• Nebyly nalezeny žádné výsledky

$"&#34

N/A
N/A
Protected

Academic year: 2022

Podíl "$"&#34"

Copied!
94
0
0

Načítání.... (zobrazit plný text nyní)

Fulltext

(1)

""#

# "

$$" "

$" $ " "$

!

$""

" $! "

$ "

"!" "

#$"

"""$ $$ "#$"

!"

$ +

$" #)$$$

$

!"" !) $$

$*)!)

#&('%

(2)

Vysoké učení technické v Brně Fakulta chemická Purkyňova 464/118, 61200 Brno 12

Zadání diplomové práce

Číslo diplomové práce: FCH-DIP0505/2010 Akademický rok: 2012/2013

Ústav: Ústav chemie a technologie ochrany životního prostředí

Student(ka): Bc. Martina Milatová

Studijní program: Chemie a technologie ochrany životního prostředí (N2805) Studijní obor: Chemie a technologie ochrany životního prostředí (2805T002)

Vedoucí práce MVDr. Helena Zlámalová Gargošová, Ph.D.

Konzultanti:

Název diplomové práce:

Ekotoxikologické hodnocení polymerních substancí

Zadání diplomové práce:

1. Zpracování rešerše

2. Výběr vhodných testů toxicity 3. Zhodnocení získaných výsledků

Termín odevzdání diplomové práce: 3.5.2013

Diplomová práce se odevzdává ve třech exemplářích na sekretariát ústavu a v elektronické formě vedoucímu diplomové práce. Toto zadání je přílohou diplomové práce.

- - - - - - - - - - - - Bc. Martina Milatová MVDr. Helena Zlámalová Gargošová, Ph.D.doc. Ing. Josef Čáslavský, CSc.

Student(ka) Vedoucí práce Ředitel ústavu

- - - -

V Brně, dne 15.1.2011 prof. Ing. Jaromír Havlica, DrSc.

Děkan fakulty

(3)

#$"$

)DANB:GN C:7D ?:?>8= 69>I>K6 H: HI`K6?d HDJm`HId 8:Ac t69N KjGD7@{ )D H@DCm:Cd >KDICd=D 8N@AJ?HDJKNJ>I:ACcm`HI>KjGD7@{ G:8N@ADK`CN6Kv6@ ED9HI6IC`m`HIH:HI`K`@DBJC`ACdB D9E69:B A: :KGDEH@c9>G:@I>KN *! ?:CJICc =D9CDI>IC:?:C 8=:B>8@cA`I@N6A: I6@c 69>I>K6 KjGD7@{>KjGD7@NH6BDICcO=A:9>H@6?:?>8=KA>KJC6 >KDICdEGDHIt:9d $IqBIDhm:A{B HADJd I:HIN :@DIDM>8>IN @I:Gc JBDCd EG:9>@8> KA>KJ I:HIDK6Cj8= A`I:@ C6 >KDICd EGDHIt:9d )DBD8d I:HI{ :@DIDM>8>IN 7NAN =D9CD8:CN hm>C@N EDANEGDENA:CJ GDJ7DK6Cc=D B6A:>C6C=N9G>9:B 6 EDANEGDENA:CJ GDJ7DK6Cc=D >I6@DC6C=N9G>9:B 6 ?:?>8= 69>I>K B6A:>C6C=N9G>9J 6 >I6@DC6C=N9G>9J C6 >KDICd EGDHIt:9d )GD 69>I>K6 EDANB:G{ 7NAN EDJ>IN I:HIN K 6@K6I>8@cB JHEDt`9`Cd H >KDm>vCjB> 6 GDHIA>CCjB> DG<6C>HBN 2 6@K6I>8@j8= I:HI{

H GDHIA>CCjB> DG<6C>HBN 7NAN EDJ>IN C`HA:9J?d8d I:HIN ,:HI >C=>7>8: G{HIJ @Dt:C: ,<A4C<F 4?54 I:HI >C=>7>8: G{HIJ @Dt:C: ??<H@ 68C4 & 6 I:HI H:B>8=GDC>8@c IDM>8>IN C6 &8@A4

@<ABE & 2 6@K6I>8@j8= I:HI{ EGD >KDm>vCc DG<6C>HBN 7NAN EDJ>IN INID I:HIN ,:HI 6@JICd IDM>8>IN ,!&'(,(0$",,&C6 DG<6C>HBJ-;4@AB68C;4?HFC?4GLHEHF6 I:HI6@JICd IDM>8>IN )!,(0$", ,& C6 4C;A<4 @4:A4 *DKCq 7NA KNJ>I I:HI C6 HA6CDKD9CdB DG<6C>HBJ EG8@<4 F4?<A4 *DJ7DK6Cc EDANEGDENA:CN ?HDJ A`I@N K: KD9q B`AD GDOEJHICc6EGDID 7NAN I:HIDK`CN K @DCI6@ICdB JHEDt`9`Cd 6 ID EGDHIt:9C>8IKdB H8G::C>C<DKc=D I:HIJ ;NIDIDM>8>IN C6 H6A`IJ &46GH64 F4G<I4 2`HIJE8:B E{9Cd8= >KDm>vCj8= DG<6C>HB{ 7NA 8=KDHIDH@D@

B?FB@<4 64A7<74 6 GDJE>8: A6;LGE48HF 6ELCG<6HF '6 O`@A69q KjHA:9@{ I:HI{ 7NAN EGD I:HIDK6Cc A`I@N KNEDmI:CN =D9CDIN " % 6 7NA6 EDGDKC`C6 ?:?>8= IDM>8>I6 9>I>K6GDJ7DK6Cj8=EDANEGDENA:C{KN@6ODK6A6 BdGCj IDM>8@j:;:@IC6I:HIDK68d DG<6C>HBN Et>m:B B6A:>C6C=N9G>9 KN@6ODK6A KNvvd IDM>8@j :;:@I C: >I6@DC6C=N9G>9 - GDJ7DK6Cj8=

EDANEGDENA:C{H:`9CjIDM>8@j:;:@IC:EGD@`O6A6 IJ9d 7NC:BqANEt:9HI6KDK6I EGD >KDICd EGDHIt:9d`9CcG>O>@D

#$"$

)DANB:GHDGI=:>G 699>I>K:H B6N7:8DB:E6GIHD;6L>9:G6C<:D;EGD9J8IH ;I:GI=::C9D;

A>;: 8N8A: JH:;JA E6GIH D; I=: EGD9J8IH 6G: G:8N8A:9 7JI H><C>;>86CI E6GI 7:8DB:H L6HI:

"ISH I=:G:;DG: 9:H>G67A: CDI DCAN 7N A6L DC 8=:B>86AH 6C9 8=:B>86A EGD9J8IH 7JI 6AHD 688DG9>C<IDI=: G:FJ>G:B:CIHD;JGDE:6C9>G:8I>K:*!ID6HH:HHCDIDCAN8=:B>86A7JI 6AHD EG:8JGHDGH D; 6AA EGD9J8IH DG EGD9J8IH I=:BH:AK:H >C I:GBH D; I=:>G >BE68I DC I=:

:CK>GDCB:CI DG I=:H: EJGEDH:H >I H:GK:H :8DIDM>8>IN I:HIH L=>8= 6AADL EG:9>8I>DC :;;:8IH D; I=:>C;AJ:C8:I:HI8DBEDJC9H>CI=::CK>GDCB:CI -H:D; :8DIDM>8>IN I:HIH L:G: :K6AJ6I:9 EDANEGDENA:C: <G6;I:9 >I68DC>8 6C=N9G>9: 6C9 EDANEGDENA:C: <G6;I:9 B6A:>8 6C=N9G>9:

6C9 I=:>G 699>I>K:H B6A:>8 6C=N9G>9: 6C9 >I68DC>8 6C=N9G>9: :;;:8IH DC I=: :CK>GDCB:CI 99>I>K:H L:G:I:HI:9 >C6FJ6I>8 6GG6C<:B:CI K>6 6C>B6A 6C9EA6CI I:HI>C< DG<6C>HBH )A6CI DG<6C>HBHL:G:JH:9>CI=: ;DAADL>C< I:HIH I=:GDDI:ADC<6I>DC >C=>7>I>DC I:HIID ,<A4C<F 4?54 I=: GDDI :ADC<6I>DC >C=>7>I>DC I:HI ID ??<H@ 68C4 & 6C9 I=: H:B>8=GDC>8 IDM>8>IN I:HI ID

&8@A4 @<ABE & FJ6I>8 6C>B6A DG<6C>HBH L:G: JH:9 ;DG I=: I:HIH D; 68JI: IDM>8>IN ,!&'(,(0$", ,&DC I=:-;4@AB68C;4?HF C?4GLHEHF6C9 )!,(0$", ,&DC 4C;A<4

@4:A4 ,=: I:HI DC H:6L6I:G DG<6C>HBH EG8@<4 F4?<A4 L6H 6AHD JH:9 G6;I:9 EDANEGDENA:C: HJ7HI6C8:H6G: EDDGANL6I:G HDAJ7A: 6C9I=:G:;DG: L:G:I:HI:9 >C68DCI68I 6GG6C<:B:CI K>6 E=NIDIDM>8>IN I:HI DCA:IIJ8: &46GH64F4G<I4 ,=:G:EG:H:CI6I>K: 6C>B6A HD>A DG<6C>HBH L:G: HEG>C<I6>AH B?FB@<4 64A7<74 6C98A6;LGE48<7 A6;LGE48HF 6ELCG<6HF 6H:9 DCI=: I:HIG:HJAIH K6AJ:HD; " % ;DGI=:I:HI:9HJ7HI6C8:HL:G:9:I:GB>C:9

(4)

6C98DBE6G:9IDI=:>GIDM>8>IN 99>I>K:H <G6;I:9 EDANEGDENA:C: H=DL:9 HA><=IAN IDM>8:;;:8IH DC I=: I:HI DG<6C>HBH B6A:>8 6C=N9G>9: :M=>7>I:9 6 =><=:G IDM>8 :;;:8I I=6C >I68DC>8 6C=N9G>9: G6;I:9 EDANEGDENA:C: 9:BDCHIG6I:9 CD IDM>8 :;;:8I 6C9 I=:G:;DG: H=DJA9 CDI EDH: 6CN :CK>GDCB:CI6A G>H@

IR &F# &

)DANB:G:@DIDM>@DAD<>:I:HIN:@DIDM>8>IN 6@K6I>8@c I:HINE{9CdDG<6C>HBNE{9CdIDM>8>I6

)' "#

)DANB:G:8DIDM>8DAD<NI:HIH D; :8DIDM>8>IN 6FJ6I>8I:HIHHD>ADG<6C>HB HD>A IDM>8>IN

(5)

&"%,(.V & @DIDM>@DAD<>8@c =D9CD8:Cd EDANB:GCd8= HJ7HI6C8d GCD .NHD@c Jm:Cd I:8=C>8@c K GCq 6@JAI6 8=:B>8@` H .:9DJ8d 9>EADBDKc EG`8: &.G !:A:C6 2A`B6ADK` 6G<DvDK`)=

!" FYI

)GD=A6vJ?>:?H:B9>EADBDKDJEG`8>KNEG68DK6A6H6BDHI6ICq6:Kv:8=CNEDJ>IcA>I:G`GCd O9GD?: ?H:B HEG`KCq 6 hEACq 8>IDK6A6 >EADBDK` EG`8: ?: O =A:9>H@6 D7H6=J B6?:I@:B 6@JAIN8=:B>8@c.-,KGCq6B{:7jIKNJ>I6@:@DB:GmCdBhm:A{B?:CH:HDJ=A6H:B K:9DJ8d=D 9>EADBDKc EG`8: 69q@6C6!.-,

ED9E>HHIJ9:CI6

! U &FI

*`967N8=ED9q@DK6A6HKcK:9DJ8d9>EADBDKcEG`8:&.G !:A:Cq2A`B6ADKc 6G<DvDKc )= O6?:?dD8=DIJ6EDBD8Et>OEG68DK`CdIcIDEG`8: 9`A:7N8=I6@cG`96 ED9q@DK6A6 8 &6G@JuJ9DBDK>O :CIG6EGDKjO@JBIDM>8@j8=A`I:@KEGDHIt:9d&6H6GN@DKN-C>K:GO>IN O6 O6E{?m:Cd 8=DK{ EGD E{9Cd I:HIN IDM>8>IN 6 EDBD8 H G:6A>O68d m`HI> :ME:G>B:CI`ACd m`HI>

9>EADBDKcEG`8: . C:EDHA:9Cdt69q8=8>I6@IcED9q@DK6IBcGD9>Cq67AdO@jBEt`I:A{BO6 ED9EDGJ6IGEqA>KDHI

(6)

#

^.(

,(*,"$VkV+, )DANB:GN !>HIDG>:

.A6HICDHI>6HIGJ@IJG6EDANB:G{

.OC>@EDANB:G{

)DANB:G68:

)DAN@DC9:CO68:

)DAN69>8:

!DBDEDANB:GN6@DEDANB:GN >D9:<G67>A>I6EDANB:G{

)DANEGDENA:C EA>@68:EDANEGDENA:CJ *DOEJHICDHIEDANEGDENA:CJ *DJ7DK`CdEDANEGDENA:CJ )DANEGDENA:CGDJ7DK6Cj6C=N9G>9:B@NH:A>CN>I6@DCDKc )DANEGDENA:CGDJ7DK6Cj6C=N9G>9:B@NH:A>CNB6A:>CDKc %:<>HA6I>K6*!

(7:8Cc8dA:

(7A6HIE{HD7:Cd *:<>HIG68:

!D9CD8:Cd )DKDADK`Cd (B:O:Cd )tdCDHN*!

*!KOI6=J?d8dH:C6BDCDB:GN6EDANB:GN @DIDM>@DAD<>:

,:HIN:@DIDM>8>IN (7:8C`EG6K>9A6I:HIDK`Cd %>B>ICdI:HI (KqtDK68dI:HI )t:97qCjI:HI 2`@A69CdI:HI .DA76@DC8:CIG6mCd8=t69 G6;>8@`>CI:GEG:I68:KjHA:9@{

@K6I>8@c:@DIDM>@DAD<>:

,:G:HIG>8@`:@DIDM>@DAD<>:

,:HIN ;NIDIDM>8>IN ,:HIN:@DIDM>8>IN K A:<>HA6I>Kqk*

,:HINK 6@K6I>8@cBJHEDt`9`CdK A:<>HA6I>Kq $DCI6@ICdI:HINKA:<>HA6I>Kqk*

&:ID9>@NI:HI{EDJ>Ij8=K EG`8>

,:HINK 6@K6I>8@cBJHEDt`9`Cd ,:HINK @DCI6@ICdBJHEDt`9`Cd 0)*"&',V%'XkV+, ,:HIDK6CcKODG@N C=N9G>9@NH:A>CN>I6@DCDKc C=N9G>9@NH:A>CNB6A:>CDKc )DANEGDENA:CGDJ7DK6Cj6C=N9G>9:B@NH:A>CNB6A:>CDKc

(7)

)DANEGDENA:CGDJ7DK6Cj6C=N9G>9:B@NH:A>CN>I6@DCDKc ,:HINK 6@K6I>8@cBJHEDt`9`Cd ,:HINH GDHIA>CCjB>DG<6C>HBN ,:HI>C=>7>8:G{HIJ@Dt:C:,<A4C<F4?54 ,:HI>C=>7>8:G{HIJ@Dt:C:??<H@68C4&

,:HIH:B>8=GDC>8@cIDM>8>INC6&8@A4@<ABE&

,:HINH >KDm>vCjB>DG<6C>HBN ,:HI6@JICdIDM>8>INC6 GI:B>6H6A>C6 ,:HI6@JICdIDM>8>IN,!&'(,(0$",,&C6-;4@AB68C;4?HFC?4GLHEHF ,:HI6@JICdIDM>8>IN)!,(0$",,&C64C;A<4@4:A4 ,:HINK @DCI6@ICdBJHEDt`9`Cd ,:HINH >KDm>vCjB>DG<6C>HBN ,:HI:@DIDM>8>INH 8=KDHIDH@D@:B B?FB@<464A7<74 ,:HI:@DIDM>8>INH GDJE>8dA6;LGE48HF6ELCG<6HF ,:HIN;NIDIDM>8>IN ,:HI>C=>7>8:G{HIJ@Dt:C:&46GH64F4G<I4 )tdEG6K66GI>;>8>`ACdE{9NEGDI:HINK @DCI6@ICdBJHEDt`9`Cd ._+%$1 .jHA:9@NI:HI{EGDI:HIDK6CDJA`I@J"!

