ABCADEFGHEIEJKLEAMLNOLPLQERLQESTC
DQUEGGV
WXYZ[EP\ERKLE]POPQMZ^L
_ZNE6YN[E7NLK8L9 EFG HIFJKLKG MNG OPQMRG STUTVG WMI...
23 downloads
1299 Views
954KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
ABCADEFGHEIEJKLEAMLNOLPLQERLQESTC
DQUEGGV
WXYZ[EP\ERKLE]POPQMZ^L
_ZNE6YN[E7NLK8L9 EFG HIFJKLKG MNG OPQMRG STUTVG WMIG IXYFJKIMZIXZIG O[FIMXLXZIQFIY\[XHG \]MFJKIX OYRLXG[XZGFIMXIXG^IR_IQXGL[_GZIQGIMXIXG[XZGOXYM`EaGNMYGFIMXIXGaYQIMYbQc_YIXGL[_ ZIQGLXZIQIXGaIMYIGHMXHGdeIQQLFJKIXZGL[FVGWMIGfgXGZIXGhgFNgbQLYIXGfIQLXRLiYI jIQeLXX[XHGfgXGOXYM`EaG][QZIGHIHIXFYLXZFRgFkGZIXXGL[FGlmeeIbMXHG[XZGOXYM` EaG IXYFYLXZG IMXG XI[IFG a[PIQ]IFIXkG ZLFG KMX_gQYG L[_G ZIQG aIMYIG ZIFG ngFMYMfIX LHMIQYV WMIGXI[IGaLJKRLHIGMFYGc[iIQFYGYQmFYRMJKkG\[NLRGZMIGoKLXJIGeIFYIKYkGZLiGL[JKGMX ZIQGbdXFYRMJKIXGWgPPIRHLRLpMFGqLQF`r`qLQFGX[XGIXZHdRYMHGZIQGsQMIZIGIMXbIKQYVGsdQ OYRLXGtIZgJKGMFYGZMIGaMY[LYMgXGLRRIFGLXZIQIGLRFGQgFMHVGWIQGqIFMY\GZIQGhggQZMXLYIX fgXGjLQXKLHKIQ`uKvXXFYkGgKXIGZMIGIQGXMJKYGZIXGO[_YQLHGZIQGhgFNgbQLYIXGIQ_dRRIX bLXXkG ]MQZG MKNG X[XG Z[QJKG oKveQLMXG fgQIXYKLRYIXVG weG IQG IFG ]MRRG gZIQG XMJKYkG ZIQ OQbgXMZIG]MQZGfIQP_RMJKYIYkGZMIGxLNIXRgFIGygXIGL[_\[F[JKIXV zX\]MFJKIXG FJKQIMeYG NLXG ZIXG O[H[FYG STUTVG {QgY\G ZIQG jIQXMJKY[XHG ZIFG |[Xb` xLeIRFkG ZIFG RIY\YIXG }eIQHLXHFG \]MFJKIXG xgQNLR[XMfIQF[NG [XZG xLNIXRgFIQ ygXIkGHMeYGIFGIMXIGdeIQQLFJKIXZIG~mHRMJKbIMYkGZIXXgJKGMXGZMIFIFGL[NHIeMIYG\[ HIRLXHIXV WMIFIG~mHRMJKbIMYG]MQZGZ[QJKGOYRLXGHIX[Y\YVGy[FLNNIXGNMYGZQIMGj[RX[QIQXGNLJKY IQG IMXIXG IQXI[YIXG jgQFYgiVG WLeIMG IQ]LQYIYG MKXG ZLFG o^OwaG ~G WzE s{qw|EGVVV
DEFGHIJKLKFMNOPFPGQFNGROSIPNT ULVIP ! "#$ %$&'()*# +)$* &'(,-./)#$/0 WXIPYGZ[\GJPQGDMOON ! ")# %/)1!"$)..)(2# *#, 3-.(-$#$,45)66, 789:;<0 W[IME ! =)# ),/ :#2#(,/>(* #)(#$ +#)/#$#( ?'*#,@),)'(0 ]IJ^X ! 8A#$B$)#,/#$ *#$ 3-..&>-2#$0 _MOPNFV ! C>-25, :#2#(,B)#.#$ D #)( EF$#/)$0
12 EFGHIJKLKMNNOFLPIJKLGIOLQORSJKNOLTFGLUOVOFGOFLWOXMKRKOINONY ZNI[\]KMFLPNMFGL^_RLGO`LaTNTRY ERL PJKXIOVbL PcOtNIPJKL XMRNOFGYL uTRL GIOL vINNORFGOFL aSKHORL ^ORRIONOFL POIFO ERROVTFVYL wOIFOL VR_xOFL aMJONNOFMTVOFbL IFL GOFOFL PIJKL GIOL XOFIVOFL UIJKNOR KTFGORNyMJKL PtIOVOHNOFbL WONRMJKNONOFL GIOL PNOIFORFOL wcTHtNTRYL zMPL {W|OcNL XMRL IF ^IOHORHOIL}IFPIJKNLOIFLQOKOI`FIPL_GORLWOPPOR~LOIFLVOKOI`FIP^_HHORLaTFGY FLGORL{QEuLOIPNIORNOFLT`ObLGIOLFTRLPOKRLPOHNOFLWONRONOFLXTRGOFYLEPLVMW OIVOFNHIJKLcOIFOFLQRTFGbLGIOPOFLMWVOHOVOFOFLOROIJKLGOPLwJKIyyOPLMTyvTPTJKOF
GIOL ]OJKFIcL MRWOINONOL vT^ORHPPIVL TFGL WRMTJKNOL FPtOcNI_FOFL FTRL IFL VR_xOF OINMWPNFGOFYL EIFO`L ^MVOFL `tTHPL y_HVOFGbL KMNNOL PIJKLZNI[\]KMFL ^_RL XOFIVOF wNTFGOFLMTyLGIOLwTJKOLFMJKLFIJKNPLOPNI``NO`LVO`MJKNLLTFGLGMWOILGMPLaTNTR VOyTFGOFY zMPLaTNTRLXMRLTRMHNY uIO`MFGL XTxNObL X_KORL OPL PNM``NObL TFGL XORL L MTPL XOHJKOFL QRSFGOFL TFGL vT XOHJKO`L XOJcL L GMPL G_HL MTPL VRMTV_HGOFL VO`MPORNO`bL KOHHWRMTFO`L wNOIF VO`OIxOHNLKMNNOYLzMPLaTNTRLXMRL`MPPIVLTFGLVOGRTFVOFbLONXMLOIFOFLONORLK_JKb MHP_L KMHWL P_L VR_xL XIOL GORL ^THFTRIPJKOL IPPOFPJKMyNHORYL _HHORL uMJKGOFcHIJKcOIN WONRMJKNONOLZNI[\]KMFLPOIFOFLTyMHHPyTFGYLERLORIFFORNOLPIJKLMFLMHHLGIOLPOHNPM`OF TFGLMWORVHTWIPJKOFLERvKHTFVOFbLGIOLORLSWORLGMPLaTNTRLVOKRNLKMNNOYLuIJKNLFTR OR
L MTJKL TFvKHIVOL MFGOROL THFTRORbL GIOL ORPNL XIFvIVOL ]OIHOL IKROP QOPJKIJKNPWOXTxNPOIFPLOFNGOJcNLKMNNOFYLzMWOILXMRLIKFOFL^_FLGOFLw_HMFORFLI` IOPOFPJKIyyLVOK_HyOFLX_RGOFY zMPLaTNTRLYYYLOPLOIPNIORNOFLIFLGOFLwJKIyyOFLOIFOL}MFG^_HHLTHFTRORbLGIObL_KFOLOPLvT cOFFOFbLOPLMHPL}OIHIVNT`L^OROKRNOFY uMNSRHIJKLXSRGOLORLPOIFOFLaTFGLIFLcTRvORLOINLMHHOFLWOcMFFNVOWOFLTFGLvTVFVHIJK `MJKOFYLZWORLF_JKLFIJKNL|ONvNYLERLX_HHNOLOIFOLOIHOL`INLGO`LaTNTRLMHHOIFLPOIFLTFG ^ORPTJKOFbLOIFOFLItyOHLGOPLwJKHOIORPLMTPLGORLORVMFVOFKOINLvTLKOWOFbLGORLGIO wNOIFPcTHtNTRLT`VMWY zMPLaTNTRLNRTVLORc`MHObLGIOLMTJKLGOFLTHFTRORFLOIVOFLXMROF
LaMJONNOFMTVOF TFGL KORMTP`_GOHHIORNOL ZFPNvOL ySRL aSKHORYL ZTJKL GIOL QHIOG`MxOFbL GIOL MFL GOF
RtORLMFVOHOVNLXMROFbLPMKOFLOFNyORFNLXIOLGIOLQOKXORcvOTVOLGORLTHFTRORLMTPY wJK`MHOL QTRNOL `INL RIFVyR`IVOFL wJKHMTyOFL cROTvNOFL PIJKL SWORL GOFL t_HIORNOF ]OIHOFbLGIOLMFLMWPtROIvWMROLaHSVOHLORIFFORNOFLTFGLMFLGIOLVOXHWNOFLKINIFtMFvORY zORL ZTPGRTJcL GOPL PNMRROFL QOPIJKNPL XMRL ^ORPJKH_PPOFL TFGL vTRSJcKMHNOFGbL ^_F OIFORL NIOyOFL OIPKOINL ORySHHNYL zIOL HMPNIcL MTPL PJKXORO`L wNOIFL PNMFGL MTyL OIFOR `ONMHHOFOFL wtOIJKORWMFcbL GIOL PIJKL [TORL SWORL GIOL SJcXMFGL GOPL ^ORVOPPOFOF MT`OPL PtMFFNOYL zMPL UIJKNL ^_FL OIFO`L zTNvOFGL ]IOyPNRMKHORL TFGL OIFIVOF VORIJKNONOFL UM`tOFbL GIOL ZNI[\]KMFL IFPNMFGL VOPONvNL KMNNObL ^ORHIOKL GOR `NK_H_VIPJKOFL QOPNMHNL OIFL PNMRROPbL POHWPNWOXTxNOPL ZTPPOKOFYL `L ZTVOFWHIJc WOyMFGLPIJKLcOIFLw_HMFORLMTyLGORL{QEuYLw_FPNLXSRGOLIKFLZNI[\]KMFLT`LOIFOF MNLVOWONOFLKMWOFYLMPLXMRLvTLNTF uTFbL PMVNOL ZNI[L vTL PIJKL POHWPNbL vTORPNL XORGOL IJKL `OIFOL RSGOR WOFMJKRIJKNIVOFYLZWORL MTJKL PIOL XIPPOFL FIJKNL `OKRL MHPL IJKYLZNI[\{vL TFGLZNI[\ zR__PLWOPJKyNIVNOFLPIJKLOWOFP_L`INLGORLa_RPJKTFVbLGIOLIKFOFLMHHOFLONXMPL`OKR SWORLGIOLORVMFVOFKOINLPMVOFLP_HHNOYL{KFOLGIOL^ORVMFVOFOLOINLvTLcOFFOFbLXMR HMFTFVL ySRL GIOL TcTFyNL FIJKNL `VHIJKYL KROFGL ]KMFL vTRL QOVOFPtROJKMFHMVO VIFVbLXMRyLORLF_JKLOIFOFLHIJcLMTyLGIOLwNMNTOYLONvNLPMKLORLPIOLFIJKNL`OKRLGIROcN ^_FL^_RFbLP_FGORFL^_FLGORLwOINObLMHP_LI`LR_yIHYLZWOR`MHPLyIOHLIK`LGORLZTPGRTJc GOPL aTFGPNSJcPL MTyYL zMPL aTNTRL XIRcNObL MHPL _WL OPL PIJKL `INL KMRNL MFVOPtMFFNOF TPcOHFL TFGL wOKFOFcF_NOFL ^_FL POIFO`L wNMFGtHMNvL PJKFOHHOFL X_HHNOYL zIO UIJKNOyyOcNOL`MJKNOFbLGMxLGORLwNOIFLPIJKLNMNPJKHIJKLvTLWOXOVOFLPJKIOFY ZNI[\]KMFLGRSJcNOL`INLOIFORLwJKOROLGORL_WORPNOFLROJKNOFLEFGVHIOG\MFVOLMTyLGOF c_FcM^LVOy_R`NOFL_FNMcNcF_tyY ZTVOFWHIJcHIJKL cFMJcNOL GORL UMTNPtROJKORYL zIOL UIFPOFL vOIVNOFL GOFL HIJcL IFL GOF ZRWOINPRMT`LGORLvXOILMFGOROFLRSGORY {v«L zR__P«L RIOyL ORL MTyVOROVNYL _``NL P_y_RNL KORYL JKL KMWOL OIFOF MTyPOKOFORROVOFGOFLaTFGLVO`MJKNY QOWTRNLGORLUIJKN[TOHHO«LPJKFMRRNOLZNI[\zR__PLvTRSJcYLERLXMRLGORLM`LXOFIVPNOF OGJKNIVOL GORL zRIHHIFVO
L OIFL GRMTyVFVORIPJKORL THFTRORbL GOPPOFL ZcNI_FOF _yN`MHPL POIFOL OIVOFOFL QOGMFcOFL SWORK_HNOFYL zTL PNRPNYL TKROF«L PJKRIO ]KMFYL {v«L uI``L TFPOROFL RTGORL TFGL PJKHOttOL IKFL KIORKORYL wOKNL MTyL GOF IHGPJKIR`Y ERL`MJKNOL`INLPOIFOFLHMFVOFLOIFOFLvXOILwJKRINNOLvTRLwOINOYLERbLGORLZFVOKRIVO GORL GRINNOFL MPNObL XSRGOL MHHOFL ySFyTFGPOJKvIVNMTPOFGL FPMPPOFL GORL wJKIyyOL OIF OVRIyyLPOIFbLOWOFP_LXIOLGMPLaTNTRLySRL|OGOFLOIFLOVRIyyLXMRY
zR__PL TFGL {vL PNMFGOFL MTybL cM`OFL FKORL TFGL PNMRRNOFL MTyL GOFL wJKIR`YL zMP MWVORTFGONOLOJKNOJcLPtIOVOHNOLPIJKLKTFGORNyMJKLIFLGOFLaMJONNOFLIKRORLVR_xOF ZTVOFYLwIOLPMKOFbLvTFJKPNLPJKXOIVOFGbLGMFFLMTyVOROVNLvIRtOFGbLGMxLIKRLRTGOR FIJKNLOIFOLPOIFORLSWHIJKOFLKMFNMPNOROIOFL^_FLPIJKLVMWY ]MNPJKHIJK«LRIOyLZNI[\zR__PYLzMPLTRMHNOLzIFVbL^_FLGO`LFIO`MFGLONXMPLXOIxY _LWIPNLGTLFLXOHJKO`LMT`LIOLc_``OFLXIRLG_RNKIFLX_HHNOL{vLXIPPOFY wOIFOLOGOXOIPOLXMRLOWOFP_LWOGJKNIVLXIOLGIOLZRNLPOIFORL}MFGHTFVOFYLERLXMR FIJKNLP_FGORHIJKLyHOIxIV
LGIOLWOKMRRHIJKOLTKOLPOIFORLQOGMFcOFbLP_LySKRNOLORLPNONP MTPbL yRGORNOL SWORRMPJKOFGOL ERcOFFNFIPPOL vTNMVObL GIOL IFL |OGORL ZRNL ^_FL }OcNIc ^ORcS``ORNOFYLwOIFLRTGORLWOPJKRIOWLGOFLOVL`INLTxORPNORLQOFMTIVcOINY ZNI[\]KMFL TFGL POIFOL WOIGOFL RSGORL XMROFL MFL _RGL MHHORL GROIL wJKIyyOL IFL |OGOR }IFPIJKNL OIFOL wOHNOFKOINYL aMPNL F_JKL FIO`MHPL IFL GORL WOcMFFNOFL QOPJKIJKNOL GOR OcOKRORLKMNNOLOPLGROILEIORbLGROILUMR^OFL_GORLTttOFL^_FLOIFO`LEHNORFtMMR VOVOWOFYL wJK_FL IFL GORL cTRvOFL OINL FMJKL GO`L ZTyWROJKOFL GORL XOIxHOGORFOF TttOFKSHHOFL KMNNOL PIJKL WOXIOPOFbL GMxL OIFL EHNORFtMMRL uMJKc_``OFL ^_FL P_ TFNORPJKIOGHIJKO`LKMRMcNORLKOR^_RWRIFVOFLc_FFNOLLWOILMHHORLHTVKOINbLGIOLPJK_F WMHGLKOR^_RVONRONOFLXMRYLIRLc_``OFY KRL WRMTJKNL OTJKL FIJKNL vTL WOOIHOFYL zMPL aTNTRL KMNL HMFVOL MTyL POIFOL EFNGOJcTFV VOXMRNONYLONvNLc_``NLOPLMTyLGIOLOIFOL_GORLMFGOROLwNTFGOLFIJKNL`OKRLMFY QHOIJKLPIFGLXIRLWOILGIRY ZNI[\]KMFL WOXOVNOL POIFOFL _tyL IFL GORL QOPNOL GORL TPNI``TFVYL ]R_NvL MHHOR OVOIPNORTFVL WHIOWL ORL vTRSJcKMHNOFGL TFGL PcOtNIPJKYL zIOL wOKFPTJKNL FMJKL GOR UIJKN[TOHHOL GTRyNOL POIFOL XIPPOFPJKMyNHIJKOL ZRWOINL FIJKNL SWORHMVORFYL ZTPL GO` vTyHHIVOFL aTFGL GTRyNOL VORMGOL ORbL GORL THFTRORL `INL GOFL cSKHOFbL MWXMRNOFGOF QOGMFcOFbL cOIFOL ^_ROIHIVOFL wJKHSPPOL vIOKOFbL _WX_KHL GIOL w_HMFORL IK`L ORcHRN KMNNOFbLXMPLPIJKLXIRcHIJKLKIFNORLGO`LOVRIyyL^ORWMRVYLERLXMFGNOLPIJKLXIOGORLGO` aTNTRLvTbLWHIOWLOIFOLRtORHFVOLGM^_RLPNOKOFLTFGLWONRMJKNONOLGIOLaIVTRY zIOL¬`RIPPOLWOVMFFOFLXIOGORLvTL^ORPJKXI``OFYLZNI[\]KMFLXMRLPNMRcLIRRINIORNYLER c_FvOFNRIORNOL PIJKL MTyL POIFOFL aTFGL TFGL ORcMFFNOL IFL OIFORL OIKOL OIVOFNS`HIJK HK`OFGORLwJKRINNOLGORLEIFPIJKNbLGMxLPIJKLGIOLaIVTRLIFLIRcHIJKcOINLWOXOVNOYLwIO XIJKLFIJKNL^_FLGORLwNOHHObLMWORL|OGOPL]OIHLGOPLyORcRtORPbLGMPLFIJKNLOIFORLKMRNOF KINIFPJKIJKNL OFNPtRMJKbL GOKFNOL PIJKL MTPL TFGL v_VL PIJKL vTPM``OFYL zIOL ZTVOF GROKNOFLPIJKLTFGLRIJKNONOFLGOFLHIJcLGOTNHIJKLMTyL]KMFY
