• Keine Ergebnisse gefunden

0 0.05 0.1 0.15

N/A
N/A
Protected

Academic year: 2022

Aktie "0 0.05 0.1 0.15"

Copied!
131
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)

!

" #$!&%!'()*+-,. 0/1!!)32'(4 '(5

!6,879 :'

,;

<=> ?!@

"

!)ACBDFE G45H6,JID4G) KMLONP !H

,Q !JG+K! RG,

S'(Q,3/D!!)J25'( '(+

> 5 8$H

T4>)5UV@XWY !HZU\[PY25'+ ]^G_`

+a46ID) bLcNP !:H

d )ef!:4!hgDi$jUlknmUoi$m$m$p

(2)
(3)

, Ka4 !!'(

<\,? ! 5Zg WYG,U TcU#I1!*@!K6W

TcU $l)+UK K+

(4)
(5)

! "#$&%('! ")* )+-,.#+/102 )3

46587:9;<>=7@?@9BA@CD=;&ED=;GF:7@9B;BEBH9B?><JIK;BELEB=7:?><JI$7@MK=;&4G=ANCB?>=O8PQ587JM+9B;DRSPT5U=VIK9BANC&5UCB7TWX=7@CBIKOU<>=;ZY[=5

=;BEBO\5UA@CD=7^]=_a`[=7@I$<J9D7X9B;BEcbd5UA@Ce<>=f5U;B;D=7NCBIKO8Yg=5U;B=7=ih[=M<J58jK=;Sk:58=ED=7J=;D=7@Rl58=imno=?JA@CD7@=58Y9B;DRDpbd58=?

RK=?JANCB58=Ce<_S5U<><>=OU?q=5\;D=72O8rKM$IKO8=;tsuANCB587@IKO8=;v$mwD=7@_S5Url;x4G=ANCB?>=O8PQ587JM+9B;DRyY[=?JANCD7@58=Y[=;-EB9B7@A@CxEBIK?

k:IK_zY9{T|Krl;BIm}IK?J5U;B5Ur~ZrEB=OUOY[=5€=5U;D=7TM$IKOUIcjKrl;‚=<ƒPoI‚„zF:=WcpB…:_†EB58=d;B5UA@Ce<>`[=7J<J9D7JYI$<J58jK=:b:‡em

;BIK_S5UMaH9qY[=CBIK;BEB=OU;ts?><>=O\O8=;qPQ587‰ˆT=;DrK7@_S58=7N9B;DRl?>RK7@9B`B`[=;+mw^OU9B?J?>RlOU=5UA@C9B;DRK=;c5U;;ŠIKA@CB?J<>‹NŠ9BCB7J=;BED=7

Œ

7@E;e9B;BR5\;-ED=72ŽQYO8=5U<J9B;DRl?>=;e<PT5\AJM+OU9B;DRGIK9D‹soE58=Š9DY[=7qEB58=‚‹‘Š9BCD7@=;BED=;*’“rK`B`OU9B;DRK=;*CB5\;BIK9B?>RK=im

CD=;!9B;BE EB58=qjKrlO\O8=2Y[rl?>rl;5U?JA@CB=2wD=OUEI$YCŠIK;DRl58RKMK=5U<VED=7aw^OU9D”Kj$I$7@5UI$YOU=;GY[=7KŠ9BAJM+?J5UANC<J5URK=;tp&465879B;+m

<>=7@?J9A@CD=;EB58=?J=cw^OU9D”KRlOU=5UA@C9B;DRK=;•?>rPorlCBOX5U;•5UCD7@=7:IKOUOURK=_a=5U;D=;•wDrK7@_‚stEB5U=c’“rK7@7J=Me<J9B7J=;&5\; „–‘—c˜

Y[=5U;BCBIKOU<>=<s$IKO\?IK9A@Ca5U;cED=7XkcŠIKCB=7@9B;DR:=5U;D=7^RK7JrK”K=;aŽ:;DHIKCBOjKrl;awBI$7JY‹17J=5\CD=58<J?>RK7@IKEB=;V—c˜isl9B_™=5U;D=

WX=7JY5\;BEB9B;DR:H9Y5U?@CD=7@58RK=;ŽQ7JY[=58<>=;CD=7JH9B?><>=O\O8=;tp^ŽQOU?XŽ:;eP‰=;BE9B;DR“ED=?š~ZrED=O\OU?X5U_›WšI$M+9B9B_S?>=Mem

<>rK7œY[=7J=A@CB;B=;qPT5U7oEBIK?u`[=M<>7@9B_EB=?obd587NIKAirK`€=7NI$<>rK7@?pš…:;<>=7œWX=7JPo=;BEB9B;BRcED=7œw^OU9D”KRlO8=5\A@C9B;DRK=;

Y[=5=;BEBOU5UANCD=7d]=_a`[=7@I$<J9B7g9B;BEbd5UA@Ce<>=S9B;e<>=7@?J9BANCD=;PT587dEBIK?gANCB587@IKO8=žCIK?>=;BEB5UI$RK7NIK_S_Ÿ9B;BEEB58=

 [9B?J<JIK;BEB?>RlO8=5\A@C9B;DR¡ED=7L¢d9BI$7@M_SI$<>=7N58=•9;BE-jK=7JRlOU=5UA@CD=;69B;?>=7J=&£7JRK=Y;B5\?J?>=&_q58<(Fd5U<><>=7@?J5U_c9BOUIm

<J58rl;D=;3p¤4G=58<>=7@CB5\;EB5U?JM9D<J5U=7J=;PT587EB58=ZED=_¥ˆf=;BrK7@_S58=7@9;DRl?>RK7@9D``€=;wDrK7N_SIKOU5U?J_c9B?5U;BCŠI$7@=;<>=

M$IKO8=;BI$YCŠIK;DRl58RKMK=58<u5U_†’“rl;e<>=i¦+<f=5U;D=7f?>M$IKO8=;BI$YCŠIK;DRl58RK=;Z¢d9I$7JM_qIK?J?>=“EB58=“IK9B?QF“58<><>=7J7J=?J9O8<JI$<>=;

‹NŠ9D7Q<>rl_m<>7@rl_m’“rK7J7J=O\I$<>rK7J=;ZI$YBRK=OU=58<>=<fPT587NEtp

§¨ B#K

© ªD•xª /š' "#l © T ª©  «€ B#K ©

4G=LIK;BIKO8‡H=(Y[rK<JC <JCB=2RK7Jrl9;BEB?><JI$<>=(rK‹Q?J<>7Jrl;DRG5U;e<>=7@IKAi<J58rl;IK;BE58<J?cY[=CBIj+58rK7aI$<¬;B58<>=<>=_a`[=7@Im

<J9D7J=QIK;BEqED=;?J58<‡PT5U<JCB5U;aIK;S=ih[=Ai<J58jK=dO8rPfm­=;D=7JRK‡SED=?JAi7N58`B<J58rl;rK‹3?><>7@rl;DRV5U;e<>=7@IKAi<J58rl;3p^]TCB5U?š5U?EDrl;D=

5U;¡<>=7@_S?crK‹T®9BI$7JM+?gPTCB5\A@C!5U;<>=7NIKAi<VY‡¡I•O8rAIKO‰A@CB5U7@IKO‹"rl9D7>m­‹"=7@_S5Url;¡kd|l}tm5\;<>=7@IKAi<J5Url; I$<aI•?JAIKO8=

rK‹rK7@ED=7z„VFd=WVp]rqIKEBEB7J=?J?œ<JCD=z;Brl;+m­`[=7J<J9D7JYI$<J5UjK=dEB‡;BIK_q5UA?s+P‰=VED=7@58jK=“7J=;BrK7@_SIKOU58HI$<J5Url;2RK7@rl9D`

¯ rªP=®9BI$<J58rl;B?š5\;S;D=i¦+<š<>rzO8=IKEB5\;DR“rK7@ED=75\;<JCD=TED=7@5UjI$<J58jK=T=i¦`IK;?J58rl;<JCBI$<‰RKrgY[=‡Krl;BEa<JCD=TOU=IKEB5U;DR

7J=;DrK7N_SIKOU58HI$YOU=dAirl9B`OU5U;DRl?œIK;BEZ5U;BAOU9BEB=Q<JCD=z=;<J587@=“Y€rl?Jrl;B5UAd¬B=OUE‚EB=`€=;ED=;BAi=KpX4G=g=i¦DIK_S5U;D=“<JCB=?>=

¯ rªP.=®e9BI$<J5Url;B?:Y€rK<JC5U;&<JCD=7J=RK=;D=7NIKO‹"rK7@_°<JCBI$<“5U;BAO\9BED=?TAirK7@7J=Ai<J58rl;B?“5U;!„–‘—c˜:IK;E•5\;•O\I$7JRK=c—c˜

I$`B`B7@r¦D5U_SI$<J58rl;‚5U;(rK7NED=7u<>rq_SI$MK=zAirl;e<JIKAi<:<>ra`B7J=j+58rl9B?œPorK7JM2rl;L<JCD=gk:|}tm_ar+ED=O±pšŽ:?fIK;LI$``OU5UAIm

<J58rl;2rK‹t<JCD=Q_SrED=O5U;a<JCD=:j$IKA9B9B_?J=Ai<>rK7s+P‰=dAirl_a`9D<>=Q<JCD=Q?J`€=Ai<>7N9B_²rK‹t<JCD=:bd587@IKAQrK`€=7NI$<>rK7pX]fCD=

¯ rªPx=®9BI$<J58rl;B?oI$7J=:RK=;D=7@IKOU5UH=Eq<>rc¬;B58<>=Q<>=_a`[=7@I$<J9D7J=?oIK;BE2ED=;B?J58<J5U=?šj+5UIg<JCD=“~&I$<J?J9DYI$7@Iz‹1rK7N_SIKO³m

5U?J_Lpz4658<JCB5U;•<JCB5U?d?JANCD=_a=Ks3Po=SIK;BIKO8‡H=a<JCD=SANCB587@IKO`CBIK?J=E5UI$RK7@IK_´IK;BE<JCD=a=®9BI$<J58rl;rK‹œ?><JI$<>=SrK‹

®9BI$7JMq_SI$<><>=7fIK;E2Airl_a`I$7J=drl9D7œ7J=?J9BO8<J?‰<>r7J=Ai=;e<œO\I$<><J5UAi=“?J5U_c9BOUI$<J58rl;B?pµ¶;2IKEEB58<J58rl;2P‰=d?><J9BEB‡S<JCD=

?JAIKO8=fEB=`€=;ED=;BAi=u5U;BCD=7@=;<X5U;c<JCD=fˆfF6_a=<JCBrEa5U;<JCB=fEB5³h[=7J=;<XAirl;e<>=i¦<‰rK‹€?@AIKO8=fED=`[=;BED=;e<®9BI$7JM

(6)
(7)

€ © ^#K ©

#Kª ^/"xª © '- + © /« "lDª © ª©

pU„ ‡+_S_a=<>7@5U=?urK‹?J<>7Jrl;DRq5U;e<>=7@IKAi<J58rl; p“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp

p

£Xh[=Ai<J58jK=V¬B=OUE(<JCD=rK7J‡(‹"rK7TA@C587@IKOt?>‡+_S_a=<>7J‡ pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp „

p £9AOU5UED=IK;‚IK;BEL<JCD=7@_SIKO[¬B=O\E(<JCD=rK7J‡´pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp „

pv £Xh[=Ai<J58jK=cIKAi<J58rl;ZIK;BE‚EB=7@58j$I$<J58jK=“=i¦`IK;B?J58rl;‚pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp „

p ]fCD=“7@=;DrK7@_SIKOU5UHI$<J58rl;(RK7Jrl9D`ZIK;EL58<J?u`B7@rK`€=7u<J5\_a=“‹1rK7N_ pzpgpgp“pgpgp“pzpgpgp“pgpgp „

p kd|l}tm_SrED=OIK;BE(Y[rl?>rl;B58HI$<J58rl; pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp !

"c• © /1'x «€ B#Kª «#DB#

%$

pU„ £Xh[=Ai<J58jK=cIKAi<J58rl;LrK‹<JCD=gRK=;D=7NIKOU58H=ELOU5\;D=I$7'&€m_arEB=O¡pgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp

p w^O8rP™=®e9I$<J58rl;B?urK‹^<JCD=“Y[rl?>rl;B5UH=E‚k:|}¡_ar+ED=Opgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp (

p bd5UI$RK7@IK_S_qI$<J5UAgAOUIK?J?@58¬AI$<J58rl;‚rK‹<JCD=zEB‡;BIK_q5UA?(pgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp (

pv ]fCD=gkd|l}3m_ar+ED=O35U;‚OUI$7@RK=g— ˜ p“pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp v

p ˆfFQm

¯

rªP 5U;AOU9BEB5U;BRV_a=?>rl;

¯

9BAi<J9BI$<J58rl;?pgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp v)

p ]fCD=g?J`€=Ai<>7N9B_†rK‹<JCD=zbd587@IKAdrK`[=7@I$<>rK7 pgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp *

p+ ,orl;BAO\9B?J58rl; pgpzp“pgpgp“pgpgpzp“pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp v

- . © q +&'3 / $

vDpU„ ]fCD=7N_SIKO ¯ rP™=®e9I$<J58rl;L5U;‚}ž€Ž pgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp (0

vDp kd|l}tm­<JCB=7@_ar+ED‡;IK_S5UA?u5U;‚OUI$7@RK=z—V˜ p“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp

vDp norl?>rl;B5UAg<JCD=7@_SIKO ¯ 9BAi<J9BI$<J58rl;B? pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp (

vDpv ,orl;BAO\9B?J58rl; pgpzp“pgpgp“pgpgpzp“pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp 0+„

$ 1

#l/"2š++#l•43 65© 0 7%

pU„ ~Z=?>rl;B5UAgAirK7@7J=OUI$<>rK7@?TPT58<JC(7J=?>rlO\9D<J58rl;+mED=`[=;BEB=;<œ®e9I$7JM_qIK?J?>=?(pgpgp“pzpgpgp“pgpgp 0(

p

¢d9BIKO\58<JI$<J58jK=“Y[=CBIj+58rK7frK‹<JCD=z?@AIKO8=imED=`[=;BED=;e<f®e9I$7JM_qIK?J? pgp“pgpgp“pzpgpgp“pgpgp 0(

p ¢d9BIK;e<J58<JI$<J58jK=VIK;BIKO8‡+?J5U?p“pgpgpzp“pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp (

pv ,orl;BAO\9B?J58rl; pgpzp“pgpgp“pgpgpzp“pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp (

(8)

/ qª/©t© ) %

§ g©

ª «

e€/"

"lDª

© ©

Tª•! 3e4

"c• +Bª • © © ª ¨© © "lN © /

$

n:pU„ £X¦+`IK;B?@58rl;‚IK;BELˆT=?J9B_SI$<J58rl; p“pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp „

n:p ]7@IKAi=?›pgp“pgpgpzp“pgpgp“pgpgpzp“pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp „ 0

n:p¥µ¶;<>=RK7@I$<J5Url;B?TIK;BEL<>7@IK;B?>‹"rK7@_SI$<J58rl;L<>rS7J=;DrK7@_qIKOU58H=E(‹"rK7@_ pgpgp“pgpgp“pzpgpgp“pgpgp „K„

g© ª « e€/" "lDª © %

% •

"#l/o/1'3 " % 2$

bcpU„ =7@5U=?u=i¦`IK;B?J58rl; pgpgp“pgpgpzp“pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp „K„

bcp

bd5U?JAi7J=<J5UHI$<J58rl;pzp“pgpgp“pgpgpzp“pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp „K„

bcp k:9B_a=7@5UAIKO5U_a`O8=_S=;<JI$<J58rl;pzp“pgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp“pzpgpgp“pgpgp „K„

(9)

]fCD=&®e9D=?J<S‹1rK79B;BED=7N?><JIK;BEB5U;BR•<JCB=Z?><>7@9BAi<J9B7J=LrK‹“_SI$<><>=7‚5U;-;BI$<J9B7J=ZCBIK?qY€==;-rl;D=ZrK‹d<JCD=&RK7J=I$<

A@CIKOUO8=;DRK=?urK‹^;BI$<J9D7NIKO[`CB5UO8rl?JrK`C‡S?@5U;BAi=“58<J?œY[=Rl5U;B;B5\;DRDpµ<fCBIK?f5\;jKrKMK=E‚j$I$7@58rl9?uEB5³h[=7J=;<œ`5\Ai<J9D7J=?