,:HI>C=>7>8:G{HIJ@Dt:C:,<A4C<F4?54 ,:HI>C=>7>8:G{HIJ@Dt:C:??<H@68C4&

,:HIH:B>8=GDC>8@cIDM>8>INC6&8@A4@<ABE&

,:HI6@JICdIDM>8>IN,!&'(,(0$",,&C6-;4@AB68C;4?HFC?4GLHEHF ,:HI6@JICdIDM>8>IN)!,(0$",,&C64C;A<4@4:A4 ,:HI6@JICdIDM>8>INC6EG8@<4F4?<A4 .jHA:9@NI:HI{EGDI:HIDK6CDJA`I@J&!

,:HI>C=>7>8:G{HIJ@Dt:C:,<A4C<F4?54 ,:HI>C=>7>8:G{HIJ@Dt:C:??<H@68C4&

,:HIH:B>8=GDC>8@cIDM>8>INC6&8@A4@<ABE&

,:HI6@JICdIDM>8>IN,!&'(,(0$",,&C6-;4@AB68C;4?HFC?4GLHEHF ,:HI6@JICdIDM>8>IN)!,(0$",,&C64C;A<4@4:A4 ,:HI6@JICdIDM>8>INC6EG8@<4F4?<A4 .jHA:9@NI:HI{K @DCI6@ICdBJHEDt`9`CdEGDI:HIDK6CDJA`I@J))<"!

,:HI>C=>7>8:G{HIJ@Dt:C:&46GH64F4G<I4 ,:HI:@DIDM>8>INH 8=KDHIDH@D@:B B?FB@<464A7<74 ,:HI:@DIDM>8>INH GDJE>8dA6;LGE48HF6ELCG<6HF .jHA:9@NI:HI{K @DCI6@ICdBJHEDt`9`CdH I:HIDK6CDJA`I@DJ))<&!

,:HI>C=>7>8:G{HIJ@Dt:C:&46GH64F4G<I4 ,:HI:@DIDM>8>INH8=KDHIDH@D@:B B?FB@<464A7<74 ,:HI:@DIDM>8>INHGDJE>8dA6;LGE48HF6ELCG<6HF

"+$-2 2V.p*

+2'&)(-~",W%",*,-*1 +2'&)(-~",_!2$*,$+1&(%y )sX%(!1

(8)

J&

C> H> ID JKq9DBJ?:B: 8=:B>: H: HI6A6 K C:?G{OCq?vd8= ED9D7`8= HDJm`HId 9C:vCd=D

>KDICd=DHINAJ $GDBqID=D:m6HIDOKNvJ?:C6v:ED=D9AdEt>C`vd>BCD=DG>O>@EGD>KDICd EGDHIt:9d>EGDA>9H@cO9G6Kd . HDJm6HCDHI>?HDJOC`BNB>A>DCN8=:B>8@j8=A`I:@6@69j9:C

?HDJ HNCI:I>ODK`CN 96Avd 6 96Avd =:B>O68: C:?G{OCq?vd8= D9KqIKd EG{BNHAJ ?: Etdm>CDJ B6HDKc@DCI6B>C68:>KDICd=DEGDHIt:9d8>ODGD9jB>A`I@6B> 34

&CD=D B6I:G>`A{@I:Gc 9C:H7qCq JdK`B:?:EtdGD9Cd=DE{KD9J 2dH@`K`B:?:OGDHIA>C OKdt6IEtdE69CqIq7DJO:O:Bq Kv6@?:I6@cBDCc C6=G6ODK6I ?: A:KCq?vdB>HNCI:I>8@N Et>EG6K:CjB>B6I:G>`ANIOK EA6HIN

)A6HIN ?HDJ EDANB:GN O6 7qCj8= ED9BdC:@ KqIv>CDJ IKG9c m6HID > @t:=@c )t> OKjv:Cc I:EADIqH:HI`K6?dEA6HI>8@jB>6IK6GDK6I:ACjB>D9IJ9C`O:KEA6HIN

)DANEGDENA:C )) E6Itd HEDAJ H EDAN:I=NA:C:B ) B:O> C:?GDOvdt:Cq?vd EA6HIN 6 C:?Kv:HIG6CCq?vd B6I:G>`ANBD9:GCd9D7N #:=DKjGD76H:96IJ?:D9 A:IB>CJAc=DHIDA:Id )6ItdB:O>C:?GDOvdt:Cq?vdK:A@DD7?:BDKqKNG`7qCcI:GBDEA6HIN +Kcv>GD@cKNJ>IdC68=`Od Et:9:KvdB EGD HKDJ CdO@DJ 8:CJ 9D7GDJ OEG68DK6I:ACDHI v>GD@DJ v@`AJ EDJ>Id 6 K=D9Cc J>ICcKA6HICDHI> . GD8:GDmCdHEDIt:76Et:H`=A6K 8:ADHKqIDKcBBqtdI@JB>A IJC .NG`7dH:O Cq?KA`@C6D76AN;fA>:IGJ7@NHIGJ@IJGCdEqCNEt:9BqIN7qCc=DJ>K6I:AH@c=D

>KDI6 6 ?: HDJm`HId6JIDBD7>ACd=DEG{BNHAJ 34

)GD OA:Ev:Cd ;NO>@`ACq8=:B>8@j8= KA6HICDHId )) H: m6HID EDJdK6?d BD9>;>@DK6Cc K EG6M>

m6HID DOC6mDK6Cc ?6@D GDJ7DK6Cc )) #6@D BD9>;>@`IDGN HADJd 6C=N9G>9N @6G7DMNADKj8=

@NH:A>C C6Etd@A69 B6A:>C6C=N9G>9 6 >I6@DC6C=N9G>9 2A:EvJ?d ;NO>@`ACq8=:B>8@c KA6HICDHI>

))C6Et OEG68DK6I:ACDHIB:8=6C>8@DJ D9DACDHI76GK>I:ACDHI 69=:O> @EDA`GCdB EDKG8={B

@DBE6I>7>A>IJ @ DHI6ICdBB6I:G>`A{B@DKNH@:AC`K6I6DHI6ICdEDANB:GN 6 KNvvdEDA6G>IJ 34 KGDEH@` JC>: O6K:9A6 C6tdO:Cd *! *:<>HIG6I>DC K6AJ6I>DC JI=DG>H6I>DC 6C9

*:HIG>8I>DC D; =:B>86AH  HNHIcB *:<>HIG68: =D9CD8:Cd 6 EDKDADK`Cd 8=:B>8@j8= A`I:@

@I:Gj HI6CDKJ?: ED9BdC@N EDK>CCDHI> 6 EG6KDBD8> 9DIm:Cj8= DHD7 K EGD8:HJ G:<>HIG68:

=D9CD8:Cd EDKDADK`Cd 6 DB:ODK`Cd 8=:B>8@j8= A`I:@ dA:B ID=DID HNHIcBJ ?: KNA:Ev>I O6HI6G6AjA:<>HA6I>KCd HNHIcBK KGDEqEGD8=:B>8@cA`I@N *:6A>O68d*!7NBqAD7jI9D GD@J9DH6:CDHI6KJ:K -7J9DJKNG`7qCNEDJdK`CN69DK`:CNEDJO:8=:B>8@c A`I@NH:OC`BjB>KA6HICDHI>?:?>8=7:OE:mCDHI7J9:Et:9:BEGDKqt:C634

)GD =D9CD8:Cd KA>KJ 8=:B>8@j8= A`I:@ 6 EtdEG6K@{ C6 >KDICd EGDHIt:9d H: EDJdK6?d I:HIN :@DIDM>8>IN ^m:A:B Iq8=ID I:HI{ ?: @A6H>;>@DK6I 8=:B>8@c A`I@N 6 EtdEG6K@N 6 O6t69>I ?: 9D EtdHAJvCj8=H@JE>C C:7:OE:mCDHI>C6Et A`I@NC:7:OE:mCcEGD>KDICdEGDHIt:9d 2 KjHA:9@{

I:HI{B{:B: @DBEA:MCq?> EDHDJ9>I KA>K I:HIDK6Cj8= A`I:@ C6 >KDICd EGDHIt:9d 6 C`HA:9Cq C6KG=CDJI I6@DK` DE6It:Cd 67N INID A`I@N C:BD=AN KNKDA6I C:<6I>KCd hm>C@N C6 >KDICd EGDHIt:9d 6IdBI6@cC6mADKq@6 34

(9)

$ "$FRF#$

!;8C91=C 5>?;=51

+ADKDEDANB:GED8=`OdO t:8@c=D CB?LF BCD=D6 @8EBF m`HI +6BDICjI:GBdCEDANB:G 7NA EDJ>I K GD8: #gCH:B #6@D7:B :GO:A>JH:B ( Cq@DA>@ A:I EDO9q?> K GD8:

!:GB6CC+I6J9>C<:GKNHADKJ?:BNvA:C@J:EDANB:GNH:H@A`96?dO 9ADJ=j8=t:IqO8{6IDB{

K`O6Cj8= @DK6A:CICdB> K6O76B> 26 HK{? D7?:K OdH@6A GD@J 'D7:ADKJ 8:CJ O6 8=:B>> 34

&8->?:;>?5->?=@7?@=-<;8C91=]

#6@D EDANB:G ?: DOC6mDK`C6 KNHD@DBDA:@JA`GCd HADJm:C>C6 K ?:?d @69c BDA:@JA: H:

BCD=DC`HD7Cq DE6@J?: ?:9C6 C:7D Kd8: HI6K:7Cd8= ?:9CDI:@  BDCDB:G{ . EtdE69q DE6@DK`Cd ?:9CD=D BDCDB:GJ H: ?:9C` D =DBDEDANB:G 6 K EtdE69q DE6@DK`Cd Kd8:

BDCDB:G{H:?:9C`D=:I:GDEDANB:G 34 qA:CdEDANB:G{9A:HIGJ@IJGN

A>C:`GCd GDOKqIK:Cc

EGDHIDGDKcIOK HdIq

%>C:`GCdEDANB:GN?HDJIKDt:CNA>C:`GCdB>t:IqO8>(7G`O:@ &6@GDBDA:@JAN?HDJH8=DECN C:O`K>HAc=D ED=N7J 8D JBDrJ?: ?:?>8= @GNHI6A>O68> .qIv>CDJ ?HDJ 9D7t: GDOEJHICc Et>

O6=tdK`CdBq@CDJ6I6KdH: s69dH:B:O> I:GBDEA6HIN 34

*DOKqIK:Cc EDANB:GN ?HDJ 8=6G6@I:G>ODK`CN C6K`O6CjB> EDHIG6CCdB> t:IqO8> (7G`O:@

':O`K>HAj ED=N7 B6@GDBDA:@JA ?: D7IdCj C:7D O8:A6 C:BDCj $GNHI6A>OJ?d D7IdCq?> C:

A>C:`GCdEDANB:GN

)GDHIDGDKcEDANB:GNBD=DJ 7jItd98:C:7D=JHIqHdxDK6CcK>O (7G`O:@ sd98:HdxDK6Cc

?HDJEGDED?:CNB{HI@N@I:Gc?>Bm`HI:mCqJBDrJ?dED=N7A>KDHI )t>E{HD7:CdHdAN9D8=`Od

@ 9:;DGB68> B6I:G>`AJ 6Kv6@ ?6@B>A: HdA6 Et:HI6C: E{HD7>IB6I:G>`A H:KG`Id 9D E{KD9Cd=D HI6KJ ,6IDKA6HICDHI?:t69dB:O>:A:6HIDB:GN DIcIDH@JE>CNE6ItdC6Etd@A69KJA@6C>ODK6Cj

@6JmJ@ - =JHIq HdxDK6Cj8= EDANB:G{ ?: =JHIDI6 B{HI@J ED9HI6ICq KqIvd )D=N7A>KDHI

?:9CDIA>Kj8= t:IqO8{ ?: O8:A6 DB:O:C6 &6I:G>`A ?: IKG9j @t:=@j 6 EG6@I>8@N C:GDOEJHICj 3 4

(10)

)5EQM8>&<A8QEASCB?L@8E34

)D9A:E{KD9J9qAdB:EDANB:GN9D9KDJO`@A69Cd8=H@JE>C )tdGD9CdEDANB:GN  8:AJADH6v@GD7'

+NCI:I>8@cEDANB:GN  ) ))

)D9A:8=DK`CdEt>O6=tdK`CdH:EDANB:GN9qAd

,:GBDEA6HIN  Et> O6=tdK`Cd Bq@CDJ I6Kd H: 6A: ED D8=A6O:Cd DEqI Et:8=`Od 9D IJ=c=DHI6KJ (E6@DK6CjD=t:KJ 6A: C:OE{HD7d`9CDJOBqCJHIGJ@IJGN )6Itd O9:

C6Etd@A69) 6))

,:GBDH:IN G:6@IDEA6HIN  Et>EGKCdBD=t:KJ Et:8=`O:?d 9DEA6HI>8@c=DHI6KJ96Avd D=t:KOE{HD7dKNIKGO:CdEA6HIJ D8=`Od@ KNIKDt:CdO:HdxDK6CcHIGJ@IJGN 6AvdB D=t:K:B ?> C:AO: BqC>I IK6G )6Itd O9: C6Etd@A69 ;:CDA;DGB6A9:=N9DKc EDANB:GN 6 6C>BDEA6HIN 34

&D:57<;8C91=]

)DANB:GNBD=DJKOC>@6IEDANB:G68dEDAN@DC9:CO68dC:7DEDAN69>8d

)5EQM8>+BMIZGI8AVCB?L@8E34

)5EQM8>*EBFGBEBIVCB?L@8E12

(11)

41<2*6&(*

)DANB:G68dDOC6mJ?:B: EGD8:HKOC>@JEDANB:GJK ?:=DEG{7q=JH:BDCDB:GC:7D?:?>8=

HBqH Et:BqrJ?: C6 EDANB:G D8=`Od Et>IDB@ DI:KdG`Cd C:C6HN8:Cj8= K6O:7 C:7D 8N@A{

':9D8=`OdKv6@@ JKDArDK`CdK:9A:?vd8=EGD9J@I{

)D9A:9GJ=J6@I>KCd8=m`HI>8GDOA>vJ?:B:EDANB:G68>

"-057L8;A;@

#:9C` H: D EDANB:G68> BDCDB:GJ H8=DECc=D G69>@`ADKc G:6@8: @I:G` ?: KNKDA`C6 hm>C@:B>C>8>`IDGJI:EA6m>O`t:Cd C:G<>:D9EDKd96?d8d6@I>K6mCdJBDrJ?:Et:@DC6I D9EJ9>KDJ HdAJ ?:9CDIA>Kj8= BDA:@JA @ KO`?:BCcBJ Et>7Ad:Cd C6 KO9`A:CDHI JBDrJ?d8d8= ?:?>8= HG`@J Et> @I:Gc 9D?9: @ 8=:B>8@c G:6@8> #6@D >C>8>`IDGN H:

EDJdK6?d m6HID DG<6C>8@c E:GDM>9N ?6@D ?: C6Etd@A69 9>7:CODNAE:GDM>9 C:7D 6ODHADJm:C>CN ,NIDA`I@N?HDJI:E:ACqC:HI67>ACdEt>OKjv:Cj8=I:EADI`8=6GDOE696?d H:C6G69>@`AN@I:GcEDIDB >C>8>J?dI? O6=6?J?dEDANB:G68> 34

;:;A;@

#:9C`H:DEDANB:G6mCdG:6@8>Et>@I:GcGDHIDJ8d@DC8:C:7D6@I>KCd8:CIG6KOC>@6?d8d B6@GDBDA:@JANKNIK`t:?dEDA6G>ODK6C`H:H@JE:CdB:O>@I:G`?:KI6=DK`C6BDA:@JA6 BDCDB:GJ . EtdE69q:J=Ad@DKj6IDBK`O6Cj6@I>KCdK6O7DJ?:@A69CqEDA6G>ODK`C

