S>2 - Carta de Conjuntura FEE

%'9&&&&&
''''M
/56 ) 5'*
56814076
4;B2>:;
1; [email protected];
1; >6; 4>.:12
CD ?A8
?KIVKXGVNGJS <PGRKOGQKRXS
K JG .JQNRNWXVGdcS
(++)
3A:1.0N1
12 2K1:196.
2 2?@.@g?@60.
?NKMLVNKJ
2QGRYKPC^nl ^ k
@gmk^`n^ Zhl >hkk^bhl
gh fˆl ]^ ]^s^f[kh
S >2@;>:;
1;?
>20A>?P#?
2C@2>:;?
?^l]^
.66.( m^f*l^ o^kb_b\Z]h nf ln[lmZg\bZe _enqh ]^ \7eibm7ebl
iZkZ Z ^\hghfbZ
[kZlbe^bkZ+ >hfh
\hgl^jŽˆg\bZ(
^f l^m^f[kh •em bfh(
Zl k^l^koZl ^qm^kgZl k^`blmkZkZf h g‰o^e ^e^oZ]‰llbfh
]^ PNN //([beaŒ^l gh \hg\^bmh ]^ ebjnb]\s+ J k^mhkgh ]hl ^fik‡lmbfhl
oh engm•kbhl(
Ze‡f ]hl bgo^lnf^gmhl(
\hglmbmnbn*l^ gnf
_^g‹f^gh
g7e! ik^oblm^&+
<gm^kbhkf^gm^( h \hgl^glh
ieZnl‰o^e ^kZ (& ]^ jn^ Zl \gg]be8+!^l ]^
^lmZ[beb]Z]^ ^ \k^l\bf^gmh
^kZf _ng]Zf^gmZbl iZk$e k^lmZ[^e^\^k Z iZk*
\^kbZ ^lmkZg`^bkw+ . 0GVXG
JK0SROYRXYVG
mk+nZ\Gml\ZnlZl ^ \+kk+n+m\mbl*
mb\Zl ]hl ghohl k^\nklhl( a\f \hfh
]Zl \hgl^jŽˆg\bZl
jn^ ^.2 f^lfhl
mkZs^f iZkZ Z ^\hghfbZ+ <gm^l( \hgo‡f
h[l^koZk Z k^Zeb]Z]^ k^nhli\\*
mboZ]h [ZeZg†h ]^ iZ`Zf^gmh+
. UYKWXcS
K[XKVRG
KQ VKXVSWTKIXNZG
< iZkmbk]^ .651( h =kZlbe iZllhn
Z \ob]\g\kZk
Z \Zin\b]Z]^
]^
k^ZebsZk h jn^ l^ \hgo^g\bhghn
\aZfZk !f\`nl*lni\kƒobml$
g$eaZe$DeRv.
\hf^k\bZe+ >hfh
\hgl^jŽˆg\bZ(
mkngl_hkfhn hl lb`gb_b\Zmbohl ]\_b\bm l
^f mkZglZ†Œ^l \hkk^gm^l ^f ^jnbe‰[kbh \( >blo^e^l( ^f lZe]hl ihlbmbohl+
>hf bllh( bgm^kkhfi^n*l^ h ikh\^llh
]^ bgm^glh \n]bob]Zkg\gmh ^qm^kg^&
ob`^gm^ gh ehg`h i^k‰h]h ik^\^]^gm^(
@kZ eŠ` b\h lnihk jn^ Zllbf l^
ikhib\bZkbZ Z k^]n†…h ]Zl k^lmkb†Œ^l\Zf[bZbl jn^ Z ^\hghfbZ
^g_k^gmZ*
oZ+ Oh]ZobZ h jn^ l^ o^kb_b\hn _hb Z \hf bgnb]Z]^ e[l f\lf+kl(
m^g]h
\hfh
\ZnlZ h k^]nsb]h( ^( ‚l o^s^l( g^`Zmboh( _enqh ]^ \ZibmZbl+
IZ k^Zeb]Z]^( Z ]‡\Z]Z iZllZ]Z \ZkZ\m^kbshn*l^ ihk `kZg]^ k^lmkb($‚^&
GD9$
ebjnb]^s ^f ^l\ZeZ fng]bZe ^ ihk mZqZl]^ Q
nkhl bgm^kgZ\bhgZblfnbmh ^e^oZ]Zl+
KZkZiZ‰l^l \hfh h =kZlbe(\hf ^qik^llboZ ]bob]Z ^qm^kgZ(Z ob`ˆg\bZ ]^ ZemZq
mZqZl bgm^kgZ\bhgZbl]^ cnkhl Z[lhkobZ `kZg]^ iZkm^]Z \ZiZ\b]Z]^ ]^ i$e`Z*
f^gmh ]Z ^\hghfbZ+ @llZ lbmnZ\‚h l^ \hg_b^nkZoZ \hfh
nfZ gf^Z\Z 7.
fZgnm^g†…h ]Z k^`neZkb]Z]^ ]Zl k^fng^kZ†Œ^l ]^ob]Zl Zhl k^\nklhl \qm\k*
ghl+ <]^fZbl(
Zh ehg`h ]h Bho^kgh NZkg^r( Zl jn^lmŒ^l ^qm^kgZl _hkgf
mkZmZ]Zl\hf ^qmk^fZ _ZemZ
]^ \kbm‡kbh+
AhkZf ]\\dnn]Zl
]nZl fhkZmŠkbZl ]^
iZ`Zf^gmhl ^qm^kghl( 77l^`ng]Z aƒ f^ghl ]^ nf bGT?,]^ihbl ]^ h =kZlbe m^k
ZllbgZ]h nf Z\hk]h \hf hl [Zg\hl \hf^k\bZbl ^lmkZg`^bkhl+ <llbf( Z [em\e
]^ l^kb^]Z]^ jn^ \ZkZ\m^kbshn Z \hg]n†…h ]^ mh]Z Z ihebmb\Z^\hg‹fb\Z
]^ll^
i^k‰h]h( ZebZ]Z ‚ _hkm^bglmZ[beb]Z]^ ]hl ik^†hl( h[lmZ\nbbshn Z ^gmkZ]Z ]^
k^\nklhl gh KZ‰l+
#3#33
b!#b333##;(##3###E
e++++
7vvl
bex:8kxv!$7*7
,&,-T,&,V)70Q 0;P@6 AIGGBKAD@D
J@JBKLI \hf IKVXNLNIGJSW
3)Sb
,'A,, ",%!,,&--2,",,&',-J,
B!,,,', ''''
&-,,' J, 7v7Vm+8kk777.\bŽgZev7.
i^kfbll…h E:F,I rea(vm$e7W
7+vqkv
B,,"-B;#BF<A
8vOv !77b@m+vt+xbk7
\[email protected]+!$7$8
^qm^kg^l ZNRIYPGJSW
aWK[TSVXGdiKW&
H@
k\`neZkg\gmZ*
v$+8*7%7
v 778o*78!87(q v77v -'?, ]v7+7
3b!)33,\333
b3)'!I
\hgo^kl‰o^bl <BK( Z†Œ^l 2(H$ @Sem7vke%&k
vv."( bTP3#3#4=\]ZbT
]Zl a^&8!7DN
]^ oZehk^l ]D&KZ‰lZhl bgo^lmb]hk^l bglmbmn\bhgZbll^f ikZsh ]^
\Zk\g\b+k i+nn Zl 7eieb\*va8-^(+<h f^lfh
m^fih( Zl mZqZl]hf‡lmb\Zl ]^ cnkhl
m^f l^ \heh\Z]h ^f iZmZfZk fnbmh lni^kbhk Zh ]Zl mZqZl ]h f^k\Z]h
bgm^kgZ\bhgZe((emP‡eee](&!
