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Alle Angaben und Rezepte in diesem Buch wurden
nach bestem Wissen und Gewissen zusammengestellt,
eine Gewhr fr die Richtigkeit wird jedoch nicht ber-
nommen. Infolgedessen lassen sich fr die praktische
Umsetzung des hier Dargestellten keine Haftungsan-
sprche gegenber der Autorin ableiten

Fotonachweis:

alle Fotos in diesem Buch stammen von Gudrun-Aime Spalke

Alle Rechte vorbehalten

Nachdruck, auch auszugsweise, sowie Verbreitung


durch Film, Funk, Fernsehen, Internet, durch
fotomechanische Wiedergabe, Tontrger und
Datenverarbeitungssysteme jeglicher Art nur mit
schriftlicher Genehmigung der Autorin. Einfacher
Ausdruck fr private Zwecke ist erlaubt. Keine
Weitergabe von Kopien.

1. Auflage 2012

Impressum

Titel: Brot und Brtchen selber backen


Kreativ backen mit Sauerteig und Hefe

Autorin: Gudrun-Aime Spalke


Erscheinungsjahr: 2012
Erscheinungsort: Berlin
Herausgeberin: Gudrun-Aime Spalke

Hochsitzweg 155
14169 Berlin
Mail: info@brote-selber-backen.de
www.brote-selber-backen.de

Copyright Bild und Text: 2012 Gudrun-Aime Spalke


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163-4'-1A-6*:7< :7<- .G: 2-,-6 $)/

=6 .7:5< 5)6 ,-6 $-1/ A=       16=<-6


  -16-: /4)<<-6 =/-4 =6, 4E;;< 106 
 
   16=<-6
51< -16-5 .-=+0<-6 $=+0 )*
  / :1;+00-.- /-,-+3< ;74)6/- /-0-6 *1; -:
  $ (=+3-: ;1+0 >-:,788-4< 0)< ); ,)=-:<

  54 ?):5-; ');;-: 16 -<?)
 16=<-6
  / '-1A-6>74437:65-04
  / 163-4>74437:65-04 -6 .-6 )=.  :), >7:
  /-0E=.<-6 $ #)4A 0-1A-6 1- $-1/3=/-4 67+0 -16
   54 ?):5-; ');;-: 5)4 51< ,-6 E6,-6 36-<-6 =6,
-16-6 :7<4)1* .7:5-6 1< -16-5
;+0):.-6 -;;-: ?1:, ,1-;-: >1-:
)4 ;+0:E/ /-:1<A< )6 *-,-+3<
- -.- A-:*:F+3-46 =6, 51< ,-6 "70416/ 51< -16-5 $=+0 =6,
,-5 (=+3-: =6,  54 4E;;< ,); :7<  16=<-6 /-0-6
');;-: >-::G0:-6 '-1A-6
=6, 163-45-04 A=;)55-6 16 =6 ?1:, ,); :7< 51< ');;-:
-16- "G0:;+0G;;-4 /-*-6 -16- *-816;-4< =6, *-1  :),
&-:<1-.=6/ 016-16 ,:G+3-6 =6, /-*)+3-6 )+0  16=<-6 :-,=
,1- )=./-4F;<- -.- -16.G44-6 A1-:< 5)6 ,1- 1<A- )=.  :),
1< ,-: )*-4 4-1+0< -1651;+0-6 *-;8:G0< ,); :7< 67+0 -165)4
=6,  16=<-6 /E:-6 4);;-6 51< ');;-: =6, *)+3< ,-6 :7<
; -6<?1+3-4< ;1+0 -16 ;+0)= 4)1* 67+0 ?-1<-:-
 *1; 
51/-: &7:<-1/ 16=<-6 %54=.< 06- %54=.<
0-:, >-:4E6/-:< ;1+0 ,1- )+3A-1<
=6 /1*< 5)6 ,); #)4A =6, ,); =5 -<?)  16=<-6
:-;<41+0- ');;-: 016A= =6,
36-<-< ,); )6A- -6<?-,-: ); :7< 1;< .-:<1/ ?-66 -; *-15  !  "!
 16=<-6 51< ,-: )6, 478.-6 0704 3416/< -1 ,-5 01-:  ! 
7,-: .G6. *1; )+0< 16=<-6 51< /-*)+3-6-6 :7< ?=:,-6 A?-1  # $&
,-: 6-<5);+016- -: $-1/ (1-/-4;<-16- )=. ,-6 7,-6 ,-; !'!
;744<- ;1+0 )44-16- >75 ")6, )+37.-6; /-4-/< =6, ,); 4-+0
4F;-6 -1 -,):. -6<?-,-: 51< ,-5 :7< ,1:-3< ,):)=.
-<?); 5-0: ');;-: 7,-: 5-0: /-;<-44< ); :7< ?=:,- ,=:+0
-04 016A=/-*-6 ,1-;-; &-:.)0:-6 ;+0F6 *:)=6


):<7..-4*:7< :7<- .G: 2-,-6 $)/

,-5 &7:<-1/ =6, .G/< ,);


  :-;<41+0- -04 016A= =6 ?1:,
  / '-1A-6 .-16 ,-: $-1/ 51<014.- -16-: G+0-6
/-5)04-6 5);+016- .G6. *1; )+0< 16=<-6
  54 ');;-: /-36-<-<

  54 14+0
  'G:.-4 -.- )66 ;744<- -:
 16=<-6 16 ,-:
  $ (=+3-: 'E:5-   *1; :), /-0-6
   / /-37+0<- )+0 ,1-;-: (-1< 0)< ,-: $-1/
):<7..-46 >75 &7:<)/ ;1+0 ,-=<41+0 >-:/:FD-:< )6
  =<<-: ;+04E/< 106 A=;)55-6 =6,
 $ #)4A 36-<-< 106 >76 )6, ,=:+0 =6
 :1;- =;3)< ?1:, -16 :7<4)1* /-.7:5< ,-:
?1-,-:=5
 *1;  16=<-6 )=.
,-5 )+3*4-+0 )*,-+3-6 /-
0-6 ;744<-
);
!!
):<7..-4*:7< -6<0E4< ,)63
,-: ):<7..-46 >1-4 -=+0<1/3-1< )6 0-1A< ,-6 .-6 )=. 
=6, 0E4< ;1+0 )=; ,1-;-5 :=6, :), >7: =6, *)+3< ,); :7<
4E6/-: )4; -16 67:5)4-; &74437:6 -<?)  16=<-6 '-66 5)6
*:7< -16- #+0G;;-4 0-1D-; ');;-: 51<
16 ,-6 .-6 ;<-44< ?1:, ,); :7<
)6 ;<-44< )=; -<?); &74437:6 *-;;-: *:)=6
5-04 ,-: -.- ,-5 (=+3-: =6,     !
 54 ?):5-6 ');;-: -16-6 )6 3)66 )=+0 A?-1 34-16-
 !!! ! % "
&7:<:-1/ 0-: ,-: A-06 16=<-6 :7<- )=; ,-5 $-1/ .7:5-6 =6,
!  
/-0-6 ;744<- -16; 6)+0 ,-5 )+3-6 -16

   " 
.:1-:-6
'E:-6, ,1-;-: (-1< 8-44< 5)6 ,1-
*-:-1<; /-37+0<-6 ):<7..-46 =6,
;<)58.< ;1- =6<-: (=;)<A ?):5-:
14+0 ,-5 #)4A ,-: =<<-: =6,
,-5 =;3)< 34-16       16=<-6

    16=<-6
)6 51;+0< ,-6 ):<7..-4*:-1 51<

"7//-6*:7< 51< #)=-:<-1/-@<:)3< :7<- .G: 2-,-6 $)/

)44-16- >75 ")6, 4F;-6 -1 =6, ;E=-:41+0 /-;+05-+3< =6, ?):
  -,):. -6<?-,-: -<?); 5-0: )=+0 61+0< A= .-;<
');;-: 7,-: 5-0: -04 016A=
  / "7//-6 .-16 /-5)04-6 /-*-6       16=<-6
  / '-1A-6 .-16 /-5)04-6 
 
 
16=<-6

  'G:.-4 .:1;+0- -.- -: $-1/ 5)+0< -16-6 :-+0<


  / #)=-:<-1/-@<:)3< 3758)3<-6 16,:=+3 =6 4E;;<
  $ 761/ 5)6 106 )*/-,-+3< -<?)

  $ #)4A 16=<-6 ;<-0-6 )6 3)66 106
  / G:*1;3-:6- )=+0 4E6/-: /-0-6 4);;-6 ,);
  54 4)=?):5-; ');;-: <=< 105 -0-: /=< )44; -; 15
")=5 61+0< ?):5 /-6=/ ;-16
;744<- ?1:, ,-: $-1/ ;1+0 3)=5
 )6 -:0E4< 51< ,-6 7*-6 /- *-?-/-6 6 ,1-;-5 &-:;=+0
6)66<-6 (=<)<-6 -16 34-16-; 51< @<:)3< ?=:,- ,-: $-1/
:7< >76 -<?)  *1;  / )6;)<A G*-: )+0< ;<-0-6
-?1+0< ; ?=:,- 6=: ,1- /-4);;-6 )+0 ,1-;-: (-1< :7+0
E4.<- ,-; @<:)3<; >-:?-6,-< -: ,-=<41+0 ;E=-:41+0 =6, ?):
)=+0 -<?); 07+0/-/)6/-6
1- -.- A-:*:F+3-46 =6, 51<
,-5 761/ =6,  54 ');;-: )6 0-1A< A=5 )+3-6 ,-6 .-6
>-::G0:-6 '-1A-6 =6, "7/ )=.  :), >7: 36-<-< ,1-
/-65-04 A=;)55-6 16 -16- $-1/3=/-4 67+0 -165)4 51< ,-6
"G0:;+0G;;-4 /-*-6 -16- &-: E6,-6 =6, .7:5< ;1- A= -16-5
<1-.=6/ 016-16 ,:G+3-6 =6, ,1- :7<4)1* 1< -16-5 ;+0):.-6
)=./-4F;<- -.- -16.G44-6 1< -;;-: ?1:, ,); :7< >1-: )4
,-: )*-4 4-1+0< -1651;+0-6 ;+0:E/ /-:1<A< )6 *-,-+3< ,-6
=6,  16=<-6 /E:-6 4);;-6 "70416/ 51< -16-5 $=+0 =6,
; -6<?1+3-4< ;1+0 -16 ;+0)= 4E;;< ,); :7<  16=<-6 "! "  )! !!
51/-: &7:<-1/ /-0-6 )6)+0 ?1:, ,); :7<  %" )"  !
51< ');;-: *-816;-4< =6, *-1 ! "! !
=6 /1*< 5)6 ,); #)4A ,-6  :), /-*)+3-6 1- )+3   !   "
#)=-:<-1/-@<:)3< ,1- -:6- A-1< *-<:E/< .G: ,); 34-16- :7<
=6, ,); :-;<41+0- ');;-: 016A= *-1 -16-5 %54=.<0-:, -<?)

=6, 36-<-< ,); )6A- .G6. *1; 16=<-6 ); :7< 0)< 4-+3-:
)+0< 16=<-6 51< ,-: 6-<
5);+016- -: $-1/ ;744<- ;1+0 
).-:5-04*:7< :7<- .G: 2-,-6 $)/

;-0: 34-*< 16-6 7>)4-6 :7<4)1*


  .7:5-6 ,1-;-6 )*,-+3-6 =6,
67+0 -165)4
 16=<-6 :=0-6
  / ).-: .-16 4);;-6
/-5)04-6
   54 14+0 )6)+0 ,); :7< 51< ');;-:

 $ $:7+3-60-.- *-;<:-1+0-6 51< -16 8)): )
  $ #)4A .-:.47+3-6 *-;<:-=-6 =6, ,-6
   6-=<:)4-; B4 )1* .G:
16=<-6 *-1  :),
   / '-1A-6 7,-: *)+3-6 16 /:FD-:-; :7< *-1
)5=< .-16 &-:,7884=6/ ,-: (=<)<-6 ?G:,-
  54 ');;-:  16=<-6 4E6/-: 15 .-6
*)+3-6 5G;;-6

      16=<-6
1-;-; 34-16- ).-:5-04*:7< 
 
 
16=<-6
  / 0)< /-6)= ,1- :1+0<1/-
:FD- .G: -16-6 #16/4- 7,-:
(?-1 -:;76-6)=;0)4< =:+0
,-6 ).-: *-3755< -; -16- 3:G
5-41/- :=5- =6, ;+05-+3<
,-;0)4* 4-1+0< ;GD41+0 )6 3)66
-; ,-667+0 51< E;- 7,-: ):
5-4),- -;;-6

)6 ?-1+0< ,-6 /-5)04-6-6 )


.-: 16 ,-: 14+0 -16 =6, 4E;;< 106
 16=<-6 9=-44-6 )66 ,1-
)6,-:-6 (=<)<-6 016A=.G/-6 =6,
,-6 $-1/ 51< ,-: );+016- 36-
<-6 ); )6A-
 16=<-6 /-
0-6 4);;-6

)6)+0 51< ,-: )6, 3=:A


36-<-6 ,)*-1 -<?); 5-0: -04
016A=/-*-6 ?-66 ,1- );;- A= 
"7//-6F:6-:*:7< :7<- .G: 2-,-6 $)/

  /-4F;<- -.- A=5 $-1/ ;7?1- ,1-


)*/-3G04<-6 -<:-1,-3F:6-: );
  / "7//-65-04   -51;+0 A-06 16=<-6 4)6/ :G0
  / '-1A-6>74437:65-04 :-6 =6, ,)66 .G: 16=<-6 )6


 / #)=-:<-1/ -16-5 ?):5-6 :< )*/-,-+3<
  / .:1;+0- -.- /-0-6 4);;-6
  $ (=+3-:
  / #)4A -: $-1/ 1;< ;-0: 34-*:1/ =6,
  54 ');;-: 4E;;< ;1+0 3)=5 51< ,-6 E6,-6
  / #-+0;37:6/-<:-1,- .7:5-6 5 6,- ,-: -0A-1<
  54 ');;-: 0-1A< 5)6 ,-6 )+37.-6 )=. 
:), >7: =6, .G44< ,-6 $-1/ 51<
14.- -16-; 7+04F..-4; 16 -16- 51<
)+38)81-: )=;/-4-/<- );<-6

 5 7:/-6 7,-: )5 $)/ >7:


.7:5 )6 ;<:-1+0< ,1- *-:
.4E+0- ,-; "70416/; 51< ,-:
,-5 )+3-6  / -<:-1,- 16 "G+3;-1<- ,-; 6);;-6 7+04F..-4;
 54 ');;-: 16 -16-5 7+0 /4)<< =6, 4E;;< ,-6 $-1/ 67+0
<78. /-*-6 =6, A-06 16=<-6 -165)4  16=<-6 /-0-6
4-1;- 37+0-6 )66 ,-6 -:,
)*;+0)4<-6 =6, )=;9=-44-6 ); :7< ?1:, 6=6 .G:
4);;-6 ); -<:-1,- ;)=/< ,); 16=<-6 *-1  *1;  :),
');;-: 37584-<< )=. /-*)+3-6 )+0
 16=<-6
3)66 ,1- 1<A- -<?); )*/-;-63<
1- -.- A-:*:F+3-46 =6, A= ?-:,-6 6 ,-6 .-6 ;<-44< 5)6
;)55-6 51< ,-5 (=+3-: =6, -16 $76;+0G;;-4+0-6 51< ');;-:
 54 ?):5-5 ');;-: =6, )6 3)66 )=+0 ,); :7< 3=:A >7: $18
,-5 (=+3-: 16 -16-5 4); ,-5 )+3-6 67+0 -165)4 51<
-:);8-4<-; -5G;- A=5
>-::G0:-6 ');;-: *-;<:-1+0-6 :/1*< -16
-1;81-4 F0:-6 7,-: (=++0161
/:7D-; );<-6*:7< >76  
5)+0-6 -16 :7< *-;76,-:;
'-1A-6>74437:6 "7//-65-04 :)55
;).<1/ #1-0- )=+0 "-A-8< .G:
#)4A =6, #)=-:<-1/ 16 -16-:
"7//-6*:7< 51< F0:-6 )=.
"G0:;+0G;;-4 >-:51;+0-6 1-
#-1<- 
&-:?-6,=6/ -16-; -4-3<:1;+0-6       16=<-6
"G0:/-:E<-; 1;< 014.:-1+0 =6 
 
   16=<-6
/1*< 5)6 ,1- 16 ');;-: )=.