?:9C`H:DEDANB:G68> @6I>DCDKDJ (7G`O:@K EtdE69qO`EDGCcEDA6G>O68:6@I>KCq K`O6Cc=DJ=Ad@DKc=D6IDBJH:?:9C`D EDANB:G68>6C>DCDKDJ

)5EQM8>/VEB54** >4G<BABIBH CB?L@8E46SF B586AV@<A<6<QGBE8@34 ;;=05:-T:N

26@DDG9>C6mCdC:7DA>I6@cHI:G:DHE:8>;>8@DJEDANB:G68> DOC6mJ?:B:G:6@8>@9NH:

BDCDB:G KmA:rJ?: B:O> GDHIDJ8d @DC8: B6@GDBDA:@JA`GCd=D t:IqO8: ED9A:

<:DB:IG>8@c=DEDt`9@JIOK @DDG9>CDK6Cq ,6IDG:6@8:7jK`I6@cDOC6mDK`C6?6@D EDAN>CO:G8: )DJdK6?dH:Et>Cd2>:<A:G'6IIDKN @6I6ANO`IDGN@I:GcKNK>CJA>$ 2>:<A:G 6 '6II6CDH>I:Ac'D7:ADKN8:CN 34

41<043)*3=&(*

)DAN@DC9:CO68d DOC6mJ?:B: EGD8:H KOC>@J EDANB:GJ Et> @I:GcB G:6<J?d 9K6 HI:?Cc C:7D G{OCcBDCDB:GN@I:GcD7H6=J?d9KqC:7DKd8:G:6@mCd8=;JC@mCd8=H@JE>C D8=`OdC:?:C

@ KOC>@J EDANB:GJ 6A: > K:9A:?vd8= CdO@DBDA:@JA`GCd8= EGD9J@I{ @I:GjB> 7jK6?d C:?m6HIq?>

KD966BDC>6@C:7D=6AD<:CKD9d@(7G`O:@

(12)

)5EQM8> *[S>?47CB?L>BA78AM468+84>68IMA<>H9BE@4?78;L7BIRCELF>L[<68 12

41<&).(*

)DAN69>8dDOC6mJ?:B: EGD8:HKOC>@JEDANB:GJ@9NEDHIJECDJ69>8dBDCDB:GCd8=?:9CDI:@

9D8=`Od @: KOC>@J KNHD@DBDA:@JA`GCd=D EGD9J@IJ 7:O IKDG7N K:9A:?vd8= EGD9J@I{

(7G`O:@

)5EQM8> ,6;R@4CB?L47<68CB?LHE8G4A]M 7<<MB>L4AQG]4:?L>B?]34

;9;<;8C91=C-7;<;8C91=C

!DBDEDANB:G ?:I6@DKj EDANB:G?:=DB6@GDBDA:@JANH:H@A`96?dO ƒB:G{‚ ?:9CD=D9GJ=J +8=:B6I>8@N=DB{:B:C6OC6m>I ED@J9DOC6mJ?:B:G

$DEDANB:G ?: I6@DKj EDANB:G ?:=D B6@GDBDA:@JAN H: H@A`96?d O ƒB:G{‚ 9KDJ C:7D Kd8:

9GJ={

#6@DB:GDOC6mJ?:B:O`@A69CdHI6K:7Cdm`HI>8>B6@GDBDA:@JAN

$DEDANB:GN9`A:9qAdB:

HI6I>HI>8@c t:IqO8:?HDJIKDt:CNC:EG6K>9:ACq C6=D9>A:HItd96?d8dB>H:B:GN 7AD@DKc t:IqO8:?HDJIKDt:CN9KqB6C:7DKd8:7AD@NB:G{?:9CD=D9GJ=J

GDJ7DK6Cc C6O`@A69CdBt:IqO8>B:GJ ?:9CD=D9GJ=JB6?dƒC6GDJ7DK`CN‚EDHIG6CCd t:IqO8:B:G{?>Cc=D9GJ=J

(13)

*DJ7DK6Cc 6 7AD@DKc @DEDANB:GN H: D9A>vJ?d KA6HICDHIB> D9 @DEDANB:G{ HI6I>HI>8@j8= > Et>

HI:?CcB8=:B>8@cBHAD:Cd

$ DOC6mDK`Cd?:9CDIA>Kj8=9GJ={@DEDANB:G{H:EDJdK`Et:9EDC 8D HI6I>HI>8@j8D  O 6C<A 8DEDANB:G

< GDJ7DK6Cj<  O 6C<A <G6;I:9<G6;IGDJ7 7 7AD@DKj7  O 6C<A 7AD8@

$ 7A>vdBJDOC6m:CdHIGJ@IJGNH:EDJdK`O@G6I:@

8A O:HdxDK6Cj8A  O 6C<A 8GDHHA>C@:9 7G GDOKqIK:Cj7G  O 6C<A 7G6C8=:9 34

5;013=-.585?- <;8C91=]

)DANEGDENA:CDKcKjGD7@NB6?dK:AB>B6ADJ 7>D9:<G67>A>IJ . A>I:G`GCd8=O9GD?d8= H:JK`9d:

EDANB:GN ?HDJ K ED9HI6Iq G:O>HI:CICd K{m> hm>C@{B B>@GDDG<6C>HB{ C:E6IGCDJ 6 B6ADJ 7>D9:<G67>A>IJKN@6OJ?dEDJ>I`69>I>K6 3 4

+EDA:mCDHI +,& B:G>86C +D8>:IN ;DG ,:HI>C< D; &6I:G>6AH 6 "+( 9:;>CJ?: 9:<G6967>ACd EDANB:GN ?6@D IN @I:Gc ED9Ac=6?d KjOC6BCjB OBqC`B K 8=:B>8@c HIGJ@IJt: ED9A:

HE:8>;>8@j8= :CK>GDCB:CI`ACd8= ED9BdC:@ ,NID OBqCN K:9DJ @: OIG`Iq ;NO>@`ACd8=

6 B:8=6C>8@j8= KA6HICDHId 9A: Bqt:Cd HI6C96G9CdB> B:ID96B> >DAD<>8@N GDOAD>I:ACc EDANB:GNED9Ac=6?d9:<G6968> 7qCqH: KNH@NIJ?d8dB>DG<6C>HBN?6@D?HDJ76@I:G>:=DJ7N 6 t6HN )DANB:GN BD=DJ 7jI I6@c DOC6m:CN ?6@D ;DID9:<G6967>ACd DM>96mCq 9:<G6967>ACd

=N9GDANI>8@N9:<G6967>ACdC:7D@DBEDHIDK6I:ACc 34

M>HIJ?d It> O`@A69Cd Itd9N EDANB:G{ C6@I:Gc H:K HDJm6HCc 9D7q Kq98> O6BqtJ?d D EGKCd Itd9NH:t69dIOK @A6H>8@cEDANB:GN@I:Gc?HDJD9DACcK{m>7>D9:<G6968>ED?:?>8=@DCI6@IJ H E{9DJ?HDJ?:?>8=EDKG8=N8=6G6@I:G>HI>8@N=A69@c &>@GDDG<6C>HBNKE{9qC:?HDJH8=DECN HEDIt:7DK6I?6@DJ@DA>m`HIOEDANB:GJ ,6IDH@JE>C6EDANB:G{?:D7KN@A:O6AD:C6C6GDECc 7`O>@I:G`?:KNOIJ:C6 J=Ad@DKjB>6H@A:CqCjB>KA`@CN

D9GJ=cItd9NEDANB:G{H:t69dEDANB:GN@I:Gc?HDJm`HI:mCqD97DJG6I:ACc #HDJKNGD7:CN H 8dA:B GN8=A:?vd 7>D9:<G6968: C: J @A6H>8@j8= HNCI:I>8@j8= EDANB:G{ &6IG>8> Iq8=ID EDANB:G{IKDtd@A6H>8@`GDEC`7`O:6D@DACdm`HI>IKDtdKA`@C6EtdGD9Cd &>@GDDG<6C>HBN?HDJ H8=DECc@DCOJBDK6I?6@EtdGD9CdKA`@C6I6@EDANB:GCdB6IG>8> )DIc?:EDANB:GDHA67:Cj H =GJ7jB>6DI:Kt:CjB>G6C6B> )DIcB{:C6HI6I96Avd7>D9:<G6968:EDANB:GJ

,t:IdItd96 EDANB:GCd8= B6I:G>`A{ K HDJm6HCc9D7q Et>I6=J?: K:A@DJ EDODGCDHI KjO@JBCj8=

EG68DKCd@{ 6 EG{BNHAJ ,NID EA6HIN ?HDJ C6KG:CN I6@ 67N 7NAN O8:A6 7>DAD<>8@N D97DJG6I:ACc )DANB:GCdB6IG>8: ?: D9KDO:C6 O Et>GDO:Cj8= O9GD?{ v@GD7 C:7D B>@GD7>`ACq EqHIDK6Cc EDANB:GN 6 KA`@C6 KjOIJ=N ?HDJ KNG`7qC6 O 7qCj8= EAD9>C ?6@D ?: A:C C:7D

@DCDEd &>@GDDG<6C>HBN ?HDJ H8=DECN @DCOJBDK6I INID B6I:G>`AN K 8:AcB GDOH6=J .:9A:?vdB> EGD9J@IN?HDJDM>9J=A>m>Ij6KD96 34

)DANB:GN BJHd HEArDK6I HE:8>;>8@` @G>IcG>6 HI6CDK:C` +,& 6 "+( 67N BD=AN 7jI

@A6H>;>@DK`CN ?6@D 7>D9:<G6967>ACd (7:8Cq EA6Id : EG6K9qED9D7CDHI C6E69:Cd EDANB:GJ

(14)

B>@GDDG<6C>HB:B ?: O`K>HA` C6 HIGJ@IJt: EDANB:GJ )t> O@DJB`Cd EDANB:G{ O Kq9:8@c=D

=A:9>H@6 BJHd 7jIEtdIDBCN JGm>IcHAD@N67N 7>D9:<G6968: C6HI6A6 8D?:C:?9{A:>Iq?vd 6@I>KCd INE B>@GDDG<6C>HBJ JGmJ?: EtdHAJvCDJ I:EADIJ GDO@A69J @I:G` H: D7KN@A: ED=N7J?:

B:O>  Q '6 H@A`9@`8= BJHd7jI 9DHI6I:mCcBCDHIKd@NHAd@JKA=@DHI> 6 B>C:G`ACd8=

>K>C O6IdB8D E! BJHd 7jI C:JIG`ACd C:7D BdGCq @NH:Ac 34

>D9:<G6968: EDANB:G{ C6HI`K` K Cq@DA>@6 @GD8d8= 2EDm`I@J HIG6K>I:ACc B6@GDBDA:@JAN

@I:Gc IKDtd t:IqO8: ED9Ac=6?d EtdBcBJ :CONB6I>8@cBJ vIqE:Cd '`HA:9J?: EDHIJEC`

:CONB6I>8@` 9>H>B>A68: B6@GDBDA:@JAN D9 @DC8{ t:IqO8{ ,6@c B{: 9D?dI @ DM>96I>KCdBJ vIqE:Cd B6@GDBDA:@JAN@I:Gc K:9:@ B:I67DA>O68> ;G6<B:CI{ . D7DJEtdE69:8= ?: C6@DC:8 t:IqO:8 ;G6<B:CI{ B:I67DA>ODK`C B>@GDDG<6C>HBN :Aj EGD8:H 7>D9:<G67>A>IN EDANB:G{ ?:

OC`ODGCqCC6(7G`O@J 34

.jKD? 7>DAD<>8@N GDOAD>I:ACj8= EDANB:G{ O6OC6B:C6A K EDHA:9Cd8= A:I:8= H>ACj G{HI 6 Dm:@`K`H::K 7J9DJ8CJC6=G69d@DCK:CmCdI:GBDEA6HIN ,:CIDEt:9ED@A69?:9`C8:ADJ t69DJ;6@IDG{ '`@A69N C6KjGD7J 7>D9:<G6967>ACd8=EDANB:G{K EG{7q=JA:IOC6mCqED@A:HAN O6IdB8DC`@A69NC6 KjGD7J HI6C96G9Cd8= I:GBDEA6HI{ H:OC6mCqOKjv>AN . HDJm6HCc9D7q?:

8:C6 7>D9:<G6967>ACd8= EDANB:G{ HGDKC6I:AC` C6Etd@A69 H ), *DHIDJ8d EDA>I>8@j IA6@

K: KNHEqAj8= O:Bd8= K:9: @: HCd:Cd D76ADKj8= D9E69{ 6 GDOKd?:Cd >C;G6HIGJ@IJGN

@DBEDHIDK`Cd NA KNIKDt:C 9D=D9CJIj G`B:8 EGD I:HIDK`Cd 6 8:GI>;>@68> .jGD78> O6mdC6?d

>CK:HIDK6I 9D KjGD7N 7>D9:<G6967>ACd8= EDANB:G{ 6 KjGD7Cd=D EGD8:HJ OA:EvDK`Cd

" D78=D9Cd OC6m@N 6 HEDIt:7>I:Ac H> O6mdC6?d JKq9DBDK6I Kj=D9N 7>D9:<G6967>ACd8=

EDANB:G{ 34

)5EQM8> <B78:E4745<?<G4CB?L@8E]34

(15)

!;8C<=;<C81:

)DANEGDENA:C ?: 7:O76GKj 7:O O`E68=J I:GBDEA6HI>8@j EDANB:G K EtdGD9CdB HI6KJ EG{=A:9Cj &{:7jIE><B:CIDK`CK t69q76G:K6D9HIdC{ )DJdK`H:ED9D78=D9CdB>C`OKN AI:M)!DHI6A:C))'DKDA:C.:HIDA:C)&DHI:C6,>EEA:C 34

.v:8=CN INEN ,>EEA:CJ ?HDJ 8=6G6@I:G>ODK`CN KNHD@DJ EDANB:GCd m>HIDIDJ 6 @DCO>HI:CICd

@K6A>IDJ d@N IqBID KA6HICDHI:B ?HDJ EDJdK`CN K: KjGD7CdB EGD8:HJ K: @I:GcB ?HDJ EDJ>IN 2>:<A:G'6II6 @6I6ANO`IDGN *DOEDJvId H: Et> I:EADI`8= C69 Q K 6GDB6I>8@j8=

6 8=ADGDK6Cj8=J=ADKD9d8d8= 34 .N7G6Cc;NO>@`ACd KA6HICDHI> ))JK`9d ,67JA@6m 34

,67JA@6m NO>@`ACdKA6HICDHI>)) 34

!JHIDI6 3<U8B4 

,:EADI6I`Cd3Q4

,:EADI6GDO@A69J3Q4

$D:;>8>:CIIt:Cd 34 

7HDGE8:KD9N 34

':?9{A:>Iq?vdKA6HICDHI>EDANEGDENA:CDKj8=t69?HDJC`HA:9J?d8d CdO@`=JHIDI6

KNHD@`IKG9DHI

D9DACDHIEGDI>DIqGJ6IJ=DHI

9D7G`I:E:AC`D9DACDHI69DQC:CdA>EDANB:GKNHI6K:CB:8=6C>8@cBJ C6B`=`Cd

JC>K:GO`ACDHI

HC69C`OEG68DK6I:ACDHI 9D7G` G`OJKO9DGCDHI

D9DACDHIK{m>Cq@I:GjB8=:B>@`A>dB

KD9qD9DACDHI6CdO@`EGDHIJECDHIKD9CdE`GN

)D9HI6ICj GDO9dA B:O> =DBDEDANB:GN 6 @DEDANB:GN ?: I:C : @DEDANB:GN B6?d 9D7GDJ G`ODKDJ E:KCDHI 6 ID > Et> CdO@j8= I:EADI`8= )DANEGDENA:C B` K:AB> 9D7Gc B:8=6C>8@c KA6HICDHI> @I:Gc KNEAjK6?d O EG6K>9:ACc HIGJ@IJGN 6 BDA:@JA`GCd=D GDOAD:Cd =BDICDHI>

#: 9D7Gj>ODA`IDGH K:AB>CdO@DJE:GB>I>K>IDJ

)DANEGDENA:C?:D9DACjK{m>Ot:9qCjB>@DC8:CIGDK6CjBB>C:G`ACdB@NH:A>C`B6O`H69`B EDA`GCdB GDOEDJvIq9A{B KNHD@DBDA:@JA`GCdB 6A>;6I>8@jB HADJm:C>C`B 6 6CDG<6C>8@jB HDAdB ,NID HADJm:C>CN 6 ?:?>8= HDA> C:B6?d EG6@I>8@N C6 EDANEGDENA:C `9Cj KA>K ,6ID

