@'.O!I>!k!/'3!4'(46.'643!#+.'44:,23!:+.!*@@#4-2!*C:#4!4';'.2!/'3!(*+/#/*.3! 364!0*!B*3'!/'!01#+@:4-*.#:+!.4:6C2'!'+!0#,+'%!&12.6/'!#+/#56'!.:6.'@:#3!56'!3'60'-'+.! I!k! /'3! $-24#(*#+3! 9'+3'+.! 56'! 01#+@:4-*.#:+! /#39:+#B0'! 364! 0'! H'B! 9'6.! #+@06'+('4! 0'643! /2-*4()'3! /1'-90:#%! N1*6.4'! 9*4.O! JD!k! /'3! 4'(46.'643! :+.! *@@#4-2! 5616+'! 4296.*.#:+! 9:3#.#C'! 364! W+.'4+'.! #+@06'+X*#.! 0'64! /2(#3#:+! 56*+.! S! 01'-B*6()'! /'! (*+/#/*.3=J %!! &'3!3#.'3!/'!423'*6.*,'!3:(#*0!9'6C'+.!*C:#4!6+!#-9*(.!364!01:B.'+.#:+!/16+!'-90:#%!b+! '@@'.O!3'0:+!6+'!2.6/'!-'+2'!'+!?>>7O!?J!k!/'3!'-90:F'643!(*+*/#'+3!(:+360.'+.!0'3! 3#.'3!/'!423'*6.*,'!3:(#*0!9:64!'+!3*C:#4!9063!364!0'3!(*+/#/*.3!56#!9:3.60'+.!9:64!6+! '-90:#!*6!3'#+!/'!0'64!'+.4'94#3'%!$#+3#O!=M!k!/'3!'-90:F'643!`!B4*+()23!a!*@@#4-'+.! *C:#4!.4:6C2!/6!(:+.'+6!364!0'3!3#.'3!/'!423'*6.*,'!3:(#*0!56#!*!@*C:4#32!0*!(*+/#/*.64'! /16+! #+/#C#/6%! ]:6.'@:#3O! ?G!k! :+.! 906.K.! /2(:6C'4.! /6! -*.24#'0! 56#! *! '+.4*r+2! 0120#-#+*.#:+! /16+! (*+/#/*.! 9):.:3! (:-94:-'..*+.'3O! 42C20*.#:+3! (:+('4+*+.! 0163*,'! /1*0(::0!:6!/'!/4:,6'3O!4'+3'#,+'-'+.3!:6!(:--'+.*#4'3!#+*994:94#23!(:+('4+*+.!6+! *+(#'+! '-90:F'64_%! &'3! 3#.'3! /'! 423'*6.*,'! 3:(#*0! 3'-B0'+.! /:+(! /'! 9063! '+! 9063! (:+3.#.6'4!6+!:6.#0!S!/:6B0'!.4*+()*+.=7 %! m4O! /'3! 4#356'3! 3:+.! *33:(#23! S! ('3! 6.#0#3*.#:+3! /'3! #+@:4-*.#:+3! 4'0*.#C'3! S! /'3! (*+/#/*.64'3%! #P++ 4#+/2*1(2D2$#%2)$+/#$*+:5*+);;(5*+/N5D':)2+ Y063#'643!02,#30*.#:+3!#+.'4/#3'+.!0'3!:@@4'3!/1'-90:#!-*+#@'3.*+.!6+'!942@24'+('!@:+/2'! 364! 0'! 3'<'O! 0*! 4*('O! 01:4#,#+'! +*.#:+*0'O! 0*! 4'0#,#:+O! 01É,'O! 01:4#'+.*.#:+! 3'<6'00'! :6! /1*6.4'3!-:.#@3!94:)#B23!/'!/#3(4#-#+*.#:+%!L'3!/#39:3#.#:+3!#+.'4/#3'+.!2C#/'--'+.!/'3! -'+.#:+3!'<90#(#.'3!42C20*+.!/'3!942@24'+('3!/#3(4#-#+*.:#4'3%!V*#3!0'!4'(:643!S!('4.*#+3! '+C#4:++'-'+.3! /'! /#@@63#:+! 9:64! @*#4'! (:++*r.4'! /'3! :@@4'3! /1'-90:#! 9'6.! c.4'! #+/#(*.'64!/16+'!#+.'+.#:+!/'!/#3(4#-#+'4%!Y*4!'<'-90'O!*6<!U.*.3"R+#3O!0'3!*6.:4#.23!:+.! -#3!'+!,*4/'!(:+.4'!0'!4'(:643!S!/'3!96B0#(*.#:+3!(#B0*+.!94#+(#9*0'-'+.!0'3!):--'3!:6! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! =I !! W[W]W$]Whb!L$[$NWb[[b!NbZ!Lm[ZmVV$]bRgZO!;1<'=",(="$6)$4"95%1,$"5$6)$="95).=)5%1,$("$6)$ =O'.5)5%1,$ 9.=$ %,5"=,"5%! m..*^*O! [:C'-B4'! ?>==O! Ñ^^^%((#"#((%(*pLLW"9/@pLLW"@4"4'96.*.#:+"364" #+.'4+'.%9/@!Ö%! =J ! `!g'3'*4()! 3):^3! :+0#+'! 4'96.*.#:+3! -*..'4!aO! 7%0=19125$ 3)5)$ U=%E)0G$ 3)GO! )..9opp^^^%-#(4:3:@.%(:-p94#C*(Fp/9/p/'@*60.%*39<!! =7 ! f#0B'4.! &bNRLO! `!f*4'! *6<! (:+@#/'+('3! 364! W+.'4+'.!aO! L"$ Q16"%6O! ?J! *:Ä.! ?>>7O! '+! 0#,+'!o! )..9opp.'()+*6.'%(FB'494'33'%(*p+:6C'00'3p#+.'4+'.p?>>7>Jp?Ip>="J7GMID",*4'"*6<"(:+@#/'+('3" 364"#+.'4+'.%9)9!%!