PT58<JC RK7JrªPT5U;DRGED=RK7J==(rK‹Q7J=¬;D=_a=;e<cm“=?>`[=A5UIKOUO8‡y?J5\;BAi=5U<cCBIK?cY[==;IKEBED7J=?@?>=E!Ye‡ `C‡+?J5UA?c5U;I

?JA58=;e<J58¬A:_SIK;B;B=7pXn‰‡q<JCD=“_S5UEBEBOU=frK‹3<JCD=dOUIK?><uAi=;e<J9D7J‡q58<oY[=AIK_a=dAO8=I$7u<JCBI$<o<JCD=“_SIK5U;A@CBI$7@IKAi<>=7Jm

5U?><J5\A?fPTCB5\A@C•5UED=;e<J58‹1‡(_SI$<><>=7gAIK;B;BrK<QY[=VIK?@Ai7@58Y[=EL<>r(IK;Z=;EB9D7@5U;BRDs_SIK?J?J5UjK=z=;e<J58<‡&Y9D<frK7@5URl5U;BI$<>=

‹"7Jrl_ I&ED‡+;BIK_S5UA$s^5U;e<>=7@IKAi<J5U;DR&`B7Jr+Ai=?J?pL£šjK=; Y[=‡Krl;BEtsXIKOUO<JCB5U?zEB‡;BIK_q5UA?g5U?VIKO87J=IKED‡G`B7@=?>=;<c5U;

j$IKA9B9B_‚sl?J5\;BAi=uEB9D=œ<>r“<JCD=œ7J=OUI$<J58j+5U?><J5\A‰®9BIK;e<J9B_.;BI$<J9D7J=œrK‹rl9D7XP‰rK7NOUEcj587@<J9BIKO`I$7J<J5UAO8=?^I$7J=fAi7@=I$<>=E

IK;BEGED=?J<>7Jr‡K=E Airl;<J5U;9Drl9B?@O8‡Kpc]TCB5U?:5U?d`5UAi<J9D7@=E&Y‡wD=‡;_SIK;?“`I$<JCG5\;<>=RK7@IKOED=?JAi7@58`<J58rl;ZPQCD=7J=

IKOUO`B7Jr+Ai=?J?>=?Q<JCBI$<:I$7@=VIKOUO8rªP‰=E&PT58<JC5U;LISRl5UjK=;Z<JCD=rK7@‡Z5U;BED==EZAirl;<>7@5UY9D<>=V?@5U_V9O8<JIK;D=rl9B?JOU‡2<>r<JCD=

j$IKOU9D=?rK‹`Ce‡+?J5UAIKOerKY?>=7Jj$I$YO8=?p^wD7Jrl_›<JC5U?`[rl5U;e<rK‹j+58=P!_qI$<><>=75U?_a=7J=O8‡gRl5UjK=;<JCD=œ7JrlO8=orK‹?JOU5URlC<

EB5U?J<J9D7JYIK;BAi=?Q5U;•IqYB7@=PT5U;DRSj$IKA9B9B_Ls€AIK9B?J=E&Y‡L`I$7@<J5UAO8=?QPT58<JC•Iq<J5U;e‡‚Y9D<dAirl;B?>=7@jK=E:®9BIK;e<J9B_

;9B_zY[=7œm<JCB=“YI$7J‡Krl;Z;9B_VY[=7p

]fCB=7@=?>`[=Ai<J58jK=L5U;e<>=7@IKAi<J58rl;PTCB5\A@CAIK9B?>=?SIKO\Oœ<JCB5U?ED‡+;BIK_S5UA?5U?aI$`B<JOU‡ ;BIK_a=E "!$#&%'!(*)+-,

.0/

%1!p]fCD=7J=L5\?aIGP‰=IKOU<JC*rK‹Q=j+5UED=;Ai=L<JCBI$<a<JCD=L7N5UA@Cj$I$7@58=<ƒ‡!rK‹:`Ce‡?@5UA?RKrjK=7@;B=EY‡!?J<>7Jrl;DR

5U;e<>=7@IKAi<J58rl;Z7@IK;DRl5U;DRq‹17Jrl_·=O8=_a=;e<JI$7J‡‚`I$7J<J5\AO8=?fIK;BE&;e9BAOU=5t<>rqrKY32>=Ai<J?:IK?QOUI$7@RK=VIK?T;B=9D<>7Jrl;Z?J<JI$7@?

5U?aED=?@Ai7@58Y[=E¡Y‡!<JCD=‚?J9D7J`B7N5U?J5U;DRlOU‡•?J5\_a`O8=(}I$RK7@IK;BRl5UIK;rK‹5476

.

!(638

/9

18:7;"<=!

.

85%

/

?>­¢ ,œbA@c5U;

<>=7@_S?frK‹^Ia;Brl;+mŽTY[=OU5\IK;2RlIK9BRK=V?>‡+_S_a=<>7J‡Kpšb:=?>`58<>=g<JCD=gOUI$7@RK=z;e9_zY[=7urK‹`CD=;Drl_a=;IaED=?JAi7@58Y[=Ets

¢ ,œb5\??>rl_a=PQCBI$<‰5U;e<>7@IK;B?J`I$7J=;e<p^w^587N?><šrK‹tIKOUO±se<JCD=T=O8=_S=;<JI$7J‡B476

.

DCE

.

!F;G#"HI6J"!JXPTCB5UANCqI$`B`[=I$7

5U;G<JCB=(¢ ,œb†IKAi<J5Url;¡IK;BE AI$7J7J‡<JCD=

/

1HK1gRlIK9DRK=A@CBI$7JRK=(I$7J=;DrK<grKY?>=7@jK=E I$<cIKOUOšIK?cIK?>‡_S`B<>rK<J5UA

?><JI$<>=?o5U;S;BI$<J9B7J=KsY9B<šAirlO8rK7‰5U?

/

1!7LM!N)O;Q<>rg<JCD=:5U;e<>=7@58rK7šrK‹tAirl_a`[rl?J58<>=KsAirlO8rK7@O8=?@?X=i¦+A5U<JI$<J58rl;B?;IK_a=E

9P.

;" 1!QNp:=Airl;EBO8‡KsD<JCD=7J=c5U?fIS_qIK?J?fRlI$`5U;(<JCD=V`I$7J<J5UAO8=g?J`€=Ai<>7N9B_‚sB;D=I$7@OU‡(IKO\OtrK‹^<JCD=?>=zCBIKEB7Jrl;B5UA

=i¦DA58<JI$<J58rl;B?dCBIjK=ajK=7J‡&OUI$7@RK=c_SIK?@?>=?dAirl_a`I$7J=E<>r(<JCD=c`B7@5U_qI$7J‡LED=RK7J==?:rK‹‹"7J==EDrl_°rK‹o¢ ,œbcp€µ¶;

IKEBEB5U<J58rl;S<JCD=7@=QI$7J=dIKOU?>r;DrV5\;BEB5UAI$<J58rl;?XrK‹IV`I$7@58<ƒ‡SED=RK=;D=7@IKAi‡SrK‹CBIKED7Jrl;2?>`[=Ai<>7@IVIK?‰7J=®9B587J=EqYe‡

IK;DrK<JCD=7QI$`B`B7Jr¦+5U_qI$<>=z?>‡+_S_a=<>7J‡rK‹<JCB=g_SIK?J?JO8=?@?Q¢ ,œb›IKAi<J58rl;(m‰<JCD=

/9

%R

.

HST<=858U)+T<$p‰]fC5U?uAIK;

VXWZY\[] ^]`_\aTbDc c YD_*dEegf=hSijYijk=]Qc lE_X_j]mf7i$n=k+oqpXegc\b-rTn=egcmijlE_j]Qijk=]`_j]FbO_j]Ns=bD_Xo+Y-ftfqlEuvs"]m_w^7egYTrxbDijegfEhZnq_jY+c ] pXpX] pPijk=bDiPcm_j]\bDij] d

ijk=]yuzbDiXij]m_SpXlq_X_jYTl=f=dEegf=hvl=p[Se{ijk=egf|bvkEeghTk=r{o}f=Y-fE~]\€+l=egrgegsE_jegl=upi*bOij]tegf}ijk=]t] bD_jr{olEf=eg^]m_jpX]-‚

(10)

Y[=d=i¦`O\IK5U;D=E58‹3rl;D=gIK?J?@9B_a=?œ<JCBI$<uA@C587@IKOt?>‡+_S_a=<>7J‡25U?œYB7JrKMK=;‚ED‡+;BIK_S5\AIKOUO8‡S5U;<JCD=dRK7Jrl9B;E?J<JI$<>=Ks

O8=Ij5U;BR:<JCB=œO\58RlC<^CBIKED7@rl;B?IK?XI$``B7Jr¦D5U_SI$<>=TF:rlO\EB?><>rl;D=œY[rl?>rl;B?^IK;BEcRl58j+5U;DR:<JCD=œrK<JCD=7šCBIKED7@rl;B?^OUI$7JRK=

ED‡+;BIK_S5UAIKO\O8‡SRK=;D=7@I$<>=E&_SIK?J?>=?p

…:;D‹"rK7J<J9B;BI$<>=O8‡Ks^;Drl;D=qrK‹o<JCB=?>=SYIK?J5\Aa`B7JrK`[=7J<J58=?grK‹o<JCB=qAirl_a`OU5\AI$<>=EyRK7Jrl9B;Ey?><JI$<>=qrK‹f?J<>7Jrl;DR

5U;e<>=7@IKAi<J58rl;m;BIK_a=O8‡cED‡;IK_S5UAIKODA@C587@IKOD?>‡+_S_a=<>7J‡cYB7J=I$M+5U;DR“IK;BEqAirl;D¬;D=_a=;e<^mCBIK?XY[==;a=;e<J587J=OU‡

9B;BEB=7@?><>rrE&?>r2‹«I$7d‹17@rl_·<JCD=c`[rl5U;e<TrK‹šj+58=P rK‹š<JCD=`B7@5U_qI$7J‡‚9B;BED=7@OU‡5U;BREB‡;BIK_q5UA?pQŽ:AAirK7@EB5\;DRlO8‡Ks

¢ ,œb›CBI$7NEBO8‡qPorl9BOUEZCBIjK=gY[=Airl_a=z<JCD=gRK=;D=7@IKO\O8‡IKAAi=`<>=EZ<JCD=rK7@‡rK‹X?><>7@rl;DRS5U;e<>=7@IKAi<J58rl;LPQ58<JCDrl9D<

IK;DrK<JCD=7oAi7@9BA5UIKOD5\;DRK7J=EB58=;e<^m58<J?

.

-<18Nj"%

/

\)-)O;0"8cp‰Žœ<‰OUI$7JRK=f_Srl_a=;<J9_?JAIKO8=?<JCD=uRlIK9DRK=:Airl9+m

`OU5\;DR2Y[=Airl_a=?z?J_SIKOUO^IK;BE`[=7@_S5U<J?:I(`[=7J<J9B7JYI$<J58jK==i¦+`IK;B?J58rl;•PTC5UA@C=;BI$YO8=E<>rLAirl_a`9D<>=a7NI$<>=?

IK;BEcAi7Jrl?J?^?>=Ai<J58rl;?‹"rK7XIQC9DRK=ojI$7@5U=<‡grK‹B`7JrAi=?@?>=?5\;z‹«IjKrK7@I$YO8‡zI$RK7J==_a=;e<^PT58<JCz<JCD=‰=i¦+`[=7@5U_a=;e<JIKO

7J=?J9O8<J?šRlI$<JCD=7@=E25U;2IKAAi=O8=7@I$<>rK7œ=i¦+`€=7N5U_a=;e<J?I$7Jrl9B;ES<JCD=QP‰rK7@O\ESrjK=7œ<JCD=:OUIK?><EB=AIKED=?$pšwB9D7@<JCD=7>m

_arK7J=Ks<JCD=zIKEDjK=;e<:rK‹^?@9qA58=;e<JO8‡‹"IK?><:Airl_a`9D<>=7N?frjK=7d<JCD=VOUIK?><f‡K=I$7@?:CBIK?T=;BI$YO8=EZ¬B7@?><u`B7N5U;BA58`OU=

Airl_a`9B<JI$<J58rl;B?f=jK=;&I$<QO8rªP¤=;D=7JRl5U=?fY‡(E587J=Ai<f?>rlOU9B<J58rl;‚rK‹^<JCD=zEB5\?JAi7J=<J58H=EZ¢ ,ub.IKAi<J58rl;Lrl;Z¬;B58<>=

OUI$<><J5UAi=?pLbQ=?J`58<>=Sj$I$7@58rl9B?z`B7JrKYOU=_S?gIK;BE OU5U_S58<JI$<J5Url;B?d<JCD=?>=?J5U_c9BOUI$<J58rl;B?“®9BIKOU5U<JI$<J58jK=O8‡GI$`B`B7JrªjK=E

<JCD=qI$Y[rªjK=q`5UAi<J9B7J=SIK;BEyAirl9BO\Ey5U;y?>rl_S=qAIK?>=?V=jK=; _SI$MK=®e9IK;<J58<JI$<J5UjK=qAirl;<JIKAi<c<>rZ=i¦+`[=7@5U_a=;e<JIKO

rKY?>=7@jI$<J58rl;?p:kQ=jK=7J<JCD=OU=?J?s[<JCD=OUI$<><J5UAi=_a=<JCDr+E&CBIK?:=®9BIKOUO8‡(‹«IK5UO8=E•?>r‹"I$7d5U;&rl;D=cAi7N9BA5UIKO`€rl5\;<

<>r=i¦<>7NIKAi<crl9B<VrK‹f<JCB=Airl_a`OU5UAI$<>=EED‡+;BIK_S5UA?VI&?J5\_a`OU58¬=EGED‡;IK_S5UAIKOo_a=A@CBIK;5U?J_ ‹1rK7<JCD=<Por

YIK?J5\Ad`B7JrK`[=7J<J58=?œrK‹^?><>7Jrl;DR25U;<>=7NIKAi<J58rl;tp

Ž <>7@IK;B?J`I$7J=;e<T_a=<JCDr+E‚<>rqIKAAirl9B;e<T‹"rK7Q?J<>7Jrl;DRSED‡+;BIK_S5UA?T5U?œ<JCD=:O)!F"-8

.

HI%

.

%X1! #0 16poµ<T5U?

ILjK=7@‡y?J9BAAi=?J?>‹«9BO<>rerlO‰<>r&5U;AOU9BED=S®9BIK;e<J9B_ ¯ 9Ai<J9BI$<J58rl;B?zYe‡G=i¦+`O8rl58<J5\;DR‚<JCD=2?J=O8‹\m?@5U_S5UOUI$7g;I$<J9D7J=

rK‹dIKOUOœ`[rl?J?J58YOU=q`B7Jr+Ai=?J?>=?a5\;rK7@ED=7a<>r¡5U;e<>=RK7@I$<>=

¯

9BAi<J9BI$<J58rl;B?rl;*E5³h€=7@=;<a?JAIKO8=?Srl;D=LI$‹1<>=72<JCD=

rK<JCD=7pšŽE5U?JAi7J=<J58H=EqjK=7@?J58rl;qrK‹t<JCD=T7@=;DrK7@_SIKOU5UHI$<J58rl;SRK7Jrl9B`25UED=IVAirl9BOUEqY€=Tj5U?@9BIKOU58H=EaY‡SI 2J58Rl?JIP

5U;*PQCB5UA@C?J_SIKOUOœ`5U=Ai=?qI$7J=•Airl_zY5\;D=E*Y‡?@5U_a`O8=(7@9O8=?a<>r O\I$7JRK=7S`58=Ai=?q<JCBI$<2I$7@=L<JCD=ZY9B5UOUEB5\;DR

YO8r+AJM+?uI$<TIK;‚=jK=;ZOUI$7JRK=7T?JAIKOU=KsB9B;<J5\O[¬;BIKOUO8‡a<JCB=“PTCDrlO8=“`5\Ai<J9D7J=:=_a=7JRK=?po]fCD=“_SIK5U;‚EB5qA9BO8<ƒ‡q5U;

5U;e<>=RK7@I$<J5U;DRarl9B<u<JCD=?>=z®9BIK;e<J9B_

¯

9BAi<J9BI$<J5Url;B?u5U?œ<JCBI$<f<JCB=‡I$7J=gAirl9B`O8=E(rl;LIKOUOt?@AIKO8=?pšµ¶;BCD=7J=;e<JO8‡Ks

<JCD=:7J=;DrK7@_qIKOU58HI$<J58rl;2RK7Jrl9D`‚_a=<JCDr+E(EB587J=Ai<JOU‡S5U;BAOU9BEB=?š<JCD=:=ih€=Ai<urK‹ ¯ 9BAi<J9BI$<J5Url;B?rl;(?J_qIKOUO?J`I$<J5UIKO

?JAIKO8=?d5U;e<>r ¯ 9BAi<J9BI$<J58rl;B?Qrl;•OUI$7JRK=7“?JAIKO8=?pQµ;•Airl;e<>7@IK?><st<JCD=5U; ¯ 9B=;BAi=grK‹šOUI$7JRK=?JAIKO8= ¯ 9BAi<J9I$<J58rl;B?

rl; ?J_SIKOUO8=7qrl;D=? Z5\?S=;BAir+ED=E5\;-<JCD=•_arl_a=;e<J9B_ EB=`€=;ED=;BAi=LrK‹“`Ce‡+?J5UAIKOfAirl9D`OU5U;DRl?aPQCB5UA@Cx5U?