zMPL YYYL GMPL IPNL TF`VHIJK«L wJKXORORbL `MPPI^ORL wNOIF«L PT``NOL ORL yMPNL I` ¬HNRMPJKMHHWOROIJKYL wOIFOL ERROVTFVL ^ORGRFVNOL MTVOFWHIJcHIJKL POIFL wNMTFOFL TFG POIFOLTRSJcKMHNTFVYLZWORLYYYLGIOLZFFMK`ObLGMxLGMPLaTNTRLMTPLVOGORNO`LwNOIF WOPNSFGObLPNM``NOL^_FLIK`YLQHOIJKvOINIVL`INLGO`LJKMRMcNORIPNIPJKOFLQORTPJKb `INLGO`LGMPLwJK_NNLMTyVHINNbLGOPPOFLIOVOHLTFGL`OJKMFIPJKOL]OIHOLPIJKLP_LHMFVO FIJKNL `OKRL WOXOVNL KMNNOFbL ORNFNOFL PJKOIFWMRL MTPL GORL UTyNL ^_RL IK`L cFMRROFGO UMTNOYL_RNO«LzMPLaTNTRbLOPLPtRIJKN«LvIRtNOLZNI[\]KMFLMTyY }IFNORLIK`LWOXOVNOFLPIJKLGIOLRSGORLIFLGOFLMT`LKIFOIFYLERPJKR_JcOFLWROINONOLOR WOIGOLZR`tMMROLXOINLMTPLTFGLKIOHNLPIOLMTyYLwIOLWHIOWOFLHIFcPLTFGLROJKNPLOWOFLIK` PNOKOFL TFGL PNMRRNOFL `INL XOINL ^_RVOPNROJcNOFL aSKHORFL MTyL GMPL IFL POIFOR aRO`GMRNIVcOINLGR_KOFGOLIHGYL_FLGORLPOHNPM`OFLwtRMJKObLORcHRNOLZNI[\{v PJKHOttOFGbLKMPNLGTLTFPLFIJKNPLVOPMVNY zMPLaTNTRLKMNLOWOFLORPNLGM`INLMFVOyMFVOFY ¬FGL OPL WOXOVNL ]OIHOL POIFOPL POHNPM`OFL RtORPYL EPL XIRcNL MTyL `IJKL XIOL OIF `TNIORNORLTHFTRORbLPMVNOLzR__PLKMPNIVY wNIHHYL}RNLvT« ZNI[\zR__PL PJKMHNONOL OIFL ZTyFMK`OVORNL OIFbL GMPL ORL MTPL GO`L yOGORFGOF wJKHIFVOFWMFGL v_VbL OIFO`L ]OIHL POIFORL cRtORyRO`GOFL ZTPRSPNTFVL MHP ZHNORNT`Py_RPJKORYLINLvINNORFGOFLHMTOFOFGOFLPJKMHNONOLORLGOFLOJ_RGORLOIFLTFG RIJKNONOLGMPLIcR_tK_FLMTyLGIOLaIVTRYLKROFGLPIJKLGIOL]RMJKOOFPJKHINvOLGOKFNOF TFGL vTPM``OFv_VOFbL XKROFGL PIJKL GIOL TPcOHFL GOPL VOGRTFVOFOFL RtORP PtRTFVWOROINLWOXOVNOFLTFGLPIJKLGMPLVOKOI`FIP^_HHOLzIFVLGOFF_JKLFIJKNL^_FLGOR wNOHHOLRSKRNObLPNIOxLGORL_yyOFOLMFGIWOH`TFGLGOPLaTNTRPLHMFVPM`LOIFvOHFOL_RNO MTPY zIOLzRIHHIFVOL^ORPNMFGOFLFIJKNPbLMWORLPIOLORMKFNOFLOIFIVOPYLEIFOLPtNOROLZFMHPO XSRGOLIKFOFLPMVOFLcFFOFbL_WLPIOLONXMPLMTPLGO`L]ONL^ORXOFGOFLc_FFNOFbLvT` _KHLIKROPLcHOIFOFL_HcOPY zIOL ZHNOL wtRMJKO«L `OIFNOL ZNI[\zR__PYL zIOL FIO`MFGL `OKRL PtROJKOFL _GOR ^ORPNOKOFLcMFFbLvIPJKOHNOLZNI[\]KMFY ¬FvXOIyOHKMyNLKMFGOHNOLOPLPIJKLT`LOIFLGI_`LGORLTHFTRORYLuTRLOIFLOPOFLIKRORLZRN c_FFNOLP_HJKOLUMTNOLORvOTVOFYLzIOL_RNOLTFGLwNvOLXMROFbL_WX_KHLPJKMRyLWON_FN TFGLIFLOIFO`LGTFcHOFbLKMHHOFGOFLFTRROFLMTPVOPN_xOFbLTF^ORPNFGHIJKY
EPL c_FFNOFL Fy_R`MNI_FOFL POIF
L wJKIHGORTFVOFL MTPL GORL yORFOFL ORVMFVOFKOIN GIOPOPL POHNPM`OFL OPOFPYL ZWORL OWOFP_L XMRL OPL ^_RPNOHHWMRbL GMxL OPL PIJKL T` zR_KTFVOFbLOyOKHOL_GORLZFXOIPTFVOFLKMFGOHNOY }MHWL VOHK`NL ^_RL ERPNMTFOFL TFGL ERROVTFVbL IFL GIOL PIJKL `OKRL TFGL `OKRL aTRJKN `IPJKNObL PMKOFL TFGL KRNOFL GIOL zRIHHIFVOL vTYL uMJKL OIFORL cTRvOFL OINbL IFL GORL OP TF^ORFGORNL PtRMJKL TFGL GIOL THFTRORL `INL OIFO`L G_PIORNOFL wJKXMHH WOGOTNTFVP^_HHORL UMTNOL SWORPJKSNNONObL FGORNOL GMPL aTNTRL F_JKL OIF`MHL POIF ORKMHNOFYLzIOLPJKOIFWMRLyOPNOFLa_R`OFLGOPLWOMRWOINONOFLwNOIFPLvORyH_PPOFLVMFv HMFVPM`YLzMPLaTNTRbLGMPLP_LPJKXORLTFGL`MPPI^LXIRcNObLtOFGOHNOLHMFVPM`LKIFLTFG KORbL ^_RXRNPL TFGL vTRSJcYL zIOL ZTVOFL PMKOFL MHHOPL TFGL |OGOFL IFFORKMHWL GIOPOP cHOIFOFLMT`OPLVHOIJKvOINIVLTFGLTF^ORXMFGNLMFY zMFFLPJKXIOVLGMPLaTNTRLFMJKLOIFO`LHONvNOFLvIPJKOFGOFLyOIyOFY ONvNL KMWOFL XIRL OIFL VR_xOPL R_WHO`bL `OIFNOL ZNI[\{vL PJKHIOxHIJKYL {GOR `OKROROLVHOIJKvOINIVYLwIJKORHIJKLXMRLGIOL_NPJKMyNL^_FLTxORPNORLIJKNIVcOINY IRL `SPPOFL OPL TFNORPTJKOF«L PJKHTVL ]KMFL ^_RYLZWORL ORL XTxNOL IFPNIFcNI^bL GMx GIOPOPL _RKMWOFL MHHOPL MFGOROL MHPL OIFyMJKL POIFL XSRGOYL TKIVL `MJKNOL ORL vXOI wJKRINNOL FMJKL ^_RFL TFGL PNROJcNOL WOKTNPM`bL MHPL X_HHOL ORL GMPL aTNTRL FIJKN ORPJKROJcOFbL MHHOL ^IORLZR`OL ^_RL TFGL cRS``NOL GIOL ^IWRIOROFGOFL EFGVHIOGORL GO` XIOGORLORPNMRRNOFLaTFGPNSJcLOFNVOVOFY MPLKMPNLGTL^_R MRNON« u_JKL OIFL z_ttOHPJKRINNYL zIOL RSGORL WHIOWOFL vTRSJcL TFGL WO_WMJKNONOFL GOF ORPTJKLMTPLPIJKORORLEFNyORFTFVYLZHPLPIJKLGIOLXOINLVOyyFONOFLOKRyMJKPJKOROF GO`L aTNTRL WIPL MTyL GROIL wJKOROFHFVOFL VOFKORNL KMNNOFbL ROMVIORNOL GORL HOWOFGO H_JcLMTPLQOPNOIFY zMPLKMNNOLGORLTHFTRORLFIJKNLORXMRNONYLZTPLGO`LRtORLvSFVOHNOLIK`LcFIPNORFGO EFORVIOL OFNVOVOFYL aMKHOL HINvOL yTKROFL MTPL GORL }MTNL GOPL aTNTRPL TFGL HK`NOF MTVOFWHIJcHIJKLGIOLQOHOFcOLPOIFORLENRO`INNOFYLERLPJKRIOL`OKRL^_RLwJKROJcLMHP ^_RLwJK`ORvLMTyLTFGLRONNONOLPIJKL`INLOIFO`LwtRTFVLvTRSJcYLwOIFOLRSGORLyIFVOF GOFLwN_HtORFGOFLMTyYLEIFOLZTRMLMTPLHK`OFGORLPNOJKOFGORLEFORVIOLT`VMWLGMP aTNTRbLWIHGONOLcTRvOLOINLHMFVLOIFOFLVRSFOFLwJKI``ORLTFGLORH_PJKbLFMJKGO`LF_JK OIFL wJKMTORL ^_FL GSFFOFL HINvOFL IFL MHHOL IJKNTFVOFL VOyMKROFL XMRYL ZTyL GOR {WORyHJKOL GOPL ONMHHtTHNPL WROINONOFL PIJKL cHOIFOL HMPOFL PJK`_ROFGOR
ORPIOVOHTFVL MTPbL TFGL GORL GIJcOL wNMTWL PNMFcL FMJKL ^ORWRMFFNO`L ZWyMHHYL uTF cFFOFL XIRL MWP_HTNL GM^_FL SWORvOTVNL POIFbL PMVNOLZNI[\zR__PbL FMJKGO`L ORL PIJK WIPL vTRL TyMFHMVOL vTRSJcVOv_VOFL KMNNObL GMxL XIRL OIFO`L GORL VRxNOF QOKOI`FIPPOL TFPORORL ORVMFVOFKOINL MTyL GIOL wtTRL VOc_``OFL PIFGYL zMFcL GOR uOTVIORGOLTFPOROPLVO`OIFPM`OFLRTGORPL]KMFY zTLPMVPNLOPbLySKRNOLZNI[\]KMFLMTPLTFGL`MPPIORNOLPOIFOLQOHOFcOYLuTRLHMFVPM` XIJKLGIOLONTWTFVYL]IOyLPMxOFLwJKROJcLTFGLPNMRcOLEKRyTRJKNL^_RLGO`LaTNTRLIF IK`YLT`IFGOPNLKMWOFLXIRLZHNORNT`Py_RPJKORLGMPLaTNTRLVOyTFGOFY ¬FGLFIJKNLONXMLZFVOKRIVOLGORLIH_NOFcMPNOYLMPLNTF zMPL wJK_NNL PJKHIOxOFL TFGL GIOL uMJKRIJKNL IFL GOFL wJKIyyOFL WOcMFFNVOWOFYL IR c_``OFbL ySRJKNOL IJKbL `INL GOFL a_RPJKTFVOFL FIJKNL XOINORYL ORL P_HHL TFPL ORcHROFb XMPL GMPL aTNTRL PMVNOL wIOL v_VOFL PIJKL vTRSJcbL HIOxOFL MWORL UIFPOFL TFG IcR_tK_FOLGOPL_``TFIcMNI_FPVORNPLIFLGORLSJcXMFGLMTyLGMPLaTNTRLVORIJKNONY zMFFL PJKH_xL PIJKL GIOL PJKXOROL HMNNOYL IFFOFL cTRvORL OINL XMRL GIOL ORPNMTFHIJKO uMJKRIJKNL^ORWROINONYLEIFOLTFSWORPOKWMROLOHHOLGORLERROVTFVLORyMxNOLP`NHIJKO THFTRORYLZWORLPIOLXTxNOFLFIJKNbLXIOLPIOLGOFL]ONLOFNPJKHSPPOHFLP_HHNOFY wJKHIOxHIJKbL yMPNL XIGORPNROWOFGbL PMVNOL ZNI[\{vL `INL OIFO`L UMJKOFL GOR ORvXOIyHTFV~L IRL cOFFOFL GIOL VHIJKcOINOFL TFGL GIOL TMHINNL TFPOROR a_RPJKTFVOFYL IRL WONROIWOFL PIOL PJK_FL HMFVOL TFGL IFL MHHORL ERFPNKMyNIVcOINYL IOH c_FcRONOPL IPPOFL SWORL TFPOROL }ORcTFyNL KMWOFL XIRL FIJKNL ORKMHNOFYL zMPbL XMPL XIR VOFMTLXIPPOFbLyMFGOFLXIRL`INLGORL}IHyOLGORLw_HMFORLKORMTPY zTLKMPNLROJKNbLOFNVOVFONOL]KMFYLUOIGORYLJKLPJKHMVOL^_RLYYY YYYL GMxL XIRLZNHMFL TFGLGIOLw_HMFORL XIOGORL T`L }IHyOL WINNOFL `OIFNOLZNI[\zR__PY uMNSRHIJKL XTxNOL ORL POINL VORMT`ORL OINbL GMxL OPL IFFORKMHWL GORL OPMNvTFVL OIFO vMKHOF`xIVLFIJKNLROHO^MFNOLQRTttOLTHFTRORLVMWbLGIObL_KFOLOPLvTLcOFFOFL_GOR `OKRL MHPL OIFOL ^MVOLZKFTFVL vTL KMWOFbL GMPL aTNTRL MTPL XRNHIJKL XOINORVOVOWOFOR ]RMGINI_FLMHPL}OIHIVNT`L^OROKRNOFYLZTJKLIKFOFL`TxNOLQOXIxKOINLvTNOIHLXORGOFY MYLuIJKNPLMFGOROPL^ORPtRIJKNLERy_HVYLZNI[\]KMFL^_HHySKRNOLGIOLRINTOHHOLQOPNOLGOR ERVOWOFKOINLIFLGMPLwJKIJcPMHY JKLXORGOLMHP_L`INLGOFLIH_NOFLTFGL]OJKFIcORFLGORL}E¬]ELPtROJKOFYLwIOLP_HHOF ZNHMFLT`L}IHyOLWINNOFY zIOLOIFvIVOLRIJKNIVOLUPTFVY
{KFOLGMxLPIOLGMRSWORLPtRMJKOFbLXTxNOFLPIObLGMxLFTRLOIFLOPOFLMFGOROFLOPOF KOHyOFL c_FFNObL GMPL POIFOL OIVOFOL ORVMFVOFKOINL cMFFNOYL QOPJKIJKNOL XMRL TFNOR MFGORO`L ^ORVHOIJKOFGOL IPPOFPJKMyNYL ¬`L ^ORVHOIJKOFL vTL cFFOFbL `TxNOL `MF OIFOFLMxPNMWLWOPINvOFYLzIOPOLERyMKRTFVOFLKMNNOFLGIOLTHFTRORLFIJKNYLOGOL}IHyO XMRLXIJKNIVbLTFGLVMFvLWOP_FGORPL|ONvNYLZNI[\]KMFLXIOGORK_HNO~ zIOLw_HMFORLXIPPOFL^IOHYLwIOLKMWOFLTFPLPJK_FL_yNLVOK_HyOFYLwIOLXORGOFLTFPLMTJK |ONvNLFIJKNLI`LwNIJKLHMPPOFY JKLXORGOLZNHMFLWINNOFbLGORL^IORNOLZHNORNT`Py_RPJKORLvTLPOIFLL`INLTFPLvTPM``OFY EPLVOKNLT`LOIFOFLaTFGL^_FLFIJKNLMWPJKNvWMRORLIJKNIVcOINYL¬FGLOPLOIHNY uTRL XOFIVOL OINL ^ORPNRIJKYL zMFFL PtRMJKOFL GIOL IH_NOFL GORL {QEuL `INL GO` ZRc_FIGOFYLERL^ORPIJKORNObLP_y_RNL`INLOIFIVOFLwtOvIMHIPNOFLvTLc_``OFY
23 MNOP QRNOSTURVWRVP XYUZR[V\P U]Z^P ]_S`RaZ]QQORVP XZY`RZVP _VWP STUVRZZRV bRcR`_V`RVP WR[P dNRZ`RZRVaN`RVP bRNVRP ^RcR`RP SNTUP b]_`U\P WR[ STUc][e`RQ_VaORORPf^R[Q[NRSOR[\PWNRPSTU[g`RPh]iQRPUNV]_jk lNRP^R`]VVP]ZSP^[RNOR[\PO[NTUOR[jm[iN`Pe_S]iiRVZ]_jRVWR[PnR`PWNTUOPUNVOR[PWRV o]ZNS]WRV\P WRiP p[Wc]ZZP _VWP WRiP q[]^RVkP rNRP osSORVP S]URVP WRiP ]ZORV t_ZZa]_`R[P RU[j_[TUOSdsZZP V]TUkP rNRSP c][P RNVP M]VVP sUVRP usiQ[siNSSRkP n]SP R[ RNVi]ZP]ZSPqZ]_^RVS`[_VWS]OeP`RjYUZOP_VWPR[W]TUO\P]V]ZvSNR[OP_VWPdR[aYVWROPU]OOR\ `]ZOP jY[P NUVP ]ZSP _V_iSOmwZNTUkP lRNVRP xg[ORP c][P R^RVSsP ^Ra]VVOP cNRP SRNVRP a]ZOR tR[]TUO_V`P `R`RVY^R[P xg[RONaR[V\P WRiP tR[S_TUP WRSP lTUNSi]SP sWR[P `][P WRV yVUgV`R[VPWR[Pz{R_WRVaR[|k zrNRP bs}R|\P S_iiORP R[\P ]ZSP R[P jYUZOR\P cNRP SNTUP WR[P nR`P ]_jP WRiP r]iiP V]TU s^RVP^s`P_VWPNiiR[PSORNZR[Pc_[WR\PzSNRPcN[WP^ZRN^RVkPn]SPNiiR[P`RSTUNRUO\PWNR ~^R[ZNRjR[_V`PNSOPc]U[kP{NTUOSP]VWR[RSP`_Ok| lRNVRP U]SON`P UR[ds[`RSOswRVRVP ns[ORP ^NZWRORVP RNVRVP STUVRZZRVP hUvOUi_SP e_ SRNVRVP lTU[NOORVkP lRTUSP qZNRWi]wRVP ^RcR`ORVP SNTUP STUVRZZ\P ]^R[P WR[ f^R[Q[NRSOR[P SQY[ORP ]_TUP UR_ORP cNRWR[P SRNVRP ]U[RkP rRSU]Z^P U]OORP R[P SRNVRV um[QR[P]^`RSRVaOP_VWP^RV_OeORPWNRPx]VWZ_V`S][iRPR^RVj]ZZSPe_[PXs[O^RcR`_V`k rNRPf^R[jZgTURPWRSPr]iiRSPRVWRORkPROeOPjNV`PWNRPxgV`R^[YTaRP]Vk {sTUPc][PRSP{]TUOk rNRP lOR[VRP iNOP NU[RVP ]_jj]ZZRVWRVP M_SOR[VP _VWP WRiP jR[VRVP b]ZaRVP ]_S VR^RZ][ON`R[PxRZZN`aRNOSdR[WNTUO_V`PSO]VWRVPVsTUPY^R[PWR[Pp^RVRkPy_SPWR[PlO]WO STUNiiR[ORVP RNVN`RP NTUOR[P ^NSP UNR[UR[kP lNRP SQNR`RZORVP SNTUP j]SOP VNTUO c]U[VRUi^][P NVP WRVP XZ]VaRVP WRSP bR[`RSkP rR_OZNTUR[P ]^R[P c][RVP WNRP cRVN`RV XR_R[P WR[P n]TURV\P WNRP SRZ^SOZR_TUORVWRVP bR`[RVe_V`RVP WRSP nR`RS\P WR[ h]iQRP _VWP WR[P STU[g`RVP b]ZaRV\P WNRP SNTUP `R`RVP WRVP _`P WR[ QUsSQUs[RSeNR[RVWRVP[]`SRNZRPSQ]VVORVkPRWRSPlRNZ\P]_SPO]jOjgWRVP`RjZsTUORV _VWP `RW[RUO\P gVWR[ORP SRNVRP X][^RP _VOR[P WRVP lsVVRVSO[]UZRVP NVP qsZW\P ]^R[P }ROeO jZNiiR[ORVP _VWP SO[]UZORVP WNRP NTUORNVSTUZYSSRP NVP WRVP lQNVVj][^RVkP b]_`UP ^RO[]O WNRP STUc]VaRVWRV\P jRWR[VWRVP bsUZRVP WR[P xgV`R^[YTaRkP _VgTUSOP `NV`P RS cRVN`RP lTU[NOORP cRNOP ZRNTUOP ]^cg[OS\P W]VVP c][P WR[P ONRjSORP o_VaOP WR[ W_[TUUgV`RVWRVPusVSO[_aONsVPR[[RNTUO\P_VWPWNRPx]jOU]aRVPWR[PSRTUSPqZNRWi]wRV U]aORVP SNTUP _iP WNRP pTaRVP WR[P xsZe^[ROOR[P _VWP b]ZaRVkP pSP `NV`P NiiR[P SORNZR[ ]_jcg[OSk
zts[P WRiP lsVVRV]_j`]V`P cR[WRP NTUP s^RVP SRNVkP VWP cRURP WRVP {R_WRVaR[V