(16)

KA6HICDHI ?: O68=DK`C6 > Et> KNHD@j8= I:EADI`8= )) Kv6@ 7D7IC` E{HD7:CdB CdO@DBDA:@JA`GCd8=6A>;6I>8@j8=6GDB6I>8@j8=68=ADGDK6Cj8=J=ADKD9d@{

-. O`t:Cd 6 KNvvd I:EADIN EGDHIt:9d C:<6I>KCq DKA>KrJ?d ;NO>@`ACd 6 B:8=6C>8@c KA6HICDHI>

EDANEGDENA:CJ )GDID ?: CJICc 8=G`C>I )) EGD9J@IN Et:9 IqB>ID KA>KN Et:9:KvdB K: K:C@DKCd8=6EA>@68d8= 34

51.0&(*541<5645<1*39

)DANEGDENA:C B` KNHD8: GDO9dACDJ D7A6HI EDJ>Id 6 B{: 7jI EDJ>I K G{OCj8= 6EA>@68d8=

@I:Gc?HDJEDEH`CNCd:

EDIGJ7dE:KCc EGJCcIA6@DKcKAC>Ic6I9 :MIGJ9DK6Cc6A>IcEA:8=NKAC>IcEA:8=NEGD;>AN :MIGJ9DK6Cc;fA>:EGDIK6GDK`Cd D76A{

E:KCc6EGJCcE`H@N KA`@C6 A6C66BDIDJON C:I@6CcI:MI>A>:

EDIt:7NEGD9DB`8CDHI=G6m@N 9dANEGD9DB`8dHEDIt:7>m:

mA`C@N69dANEGD:A:@IGDI:8=C>8@j6 6JIDBD7>ADKjEG{BNHA:A:@IGDC>@J6I:MI>ACd EG{BNHA

C`9D7NC6EDIG6K>CN@DHB:I>@JID6A:ICd EDIt:7NEG68dEGDHIt:9@NAcm>K66I9 IG6CHE6G:CICdA>Ic6KN;J@DK6Cc;fA>:

C`7NI:@>9A: @t:HA6HIDACd9:H@N6I9 34

4=59783478 541<5645<1*39

)DANEGDENA:C?:9D7t:GDOEJHICjK 6GDB6I>8@j8= 68=ADGDK6Cj8=6GDB6I>8@j8= J=ADKD9d8d8=

GDB6I>8@c J=ADKD9d@N ?HDJ K:AB> B`AD EDA`GCd A`I@N 6 ?:?>8= EDA6G>I6 HIDJE` H KqIK:CdB J=ADKD9d@DKc=Dt:IqO8: GDB6I>8@c6m`HI:mCq>8N@A>8@cBDA:@JANH ?:9CD9J8=jB>K6O76B>

?HDJ AcE: EDA6G>ODK6I:ACc 6 ?:?>8= KA6HICDHI> H: HC69CD BD9>;>@J?d K GDOEDJvIq9ADKj8=

HBqHd8= #:9CdB O: O`HIJE8{ 6GDB6I>8@j8= GDOEDJvIq9:A K: @I:GcB H: )) GDOEDJvId ?:

MNA:C C:7DA> I6@c 9>B:I=NA7:CO:C @I:Gj :M>HIJ?: K: It:8= >ODB:G:8= DGI=D B:I6 6 E6G6 0NA:C ?: ?6@D Kv:8=CN 6GDB6I>8@c J=ADKD9d@N ?:9DK6Ij #: BdH>I:ACj IcBqt H: Kv:B>

DG<6C>8@jB>GDOEDJvIq9ANE6ItdB:O>HIt:9CqIq@6?d8dGDOEDJvIq9A66?:C:E6IGCqEDA`GCq?vd C: 7:CO:C )DJdK` H: ?6@D t:9>9AD 9D C>IGD8:AJAfODKj8= 6 6A@N9DKj8= C`IqGDKj8= =BDI 6 K:HBqH>H :I=6CDA:BGDOEDJvId:I=:GN6:HI:GN8:AJADHN:EDM>9N6 6@GNA`IN

6AvdBGDOEDJvIq9A:B K:@I:GcBH:)) GDOEDJvId?: 9:@6A>CC:7DA>I6@c9:@6=N9GDC6;I6A:C .NG`7d H: hEACDJ @6I6ANI>8@DJ =N9GD<:C68d C6;I6A:CJ O6 KNHD@c I:EADIN 6 IA6@J :@6A>C ?:

C6ADJIA` @6E6A>C6 8=6G6@I:G>HI>8@c=D O`E68=J D7t: H: BdHd H DHI6ICdB> GDOEDJvIq9AN H Kj?>B@DJ B:I=6CDAJ 6 :I=6CDAJ )D9D7` H: EDA`GCq?vdBJ I:IG6A>CJ I:IG6=N9GDC6;I6A:C :@6A>C 9G`9d HA>OC>8: B` I:C9:C8> DM>9DK6I 6 C6 HKqIA: IB6KCDJI ,67JA@6 m J9`K`

(17)

HJB`GCdKODG8: 67:OE:mCDHIGDOEDJvIq9:A6,67JA@6m >C;DGB68:D :@DIDM>@DAD<>8@j8=

E6G6B:IG:8= GDOEDJvIq9:A 3 4

,67JA@6 m =6G6@I:G>HI>@6GDOEDJvIq9:A 34

";D<;@Z?V08; #@9L=:NAD;=1/ 1D<1T:;>?

:@6A>C

HBqH>ODB:G{ ! 0C O9G6Kdv@D9A>Kj

 dG6Kj

 9>8=ADG7:CO:C !A

0C O9G6Kdv@D9A>Kj 0> 9G`9>Kj

'  C:7:OE:mCjEGD>KDICd EGDHIt:9d

0NA:CHBqH>ODB:G{ ! 0C O9G6Kdv@D9A>Kj

,67JA@6 m @DIDM>@DAD<>8@c >C;DGB68: 34

49'4:>3A541<5645<1*39

*DJ7DK6CjEDANB:G?:I6@DKjEDANB:G?:=DBDA:@JAND7H6=J?d?:9:CC:7DKd8:9GJ={7AD@{

Et>ED?:Cj8=@ =A6KCdBJt:IqO8>?6@D7DmCdt:IqO:8Et>m:BINID7DmCdt:IqO8:H:KNOC6mJ?d H Kj?>B@DJ HED?DK68d8= 7D9{ @DCHI>IJmCdB> C:7D @DC;><JG6mCdB> KA6HICDHIB> D9A>vCjB>

D9 @DCHI>IJmCd8=?:9CDI:@=A6KCd=Dt:IqO8: 34

*DJ7DK`Cd )) ?: EGDK`9qCD C:?m6HIq?> G69>@`ADKDJ EDANB:G>O68d K I6K:C>Cq (7G`O:@

)G{7q=G69>@`ADKcG:6@8:O6=GCJ?:It>m`HI>>C>8>68>EGDE6<68>6I:GB>C68> )GKCdBHIJECqB

?:>C>8>68:@9NH:EDJdK`DG<6C>8@j8=E:GDM>9{ .A>K:BKNHD@cI:EADIN9D8=`Od@ GDO@A69J C:HI67>ACd K6O7N (  ( ID=DID E:GDM>9J *DOE69:B K6O7N KOC>@6?d KDACc G69>@`AN @I:Gc

>C>8>J?d 8:ADJ G:6@8> *69>@`A C6E69` BDA:@JAJ EDANEGDENA:CJ O6 KOC>@J EDANEGDENA:CDKc=D G69>@`AJ66A@D=DAJ )DANEGDENA:CDKjG69>@`AC6E69`BDA:@JAJ BDCDB:GJ D8=`Od@:KOC>@J 6@I>KCd=D 8:CIG6 6 ID ?: 9DEGDK`O:CD D9vIqE:CdB EGDIDCJ O I:G8>`GCd=D J=Ad@J )) 6 I6@

9D8=`Od@:KOC>@JG:A6I>KCqHI67>ACd=DG69>@`AJ

*:6@8: 6@I>KCd=D 8:CIG6 H BDCDB:G:B H: C:JHI`A: DE6@J?: D8=`Od @ C6G{HI`Cd t:IqO8:

)t>EGDE6<68>9D8=`Od@ GDJ7DK`Cd I? @ G:6@8>BDCDB:GJH BDA:@JADJB6@GDG69>@`AJ

";D<;@Z?V08;

"))

*9(.7(97.)97 3(40-<3(-97 2<0.774643*

7&;&8.1.7 4+938,

&5-3.&2&,3&

&5-3.&591*;

4+938,

*724)*7297W#) 79'75.(&897 7*9)40.6(-3*6.*11&

79'75.(&8&

-$2,1%

8>HIG6CH

9:@6A>C

9>8=ADG7:CO:C

8>HIG6CHMNA:C

(18)

)DHA:9CdBHIJECqBG69>@`ADKcG:6@8:?:I:GB>C68: D8=`OdEt>Cd@ O`C>@J6@I>KCd8=8:CI:G 6EDANB:G68:@DCmd7Jo G:@DB7>C68dC:7D 9>HEGDEDG8>DC68d 3 4

)5EQM8> )586ARF6;R@4E47<>Q?BIRCB?L@8E<M468 12

41<5645<1*3649'4:&3C&3-<)6.)*20<7*1.3<.8&0434:@

)t>GDJ7DK`CdH:JEA6IrJ?d9K6@DC@JG:CmCdB:8=6C>HBN . EGKCdBEtdE69q "?:BDCDB:G GDJ7DK`CC6I:G8>`GCd6IDBJ=Ad@Jt:IqO8:6K EtdE69q9GJ=cB""9D8=`Od@ €  vIqE:Cd@9N

?: BDCDB:G GDJ7DK`C C6 @DC8: t:IqO8: EDANB:GJ &:8=6C>HBJH "" ?: EG6K9qED9D7Cq?vd 6 ?: EDIKGODK`C OKNvDK`CdB >C9:MJ ID@J GDJ7DK6Cc=D EDANB:GJ @9N 9D8=`Od @ ED@A:HJ BDA:@JADKc =BDICDHI> EDANB:GJ KA>K:B ;G6<B:CI68: EDANB:GCd=D t:IqO8: (7G`O:@

+6BDICj GDJ7DK68d EGD8:H ?: I6@c K ?>HIcB m6HDKcB hH:@J O`K>HAj C6 BCDHIKd BDCDB:GCd8= ?:9CDI:@ K I6K:C>Cq +: OKNvJ?d8d H: @DC8:CIG68d BDCDB:GCd8= ?:9CDI:@

9D8=`Od K I6K:C>Cq @: KOC>@J @G`I@j8= DA><DB:GCd8= t:IqO8{ BDCDB:GJ @I:Gc H: GDJ7J?d HC`O: C6 EDANB:GCd t:IqO:8 C: H6BDICc ?:9CDI@N BDCDB:G{ &DCDHI EtdEG6KN "!

;:GB:CI68dH68=6GDHN;GJ@IDHNC:7DB6AIDHNEAdHCqB>6I6@cC>vdIDM>8>I6DEGDI>&! O Cq?

m>CdHJGDK>CJ@I:G`B{:7jIK 7J9DJ8CJJEt:9CDHxDK`C634

(19)

)5EQM8> +BH5BIQAS ** [8GZM68#" ` \GZC8AS;B@BCB?L@8E<M468#" 12

41<5645<1*3649'4:&3C&3-<)6.)*20<7*1.3<2&1*.34:@

)GD7A:B6I>@6GDJ7DK`Cd EDANEGDENA:CJ B6A:>C6C=N9G>9:B &!KEtdIDBCDHI>DG<6C>8@j8=

E:GDM>9{7NA6>CI:CO>KCqHIJ9DK`C6KEDHA:9Cd8=9:H:I>A:Id8= &6A:>C6C=N9G>9:B GDJ7DK6Cc EDANEGDENA:CN ?HDJ 9D7t: OC`Bc ?6@D B:O>;`ODK` m>C>9A6 EGDID: OA:EvJ?d EDA6G>IJ 6 G:6@I>K>IJ -EA6ICqCd C68=`Od C6Etd@A69 K @DBE6I>7>A>O68> ,dB H: GDOJBd EDHIJE K:9DJ8d

@: OKjv:Cd HC`v:CA>KDHI> B:O> C:BdH>I:ACjB> I:GBDEA6HIN K: HBqH> HCd:CdB B:O>;`ODKc=D C6EqId I:9N EDHIJE @I:Gj K:9: @: OA:Ev:Cd HDJ9GCDHI> 6 OA:Ev:Cd B:8=6C>8@c E:KCDHI>

KjHA:9Cc=DHBqHCc=DB6I:G>`AJ 34

(20)

`A: H: JEA6IrJ?: K C6CD@DBEDO>I:8= O6AD:Cj8= C6 EDANB:G:8= 6H;6AIDKj8=

BD9>;>@`IDG:8= Kd8:KGHIKj8= ;fA>d8= @D:MIGJOd8= 6 K BCD=696Avd8=D7A6HI:8= $D:MIGJO:?:

EGD8:H @9N K t69q D99qA:Cj8= :MIGJ9cG{ H: I6Kd ?:9CDIA>Kc EA6HIN . IDBID EGD8:HJ ?HDJ

=A6KDJ KNIA6mDK`CN ?:9CDIA>Kc KGHIKN @I:Gc ?HDJ O6 I:EA6 E:KCq HED?:CN .OC>@`

BJAI>KGHI:KC6I` HIGJ@IJG6 @9: @69` KGHIK6 KC`vd 9D @DC:mCc=D KjGD7@J 8=6G6@I:G>HI>8@DJ KA6HICDHI?6@DC6Et E:KCDHI8=:B>8@DJC:7DI:E:ACDJD9DACDHIC:EGDEJHICDHI@ Cq@I:GjB A`I@`B ?:?>8= @DB7>C68> C:Cd BDCc O6?>HI>I J `9Cc=D ?:9CDIA>Kc=D EDANB:GJ 6AvdB 9{KD9:B EGD@D:MIGJO> B{: 7jI I6@c 8:C6@DC:mCc=D KjGD7@J  EDJO: HKG8=Cd 6 HED9Cd KGHIK6?:KNGD7:C6O B6I:G>`AJH Kj?>B:mCDJKA6HICDHId6 B:O>KGHIK6?: O A:KCq?vd=D HJ7HIG`IJ EtdE69CqO G:8N@A`: .NGD7:Cj))<&!O68=N8J?:(7G`O:@ 34

)t:HID: 7NAN C6KG:CN G{OCc G:6@mCd OE{HD7N B:8=6C>HBJH GDJ7DK`Cd O{HI`K` HI`A:

C:?6HCj '>8BcCq ?: D7:8Cq 6@8:EIDK`CD : GDJ7DK`Cd EDANEGDENA:CJ ?: DB:O:CD C69BqGCDJ 9:<G6968d )) ':KN=CJI:ACc €GDOvIqE:Cd t:IqO8{ )) KN69J?: DB:O>I GDJ7DK`Cd C6 EDBqGCq CdO@cB D7H6=J BDCDB:GJ P =B &! 6 J9GDK6I )) BDA:@JADKDJ =BDICDHI @DBE6I>7>ACd H Et>?6I:ACjB> B:8=6C>8@jB> KA6HICDHIB> 7N H:

O67G`C>AD9:<G6968>))7q=:BGDOEDJvIqCdK I6K:C>Cq7NADOK`:CDCq@DA>@EDHIJE{ NA6 EDJ>I6 G{OC` 69>I>K6?6@D ?HDJHI:6G6B>9 9>B:I=NA;DGB6B>9 9>B:I=NA68:I6B>9HING:CC:7D 9:G>K`IN;JG6CJ6A: hGDKCqGDJ7DK`Cd 7NAN HI`A:EDBqGCqCdO@c '6GDJ7DK`Cd BD=DJ BdIKA>K E6G6B:IGN ?6@D ?HDJ I:EADI6 IA6@ 9D76 O9G:Cd 6 @DCHIGJ@8: :MIGJ9:GJ ?:9CDvC:@DKj 9KDJvC:@DKj 34

&D9>;>@68: EDANEGDENA:CJ &! ?: K HDJm6HCc 9D7q OC`BDJ 6 KNJdK6CDJ B:ID9DJ BD9>;>@68: EDANEGDENA:CJ EGD @DB:GmCd hm:AN +I`A: KqIvd 9{G6O H: K 9C:vCd 9D7q @A69:

C6 :@DAD<>8@DJHIG`C@J KjGD7N6C6EDJdK`CdHJGDK>CO D7CDK>I:ACj8=O9GD?{ 34

)5EQM8> ** : '" 12

135>8-?5A-"

*! ?: O@G6I@6 EGD HNHIcB *:<>HIG68: =D9CD8:Cd 6 EDKDADK`Cd 8=:B>8@j8= A`I:@

*:<>HIG6I>DC K6AJ6I>DC6C9 JI=DG>H6I>DC D; =:B>86A

'6tdO:Cd*!KHIDJE>ADK EA6ICDHI )DEtdEG6KCc9K6C`8I>BqHdmCd;`O> C6HI6A6 D9 ;`O: Et:9G:<>HIG68: 6 C`HA:9Cq ED9A: HI6CDK:Cc=D =6GBDCD<G6BJ EGD7d=`

;`O:KA6HICdG:<>HIG68:I6@ 67N 9D@DC8:GD@JKv:8=CN8=:B>8@cA`I@NK - K BCDHIKd

(21)

C69IGD@KNG`7qCc9DK`:CcC:7DEDJdK6CcK EtdEG6K8d8= 7NAN G:<>HIGDK6Cc 6EDHDJO:Cc O =A:9>H@6?:?>8=BCDHIKd C:<6I>KCd8=hm>C@{C6A>9H@cO9G6Kd6>KDICdEGDHIt:9d 34

+NHIcB *! OC6B:C` G:KDAJ8> K 8=:B>8@cB EG{BNHAJ ,:C 7J9: K - ED9 EtdHCq?vd

@DCIGDADJ q=:B A:I H: B` KNIKDt>I @DBEA:ICd 96I67`O: D O=GJ76 8=:B>8@j8=

A`I:@@I:Gc?HDJC6:KGDEH@cBIG=J .v:8=CNINIDA`I@NB6?d7jIKv:HIG6CCqEGDO@DJB`CN 67NH:O?>HI>ADC68DKv:8=CDBD=DJBdIKA>K '`@A69NEDC:HDJKjGD78> ':?Kd8:C:7:OE:mCc A`I@N @I:Gj8= ?: C6 IG=J 6H> 7J9DJ ED9Ac=6I H8=K`A:Cd D9 KGDEH@c 6<:CIJGN EGD 8=:B>8@cA`I@N !  JGDE:6C =:B>86AH <:C8N H:Hd9A:BK!:AH>C@`8= )D9C>@N 7J9DJ BdI EDK>CCDHI >C;DGBDK6I O`@6OCd@N > O6BqHIC6C8: D EtdE69CcB G>O>@J HED?:CcB H JdK`CdB8=:B>8@j8=A`I:@ . k:H@cG:EJ7A>8: H:C`@A69N C6 O6K`9qCdEGD<G6BJ*!

ED=N7J?dK GDOB:Od  BA9 $m 3 4

.1/:M/N81

':?9{A:>Iq?vdB 8dA:B CDKc 8=:B>8@c HIG6I:<>: *! ?: D8=G6C6 A>9H@c=D O9G6Kd 6 >KDICd=DEGDHIt:9dEt:9G>O>@N8=:B>8@j8=A`I:@

6AvdB>8dA> ?HDJ

O68=DK`Cd6OKjv:Cd@DC@JG:C8:H8=DECDHI>8=:B>8@c=DEG{BNHAJ- Et:98=`O:Cd;G6<B:CI68: KC>ItCd=DIG=J

OKjv:C` IG6CHE6G:CICDHI

>CI:<G68:H B:O>C`GD9CdBhH>AdB ED9EDG6 I:HIDK`Cd 7:OEDJ>IdOKdt6I

HDJA69H B:O>C`GD9CdB>O`K6O@N-K G`B8>+KqIDKcD78=D9CdDG<6C>O68: 34

.8->?<]>;.1:N

*! ?: K:AB> GDOH`=Aj HNHIcB O6=GCJ?d8d Kv:8=CN A`I@N 7:O D=A:9J C6 ID O96 ?HDJ KNG`7qCN 9DK`:CN EDJdK`CN ?6@D B:O>EGD9J@IN C:7D JK`9qCN C6 IG= H6BDHI6ICq K EtdEG6K8d8= C:7D K Et:9BqI:8= ED@J9 C:?HDJ G69>D6@I>KCd ED@J9 H: C6 Cq C:KOI6=J?:

8:ACd 9D=A:9 C:7D ED@J9 H: C:?:9C` D C:>ODADK6Cc B:O>EGD9J@IN $DC@GcICq ?HDJ O Cq?

KNr6IN D9E69N )t:9BqI:B HNHIcBJ *! C:?HDJ 6C> EDIG6K>CN EGDID: H: C:?:9C`

D A`I@JEtdEG6K:@6C>Et:9BqI `A:?HDJKN?BJINO ?:=DE{HD7CDHI>A`I@N@I:GcH:EDJdK6?d K O`?BJD7G6CN 34

"135>?=-/1

*:<>HIG68: OC6B:C` : KjGD78: C:7D 9DKDO8: EDH@NIA 6<:CIJt: G:<>HIG6mCd 9D@JB:CI68>

6 C:B``9CcH><C`ANDIDB:9D@JB:CI68:C:CdhEAC` ,DH6BDDHD7qC:OC6B:C`:

9D@JB:CI68: ?: K HDJA69J H EG`KCdB> Et:9E>HN 6C> ID C:OC6B:C` : 7NAN >9:CI>;>@DK`CN Kv:8=CNKA6HICDHI>O6G:<>HIGDK6CcA`I@N

(22)

)GD JHC69CqCd Et:8=D9J C6 HNHIcB *! H: 7J9DJ JHI6CDK:Cd D G:<>HIG68> EDHIJECq JEA6IrDK6I C6 O6K:9:Cc A`I@N KNG`7qCc9DK`:Cc K BCDHIKd KNvvdB C: IGD@ -Iq8=ID A`I:@?:EGDG{OC`BCDHI:KCdGDOB:OdHI6CDK:C6t696I:GBdC{G:<>HIG68: K>O(7G`O:@

$GDBq ID=D 7J9DJ BJH:I 7jI 7GON G:<>HIGDK`CN > JGm>Ic A`I@N KNKDA`K6?d8d K:A@c D76KN

@6G8>CD<:CCdBJI6<:CCdC:7DIDM>8@cEGDG:EGD9J@8> 3 4

)5EQM8>-8E@SALE8:<FGE468 12

;0:;/1:N

M>HIJ?d9K6INEN =D9CD8:CdH G{OCjB>8dA>

!D9CD8:Cd9D@JB:CI68:6<:CIJG6EGDK:9:@DCIGDAJ@K6A>ING:<>HIG6mCd9D@JB:CI68:

@DCIGDA6 HDJA69J 6<:CIJG6 B{: O@DCIGDADK6I HDJA69 G:<>HIG6mCd 9D@JB:CI68:

H ED696K@N HI6CDK:CjB> EGD G:<>HIG68> K C6tdO:Cd &qAD 7N 7jI O@DCIGDADK`CD 6A:HEDr EGD8:CI9D@JB:CI68:

@DCIGDA6C`KG={C6O@DJv@N8dA:B?:Et:98=`O:IO7NI:mCjB I:HI{B C6OKdt6I:8=

I? DE6@DK`Cd HI`K6?d8d8= I:HI{ 6 C:@K6A>ICdB I:HI{B <:CIJG6 7J9: C`KG=N C6 I:HIN Et:9AD:Cc K G`B8> `9DHId D G:<>HIG68: @DCIGDADK6I ?:vIq Et:9 EGDK:9:CdB I6@DKj8= I:HI{ <:CIJG6 GDKCq KNOK: It:Id HIG6CN 67N Et:9AD>AN

>C;DGB68:9d@NC>B7NH:BD=ADEt:9:?dICJICDHI>EGDK`9qI I:HIN C6D7G6IADK8d8=

!D9CD8:Cd A`I@N 6<:CIJG6 K: HEDAJEG`8> H EtdHAJvCjB> ht69N mA:CH@j8= HI`I{ B{:

KN?6HC>I ED9:Ot:Cd D=A:9Cq G>O>@ EGD A>9H@c O9G6Kd C:7D >KDICd EGDHIt:9d IdB :

ED`9`EG{BNHAD 96Avd>C;DGB68: 34

(23)

!;A;8;AL:N

. EtdE69qA`I:@KO7JOJ?d8d8=K:AB>K:A@cD76KN?:CJICcOdH@6IEGD?:?>8=EDJdK`Cd6JK:9:Cd C6IG=EDKDA:Cd

%`I@N @I:GcBJHd7jIEDKDA:CN ?HDJA`I@N@I:Gc ?HDJ

@6G8>CD<:CCdBJI6<:CCdC:7DIDM>8@cEGDG:EGD9J@8>@6I:<DG>dC:7D

), E:GO>HI:CICd 7>D6@JBJA6I>KCd 6 IDM>8@c A`I@N 6 K)K KNHD8: E:GO>HI:CICd 6 KNHD8:7>D6@JBJA6I>KCdA`I@N

C6O`@A69qKq9:8@j8=9{@6O{>9:CI>;>@DK`CNEtdE69D9EtdE69J?6@DA`I@NOE{HD7J?d8d EG6K9qED9D7Cq O`K6Cc hm>C@N C6 A>9> C:7D >KDICd EGDHIt:9d :@K>K6A:CICd Kjv:

JK:9:CjBhm>C@{BC6Etd@A69A`I@N C6GJvJ?d8d:C9D@G>CCdm>CCDHI>

,NIDA`I@NB6?dC:7:OE:mCcKA6HICDHI>KNKDA`K6?d8d I6@K:A@cD76KN:?:O`H69Cd?:G:<JADK6I 8:CIG`ACq EDBD8d B:8=6C>HBJ @I:Gj O6?>HId : +EDA:m:CHIKd EDHDJ9d 6 OK`d G>O>@6 HDJK>H:?d8dH ?:?>8=H@JI:mCjBEDJdK`CdB6: E6@DIq8=IDG>O>8d8=GDO=D9C:

)GD8:HEDKDADK`CdH:H@A`9`O:9KDJ@GD@{ . EGKCdB@GD@J7J9:EGDHIt:9C>8IKdBEDHIJEJ EGD?:9C`K`CdK:Kj7DG:8=GDO=D9CJIDDIDB@I:GcA`I@NC6@6C9>9`IH@cBH:OC6BJ7J9DJ 9D HNHIcBJ O6=GCJIN 6 @I:G` EDJ>Id O6=GCJIj8= A`I:@ 7J9DJ DHKD7DO:C6 D9 ED696K@J EDKDADK`Cd ,:CID @GD@?:C:O7NICjEGDHI6CDK:CdEG>DG>ICd8=A`I:@6EGDHDJHIt:9qCdO9GD?{

34

.: 9GJ=cB @GD@J 7J9DJ BD8> ,> @I:td I6@DKDJ A`I@J EDJdK6?d C:7D OEtdHIJErJ?d O6`96I K: HI6CDK:Cj8= I:GBdC:8= D EDKDA:Cd EGD @69c ?:?d EDJ>Id Km:ICq 6C6AjON EtdE69Cj8=

C`=G69 )D@J9I6ID6C6AjO6J@`: :?HDJ@ 9>HEDO>8>K=D9Cc6AI:GC6I>KN7J9:BJH:I`9DHI O6=GCDK6I>EA`CC`=G69N )D@J9K=D9Cc6AI:GC6I>KNC:7J9DJ7J9DJBJH:I7jIEDH@NICJIN

>C;DGB68:DEtdHAJvCj8=m>CCDHI:8=K D7A6HI>EtdE69Cc=DKjO@JBJ6KjKD?: )DKDA:Cd7J9:

J9qA:CD ED@J9 696I:A 7J9: BD8> 9DAD>I : G>O>@D EANCDJ8d O EDJdK`Cd A`I@N ?:

D9EDKd96?d8dBOE{HD7:B@DCIGDADK`CD '6O`@A69qD9EDKd96?d8d@DCIGDANG>O>@C:AO:EDKDA>I A`I@N),K)K6&* A`I@N@6G8>CD<:CCdBJI6<:CCd6IDM>8@cEGDG:EGD9J@8>JC>8=

C:AO: 9:;>CDK6I EG6=DKDJ =D9CDIJ u:HI A:I ED KHIJEJ C6tdO:Cd K EA6ICDHI EGDK:9: $DB>H:

Et:O@JBO967NO EDKDADK`CdC6O`@A69qD9EDKd96?d8d@DCIGDANC:BqAN7jIKNADJm:CN>A`I@N C6GJvJ?d8d:C9D@G>CCdm>CCDHI> <:CIJG6EDH@NIC:D97DGCc EDHJ9@N`9DHI>6696I:A7J9:

BdI EtdA:>IDHI KOCcHI Et>EDBdC@N @ C`KG={B EDHJ9@{ $DB>H: J9qAd EDKDA:Cd EGD @69c EDJ>Id@I:GcHEArJ?:Kjv:JK:9:CcED9BdC@N 34

91D1:N

sdO:CdDDB:O:CdK 8:AcB+EDA:m:CHIKdJBDrJ?:8dA:CDJG:<JA68>ED9BdC:@KjGD7NJGm>Ij8=

A`I:@?:?>8= JK`9qCdC6 IG=C:7DEDJdK`CdED@J9:M>HIJ?:C:Et>?6I:ACcG>O>@DEGDO9G6Kdm>

>KDICdEGDHIt:9dm>EtdE69CqJBDrJ?:O`@6O?6@c@DA>O Iq8=IDm>CCDHId

.v:8=CN m>CCDHI> H A`I@DJ @I:Gc C:?HDJ DB:O:CN ?HDJ ED9A: HNHIcBJ *! EDKDA:CN ED@J9A`I@6C:CdO6=GCJI69DHNHIcBJEDKDADK`Cd

(24)

#6@`@DA> A`I@6 H6BDIC` D7H6:C` K EtdEG6K@J C:7D K Et:9BqIJ B{: 7jI Et:9BqI:B DB:O:CdC6hGDKC>8:Ac=D+EDA:m:CHIKdED@J9H:J@`::G>O>@6BJHd7jIt:v:C6C6hGDKC>

8:Ac=D+EDA:m:CHIKd

+I`K6?d8d DB:O:Cd ED9A: HBqGC>8: !+C6Et O`@6O EDJdK`Cd 6O7:HIJ 6 DB:O:Cd EDJdK`CdJGm>Ij8=6OD76GK>K?HDJK @DCHDA>9DK6CcK:GO>Et:K:9:C69DC6tdO:CdDHNHIcBJ

*! 34

!XN:;>C"

(m:@`K` H: EDO>I>KCd 9DE69 C6 O9G6Kd O6BqHIC6C8{ K:t:?Cc O9G6Kd 6 >KDICd EGDHIt:9d )t:9ED@A`9` H::C:BD8>KNKDA6Cc8=:B>8@jB>A`I@6B>Et:9HI6KJ?d6H> 8:A@DKcO`Iq:

Kv:8=INEJ8=DGD7K - :H:I>EGD8:CICdED@A:HKjH@NIJIq8=ID8=DGD7K 9{HA:9@JHNHIcBJ

*!KNhHIdK:HCd:Cd8:A@DKcO`Iq:8=DGD7K -D ,D7N OC6B:C6AD:@69j GD@ 7N H: Et:9:vAD 6H> hBGIdB C6 G6@DK>CJ '6 O`@A69q =D9CDIN >KDI6 K: Kjv>

B>A>DCJ :JG E6@ 7NAN EDI:C8>`ACd O9G6KDICd EtdCDHN HNHIcBJ *! D9=69CJIN O=GJ76 C6 B>A>6G9 :JGO6A:I

*! 7J9: 8:A@:B Et>HEdK6I @ DB:O:Cd OC:m>vxDK`Cd KO9J8=J KD9N 6 E{9N ?6@D

> @ DB:O:Cd IA6@J C6 7>DAD<>8@DJ GDOB6C>IDHI #: O6EDIt:7d A:Evd @DCIGDAN ), 67N H:

O6?>HI>AD:INIDA`I@NC:7J9DJBD8>OC:m>vxDK6I>KDICdEGDHIt:9dEGDID:?6@B>A:H:D7?:Kd D9HIG6rJ?dH:?:CK:AB>D7IdCq +NHIcB*!C6Kd87J9:EDB`=6IH DB:ODK`CdBhm>C@{

8=:B>@`A>dC6GJvJ?d8d8=:C9D@G>CCdm>CCDHI> 34

"AD?-4@6N/N>1:-9;:;91=C-<;8C91=C

)D9A:mA 7D9 C6tdO:Cd*!EDANB:GN?6@DI6@DKcC:BJHd7jIG:<>HIGDK`CN Kv6@9A:

mA 7D9 BJHd@69jKjGD78:C:7D9DKDO8:EDANB:GJED96I<:CIJt:`9DHIDG:<>HIG68>

EGD BDCDB:GCd A`I@N C:7D ?>Cc A`I@N EGD @I:Gc 9DHJ9 C:ED96A `9DHI D G:<>HIG68> `9Cj hm6HICd@9D96K6I:AH@c=Dt:IqO8:?HDJA>HEACqCND7qINIDED9BdC@N

6 EDANB:GD7H6=J?:C:?BcCq=BDICDHICd Iq8=IDBDCDB:GCd8=A`I:@C:7D?>Cj8=

A`I:@K:;DGBqBDCDB:GCd8=?:9CDI:@68=:B>8@NK`O6Cj8=A`I:@

7 8:A@DKcBCDHIKdIq8=IDBDCDB:GCd8=A`I:@C:7D?>Cj8=A`I:@Et:9HI6KJ?:IJCJ C:7DKd8:O6GD@

'6tdO:Cd*!9:;>CJ?:EDANB:GNK mA 9:;>C>8:6BDCDB:GNK mA`C@J9:;>C>8:

)D@J9 BDCDB:GCd A`I@N 6C:7D ?>Cc A`I@N O @I:Gj8= ?: EDANB:G D9KDO:C ?HDJ O6K:9:CjB>

A`I@6B>BD=DJ 7jI INID A`I@N I6@c Et:G:<>HIGDK`CN 6 IdB B{: 7jI KNJ>I Et:8=D9Cj G:>B

?:?>8=G:<>HIG68: :I6>ACq?vd >C;DGB68:6EG6@I>8@cEtd@A69N?HDJK 9D@JB:CIJƒ J>96C8: ;DG

&DCDB:GH6C9)DANB:GH@I:Gj?:@ 9>HEDO>8>C6HIG`C@`8=! 34

.O=A:9:B @ EDI:C8>`ACq KOG{HI6?d8dBJ BCDHIKd G{OCj8= EDANB:GCd8= A`I:@ C6 IG=J 6 O 9{KD9J : EDANB:GN D7:8Cq Et:9HI6KJ?d CdO@c G>O>@D @K{A> ?:?>8= KNHD@c BDA:@JADKc

=BDICDHI> ?: I6ID H@JE>C6 A`I:@ DHKD7DO:C6 D9 G:<>HIG68: 6 =D9CD8:Cd ED9A: C6tdO:Cd

*! )DANB:GN Kv6@BD=DJ HI`A: 7jIEt:9BqI:B EDKDADK`Cd6DB:ODK`Cd

(25)

.jGD78>69DKDO8>EDANB:G{?HDJCJ8:C>G:<>HIGDK6IBDCDB:GNA`I:@Et:9HI6KJ?d8dHI6K:7Cd

@6B:CNEDANB:G{EGDID:INIDBDA:@JAN?HDJD7:8CqJOC`K`CN?6@DKqIvdG>O>@DC:H6BDICj EDANB:G

*! 9:;>CJ?: BDCDB:G ?6@D A`I@J @I:G` ?: H8=DEC6 KNIK`t:I @DK6A:CICd K6O7N H:

H:@K:C8d96Avd8=HI:?Cj8=C:7DC:HI:?Cj8= BDA:@JAED9A:ED9BdC:@EtdHAJvCcEDANB:G6mCd G:6@8:EGD96CjEGD8:H #>CjB>HADKN?:IDA`I@6@I:G`?:EDANB:G>O6mCdG:6@8dEt:K:9:C6 C6 DE6@J?d8d H: ?:9CDI@N EDANB:GCd8= H:@K:C8d %`I@N ED9dA:?d8d H: C6 @6I6AjO: O6=`?:Cd C:7D J@DCm:Cd EDANB:G>O68: C:?HDJ BDCDB:GN &DCDB:G ?: I:9N ED9A: 9:;>C>8:

B:O>EGD9J@I

)GDENA:C?:CJICD EDK6DK6I O6BDCDB:GED9A:C6tdO:Cd*!ED@J9?:EDJ>IEGDhm:AN EGD8:HJ EDANB:G68: ?6@D ?: KjGD76 EDANEGDENA:CJ ?6@ ?: OC`ODGCqCD C6 (7G`O@J 3 4

)5EQM8> *B?L@8E468 CEBCL?8AH 12

)GDENA:C B{: 7jI I6@c EDJ>I EGD KjGD7J EGDENA:CDM>9J C6Etd@A69 ED9A: @6I6ANI>8@c :EDM>96mCdG:6@8:HE:GDM>9:BKD9d@J *:6@8:?:OC`ODGCqC6C6(7G`O@J . IcIDG:6@8>

?:EGDENA:CK: H@JI:mCDHI>B:O>EGD9J@I6A:C:CdEDK6DK`C O6BDCDB:G 34

)5EQM8>CBK<74YASE84>68CEBCL?8AH 12

6AvdB Etd@A69:B EDJ>Id EGDENA:CJ ?: ?:=D KNJ>Id ?6@D E6A>KD K Cq@I:Gj8= EG{BNHADKj8=

EGD8:H:8= .IDBID @DC@GcICdBEtdE69q C:CdEDANEGDENA:C EDK6DK`C6C>O6BDCDB:G6C>

O6B:O>EGD9J@I 34

EGDENA:C EDANEGDENA:C

EGDENA:C EGDENA:CDM>9

(26)

7;?;B57;8;351

@DIDM>@DAD<>:H:O67jK`HIJ9>:BIDM>8@c=DE{HD7:CdA`I:@EtdGD9Cd=DC:7D6CIGDED<:CCd=D E{KD9J C6 >Kc DG<6C>HBN ?:?>8= EDEJA68: 6 HEDA:m:CHIK6 #: BJAI>9>H8>EA>C`GCdB D7DG:B C6 GDO=G6Cd 7>DAD<>: 8=:B>: 6 96Avd8= Etd7JOCj8= D7DG{ $GDBq HA:9DK`Cd hm>C@{ A`I:@ ?:

Et:9BqI:BO`?BJ:@DIDM>@DAD<>:>BDC>IDG>C<EDAJI6CI{K >KDICdBEGDHIt:9d

#:?dB8dA:B?:KNKd?:IB:ID9N@I:GcJBDrJ?dHA:9DK6IC:EtdOC>KjKA>KA`I:@C6>KcDG<6C>HBN O6 HI6C96G9Cd8= G:EGD9J@DK6I:ACj8= ED9BdC:@ ,NID B:ID9N JBDrJ?d HGDKC6I hm>C@N G{OCj8=A`I:@ C:7D?:?>8=HBqHdC6G{OCj8=DG<6C>HB:8=B:O>H:7DJ 6Et:9:KvdBHGDKC`Cd D9EDKd96?d8d8=KjHA:9@{O G{OCj8=A67DG6IDtd 34

$1>?C 17;?;B5/5?C

,:HIN IDM>8>IN C:7DA> I6@c 7>DAD<>8@c I:HIN IDM>8>IN 7>D6HH6NH H: EDJdK6?d EGD =D9CD8:Cd :@DIDM>@DAD<>8@j8= KA6HICDHId A`I:@ #9: D EGD8:H Et> @I:GcB ?: I:HIDK68d DG<6C>HBJH KNHI6K:C K Et:HCq 9:;>CDK6Cj8= ED9BdC@`8= G{OCjB @DC8:CIG68dB 8=:B>8@c A`I@N ,:HIN IDM>8>IN HADJd @ GN8=AcBJ =D9CD8:Cd C:EtdOC>Kc=D KA>KJ v@D9A>K>C C6 7>DI>8@DJ HAD@J

>KDICd=D EGDHIt:9d )D9`K6?d >C;DGB68: D 7>DAD<>8@c 6@I>K>Iq 6 H8=DECDHI> IDM>8@j8= A`I:@

EGD8=`O:I 7>DB:B7G`C6B> #HDJ O6AD:Cc C6 ;NO>DAD<>8@j8= ED8=D9:8= 7>D8=:B>8@j8=

OBqC`8=;DIDHNCIcO:69j8=`Cd ,6@cED9`K6?d>C;DGB68:DIDBO96?:I:HIDK6Cj KODG:@

IDM>8@jEGDEtdHAJvCjDG<6C>HBJHO6HI6CDK:Cj8= OC`Bj8=ED9BdC:@m>C>@DA>K

@DIDM>@DAD<>8@c I:HIN ?HDJ C:HE:8>;>8@c 6 ID OC6B:C` : C:BJHdB: OC`I HAD:Cd m>

8=:B>8@DJ HIGJ@IJGJ I:HIDK6Cj8= A`I:@ ,:CID ;6@I B` HKc Kj=D9N > C:Kj=D9N !A6KCd Kj=D9DJ?:GN8=Ac6>C;DGB6I>KCdO=D9CD8:Cd96Cj8=KODG@{ {A:>Ic?:Kq9qIO96?:96Cj KODG:@IDM>8@jC:7DC:IDM>8@j )D9GD7C`8=:B>8@`6C6AjO6?:m6HDKq C`GDmC` 6:@DCDB>8@N Kd8:C`@A69C` )GDK`9dH:JKODG@{@I:GcIDM>8>IJKN@6OJ?d 34

,:HINIDM>8>INH:EGDK`9q?dC6It:8=hGDKCd8=

hGDK:r 7JCq@6I@`Cd  EGDI:DG:I>8@cD7?6HCqCdEDOC6I@{OdH@6Cj8=Et>ED@JH:8=

C6 DG<6C>HB:8= .j=D9DJ ?: 9D7G` G:EGD9J@DK6I:ACDHI C:Kj=D9DJ OC6mC`

D9A>vCDHIKjHA:9@{ƒ>CK>IGD‚6ƒ>CK>KD‚

hGDK:r?:9>C8{m>DG<6C>HB{  C:Kj=D9DJ?:G:EGD9J@DK6I:ACDHI

hGDK:r 7>D8:CfO  HA:9J?: H: IDM>8@j hm>C:@ K EtdGD9q C:7D C6 BD9:AJ C:Kj=D9DJ ?: : IDM>8@j hm>C:@ H: C:BJHd EGD?:K>I K9N HI:?Cq A`I@6 KNKDA`K`

G{OCcG:6@8:C6JGm>Ij9GJ=6C6GJvJ?dH:EDIG6KCdt:IqO8: 34

.1/:L<=-A508-?1>?;AL:N

)G6K>9A6EGDI:HIDK`Cd :@DIDM>8>INC6DG<6C>HB:8=OD7G6OJ?:(7G`O:@

(27)

)5EQM8><4:E4@CBF?BHCABFG<G8FG]I87BH6S6;> ;B7AB68AS6;8@<6>R?QG>L 12

.2.83A8*78

. A>B>ICdB I:HIJ H: KODG:@ D C:OC`Bc IDM>8>Iq ED9GD7d EGKCd O@DJv8: H I:HIDK68dB>

DG<6C>HBN "C;DGB68d?:O?>HI>IO96A`I@6KN@6OJ?:IDM>8@cKA6HICDHI>m>C>@DA>K '6H6OJ?dH:9Kq E6G6A:ACdHI6CDK:CdH 9KqB6@DCIGDA6B> ':9D?9:A>@ h=NCJ`9Cc=DI:HIDK68d=D DG<6C>HBJ

=D9CDIdH: A>B>ICd I:HI?6@DC:<6I>KCd6Et>HIJEJ?:H:@ DKqtDK68dBJI:HIJ 34

:GH4:&(A8*78

+ADJd @ DKqt:Cd C:<6I>KCd=D KjHA:9@J A>B>ICd=D I:HIJ (KqtJ?: H: K v:HI> E6G6A:ACd8=

C6H6O:Cd8= ':9D?9:A>@ BDGI6A>Iqm>>BD7>A>O68> K I:HIDK6Cj8= GDOID8d8=DEt:KNvJ?d8d h=NCK @DCIGDA:?:KjHA:9:@=D9CD8:C?6@DC:<6I>KCd 6AvdI:HIDK`CdH:?>C:EGDK`9d #:A>

KjHA:9:@EDO>I>KCd BDGI6A>I6m>>BD7>A>O68: K I:HIDK6CcBGDOID@J?:KNvvdDKd8:C:C:

K @DCIGDA: O`A:d 96Avd EDHIJE C6 Bdt: BDGI6A>IN m> >BD7>A>O68: . EtdE69q BDGI6A>IN m>

>BD7>A>O68: C>vd C: H: 96Avd I:HIN C:EGDK`9q?d 6 KjHA:9@N ?HDJ O6OC6B:C`CN )t:@GDmdA>BDGI6A>I6 m>>BD7>A>O68: Et>HIJEJ?:H:@ Et:97qCcBJ I:HIJ 3 4

H*)'GL3C 8*78

^m:A:BID=DIDI:HIJ?:JGm>IGDOB:OdK:@I:GcBB{:B:Dm:@`K6I=D9CDIJI:HIDK6Cc A`I@N )DJdK`H:OEG6K>9A6@DC8:CIG68dKDA:Cj8=K v>GD@cBGDOEqId '6H6OJ?:H:B:Cvd

&DGI6A>I6<

%"&",'X ,+, 85

(.ps(.X,+,

)sp~'_ ,+,

2V$%'X ,+,

!('('X C:<6I>KCd

&DGI6A>I6≥

EDO>I>KCd

(28)

EDm:I ED@JHCj8= ?:9>C8{ (7KN@A: EDHI6md I:HIDK6I ?:9CJ @DC8:CIG6mCd t69J 6 9D @69c I:HIDK6Cc @DC8:CIG68: C6H69>I DG<6C>HBN dA:B ?: O?>HI>I C:?KNvvd @DC8:CIG68> A`I@N Et>

@I:Gc?:vIqC:9D8=`Od@ BDGI6A>Iq m>>BD7>A>O68>DG<6C>HB{  DG>:CI6mCd@DC8:CIG68:ƒ‚(

6C:?C>vd@DC8:CIG68:@I:G`?>E{HD7dA:I`ACq  DG>:CI6mCd@DC8:CIG68:ƒ‚( 34

#>01&)3A8*78

,:CID I:HI HADJd @ KA6HICdBJ JGm:Cd =D9CDIN % ,:HI H: H@A`9` OEG6K>9A6 O: H:9B>

G{OCj8=@DC8:CIG68dK GDOB:OdHI6CDK:CcB Et:97qCjB I:HI:B s:9qCdH:EGDK`9dI6@ 67N

@DA:B Et:9ED@A`96Cc =D9CDIN % 9DvAD @ h=NCJ C:7D >BD7>A>O68>  DG<6C>HB{

K: It:8=C:7DKd8:t:9qCd8= 34

#6@D C:?KNvvd 6 C:?C>vd @DC8:CIG68: t:9d8d t69N H: KDAd A>B>ICd @DC8:CIG68: O?>vIqCc Et:97qCjB I:HI:B )GD@69DJ@DC8:CIG68>H:C6H6OJ?d  E6G6A:ACdHI6CDK:Cd )D 6=D9>C`8=H:D9:mdI`EDm:IJ=NCJAj8=m>>BD7>A>ODK6Cj8=DG<6C>HB{ 2:O?>vIqCj8=h96?{

H:KNEDmdI`=D9CDI6% 3 4

&;8.-7;:/1:?=-T:N/4X-0

"CI:GK6AH:9B>@DC8:CIG68dK GDOB:Od(  (?:It:76GDO9qA>II6@67N8=DBK >9:`ACdB EtdE69qEDEGDK:9:CdI:HIJD79G:A>=D9CDI IOK E6G8>`ACd8=BDGI6A>IIOC h=NC{KqIvd8=C:

6B:Cvd8=C: #:9C6@DC8:CIG68:7NH:BqA6 8DC:?Kd8:7Ad>I%9Kq7NBqAN 7jI K GDOB:Od =D9CDI ( 6 ( *DOKG:Cd @DC8:CIG68d 7N BqAD 7jI @DA:B =D9CDIN

% HNB:IG>8@c

$DC8:CIG6mCdt6967NBqA67jIAD<6G>IB>8@`C`HA:9J?d8d@DC8:CIG68:7NBqA67jIK9N@@G`I KqIvdC:Et:98=DOd@DC8:CIG68: $D:;>8>:CI >KNEDmdI`B: O GDKC>8:m @9: A Et:9HI6KJ?:

EDm:IKDA:Cj8=@DC8:CIG68dD7KN@A:H:?:9C`D 34

log = 0/ 100

− 1

=-25/7L5:?1=<=1?-/1AQ>8107]

#:9CDJ O BDCDHId ?6@ JGm>I O: OdH@6Cj8= 96I =D9CDIJ ?: <G6;>8@` O`K>HADHI EGD8:CIJ`ACd BDGI6A>IN C6 AD<6G>IB:8= @DC8:CIG68d (7G`O:@ ,6ID O`K>HADHI B` E6IGCj H><BD>9`ACd8=6G6@I:G !D9CDIJKN?`9tdB:I6@:EGDI>=D9CDI`BBDGI6A>INEDHI6KdB:

AD<6G>IBN@DC8:CIG68d6O`K>HADHIKN?`9tdB:EDBD8dA>C:`GCdG:<G:H: . 7D9qB`@t>K@6

>C;A:MCd7D9 6K ?:?dBD@DAd?:?:?dEG{7q=Et>7A>CqA>C:`GCd (7G`O:@ 34

(29)

)5EQM8> !E49MQI<F?BFG< C[87CB>?Q74ARCEB68AGHQ?AS@BEG4?<GL A4 ?B:4E<G@86;

>BA68AGE46S 12

)5EQM8> !E49<6>RIL=Q7[8ASCB@B6S?<A8QEASE8:E8F8 12

(30)

7A-?5/7M 17;?;B57;8;351

@K6I>8@`:@DIDM>@DAD<>:C:7DA>I6@c:@DIDM>@DAD<>: KD9Cd8= :@DHNHIcB{ H:O67jK`HIJ9>:B KA>KJ @DCI6B>C68: KD9Cd=D EGDHIt:9d KD9N HJHE:C9DK6Cj8= m`HI>8 6 H:9>B:CI{

C6 DG<6C>HBN #:9C` H: D BJAI>9>H8>EA>C`GCdB D7DG O6=GCJ?d8d EDOC6I@N O KD9Cd :@DAD<>:

7>D8=:B>: ;NO>DAD<>: =>HIDAD<>: 6 8:Ac t69N 8=:B>8@j8= 6 ;NO>@`ACd8= EGD8:H{ ,:HIJ?d H:

6@JICd > 8=GDC>8@c hm>C@N C6 BD9:A:8= Kv:8= IGD;>8@j8= hGDKCd EGD9J8:CI> @DCOJB:CI>

9:HIGJ:CI> 2 t69 EGD9J8:CI{ H: ?6@D I:HIDK68d DG<6C>HBN KNJdK6?d t6HN H>C>8: 6 KNvvd GDHIA>CN ,<A4C<F 4?54 ??<H@ 68C4 &8@A4 @<ABE 2: O`HIJE8{ @DCOJB:CI{ H: KNJdK6?d KD9Cd 7:OD7G6IAd O:?BcC6 4C;A<4 @4:A4 -;4@AB68C;4?HF C?4GLHEHF EG8@<4 F4?<A4 D7D?>K:ACd8> 6 GN7N 2 t69 9:HIGJ:CI{ ?HDJ KNJdK6CjB> DG<6C>HBN Et:9:KvdB 76@I:G>:

6 @K6H>C@N ':?m6HIq?>HA:9DK6CjB>:C9ED>CIN?: K 6@JICd8=I:HI:8=IDM>8>IN BDGI6A>I6 >C=>7>8:

G{HIJ@Dt:C:7>DB6HN6? . 8=GDC>8@j8=I:HI:8=E6@ G:EGD9J@8: EDm:I?JK:C>A{7>D8=:B>8@c E6G6B:IGN 6ED9 ,NID I:HIN ?HDJ K=D9Cc EGD =D9CD8:Cd :;:@I{ A`I:@ @I:Gc ?HDJ GDOEJHICc K: KD9q 9`A:EGDHA:9DK`Cd KNAJ=DK6I:ACDHI> A`I:@O @DCI6B>CDK6Cj8=B6IG>8@I:Gc7NBD=AN C`HA:9Cq C:<6I>KCq DKA>KC>I 6@K6I>8@j :@DHNHIcB 6A: I6@c EGD I:HIDK`Cd IDM>8>IN

@DCI6B>CDK6Cj8=EDKG8=DKj8=KD9EDEt KD9D9E69Cd8= 34

$1=1>?=5/7L17;?;B57;8;351

,:G:HIG>8@` :@DIDM>@DAD<>: H: O67jK` HIJ9>:B KA>KJ 8=:B>8@j8= A`I:@ hBNHACq 8=:B>8@c EGDHIt:9@NC6D8=G6CJGDHIA>CEDEt C:hBNHACq 6EA>@DK6Cj8=9DE{9N +I:?CqI6@?:BDCc EG:9>@DK6I KA>K @DCI6B>CDK6Cj8= B6IG>8 E{9N H:9>B:CI{ 6 @6A{ C6 DG<6C>HBN E{9Cd8=

HEDA:m:CHI:K )GD INID hm:AN H: KNJdK6?d IOK @DCI6@ICd I:HIN I:G:HIG>8@c I:G:HIG>`ACd ':?m6HIq?> KNJdK6CjB> DG<6C>HBN ?HDJ d6AN <F8A<4 9B8G<74 8=KDHIDH@D8> B?FB@<4 64A7<74 GDJE>8: A6;LGE48HF 6ELCG<6HF ?:9CD9qADCc 6 9KDJ9qADCc GDHIA>CN &46GH64 F4G<I4 I8A4 F4G<I4 E4FF<64 A4CHF ,<A4C<F 4?54 .NJdK6?d H: I6@c I:HIN 7>D8=:B>8@c 6@I>K>ING:HE>G6mCdI:HIm> I:HI6@I>K>IN:CONB{ ':?m6HIq?>EDJdK6CjBI:HI:BO IcIDH@JE>CN?:

I:HI6@I>K>IN9:=N9GD<:C6H .NJ>IdIq8=IDI:HI{H:JEA6IrJ?:O:?BcC6EGDA`I@NC:GDOEJHICc K:KD9q

*78< +<8484;.(.8<

)GDINIDI:HINH:KNJdK6?dI:HINH GDHIA>C6B> Et:9:KvdBI:HI@Adm>KDHI>H:B:CI:HI:ADC<68:

@Dt:C:6I:HIG{HIJ@AdmCd8=GDHIA>C $Adm>KDHI6G{HI@Dt:C:?HDJ9{A:>Ic:I6ENK:KjKD?>GDHIA>C 6 KN@6OJ?d 8>IA>KDJ D9:OKJ C6 :MEDO>8> 8=:B>8@j8= A`I:@ ADC<68: @Dt:C: ?: D7:8Cq

>C=>7DK`C6C>vdB>@DC8:CIG68:B>IDM>8@j8=HADJm:C>CC:EGD8:H@Adm:Cd

. EGKCd8=:I6E`8=KjKD?:J@Adm:Cd6G{HIJ@Dt:C:?HDJ6@I>KDK`CNB:8=6C>HBNBD7>A>O68:

6 IG6CH;DGB68: O`HD7Cd8= A`I:@ . IDBID G:A6I>KCq @G`I@cB D79D7d GDHIA>C6 C:9>HEDCJ?:

9DHI6I:mCjB> 9:IDM>@6mCdB> H8=DECDHIB> 6 EGDID C:9D8=`Od K EG{7q=J I:HI{ @ KjOC6BCc 9:<G6968>6:A>B>C68>I:HIDK6CcHADJm:C>CN .jHA:9@N?HDJKN?69tDK`CNEGD8:CIJ`ACdOBqCDJ

@Adm>KDHI>C:7D:ADC<68:@Dt:C:HI>BJA68:>C=>7>8:DEGDI>@DCIGDA:

,:HI ?: 8>IA>Kj ?6@ C6 6CDG<6C>8@c I6@ C6 DG<6C>8@c @DCI6B>C6CIN 6 IDM>8@c @DKN $Dt:C GDHIA>C G:6<J?: EG6K9qED9D7Cq 8>IA>Kq?> O 9{KD9J IqHCc 7AdO@DHI> B:G>HI:B6I>8@j8= EA:I>K 6 IDM>@6CIJ ,:HI :ADC<68: @Dt:C: JBDrJ?: I6@c I:HIDK6I @DBEA:MCd HBqH> 6 Et:9EDKd96I

?:?>8=hm>C@N34

(31)

.: K:A@c Bdt: H: I:HIN ;NIDIDM>8>IN EDJdK6?d ?6@D HDJm`HI :CK>GDB:CI`ACd=D BDC>IDG>C<J 6 =D9CD8:Cd G>O>@ . 9C:vCd 9D7q :M>HIJ?: 8:A` t696 B:O>C`GD9Cd8= 6<:CIJG KNKd?:?d8d8=

HBqGC>8:EGDI:HIN;NIDIDM>8>IN?6@D?HDJ"+((6ED9 34

$1>?C17;?;B5/5?CA 8135>8-?5AVR"

)GD =D9CD8:Cd 8=:B>8@j8= A`I:@ H: KNJdK` HDJ7DG I:HI{ :@DIDM>8>IN @I:Gc O6=GCJ?d G{OCc IGD;>8@chGDKCq )DHA:9CdOCqCdO`@DC6D8=:B>8@j8=A`I@`8=6EtdEG6K8d8=m +7

?:hEACjBOCqCdBO`@DC6m +7 D8=:B>8@j8=A`I@`8=68=:B>8@j8=EtdEG6K8d8=

6 DOBqCqCq@I:Gj8=O`@DC{?6@KNEAjK`O:OBqCEGDK:9:Cj8=O`@DC:Bm +7 O`@DC:Bm +7 6O`@DC:Bm +7 H EtdHAJvCjB>EGDK`9q8dB>Et:9E>HN HI6CDKdGDOH6=:@DIDM>8@j8=I:HI{ED9A:KNG`7qCc=DBCDHIKd8=:B>8@cA`I@Nm>EtdEG6K@J . k:H@c G:EJ7A>8: ?HDJ I:HIN :@DIDM>8>IN 9A: EA6ICc A:<>HA6I>KN k* EGDK`9qCN ?6@

K 6@K6I>8@cBI6@I:G:HIG>`ACdBEGDHIt:9d ,:HINEGDK`9qCcK 6@K6I>8@j8=:@DHNHIcB:8=B6?d BD9:ADK6I G:`ACc H>IJ68: C6HI`K6?d8d K: KDACc EtdGD9q KNBjK`Cd HG`@6B> HEA68=N„

2dH@6Cc KjHA:9@N EGD@`O6AN : INID O@DJv@N C:EDHI>=J?d K EACcB GDOH6=J :@DIDM>8>IJ t69N C:7:OE:mCj8= A`I:@ 3 4 . 9{HA:9@J ?:?>8= CdO@c GDOEJHICDHI> K: KD9q C:7D

=N9GD;D7Cd=D 8=6G6@I:GJ C:Cd O6OC6B:C`C6 ?:?>8= IDM>8>I6 $A6H>8@c I:HIN :@DIDM>8>IN 6@K6I>8@c B6?d EGDID A>B>IDK6Cc EDJ>Id H CdO@DJ KNEDKd968d =D9CDIDJ D 96CcB KODG@J

> KO=A:9:B @ ?:?>8= @G`I@D9D7c :MEDO>8> )GDID J Cq@I:Gj8= E:KCj8= A`I:@ C:AO: HI6CDK>I IDM>8@j:;:@II:HINK 6@K6I>8@cBJHEDt`9`Cd 34

'q@I:Gc HIJ9>: C6OC6mJ?d : EGD D7?:@I>KCd EDHDJO:Cd :@DIDM>8>IN ?: It:76 @A6H>8@c :@DIDM>@DAD<>8@cI:HINGDOvdt>IDIOK @DCI6@ICdI:G:HIG>8@cI:G:HIG>`ACdI:HINIDM>8>IN@9:H:

I:HIDK6C`A`I@69DHI`K`9DEtdBc=DHIN@JH I:HIDK68dB DG<6C>HB:B34

*78<: &0:&8.(0@29754H>)>3A: 1*,.71&8.:G

,:HIN EGDK`9qCc K 6@K6I>8@cB JHEDt`9`Cd ?HDJ O6@DIK:CN K A:<>HA6I>Kq k* O`@DC:B +7 D8=:B>8@j8=A`I@`8=68=:B>8@j8=EtdEG6K8d8=K:OCqCdEDO9q?vd8=Et:9E>H{

EGD =D9CD8:Cd C:7:OE:mCj8= KA6HICDHId 8=:B>8@j8= A`I:@ 6 EtdEG6K@{ 6 O`@DC:B +7 DD9E69:8=DOBqCqCq@I:Gj8=96Avd8=O`@DC{@9:H: HI6CDK:Cd:@DIDM>8>IN D9E69{EGDK`9dEDBD8d KD9Cj8=KjAJ={D9E69{ #:9C`H:DINIDI:HIN 34

k+''"+(#6@DHIKD9  +I6CDK:Cd6@JICdIDM>8>INEGDHA69@DKD9CdGN7N

*B86<?<4E8G<6H?4G4E46;L74A<B E8E<B

k+''"+(#6@DHIKD9  2@DJv@6>C=>7>8:ED=N7A>KDHI>4C;A<4@4:A4 k+'' #6@DHIKD9  2@DJv@6>C=>7>8:G{HIJHA69@DKD9Cd8=t6H

8F@B78F@HF FH5FC<64GHF*F8H7B><E6;A8E<8??4FH5FC<64G4

,:HI>C=>7>8:G{HIJ@Dt:C:=Dtm>8:7dAc,<A4C<F4?54  &:ID9>8@jED@NC&~)@:

HI6CDK:Cd:@DIDM>8>IND9E69{ )tdAD=6 34

(32)

438&083A8*78<:1*,.71&8.:GD

)D696K@N C6 KNJ>Id @DCI6@ICd8= I:HI{ ?HDJ 9`CN Et> =D9CD8:Cd :;:@I{ 8=:B>8@j8= A`I:@

6 EtdEG6K@{ @I:Gc H: ED9A: A:<>HA6I>KN k* =D9CDId ED9A: O`@DC6 m +7 D 8=:B>8@j8= A`I@`8= 6 8=:B>8@j8= EtdEG6K8d8= 6 ?:=D EGDK`9q8d8= Et:9E>H{ . EtdADO:

EGDK`9q8dKN=A`v@N&~)m +7 ?HDJJK:9:CNE{9Cd:@DIDM>@DAD<>8@cI:HINKm:ICq B:ID9>@ #:9C`H:KED9HI6IqDEt:AD:Cc B:ID9>@N(I:HI{ 34

. @DCI6@ICdB JHEDt`9`Cd EG68J?:B: H: HI6C96G9>ODK6CDJ E{9DJ @I:G` H>BJAJ?: G:`ACc EGDHIt:9d MEDO>8:?:O m6HDKc=D=A:9>H@69ADJ=D9D7` #:9C`H:t`9DKqDIj9CN ,NIDI:HIN KN@6OJ?d KNvvd 8>IA>KDHI 9:I:@J?d CdO@c @DC8:CIG68: 6 B6?d HDJm6HCq 8=6G6@I:G I:HI{