Y‡ ‹«I$7SCBI$7@ED=7a<>ryAI$`<J9D7J=Kp*]fCDrl9DRlC3s‰5U;?><>7Jrl;BRyAirl9D`OU5U;BR&<JCD=rK7N58=?SOU58MK=Z¢ ,ubVs^<JCB5\?a_arl_a=;e<J9B_

ED=`[=;BED=;Ai=Y[=Airl_a=?q5U_a`[rK7J<JIK;e<sIK?q58<a5U;EB9BAi=?

/

1HRH) /

%"!1)$#-)

9P.

!E%"cY‡!PTCB5UANC PQCDrlO8=‚OU9B_a`?VrK‹

`B7@5\_SI$7J‡c`I$7J<J5UAO8=?‰AIK;`B7JrK`I$RlI$<>=dAirlOUO8=Ai<J58jK=OU‡SIK;BES<>7@IK;?>`[rK7J<Airl;B?>=7@jK=E®9BIK;e<J9B_;9B_VY[=7@?p^]fCD=

7J=;DrK7N_SIKOU58HI$<J58rl;!RK7Jrl9B`*‹1rK7@_q?aI&‹"7@IK_a=PorK7JM5U;!PTCB5UANC?J9BA@C*AirlO\O8=Ai<J58jK=‚=i¦DA58<JI$<J58rl;B?aAIK;-I$7N5U?>=(rK7

‹"7J==H=grl9D<TI$RlIK5\;LEB9D7@5\;DRV<JCB=z5U;e<>=RK7@I$<J58rl;‚`B7@rAi=?J?p

µ<c5\?zM+;DrPQ;¡=i¦+`[=7@5U_a=;e<JIKOUO8‡<JCBI$<c<JCD=(AirlO8rK7aA@CBI$7JRK=‚5U?cAirl;D¬;B=E¡<>r?J_SIKOUOo?>`I$<J5\IKO7J=Rl5Url;B?zrK‹

<JCD=crK7@ED=7„z‹«_‚s€‹1rK7N_S5U;DRS<JCB=VrKY?J=7JjK=EAirlOUO8=Ai<J58jK=CBIKED7Jrl;5UAz?><JI$<>=?pd]TCD=7J=Y‡‚<JCD=cI$``B7Jr¦D5U_SI$<>=OU‡

! . 63

. Hsl5±p=Kp?@AIKO8=im­‹17@==%š<JCD=rK7J‡“rK‹¢ ,œb*CIK?3<>rTRK=;B=7@I$<>=oEB‡;BIK_q5UAIKOUO8‡:IT_arl_a=;e<J9B_™?JAIKO8=&('*),+.-

! ( ~Z=WVpe|9B?><<JCB5U?^?JAIKO8=f5\?5\;BED==E?J58Rl;BIKO\58H=EV5\;a¢ ,œbY‡z<JCB=fEB58jK=7JRK=;BAi=œrK‹[58<J?7@9B;B;5U;DRQAirl9B`OU5U;DR

/10

PT58<JCB5\;ZI(`[=7J<J9D7JYI$<J58jK=V7@=;DrK7@_SIKOU5UHI$<J58rl;ZRK7@rl9D`G<>7J=I$<J_a=;e<p32QrPo=jK=7s<JCB5U?:7J=?J9BOU<Qrl;BOU‡Z?JCDrªPT?

<JCBI$<d<JCD=AirlO8rK7J=EED=RK7J==?drK‹‹17J==EBrl_ Y[=Airl_a=5U;BI$``B7JrK`B7@5\I$<>=g<>r‚ED=?JAi7@58Y[=V<JCD=c?J‡?><>=_°=ih[=Ai<J58jK=O8‡

465kE]87b-cmiyijk1bDiZ[Sk1bOi egp191f=b-rgr{o Y-s=pX]m_j^] dAegf|ijk=]dE]`ij] cmijY-_jpybD_j]pijexrgrJk=bTdq_jY-f=egcM]6:qc e{i*bDijegYTfEp Y-_Zijk=] e{_tdq] c\b o|nq_jY7dq~

l=c`ijp a$fE] ^]m_XijkE] rg] pXp a$dq_*bDuzbDijegc\b-rgr{oAc Y-u n=rgegc\bDij] p ijkE]M_j]mpXn"] cmijeg^] bDf1b-r{oqpX] p ‚MWyY\[N] ^]m_\a0ijk=]`_j]vbO_j] uzb-f+o_j] b-cmijegYTfEp b-f=d

u ]\bDpXlE_jegf=h €+l=b-f+ije{ijex]mpijk1bDi dqY f=YDiZdE] n"] f=d Y-fijk=] dE]mi*bDexrgp Y;73ijkE]tc YTu nErgexc bDij]\d k1bTd7_jYTfEe=< bDijegYTf|nq_jY+c ] pXp ‚

>6?'f ijk=]A@eghTpjb [nEegcmijlE_j] ijkEexpt[NYTl=rxd5s"] ijkE] l=f=b-c c lEpijYTu ]\dGegfB1lE] f=cm] Y;7ijk=]vn=rxb-c ]mu ] f+i Y;7ijk=] nEeg] c ] pMYTf5rxbO_jhT]

pXc\bDrx]mptYTf|ijk=]7YD_ju Y;7(ijk=] pX]n=eg] c ]mpy~Y-_y] ^] fAu YD_j]^7egpXl1bDra0ijkE]nEex]mc ] pyijkE] u pX] rg^] pybD_j]vc*k1bDf=h-]\d|exfGY-_*dq]m_yijY uzb;CT]

ijk=]@eghTpjb [DE9=iGF Y-f rxbD_jh-]MpXc b-rg] p ‚

HJI cmijl1bDrgrgo+aLKNMPO?egf7^YTrg^]mpN]6:qn=rgegc e{i€+l=bD_GCvuzbDpXpX] pF[SkEegc`kwa7k=Y\[] ^T]m_\a+k1b\^] YTfEr{o pXuzb-rgr1egu n=b-cmiNYTf ijk=] h-_jY-l=f=d pi*bDij]

(11)

I$<zO8rªP‰=7V?JAIKO8=?s?J5U;BAi=<JCD=‡G5U;ejKrlO8jK=a<>rrZAirl_a`OU5\AI$<>=EGED‡;IK_S5UA?:mfY9D<g9;D‹1rK7@<J9B;BI$<>=O8‡Ks358<g;B=58<JCD=7

Rl58jK=?VIK;‡GCB5U;e<“rl;y<JCB=S=ih€=Ai<J5UjK=2ED=RK7J==?VrK‹œ‹17@==EDrl_ I$<zOUrP=;B=7JRl58=?g;DrK7Vrl;yCDrªP<JCD=‡GI$7@5U?J=qIK?

AirlOUO8=Ai<J5UjK=z?><JI$<>=?Qrl9D<urK‹^<JCD=g9B;BED=7NO8‡5\;DRcEB‡;BIK_q5UA?p

2QrPo=jK=7sX5U;BEB5\AI$<J58rl;B?d‹"rK7g<JCD=q;BI$<J9B7J=SrK‹œ<JCD=a=ih[=Ai<J58jK=OUrPum­=;D=7@RK‡EB‡;BIK_q5UA?“I$7@5U?>=a‹"7Jrl_ O8=?J?

7@58RKrK7@rl9B?^I$`B`B7JrlIKANCD=?pXw^587@?><rK‹IKOUO±sK5U;cId®e9IK?J5³mAOUIK?J?@5UAIKOeI$``B7Jr¦D5U_SI$<J5Url;zrK‹<JCD=œRlIK9DRK=fED‡+;BIK_S5UA?rl;D=

¬;BE?‰<JCI$<u<JCD=“ED‡;IK_S5UA?œ5U?œEDrl_S5U;IK;<JO8‡2_a=EB5UI$<>=E(Y‡q<>rK`[rlO8rKRl5UAIKO %R!J

.

!(j1!2=i¦+A58<JI$<J5Url;B?pŽœ<fO8rªP

=;D=7JRl5U=?sK<JCD=‡Airl9D`O8=o<JCD=f_SI$<><>=7š¬=OUEB?^5U;cI“A@CB587NIKOU58<‡zYB7J=I$M+5U;DRdO8rAIKOD5\;<>=7@IKAi<J5Url;<JCBI$<š5U;ejKrlO8jK=?XIKOUO

‹"=7@_S58rl;&?>`[=A58=?T`7J=?>=;e<Q5U;Z<JCD=z<JCD=rK7@‡Kp:wB9B7J<JCD=7@_arK7@=Ks<JCD=c5U;e<>=RK7@I$<J58rl;•rK‹š®e9IK;<J9B_ ¯ 9BAi<J9I$<J58rl;B?

5U;¡¢ ,ub EDrªPT;G<>rZ?Jrl_a=S?JAIKO8=arK‹o<JCD=arK7@ED=72„qF:=W j5UI(7@=;DrK7@_SIKOU5UHI$<J58rl;•RK7Jrl9D`¡_a=<JCBrEB?“?@CDrl9BOUE

7J=?J9O8<Q5U;•IK;•=ih€=Ai<J5UjK=c<JCB=rK7J‡&Airl;e<JIK5U;B5U;BRq7J=?>`[=Ai<J58jK=c‹"=7@_S58rl;B5\Az5U;e<>=7@IKAi<J58rl;•<>=7@_S?p:]fCB=c?J5\_a`O8=?><

‹"rK7@_´rK‹œ?J9BA@C¡I‚`9D7J=OU‡Z‹"=7@_S58rl;B5\AV5U;e<>=7@IKAi<J58rl; 5U;GIKAAirK7@EBIK;Ai=qPT58<JC<JCB=S?>‡_q_a=<>7@58=?g5\?“ED=?JAi7@58Y[=E

Y‡G<JCD=2k:IK_zY93{T|Krl;Im}IK?J5U;58rZ_ar+ED=OšPQCB5UA@C¡PT5UOUOšY€=2EB5U?JA9B?@?>=E¡5U;¡<JCB5U?zP‰rK7JM€pLµ¶;y<JCD=(EB5U?@A9B?J?>=E

Airl;e<>=i¦<so<JCD=(IK5U_ 5U?c=?>`[=A5UIKOUO8‡G<>r=i¦DIK_S5U;D=<>rGPTCBI$<c=i¦<>=;e<S?J9BANCI•?@5U_a`OU5U¬B=EyED=?JAi7N58`B<J58rl;!AIK;

IKAAirl9B;e<‹"rK7Y9O8Mz`B7@rK`€=7@<J58=?XrK‹[<JCD=fRK7Jrl9;BEB?><JI$<>=frK‹3?J<>7Jrl;DRz5U;e<>=7@IKAi<J58rl;258‹<JCB=QED‡+;BIK_S5UA?X5\?šAirjK=7J=E

IKED=®9BI$<>=O8‡Kp

+5\;BAi=‚<JCD=LRK7Jrl9;BE-?><JI$<>=&rK‹d?J<>7Jrl;DR¡5U;e<>=7@IKAi<J58rl;5U?S?J9BANC5U;e<>7@5UAI$<>=Ksœ58<SPorl9BOUE*?@9D7J=O8‡ Y€=&_arl?><

Po=OUAirl_a=c<>rqY[=zI$YO8=V<>rq=i¦DIK_S5U;D=c58<J?f‹"rK7@_ 5U;ZI2_arK7J=V?@5U_a`OU5U¬B=E(?>=<><J5U;DR2PTCD=7J=g<JCB=V5U;e<>=7@IKAi<J58rl;•5U?

Po=I$MK=7‰IK;BE<JCD=u‹«9B;BEIK_a=;<JIKO+ED=RK7@==?XrK‹‹"7J==EDrl_.I$7@=fIKOUO8rPo=E<>rg`B7@rK`I$RlI$<>=urjK=7oOUI$7JRK=7šEB5U?J<JIK;BAi=?

m[rK7X=jK=;V<>rdY[=œI$YO8=o<>rQrKY?J=7JjK=œ<JCD=œ<>7@IK;B?J58<J5Url;g<>r“?J9BANCcId?><JI$<>=œY‡zA@CIK;DRl5U;DRd?>rl_a=œY9BOUM:`7JrK`[=7J<‡grK‹

<JCD=“?>‡+?><>=_‚pšwDrK7@<J9B;BI$<>=O8‡KsB5U;<JCD=rK7@‡q<JCD=7J=“I$7J=“5U;ED==Eq`I$7@IK_a=<>=7@?œ<JCBI$<uIKOUOUrP6<>rSEDrc<JCB5U?sD;BIK_a=OU‡

<JCD= *)8J)+

.

6PO)zIK;BE<JCD= ;w)!Q-%<VrK‹oIK;=®e9B5\OU58YB7@5\9B_†?>‡+?><>=_‚pzŽ:?“AIK;Y[=c5U;B‹1=7J7@=E&EB5U7J=Ai<JO8‡‚‹"7Jrl_

<JCD=:¢ ,œbIKAi<J58rl;tsI$<‰IK?>‡+_a`B<>rK<J5UAIKO\O8‡cO\I$7JRK=f<>=_a`[=7@I$<J9D7@=u<JCD=T?>‡+?><>=_?@CDrl9BOUEY[=f5U;SIg`OUIK?J_SId`CBIK?>=

PTCD=7@=TY[rK<JCqAirl;D¬;D=_a=;e<‰5U?‰I$Y?>=;e<oIK;BE2A@CB5U7@IKO?>‡+_S_a=<>7@‡S5U?š7J=?J<>rK7J=E$pXŽQAAirK7NEB5U;DRV<>rV<JCD=:A9D7J7J=;e<

Airl?J_arlOUrKRl5UAIKO`5UAi<J9D7J=XrK‹BIQCDrK<3Y58RTYIK;DRT?J9A@CzIT`OUIK?J_qIu`CBIK?>=PoIK?`B7J=?>=;e<5U;g<JCD=¬B7N?><3_S5UAi7Jrl?J=Airl;BE

mœY9D<f`B7@rKYI$YO8‡‚;D=jK=7d?J5U;BAi=KsY[=AIK9B?>=IKOUO3`B7@=?>=;<JOU‡M+;DrªPT;&IK?J<>7JrK`Ce‡?J5\AIKO`B7@rAi=?J?J=?QAIK;•IKAAirl9B;e<

‹"rK7:;DrK<dIq®9BI$7J<>=7d<JCD=V7J=®9B587J=EZ=;D=7JRK‡LED=;B?@58<J58=?pfwD7@rl_ j$I$7@58rl9?QEB58h€=7J=;e<TI$`B`7JrlIKA@CD=?d5U;AOU9BEB5U;BR

?>=_S58m­`€=7@<J9D7JYI$<J58jK=g¢ ,œbcsBOUI$<><J5\Ai=c¢ ,œbcs+7@IK;BEDrl_·_SI$<>7@5³¦<JCD=rK7J‡KsANCB587@IKO[`[=7J<J9D7@YI$<J58rl;2<JCD=rK7J‡‚IK;BE

=ih[=Ai<J58jK=g_ar+ED=OU?5U<‰5U?‰M;BrPT;<JCBI$<œ5U;2<JCD=:5\ED=IKOU58H=E2AIK?>=drK‹_SIK?J?JOU=?J?‰®9BI$7JM+?‰<JCD=Q7@=?>`[=Ai<J58jK=Q`CBIK?>=