| SONRwP b]_`UP UR[ds[kP yVP WRVP lR`iRVORVP SRNVRSP a[gjON`RVP um[QR[S\P _VOR[P WR[ hYTaRVSTU]ZR\P aZR^ORVP WNRP lTUZR_WR[\P W]SP a_[^RZ`RO[NR^RVRP b]ZZNSO[sZ\P WNR lTUZR_WR[SORNVRP_VWPWNRPbsZeRVkPp[PcY[WRPRSPNUVRVPeRN`RV\P}RVRVPlTUgVWR[VPWR[ URNZN`RVPbNZWR[
znRURPNUVRV
| y_TUPNVPWNRSR[P{]TUOPR[jYZZORPNUVPURNwRPn_OkPM]VPasVVORPNUVPdR[ZROeRV\POmORVPsWR[ dsVPWR[Py_SZR`R[^[YTaRPSOY[eRVkPy^R[PSRNVRVPqZ]_^RVPZNRwPR[PVNTUOP]VO]SORVk VWPR[Pc][PVNTUOP]ZZRNVkPnRVVPWNRP{R_WRVaR[PNiPMs[`RV`[]_RVPa]iRV\PcY[WRV SNRP SNTUP RNVR[P RVOSTUZsSSRVRVP lTU][P dsVP {sdNeRV\P yWRQORVP _VWP o[NRSOR[V `R`RVY^R[SRURVkP VWP WRVP lQRR[RV\P lTUZR_WR[VP _VWP M_ZONQZRWsZTURVP WR[ ]_S`R^NZWRORVPngTUOR[k rNRP MRO]ZZORNZRP SRNVR[P n]jjRVP _VWP y_S[YSO_V`P aZN[[ORV\P ]ZSP b]_`UP WRVP ZROeORV y^STUVNOOPWR[PxgV`R^[YTaRPNVPyV`[NjjPV]UikPROeOPSTUc]V`PSNTUPWNRP]_jjZgTURPWR[ b]ZaRVPNVP`RV]_PWRiPnNVaRZP]_jcg[OS\PWRVPWR[Px]V`PWRSPbs}RV^R[`SP]_jcNRSk rR[Pf^R[Q[NRSOR[PR[[RNTUORPWNRPoZ]OOjs[iP_VWPSTUc]V`PSRNVPZROeORSPbRNVQ]][PY^R[ WNRP u]VORkP r]VVP [NTUORORP R[P SNTUP ]_jkP {sTUP S]UP NUVP VNRi]VW\P VsTUP ^sOP R[P WRV {R_WRVaR[VPaRNVPNRZkPy_SPWR[Pr_VaRZURNOPS_iiORPRNVPNR[PUR[^RN\PdsiPNTUOPWR[ mZ`RjYZZORVP ]iQRP ]V`RZsTaOkP pNVP ugjR[P c][P RS\P RNVP cNVeN`RSP y^^NZWP WR[ t_ZZa]_`R[\P [_VWR[P um[QR[\P ecRNP XZY`RZP ]_SP U][OR[\P Us[VN`aVmTUR[VR[P l_^SO]Ve\ dNR[P]_j^RNVRP_VWPecRNPx]VWZ_V`S][iR\PRNVRVP`RW[_V`RVRVPusQjPiNOPSTUc][eRV y_`RVP_VWPZ]V`RVPXYUZR[V\PY^R[]ZZPW[RNRTaN`R\P[_VWRP_VWPdNR[RTaN`RPlTU_OeQZ]OORV ]_SPUNONV\PdsVPWRVRVPqRZRVaRP_VWPW]SPum[QR[NVVR[RP`RSTUYOeOPc_[WRVk b]_`U\P WR[P STUc][e`RQ_VaORORP o[NRSOR[\P cYVSTUORP SNTUP jY[P WNRP asiiRVWRV y_SRNV]VWR[SROe_V`RVP RNVRP ]VWR[RP qRSO]ZOP q[sw\P c_TUON`\P i_SaRZSO][[RVWP cNR RNVP hRQONZ\P STUVRZZP cNRP RNVRP lTUZ]V`RP _VWP a[gjON`P cNRP W]SP `[]_RP NR[\P W]SP WNR t_ZZa]_`R[PzyiW[]SUW|PV]VVORVk nRNZPWNRPXZY`RZWRTaRVP_VWPWNRPUNONVSTUNTUOPSRNVRSPhYTaRVQ]VeR[SPRNVRPVe]UZ _VOR[STUNRWZNTUP`[swR[PSTUc][eR[Po_VaORPO[_`PPWNRPum[QR[j][^RPWR[PR[c]TUSRVRV t_ZZa]_`R[P c][P RNVP URZZRSP b[]_VP \P V]VVORP i]VP b]_`UP ]_TUP WRV zlTUc][e`RQ_VaORORV|k lRNVP`[mwOR[PqR`VR[\PWR[P{R_WRVaR[PX[sVSRZ\Pc][PWR[PzuZRNVa][NR[OR|k
b]_`UP`NV`PiNOPZ]V`S]iRVPlTU[NOORVP]_jPWNRPU][ORPn]VWPWRSPbs}RV^R[`SPe_kPts[ SNTU\P]_jPWR[PXZgTURPWR[PbR[`jZ]VaR\PS]UPR[P_VWR_OZNTUPWNRPRNTURVP_VWPlTU[NjORV WR[P qZg_^N`RVkP lNRP SO]iiORVP ]_SP WR[P jR[VSORVP tR[`]V`RVURNO\P WRV e_[YTaZNR`RVWRVP]U[RVP_VWP]_SPWR[PZROeORVPRNOkPRWRPqRVR[]ONsVPdsVPqZg_^N`RV U]OOR\P ^R`NVVRVWP ]iP X_wP WRSP aR`RZjm[iN`RVP bR[`RS\P NU[RP RNTURVP WR[ bRc_VWR[_V`P_VWPyV^RO_V`PUNVOR[Z]SSRVk p[Wj][^RV\Ph_wPiNOPXROOP`RiNSTUO\PhNOeeRNTUV_V`RVPiNOPlORNVaRNZRV\PiNZZNiROR[ONRjR hRZNRjS\P RNV`R[NOeOP NVP iYURdsZZR[P y[^RNOP _VWP iNOP WRVP lQNOeRVP dsV b[sVeRcR[aeR_`RV\PNjjR[V\PyV[_j_V`RVP_VWPbNZWR[P}RWR[PlONZRQsTURkPRPUmUR[PWNR NdNZNS]ONsVPWR[Pt_ZZa]_`R[P`RSONR`RVPc][\PWRSOsPcRNOR[PUNV]_jPNVPWNRPhNTUO_V`P]_j WNRP lQNOeRP es`RVP SNTUP WNRP _V[R`RZigwN`RV\P dNRZj][^N`RVP XZgTURV\P XZRTaRVP _VW bgVWR[P UNVkP MRU[P ]ZSP ecRNP r[NOORZP WRSP bR[`RS\P WR[P U_VWR[Oec]VeN`i]ZP SsP UsTU c][P cNRP RNVP t_ZZa]_`R[am[QR[\P ^RWRTaORP RNVP qRiRV`RP ]_SP ]ZZRVP WRVa^][RV X][^RV\PNVNRVP_VWPXs[iRVkPb]_`UPZRUVORPSNTUP]VPWNRPU][OR\Pj]SOP_VeR[SOm[^][R f^R[jZgTURkPlNRPgUVRZORPWR[PlO[_aO_[PSRNVRSPum[QR[SkP{_[PSO][aRPxNOeRP_VWPRNVR ^RSONiiORP lg_[R\P ]_SP X[YTUORVP `RQ[RwOP _VWP RNV`RWNTaO\P asVVORP mTUR[P NVP WNR f^R[jZgTURP^[RVVRVk zlNRP cR[WRVP NiP Ms[`RV`[]_RVP ]V`[RNjRV\P cNRP NiiR[
P rNRSRP lQ]ZOR[
P rNRSR y^cRNTUZR[
P{R_WRVaR[PPQ]U
|PS]`ORPb]_`UPe_PSNTUPSRZ^SOkPp[Pi_wORPSNTUPiNO lRZ^SO`RSQ[gTURVP _jOP i]TURV\P WRVVP UNR[P s^RVP c][P R[P ]ZZRNVkP p[P U]OORP j[RNcNZZN` WNRPn]TURPY^R[VsiiRVkPrNRSP^RWR_ORORPVNTUOSP]VWR[RS\P]ZSPW]wPR[PNVPa_[eR[PRNO aV]QQPWNRPxgZjORPWRSPaZRNVRVPtsZaRSP^RjRUZN`OR\PW]SPSNTUP`R`RVPWNRP]VWR[RPxgZjOR cRU[RVPi_wORk p[PSTUVNQQORPWRVPugjR[PdsVPWR[PXZ]iiRPcR`P_VWPZmSORPWNRPn]jjRVPdsiPum[QR[k p[P ^[RNORORP qRSTUsSSRP _VWP n]jjRVP ds[P SNTUP ]_jP WR[P oZ]OOjs[iP ]_SP _VWP SQgUOR NiiR[P cNRWR[P V]TUP _VORVP _VWP Ws[OUNV\P csP SNTUP WNRP lsVVRP Y^R[P WRVP xs[NesVO STUNR^RVPcY[WRkPrNRPlOR[VRPWR[Pq]Z]NSPdR[^Z]wORVPZ]V`S]ikPb]_`UPZRUVORPSNTU ]VPWNRPn]VW_V`PWRSPbs}RV^R[`SkPyZSPR[PW]SPaYUZRPM]OR[N]ZP^R[YU[OR\PSQY[ORPR[ cNRWR[PlOg[aRP_VWPu[]jO\PWNRPW]dsVP]_S`NV`RV\P]ZSPSRNPRSPRNVRPqsOOURNO\PWNRPNUi M_OP e_SQ[]TUkP b]_`UP c_wOR\P W]wP SNTUP NiP bR[`P aRNVRP qsOOURNOP dR[^][`\P ]^R[P R[ ]UVORPiNOPR^RVSsP`[swR[PlNTUR[URNO\PW]wPSNTUPRNVRPhRNURPdsVPqRVR[]ONsVRVPdsV t_ZZa]_`R[VPRNVj]TUPVNTUOPN[[RVPasVVORVkPf^csUZPWNRPlOR[VRP_VWPWR[P`RZ^RPMsVW WNRSR[P nRZOP R^RVSsP cRVN`P qmOOZNTURSP ^RS]wRVP cNRP WR[P ]_jjgZZN`P `ZRNTUigwN` `Rjs[iORP bR[`\P `RUm[ORVP SNRP e_iP lvSORiP WR[P {]O_[\P NVP WRiP ]ZZRSP SRNVR nNTUON`aRNOPU]OORk yiPmSOZNTURVPxs[NesVOPeRNTUVRORPSNTUPRNVPR[SOR[PlO[RNjRVPxRZZN`aRNOP]^kPb]_`U\PWR[
lTUc][e`RQ_VaOROR\P [NTUORORP SRNVRVP bZNTaP ]_jP WRVP n]ZW[]VWkP rs[OP cY[WRVP csUZ X[sVSRZSPyVUgV`R[PUR[ds[asiiRV\P_iPe_PdR[S_TURV\PWRVPaR`RZjm[iN`RVPbR[`Pe_ R[s^R[VkPlNRPcY[WRVPiNOPWR[SRZ^RVPy[OPdsVPn]jjRVPagiQjRVPcNRPWNRPqRO[R_RV\PWNR b]_`UP `RUs[TUORVP iNOP ^[sVeRVRVP MRU[j]TUWsZTURV\P a_[eRVP lQRR[RVP _VWP ]ZZRV im`ZNTURVPlTUZR_WR[P_VWPn_[j`RSTUsSSRVkPpSP`NV`P_iPWRVPbs}RV^R[`kPnR[PNUV ^RS]w\PU]OORP[RTUOkPnR[P[RTUOPU]OOR\P^RSONiiOR\Pc]SPiNOPWRiPbR[`Pe_P`RSTURURV U]OORkP bNSP e_P WNRSRiP y_`RV^ZNTaP [NTUORORVP SNTUP WNRP usVSR[d]ONdRVP V]TUP WRi iYVWZNTURVPROP_VWPWR[PbRWR_O_V`PWR[P~^R[ZNRjR[_V`k r_[TUPRNVRVPZ]_ORVPh_jPc_[WRPb]_`UP]_SPSRNVRVPqRW]VaRVP`R[NSSRVkP{s_QOPU]OOR W]SPxs[VP]VPWNRPM]VWN^RZVP`RSROeO\PSONRwPRNVRVPUR_ZRVWRVPn][VOsVP]_SP_VWP[NRj W]VVPUNV]_jPzb]_`U
PlNRUSOPW_PROc]SPb]ZWPNSOPlsVVRV]_j`]V`k| tsVPWR[PoZ]OOjs[i\PWNRPROc]PWNRPxgZjORPWR[PbR[`jZ]VaRPR[[RNTUORP_VWPSNTUP`R`RV WNRPn]VW_V`P]^SOYOeOR\PS]UPb]_`UPcRNOPY^R[PWNRPlNRWZ_V`RV\PnR`RP_VWPXRZWR[k rNRPt_ZZa]_`R[Pc][RVPjZRNwN`\P_VWPSNRPZR^ORVPVNTUOPSTUZRTUOkPr]wPSNRPSRNOPRNVN`RV qRVR[]ONsVRVPV_[PcRVN`PXs[OSTU[NOORPNVPWR[PyVcRVW_V`PdsVPcNTUON`RVPuRVVOVNSSRV _VWPp[aRVVOVNSSRVPi]TUORV\PUNV`P]_TUPiNOPWRiPu]iQjP_iPWRVPbR[`Pe_S]iiRVk b]_`UP[NRjPe_[YTa zTUP SRURP aRNVRVP WR[P dR[W]iiORVP {R_WRVaR[kP y^R[\P SsP SNTUR[P cNRP WR[ lsVVRV]_j`]V`\PSNRPcR[WRVPasiiRVkPbZRN^OPc]TUS]i
|PznN[P^ZRN^RVP]_jPWRi osSORVk| xNVOR[PWRiPq[]^RVP_VWPWRVPo]ZNS]WRVPSO]VWRVPWNRPbRc]jjVRORVkPU[RP]UZPc][ SOgVWN`P `Rc]TUSRVkP iP `ZRNTURVP RNO[]_iP c_[WRVP WNRP tR[ORNWN`_V`S]VZ]`RV ^RSSR[P _VWP UmUR[\P _VWP WR[P `RS]iORP u]iQjP ecNSTURVP b]_`UP _VWP X[sVSRZP c][ UR_ORPe_PRNVRiP`Rc]ZON`RVPo[s^ZRiP`Rcs[WRVk zhRTUOPSsk| y_TUP UR_ORP cY[WRVP SNRP WNRP oNZ`R[P ]^cRNSRVP iYSSRV
P nNRP SsZZORP WR[ ~^R[eR_`_V`Sa]iQjPcRNOR[`RURVPnNRPS]UPW]SPpVWRP]_SPzlNRPSNVWPe_PSO][a `Rcs[WRVkP TUP a]VVP SNRP VNTUOP e_[YTaO[RN^RVP _VWP RVOc]jjVRV|\P i_[iRZORP WR[ f^R[Q[NRSOR[kP rNRP R[SORVP lsVVRVSO[]UZRVP e_TaORVP UNVOR[P WRVP bR[`RVP UR[ds[P _VW O[]jRVP e_R[SOP WNRP lQNOeRP WRSP bs}RV^R[`SkP b]_`USP X]TROORV]_`RVP S_TUORVP WNR i`R^_V`P]^kPtsVPUNR[P]_SPS]UPR[Pj]SOPW]SP`RS]iORPqR^NRO\PW]SPWNRPhR^RZZRV W_[TU_R[RVPi_wORVkPn][_iPO]ORVPSNRPW]S rNRP bNZWR[P _VWP hNOeeRNTUV_V`RVP c_[WRVP WR_OZNTUR[\P }RP UmUR[P WR[P cRNw`RZ^R lsVVRV^]ZZP aZROOR[ORkP {R^RZP ^NZWRORP SNTUP Y^R[P WRiP n]ZWkP rR[P h]_TUP WR[P R[SORV
XR_R[PSONR`PSRVa[RTUOP]_SPWRVP`Ri]_R[ORVPu]iNVRVPWR[PxYOORVkPyiPyVj]V`PWR[ nRZO\P]ZSPWNRPt_ZZa]_`R[PVsTUPVNTUOPW]SPMRO]ZZPa]VVORV\PSQ[]TURVPWNRPts[j]U[RV\ R[NVVR[ORP SNTUP b]_`U\P ]ZSP U]^RP R[P RSP `RSOR[VP R[SOP `RUm[O\P W]wP }RWR[P g`R[P _VW u[NR`R[P]ZZR[PlOgiiRPWRVPbs}RV^R[`Pe_PUYORVPU]^RkPr]jY[PR[UNRZOPW]SPtsZaPdsV NUVRVPdNRZRPuRVVOVNSSRP_VWPnsUZO]ORVkPyTaR[^]_\PtNRUU]ZO_V`P_VWPW]SPXNVWRVP_VW bR][^RNORVPdsVPMRO]ZZPc][RVPR[aZg[OPcs[WRVk r]SPbRSTUYOeRVPWRSPbs}RV^R[`SPSRNPWR[PRNVeN`RPcN[aZNTUPcNTUON`RPR^RVSNVU]ZO WR[P t_ZZa]_`R[
P ojZR`OP _VWP dR[RU[OP SNR\P WNRP XZ]VaRVP WRSP URZZRVP bR[`RSkP RWR[ t_ZZa]_`R[PSsZZPRNVi]ZPNVPSRNVRiPR^RVPWRVPbs}RV^R[`P^RS_TURV\P_VWPcRVVPR[ RNVPRNTURVPSRNVRSPbRS_TUSPUNVOR[ZgwO\PW]VVPcN[WPRSPWNRPyUVRVPR[j[R_RVkPzVW W]`R`RVP SsZZP NTUP dR[SOswRV|\P O[NZZR[ORP b]_`UP U]Z^P ]_j`R[R`O\P U]Z^ VNRWR[`RSTUZ]`RV\PzV_[PcRNZPSNTUPWNRPRNORVP`RgVWR[OPU]^RVPSsZZRV| p[P`NV`Pe_iP]VWR[RVPpVWRPWR[PoZ]OOjs[i\PUNRZOPSNTUP]VPWR[PUmZeR[VRVPb[_SOcRU[ jRSOP_VWPaZ]QQORP_V^Rc_wOPSRNVRPXZY`RZP]_SkPxNVOR[PWRiPrs[j\P]_jPWRiPxY`RZ\PS]U R[P RNVP STUc]TURSP y_j^ZNOeRVkP pSP c][P csUZP RNVRP q[_QQRP dsVP oNZ`R[VkP y_TUP SNR cY[WRVPUR_ORPWRVPbR[`PVNTUOP^RO[RORVPamVVRVP_VWPV_[P]_SPWR[PXR[VRPSRURVkPy^R[ }RWR[P oNZ`R[P cY[WRP W]URNiP R[egUZRV\P W]wP SNTUP WR[P URNZN`RP bR[`P NVP RNVRV lTU]_QZ]OePWR[PlO[RNOR[RNRVP_VWPugiQjRPdR[c]VWRZOPU]OORk znRZTUPRNVRPSTU[RTaZNTURPRNOk| r]VVP S]UP b]_`UP WNRP u[NR`R[kP lNRP VgUR[ORVP SNTUP UNVOR[P WRVP WYVVRV {R^RZSTUZRNR[VkPrNRSi]ZPa]iRVPSNRPW_[TUPW]SPn]SSR[PWRSPSRNTUORVPXZ_SSRSkPp[ V]UiPSRNVPxs[V\P^ZNRSPWRVPyZ][i[_jP_VWPcNVaORPV]TUP_VORVk zlNRPasiiRV\P{s_QOkPtsiPXZ_wPUR[
|PztR[SO]VWRVkPnN[PcR[WRVPSNRPiNOP^Z_ON`RV umQjRVPV]TUPx]_SRPSTUNTaRV
| zbRNP WR[P bs}R
P r]SP cR[WRVP cN[P O_Vk|P rNRP R[c]TUSRVRVP t_ZV_[R[P asVVORVP a_[eR lO[RTaRVPjZNR`RVkPbRSsVWR[S\PcRVVPSNRPSNTUPdsVPUmUR[`RZR`RVRVPo_VaORVPNVPWNR _jOP STUc]V`RVP _VWP WNRP U][ORVP XZY`RZP []SRVWP STUVRZZP ^RcR`ORV\P asVVORVP SNR ZgV`R[RPlO[RTaRVPe_[YTaZR`RVkPrNRPyV`[RNjR[PSTU]jjORVPRSPdNRZZRNTUOP`R[]WRPVsTU\ Y^R[PWNRPe_`RSQNOeORVPbsUZRVPWR[Po]ZNS]WRVPUNVY^R[e_S_iiRVPcNRPWNTaRPugjR[k b]_`UPc_wOR\PW]wPNUVRVP]ZZRVPRNVPU][OR[\P^Z_ON`R[P]`P^Rds[SO]VWk zlTUNTaOP WNRP tR[ORNWN`R[P e_P iN[