  • 28. "=J"! /1*6.4'3!(*.2,:4#'3!(#B02'3!/'!9'43:++'3!9:64!96B0#'4!/'3!:@@4'3!/1'-90:#%!L'4.*#+3!:+.! *C*+(2!56'!0'!4'(:643!S!/'3!423'*6<!3:(#*6<!@4256'+.23!9*4!/'3!(*.2,:4#'3!/163*,'43! 392(#@#56'3! 9:644*#.! c.4'! (:+.'3.2! (:--'! #+/#56*+.! 6+'! #+.'+.#:+! /'! /#3(4#-#+'4! S! 01'-B*6()'?> %! =P++ 4L0%2:2*#%2)$+ /5*+ 2$;)(D#%2)$*+ G:#$95*+ *0(+ :5+ '();2:+ /N0$+ 1#$/2/#%+ ')%5$%25:+ ')0(+91:#2(5(+0$5+/912*2)$+/N5D=#01K5+ &'3!#+@:4-*.#:+3!9'43:++'00'3!/2C:#02'3!364!6+!3#.'!/'!423'*6.*,'!3:(#*0!9'6C'+.!c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c.4'!'+!-'364'!/'!/2-:+.4'4!0'!(*4*(.T4'!02,#.#-'!/'3!4'()'4()'3!/1#+@:4-*.#:+! 561'00'! -T+'! S! 012,*4/! /1#+/#C#/63%! N'! @*X:+! ,2+24*0'O! #0! '3.! 0#(#.'! /'! 4'()'4()'4! /'3! #+@:4-*.#:+3!4'@02.*+.!0'!;6,'-'+.!/16+!(*+/#/*.!:6!3*!(*9*(#.2!S!@*#4'!0'!.4*C*#0%!V*#3!#0! /:#.!'<#3.'4!6+!0#'+!/'!(:++'<#.2!*C'(!0E'-90:#%! &16+!/'3!94#+(#9*6<!4#356'3!S!2C*06'4!/*+3!/'3!3#.6*.#:+3!:l!6+'!:4,*+#3*.#:+!4'()'4()'! '.!6.#0#3'!/'3!#+@:4-*.#:+3!:B.'+6'3!/*+3!/'3!'+C#4:++'-'+.3!'+!0#,+'O!(:--'!/'3!3#.'3! /'! 423'*6<! 3:(#*6<O! '3.! 0*! @#*B#0#.2! /'3! #+@:4-*.#:+3! :B.'+6'3%! Y063#'643! 202-'+.3! /1#+@:4-*.#:+! 56#! 9'6C'+.! 3'! .4:6C'4! '+! 0#,+'! S! 012,*4/! /16+! #+/#C#/6! +1:+.! 9*3! +2('33*#4'-'+.!2.2!C*0#/23%!N'!9063O!/'3!#+@:4-*.#:+3!9'6C'+.!*C:#4!6+'!3#,+#@#(*.#:+! /*+3! 6+! (:+.'<.'! /2.'4-#+2! '.! 3'! 42C20'4! *-B#,Ü'3! /*+3! 6+! *6.4'! (:+.'<.'%! Y*4! '<'-90'O!6+'!9):.:!/16+!,4:69'!/'!9'43:++'!'+!.4*#+!/'!(202B4'4!*6!(:643!/'!('!56#!*! 01*99*4'+('!/16+'!@c.'!B#'+!*44:32'!9'6.!c.4'!9'4X6'!(:--'!6+!#+/#('!/'!0*!3:(#*B#0#.2! /'3!#+/#C#/63!#-90#5623!:6!6+!#+/#('!/'!0'64!94:9'+3#:+!S!@c.'4! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ?> !! ]$&bm%LmVO! Z.%("$ (.$ ="0=.5"<",5$ 9.=$ 6"9$ =O9")./$ 910%)./O! )..9opp^^^%@#()#'4" 9/@%@4p?>==p==p>7p,6#/'"/6"4'(46.'64"364"0'3"4'3'*6<"3:(#*6<p,6#/'"/6"4'(46.'64"364"0'3"4'3'*6<" 3:(#*6<%9/@%! ?= !! N*44F+! L*.)4F+! 8bLuZ]gmVO! `!H):13! &::e#+,! *.! F:64! d*('B::e! Y4:@#0'!Q! ])'! R3'! :@! Z.6/'+.! L:+/6(.!L:/'3!.:!L'+3:4!L:00','!Z.6/'+.31!m+0#+'!Z9''()!aO!y?>>Jz!MD!!%66)<"55"$LAD"EAO!?G="A=?%! ?? !! Z*-*+.)*!&%!VW&&WbgO!`!])'!d*('B::e!d4:+.#'4!o!g'39:+/#+,!.:!.)'!L)*+,#+,!d*('!:@!Y4#C*(F!:+!.)'! W+.'4+'.!aO!y?>>J"?>>7z!7I!^",5.0&G$LA$C%O!DM="DGMODMM%!