<>7@IK;B?@58<J58rl;•rAA9B7@?dI$<“<JCD=SCe9BRK=c<>=_S`€=7NI$<J9D7J=[˜ -†„ ~Z=WVp*2QrPo=jK=7s5U;;BI$<J9D7J=PT58<JC_SIK?@?J58jK=

®9BI$7JM+?fIa_a=7J=zAi7@rl?J?>rjK=7d5U?u_arK7@=zOU58MK=O8‡ >«Ai‹ƒp‰w5URDpT„$pU„q@Np

46CD=7J=IK?9B;BEB=7z;DrK7@_SIKO‰Airl;BEB58<J5Url;B?z_SI$<><>=7a?><JI$Y5UOU58H=?g5\;y<JCD=IKO87J=IKED‡G7@I$<JCB=7cED=;?>=S‹"rK7@_ rK‹

;9BAO8=5±sXI$<=jK=;CB58RlCD=7cYI$7J‡Krl;ED=;B?@58<‡G‹«9D7J<JCD=79B;BIKAA9?><>rl_a=E?><JI$<>=?rK‹T_SI$<><>=7SI$7@=2=i¦+`[=Ai<>=Etp

,orl_a`I$7J=E“<>rfrK7@E5U;BI$7J‡:®e9BI$7@M:_SI$<><>=7PTCD=7J=X<JCB=®e9I$7JM?3‹1rK7@_ IuwD=7@_S5e?>=I+sª<JCB=?JOU58RlCe<>=?><3I$<><>7@IKAi<J5UjK=

5U;e<>=7@IKAi<J58rl;-AIK;ED=?><JI$Y5UO\58H=2<JC5U?awD=7@_S5u?J=IyI$<S?J9qA5U=;<JO8‡!CB58RlCED=;B?@58<J58=?aIK;BE*O8=IKE<>r IGAirlO8rK7

?J9D`[=7@Airl;EB9BAi<J5U;DRL?J<JI$<>=rK‹f_qI$<><>=7p•Ž:AAirK7@EB5\;DRZ<>r•<JCD=(A9D7J7J=;e<z`Ce‡+?J5UAIKOš`5UAi<J9D7J=SPQCB5UA@C 5U?c_V9BANC

O8=?J?aIK?@?J9D7J=EI$<S¬;58<>=EB=;B?J58<ƒ‡ EB9D=(<>ryEB5qA9BO8<J58=?VrK‹QO\I$<><J5UAi=L?J5U_c9BOUI$<J58rl;?cAIK9?>=EYe‡!IGAirl_a`O8=i¦

_a=IK?J9B7J=uPTCB5UANC`B7J=jK=;e<J?I“EB5U7J=Ai<X`B7JrKYI$Y5UOU5U?><J5\Aš<>7J=I$<J_a=;e<s<JCD=7J=f5U?šId¬7@?><XrK7@ED=7`CBIK?>=œ<>7@IK;B?@58<J58rl;

‹"7Jrl_ rK7@EB5U;I$7J‡-_SI$<><>=7L<>r-I?><JI$<>=yPQ58<JCxI7@=?><>rK7J=EA@C587@IKOd?>‡+_S_a=<>7J‡p bd9D=<>r*<JCD=GAirl_a`O8=i¦

;Drl;+m­`[=7J<J9B7JYI$<J58jK=z5\;<>=7@IKAi<J5Url;Z<JCD=7@=V5U?QISPTCDrlOU=z7@IK;DRK=VrK‹X`[rl?J?J58YOU=“`CBIK?>=?QI$<:CB5URlCZED=;B?@58<‡(PTCB5\A@C

5U;BAO\9BED=œAirlO8rK7 ¯ IjKrK7‰O8r+AJM+5U;DRDslEB5\?>rK7@58=;e<>=EaA@CB5U7@IKODAirl;BED=;B?@I$<>=?XrK7š=jK=;S<JCB=u‹1rK7@_qI$<J58rl;arK‹[Ai7J‡?J<JIKOUOU5U;D=

?><>7@9Ai<J9D7J=?p!ŽQAAirK7@E5U;DR<>rG<JCD=(`CBIK?>=‚?><>7N9BAi<J9D7J=‚I$<a=58<JCD=7a¬;B58<>=<>=_a`[=7@I$<J9D7J=(rK7a¬;B5U<>=(EB=;B?J58<ƒ‡

rl;BO8‡Kse5U;<JCD=f7J=Rl5\_a=fPTCD=7@=uY€rK<JC<>=_S`€=7NI$<J9D7J=TIK;BEqED=;B?J58<ƒ‡VI$7J=T`B7J=?>=;e<s<JCD=7@=T?JCDrl9BO\EVY[=fIgAi7N58<J5UAIKO

yb-eg^] r{o+aqijk=egp*7YTrgrgY\[SpA7_jYTu ijk=]17b-cmiZijk1bDiSijkE] u ]\b-fu YTu ] f+ijl=u&pXc\b-rg] egf ijk=] poqpij] u egp rbO_jhT]Mb-f=d}ijk=]`_j] s+o ijkE]

c Y-l=n=rgegf=hvs"] c YTu ]mpS[N]\b;C}dElE]yijYvijkE]tb-poqu nEijYDijegc17I_j] ] dEYTu Y 7KNMPOv‚

mWZY\[] ^]`_\aNbOiv^T]m_Xo5kEexh-kUdE] fEpXegijeg] pc`kEe{_*b-rpoqu u ]miX_XoGuzb o s"] sE_jY;C] f:bDhb-egf:s+ob|rgY+c C7egf=hAY 7ZcmYTrgY-_zbDf1d3B1bO^TY-_

(12)

w^58Rl9D7J=&„$pU„ S]fCD=qA9D7@7J=;<V`5UAi<J9D7@=Srl;¡<JCB=q`CBIK?J=qEB5UI$RK7@IK_ rK‹f?><>7Jrl;BR&5U;e<>=7@IKAi<J58rl; 5U;¡I&?JA@CD=_qI$<J5UA

‹"rK7@_†<JI$MK=;L‹"7Jrl_³„­p

`[rl5U;e<‰5U;q<JCD=Q`CBIK?>=dEB5UI$RK7@IK_ PTCD=7J=dOUI$7JRK= ¯ 9BAi<J9I$<J58rl;B?oI$7J=Q`7J=?>=;e<oIK;BE2PTCB5\A@C2`B7JrKYI$YOU‡Airl9OUEqY[=

ED=<>=Ai<>=E•5U;‚IK;‚=i¦+`[=7@5U_a=;e<JIKOtIK;BIKO8‡+?J5U?p

Ž:?fIa_SI$<><>=7QrK‹Airl9D7N?>=KsD=i¦`[=7@5\_a=;<JIKO\O8‡q58<f5U?u;B=58<JCD=7œ`[rl?J?J58YOU=Q<>rS?><JI$<J5\AIKOUO8‡(CD=I$<urK7TAirl_a`B7@=?J?

IGAirl;B?J5\ED=7J=E*?>‡+?><>=_ ;DrK7a<>r¡rKY?>=7JjK=‚<JCD=‚`7JrE9BAi=E?><JI$<>=ZEB587@=Ai<JO8‡Kp µ¶;B?><>=IKE3s‰<JCD=‚rl;O8‡yPœI‡<>r

ED=`[rl?J58<<JCD=u;D=Ai=?J?@I$7J‡z=;DrK7N_arl9B?XIK_arl9B;e<^rK‹=;D=7@RK‡V5U;Id?J9qA5U=;<JO8‡V?J_SIKOUOejKrlOU9B_a=u5U?<JCD=uAirlOUO\5U?J58rl;

rK‹7J=OUI$<J58j+5U?><J5UA:CD=Ije‡(58rl;B?pš]TCB5U?‰7J=?J9BO8<J?u5\;IRl5URlIK;<J5UAd=i¦+`O8rl?@58rl;(PTCD=7J=d<JCD=g?J‡?><>=_ RKr=?f<JCB7Jrl9DRlC

j$I$7@58rl9B?:Airl_a`OU5\AI$<>=E&;Drl;Dm­`€=7@<J9D7JYI$<J58jK=V?><JI$RK=?d‹"I$7:‹"7Jrl_·=®9B5UO\58YB7@5U9_ IK;EZ`B7@rEB9Ai=?TC9B;BED7J=E?u<>r

<JCDrl9B?@IK;BEB?“rK‹fCBIKEB7Jrl;B5UA`I$7@<J5UAO8=?z5\;G<JCD=q¬;BIKOš?><JI$<>=KpZ]TCD=7J=‹"rK7J=Ks<>r•IK;BIKO8‡H=2?J9A@C¡IZ7J=IKAi<J58rl;!5U;

rK7@ED=7T<>rS<>7@IKAi=gYIKA@M(<JCD=“`B7JrK`[=7J<J58=?œrK‹<JCD=g5U;58<J5UIKO[?><JI$<>=z5U?u?@5U_S5UOUI$7NO8‡SAirl_a`OU5\AI$<>=ELIK;BE‚5U;BE587J=Ai<uIK?

<JCD=z;Brl;<>7@5Uj5UIKO€RK7Jrl9;BE‚?><JI$<>=V5U<J?>=O8‹v>«Ai‹pw^58RDpT„$p @Np

]fC5U?=i¦`OUIK5U;B?cPTCe‡!EB=?>`58<>=‚<JCD=‚=i¦+<>=;B?J5UjK=Z?>=I$7@ANCI$<q?>=jK=7NIKOf‹«IKA5UOU58<J58=?cmz_Srl?><S`B7Jrl_q5U;D=;e<JO8‡

<JCD=‚+9D`[=7gžš7JrK<>rl;*‡+;BA@CB7JrK<>7Jrl; >­DžoQ@QmdIK;BEyj$I$7@58rl9?g`B7JrK`[rl?>=E¡?J58Rl;BI$<J9D7@=?z;DrL‹«9BOUOU‡•Airl;BAO\9B?J58jK=

?J58Rl;y‹1rK7IL;D=P `CBIK?>=SrK‹f_qI$<><>=7cCBIK?zY[==;y‹"rl9B;BEy?>r&‹"I$7p 2QrPo=jK=7sX<JCD=7J=I$7J=qrK<JCB=7z`B7Jrl_q5U?J5U;DR

‹«IKA5UOU58<J58=?zOU58MK=S<JCD=A9D7J7J=;e<JO8‡7@9B;;B5U;DR‚ˆf=O\I$<J58j5\?><J5UA 2Q=Ij‡yµƒrl; ,orlOUO\5UED=7U>«ˆ 2Qµ ,z@“5U; no7JrerKM+CBIjK=;ts

<JCD=:‹1rK7@<JCBAirl_S5U;DR}I$7@RK= 2:IKED7Jrl; ,orlOUO\5UED=7}>«}A2 ,z@I$< ,œ£ˆQk5U;‚F:=;D=j$IcIK;Eq<JCD=d`O\IK;B;D=Eq9B`BRK7@IKED=

rK‹d<JCD=&IKAAi=OU=7@I$<>rK7(rK‹:<JCB=F:=?>=O\OU?JA@CI$‹1<S‹‘Š9D7DA@CeP‰=7@5Url;D=;D‹"rK7@?JA@C9B;DR>­FgµO@5U;-bdI$7@_S?J<JIKED<p]fCD=

¬B7@?J<c<ƒP‰r!_SIKA@C5U;D=?rK`[=7@I$<>=ZI$<SjK=7@‡!CB5URlC=;D=7JRl58=?arK‹:<JCD=‚rK7@EB=7SrK‹:?J=jK=7@IKOfC9B;BED7J=E-F:=WŸ`[=7

;9BAO8=rl;IK;BE?JCDrl9BO\EZ`B7@rEB9Ai=cI(CDrK<dY9D<:7@I$<JCD=7gE5UOU9D<>=g`OUIK?J_SI+stPTCB=7J=IK?:<JCD=aOUI$<><>=7“PT5UOUOrK`[=7@I$<>=

I$<fO8rªP‰=7u=;D=7@Rl58=?œY9D<œCB58RlC(OU9B_q5U;Drl?J58<ƒ‡SIK;BE<JCD=7J=‹"rK7J=“Porl9BOUE(IKOUO8rªP <>rS?J<J9BED‡S<JCD=“5U;e<>=7J=?><J5\;DRaAIK?>=

rK‹“AirlOUE*ED=;B?J=L_SI$<><>=7pxŽ:EBEB5U<J58rl;BIKOœ5U;D‹"rK7@_SI$<J58rl;rl;ED=;B?>=L_SI$<><>=7AIK;IKOU?JrGY€=‚rKY<JIK5U;D=E‹"7Jrl_

IK?><>7JrK`C‡+?J5UAIKOrKY?>=7Jj$I$<J58rl;B?rK‹[Airl_S`IKAi<o?J<JI$7@?šPTCBrl?>=TAirK7J=:ED=;B?J58<J5U=?šAirl9BOUEq=i¦+Ai==E2<JCDrl?>=QrK‹[I$<>rl_q5UA

;9BAO8=5[Y‡IS_c9BO8<J5U`O8=Kp

Ž:O8<JCDrl9DRlCz<JCD==i¦+`[=7@5U_a=;e<JIKOUO8‡dIKAAi=?J?J5UYO8=?>‡+?><>=_ 5U?;Brl;e9B;58‹1rK7N_IK;BEg‹«I$7‹"7Jrl_ =®e9B5\OU58YB7@5\9B_‚si<JCD=

ED=?J5U7J=EL;D=P™`CBIK?>=?urK‹š_qI$<><>=7:I$7J=z2>9?><fED=?JAi7@5UY€=ELYe‡‚IS9B;58‹1rK7N_†<JCD=7@_SIKO?>‡?J<>=_‚puwB9D7J<JCD=7N_arK7J=Ks

I‚CDrl_arKRK=;B=rl9B?g?>‡+?><>=_´5U?“IKOUO<JCBI$<gAIK;yY€=IK;BIKO8‡H=Ey5U;IK;GI$`B`7Jr¦D5U_SI$<>=O8‡&7J=IKOU5U?J<J5UAzPœI‡?>r‚‹«I$7p

nœ9D<=jK=;Y[=‡Krl;BEq<JCBI$<‰<JCB=7J=QI$7J=d?>=7@5Url9B?5U;EB5UAI$<J58rl;B?^<JCI$<‰<JCD=:?>‡+?><>=_ Airl9OUESY[=QI$<œO8=IK?><‰`I$7J<J5UIKO\O8‡

<JCD=7@_qIKOU58H=Ep

Œ

;a<JCD=fYIK?J5U?^rK‹[<JCB5U?š5\;BAi=;<J5UjK=Ks5U;a<JCB5\?^P‰rK7JM<JCD=uY[=CBIj5UrK7šrK‹t?><>7Jrl;DRz5\;<>=7@IKAi<J5Url;SI$<

(13)

w^58Rl9D7J=:„$p £š¦=_a`OUI$7J‡d`5UAi<J9D7@=šrK‹IK;cŽQ9+mŽ:9+mAirlOUO\5U?J58rl;“I$<œ„ ( F:=WŽ-‹17Jrl_™<JCD=‰<>7@IKAJM+5U;DRdA@CBIK_VY[=7

rK‹^<JCD=V+]ŽQˆ™ED=<>=Ai<>rK7dI$<f<JCD=zˆ2Tµ , AirlOUOU5UEB=7p

¬;B5U<>=:<>=_S`€=7NI$<J9D7J=“IK;BE(YI$7J‡Krl;ZED=;B?J58<ƒ‡25U?uIK;IKO8‡eH=E(PQ58<JCB5U;<JCD=“?JIK_a=V_arEB=O€IK?T58<J?œRK7Jrl9B;BE?><JI$<>=Kp

]fCB5\?“5U?“IKA@CB5U=jK=EyY‡&<JI$M+5U;DRZ5\;<>rLIKAAirl9B;e<zY[rK<JCG®9BIK;e<J9B_ IK;BEG<JCB=7@_SIKO ¯ 9Ai<J9BI$<J58rl;B?dPT5U<JCB5U;•<JCD=

?JIK_a=c7J=;DrK7N_SIKOU58HI$<J58rl;ZRK7Jrl9D`•?JA@CD=_S=KpQ4658<JCB5U;L<JCB5U?Q‹17@IK_S=P‰rK7JM€s€jI$7@5Url9B?f<JCD=7N_SIKOIK?J`€=Ai<J?:IK?:<JCD=

`CBIK?J=g?><>7@9BAi<J9D7@=gIK;BE‚<JCD=“=®9BI$<J58rl;‚rK‹X?><JI$<>=cI$7J=g=i¦DIK_S5U;D=E3p

d EAE$]

]fCD=g?J=Airl;BEZ5U;e<>7Jr+EB9BAi<>rK7J‡A@CBI$`<>=7:_arK<J5UjI$<>=?T<JCD=gPorK7JM5\;‚<JCD=g?J9DY?>=®e9B=;<fANCBI$`B<>=7@?p‰µƒ<T`B7J=?>=;e<J?