|P s[WVRORP R[P ]VP _VWP S]UP e_\P cNRP SNTUP WNR tR[ORNWN`R[P s[`]VNSNR[ORVkP r[RNi]ZP U_VWR[OP MgVVR[\P WNRP ^RSORVP u[NR`R[P WR[ o[NRSOR[STU]jO\P dR[ORNZORVP SNTUP NiP cRNORVP u[RNSP UNVOR[P WRVP o]ZNS]WRVkP rNR lTUZR_WR[VP c_[WRVP `RSQ]VVO\P Y^R[]ZZP ^ZNOeORVP WNRP ^[sVeRVRVP lQNOeRVP WR[
n_[jSQRR[RP]_jkPzlNRPasiiRV
| pOc]PRNVPr_OeRVWPsWR[PRNVRNVU]Z^Pr_OeRVWPtR[ORNWN`R[Pj]VWRVP]_jPWR[PoZ]OOjs[i oZ]OekPpNVRPR^RVSsP`[swRPyVe]UZPi]TUORPSNTUP]_jPWRVPnR`\P_iPNU[RPoZgOeRP]_j WR[P h]iQRP _VWP WR[P b[YTaRP RNVe_VRUiRVkP xNR[\P NVP WR[P xmURP Y^R[P WRi u]iQj`RSTURURV\Pc][RVPSNRPWRVPyV`[RNjR[VP]_jP}RWRVPX]ZZPY^R[ZR`RVkPVecNSTURV U]OORP b]_`UP W[RNwN`P yV`[RNjR[P `RegUZOkP lNRP ^NZWRORVP RNVRP Z]V`RP NVNRkP X[sVSRZ\ WRSSRVPaZRNVRPtNR[RTaRP]_jPWRiPhYTaRVP_VWPWRVPXZY`RZVP]_SPWNRSR[PpVOjR[V_V` RNVP W_VaZRSP q[]_P ^NZWRORV\P `NV`P ]VP NU[R[P lQNOeRkP y^R[P WNRP hRNURP [NwP VNTUOP ]^ NiiR[P iRU[P u[NR`R[P a]iRVP ]_SP WRiP iNOORZUsURVP bRR[RV`RSO[YQQkP {s_QO\P WR[ hsOcRNw`RSO[RNjOR\P ORNZORP SRNVRP tR[ORNWN`R[P RNVkP lNRP STUZRQQORVP WNRP STUcR[RV lTUZR_WR[i]STUNVRVP Ws[OUNV\P csP WR[P x]_QOORNZP WR[PyV`[RNjR[P ]_jO]_TURVP cY[WR\ V]TUWRiPSNRPWRVPXZ_wPW_[TUc]OROP_VWPWNRPUsURV\P`RZ^RVPlTUNZj`Y[ORZPW_[TU_R[O U]OORVkP RWRP n_VWR\P }RWRP tR[ZROe_V`\P }RWR[P WR[P cRVN`RVP sORVP STUiR[eORP WRV ]ZORVPo[NRSOR[PONRjPP]^R[PW]SPxRNZN`O_iPdR[O[_`PWNRPlTUgVW_V`PVNTUOkPlTUsVPU]OOR WR[P bR[`P RNVN`RP {][^RV\P _VWP b]_`UP jY[TUOROR\P W]wP VsTUP iRU[P n_VWRVP WNR f^R[jZgTURPdR[_VeNR[RVPcY[WRV\PRURPWR[PlNR`PWR[Po[NRSOR[STU]jOP`RUm[ORk rNRP tR[ORNWN`R[P iNOP NU[RVP n]jjRVZ]SORVP ^RSROeORVP WRVP nR`P e_[P oZ]OOjs[ik VOR[SOYOeOP dsVP URjON`RiP XZY`RZSTUcN[[RV\P aZROOR[ORVP SRTUSP u[NR`R[P e_P b]_`U UNV]_jkPp[P^R`[YwORPSNRPiNOP[NO_RZZRVPtR[js[i_V`RVPSRNVR[PZ]V`RVPXYUZR[k znN[WPRNVPSTUcR[R[P]`PcR[WRV|\PiRNVORPuU][QkPzlNVWPeNRiZNTUPdNRZRk| lRNVPy[iPiNOPWRVP^[sVeR`RQ]VeR[ORVPqRZRVaRVPWR_ORORP]_jPWNRPVNTUOP]^[RNwRVWR hRNURPWR[PyV`[RNjR[kPrNRPR[SORVP^Rj]VWRVPSNTUP^R[RNOSPiNOORVPNiPUsURVPlTUNZjk znRVVP cN[P WNRP uROeR[P VNTUOP RVW`YZON`P e_[YTaSTUZ]`RV\P dR[ZNR[RVP cN[|\P S]`OR b]_`UkPzlNRP`Z]_^RVPVNTUOP]VPWNRP~^R[ZNRjR[_V`kPX[sVSRZP`RcNVVOPyVUgV`R[\PcRNZ R[PS]`O\PW]wPWNRPR`RVWRPVSNVVPNSOkPiiR[UNVP{_[PcRVVPcN[PcNSSRV\Pc]SPSNTUPNi bR[`PdR[^N[`O\PcNSSRVPcN[P]ZZRSk| zr_P U]SOP [RTUOkP nRVVP WNRP ts[j]U[RVP Ws[OP ROc]SP dR[SORTaOP U]^RV\P cN[WP RSP SNTU sjjRV^][RVkPbNSPe_PWNRSRiPjR[VRVP]`P^RSTUYOeRVPcN[PWRVPbs}RV^R[`k| zyVPWRNVR[PlRNORk| zVWPcRVVPiNTUPX[sVSRZP^RSNR`O\PcR[WROPNU[Pe_S]iiRVPiNOPiRNVRiP{]TUjsZ`R[ agiQjRVk| zXY[PWRVPURNZN`RVPbR[`PWR[Pbs}RPO_VPcN[P]ZZRSkPr]SPNSOP^Ra]VVOk|
lNRP c][RVP RVOSTUZsSSRV\P WRVP XRNVWP e_[YTae_STUZ]`RVkP RWR[P dsVP NUVRVP U]OOR iNOR[ZR^O\P cNRP SNTUP WNRSR[P lO[RNOP ]_SP cRVN`RVP ns[ORVP WR[P laRQSNSP _VWP WRS nNWR[SQ[_TUSP Z]V`S]iP _VWP VNTUOP ]_jU]ZO^][P RVOcNTaRZOP U]OORkP X[sVSRZP _VWP SRNVR bR`ZRNO_V`P ^ZNR^RVP }ROeOP SORURVkP lNRP c][RVP cRNOP `RV_`P RVOjR[VO\P WNRP lTUZR_WR[V asVVORVP SNRP VNTUOP R[[RNTURVkP xNVOR[P NUVRVP SROeORVP ]VWR[RP u[NR`R[P RNOR[VP _VW u]iQji]STUNVRVP e_S]iiRV\P jY`ORVP b]ZaRVP iNOP b[sVeRSONjORVP e_P RN`RV][ON`RV\ a]VON`RVPqR^NZWRVPNVRNV]VWR[k X[sVSRZSPlONiiRPc][PR^RVSsP]_jj]ZZRVWPcNRPSRNVPuROeR[O_ik zxR_ORP cR[WRVP cN[P SNR`RVP _VWP WNRP bR[`jZ]VaRP SOY[iRV
|P STU[NRP R[kP lsjs[OP `]^ b]_`UPe_[YTa zuZRNVa][NR[OR[
P r_P cN[SOP WRVP bs}RV^R[`P VNTUOP _VOR[S_TURVkP r_P VNTUO\P _VWP WRNVR u[NR`R[P]_TUPVNTUOk| znN[P cR[WRVP WRVP bR[`P ]^O[]`RV\P _VWP W]SP STUsVP ^]ZW\P lTUc][e`RQ_VaOROR[k xR_ORP`[RNjRVPcN[P]Vk| zVWP NU[P cR[WROP e_[YTa`RSTUZ]`RV
|P zrRVaOP W][]V\P W]wP cN[P STUsVP RNVP sTUP NV WRVPbR[`P`R^[]VVOP_VWP`RSTUZ]`RVPU]^RVk|PzpSPcN[WPaRNVP]VWR[RSP`R^RV
| zVWPW]^RN|\PSTU[NRPX[sVSRZP_VWPSTUZ_`PRNVRVP[]SRVWRVPnN[^RZPiNOPWRVPXZY`RZV\ WR[P NUVP Z]V`S]iP NVP WNRP _jOP SORN`RVP ZNRw\P zU]^RVP cN[P MRO]ZZP RVOWRTaOkP x][ORS MRO]ZZ
PbRSSR[P]ZSPWNRPb[sVeR\PiNOPWR[PcN[PagiQjRVP_VWPrNV`RPUR[SORZZRVk| zrNRSRSP sTUP U]^RVP cN[P dR[STUZsSSRV\P xg[RONaR[
P {R_WRVaR[
P r_P STUY[SOP WRV y_j[_U[
Pr_P^NSOPSTU_ZWP]iPsWPdsVP`_ORVPMgVVR[Vk|PnNRWR[PSTUcR^ORPX[sVSRZPNV WNRPxmUR\PS]UPWNRP[NRSN`RPMRV`RPSRNVR[Pu[NR`R[P_VWP`]^PRNVPlN`V]ZPiNOPSRNVRV lQRR[RVkPlRNVRPu[NR`R[PSTU[NRVP]_jP_VWP^R`]VVRVPe_PSOY[iRVkPVPdNR[PRNVeRZVRV lOswaRNZRVPW[]V`RVPSNRP]_jPWNRPo]ZNS]WRVP_VWPWRVPq[]^RVPRNVk rNRP tR[ORNWN`R[P STUsSSRVP e_R[SOP NU[RP STUcR[RVP n_[ji]STUNVRVP ]^kP q[swR xsZeSTU]ZRVPcN[^RZORVPUsTUkPpNVRP`Rc]ZON`RPMRV`RPlORNVSQZNOOR[PjZs`PNVPWNRPxmUR\ j]SOPSsPUsTUPUNV]_jPcNRPWR[PbR[`PUsTUPc][\PUNRZOPRNVRVPy_`RV^ZNTaPZ]V`PNVVRP_VW UR_ZORP W]VVP cNRWR[P UR[_VOR[kP pNVP OmWZNTUR[P u[RNSP STU][ja]VON`R[P qRSTUsSSRP O[]j WNRPxRZiR\PWNRPum[QR[P_VWPqZNRWi]wRVPWR[P]VSOY[iRVWRVP{R_WRVaR[kPlTU[RNR R[OmVORV\P aZN[[RVWP STUZ_`RVP WNRP lORNVRP `R`RVP MRO]ZZ\P _VWP W]VVP ^[]TUP WR[P R[SOR yV`[NjjP]^k y^R[PV_[PcRVN`RPy_`RV^ZNTaRPSQgOR[PSTUZR_WR[ORVPWNRPqRSTUYOeRPWR[PyV`[RNjR[
RNVRVP lORNVU]`RZP Y^R[P WNRP o]ZNS]WRVkP r]SP NRZP WR[P yVUgV`R[P X[sVSRZSP c][ RNVWR_ON`k rNRP u[NR`R[P WRSP uZRNVa][NR[ORVP i_wORVP WRVP xRNZN`RVP bR[`P R[s^R[V\P _iP NUV _VOR[S_TURVPe_PamVVRVkPX]ZZSPSNRPRSPcN[aZNTUPSTU]jjORV\Pi_wORVPSNRPSNTUPe_WRiPWR[ yV`[NjjRPWR[PusVSR[d]ONdRVPR[cRU[RVk zlTUZ]`OP SNRP e_[YTa
|P STU[NRP b]_`UP _VWP ^ZNRSP _V_VOR[^[sTURVP yV`[NjjSSN`V]ZRk lRNVRPu[NR`R[PZNRwRVPSNTUPRNOPiNOPWRiPNRZRVkPRWR[Py_j[YU[R[\PWR[PRSPSTU]jjOR\ Y^R[PWNRPo]ZNS]WRVPe_PasiiRV\Pc_[WRP`RO[sjjRVk VP WRVP UNONVjZY`RZVP ^NZWRORVP SNTUP mTUR[\P Z]V`RP lTU][ORVP _VWP ]_S`Re]TaOR bR_ZRVkP um[QR[jZYSSN`aRNOP SNTaR[ORP ]_SP WRVP `R^[sTURVRVP _VWP eR[jROeORV qZNRWi]wRVkP lTU[RNRVWP cgZeORVP SNTUP tR[c_VWRORP NiP lTUNZjkP cRNP u[NR`R[\P WNR UsTU`RSQ[_V`RVPc][RVP_VWPdR[S_TUORV\PNVP`RSO[RTaORiPXZ_`PY^R[PWNRPo]ZNS]WRV e_PasiiRV\PjNRZRVPiNOPeR[[NSSRVRVPXZY`RZVPUR[_VOR[P_VWP^[]TURVPSNTUPWNRPbRNVRk ~^R[]ZZPjg[^ORVPSNTUPWNRPdR[STUNRWRVRVPX][^RVPWR[PhYTaRVi_SOR[_V`RVPiNOPWRi cRNwZNTURVP um[QR[S]jOkP y_jP WR[P lRNOR\P ]VP WR[P W]SP rs[jP Z]`\P c_[WRP R[^NOOR[O `RagiQjOkPRNOR[VPa[]TUORVP]VPWNRPo]ZNS]WRV\P_VWP[]SRVWPSTUVRZZPa[]^^RZORVPWNR yV`[RNjR[P UNV]_jkP pNVP SOgVWN`RSP lTUcN[[RVP c][P e_P Um[RVkP rNRP bsZeRVP _VWP WNR lORNVRP]_SPWRVPlTUZR_WR[VP_VWPWRVPb]ZZNSOsZRVPUR_ZORVPUNVP_VWPUR[P_VWPO[]jRVPNU[R NRZRkP x_VWR[Oi]ZP STUZ_`RVP qRSTUsSSRP `R`RVP WNRP bNZWVNSSRP ]_jP WR[P U][ORV lTU]ZRPWRSPbs}RV^R[`Sk rNRSR[P u]iQj\P R[a]VVORP }RWR[P RNVeRZVRP u[NR`R[\P c][P WR[P ]^SsZ_ORP xmURQ_VaO RNVR[PpVOcNTaZ_V`\PWNRPcRNOPe_[YTaZ]`k rNRPR[SORVPt_ZZa]_`R[\PWNRPWRiPMvOUsSP_iPWRVPbR[`PcNWR[SQ[]TURV\Pc_[WRVP]ZS uROeR[P ^ReRNTUVROP _VWP ]_S`RSOswRVkP pNVN`RP a]iRVP cNRWR[P e_[YTaP _VW [RU]^NZNONR[ORVPSNTUkPrNRPiRNSORVPdR[STUc]VWRVP]^SRNOSPWR[Prm[jR[P_VWP`[YVWRORV NVPWRVPngZWR[VPaZRNVRP{RSOR[PdsVP{R_WRVaR[Vk zRN`OPRSPNUVRVkPnR[jOPSNRPe_[YTaPNVPNU[RPjR_TUORVPngZWR[|\POs^ORPb]_`UP_VWP[NRj SRNVRP[_QQRVjYU[R[k lNRPZRNSORORVPURZWRVU]jORVPnNWR[SO]VWkPxNVOR[PWRiPbR[`Pa]iRVPRNZRPWR[P]VWR[RV tR[ORNWN`R[P_VWPiNSTUORVPSNTUPNVPWRVPu]iQjkPpSPc][PSTUcR[Pe_PRVOSTURNWRV\PcR[ e_PWRVPtR[ORNWN`R[VP`RUm[ORP_VWPcR[Pe_PNU[RVPqR`VR[VkPnYORVW\P]ZSPcY[WRPR[PWNR `[swRP yVe]UZP R[SOP UR_ORP aRVVRVZR[VRV\P S]UP WR[P f^R[Q[NRSOR[\P W]wP ]_SP WRV ngZWR[VPVsTUPNiiR[P{R_WRVaR[ugiQjR[PSO[miORVkPlNRP[]VVORVPiNOPNU[RVPn]jjRV _VWP WRiP lO_[i`R[gOP UR[]V\P _VWP dNRZRP dsVP NUVRVP VYOeORVP W]SP ^R`[RVeOR
XZ_`dR[im`RVP ]_S\P _iP RNZRP WR[P lO[RTaRP e_P jZNR`RVkP {sTUP c][P RSP aRNVRi `RZ_V`RV\P WRVP X_wP WR[P h]iQRP e_P ^RO[RORVkP rs[OP _VORVP cRU[ORVP SNTUP WNR o[NRSOR[agiQjR[P^RSsVWR[SP `V]WRVZsSkP zlNRP cR[WRVP RSP VNTUOP STU]jjRV
|P STU[NR b]_`UP _VWP ^ZNRSP iNOP STUcgTUR[P cR[WRVWRiPyORiP VR_RP u]iQjSN`V]ZRkP zxR_OR STUZ]`RPNTUPX[sVSRZPe_[YTak| {R^RVPNUiPc_[WRPRNVPu[NR`R[PSTUcR[P`RO[sjjRV\PO]_iRZORPe_iPh]VWPWR[Pb[YSO_V` _VWPjNRZ\Pa[]jOZsSPiNOPWRVPXZY`RZVPSTUZ]`RVW\PUNV_VOR[P]_jPWRVPdR[cYSORORVPbsWRVk p[P^ZNR^PUNZjZsSP]_jPWRiPhYTaRVPZNR`RV\P_VWPSRNVRPSRTUSPqZNRWi]wRVPe_TaORVk gV`SOPU]OORPSNTUPX[sVSRZ\PWR[PuZRNVa][NR[OR\PdsVPSRNVRVPu[NR`R[VP`RZmSOk zxR\PlNZ^R[`RSO[RNjOR[
|P[NRjPR[kPzbZRN^P_VORVkPnRVVP_VSPWNRSR[P]ZORPX]V]ONaR[PSNRUO kkk|Pp[P_VWPiRU[R[RPr_OeRVWPSRNVR[P^RSORVPMgVVR[\PUR[ds[[]`RVWP]_S`R[YSOROPiNO SRZOS]iRiP qR[gO\P a[sTURVP UNVOR[RNV]VWR[P _VOR[U]Z^P WR[P o]ZNS]WRV\P ]^R[ ]_wR[U]Z^PWRSPlNTUO^R[RNTUS\P[]SRVWPSTUVRZZPRVOZ]V`kPU[PNRZPc][PWNRPhYTaSRNOR WRSPa[RNS[_VWRVPbR[`RSkPrs[OPSO]VWPaRNVRPoZ]OOjs[iPWs[OP`]^PRSPV_[PRNVRPlORZZR\ ]VPWR[PWNRPoNZ`R[PNVPSO_iiR[PbRc_VWR[_V`PdR[U][[ORVP_VWPNU[RPbNZWR[Pi]ZORVPsWR[ [NOeORVkPzSOPSTUsVPaZ][
|Pa]iPRSPdsVPUNVORVPe_[YTakPrNRP^[RVVRVWRPxsZeasUZRPNV WRVPXR_R[STU]ZRVPSO]Va\PcRVVPWNRPqRjgwRPW]SPq[]SP_VWPWNRPh]VaRVP^R[YU[ORVk ~^R[PWNRPo]VeR[P_VWPSs`][PY^R[PWNRPf^R[jZgTURVPWR[Pb[sVeRSTUNRVRVPes`RVPSNTU WNRPONRjRVPu[]OeR[PWR[Prs[VRVkPy^R[PX[sVSRZPc][PVNTUOP]_je_U]ZORVkPznN[PSTUZ]`RV UR_ORPRNVRVPb[YTaRVasQj
|PSTU[NRPR[k RVSRNOSPWR[Pc_TUON`RVPxsZeORNZRPR[OmVORPWR[Pg[iPWRSPR[^NOOR[ORVPu]iQjRSkPxNV _VWP cNRWR[P jZs`RVP RNVeRZVRP qRSTUsSSRP a[]jOZsSP `R`RVP WNRP o]ZNS]WRVP _VW aZ]QQR[ORVP]_jPWNRPXZY`RZPWR[Pu[NR`R[PUR[_VOR[kP{_VPa]iRVPSNRPNVPWRVPbR[RNTUPWRS lTU]OORVS\PWRVPWR[PbR[`Pc][jkPzpSPcN[WPNiiR[PZRNSR[|\P[NRjPj]SOPj[mUZNTUPRNVP}_V`R[ u[NR`R[k znN[PiYSSRVP_V`RcmUVZNTUPSTUVRZZPSRNVPP_VWPZRNSR
