Nie 27.2010.pdf

%&$ &&&&

" %%"&&!!%"!

%&&&#$#&&&&#&&$#$

>3B=A < :3%:B54?/>B57@6$B2?B6$:A/@0AB5@+,B&>

-A=7B14?B;<90B.>.B7;>B398B$@B2?8>6<B=9B=A 4@/@?=

<0?896$)B 8?B < 2?B:?B31B 18;A89B 4+B&AB : :AB;1=*

7A6$B2A8;@?896<B=96$B2?3 A89B=@>4)B!?B<=A0A4

6A0(B8;A=5BA7B6.+B<>B5<6<>B'%0AB4@)

2?87AB=@>B< -A=B7?:B6AB4@B3?B;AB3<@0B.>.B2;A:*

=@7)B 3?B:A,B ?81/?B=A '0+B-?B7(B 6<>;B=@(,B ?3B-90A

7?=B >B;>=B6.+B< -A=B7?B:9B4@B3?B;A3B6AB4@B2;AB5?B:9B4@)

A8B4?5B >B;<>B =AB;?B3?B:>.B &A0?B-9B -A=B7?:B69B -9/@

:9.(8B7?B:?B :9B;?B<1B4@A/@B @ $?.B=@)B 58A/?B=?,B &>

14?B;<>B=@>B7;>B3981B=@>B-+B3<@>B3/AB&A0?-B=@B69B7?*

;<958B=>,B-?B-+B3<@>B41B5@A0AB<AB20AB6@#B?3 8>B'?B:9B5?*

7@B 2?B3A8>7B 3? 1;<+B31B 57A;B-?B:>B'?)B <:@(<B71

< 894B-A=B7?:B69B3?B;AB3<@/@B3AB;?B:@B<=+B: 8AB7@>.B:9*

5?B7?B"6@,B &>B-9B 54?/>B57AB :3?B:AB 520AB6@0AB < =@>.

4@/@?B=?B:9B7;>B398B-A=B7?B:@B?;A<B4=@>.B5<9B2?B3A*

8>7B2AB58:1)B;<9B3=@B2%B=@>.B51B4AB: 2;>B<>=B6@>

?3 -A=B71B 2?.AB:@0AB 5@+B =A 7?=B6@>B :3?B:9,B 78%B;A

?3 ;AB<1B520AB6@0AB<AB6@(B'=@+89B7;>B398B=A 4@>5<B7AB=@>

?;A<B<AB20AB6@0AB2?B3A8>7)B

981BA6.AB =@>B -90AB-9B 8A7B @;981.(B6A,B '39B-9

=@>B8?,B&>B14AB;<AB=@>B7;>B398%:B< ?7AB<.@B"4@>;B6@

7/@>=8%:B :6A/>B =@>B .>58B <:9B6<A.>4B -A=B7%:)B

>B3>=B < 301B'?/>8B=@6$B 2;AB6?:B=@B7%:B -A=B71B

=@>B? @B6.A/B=@>B :9B<=A0,B &>B 2AB4@+8AB 89/B7?B .>3B=(

8AB7(B5981BA6.+)B@>B39B=A ;AB7AB14A;0B@6$B5<AB=?*

:AB=9B2;AB6?:B=@7,B:%:B6<A5B.>B'?B&?B=@>B14?B;<?*

=?B=@>B:@>/B7@B7;>B398B7?=B5142B69.B=9B<AB6@(B'=@+89

2;<><B4+B&A)B

AB298AB=9B ? 14AB;<AB=@>B 7;>B398%:B ;?B3<@B=?4

? @A;B ;<>6<B=@7B !?/-A=B71B AB;>7B ?B5A7B =@>B <A*

2;<>B6<90,B A =AB:>8B 2?B>896B7?B 3?B3A0B )',).#

) ++.',.). . .(-%.&-. *.(,. .-(.#+.'.+.*.$.*.

$.(,*.!+&',*".),.*.!+%&.!. .)+.(,*.) (-%).)-.

%-..!+ !"+%&.!+ ).#..)-.'%)*.%&-"-.$.%,.'$.

+.),.(-.!")*. ,'.!+&")*.(-%)$ .#,*(&'., &-#.$.

+.&-#.*.' &$.!")$.!-.# )

@>B? @B6.A/B=@>B -A=B7?:B69B 4%B:@(B 31B&?B :@+*

6>.)B AB2AB=?B:A0AB &A0?-B=A 259B6$?B<A)B @>B 4?B'/@*

"49B B 2?B:@AB3A.(B B =@>B 2;<9.(#B :=@?B571B @ =@>

14?B;<9#B7;>B3981,B6$?#B8?B=@>B-9B:A0AB3/AB=A5B59*

81BA6.A)B@>/1B=AB5<94B7/@>=8?4B: ;%&B=96$B?7?*

/@6<B=?B"6@A6$B'@B=(B/1-B14@>B;A.(B4+B&?B:@>B@ &?B=9)

8AB7@6$B5981BA6.A6$B:@+7B5<?"#B7/@>=8%:B=A.B6<+*

"6@>.B52;<>B3A.>B4@>5<B7AB=@A,B=A 78%B;>B@6$B=@>B58A#,

@ 520AB6AB7;>B3989)B=@?B57@B? 14?B;<>B=@>B7;>B3981

8?B=AB2;A:B3+B;<A3B7?"#)B2;?B-?B:AB=@>B@6$B5@+B<3A*

;<A)B!? 7A8AB58;?B @>B54?/>B57@>.B8>&B4?B'/@B-9B"49

?6<9B:@B"6@>B?3B;<1B6@#B:5<958B7@>B:=@?B57@B? 14?*

;<>B=@>,B-?B4AB49B3? 8>B'?B2>0B=>B2;AB:?,BA/>B=@>B-9*

/@B"49B2@>;:B5<94B-A=B7@>4,B78%B;9B;?<B2?B6<(0B2;?*

6>B31B;+B14?B;<>)B?B5@+B-A;B3<?B5<9-B7?B;?<B=@?*

50?)B !?B3>B5</@B"49B :@+6B 3? 8>B'?B 4A;B7>8@=B'?B:?)

90?B?6<9B:@B58>,B&>B'39B-9B"49B?3B;<1B6@/@B.AB7@B7?/*

:@>7B:=@?B5>7B? 14?B;<>B=@>B7;>B3981B78%B;>."B< ;?*

3<@=B ? @A;,B ?3 ;AB<1B 2?B5<0?B-9B 8?B 3? 4>B3@%:)

78%B;9B -A=7B : 8A4896$B :AB;1=B7A6$B 6$6@A0B-9

4@>#B>89B7@>8B7+B7;:@?B2@.B69

=@?B57@B ? 14?B;<>B=@AB 7;>B398%:B :209B=+09

:%:B6<A5B3? :@>/1B-A=B7%:)B5<958B7@>B<AB6$?B:A09

5@+B8A7B5AB4?)B4AB;<A09B&A0?-B=@B7?4B7;>B3989B'?*

8%:B7?B:>B?;A<B$@B2?8>6<B=>)B 8>.B52;AB:@>B4@B=@B58>;

@B6$A0B ?B=@B <?;B'AB=@B<?B:A0B =AB:>8B 52>B6.A/B=>B 52?*

87AB=@>B< 5<>B AB4@B-A=B7%:)B 14?B;<>B=@A6$B<AB6@('*

=@+896$B2;<><B54?/>B57@>B? @AB;9B7;>B398%:B< -A=*

7AB4@B;?<B4AB:@A/@B8>&B@=B=@B6<0?=B7?B:@>B;<(B31)B!;>B<>5

:@(<B71BA=B7%:B!?/B57@6$B;<95<8? B!@>8;A5<B7@>*

:@6<B=@>B:@B3<@A0B: 894B=@6B3<@:B=>B'?B -(.#,.%-.*

'%#-.)$.'-. $.+%+.$.!,. +&. . *.%!"-.'$.!+%) )*..($

"+.),(.-&+.,-%&.' %!"-.',*.)-. ,.(,&$ .#"*.$&'

&+. )$. $.%,."+).+.'$.(- %&$.#.")..!-". -.*(&., #-(.

*. -",,.!"*.,*"-.+).'-.-.(+.(-.'*&.!+.+ .!,*.(,.(

)*.%&"+.($.!-%&'-.) ),-. *.%*#&+"-.-(.#+.'*.+ )

AB298AB=9B :2;?58B ?B :=@?B57@B : 52;AB:@>B 14A*

;<AB=@AB7;>B398%:B;?B3<@B=?4B? @A;B7A8AB58;?B 9B?*

4A5<B?B'1B50A:B57@B< -@1B;AB2;AB5?B:>B'?B-A=B71B!>*

7A? B=@>B<AB2;<>B6<90)B!?B:?01.(6B5@+B=A 8A.>4*

=@B6+B-A=B7?B:(,B<AB<=AB6<90,B&>B=@>B:?/B=?B41B2?B3A#

3?B70A3B=@>.B5<96$B@=B ?;B4AB6.@,B=A 2;<9B70A3B? @/?B"6@

896$B:=@?B57%:B@ 7:?8A6$,B78%B;>B3AB;?B:AB=?,B'39&

=AB:>8B2? "4@>;B6@B7/@>=8%:B?-?B:@(B<1.>B8A.>4B=@*

6AB-A=B7?B:A)B$6(6B2?8:@>;B3<@#B5015<B=?"#B3<@A*

0AB -A=B71B !>B7A? ,B ?B'1B50A:B57@B 3?B3A0B -.

'%)*.%&-"-.$.%,.!+. .#,*(&+.',.' '$. &.#+.'*.%$.

&.- ,.- &+.(,*.'&.!,.',*.$. -.'$. &.#+.'-.%$&.- -

#-&-%&"+. ,*.),.(. $.+%+.$.!+.'%)* .(,*.)(-.(*.)-.

&*.+%&!.(,-.(,*.-.#, .#+.',*#.%) )*.. '.+.+.

$.%&-.(+.',.(-"%)*.(,*.&-. *.(,. $.-(.#+.'* )BB

A=7B!B!,B78%B;>B'?B:@+7B5<?"#BA7B6.@B.>58

: ;+B7A6$B 2AB58:A,B 3? 52;AB:9B 14?B;<>B 7;>B39*

8%:B2?3B5<>30B< .>5<B6<>B:@+7B5<94B<;?B<1B4@>B=@>4)

A7B 2?@=B ?;B4?B:A0AB 39B;>78?;B /&B-@>8AB =B3>;5

)',).#.) &"-., ).(.#-&-%&"+. .!+ +. *%#,*

.-(#.+%#,.(-.',.)-.#+(&-#&.) "+.),.(-.,

+,-"..#,*(&-.,.-(.#.-$.)+.(,*.) ++.',.). .

$.,.!")*.!,%-.,.' %!+%.),(.$.',..-,.)+.'-.($."*.

. +.'-.'%)$%&.#,*.+".-.(+. !"-'.(*.#'*%&,*.'$.(,.

#-. . *. ) )-.'-"&$ . ' A8>4B : 2;<9B2A3B71

2AB58:?B:>B'?B -A=B71B =@>B2?8;<>-B=>B -90?B =AB:>8

570AB3AB=@>B:=@?B57%:B? 14?B;<>B=@>)B9B20A89B3?*

7?B=AB=?B7?5<8>4B2AB58:A,B@=B=96$BA7B6.?B=AB;@1B5<9

@ 7/@>=8%:B-A=B71)

/A 2AB58:?B:>B'?B -A=B71B .>3B=?B;AB<?B:>

14?B;<>B=@>B7;>B398%:B=A 0(6<B=(B51B4+B7@/B71B4@*

/@?B=%:B 8?B 2>58B7A,B 57?B;?B 89/B7?B : 2@>;:B5<94

2%0B;?B6<1 B;)B;1B2AB!B!B?3B=?8?B:A0A

<957B=>88?B=A 2?B<@?B4@> B4/3 B4/=B<0)B39*

-9B .>3B=A7B 14AB;<AB=@AB < ?7AB<.@B "4@>;B6@B -909

52;AB:@>B3/@B:>,B6<9/@B8A7B6<+B58>B.A7B"4@>;#,B4?*

'0?B-9B8?B.1&B2?B:A&B=@>B15<6<1B2/@#B<9B57@B-A=B71)

/A8>B'?B:0AB"=@>B"4@>;#B.>58B/>2B5<AB: 7A8AB58;?*

@>B2?3 A89B=@>4)B

$?B6@A&B .1&B .>B58>4B >75*2?58B7?B41B=@B58(,B -9*

094B?B>-B->/B5>4B58AB=1B:?.>=B=>B'?B@ >75*?-B6(&*

7AB4@B,B2?B4@B4?B8?B<AB6$+B6A4B3? =@>B'0?B5?B:A*

=@AB=A 7A=B39B3A8AB!;AB:AB@ 2;AB:@>B3/@B:?B"6@,B?*

'A,B?B=?B;1B@ .B6<9B<=9)B1B2@#B'1B4?B:>B;+B7A*

:@6<B7@,B :0?B&9#,B =AB7;>B"/@#B ":@+89B 7;<9B&97

2;<9 ?B4?B;?:B57@4B @ :;<1B6@#B 3? 21B30A)

=A 7AB6AB2?/@896<B=>B'?B2@B:?B8>&B.>58B3?B-;>)

<AB5A3B=@>B=@>

9B-?B;9B 2;>B<9B3>=6B7@>B :<-1B3<A.(B =A3B4@>;*

=>B2?3B=@>B6>B=@>)B@>B2;<>B5(B3<(B?=>B? 894,B78?