G:EGD9J@mCd8= #:?>8= KjHA:9@N ?HDJ @AdmDKjB >C9>@`IDG:B GDKCDK`=N :@DHNHIcB{ 6 ?HDJ EDJ>I:ACc C:?:C Et> OEG68DK`Cd H6BDICc 6C6AjON G>O>@6 6A: I6@c Et> HI6CDK:Cd H6C6mCd8=

A>B>I{6=D9CD8:Cdhm>CCDHI>H6C6mCd=DO`H6=J34

6AvdED696K@NC6KN=D9CD8:CdE{9Cd8=:@DIDM>@DAD<>8@j8=I:HI{?HDJJ@DIK:CNK:OCqCd O`@DC6m +7 DGDHIA>CDAc@6tH@cEcm>K:KN=A`v8:m +7 DEtdEG6K8d8=

6 96Avd8= EGDHIt:98d8= C6 D8=G6CJ GDHIA>C K EtdADO: 6 .N=A`v@6 m +7 7NA6 CDK:A>ODK`C6C6KN=A`v@J+7 A:ID=DIDO`@DC6?:CJICcO=D9CDI>IKA>KC6

':8dADKcHJ8=DO:BH@cmA:CDK8:

~d6AN6?>CcC:8dADKcE{9CdB6@GDDG<6C>HBNEDK6DK6CcO6D=GD:CcI:HI6@JICd IDM>8>INI:HIHJ7A:I`ACd8=hm>C@JEDEt EDACdHIJ9>:

':8dADKcE{9CdB>@GDDG<6C>HBN 34

&~) D97DG :@DAD<>8@j8= v@D9 Et>EG6KJ?: CDKj B:ID9>8@j ED@NC EGD OEG68DK`Cd 6C6AjON G>O>@6 EGD >KDICd EGDHIt:9d O: HI6Gj8= :@DAD<>8@j8= O`Iqd $GDBq =N9GD<:DAD<>8@j8=

8=:B>8@j8= 6 IDM>@DAD<>8@j8= KHIJECd8= E6G6B:IG{ 7N BqAN 7jI O6t6O:CN > @DCI6@ICd I:HIN :@DIDM>8>IN 34

':?7qCq?vdI:G:HIG>`ACdI:HIN:@DIDM>8>IN?HDJC`HA:9J?d8d *:EGD9J@mCdI:HIC6d6A:<F8A<49B8G<74

*:EGD9J@mCdI:HIC68=KDHIDH@D@J B?FB@<464A7<74"+(

*:EGD9J@mCdI:HIC6GDJE>8>A6;LGE48HF6ELCGE<6HF"+(

,:HI>C=>7>8:G{HIJ@Dt:C:&46GH64F4G<I4"+( 34

26K:9:Cd@DCI6@ICd8=I:HI{:@DIDM>8>IN9DEG`KCd8=Et:9E>H{?:?:9CdBO9{A:>Ij8=@GD@{EGD KjKD? K D7A6HI> D8=G6CN >KDICd=D EGDHIt:9d #6@D C:?A:Evd 6 C:?:;:@I>KCq?vd t:v:Cd ?:

@DB7>CDK6I I:HIN 6@K6I>8@c HEDAJ H I:HIN @DCI6@ICdB> 67N8=DB OdH@6A> KjHA:9@N H KNHD@DJ KNEDKd96?d8d=D9CDIDJ

J)<549LA:&3@: 0438&083A(-8*78*(-

. @DCI6@ICd8= I:HI:8= H: EDJdK` 8:A` t696 E{9Cd8= HJ7HIG`I{ K O`K>HADHI> C6 EDJ>Ij8=

DG<6C>HB:8= ':?EDJdK6Cq?vd GDO9qA:Cd ?: C6 E{9N 6GI>;>8>`ACd JBqAc E{9N EtdGD9Cd 6 DHI6ICdE{9N GI>;>8>`ACdE{96H:Et>EG6KJ?:ED9A:B:ID9>@N( "9:CI>8@DJ E{9J 9A:

(33)

B:ID9>@N IcIDB:ID9>@N H>B{:Et>EG6K>I@69`A67DG6IDt -v:ItdH:I6@C`@A69NO69DEG6KJ O @DCIGDACd8=D97qGDKj8=BdHI9D8dADKj8=A67DG6IDtd +AD:Cd6GI>;>8>`ACdE{9N?:Et:HCq96Cc 6I6IDE{967NH:C:BqA6B:O>A67DG6IDt:B>A>v>I .:A@DJKj=D9DJ?:BDCDHIEDGDKC`CdI:HI{

B:O>A67DG6IDt:B>C6KO`?:B

){96%J;6?:HI6C96G9Cd EtdGD9Cd E{96EGD:@DIDM>@DAD<>8@cI:HINEDJdK6C`EGD7:OD7G6IAc

>KDm>8=N ,6ID E{96 ?: K=D9CDJ 6AI:GC6I>KDJ C6BdHID 6GI>;>8>`ACd E{9N ,:CID INE E{9N ?:

K:AB>EDJdK6CjK BCD=6O:Bd8=6EGDIDB`BCD=DK6G>6CI '6Etd@A69%- %-

%-&%-+@I:GcH:D9H:7:A>vd;NO>@`ACq8=:B>8@jB>KA6HICDHI> `A:H:EDJdK`

:KGDEH@j @DC8:EI EtdGD9Cd8= E{9 C6OjK6Cj JGDHD>AH @DC8:EI K: @I:GcB ?HDJ E{9N ED8=`O:?d8d O G{OCj8= O:Bd KGDEN O6t6O:CN 9D EtdHAJvCj8= Itd9 @I:Gc ?HDJ E6@ DOC6m:CN ED9A:96CcO:Bq '6Etd@A69E{96O 'qB:8@6B`DOC6m:Cd+D 34

1?;057C?1>?]<;@_5?Q/4A <=L/5

)GD =D9CD8:Cd :@DIDM>@DAD<>8@c=D KA>KJ C`B> I:HIDK6Cj8= 8=:B>8@j8= A`I:@ C6 >KDICd EGDHIt:9d ?HDJ KEG`8> KNJdK`CNI:HIN K 6@K6I>8@cBJHEDt`9`Cd C6>KDm>vCj8=6 GDHIA>CCj8=

DG<6C>HB:8=6I6@c I:HINK @DCI6@ICdBJHEDt`9`CdC6>KDm>vCj8=DG<6C>HB:8=6 ?:9:CI:HI

;NIDIDM>8>IN

*78<: &0:&8.(0@29754H>)>3A *78<7 L.:4F.I3C2.46,&3.72<

*78&0983A 84;.(.8<3& L>'6434L(* 71&3.704:@ 68*2.&7&1.3&

;4E4>G8E<FG<>4BE:4A<F@H

EG8@<4 F4?<A4 `7GDCD@6 HDAC` C:7DA> I6@c HA6C>H@DK` ?: D;>8>`ACq KN=NCJAj 9GJ=

(7G`O:@ ,DID ?BcCD E6It>AD @DGjv> @I:Gj >A K CNCd ?> C::M>HIJ?d8dB 7G>IH@cB ?:O:GJ

%>K>C<IDC NA ID EGKCd 9GJ= `7GDCD@N @I:Gj 7>DAD<DKc Et:HCq?> t:m:CD O6@A696I:A

@A6H>;>@68:>KDm>vCj8=9GJ={ vKc9H@j7DI6C>@ 4E?IBA&<AARO6t69>A>K GD8: s69dH:

B:O>HDJm6HCd@N9>CDH6JG{C62:B>>?:?>6H>B>A>DC{A:I . HDJm6HCc9D7q:M>HIJ?:

C6 HKqIqH:9B9GJ={EGR@<S@I:GcH:t69d@ C:?EDJdK6Cq?vdBJ6@K6G>?CdBJ @GB>KJ 34 +6B>m@6 EG8@<8 @A69: K6?dm@6  8NHIN @I:Gc B6?d IKG9DJ H@Dt`E@J 2 8NHIN H: E6@ GD9d C6JEA>:A6GKN q=:B9>6E6JON8D?:EDO6HI6K:CjKjKD?H:EGD?:KJ?d8NHINB>BDt`9CDJ D9DACDHId )t:9 KNAd=CJIdB C6JEA>d 8NHI6 67HDG7J?: BCDHIKd KD9N D9EDKd96?d8d C`HD7@J KA6HICd E{KD9Cd K`=N )DIc O`GD9:@ DdK` 6 ?:=D KjKD? H: D7CDKJ?: . 8NHIq H: D7?:Kd vIqG7>C6 @I:GDJ O`GD9:@ K6?dm@D DEDJvId $9N H: C6JEA>: 9:;>C>I>KCq O76Kd H@Dt`E:@

6 B:B7G`C ED@GjK6?d8d8= ?:?>8= IqA6 O6mCDJ H: 6@I>KCq ED=N7DK6I . EG{7q=J G{HIJ @I:Gj IGK`DHB9C{H:A6GK6HKAc@`6E6IC`8I@G`I DdK`H:6v:HIBqHd8{ 34

.6?dm@6 `7GDCD@N HDACc H: @ C`B 9DK`d K @DCO:GK`8= IcBqt Kj=G69Cq KNG`7qCj8=

K -+ @9: ?HDJ K6?dm@6 H7dG`C6 K: .:A@cB HDACcB ?:O:t: K -I6=J #HDJ DBNI6 HA69@DJ KD9DJJHJv:C66K6@JDKqEACqC69D@DCO:GK

(34)

GI:B>6 >?: K: HA6Cj8= ?:O:G:8= H KD9DJ D7H6=J?d8d 8=ADG>9N HdG6CN 6 J=A>m>I6CN +6A>C>I6 KD9N9DH6=J?:@DC8:CIG68d6<A GI:B>6?:Kv6@K:AB>Et>OE{HD7>K`I6@:?>HIDJ9D7J 9D@`: dI > K: HA69@c KD9q ,D JBDrJ?: EDJdK6I 6GI:B>d ?6@D >Kc=D @GB>K6 EGD HA69@DKD9Cd6@K6G>?CdGN7N 34

)5EQM8> A4HC?<8EG8@<4F4?<A4 34

6.3(.58*789

,:HIJ?:H:KA>K8=:B>8@j8=A`I:@C6 BDGI6A>IJ m:GHIKqH:KNAd=Aj8=C6JEA>d@I:G`?HDJ ED9GD7DK`C6KA>KJG{OCj8=@DC8:CIG68d

4)2A30<8*789

,:HIDK`CdH:EGDK`9dEt>I:EADIq R QK >C@J7`IDGJ )Dm:I?:9>C8{C6@69DJ@DC8:CIG68>

?: &DGI6A>I6 K @DCIGDA: C:HBd Et:H`=CDJI =G6C>8> q=:B I:HIDK`Cd C:9D8=`Od

@: @GB:Cd`7GDCD:@6C>@ 6:G68> 34

!<-4)34(*3A8*789

)D 6 =D9>C`8= H: O6OC6B:C` BCDHIKd J=NCJAj8= ?:9>C8{ K ?:9CDIA>Kj8= v68=I`8=

I:HIDK68d 9:H@N 6KNEDmdI`H:=D9CDI6EGD8:CIJ`ACdBDGI6A>IN '6DHJK H: KNC:HDJAD<6G>IBN

@DC8:CIG68d 6C6DHJ L EGD8:CI6 BDGI6A>IN 2dH@6Cc=D9CDINH:KNC:HDJ9DHDJt69C>8DKc=D HNHIcBJ 6 7D9NH:EGDADdEtdB@DJ A>C:`GCdG:<G:H: !A:96C`@DC8:CIG68:%H:KNEDmdI`

I6@ : O6=D9CDIJL H: K GDKC>8> 9DH69d =D9CDI6D9EDKd96?d8d BDGI6A>Iq I? =D9CDI6 6O GDKC>8: A>C:`GCdG:<G:H: H: JGmd AD<6G>IBJH@DC8:CIG68: K 2EqICjBD9AD<6G>IBDK`CdBH:

OdH@` @DC8:CIG68: KB<AEt>@I:Gc9D8=`Od@ BDGI6A>IqI:HIDK6Cj8=DG<6C>HB{ ,dBID OE{HD7:BH:JGmd =D9CDI6=% )GDHGDKC`CdH: B{: EDJdI B:ID96EGD7>IDKc6C6AjON

@9N H: EGD8:CI6 BDGI6A>IN Et:K:9DJ C6 EGD7>IN K>O ,67JA@6 m K EtdADO: +:HIGD?d H:

<G6;>8@`O`K>HADHIEGD7>IDKj8==D9CDIC6AD<6G>IB:8=@DC8:CIG68d 6O GDKC>8: A>C:`GCdG:<G:H:

H: KNEDmdI`=D9CDI6=% 6=% 34

(35)

*78 &0983A 84;.(.8< " 3& -&234(*5-&19751&8<9697

-&6&08*6.78.0&46,&3.729

#6@DI:HIDK68dDG<6C>HBJHH:EDJdK` -;4@AB68C;4?HFC?4GLHEHF (7G`O:@ #:9C`H:

D HA69@DKD9Cd 7:OD7G6IAj DG<6C>HBJH @I:Gj E6Itd 9D t`9J `7GDCD:@ 6 9D Itd9N AJE:CDCD8{ &` IqAD K9N 7:O H8=G`C@N EGDI`=Ac 6 Bq@@c HAD:Cc O m:ICj8= mA`C@{

DG{HI6?d9D9cA@N  BB )DKNAd=CJId8NHIEGD8=`OdDG<6C>HBJHA6GK`ACdBHI`9>:B 34

)5EQM8>-;4@AB68C;4?HFC?4GLHEHF )5EQM8>6LFGL-;4@AB68C;4?HF C?4GLHEHF

12 34

6.3(.58*789

(G<6C>HBJH H: J8=DK`K` K >C6@I>KCd ;DGBq ?6@D ƒHEd8d‚ 8NHI6 (7G`O:@ D 6@I>KCd=D HI`9>6 H: JK`9d 8NHIN =N9G6I68d K: HI6C96G9CdB >KCcB Bc9>J )D KNAd=CJId H: I:HIDK68d DG<6C>HBJH KNHI6Kd E{HD7:Cd G{OCj8= @DC8:CIG68d I:HIDK6Cc A`I@N @I:G` ?: GDOEJvIqC6 K: HI6C96G9Cdt:9d8dKD9q )DJEANCJId>C@J76mCd9D7NH:O6OC6B:C`EDm:IBGIKj8=?:9>C8{

6KNEDmI:H:=D9CDI6=% 34

4)2A30<8*789

"C@J768: H: EGDK`9d K >C@J7`IDGJ ED 9D7J =D9>C Et> I:EADIq R Q Et> DHKqIA:Cd  AM "C@J76mCd9D76?:=D9>C .A6HICdI:HIIGK`=D9>C6EGD7d=`K I:BCJ 34

!<-4)34(*3A8*789

.>OKN=D9CD8:CdI:HIJ6@JICdIDM>8>INC6`7GDCD8:HA6C>CDKcGI:B>6H6A>C6

Odkazy

Související dokumenty

Martina Kašparová vypracovala diplomovú prácu na tému &#34; Biologické vlastnosti scaffoldů studovaných pomocí bioeraktorů&#34;. Z hľadiska kontroly pôvodnosti práce,

Bakalářskou práci pana Martina Tomáška hodnotím &#34;D&#34; - uspokojivě a to na základě výše uvedených nedostatků. Má fyzický útok

Téma práce bylo zadáno z důvodu budoucího využití pro přípravu hierarchizovaných povrchů &#34;scaffoldů&#34;, které budou v budoucnu na Ústavu fyziky a

Téma diplomové práce &#34;Analýza připravenosti složek IZS při transportu nadměrných pacientů v městských aglomeracích a v přírodním prostředí&#34; je

Cíl práce je jednoznačně vymezen: &#34;Cílem diplomové práce je analýza současného stavu Corporate Identity ve společnosti SAP a návrh na její zlepšení.&#34;

Diplomová práce má jasně vymezený cíl práce: &#34;Cílem diplomové práce je analýza současné prodejní situace firmy a následné zhodnocení přínosu konceptu

Place detector (Graphical representation) Determinate rooms conditions. (Air conditioning, close ceiling, room height, ceiling

Diplomová práce má jasně vymezený cíl práce: &#34;Hlavním cílem diplomové práce je zhodnocení již proběhlého eventu sportovní značky Adidas při