|PS]`ORPRNVP]VWR[R[PRSPc][ WR[P lTUc][eSQN[]ZN`RkP UviNR[\P RNVP ZNSON`R[P M]VV\P dsVP WRiP WNRP ^RSORVP oZgVR SO]iiORVkP lTUZNRwZNTUP c]`ORVP SNRP SNTUP ]_je_[NTUORVkP pNVRP RNOR[P aZ]QQORP UsTUk X[sVSRZP SONR`P ]ZSP R[SOR[P UNV]_jP _VWP STUs^P WRVP ^RURZiORVP usQjP Y^R[P WNR V]WRZSTU][jRVPxmZeR[k cNSTURVP NUiP _VWP WRiP VNRW[N`RVP bNZW`R[YSO\P W]SP dsVP e]UZZsSRVP dR[cRZaORV bZ_iRVPj]SOPe_`RSTUYOOROPc][\PS]UPR[PVNTUOPRNVRVPRNVeN`RVPu[NR`R[kPp[PcNVaORPV]TU _VORVkPbZNOeSTUVRZZPc][RVPcRNOR[RPRNOR[VP]V`RZR`O\P]VWR[RPSTUs^RVPSNTUP]_jPWR[
NVVR[RVP lRNORP UR[_VOR[\P WRVVP dNRZRP u[NR`R[P c][RVP SsP STUcR[P ^RZ]WRV\P W]wP SNR VNTUOPjZNR`RVPasVVORVk rR[PhRSOPes`PWNRPRNOR[VPUNVOR[PSNTUPUR[\PjZ]OOR[ORPiNOPWRiPONRjRVPb[_iiRVP[]SRVW STUVRZZPSTUcN[[RVWR[PXZY`RZPY^R[PWNRPo]ZNS]WRVP_VWPZ]VWRORPecNSTURVPy^SQR[[_V` _VWPWR[PSORNZRVPbR[`jZ]VaRk lNRPc_wORVP]ZZRP`RV]_\Pc]SPSNRPe_PO_VPU]OORVk rNRPu[NR`R[PdsVPX[sVSRZSPM]VVSTU]jOP[]VVORVP]_jPW]SPqR[YSOPe_kPpNVN`RP^ZNR^RV SORURV\P SORTaORVP NU[RP umQjRP e_S]iiRVP _VWP V]UiRVP ]_SP WRVP lTU]ZRV MRO]ZZVg`RZ\P WNRP j]SOP `ZYURVWP c][RVkP MNOP Z]V`RVP ]V`RV\P R^RVj]ZZSP ]_SP MRO]ZZ\ Q]TaORVPSNRPWNRPRNZRP_VWPW[YTaORVPSNRPiNOP]ZZR[Pu[]jOP`R`RVPWNRPj]SOP_VeR[SOm[^][R lTU]ZRPY^R[PWRiPcRNTUR[RVPM]OR[N]Z\PW]SPWRVPuR[VP]_SPMRO]ZZPONRjPNVVRVPNiPbR[` _iUYZZORkP lONVaRVWR[P h]_TUP `NV`P dsVP WRVP mTUR[VP ]_S\P WNRP dsVP WRVP `ZYURVWRV bsZeRVP`RSTUisZeRVPc_[WRVkPr]SPM]OR[N]ZPSTUisZePWs[O\PcsPWNRPqZ_OPRSP^R[YU[ORk NRjP dR[SRVaORP SNTUP WR[P ]^aYUZRVWRP {]`RZP NVP WNRP u[_SORP WRSP bs}RV^R[`SkP rNR s^R[SORVP lQ[sSSRVP WR[P _VOR[SORVP RNOR[P c_[WRVP _VZmS^][P iNOP lRUVRVSTUVY[RV ^RjRSON`O\P RNVRP ecRNORP RNOR[P c_[WRP UNVOR[UR[`R[RNTUOP _VWP iNOP RNVN`RVP lO]V`RV SsZ]V`RPjRSO`RU]ZORV\P^NSPX[sVSRZP_VWPUviNR[PUNV]_j`RaZROOR[OPc][RVP_VWPRNVRV ecRNORVP{]`RZPdR[SRVaORVk rNRP^RNWRVPR[SORVPdsVPiRU[P]ZSPjYVjeRUVPRNOR[VPc][RVP}ROeOPj]SOP_VZmS^][PiNOPWRi bR[`PdR[^_VWRVk MRU[P _VWP iRU[P u[NR`R[P aZROOR[ORVP UNV]_jkP zlTUVRZZR[
P {NTUOP ]^SOY[eRV
|P i]UVOR X[sVSRZk r[RNRTaN`RP usVSO[_aONsVRVP c_[WRVP NVP WNRP RNOR[SQ[sSSRVP RNV`RU]aOP _VWP `R`RV WNRPn]VWP]^`RSOYOeOkPrNRP]SORVPWR[Pu[NR`R[Pc_[WRVPNiiR[PcRVN`R[\P}RPiRU[PSNR ]^Z_WRV\PUsTU[RNTUORV\PjRSO^]VWRVP_VWPNVPds[UR[P`R^sU[ORPmTUR[PSORTaORVk MNOP `RSQ]VVORVP lTUZR_WR[V\P WNRP MRU[j]TUWsZTURP iNOP WRVP Z]V`RVP nNWR[U]aRV `[Njj^R[RNO\PSNTUR[ORVP}RcRNZSPjYVjPu[NR`R[P[RTUOSP_VWPZNVaSPdsVPWR[PRNOR[kPROeO\P]ZS SNTUP ^R[RNOSP jYVjP RNOR[VP Y^R[RNV]VWR[P ^Rj]VWRV\P c][RVP VsTUP NiiR[P aRNVR tR[ORNWN`R[P_iPWRVPbR[`PUR[_iP]_j`RO]_TUOkPlNRPU]ZjRVPNU[RVPu]iR[]WRVPWs[O\ csPX[sVSRZPW]SPy^ZRVa_V`S`RjRTUOP^RjsUZRVPU]OORk X[sVSRZP _VWP WNRP cNZWRSORV\P c]`Ri_ON`SORVP SRNVR[P zy_S`RSOswRVRV|P c][RV SNTUR[\P W]wP b]_`UP _VWP WNRP usVSR[d]ONdRVP N[[ORVkPyZSP RSP VsTUP VNTUOP e_iP u]iQj `RasiiRVP c][\P U]OORVP R[P _VWP SRNVRP MgVVR[P RNVP sTUP NiP bR[`P `RSTU]jjRVk
_jgZZN`PU]OORVPSNRPRVOWRTaO\PW]wPWNRPU][ORPu[_SOR\PWNRP}RWRiPnR[aeR_`PSO]VWUNRZO\ W_[TUP XR_R[P e_P ^RSNR`RVP c][kP lNRP STUis[ORP _VWP STUisZekP RP URNwR[P WNRP qZ_O\ WRSOsPSTUVRZZR[PmjjVRORPSNTUPRNVPsTUkPXYVjPM]VVSZgV`RVPONRjPc][PWR[PaZRNVRP_VVRZ `RcRSRV\P RURP SNRP ]_jP W]SP MRO]ZZP SONRwRV\P W]SP SNTUP }RWRiP cRNOR[RVP yV`[Njj cNWR[SROeORkPpSPc][P_VeR[SOm[^][k rRScR`RVPasVVORPaRNVR[PdsVPNUVRVPiRU[PWRVPR`RVWRV\P}RVRiPzy_jO[]`|PsWR[ ]VWR[RVPlQRa_Z]ONsVRVP`Z]_^RVkPiPbs}RV^R[`Pc][PROc]SP]_SPMRO]ZZPdR[^s[`RV\ _VWP `]VeP `RcNwP aRNVP xRNZN`O_ikP pOc]SP ]_SP WR[P tR[`]V`RVURNO\P SNTUR[kP y^R[ VNTUOS\PW]SPi]VPcNRPWNRPdR[[YTaORVPoNZ`R[P]V^RORVPi_wORk RPUmUR[PSNTUPWNRPbRjRSON`_V`SQ_VaORPWR[PRNOR[VPRNV^[]VVORV\PWRSOsPZRNTUOR[Pc][ RS\P UNV]_je_aZROOR[VkPyZZRP u[NR`R[P ^Rj]VWRVP SNTUP iNOOZR[cRNZRP ]_jP WR[P XZ]VaRP WRS bR[`RS\PNiP{s[WcRSORVk xNR[Pc][PRSPaYUZP_VWPW_VaRZk tsVP_VORVPW[]V`PWR[Pg[iPWRSPR[^NOOR[ORVPu]iQjRSPUR[]_jkPnNRWR[Pj[]wPSNTUPRNV ^RNVZ]V`R[P {]`RZP NVP W]SP _]ZiRVWR\P O[sQjRVWRP M]OR[N]ZkP n]U[U]jON`\P RNV _V^Ra]VVOR[PlOsjj
P{NTUOSP]VWR[RSPdR[UNRZOPSNTUPSsPcNRPWNRSRPu[_SORP_VWPWNRSR[ cRNTURPuR[V\PcRVVP`ZYURVWRSPMRO]ZZP]V`RcRVWROPc_[WRk yVP lRNZRVP es`RVP WNRP u[NR`R[P {]U[_V`SiNOORZ\P n]SSR[\P lgTaRP dsZZR[P xsZeasUZR\ n]jjRVP _VWP xsZe^[ROOR[P _VWP bsUZRVP NVP }RWR[P WRVa^][RVP gV`RP UR[]_jkP qR`RV MNOO]`P c][P RSP X[sVSRZP SRZ^SO\P WR[P ]_jP WR[P S]VjOP `R[_VWRORVP lQNOeRP WRSP bR[`RS RNVRVPZ]V`RVPURNwRVP{]`RZPdR[SRVaOR\PRNVPWNTaRSP]_PW_[TUPW]SPb[sVeR]_`RPes` _VWPRNVRVPSNTUR[RVPuVsORVPSTUZ]V`kPzqRSTU]jjO\PX[sVSRZ
|P[NRjPRNVPu[NR`R[kPz{sTU VNTUOP`]VekPlNRPR[[RNTURVP_VSPVsTUPiNOPWRVPqRSTUYOeRVk| y_TUPdsVP_VORVPW[]V`PWYVVR[Ph]_TUP^NSPUNR[PUR[]_jk znRVVPRSPVsTUPdNRZRPqRSTUYOeRP`R^RVPSsZZORkPlNRP^[RVVRVkPy^R[PW]SP^RaYiiR[O _VSPVNTUOPPi]TUOPcRNOR[k| zy_S[_URVPamVVRVPcN[PSQgOR[
| yiPuVsORVQ_VaOPWR[P^RNWRVPZROeORVPRNOR[VPc_[WRVPcRNOR[RP{g`RZPdR[]VaR[OkPrNR W[RNRTaN`RVP lOYOeRVP c_[WRVP iYUS]iP UsTU`Res`RVkP MNOP WRiP `ZYURVWRVP MRO]ZZ STUVNOORVPWNRPu[NR`R[PRNVRPa[RNSjm[iN`RPVjjV_V`PNVPWNRPU][ORPlTUNTUO\PdR[`[mwR[ORV RNVPR[SORSPsTUP_VWPUg_jORVPWs[OP^[RVVRVWRPxsZeasUZRP]V\PSTUYOORORVPSTUc][eR usUZRSOYTaRP W][]_jkP cRNP t_ZZa]_`R[P ^RcR`ORVP WNRP xR^RZP dsVP bZ]SR^gZ`RVk
lsjs[OP ^R`]VVRVP WNRP usUZRVP e_P ^[RVVRV\P WR[P cRNTUR[RP lOsjjP ^R`]VVP e_ STUiRZeRV\P NVP [sQjRVP e_P dR[Z]_jRVP _VWP SNTUP ]_je_ZmSRVkP h]_TUP csZaORP ]_jP _VW c_[WRP NiiR[P STUcg[eR[\P NiiR[P iRU[kP xsZeSOYTaR\P WNRP aRNVR[P iRU[P ^[]_TUOR\ jZs`RVPNVPW]SPsTU\PW]SPSNTUPdR[`[mwR[ORP_VWPdR[ONRjORk zpSPSTUiNZeOPSNTUPSRZ^SOPRNVRPxmUZR
|P[NRjPX[sVSRZP^Rc_VWR[VWkPzls\PcNRPW_PRS ]_S`RW]TUOPU]SO\PlTUc][eSQN[]ZN`R[k| zy^R[PNTUPc][PVNTUOP`]VePSNTUR[k|PrNRPxNOeR\PWNRPW_[TUPWRVPSO][aRVP_jOe_`PWR[ bZ]SR^gZ`RP`RSORN`R[OPc_[WR\PR[j]wORPWNRPVVRVcgVWRPRNVR[PxmUZR\PWNRPZ]V`S]i ]Vc_TUSP_VWPSTU[g`PNVPWNRPNRjRPUNVRNV`RSTUisZeRVPc_[WRk X[sVSRZPaZROOR[ORP]_jPWRiPSTUc]VaRVWRVPqR[YSOPSsPcRNOPV]TUP]_wRV\PW]wPR[PVNTUO iNOORVP NiP h]_TUP UsTaORkP p[P SO][[ORP V]TUP _VORVP _VWP S]UP WRiP `Rc]ZON`RV h]_TUSTUZRNR[P V]TUkP rNRP R[SORVP tR[ORNWN`R[P a]iRVP UR[^RN`RZ]_jRVkP lNRP STU[NRV cNZWPW_[TURNV]VWR[P_VWPWR_ORORVPiNOPWRVPn]jjRVPV]TUPs^RVk xNR[PS]wRVPWNRP{R_WRVaR[\PU_VWR[Oec]VeN`PM]VVSZgV`RVPUsTUP_VWP_VR[[RNTU^][ jY[PWNRPiRNSORVPqRSTUsSSRk X[sVSRZP V]UiP SRNVP lN`V]ZUs[VP dsiP hYTaRV\P ^NwP ]_jP W]SP M_VWSOYTaP _VW STUiROOR[ORPW]SPdR[]^[RWRORPlN`V]ZPV]TUP_VORVk lRNVRP u[NR`R[P Um[ORVP e_P agiQjRVP ]_jP _VWP es`RVP SNTUP e_[YTakP rR[P u]iQjP c][ ds[Zg_jN`P e_P pVWRkPy^R[P SNRP ZNRwRVP dNRZRP lTUcR[dR[c_VWRORP _VWP RNVRP x]VWdsZZ sOR[P e_[YTa\P ]ZSP SNRP Y^R[P WNRP o]ZNS]WRVP jZ]OOR[ORVP _VWP aZROOR[ORVkP h_VWP W[RNwN` {R_WRVaR[P^Rj]VWRVPSNTUP]_jPWRVPRNOR[VP_VWPVR^RVPWR[PxmUZR\PWNRPdsVPlO_VWR e_PlO_VWRPc_TUSk rNRPt_ZZa]_`R[PNiPrs[jPS]URVPWNRP[NRSN`RPh]_TUcsZaR\PWNRPZ]V`S]iPV]TUPfSORV js[O`RO[NR^RVPc_[WRk rNRPoNZ`R[P c_wORVPr]SPc][P RNVP RNTURVkPy^R[P kkkP csjY[P SO]VWP WNRSRSP RNTURV znN[PU]^RVP`RSNR`O|\Pc]VWORPSNTUPX[sVSRZP]VPSRNVRPR_ORkPznN[PU]^RVPR[[RNTUO\ c]SP cN[P csZZORVkP {]OY[ZNTUP dR[S_TURVP SNR\P _VSP cNRWR[P UR[_VOR[e_UsZRVkP bNSP SNR RNVRVPRVOSTURNWRVWRVPyV`[NjjPc]`RV\PU]^RVPcN[PWNRPxmUZRPSsPdR[`[mwR[O\PW]wPcN[ Ws[OPcsUVRVP_VWPWNRPc]U[RP{]O_[PWRSPbR[`RSP_VOR[S_TURVPamVVRVkPx]^OPNU[PVsTU b[RVV^][RS| cRNP `[swRP lgTaRP dsZZR[P xsZeasUZRP a]iRVP ]iP lRNZP UR[]_jP _VWP jZs`RVP NVP W]S jZ]iiRVWR\P^[sWRZVWR\PSONVaRVWRP_VWP[]_TURVWRPXR_R[P_VOR[U]Z^PWRSPqNQjRZSk
rR[PxRNZN`RPbs}RV^R[`Pc][P`RSTUgVWROkPrNRPVR_RPWRRPU]OORP`RSNR`OkP{_[Pc_wORV WNRPlNR`R[PaRNVRScR`S\Pc]SPSNRPRVOWRTaOPU]OORVk
34 LMNOPMQRSTUVWURXTUYZYT[\NR]M^UPRPU_NR`UTabTYVWUPRcUP_YVWRd[NReWfMNRbNSRg^MT_ \UORbNSRhf_YZWURMbaRS_URfUbYVWUNSUNRi_aaUTNR[hUTVMfhRSUPRjbfWUPk li\U_bNS`\MN`_OPWUTRebObPWRmbffMYVWnoRPMOWURUTkRlpVTRPU_SRbNTbV_OoRN_YVWR\MVTqn lm_YVWR \UOUNR SUPR ]_faUUTPbYVUNPR MbPR SUTR rstcumnoR UNWOUONUWUR g^MT_kR lvMP dUTPwT_YVWR`bQ_NSUPWRU_NUR_NWUTUPPMNWURxMYVUR`bR\UTSUNkRuPRfUNZWRMhkn vUTR]_OVRx_SUT^WRPYVNWWUfWURSUNRO[wakRlvMPRQU_NUR_YVRN_YVWnoRhTbQQWURUTkRlpYV ZUNNURS_URxW_QQbNOkRv_URXtpxXuuPO_NSUTRQNPPUNRP_YVRUTV[fUNkRuPRVUTTPYVWRMN X[TSRU_NURtbVUoR\_URP_URPUfWUNRd[TZ[QQWkn luPR _PWR S_UR tUMZW_[NR MbaR S_UR NhUTPWMNSUNUNR ehUNWUbUToR XTUYZQnR \MNSWUR SUT eTZ[N_SURU_NkRebaRU_NUQRr[N_W[TRSUTR]MbwW`UNWTMfURPMVRUTRS_URSTU_RRbfNbTUToRS_U _VNRQ_WRMbPSTbYZPf[PUNRSMYUWWUNMbOUNRMNhf_YZWUNkRlTNSRS_URx[fMNUTR\_PPUNoRSMU SMPRxYV_aaRVR_VTRxYV_aaRVRN_YVWR_NRS_URmMQUNf[PURi[NURdUTPW[UUNR\_TSkRvMPR_PWRU_NU `bPWW`f_YVURXUTbV_ObNOkRehUTRSMPRMffUPRhTMbYVUNR\_TRN_YVWRQUVTR`bRS_PZbW_UTUNkRuP _PWRbNPRMffUNRZfMTkn lehUTRSU_NURO[[TS_NMWUNRVMPWRSbR_QQUTRN[YVRN_YVWnoR\MNSWUR]M^UPRU_Nk lmU_NkRTNSoR_NSUQR\_TRSMPRP[OUNMNNWURSbWbTRbNWUTPbYVUNoR\UTSUNR\_TRP_UR\[Vf MbYVRN_YVWRa_NSUNkn v_URSTU_RtMbQPYV_aaURSUTRU_N`_OUNR\_TZf_YVRwfMNUWUNbNMhVWNO_OUNRXUPUNoRMbaRS_U S_URx[fMNUTRYUROUPW[UUNR\MTUNoRWT_UhUNRMNWT_UhPf[PR_NRSUTRbNQ_WWUfhMTUNRmWVURSUT xsLkRibaWff_OROMhRUPRMbYVR_NRSUTRrstcumRU_NUNRMZW_d_UThMTUNRgTMNPQ_WWUTkReWfMN VMWWUROUhUWUNoR_VNRbNSRSMPRcUOUNOUTWWR`bRPYVMfWUNkRpNRZbT`UTRiU_WR\NTSURUTRQ_W U_N_OUNR MbPOUPbYVWUNR XUOfU_WUTNR PU_NR RUTPwTUYVUNR U_NfZPUNkR lmU_NnoR waf_YVWUWU _VQR]M^UPRhU_kRlebYVRS[TWR\_TPWRSbRN_YVWPRNhUTRRMTNVMOVUTPcV^NNPWRUTaMVTUNkn [USUTR MNR X[TSR PUW`WUR OMN`R T_YVW_OR d[TMbPoR SMUR eWfMNR MbYVR \U_WUTV_NR Q_WR MffUQ mMYVSTbYZRbNSRhUTU_WR`bRNMVU`bRYUSUQRt_P_Z[RdUTPbYVUNR\NTSUoRS_UPUPRX_PPUN `bRhUZ[QQUNkRehUTRS_URxsLR\NTSURUTRN_YVWRQUVTROUaWVTSUNkRvMPROT[UURxYV_aa PW_UURN_YVWR_NRS_URmMQUNf[PURi[NURd[Tk l\V^hTM_NqnR aTMOWUR SUTR ]_OVR x_SUT^WkR lm_YVWPkR XU_WUTV_NR N_YVWR SMPR OUT_NOPWU LUhUNP`U_YVUNnoRUTZfWTWUNReWfMNRbNSRg^MT_RNhUTU_NPW_QQUNSk