4AB:0AB3<+B: !?/B56>)B?B5@+B;?<B58;<9B'=@>B: 8?B71

8;<9B7;?8B=96$B >/>7B6.@ ) 9B';AB=A ?*

4?B;?:B57@>B'?B/1-BAB6<9B57@>B'?B-+B3<@>B.>3B=A7

4@A0AB:209:B@ =A 7?=B39B6.+B7;A.1B: 2;<>B6@(B'1

B/A8,B@ =A <4AB'AB=@AB? :0AB3<+B: ;?B71 )

9B';AB=A AB6<9B57@>B'?B 2?B:?B3?B:A0AB-9,B &>

;<(3B1B57AB.>B6$A0B-9B<>B5<6<>/B=@>B<AB6@B"=@+894B$A*

41/B6>4B;+6<B=94,B6<9/@B:A;B6<A0B@ 58A0)B><B;16$

8>=B=AB:>8B10A8:@B2;>B4@>B;?B:@B@ .>B'?B2A;8@@B:9B';A*

=@>B:9B-?B;%:B3? 2A;/AB4>=81B: 2;<9B5<094B;?B71)

157B =@>B =AB;AB<@B 5@+B ;%&B=94B ';1B2?4B 52?0>6<*

=94,B2;<>B2;?B:AB3<A.(6B;>B ?;B49B-1B;<(B6>B@6$B:9*

'?3B=>B 2;<9B<:9B6<A.>B=@A)B !;>B<9B3>=81B;AB AB6<9*

57@>B'?B8?B;>BA/B=A <AB:AB3A,BA :@+6B:9801B4AB6<>B=@>

-@>;B=?B"6@B;<(B31)BA 3?B4@A;B;?<B7?B5<9B1B57AB2;>*

<9B3>=81B;+BAB6<9B57@>B'?B:9B-?;B69B<>B6$6(B<;%:*

=?B:AB&9#,B 894B 6$+8B=@>.B 3A.(6B !/A8B ?;B4@>B :@+7*

5<?"#B: 2;<9B5<094B>.B4@>)B>81.(B69B2;>B<9B3>=8

16<9B=@B .>3B=A7B 8+B ;?<B6@(B'=@+8(B : 6<AB5@>B :0AB3<+

!/A8B ?;B49B=@>B4A/B-><B5@/B=(,B.A0?B:(,B58AB'=AB69.B=()

!AB;AB3?75B 6$:@/@B 2?/>B'AB =A 894,B &>B <:9B6@+*

58:?B ?B4?B;?:B57@>B'?B 8>&B =@>B5@>B =@>B-><B2@>*

6<>B58:?)B?B&>B10A8:@#B2?B:;%8BAB;?B50AB:ABA*

6<9B57@>B'?B=A ?8>/B2;>B4@>B;A,B78%B;9B4AB:0AB3<+

:@+7B5<(B=@&B2;>B<9B3>=8B@ 8?B52;A:B6<(,BA =@>B-/?*

71.(B6()B B;)B6<+"#B:9B-?;B6%:B4?B&>B?3B3A#

'0?5B=A !@,BA-9B<AB2?B-@>6B.>3B=?B:0A3<8:1B!/A8*

?;B49)

0?B51.(6B=A ?B4?B;?:B57@>B'?,B14?&/@B:@AB49

1B57?B:@B A789:B=>B ;<(B3<>B=@>B B ?58;?&B=>B 4?*

3>;B=@B<?B:AB=@>B 7;A.1,B 3?B7?B=9B:AB=@>B 2?B51B=@+#

<096$B@ 3?B-;96$,BA/>B: 7A&B394B;AB<@>B1=@7B=@>*

49B 2AB;A/@B&1) <AB6<=@>B49B ';+B =A 6<A5,B /@B6<(6

=A 8?,B&>B!@B<0AB'?3B=@A09B.1&B8>B;A<B@ :9B<-989

:7;%8B6>B&A0?-B=>B'?B:52%0B6<1B6@AB8;AB6@#B2?B6<=@>

:<@+B6@>)BA8?B4@A58B6<9B58?B'?B52?B3A;B6<>B;>B ?;*

49B 1B57AB 18980AB=>B : 7?=B5>;B:A89<4B @ /+7

2;<>3 ?B"6@?0>4B52?B:?B31.(BA2>898B=A 8;<>B6@(

5@0+B:9B;AB&A.(B6(B=?B:?B6<>B5=?"#,B?'A;B=@A.(B6(B:9*

?-;AB=@(B2;<9B5<0?"#)BA.(6B3?B59#B:9B-@>B;AB=@A

2?B4@+B3<9B 2;AB:@B6(B 57;A.B=(,B =@>B-><B2@>6<B=(

@ 70A4/@B:(BA 14@A;B7?B:AB=(,B40?B3<@B58AB:@A#B<A*

6<=(B=A />B:@B6+)B>=B3>=B6.AB8AB2;<9B3AB5@09B

@ ;%&B=94B-/@B57@4B41B ?;B4AB6.?4B52?0>6<B=94

>B4@B=@58B7?4,B '>.?4,B ;AB6.?B=A/B=94B <:@(<B7?:*

6?4)B AB;AB<>4B 2?B26$=@>B !/A8B ?;B4+B =A />B:?,

6<9B=@(6B< =@>.B2A;8@+B6>=8;?B:(,B-/@&B5<(B!A/@B7?*

8AB=@&B?B:@B=A)

894B:5<958B7@4B=@>B6$?B3<@B? ';+B2?/@896<B=9*

4@B @B'1B;AB4@B A=@B ? 8?,B 78%B;9B < ';AB6<9B 14@>B 5@+B

2?B3?B-A#)B@78B6$9B-AB=@>B2;AB'=@>B8AB7@>.B-/?B7AB39

: 2?/@89B6>,B78%B;AB52?B:?B31.>B: 7;A.1B<AB58%.)B/A

B!/A8B ?;B4AB.>58B<A"B2A;8B=>B;>4B@ 3? ;<>B6<?*

:96$B52?B;%:B? 7?=B6>2B6.>B;?<B:?.?B:>,B@B3?B:52%0*

8:?B;<>B=@AB;>B ?;4,B6<9/@B:52%0B2;AB69)B!@B: &A3*

=94B<>B5:96$B:6@>/>B2A;8B=>B;>4B-9#B=@>B2?B:@*

=@>=)B?B2;<>B6@>&B:9B7:@8B2;<>B5<0?B"6@,B2;<9 894

=@>B?-/@B6<A/B=9B@ 2?8>=6.A/=@>B<=%:BA:A=81;B=@B6<9)

AB2@>B;A/B57@B 2?B:@B=@>=B =@>B <AB';9B:A#B 5@+,B

13A.(6,B&>B/>B:@B6AB2;<981/@B5@+B3? 7A&B3>.B71;B:9,

89/B7?B:9B;AB=@>B2?B:@>B3<@>#,B&>BAB6<9B57@B.>58

<A70AB4AB=9,B =@>B:@AB;9B'?3B=9,B A=AB6$;?B=@6<B=9

@ 4AB 8AB7(B :@B<.+B ;?/@B 2AB58:A,B 78%B;AB 2;<>B';A0A

:;A<B< !)B '%B;9B:9B7/1B6<9#B170AB39B< !@)

0?B5?B:A#B :@+6B 8;<>B-AB =A ?B4?B;?:B57@>B'?,

6$?B6@A&B-9#B4?B&>B2?B3?B-AB5@+B?=B89/B7?B:0AB5=>.

&?B=@>)B!;>B<9B3>=8BAB6<9B57@B8?B-?B:@>4B:@3B4?

2?B:;?81 !B ?;A<B 2?B21/@<4B 3/AB 31;B=@%:,

78%B;<9B:@>B;<(,B&>B!@B=A :5<958B7?B3AB2@>B=@(*

3<>,B-?B9B3<97B41B.>B:9B4?B3/@)

AC=@BC5@C=A3C1@C-@C7<AC>8C4A=6C3@A2

<>AC-?<>CBC7@AC<B1C;3@C:B3C4?C+<>A

7?C6>/0C;@'C9 <?C1@C3B=C48C4BC:B.C$AC

2AC-?C:<@/5C"B1C=AC-?C5B<C;>/C7<>A>

#?1C;3'C=@AC>BC:<>8C5B0C=BC9A:C3?C,

=@A6C2AC-?C3B5C7BC=@@*C4 7?C=@AC,

4>@B0C3/CBC7@AC<B1C;3@C>=%9C2AC4>@0

7? 3<BC2/C@ 78C:B0C1/C4>@.C6?C5BC@5

7?C9@AC4>@A(*C?C;7?C;%+C=B ;:9?C,

<>AC=@AC7?C1@C:86>C=AC-?C7A<C7AC:/C/5

5?C+@C1AC=B2C7@A<9C78C:BC58C1/C4>@.

6?C6)6&C/;08C;>A(.C7?C:A5C5%C9@C,

58C@5C:?.C6?C>?C;:BC0?C=B5C7?C9@AC,

4>@BC=A.C 7?C:A5C 5?C$AC58C >BC78C,

:B(.C2B3C7<>8C2'C1@C:?.C6?C/;08C;>AC1@.

B7?:A5C=B :A2C7?4C;:BC9@AC;"?<C,

5/C0?C9B(C=BC;:'7C=AC78C:BC=@B* :B3

4?C6@&C-=@AC58C4? 98C+?C<%9C7B<C1BC,

5A=C:B<C=86)*

=C4<>A2C 1AC6)?9C;3@C 98C;>A40

@?-0?;@0.C$AC7?C7@AC<BC!?C5?C<?9C,

;3@AC-?.C +?C 7<AC>8C4A=:.C 3:%C<8

6)6@B0C+8C"1@<C:?C9B(C> @4ACB5@C;?C,

62BC1@C;:86>C=8C5@.C5?C$AC;7?C9?C4?C,

9B(C 9 #?1C;6AC =@AC;>6>'C6@A*

5A:BC2'C>8C3/C "BC6AC:%9.C 3:%C<>8

5BC2&C=B 3?=C6@A C5@C1@?C=%9C>0?C,

:86).C"1@<:C> @4ACB5@C;?C62BC1@C;:86>C,

=8C5@C ?>=BC6>BC ?6)<?C='C 7<BC9B

7<BC68.C >?C+?C9@&C>BC ;?C62B1C=86)

7BC;:9BC @ 7<?C-<AC;89C=A2C ;3BC1@

7?C4B:C3?C9A2*C

<?C=@C;0B9C!?C5?C<?9C;3@C98C3BC,

>B0C;@'C>=B6>=&C4AC;7AC<BC62&*C#A0C,

=@&C68C?+?C9@&>C3@C#<AC>8C4A=C:BC#

B<C;>BC0A3CA2C5/C98C;0B0C9 :AC<A=

$?C='.C 3:%C<BC +'C4>@AC 2AC4>@(

7? #?1C;6AC <?=C3?C+/C;A5

@;7?:8C3B(C ;@'C >A ;:/C4A=C:BC5@

=@C9A<C;8C:AC:%9C <>AC6@AC-?C @AC,

3/C@ 6>0?=C3@C=@BC5@C!%0C?C;7?C48

@A2C;3@6)*

7<?C7?;C/708C9/C6>BC;/C B3:

7<>8C0BC7B0C@1C1AC<BC=B :B2C=A2C<B=4C,

6A*C B=4C3BC +8C0BC > #BC1@C3?C:A5*

>B;.C2B3C9@C4B(.C@5BC;@'C9;>8;:C,

3@6)C7?C>BC%C>AC"A5*

?<>AC6>AC=@B6)C 6>:AC<A6)

@=C;:B=C62@C98C;>0?C=B :?.C$ACBC<?C,

;0B9C!BC6>8C;3@C5BC7<>AC7<?C;@(

<?C=@C;0BC9BC !?C5?C<?9C;3@AC-?C >B

;:9@A<C4>AC=@A.C@$C2A;:C?=C>9?C1A=C,

=@C3@A5C 7<8C9BC:8C>BC62@C ;0/$C+8

>4<?C9@B*C B 7A9C=?C 2A;:C :?C

4?C+<BC 9@BC4?C5?(C41BC;0/$+8

>4<?C9@B*C 1BC 3B5C7BC=@@C =@AC 5B

;7AC62B1C=AC-?C>=BC6>AC=@B*CB :85

A:BC7@AC 2A4C=@C @ 4</C4>8C 98C+?<C68

9@AC4>&C;9?C2A*

<AC>8C4A=:C >BC;:'7C6>8C >9?C0B0

BC4'C A>C7@AC6>AC;:9BCBC<?C4?C,

9AC-?C@ 7?C1AC6@0C<>&C4?C9@C9826@A

> "-BC=@C;:BC=/*C @BC=?C9BC=8

7<>A>C !?C5?C<?9C;3@AC-?C ;>A"

C-AC=AC<B0C!?C>@A2C98C>=B0.C@$

7?1C;3BC B<C5@BC 9>@'C0BC =B ;@AC+@A

>BC4BC=@B.C2BC3@5C=@AC2A;:C9 ;:BC=@A

;7<?C;:B(.C@ 1AC7@A2.C$AC+8C58C98C,

7@AC7<>BC1@C> "-BC=@C;:BC=/C2B3C=B2C,

;>8+C6@A2.C+?C:AC-?C3<BC2/C=@AC4B

;@'C>BC9?C2?C9B(*CC#?C4A2C<>AC9BC58.

$AC -AC=AC<B0C ?C<8;C <?C5?9C

?;:B:C=@C$?0C=@A<>C<C5@@C>A<C9?C,

=A2.C 3:%C<8C 7<>AC3<?C6>80C 5?;:

#<>8C2BC=@C 7?4C6>B;C :?C:B1C=AC-?

?4C9<?C:/C 9?2;3C <BC4>@A6C3@6)

> "-BC=@C;:BC=/ C 1/C:A-? C

7?7B<0+8C!?>@A2B*

B3C+8C6@AC 98C+@AC<BCC;@'C4?

-BC1AC<@@C)B=C41?C9A2CB1C+?C=B;7BC6A<

5@A2C;3&C7<?C5AC=BC4&.C:?C/9BC$B2C,

6@AC-<BC;/C2AC:B5C(9@A<(C:8C;@&C6B

7B<C1BC5A=C:BC<>8C;:%9C #.C 3:%C<>8

5BC2&C=BC5BC9@B(CB;C4? -0?C;?C,

9BC=@BC =B <?=C3B*C 4</C-@A2C

;:<?C=8.C 7? 7?1C;3@6)C 4<?C-B6)

@+A>4<?C$B6)C -=BC2&C B/C:?C+/C;8

>A C7B<C1BC5A=C:BC<>8C;:BC5@C#@*

:<B6)C> 4?C5/C98C6)?C4>@(*

0HMPFMPB4;P K AMPGNLPCKLPJNOP L:PKLPB=PFEPIEP ,MP@NPFLPF=

KNL>PJNPDMPILP:MP0&0"P+OHPGKOPIOP7MP>NP<MHKPKIMP;OP7

JLP:M##PDKLHIPDO#!-!PH9P+EPDN6:9

0=JBF 9P&OPFINLHPCKLPJNLP=D1IOP;EP0MCPGFOPIMP7

IL?PHP:OPJNPKOPD?NP0OHPFE?PJL?PP(LPHLPJMPIL?PMP>NP<MHK

MAHKEP?5PDN=PIAMPDKLFPBOJPCEPCOPF4IPJODK;MJPB4IPFMI9

,OPDKE.PGBNPOPHMPG;OI9

"LPBMP@LJPC=P?6PDEPFMI9P$KDKLPDN.PGBNPIGBOPKO;PJOAMP7

KEPFEIPJEPGFMPG=PJLBPBOJPCEPCOPFOPCM 0"8P<=PCMIPJNDP7

FIOPGMPD?OP>NPGFEDKPJLP:MPN AO.PGFIMPIL?PI;OPGJMP2DNP2HMCP7

B4IPAHMPC=BPD?N9P+EPAMPINLPCKNPM<9P,OPDKE.PGBNLP:MPMCP7

KINLHPDNLPC>OP?6P>NPJN5PMGFOFPJNLP:MPK?OKPC=PJOPGKL?PAOHPFNN9

,OJPCEPCOFPGFOPJ6;PJO :H=JPDNLPKIO>PDKOPJNOPJNLPIEPCM>P7

JMP2DNP INLP>=P JOPGKED1P AHKLCPGN5P<NMHGFI9P ,OJPCEPCOF

K:MCPJNLPK AMPIEP3L?PIGAMP@JNOPJ6P>NPJN6PJOPGKL?PAOHPFNN

AMCPBHLP2>N;PFOBP3LPBMPJNLDKPJM2/PFMP>LPHMPIOPJNOPI;OPGJMP7

2DNPAHEPIOFPJL?9P$FINLHPCKN;P?LCPJOBP3L8P3LPBHO?PJOGKPJNL

@MP3LPGN5PHMKPINP?O/PJO KOPGOPCKNLPBO3PCEPGMP<NLPHKLAPB5

GBHMP<NL8PDKE@PIGBOPKO;PJOAHEJPDEPANO>PJLPKJOPDKLPJNL

BNLPHMIPJNPDKL?PHMP>NPAOHPFNNPI <=PCMIPJNDPFINLPGMPD?OP>NP7

GFEDKPJE@9P0MPF5PAN;PH4IPJNL3PKOPD1MCPJNMPJNLP@NLDPBNL

HEPDNLPJOCJNLPKOPFMPBNPGKDKLPDN.PGBNL?9P+GBOPKO;PJOD15/

=@ODPJNOPJNOPCMP<HED1PGFMPG=JPB4IPKJOPGKE@PINL>PBN@

IGD1MCPJN@PAHKEP?OPDNLP>L@9P&OPCLPB>OPHMPIO;PFL3PGI4?