  
:7<- .G: 2-,-6 $)/


  / 7=;+7=;
   54 0-1D-; ');;-:

  / =<<-:
  $ #)4A
  $ (=+3-:

 / '-1A-6 .-16
  54 ');;-:

7=;+7=; 51< ,-5 37+0-6,-6


');;-: G*-:/1-D-6 =6, A-06 1
6=<-6 9=-44-6 4);;-6

1< -<?); '-1A-65-04 (=+3-:


=6, ,-: 16 ?-61/ ');;-:
/-4F;<-6 -.- -16-6 &7:<-1/ )6
;-<A<-6 =6, 3=:A /-0-6 4);;-6

=6 :G0:< 5)6 )=; ,-5 &7:<-1/


,-5 :-;<41+0-6 -04 ,-: ?-1
+0-6 =<<-: =6, ,-5 #)4A -16-6
-4);<1;+0-6 $-1/ 1-;-: ;744<-

16=<-6 /-0-6 )*-1 >-:,78
8-4< ;1+0 ,); $-1/>74=5-6

-<A< 3)66 5)6 ,-6 /-9=744-6-6


7=;+7=; 016A=.G/-6 )44; ,-
$-1/ A= .-=+0< 1;< 51< ?-1<-:-5
-04 .-;<-: 5)+0-6 -: $-1/
4E;;< ;1+0 /=< 51< ,-6 E6,-6
36-<-6 )6 .7:5< -16-6 :7<
4)1* ,-: )=. ,-5 )+3*4-+0
?1-,-:=5
 16=<-6 /-0-6
,):.

6A?1;+0-6 ?1:, ,-: )+37.-6


)=.  :), >7:/-0-1A< )6
*)+3< ,); :7< .G:  *1;   "! " ! ! ! "!
16=<-6

      16=<-6

     16=<-6

$18
6 ');;-: /-9=744-6;
-<:-1,- ;7:/< 15 :7< .G:
-=+0<1/3-1< 6;<)<<
7=;+7=; 3)66 5)6
)=+0 /=< !=167) 7,-:
/)6A- '-1A-63F:6-:
-16;-<A<-6


)=;*:7< "7//-651;+0*:7< :7<- .I: 2-,-6 $)/

E6,-6 36-<-6 41-D- 1-


  78<15)4- -6/- ');;-: 5=;;
5)6 )*;8I:-6 (=>1-4 -04

  / #)=-:<-1/ 5)+0< ,); :7< <:7+3-6 A=?-61/

!3 $:7+3-60-.- -04 -:;+0?-:< ,); 6-<-6 =6,
 / '-1A-65-04 7:5-6 8-: )6,
 -<?)
 54 ');;-:

 #)4A =6 4E;;< 5)6 ,-6 $-1/ -16-

$ (=+3-:
#<=6,- /-0-6 6 ,1-;-5 )44
  / #-;)5 6)+0
;<)6, -: ;7/): A?-1 #<=6,-6 ;
-41-*-6
;+0),-< )4;7 61+0< ?-66 5)6
,-6 $-1/ 5)4 J>-:/1;;<K % $"& %& '& '!!

6;+041-D-6, ?=:,- ,-: $-1/


1- ;+0H6- :=;<- 0)< ,); )=; =6<-: (=/)*- >76 ?-61/ -04
*:7< >75 5-0:5)41/-6 -;8:I0-6 8-: )6, ,=:+0/-36-<-< 1< B4
51< ');;-: ?E0:-6, ,-; )+3-6; )6 ,-6 E6,-6 /-0< ,); /)6A
=:+0 3:-=A?-1;-; 16;+06-1,-6 /=< : ?=:,- /-.7:5< =6, )6
,-; /-.7:5<-6 $-1/; -6<;<-0< ,1- ,-: *-:.4E+0- 3:-=A?-1;- -16 ' %  )'$
)=./-*:7+0-6- *-:.4E+0- % !*' ! $
/-:1<A<
& % $"& &)%
$/ '! ($-!$& !
)6 /1*< A=  *1; / #)=-: =6 3)66 ,-: :7<4)1* .I: -<?) %  *' 0,!
<-1/ -<?)  *1; / '-1A-6  *1;  16=<-6 16 ,-6 )+3
5-04 1-: ?=:,- ?-1D-; -04 7.-6 : ?=:,- 5-0:5)4; *-
>-:?-6,-< 5)6 3)66 -; )=+0 ;8:I0<
,=:+0 &74437:65-04 -:;-<A-6 7,-:
163-45-04 6-05-6

=6 .I/< 5)6 #-;)5 (=+3-:       16=<-6


-.- =6, #)4A 016A= =6, ;7>1-4 
   *1;  16=<-6
');;-: ,);; ,-: $-1/ A?): .-=+0<
1;< ;1+0 2-,7+0 )=+0 51< ,-6

#+0?):A*:7< !=58-:61+3-4 E0641+0 :7<- .I: 2-,-6 $)/

51<<-4/:7*- "7//-65-04 51< .E01/- '-+3/4E;-: A= .I44-6


  ,-5 #)=-:<-1/ =6, .I/< ,1- ,:-1>1-:<-4 >744 -/-6 6,- ,-:

 / #)=-:<-1/ /-37+0<-6 "7//-63H:6-: 016A= )+3A-1< ?-:,-6 ,)66 ,1- -+3-4

/ /)6A-: "7//-6 =+0 ,); ');;-: ,); #)4A =6, )=./-4-/< =6, ,); :7< 51<

 / "7//-6 ,-: #1:=8 ?-:,-6 016A=/-.I/< =551; =6, 4)55-:6 67+0
.-16/-5)04-6 1< -16-: I+0-65)+016- ?1:, 0-1D >-:;+047;;-6 #7 ?1:, -;

 / "7//-4 51<<-4/:7* )44-; /=< >-:5-6/< -: $-1/ 1;< 376;-:>1-:< =6, 0E4< >1-4-
/-5)04-6 :-+0< 34-*:1/ : 5=;; 6=6 76)<- .)44; -; 61+0< >7:0-: )=.

 54 ');;-: 16=<-6 )*/-,-+3< :=0-6 /-/-;;-6 ?1:,

/ #)4A
  / #1:=8 )+0 ,-: "=0-A-1< ?1:, ,-: $-1/ )6 3)66 ,-5 $-1/ A=;E<A41+0
67+0 -165)4 3:E.<1/ ,=:+0/- 67+0  / #766-6*4=5-63-:6-
36-<-< =6, ,)66 16 -16- 51< A=;-<A<-6
)+38)81-: )=;/-4-/<- );<-6
); #+0?):A*:7< 5=;; A?):
.7:5 /-.I44< )6 ,-+3< ,-6
4)6/- *)+3-6 ,).I: 3)66 5)6 "70416/ )* =6, 4E;;< 106 -<?)
-; )*-: )=+0 /=< =6, /-:6- .I6. -16- #<=6,- ;<-0-6 -; ;+0),-<     
16=<-6
$)/- 4)6/ )=.0-*-6 ; 0E4< ;1+0 61+0< ?-66 5)6 ,1- "=0-A-1< 
    #<=6,-6
)4;7 4)6/- =6, *ID< 16 ,1-;-: )=. A?-1 #<=6,-6 )=;,-06<
(-1< )=+0 3-16-:4-1 -;+05)+3
-16 1-; 1;< -16-; =6;-:-: )* -6 )+37.-6 )=.
 :), >7:
;74=<-6 1-*416/;*:7<- 0-1A-6 )6 8)+3< ,1- );<-6
.7:5 51< ,-5 $-1/ 37584-<< 16
)6 -:0E4< 51< ,-6 01-: )6/-/- 4=.741- -16 =6, ;+01-*< ,); :7<
*-6-6 -6/-6 -16 );<-6*:7< 16 ,1- "H0:-
>76 /=< +5 E6/-
16 -+0<-; !=58-:61+3-4*:7<
5 &7:)*-6, ?-1+0< 5)6
/ ;744<-
#<=6,-6 *-1
:),
"7//-6 16
54 37+0-6,-5 *)+3-6 ) ,-: 01-: >-:?-6,-<-
');;-: -16 =6, 4E;;< ,1- H:6-: )+37.-6 ;1+0 61+0< )=. ,1-;-
*1; A=5 6E+0;<-6 $)/ ;<-0-6 61-,:1-/- $-58-:)<=: :-/=41-:-6
5 6E+0;<-6 $)/ 37+0< 5)6 ,-6 41-D ?=:,- ,); :7<  #<=6,-6
/-9=744-6-6 "7//-6 16 ,-: -<?) *-1
 :), 15 .-6 /-4);;-6
,:-1.)+0-6 -6/- ');;-: 166-: 6 ,-: 4-<A<-6 #<=6,- -6<.-:6<-6
0)4* -16-: #<=6,- ?-1+0 )6 ?1: ,1- 741- =6, -:0H0<-6 ,1-
/1-D< I*-:;<-0-6,-; ');;-: )* $-58-:)<=: )=.
 :),
=6, 4E;;< ,1- H:6-: )*3I04-6
16 )6,-:- H/41+03-1< ,); :7< ' 0$%$! #%%! !%
)6 51;+0< ,); .-16- =6, ,); A= *)+3-6 1;< ,-6 $-1/ 16 ;<=:A )$*$"&


16.)+0-; #-+0;37:6*:7< :7<- .I: 2-,-6 $)/

/-51;+0< =6, /-36-<-< -: $-1/


  ?): :-+0< 34-*:1/ =6, ?=:,- 67+0
51< -<?); ?-1D-5 -04 >-:;-<A<

 / #-+0;37:6/-
;7,);; 5)6 106 51< ,-: )6,
<:-1,- .-16 /-5)04-6
36-<-6 3766<- <?); B4 )6 ,-6

 'I:.-4 -.-
E6,-6 >-:016,-:< )44A= >1-4 4-
  54 ');;-:
*-:-1

$ #)4A

$ (=+3-:
=6 5=;; ,-: $-1/ 16=<-6
  / #-;)5 =6/-;+0E4<
:=0-6 14, 7*-6 )+0 ,1-;-:
 -<?); 6-=<:)4-; B4
(-1< ?1:, -: A=;)55-6 /-;+04)
 -<?); '-1A-65-04 $@8-
/-6 =6, 67+0 -165)4 .I: 

16=<-6 ;<-0-6 /-4);;-6

-6 )+37.-6 )=. :), >7:


); #-+0;37:6*:7< 1;< -16.)+0 A= 0-1A-6 =6, ?E0:-6, ,-;;-6 ,);
*)+3-6 ,) 5)6 #-+0;37:6 :7< A= -16-5 :=6,-6 )1*
/-<:-1,- .-:<1/ /-5;1+0< 15 17 .7:5-6 6 ,-: *-:;-1<- -16
4),-6 -:0E4< 1- 01-: >-:?-6 ;+06-1,-6 =6, 6)+0 -41-*-6 51<
,-<- #-+0;37:651;+0=6/ ;-<A< -<?); #-;)5 *-;<:-=-6
;1+0 )=;  '-1A-6 
"7//-6
 163-4  -;<- )6 *)+3< ,); 34-16- :7< .I: 
 ).-: =6,  1:;- A= 16=<-6 *-1 -<?) *1;
;)55-6 :), #744<- 5)6 -16 /:7D-; :7<
51< ,788-4<-: $-1/5-6/- )6
(=/-;-<A<-: #-;)5 ;7:/< .I: ;-<A<-6 5=;; -; -<?)  16=<-6
-16-6 4-1+0< ;ID41+0-6 - 15 .-6 *4-1*-6
;+05)+3 ); :F< 1;< -16 &744
37:6*:7< =6, :-4)<1> 34-16 ;
?1-/<  :)55 -1 -,):.
3)66 5)6 ,1- )6/-/-*-6-6 -6
/-6 >-:,788-46
    
16=<-6
)6 4H;< ,1- -.- A=;)55-6 51< 
   16=<-6
,-5 (=+3-: 16 ,-5 ?):5-6 %"$!&$ !!
');;-: =6, 4E;;< ,); )6A- -<?) ! $&  %& '!