<JCD=‚YIK?@5UA‹1rK7@_qIKOU5U?J_ IK;BE<>=ANCB;B5U®9D=?a9B?>=E*5\;!IGAirlCB=7J=;<qPoI‡5\; rK7NED=7a<>ry7J=?>rK7@<a<>ry58<a5U;<JCD=

7J=_SIK5\;BED=7frK‹^<JCD=VP‰rK7JM€pœµƒ<T‹1r+A9B?>=?Trl;Z<JCD=z=ih€=Ai<J58jK=c¬B=OUEL<JCD=rK7J‡L_a=<JCDr+E‚PT5U<JCB5U;(<JCD=V‹17@IK_S=P‰rK7JM

rK‹š<JCD=7J=;BrK7@_SIKOU58HI$<J5Url;LRK7Jrl9D`<>r‚ED=?JAi7N58Y[=g<JCD=aO8rP =;D=7JRK‡&Y[=CBIj+58rK7:rK‹?><>7Jrl;DR‚5U;e<>=7@IKAi<J58rl;•Y[rK<JC

5U;(j$IKA9B9B_ IK;ELI$<f¬;B5U<>=:<>=_S`€=7NI$<J9D7J=gIK;BELEB=;B?J58<ƒ‡Kp

]fCB=q<JCB587NE¡A@CI$`B<>=7SAirjK=7@?<JCB=2RK7Jrl9;BE ?J<JI$<>=`7JrK`[=7J<J58=?grK‹Q?><>7Jrl;DR5U;e<>=7@IKAi<J58rl;tp

Œ

;D=2rK‹f<JCD=

_SIK5U;V7J=?J9O8<J?rK‹<JCB5U?P‰rK7@Mz5U?<JCD=o=ih€=Ai<J58jK=fIKAi<J5Url;‹1rK7^<JCD=oRK=;D=7@IKOU5UH=EcO\5U;D=I$7 &€m_arEB=O<JCBI$<X5U;AOU9BED=?

I$7JY5U<>7@I$7@5UO8‡_SIK;e‡(Airl9B`OU5U;DRl?TIK;BEZED=7N58jI$<J5UjK=zAirl9D`OU5\;DRl?œYe‡LIK;Z=i¦<>=;?J58rl;LrK‹X<JCB=9DM$IPœI2Airl9B`OU5U;DR

IK;BE6rK‹c<JCD=GPœIjK=y‹«9B;BAi<J58rl;67@=;DrK7@_SIKOU5UHI$<J58rl; ‹"IKAi<>rK7@?LrK‹V<JCD=y?J<JIK;BEBI$7@EOU5\;D=I$7 &€m_arEB=Od<>r*¬B=OUE

ED=`[=;BED=;e<d®e9BIK;e<J58<J58=?“IK;IKO8rKRKrl9B?d<>rL58<J?dY[rl?>rl;B5\Az`[rK<>=;e<J5UIKO±pV]TCB5U?:RK=;D=7@IKOU5UH=E&=ih[=Ai<J58jK=qIKAi<J5Url;y5U?

?J9DY?>=®e9B=;<JO8‡“9B?J=Ez<>r“ED=7@5UjK=7J=;DrK7N_SIKOU58HI$<J58rl;VRK7Jrl9D`5U_a`7JrjK=E ¯ rP=®9BI$<J58rl;B?‹"rK7<JCB=okd|l}(_ar+ED=O

5U;;D=i¦+<‰<>raO8=IKEB5\;DRzrK7@EB=7œ5\;S<JCD=“ED=7@5UjI$<J58jK=:=i¦+`IK;B?J58rl;2PT58<JC5U;a<JCD=d`B7JrK`[=7‰<J5U_a=d?JA@CD=_S=Kp]fCD=7J=Y‡Ks

<JCD=“5U;BE58j5\EB9BIKOBAirl;e<>7@58Y9B<J58rl;B?o5U;<JCD=?>=

¯

rP=®9BI$<J58rl;?uAIK;(Y€=d9B;B5\®e9D=OU‡SI$<><>7@58Y9D<>=E<>raRK=;D=7NI$<J5U;DR

„‘mO8rrK`ZwD=‡+;B_SIK;&EB5UI$RK7@IK_S?œPQCB5UA@C(<JCB=_S?>=O8jK=?T7J=`B7J=?>=;e<f5U;D¬;B58<>=O8‡S_SIK;e‡‚EB5UI$RK7@IK_q?pšwB9D7J<JCB=7f<JCD=

Airl;B;D=Ai<J5Url;<>r <JCD=Z?><JIK;BEI$7@E?>=OU‹\mAirl;B?@5U?><>=;e<qI$`B`B7JrlIKANCrK‹d<JCD=•k:|}™_SrED=OT5U?SEB5U?@A9B?J?>=E-IK;E-58<

(14)

bd9D=“<>rS<JCD=V5U;BAOU9B?@58rl;qrK‹<JCD=“‹«9BOUO€¬B=OUE‚EB=`€=;ED=;BAi=“IK;BE(<JCD=zOU=IKEB5U;DRa_arl_a=;e<J9B_ EB=`€=;ED=;BAi=d<JCD=

I$`B`B7@r¦D5U_SI$<J58rl;5U?cAI$`I$YO8=(<>rGED=?JAi7N58Y[=q<JCD=‚;Drl;+m­`[=7J<J9B7JYI$<J58jK=2Y€=CIj+58rK7rK‹T<JCD=(<JCD=rK7J‡Kp ]fCB5U?c5U?

ED=_arl;?><>7@I$<>=E‚Y‡2<JCB=gIK;BIKO8‡+?J5U?orK‹j$I$7@58rl9?œjIKA9B9_ `B7JrK`[=7J<J58=?oPTCB5\A@C‚I$RK7J==gPQ58<JC(Y9BO8Mq`B7JrK`[=7J<J58=?

rK‹T<JCB=(?J<>7Jrl;DRG5U;e<>=7@IKAi<J58rl;!RK7Jrl9B;BE?><JI$<>=L5\; ;BI$<J9B7J=Kpyµ<Airl;B¬B7@_S?V<JCD=‚_SIK5U;!7J=?J9O8<J?zrKY<JIK5U;D=E5U;

<JCD=LOUI$7@RK=(— ˜ I$`B`B7@r¦D5U_SI$<J58rl;IK;BE*5U_S`B7JrjK=?S<JCD=(7J=?>`[rl;B?>=(rK‹:<JCD=L?>‡+?><>=_ <>r¡IK;=i¦+`OU5UA58<A@C587@IKO

?>‡+_S_a=<>7J‡&YB7J=I$M+5U;DR(Y‡&I(¬;B5U<>=A9B7J7J=;e<d®9BI$7JM•_SIK?J?p]fCD=aANCBI$`B<>=7V5\?:AOUrl?>=EGY‡&IK;yIK;BIKOU‡?J5\?QrK‹

<JCD=“?>`[=Ai<>7@9B_ rK‹<JCD=“b:5U7@IKA:rK`€=7NI$<>rK7fPTCB5UANCqRK=;B=7@IKOU58H=?œ`B7@=j58rl9?‰7@=?J9BO8<J?oI$<f?J_SIKOUO=58RK=;ejIKO\9D=?œ<>r

CB58RlCB=7f?JAIKO8=?TIK;E(7J=AirjK=7@?:O8=jK=Ot7@=`9BOU?J5Url;IK?T<JCD=gEDrl_S5\;BI$<J5U;DR‹"=I$<J9D7J=z5U;(<JC5U?œ7J=Rl5U_a=Kp

,œCI$`B<>=7q‹"rl9D72E5U?JA9B?J?J=?S<JCD=7@_qIKOTIK?>`[=Ai<J?2rK‹g?><>7Jrl;DR!5U;<>=7NIKAi<J58rl;tp¤wDrK7<JCB5U?q<JIK?>M-I¡<JCB=7@_SIKO

¯

rªP=®e9BI$<J5Url;‚5U?œED=7@58jK=E(5U;(O8r+AIKO€`€rK<>=;e<J5UIKOtI$`B`7Jr¦D5U_SI$<J58rl;PTC5UA@C5U?œA@CBI$7NIKAi<>=7@58H=ELY‡25U<J?o?@5U_a`O8=

IK;BIKO8‡<J5UA‹"rK7@_‚pa]fCB5\?:5\?d`€rl?@?J58YO8=cEB9D=<>rL<JCD=S5\;<>7Jr+EB9BAi<J5Url;&rK‹œILEB58h€=7J=;e<“?>=<grK‹œA9D<>r$h‹"9B;Ai<J58rl;B?

<JCBIK;G5U;&`B7J=j+58rl9B?:IK;BIKO8‡+?>=?pVŽTRlIK5U;3st<JCD=cO\I$7JRK=a— ˜ OU5U_q58<f`B7Jrªj5\ED=?:<JCD=a?J5U_a`OU=?><T`[rl?J?J5UYO8=z?>rlO\9D<J58rl;

?JANCD=_a=SIK;BE•‡+58=OUEB?dIK;GIK;BIKO8‡<J5UA?>rlOU9B<J58rl;&I$<“j$IK;B5U?@CB5U;DR2<>=_a`[=7@I$<J9D7J=aIK;BE¬;58<>=cEB=;B?J58<ƒ‡Kpz4658<JCB5U;

<JCD=uOUI$7JRK=u—c˜I$``B7Jr¦D5U_SI$<J5Url;V?JANCD=_a=u<JCD=œ=®9BI$<J58rl;crK‹?J<JI$<>=fIK;BEc<JCD=œ`CBIK?>=œEB5UI$RK7@IK_›I$7J=uAirl_a`9D<>=E

IK;BELI$7@=zAirl_a`I$7J=EL<>rq`B7J=j+58rl9B?uIK;IKO8‡?J=?pšµ¶;LIKEBEB58<J5Url;2<JCB=zA@CBIK;BRK=zrK‹<JCD=g=®9BI$<J58rl;LrK‹^?><JI$<>=VPT58<JC

A@CB=_S5UAIKOf`[rK<>=;e<J5UIKOT5\?a=i¦+IK_q5U;D=E*PTC5UA@C-CIK?SY[==;-Airl;B?J5\ED=7J=E-5U;OUI$<><J5UAi=&?@5U_V9OUI$<J58rl;B?s‰7J=Ai=;e<JO8‡Kp

]fCD=V5U;BAOU9B?@58rl;rK‹^_S=?>rl;B5UAgEB‡;BIK_q5UA?u5U?f?>r2‹"I$7:Airl;B?J5UEB=7J=EL5U;(<JCD=cO8r+AIKOt`[rK<>=;<J5UIKOI$`B`B7Jr¦+5\_SI$<J58rl;tp

]fCD=7@=Ye‡Ks<JCD=:`58rl;B5UA ¯ 9BAi<J9BI$<J58rl;?=;BCIK;BAi=Q<JCB=:O8rªPx<>=_S`€=7NI$<J9D7J=:7J=Rl58rl;2rK‹3<JCD=:=®e9BI$<J5Url;qrK‹?J<JI$<>=Ks

PTCD=7@=IK?a<JCD=LCB58RlC!<>=_a`[=7@I$<J9B7J=‚7J=Rl58rl;*AIK;*Y[=‚5U;BAO\9BED=E Ye‡I‹17@==‚RlIK?arK‹:®9BI$7JM+?SIK;BERlO\9Drl;B?p

wB9D7@<JCD=7@_arK7J=Ks<JCD=z`CIK?>=gEB5UI$RK7@IK_ 5U?u=i¦DIK_S5U;D=EZ5U;‚<JCD=g7@=;DrK7@_SIKOU5UHI$<J58rl;‚RK7Jrl9D`&?JA@CD=_S=VIK;BEZRl58jK=?

?>rS‹«I$7TISEB=?JAi7@58`B<J5Url;I$<T¬;B58<>=d<>=_a`[=7@I$<J9D7@=zIK;BE‚_ar+ED=7@I$<>=zEB=;B?J58<J58=?p

µ¶;zrK7NED=7=i¦+`O8rK7J=‰<JCD=o‹1=IK?J5UY5UOU58<ƒ‡TrK‹B=i¦+`O8rl5U<J5U;DRu<JCD=œ?JAIKO8=o?><>7@9BAi<J9D7@=‰5U;BCB=7J=;<5U;g<JCD=o7J=;DrK7N_SIKOU58HIm

<J58rl;cRK7Jrl9D` ¯ rªPgsK<JCD=u_arl_a=;e<J9B_›ED=`[=;BED=;Ai=‰rK‹€AirK7J7J=OUI$<J58rl;c‹«9B;BAi<J58rl;?5U??><J9BE58=EV5\; ,œCI$`B<>=7^¬BjK=Kp

µ¶;(`I$7J<J5UA9BO\I$7o58<u5U?œ=i¦DIK_S5U;B=E2<>raPQCBI$<œ=i¦<>=;BEL<JCD=“_arl_a=;e<J9B_ ED=`[=;BED=;Ai=:AIK;‚Y[=:`I$7@IK_a=<>7N58H=E

PT58<JC5U;(IK;Z_arl_a=;e<J9B_ ED=`[=;BED=;e<f®e9BI$7@M_SIK?@?p‰]fCB=7J=‹1rK7@=KsEBI$<JIarl;&A9D7J7J=;e<¶mA9D7J7J=;e<¶mAirK7J7J=O\I$<J58rl;

‹«9B;BAi<J58rl;B?o5U;(EB5³h[=7J=;e<o_S=?>rl;B5UA:A@CBIK;;D=OU?orKYB<JIK5U;D=E‚5\;2OUI$<><J5\Ai=d?@5U_V9OUI$<J58rl;B?o5U?œIK;BIKO8‡H=E(5U;rK7@ED=7œ<>r

=i¦+<>7@IKAi<T<JCD=g_Srl_a=;<J9_·ED=`[=;BED=;Ai=:rK‹^<JCD=g®9BI$7JM(_SIK?J?p

(15)

iUk 2 HG=+-,JKa4!'(

‡+_S_a=<>7@5U=?‰`OUI‡IaAi=;<>7@IKO37JrlO8=“5U;`Ce‡?J5\A?o?@5U;BAi=d<JCD=‡q=;AirED=“<JCB=“`C‡+?J5UAIKO€`B7N5U;BA58`OU=?XPTCB5UANC‚I$7J=

I$Y?><>7NIKAi<>=EV‹"7Jrl_™;BI$<J9D7J=oIK;BEzI$7J=‰7J=®9B587J=E“‹"rK7^If<JCD=rK7J‡g5\;“rK7@ED=7<>rQED=?@Ai7@58Y[=š`Ce‡?@5UA?p~ZrK7J=rjK=7sI$<

<JCD=fAOUIK?@?J5UAIKO+O8=jK=O+`Ce‡?@5UAIKO<JCD=rK7@58=?XI$7J=urK‹"<>=;S9B;5U®e9B=O8‡gED=?JAi7@5UY€=EVY‡z<JCD=587š?J‡_S_S=<>7J‡V?><>7N9BAi<J9D7J= s

IK;BE258<J?š=O8=_S=;<JI$7J‡q=i¦+A58<JI$<J5Url;B?‰I$7@=TRl58jK=;IK?7@=`B7J=?>=;e<JI$<J58rl;B?‰rK‹t<JCD=T7@=?>`[=Ai<J58jK=Q?>‡+_S_a=<>7@‡cRK7@rl9D`3p

Žœ<z<JCB=q®e9IK;<J9B_ O8=jK=O±sCBrPo=jK=7s^<JCD=q?J58<J9I$<J58rl;y5U?g_c9BANC¡_arK7J=25U;<>7N5UAI$<>=Ks?J5\;BAi=q?>‡+_S_a=<>7@5U=?gAIK;

Y[=dYB7JrKMK=;(Y‡2?><>7Jrl;BRSED‡;IK_S5UA?œIK;BE(<>rK<JIKOUO8‡EB5³h[=7J=;e<œAirlO\O8=Ai<J58jK=gED=RK7J==?frK‹‹"7J==EDrl_†AIK;‚=_S=7JRK=Kp

kQ=jK=7J<JCD=O8=?J?so<JCB=ZAOUIK?J?J5\AIKOf?>‡+_S_a=<>7@58=?qI$7J=&5U_S`€rK7@<JIK;<a=jK=;x5U;*<JCB5U?qAIK?>=Ksf?J5U;BAi=‚<JCB=‡!`7Jrj+5UED=

<JCD= 8

.