2INOPFMPAMP:>6CP?OPBMPKOPGOCPJNPDKMP>LPINPDMPIE9P,OJPCEPCOF

KOPIGKLP=IOP3O;8P3LPAO.PGFIMPAMPINJPJMP<E/PGAHOPINLP7

C>NPIL8P MHOKP AMPF5PAN;P JOCP@NLHPJNLP <MP:OPD6PDED1P GN5P

AHEPIOPDNOPHKEPMHOKPAHKLP?OPIEPAHEPIOPFEPN IHMP:NLPJO@

=B;OPCEPI GLBPFMPHKLPGMPD?OP>NPGFEDKPJE@9P0HEJPDEPANO>PJNL

GFMNPJO GFOPJMPINPGB=PAHEP@OPF=PCMP<HOPAO.PGFIOPJOC

NJPFLPHLPGOP@NP?LCPJMGFPBN9P0MPANLPHOPIO>PB5PK AOPFMP>MP:N68

AMPF5PANOPKO2PL@NP:HOPD?5P?OPBMPCLPKLHPD?5PKA>OPD=P<=PCMPIE

GMPD?OP>NPK@=9PKNOP;OP?6DPKOPIMPCMPIMPIGLBPFMPHKLPJOP=BO8P

FMI9P,OPDKE.PGBNPGFMNPJO AHEJPDEPANO>PJE@8P>LPJNPJMIP7

GBN@PGFOPJMPINPGB=PMCPJMP2JNLPAHOPIOPAHOPDEPN?LP:MPGMPD?OP7

>NPGFEDKPJLP:MPD1OPHOBPFLPH=9P(E@PGOP@E@PIAL;PJNPKOPG;=P7

3E;PJO =<NLP:OPJNLPGN5PM DK;MJPBMPGFIMPI GKLPHLP:OD1

0&0"8P=D1IOP>NP;OP00 P:;MPGOP@NPAHKE PAHKLPDNI

N--PIGFHKEP@=P?6PDED1PGN59

':PKLPB=PFEPIOP,PKOPAMPKJOP;OPGN5PFL3PK:;MPGOP@NPBHEP7

FEDKPJEP@NPI CEGPB=PG?NPM BOJPCEPCOPDNLPJO BOJPCEPCOPFO

,OPDKE.PGBN@POPHMPG;OPINL9P+EPFBJN5PFMP@=8P3LPIAHKLP7

GK;MP2DNPAMPGNOPCO;PAMP:>6PCEPHLPOBPDE?PJL8POJOPILFPOJPFEPGMP7

D?OP>NPGFEDKPJL9P KFLPHLD1P CEGPB=PFOJPF4IP IGBOPKEPIOP;M

JO 2INOPFMPAMP:>6CPNCLPO>NPGFEDKPJE8PO JOPILFPHLP>NP:NOJP7

DFIM9P<9P,OPDKE.PGBNPIEPD1IOP>O;PIOHPGFI5PNJPFLP>NP:LJP7

D?NPCKNLPCKNDKPJL?8PIEPBOPK=P?6DPFE@PAMP:OHPC5PC>OPAHKMP7

KEPD?NPKGKLC;PKLPKJODKPJE@PMA4PJNLPJNL@9P&IO>PDKO;

FL3PKOPG;=P3MPJED1PCKNOP;OPDKEP0&0"8PD1MPDNO3PAHKEPKJO/

FHKLP<O8P3LPM<LDPJNLPMA>=PIOPJNLPOBPFEPI=P=KJOP?LPKO<;6C

I GIMP?L?PAMPAHKLCPJNL?PAMPGFOPINL9P0MPCM<PJNLPKHLGKPF6

?OBPIEP<=P?OP;EPJOPD?MPJOP>NK@PB;4PD6PDEPGN5PK NCL6PNJPFLHP7

JOPD?MPJOP>NPK@=8PBF4PHOPAMPINJPJOM<MPIN6PKEPIO/PGKLPHLP:N

0&0"9P

+EPAMPINLPCKNOPJMPFL3PMANPJN58P3LPM<9P,OPDKE.PGBNLP:M

JO?P<OHPCKNL?P CKN2P M<PDN6P3OP FM8P 3LP AHOP:JNLP IGF6PAN/

I JOPGKLPGKLPHLP:NPCMPANLPHMPI D1INP>N8P:CEP=<NLP:OPGN5

MIEPGMPB6P)=JBPD?5PAO.PGFIMPI69P OPKIN?P@EPFM8PFMPIOP7

HKEPGKL8PAM N@NLPJN=8PBOPHNLPHMPINPDKMPGFIL@8PBMPJN=JBP7

F=PHOP>NPK@L@8P)O;PGKL@PIMP<LDPHKLPDKEPINPGFL?PN GKDKLPHL?

AMPGFOPIEPNCLPMIL?PPAMPINLPCKNO;P?LPCLJPK CEGPB=PFOJP7

F4I9PJPJNPFMPIOPHKEPGKLP<EP>NP?LCPJOBPKCOPJNO8P3LP:CEP<E

KOPDK6/PKOP:HOPCKO/PCHMP:5PCMAOHPFNNPFE@8PBF4PHED1P@M3P7

JO AMPCL?PHKLPIO/PM BOPHNLPHMPINPDKMIPGBNLPIEPHOPD1MPIOP7

JNL8PFMPJOP<4HPCMGKLPHLP:4IPAOHPFE?PJED1P<E;P<EP<OHPCKM

M:HOPJNPDKMPJEP KLP GKBMPC6P C>OP IKHMPGF=P >NPDKL<PJMP2DN9

0OHPFNOPJNLP@OPNJPGFH=P@LJPF4IPCM<OPCOPJNOP@MPFEPI4I8

C>OPBF4PHED1PJNLPBF4PHLPMGMP<EPIDKLP2JNL?PM<PDLPJO@

NCLPMIMPJNLPBNLPCEPAHKLPKIEPDN5P3OP?6P<;5CPJ6PAMPGFOPI58

INPCK6DPJA9PG=BPDLPGEPAMP>NPFEPBNPJOPGKL?PAOHPFNN9PLGFPMDKEP7

INP2DNLPIO3PJL8PC>OPDKLP:MPCOPJEPBOJPCEPCOFP:OHPJNLPGN5

CM AOHPFNN8PO>LP?LGKPDKLPNGFMFPJNL?PGKL8PDMPGMP<6PIJMPGN9P

*BPDLGP CM AOHPFNNP KOPIGKLP K=P<OP3OP GKLPHLP:NP JOPGKED1

AHKLPDNIPJNPB4IPMHOKP@O>PBMJPFLJPF4IPIGKL>PBNL?P@OP2DN9

':PKLPB=PFEPIOP,P0&0"P+OHPGKOPIOP7MP>NP<MHKPAMP7

GFOPJMPINP;OPOAHMP<MPIO/PAHKEP?5PDNLPFMI9P,OPDKE.PGBNLP:M

OPHMPG;OPIOPIAMPDKLFPBOJPCEPCOPF4I8PO>LPKOP>LPDNP;OPM<PGLHP7

IMPIO/PKLPGKDKLP:4>PJ6P=IOP:6P?LP:MPAMPGFOPI5PN>MP?O>PJM2/

IMP<LDPGN;P>LPINPDEPI MBHLPGNLPBOJPCEPCODPBN@9P O FE@

A=JBFKOP@BJN5PFM9

(OPBNLPKLP<HOPJNLP@MP:;MP<EP;MPGN5PMCP<E/PI DKLHIPD=

#!-!PH98PO>LPGN5PJNLPMCP<EP;M9P&DKLP:MPIEPJNPBOPC>OP>LPINP7

DEPJOPGF5PA=P?6PDOPJOP=DKPBOPCLPDEPK?OPKLPGFEDKPJNO-!PH9

M GOP@MP>NPBINPCOPD?NP 0M>PGBNL?P &?LCPJMPDKMPJL?P 0OHPFNNP

"MP<MFPJNPDKL?P<EP;OPIEPHOPKNP2DNLPAHKLCPIDKLPGJO9

C=P?6PDL?PHMP>NPB>OPGEPHMP<MFPJNPDKL?8PI BF4PHL?PM<HMPJNL

H4IPJMPDKLP2JNLPGFOPIO;8PDMP2INOCPDKEPM CI=P>NPDMPIMP2DN9

+ AHKLPGK;MP2DNPM<9P,OPDKE.PGBNPAMPANLPHO;P<;5PCEPN IEP7

AOPDKLPJNO8P GFOPINOP?6DP G;=3P<5P <LKPANLPDKL.PGFIOP AMP7

JOC AOHPFN69P0HKLP?OPIL@P<EP;MPIGANLPHOPJNLPIEPAOPDKL.

MCPJMP2JNLPFMPIOPHKEGKPBNP>NPCE9P& FED1P<;5CPJED1PAMP7

;A3<<AC4B3C62B*=@A*6?5*71

0HKLP2>LPCKNP>NP2@E8P?OBPHK6CPI MGFOFP7

JND1PCJNOD1PIEPBMPHKEPGFEPIO;PCIOPIEP7

DKOHPFLPHMPIOPJLP'@P<HOPLHE-%9

'@P<HOPLH -%8P BF4PHE

@NLP2DNP JO AMPB;OPCKNL #P AOPGOP3LPH4I8P

)H=PIO;PJOFHOPGNL

K +OHPGKOPIEP CM ,HOPBMPIO8P @OP?6D

%PMG4<PAMPKOPKOP;MP:6PJOAMPB;OPCKNL8

K,HOPBMPIOPCMCO.PGBOPKPMGMP<OP@N

JOAMPB;OPCKNL8

K CO.PGBOPCM +OHPGKOPIEPKOPIN4K;

%PMG4<9

'@P<HOPLH-%PAMP>LPDNO;

K+OHPGKOPIEPCM0OPHEP3OPK--PAOPGOP3LP7

HOP@N8

K0OPHEP3OPCM+OHPGKOPIEPK-PAOPGOP3LP7

HOP@N9

(MP FE>PBMP AHKEPB;OPCMPILP >MPFE8P BF4PHL

=BOPK=P?68P3LPK JNLPKHMPK=P@NOP;ED1PAHKEP7

DKEJPCM AHKLPIMPK=PBN>PB=PMG4<PGFMPG=P?L

GN5P INL>PBNP GOP@MP>MF8P GAOP>OP?6PDEP FMPJEP

AOP>NPIOP N BMGKPFMIPJEP I LBGPA>MPOFOPD?N9P

(MPFOB8P?OBP<EPAHLP@NLHP(=GBPDMPCKNLJP7

JNLPCMAHOPDEPAHKEP?L3PC3O;PA=PGFE@PO=PFMP7

<=PGL@9

9PA=;BPM<PG;=P:=P?6PDEPJO?PIO3PJNL?PGKL

MGMP<EPI AO.PGFINLP@OPCM CEGPAMPKEPD?N

>NDKPJLP2@NP:;MIPDLP--PGKF=BPKOP<NLPHOP?6PDL

JOAMPB;OCPMC--PCM#PMG4<PMHOKPDKFLPHE

@OP;LP MCPHK=PFMPILP GOP@MP>MPFEP OBP7!

@NLGKPDK6PDL--PAOPGOP3LPH4I9

OBP BN>PBOP HOPKEP AHKLPGFHKLP:OP>NP2@E8P

L@P<HOPLHEPK'=PHMP(P7=JNLPJOPCOP?6PGN5

JO GOP@MP>MPFEPHK6PCMPIL9POP?6PKO BH4FPBN

KOPGN5:8PO?OPBMP@OPGKEPJEPDEPIN>PJL8PJNLPAMP7

GNOPCOP?6PDLP3OCPJED1P2HMCPB4IPMD1HMPJE

<NLHPJL?PN DKEJPJL?8PJNLP@MP:6PAMP>LPDNL/

I FLPHLP?MPJEP2INOPFO8P:CKNLP?LGFPJNLP<LKP7

ANLDKPJNL9P+EPDKOHPFLPHMPIOPJNLPFED1PGOP@MP7

>MPF4IPFMP@OHPJMPFHOIPGFIMPAO.PGFIMPILP7

:MP:HMPGKOPJO M:HM@PJ6PGBOP>59PNPDK6D

BMGKPFEP CMP)NPJOJPGMPIOPJNOP '=PHMP(P7=

<LKPFLP:MPJNLP@4:;P<EPB=PAN/P<HOPKEP>N?P7

GBND1PGOP@MP>MPF4I8PFMPMBMP;M%!P@>JPK;

JOP>OPFOP*MFMPCMPI4C8P3LPG6PFMPANLPJN6P7

CKLPIEPHK=PDMPJLPI<;MPFM9P

##PDKLHIPDOP@OHPGKOP;LBP,MP@MPHMIPGBN8

@NPJNPGFLHP ,>ND18P @NPJNPGFLHP $NPBMHPGBN

N@NPJNPGFLHP,MPKNL?PIHOKPKLP2INPF6PIAOPC>N

CM JOPGKED1P 3M;PJNLPHKEP MB=PA=P?6PDED1

*):OPJNPGFOJ9P,OJPCEPCOFPJO AHLPKEPCLJPFO

AHKEPIN4K;P IMP?OPBM@P CMP<H6P JMPINP7

J5PPCMPGFOPJ6PAMCPIE3PBN9P'@P<HOPLH -%

CMPGFM?PJ6PCLP>LP:OPD?5PMC AMPDK6FPB=PIN4K;

K B;MPAMPFOP@N9P #P:MPCKNPJEPNP-P@NJ=F

MA4PJN;PGN5PIEP>MF8PAMPCM<PJMPI DKOPGNL

H=PFEPJMPILP:MP M<P>MPF=P AMPAHKLPCKOP?6PDLP:M

BO3PCEPAHKLP>MFPK 0P7O@NPIEPBHEPFMP?OP7

B62PCHM<PJ6P=GFLHPB59P OPGF5APJNLP<HOP7

KEP>N?PGBOP D=CP7@OPGKEPJOP AMPCLPHIOP;OP GN5

I AMPINLPFHKL8P<EPKOPHOKPJOC *HP@LPJN6

HMKPAMPDK6/P@OPJLIHP>6PCMPIOPJNO9P+'HLP7

IOPJN=PKOPA>OPJMPIOPJMP<MPINL@PANLHIPGKL

FOJPBMPIOPJNLPBMPJNLDPKOPGN5P:=9P OPGF5AP7

JNLPCLP>LP:OPD?OPAMP)H=PJ5P;OPCM=KP<LDPBNLP:M

(LHP@LPK=9P(O@PAHOPINLPDOP;OPLBNPAOPAHKLP7

GNOPC;OPGN5PCM IM?PGBMPILP:MPFHOJGPAMHPFMP7

ILP:MPGOP@MP>MPF=P*P$*9P0HOPINL8P<MPMBOP7

KOP;MP GN58P 3LP C>OP BN>PB=P MG4<P <HOPB=P?L

@NL?PGDO9P'@P<HOPLHPJNLP@OPAHOPIOPI>LP7

DNL/PI GFHLP)5PCKNOP;O.PIMP?LJPJED18P?OPB6

?LGFP*):OPJNPGFOJ9P*P$*PKOPINMPK;OPIN5D

AOPJ4IP@NPJNPGFH4IPN @OHPGKO;PBOPCM ,OP7

<=P>=PPGFMP>NPDEP*):OPJNPGFOPJ=9P$FO@PF6C

CLP>LP:OPD?5PDKLPBO;P?=3PFE>PBMPGKE<PBNPAHKLP7

>MFP2@NP:;MIPDOP@NPIM?PGBMPIEP@NPO@LPHEP7

BO.PGBNP@NPCMP1OPKJN8PAHMPINJPD?NPMB=P7

AMPIOPJL?PAHKLKPAM>PGB6POHP@N59P0MPIH4F

AHKLP<NLP:O;8P@M3PJOPAMPINLPCKNL/8PH=PFEP7

JMPIM9P*@LPHEPBO.PGBNP@NP2@NP:;MIPDOP@N

K1OPKJNPCM,OP<=P>=8PGKILCKPBN@PLHP7

B=P>LPGL@PCM O):O.PGBNLP:MPOPKOHP7N $KOP7

HN)9P $FO@PF6CP JNLP@NLDPBN@P (HOJGPO>P7

>L@P7-!PCMKP<LPBNPGFOPJ=9P(O@PP1MA

JO AMPB;OCPAM>PGBNLP:MPL@P<HOPLHO8PBF4PHE

AMFHOPCEPDE?PJE@PFOJPBMPIOPJN=PIGFMP>NPDE

*HP@LPJNNP'HLPIOPJN=PA4PJ6PJMPD6PCMPFOH;