16=<-6 ;-0-6 -:?-14 5)04<


5)6 / #-+037:651;+0=6/
.-16 1- /-4H;<- -.- ,); #)4A
,-: #-;)5 =6, ,); -04 ?-:,-6

:,6=;;*=<<-:*:7< :7<- .I: 2-,-6 $)/

 

 / '-1A-6 .-16
 $ )+3=4>-:

 $ #)4A

/ :,6=;;*=<<-:
51< #<I+3-6
  54 14+0
 / (=+3-:
  / ;)4A1/-
:,6I;;-

); :,6=;;*=<<-:*:7< ?1:,


706- -.- /-*)+3-6 =6, 0)<
-<?); >76 -16-5 =+0-6 44-:
,16/; 1;< -; 61+0< *-;76,-:;
;ID ) -; 3-16- -.- -6<0E4<
=6, 61+0< /-0-6 5=;; 1;< ,1-
(=*-:-1<=6/;A-1< -0-: 3=:A ;
;+05-+3< /=< ?-66 5)6 -; 16
,I66- #+0-1*-6 ;+06-1,-< =6,
<7);<-<

)6 .-<<-< -16- 34-16-:- );


<-6.7:5 7,-: 4-/< ,1-;- 51<
)+38)81-: )=; -04 51< #)4A
(=+3-: =6, )+38=4>-: 51
;+0-6 1- :6=;;*=<<-: ?1:,
51< -16-: )*-4 51< ,-5 $-1/
>-:5-6/< ;7,);; -16- 3:I5-
41/- );;- -6<;<-0< )66 /1*<
5)6 ,1- 14+0 016A= =6, :I0:<
-16-6 ,1+3.4I;;1/-6 $-1/ )6

1-;-: ?1:, 16 ,1- 7:5 /-


/7;;-6 : .I44< ;1- 6=: A= -16-5
:1<<-4 =6 ,1- ;)4A1/-6 :,
6I;;- ,):I*-: ;<:-=-6 )6
*)+3< ,); :7< .I:  16=<-6
*-1
 :), )+0 16=<-6
!  " !  ) % *#&
51< 4=.741- )*,-+3-6 ,)51< ,1-
& % ' & 
I;;- 61+0< >-:*:-66-6

    
16=<-6

     16=<-6


H0:-6*:7< :7<- .I: 2-,-6 $)/

-: 61+0< /-6=/ /-0< ;<-0< -:


?)0:;+0-1641+0 A= 3I04 7,-: A=
  3=:A


  / "7//-65-04
 -15 7:5-6 ->-6<=-44 5-0:
 / '-1A-6>74437:65-04 -04 016A=/-*-6 2-,7+0 61+0<
  / #)=-:<-1/ A=>1-4 -6 )+37.-6 >7:0-1A-6
 / .:1;+0- -.- =6, ,-6 /-.7:5<-6 )1* 67+0

$ (=+3-: -165)4 16=<-6 /-0-6 4);;-6

 / #)4A
  54 ');;-: ); :7< ?1:, )6;+041-D-6, .I:
 / /-:);8-4<- ):7<<-6  16=<-6 *-1 *1; :),

/ -:6- 6)+0 -41-*-6 /-*)+3-6 )+0 16=<-6 3)66

 54 ');;-: ,1- 1<A- -<?); )*/-;-63< ?-:


,-6 6 ,-6 .-6 ;<-44< 5)6 -16
$76;+0I;;-4+0-6 51< ');;-:

 1- -.- A-:*:H+3-46 =6, A=


)6 3)66 )=+0 ,); :7< 3=:A >7:
,-5 )+3-6 67+0 -165)4 51<
;)55-6 51< ,-5 (=+3-: =6, ');;-: *-<;<:-1+0-6
 54 ?):5-5 ');;-: =6,
$%$ '$&
,-5 (=+3-: 16 -16-5 4); >-:       16=<-6
:I0:-6 
    16=<-6

'-1A-6>74437:6  "7//-65-04
#)4A =6, #)=-:<-1/ 16 -16-:
"I0:;+0I;;-4 51< 14.- -16-;
-4-3<:1;+0-6 "I0:-:; >-:51
0$ %% $"& )'$!
;+0-6 =6 /1*< 5)6 ,1- 16 "!!!' !$!
');;-: )=./-4H;<- -.- A=5 ($)!& & 0$%$!!
$-1/ ;7?1- ,1- /-:);8-4<-6 &+% ' $"$! 
H0:-6 =6, ,1- -:6- 016A= !%&&& /$! ' '!

); )6A- A-06 16=<-6 4)6/


36-<-6 =6, ,)66 .I: 
16=<-6 )6 -16-5 ?):5-6 :<
)*/-,-+3< /-0-6 4);;-6 -:
$-1/ ;744<- ;1+0 >-:,788-46 )44;

=<<-:514+0*:7< :7<- .I: 2-,-6 $)/

); :7< ?1:, >7: ,-5 )+3-6


51< ');;-: *-816;-4< =6, 51<
  #-;)5 *-<;:-=< )6 *E+3< -;
*-1 :), .I: +1:+) 

  / '-1A-6 .-16 16=<-6 % $"& %& %0,$0 
 0, )$ %")" ("

!3 $:7+3-60-.-
% % ' (" "$!

 $ #)4A
%$'# '!&$%&0&*&
  / =<<-:
  54 =<<-:514+0

 07:6;1:=8       16=<-6
  / #-;)5 
   *1; 16=<-6

 ); =<<-:514+0*:7< ;+05-+3<
4-1+0< ;ID41+0 =6, 1;< -16 4-+3-:-;
 '! $"& $-!*! % '&
:I0;<I+3;*:7<

44- (=<)<-6 16 -16-: #+0I;;-4


51;+0-6 )*-1 ,1- =<<-:514+0
4-1+0< -:?E:5-6 =6, ,1- =<<-:
?-1+0 016A=/-*-6 &75 #-;)5
A-06 :)55 A=5 -;<:-=-6 )*
A?-1/-6

)6 4E;;< ,); )6A- 16=<-6


)6 -16-: ?):5-6 #<-44- /-0-6
)6)+0 ,-6 $-1/ >76 )6, /=<
36-<-6 =6, A= -16-5 :7<4)1*
.7:5-6

7+05)4 -<?)
 16=<-6 /-0-6
4);;-6 =6, 16 ,1-;-: (-1< ,-6
)+37.-6 >7:0-1A-6

"7//-651;+0*:7< 51< -16;)5-6 7,-: )6,-46 :7<- .I: 2-,-6 $)/

,=:+0 )6 4E;;< ,); )6A- 


16=<-6 )6 -16-: ?):5-6 #<-44-
  /-0-6 )6)+0 ,-6 $-1/ >76
)6, /=< 36-<-6 -><4 67+0

  / #)=-:<-1/ -04 016A=/-*-6 =6, 16 A?-1

/ 41>-6H4 !7:<176-6 <-14-6
  #)4A

 (=+3-: I/-6 #1- 6=6 A= ,-: -16-6
 / '-1A-6;+0:7< !7:<176 ,1- -16;)5-6 016A=
51<<-4/:7* 1;+0-6 #1- ,1- )6,-:- $-1/
 / '-1A-6 .-16 5-6/- 51< ,-6 /)6A-6 )6,-46
 / '-1A-65-04  =6, .7:5-6 #1- A?-1 :=6,-

 / /:7D- ).-:.47+3-6 :7<4)1*-
& !'$ !! #%%! !% $"&
 / -.-

  54 ?):5-; 7+05)4 -<?) 16=<-6 ' (! %! !&

  / -16;)5-6 /-0-6 4);;-6 =6, 16 ,1-;-: (-1<



  / /)6A- )6,-46 ,-6 )+37.-6 >7:0-1A-6 1-

 -<?); #-;)5 :7<- 51< ');;-: *-816;-46
*-41-*1/ *-;<:-=-6 A=;)55-6
 16=<-6 *-1 :),
*)+3-6

1- *)+3-6 51< ,1-;-5 "-A-8<


A?-1 34-16- :7<- )=. -165)4
-: :=6,<-1/ *-;<-0< )=; -16-:     
16=<-6
"7//-6'-1A-651;+0=6/ 1- 
   16=<-6
/)6A-6 )6,-46 5)+0-6 ,);
:7< ;ID41+0 ); -16;)5-6
*:7< ?=:,- 67+0 A=;E<A41+0 51<
#-;)5 *-;<:-=<

-*-6 #1- A=5 #)=-:<-1/ 41


>-6H4 #)4A (=+3-: '-1A-6 '& !&& )$ % $"& 
5-04 =6, '-1A-6;+0:7< ).-: %"!$% !#"$
.47+3-6 =6, ?):5-; ');;-:
6-<-6 #1- ,1- $-1/5);;- /=<


=;;*:7< :7<- .I: 2-,-6 $)/

$-1/ 51< 14.- -16-; 7+04H..-4; 16


-16- 51< )+38)81-: =;/-4-/<-
  );<-6.7:5 )6 ;<:-1+0< ,1-

  / "7//-65-04

 *-:.4E+0- ,-; "70416/; 51< ,-:


 / '-1A-6>74437:65-04 "I+3;-1<- ,-; 6);;-6 7+04H..-4;
  / #)=-:<-1/ /4)<< =6, 4E;;< ,-6 $-1/ 67+0
 / .:1;+0- -.- -165)4 16=<-6 /-0-6

$ (=+3-:

 / #)4A ); :7< ?1:, 6=6 .I:  16=<-6
  54 ');;-: *-1 *1; :), /-*)+3-6

/ /)6A- );-46I;;- )+0 16=<-6 3)66 ,1- 1<A-

/ -16;)5-6 -<?); )*/-;-63< ?-:,-6 6 ,-6

 54 ');;-: .-6 ;<-44< 5)6 -16 $76;+0I;
;-4+0-6 51< ');;-: )6 3)66
)=+0 ,); :7< 3=:A >7: ,-5
)+3-6 67+0 -165)4 51< ');;-:

-1A-6>74437:65-04
*-;<:-1+0-6
"7//-6 &$% !& %!
5-04 #)4A =6, #)=-:<-1/ 16
-16-: "I0:;+0I;;-4 >-:51;+0-6
1- &-:?-6,=6/ -16-; -4-3<:1
;+0-6 "I0:/-:E<-; 1;< 014.:-1+0       16=<-6
=6 /1*< 5)6 ,1- 16 ');;-: 
   16=<-6
)=./-4H;<- -.- A=5 $-1/ ;7?1-
,1- /)6A-6 );-46I;;- =6, ,-6
-16;)5-6 ); )6A- A-06
16=<-6 4)6/ :I0:-636-<-6
=6, ,)66 .I:  16=<-6 )6
-16-5 ?):5-6 :< )*/-,-+3<
/-0-6 4);;-6

-: $-1/ 1;< :-4)<1> 34-*:1/ =6,


?1:, ,-;0)4* 16 -16-: );<-6
$$  & % &$ !
.7:5 /-*)+3-6 5 6,- ,-:
!$
"$
-0A-1< 0-1A< 5)6 ,-6 )+37.-6
)=. :), >7: =6, .I44< ,-6

16.)+0-; 163-4*:7< :7<- .I: 2-,-6 $)/

  ).-:.47+3-6


  / 163-4 .-16 =6 *)+3< 5)6 ,); :7< .I: 
/-5)04-6 16=<-6 *-1 :), 15 %5 !  

/-;<:1+0-6-6 4=.<0-:, =6, ;8:I0< ?E0:-6, ,-: *) $"& '!
;;4H..-4 #)4A )+3A-1< )* =6, A= -<?); $$!  !%

!3 .:1;+0- -.- .-=+0<- =.< 16 ,-6 .-6 016-16 !
  54 ?):5-; #8:I0.4);+0-
');;-:

/ -16;)5-6

     16=<-6

   16=<-6

); 163-4*:7< 1;< ;+06-44 /-


*)+3-6 ,-66 -; *-6H<1/< 3)=5
(-1< A=5 -0-6 163-4 0)< >7:
AI/41+0- )+3-1/-6;+0).<-6 ?-14
-; >1-4 4-*-:-1?-1D -6<0E4<

)6 5)04- ,-6 163-4 .-16 7,-:


>-:?-6,- /-3)=.<-; 163-4>744
37:65-04 =6 :I0:< 5)6 ,1-
-.- 51< -<?); ');;-: )6 =6,
4E;;< ;1- A-06 16=<-6 9=-44-6
)66 /1*< 5)6 ,-6 6;)<A
A=;)55-6 51< )44-6 )6,-:-6
(=<)<-6 16 -16- "I0:;+0I;;-4

)6 :I0:< ,-6 $-1/ 51<014.- -16-;


-4-3<:1;+0-6 "I0:-:; 1- $-1/
5);;- 1;< -0-: .-=+0< =6,
34-*:1/ 1< ,-6 E6,-6 4E;;< ;1-
;1+0 61+0< *-):*-1<-6 ! !!  !& !" "!!!
' !$! "$ !$  ! !*'
=6 0-1A< 5)6 ,-6 )+37.-6 >7: 0! '! %" % $"& ($$!
=6, .I44< ,-6 $-1/ 51< )+38)81-:
)=;/-4-/<- );<-6.7:5 '-:
5H+0<- *-;<:-=< ,1- *-:.4E+0-
,-; $-1/:70416/; 51< #-;)5 7,-:

0:1;<16-; (?1-*-4*:7< :7<- .I: 2-,-6 $)/

16=<-6 36-<-6
 
-6 6;)<A -<?) -16- #<=6,-

  / '-1A-6 .-16 /-0-6 4);;-6 ?7,=:+0 -: ;1+0
  54 ?):5-; ,-=<41+0 >-:/:HD-:< 7+0 -165)4
');;-: 3=:A 51< *-5-04<-6 E6,-6

!3 $:7+3-60-.- *-):*-1<-6 -16 :7< .7:5-6
 $ #)4A ,1-;-; )6:1<A-6 =6, *-1 -<?)
 51<<-4/:7D- :), .I: 16=<-6 *:)=6
(?1-*-46 *)+3-6
  B4

 / ):<3E;-
      16=<-6

    16=<-6

); (?1-*-4*:7< 1;< -16 -+0<-;


&74437:6*:7< =6, ,)63 E;- 61+0<
<:7+3-6 =6, :-+0< 4)6/- 0)4<*):
-: (?1-*-4/-;+05)+3 ;<-0<
61+0< 15 &7:,-:/:=6/ ,-667+0
1;< ,); :7< ?I:A1/ 5 *-;<-6
/-61-D< 5)6 -; 51< =<<-:

'-1A-6 .-16 5)04-6 7,-: &744


37:65-04 >-:?-6,-6 ); #)4A
=6, ,1- $:7+3-60-.- 016A=.I/-6
'):5-; ');;-: )*5-;;-6 =6,
A=5 -04 /-*-6 1- 1;+0=6/
6=6 >1-: 16=<-6 -4-3<:1;+0
36-<-6 $-1/ ;<-0-6 4);;-6

1- (?1-*-46 ;+0E4-6 =6, .-16


0)+3-6 ,)66 16 A?-1  B4 4-1+0<
)6*:)<-6 )*3I04-6 4);;-6 -6
E;- ?I:.-46 =6, A=;)55-6 51<
,-6 (?-1*-46 A=5 $-1/ /-*-6
); -51;+0 ?1-,-: >1-: *1; .I6.

