TAX General Principles02

8/19/2019 TAX General Principles02

http://slidepdf.com/reader/full/tax-general-principles02 1/16



GENERAL PRINCIPLES: CLASSIFICATIONS AND DISTINCTIONS

ATILANO BAUTISTA CABRALES CASTRO DUEÑAS FERMIN GUEVARA MACALINO TAGRA VALLO WILWAYCO 2

0#1()(#')4 <4 +**,4('5 6"# 6+7 )/#0(6 */#3(.&2,4 5/+'6#0; E@@^ ),+(8#0 + /#1&'0 1./

6"# .3#/*+48#'6 .1 (62 =ZcZP=ZdY (').8# 6+7#2; L6 +,2. ),+(8#0 + /#1&'0 1./ 6"#

.3#/*+48#'6 .' 6"# ('6#/#26 .' (62 0#1()(#')4 (').8# 6+7? +/5&('5 6"+6 6"# =V>

('6#/#26 2".&,0 '.6 "+3# <##' (8*.2#0 .' 6"# 6.6+, 0#1()(#')4 .1 GSd`e <&6 .',4 .'

6"# +8.&'6 .1 G=XVK? 6"# 0(11#/#')# <#69##' 6"# 6.6+, 0#1()(#')4 +'0 (62 6+7 )/#0(6;

!"# +<.3#8#'6(.'#0 ),+(82 9#/# 0#'(#0? 9(6" 6"# :LT ".,0('5 6"+6 6"# 8+/5(' 1##2

).&,0 '.6 <# ).'2(0#/#0 6+7#2 ./ +,,.9#0 +2 0#0&)6(<,# <&2('#22 #7*#'2#2;

%""*/"C=; ]BW 6"# 8+/5(' 1##2 9#/# 6+7#2;

R; ]BW 6"# 8+/5(' 1##2 )+' <# ).'2(0#/#0 '#)#22+/4 +'0 ./0('+/4 <&2('#22

#7*#'2#2 +'0 6"#/#1./# 0#0&)6(<,# 1/.8 (62 5/.22 (').8#;

-!&%#C=; W.? 6"# 8+/5(' 1##2 9#/# (8*.2#0 <4 6"# @6+6# (' 6"# #7#/)(2# .1 (62 *.,()#

*.9#/ +'0 '.6 6"# *.9#/ .1 6+7+6(.';

]"(,# 6+7#2 +/# ,#3(#0 6. */.3(0# /#3#'&# 1./ 5.3#/'8#'6 .*#/+6(.'2? 6"#

*/.)##02 .1 8+/5(' 1##2 +/# +**,(#0 6. 26/#'56"#' .&/ ).&'6/4f2 ('6#/'+6(.'+,

/#2#/3#2;

J 8+/5(' ,#34 .' 1./#(5' #7)"+'5# (2 + 1./8 .1 #7)"+'5# ).'6/., ./

/#26/()6(.' 0#2(5'#0 6. 0(2).&/+5# (8*./62 +'0 #').&/+5# #7*./62 +'0 6. )&/6+(, +'4#7)#22(3# 0#8+'0 &*.' 6"# ('6#/'+6(.'+, /#2#/3# (' ./0#/ 6. 26+<(,(g# 6"# )&//#')4;

L62 (88#0(+6# (8*+)6 (2 .' 6"# /+6# .1 1./#(5' #7)"+'5#Q +'0 (' 1+)6? (62 8+('

1&')6(.' (2 6. ).'6/., 6"# #7)"+'5# /+6# 9(6".&6 )"+'5('5 6"# *+/ 3+,&# .1 6"# *#2.

+2 1(7#0 (' 6"# -/#66.' ]..02 J5/##8#'62 J)6 h + 8#8<#/ '+6(.' (2 '.6 2&**.2#0

6. +,6#/ (62 #7)"+'5# /+6# +6 *+/ 3+,&# 6. ).//#)6 + 6#8*./+/4 0(2#\&(,(</(&8 (' (62

<+,+')# .1 *+48#'62; -4 (62 '+6&/#? 6"# 8+/5(' ,#34 (2 *+/6 .1 6"# /+6# .1 #7)"+'5#

+2 1(7#0 <4 6"# 5.3#/'8#'6

R; W.? 6"# 8+/5(' 1##2 *+(0 <4 E@@^ )+''.6 <# 0#0&)6#0 1/.8 (62 5/.22 (').8#; !"#/# +/# 1.&/ ).'0(6(.'2 <#1./# +' #7*#'2# )+' <# 0#0&)6#0a +O 6"#

#7*#'2# 8&26 <# ./0('+/4 +'0 '#)#22+/4Q <O (6 8&26 <# *+(0 ./ (')&//#0 9(6"(' 6"#

6+7+<,# 4#+/Q )O (6 8&26 <# *+(0 ./ (')&//#0 (' )+//4('5 .' + 6/+0# ./ <&2('#22Q +'0 0O6"# 6+7*+4#/ 8&26 2&<26+'6(+,,4 */.3# <4 #3(0#')# ./ /#)./02 6"# 0#0&)6(.'2

),+(8#0 &'0#/ 6"# ,+9;

J' #7*#'2# 9(,, <# ).'2(0#/#0 '#)#22+/4 9"#/# 6"# #7*#'0(6&/# (2

+**/.*/(+6# +'0 "#,*1&, (' 6"# 0#3#,.*8#'6 .1 6"# 6+7*+4#/f2 <&2('#22; J' #7*#'2#

(2 ./0('+/4 9"#' (6 ).''.6#2 *+48#'6 9"()" (2 './8+, (' /#,+6(.' 6. 6"# <&2('#22 .1

6"# 6+7*+4#/ +'0 6"# 2&//.&'0('5 )(/)&826+')#2; !"# 6#/8 i./0('+/4f 0.#2 '.6

/#\&(/# 6"+6 6"# *+48#'62 <# "+<(6&+, ./ './8+,;

!"#/# (2 '. "+/0 +'0 1+26 /&,# .' 6"# 8+66#/; !"# /(5"6 6. + 0#0&)6(.'

0#*#'02 (' #+)" )+2# .' 6"# *+/6()&,+/ 1+)62 +'0 6"# /#,+6(.' .1 6"# *+48#'6 6. 6"#

64*# .1 <&2('#22 (' 9"()" 6"# 6+7*+4#/ (2 #'5+5#0;

L' 6"(2 )+2#? 6"# 8+/5(' 1##2 *+(0 <4 E@@^ +/# '#(6"#/ '#)#22+/4 './ ./0('+/4

6. (62 <&2('#22 (' 6"# G"(,(**('#2; !"# 8+/5(' 1##2 +/# '.6 #7*#'2#2 (' ).''#)6(.'

9(6" 6"# */.0&)6(.' ./ #+/'('5 .1 E@@^f2 (').8# (' 6"# G"(,(**('#2; !"#4 9#/#

#7*#'2#2 (')&//#0 (' 6"# 0(2*.2(6(.' .1 2+(0 (').8#2 h #7*#'2#2 1./ 6"# /#8(66+')#

.1 1&'02 +16#/ 6"#4 "+3# +,/#+04 <##' #+/'#0 <4 E@@^f2 </+')" (' 6"# G"(,(**('#2

1./ 6"# 0(2*.2+, .1 (62 H#+0 ^11()# (' W#9 b./K? 9"()" (2 +,/#+04 + 2#*+/+6# (').8#

6+7*+4#/; E@@^ "+2 '.6 2".9' 6"+6 6"# /#8(66+')# 6. 6"# "#+0 .11()# .1 *+/6 .1 (62

*/.1(62 9+2 8+0# (' 1&/6"#/+')# .1 (62 .9' 6/+0# ./ <&2('#22;

4%"2#"%&%1/ 2#-&%#'C

]HETEA^TE? 6"# 0#)(2(.' .1 6"# :.&/6 .1 !+7 J**#+,2 0#'4('5 6"# *#6(6(.'#/f2),+(8 1./ /#1&'0 .1 G=YR?RXd;YY 1./ =ZcZ +'0 GXSX?RSX;ZR 1./ =ZdY? (2 JAALT%Ej?

9(6" ).262 +5+('26 6"# *#6(6(.'#/;

2-#5-/""%1/ 4/1/3#2+/'& $#-2#-!&%#' 1"0 L*/M#' $%&N

5- '6 9;HG@>8 !OPQK @AGA

)!$&"C!"# :(64 :.&')(, .1 k&#g.' :(64 +0.*6#0 ^/0('+')# `ZZ` N=ZdZO 9"#/#

*/(3+6#,4 .9'#0 +'0 .*#/+6#0 *&<,() 8+/K#62 6. *+4 =Y> .1 6"# 5/.22 /#)#(*62 1/.8

26+,, /#'6+,2 6. 6"# :(64? +2 2&*#/3(2(.' 1##; G/.5/#22(3# j#3#,.*8#'6 :./*./+6(.'?.9'#/ +'0 .*#/+6./ .1 + *&<,() 8+/K#6 K'.9' +2 6"# lA+/8#/2 %+/K#6 m @".**('5

:#'6#/l 1(,#0 + G#6(6(.' 1./ G/."(<(6(.' 9(6" G/#,(8('+/4 L'_&')6(.' +5+('26

/#2*.'0#'6 <#1./# 6"# :AL .1 T(g+, .' 6"# 5/.&'0 6"+6 6"# 2&*#/3(2(.' 1## ./ ,()#'2#

6+7 (8*.2#0 <4 6"# +<.3#P8#'6(.'#0 ./0('+')#2 (2 (' /#+,(64 + 6+7 .' (').8# 9"()"

/#2*.'0#'6 8+4 '.6 (8*.2#? 6"# 2+8# <#('5 #7*/#22,4 */."(<(6#0 <4 T#*&<,() J)6

W.; RRdX?+2 +8#'0#0;

L' (62 @&**,#8#'6+, G#6(6(.'? *#6(6(.'#/ +,,#5#0 "+3('5 *+(0 &'0#/ */.6#26 6"#

1(3# *#/)#'6 Nc>O 6+7 &'0#/ ^/0('+')# W.; ZRSd 1./ 6"# 8.'6"2 .1 n&'# 6.

@#*6#8<#/ =Z`R; D.9#/ ).&/6 0(28(22#0 6"# *#6(6(.'; H+3('5 1+(,#0 6. .<6+('

/#).'2(0#/+6(.' .? *#6(6(.'#/2 */#2#'6 "#/#(' G#6(6(.' 1./ T#3(#9

%""*/C=; ]BW 6"# 6+7 (8*.2#0 <4 /#2*.'0#'6 .' 5/.22 /#)#(*62 .1 26+,, /#'6+,2 (2

*/.*#/,4 )"+/+)6#/(g#0 +2 *+/6+K('5 .1 6"# '+6&/# .1 +' (').8# 6+7 ./? +,6#/'+6(3#,4?

.1 + ,()#'2# 1##

-!&%#C

=; W.; !"# c> 6+7 (8*.2#0 (' ^/0('+')# ZRSd 0.#2 '.6 ).'26(6&6# + 6+7 .'

(').8#? './ + )(64 (').8# 6+7 N0(26('5&(2"#0 1/.8 6"# '+6(.'+, (').8# 6+7 <4 6"#

!+7 :.0#O 9(6"(' 6"# 8#+'('5 .1 @#)6(.' R N5O .1 6"# D.)+, J&6.'.84 J)6? <&6 /+6"#/

+ ,()#'2# 6+7 ./ 1## 1./ 6"# /#5&,+6(.' .1 <&2('#22 (' 9"()" 6"# ).8*+'4 (2 #'5+5#0;

!. <# ).'2(0#/#0 + ,()#'2# 1##? 6"# (8*.2(6(.' 8&26 /#,+6# 6. +' .))&*+6(.'

./ +)6(3(64 6"+6 2. #'5+5#2 6"# *&<,() ('6#/#26 (' "#+,6"? 8./+,2? 2+1#64 +'0

0#3#,.*8#'6 +2 6. /#\&(/# /#5&,+6(.'2 1./ 6"# */.6#)6(.' +'0 */.8.6(.' .1 2&)"





*&<,() ('6#/#26Q 6"# (8*.2(6(.' 8&26 +,2. <#+/ + /#+2.'+<,# /#,+6(.' 6. 6"# */.<+<,#

#7*#'2#2 .1 6"# /#5&,+6(.'? 6+K('5 ('6. +)).&'6 '.6 .',4 6"# ).262 .1 0(/#)6

/#5&,+6(.' <&6 +,2. (62 (')(0#'6+, ).'2#\&#')#2 +2 9#,,;

]"(,# (6 (2 6/&# 6"+6 6"# +8.&'6 (8*.2#0 <4 6"# \&#26(.'#0 ./0('+')#2 8+4

<# ).'2(0#/#0 (' 0#6#/8('('5 9"#6"#/ 6"# #7+)6(.' (2 /#+,,4 .'# 1./ /#3#'&# ./

*/."(<(6(.'? ('26#+0 .1 .'# .1 /#5&,+6(.' &'0#/ 6"# *.,()# *.9#/? (6 '#3#/6"#,#22 9(,,

<# */#2&8#0 6. <# /#+2.'+<,#; D.)+,o 5.3#/'8#'62 +/# +,,.9#0 9(0# 0(2)/#6(.' ('

0#6#/8('('5 6"# /+6#2 .1 (8*.2+<,# ,()#'2# 1##2 #3#' (' )+2#2 .1 *&/#,4 *.,()#

*.9#/ 8#+2&/#2? (' 6"# +<2#')# .1 */..1 +2 6. *+/6()&,+/ 8&'()(*+, ).'0(6(.'2 +'06"# '+6&/# .1 6"# <&2('#22 <#('5 6+7#0 +2 9#,, +2 .6"#/ 0#6+(,#0 1+)6./2 /#,#3+'6 6.

6"# (22&# .1 +/<(6/+/('#22 ./ &'/#+2.'+<,#'#22 .1 6"# \&#26(.'#0 /+6#2

!"# 5/.22 /#)#(*62 1/.8 26+,, /#'6+,2 "+3# <##' &2#0 .',4 +2 + <+2(2 1./

).8*&6('5 6"# 1##2 ./ 6+7#2 0&# 6. 6"# )(64 6. ).3#/ 6"# ,+66#/f2 +08('(26/+6(3#

#7*#'2#2; !"# &2# .1 6"# 5/.22 +8.&'6 .1 26+,, /#'6+,2? +2 <+2(2 1./ 6"#

0#6#/8('+6(.' .1 6"# ).,,#)6(<,# +8.&'6 .1 ,()#'2# 6+7? 0.#2 '.6 <4 (62#,1 ).'3#/6 ./

/#'0#/ 6"# ,()#'2# 6+7 ('6. + */."(<(6#0 )(64 6+7 .' (').8#; A./ ./0('+/(,4? 6"# "(5"#/

6"# +8.&'6 .1 26+,, /#'6+,2? 6"# "(5"#/ 6"# +55/#5+6# 3.,&8# .1 1..026&112 +'0

/#,+6#0 (6#82 2.,0 (' 6"# */(3+6#,4 .9'#0 8+/K#6Q +'0 6"# "(5"#/ 6"# 3.,&8# .1

5..02 2.,0 (' 2&)" 8+/K#6? 6"# 5/#+6#/ #76#'6 +'0 1/#\&#')4 .1 ('2*#)6(.' +'0

2&*#/3(2(.' 6"+6 8+4 <# /#+2.'+<,4 /#\&(/#0 (' 6"# ('6#/#26 .1 6"# <&4('5 *&<,();

#&D/- 4#$&-%'/"CL1 6"# 5#'#/+6('5 .1 /#3#'&# (2 6"# */(8+/4 *&/*.2# +'0 /#5&,+6(.' (2 8#/#,4

(')(0#'6+,? 6"# (8*.2(6(.' (2 + 6+7Q <&6 (1 /#5&,+6(.' (2 6"# */(8+/4 *&/*.2#? 6"# 1+)6

6"+6 (')(0#'6+,,4 /#3#'&# (2 +,2. .<6+('#0 0.#2 '.6 8+K# 6"# (8*.2(6(.' + 6+7

4%"2#"%&%1/ 2#-&%#'C J::^TjLWMDb? 6"# j#)(2(.' .1 6"# 6"#' :.&/6 .1 A(/26 L'26+')# .1 T(g+,? k&#g.'

:(64? -/+')" =V? (2 "#/#<4 JAALT%Ej +'0 6"# :.&/6 T#2.,3#0 6. jEWb 6"# G#6(6(.'

1./ ,+)K .1 8#/(6;

@^ ^TjETEj;

2!3 E /4*

50-0 '60 378@9G9!*5*"& @B? @AGG

)!$&"C

!"(2 \&#26(.' "+2 <##' </.&5"6 <#1./# 6"(2 :.&/6 (' 6"# *+26; !"# *+/6(#2

+/#? (' #11#)6? +2K('5 1./ + /#P#7+8('+6(.' .1 6"# ,+6#26 0#)(2(.' .' 6"(2 (22&#;

!"(2 +**#+, 9+2 )#/6(1(#0 6. &2 +2 .'# ('3.,3('5 + *&/# \&#26(.' .1 ,+9 <4 6"#

:.&/6 .1 J**#+,2 (' + )+2# 9"#/# 6"# 6"#' :.&/6 .1 A(/26 L'26+')# .1 T(g+, !"#

G"(,(**('# J(/,('#2 NGJDO h+ )./*./+6(.' #'5+5#0 (' 6"# +(/ 6/+'2*./6+6(.' <&2('#22

&'0#/ + ,#5(2,+6(3# 1/+')"(2#P (2 #7#8*6 1/.8 6"# *+48#'6 .1 6+7#2;

p5/+'6## 2"+,, *+4 6. 6"# W+6(.'+, M.3#/'8#'6 0&/('5 6"# ,(1# .1 6"(2

1/+')"(2# + 6+7 .1 R> .1 6"# 5/.22 /#3#'&# ./ 5/.22 #+/'('5 0#/(3#0 <4 6"# 5/+'6##

1/.8 (62 .*#/+6(.'2 &'0#/ 6"(2 1/+')"(2#; @&)" 6+7 2"+,, <# 0&# +'0 *+4+<,#

\&+/6#/,4 +'0 2"+,, <# (' ,(#& .1 +,, 6+7#2 .1 +'4 K('0? '+6&/# ./ 0#2)/(*6(.'? ,#3(#0?

#26+<,(2"#0 ./ ).,,#)6#0 <4 +'4 8&'()(*+,? */.3(')(+, ./ '+6(.'+, +&6.8.<(,#2?

G/.3(0#0? 6"+6 (1? +16#/ 6"# +&0(6 .1 6"# +)).&'62 .1 6"# 5/+'6## <4 6"#

:.88(22(.'#/ .1 L'6#/'+, T#3#'&#? + 0#1()(#')4 6+7 (2 2".9' 6. <# 0&#? 6"#

0#1()(#')4 6+7 2"+,, <# *+4+<,# 9(6"(' 6"# 6#' 0+42 1/.8 6"# /#)#(*6 .1 6"#

+22#228#'6; !"# 5/+'6## 2"+,, *+4 6"# 6+7 .' (62 /#+, */.*#/64 (' ).'1./8(64 9(6"#7(26('5 ,+9;

GJD "+2? 2(')# =Zcd? '.6 <##' *+4('5 8.6./ 3#"(),# /#5(26/+6(.' 1##2;

@.8#6(8# (' =Z`=? +**#,,## :.88(22(.'#/ T.8#. A; E,#3+6# (22&#0 +

/#5&,+6(.' /#\&(/('5 +,, 6+7 #7#8*6 #'6(6(#2? +8.'5 6"#8 GJD 6. *+4 8.6./ 3#"(),#

/#5(26/+6(.' 1##2;

j#2*(6# GJDo2 */.6#26+6(.'2? 6"# +**#,,## /#1&2#0 6. /#5(26#/ 6"# +**#,,+'6o2

8.6./ 3#"(),#2 &',#22 6"# +8.&'62 (8*.2#0 9#/# *+(0; !"# +**#,,+'6 6"&2 *+(0?

&'0#/ */.6#26? 6"# +8.&'6 .1 G=Z?cRZ;`c +2 /#5(26/+6(.' 1##2 .1 (62 8.6./ 3#"(),#2;

J16#/ *+4('5 &'0#/ */.6#26? GJD 6"/.&5" ).&'2#,? 0#8+'0#0 + /#1&'0 .1 6"#

+8.&'62 *+(0 6. :.88(22(.'#/ E0&? ('3.K('5 6"# /&,('5 (' :+,+,+'5 3; D./#'g. NZ`

G"(,; R=R U=Zc=[O 9"#/# (6 9+2 "#,0 6"+6 8.6./ 3#"(),# /#5(26/+6(.' 1##2 +/# (' /#+,(64

6+7#2 1/.8 6"# *+48#'6 .1 9"()" GJD (2 #7#8*6 <4 3(/6&# .1 (62 ,#5(2,+6(3# 1/+')"(2#;J**#,,## E0& 0#'(#0 6"# /#\&#26 1./ /#1&'0 <+2('5 "(2 +)6(.' .' 6"# 0#)(2(.'

(' T#*&<,() 3; G"(,(**('# T+<<(6 -&2 D('#2? L');? NSR @:TJ R==? %+/)" SY? =Z`YO 6.

6"# #11#)6 6"+6 8.6./ 3#"(),# /#5(26/+6(.' 1##2 +/# /#5&,+6./4 #7)#*6(.'+,; +'0 '.6

/#3#'&# 8#+2&/#2 +'0? 6"#/#1./#? 0. '.6 ).8# 9(6"(' 6"# #7#8*6(.' 5/+'6#0 6.

GJD &'0#/ (62 1/+')"(2#; H#')#? GJD 1(,#0 6"# ).8*,+('6 +5+('26 D+'0 !/+'2*./6+6(.'

:.88(22(.'#/ T.8#. A; E0& +'0 W+6(.'+, !/#+2&/#/ I<+,0. :+/<.'#,,;

%""*/"C

=; ]BW 8.6./ 3#"(),# /#5(26/+6(.' 1##2 +/# ).'2(0#/#0 +2 6+7#2;

R; ]BW /#2*.'0#'6 +08('(26/+6(3# +5#')4 <# /#\&(/#0 6. /#1&'0 6"#

+8.&'62 26+6#0 (' 6"# ).8*,+('6 .1 GJDq

-!&%#C=; b#2; %.6./ 3#"(),# /#5(26/+6(.' 1##2 +2 +6 */#2#'6 #7+)6#0 *&/2&+'6 6. 6"#

D+'0 !/+'2*./6+6(.' +'0 !/+11() :.0# +/# +)6&+,,4 6+7#2 ('6#'0#0 1./ +00(6(.'+,

/#3#'&#2 .1 5.3#/'8#'6 #3#' (1 .'# 1(16" ./ ,#22 .1 6"# +8.&'6 ).,,#)6#0 (2 2#6

+2(0# 1./ 6"# .*#/+6('5 #7*#'2#2 .1 6"# +5#')4 +08('(26#/('5 6"# */.5/+8;

%.6./ 3#"(),# /#5(26/+6(.' 1##2 +/# 5.3#/'#0 <4 6"# D+'0 !/+'2*./6+6(.'