CM +OHPGKOPIE9PM3PJOPAMPINLPCKNL/8P3L

JOPGKOP CMPGFM?PJOP HK6PCMPIOP CLP>LP:OPD?O

DK52/PAMPCH4P3EPMCP<EP;OPJOGFMPAOPO>P<M8

?OBP GN5P BNLPCE2P @4PINP;M8P JO ;L<PBO9

KN5PBNP=AHKL?P@MP2DNP$KILPC4I8P*@LPHEP7

BOPJ4IPN NL@PD4I9

"LP@MJPFMPIOPJEPIHMPGE?PGBNL?P$OP@OPHKL

F=PAMP>LIP(=P7-%8PK MCP<NMPHL@PBF4PHLP:M

GN5PGALPD?O>PJNLPJNLP2ANLPGKEP@EPN KOP@NLP7

HKOP@EP:MPGKE<PBMPMAEP>N/8P<MPGN5P>LPBMP7

?OPHKE8P>LPDNPCM*):OPJNPGFOPJ=P<LKP3OCPJLP:M

2H4CP>6PCMPIOPJNO8POIHOPKNLPAMPFHKLP<EP@MP3L

IEP>6PCMPIO/PMC HOPK=PI 1OPKJN9PMPFM

GOP@MP>MFPCOP>LPBNLP:MPKOPGN5P:=PNKOPHLP?LPGFHMP7

IOPJEP?OPBMPIM?PGBMPIE9PHLCPJNLPGOP@MP>MPFE

COP>LPBNLP:MPKOPGN5P:=8P?OPBNLP@NLP>NP2@EPB=P7

AN/PI AHKLPFOHP:=P?=3PDKFLPHEP>OPFOPFLP@=8

KOP<NLPHOP?6PJO AMPB;OC -%PMG4<PN H4IPJNL3

<LKPFOJPBMPIOPJNOPCMP>OPF=P?6PCM*):OPJNPGFOP7

J=9P'@P<HOPLHEPJO COP>LPBNLPFHOPGEPGN5PJNL

JOPCOP?69P O BH4FPBNLP FL3P G6P JNLPMCPAMP7

INLCPJNL8P <MP ?OBP AMPBOPK=P?LP AHOBPFEPBO8

JO <>N3PGKLPMCP>LP:;MP2DNP>OPFOP?6PCLP>LP:OPD?L

IGB;OPCKNLPCM-%PMG4<9P+MP3MPJLPIHOK

K JNP@NP BN>PBOPCKNLPGN6FP A=PGFED1P )MPFLP>N

BMGKPF=P?LP:H=P<LPK;MPF4IPBN9PKOHPFLPH=P?LP7

@EPIN5DPKO M:HM@PJLPANLPJN6PCKLPDM28P

DMPCMJNPDKLP:MPGN5PJNLPJOPCOP?L9

&O %!P @NP>NMPJ4IP K;MPFED18P BF4PHLP

IEPIOP>NP>NP2@EPI<;MPFM8P@MP:>NP2@EPB=PAN/

FHKEPJO?PJMPIMPDKLP2JNL?PGKLP2HLCPJNLPGOP@MP7

>MPFEPCOP>LPBNLP:MPKOPGN5P:=9P O I;OPGJM2/8

O JNLPJO IEPJOP?L@PJO DKFLPHEP>OPFO9P NL

INL@P?OBPAO.PGFIM8P?OPMCP>OPF=P?5

B<?C>AC=A3<AC4B3C62B*=@A*6?5*71

!" "" " !

"""

!" "!" " !"

!"" " "

""!" "

!" """"!" ""

"!"" "

" "! "

'GHA >:9NKN7:MGNEFLK< "NC EKGN@>NDJNG>%NEFLK<N-DMN3

G5CNFLNEDJLNCAN6>NBJNCMNIM &&N:MDNDKN?>NFMN?LKNILN@M9

C9N 6A;N DM?N JBNCM@/N EDGMN0AN ?LK<NEFLK<8

JEDMDNILJN 6LN6:LJNDKNFM9N ?LNILJNIK<N 1CLKDNIJN1@L

1CLMBN@HAN EDGJ=N 6K:NFJNCA8N FG2N@JNIM BGKCNILMN3

IM F:MDNFMNE@/JNBJNCM8N1@LKINIM EHMN)MN6MNGJNFJNCMNJGMH

7JNDA@NFLKN=JN:LN@/GJN?LK9N>NBANIKFNIMN:KN0M;NBJ EMN?JN3

GH4NB>8N FD5NGAN =JNEDMNIJNCL;N 7JN E=GHKNBM.8N 7BA0N ILK

?LM;N=LKNIL2NBHANIM FJEHNDJCNIANGKN?JID9

!7;JNELN;MNEL2NE=5;NFMN-=KE8NCANBMCN@MN(MNEHKN7J

HLKINILNFM8N<KNBANIK<NJ75:NIJN=J:NEFLK<N7MNHKNDANFMNDJN3

:L@NFLK<9NB =JN@H4DNF>NE=5;NFMN<KEDNC;MNEIJN1@L4N=MNGMN3

)LMINFLNE=JBN+G4N7JNCM8NFD5NGMN<MNFJNCMN-JN;JNCLK<

CE=5;N=GMN@JNCMN;MNH ,MNBLK?N+MNGAN<M9N(LKNFD5NGHANE4N3

BH48NL0N,ANBHAFNILKN<KEDNC;MN1@LN@LKN:K?NDA:NFJNB:MNDKN3

7J8N 0KN <MNFJN HMNFJINILFN ?JN0KN =JNELMNBM.N <KNBANILK

JBHLKNILK8NFD5NGKNIJNELNIM 7GH6LKN@LK9NCMN-JN;JNCLK<

CANEH;MNHM ?40NHM IM<NEDMGNEHKN7JNEANIM =JNE;MINFLNMN3

:LNIAN(JNCLNIAN3#JNIJ=NFLNL <MNFJNCMN(JNCLNIMN3#JN3

IJ=NFMN=GHKNCJNBHLN7MNHKN@LK9N!CL4NHKFN=JN6;JN7JNE;MNCL;

J<N@LK@N ,ANBHAF9N -=5;NFMN -=KEN FMN?LKNILN@2N F>N=LN;M

HM =JN;JNC2NJEHMN@JNCMNIK<NCMGNDJN1@L8N@HAN:L ""NDAE9NH;9

+LMNED>NEL2NJ=;MN@MN;J8N7BA0NHMNBKNF:MNGJNCMN;MNEHA6NFJ

=GHANCG5N@L.N J6LKFDN BJ BMCNIK<N 1CLKDNIJN1@L9N ,KN3

?JIDN?LM;NEL2NGJHN=JN@H4.NC $N:MNDMN=J =JBN=LNEMNIL>

MFND>NIJNDMNGLM:NIKN7J8NHM1N>FJ%N@HA.NC 9N(LKNBJNDGHAN3

?MNILKN<KBNIKN7JNH DA@/NCMNG>INF5CNEF>DNFJNCMN;JNFMN3

G4N)LNIMINEJNC4NC CANEJNFJN1@L NDAE9NH;9

'J BC5@/N:MNDM@/8NHMN?LMEDNGKN?JINDJNCM.8NE=5;NFM

FMN?LKNILN@2NE=GHKNBMN;M9N,HK@HN<MNEIMNC DMNFL?NEDMNILK

DK@/NIL@HNIA?8NC <MNFL?N7JNF>N=LN;M9N*JNG>%NILKNFLCN3

I4;=M:N@K?8N@/J.N?LM;N=GMNCJNBJ 6:LNEFJ &&NDAE9NH;9

*GHKN6MN DGMN)>8N EH@H2N1:LNCA?N IMN6ACN@4N 6>NBAINF>

JFMNHMN;MNEL2N>INBMN@<MN(MNEHMN'GHANEH;J1.NH ELKNBHLN3

64N C -H@HKN@LINF>9N ,5CNILK0N HCL4NHMNIM H ,ANBHAN3

FLK?8NFD5NGAN<KEDND>N=GKNHKNEK?NHMNGH4NB>NL FD5NGKN?>

)>INBMN@<MN BG>NF>N<KN ?9LI9N #MN:KINBMGHN ,JNBHLNIAN

,MNBLMN+MNGAN<M9N(M @JNBHLK%N)>INBMN@<MNHM<N?>N<KNEL2

CANBMNCMNILK?NL E=GHKNBMN04NFEL4N0KF8NM DMFN0KN=GJNCMN3

BHKNILK?N 7L?NIMNH<>?N L :LN@K>?9N GJHN=JN@H2N@LKN

GKN?JIND>NFMN?LKNILN@ANC *JNG>NIL>N=G5N6JNCM;N>=JN3

?LNIM.NEL2N5CN@HKNEIANFJINEKGNCMNDJGNHMN6ADNF5C8NM:K

)>INBMN@<MNILKNJBN6LKNGMN;MNFJNGKNE=JINBKIN@<L9N

'J BC5@/N :MNDM@/N )>INBMN@<MN E=GHKNBMN;MN J6LKFD

=GHA KN7:MGNEFLK< "9N -H@H2N1:LNCA?N IMN6ACN@4N

<KEDNBLKN@KNH<MNDJNG>%NEFM8NFD5NGMNHMN?LKNGHMN>GH4NBHL.

D>N +>NHK>?N LKN@KNH<M:NIK9N +>NHK>?N <KEDN ILKNE;AN3

@/MNILKN=JNDGHK6NIK8NCEHMFNBLKN@KNH<MN?MN<>0 N:MD9

!JNEDMN;MN>EDMNIJNCLJNIM C $NG9NBKNFGKNDK?N9'9$

H 6AN;K<NBLKN@KNH<LN@/K;N?L%NEFLK<NL <KBNIKN7JNBKNFMNIMND>

7ILKNILK%NEFLK7J9N

#>NGLMNGJHN=JN@H2N;MNGKN?JID9NKEDNFL:NFMN1?LKEHNIJN3

1@L9N(M<NCM0NILK<NEHMNDMNFM8N0KNE>NFLKINFJNCLN@HKGN=L4

=K;NIAN?LN7MGN1@LMN?LNH =LKNIL2NBHANEMN?JNGH4NB>9N*KN7J

EMN?KN7J8NFD5NGANFMN?LKNILN@2NE=GHKNBM;8N0KN6AN>ILFNI4.

FJEHND5CN GKN?JIND>9N HMGNILN BC>NFGJDNILKN EL2N7I2N:L

C=GJEDN BJ ?LK<NEFLK<N FMNEA9N MFN =JNLIN)JGN?JNCMN;M

MNHKNDMN'JN?JGNEFM8NGMHNCHL2N:LNFL:NFMNEKD8NGMHNFL:N3

FMNBHLKNEL4DNDANEL2N@ANH;JNDA@/9N*KNGMHNHM =JN1GKBNIL@N3

DCK?NEMN?JNGH4NB>8NBHL2NFLN=GJN<KFNDJNCLN*JNG>%NEFM

-DMNG5CNFMNNJ@/GJNIM L FJINEKGNCMN@<MNBHLKNBHL@NDCM

F>:ND>NGJNCKN7JN (N-N BJNEDMNI4 &N ?:IN H;

&>G*;CI;@BF:=EBI>=HBHI>G0I<BCFI:EIDH(IA>C@>=3

:G?12I,FI5FI-EIG9I<FBG69I'6D:I?5EID65FIDH CHI>H3

;H?1I?EI8HI>:HIG .-ICHI<8H(4I# G>=EI?GF

<GFIDG*I;CFI :B*I,*I 9G0I;C@I CHI:EIDF92I '6DI;H3

?5HI9GI<BC@ CHI:EIDGFIH <B@IAH=ID@9I/GCIDFI>F94

?1IB.I;8HI=EIE<B.?CI>EIAG=@?1I;HB.AI<E7E3

D6I>.AI94GD4I+AGHI;F?=AHI6;CGH8EIAF2ICFI/BH3

DFIE; 2I9G7GEIDH BHI;GEI>86I?1HI?C@I?C@I<GF3

DG*I;CFI <EIC@I>:HIDFI DH BH=EIAHIDGFI =E?CIDG

;HI>:GF54I@7FIBHIC@I:BC@I,EIAHIDEIDHI;CGF504

H;IDH C8E=.AI:HIDGFICE>=HIDGFI C9HBIDEIAH3

DH DH F:>I<FB=.A2I <HI<GFI?C@IE8.A3

:GI!I-BC9GH8EI$HI;GEI"HB@5H4I6I;CGFI<BC@I>@3

8H7GI;H=I:G2IC :=.B@?1I$@I;C@:IDGI-;@I>G0IDGFIBEC3

7GI?C@84IEIDGF5FI;@IDFI<BC@I<H;I:G2I-;@IC8HI9H8

<BHIAE4I%<4IA IB4IC 9GF>CI:HIDGHI;CGH8H?C3

:GI $HI;GHI "HB@5HI C @;I-E>CI?C@I C-GID08E

I=@>4I9HBF:IDGFI9GF?I:G?12I:=.B@?1I$@I;C@:

DGFI9GH8I<BHIAHI9GF(2IH :=.BFICHI9GFBCH8I/FC3

<BHAIDGFIA@IAGF(ICH -BHIDGI?04IFCI?8HI><BE3

AHI;CH8I76:I>6I>EIAFI>HI9EI?1EI;@I5HI:EI<BCF;3

9GE=@IDGFIC/0;IDFI;E <BEIAHI;CFIDGHI;CGH8H7IDE3

+?GICHI:EDIDF54I# IB4ICH I97DIC8I:6I<G8ICH3

;86I,FIDGFI;A.?1IE>./I<B@IAH=ID@?12IA =@9IBF3

;F9<=EB@I>=@IHIDH &B.7H4IHI:67GI>EIAFI><FI:63

7HI?5FIH:I?5HI9GI><.8I:GI-GF8I;EIAF52IDGFIC-E;IDF

C CHI:EDID@9I>=H=6=F92ICHIEAEI?EIAH8@IE>C63

>=AF9I <EI;H=I:EIA@9I DH AGF7I:*I >:H704I %GF

A>C@>=I:GFI<BCF;I>G0IACG0I?GHI$@I;C@I:HI<BC@IDE3

>G8@I EAEI?F4I %<4I <H;8I 76I>=BEIAHID@I &6BGFB

)E7I>:GI:6I<GEID@I<BCFCI$@I;C@I:HICH -E=.AI:02

:=.B*IE5I?GF?I&B.7I<BC@IAG.C8IDH 9GF5I>?FI=BHD>3

H:I?5GIA <6I;F8I:H?1I<E /6=H?14I%EI9GIDH7ID@9

A8HI+?GI?GF7F9I<GI>9HI/@8IGDID@IBFI;F9<=EB@I>=H4

%GFI 9EI-0I ;EI:EIDH(I <BCF7FIA62I /EI 6BC0;3

DG?CI:GI ?1?GH8@I/@I AGFI;CGF(2I >:*;I 9H9I =F

9HBIDEI+?GI !I 9GH8I =86I9HI?C@(I $@I;C@:I C;63

9GEID@9I:ED=BHI1FD=E94I

H 9N ?LMNEDJN ILKN HMN?LKNGHMN >=JN?LNIM.N EL2N

J FMNG2N H DAND>N;>N ILKNBJNDGHAN?MNILMN DKGN?LNI5C8N

@/J.N=GHANHIMN<K8N0KN?MNBJ DKN7JN=JBNEDMNCANL C EDJN3

E>INF>NBJ HCANF;A@/N=GHKBNEL2N6LJGN@5CNDJN:KNGMIN@A<NIK

ILKN<KED9

':JDNFMN7;JNEL8N0KN=GKNHANBKIDN*JNG>NILMN+LN@/M;N!MN3

:KNEFLNGMHNC DAN7JNBIL>N<KNH 6KN=KNINBGHKN<K?N->NEFL?