  •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t! /2@*6.! /'! 94'+/4'! /'3! 942(*6.#:+3! 94:9:4.#:++2'3! *6<! :B0#,*.#:+3! *6<56'00'3! '00'! '3.! .'+6'O! 6+'! :4,*+#3*.#:+! *64*! S! 429:+/4'!/'3!B4#3!/'!(:+@#/'+.#*0#.2%! ]:63!0'3!'-90:F23!:+.!/4:#.O!'+!C'4.6!/'3!02,#30*.#:+3!364!0'!.4*C*#0O!S!6+!'+C#4:++'-'+.! /'!.4*C*#0!'<'-9.!/'!)*4(T0'-'+.%!]:6.!'-90:F'64!*!/:+(!0'!/'C:#4!/'!31*3364'4!56'!0'3! *(.#:+3! /'! )*4(T0'-'+.! 2-*+*+.! /'! 01'+C#4:++'-'+.! /'! .4*C*#0! 3:#'+.! 4*9#/'-'+.! /2.'(.2'3!'.!24*/#562'3%!&1'+.4'94#3'!/:#.!@*#4'!'+!3:4.'!56'!0'!)*4(T0'-'+.!('33'!/T3! 561'00'!'+!*!(:++*#33*+('%! #P++ 4#+*0("52::#$15+/5*+#1%2"2%9*+/5*+5D':)O9*+ W0! '3.! B#'+! 2.*B0#! 5616+! '-90:F2! *! /4:#.! S! 0*! C#'! 94#C2'O! '.! ('O! -c-'! 364! 3:+! 0#'6! /'! .4*C*#0?A %!V*#3!#0!F!*!/'3!(#4(:+3.*+('3!:l!#0!'3.!02,#.#-'!9:64!6+!'-90:F'64!/'!364C'#00'4! 0'3!,'3.'3!/'!3'3!'-90:F23%!&*!364C'#00*+('!/:#.!c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b+!01*B3'+('!/'! .:6.! 3:69X:+O! 0*! 4'()'4()'! 9*4! 6+! '-90:F'64! /1#+/#('3! /16+'! -*6C*#3'! 6.#0#3*.#:+! /1W+.'4+'.!364!6+!:4/#+*.'64!/16+!'-90:F2!'+!'3924*+.!F!.4:6C'4!56'056'!():3'!9:64! '+36#.'!3'!3'4C#4!/'3!202-'+.3!.4:6C23!9:64!;63.#@#'4!3:+!#+.463#:+!*!9:3.'4#:4#!'3.!6+'! 94*.#56'!(:+.'3.*B0'%!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ?A $$ QG,(%0)5$("9$5=)E)%66".9"9$"5$5=)E)%66".=9$("$_=%(4"951,"JH%="951,"$("$C16%"55"$`;AQAKAa!(%$:=.(").O! y=777z!g%q%P%!???7!L%$%_! ?M !! N#*+'!hbW&&bRvO!`!&'!/4:#.!S!0*!C#'!94#C2'!}!3*!9:4.2'!@*('!S!0*!364C'#00*+('!/'!01'-90:F'64!aO!?>>>_! G>!DA$(.$_%!AO!AG"MD! ?D !! xC'3!Z$W[]"$[NgUO!`!&'!4'39'(.!/6!/4:#.!S!0*!C#'!94#C2'!*6!.4*C*#0!o!-F.)'!:6!42*0#.2Q!aO!?>>M_! bx8?>>MNbhM>J! ?G !! QG,(%0)5$("9$21,05%1,,)%="9$<.,%0%')./$("$71,5=O)6$`QA;AHAUAa!(%!%66"$("$71,5=O)6O!N%]%b%!77]"MIJ! ]%$%_!