:.0#; @#); d=; j(2*.2+, .1 %./65+5#; :.,,#)6#0r%.'(#2 ).,,#)6#0 &'0#/ 6"#

*/.3(2(.'2 .1 6"(2 J)6 2"+,, <# 0#*.2(6#0 (' + 2*#)(+, 6/&26 +)).&'6 (' 6"# W+6(.'+,

!/#+2&/4 6. ).'26(6&6# 6"# H(5"9+4 @*#)(+, A&'0;; +8.&'6 '#)#22+/4 6. 8+('6+('

+'0 #\&(* 6"# D+'0 !/+'2*./6+6(.' :.88(22(.' <&6 '.6 6. #7)##0 RY> .1 6"# 6.6+,

).,,#)6(.' 0&/('5 .'# 4#+/? 2"+,, <# 2#6 +2(0# 1./ 6"# *&/*.2#;





L6 +**#+/2 6"+6 6"# ,#5(2,+6(3# ('6#'6 +'0 *&/*.2# <#"('0 6"# ,+9 /#\&(/('5

.9'#/2 .1 3#"(),#2 6. *+4 1./ 6"#(/ /#5(26/+6(.' (2 8+(',4 6. /+(2# 1&'02 1./ 6"#

).'26/&)6(.' +'0 8+('6#'+')# .1 "(5"9+42 +'0 6. + 8&)" ,#22#/ 0#5/##? *+4 1./ 6"#

.*#/+6('5 #7*#'2#2 .1 6"# +08('(26#/('5 +5#')4;

L' 6"# G"(,(**('# T+<<(6 )+2# 8#'6(.'2 + */#2&8*6(.' +/(2('5 1/.8 6"# &2# .1

6"# 6#/8 l1##2?l /#1#//('5 6. 6+7#2 .6"#/ 6"+' 6".2# (8*.2#0 .' 6"# /#5(26/+6(.'?

.*#/+6(.' ./ .9'#/2"(* .1 + 8.6./ 3#"(),#; A##2 8+4 <# */.*#/,4 /#5+/0#0 +2 6+7#2

#3#' 6".&5" 6"#4 +,2. 2#/3# +2 +' ('26/&8#'6 .1 /#5&,+6(.'a sL6 (2 *.22(<,# 1./ +'

#7+)6(.' 6. <# <.6" 6+7 +/.2# /#5&,+6(.'; D()#'2# 1##2 +/# )"+'5#2 ,..K#0 6. +2 +2.&/)# .1 /#3#'&# +2 9#,, +2 + 8#+'2 .1 /#5&,+6(.'p1##2 8+4 */.*#/,4 <# /#5+/0#0

+2 6+7#2 #3#' 6".&5" 6"#4 +,2. 2#/3# +2 +' ('26/&8#'6 .1 /#5&,+6(.'; L1 6"# *&/*.2#

(2 */(8+/(,4 /#3#'&#? ./ (1 /#3#'&# (2 +6 ,#+26 .'# .1 6"# /#+, +'0 2&<26+'6(+,

*&/*.2#2? 6"#' 6"# #7+)6(.' (2 */.*#/,4 )+,,#0 + 6+7;t

L1 6"# #7+)6(.' &'0#/ T#*; J)6 X=Sd 9#/# 8#/#,4 + /#5&,+6./4 1##? 6"#

(8*.2(6(.' (' T#*; J)6 cXXV '##0 '.6 <# +' l+00(6(.'+,l 6+7; L6 (2 \&(6# +**+/#'6

6"+6 3#"(),# /#5(26/+6(.' 1##2 9#/# ./(5('+,,4 2(8*,# #7)#*6(.'+, ('6#'0#0 .',4 1./

/(5(0,4 *&/*.2#2 (' 6"# #7#/)(2# .1 6"# @6+6#o2 *.,()# *.9#/2; ^3#/ 6"# 4#+/2?

".9#3#/? +2 3#"()&,+/ 6/+11() #7*,.0#0 (' '&8<#/ +'0 8.6./ 3#"(),#2 <#)+8#

+<2.,&6# '#)#22(6(#2 9(6".&6 9"()" 8.0#8 ,(1# +2 9# K'.9 (6 9.&,0 26+'0 26(,,?

:.'5/#22 1.&'0 6"# /#5(26/+6(.' .1 3#"(),#2 + 3#/4 ).'3#'(#'6 9+4 .1 /+(2('5 8&)"'##0#0 /#3#' ](6".&6 )"+'5('5 6"# #+/,(#/ 0#*&64 .1 /#5(26/+6(.' *+48#'62 +2

l1##2?l 6"#(/ '+6&/# "+2 <#).8# 6"+6 .1 l6+7#2;l

R; !"# ),+(8 1./ /#1&'0 (2 8+0# 1./ *+48#'62 5(3#' (' =Z`=; L6 (2 '.6 ),#+/ 1/.8

6"# /#)./02 +2 6. 9"+6 *+48#'62 9#/# 8+0# (' 2&))##0('5 4#+/2; @#)6(.' RX .1 TJ

cXXV 0+6#0 n&'# R`? =ZdV? /#*#+,#0 +,, #+/,(#/ 6+7 #7#8*6(.'2 ^1 )./*./+6#

6+7*+4#/2 1.&'0 (' ,#5(2,+6(3# 1/+')"(2#2 2(8(,+/ 6. 6"+6 ('3.K#0 <4 GJD (' 6"(2 )+2#;

@#)RX 2".92 ),#+/,4 6"+6 6"# ,+9 ('6#'0#0 +,, )./*./+6# 6+7*+4#/2 6. *+4 (').8#

6+7 +2 */.3(0#0 <4 6"# 26+6&6#; !"#/# )+' <# '. 0.&<6 +2 6. 6"# *.9#/ .1 :.'5/#22

6. /#*#+, 6"# #+/,(#/ #7#8*6(.' (6 5/+'6#0 N:.'26(O;

J'4 /#5(26/+6(.' 1##2 ).,,#)6#0 <#69##' n&'# R`? =ZdV +'0 J*/(, Z? =Z`Z? 9#/#

).//#)6,4 (8*.2#0 <#)+&2# 6"# 6+7 #7#8*6(.' (' 6"# 1/+')"(2# .1 GJD 9+2 /#*#+,#00&/('5 6"# *#/(.0; H.9#3#/? +' +8#'0#0 1/+')"(2# 9+2 5(3#' 6. GJD (' =Z`Z;

!"(2 )&//#'6 1/+')"(2# (2 ),#+/ +'0 2*#)(1(); L6 "+2 /#8.3#0 6"# +8<(5&(64 1.&'0 ('

6"# #+/,(#/ ,+9; GJD (2 '.9 #7#8*6 1/.8 6"# *+48#'6 .1 +'4 6+7? 1##? ./ .6"#/

)"+/5# .' 6"# /#5(26/+6(.' +'0 ,()#'2('5 .1 8.6./ 3#"(),#2; @&)" *+48#'62 +/#

+,/#+04 ('),&0#0 (' 6"# <+2() 6+7 ./ 1/+')"(2# 6+7 */.3(0#0 (' @&<2#)6(.'2 N+O +'0 N<O

.1 @#)6(.' =S? G;j; =cZY? +'0 8+4 '. ,.'5#/ <# #7+)6#0;

4%"2#"%&%1/ 2#-&%#'C

]HETEA^TE 6"# *#6(6(.' (2 "#/#<4 *+/6(+,,4 MTJW!Ej; !"# */+4#0 1./ /#1&'0 .1

/#5(26/+6(.' 1##2 *+(0 (' =Z`= (2 jEWLEj; !"# ND!AT-O (2 #'_.('#0 1&')6(.'2P6"#

).,,#)6('5 +'4 6+7? 1##? ./ .6"#/ )"+/5# .' 6"# /#5(26/+6(.' +'0 ,()#'2('5 .1 6"#

*#6(6(.'#/o2 8.6./ 3#"(),#2 1/.8 J*/(, Z? =Z`Z +2 */.3(0#0 (' G/#2(0#'6(+, j#)/##

W.; =cZY;

+!N#- !'&#'%# I0 1%33/5!" EF0 D%* $D%#'5 &"!% 2!# D# <RS I*45/

)-!'$%"$# !-$!50-0 '60 37>A;8;

'6ETUVTP @H? @A:G

)!$&"C !"# ).'6/.3#/6#0 ^/0('+')# W.; dcS` 9+2 *+22#0 <4 6"# %&'()(*+, -.+/0 .1

%+'(,+ .' A#</&+/4 RR? =ZdV +'0 2(5'#0 <4 6"# "#/#(' *#6(6(.'#/ %+4./ J'6.'(. n;

C(,,#5+2 .1 %+'(,+ .' %+/)" R`? =ZdV; :(64 ^/0('+')# W.; dcS` (2 #'6(6,#0a JW

^TjLWJW:E %JeLWM L! IWDJ]AID A^T JWb GET@^W W^! J :L!LuEW Â !HE

GHLDLGGLWE@ !^ -E E%GD^bEj LW JWb GDJ:E Â E%GD^b%EW! ^T !^ -E EWMJMEj

LW JWb eLWj Â !TJjE? -I@LWE@@ ^T ^::IGJ!L^W ]L!HLW !HE :L!b Â %JWLDJ

]L!HÎ! ALT@! @E:ITLWM JW E%GD^b%EW! GET%L! AT^% !HE %Jb^T Â

%JWLDJQ JWj A^T ^!HET GITG^@E@;

@#)6(.' = .1 2+(0 ^/0('+')# W.; dcS` */."(<(62 +,(#'2 1/.8 <#('5 #8*,.4#0

./ 6. #'5+5# ./ *+/6()(*+6# (' +'4 *.2(6(.' ./ .))&*+6(.' ./ <&2('#22 #'&8#/+6#0

6"#/#('? 9"#6"#/ *#/8+'#'6? 6#8*./+/4 ./ )+2&+,? 9(6".&6 1(/26 2#)&/('5 +'#8*,.48#'6 *#/8(6 1/.8 6"# %+4./ .1 %+'(,+ +'0 *+4('5 6"# *#/8(6 1## .1 GcY;YY

#7)#*6 *#/2.'2 #8*,.4#0 (' 6"# 0(*,.8+6() ./ ).'2&,+/ 8(22(.'2 .1 1./#(5'

).&'6/(#2? ./ (' 6"# 6#)"'()+, +22(26+')# */.5/+82 .1 <.6" 6"# G"(,(**('#

M.3#/'8#'6 +'0 +'4 1./#(5' 5.3#/'8#'6? +'0 6".2# 9./K('5 (' 6"#(/ /#2*#)6(3#

".&2#".,02? +'0 8#8<#/2 .1 /#,(5(.&2 ./0#/2 ./ ).'5/#5+6(.'2? 2#)6 ./

0#'.8('+6(.'? 9". +/# '.6 *+(0 8.'#6+/(,4 ./ (' K('0;

C(.,+6(.'2 .1 6"(2 ./0('+')# (2 *&'(2"+<,# <4 +' (8*/(2.'8#'6 .1 '.6 ,#22

6"+' 6"/## NSO 8.'6"2 6. 2(7 NdO 8.'6"2 ./ 1('# .1 '.6 ,#22 6"+' G=YY;YY <&6 '.6

8./# 6"+' GRYY;YY ./ <.6" 2&)" 1('# +'0 (8*/(2.'8#'6? &*.' ).'3()6(.';

^' %+4 X? =ZdV? */(3+6# /#2*.'0#'6 H(& :"(.'5 !2+( G+. H. 9". 9+2

#8*,.4#0 (' %+'(,+? 1(,#0 + *#6(6(.' 9(6" 6"# :.&/6 .1 A(/26 L'26+')# .1 %+'(,+?

-/+')" L? 0#'.8('+6#0 +2 :(3(, :+2# W.; `R`Z`? */+4('5 1./ 6"# (22&+')# .1 6"# 9/(6.1 */#,(8('+/4 ('_&')6(.' +'0 /#26/+('('5 ./0#/ 6. 26.* 6"# #'1./)#8#'6 .1

^/0('+')# W.; dcS` +2 9#,, +2 1./ + _&058#'6 0#),+/('5 2+(0 ^/0('+')# W.; dcS`

'&,, +'0 3.(0;

%""*/"

=; ]BW !HE TE@G^WjEW! nIjME :^%%L!!Ej J @ETLÎ@ JWj GJ!EW! ETT^T

Â DJ] LW TIDLWM !HJ! ^TjLWJW:E W^; dcS` CL^DJ!Ej !HE :JTjLWJD TIDE

Â IWLA^T%L!b Â !JFJ!L^W;

R; ]BW TE@G^WjEW! nIjME DLeE]L@E :^%%L!!Ej J MTJCE JWj GJ!EW!

ETT^T Â DJ] LW TIDLWM !HJ! ^TjLWJW:E W^; dcS` CL^DJ!Ej !HE

GTLW:LGDE JMJLW@! IWjIE jE@LMWJ!L^W Â DEML@DJ!LCE G^]ET;





S; ]BW TE@G^WjEW! nIjME AIT!HET :^%%L!!Ej J @ETLÎ@ JWj GJ!EW!

ETT^T Â DJ] LW TIDLWM !HJ! ^TjLWJW:E W^; dcS` CL^DJ!Ej !HE jIE

GT^:E@@ JWj EkIJD GT^!E:!L^W :DJI@E@ Â !HE :^W@!L!I!L^W;

-!&%#C

=; W.? !"# ).'6#'6(.' 6"+6 ^/0('+')# W.; dcS` (2 '.6 + *&/#,4 6+7 ./ /#3#'&#

8#+2&/# <#)+&2# (62 */(')(*+, *&/*.2# (2 /#5&,+6./4 (' '+6&/# "+2 '. 8#/(6;

]"(,# (6 (2 6/&# 6"+6 6"# 1(/26 *+/6 9"()" /#\&(/#2 6"+6 6"# +,(#' 2"+,, 2#)&/#

+' #8*,.48#'6 *#/8(6 1/.8 6"# %+4./ ('3.,3#2 6"# #7#/)(2# .1 0(2)/#6(.' +'0

_&058#'6 (' 6"# */.)#22('5 +'0 +**/.3+, ./ 0(2+**/.3+, .1 +**,()+6(.'2 1./

#8*,.48#'6 *#/8(62 +'0 6"#/#1./# (2 /#5&,+6./4 (' )"+/+)6#/ 6"# 2#).'0 *+/6 9"()"

/#\&(/#2 6"# *+48#'6 .1 GcY;YY +2 #8*,.4##o2 1## (2 '.6 /#5&,+6./4 <&6 + /#3#'&#

8#+2&/#;

R; W.? ^/0('+')# W.; dcS` 0.#2 '.6 ,+4 0.9' +'4 )/(6#/(.' ./ 26+'0+/0 6.

5&(0# 6"# %+4./ (' 6"# #7#/)(2# .1 "(2 0(2)/#6(.'; L6 "+2 <##' "#,0 6"+6 9"#/# +'

./0('+')# .1 + 8&'()(*+,(64 1+(,2 6. 26+6# +'4 *.,()4 ./ 6. 2#6 &* +'4 26+'0+/0 6.

5&(0# ./ ,(8(6 6"# 8+4./o2 +)6(.'? #7*/#22#2 '. *&/*.2# 6. <# +66+('#0 <4 /#\&(/('5

+ *#/8(6? #'&8#/+6#2 '. ).'0(6(.'2 1./ (62 5/+'6 ./ /#1&2+,? +'0 #'6(/#,4 ,+)K226+'0+/0? 6"&2 ).'1#//('5 &*.' 6"# %+4./ +/<(6/+/4 +'0 &'/#26/()6#0 *.9#/ 6.

5/+'6 ./ 0#'4 6"# (22&+')# .1 <&(,0('5 *#/8(62? 2&)" ./0('+')# (2 ('3+,(0? <#('5 +'

&'0#1('#0 +'0 &',(8(6#0 0#,#5+6(.' .1 *.9#/ 6. +,,.9 ./ */#3#'6 +' +)6(3(64 ,'" -'

,+91&,;

S; W.? !"# GcY;YY 1## (2 &'/#+2.'+<,# '.6 .',4 <#)+&2# (6 (2 #7)#22(3# <&6

<#)+&2# (6 1+(,2 6. ).'2(0#/ 3+,(0 2&<26+'6(+, 0(11#/#')#2 (' 2(6&+6(.' +8.'5

('0(3(0&+, +,(#'2 9". +/# /#\&(/#0 6. *+4 (6;

!"# GcY;YY 1## (2 &'/#+2.'+<,# '.6 .',4 <#)+&2# (6 (2 #7)#22(3# <&6 <#)+&2#

(6 1+(,2 6. ).'2(0#/ 3+,(0 2&<26+'6(+, 0(11#/#')#2 (' 2(6&+6(.' +8.'5 ('0(3(0&+, +,(#'2

9". +/# /#\&(/#0 6. *+4 (6;

T#\&(/('5 + *#/2.' <#1./# "# )+' <# #8*,.4#0 6. 5#6 + *#/8(6 1/.8 6"# :(64

%+4./ .1 %+'(,+ 9". 8+4 9(6"".,0 ./ /#1&2# (6 +6 9(,, (2 6+'6+8.&'6 6. 0#'4('5

"(8 6"# <+2() /(5"6 .1 6"# *#.*,# (' 6"# G"(,(**('#2 6. #'5+5# (' + 8#+'2 .1

,(3#,("..0;

]"(,# (6 (2 6/&# 6"+6 6"# G"(,(**('#2 +2 + @6+6# (2 '.6 .<,(5#0 6. +08(6 +,(#'2

9(6"(' (62 6#//(6./4? .')# +' +,(#' (2 +08(66#0? "# )+''.6 <# 0#*/(3#0 .1 ,(1# 9(6".&6

0&# */.)#22 .1 ,+9; !"(2 5&+/+'6## ('),&0#2 6"# 8#+'2 .1 ,(3#,("..0; !"# 2"#,6#/ .1

*/.6#)6(.' &'0#/ 6"# 0&# */.)#22 +'0 #\&+, */.6#)6(.' ),+&2# (2 5(3#' 6. +,,

*#/2.'2? <.6" +,(#'2 +'0 )(6(g#'2;

4%"2#"%&%1/ 2#-&%#'a ]HETEA^TE? 6"# 0#)(2(.' +**#+,#0 1/.8 (2 "#/#<4

+11(/8#0? 9(6".&6 */.'.&')#8#'6 +2 6. ).262;

$#+2!'%! 5/'/-!3 ST &!,!$#" ST )%3%2%'!" E0 $%&N #) +!'%3!50-0 '60 37@;;@A

IJRT >A? @A;9

)!$&"C

!+<+)+,#/+ 1(,#0 6"(2 +)6(.' (' 6"# :AL .1 %+'(,+ 6. /#).3#/ 1/.8 :(64 .1%+'(,+ +'0 (62 !/#+2&/#/? %+/)#,('. @+/8(#'6.? 6"# 2&8 .1 G=c?RVY;YY +,,#5#0,4

.3#/*+(0 <4 (6 +2 6+7#2 .' (62 9".,#2+,# +'0 /#6+(, 2+,#2 .1 ,(\&./ 1./ 6"# *#/(.0 1/.8

6"# 6"(/0 \&+/6#/ .1 =ZcX 6. 6"# 2#).'0 \&+/6#/ .1 =Zc`? ('),&2(3#? &'0#/

^/0('+')#2 W.2; SdSX? SSY=? +'0 SV=d;

!+<+)+,#/+o2 +)6(.' 1./ /#1&'0 (2 <+2#0 .' 6"# 6"#./4 6"+6? (' ).''#)6(.'

9(6" (62 .%/0#" -1.'-? (6 2".&,0 *+4 6"# ,()#'2# 1##2 */#2)/(<#0 <4 ^/0('+')# W.; SScV

<&6 '.6 6"# 8&'()(*+, 2+,#2 6+7#2 (8*.2#0 <4 ^/0('+')#2 W.2; SdSX? SSY=? +'0

SV=dQ +'0 2(')# (6 +,/#+04 *+(0 6"# ,()#'2# 1##2 +1./#2+(0? 6"# 2+,#2 6+7#2 *+(0 <4 (6

r +8.&'6('5 6. 6"# 2&8 .1 G=c?RYV;YY r &'0#/ 6"# 6"/## ./0('+')#2 8#'6(.'#0

"#/#6.1./# (2 +' .3#/*+48#'6 8+0# <4 8(26+K#? +'0 6"#/#1./# /#1&'0+<,#;

!"# :(64? .' 6"# .6"#/ "+'0? ).'6#'02 6"+6? 1./ 6"# *#/8(6 (22&#0 6. (6

5/+'6('5 */.*#/ +&6"./(64 6. l).'0&)6 ./ #'5+5# (' 6"# 2+,# .1 +,).".,() <#3#/+5#2?./ ,(\&./2l !+<+)+,#/+ (2 2&<_#)6 6. *+4 6"# !"#$%&$ ($$& */#2)/(<#0 <4 ^/0('+')# W.;

SScV? +2(0# 1/.8 6"# &)!$& *)+$& (8*.2#0 <4 ^/0('+')#2 W.2; SdSX? SSY=? +'0

SV=dQ 6"+6? #3#' +22&8('5 6"+6 !+<+)+,#/+ (2 '.6 2&<_#)6 6. 6"# *+48#'6 .1 6"#

2+,#2 6+7#2 */#2)/(<#0 <4 6"# 2+(0 6"/## ./0('+')#2 +2 /#5+/02 (62 .%/0#" 2+,#2? (6 (2

'.6 #'6(6,#0 6. 6"# /#1&'0 0#8+'0#0 1./ 6"# 1.,,.9('5 /#+2.'2a N+O !"# 2+(0 +8.&'6

9+2 *+(0 <4 6"# *,+('6(11 3.,&'6+/(,4 +'0 9(6".&6 */.6#26Q N<O L1 +6 +,, 6"# +,,#5#0

.3#/*+48#'6 9+2 8+0# <4 8(26+K#? 2&)" 8(26+K# 9+2 .'# .1 ,+9 +'0 +/.2# 1/.8

6"# *,+('6(11o2 '#5,#)6 .1 0&64Q N)O !"# 2+(0 +8.&'6 "+0 <##' +00#0 <4 6"# *,+('6(11

6. 6"# 2#,,('5 */()# .1 6"# ,(\&./ 2.,0 <4 (6 +'0 *+22#0 6. 6"# ).'2&8#/2Q +'0 N0O !"#

2+(0 +8.&'6 "+0 <##' +,/#+04 #7*#'0#0 <4 6"# 0#1#'0+'6 :(64 1./ *&<,()

(8*/.3#8#'62 +'0 #22#'6(+, 2#/3()#2 .1 6"# :(64 5.3#/'8#'6? 6"# <#'#1(62 .1 9"()"

+/# #'_.4#0? +'0 <#('5 #'_.4#0 <4 6"# *,+('6(11;L6 +**#+/2 6"+6 (' 6"# 4#+/ =ZcX? 6"# :(64? 6"/.&5" (62 6/#+2&/#/? +00/#22#0 +

,#66#/ 6. %#22/2; @4)(*? M.//#2? C#,+4. +'0 :.;? +' +)).&'6('5 1(/8? #7*/#22('5 6"#

3(#9 6"+6 ,(\&./ 0#+,#/2 *+4('5 6"# +''&+, 9".,#2+,# +'0 /#6+(, 1(7#0 6+7 &'0#/ :(64

^/0('+')# W.; SScV +/# '.6 2&<_#)6 6. 6"# 9".,#2+,# +'0 /#6+(, 0#+,#/2o 6+7#2

*/#2)/(<#0 <4 :(64 ^/0('+')#2 W.2; SdSX? SSY=? +'0 SV=d; I*.' ,#+/'('5 .1 2+(0

.*('(.'? +**#,,## 26.**#0 ('),&0('5 (62 2+,#2 .1 ,(\&./ (' (62 \&+/6#/,4 29./'

0#),+/+6(.'2 2&<8(66#0 (' +))./0+')# 9(6" 6"# +1./#2+(0 :(64 ^/0('+')#2 W.2; SdSX?