%R8

.

HXwDr+AJM*?>`IKAi=Ks‰PTCB5UANC!5\?c?@9DY?>=®9D=;e<JO8‡y7J=?><>7N5UAi<>=EYe‡ <JCD=LED‡+;BIK_S5UA?cIK;BE=jK=;e<J9BIKOUO8‡

A9D<fEDrªPT;‚<>rq?Jrl_a=z?J9DY?>`IKAi=“<JCBI$<TAIK;LY€=“`I$7@IK_a=<>7@58H=ELYe‡(IK;DrK<JCD=7um‰`€rl?@?J58YO8‡S;Brl;BOU5U;D=I$7œmšYIK?J5U?

rK‹š=i¦DA58<JI$<J58rl;B?pgŽQ;DrK<JCB=7dAi7N9BA5UIKO^IK?>`[=Ai<QrK‹o?>‡+_S_a=<>7@58=?:5U;&`Ce‡?J5\A?Q5U?:<JCD=5U7:EB5U7J=Ai<:Airl;;D=Ai<J58rl;•<>r

Airl;B?>=7@jK=EG®e9BIK;e<J58<J58=?QPTCB5\A@C•I$7J=a5U;BEB5U?J`€=;?JI$YO8=d‹"rK7dIK;e‡ZED=<>=7N_S5U;B5U?J<J5UAgED=?JAi7N58`B<J58rl;ZrK‹‰;BI$<J9D7@=Kp:µ¶;

`I$7J<J5\A9BOUI$7fIKAAirK7@EB5\;DRa<>rqkQre=<JCD=7q?f<JCD=rK7J=_LsB=jK=7J‡‚9B;eYB7JrKMK=;tsDAirl;e<J5U;e9Brl9B?f?>‡+_S_a=<>7J‡`B7Jrªj5\ED=?fI

Airl;B?>=7@jK=EZA9D7J7@=;<uPTC5UA@C(Rl9BI$7NIK;<>==?Q<JCD=zAirl;B?J=7JjI$<J5Url;‚rK‹^<JCD=gIK?J?>r+A5UI$<>=EZANCBI$7JRK=Kp

Žœ<f<JCB=“Y€rK<><>rl_·rK‹IK;e‡(®e9BIK;e<J9B_†¬=OUE<JCD=rK7J‡‚5U?œ<JCD=“7J=O\I$<J58j5\?><J5UA:?>`IKAi=<J5U_a=V?>‡_q_a=<>7J‡KsDPTCB5\A@C

RKrjK=7N;B?‰CBrP-`I$7@<J5UAO8=?^`B7JrK`I$RlI$<>=Q5U;a?>`IKAi=TIK;BEa<J5U_S=fIKAAirK7@EB5U;DR“<>rV?>`[=A5UIKO+7J=OUI$<J58j+58<ƒ‡Kp^]TCD=u7J=?>`[=A‘m

<J58jK=z?J‡_S_S=<>7J‡qRK7Jrl9B`Z5U?œRl58jK=;‚Y‡(I}>

@>–

­pš]TCD=“RK=;D=7@IKOU5UH=E‚7JrK<JI$<J58rl;‚RK7@rl9D` >

@

<JCD=7J=Y‡7J=

¯

=Ai<J?u<JCD=g5\;BED=¬;B5U<>=Q_a=<>7@5\AQrK‹X~&5U;DMKrPQ?>M5t?J`IKAi=im­<J5U_a=gIK;BE‚Airl;e<JIK5U;B?TIK?f?J9DYBRK7@rl9D`?o<JCD=

VG5kEegpJexpJu Y-pijr{otijk=]Nc b-pX][Sk=]mfMijkE]F_j] pXn"] c`ijex^T]Nijk=] YD_jeg] pQbD_j]pXegu nErxe9=]\dbDn=nq_jY:qeguzbDijegY-f=pJY;7=f1bOijlE_j]F[SkEegc`kYTf=r{ot_j] r{o

YTf s=b-pXegc n=k+oqpXexc b-r=nq_jegf=c egn=rg] p a7sElEiFdEY+]mpNf=YDiNkEYTrxd ]T‚hE‚7IY-_Fijk=]Spi*b-f=d=bD_*d u Y7dq] rE[Se{ijk e{ijpF_jY-l=h-k=r{o"!$#N7_j] ] n1bD_*bDu ]mij]m_jp ‚

y]m^]m_Xijk=]mrx]mpXp a7_jYTu bvn=kEegrxY-pXYTnEk=egc n"YTegf+iZY 7J^7eg]m[?ijkEegp nq_jYTn"]m_Xi'o expSkEexh-k=r{odE] pXe{_*b-sErg]7IY-_ybvl=fEe91]\dzijk=] YD_Xo}Y 7Qf1bOijlE_j]Ta

pXegf=c ]vegi hTl1bO_*b-f+ij] ] p ijk=bDi ijkE]_j] pXn"]mcmijeg^]vijk=]mY-_Xo|_j] rgeg] ptYTfEr{o Y-fG_*bOijegYTf1bDrFnEk+oEpXegc\bDrJnE_jegf=cmexnErg] p aPrgeC]vijkE]vnq_jexfEc egn=rg]vY 7

_j] rxbDijeg^7e{iRo}Y-_Sijk=]yhb-lEhT] nE_jegfEc egn=rg]T‚

(16)

Y[rerl?J<J?cIK;E <JCB=rK7NEB5U;BI$7J‡7JrK<JI$<J5Url;B?p Œ ; <JCD=(rK<JCD=7SCBIK;Ets^<JCD=

`I$7J<crK‹T<JCD=‹"IKAi<>rK7qRK7Jrl9D`*5U?

rK‹X<>rK`[rlO8rKRl5UAIKOrK7@58Rl5U;&IK;BE•58<Q5U?T=ih€=Ai<J5UjK=O8‡L<JCD=V7J=IK?>rl;•<JCBI$<:<JCD=7J=V5\?T?>rl_a=<JC5U;DR2IK?d_SI$<><>=7“I$<dIKOUO±p

µ<:=ih[=Ai<J?“<JCBI$<“<JCB=c`[rl?J?@58YO8=g7@=`B7J=?>=;e<JI$<J58rl;B?stPQCB5UA@CI$7J=a?>`[=A58¬=EZY‡Z<JCD=5U7d5\;<>=7@;IKO?>`5U;&EB=RK7J==

rK‹‹"7J==EDrl_Lst‹"IKOUO^5U;e<>r<PorZEB5U?><J5\;BAi<QAOUIK?@?>=?dPT58<JC•5U;e<>=RK=7zIK;BECBIKO8‹5\;<>=RK=7g?>`5U;Z7@=?>`[=Ai<J58jK=O8‡Kpz]r$m

RK=<JCD=7cPT58<JCG<JCB=q?>`5U;Dm?><JI$<J5U?><J5UA<JCB=rK7J=_‚s<JCB5U?g?J5\_a`O8=‹«IKAi<z‡+58=OUEB?d‹"rK7VCBIKOU‹o5U;e<>=RK=7?>`5U;`I$7@<J5UAO8=?

IKOUO<JCD=V‹«IK_S5UO\5UI$7f`B7JrK`[=7J<J5U=?umuOU58MK=Vž^IK9BO\5X?f=i¦DAOU9B?J5Url;L`B7@5\;BA58`O8=“IK;BE•Airl;B?>=7@jK=E•®9BIK;e<J9B_°;e9B_VY[=7@?

m‰<JCI$<:ANCBI$7@IKAi<>=7@58H=a_SI$<><>=7s€PQCD=7J=IK?Q=O8=_a=;e<JI$7J‡L`I$7J<J5\AO8=?frK‹5\;<>=RK=7d?>`5U;Z_a=7J=O8‡‚`O\I‡‚<JCD=V7JrlO8=

rK‹X?>`9D7N58rl9B?‰=i¦+ANCBIK;DRK=z`I$7J<J5UAO8=? p

+5\;BAi= }> @>–

5U?O8r+AIKOUO8‡¡5U?Jrl_arK7J`CB5\AS<>r > @ 5> @ <JCD=(`Ce‡?@5UAIKOœ?>`[=Ai<>7@9B_ 5U;

¬B=OUE&<JCD=rK7J‡•5U?:Rl58jK=;Y‡L7J=`B7J=?J=;<JI$<J58rl;?:> @ ! #" rK‹‰<JCB5U?:RK7Jrl9D` ªstPQ58<JC&?J`5U;%$'&%)( p

2QrPo=jK=7s€?Jrq‹«I$7f<JCD=V5\_a`[rK7J<JIK;<fE5U?JAi7J=<>=g?>‡+_S_a=<>7N58=?urK‹š?>`IKAi=V5U;jK=7N?J58rl;LIK;BEL<J5U_a=g7J=jK=7N?JIKOCBIjK=

;DrK<:Y[==;&Airl;B?@5UED=7J=Etp:kQIK_S=O8‡Ks[<JCD=cI$Y[rªjK=c‹"7J==c¬B=OUEB?T‹1rK7“_SIK?@?J58jK=z`I$7J<J5UAO8=?:A@CBIK;BRK=9;BED=7Q?J`IKAi=

5U;ejK=7@?J58rl;+* Ye‡LIK;5U;e<>=7@A@CIK;DRK=VrK‹<JCD=587dAirl_a`[rl;D=;<J?,*U> @-&> J@Npz]fCD=7@=‹1rK7J=V<>rAirl;?><>7@9BAi<“I

7J=`B7@=?>=;<JI$<J5Url;<JCBI$<“<>7@IK;B?>‹"rK7@_S?d9B;ED=7Q<JCB=c‹«9BOUOžrl5U;BAI$7/.=aRK7Jrl9B`•rl;B=SCBIK?:<>rLAirl_zY5\;D=<JCD=aI$Y€rªjK=

7J=`B7@=?>=;<JI$<J5Url;B?u5U;2<JCD=d‹1rK7@_> @10 > J@Np‰]TCD=QrKY?>=7JjK=E(`I$7J<J5\AO8=?‰5\;;I$<J9D7J=dAirK7J7J=?>`[rl;BE2<>ra<JCD=

O8rªP‰=?><z7J=`B7J=?>=;e<JI$<J58rl;B?pSŽQAAirK7@E5U;DR‚<>rL<JCD=S?J<JIK;BEBI$7@EG_ar+ED=O^rK‹o`I$7J<J5UAOU=a`C‡+?J5UA?:PTC5UA@CG5U;AOU9BED=?

¢ ,œbcs3<JCB=7J=qI$7J=Srl;O8‡•_qIK?J?J58jK=S‹"=7@_S5Url;B5UAc`I$7J<J5UAOU=?32™PQCB5UA@C<>7NIK;B?>‹"rK7@_ IKAAirK7@E5U;DR‚<>rZ<JCB=qbd587@IKA

7J=`B7@=?>=;<JI$<J5Url; >

@40>

@NsDPTCD=7@=IK?œ<JCD=“‹"9;BEBIK_a=;e<JIKO€Y€rl?Jrl;B?65872I$7J=g5U;B58<J5\IKOUO8‡a_SIK?J?JOU=?J? %“IK;BE

<>7@IK;B?J‹1rK7@_·IKAAirK7@EB5U;DRa<>r2<JCD=gjK=Ai<>rK7:7J=`B7J=?J=;<JI$<J58rl;&>

@NpnorK<JC&rK‹<JCD=?J=g7J=`B7J=?J=;<JI$<J58rl;?frK‹^<JCD=

žrl5U;BAI$7:9=(RK7Jrl9D`!CBIjK=(<ƒP‰r5U;e<>=7@;BIKOEB=RK7J==?crK‹u‹17J==EBrl_ Rl58jK=; Y‡G<JCD=?J`5U;y5U;¡<JCD=2_qIK?J?J58jK=(IK;BE

`[rlOUI$7@58HI$<J5Url;‚5U;(<JCD=g_SIK?J?@O8=?J?fAIK?>=Kp

+5\;BAi=u<JCD=T?>=OU‹[5\;<>=7@IKAi<J5Url;B?šrK‹[<JCD=T_qI$<><>=7‰¬B=O\EB?šI$7J=TIKO\OB;Drl;a7J=;BrK7@_SIKOU58HI$YO8=fIK;BEa<JCD=7@=‹1rK7J=:;DrK<

IKAAi=`B<JI$YOU=‰‹"7Jrl_¤<JCB=j+58=Pf`[rl5U;e<trK‹BIf‹«9B;BEBIK_a=;e<JIKOK<JCD=rK7@‡ IK?EB5U?@A9B?J?>=Eg5\;V=Ai<J58rl; psl_SI$<><>=7^CBIK?

<>rVAirl9B`O8=f<>rVY€rl?Jrl;B5UAu¬B=O\EB?p^n‰=AIK9?>=Q?JAIKO\I$7‰¬B=O\EB?šI$7J=:OU58MK=PT5U?J=œ5\;BI$`B`B7JrK`7@5UI$<>= s<JCD=Qrl;BO8‡c`€rl?@?J58YO8=

7J=;DrK7N_SIKOU58HI$YOU=V5U;e<>=7@IKAi<J58rl;y5\?Q<JCB=Airl9B`OU5U;DR2<>rLI(jK=Ai<>rK7z¬B=O\E;5 7 5U;•<JCD=a7J=`7J=?>=;e<JI$<J58rl; >

@ p

2QrPo=jK=7s‰?><>7N5UAi<JO8‡y?>`[=I$M+5U;DRL<JCD=7@=5U?c;Dr®e9IK;<J9B_ ¬B=OUE3s<JCI$<V<>7@IK;?>‹1rK7N_S?VIK?I•_SIK?J?JOU=?J?zjK=Ai<>rK7

9B;BEB=7g}3rK7J=;e<>Hq<>7@IK;?>‹1rK7N_SI$<J58rl;B?pkT=jK=7@<JCD=O8=?J?sXI‚jK=Ai<>rK7¬B=O\ERl58jK=?z7N5U?>=a<>rZIK; IK;<J5³m?J‡_S_S=<>7@5UA

<>=;B?>rK7u®9BIK;e<J9B_¬=OUESrK‹3<JCB=T‹"rK7@_=< 7> &@? 7 5 > {+? > 5 7 pš]fCD=7@=‹1rK7J=Ks+5U;q<JCD=:_SrK7J=QRK=;B=7@IKOAirl;e<>=i¦+<

rK‹#

.

60#$)5%R! ! . -%

. ! /

)dIžrl5\;BAI$7J=5U;j$I$7@5UIK;e<:<JCD=rK7J‡ZAIK;•Y[=VAirl;B?J<>7@9BAi<>=EPTCB5\A@CZCIK?:IK;IKEBE58<J58rl;BIKO

5U;ejI$7N5UIK;BAi=g9B;BEB=7œOUrAIKO3AirrK7@EB5\;BI$<>=“<>7@IK;B?>‹"rK7@_SI$<J5Url;B?urK‹Y€rK<JCL<JCD=g‹"=7@_S58rl;B5\AQIK;BELY€rl?Jrl;B5UA:¬B=OUEB?p

F:=;B=7@IKOUO8‡G<JCD=?J=RlIK9BRK=<>7NIK;B?>‹"rK7@_SI$<J58rl;B?c‹"rK7@_ I•OUrAIKO 5>«— @V?>‡+_S_a=<>7J‡yRK7@rl9D`3p•4 CD=7@=IK?

5U;‚®9BIK;e<J9B_†=O8=Ai<>7Jr+ED‡+;BIK_S5UA? >­¢d£bA@o<JCD=zRK7Jrl9D`LPTC5UA@C(`I$7NIK_a=<>7@58H=?T<JCD=gRlIK9DRK=g‹"7J==EDrl_ 5U?y2J9B?><

<JCD=(_S5U;B5\_SIKO6BA >¶„q@Nso5U;¡AIK?J=‚rK‹:¢ ,œb·<JCD=?J‡_S_S=<>7J‡yRK7Jrl9D`5U?V<JCD=‚;Drl;+mŽQY[=OU5UIK; N) > 0@VAirlO8rK7

RK7Jrl9D`p!¢d9BI$7JM+?aIK;BE!RlOU9Drl;?V<>7NIK;B?>‹"rK7@_ IK?aI<>7@58`OU=<VIK;BE*IK;r+Ai<>=< f9B;BED=7 N) >0@Nso5±p=Kp <JCD=

RlOU9Drl;?“<JCD=_S?>=OUjK=?zAI$7J7J‡AirlO8rK7cA@CBI$7JRK=IK;BEyI$7J=?J9DY32>=Ai<“<>r&;Brl;BOU5U;D=I$7“?>=OU‹o5U;e<>=7@IKAi<J58rl;?p2]fC5U?“5U?