1ILMNBMNILK8N 0KN6AN >H7JBNIL.N EH@HKN75N;AN GH4NBHKNILM

?LMNEDK?9N!MN:KNEFLKN7JN?J0NIM J6K<NGHK.NIM GJ@HNILN3

@M@/N,MNBLMN+MNGAN<M8N=JBN@HMENFD5NGA@/N6KHNHMN0KNIJN3

CMNILMN6GMNDMNEL2NH K:LND4N'L-9N!MN:KNEFLN6A;NFLKNBA1

GMBNIA?N -N L C ?LK<NEFL@/N CAN6JNGM@/N =GKNHAN3

BKI@NFL@/NHKN6GM;N7;JNEAN:KNCLN@JNCKN7JNK:KFNDJNGMND>9

-=GMNCMNFMN?LKNILN@AN=GHA KN7:MGNEFLK< "N><NGHMN;M

1CLMND;JN BHLKINIKN BHL2NFLN GMBNIKN?>N MNGJNE;MNCJNCL

(M<N6KGN7JNCL9N

N*JNILKNBJNGHK@HNIK8N0KNHM ILKNCLK:NFLKN=LKNIL4NBHK

E=GHKNBMN:LN1?AN @J18N @JN EMN?LN DKNGMHN GKN?JIND>N<KN?A9

GMHN ILKN K7NHKNFC>N<KN?AN CANILNFMN<4N@K<N H >?JNCAN

FMNGAN)LNIMINEJNCK<NN?5NCL9

#L:NFMNBILNDKN?>NHMNCLMNBJN?L;N=GJNF>NGMND>NG2NJ ?J0N3

:LNCJN1@LN=JN=K;NILKNILMN=GHKHNC;MNBHKN*JNG>NILMN=GHKN3

ED2=NEDCMNILKN7JNE=JNBMGNIJN1@LNL ILKNBJN=K;NILKNILMNJ6JN3

CL4HNF5CN MGD9 $ N N FJNBKFNE>N FMGNIKN7J9N /J.

=GMCNILN@ANDCLKGNBH48N0KN6ADN=GHKNED2=NEDCMN<KEDNILKN3

=JBNCMN0M:NIA8N ILKN C4DN=L28N 0KN =GJNF>NGMND>NGMN =JNDGMN)L

H7GM6NILKN>HMNEMBNIL.NJBN?JNC2NCEHN@H2N@LMN1:KBHNDCM9

$&&"NG9NDAN7JNBILFN=GJEDNCAN:LN@HA;8N0KN7BAN3

6ANHMNFJINILFN,ANBHAFNILKNH;JN0A;N1:>N6>N>65NEDCM8

HIMN:MNH;N6AN EL2N C =LKGCNEHK<N EKDN@KN IM<N6JN7MDNEHA@/

'JN:MNF5C9NJN6GMNBJN@HKNEIK8NFD5NGKN=JNELMNBM8NJEHMN@JN3

CMNIJN IM $ N ?:IN H;8N @JN BMNCMN;JN ,ANBHANFJN3

CL "9 ?LK<NE@KNIM :LN1@LK9N*A:NFJN,MNBLJN+MNGAN<MN<KED

CMGNDK $&N?:INH;9N

HL1N BJ L?N=KNGL>?N ,ANBHANFMN BJNEH;MN A0NEHM

-HFJN;MN#>:ND>NGAN+KNBLM:NIK<8N*N*GCM?8NDKN:KN)JNILM

FJN?5GNFJNCM8NCJNBMN?LNIKNGM:NIM8N7KJNDKGN?LM8NM JEDMDN3

ILJNG5CNILK0NED>NBKI@NFLKNLINDKGNIKNDJNCKNGMNBLJN-+9

+5NCLNEL2NJ :>FNE>NEJNCA?NBJN?>NE=JNFJ<NIK<NEDMNGJN1@L

JGMHN IJNCA?N FJN1@LKN:K8N C FD5NGA?N HIM<NBHLKN EL2N

GKN=:LNFMN =GANCMDNIK<N FMN=:LN@AN 9'9$N H MNDANFMNI>9

DGMFN@<KN 1@L4N7I4N BJ *JNG>NILMN =LK:N7GHAN?5CN HK

1CLMNDM8NM 0KN6ANHJNEDMN:LNILKN@JNB;>N0K<8N,ANBHAFN=:MNI>N3

<KNCAN6>NBJNCM.NHKNE=5;NF4N=LKN:LEFN=JBNEHF;K?NNFM0N3

BKNH CJNB4NJ LINIA?NEF;MNBHLKN@/KN?L@HNIA?9NMNEKNIA

HJNEDMNI4N=JN;4N@HJNIKNH DGJN=LNFM:NI4NHLKN:KNIL4NJ7GJNB5C

6JNDMNIL@HNIA@/9N

/;6IDH=BFI;H:I?5H4DGF4?E94<7

7GI>:E I<BEI?FD=IE<EIAGHI;HI>G02IA ?HI3

8EI+?GI 76/I <E; <FAID@I9GI AHIB6DI:HI9G2

CH AE7ID*I9GI8EI+?G*IG >F:I>F9I/FCIE-BHIDGI3

?CF4 I<BEI?FD=IE;I<EIAGFI;CGHI8EI=EICHI3

7FI,@I DH <@I=HIDGFI E ;EI<6>CI?CH7IDE+(

H/EBI?5G4I &EI7F5IDFI <@I=HIDGHI A@I;EI/@I8@

DH AGFBC?1IDGFIAGFI;C0IDH =FI9H=I<BHA;

A@ICDHIAHIDF5I AGHIB@4I %<4I DH <@I=HIDGF

EDGF<EI:HI7HIDFI <EI?C0I?GFI %H5I+AG0=I>CF5

"HIB@GI)HDID@I=@7I:E I<BEI?FD=IE;I<EIAGFI3

;CGHI8EI<BHIAGI;8EIAE2I,FI"HIB@I5HI6BEI;CGI8H

>G0I/FCI-BCFI?16I<GFBIAEIBE;IDFI-E4IGFI3

:HIAGI DH>I =H:I DH 9HBI-GIDFI>GF2I ?EI BEI/G

A&E+?GFI7FI=F I<BEI?FD=IHDI:GFI=EIAHID@?1

BC@9I>:G?1I:HI=EI7GI:.AI;GFI?FIC5GI<8E?I:GF52

:=.IBC@IDGFIAGFIBC*IA C9HBI=A@?1IA>=HIDGF2

G ;H7I>CF I<BE?42I:=.IBC@IDGFI9HI5*IC;HIDGH

DH =FDI=FI9H=4I"E,IDH 5FI;@IDGFI<BC@I<6>CI3

?CH(2I ,FI A@IDGI:GI HDI:GFI=@I ;HI8@I ;6I,E

;E 9@I+7FIDGHI/GI>:6I<EIAGIGI/FIBCF4

DH;H(IDHICA@I/FCIGI9GFDID@9I;E =F5I<EIB@

9EI>=E9IDH BCFI?FI&BCDH4I=EIG?1I<BEI<EI3

C@I?5FI+A4I"GI?1HI8HIBI?1HIDGEI8H2I)B@I9HI>H

@I>G*?I7FI?GH2I)HI<GFI,HI)EI7HI:HIEBHCIEI7GI3

;HBIDEI+?GI%HIBEI;EIAF54I)BFIC@I;FD=I9GHI>=H

CHIE<GIDGEIAH8I<BEI5F:=I6?1AHI8@IDFI-HI=@AI3

DGF2I-;@,I6CDH82I,FIDHICA@IDGFI>*IH;FI3

:AH=IDFI;E >:HI7GIE/GF:I=.A4I)BCFI?GAIDGI?@

6?1AHI8@I 9.IAGI7GI E BFI7GI-G5ID@9I >CHDI=HI,6

G<E;DEI>GI7G2I,FI9HI8FI9EI>=@IDHDGFIAGF7I:GF5

BCFI?FI DGFI <HI>6I5*I ;E <BEI<EIDEIAHID@?1

DHCA4I# BFIC67I=HI?GFI=@7I:EI=BCF?1IBH;ID@?1

<EI<HBI8EI <BEI5F:=I 6?1AHI8@I E DHICAH?1

9EI>=.A2I =BC@IDHI>=6I /@I8EI <BCFI?GAID@?12

H>CF+?G6I>G0IA>=BC@I9HI8E4I!I#@I>C8HI9HI3

DGI<6I7HI?5H2I'H8>CIG CHI:8HI9HIDGFIDGFI:=.IB@?1

BH;ID@?1I!I9.IAG8IDH :EIDGF?IBECI-EIB@I?CEI3

D@I#H7I;FI9HBI#EIDGH:2I5FI;FDIC <EI9@I3

>8EI;HAI?.AI6?1AHI8@IE 9EI>=H?14

<BC@I-EI=EIAHIDFI<BCFCI'6DI;HI?50I)$ICHI3

AGI>8@IA HBI8EIAGFI<BC@ :EI+?GFI7FI"HIBGH?I3

:G9IA <EI/7GI,6I9GF5I>:GFI-EIBHI=6I>CHIG -G9I3

DHIC5694I%GFICDHIDGI><BHAI?@I<EI?G0I7GI?C0+(

<7HI:HI=.AIG A@I<GI>HI7GIA67I-HBIDFI1HI>8HIHDI=@I3

:EI+?GF7IDF4I!I#EI/F?I=HI:G?1IBFIH:I?5GI<EI>=HI3

DEIAGI8F92I,FIDGFI9HI>FDI>62I/@IA@I>=HIAH

;86I,F5IAGI>GHI8HIA HBI8EIAGFI!I<EGDI'EBI9EI3

AH8I<BHI>0IE5I?GF?I=HIDGI>8HAI)GHDI:EAI>:G2

<BEI/E>C?CI<HIBHI'GGI"H=I:GIEI,F5IC0I>=EI3

?1EAI>:GF5IA HBI8EIAGF4

:AFDI?5GI<FBI>EIDH7ID@?1IG CHI6AHI,H2I,FI;EI3

?1EI;CFIDGFIAEI/F?I:>G0I;CHI9EI,FIBEI;CG(

ABHI,FIDGF2IG,IGDI>=@I=6I?5HI<HI>=AEIAHI<EI3

;F5I96I5FIAH7I:0IC &EI+?GEI8F9IG AGFBID@I9G4

)BC@ :EI+?GFI7FI<HIBHI'GH7ID@9I+A4IDI3

=EIDGFI-EIA EIB6IDG6IE;I>8EIDG0I=EI<EI9DG:

<HI<GFI,HIHIDH )HAI8H 4I#><EI9GIDHI9@

E =@9I=@7I:EI;7HI=FI-E2I,FI5F>=I=EI<G*I=@I<EI3

9DG:I4)4 IA =@9I9GFI+?GF4ICFI:HI9@

DH DHI>=0<IDF4

7GI9HI?C@I >G0I /6I;EIAHI :EI+?GEI8H

A %HI?8HIAG6I AEI5FIA.;CI=AEI CHI?1E;IDGEI3

<EI9EBI>:GF4I )BEI/E>C?CI <HIBHI'GGI :>G*;CI

HIBG6>CIC@I/HI>:HBI,@I>G02I,FI:EI+?G.8I/6I3

;6I5FI>G0IE; I7H=2IH <EI9E?I<HIBHI'GHDI5F>=

DGFIAGF7I:H4I7HI=FI-EI:>4IC@I/HI<EI>=HIDEIAG8

A@I>8H(I;E <HIBHI'GHDI7G>=IC E>=BCFI,FIDGF94

#G0:I>CE+(I C DH>I /0I;CGFI <B0I;CF5I ?C@

<.IDGF5I :EIBC@I>=H(I C =FI-EI :EI+?GEI8H2I DGF

?1?GH8I/@9IA=FI;@I6CHI7F,IDGH(I<EI>86I-GIE;

6?CF>=IDG?I=AHIA 5FI-EI/6I;EIAHIDG64I)BEI>C0

E >C?CFI-.7ID*IBFI'7F:I>50IBEI;CGI?.A2I:=.IB@?1

;CGFI?GI <BC@I>=0I<6I5*I ;E :EI96IDGGI +AG0I=F52

G <BC@I>C8@?1I:HDI;@I;HI=.AI;E /GFBCI9EIAHI3

DGHI!IDHI<GI>H8IA 7GI+?GFI;E <HIBHI'GHD2I:=.IBC@2

5H:I>*I;CGI9@2IH76IC50I<EI50I7G4

DI>=@I=6=I=HI=@>=I:GI&EI+?GEI8HI&HI=EI7G?I3

:GFI-EI <BCFI<BEIAHI;CG8I /HI;HIDGHI <EI>=HA

G E<GIDGGIBC@9I>:G?1I:HI=EI7GI:.AIC ;GFI?FIC5G

<8E?I:GF54IBEI/G8I=EIDH C7FI?FIDGFI/GI>:6I<H

<8E?I:GFI-EI)GEI=BHIGI/FIB@2I:=.IB@I?1?GH8I>G0

;EIAGFI;CGF(I ?CFI-E+I AG0I?F5I E >AEIG?1

EAGF?CI:H?14I #@I>C8EI C /HI;H2I ,FI H,

I<BEI?FD=IBC@9I>:G?1I:HI=EI7GI:.AI6AHI,H

CH ;EI<6>CI?CH7IDFI!IC;FI?@I;EIAHIDGFI76/

<E;I<FAID@I9GIAHIB6DI:HI9GI!ICHI<8E;IDGFI3

DGFIGDIGI=BE2IF6I=HIDHIC50IG AE7IDFICAG*CI:G2

H<EDH; I<BEI?FD=I!IHDI=@I:EDI?F<I?504

/67IAFBI>EIAHID@I><BHIA*I9EI7FI>=EI3

AHIDGHI ;CGFAI?C@IDF:I <BCFC 37F=IDGFI-E

:>G0I;CHI$EI9HIDH 42I<BEI/E>CI?CHI<HIBHI'GG

A"H8F5I:EI8EI$E<I?C@?2I5F>=IBCFI>CEAI>:G

>FIDHI=EBI)GI&HICGI9GFBCIHIAEBI>:G4IH:I;HI3

7FI?F2I,FIDHI<GI>H8I7G>=I;E <BEI:6IBHI=EIBHI-FI3

DFIBH7IDFI-E2IA :=.IB@9I=AGFBI;CG2I,FI;EI?1EI3

;CFIDGFI A =F5I ><BHIAGFI <BC@I?C@IDGHI >G0

;E AC/6I;CHIDGHI 9FI;GH7ID@?1I :H9I<HIDGG

DGFI?10I?GI;E :>G0I,@2I&EI+?GEI8HIG :HI=EI7GI:.A4

)HDI>FIDHI=EBI,*I;HIE; <BEI:6IBHI=EIBHI-FIDFI3

BH7IDFI-EIA@I5HI+DGF2IA@I?G*I-DG0I?GHI:EDI>FI3

HI-EI+?GI8HIA HBI8EIAGFI>8@DIDH A@I3

>=HIAHIHDI=@IH/EBI?@5IDH4IAGIDG0I=EI5*I5F;IDH:

<BHIAGFI DH =@I;CGFI <BCF; =FBI9GIDF94

;50I?GHICFI>C?C*=I:HI9GI76;CI:G?1I<8EI;.A

%H >FI>5GI$HI;@I"GF5I>:GF5IGHI8F5I)E;I3

7HI>:GF5I BH;IDGI CFI =EIAHIBC@I>CFIDGHI )EI86I3

;DGEIAFI )E;I7HI>GFI CHI<BEI<EIDEIAHI7G2I /@

#GFI+?GIDH <EI,@I=F:I<HI>=FIBC@IG EAGFI?CF:I?CFBI<GFI9@

C<BH>@I7EI:H7IDF54

' % "& "# # #

#! #!"