SSY=? +'0 SV=d? +'0 .' j#)#8<#/ S? =Zc`? (6 +00/#22#0 + ,#66#/ 6. 6"# :(64

!/#+2&/#/ 0#8+'0('5 /#1&'0 .1 6"# +,,#5#0 .3#/*+48#'6; J2 6"# ),+(8 9+2

0(2+,,.9#0? 6"# */#2#'6 +)6(.' 9+2 ('26(6&6#0;

%""*/C





]^W !+<+)+,#/+ .3#/*+(0 (62 6+7#2 .' (62 9".,#2+,# +'0 /#6+(, .1 ,(\&./2 +'0

6"#/#1./# #'6(6,#0 6. + /#1&'0q

-!&%#C '# W3QXTRFT YTTF <PT SQYYTPTRZ YP6U F<KTF Z<[\

2"&%3134' 5#6 7789 %- 4.'1".: #3' ;*1; ,"'-4"%<'- =03%4%,1. .%4'3-' >''- >#"

;*' ,"%$%.'?' ;# '3?1?' %3 ;*' <0-%3'-- #> -'..%3? .%/0#" #" 1.4#*#.%4 <'$'"1?'-6 !"#

,()#'2# 1##2 (8*.2#0 <4 (6 +/# #22#'6(+,,4 1./ *&/*.2#2 .1 /#5&,+6(.'? +'0 +/#

_&26(1(#0? ).'2(0#/('5 6"+6 6"# 2+,# .1 ('6.7()+6('5 ,(\&./ (2? *.6#'6(+,,4 +6 ,#+26?

"+/81&, 6. *&<,() "#+,6" +'0 8./+,2? +'0 8&26 <# 2&<_#)6 6. 2&*#/3(2(.' .//#5&,+6(.' <4 6"# 26+6# +'0 <4 )(6(#2 +'0 8&'()(*+,(6(#2 +&6"./(g#0 6. +)6 (' 6"#

*/#8(2#2;

23 ;*' #;*'" *13&( %; %- 4.'1" ;*1; 2"&%3134'- 5#-6 7@7A( 77BC( 13& 79C@

%=,#-' ;1D'- #3 ;*' -1.'- #> ?'3'"1. ='"4*13&%-'( +*#.'-1.' #" "';1%.( 13& 1"'

"'$'30' ='1-0"'- #'+)6#0 <4 6"# %&'()(*+, -.+/0 .1 %+'(,+ <4 3(/6&# .1 (62 *.9#/

6. 6+7 0#+,#/2 1./ 6"# 2+,# .1 2&)" 8#/)"+'0(2#;

E3&'" 2"&%3134' 5#6 7@7A ;*' +#"& F='"4*13&%-'F 1- '=,.#:'& ;*'"'%3

4.'1".: %34.0&'- .%/0#"6 G*' +#"& F='"4*13&%-'F "'>'"- ;# 1.. -0<H'4;- #> 4#=='"4'

13& ;"1>>%4I +*1;'$'" %- 0-01..: <#0?*; 13& -#.& %3 ;"1&' #" =1"J';I ?##&- #" +1"'-

<#0?*; 13& -#.& >#" ?1%3I 4#==#&%;%'- #" ?##&- ;# ;"1&'I 13& 4#=='"4%1.

4#==#&%;%'- %3 ?'3'"1.6

G*1; G1<141.'"1 %- <'%3? -0<H'4;'& ;# &#0<.' ;1D1;%#3 %- =#"' 1,,1"'3; ;*13"'1.6 K- 1."'1&: -;1;'& +*1; %- 4#..'4;'& 03&'" 2"&%3134' 5#6 7789 %- 1 .%4'3-' >''

>#" ;*' ,"%$%.'?' #> '3?1?%3? %3 ; *' -1 .' #> .%/0#"( 1 41 ..%3? %3 +*%4* L %; %- #<$%#0-

L 3#; 13:#3' #" 13:<#&: =1: >"''.: '3?1?'( 4#3-%&'"%3? ;*1; ;*' -1.' #> .%/0#"

%3&%-4"%=%31;'.: =1: '3&13?'" ,0<.%4 *'1.;* 13& =#"1.-6 23 ;*' #;*'" *13&( +*1;

;*' ;*"'' #"&%3134'- ='3;%#3'& *'"';#>#"' %=,#-' %- 1 ;1D >#" "'$'30' ,0",#-'-

<1-'& #3 ;*' -1.'- =1&' #> ;*' -1=' 1";%4.' #" ='"4*13&%-'6 M; %- 1."'1&: -';;.'& %3

;*%- 4#33'4;%#3 ;*1; <#;* 1 .%4'3-' >'' 13& 1 ;1D =1: <' %=,#-'& #3 ;*' -1='

<0-%3'-- #" #440,1;%#3( #" >#" -'..%3? ;*' -1=' 1";%4.'( ;*%- 3#; <'%3? %3 $%#.1;%#3 #>

;*' "0.' 1?1%3-; &#0<.' ;1D1;%#36

N'?1"&%3? ;*' .';;'" -'3& <: ;*' O%;: ;# ;*' 144#03;%3? >%"=( ;*' 4#0"; *'.&

;*1; ;*' ?#$'"3='3; %- 3#; <#03& <: ;*' =%-;1J'- %;- #>>%4'"- =1J'6

4%"2#"%&%1/ 2#-&%#'C]HETEA^TE? 6"# 0#)(2(.' +**#+,#0 1/.8 (2 /#3#/2#0? 9(6" 6"# /#2&,6 6"+6 6"(2 )+2#

2".&,0 <#? +2 (6 (2 "#/#<4 0(28(22#0? 9(6" ).262;

#&D/- 4#$&-%'/"C

!"# 6#/8 l6+7l +**,(#2 r 5#'#/+,,4 2*#+K('5 r 6. +,, K('02 .1 #7+)6(.'2

9"()" <#).8# *&<,() 1&'02; !"# 6#/8 (2 .16#' ,..2#,4 &2#0 6. ('),&0# ,#3(#2 1./

/#3#'&# +2 9#,, +2 ,#3(#2 1./ /#5&,+6./4 *&/*.2#2; !"&2 ,()#'2# 1##2 +/# ).88.',4

)+,,#0 6+7#2; D#5+,,4 2*#+K('5? ".9#3#/? .%4'3-' >'' (2 + ,#5+, ).')#*6 \&(6# 0(26(')6

1/.8 6+7Q 6"# 1./8#/ (2 (8*.2#0 (' 6"# #7#/)(2# .1 *.,()# *.9#/ 1./ *&/*.2#2 .1

/#5&,+6(.'? 9"(,# 6"# ,+66#/ (2 (8*.2#0 &'0#/ 6"# 6+7('5 *.9#/ 1./ 6"# *&/*.2# .1

/+(2('5 /#3#'

!+/-%$!' +!%3 3%'/ 1" $%&N #) ,!"%3!'50-0 '6 37@>;8:+!N 9@? @A;@

)!$&"C

L' @#*6#8<#/ =Zcc? 6"# :(64 :.&')(, .1 -+2(,+' #'+)6#0 ^/0('+')# W.; =VY9"()" +8#'0#0 ^/0('+')# v` .1 =ZXV? +K+ s!"# G./6 J/#+ ^/0('+')#t;

!"# +8#'08#'6 ).'2(262 .1 +00('5 + '#9 */.3(2(.' 6. ^/0('+')# v` 9"()"

/#+02a

l@#)6(.' = NjO; J'4 1./#(5' 3#22#, #'5+5#0 (' ).+269(2# 6/+0# 9"()" 8+4

+')"./ +6 +'4 .*#' <+4? )"+''#,? ./ +'4 ,.+0('5 *.('6 9(6"(' 6"# 6#//(6./(+, 9+6#/2

.1 6"# :(64 .1 -+2(,+' 1./ 6"# *&/*.2# .1 ,.+0('5 ./ &',.+0('5 ,.52 ./ *+22#'5#/2 +'0

.6"#/ )+/5.#2 2"+,, *+4 +' +')"./+5# 1## .1 =BR )#'6+3. NG;YYcO *#/ /#5(26#/#0

5/.22 6.' .1 6"# 3#22#, 1./ 6"# 1(/26 69#'64P1.&/ NRXO ".&/2? ./ *+/6 6"#/#.1? +'0 1./

2&))##0('5 ".&/2? ./ *+/6 6"#/#.1? GT^CLjEj? 6"+6 8+7(8&8 )"+/5# 2"+,, '.6

#7)##0? 2#3#'64P1(3# *#2.2 NG`c;YYO *#/ 0+4? (//#2*#)6(3# .1 6"# 5/#+6#/ 6.''+5# .1

6"# 3#22#,2;l

J8#/()+' %+(, D('#? #6; +,; +/# 1./#(5' 2"(**('5 ).8*+'(#2 ,()#'2#0 6. 0.<&2('#22 (' 6"# G"(,(**('#2; @.8# .1 6"#(/ 3#22#,2 +/# +')"./#0 (' 6"# 6#//(6./(+,

9+6#/2 .1 -+2(,+' :(64; !"#4 1(,#0 +' +)6(.' 1./ j#),+/+6./4 T#,(#1 6. 0#6#/8('# 6"#

3+,(0(64 .1 6"# ./0('+')#;

:(64 .1 -+2(,+' 2+42 6"+6 (6 "+2 6"# +&6"./(64 6. #'+)6 6"# ./0('+')# <+2#0 .'

(62 :"+/6#/ Nw=X TJ vRVVOa

P N+O !. ,#34 +'0 ).,,#)6 6+7#2 1./ 5#'#/+, +'0 2*#)(+, *&/*.2#2 ('

+))./0+')# 9(6" ,+9;

P N)O !. #'+)6 ./0('+')#2 1./ 6"# 8+('6#'+')# +'0 */#2#/3+6(.' .1 *#+)#

+'0 5..0 8./+,2;

P N3O !. 1(7 6"# )"+/5#2 6. <# *+(0 <4 +,, 9+6#/)/+16 ,+'0('5 +6 ./ &2('5 *&<,()

9"+/3#2? 0.)K2? ,#3##2? ./ ,+'0('5 *,+)#2;

!"# :(64 1&/6"#/ +/5&#2 6"+6 6"# ./0('+')# (' \&#26(.' 9+2 3+,(0,4 #'+)6#0 ('6"# #7#/)(2# .1 6"# )(64o2 *.,()# *.9#/ +'0 6"+6 6"# 1##2 (8*.2#0 6"#/#(' +/# 1./

*&/#,4 /#5&,+6./4 *&/*.2#2;

!. 2&**./6 2&)" ),+(8 .1 /#5&,+6./4 *.9#/2? (6 (2 2+(0 6"+6 6"# :(64 .1 -+2(,+'

(2 +' (2,+'0 9(6" 8.&'6+('.&2 ).+262 +'0 1/('5#0 <4 '&8#/.&2 ).3#2 +'0 (2,+'0

<+42 +'0 (2,#62? +'0 8+4 <#).8# + 3#/(6+<,# "+3#' 1./ 28&55,#/2 (1 6"# )(64 "+2 '.

1&'02 ./ 8#+'2 6. 2&**/#22 6"#(/ (,,#5+, +)6(3(6(#2;

%""*/"C

=; ]"#6"#/ 6"# :(64 .1 -+2(,+' "+2 6"# +&6"./(64 6. #'+)6 ^/0('+')# =VY +'0 6.

).,,#)6 6"# +')"./+5# 1##2 */#2)/(<#0 6"#/#(' <+2#0 .' (62 :"+/6#/q





R; ]"#6"#/ 6"# ./0('+')# 9+2 3+,(0,4 #'+)6#0 .' 6"# <+2(2 .1 6"# :(64f2 *.,()#

*.9#/q

UW.6#a L 6"('K L22&# vR (2 8./# /#,#3+'6 <#)+&2# (6 9+2 8#'6(.'#0 (6 6"#

A&'0+8#'6+,2 .1 !+7+6(.' <..K[

-!&%#C

=; W.; I'0#/ *+/+5/+*" N+O .1 w=X .1 (62 :"+/6#/? (6 (2 ),#+/ 6"+6 6"# :(64 .1

-+2(,+' 8+4 .',4 ,#34 +'0 ).,,#)6 6+7#2 1./ 5#'#/+, +'0 2*#)(+, *&/*.2#2 ('+))./0+')# 9(6" ./ +2 */.3(0#0 <4 ,+9Q (' .6"#/ 9./02? 6"# )(64 .1 -+2(,+' 9+2 '.6

5/+'6#0 + <,+'K#6 *.9#/ .1 6+7+6(.'; !"# &2# .1 6"# *"/+2# l(' +))./0+')# 9(6"

,+9l r 9"()"? (' .&/ .*('(.'? 8#+'2 6"# 2+8# +2 l*/.3(0#0 <4 ,+9l r ),#+/,4

0(2),.2#2 6"# ,#5(2,+6(3# ('6#'6 6. ,(8(6 6"# 6+7('5 *.9#/ .1 6"# :(64;

!"# *.9#/ 6. ).,,#)6 sJ')"./+5# A##2t (2 '.6 ('),&0#0 (' 6"# *.9#/ 5/+'6#0

<4 (62 )"+/6#/ l6. 1(7 6"# )"+/5#2 6. <# *+(0 <4 +,, 9+6#/)/+16 ,+'0('5 +6 ./ &2('5

*&<,() 9"+/3#2? 0.)K2? ,#3##2? ./ ,+'0('5 *,+)#2;l !"+6 6"(2 (2 2. (2 2".9' <4 6"#

'##0 9"()" 6"# :(64 .1 -+2(,+' "+0 6. #'+)6 6"# +8#'0+6./4 ./0('+')#;

R; W.; !"# *.9#/ 6. /#5&,+6# +2 +' #7#/)(2# .1 *.,()# *.9#/ 0.#2 '.6 ('),&0#

6"# *.9#/ 6. (8*.2# 1##2 1./ /#3#'&# *&/*.2#2; L6 9+2 "#,0 (' *+26 )+2#2 6"+6 1##2

1./ *&/#,4 /#5&,+6./4 *&/*.2#2 8+4 .',4 <# .1 2&11()(#'6 +8.&'6 6. ('),&0# 6"##7*#'2#2 .1 (22&('5 6"# ,()#'2# +'0 6"# ).26 .1 6"# '#)#22+/4 ('2*#)6(.' ./ *.,()#

2&/3#(,,+')#? 6+K('5 ('6. +)).&'6 '.6 .',4 6"# #7*#'2# .1 0(/#)6 /#5&,+6(.' <&6 +,2.

(')(0#'6+, #7*#'2#2;

!"# )(/)&826+')#2 *.('6 .&6 6"+6 6"# J')"./+5# A##2 +/# 1./ /#3#'&#

*&/*.2#2 +,6".&5" 6"# :(64 ).'6#'02 6"+6 6"# 1##2 +/# (8*.2#0 1./ 6"# *&/*.2# .1

2&**/#22('5 28&55,('5 +'0 .6"#/ (,,#5+, +)6(3(6(#2;

A(/26? 6"# 1##2 +/# )+2#0 &*.' 6"# 6.''+5# .1 6"# 3#22#,2? 6"# 1##2 "+3# '.

*/.*#/ ./ /#+2.'+<,# /#,+6(.' 6. 6"# ).26 .1 (22&('5 6"# *#/8(62 +'0 6"# ).26 .1

('2*#)6(.' ./ 2&/3#(,,+')#;

@#).'0? 6"# 1## (8*.2#0 .' 1./#(5' 3#22#,2 r =BR )#'6+3. *#/ /#5(26#/#0

5/.22 6.' 1./ 6"# 1(/26 RX ".&/2 +'0 9"()" 2"+,, '.6 #7)##0 G`c;YY *#/ 0+4 r

#7)##02 #3#' 6"# "+/<./ 1## (8*.2#0 <4 6"# W+6(.'+, M.3#/'8#'6 NTJ v=S=`O?9"()" (2 .',4 GcY;YY 1./ 1./#(5' 3#22#,2;

!"(/0? (6 (2 6"# )(64o2 .9' ).'6#'6(.' 6"+6 6"# \&#26(.'#0 ./0('+')# 9+2

#'+)6#0 (' 6"# #7#/)(2# .1 (62 *.9#/ .1 6+7+6(.'; !"(2 8+K#2 (6 .<3(.&2 6"+6 6"# 1##2

(8*.2#0 +/# '.6 8#/#,4 /#5&,+6./4;

4%"2#"%&%1/ 2#-&%#'C]HETEA^TE? 6"# 0#)(2(.' +**#+,#0 1/.8 (2 +11(/8#0? +'0 6"# */#,(8('+/4

('_&')6(.' (22&#0 "#/#6.1./# (2 8+0# 1('+,; ](6".&6 ).262;

I#D' D0 #"+/]! EF0 #"$!- #-,#"

50-0 '60 AAGG;+<PX^ 9@? @AA9

)!$&"C

A#/0('+'0 %+/).2 (22&#0 G;j; =Zcd )/#+6('5 + @*#)(+, J)).&'6 (' 6"# M#'#/+,

A&'0? 0#2(5'+6#0 +2 6"# ^(, G/()# @6+<(,(g+6(.' A&'0 N^G@AO; !"# ^G@A 9+2 0#2(5'#0

6. /#(8<&/2# .(, ).8*+'(#2 1./ ).26 (')/#+2#2 (' )/&0# .(, +'0 (8*./6#0 *#6/.,#&8*/.0&)62 /#2&,6('5 1/.8 #7)"+'5# /+6# +0_&268#'62 +'0 1/.8 (')/#+2#2 (' 6"# 9./,0

8+/K#6 */()#2 .1 )/&0# .(,;

@&<2#\&#'6,4? 6"# ^G@A 9+2 /#),+22(1(#0 ('6. + l6/&26 ,(+<(,(64 +)).&'6?l ('

3(/6&# .1 E;^; =YRX? +'0 ./0#/#0 /#,#+2#0 1/.8 6"# W+6(.'+, !/#+2&/4 6. 6"#

%('(26/4 .1 E'#/54; !"# 2+8# E7#)&6(3# ^/0#/ +,2. +&6"./(g#0 6"# ('3#268#'6 .1 6"#

1&'0 (' 5.3#/'8#'6 2#)&/(6(#2? 9(6" 6"# #+/'('52 1/.8 2&)" *,+)#8#'62 +))/&('5 6.

6"# 1&'0;

G/#2(0#'6 :./+g.' :; J\&('.? +8#'0#0 G;j; =Zcd; @"# */.8&,5+6#0 E^ =S`?

#7*+'0('5 6"# 5/.&'02 1./ /#(8<&/2#8#'6 6. .(, ).8*+'(#2 1./ *.22(<,# ).26

&'0#//#).3#/4 (')&//#0 +2 + /#2&,6 .1 6"# /#0&)6(.' .1 0.8#26() */()#2 .1 *#6/.,#&8

*/.0&)62? 6"# +8.&'6 .1 6"# &'0#//#).3#/4 <#('5 ,#16 1./ 0#6#/8('+6(.' <4 6"#

%('(26/4 .1 A('+')#;!"# *#6(6(.' +,,#5#2 6"+6a

+; 6"# 26+6&2 .1 6"# ^G@A 2".9#0 + l!#/8('+, A&'0 -+,+')# 0#1()(6l .1 2.8#

G=R;V`` <(,,(.'Q 6"+6 6. +<+6# 6"# 9./2#'('5 0#1()(6? l6"# E'#/54 T#5&,+6./4 -.+/0 ;

; (22&#0 +' ^/0#/? +**/.3('5 6"# (')/#+2# (' *&8* */()#2 .1 *#6/.,#&8 */.0&)62?l

+'0 +6 6"# /+6# .1 /#).&*8#'6? 6"# ^G@A 0#1()(6 2".&,0 "+3# <##' 1&,,4 ).3#/#0 (' +

2*+' .1 2(7 NdO 8.'6"2? <&6 6"(2 '.69(6"26+'0('5? ^<.2 +'0 .6"#/2r l+/# *.(2#0 6.

+))#*6? */.)#22 +'0 *+4 ),+(82 '.6 +&6"./(g#0 &'0#/ G;j; =Zcd;l

<; 6"+6 6"# )/#+6(.' .1 6"# 6/&26 1&'0 3(.,+6#2 w

RZNSO? J/6(),# CL .1 6"# :.'26(6&6(.'