YIK?J5\AIKOUO8‡G<JCD=7J=IK?>rl;PTCe‡¡?><>7@rl;DRG5U;<>=7NIKAi<J58rl;5U?z<JCI$<?J<>7Jrl;DRDs?J5\;BAi=2<JCB=(?J=O8‹f5U;e<>=7@IKAi<J58rl;*IKOUO8rªPT?

‹"rK7S`B7Jrl;Drl9;BAi=E*;Drl;+m9B;58‹1rK7N_S58<‡ 5U;rK7@ED=7a<>ry‹"rK7@_ jK=7@‡!?><>7@rl;DRy¬B=OUE?z2J9B?><S5\;+m­Y[=<Po==;*`B7J=?>=;e<

4CFYTpXYTfEegc cmYTrgrg] cmijeg^]zdE]mh-_j] ] p Y 7 7I_j] ] dEYTu Y-f ijk=]vY-ijk=]`_ k1b-f=dGc b-f5^]`_Xo|[] rgr(c\bD_X_Xo c YTfEpX]m_j^]\dGc`k=bD_jh-] p a3rgeC] ]T‚hE‚

ijk=]yc`k=bD_jhT] dc lE_X_j]mf7ijpSegf]mrx]mcmiX_jY\[]\b C}ijk=]mY-_Xo Y-_ u ] pXY-f=egct]6:qc e{i*bDijegYTfEp ‚

> 5kEegpJexpPpijexrgrqbSpXn1b-cm]Fijegu ]Fpoqu u ]miX_Xoyb-f=dMpXkEYTlErdtfEY-iJs"]Fc YTf 7l=pX] d [Se{ijk ijk=](exf+ij]m_jf=b-r+c*k=e{_*b-rDEGFHIKJMLONPDEQRHIKJML

B"b\^YD_Spoqu u ]miX_jeg] pSdEegpXc lEpXpX]\degf}ijkE] 7YTrgrgY\[Segf=hE‚

H

Oyl=]yijY pXn"Y-f+i*b-f=]mYTl=pSpoqu u ]miX_Xo sq_j]\b;C7egf=hvk=Y\[] ^T]m_Sijk=] u ]\dqexbDijY-_jpSY 73[]\b C}egf+ij]m_*bDcmijegYTf|bDc\€+l=e{_j] bvuzb-pXp ‚

S _MbOi rg]\b-pi7YD_Mb}ijk=]mY-_Xo|[Se{ijk5b rbO_jhT] _*b-fEhT] Y 7Sb-nEn=rgegc\b-sEegrxe{i'o+aPeK‚]T‚zbrxbO_jhT] c lqijYUTJ‚ WZY\[] ^]`_\‚ b-p bDf ]T0]mcmijeg^]

ijk=]mY-_Xoz[Se{ijk|b_j] piX_jegcmij]\d _*b-f=h-] Y;7QbDn=n=rgegc\bDs=egrgegi'o}ijkE]mo}bD_j]tn"]m_7I] cmijr{o|bDn=nErxegc\bDs=rg]Ta1b-p[Segrxr$s"] ]6:qn=rgY-egij] degfijk=egp[YD_GC"‚

VZf=rg] pXpijkE]mo bD_jegpX] b-p)WyY-rxdEpijYTfE] s"YTpXY-f=p aEpXc\b-rxbO_ 9=] rxdEpSbO_j] f=YDiSnE_j] ^]mf7ij] d 7_jYTu bDc\€+l=e{_jegf=hvbuzb-pXp a7[SkEexc*kegpfEY-i

b-cmc ] nEi*bDs=rg] 7YD_ b87l=f=d=bDu ] f+i*b-r"ijk=] YD_Xo pXexfEc ]te{iS_j] piX_jegcmijpZe{ijp_*b-fEhT]tY 7Qb-nEn=rgegc\b-sEexrge{iRo+‚

MNY-u n1bO_j]\dijY bypXnEexfEY-_X~ij] fEpXY-_X~egf7ij]`_*b-cmijegYTfwaijk=egp(egf7ij]`_*b-cmijegYTfvk1b-pQijk=]Sb-dE^-b-f+i*b-h-]ijk1bOiFe{i(c\bDfzdE] pXcm_jegs"]rgYTfEh _*b-fEhT]

(17)

A@CI$7JRK=?pµ;yIKEEB58<J58rl;ts<JCD=SRlIK9DRK=2RK7Jrl9D` N) >0@“CBIK?z<JCD=qAi=;e<>=7VRK7Jrl9B` sPTCB5UANCG5U?“rK‹u?>`[=A5UIKO

5U_a`[rK7J<JIK;Ai=2?J5U;Ai=58<c=;BAir+ED=?c<JCD=‚_S5U;B5\_SIKOXRlIK9DRK=‚‹"7J==EDrl_ IK;BE!<JCD=7J=‹"rK7J=(<JCD=`B7J=?>=;Ai=rK‹T<JCB5U?

RlO8rKYIKO?>‡_q_a=<>7J‡(AIK;‚Y[=“=i¦`OUrl58<>=E‚IK?TIS?@58Rl;BI$<J9D7J=“‹"rK7TAirl;D¬;D=_a=;e<f5U;(`9D7J=“RlIK9BRK=g<JCD=rK7J‡Kp

]fCB=o=i¦D5U?><>=;Ai=orK‹[EB5³h[=7J=;e<AirlOUrK7J=E¬B=OUEB?RK7Jrl9B`€=E5U; N) > 0@m_V9BOU<J58`O8=<J?^EDr=?X;DrK<^‹1rlO\O8rP‹"7Jrl_

?>`IKAi=im­<J5\_a=g?>‡+_S_a=<>7@58=?oY9B<œ5\?oIK;‚IKEEB58<J58rl;BIKO`B7JrK`[=7J<ƒ‡q<JCBI$<fCIK?u;DrK<œY€==;(=i¦+`OUIK5\;D=E2?Jrc‹«I$7u‹"7Jrl_

‹«9B;BEBIK_a=;e<JIKOu9B;BEB=7@O8‡+5U;DR•`B7@5U;BA5U`O8=?p~LrK7J=rªjK=7sT58<S5\?M;DrªPT;*=i¦+`[=7@5U_a=;e<JIKOUO8‡ <JCBI$<S<JCD=Z®9BI$7JM+?

Airl_a=L5U;?J58¦ EB5³h[=7J=;e< ¯ IjKrK7@?aPQCB5UA@C!Y[=CBIjK=‚=®e9BIKOu9;BED=7a?><>7Jrl;DRG5U;e<>=7@IKAi<J58rl;Y9D<aI$7J=L?><>7Jrl;DRlOU‡

EB5U?J<J5U;DRl9B5U?@CD=EYe‡q<JCD=587œEB5³h[=7J=;<o_SIK?J?>=?f7@IK;DRl5\;DRz‹"7Jrl_ Iz‹"=P~L=W™<>r_SrK7J=T<JCBIK;(C9B;BED7@=EF:=Wcp

]fCB5\?3?>`[rl5UOU?[<JCD=oI$Y[rjK=o`5UAi<J9D7J=XrK‹D`C‡+?J5UA?tRKrªjK=7@;D=EcY‡d?J‡_S_S=<>7@58=?IK;Eg`[rl5U;e<J?trl9D<<JCI$<?>rl_a=<JC5U;DR

5U_a`[rK7J<JIK;e<f5U?u_S5\?J?J5U;DR?>rS‹«I$7T5U;(<JCB=zA9D7J7J=;e<fED=?JAi7N58`B<J58rl;rK‹X;BI$<J9D7J=Kp

]fCBrl9DRlCts?><>7@rl;DRG5U;<>=7NIKAi<J58rl;-5U?_arK7J=‚?>‡+_S_a=<>7N5UA$s<JCBIK;<JCB=(I$Y[rªjK=ZIK;BIKO8‡+?J5U?c?J9DRKRK=?><J?p*|9B?><

IK?f<JCB=zCB58RlC‚_arl_S=;<J9B_ 7J=Rl58rl;LrK‹X?><>7@rl;DRS5U;e<>=7@IKAi<J58rl;ZAIK;ZY[=gED=?JAi7@58Y[=E(?J9BAAi=?@?>‹"9OUO8‡25\;(<>=7@_S?frK‹

AirlO8rK7J=EED=RK7@==?rK‹T‹"7J==EDrl_ PTCB5UANC I$7@=(;BrK<E587J=Ai<JO8‡GrKY?J=7JjK=E=i¦`[=7@5\_a=;<JIKO\O8‡Ks^<JCD=OUrP†=;D=7JRK‡

7J=Rl5U_S=g5U?f?J9BAAi=?@?>‹"9OUO8‡2EB=?JAi7@58Y[=EYe‡‚IK;LIKEEB58<J58rl;BIKOtANCB587@IKOt?J‡_S_S=<>7J‡(PTCB5UANC‚5U?fCB5UEED=;(IK;BEL?>`[rl;+m

<JIK;D=rl9B?@O8‡&Y7JrKMK=;G5U;<JCD=aRK7Jrl9;BEG?><JI$<>=KpS]fCD=S?J‡_S_S=<>7J‡&Airl_a=?VI$Y[rl9D<“58‹<JCD=SA9B7J7J=;e<g_SIK?J?>=?“rK‹

<JCD=cOU58RlCe<T®e9I$7JM?QI$7J=V?@_SIKOUOAirl_S`I$7J=E&<>rq<JCD=c5U;BCD=7J=;e<T?JAIKOU=zrK‹š?><>7Jrl;BR25U;e<>=7@IKAi<J58rl;ts€?>rq<JCI$<Q<JCD=‡

AIK; Y€=2I$`B`B7Jr¦+5U_qI$<>=O8‡7J=RlI$7@ED=E IK?V_SIK?@?JO8=?J?p‚]fC5U?gEDr=?z;DrK<Vrl;BO8‡G5U_a`O8‡Z<JCBI$<V‹17@rl_ <JCD=2`€rl5\;<

rK‹Xj+58=P¤rK‹š?><>7Jrl;BR25U;e<>=7@IKAi<J58rl;Z<JCD=‡LI$7J=V5\;j$I$7@5UIK;e<f9B;BED=7 ¯ IjKrK7d7JrK<JI$<J58rl;?sY9B<TIKOU?>rSY7@5U;DRl?f9B`ZIK;

5U_a`[rK7J<JIK;e<QE5³h€=7@=;BAi=c5\;L<JCD=a}3rK7@=;<>H<>7@IK;B?J‹1rK7@_qI$<J58rl;Z`7JrK`[=7J<‡‚rK‹o_SIK?J?JO8=?@?QIK;BE•_SIK?J?@58jK=c?J`5U;+m

¬B=OUE?p‰~&IK?J?JO8=?J?Q_SI$<><>=7:¬B=OUEB? 2 IK;BE2 <>7@IK;B?>‹"rK7@_ AirK7@7J=?>`[rl;BEB5U;BRc<>r2<JCD=z5U;EB58j+5UEB9BIKO€O8=‹"<¶m‰IK;BE

7@58RlCe<CBIK;BED=E 4G=‡Ou?J`5U;DrK7c7J=`B7J=?J=;<JI$<J58rl;? >

@zIK;E >

@zPTCB5UANC EDr !F"œ_S58¦ 9B;BED=7c`I$7@5U<‡Kp

]fCD=7@=‹1rK7J=g5\;(<JCD=zOU5U_q58<‰rK‹X—a_SIK?J?@O8=?J?u®9BI$7JM+?sD<JCD=zAOUIK?@?J5UAIKOtIKAi<J58rl;&5U?f5U;ejI$7N5UIK;<u9B;ED=7f5U;BED=`[=;+m

ED=;e<fO8=‹"<¶mIK;BE(7@58RlCe<uCBIK;BED=E ¯ IjKrK7f7JrK<JI$<J58rl;?urK‹<JCB=gA@CB587NIKO€?J‡_S_S=<>7J‡2RK7@rl9D`%'y>«—w@R >«—0@Ns

PTCB5\A@C‚AIK;LY[=gED=Airl_S`€rl?J=EL5U;e<>r'y>«—w@4 Bv>«—$@4 z>¶„q@ v>¶„q@$p

,œC587@IKOš?>‡+_S_a=<>7@‡¡5U?zCBrPo=jK=7S_V9BOU<J58`O8‡•YB7JrKMK=;tp•w^587@?><VrK‹TIKOUO5U<V5U?V=i¦`OU5UA58<JO8‡•YB7JrKMK=; Y‡y<JCD=

¬;B5U<>=TA9D7J7J=;e<‰®9BI$7JMS_qIK?J?>=?$s+?>rc<JCD=QAirl;BAi=`<orK‹3ANCB587@IKO?>‡+_S_a=<>7J‡arl;BOU‡S_SI$MK=?œ?>=;B?>=Q‹1rK7œA9D7J7J=;e<

®9BI$7JMg_SIK?J?J=?L˜ &('*),+.- ! ( ~L=Wcs$5±p=KpI$<^_arl?><‹"rK7<JCD7@== ¯ IjKrK7@?^IK;BEzrl;O8‡“I$<O8rªP =;B=7JRl58=?›„

F:=WcpB46CD=7J=IK?u<JCD=“<JCB7J== ¯ IjKrK7:?>‡_q_a=<>7J‡25\?œ7@I$<JCD=7f?><>7Jrl;BRlO8‡qYB7@rKMK=;tsD<JCD=“<Por ¯ IjKrK7T?>‡+_S_a=<>7J‡

5U?‰rl;BO8‡q?@OU58RlCe<JO8‡aIh€=Ai<>=E‚Y‡S<JCD=d®9BI$7JMq_SIK?@?>=?œIK;BE(CDrlOUEB?‰I$<o<JCB=:`[=7@Ai=;e<œO8=jK=O±pX]fCD=d?>`[rl;<JIK;B=rl9B?