lX_URfMNOUR\UTSUWR_VTRhTMbYVUNqnR\[ffWURXTUYZYT[\NR\_PPUNk lvMPR_PWRPYV\UTR`bRPMOUNkRX_TRNUVQUNRU_N_OURcUTWWURQ_WoRbNSRd_UffU_YVWRQNPPUN \_TR MbYVR U_NUR v_TUZWfU_WbNOR `bR xumu\eR PYVMfWUNkR pYVR PUVUR ZU_NUTfU_R jT[hfUQUk shRU_NRv_NOoRSMPRS_URRbfNbTUTR]SbWbT^RNUNNUNoRMbYVRUW\MPRQ_WRabWbTbQoRSUTRibZbNaWo `bRWbNRVMWoR_PWR_QQUTV_NRaTMOf_YVkRrMNR\_TSRUPRPUVUNkn eNRX[TSRVUTTPYVWUoR`bTRibaT_USUNVU_WRMffUTRRUTMNW\[TWf_YVUNoRUNWPwMNNWURtbVUkRv_U r[epLerR\MTRU_NOUPYVfUbPWRbNSR\bTSURNUbRMbPOUTNPWUWRbNSRWU_fNhUTV[fWkR[USUT x[fMNUTRhUOTNUWURS_UPUNRibPWMNSRMbPRdUTPWWNSf_YVUNRcTNNSUNkRmbTReWfMNoRSUNRS_U cUSMNZUNR MNR SUNR d_P_[NWTUNR gTMbQR wU_N_OWUNoR hf_UhR bNTbV_OkR uPR \MTR NbTR U_N PYV\MYVUTRgT[PWoRSMURP_YVRaTNVUTR[SUTRPwWWUTRYUSURSTMOURhUMNW\[TWUWUkRehUTRS_U R_P_[NRd[NRg_YZUTPRg[SRhUbNTbV_OWUR_VNk R_UffU_YVWR hUPWUVUNR P[OMToR hU_R MffUTR xZUwP_PoR RUTh_NSbNOUNR `\_PYVUNR S_UPUT ibZbNaWRbNSRSUQRP[OUNMNNWUNRSbWbTqRQUfSUWURP_YVRSUTRL[O_ZPUZW[TR`ZOUTNSk eWfMNRV[hRPYV\U_OUNSRS_URxYVbfWUTNkRuPR\MTRU_NURcUPWURMhP[fbWUTRtMWf[P_OZU_Wk lcUVUNR\_TnoRPYVfbORUTRd[TkRlX_TRhfU_hUNR_NRRUTh_NSbNOkn uTR SUbWUWUR MbaR SUNR r[N_W[ToR \_NZWUR ZbT`R SUNR STU_R pNPUZW[_SUNR bNSR dUTf_UUR S_U iUNWTMfUkRpQRgTMNPQ_WWUTTMbQoRbN\U_WRd[NRxsLP\_W^oR\MTWUWUNRS_URMNSUTUNkRpNP_SUT Q_WRU_N_OUNRTNWUTPbYVbNOPOUTWWUNoRXY[RXTU_PZ[ffoReWfMNRbNSRg^MT_RhUOTNUWUNRP_YV ZbT`kRx_UR\bUWUNoR\[TbQRUPRO_NOkRu_NUROTZUUTURcTbwwUR\MToR\UN_OPWUNPRd[TfWba_Oo N_YVWR NZW_OkR lOfMWPYVPVbTTMVnoR QbTQUfWUR pNP_SUTR bNSR OT_aaR NMYVR d_UT ebPTNPWbNOPOUOUNPWWNSUNR OfU_YV`U_W_OkR luNSf_YVR U_NQMfR \_USUTR U_NR VMNSaUPWUP jT[hfUQQRxYVMSUoRSMUR\_TRZU_NUNRMbPOUh_fSUWUNReTYVW[f[OUNRMNRX[TSRVMhUNkn lvMaNTR VMhUNR \_TR U_NUNR effT[bNSPSMYVQMNNkR r_WR SUTR uTa[TPYVbNOR dUTOMNOUNUT R[TOWNOURVMhUNR\_TRMbaRYUSUNRSMffRQUVTRuTaMVTbNORMfPRS_URRbfNbTUTkn x_UR hUWTMWUNR Q_WR SUTR PYV\UTUNR ebPTNPWbNOR NMYVU_NMNSUTR SUNR gTMNPQ_WWUTR bNS dUTf_UUUNRSMPRcUOUNOUTWWR_QRxYV_aaRSUTRRbfNbTUTkRu_NURcTbwwURRbfNbTUTRhUOTNUWU P_UkRv_URx[fMNUTRMZW_d_UTWUNRS_URgTMNPfMW[TUNkRlpYVRh_NReW_OPgVMNkRr_TROfNYZWURUPo SMPRSbWbTR`bRa_NSUNnoRPMOWURU_NUTRMbPRSUQRXUOTNUbNOPZ[Q_WUUkRlX_ffZ[QQUNo eWfMNoR bNSR PYV[NR YUW`WR vMNZR aNTR S_UR TMPYVUR ]_faUknR libQ_NSUPWR aNTR S_U XUTU_WPYVMaWnoR MNW\[TWUWUR SUTR eTZ[N_SUkR lXMPR _PWR PU_WR UbTUTR UTPWUNR rUfSbNO wMPP_UTWqn lm_YVWPnoR UTZfWTWUR eW_OPs^`R bNSR PWUffWUR P_YVR d[TkR vMPR Q[Sbf_UTWUR i_TwUNR SUT aTUQSUNR xwTMYVUR \bTSUR _NR dUTPWWNSf_YVUR STUObUN`UNR WTMNPw[TW_UTWkR lxU_WR SUQ ebOUNhf_YZoRMfPRgVMNRSMPRxYV[WWRPYVf[UoRhf_UhRSMPRSbWbTRbNhU\UOf_YVRbNSRPWbQQk
pVTR\NTSUWRUPRMfPR]OWaUT^RhU`U_YVNUNkn lu_NdUTPWMNSUNkR xUVUNR \_TR bNPR UbTUNR SbNSR MNkR XWVTUNSR \_TR S[TWV_NR OUVUNo UT`WVfWRbNPRh_WWUoR\MPR_VTRNhUTRS_URUT\WVNWUNRLUOUNSUNRbNSRP[R\U_WUTR\_UWkRX_T VMhUNRUNWPwTUYVUNSURTNWUTPbYVbNOPOUTWWURSMhU_kn t[h[WUTRPYV\UhWUNRVUTMNRbNSRNMVQUNRSUNRx[fMNUTNRS_URLMPWUNRMhk v_UR U_N`UfNUNR RbfNbTUTR \MTUNR P[R PYV\UTR d[NU_NMNSUTR `bR bNWUTPYVU_SUNkR pVTU a_NOUTWVNf_YVUNR iMNOUNUNSOf_USUTR Zf_YZWUNR [aaUNP_YVWf_YVR NUTdZPkR vUTYUN_OU efWUTWbQPa[TPYVUToRSUTRP_YVReW_OPvT[[PRNMNNWUoR\MNSWURP_YVRMNReWfMNPRcUaWVTW_Nk lg^MT_noR PMOWUR UTR bNSR \MTWUWUR YU\U_fPoR h_PR PU_NR i_TwUNR bNSR S_PWUfNR NhUTPUW`W \[TSUNR \MTkR lXUNNR \_TR NhUTR UbYVR x[fMNUTR PwTUYVUNoR PWUffWR P_YVR _QQUTR \_USUT NMYVRZbT`UTRiU_WRVUTMbPoRSMUR\_TRUbTURUTPWMbNf_YVURuaa_`_UN`RhU\bNSUTNkRpVTROUVW YUSUPRjT[hfUQRaT[NWMfRbNSRd[ffUTRxYV\bNORMNkn lpPWR UbYVR S_UPUR u_NPWUffbNOR WMWPWYVf_YVR P[R aTUQSqnR UTZbNS_OWUR P_YVR pNP_SUTR _N ObWQNW_OUTRpT[N_Uk lm_YVWR bNhUS_NOWkR ehUTR NMWNTf_YVR VMWR P_YVR hU_R bNPR U_NUR OU\MfW_OU uT\MTWbNOPVMfWbNOR MbaOUhMbWkR vboR eWfMNoR bNSR _VToR PU_NUR STUbNSUoR _VTR PWUVWR _N bNPUTUNRebOUNRbNWUTRuTa[fOP`\MNOkn eWfMNRfMYVWURZbT`RbNSRUNWOUONUWUP lpTOUNSRUW\MPRa_NSUNR\_TRVUTMbPkRxWU_NUTNUROWaUToRS_URabNZUNPwTNVUNSRPUfWPMQU tUSUNR VMfWUNR kkkR NhT_OUNPPR pPWR UPR UbYVR OUfbNOUNoR SUNR gUQWR U_NR \UN_OR `b UNWPYVfNPPUfNqnRlX_ToRS_URvT_ff_NOUoRVMhUNRSMTMNROUMThU_WUWkRX_TRPYVMaaWUNRNbTRU_N wMMTRxYVfNPPUf\[TWUknRlX_YVW_OURuTZUNNWN_PPUqn lmU_Nkn v_UR ZfU_NUR cTbwwUoR S_UR P_YVR fMNOPMQR SbTYVR gU_fUR SUPR bNOU\ZVNf_YVR OUa[TQWUN tMbQPYV_aaPR hU\UOWUoR T_UaR ZU_NRebaPUVUNR QUVTR VUTd[TkR LWNOPWR N_YVWR QUVTkR v_U eN\UPUNVU_WRd[NRx[fMNUTNR_NRSUTRrstcumRUhUNP[R\_UR_NRSUNRhU_SUNRMNSUTUN xYV_aaUNR \MTR UhUNP[\UN_OR MbaTUOUNSR \_UR U_NR XUPbYVR d[NR RbfNbTUTNR _NR SUT QWYVW_OUNRxsLk eW_OPgVMNRhUT_YVWUWURSUNRx[fMNUTNoR\_URUTRQUVTRSbTYVRibaMffRbNSRN_YVWRP[RPUVTRMfP uTOUhN_PRU_NUTRwfMNQWU_OUNRxbYVURSMPRSbWbTRUNWSUYZWRVMWWUk
lvUTRgUQWRS_UPUTReNPwTMYVUR[SUTRXMTNbNOR_PWROUPwU_YVUTWqnRaTMOWURpNP_SUTkRl[Mk X_PR MbaR S_UR UTPWUNR STU_R [SUTR d_UTR X[TWUkR pYVR \MTR N_YVWR PYVNUffR OUNbOkR ehUT dUTQbWf_YVR_PWRS_URuTZaaNbNORN_YVWRd[NRUNWPYVU_SUNSUTRX_YVW_OZU_Wkn efPRP_URPYVf_UUf_YVRd[TRSUQRdUTPYVf[PPUNUNRxYVMYVWRPWMNSUNoR\bUWUNReWfMNRbNS PU_NURSTUbNSURMffUPRNhUTRS_URLUOUNSUNRbNSRgTMS_W_[NUNoRS_URU_N_OURRbfNbTUTRSM`b OUhTMYVWR VMWWUNoR SMPR _VNUNR h_PVUTR bNhUZMNNWUR SbWbTR MfPR ]U_f_OWbQR `bR dUTUVTUNk eWfMNR bNSR XTU_PZ[ffR dUTPWWNS_OWUNR P_YVR PYVNUffkR vUTR OMW`UToR SUTR h_PVUT OUPYV\_UOUNR bNSR S_UR xYV\_NObNOUNR bNSR xW_QQbNOUNR PU_NUTR bNQ_WWUfhMTUN TQOUhbNOR MbaOUN[QQUNR VMWWUoR \MTWUWUR OUSbfS_OoR h_PR S_UR RbfNbTUTR SMPR xYV[WW OUZaaNUWRVMWWUNkRL_YVWRdUTPYV_USUNUTRSMThUNRafMQQWUR_NRMffUNRuYZUNRSUPRtMbQUP Mbak lv[TWRPUVWR_VTRSMPRSbWbTkRebaRSUNRUTPWUNRXf_YZRZZNNWR_VTRUTZUNNUNoRSMURUPRbTMfWR_PWk v_UPUReTWR SUTR vMTPWUffbNOR _PWR PU_WR bNSUNZhMTR fMNOR `bTNYZf_UOUNSUTR iU_WR hU_R bNP bNhUZMNNWkRehUTR`\U_aUff[PROUVZTWRSUTRxW_fR_NRS_URW_UaPWURRUTOMNOUNVU_Wkn uNSf_YVRTUSUWURXTU_PZ[ffk lXUNNRUPRPW_QQWoRSMURSMPRSbWbTRMbPRxWU_NR_PWRVRbNSRSMPRebPPUVUNRPwT_YVWRSMaNT VoRSMNNRZMNNRUPRNMYVRSUTRfUW`WUNRLMNSbNORMbaRU_NUQRjfMNUWUNRVUTOUPWUffWR\[TSUN PU_NkR cUQU_NV_NR a_NSUWR QMNR _NR tMbQPYV_aaUNR ZU_NUR xWU_NUkR TNSR hUPW_QQWR MbYV ZU_NURxWU_NQUW`UNkRu_NfUbYVWUNSoRN_YVWR\MVTqn libWTUaaUNSQnR PMOWUR g^MT_kR vUTR tMbQR \MTR aMPWR d[ffoR MfPR S_UR x[fMNUTR bNSR S_U RbfNbTUTRU_NOUWTUWUNR\MTUNkReWfMNR\MNSWURP_YVRMNReW_OPgVMNRbNSRPMOWUP lpNP_SUTRbNSRSboRh_WWURNhUTQ_WWUfWRMNRS_URiUNWTMfUoRhU`_UVbNOP\U_PURMNRxumu\eo SUNROUPwU_YVUTWUNRgUQWkRxWUffWRNhUTRS_URxYV_aaPZ[QQbN_ZMW_[NRSUTRrstcumRU_NU RUTh_NSbNOR VUTkR pNP_SUToR SbR PMOPWR bNPUTUQR ZfbOUNR tUYVNUToR \MPR UTR WbN hU`_UVbNOP\U_PURdUTPbYVUNRP[ffkRv_URxwTMYVURSUTRSTUbNSURV_UTR_PWRYMRd[ffPWWNS_O OUPwU_YVUTWkn l]MPWRSbRS_UReba`U_YVNbNOUNRV_UTqnRaTMOWURi\[RZNMwwk lmU_NkRO[QQRQ_WkRpYVRV[fURP_URMbPRbNPUTUQReThU_WPTMbQkn vUTRuQWTMRN_YZWURXY[oReWfMNRbNSRg^MT_R`bRbNSRa[fOWUReW_OPgVMNkRr_NbWUNRPwWWUTRPWMNS UTR_NQ_WWUNRSUPROT[UUNReThU_WPTMbQPkRv_URXWNSUR\MTUNRd[ffUTRiU_YVNbNOUNRbNS X_fSUTR MffUTR SMThUNR bNSR S[TQMWUkR r[N_W[TUNR MThU_WUWUNkR iU_YVUNOUTWWoR tUYVNUTo dUTPYV_USUNaMTh_OUR ObNPWPW[aahfWWWUToR fUUTR [SUTR Q_WR xYVT_aW`U_YVUNR hUSUYZWoR SUT
RUTPbYVR U_NUTR iU_Wf_N_UoR \[VfR SMPR \_YVW_OPWUR eNf_UOUNR S_UPUPR OUPYV_YVWPf[PUN RZfZYVUNPoR MffUReTWUNR d[NReba`U_YVNbNOPOUTWWUNR bNSR d_UfUPR QUVTkR ]_UTR \MTR PU_W fMNOUTRiU_WRZ[N`UNWT_UTWRbNSRV_NOUhbNOPd[ffROUMThU_WUWR\[TSUNk eW_OPgVMNPRcTU_a`MNOUNRPYVf[PPUNRP_YVRbQRU_NUNRVMNSOT[UUNRtUY[TSUTk l]_UTRVMhUNR\_TRYUSUPRX[TWnoR`_TwWURUTkRlvMNNRWTU_hURUbTURuTPWZfMPPUPgUYVN_ZUT `bR U_NUTR NMYVT_YVWUNWUYVN_PYVUNR ]ZYVPWfU_PWbNOR MNkR x_YVWabNZdUTh_NSbNOR h_PR _N SUNRtMbQRSUPRPWU_NUTNUNROWaUTPkn eNR U_NUQR OT[UUNoR ZfMTR `U_YVNUNSUNR pNWUTZ[QR bNSR SUNR MNOUPYVf[PPUNUN ehPw_UfOUTWWUNRdUTPWWNS_OWUReW_OPgVMNRS_URgUYVN_ZUToRUQwa_NORP[a[TWRU_NRX_fSRMbP SUTRxsLPiUNWTMfURbNSRSMPRiU_YVUNRxumu\exkRpNP_SUTRaNVTWURU_NUNRZbT`UNRv_Mf[O Q_WR SUQR X[TSTUYVNUTR bNSR OMhR OUNMbUR xwU`_a_ZMW_[NUNR SbTYVkR xumu\e dUTP_YVUTWUoRPU_NURSWV_OZU_WUNRUNWPwTUYVUNSRU_N`bPUW`UNkRcfU_YV`U_W_OR\MTNWURUT d[TR`bROT[UUNRuT\MTWbNOUNk lvbR\_TPWRUPR`bRSUTRd[ffPWUNRibaT_USUNVU_WRbNPUTUTRSTUbNSURPYVMaaUNQnRQbNWUTWU _VNRpNP_SUTRMbak uTRPUW`WURP_YVRbNSRfUVNWURP_YVR`bTNYZkRl]MPWRSbRPqn vUTRRbfNbTUTRQMYVWURS_URcUPWURSUTRXUYMVbNORbNSRSUbWUWURMbaRSMPRehPw_UfOUTWWk xwbfUNR T[W_UTWUNkR O[NWT[ff_YVWUTR afMYZUTWUNkRebaR SUQR X_fSPYV_TQR PMVR pNP_SUToR SMU xumu\eR S_UR xUNSbNOR MbaNMVQkR mMYVR U_N_OUNR xUZbNSUNR PMOWUR SUTR uQWTMoR SUT P_YVRhUQNVWUoRQ_WRPU_NUNRd_UTReTQUNRN_YVWR`bRd_UfRbQVUT`bSUbWUNPRlxW_QQPWRSb SUTRebaaMPPbNORXTU_PZ[ffPRhU_qRXMNNR\MTRS_URfUW`WURLMNSbNOqRpPWRUPRSUNZhMToRSMU SUTRxWU_NR_NNUTVMfhRSUPRxYV_aaUPRhUMThU_WUWR\[TSUNR_PWqn v_UROT[UUNRebOUNoRS_URMbPR_VTUNR`MVfTU_YVUNRgU_fUNR_NRpNP_SUTPRt_YVWbNORhf_YZWUNo MhUTRZU_NUTfU_RebPSTbYZR`bRUTZUNNUNRUTQZOf_YVWUNoRPw_UOUfWUNRS_URLUbYVWZZTwUT SUPReThU_WPTMbQPR\_SUTk lehP[fbWR MbPOUPYVf[PPUNnoR fMbWUWUR S_UR UNWPYV_USUNUR eNW\[TWkR lX_TR VMhUNR UP wTNaUNR fMPPUNkR uPR _PWR WfWUTR MfPR S_UR xYV_aaUkR X_UR MfWR S_UR xYV_aaUR P_NSoR \U_U N_UQMNSkn lOfMTURebPZbNaWnoR QbTQUfWUR SUTR uQWTMR bNSR \_NZWUkR lxUVUNR \_TR NMYVoR \MPReWfMN VUTMbPOUabNSUNRVMWkn lvUTR eTZ[N_SUR MfPR eTYVW[f[OUR kkkR U_NUR R[TPWUffbNOoR S_UR S_YVR hUfbPW_OWqnR aTMOWU