(?1-*)+3 7,-: :I0;<I+3;*:7< :7<- .I: 2-,-6 $)/

51;+0-6 #)4A (=+3-: ,); 1 -16- 1<)41-61;+0- #8-A1)41<E<


  ,1- =<<-: =6, ,1- &)6144- A=: ,1- ;7 /-6)66<-6 :7;<161
1;+0=6/ /-*-6 #-0: -+3-:

  / '-1A-65-04
$@8-  1< -16-5 )6,:I0:/-:E< ?1:,

!3 $:7+3-60-.- 6=6 -16 /4)<<-: /-;+05-1,1/-:      706- ,1-

 $ #)4A $-1/ /-36-<-< ?); -<?) )+0< )+0<   16=<-6
 / (=+3-: 16=<-6 ,)=-:< )6 4E;;< ,-6 
  16=<-6 =6,

1 $-1/ 6=6  16=<-6 A=/-,-+3< 16=<-6
  / A-:4);;-6- /-0-6
=<<-:
  54 ?):5- )+0 ,1-;-: (-1< 0)< -: ;1+0
14+0 -<?) >-:,788-4< )6 36-<-< 106
 !:1;- &)6144-8=4>-: 3=:A >76 )6, .7:5< -16-6
4E6/41+0-6 )1* =6, 4-/< ,1-;6 16
,1- );<-6.7:5 5 >7:/-
0-1A<-6 .-6 *)+3< 5)6 ,);
)6 3)66 ,1-;-; "-A-8< )=+0 :7< -<?) 16=<-6 *-1

A=5 )+3-6 -16-; -16.)+0-6 - :), 4)6/ *:)=6
.-*:7<-; >-:?-6,-6 ?-66 5)6
*-1 ,-: (=*-:-1<=6/ ,-; (?1- ); /-*)+3-6- :7< 5=;; =6
*)+3; ,-6 A?-1<-6 #+0:1<< (-: *-,16/< I*-: )+0< 41-/-6
;+06-1,-6 =6, 67+05)4 )+3-6 *4-1*-6 5 6E+0;<-6 $)/ 4E;;<
?-/4E;;< ); ;7 /-?766-6- -; ;1+0 ,)66 4-1+0< 16 -16 (-6<1
:I0;<I+3;*:7< 1;< ;-0: ;+05)+3 5-<-: ,1+3- #+0-1*-6 ;+06-1
0).< =6, 3)66 51< =<<-: =6, ): ,-6 1-;- ?-:,-6 .4)+0 )=. -16
5-4),- )=+0 A=5 $-- /-/-;;-6 )+3*4-+0 /-4-/< =6, =6<-:
?-:,-6 -165)41/-5 '-6,-6 16;/-;)5<

 *1; 16=<-6 67+0 -165)4
)6 -:0E4< 51< ,-6 )6/-/-*-6-6 15 )+37.-6 *-1
 :),
-6/-6 -16 );<-6*:7< >76 +5 /-*)+3-6
E6/- )44; #1- 3-16- ,-:):< 4)6/- ! !!  !& !"
7:5 0)*-6 ,)66 .7:5-6 #1- )6)+0 1;< ,-: (?1-*)+3 8-:.-3<"!!!' !$! "$ !$
-16.)+0 .:-1 )6, A?-1 4E6/41+0- =6, 3)66 16 #+0)+0<-46 4)6/- ! !*' 0! '! %"  $"&
)/=-<<-; )=.*-?)0:< ?-:,-6 1< /)6A-6($$!1% $"&2 %" !!!& !
I;;-6 ?1:, )=; ,-5 (?1-*)+3   %% %0, $"& #
); '-1A-65-04 51< ,-: -.-

%:>4909B0.609 =R?.309  =0E079 >SJ @9/ >,7E42

/,84? >40 B04.30= B0=/09 9 '04274920 B0=/09 ,9 /0=


"-0=17M.30 6=0@EB04>0 049
 /0= +B4>.309E04? 4-? 8,9 /,>
20=4?E? @9/ 8S>>09 /,9,.3 9:.3
&,7E /40 B04.30 @??0= @9/ /,>

  2 *04E098037  +4?=:-,.6 E@8 ):=?042 @9/ =S3=? 0498,7 1S= 49@?09 20309
 2 1=4>.30 010 84? 04908 0706?=4>.309 90?
  2 +@.60= 3,609 1S= E039 49@?09 2@? !@9 -0;49>07? 8,9 /40 =R?.309
  87 B,=80 47.3 /@=.3 84? 04908 4207- B07.30> 8,9
  2 B04.30 @??0= 84? 0?B,> *,>>0= :/0= 47.3
 40= ,? 8,9 ,@>=04.309/ 20690?0? A0==S3=? 3,? ,> 4207- >:=2? 1S=

4207- 7R>? >4.3 /0= '042 704.3? A:8 0490 >,??0 =M@9@92 @9/ 04909

20>?=4.30909 ' &,7E %,9/ A09?@077 8@>> 8,9 9:.3 49?09>4A09 7,9E 40 =R?.309

#6 +4?=:-,.6 4:E4?=:90 049 B0942 803= 037 349E@ B0=/09 -04
 =,/ 1S= 0?B,


 2 %:>4909 20-09 ,9 240J? /40 %:>4909 49?09 20-,.609
84??07 0490> &40-0> ,- @9/ 24-?
>40 E@8 '042 /,E@ 0?E? B4=/
B40/0= 1S91 49@?09 20690?0?    49@?09

40>0 %:>4909B0.609 >49/ >03= !,.3 /40>0= +04? 8@>> /0= '042 

  49@?09
1S= 0?B, 49@?09 20309 =
1049 ,9 0=3M7? 0?B,
-4>
 >:77?0 >049 ):7@809 0?B, A0=
=R?.309 &40 7,>>09 >4.3 ;=: /:;;079
-7087:> 0491=40=09 @9/ -04
0/,=1 ,@1?,@09 !,.3/08 /0= '042 2@?
202,9209 4>? 304E? 8,9 /09
40 010 E0=-=R.6079 @9/ E@ ,.6:109 ,@1
 =,/ A:=
>,8809 84? /0= B,=809 47.3 ,99 B4=/ /0= '042 9:.3 0498,7
@9/ /08 +@.60= 49 04908 7,> 84? -08037?09 M9/09 6@=E
,9=S3=09 !@9 24-? 8,9 /40>0 20690?0? @9/ 49
-4>
 2704.3
4>.3@92 E@ /08 037 B07.30> 2=:J0 #:=?4:909 ,@120?047? ,>
8,9 A:=30= 49 0490 %S3=>.3S>>07 207492? ,8 -0>?09 49/08 8,9
04920B:209 3,? ,9 A0=84>.3? 439 E@ 04909 /4.609 &?=,92
/40 7S>>42604? 704.3? 84? 04908 ,@>=:77? @9/ /40>09 84? /08
'047 /0> 037> @9/ 7M>>? /,> 0>>0= E0=?047? ,9 1:=8? ,@>
,9E0 1S= E039 49@?09 20309 /09 '0470 =@9/0 *0.609 @9/
>0?E? /40>0 ,@1 049 84? ,.6
40 %:>4909 B0=/09 9@9 84? ;,;40= ,@>20702?0> 70.3 40
6:.309/08 *,>>0= -0/0.6?

&.3@>?0=5@9209 %:2209B0.609 =R?.309  =0E079 >SJ @9/ >,7E42

!,.3 /40>0= +04? >.37M2? 8,9


 /09 '042 E@>,8809 690?0?
0=90@? 6@=E /@=.3 @9/ 7M>>? 439

 2 &,@0=?042 B40/0=@8 0490 3,7-0 &?@9/0
 2 *04E098037 'D;0  +04? E@8 @120309
 2 @??0=

#6 '=:.6093010 !@9 1:=8? 8,9 :A,70 @2079

87 *,>>0= @9/ >0?E? >40 ,@1 049 84?

' :942 ,.6;,;40= -0702?0> 70.3 ,9
304E? /09 "109 A:= 7M>>? /40
*0.609 /0=B047 ,@1 /08 70.3
9:.3 0498,7 0?B,> ,@120309


>.3904/0? >40 :-09 84? 04908
40 %:2209-=R?.309 -0>?0309 >.3,=109 0>>0= 049 @=E A:=
E@8 2=:J09 '047 ,@> %:2209 /08 ,.609 B0=/09 /40 *0.609
A:776:=98037 /, /0= A0=B09/0?0 84? *,>>0= -0;49>07?
&,@0=?042 ,@> /08 A:7709
%:22096:=9 30=20>?077? B4=/ ,> ,9 -,.6? >40 0?B, 49@?09
E@>M?E74.3 E@201S2?0 *04E098037 -4> >40 -=,@9 >49/
4>? 340= @>E@2>8037 > 3,9/07?
>4.3 ,7>: >?=092 209:8809 @8
04909 %:2209*04E09 4>.3?042    49@?09

 49@?09
40 =R?.309 >.380.609 1=4>.3
,8 -0>?09 ,9 6,99 >40 /09
9:.3 ,8 9M.3>?09 ',2 84?34710
0490> ':,>?0=> 2@? ,@1-,.609

,9 84>.3? /09 &,@0=?042 84?


*04E098037 @??0= :942 /0=
'=:.6093010 @9/ /08 B,=809
*,>>0= @9/ 690?0? /09 '042 84?
04908 %S3=20=M? 0?B, ,.3?
49@?09 /@=.3 ,99 8@>> 0=
49@?09 -04 -4> =,/
20309

S=-4>60=9-=R?.309 =R?.309  =0E079 >SJ @9/ >,7E42

,.6;,;40= -0702?0> 70.3 ,9


 304E? /09 "109 A:= 7M>>? /40
*0.609 /0=B047 ,@1 /08 70.3

  2 *04E09A:776:=98037
9:.3 0498,7 0?B,> ,@120309
 2 010
>.3904/0? >40 :-09 84? 04908

 ' &,7E
>.3,=109 0>>0= 049 @=E A:=
  87 B,=80> *,>>0=
/08 ,.609 B0=/09 /40 *0.609
 2 @??0=
84? *,>>0= -0;49>07?

' 20?= '3D84,9
  2 S=-4>60=90
,9 -,.6? >40 0?B, 49@?09

2 &:9909-7@80960=90
-4> >40 -=,@9 >49/

   49@?09
40>0 ):776:=9-=R?.309 0=3,7 
 49@?09
?09 /@=.3 /40 S=-4>60=90 4>>
'3D84,9 ,=:8,?4>40=? /09 '042
6,99 ,-0= ,@.3 B02207,>>09
B0=/09

@> /09 +@?,?09 04909 010?042


-0=04?09 B40 ,8 91,92 /0>
@.30> -0>.3=40-09 09 '042
49@?09 20309 7,>>09
,9,.3 /@=.3690?09 @9/
6@207=@9/0 =R?.309 1:=809
@9/ ,@1 049 70.3 >0?E?09

!,.3 /40>0= +04? >.37M2? 8,9


/09 '042 E@>,8809 690?0?
0=90@? 6@=E /@=.3 @9/ 7M>>? 439
B40/0=@8 0490 3,7-0 &?@9/0
+04? E@8 @120309  ! ! !

!@9 1:=8? 8,9 :A,70 @2079   (    
@9/ >0?E? >40 ,@1 049 84?   '!  "!!  
 $!   " ! 

*,>>0=B0.609  T% =R?.309U =R?.309  =0E079 >SJ @9/ >,7E42

%@30E04? 49 /09 0770= >?07709 40 "-0=17M.30 /0= =R?.309 84?



 :/0= ,@.3 49 /09 S37>.3=,96 04908 >.3,=109 0>>0= =4?E09
@9/ E@= -0>>0=09 =M@9@92 84?

  2 *04E098037
40 010 E0=-=R.6079 @9/ E@ *,>>0= -0>;49>079 9 /09 "109
'D;0 
>,8809 84? /08 *,>>0= @9/ >?077? 8,9 E@/08 049 ':9
  87 6,7?0> *,>>0=
/08 +@.60= ,9=S3=09 09 ):= >.3S>>07.309 84? *,>>0= 40

 *S=107 1=4>.30
?042 E039 49@?09 >?0309 7,>>09 ,.6E04? -0?=M2?  49@?09
010
,99 24-? 8,9 ,770 +@?,?09 +B4>.3/@=.3 9:.3 0498,7 84?

2 &,7E
E@>,8809 49 0490 %S3=>.3S>>07 *,>>0= -0>?=04.309 :/0= -0

'7 +@.60=
@9/ 690?0? E039 49@?09 7,92 >;=S309
 2 @??0=
2@? /@=.3 0= '042 4>? =0.3?
10@.3? ,-0= 94.3? 9,>>

40
,9 7M>>? 439 9@9 49@?09
=R?.309 K 7, % >49/ 7M920= >.3,/0? 94.3? -04 0?B,    49@?09
>03= 70.60= 40>07-0 *0.609
=,/ 20309 !,.3 /40>0= +04? 
  49@?09
B0=/09 49 ,/09*S=??08-0=2 >.37M2? 8,9 /09 '042 E@>,8809
@9?0= /08 !,809 T2090?E?0 @9/ 7M>>? 439 9:.3 0498,7
*0.609U ,920-:?09 090?E? 49@?09 6S37 =@309  (  #
8049? T84? *,>>0= -010@.3?0?U
40 =R?.309 >49/ 49909 7:.60= 0= '042 A0=/:;;07? ?=:?E /0=
,@J09 69@>;=42 @9/ =0.3? =07,?4A 940/=4209 '08;0=,?@=09
10@.3? ,9 6,99 >40 ,@.3 9,.3 >049 ):7@809 !@9 1:=8? 8,9
EB04 ',209 0>>09 B099 8,9 >40 84? 704.3? -08037?09 M9/09
84? 04908 ':,>?0= ,@1-,.6? 6@207=@9/0 =R?.309 ,9 >:77?0
A0=>@.309 /09 @2079 0490
0= 010?042 1S= =R?.309 K 7, 20B4>>0 "-0=17M.309>;,99@92
% B4=/ 6,7? 201S3=? /,>> E@ 20-09 ,> 0==04.3? 8,9
-0/0@?0? 8,9 7M>>? 439 94.3? E@ 49/08 8,9 /09 '042 4880=
B,=8 20309 ,/@=.3 B4=/ /0= B40/0= @9?09 049>.37M2? ,9
'042 -0>:9/0=> 1049;:=42 40 7M>>? /40 201:=8?09 *0.609 50?E?
2S9>?42>?0 '08;0=,?@= E@8 9:.38,7>
 49@?09 20309 @9/
0309 4>?
-4>
=,/ 304E? /0=B047 /09 "109 ,@1
07>4@> &:77?0 0> 48 %,@8 @9/ =,/ A:=
48 =0409 E@ B,=8 >049 6,99
8,9 /09 '042 BM3=09/ /0=

):776:=9-=R?.309 =R?.309  =0E079 >SJ @9/ >,7E42

0=90@? 6@=E /@=.3 @9/ 1:=8? 439



 E@ :A,709 =R?.309


 2 *04E09 1049
40>0 B0=/09 ,@1 049 84?
208,3709
,.6;,;40= -0702?0> 70.3 20702?

 2 ,8@? 1049
@9/ /S=109 9:.3 0498,7
208,3709
49@?09 20309 9 /0= +B4>.309

 ' &,7E
E04? /09 "109 A:=304E09

' +@.60=

#6 '=:.6093010
,9 >.3904/0? /40 =R?.309 84?
  87 *,>>0=
04908 >.3,=109 0>>0= :-09 049
-0;49>07? >40 84? *,>>0= @9/
-,.6? >40 0?B, 49@?09 -4> >40


-=,@9 >49/
40 ):776:=9-=R?.309 B0=/09
,@> 0490= 4>.3@92 A:9 *04E09
@9/ ,8@? 30=20>?077? 40 ,7?0    49@?09
*04E09>:=?0 4>? 49 4:7M/09 
 49@?09
0=3M7?74.3 ,9 6,99 /40 =R? '!
.309 9,?S=74.3 ,@.3 :390 +@>,?E
A:9 ,8@? -,.609 @9/ 30=
6R8874.309 *04E09 A0=B09/09

,9 84>.3? /40 -04/09 037


>:=?09 1S2? &,7E 010 *,>>0=
@9/ +@.60= 349E@ @9/ 690?0?
/09 '042 84? 04908 %S3=20=M?
0?B, E039 49@?09 7,92 =
>:77?0 >4.3 A:8 %,9/ 7R>09 @9/
07,>?4>.3 >049 ,99 7M>>? 8,9
/09 '042 49 /0= &.3S>>07 0490
&?@9/0 -04 -4> =,/
20309

!,.3 /40>0= +04? >.37M2? 8,9


/09 '042 E@>,8809 690?0?