YB7J=I$M+5U;DR•rK‹QANCB587@IKOœ?>‡+_S_a=<>7@‡¡7J=EB9Ai=?V<JCB=(?J‡_S_S=<>7J‡¡rK‹Q<JCD=(RK7Jrl9B;BE?><JI$<>=L<>r<JCD=(jK=Ai<>rK72`I$7J<

z>«—$@:rK‹ 'y>«—w@ >«—w@Np(w^5U;BIKOUO8‡&<JCD=qI¦D5UIKO >¶„q@d`I$7J<grK‹uA@CB5U7@IKOš?>‡+_S_a=<>7J‡G5U?zIKOU?>r

YB7JrKMK=;-Ye‡!IK;Drl_SIKO8rl9B?q®e9BIK;e<J9B_ `B7@rAi=?J?J=?p!]TCB5U?_SIK;B58‹"=?><J?a58<J?J=O8‹Q5U;!<JCD=L;Brl;+mAirl;B?>=7Jj$I$<J58rl;*rK‹

<JCD=aI¦D5UIKOjK=Ai<>rK7VA9D7J7@=;<\ v ­pV]r(<JCD=`B7J=?>=;e<dM;BrPTO8=EBRK=Kst<JCD= z>¶„q@Q`I$7@<:rl;<JCB=crK<JCB=7gCBIK;BE

7J=_SIK5\;B?u9B;eYB7JrKMK=;LIK;BEZO8=IKEB?œ<>rqYI$7J‡Krl;L;9B_zY[=7fAirl;B?J=7JjI$<J5Url; $p

]fCB=ZI$Y[rjK=&E5U?JA9B?J?@58rl;*5U?S?J9_S_SI$7@58H=E*5\;*<JCD=Z}I$RK7@IK;DRl5UIK;xrK‹z¢ ,œbŸPT58<JC<JCB=&I$`B`B7@r¦D5U_SI$<>=

AOUIK?J?@5UAIKO3?>‡+_S_a=<>7J‡(?><>7@9Ai<J9D7J= >

@J–

P ) >0@) P'Z>«—w@ Bv>«—$@ >¶„q@

?'f bTdEdEe{ijegYTfwaZijkE]mo bO_j]Gb-rgpXY dqegpijexfEhTlEexpXkE]\d s+o ijkE]|] rg] cmiX_jY\[] b;C egf+ij]m_*b-cmijegY-f$aS[Sk=egc*k k=Y\[] ^T]m_k=b-p k1bO_*dEr{o bDf

egfB=l=] fEc ] YTf}ijk=] nq_jYTn"]m_Xijeg] pSY;7QpXlEsE~f7l=c rg]\bO_SpiX_jYTfEhTr{oegf+ij]m_*bDcmijegf=h poqpij] u pSdql=]yijY e{ijp[] b;C7f=] pXp ‚

J5kE]m_j] s+o+aQijk=],DE F HIKJML1N+DE Q HIKJMLn=bD_Xi cmYTf+i*b-egf=pijk=] ] rg] cmiX_jYTuzbDhTfE]mijegcrgY+c\b-r'E H Lpoqu u ]miX_XoGe7NK O egp

bTdEdEe{ijegYTf=b-rgr{o c Y-f=pXexdE]m_j] dw‚

V lE_Xijk=]`_ju Y-_j]TaijkE] 9=f=e{ij]Sc lE_X_j]mf7i€+l1bD_GCuzb-pXpX] pNb-rgpXYvsq_j]\b;CMijk=] pXc\b-rg] egf7^-bD_jexb-fEc ]ZY 7$ijkE]ijk=] YD_Xo+a[Sk=egc*k}h-ex^T] pF_jegpX]

ijYvijkE]yiX_*b-c ] bDf=Y-uzb-r{oY 73ijk=]y] f=]m_jhDou Y-u ] f+ijl=u ij] f=pXYD_\‚

VXV"!+ijegrxrKaEe{iZegp b-fb-nEnE_jY :qexuzbOij] poqu u ]miX_Xo bDpS]6:qn=rgYTe{ij]\degf ijk=]yijkE] Y-_Xo Y;7Jbvn1bO_XijebDr$cmYTf=pX]`_j^]\db:qebDr$^T] cmijY-_ c lq_X_j] f+i

H$#M I M4L%!&‚

V4 I r{ijk=YTlEhTkijkE]t^] cmijYD_ycmlE_X_j] f+i egpZnq_jY-ij] cmij] d b-hTb-egf=piypXn"YTf+i*b-fE] YTlEpZpoqu u ]miX_Xo sq_j]\b;C7egf=h'%(&a1b-f ]6:7iX_j] u ]mrgo}pXuzb-rgr

(18)

v>¶„q@NsPTC5UA@C(7J=IKE?f5U;L~&5U;DMKrPQ?>M5?>`IKAi=1

& > { ?@ {

%

<

7 >

<

7>

> pU„q@

iU i Y,,?+'+FEJ,?4)A !5?Ha,a'( 4);*HG=: ?H

+5U;Ai=S<JCD=RlOU9Drl;B5UAqED‡;IK_S5UA?gY[=Airl_a=?V<>rr•Airl_a`OU5UAI$<>=E!I$<cO8rªP =;B=7JRl58=?s^<JCD=`B7J=EB5\Ai<J58jK=S`[rPo=7

rK‹š¢ ,œb›5U?uOU5U_q58<>=E<>rS<JCD=zOUI$<><J5\Ai=g_a=<JCDr+EL5U;(<JCB5U?œ7@=Rl5U_a=KsDPTCB5\A@C‚5U?œrl;BOU‡2Airl;B?><>7N5UAi<J58jK=zI$`B`OU5UAI$YO8=Kp

]fCB5\?gI$7Jrl9B?>=?z<JCD=2;B==Ey‹"rK7VIK; ))

/

%"!1) Lv)HK; 9

)D1-<2<JCBI$<VEB=?JAi7@58Y[=?“<JCD=2?JIK_a=q`C‡+?J5UAIKOšAirl;e<>=;e<

PT58<JC5U;I‚_SI$<JCD=_SI$<J5UAIKO\O8‡•_qIK;BI$RK=I$YO8=qO\IK;DRl9BI$RK=Kp 2QrPo=jK=7sX5U;<JCB5U?“AIK?>=258<g5U?2J9B?><“<JCD=SI$Y?J=;BAi=

rK‹œ?>‡_q_a=<>7J‡•PTCB5UANC&`7Jrj+5UED=?“?J9A@CyIK;G=ih[=Ai<J58jK=S¬=OUE<JCD=rK7J‡&mT_arK7J=a`B7@=A5U?>=O8‡&<JCD=S?>`[rl;<JIK;B=rl9B?

YB7J=I$M+EDrªPT;rK‹A@CB5U7@IKO?J‡_S_S=<>7J‡q5U;2jIKA99B_‚pšŽ:AAirK7@EB5U;DRc<>rSF:rlOUEB?><>rl;B="?œ<JCD=rK7J=_ <JCB5U?o5U_a`OU58=?X‹"rK7

=IKA@CZYB7JrKMK=;‚RlOUrKYIKO3?>‡+_S_a=<>7J‡2<JCD=g=i¦D5U?><>=;BAi=“rK‹rl;D=z_qIK?J?JO8=?J?œY[rl?>rl;(rK‹^H=7JrS?J`5U;PT58<JC(<JCD=V?JIK_a=

`I$7@5U<‡(IK?f<JCD=zA9B7J7J=;e<frK‹^<JCD=gYB7JrKMK=;Z?>‡_q_a=<>7J‡KpœD9BA@C >"`?>=9BEDr$@fFdrlOUEB?><>rl;D=“Y[rl?>rl;?fI$7J=gRl58jK=;ZYe‡

<JCD=S=i¦+<>7@I$rK7@E5U;BI$7J‡OU58RlCe<“`58rl;B?“5\;G<JCD=qAIK?>=2rK‹œ<JCD=qI$`B`B7@r¦D5U_SI$<>=qANCB587@IKOš?J‡_S_S=<>7J‡(% ‹"rK7V—6&

p

]fCD=?J=z;D=I$7@O8‡‚_SIK?@?JO8=?J?T=i¦+A58<JI$<J5Url;B?s€<>rK<JIKOUO8‡‚EDrl_S5U;I$<>=VO8rªP =;D=7JRK‡‚`7JrAi=?@?>=?QIK;ELRl58jK=V7@5U?>=g<>rIK;

=ih[=Ai<J58jK=cEB=?JAi7@58`B<J5Url;tsB?J5U;BAi=z<JCD=587QEB‡;BIK_q5UA?f5U?QIKOU_arl?><Q=;<J587@=O8‡EB=<>=7@_S5U;D=EZYe‡‚ANCB587@IKO?>‡_q_a=<>7J‡Ks

PTCDrl?J=“YB7J=I$M+EDrPT;LRlIjK=c7@5U?>=d<>rS<JCD=_Lp

]fCB=7J=‹1rK7@=Ks^5U<zPœIK?VM+;DrªPT;¡Y[=‹"rK7J=q<JCB=2IKEDjK=;e<q¢ ,œbcs<JCBI$<O8rªP =;D=7@RK‡y`B7Jr+Ai=?J?>=?cAIK;!Y€=ED=im

?JAi7@5UY€=E3so9D`x<>r!?Jrl_a=•OUrP°=;D=7JRK‡-Airl;B?><JIK;e<J?sfY‡*<JCD=Airl;BAi=`B<rK‹g?>`[rl;<JIK;B=rl9B?JO8‡YB7JrKMK=; A@C587@IKO

?>‡+_S_a=<>7J‡G5U;<>=7N_S?grK‹f58<J?gRK7Jrl9D` ?J<>7@9BAi<J9D7J=SIK;Ey<JCD=qEBrl_S5U;BI$<J5U;BRLFdrlOUEB?><>rl;D=qY€rl?Jrl;B?p2]TCB5U?“PœIK?

EB5U?@AirjK=7J=E(¬B7N?><o5\;q<JCD=“Airl;e<>=i¦<urK‹A9D7J7J=;e<œIKO8RK=YB7@IcY9D<oPœIK?uOUI$<>=7uAirl;jK=;B5U=;<JO8‡2‹1rK7N_SIKOU58H=E5U;<JCD=

‹"7@IK_a=PorK7JM2rK‹=ih€=Ai<J5UjK=g¬B=OUE(<JCD=rK7@‡qj+5UI<JCD=“9B?>=drK‹=ih€=Ai<J58jK=V}I$RK7@IK;DRl5\IK;B?pXµ¶;(`I$7J<J5UA9BO\I$7s+<JCB5U?œIKO³m

O8rªP‰=E2IgAirl;<>7@rlOUO8=Ea=i¦+`IK;B?J5Url;S5U;=i¦+<>=7@;BIKO_Srl_a=;<JIVIK;BEa<JCD=QA9D7J7J=;e<š®e9I$7JMc_qIK?J?>=?šPQ58<JCB5U;

/9

%'

. H

J)+T63L#

.

%X1!

9

)O1T<

^IK?Q<JCD=9B;B5U®9D=zOUrP =;D=7JRK‡L=ih[=Ai<J58jK=¬B=OUE&<JCD=rK7J‡‚rK‹?J<>7Jrl;DR(5U;<>=7NIKAi<J58rl;

`Ce‡?@5UA?p¡46CD=7J=IK?S<>r¡O8rPo=?><arK7@EB=7a<JCD=7J=LI$7J=‚rl;BOU‡¡<Por¡O8rªP†=;D=7JRK‡Airl;B?><JIK;e<J?soPTCB5UANC*I$7J=L;DrK<

`B7Jrªj5\ED=E¡Y‡ ?J‡_S_S=<>7J‡y`B7@5\;BA58`O8=?s;BIK_a=OU‡y<JCD=(`58rl;!ED=AI‡Airl;B?><JIK;e< <ŸIK;BE!<JCD=‚A@CB5U7@IKO‰®9BI$7JM

Airl;BED=;?JI$<>=KsB<JCD=587Q;e9B_VY[=7u7@5U?>=?œ‹«IK?><fPQ58<JC(<JCD=grK7@EB=7urK‹<JCB=zA@CB5U7@IKO[=i¦`IK;B?J58rl;tp

+5\;BAi=‚5U;!<JCD=‚RK7Jrl9B;BE?><JI$<>=‚rK‹:?J<>7Jrl;DRy5U;e<>=7@IKAi<J58rl;tsoA@CB5U7@IKOœ?>‡_q_a=<>7J‡5U?cYB7JrKMK=;*<>ry58<J?jK=Ai<>rK7

?J9DYRK7Jrl9D`3s58<z‹"rlOUO8rªPT?z‹"7Jrl_ RK7Jrl9D`!<JCD=rK7J=<J5UAIKOœAirl;B?J5\ED=7@I$<J58rl;B?s<JCBI$<V<JCD=LF:rlOUEB?><>rl;B=qY[rl?>rl;y¬=OUEB?

I$7J=‚5U?>rl_SrK7J`CB5UAq<>rG<JCD=(‹"IKAi<>rK7qRK7Jrl9D` > BZ>«—w@4 >«—w@\@B– z>«—w@ 0 ­p ]fC5U?VEB=¬;D=?c<JCD=

<>7@IK;B?J‹1rK7@_qI$<J58rl;q`7JrK`[=7J<J58=?šrK‹<JCD=“FdrlOUEB?><>rl;D=:Y[rl?>rl;2¬B=OUEB?sePTCB5UANCS‹«9D7@;B5\?JCSI>;Drl;BOU5U;B=I$77J=`B7@=?>=;+m

<JI$<J58rl; rK‹oA@CB587NIKO?J‡_S_S=<>7J‡Kpgµ¶;<JCD=aAIK?>=a—P& EB5U?JA9?J?>=E•5U;Z<JC5U?:P‰rK7JM€st<JCB5U?:7J=`7J=?>=;e<JI$<J58rl;

AIK;LY[=d`I$7@IK_S=<>7@58H=E‚Y‡(<JCD7J==“Y[rl?>rl;B5UAd¬=OUEB?œ5U;(<JCD=g‹"rK7@_

5>@K&&=i¦`

!

" >@

< # PQCD=7J= 5>@%$ '&X>@ & 5>@)(* > p @

?>`[=A58¬B=?z<JCD=qY[=CBIj5UrK7V9B;BEB=7VA@C587@IKOš<>7NIK;B?>‹"rK7@_SI$<J58rl;B?pL]fCD=qRK7@rl9B;BEB?><JI$<>=Rl58jK=; Ye‡ " >@)& ,+

5>@ &.-Z5U?Z5U;j$I$7@5UIK;e<‚9B;BED=7‚<JCB= >

@L?J9DYBRK7@rl9D`rl;BO8‡Kp bd9D=G<>r *

&/-lsœ<JCD=G=ih€=Ai<J5UjK=

}I$RK7NIK;DRl5UIK;<JCBI$<œAIK;(Y€=QY9B5UOU<šrl9D<orK‹3<JCD=:¬B=OUEB? Airl;<JIK5U;?‰rl;O8‡SED=7@58j$I$<J58jK=dAirl9D`OU5\;DRl?šrK7œ=i¦+`OU5UA58<

?>‡+_S_a=<>7J‡YB7J=I$M+5U;DR<>=7@_q?sIK?TEB=?JAi7@58Y[=EYe‡<JCD=z;Brl;BOU5U;D=I$7'&G_ar+ED=O±p

VE> WZ]m_j]Ta\ijkE](cmYD^-bD_jexbDf7iPdE]`_jex^-bDijeg^](bDf1dyijk=](bDf7ije{~poqu u ]miX_jegc 91]mrd piX_j]mf=h-ijk ij]mf=pXY-_PbD_j](hTeg^]mfts7o10

2436587 H:9

78;=<:>?A@CBD@

7 L

b-f=d'EGF

7IH 3 9 7 B F

HKJ 9 H B F7

;ML

FONAP B NH B P7 ‚

VH I d=dqegijegY-f1b-rwn=pX]ml1dEY WyYTrxdEpijY-f=] s"YTpXY-f=p*7YD_'IKJRQTSvbD_j] ijkE]NCTbDYTfEp aq[SkEegc`k|bO_j] b-r{_j]\b-dqo _*bDijk=]`_ZkE]\b\^+o+‚

V I f]6:7ij] fEpXeg^] egf+iX_jY7dEl=c`ijY-_Xoz_j] ^7eg]m[ egpShTeg^]mfegf%U &‚

V _jYTuijk=]yuzbDijk=]muzbDijegc\b-r0n"Y-exf+i Y;73^qeg]m[?b_j]mnE_j] pX] f+i*bOijexY-f|egp Y-f=r{o}dE]69=f=]\dzijY s"] rgegf=]\bO_\‚

V WZ]m_j]%VXWQbD_j]tijk=]yijkq_j] ] WyY-rdqpijYTfE]9=] rxdEp aYOW(bD_j]#Jb-lErge$uzbOiX_jexcm] p b-f1d'Z\[^] bD_j] ] rg] u ] f+ijpY 7DE H!UL`‚

Referenzen

ÄHNLICHE DOKUMENTE

c) Formulieren Sie den detaillierten Mechanismus der Reaktion für die Bildung des Hauptproduktes inklusive der Bildung des Elektrophils (auch Grenzstrukturen des Elektrophils

Nun ist aber eine Division nur sinnvoll, wenn der Divisor nicht null ist.. Man kann nicht durch null

Wir wählen ein (unregelmäßiges) n-Eck A 0 …A n−1 und einen beliebigen Punkt M... Das beweist die

Barrierefrei präsentiert sich übri- gens nicht nur das Gebäude, sonder auch die Ausstellung: Die alten Vitrinen befinden sich in einer für Rollis geeigneten Höhe und alle

Nachdem sich das Hilfsprojekt für Arbeitssuchende, „Arbeit durch Management“, in den vergangenen zwei Jahren in Magdeburg etaliert hat, können seit einigen Monaten auch Menschen

Sollte der Vorstand ein Präsidium einsetzen, so setzt sich dieses zusammen aus dem Vorsitzenden / der Vorsitzenden, den beiden Stellvertretern und der Geschäftsführung. Das

Das Nutzungskonzept mit der Idee, das Areal als Medienstandort mit hohen Standards fŸr Hochleistungsnetzwerke fŸr Inter- und Intranet auszubauen, stammte aus der Zeit der

Nagu lugeja juba teab, toimub suurte tehnoloogiliste süsteemide areng vastavalt mustrile, mida kirjeldan käesoleva töö suure tehnoloogilise süsteemi arengumudeli