); 6"+6 l6"# 8.'(#2 ).,,#)6#0 *&/2&+'6 6. ; ; G;j; =Zcd? +2 +8#'0#0? 8&26 <#

6/#+6#0 +2 + o@GE:LJD AIWj?o '.6 +2 + o6/&26 +)).&'6o ./ + o6/&26 1&'0?o +'0 6"+6 l(1 +

2*#)(+, 6+7 (2 ).,,#)6#0 1./ + 2*#)(1() *&/*.2#? 6"# /#3#'&# 5#'#/+6#0 6"#/#1/.82"+,, o<# 6/#+6#0 +2 + 2*#)(+, 1&'0o 6. <# &2#0 .',4 1./ 6"# *&/*.2# ('0()+6#0? +'0

'.6 )"+''#,#0 6. +'.6"#/ 5.3#/'8#'6 .<_#)6(3#;l

0; 2(')# l+ o2*#)(+, 1&'0o ).'2(262 .1 8.'(#2 ).,,#)6#0 6"/.&5" 6"# 6+7('5

*.9#/ .1 + @6+6#? 2&)" +8.&'62 <#,.'5 6. 6"# @6+6#? +,6".&5" 6"# &2# 6"#/#.1 (2

,(8(6#0 6. 6"# 2*#)(+, *&/*.2#B.<_#)6(3# 1./ 9"()" (6 9+2 )/#+6#0;l

#; l0#,#5+6(.' .1 ,#5(2,+6(3# +&6"./(64l 6. 6"# ET- 3(.,+6#2 w RV NRO; J/6(),# CL

.1 6"# :.'26(6&6(.'

%""*/C]^W 6"# 1&'02 ).,,#)6#0 &'0#/ Gj =Zcd (2 +' #7#/)(2# .1 6"# *.9#/ .1 6+7+6(.'

-!&%#C





L6 2##82 ),#+/ 6"+6 9"(,# 6"# 1&'02 ).,,#)6#0 8+4 <# /#1#//#0 6. +2 6+7#2?

6"#4 +/# #7+)6#0 (' 6"# #7#/)(2# .1 6"# *.,()# *.9#/ .1 6"# @6+6#; %./#.3#/? 6"+6

6"# ^G@A (2 + 2*#)(+, 1&'0 (2 *,+(' 1/.8 6"# 2*#)(+, 6/#+68#'6 5(3#' (6 <4 E;^; =S`; L6

(2 2#5/#5+6#0 1/.8 6"# 5#'#/+, 1&'0Q +'0 9"(,# (6 (2 *,+)#0 (' 9"+6 6"# ,+9 /#1#/2 6.

+2 + l6/&26 ,(+<(,(64 +)).&'6?l 6"# 1&'0 '.'#6"#,#22 /#8+('2 2&<_#)6 6. 6"# 2)/&6('4

+'0 /#3(#9 .1 6"# :^J; !"# :.&/6 (2 2+6(21(#0 6"+6 6"#2# 8#+2&/#2 ).8*,4 9(6" 6"#

).'26(6&6(.'+, 0#2)/(*6(.' .1 + l2*#)(+, 1&'0;l L'0##0? 6"# */+)6()# (2 '.6 9(6".&6

*/#)#0#'6;

]"+6 *#6(6(.'#/ 9.&,0 9(2" (2 6"# 1(7('5 .1 2.8# 0#1('(6#? \&+'6(6+6(3#/#26/()6(.'? ./ l+ 2*#)(1() ,(8(6 .' ".9 8&)" 6. 6+7;l !"# :.&/6 (2 )(6#0 6. 6"(2

/#\&(/#8#'6 <4 6"# *#6(6(.'#/ .' 6"# */#8(2# 6"+6 9"+6 (2 ('3.,3#0 "#/# (2 6"#

*.9#/ .1 6+7+6(.'Q <&6 +2 +,/#+04 0(2)&22#0? 6"(2 (2 '.6 6"# )+2#; ]"+6 (2 "#/#

('3.,3#0 (2 '.6 2. 8&)" 6"# *.9#/ .1 6+7+6(.' +2 *.,()# *.9#/; J,6".&5" 6"#

*/.3(2(.' +&6"./(g('5 6"# ET- 6. (8*.2# +00(6(.'+, +8.&'62 ).&,0 <# ).'26/&#0 6.

/#1#/ 6. 6"# *.9#/ .1 6+7+6(.'? (6 )+''.6 <# .3#/,..K#0 6"+6 6"# .3#//(0('5

).'2(0#/+6(.' (2 6. #'+<,# 6"# 0#,#5+6# 6. +)6 9(6" #7*#0(#')4 (' )+//4('5 .&6 6"#

.<_#)6(3#2 .1 6"# ,+9 9"()" +/# #8</+)#0 <4 6"# *.,()# *.9#/ .1 6"# @6+6#;

!"# ('6#/*,+4 +'0 ).'26+'6 1,&)6&+6(.' .1 6"# 3+/(.&2 1+)6./2 ('3.,3#0 (' 6"#

0#6#/8('+6(.' .1 6"# */()# .1 .(, +'0 *#6/.,#&8 */.0&)62? +'0 6"# 1/#\&#'6,4

2"(16('5 '##0 6. #(6"#/ +&58#'6 ./ #7"+&26 6"# A&'0? 0. '.6 ).'3#'(#'6,4 *#/8(6

6"# 2#66('5 .1 1(7#0 ./ /(5(0 *+/+8#6#/2 (' 6"# ,+9 +2 */.*.2#0 <4 6"# *#6(6(.'#/; !.0. 2. 9.&,0 /#'0#/ 6"# ET- &'+<,# 6. /#2*.'0 #11#)6(3#,4 2. +2 6. 8(6(5+6# ./ +3.(0

6"# &'0#2(/+<,# ).'2#\&#')#2 .1 2&)" 1,&(0(64; J2 2&)"? 6"# 26+'0+/0 +2 (6 (2

#7*/#22#0? 2&11()#2 6. 5&(0# 6"# 0#,#5+6# (' 6"# #7#/)(2# .1 6"# 0#,#5+6#0 *.9#/?

6+K('5 +)).&'6 .1 6"# )(/)&826+')#2 &'0#/ 9"()" (6 (2 6. <# #7#/)(2#0; L6 9.&,0

2##8 6"+6 1/.8 6"# +<.3#P\&.6#0 /&,('5? 6"# *#6(6(.' 1./ */."(<(6(.' 2".&,0 1+(,;

4%"2#"%&%1/ 2#-&%#'C]HETEA^TE? 6"# *#6(6(.' (2 MTJW!Ej ('2.1+/ +2 (6 */+42 1./ 6"# '&,,(1()+6(.' .1 6"#

/#(8<&/2#8#'6 .1 1('+')('5 )"+/5#2? *+(0 *&/2&+'6 6. E;^; =S`? +'0 jL@%L@@Ej ('

+,, .6"#/ /#2*#)62;

-/2*,3%$ E0 ,!$#3#47+*-$%! +%33%'5 $#0

50-0 '60 37@AG>8? 37@AG>B <RS @AG>;IJK= A? @A;;

)!$&"C

T#*&<,() J)6 W.; dSR (2 6"# )"+/6#/ .1 6"# G"(,(**('# @&5+/ L'26(6&6#? G"(,2&5('

1./ 2"./6? + 2#8(P*&<,() )./*./+6(.'; !. /#+,(g# +'0 +)"(#3# (62 .<_#)6(3#2? @#)6(.'2

=c +'0 =d .1 6"# +1./#8#'6(.'#0 ,+9 */.3(0#a

s@#); =c; :+*(6+,(g+6(.'; r !. /+(2# 6"# '#)#22+/4 1&'02 6. )+//4 .&6 6"#

*/.3(2(.'2 .1 6"(2 J)6 +'0 6"# *&/*.2#2 .1 6"# )./*./+6(.'? 6"#/# 2"+,, <# ,#3(#0 .'

6"# +''&+, 2&5+/ */.0&)6(.' + 6+7 .1 !EW :EW!JC^@ UGY;=Y[ *#/ *()&, .1 2&5+/ 6. <#

).,,#)6#0 1./ + *#/(.0 .1 1(3# NcO 4#+/2 <#5(''('5 6"# )/.* 4#+/ =Zc=P=ZcR; !"#

+8.&'6 2"+,, <# <./'# <4 6"# 2&5+/ )+'# *,+'6#/2 +'0 6"# 2&5+/ )#'6/+,2 (' 6"#

*/.*./6(.' .1 6"#(/ ).//#2*.'0('5 8(,,('5 2"+/#? +'0 2+(0 ,#34 2"+,, ).'26(6&6# + ,(#'

.' 6"#(/ 2&5+/ \&#0+'2 +'0B./ 9+/#".&2# /#)#(*62;

@#); =d; @*#)(+, A&'0; r !"# */.)##02 .1 6"# 1./#5.('5 ,#34 2"+,, <# 2#6

+2(0# 6. ).'26(6&6# + 2*#)(+, 1&'0 6. <# K'.9' +2 6"# l@&5+/ T#2#+/)" +'0

@6+<(,(g+6(.' A&'0?l 9"()" 2"+,, <# +3+(,+<,# #7),&2(3#,4 1./ 6"# &2# .1 6"#

)./*./+6(.'; J,, 6"# (').8# +'0 /#)#(*62 0#/(3#0 1/.8 6"# 2*#)(+, 1&'0 "#/#('

)/#+6#0 2"+,, +))/&# 6.? +'0 1./8 *+/6 .1 6"# 2+(0 1&'0 6. <# +3+(,+<,# 2.,#,4 1./ 6"#

&2# .1 6"# )./*./+6(.';tj&/('5 6"# c )/.* 4#+/2 8#'6(.'#0 (' 6"# ,+9? '+8#,4 =Zc=P=ZcR? =ZcRP

=ZcS? =ZcSP=ZcX? =ZcXP=Zcc +'0 =ZccP=Zcd? 0#1#'0+'6 -+).,.0P%&/)(+ %(,,('5

:.;? L');? "+2 *+(0 GRd`?XdV;YY <&6 ,#16 +' &'*+(0 <+,+')# .1 GR=d?Y`Y;cYQ

0#1#'0+'6 %+P+. @&5+/ :#'6/+, :.;? L');? "+2 *+(0 G==`?d=S;XX <&6 ,#16 &'*+(0

<+,+')# .1 GRSc?VYY;RYQ 0#1#'0+'6 !+,(2+4P@(,+4 %(,,('5 :.8*+'4 "+2 *+(0

GRc=?V=R;XS <&6 ,#16 &'*+(0 <+,+')# .1 GRYV?=ZS;`XQ +'0 0#1#'0+'6 :#'6/+,

Jg&)+/#/+ 0#, j+'+. 8+0# + *+48#'6 .1 GXZ?VZ`;`V <&6 ,#16 &'*+(0 <+,+')# .1

GXV?YcZ;``; !"#/# (2 '. \&#26(.' /#5+/0('5 6"# ).//#)6'#22 .1 6"# +8.&'62 *+(0

+'0 6"# +8.&'62 6"+6 /#8+(' &'*+(0;

^' @#*6#8<#/ S? =Zc=? 6"# G"(,(**('# @&5+/ L'26(6&6# NGHLD@IMLWO +)\&(/#0

6"# L'2&,+/ @&5+/ T#1('#/4 1./ + 6.6+, ).'2(0#/+6(.' .1 GS?Y`Y?ZYZ;dY *+4+<,#? ('

+))./0+')# 9(6" 6"# 0##0 .1 2+,#? (' S ('26+,,8#'62 1/.8 6"# */.)#22 .1 6"# 2&5+/6+7 6. <# ).,,#)6#0? &'0#/ T#*&<,() J)6 dSR; !"# .*#/+6(.' .1 6"# L'2&,+/ @&5+/

T#1('#/4 1./ 6"# 4#+/2? =ZcX? =Zcc? =Zcd +'0 =Zc` 9+2 0(2+26/.&2 (' 6"# 2#'2# 6"+6

GHLD@IMLW (')&//#0 6/#8#'0.&2 ,.22#2; L6 "+2 <##' 2".9' 6"+6 6"# .*#/+6(.' .1

6"# L'2&,+/ @&5+/ T#1('#/4 "+2 ).'2&8#0 `Y> .1 6"# 6"('K('5 6(8# +'0 #11./6 .1 6"#

GHLD@IMLW 8+'+5#8#'6;

:.'6#'0('5 6"+6 6"# *&/)"+2# .1 6"# L'2&,+/ @&5+/ T#1('#/4 9(6" 8.'#4 1/.8

6"# G"(,2&5(' A&'0 9+2 '.6 +&6"./(g#0 <4 T#*&<,() J)6 dSR +'0 6"+6 6"# ).'6('&#0

.*#/+6(.' .1 6"# 2+(0 /#1('#/4 9+2 ('(8()+, 6. 6"#(/ ('6#/#262? 6"# +**#,,+'62

N-+).,.0P%&/)(+O /#1&2#0 6. ).'6('&# 9(6" 6"#(/ ).'6/(<&6(.'2 6. 6"# 2+(0 1&'0;

!"#4 8+('6+('#0 6"+6 6"#(/ .<,(5+6(.' 6. ).'6/(<&6# ./ *+4 6. 6"# 2+(0 A&'0 2&<2(262

.',4 6. 6"# ,(8(6 +'0 #76#'6 6"+6 6"#4 +/# <#'#1(6#0 <4 2&)" ).'6/(<&6(.'2 2(')#

T#*&<,() J)6 dSR (2 '.6 + /#3#'&# 8#+2&/# <&6 +' J)6 9"()" #26+<,(2"#2 + l@*#)(+,+22#228#'62;l J03#/6('5 6. 6"# 1('0('5 .1 6"# ,.9#/ ).&/6 6"+6 */.)##02 .1 6"# 2+(0

A&'0 "+0 <##' &2#0 ./ +**,(#0 6. +<2./< 6"# l6/#8#'0.&2 ,.22#2l (')&//#0 <4

G"(,2&5(' (' (62 l0(2+26/.&2 .*#/+6(.'l .1 6"# 2+(0 /#1('#/4? 6"# +**#,,+'62 +/5&# 6"+6

6"#4 2".&,0 '.6 .',4 <# /#,#+2#0 1/.8 6"#(/ .<,(5+6(.' 6. *+4 6"# 2+(0 +22#228#'6

<&6 <# /#1&'0#0? <#2(0#2? .1 +,, 6"+6 6"#4 8(5"6 "+3# */#3(.&2,4 *+(0 6"#/#&'0#/;

!"# +**#,,+'62o 6"#2(2 (2 2(8*,4 6. 6"# #11#)6 6"+6 6"# l=Y )#'6+3.2 *#/ *()&,

.1 2&5+/l +&6"./(g#0 6. <# ).,,#)6#0 (2 + 2*#)(+, +22#228#'6; J2 2&)"? 6"# */.)##02

6"#/#.1 8+4 <# 0#3.6#0 .',4 6. 6"# 2*#)(1() *&/*.2# 1./ 9"()" 6"# +22#228#'6 9+2

+&6"./(g#0? + 2*#)(+, +22#228#'6 <#('5 + ,#34 &*.' */.*#/64 */#0()+6#0 .' 6"#

0.)6/('# 6"+6 6"# */.*#/64 +5+('26 9"()" (6 (2 ,#3(#0 0#/(3#2 2.8# 2*#)(+, <#'#1(6

1/.8 6"# (8*/.3#8#'6; L6 (2 '.6 + 6+7 8#+2&/# ('6#'0#0 6. /+(2# /#3#'&#2 1./ 6"#

M.3#/'8#'6; :.'2#\&#'6,4? .')# (6 "+2 <##' 0#6#/8('#0 6"+6 '. <#'#1(6 +))/&#2 ./





('&/#2 6. 6"# */.*#/64 .9'#/2 *+4('5 6"# +22#228#'6? ./ 6"+6 6"# */.)##02 1/.8

6"# 2+(0 +22#228#'6 +/# <#('5 8(2+**,(#0 6. 6"# */#_&0()# .1 6".2# +5+('26 9".8 (6

"+2 <##' ,#3(#0? 6"#' 6"# +&6"./(64 6. ('2(26 .' 6"# *+48#'6 .1 6"# 2+(0 +22#228#'6

)#+2#2;

%""*/C=; ]BW -+).,.0P%&/)(+? #6 +,; +/# ,(+<,# 6. *+4 6"#(/ &'*+(0 <+,+')#;

-!&%#C=; b#2; !"# 2*#)(+, +22#228#'6 +6 <+/ 8+4 <# ).'2(0#/#0 +2 2(8(,+/,4 +2 6"#

+<.3# N2## ^6"#/ j.)6/('#2O? 6"+6 (2? 6"+6 6"# ,#34 1./ 6"# G"(,2&5(' A&'0 (2 '.6 2.

8&)" +' #7#/)(2# .1 6"# *.9#/ .1 6+7+6(.'? './ 6"# (8*.2(6(.' .1 + 2*#)(+,

+22#228#'6? <&6? 6"# #7#/)(2# .1 6"# *.,()# *.9#/ 1./ 6"# 5#'#/+, 9#,1+/# .1 6"#

#'6(/# ).&'6/4; L6 (2? 6"#/#1./#? +' #7#/)(2# .1 + 2.3#/#(5' *.9#/ 9"()" '. */(3+6#

)(6(g#' 8+4 ,+91&,,4 /#2(26;

#&D/- 4#$&-%'/"C=; I'0#/ @#)6(.' d .1 :.88.'9#+,6" J)6 cd`? +,, ).,,#)6(.'2 8+0#

6"#/#&'0#/ l2"+,, +))/&# 6. + 2*#)(+, 1&'0 (' 6"# G"(,(**('# !/#+2&/4? 6. <# K'.9'

+2 6"# o@&5+/ J0_&268#'6 +'0 @6+<(,(g+6(.' A&'0?o +'0 2"+,, <# *+(0 .&6 .',4 1./ +'4

./ +,, .1 6"# 1.,,.9('5 *&/*.2#2 ./ 6. +66+(' +'4 ./ +,, .1 6"# 1.,,.9('5 .<_#)6(3#2? +28+4 <# */.3(0#0 <4 ,+9;l

R; J'+,42(2 .1 6"# J)6 N:;J; cd`O? +'0 *+/6()&,+/,4 @#)6(.' d? 9(,, 2".9 6"+6 6"#

6+7 (2 ,#3(#0 9(6" + /#5&,+6./4 *&/*.2#? 6. */.3(0# 8#+'2 1./ 6"# /#"+<(,(6+6(.' +'0

26+<(,(g+6(.' .1 6"# 6"/#+6#'#0 2&5+/ ('0&26/4; L' .6"#/ 9./02? 6"# +)6 (2 */(8+/(,4 +'

#7#/)(2# .1 6"# *.,()# *.9#/;

S; !"# G"(,2&5(' (2 +&6"./(g#0 l6. ).'0&)6 /#2#+/)" 9./K 1./ 6"# 2&5+/ ('0&26/4

(' +,, (62 *"+2#2? #(6"#/ +5/()&,6&/+, ./ ('0&26/(+,? 1./ 6"# *&/*.2# .1 ('6/.0&)('5 ('6.

6"# 2&5+/ ('0&26/4 2&)" */+)6()#2 ./ */.)#22#2 6"+6 9(,, /#0&)# 6"# ).26 .1

*/.0&)6(.'? ;;;? +'0 +)"(#3# 5/#+6#/ #11()(#')4 (' 6"# ('0&26/4;l !"(2 */.3(2(.'? 1(/26

.1 +,,? 8./# 6"+' _&26(1(#2 6"# +)\&(2(6(.' .1 6"# /#1('#/4 (' \&#26(.'; !"# )+2#

0(2*&6# 6"+6 6"# .*#/+6(.' .1 + 2&5+/ /#1('#/4 (2 + *"+2# .1 2&5+/ */.0&)6(.' +'0

6"+6 1/.8 2&)" .*#/+6(.' 8+4 <# ,#+/'#0 8#6".02 .1 /#0&)('5 6"# ).26 .1 2&5+/8+'&1+)6&/#0 '. ,#22 6"+' (6 8+4 +11./0 6"# .**./6&'(64 6. 0(2).3#/ 6"# 8./#

#11#)6(3# 8#+'2 .1 +)"(#3('5 */.5/#22 (' 6"# ('0&26/4; G"(,2&5('o2 #7*#/(#')# +,.'#

.1 /&''('5 + /#1('#/4 (2 + 5+(' 6. 6"# #'6(/# ('0&26/4; !"+6 6"# .*#/+6(.' /#2&,6#0 (' +

1('+')(+, ,.22 (2 <4 '. 8#+'2 +' ('0#7 6"+6 6"# ('0&26/4 0(0 '.6 */.1(6 6"#/#1/.8? +2

.6"#/ 1+/82 .1 + 0(11#/#'6 '+6&/# 8+4 "+3# <##' /#+,(g#0; !"&2? 1/.8 (62 1('+')(+,,4

&'2&))#221&, 3#'6&/#? 6"# G"(,2&5(' ).&,0 3#/4 9#,, "+3# +03+')#0 (' (62

+**/#)(+6(.' .1 6"# */.<,#82 .1 8+'+5#8#'6 1+)#0 <4 2&5+/ )#'6/+,2;

4%"2#"%&%1/ 2#-&%#'CL' 3(#9 .1 +,, 6"# 1./#5.('5? 6"# 0#)(2(.' +**#+,#0 1/.8 (2 "#/#<4 +11(/8#0? 9(6"

).262;

1%$&#-%!" +%33%'5 $#+2!'N %'$0 EF0 +*'%$%2!3%&N #) 1%$&#-%!"50-0 '60 37>@@G9"TOZTUVTP >:? @A;G

)!$&"C

!"# 0(2*&6#0 ^/0('+')# W.; = 9+2 +**/.3#0 <4 6"# 8&'()(*+, :.&')(, .1

C()6./(+2 .' @#*6#8<#/ RR? =Zcd <4 9+4 .1 +' +8#'08#'6 6. 69. 8&'()(*+,./0('+')#2 2#*+/+6#,4 (8*.2('5 ,()#'2# 6+7#2 .' .*#/+6./2 .1 2&5+/ )#'6/+,2 +'0

2&5+/ /#1('#/(#2; !"# )"+'5#2 9#/#a 9(6" /#2*#)6 6. 2&5+/ )#'6/+,2? <4 (')/#+2('5 6"#

/+6#2 .1 ,()#'2# 6+7#2Q +'0 +2 6. 2&5+/ /#1('#/(#2? <4 (')/#+2('5 6"# /+6#2 .1 ,()#'2#

6+7#2 +2 9#,, +2 6"# /+'5# .1 5/+0&+6#0 2)"#0&,# .1 +''&+, .&6*&6 )+*+)(64;

G,+('6(11 1(,#0 2&(6 <#,.9 6. +2K 1./ _&058#'6 0#),+/('5 ^/0('+')# W.; =?