  • 30. "?>"! &1'<#,'+('! /'! 94:9:4.#:++*0#.2! (:--*+/'! 56'! 0'3! -2.):/'3! 6.#0#32'3! 9:64! 364C'#00'4! 01'-90:F2!(:+3.#.6'+.!6+'!*..'#+.'!-#+#-*0'!*6!/4:#.!S!0*!C#'!94#C2'!/'!01'-90:F2?I %!R+! '-90:F'64!+'!9:644*#.!/:+(!364C'#00'4!(:+.#+6'00'-'+.!.:63!0'3!@*#.3!'.!,'3.'3!/'!3'3! '-90:F23! 364! W+.'4+'.%! L1'3.! 3'60'-'+.! 0:4356'! ('3! (:+/#.#:+3! 3:+.! 426+#'3! 56'! 01'-90:F'64!'3.!'+!/4:#.!/'!364C'#00'4!0'3!*(.#C#.23!/16+!'-90:F2!364!W+.'4+'.%!$6.4'-'+.O! #0!4#356'!/'!(:+.4'C'+#4!S!01*4.#(0'!MG!/'!0*!;8)=5"$("9$(=1%59$"5$6%#"=5O9$("$6)$'"=91,,"?J ! 56#!942C:#.!56'!.:6.!'-90:F2!*!0'!/4:#.!S!/'3!(:+/#.#:+3!/'!.4*C*#0!;63.'3!'.!4*#3:++*B0'3%! R+!'-90:F2!56#!6.#0#3'!0'3!4'33:64('3!/'!3:+!'-90:F'64!S!/'3!@#+3!9'43:++'00'3O!(:--'! 0'3!:4/#+*.'643!:6!01*((T3!S!W+.'4+'.O!9'6.!31'<9:3'4!S!/'3!3*+(.#:+3%!&163*,'!/1W+.'4+'.! 9:64!*00'4!C#3#.'4!/'3!3#.'3!H'B!?%>!:6!'+(:4'!9:64!F!(:+.4#B6'4O!0:4356'!('!+1'3.!9*3! /*+3!0'!(*/4'!/6!.4*C*#0O!9'6.!/:+(!c.4'!3*+(.#:++2!9*4!01'-90:F'64!*6!-c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x:6]6B'A> O! VFZ9*('A= ! :6! '+(:4'! d*('B::eA? !364!3:+!0#'6!/'!.4*C*#0%!&1'-90:F2!/:#.!3*C:#4!56'!('..'!94*.#56'!'3.!#+.'4/#.'O! /1:l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d*('B::e!561'00'!.4:6C*#.!3:+!'-90:#!'++6F*+.%!$0:43!56'!01'-90:F'64!0'!9'4X:#.!(:--'! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ?I !! xC'3!Z$W[]"$[NgUO!`!&'!4'39'(.!/6!/4:#.!S!0*!C#'!94#C2'!*6!.4*C*#0!o!-F.)'!:6!42*0#.2!Q!aO!?>>M_! bx8?>>MNbhM>J! ?J !! &%g%P%O!(%!L"=?! ?7 !! H%9"5!(%!Q"=E%0"$(F)(<%,%95=)5%1,$UA;ADA$L5O"O!y?>>Az!g%q%N%]%!AG=!L%g%]%_! A> !! )..9opp^^^%F:6.6B'%(:-p! A= !! )..9opp^^^%-F39*('%(:-p! A? !! )..9opp^^^%@*('B::e%(:-p! AA !! N*44F+! L*.)4F+! 8bLuZ]gmVO! `!H):13! &::e#+,! *.! F:64! d*('B::e! Y4:@#0'!Q! ])'! R3'! :@! Z.6/'+.! L:+/6(.!L:/'3!.:!L'+3:4!L:00','!Z.6/'+.31!m+0#+'!Z9''()!aO!y?>>Jz!MD!!%66)<"55"$LAD"EAO!?G="A=?%!