! ##"

BE,B6CE @DE=B:E 3AE3;E<'DE@;E ? 5AE?A0B5

"AE5AE>A=E98CE 7AE<?A0E+DE 9C*E 7A 3D0DE<2

3>BE?;E7B@:(=/E C :D8E 8>D4E 3(4E7?CBE 7A ?D1

5>DE,D>E8C.EAE,BE@D 3(0:AE>DE>AE82/E5AE,B

@D 6D: .E &>?; @CBE5D6E >(=E@AE=DE7?BE 9C0

&&C!/E8:(E>DE9C*E?DE>;E9AE=D0D/E298E@CB

3>?BE3>AE=DE7?CE,D7E@BE+AE?BE9=;<'E42,EC :D8

?6BE,D0;<'E?DE5CDE>(=.E

;E@C8E? E<?B>=E<DE2?5;E90AE=C0E3>B1

5CBE>AE=C/E,BE4D8E? <?;5#E@DE3>D=E7*E>2E9?;/

= ?DE5CD@E 9:>DE<CE =0DE7?*.E =:BE7;E <?D>1

@D 72E3D.E DE<?)0E-;E 3A7E=;,E9?D%E =CB8

B5BE>;:D6E@;EE8DE<?;E#<CE?;E98D4)E@AE=BE+0A1

9;.E!8AE5B>E<4D6CE?24BE9?3C:D6BE2,E= :AE82

3CB>=E9?B4E:2E>;E=;E-AE>(=E3>BE?;E7B@<E8C<'

&E 52E9CD0DE <'*%E C<'E 3>;E=D:;E?AE=DE@CD

2?@D%E?D A9?<?B>E9:=A.E7E5(E=CE92-E=B@1

<4CE7BE CE<;:AE=;5E3D$E9:=AE=;5E3>?B7E9C*1

-CA>E9:=A5EC 3A7E7DE4BE3>;E=D:;E?DE<4CEE>B1

728E<4DE?D:>27E@CBE@CDEA7E-CBE>?BE52E8A6B41

@)E <?*#%E B6B8:AE>D:2.E +>DE@CE<?;E 7BE CE<;:

-2E7,B:2EC ?5@CB4E9?;E702+E32E-6C<?E@;/E,B1

-;E3<'@)%E&A6E98*E82EB2E>AEE&C!E@D :;5

?;E98D.E BE<'<BE ?5@CB4E9?D%E B:D1

:;?5EE?=A6E@CBE@CE2>?*7E@CE<;/E-B6E >?;/E3CB1

6*E+@CD>E8CEC C@E@CE+0AE9AE=D%E?BE<'<)E@D &C!.

!8AE>AE 8DE<?;E#<CE A7E?;E9824)E =?C*E<CB/

298E52E9CE=;E7DE=D%E<AE>D?E=C*8E9?BE3CB1

@C)E7?BE@D B5BE>;:2E>;/E6B<?E@C<:=A/E30DE<B

C @D 8DE=CA>E 76DE =CB6B-E@BE+AE 86BE>2.E

&A6C:;<?E@CBE@CBE9:D%E+AE@D 5AE7B>E@CE?DE<4*

8>D42/E<?;6CE=;E7D:E8CE@D C@E@AE=DE<;4E@A#%/

@DE28*/E9?8A6E@C<:=A/ED2:AE9:>DE7;/E>A?E=(4

C@:B>E@B:2/E A3BE>DE<4BE 7AE9:AE9AE=D=E<?BE 7A

9:>BE ;E B2E>A.E BE#6CE 4B7E@D8E >?)7E @CBE 3>?B1

3>AE=DE7?CE @CBE?-*7E@;<'E >BE A>5/E :D8E,B

9:>DE<CE? <?DE9B5E3AE3D>E<CBE4DE8AE-CB>E@;ED71

5CE@CE9:>D:A>/E=0DE7?DE@CBE3>?;E7D:E@D.

&C!E?0DE3D0AE&6D:E A>E5*E= C5DE70A.E!D1

5AE:B,E?DE30DE<CE?D :AE93AE>)E<BE@*.E"DE<?;$1

98C/E=?AE>B5E4BE+AE8A:D/E52E9CE<'AE=D%E3D1

?2E>;.E D6B4E +>D%E -DE>D@E8D.E ;E3CBE>D%E 9C*

9=A4BE+AE 3>A4B8:2 &/E <?;6CE 3D$E9:=D

3A6CE<;4E@BE+AE 7AE5CE@24)E<BE+AE @D7 A-;E=D1

:B6DE5C/E 29:DE=C<?E@CBE 9?2E8D4)E<BE+AE =>A1

+(=/ED 3>AE72E824)E<BE+AE9AE-CBE3>?BE<C=E@C1

8(=E7A ?=D6E<?DE@CD.ECBE5AE,BE42,E8>?;1

86CE=CBE=A4AE=D%E? B6C:DE5C/E9DE5AE>?)E7DE5C

?DE=AE7AE=;E5C/E 8AE52E<'DE5C/E B891D+B@:D1

5C/E AE94)/E CB5E<DE5C/E 3BE7D0DE5CE C 2?D1

6B,E@CBE@CB5E A7 .E !=A4)E 9:*E<'0)/E 8D>1

5CAE@)E 0,B1'CE9:AE>C)E ?B<?E3AE93A6C:)E -21

7AE=D%E52E9CE<CE<'A/E3AE=A6CEC = 8A@E93CE>D1

<4C/E8:(E>)E?>B9?:)E62E-C.EA?E<?DE>24BE?D:B5

9?BE>BE+CE 9=AC<'E -A4A=E@CE8(=.E !:>DE<CE 9C0*

@DE3*E7AE=).

D8E=C*<E:2:B4E9?;E8>D4E9:DE@CBE9C*E@CBE>21

<'AE5;E 4D8E ?=0AE8CE 93A7E !5A6B$E98D.

<D0BE A=AE ?D:=D>E7?BE@CBE 93AE=AE7AE=D0

4BE7B@/E=<?BE#@CB4ED@AE@CE5AE=;/ED3A6C:;<?1

@;E6A:E@C8E= <C)E+2E8C6E82E9BE82@7E@CBE27D1

@BE+AE6)E7AE=DE@CD.E&>?;E3DE7B8E@CBE4B9:E5A1

:AE>B5E7?CB4(=/ED6BE-;E=DE4B4E?=>A:E@CE<A1

=;5.

CBE<D0;E8=D>:D0E:BE52/E8CBE7;E-;0DE8D1

:DE9:>AE DE 3A7 !5A6B$E98CB5/E A<D6D0D

= @CB4E&A6E98DE4DE8AE-;:E5CE9:;<?E@;/E>BED81

<;4E@;E8>D4E@DE-C:;E= 5A@E9:>D@E<4*.E&A6E98D

A9DE7?AE@D @D +>AE-D<'E C 4D8E =D5E3C>E ,;1

=C)E<DE 9C*E 8>=C).E :D8E,BE ?=;,E8AE=D0D

C7BDE4B7E@AE#<CE36BE5CB@E@B4E&A6DE8(=E93A1

4AE@;<'E@AE=)E,D0AE-)/E8A6B4E@)E= 7?CB4D<'

=C*E?C)E0B?.

,;E<C2E >BED6E@B4E &A6E98CE ?7DE>?;0DE 9C*

:;6E8AE 8>D8E9D.E &C6A:E @CBE<'<)E<;E ?DE-C0

A9(-/E ,BE-;E A<D6C%E 4B7E@)E ? 9BE>;4E@;<'

<BE>BE5AE@CCE8D:;$E98C<'.ED,E@CE3DE9DE,BE>A1

=CE 21E @CBE 6BE<CB6CE = ,D7E@B4E =D,E@B4

5CE94C/E-AE?D6BE7E=CBE3A :A/ED-;E3A6C:;<?E@CB

?>(=E@AE=DE,;% E7@CE=<?BE#@CB4E9?)E3AE7>(,

2E98DE7A "D:;E@CDEC 4BE+AE93A:8DE@CBE? &21

:CE@B5.E &AE7>(,E@CE =<D6BE @CBE ?DE5CBE>?D6C

>;E?;E8AE=D%E ,;E<CDE 76DE 7AE3B0E@CBE@CDE <B6B1

->;/E8:(E>DE93>DE=CDE3>?;4B5E@A#%E@CBE8:(1

>;5E =;E-A>E<A5.E AE 3C6A:/E <'AE<CD,E =C1

7?CD0E5+0*/E<?20E@D 8D>E82EA7E7B<'E3A6C1

:;<?E@B4E7B:B>E5CE@DE<4CE3DE9DE,BE>(=.

"D:;$E4DE8AE:DE8CE=<C),E902E,;E:BE52E<B1

6AE=C/E ,BE-;E ? <D0BE+AE A+>AE52E 9:D6CE@A=1

98C<'E ?->A7E@CE =AE-B<E >(,E@;<'E @DE>A1

7(=E E AE94D@/E 8>DC$E<(=/E D:DE>(=/

CB5E<(=ED7E=A0AE,D$E98C<'EC:7.EE=;1

A7E>*-E@C%E 5A>7E @D &A6DE8D<'E C @D7D%

52E ?@DE<?BE@CBE @D7E>?*7E@B.E &>?; :;5

= 24*E<C2E "DE<?;$E98CBE+AE ?->A7E@CD

= "D:;E@C2E +(E>24BE @D7 C@E@;E5CE ?->A71

@CDE5CE @CBE :;6E8AE 76D:BE+A/E ,BE 7A:8@*0D

A@DE&A6DE8(=/ED

/ED6BE3AE@CBE=D,E= E>.E?DE-C:AE:D5

B6C:*.EAE?@DE<?;E3>?B7E=A4B@E@;<'EA C1

<BE>(=/E3A6CE<4D@:(=/E5A,E@D -;E4BE+AE4*1

?;E8CB5E 3AE=CBE7?CB%E C@:B6CE+B@E<4*E ,A6C1

-A>E98).E>2E3;E8D:;$E98CBE93>?B7 E6D:

9)E? 262E-CAE@B4E8DE9:;E"DE<?;$E98CBE+A/E<A

5A>7E:B@E=;EA6E->?;E5CD.E&AE326CE9:DE"D1

<?;$E98CE =D>:AE#<CE 627?E8CBE+AE ,;E<CDE >(,1

@CE<24BE-AE=CB5E@CBE:;6E8AE@DE>AE7AE=A/ED6B

C 86DE9AE=A.E &6BE-B429?E :AE 5CBE7?CD8/E ?D#

<?0AE@B8E3>?B7E=A4B@E@B4E=D>E9:=;E3DE@21

4)E<B4E 26BE3CAE@;E -;0E 76D$E ?BE ?0A:D.E CB

-B?E27?CD02E:BE+AE:;E32E5@CBE5D$E3AE=CB1

7?CDE@AE:BE>D?/E,BE?@AE=2E=;E+CE@*0DEB6C:D.

"26:E @CBE27DE@BE+AE 4B7E@AE8DE7B@E<;4E@BE+A

3>BE?;E7B@:DE BE<'DE "DE<?;$E98CBE+AE =;1

@CBE9CAE@;E ?AE9:D0E @D DE=B6.E BE,)E<;<'

A-A8E 9CBE-CBE &C0E927E98CBE+AE C "DE<?;$1

98CBE+AE0)E<?;E+0(=E@CBE:A/E,BEA-D4E@CBE7A1

,;6CE 9=A4B4E 86*E98C.E D>E9?D0B8E 5C6C:D>1

@B4/E3>BE?;E7B@:E=;E-A>E<?B4.

=(<'E 3>BE?;E7B@:(=E &A6E98CE ?+CE@*0A

:>DE+C<?E@CB.E DE>2:AE=CE<?DE ?DE-C0E @DE<4AE@D1

6C?5E>AE7DE8(=/EBE<'DE"DE<?;$E98CBE+AE4B1

+AE=0DE9@;.

&A6E98CE 3D:>CA:;?5E :AE 5DE >(,E@C%

A7 2<?2%E C@E@;<'E @DE>AE7(=/E ,BE ,;E=CE 9C*

86*E98DE5CE C 4D8E 9?DE8D6E E :>2E3DE5C.E CB

=CBE7?CB%E :;6E8A/E 4DE8CBE 5DE :DE @BE8>AE C6CD

@CB#%E=93(0E<?BE9@BE?DE<'*:;.EBE-;E7?CB61

@CBE 3DE<;E CE8AE=D%E +DE@CE9:D@E 5AE,B

'BE>AC<?E@CBE :>=D%E @D 7DE<'2E 9=BE+AE ?D6D1

@BE+AE 7AE52/E @CBE 2<CBE8D%E 3>?B7 3AE=A1

7?C)

AE8A6E=CB8E4B9?E<?BE-;E">B56E2<?;E@C0

= 93>DE=CBE8D:;$E98CB4E?->A7E@C/E@3.ECB1

7=CBE7CB=E&2:C@E 9:(4E8*E ? 3>?BE=CB9?E8)/

8DE<?;$E98DE3A0AE=DE&A6E98CE@CBE3>?BE9:DE@CB

@CE+7;E=CB>E<C%E3D:;E8CB5E= :B4E>DE@CB.E"D1

:;$E 5DE -;%E 3>?BE<C=E=DE+)E =;E?=A6BE@CD

&A6E98CE 3>?B?E >DE7?CB<E8)E D>E5C*E = 6D1

:D<' .E&>?B7E9:DE=CDE9C*E4BE4DE8A

?5CDE@*E A82E3D@:D.E >D:AE=DE@CBE =:BE7;

3>?B?ED>E5CBE!E,;E<CDE?@D<?E@B4E<?*E#<C

3A6E98CBE+AE93A0BE<?B$E9:=DE?DE<CB5E@CDE9C*

=0DE#@CBE3DE5C*E<C)EA "D:;E@C2.E&AE=A4B@1

@BE =BE=@):>?E3A6E98CBE 8>=DE=BE 3A:;<?E8C

A 29:>(4E 3D$E9:=DE 3>?B7E9:DE=CDE 9C*E 4DE8A

9BE>C*E 3AE7A-E@;<'E 7A "D:;E@CDE ?->A7E@C

8AE52E@CE9:(=.E CBE =93AE5CE@D4)<E @CE+7;

A :;5/E,BE5A>E724)E<;E>(=E@CBEA-E CE<CBE-;1

6CE 5A>E7AE=DE@C.E :AE ? >*E8CE 8A@E93CE>D:A1

>(=E 2?@D4)E<;<'E 29:>(4E &A6E98CE ?D =D,1

@CB4E9?;EA7 627?E8C<'E8A9?:(=E@AE=B4E:B>1

5A4)E7>AE=B4E =A4E@;E #=CD:AE=B4/E 8:(E>B4

3>DE+@*6C.