eW_OPgVMNk lx_UR hUfbPW_OWR Q_YVR UTVUhf_YVnoR QU_NWUR i\[kR lxYV[NR MffU_NR SUPVMfhoR \U_fR ObWU [SUTRw[P_W_dURmUb_OZU_WUNRV_UTR_QR[bNZPx^PWUQRN_YVWROUTMSURS_URm[TQRP_NSkn x_UR dUTf_UUUNRSUNReThU_WPTMbQoR bNSR MfPR P_UR S[TWR MNZMQUNoR \[R S_UR x[fMNUTR _VTU cUTWWURMbaOUhMbWRVMWWUNoR\bTSUNRP_URd[NReThU_WPPW_QQbNORUQwaMNOUNk S ebaRSUNRxYV_TQUNRbNSReN`U_OUNRd[NRd_UTRcUTWWUNR`U_YVNUWUNRP_YVRPYVMTaURL_N_UN MhoR dUTPYV_USUNUR ehh_fSbNOUNR SUPR ZWaUTWVNf_YVUNR shYUZWPR WMbYVWUNR Mbao \UYVPUfWUNR S_UR xWTbZWbToR bNSR S_UR XbYVPWMhUNOTbwwUNR fUbYVWUWUNR MbaR bNS UTf[PYVUNR\_USUTk XTU_PZ[ffRQbTQUfWUP lv_UR\VMTMZWUT_PW_ZRd[NRcUPWU_NRkkkR_PWRUPRN_YVWkR[USUNaMffPRhUPWUVWRSUTROWaUTRMbP U_NUQRU_N`_OUNRrMWUT_Mfkn vMPRSbWbTRPWMNSRTUObNOPf[PR_QRVUffUNRL_YVWkRu_NUR]MNSd[ffReNWUNNUNRT_YVWUWURP_YV SMTMbakR ebYVR pNP_SUToR SUTR P_YVR UTPWR YUW`WR UTNPWVMaWR Q_WR SUQR cUOUNPWMNS hUPYVWaW_OWUoRUQwaMNSRPWMTZUPRXUaTUQSUNkRvMPRxWMNSh_fSoR[h\[VfROTbNSPWW`f_YV WVNf_YVR SUNR _NPUZW[_SUNR RbfNbTUTNoR PYV_UNR S_UR u_NST_NOf_NOUR UTNPWoR aMPWR \NWUNS MN`bPWMTTUNk lXUfYVUPR rMWUT_MfqnR aTMOWUReW_OPs^`R hUO_UT_OkR lpVTR UT_NNUTWR UbYVoR SMUR UPR P_YV hU\UOWRVMWkn lOU_NUReVNbNOkn xYMNNUToR tZNWOUNOUTWWUoR WVNf_YVUR jTNaMwwMTMWbTUNoR U_NR SNVfUToR SUTR S_U gUQwUTMWbTR QMUoR U_NR `\U_WUToR SUTR dUTPbYVWUoR S_UR v_YVWUR aUPW`bPWUffUNo dUTPYV_USUNUR xWTMVfUNoR d[NR SUNUNR SMPR SbWbTR h[QhMTS_UTWR \bTSUR VR SMPR shYUZW \bTSUR P[R _NWUNP_dR \_UR QZOf_YVR OUWUPWUWkR pNP_SUTR bNSR XTU_PZ[ffR MNMf^P_UTWUNR S_U h_PVUTR\UN_ORMbPPMOUZTWaW_OUNReN`U_OUNk ebPRSUQRLMbWPwTUYVUTRSUPRO[QQbN_ZMW[TPRZMQRU_NRx_ONMfW[NkRu_NRgUYVN_ZUTRMbP SUTRiUNWTMfURSUTRrstcumRhUOMNNRMbaOUTUOWR`bRPwTUYVUNk m[YVRUVURS_URgTMNPfMW[TUNRSUNRgUQWR\_USUTOMhUNoRPMOWURg^MT_RVMfhfMbWP
lrZOf_YVUT\U_PUR\_TSRP_YVRMbYVRL_YVWObUffUP[MYWMoRSUTRMQW_UTUNSURr[N[oRaNTRS_U R[TOWNOUR_NWUTUPP_UTUNkn xumu\eRQUfSUWURP_YVRbNSRUTZfWTWURd[ffWZNUNSP lpYVRZMNNRU_NURUTPWUReNMf^PURf_UaUTNkRvbTYVReNMf[OdUTOfU_YVURQ_WRbNPUTUTRxwTMYVU _PWRUPROUOfNYZWoRQUVTROfMTVU_WR_NRS_URbNdUTPWWNSf_YVUNRX[TWUR`bRhT_NOUNkn lvMNNRf_UaUTURbNPRS_URThUTPUW`bNOQnReWfMNRPWMNSRd[TRSUNRL_NPUNRbNSR\bTSURd[N xumu\eROUPUVUNkRv_UPQMfRZ[NNWUNRS_URx[fMNUTRbNSRRbfNbTUTRP_YVUTRPU_NoRSMU SUTRgUQWRMbYVRMNRX[TSRMffUTRSTU_RxYV_aaURSUTRXU\MVTUTROUPwU_YVUTWR\bTSUkR[USUT pNPUZW[_SUR hTMYVWUR _N`\_PYVUNR SMPR SbWbTR Q_WR SUTR xbYVUR NMYVR SUT X_USUTOUh[TUNUNRL_YVWObUffUR_NRRUTh_NSbNOkRuPR\MTRU_NURdUTPWWNSf_YVURtUMZW_[Nk lpYVRZMNNRNbTRxW_YV\[TWURf_UaUTNkRebYVR_VTURXUSUbWbNOR_PWRN_YVWRVbNSUTWwT[`UNW_O UQMZWkRpVTRQNUWRZ[Qh_N_UTUNkRS[fOUNSURX[TWTU_VURZMNNRMfPRU_N_OUTQMUUNRP_YVUT hU`U_YVNUWR\UTSUNP eZW_d_UTWoR `bQR LUhUNR \_USUTUT\MYVWR kkkR mWVUR PWMTZUTR LUbYVW[hYUZWUoR UdUNWbUff QU_NWRSMPRSbWbTRS_URL_YVWObUffURkkkRXUPWTMabNORSbTYVRebPfZPYVbNOPRS_UPR\bTSURMfP PWMTZUoRbN\_SUTTbaf_YVURvT[VbNORbNWUTPWT_YVUNkn XY[RaTMOWURNhUTfMbWR_NRS_URV[aaNbNOPd[ffURxW_ffURV_NU_NP lefP[QRv_URmWVURSUTRL_YVWObUffURVMWRSMPRSbWbTR\_USUTRMZW_d_UTWkRuPRUT\MYVWURMbP SUTR xWMTTUR bNSR hUST[VWR S_UR RbfNbTUTR Q_WR SUQR g[SoR \UNNR N_YVWR kkkR t_YVW_O Z[Qh_N_UTWqnR lu_NUR SUNZhMTUR uTOWN`bNOQnR PMOWUR xumu\eR d[TP_YVW_OR bNS `bTNYZVMfWUNSkRlpYVRQMYVUR\U_WUTk g[SUPST[VbNOoR \UNNR N_YVWR SMVTWR [SUTR SfbOR `bR YUNUTR kkkR QUVTaMYVR hUW[NWR V LUbYVWObUffUoR `bQR cUh_UWR SUPR PWMTZUNR VMbwWPWYVf_YVR QUWMwV^P_PYVR OUQU_NWUN LUbYVWUNPkn v_UPQMfR V[hR eWfMNR PU_NUR xW_QQUR bNSR dUTPbYVWUoR PU_NUR ThUTfUObNOUN [aaUN`bfUOUNkR leffUR RbfNbTUTR \UTSUNR PWUThUNR QNPPUNoR \UNNR P_UR N_YVWR \U_WUTV_N NMYVRSUTRL_YVWObUffURPbYVUNqn libWTUaaUNSQnRPMOWURSUTRX[TSTUYVNUTkRu_NURbNhUPW_QQWURebaTUObNORhUQWYVW_OWU P_YVR SUTR MN\UPUNSUNR RbfNbTUToR MbYVR SUTR gUYVN_ZUTR [SUTR j_f[WUNR MbaR SUQ X_fSPYV_TQk pVTUR O_UaUT`MNOUNR ZNMYZWUNoR MfPR P_UR P_YVR _NR TMPUNSUQR gT_ffUTNR bNSR i_TwUN
bNWUTV_UfWUNkRlXU_WUTnoRT_UaRpNP_SUTkRlXMTRSMPRMffUPqnRlOU_NUP\UOPkRpYVRVMhURQ_W OTZUUTUTRx_YVUTVU_WRU_N_OURO[[TS_NMWUNRUTTUYVNUNRZZNNUNkn luW\MRS_URUQMZWUNRO[[TS_NMWUNRSUTRL_YVWObUffUqnRT_UaRg^MT_ROfU_YV`U_W_ORQ_WRSUN vT_ff_NOUNk lvUa_N_W_dR N_YVWnoR UT\_SUTWUR SUTR X[TSTUYVNUTkR luPR P_NSR S_UR XUTWUR U_NUTR N_YVW MbaaWff_OUNROUfh\U_UUNRx[NNUoRSTU_UTRjfMNUWUNoRSMd[NRU_NUTRhU\[VNWkR]_UTR_NRSUT cMfMQ_PRXMTPoRN_YVWR\U_WRUNWaUTNWkRvUTYUN_OURjfMNUWoRSUTRNhUTRU_NUNRr[NSRdUTaNOWo _PWRd[NRVR_YVR`_W_UTUR\ZTWf_YVRVRXUPUNRMbPRSUQROfU_YVUNRePWRSUTROUQU_NPMQUN RUTOMNOUNVU_WR hU\[VNWkR v[TWV_NR P[ffUNR S_UR RbfNbTUTR af_UOUNkR vMPR i_UfR \_TSR MfP RbffZMbORhU`U_YVNUWkn lvbR VMPWR SMPR i_UfR _NR bNPUTUTR xsLgUTQ_N[f[O_UR MbPTUYVNUNR ZZNNUNkn lxUfhPWdUTPWWNSf_YVkRvMWUNRP_NSRMhTbahUTU_Wkn lRUTPWMNSUNkR rUVTR _PWR N_YVWR VUTMbPOUZ[QQUNqnR aTMOWUR eWfMNR [VNUR R[T\bTak pQQUTV_NR VMWWUR xumu\eR TbNSR aNNa`UVNR r_NbWUNR OUMThU_WUWUR P_YVUTf_YVR NbTR Q_W U_NUQRXTbYVWU_fRPU_NUTROMwM`_WWWk lmU_NkR pYVR \UTSUR SUNR gUQWR N[YVR U_NQMfR MNVMNSR SUTR d[NR UbYVR V_N`bOUaNOWUN O[Qh_NMW_[NUNR bNSR ePwUZWUR NhUTMThU_WUNkR XMVTPYVU_Nf_YVR \_TSR P_YVR S_U XUSUbWbNORN_YVWRPWMTZRdUTWNSUTNkn lgbRSMPQn v_UR vT_ff_NOUR \MTUNR MbaOUTUOWkR x_UR TUSUWUNR PYVNUffR bNSR PYVfUYVWR dUTPWWNSf_YV Q_WU_NMNSUTkR v_UR rUfSbNOR \MTR NhUTMffR _NR SUNR xYV_aaUNR OUVZTWoR NhUTPUW`WR bNS dUTPWMNSUNR\[TSUNkRlibaT_USUNqn lrUVTRMfPRSMPnoROUPWMNSReW_OPgVMNkRlX_TRVMhUNRN_YVWRSMQ_WROUTUYVNUWoRSUQRgUQW MbaRS_URxwbTR`bRZ[QQUNkRXUNNRQMNRQMNOUfPRU_OUNUTRcUPYV_YVWURSMPRRUTaMVTUN N_YVWRZUNNWoRxwTMYVURh_PR`bR_VTUQRTTPwTbNOPYMVTR`bTNYZdUTa[fOUNR`bRZZNNUNoRWMwwW QMNR hf_NSR bQVUTknR vMPR SbWbTR dUTWNSUTWUR P_YVR N_YVWUR UPR OMhR \USUTR P_YVWhMTU XU\UObNOUNR N[YVR SUNR OUT_NOPWUNR LMbWkReWfMNoR SUTR SMPR SbWbTR Mh\UYVPUfNSR Mba SUNR gUPWOUTWWUNR bNSR _QR sT_O_NMfR MNhf_YZWUoR aNVfWUR P_YVR _NR S_UR R[TOUPYV_YVWUR SUT WUTTMN_PYVUNR ObfWbTR `bTNYZdUTPUW`WkR xWU_NUTNUR ehh_fSbNOUNR S_UPUTR eTWoR d[ffUT tWWPUfoR \MTUNR MNR NMVU`bR YUSUQR \_YVW_OUNR jfMW`R SUTR uTS[hUTafWYVUR UTT_YVWUW \[TSUNPRcUafNOUfWURLZ\UNoRxwV_NQUNoRO[Qh_NMW_[NUNR`\_PYVUNRg_UTRbNSRrUNPYV bNSRYUSUPRMNSUTURSUNZhMTURX_fS\UTZkR]_UTRdUTV_UfWRUPRP_YVRMffUQReNPYVU_NRNMYV N_YVWRMNSUTPk
vUTReTZ[N_SURNWVUTWURP_YVRd[TP_YVW_ORSUTRxWMWbUk lvMPR _PWR T_PZMNWQnR `_TwWUR eW_OPs^`kR lpYVR VMhUR N_YVWR d[ToR SMPR SbWbTR Q_W ]MQQUTPYVfWOUNR`bR`UTWTNQQUTNnoRUTZfWTWUReWfMNRbNSRfUOWURPU_NUR]MNSRMbaRSUN O[waWU_fRSUPROWaUTMTW_OUNkRm_YVWPRx_YVWhMTUPROUPYVMVkRpNP_SUTRTU_YVWUReWfMNR`\U_ x[NSUNNMSUfNRbNSRQU_NWUP lpYVRQMYVURU_NURvbTYVST_NObNOPMNMf^PUkR]WfWPWRSbRh_WWURS_URx[NSUNqn l[MoRNMWNTf_YVkn eWfMNR PUW`WUR U_NUR SUTR hU_SUNR PWbQwaUNoR PYV\UTR _P[f_UTWUNR mMSUfNR MQR O[waR SUP X_fS\UTZPR MNoR S_UR `\U_WUR MQR ON_UOUfUNZR SUTR PYV\UTUNR xWU_NQMPPUR MbP OUTbNSUWUNRS[TQUNkRleYVWbNOkn pNP_SUTR Z_wwWUR U_NUNR xYVMfWUTR bNSR wTUUWUR QUVTQMfPR U_NUNR ON[wakR xYV\MYVU j_f[WPWTZQURf_UaUNRSbTYVRS_UROMhUfkRv_UReN`U_OUNRf_UUUNRUTZUNNUNoRSMUR_NNUTVMfh SUTRxwU_YVUTRS_UPUPRcUTWWPROUNMbRYUNUPRrMWUT_MfoRMbPRSUQRSUTRxWU_NRhUPWMNSo N_YVWR OUPwU_YVUTWR \MTkR pNP_SUTR STNYZWUR PU_NUR tMWf[P_OZU_WR SbTYVR U_NR WTOUTf_YVUP cTbN`UNRMbPRbNSRPUW`WURS_URuNUTO_URSUPRgUPWUTPRSTMPW_PYVRVUTMbak lTNhUZMNNWUPR rMWUT_MfQnR PMOWUR UTkR lvbR P[ffWUPWR S[YVR SUNR ]MQQUTR NUVQUNo eWfMNknRebPRSUNRmMSUfPw_W`UNRPbQQWUNR\_N`_OURXf_W`UkRv_URSTU_RRbfNbTUTRSTWNOWUN P_YVR NMYVR d[TNR bNSR hUbOWUNR _VTUR ON_UOUfUNZUkR pVTUR OZwaUR hUaMNSUNR P_YVR _N OfU_YVUTR]ZVURQ_WRSUQR\bYVW_ORZMbUTNSUNRSbWbTkRuTTUOWR`_WWUTWUNRbNSRZfMwwUTWUN S_URO_UaUT`MNOUNk lxU_SRd[TP_YVW_OnoR`_TwWUReW_OPgVMNkRlTNPUTR]U_f_OWbQRkkkn eWfMNR PUW`WUR S_UR mMSUfNR MhR bNSR \MNSWUR P_YVR aTMOUNSR bQkR pNP_SUTR bNSR g^MT_ QMYVWUNRTMWf[PURcUPWUNkRXTU_PZ[ffRfUVNWURMNRSUTRXMNSRbNSRhUWTMYVWUWUR\[TWf[PRS_U QUVTR [SUTR \UN_OUTR UTTUOWUNR XUPUNR `\_PYVUNR _VQR bNSR SUQR X_fSN_PkR mMWNTf_YV dUTPbYVWUR UToR _TOUNS\UfYVUR xYV\_NObNOUNR `bR UTWMPWUNoR MhUTR PU_N cUP_YVWPMbPSTbYZR f_UUR bNPYV\UTR UTZUNNUNoR SMUR MbYVR UTR N_YVWPR `bTR ebaZfWTbNO hU_WTMOUNRZ[NNWUk lm[YVRU_NQMfRQ_WRU_NUTRMNSUTUNRj_f[WUNUTO_UnoRPYVfbORg^MT_Rd[TkRx_URPYV[hRU_NU _VTUTRL[YZUNRMbPRSUQRcUP_YVWkRv_URx[NSUNZMhUfR\bTSUNR_NRU_NRMNSUTUPRcUTWW U_NOUPWUYZWkR pQR xYV\_NObNOPUT`UbOUTR S_UPUPR gUPWUTPR hUaMNSR P_YVR U_NUR \_N`_OU O[Qw[NUNWUR ]^wUTUNUTO_UkR eWfMNR PUW`WUR S_UR mMSUfNR MNkR pNP_SUTR STNYZWUR PU_NU xYVMfWUToRbNSRwfZW`f_YVROUPYVMVUNRbNOfMbhf_YVURv_NOUk
sh\[VfR S_UR MbPOUPMNSWUNR xWTZQUR OUT_NOPW\UTW_OR \MTUNoR fZPWUNR P_YVR MbPR SUN xw_W`UNR fMNOUoR fMbWR ZN_PWUTNSUR SbNZUNOMThUNkR eNR SUNR xWUffUNoR MNR SUNUNR S_U uNWfMSbNOUNRSMPRSbWbTRhUTNVTWUNoR`U_OWUNRP_YVR\_N`_OURuQwf[P_[NPUTPYVU_NbNOUNk vNNNUToRWW`UNSUTRtMbYVRPW_UORMbaoR[h\[VfReWfMNRhf_W`PYVNUffRTUMO_UTUNSRS_UReTQU MbPU_NMNSUTOUT_PPUNR bNSR S_UR gUPWNMSUfNR MbPR SUTR mWVUR SUPR SbWbTPR OUhTMYVW VMWWUk luPRhU\UOWRP_YVR\_USUTQnRPYVT_ffWUReW_OPs^`RbNSRPwTMNOR`bTNYZk ibUTPWoR MfPR SMPR `\U_aMYVUR Xf_W`UhNNSUfR MhOUT_PPUNR \MToR dUTaWThWUR P_YVR S_U shUTafWYVUkR x_UR h_fSUWUR SbNZUfT[WUR bNSR SbNZUfOTNNUR xYVf_UTUNkR X_NNUNR \UN_OUT xUZbNSUNR dUTWNSUTWUR SMPR SbWbTR PU_NUR S[TQkR v_UR O[NWbTUNR af[PPUNR _NU_NMNSUTU MbPR SUQR ZWaUTMTW_OUNR X_fS\UTZR \bTSUR U_NR a[TQf[PUToR h_TNUNMTW_OR \_TZUNSUT cUOUNPWMNSk X_URWT[YZUNUTRxMNSRhTZPUfWURSMPRSbWbTRMbPU_NMNSUTk TNWUTRSUQRUTPYVT[YZUNUNRxYV\U_OUNRSUTRx[fMNUTRbNSRSUQRW_UaUNRxYVTUYZUNRSUT STU_RRbfNbTUTRdUT\MNSUfWURP_YVRSUTRxWU_Nhf[YZR_NRxWMbhoRSUTR`bRU_NUQRgU_fRMbaRSUQ rUWMffPYVTMNZR f_UOUNhf_UhoR `bTR MNSUTUNR ]WfaWUR `bR X[SUNR af[UoR fMNOPMQR \_U xYVfMQQR[SUTRx_Tbwk eWfMNRf_UURS_URxYVbfWUTNRP_NZUNRbNSRQbTQUfWURhUWT[aaUNP lvMPR\MTRN_YVWRbNPUTURehP_YVWkRX_TR\[ffWUNRUbUTR]U_f_OWbQRN_YVWR`UTPWZTUNknRlpN SUQRebOUNhf_YZoR ZbT`R NMYVR SUQR SbNZUNVMOUfnoR PMOWUR XY[R SUbWf_YVoR lVMhUR _YV Z[PQ_PYVUR xYV\_NObNOUNR MbaOUaMNOUNkR x_UR \MTUNR TbV_OoR aMPWR `baT_USUNkR pYV OfMbhUoRSMURSMPRSbWbTRVRbQRbNPUTURX[TWUR`bROUhTMbYVUNRVRNhUTRS_UPURVNSUTbNO PU_NUPRibPWMNSPRZU_NUP\UOPRhZPUR_PWkn g^MT_RQU_NWURdUTPWWNSN_Pd[ffP lSNTRbNPUTURdbfNbT_PYVUNRSTUbNSUR_PWRSMPR\[VfRZU_NRUYVWUTRgT[PWkRXMPRZZNNUNR\_T WbNqnR xYV\U_OUNSR TWbQWUR pNP_SUTR S_UR gUPWOUTWWUR \UOR bNSR PWUffWUR P_UR MbaR SUQ O[TT_S[TR MhkR lTNPUTR gUPWR ZMNNR NbTR SUTR ebPfZPUTR aNTR U_NUNR R[TOMNOR OU\UPUN PU_NnoRUTZfWTWURg^MT_RbNSRdUTPbYVWUoR_NRSUNRcUP_YVWUTNRSUTRvT_ff_NOUR_TOUNSU_NUN ebPSTbYZR `bR UTZUNNUNoR lSUTR aTNVUTR [SUTR PwWWUTR [VNUV_NR PWMWWOUabNSUNR VWWWUk mMWNTf_YVRaNVfUNR\_TRbNPRQ_WPYVbfS_ORMNRSUTRxUfhPW`UTPWZTbNOkn eW_OPgVMNR VMWWUR _TOUNS\[VUTR U_NUReTWR TTNUR [SUTR v[PUR OUV[fWkR [UW`WR aNffWUR UTR Q_W