  • 31. "?="! 6+'! 469.64'! /6! 0#'+! /'! (:+@#*+('O! 0*! ;'6+'! @'--'! *@@#4-'! 561'00'! +12.*#.! 9*3! -*0)'64'63'!*6!.4*C*#0!'.!3:6.#'+.!561'00'!+1*C*#.!9*3!+:--2!01'-90:F'64AM %! N*+3!!"95$;1)95$7)b()$EA$],%5"($H11($),($;1<<"=0%)6$!1=&"=9$?,5"=,)5%1,)6$],%1,R$ L10)6$cdceAD O!0*!L:--#33#:+!/'3!4'0*.#:+3!/'!.4*C*#0!/'!L:0:-B#'"84#.*++#56'!*!'3.#-2! 5616+! '-90:F2! +1*C*#.! 9*3! B'*6(:69! /1'<9'(.*.#C'! /'! C#'! 94#C2'! 0:43561#0! /#@@63'! /'3! (:--'+.*#4'3!364!3*!9*,'!d*('B::e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c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b+!3:--'O!9063!0'3!#+/#C#/63!/2.#'++'+.!/'3! 9:6C:#43! #-9:4.*+.3! 9:64! /#@@63'4! /'3! #+@:4-*.#:+3O! 9063! #03! /:#C'+.! c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`!Z*(e'/! d:4! L*00#+,! q:B! 8:4#+,! m+! d*('B::e!aO! Q&G$ K"[9O! ?I! @2C4#'4! ?>>7O! )..9opp+'^3%3eF%(:-p3eF+'^3pi:-'pRu"['^3pd*('B::e"Z*(e#+,"u#-B'40'F"Z^*++"d4:-"L0*(.:+" b33'<"Z*(e'/"d:4"L*00#+,"q:B"8:4#+,p$4.#(0'p?>>7>?M=D?A>D>J! AD !! ?>=>!L*+&WW!G?MJ?!8L!&%g%8_%! AG !! f*4F! L&$gubO! `!b-90:F''3! ]'4-#+*.'/! @:4! L*63'! @:4! d*('B::e! Y:3.#+,3!aO! Z.#e'-*+! b00#:.O! ;),)(%),$ +<'61G<",5$ X$ U",9%1,$ L)[O! [:C'-B'4! =?O! ?>=>O!)..9opp^^^%(*+*/#*+'-90:F-'+.! 9'+3#:+0*^%(:-p!.'4-#+*.#:+p*"4'('+."/'(#3#:+":@".)'p!%!
  • 32. "??"! Z#O! )$'=%1=%O! 0*! 4'39:+3*B#0#.2! /'! 01'+.4'94#3'! 31*990#56'! 364! 0'3! 0#'6<! 9)F3#56'3! /'! 012.*B0#33'-'+.O!@:4('!'3.!/'!(:+3.*.'4!56'!0*!,2+24*0#3*.#:+!/'3!:6.#03!/6!H'B!?%>!'.!0*! /#39:+#B#0#.2! *((46'! /1:6.#03! /:.23! /1#-9:4.*+.'3! (*9*(#.23! /'! /#@@63#:+! 9:3'+.! 0*! 56'3.#:+! /'! 3*C:#4! :l! (:--'+('+.! '.! :l! 31*44c.'+.! 0'! /4:#.! '.! 0*! 4'39:+3*B#0#.2! /'! 01'+.4'94#3'%! &*! /20:(*0#3*.#:+! *((:-9*,+2'! /'! 0*! /2.'-9:4*0#3*.#:+! /'! 01'39*('! *33:(#2! S! 01'+.4'94#3'! 4'56#T4'+.! /'! 31#+.'44:,'4! 364! 0'3! 4'39:+3*B#0#.23! /'3! '-90:F23! '.! /'3! /#4#,'*+.3!9:64!0'3!,'3.'3!@*6.#@3!(:--#3!'+!/'):43!/'!01'39*('!9)F3#56'!/'!01'+.4'94#3'%!! m4O! 9:64! 56'! 0*! 4'39:+3*B#0#.2! /'! 01'-90:F'64! 3:#.! '+,*,2'O! #0! @*6.! 5616+! 2C2+'-'+.! *F*+.!(*632!942;6/#('!3:#.!364C'+6!364!0'3!0#'6<!/6!.4*C*#0!'.!S!01:((*3#:+!/6!.4*C*#0AI %!! Z1*,#33*+.!/'3!'+.#.23!:'6C4*+.!/*+3!0'!-:+/'!/'!012/6(*.#:+O!.*+.!*6<!U.*.3"R+#3!561*6! L*+*/*O! 0'3! .4#B6+*6<! :+.! 4'(:++6! 56'! 0'3! *6.:4#.23! 3(:0*#4'3! 9'6C'+.! *990#56'4! /'3! 3*+(.#:+3!*6<!'+3'#,+*+.3!:6!*6<!20TC'3!9:64!/'3!*(.#C#.23!@*6.#C'3!312.*+.!/24:602'3!364! W+.'4+'.!'.!('O!-c-'!3#!0'3!,'3.'3!:+.!2.2!9:323!'+.#T4'-'+.!'+!/'):43!/'3!'39*('3! 4'0'C*+.! /'! 012(:0'AJ %! b+! @#+! /'! (:-9.'O! 0*! /20:(*0#3*.#:+! '.! 0*! /2.'-9:4*0#3*.#:+! /'! 01'39*('!.'+/'+.!S!31*((:-9*,+'4!/16+!*;63.'-'+.!(:+3256'+.!/'3!9:6C:#43!4'(:++63! *6<! '-90:F'643! /'! 94'+/4'! 0'3! -'364'3! 4*#3:++*B0'-'+.! +2('33*#4'3! *@#+! /'! @*#4'! ('33'4!/'3!(:-9:4.'-'+.3!'+!0#,+'!56#!3:+.!/'!+*.64'!S!'+,'+/4'4!6+!'@@'.!/202.T4'!364! 0'!-#0#'6!/'!.4*C*#0%! 3,++ 4#+(5*')$*#=2:2%9+/5+:L5$%(5'(2*5+)0+/5+:L)(G#$2*D5+'0=:21+')0(+:#+1)$/02%5+ /5+:N5D':)O9+ &'3!'+.4'94#3'3!'.!:4,*+#3-'3!:+.!6+'!4'39:+3*B#0#.2!9:64!0'3!,'3.'3!'.!0'3!:-#33#:+3!/'3! 9'43:++'3!S!0'64!3'4C#('%!b+!.*+.!561'-90:F'64O!6+'!'+.4'94#3'!:6!6+!:4,*+#3-'!96B0#(! *336-'!6+'!4'39:+3*B#0#.2!9:64!0'3!,'3.'3!9:323!9*4!3'3!'-90:F23!/*+3!01'<'4(#('!/'! 0'643!@:+(.#:+3%!! N'C*+.! ('..'! 3#.6*.#:+O! 9063#'643! :4,*+#3*.#:+3! :+.! 94#3! 0*! /2(#3#:+! /1#+.'4/#4'! .:6.! 3#-90'-'+.!0163*,'!/1W+.'4+'.!:6!/'!('4.*#+3!'+C#4:++'-'+.3!'+!0#,+'%!V*#3O!6+'!.'00'! *994:()'!.'+/!/'!9063!'+!9063!S!3'!42C20'4!#+'@@#(*('%!$C'(!0*!9:960*4#.2!(4:#33*+.'!/'3! :6.#03! 9:4.*B0'3! (:--'! 0'3! .2029):+'3! /#.3! `!#+.'00#,'+.3!aO! 0'3! #+/#C#/63! 9'6C'+.! 3'! .4:6C'4! '+! -'364'! /'! (:--6+#56'4O! -c-'! '+! /'):43! /'3! '+C#4:++'-'+.3! 3:63! 0'! (:+.4K0'!/'3!:4,*+#3*.#:+3%!! W0!9*4*r.!9063!'@@#(*('!/'!94:-:6C:#4!6+'!6.#0#3*.#:+!4'39:+3*B0'!/'3!'+C#4:++'-'+.3!/6! H'B!?%>%!&*!+*.64'!-c-'!/6!H'B!?%>!)*B#0#.'!0'3!#+/#C#/63!S!*((2/'4!'.!S!-*r.4#3'4!/'! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! AI !! ZA7A$"5$;1<')4,%"$TO!?>=>!PLL&Y!JIJ>!L*+&WW_O!?!/2('-B4'!?>=>O! )..9opp^^^%(*+0##%:4,p@4p5(p5((09p/:(p?>=>p?>=>5((09JIJ>p?>=>5((09JIJ>%).-0!! AJ !! D199$0A$;1,9"%6$9016)%="$(.$(%95=%05$, 1 $cd$(.$K1.E").‑_=.,9[%0&$y=77Gz!=!g%L%Z%!J?D!