]b_^k^g†Z \hfh bfihkmZgm^ f^\Zgblfh
]^ f\\gmboh
i^n$! (Dm+We..!]^(
]^$ k^\nklh ^qm^kghl+
.S ^ohen†…h VKIKRXK
JG IGTXGdcSJK VKIYVWSW
I^lm^ K$&D.e($
]$e Zgƒebl^( ‡ bgm^k^llZgm^ ^qZfbgZk Z ^ohen†…h k^\^gm^
]n >veim$D(x($m+&
]^ k^\nklhl ^qm^kghl( l^cZ gZ lnZ mhmZeb]Z]^(l^cZ Z g‰o^e]^
NP7DN
fh]+keb]n]\l
f$ebl bfihkmZgm^l+ @ll^ ^q^k\‰\bh ^e^ h[l^koZ†…h i^k*
fbm^ \hglm+n7n ^f jn^ f^]b]Z
Z \hfihlb†…h
]hl ghohl bg`k^llhl
l^
\hg\\fkn
\f \ ‰mndy(
]^ \nkmh ^ f‡]bh ikZshl ^( ‚l o^s^l( ^li^\neZmbohl
>Zey7 8(]o^e Q
be$D
==
\$gl (Gb]e$l \hf jn^ l^ \hgmZ %OZ[^eZ D&lhfZf
oZehk^l
k^vb$ekZ]!l \ !ebmbekb,ve]9+.N(
]^ _hkfZ jn^ Zi^gZl bg]b\Zf( ZikhqbfZ]Z*
f^gm^+ (Df`k^lN9. [knmh ^_^mboh ]^ \ZibmZbl+
?=^f .66X(.W fhf Zgm\ mhmZe]Z ^gmkZ]Z [knmZ ]^ k^\nklhl Zmbg`bn
vD\b ek+7]^ PNN X.(3 [beaŒ^l+ @ll^ fhgmZgm^ k^ik^l^gmhn nf \k^l\b*
f\gm h ]^ .10(- )#lh[k^ Z f‡]bZ ]hl ]hbl Zghl Zgm^kbhk^l+ @f .66/(
Z ?F=#8# ih ebm
b\w ^XP>^goheo^n Z Kk^lb]ˆg\bZ ]Z M^i•[eb\Z(
^f f^Z]hl
%d( 7...+&(,+-$ \Zbk ve \$eieZ†Žh f‡]bZ ]^ k^\nklhl+ @N!. f‡]bZ iZkZ h
i\kbh]h
cne+ohnm+ ..W. /1(-49 f^ghk ]h jn^ Z ]h ikbf^bkh l^f^lmk^+
I…h h[qb+bgm\ \l*(\ _7eeeW(7pehg`h ]^ mh]h h Zgh( h bg`k^llh ]^ \ZibmZbl
_eWb
+ng]g fZbl bgm^glh ]h jn^ gh Zgm^kbhk+@f ]^\hkkˆg\bZ
]Z \kbl^
ih ebm
b\n( ]^gmk^ $DNfh]Zeb]Z]^l
]^ \ZimZ†…h fZbl bfihkmZgm^l( Zl jn^
f+nl k\]n,bk+ng qnn f‡]bZ f^glZe
^f \hfiZkZ†…h
Zh ikbf^bkh l^*
f^lmk^ _hkZf D&N
AIGGBKAD@F
J@JBKL %36(-#&( hl [‹gnl
%2-49 e ^ D&N
fo\lmng\gm+y
^qm^kghl e‰jnb]hl ^f ahelZ %23(0# e+ >Zlh l^ fZgmb*
o^ll^( iZkZ meW]^$
%.Zgh ]^ .66/( h g‰o^e f‡]bh
f^glZe ]Z mhmZeb]Z]^
]^ bg`k^llhl
o^kb Db\n]h gh ikbf^bkh l^f^lmk^( h mhmZeZgnZe lhfZkbZ
Z \b_kZ ^e^oZ]‰llbfZ
]^ PNN .6(- [beaŒ^l+ I^llZl
\bk\nglm…g\bZl+ Zl
k\l\ko+k* ]^o^kbZf
^e^oZk*l^ ‚ \ZlZ ]hl PN" /4(- [beaŒ^l+
AbgZef^gm^( k^lGb h[l^koZk jnZbl l…h Zl iZk\^eZl ]Z mhmZeb]Z]^]Zl
\$7eimZW$$$W^l
jn^ l^ \hg\^gmkZf
^f hi^kZ†Œ^l ]^ \nkmh ^ f‡]bh ikZshl iZkZ
i$e`$!Še^D..$&$
J+( AIGGBKAD@M
J@J@L%
\hf ikZshl ]^ iZ`Zf^gmh bg_^kbhk^l
Z nf 7....W(k\ik\q\gm+ng 5(-# ]hl bg`k^llhl8 hl [‹gnl( \hf ikZshl ]^ nf
Z mkˆl JVWc' *0%1")! Zl Zieb\g\Œ\l ^f [helZ( \hf
k^mhkgh !8. jnZejn^k
ahkZ!( /0(- ";K' Jl .$.$(.,+WW2
^q‰`nhl ]^ fZmnkZ†…h ]^ iZkm^ ln[lmZn\bne ]hl
k^\nklhl mˆf `^k$e]^. Z]o^kmˆg\bZl Z\^k\Z ]Z oheZgeb]Z]^ ]hl f^lfhl+
.W \bk\nglm„g\bZl GXYGNW
KWYGW
TKVWTKIXNZGW
.W IGYWGW
JS RSZSLPY[SJK VKIYVWSW
Gh`b\Zf^gm^( Z ebgaZ]\kZ\bh\bgbh vvbfZ e^oZ Z \hg\enbkjn^ Zl ]bk^mkbs^l
\hhi^kZmboZl ]^ mkZmZf^gmh]Zl jn^lmŒ^l ^qm^kgZl( l^`nb]Z( \hf _bkf^sZ ihk
HZk\bebh HZkjn^l Hhk^bkZ( \hgmkb[nbkgf iZkZ k^\ni^kZk Z \k^]b[beb]Z]^ ]7e
^\hghfbZ+ Ih f^lfh
l^gmb]h( Z ihe‰mb\Z
^\hg‹fb\Z
]^ \Zkƒm^khkmh]hqh \ h*(
ieZghl ]^ k^_hkfZl ^f bfie^f^gmZ†…h( ihk m^k^f \Zkg\m\k‰lmb\nlZikhoh]Zl
i^eZ \hfngb]Z]^
_bgZg\^bkZ bgm^kgZ\bhgZe(`^kZkZf( ,?% @qm^kbhk(hmbfblfh
^f k^eZ†…h‚l ihllb[beb]Z]^l
]^ lhen†…h ]Z \kbl^ [kZlbe^bkZ+< k^]n†…h
^qik^llboZ ]Zl mZqZlbgm^kgZ\bhgZbl]^ cnkhl( Zh ]bfbgnbk ln[lm+nm\bZag^gm\
hl fhgmZgm^l ]hl l^kob†hl ]Z ]‰ob]Z(m^v^^e^bmhlbfbeZk Zh ]^ nfZ ZfiebZ†7eh
]Z \ZiZ\b]Z]^ ]^ iZ`Zf^gmh ]Z ^\hghfbZ+ J( _Zmhk^lf^g\bhgZ]hl
Zjnb
k^]nsbkZf h !kbl\h*=kZlbe! +
OZf[‡f
‡ g^\^llƒkbh k^llZemZkhl bglmknf^gmhl ]^ \ZimZ†Žh( k^\^gm^*
f^gm^ k^`neZf^gmZ]hl i^eh Bho^kgh( fZbl Z]^jnZ]hl
‚l ob`^gm^l \+nn\m\*
kblmb\Zl]Z h _^kmZ
]^ k^\nklhl+ ?^gmk^ ^lm^l( oZe^ f^g\bhgZk Z hnm\kbsZ†‚h i^fe
KZknnonebZkvDN
\hgl^jŽˆg\bZl
]h bg`k^llh ]^ \ZibmZbl ^ ]Z ^e^oZ†…h]Zl
k\l\ko+7*(\qm\f+k*( \hno\f
iZkmbk]h ^qZf^ ]^ \hg]b†Œ^l ^qZmgf\gm\ ($ihl*
mZl(hn l\b((* ]^ ^l\$7(((+. bg`k^llh ]^ k^\nklhl ^ ]^ nf g‰o^e\k‰mb\h
]^ k^l^koZl+
I^l+N7. lbmnZ\‚h( DSek!k^\ni^kZk h ^lmhjn^ ]^ \Zf[bZbl( %&Bho^kgh oˆ*l^
m%.k†7e]!
+nhfZk f^]b]Zl k^\^llboZl ]^ ihe‰mb\Z^\hg‹fb\Z
iZkZ fZqbfbsZk
^.N!eb]^bN]Z [$DGeDeW!.
\hf^k\bZe+ < ^\hghfbZ i^k]^ \hg]b†Œ^l Dqn$ZfZgm^k
K‡e.$....!k^N]^ +nbob]+ne\ ikh]nmboZ+ K^eZ f^lfZ
kZs…h * k^\hfihk
Zl
k^l^koZl *( h Bho^kgh( ^o^gmnZef^gm^( oˆ*l^ bglmZ]h Z ]^loZehkbsZk lb`gb*
Db\+nbo+nn\gm\ 7. mnqn ]^ \„f[bh+ >Zlh ^llZ ]^loZehkbsZ†…h k^Zef^gm^ l^
]^mbo^( \ZnlZk+b mhkm\bfiZ\mh ]^ ]^l^lmZabebsZ†…h]hl ik^†hl+ >Z[^ o\kb _b\Zk
\hkgh ^ll^ .$.W.>e$NNe.
]^ ]\l\lmn[bebsZ†„h l^ k^ZebsZ(
< mZqZ]^ \x($DD..aeeW
ˆ nf ]hl ik^†hl [ƒlb\hl ]Z ^\hghfbZ+ @f ]h\hk*
m•FD>e]^l+lev Gbm(&(
]^lo8DD(&kEe7e†Œ\l
\Zf[bZbl \ZnlZf Z k^]^_bgb†…h]^ \nlmhl
^ ]^ e$k^$xD$+l(
gnf ik( D>GvNN%W
jn^ m^kfbgZ ihk ^goheo^k mh]Z Z ^\hghfbZ+ ?^o^
$LWV\U]J E'L$
/
NDIJKN@?J HvN
DIAG<|{J
H@IJM
@H IJQ@H=MJ
>M@N>@ J O@bWRJ ?@ KMJ>PM<
MHK<
A[ ZN[]T\JMW[ %8... \NZUW[ M33\
\J_J Mi bg_eZ†…h(NU VW^NUKZW'3Ib,g
ihlbmbohl+J DK>*ADK@
Zmbg`bn(gZ l^`ng]++ je !]kblv\7fv7g8$](7 fˆ! nf!
oZkbZ†…h
]^ /1+042mx(fhlmkZg]h ]ZVJ k^]n†…h ]^ .+00 v‰*
^f k^eZ†…hZh
f^Ne..- i^k‰h]h Zgm^kbhk^ ]^ /v-6v8_+
>.g k^eZ†…h
Z -Pb7++(3Ol) >e2 ikbk7\bivnv
`knihl Z \hgmkb[n‰k^f iZkZ ^llZ k^]n†…h _hkZf7 Zebf\gmZ\…y((d$+$i^$(Wv
i^llhZbl+ aZ[bmZ†…h
^ mkZglihkm^+
J `knih o^lmnƒkbhfZgm^o^ lnZ m^g]ˆg*
\bZ ]^ ^e^oZ†…h]hl ik^†hl %OZ[^eZ/&+
@ll^l k^lnemZ]hl Z[k^f Z i^kli^\mboZ ]^ jn^ Z mZqZ]^ bg_eZ†‚h ^f
gho^f[kh l^cZ bg_^kbhkZ /1#+
>JH}M>DJ
<N>@IN{J
=M<NDG*H@M>JNeEG
>JIODIP<
@DWD
Ihl .- ikbf^bkhl f^l^l
]^ .66/( Z <k`^gmbgZ mhkghn*l^ h
l^`ng]h
fZbhk f^k\Z]h
iZkZ Zl o^g]Zl [kZlbe^bkgl( Z[lhko^g]h
5(11# ]h mhmZe
]Zl ^qihkmZ†Œ^l ]h KZ‰l(lŠ l^g]h lni^kZ]Z i^ehl
@lmZ]hl Pgb]hl( jn^ ]^mˆf .6(5$49+@gmk^cZg^bkh ^ hnmn[kh ]^lm^
Zgh( Zl ^qihkmZ†Œ^l iZkZ Z <k`^gmbgZ lhfZkZf PN" /(150 abeaŒ^l(
nf Znf^gmh ]^ ..5(5# ^f k^eZ†…hZh f^lfh
i^k‰h]h ]^ .66.+ @ll^
fhobf^gmh Zl\^g]^gm^ ]Zl ^qihkmZ†Œ^l g…h_hbZ\hfiZgaZ]h
i^eZl
bfihkmZ†Œ^l hkbng]Zl ]^ll^ iZ‰l( fhmboh i^eh jnZe l^ ^li^kZ nf
lni^kƒobm [kZlbe^bkh lni^kbhk Z PNN . [bea‚h gh \hf‡k\bh abeZm^kZe
]^ .66/+ J Znf^gmh lb`gb_b\Zmboh]EN ^qihkmZ†Œ^l [kZlbe^bkZl iZkZ
h f^k\Z]h Zk`^gmbgh ‡ k^lnemZgm^(^f `kZg]^ iZkm^(]Z lni^koZehk b*
sZ†…h]h i^lh ^ ]Zl ik^_^kˆg\bZl mZkb_ƒkbZl
Z\hk]Z]Zl gh H@M>J*
NPG( jn^ i^kfbmbkZf Z ZfiebZ†…h ]h \hf‡k\bh k^`bhgZe %OZa^eZ0&+
@gmk^mZgmh
Z ghoZ ihe‰mb\Z]^ \hf‡k\bh ^qm^kbhk]Z <k`^gmbgZ( ]^
^lm‰fneh ‚l ^qihkmZ†Œ^l ^ ]^ mZqZ†…hZ]b\bhgZe ‚l bfihkmZ†Œ^l(
]^o^kƒ Zem^kZk
h bgm^k\„f[bh gh „f[bmh k^`bhgZe( \hg]nsbg]h
E nf
\hf‡k\bh fZbl ^jnbeb[kZ]h+
@NOMPOPM< ?< ?DNOMD=PD|{J ?< ?@H<I?<
N@OJMD<G ?@ @I@MBD< IJ MDJ BM<I?@ ?J
IJ K@M•J?J .650*55
NeEG(
$
< ]^fZg]Z ]^ ^g^k`bZ k^`blmkhn nfZ ]blmkb[nb†…h ^lmƒo^e gh
l^mhk ]^ \hglnfh(
gh i^k‰h]h .650*55 %Bkƒ_b\h .&+Jl fZbhk^l
\hglnfb]hk^l
_hkZf hl l^mhk^l bg]nlnbZe ^ ]^ mkZglihkm^(jn^ \hg*
mkb[n‰kZf\hf nfZ iZk\^eZ f‡]bZ ]^ /5(2$49 \Z]Z nf( \hfihg]h
24# ]h mhmZe(
l^`nb]hl ]hl l^mhk^l k^lb]^g\bZe %/-(049& ^ Z`k‰\heZ
%..(/ #&+<l fZbhk^l ogkbg†Œ^l g^ll^ i^k_be _b\ZkZf cnlmZf^gm^ \hf
hl ]hbl ikbf^bkhl( jn^ l^ Zem^kgZkZf]nkZgm^ mh]h h i^k‰h]h+ Q^kb*
_b\hn*l^ jn^ h `kZg]^ \hglnfb]hk
bg]nlmkbZe_hbh l^mhk]^ Zebf^gm^l
^ [^[b]Zl( h jnZe Zik^l^gmhn nkgZ y*fb\bin†…h
f‡]bZ ]^ 05(549(
l^`nb]h ]Z jn‰fb\Z %/-(5#& ^ ]h iZ8] ^ \^enehl^ %.0(. ";K$' LnZgmh
‚ ]^fZg]Z ^f mkZglihkm^l(61(.$49 _hb iZkZ h kh]hobƒkbh( l^g]h jn^
mkZglihkm^l\he^mbohl ^ ]^ \Zk`Zl %Z[Zl^ ]h ^l\hZf^gmh ]Z ikh]n†‚h
`Z•\aZ& ]bob]^f ^ll^ i^k\^gmnZe \hf h \hglnfh
]^ o^‰\nehl e^o^l+
Ih l^mhk]^ mkZgl_hkfZ†…h(Zl k^_bgZkbZl]^ i^mkŠe^h _b`nkZkZf \hf
nfZ iZkmb\biZ†…hf‡]bZ ]^ 15(3# ]Z ]^fZg]Z ]h l^mhk(jn^ Zbg]Z
m^o^gZ i^mkhjn‰fb\Z %/.(/ #& ^ gh [^g^_b\bZf^gmh ]^ \Zko…h fbg^*
kZe%.2#& l^nl fZbhk^l \hglnfb]hk^l+
Ih Zgh ]^ .655( h l^mhk]^ \hglnfh
]^fZg]hn
4(- fbeaŒ^l ]^
mhg^eZ]Zl^jnboZe^gm^l ]^ i^mkŠe^h%m@K&
\hgmkZ4(4 fbeaŒ^l ]h l^mhk]^
mkZgl_hkfZ†…h+
++4'4
%K@?7
W+d*8]8v
q vbkmvv$88]gq
i^eZ K^ljnblZ
\:3#
M_obKY<\0m2x8+*+
bg]b\Zg]h(
]^l]^
KJM @HKM@W8JI<
]^ @fik^`h
l^m^f[kh+
\ ?\l^
nf
fik^`h
\k^l\bf^gmh
%d( 7^!7..7$7m7]7$vvi7!vev]87+ i%$7dvl
7$e
]^l^fik^`Z]hl
iZkZ ^g\hgmkZk nfZ
h m^fih ]^ ikh\nkZ
Zmbg`bn // Nˆg.v].@N >@b hnmn[kh( h jn^ k^ik^l^gmZ \^k\Z ]^ PeODfˆl
^ DOD\b*7$
Zb‡kg ]*:*
+++
m^fih ]^ \h[^kmnkZ ]h l^`nkh ]^l^fik^`h(
a^g^_‰*
\bh jn^ l^ ebfbmZZ-N ^q*ZllZeZkbZ]hl jn^ mbgaZf \Zkm^bkZ]^ mkZ[Zeah
ZllbgZ]Z+ >Z[^ k^llZemZkjn^ ^ll^l ]Z]hl k^ik^l^gmZf nfZ f‡]bZ ^
jn^ l^ k^_^k^f Z bg]bo‰]nhl jn^( f^lfh
ikh\nkZg]h ^fik^`h
^f
mh]h ^ll^ i^k‰h]h( i^kfZg^\^kZf
]^l^fik^`Z]hl+
Dllh bg]b\Z Z
i^kfZgˆg\bZ
]h jnZ]kh ]^ \kbl^ gh f^k\Z]h
]^ mkZ[Zeah( \hf
]b _b\ne]Z]\l
\k^l\^gm^l
]^ bgl^k†…h h\niZ\bhgZe
iZkZ hl mkZ*
[ZeaZ]hk\l Z_\mZ]hl i^eh ]^l^fik^`h+
<fiebZ*l^( ihkmZgmh(h m^f*
ih ]^ i^kfZgˆg\bZ
gZ \hg]b†…h ]^ ]^l^fik^`h(
h jn^( \hfabgZ]h
_b b]\gmb_b\g†…h ]h i^k_be ]hl ]^l^fik^`Z]hl
%53(1$49*
]^e^l \hf
\qi\kbˆg\bn Zgm^kbhk]^ mkZ[Zeah^ /6(/#
]^ \a^_^l ]^ ]hfb\‰ebh&(
ZihgmZ Z h\hkkˆg\bZ ]^ i^k]Zl ln[lmZg\bZbl ^ ikhehg`Z]Zl gZ k^g]Z
_ZfbebZk+
%&>eeb$vC8E(+$
%B(7(‰_8\g
77e+KZkZE mhmZeb]Z]^]^ll^l(
K<M<•NJ
NJ>D<G
< Zgƒebl^ ]hl `Zlmhl lh\bZbl gh Bho^kgh >heehk k^o^eZ jn^]Z ]^
)1")K gZl ]^li^lZl e$WED..ikh`kZfZl lh\bZbl( Ze‡f ]Z ^jnbiZkZ†…h]h ehmZb
]hl `Zlmhl ]^ .66X \h ... hl ]^ .65- %OZ[^eZ1&+<l ƒk^Zl fZbl Zmbg`b]Zl
_hkZf7 lZ•]^( \]n\Z\‚h ^ ik^ob]ˆg\bZ( \hf ]^\k‡l\bfhl
]^ 10$49(16#
^ )(%-")K k^li^\mboZf^gm^+ @qi^]b^gm^l \hfh ZmkZlhl gh k^Zcnlm^]h
lZeƒkbhf‰gbfh( DR k^`neZf^gmZ†…h]h KeZgh]^ =^g^_‰\bhl]Z Kk^ob]ˆg*
\bZ ^ gZl mk+fl_^kŒg\bZlikhoh\ZkZf ^llZl jn^]Zl+
J \k^l\bf^gmh gZ ƒk^Z]^ Zllblmˆg\bZ lh\bZe( Zebf^gmZ†…h^ gnmkb†…h
]^o^*l^ E%&
nlh \eb\gm\eblmZ]h @lmZ]h(\hfh m^f lb]h ]^gng\bZ]h+ J
k^eZmboh
\hgmkhe^ihk iZkm^]h >hgl^eah >nkZ]hk ]h ABON bfi^]bn( ^f
Ze`nfZ f^]b]Z( h nlh ]bl\kb\bhgƒkbh ]^ k^\nklhl gZ ƒk^Z]^ aZ[bmZ†…h^
lZg^Zf^gmh( Zi^lZk ]Zl ]^g•g\bZl+
< ^qi^\mZmboZ‡ g ]^ jn^ Z]bl\nll…h lh[k^ Z M^_hkfZ Abl\Ze bg\enZ
k^\nklhl ln_b\b^gm^l\ \eZkZf^gm^ ]^_bgb]hl iZkZ Z nk`^gm^ bfie^f^gmZ*
†…h]^ ihe‰mb\Zl
lh\bZbl+
Q@I?<N7
K@MNDNO@
J H<P
?@N@HK@ICJ
<l o^g]Zl ]h \hf‡k\bh oZk^cblmZ^f Khkmh<e^`k^ Zik^l^gmZkZf(
]^ihbl ]^ ]hbl f^l^l ]^ mZqZlg^`ZmboZl( nfZ ^ohen†…h ihlbmboZ]^
)+%00"Dgh fˆl ]^ hnmn[kh k^eZmboZf^gm^
Zh fˆl Zgm^kbhk+
OZe\hfihk*
mZf^gmh_hbb=\hgl^jŽˆg\bZ ]h ^qik^llboh \k^l\bf^gmh ]^ /0(60 $D9 gh
l^`f^gmh ]^ [^gl ]^ \hglnfh
g…h]nkƒo^bl ^ ]^ -%.,"D gh ]^ [^gl ]^
\hglnfh ]nkƒo^bl+ ?^gmk^ Zl \ZnlZl ]^ll^ ]^l^fi^gah(
]^lmZ\ZkZf*l^
hl lZeƒkbhl\hkkb`b]h( i^eh ghoh lZeƒkbhf‰gbfh( \hglmZgm^likhfh†Œ^l
^( Zm‡f^lfh(
h bgb\bh]h ^_^bmhlZshgZe ]^ _bf ]^ Zgh+
>hgmn]h( \hfiZkZg]h Zl o^g]Zl Z\nfneZ]Zl \fcZg+*l^m+,6/ \ ^f
cZg+*hnm+,6/\hf b`nZbl i^k‰h]hl ]^ .66.( \hglmZmhn*l^ k^]n†…h ]^
)/%-/")K ^ ).%*,")K k^li^\mboZf^gm^( bg]b\Zg]h jn^h \k^l\bf^gmh gh fˆl
]^ hnmnakhg…h_hbln_b\b^gm^iZkZ k^o^km^kZ m^g]ˆg\bZ ]^\k^l\^gm^ ]Zl
o^g]Zl %Bkƒ_b\h0&+N^g]h Zllbf( ‡ ihn\h ikhoƒo^e jn^ ^llZ m^g]ˆg\bZ
lh_kZ Zem\kZ\Œ^lZm‡h •embfh mkbf^lmk^(f^lfh
jn^ hl _Zmhk^llZshgZbl
]^ _bgZe]^ Zgh l^ fZgb_^lm^f ]^ _hkfZ _Zohkƒo^e+
0
\
O) FDEFFC) 6
=D=PJO>>a
DI?D><?JM@N
7XWQW
BMzAb>J
OZ[^eZ/
/
@ohen†…h
jnZ]kbll^fZgZe ]h DK>*ADK@
* l^m+*gho+c6/
JPOP=MJ
N@O@H=MJ
BMPKJN
.v
LnZ]k+
H^glZe
IJQ@H=MJ
/LnZ]k+
0;
LnZ]k+
H^glZe
.LnZ]k+
/;
LnZ]k+
Dg]b\^ `^kZe +++++++++/1(1.
/2(22
/2(62
/3(-5
/3(13
/2(4-
/1(04
<ebf^gmZ†…h+++++++ /5(.5
/6(.5
/5(/2
/4(-/
/3(10
/1(02
//(26
/0(14
/2(11
/4(-/
/4(62
/4(62
/3(/3
/2(40
CZ[bmZ†…h
++++++++++ /1(25
/1(26
/2(60
/4(-5
/5(1.
/5(6/
/2(5-
?^li^lZl
i^llhZbl
OkZglihkm^l +++++++
.3(/.
.3(/2
.2(36
.3(1/
.4(2/
.4(20
.3(-6
Q^lmnƒkbh +++++
/.(23
/2(16
/5(60
0-(6-
00(32
03(.3
04(60
NZ•]^ ++++++++++
/1(4/
/3(22
/2(24
/1(15
/0(46
/0(4-
/0(55
@]n\Z†…h+++++++++ /6(/4
/0(21
/1(2/
/1(26
/1(42
/1(46
/2(-3
O=DKJ $Wem_CJ
?@NK@7!?D?J I< KMJ>PM< ?@ OM<=<GCJ(
N@Be+*7W?J
J ODKJ ?@ ?@N@ D*$DKM@BJ(
I< MvDK<*+E>I*JPOD6/
ENUJVJ[
.8
J\nem^
-1
'*>
/3
hv
Jv
'P&2
))))mm)m)))
b
OJeZe
+v
)))))))))
!
!V
•••+
/-
,1
"#!
!! """"
$$
<e*^*mh
''3')'&&&&%B=B
)m)
m)mmmmmmm,b mmm
mm
!! ###
.3
AJIO@7 ADK@+
EPI
<BJ
EP+
Je
N@e
AJe$7 @7K@?*MHK< * >hgoˆgbh A@@(ABO <N,NDI@*MN(N@<?@*NK
^ ?D@@N@+
OZa^eZ0
=ZeZg†Z\hf^k\bZe =kZlbevH@M>JNPG * .66-*6.
^ .6 l^f+,6/
.66-
$GE[ kgbea‹^l&
.66.
.6 N@H@NOM@,6/
?DN>MDHDI<|{J
@qihkmZ*
-$-
DfihkmZ*
Ee1.1
.0/312
05/62
/-33/
/0.6
.1-000
254
+++
<k`^gmbgZ+
KZkZ`nZb+++
Pkn`nZb
AJIO@
@qihkmZ*
†„h
bfihkmZ*
†…h
NZe]h
/.-.4
//31
.3.1
/.4
100
.-3-2
06
x.05
/41
*64
@qihkmZ*
\…h
DfihkmZ*
NZe]h
†„h
OZ[^eZ1
BZlmhlh\bZe ]h Bho^kgh A^]^kZe
OhmZè^kZe
H@M>JNPG
NZe]h
†„h
++
?JN
?<?JN
=MPOJN7
.-42/
*666
+422
14
x/6/
0.3//
/0-0
.143
16.
003
.36-5
.313
./3.
/.4
.35
603/
6-1
324
62
.11
4213
41/
3-1
.//
/1
dD:7E
OhmZe
++
OhmZe^f #]h
BMzAD>J .
.65-*6.
%=beaŒ^l
]^ eeNN]^]^e+,6-&
.65-
<llblmˆg\bZ( Zebf^gmZ*
†…h^gnmkb†„h+++++ -+0
Kk^ob]ˆg\bZ +++
/.(/
@]n\Z†…h^ \nemnkZ++
0+4
CZ[bmZ†…h
^ lZg^ƒ*
f^gmh +++
3+/
FZJKJTPW)
-+/
4(1
NZ•]^ ++
H@AK,?@>@S+
\*
.2',
KD=+(
6(/2
.65.
.65/
.651!
.652
.653
.654
-+0
//+5
1+3
/1(1
1+4
0+6
-+1
.5(1
0+4
-+5
/-+2
2+-
.+/
//(4
3+6
.+0
-+'+
5+.
.+0
/-(0
6+-
.+3
/0(3
5(1
.+5
/0(3
2+5
.+6
/.(.
1+0
2+3
-+/
4+/
1+/
-+/
2+5
/+2
-+.
3+-
0+/
-+/
3+6
/+5
-+0
4+1
0+3
-+1
.-(4
1+4
-+1
.-+.
/&
.+2
..(1
/+.
1+6(2
/+4
3+2
1/(1
.-(-6
03(6(06
0.(/
4(61
03(2
5(11
1.(0
5(40
11(/
6(30
12(5
.-(16
15(3
.-(45
13(5
..(2/
06+2
6(01
-(1
2(2
-+/
3+6
1-(0
.-(.
.650
-+1
/.(3
.655
.656
.66-
.66.
0+.
AJIOD77 eK@<^ zk^Z ]^ Khe‰mb\Z
Nh\‰ZeD@NK,API?<K+
?@H<I?<
3I+MDJ
?@ @I@MBD<IJ N@OJM?@ >JINPHJ(
BM<I?@ ?J NPG*.650*55
BM<AD>-0
Z\
_e_.e&7@K.
v2-JO**********************(
•I?D>@ ?<N Q@I?<N ?J >JH}M>DJ
?@ KJ< * E<I*JŽO
)11))1*
/--o*-*D***********(.++***
./..-
.--o$'**
O((
=((
(33
(
=33
#Q(( *
2--=(((
*
b
Z(
Q((
,++
6-
(
5e%
-$**
$++(+
+(+
.650
.651
D$+DM
2
))')
.65%8
.654
4-
.655
3-
v
<`k‰\heZ
!!77787878787.Dg]nlmkbZe v
L333>M^lb]^g\bZe !!787(7878777.Jnmkhl
OkZglihkm^
2-
, !
''
?JN
?<?JN
=MPOJN7 N^\k^mZkbZ
]^ @g^k`bZ(HbgZl ^ >hfn*
gb\Z†Œ^l ]h MN+
!
'b
'' ,
A@Q
H<M
<=M
AJIO@7 A@@,>?G+
IJO<7 Jl ]Z]hl mˆf \hfh
H<DJ
!
'
)m)
*425
)
'
,22,
*+'''' %%
&2
42&2
''
E<I
AJIk@
**
b
Dj6v
Ee$I
[Zl^ hnmE6-:.--+
EP+
<BJ
N@O
Je $.
/
6:160.1;>2?
OZ[^eZ2
=YGJVS (
@fik^`h ^ lZeƒkbhf‡]bh
k3...
1NGMRhWXNIS
JG bg_kZ*^lmknmnkZ
RGWbVKGW
JK ln[Z[bmZ†„h KQ <SVXS .PKMVK% (+*+
gZbg]•lmkbZv .66.*6/
$"%
?DN>MDHDI<|{J
EZg+*<`h+,6/
<`h+,6.*<`h+,6/
>JI?D|{J
KM@?JHDI<IO@
?JN N@MQD|JN
K@M>@IOP<G ?<N
zM@<N N@MQD?<N
N@MQD|JN
@HKM@BJ
KMJ=G@H<N
2RKVMNG
KPeXVNIG
41
<VKIbVNG$
ISQ PNMGdiKW
IPGRJKWXNRGW
\MYG
31
<VKIbVNG$
ISQ PNMGdiKW
IPGRJKWXNRGW
9b UYGPNJGJK
JS WKVZNdS
?YHGXKRJNQKRXS
.PXS gRJNIK JK QSVXGPNJG%
JK NRLGRXNP
K JK JSKRdGW
NRLKIINSWGW
6RXKVQNXfRING
JS
GHGWXKINQKRXS
2[IKWWSJK IGVMG
=kZlbe
N…hKZneh
Mbh]^ EZg^bkh
HbgZl B^kZbl
M^`b…hNne
+
+
+
+
+
M^`b…hIhk]^lm^
+
*3(2
*5(1
*.-(.
*1(5
*3(4
*5(*6(2
*2(1
*/(/
*1(.
*0(.
2WMSXS
AJIO@7NKH8
?@HC<M
* KHK<+.66.+
*2(2
N<GzMDJ H}?DJ M@<G
?DN>MDHDI<|{J
=kZlbe
N…hKZneh
Mbh]^ EZg^bkh
HbgZl B^kZbl
M^`b…hNne
M^`b…hIhk]^lm^
EZg+*<`h+,6/
+
+
+
+
+
+
<`h+,6.*<`h+,6/
.-(4
.1(.
.3(3
.6(0
.5(1
6(1
6(/
.0(.
.2(4
.0(2
2(0
3(3
OZ[^eZ5
OZqZ]^ fhkmZeb]Z]^ bg_Zgmbe
gh MbhBkZg]^ ]h Nne
^ ^f Khkmh<e^`k^ * .65-*6.
%ihk. ---
AJIO@7 D=B@+
OZ[^eZ 3
>nlmh ngbmƒkbhiZkZ h Zkkhs bkkb`Z]h gh Mbh BkZg]^ ]h Nne
^ ^f iZ‰l^l ]h H@M>JNPG * .66.,6/
>PNOJ ?@
KMJ?P|{J
%PNN,aZ&
M@BD€@N
Mbh BkZg]^ ]h Nne
<k`^gmbgZ
Pkn`nZb
+
+
+
M@I?DH@IOJ
A•ND>J
%lZ\hl ]^ 2-d`,aZ&
. .61
.-23
>PNOJ
PIDOzMDJ
%PNN,lZ\h ]^ 2-d`&
665
<IJN
MN
KJ<
.65.65.
.65/
.650
.651
.652
.653
.654
.655
.656
.66.66.
05(63
01(500(.4
/6(.0
0.(/0
/3(5.
/1(0//(4/
/.(63
.5(16
.4(--
04(/1
0-(66
02(5/4(1.
0-(.4
/2(6.
/.(35
.6(.4
.6(0.
.1(/2
.2(4.0(5-
..(15
.-1
53
6-
gZl\b]hl obohl&
./(/5+
AJIO@7 NNH<+
..(-6
AJIO@7 ?Z]hl ]h Bho^kgh ^ ]Z bgb\bZmboZ
ikboZ]Z ]hl iZ‰l^l ]h H@M>JNPG+
>JI<=+
DMB<+
OZ[^eZ4
OZ[^eZ6
.PgUYSXGWJK NQTSVXGdcSTGVGTVSJYXSWJK NRLSVQbXNIG
Kkh]nmbob]Z]^]h mkb`hgZ <k`^gmbgZ(gh =kZlbe
^ gh MbhBkZg]^ ]h Nne* .655*6-
$"%
%d`,aZ&
<IJN
.655
.656
.66-
<MB@IODI<
. 51. 556
. 53/
AJIO@7 A<J ^ D=B@+
=M<NDG
. 322
.36/
, .4-
MDJ BM<I?@ ?J NPG
.2/3
.5-4
. .50
KMJ?POJN
<O@
EPG,6/
9bU YNRGTVSRXG&&&&&&&& 20NVIYNXSNQTVKWWS
&&&&&
2<GVXKW
l^f‰ikhgmZl+++
02*20SQTSRKRXKW&&&&&&&&&&&1<PGIGW
WKQHNSWRKQ
QKQhVNG>.9
&&&&&&
6RWYQSWNQTSVXGJSW
00-*2-
< K<MODM?@
EPG,6/
< K<MODM?@
JPO,6/
12
10-1/-
102
/2*0/-
/J
/J
AJIO@7 @qZf^ Dg_hkfƒmb\Z+@]bm+
<[kbe+ N…hKZneh(Zgh 4 g+.-( hnm+6/+
?@ EPG,60
< ?@U,61
02
0/-*0.2
.2
J
&&&&,,,&,,&-,,,,&-,&9'
2
?6:;<?2
2PE!(<>24;
2 ?.8\>6;?
:;
?2@;>
6:1A?@>6.8
6:3>.%2?@>A@A>.
A>/.:.
:.?
HvN
1;
\>2.?
12
?A/./6@.^&]&;
Jl ]Z]hl k^\^gm^f^gm^ ]bone`Z]hl i^eh D=B@lh[k^ ^fik^`h ^
lZeƒkbhl gh l^mhk bg]nlmkbZe^ob]^g\bZf \hfihkmZf^gmhl ]bo^k`^gm^l
iZkZ^ll^l bg]b\Z]hk^l+ Ih jn^ l^ k^_^k^Zh ^fik^`h( \hg _hkf^ ]^fhgl*
mkZf hl ]Z]hl ]Z OZ[^eZ 2( ^lm^Zik^l^gmhn( 3I5%KZ‰l(nf ]^l^fi787va!
g^`Zmboh]^ *3(24%^gmk^cZg^bkh^ Z`hlmh ]^ .66/ ^ ]^ *3(4N$9
gh i^k‰h]h
]^ Z`hlmh ]^ .66. Z Z`hlmh ]^ .66/+ J ^lmZ]h jn^ k^`blmkhnh ibhk
]^l^fi^gah
^f m^kfhl ]^ k^]n†…h]h ^fik^`h _hbh ]h Mb($]^ EZg^bkh+
\hf nfZ jn^]Z ]^ *.-(. #,5) ^gmk^cZg^bkh^ Z`hlmh ]^ .66/( l^g]h jn^ Z
M^`b…hNne lh_k^n Z k^]n†…h f^ghl Z\^gmnZ]Z( \hf nfZ oZkbZ\‚h ]^
*/(/#+ LnZgmh Zh lZeƒkbhf‡]bh k^ZegZ bg]•lmkbZ(^lm^Zik^l^gmhn nf
\k^l\bf^gmh gh KZ‰l
]^ .1(.$49 ^gmk^cZg^bkh^ Z`hlmh ]^ .66/ ^ ]^ DJ( /O)K
^gmk^Z`hlmh ]^ .66. ^ Z`hlmh]^ .66/+ I^lm^Zgh(h ^lmZ]hjn^ ^ob]^g\bZ
fZbhk Znf^gmh ]h lZeƒkbhf‡]bh k^Ze‡ h ]h Mbh]^ EZg^bkh(\hf nfZ
oZkbZ†…h
]^ .6(0 #( ^gjnZgmh Z M^`b…hIhk]^lm^ fhlmkZ h f^ghk bg\k^*
f^gmh( ]^ 6(/ #+ ?^o^*l^ lZeb^gmZk(
mh]ZobZ(jn^ h \k^l\bf^gmh ]h lZeƒkbh
f‡]bh k^Zel^ bgl\k^o^ ^f nfZ Zkbmf‡mb\Zi^ko^klZ( ihbl l^ ]ƒ ^f nf
\hgm^qmh]^ jn^]Z ]h ^fik^`h ^ ]Z ikh]n†…h bg]nlmkbZe+
< k^\^ll…h^\hg‹fb\Z ^ h \hgl^jŽ^gm^ Znf^gmh ]Z fbl‡kbZ ]^m^k*
fbe[ebe! _!o]b,+(((8Eh]^8 nfZ iZkm^\k^l\^gm^ ]Z ihineZ†…h( lh[k^mn]h
N(-7 `kvb.]^$7g%vmk%.kg8>$h8(8(
:KWWK
TVSIKWWS&
YQG \ZkZ\m^k‰lmb\Z
LVKUjKRXK
e
Z ik^\Zkb^]Z]^ ]hl l^kob†hl ]^ bg_kZ*^lmknmnkZ+
@f Khkmh&
< e\`k\( ! Kk^_^bmnkZ
Hngb\biZe \hglmZmhn^ll^ _Zmhgnf
e\oZgnng^kgh k\nbbsZ]h ^f (+*+ "=YGJVS (#&=YGRXSa ^g^k`bZ( KQHSVG
_hll^f q\kob](y( '& * ]Zl ƒk^Zl( ik^]hfbgZoZf
Zl Db`Z†Œ\lbkk^`neZk^l(
\ZnlZg]h h _hkg^\bf^gmh bgm^kfbm^gm^
^ h ^q\^llh ]^ \Zk`Z( \hf kbl\h
‚ l^`nkZg†Z ]W.NfhkZ]hk^l+
J l^kob†h ]^ •`nZ Zmbg`bZ31# ]Zl ƒk^Zl( fZl ik^]hfbgZoZf
Zl
eb`Z†Œ^l\ eZg]\lkbgZl ^ ZnmbebsZ†…h
]^ mhkg^bkZli•[eb\Zl ^ ]^ ih†hl( \hf
\hfikhf^mbf^gmh
]Z jnZeb]Z]^ ]h l^kob†h+ K^eZZnlˆg\bZ ]^ k^]^ ]^
^l`hmh ^f 1+")K ]Zl ƒk^Zl( h\hkk^kZf Zemhl‰g]b\^l ]^ fhkmZeb]Z]^
bg_Zgmbe
^ ]^ ]h^g†Zl bg_^\\bhlZl+
PB6;>@.8Q.126:3.:@68
:. 1_0.1.
12 *'
.? <2>?<20@6B .? 1.
.>>;D
2 ; 92>0;?A8
<>;1A^];
4.`05.
KkhoZo^ef^gm^( ^ll^ hmbfblfh k^lnemZ(]^ nf eZ]h( ]Z bg^qik^llb*
ob]Z]^ ]hl ohenf^l ikh]nsb]hl( i^eh f^ghl ZmnZef^gm^(gZ <k`^gmbgZ
^ gh Pkn`nZb+ NhfZg]h*l^ Z ikh]n†…h ]^ll^l ]hbl iZ‰l^l( \a^`Z*l^ Z
nf fbea…h ]^ mhg^eZ]Zl^f .66-*6. ^ Z .(/ fbea…h ]^ mhg^eZ]Zl ^f
.66.,6/+ <i^lZk ]h Znf^gmh o^kb_b\Z]hgh •embfh Zgh( ^ll^ ohenf^ g…h
\a^`ZkbZ Z lnikbk Z ]^fZg]Z k^eZmboZ
Z ]hbl f^l^l gh =kZlbe+
KhkhnmkheZ]h( f^lfh jn^ l^cZihll‰o^eZhl iZ‰l^lobsbgahl Znf^gmZ*
k^f lnZ ikh]n†…h([nl\Zg]h \hgjnblmZkfZbhk^l !eZmbZl!
]h f^k\Z]h [kZlb*
e^bkh(h Mbh BkZg]^ ]h Nne g…h]^o^kƒ m^klnZ ikh]n†…h Zmbg`b]Zg^ll^
ikh\^llh+ N^ \hfiZkZk h \nlmh ]^ ikh]n†…h ihk a^\mZk^gh MbhBkZg]^ ]h
Nne\hf h ]Z <k`^gmbgZ^ h ]h Pkn`nZb(o^kb_b\Z*l^
jn^( gh ghllh ^lmZ]h(^ll^
\nlmh ‡ lni^kbhk+Ih^gmZgmh(m^g]h ^f oblmZZ m^\gheh`bZnmbbbsZ]+(
gh Mbh
BkZg]^ ]h Nne(Z ikh]nmbob]Z]^ _‰lb\Z
h[mb]ZgZl m^kkZl
`Z•\aZl - fZbhk ]h
jn^ Z ]hl ]hbl iZ‰l^l^f iZnmZ+<llbf( Zi^lZk ]^ nf \nlmh ]^ ikh]n†…h
lni^kbhk(hl `Zgahl ]^ ikh]nmbob]Z]^\hfi^glZf
^llZ lbmnZ†…h(
`^kZg]h nf
\nlmh ngbmƒkbh
* bg]b\Z]hk jn^ ^_^mboZf^gm^
f^]^ Z \hfi^mbmbob]g]\ *
iZkZ h MbhBkZg]^ ]h Nnebg_^kbhk
Zh ]Z <k`^gmbgZ^ ikZmb\Zf^gm^b`nZeZh
]h Pkn`nZb %OZ[^eZ
0%)
<>;1A^];
4.`05.
MDJBM<I?@ ?J ?A8$
12
Jl k^ik^l^gmZgm^l]hl ikh]nmhk^l ]^ Zkkhsmˆf o^b\neZ]h hibgbŒ^l
hmbfblmZl\hf k^eZ†…h
Zh \hfihkmZf^gmh ]^ll^ ikh]nmh _k^gm^‚ bgm^`kZ*
†…h\hf h H@M>JNPG+
.? <2>?<20@6B.?
1.
@>64; 2 ; 92>0;?A8
:;
12
<h \hgmkƒkbh]hl ikh]nmhk^l ]^ Zkkhs( hl jn^ ikh]ns^f
mkb`hgh
MbhBkZg]^ ]h Nne g…h]^o^f ^lmZko^g]h \hf [hgl heahl h ikh\^llh
]^ bgm^`kZ†…h
]h H@M>JNPG+ <e‡f ]Z bfihkm„g\bZ ]Z ikh]n†…h ZmnZe
]^ mkb`hgZ <k`^gmbgZ* fZbl ]^ 4-49 ]h mhmZe
ikh]nsb]h i^ehl iZ‰l^l
]h H@M>JNPG *( Zl bg_hkfZ†Œ^l ^qblm^gm^l\heh\Zf h \nlmh ]^
ikh]n†…h ]h mkb`hgZjn^e^ iZ‰l\hfh [ZlmZgm^bg_^kbhkZh ]h =kZlbe^ Zh
]h MbhBkZg]^ ]h Nne+KZkZZ`kZoZkZbg]Z fZbl Zl i^kli^\mboZl iZkZ hl
ghllhl ikh]nmhk^l( m^f*l^ jn^ Z ikh]nmbob]Z]^ _‰lb\Z
h[mb]ZmZgmh
gh Mbh
BkZg]^ ]h Nne \hfh gh =kZlbe ‡ f^ghk ]h jn^ Z h[mb]Z ghl lhehl
Zk`^gmbghl%OZ[^eZ4&+
< fhkmZeb]Z]^ bg_Zgmbe(
mZgmh
gh MbhBkZg]^ ]h Nne\hfh ^f Khkmh
<e^`k^( ]bfbgnbn Z\^gmnZ]Zf^gm^ gZ ]‡\Z]Z ]^ 5-+
Ih MN(\hg_hkf^ ZOZ[^eZ5( Z fhkmZeb]Z]^bg_Zgmbe
]^ f^ghk^l ]^ nf
Zgh %^gmk^
\Z]Z .+--- gZl\b]hl obohl&^kZ ]^ 05(63 ^f .65- ^ o^bh l^
k^]nsbg]h( Zm‡.66-( iZkZ .4(--+ IZ >b]Z]^ ]^ Khkmh<e^`k^( ^ll^ bg]b\Z]hk
^kZl^f^eaZgm^ Zh ]h @lmZ]h^f .65-( \hf 04(/1 Š[bmhl+< iZkmbk
]Z f^mZ]^
]Z ]‡\Z]Z( ^gmk^mZgmh(
^qblmbnnfZ f^eahkbZ gZl mZqZl]^ fhkmZeb]Z]^gZ
>ZibmZe(k^\nZg]h ^lmZliZkZ .2(4- %.66-&^ iZkZ .0(5- %.66.&+
Jl ]n]hl lh[k^ fhkmZeb]Z]^ bg_Zgmbe(
^f Khkmh<e^`k^ ^ gh @lmZ]h(
\hg _bkfZf Zl f^eahk^l \hg]b†Œ^l Zjnb k^bgZgm^ljnZgmh ‚ \h[^kmnkZ]^
bfngbsZ†…h( ‚ ƒ`nZ ebfiZ ^ Zh lZg^Zf^gmh [ƒlb\h( f^lfh
^f ie^gZ
\kbl^ lh\bZe+@ll^l _Zmhk^ll…hZihgmZ]hl \hfh bfihkmZgm^liZkZ Z jn^]Z
]Z fhkmZeb]Z]^ bg_Zgmbe+
IG&=kZlbe(h jnZe ihllnb ZfieZl \Zkˆg\bZl g^llZl ƒk^Zl( Z mZqZ]^
fhkmZeb]Z]^ bg_Zgmbe
^f .66- Ze\Zg†hn 3- Šabmhl( hn l^cZ( jnZl^ h
jnƒ]knieh ]Z ]^ Khkmh<e^`k^+
6:3;>9\
2?0.:0.>.>
@P0. :.06;:.8,
./>6:1;
?29
Ih ]bZ /6 ]^ hnmn[kh(^qibkhn Zk^l^koZ ]^ f^k\Z]h iZkZZ bg]•lmkbZ
gZ\bhgZe ]^ bg_hkfƒmb\Z( l^f \hg_bkfZk l^cZf Zl ^qi^\mZmboZlfZbl
lhf[kbZl ]hl ikh]nmhk^l eh\Zbl( l^cZ h ^gmnlbZlfh ]hl \hglnfb]hk^l(
ƒob]hl ihk f^eahk^l ik^†hl ^ m^\gheh`bZ fZbl ZoZg†Z]Z+PfZ ihe‰mb\Z
]^ Ze‰jnhmZl
]^ bfihkmZ†…hZfhkm^\^ hl bfiZ\mhl ]Z ikh\eZfZ]Z Z[^k*
mnkZ(k^\kbZg]h ikhm^†Œ^l(^f g‰o^bl]b_^k^g\bZ]hl l^`ng]h hl oƒkbhl
l\` f\gmhl ]^ll^ f^k\Z]h %OZ[^eZ6&+
IZ i^kli^\mboZ ]^ _hkmZe^\bf^gmh]Z bg]•lmkbZgZ\bhgZe( Zi^gZl
lh[k^ hl bglnfhl c• g…hbg\b]^f bfihlmhl ]^ bfihkmZ†…h+<l ]^fZbl
Ze‰jnhmZl
k\`kb]bk‚h `kZ]ZmboZf^gm^(fZl( lZeoh fn]Zg†Zl ]^ i^k\nklh(
fZgm^k*l^*…hk^eZmboZf^gm^
ZemZl* ghl @lmZ]hl Pgb]hl( ihk ^q^fieh(
hl \hfinmZ]hk^l ^lmkZg`^bkhllh_k^f mZqZ†…h
ikŠqbfZ Z 0 $..+
Pf ghoh f^\Zgblfh
]^ ikhm^†…h‚ bg]•lmkbZgZ\bhgZe ]^ bg_hkfƒ*
mb\Z‡ ln`^kb]h i^eZ N^\k^mZkbZ
]^ >bˆg\bZ ^ O^\gheh`bZ ]Z Kk^lb]ˆg\bZ
]Z M^i•[eb\Z7 k^mbkZk
]hl \hfinmZ]hk^l bfihkmZ]hl Z bl^g†…h]^ DKD
#)?";K$ ^ D>HN %%(%#!#
jn^ ahc^ [^g^_b\bZ hl ^jnbiZf^gmhl gZ\bhgZbl ^
<GHF:C><@FDG'
3
l^k ]bmh jn^
Z f^kZ
^qi^\mZmboZ ]^ jn^
MN[^JTWZQT5)Qhb4\)!%
!]h
av.+bZnfZ
%[*! x*+77q\kW$v8$
'6b\\#VTb4I4
3)<)RGQ
nihgmZ]hl g…h iZk^\^f(
mh]ZobZ( vv+v
_b\e\gm\l
iZk+b%%7 %&>vek
+/b7.venvvbuŽ ve\hgo^gbˆg\bZ
]Z k^\ni^kZ†…h ]Zl f^*fZl+
^qi^\mZmboZl l^ _hkf^f(
g…h ‡ g^\^llƒkbh jn^ l^ \hg_b`nk^ bfihkmZgm^
7 k^li^bmh ]Z k^\^gm^ ^gmkZ]Z ]^ k^\nklhl ^qm^kghl( Z fZbl l‡kbZ
!]^lZebgaZf^gmh ]h \„f[bh!(
[ZlmZ jn^( eF. i^k\^i†…h ]hl Z`^gm^l ^\hgŒ*
Z]o^kmˆg‰7.v.ehkkgneZ]n k^_^k^*l^ ‚ oheZmbeb]Z]^ ]^ `kZg]^ iZkm^ ]Zjn^e^l
fb\hl( h ^lmhjn^ ]^ k^l^koZl m^gaZ l^ k^]nsb]h Z nf fhgmZgm^ \kbmb\h+((77(
\!ibm7Žl+ ";Q'!'8 le>7.b](W^lmn]h ]h =Zg\h ]^ >hfi^glZ†Œ^l
egm^kgZ\bhgZbl
o^k]Z]^( m^f lb]h h[l^koZ]h jn^ PDOD^lmhhn^ \kbmb\Zf^gm^k^]nsb]h ]^
%=DN&
W+77v7gW+vaŽ
$**AD@
'N''3 77O$\nkN-Njn^ oˆf
l^g]h Zeh\Z]hl gZ <f‡kb\Z GZmbgZ
k^l^koZl l^ \hglmbmnb(^f \bkl\nglm‚g\bZl Mi ,b#T ,Nbgl 7(abaG(d! V'4 ev$7b(87
TTb-,L3
3)33`4Qb(3\)43T33)43V3!b=b\3))b
oheƒm^bl >7 _Z\bef^gm^ ZN^NZ[j^NQ[!' @llZ \'4$#TV[\b\\Jh3,$%
]^l^g\Z]^Z]hk
]hl ikh\^llhl
abi^kbg_eZ\bhgƒkbhl+
JX+Q,\Q)T,,,##3 l\gmbW+d!
]Z g^\^llb]Z]^
]^ J ^\hghfbZ
gZ\bhgZe [N mhfZk ]U
KhkmZgmh(
Z ^gmkZ]Z]^ k^\nklhl ^ _b^e^oZ†…h]Zl k^l^koZl ^qm\f+( ++++
QZbTT)NTV!(gdm]!e ib^g$ebe.%8e.m^
!9Ee. !bm(o^]^ \ZibmZbl+NŠ Zllbf ih]^kƒ Zl(^`nkZk*
bfihkmZgm^l \hgl^jŽˆg\bZl
ihlbmboZ++
+8(8
ivekŽ Z ^\hghfbZ+ @f ikbf^bky Emb`Žkv
mvgd$e4')X)]V\g ev$$8%v
%vi7(vh((8$8W+$^.
v iZkmbkMN bgb\bZmboZlbgm^kgZl * %W
DOD-+ .nm^g†0ihkjn^ g…h‡ fZbl g^\^llƒkbh k^lmkbg`bkhl g‰o^bl]Z Zmbob]Z]^ikh]nmboZ iZkZ
]hl _enqhl ]^ k^\nklhw Z]^jnZ]Z ‚l lnZl ]^fZg]Zl
]^ _bgZg\bZf^gmh+
fZqbfbsZk hl lZe]hl ]Z [ZeZg†Z\hf^k\bZe \( ]^llZ mhkfZ( k^\hfihk (&^lmhjn^
KZkZ DNN!($Dikbf^bkZ \hg]b†…h Z l^k Zm^g]b]Z i^eh =kZlke ‡ Z ]^
]Zl k^l^koZl+ <e‡f ]bllh( ]bllbiZ*l^ nf ]hl _Zmhk^l]Z `\kh†Œh ]\ ^qi\\mgmbQvDN
\hglheb]Zk Zl k^[†%•evl \hgo^g\bhgZbl
^ k^`neZk^l \hf h lblm^fZ _bgZg*
]^ ]^loZehkbsZ†Œ^l \Zf[bZbl( jn^ Z`n]bsZf Z bglmZ[beb]Z]^+<lqb f( ZfiebZf*
\^bkh bgm^kgZ\bhgZe+Ahb ^ll^ h \Zfbgah ^lmZ[^e^\b]h ^( l^f ]•ob]Z( l^kbZ
*l^ Zl ihllb[beb]Z]^l ]^ fZbhk ^_b\bˆg\bZ ]Z ihe‰mb\Z
]^ ^lmZabe•7vDvxE$!