2#/(#2 .1 =Zcd? '&,, +'0 3.(0Q ./0#/('5 6"# /#1&'0 .1 +,, ,()#'2# 6+7#2 *+(0 +'0 6. <#

*+(0 &'0#/ */.6#26Q 0(/#)6('5 6"# .11()(+,2 .1 C()6./(+2 +'0 6"# G/.3(')# .1 W#5/.2

^))(0#'6+, 6. .<2#/3#? 0&/('5 6"# *#'0#')4 .1 6"# +)6(.'? 6"# */.3(2(.'2 .1 2#)6(.'

Sc` .1 6"# T#3(2#0 %+'&+, .1 L'26/&)6(.'2 6. !/#+2&/#/2 .1 G/.3(')#2? :(6(#2 +'0

%&'()(*+,(6(#2? =ZcX #0(6(.'? /#5+/0('5 6"# 6/#+68#'6 .1 ,()#'2# 6+7#2 *+(0 &'0#/

*/.6#26 <4 3(/6&# .1 + 0(2*&6#0 ./0('+')#Q +'0 .6"#/ /#,(#12;

!"# /#+2.'2 *&6 1./6" <4 *,+('6(11 +/# 6"+6a N+O 6"# ./0('+')# #7)##02 6"#+8.&'62 1(7#0 (' G/.3(')(+, :(/)&,+/ =RPJ (22&#0 <4 6"# A('+')# j#*+/68#'6 .'

A#</&+/4 R`? =ZXYQ N<O (6 (2 0(2)/(8('+6./4 2(')# (6 2('5,#2 .&6 *,+('6(11 9"()" (2 6"#

.',4 .*#/+6./ .1 + 2&5+/ )#'6/+, +'0 + 2&5+/ /#1('#/4 9(6"(' 6"# _&/(20()6(.' .1

0#1#'0+'6 8&'()(*+,(64Q N)O (6 ).'26(6&6#2 0.&<,# 6+7+6(.'Q L62 /#+2.' (2 6"+6 ('

).8*&6('5 6"# +8.&'6 .1 6+7#2 6. <# *+(0 <4 6"# 2&5+/ /#1('#/4 6"# ).26 .1 6"# /+9

2&5+/ ).8('5 1/.8 6"# 2&5+/ )#'6/+, (2 '.6 0#0&)6#0Q #/5.? *,+('6(11 (2 6+7#0 69()#

.' 6"# /+9 2&5+/; +'0 N0O 6"# '+6(.'+, 5.3#/'8#'6 "+2 */##8*6#0 6"# 1(#,0 .1

6+7+6(.' 9(6" /#2*#)6 6. 2&5+/ )#'6/+,2 ./ /#1('#/(#2; G,+('6(11 2##K2 /#1&5# (' @#)6(.'

=VZ .1 6"# W+6(.'+, L'6#/'+, T#3#'&# :.0# 9"()" 2&<_#)62 */.*/(#6./2 ./ .*#/+6./2

.1 2&5+/ )#'6/+,2 ./ 2&5+/ /#1('#/(#2 6. *#/)#'6+5# 6+7;

!"# 6/(+, ).&/6 /#'0#/#0 6"# ./0('+')# ('3+,(0 <&6 0(0 '.6 ./0#/ + /#1&'0 .1

6"# +8.&'6 *+(0; -.6" *+/6(#2 +**#+,#0 6"# 0#)(2(.';

%""*/"C

=; ]+2 ^/0('+')# W.; =? 2#/(#2 .1 =Zcd? *+22#0 <4 0#1#'0+'6o2 8&'()(*+,

).&')(, +2 + /#5&,+6./4 #'+)68#'6 ./ +2 + /#3#'&# 8#+2&/#q

R; ]BW 6"# 8&'()(*+,(64 (2 <#/#16 .1 +&6"./(64 6. #'+)6 6"# ./0('+')# ('

\&#26(.' <#)+&2# 6"# '+6(.'+, 5.3#/'8#'6 l"+0 */##8*6#0 (6 1/.8 #'6#/('5 6"#

1(#,0 .1 6+7+6(.' .1 2&5+/ )#'6/+,2 +'0 2&5+/ /#1('#/(#2;lq

S; ]BW 6"# ./0('+')# (2 #7)#22(3#q

X; ]BW 6"# ./0('+')# (2 0(2)/(8('+6./4 +5+('26 C()6./(+2 %(,,('5q

c; ]BW 6"#/# (2 0.&<,# 6+7+6(.'q

-!&%#C





=; TECEWIE %EJ@ITE; J 8&'()(*+,(64 (2 +&6"./(g#0 6. (8*.2# 6"/## K('02 .1

,()#'2#2a N=O ,()#'2# 1./ /#5&,+6(.' .1 &2#1&, .))&*+6(.'2 ./ #'6#/*/(2#2Q NRO ,()#'2#

1./ /#26/()6(.' ./ /#5&,+6(.' .1 '.'P&2#1&, .))&*+6(.'2 ./ #'6#/*/(2#2Q +'0 NSO

,()#'2# 1./ /#3#'&#; !"# 1(/26 69. #+2(,4 1+,, 9(6"(' 6"# </.+0 *.,()# *.9#/ 5/+'6#0

&'0#/ 6"# 5#'#/+, 9#,1+/# ),+&2#; !"# 6"(/0 ),+22? ".9#3#/? (2 1./ /#3#'&# *&/*.2#2;

L6 (2 '.6 + ,()#'2# 1##? */.*#/,4 2*#+K('5? +'0 4#6 (6 (2 5#'#/+,,4 2. 6#/8#0; L6 /#262 .'

6"# 6+7('5 *.9#/; !"+6 6+7('5 *.9#/ 8&26 <# #7*/#22,4 ).'1#//#0 <4 26+6&6# &*.'

6"# 8&'()(*+,(64; L6 (2 2. 5/+'6#0 &'0#/ :.88.'9#+,6" J)6 X`R; !. <# /#)+,,#0 +6 6"(2 *.('6 (2 6"+6 ^/0('+')# W.; =? 2#/(#2 .1 =Zcd? (2 <&6 +'

+8#'08#'6 .1 ^/0('+')# W.; =V? 2#/(#2 .1 =ZX`? (' /#1#/#')# 6. /#1('#/(#2? +'0

^/0('+')# W.; Rc? 2#/(#2 .1 =ZcS? ).3#/('5 2&5+/ )#'6/+,2; ^/0('+')# W.; =V

(8*.2#2 l8&'()(*+, 6+7#2 .' *#/2.'2? 1(/82 ./ )./*./+6(.'2 .*#/+6('5 /#1('#/4 8(,,2

(' 6"(2 8&'()(*+,(64; ^/0('+')# W.; Rc 2*#+K2 .1 8&'()(*+, 6+7#2 l/#,+6(3# 6.

6"# .&6*&6 .1 6"# 2&5+/ )#'6/+,2;l !"# ./0('+')# (2 1./ /+(2('5 8.'#4;

-#2(0#2? 6"# 6#/8 l,()#'2# 6+7l "+2 '.6 +)\&(/#0 + 1(7#0 8#+'('5; L6 (2 .16#'

l&2#0 ('0(2)/(8('+6#,4 6. 0#2(5'+6# (8*.2(6(.'2 #7+)6#0 1./ 6"# #7#/)(2# .1 3+/(.&2

*/(3(,#5#2;l L6 0.#2 '.6 /#1#/ 2.,#,4 6. + ,()#'2# 1./ /#5&,+6(.'; L' 8+'4 ('26+')#2? (6

/#1#/2 6. l/#3#'&#P/+(2('5 #7+)6(.'2 .' */(3(,#5#2 ./ +)6(3(6(#2;l ^' 6"# .6"#/

"+'0? ,()#'2# 1##2 +/# ).88.',4 )+,,#0 6+7#2; -&6? ,#5+,,4 2*#+K('5? 6"# ,+66#/ +/#

l1./ 6"# *&/*.2# .1 /+(2('5 /#3#'&#2?l (' ).'6/+26 6. 6"# 1./8#/ 9"()" +/# (8*.2#0l(' 6"# #7#/)(2# .1 *.,()# *.9#/ 1./ *&/*.2#2 .1 /#5&,+6(.';l

]# +))./0('5,4 2+4 6"+6 6"# 0#2(5'+6(.' 5(3#' <4 6"# 8&'()(*+, +&6"./(6(#2

0.#2 '.6 0#)(0# 9"#6"#/ 6"# (8*.2(6(.' (2 */.*#/,4 + ,()#'2# 6+7 ./ + ,()#'2# 1##;

!"# 0#6#/8('('5 1+)6./2 +/# 6"# *&/*.2# +'0 #11#)6 .1 6"# (8*.2(6(.' +2 8+4 <#

+**+/#'6 1/.8 6"# */.3(2(.'2 .1 6"# ./0('+')#; !"# */#2#'6 (8*.2(6(.' 8&26 <#

6/#+6#0 +2 + ,#34 1./ /#3#'&# *&/*.2#2; J \&()K 5,+')# +6 6"# <(5 +8.&'6 .1

8+7(8&8 +''&+, 6+7 2#6 1./6" (' 6"# ./0('+')#? GXY?YYY;YY 1./ 2&5+/ )#'6/+,2? +'0

GXY?YYY;YY 1./ 2&5+/ /#1('#/(#2? 9(,, /#+0(,4 ).'3(')# .'# 6"+6 6"# 6+7 (2 /#+,,4 +

/#3#'&# 6+7; J'0 6"#'? 9# /#+0 (' 6"# ./0('+')# '.6"('5 9"()" 9.&,0 +2 8&)" +2

('0()+6# 6"+6 6"# 6+7 (8*.2#0 (2 8#/#,4 1./ *.,()# ('2*#)6(.'? 2&*#/3(2(.' ./

/#5&,+6(.';

R; W^; !"# (8*,+&2(<(,(64 .1 6"(2 *.2(6(.' (2 +6 .')# +**+/#'6; ]# +/# '.6

0#+,('5 "#/# 9(6" *#/)#'6+5# 6+7; T+6"#/? 9# +/# ).')#/'#0 9(6" + 6+7 2*#)(1()+,,4

1./ .*#/+6./2 .1 2&5+/ )#'6/+,2 +'0 2&5+/ /#1('#/(#2; !"# /+6#2 (8*.2#0 +/# <+2#0 .'

6"# 8+7(8&8 +''&+, .&6*&6 )+*+)(64? 9"()" (2 '.6 + *#/)#'6+5#; -#)+&2# (6 (2 '.6 +

2"+/#; W./ (2 (6 + 6+7 <+2#0 .' 6"# +8.&'6 .1 6"# */.)##02 /#+,(g#0 .&6 .1 6"# 2+,#

.1 2&5+/? )#'6/(1&5+, ./ /#1('#0;

]"+6 )+' <# 2+(0 +6 8.26 (2 6"+6 6"# '+6(.'+, 5.3#/'8#'6 "+2 */##8*6#0

6"# 1(#,0 .1 *#/)#'6+5# 6+7+6(.'; @#)6(.' = .1 :.88.'9#+,6" J)6 X`R? 9"(,#

5/+'6('5 8&'()(*+,(6(#2 *.9#/ 6. ,#34 6+7#2? #7*/#22,4 /#8.3#2 1/.8 6"#8 6"#

*.9#/ 6. #7+)6 l*#/)#'6+5# 6+7#2t; L6 (2 ).//#)6 6. 2+4 6"+6 */##8*6(.' (' 6"#

8+66#/ .1 6+7+6(.' 2(8*,4 /#1#/2 6. +' ('26+')# 9"#/# 6"# '+6(.'+, 5.3#/'8#'6

#,#)62 6. 6+7 + *+/6()&,+/ +/#+? (8*,(#0,4 9(6"".,0('5 1/.8 6"# ,.)+, 5.3#/'8#'6 6"#

0#,#5+6#0 *.9#/ 6. 6+7 6"# 2+8# 1(#,0; !"(2 0.)6/('# */(8+/(,4 /#262 &*.' 6"#

('6#'6(.' .1 :.'5/#22; :.'3#/2#,4? 2".&,0 :.'5/#22 +,,.9 8&'()(*+, )./*./+6(.'2 6.

).3#/ 1(#,02 .1 6+7+6(.' (6 +,/#+04 .))&*(#2? 6"#' 6"# 0.)6/('# .1 */##8*6(.' 9(,, '.6

+**,4;

L' 6"# )+2# +6 <+/? @#)6(.' XN=O .1 :.88.'9#+,6" J)6 X`R ),#+/,4 +'0

2*#)(1()+,,4 +,,.92 8&'()(*+, ).&')(,2 6. 6+7 *#/2.'2 #'5+5#0 (' l6"# 2+8#

<&2('#22#2 ./ .))&*+6(.'l .' 9"()" l1(7#0 ('6#/'+, /#3#'&# */(3(,#5# 6+7#2l +/#

l/#5&,+/,4 (8*.2#0 <4 6"# W+6(.'+, M.3#/'8#'6;l ](6" )#/6+(' #7)#*6(.'2 2*#)(1(#0

(' @#)6(.' S .1 6"# 2+8# 26+6&6#; ^&/ )+2# 0.#2 '.6 1+,, 9(6"(' 6"# #7)#*6(.'2; L69.&,0 6"#/#1./# <# 1&6(,# 6. +/5&# 6"+6 :.'5/#22 #7),&2(3#,4 /#2#/3#0 6. 6"#

'+6(.'+, 5.3#/'8#'6 6"# /(5"6 6. (8*.2# 6"# 0(2*&6#0 6+7#2;

S; W^; J' ./0('+')# )+//(#2 9(6" (6 6"# */#2&8*6(.' .1 3+,(0(64; !"# \&#26(.' .1

/#+2.'+<,#'#22 6".&5" (2 .*#' 6. _&0()(+, ('\&(/4; %&)" 2".&,0 <# ,#16 6"&2 6. 6"#

0(2)/#6(.' .1 8&'()(*+, +&6"./(6(#2; :.&/62 9(,, 5. 2,.9 (' 9/(6('5 .11 +' ./0('+')# +2

&'/#+2.'+<,# &',#22 6"# +8.&'6 (2 2. #7)#22(3# +2 6. <# */."(<(6(3#? +/<(6/+/4?

&'/#+2.'+<,#? .**/#22(3#? ./ ).'1(2)+6./4; G,+('6(11 "+2 ".9#3#/ '.6 2&11()(#'6,4 */.3#' 6"+6? 6+K('5 6"#2# 1+)6./2

6.5#6"#/? 6"# ,()#'2# 6+7#2 +/# &'/#+2.'+<,#; !"# */#2&8*6(.' .1 3+,(0(64 2&<2(262;

A./? *,+('6(11 "+2 ,(8(6#0 (62#,1 6. ('2(26('5 6"+6 6"# +8.&'62 ,#3(#0 #7)##0 6"# ).26

.1 /#5&,+6(.' +'0 6"+6 6"# 8&'()(*+,(64 "+2 +0#\&+6# 1&'02 1./ 6"# +,,#5#0 *&/*.2#2+2 #3(0#')#0 <4 6"# 8&'()(*+,(64o2 )+2" 2&/*,&2 1./ 6"# 1(2)+, 4#+/ #'0('5 =Zcd;

!"# ).26 .1 /#5&,+6(.' )+''.6 <# 6+K#' +2 + 5+&5#? (1 6"# 8&'()(*+,(64 /#+,,4

('6#'0#0 6. #'+)6 + /#3#'&# ./0('+')#; A./? l(1 6"# )"+/5# #7)##02 6"# #7*#'2# .1

(22&+')# .1 + ,()#'2# +'0 ).262 .1 /#5&,+6(.'? (6 (2 + 6+7;l J'0 (1 (6 (2? +'0 (6 (2 3+,(0,4

(8*.2#0? +2 (' 6"(2 )+2#? l6"# /&,# 6"+6 ,()#'2# 1##2 1./ /#5&,+6(.' 8&26 <#+/ +

/#+2.'+<,# /#,+6(.' 6. 6"# #7*#'2# .1 6"# /#5&,+6(.' "+2 '. +**,()+6(.';l

J )+2" 2&/*,&2 +,.'# )+''.6 26.* + 8&'()(*+,(64 1/.8 #'+)6('5 + /#3#'&#

./0('+')# (')/#+2('5 ,()#'2# 6+7#2 (' +'6()(*+6(.' .1 8&'()(*+, '##02; j(2)/#6(.' 6.

0#6#/8('# 6"# +8.&'6 .1 /#3#'&# /#\&(/#0 1./ 6"# '##02 .1 6"# 8&'()(*+,(64 (2

,.05#0 9(6" 6"# 8&'()(*+, +&6"./(6(#2; J5+('? _&0()(+, ('6#/3#'6(.' 26#*2 (' .',4

9"#' 6"#/# (2 + 1,+5/+'6? .**/#22(3# +'0 #7)#22(3# +<&2# .1 *.9#/ <4 2+(0 8&'()(*+,

+&6"./(6(#2;

X; W^; !"# ./0('+')# 0.#2 '.6 2('5,# .&6 C()6./(+2 +2 6"# .',4 .<_#)6 .1 6"#

./0('+')#; @+(0 ./0('+')# (2 8+0# 6. +**,4 6. +'4 2&5+/ )#'6/+, ./ 2&5+/ /#1('#/4

9"()" 8+4 "+**#' 6. .*#/+6# (' 6"# 8&'()(*+,(64; @. (6 (2? 6"+6 6"# 1+)6 6"+6 *,+('6(11

(2 +)6&+,,4 6"# 2.,# .*#/+6./ .1 + 2&5+/ )#'6/+, +'0 + 2&5+/ /#1('#/4 0.#2 '.6 8+K#

6"# ./0('+')# 0(2)/(8('+6./4;

c; W^; ]# 1('0 '. 0(11()&,64 (' 2+4('5 6"+6 *,+('6(11o2 +/5&8#'6 .' 0.&<,#

6+7+6(.' 0.#2 '.6 ('2*(/# +22#'6; P%"-; ; !"# 69. 6+7#2 ).3#/ 69. 0(11#/#'6 .<_#)62;

@#)6(.' = .1 6"# ./0('+')# 6+7#2 + *#/2.' .*#/+6('5 2&5+/ )#'6/+,2 ./ #'5+5#0 ('

6"# 8+'&1+)6&/# .1 )#'6/(1&5+, 2&5+/; ]"(,# &'0#/ @#)6(.' R? 6".2# 6+7#0 +/# 6"#

.*#/+6./2 .1 2&5+/ /#1('#/4 8(,,2; ^'# .))&*+6(.' ./ <&2('#22 (2 0(11#/#'6 1/.8 6"#





.6"#/; Q'4#3& ; !"# 0(2*&6#0 6+7#2 +/# (8*.2#0 .' .))&*+6(.' ./ <&2('#22; -.6"

6+7#2 +/# '.6 .' 2&5+/; !"# +8.&'6 6"#/#.1 0#*#'02 .' 6"# +''&+,

.&6*&6 41,14%;: .1 6"# 8(, ,2 ).')#/'#0? /#5+/0,#22 .1 6"# +)6&+, 2&5+/ 8(,,#0;

G,+('6(11o2 +/5&8#'6 *#/"+*2 ).&,0 8+K# .&6 + *.('6 (1 6"# .<_#)6 .1 6+7+6(.' "#/#

9#/# 6"#-0?1" (6 */.0&)#2? '.6 6"# <&2('#22 .1 */.0&)('5 (6;

#&D/- 4#$&-%'/"C

=; ]"#' '. *.,()# ('2*#)6(.'? 2&*#/3(2(.'? ./ /#5&,+6(.' (2 */.3(0#0? './ +'4

26+'0+/0 2#6 1./ 6"# +**,()+'6 6. #26+<,(2"? ./ 6"+6 "# +5/##2 6. +66+(' ./ 8+('6+('?<&6 +'4 +'0 +,, *#/2.'2 #'5+5#0 (' 6"# <&2('#22 0#2(5'+6#0? 9(6".&6 \&+,(1()+6(.'

./ "('0/+')#? 8+4 ).8#? +'0 + ,()#'2# .' *+48#'6 .1 6"# 26(*&,+6#0 2&8 9(,, (22&#?

6. 0. <&2('#22? 2&<_#)6 6. '. */#2)/(<#0 /&,# .1 ).'0&)6 +'0 &'0#/ '. 5&+/0(+' #4#?

<&6 +))./0('5 6. 6"# &'/#26/+('#0 _&058#'6 ./ 1+')4 .1 6"# +**,()+'6 +'0

,()#'2##? ;*' ,"'-0=,;%#3 %- -;"#3? ;*1; ;*' ,#+'" #> ;1D1;%#3? +'0 '.6 6"# *.,()#

*.9#/? (2 <#('5 #7#/)(2#0;

R; j.&<,# 6+7+6(.' "+2 <##' .6"#/9(2# 0#2)/(<#0 +2 l0(/#)6 0&*,()+6#

6+7+6(.';l A./ 0.&<,# 6+7+6(.' 6. #7(26? l6"# 2+8# */.*#/64 8&26 <# 6+7#0 69()#?

9"#' (6 2".&,0 <# 6+7#0 <&6 .')#;l j.&<,# 6+7+6(.' "+2 +,2. <##' l0#1('#0 +2

6+7('5 6"# 2+8# *#/2.' 69()# <4 6"# 2+8# _&/(20()6(.' 1./ 6"# 2+8# 6"('5;l

4%"2#"%&%1/ 2#-&%#'C!"# _&058#'6 &'0#/ /#3(#9 (2 "#/#<4 /#3#/2#0Q +'0 _&058#'6 (2 "#/#<4 /#'0#/#0a

N+O 0#),+/('5 3+,(0 +'0 2&<2(26('5 ^/0('+')# W.; =? 2#/(#2 .1 =Zcd? .1 6"#

%&'()(*+,(64 .1 C()6./(+2? G/.3(')# .1 W#5/.2 ^))(0#'6+,Q +'0 N<O 0(28(22('5

*,+('6(11o2 ).8*,+('6 +2 2&**,#8#'6#0 +'0 +8#'0#0; :.262 +5+('26 *,+('6(11; @.