  • 33. "?A"! 9063!'+!9063!/1#+@:4-*.#:+3%!N*+3!6+'!.'00'!9'439'(.#C'O!94:-:6C:#4!6+'!*994:()'!9*4! 0*56'00'!01'+3'-B0'!/'3!#+/#C#/63!3:+.!4'39:+3*B#0#323!3'-B0'!9063!S!-c-'!/'!94:.2,'4! 01'+.4'94#3'!:6!01:4,*+#3-'!96B0#(!(:+.4'!0'3!(:-9:4.'-'+.3!942;6/#(#*B0'3%! R,++ 45*+5D':)O9*+1)DD5+0%2:2*#%50(*+/0+<5=+>,?+ b+!.*+.!5616.#0#3*.'643!/'3!'+C#4:++'-'+.3!/6!H'B!?%>O!0'3!'-90:F23!:+.O!S!012,*4/!/'! 0'64!'-90:F'64!6+'!:B0#,*.#:+!/'!0:F*6.2!o!#03!/:#C'+.!31*B3.'+#4!/'!9:3'4!/'3!,'3.'3!56#! -#+'+.! 0*! (:+@#*+('! 56#! /:#.! '<#3.'4! '+.4'! 6+! '-90:F'64! '.! 6+! '-90:F2%! R+'! .'00'! :B0#,*.#:+!(:++*r.!/'3!#+.'+3#.23!C*4#*B0'3!3'0:+!0'!.F9'!/1'-90:#!'.!01#+.'+3#.2!/6!0#'+!/'! 36B:4/#+*.#:+!56#!'3.!#+)24'+.'!*6<!/#@@24'+.3!.F9'3!/1'-90:#%!R+!'-90:#!/1'<2(6.#:+!/'! .É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`!3:+.! :@@#(#'00'-'+.! -*+/*.23! 9*4! 01:4,*+#3*.#:+! 9:64! 0*! 4'9423'+.'4! 364! 0'3! -2/#*3! 3:(#*6<!aA7 %! ! N*+3! ('..'! (*.2,:4#'! /1#+.'4C'+*+.3! +2('33*#4'-'+.! 9063! @*-#0#'43! *C'(! 0'3! '+;'6<! '.! 4#356'3! *33:(#23! *6<! *(.#C#.23! 94'+*+.! 90*('! /*+3! 0'3! '+C#4:++'-'+.3! /6! H'B!?%>O! 0'3! *6.'643! N6B:#3O! Y'00'.#'4! '.! Y:#4#'4! /#3.#+,6'+.! 0'3! 4'9423'+.*+.3! :@@#(#'03O! 0'3! ,'3.#:++*#4'3! /'! (:--6+*6.23!'.!0'3!*-B*33*/'643%! &'3!4'9423'+.*+.3!:@@#(#'03!`!3:+.!0'3!'-90:F23!/:+.!0*!9423'+('!364!0'3!-2/#*3!3:(#*6<! '3.!;63.#@#2'!9*4!0'!-*+/*.!.4T3!(0*#4!/'!4'9423'+.*.#:+!/'!0'64!:4,*+#3*.#:+!/*+3!0'64! /:-*#+'! /1'<9'4.#3'!a%! &'64! #-9:4.*+.'! 9423'+('! /*+3! 0'3! -2/#*3! 3:(#*6<! S! .#.4'! /'! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! A7 !! N#/#'4!NR8mWZO!b-#0#'!Yb&&b]Wbg!'.!u*.)'4#+'!YmWgWbgO!;1<<",5$#f5%=$E15="$'16%5%N."$(F.5%6%9)5%1,$ ("9$<O(%)9$910%)./O!L:^*+C#00'O!U/#.#:+3!xC:+!80*#3O!?>==O!9%!G>%!
  • 34. "?M"! 4'9423'+.*+.3!:@@#(#'03!`!6%"$("$<),%M="$O5=1%5"$6".=9$)05%E%5O9$,.<O=%N."9$"5$6F%<)4"$("$ 6".=$"<'61G".=!aM> %!! Y*4'#00'-'+.O! 0'! ,'3.#:++*#4'! /'! (:--6+*6.2! *,#.! (:--'! 4'33:64('! ('+.4*0'! /'! 01:4,*+#3*.#:+! /*+3! 0*! (:--6+#(*.#:+! /*+3! 0'3! '+C#4:++'-'+.3! /1#+.'4*(.#:+! /*+3! 0'356'03! '00'! '3.! 9423'+.'%! W0! '3.! /:+(! @:4(2-'+.! '+! 9:3#.#:+! /'! 9:4.'"9*4:0'! /'! 01:4,*+#3*.#:+%! &'3! '-90:F23! S! 56#! 01:4,*+#3*.#:+! `!*! /:++2! -*+/*.! /'! 9*4.*,'4! 0'64! '<9'4.#3'! '+! .*+.! 56'! 4'9423'+.*+.3! :@@#(#'03! /'! 01'+.4'94#3'!a! 3:+.! /23#,+23! 9*4! 0'! C:(*B0'!/1`!