=4:.30> =R?.309  =0E079 >SJ @9/ >,7E42

1R=8.309 30=,@>>@.309 40=



 B@=/09 >:7.30 ,@> &4746:9 A0=
B09/0? ,9 6,99 ,-0= ,@.3
1S=
=4:.30>
0?,771:=809 :/0= R=8.309 ,@>
,.6;,;40= A0=B09/09

  2 496078037
'D;0 
09 '042 @9?0= +@2,-0 A:9 20

 *S=107 010
>.38:7E0908 0?? @9/ /08 4

' +@.60=
690?09 -4> 049 B04.30= >04/420=
 87 B,=80 47.3
'042 09?>?03? ,9 7M>>? /09

 ' &,7E
'042 49@?09 20309 ,99
  2 @??0=
690?0? 8,9 439 9:.3 0498,7 A:9

4
,9/ @9/ ?047? 439 49 E039 2704.3

4207- 84? 0?B,>
2=:J0 #:=?4:909 @> 50/08
47.3
&?S.6 1:=8? 8,9 50B047> 0490
2=:J0 @9/ 0490 670490=0 @207

=4:.30>
40 2=:J0 @207 B4=/ 49 0490
>?,8809 ,@> =,96 :=8 20>0?E? @9/ /40 670490=0
=04.3 @9/ B0=/09 ,@> 04 @9/ 84?34710 A:9 4847.3 :-09 /=,@1
10??=04.308 010?042 30=20>?077? 20670-?
40 ),=4,9?0 84? 496078037
    "! 
>.380.6? >03= 1049 ,9 7M>>? /40 =4:.30> 49 /0=
:=8 9:.3 04989,7
 49@?09
,9 >40-? /,> 037 49 0490 20309 @9/ 304E? /09 ,.6:109
&.3S>>07 8,.3? 0490 )0=?401@92 ,@1 =,/ A:=
@9/ -=R.607? /40 010 349049
!@9 240J? 8,9 /40 7,@B,=80 ):= /08 ,.609 -0;49>07? 8,9
47.3 49 /40 @7/0 24-? /09 /40 '047.309 84? 40=847.3 @9/
+@.60= 349E@ @9/ @9/ =S3=? -,.6? >40 /,99 1S=
 49@?09
A:=>4.3?42 @8 ,-04 049 B0942
037 84? 049=S3=09

!@9 7M>>? 8,9 /,> ,9E0 E039


49@?09 >?0309 *M3=09/ /0=    49@?09
):=?042 203? /,> 4207- 84? /=04 

 -4> 49@?09
 47.3 A0=<@4=709 @9/ @1149>

:39-=R?.309  &0>,8-=R?.309 =R?.309  =0E079 >SJ @9/ >,7E42

47.3 49 /40 @7/0 24-? /09 >4030 47/ ,9 -,.6? /40



 +@.60= 349E@ @9/ @9/ =S3=? *0.609 @9?0= A407 ,8;1 1S=
A:=>4.3?42 @8 ,-04 049 B0942 49@?09 -04 =,/
1S= 0?B,
=R?.309 037 84? 049=S3=09


  2 *04E098037 'D;0 !@9 7M>>? 8,9 /,> ,9E0 E039
 49@?09 >?0309 *M3=09/ /0=

 2 496078037 'D;0 ):=?042 203? /,> 4207- 84?    49@?09
 0?B,> 47.3 A0=<@4=709 09 

 -4> 49@?09

' &,7E '042 @9?0= +@2,-0 A:9
 2 @??0= 20>.38:7E0908 0?? 690?09
  87 47.3 -4> 049 B04.30= >04/420= '042

4207- 84?
 47.3 09?>?03?

 :39>,809

 &0>,8 ,9 7M>>? /40>09 -4> 
49@?09 20309 ,99 >.37M2?
8,9 439 E@>,8809 @9/ 690?0?   "


40
439 9:.3 0498,7 A:9
:39 :/0= &0>,8B0.609 ,9/ @9/ ?047? 439 49
>.380.609 2@? E@8 =S3>?S.6 EBR71 2704.3 2=:J0
,9 6,99 09?B0/0= /40 10=?42 #:=?4:909 @> 50/08
20-,.60909 =R?.309 0491=40=09 &?S.6 1:=8? 8,9 50
:/0= /40 201:=8?09 @9/ -,.6 B047> 049 =@9/0> =R?
10=?4209 *0.609 2,7 B40 8,9 .309
0> 8,.3? ,9 >.340-? /40
=R?.309 4880= ?401201=:=09 49 ,9 7M>>? /40 *0.609
/09 "109 @9/ -,.6? >40 /,99 9:.3 0498,7 49@?09
10=?42 -EB ,@1 ,> @1-,.609 ,@1 /08 70.3 20309
/,@0=? 0?B,
-4>
49@?09 ,99 B0=/09 /40 =R?
.309 84? 40=847.3
,9 >40-? /,> 037 49 0490 -0>?=4.309 @9/ 6:;1
&.3S>>07 8,.3? 0490 )0=?401@92 S-0= 49 :39 :/0=
@9/ -=R.607? /40 010 349049 &0>,8>,809 20/=S.6?
!@9 240J? 8,9 /40 7,@B,=80

7S.6>>.3B049.309 =R?.309  =0E079 >SJ @9/ >,7E42

0= '042 8@>> 9@9 49@?09    49@?09



 ,9 0490= B,=809 &?0770 48 

 49@?09
%,@8 20309 9>.3740J09/
1S=  -4>  &?S.6 B0=/09 /40 &.3B04.309 20
1:=8? 40 !,>0 @9/ /40 "3=09

  2 *04E09 1049 670-? 8,9 84? A0=<@4=7?08 4

 2 010 207- ,9 40 !,>097R.30= 7,>>09
 2 17S>>420= :942 >4.3 2@? 84?34710 0490> #49>07

 7 47.3 >?407> 49 /09 '042 -:3=09
 2 @??0=

4207- S= 0490 >.3R90 =M@9@92

4B04J -0>?=04.3? 8,9 /40 %:374920 84?

 ' 20= +4=:909>.3,70 /08 =0>?74.309 4207- 40
  #@/0=E@.60= ,.6E04? -0?=M2?
 49@?09 -04


#=4>0 &,7E =,/

 &?S.6.309 &.3:6:7,/0
!,.3 /08 ,.609 8S>>09 /40
&.3B04.309 E@0=>? 0=6,7?09
,99 -=492? 8,9 /40 @209 ,9
.3B04.309 E@8 >>09 0= &40 ?=,209 09?>.304/09/ E@8
1=0@09 A:= ,7708 /40 704909 @9/ 940/74.309 @>>0309 -04 @9/
>49/ 1S= 50/0 10>?74.30 ',107 20 >:77?09 94.3? B02207,>>09 B0=
04290? &40 -0>?0309 ,@> ):77 /09
6:=9?042 @9/ >.380.609 2,9E
704.3? >SJ74.3 40 7,>@= B4=/ ,@> 20>.37,
20908 4B04J @9/ #@/0=E@.60=
40 010 49 /0= B,=809 47.3 30=20>?077? ,9 -09R?42? /,1S=
7R>09 @9/ 84? 0?B,> 037 04909 9@= >03= B0942 ,?0=4,7 S= /40
):=?042 30=>?07709 40>0= >:77?0 #@;47709 =:77? 8,9 04909 =S807

49@?09 20309 !@9 84>.3? &.3:6:7,/0 EB4>.309 /09 49
8,9 /40 =0>?74.309 +@?,?09 84? 20=9 >:/,>> 0= B04.3 B4=/
/08 ):=?042 @9/ 690?0? 84? /0= 7?0=9,?4A 0?B,> &.3:6:0??
0706?=4>.309 %S3=8,>.3490 ,.3? 27,>@= 48 *,>>0=-,/ >.3807E09
-4> E039 49@?09 @9/ -=,@90 #@;47709 ,9-=49209

,@209-=0E079 =R?.309  =0E079 >SJ @9/ >,7E42



1S= 0?B,  =0E079


  2 *04E098037 'D;0


' +@.60=
  87 B,=80> *,>>0=

*S=107 010

 &,7E
 2 B04.30 @??0=
 4?0= *,>>0=
 >>7R1107 !,?=:9
 2=:-0> &,7E

,@209-=0E079 3,-09 43=09 B4=/ >04/42 @9/ >:77?0 >4.3 A:8


!,809 A:9 /0= ,@20 49 /40 %,9/ 7R>09 ,9 /0.6? 49 ,-
>40 6@=E A:= /08 ,.609 20 @9/ 7M>>? 439 0490 &?@9/0 49
?@96? B0=/09 ,9 6,99 1S= 04908 =07,?4A 6S3709 %,@8
/40 ,@20 !,"R>@92 A0= 0?B,
 =,/ 20309 !,.3
B09/09 :/0= !,?=:9 49 *,>>0= /0= %@30E04? 690?0? 8,9 /09
,@17R>09 0?E?0=0> 4>? A407 B0 '042 6@=E /@=.3 @9/ ?047? 439 49
9420= ,76,74>.3 @9/ ,@> =S9 ,.3? 2704.3 2=:J0 7@8;09 ,9
/09 /0= &4.30=304? 48 ,@> B077? ,@> 50/0= #:=?4:9 04909
3,7? /40 @9201M3=74.30=0 ),= 0?B, .8 7,9209 &?=,92 /0=
4,9?0 !,?=:9 -06:88? 8,9 ,9 /09 9/09 9@= -704>?41?/4.6
48 &@;0=8,=6? :/0= 49 /0= >049 >:77?0 49 /0= 4??0 ,-0=
=:20=40 >4030 47/ @9?09 /4.60= >049 /,=1 ,9 1:=8?
=0E079 @9/ 702? >40 ,@1
40 =0E079 >.380.609 20 =0??.309
9,@>: B40 8,9 >40 A:8
M.60= 30= 6099? ?=:?E /0= !@9 7M>>? 8,9 /40 %:374920
)0=B09/@92 A:9 ,4>0= B40/0=@8 49@?09 20309
!,?=:9 &40 >49/ ,@J09 69@> @9/ 1=40=? >40 /,99 1S=

;=42 @9/ 49909 >03= 1049 @9/ 49@?09 49 /0= '4016S37?=@30
7@1?42 >:/,>> >40 10>? B0=/09 ,>
=40=09 4>? 94.3? @9-0/492?
,9 7R>? /40 010 84? /08 9:?B09/42 0> 0=704.3?0=? 50/:.3
+@.60= 49 *,>>0= ,@1 @9/ 7M>>? /,> >;M?0=0 '@9609 49 /40
/,> ,9E0 E039 49@?09 ,@20
=@309 ,99 24-? 8,9 ,770
+@?,?09 E@>,8809 49 0490 ,9 7R>? /,> ,4>0= !,?=:9 48
%S3=>.3S>>07 @9/ 690?0? E039 *,>>0= @9/ 7M>>? /40 ,@20
49@?09 2@? /@=.3 0= '042 6:.309 ,99 B0=/09 /40 =0
E079 50B047> 1S= &06@9/09
04920202? ,9,.3 702? 8,9 >40
10@.3? ,@1 049 70.3 -0>?=0@?
/40 =0E079 84? 2=:-08 &,7E
@9/ -,.6? >40 1S= 0?B,

49@?09 -04
 =,/
'4;
,@209-=0E079 >:77?0 8,9
!,.3/08 B4= /,> %0E0;? ;=: 8R274.3? 1=4>.3 A0=E03=09

-40=? 3,??09 B,= 67,= /,>> B4= 9>?,?? 10=?420 =0E079 O8
940 B40/0= ,@209-=0E079 6,@ '4016S370= E@ 6:9>0=A40=09
109 4>? 0> 2S9>?420= /40 20
1:=8?09 @9/ 207,@2?09
=0E079 049E@1=40=09 @9/
-04 0/,=1 E@ -,.609
 
49@?09


 49@?09


$@,=6-=R?.309 ,.6;@7A0=?042 =R?.309  =0E079 >SJ @9/ >,7E42




  2 037 'D;0 
  2 ,20=<@,=6

 @??0=
 F ' &,7E

4

4207-

' ,.6;@7A0=

04E098037 $@,=6 049 4


&,7E ,.6;@7A0= @9/ B04.30
@??0= E@>,8809 49 0490 %S3=
>.3S>>07 20-09 @9/ 84? /08
4C0= A0==S3=09

>? /0= '042 E@ 10@.3? 803= 037


349E@1S209 4>? 0= E@ 10>? B0942
*,>>0= /,E@ 20-09 "109 A:=
304E09 @9/ ,@> /08 '042 0490
/4.60 %:770 >0.3> .8 @=.3
80>>0= 1:=809 09 &?=,92
?047? 8,9 84? 04908 0>>0= 49
2704.3 2=:J0 &?S.60 ,9
-06:88? ,.3? -4> 90@9
'04267@8;09

,9 1:=8? /40 #:=?4:909 84? /09


M9/09 E@ =@9/09 =R?.309 @9/
702? /40>0 ,@1 049 84? ,.6
;,;40= -0702?0> 70.3 !@9 84?
/08 0>>0= ,9 /0= "-0=17M.30
6=0@EB04>0 049>.3904/09

,84? /40 =R?.309 >.3R9 -=,@9


B0=/09 B0=/09 >40 9@9 84? ,@1
20>.37,20908 4207- -0;49>07?
!,.3 0740-09 6,99 8,9 /40  "!  ! "   #  '!
*0.609 84? :39 :/0= ,@.3 "%$
-@9?09 &?=0@>079 -0>?=0@09
,9 -,.6? /40 =R?.309 1S= 0?B,
49@?09 -04 =,/

   49@?09

   49@?09

'4;
,.6;@7A0=-=R?.309 >49/
>.39077 20-,.609 /, >40
60490=704 +04? E@8 0309
-09R?4209 @.3 1S= 09
>.309 84? 0490= (9A0=?=M2
74.3604? A:9 010 >49/ >40
0490 2@?0 7?0=9,?4A0


010?047.309 +48?>.390.609 9M.60-=:?@9/ 704920-M.6

A:9 /0= %:770 0?B, >40-09


 .8

 3M7? 8,9 >40-09 670490 +48?
/4.60 &.304-09 ,- 40>0 B0=/09
>.390.609 >0.3> .8 @9/ /=04
1 1S= 0?B, ,.3? -4> E039 ,@1 /08 ,.6-70.3 ,-20702?
3,9/?0770=2=:J0 ;=46:>09?,
&.390.609 @9/ A40= >4030 47/ :-09 40 &.390.609
>.309 *0= 9@= &.390.609
;=46:>09?,>.309 A:= /08 ,.609 84? 4207-
-,.609 8R.3?0 8@>> /40 09
>4030 &  -0>?=04.309 &40 B0=/09 =0.3?
209,92,-09 1S= /40 +48? ,9
/07S77@92 49 0?B, A0=/:;;079 >.39077 -=,@9 @9/ >49/ -0=04?>
 9,.3 E039 49@?09 10=?42 
   =,/

  2 *04E09 1049

 ' &,7E

#6 '=:.6093010 770 +@?,?09 1S= /09 010?042 -4>

 87 *,>>0= ,@1 /,> 4207- 84?049,9/0= 49 04

2,9E0> 4 90= %S3=>.3S>>07 A0=809209

4B04J ,=,@> 04909 20>.3804/4209

4207- '042 690?09 A?7 9:.3 803=
 2 +@.60= 037 :/0= *,>>0= 349E@1S209

#=4>0 ),94770 >;,=>,8 09 '042 0?B,

 2 @??0= 49@?09 =@309 7,>>09 >:/,>> 0=
>4.3 A0=/:;;07? !@9 ?047? 8,9
 /09 '042 49 EB04 2704.3 2=:J0
&?S.60 @9/ =:77? /09 04909 '047

 ;=46:>093M71?09 ,@1 0490= -08037?09 =-04?>
  2 @??0= ;7,??0 E@ 04908
.8 -=04?09

203  +@.60= @9/  7,9209 %0.3?0.6 ,@>

' +48? 0?B,  88 /S99 4? 04908
  208,37090 0>>0= >.3904/0? 8,9 /40 ,9
,9/079 ?09 27,?? @9/ ?047? /,> %0.3?0.6
7M92> 49 EB04 M71?09

010?047.309 6R9909 84? A0=     


>.340/0909 S77@9209 E,37=04.3
A,=440=? B0=/09 S= /40 340= 20 ,9 -0>?=04.3? 04909 /0=
-,.60909 +48?>.390.609 @9/ &?=04109 84? /0= +48? ,9/07
;=46:>09?,>.309 B@=/0 /0=>07 1S77@92 =:77? /40>09 A:9 /0=    49@?09
-0 ):776:=9?042 A0=B09/0? 4? M92>>04?0 ,@1 @9/ >.3904/0? 


 49@?09
/09 ,92020-0909 09209 0=

-.-<-14+0-6 8:137;-6<);+0-6 6G+3-*:7<=6, 4-16/-*G+3

1- 8:137;-6<);+0-6 ?-:,-6 16=<-6 *:)=6 /-*)+3-6


B=;)55-6 51< ,-6 (15<;+06-
+3-6 )=; ,-5;-4*-6 %-1/ ;1-0-
(=<)<-6 $-1<-  0-:/-;<-44< ! !"   16=<-6
'-: 6=: 8:137;-6<);+0-6 *) "    16=<-6
+3-6 5J+0<- -:0G4< 51< ,-:
%-1/5-6/- )=;  / '-1B-6
-<?) )+0< *1; 6-=6 /:7F- %-14
+0-6 )66 *-6J<1/< 5)6
6)<K:41+0 -*-6;7>1-4- 8:137;-6
0G4.<-6 1-: ?=:,-6 .:1;+0- :K
+0<- >-:?-6,-< 5 '16<-: 3J6
6-6 )=+0 ;74+0- )=; ,-: 7;-
0-:0)4<-6 16- ?-1<-:- 4<-:
6)<1>- 1;< J::7*;< ?-4+0-; 5)6
2-,7+0 >7: ,-: &-:?-6,=6/ -16-
0)4*- $<=6,- 16 ');;-: 9=-44-6
4);;-6 ;744<-

   

)6 ?-44< ,-6 #-;<<-1/ )=; =6,


;+06-1,-< )=; ,-: !4)<<- #-+0<
-+3- ,-: :JF-  @  +5
1-;- ?-:,-6 >76 ,-6 +3-6 0-:
B=: 1<<- 016 0)4* -16/-
;+061<<-6 6 ,1- 1<<- -16- 8:1
37;-60G4.<- 4-/-6 =6, ,1- +3-6
B=: 1<<- 016 -16;+04)/-6 1<
1/-4* )634-*-6 =6, ,); %-14+0-6
,)51< *-;<:-1+0-6

'-: -; ;KF 5)/ ,-: 3)66 )=+0


67+0 -16 K/-4+0-4+0-6 ):B18)6
51< -16*)+3-6 1- -.-<-14+0-6
?-:,-6 *-1
 :), 16

-.-<-14+0-6 !=,,16/;<K+3- 6G+3-*:7<=6, 4-16/-*G+3

!   ! !  


. .K: )+0< *1; 6-=6
44- (=<)<-6 .K: ,-6 -.-<-1/ *1;
!=,,16/;<K+3-
)=. ,); 1/-4* 51<-16)6,-: 16 -1
6-: #K0:;+0K;;-4 >-:5-6/-6
 
):)=; -16-6 /-;+05-1,1/-6
  / '-1B-65-04  %-1/ 36-<-6 -6 %-1/ -<?) 

 
% $)4B 16=<-6 :=0-6 4);;-6 ;7,);; -:
 !3 %:7+3-60-.- ;1+0 >-:,788-4< )6)+0 ?1:, -:

54 ');;-: )=;/-:744< =6, 16  @  +5
 /)6B-; 1 /:7F- !4)<<-6 /-;+061<<-6
 1?-1F
 1/-4*   ! 
  / (=+3-:
 !:1;- &)6144- =; ,-6 (=<)<-6 .K: ,1- &)6144-
  / =<<-: .K44=6/ -16-6 !=,,16/ 37+0-6
)6 /1*< -16-6  )*/-3K04<-
#! !=,,16/5);;- 16 ,1- 1<<- -16
6-; "=),:)<; )=; %-1/ *-

 54 14+0 ;<:-1+0< ,1- )6<-6 51< 1/-4*


 (=+3-: =6, ;+04G/< ,1- $-1<-6 B=: 1<<-
 
!3 !=,,16/8=4>-: 016 -16 1- %-14+0-6 6=6 51<
 !:1;- &)6144- 1/-4* *-816;-46 )=. -16 4-+0
4-/-6 =6, 67+0 -165)4
! 16=<-6 :=0-6 4);;-6
  !=,-:B=+3-:

 -<?); (1<:76-6;).< )66 .K:  *1; 16=<-6 *-1

 :), *)+3-6 =6, 6)+0 ,-5
*3K04-6 51< (=+3-:/4);=: *-
816;-46

1- !=,,16/;<K+3+0-6 ?=:,-6


)=; ?-1F-5 -04 /-*)+3-6
3J66-6 2-,7+0 /-6)=;7 /=< )=;
! !"   16=<-6
&74437:65-04 0-:/-;<-44< ?-:
"    16=<-6
,-6


-.-<-14+0-6 8.-4<);+0-6 6G+3-*:7<=6, 4-16/-*G+3

%-1/ 36-<-6 -6 %-1/ -<?) 


!   16=<-6 :=0-6 4);;-6 ;7,);; -:
;1+0 >-:,788-4<
. .K: 6-=6 *1; B-06
8.-4<);+0-6
   
 
)6)+0 ?1:, -: )=;/-:744< =6,
  / '-1B-65-04 51<014.- -16-:  ,-: 1:5)
 %=88-:?):- B= %);+0-6 /-.7:5<

 
% $)4B ); -:G< >-:-16.)+0< ,1- :*-1<
 !3 %:7+3-60-.- -67:5 -: 8.-4;+061<B ?1:, 16

54 ');;-: ,1- 1<<- /-4-/< ;1-0- 14,-:
 /)6B-; 1 ,1- )44- B=/-34)88< =6, B=
 1?-1F ;)55-6/-8:-;;< ),=:+0 >-:
 1/-4* 34-*-6 ,1- %-1/:G6,-: =6, ,1-
  / (=+3-: %);+0- 1;< ,1+0< -6 %-1/
 !:1;- &)6144- 5J/41+0;< ,K66 )=;?-44-6
  / =<<-: )6;76;<-6 ?-:,-6 ,1- %);+0-6

/:7F- C8.-4 B= <:7+3-6

 -><4 (=<)<-6 .K:
(1<:76-6/4);=: 1- %-14+0-6 6=6 51< 1/-4* *-
;<:-1+0-6 )=. -16 4-+04-/-6
=6, 67+0 -165)4 16=<-6
:=0-6 4);;-6 )66 .K:  *1;
16=<-6 *-1
 :), *)+3-6
1- 8.-4<);+0-6 ?=:,-6 )=; =6, 6)+0 ,-5 *3K04-6 -><4
?-1F-5 -04 /-*)+3-6 3J66-6 51< (=+3-:/4);=: *-816;-46
2-,7+0 /-6)=;7 /=< )=; &744
37:65-04 0-:/-;<-44< ?-:,-6

! !  

44- (=<)<-6 .K: ,-6 -.-<-1/ *1; ! !"   16=<-6


)=. ,); 1/-4* 51<-16)6,-: 16 -1 "    16=<-6
6-: #K0:;+0K;;-4 >-:5-6/-6
):)=; -16-6 /-;+05-1,1/-6


#7//-6.4),-6 51< -:6-6 6G+3-*:7<=6, 4-16/-*G+3

!   3)66 '-66 ,1- (?1-*-46 -<?);


-:/1*< -<?)  4),-6 )*/-3K04< ;16, ?-:,-6 ;1-
-*-6.)44; =6<-: ,-6 %-1/ /-
  / (?1-*-46 36-<-<


67*4)=+0B-0-6
 / =<<-: )6 <-14< ,-6 %-1/ 16 B-06 /4-1+0
 % $)4B /:7F- !7:<176-6 ,1- 6=6 6)+0
  54 ');;-: -16)6,-: 0)6,<-44-:/:7F =6,

 / $)=-:<-1/ .4)+0 /-,:K+3< ?-:,-6 ;1-0-
  .-16-; #7//-65-04 14, :-+0<;

 41>-6J4
  / K:*1;3-:6- 1- *-:.4G+0- ,-: 4),-6 -<?);
  / $766-6*4=5-63-:6- *-.-=+0<-6 =6, )=. 2-,-6 -16-6  
(

 :G=<-: ,-: !:7>-6+- ;;4J..-4 -:6- >-:<-14-6 ,1+0<    (%"
)6 ,1+0< 1- -:6- /=< -16
,:K+3-6 ;1- .)44-6 ;76;< 6)+0
,-5 )+3-6 ?1-,-: )*

7//-6.4),-6 ;+05-+3-6 ?-


/-6 ,-: /-*:)<-6-6 (?1-*-46 6;+041-F-6, ?-:,-6 ,1- 4),-6
=6, ,-6 :G=<-:6 ?K:B1/ =6, *-1

 :), .K: *1;



?-:,-6 706- -4)/ >-:B-0:< 16=<-6 /-*)+3-6 16 $+0G4
)6 3)66 ;1- /=< B= -16-: $=88- +0-6 51< ');;-: ?=:,- 51< 16
,-6 .-6 /-;<-44< 1- #7//-6
%18
)4; -14)/- :-1+0-6
.4),-6 *4-1*-6 :-+0< .4)+0 =6,
)6 ;+06-1,-< ,1- (?1-*-46 =6, ;16, 6)+0 ,-5 *3K04-6 -0-:
1- #7//-6.4),-6
,-6 67*4)=+0 34-16 =6, *:G< .-;< )44-:,16/; 61+0< 36=;8:1/
;744<-6 5J/41+0;<
*-1,-; 16 ,-: =<<-: /4);1/ ?1- 6G+3-*:7<
.:1;+0 >-:B-0:<
?-:,-6
)66 51;+0< 5)6 ,-6 $)=-:<-1/
51< ');;-: #7//-65-04 $)4B
:G=<-:6 =6, ,-5 E4 =6, 36-<-<
)44-; B= -16-5 :-+0< 34-*:1/-6 ! !" 
16=<-6
%-1/ -1;< 1;< ,1- (=/)*- >76 "  
 16=<-6
-<?); 5-0: -04 67<?-6,1/
,)51< 5)6 ,-6 %-1/ K*-:0)=8<
51< ,-6 G6,-6 *-):*-1<-6

$+06-44-; !1BB)*:7< 6G+3-*:7<=6, 4-16/-*G+3

!   +3-6 1-;- >7:0-: =6*-,16/<


-:/1*< -16 /:7F-6 :7< 51< )+38)81-: )=;4-/-6

  / '-1B-65-04 %A8- )+0


 16=<-6 )+3B-1< 3)66
 5)6 ,); :7< )=; ,-: 7:5


 54 16-:)4?);;-: 6-05-6 =6, ?-1<-:- B-06
 / $)4B 16=<-6 )=. -16-5 1<<-::7;<
  
 / 7B):-44) *)+3-6 ),=:+0 *-3755< -;
 % :G=<-: ,-: !:7>-6+- >76 )44-6 $-1<-6 -16- ;+0J6-
  41>-6J4 G:*=6/

  -*-6 $1- B=;G<B41+0


-16- B-:,:K+3<- (-0- 67*
 ); !1BB)*:7< ?1:, 706- -.- 4)=+0 16 ,-6 %-1/ 7,-: -:;-<B<-6  $$    !
/-*)+3-6 )6 ;744<- -; .:1;+0 $1- ,); E4 ,=:+0 ;+0):.-;        &
=6, 67+0 ?):5 >-:B-0:-6 0141J4
,)66 ;+05-+3< -; )5 *-;<-6
-: 7B):-44) 5)+0< ,); :7<
166-6 ;-0: .-=+0< =6, )=F-6
36=;8:1/ *:)=6 ; -1/6-< ;1+0 "   16=<-6
/=< )4; -14)/- B=5 $)4)< ! !"   16=<-6

1- (=*-:-1<=6/ ,-; !1BB)*:7<-;


/-416/< ;-0: ;+06-44 ,) 3-16-

%18
-0B-1< -16/-0)4<-6 ?-:,-6
5=;; )6 51;+0< ,1- (=<)<-6
51< -16-5 "=1:4 16 -16-: $+0K; ); !1BB)*:7< -:;<
;-4 -: .:1;+0- 7B):-44) ?1:, 3=:B >7: ,-5
/:7* /-:1-*-6 ,-5 %-1/ 016B= ;;-6 *)+3-6 =6,
/-.K/< /4-1+0 B= %1;+0
/-*-6
1-;-: 1;< :-+0< .4K;;1/ -<?) ;7
?1- !.)66-3=+0-6<-1/ =6, ?1:,
16 -16-: .4)+0-6 :=6,-6
=+0-6*)+3.7:5 51< -16-5
=:+05-;;-: >76
 +5 /-*)

0)8)<1 4),-6*:7< )=; 6,1-6 6G+3-*:7<=6, 4-16/-*G+3

6 -16-: !.)66- -16-6  =<<-:


!   ;+05)4B -:01<B-6 '-66 5)6
-:/1*< >1-: *1; .K6. =<<-: 6155< 3)66 -; 4-1+0<
0)8)<1; 8);;1-:-6 ,);; ,1-;- B= 0-1F


/ ?1:, =6, >-:*:-66< )66


'-1B-6>74437:65-04 ?-:,-6 )=+0 ,1- :7<- ;+0?):B

  54 ');;-:
 =<<-:;+05)4B B=5 1- :7<- 6)+0-16)6,-: )=;*)
=;*:)<-6 +3-6 *1; ;1- *:)=6- 4-+3-6
 0)*-6 :K+3< 5)6 /-/-6 6,-
,-: )+3B-1< 51< -16-5 ;)=
*-:-6 %=+0 )6 ,-6 #)6, -16-;
0)8)<1 3755< )=; 6,1-6 =6, :7<-; ;7 /-0< -; 16 ,-: 1<<-
4-1+0< )=. 1- 4),-6 0-1F
1;< -16 ;-0: -16.)+0-: ;)4B47;-:
>-:B-0:-6 $1- -1/6-6 ;1+0 )4;   #   
4),-6 ,-: )4; -14)/- B=
-14)/- =6, ;+05-+3-6 6=:       # $
;+0):.-6 $8-1;-6 /-:-1+0< ?1:,
.:1;+0  
)6 *:G< ,1- :7<- 16 ,-: !.)66-
16 =<<-:.-<< )=; 1- 4),-6
-6<0)4<-6 3-16 $)4B 3J66-6 )*-:
51< -<?); /-5)04-6-5 K55-4
/-?K:B< ?-:,-6 6;<)<< &744
37:65-04 ?1:, 16 6,1-6 5-1;<
=;B=/;5-04 >-:?-6,-<
"  16=<-6$<K+3
! !"   16=<-6    $
); &74437:65-04 16 -16-:

 $<=6,-6 #=0-B-1< ! #   
$+0K;;-4 51< ,-5 ');;-: 51
;+0-6 ;7,);; -16 .-;<-: %-1/  $!  
-6<;<-0< 1-;-6 B?-1 *1; ,:-1 #)$  
$<=6,-6 :=0-6 4);;-6 -6 %-1/ "$ 
16 .K6. /4-1+0 /:7F- !7:<176-6
)=.<-14-6 =6, ,1-;- B= ;-0:
.4)+0-6 4),-6 >76 +5
=:+05H;;-: )=;:744-6 -: %-1/
1;< ;-0: 34-*:1/ =6, ?=:,- 01-:
51< ,-: )6, 16 ,1- 7:5
/-*:)+0<

:K63-:66G+3-*:7< 6G+3-*:7<=6, 4-16/-*G+3

$+0K;;-4+0-6 6155< ?-:,-6 ,1-


!   6G+3-*:7<- :=6, 1-: ?=:,- -16
  / '-1B-6 .-16 7>)4-; &7::)<;/-.GF )=; !4);<13

  / :K63-:6 .-16 >-:?-6,-< 1- 7:5-6 )=;
 / $)4B 36)88 -16 % ;<-+0-6 =6, )=. -16 4-+0 4-/-6

/ 6-=<:)4-; E4 )+38)81-: =6<-:4-/-6
1;<-4J4
 % )+38=4>-: )6 -:0G4< 2- 6)+0 :JF- ,-:
  54 ');;-: 7:5 )+0< *1; B?J4. $+0-1*-6 1-
  / $-;)5 :7<- ?-:,-6 .K:
16=<-6 16
  / $766-6*4=5-6 ,-6 )+37.-6 /-;+07*-6 $1- >-:
3-:6- G6,-:6 10:- :JF- *-15 )+3-6
3)=5 =6, ;744-6 *:)=6 =6,
36=;8:1/ ?-:,-6 6 (-44/4);
*-=<-4 >-:8)+3< 0)4<-6 ;1+0 ,1-
6G+3-*:7<- 4)6/- (-1< .:1;+0
-1B-6 =6, :K63-:6 .-16
5)04-6 7,-: )4; -04 3)=.-6
! !"   16=<-6
$G5<41+0- (=<)<-6 /1*< 5)6 16
"    16=<-6
-16- #K0:;+0K;;-4 =6, >-:5-6/<
;1- /=< 51< -16-: )*-4 7,-: -1
6-5 -4-3<:1;+0-6 #K0:/-:G<

=6 5=;; ,-: %-1/ .K: .K6.


16=<-6 51< ,-6 G6,-6 /-36-
<-< ?-:,-6 )6)+0 4G;;< 5)6
106 .K:  16=<-6 )*/-,-+3< 
:=0-6
); 6G+3-*:7< ;+05-+3<
-6 )+37.-6 )=.  :), >7: 3:G.<1/ =6, -1/6-< ;1+0
0-1B-6 =6, ,-6 %-1/ )=. -16-: 8:15) )4; /-;=6,-
/4)<<-6 4G+0- B?-1 *1; ,:-1 1441 (?1;+0-65)04B-1< )6
5-<-: ,K66 )=;?-44-6 )6 3)66 -; /=< )=+0 706-
*-6J<1/< B=5 =;;<-+0-6 -16- -4)/ 36)**-:6
8);;-6,- 7:5 '-66 5)6 -16


163-436G+3- 51< )6.;)5-6 6G+3-*:7<=6, 4-16/-*G+3

  

 / '-1B-6 .-16

 / #)4B 36)88 -16 $

/ 6-=<:)4-; E4
1;<-4H4
 $ )+38=4>-:
  54 ');;-:
  / )6.;)5-6
174),-6
  / I:*1;3-:6-

); 163-436G+3-*:7< 1;< ,)63


,-: -:6- =6, #)5-6 G=F-:;<
36=;8:1/ -16- 6/;< ,-: )6.
0)< 3-16- *-:)=;+0-6,- '1:3=6/
2-,7+0 -16-6 6=;;1/-6 -;+05)+3

-6 '-1B-6 .-16 5)04-6 7,-: )4;


&74437:65-04 3)=.-6 #G5<41+0-
(=<)<-6 /1*< 5)6 16 -16- "I0:
;+0I;;-4 =6, >-:5-6/< ;1- /=< 51<
-16-: )*-4 7,-: -16-5 -4-3
<:1;+0-6 "I0:/-:G<

=6 5=;; ,-: $-1/ .I: .I6.


16=<-6 51< ,-6 G6,-6 /-36-<-<
?-:,-6 )6)+0 4G;;< 5)6 106 .I:
 16=<-6 )*/-,-+3< :=0-6

-6 )+37.-6 )=.  :),


>7:0-1B-6 =6, ,-6 $-1/ )=. -16-:
/4)<<-6 4G+0- B?-1 *1; ,:-1 1441
5-<-: ,I66 )=;?-44-6 )6
*-6H<1/< B=5 =;;<-+0-6 -16-
8);;-6,- 7:5 '-66 5)6 -16
#+0I;;-4+0-6 6155< ?-:,-6 ,1-
6G+3-*:7<- :=6, 1-: ?=:,- -16 
&7::)<;/-.GF )=; =6;<;<7.. >-:
?-6,-< 1- 7:5-6 )=;;<-+0-6 1- 6;+0)..=6/ -16-: -
=6, )=. -16 4-+0 4-/-6 )+3 <:-1,-5I04- 4706< ;1+0 >7:
8)81-: =6<-:4-/-6 )44-5 ?-66 5)6 :I63-:65-04
*-6H<1/< (=,-5 1;< .:1;+0
)6 -:0G4< 2- 6)+0 :HF- ,-: /-5)04-6-; -04 -:6G0:=6/;
7:5 )+0< *1; B?H4. #+0-1*-6 1- 80A;1747/1;+0 /-;-0-6 G=F-:;<
:7<- ?-:,-6 .I:
16=<-6 16 ?-:<>744 ,) -; :-1+0 )6 &1<)
,-6 )+37.-6 /-;+07*-6 #1- 516-6 =6, 16-:)41-6 1;<
>-:G6,-:6 10:- :HF- *-15 )+3-6
3)=5 =6, ;744-6 *:)=6 =6,
36=;8:1/ ?-:,-6 6 (-44/4);*-=<-4
>-:8)+3< 0)4<-6 ;1+0 ,1- 6G+3-
*:7<- 4)6/- (-1< .:1;+0


     16=<-6 3#   '
  
  16=<-6 #  "%$" "
'

#+07374),-65=..16; 6G+3-*:7<=6, 4-16/-*G+3

<-6; .I6. 16=<-6 ;+04)/-6


   ;7,);; -16- ;+0)=51/- );;-
-6<;<-0<
.I: -<?)
 =..16;
)6 B1-0< 6=6 ,1- B-:;<7F-6-6 $18
  / ?-1+0- =<<-: 1;9=1<*:H;-4 =6, ,1- /-5)04- )6 3)66 )=; ,-5 $-1/

  / (=+3-: 6-6 )6,-46 =6<-: ,-6 $-1/ )=+0 -16-6 "-0:I+3-6
  / ;+0?):B- ); 1?-1F- ;<-1. ;+04)/-6 =6, B=*-:-1<-6 )B= .I44<
#+07374),- =6<-:0-*-6 -6 $-1/ 16 H:5 5)6 106 B=5 )+3-6 16
  1/-4* +0-6 .I44-6 =6, .I: *1;  -16- -6<;8:-+0-6,-
  / )6,-46 /-5)04-6 16=<-6 *-1  :), *)+3-6 7:5 )6)+0 ?1:, ,-:
  1?-1F =+0-6 51< )6,-4;<1.<-6
  / H..-4*1;9=1< )6 3)66 ,1- =..16; 6)+0 ,-5 /-;81+3< =6, 51< -16-:
 -><4 #+0737/4);=: :3)4<-6 -6<?-,-: 51< !=,-: -<</4);=: I*-:B7/-6
B=+3-: *-;<G=*-6 7,-: ;1- 51<
-16-: -<</4);=: I*-:B1-0-6

+074374),-65=..16; /-0H:-6
;<:-6/ /-6755-6 61+0< B= ,-6
:7<-6 2-,7+0 ;16, ,1-;- 01-: ;7
4-+3-: ,);; 5)6 ;1- )=+0 /=< B= 
    16=<-6
-16-5 I..-< *-1;<-=-:6 7,-: )5    *1;  16=<-6
#766<)/ )=. ,-6 :I0;<I+3;
<1;+0 *:16/-6 3)66

1- #+07374,- ?1:, B-:*:H+3-4<


=6, 15 ');;-:*), /-;+0574B-6
)6 :I0:< ,1- ?-1+0- =<<-: 51<
,-5 (=+3-: ;+0)=51/ =6, .I/<
,1- #+07374),- 016B= =6 6)+0
=6, 6)+0 ,); 1/-4* B= ,-:
);;- /-*-6 =6, 51< -16-5
-4-3<:1;+0-6 "I0:/-:G< 516,-; ",

I;413-3;- 6G+3-*:7<=6, 4-16/-*G+3

=6, 51< ,-5 #IF=6/;51<<-4


>-::I0:-6 )66 ,1-
   $:7+3-6.:I+0<- =6, ,1- I;;-
,)B=:I0:-6 )+0-16)6,-: )44-

 / )+3<0).-: /-:H;<-< )6,-:-6 (=<)<-6 51< -16-5
=6, 51<<-4/:7* /-5)04-6 -4-3<:1;+0-6 "I0:/-:G<

  / 51<<-4/:7* /-0)+3<- =6<-:5-6/-6 6-<0)3-6
$:7+3-6.:I+0<- "7;16-6
)<<-46 8:137;-6 -6 $-1/ 6=6 )5 *-;<-6 I*-:

 / );-46I;;- /-:1-*-6 )+0< ;<-0-6 4);;-6 )6)+0
7,-: /-0)+3< 34-16- =/-46 .7:5-6 =6,
  / =<<-: 84)<<,:I+3-6 1- !4G<B+0-6 *-1

 / (=+3-::I*-6;1:=8
 :),
 16=<-6 *)+3-6 "%$## ," ,# #
*B? 761/ 7,-: /)>-6
,1+3;).<
  / 3)4<-; 16-:)4?);;-:

 / .-16 /-5)04-6- 
     16=<-6
-:;<- I*-: )+0<

 / .-16 /-5)04-6-:   
 16=<-6
'-1B-6
  / /-:H;<-<- #-;)5
3H:6-:
 !:1;- #)4B
 #+0)4- -16-: )*/-:1-*-6-6
(1<:76-

-6 ).-: ;74)6/- 16 ,-:


!.)66- :H;<-6 *1; -: ,=.<-<
:3)4<-6 4);;-6 =6, 51<<-4/:7*
;+0:7<-6 1- =<<-: ;+05-4B-6
' ' %  

"7;16-6)6,-4H:6+0-6 6G+3-*:7<=6, 4-16/-*G+3

-6 $-1/  16=<-6 )6 -16-5


   ?):5-6 !4)<B /-0-6 4);;-6
)+0 ,1-;-: (-1< 0)< ;1+0 ,);
.I: )+0< H:6+0-6 &74=5-6 ,-=<41+0 >-:/:HF-:<
)6 36-<-< ,-6 $-1/ 6=6 =6<-:
  / '-1B-6 .-16 ->-6<=-44-: (=/)*- >76 -<?);

 !3 $:7+3-60-.- -04 51< ,-: )6,
 ;8 &)6144-
  / "7;16-6 (=5 7:5-6 ,-: H:6+0-6 ,-6
  / /-5)4-6- )6,-46 $-1/ 16 )+0< /4-1+0 /:7F-
 36)88-6 $ #)4B !7:<176-6 )=.<-14-6 -,-:

 54 ?):5-; ');;-: 4=58-6 ?1:, 6=6 B= -16-5 "
+" $ ""
 1/-4* :-1-+3 .4)+0/-,:I+3< 1-;-; "
 1?-1F >76 ,-: G6/;;-1<- 0-: )=.:744-6
=6, B= -16-5 )4*576, *1-/-6
;1-0- )=+0 #-1<- ..

1- $-1/;<I+3- )=. -16 )+3


*4-+0 4-/-6 =6, ?1-,-:=5 -<?)
 74437:60H:+0-6 ;16, /-;=6, 16=<-6 /-0-6 4);;-6
=6, ;+05-+3-6 *-;76,-:; /=< 'G0:-6,,-;;-6 ,-6 .-6 >7:
B=5 :I0;<I+3 )63 ,-: "7;1 0-1B-6 )66 ,1- H:6+0-6 51<
6-6 0)*-6 ,1- H:+0-6 )=+0 8=: 1/-4* *-;<:-1+0-6 =6, .I:
-16-6 4-1+0< ;IF-6 -;+05)+3 *1;  16=<-6 *-1
 :),
)6 3)66 ;1- ;-0: /=< 51< /74,*:)=6 *)+3-6
=<<-: =6, ):5-4),- /-
61-F-6

44- (=<)<-6 *1; )=. ,); 1/-4* 


     16=<-6
51<-16)6,-: 16 -16-: #+0I;;-4      16=<-6
>-:5-6/-6 =6, )+0< 16=<-6
+" %#  " %" 
-4-3<:1;+0 36-<-6


5-:13)6-: 6G+3-*:7<=6, 4-16/-*G+3

;-<B<-6 -6=/ *;<)6, B?1


   ;+0-6 ,-6 $-14+0-6 4);;-6 ;1-
>-:/:HF-:6 ;1+0 15 )+37.-6
.I: #<I+3 ;<):3 1- 5-:13)6-: *-1 
:), .I:
 16=<-6 *)+3-6 #1-
  / =<<-: ?-:,-6 ;+0H6 0-44*:)=6

  / (=+3-:
 !:1;- #)4B #<I+3+0-6 )*3I04-6 4);;-6 =6,

/)6B- 1-: ,-6 (=+3-:/=;; B=*-:-1<-6 )
  54 14+0 B=  / !=,-:B=+3-: 51<

  / '-1B-6>74437:6 ;;4H..-46 (1<:76-6;).< B=;)5


5-04 5-6 :I0:-6 - ,1+3.4I;;1/-: ,-:
# $ " !( "
 !3 )+38=4>-: =;; ?1:, =5;7 ?-1F-: ;1-0< -:

 #+07374),-6/4);=: )=; =6, =5;7 ,1+3-: 1;< ,1-
  / !=,-:B=+3-: )=./-816;-4<- (=+3-:;+01+0<

 (1<:76-6;).< )6 3)66 ,1- 5-:13)6-: )=+0
 (=+3-:8-:4-6 =551 6)+0 -41-*-6 51< #+07374),-6
*G:+0-6 /4);=: *-;<:-1+0-6 )+0 =;<
=6, )=6- 51< (=+3-:8-:4-6
=551*G:+0-6 7,-: #+0737416
;-6 >-:B1-0:-6
 -1+0- =<<-: ;+0)=51/ :I0
:-6 =6, (=+3-: #)4B =6, ,1-
1-: 6)+0 =6, 6)+0 016B=.I/-6
); -04 B=;)55-6 51< ,-5
)+38=4>-: 16 ,1- #+0I;;-4 /-
*-6 )6 :I0:< >7:;1+0<1/ =6<-:
(=/)*- >76 14+0 -: $-1/ ;744<-
BG0 >75 H..-4 .)44-6 -/-*- 
     16=<-6
6-6.)44; :-,=B1-:< 7,-: -:0H0<   
 16=<-6
5)6 ,1- 14+05-6/- ;;4H..-4 %$ %"!" ,"   "$ 
/:7F- $-1/<=8.-: )=. -16 51<
)+38)81-: )=;/-4-/<-; 4-+0


)5=<*:7<  )/=-<<- -;76,-:- :7<-

36-<-< ,); )6B- -6<?-,-: 


16=<-6 51< ,-: )6, 7,-:
   .I6. *1; )+0< 16=<-6 51< ,-:
6-<5);+016- ; *14,-< ;1+0

 / '-1B-6 .-16 -16 /-;+05-1,1/-: 61+0< %$ #$  $


 / )5=< .-16 34-*:1/-: $-1/ ,-: ;1+0 >75 '# "$  
  / ');;-: ")6, 4H;< # $"   )
  / #)4B
%
 
'I:.-4 -.- =6 .7:5< 5)6 ,-6 $-1/ B=
 $4 (=+3-: -16-: =/-4 =6, 4G;;< 106 
16=<-6 /-0-6 )6)+0 67+0
-165)4 ,=:+036-<-6 ?1- -16
-6-<1;+0 1;< )5=< 51< ,-5 )/=-<<- .7:5-6 =6,
):<?-1B-6 >-:?)6,< -: - 16=<-6 :=0-6 4);;-6
0)4< )6 1?-1F &1<)516-6 =6,
#8=:-6-4-5-6<-6 1;< *-1 )5=< 'G0:-6,,-;;-6 ,-6 .-6 )=.
0H0-: )4; *-1 )6,-:-6 '-1B-6

 :), >7:0-1B-6 ); :7<


;7:<-6 ); -<:-1,- 1;< /4= -16:1<B-6 51< ');;-: *-;<:-1
<-60)4<1/ =6, 0)< ;-0: /=<- +0-6 =6, -<?)  16=<-6
)+3-1/-6;+0).<-6 )6 >-:5= *)+3-6 )+0 B-06 16=<-6
<-< ,-6 %:;8:=6/ >76 )5=< 16 3)66 5)6 ,1- $-58-:)<=: )=.
C/A8<-6 ); -<:-1,- 1;< 16 /=<  :), :-,=B1-:-6
;7:<1-:<-6 174G,-6 =6, "-.7:5
0G=;-:6 -:0G4<41+0

)5=<5-04 16 -16- "I0:


;+0I;;-4 /-*-6 -16- &-:<1-.=6/ 
     *1; 
016-16 ,:I+3-6 =6, ,1- )=. 16=<-6
/-4H;<- -.- =6, ,-6 (=+3-:       16=<-6
-16.I44-6 1< ,-: )*-4 4-1+0<
-1651;+0-6 =6, B-06 16=<-6
/G:-6 4);;-6 # %$" $ )$ #  "#

=6 /1*< 5)6 ,); #)4B =6, ,);


:-;<41+0- ');;-: 016B= =6,


1)*)<<) -;76,-:- :7<-

;-16 : 5=;; 6=6 -<?)  516 


     16=<-6
/-0-6      16=<-6
  
=6 /1*< 5)6 ,); E4 =6, ,);
  / '-1B-65-04 #)4B 016B= =6, :I0:< ,-6 $-1/ 51<
$A8-  -16-5 6-<0)3-6 .I6. *1; B-06

  54 ');;-: 16=<-6 ,=:+0 -1 -,):. -6<
 !3 $:7+3-60-.- ?-,-: -<?); 5-0: ');;-: 7,-:

 / 41>-6H4 5-0: -04 016B=/-*-6 : 1;<
 /-0 $ #)4B :-+0< ?-1+0 =6, 34-*< 67+0 -<?);
 /-;<: $ (=+3-: )5 ")6, -: $-1/ ,):. 6=6 
16=<-6 :=0-6 =6, >-:,788-4<
,)*-1 ;-16 &74=5-6

)+0 ,-5 -0-6 ?1:, ,-: $-1/


); 1)*)<<) 1;< ;-0: 47+3-: =6, >76 )6, .I: .I6. 16=<-6
/-36-<-< =6, )6;+041-F-6, B=
;+05-+3< )=+0 /=< 51< ):5-4),- -16-5 :7<4)1* /-.7:5< :-=B
)6 -:0G4< -16 51<<-4/:7F-; :7< ?-1;- -16;+06-1,-6 51< -16-5
-1 -,):. ,1- -6/- >-:,788-46 $=+0 *-,-+3-6 =6, 67+0 -165)4
$
=6, -16-; ,-: :7<- -16.:1-:-6  16=<-6 /-0-6 4);;-6

)6 3)66 )6;<)<< ,-: $:7+3-60-.- 5 6,- ,-: -0B-1< ?1:, ,-:
-*-6;7 .:1;+0- -.- >-:?-6,-6  )+37.-6 >7:/-0-1B< =6, -16 $76
'I:.-4 ); -0-6 ,-; &7:<-1/; #+0G4+0-6 51< ');;-: )=. ,-6
1;< ?1+0<1/ .I: ,1- =;*14,=6/ 7,-6 ,-; .-6; /-;<-44<
-16-: .-16-6 47+3-:- :=5-
=6 ?1:, ,); :7< 51< ');;-:
'-1B-65-04 16 -16- "I0:;+0I;;-4 *-816;-4< =6, *-1

 :),
;1-*-6 -16- &-:<1-.=6/ 016-16 /-*)+3-6 )+0 B-06 16=<-6
,:I+3-6 =6, ,1- -.- ;)5< (=+3-: *-;8:I0< 5)6 ,); :7< 67+0
-16;<:-=-6 ); ?):5- ');;-: -165)4 51< ');;-: 5 %54=.<
37584-<< )=. ,1- -.- /1-F-6 =6, 0-:, 1;< ,); :7< 6)+0 
51< ,-: )*-4 -16-6 $-14 ,-; -04; 16=<-6 0-44*:)=6 =6, .-:<1/ /-
51< ,-: 4I;;1/3-1< >-:51;+0-6 *)+3-6
-: &7:<-1/ ;744<- :-4)<1> .4I;;1/ "#



#)4)51G;-#<)6/-6  J1/ -6J -;76,-:- :7<-

)6 51;+0< ,); -04 51< ,-:


   $:7+3-60-.- ,-5 #)4B ,-5 E4
,-5 I55-4 =6, ,-5 /-?G:5
.I: >1-: #<)6/-6   +5 <-6 ');;-: =6, 4G;;< >75
-4-3<:1;+0-6 "I0:-: )=;/1-*1/

 / '-1B-65-04 $A8- 36-<-6 -: $-1/ ?1:, ,)*-1
 /4G6B-6, =6, -4);<1;+0 : 4H;<


54 ?):5-; ');;-: ;1+0 4-1+0< >75 ")6, ,-: #+0I;
 !3 $:7+3-60-.- ;-4 >-6<=-44 5=;; 5)6 -<?);
  / #)4)51 7,-: 5-0: -04 7,-: 4I;;1/3-1< 016
#+0163-6:-;<- B=BI/-6
  / ):<3G;- B;8
7=,) -: $-1/ ,):. 6=6  16=<-6
 -161/- #<G6/-4 !-<-:;141- :=0-6 =6, >-:,788-4< ,)*-1 ;-16
  I55-4 /)6B &74=5-6 )+0 ,-5 -0-6 ?-:
 $ 6-=<:)4-; E4 ,-6 ,1- 34-16 /-;+061<<-6-6
G;- =6, '=:;<:-;<- 016B=/-
.I/< =6, ,-: $-1/ 67+0 -165)4
/-36-<-<
1-
"#"  !##$ '% " $
34-16-6 #<)6/-6*:7<- ;16,
)6 <-14< >1-: !7:<176-6 )* =6,
-6<;<)6,-6 ?-14 ?1: -16 8)): .7:5< )=; 2-,-: -16 34-16-;
#+0-1*-6 #)4)51 =6, )4<-6 G;- )/=-<<- '1-,-: 16=<-6
I*:1/ 0)<<-6 "-;<- ,1- B?): /-0-6 4);;-6 )6)+0 ,1- :7<-
67+0 /-61-F*): 2-,7+0 =6)6 51< ');;-: *-;<:-1+0-6 -16:1<B-6
;-0641+0 ;16, ?-:,-6 >76 ,-: 51< I55-4 *-;<:-=-6 =6,

)5141- /-:6- 4163; 41-/-6 /- *1;
16=<-6 *-1
 :),
4);;-6 =6, >-:,-:*-6 ).I: ;16, *)+3-6
)0:=6/;51<<-4 )*-: B= ?-:<>744

5 :7< -16/-*)+3-6 ;1-0< 5)6


,-: '=:;< =6, ,-5 G;- 10: 
     16=<-6
4<-: 61+0< )6 1- #<)6/-6*:7<-      16=<-6
?):-6 3H;<41+0 =6, ?=:,-6 67+0
15 ?):5-6 (=;<)6, 51< =<<-:
%#$# ",#$,#
*-;<:1+0-6 >-:B-0:<

!):<A*:7< !163 J14) 1441J -;76,-:- :7<-

7,-: -<?); 5-0: ');;-:


016B=.I/-6 )6 4G;;< ,-6 $-1/
   6=6 -16- #<=6,- )6 -16-5
?):5-6 :< /-0-6
  / '-1B-65-04 $A8-
 )+0 ,1-;-: (-1< 0)< ;1+0 ,);

 ! $:7+3-60-.- &74=5-6 ,-=<41+0 >-:/:HF-:<
  / "7<- --<- 14, ;-1<41+0 )6 ;+04G/< ,-6
>7:/-37+0< $-1/ B=;)55-6 =6, .7:5< 106 B=
  $ #)4B -16-: )/=-<<-;<)6/-
 
$ !)8:13) -4,-4;IF
 $ :-/)67 /-<:7+36-< -6 .-6 >7:0-1B-6 ,); :7<
  41>-6H4 51< ');;-: *-816;-46 =6, 51<

/ /-0)+3- I:*1;3-:6- /-0)+3<-6 I:*1;3-:6-6 *-
;<:-=-6 16- $76;+0I;;-4 51<
');;-: 16 ,-6 )+37.-6 ;<-44-6
$ $ " $" $
=6, ,); !):<A*:7< .I:  *1;
); 414) !):<A*:7< 0)< ,)63 16=<-6 *-1

 :), *)+3-6
:-1+041+0 :7<-: -<<- -16- :7;)
:/1*< -16 /:7F-;  +5 4)6/-;
:7<- :=;<- =6, 1;< 166-6 :7<
=6,  +5 *:-1<-; #<)6/-6*:7<
*:)=6 /-.G:*< ; ;+05-+3<
?I:B1/ =6, 3)66 /=< 51< =<<-:
7,-: 8=: B=5 G;- >-:B-0:<
?-:,-6 )6 3)66 )=+0 34-16-
:H<+0-6 7,-: 161)/=-<<-

     16=<-6
*:7<- )=; ,-5 $-1/ *)+3-6
     16=<-6 
&1-: "7<- --<- 6744-6 >7:/- 1< $75)<-68I::--
37+0< 16 -16-5 1@-: 8I:1-:-6 -:0G4< 5)6 -16
)44; ,); -;;-: ,-; 1@-:; ;1+0 7:)6/- /-.G:*<-;
61+0< ,:-0-6 3)66 ?-61/ ');;-: :7< ;1-0- )=+0
,)B=/-*-6 #G5<41+0- (=<)<-6 "-B-8< 5-,1<-::)6-;
*1; )=. ,1- I:*1;3-:6- ?-:,-6 $75)<-6*:7< )=.
6=6 16 -16-: #+0I;;-4 /-51;+0< #-1<-
=6, .I: .I6. *1; )+0< 16=<-6 /=<
>-:36-<-< >-6<=-44 5-0: -04

-,1<-::)6-; $75)<-6*:7< -;76,-:- :7<-

/-36-<-< )6 4G;;< ,-6 $-1/


6=6 -16- #<=6,- )6 -16-5 ?):
   5-6 :< /-0-6

  / '-1B-65-04 $A8- )+0 ,1-;-: (-1< 0)< ;1+0 ,);


 &74=5-6 ,-=<41+0 >-./:HF-:<


 / -.- 14, =6<-6 )6 ;+04G/< ,-6
  54 8I:1-:<- $75)<-6 $-1/ B=;)55-6 =6, .7:5< 106
 $ #)4B B= -16-: =/-4 I: ,1- B?-1<-

$ :G=<-: ,-: !:7>-6+- >76  16=<-6 ?=:,- ,-: $-1/
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41>-6 /-4-/< ),=:+0 *-3755< ,);
  0141E4 ;+0):.-; E4 :7< ;8G<-: -16- /4-1+05GF1/-
:-4)<1> 070- 7:5  '&$ '$

-6 .-6 >7:0-1B-6 ,); :7<


); $75)<-6*:7< 1;< ;-0: .-16
51< ');;-: *-816;-46 -16-
;+0I;;-4 51< ');;-: 16
$76
,-6
=6, ;+05-+3< ,)63 ,-: 41>-6 )+37.-6 ;<-44-6 =6, ,); :7<
=6, ,-: :G=<-: ?I:B1/ =:+0 .I: *1;  16=<-6 *-1


,1- (=/)*- >76 0141E4 -:0G4< :), *)+3-6
-; -16- /-?1;;- #+0G:.- )6
3)66 ,); E4 )*-: )=+0 ?-/
4);;-6 1- $75)<-6 /-*-6 ,-5
:7< -16- 16<-6;1>- 7:/)6/-
:7<- G:*=6/ ); ?1:3< ;-0:
)<<:)3<1> =6, 5)+0< ;1+0 8:15) 
     16=<-6
)=. -16-5 I..-<      16=<-6

)6 -:;<-44< )=; ?-61/ -04


-<?); ?):5-: 4I;;1/3-1< =6, #$#" 
,-: B-:*:H+3-4<-6 -.- -16-6
&7:<-1/ =6, 4G;;< ,1-;-6 B-06
16=<-6 /-0-6 )6)+0 ?-:,-6
;G5<41+0- (=<)<-6 /-51;+0< =6,
.I: .I6. *1; )+0< 16=<-6 /=<

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