"D:;$E 52E9CE :D8E,BE >BE8A5E3B@E9AE=D%

98>D4E@;5E8DE<?;E9:A5E:B@E D:D6E@;E3>?;E3D1

7B8/E,BE= >AE82 E= &A6E9<BE6D0DE9C*E=;1

0)<?E@CBE8>B=E5B@E9:>2ED<;4E@D.E&>?;E8>)1

+0;5E !:A6BE D@CE 3A =;E-AE>D<' E <?B>=E<D

@CBE?7DE>?;0AE9C*E-AE=CB5E@C<E:>DE+C<?E@BE+A/

<AE5A,E@D -;E?>;:2ED6CE?DE=D%.

AEC E8=CB:E@CD E>.EE4D8E,BE9?<?*1

#6CE=DE 8D:DE9:>AE D.E "D:;$E @DE->D0E #=CBE,B4

=C:D6E@AE#<C.E "DE<?;E#<CE 92E+BE>24)/E D @DE=B:

7AE9D7E@CBE 5(E=C)/E ,BE >AE9;4E98CE 5A>E7B>E<D

=>(E<C0E @D 5CB4E9<BE ?->A7E@CE C ?>AE-C0E 7A1

+>;=E8*.

CE@)0E 8=D>:D0.E DE>AE90D=E "DE<?;$E98C

A7E?;E98D0E 8A@E7;E<4*.E B7.E &AE93CBE9?D6E98C

3>?BE9:D0E 3>?B7 A9CBE>AE<AE@;5E 3D0DE<B5

3>BE?;E7B@<E8C5E =<CB6D%E @DE>(7E = 9?BE>BE+C

!A6CE7D>E@;<' .E AE@CE8DE 6B4E@C8

C A6D@:DE"=DE#@CB=E98DE3>?BE>=D0;E9?6A1

<'DE@CBE= EE9)E42,E=BE9A0B.E6B

!5A6B$98E@DE7D6E3AE?AE9:D0E76DE&C!E9?<?*1

#6CE=;5E @CBE9?<?*E#<CB5.E ;E7AE-;0E DE>A1

90DE=DE "DE<?;$E98CBE+AE ? 7@DE @CBE3AE326D>1

@AE#<CE C :>?;E5DE @D 3A6C:;<?E@B4E 3A1

=CB>?<'E@C.E DE8AE :>23E =;E+>;E=D0E-;E A@

= :2E>?B/ED6BEC = 5DE9?D@E9BE=;E+>D%E4D1

8AE,D0A-E@C8.E"CBE7;E3>?BE5DE=CD/E= :6BE4B1

+AE=;E9:*E3(=E4DE8AE3DE3>A:E8DE@CBE?0A5E@CB

9:ACE&CB>=E9?DE!CBE>A:8DE?B<?E3AE93A6C:B4.

! #

"#""# #

"#!"

!# #!

"# !

"#"

"! "## !

! # $

*PRBPRLPJRHCN<RJNRKIF@?9GRKQ=

AQRMOR FORLORMIR DP>@REMNPRJP=

=JHG8PERMNO?R 2PARHCN<R KQRDP=

JNOREKNOANR@FJPRLKORMNORCPBRDAOCRHPRJOR;P

DLPR;LQRB@R PG8LPRMIR EPRLKORGKQR ;5LRMO?

N 1LPERCPRJO?R.NRH>I:R. KQRDPRJNOREKNRKQ=

JNORLQ>QRHN6RH@R;ORHFNQ<R4ORDLPR;LQB<RCF5RLI

@LQF@?OR 4IRGNOR N BNORMNOR P7IRJQFOAN<R KP=

HFQRMNOR HC@FOGKRMNOR JELPR4PRMI<R ?OR1AN

DP JIR7PRLQG8R DLORKIREOMGRCNG8R DO>RMN6

J>QREKIRDLKO?RBNOR2AQF0PLRBQR-7IRJQFOA=

HCQR#RDQLFNQRA@REKNRMNORFIRCPRJLQ4ANRJIG8

MQ A@EKRC9RMNOREPA6<RQAORFO4RCPBRDOFOMF=

MIG8:R M0PLRB@?ORBIR DQRM5JR DLORBNORLQ

PLQKRD:P:RDLORKIREOMFQRN BQLRHKQ>RCQR'O?=

B@RJ ?OERMIB<R4OR?OREOMRFQRCNRDLPR;LQB

J 2PRBLPGKRMO?R?OHFR?@4RJELQR4QRMIRPE AQF

MNORBQAR EKNORHN6RGN@:R .IRCPRMQJRG9R ?OHF

LK9E<RQ MQERK5LRMQE LORQANRKQRG?9RHDLQRJ@?O

DQLAQRBOMF:R@REKNRKQ1R?QCRKQAORJQ>P<RFQC

KQAORJQ:

QMR%NOR;QARHCNRBNOHKRCQ?9RGIRDLKI @AN=

GIR (8PR7NO,RHCNO?R J AOR49RGO?R MQE -ERL9

GNRMQRJNOR P;A9REQ>R J FOAORJNRK?NR DPRJ5E"

J JP?ORJ5EKFJNORDPERCQLRDQGRCNBRN GNO=

HKI>RHN6<R4ORBQRH@RG8P<R7PRCNOREIRFQBRAQ=

>P<RFPR@ MNOR;PRDPRCLPRDN>P<R?QCR7IRCPFRMQ=

D>QRCQ>:R .HDPRBNRMQ>R DLKI FIBR JNOARC9

JPRE6R K LPRC@ &<R CNOREIR EPBR KQAQ>P

EP DNOLJRHKOR;PRDN6FLQ:R(KFORLIREMNRD5"=

MNO?R DQMR QM<R G8P+R J GNRMQRJNOR MQREQA

MNOR7I>PR@AORJI<RMNOR7I>RFQRCNRJORHP>I<R7P

BNQ>RJ BNOHKRCQRMN@RMQ BOFLRJPREI:RQ=

AQRDPRJPREKNPRJQRK EPRLKORGKQR;5LRMO?R-E=

LIR HD>IRM6>QR DLKOKR .LPRG>QJR N EPFQL>Q

MQE 1LPERCPRJIR 7NO;R LKORCN<R ;EKNO

PE DPRJPREKNR HF@AORGNQR MNGR HN6R MNO

KBNORMN>P:R EIR7IR MNOR CNARC@REPR7PRJI

JIRHN>OCRBNOHKRCQ,RG5J<RD5>RBNQRHFQR7I=

>PR7IR KQAQRMO:R 2PREP7RMNOR 7I>PR J JNOA@

NMRMIG8R BNO?RHGPRJPR1GNQG8R AOR49RGIG8

MQE -ERL9RBN6REKIR.LPRG>QRJNOBRQ >P=

;PRJOB:R>@R;QRN D>QRHCQR0QAQRDPRJPREKNP=

JQR HD>IRJQ>QR CNARCQR EMN<R Q MQRHN9CRMN6FO

JPRE9R JQ>IR BPR;>IR @AOGR DLKORLJQRMN@<R

FQCR?QCRFORMQE .NRH>9:R-JRHKOBR?OHFRDLP=

;LQB<RCF5RLIRCPBRDAOCRHPRJPRG8LPRMNRDQ=

MQR QRMQRN NMRMIG8RP7IRJQFOAN<RPE )QRGNR7P=

LKQR DP 'KGKORGNM<R FIARCPR 4OR NHFRMNO?OR PM

MQ DQRDNORLKORN ?OHFRJ KMQGKRMIBRHFPDRMN@

MNORQCF@RQARMI:R (8PREKNR P PDNRHIRJQRMI

J R LK9REPRJIR 2LPR;LQBR EAQR -E=

LI /33<R DLKI?6FIR J 0PLRBNOR @HFQRJI

DLKOKRDQLAQRBOMFRJ /33&RL:R(Q>RCPRJNFI

CPHKFR JIRCPRMQRMNQR NMRJORHFIRG?NR G8LPRMN9=

GIG8R EPRLKORGKOR -ERLIR DLKOE DPRJPREKN9

BNQ>R JIRMNO1+ &3<R BAER K>:R )PC /33

J MQRKJNOR JKN9>R HN6R HF9E<R 4OR EP ?OR;P

CP,RGQR BNQ>PR 7I+R ?@4R GQ>RCNOBR H@RG8P

N 7OKRDNOGKRMNO:

2LPR;LQBR@FPRM9>RJ DPRJPREKNRCJNF5J

N BPRLK@R CPBRDOFOMRGI?RMOR;PR 7Q>QR;QRM@:

NOR JIRCPRMQRMPR MQRJOFR DP>PRJIR DAQRMP=

JQRMIG8RDLQG<RJ FIBRMQ?RJQ4RMNO?RHKIG8

NMRJORHFIRG?N<R?QCRK7NPLRMNCR)QRGNR75LKRGKI

"!"

"! "

""!"

!"!" ""!

" ""

" " "!"

"!" "!"

!!""

""!""!"

" ""

MQARMIG8<R Q FQCR4OR PRJQRLKIRHFJNOR %@=

EPJRMNGFJQR'DP>OGKRMOR;P:R!QRMNBRKPRHFQ>

HKO0OBR PE J5E<R KQRHNQREQ>R J KQRLK9REKNO

JLPRG>QJRHCNOR;PRAPFRMNRHCQ<RCF5RLORMPFQR7O=

MORMNORLQREKNRHPR7NORK 7@REPRJ9RMPRJOR;P

FOLRBNRMQA@RMQ @RLP /3&/:R2AQF0PLRBOLRHN

P7RHQREKNANRFO4RDPEAOR;>ORGOMFLQANR)OR;NP=

MQARMOR !QRLK9REIR PRHDPREQLRCNR .PERMO?:

!Q1RLK9REPRJIBRDO>RMPRBPGRMNRCNOBR2LP=

;LQRB@R EAQR -ERLI /33R ?OHFR JP?ORJPREQ

EPARMPR1A9RHCN<RGK>PRJNOCR'G8OFIRMIR)Q0Q>

@LRCPJAQRMNOG:R -7PCR FIG8R HFL@CF@L

EKNQ>QR %N@RLPR *PRPLREIRMQRG?NR 2LP?OCF@

-G8LPRMIR2LKORGNJRDPRJPREKNPRJO?RJ P=

LKORGK@R-ERLI:RPREQFRCPRJPRHJP?ORDLKO=

GNJRDPRJPREKNPRJORNMRHFIF@RG?ORBQ?9RHQRBP=

LK9REI:R LK6ERMNRGI<R KQRBNQHFR CPRPLREIRMP=

JQ+RN HC@FOGKRMNOREKNQ>Q+<RKQAORJQ?9RHN6

FPRMQRBNREPRC@RBOMF5J:R

. NOBRGKOG8<RQ EPRC>QERMNO?RJ AQM=

EKNOR'QCRHPRMNQRDP CQFQRHFLP0QARMO?RDPRJP=

EKNR J /33/R L:R KQAQRMOR 7I>PR J5JRGKQH

B:NM:RLORKMPR@G8JQAPRMPRN JDLPRJQREKP=

MPR J 4IRGNOR ?OREOMR CPBRDAOCRHPRJIR DLP=

;LQB:R. GN9R;@REJ5G8RAQFRDPRJHFQ>RHIH=

FOBRK7NPLRMNRC5J<RFQBRDPAEORL5J<RN @LO=

;@APRJQRMIG8R CPRLIFR MQ?R;LP"RMNO?RHKIG8

LKOC:R PRJIRBNR DLKORDNRHQRBNR @HQREKPRMP

DLPFORHF@?9RGORDLKORGNJRJHKIHFRCNORB@RPL=

;QRMNRKQRG?OROCPAPR;NGKRMO<RQ EPRBIRK7@REP=

JQRMORMQ FORLORMQG8RKQAORJPRJIG8RJIR7@=

LKPRMP<R DLKORHNOREAQ?9GR BNOHKRCQ,RG5J:

-7OGRMNORJ LO"RMNORNHFRMNO?ORHDORG?QARMQ

H>@4R7QR BNO?RHCQ<R CF5RLQR BPR7NANRKPRJQRMQ

?OHFRJ GKQRHNORKQR;LPR4O,RDPRJPREKNPRJIG8:

KNOARMNRGOR AOR49RGOR MQE QR79R BQ?9R HIH=

FOBR Q@FPRBQFIGKRMIG8R FQB<R DPERMPRHK9=

GIG8RHN6RJ LQRKNORMQREO?R1GNQRJPREI<RQ HIH=

FOBR CQRBOLR HDLK6R;MN6FIR K NMFOLRMOFOB

NM0PLRB@?ORCQ4REOR;PRBNOHKRCQ,RGQRP DP=

KNPRBNORJ5ERD>IRM9RGIG8RN ;L@MFPRJIG8:R

*PRBNFOFR 'FORL@?9RGIR 2LPR;LQRB@R EAQ

-ERLI /33RKOR7LQ>RHN6 //RGKOLJRGQ:RQAQ

DPRJPREKNPRJQ<RCF5RLQRHD>IRM6>QR-ERL9<RDP=

KPRHFQ>QRMNORKQ@RJQR4PRMQ:R2LPR;LQBRDPRHNO=

EKORMNQRFP

#RM0PLRBQRG?QRP LORQANRKQRG?NRKQREQ,R2LP=

;LQRB@REAQR-ERLI /33RKQ LPC /33

#R'DLQRJPKREQRMNORK EKNQ>QARMPR1GNRDO>=

MPRBPGRMNRCQR2LPR;LQRB@RKQ LPC /33

#R!QRQJQMRHPRJQRMNORDLQGREPFIRGK9RGIG8

2LPR;LQRB@R PEREKNQ>IRJQRMNQR MQ 1LPREP=

JNRHCPRDLP?OCF@REPRC@RBOMF@RDPE MQRKJ9

2LPR;LQBREAQR-ERLI /33R#RQCF@RQANRKQ=

G?Q

#R-G8LPRMQRDLKIRLPREIRJ QHDOCRGNOR7OK=

DNORGKO,RHFJQRDPRJPREKNPRJOR;P:

*QJRCQ<RHNORBQ<RDQRMNORGBPCRJ L9RHNO

N EP EPRB@:

(Q>IR GKQHR JN6GR QCF@RQARMQR ?OHFR LQREQ<

CF5RL9REQANR1BIREORGIREOMFPBRPE J5ERJO

JHDPRBMNQRMIBR QLFIRC@AOR DLKIRMQ?=

BMNO?R GK61+R HKBQA@R DLKORKMQRGKI+

MQ BHKOR J NMFOMRG?NR BQ>IG8R PDQRE5J

N H@RG8IG8RJQ>5J:

.LPRG>QJRHCNR.6RKO>R.PERMI:R'KGKOR;5>I

PDNRHQANR1BIRB:NM:RJ QLFIRC@AOR'OLREOGK=

MNOR JNFQRBIR DPRJ5E"R

ML /3&3<R;EKNORFO4RDLPRLPRGKPRHFJNOL=

EKNANR1BI<R4OR?OR1ANRJNPRHMQR76REKNOREOHK=

GKPRJQ<RFPRDPRJ5E"RB@RLPRJQRMQ:R2LKORCP=

MQANRHN6RP FIBRB:NM:RBNOHKRCQ,RGIRJLP=

G>QJRHCNOR;PR *PRKQRMPRJQ:R .IRHFQLRGKI

DLKIRC>QER.LPRG>QJRHCNOR;PR.6RK>QR.PE=

MOR;P:R(KFORLIREPRC@RBOMFQRG?OREAQRFO?RNM=

JORHFIRG?N<R CF5RLOR JIRCPRMQRMPR J AQ=

FQG8 /33#/33<RDPRG8>PRM6>I &RBAMRK><

JIREQRMPRMQRJOFRDPRKJPAORMNQRMQ 7@REPRJI<

QAORJ MQERPELKQ,RHC9RKNORBN6RMNORJ7NFP

MQRJOFR?OERMO?R>PRDQFI:R-7OGRMNORJHKIHF=

CNOR FOR EPRC@RBOMFQRG?OR H9R MNORQCF@RQARMO<

Q DLQRG6R FLKOR7QR LPKRDPRGK9+R PE MPRJQ

N PE MPRJQRD>QRGN+:

2LPR;LQBREAQR-ERLI /33<R?QCRFO4RNMRMO

DLPR;LQRBIR N DLP?OCFIR DLKORGNJRDPRJP=

EKNPRJORJ 2PARHGORMD:RPG8LPRMIR@>QJ

GKIR FKJ:R KAOJRMNR .NRH>I<R FOPRLOFIGKRMNO

?OHFRMQERKPRLPRJQRMIRDLKOKR*LQ?PRJIR!Q=

LK9ERPRHDPREQLRCNR.PERMO?R#RGNQ>PRDPE=

AOR;>ORLK9REPRJN:R OR;PRDLORKORHOBRJ LQMREKO

JNRGORBNRMNRHFLQRPG8LPRMIR1LPREPRJNRHCQR?OHF

EKNQ>QGKR JLPRG>QJRHCNO?R 2-R ORHKOC

*QLRJPJRHCN:R2QMRDLORKOH<RK JIRCHKFQ>RGO=

MNQR;OPAP;<RJGKOR1MNO?RDLQRGPRJQ>RJ LPK=

BQNFIG8R BNO?RHCNG8R HD5>RCQG8R CPRB@=

J JIRMNRC@RCF5RLO?RDPAO;>RLK9ER2N'

N 'QRBPRP7LPRMI<RBQRGKQ>PRDQA@HK=

CNR(%$:R'9RMPRJOR0QCFI:R

. Q0ORLKOR;L@MFPRJO?RG8PREKN>PRP KQRBNQL

PERLPARMNORMNQ 3 8QR KNORBNR J @MFPRJNO

DPE L9R;PRJOB:R.NQREPRBP<R4ORKNORBNQR7@=

EPJAQRMQ ?OHFRJNOAPRCLPFRMNORELP4RHKQRPE LPA=

MO?:R)KORCPRBNRNMRJORHFPRLKI<RJ NHFPRGNOR0@MC=

G?PRMQRLN@RHKOR(%$RFLQ0NANREP DPRJP>@?9RGIG8

HN6RMQ JD>IRJIRJ NRMNRHFOLRHFJNOR)PARMNGFJQ

DQRM5JR2NPFLQR)IR7I<R7I>OR;PREKNOMRMNRCQRLKQ

2R KQRDLKI?Q"RMNPRMOR;PR K 'QRBPRP7LPRM9<

PLQKR $MRELKO?QR *LIRHKI,RHCNOR;P<R EORHIR;MP=

JQRMOR;PRJ5JRGKQHRDLKOKR2N'RMQ DLORKORHQR?OE=

MO?R K FOAORCPRB@RMNRCQRGI?RMIG8R HD5>ROCR MQ=

KJNRHCQRJIRBNORMNQBRKQ .NRCNRDOREN9:R2QRMP=

JNORDPE?6ANRHN6RKQREQRMNQRKQ /<RBAMRK>:R ORHNO=

MN9 /33RL:RKPRHFQANRHCQRKQRMNR#R)IR7QRMQ /<RLP=

C@RJN6RKNORMNQ<R*LIRHKI,RHCN<RCF5RLIRDLKIRKMQ>

HN6REP JNRMIR#RMQ ;LKIJRM6:

QCRJNQREPRBP<RJ DQ"REKNOLRMNRC@ /33RL:

2LPRC@RLQF@RLQR-CL6R;PRJQRJ )KORHKPRJNORDP=

HFQRJN>QR QRLN@RHKPRJNR *QRBN,RHCNORB@R ?QRCP

5JRGKORHMORB@RHKO0PRJNR(%$RKQRLK@FIRDLKO=

CLPRGKORMNQR @DLQJRMNO,R DLKI LORQANRKQRG?N

GKIMRMPR1GNR PDORLQRGI?RMP=LPKRDPRKMQJRGKIG8

J FO?R HDLQRJNO<R KQ1 /R BQ?Q /3&3R L:R '9E

-CL6R;PRJIR J .QLRHKQRJNOR @G8IAN>R JIRLPC

HCQRK@?9RGIR )IR76R PLQKR *LIRHKI,RHCNOR;P

N KJL5RGN>R HDLQRJ6R EP DPRMPJRMOR;PR LPKRDQ=

FLKORMNQ<RG8P+RPE JIRLPRC@RH9RE@RDNOLJRHKO?

NMRHFQMRG?NR PERJP>Q>R HN6R ?OREIRMNOR )IR7Q:

. FLPRHGORP NMFORLORHIRDQ,RHFJQRDLPRGOHRPLQK

@KQRHQERMNORMNORP7?6FPRFQ?OBRMNRG9:R

P<R GPR @FQ?RMN>R JQLRHKQJRHCNR H9E<R BP4=

MQ HPR7NOR EPR1DNORJQ+<R QMQANRK@?9GR PHFQFRMNO

DPRGKIRMQRMNQR 2LPRC@RLQF@RLIR -CL6R;PRJO?

J )KORHKPRJNO:R (8P+R 7I>IR HKO0R (%$R MNO

DLKIRKMQ>RHN6REP JNRMIRN PERB5RJN>RHC>QREQRMNQ

JI?QR1MNO,<R 1AOEKFJPR J HDLQRJNOR Q0ORLI

;L@MFPRJO?RMQR7NORLQRL@RBNO,RG5J:RPRDLORGI=

KPRJQRMPRKQRLK@FIREAQR*QRBN,RHCNOR;P<RQ FQCR4O

2LKORB5RJNORMNOR QRLPRH>QRJQR *Q=

GKI,RHCNOR;PRK /3RGKOLJRGQ /3&3RDP

PD@R7ANRCPRJQRMN@RDNOLJRHKIG8RHPM=

EQR4PRJIG8RJIRMNRC5JRJIR7PRL5J

! !!! !!!! !

!!!! !!! !

! ! ! ! ! !

!! ! ! !!! !!

!!! !!! !! !

! ! ! ! ! !!

!!!!! !!! !!

!!!! !! !! ! !

!!! ! !!! !

! :R

HFJQR BNRBPR DPRLQR4OCR MQ JHKIHF=

CNG8R0LPMFQG8:

DLKOERHFQRJNPRMPR?OR?OR;PRMQ?R7AN4RHKIBRJHD5>=

DLQRGPJRMNRCPB: &RBQ?Q /3&3RL:R@H>IRHKQ>R?O

QRGNO?R .9RHNC<R JNRGORHKO0R (%$R KORKJPAN>

DLPRC@RLQF@RLKOR MQ @?QJRMNQRMNOR MQRKJNRHCQ<

&R GKOLJRGQ /3&3R L:R LKOR;PLKR 2:<R EIRLOCFPL

!QRLK9RE@R -DORLQRGI?RMP=AOERGKOR;PR (%$<

/R GKOLJRGQ /3&3R L:R ?OR;PR KQRHF6DRGQR *LKIHK=

FP0 %:RQREOMRK MNG8RMNORK>PR4I>RJI?QR1MNO,

N MNORDLKIRKMQ>RHN6REP JNRMI:R!Q DPRDO>RMNPRMO

GKIRMIR;LPRKNRNBREP RAQFRJN6RKNORMNQ:

)KORHKPJRHCQR DLPRC@RLQF@RLQR @HFQAN>Q<R 4O

(%$RFJPRLKI>PRQ0ORL6R;L@MFPRJ9RDLKOKRJNOAO

BNORHN6RGI:R$4RFIAORGKQRH@RFLJQ>PRJIRDLPRE@RCP=

JQRMNOR EPRC@RBOMFQRG?NR DPRG8PREK9RGO?R LKORCP=

BPRPE C6FLKI,RHCNOR;PRHQRBPRLK9RE@RPLQKRPH57

0NRKIGKRMIG8R N EPRHFQLRGKORMNOR 0Q>RHKIRJOCR DP=

1LOERMNRCPB:R2LPRC@RLQF@RLQR@JQR4Q<R4ORJ FLQC=

GNOR FO?R PDORLQRG?NR PHPR7IR 7NPRL9RGOR DNORMN9REKO

KQ DLKORHFLKOR;QRMNOR DLQRJQR CNORLPRJQ>IR QCRG?9

DLKORHF6DRGK9:R!>QRBQ>IRDLQRJPRJNOAPRCLPFRMNO:

2P DNOLJRHKOR(%$RMNORBNQ>PREPRJPRE5J<RN4

)IR7QRK *LIRHKI,RHCNBRDPRDO>RMNANR79E"RBQ?9

@DLQJREPRDPREP7RMNPRMIR KQRBNQLR DPRDO>RMNORMNQ

DLKORHF6DRHFJQR D>QFRMO?R DLPFOCRG?N<R Q FIARCP

J FQRCNO?RHIF@RQG?NRBP4RMQ KQRHFPRHPRJQ+RDLPRJP=

CQRG?6:R. DLKORGNJRMIBRLQRKNOR?OHFRPMQR7OK=

DLQJRMIBRC@RHNRGNOARHFJOB<RJ 0QRG8PRJIBR4QL=

;PRMNORMQRKIRJQRMIBRDPER4OR;QRMNOBREP DLKO=

HF6DRHFJQ:R2P EL@R;NOR(%$RMQRLQRKN>PRNMFORLOH

DLQJRMIRHQRBPRLK9RE@RN J>QR1GNRGNOANRMNORL@RG8P=

OLRBNMROMERHNO;RKPRHFQ>RJNOAP=

CLPFRMNOR@4IFIRJ ONMR*QBD0

$EPA0QR NFAORLQ<R J CPMFOCR1GNO

PHFQFOGKRMOR;PRKJIRGN6RHFJQRJ JQA=

GORK IREQRBN:R2P P7?6RGN@RDLKOK

MQRKNRHF5JRJ>QREKIRJ NOBRGKOG8

FOLRBNMRFOMR7I>RHKORLPRCPR@4IRJQ=

MIR J DLPRDQR;QMREKNO )KORHKI

J GOA@R@HDLQRJNOREANRJNQRMNQRDPRMP=

HKORMNQRP0NQLRPLQKRHFLQFRBQFORLNQA=

MIG8:R2P LQKRCPAO?RMIRMQ BQRHPRJ9

HCQA6R P KJIRGN6RHFJNOR PHFQFOGK=

MIBRB5RJNPRMP<R;EIRNOBRGIRKQ=

GK6ANRDLKOR;LIRJQ+RJP?RM6RJ &:

- KJIRGN6RHFJNOR PHFQFOGKRMIB

MQ?RGK6R1GNO?R B5RJN>R J5JRGKQH

$EPA0RNFAOLRPLQKRBNRMNRHFOLRDLP=

DQR;QMREIR)KORHKI<R PRHOD8RPRO7=

7OAH:

BPR1GN<R7PRDLKORGNO4RJ PDQLRGN@RP 0NCRGI?RMORDN=

HBQR NRMNRHFOLRHFJPR )PARMNGFJQR BNQ>PR

JHKRGK9+R DPRHF6RDPRJQRMNOR N J CPMRHORCJOMRG?N

JIREQ+REORGIRK?ORQERBNRMNRHFLQRGI?RMO<R7I+RBPR4O

MQRL@RHKQ?9RGOR NMFORLORHIR KQNMFORLORHPRJQRMIG8:

.LOHKRGNORDLPRC@RLQF@RLQRJIR1AOREKN>Q<R4ORKQRHFP=

HPRJQRMQ JPR7OGRJNOA@RPH57RCPMFLPAQRPDORLQ=

GI?RMQ<RMD:RDPERH>@RG8I<RKPRHFQ>QRJDLPRJQREKP=

MQ MNOR FIARCPR 7OKR JIRLQ"RMOR;PR DPRJPRE@<R QAO

FO4RJ CNARC@RDLKIRDQERCQG8R7OKRK;PREIR2LPRC@=

LQF@RLIRORMORLQARMO?RN H9RE@:

ODRDOLR BQ?9RGIR HFQF@HR DPRCLKIJREKPRMO=

;PR J FO?R HDLQRJNOR MNOR BQR J9FRDANRJPR1GN<

DP GPRFPRJHKIHFRCP:

#R'FPRHPRJQRMPRJPR7OGRBMNORDPERH>@G8RJI=

EPR7IJRGKI<R G8P+R ?QRCPR JNRGORDLORBNOLR BNQ=

>OBRDLQRJPREP PG8LPRMIRPDORLQRGI?RMO?:R*Q=

GKI,RHCNRANRGKI><R4ORG8AQDRM6RGP1<RGPRDPRKJP=

ANRBMNORKMNHKRGKI+<R?OR1ANRQ0ORLQR;L@MFPRJQRKQ=

JNOREKNOR#RFJNOLREKN:

DA:R PHFQFOGKRMOR KJI=

GN6RHFJPR#RFOLRBNRMPAPR;NQRPCLOR1AQ=

?9RGQR KJIRGN6RHFJPR BNRBPR JHKIHF=

CNG8R DLKORGNJRMPR1GN:R OLRBNMR FOM

KPRHFQ>R LPKRDPRJHKOG8RMNPRMIR ;>5J=

MNOR EKN6RCNR $EPA0PRJNR NFAORLPRJN<

CF5RLIR@4IRJQ>RFOR;PRH0PLRB@>PRJQ=

MNQR ?QRCPR PHFQFOGKRMOR;PR KJIRGN6=

R!Q .NRCNRDOREN9:

PRMQAER @HCR N %LPRMNRH>QJ

* Q4REIRJNO<R4ORJ Q0ORLKOR;L@MFPRJO?<

Plik z chomika:

Inne pliki z tego folderu:

Inne foldery tego chomika: