#08 Act on proposed Council Policy Statement on Code of Ethics and ConductCity Manager’s Office Memorandum
June 20, 2011
TO: City Council
FROM: Eric J. Levitt, City Manager
SUBJECT: Action on Proposed Council Policy Statement #88 – City Council Code of Conduct.
Summary:
The City Manager is requesting Council consideration and possible action on the attached
proposed Council Policy Statement #88, which proposes a City Council Code of Conduct. This
policy proposal was requested by Council President Brunner and Councilmember Voskuil.
Background:
In March of 2011, the City Attorney researched other cities’ policies that contained both Ethics
policies and City Council Codes of Conduct. Many cities in both the State of Wisconsin and other
states have established City Council Codes of Conducts.
In reviewing the proposed policy, the City Council will see that the proposed policy includes topics
such as:
Responsibilities of City Council members.
Conduct of Officials.
Performance of Duties and preparation for Council meetings.
Council conduct during public meetings.
Conflict of Interest Statement
State law regarding the accepting of gifts.
Confidentiality of information.
Policy role of members.
Prohibitions of certain conduct including harassment.
City Manager Recommendation:
The City Manager is looking for City Council input on the proposed Council Code of Conduct. I
believe that a policy such as Council Code of Conduct is a good tool for future City Councils and
will continue to be a living document.
th
If the City Council wishes to approve the proposed policy or an amended policy on June 27, it is
scheduled for action by approving proposed Council Policy #88.
Attachment:
Proposed Council Policy #88
CITY OF JANESVILLE Policy No. 88
Page 1 of 5
CITY COUNCIL POLICY STATEMENT Date Issued
General Subject: Administration
Effective Date:
Specific Subject: City Council Code of Conduct
Cancellation Date:
Supersedes No.
PURPOSE:
It is the policy of the City of Janesville to uphold and promote ethical conduct from the
elected and appointed public officials. The city council recognizes the importance of
establishing the ethical principles, rules, and laws that guide elected officials and
members of appointed boards, commissions, and committees, herein referred to as
public officials.
STATEMENT OF POLICY:
Public officials are to maintain the highest standards of personal conduct, integrity,
truthfulness, and fairness in carrying out their public duties.
Responsibility of Public Office: The primary goal of public officials is working for the
common good of the City of Janesville and in the public’s best interest.
Compliance with Law: Public officials are agents of the public purpose and are therefore
obligated to uphold the laws of the nation, state, county, and city.
Conduct of Officials: The conduct of public officials shall be above reproach and avoid
the appearance of impropriety. Public officials shall refrain from abusive conduct,
personal charges, or verbal attacks upon the character or actions of other council
members or of members of boards, commissions, committees, city staff, or the public.
Performance of Duties: Public officials shall perform their duties with diligence and in
accordance with the rules of order established by the city council, board, commission, or
committee conducting the meeting for the deliberation of public policy issues, and
implementation of policy decisions of the city council by city staff. The involvement by
citizens or citizen opinion regarding public policy issues shall be meaningful and fully
considered.
Public Meetings: (1) Public officials shall prepare for meetings to conduct the business
of the City of Janesville in a meaningful manner regarding the public issues to be
debated. Public officials will listen courteously and attentively to all public discussion
before the body and focus on the business being conducted.
(2) Public officials shall refrain from interrupting other speakers, making personal
comments not related to the public discussion or otherwise interfere with the
orderly conduct of the meeting.
CITY OF JANESVILLE Policy No. 88
Page 2 of 5
CITY COUNCIL POLICY STATEMENT Date Issued
General Subject: Administration
Effective Date:
Specific Subject: City Council Code of Conduct
Cancellation Date:
Supersedes No.
(3) Electronic devices (cell phones, I-pads, smart phones, etc, et. al.) shall be set
aside, silenced or turned off so as to not interfere, distract, or disrupt the
conduct of the public meeting.
(4) Should a city council member or other public official because of an emergency
or urgent need be required to use their cell phone or other electronic device
during the meeting the council member or public official will excuse themselves
from the dais or meeting and go to an adjacent room or area to use the device
so as to not interfere, distract, or disrupt the conduct of the meeting.
Deliberations and Decisions: Public officials will base their decisions on the merits and
substance of the business or public policy at hand.
Communication: Public officials shall publicly share with the body substantive
information that is relevant to the matter under consideration by the council, board,
commission, or committee, which the public official received from sources outside the
public decision-making process.
Conflict of Interest: Public officials should remove themselves from debate and
deliberation on matters of public interest should they have a material financial interest or
personal relationship, which may give the appearance of or be a direct conflict of
interest. Public officials should avoid action, whether or not specifically prohibited, which
may result or create the appearance of direct conflict of interest.
Gifts, Gratuities, and Favors: (1) Public officials shall comply with the requirements of
Section 19.59(1)(a)(b), WI Statutes relating to the acceptance and reporting of gifts,
gratuities, and favors.
(2) No public official shall accept anything of value, whether in the form of gift,
service, loan, or promise from any person which may tend to influence his/her
independence of judgment or action in the performance of their duties or grant in the
discharge of their duties any improper favor or service of value.
Confidentiality of Information: (1) Public officials shall not disclose to anyone any
information concerning city property, personnel, litigation, or proceedings of the city,
other than public information or with legal authorization that was obtained as a result of
:
CITY OF JANESVILLE Policy No. 88
Page 3 of 5
CITY COUNCIL POLICY STATEMENT Date Issued
General Subject: Administration
Effective Date:
Specific Subject: City Council Code of Conduct
Cancellation Date:
Supersedes No.
their positions with the city. This shall not be construed to limit, hinder, or prevent the
divulgence or use of information in the performance of official duties, but shall prohibit
the use of or providing information that would place the official or recipient in a vantage
position over the general public and thereby constitute a violation of public trust.
(2) Information obtained in closed session of the city council shall be confidential
until such time as that information is legally allowed or required to be made public.
(3) Confidential information shall include, but not be limited to, any written
information which is not subject to disclosure as provided in Wisconsin’s Public Records
Laws.
Use of Public Resources: (1) The use of city facilities, equipment, vehicles, supplies, on-
duty personnel, or other goods or services is limited to city business. Public resources
may not be used except on the same basis that the resources otherwise would be
available to the general public. Rental or usage fees may not be waived except in
accordance with city policy.
(2) A public official may use the city’s name, letterhead, logo, or seal only when it is
used representing the City of Janesville or the body as a whole and only with the
prior consent of the council.
(3) A public official shall not utilize the city’s name, letterhead, logo, or seal for the
purpose of endorsing any political candidate, business, commercial product, or
service.
Representative of Private Interests: City council members shall not appear on behalf of
the private interests of third parties before the council or any board, commission,
committee, or proceeding of the city. Public officials of boards, commissions, and
committees shall not appear before their own bodies or before the city council on behalf
of the private interest of third parties on matters related to the areas of service or their
board, commission, or committee.
Advocacy: Public officials shall represent the official policies and positions of the city
council, board, commission, or committee to the best of their ability when designated as
delegates for this purpose. Public officials when representing their personal opinions
CITY OF JANESVILLE Policy No. 88
Page 4 of 5
CITY COUNCIL POLICY STATEMENT Date Issued
General Subject: Administration
Effective Date:
Specific Subject: City Council Code of Conduct
Cancellation Date:
Supersedes No.
and positions shall state that they are not representing the City of Janesville, city council,
board, commission, or committee but expressing their personal view.
Policy Role of Members: Public officials shall adhere to the Council-Manager form of
government as set forth in the City Charter and Council Policy with respect to the city
manager’s relationship with the city council. The city council determines the policies of
the city with advice, information, and analysis provided by the public, boards,
commissions, committees, and city staff. Except as provided by city ordinance, council
members shall not interfere with the administrative functions of the city or the
professional duties of city staff or impair the ability of staff to implement council policy
decisions.
Independence of Boards, Commissions, and Committees: The independent
recommendations of boards, commissions, and committees to the public decision
making process is recognized as valuable and significant. Council members shall refrain
from unduly influencing the deliberations or recommendations of board, commission,
and committee proceedings.
Harassment: Public officials shall avoid offensive or inappropriate harassing behavior.
Should there be complaints of harassment such complaints will be promptly and
carefully investigated in accordance with the City of Janesville Harassment Policy.
Positive Work Place Environment: Public officials shall support the maintenance of a
positive and constructive work place environment for city employees and for citizens
conducting business with the city.
City Attorney to Render Opinion on Request: Public officials subject to this policy, if in
doubt to the proper interpretation or application of the Code of Conduct or Ethics law
may submit to the city attorney a written statement of facts and questions. The city
attorney will then render a written opinion to the official and shall publish the opinion
without use of the name of the official advised unless such official permits the use of
their name.
Implementation: (1) The Code of Conduct for the City of Janesville is intended to be
self-enforcing. Ethical standards shall be included in the orientation for candidates for
city council, newly elected officials and appointed members to boards, commissions, and
committees.
CITY OF JANESVILLE Policy No. 88
Page 5 of 5
CITY COUNCIL POLICY STATEMENT Date Issued
General Subject: Administration
Effective Date:
Specific Subject: City Council Code of Conduct
Cancellation Date:
Supersedes No.
(2) Public officials entering office will be provided a statement certifying they have
read and understand the Code of Conduct (signing the statement is optional).
(3) The Code of Conduct City Council Policy shall be reviewed and updated as
necessary in November/December of odd-numbered years.
Attachments: Chapter 19.41 to 19.59 WI Statutes
Wisconsin’s Ethics Laws – Recognizing and Avoiding Conflicts of Interest
League of Wisconsin Municipalities
Recognizing & Avoiding Conflicts of Interest
League of Wisconsin Municipalities
÷Ð×ÙÈÊÍÎÓÙÊ×ÌÊÍØÇÙÈÓÍÎÍÖ
ÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
çÌØÛÈר
åÓÉéÈÛÈÉøÛÈÛÚÛÉ×
ÛÎÃÖÍÊÖ×ÓÈÇÊ×Ê×ÙÍÆ×ÊרÈÍÕ×ÈÔ×ÊÅÓÈÔÊ×ÛÉÍÎÛÚÐ×ÙÍÉÈÉÈÍÈÔ׳ûÎÃÈÔÓÎÕÍÖÆÛÐÇ×¥Ï×ÛÎÉÛÎÃÏÍÎ×ÃÍÊÌÊÍÌ×ÊÈÃÖÛÆÍÊ
ÉÈÛÈ×ÛÎØÓÎÛÙÈÓÍÎÉÚÊÍÇÕÔÈÚÃÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÈÔ×ÙÍÇÊÈÉÔÛÐÐÉ×ÊÆÓÙ×ÌÛÃÏ×ÎÈÛØÆÛÎÙ×ÖÍÊÚ×ÛÊÛÎÙ×ÐÍÛÎÍÊÌÊÍÏÓÉ×ÍÖÖÇÈÇÊ×
ÛÅÛÊØÛÎÃÖÍÊÖ×ÓÈÇÊ×Ê×ÙÍÆ×ÊרÈÍÕ×ÈÔ×ÊÅÓÈÔÊ×ÛÉÍÎÛÚÐ×ÙÍÉÈÉÈÍ×ÏÌÐÍÃÏ×ÎÈÚÇÈØÍ×ÉÎÍÈÓÎÙÐÇØ×ÙÍÏÌ×ÎÉÛÈÓÍÎÛÎØ×ÄÌ×ÎÉ×É
ÈÔ×ÙÍÇÎÈÃÌÛÓØÚÃÈÔ×ÉÈÛÈ×Ö××ÉÛÎØ×ÄÌ×ÎÉ×ÉÅÔÓÙÔÛÊ×Ì×ÊÏÓÈÈרÛÎØ
Ê×ÌÍÊÈרÇÎØ×ÊÉÌÍÐÓÈÓÙÛÐÙÍÎÈÊÓÚÇÈÓÍÎÉÅÔÓÙÔÛÊ×Ê×ÌÍÊÈר
ôÓÉÈÍÊÃ
Ù Û
É ØÛÛ
ÇÎØ×ÊÙÔÍÊÔÍÉÌÓÈÛÐÓÈÃ×ÄÈ×ÎØ×ØÖÍÊÛÌÇÊÌÍÉ×ÇÎÊ×ÐÛÈרÈÍ
ûÌÛÊÈÃÉ××ÑÓÎÕÖ××ÉÇÎØ×ÊÉÇÚ
ÏÇÉÈÉÔÍÅÈÔÛÈÈÔ×ÌÊÍÉ×ÙÇÈÓÍÎÍÖÛÎÛÙÈÓÍÎ
ÙÍÇÐØÊ×ÛÉÍÎÛÚÐÃÚ×Ê×ÕÛÊØ×ØÛÉÎ×Ù×ÉÉÛÊÃÈÍÍÚÈÛÓÎÈÔ×ÓÎÖÍÊÏÛÈÓÍÎÛÎØÈÔÛÈÛ³ÙÛÇÉÛÐ
ÉÈÛÈ×ÚÇÉÓÎ×ÉÉÚÃÛÌ×ÊÉÍÎÍÈÔ×ÊÈÔÛÎÛÎÍÊÕÛÎÓÂÛÈÓÍÎ
Î×ÄÇÉ¥×ÄÓÉÈÉÚ×ÈÅ××ÎÈÔÛÈÛÙÈÓÍÎÛÎØÈÔ×ÛÕ×ÎÙÃÉÉÇÊÊ×ÎØ×ÊÍÖÈÔ×ÓÎÖÍÊÏÛÈÓÍÎéÈÛÈ×
³ûÉÉÍÙÓÛÈר¥ÅÔ×ÎÇÉרÅÓÈÔÊ×Ö×Ê×ÎÙ×ÈÍÛÎÍÊÕÛÎÓÂÛ½
×ÄÊ×ÐæÛÇÕÔÛÎÆöÛÇÉÈ åÓÉ
Ø
ØùÈûÌÌ
óÖÛÎÛÕ×ÎÙÃ×Ä×ÊÙÓÉ×ÉØÇרÓÐÓÕ×ÎÙ×ÚÇÈÓÉÇÎÛÚÐ×ÈÍÊ×ÉÌÍÎØÈÓÏ×ÐÃÈÍÛÊ×ÙÍÊØÉ
ÈÓÍÎÓÎÙÐÇØ×ÉÛÎÃÍÊÕÛÎÓÂÛÈÓÍÎÓÎÅÔÓÙÔÛÎÓÎØÓÆÓØÇÛÐÍÊÛÏ×Ͻ
Ê×ËÇ×ÉÈÈÔ×ÌÐÛÓÎÈÓÖÖÏÇÉÈÉÔÍÅÈÔÛÈÛÏÛÎØÛÏÇÉÛÙÈÓÍÎÅÛÉÎ×Ù×ÉÉÛÊÃÈÍÉ×ÙÇÊ×ÈÔ×
Ú×ÊÍÖÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃÓÉÛØÓÊ×ÙÈÍÊÍÖÖÓÙ×ÊÍÊÈÊÇÉÈ××
Ê×ÙÍÊØÉÊ×Ð×ÛÉ×ÈÍËÇÛÐÓÖÃÖÍÊÛÅÛÊØÍÖÖ××ÉÛÎØÙÍÉÈÉÇÎØ×ÊÉÇÚ
êÛÙÓÎ×÷ØÇÙÛÈÓÍÎ
ÍÊÍÅÎÉÍÊÙÍÎÈÊÍÐÉØÓÊ×ÙÈÐÃÍÊÓÎØÓÊ×ÙÈÐÃÛÎØÉׯ×ÊÛÐÐÃÍÊÓÎÈÔ×
ûÉÉÍÙÓÛÈÓÍÎÆêÛÙÓÎ×úÍÛÊØÍÖ÷ØÇÙÛÈÓÍÎåÓÉ
Ø
ØùÈ
ûÌÌ
ÛÕÕÊ×ÕÛÈ×ÛÈÐ×ÛÉÈ
ÍÖÈÔ×ÍÇÈÉÈÛÎØÓÎÕ×ËÇÓÈÃÍÊÍÖÅÔÓÙÔÛÎ
ûÉÉÇÏÓÎÕÉÇÚÛÛÌÌÐÓ×ÉÚ×ÖÍÊ×ÏÛÎØÛÏÇÉÓÉÓÉÉÇרÈÔ×ÈÊÓÛÐÙÍÇÊÈÊ×ÈÛÓÎÉØÓɽ
ÓÎØÓÆÓØÇÛÐÍÊÛÏ×ÏÚ×ÊÍÖÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃÓÉÛÎÛÇÈÔͽ
ÙÊ×ÈÓÍÎÈÍÊ×ÖÇÉ×ÙÍÇÎÉ×ÐÉÌÛÊÈÓÙÓÌÛÈÓÍÎÓÎÛÎÓÎÙÛÏ×ÊÛÓÎÉÌ×ÙÈÓÍÎïÓÐÅÛÇÑ××òÍÇʽ
ÊÓÂרÊ×ÌÊ×É×ÎÈÛÈÓÆ×ÍÊÛÕ×ÎÈ
ÎÛÐÆùÛÐÐ åÓÉ
ØùÈûÌÌ
óÖÈÔ×ÈÊÓÛÐÙÍÇÊÈÔÛÉÛÎÓÎÙÍÏÌÐ×È×ÑÎÍÅÐרÕ×ÍÖÈÔ×ÙÍÎÈ×ÎÈÉÍÖÈÔ×ÌÇÚÐÓÙÊ×ÙÍÊØÉ
³úÍÛÊØ¥Ï×ÛÎÉÈÔ×ÕÍÆ×ÊÎÏ×ÎÈÛÙÙÍÇÎÈÛÚÓÐÓÈÃÚÍÛÊØ
ÉÍÇÕÔÈÓÈÏÇÉÈÙÍÎØÇÙÈÛÎÓÎÙÛÏ×ÊÛÓÎÉÌ×ÙÈÓÍÎÈÍØ×È×ÊÏÓÎ×ÅÔÛÈÏÛÃÚרÓÉÙÐÍÉר
Ï
³ùÛÎØÓØÛÈ×¥×ÄÙ×ÌÈÛÉÍÈÔ×ÊÅÓÉ×ÌÊÍÆÓØ×ØÔÛÉÈÔ×
ÖÍÐÐÍÅÓÎÕÛÙÇÉÈÍØÓÛÎÉÊ×ÖÇÉÛÐéÈÛÈ××ÄÊ×ÐïÍÊÑׯøÍÎÎ×ÐÐÃåÓÉ
Ø
îå
Ï×ÛÎÓÎÕÕÓÆ×ÎÓÎÉ
û ÌÊÍÉ×ÐÓÈÓÕÛÎÈÓÉÎÍÈ×ÎÈÓÈÐרÈÍÛÈÈÍÊÎ×ÃÖ××ÉéÈÛÈ××ÄÊ×ÐãÍÇÎÕÆéÔÛÅ
É
³ùÛÎØÓØÛÈ×ÖÍÊÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙ×¥Ï×ÛÎÉÛÎÃÓÎØÓÆÓØÇÛÐ
åÓÉ
Ø
Ø
ùÈûÌÌ
ÅÔÍÖÓÐ×ÉÎÍÏÓÎÛÈÓÍÎÌÛÌ×ÊÉÛÎØÛØ×ÙÐÛÊÛÈÓÍÎÍÖÙÛÎØÓØÛÙÃÇÎØ×Ê
ûÖÛÆÍÊÛÚÐ×ÒÇØÕÏ×ÎÈÍÊÍÊØ×ÊÓÉÎÍÈÛÎ×Ù×ÉÉÛÊÃÙÍÎØÓÈÓÍÎÌÊ×Ùר×ÎÈÖÍÊÖÓÎØÓÎÕ
ÈÔÛÈÛÌÛÊÈÃÌÊׯÛÓÐרÛÕÛÓÎÉÈÛÎÛÕ×ÎÙÃÇÎØ×ÊÉÇÚ
ûÙÛÇÉÛÐÎ×ÄÇÉÏÇÉÈÚ×ÉÔÍÅÎ
É
ÍÊÅÔÍÓÉÎÍÏÓÎÛÈרÛÈÛÙÛÇÙÇÉÇÎØ×ÊÉ
ÖÍÊÈÔ×
Ú×ÈÅ××ÎÈÔ×ÌÊÍÉ×ÙÇÈÓÍÎÍÖÈÔ×ÏÛÎØÛÏÇÉÛÙÈÓÍÎÛÎØÈÔ×Ê×Ð×ÛÉ×ÍÖÈÔ×Ê×ËÇ×ÉÈר
ÌÇÊÌÍÉ×ÍÖÛÌÌ×ÛÊÓÎÕÍÎÈÔ×ÚÛÐÐÍÈÖÍÊ×Ð×ÙÈÓÍÎÛÉÛÐÍÙÛÐÌÇÚÐÓÙ
ÓÎÖÍÊÏÛÈÓÍÎ÷ÛÇùÐÛÓÊ×ìÊ×ÉÉùÍÆõÍÊØÍÎåÓÉ
îå
ØùÈ
ÍÖÖÓÙÓÛÐÍÊÛÎÃÓÎØÓÆÓØÇÛÐÅÔÍÓÉÎÍÏÓÎÛÈרÖÍÊÈÔ×ÌÇÊÌÍÉ×ÍÖ
ûÌÌ
ûÙÈÓÍÎÉÚÊÍÇÕÔÈÇÎØ×ÊÈÔ×ÍÌ×ÎÏ××ÈÓÎÕÉÛÎØÍÌ×ÎÊ×ÙÍÊØÉÐÛÅÉÛÊ××Ä×ÏÌÈÖÊÍÏ
ÛÌÌ×ÛÊÓÎÕÍÎÈÔ×ÚÛÐÐÍÈÖÍÊ×Ð×ÙÈÓÍÎÛÉÛÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐ
ÈÔ×ÎÍÈÓÙ×ÌÊÍÆÓÉÓÍÎÉÍÖÉ
ûÇÙÔÓÎÐ×ÙÑÆèÍÅÎÍÖðÛõÊÛÎÕ×
åÓÉ
ÈÔÊÍÇÕÔÈÔ×ÅÊÓÈ×ÓÎÌÊÍÙ×ÉÉÍÊÚÃÛÌÌÍÓÎÈÏ×ÎÈÈÍÖÓÐÐÛÆÛÙÛÎÙÃ
îå
Ø
ÓÎÎÍÏÓÎÛÈÓÍÎÛÎØÅÔÍÖÓÐ×ÉÛØ×ÙÐÛÊÛÈÓÍÎÍÖÙÛÎØÓØÛÙÃÇÎØ×ÊÉ
ûÎÓÎÏÛÈ×ÉÊÓÕÔÈÈÍÏÛÎØÛÏÇÉÇÎØ×ÊÈÔÓÉÉ×ÙÈÓÍÎÓÉÉÇÚÒ×ÙÈÈÍÉ
ÅÔÓÙÔ
Ê×ËÇÓÊ×É×ÄÔÛÇÉÈÓÍÎÍÖÛØÏÓÎÓÉÈÊÛÈÓÆ×Ê×ÏרÓ×ÉÚ×ÖÍÊ×ÛÎÛÙÈÓÍÎÏÛÃÚ×ÙÍÏÏ×ÎÙר
ïÍÍÊׯéÈÛÔÍÅÓÛÑ
ÓÉ
ùÈûÌÌ
³ùÛÎØÓØÛÈ×ÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×¥Ï×ÛÎÉÛÎÃÓÎØÓÆÓØÇÛÐ
åÔ×ÎÊ×ËÇ×ÉÈÉÛÊ×ÙÍÏÌÐ×ÄÏÇÎÓÙÓÌÛÐÓÈÓ×ÉÉÔÍÇÐØÚ×ÛÖÖÍÊØ×ØÊ×ÛÉÍÎÛÚÐ×ÐÛÈÓÈÇØ×
ÅÔÍÖÓÐ×ÉÎÍÏÓÎÛÈÓÍÎÌÛÌ×ÊÉÛÎØÛØ×ÙÐÛÊÛÈÓÍÎÍÖÙÛÎØÓØÛÙÃÇÎØ×Ê
ÓÎÈÓÏ×ÖÍÊÈÔ×ÓÊÊ×ÉÌÍÎÉ×ÉûÎÛÇÈÔÍÊÓÈÃÉÔÍÇÐØÎÍÈÚ×ÉÇÚÒ×ÙÈרÈÍÈÔ×ÚÇÊØ×ÎÛÎØ
×ÄÌ×ÎÉ×ÍÖÛÌÊ×ÏÛÈÇÊ×ÌÇÚÐÓÙÊ×ÙÍÊØÉÐÛÅÉÇÓÈÅÔÓÐ×ÓÈÓÉÛÈÈ×ÏÌÈÓÎÕÓÎÕÍÍØÖÛÓÈÔÈÍ
É
ÍÊÅÔÍÓÉÎÍÏÓÎÛÈרÛÈÛÙÛÇÙÇÉÇÎØ×ÊÉ
ÖÍÊÈÔ×
Ê×ÉÌÍÎØÍÊÈÍØ×È×ÊÏÓÎ×ÔÍÅÈÍÊ×ÉÌÍÎØÈÍÛÊ×ËÇ×ÉÈåÔÛÈÙÍÎÉÈÓÈÇÈ×ÉÛÊ×ÛÉÍÎÛÚÐ×
ÌÇÊÌÍÉ×ÍÖÛÌÌ×ÛÊÓÎÕÍÎÈÔ×ÚÛÐÐÍÈÖÍÊ×Ð×ÙÈÓÍÎÛÉÛÉÈÛÈ×ÌÇÚÐÓÙ
ÈÓÏ×ÖÍÊÛÊ×ÉÌÍÎÉ×ÚÃÛÎÛÇÈÔÍÊÓÈÃØ×Ì×ÎØÉÍÎÈÔ×ÎÛÈÇÊ×ÍÖÈÔ×Ê×ËÇ×ÉÈÈÔ×ÉÈÛÖÖÛÎØ
ÍÈÔ×ÊÊ×ÉÍÇÊÙ×ÉÛÆÛÓÐÛÚÐ×ÈÍÈÔ×ÛÇÈÔÍÊÓÈÃÈÍÌÊÍÙ×ÉÉÈÔ×Ê×ËÇ×ÉÈÈÔ××ÄÈ×ÎÈÍÖÈÔ×
ÍÖÖÓÙÓÛÐÍÊÛÎÃÓÎØÓÆÓØÇÛÐÅÔÍÓÉÎÍÏÓÎÛÈרÖÍÊÈÔ×ÌÇÊÌÍÉ×ÍÖ
Ê×ËÇ×ÉÈÛÎØÍÈÔ×ÊÊ×ÐÛÈרÙÍÎÉÓØ×ÊÛÈÓÍÎÉåóê÷ØÛÈÛóÎÙÆæÓÐÐÛÕ×ÍÖéÇÉÉ×Ä
ÛÌÌ×ÛÊÓÎÕÍÎÈÔ×ÚÛÐÐÍÈÖÍÊ×Ð×ÙÈÓÍÎÛÉÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐ
åó
åÓÉ
Ø
ÈÔÊÍÇÕÔÈÔ×ÅÊÓÈ×ÓÎÌÊÍÙ×ÉÉÍÊÚÃÛÌÌÍÓÎÈÏ×ÎÈÈÍÖÓÐÐÛÆÛÙÛÎÙÃ
èÔ×Ð×ÕÓÉÐÛÈÇÊרӨÎÍÈÓÎÈ×ÎØÈÍÛÐÐÍÅÛÊ×ÙÍÊØÊ×ËÇ×ÉÈ×ÊÈÍÙÍÎÈÊÍÐÍÊÛÌÌ×ÛÐÛÏÛν
ØÛÏÇÉÛÙÈÓÍÎÚÊÍÇÕÔÈÚÃÈÔ×ÛÈÈÍÊÎ×ÃÕ×Î×ÊÛÐÇÎØ×ÊÉÇÚÚéÇÚÍÇÈÐÓÎ×ÉÈÅÍ
ÓÎÎÍÏÓÎÛÈÓÍÎÛÎØÅÔÍÖÓÐ×ÉÛØ×ÙÐÛÊÛÈÓÍÎÍÖÙÛÎØÓØÛÙÃÇÎØ×ÊÉ
ØÓÉÈÓÎÙÈÙÍÇÊÉ×ÉÍÖÛÙÈÓÍÎÅÔ×ÎÛÊ×ÙÍÊØÉÊ×ËÇ×ÉÈÓÉØ×ÎÓרØÓÙÈÛÈ×ÉØÓÉÈÓÎÙÈÙÍÇÊÉ×É
ÍÖÛÙÈÓÍÎÛÎØÌÊ×ÉÙÊÓÚ×ÉØÓÖÖ×Ê×ÎÈÊ×ÏרÓ×ÉÖÍÊ×ÛÙÔÙÍÇÊÉ×îÍÈÔÓÎÕÉÇÕÕ×ÉÈÉÈÔÛÈ
Õ
ÛÊ×ËÇ×ÉÈ×ÊÓÉÔÓÊÓÎÕÈÔ×ÛÈÈÍÊÎ×ÃÕ×Î×ÊÛÐÛÉÛÉÍÊÈÍÖÌÊÓÆÛÈ×ÙÍÇÎÉ×ÐÈÍÌÊÍÙ×רÅÓÈÔ
³ùÐ×ÛÊÐÃÓØ×ÎÈÓÖÓר¥ÅÔ×ÎÇÉרÓÎÊ×Ö×Ê×ÎÙ×ÈÍÛÙÍÏÏǽ
ÈÔ×ÙÛÉ×ÍÊÈÔÛÈÈÔ×Ê×ËÇ×ÉÈ×ÊÅÍÇÐØÚ×ÛÎÛÏרÌÐÛÓÎÈÓÖÖÓÎÈÔ×ÙÛÉ×ÅÓÈÔÈÔ×ÛÈÈÍÊÎ×Ã
ÎÓÙÛÈÓÍÎÙÍÎÈÛÓÎÓÎÕÛÊ×Ö×Ê×ÎÙ×ÈÍÛÌ×ÊÉÍÎÏ×ÛÎÉÍÎ×ÍÖÈÔ×ÖÍн
Õ×Î×ÊÛÐÛÌÌ×ÛÊÓÎÕÛÉÙÍÇÎÉ×ÐÍÖÊ×ÙÍÊØÅÔ×ÎÌÊÍÙ×רÓÎÕÇÎØ×ÊÉÇÚÚéÈÛÈׯ
ÐÍÅÓÎÕ
âÓ×Î
ÓÉ
Ø
ûÙÈÇÛÐØÛÏÛÕ×ÉÛÊ×ÈÔ×ÐÓÛÚÓÐÓÈÃÍÖÈÔ×ÛÕ×ÎÙÃìÇÎÓÈӯרÛÏÛÕ×ÉÛÎØÖÍÊÖ×ÓÈÇÊ×É
ÛèÔ×Ì×ÊÉÍÎÉÎÛÏ×ÛÌÌ×ÛÊÉ
ÙÛÎÚ×ÈÔ×ÐÓÛÚÓÐÓÈÃÍÖ×ÓÈÔ×ÊÈÔ×ÛÕ×ÎÙÃÍÊÈÔ×Ð×ÕÛÐÙÇÉÈÍØÓÛÎÍÊÚÍÈÔé×ÙÈÓÍÎ
ÚûÌÔÍÈÍÕÊÛÌÔÍÊØÊÛÅÓÎÕÍÖÈÔ×Ì×ÊÉÍÎÛÌÌ×ÛÊÉ
ÛÌÊÍÚÛÚÐÃÌÊÍÆÓØ×ÉÓÎØ×ÏÎÓÖÓÙÛÈÓÍÎÖÍÊÌÇÎÓÈӯרÛÏÛÕ×ÉÛÉÉ×ÉÉרÛÕÛÓÎÉÈÛ
ÙÇÉÈÍØÓÛÎÚÇÈÎÍÈÖÍÊÖÍÊÖ×ÓÈÇÊ×É
õ×Î
ÙèÔ×ÓØ×ÎÈÓÈÃÍÖÈÔ×Ì×ÊÉÍÎÓÉÛÌÌÛÊ×ÎÈÚÃÇÎÛÏÚÓÕÇÍÇÉÊ×Ö½
×Ê×ÎÙ×
óÎÈ×ÊÌÊ×ÈÛÈÓÍÎÚÃÛÈÈÍÊÎ×ÃÕ×Î×ÊÛÐ
ûÎÃÌ×ÊÉÍÎ
Ê
³ùÍÏÏÇÎÓÙÛÈÓÍÎ¥Ï×ÛÎÉÛÏ×ÉÉÛÕ×ÈÊÛÎÉÏÓÈÈרÚÃ
ÏÛÃÊ×ËÇ×ÉÈÛØÆÓÙ×ÖÊÍÏÈÔ×ÛÈÈÍÊÎ×ÃÕ×Î×ÊÛÐÛÉÈÍÈÔ×ÛÌÌÐÓÙÛÚÓн
Ï×ÛÎÉÍÖÛÌÊÓÎÈ×ØÛØÆ×ÊÈÓÉ×Ï×ÎÈÚÓÐÐÚÍÛÊØÔÛÎØÚÓÐÐÉÛÏÌÐ×ÚÛн
ÓÈÃÍÖÈÔÓÉÉÇÚÙÔÛÌÈ×ÊÇÎØ×ÊÛÎÃÙÓÊÙÇÏÉÈÛÎÙ×ÉèÔ×ÛÈÈÍÊÎ×ÃÕ×ν
ÐÍÈÊÛØÓÍÍÊÈ×ÐׯÓÉÓÍÎÛØÆ×ÊÈÓÉ×Ï×ÎÈÈ×Ð×ÌÔÍÎ×ÙÛÐÐÍÊÛÎÃ
×ÊÛÐÏÛÃÊ×ÉÌÍÎØÈÍÉÇÙÔÛÊ×ËÇ×ÉÈ
ÏרÓÇÏÈÔÛÈÏÛÃÚ×ÇÈÓÐÓÂרÖÍÊÈÔ×ÌÇÊÌÍÉ×ÍÖØÓÉÉ×ÏÓÎÛÈÓÎÕÍÊ
ôÓÉÈÍÊÃ
Ù
ÚÊÍÛØÙÛÉÈÓÎÕÛÏ×ÉÉÛÕ×ÚÇÈÎÍÈÓÎÙÐÇØÓÎÕÛÌÍÐÐÙÍÎØÇÙÈרÉÍÐ×ÐÃ
ÖÍÊÈÔ×ÌÇÊÌÍÉ×ÍÖÓØ×ÎÈÓÖÃÓÎÕÍÊÙÍÐÐ×ÙÈÓÎÕØÛÈÛÙÍÎÙ×ÊÎÓÎÕÈÔ×
éçúùôûìè÷êóóó
ÛÈÈÓÈÇØ×ÉÍÊÌÊ×Ö×Ê×ÎÙ×ÉÍÖ×Ð×ÙÈÍÊÉ
³ø×ÌÛÊÈÏ×ÎÈ¥Ï×ÛÎÉÈÔ×Ð×ÕÓÉÐÛÈÇÊ×ÈÔ×çÎÓÆ×ÊÉÓÈÃÍÖ
ùíø÷íö÷èôóùéöíêìçúðóù
åÓÉÙÍÎÉÓÎéÃÉÈ×ÏÛÎÃÛÇÈÔÍÊÓÈÃÍÊÌÇÚÐÓÙÙÍÊÌÍÊÛÈÓÍÎÙÊ×ÛÈר
ÛÎØÊ×ÕÇÐÛÈרÚÃÛÎÛÙÈÍÖÈÔ×Ð×ÕÓÉÐÛÈÇÊ×ÛÎØÛÎÃÍÖÖÓÙר×ÌÛÊȽ
íööóùóûðéûîø÷ïìðíã÷÷é
Ï×ÎÈÓÎØ×Ì×ÎØ×ÎÈÛÕ×ÎÙÃÍÊÐ×ÕÓÉÐÛÈÓÆ×É×ÊÆÓÙ×ÛÕ×ÎÙÃÙÊ×ÛÈר
ÇÎØ×ÊÙÔ ÍÊÛÎÃÈ×ÙÔÎÓÙÛÐÙÍÐÐ×ÕרÓÉÈÊÓÙÈÍÊÛÎÃÙÍÎÉÈÓ½
ø×ÙÐÛÊÛÈÓÍÎÍÖÌÍÐÓÙÃ
óÈÓÉØ×ÙÐÛÊרÈÔÛÈÔÓÕÔ
ÈÇÈÓÍÎÛÐÍÖÖÓÙ×ÍÈÔ×ÊÈÔÛÎÛÒÇØÓÙÓÛÐÍÖÖÓÙ×óÎÈÔ×ÙÛÉ×ÍÖÛØÓÉÈÊÓÙÈ
ÏÍÊÛÐÛÎØ×ÈÔÓÙÛÐÉÈÛÎØÛÊØÉÛÏÍÎÕÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÛÎØÉÈÛÈ×
ÛÈÈÍÊÎ×óØ×ÌÛÊÈÏ×ÎÈ¥Ï×ÛÎÉÈÔר×ÌÛÊÈÏ×ÎÈÍÖÛØÏÓÎÓÉÈÊÛÈÓÍÎ
×ÏÌÐÍÃ××ÉÛÊ××ÉÉ×ÎÈÓÛÐÈÍÈÔ×ÙÍÎØÇÙÈÍÖÖÊ××ÕÍÆ×ÊÎÏ×ÎÈÈÔÛÈ
ÇÎÐ×ÉÉÈÔ×ÙÍÎÈ×ÄÈÍÈÔ×ÊÅÓÉ×Ê×ËÇÓÊ×É
ÈÔ×Ð×ÕÓÉÐÛÈÇÊ×Ú×ÐÓׯ×ÉÈÔÛÈÛÙÍØ×ÍÖ×ÈÔÓÙÉÖÍÊÈÔ×ÕÇÓØÛÎÙ×ÍÖ
Ï
³÷Ð×ÙÈÓÆ×ÍÖÖÓÙ×¥Ï×ÛÎÉÛÎÍÖÖÓÙ×Ê×ÕÇÐÛÊÐÃÖÓÐÐרÚÃÆÍÈ×
ÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÛÎØÉÈÛÈ××ÏÌÐÍÃ××ÉÅÓÐÐÔ×ÐÌÈÔ×ÏÛÆÍÓØ
ÍÖÈÔ×Ì×ÍÌÐ×
ÙÍÎÖÐÓÙÈÉÚ×ÈÅ××ÎÈÔ×ÓÊÌ×ÊÉÍÎÛÐÓÎÈ×Ê×ÉÈÉÛÎØÈÔ×ÓÊÌÇÚÐÓÙÊ×ÉÌÍν
ÉÓÚÓÐÓÈÓ×ÉÅÓÐÐÓÏÌÊÍÆ×ÉÈÛÎØÛÊØÉÍÖÌÇÚÐÓÙÉ×ÊÆÓÙ×ÛÎØÅÓÐÐÌÊͽ
³õÓÖÈ¥Ï×ÛÎÉÈÔ×ÌÛÃÏ×ÎÈÍÊÊ×Ù×ÓÌÈÍÖÛÎÃÈÔÓÎÕÍÖÆÛÐÇ×
ÏÍÈ×ÛÎØÉÈÊ×ÎÕÈÔ×ÎÈÔ×ÖÛÓÈÔÛÎØÙÍÎÖÓØ×ÎÙ×ÍÖÈÔ×Ì×ÍÌÐ×ÍÖÈÔÓÉ
ÅÓÈÔÍÇÈÆÛÐÇÛÚÐ×ÙÍÎÉÓØ×ÊÛÈÓÍÎ
ÉÈÛÈ×ÓÎÈÔ×ÓÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÛÎØÉÈÛÈ××ÏÌÐÍÃ××É
³óÏÏרÓÛÈ×ÖÛÏÓÐÃ¥Ï×ÛÎÉ
óÈÓÉÈÔ×ÓÎÈ×ÎÈÍÖÈÔ×Ð×ÕÓÉÐÛÈÇÊ×ÈÔÛÈÓÎÓÈÉÍÌ×ÊÛÈÓÍÎÉÈÔ×
ÛûÎÓÎØÓÆÓØÇÛÐÉÉÌÍÇÉ×ÛÎØ
ÚÍÛÊØÉÔÛÐÐÌÊÍÈ×ÙÈÈÍÈÔ×ÖÇÐÐ×ÉÈ×ÄÈ×ÎÈÌÍÉÉÓÚÐ×ÈÔ×ÊÓÕÔÈÉÍÖÓÎØÓ½
ÚûÎÓÎØÓÆÓØÇÛÐÉÊ×ÐÛÈÓÆ×ÚÃÏÛÊÊÓÛÕ×ÐÓÎ×ÛÐØ×ÉÙ×ÎÈÍÊ
ÆÓØÇÛÐÉÛÖÖ×ÙÈר
ÛØÍÌÈÓÍÎÅÔÍÊ×Ù×ÓÆ×ÉØÓÊ×ÙÈÐÃÍÊÓÎØÓÊ×ÙÈÐÃÏÍÊ×ÈÔÛÎÍÎ×ÔÛÐÖ
ôÓÉÈÍÊÃ
Ù
éÈÛÈÉ É
Ù É éÈÛÈÉ É
ÍÖÔÓÉÍÊÔ×ÊÉÇÌÌÍÊÈÖÊÍÏÈÔ×ÓÎØÓÆÓØÇÛÐÍÊÖÊÍÏÅÔÍÏÈÔ×ÓÎØÓ½
Ù
ÆÓØÇÛÐÊ×Ù×ÓÆ×ÉØÓÊ×ÙÈÐÃÍÊÓÎØÓÊ×ÙÈÐÃÏÍÊ×ÈÔÛÎÍÎ×ÔÛÐÖÍÖÔÓÉ
ø×ÖÓÎÓÈÓÍÎÉ
óÎÈÔÓÉÉÇÚÙÔÛÌÈ×ÊÍÊÔ×ÊÉÇÌÌÍÊÈ
åÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÇÌØÛÈרÛÎØÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
×ÄÙ×ÌÈ
åÓÉûÙÈ
ÅÛÉÎÍÈ
ÓÎ×ÖÖ×ÙÈÍÎûÌÊÓÐ
ÛÎØÓÉÎÍÈÓÎÙÐÇØ×ØÓÎÈÔÓÉÇÌØÛÈ×é××ÍÊØ×ÊØÛÈרïÛÊÙÔ
ÓÎøÛÎ×ùÍÇÎÈÃùÓÊÙÇÓÈùÍÇÊÈùÛÉ×
îÍùæ
éÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×ÍÎÍÊÌÊÓÍÊÈÍÛÊ×ÌÊÓÎÈרÛÉÓÖÙÇÊÊ×ÎÈÐÃÓÎ×ÖÖ×ÙÈéÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×
ÛÖÈ×ÊÛÊר×ÉÓÕÎÛÈרÚÃîíè÷éé××ûÊ×èÔ×éÈÛÈÇÈ×ÉÍÎÈÔÓÉå×ÚÉÓÈ×íÖÖÓÙÓÛÐý
÷Ð×ÙÈÊÍÎÓÙÊ×ÌÊÍØÇÙÈÓÍÎÍÖ
ÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
çÌØÛÈר
åÓÉéÈÛÈÉøÛÈÛÚÛÉ×
Ï
³óÎÙÍÏ×¥ÔÛÉÈÔ×Ï×ÛÎÓÎÕÕÓÆ×ÎÇÎØ×ÊÉ×ÙÈÓÍÎÍÖÈÔ×ðèÔ××Ä×ÙÇÈӯרÓÊ×ÙÈÍÊ×Ä×ÙÇÈÓÆ×ÛÉÉÓÉÈÛÎÈÈÍÈÔ××Ä×ÙÇÈÓÆ×
ÓÎÈ×ÊÎÛÐÊׯ×ÎÇ×ÙÍØ×ØÓÊ×ÙÈÍÊÓÎÈ×ÊÎÛÐÛÇØÓÈÍÊÙÔÓ×ÖÓÎÆ×ÉÈÏ×ÎÈÍÖÖÓÙ×ÊÙÔÓ×ÖÖÓÎÛÎÙÓÛÐ
ÍÖÖÓÙ×ÊÙÔÓ×ÖÐ×ÕÛÐÙÍÇÎÉ×ÐÙÔÓ×ÖÊÓÉÑÍÖÖÓÙ×ÊÛÎØÓÎÆ×ÉÈÏ×ÎÈ
É
³óÎÈ×ÊÎÛÐÊׯ×ÎÇ×ÙÍØ×¥ÔÛÉÈÔ×Ï×ÛÎÓÎÕÉÕÓÆ×ÎÇÎØ×ÊÉ
ØÓÊ×ÙÈÍÊÉÍÖÈÔ×ÓÎÆ×ÉÈÏ×ÎÈÚÍÛÊØ
ÏèÔ××Ä×ÙÇÈӯרÓÊ×ÙÈÍÊÏ×ÏÚ×ÊÉÛÎØ×ÏÌÐÍÃ××ÉÍÖÈÔ×
Ç
³ðÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÛÐÇÎÓÈ¥Ï×ÛÎÉÛÌÍÐÓÈÓÙÛÐÉÇÚØÓÆÓÉÓÍÎ
åÍÊÐØøÛÓÊÃù×ÎÈ×ÊûÇÈÔÍÊÓÈÃ×ÄÙ×ÌÈÙÐ×ÊÓÙÛÐ×ÏÌÐÍÃ××É
ÍÖÈÔÓÉÉÈÛÈ×ÛÉÌ×ÙÓÛÐÌÇÊÌÍÉרÓÉÈÊÓÙÈÓÎÈÔÓÉÉÈÛÈ×ÛÎÓÎÉÈÊÇÏ×ÎÈÛн
ÓÈÃÍÊÙÍÊÌÍÊÛÈÓÍÎÍÖÉÇÙÔÛÌÍÐÓÈÓÙÛÐÉÇÚØÓÆÓÉÓÍÎÍÊÉÌ×ÙÓÛÐÌÇʽÎèÔ×ÙÔÓ×Ö×Ä×ÙÇÈÓÆ×ÍÖÖÓÙ×ÊÛÎØÏ×ÏÚ×ÊÉÍÖÈÔ×ÚÍÛÊØÍÖ
ÌÍÉרÓÉÈÊÓÙÈÛÙÍÏÚÓÎÛÈÓÍÎÍÊÉÇÚÇÎÓÈÍÖÛÎÃÍÖÈÔ×ÖÍÊ×ÕÍÓÎÕÍÊØÓÊ×ÙÈÍÊÉÍÖÈÔ×çÎÓÆ×ÊÉÓÈÃÍÖåÓÉÙÍÎÉÓÎôÍÉÌÓÈÛÐÉÛÎØùÐÓÎÓÙÉ
ÛÎÓÎÉÈÊÇÏ×ÎÈÛÐÓÈÃÍÖÈÔ×ÉÈÛÈ×ÛÎØÛÎÃÍÖÈÔ×ÖÍÊ×ÕÍÓÎÕûÇÈÔÍÊÓÈÃ
Å
³ðÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙ×¥Ï×ÛÎÉÛÎÃÍÖÈÔ×ÖÍÐÐÍÅÓÎÕÍèÔ×ÙÔÓ×Ö×Ä×ÙÇÈÓÆ×ÍÖÖÓÙ×ÊÛÎØÏ×ÏÚ×ÊÉÍÖÈÔ×ÚÍÛÊØÍÖ
ÍÖÖÓÙ×É×ÄÙ×ÌÈÛÎÍÖÖÓÙ×ÉÌ×ÙÓÖÓרÓÎÉÇÚ ØÓÊ×ÙÈÍÊÉÍÖÈÔ×öÍÄêÓÆ×ÊîÛÆÓÕÛÈÓÍÎÛÐéÃÉÈ×ÏûÇÈÔÍÊÓÈÃ
ÛûÎ×Ð×ÙÈÓÆ×ÍÖÖÓÙ×ÍÖÛÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÛÐÇÎÓÈËèÔ××Ä×ÙÇÈӯרÓÊ×ÙÈÍÊÛÎØÏ×ÏÚ×ÊÉÍÖÈÔ×ÚÍÛÊØÍÖØÓÊ×Ù½
ÈÍÊÉÍÖÈÔ×åÓÉÙÍÎÉÓÎû×ÊÍÉÌÛÙ×ûÇÈÔÍÊÓÈÃ
ÚûÙÍÇÎÈÃÛØÏÓÎÓÉÈÊÛÈÍÊÍÊÛØÏÓÎÓÉÈÊÛÈÓÆ×ÙÍÍÊØÓÎÛÈÍÊÍÊÛ
ÙÓÈÃÍÊÆÓÐÐÛÕ×ÏÛÎÛÕ×ÊÊèÔ××ÏÌÐÍÃ××ÉÛÎØÏ×ÏÚ×ÊÉÍÖÈÔ×ÚÍÛÊØÍÖØÓÊ×ÙÈÍÊÉÍÖÈÔ×
ðÍÅ×ÊöÍÄêÓÆ×Êê×ÏרÓÛÈÓÍÎûÇÈÔÍÊÓÈÃ
ÙûÎÛÌÌÍÓÎÈÓÆ×ÍÖÖÓÙ×ÍÊÌÍÉÓÈÓÍÎÍÖÛÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÛÐ
ÇÎÓÈÓÎÅÔÓÙÔÛÎÓÎØÓÆÓØÇÛÐÉ×ÊÆ×ÉÖÍÊÛÉÌ×ÙÓÖÓרÈ×ÊÏ×ÄÙ×ÌÈÛÉèÔ××Ä×ÙÇÈӯרÓÊ×ÙÈÍÊÛÎØÏ×ÏÚ×ÊÉÍÖÈÔ×ÚÍÛÊØÍÖØÓÊ×Ù½
ÌÍÉÓÈÓÍÎÐÓÏÓÈרÈÍÈÔ××Ä×ÊÙÓÉ×ÍÖÏÓÎÓÉÈ×ÊÓÛÐÛÙÈÓÍÎÍÊÛÌÍÉÓÈÓÍÎÈÍÊÉÍÖÈÔ×åÓÉÙÍÎÉÓÎëÇÛÐÓÈÃôÍÏ×ùÛÊ×ûÇÈÔÍÊÓÈÃ
ÖÓÐÐרÚÃÛÎÓÎØ×Ì×ÎØ×ÎÈÙÍÎÈÊÛÙÈÍÊ
ÉÏèÔ×Ï×ÏÚ×ÊÉÍÖÈÔ×ÚÍÛÊØÍÖØÓÊ×ÙÈÍÊÉÍÖÈÔ×åÓÉÙÍÎÉÓÎ
ÙÏèÔ×ÌÍÉÓÈÓÍÎÍÖÏ×ÏÚ×ÊÍÖÈÔ×ÚÍÛÊØÍÖØÓÊ×ÙÈÍÊÉÍÖÛ÷ÙÍÎÍÏÓÙø×Æ×ÐÍÌÏ×ÎÈùÍÊÌÍÊÛÈÓÍÎ×ÏÌÐÍÃרÓÎÈÔ×ÌÊÓÆÛÈ×É×Ù½
ÐÍÙÛÐ×ÄÌÍÉÓÈÓÍÎØÓÉÈÊÓÙÈÇÎØ×ÊÉÇÚÙÔóóÍÖÙÔ
ÈÍÊÅÔÍÛÊ×ÛÌÌÍÓÎÈרÚÃÈÔ×ÉÌ×ÛÑ×ÊÍÖÈÔ×ÛÉÉ×ÏÚÐÃÛÎØÈÔ×É×ν
ÛÉÌ×ÙÓÖÓרÈ×ÊÏÛÈ×ÏÛÒÍÊÓÈÃÐ×ÛØ×Ê
ØûÎÛÌÌÍÓÎÈÓÆ×ÍÖÖÓÙ×ÍÊÌÍÉÓÈÓÍÎÍÖÛÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎȳíÊÕÛÎÓÂÛÈÓÍÎ¥Ï×ÛÎÉÛÎÃÙÍÊÌÍÊÛÈÓÍÎÌÛÊÈÎ×ÊÉÔÓÌÌÊͽ
ÅÔÓÙÔÓÉÖÓÐÐרÚÃÈÔ×ÕÍÆ×ÊÎÓÎÕÚÍØÃÍÖÈÔ×ÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÍÊÌÊÓ×ÈÍÊÉÔÓÌÖÓÊÏ×ÎÈ×ÊÌÊÓÉ×ÖÊÛÎÙÔÓÉ×ÛÉÉÍÙÓÛÈÓÍÎÈÊÇÉÈÍÊÍÈÔ×Ê
ÈÔ××Ä×ÙÇÈÓÆ×ÍÊÛØÏÓÎÓÉÈÊÛÈÓÆ×Ô×ÛØÍÖÈÔ×ÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÛÎØÐ×ÕÛÐ×ÎÈÓÈÃÍÈÔ×ÊÈÔÛÎÛÎÓÎØÓÆÓØÇÛÐÍÊÚÍØÃÌÍÐÓÈÓÙ
ÓÎÅÔÓÙÔÈÔ×ÓÎÙÇÏÚ×ÎÈÉ×ÊÆ×ÉÛÈÈÔ×ÌÐ×ÛÉÇÊ×ÍÖÈÔ×ÛÌÌÍÓÎÈÓÎÕ
Ï
³ìÍÐÓÈÓÙÛÐÌÛÊÈÃ¥Ï×ÛÎÉÛÌÍÐÓÈÓÙÛÐÍÊÕÛÎÓÂÛÈÓÍÎÇÎØ×Ê
ÛÇÈÔÍÊÓÈÃ×ÄÙ×ÌÈÛÙÐ×ÊÓÙÛÐÌÍÉÓÈÓÍÎÛÌÍÉÓÈÓÍÎÐÓÏÓÈרÈÍÈÔ××Ä×ʽ
ÅÔÍÉ×ÎÛÏ×ÓÎØÓÆÓØÇÛÐÉÅÔÍÉ××Ñ×Ð×ÙÈÓÆ×ÌÇÚÐÓÙÍÖÖÓÙ×ÛÌÌ×ÛÊÍÎ
ÙÓÉ×ÍÖÏÓÎÓÉÈ×ÊÓÛÐÛÙÈÓÍÎÍÊÛÌÍÉÓÈÓÍÎÖÓÐÐרÚÃÛÎÓÎØ×Ì×ÎØ×ÎÈ
ÈÔ×ÚÛÐÐÍÈÛÈÛÎÃ×Ð×ÙÈÓÍÎÍÊÛÎÃÎÛÈÓÍÎÛÐÉÈÛÈ×ÍÊÐÍÙÛÐÇÎÓÈÍÊÛÖÖÓн
ÙÍÎÈÊÛÙÈÍÊ
ÓÛÈ×ÍÖÈÔÛÈÍÊÕÛÎÓÂÛÈÓÍÎ
Ä
³ðÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐ¥Ï×ÛÎÉÛÎÓÎØÓÆÓØÇÛÐÔÍÐØÓÎÕÛ
³é×ÙÇÊÓÈÃ¥ÔÛÉÈÔ×Ï×ÛÎÓÎÕÕÓÆ×ÎÇÎØ×ÊÉ
ÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙ×
×ÄÙ×ÌÈÈÔÛÈÈÔ×È×ÊÏØÍ×ÉÎÍÈÓÎÙÐÇØ×ÛÙ×ÊÈÓÖÓÙÛÈ×ÍÖØ×ÌÍÉÓÈÍÊÛ
³ïÓÎÓÉÈ×ÊÓÛÐÛÙÈÓÍÎ¥Ï×ÛÎÉÛÎÛÙÈÓÍÎÈÔÛÈÛÎÓÎØÓÆÓØÇÛÐØ×ÌÍÉÓÈÓÎÛÉÛÆÓÎÕÉÛÎØÐÍÛÎÛÉÉÍÙÓÛÈÓÍÎÉÛÆÓÎÕÉÚÛÎÑÙÊרÓÈ
Ì×ÊÖÍÊÏÉÓÎÛÕÓÆ×ÎÉÈÛÈ×ÍÖÖÛÙÈÉÓÎÛÌÊ×ÉÙÊÓÚרÏÛÎÎ×ÊÓÎÍÚרӽÇÎÓÍÎÍÊÉÓÏÓÐÛÊÛÉÉÍÙÓÛÈÓÍÎÍÊÕÛÎÓÂרÇÎØ×ÊÈÔ×ÐÛÅÉÍÖÛÎÃÉÈÛÈ×
×ÎÙ×ÈÍÈÔ×ÏÛÎØÛÈ×ÍÖÐ×ÕÛÐÛÇÈÔÍÊÓÈÃÅÓÈÔÍÇÈÊ×ÕÛÊØÈÍÈÔ××Ä×ʽ
³éÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×¥Ï×ÛÎÉ
ÙÓÉ×ÍÖÈÔ×ÓÎØÓÆÓØÇÛÐÉÍÅÎÒÇØÕÏ×ÎÈÛÉÈÍÈÔ×ÌÊÍÌÊÓ×ÈÃÍÖÈÔ×
ÛûÐÐÌÍÉÓÈÓÍÎÉÈÍÅÔÓÙÔÓÎØÓÆÓØÇÛÐÉÛÊ×Ê×ÕÇÐÛÊÐÃÛÌÌÍÓÎÈר
ÛÙÈÓÍÎÚ×ÓÎÕÈÛÑ×Î
ÚÃÈÔ×ÕÍÆ×ÊÎÍÊ×ÄÙ×ÌÈÈÔ×ÌÍÉÓÈÓÍÎÍÖÈÊÇÉÈ××ÍÖÛÎÃÌÊÓÆÛÈ×
³îÍÏÓÎ××¥Ï×ÛÎÉÛÎÃÓÎØÓÆÓØÇÛÐÅÔÍÓÉÎÍÏÓÎÛÈרÚÃÈÔ×
ÔÓÕÔ×ÊרÇÙÛÈÓÍÎÛÐÓÎÉÈÓÈÇÈÓÍÎÊ×Ù×ÓÆÓÎÕÉÈÛÈ×ÛÌÌÊÍÌÊÓÛÈÓÍÎÉÛÎØ
ÕÍÆ×ÊÎÍÊÖÍÊÛÌÌÍÓÎÈÏ×ÎÈÈÍÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÛÎØÅÔÍÉ×ÎÍÏÓ½
ÈÔ×ÌÍÉÓÈÓÍÎÍÖÏ×ÏÚ×ÊÍÖÈÔרÓÉÈÊÓÙÈÚÍÛÊØÍÖÛÐÍÙÛÐÌÊÍÖ×ÉÉÓÍÎÛÐ
ÎÛÈÓÍÎÊ×ËÇÓÊ×ÉÈÔ×ÛØÆÓÙ×ÛÎØÙÍÎÉ×ÎÈÍÖÈÔ×É×ÎÛÈ×
ÚÛÉ×ÚÛÐÐÌÛÊÑØÓÉÈÊÓÙÈÙÊ×ÛÈרÇÎØ×ÊÉÇÚÙÔóóóÍÖÙÔ
ÛÎØÈÔ×
³íÖÖÓÙÓÛÐÊ×ËÇÓÊרÈÍÖÓÐ×¥Ï×ÛÎÉÌÍÉÓÈÓÍÎÍÖÏ×ÏÚ×ÊÍÖÈÔרÓÉÈÊÓÙÈÚÍÛÊØÍÖÛÐÍÙÛÐÙÇÐÈÇÊÛÐÛÊÈÉØÓɽ
ÈÊÓÙÈÙÊ×ÛÈרÇÎØ×ÊÉÇÚÙÔæÍÖÙÔ
ÚûÏ×ÏÚ×ÊÍÖÛÈ×ÙÔÎÓÙÛÐÙÍÐÐ×ÕרÓÉÈÊÓÙÈÚÍÛÊØÍÊØÓÉÈÊÓÙÈ
ØÓÊ×ÙÈÍÊÍÖÛÈ×ÙÔÎÓÙÛÐÙÍÐÐ×Õ×ÍÊÛÎÃÓÎØÓÆÓØÇÛÐÍÙÙÇÌÃÓÎÕÈÔ×ÚèÔ×ÌÍÉÓÈÓÍÎÉÍÖÛÉÉÍÙÓÛÈ×ÛÎØÛÉÉÓÉÈÛÎÈÆÓÙ×ÌÊ×ÉÓØ×ÎÈÉÍÖ
ÌÍÉÓÈÓÍÎÍÖÛÉÉÓÉÈÛÎÈÛÉÉÍÙÓÛÈ×ÍÊØ×ÌÇÈÃØÓÉÈÊÓÙÈØÓÊ×ÙÈÍÊÍÖÛÈ×ÙÔ½ÈÔ×çÎÓÆ×ÊÉÓÈÃÍÖåÓÉÙÍÎÉÓÎéÃÉÈ×ÏÛÎØÆÓÙ×ÙÔÛÎÙ×ÐÐÍÊÉÓØ×ÎÈÓ½
ÎÓÙÛÐÙÍÐÐ×Õ×ÖÓרÓÎÉ
ÙûÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÓØ×ÎÈÓÖÓרÇÎØ×ÊÉ
ÙûÐÐÌÍÉÓÈÓÍÎÉÓØ×ÎÈÓÖÓרÇÎØ×ÊÉ
ÕÖ
ÍÖÖÓÙÓÛÐÔÍÐØÓÎÕÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÓØ×ÎÈÓÖÓרÇÎØ×ÊÉ
ÈÍÔÛÎØÈÍ
×ÄÙ×ÌÈÙÐ×ÊÓÙÛÐÌÍÉÓÈÓÍÎÉ
Ô
×èÔ×ÙÔÓ×ÖÙÐ×ÊÑÛÎØÉ×ÊÕ×ÛÎÈÛÈÛÊÏÉÍÖ×ÛÙÔÔÍÇÉ×ÍÖÈÔ×
ØûÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÅÔÍÉ×ÛÌÌÍÓÎÈÏ×ÎÈÈÍÉÈÛÈ×ÌÇÚÐÓÙÐ×ÕÓÉÐÛÈÇÊ×ÍÊÛÖÇÐÐÈÓÏ×Ì×ÊÏÛÎ×ÎÈ×ÏÌÐÍÃ××ÍÙÙÇÌÃÓÎÕÈÔ×
ÍÖÖÓÙ×Ê×ËÇÓÊ×ÉÈÔ×ÛØÆÓÙ×ÛÎØÙÍÎÉ×ÎÈÍÖÈÔ×É×ÎÛÈ××ÄÙ×ÌÈÛÏ×ϽÌÍÉÓÈÓÍÎÍÖÛÇØÓÈÍÊÖÍÊÈÔ×Ð×ÕÓÉÐÛÈÓÆ×ÛÇØÓÈÚÇÊ×ÛÇ
Ú×ÊÍÖÈÔ×ÚÍÛÊØÍÖØÓÊ×ÙÈÍÊÉÍÖÈÔ×úÊÛØÐ×Ãù×ÎÈ×ÊéÌÍÊÈÉÛÎØ
ÖûÏ×ÏÚ×ÊÍÖÛÈ×ÙÔÎÓÙÛÐÙÍÐÐ×ÕרÓÉÈÊÓÙÈÚÍÛÊØÍÊØÓÉÈÊÓÙÈ
÷ÎÈ×ÊÈÛÓÎÏ×ÎÈùÍÊÌÍÊÛÈÓÍÎÙÊ×ÛÈרÇÎØ×ÊÙÔ
ØÓÊ×ÙÈÍÊÍÖÛÈ×ÙÔÎÓÙÛÐÙÍÐÐ×Õ×ÍÊÛÎÃÌÍÉÓÈÓÍÎØ×ÉÓÕÎÛÈרÛÉÛÉÉÓÉȽ
×ûÎÓÎØÓÆÓØÇÛÐÛÌÌÍÓÎÈרÚÃÈÔ×ÕÍÆ×ÊÎÍÊÍÊÈÔ×ÉÈÛÈ×ÉÇÌ×ʽÛÎÈÛÉÉÍÙÓÛÈ×ÍÊØ×ÌÇÈÃØÓÉÈÊÓÙÈØÓÊ×ÙÈÍÊÍÖÛÈ×ÙÔÎÓÙÛÐÙÍÐÐ×Õ×
ÓÎÈ×ÎØ×ÎÈÍÖÌÇÚÐÓÙÓÎÉÈÊÇÙÈÓÍÎÌÇÊÉÇÛÎÈÈÍÉ
ÍÈÔ×ÊÈÔÛÎ
ÕèÔ×Ï×ÏÚ×ÊÉÛÎØ×ÏÌÐÍÃ××ÉÍÖÈÔ×åÓÉÙÍÎÉÓÎôÍÇÉÓÎÕ
ÛÈÊÇÉÈ××ÍÖÛÎÃÌÊÓÆÛÈ×ÔÓÕÔ×ÊרÇÙÛÈÓÍÎÛÐÓÎÉÈÓÈÇÈÓÍÎÊ×Ù×ÓÆÓÎÕ
ÛÎØ÷ÙÍÎÍÏÓÙø×Æ×ÐÍÌÏ×ÎÈûÇÈÔÍÊÓÈÃ×ÄÙ×ÌÈÙÐ×ÊÓÙÛÐ×ÏÌÐÍý
ÉÈÛÈ×ÛÌÌÊÍÌÊÓÛÈÓÍÎÉ
××É
ÖûÎÛÇØÓÈÍÊÖÍÊÈÔ×Ð×ÕÓÉÐÛÈÓÆ×ÛÇØÓÈÚÇÊ×ÛÇ
ÔûÏÇÎÓÙÓÌÛÐÒÇØÕ×
ÕèÔ×ÙÔÓ×ÖÙÐ×ÊÑÛÎØÉ×ÊÕ×ÛÎÈÛÈÛÊÏÉÍÖ×ÛÙÔÔÍÇÉ×ÍÖÈÔ×
ÓûÏ×ÏÚ×ÊÍÊÈÔ××Ä×ÙÇÈӯרÓÊ×ÙÈÍÊÍÖÈÔ×ÒÇØÓÙÓÛÐÙÍÏÏÓɽ
Ð×ÕÓÉÐÛÈÇÊ×
ÉÓÍÎ
ÔèÔ×Ï×ÏÚ×ÊÉÛÎØ×ÏÌÐÍÃ××ÉÍÖÈÔ×åÓÉÙÍÎÉÓÎôÍÇÉÓÎÕ
ÒûØÓÆÓÉÓÍÎÛØÏÓÎÓÉÈÊÛÈÍÊÍÖÛÎÍÖÖÓÙ×ÙÊ×ÛÈרÇÎØ×ÊÙÔ
ÛÎØ÷ÙÍÎÍÏÓÙø×Æ×ÐÍÌÏ×ÎÈûÇÈÔÍÊÓÈÃ×ÄÙ×ÌÈÙÐ×ÊÓÙÛÐ×ÏÌÐÍý
ÍÊÛØ×ÌÛÊÈÏ×ÎÈÍÊÓÎØ×Ì×ÎØ×ÎÈÛÕ×ÎÙÃÙÊ×ÛÈרÍÊÙÍÎÈÓÎÇרÇÎØ×Ê
××É
ÙÔ
ÓûÏÇÎÓÙÓÌÛÐÒÇØÕ×
ÑèÔ××Ä×ÙÇÈӯרÓÊ×ÙÈÍÊ×Ä×ÙÇÈÓÆ×ÛÉÉÓÉÈÛÎÈÈÍÈÔ××Ä×ÙÇÈÓÆ×
ÒûÏ×ÏÚ×ÊÍÊÈÔ××Ä×ÙÇÈӯרÓÊ×ÙÈÍÊÍÖÈÔ×ÒÇØÓÙÓÛÐÙÍÏÏÓɽØÓÊ×ÙÈÍÊÓÎÈ×ÊÎÛÐÛÇØÓÈÍÊÙÔÓ×ÖÓÎÆ×ÉÈÏ×ÎÈÍÖÖÓÙ×ÊÙÔÓ×ÖÖÓÎÛÎÙÓÛÐ
ÉÓÍÎÍÖÖÓÙ×ÊÙÔÓ×ÖÐ×ÕÛÐÙÍÇÎÉ×ÐÙÔÓ×ÖÊÓÉÑÍÖÖÓÙ×ÊÛÎØÓÎÆ×ÉÈÏ×ÎÈ
ØÓÊ×ÙÈÍÊÉÍÖÈÔ×ÓÎÆ×ÉÈÏ×ÎÈÚÍÛÊØ
ÑûØÓÆÓÉÓÍÎÛØÏÓÎÓÉÈÊÛÈÍÊÍÖÛÎÍÖÖÓÙ×ÙÊ×ÛÈרÇÎØ×ÊÙÔ
ÍÊÛØ×ÌÛÊÈÏ×ÎÈÍÊÓÎØ×Ì×ÎØ×ÎÈÛÕ×ÎÙÃÙÊ×ÛÈרÍÊÙÍÎÈÓÎÇרÇÎØ×ÊðèÔ×Ï×ÏÚ×ÊÉÛÎØ×ÏÌÐÍÃ××ÉÍÖÈÔ×åÍÊÐØøÛÓÊÃù×ÎÈ×Ê
ÙÔûÇÈÔÍÊÓÈÃ
åÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÇÌØÛÈרÛÎØÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
×ÄÙ×ÌÈ
åÓÉûÙÈ
ÅÛÉÎÍÈ
ÓÎ×ÖÖ×ÙÈÍÎûÌÊÓÐ
ÛÎØÓÉÎÍÈÓÎÙÐÇØ×ØÓÎÈÔÓÉÇÌØÛÈ×é××ÍÊØ×ÊØÛÈרïÛÊÙÔ
ÓÎøÛÎ×ùÍÇÎÈÃùÓÊÙÇÓÈùÍÇÊÈùÛÉ×
îÍùæ
éÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×ÍÎÍÊÌÊÓÍÊÈÍÛÊ×ÌÊÓÎÈרÛÉÓÖÙÇÊÊ×ÎÈÐÃÓÎ×ÖÖ×ÙÈéÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×
ÛÖÈ×ÊÛÊר×ÉÓÕÎÛÈרÚÃîíè÷éé××ûÊ×èÔ×éÈÛÈÇÈ×ÉÍÎÈÔÓÉå×ÚÉÓÈ×íÖÖÓÙÓÛÐý
÷Ð×ÙÈÊÍÎÓÙÊ×ÌÊÍØÇÙÈÓÍÎÍÖ
ÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
çÌØÛÈר
åÓÉéÈÛÈÉøÛÈÛÚÛÉ×
ÏèÔ×ÙÔÓ×Ö×Ä×ÙÇÈÓÆ×ÍÖÖÓÙ×ÊÛÎØÏ×ÏÚ×ÊÉÍÖÈÔ×ÚÍÛÊØÍÖÈÓÍÎÓÉÏÛÓÐרÍÊÌ×ÊÉÍÎÛÐÐÃØ×ÐÓÆ×ÊרÈÍÈÔ×ÙÛÎØÓØÛÈ×ÚÃÈÔ×
ØÓÊ×ÙÈÍÊÉÍÖÈÔ×çÎÓÆ×ÊÉÓÈÃÍÖåÓÉÙÍÎÉÓÎôÍÉÌÓÈÛÐÉÛÎØùÐÓÎÓÙÉ
ÛÌÌÊÍÌÊÓÛÈ×ÍÖÖÓÙÓÛÐÍÊÛÕ×ÎÙÃÓÎÈÔ×ÙÛÉ×ÍÖÛÅÊÓÈ×ÓÎÙÛÎØÓØÛÈ×
ûÇÈÔÍÊÓÈÃ
ÍÊÙÛÎØÓØÛÈ×ÅÔÍÓÉÛÌÌÍÓÎÈרÈÍÖÓÐÐÛÆÛÙÛÎÙÃÓÎÎÍÏÓÎÛÈÓÍÎ
ÇÎØ×ÊÉ
ÉÈÛÈ×Ï×ÎÈ
ÎèÔ×ÙÔÓ×Ö×Ä×ÙÇÈÓÆ×ÍÖÖÓÙ×ÊÛÎØÏ×ÏÚ×ÊÉÍÖÈÔ×ÚÍÛÊØÍÖ
ÉÔÛÐÐÚ×ÙÇÊÊ×ÎÈÛÉÍÖø×Ù×ÏÚ×Ê ÍÖÈÔ×Ã×ÛÊÌÊ×ÙרÓÎÕÈÔ×ÖÓÐÓÎÕ
ØÓÊ×ÙÈÍÊÉÍÖÈÔ×öÍÄêÓÆ×ÊîÛÆÓÕÛÈÓÍÎÛÐéÃÉÈ×ÏûÇÈÔÍÊÓÈÃ
Ø×ÛØÐÓÎ×ú×ÖÍÊ×Ù×ÊÈÓÖÃÓÎÕÈÔ×ÎÛÏ×ÍÖÛÎÃÙÛÎØÓØÛÈ×ÖÍÊÉÈÛÈ×
ÍèÔ××Ä×ÙÇÈӯרÓÊ×ÙÈÍÊÛÎØÏ×ÏÚ×ÊÉÍÖÈÔ×ÚÍÛÊØÍÖØÓÊ×Ù½
ÌÇÚÐÓÙÍÖÖÓÙ×ÇÎØ×ÊÉ
ÛÈÔ×ÕÍÆ×ÊÎÏ×ÎÈÛÙÙÍÇÎÈÛÚÓÐÓÈÃ
ÈÍÊÉÍÖÈÔ×åÓÉÙÍÎÉÓÎëÇÛÐÓÈÃôÍÏ×ùÛÊ×ûÇÈÔÍÊÓÈÃ
ÚÍÛÊØÏÇÎÓÙÓÌÛÐÙÐ×ÊÑÍÊÚÍÛÊØÍÖ×Ð×ÙÈÓÍÎÙÍÏÏÓÉÉÓÍÎ×ÊÉÉÔÛÐÐ
ÍÏèÔ×Ï×ÏÚ×ÊÉÍÖÈÔ×ÚÍÛÊØÍÖØÓÊ×ÙÈÍÊÉÍÖÈÔ×åÓÉÙÍÎÉÓÎ
ÛÉÙ×ÊÈÛÓÎÅÔ×ÈÔ×ÊÈÔÛÈÙÛÎØÓØÛÈ×ÔÛÉÙÍÏÌÐÓרÅÓÈÔÈÔÓÉÉÇÚÉ×Ù½
÷ÙÍÎÍÏÓÙø×Æ×ÐÍÌÏ×ÎÈùÍÊÌÍÊÛÈÓÍÎ×ÏÌÐÍÃרÓÎÈÔ×ÌÊÓÆÛÈ×É×Ù½
ÈÓÍÎóÖÎÍÈÈÔ×ÕÍÆ×ÊÎÏ×ÎÈÛÙÙÍÇÎÈÛÚÓÐÓÈÃÚÍÛÊØÏÇÎÓÙÓÌÛÐ
ÈÍÊÅÔÍÛÊ×ÛÌÌÍÓÎÈרÚÃÈÔ×ÉÌ×ÛÑ×ÊÍÖÈÔ×ÛÉÉ×ÏÚÐÃÛÎØÈÔ×É×ν
ÙÐ×ÊÑÍÊÚÍÛÊØÍÖ×Ð×ÙÈÓÍÎÙÍÏÏÓÉÉÓÍÎ×ÊÉÏÛÃÎÍÈÙ×ÊÈÓÖÃÈÔ×ÙÛν
ÛÈ×ÏÛÒÍÊÓÈÃÐ×ÛØ×Ê
ØÓØÛÈ×ÉÎÛÏ×ÖÍÊÚÛÐÐÍÈÌÐÛÙ×Ï×ÎÈ
³éÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐ¥Ï×ÛÎÉÛÎÃÓÎØÓÆÓØÇÛÐÔÍÐØÓÎÕÛ
÷ÛÙÔÏ×ÏÚ×ÊÍÖÈÔ×ÓÎÆ×ÉÈÏ×ÎÈÚÍÛÊØÛÎØ×ÛÙÔ×ÏÌÐÍÃ××
ÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×
ÍÖÈÔ×ÓÎÆ×ÉÈÏ×ÎÈÚÍÛÊØÅÔÍÓÉÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÔÛÐÐÙÍϽ
ôÓÉÈÍÊÃ
Ù
éÈÛÈÉ É
Ù Ù ÉÉ éÈÛÈÉ
ÌÐ×È×ÛÎØÖÓÐ×ÅÓÈÔÈÔ×ÕÍÆ×ÊÎÏ×ÎÈÛÙÙÍÇÎÈÛÚÓÐÓÈÃÚÍÛÊØÛËÇÛʽ
É
Ù
ÙÉÉ
Ù
Ù
Û
Û É
È×ÊÐÃÊ×ÌÍÊÈÍÖ×ÙÍÎÍÏÓÙÈÊÛÎÉÛÙÈÓÍÎÉÎÍÐÛÈ×ÊÈÔÛÎÈÔ×ÐÛÉÈØÛÃÍÖ
ÉÉÈÍ Û Û
Û
É
Û
ÈÔ×ÏÍÎÈÔÖÍÐÐÍÅÓÎÕÈÔ××ÎØÍÖ×ÛÙÔÙÛÐ×ÎØÛÊËÇÛÊÈ×ÊØÇÊÓÎÕÛÎÃ
Û
Û
ÉÛ
Û Û
ÌÍÊÈÓÍÎÍÖÅÔÓÙÔÔ×ÍÊÉÔ×ÅÛÉÛÏ×ÏÚ×ÊÍÊ×ÏÌÐÍÃ××ÍÖÈÔ×
Û
Û
Û
Û
ÉÉ
Ï
ËÛ
Û
Û
Û
Û
ÓÎÆ×ÉÈÏ×ÎÈÚÍÛÊØéÇÙÔÊ×ÌÍÊÈÉÍÖ×ÙÍÎÍÏÓÙÈÊÛÎÉÛÙÈÓÍÎÉÉÔÛÐÐÚ×
Û
Û
Û
ÓÎÈÔ×ÖÍÊÏÌÊ×ÉÙÊÓÚרÚÃÈÔ×ÕÍÆ×ÊÎÏ×ÎÈÛÙÙÍÇÎÈÛÚÓÐÓÈÃÚÍÛÊØ
ùÊÍÉÉÊ×Ö×Ê×ÎÙ×
é××ÛÐÉÍÉõûú
ÓÉÛØÏÙÍØ×
ÛÎØÉÔÛÐÐÓØ×ÎÈÓÖÃÈÔרÛÈ×ÛÎØÎÛÈÇÊ×ÍÖÛÎÃÌÇÊÙÔÛÉ×ÉÛÐ×ÌÇÈ
ðÛÅêׯÓÉÓÍÎùÍÏÏÓÈÈ××îÍÈ×
èÔÓÉÚÓÐÐ×ÉÈÛÚÐÓÉÔ×ÉÙÍÎÉÓÉÈ×ÎÙÃÓÎÈÔ×
ÇÉÛÕ×ÍÖÈÔ×È×ÊÏɳÌ×ÊÉÍÎ¥³ÓÎØÓÆÓØÇÛÐ¥ÛÎØ³ÍÊÕÛÎÓÂÛÈÓÍÎ¥ÓÎÈÔ×ÙÍØ×ÍÖ×ÈÔÓÙÉÖÍÊ
ÙÛÐÐÍÌÈÓÍÎÐ×ÛÉ×ÍÊÙÊ×ÛÈÓÍÎØÓÉÉÍÐÇÈÓÍÎÍÊÏÍØÓÖÓÙÛÈÓÍÎÍÖÛÎÃ
ÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉèÔ×È×ÊϳÌ×ÊÉÍÎ¥ÓÉÈÔ×ÚÊÍÛØ×ÉÈÍÖÈÔ×É×È×ÊÏÉÛÎØÊ×Ö×ÊÉÈÍ
×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÏÛØ×ØÇÊÓÎÕÈÔ×ËÇÛÊÈ×ÊÖÍÊÅÔÓÙÔÈÔ×Ê×ÌÍÊÈÓÉ
ÛÎÃÐ×ÕÛÐ×ÎÈÓÈÃèÔ×ÇÉ×ÍÖÈÔ×È×ÊϳÌ×ÊÉÍÎ¥ÓÎÈÔ×ÚÓÐÐÓÉÙÍÎÉÓÉÈ×ÎÈÅÓÈÔÈÔר×ÖÓÎÓ½
ÖÓÐרÛÎØØÓÉÙÐÍÉÇÊ×ÍÖÅÔÓÙÔÅÍÇÐØÚ×Ê×ËÇÓÊרÚÃÉÓÖÛ
ÈÓÍÎÍÖÈÔ×ÅÍÊØÓÎÉ
ÉÈÛÈÉÅÔÓÙÔÌÊÍÆÓØ×ÉÈÔÛȳÌ×ÊÉÍÎ¥ÓÎÙÐÇØ×ÉÛÐÐ
ÌÛÊÈÎ×ÊÉÔÓÌÉÛÉÉÍÙÓÛÈÓÍÎÉÛÎØÚÍØÓ×ÉÌÍÐÓÈÓÙÍÊÙÍÊÌÍÊÛÈ×¥èÔ×È×ÊϳÍÊÕÛÎÓÂÛÈÓÍÎ¥
ÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÅ×Ê×Ú×ÓÎÕÖÓÐר
ÓÉÎÛÊÊÍÅ×ÊÛÎØÓÉØ×ÖÓÎרÓÎÉ
ÉÈÛÈÉÛɳÛÎÃÙÍÊÌÍÊÛÈÓÍÎÌÛÊÈÎ×ÊÉÔÓÌ
óÖÛÎÍÖÖÓÙÓÛÐÊ×ËÇÓÊרÈÍÖÓÐ×ÖÛÓÐÉÈÍÏÛÑ×ÛÈÓÏ×ÐÃÖÓÐÓÎÕ
ÌÊÍÌÊÓ×ÈÍÊÉÔÓÌÖÓÊÏ×ÎÈ×ÊÌÊÓÉ×ÖÊÛÎÙÔÓÉ×ÛÉÉÍÙÓÛÈÓÍÎÈÊÇÉÈÍÊÍÈÔ×ÊÐ×ÕÛÐ×ÎÈÓÈÃÍÈÔ×Ê
ÈÔÛÎÛÎÓÎØÓÆÓØÇÛÐÍÊÚÍØÃÌÍÐÓÈÓÙ¥³óÎØÓÆÓØÇÛÐ¥ÛÐÈÔÍÇÕÔÎÍÈÉÌ×ÙÓÖÓÙÛÐÐÃØ×ÖÓÎר
ÈÔ×ÚÍÛÊØÉÔÛÐÐÌÊÍÏÌÈÐÃÌÊÍÆÓØ×ÎÍÈÓÙ×ÍÖÈÔר×ÐÓÎËÇ×ÎÙÃÈÍÈÔ×
ÓÎÈÔ×ÙÇÊÊ×ÎÈÉÈÛÈÇÈ×ÉÍÊÓÎÈÔÓÉÚÓÐÐÓÉÇÉרÙÍÎÉÓÉÈ×ÎÈÐÃÓÎÈÔÓÉÚÓÐÐÈÍÊ×Ö×ÊÈÍÎÛÈÇÊÛÐ
É×ÙÊ×ÈÛÊÃÍÖÛØÏÓÎÓÉÈÊÛÈÓÍÎÛÎØÈÍÈÔ×ÙÔÓ×Ö×Ä×ÙÇÈÓÆ×ÍÖÈÔ×
Ì×ÊÉÍÎÉ
Ø×ÌÛÊÈÏ×ÎÈÍÖÅÔÓÙÔÈÔ×ÍÖÖÓÙÓÛÐÉÍÖÖÓÙ×ÍÊÌÍÉÓÈÓÍÎÓÉÛÌÛÊÈÍÊ
èÔ×È×ÊϳÓÎÙÍÏ×¥ÓÉÇÉרÉׯ×ÊÛÐÈÓÏ×ÉÓÎÈÔ×ÙÍØ×ÍÖ×ÈÔÓÙÉÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓ½
ÙÓÛÐÉèÔÓÉÚÓÐÐÙÐÛÊÓÖÓ×ÉÈÔ×ÙÇÊÊ×ÎÈØ×ÖÓÎÓÈÓÍÎÍÖÓÎÙÍÏ×ÚÃÌÊÍÆÓØÓÎÕÛÉÌ×ÙÓÖÓÙÙÊÍÉÉ
ÓÎÈÔ×ÙÛÉ×ÍÖÛØÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÈÍÈÔ×ÙÔÓ×Ö×Ä×ÙÇÈÓÆ×ÍÖÈÔÛÈ
Ê×Ö×Ê×ÎÙ×ÈÍÈÔ×ÓÎÈ×ÊÎÛÐÊׯ×ÎÇ×ÙÍØ×ÛÎØÚÃÌÊÍÆÓØÓÎÕÈÔÛÈÈÔר×ÖÓÎÓÈÓÍÎÊ×Ö×ÊÉÈÍ
Ø×ÌÛÊÈÏ×ÎÈÛÎØÈÍÈÔ×ÙÍÇÎÈÃÙÐ×ÊÑÍÖ×ÛÙÔÙÍÇÎÈÃÉ×ÊÆ×ØÚÃÈÔ×
ÈÔ×ÏÍÉÈÊ×Ù×ÎÈÆ×ÊÉÓÍÎÍÖÈÔ×ÓÎÈ×ÊÎÛÐÊׯ×ÎÇ×ÙÍØ×ÅÔÓÙÔÔÛÉÚ××ÎÛØÍÌÈרÚÃÈÔ×
ØÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÍÊÓÎÈÔ×ÙÛÉ×ÍÖÛÏÇÎÓÙÓÌÛÐÒÇØÕ×ÈÍÈÔ×ÙÐ×ÊÑÍÖ
Ð×ÕÓÉÐÛÈÇÊ×ÖÍÊÉÈÛÈ×ÓÎÙÍÏ×ÈÛÄÌÇÊÌÍÉ×É
åÔ×ÎÌ×ÊÉÍÎÔÍÐØÉ
ÓÎÙÐÇØ×ØÓÎÛÎØÈÔ×ÍÈÔ×Ê
ÈÔ×ÏÇÎÓÙÓÌÛÐÓÈÃÍÖÅÔÓÙÔÈÔ×ÍÖÖÓÙÓÛÐÉÍÖÖÓÙ×ÓÉÛÌÛÊÈÍÊÓÎÈÔ×
×Ä×ÏÌÈרÖÊÍÏÈÔר×ÖÓÎÓÈÓÍÎÍÖÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÈÔ×ÛÌÌÐÓÙÛÚÓÐÓÈÃÍÖÉÇÚÙÔóóó
ÙÛÉ×ÍÖÛÒÇÉÈÓÙ×ÙÍÇÊÈÍÖÛÌÌ×ÛÐÉÒÇØÕ×ÍÊÙÓÊÙÇÓÈÒÇØÕ×ÈÍÈÔ×
Ø×Ì×ÎØÉÇÌÍÎÈÔ×ÙÛÌÛÙÓÈÃÓÎÅÔÓÙÔÈÔ×Ì×ÊÉÍÎÛÙÈרûÈÈÃõ×Î
ØÓÊ×ÙÈÍÊÍÖÉÈÛÈ×ÙÍÇÊÈÉçÌÍÎÉÇÙÔÎÍÈÓÖÓÙÛÈÓÍÎÚÍÈÔÈÔ×É×ÙÊ×ÈÛÊÃ
ÍÖÛØÏÓÎÓÉÈÊÛÈÓÍÎÛÎØÈÔר×ÌÛÊÈÏ×ÎÈÏÇÎÓÙÓÌÛÐÓÈÃÍÊØÓÊ×ÙÈÍÊ
öÓÎÛÎÙÓÛÐØÓÉÙÐÍÉÇÊ×
÷ÛÙÔÓÎØÓÆÓØÇÛÐÅÔÍÓÎ
ÉÔÛÐÐÅÓÈÔÔÍÐØÛÐÐÌÛÃÏ×ÎÈÉÖÍÊÙÍÏÌ×ÎÉÛÈÓÍÎÊ×ÓÏÚÇÊÉ×Ï×ÎÈÍÖ
òÛÎÇÛÊÃÍÖÛÎÃÃ×ÛÊÓÉÛÎÍÖÖÓÙÓÛÐÊ×ËÇÓÊרÈÍÖÓÐ×ÉÔÛÐÐÖÓÐ×ÅÓÈÔÈÔ×
×ÄÌ×ÎÉ×ÉÛÎØÍÈÔ×ÊÍÚÐÓÕÛÈÓÍÎÉÈÍÈÔ×ÍÖÖÓÙÓÛÐÇÎÈÓÐÈÔ×ÚÍÛÊØÎÍÈÓ½
ÚÍÛÊØÎÍÐÛÈ×ÊÈÔÛÎûÌÊÓÐ
ÍÖÈÔÛÈÃ×ÛÊÛÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙ
ÖÓ×ÉÈÔ×ÍÖÖÓÙ×ÊÉÈÍÅÔÍÏÎÍÈÓÙ×ÍÖÈÔר×ÐÓÎËÇ×ÎÙÃÅÛÉÌÊÍÆÓØ×Ø
ÓÎÈ×Ê×ÉÈÉÏ××ÈÓÎÕ×ÛÙÔÍÖÈÔ×Ê×ËÇÓÊ×Ï×ÎÈÉÍÖÉèÔ×
ÈÔÛÈÈÔ×ÍÖÖÓÙÓÛÐÔÛÉÙÍÏÌÐÓרÅÓÈÔÈÔÓÉÉ×ÙÈÓÍÎ
ÓÎÖÍÊÏÛÈÓÍÎÙÍÎÈÛÓÎרÍÎÈÔ×ÉÈÛÈ×Ï×ÎÈÉÔÛÐÐÚ×ÙÇÊÊ×ÎÈÛÉÍÖ
ø×Ù×ÏÚ×Ê ÍÖÈÔ×ÌÊ×ÙרÓÎÕÃ×ÛÊ
íÎÓÈÉÍÅÎÏÍÈÓÍÎÍÊÛÈÈÔ×Ê×ËÇ×ÉÈÍÖÛÎÃÓÎØÓÆÓØÇÛÐÅÔÍ
ûÎÍÖÖÓÙÓÛÐÊ×ËÇÓÊרÈÍÖÓÐ×ÉÔÛÐÐÖÓÐ×ÅÓÈÔÈÔ×ÚÍÛÊØÛÉÈÛÈ×½
ÓÉÊ×ËÇÓÊרÈÍÖÓÐ×ÛÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÈÔ×ÚÍÛÊØÏÛÃ
Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÏ××ÈÓÎÕ×ÛÙÔÍÖÈÔ×Ê×ËÇÓÊ×Ï×ÎÈÉÍÖ
×ÄÈ×ÎØÈÔ×ÈÓÏ×ÖÍÊÖÓÐÓÎÕÍÊÅÛÓÆ×ÛÎÃÖÓÐÓÎÕÊ×ËÇÓÊ×Ï×ÎÈÓÖÈÔ×
ÉÎÍÐÛÈ×ÊÈÔÛÎ
ØÛÃÉÖÍÐÐÍÅÓÎÕÈÔרÛÈ×Ô×ÍÊÉÔ×
ÚÍÛÊØØ×È×ÊÏÓÎ×ÉÈÔÛÈÈÔ×ÐÓÈ×ÊÛÐÛÌÌÐÓÙÛÈÓÍÎÍÖÈÔ×ÖÓÐÓÎÕÊ×ËÇÓÊ×½
ÛÉÉÇÏ×ÉÍÖÖÓÙ×ÓÖÈÔ×ÍÖÖÓÙÓÛÐÔÛÉÎÍÈÌÊׯÓÍÇÉÐÃÖÓÐרÛÉÈÛÈ×Ï×ÎÈ
Ï×ÎÈÉÍÖÈÔÓÉÉÇÚÙÔÛÌÈ×ÊÅÍÇÐØÅÍÊÑÛÎÇÎÊ×ÛÉÍÎÛÚÐ×ÔÛÊØÉÔÓÌÍÎ
ÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÅÓÈÔÈÔ×ÚÍÛÊØØÇÊÓÎÕÈÔÛÈÃ×ÛÊèÔ×ÓÎÖÍʽ
ÈÔÛÈÓÎØÓÆÓØÇÛÐÍÊÈÔÛÈÈÔ××ÄÈ×ÎÉÓÍÎÍÖÈÔ×ÈÓÏ×ÖÍÊÖÓÐÓÎÕÍÊÅÛÓÆ×Ê
ÏÛÈÓÍÎÍÎÈÔ×ÉÈÛÈ×Ï×ÎÈÉÔÛÐÐÚ×ÙÇÊÊ×ÎÈÛÉÌ×ÊÈÔרÛÈ×Ô×ÍÊÉÔ×
ÓÉÓÎÈÔ×ÌÇÚÐÓÙÓÎÈ×Ê×ÉÈèÔ×ÚÍÛÊØÉÔÛÐÐÉ×ÈÖÍÊÈÔÓÎÅÊÓÈÓÎÕÛÉÛ
ÛÉÉÇÏ×ÉÍÖÖÓÙ×
ÏÛÈÈ×ÊÍÖÌÇÚÐÓÙÊ×ÙÍÊØÓÈÉÊ×ÛÉÍÎÖÍÊÈÔ××ÄÈ×ÎÉÓÍÎÍÊÅÛÓÆ×Ê
ûÎÍÏÓÎ××ÉÔÛÐÐÖÓÐ×ÅÓÈÔÈÔ×ÚÍÛÊØÛÉÈÛÈ×Ï×ÎÈÍÖ×Ùͽ
ôÓÉÈÍÊÃ
Ù
éÈÛÈÉ É
Ù Ù É éÈÛÈÉ
É Ù
Ù
ÛÉÉ Û
ÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÏ××ÈÓÎÕ×ÛÙÔÍÖÈÔ×Ê×ËÇÓÊ×Ï×ÎÈÉÍÖÉ
Û
Û Û Û
Û
Û
ÅÓÈÔÓÎ
½
ùÊÍÉÉÊ×Ö×Ê×ÎÙ×
é××ÛÐÉÍÙÔÉõûúÛÎØ
ÓÉÛØÏÙÍØ×
ÆÓÍÇÉÐÃÖÓÐרÛÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÅÓÈÔÈÔ×ÚÍÛÊØØÇʽ
èÔ××ÄÈ×ÎÈÍÖÙÍÎÖÓØ×ÎÈÓÛÐÓÈÃÍÖÓÎÆ×ÉÈÏ×ÎÈÚÍÛÊØÎÍÏÓÎ××ÉÉÈÛÈ×Ï×ÎÈÉÍÖ×Ùͽ
ÓÎÕÈÔÛÈÃ×ÛÊèÔ×ÓÎÖÍÊÏÛÈÓÍÎÍÎÈÔ×ÉÈÛÈ×Ï×ÎÈÉÔÛÐÐÚ×ÙÇÊÊ×ÎÈ
ÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÊ×ÉÈÉÓÎÈÔ×ÉÍÇÎØØÓÉÙÊ×ÈÓÍÎÍÖÈÔ×É×ÎÛÈ×ÙÍÏÏÓÈÈ××ÈÍÅÔÓÙÔÈÔ×
ÎÍÏÓÎÛÈÓÍÎÓÉÊ×Ö×ÊÊרÇÎØ×ÊÉÇÚ ûÈÈÃõ×Î
ÛÉÌ×ÊÈÔרÛÈ×Ô×ÍÊÉÔ×ÅÛÉÎÍÏÓÎÛÈרöÍÐÐÍÅÓÎÕÈÔ×Ê×Ù×ÓÌÈÍÖ
èÔ×ÌÍÉÉÓÚÐ×ÙÍÎÖÐÓÙÈÚ×ÈÅ××ÎÊ×ËÇÓÊ×Ï×ÎÈÉÍÖÖÓÎÛÎÙÓÛÐØÓÉÙÐÍÉÇÊ×ÛÎØÙÍÎÖÓØ×ν
ÛÎÍÏÓÎ××ÉÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÈÔ×ÚÍÛÊØÉÔÛÐÐÖÍʽ
ÈÓÛÐÓÈÃÊ×ËÇÓÊ×Ï×ÎÈÉÖÍÊÐÛÅÃ×ÊÉÓÉØÓÉÙÇÉÉרûÈÈÃõ×Î
ÅÛÊØÙÍÌÓ×ÉÍÖÉÇÙÔÉÈÛÈ×Ï×ÎÈÈÍÈÔ×Ï×ÏÚ×ÊÉÍÖÈÔ×ÙÍÏÏÓÈÈ××
éÇÚØÍ×ÉÎÍÈÛÇÈÔÍÊÓÂ×ÈÔ××ÈÔÓÙÉÚÍÛÊØÈÍ×ÄÈ×ÎØÈÔרÛÈ×ÚÃÅÔÓÙÔÛÙÛÎØÓØÛÈ×
ÍÖÈÔ×É×ÎÛÈ×ÈÍÅÔÓÙÔÈÔ×ÎÍÏÓÎÛÈÓÍÎÓÉÊ×Ö×ÊÊר
ÏÇÉÈÖÓÐ×ÛÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÛÎØÙÛÎÎÍÈÅÛÓÆ×ÈÔ×ÖÓÐÓÎÕÊ×ËÇÓÊ×Ï×ÎÈ
ûÈÈÃõ×Î
ûÙÛÎØÓØÛÈ×ÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÉÔÛÐÐÖÓÐ×ÅÓÈÔÈÔ×ÚÍÛÊØ
ÛÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÏ××ÈÓÎÕ×ÛÙÔÍÖÈÔ×Ê×ËÇÓÊ×½
öÍÊÏÍÖÉÈÛÈ×Ï×ÎÈ
÷Æ×ÊÃÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙ
Ï×ÎÈÉÍÖÉÎÍÐÛÈ×ÊÈÔÛÎ
ÌÏÍÎÈÔ× ÊØØÛÃÖÍÐÐÍŽ
ÓÎÈ×Ê×ÉÈÉÅÔÓÙÔÓÉÊ×ËÇÓÊרÈÍÚ×ÖÓÐרÇÎØ×ÊÈÔÓÉÉÇÚÙÔÛÌÈ×ÊÉÔÛÐÐ
ÓÎÕÈÔ×ÐÛÉÈØÛÃÖÍÊÖÓÐÓÎÕÎÍÏÓÎÛÈÓÍÎÌÛÌ×ÊÉÖÍÊÈÔ×ÍÖÖÓÙ×ÅÔÓÙÔ
Ú×ÓÎÈÔ×ÖÍÊÏÌÊ×ÉÙÊÓÚרÚÃÈÔ×ÚÍÛÊØÛÎØÉÔÛÐÐÙÍÎÈÛÓÎÈÔ×ÖÍн
ÈÔ×ÙÛÎØÓØÛÈ×É××ÑÉÍÊÎÍÐÛÈ×ÊÈÔÛÎ
ÌÏÍÎÈÔ×Î×ÄÈÚÇÉÓÎ×ÉÉ
ÐÍÅÓÎÕÓÎÖÍÊÏÛÈÓÍÎ
ØÛÃÛÖÈ×ÊÈÔ×ÐÛÉÈØÛÃÅÔ×Îׯ×ÊÈÔÛÈÙÛÎØÓØÛÈ×ÓÉÕÊÛÎÈרÛÎ×ÄÈ×ν
ÛèÔ×ÓØ×ÎÈÓÈÃÍÖׯ×ÊÃÍÊÕÛÎÓÂÛÈÓÍÎÅÓÈÔÅÔÓÙÔÈÔ×ÓÎØÓÆÓØ½
ÉÓÍÎÍÖÈÓÏ×ÖÍÊÖÓÐÓÎÕÎÍÏÓÎÛÈÓÍÎÌÛÌ×ÊÉÍÊÛØ×ÙÐÛÊÛÈÓÍÎÍÖÙÛÎØÓ½
ÇÛÐÊ×ËÇÓÊרÈÍÖÓÐ×ÓÉÛÉÉÍÙÓÛÈרÛÎØÈÔ×ÎÛÈÇÊ×ÍÖÔÓÉÍÊÔ×ÊÛÉÉÍÙÓ½
ØÛÙÃÇÎØ×ÊÉ
Ò
ÛÍÊ
ÛÎÍ
ÛÈÓÍÎÅÓÈÔÈÔ×ÍÊÕÛÎÓÂÛÈÓÍÎ×ÄÙ×ÌÈÈÔÛÈÎÍÓØ×ÎÈÓÖÓÙÛÈÓÍÎÎ×רÚ×
ÐÛÈ×ÊÈÔÛÎ
ÌÏÍÎÈÔ×ÈÔØÛÃÛÖÈ×ÊÎÍÈÓÖÓÙÛÈÓÍÎÍÖÎÍÏÓÎÛÈÓÍÎ
ÏÛØ×ÍÖ
ÓÉÏÛÓÐרÍÊÌ×ÊÉÍÎÛÐÐÃØ×ÐÓÆ×ÊרÈÍÈÔ×ÙÛÎØÓØÛÈ×ÚÃÈÔ×ÏÇÎÓÙÓÌÛÐ
ûÎÃÍÊÕÛÎÓÂÛÈÓÍÎÅÔÓÙÔÓÉØ×ÉÙÊÓÚרÓÎÉ×ÙÈÓÍÎ
ÙÍÖ
ÙÐ×ÊÑÓÎÈÔ×ÙÛÉ×ÍÖÛÙÛÎØÓØÛÈ×ÅÔÍÓÉÎÍÏÓÎÛÈרÛÈÛÙÛÇÙÇÉÍÊ
ÎÍÐÛÈ×ÊÈÔÛÎ
ÌÏÍÎÈÔ× ÊØØÛÃÛÖÈ×ÊÎÍÈÓÖÓÙÛÈÓÍÎÍÖÎÍÏÓÎÛ½ÈÔ×ÓÎÈ×ÊÎÛÐÊׯ×ÎÇ×ÙÍØ×
åÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÇÌØÛÈרÛÎØÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
×ÄÙ×ÌÈ
åÓÉûÙÈ
ÅÛÉÎÍÈ
ÓÎ×ÖÖ×ÙÈÍÎûÌÊÓÐ
ÛÎØÓÉÎÍÈÓÎÙÐÇØ×ØÓÎÈÔÓÉÇÌØÛÈ×é××ÍÊØ×ÊØÛÈרïÛÊÙÔ
ÓÎøÛÎ×ùÍÇÎÈÃùÓÊÙÇÓÈùÍÇÊÈùÛÉ×
îÍùæ
éÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×ÍÎÍÊÌÊÓÍÊÈÍÛÊ×ÌÊÓÎÈרÛÉÓÖÙÇÊÊ×ÎÈÐÃÓÎ×ÖÖ×ÙÈéÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×
ÛÖÈ×ÊÛÊר×ÉÓÕÎÛÈרÚÃîíè÷éé××ûÊ×èÔ×éÈÛÈÇÈ×ÉÍÎÈÔÓÉå×ÚÉÓÈ×íÖÖÓÙÓÛÐý
÷Ð×ÙÈÊÍÎÓÙÊ×ÌÊÍØÇÙÈÓÍÎÍÖ
ÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
çÌØÛÈר
åÓÉéÈÛÈÉøÛÈÛÚÛÉ×
ûÎÃÍÊÕÛÎÓÂÛÈÓÍÎÅÔÓÙÔÓÉÍÊÕÛÎÓÂרÛÎØÍÌ×ÊÛÈרÌÊÓÏÛʽÕÊÛÎØÌÛÊ×ÎÈÓÎÐÛÅÚÊÍÈÔ×ÊÓÎÐÛÅÉÓÉÈ×ÊÓÎÐÛÅÇÎÙÐ×ÛÇÎÈ
ÓÐÃÈÍÓÎÖÐÇ×ÎÙׯÍÈÓÎÕÛÈÛÎ×Ð×ÙÈÓÍÎÓÎÙÐÇØÓÎÕÉÇÌÌÍÊÈÖÍÊÍÊÎÓ×Ù×Î×ÌÔ×ÅÉÌÍÇÉ×ÖÓÛÎÙ×ÍÊÖÓÛÎÙ××
ÍÌÌÍÉÓÈÓÍÎÈÍÛÎÓÎØÓÆÓØÇÛÐÉÌÊ×É×ÎÈÍÊÖÇÈÇÊ×ÙÛÎØÓØÛÙÃÍÊÈÍÛ
ÔðÍØÕÓÎÕÈÊÛÎÉÌÍÊÈÛÈÓÍÎÏÍÎ×ÃÍÊÍÈÔ×ÊÈÔÓÎÕÉÍÖÌ×ÙÇÎÓ½
ÌÊ×É×ÎÈÍÊÖÇÈÇÊ×Ê×Ö×Ê×ÎØÇÏ
ÛÊÃÆÛÐÇ×Ê×ÌÍÊÈÛÚÐ×ÇÎØ×ÊÉ
ûÎÃÎÍÎÌÊÍÖÓÈÍÊÕÛÎÓÂÛÈÓÍÎÅÔÓÙÔÓÉÖÍÊÏר×ÄÙÐÇÉÓÆ×ÐÃ
åÔ×Îׯ×ÊÛØÍÐÐÛÊÛÏÍÇÎÈÓÉÊ×ËÇÓÊרÈÍÚ×Ê×ÌÍÊÈרÌÇʽ
ÖÍÊÉÍÙÓÛÐÌÇÊÌÍÉ×ÉÛÎØÛÎÃÎÍÎÌÊÍÖÓÈÙÍÏÏÇÎÓÈÃÉ×ÊÆÓÙ×ÍÊÕÛ½
ÉÇÛÎÈÈÍÈÔÓÉÉ×ÙÈÓÍÎÓÈÓÉÉÇÖÖÓÙÓ×ÎÈÈÍÊ×ÌÍÊÈÅÔ×ÈÔ×ÊÈÔ×ÛÏÍÇÎÈ
ÎÓÂÛÈÓÍÎ
ÓÉÎÍÈÏÍÊ×ÈÔÛÎ
ÍÊÏÍÊ×ÈÔÛÎ
ûÈÊÇÉÈ
ÛûÎÓÎØÓÆÓØÇÛÐÓÉÈÔ×ÍÅÎ×ÊÍÖÛÈÊÇÉÈÛÎØÈÔ×ÈÊÇÉÈÉ
ÛÉÉ×ÈÉÛÎØÍÚÐÓÕÛÈÓÍÎÉÓÖÔ×ÍÊÉÔ×ÓÉÈÔ×ÙÊ×ÛÈÍÊÍÖÈÔ×ÈÊÇÉÈÛÎØÔÛÉ
ÚèÔ×ÓØ×ÎÈÓÈÃÍÖׯ×ÊÃÍÊÕÛÎÓÂÛÈÓÍÎÍÊÚÍØÃÌÍÐÓÈÓÙÓÎÅÔÓÙÔ
ÈÔ×ÓÎØÓÆÓØÇÛÐÅÔÍÓÉÊ×ËÇÓÊרÈÍÖÓÐ×ÍÊÈÔÛÈÓÎØÓÆÓØÇÛÐÉÓÏÏרӽÈÔ×ÌÍÅ×ÊÈÍÊׯÍÑ×ÈÔ×ÈÊÇÉÈÅÓÈÔÍÇÈÍÚÈÛÓÎÓÎÕÈÔ×ÙÍÎÉ×ÎÈÍÖÛÐÐ
ÍÖÈÔ×Ú×Î×ÖÓÙÓÛÊÓ×ÉÍÖÈÔ×ÈÊÇÉÈ
ÛÈ×ÖÛÏÓÐÃÉׯ×ÊÛÐÐÃÍÊÓÎÈÔ×ÛÕÕÊ×ÕÛÈ×ÍÅÎÉØÓÊ×ÙÈÐÃÍÊÓÎØÓ½
Ê×ÙÈÐÃÉ×ÙÇÊÓÈÓ×ÉÔÛÆÓÎÕÛÆÛÐÇ×ÍÖ
ÍÊÏÍÊ×ÈÔ×ÓØ×ÎÈÓÈÃÍÖ
ÚûÎÓÎØÓÆÓØÇÛÐÅÔÍÓÉ×ÐÓÕÓÚÐ×ÈÍÊ×Ù×ÓÆ×ÓÎÙÍÏ×ÍÊÍÈÔ×Ê
ÉÇÙÔÉ×ÙÇÊÓÈÓ×ÉÛÎØÈÔ×ÓÊÛÌÌÊÍÄÓÏÛÈׯÛÐÇ××ÄÙ×ÌÈÈÔÛÈÎÍÓØ×ÎÈÓ½
Ú×Î×ÖÓÙÓÛÐÇÉ×ÍÖÈÔ×ÌÊÓÎÙÓÌÛÐÍÖÛÈÊÇÉÈÓÉÈÔ×ÍÅÎ×ÊÍÖÛÌÊÍÌÍʽ
ÖÓÙÛÈÓÍÎÎ×רÚ×ÏÛØ×ÍÖÛÉ×ÙÇÊÓÈÃÍÊÓÉÉÇ×ÊÍÖÛÉ×ÙÇÊÓÈÃÅÔ×ÎÓÈ
ÈÓÍÎÛÐÉÔÛÊ×ÍÖÈÔ×ÌÊÓÎÙÓÌÛÐÓÎÈÔ×ÌÊÍÌÍÊÈÓÍÎÈÔÛÈÈÔ×ÓÎØÓÆÓØÇÛÐÉ
ÓÉÓÉÉÇרÚÃÛÎÃÍÊÕÛÎÓÂÛÈÓÍÎÎÍÈØÍÓÎÕÚÇÉÓÎ×ÉÉÓÎÈÔÓÉÉÈÛÈ×ÍÊÚÃ
Ú×Î×ÖÓÙÓÛÐÓÎÈ×Ê×ÉÈÓÎÈÔ×ÈÊÇÉÈÚ×ÛÊÉÈÍÈÔ×ÈÍÈÛÐÚ×Î×ÖÓÙÓÛÐÓÎÈ×Ê×ÉÈÉ
ÛÎÃÕÍÆ×ÊÎÏ×ÎÈÍÊÓÎÉÈÊÇÏ×ÎÈÛÐÓÈÃÍÊÛÕ×ÎÙÃÈÔ×Ê×ÍÖÍÊÛÎ
Æ×ÉÈרÓÎÛÐÐÚ×Î×ÖÓÙÓÛÊÓ×ÉÍÖÈÔ×ÈÊÇÉÈûÆ×ÉÈרÚ×Î×ÖÓÙÓÛÐÓÎÈ×Ê×ÉÈ
ÛÇÈÔÍÊÓÈÃÍÊÌÇÚÐÓÙÙÍÊÌÍÊÛÈÓÍÎÙÊ×ÛÈרÛÎØÊ×ÕÇÐÛÈרÚÃÛÎÛÙÈÍÖ
ÓÎÛÈÊÇÉÈÓÎÙÐÇØ×ÉÛÆ×ÉÈרÊׯ×ÊÈ×ÊÓÎÈ×Ê×ÉÈ
ÉÇÙÔÕÍÆ×ÊÎÏ×ÎÈÍÈÔ×ÊÈÔÛÎÈÔ×ÉÈÛÈ×ÍÖåÓÉÙÍÎÉÓÎÓÈÉÓÎÉÈÊÇÏ×ν
óÎÖÍÊÏÛÈÓÍÎÅÔÓÙÔÓÉÊ×ËÇÓÊרÚÃÈÔÓÉÉ×ÙÈÓÍÎÉÔÛÐÐÚ×ÌÊͽ
ÈÛÐÓÈÓ×ÉÛÕ×ÎÙÓ×ÉÛÎØÌÍÐÓÈÓÙÛÐÉÇÚØÓÆÓÉÓÍÎÉÍÊÛÇÈÔÍÊÓÈÓ×ÉÍÊÌÇÚ½
ÆÓØ×ØÍÎÈÔ×ÚÛÉÓÉÍÖÈÔ×Ú×ÉÈÑÎÍÅÐרÕ×ÓÎÖÍÊÏÛÈÓÍÎÛÎØÚ×ÐÓ×Ö
ÐÓÙÙÍÊÌÍÊÛÈÓÍÎÉÙÊ×ÛÈרÛÎØÊ×ÕÇÐÛÈרÚÃÛÎÛÙÈÍÖÈÔ×Ð×ÕÓÉÐÛÈÇÊ×
ÍÖÈÔ×ÓÎØÓÆÓØÇÛÐÖÓÐÓÎÕÈÔ×ÉÈÛÈ×Ï×ÎÈ
ÙèÔ×ÎÛÏ×ÍÖÛÎÃÙÊרÓÈÍÊÈÍÅÔÍÏÈÔ×ÓÎØÓÆÓØÇÛÐÅÔÍÓÉ
ôÓÉÈÍÊÃ
Ù
éÈÛÈÉ É
Ù ÉÉ éÈÛÈÉ
Ê×ËÇÓÊרÈÍÖÓÐ×ÍÊÉÇÙÔÓÎØÓÆÓØÇÛÐÉÓÏÏרÓÛÈ×ÖÛÏÓÐÃÉׯ×ÊÛÐÐÃ
ÉÙ
É
Û ÛÉÉ
Û Û
Û Û
Û
ÍÊÓÎÈÔ×ÛÕÕÊ×ÕÛÈ×ÍÅ×É
ÍÊÏÍÊ×ÛÎØÈÔ×ÛÌÌÊÍÄÓÏÛÈ×
ùÊÍÉÉÊ×Ö×Ê×ÎÙ×
é××ÛÐÉÍÙÔÉõûúÛÎØ
ÓÉÛØÏÙÍØ×
ÛÏÍÇÎÈÍÅר
ðÛÅêׯÓÉÓÍÎùÍÏÏÓÈÈ××îÍÈ×
çÎØ×ÊÈÔ××ÈÔÓÙÉÙÍØ××ÛÙÔÉÈÛÈ×ÌÇÚÐÓÙ
ØèÔ×Ê×ÛÐÌÊÍÌ×ÊÈÃÐÍÙÛÈרÓÎÈÔÓÉÉÈÛÈ×ÓÎÅÔÓÙÔÈÔ×ÓÎØÓÆÓØ½ÍÖÖÓÙÓÛÐÛÎØÙÛÎØÓØÛÈ×ÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÏÇÉÈÖÓÐ×ÛÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×ʽ
×ÉÈÉÅÓÈÔÈÔ××ÈÔÓÙÉÚÍÛÊØÐÓÉÈÓÎÕÈÔ×ÚÇÉÓÎ×ÉÉ×ÉÍÊÕÛÎÓÂÛÈÓÍÎÉÛÎØÍÈÔ×ÊÐ×ÕÛÐ×ÎÈÓÈÓ×É
ÇÛÐÅÔÍÓÉÊ×ËÇÓÊרÈÍÖÓÐ×ÍÊÉÇÙÔÓÎØÓÆÓØÇÛÐÉÓÏÏרÓÛÈ×ÖÛÏÓÐÃ
ÖÊÍÏÅÔÓÙÔÈÔ×ÃÛÎØÈÔ×ÓÊÖÛÏÓÐÓ×ÉÊ×Ù×ӯרÉÇÚÉÈÛÎÈÓÛÐÓÎÙÍÏרÇÊÓÎÕÈÔ×ÌÊ×ÙרÓÎÕ
ÔÍÐØÉÛÎÓÎÈ×Ê×ÉÈÍÈÔ×ÊÈÔÛÎÈÔ×ÌÊÓÎÙÓÌÛÐÊ×ÉÓØ×ÎÙ×ÍÖÈÔ×ÓÎØÓÆÓØ½
ÈÛÄÛÚÐ×Ã×ÛÊôÍÅׯ×ÊÈÔ××ÈÔÓÙÉÙÍØ×ØÍ×ÉÎÍÈÊ×ËÇÓÊ×ÓØ×ÎÈÓÖÓÙÛÈÓÍÎÍÖÓÎØÓÆÓØÇÛÐ
Ì×ÊÉÍÎÉÖÊÍÏÅÔÍÏÈÔ×ÓÎÙÍÏ×ÓÉÊ×Ù×ӯרèÔÓÉÚÓÐÐÌÊÍÆÓØ×ÉÈÔÛÈÓÖÈÔ×ÓÎØÓÆÓØÇÛÐ
ÇÛÐÍÊÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃÛÎØÈÔ×ÎÛÈÇÊ×ÍÖÈÔ×ÓÎÈ×Ê×ÉÈ
ÖÓÐÓÎÕÈÔ×ÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÓØ×ÎÈÓÖÓ×ÉÈÔ×Õ×Î×ÊÛÐÎÛÈÇÊ×ÍÖÈÔ×ÚÇÉÓÎ×ÉÉ
Ô×ÐØûÎÓÎØÓÆÓØÇÛÐÉÓÎÈ×Ê×ÉÈÓÎÊ×ÛÐÌÊÍÌ×ÊÈÃØÍ×ÉÎÍÈÓÎÙÐÇØ×Û
ÓÎÅÔÓÙÔÈÔ×ÓÎØÓÆÓØÇÛÐÍÊÛÏ×ÏÚ×ÊÍÖÔÓÉÍÊÔ×ÊÖÛÏÓÐÃÓÉ×ÎÕÛÕרÈÔ×ÎÎÍÓØ×ÎÈÓÖÓÙÛ½
ÌÊÍÌÍÊÈÓÍÎÛÐÉÔÛÊ×ÍÖÓÎÈ×Ê×ÉÈÉÓÎÊ×ÛÐÌÊÍÌ×ÊÈÃÓÖÈÔ×ÓÎØÓÆÓØÇÛÐÉ
ÈÓÍÎÎ×רÚ×ÏÛØ×ÍÖÈÔ××ÉÈÛÈ×ÍÖÛÎÃØ×Ù×ÛÉרÓÎØÓÆÓØÇÛÐÖÊÍÏÅÔÓÙÔÓÎÙÍÏ×ÅÛÉ
Ê×Ù×ӯרèÔÓÉÚÓÐÐÏÛÑ×ÉÓÈÇÎÎ×Ù×ÉÉÛÊÃÈÍÓØ×ÎÈÓÖÃÛØ×Ùר×ÎÈÉ×ÉÈÛÈ×ÅÔÓÙÔÅÛÉ
ÌÊÍÌÍÊÈÓÍÎÛÐÉÔÛÊ×ÓÉÐ×ÉÉÈÔÛÎ
ÍÖÈÔ×ÍÇÈÉÈÛÎØÓÎÕÉÔÛÊ×ÉÍÊÓÉ
ÓÎØ×ÚÈרÈÍÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÍÊÙÛÎØÓØÛÈ×ÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÛÎØÏÛÑ×ÉÓÈ
Ð×ÉÉÈÔÛÎÛÎ×ËÇÓÈÃÆÛÐÇ×ÍÖ
ÇÎÎ×Ù×ÉÉÛÊÃÈÍÓØ×ÎÈÓÖÃØ×Ùר×ÎÈÉ×ÉÈÛÈ×ÉÅÔÓÙÔÛÊ×Ê×ÌÊ×É×ÎÈרÚÃÐÛÅÃ×ÊÌÇÚÐÓÙ
ÍÖÖÓÙÓÛÐÉ
×èÔ×ÓØ×ÎÈÓÈÃÍÖ×ÛÙÔÌÛÃ×ÊÖÊÍÏÅÔÓÙÔÈÔ×ÓÎØÓÆÓØÇÛÐÅÔÍ
ûÚ×Î×ÖÓÙÓÛÊÃÍÖÛÖÇÈÇÊ×ÓÎÈ×Ê×ÉÈÓÎÛÈÊÇÉÈÏÇÉÈÓØ×ÎÈÓÖÃÈÔ×É×ÙÇÊÓÈÓ×ÉÔ×ÐØÚÃÈÔ×
ÓÉÊ×ËÇÓÊרÈÍÖÓÐ×ÍÊÛÏ×ÏÚ×ÊÍÖÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃ
ÈÊÇÉÈÓÖÈÔ×ÓÎØÓÆÓØÇÛÐÉÓÎÈ×Ê×ÉÈÓÎÈÔ×É×ÙÇÊÓÈÓ×ÉÓÉÆÛÐÇרÛÈ
ÍÊÏÍÊ×
ûÈÈÃ
Ê×Ù×ӯר
ÍÊÏÍÊ×ÍÖÔÓÉÍÊÔ×ÊÓÎÙÍÏ×ÖÍÊÈÔ×ÌÊ×ÙרÓÎÕÈÛĽ
õ×Î
ÛÚÐ×Ã×ÛÊ×ÄÙ×ÌÈÈÔÛÈÓÖÈÔ×ÓÎØÓÆÓØÇÛÐÅÔÍÓÉÊ×ËÇÓÊרÈÍÖÓÐ×ÓØ×ν
éÈÛÎØÛÊØÉÍÖÙÍÎØÇÙÈÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉ
ÈÓÖÓ×ÉÈÔ×Õ×Î×ÊÛÐÎÛÈÇÊ×ÍÖÈÔ×ÚÇÉÓÎ×ÉÉÓÎÅÔÓÙÔÔ×ÍÊÉÔ×ÍÊÔÓÉ
ÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃÓÉ×ÎÕÛÕרÈÔ×ÎÎÍÓØ×ÎÈÓÖÓÙÛÈÓÍÎÎ×רÚ×
èÔ×Ð×ÕÓÉÐÛÈÇÊ×Ô×Ê×ÚÃÊ×ÛÖÖÓÊÏÉÈÔÛÈÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐ
ÏÛØ×ÍÖÛØ×Ùר×ÎÈÉ×ÉÈÛÈ×ÍÊÛÎÓÎØÓÆÓØÇÛÐÎÍÈÛÙÈÓÎÕÛÉÛÊ×ÌÊ×½
ÔÍÐØÉÔÓÉÍÊÔ×ÊÌÍÉÓÈÓÍÎÛÉÛÌÇÚÐÓÙÈÊÇÉÈÛÎØÛÎÃ×ÖÖÍÊÈÈÍÊ×ÛÐÓÂ×
É×ÎÈÛÈÓÆ×ÍÖÛÎÍÊÕÛÎÓÂÛÈÓÍÎÇÎÐ×ÉÉÈÔ×ÓÎØÓÆÓØÇÛÐÓÉÛÐÍÚÚÃÓÉÈÛÉ
ÉÇÚÉÈÛÎÈÓÛÐÌ×ÊÉÍÎÛÐÕÛÓÎÈÔÊÍÇÕÔÍÖÖÓÙÓÛÐÙÍÎØÇÙÈÓÉÛÆÓÍÐÛÈÓÍÎÍÖ
Ø×ÖÓÎרÓÎÉ
ÛØØÓÈÓÍÎÎÍÓØ×ÎÈÓÖÓÙÛÈÓÍÎÎ×רÚ×ÏÛØ×ÍÖ
ÈÔÛÈÈÊÇÉÈèÔÓÉÉÇÚÙÔÛÌÈ×ÊØÍ×ÉÎÍÈÌÊׯ×ÎÈÛÎÃÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓ½
ÌÛÃ×ÊÉÖÊÍÏÅÔÓÙÔÍÎÐÃØÓÆÓØ×ÎØÉÍÊÓÎÈ×Ê×ÉÈÛÎÃÈÔÓÎÕÍÖÌ×ÙÇÎÓ½
ÙÓÛÐÖÊÍÏÛÙÙ×ÌÈÓÎÕÍÈÔ×Ê×ÏÌÐÍÃÏ×ÎÈÍÊÖÍÐÐÍÅÓÎÕÛÎÃÌÇÊÉÇÓÈ
ÛÊÃÆÛÐÇ×Ê×ÌÍÊÈרÇÎØ×ÊÉÍÊÊ×ÌÍÊÈÛÚÐ×ÇÎØ×ÊÉÍÊ
ÅÔÓÙÔÓÎÎÍÅÛÃÓÎÈ×ÊÖ×Ê×ÉÅÓÈÔÈÔ×ÖÇÐÐÛÎØÖÛÓÈÔÖÇÐØÓÉÙÔÛÊÕ×ÍÖ
ÌÍÐÓÈÓÙÛÐÙÍÎÈÊÓÚÇÈÓÍÎÉÊ×ÌÍÊÈרÇÎØ×ÊÙÔÅ×Ê×Ê×Ù×ӯר
ÔÓÉÍÊÔ×ÊØÇÈÓ×ÉÈÍÈÔÓÉÉÈÛÈ×èÔ×Ð×ÕÓÉÐÛÈÇÊ×ÖÇÊÈÔ×ÊÊ×ÙÍÕÎÓÂ×É
ÈÔÛÈÓÎÛÊ×ÌÊ×É×ÎÈÛÈӯר×ÏÍÙÊÛÙÃÈÔ×Ê×ÌÊ×É×ÎÈÛÈÓÆ×ÉÛÊרÊÛÅÎ
ÖóÖÈÔ×ÓÎØÓÆÓØÇÛÐÅÔÍÓÉÊ×ËÇÓÊרÈÍÖÓÐ×ÍÊÛÏ×ÏÚ×ÊÍÖÔÓÉ
ÖÊÍÏÉÍÙÓ×ÈÃÛÎØÈÔ×Ê×ÖÍÊ×ÙÛÎÎÍÈÛÎØÉÔÍÇÐØÎÍÈÚ×ÅÓÈÔÍÇÈÛÐÐ
ÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃÊ×Ù×ӯר
ÍÊÏÍÊ×ÍÖÔÓÉÍÊÔ×Ê
Ì×ÊÉÍÎÛÐÛÎØ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÓÎÈÔר×ÙÓÉÓÍÎÉÛÎØÌÍÐÓÙÓ×ÉÍÖ
ÓÎÙÍÏ×ÖÍÊÈÔ×ÌÊ×ÙרÓÎÕÈÛÄÛÚÐ×Ã×ÛÊÖÊÍÏÛÌÛÊÈÎ×ÊÉÔÓÌÐÓÏÓÈר
ÕÍÆ×ÊÎÏ×ÎÈÈÔÛÈÙÓÈÓÂ×ÎÉÅÔÍÉ×ÊÆ×ÛÉÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÊ×ÈÛÓÎ
ÐÓÛÚÓÐÓÈÃÙÍÏÌÛÎÃÙÍÊÌÍÊÛÈÓÍÎ×Ð×ÙÈÓÎÕÈÍÚ×ÈÛÄרÛÉÛÌÛÊÈÎ×ʽ
ÈÔ×ÓÊÊÓÕÔÈÉÛÉÙÓÈÓÂ×ÎÉÈÍÓÎÈ×Ê×ÉÈÉÍÖÛÌ×ÊÉÍÎÛÐÍÊ×ÙÍÎÍÏÓÙ
ÉÔÓÌÇÎØ×ÊÉÇÚÙÔÛÌÈ×ÊéÍÖÈÔ×ÓÎÈ×ÊÎÛÐÊׯ×ÎÇ×ÙÍØ×ÍÊÉ×ÊÆÓÙ×
ÎÛÈÇÊ×ÈÔÛÈÉÈÛÎØÛÊØÉÍÖ×ÈÔÓÙÛÐÙÍÎØÇÙÈÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉ
ÙÍÊÌÍÊÛÈÓÍÎÇÎØ×ÊÉÉ
ÈÍ
½
Î×רÈÍØÓÉÈÓÎÕÇÓÉÔÚ×ÈÅ××ÎÈÔÍÉ×ÏÓÎÍÊÛÎØÓÎÙÍÎÉ×ËÇ×ÎÈÓÛÐÙÍν
ÇÛÐÍÊÛÏ×ÏÚ×ÊÍÖÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃÉׯ×ÊÛÐÐÃÍÊÓÎÈÔ×
ÖÐÓÙÈÉÈÔÛÈÛÊ×ÇÎÛÆÍÓØÛÚÐ×ÓÎÛÖÊ××ÉÍÙÓ×ÈÃÛÎØÈÔÍÉ×ÙÍÎÖÐÓÙÈÉ
ÛÕÕÊ×ÕÛÈ×ÔÛÉÛ
ÍÊÕÊ×ÛÈ×ÊÓÎÈ×Ê×ÉÈÈÔ×ÓØ×ÎÈÓÈÃÍÖ×ÛÙÔÌÛÃ×Ê
ÅÔÓÙÔÛÊ×ÉÇÚÉÈÛÎÈÓÛÐÛÎØÏÛÈ×ÊÓÛÐÛÎØÈÔÛÈÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉ
ÖÊÍÏÅÔÓÙÔÈÔ×ÍÊÕÛÎÓÂÛÈÓÍÎÊ×Ù×ӯר
ÍÊÏÍÊ×ÍÖÓÈÉ
ÏÛÃÎ×רÈÍ×ÎÕÛÕ×ÓÎ×ÏÌÐÍÃÏ×ÎÈÌÊÍÖ×ÉÉÓÍÎÛÐÍÊÚÇÉÓÎ×ÉÉ
ÓÎÙÍÏ×ÖÍÊÓÈÉÌÊ×ÙרÓÎÕÈÛÄÛÚÐ×Ã×ÛÊ×ÄÙ×ÌÈÈÔÛÈÓÖÈÔ×ÓÎØÓÆÓØÇÛÐ
ÛÙÈÓÆÓÈÓ×ÉÍÈÔ×ÊÈÔÛÎÍÖÖÓÙÓÛÐØÇÈÓ×ÉÓÎÍÊØ×ÊÈÍÉÇÌÌÍÊÈÈÔ×ÏÉ×ÐÆ×É
ÅÔÍÓÉÊ×ËÇÓÊרÈÍÖÓÐ×ÓØ×ÎÈÓÖÓ×ÉÈÔ×Õ×Î×ÊÛÐÎÛÈÇÊ×ÍÖÈÔ×ÚÇÉÓÎ×ÉÉ
ÍÊÈÔ×ÓÊÖÛÏÓÐÓ×ÉÛÎØÈÍÏÛÓÎÈÛÓÎÛÙÍÎÈÓÎÇÓÈÃÍÖÌÊÍÖ×ÉÉÓÍÎÛÐÍÊ
ÓÎÅÔÓÙÔÔ×ÍÊÉÔ×ÍÊÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃÓÉ×ÎÕÛÕרÈÔ×Î
ÚÇÉÓÎ×ÉÉÛÙÈÓÆÓÈÃÍÊÏÛÃÎ×רÈÍÏÛÓÎÈÛÓÎÓÎÆ×ÉÈÏ×ÎÈÉÅÔÓÙÔ
ÎÍÓØ×ÎÈÓÖÓÙÛÈÓÍÎÎ×רÚ×ÏÛØ×ÍÖÛØ×Ùר×ÎÈÉ×ÉÈÛÈ×ÍÊÛÎÓÎØÓÆÓØ½
ÛÙÈÓÆÓÈÓ×ÉÍÊÓÎÆ×ÉÈÏ×ÎÈÉØÍÎÍÈÙÍÎÖÐÓÙÈÅÓÈÔÈÔ×ÉÌ×ÙÓÖÓÙÌÊÍÆÓ½
ÇÛÐÎÍÈÛÙÈÓÎÕÛÉÛÊ×ÌÊ×É×ÎÈÛÈÓÆ×ÍÖÛÎÍÊÕÛÎÓÂÛÈÓÍÎÇÎÐ×ÉÉÈÔ×
ÉÓÍÎÉÍÖÈÔÓÉÉÇÚÙÔÛÌÈ×Ê
ÓÎØÓÆÓØÇÛÐÓÉÛÐÍÚÚÃÓÉÈÛÉØ×ÖÓÎרÓÎÉ
½
ÈÓÖÓÙÛÈÓÍÎÎ×רÚ×ÏÛØ×ÍÖÌÛÃ×ÊÉÖÊÍÏÅÔÓÙÔØÓÆÓØ×ÎØÉÍÊÓÎÈ×Ê×ÉÈîÍÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÇÉ×ÔÓÉÍÊÔ×ÊÌÇÚÐÓÙÌÍÉÓÈÓÍÎ
ÛÊ×Ê×Ù×ӯר
ÍÊÍÖÖÓÙ×ÈÍÍÚÈÛÓÎÖÓÎÛÎÙÓÛÐÕÛÓÎÍÊÛÎÃÈÔÓÎÕÍÖÉÇÚÉÈÛÎÈÓÛÐÆÛÐÇ×
ÖÍÊÈÔ×ÌÊÓÆÛÈ×Ú×Î×ÖÓÈÍÖÔÓÏÉ×ÐÖÍÊÔ×ÊÉ×ÐÖÍÊÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×
ÕèÔ×ÓØ×ÎÈÓÈÃÍÖ×ÛÙÔÌ×ÊÉÍÎÖÊÍÏÅÔÓÙÔÈÔ×ÓÎØÓÆÓØÇÛÐÅÔÍ
ÖÛÏÓÐÃÍÊÖÍÊÛÎÍÊÕÛÎÓÂÛÈÓÍÎÅÓÈÔÅÔÓÙÔÔ×ÍÊÉÔ×ÓÉÛÉÉÍÙÓÛÈר
ÓÉÊ×ËÇÓÊרÈÍÖÓÐ×Ê×Ù×ӯרØÓÊ×ÙÈÐÃÍÊÓÎØÓÊ×ÙÈÐÃÛÎÃÕÓÖÈÍÊÕÓÖÈÉ
èÔÓÉÉÇÚÉ×ÙÈÓÍÎØÍ×ÉÎÍÈÌÊÍÔÓÚÓÈÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÊÍÏÇÉÓÎÕ
ÔÛÆÓÎÕÛÎÛÕÕÊ×ÕÛÈׯÛÐÇ×ÍÖÏÍÊ×ÈÔÛÎ
ÅÓÈÔÓÎÈÔ×ÈÛÄÛÚÐ×
ÈÔ×ÈÓÈÐ×ÍÊÌÊ×ÉÈÓÕ×ÍÖÔÓÉÍÊÔ×ÊÍÖÖÓÙ×ÈÍÍÚÈÛÓÎÙÍÎÈÊÓÚÇÈÓÍÎÉÌ×ʽ
Ã×ÛÊÌÊ×ÙרÓÎÕÈÔ×ÈÓÏ×ÍÖÖÓÐÓÎÕ×ÄÙ×ÌÈÈÔÛÈÈÔ×ÉÍÇÊÙ×ÍÖÛÕÓÖÈ
ÏÓÈÈרÛÎØÊ×ÌÍÊÈרÛÉÊ×ËÇÓÊרÚÃÙÔ
Î×רÎÍÈÚ×ÓØ×ÎÈÓÖÓרÓÖÈÔרÍÎÛÈÓÍÎÓÉÌ×ÊÏÓÈÈרÇÎØ×ÊÉ
××ÏÍÊÖÍÊÓÖÈÔרÍÎÍÊÓÉÈÔרÍÎ××ÉÌÛÊ×ÎÈÕÊÛÎØ½
îÍÌ×ÊÉÍÎÏÛÃÍÖÖ×ÊÍÊÕÓÆ×ÈÍÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐ
ÌÛÊ×ÎÈÙÔÓÐØÕÊÛÎØÙÔÓÐØÚÊÍÈÔ×ÊÉÓÉÈ×ÊÌÛÊ×ÎÈÓÎÐÛÅØÓÊ×ÙÈÐÃÍÊÓÎØÓÊ×ÙÈÐÃÛÎØÎÍÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÉÍÐÓÙÓÈÍÊ
åÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÇÌØÛÈרÛÎØÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
×ÄÙ×ÌÈ
åÓÉûÙÈ
ÅÛÉÎÍÈ
ÓÎ×ÖÖ×ÙÈÍÎûÌÊÓÐ
ÛÎØÓÉÎÍÈÓÎÙÐÇØ×ØÓÎÈÔÓÉÇÌØÛÈ×é××ÍÊØ×ÊØÛÈרïÛÊÙÔ
ÓÎøÛÎ×ùÍÇÎÈÃùÓÊÙÇÓÈùÍÇÊÈùÛÉ×
îÍùæ
éÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×ÍÎÍÊÌÊÓÍÊÈÍÛÊ×ÌÊÓÎÈרÛÉÓÖÙÇÊÊ×ÎÈÐÃÓÎ×ÖÖ×ÙÈéÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×
ÛÖÈ×ÊÛÊר×ÉÓÕÎÛÈרÚÃîíè÷éé××ûÊ×èÔ×éÈÛÈÇÈ×ÉÍÎÈÔÓÉå×ÚÉÓÈ×íÖÖÓÙÓÛÐý
÷Ð×ÙÈÊÍÎÓÙÊ×ÌÊÍØÇÙÈÓÍÎÍÖ
ÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
çÌØÛÈר
åÓÉéÈÛÈÉøÛÈÛÚÛÉ×
ÛÙÙ×ÌÈÖÊÍÏÛÎÃÌ×ÊÉÍÎØÓÊ×ÙÈÐÃÍÊÓÎØÓÊ×ÙÈÐÃÛÎÃÈÔÓÎÕÍÖÆÛÐÇ×Î×ÕÍÈÓÛÈ×ÅÓÈÔÛÎÃÍÖÖÓÙ×ÊÍÊ×ÏÌÐÍÃ××ÍÖÛØ×ÌÛÊÈÏ×ÎÈÓÎÙÍÎÎ×Ù½
ÓÖÓÈÙÍÇÐØÊ×ÛÉÍÎÛÚÐÃÚ××ÄÌ×ÙÈרÈÍÓÎÖÐÇ×ÎÙ×ÈÔ×ÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓ½ÈÓÍÎÅÓÈÔÛÎÃÒÇØÓÙÓÛÐÍÊËÇÛÉÓÒÇØÓÙÓÛÐÌÊÍÙ×רÓÎÕÛÌÌÐÓÙÛÈÓÍÎ
ÙÓÛÐÉÆÍÈ×ÍÖÖÓÙÓÛÐÛÙÈÓÍÎÉÍÊÒÇØÕÏ×ÎÈÍÊÙÍÇÐØÊ×ÛÉÍÎÛÚÐÃÚ×ÙÍÎÈÊÛÙÈÙÐÛÓÏÍÊÙÔÛÊÕ×ÅÔÓÙÔÏÓÕÔÈÕÓÆ×ÊÓÉ×ÈÍÛÒÇØÓÙÓÛÐÍÊ
ÙÍÎÉÓØ×ÊרÛÉÛÊ×ÅÛÊØÖÍÊÛÎÃÍÖÖÓÙÓÛÐÛÙÈÓÍÎÍÊÓÎÛÙÈÓÍÎÍÎÈÔ×ËÇÛÉÓÒÇØÓÙÓÛÐÌÊÍÙ×רÓÎÕÅÔÓÙÔÅÛÉÇÎØ×ÊÈÔ×ÖÍÊÏ×ÊÍÖÖÓÙÓÛÐÉ
ÌÛÊÈÍÖÈÔ×ÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐèÔÓÉÉÇÚÉ×ÙÈÓÍÎØÍ×ÉÎÍÈÌÊÍÔÓÚÓÈÊ×ÉÌÍÎÉÓÚÓÐÓÈÃÛÉÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÅÓÈÔÓÎ
ÏÍÎÈÔÉÌÊÓÍÊÈÍ
ÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÊÍÏ×ÎÕÛÕÓÎÕÓÎÍÇÈÉÓØ××ÏÌÐÍÃÏ×ÎÈÈÔרÛÈ×ÍÎÅÔÓÙÔÔ×ÍÊÉÔ×Ù×ÛÉרÈÍÚ×ÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐ
Ï
îÍÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÛÙÙ×ÌÈÍÊÊ×ÈÛÓÎÛÎÃÈÊÛÎɽÙîÍÖÍÊÏ×ÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÖÍÊÙÍÏÌ×ÎÉÛÈÓÍÎÛÙÈ
ÍÎÚ×ÔÛÐÖÍÖÛÎÃÌÛÊÈÃÍÈÔ×ÊÈÔÛÎÈÔ×ÉÈÛÈ×ÓÎÙÍÎÎ×ÙÈÓÍÎÅÓÈÔÛÎÃ
ÌÍÊÈÛÈÓÍÎÐÍØÕÓÎÕÏ×ÛÐÉÖÍÍØÍÊÚׯ×ÊÛÕ×ÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈ
ÒÇØÓÙÓÛÐÍÊËÇÛÉÓÒÇØÓÙÓÛÐÌÊÍÙ×רÓÎÕÛÌÌÐÓÙÛÈÓÍÎÙÍÎÈÊÛÙÈÙÐÛÓÏ
ÈÔ×Ê×ÖÍÊ×ÄÙ×ÌÈÓÎÛÙÙÍÊØÛÎÙ×ÅÓÈÔÉ
ÍÊÙÔÛÊÕ×ÅÔÓÙÔÏÓÕÔÈÕÓÆ×ÊÓÉ×ÈÍÛÒÇØÓÙÓÛÐÍÊËÇÛÉÓÒÇØÓÙÓÛÐÌÊͽ
îÍÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÓÎÈ×ÎÈÓÍÎÛÐÐÃÇÉ×ÍÊØÓÉÙÐÍÉ×
Ù×רÓÎÕÓÎÅÔÓÙÔÈÔ×ÖÍÊÏ×ÊÍÖÖÓÙÓÛÐÌÛÊÈÓÙÓÌÛÈרÌ×ÊÉÍÎÛÐÐÃÛÎØ
ÓÎÖÍÊÏÛÈÓÍÎÕÛÓÎרÓÎÈÔ×ÙÍÇÊÉ×ÍÖÍÊÚÃÊ×ÛÉÍÎÍÖÔÓÉÍÊÔ×ÊÍÖÖÓ½
ÉÇÚÉÈÛÎÈÓÛÐÐÃÛÉÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐ
ÙÓÛÐÌÍÉÓÈÓÍÎÍÊÛÙÈÓÆÓÈÓ×ÉÓÎÛÎÃÅÛÃÈÔÛÈÙÍÇÐØÊ×ÉÇÐÈÓÎÈÔ×Ê×Ù×ÓÌÈ
èÔ×ÛÈÈÍÊÎ×ÃÕ×Î×ÊÛÐÏÛÃÎÍÈ×ÎÕÛÕ×ÓÎÈÔ×ÌÊÓÆÛÈ×ÌÊÛÙ½
ÍÖÛÎÃÈÔÓÎÕÍÖÆÛÐÇ×ÖÍÊÔÓÏÉ×ÐÖÍÊÔ×ÊÉ×ÐÖÖÍÊÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×
ÈÓÙ×ÍÖÐÛÅØÇÊÓÎÕÈÔ×Ì×ÊÓÍØÓÎÅÔÓÙÔÔ×ÍÊÉÔ×ÔÍÐØÉÈÔÛÈÍÖÖÓÙ×
ÖÛÏÓÐÃÍÊÖÍÊÛÎÃÍÈÔ×ÊÌ×ÊÉÍÎÓÖÈÔ×ÓÎÖÍÊÏÛÈÓÍÎÔÛÉÎÍÈÚ××Î
îÍÒÇÉÈÓÙ×ÍÖÈÔ×ÉÇÌÊ×Ï×ÙÍÇÊÈÛÎØÎÍÒÇØÕ×ÍÖÛÎÃÙÍÇÊÈÍÖÊ×ÙÍÊØ
ÙÍÏÏÇÎÓÙÛÈרÈÍÈÔ×ÌÇÚÐÓÙÍÊÓÉÎÍÈÌÇÚÐÓÙÓÎÖÍÊÏÛÈÓÍÎ
ÏÛÃ×ÎÕÛÕ×ÓÎÈÔ×ÌÊÓÆÛÈ×ÌÊÛÙÈÓÙ×ÍÖÐÛÅØÇÊÓÎÕÈÔ×Ì×ÊÓÍØÓÎ
îÍÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÇÉ×ÍÊÛÈÈ×ÏÌÈÈÍÇÉ×ÈÔ×ÌÇÚÐÓÙ
ÅÔÓÙÔÔ×ÍÊÉÔ×ÔÍÐØÉÈÔÛÈÍÖÖÓÙ×îÍÖÇÐÐÈÓÏרÓÉÈÊÓÙÈÛÈÈÍÊÎ×Ã
ÌÍÉÓÈÓÍÎÔ×ÐØÚÃÈÔ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÈÍÓÎÖÐÇ×ÎÙ×ÍÊÕÛÓÎÇÎÐÛÅÖÇÐ
ÏÛÃ×ÎÕÛÕ×ÓÎÈÔ×ÌÊÓÆÛÈ×ÌÊÛÙÈÓÙ×ÍÖÐÛÅØÇÊÓÎÕÈÔ×Ì×ÊÓÍØÓÎ
Ú×Î×ÖÓÈÉÛØÆÛÎÈÛÕ×ÉÍÊÌÊÓÆÓÐ×Õ×ÉÌ×ÊÉÍÎÛÐÐÃÍÊÖÍÊÍÈÔ×ÊÉ
ÅÔÓÙÔÔ×ÍÊÉÔ×ÔÍÐØÉÈÔÛÈÍÖÖÓÙ××ÄÙ×ÌÈÛÉÛÇÈÔÍÊÓÂרÓÎÉ
îÍÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏ×ÏÚ×ÊÍÖÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉ
ÓÏÏרÓÛÈ×ÖÛÏÓÐÃÎÍÊÛÎÃÍÊÕÛÎÓÂÛÈÓÍÎÅÓÈÔÅÔÓÙÔÈÔ×ÉÈÛÈ×ÌÇÚ½
èÔÓÉÉ×ÙÈÓÍÎØÍ×ÉÎÍÈÌÊÍÔÓÚÓÈÛÐ×ÕÓÉÐÛÈÍÊÖÊÍÏÏÛÑÓÎÕ
ÐÓÙÍÖÖÓÙÓÛÐÍÊÛÏ×ÏÚ×ÊÍÖÈÔ×ÍÖÖÓÙÓÛÐÉÓÏÏרÓÛÈ×ÖÛÏÓÐÃÍÅÎÉ
ÓÎËÇÓÊÓ×ÉÖÍÊÓÎÖÍÊÏÛÈÓÍÎÍÎÚ×ÔÛÐÖÍÖÛÌ×ÊÉÍÎÍÊÖÊÍÏÊ×ÌÊ×É×ÎȽ
ÍÊÙÍÎÈÊÍÐÉÛÈÐ×ÛÉÈ
ÍÖÈÔ×ÍÇÈÉÈÛÎØÓÎÕ×ËÇÓÈÃÆÍÈÓÎÕÊÓÕÔÈÉ
ÓÎÕÛÌ×ÊÉÍÎÚ×ÖÍÊ×ÛØ×ÌÛÊÈÏ×ÎÈÓÖÔ×ÍÊÉÔ×Ê×Ù×ÓÆ×ÉÎÍÙÍϽ
ÍÊÍÇÈÉÈÛÎØÓÎÕÓÎØ×ÚÈרÎ×ÉÉÏÛÃ×ÎÈ×ÊÓÎÈÍÛÎÃÙÍÎÈÊÛÙÈÍÊÐ×ÛÉ×
Ì×ÎÉÛÈÓÍÎÈÔ×Ê×ÖÍÊÚ×ÃÍÎØÈÔ×ÉÛÐÛÊÃÛÎØÍÈÔ×ÊÙÍÏÌ×ÎÉÛÈÓÍÎÍÊ
ÓÎÆÍÐÆÓÎÕÛÌÛÃÏ×ÎÈÍÊÌÛÃÏ×ÎÈÉÍÖÏÍÊ×ÈÔÛÎ
ÅÓÈÔÓÎÛ
Ê×ÓÏÚÇÊÉ×Ï×ÎÈÈÍÅÔÓÙÔÈÔ×Ð×ÕÓÉÐÛÈÍÊÓÉ×ÎÈÓÈÐרÚÃÐÛÅ×ÄÙ×ÌÈÛÉ
Ì×ÊÓÍØÓÎÅÔÍÐ×ÍÊÓÎÌÛÊÈØ×ÊӯרÖÊÍÏÉÈÛÈ×ÖÇÎØÉ
ÛÇÈÔÍÊÓÂרÇÎØ×ÊÉÇÚ
ÇÎÐ×ÉÉÈÔ×ÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÔÛÉÖÓÊÉÈÏÛØ×ÅÊÓÈÈ×ÎØÓÉÙÐÍÉÇÊ×ÍÖ
èÔ×Ð×ÕÓÉÐÛÈÇÊ×Ê×ÙÍÕÎÓÂ×ÉÈÔÛÈÛÐÐÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉ
ÈÔ×ÎÛÈÇÊ×ÛÎØ×ÄÈ×ÎÈÍÖÉÇÙÔÊ×ÐÛÈÓÍÎÉÔÓÌÍÊÓÎÈ×Ê×ÉÈÈÍÈÔ×ÚÍÛÊØ
ÛÎØ×ÏÌÐÍÃ××ÉÛÎØÛÐÐ×ÏÌÐÍÃ××ÉÍÖÈÔ×çÎÓÆ×ÊÉÓÈÃÍÖåÓÉÙÍÎÉÓÎ
ÛÎØÈÍÈÔר×ÌÛÊÈÏ×ÎÈÛÙÈÓÎÕÖÍÊÈÔ×ÉÈÛÈ×ÓÎÊ×ÕÛÊØÈÍÉÇÙÔÙÍÎÈÊÛÙÈ
ôÍÉÌÓÈÛÐÉÛÎØùÐÓÎÓÙÉûÇÈÔÍÊÓÈÃÉÔÍÇÐØÚ×ÕÇӨרÚÃÛÙÍØ×ÍÖ×ÈÔ½
ÍÊÐ×ÛÉ×ûÎÃÙÍÎÈÊÛÙÈÍÊÐ×ÛÉ××ÎÈ×ÊרÓÎÈÍÓÎÆÓÍÐÛÈÓÍÎÍÖÈÔÓÉÉÇÚ½
ÓÙÉÛÎØÈÔÇÉ
É×ÙÈÓÍÎÏÛÃÚׯÍӨרÚÃÈÔ×ÉÈÛÈ×ÓÎÛÎÛÙÈÓÍÎÙÍÏÏ×ÎÙרÅÓÈÔÓÎ
Ã×ÛÊÉÍÖÈÔרÛÈ×ÍÎÅÔÓÙÔÈÔ×ÚÍÛÊØÍÊÈÔר×ÌÛÊÈÏ×ÎÈÍÊÍÖÖÓÙ×Ê
ÛèÔ×ÛØÏÓÎÓÉÈÊÛÈÍÊÍÖÈÔרӯÓÉÓÍÎÍÖÏ×ÊÓÈÊ×ÙÊÇÓÈÏ×ÎÈÛÎØ
ÛÙÈÓÎÕÖÍÊÈÔ×ÉÈÛÈ×ÓÎÊ×ÕÛÊØÈÍÈÔ×ÛÐÐÍÙÛÈÓÍÎÍÖÉÈÛÈ×ÖÇÎØÉÖÊÍÏ
É×Ð×ÙÈÓÍÎÓÎÈÔ×ÍÖÖÓÙ×ÍÖÉÈÛÈ××ÏÌÐÍÃÏ×ÎÈÊ×ÐÛÈÓÍÎÉÉÔÛÐÐÅÓÈÔÈÔ×
ÅÔÓÙÔÉÇÙÔÌÛÃÏ×ÎÈÓÉØ×ÊӯרÑÎ×ÅÍÊÉÔÍÇÐØÔÛÆ×ÑÎÍÅÎÈÔÛÈ
ÚÍÛÊØÉÛØÆÓÙ×ÌÊÍÏÇÐÕÛÈ×ÊÇÐ×ÉÈÍÓÏÌÐ×Ï×ÎÈÛÙÍØ×ÍÖ×ÈÔÓÙÉÖÍÊ
ÛÆÓÍÐÛÈÓÍÎÍÖÈÔÓÉÉÇÚÉ×ÙÈÓÍÎÔÛØÍÙÙÇÊÊרèÔÓÉÉÇÚÉ×ÙÈÓÍÎØÍ×É
ÙÐÛÉÉÓÖÓרÛÎØÇÎÙÐÛÉÉÓÖÓרÉÈÛÈ××ÏÌÐÍÃ××É×ÄÙ×ÌÈÉÈÛÈ×ÌÇÚÐÓÙ
ÎÍÈÛÖÖ×ÙÈÈÔ×ÛÌÌÐÓÙÛÈÓÍÎÍÖÉ
ÍÖÖÓÙÓÛÐÉÉÇÚÒ×ÙÈÈÍÈÔÓÉÉÇÚÙÔÛÌÈ×ÊÇÎÙÐÛÉÉÓÖÓרÌ×ÊÉÍÎÎ×ÐÓÎÈÔ×
çÎÓÆ×ÊÉÓÈÃÍÖåÓÉÙÍÎÉÓÎéÃÉÈ×ÏÛÎØÍÖÖÓÙ×ÊÉÛÎØ×ÏÌÐÍÃ××ÉÍÖ
ÛîÍÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÅÔÍÓÉÓØ×ÎÈÓÖÓרÓÎÉ
ÈÔ×ÒÇØÓÙÓÛÐÚÊÛÎÙÔ
ÏÛÃÊ×ÌÊ×É×ÎÈÛÌ×ÊÉÍÎÖÍÊÙÍÏÌ×ÎÉÛÈÓÍÎÚ×ÖÍÊ×ÛØ×ÌÛÊÈÏ×ÎÈÍÊ
ÛÎÃ×ÏÌÐÍÃ××ÈÔ×Ê×ÍÖ×ÄÙ×ÌÈ
ÚèÔ×ÚÍÛÊØÍÖÊ×Õ×ÎÈÉÍÖÈÔ×çÎÓÆ×ÊÉÓÈÃÍÖåÓÉÙÍÎÉÓÎéÃɽ
È×ÏÉÔÛÐÐ×ÉÈÛÚÐÓÉÔÛÙÍØ×ÍÖ×ÈÔÓÙÉÖÍÊÇÎÙÐÛÉÉÓÖÓרÌ×ÊÉÍÎÎ×ÐÓÎ
óÎÛÙÍÎÈ×ÉÈרÙÛÉ×ÅÔÓÙÔÓÎÆÍÐÆ×ÉÛÌÛÊÈÃÍÈÔ×ÊÈÔÛÎÈÔ×
ÈÔÛÈÉÃÉÈ×ÏÅÔÍÛÊ×ÎÍÈÉÇÚÒ×ÙÈÈÍÈÔÓÉÉÇÚÙÔÛÌÈ×Ê
ÉÈÛÈ×ÅÓÈÔÓÎÈ×Ê×ÉÈÉÛØÆ×ÊÉ×ÈÍÈÔÍÉ×Ê×ÌÊ×É×ÎÈרÚÃÈÔ×ÉÈÛÈ×ÌÇÚÐÓÙ
ÍÖÖÓÙÓÛÐÍÊ
ÙèÔ×ÉÇÌÊ×Ï×ÙÍÇÊÈÉÔÛÐÐÌÊÍÏÇÐÕÛÈ×ÛÙÍØ×ÍÖÒÇØÓÙÓÛÐ×ÈÔ½
ÓÙÉÖÍÊÍÖÖÓÙ×ÊÉÛÎØ×ÏÌÐÍÃ××ÉÍÖÈÔ×ÒÇØÓÙÓÛÊÃÛÎØÙÛÎØÓØÛÈ×ÉÖÍÊ
ûÈÛÎÍÌ×ÎÔ×ÛÊÓÎÕÛÈÅÔÓÙÔÛÉÈ×ÎÍÕÊÛÌÔÓÙÍÊÍÈÔ×ÊÊ×ÙÍÊØ
ÒÇØÓÙÓÛÐÍÖÖÓÙ×ÅÔÓÙÔÉÔÛÐÐÓÎÙÐÇØ×ÖÓÎÛÎÙÓÛÐØÓÉÙÐÍÉÇÊ×Ê×ËÇÓÊ×½
ÓÉÏÛÓÎÈÛÓÎרÍÊ
Ï×ÎÈÉûÐÐÒÇÉÈÓÙ×ÉÛÎØÒÇØÕ×ÉÉÔÛÐÐÓÎÛØØÓÈÓÍÎÈÍÙÍÏÌÐÃÓÎÕÅÓÈÔ
óÎÛÏÛÈÈ×ÊÈÔÛÈÓÎÆÍÐÆ×ÉÍÎÐÃÏÓÎÓÉÈ×ÊÓÛÐÛÙÈÓÍÎÚÃÈÔ×
ÈÔÓÉÉÇÚÙÔÛÌÈ×ÊÛØÔ×Ê×ÈÍÈÔ×ÙÍØ×ÍÖÒÇØÓÙÓÛÐ×ÈÔÓÙÉ
Ø×ÌÛÊÈÏ×ÎÈÍÊ
ØèÔ×ÚÍÛÊØÍÖØÓÊ×ÙÈÍÊÉÍÖÈÔ×çÎÓÆ×ÊÉÓÈÃÍÖåÓÉÙÍÎÉÓÎôÍɽ
óÎÛÏÛÈÈ×ÊÚ×ÖÍÊ×ÈÔר×ÌÛÊÈÏ×ÎÈÍÖÊׯ×ÎÇ×ÍÊÈÛÄÛÌÌ×ÛÐÉ
ÌÓÈÛÐÉÛÎØùÐÓÎÓÙÉûÇÈÔÍÊÓÈÃÉÔÛÐÐ×ÉÈÛÚÐÓÉÔÛÙÍØ×ÍÖ×ÈÔÓÙÉÖÍÊ
ÙÍÏÏÓÉÉÓÍÎÈÔÛÈÓÎÆÍÐÆ×ÉÈÔ×Ê×ÌÊ×É×ÎÈÛÈÓÍÎÍÖÛÙÐÓ×ÎÈÓÎÙÍÎÎ×Ù½
×ÏÌÐÍÃ××ÉÍÖÈÔ×ÛÇÈÔÍÊÓÈÃÅÔÍÛÊ×ÎÍÈÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉ
ÈÓÍÎÅÓÈÔÛÈÛÄÏÛÈÈ×Ê
îÍÛÕ×ÎÙÃÛÉØ×ÖÓÎרÓÎÉ
ÖÓÙ×ÊÍÊ
ÚèÔÓÉÉÇÚÉ×ÙÈÓÍÎØÍ×ÉÎÍÈÛÌÌÐÃÈÍÊ×ÌÊ×É×ÎÈÛÈÓÍÎÚÃÛÉÈÛÈ×
×ÏÌÐÍÃ××ÈÔ×Ê×ÍÖÏÛÃÌÊ×É×ÎÈÛÎÃÊ×ËÇ×ÉÈÍÊÑÎÍÅÓÎÕÐÃÇÈÓÐÓÂ×
ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÛÙÈÓÎÕÓÎÔÓÉÍÊÔ×ÊÍÖÖÓÙÓÛÐÙÛÌÛÙÓÈÃ
ÛÎÃÓÎÈ×Ê×ÉÈÉÍÇÈÉÓØ×ÈÔ×ÛÕ×ÎÙÃÈÍÌÊ×É×ÎÈÛÎÃÊ×ËÇ×ÉÈÈÍ×ÓÈÔ×Ê
÷ÄÙ×ÌÈÓÎÈÔ×ÙÛÉ×ÅÔ×Ê×ÈÔ×ÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÖÍÊÏ×ÊÐÃ
ÔÍÇÉ×ÍÖÈÔ×Ð×ÕÓÉÐÛÈÇÊ×ÍÊÛÎÃÏ×ÏÚ×ÊÍÊÙÍÏÏÓÈÈ××ÈÔ×Ê×ÍÖÖÍÊ
Ô×ÐØÅÛÉÈÔÛÈÍÖÐ×ÕÓÉÐÛÈÍÊÐ×ÕÓÉÐÛÈÓÆ××ÏÌÐÍÃ××ÇÎØ×ÊÉ
ÛÌÌÊÍÌÊÓÛÈÓÍÎÉÅÔÓÙÔ×ÄÙ×רÈÔ×ÛÏÍÇÎÈÊ×ËÇ×ÉÈרÚÃÈÔ×ÛÕ×ÎÙÃ
ÚÌÖÕÍÊÔÙÔÓ×ÖÙÐ×ÊÑÍÖÛÔÍÇÉ×ÍÖÈÔ×Ð×ÕÓÉÐÛÈÇÊ×É×ʽ
ÓÎÈÔ×ÛÕ×ÎÙÃÉÏÍÉÈÊ×Ù×ÎÈÊ×ËÇ×ÉÈÉÇÚÏÓÈÈרÇÎØ×ÊÉ
Õ×ÛÎÈÛÈÛÊÏÉÍÖÛÔÍÇÉ×ÍÖÈÔ×Ð×ÕÓÉÐÛÈÇÊ×ÍÊÛÌ×ÊÏÛÎ×ÎÈ
îÍÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÍÊÙÛÎØÓØÛÈ×ÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×
×ÏÌÐÍÃ××ÍÙÙÇÌÃÓÎÕÈÔ×ÌÍÉÓÈÓÍÎÍÖÛÇØÓÈÍÊÖÍÊÈÔ×Ð×ÕÓÉÐÛÈÓÆ×
ÏÛÃØÓÊ×ÙÈÐÃÍÊÚÃÏ×ÛÎÉÍÖÛÎÛÕ×ÎÈÕÓÆ×ÍÊÍÖÖ×ÊÍÊÌÊÍÏÓÉ×ÈÍ
ÛÇØÓÈÚÇÊ×ÛÇ
ÕÓÆ×ÍÊÅÓÈÔÔÍÐØÍÊÍÖÖ×ÊÍÊÌÊÍÏÓÉ×ÈÍÅÓÈÔÔÍÐØÔÓÉÍÊÔ×ÊÆÍÈ×
ÛîÍÖÍÊÏ×ÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÍÊ
ÏÍÎÈÔÉÖÍÐÐÍÅÓÎÕÈÔ×
ÍÊÓÎÖÐÇ×ÎÙ×ÍÊÌÊÍÏÓÉ×ÈÍÈÛÑ×ÍÊÊ×ÖÊÛÓÎÖÊÍÏÈÛÑÓÎÕÍÖÖÓÙÓÛÐ
ØÛÈ×ÍÎÅÔÓÙÔÔ×ÍÊÉÔ×Ù×ÛÉ×ÉÈÍÚ×ÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃ
ÛÙÈÓÍÎÅÓÈÔÊ×ÉÌ×ÙÈÈÍÛÎÃÌÊÍÌÍÉרÍÊÌ×ÎØÓÎÕÏÛÈÈ×ÊÓÎÙÍÎÉÓØ×ʽ
ÖÍÊÙÍÏÌ×ÎÉÛÈÓÍÎÍÎÚ×ÔÛÐÖÍÖÛÎÃÌ×ÊÉÍÎÍÈÔ×ÊÈÔÛÎÛÕÍÆ×Êν
ÛÈÓÍÎÍÖÍÊÇÌÍÎÙÍÎØÓÈÓÍÎÈÔÛÈÛÎÃÍÈÔ×ÊÌ×ÊÉÍÎÏÛÑ×ÍÊÊ×ÖÊÛÓÎ
Ï×ÎÈÛÐ×ÎÈÓÈÃÏÛÑ×ÛÎÃÖÍÊÏÛÐÍÊÓÎÖÍÊÏÛÐÛÌÌ×ÛÊÛÎÙ×Ú×ÖÍÊ×ÍÊ
ÖÊÍÏÏÛÑÓÎÕÛÌÍÐÓÈÓÙÛÐÙÍÎÈÊÓÚÇÈÓÍÎÍÊÌÊÍÆÓØ×ÍÊÊ×ÖÊÛÓÎÖÊÍÏ
Î×ÕÍÈÓÛÈ×ÅÓÈÔÛÎÃÍÖÖÓÙ×ÊÍÊ×ÏÌÐÍÃ××ÍÖÈÔר×ÌÛÊÈÏ×ÎÈÅÓÈÔ
ÌÊÍÆÓØÓÎÕÛÎÃÉ×ÊÆÓÙ×ÍÊÍÈÔ×ÊÈÔÓÎÕÍÖÆÛÐÇ×ÈÍÍÊÖÍÊÈÔ×Ú×Î×ÖÓÈ
ÅÔÓÙÔÔ×ÍÊÉÔ×ÅÛÉÛÉÉÍÙÓÛÈרÛÉÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÅÓÈÔÓÎ
ÍÖÛÙÛÎØÓØÛÈ×ÛÌÍÐÓÈÓÙÛÐÌÛÊÈÃÛÎÃÌ×ÊÉÍÎÅÔÍÓÉÉÇÚÒ×ÙÈÈÍÛÊ×Õ½
ÏÍÎÈÔÉÌÊÓÍÊÈÍÈÔרÛÈ×ÍÎÅÔÓÙÔÔ×ÍÊÉÔ×Ù×ÛÉרÈÍÚ×ÛÉÈÛÈ×
ÓÉÈÊÛÈÓÍÎÊ×ËÇÓÊ×Ï×ÎÈÇÎØ×ÊÉ
ÍÊÛÎÃÌ×ÊÉÍÎÏÛÑÓÎÕÛÙÍϽ
ÌÇÚÐÓÙÍÖÖÓÙÓÛÐ
ÏÇÎÓÙÛÈÓÍÎÈÔÛÈÙÍÎÈÛÓÎÉÛÊ×Ö×Ê×ÎÙ×ÈÍÛÙÐ×ÛÊÐÃÓØ×ÎÈÓÖÓרÉÈÛÈ×
ÚîÍÖÍÊÏ×ÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÍÊ
ÈÔ×
ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÔÍÐØÓÎÕÛÎ×Ð×ÙÈÓÆ×ÍÖÖÓÙ×ÍÊÈÍÛÙÛÎØÓØÛÈ×ÖÍÊÉÈÛÈ×
ØÛÈ×ÍÎÅÔÓÙÔÔ×ÍÊÉÔ×Ù×ÛÉ×ÉÈÍÚ×ÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃ
ÌÇÚÐÓÙÍÖÖÓÙ×
ÖÍÊÙÍÏÌ×ÎÉÛÈÓÍÎÍÎÚ×ÔÛÐÖÍÖÛÎÃÌ×ÊÉÍÎÍÈÔ×ÊÈÔÛÎÛÕÍÆ×Êν
ôÓÉÈÍÊÃ
Ù
éÈÛÈÉ É
Ù ÉÉ éÈÛÈÉ É
Ï×ÎÈÛÐ×ÎÈÓÈÃÏÛÑ×ÛÎÃÖÍÊÏÛÐÍÊÓÎÖÍÊÏÛÐÛÌÌ×ÛÊÛÎÙ×Ú×ÖÍÊ×ÍÊ
Ù
ÙÉ
Ù
ÙÉ
åÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÇÌØÛÈרÛÎØÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
×ÄÙ×ÌÈ
åÓÉûÙÈ
ÅÛÉÎÍÈ
ÓÎ×ÖÖ×ÙÈÍÎûÌÊÓÐ
ÛÎØÓÉÎÍÈÓÎÙÐÇØ×ØÓÎÈÔÓÉÇÌØÛÈ×é××ÍÊØ×ÊØÛÈרïÛÊÙÔ
ÓÎøÛÎ×ùÍÇÎÈÃùÓÊÙÇÓÈùÍÇÊÈùÛÉ×
îÍùæ
éÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×ÍÎÍÊÌÊÓÍÊÈÍÛÊ×ÌÊÓÎÈרÛÉÓÖÙÇÊÊ×ÎÈÐÃÓÎ×ÖÖ×ÙÈéÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×
ÛÖÈ×ÊÛÊר×ÉÓÕÎÛÈרÚÃîíè÷éé××ûÊ×èÔ×éÈÛÈÇÈ×ÉÍÎÈÔÓÉå×ÚÉÓÈ×íÖÖÓÙÓÛÐý
÷Ð×ÙÈÊÍÎÓÙÊ×ÌÊÍØÇÙÈÓÍÎÍÖ
ÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
çÌØÛÈר
åÓÉéÈÛÈÉøÛÈÛÚÛÉ×
ÙÙ
Û
ÛÉÉ
ÚçÌÍÎÈÔ××ÄÌÓÊÛÈÓÍÎÍÖ Ã×ÛÊÉÛÖÈ×ÊÛÎÃ×Ð×ÙÈÓÍÎÛÈÅÔÓÙÔ
Û
É
Û Û Û Û
ÛÙÛÎØÓØÛÈ×ÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÅÛÉÎÍÈ×Ð×ÙÈרÈÔ×ÚÍÛÊØÉÔÛÐÐ
Û
Û
Û ÉÉ
Û
Û
Ø×ÉÈÊÍÃÛÎÃÉÈÛÈ×Ï×ÎÈÉÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÖÓÐרÚÃÔÓÏÍÊÔ×Ê
ùÊÍÉÉÊ×Ö×Ê×ÎÙ×
é××ÛÐÉÍÙÔ÷êïêé
ÓÉÛØÏÙÍØ×
ÛÉÛÙÛÎØÓØÛÈ×ÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÛÎØÛÎÃÙÍÌÓ×ÉÈÔ×Ê×ÍÖÓÎÈÔ×
ûÙÍÇÎÈÃÚÍÛÊØÏÛÃÌÊÍÆÓØ×ÖÍÊÛÌ×ÎÛÐÈÃÓÎÈÔ×ÎÛÈÇÊ×ÍÖÛÖÍÊÖ×ÓÈÇÊ×ÖÍÊÛÆÓÍÐÛÈÓÍÎ
ÍÖÛÙÍØ×ÍÖ×ÈÔÓÙÉÍÊØÓÎÛÎÙ×ÚÇÈÏÛÃÎÍÈÚÛÊÆÓÍÐÛÈÍÊÉÖÊÍÏÊÇÎÎÓÎÕÖÍÊÍÖÖÓÙ×û
ÚÍÛÊØÉÌÍÉÉ×ÉÉÓÍÎÇÎÐ×ÉÉÈÔ×ÓÎØÓÆÓØÇÛÐÙÍÎÈÓÎÇ×ÉÈÍÔÍÐØ
ÆÓÍÐÛÈÓÍÎÓÉÎÍÈÛÎ×ÕÐ×ÙÈÍÖØÇÈÓ×ÉÇÎØ×ÊÉ
áÎÍÅßÍÊÛÎÓÌÉÍÖÛÙÈÍÙÛÇÉ×
ÛÎÍÈÔ×ÊÌÍÉÓÈÓÍÎÖÍÊÅÔÓÙÔÔ×ÍÊÉÔ×ÓÉÊ×ËÇÓÊרÈÍÖÓÐ×ÛÉÈÛÈ×Ï×ÎÈ
ÖÍÊÊ×ÏÍÆÛÐÇÎØ×ÊÉ
ûÈÈÃõ×Îé××ÛÐÉÍûÈÈÃõ×Î
ÍÊÇÎÐ×ÉÉÈÔ×ÓÎØÓÆÓØÇÛÐÍÈÔ×ÊÅÓÉ×Ê×ËÇ×ÉÈÉ
èÔ××ÈÔÓÙÉÐÛÅØÍ×ÉÎÍÈÌÊÍÔÓÚÓÈÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÊÍÏÌÇÊÙÔÛÉÓÎÕÓÈ×ÏÉÛÎØ
É×ÊÆÓÙ×ÉÈÔÛÈÛÊ×ÛÆÛÓÐÛÚÐ×ÈÍÈÔ×ÍÖÖÓÙÓÛÐÚ×ÙÛÇÉ×Ô×ÍÊÉÔ×ÔÍÐØÉÌÇÚÐÓÙÍÖÖÓÙ×óÖÈÔ×
ÙçÌÍÎÈÔ××ÄÌÓÊÛÈÓÍÎÍÖ Ã×ÛÊÉÖÊÍÏÈÔ×ÛÙÈÓÍÎÍÖÈÔ×É×ÎÛÈ×
ÍÌÌÍÊÈÇÎÓÈÃÈÍÌÇÊÙÔÛÉ×ÈÔ×ÓÈ×ÏÍÊÉ×ÊÆÓÙ×ÓÈÉ×ÐÖÔÛÉÉÇÚÉÈÛÎÈÓÛÐÆÛÐÇ×ÈÔ×ÌÇÊÙÔÛÉ×
ÇÌÍÎÛÎÍÏÓÎÛÈÓÍÎÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÛÈÅÔÓÙÔÈÔ×É×ÎÛÈ×
ÍÖÈÔ×ÓÈ×ÏÍÊÉ×ÊÆÓÙ×ÓÉÌÊÍÔÓÚÓÈר
ûÈÈÃõ×Î
Ê×ÖÇÉרÈÍÙÍÎÉ×ÎÈÈÍÈÔ×ÛÌÌÍÓÎÈÏ×ÎÈÍÖÈÔ×ÎÍÏÓÎ××ÈÔ×ÚÍÛÊØ
éÇÚ
éÈÛÈ×÷ÈÔ½
ÓÙÉúÍÛÊØöéÇÌÌ
ÉÔÛÐÐØ×ÉÈÊÍÃÛÎÃÉÈÛÈ×Ï×ÎÈÉÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÖÓÐרÚÃÔÓÏÍÊ
Ô×ÊÛÉÛÎÍÏÓÎ××ÛÎØÛÎÃÙÍÌÓ×ÉÈÔ×Ê×ÍÖÓÎÈÔ×ÚÍÛÊØÉÌÍÉÉ×ÉÉÓÍÎ
øÓÉÙÍÇÎÈÉÛÈÙ×ÊÈÛÓÎÉÈÛØÓÇÏÉ
îÍÌ×ÊÉÍÎÉ×ÊÆÓÎÕ
ÇÎÐ×ÉÉÈÔ×ÓÎØÓÆÓØÇÛÐÙÍÎÈÓÎÇ×ÉÈÍÔÍÐØÛÎÍÈÔ×ÊÌÍÉÓÈÓÍÎÖÍÊÅÔÓÙÔ
ÓÎÛÎÛÈÓÍÎÛÐÉÈÛÈ×ÍÊÐÍÙÛÐÍÖÖÓÙ×ÛÉØ×ÖÓÎרÓÎÉ
ÏÛÃÛÙÙ×ÌÈ
Ô×ÍÊÉÔ×ÓÉÊ×ËÇÓÊרÈÍÖÓÐ×ÛÉÈÛÈ×Ï×ÎÈÍÊÇÎÐ×ÉÉÈÔ×ÎÍÏÓÎ××
ÛÎÃØÓÉÙÍÇÎÈÍÎÈÔ×ÌÊÓÙ×ÍÖÛØÏÓÉÉÓÍÎÍÊÌÛÊÑÓÎÕÙÔÛÊÕרÈÍÏ×Ͻ
ÍÈÔ×ÊÅÓÉ×Ê×ËÇ×ÉÈÉèÔÓÉÌÛÊÛÕÊÛÌÔØÍ×ÉÎÍÈÛÌÌÐÃÈÍÛÎÃÓÎØÓÆÓØ½
Ú×ÊÉÍÖÈÔ×Õ×Î×ÊÛÐÌÇÚÐÓÙÓÎÙÐÇØÓÎÕÛÎÃØÓÉÙÍÇÎÈÍÎÈÔ×ÇÉ×ÍÖÛ
ÇÛÐÅÔÍÓÉÛÌÌÍÓÎÈרÈÍÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÇÎØ×ÊÉ
ÉÑÃÚÍÄÍÊÌÊÓÆÛÈ×ÐÇÄÇÊÃÚÍÄÛÈÛÉÈÛØÓÇÏÈÔÛÈÓÉ×Ä×ÏÌÈÖÊÍÏ
÷ÄÙ×ÌÈÛÉÌÊÍÆÓØ×ØÓÎÉ
ÍÖ
Õ×Î×ÊÛÐÌÊÍÌ×ÊÈÃÈÛÄ×ÉÇÎØ×ÊÉ
×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÖÓÐרÅÓÈÔÈÔ×ÚÍÛÊØÛÆÛÓÐÛÚÐ×ÖÍÊÌÇÚÐÓÙ
ôÓÉÈÍÊÃ
Û
ÓÎÉÌ×ÙÈÓÍÎÛÎØÙÍÌÃÓÎÕØÇÊÓÎÕÊ×ÕÇÐÛÊÍÖÖÓÙ×ÔÍÇÊÉÛÎØÏÛÑ×
ÙÍÌÃÓÎÕÖÛÙÓÐÓÈÓ×ÉÛÆÛÓÐÛÚÐ×ÛÈÛÙÔÛÊÕ×ÎÍÈÈÍ×ÄÙ×רÛÙÈÇÛÐÙÍÉÈ
ùÍÎÖÐÓÙÈÍÖÓÎÈ×Ê×ÉÈÌÊÍÔÓÚÓÈר×ÄÙ×ÌÈÓÍÎ
÷ÄÙ×ÌÈÓÎÛÙÙÍÊØÛÎÙ×ÅÓÈÔÈÔ×ÚÍÛÊØÉÛØÆÓÙ×ÇÎØ×ÊÉ
ùÍÏÌÓÐ×ÛÎØÏÛÓÎÈÛÓÎÛÎÓÎØ×ÄÈÍÛÐÐÈÔ×ÉÈÛÈ×Ï×ÎÈÉÍÖ×Ùͽ
ÛÛÎØ×ÄÙ×ÌÈÛÉÍÈÔ×ÊÅÓÉ×ÌÊÍÆÓØ×ØÓÎÉÇÚ ÎÍÉÈÛÈ×ÌÇÚÐÓÙ
ÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÙÇÊÊ×ÎÈÐÃÍÎÖÓÐ×ÅÓÈÔÈÔ×ÚÍÛÊØÈÍÖÛÙÓÐÓÈÛÈ×ÌÇÚÐÓÙ
ÍÖÖÓÙÓÛÐÏÛÃ
ÛÙÙ×ÉÉÈÍÉÇÙÔÉÈÛÈ×Ï×ÎÈÉÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉ
ÛèÛÑ×ÛÎÃÍÖÖÓÙÓÛÐÛÙÈÓÍÎÉÇÚÉÈÛÎÈÓÛÐÐÃÛÖÖ×ÙÈÓÎÕÛÏÛÈÈ×ÊÓÎ
ìÊ×ÌÛÊ×ÛÎØÌÇÚÐÓÉÔÉÌ×ÙÓÛÐÊ×ÌÍÊÈÉÛÎØÈ×ÙÔÎÓÙÛÐÉÈÇØÓ×É
ÅÔÓÙÔÈÔ×ÍÖÖÓÙÓÛÐÛÏ×ÏÚ×ÊÍÖÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃÍÊÛÎ
ÈÍÖÇÊÈÔ×ÊÈÔ×ÌÇÊÌÍÉ×ÉÍÖÈÔÓÉÉÇÚÙÔÛÌÈ×ÊÛÎØÉÇÚÙÔóóóÍÖÙÔ
ÍÊÕÛÎÓÂÛÈÓÍÎÅÓÈÔÅÔÓÙÔÈÔ×ÍÖÖÓÙÓÛÐÓÉÛÉÉÍÙÓÛÈרÔÛÉÛÉÇÚÉÈÛÎÈÓÛÐ
ê×ÌÍÊÈÈÔ×ÖÇÐÐÎÛÏ×ÛÎØÛØØÊ×ÉÉÍÖÛÎÃÓÎØÓÆÓØÇÛÐÛÎØÈÔ×
ÖÓÎÛÎÙÓÛÐÓÎÈ×Ê×ÉÈ
ÖÇÐÐÎÛÏ×ÛÎØÛØØÊ×ÉÉÍÖÛÎÃÌ×ÊÉÍÎÊ×ÌÊ×É×ÎÈרÚÃÛÎÓÎØÓÆÓØÇÛÐ
ÚçÉ×ÔÓÉÍÊÔ×ÊÍÖÖÓÙ×ÍÊÌÍÉÓÈÓÍÎÓÎÛÅÛÃÈÔÛÈÌÊÍØÇÙ×ÉÍÊ
É××ÑÓÎÕÈÍÙÍÌÃÍÊÍÚÈÛÓÎÓÎÖÍÊÏÛÈÓÍÎÖÊÍÏÛÉÈÛÈ×Ï×ÎÈÍÖ×Ùͽ
ÛÉÉÓÉÈÉÓÎÈÔ×ÌÊÍØÇÙÈÓÍÎÍÖÛÉÇÚÉÈÛÎÈÓÛÐÚ×Î×ÖÓÈØÓÊ×ÙÈÍÊÓÎØÓÊ×ÙÈ
ÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÓÎÅÊÓÈÓÎÕÈÍÈÔ×ÓÎØÓÆÓØÇÛÐÅÔÍÖÓÐרÓÈÛÉÉÍÍÎÛÉ
ÖÍÊÈÔ×ÍÖÖÓÙÓÛÐÍÎ×ÍÊÏÍÊ×Ï×ÏÚ×ÊÉÍÖÈÔ×ÍÖÖÓÙÓÛÐÉÓÏÏרÓÛÈ×
ÌÍÉÉÓÚÐ×
ÖÛÏÓÐÃ×ÓÈÔ×ÊÉ×ÌÛÊÛÈ×ÐÃÍÊÈÍÕ×ÈÔ×ÊÍÊÛÎÍÊÕÛÎÓÂÛÈÓÍÎÅÓÈÔÅÔÓÙÔ
ûØÏÓÎÓÉÈ×ÊÌÊÍÕÊÛÏÉÈÍ×ÄÌÐÛÓÎÛÎØÓÎÈ×ÊÌÊ×ÈÈÔÓÉÉÇÚ½
ÈÔ×ÍÖÖÓÙÓÛÐÓÉÛÉÉÍÙÓÛÈר
ÙÔÛÌÈ×ÊÛÎØÉÇÚÙÔóóóÍÖÙÔ ÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÛÎØÖÍÊ
èÔÓÉÉ×ÙÈÓÍÎØÍ×ÉÎÍÈÌÊÍÔÓÚÓÈÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÊÍÏ
×Ð×ÙÈÓÆ×ÉÈÛÈ×ÍÖÖÓÙÓÛÐÉÙÛÎØÓØÛÈ×ÉÖÍÊÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×Ð×ÕÓÉÐÛ½
ÈÛÑÓÎÕÛÎÃÛÙÈÓÍÎÙÍÎÙ×ÊÎÓÎÕÈÔ×ÐÛÅÖÇÐÌÛÃÏ×ÎÈÍÖÉÛÐÛÊÓ×ÉÍÊ
ÈÓÆ×ÍÖÖÓÙÓÛÐÉÛÕ×ÎÙÃÍÖÖÓÙÓÛÐÉÐÍÚÚÃÓÉÈÉÛÉØ×ÖÓÎרÓÎÉ
×ÏÌÐÍÃ××Ú×Î×ÖÓÈÉÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈÍÖÛÙÈÇÛÐÛÎØÎ×Ù×ÉÉÛÊÃ
ÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÙÍÊÌÍÊÛÈÓÍÎÙÍÇÎÉ×ÐÉÛÎØÛÈÈÍÊÎ×ÃÉÖÍÊÐÍÙÛÐ
×ÄÌ×ÎÉ×ÉÍÊÌÊÍÔÓÚÓÈÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÊÍÏÈÛÑÓÎÕÍÖÖÓÙÓÛÐ
ÕÍÆ×ÊÎÏ×ÎÈÛÐÇÎÓÈÉèÔ×ÌÊÍÕÊÛÏÉÉÔÛÐÐÌÊÍÆÓØ×ÛØÆÓÙ×Ê×ÕÛÊØÓÎÕ
ÛÙÈÓÍÎÅÓÈÔÊ×ÉÌ×ÙÈÈÍÛÎÃÌÊÍÌÍÉÛÐÈÍÏÍØÓÖÃÉÈÛÈ×ÐÛÅÍÊÈÔ×ÉÈÛÈ×
ÛÌÌÊÍÌÊÓÛÈ××ÈÔÓÙÛÐÛÎØÐÍÚÚÃÓÎÕÌÊÛÙÈÓÙ×ÉÅÓÈÔÉÌ×ÙÓÛÐ×ÏÌÔÛÉÓÉ
ÛØÏÓÎÓÉÈÊÛÈÓÆ×ÙÍØ×
ÍÎÌÇÚÐÓÙÓÎÈ×Ê×ÉÈÐÍÚÚÃÓÎÕèÔ×ÚÍÛÊØÏÛÃØ×Ð×ÕÛÈ×ÙÊ×ÛÈÓÍÎÛÎØ
ôÓÉÈÍÊÃ
Ù
éÈÛÈÉ É
Ù ÉÉ éÈÛÈÉ ÓÏÌÐ×Ï×ÎÈÛÈÓÍÎÍÖÛÎÃÉÇÙÔÌÊÍÕÊÛÏÈÍÛÕÊÍÇÌÊ×ÌÊ×É×ÎÈÓÎÕÈÔ×
ÉÙ
Ù
ÛÛ
Û
ÌÇÚÐÓÙÓÎÈ×Ê×ÉÈèÔ×ÚÍÛÊØÏÛÃÙÔÛÊÕ×ÛÖ××ÈÍÌÛÊÈÓÙÓÌÛÎÈÉÓÎÛÎÃ
Û
ÉÇÙÔÌÊÍÕÊÛÏ
éÈÛÈ×Ï×ÎÈÉÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉ
ûÐÐÏ×ÏÚ×ÊÉùÍÏÌÓÐ×ÛÎØÏÛÑ×ÛÆÛÓÐÛÚÐ×ÓÎÖÍÊÏÛÈÓÍÎÖÓÐרÅÓÈÔÈÔ×
ÛÎØ×ÏÌÐÍÃ××ÉÍÖÈÔ×ÚÍÛÊØÉÔÛÐÐÖÓÐ×ÉÈÛÈ×Ï×ÎÈÉÍÖ×ÙÍÎÍÏÓÙ
ÚÍÛÊØÓÎÅÛÃÉØ×ÉÓÕÎרÈÍÖÛÙÓÐÓÈÛÈ×ÛÙÙ×ÉÉÈÍÈÔ×ÓÎÖÍÊÏÛÈÓÍÎèÔ×
ÓÎÈ×Ê×ÉÈÉÅÓÈÔÈÔ×ÚÍÛÊØ
ÚÍÛÊØÏÛÃÙÔÛÊÕ×ÛÖ××ÈÍÛÌ×ÊÉÍÎÊ×ËÇ×ÉÈÓÎÕÓÎÖÍÊÏÛÈÓÍÎÖÍÊ
ÙÍÏÌÓÐÓÎÕØÓÉÉ×ÏÓÎÛÈÓÎÕÍÊÏÛÑÓÎÕÛÆÛÓÐÛÚÐ×ÉÇÙÔÓÎÖÍÊÏÛÈÓÍÎ
ôÓÉÈÍÊÃ
Ù
éÈÛÈÉ É
Ù ÉÉ éÈÛÈÉ É
Ù
É Ù
Û
Û
×ÄÙ×ÌÈÈÔÛÈÈÔ×ÚÍÛÊØÉÔÛÐÐÎÍÈÙÔÛÊÕ×ÛÖ××ÖÍÊÓÎÉÌ×ÙÈÓÍÎÛÈÈÔ×
Û
Û
ÚÍÛÊØÉÍÖÖÓÙ×ÍÖÛÎÃÊ×ÙÍÊØÍÈÔ×ÊÅÓÉ×ÍÌ×ÎÈÍÌÇÚÐÓÙÓÎÉÌ×ÙÈÓÍÎ
ÇÎØ×ÊÉ
øÇÈÓ×ÉÍÖÈÔ×ÚÍÛÊØ
èÔ×ÚÍÛÊØÉÔÛÐÐ
ïÛÓÎÈÛÓÎÛÎóÎÈ×ÊÎ×ÈÉÓÈ×ÍÎÅÔÓÙÔÈÔ×ÓÎÖÍÊÏÛÈÓÍÎ
ìÊÍÏÇÐÕÛÈ×ÊÇÐ×ÉÎ×Ù×ÉÉÛÊÃÈÍÙÛÊÊÃÍÇÈÈÔÓÉÉÇÚÙÔÛÌÈ×Ê
Ê×ËÇÓÊרÈÍÚ×ÌÍÉÈרÚÃÛÕ×ÎÙÓ×ÉÇÎØ×ÊÉ ÙÛÎÚ×ÌÍÉÈר
ÛÎØÉÇÚÙÔóóóÍÖÙÔ èÔ×ÚÍÛÊØÉÔÛÐÐÕÓÆ×ÌÊÍÏÌÈÎÍÈÓÙ×ÍÖÈÔ×
ÛÎØÛÙÙ×ÉÉרèÔ×ÓÎÖÍÊÏÛÈÓÍÎÍÎÈÔ×ÉÓÈ×ÉÔÛÐÐÚ×ÛÙÙ×ÉÉÓÚÐ×
ÙÍÎÈ×ÎÈÉÍÖÓÈÉÊÇÐ×ÉÈÍÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÅÔÍÅÓÐÐÚ×ÛÖÖ×ÙÈר
ØÓÊ×ÙÈÐÃÍÊÚÃÐÓÎÑÛÕ×ÖÊÍÏÛÉÓÎÕÐ×ÌÛÕ×ÍÎÈÔ×óÎÈ×ÊÎ×È
ÈÔ×Ê×ÚÃ
ôÓÉÈÍÊÃ
Ù
éÈÛÈÉ É
Ù Ù ÉÉ éÈÛÈÉ
ìÊ×ÉÙÊÓÚ×ÛÎØÏÛÑ×ÛÆÛÓÐÛÚÐ×ÖÍÊÏÉÖÍÊÇÉ×ÇÎØ×ÊÈÔÓÉÉÇÚ½
ÉÙÙ
ÙÉÉ
ÛÉÉ
ÙÔÛÌÈ×ÊÛÎØÉÇÚÙÔóóóÍÖÙÔ ÓÎÙÐÇØÓÎÕÈÔ×ÖÍÊÏÉÉÌ×ÙÓÖÓרÓÎ
ÛÛ Û
Û
Û
Û
É
ùÊÍÉÉÊ×Ö×Ê×ÎÙ×
é××ÛÐÉÍõûúåÓÉÛØÏÙÍØ×
ûÙÙ×ÌÈÛÎØÖÓÐ×ÛÎÃÓÎÖÍÊÏÛÈÓÍÎÊ×ÐÛÈרÈÍÈÔ×ÌÇÊÌÍÉ×ÉÍÖ
ÈÔÓÉÉÇÚÙÔÛÌÈ×ÊÍÊÉÇÚÙÔóóóÍÖÙÔ ÅÔÓÙÔÓÉÆÍÐÇÎÈÛÊÓÐÃÉÇÌÌÐÓר
ìÇÚÐÓÙÓÎÉÌ×ÙÈÓÍÎÍÖÊ×ÙÍÊØÉ
÷ÄÙ×ÌÈÛÉÌÊͽ
ÚÃÛÎÃÌ×ÊÉÍÎÓÎÛØØÓÈÓÍÎÈÍÈÔ×ÓÎÖÍÊÏÛÈÓÍÎÊ×ËÇÓÊרÚÃÈÔÓÉÉÇÚ½
ÆÓØ×ØÓÎÉÇÚ
ÉÛÐÐÊ×ÙÍÊØÉÇÎØ×ÊÈÔÓÉÉÇÚÙÔÛÌÈ×Ê
ÙÔÛÌÈ×Ê
ÍÊÉÇÚÙÔóóóÍÖÙÔ ÓÎÈÔ×ÌÍÉÉ×ÉÉÓÍÎÍÖÈÔ×ÚÍÛÊØÛÊ×ÍÌ×ÎÈÍ
ìÊ×É×ÊÆ×ÈÔ×ÉÈÛÈ×Ï×ÎÈÉÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÖÓÐרÅÓÈÔÓÈ
ÌÇÚÐÓÙÓÎÉÌ×ÙÈÓÍÎÛÈÛÐÐÊ×ÛÉÍÎÛÚÐ×ÈÓÏ×ÉèÔ×ÚÍÛÊØÉÔÛÐÐÊ×ËÇÓÊ×
ÖÍÊÛÌ×ÊÓÍØÍÖÃ×ÛÊÉÖÊÍÏÈÔרÛÈ×ÍÖÊ×Ù×ÓÌÈÓÎÉÇÙÔÖÍÊÏÓÎÙÐÇØ½
ÛÎÓÎØÓÆÓØÇÛÐÅÓÉÔÓÎÕÈÍ×ÄÛÏÓÎ×ÛÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×ʽ
ÓÎÕÏÓÙÊÍÖÓÐÏÓÎÕÍÌÈÓÙÛÐÓÏÛÕÓÎÕÍÊ×Ð×ÙÈÊÍÎÓÙÖÍÊÏÛÈÈÓÎÕÛÉÅÓÐÐ
×ÉÈÉÍÊÈÔ×ÐÓÉÈÍÖÌ×ÊÉÍÎÉÅÔÍÓÎÉÌ×ÙÈÛÎÃÉÈÛÈ×Ï×ÎÈÉÅÔÓÙÔÛÊ×ÓÎ
ÖÛÙÓÐÓÈÛÈרÍÙÇÏ×ÎÈÊ×È×ÎÈÓÍÎ×ÄÙ×ÌÈÈÔÛÈ
ÈÔ×ÚÍÛÊØÉÌÍÉÉ×ÉÉÓÍÎÈÍÌÊÍÆÓØ×ÔÓÉÍÊÔ×ÊÖÇÐÐÎÛÏ×ÛÎØÛØØÊ×ÉÉ
ÛÎØÓÖÈÔ×ÓÎØÓÆÓØÇÛÐÓÉÊ×ÌÊ×É×ÎÈÓÎÕÛÎÍÈÔ×ÊÌ×ÊÉÍÎÈÔ×ÖÇÐÐÎÛÏ×
ÛçÌÍÎÈÔ××ÄÌÓÊÛÈÓÍÎÍÖ Ã×ÛÊÉÛÖÈ×ÊÛÎÓÎØÓÆÓØÇÛÐÙ×ÛÉ×ÉÈÍ
ÛÎØÛØØÊ×ÉÉÍÖÈÔ×Ì×ÊÉÍÎÅÔÓÙÔÔ×ÍÊÉÔ×Ê×ÌÊ×É×ÎÈÉéÇÙÔÓØ×ÎÈÓ½
Ú×ÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÈÔ×ÚÍÛÊØÉÔÛÐÐÇÎÐ×ÉÉÈÔ×ÖÍÊÏ×ÊÉÈÛÈ×
ÖÓÙÛÈÓÍÎÏÛÃÚ×ÌÊÍÆÓØ×ØÓÎÅÊÓÈÓÎÕÍÊÓÎÌ×ÊÉÍÎèÔ×ÚÍÛÊØÉÔÛÐÐ
ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÍÈÔ×ÊÅÓÉ×Ê×ËÇ×ÉÈÉØ×ÉÈÊÍÃÛÎÃÉÈÛÈ×Ï×ÎÈÍÖ×Ùͽ
Ê×ÙÍÊØÛÎØÊ×ÈÛÓÎÖÍÊÛÈÐ×ÛÉÈ Ã×ÛÊÉÓÎÖÍÊÏÛÈÓÍÎÍÚÈÛÓÎרÚÃÓÈ
ÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÖÓÐרÚÃÔÓÏÍÊÔ×ÊÛÎØÛÎÃÙÍÌÓ×ÉÈÔ×Ê×ÍÖÓÎÓÈÉ
ÌÍÉÉ×ÉÉÓÍÎÌÇÊÉÇÛÎÈÈÍÈÔÓÉÉÇÚÉ×ÙÈÓÍÎîÍÓÎØÓÆÓØÇÛÐÏÛÃÇÉ×ÛÖÓÙÈÓÈÓÍÇÉ
åÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÇÌØÛÈרÛÎØÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
×ÄÙ×ÌÈ
åÓÉûÙÈ
ÅÛÉÎÍÈ
ÓÎ×ÖÖ×ÙÈÍÎûÌÊÓÐ
ÛÎØÓÉÎÍÈÓÎÙÐÇØ×ØÓÎÈÔÓÉÇÌØÛÈ×é××ÍÊØ×ÊØÛÈרïÛÊÙÔ
ÓÎøÛÎ×ùÍÇÎÈÃùÓÊÙÇÓÈùÍÇÊÈùÛÉ×
îÍùæ
éÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×ÍÎÍÊÌÊÓÍÊÈÍÛÊ×ÌÊÓÎÈרÛÉÓÖÙÇÊÊ×ÎÈÐÃÓÎ×ÖÖ×ÙÈéÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×
ÛÖÈ×ÊÛÊר×ÉÓÕÎÛÈרÚÃîíè÷éé××ûÊ×èÔ×éÈÛÈÇÈ×ÉÍÎÈÔÓÉå×ÚÉÓÈ×íÖÖÓÙÓÛÐý
÷Ð×ÙÈÊÍÎÓÙÊ×ÌÊÍØÇÙÈÓÍÎÍÖ
ÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
çÌØÛÈר
åÓÉéÈÛÈÉøÛÈÛÚÛÉ×
ÎÛÏ×ÍÊÛØØÊ×ÉÉÍÊÖÛÓÐÈÍÓØ×ÎÈÓÖÃÛÌÊÓÎÙÓÌÛÐÓÎÏÛÑÓÎÕÛÎÃÌÛÓØÍÊÛÊÊÛÎÕרÚÃÈÔ×ÍÊÕÛÎÓÂ×ÊÍÖÈÔ×ׯ×ÎÈÍÊÈÔ×ÌÇÚÐÓÉÔ×ÊÍÖ
Ê×ËÇ×ÉÈÖÍÊÓÎÉÌ×ÙÈÓÍÎ
ÈÔ×ÅÍÊÑ
èÔ×ÖÍÐÐÍÅÓÎÕÊ×ÙÍÊØÉÓÎÈÔ×ÚÍÛÊØÉÌÍÉÉ×ÉÉÓÍÎÛÊ×ÎÍÈ
ÚûÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÊ×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÛÎÃÈÔÓÎÕÍÖ
ÍÌ×ÎÖÍÊÌÇÚÐÓÙÓÎÉÌ×ÙÈÓÍÎ
ÆÛÐÇ×ÓÖÈÔ×ÛÙÈÓÆÓÈÃÍÊÍÙÙÛÉÓÍÎÖÍÊÅÔÓÙÔÓÈÓÉÕÓÆ×ÎÓÉÇÎÊ×ÐÛÈר
ÈÍÈÔ×ÍÖÖÓÙÓÛÐÉÇÉ×ÍÖÈÔ×ÉÈÛÈ×ÉÈÓÏ×ÖÛÙÓÐÓÈÓ×ÉÉ×ÊÆÓÙ×ÉÍÊÉÇ̽
ÙéÈÛÈ×Ï×ÎÈÉÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÛÎØÊ×ÌÍÊÈÉÍÖ×ÙÍÎÍÏÓÙ
ÌÐÓ×ÉÎÍÈÕ×Î×ÊÛÐÐÃÛÆÛÓÐÛÚÐ×ÈÍÛÐÐÙÓÈÓÂ×ÎÉÍÖÈÔÓÉÉÈÛÈ×ÛÎØÈÔ×ÍÖÖÓ½
ÈÊÛÎÉÛÙÈÓÍÎÉÅÔÓÙÔÛÊ×ÖÓÐרÅÓÈÔÈÔ×ÕÍÆ×ÊÎÏ×ÎÈÛÙÙÍÇÎÈÛÚÓÐÓÈÃ
ÙÓÛÐÙÛÎÉÔÍÅÚÃÙÐ×ÛÊÛÎØÙÍÎÆÓÎÙÓÎÕׯӨ×ÎÙ×ÈÔÛÈÈÔ×ÌÛÃÏ×ÎÈ
ÚÍÛÊØÚÃÏ×ÏÚ×ÊÉÍÊ×ÏÌÐÍÃ××ÉÍÖÈÔ×ÓÎÆ×ÉÈÏ×ÎÈÚÍÛÊØ×ÄÙ×ÌÈ
ÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈÅÛÉÇÎÊ×ÐÛÈרÈÍÛÎØØÓØÎÍÈÛÊÓÉ×ÖÊÍÏÈÔ×
ÈÔÛÈÈÔ×ÕÍÆ×ÊÎÏ×ÎÈÛÙÙÍÇÎÈÛÚÓÐÓÈÃÚÍÛÊØÉÔÛÐÐÊ×Ö×ÊÉÈÛÈ×Ï×ÎÈÉ
ÛÎØÊ×ÌÍÊÈÉÖÓÐרÚÃÉÇÙÔÓÎØÓÆÓØÇÛÐÉÈÍÈÔ×Ð×ÕÓÉÐÛÈÓÆ×ÛÇØÓÈÚÇÊ×ÛÇÊ×ÙÓÌÓ×ÎÈÉÔÍÐØÓÎÕÍÊÔÛÆÓÎÕÔ×ÐØÛÌÇÚÐÓÙÍÖÖÓÙ×ÛÎØÅÛÉÌÛÓØÖÍÊ
ÖÍÊÓÈÉÊׯÓ×ÅÛÎØ×ÄÙ×ÌÈÈÔÛÈÛÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉ
ÛÌÇÊÌÍÉ×ÇÎÊ×ÐÛÈרÈÍÈÔ×ÌÇÊÌÍÉ×ÉÉÌ×ÙÓÖÓרÓÎÉÇÚ
ÖÓÐרÚÃÛÏ×ÏÚ×ÊÍÊ×ÏÌÐÍÃ××ÍÖÈÔ×ÓÎÆ×ÉÈÏ×ÎÈÚÍÛÊØÅÔÍÓÉ
ÙûÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÊ×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÖÊÍÏÈÔ×ÉÈÛÈ×
ÛÐÉÍÛÎÍÖÖÓÙÓÛÐÊ×ËÇÓÊרÈÍÖÓÐ×ÉÔÛÐÐÚ×ÍÌ×ÎÈÍÌÇÚÐÓÙÓÎÉÌ×ÙÈÓÍÎ
ÍÊÍÎÚ×ÔÛÐÖÍÖÈÔ×ÉÈÛÈ×ÈÊÛÎÉÌÍÊÈÛÈÓÍÎÐÍØÕÓÎÕÏ×ÛÐÉÖÍÍØÍÊ
Øê×ÙÍÊØÉÍÖÈÔ×ÉÍÙÓÛÐÉ×ÙÇÊÓÈÃÎÇÏÚ×ÊÍÖÛÎÃÓÎØÓÆÓØÇÛÐ
Úׯ×ÊÛÕ×ÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈÈÔ×Ê×ÖÍÊÍÊÌÛÃÏ×ÎÈÍÊÊ×ÓÏÚÇÊÉ×½
ÅÔÍÖÓÐ×ÉÛÎÛÌÌÐÓÙÛÈÓÍÎÖÍÊÐÓÙ×ÎÉÇÊ×ÛÉÛÐÍÚÚÃÓÉÈÇÎØ×ÊÉ
Ï×ÎÈÍÖÛÙÈÇÛÐÛÎØÊ×ÛÉÍÎÛÚÐ×ÙÍÉÈÉÈÔÛÈÈÔ×ÍÖÖÓÙÓÛÐÙÛÎÉÔÍÅÚÃ
ÍÊÅÔÍÊ×ÕÓÉÈ×ÊÉÛÉÛÌÊÓÎÙÓÌÛÐÇÎØ×ÊÉ ×ÄÙ×ÌÈÈÍÈÔר×ÌÛÊȽ
ÙÐ×ÛÊÛÎØÙÍÎÆÓÎÙÓÎÕׯӨ×ÎÙ×Å×Ê×ÓÎÙÇÊÊרÍÊÊ×Ù×ӯרÍÎÚ×ÔÛÐÖ
Ï×ÎÈÍÖÙÔÓÐØÊ×ÎÛÎØÖÛÏÓÐÓ×ÉÖÍÊÌÇÊÌÍÉ×ÉÍÖÛØÏÓÎÓÉÈÊÛÈÓÍÎÍÖÉ
ÍÖÈÔ×ÉÈÛÈ×ÍÖåÓÉÙÍÎÉÓÎÛÎØÌÊÓÏÛÊÓÐÃÖÍÊÈÔ×Ú×Î×ÖÓÈÍÖÈÔ×ÉÈÛÈ×
ÍÊÈÍÈÔר×ÌÛÊÈÏ×ÎÈÍÖÊׯ×ÎÇ×ÖÍÊÌÇÊÌÍÉ×ÉÍÖÛØÏÓÎÓÉÈÊÛ½
ÛÎØÎÍÈÌÊÓÏÛÊÓÐÃÖÍÊÈÔ×ÌÊÓÆÛÈ×Ú×Î×ÖÓÈÍÖÈÔ×ÍÖÖÓÙÓÛÐÍÊÛÎÃÍÈÔ×Ê
ÈÓÍÎÍÖÉ
Ì×ÊÉÍÎ
ôÓÉÈÍÊÃ
Ù
Ù É
ÛÉÉÛ
ØûÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÊ×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÖÊÍÏÛÌÍÐÓÈÓ½
Û Û
Û
Û
ÙÛÐÙÍÏÏÓÈÈ××ÇÎØ×ÊÙÔÈÊÛÎÉÌÍÊÈÛÈÓÍÎÐÍØÕÓÎÕÏ×ÛÐÉÖÍÍØÍÊ
èÔ××ÄÈ×ÎÈÍÖÙÍÎÖÓØ×ÎÈÓÛÐÓÈÃÍÖÓÎÆ×ÉÈÏ×ÎÈÚÍÛÊØÎÍÏÓÎ××ÉÉÈÛÈ×Ï×ÎÈÉÍÖ×Ùͽ
Úׯ×ÊÛÕ×ÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈÈÔ×Ê×ÖÍÊÍÊÌÛÃÏ×ÎÈÍÊÊ×ÓÏÚÇÊÉ×½
ÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÊ×ÉÈÉÓÎÈÔ×ÉÍÇÎØØÓÉÙÊ×ÈÓÍÎÍÖÈÔ×É×ÎÛÈ×ÙÍÏÏÓÈÈ××ÈÍÅÔÓÙÔÈÔ×
ÎÍÏÓÎÛÈÓÍÎÓÉÊ×Ö×ÊÊרûÈÈÃõ×Î
Ï×ÎÈÍÖÙÍÉÈÉÌ×ÊÏÓÈÈרÛÎØÊ×ÌÍÊÈרÓÎÛÙÙÍÊØÛÎÙ×ÅÓÈÔÙÔ
×ûÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÅÔÍÓÉÛÎÍÖÖÓÙ×ÊÍÊ×ÏÌÐÍÃ××ÍÖÈÔ×
ôÍÎÍÊÛÊÓÇÏÉÖ××ÉÛÎØ×ÄÌ×ÎÉ×É
÷Æ×ÊÃÉÈÛÈ×
Ø×ÌÛÊÈÏ×ÎÈÍÖÙÍÏÏ×ÊÙ×ÏÛÃÉÍÐÓÙÓÈÊ×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÍÎÚ×ÔÛÐÖ
ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÓÉ×ÎÙÍÇÊÛÕרÈÍÏ××ÈÅÓÈÔÙÐÇÚÉÙÍÎÆ×ÎÈÓÍÎÉÉÌ×½
ÍÖÈÔ×ÉÈÛÈ×ÛÎÃÈÔÓÎÕÍÖÆÛÐÇ×ÖÍÊÈÔ×ÌÇÊÌÍÉ×ÍÖÛÎÃÍÖÈÔ×ÖÍÐÐÍŽ
ÙÓÛÐÓÎÈ×Ê×ÉÈÕÊÍÇÌÉÌÍÐÓÈÓÙÛÐÕÊÍÇÌÉÉÙÔÍÍÐÕÊÍÇÌÉÛÎØÍÈÔ×Ê
ÓÎÕ
ÕÛÈÔ×ÊÓÎÕÉÈÍØÓÉÙÇÉÉÛÎØÈÍÓÎÈ×ÊÌÊ×ÈÐ×ÕÓÉÐÛÈÓÆ×ÛØÏÓÎÓÉÈÊÛÈÓÆ×
×Ä×ÙÇÈÓÆ×ÍÊÒÇØÓÙÓÛÐÌÊÍÙ×ÉÉ×ÉÛÎØÌÊÍÌÍÉÛÐÉÛÎØÓÉÉÇ×ÉÓÎÓÈÓÛÈרèÔ×ÉÌÍÎÉÍÊÉÔÓÌÚÃÈÔר×ÌÛÊÈÏ×ÎÈÍÖÙÍÏÏ×ÊÙ×ÍÖÛÈÊÓÌ
ÚÃÍÊÛÖÖ×ÙÈÓÎÕÛØ×ÌÛÊÈÏ×ÎÈÍÊÈÔ×ÒÇØÓÙÓÛÐÚÊÛÎÙÔÈÍÛÖÍÊ×ÓÕÎÙÍÇÎÈÊÃÌÊÓÏÛÊÓÐÃÈÍÌÊÍÏÍÈ×ÈÊÛØ×Ú×ÈÅ××ÎÈÔÛÈÙÍÇν
ÈÊÃÛÎØÈÔÓÉÉÈÛÈ×ÈÔÛÈÈÔר×ÌÛÊÈÏ×ÎÈÍÖÙÍÏÏ×ÊÙ×ÙÛÎØ×ÏÍν
Û÷ÄÙ×ÌÈÛÉÌÊÍÆÓØ×ØÓÎÌÛÊÚׯ×ÊÃÍÖÖÓÙÓÛÐÊ×ËÇÓÊר
ÉÈÊÛÈ×ÈÔÊÍÇÕÔÙÐ×ÛÊÛÎØÙÍÎÆÓÎÙÓÎÕׯӨ×ÎÙ×ÓÉÌÊÓÏÛÊÓÐÃÖÍÊÈÔ×
ÈÍÖÓÐ×ÅÔÍÊ×Ù×ÓÆ×ÉÖÍÊÛÌÇÚÐÓÉÔרÅÍÊÑÍÊÖÍÊÈÔ×ÌÊ×É×ÎÈÛÈÓÍÎ
Ú×Î×ÖÓÈÍÖÈÔÓÉÉÈÛÈ×
ÍÖÛÈÛÐÑÍÊÌÛÊÈÓÙÓÌÛÈÓÍÎÓÎÛÏ××ÈÓÎÕÛÎÃÐÍØÕÓÎÕÈÊÛÎÉÌÍÊÈÛÈÓÍÎ
ÏÍÎ×ÃÍÊÍÈÔ×ÊÈÔÓÎÕÅÓÈÔÛÙÍÏÚÓÎרÌ×ÙÇÎÓÛÊÃÆÛÐÇ××ÄÙ×רÓÎÕ
ôÍÉÈÓÎÕÓÎØÓÆÓØÇÛÐÉÓÎÍÊØ×ÊÈÍÌÊÍÏÍÈ×ÚÇÉÓÎ×ÉÉ×Ùͽ
×ÄÙÐÇØÓÎÕÈÔׯÛÐÇ×ÍÖÖÍÍØÍÊÚׯ×ÊÛÕ×ÍÖÖ×ÊרÙÍÓÎÙÓØ×ν
ÎÍÏÓÙØ×Æ×ÐÍÌÏ×ÎÈÈÍÇÊÓÉÏÍÊÙÍÎÖ×Ê×ÎÙ×ÉÉÌÍÎÉÍÊרÚÃÏÇÐÈÓ½
ÈÛÐÐÃÅÓÈÔÛÈÛÐÑÍÊÏ××ÈÓÎÕÉÔÛÐÐÍÎÔÓÉÍÊÔ×ÊÉÈÛÈ×Ï×ÎÈÍÖ×Ùͽ
ÉÈÛÈ×ÎÛÈÓÍÎÛÐÍÊÓÎÈ×ÊÎÛÈÓÍÎÛÐÛÉÉÍÙÓÛÈÓÍÎÉÍÖÕÍÆ×ÊÎÏ×ÎÈÉÍÊ
ÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÊ×ÌÍÊÈÈÔ×ÓØ×ÎÈÓÈÃÍÖׯ×ÊÃÌ×ÊÉÍÎÖÊÍÏÅÔÍÏÈÔ×
ÕÍÆ×ÊÎÏ×ÎÈÛÐÍÖÖÓÙÓÛÐÉ
ÍÖÖÓÙÓÛÐÊ×Ù×ÓÆ×ÉÉÇÙÔÐÍØÕÓÎÕÈÊÛÎÉÌÍÊÈÛÈÓÍÎÏÍÎ×ÃÍÊÍÈÔ×Ê
×ÏûÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÅÔÍÓÉÛÎÍÖÖÓÙ×ÊÍÊ×ÏÌÐÍÃ××ÍÖ
ÈÔÓÎÕØÇÊÓÎÕÔÓÉÍÊÔ×ÊÌÊ×ÙרÓÎÕÈÛÄÛÚÐ×Ã×ÛÊÈÔ×ÙÓÊÙÇÏÉÈÛÎÙ×É
ÈÔר×ÌÛÊÈÏ×ÎÈÍÖÈÍÇÊÓÉÏÏÛÃÉÍÐÓÙÓÈÊ×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÍÎÚ×ÔÛÐÖ
ÇÎØ×ÊÅÔÓÙÔÓÈÅÛÉÊ×Ù×ӯרÛÎØÈÔ×ÛÌÌÊÍÄÓÏÛÈׯÛÐÇ×ÈÔ×Ê×ÍÖ
ÍÖÈÔ×ÉÈÛÈ×ÛÎÃÈÔÓÎÕÍÖÆÛÐÇ×ÖÍÊÈÔ×ÌÇÊÌÍÉ×ÍÖÔÍÉÈÓÎÕÓÎØÓÆÓØÇ½
ÚûÎÍÖÖÓÙÓÛÐÎ×רÎÍÈÊ×ÌÍÊÈÍÎÔÓÉÍÊÔ×ÊÉÈÛÈ×Ï×ÎÈÍÖ×Ùͽ
ÛÐÉÓÎÍÊØ×ÊÈÍÌÊÍÏÍÈ×ÈÍÇÊÓÉÏ
ÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÇÎØ×ÊÌÛÊÛÓÎÖÍÊÏÛÈÓÍÎÌ×ÊÈÛÓÎÓÎÕÈÍÛÎÃÐÍØÕ½
ÖûÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÊ×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÖÊÍÏÈÔ×
ÓÎÕÈÊÛÎÉÌÍÊÈÛÈÓÍÎÏÍÎ×ÃÍÊÍÈÔ×ÊÈÔÓÎÕÍÖÌ×ÙÇÎÓÛÊÃÆÛÐÇ×
Ø×ÌÛÊÈÏ×ÎÈÍÖÙÍÏÏ×ÊÙ×ÛÎÃÈÔÓÎÕÍÖÆÛÐÇ×ÅÔÓÙÔÈÔר×ÌÛÊÈÏ×ÎÈ
ÅÔÓÙÔ
ÍÖÙÍÏÏ×ÊÙ×ÓÉÛÇÈÔÍÊÓÂרÈÍÌÊÍÆÓØ×ÇÎØ×ÊÌÛÊ×ÛÎØÏÛÃ
èÔ×ÍÖÖÓÙÓÛÐÊ×ÈÇÊÎÉÈÍÈÔ×ÌÛÃÍÊÅÓÈÔÓÎ
ØÛÃÉÍÖÊ×Ù×ÓÌÈ
Ê×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÖÊÍÏÈÔר×ÌÛÊÈÏ×ÎÈÍÖÈÍÇÊÓÉÏÛÎÃÈÔÓÎÕÍÖ
óÉÌÛÓØÈÍÈÔ×ÍÖÖÓÙÓÛÐÚÃÛÌ×ÊÉÍÎÓØ×ÎÈÓÖÓרÍÎÈÔ×ÍÖÖÓÙÓÛÐÉ
ÆÛÐÇ×ÅÔÓÙÔÈÔר×ÌÛÊÈÏ×ÎÈÍÖÈÍÇÊÓÉÏÓÉÛÇÈÔÍÊÓÂרÈÍÌÊÍÆÓØ×
ÉÈÛÈ×Ï×ÎÈÍÖ×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÇÎØ×ÊÉ×ÍÊÖÛÉÛ
ÇÎØ×ÊÌÛÊ×Ï
ÉÍÇÊÙ×ÍÖÓÎÙÍÏ×
óÖÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÊ×Ù×ÓÆ×ÉÛÌÛÃÏ×ÎÈÎÍÈÛÇÈÔÍÊÓÂר
èÔ×ÍÖÖÓÙÓÛÐÙÛÎÉÔÍÅÚÃÙÐ×ÛÊÛÎØÙÍÎÆÓÎÙÓÎÕׯӨ×ÎÙ×
ÚÃÈÔÓÉÉÇÚÙÔÛÌÈ×ÊÓÎÙÛÉÔÍÊÍÈÔ×ÊÅÓÉ×ÖÍÊÛÌÇÚÐÓÉÔרÅÍÊÑÍÊ
ÅÛÉÇÎÊ×ÐÛÈרÈÍÛÎØØÓØÎÍÈÛÊÓÉ×ÖÊÍÏÈÔ×Ê×ÙÓÌÓ×ÎÈÉÔÍÐØÓÎÕÍÊ
ÛÈÛÐÑÍÊÏ××ÈÓÎÕÈÔ×ÍÖÖÓÙÓÛÐÏÛÃÎÍÈÊ×ÈÛÓÎÓÈóÖÌÊÛÙÈÓÙÛÚÐ×ÈÔ×
ÔÛÆÓÎÕÔ×ÐØÛÌÇÚÐÓÙÍÖÖÓÙ×ÛÎØÅÛÉÏÛØ×ÖÍÊÛÌÇÊÌÍÉ×ÇÎÊ×ÐÛÈר
ÍÖÖÓÙÓÛÐÉÔÛÐÐØ×ÌÍÉÓÈÓÈÅÓÈÔÈÔר×ÌÛÊÈÏ×ÎÈÍÊÏÇÎÓÙÓÌÛÐÓÈÃÅÓÈÔ
ÈÍÈÔ×ÌÇÊÌÍÉ×ÉÉÌ×ÙÓÖÓרÓÎÉÇÚ
ÅÔÓÙÔÔ×ÍÊÉÔ×ÓÉÛÉÉÍÙÓÛÈרÍÊÓÎÈÔ×ÙÛÉ×ÍÖÛÒÇÉÈÓÙ×ÍÊÒÇØÕ×
èÔ×ÍÖÖÓÙÓÛÐÔÛÉÌÊׯÓÍÇÉÐÃÊ×ÌÍÊÈרÈÍÈÔ×ÚÍÛÊØÛÉÛÏÛÈÈ×Ê
ÍÖÛÙÍÇÊÈÍÖÊ×ÙÍÊØÅÓÈÔÈÔרÓÊ×ÙÈÍÊÍÖÉÈÛÈ×ÙÍÇÊÈÉóÖÈÔÛÈÓÉÎÍÈ
ÍÖÌÇÚÐÓÙÊ×ÙÍÊØ
ÌÊÛÙÈÓÙÛÚÐ×ÈÔ×ÍÖÖÓÙÓÛÐÉÔÛÐÐÊ×ÈÇÊÎÓÈÍÊÓÈÉ×ËÇÓÆÛÐ×ÎÈÈÍÈÔ×ÌÛÃÍÊ
óÉÌÛÓØÚÃÈÔר×ÌÛÊÈÏ×ÎÈÍÊÏÇÎÓÙÓÌÛÐÓÈÃÍÖÅÔÓÙÔÈÔ×ÍÖÖÓ½ÍÊÙÍÎÆ×ÃÓÈÈÍÈÔ×ÉÈÛÈ×ÍÊÈÍÛÙÔÛÊÓÈÛÚÐ×ÍÊÕÛÎÓÂÛÈÓÍÎÍÈÔ×ÊÈÔÛÎ
ÙÓÛÐÉÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙ×ÓÉÛÌÛÊÈÍÊÓÎÈÔ×ÙÛÉ×ÍÖÛØÓÉÈÊÓÙÈÛÈÈÍʽ
ÍÎ×ÅÓÈÔÅÔÓÙÔÔ×ÍÊÉÔ×ÓÉÛÉÉÍÙÓÛÈר
Î×ÃÓÉÌÛÓØÚÃÈÔÛÈØ×ÌÛÊÈÏ×ÎÈÍÊÛÙÍÇÎÈÃÅÔÓÙÔÈÔרÓÉÈÊÓÙÈÛÈÈÍʽ
ôÓÉÈÍÊÃ
Ù
Û Û
Û Û
Î×ÃÉ×ÊÆ×ÉÍÊÓÎÈÔ×ÙÛÉ×ÍÖÛÒÇÉÈÓÙ×ÍÊÒÇØÕ×ÍÖÛÙÍÇÊÈÍÖÊ×ÙÍÊØÛ
èÔ×ÓÎÈ×ÊÛÙÈÓÍÎÍÖÉÅÓÈÔÈÔ×ÌÊÍÔÓÚÓÈÓÍÎÛÕÛÓÎÉÈÖÇÊÎÓÉÔÓÎÕÛÎÃÈÔÓÎÕÍÖ
ÓÉÌÛÓØÖÊÍÏÈÔ×ÛÌÌÊÍÌÊÓÛÈÓÍÎÉÖÍÊÍÌ×ÊÛÈÓÍÎÍÖÈÔ×ÉÈÛÈ×ÙÍÇÊÈÉÃɽ
Ì×ÙÇÎÓÛÊÃÆÛÐÇ×ÈÍÉÈÛÈ×ÍÖÖÓÙÓÛÐÉÇÎØ×ÊÉ
õ×Î
È×ÏÍÊ
óÉÏÛØ×ÛÆÛÓÐÛÚÐ×ÈÍÈÔ×ÍÖÖÓÙÓÛÐÚÃÈÔר×ÌÛÊÈÏ×ÎÈÍÖÙÍϽ
ùÍÎÖ×Ê×ÎÙ×ÉÆÓÉÓÈÉÛÎØ×ÙÍÎÍÏÓÙØ×Æ×ÐÍÌÏ×ÎÈ
Ï×ÊÙ×ÍÊÈÔר×ÌÛÊÈÏ×ÎÈÍÖÈÍÇÊÓÉÏÓÎÛÙÙÍÊØÛÎÙ×ÅÓÈÔÉÇÚ ×
ÛÙÈÓÆÓÈÓ×É
èÔר×ÌÛÊÈÏ×ÎÈÍÖÙÍÏÏ×ÊÙ×ÉÔÛÐÐÖÓÐ×ÛÊ×ÌÍÊÈÅÓÈÔ
×ÏÍÊÖ
ÈÔ×ÚÍÛÊØÎÍÐÛÈ×ÊÈÔÛÎûÌÊÓÐ
ÛÎÎÇÛÐÐÃÉÌ×ÙÓÖÃÓÎÕÈÔ×ÉÍÇÊÙ×
îÍÈÅÓÈÔÉÈÛÎØÓÎÕÉ
ÛÎØÛÏÍÇÎÈÍÖÛÎÃÈÔÓÎÕÍÖÆÛÐÇ×Ê×Ù×ӯרÚÃÈÔר×ÌÛÊÈÏ×ÎÈÍÖ
ÙÍÏÏ×ÊÙרÇÊÓÎÕÈÔ×ÌÊ×ÙרÓÎÕÙÛÐ×ÎØÛÊÃ×ÛÊÖÍÊÛÌÇÊÌÍÉ×ÉÌ×ÙÓ½
ÛûÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÊ×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÊ×ÓÏÚÇÊÉ×½
ÖÓרÓÎÉ ×ÛÎØÈÔ×ÌÊÍÕÊÛÏÍÊÛÙÈÓÆÓÈÃÓÎÙÍÎÎ×ÙÈÓÍÎ
Ï×ÎÈÍÊÌÛÃÏ×ÎÈÍÖÛÙÈÇÛÐÛÎØÊ×ÛÉÍÎÛÚÐ××ÄÌ×ÎÉ×ÉÛÎØÛÎ×Ð×ÙÈר
ÅÓÈÔÅÔÓÙÔÈÔ×ÈÔÓÎÕÓÉÊ×Ù×ӯרÈÍÕ×ÈÔ×ÊÅÓÈÔÈÔ×ÐÍÙÛÈÓÍÎÛÎØ
ÍÖÖÓÙÓÛÐÏÛÃÊ×ÈÛÓÎÊ×ÛÉÍÎÛÚÐ×ÙÍÏÌ×ÎÉÛÈÓÍÎÖÍÊÛÌÇÚÐÓÉÔרÅÍÊÑ
ÍÊÖÍÊÈÔ×ÌÊ×É×ÎÈÛÈÓÍÎÍÖÛÈÛÐÑÍÊÌÛÊÈÓÙÓÌÛÈÓÍÎÓÎÛÏ××ÈÓÎÕÊ×ÐÛÈרØÛÈ×ÍÖÈÔÛÈÌÊÍÕÊÛÏÍÊÛÙÈÓÆÓÈÃ
ÈÍÛÈÍÌÓÙÉÌ×ÙÓÖÓרÓÎÉÇÚÓÖÈÔ×ÌÛÃÏ×ÎÈÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈÓÉ
ôÓÉÈÍÊÃ
Û Û
åÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÇÌØÛÈרÛÎØÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
×ÄÙ×ÌÈ
åÓÉûÙÈ
ÅÛÉÎÍÈ
ÓÎ×ÖÖ×ÙÈÍÎûÌÊÓÐ
ÛÎØÓÉÎÍÈÓÎÙÐÇØ×ØÓÎÈÔÓÉÇÌØÛÈ×é××ÍÊØ×ÊØÛÈרïÛÊÙÔ
ÓÎøÛÎ×ùÍÇÎÈÃùÓÊÙÇÓÈùÍÇÊÈùÛÉ×
îÍùæ
éÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×ÍÎÍÊÌÊÓÍÊÈÍÛÊ×ÌÊÓÎÈרÛÉÓÖÙÇÊÊ×ÎÈÐÃÓÎ×ÖÖ×ÙÈéÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×
ÛÖÈ×ÊÛÊר×ÉÓÕÎÛÈרÚÃîíè÷éé××ûÊ×èÔ×éÈÛÈÇÈ×ÉÍÎÈÔÓÉå×ÚÉÓÈ×íÖÖÓÙÓÛÐý
÷Ð×ÙÈÊÍÎÓÙÊ×ÌÊÍØÇÙÈÓÍÎÍÖ
ÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
çÌØÛÈר
åÓÉéÈÛÈÉøÛÈÛÚÛÉ×
èÍÇÊÓÉÏÛÙÈÓÆÓÈÓ×É
èÔר×ÌÛÊÈÏ×ÎÈÍÖÈÍÇÊÓÉÏÉÔÛÐÐÌÛÊÈÍÖÈÔ×ÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐèÔÓÉÌÛÊÛÕÊÛÌÔØÍ×ÉÎÍÈÌÊÍÔÓÚÓÈ
ÖÓÐ×ÛÊ×ÌÍÊÈÅÓÈÔÈÔ×ÚÍÛÊØÎÍÐÛÈ×ÊÈÔÛÎûÌÊÓÐ
ÛÎÎÇÛÐÐÃÉÌ×ÙÓÖýÛÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÊÍÏ×ÎÕÛÕÓÎÕÓÎÍÇÈÉÓØ××ÏÌÐÍÃÏ×ÎÈ
ÓÎÕÈÔ×ÉÍÇÊÙ×ÛÎØÛÏÍÇÎÈÍÖÛÎÃÈÔÓÎÕÍÖÆÛÐÇ×Ê×Ù×ӯרÚÃÈÔ×
ÚÊîÍÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÍÊÙÛÎØÓØÛÈ×ÖÍÊÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙ×
Ø×ÌÛÊÈÏ×ÎÈÍÖÈÍÇÊÓÉÏØÇÊÓÎÕÈÔ×ÌÊ×ÙרÓÎÕÙÛÐ×ÎØÛÊÃ×ÛÊÖÍÊÛ
ÏÛÃØÓÊ×ÙÈÐÃÍÊÚÃÏ×ÛÎÉÍÖÛÎÛÕ×ÎÈÕÓÆ×ÍÊÍÖÖ×ÊÍÊÌÊÍÏÓÉ×ÈÍ
ÌÇÊÌÍÉ×ÉÌ×ÙÓÖÓרÓÎÉ ×ÏÛÎØÈÔ×ÌÊÍÕÊÛÏÍÊÛÙÈÓÆÓÈÃ
ÕÓÆ×ÍÊÅÓÈÔÔÍÐØÍÊÍÖÖ×ÊÍÊÌÊÍÏÓÉ×ÈÍÅÓÈÔÔÍÐØÔÓÉÍÊÔ×ÊÆÍÈ×
ÓÎÙÍÎÎ×ÙÈÓÍÎÅÓÈÔÅÔÓÙÔÈÔ×ÈÔÓÎÕÓÉÊ×Ù×ӯרÈÍÕ×ÈÔ×ÊÅÓÈÔÈÔ×
ÍÊÓÎÖÐÇ×ÎÙ×ÍÊÌÊÍÏÓÉ×ÈÍÈÛÑ×ÍÊÊ×ÖÊÛÓÎÖÊÍÏÈÛÑÓÎÕÍÖÖÓÙÓÛÐ
ÐÍÙÛÈÓÍÎÛÎØØÛÈ×ÍÖÈÔÛÈÌÊÍÕÊÛÏÍÊÛÙÈÓÆÓÈÃ
ÛÙÈÓÍÎÅÓÈÔÊ×ÉÌ×ÙÈÈÍÛÎÃÌÊÍÌÍÉרÍÊÌ×ÎØÓÎÕÏÛÈÈ×ÊÓÎÙÍÎÉÓØ×ʽ
ôÓÉÈÍÊÃ
Û
ÛÈÓÍÎÍÖÍÊÇÌÍÎÙÍÎØÓÈÓÍÎÈÔÛÈÛÎÃÍÈÔ×ÊÌ×ÊÉÍÎÏÛÑ×ÍÊÊ×ÖÊÛÓÎ
ÖÊÍÏÏÛÑÓÎÕÛÌÍÐÓÈÓÙÛÐÙÍÎÈÊÓÚÇÈÓÍÎÍÊÌÊÍÆÓØ×ÍÊÊ×ÖÊÛÓÎÖÊÍÏ
ùÓÆÓÐÌ×ÎÛÐÈÓ×É
÷ÄÙ×ÌÈÛÉÌÊÍÆÓØ×ØÓÎÉÇÚ
ÌÊÍÆÓØÓÎÕÛÎÃÉ×ÊÆÓÙ×ÍÊÍÈÔ×ÊÈÔÓÎÕÍÖÆÛÐÇ×ÈÍÍÊÖÍÊÈÔ×Ú×Î×ÖÓÈ
ÛÎÃÌ×ÊÉÍÎÅÔÍÆÓÍÐÛÈ×ÉÈÔÓÉÉÇÚÙÔÛÌÈ×ÊÏÛÃÚ×Ê×ËÇÓÊרÈÍÖÍÊÖ×ÓÈ
ÍÖÛÙÛÎØÓØÛÈ×ÛÌÍÐÓÈÓÙÛÐÌÛÊÈÃÛÎÃÌ×ÊÉÍÎÅÔÍÓÉÉÇÚÒ×ÙÈÈÍÛÊ×Õ½
ÎÍÈÏÍÊ×ÈÔÛÎ
ÖÍÊ×ÛÙÔÆÓÍÐÛÈÓÍÎÍÖÉ ÍÊ
ÓÉÈÊÛÈÓÍÎÊ×ËÇÓÊ×Ï×ÎÈÇÎØ×ÊÉ
ÍÊÛÎÃÌ×ÊÉÍÎÏÛÑÓÎÕÛÙÍϽ
½
ÏÇÎÓÙÛÈÓÍÎÈÔÛÈÙÍÎÈÛÓÎÉÛÊ×Ö×Ê×ÎÙ×ÈÍÛÙÐ×ÛÊÐÃÓØ×ÎÈÓÖÓרÐÍÙÛÐ
ÉÓÍÎÍÖÈÔÓÉÉÇÚÙÔÛÌÈ×ÊóÖÈÔ×ÙÍÇÊÈØ×È×ÊÏÓÎ×ÉÈÔÛÈÈÔ×ÛÙÙÇÉר
ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÔÍÐØÓÎÕÛÎ×Ð×ÙÈÓÆ×ÍÖÖÓÙ×ÍÊÈÍÛÙÛÎØÓØÛÈ×ÖÍÊÐÍÙÛÐ
ÔÛÉÊ×ÛÐÓÂר×ÙÍÎÍÏÓÙÕÛÓÎÛÉÛÊ×ÉÇÐÈÍÖÈÔׯÓÍÐÛÈÓÍÎÈÔ×ÙÍÇÊÈ
ÌÇÚÐÓÙÍÖÖÓÙ×
ÏÛÃÓÎÛØØÓÈÓÍÎÍÊØ×ÊÈÔ×ÛÙÙÇÉרÈÍÖÍÊÖ×ÓÈÈÔ×ÛÏÍÇÎÈÕÛÓÎרÛÉ
Ù÷ÄÙ×ÌÈÛÉÍÈÔ×ÊÅÓÉ×ÌÊÍÆÓØ×ØÓÎÌÛÊØÎÍÐÍÙÛÐÌÇÚÐÓÙ
ÛÊ×ÉÇÐÈÍÖÈÔׯÓÍÐÛÈÓÍÎóÎÛØØÓÈÓÍÎÓÖÈÔ×ÙÍÇÊÈØ×È×ÊÏÓÎ×ÉÈÔÛÈ
ÍÖÖÓÙÓÛÐÏÛÃ
ÛÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÔÛÉÆÓÍÐÛÈ×ØÉ ÈÔ×ÙÍÇÊÈÏÛÃ
èÛÑ×ÛÎÃÍÖÖÓÙÓÛÐÛÙÈÓÍÎÉÇÚÉÈÛÎÈÓÛÐÐÃÛÖÖ×ÙÈÓÎÕÛÏÛÈÈ×ÊÓÎ
ÍÊØ×ÊÈÔ×ÍÖÖÓÙÓÛÐÈÍÖÍÊÖ×ÓÈÛÎÛÏÍÇÎÈ×ËÇÛÐÈÍÈÔ×ÛÏÍÇÎÈÍÊÆÛÐÇ×
ÅÔÓÙÔÈÔ×ÍÖÖÓÙÓÛÐÛÏ×ÏÚ×ÊÍÖÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃÍÊÛÎ
ÍÖÛÎÃÌÍÐÓÈÓÙÛÐÙÍÎÈÊÓÚÇÈÓÍÎÉ×ÊÆÓÙ×ÍÊÍÈÔ×ÊÈÔÓÎÕÍÖÆÛÐÇ×ÈÔÛÈ
ÍÊÕÛÎÓÂÛÈÓÍÎÅÓÈÔÅÔÓÙÔÈÔ×ÍÖÖÓÙÓÛÐÓÉÛÉÉÍÙÓÛÈרÔÛÉÛÉÇÚÉÈÛÎÈÓÛÐ
ÅÛÉÅÊÍÎÕÖÇÐÐÃÍÚÈÛÓÎרóÖÈÔ×ÙÍÇÊÈØ×È×ÊÏÓÎ×ÉÈÔÛÈÛÉÈÛÈ×ÌÇÚ½
ÖÓÎÛÎÙÓÛÐÓÎÈ×Ê×ÉÈ
ÐÓÙÍÖÖÓÙÓÛÐÔÛÉÆÓÍÐÛÈ×ØÉ ÛÎØÎÍÌÍÐÓÈÓÙÛÐÙÍÎÈÊÓÚÇÈÓÍÎ
çÉ×ÔÓÉÍÊÔ×ÊÍÖÖÓÙ×ÍÊÌÍÉÓÈÓÍÎÓÎÛÅÛÃÈÔÛÈÌÊÍØÇÙ×ÉÍÊ
É×ÊÆÓÙ×ÍÊÍÈÔ×ÊÈÔÓÎÕÍÖÆÛÐÇ×ÅÛÉÍÚÈÛÓÎרÈÔ×ÙÍÇÊÈÏÛÃÍÊØ×Ê
ÛÉÉÓÉÈÉÓÎÈÔ×ÌÊÍØÇÙÈÓÍÎÍÖÛÉÇÚÉÈÛÎÈÓÛÐÚ×Î×ÖÓÈØÓÊ×ÙÈÍÊÓÎØÓÊ×ÙÈ
ÈÔ×ÍÖÖÓÙÓÛÐÈÍÖÍÊÖ×ÓÈÛÎÛÏÍÇÎÈ×ËÇÛÐÈÍÈÔ×ÏÛÄÓÏÇÏÙÍÎÈÊÓÚǽ
ÖÍÊÈÔ×ÍÖÖÓÙÓÛÐÍÎ×ÍÊÏÍÊ×Ï×ÏÚ×ÊÉÍÖÈÔ×ÍÖÖÓÙÓÛÐÉÓÏÏרÓÛÈ×
ÈÓÍÎÛÇÈÔÍÊÓÂרÇÎØ×ÊÉ
ÖÓÙ×Ô×ÐØÍÊÉÍÇÕÔÈÚÃ
ÖÛÏÓÐÃ×ÓÈÔ×ÊÉ×ÌÛÊÛÈ×ÐÃÍÊÈÍÕ×ÈÔ×ÊÍÊÛÎÍÊÕÛÎÓÂÛÈÓÍÎÅÓÈÔÅÔÓÙÔ
ÈÔ×ÍÖÖÓÙÓÛÐÅÔÓÙÔׯ×ÊÛÏÍÇÎÈÓÉÕÊ×ÛÈ×ÊèÔ×ÛÈÈÍÊÎ×ÃÕ×Î×ÊÛÐ
ÈÔ×ÍÖÖÓÙÓÛÐÓÉÛÉÉÍÙÓÛÈר
ÅÔ×ÎÉÍÊ×ËÇ×ÉÈרÚÃÈÔ×ÚÍÛÊØÉÔÛÐÐÓÎÉÈÓÈÇÈ×ÌÊÍÙ×רÓÎÕÉÈÍ
ØìÛÊÛÕÊÛÌÔÙØÍ×ÉÎÍÈÌÊÍÔÓÚÓÈÛÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÊÍÏ
Ê×ÙÍÆ×ÊÛÎÃÖÍÊÖ×ÓÈÇÊ×ÓÎÙÇÊÊרÇÎØ×ÊÈÔÓÉÉ×ÙÈÓÍÎÅÔÓÙÔÓÉÎÍÈÌÛÓØ
ÈÛÑÓÎÕÛÎÃÛÙÈÓÍÎÙÍÎÙ×ÊÎÓÎÕÈÔ×ÐÛÅÖÇÐÌÛÃÏ×ÎÈÍÖÉÛÐÛÊÓ×ÉÍÊ
ÚÃÈÔ×Ì×ÊÉÍÎÛÕÛÓÎÉÈÅÔÍÏÓÈÓÉÛÉÉ×ÉÉר
×ÏÌÐÍÃ××Ú×Î×ÖÓÈÉÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈÍÖÛÙÈÇÛÐÛÎØÎ×Ù×ÉÉÛÊÃ
ûÎÃÌ×ÊÉÍÎÅÔÍÆÓÍÐÛÈ×ÉÉ ÏÛÃÚ×Ê×ËÇÓÊרÈÍ
×ÄÌ×ÎÉ×ÉÍÊÌÊÍÔÓÚÓÈÛÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÊÍÏÈÛÑÓÎÕÍÖÖÓÙÓÛÐ
ÖÍÊÖ×ÓÈÎÍÈÏÍÊ×ÈÔÛÎ
ÛÙÈÓÍÎÅÓÈÔÊ×ÉÌ×ÙÈÈÍÛÎÃÌÊÍÌÍÉÛÐÈÍÏÍØÓÖÃÛÙÍÇÎÈÃÍÊÏÇÎÓÙÓ½
ôÓÉÈÍÊÃ
Û
ÛÉÉ
ÌÛÐÍÊØÓÎÛÎÙ×
ùÊÓÏÓÎÛÐÌ×ÎÛÐÈÓ×É
ÛûÎÃÌ×ÊÉÍÎÅÔÍÓÎÈ×ν
ÖìÛÊÛÕÊÛÌÔÉÛÈÍÙØÍÎÍÈÛÌÌÐÃÈÍÈÔ×Ï×ÏÚ×ÊÉÍÖÛÐÍÙÛÐ
ÈÓÍÎÛÐÐÃÆÓÍÐÛÈ×ÉÛÎÃÌÊÍÆÓÉÓÍÎÍÖÈÔÓÉÉÇÚÙÔÛÌÈ×Ê×ÄÙ×ÌÈÉ
ÙÍÏÏÓÈÈ××ÛÌÌÍÓÎÈרÇÎØ×ÊÉ
ÛÈÍÎ×ÕÍÈÓÛÈ×ÅÓÈÔÈÔ×
ÍÊÚÊÍÊÛÙÍØ×ÍÖ×ÈÔÓÙÉÛØÍÌÈרÍÊ×ÉÈÛÚÐÓÉÔר
ÍÅÎ×ÊÍÊÍÌ×ÊÛÈÍÊÍÖÍÊÛÌÌÐÓÙÛÎÈÖÍÊÛÐÓÙ×ÎÉ×ÈÍÍÌ×ÊÛÈ×ÛÉÍÐÓØ
ÇÎØ×ÊÉÛÍÊÚÉÔÛÐÐÚ×ÖÓÎרÎÍÈÐ×ÉÉÈÔÛÎ
ÎÍÊ
ÅÛÉÈרÓÉÌÍÉÛÐÍÊÔÛÂÛÊØÍÇÉÅÛÉÈ×ÖÛÙÓÐÓÈÃÇÎØ×ÊÉ
ÅÓÈÔ
ÏÍÊ×ÈÔÛÎ
ÍÊÓÏÌÊÓÉÍÎרÎÍÈÏÍÊ×ÈÔÛÎÍÎ×Ã×ÛÊÓÎÈÔ×
Ê×ÉÌ×ÙÈÈÍÛÎÃÏÛÈÈ×ÊÙÍÎÈÛÓÎרÍÊÌÊÍÌÍÉרÈÍÚ×ÙÍÎÈÛÓÎרÓÎÛ
ÙÍÇÎÈÃÒÛÓÐÍÊÚÍÈÔ
ÅÊÓÈÈ×ÎÛÕÊ××Ï×ÎÈÚ×ÈÅ××ÎÛÏÇÎÓÙÓÌÛÐÓÈÃÛÎØÈÔ×ÍÅÎ×ÊÍÌ×ÊÛÈÍÊ
ÍÊÛÌÌÐÓÙÛÎÈÍÊÓÎÛÎÛÊÚÓÈÊÛÈÓÍÎÛÅÛÊØÍÊÌÊÍÌÍÉרÛÅÛÊØÈÔÛÈÓÉ
ÚûÎÃÌ×ÊÉÍÎÅÔÍÓÎÈ×ÎÈÓÍÎÛÐÐÃÆÓÍÐÛÈ×ÉÉ ÍÊ
ÛÌÌÐÓÙÛÚÐ×ÈÍÈÔÍÉ×ÌÛÊÈÓ×É
ÚÊÓÉÕÇÓÐÈÃÍÖÛùÐÛÉÉóÖ×ÐÍÎÃ
ÕóÎÈÔÓÉÌÛÊÛÕÊÛÌÔ
èÔ×Ì×ÎÛÐÈÓ×ÉÇÎØ×ÊÉÇÚØÍÎÍÈÐÓÏÓÈÈÔ×ÌÍÅ×ÊÍÖ×ÓÈÔ×Ê
ÔÍÇÉ×ÍÖÈÔ×Ð×ÕÓÉÐÛÈÇÊ×ÈÍØÓÉÙÓÌÐÓÎ×ÓÈÉÍÅÎÏ×ÏÚ×ÊÉÍÊÈÍ
Û³øÓÉÈÊÓÙÈ¥Ï×ÛÎÉÛÐÍÙÛÐÌÊÍÖ×ÉÉÓÍÎÛÐÚÛÉ×ÚÛÐÐÌÛÊÑØÓÉÈÊÓÙÈ
ÓÏÌ×ÛÙÔÛÌÇÚÐÓÙÍÖÖÓÙÓÛÐÍÊÐÓÏÓÈÈÔ×ÌÍÅ×ÊÍÖÛØ×ÌÛÊÈÏ×ÎÈÈÍØÓɽ
ÙÊ×ÛÈרÇÎØ×ÊÉÇÚÙÔóóóÍÖÙÔ
ÍÊÛÐÍÙÛÐÌÊÍÖ×ÉÉÓÍÎÛÐÖÍÍÈÚÛÐÐ
ÙÓÌÐÓÎ×ÓÈÉÉÈÛÈ×ÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÍÊ×ÏÌÐÍÃ××É
ÉÈÛØÓÇÏØÓÉÈÊÓÙÈÙÊ×ÛÈרÇÎØ×ÊÉÇÚÙÔóæÍÖÙÔ
óÎÈÔÓÉÉ×ÙÈÓÍγÓÎÈ×ÎÈÓÍÎÛÐÐÃ¥ÔÛÉÈÔ×Ï×ÛÎÓÎÕÕÓÆ×ÎÇÎØ×Ê
Ú³øÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×Ê¥Ï×ÛÎÉÛÏ×ÏÚ×ÊÍÖÈÔרÓÉÈÊÓÙÈ
É
ÚÍÛÊØÍÖÛØÓÉÈÊÓÙÈ
ôÓÉÈÍÊÃ
Ù
éÈÛÈÉ É
Ù ÉÉ éÈÛÈÉ
îÍØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÏÛÃÛÙÙ×ÌÈÍÊÊ×ÈÛÓÎÛÎÃÈÊÛÎɽ
É
Ù
Ù
ÉÉ éÈÛÈÉÉ
Û
ÌÍÊÈÛÈÓÍÎÐÍØÕÓÎÕÏ×ÛÐÉÖÍÍØÍÊÚׯ×ÊÛÕ×ÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈ
ÈÔ×Ê×ÖÍÊ×ÄÙ×ÌÈÓÎÛÙÙÍÊØÛÎÙ×ÅÓÈÔÈÔÓÉÌÛÊÛÕÊÛÌÔ
ùÍØ×ÉÍÖ×ÈÔÓÙÉÖÍÊÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÍÖÖÓÙÓÛÐÉ
ûØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÏÛÃÊ×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÊ×ÓÏÚÇÊÉ×½
×ÏÌÐÍÃ××ÉÛÎØÙÛÎØÓØÛÈ×É
ÛîÍÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐ
Ï×ÎÈÍÊÌÛÃÏ×ÎÈÍÖÛÙÈÇÛÐÛÎØÊ×ÛÉÍÎÛÚÐ××ÄÌ×ÎÉ×ÉÖÍÊÛÌÇÚ½
ÏÛÃÇÉ×ÔÓÉÍÊÔ×ÊÌÇÚÐÓÙÌÍÉÓÈÓÍÎÍÊÍÖÖÓÙ×ÈÍÍÚÈÛÓÎÖÓÎÛÎÙÓÛÐÕÛÓÎ
ÐÓÉÔרÅÍÊÑÍÊÖÍÊÈÔ×ÌÊ×É×ÎÈÛÈÓÍÎÍÖÛÈÛÐÑÍÊÌÛÊÈÓÙÓÌÛÈÓÍÎÓÎÛ
ÍÊÛÎÃÈÔÓÎÕÍÖÉÇÚÉÈÛÎÈÓÛÐÆÛÐÇ×ÖÍÊÈÔ×ÌÊÓÆÛÈ×Ú×Î×ÖÓÈÍÖÔÓÏÉ×ÐÖ
Ï××ÈÓÎÕÊ×ÐÛÈרÈÍÌÊÍÙ×ÉÉ×ÉÌÊÍÌÍÉÛÐÉÛÎØÓÉÉÇ×ÉÛÖÖ×ÙÈÓÎÕÛØÓɽ
ÍÊÔ×ÊÉ×ÐÖÍÊÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×ÖÛÏÓÐÃÍÊÖÍÊÛÎÍÊÕÛÎÓÂÛÈÓÍÎ
ÈÊÓÙÈÓÖÈÔ×ÌÛÃÏ×ÎÈÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈÓÉÌÛÓØÍÊÛÊÊÛÎÕרÚÃÈÔ×
ÅÓÈÔÅÔÓÙÔÔ×ÍÊÉÔ×ÓÉÛÉÉÍÙÓÛÈרûÆÓÍÐÛÈÓÍÎÍÖÈÔÓÉÌÛÊÛÕÊÛÌÔ
ÍÊÕÛÎÓÂ×ÊÍÖÈÔ×ׯ×ÎÈÍÊÈÔ×ÌÇÚÐÓÉÔ×ÊÍÖÈÔ×ÅÍÊÑ
ÓÎÙÐÇØ×ÉÈÔ×ÛÙÙ×ÌÈÛÎÙ×ÍÖÖÊ××ÍÊØÓÉÙÍÇÎÈ×ØÛØÏÓÉÉÓÍÎÉÈÍÛÌÊͽ
Ö×ÉÉÓÍÎÛÐÚÛÉ×ÚÛÐÐÍÊÖÍÍÈÚÛÐÐÕÛÏ×ÚÃÛÏ×ÏÚ×ÊÍÖÈÔרÓÉÈÊÓÙÈûØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÏÛÃÊ×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÛÎÃÈÔÓÎÕ
ÍÖÆÛÐÇ×ÓÖÈÔ×ÛÙÈÓÆÓÈÃÍÊÍÙÙÛÉÓÍÎÖÍÊÅÔÓÙÔÓÈÓÉÕÓÆ×ÎÓÉÇÎÊ×ÐÛÈר
ÚÍÛÊØÍÖÛÐÍÙÛÐÌÊÍÖ×ÉÉÓÍÎÛÐÚÛÉ×ÚÛÐÐÌÛÊÑØÓÉÈÊÓÙÈÙÊ×ÛÈרÇÎØ×Ê
ÉÇÚÙÔóóóÍÖÙÔ
½ÈÍÈÔ×Ï×ÏÚ×ÊÉÇÉ×ÍÖÈÔ×ÈÓÏ×ÖÛÙÓÐÓÈÓ×ÉÉ×ÊÆÓÙ×ÉÍÊÉÇÌÌÐÓ×ÉÍÖ
ÈÊÓÙÈÙÊ×ÛÈרÇÎØ×ÊÉÇÚÙÔóæÍÖÙÔ
ÈÔרÓÉÈÊÓÙÈÎÍÈÕ×Î×ÊÛÐÐÃÛÆÛÓÐÛÚÐ×ÈÍÛÐÐÊ×ÉÓØ×ÎÈÉÍÖÈÔרÓÉÈÊÓÙÈ
ÌÊÍÔÓÚÓÈÛÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÖÊÍÏÇÉÓÎÕÈÔ×ÈÓÈÐ×ÍÊÌÊ×ÉÈÓÕ×ÍÖÔÓÉÛÎØÈÔ×Ï×ÏÚ×ÊÙÛÎÉÔÍÅÚÃÙÐ×ÛÊÛÎØÙÍÎÆÓÎÙÓÎÕׯӨ×ÎÙ×ÈÔÛÈ
ÍÊÔ×ÊÍÖÖÓÙ×ÈÍÍÚÈÛÓÎÙÛÏÌÛÓÕÎÙÍÎÈÊÓÚÇÈÓÍÎÉÈÔÛÈÛÊ×Ì×ÊÏÓÈÈרÈÔ×ÌÛÃÏ×ÎÈÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈÅÛÉÇÎÊ×ÐÛÈרÈÍÛÎØØÓØÎÍÈÛÊÓÉ×
ÛÎØÊ×ÌÍÊÈרÛÉÊ×ËÇÓÊרÚÃÙÔÖÊÍÏÈÔ×Ê×ÙÓÌÓ×ÎÈÉÔÍÐØÓÎÕÍÊÔÛÆÓÎÕÔ×ÐØÛÌÇÚÐÓÙÍÖÖÓÙ×ÛÎØÅÛÉ
ÌÛÓØÖÍÊÛÌÇÊÌÍÉ×ÇÎÊ×ÐÛÈרÈÍÈÔ×ÌÇÊÌÍÉ×ÉÉÌ×ÙÓÖÓרÓÎÉÇÚØ
ÚîÍÌ×ÊÉÍÎÏÛÃÍÖÖ×ÊÍÊÕÓÆ×ÈÍÛÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐ
ØÓÊ×ÙÈÐÃÍÊÓÎØÓÊ×ÙÈÐÃÛÎØÎÍÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÏÛÃÉÍÐÓÙÓÈÍÊûØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÏÛÃÊ×Ù×ÓÆ×ÛÎØÊ×ÈÛÓÎÖÊÍÏÈÔ×
ÛÙÙ×ÌÈÖÊÍÏÛÎÃÌ×ÊÉÍÎØÓÊ×ÙÈÐÃÍÊÓÎØÓÊ×ÙÈÐÃÛÎÃÈÔÓÎÕÍÖÆÛÐÇרÓÉÈÊÓÙÈÍÊÍÎÚ×ÔÛÐÖÍÖÈÔרÓÉÈÊÓÙÈÈÊÛÎÉÌÍÊÈÛÈÓÍÎÐÍØÕÓÎÕÏ×ÛÐÉ
ÓÖÓÈÙÍÇÐØÊ×ÛÉÍÎÛÚÐÃÚ××ÄÌ×ÙÈרÈÍÓÎÖÐÇ×ÎÙ×ÈÔ×ÐÍÙÛÐÌÇÚÐÓÙÖÍÍØÍÊÚׯ×ÊÛÕ×ÍÊÊ×ÓÏÚÇÊÉ×Ï×ÎÈÈÔ×Ê×ÖÍÊÍÊÌÛÃÏ×ÎÈÍÊÊ×ÓϽ
ÍÖÖÓÙÓÛÐÉÆÍÈ×ÍÖÖÓÙÓÛÐÛÙÈÓÍÎÉÍÊÒÇØÕÏ×ÎÈÍÊÙÍÇÐØÊ×ÛÉÍÎÛÚÐÃÚÇÊÉ×Ï×ÎÈÍÖÛÙÈÇÛÐÛÎØÊ×ÛÉÍÎÛÚÐ×ÙÍÉÈÉÈÔÛÈÈÔ×Ï×ÏÚ×ÊÙÛÎ
Ú×ÙÍÎÉÓØ×ÊרÛÉÛÊ×ÅÛÊØÖÍÊÛÎÃÍÖÖÓÙÓÛÐÛÙÈÓÍÎÍÊÓÎÛÙÈÓÍÎÍÎÈÔ×ÉÔÍÅÚÃÙÐ×ÛÊÛÎØÙÍÎÆÓÎÙÓÎÕׯӨ×ÎÙ×Å×Ê×ÓÎÙÇÊÊרÍÊÊ×Ù×ӯר
åÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÇÌØÛÈרÛÎØÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
×ÄÙ×ÌÈ
åÓÉûÙÈ
ÅÛÉÎÍÈ
ÓÎ×ÖÖ×ÙÈÍÎûÌÊÓÐ
ÛÎØÓÉÎÍÈÓÎÙÐÇØ×ØÓÎÈÔÓÉÇÌØÛÈ×é××ÍÊØ×ÊØÛÈרïÛÊÙÔ
ÓÎøÛÎ×ùÍÇÎÈÃùÓÊÙÇÓÈùÍÇÊÈùÛÉ×
îÍùæ
éÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×ÍÎÍÊÌÊÓÍÊÈÍÛÊ×ÌÊÓÎÈרÛÉÓÖÙÇÊÊ×ÎÈÐÃÓÎ×ÖÖ×ÙÈéÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×
ÛÖÈ×ÊÛÊר×ÉÓÕÎÛÈרÚÃîíè÷éé××ûÊ×èÔ×éÈÛÈÇÈ×ÉÍÎÈÔÓÉå×ÚÉÓÈ×íÖÖÓÙÓÛÐý
÷Ð×ÙÈÊÍÎÓÙÊ×ÌÊÍØÇÙÈÓÍÎÍÖ
ÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
çÌØÛÈר
åÓÉéÈÛÈÉøÛÈÛÚÛÉ×
ÍÎÚ×ÔÛÐÖÍÖÈÔרÓÉÈÊÓÙÈÛÎØÌÊÓÏÛÊÓÐÃÖÍÊÈÔ×Ú×Î×ÖÓÈÍÖÈÔרÓÉÈÊÓÙÈÚûÌÊÍÆÓÉÓÍÎØÓÊ×ÙÈÓÎÕÈÔ×ÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐÙÐ×ÊÑÍÊ
ÛÎØÎÍÈÌÊÓÏÛÊÓÐÃÖÍÊÈÔ×ÌÊÓÆÛÈ×Ú×Î×ÖÓÈÍÖÈÔ×Ï×ÏÚ×ÊÍÊÛÎÃÚÍÛÊØÍÖ×Ð×ÙÈÓÍÎÙÍÏÏÓÉÉÓÍÎ×ÊÉÈÍÍÏÓÈÈÔ×ÎÛÏ×ÍÖÛÎÃÙÛÎØÓ½
ÍÈÔ×ÊÌ×ÊÉÍÎ
ØÛÈ×ÖÊÍÏÛÎ×Ð×ÙÈÓÍÎÚÛÐÐÍÈÅÔÍÖÛÓÐÉÈÍØÓÉÙÐÍÉ×ÔÓÉÍÊÔ×Ê×Ùͽ
ÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÓÎÛÙÙÍÊØÛÎÙ×ÅÓÈÔÈÔ×Ê×ËÇÓÊ×Ï×ÎÈÉÍÖÈÔ×ÍÊØÓ½
îÍØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÏÛÃÓÎÈ×ÎÈÓÍÎÛÐÐÃÇÉ×ÍÊØÓÉÙÐÍÉ×
ÎÛÎÙ×
ÓÎÖÍÊÏÛÈÓÍÎÕÛÓÎרÓÎÈÔ×ÙÍÇÊÉ×ÍÖÍÊÚÃÊ×ÛÉÍÎÍÖÔÓÉÍÊÔ×ÊÍÖÖÓ½
ÙÓÛÐÌÍÉÓÈÓÍÎÍÊÛÙÈÓÆÓÈÓ×ÉÓÎÛÎÃÅÛÃÈÔÛÈÙÍÇÐØÊ×ÉÇÐÈÓÎÈÔ×Ê×Ù×ÓÌÈ
ÙûÌÊÍÆÓÉÓÍÎØÓÊ×ÙÈÓÎÕÈÔ×ÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐÈÊ×ÛÉÇÊ×ÊÈÍ
ÍÖÛÎÃÈÔÓÎÕÍÖÆÛÐÇ×ÖÍÊÔÓÏÉ×ÐÖÍÊÔ×ÊÉ×ÐÖÖÍÊÔÓÉÍÊÔ×ÊÓÏÏרÓÛÈ×
ÅÓÈÔÔÍÐØÈÔ×ÌÛÃÏ×ÎÈÍÖÉÛÐÛÊÓ×ÉÍÊ×ÄÌ×ÎÉ×ÉÖÊÍÏÛÎÃÐÍÙÛÐÌÇÚ½
ÖÛÏÓÐÃÍÊÖÍÊÛÎÃÍÈÔ×ÊÌ×ÊÉÍÎÓÖÈÔ×ÓÎÖÍÊÏÛÈÓÍÎÔÛÉÎÍÈÚ××Î
ÐÓÙÍÖÖÓÙÓÛÐÍÊÍÈÔ×Ê×ÏÌÐÍÃ××ÍÖÈÔ×ÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐÓÈÃÅÔÍ
ÙÍÏÏÇÎÓÙÛÈרÈÍÈÔ×ÌÇÚÐÓÙÍÊÓÉÎÍÈÌÇÚÐÓÙÓÎÖÍÊÏÛÈÓÍÎ
ÖÛÓÐÉÈÍØÓÉÙÐÍÉ×ÔÓÉÍÊÔ×Ê×ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÓÎÛÙÙÍÊØÛÎÙ×ÅÓÈÔ
ÈÔ×Ê×ËÇÓÊ×Ï×ÎÈÉÍÖÈÔ×ÍÊØÓÎÛÎÙ×
îÍØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÏÛÃÇÉ×ÍÊÛÈÈ×ÏÌÈÈÍÇÉ×ÈÔ×
ÌÍÉÓÈÓÍÎÔ×ÐØÚÃÈÔ×Ï×ÏÚ×ÊÈÍÓÎÖÐÇ×ÎÙ×ÍÊÕÛÓÎÇÎÐÛÅÖÇÐÚ×Î×½
ØûÌÊÍÆÓÉÓÍÎÆ×ÉÈÓÎÕÛØÏÓÎÓÉÈÊÛÈÓÍÎÛÎØÙÓÆÓÐ×ÎÖÍÊÙ×Ï×ÎÈ
ÖÓÈÉÛØÆÛÎÈÛÕ×ÉÍÊÌÊÓÆÓÐ×Õ×ÉÌ×ÊÉÍÎÛÐÐÃÍÊÖÍÊÍÈÔ×ÊÉ
ÍÖÈÔ×ÍÊØÓÎÛÎÙ×ÅÓÈÔÛÎ×ÈÔÓÙÉÚÍÛÊØÛÌÌÍÓÎÈרÓÎÛÏÛÎÎ×ÊÉÌ×ÙÓ½
ÖÓרÓÎÈÔ×ÍÊØÓÎÛÎÙ×ûÚÍÛÊØÙÊ×ÛÈרÇÎØ×ÊÈÔÓÉÌÛÊÛÕÊÛÌÔÏÛÃ
îÍØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÏ×ÏÚ×ÊÍÖÛØÓÉÈÊÓÙÈÚÍÛÊØÏ×Ͻ
ÓÉÉÇ×ÉÇÚÌÍ×ÎÛÉÛØÏÓÎÓÉÈ×ÊÍÛÈÔÉÛÎØÓÎÆ×ÉÈÓÕÛÈ×ÛÎÃÆÓÍÐÛÈÓÍÎÍÖ
Ú×ÊÉÓÏÏרÓÛÈ×ÖÛÏÓÐÃÎÍÊÛÎÃÍÊÕÛÎÓÂÛÈÓÍÎÅÓÈÔÅÔÓÙÔÈÔרÓɽ
ÈÔ×ÍÊØÓÎÛÎÙ×ÍÎÓÈÉÍÅÎÏÍÈÓÍÎÍÊÇÌÍÎÙÍÏÌÐÛÓÎÈÚÃÛÎÃÌ×ÊÉÍÎ
ÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÍÊÛÏ×ÏÚ×ÊÍÖÈÔרÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÉ
èÔ×ÍÊØÓÎÛÎÙ×ÏÛÃ×ÏÌÍÅ×ÊÈÔ×ÚÍÛÊØÈÍÓÉÉÇ×ÍÌÓÎÓÍÎÉÇÌÍÎ
ÓÏÏרÓÛÈ×ÖÛÏÓÐÃÍÅÎÉÍÊÙÍÎÈÊÍÐÉÛÈÐ×ÛÉÈ
ÍÖÈÔ×ÍÇÈÉÈÛÎØÓÎÕ
Ê×ËÇ×ÉÈê×ÙÍÊØÉÍÖÈÔ×ÚÍÛÊØÉÍÌÓÎÓÍÎÉÍÌÓÎÓÍÎÊ×ËÇ×ÉÈÉÛÎØ
×ËÇÓÈÃÆÍÈÓÎÕÊÓÕÔÈÉÍÊÍÇÈÉÈÛÎØÓÎÕÓÎØ×ÚÈרÎ×ÉÉÏÛÃ×ÎÈ×ÊÓÎÈÍ
ÓÎÆ×ÉÈÓÕÛÈÓÍÎÉÍÖÆÓÍÐÛÈÓÍÎÉÍÖÈÔ×ÍÊØÓÎÛÎÙ×ÏÛÃÚ×ÙÐÍÉרÓÎ
ÛÎÃÙÍÎÈÊÛÙÈÍÊÐ×ÛÉ×ÓÎÆÍÐÆÓÎÕÛÌÛÃÏ×ÎÈÍÊÌÛÃÏ×ÎÈÉÍÖÏÍÊ×
ÅÔÍÐ×ÍÊÓÎÌÛÊÈÈÍÌÇÚÐÓÙÓÎÉÌ×ÙÈÓÍÎÓÖÈÔ×ÍÊØÓÎÛÎÙ×ÉÍÌÊÍÆÓØ×É
ÈÔÛÎ
ÅÓÈÔÓÎÛ
ÏÍÎÈÔÌ×ÊÓÍØÓÎÅÔÍÐ×ÍÊÓÎÌÛÊÈØ×Êӯר
ÖÊÍÏØÓÉÈÊÓÙÈÖÇÎØÉÇÎÐ×ÉÉÈÔרÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÔÛÉÖÓÊÉÈÏÛØ×
×ìÊÍÆÓÉÓÍÎÉÌÊ×ÉÙÊÓÚÓÎÕ×ÈÔÓÙÛÐÉÈÛÎØÛÊØÉÍÖÙÍÎØÇÙÈÛÎØ
ÅÊÓÈÈ×ÎØÓÉÙÐÍÉÇÊ×ÍÖÈÔ×ÎÛÈÇÊ×ÛÎØ×ÄÈ×ÎÈÍÖÉÇÙÔÊ×ÐÛÈÓÍÎÉÔÓÌÍÊ
ÌÊÍÔÓÚÓÈÓÎÕÙÍÎÖÐÓÙÈÉÍÖÓÎÈ×Ê×ÉÈÍÎÈÔ×ÌÛÊÈÍÖÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉ
ÓÎÈ×Ê×ÉÈÈÍÈÔ×ÕÍÆ×ÊÎÏ×ÎÈÛÙÙÍÇÎÈÛÚÓÐÓÈÃÚÍÛÊØÛÎØÈÍÈÔרÓÉÈÊÓÙÈ
ÛÎØÍÈÔ×Ê×ÏÌÐÍÃ××ÉÍÖÈÔ×ÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐÓÈÃÍÊÍÎÈÔ×ÌÛÊÈ
ûÎÃÙÍÎÈÊÛÙÈÍÊÐ×ÛÉ××ÎÈ×ÊרÓÎÈÍÓÎÆÓÍÐÛÈÓÍÎÍÖÈÔÓÉÉÇÚØÓÆÓÉÓÍÎ
ÍÖÖÍÊÏ×ÊÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÍÊÖÍÊÏ×Ê×ÏÌÐÍÃ××ÉÍÖÈÔ×ÙÍÇÎÈÃ
ÏÛÃÚׯÍӨרÚÃÈÔרÓÉÈÊÓÙÈÓÎÛÎÛÙÈÓÍÎÙÍÏÏ×ÎÙרÅÓÈÔÓÎ
ÍÊÏÇÎÓÙÓÌÛÐÓÈÃ
Ã×ÛÊÉÍÖÈÔרÛÈ×ÍÎÅÔÓÙÔÈÔ×ÕÍÆ×ÊÎÏ×ÎÈÛÙÙÍÇÎÈÛÚÓÐÓÈÃÚÍÛÊØ
ÖûÌÊÍÆÓÉÓÍÎÌÊ×ÉÙÊÓÚÓÎÕÛÖÍÊÖ×ÓÈÇÊ×ÖÍÊÆÓÍÐÛÈÓÍÎÍÖÈÔ×ÍÊØÓ½
ÍÊÈÔרÓÉÈÊÓÙÈÑÎ×ÅÍÊÉÔÍÇÐØÔÛÆ×ÑÎÍÅÎÈÔÛÈÛÆÓÍÐÛÈÓÍÎÍÖÈÔÓÉ
ÎÛÎÙ×ÓÎÛÎÛÏÍÇÎÈÎÍÈ×ÄÙ×רÓÎÕ
ÖÍÊ×ÛÙÔÍÖÖ×ÎÉ×û
ÉÇÚØÓÆÓÉÓÍÎÔÛØÍÙÙÇÊÊרèÔÓÉÉÇÚØÓÆÓÉÓÍÎØÍ×ÉÎÍÈÛÖÖ×ÙÈÈÔ×
ÏÓÎÓÏÇÏÖÍÊÖ×ÓÈÇÊ×ÎÍÈ×ÄÙ×רÓÎÕ
ÖÍÊ×ÛÙÔÍÖÖ×ÎÉ×ÏÛÃÛÐÉÍ
ÛÌÌÐÓÙÛÈÓÍÎÍÖÉ
Ú×ÌÊ×ÉÙÊÓÚר
îÍÖÍÊÏ×ÊØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÖÍÊ
ÏÍÎÈÔÉÖÍÐÐÍÅÓÎÕ
èÔÓÉÉ×ÙÈÓÍÎÏÛÃÎÍÈÚ×ÙÍÎÉÈÊÇרÈÍÐÓÏÓÈÈÔ×ÛÇÈÔÍÊÓÈÃÍÖ
ÈÔרÛÈ×ÍÎÅÔÓÙÔÔ×ÍÊÉÔ×Ù×ÛÉ×ÉÈÍÚ×ÛØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×Ê
ÛÙÍÇÎÈÃÙÓÈÃÆÓÐÐÛÕ×ÍÊÈÍÅÎÈÍÊ×ÕÇÐÛÈ×ÈÔ×ÙÍÎØÇÙÈÍÖÓÈÉÍÖÖÓ½
ÏÛÃÖÍÊÙÍÏÌ×ÎÉÛÈÓÍÎÍÎÚ×ÔÛÐÖÍÖÛÎÃÌ×ÊÉÍÎÍÈÔ×ÊÈÔÛÎÛÕÍÆ½
ÙÓÛÐÉÛÎØ×ÏÌÐÍÃ××ÉÈÍÈÔ××ÄÈ×ÎÈÈÔÛÈÓÈÔÛÉÛÇÈÔÍÊÓÈÃÈÍÊ×ÕÇÐÛÈ×
×ÊÎÏ×ÎÈÛÐ×ÎÈÓÈÃÏÛÑ×ÛÎÃÖÍÊÏÛÐÍÊÓÎÖÍÊÏÛÐÛÌÌ×ÛÊÛÎÙ×Ú×ÖÍÊ×
ÈÔÛÈÙÍÎØÇÙÈÇÎØ×ÊÈÔ×ÙÍÎÉÈÓÈÇÈÓÍÎÍÊÍÈÔ×ÊÐÛÅÉ
ÍÊÎ×ÕÍÈÓÛÈ×ÅÓÈÔÛÎÃÍÖÖÓÙ×ÊÍÊ×ÏÌÐÍÃ××ÍÖÈÔרÓÉÈÊÓÙÈÅÓÈÔ
ÛûÎÃÓÎØÓÆÓØÇÛÐ×ÓÈÔ×ÊÌ×ÊÉÍÎÛÐÐÃÍÊÍÎÚ×ÔÛÐÖÍÖÛÎ
ÅÔÓÙÔÔ×ÍÊÉÔ×ÅÛÉÛÉÉÍÙÓÛÈרÛÉÛØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÅÓÈÔÓÎ
ÍÊÕÛÎÓÂÛÈÓÍÎÍÊÕÍÆ×ÊÎÏ×ÎÈÛÐÚÍØÃÏÛÃÊ×ËÇ×ÉÈÍÖÛÙÍÇÎÈÃÍÊ
ÈÔרÛÈ×ÍÎÅÔÓÙÔÔ×ÍÊÉÔ×Ù×ÛÉרÈÍÚ×ÛØÓɽ
ÏÇÎÓÙÓÌÛÐ×ÈÔÓÙÉÚÍÛÊØÍÊÓÎÈÔ×ÛÚÉ×ÎÙ×ÍÖÛÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐ
ÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×Ê
×ÈÔÓÙÉÚÍÛÊØÛÙÍÇÎÈÃÙÍÊÌÍÊÛÈÓÍÎÙÍÇÎÉ×ÐÍÊÛÈÈÍÊÎ×ÃÖÍÊÛÐÍÙÛÐ
îÍÖÍÊÏ×ÊØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÖÍÊ
½
ÕÍÆ×ÊÎÏ×ÎÈÛÐÇÎÓÈÛÎÛØÆÓÉÍÊÃÍÌÓÎÓÍÎÊ×ÕÛÊØÓÎÕÈÔ×ÌÊÍÌÊÓ×ÈÃÍÖ
ÓÎÕÈÔרÛÈ×ÍÎÅÔÓÙÔÔ×ÍÊÉÔ×Ù×ÛÉ×ÉÈÍÚ×ÛØÓÉÈÊÓÙÈÚÍÛÊØÏ×Ͻ
ÛÎÃÏÛÈÈ×ÊÈÍÅÔÓÙÔÈÔ×Ì×ÊÉÍÎÓÉÍÊÏÛÃÚ×ÙÍÏ×ÛÌÛÊÈÃûÎÃ
Ú×ÊÏÛÃÖÍÊÙÍÏÌ×ÎÉÛÈÓÍÎÍÎÚ×ÔÛÐÖÍÖÛÎÃÌ×ÊÉÍÎÍÈÔ×ÊÈÔÛÎÛ
ÛÌÌÍÓÎÈÓÎÕÍÖÖÓÙ×ÊÅÓÈÔÈÔ×ÙÍÎÉ×ÎÈÍÖÛÌÊÍÉÌ×ÙÈÓÆ×ÛÌÌÍÓÎÈ××
ÕÍÆ×ÊÎÏ×ÎÈÛÐ×ÎÈÓÈÃÏÛÑ×ÛÎÃÖÍÊÏÛÐÍÊÓÎÖÍÊÏÛÐÛÌÌ×ÛÊÛÎÙ×
ÏÛÃÊ×ËÇ×ÉÈÍÖÛÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐ×ÈÔÓÙÉÚÍÛÊØÍÊÓÎÈÔ×
Ú×ÖÍÊ×ÍÊÎ×ÕÍÈÓÛÈ×ÅÓÈÔÛÎÃÍÖÖÓÙ×ÊÍÊ×ÏÌÐÍÃ××ÍÖÛØÓÉÈÊÓÙÈÅÓÈÔ
ÛÚÉ×ÎÙ×ÍÖÛÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐ×ÈÔÓÙÉÚÍÛÊØÛÙÍÇÎÈÃÙÍÊÌÍÊÛ½
ÅÔÓÙÔÔ×ÍÊÉÔ×ÅÛÉÛÉÉÍÙÓÛÈרÛÉÛØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÓÎÙÍν
ÈÓÍÎÙÍÇÎÉ×ÐÍÊÛÈÈÍÊÎ×ÃÖÍÊÛÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÛÐÇÎÓÈÛÎÛØÆÓÉÍÊÃ
Î×ÙÈÓÍÎÅÓÈÔÛÎÃÒÇØÓÙÓÛÐÍÊËÇÛÉÓÒÇØÓÙÓÛÐÌÊÍÙ×רÓÎÕÛÌÌÐÓÙÛ½
ÍÌÓÎÓÍÎÊ×ÕÛÊØÓÎÕÈÔ×ÌÊÍÌÊÓ×ÈÃÍÖÛÎÃÏÛÈÈ×ÊÈÍÅÔÓÙÔÈÔ×ÌÊͽ
ÈÓÍÎÙÍÎÈÊÛÙÈÙÐÛÓÏÍÊÙÔÛÊÕ×ÅÔÓÙÔÏÓÕÔÈÕÓÆ×ÊÓÉ×ÈÍÛÒÇØÓÙÓÛÐ
ÉÌ×ÙÈÓÆ×ÛÌÌÍÓÎÈ××ÓÉÍÊÏÛÃÚ×ÙÍÏ×ÛÌÛÊÈÃèÔ×ÙÍÇÎÈÃÍÊ
ÍÊËÇÛÉÓÒÇØÓÙÓÛÐÌÊÍÙ×רÓÎÕÅÔÓÙÔÅÛÉÇÎØ×ÊÈÔ×ÖÍÊÏ×ÊÏ×Ͻ
ÏÇÎÓÙÓÌÛÐ×ÈÔÓÙÉÚÍÛÊØÍÊÈÔ×ÙÍÇÎÈÃÙÍÊÌÍÊÛÈÓÍÎÙÍÇÎÉ×ÐÍÊÛÈÈÍʽ
Ú×ÊÉÊ×ÉÌÍÎÉÓÚÓÐÓÈÃÛÉÛØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÅÓÈÔÓÎ
ÏÍÎÈÔÉ
Î×ÃÉÔÛÐÐÊׯÓ×ÅÛÊ×ËÇ×ÉÈÖÍÊÛÎÛØÆÓÉÍÊÃÍÌÓÎÓÍÎÛÎØÏÛÃÛØÆÓÉ×
ÌÊÓÍÊÈÍÈÔרÛÈ×ÍÎÅÔÓÙÔÔ×ÍÊÉÔ×Ù×ÛÉרÈÍÚ×ÛÏ×ÏÚ×Ê
ÈÔ×Ì×ÊÉÍÎÏÛÑÓÎÕÈÔ×Ê×ËÇ×ÉÈûØÆÓÉÍÊÃÍÌÓÎÓÍÎÉÛÎØÊ×ËÇ×ÉÈÉ
îÍÖÍÊÏ×ÊØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÏÛÃÖÍÊÙÍÏÌ×ÎÉÛÈÓÍÎ
ÈÔ×Ê×ÖÍÊÉÔÛÐÐÚ×ÓÎÅÊÓÈÓÎÕóÈÓÉÌÊÓÏÛÖÛÙÓ×ׯӨ×ÎÙ×ÍÖÓÎÈ×ÎÈÈÍ
ÛÙÈÍÎÚ×ÔÛÐÖÍÖÛÎÃÌÛÊÈÃÍÈÔ×ÊÈÔÛÎÈÔרÓÉÈÊÓÙÈÅÓÈÔÅÔÓÙÔÔ×ÍÊ
ÙÍÏÌÐÃÅÓÈÔÈÔÓÉÉ×ÙÈÓÍÎÍÊÛÎÃÍÊØÓÎÛÎÙ××ÎÛÙÈרÇÎØ×ÊÈÔÓÉÉ×Ù½
ÉÔ×ÅÛÉÛÉÉÍÙÓÛÈרÛÉÛØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×ÊÓÎÙÍÎÎ×ÙÈÓÍÎÅÓÈÔ
ÈÓÍÎÅÔ×ÎÛÌ×ÊÉÍÎÊ×Ö×ÊÉÛÏÛÈÈ×ÊÈÍÛÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐ×ÈÔÓÙÉ
ÛÎÃÒÇØÓÙÓÛÐÍÊËÇÛÉÓÒÇØÓÙÓÛÐÌÊÍÙ×רÓÎÕÛÌÌÐÓÙÛÈÓÍÎÙÍÎÈÊÛÙÈ
ÚÍÛÊØÍÊÛÙÍÇÎÈÃÙÍÊÌÍÊÛÈÓÍÎÙÍÇÎÉ×ÐÍÊÛÈÈÍÊÎ×ÃÖÍÊÛÐÍÙÛÐÕÍÆ½
ÙÐÛÓÏÍÊÙÔÛÊÕ×ÅÔÓÙÔÏÓÕÔÈÕÓÆ×ÊÓÉ×ÈÍÛÒÇØÓÙÓÛÐÍÊËÇÛÉÓ
×ÊÎÏ×ÎÈÛÐÇÎÓÈÛÎØÛÚÓØ×ÉÚÃÈÔ×ÛØÆÓÉÍÊÃÍÌÓÎÓÍÎÓÖÈÔ×ÏÛÈ×ÊÓÛÐ
ÒÇØÓÙÓÛÐÌÊÍÙ×רÓÎÕÓÎÅÔÓÙÔÈÔ×ÖÍÊÏ×ÊÏ×ÏÚ×ÊÌÛÊÈÓÙÓÌÛÈרÌ×ʽ
ÖÛÙÈÉÛÊ×ÛÉÉÈÛÈרÓÎÈÔ×ÍÌÓÎÓÍÎÊ×ËÇ×ÉÈûÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐ
ÉÍÎÛÐÐÃÛÎØÉÇÚÉÈÛÎÈÓÛÐÐÃÛÉÛØÓÉÈÊÓÙÈÚÍÛÊØÏ×ÏÚ×Ê
×ÈÔÓÙÉÚÍÛÊØÏÛÃÛÇÈÔÍÊÓÂ×ÛÙÍÇÎÈÃÙÍÊÌÍÊÛÈÓÍÎÙÍÇÎÉ×ÐÍÊÛÈÈÍʽ
Ï
óÎÛØØÓÈÓÍÎÈÍÈÔ×Ê×ËÇÓÊ×Ï×ÎÈÉÍÖÉÇÚÛÎÃÙÍÇÎÈÃ
Î×ÃÈÍÛÙÈÓÎÓÈÉÉÈ×ÛØÓÎÓÎÉÈÛÎÙ×ÉÅÔ×Êר×ÐÛÃÓÉÍÖÉÇÚÉÈÛÎÈÓÛÐ
ÙÓÈÃÆÓÐÐÛÕ×ÍÊÈÍÅÎÏÛÃ×ÎÛÙÈÛÎÍÊØÓÎÛÎÙ××ÉÈÛÚÐÓÉÔÓÎÕÛÙÍØ×
ÓÎÙÍÎÆ×ÎÓ×ÎÙ×ÍÊØ×ÈÊÓÏ×ÎÈÈÍÈÔ×Ê×ËÇ×ÉÈÓÎÕÌÛÊÈÃ÷ÄÙ×ÌÈÛÉÌÊͽ
ÍÖ×ÈÔÓÙÉÖÍÊÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÛÎØ×ÏÌÐÍÃ××ÉÍÖÈÔ×ÙÍÇÎÈÃÍÊ
ÆÓØ×ØÓÎÌÛÊÚÎ×ÓÈÔ×ÊÛÙÍÇÎÈÃÙÍÊÌÍÊÛÈÓÍÎÙÍÇÎÉ×ÐÍÊÛÈÈÍÊÎ×Ã
ÏÇÎÓÙÓÌÛÐÓÈÃÛÎØÙÛÎØÓØÛÈ×ÉÖÍÊÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐ×Ð×ÙÈÓÆ×
ÖÍÊÛÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÛÐÇÎÓÈÎÍÊÛÏ×ÏÚ×ÊÍÊÛÕ×ÎÈÍÖÛÙÍÇÎÈÃ
ÍÖÖÓÙ×É
ÍÊÏÇÎÓÙÓÌÛÐ×ÈÔÓÙÉÚÍÛÊØÏÛÃÏÛÑ×ÌÇÚÐÓÙÈÔ×ÓØ×ÎÈÓÈÃÍÖÛÎÓÎØÓ½
ûÎÍÊØÓÎÛÎÙ××ÎÛÙÈרÇÎØ×ÊÈÔÓÉÉ×ÙÈÓÍÎÉÔÛÐÐÉÌ×ÙÓÖÃÈÔ×
ÆÓØÇÛÐÊ×ËÇ×ÉÈÓÎÕÛÎÛØÆÓÉÍÊÃÍÌÓÎÓÍÎÍÊÍÖÓÎØÓÆÓØÇÛÐÉÍÊÍÊÕÛÎÓ½
ÌÍÉÓÈÓÍÎÉÈÍÅÔÓÙÔÓÈÛÌÌÐÓ×ÉèÔ×ÍÊØÓÎÛÎÙ×ÏÛÃÛÌÌÐÃÈÍÏ×Ͻ
ÂÛÈÓÍÎÉÏ×ÎÈÓÍÎרÓÎÈÔ×ÍÌÓÎÓÍÎ
Ú×ÊÉÍÖÈÔ×ÓÏÏרÓÛÈ×ÖÛÏÓÐÃÍÖÓÎØÓÆÓØÇÛÐÉÅÔÍÔÍÐØÌÍÉÓÈÓÍÎÉÍÊ
ÚûÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐ×ÈÔÓÙÉÚÍÛÊØÙÍÇÎÈÃÙÍÊÌÍÊÛÈÓÍÎ
ÅÔÍÛÊ×ÙÛÎØÓØÛÈ×ÉÖÍÊÌÍÉÓÈÓÍÎÉÈÍÅÔÓÙÔÈÔ×ÍÊØÓÎÛÎÙ×ÛÌÌÐÓ×É
ÙÍÇÎÉ×ÐÍÊÛÈÈÍÊÎ×ÃÖÍÊÛÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÛÐÇÎÓÈÊ×ÌÐÃÓÎÕÈÍÛ
ûÎÍÊØÓÎÛÎÙ××ÎÛÙÈרÇÎØ×ÊÈÔÓÉÉ×ÙÈÓÍÎÏÛÃÙÍÎÈÛÓÎÛÎÃ
Ê×ËÇ×ÉÈÖÍÊÛÎÛØÆÓÉÍÊÃÍÌÓÎÓÍÎÏÛÃÏÛÑ×ÈÔ×ÍÌÓÎÓÍÎÌÇÚÐÓÙÅÓÈÔ
ÍÖÈÔ×ÖÍÐÐÍÅÓÎÕÌÊÍÆÓÉÓÍÎÉ
ÈÔ×ÙÍÎÉ×ÎÈÍÖÈÔ×ÓÎØÓÆÓØÇÛÐÊ×ËÇ×ÉÈÓÎÕÈÔ×ÛØÆÓÉÍÊÃÍÌÓÎÓÍÎÍÊ
ÈÔ×ÍÊÕÛÎÓÂÛÈÓÍÎÍÊÕÍÆ×ÊÎÏ×ÎÈÛÐÚÍØÃÍÎÅÔÍÉ×Ú×ÔÛÐÖÓÈÓÉ
ÛûÊ×ËÇÓÊ×Ï×ÎÈÖÍÊÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÉÍÈÔ×Ê×ÏÌÐÍÃ××É
Ê×ËÇ×ÉÈרÛÎØÏÛÃÏÛÑ×ÌÇÚÐÓÙÛÉÇÏÏÛÊÃÍÖÛÎÛØÆÓÉÍÊÃÍÌÓÎÓÍÎ
ÍÖÈÔ×ÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐÓÈÃÛÎØÙÛÎØÓØÛÈ×ÉÖÍÊÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙ×
ÈÍÓØ×ÎÈÓÖÃÛÎÃÍÖÈÔ××ÙÍÎÍÏÓÙÓÎÈ×Ê×ÉÈÉÉÌ×ÙÓÖÓרÓÎÉÓÉÉÇרÇÎØ×ÊÈÔÓÉÉÇÚÉ×ÙÈÓÍÎÛÖÈ×ÊÏÛÑÓÎÕÉÇÖÖÓÙÓ×ÎÈÛÐÈ×ÊÛÈÓÍÎÉÓÎ
åÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÇÌØÛÈרÛÎØÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
×ÄÙ×ÌÈ
åÓÉûÙÈ
ÅÛÉÎÍÈ
ÓÎ×ÖÖ×ÙÈÍÎûÌÊÓÐ
ÛÎØÓÉÎÍÈÓÎÙÐÇØ×ØÓÎÈÔÓÉÇÌØÛÈ×é××ÍÊØ×ÊØÛÈרïÛÊÙÔ
ÓÎøÛÎ×ùÍÇÎÈÃùÓÊÙÇÓÈùÍÇÊÈùÛÉ×
îÍùæ
éÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×ÍÎÍÊÌÊÓÍÊÈÍÛÊ×ÌÊÓÎÈרÛÉÓÖÙÇÊÊ×ÎÈÐÃÓÎ×ÖÖ×ÙÈéÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×
ÛÖÈ×ÊÛÊר×ÉÓÕÎÛÈרÚÃîíè÷éé××ûÊ×èÔ×éÈÛÈÇÈ×ÉÍÎÈÔÓÉå×ÚÉÓÈ×íÖÖÓÙÓÛÐý
÷Ð×ÙÈÊÍÎÓÙÊ×ÌÊÍØÇÙÈÓÍÎÍÖ
ÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
çÌØÛÈר
åÓÉéÈÛÈÉøÛÈÛÚÛÉ×
ÈÔ×ÉÇÏÏÛÊÃÈÍÌÊׯ×ÎÈØÓÉÙÐÍÉÓÎÕÈÔ×ÓØ×ÎÈÓÈÓ×ÉÍÖÓÎØÓÆÓØÇÛÐÉÕ×Î×ÊÛÐÌÊׯÛÓÐÉÓÎÉÇÙÔÛÎÛÙÈÓÍÎÈÔ×ÙÍÇÊÈÉÔÛÐÐÛÅÛÊØÛÎÃÖÍÊÖ×Ó½
ÈÇÊ×Ê×ÙÍÆ×ÊרÈÍÕ×ÈÔ×ÊÅÓÈÔÊ×ÛÉÍÎÛÚÐ×ÙÍÉÈÉÈÍÈÔ×ÉÈÛÈ×
ÓÎÆÍÐÆ×ØÓÎÈÔ×ÍÌÓÎÓÍÎûÌ×ÊÉÍÎÅÔÍÏÛÑ×ÉÍÊÌÇÊÌÍÊÈÉÈÍÏÛÑ×
ÌÇÚÐÓÙÈÔ×ÉÇÚÉÈÛÎÙ×ÍÖÍÊÛÎÃÌÍÊÈÓÍÎÍÖÛÎÛØÆÓÉÍÊÃÍÌÓÎÓÍÎ
ôÓÉÈÍÊÃ
Ù
ÙÙ É
ÛÉÛ
Û
Û
Û
Û
Û
Ê×ËÇ×ÉÈרÚÃÍÊÍÎÚ×ÔÛÐÖÍÖÈÔ×Ì×ÊÉÍÎÅÛÓÆ×ÉÈÔ×ÙÍÎÖÓØ×ÎÈÓÛÐÓÈÃ
ÍÖÈÔ×Ê×ËÇ×ÉÈÖÍÊÛÎÛØÆÓÉÍÊÃÍÌÓÎÓÍÎÛÎØÍÖÛÎÃÊ×ÙÍÊØÉÍÚÈÛÓÎר
ÍÊÌÊ×ÌÛÊרÚÃÈÔ×ÙÍÇÎÈÃÍÊÏÇÎÓÙÓÌÛÐ×ÈÔÓÙÉÚÍÛÊØÈÔ×ÙÍÇÎÈÃ
éçúùôûìè÷êóæ
ÙÍÊÌÍÊÛÈÓÍÎÙÍÇÎÉ×ÐÍÊÈÔ×ÛÈÈÍÊÎ×ÃÖÍÊÈÔ×ÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÛÐÇÎÓÈ
ÓÎÙÍÎÎ×ÙÈÓÍÎÅÓÈÔÈÔ×Ê×ËÇ×ÉÈÖÍÊÛÎÛØÆÓÉÍÊÃÍÌÓÎÓÍÎ
ì÷êéíîûðóîöíêïûèóíîìêûùèóù÷é
ûÎÃÙÍÇÎÈÃÙÍÊÌÍÊÛÈÓÍÎÙÍÇÎÉ×ÐÛÈÈÍÊÎ×ÃÖÍÊÛÐÍÙÛÐÕÍÆ½
×ÊÎÏ×ÎÈÛÐÇÎÓÈÍÊÉÈÛÈ×ÅÓØ×ÛÉÉÍÙÓÛÈÓÍÎÍÖÐÍÙÛÐÕÍÆ×ÊÎÏ×ÎÈÛÐ
ø×ÖÓÎÓÈÓÍÎÉ
óÎÈÔÓÉÉÇÚÙÔÛÌÈ×Ê
ÇÎÓÈÉÏÛÃÊ×ËÇ×ÉÈÈÔ×ÚÍÛÊØÈÍÓÉÉÇ×ÛÎÍÌÓÎÓÍÎÙÍÎÙ×ÊÎÓÎÕÈÔ×
³ûÇÈÔÍÊÓÈÃ¥ÔÛÉÈÔ×Ï×ÛÎÓÎÕÉÌ×ÙÓÖÓרÓÎÉ
ÓÎÈ×ÊÌÊ×ÈÛÈÓÍÎÍÖÈÔÓÉÉ×ÙÈÓÍÎèÔ×ÚÍÛÊØÉÔÛÐÐÊׯÓ×ÅÉÇÙÔÛ
³óÎÈ×ÊÎ×ÈÌÊÍÈÍÙÍÐÛØØÊ×ÉÉ¥Ï×ÛÎÉÛÎÓØ×ÎÈÓÖÓ×ÊÖÍÊÛÙÍϽ
Ê×ËÇ×ÉÈÛÎØÏÛÃÛØÆÓÉ×ÈÔ×Ì×ÊÉÍÎÏÛÑÓÎÕÈÔ×Ê×ËÇ×ÉÈ
ÌÇÈ×ÊÍÊØ×ÆÓÙ×ÍÎÛÈÊÛÎÉÏÓÉÉÓÍÎÙÍÎÈÊÍÐÌÊÍÈÍÙÍÐóÎÈ×ÊÎ×ÈÌÊÍÈͽ
ÛûÎÃÌ×ÊÉÍÎÅÔÍÆÓÍÐÛÈ×ÉÉÇÚÏÛÃÚ×Ê×ËÇÓÊרÈÍ
ÙÍÐÎ×ÈÅÍÊÑ
ÖÍÊÖ×ÓÈÎÍÈÏÍÊ×ÈÔÛÎ
ÖÍÊ×ÛÙÔÆÓÍÐÛÈÓÍÎÛÎØÓÖÈÔ×ÙÍÇÊÈ
³ïÛÈÙÔÓÎÕÌÊÍÕÊÛÏ¥Ï×ÛÎÉÈÔ×ÙÍÏÌÇÈ×ÊÓÂרÙÍÏÌÛÊÓÉÍÎ
Ø×È×ÊÏÓÎ×ÉÈÔÛÈÈÔ×ÛÙÙÇÉרÔÛÉÆÓÍÐÛÈרÉÇÚÚÊÈÔ×ÙÍÇÊÈ
ÍÖÓÎÖÍÊÏÛÈÓÍÎÓÎÍÎ×Ê×ÙÍÊØÉÉ×ÊÓ×ÉÈÍÓÎÖÍÊÏÛÈÓÍÎÓÎÛÎÍÈÔ×Ê
ÏÛÃÓÎÛØØÓÈÓÍÎÍÊØ×ÊÈÔ×ÛÙÙÇÉרÈÍÖÍÊÖ×ÓÈÛÎÛÏÍÇÎÈ×ËÇÛÐÈÍ
Ê×ÙÍÊØÉÉ×ÊÓ×ÉÖÍÊÇÉ×ÚÃÛÎÛÇÈÔÍÊÓÈÃÍÊÛÖר×ÊÛÐÛÕ×ÎÙÃÈÍ×ÉÈÛÚ½
ÈÔ×ÛÏÍÇÎÈÍÊÆÛÐÇ×ÍÖÛÎÃÌÍÐÓÈÓÙÛÐÙÍÎÈÊÓÚÇÈÓÍÎÉ×ÊÆÓÙ×ÍÊÍÈÔ×Ê
ÐÓÉÔÍÊÆ×ÊÓÖÃÛÎÓÎØÓÆÓØÇÛÐÉ×ÐÓÕÓÚÓÐÓÈÃÖÍÊÛÎÃÊÓÕÔÈÌÊÓÆÓÐ×Õ×ÍÊ
ÈÔÓÎÕÍÖÆÛÐÇ×ÈÔÛÈÅÛÉÅÊÍÎÕÖÇÐÐÃÍÚÈÛÓÎר
Ú×Î×ÖÓÈÍÊÈÍÊ×ÙÍÇÌÌÛÃÏ×ÎÈÉÍÊØ×ÐÓÎËÇ×ÎÈØ×ÚÈÉÇÎØ×ÊÌÊÍÕÊÛÏÉ
ÚûÎÃÌ×ÊÉÍÎÅÔÍÆÓÍÐÛÈ×ÉÉÇÚÏÛÃÚ×Ê×ËÇÓÊרÈÍÖÍÊÖ×ÓÈ
ÍÖÛÎÛÇÈÔÍÊÓÈÃÍÊÖר×ÊÛÐÛÕ×ÎÙÃ
ÎÍÈÏÍÊ×ÈÔÛÎ
ÖÍÊ×ÛÙÔÆÓÍÐÛÈÓÍÎÛÎØÓÖÈÔ×ÙÍÇÊÈØ×È×ʽ
³ì×ÊÉÍÎÛÐÐÃÓØ×ÎÈÓÖÓÛÚÐ×ÓÎÖÍÊÏÛÈÓÍÎ¥Ï×ÛÎÉÓÎÖÍÊÏÛÈÓÍÎ
ÏÓÎ×ÉÈÔÛÈÛÐÍÙÛÐÌÇÚÐÓÙÍÖÖÓÙÓÛÐÔÛÉÆÓÍÐÛÈרÉÇÚÚÊÛÎØÎÍ
ÈÔÛÈÙÛÎÚ×ÛÉÉÍÙÓÛÈרÅÓÈÔÛÌÛÊÈÓÙÇÐÛÊÓÎØÓÆÓØÇÛÐÈÔÊÍÇÕÔÍÎ×ÍÊ
ÌÍÐÓÈÓÙÛÐÙÍÎÈÊÓÚÇÈÓÍÎÉ×ÊÆÓÙ×ÍÊÍÈÔ×ÊÈÔÓÎÕÍÖÆÛÐÇ×ÅÛÉ
ÏÍÊ×ÓØ×ÎÈÓÖÓ×ÊÉÍÊÍÈÔ×ÊÓÎÖÍÊÏÛÈÓÍÎÍÊÙÓÊÙÇÏÉÈÛÎÙ×É
ÍÚÈÛÓÎרÈÔ×ÙÍÇÊÈÏÛÃÓÎÛØØÓÈÓÍÎÍÊØ×ÊÈÔ×ÛÙÙÇÉרÈÍÖÍÊÖ×ÓÈ
³ê×ÙÍÊØ¥ÔÛÉÈÔ×Ï×ÛÎÓÎÕÉÌ×ÙÓÖÓרÓÎÉ
ÛÎÛÏÍÇÎÈ×ËÇÛÐÈÍÈÔ×ÏÛÄÓÏÇÏÙÍÎÈÊÓÚÇÈÓÍÎÛÇÈÔÍÊÓÂרÇÎØ×Ê
³ê×ÙÍÊØÉÉ×ÊÓ×É¥Ï×ÛÎÉÊ×ÙÍÊØÉÈÔÛÈÛÊ×ÛÊÊÛÎÕרÇÎØ×ÊÛ
É
ÖÓÙ×Ô×ÐØÍÊÉÍÇÕÔÈÚÃÈÔ×ÍÖÖÓÙÓÛÐÅÔÓÙÔׯ×Ê
ÏÛÎÇÛÐÍÊÛÇÈÍÏÛÈרÖÓÐÓÎÕÉÃÉÈ×ÏÍÊÛÊ×Ñ×ÌÈÈÍÕ×ÈÔ×ÊÛÉÛÇÎÓÈ
ÛÏÍÇÎÈÓÉÕÊ×ÛÈ×Ê
Ú×ÙÛÇÉ×ÈÔ×ÃÊ×ÐÛÈ×ÈÍÛÌÛÊÈÓÙÇÐÛÊÉÇÚÒ×ÙÈÊ×ÉÇÐÈÖÊÍÏÈÔ×ÉÛÏ×
ÛéÇÚÉ×ÙÈÓÍÎÉÔÛÐÐÚ××ÎÖÍÊÙרÓÎÈÔ×ÎÛÏ×ÛÎØÍÎ
ÛÙÈÓÆÓÈÃÍÊÔÛÆ×ÛÌÛÊÈÓÙÇÐÛÊÖÍÊÏ
Ú×ÔÛÐÖÍÖÈÔ×ÉÈÛÈ×ÚÃÛÙÈÓÍÎÍÖÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÍÖÛÎÃÙÍÇÎÈÃ
³éÈÛÈ×ÛÇÈÔÍÊÓÈÃ¥Ï×ÛÎÉÛÎÛÇÈÔÍÊÓÈÃÈÔÛÈÓÉÛÉÈÛÈ××Ð×ÙÈר
ÅÔ×Ê×ÓÎÛÆÓÍÐÛÈÓÍÎÏÛÃÍÙÙÇÊÇÌÍÎÈÔׯ×ÊÓÖÓרÙÍÏÌÐÛÓÎÈÍÖÛÎÃ
ÍÖÖÓÙÓÛÐÛÕ×ÎÙÃÚÍÛÊØÙÍÏÏÓÉÉÓÍÎÙÍÏÏÓÈÈ××ÙÍÇÎÙÓÐØ×ÌÛÊȽ
Ì×ÊÉÍÎ
Ï×ÎÈÍÊÌÇÚÐÓÙÚÍØÃÙÍÊÌÍÊÛÈ×ÛÎØÌÍÐÓÈÓÙÙÊ×ÛÈרÚÃÙÍÎÉÈÓÈÇÈÓÍÎ
ÚóÎÛØØÓÈÓÍÎÛÎØÉÇÌÌÐ×Ï×ÎÈÛÊÃÈÍÈÔ×Ê×ÏרÃÌÊÍÆÓØ×ØÓÎÉÈÛÈÇÈ×ÊÇÐ×ÍÊÍÊØ×ÊÛÉÈÛÈ×ÕÍÆ×ÊÎÏ×ÎÈÛÐÍÊËÇÛÉÓÕÍÆ×ÊÎÏ×ÎÈÛÐ
ÙÍÊÌÍÊÛÈÓÍÎÈÔ×ÉÇÌÊ×Ï×ÙÍÇÊÈÍÊÙÍÇÊÈÍÖÛÌÌ×ÛÐÉÍÊÈÔ×ÛÉÉ×Ͻ
ÉÇÚÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÏÛÃÙÍÏÏ×ÎÙ×ÛÎÛÙÈÓÍÎÉ×ÌÛÊÛÈ×ÐÃ
ÚÐÃÍÊÉ×ÎÛÈ×
ÍÊÓÎÙÍÎÒÇÎÙÈÓÍÎÅÓÈÔÛÎÛÙÈÓÍÎÚÊÍÇÕÔÈÈÍÍÚÈÛÓÎÈÔ×Ê×ÏרÃÌÊͽ
ÆÓØ×ØÓÎÉÇÚÈÍÍÚÈÛÓÎÉÇÙÔÍÈÔ×ÊÐ×ÕÛÐÍÊ×ËÇÓÈÛÚÐ×Ê×ÐÓ×Ö
ôÓÉÈÍÊÃ
Û Û
Û
Û
Û
Û
ÓÎÙÐÇØÓÎÕÚÇÈÎÍÈÐÓÏÓÈרÈÍÏÛÎØÛÏÇÉÓÎÒÇÎÙÈÓÍÎÍÊØ×ÙÐÛÊÛÈÍÊÃ
êÇÐ×ÉÍÖÙÍÎØÇÙÈ×ÏÌÐÍÃ××ÈÊÛÓÎÓÎÕÛÎØÉ×Ùǽ
ÒÇØÕÏ×ÎÈÛÉÏÛÃÚ×ÛÌÌÊÍÌÊÓÛÈ×ÇÎØ×ÊÈÔ×ÙÓÊÙÇÏÉÈÛÎÙ×É
ÊÓÈÃ
ûÎÛÇÈÔÍÊÓÈÃÉÔÛÐÐØÍÛÐÐÍÖÈÔ×ÖÍÐÐÍÅÓÎÕ
ÙóÖÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÖÛÓÐÉÈÍÙÍÏÏ×ÎÙ×ÛÎÛÙÈÓÍÎÈÍ
ø×Æ×ÐÍÌÊÇÐ×ÉÍÖÙÍÎØÇÙÈÖÍÊÓÈÉ×ÏÌÐÍÃ××ÉÅÔÍÛÊ×
×ÎÖÍÊÙ×ÉÇÚÛÚÍÊÙÈÍÕÅÓÈÔÓÎ
Ê×Ù×ÓÆÓÎÕ
ÓÎÆÍÐÆ×ØÓÎÙÍÐÐ×ÙÈÓÎÕÏÛÓÎÈÛÓÎÓÎÕÇÉÓÎÕÌÊÍÆÓØÓÎÕÛÙÙ×ÉÉÈÍ
ÛÆ×ÊÓÖÓרÙÍÏÌÐÛÓÎÈÍÊÓÖÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÊ×ÖÇÉ×ÉÈÍÙÍÏÏ×ÎÙ×
ÉÔÛÊÓÎÕÍÊÛÊÙÔÓÆÓÎÕÌ×ÊÉÍÎÛÐÐÃÓØ×ÎÈÓÖÓÛÚÐ×ÓÎÖÍÊÏÛÈÓÍÎ
ÉÇÙÔÛÎÛÙÈÓÍÎÈÔ×Ì×ÊÉÍÎÏÛÑÓÎÕÈÔ×ÙÍÏÌÐÛÓÎÈÏÛÃÌ×ÈÓÈÓÍÎÈÔ×
÷ÎÉÇÊ×ÈÔÛÈÈÔ×Ì×ÊÉÍÎÉÓØ×ÎÈÓÖÓרÓÎÉÇÚÑÎÍÅÈÔ×ÓÊ
ÛÈÈÍÊÎ×ÃÕ×Î×ÊÛÐÈÍÛÙÈÇÌÍÎÈÔ×ÙÍÏÌÐÛÓÎÈèÔ×ÛÈÈÍÊÎ×ÃÕ×Î×ÊÛÐ
ØÇÈÓ×ÉÛÎØÊ×ÉÌÍÎÉÓÚÓÐÓÈÓ×ÉÊ×ÐÛÈÓÎÕÈÍÌÊÍÈ×ÙÈÓÎÕÌ×ÊÉÍÎÛÐÌÊÓÆÛÙÃ
ÏÛÃÈÔ×ÎÚÊÓÎÕÛÎÛÙÈÓÍÎÇÎØ×ÊÌÛÊÛÍÊÚÍÊÚÍÈÔ
ÓÎÙÐÇØÓÎÕÛÌÌÐÓÙÛÚÐ×ÉÈÛÈ×ÛÎØÖר×ÊÛÐÐÛÅÉ
ÙÏîÍÙÍÏÌÐÛÓÎÈÛÐÐ×ÕÓÎÕÛÆÓÍÐÛÈÓÍÎÍÖÉÇÚÚÊÏÛÃÚ×
ôÓÉÈÍÊÃ
Û
ÖÓÐרØÇÊÓÎÕÈÔ×Ì×ÊÓÍØÚ×ÕÓÎÎÓÎÕ
ØÛÃÉÚ×ÖÍÊ×ÛÕ×Î×ÊÛÐÍÊ
ÉÌÊÓÎÕ×Ð×ÙÈÓÍÎÍÊØÇÊÓÎÕÈÔ×Ì×ÊÓÍØÙÍÏÏ×ÎÙÓÎÕÍÎÈÔרÛÈ×ÍÖ
øÛÈÛÙÍÐÐ×ÙÈÓÍÎ
ù
íðð÷ùèóíîöêíïøûèûéçúò÷ùè
ÈÔ×ÍÊØ×ÊÍÖÛÉÌ×ÙÓÛÐ×Ð×ÙÈÓÍÎÇÎØ×ÊÉ
ÛÎØ×ÎØÓÎÕÍÎÈÔרÛÈ×
ûÎÛÇÈÔÍÊÓÈÃÈÔÛÈÏÛÓÎÈÛÓÎÉÌ×ÊÉÍÎÛÐÐÃÓØ×ÎÈÓÖÓ½
íêæ÷êóöóùûèóíî
ÍÖÈÔÛÈ×Ð×ÙÈÓÍÎÛÕÛÓÎÉÈÛÙÛÎØÓØÛÈ×ÅÔÍÖÓÐ×ÉÛØ×ÙÐÛÊÛÈÓÍÎÍÖÙÛνÛÚÐ×ÓÎÖÍÊÏÛÈÓÍÎÈÔÛÈÏÛÃÊ×ÉÇÐÈÓÎÛÎÛØÆ×ÊÉר×È×ÊÏÓÎÛÈÓÍÎÛÚÍÇÈ
ÛÎÃÓÎØÓÆÓØÇÛÐÉÊÓÕÔÈÉÚ×Î×ÖÓÈÉÍÊÌÊÓÆÓÐ×Õ×ÉÉÔÛÐÐÈÍÈÔ×ÕÊ×ÛÈ×ÉÈ
ØÓØÛÙÃÈÍÔÛÆ×ÔÓÉÍÊÔ×ÊÎÛÏ×ÛÌÌ×ÛÊÍÎÈÔ×ÚÛÐÐÍÈÛÈÈÔÛÈ×Ð×ÙÈÓÍÎ
×ÄÈ×ÎÈÌÊÛÙÈÓÙÛÚÐרÍÛÈÐ×ÛÉÈÍÎ×ÍÖÈÔ×ÖÍÐÐÍÅÓÎÕ
ÙÎóÖÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÖÍÊÈÔ×ÙÍÇÎÈÃÓÎÅÔÓÙÔÛÆÓÍÐÛÈÓÍÎ
ÛùÍÐÐ×ÙÈÈÔ×ÓÎÖÍÊÏÛÈÓÍÎØÓÊ×ÙÈÐÃÖÊÍÏÈÔ×ÓÎØÓÆÓØÇÛÐ
ÍÖÉÇÚÚÊÓÉÛÐÐ×ÕרÈÍÍÙÙÇÊÊ×Ù×ÓÆ×ÉÛÆ×ÊÓÖÓרÙÍÏÌÐÛÓÎÈ
ÛÐÐ×ÕÓÎÕÛÆÓÍÐÛÈÓÍÎÍÖÉÇÚÚÊÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÉÔÛÐÐÚæ×ÊÓÖÃÈÔ×ÓÎÖÍÊÏÛÈÓÍÎÓÖÙÍÐÐ×ÙÈרÖÊÍÏÛÎÍÈÔ×ÊÌ×ÊÉÍÎ
ÅÓÈÔÓÎ
ØÛÃÉÛÖÈ×ÊÊ×Ù×ÓÌÈÍÖÈÔ×ÙÍÏÌÐÛÓÎÈ×ÓÈÔ×ÊÙÍÏÏ×ÎÙ×ÛÎ
ôÓÉÈÍÊÃ
Û
ÓÎÆ×ÉÈÓÕÛÈÓÍÎÍÖÈÔ×ÛÐÐ×ÕÛÈÓÍÎÉÙÍÎÈÛÓÎרÓÎÈÔ×ÙÍÏÌÐÛÓÎÈÍÊØÓɽ
ùÍÐÐ×ÙÈÓÍÎÍÖÌ×ÊÉÍÎÛÐÐÃÓØ×ÎÈÓÖÓÛÚÐ×ÓÎÖÍÊÏÛÈÓÍÎ
ÏÓÉÉÈÔ×ÙÍÏÌÐÛÓÎÈóÖÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃØÓÉÏÓÉÉ×ÉÈÔ×ÙÍϽ
ÖÊÍÏóÎÈ×ÊÎ×ÈÇÉ×ÊÉ
îÍÉÈÛÈ×ÛÇÈÔÍÊÓÈÃÈÔÛÈÏÛÓÎÈÛÓÎÉÛÎóÎÈ×ʽ
ÌÐÛÓÎÈÅÓÈÔÍÊÅÓÈÔÍÇÈÓÎÆ×ÉÈÓÕÛÈÓÍÎÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÉÔÛÐÐ
Î×ÈÉÓÈ×ÏÛÃÇÉ×ÈÔÛÈÉÓÈ×ÈÍÍÚÈÛÓÎÌ×ÊÉÍÎÛÐÐÃÓØ×ÎÈÓÖÓÛÚÐ×ÓÎÖÍÊÏÛ½
ÎÍÈÓÖÃÈÔ×ÙÍÏÌÐÛÓÎÛÎÈÓÎÅÊÓÈÓÎÕçÌÍÎÊ×Ù×ÓÆÓÎÕÎÍÈÓÖÓÙÛÈÓÍÎÍÖ
ÈÓÍÎÖÊÍÏÛÎÃÌ×ÊÉÍÎÅÔÍÆÓÉÓÈÉÈÔÛÈÉÓÈ×ÅÓÈÔÍÇÈÈÔ×ÙÍÎÉ×ÎÈÍÖÈÔ×
ÈÔרÓÉÏÓÉÉÛÐÈÔ×ÙÍÏÌÐÛÓÎÛÎÈÏÛÃÈÔ×ÎÖÓÐ×ÈÔ×ÙÍÏÌÐÛÓÎÈÅÓÈÔ
Ì×ÊÉÍÎÖÊÍÏÅÔÍÏÈÔ×ÓÎÖÍÊÏÛÈÓÍÎÓÉÍÚÈÛÓÎרèÔÓÉÉ×ÙÈÓÍÎØÍ×É
ÈÔ×ÛÈÈÍÊÎ×ÃÕ×Î×ÊÛÐÍÊÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÖÍÊÛÙÍÇÎÈÃÈÔÛÈÓÉ
ÎÍÈÛÌÌÐÃÈÍÛÙËÇÓÉÓÈÓÍÎÍÖóÎÈ×ÊÎ×ÈÌÊÍÈÍÙÍÐÛØØÊ×ÉÉ×É
ÛØÒÛÙ×ÎÈÈÍÈÔ×ÙÍÇÎÈÃÓÎÅÔÓÙÔÈÔׯÓÍÐÛÈÓÍÎÓÉÛÐÐ×ÕרÈÍÍÙÙÇÊ
ôÓÉÈÍÊÃ
Û
èÔ×ÛÈÈÍÊÎ×ÃÕ×Î×ÊÛÐÍÊØÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÏÛÃÈÔ×ÎÓÎÆ×ÉÈÓÕÛÈ×ÈÔ×
ÛÐÐ×ÕÛÈÓÍÎÉÙÍÎÈÛÓÎרÓÎÈÔ×ÙÍÏÌÐÛÓÎÈÛÎØÙÍÏÏ×ÎÙ×ÛÌÊÍÉ×Ùǽ
ùÍÏÌÇÈ×ÊÏÛÈÙÔÓÎÕ
ï
ûèùôóîõéì÷ùóöóùûèóíî
ÈÓÍÎ
ûÉÈÛÈ×ÛÇÈÔÍÊÓÈÃÏÛÃÎÍÈÇÉ×ÍÊÛÐÐÍÅÈÔ×ÇÉ×ÍÖÌ×ÊÉÍÎÛÐÐÃÓØ×ÎÈÓ½
ØóÖÈÔרÓÉÈÊÓÙÈÛÈÈÍÊÎ×ÃÌÊׯÛÓÐÉÓÎÉÇÙÔÛÎÛÙÈÓÍÎÈÔ×ÙÍÇÊÈ
ÖÓÛÚÐ×ÓÎÖÍÊÏÛÈÓÍÎÏÛÓÎÈÛÓÎרÚÃÈÔ×ÉÈÛÈ×ÛÇÈÔÍÊÓÈÃÓÎÛÏÛÈÙÔ
ÉÔÛÐÐÛÅÛÊØÛÎÃÖÍÊÖ×ÓÈÇÊ×Ê×ÙÍÆ×ÊרÈÍÕ×ÈÔ×ÊÅÓÈÔÊ×ÛÉÍÎÛÚÐ×
ÇÎØ×ÊÛÏÛÈÙÔÓÎÕÌÊÍÕÊÛÏÍÊÌÊÍÆÓØ×Ì×ÊÉÍÎÛÐÐÃÓØ×ÎÈÓÖÓÛÚÐ×
ÙÍÉÈÉÈÍÈÔ×ÙÍÇÎÈÃÅÔ×Ê×ÓÎÈÔׯÓÍÐÛÈÓÍÎÍÙÙÇÊÉóÖÈÔ×ÛÈÈÍÊÎ×ÃÓÎÖÍÊÏÛÈÓÍÎÖÍÊÇÉ×ÓÎÛÏÛÈÙÔÇÎØ×ÊÛÏÛÈÙÔÓÎÕÌÊÍÕÊÛÏÇÎÐ×ÉÉ
åÓÉéÈÛÈÉØÛÈÛÚÛÉ×ÇÌØÛÈרÛÎØÙÇÊÊ×ÎÈÈÔÊÍÇÕÔ
åÓÉûÙÈÛÎØûÌÊÓÐ
×ÄÙ×ÌÈ
åÓÉûÙÈ
ÅÛÉÎÍÈ
ÓÎ×ÖÖ×ÙÈÍÎûÌÊÓÐ
ÛÎØÓÉÎÍÈÓÎÙÐÇØ×ØÓÎÈÔÓÉÇÌØÛÈ×é××ÍÊØ×ÊØÛÈרïÛÊÙÔ
ÓÎøÛÎ×ùÍÇÎÈÃùÓÊÙÇÓÈùÍÇÊÈùÛÉ×
îÍùæ
éÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×ÍÎÍÊÌÊÓÍÊÈÍÛÊ×ÌÊÓÎÈרÛÉÓÖÙÇÊÊ×ÎÈÐÃÓÎ×ÖÖ×ÙÈéÈÛÈÇÈÍÊÃÙÔÛÎÕ×É×ÖÖ×ÙÈÓÆ×
ÛÖÈ×ÊÛÊר×ÉÓÕÎÛÈרÚÃîíè÷éé××ûÊ×èÔ×éÈÛÈÇÈ×ÉÍÎÈÔÓÉå×ÚÉÓÈ×íÖÖÓÙÓÛÐý
WISCONSIN'S ETHICS LAWS
RECOGNIZING AND AVOIDING CONFLICTS OF INTEREST
2011NEW OFFICIALS WORKSHOP
Claire Silverman, Legal Counsel
Daniel Olson, Assistant Legal Counsel
League of Wisconsin Municipalities
Ph. 800-991-5502
I.Introduction
Coverage.
A. This outline provides an overview of state laws that guide the actions of
municipal officials when those officials (or a member of their family or an organization
with which they are associated) have a financial or other special interest in a
governmental matter. In particular, this outline provides an overview of the state ethics
code applicable to local officials, the statute governing private interests in public
contracts, statutory provisions defining official misconduct, and the compatibility
doctrine.
B.Identifying Potential Conflict Situations.
The state statutes contain minimum
standards of ethical conduct by local government officials. The statutes relating to
ethics and conflicts of interest are interrelated and can be quite complicated.
Problems in this area can be avoided primarily by using common sense and applying
the "smell test." Stated broadly, when an official, a member of the official's family or a
business organization with whom the official is associated is involved in a municipal
matter, the official needs to step back and question whether there are problems
concerning his or her involvement in the matter. The official may want to discuss the
situation with the municipal attorney. Local officials may also contact the League's
attorneys to discuss ethics issues.
Many times it might not be clear whether a conflict, as defined by state law, exists. In
these gray areas, the official needs to balance the benefits of involvement (e.g.,
representing the electors, using the official's expertise) against the drawbacks (e.g.,
how it would look, the risk of violating a law). Sometimes, even if it may be legal to
act on a matter, you may not feel comfortable doing so or it may not look good to do
so.
II. STATE CODE OF ETHICS FOR LOCAL GOVERNMENT OFFICIALS
(Sec. 19.59, Stats.)
Background.
A.The state code of ethics for local officials was created in the 1991
legislative session and took effect in 1992. The law applies to "local governmental
units," including counties, cities, villages and towns, as well as special purpose
districts, such as town sanitary districts. Sec. 19.42(7u), Stats. The law also covers joint
bodies and subunits of local governmental units.
ï
Municipal Officials Affected.
B.The state ethics code applies to "local public officials"
who hold "local public office." Sec. 19.42(7w) and (7x), Stats.
1.“Local public office" includes elected municipal officers; city and village
managers, appointed municipal officers and employees who serve for a specified
term; and officers and employees appointed by the governing body or executive or
administrative head who serve at the pleasure of the appointing authority.
2.The term does not include independent contractors and persons who perform only
ministerial (i.e., non-discretionary) tasks, such as clerical workers. In addition, the
term omits officials and employees who are appointed for indefinite terms and are
only removable for cause, such as police chiefs and fire chiefs.
Prohibited Conduct.
C. The state ethics law for local officials, sec. 19.59, Stats., prohibits
the following conduct:
Use of Office for Private Gain.
1.Public officials are prohibited from using their
offices to obtain financial gain or anything of substantial value for the private
benefit ofthemselves, their immediate families, or organizations with which they
are associated. Sec. 19.59(l)(a), Stats. 3.
Offering or Receiving Anything of Value.
2.No person may give and no public
official may receive "anything of value" if it could reasonably be expected to
influence the local public official's vote, official action or judgment, or could
reasonably be considered as areward for any official action or inaction. Sec.
19.59(l)(b), Stats.
Note: This outline does not cover sec 19.59(1)(br). That section was created as part ofa
largerlaw aimed at campaign finance reform but the courts held the law was
unconstitutional, and thatparticular section was held to be unseverable from the larger law.
See Wisconsin Right to Life,Inc. v. Schober, 366 F.3d 485 (ih Cir. 2004) and Wisconsin
Realtors Ass'n v. Ponto, 233 F. Supp. 2d 1078 (W.D. Wis. 2002)
Taking Action Affecting a Matter in Which Official Has Financial Interest.
3.
Localofficials may not take official action substantially affecting a matter in which
the official,an immediate family member, or an organization with which the official
is associated hasa substantial financial interest. Nor mayan official use his or her
office in a way thatproduces or assists in the production of a substantial benefit for
the official, immediatefamily member or organization with which the official is
associated. Sec. 19.59(1)(c), Stats.
a.Exceptions. The prohibitions under no. 3 above do not prohibit local officials
from taking lawful actions concerning payments for employee salaries, benefits,
or expensereimbursements. The above prohibitions also do not prohibit local
officials from taking action "to modify" an ordinance. Sec. 19.59(1)(d), Stats.
The State of Wisconsin Ethics Board guidelines suggestedthat local officials can
take action in situations where they are part of a similarly situated class of
interests andtheir interest is not significantly greater or less than other members
î
of that class orwhere the law will have general application (eg., like an
ordinance). See attachedEthics Board Guideline 232, Mitigating Conflicting
Interests.The Ethics Board wasrecently made a division of the new Government
Accountability Board.
Definitions:
D.
1."Immediate Family" means an official's spouse or relative by marriage, lineal
descent oradoption who receives, directly or indirectly, more than one-half of his or
her supportfrom the official or contributes, directly or indirectly, that amount for
the official's support. Sec. 19.42(7), Stats.
2."Organization" is broadly defined to cover "any corporation, partnership,
proprietorship, firm, enterprise, franchise, association, trust or other legal entity
other than an individual or body politic."
3."Associated" with an Organization. An official is "associated" with an organization
forpurposes of the state ethics law when the individual or a member of the
individual's immediate family is an officer, director or trustee, or owns at least 10%
of theorganization. An individual is not associated with an organization merely
because theindividual is a member or employee of an organization or business. Sec.
19.42(2), Stats.
4."Anything of value" means any money or property, favor, service, payment,
advance,forbearance, loan, or promise of future employment, but does not include
compensation and expenses paid by the state, fees and expenses which are permitted
and reported unders. 19.56, political contributions which are reported under ch. 11,
or hospitality extendedfor a purpose unrelated to state business by a person other
than an organization. Sec. 19.42(1).
Abstaining from Official Action.
E. The Wisconsin Board of Ethics (which was recently
made a division in the Government Accountability Board)suggestedthat when a
matter in which a local official should not participate comes before a board,
commission or other body which the official is a member, the official should leave that
portion of the body's meeting involving discussion, deliberations, or votes related to the
matter. When, because ofa potential conflict of interest, an official withdraws from the
body's discussion, deliberation, and vote, the body's minutes should reflect the absence.
Local Ordinances.
F. Municipalities can adopt ethics ordinances that:
require disclosure of economic interests
establish ethics boards
prescribe standards of conduct
establish forfeitures not exceeding $1,000
í
Ethics Advisory Opinions.
G. Local officials may request advisory ethics opinions from
the municipal ethics board or, if there is none, from the municipal attorney.
Effect of Opinion.
The local ethics board or attorney may issue a written advisory
o
opinion. If the official follows the advice in the opinion, it is evidence of intent to
comply with the law.
Penalties & Enforcement.
H.Any person who violates the state ethics law may be
required to forfeit up to $1,000. The law is enforced by the district attorney.
Interpretation.
I.The state code of ethics for local officials has not been interpreted in
any published court decisions. However, the Wisconsin Ethics Board (now part of the
Government Accountability Board) issued the following guidelines.
Participating in General Policy Decisions.
1.The Wisconsin Ethics Board has advised
that an official may participate in an action in which he or she has a personal interest
aslong as: (a) the action affects a class of similarly-situated interests; (b) the interest
of the official, an immediate family member an organization with which the official is
associated not significant when compared to other members of the class; and (c) the
effectof the action on the interests of the official, an immediate family member an
organization with which the official is associated not significant when compared to
other members ofthe class.
Receipt of Goods & Services.
2.Under the state ethics code, local officials may
receive:(a) items and services that are unrelated to their public service; (b) payment
orreimbursement for costs relating to their work as public officials; and c) items of
insubstantial value.
Under the state ethics code, local officials may not: (a) receive items orservices
offered because of their public position, unless the value of such items or services is
insubstantial; (b) receive items or services that could reasonably be expected to
influence their judgment or could reasonably be considered a reward for official
action or inaction. See Wisconsin Ethics Board Guideline Eth 219 (attached).
Seminars & Conferences.
3.Generally, officials attending such functions may accept
the meals and refreshments provided or approved by the event's organizer and
approved by the local governmental unit. An official should generally not accept
food, drink orentertainment offered outside of the conference or activities at
hospitality suites,receptions or similar activities.
III. PRIVATE INTERESTS IN PUBLIC CONTRACTS (Section 946.13, Stats.)
General Prohibition.
A.To protect against self dealing by public officials, sec. 946.13,
Stats.,generally prohibits municipal officials from having a private financial interest in
a publiccontract. Thus, local governing body members are generally prohibited from
entering into acontract for goods, services, construction or employment with the
municipality.
ì
Prohibition Against Official Action.
1.A public official may not participate in the
making of a contract in his or her official capacity if the official has a direct or
indirect financial interest in the contract. Sec. 946.13(1)(b).
Since this is a prohibition on official action, abstaining from voting on the contract
will prevent violation.
Prohibition Against Private Action.
2.A publicofficial may not in his or her private
capacity negotiate or bid for or enter into a contract in which the public official has a
direct or indirect financial interest if the official is "authorized or required by law to
participate in his capacity as suchofficer or employee in the making of that contract."
Sec. 946.13(l)(a).
This latter provision is a prohibition on private action and a public official cannot
avoidviolating it merely by abstaining from voting because all that is necessary for a
violation to occur is that the official be authorized to vote on or exercise discretion
with regard to acontract in which the official has a private financial interest and the
official has negotiated, bid for, or entered into the contract.
3.Exceptions:
a.$15,000. Contracts inwhich receipts and disbursements do not, in the aggregate,
exceed $15,000 in anyone year. This means that a municipal governing body
member can enter into a total of $15,000 in business with the municipality in any
calendar year. Note: Since the law refers to payments and disbursements in any
year,if amounts in excess of $15,000 are involved, payments may be spread out
over more than one year to avoid violating the law.
b.Bankers. Bankers who receive less than $10,000 per year for serving on the city
council or village board are exempted, unless the banker's compensation is
directly dependent on procuring public business.
c.Attorneys. Partners in a law firm that serves as legal counsel to the municipality
whoreceive less than $10,000 per year for serving on the city councilor village
board areexempted, unless the individual has an interest in the law firm greater
than 2% of itsnet profit or loss; the individual participates in the making of a
contract between themunicipality and the law firm; or the individual's
compensation from the law firm isdirectly dependent on procuring public
business.
d.2% of stock. There is an exception from sub. (l)(b), the prohibition on official
action, for persons who own no more than 2% of the stock of the corporation
involved.
4.Penalty:
Violation of the statute is a Class E felony and subjects the person to a fine
of not more than $10,000, imprisonment for not more than 2 years, or both.
ë
IV.INCOMPATIBILITY DOCTRINE.
ommon law Prohibition.
A. CThe same person cannot hold two offices or an office and a
position where one post is superior to the other or where, from a public policy
perspective, itis improper for one person to discharge the duties of both posts. For
example, in Otradovec v.City of Green Bay, 118 Wis.2d 393 (Ct. App. 1984), the court
held that a common councilmember could not work as assistant appraiser in the city
assessor's office.
Result.
1.Ifa second office is taken that is incompatible with an existing office, the
firstoffice is vacated. Inthe case of office/position incompatibility, the outcome is
unclear –person runs risk of losing first post, but court might allow choice.
General Rule of Thumb:
2.Municipal governing body members may not hold other
municipal offices or positions, unless specifically authorized by statute. This is
because the governing body exercises control over such matters as the salaries, duties,
and removal or discipline of most other municipal officers and employee.
3.Statutory Exception.
Elected city, village and town officers can also serve as
volunteer firefighters, EMTs or first responders when annual compensation from one
or more ofthose positions, including fringe benefits, does not exceed $15,000. Sec.
66.0501(4). 5
Related Statutory Provisions.
1.Section 66.0501(2) generally prohibits governing body members from taking
municipal jobs. Under the statute:
a.Governing body members are prohibited, during the term for which the
member iselected, from taking new municipal jobs created during their term of
office even if they resign.
b.A governing body member may be appointed to an office or position which was
not created during the member's term in office as long as the member resigns
first.
c.Governing body members may run at any time for new or existing elective
office, but the compatibility doctrine applies if elected and the official would be
required tochoose between the two offices. Individuals may run for two elected
local offices at the same time. Sec. 8.03(2m).
d.Governing body members may be appointed to serve onlocal boards and
commissions (e.g., library board, police and fire commission and plan
commission) where no additional remuneration is paid to such officers except
that such officersmay be paid a per diem if other members of the board or
commission are paid a perdiem.
ê
2.Section 59.1 0(4), Stats., provides that municipal governing body members may
serve as county board supervisors.
V.OTHER STATUTORY PROHIBITIONS
Misconduct in Office.
A.Section 946.12 is a criminal statue that prohibits public officers
and employees from intentionally performing, or refusing to perform, certain acts. A
violation ofsec. 946.12 is punishable by up to two years in prison, a fine of up to
$10,000, or both.
1.Section 946.12(1) prohibits a public official from intentionally failing or refusing to
perform a "known mandatory, nondiscretionary, ministerial duty of his office or
employment within the time or in the manner required by law."
2.Section 946.12(2) prohibits a public official from doing an act which he or she
knows is forbidden by law to do in an official capacity.
3.Section 946.12(3) provides that a public official may not, by an act of commission
oromission, exercise a discretionary power in a manner inconsistent with the duties
of office or the rights of others, with an intent to obtain a dishonest advantage for
himself or another.
Bribery.
B.Section 946.10(2) prohibits public officials from taking bribes. Section 12.11
prohibits public officials from promising an official appointment or anything of value
tosecure votes.
Sale to Employees Prohibited.
C.No municipal department or member of a municipal
governing body may sell or procure for sale any municipal article, material or product
to cityor village employee; except meals, public services and special equipment
necessary to protectthe employee's safety and health. Sec. 175.10. This statute is
designed to prohibitgovernmental acquisition of products for resale to government
employees.
VI. A Final Word
Ordinances and Common Law Rules Relating to Ethics.
This outline focuses on state
statutes that establish minimum standards of ethical conduct for public officials. These laws
provide a good starting point for local officials seeking to assure themselves that they are
actingappropriately. However, municipal officials should be mindful of other relevant laws
governing ethical issues. These include ordinances, local rules of procedure and the common
law (i.e., published comi decisions).
For example, the Wisconsin Supreme Court has held that members of a legislative body or
municipal board are disqualified to vote on propositions in which they have a direct
pecuniary interest adverse to the municipality. Board ofSupervisors ofOconto County v.
Hall, 47 Wis. 208(1879). Additionally, many municipalities have adoptedRobert's Rules of
th
Order (NewlyRevised, 10ed) as their local rules of procedure. Section 45of Robert's
provides at p. 394: "No member shouldvote on a question in which he has a direct personal
or pecuniary interest not common to other members of the organization."
é
Wisconsin Government Accountability Board
For state public officials
ÜÃÃÐêУªø±ÃêÐêÉÃ`
ê`Èk±Ã£ªÃñÃY
In a representative democracy, the representatives are drawn from society and, therefore,
cannot and should not be without all personal and economic interest in the decisions and
policies of government. Standards of conduct for public officials need to distinguish between
those minor and inconsequential conflicts that are unavoidable in a free society and those
conflicts which are substantial and material.
1
ACTINGINANOFFICIALCAPACITY
M.
AKING POLICY When a public official or a board, commission, or other body of which an
official is a member is called upon to propose or to act on legislation to promulgate a rule or to
issue a general policy, the official may participate in that action, even though the action will
affect the official, a member of the official's immediate family, or an organization with which
the official is associated, as long as:
2
The official's action affects a whole class of similarly-situated interests;
Neither the official's interest, the interest of a member of the official's immediate family, nor
the interest of a business or organization with which the official is associated is significant
when compared to all affected interests in the class;
AND
The action's effect on the interests of the official, of a member of the official's immediate
family, or of the related business or organization is neither significantly greater nor less
than upon other members of the class.
A.
PPLYING POLICY A public official should not, in an official capacity, participate in or
perform any discretionary action with respect to the making, grant, or imposition of an award,
sanction, permit, license, grant, contract, offer of employment, or agreement in which the
official or a member of the official's immediate family or a business or organization with which
the official is associated has a substantial financial interest, direct or indirect.In addition, a
3
public official should not, in an official capacity, participate in a matter affecting a business or
organization from which the official or a member of the official’s immediate family receives
substantial compensation or income.
4
1
See comparable statement concerning state government officials at §19.45(1), .
Wisconsin Statutes
2
"Associated", when used in connection with "business" or "organization" refers to a business or organization of which an individual or a
member of the individual's household or immediate family is an officer, director, trustee, owner of a 10% or greater interest, or
authorized representative. An individual is not associated with a business or organization merely because the individual is a member or
employee.
3
§§19.45 (2) and 19.46 (1)), .
Wisconsin Statutes
4
1994 Wis Eth Bd 5.
This is a guide. For authoritative information consult Wisconsin Statutes.
rd
Prepared by the Wisconsin Government Accountability Board. 212 E. Washington Ave., 3 Madison, WI 53703 (608) 266-8005
GAB 1232
Website: http://gab.wi.gov Visit the Board’s website to ensure you have the most current version of this Guideline.
HOWTOWITHDRAWFROMOFFICIALACTION
When a matter in which a public official should not participate comes before the legislature, a
board, commission, or other body of which the official is a member, the official should leave
that portion of the body's meeting involving discussion, deliberations, or votes related to that
matter and ask that the body's minutes reflect the absence. The body's remaining members
may review the matter and take whatever action they find appropriate.
ACTINGINAPRIVATECAPACITY
A,,.
PPLICATIONS BIDS AND CONTRACTSUsually, a public official should not, in a private
capacity, apply, negotiate, bid for, or receive any award, sanction, permit, license, grant, con-
tract, offer of employment, or agreement in which the official has a private financial interest,
direct or indirect, if the official is authorized to perform in regard to it any governmental
function requiring the exercise of discretion, even if the official does not participate in the
governmental action or exert any influence on his or her own behalf.
5
R
EPRESENTING CLIENTS. A public official should not, for compensation or on behalf of an
employer, represent an individual, business, or organization before a board, commission, or
other body of which an official is a member. The statutory code of ethics is not an obstacle to
a local official's partner or business associate representing a client before such board,
commission, or other body as long as the official is not financially interested in, and does not
exercise control over, the representation.
6
5
With limited exceptions, §946.13, , makes it a felony for a governmental official to negotiate or bid for or enter into a
Wisconsin Statutes
contract in which the official has a private pecuniary interest if at the same time the official is to perform in regard to that
authorized
contract some official function requiring the exercise of discretion. As long as private activity is not otherwise prohibited, departure from
the usual rule may be justified in an occasional, sporadic, or infrequent case such as an official’s action in a private capacity to protect or
preserve a private interest of the official or the official’s family.
6
§19.45 (3), , prohibits an official to accept anything of value that could reasonably be expected to influence official
Wisconsin Statutes
action or judgment. The disqualification from official action that would be required of a government official who accepted pay for being an
advocate before the very government body to which his or her office pertains is a clear, direct, and reasonably foreseen effect upon
official action. See also §19.45 (7) which restricts representation before other state agencies.
Wisconsin Government Accountability Board
For county, city, village, town, school district and other local officials
⣱£øøÃñÅãøø££Ëê´Ëø`£Ë
`ÃËÈ
Wisconsin law forbids a public official to use free or discounted transportation, traveling accommodation, or communication
1
services for which the supplier would usually charge [§946.11, Wisconsin Statutes; Art. 13, §11, Wisconsin Constitution],
otherwise–
local
Consistent with the statutes administered by the Government Accountability Board,
public officials may accept and retain:
2
.I.
TEMS AND SERVICES UNRELATED TO PUBLIC POSITION
a
Food, drink, transportation, lodging, items, and services which are offered for a reason
unrelated to the recipient's holding a public position [§ 19.59(1)(a)] and which could not
reasonably be expected to influence an official’s vote, official actions or judgment, nor
reasonably be considered a reward for any official action or inaction;
.E
XPENSES PROVIDED BY OR FOR THE BENEFIT OF THE LOCAL GOVERNMENTAL
b
.
UNIT
Food, drink, transportation, lodging, or payment or reimbursement of costs that are
provided by or for the benefit of the local governmental unit, not for a private benefit; and
.I.
TEMS OF INSUBSTANTIAL VALUE
c
Mere tokens and items or services of only nominal, insignificant, or trivial value.
1
Consult local ordinances and other state law not administered by the Government Accountability Board for any additional restrictions.
2
"Local public officials" include: (a) elected officers of political subdivisions and special purpose districts of the state; (b) county administrators or
administrative coordinators; (c) city or village managers; (d) individuals appointed to a position in a political subdivision or special purpose
district for a specified term; and (e) individuals appointed to a position by the governing body, executive, or administrative head of a political
subdivision or special purpose district and serving at the pleasure of the appointing authority.
This is a guide. For authoritative information consult Wisconsin Statutes.
Specific questions may be directed to your local governmental attorney or local ethic board.
rd
Prepared by the Wisconsin Government Accountability Board. 212 E. Washington Ave, 3 Floor,, Madison, WI 53703 (608) 266-8005
GAB 1219
Website: http://gab.wi.gov July 1992. Rev. 9/09.
Wisconsin Government Accountability Board
For county, city, village, town, school district and other local officials
ÆÃª£ª±£±£øøÃñÅãøø££Ë
ê´Ëø`£Ë`ÃËÈ
S
TATUTORY RESTRAINTS
local public officials should not
Except as noted on the other side of the page,
accept:
1.I.
TEMS OR SERVICES OFFERED BECAUSE OF PUBLIC POSITION
Any item or service, including food, drink, and travel, of more than nominal value offered
because of the person's holding a public office [§ 19.59(1)(a)];
2.I.
TEMS THAT COULD INFLUENCE JUDGMENT
Any item or service that could reasonably be expected to influence an official's vote, official
actions or judgment [§19.59(1)(b)];
3.R.
EWARDS FOR OFFICIAL ACTION
Any item or service that could reasonably be considered a reward for any official action or
inaction [§19.59(1)(b)]; and
4. T.
RANSPORTATION OR TRAVELING ACCOMMODATIONS
Discounted transportation, traveling accommodations, or communication services for which
the supplier would usually charge [§946.11; Art. 13, §11].
To analyze a situation in which you are offered
items or services, ask yourself these questions:
1. With respect to the item or service offered:
a. Is it being offered because of my public position?
b. Is it of more than nominal or insignificant value?
c. Is it primarily for my personal benefit rather than for the benefit of my local unit
of government?
"yes"
If you answer to all three questions, you may not accept the item or service.
2. Would it be reasonable for someone to believe that the item or service is likely to
influence my judgment or actions or that it is a reward for past action?
"yes,"
If you answer you may not accept the item or service.
If you have any doubts about a situation,
seek advice from your local governmental attorney.
League of Wisconsin Municipalities New Officials Workshop
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
By: Daniel M. Olson, Assistant Legal Counsel, October 31, 2002
Ethics & Conflict of Interest Rules
frequent questions to League and clerical and ministerial
As allegations of unlawful
5
positions. This means city
legal counsel.
conduct by state legislators
council members, village
rock the state Capitol we are
Government Units and
trustees, mayors, and village
reminded of the public and
Individuals Affected
presidents are subject to the
private trauma that occurs
The state code applies to a
code. City clerks, village
when a public official violates
2
"local governmental unit"
attorneys, city finance directors,
the public trust of his or her
which is defined to include a
village directors of public
public office. The
political subdivision of the
works, city zoning
consequences of such acts are,
state, an instrumentality or
administrators, village building
of course, personal to the
corporation of such a political
inspectors, and those holding
official directly involved.
subdivision or a combination or
similar appointed positions may
They are also more
subunit of any such entity. This
be subject to the code if they
widespread as the public is
means cities and villages are
serve for a specified term or
given more reason to be
covered. It also means a city
serve at the pleasure of the
cynical and less trustful of all
redevelopment authority or
appointing authority. Police
public officials.
similar instrumentality or
chiefs, assistant city attorneys,
It thus seems an appropriate
subunit of city or village
deputy treasurers, or other
time to offer an overview of
government is covered.
officials not appointed by the
some of the important ethics
governing body or the executive
The state code also covers
and other conflict of interest
or administrative head of the
"local public official," which is
laws and rules that regulate
local government are not
defined as an individual holding
the conduct of local officials
covered by the state ethics code.
3
a local public office. The
and employees. A few
However, this gap in coverage
definition of local public office
hypothetical situations are
6
can be filled by local ordinance.
includes elective offices; city
included as a means to help
and village managers;
Prohibited Conduct
local officials and employees
appointive offices and positions
recognize and avoid similar
The state ethics code prohibits
where the individual serves for
problems in their
local officials from engaging in
a specified term, except
communities.
the following conduct:
independent contractor
1) STATE CODE OF
1
positions and positions limited . Using their office to obtain
ETHICS FOR LOCAL
to the exercise of ministerial financial gain or anything of
OFFICIALS, EMPLOYEES
4
action. The definition also
substantial value for the private
AND CANDIDATES
includes appointive offices or benefit of themselves, their
positions filled by the governing immediate families, or
The state code of ethics for
body or executive or organizations with which they
1
local government officials
7
administrative head where the
are associated.
went into effect on August 15,
appointee serves at the pleasure
1991. It is therefore a
The restriction on "using" an
of the appointing authority,
relatively recent set of rules
office encompasses more than
except independent contractors,
and continues to generate
voting. It prohibits a local
1
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
official from accepting any includes any money, property, organization with which the
12
item or service, including favor or service. The official is associated is
food or drink, and travel, of Wisconsin Ethics Board significant when compared to
more than nominal value, if it guidelines for local officials all affected interests in the
is offered, because the official indicate that a local public class; and (c) the action's
8
holds public office. It would official may only accept items effect on the interests of the
also prohibit an official from of insubstantial value such as official or of the related
using information derived "mere tokens and items or business or organization is
from holding office that is not services of only nominal, neither significantly greater
available to the public. In insignificant, or trivial nor less than upon other
1315
short, officials may violate
value."members of the class.
the restriction on "using" their
3
. Taking official action The basic test, therefore,
office even if they do not vote
substantially affecting a matter appears to be whether the
on a matter.
in which the official, an action has a general impact on,
An official is "associated"
immediate family member, or or whether the action chiefly
with an organization for an organization with which benefits, the official, a
purposes of the state ethics the official is associated has a member of the official's
law when the individual or a substantial financial interest or immediate family or an
member of the individual's using his or her office in a organization with which the
immediate family is an way that produces or assists in official is associated. Thus, a
officer, director or trustee, or the production of a substantial public official should not
owns at least ten percent of benefit for the official, participate in or perform any
the organization. An immediate family member or discretionary act with respect
individual is not associated organization with which the to making, granting, or
14
with an organization merely imposing an award, sanction,
official is associated.
because the individual is a permit, license, contract, offer
State law does provide a
member or employee of an of employment, agreement or
limited exception to these
9
other matter in which the
organization or business.
restrictions. Section 19.59(1)
official, a member of the
The term "immediate family" (d), Stats., expressly exempts
official's immediate family or
means an official's spouse and lawful payments of salarys,
a business or organization with
family members who receive expenses, benefits, or
which the official is associated
reimbursements, or actions on
more than one-half of their
has a substantial financial
support from the official or proposals to modify an
interest or would gain a
from whom the official ordinance.
substantial benefit.
receives more than one-half
Also, Wisconsin Ethics Board
10
The Wisconsin Ethics Board
of his or her support.
guidelines and advisory
guidelines for state officials
2
. Receiving "anything of opinions indicate that a local
suggest that when a matter in
value" if it could reasonably official may participate in an
which a local official should
be expected to influence the action that will affect the
not participate comes before a
local public official's vote, official or an organization
body, which the official is a
official action or judgment, or with which the official is
member of, the official should
could reasonably be associated when: (a) the
leave that portion of the body's
considered as a reward for official's action affects a
meeting involving discussion,
any official action or whole class of similarly-
deliberations, or votes related
11
situated interests; (b) neither
inaction.
16
to the matter. When, because
the official's interest nor the
The term "anything of value"
of a potential conflict of
interest of a business or
interest, an official withdraws
2
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
from the body's discussion, verified complaint of any to a lesser violation. Have
19
deliberation, and vote, the person. If the district attorney you violated the state ethics
body's minutes should reflect fails to commence an action code for local officials?
within twenty days after
the absence.
Probably. The line between
receiving such complaint or
4
. Giving, offering or being a parent and being a
refuses to commence an
promising to give, or public official is fuzzy at best
action, the person making the
withholding or offering or in this circumstance. Since
complaint may petition the
promising to withhold, his or dismissal or amendment of
attorney general to act on the
her vote or influence, or the underage drinking ticket
20
complaint.
promising to take or refrain will provide a financial gain,
from taking official action The ethics code provides for something of substantial
with respect to any proposed civil and criminal penalties for value, or substantial benefit
or pending matter in exchange its violation. A local official for a member of your
for any other person making or immediate family, your call
who intentionally violates any
refraining from making a part of sec. 19.59, Stats., may to the city attorney could
political contribution or be fined not less than $100 nor easily be construed as an
providing or refraining from more than $5,000 or attempt to use the influence
providing any thing of service imprisoned not more than one of your public office contrary
or thing of value to or for the year in the county jail or to sec. 19.59(1)(a), or 19.59
21
benefit of a candidate, political both. In the alternative, a (1)(c)2., Stats. Even if your
party, any other person who is civil forfeiture of up to $1,000 action does not violate the
subject to registration under may be imposed against a local state ethics code, if the
sec. 11.05, Stats., or any official for violating any part contact does produce a
person making a of the state ethics code for favorable result, the
22
communication that contains a prosecutorial integrity of the
local officials.
reference to a clearly city attorney is severely
Hypothetical Ethics Code
identified local public official compromised. Any
Problems
holding an elective office or to favoritism by the city
1
. You are a member of the
a candidate for local public attorney would call into
17
common council. Your 18-
question all future
office.
year-old daughter who lives at
prosecutions by him and
Enforcement and Penalties
home with you was arrested
expose him and your
Local officials may request
last night for underage
municipality to charges of
advisory ethics opinions from drinking in your city and given
selective prosecution. In
their municipal ethics board
a ticket with a fine of $96. She
short, you should not make
or, if there is none, from their is distraught and begging for
the call even if you think it
municipal attorney. The your help with the ticket
does not violate the state
municipal ethics board or because she thinks an
ethics code.
attorney may issue a written underage drinking conviction
If the person who got the
advisory opinion. If the will ruin her chances of getting
ticket is not your daughter
official follows the advice in into law school. She says she
but the daughter of a friend,
the opinion, it is evidence of
was not drinking even though
do you still have a problem
intent to comply with the a breathalyzer result shows
with sec. 19.59(1)(a), or
18
she was. You call the city
law.
19.59(1)(c)1. Stats., if you
attorney and tell him that you
The state ethics code for local
make the call?
believe your daughter and you
officials is enforced by the
think the ticket should be No, unless the action
local district attorney upon
dismissed or at least amended produces a substantial direct
3
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
or indirect benefit (e.g.,You could if your village
Yes. Assuming you do not
campaign contribution, free policies are sufficiently specific
provide one-half of your
food at your friend's to permit it. However, the
father's support or he does not
restaurant, etc.) for you better practice is to pay for the
provide one-half of yours,
contrary to sec. 19.59(1)(c)1., meal yourself and advise the
there is no violation of sec.
Stats. Nonetheless, the firm that they can reimburse the
19.59(1)(c)1., Stats., or any
problems regarding the village directly if it wishes.
other provision of the state
prosecutorial integrity of the
ethics code if you participate
3
.You are a member of a
city attorney noted above are
in the matter. However, your
common council. The
still implicated and you
local code may be more
committee you serve on is
should not make the call even
restrictive and should be
reviewing bids that the city has
though it may not be a
checked. In addition, you
received from a number of
violation of the state ethics
should also consider the
computer consulting firms. One
code.
public response even if your
of the firms that has submitted
local ethics code does permit
2
.You are a village trustee. a bid is owned by your spouse.
your participation since many,
While you and your spouse Can you participate in this
if not most, people will
are attending a conference for
matter?
question your ability to place
local public officials, an
No. If you participate, you will
your public obligations over
engineering consulting firm
be violating the prohibition in
your personal relationships.
invites you and your spouse to
sec, 19.59(1)(c)1., Stats.,
attend a dinner and offers to
4. You are a member of a
against taking any official
pay all costs. The written
common council. The council
action affecting a matter in
policies established by your
is considering plans and
which you, a member of your
village only authorize meal
specifications for a major
immediate family or an
reimbursement for you. Meal
street widening and repair
organization with which you
expenses for spouses or
project and a resolution
are associated has a substantial
children traveling with an
authorizing special
financial interest.
official are not covered.
assessments to be levied
At what point should you
Should you let the firm pay for
against abutting property
withdraw from participation?
you and your spouse?
owners to pay for the project.
Your home abuts the street
You should excuse yourself
No. A local public official
that is going to be widened
from participating in any
should not accept an offer to
and repaired. Should you
discussion, deliberations or
purchase a meal or other item
participate in the matter when
votes relating to the selection of
unless, and only to the extent
it comes before the council?
a computer consultant for the
that, the local government
city. The best way to proceed
would otherwise bear the
The state ethics code would
would be to remove yourself
official's expense and the
probably not prohibit you
from the committee meeting
governmental unit's obligation
from participating in this
before the bids are discussed,
to bear the expense is
matter even though the action
reviewed and evaluated. Also,
expressly authorized by, and
affects you and your property.
the minutes should reflect your
in accordance with,
This is because the action will
absence.
established written criteria.
affect a whole class of
similarly situated property
If the firm is owned by your
Can you pay the costs for your
owners abutting the street
father instead of your spouse,
spouse and let the firm pay for
project.
can you participate in the
yours without violating the
matter without violating the
state ethics code?
If the proposed project will
state ethics code?
greatly improve the value of a
4
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
piece of commercial property can be impartial, you should
simply when an official or
you own but does not have a advise the applicant of the fact
employee is authorized to
similar effect on most of the that your father-in-law lives
participate in its making.
next door to the property and
other properties, can you still
Abstaining from voting will
participate?determine whether the applicant
not prevent a violation.
has any objection to your
No. The test for determining
It is also important to note
participation.
whether you can participate is
that a violation of sec. 946.13
not limited to the number of 2) PRIVATE FINANCIAL
(1)(a), Stats., is not
INTERESTS IN PUBLIC
other persons affected but also
automatically avoided if
asks whether the impact of the CONTRACTS
someone other than the
action has a similar effect.
official or employee
Section 946.13, Stats., prohibits
Under the ethics law, you may
negotiates or bids for or
public officials and employees
vote on the project only if your
enters into a contract in
from having a private interest in
interest is not significant
which they have a private
a public contract. Importantly, it
relative to all the affected
pecuniary interest. This
is a strict liability statute and a
persons and the action's effect
position is reflected in the
conviction requires no proof of
on your property is neither
following statement by the
23
This means
criminal intent.
significantly greater nor less
Wisconsin attorney general:
public officials and employees
than upon other property
"It is equally clear, however,
must regularly review their
owners abutting the street
that the law [sec. 946.13(1),
public and private connections
project.
Stats.] forbids a public
to avoid inadvertent violations
officer or employee from
5. You are a member of the
of this law.
accomplishing through an
village plan commission. The
Prohibited Conduct
agent that which the law
commission is considering a
prohibits [the officer or
Section 946.13(1), Stats.,
conditional use permit request
employee] from doing
prohibits a public official or
by a person who owns
25
directly." This means that if
employee from engaging in the
property next door to your
another person or entity is
following conduct:
father-in-law. Do you
acting as agent for the public
participate in the matter?
1
. In his or her private capacity,
official or employee, then the
negotiating or bidding for or
If your father-in-law does not
actions of that person or
entering into a contract in which
receive more than fifty percent
entity will be deemed those
the official or employee has a
of his support from you and
of the official or employee
direct or indirect private
you do not receive more than
for purposes of sec. 946.13
pecuniary interest if the official
fifty percent of your support
(1), Stats.
or employee is also authorized
from him, then the state ethics
Similarly, officials and
or required by law to participate
law would not preclude you
employees should be mindful
in his capacity as such officer or
from voting on the zoning
that violation of sec. 946.13
employee in the making of that
change. However, the state and
(1)(a), Stats., does not require
24
contract.
federal constitutional
that a contract actually be
guarantees of due process
This is the most significant
executed. Negotiation or
require administrative or
prohibition in the pecuniary
bidding for the contract is
quasi-judicial decisions such
interest statute since there is no
enough to violate the
as this to be made by an
requirement that an official or
restriction.
impartial decision maker. If
employee actually take any
you cannot be impartial, then
2
. Participating in the making
action in regard to the contract.
you should not participate.
of a municipal contract in his
The statute imposes liability
Even if you believe that you
or her official capacity or
5
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
subjects the person to a fine of
performing some function purposes of the contract. If so,
not more than $10,000,
requiring the exercise of any attempt by the firm to
imprisonment for not more
discretion in regards to a negotiate or bid for or enter
29
than two years, or both. A
municipal contract if the into the water system contract
conviction would also lead to
official has a direct or indirect with the city is a violation by
an automatic vacation of an
financial interest in the you of sec. 946.13(1)(a),
elective office since the
26
Stats.
contract.
official would be
constitutionally and statutorily
This restriction requires some
What if you did not do any
barred from holding public
affirmative act such as a vote
work on the contract?
30
office.
or some other participation in
If you did not do any work on
the making or execution of the
Hypothetical Pecuniary
the contract, it is less likely
contract before there is a
Interest Statute Problems
that the firm is acting as your
violation. Accordingly,
agent.
1. You are a member of the
refraining from acting in all
city council and are employed
What if you were a senior
official or authorized
by a local engineering firm.
partner in the firm but still did
capacities on the contract will
Your city has recently decided
not do any work on the
prevent violation.
to solicit bids from qualified
contract?
Exceptions
engineering firms for a study
If being a senior partner
of its municipal water system.
There are a number of
means you have a say in the
The contract will pay $50,000.
statutory exceptions to sec.
management decisions of the
You are not involved in any
27
946.13(1), Stats. Probably
firm, your firm is probably
management decisions at your
the most important exception
acting as your agent and sec.
engineering firm but a major
is for contracts in which any
946.13(1)(a), Stats., has
portion of your work with the
single public officer or
probably been violated if the
engineering firm is related to
employee is privately
firm submits a bid.
the design and operation of
interested that do not involve
municipal water systems. In
2. You are a nominee for a
receipts and disbursements by
fact, you are the expert in
position on a city's
the state or its political
your firm on municipal water
redevelopment authority and
subdivision aggregating more
systems. Your firm intends to
28
the director of a local non-
than $15,000 in any year.
bid for the water system
profit organization, which
It is important to note that the
contract with your city and
received a $25,000
exceptions do not authorize
you intend to do work on the
development loan from the
any particular behavior. They
contract if it is awarded to
authority one year ago. Can
only remove the conduct from
your firm. Do you have a
you serve on the authority?
the scope of sec. 946.13(1),
problem with sec. 946.13(1),
Yes. Since the loan was
Stats. They do not immunize
Stats.?
negotiated, bid for, and
the behavior from other
There is no case law or legal
entered into prior to
applicable restrictions such as
authority that provides a clear
appointment to the
the state ethics code for local
answer. However, League
redevelopment authority and
officials, common law rules,
legal staff believe there is
before you had any authority
or local ordinances and rules.
probably sufficient evidence
to participate as a public
Enforcement and Penalties
under these facts to suggest
official in the making of the
that the engineering firm is
Violation of sec. 946.13, loan, there is no violation of
acting as your agent for
Stats., is a Class E felony and sec. 946.13(1), Stats.
6
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
However, if your organization
where you have official Would you violate sec. 946.13
attempts to renegotiate the
authority to act. (1), Stats., if you applied
terms of the existing loan or
before resigning but withdrew
4. You are a city council
seeks a new loan while you
your application before the
member. The human
serve on the authority, the
city acted on it?
resources director position
statute would be violated.
Yes. Section 946.13(1)(a),
with the city will be vacant in
Moreover, you cannot take
the near future due to the Stats., prohibits a public
any action regarding the
retirement of the current official from merely
current administration of the
negotiating or bidding for a
director. The position pays an
existing loan while you serve
contract in which the official
annual salary of $50,000. Can
on the authority.
you apply for the position has a financial interest if the
3. You are a member of the
official is authorized to
before you resign from the
village board. You also own
city council? participate in his official
the only hardware store in the
capacity in the making of the
No. Submission of an
village. The village regularly
contract. Here, you have
application for employment is
purchases supplies from the
submitted a bid by applying
a bid for a contract. Since the
store. You always abstain
for the position while being
position will pay an annual
from voting on bills and
authorized to exercise official
salary in excess of the sec.
claims relating to your store.
discretion with regard to the
946.13, Stats., limit of
Last year total sales to the
contract. This violates the
$15,000, you must resign
village amounted to $12,000.
statute and it does not matter
from the city council before
Did you violate sec. 946.13
that you have withdrawn your
you can apply for the position.
(1), Stats., last year?
application before it was acted
You intend to resign from
on.
No. You are allowed to do a
office before you submit your
total of $15,000 worth of
3) Compatibility of Offices
application. However, you
business with the municipality
and Positions
know the mayor will nominate
in a year.
the new director to the city One of the most important
This year, sales to the village
council for approval and want common-law (court made)
are approaching $17,000
rules regarding conflict of
to talk to her about your
dollars. Are you in violation
options. Can you talk to the interest is the doctrine of
of sec. 946.13(1), Stats., this
mayor while you are still a incompatibility. This doctrine
year?
member of the city council recognizes a conflict of
and let her know that you are interest in some situations
Yes. The sales transaction that
interested in the position? where a public official holds
pushed you over the $15,000
two public offices or holds a
limit of sec. 946.13(2)(a),
No. Such discussion probably
public position and a public
Stats., constituted execution
constitutes negotiation or
31
office.
of an impermissible contract
bidding for the employment
under sec. 946.13(1)(a), Stats.
and violates sec. 946.13(1)(a), A leading commentator on
While abstention will protect
Stats. The discussion with the
municipal law states the basic
you from violating the
mayor may also be an concern associated with
prohibition on official action
improper use of your office conflicts in this context as
on a contract where you have
and be a violation of sec. follows:
a financial interest, it will not
19.59(1)(a), Stats., of the state
Public policy demands
prevent you from violating the
ethics code for local
that an officeholder
provision prohibiting private
government officials.
discharge his or her duties
involvement in a contract
7
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
impartially, and
with undivided loyalty.
33
of the official or employee.
efficiently the duties of
The doctrine of
The incompatibility doctrine
both offices,
incompatibility is
probably does not apply to an
considerations of public
intended to assure
individual who holds a public
policy render it improper
performance of that
position and provides a
for an incumbent to retain
quality. Its applicability
service to a governmental
both. Two offices or
does not turn upon the
entity as an independent
positions are incompatible
integrity of the person
34
contractor. The Wisconsin
if there are many potential
concerned or his or her
supreme court has adopted the
conflicts of interest
individual capacity to
following definition of an
between the two, such as
achieve impartiality, for
independent contractor:
salary negotiations,
inquires of that kind
supervision and control of
would be too subtle to be
An independent
duties, and obligations to
rewarding. The doctrine
contractor is one who is
the public to exercise
applies inexorably if the
employed to do a piece
independent judgment. If
offices come within it, no
of work without
the duties of the two
matter how worthy the
restriction as to the
offices are such that when
officer’s purpose or
means to be employed,
placed in one person they
extraordinary his or her
and who employs his
32
might disserve the public
talent.
own labor and
interests, or if the
undertakes to do the
The Wisconsin Attorney
respective offices might
work in accordance with
General cited approvingly in a
or will conflict even on
his own ideas or under
formal opinion, 74 Op. Att’y
rare occasions, it is
plans furnished by the
Gen. 50 (1985), a summary of
sufficient to declare them
person for whom the
common law incompatibility
legally incompatible.
work is done, to produce
principles discussed in 63A
certain results required
The commentator and
Am. Jur. 2d Public Officers
35
by such person.
attorney general statements
and Employees §78 (1984):
reveal a key principle of the
The court has also explained
Incompatibility is to be
incompatibility doctrine. The
that the “reservation by a
found in the character of
doctrine is not concerned with
municipality of the privilege
the offices and their
actual evidence of disloyalty
of inspecting and generally
relation to each other, in
or bias. Rather,
supervising the work, and
the subordination of the
incompatibility is present if
making changes in the plans,
one to the other, and in
the dual service creates any
does not destroy or impair the
the nature of the duties
potential for a conflict over
character of independent
and functions, which
36
salary negotiations,
contractor.” In addition, the
attach to them. They are
supervision and control of
court advised that “whether
generally considered
duties or obligations to the
one is an employee or an
incompatible where such
public to exercise independent
independent contractor
duties and functions are
judgment. This means the
generally should be
inherently inconsistent
question of incompatibility is
determined from the facts of
and repugnant, so that
determined upon a review of
the particular case, and from a
because of the contrariety
the duties and responsibilities
proper construction of the
and antagonism which
37
of the two offices or office
contract as a whole.” This
would result from the
and position involved, not the
means an official cannot avoid
attempt of one person to
personal character or abilities
an incompatibility problem by
discharge faithfully,
8
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
simply declaring his non-
position. While it is clear that The answer is probably yes
public employment to be that
the official must give up the since the incompatibility
of an independent contractor.
office or position, there is no doctrine has not been
Rather, the particulars of the
clear direction in the law as to extended to non-public
relationship between the
whether the first office/employment situations.
official and the government
position is automatically However, this situation is very
entity will be closely
vacated or whether the person close to the one found
examined to determine
may choose between the incompatible in the Otradovec
whether the official is truly an
decision and does create some
office and position.
independent contractor.
potential for a conflict over
Hypothetical
salary negotiations,
A good rule of thumb for
Incompatibility Problems
supervision and control of
governing body members to
1. You are a member of a city
duties or obligations to the
follow is that they cannot hold
library staff and are thinking
public to exercise independent
other public offices or
about running for the city
judgment that might lead a
positions unless the
council. Can you work for the
court to include such private
arrangement is specifically
library and serve on the city
employment within the scope
authorized. For example,
council if elected?
of the incompatibility
governing body members are
doctrine.
expressly authorized to serve
No. The fact that the library
on local boards and
board comes between the
What if the firm, not just its
commissions, as long as they
librarian and the common
head, has been appointed as
receive no additional
council does not remove the
village assessor?
remuneration other than a per
incompatibility problem. This
This minor change in facts
diem that is paid to all
is because the common
probably renders your
members of the board or
council controls the amount of
employment with the firm and
38
commission. Also, elected
money the city appropriates to
service as a village trustee
public officials may serve as
the library board and confirms
incompatible since a court
EMTs and volunteer
appointments to the library
may find your “private”
firefighters for their
board. Thus, a person who is
employment to be sufficiently
municipalities, as long as total
an employee of the library and
public in light of the potential
compensation, including
who simultaneously sits on
for a conflict over salary
fringe benefits does not
the common council can
negotiations, supervision and
39
exceed $15,000 per year. A
exercise ultimate control over
control of duties or
member of a city council or
his or her employer, the
obligations to the public to
village board may also serve
library board, through
exercise independent
40
as a county supervisor.controlling the level of
judgment.
funding and the appointments
Enforcement and Penalties
to the board. 3. You have served as a
Under the doctrine of
member of your village’s
2. You are employed by a
incompatibility, if a second
volunteer fire department for
private firm whose head is the
office is taken that is
ten years. You have received,
village assessor and are
incompatible with an existing
on average, $1,000 a year for
thinking about running for the
office, the official is deemed
your services. You have just
village board. Can you
to have vacated the first
been elected to the village
continue to work for the firm
office. The law is not so clear
board. Must you resign from
and serve on the village board
regarding the holding of an
the volunteer fire department?
if the head of your firm is still
incompatible office and
No. Section 66.0501(4),
the village assessor?
9
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
eligibility for another public
42
body or board.
Stats., allows governing body
position with the municipality
members to serve as volunteer
Robert’s Rules of Order
she serves. However, it is not
firefighters for their
the only one. A separate
Many municipalities have
municipalities, as long as the
provision also provides that a
adoptedRobert’s Rules of
compensation they receive as
member of a city council or
Order. Officials should be
firefighter or EMTs, including
village board is ineligible,
aware that section 44 of those
fringe benefits, does not
during the term of office for
rules provides:
exceed $15,000. Note: There
which the member is elected:
may be some question under
No member should vote
(1) for any office or position
the Fair Labor Standards Act
on a question in which he
that has been created during
(FLSA) whether an individual
has a direct personal or
that term, even if the member
who is paid $15,000 in any
pecuniary interest not
resigns his or her office prior
year is a volunteer under that
common to other
to appointment; and (2) an
law and the $15,000 threshold
members of the
existing office or position, if
under sec. 66.0501(4), Stats.,
organization.… The rule
the selection for it is vested in
should not be interpreted as
on abstaining from voting
the governing body, unless the
permitting noncompliance
on a question of direct
member resigns before the
with the requirements of the
personal interest does not
44
selection is made.
FLSA.
mean that a member is
Mid-term Salary Change
prevented from voting for
4) Other Conflict of Interest
Statute
himself for an office or
Laws and Rules
other position to which
A local elected official may
The Decision
Hall
members are generally
not vote to increase her salary
eligible, nor from voting
The general rule of law,
during her current term of
when other members are
according to an old Wisconsin
45
office. This provision does
included with him in a
supreme court decision, is that
not prohibit all votes on salary
motion.
members of a legislative body
during a term of office. An
or municipal board are
official may vote on a
This rule and the Hall case
disqualified to vote therein on
proposed salary increase that
noted above were cited by the
propositions in which they
will take effect at the
Wisconsin court of appeals in
have a direct pecuniary
beginning of the next term of
a case where the employee of
interest adverse to the
office.
an entity seeking a rezoning
41
municipality. This rule
abstained from voting as a
Misconduct in Office Statute
seems to expand upon the
county board supervisor on
restrictions in the ethics code.
46
State law provides that any
43
the matter. The court
If the rule extends to
public officer or employee
concluded that had the
legislative decisions, it would,
who does any of the following
employee-supervisor voted,
for example, prohibit a city
is guilty of a Class E felony,
his vote would have been
council member who owns a
punishable by a fine not to
disqualified.
restaurant with a liquor
exceed $10,000 or
Eligibility for Other Public
license from voting on a
imprisonment not to exceed
Positions Statute
proposed change in the liquor
two years or both:
license fees to be charged.
The pecuniary interest statute,
1
. Intentionally fails or
However, it is not clear
sec. 946.13(1), Stats.,
refuses to perform a known
whether the rule applies to
discussed earlier, is probably
mandatory, nondiscretionary,
legislative and non-legislative
the most significant limitation
ministerial duty of the
actions of a governmental
on a public official’s
10
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
special conflict of interest
personal advantage, which the
officer’s or employee’s office
rules that are imposed
officer or employee is not
or employment within the
pursuant to professional rules
authorized to receive,
time or in the manner required
of conduct related to their
pursuant to an understanding
by law.
profession or position.
that the officer or employee
2
. In the officer’s or
will act in a certain manner
One public officer subject to
employee’s official capacity
regarding any matter which is
such professional rules of
does an act which he or she
pending or might come before
conduct is the municipal
knows is in excess of the
the officer or employee in the
attorney. Like other attorneys,
officer’s lawful authority or
officer’s or employee’s
a municipal attorney is subject
which the officer or employee
capacity as such officer or
to the rules of professional
knows the officer or employee
employee or that the officer or
conduct for attorneys, which
is forbidden by law to do in
employee will do or omit to
includes a set of conflict of
the officer’s or employee’s
do any act in violation of the
50
interest rules. In some
official capacity.
officer’s or employee’s lawful
instances, these rules or others
3duty is guilty of bribery, a
. By commission or
rules of professional conduct
47
omission, in the officer’s or Class D felony.
may prohibit a city or village
employee’s official capacity,
attorney from acting in a
Discounts at Certain
exercises a discretionary
matter and necessitate the use
Stadiums Statute
power in a manner
of outside counsel.
No person serving in a local
inconsistent with the duties of
Another “local” official with
elective office may accept any
the officer’s or employee’s
special conflict of interest
discount on the price of
office or employment or the
51
rules is a municipal judge.
admission or parking charged
rights of others with intent to
Municipal judges, even those
to members of the general
obtain a dishonest advantage
who are not lawyers, are
public, including any discount
for the officer or employee or
subject to the same rules of
on the use of a sky box or
another.
judicial conduct as other
private luxury box, at a
4
. In the officer’s or
judges with some limited
stadium that is tax exempt
employee’s official capacity
52
exceptions. Some of these
from general property taxes
intentionally and materially
rules extend to municipal
48
under sec. 70.11(36), Stats.
falsifies an entry in an account
53
court staff. A municipal
Sales to Liquor Licensees
or record book or return,
judge is also subject to a
Statute
certificate, report or statement.
special incompatibility
conflict of interest rule that
No member of a municipal
5
. Under color of the office or
prohibits a municipal judge
governing body may sell or
employment, intentionally
from holding any other office
offer to sell to any person
solicits or accepts for the
of public trust during his or
holding or applying for a
performance of any service or
54
her term of office.
retail beer or liquor license
duty anything of value which
any bond, product or thing
the officer or employee knows
Conclusion
which may be used by the
is greater or less than is fixed
The foregoing is merely an
licensee in carrying on the
by law.
introduction to and overview
49
licensee’s business.
Bribery Statute
of some of the more important
Rules of Professional
rules and laws addressing
Any public officer or public
Conduct
ethics and conflict of interests
employee who directly or
for Wisconsin municipal
Some public officials and
indirectly accepts or offers to
officials. Some, such as the
employees are also subject to
accept any property or
11
Legal Comment Compatibility of Offices # 605 &- Pecuniary Interest # 389
35.
Weber v. Hurley, 13 Wis.
16.
Wisconsin Ethics Board
impartiality requirement under
2d 560, 568, 109 N.W.2d 65
Guidelines for State Officials,
the due process clause of the
(1961).
Private Interest in Official
state and federal constitutions,
36.
Id.
Action, Eth 232 (November
are too complex to fully
37.
Id.
1991; rev. March 1997).
address in an overview.
38.
Sec. 66.0501(2), Stats.
17.
Sec. 19.59(1)(br), Stats.,
However, it is hoped that this
39.
Sec. 66.0501(4), Stats.
created by 2001 Wis. Act 109.
short refresher course or
40.
Sec. 59.10(4), Stats., and
This provision is effective
introduction will help local
Compatibility of Offices 604.
July 1, 2003 and applies to a
officials recognize and avoid
41.
Board of Supervisors of
local public official holding
potential conflict of interest
Oconto County v. Hall, 47
an elective office.
problems in their community.
Wis. 208, 2 N.W. 291 (1879).
18.
Sec. 19.59(5)(a), Stats.
42.
See 63 Op. Att'y Gen. 545
19.
Sec. 19.59(8)(a), Stats.
End Notes:
(1974), citing 133 A.L.R.
20.
Sec. 19.59(8)(c), Stats.
1.
Sec. 19.59, Stats. For a
1257; 62 C.J.S., Municipal
21.
Sec. 19.58, Stats.
further discussion of the state
Corporations, sec. 402 (rule
22.
Sec. 19.59(7), Stats.
ethics law, see the legal
may not extend to legislative
23.
State v. Stoehr, 134
comments in the June 1995
decisions) and McQuillin
Wis.2d 66, 396 N.W.2d 177
(Pecuniary Interest 373),
Mun. Corp., sec. 13.35 (3d ed)
(1986).
October 1991 (Officers 749)
(this municipal law treatise
24.
Sec. 946.13(1)(a), Stats.
and December 1991
does not cite any legislative
25.
75 Op. Att'y Gen. 172,
(Pecuniary interest 365) issues
act exception to the Hall rule).
174 (1986).
of the Municipality.
43.
Ballenger v. Door County,
26.
Sec. 946.13(1)(b), Stats.
2.
Sec. 19.42(7u), Stats.
131 Wis. 2d 422, 388 N.W.2d
27.
See secs. 946.13(2), (5),
3.
Sec. 19.59(7x), Stats.
624 (Ct. App. 1986).
(6), (7), (8), (9), (10), and
4.
Sec. 19.42(7w), Stats.
44.
Sec. 66.0501(2), Stats.
(11), Stats.
5.
Id.
45.
Sec. 66.0505, Stats.
28.
Sec. 946.13(2)(a), Stats.
6.
Sec. 19.59(1m), Stats.
46.
Sec. 946.12, Stats.
29.
Sec. 939.50(3)(e), Stats.
7.
Sec. 19.59(1)(a), Stats.
47.
Sec. 946.10, Stats.
30.
Wis. Const. art. XIII, sec.
8.
Wisconsin Ethics Board
48.
Sec. 19.451, Stats.
3(3) and sec. 17.03(5), Stats.
Guidelines for Local Officials,
49.
Sec. 125.51(1), Stats.
31.
See State v Jones, 130
Local Officials Receipt of
50.
See, e.g., SCR 20:1.7
Wis. 572 (1907); Martin v.
Food, Drink, Favors,
51.
A municipal judge is
Smith, 239 Wis. 314 (1941);
Services, Etc., Eth 219, (July
included in the list of officials
andOtradovec v. City of
1992; rev. June 1994). The
subject to the state ethics code
Green Bay, 118 Wis. 2d 393,
Wisconsin Ethics Board
for state officials. See secs.
(Ct. App. 1984).
guidelines for local public
19.42(13) and (14), Stats.
32.
3 McQuillin, Municipal
officials may viewed online at
52.
See Chapter SCR 60 of
Corporations, §12.67 (3d ed.)
http://ethics.state.wi.us
.
the Wisconsin Statutes.
33.
See State v Jones, 130
êØÚ
êÉÜÉÊ
53.
SCR 60.04(2)(b).
Wis. 572 (1907); Martin v.
10.54.
Sec. 19.42(7), Stats. Sec. 757.02(2), Stats.
Smith, 239 Wis. 314 (1941);
11.
Sec. 19.59(1)(b), Stats.
andOtradovec v. City of
12.
Sec. 19.42(1), Stats.
Green Bay, 118 Wis. 2d 393
13.
Supra note 7.
(Ct. App. 1984).
14.
Sec. 19.59(1)(c), Stats.
34.
League opinion
15.
See e.g., Op. Ethics Board
Compatibility of Offices 581
92-22 (June 16, 1992).
12