!"#$
!
!""#$%!&$'()
!"#$!" & '()*$!" +, *-!. /#--#*01! #$%&'()&*$%)(
! %'+,-$+)&(
*'%+,-.$,/
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
!
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-*
&!.#,
'0
%'(&,(&)
$;>=9<:D>39; PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP Q (I9;69=6 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP R
"##$%&"'%()* , -%&.(*/.0%&/* 1%'2 3(&4/. , &()'"%)/.*
8=95 #9;903>@ >9 #3D=961=H3D16 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPS ,@1 ,1; %9554;<51;>6 9A #3D=961=H3D16 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPTU /9O #3D=961=H3D16 /4H1 %@4;F1< 4;< .@J ,@1J #4>>1= PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP VU -ID1=4W %=14>3;F (>4;<4=<6 A9= >@1 %9;>43;1= )D96J6>15 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP QU %9;>43;1=6 3; E=9<:D>39;7 E4=> $W %461 (>:<316 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP QX %36D9W #3D=961=H3D16 8=451O9=M6 A9= /4;<03;F %95I0123>J 4> (D401 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPYX ,@1 G1H109I1=6 4;< %95I4;316 (@4I3;F >@1 'I1; (9:=D1 %9;>43;1= )D96J6>15 PPPPPYT G9DM1=W &1>@3;M3;F >@1 G1H109I51;> 4;< G103H1=J );H3=9;51;>6PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPST PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPSV $B#W ,@1 )H90:>39; 9A -=D@3>1D>:=16 4> %9;>43;1=?(D401 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP ZX N1H1=4F3;F %9;>43;1=6 >9 E=9H3<1 811<L4DM N99I6 A9= G1H109I1=6 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPZT K9J1;>W - /36>9=3D40 E1=6I1D>3H1 4;< >@1 8:>:=1 9A %9;>43;1=6 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP[U /9O %9;>43;1=6 4;< #3D=961=H3D16 .9=M ,9F1>@1= >9 );4L01 -F303>J PPPPPPPPPPPPPPPPPPPPPPPPPPPPPP [X E3H9>40W .@4> G916 $> #14; >9 B1 %09:< +4>3H1\ PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP[[ ,@1 &901 9A E04>A9=5?46?4?(1=H3D1 3; >@1 %9;>43;1= )=4 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPXUU *#O4=1W $;>1F=4>3;F %9;>43;1=6 -009O6 B:63;16616 >9 #9H1 846>1= PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPXUY -D@31H3;F $;;9H4>39; 4;< -F303>J .3>@ %09:<?+4>3H1 -II03D4>39; -=D@3>1D>:=16 PPPPPPPPPXUR
"##$%&"'%()* , -%&.(*/.0%&/* 3%./&'(.5
#3D=961=H3D16 8=451O9=M6 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPXTV E=9H3639; 9A %4I4L303>316 A9= #3D=961=H3D16 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPXT[ G1I09J51;> 4;< %9;>3;:9:6 $;>1F=4>39; PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPXV[ G36D096:=16 PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPXQS
6
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-*
$(
&-'*1%
&$'(
-6 4; 4=D@3>1D>:=40 I4>>1=;7 53D=961=H3D16 @4H1 L11; F1>>3;F 4 09> 9A 4>>1;>39; 3; >@1 046> 61H1=40 J14=67 =14D@3;F 4 01H10 9A 4<9I>39; 4;< 1H4;F10365 >@4> O9:0< L1 @4=< A9= 596> I=4D>3>39;1=6 >9 3F;9=1P B:> O@301 53D=961=H3D16 4=D@3>1D>:=16 @4H1 =1D13H1< O3<1 I=4361 46 D@4;F3;F >@1 4II03D4>39; <1H109I51;> 4;< I=9<:D>39; I=9D166 9; >@1 O@9017 >@1=1 4=1 ;451 A9= 61=H3D1?9=31;>1< 4=D@3>1D>:=1 ]('-^P $>_6 35I9=>4;> >9 12I09=1 L9>@ >@1 <=3H1=6 >@4> 6@4I1< @9O 53D=961=H3D16 1H90H1< 3;>9 >@1 I4>>1=; O1 M;9O >9<4J7 4;< 4069 >9 :;<1=6>4;< O@4> >9906 4;< 61=H3D16 @4H1 54<1 3>6 D:==1;> I9I:04=3>J 69 O3<10J 4DD1663L01P
$; >@36 1L99M7 ,@1 +1O (>4DM 12I09=16 >@1 O4J6 >@4> D9;>43;1=?L461< 53D=961=H3D16 @4H1 35I4D>1< 4II03D4>39; <1H109I51;> 4;< <103H1=JP .1 014=; 4L9:> O@4> D9;>43;1=6 514; >9 >@1 I=9D166 9A D=14>3;F 4;< :>303`3;F 53D=961=H3D16P ,@=9:F@ >@4> 01;67 O1 099M 4> @9O D9;>43;1= >1D@;909FJ @46 L1D951 69 35I9=>4;> 3; 35I0151;>3;F >@1 I4>>1=; 9A 53D=961=H3D16P .3>@3; >@36 1L99M7 O1 12I09=1 O@4> 54M16 :I 4 53D=961=H3D16 4=D@3>1D>:=17 46 O100 46 6951 I=9D16616 4=9:;< 53F=4>3;F 59;903>@3D 4II03D4>39;6 >9 53D=961=H3D16P .1 4069 I=9H3<1 D461 6>:<316 A9= D9;>43;1=6 3; I=9<:D>39;P ,@1=1 36 4069 4 F=14> <140 9A 9=3F3;40 =1614=D@ O1_H1 I1=A9=51< 4L9:> >@1 9I1; 69:=D1 D9;>43;1= 1D96J6>15 >@4> O1 4=1 14F1= >9 6@4=1 O3>@ 9:= L=94<1= D955:;3>Ja >@36 61=316_ A9D:6 9; 9I1; 69:=D1 D955:;3>316 36 4 D9;>3;:3;F >9I3D >@4> O1 4=1 099M3;F >9 12I4;< :I9;7 4;< O1 O10D951 A11<L4DM 9; O@4> O1_H1 <9;1 69 A4=P
7
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$%&'(#!%"
1L99M7 b,@1 G9DM1= ! %9;>43;1= )D96J6>15Pc d;<1=6>4;<3;F >@1 =901 9A D9;>43;1=6 4;< 53D=961=H3D16 3; 4II03D4>39; <1H109I51;> 4;<
4=D@3>1D>:=1 O300 4009O :6 >9 04>1= 4<<=166 >@1 D95I012 >9I3D6 4@14< 3; 9:= ;12> 1L99M7 b-:>954>39; ! '=D@16>=4>39; O3>@ G9DM1= ! %9;>43;1=67c O@1=1 O1_00 D9H1= 9=D@16>=4>39;7 61=H3D1 <36D9H1=J7 6D@1<:01=67 D0:6>1= <36>=3L:>1< 6J6>156P ,@36 1L99M7 46 O100 46 >@1 >@=11 >9 D951 3; >@36 61=3167 L=14M6 <9O; 9:= 4;40J636 9A >@1 1D96J6>15 3;>9 4=146 9A A9D:6 >@4> ;11< >@1 4<<1< <1I>@ 9A 4; 1;>3=1 L99MP .1 <36D9H1=1< 14=0J 9; >@4> >@1=1_6 5:D@ 59=1 >9 64J 4L9:> >@1 D9;>43;1= 1D96J6>157 4;< >@36 61=316 36 03M10J C:6> >@1 6>4=> A9= :6P .1_=1 D9;6>4;>0J 099M3;F A9= ;1O >9I3D6 3; ;11< 9A F=14>1= A9D:6 4;< 1<:D4>39;7 4;< O1 O10D951 4;J A11<L4DM 9; O@4> 4=146 O1 6@9:0< >4DM01 ;12>P
,@4;M6 69 5:D@ A9= J9:= 3;>1=16> 3; 9:= 1L99M 61=316P E01461 =14D@ 9:> >9 9:= >145 4;J >351 O3>@ A11<L4DM7 >@9:F@>67 4;< 3<146 A9= >@1 A:>:=1P ,@4;M67 B1; 8#0;)730 8)<< 8#0;)730 8)<< ,1D@;3D40 )<3>9= 4;< E=9<:D1= ,@1 +1O (>4DM
8
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-*
)"'()'-)
.1 4=1 F=4>1A:0 A9= >@1 6:II9=> 9A >@1 A9009O3;F 1L99M 61=316 6I9;69=6W
9
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-*
8&'#
#'+'N$,/
,'
#$%&'()&*$%)(
%& =>=4? @A%4@B =>=4? @A%4@B
!
54;4F1 D95I012 1;>1=I=361 6J6>156P $> 36 4 <103D4>1 L404;D3;F 4D>7 9;1 >@4> =16>6 9; :;<1=6>4;<3;F @9O 4;J 9;1 D@4;F1 O300 6J6>15_6 D9<1L461 L1A9=1 >@1J D4; 1H1; L1F3; >9 O9=M 9; 3>P )H1; >@1 596> M;9O01<F14L01 9A <1H109I51;> >1456 36 A14=A:0 9A 54M3;F D@4;F16 9= 4<<3;F ;1O D9<1 >@4> O9:0< <36=:I> 9I1=4>39; 3; 6951 :;A9=1611; O4J7 69 >@1 596> 5:;<4;1 9A D@4;F16 36 <36D:661< 4< ;4:61:5P.@1; >@3;F6 F9 O=9;F7 9I1=4>39;6 L04516 <1H109I51;> 4;< <1H109I51;> L04516 e-P E=9C1D> 54;4F1=6 L0451 >@1 L:<F1> 4;< 1H1=J9;1 1061P ,@1 =1I04D1 >@1 3;>1=;40 >145P
d;0166 J9:_H1 L11; 03H3;F :;<1= 4 =9DM7 J9:_H1 @14=< 9A @9O 53D=961=H3D16 D4; >:=; >@36 6D1;4=39 9; 3>6 @14<7 1;4L03;F 4 ;1O7 59=1 4F301 O9=0< 3; O@3D@ <1H109I1=6 4;< 9I1=4>39;6 >1456 O9=M @4;< 3; @4;< >9 <103H1=
:
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-,
63;F01 59;903>@3D 6J6>157 A:;D>39;403>J 36 D4==31< 9:> LJ 4 654001= 61> 9A 61=H3D16 D99=<3;4>3;F >@13= 9I1=4>39;6P
/9O <9 J9: 54M1 3> O9=M\ f9:_H1 D951 >9 >@1 =3F@> I04D1P .1_00 12I043; 3> 1236>7 3> 36 @10IA:0 >9 12453;1 >@1 L461 I=3;D3I016 >@4> @4H1 F:3<1<
B1.C
B1.C(30
(30D E3*
D E3*/.5
/.5#/F3*
#/F3*#5
#5
';1 D9559; 4II=94D@ A9= >1456 4<9I>3;F 53D=961=H3D16 36 >9 3<1;>3AJ 1236>3;F A:;D>39;403>J 3; >@1 59;903>@3D 6J6>15 >@4> 36 L9>@ ;9;?D=3>3D40 4;< A43=0J 099610J D9:I01< O3>@ >@1 =16> 9A >@1 4II03D4>39;P 89= 1245I017 3; A9= 4 53D=961=H3D16 I=99A?9A?D9;D1I>P -0>1=;4>10J7 59=1 69I@36>3D4>1< >1456 D4; 635I0J 54;<4>1 >@4> 400 ;1O A:;D>39;403>J 5:6> L1 <1H109I1< 46 4 53D=961=H3D1P
$; 14D@ 9A >@161 6D1;4=3967 >@1 M1J D@4001;F1 36 >9 <163F; 4;< <1H109I >@1 3;>1F=4>39; L1>O11; >@1 1236>3;F 6J6>15 4;< >@1 ;1O 53D=961=H3D16P .@1; 4 I4=> 9A >@1 6J6>15 36 =1<163F;1< :63;F 53D=961=H3D167 4 D9559;
I=4D>3D1 36 >9 3;>=9<:D1 F0:1 D9<1 >9 @10I 3> >9 >40M >9 >@1 ;1O 61=H3D16P -; -E$ F4>1O4J D4; @10I D95L3;1 54;J 3;<3H3<:40 61=H3D1 D4006 3;>9 9;1 D94=61?F=43;1< 61=H3D17 4;< 3; 69 <93;F =1<:D1 >@1 D96> 9A 3;>1F=4>3;F O3>@ >@1 59;903>@3D 6J6>15P
,@1 543; 3<14 36 >9 609O0J =1I04D1 A:;D>39;403>J 3; >@1 6J6>15 O3>@ <36D=1>1 53D=961=H3D167 O@301 53;353`3;F >@1 D@4;F16 >@4> 5:6> L1 4<<1< >9 >@1 6J6>15 3>610A >9 6:II9=> >@36 >=4;63>39;P ,@36 36 35I9=>4;> 3; 9=<1= >9 =1<:D1
;
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-, >@1 D96> 9A 543;>43;3;F >@1 6J6>15 4;< 53;353`1 >@1 35I4D> 9A >@1 53F=4>39;P
E3*/.5#/F3*#5 B/*"3(#*(:/)< G)((#/05
E3*/.5#/F3*#5 B/*"3(#*(:/)< G)((#/05
- ;:5L1= 9A 4=D@3>1D>:=40 I4>>1=;6 1236> >@4> D4; L1 01H1=4F1< >9 L:30< 4 6903< 53D=961=H3D16 35I0151;>4>39; 6>=4>1FJP $; >@13= L99M b,@1 -=> 9A (D404L303>J7c #4=>3; -LL9>> 4;< #3D@410 836@1= 104L9=4>1< 9; >@1 D9;D1I> 9A >@1 b6D401 D:L17c 300:6>=4>3;F H4=39:6 O4J6 >9 >@3;M 4L9:> >@1 :61 9A 53D=961=H3D16 >9 59=1 14630J 6D401 6J6>156 ]83F:=1 X^P ,@1 53D=961=H3D16 I4>>1=; 54I6 >9 >@1 f?4236 9A >@1 D:L17 O@1=13; A:;D>39;40 <1D95I963>39; 36 :61< >9 6D401 >@1 6J6>15P )4D@ 61=H3D1 D4; >@1; L1 A:=>@1= 6D401< LJ D09;3;F ]g?4236^ 9= 6@4=<3;F ]h?4236^P-036>43= %9DML:=; 3;>=9<:D1< >@1 bI9=>6 4;< 4<4I>1=6c I4>>1=;7 4069 D4001<
@124F9;40 4=D@3>1D>:=17 3; >@1 D9;>12> 9A L:30<3;F 4II03D4>39;6 >@4> D4; L1 >16>1< 3; 36904>39;P /9O1H1=7 3> @46 L11; 3;D=1463;F0J :61< A9= L:30<3;F =1:64L01 53D=961=H3D16?L461< 6J6>156746 4<H9D4>1< LJ K4516 i4=<;1= 4;< *04< #1>>01=P - @124F9;40 4=D@3>1D>:=1 36 4; 35I0151;>4>39; 9A 4 I4>>1=; D4001<L9:;<1< D9;>12>7 O@1=13; >@1 D4I4L303>316 =104>1< >9 4
)245I016 4L9:;< 9A >@161 I=3;D3I016 L13;F I:> >9 I=4D>3D1 LJ 1;>1=I=3616 53F=4>3;F >9 53D=961=H3D16P %03DM ,=4H10 9I1; 69:=D1< >@13=%@1<<4=
A=451O9=M7 O@3D@ D4I>:=16 >@161 3<146 3; 4; 146J?>9?:61 I=9C1D> >15I04>1 A9= K4H4 <1H109I1=6 L:30<3;F 4II03D4>39;6 A9= -54`9; .1L (1=H3D16P 4II03D4>39;7L461< >@13= 53D=961=H3D16 53F=4>39; 9; >@1 :61 9A >@1
<=
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-*
!"#$ $#&#'()* )# $(+"#,-".(+-,
!"# %&'(# )*+# ',- ./&012#03/ 5 6/7#,2/1,2 81 %&'(/,9
h t t p : / / m i c r o s e r v i c e s . i o / a r t i c l e s / s c a l e c u b e . h t m l %&'(# +: )(1,/,9 %#03/ !"#$%& ()*+%,*-./0 1230%4/.%*-5 %&'(# +: ;2/,9 ./&012#03/ 6"#$%& (72-4.%*-/0 184*93*&%.%*-5 :*-*0%.)%4 &;&.89 :/$%929 &4/0/<%0%.; %&'(# +: %"'0-/,9 6'8'+'2#2 ="#$%& (1/./ 3/+.%.%*-%->5 2#3 45 (##)*+,-+./0 1-,+./ 2%%"++ -/3 1.45-6# 7.*56,8* 9*4-#6 4)%6: ;6+5"3 "< *4-#./0 *&*+6;* =.+5 <)/4+."/-# 364";>"*.+."/$
L9:;<1< D9;>12> I4>>1=; >9 3<1;>3AJ D9@163H1 A14>:=1 61>6 O@3D@ <3< ;9> D9:I01 O3>@ >@1 =16> 9A <9543;P
';1 D@4001;F1 A4D1< LJ >1456 ;1O >9 53D=961=H3D16 36 <1403;F O3>@ <36>=3L:>1< >=4;64D>39;6 6I4;;3;F 5:0>3I01 3;<1I1;<1;> 61=H3D16P $; 4 59;903>@ >@36 36 146J7 63;D1 6>4>1 D@4;F16 4=1 >JI3D400J I1=636>1< >9 4 D9559; <4>4 59<10 6@4=1< LJ 400 I4=>6 9A >@1 4II03D4>39;P ,@36 36 ;9> >@1 D4617 @9O1H1=7 O3>@ 53D=961=H3D16P /4H3;F 14D@ 53D=961=H3D1 54;4F3;F 3>6 9O; 6>4>1 4;< <4>4 3;>=9<:D16 4=D@3>1D>:=40 4;< 9I1=4>39;40 D95I0123>J O@1; @4;<03;F <36>=3L:>1< >=4;64D>39;6P i99< <163F; I=4D>3D167 6:D@ 46 <9543;?<=3H1; <163F;7 @10I 53>3F4>1 6951 9A >@36 D95I0123>J LJ 3;@1=1;>0J 0353>3;F 6@4=1< 6>4>1P
<<
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-,
)H1;>?9=31;>1< I4>>1=;6 6:D@ 461H1;> 69:=D3;F
=16I9;63L303>J 61F=1F4>39; ]%e&(^ D4; @10I >1456 1;6:=1 <4>4 D9;636>1;DJ 3; 4 <36>=3L:>1< 53D=961=H3D16 1;H3=9;51;>P .3>@ 1H1;> 69:=D3;F 4;< %e&(7 >@1 6>4>1 D@4;F16 ;11<1< >9 6:II9=> <36>=3L:>1< >=4;64D>39;6 D4; L1 I=9I4F4>1< 46 1H1;>6 ]1H1;> 69:=D3;F^ 9= D9554;<6 ]%e&(^P )4D@ 53D=961=H3D1 >@4> I4=>3D3I4>16 3; 4 F3H1; >=4;64D>39; D4; >@1; 6:L6D=3L1 >9 >@1 4II=9I=34>1 1H1;>P
,@36 I4>>1=; D4; L1 12>1;<1< >9 6:II9=>D95I1;64>3;F 9I1=4>39;6 LJ >@1 53D=961=H3D1 O@1; <1403;F O3>@ 1H1;>:40 D9;636>1;DJP %@=36 &3D@4=<69;
I=161;>1< 4; 35I0151;>4>39; 9A >@36 3; @36 >40M 4> @4DMP6:553>]^ TUXQ 4;< 6@4=1< 1245I01 D9<1H34 i3>/:LP -069 O9=>@ 12I09=3;F 36 8=1< i19=F1_6
;9>39; 9A b6>=1456 4;< =4I3<67c O@3D@ :616 46J;D@=9;9:6 61=H3D16 4;< 4 @3F@ 6I11< 51664F3;F L:6 >9 D9;;1D> >@1 53D=961=H3D16 3; 4; 4II03D4>39;P .@301 >@161 4=D@3>1D>:=16 4=1 I=95363;F7 3> 36 35I9=>4;> >9 =1515L1= >@4>7 <:=3;F >@1 >=4;63>39; A=95 59;903>@ >9 4 D9001D>39; 9A 53D=961=H3D167 L9>@ 6J6>156 O300 1236> 3; I4=40010P ,9 =1<:D1 >@1 <1H109I51;> 4;< 9I1=4>39;40 D96>6 9A >@1 53F=4>39;7 >@1 I4>>1=;6 15I09J1< LJ >@1 53D=961=H3D16 5:6> L1 4II=9I=34>1 >9 >@1 59;903>@_6 4=D@3>1D>:=1P
B/*"
B/*"3(#
3(#*(:/
*(:/)< H >
)< H >7C<
7C<#7#0
#7#0()
()(3.0
(3.0
2.0531#/)(3.05
2.0531#/)(3.05
-.7)30 E.1#<30D
-.7)30 E.1#<30D
G9543; 59<103;F 36 4> >@1 @14=> 9A <163F;3;F D9@1=1;> 4;< 099610J D9:I01< 53D=961=H3D16P ,@1 F940 36 >9 1;6:=1 >@4> 14D@ 9A J9:= 53D=961=H3D16 3; >@1 6J6>15P<>
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-,
2#3 65 ?.+5 ;.4,"*6,!.46* ./ >#-46 -* - <")/3-+."/@ -33.+."/-# #6!6#* "< *4-#-%.#.+& 4-/
%6 -45.6!63 !.- 3-+- >-,+.+."/./0 -/3 5",.A"/+-# *4-#./0$
!"#$%&' )%*+ ,%"-./0-1%"0/
!"#$%&'$("#' *$#+",'#,-$'& +*(' . /"0'1&"%1& %2 &#*3*4"3",5
,.&.$%*+ ,%"-./0-1%"0/ h t t p : / / m a r t i n f o w l e r . c o m / a r t i c l e s / m i c r o s e r v i c e s . h t m l 23 45&"*%.&#$ 60".78./%*%.&6789"& :#*3"1; 93 :.-%;.&*#$ !"#$%&' .< =&>%1%>5#$ !0-1%"0/ <789"& :#*3"1;
?3 6#*# @#-*%*%.&%&' =789"& :#*3"1;
$6904>3;F 4;< 3;6:04>3;F 53D=961=H3D16 4069 @10I6 1;6:=1 >@13= =1:64L303>JP 89= 1245I017 D9;63<1= 4 I=959>39;6 61=H3D1 >@4> D4; L1 12>=4D>1< A=95 4 59;903>@3D 1?D9551=D1 6J6>15P ,@36 61=H3D1 D9:0< L1 :61< LJ H4=39:6 D9;6:53;F D031;>6 :63;F 59L301 .1L7 3'( 9= -;<=93< 4II6P $; 9=<1= A9= >@36 >9 O9=M I=1<3D>4L0J7 >@1 <9543; 9A bI=959>39;67c 3;D0:<3;F 3>6 6>4>1 1;>3>316 4;< 09F3D7 ;11<6 >9 L1 3;6:04>1< A=95 9>@1= <9543;6 3; >@1 6J6>157 03M1 bI=9<:D>67c bD:6>951=67c b9=<1=67c 1>DP ,@36 514;6 >@1 I=959>39;6 61=H3D1 5:6> ;9> L1 I900:>1< O3>@ D=966?<9543; 09F3D 9= 1;>3>316P
E=9I1= <9543; 59<103;F 4069 @10I6 4H93< >@1 I3>A400 9A 59<103;F >@1 6J6>15 409;F >1D@;909F3D40 9= 9=F4;3`4>39;40 L9:;<4=3167 =16:0>3;F 3; <4>4
<!
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-, 61=H3D167 L:63;166 09F3D 4;< I=161;>4>39; 09F3D 14D@ 35I0151;>1< 46 61I4=4>1 61=H3D16P
I
I
-00 =94<6 >9 53D=961=H3D16 I466
>@=9:F@ <9543; 59<103;FP
(45 +1O54; <36D:6616 >@161 I=3;D3I016 3; @36 L99M bB:30<3;F #3D=961=H3D16Pc *4:F@; *1=;9; A9D:616 9; >@36 4=14 1H1; 59=1 <11I0J 3; b$5I0151;>3;F G9543;?G=3H1; G163F;Pc'#/F3*# '3J#
'#/F3*# '3J#
(1=H3D1 63`1 36 4 O3<10J <1L4>1< 4;< D9;A:63;F >9I3D 3; >@1 53D=961=H3D16 D955:;3>JP ,@1 9H1=4=D@3;F F940 O@1; <1>1=53;3;F >@1 =3F@> 63`1 A9= 4 53D=961=H3D1 36 >9 ;9> 54M1 4 59;903>@ 9:> 9A 3>P
,@1 b(3;F01 &16I9;63L303>J E=3;D3I01c 36 4 <=3H3;F A9=D1 O@1; D9;63<1=3;F >@1 =3F@> 61=H3D1 63`1 3; 4 53D=961=H3D16 6J6>15P (951 I=4D>3>39;1=6 4<H9D4>1 46 65400 4 61=H3D1 63`1 46 I9663L01 A9= 3;<1I1;<1;> 9I1=4>39; 4;< >16>3;FP B:30<3;F 53D=961=H3D16 3; >@1 6I3=3> 9Ad;32 :>303>316 4069 014<6 >9 65400 D9<1L4616 O@3D@ 4=1 146J >9 543;>43; 4;< :IF=4<1P
-=D@3>1D>6 5:6> L1 I4=>3D:04=0J D4=1A:0 3; 4=D@3>1D>3;F 04=F1 <9543;67 03M1 bI=9<:D>6c 3; 4; 1?D9551=D1 6J6>157 46 >@161 4=1 I9>1;>340 59;903>@67 9A I=9<:D>67 A9= 1245I01P 89= 14D@ >JI1 9A I=9<:D>7 >@1=1 D9:0< L1
);D4I6:04>3;F 400 >@36 D4; L1D951 9H1=O@1053;F7 L:> >@1 O4J >9 4II=94D@ 3> 36 >9 I:> 59=1 L9:;<4=316 3;63<1 >@1 I=9<:D> <9543; 4;< D=14>1 A:=>@1= 61=H3D16P
<6
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-,
-;9>@1= D9;63<1=4>39; 36 >@1 3<14 9A =1I04D14L303>JP $A >@1 >351 3> >4M16 >9 =1I04D1 4 I4=>3D:04= 53D=961=H3D1 O3>@ 4 ;1O 35I0151;>4>39; 9=
>1D@;909FJ 36 >99 09;F ]=104>3H1 >9 >@1 DJD01 >351 9A >@1 I=9C1D>^7 >@1; 3>_6
!#5(30D
!#5(30D
N1>_6 099M 4> 6951 9I1=4>39;40 46I1D>6 9A @4H3;F >@1 59;903>@3D 6J6>15 I=9F=1663H10J >=4;6A9=51< 3;>9 4 53D=961=H3D16?L461< 6J6>15P ,16>4L303>J 36 4 D9559; 366:1W <:=3;F >@1 D9:=61 9A <1H109I3;F >@1 53D=961=H3D167 >1456 O300 ;11< >9 I1=A9=5 3;>1F=4>39; >16>3;F 9A >@1 61=H3D16 O3>@ >@1 59;903>@3D 6J6>15P ,@1 3<147 9A D9:=617 36 >9 1;6:=1 >@4> >@1 L:63;166 9I1=4>39;6 6I4;;3;F >@1 I=1?1236>3;F 59;903>@3D 6J6>15 4;< >@1 ;1O 53D=961=H3D16 <9 ;9> A430P';1 9I>39; @1=1 36 >9 @4H1 >@1 6J6>15 I=9H3<1 6951 D9;6:51=?<=3H1; D9;>=4D>6 >@4> D4; L1 >=4;604>1< 3;>9 >16> D4616 A9= >@1 ;1O
53D=961=H3D16P ,@36 4II=94D@ @10I6 1;6:=1 >@4> >@1 53D=961=H3D1 40O4J6 @46 4DD166 >9 >@1 12I1D>4>39;6 9A >@1 6J6>15 3; >@1 A9=5 9A 4:>954>1< >16>6P ,@1 6J6>15_6 <1H109I1=6 O9:0< I=9H3<1 4 6I1D D9;>43;3;F 645I01 >9 D=14>1 =101H4;> 59DM67 4;< 46 >@1 L4636 A9= 4; 4:>954>1< >16> 6:3>1 >@4> 36 =:; L1A9=1 3;>1F=4>3;F >@1 ;1O 53D=961=H3D16 O3>@ >@1 1236>3;F 6J6>15PE4D>7 4 D9;6:51=?<=3H1; D9;>=4D> >16>3;F 03L=4=J7 36 4 F99< =1A1=1;D1 A9= >@36 4II=94D@P
%=14>3;F 4 =1:64L01 >16> 1;H3=9;51;> >@4> D4; <1I09J 4 >16> D9IJ 9A >@1
A9= >@961 >1456 4;< 35I=9H16 >@1 A11<L4DM 099I A9= >@1 I=9C1D> 46 4 O@901P - D9559; O4J 9A 4DD95I036@3;F >@36 36 >9 D9;>43;1=3`1 >@1 1;>3=1
<7
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-,
59;903>@ 3; >@1 A9=5 9A G9DM1= D9;>43;1=6 9=D@16>=4>1< >@=9:F@ 4; 4:>954>39; >990 03M1G9DM1= %95I961P ,@36 <1I09J6 4 >16> 3;A=46>=:D>:=1
3;>1F=4>39; >16>6 09D400JP
'#/
'#/F3*# -35*.
F3*# -35*.F#/6
F#/6
- 61=H3D1 54J ;11< >9 M;9O 4L9:> 9>@1= 61=H3D16 O@1; 4DD95I036@3;F 4 L:63;166 A:;D>39;P -61=H3D1 <36D9H1=J 6J6>15 1;4L016 >@367 O@1=13; 14D@ 61=H3D1 =1A1=6 >9 4; 12>1=;40 =1F36>=J @90<3;F >@1 1;<I93;>6 9A >@1 9>@1= 61=H3D16P ,@36 D4; L1 35I0151;>1< >@=9:F@ 1;H3=9;51;> H4=34L016 O@1; <1403;F O3>@ 4 65400 ;:5L1= 9A 61=H3D16a1>D<7%9;6:0 4;<-I4D@1
h99j11I1= 4=1 1245I016 9A 59=1 69I@36>3D4>1< 6J6>156 D9559;0J :61< A9= 61=H3D1 <36D9H1=JP
-#C<.67#0(
-#C<.67#0(
)4D@ 53D=961=H3D1 6@9:0< L1 610A?<1I09J4L017 13>@1= 9; 4 =:;>351 D9;>43;1= 9= LJ 15L1<<3;F 4 D9;>43;1= 3; 3>610AP 89= 1245I017 4 K*#?L461< 53D=961=H3D1 D9:0< 15L1< 4,95D4> D9;>43;1= 3; 3>610A7 =1<:D3;F >@1 ;11< A9= 4 6>4;<409;1 O1L 4II03D4>39; 61=H1=P-> 4;J I93;> 3; >3517 >@1=1 D9:0< L1 4 ;:5L1= 9A 53D=961=H3D16 9A >@1 6451 >JI1 ]3P1P7 g?4236 6D403;F 46 I1= >@1 6D401 D:L1^ >9 4009O A9= 59=1
P ,@36 35I0151;>4>39; 4009O6 A9= A4309H1= 4;< >=4;6I4=1;>
8:3<1 )01
8:3<1 )01 K#<#)
K#<#)5# G3C#<30#
5# G3C#<30#
D9559;7 6:D@ 46 @4H3;F 4 D9;>3;:9:6 3;>1F=4>39; 4;< <1I09J51;>
<8
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-, I3I103;1P ,@1 ;9>4L01 D4H14> A9= >@36 3; 4 53D=961=H3D16?L461< 6J6>15 36 @4H3;F 4; 9;?<154;<7 12D0:63H17 L:30< 4;< =101461 I3I103;1 A9= 14D@ 53D=961=H3D1P ,@36 =1<:D16 >@1 D96> 9A L:30<3;F 4;< =101463;F >@1 4II03D4>39; 46 4 O@901P
I
I
.1 <9 ;9> ;11< >9 L:30< >@1
59;903>@ O@1; 4 53D=961=H3D1 F1>6
:I<4>1<P $;6>14<7 O1 9;0J L:30< >@1
D@4;F1< 53D=961=H3D1 4;< =101461 3>
>9 >@1 1;< 6J6>15P
&101461 I=4D>3D16 4069 ;11< >9 3;D0:<1 >@1 D9;D1I> 9A=9003;F :IF=4<16 9=
L0:1?F=11; <1I09J51;>P ,@36 514;6 >@4>7 4> 4;J I93;> 9A >351 3; 4 ;1O L:30< 4;< =101461 DJD017 >@1=1 D4; L1 D9;D:==1;> H1=639;6 9A >@1 6451 53D=961=H3D1 =:;;3;F 3; >@1 I=9<:D>39; 1;H3=9;51;>P - I1=D1;>4F1 9A >@1 4D>3H1 :61= 094< D4; L1 =9:>1< >9 >@1 ;1O 53D=961=H3D1 H1=639; >9 >16> 3>6 9I1=4>39;7 L1A9=1 609O0J I@463;F 9:> >@1 90< H1=639;P ,@36 @10I6 >9 1;6:=1 >@4> 4 A4301< D@4;F1 3; 4 53D=961=H3D1 <916 ;9> D=3II01 >@1 59;903>@P $; D461 9A A430:=17 >@1 4D>3H1 094< D4; L1 =9:>1< L4DM >9 >@1 90< H1=639; 9A >@1 6451 61=H3D1P
L#)(:/# L<)D5
L#)(:/# L<)D5
';1 9>@1= D9559; I4>>1=; 36 >9 4009O A9= :6 >9 >=3FF1= >@1 :61 9A >@1 =101H4;> 53D=961=H3D1 A9= >@1 A14>:=1 O@1; >@1
<9
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-,
>@1 59;903>@ >9 53D=961=H3D16P
$A >@1 59;903>@ H1=639; 9A 4 A14>:=1 4;< >@1 ;1O 53D=961=H3D1 =1I03D4>3;F >1456 59=1 =4I3<0J L:30< >@1 1;< 6J6>15P
-#F#<.C#/ G/.1:*(3F3(6 -:/30D
-#F#<.C#/ G/.1:*(3F3(6 -:/30D
E3*/.5#/F3*#5 B1.C(3.0
E3*/.5#/F3*#5 B1.C(3.0
6>300 65400P /9O1H1=7 >@36 L1D9516 4 <1H109I51;> 4;< 9I1=4>39;6;3F@>54=1 46 >@1 6J6>15 F=9O6 :IP
I
I
$A O9=M3;F O3>@ J9:= 59;903>@ O46
40O4J6 46 I43;A:0 46 3> 36 ;9O7 J9:
I=9L4L0J O9:0<;_> @4H1 3>P &4>@1=7
6J6>156 L1D951 59;903>@6 L1D4:61
4<<3;F 9;>9 >@1 59;903>@ 36 146J 4>
O@1; L:30<3;F 4 ;1O A14>:=1 9= 6J6>15 36 D95I03D4>1< 4;< @46 54;J 59H3;F I4=>6P G93;F 69 <154;<6 6>=9;F <36D3I03;16 4=9:;< 4=D@3>1D>:=1 4;< 4:>954>39;7 O@3D@ 3; >:=; @10I6 D=14>1 4; 1;H3=9;51;> >@4> 4009O6
<:
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-,
';1 4II=94D@ >9 L:30<3;F 9:> >@36 <1H109I1= 3;A=46>=:D>:=1 36 >9 D=14>1 4 6>4;<4=< L9301=I04>1 I=9C1D> >@4> 1;D4I6:04>16 M1J I=3;D3I016 9A
53D=961=H3D1 <163F;7 3;D0:<3;F I=9C1D> 6>=:D>:=17 >16> 4:>954>39;7
3;>1F=4>39; O3>@ 3;6>=:51;>4>39; 4;< 59;3>9=3;F 3;A=46>=:D>:=167 I4>>1=;6 03M1 D3=D:3> L=14M1=6 4;< >3519:>67 -E$ A=451O9=M67 4;< <9D:51;>4>39; @99M67 459;F 9>@1=6P
4;< 59=1 9; L:30<3;F L:63;166 A:;D>39;403>J 3; 4 <36>=3L:>1< 53D=961=H3D16? L461< 1;H3=9;51;>P E=9C1D>6 03M1G=9IO3`4=<7(I=3;F B99>7 4;<j4=J9; 4=1 3;>1=16>3;F 4II=94D@16 >9 690H3;F >@36P #4M3;F >@1 =3F@> D@93D1 L1>O11; >@15 <1I1;<6 9; >@1 4=D@3>1D>:=1 4;< <1H109I1= 6M300 01H10P
E.03(./30D )01 MC#/)(3.05
E.03(./30D )01 MC#/)(3.05
59;3>9=3;F 9A I1=A9=54;D17 6J6>156 4;< =169:=D16P ,@36 36 59=1I=9;9:;D1< 3A 4 I4=>3D:04= A14>:=1 A=95 >@1 59;903>@ 36 =1I03D4>1< >@=9:F@ 4 53D=961=H3D1P %9001D>3;F 6>4>36>3D6 A9= I1=A9=54;D1 4;< 094< O300 4009O >@1 59;903>@3D 35I0151;>4>39; 4;< >@1 53D=961=H3D16?L461< 9;1
=1I04D3;F 3> >9 L1 D95I4=1<P ,@36 O300 1;4L01 L1>>1= H363L303>J 3;>9 >@1 F43;6 >@4> >@1 ;1O 35I0151;>4>39; L=3;F6 >9 >@1 6J6>157 4;< 35I=9H1
M/D)03J)(3.
M/D)03J)(3.0)<
0)< 2.0531#/)(3.0
2.0531#/)(3.055
,@1 596> D@4001;F3;F 46I1D>6 9A 59H3;F A=95 59;903>@6 >9 53D=961=H3D16 5:0>3<36D3I03;4=J :;3>6 O@3D@ 3;D0:<1 <1H109I1=67 >16>1=6 4;< 9I1=4>39;6
<;
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"#$ $#&#'()* )# $(+"#,-".(+-,
2.0*<:53.0
2.0*<:53.0
#96> 9A >@1 3<146 6@4=1< 3; >@36 4=>3D01 @4H1 13>@1= L11; I=4D>3D1< 9= @4H1 <103H1=1< =16:0>6 3; 9=F4;3`4>39;6 9A 400 63`16P /9O1H1=7 >@36 36 ;9> 4 1H90H3;F I4>>1=;6 4;< 4<9I>39; O4= 6>9=316P -6 59=1 9=F4;3`4>39;6 59H1 A=95 59;903>@3D 6J6>156 >9 53D=961=H3D167 O1 O300 @4H1 59=1 >9 014=; 409;F 9:= C9:=;1JP>=
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-*
,/)
,)+
%'##-+G#)+,(
'8
#$%&'()&*$%)(
%&@B%B?>KBE E'= @B%B?>KBE E'=
"
D95I:>3;F 59<107 D95I9;1;>3`4>39; O3>@ D95I9;1;> 9LC1D> 5:0>3>31= 4=D@3>1D>:=1 O3>@ P+), 4;< );>1=I=361 K4H4B14;6 ])KB^7 4;< 59=1 =1D1;>0J7 O1L?6D401 D95I:>3;FP
E3*/.5#/F3*#5
E3*/.5#/F3*#5 NO
NON
N
.3>@ $;A=46>=:D>:=1 46 4 (1=H3D1 ]$44(^7 3> 36 A46D3;4>3;F >9 35I0151;> >@1 D9;D1I> 9A 6D401?9:> 4;< 1046>3D3>J 9; D09:< I04>A9=56P G1H'I6 D4; D=14>1
<1I1;<1;D316 4;< D9<1P -6 09;F 46 >@1 4II03D4>39; 61=H1=6 4;< O1L 61=H1=6 4=1 6>4>101667 >@1J D4; 6D401 A=95 4 @4;<A:0 9A 3;6>4;D16 >9 4 A1O 13>@1= F1> 04:;D@1< 9= >1=53;4>1< O3>@9:> 5:D@ 3;>1=H1;>39;P
><
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# !#% &'(()%*(#%!+ ', (-&.'+#./-&#+
,@36 4=D@3>1D>:=1 4<<=1661< >@1 D95I012 D@4001;F1 9A D4I4D3>J I04;;3;FP
:;<1=:>303`4>39; 9= 9H1=I=9H3639;3;F 9A =169:=D16P %09:< 3;A=46>=:D>:=1 54<1 >@1 H3=>:40 54D@3;1 >@1 :;3> 9A <1I09J51;> 4;< 121D:>39;P -; 4II03D4>39;_6 6D404L303>J A4D>9= <1I1;<1< 9; >@1 4L303>J >9 =4I3<0J 5:0>3I0J H3=>:40 54D@3;16 ]*#6^P ,@9:F@ >@1 *# O46 4; 3<140 D@93D1 A9= >@1 :;3> 9A <1I09J51;>7 >@1 :;3> 9A D9<1 D9;>3;:1< >9 L1 4 59<:01 9= 4 D95I9;1;>P $> O46 9H1=M300 >9 D=14>1 4 9;1?>9?9;1 54II3;F L1>O11; >@1 D95I9;1;> 4;< >@1 *#P
.3>@ >@1 151=F1;D1 9A D9;>43;1=67 >@1 :;3> 9A <1I09J51;> F=4<:400J
>1D@;909F3167 6:D@ 46 Ng%7 G9DM1=7 =:;% 4;< =M>7 54M1 3> I9663L01 >9 =:; 5:0>3I01 D9;>43;1=6 O3>@3; >@1 6451 *#P ,@36 1;4L016 G1H'I6 >9 I4DM4F1 14D@ D95I9;1;> 9= 59<:01 46 4 D9;>43;1=P )4D@ D9;>43;1= @46
D95I9;1;> ;11<6 >9 =:; 46 4 6>4;<409;1 :;3>P N3M1 6>4>10166 D95I9;1;>67 D9;>43;1=6 D4; L1 <163F;1< >9 4DD1I> 3;I:> 4;< 61;< 9:>I:>7 3A 4;JP ,@1 D95I963>39; 9A >@161 D9;>43;1=6 D4; 09F3D400J A9=5 4; 4II03D4>39;P ,@1 A9D:6 9A 4; 4II03D4>39; L1D9516 9=D@16>=4>3;F 5:0>3I01 D9;>43;1=6 >9 4D@31H1 >@1 <163=1< 9:>I:>P
I
I
- D9001D>39; 9A 3;<1I1;<1;>7
4:>9;959:6 D9;>43;1=6 I4=>3D3I4>3;F
53D=961=H3D16 4=D@3>1D>:=1P
>>
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# !#% &'(()%*(#%!+ ', (-&.'+#./-&#+ ,@36 <163F; =10316 59=1 9; D9;>43;1=6 4;< 0166 9; >@1 :;<1=0J3;F 3;A=46>=:D>:=17 6:D@ 46 *#6 9= I@J63D40 61=H1=6P (3;D1 >@1 :;3> 9A <1I09J51;> 36 4 D9;>43;1=7 >@1=1 D4; L1 59=1 D9;>43;1=6 I1= *# 9= I@J63D40 61=H1=P #3D=961=H3D16 4=D@3>1D>:=1 @46 3>6 =99>6 3; I=9H1; <36>=3L:>1< D95I:>3;F 59<106 03M1 %'#7 %'&B- 4;< )KBP B16> I=4D>3D16 A=95 >@161
>1D@;909F316 4=1 6>300 =101H4;> 3; >@1 53D=961=H3D16 1=4P (951 >@3;M 9A 53D=961=H3D16 46 61=H3D1?9=31;>1< 4=D@3>1D>:=1 ]('-^ O3>@ 4; 15I@4636 9; 65400 1I@151=40 D95I9;1;>6P
2.0()30#/5 )01 E3*/.5#/F3*#5
2.0()30#/5 )01 E3*/.5#/F3*#5
,@1=1 36 4 536D9;D1I>39; >@4> 59H3;F 4 59;903>@3D 4II03D4>39; >9 D9;>43;1=6 4:>954>3D400J >:=;6 3> 3;>9 4 53D=961=H3D1P ,@1 L16> O4J >9 :;<1=6>4;< >@36 D9;D1I> 36 >9 >@3;M 9A H3=>:403`4>39; 4;< D09:<P G:=3;F >@1 3;3>340 <4J6 9A $44(7 54;J %$'6 D04351< >@1J O1=1 =:;;3;F 4 I=3H4>1 D09:<a L:>7 3; =1403>J7 >@1J O1=1 9;0J 35I0151;>3;F H3=>:403`4>39;P %9559;0J7 4>>=3L:>16 03M1 610A?61=H3D17 1046>3D3>J7 I=9F=4554L303>J 4;< I4J?LJ?:61 .@301 53D=961=H3D16 54J :61 D9;>43;1=3`4>39;7 ;9> 1H1=J D9;>43;1=3`1< 4II03D4>39; 36 4 53D=961=H3D1P ,@36 36 4; 35I9=>4;> 46I1D> >9 :;<1=6>4;< L1A9=1 O1 I=9D11< >9 <36D:66 L16> I=4D>3D16P
NP 2<#)0 '#C)/)(3.0 .Q '()(#<#55 )01
NP 2<#)0 '#C)/)(3.0 .Q '()(#<#55 )01
'()(#Q:< '#/F3*#5
'()(#Q:< '#/F3*#5
-II03D4>39;6 D95I961< 9A 53D=961=H3D16 D9;>43; L9>@ 6>4>10166 4;< 6>4>1A:0 61=H3D16P $> 36 35I9=>4;> >9 :;<1=6>4;< >@1 D9;6>=43;>6 4;<>!
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# !#% &'(()%*(#%!+ ', (-&.'+#./-&#+ 0353>4>39;6 9A 35I0151;>3;F 6>4>1A:0 61=H3D16P $A 4 61=H3D1 =10316 9; >@1 6>4>17 3> 6@9:0< L1 61I4=4>1< 3;>9 4 <1<3D4>1< D9;>43;1= >@4>_6 14630J 4DD1663L01P ';1 9A >@1 M1J 4<H4;>4F16 9A 53D=961=H3D16 36 >@1 4L303>J >9 6D401 =4I3<0JP N3M1 9>@1= <36>=3L:>1< D95I:>3;F 4=D@3>1D>:=167 53D=961=H3D16 6D401 L1>>1= O@1; >@1J 4=1 6>4>10166P .3>@3; 61D9;<67 5:0>3I01 D9;>43;1=6 D4; L1 04:;D@1< 4D=966 5:0>3I01 @96>6P )4D@ D9;>43;1= =:;;3;F >@1 61=H3D1 36 4:>9;959:6 4;< <916;_> 4DM;9O01<F1 >@1 I=161;D1 9A 9>@1= 61=H3D16P 6D403;F >@1 *#6P 89= >@36 I4>>1=; >9 O9=M 614501660J7 61=H3D16 6@9:0< L1 6>4>10166P %9;>43;1=6 4=1 1I@151=40 4;< >@:6 L1D951 4; 3<140 D@93D1 A9= 53D=961=H3D16P - 53D=961=H3D16?L461< 4II03D4>39; 54J D9;>43; 6>4>1A:0 61=H3D16 3; >@1 A9=5 9A 4 =104>39;40 <4>4L461 54;4F151;> 6J6>15 ]&GB#(^7 +9(eN
,1D@;909F3167 6:D@ 46 809DM1= 4;< G9DM1= H90:51 I0:F3;67 4<<=166 >@36 I=9L015 LJ D=14>3;F 4 61I4=4>1 I1=636>1;D1 04J1= >@4>_6 ;9>
@96>?<1I1;<1;>P 4H4304L01 D09:< <4>4 6>9=16 >9 I=9H3<1 4 I1=636>1;D1 04J1=P B9>@ <4>4 6>9=16 >=4<1 D9;636>1;DJ A9= 4H4304L303>J7 514;3;F >@4> O1 @4H1 >9 <163F; A9= 1H1;>:40 D9;636>1;DJ 3; 9:= <4>4 59<10P
>6
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# !#% &'(()%*(#%!+ ', (-&.'+#./-&#+
,1D@;909F3167 6:D@ 46 809DM1=7 @10I 4<<=166 >@1 @96> I9=>4L303>J I=9L015 LJ D=14>3;F 4 I1=636>1;D1 04J1= >@4>_6 ;9> @96> <1I1;<1;>P ,@1 ;1O D09:< <4>46>9=167 6:D@ 46 &1<367 %4664;<=47 4;< $B#_6 %09:<4;>7 542353`1 4H4304L303>J O3>@ 53;3540 <104J 9; D9;636>1;DJP -6 D9;>43;1= >1D@;909F316 1H90H17 3> O300 L1D951 14631= >9 >4DM01 >@1 6>4>1A:0 61=H3D16 I=9L015P
RP -. %.( '")/# S39/)/3#5 ./ '-?5
RP -. %.( '")/# S39/)/3#5 ./ '-?5
:;3>6 9A D9<1 >@4> <9 9;1 >@3;F 4;< 9;1 >@3;F 9;0JP ,@36 36 D09610J 403F;1< O3>@ >@1 I=3;D3I01 9A b<9;_> =1I14> J9:=610Ac ]G&f^7 O@3D@ 6>4>16 >@4> 1H1=J I31D1 9A M;9O01<F1 5:6> @4H1 4 63;F017 :;45L3F:9:67 4:>@9=3>4>3H1 =1I=161;>4>39; O3>@3; 4 6J6>15P )H1=J 61=H3D1 36 4 610A?D9;>43;1< :;3> 9A '(7 =:;>3517 A=451O9=M7 >@3=<? I4=>J 03L=4=316 4;< D9<1P .@1; 9;1 9= 59=1 D9;>43;1=6 =10J 9; >@1 6451 03L=4=J7 3> 54J L1 >15I>3;F >9 6@4=1 >@1 <1I1;<1;D316 LJ D1;>=400J I3I103;1P dIF=4<3;F >@1 03L=4=J 9= (Gj 53F@> 1;< :I L=14M3;F 4 61=H3D1P )4D@ 61=H3D1 6@9:0< L1 >=14>1< 1;>3=10J 3;<1I1;<1;> 9A 9>@1=6P $; 6951 6D1;4=3967 >@1 D9559;0J :61< 03L=4=316 4;< (Gj6 D4; L1 59H1< >9 4 <1<3D4>1< 61=H3D1 >@4> D4; L1 54;4F1< 3;<1I1;<1;>0J7 54M3;F >@1 61=H3D1 355:>4L01P
466:5I>39;6 D4; L1 54<1 4L9:> >@1 @96> 9; O@3D@ >@1 61=H3D1 O9:0< =:;P>7
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# !#% &'(()%*(#%!+ ', (-&.'+#./-&#+ )4D@ 61=H3D1 D4; L1 04:;D@1< 9; 4;J 4H4304L01 @96> 3; >@1 D0:6>1= >@4> A:;D>39; 3;<1I1;<1;>0J 9A >@1 @96> 9; O@3D@ >@1J 4=1 <1I09J1<P
$; D461 9A 6>4>1A:0 61=H3D167 4 <1<3D4>1< I1=636>1;> ]<4>4 H90:51^ D9;>43;1= 6@9:0< L1 D9;63<1=1<P
TP L.*:5 .0 '#/F3*#5 &3(" M0# !)5+ 30
TP L.*:5 .0 '#/F3*#5 &3(" M0# !)5+ 30
E301
E301
)4D@ 61=H3D1 5:6> L1 <163F;1< O3>@ 9;1 >46M 3; 53;<P $> 54J 54I >9 9;1 54J 4069 L1 9;1 I=9D166 I1= D9;>43;1=7 L:> >@4>_6 ;9> 40O4J6 >@1 D461P A=95 H3=>:40 54D@3;16P .@301 4 H3=>:40 54D@3;1 54J =:; >@1 O@901 6>4DM7 4 D9;>43;1= 9O;6 4 6:L61> 9A >@1 6>4DMP 89= 1245I017 O@1; =1A4D>9=3;F 4 N-#E O1L 4II03D4>39; A9= 53D=961=H3D167 >@1 O1L >31= O3>@ -I4D@1 =:;6 3; 4 <1<3D4>1< D9;>43;1= O@301 #J(eN 59H16 >9 4;9>@1= D9;>43;1=PUP A5# S3D"(D"( E#55)D30D G/.(.*.<
UP A5# S3D"(D"( E#55)D30D G/.(.*.<
Q./ 2.77:03*)(3.0
Q./ 2.77:03*)(3.0
,@1=1 36 ;9 @4=<?4;<?A46> =:01 9; @9O 53D=961=H3D16 >40M >9 14D@ 9>@1=P ,@1J D4; :61 6J;D@=9;9:6 9= 46J;D@=9;9:6 D@4;;106 O3>@ 4;J I=9>9D90
>8
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# !#% &'(()%*(#%!+ ', (-&.'+#./-&#+
=16I9;61 51D@4;365P $>_6 D9559; A9= 53D=961=H3D16 >9 12I961 O100? M;9O; /,,E 1;<I93;>6 >@4> D4; L1 3;H9M1< >@=9:F@ &)(, -E$ D4006P .@301 /,,E 4;< &)(, 4=1 I=1A1==1< A9= 6J;D@=9;9:6 D955:;3D4>39;7 3>_6 L1D953;F 3;D=1463;F0J I9I:04= >9 :61 46J;D@=9;9:6 D955:;3D4>39; L1>O11; 53D=961=H3D16P #4;J D9;63<1= >@1 -<H4;D1< #1664F1 e:1:3;F E=9>9D90 ]-#eE^ 6>4;<4=< 46 >@1 I=1A1==1< I=9>9D907 3; >@36 =1F4=<P G1H109I3;F 53D=961=H3D16 O3>@ 4; 46J;D@=9;9:6 D955:;3D4>39; 59<107 O@301 6951>3516 4 03>>01 59=1 D95I0127 D4; @4H1 F=14> 4<H4;>4F16 3; >1=56 9A 53;353`3;F 04>1;DJ 4;< 1;4L03;F 1H1;>?<=3H1; 3;>1=4D>39;6 O3>@ 4II03D4>39;6P
$; >@1 54=M1> >9<4J7 &4LL3>#e 4;< -I4D@1 j4AM4 4=1 L9>@ D9559;0J :61< 51664F1 L:6 >1D@;909F316 A9= 46J;D@=9;9:6 D955:;3D4>39; L1>O11; 53D=961=H3D16P -0697 3A >@1 51664F1?I4663;F 36 <9;1 9; >@1 6451 @96>7 >@1; >@1 D9;>43;1=6 D4; D955:;3D4>1 O3>@ 14D@ 9>@1= LJ O4J 9A 6J6>15 D40067 46 >@1J 400 6@4=1 >@1 6451 M1=;10P
4V3( G.30(
4V3( G.30(
$; 596> D46167 53D=961=H3D16 4=1 >=14>1< 03M1 4 L04DM L927 O3>@ 0166 H363L303>J 3;>9 >@1 4D>:40 35I0151;>4>39;P .3>@ 3;D9;636>1;> 1;>=J I93;>6 4;< 123> I93;>67 3> O300 L1 4 ;3F@>54=1 >9 <1H109I 4 D95I961< 4II03D4>39;P 61=H3D16 >9 614501660J >40M >9 14D@ 9>@1=P )H1; 3A 4 53D=961=H3D1 36 ;9> 12I1D>1< >9 =1>:=; 4; 12I03D3> H40:17 3> 54J L1 35I9=>4;> >9 61;< >@1>9
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# !#% &'(()%*(#%!+ ', (-&.'+#./-&#+ <1L:F 4;< 543;>43; >@1 D9<1P
WP >7C<#7#0( ) '#<QXK#D35(/)(3.0 )01
WP >7C<#7#0( ) '#<QXK#D35(/)(3.0 )01
-35*.F#/6 E#*")0357
-35*.F#/6 E#*")0357
';1 9A >@1 M1J 46I1D>6 9A 53D=961=H3D16 36 >@1 <36D9H1=J 9A 4 61=H3D1 LJ >@1 D9;6:51=P - D1;>=40 =1F36>=J 36 543;>43;1< A9= 099M3;F :I 400 4H4304L01 61=H3D16P )4D@ 53D=961=H3D1 @4;<016 =1F36>=4>39; O3>@3; >@1 D1;>=40 61=H3D1 =1F36>=JP ,@1J >JI3D400J =1F36>1= <:=3;F >@1 6>4=>:I 4;< I1=39<3D400J :I<4>1 >@1 =1F36>=J O3>@ D:==1;> 3;A9=54>39;P .@1; >@1 53D=961=H3D1 F1>6 >1=53;4>1<7 3> ;11<6 >9 L1 :;=1F36>1=1< A=95 >@1 =1F36>=JP ,@1 =1F36>=J I04J6 4 D=3>3D40 =901 3; 9=D@16>=4>3;F 53D=961=H3D16P%9;6:07 1>D< 4;< -I4D@1 h99M11I1= 4=1 1245I016 9A D9559;0J :61< 12I9616 =1F36>=4>39; -E$6 >9 61=H3D16 A9= =1F36>1=3;F 4;< :;=1F36>1=3;FP
YP 4VC<3*3(<6 2"#*+ Q./ K:<#5 )01
YP 4VC<3*3(<6 2"#*+ Q./ K:<#5 )01
2.05(/)30(5
2.05(/)30(5
G:=3;F <1I09J51;>7 53D=961=H3D16 54J ;11< >9 D9;63<1= 6I1D340 3;?5159=J D4D@1 61=H3D1 ;11<6 >9 L1 9; >@1 6451 @96> 46 >@1 O1L -E$ 61=H3D1P ,@1 <4>4L461 53D=961=H3D1 54J @4H1 >9 L1 <1I09J1< 9; 4 @96> O3>@ 6903<?6>4>1 <=3H1 ]((G^ 6>9=4F1P ,@1 546>1= 4;< 604H1 D9;>43;1=6 9A >@1 <4>4L461 D4;;9> 1236> 9; >@1 6451 @96>P ,@161 D9;6>=43;>6 4=1 >:
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# !#% &'(()%*(#%!+ ', (-&.'+#./-&#+ $A =:016 4;< D9;6>=43;>6 4=1 ;9> D9;63<1=1< LJ >@1 (J6'I6 >1457 61=H3D16 54J ;11< >9 =4361 401=>6 9= 09F 4II=9I=34>1 51664F16 O4=;3;F 4L9:> 53D=961=H3D1 54J @4H1 >9 6@:> <9O; 3A >@1 54;<4>9=J =:01 36 ;9> =16I1D>1< 4> <1I09J51;>P
ZP G/#Q#/ G.<6D<.( MF#/ '30D<# '()*+
ZP G/#Q#/ G.<6D<.( MF#/ '30D<# '()*+
';1 4<H4;>4F1 9A :63;F 53D=961=H3D16 36 >@1 4L303>J >9 D@9961 >@1 L16> 9A L=11< '(7 04;F:4F167 =:;>3516 4;< 03L=4=316P 89= 1245I017 >@1 D@4> 53D=961=H3D1 D4; L1 35I0151;>1< 3; +9<1PC67 12I963;F >@1 O1L69DM1>6a >@1 O1L -E$ 61=H3D1 D4; L1 O=3>>1; 3; EJ>@9; 4;< GC4;F9a >@1 354F1 54;3I:04>39; 61=H3D1 54J L1 3; K4H4a 4;< >@1 O1L A=9;>1;< D9:0< L1 35I0151;>1< O3>@ &:LJ 9; &4306P O3>@ 9>@1= 61=H3D167 3> D4; L1 35I0151;>1< :63;F >@1 596> 9I>3540 >1D@;909FJ 6>4DMP I9663L01 >9 532 4;< 54>D@ N3;:2 D9;>43;1=6 O3>@ .3;VT 4;< P+), D9;>43;1=6P
NOP E)30()30 >01#C#01#0( K#F353.05 )01
NOP E)30()30 >01#C#01#0( K#F353.05 )01
8:3<1 40F3/.07#0(5
8:3<1 40F3/.07#0(5
61=H3D1 3;<1I1;<1;>0JP,@9:F@ 14D@ 53D=961=H3D1 36 I4=> 9A 4 04=F17 D95I963>1 4II03D4>39;7 A=95 4 <1H109I1= 6>4;<I93;>7 3> 36 35I9=>4;> >9 >=14> 14D@ 61=H3D1 46 4;
>;
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# !#% &'(()%*(#%!+ ', (-&.'+#./-&#+
3;<1I1;<1;> :;3> 9A D9<1P )4D@ 61=H3D1 ;11<6 >9 L1 H1=639;1< 4;< 543;>43;1< 61I4=4>10J 3; >@1 69:=D1 D9<1 D9;>=90 6J6>15P ,@36 54M16 3> I9663L01 >9 <1I09J ;1O1= H1=639;6 9A 61=H3D16 O3>@9:> <36=:I>3;F >@1 3;<1I1;<1;> H1=639;3;FP 14D@ 61=H3D1 L1A9=1 =9003;F 9:> >@1 I=9<:D>39; H1=639;P
2.0*<:53.0
2.0*<:53.0
90<1= 59<106 4;< I4>>1=;6P -6 51;>39;1< L1A9=17 53D=961=H3D16 4=D@3>1D>:=1 @46 3>6 =99>6 3; 59<106 03M1 %'#7 %'B&-7 )KB 4;< ('-7 L:> >@1=1 4=1 6>300 6951 =:016 >9 03H1 LJ O@1; D=14>3;F 53D=961=H3D16 :>303`3;F D:==1;> >1D@;909F316P .@301 >@1 >1; L16> I=4D>3D16 O1_H1 043< 9:> @1=1 4=1 ;9> 1;>3=10J D95I=1@1;63H17 >@1J 4=1 D9=1 6>=4>1F316 A9= D=14>3;F7 53F=4>3;F 4;< 54;4F3;F 53D=961=H3D16P!=
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-*
/'.
#$%&'()&*$%)(
/-*)
%/-+i)G
-+G
./f
,/)f
#-,,)&
%& BS4[ \>SS>BE' BS4[ \>SS>BE'
#
@1 D9;D1I> 9A 53D=961=H3D16 36 A:101< LJ >@1 ;11< >9 <1H109I 4II6 6:D@ 4 54C9= >@151 3; TUXRP 4;< @9O 3> H31O6 >@1 O4J 3>6 L:63;166 @46 @36>9=3D400J L11; 9=F4;3`1<P ,@1 ;1O I=4D>3D16 >@4> D951 O3>@ 53D=961=H3D16 514;6 >@1 ;11< A9= 65400 >1456 >@4> O9=M 3>1=4>3H10J 3; 4 54;;1= >@4> 36 :;A453034= >9 D95I4;316 >@4> O9=M 3; 4 >9I?<9O; A46@39;P ,@36 514;6 6O11I3;F D@4;F16 >9 @9O L:63;16616 A:;D>39;P+9O O1 @4H1 >@1 D9;>43;1= 1D96J6>15 151=F3;F 46 4 D9=1 >@151 A9= 4 ;1O >@3;M3;F 4L9:> 4II03D4>39; 4=D@3>1D>:=16 4;< 53D=961=H3D16P
!<
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# %&'(")*(+&'*) !,+* '!,-.*/ ,-/ #!0 1!*0 %,11*( ,@1=1 4=1 6951 L463D >1;1>6 >9 D9;63<1= 4L9:> 53D=961=H3D167 ;9>1< 89= 1245I017 59;3>9=3;F 36 59=1 D=3>3D40 >@4; 1H1= A9= D95I4;316 <1403;F O3>@ 4 F=9O3;F 6D9I1 9A 61=H3D16 4;< 6>4DM6P ,9 690H1 I=9L01567
4D=966 I9>1;>3400J 1I@151=40 ;9<16 4;< 4D=966 5:0>3I01 61=H3D16P ,@36 ;11< >9 @4H1 F=4;:04= 59;3>9=3;F 4;< L1>>1= >9903;F @10I6 I=4D>3>39;1=6 9A 53D=961=H3D16 >@4> >@1 4II03D4>39; <1I1;<6 :I9;P
(9 O@4> O9=M6\ $> 6>4=>6 O3>@ >@1 9=F4;3`4>39; 4;< >@1 E$W -53D=961=H3D16?L461< I=9<:D> >145 4;< 4 61I4=4>1 L4DM1;<?L461< I04>A9=5 >145O3>@ 4; -E$ L1>O11; >@157 O@1=1 >@1 -E$ D4006 4=1 54<1 4;< >@1 3;A=46>=:D>:=1 =16I9;<6 D9;636>1;>0J 4;< 4DD9=<3;F0JP
#3D=961=H3D16
4=D@3>1D>:=1 O3>@ L9:;<1< D9;>12>P $> 4009O6 :I<4>16 O3>@9:> ;11<3;F >9 :;<1=6>4;< @9O 1H1=J>@3;F 1061 O9=M6P
(1=H3D16 4=1 L:30> 4D=966 9=F4;3`4>39;67 4;< 9O;1=6@3I 6>4J6 3; 9;1 I04D1P #3D=961=H3D16 4=D@3>1D>:=1 61=H16 59=1 46 I93;>?>9?I93;> D4006 L1>O11; H1=639;67 1H1=J>@3;F 6>300 O9=M6P ,@4> 514;6 O@1; L:30<3;F 4 53D=961=H3D16
!>
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b$;6>=:51;>4>39; 36 D=3>3D407c /4>10J 643<P %9<1 36 ;9> 6:II9=>1< 9H1= @:;<=1<6 9A 63>167 /4>10J 643<P ,@1 A11<L4DM D9516 3; 4;< D9;6:51=6 :61 >@4> 3; >@1 ;12> 61> 9A >16> D4616P ,@36 =3F9=9:6 <1H109I51;> I=9D166 I=9H3<16 4 O4J >9 O9=M 46 4 D95I4;JP $> 36 4069 4 O4J >9 >@3;M 4L9:> 53D=961=H3D16P $> 36 >@1 9I6 63<1 9A G1H'I6 >@4> D4; 53D=961F51;> 3> <9O; >9 O@4> 36 6:DD11<3;F 4;< O@4> 36 A4303;FP 3;>1=;40 >14567 $B# D95L3;1< L16> I=4D>3D16 A=95 4F3017 G1H'I67 014;7 4;< 9>@1= 3>1=4>3H1 I=9D16616 >9 D=14>1 4; 1;>1=I=361 51>@9<909FJ D4001< $B#
!!
"##$%&"'%()* + ,%&-(*.-/%&.* 0%'1 2(&3.- + &()'"%).-* !"# %&'(")*(+&'*) !,+* '!,-.*/ ,-/ #!0 1!*0 %,11*(
B0:1532 i4=4F1 #1>@9<P ,@1 $B# B0:1532 i4=4F1 #1>@9< D95L3;16 >@1 =1034L303>J 4;< >16>4L303>J 9A 1;>1=I=361 690:>39;6 O3>@ >@1 04>16> 9I1; =1I14>4L017 D=14>3;F D9;>3;:9:6 <103H1=J I3I103;167 4;< <1I09J51;> 9; D09:< I04>A9=56P $>_6 4 H40:4L017 9I1; =169:=D1 A9= 4;J9;1 >9 35I=9H1 >@13= G1H'I6 6M3006 A9= 3;<3H3<:4067 >1456 4;< 1;>3=1 9=F4;3`4>39;67 400 O3>@ F9H1=;4;D1?D95I034;> 54;4F151;> 4;< 59;3>9=3;F 4L303>316P
>@161 4DD101=4>1< <1H109I51;> I=9D16616P $; G9DM1= %95I9617 >@1 >9903;F 36 A4D303>4>1< LJ 53D=961=H3D167 643<(D9>> K9@;6>9; <1H109I1=6 >9 <16D=3L1 5:0>3D9;>43;1= 4II6 3; 4; 4L6>=4D> A46@39;P $> D4; <16D=3L1 >@1 O1L D9;>43;1=7 <4>4L461 D9;>43;1=7 094< L404;D1= 4;< >@1 6>9=4F1 35I0151;>4>39;P #4>> B:>D@1=P (951 O9:0< 4=F:1 >@4> >@1J 4=1 61=H3D1?9=31;>1< 4=D@3>1D>:=1 ]('-^ <9;1 D9==1D>0JP G1H109I1=6 O4;> :61A:0;1667 A14>:=1 =3D@;166 4;< >@3;F H1=J O100P ,@1 9:>I:> 9A 4 D9554;< 36 4=L3>=4=J O3>@ d;32P
#3D=961=H3D16 36 59=1 D9;>=4D>:40 3; >@4> 3> 6@9O6 @9O >9 <9 9;1 >@3;F H1=J O1007 L:> 4069 3; @9O 3> 3;>1=4D>6 O3>@ 4; 1;H3=9;51;>P $A 3> O9=M6 O1007 3> 36 635304= >9 O@4> D4; L1 <9;1 O3>@ 4 F99< d;32 6@100 6D=3I>P