*-B*33*/'643!a!9*4!N6B:#3O!Y'00'.#'4!'.!Y:#4#'4M= %!W03!3'!.4:6C'+.!S!0*!@:#3!'+! 9:3#.#:+!/'!4'9423'+.*+.!/'!01:4,*+#3*.#:+O!-*#3!'+!-c-'!.'-93!`!*,#33'+.!(:--'!/'3! *,'+.3! 0#B4'3! 56#! ,T4'+.! 0'64! 94:94'! ,4:69'O! #+/29'+/*--'+.! /'3! :B;'(.#@3! /'! 01'+.4'94#3'!aM? %! &1:4,*+#3*.#:+! /:#.! 31*3364'4! 56'! 0'643! @*#.3! '.! ,'3.'3! /'-'64'+.! '+! (:)24'+('!*C'(!3'3!:4#'+.*.#:+3%! &'3!'-90:F23!9'6C'+.!#+.'4C'+#4!364!/'3!56'3.#:+3!56#!(:+('4+'+.!01:4,*+#3*.#:+!3*+3! c.4'! -*+/*.23! 9:64! ('! @*#4'%! N6B:#3O! Y'00'.#'4! '.! Y:#4#'4! #/'+.#@#'+.! .4:#3! .F9'3! /1'-90:F23!o! 0'3! '+.):63#*3.'3! *,#33*+.! )*B#.6'00'-'+.! 9*4! @#'4.2! /1*99*4.'+#4! S! 01:4,*+#3*.#:+O!0'3!#+(:+3(#'+.3!56#!`!+1)23#.'+.!9*3!S!94:-:6C:#4!/'3!(:-9:4.'-'+.3! -*4,#+*6<!364!0'3!-2/#*3!3:(#*6<!.:6.!'+!-'+.#:++*+.!0'!+:-!/'!01:4,*+#3*.#:+!9:64! 0*56'00'!#03!.4*C*#00'+.!a!'.!0'3!@463.423O!('6<!56#!/2(#/'+.!/'!31'+!94'+/4'!S!01'-90:F'64! '+! 6.#0#3*+.! 0'3! 90*.'@:4-'3! /6! H'B!?%>MA %! &'3! '-90:F23! /:#C'+.! c.4'! 3'+3#B#0#323! *6<! 4#356'3! /'! @:4-60'4! /'3! (:--'+.*#4'3O! -c-'! /'! B:++'! @:#O! (:+('4+*+.! 0'64! '+C#4:++'-'+.!/'!.4*C*#0%! >,++ 45*+ (5*')$*#=2:2%9*+ /5*+ 5D':)O9*+ /91)0:#$%+ /L#G2**5D5$%*+ *0(+ 0$+ *2%5+ <5=+>,?+ W0!+1F!*!9*3!3'60'-'+.!016.#0#3*.#:+!/1W+.'4+'.!S!/'3!@#+3!94#C2'3!56#!9'6.!9423'+.'4!/'3! 4#356'3!*6!+#C'*6!/6!.4*C*#0%!b+!'@@'.O!#0!9'6.!2,*0'-'+.!c.4'!4#3562!/'!9*40'4!/'!3:+! .4*C*#0O!/'!3'3!(:00T,6'3!:6!'+(:4'!/'3!(0#'+.3!/'!3:+!'-90:F'64!364!6+!3#.'!H'B!?%>O!'+! 9*4.#(60#'4! 364! 6+! B0:,6'%! &'3! (*3! /'! (:+,2/#'-'+.O! 36#.'! S! /'3! 94:9:3! .'+63! 364! 6+! B0:,6'O!/2-:+.4'+.!0'!.F9'!/'!4#356'3!/'!('3!'+C#4:++'-'+.3%! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! M> !! N#/#'4!NR8mWZO!b-#0#'!Yb&&b]Wbg!'.!u*.)'4#+'!YmWgWbgO!;1<<",5$#f5%=$E15="$'16%5%N."$(F.5%6%9)5%1,$ ("9$<O(%)9$910%)./O!L:^*+C#00'O!U/#.#:+3!xC:+!80*#3O!?>==O!9%!G>%! M= !! N#/#'4!NR8mWZO!b-#0#'!Yb&&b]Wbg!'.!u*.)'4#+'!YmWgWbgO!;1<<",5$#f5%=$E15="$'16%5%N."$(F.5%6%9)5%1,$ ("9$<O(%)9$910%)./O!L:^*+C#00'O!U/#.#:+3!xC:+!80*#3O!?>==O!9%!G=%! M? !! N#/#'4!NR8mWZO!b-#0#'!Yb&&b]Wbg!'.!u*.)'4#+'!YmWgWbgO!;1<<",5$#f5%=$E15="$'16%5%N."$(F.5%6%9)5%1,$ ("9$<O(%)9$910%)./O!L:^*+C#00'O!U/#.#:+3!xC:+!80*#3O!?>==O!9%!G=%! MA !! N#/#'4!NR8mWZO!b-#0#'!Yb&&b]Wbg!'.!u*.)'4#+'!YmWgWbgO!;1<<",5$#f5%=$E15="$'16%5%N."$(F.5%6%9)5%1,$ ("9$<O(%)9$910%)./O!L:^*+C#00'O!U/#.#:+3!xC:+!80*#3O!?>==O!9%!G=%!