./0#/#0;

3*&M 1"0 !-!'/&!50-0 '60 37:GBA

4TXTUVTP >>? @ABB

)!$&"C

G,+('6(11? ]+,6#/ D&6g? (' "(2 )+*+)(64 +2 n&0()(+, J08('(26/+6./ .1 6"# L'6#26+6#

E26+6# .1 J'6.'(. n+48# D#0#28+? 2##K2 6. /#).3#/ 1/.8 6"# :.,,#)6./ .1 L'6#/'+,

T#3#'&# 6"# 2&8 .1 G=X?ddd;XY *+(0 <4 6"# #26+6# +2 6+7#2? &'0#/ 2#)6(.' S .1 6"#

J)6? 1./ 6"# )/.* 4#+/2 =ZXVP=ZXZ +'0 =ZXZP=ZcYQ +,,#5('5 6"+6 2&)" 6+7 (2

&').'26(6&6(.'+, +'0 3.(0? <#('5 ,#3(#0 1./ 6"# +(0 +'0 2&**./6 .1 6"# 2&5+/ ('0&26/4

#7),&2(3#,4? 9"()" (' *,+('6(11o2 .*('(.' (2 '.6 + *&<,() *&/*.2# 1./ 9"()" + 6+7 8+4

<# ).'26(6&6(.'+,,4 ,#3(#0; !"# +)6(.' 9+2 */#3(.&2,4 0(28(22#0 <4 6"# :.&/6 .1 A(/26

L'26+')#;

!"(2 )+2# 9+2 ('(6(+6#0 (' 6"# :.&/6 .1 A(/26 L'26+')# .1 W#5/.2 ^))(0#'6+, 6.

6#26 6"# ,#5+,(64 .1 6"# 6+7#2 (8*.2#0 <4 :.88.'9#+,6" J)6 W.; cd`? .6"#/9(2#

K'.9' +2 6"# @&5+/ J0_&268#'6 J)6;

%""*/"C

=; ]"#6"#/ ./ '.6 :.88.'9#+,6" J)6 cd` ./ 6"# @&5+/ J0_&268#'6 J)6 (2

&').'26(6&6(.'+,

-!&%#C

=; W.; :J cd` (2 + 3+,(0 #7#/)(2# .1 *.,()# *.9#/;L' 2#)6(.' R? :.88.'9#+,6" J)6 cd` */.3(0#2 1./ +' (')/#+2# .1 6"# #7(26('5

6+7 .' 6"# 8+'&1+)6&/# .1 2&5+/? .' + 5/+0&+6#0 <+2(2? .' #+)" *()&, .1 2&5+/

8+'&1+)6&/#0Q 9"(,# 2#)6(.' S ,#3(#2 .' .9'#/2 ./ *#/2.'2 (' ).'6/., .1 ,+'02

0#3.6#0 6. 6"# )&,6(3+6(.' .1 2&5+/ )+'# +'0 )#0#0 6. .6"#/2 1./ + ).'2(0#/+6(.'? .'

,#+2# ./ .6"#/9(2# r

+ 6+7 #\&(3+,#'6 6. 6"# 0(11#/#')# <#69##' 6"# 8.'#4 3+,&# .1 6"# /#'6+,

./ ).'2(0#/+6(.' ).,,#)6#0 +'0 6"# +8.&'6 /#*/#2#'6('5 =R *#/ )#'6&8 .1

6"# +22#22#0 3+,&# .1 2&)" ,+'0;

J))./0('5 6. 2#)6(.' d .1 6"# ,+9 r

@E:; d; J,, ).,,#)6(.'2 8+0# &'0#/ 6"(2 J)6 2"+,, +))/&# 6. + 2*#)(+,

1&'0 (' 6"# G"(,(**('# !/#+2&/4? 6. <# K'.9' +2 6"# o@&5+/ J0_&268#'6 +'0

@6+<(,(g+6(.' A&'0;f&^T V<FQX STYTXZ QR Z^T OK<QRZQYY_F O6FQZQ6R QF ^QF <FFJUOZQ6R Z^<Z Z^T Z<[

OP6EQSTS Y6P QR $6UU6R`T<KZ^ !XZ '60 B;: QF < OJPT T[TPXQFT 6Y Z^T Z<[QRa O6`TP ;

J'+,42(2 .1 6"# J)6? +'0 *+/6()&,+/,4 .1 2#)6(.' d N"#/#6.1./# \&.6#0 (' 1&,,O? 9(,,

2".9 6"+6 Z^T Z<[ QF KTEQTS `QZ^ < PTaJK<Z6P= OJPO6FT? Z6 OP6EQST UT<RF Y6P Z^TPT^<VQKQZ<ZQ6R <RS FZ<VQKQb<ZQ6R 6Y Z^T Z^PT<ZTRTS FJa<P QRSJFZP=0 %R 6Z^TP `6PSF?Z^T <XZ QF OPQU<PQK= <R T[TPXQFT 6Y Z^T O6KQXT O6`TP0

@&5+/ */.0&)6(.' (2 .'# .1 6"# 5/#+6 ('0&26/(#2 .1 .&/ '+6(.'; L62 */.8.6(.'?

*/.6#)6(.' +'0 +03+')#8#'6? 6"#/#1./# /#0.&'02 5/#+6,4 6. 6"# 5#'#/+, 9#,1+/#;

H#')# (6 9+2 ).8*#6#'6 1./ 6"# ,#5(2,+6&/# 6. 1('0 6"+6 6"# 5#'#/+, 9#,1+/#

0#8+'0#0 6"+6 6"# 2&5+/ ('0&26/4 2".&,0 <# 26+<(,(g#0 (' 6&/'Q +'0 (' 6"# 9(0# 1(#,0

.1 (62 *.,()# *.9#/? 6"# ,+98+K('5 <.04 ).&,0 */.3(0# 6"+6 6"# 0(26/(<&6(.' .1

<#'#1(62 6"#/#1/.8 <# /#+0_&26#0 +8.'5 (62 ).8*.'#'62 6. #'+<,# (6 6. /#2(26 6"#+00#0 26/+(' .1 6"# (')/#+2# (' 6+7#2 6"+6 (6 "+0 6. 2&26+(';

!"# */.6#)6(.' +'0 */.8.6(.' .1 6"# 2&5+/ ('0&26/4 (2 + 8+66#/ .1 *&<,()

).')#/'? (6 1.,,.92 6"+6 6"# D#5(2,+6&/# 8+4 0#6#/8('# 9(6"(' /#+2.'+<,# <.&'02

9"+6 (2 '#)#22+/4 1./ (62 */.6#)6(.' +'0 #7*#0(#'6 1./ (62 */.8.6(.'; L1 .<_#)6(3#

+'0 8#6".02 +/# +,(K# ).'26(6&6(.'+,,4 3+,(0? '. /#+2.' (2 2##' 9"4 6"# 26+6# 8+4

'.6 ,#34 6+7#2 6. /+(2# 1&'02 1./ 6"#(/ */.2#)&6(.' +'0 +66+('8#'6; &<[<ZQ6R U<= VTU<ST Z^T QUOKTUTRZ 6Y Z^T FZ<ZT_F O6KQXT O6`TP;

!"+6 6"# 6+7 6. <# ,#3(#0 2".&,0 <&/0#' 6"# 2&5+/ */.0&)#/2 6"#82#,3#2 )+'

"+/0,4 <# + 5/.&'0 .1 ).8*,+('6Q ('0##0? (6 +**#+/2 /+6(.'+, 6"+6 6"# 6+7 <#

.<6+('#0 */#)(2#,4 1/.8 6".2# 9". +/# 6. <# <#'#1(6#0 1/.8 6"# #7*#'0(6&/# .1 6"#

1&'02 0#/(3#0 1/.8 (6; J6 +'4 /+6#? QZ QF QR^TPTRZ QR Z^T O6`TP Z6 Z<[ Z^<Z < FZ<ZT VT

YPTT Z6 FTKTXZ Z^T FJVcTXZF 6Y Z<[<ZQ6R? <RS QZ ^<F VTTR PTOT<ZTSK= ^TKS Z^<Z





dQRTeJ<KQZQTF `^QX^ PTFJKZ YP6U < FQRaKQRa 6JZ 6Y 6RT O<PZQXJK<P XK<FF Y6P Z<[<ZQ6R?

6P T[TUOZQ6R QRYPQRaT R6 X6RFZQZJZQ6R<K KQUQZ<ZQ6R0d

L6 (2 .1 R6 U6UTRZ Z^<Z Z^T YJRSF P<QFTS JRSTP Z^T "Ja<P "Z<VQKQb<ZQ6R !XZ?

R6` QR eJTFZQ6R? F^6JKS VT T[XKJFQETK= FOTRZ QR <QS 6Y Z^T FJa<P QRSJFZP= ? 2(')# (6 (2

6"+6 3#/4 #'6#/*/(2# 6"+6 (2 <#('5 */.6#)6#0;

E3#' 1/.8 6"# 26+'0*.('6 6"+6 6"# J)6 (2 + *&/# 6+7 8#+2&/#? (6 )+''.6 <#

2+(0 6"+6 6"# 0#3.6(.' .1 6+7 8.'#4 6. #7*#/(8#'6+, 26+6(.'2 6. 2##K (')/#+2# .1

#11()(#')4 (' 2&5+/ */.0&)6(.'? &6(,(g+6(.' .1 <4P*/.0&)62 +'0 2.,&6(.' .1 +,,(#0

*/.<,#82? +2 9#,, +2 6. 6"# (8*/.3#8#'62 .1 ,(3('5 +'0 9./K('5 ).'0(6(.'2 (' 2&5+/8(,,2 ./ *,+'6+6(.'2? 9(6".&6 +'4 *+/6 .1 2&)" 8.'#4 <#('5 )"+''#,#0 0(/#)6,4 6.

*/(3+6# *#/2.'2? ).'26(6&6#2 #7*#'0(6&/# .1 6+7 8.'#4 1./ */(3+6# *&/*.2#2;

4%"2#"%&%1/ 2#-&%#'C

!"# 0#)(2(.' +**#+,#0 1/.8 (2 +11(/8#0? 9(6" ).262 +5+('26 +**#,,+'6; @. ./0#/#0;

2$55 EF0 $#I*!'5$#5- '60 @8:H;>7;84TXTUVTP @8? >HH@

)!$&"C!"(2 )+2# (2 +')"./#0 .' 6"# "(26./() #3#'62 6"+6 6/+'2*(/#0 0&/('5 6"#

)"+'5# .1 5.3#/'8#'6 (' =ZVd; L88#0(+6#,4 +16#/ 6"# =ZVd Ej@J T#3.,&6(.'? 6"#'

G/#2(0#'6 :./+g.' :; J\&('. (22&#0 E7#)&6(3# ^/0#/ W.2; =? R +'0 =X; G:MM 9+2

)/#+6#0 6. +22(26 6"# G/#2(0#'6 (' 6"# /#).3#/4 .1 6"# (,,P5.66#' 9#+,6" 6"&2

+))&8&,+6#0 9"#6"#/ ,.)+6#0 (' 6"# G"(,(**('#2 ./ +</.+0 NE^ =O; E^ R 26+6#2 6"+6

6"# (,,P5.66#' +22#62 +'0 */.*#/6(#2 +/# (' 6"# 1./8 .1 <+'K +)).&'62? 0#*.2(62? 6/&26

+)).&'62? 2"+/#2 .1 26.)K2? <&(,0('52? 2".**('5 )#'6#/2? ).'0.8('(&82? 8+'2(.'2?

/#2(0#')#2? #26+6#2? +'0 .6"#/ K('02 .1 /#+, +'0 *#/2.'+, */.*#/6(#2 (' 6"#

G"(,(**('#2 +'0 (' 3+/(.&2 ).&'6/(#2 .1 6"# 9./,0; J'0 E^ =X #8*.9#/#0 G:MM?

9(6" 6"# +22(26+')# .1 6"# ^11()# .1 6"# @.,()(6./ M#'#/+, +'0 .6"#/ 5.3#/'8#'6

+5#')(#2? 6. 1(,# +'0 */.2#)&6# +,, )+2#2 ('3#26(5+6#0 <4 (6 &'0#/ E^ W.2; = +'0

R;G&/2&+'6 6. 6"#2# ,+92? G:MM (22&#0 +'0 (8*,#8#'6#0 '&8#/.&2 2#\&#26/+6(.'2?1/##g# ./0#/2 +'0 */.3(2(.'+, 6+K#.3#/2 .1 +,,#5#0,4 (,,P5.66#' ).8*+'(#2? +22#62

+'0 */.*#/6(#2? /#+, ./ *#/2.'+,Q +8.'5 .1 9"()" 9#/# 2"+/#2 .1 26.)K (' 6"# I:G-

/#5(26#/#0 (' 6"# +,,#5#0 s=P8(,,(.' ).).'&6 1+/8#/2t? 6"# 2.P)+,,#0 :.).'&6

L'0&26/4 L'3#268#'6 A&'0 :.8*+'(#2 N:LLA :.8*+'(#2O +'0 :._&+'5). n/; L'

).''#)6(.' "#/#9(6"? G:MM ('26(6&6#0 +' +)6(.' 1./ /#).'3#4+')#? /#3#/2(.'?

+)).&'6('5? /#26(6&6(.' +'0 0+8+5#2 (' 6"# @-;

^' =ZZY? &*.' 8.6(.' .1 /#2*.'0#'6 :^:ÂEj? 6"# @- (22&#0 + /#2.,&6(.'

,(16('5 6"# 2#\&#26/+6(.' .1 6"# 2&<_#)6 I:G- 2"+/#2 .' 6"# 5/.&'0 6"+6 :^:ÂEj

+'0 :LLA ).8*+'(#2 "+0 '.6 <##' (8*,#+0#0? +'0 6"+6 6"# ]/(6 .1 @#\&#26/+6(.'

(22&#0 <4 6"# :.88(22(.' 9+2 +&6.8+6()+,,4 ,(16#0 1./ G:MMf2 1+(,&/# 6. ).88#')#

6"# ).//#2*.'0('5 _&0()(+, +)6(.' 9(6"(' dP8.'6" *#/(.0; G:MM +**,(#0 1./ +'0 9+2

5/+'6#0 <4 @: T#26/+('('5 ^/0#/ #'_.('('5 6"# ".,0('5 .1 6"# #,#)6(.';

@&<2#\&#'6,4? 6"# :.&/6 ,(16#0 6"# T#26/+('('5 ^/0#/ +'0 ./0#/#0 6"# I:G- 6.

*/.)##0 9(6" 6"# #,#)6(.' .1 (62 <.+/0 .1 0(/#)6./2; A&/6"#/8./#? (6 +,,.9#0 6"#

2#\&#26#/#0 2"+/#2 6. <# 3.6#0 <4 6"#(/ /#5(26#/#0 .9'#/2; !"# 3()6./4 .1 6"#

/#5(26#/#0 2"+/#".,0#/2 9+2 1,##6('5 <#)+&2# 6"# :.&/6? +)6('5 .' 6"# 2.,()(6./

5#'#/+,o2 %.6(.' 1./ :,+/(1()+6(.'B%+'(1#26+6(.'? (22&#0 + T#2.,&6(.' .' =ZZS?

0#),+/('5 6"+6 l6"# /(5"6 .1 :^:ÂEj +'0 :._&+'5). 6. 3.6# 26.)K (' 6"#(/ '+8#2 +6

6"# 8##6('52 .1 6"# I:G- )+''.6 <# ).')#0#0 +6 6"(2 6(8#; !"+6 /(5"6 26(,, "+2 6. <#

#26+<,(2"#0 <4 6"#8 <#1./# @-; I'6(, 6"+6 (2 0.'#? 6"#4 )+''.6 <# 0##8#0

,#5(6(8+6# .9'#/2 .1 I:G- 26.)K +'0 )+''.6 <# +))./0#0 6"# /(5"6 6. 3.6# 6"#8;t^' =ZZc? 6"# :.&/6 /#'0#/#0 (62 A('+, j#)(2(.'? '&,,(14('5 +'0 2#66('5 +2(0# 6"#

T#2.,&6(.' .1 @-? 9"()" ,(16#0 6"# 2#\&#26/+6(.' .1 6"# I:G- 2"+/#2; J 8.'6"

6"#/#+16#/? 6"# G:MM 2&<0(3(0#0 6"# )+2# ('6. V ).8*,+('62;

^' RYY=? :^:ÂEj #6 +,? 1(,#0 6"# :,+22 J)6(.' ^8'(<&2 %.6(.' 6. E'_.('

6"# G:MM 1/.8 3.6('5 6"# I:G- 2"+/#2 .1 26.)K /#5(26#/#0 (' 6"# /#2*#)6(3# '+8#2

.1 6"# 8./# 6"+' = 8(,,(.' ).).'&6 1+/8#/2Q +'0 6. #'_.(' G:MM 1/.8 3.6('5 6"#

@%: 2"+/#2 /#5(26#/#0 (' 6"# '+8#2 .1 6"# =X :LLA ".,0('5 ).8*+'(#2 ('),&0('5

6".2# /#5(26#/#0 (' 6"# '+8# .1 6"# G:MM;

%""*/"C=; ]BW @- +)6#0 9(6" 5/+3# +<&2# .1 0(2)/#6(.' (' (62 ^/0#/ #'_.('('5 G:MM

1/.8 3.6('5 6"# 2#\&#26#/#0 2"+/#2 .1 26.)K .1 I:G-R; ]BW @- 3(.,+6#0 *#6(6(.'#/f2 /(5"6 6. 0&# */.)#22 <4 6+K('5 ).5'(g+')# .1

6"# :,+22 J)6(.' ^8'(<&2 %.6(.' 0#2*(6# 5/.22 ,+)K .1 2&11()(#'6 '.6()# +'0 <4

(22&('5 6"# 9/(6 .1 G/#,(8('+/4 ('_&')6(.' 0#2*(6# 6"# .<3(.&2 1+)6 6"+6 6"#/# 9+2 '.

+)6&+, */#22('5 '#)#22(64 ./ &/5#')4 6. 0. 2.

-!&%#C=; @: "#,0 6"+6 6"# 5.3#/'8#'6 2".&,0 <# +,,.9#0 6. ).'6('&# 3.6('5 6".2#

2"+/#2 ('+28&)" +2 6"#4 9#/# *&/)"+2#0 9(6" ).).'&6 ,#34 1&'02 h 6"+6 +/# */(8+

1+)(# *&<,() (' )"+/+)6#/ ./? +6 6"# 3#/4 ,#+26? +/# s),#+/,4 +11#)6#0 9(6" *&<,()

('6#/#26;t !"# 5#'#/+, /&,# (2 6"+6 6"# /#5(26#/#0 .9'#/ .1 6"# 2"+/#2 .1 +

)./*./+6(.' #7#/)(2#2 6"# /(5"6 +'0 */(3(,#5# .1 3.6('5; !"(2 */(')(*,# +**,(#2 #3#' 6.

2"+/#2 6"+6 +/# 2#\&#26#/#0 <4 6"# 5.3#/'8#'6? .3#/ 9"()" 6"# G:MM +2 + 8#/#).'2#/3+6./ )+''.6? +2 + M#'#/+, T&,#? #7#/)(2# +)62 .1 0.8('(.'; ^' 6"# .6"#/

"+'0? (6 (2 +&6"./(g#0 6. 3.6# 6"#2# 2#\&#26#/#0 2"+/#2 /#5(26#/#0 (' 6"# '+8#2 .1

*/(3+6# *#/2.'2 +'0 +)\&(/#0 9(6" +,,#5#0,4 (,,P5.66#' 9#+,6"? (1 (6 (2 +<,# 6. 2+6(214

6"# ;+#R;%'"'& 0#3(2#0 <4 6"# :.&/6a N=O L2 6"#/# ,"%=1 >14%' #3(0#')# 2".9('5 6"+6

6"# 2+(0 2"+/#2 +/# (,,P5.66#' +'0 6"&2 <#,.'5 6. 6"# @6+6#qQ NRO L2 6"#/# +' (88('#'6

0+'5#/ .1 0(22(*+6(.'? 6"&2 '#)#22(6+6('5 6"#(/ ).'6('&#0 2#\&#26/+6(.' +'0 3.6('5

<4 6"# G:MM? 9"(,# 6"# 8+(' (22&# (2 *#'0('5 9(6" 6"# @+'0(5+'<+4+'q

H.9#3#/? 6"#/# +/# 69. ),#+/ s*&<,() )"+/+)6#/t #7)#*6(.'2 &'0#/ 9"()" 6"#

5.3#/'8#'6 (2 5/+'6#0 6"# +&6"./(64 6. 3.6# 6"# 2"+/#2a N=O ]"#/# 5.3#/'8#'6

2"+/#2 +/# 6+K#' .3#/ <4 */(3+6# *#/2.'2 ./ #'6(6(#2 9".B9"()" /#5(26#/#0 6"#8 ('

6"#(/ .9' '+8#2? +'0 NRO ]"#/# 6"# )+*(6+,(g+6(.' ./ 2"+/#2 6"+6 9#/# +)\&(/#0

9(6" *&<,() 1&'02 2.8#".9 ,+'0#0 (' */(3+6# "+'02; !"# #7)#*6(.'2 +/# <+2#0 .'