I^ll^
]Zghl! k^\nZk ]h f^lfh+
< l^`ng]Z
\hg]b†…h g^\^llƒkbZ iZkZ fZgm^k
f^lfh
l^gmb]h( nf ln[lmZg\bZe ^lmhjn^ ]^ k^l^koZl \hg_b`nkZ*l^ \hfh
nf
h KZ‰l\h fh \k^]hk \hg_bƒo^e ‡ Z lni^kZ†…h ]h \^gƒkbh ]^ bglmZ[beb]Z]^
Z\k‡l\bfh
]Zl `ZkZgmbZl]hl m‰mnehl
]Z ]‰ob]Z i•[eb\Z+ Nb`gb_b\Z ]bs^k jn^(
\ ^lmZ`g(D9(77bW&+
>hg _biee7e*l^ \hgl^glnZe h ^gm^g]bf^gmh ]^ jn^ hl k^\^g*
_k^gm^‚ ^o^gmnZeb]Z]^ ]^ nfZ _hkm^ik^ll…h iZkZ k^l`ZmZkZjn^e^l m‰mnehl(
h
m^l _enqhl ]^ k^\nklhl m^f( ]^gmk^ lnZl \ZnlZl k^e^oZgm^l+\^kmh hmbfblfh
=Zg\h >^gmkZeih]^kƒ OJai(TW'l^f \hfikhf^m^k
Z =bGE
]Q]^b+ ]Z ^\hghfbZ(
]hl Ž`^gm^l ^\hg‹fb\hl
^lmkZg`^bkhl jnZgmh ‚ \ZiZ\b]Z]^
^[ ihe‰mb\Z
o^g]^g]h iZkm^]Zl k^l^koZl ]blihg‰o^bl (eJNZ`^gm^l ikboZ]hl+ @NN$e
ihlqbab*
LLW]kZVQLVi+nZ \eZkNW& P|VDJ
Zhl ikh[e^fZl
bgm^kghl+Oh]ZobZ( E f^]b]Z
eb]Z]^ ZfiebZ Z \hg_bZ[beb]Z]^ ]Zjn^e^l m‰mnehl
^( ihk bllh( f^eahkZ Zl
Y]N Tf#% l^ o^kb_b\Zk^f _Zmhl jn^ lbgZebs^f h ^g\ZfbgaZf^gmh
]Z
\hg]b†Œ^l ]^ \hgmkhe^ ]Z ebjnb]^s ]Z ^\hghfbZ+
lni\kZ\‚h
]Z \kbl^( W&
!mbfblfh
^lmkZg`^bkh ]^o^kƒ ]bllbiZk*l^ ^ k^]nsbk*
J \k^l\bf^gmh ]Zl k^l^koZl gZ bgm^glb]Z]^ o^kb_b\Z]Z k^\^gm^f^gm^( ihk
l^*ƒ .. bg`k\lly ]^ \ZibmZbl+ >Z[^ \hglb]^kZk Z abiŠm^l^ bfikhoƒo^e
]^
hnmkh eZ]h( h\hkk^ \hfh nf _hkm^_Zmhk^qŠZ^gh * Zea^bh E Z\…h $€%p^kgZ*
jn^ hl bg`k^lle&+l l^ fZgm^gaZf
^f f^]b]Z
lb`gb_b\ZmboZ( g…h h[lmZgm^
f^gmZe*]^
^qiZgl…h ]Z h_^kmZfhg^mƒkbZ+K7$._Z^obmkn$
h J]UNV\W ]gebjnb]\s(
Z i\kfZg\g\bg
]v. \k‰mbe!.
lbmnZ†…hbgm^kgZ+I^llZl
\bk\nglm„g\bZl( h _enqh
h Bho^kgh oˆ*l^ gZ g^\^llb]Z]^
]^ k^ZebsZk`kZg]^ ^fbll…h ]^ m‰mnehl
]^
]^ k^\nklhl \g\hnmkZk•( \hfh
h[lmƒ\neh( nf iZmZfZk lni^kbhk ]^ ^g]b*
]‰ob]Z i•[eb\Z+ @llZ ikƒmb\Z `^kZ nfZ ]^li^lZ
_bgZg\^bkZ Z]b\bhgZe K$P!Dh
ob]+ng\gmy jn\! DR 7Dnlˆg\bZ ]^ \k^l\bf^gmh(
Z ^\hghfbZ
g…h ih]^kƒ
@lmZ]h ^( Ze‡f ]bllh( ih]^ \ZnlZk nfZ ^e^oZ†…h]Z mZqZ]^cnkhl( e$JDe.^D>bm(&l
k\fng\k+n
I\!lŽ
lbmnŽ7(WeP
hl \ZibmZbl ^lmkZg`^bkhl m^kbZf l^kob]h Zhl
k^\^llbohl gh g‰o^e]Z Zmbob]Z]^ikh]nmboZ+Jl Zli^\mhl g^`Zmbohl ]h Znf^gmh
`Zga+y( ^li^\neZmbohl ^ 7... \k^l\bf^gmh
HIH LBHLB]Z ]‰ob]Z ^qm^kgZ+
\„f[bh!
]^l^g\Z]^bZ k^fZk\Z†Œ^l
ik^o^gmboZl]^ ik^†hl+
K7eGEGAa78ˆNNveN
OZ[^eZ =
>ZimZ†…h]^ k^\nklhl ^qm^kghl ]h =kZlbe* .656,6/
%P$N"fbeaŒ^l&
K<B<H@IOJ
<IO@>DK<?J
?<N
@SKJMO<|€@N
" <97?;=:
& <GPBP@G
@HKM_NODHJN@H HJ@?<
?DN>MDHDI<|{J
ADI<I>D<*
H@IOJN
Ihohl
A*eJ %.&
.656
.66.66.
.66/
EZg+*cng+
Ene*hnm+
8IGGBK
>@JBK
.-6(3
1-2(14-(/
.65(3
252(5
. 450(-
046(02/(0
614(3
.61(1
..1/(.24(6
15(3
>JV(W]\)
40.(0
H‡]bZ f^glZe
EZg+*cng+,6/
30(/
Ene+*hnm+,6/ 55(.
=‹gnl
Jnmkhl
2/(6
OhmZe
. 2-4(-
315(-
03.(.
. -11(6
1 1-5(/
0 ..2(0
1 .12(4
.32(6
2/.+/
354(.
1 3-4(5
/-65(0
34-3(.
266(3
5/.(1
.1/.(-
2.6(/
/24(3
/4(3
.0-(0
434(6
2/1(3
66(6
/-2(1
21(.
.-0-(1
DIQ@NOD*
H@IOJN
%fh^]Z&
%/&
OJO<G
B@M<G
/452(4
/55/(0
1.26(4
4/.(42.(3
. 3-083
000(0
354(4
. 121(2
1/-.(.
2 033(2
.. 3/3(-
.-31(/
3//(4
. 353(6
0/05(6
. /40(4
1 2./(3
6 2.-(2
15.3(.
.1 0/3(3
206(5
0.5(1
. 252(./-1(.
.44 (1
.22(4
AJIO@ 7xADM>@,=<>@I+
%.&@fik‡lmbfhl ]Zl fZmkbs^l ‚l _bebZbl+
%/&?hl fhgmZgm^l k^`blmkZ]hlg^lmZ\hgmZ(^f .66.
^ PN" 0+/6/(6 fbeaŒ^l ^f m^kfhl [knmhl+
><MO<
?@ >JIEPIOPM<
A@@ %^eZ[hkZ]Z \hf
< >ZkmZ]^ >hgcngmnkZ A@@ ‡ nfZ
vvvDvvvvvvvvk8_Zvvvv7Z
_hkZf Zieb\Z]hl ^f [helZ( k^li^\mboZf^gm^( PN" 426" fbDJJ^l
bg_hkfZ†Œ^l ]blihg‰o^bl Zm‡h ]bZ /3+..+6/&+
in[eb\Z†…h f^glZe
<l hibg‰Œ^l g…h ^qikbf^f
nf ihlb\bhgZf^gmh
@]bmhk7Mh[^kmhHZk\Zgmhgbh
@]bmhk^l <]cngmhl+ <]Zefbk HZkjn^mmb
>Zebgh KZ\a^\h Abeah
^ .66/
]^ k^lihglZ[‰eb]Z]^
]hl ^]bmhk^l \hf
]^ i^ljnblZ
^q^fieZk^l
]Z ?bk^†…h O‡\gb\Z+
h_b\bZe]Z A@@hn ]Z N^\k^mZkbZ]h KeZg^cZf^gmh ^ ]Z <]fbgblmkZ†…h+
Ang]Z†…h ]^ @\hghfbZ ^ @lmZmblmb\Z
Bho^kgZ]hk ]h @lmZ]h ]h Mbh BkZg]^ ]h Nne
Nb^`_kb^] @fZgn^e C^nl^k
<G>@P >JGG<M@N
MnZ ?njn^ ]^ >ZqbZl .36.
N^\k^mƒkbh ]h KeZg^cZf^gmh ^ ]Z <]fbgblmkZ†…h
R <G O@M ID LP@
Ang]Z†…h ]^ @\hghfbZ ^ @lmZm‰lmb\Z
Nb^`_kb^] @fZgn^e C^nl^k
+
Kk^lb]^gmZ7 ?DGH< Q<I<
MJPNN@AA
?bk^mhk O‡\gb\h7 J>O<QDJ
<PBPNOJ
>+ >JI>@D|{J
?bk^mhkZ <]fbgblmkZmboZ7 HJ@H< FM<T
<]Zefbk HZkjn^mmb
<g]k‡ Hbg^eeZ
?befZ QZgZ Mhnll^__
Gnbs <n`nlmh @lmk^eeZ
AZkbZ
J\mZobh <n`nlmh >+ >hg\^b†…h
Mh[^kmhHZk\Zgmhgbh
Mn[^gl NhZk^l ]^ GbfZ
<gmhgbh >Zkehl >+ AkZjn^eeb
ObkZ`^f7 /+---
Z \heZ[hkZ†…h ]hl g•\e^hl
Khkmh <e^`k^( MN * \~K 6-+-
7XWQW
b
eRPeD>J
?J
•••
Y
?J
Y
'(( F
?J
++(
,
KJMO@
K<BJ
9D*DE
BDF*DE
>bbb$b)b
7 ;ADe7
)
CG:
H:@
9A
BAHA