6"# ).88.'P2#'2# */(')(*,# 6"+6 ,#5+, 1()6(.' 8&26 4(#,0 6. 6/&6"Q 6"+6 *&<,()

*/.*#/64 /#5(26#/#0 (' 6"# '+8#2 .1 '.'P.9'#/2 (2 +11#)6#0 9(6" 6/&26 /#,+6(.'2Q +'0

6"+6 6"# */(8+ 1+)(# <#'#1()(+, .9'#/ 2".&,0 <# 5(3#' 6"# */(3(,#5# .1 #'_.4('5 6"#

/(5"62 1,.9('5 1/.8 6"# */(8+ 1+)(# 1+)6 .1 .9'#/2"(*;

L' -+2#). )+2#? 6"# :.&/6 5/+'6#0 G:MM 6"# /(5"6 6. 3.6# 6"# 2#\&#26#/#0

2"+/#2 <#)+&2# 6"#4 +**#+/#0 6. <# l+22#62 <#,.'5('5 6. 6"# 5.3#/'8#'6 (62#,1;l

J'0 +,2. (' )+2# .1 :._&+'5).PT.7+2 6"+6 "# G:MM )+''.6 *#/1./8 +)62 .1 26/()6

.9'#/2"(* .1 2#\&#26#/#0 */.*#/64; L6 (2 + 8#/# ).'2#/3+6./; L6 8+4 '.6 3.6# 6"#

2"+/#2 (' + )./*./+6(.' +'0 #,#)6 6"# 8#8<#/2 .1 6"# <.+/0 .1 0(/#)6./2; !"# .',4).')#(3+<,# #7)#*6(.' (2 (' + )+2# .1 + 6+K#.3#/ .1 + <&2('#22 <#,.'5('5 6. 6"#

5.3#/'8#'6 ./ 9".2# )+*(6+,(g+6(.' ).8#2 1/.8 *&<,() 1&'02? <&6 9"()" ,+'0#0 ('

*/(3+6# "+'02 +2 (' -J@E:^;l !"# s*&<,() )"+/+)6#/t 6#26 9+2 /#(6#/+6#0 8.26

/#)#'6,4 (' J'6(*./0+ )+2# 6"+6 (6 9+2 )/&)(+, 6. 1('0 .&6 1(/26 9"#6"#/ 6"#2# 9#/#

*&/)"+2#0 9(6" *&<,() 1&'02; L' 2"./6? 9"#' 2#\&#26#/#0 2"+/#2 /#5(26#/#0 (' 6"#

'+8#2 .1 */(3+6# ('0(3(0&+,2 ./ #'6(6(#2 +/# +,,#5#0 6. "+3# <##' +)\&(/#0 9(6" (,,P

5.66#' 9#+,6"? 6"#' 6"# 69.P6(#/#0 6#26 (2 +**,(#0; H.9#3#/? 9"#' 6"# 2#\&#26#/#0

2"+/#2 (' 6"# '+8# .1 */(3+6# ('0(3(0&+,2 ./ #'6(6(#2 +/# 2".9'? */(8+ 1+)(#? 6. "+3#

<##' N=O ./(5('+,,4 5.3#/'8#'6 2"+/#2? ./ NRO *&/)"+2#0 9(6" *&<,() 1&'02 ./ 6".2#

+11#)6#0 9(6" *&<,() ('6#/#26? 6"#' 6"# 69.P6(#/#0 6#26 0.#2 '.6 +**,4; T+6"#/? 6"#

*&<,() )"+/+)6#/ #7)#*6(.'2 (' -+2#). +'0 :._&+'5). n/; 3; T.7+2 */#3+(,Q 6"+6 (2? 6"#

5.3#/'8#'6 2"+,, 3.6# 6"# 2"+/#2;L' 6"# */#2#'6 )+2#? (6 (2 '.6 0(2*&6#0 6"+6 6"# 8.'#4 &2#0 6. *&/)"+2# 6"#

2#\&#26#/#0 I:G- 2"+/#2 )+8# 1/.8 6"# :.).'&6 :.'2&8#/ @6+<(,(g+6(.' A&'0

N::@AO? .6"#/9(2# K'.9' +2 6"# ).).'&6 ,#34 1&'02; L6 9+2 ).'),&2(3#,4 2".9' 6"+6

6"# 2#\&#26#/#0 I:G- 2"+/#2 9#/# *&/)"+2#0 9(6" ).).'&6 ,#3(#2? @: ".,0 6"+6

6"#2# 1&'02 +'0 2"+/#2 +/#? +6 6"# 3#/4 ,#+26? l+11#)6#0 9(6" *&<,() ('6#/#26t +'0

6"+6 */(3+6# /#2*.'0#'62 "+3# '.6 0#8.'26/+6#0 2+6(21+)6./(,4 6"+6 6"#4 "+3#

,#5(6(8+6#,4 <#).8# */(3+6# 1&'02; @: 26/#22#0 6"+6 6"# +22+(,#0 @- ./0#/? 9"()"

+,,.92 6"# */(3+6# /#2*.'0#'62 6. 3.6# 6"# 2#\&#26#/#0 2"+/#2 h (2 '.6 <+2#0 .'

+'4 1('0('5 6"+6 6"# ).).'&6 ,#3(#2 +'0 6"# 2"+/#2 "+3# ,#5(6(8+6#,4 <#).8# */(3+6#

1&'02; L' 6"# */#2#'6 )+2#? 6"# 2#\&#26#/#0 I:G- 2"+/#2 +/# ).'1(/8#0 6. "+3#

<##' +)\&(/#0 9(6" ).). ,#3(#2? '.6 9(6" +,,#5#0 (,,P5.66#' 9#+,6"; H#')#? <4 *+/(64

.1 /#+2.'('5? 6"# /(5"6 6. 3.6# 6"#8 (2 '.6 2&<_#)6 6. 6"# l69.P6(#/#0 6#26l <&6 6.6"# *&<,() )"+/+)6#/ .1 6"#(/ +)\&(2(6(.'? 9"()" 6"# J'6(*./0+ )+2# "+0 )(6#0 #+/,(#/?

8&26 1(/26 <# 0#6#/8('#0;

L6 9+2 1&/6"#/ 26/#22#0 6"+6 6. +3.(0 6"# 8(2&'0#/26+'0('5 +'0 ).'1&2(.' @:

<#).8# 8./# )+6#5./()+, +'0 *.2(6(3# 6"+' (62 #+/,(#/ */.'.&')#8#'62a Z^TX6X6RJZ KTE= YJRSF <PT R6Z 6RK= <YYTXZTS `QZ^ OJVKQX QRZTPTFZf Z^T= <PT? QR Y<XZ?

,-".) ()#"$ OJVKQX YJRSF0 G&<,() 1&'02 +/# 6".2# 8.'#42 <#,.'5('5 6. 6"# @6+6# ./

6. +'4 *.,(6()+, 2&<0(3(2(.' .1 6"# @6+6#Q 8./# 2*#)(1()+,,4? 6+7#2? )&26.82 0&6(#2 +'0

8.'#42 /+(2#0 <4 .*#/+6(.' .1 ,+9 1./ 6"# 2&**./6 .1 6"# 5.3#/'8#'6 ./ 1./ 6"#

0(2)"+/5# .1 (62 .<,(5+6(.'2; I'0#'(+<,4? X6X6RJZ KTE= YJRSF F<ZQFY= Z^QF aTRTP<KSTYQRQZQ6R 6Y OJVKQX YJRSF? <#)+&2# .1 6"# 1.,,.9('5 /#+2.'2a N=O :.).'&6 ,#34 1&'02

+/# /+(2#0 9(6" 6"# &2# .1 6"# *.,()# +'0 6+7('5 *.9#/2 .1 6"# @6+6#Q NRO !"#4 +/#

,#3(#2 (8*.2#0 <4 6"# @6+6# 1./ 6"# <#'#1(6 .1 6"# ).).'&6 ('0&26/4 +'0 (62 1+/8#/2Q

NSO T#2*.'0#'62 "+3# _&0()(+,,4 +08(66#0 6"+6 6"# 2#\&#26#/#0 2"+/#2 9#/#

*&/)"+2#0 9(6" *&<,() 1&'02Q NXO !"# :.88(22(.' .' J&0(6 N:^JO /#3(#92 6"# &2# .1

).).'&6 ,#34 1&'02Q NcO !"# -&/#+& .1 L'6#/'+, T#3#'&# N-LTO? 9(6" 6"# +)\&(#2)#')#

.1 */(3+6# /#2*.'0#'62? "+2 6/#+6#0 6"#8 +2 *&<,() 1&'02Q NdO !"# 3#/4 ,+92

5.3#/'('5 ).).'&6 ,#3(#2 /#).5'(g# 6"#(/ *&<,() )"+/+)6#/;

N4%"$*""%#' g%&D -/5!-4 &# &!h\!. 2".9 1&/6"#/ (62 <#('5 +2 *&<,() (' )"+/+)6#/? ('0##0? ).).'&6 ,#34 1&'02

*+/6+K# .1 6"# '+6&/# .1 6+7#2 9"()"? (' 5#'#/+,? +/# #'1./)#0 */.*./6(.'+,).'6/(<&6(.'2 1/.8 *#/2.'2 +'0 */.*#/6(#2? #7+)6#0 <4 6"# @6+6# <4 3(/6&# .1 (62

2.3#/#(5'64 1./ 6"# 2&**./6 .1 5.3#/'8#'6 +'0 1./ +,, *&<,() '##02; -+2#0 .' 6"(2

0#1('(6(.'? + Z<[ ^<F Z^PTT TKTUTRZF? '+8#,4a +O (6 (2 +' #'1./)#0 */.*./6(.'+,

).'6/(<&6(.' 1/.8 *#/2.'2 +'0 */.*#/6(#2Q <O (6 (2 (8*.2#0 <4 6"# @6+6# <4 3(/6&# .1

(62 2.3#/#(5'64Q +'0 )O (6 (2 ,#3(#0 1./ 6"# 2&**./6 .1 6"# 5.3#/'8#'6; !"# ).).'&6

,#34 1&'02 1+,, 2\&+/#,4 ('6. 6"#2# #,#8#'62 1./ 6"# 1.,,.9('5 /#+2.'2a N+O !"#4 9#/#

5#'#/+6#0 <4 3(/6&# .1 26+6&6./4 #'+)68#'62 (8*.2#0 .' 6"# ).).'&6 1+/8#/2

/#\&(/('5 6"# *+48#'6 .1 */#2)/(<#0 +8.&'62; !"&2? Gj W.; R`d )/#+6#0 6"#

:.).'&6 :.'2&8#/ @6+<(,(g+6(.' A&'0 N::@AO;

!+7+6(.' (2 0.'# '.6 8#/#,4 6. /+(2# /#3#'&#2 6. 2&**./6 6"# 5.3#/'8#'6?

<&6 +,2. 6. */.3(0# 8#+'2 1./ 6"# /#"+<(,(6+6(.' +'0 6"# 26+<(,(g+6(.' .1 +

6"/#+6#'#0 ('0&26/4? 9"()" (2 2. +11#)6#0 9(6" *&<,() ('6#/#26 +2 6. <# 9(6"(' 6"#*.,()# *.9#/ .1 6"# @6+6#; E3#' (1 6"# 8.'#4 (2 +,,.)+6#0 1./ + 2*#)(+, *&/*.2# +'0

/+(2#0 <4 2*#)(+, 8#+'2? (6 (2 26(,, *&<,() (' )"+/+)6#/; L' 6"# )+2# <#1./# &2? 6"#

1&'02 9#/# #3#' &2#0 6. ./5+'(g# +'0 1('+')# @6+6# .11()#2; L' :.).1#0 3; G:MM? 6"#

:.&/6 .<2#/3#0 6"+6 )#/6+(' +5#')(#2 ./ #'6#/*/(2#2 l9#/# ./5+'(g#0 +'0 1('+')#0

9(6" /#3#'&#2 0#/(3#0 1/.8 ).).'&6 ,#3(#2 (8*.2#0 &'0#/ + 2&))#22(.' .1 ,+92 .1

6"# ,+6# 0()6+6./2"(*p 9(6" 0#*.2#0 A#/0('+'0 %+/).2 +'0 "(2 )/.'(#2 +2 6"#

2&2*#)6#0 +&6"./2 +'0 )"(#1 <#'#1()(+/(#2 .1 6"# /#2&,6('5 ).).'&6 ('0&26/4

8.'.*.,4;l L6 )+''.6 <# 0#'(#0 6"+6 6"# ).).'&6 ('0&26/4 (2 .'# .1 6"# 8+_./

('0&26/(#2 2&**./6('5 6"# '+6(.'+, #).'.84; L6 (2? 6"#/#1./#? 6"# @6+6#o2 ).')#/' 6.

8+K# (6 + 26/.'5 +'0 2#)&/# 2.&/)# '.6 .',4 .1 6"# ,(3#,("..0 .1 + 2(5'(1()+'6

2#58#'6 .1 6"# *.*&,+6(.'? <&6 +,2. .1 #7*./6 #+/'('52 6"# 2&26+('#0 5/.96" .1

9"()" (2 .'# .1 6"# (8*#/+6(3#2 .1 #).'.8() 26+<(,(64;n&26 ,(K# 6"# 2&5+/ ,#34 1&'02? 6"# ).).'&6 ,#34 1&'02 ).'26(6&6# 26+6# 1&'02

#3#' 6".&5" 6"#4 8+4 <# "#,0 1./ + 2*#)(+, *&<,() *&/*.2#; !"# ).).'&6 ,#34 1&'02

h ,(K# 6"# 2&5+/ ,#34 +'0 6"# .(, 2 6+<(,(g+6(.' 1&'02? +2 9#,, +2 6"# 8.'(#2 5#'#/+6#0

<4 6"# ^'P,('# D.66#/4 @426#8 h +/# 1&'02 #7+)6#0 <4 6"# @6+6#; -#('5 #'1./)#0

).'6/(<&6(.'2? 6"#4 +/# */(8+ 1+)(# *&<,() 1&'02;

E\&+,,4 (8*./6+'6 +2 6"# 1+)6 6"+6 6"# ).).'&6 ,#34 1&'02 9#/# /+(2#0

6"/.&5" 6"# 6+7('5 +'0 *.,()# *.9#/2 .1 6"# @6+6# (2 /#2*.'0#'62o #11#)6(3# _&0()(+,

+08(22(.' 6"+6 6"#2# ,#3(#2 +/# 5.3#/'8#'6 1&'02; J2 2".9' <4 6"# +66+)"8#'62 6.

6"#(/ *,#+0('52? /#2*.'0#'62 ).')#0# 6"+6 6"# :.).'&6 :.'2&8#/2 @6+<(,(g+6(.'

A&'0 N::@AO +'0 6"# :.).'&6 L'3#268#'6 j#3#,.*8#'6 A&'0 l).'26(6&6#

5.3#/'8#'6 1&'02 1./ 6"# <#'#1(6 .1 ).).'&6 1+/8#/2;l





L' /#2*.'2# 6. + \&#/4 *.2#0 <4 6"# +08('(26/+6./ .1 6"# G"(,(**('# :.).'&6

J&6"./(64 /#5+/0('5 6"# )"+/+)6#/ .1 6"# ).).'&6 ,#34 1&'02? 6"# -&/#+& .1 L'6#/'+,

T#3#'&# "+2 +11(/8#0 6"+6 6"#2# 1&'02 +/# *&<,() (' )"+/+)6#/; L6 "#,0 +2 1.,,.92a

l!"# ).).'&6 ,#34 (2 '.6 + *&<,() 6/&26 1&'0 1./ 6"# <#'#1(6 .1 6"# ).).'&6 1+/8#/2?

<&6 (2 (' 6"# '+6&/# .1 + 6+7 +'0? 6"#/#1./#? *&<,() 1&'02 6"+6 +/# 2&<_#)6 6.

5.3#/'8#'6 +08('(26/+6(.' +'0 0(2*.2(6(.';l A('+,,4 +'0 6#,,('5,4? 6"# 3#/4 ,+92

5.3#/'('5 6"# ).).'&6 ,#3(#2 /#).5'(g# 6"#(/ *&<,() )"+/+)6#/; !"&2? 6"# 6"(/0

]"#/#+2 ),+&2# .1 Gj W.; R`d 6/#+62 6"#8 +2 2*#)(+, 1&'02 1./ + 2*#)(1() *&<,()

*&/*.2#; A&/6"#/8./#? Gj W.; `== 6/+'21#//#0 6. 6"# 5#'#/+, 1&'02 .1 6"# @6+6# +,,#7(26('5 2*#)(+, +'0 1(0&)(+/4 1&'02 ('),&0('5 6"# ::@A; ^' 6"# .6"#/ "+'0? Gj W.;

=RSX 2*#)(1()+,,4 0#),+/#0 6"# ::@A +2 + 2*#)(+, 1&'0 1./ + 2*#)(+, *&/*.2#? 9"()"

2".&,0 <# 6/#+6#0 +2 + 2*#)(+, +)).&'6 (' 6"# W+6(.'+, !/#+2&/4;

!HI@? "+3('5 2".9' 6"+6 6"# ).).'&6 ,#34 1&'02 +/# '.6 .',4 +11#)6#0 9(6"

*&<,() ('6#/#26? <&6 +/# (' 1+)6 */(8+ 1+)(# *&<,() 1&'02? @: <#,(#3#2 6"+6 6"#

5.3#/'8#'6 2".&,0 <# +,,.9#0 6. 3.6# 6"# \&#26(.'#0 2"+/#2? <#)+&2# 6"#4 <#,.'5

6. (6 +2 6"# */(8+ 1+)(# <#'#1()(+, +'0 6/&# .9'#/; C.6('5 (2 +' +)6 .1 0.8('(.' 6"+6

2".&,0 <# #7#/)(2#0 <4 6"# 2"+/# .9'#/; ^'# .1 6"# /#).5'(g#0 /(5"62 .1 +' .9'#/

(2 6"# /(5"6 6. 3.6# +6 8##6('52 .1 6"# )./*./+6(.'; !"# /(5"6 6. 3.6# (2 ),+22(1(#0 +2

6"# /(5"6 6. ).'6/.,; C.6('5 /(5"62 8+4 <# 1./ 6"# *&/*.2# .1? +8.'5 .6"#/2? #,#)6('5

./ /#8.3('5 0(/#)6./2? +8#'0('5 + )"+/6#/? ./ 8+K('5 ./ +8#'0('5 <4 ,+92;

-#)+&2# 6"# 2&<_#)6 I:G- 2"+/#2 9#/# +)\&(/#0 9(6" 5.3#/'8#'6 1&'02? 6"#5.3#/'8#'6 <#).8#2 6"#(/ */(8+ 1+)(# <#'#1()(+, +'0 6/&# .9'#/;

R; @: ".,0 6"+6 6"# @- 5/+3#,4 +<&2#0 (62 0(2)/#6(.' 9"#' (6 ).'6/+3#'#0 6"#

/&,('52 .1 @) (' S1-'4# +'0 O#H013?4#RN#D1- h 6"#/#<4 &',+91&,,4? )+*/()(.&2,4 +'0

+/<(6/+/(,4 0#*/(3('5 6"# 5.3#/'8#'6 .1 (62 /(5"6 6. 3.6# 2#\&#26#/#0 2"+/#2

*&/)"+2#0 9(6" ).).'&6 ,#34 1&'02 9"()" +/# ,"%=1 >14%' *&<,() 1&'02;

A&/6"#/8./#? @: 0(2+5/##2 9(6" @-? 9"()" /&,#0 6"+6 6"# 69.P6(#/#0 6#26 2".&,0 <#

+**,(#0 (' #3+,&+6('5 */(3+6# /#2*.'0#'62f ),+(8 .1 #7#/)(2('5 3.6('5 /(5"62 .3#/ 6"#

2#\&#26#/#0 2"+/#2 +'0 @- #11#)6(3#,4 "#,0 6"+6 6"# 2&<_#)6 +22#62 9#/# */(3+6# ('

)"+/+)6#/; L' 2&8? @: ".,0 @- ).88(66#0 5/+3# +<&2# .1 0(2)/#6(.' (' 5/.22,4

).'6/+0()6('5 +'0 #11#)6(3#,4 /#3#/2('5 #7(26('5 _&/(2*/&0#')#? +'0 (' 0#*/(3('5 6"#

5.3#/'8#'6 .1 (62 /(5"6 6. 3.6# 6"# 2#\&#26#/#0 I:G- 2"+/#2 9"()" +/# ,"%=1 >14%' *&<,() (' )"+/+)6#/;

4%"2#"%&%1/ 2#-&%#'C

]HETEA^TE? 6"# G#6(6(.' (2 "#/#<4 /012345 +'0 6"# +22+(,#0 ^/0#/ 643 16754 ;

!"# G:MM 2"+,, ).'6('&# 3.6('5 6"# 2#\&#26#/#0 2"+/#2 &'6(, @+'0(5+'<+4+' :(3(,

:+2# W.2; YYSSPJ? YYSSP- +'0 YYSSPA +/# 1('+,,4 +'0 ).8*,#6#,4 /#2.,3#0;

A&/6"#/8./#? 6"# @+'0(5+'<+4+' (2 8054045 6. 0#)(0# 9(6" 1('+,(64 6"# +1./#2+(0

)(3(, )+2#2 9(6"(' + *#/(.0 .1 2(7 NdO 8.'6"2 1/.8 '.6()#; L6 2"+,, /#*./6 6. 6"(2 :.&/6

.' 6"# */.5/#22 .1 6"# 2+(0 )+2#2 #3#/4 6"/## NSO 8.'6"2? .' *+(' .1 ).'6#8*6; !"#

G#6(6(.' (' L'6#/3#'6(.' (2 576976645 ('+28&)" +2 6"# /#,(#12 */+4#0 1./ +/# '.6

).3#/#0 <4 6"# 8+(' (22&#2 (' 6"(2 )+2#;

$#++%""%#' #) %'&/-'!3 -/1/'*/ 10 234&

50-0 '60 @8H>9H4TXTUVTP @B? >HHB

)!$&"C

A./ #\&(*8#'6? 8+)"('#/(#2 +'0 2*+/# *+/62 (6 (8*./6#0 1./ (62 <&2('#22o1/.8 ^)6.<#/ =ZZR 6. %+4 =ZZX? GDj! *+(0 6"# -LT 6"# +8.&'6 .1 G=dX?c=Y?ZcS;YY

1./a N+O ).8*#'2+6('5 6+7 .1 G=Rd?`=S?YS`;YYQ +03+')# 2+,#2 6+7 .1 G=R?XdY?R=Z;YY

+'0 .6"#/ ('6#/'+, /#3#'&# 6+7#2 .1 GRc?SS`?dZ`;YY; A./ 2(8(,+/ (8*./6+6(.'2

<#69##' %+/)" =ZZX 6. %+4 S=? =ZZX? GDj! *+(0 G==d?YX=?SSS;YY 3+,&#P+00#0 6+7

NCJ!O;

J2 + 1/+')"(2# ".,0#/? GDj! 9+2 #'6(6,#0 6. + 6+7 #7#8*6(.' */(3(,#5# &'0#/

TJ`YVR N5/+'6 .1 1/+')"(2#O? 9"()" */.3(0#0 6"+6 6"# 5/+'6## 2".&,0 *+4 + 1/+')"(2#

6+7 #\&(3+,#'6 6. S> .1 +,, 5/.22 /#)#(*62? +'0 6"+6 6"# 2+(0 *#/)#'6+5# 2"+,, <# ('

DLEI .1 +,, 6+7#2 .' 6"# 1/+')"(2#B (62 #+/'('52;

GDj! 9/.6# 6. 6"# -LT /#\&#26('5 ).'1(/8+6(.' .1 (62 #7#8*6(.' */(3(,#5#?

+'0 -LT ).'1(/8#0 6"(2? 2+4('5 6"+6 GDj! 9+2 ,(+<,# 1./ 6"# S> 1/+')"(2# 6+7 +'0

#7#8*6 1/.8 CJ! .' (62 (8*./6+6(.' .1 #\&(*8#'6; GDj! 1(,#0 + ),+(8 1./ 6+7/#1&'0 .1 6"# CJ!? ).8*#'2+6('5 6+7#2? +03+')# 2+,#2 6+7#2 +'0 .6"#/ 6+7#2 (6 "+0

<##' *+4('5 #//.'#.&2,4 1/.8 ^)6.<#/? =ZZRP j#)#8<#/? =ZZX;

:!J 5/+'6#0 6"# *#6(6(.' N+,6".&5" /&,('5 6"+6 + *./6(.' 1/.8 ^)6Pj#)=d?

=ZZR "+0 +,/#+04 */#2)/(<#0 +'0 9+2 <#4.'0 6"# RP4/ *#/(.0 +,,.9#0 <4 ,+9 1./

/#1&'02O? ./0#/('5 :LT 6. TEAIWj ./ 6. L@@IE (' 1+3./ .1 *#6(6(.'#/ + !+7 :/#0(6

:#/6(1()+6# (' 6"# /#0&)#0 +8.&'6 .1 GRRS?Rdc?R`d;YY /#*/#2#'6('5 #//.'#.&2,4

*+(0 CJ! +'0 .6"#/ 6+7#2 N).8*#'2+6('5? +03+')# 2+,#2? (8*./6+6(.'O 1/.8 =ZZR 6.

=ZZX;

52GTU M3 ;*' OGK &'4%-%#3( ,'33'& <: ;*'3 K--#4%1;' V0-;%4' W' X':"1( V0&?'

Q1?1 &%--'3;'&( +*# 4.1"%>%'& ;*1; ;*' Y%3 .%'0 #>Z ,"#$%-%#3 #> Q'4C[ "'>'"- #3.: ;#

WMNTOG ;1D'- 13& 3#; ;# %3&%"'4; ;1D'- -04* 1- XKG( 4#=,'3-1;%3? ;1D( 13& 1&$134'

-1.'- ;1D6!"# -LT 8.3#0 1./ /#).'2(0#/+6(.' +'0 6"# 2+8# 9+2 0#'(#0; :J +,2.

0(28(22#0 (62 +**#+,;

%""*/C]^W GDj! (2 #7#8*6 1/.8 *+48#'6 .1 CJ! .6"#/ 6+7#2 <4 3(/6&# .1 6"# */.3(2(.' ('

(62 1/+')"(2# 6"+6 6"# S> 1/+')"(2# 6+7 .' (62 5/.22 /#)#(*62 2"+,, <# (' ,(#& .1 +,,

6+7#2 .' (62 1/+')"(2# B #+/'('52

-!&%#C

W^? GDj! (2 '.6 #7#8*6 1/.8 CJ! +'0 .6"#/ 6+7#2;

!"# :.&/6 "+2 +,9+42 /&,#0 6"+6 !JFJ!L^W (2 6"# TIDE? +'0 #7#8*6(.' (2 6"#

#7)#*6(.'; !"&2? 26+6&6#2 5/+'6('5 6+7 #7#8*6(.'2 8&26 <# ).'26/&#0 26/()6,4





+5+('26 6"# 6+7*+4#/ +'0 ,(<#/+,,4 (' 1+3./ .1 6"# 6+7('5 +&6"./(64; !"#/#1./#? 6"#

<&/0#' .1 _&26(14('5 #7#8*6(.' (2 (8*.2#0 .' 6"# .'# 9". ),+(82 + /#1&'0;

!"# ),+&2# s(' ,(#& .1 +,, 6+7#2t (' @#) =R .1 TJ `YVR (2 (88#0(+6#,4 1.,,.9#0

<4 6"# ,(8(6('5 ./ \&+,(14('5 ),+&2# s.' 6"(2 1/+')"(2# ./ #+/'('52 6"#/#.1t?

2&55#26('5 6"+6 6"# #7#8*6(.' (2 ,(8(6#0 6. 6+7#2 (8*.2#0 jLTE:!Db .' GDj!? 2(')#

6+7#2 *#/6+('('5 6. GDj!f2 1/+')"(2# ./ #+/'('52 +/# (62 0(/#)6 ,(+<(,(64;

!"&2? ('0(/#)6 6+7#2? '.6 <#('5 6+7#2 .' GDj!f2 1/+')"(2# ./ #+/'('52? +/#

^I!@LjE 6"# *&/3(#9 .1 6"# s(' ,(#&t */.3(2(.';

!"# =Y> CJ! .' (8*./6+6(.' .1 5..02 *+/6+K#2 .1 +' #7)(2# 6+7 ,#3(#0 .' 6"#*/(3(,#5# .1 (8*./6('5 +/6(),#2; L6 (2 W^! + 6+7 .' 6"# 1/+')"(2# .1 + <&2('#22

#'6#/*/(2#? <&6 (2 (8*.2#0 .' +,, 6+7*+4#/2 9". (8*./6 5..02 9"#6"#/ ./ '.6 6"#

5..02 9(,, #3#'6&+,,4 <# 2.,0? <+/6#/#0? #7)"+'5#0 ./ &6(,(g#0 1./ *#/2.'+,

).'2&8*6(.';

G*' XKG #3 %=,#";1;%#3 "',.14'- ;*' 1&$134' -1.'- ;1D ,1:1<.' <: "'?0.1"

%=,#";'"- +*# %=,#"; 1";%4.'- >#" -1.' #" 1- "1+ =1;'"%1.- %3 ;*' =130>14;0"' #>

>%3%-*'& 1";%4.'- >#" -1 .'6

4QPTXZ Z<[TF 7 (8*.2(6(.'2 1./ 9"()" + 6+7*+4#/ (2 0(/#)6,4 ,(+<,# .' 6"# 6/+'2+)6(.'

./ <&2('#22 "# (2 #'5+5#0 (';

%RSQPTXZ Z<[TF P 6".2# 9"#/# 6"# ,(+<(,(64 1./ 6"# *+48#'6 .1 6"# 6+7 1+,,2 .' .'#*#/2.' <&6 6"# <&/0#' )+' <# 2"(16#0 ./ *+22#0 .' 6. +'.6"#/ *#/2.'? 2&)" +2 9"#'

6"# 6+7 (2 (8*.2#0 &*.' 5..02 <#1./# /#+)"('5 6"# ).'2&8#/ 9". &,6(8+6#,4 *+42

1./ (6;

• L' 6"(2 )+2#? +03+')# 2+,#2 6+7 "+2 6"# +66/(<&6#2 .1 +' ('0(/#)6 6+7 <#)+&2#

6"# 6+7P*+4('5 (8*./6#/ .1 5..02 1./ 2+,# ./ .1 /+9 8+6#/(+,2 6. <#

*/.)#22#0 ('6. 8#/)"+'0(2# )+' 2"(16 6"# 6+7 B ,+4 6"# s#).'.8() <&/0#'

.1 6"# 6+7t .' 6"# *&/)"+2#/? <4 2&<2#\&#'6,4 +00('5 6"# 6+7 6. 6"# 2#,,('5

*/()# .1 6"# (8*./6#0 +/6(),# ./ 1('(2"#0 */.0&)6

• :.8*#'2+6('5 6+7 +,2. *+/6+K#2 .1 6"# '+6&/# .1 +' #7)(2# 6+7 *+4+<,# <4

+,, *#/2.'2 9". (8*./6 +/6(),#2? 9"#6"#/ (' 6"# ).&/2# .1 <&2('#22 ./ '.6;

NG&/*.2#a 6. *,+)#? 1./ 6+7 *&/*.2#2? *#/2.'2 *&/)"+2('5 1/.8 8#/)"+'62

(' 6"# G"(,(**('#2 .' + 8./# ./ ,#22 #\&+, <+2(2 9(6" 6".2# 9". <&40(/#)6,4 1/.8 1./#(5' ).&'6/(#2O

4%"2#"%&%1/ 2#-&%#'CgD/-/)#-/? 6"# *#6(6(.' (2 *+/6(+,,4 5-!'&/40 !"# j#)(2(.' .1 6"# :.&/6 .1

J**#+,2 (' :JPM;T; W.; X`VZc 0+6#0 @#*6#8<#/ =`? =ZZZ (2 +#4%)%/4; !"#

:.88(22(.'#/ .1 L'6#/'+, T#3#'&# (2 #-4/-/4 6. (22&# + !+7 :/#0(6 :#/6(1()+6# ./

6. /#1&'0 6. GDj! .',4 6"# .1 GZX?d`S?XRR;YY +03+')# 2+,#2 6+7 +'0 ).8*#'2+6('5

6+7 #//.'#.&2,4 ).,,#)6#0 <4 6"# -&/#+& .1 :&26.82 1/.8 ^)6.<#/ =? =ZZR 6. %+4

S=? =ZZX? ,#22 6"# CJ! 9"()" 8+4 "+3# <##' 0&# .' 6"# (8*./6+6(.'2 (' \&#26(.'?

<&6 "+3# .6"#/9(2# /#8+('#0 &').,,#)6#0;

@^ ^TjETEj;

23!'&/-" 2-#4*$&"? %'$0 W22%\ EF0 )/-&%2D%3 $#-2#-!&%#'50-0 '60 @;;HH;

>HHG +<PX^ @8

)!$&"C

L' =ZVc? 6"#' G/#2(0#'6 %+/).2? #7#/)(2('5 "(2 ,#5(2,+6(3# *.9#/2? (22&#0

D#66#/ .1 L'26/&)6(.' ND^LO W.; =Xdc */.3(0('5 1./ 6"# (8*.2(6(.' .1 + )+*(6+,/#).3#/4 ).8*.'#'6 N:T:O .1 '.6 ,#22 6"+' G=Y *#/ <+5 .' 6"# 0.8#26() 2+,# .1 +,,

5/+0#2 .1 1#/6(,(g#/2 (' 6"# G"(,(**('#2; !"(2 )+*(6+, ).'6/(<&6(.' 2"+,, <# ).,,#)6#0

&'6(, +0#\&+6# )+*(6+, (2 /+(2#0 6. 8+K# GGL 3(+<,#;

A#/6(*"(, *+(0 G=Y 6. 6"# A#/6(,(g#/ +'0 G#26()(0# J&6"./(64 NAGJO 1./ #3#/4

<+5 2.,0; AGJ 6"#' /#8(66#0 6"# +8.&'6 ).,,#)6#0 6. 6"# A+/ E+26 -+'K +'0 !/&26

:.8*+'4 NAE-!:O? 6"# 0#*.2(6+/4 <+'K .1 GGL; J16#/ 6"# =ZVd Ej@J T#3.,&6(.'? AGJ

3.,&'6+/(,4 26.**#0 6"# (8*.2(6(.' .1 6"# G=Y ,#34; A#/6(*"(, 0#8+'0#0 1/.8 GGL +

/#1&'0 .1 6"# +8.&'62 (6 *+(0? <&6 GGL /#1&2#0 6"# 2+8#; A#/6(*"(, \&#26(.'#0 6"#

).'26(6&6(.'+,(64 .1 6"# D^L 1./ <#('5 &'_&26? &'/#+2.'+<,#? .**/#22(3#? ('3+,(0? +'0

+' &',+91&, (8*.2(6(.' 6"+6 +8.&'6#0 6. + 0#'(+, .1 0&# */.)#22; L6 +,2. +,,#5#0

6"+6 6"# D^L 2.,#,4 1+3./#0 GGL? + */(3+6#,4 .9'#0 )./*./+6(.'? 9"()" &2#0 6"#

*/.)##02 6. 8+('6+(' (62 8.'.*.,4 .1 6"# 1#/6(,(g#/ ('0&26/4; ^' 6"# .6"#/ "+'0? AGJ).&'6#/#0 6"+6 6"# (22&+')# .1 6"# D^L 9+2 + 3+,(0 #7#/)(2# .1 *.,()# *.9#/ ('

#'2&/('5 6"# 26+<(,(64 .1 6"# 1#/6(,(g#/ ('0&26/4;

!"# 6/(+, +'0 +**#,,+6# ).&/62 /&,#0 (' 1+3./ .1 A#/6(*"(,;

%""*/"C

=; ]BW 6"# D^L 9+2 + 3+,(0 #7#/)(2# .1 *.,()# *.9#/;

R; ]BW 6"# D^L 9+2 ).'26(6&6(.'+,;

S; ]BW 6"# 0.)6/('# .1 .*#/+6(3# 1+)6 (2 +**,()+<,#;

-!&%#C=; W.? (6 9+2 +' #7#/)(2# .1 6"# *.9#/ .1 6+7+6(.';

G.,()# *.9#/ (2 6"# *.9#/ .1 6"# @6+6# 6. #'+)6 ,#5(2,+6(.' 6"+6 8+4 ('6#/1#/#9(6" *#/2.'+, ,(<#/64 ./ */.*#/64 (' ./0#/ 6. */.8.6# 6"# 5#'#/+, 9#,1+/#? 9"(,# 6"#

*.9#/ .1 6+7+6(.' (2 6"# *.9#/ 6. ,#34 6+7#2 6. <# &2#0 1./ *&<,() *&/*.2#; !"#

8+(' *&/*.2# .1 *.,()# *.9#/ (2 6"# /#5&,+6(.' .1 + <#"+3(./ ./ ).'0&)6? 9"(,#

6+7+6(.' (2 /#3#'&# 5#'#/+6(.'; !"# s,+91&, 2&<_#)62t +'0 s,+91&, 8#+'2t 6#262 +/#

&2#0 6. 0#6#/8('# 6"# 3+,(0(64 .1 + ,+9 #'+)6#0 &'0#/ 6"# *.,()# *.9#/ 9"(,# 6"#

*.9#/ .1 6+7+6(.' (2 )(/)&82)/(<#0 <4 ('"#/#'6 +'0 ).'26(6&6(.'+, ,(8(6+6(.'2;

]"(,# (6 (2 6/&# 6"+6 6"# *.9#/ .1 6+7+6(.' )+' <# &2#0 +2 +' (8*,#8#'6 .1

*.,()# *.9#/? 6"# */(8+/4 *&/*.2# .1 6"# ,#34 (2 /#3#'&# 5#'#/+6(.'; L1 6"# *&/*.2#

(2 */(8+/(,4 /#3#'&#? ./ (1 /#3#'&# (2 +6 ,#+26 .'# .1 6"# /#+, +'0 2&<26+'6(+,

*&/*.2#2 6"#' 6"# #7+)6(.' (2 */.*#/,4 )+,,#0 + 6+7;

!"# G=Y ,#34 &'0#/ 6"# D^L (2 6.. #7)#22(3# 6. 2#/3# + 8#/# /#5&,+6./4

*&/*.2#; !"# ,#34 9+2 + <(5 <&/0#' .' 6"# 2#,,#/ .1 6"# &,6(8+6# ).'2&8#/; L6





(')/#+2#0 6"# */()# .1 + <+5 .1 1#/6(,(g#/ <4 +2 8&)" +2 c>; J,2.? 6"# D^L #7*/#22,4

*/.3(0#0 6"+6 6"# ,#34 9+2 (8*.2#0 s&'6(, +0#\&+6# )+*(6+, (2 /+(2#0 6. 8+K# GGL

3(+<,#;t

R; W.? 6"# 6+7 &'0#/ 6"# D^L (2 &').'26(6&6(.'+, 2(')# (6 9+2 '.6 ,#3(#0 1./ +

*&<,() *&/*.2#? <&6 6. 5(3# &'0&# <#'#1(6 6. GGL; J' ('"#/#'6 ,(8(6+6(.' .' 6"# *.9#/ .1 6+7+6(.' (2 *&<,() *&/*.2#; !+7#2

)+''.6 <# &2#0 1./ *&/#,4 */(3+6# *&/*.2#2 ./ 1./ 6"# #7),&2(3# <#'#1(6 .1 */(3+6#

*#/2.'2 1./ 6"# *.9#/ 6. 6+7 #7(262 1./ 6"# 5#'#/+, 9#,1+/#; L6 9.&,0 <# + /.<<#/41./ 6"# @6+6# 6. 6+7 (62 )(6(g#'2 +'0 &2# 6"# 1&'02 5#'#/+6#0 1./ + */(3+6# *&/*.2#;

J2 +' .,0 I@ )+2# <,&'6,4 *&6 (6a s!. ,+4 9(6" .'# "+'0? 6"# *.9#/ .1 6"#

5.3#/'8#'6 .' 6"# */.*#/64 .1 6"# )(6(g#'? +'0 9(6" 6"# .6"#/ 6. <#26.9 (6 &*.'

1+3./#0 ('0(3(0&+,2 6. +(0 */(3+6# #'6#/*/(2#2 +'0 <&(,0 &* */(3+6# 1./6&'#2? (2

'.'#6"#,#22 + /.<<#/4 <#)+&2# (6 (2 0.'# &'0#/ 6"# 1./82 .1 ,+9 +'0 (2 )+,,#0

6+7+6(.';t

!"# 6#/8 s*&<,() *&/*.2#t (2 '.6 0#1('#0; n&/(2*/&0#')# 26+6#2 6"+6 (6 2".&,0

<# 5(3#' + </.+0 ('6#/*/#6+6(.'; L6 0.#2 '.6 .',4 *#/6+(' 6. 6".2# *&/*.2#2 9"()"

+/# 6/+0(6(.'+,,4 3(#9#0 +2 #22#'6(+,,4 5.3#/'8#'6 1&')6(.'2? 2&)" +2 <&(,0('5 /.+02

+'0 0#,(3#/4 .1 <+2() 2#/3()#2? <&6 +,2. ('),&0#2 6".2# *&/*.2#2 0#2(5'#0 6.

*/.8.6# 2.)(+, _&26()#;

L' 6"(2 )+2#? 6"# D^L #7*/#22,4 */.3(0#0 6"+6 6"# ,#34 <# (8*.2#0 6. /+(2#)+*(6+, 1./ GGL? + */(3+6# ).8*+'4; @&)" (8*.2(6(.' 9+2 ).'0(6(.'+, +'0 0#*#'0#'6

&*.' GGL <#).8('5 1('+')(+,,4 3(+<,# 9(6".&6 1(7('5 + 8+7(8&8 +8.&'6 9"()"

8+K#2 6"# ,(+<(,(64 .1 0.8#26() 2#,,#/2 .1 1#/6(,(g#/ ('0#1('(6#; J,2.? 6"# ,#3(#2 *+(0

9#/# 0(/#)6,4 /#8(66#0 6. AE-!:? 6"# 0#*.2(6+/4 <+'K .1 GGL; A('+,,4? 6"# ,#34 9+2

&2#0 6. *+4 6"# )./*./+6# 0#<62 .1 GGL; J /#+0('5 .1 6"# D#66#/ .1 I'0#/6+K('5

2(5'#0 <4 6"# G/(8# %('(26#/ C(/+6+ /#3#+,2 6"+6 GGL 9+2 (' 0##* 1('+')(+, */.<,#8

<#)+&2# .1 (62 "&5# )./*./+6# 0#<62 +6 6"+6 6(8#;

L' +'4 )+2#? 6"# D^L 9(,, 26(,, <# &').'26(6&6(.'+, #3#' (1 #'+)6#0 &'0#/ 6"#

@6+6#f2 *.,()# *.9#/ <#)+&2# (6 0(0 '.6 */.8.6# *&<,() ('6#/#26; !"# D^L 1+(,#0 6.

).8*,4 9(6" 6"# 6#26 .1 ,+91&, 2&<_#)62 h 1./ 5(3('5 GGL +,.'# &'0&# <#'#1(62Q +'0

6"# 6#26 .1 ,+91&, 8#+'2 h 6"# 8#6".0 <4 9"()" 6"# D^L 2.&5"6 6. +)"(#3# 6"#

).'6('&#0 2&**,4 +'0 0(26/(<&6(.' .1 1#/6(,(g#/ (' 6"# ).&'6/4 (2 <4 '. 8#+'2 +8#+2&/# 6"+6 9(,, */.8.6# 6"# *&<,() 9#,1+/#; !"# 5.3#/'8#'6f2 ).88(68#'6 6.

2&**./6 6"# 2&))#221&, /#"+<(,(6+6(.' +'0 ).'6('&#0 3(+<(,(64 .1 GGL (2 +' +66#8*6 6.

8+2K 6"# D^Lf2 (8*+/6(+,(64;

S; W.? GGL 8&26 5(3# 6"# /#1&'0;

GGL +/5&#2 6"+6 A#/6(*"(, )+''.6 2##K + /#1&'0 #3#' (1 6"# D^L (2

&').'26(6&6(.'+, (' 3(#9 .1 6"# 0.)6/('# .1 .*#/+6(3# 1+)6 9"()" */.3(0#2 6"+6 +'

&').'26(6&6(.'+, ,+9 "+2 +' #11#)6 <#1./# <#('5 0#),+/#0 &').'26(6&6(.'+,;

!"# 5#'#/+, /&,# (2 6"+6 +' &').'26(6&6(.'+, ,+9 (2 3.(0; L6 */.0&)#2 '. /(5"62?

(8*.2#2 '. 0&6(#2 +'0 +11./02 '. */.6#)6(.'; L6 "+2 '. ,#5+, #11#)6 +2 (1 (6 "+0 '.6

<##' *+22#0; !"# D^L <#('5 3.(0? A#/6(*"(, "+0 '. .<,(5+6(.' 6. *+4 6"# ,#34; H#')#?

+,, 6"# ,#3(#2 *+(0 2".&,0 <# /#1&'0#0 (' +))./0+')# 9(6" 6"# 5#'#/+, )(3(, ).0#

*/(')(*,# +5+('26 &'_&26 #'/()"8#'6;

!"# 0.)6/('# .1 .*#/+6(3# 1+)6 (2 +**,()+<,# .',4 9"#' + 0#),+/+6(.' .1

&').'26(6&6(.'+,(64 9(,, (8*.2# +' &'0&# <&/0#' .' 6".2# 9". "+3# /#,(#0 .' 6"#

('3+,(0 ,+9; L' 6"(2 )+2#? 6"#/# (2 '.6"('5 ('(\&(6.&2 (' ./0#/('5 GGL 6. /#1&'0 6"#

+8.&'62 *+(0 <4 A#/6(*"(,; ^' 6"# ).'6/+/4? GGL &'0&,4 <#'#1(6#0 1/.8 6"# ,#34

"#')#? (6 9.&,0 <# ('#\&(6+<,# +'0 &'_&26 '.6 6. ./0#/ + /#1&'0;

4%"2#"%&%1/ 2#-&%#'C]HETEA^TE? 6"# *#6(6(.' (2 jEWLEj; !"# :.&/6 .1 J**#+,2 j#)(2(.' 0+6#0

W.3#8<#/ RV? RYYS (2 JAALT%Ej;

TAX General Principles02

Documents

Transcript of TAX General Principles02