xYVMbaUfRbNSRU_NUQRhTU_WUNRj_NPUfRSUNRxWMbhRd[TP_YVW_OR_NRS_URhTU_WURWaaNbNOk eW_OPs^`R`_TwWURdUTVMfWUNP luPR\_TSRN_YVWRfU_YVWRPU_NoRS_URcTbwwUNoRS_URSMPRSbWbTRP[R_NhTNNPW_ORdUTUVTWRVMhUNo `bRhUPYV\_YVW_OUNkRpQQUTV_NoRSMPR]U_f_OWbQRUQ_PW_UTWRYMRN[YVkRehUTR\UNNR\_TRSUQ r[N[R MNh_UWUNoR `bR SUNR SbWbTPO[[TS_NMWUNR `bR af_UOUNoR NMYVR S_UPUTR x[NNUR [SUT SUQRjfMNUWUNR]RbffZMbO^oRSMNNRPWUffWRSMPR\[VfRU_NUNRebPOfU_YVRaNTRbNPRSMTkn luPR\WTURSbTYVMbPRQMYVhMTnoRQU_NWURpNP_SUTkRlXUNNRUPRN_YVWR`bRfMNOURSMbUTWo \NTSUR_YVRQ_Waf_UOUNkRRbffZMbOkR]ZTWRP_YVRVUTMbPa[TSUTNSRMNkn eWfMNRNhUTfUOWUkRu_NRfMNOUTRXf_YZRg^MT_PRWTMaR_VNkRvUTReTZ[N_SURPMOWURVMfhfMbWPRlpYV P[ffWURUTPWRU_NQMfRQ_WRL_YVWObUffUP[MYWMRPwTUYVUNkRx_YVUTR_PWROTbNSPWW`f_YVRN_YVWP SMOUOUNR U_N`b\UNSUNoR RbffZMbOR MN`baf_UOUNkR vMPR SbWbTR \_TSR _TOUNS\UfYVU cTNNSUROUVMhWRVMhUNoRSMPRi_UfRbNSRS_URO[[TS_NMWUNRQUVTR[SUTR\UN_OUTRSUbWf_YV MbP`bPwTUYVUNknRlmMWNTf_YVRVMWRUPRN_YVWRSMQ_WRTUYVNUNRZZNNUNoRSMUR\_TRbNPRV_UT hUa_NSUNknReW_OPvT[[PRQU_NWURQ_WRuNWPYV_USUNVU_WPRlx[ffWUWR_VTRUbYVRUNWPYVU_SUNo NMYVRRbffZMbOR`bRaf_UOUNoRP[RQZYVWUNR\_TRQ_Waf_UOUNkRX_TRSTU_kRTNSRd_UffU_YVWRMbYV U_NR eNOUVZT_OUTR SUTR [hUTPWUNR cTbwwUkR ehUTR SMPR `bR UTh_WWUNoR _PWR N_YVWR bNPUTU xMYVUkn l]QQQnoR QMYVWUR SUTReTZ[N_SUkR lvMPR [bNZPx^PWUQR _PWR \U_WUPWOUVUNSR `UTPWZTW bNSR bNhTMbYVhMToR SUTR mMhUfR _PWR N_YVWR QUVTR UQ_PWUNWoR d[NR SUNR XtpxXuuPO_NSUTN ZZNNUNR\_TRMbPRObWUNRcTNNSUNRd[TfWba_ORZU_NUR]_faURQUVTRa[TSUTNURUPRNhUTPW_UOU _VTUR OTWaWUknR r_WROT[UUTRx_YVUTVU_WR \MTR SUTR jfMNUWR RbffZMbOR aNTR S_UR RbfNbTUTR U_N \_YVW_OUPRi_UfoRPYV[NRMffU_NR\UOUNRSUTRVVNf_YVZU_WRSUTRmMQUNkRR[NR_VTRdUTPwTMYV P_YVR SUTR eTZ[N_SUR N_YVWPoR MhUTR aNTR S_UR pNPUZW[_SUNR \MTR S_UR XUSUbWbNOR OT[Uk R_UffU_YVWRaNVTWURSUTRXUOR`bTRL_YVWObUffURNhUTRRbffZMbOq uTRWTMaRPU_NUNRuNWPYVfbUR`_UQf_YVRPYVNUffkRlu_NdUTPWMNSUNnoRPMOWURUTkRlpVTRvT_ff_NOU ZNQQUTWR UbYVR _NR SUTR rstcumR bQRebPTNPWbNOR bNSR uTfMbhN_PR bNSR MffR SMPkR X_T OUVUNR SbTYVR S_UR gTMNPQ_WWUTR `bTNYZR _NR S_UR xsLknR lgMWPWYVf_YVqR X_TR hUPbYVUN RbffZMbOqnR\[ffWUReW_OPgVMNRMbaOUTUOWR\_PPUNkRlX_TRPWUbUTNRS_UPUPRx^PWUQRMNk v_UR OUNMbUNR O[[TS_NMWUNR f_UOUNR _NR SUTR xsLkR xUfhPWdUTPWWNSf_YVR Q_WR SUT r[epLernoRMNW\[TWUWUReWfMNkRlO[QQWR`bRbNPRV_NNhUToRfMUWRUbYVROUNNOUNSRiU_Wo bNSRSMNNR\UTSUNR\_TR\[VfRPUVUNoR\MPRMNRRbffZMbORP[R\_YVW_OR_PWknRg^MT_RV[hRS_U ]MNSRbNSRdUTPwTMYVP lpYVR\UTSURQ_WRSUQRr[N[RPwTUYVUNRbNSRMffUPRUTZfWTUNkn
lu_NdUTPWMNSUNkn
pNRSUTR`bTNYZf_UOUNSUNRiU_WoRPMOWUNRP_YVRNhUTU_NPW_QQUNSRS_URx[fMNUToR\MTUNRP_U VWba_OUTRN_YVWRUW\MRUQMZWUNR]_N\U_PUNRbNSRi_UfUNROUa[fOWRP[NSUTNRLUOUNSUNRbNS afNYVW_OUNoR \UN_OR dUTPwTUYVUNSUNR ebOUNhf_YZPUTZUNNWN_PPUNkR RUTOf_YVUNR Q_W aTNVUTUNR RUTPbYVUNR \MTR SUTR ]_N\U_PR SUPR SbWbTPR aMPWR U_NUR \_PPUNPYVMaWf_YVU i_UfMNOMhUk v_URxsLR\MTWUWURS[TWRSTNhUNkRr_NbWUNRPwWWUTRhUaMNSRP_YVRS_URcTbwwURbQReWfMN \_USUTR_NRxsLP\_W^oRMNPYVf_UUUNSRPwTMYVReWfMNRQ_WRSUQR]_OVRx_SUT^WkRvUQRxWMTW SUTRr[epLerRPWMNSRN_YVWPRQUVTRUNWOUOUNk mbTRSUTRL[O_ZPUZW[TRVMWWURU_NUNRu_N\MNSkRswW_Q_PQbPR_PWRaUVfRMQRjfMW`kRX_fSURS_T N_YVWRU_NoRSMURSbRUPRfU_YVWRVMhUNR\_TPWkRTNSRSUNZURMNRS_URXUSUbWbNORSUTRR_P_[No S_URS_YVRwfMOWQ eWfMNR\NTSURWT[W`SUQRSMPRi_UfRlRbffZMbOnRMNPWUbUTNk
45 ABCDEFGHDIJKDEFGHDLFHMFNKNOFHDNGHFDPBNQRFDJSQGDTUFJDHNQGMFMFJVDSGJMFDPSIOGVDKSW KFHDXSEYZD[FHBTHFJOFGFJD\]HKF^ ABCD CQGBNFWBNQGD _\FND `HNMMFBD CFNJFHD XHNFOFHD HFQGMCD IJKD BNJRCD IED KFJD PTLFJUFHO GFHIEOFHSJJMD\SHFJDIJKDKFHDOF\SBMNOFJDMSIQG\TBRFDJSQGCMSHHMFJVD\IWMFDFHDFC^ NHTJCFBVD KFHD XBFNJRSHNFHMFVD GSMMFD [THBOIZNOD KFJD XSEYZD IED KFJD PTLFJUFHO OF\TJJFJ^DPNFKFHOFCQGBSOFJDIJKDBSJOCSED[FHCMSIMFDFHDCFNJFDQSZZFJDSEDXRHYFHV CSGD CNQGD IED IJKD EICMFHMFD KNFD IJ]UFHCFGUSHFJD SYIHFJD KFCD FHUNMMFHMFJD MNJOFJC IJKD XOEYZFJC^D `SCD OFCSEMFD TFBOJKFD \SHD [TBBD KS[TJ^D `FHD UNBOFH_IOD GSMMF NJ_\NCQGFJDKNFDSNFKBIJODIJKDKNFDVISHMNFHFDKFHDUHNFCMFHDFHHFNQGM^D`NFDQSJKFHFH IJKDUNBOFHDKFIMFMFJDFUFJCTDSIZOFHFOMDJSQGDTUFJ^D`FHDWUFHYHNFCMFHD\SJKMFDCNQG SJDKNFD\FJNOFJDXHNFOFHVDKNFDJTQGDSIZDKFHDUBSMMZTHEDOFUBNFUFJD\SHFJ^ ›※CDGSMDRFNJFJDSNJJVD\FNMFH_IROEYZFJ^DTFGMDGNJIJMFHDIJKDGFBZMDNGJFJVDKNFD‼TMFJD_I UFOHSUFJ^‽ ›QSCDCTBBFJD\NHDMIJ‾DSNFDGSUFJDCNQGDSEDPFHODZFCMOFCFM_M]‽ ›`SCD\NHKDFJMCQGNFKFJVD\FJJDNQGDSBBFCDOFCFGFJDGSUF^‽ ※HD RZZJFMFD KNFD NB]OFBVD HSJJMFD SIZD KNFD ^OJOFUH]QRFD _ID IJKD ZBSMMFHMFD CIEEFJKD NJ FNJFHD OHTWFJD SYNHSBFD GNJIJMFHD IJKD SIZD KFHD \FCMBNQGFJD SFNMFD GSBUD IED KFJD PFHO GFHIE^D `SJJD CSGD FHD KFJD MSIQGVD KNFD \NJ_NOFJD TFCMSBMFJD SIZD KFJD _FNMFHJD IJK TFCMFBBFJDIJKDKSCDHNFCNOFD_TQGDNEDPFHOVDSICDKFEDFCDIJ[FHOJKFHMDGFHSICHSIQGMF^ `NFD QTBRFD CFJRMFD CNQGD \NFD FNJD MNJOD IED KNFD SYNM_FD KFCD ^FNBNOFJD PFHOFC^D ※NJ CQGHOOFHD SQGBFNFHD \IHKFD [TED STJJFJSIZOSJOC\NJKD \FOOFKH]QRMD IJKD _TO BSJOCSED]UFHDKSCD_SJKVDUNCDFHDENMDKFEDSQG\SH_DFNJFHDTF\NMMFH\TBRFDGSBU\FOC [FHCQGETB_^ ›※NJDCQGBFQGMFCD`FNQGFJ^‽ PSIOGD\IHKFDCTZTHMD[TJDUHNFCMFHJDIJKDXHNFOFHJDIEHNJOM^DSNFDFHRSJJMFJVDKSWDKFH XBFNJRSHNFHMFDENMDCFNJFEDSMFBB[FHMHFMFHVDKFEDSQG\SH_CYNHSBNOFJVDKFJDPFHODFHTUFHM GSMMF^D ›SNJJBTC]‽D CSOMFD PSIOGD JSQGD FNJFHD QFNBF^D ›MOIEMD KSCD NFBK^D `NFD UNBOFH CTBBFJDMIJVD\SCDNGJFJDUFBNFUM^DaUFHKNFCD\NHKDFCDPBNM_FVD`TJJFHDIJKDMFOFJDOFUFJ^‽ ›ABCTD^^^DJNQGMD\FNMFHROEYZFJ‾‽D›PFNJ^D`NFDSQGBSQGMDONJOD[FHBTHFJ^DAUFHDJNQGMDKFH
XHNFO^‽
`THMDTUFJDGTQRMFJDNHTJCFBDIJKDCFNJFDUFCMFJDbOJJFH^DSNFDGSMMFJDOFBFHJMVD\NFDKSC GSHMFD bSMFHNSBD KFCD PTLFJUFHOFCD _ID _FHCMRHFJD \SH^D cFM_MD GNJKFHMFD CNFD JNQGMCD IJK JNFESJKDEFGHDKSHSJVDKSCDdJJFHFD_IDIJMFHCIQGFJ^D`FHDPFHOD\SHVDZ]HDSBBFDCNQGMUSHV OFCQGOJKFM^D `SCD ^FNBNOMIED KFHD LIBBRSIOFHD \SHD FJM\FNGM^D `FHD SBMFD WUFHYHNFCMFH \SHD HSMBTC^DABBFCVD \THSJD FHD IJKD CFNJFD ‼SYZFHFJD OBSIUMFJVD \SHD NJD NHSOFD OFCMFBBM^ _FNCFVD_ROFHJKD_NHYMFDFHVDENMDHSIGFHDIJKD[TJDTGJEOQGMNOFHDQIMDIJKDMFCNOJSMNTJ FHZ]BBMFHDSMNEEFe ›LNFBBFNQGMD\FHKFJDKNFDSBMFJD_FOFJKFJD\SGHVDSIQGD\FJJDNQGDFCDJNQGMDOBSIUF^DAUFH FCDESODCFNJVDKSWDKFHD^FNBNOFDPFHODKNFDMOQGFHDGFHUFNHIZM^DLNFBBFNQGMDRTEEFJDCNF ENMDFNJFEDSQGNZZVDKSCD_\NCQGFJDKFJDSMFHJFJDZBNFOM^DdQGDOFGFD_IH]QRDNJDKFJD‼FEYFB^ LNFBBFNQGMDFHRFJJFDNQGDFNJFJDQFOVD\NFD\NHDKNFDNHF[BFHD[FHMHFNUFJDRRJJFJ^‽ SMIEEDIJKDFHCQG]MMFHMDCSGFJDCFNJFDXOEYZFHD_IVD\NFDPSIOGDKS[TJONJO^D※HD\SHDSBM OFJIOVD IED _ID \NCCFJVD KSWD CNQGD SIQGD NHTJCFBCD SNFOD NJCD TFOFJMFNBD [FHRFGHFJ RTJJMF^ f NHTJCFBD UFMHSQGMFMFD CQG\FNOFJKD KNFD JOGFHD _NFGFJKFJD CQG\SH_FJD QTBRFJ^D SNF [FHENCQGMFJDCNQGDENMDKFHDHNFCNOFJDMSIQG\TBRFVDKNFDGNJMFHDNGEDSICDKFED_TQGDNE PFHODGFH[THgITBBVD[FHCMOHRMD[TJDKFJDIJIJMFHUHTQGFJDZSIQGFJKFJDPBSCFUOBOFJ^ ›MNQGMFMDFIQGDKSHSIZDFNJVDKSWDFCDFNJFDIJOFE]MBNQGFDPSQGMD\NHK]‽DHNFZDFHDCFNJFJ bOJJFHJD_I^D›TF\NMMFH]DPBNM_F^‽ ›hJKDMFOFJO]CCF‽VDCQGHNBBMFDKFHDSQG\SH_CYNHSBNOF^ NHTJCFBD OSUD FNJD YSSHD PFZFGBFD NJCD dJJFHFD KFHD ^RGBF^D ※NJD XHNFOFHD CQGTUD ENMD KFH PHTJ_FCQGSIZFBD KNFD BFM_MFD TBIMD SJD KFJD MSJKD KFHD ^RGBF^D SNFD \SHD ENMMBFH\FNBF HNFCFJOHTWD OF\THKFJ^D ^NJMFHD KFJD MSIQGCQGBFNFHJD CSGD NHTJCFBD NEEFHD \NFKFH GFBBFCDbFMSBBDSIZUBNM_FJVDKSCD[TJDCQG\SH_FEDMIWDOFZBFQRMD\SH^DcFM_MDUHSJJMFJDKNF ^TB_RTGBFJDFNJFJDHIJKFJDXSJSBVDKFHDCQGHOODSU\OHMCDZ]GHMF^D`NFDXTGBFJDOB]GMFJDSIZ IJKD[FH_FGHMFJDCNQG^ SQGBNFWBNQGD ZNFBFJD CNFVD _ICSEEFJD ENMD MHTYZFJKFED bSMFHNSBVD NJD BSJOFJV SIZOB]GFJKFJDSYIHFJD\NFKFHDKIHQGDKNFDXHICMFDIJKDGNJIJMFHDNJCDMHTQRFJFDTHSC^
›SFGMDJSQGDIJMFJ^D^FIMFD\FHKFJDCNFDJNQGMDEFGHDCM]HEFJ‽VDCQGHNFDNHTJCFB^ ›`NFDPSQGMDGSUFJD\NHDZ]HDIJC^‽ AJKFHFDXHNFOFHDRBFMMFHMFJDNJDKNFD^RGBF^DbNMD\FJNOFJDQSCCFHO]CCFJDBRCQGMFJDCNF KNFDBFM_MFJDTBIMJFCMFH^D※NJDFHCMFHDQNJKCMTWDKFCDRTEEFJKFJDTF\NMMFHCDZIGHDNJDKNF ^RGBFDIJKD[FHMHNFUDKFJDMSIQG^DPIHDFNJDCMFQGFJKFHDPHSJKOFHIQGDUBNFUD]UHNO^ ›cFM_MD GSUFJD \NHD SBBFD UBSM_^D QNHD RRJJFJD SICHIGFJ‽VD HNFZD ‼GiENFHD IJKD \NJRMF^ ›^NJFNJDENMDFIQG^‽ `NFDXHNFOFHDRBFMMFHMFJDJOGFHVDCQG\SJOFJDCNQGD]UFHDKFJDMSJKVD[FHMFNBMFJDCNQGDNE dJJFHJD KFHD ^RGBF^D jBD \IHKFD NJD EFMSBBFJFD _SEYFJD OFZ]BBM^D ‼GiENFHD IJKD NHTJCFB CQGTUFJDCNQGDKIHQGDKNFDSIZOFHFOMFDbFJOFDMNFZFHDIJKDMNFZFHDNJCDdJJFHF^ ›`ID GSCMD FNJESBD OFKHTGMVD KFJD PFHOD SU_IMHSOFJVD NHTJCFB^D `SHSICD \NHKD GFIMF JNQGMCVD\NF‾‽DEFNJMFD‼GiENFHDIJKDGTUDKNFD_SEYF^D›^FIMFDJNQGM]‽ `NFDXHNFOFHD[FHCIQGMFJVDSIZDKFEDPTKFJDKFCD_FHRB]ZMFMFJVD[FHUHSJJMFJDdJJFHJDNGHF UBOM_FD_IDZNJKFJ^DSNFDYSQRMFJDNGHD※CCFJDSICDIJKDCMHFQRMFJDNGHFDbICRFBJ^DQSZZFJ RBNHHMFJVD NB]QGFD FHMRJMFJ^D ※M\SD _\SJ_NOD bSJJFCBOJOFJD \SHD KSCD _TQGD MNFZVD FM\S KHFNWNOD SJD KFHD UHFNMFCMFJD SMFBBFD UHFNM^D dED `FJMHIED GSMMFD KNFD TBIMD FNJFD ^RGBIJO OFCQGSZZFJVDNJDKFHD[NFHDbOJJFHD]UFHFNJSJKFHDGOMMFJDCMFGFJDRRJJFJ^ ›^SUMDNGHDUF\SZZJFMFDQSQGFJDKHSIWFJ‾‽DHNFZDNHTJCFBDJSQGDGNJMFJ^D※CDOSUDFNJFJ KHRGJFJKFJDQNKFHGSBB^DTBFNQG_FNMNOD_IQRMFDZFHJDKFCDPTLFJUFHOCDKFHDFHCMFDPBNM_DSIZ IJKDFHGFBBMFD_IQRFJKD‼FNBFDKFCDdJJFHJ^ ›LNFHDbSJJ^‽ ›hJKDkD\SCDMIMDKFHDTFOJFH‾‽ ›`NFD UHNFCMFHRHNFOFHD CMSHHFJD GFHSIZD IJKD UFOHSUFJD KNFD ‼TMFJ^D SNFD GSUFJlC SIZOFOFUFJ^‽D›‼HTM_KFE^DPBFNUMD\SQGCSE^‽ `NFD RBSIFJSHMNOFJD `SJOFJD KFHD UFNKFJD XHNFOFHD CQGSHHMFJD ]UFHD KNFD MFCMFD KFH ^TB_RTGBFD IJKD KNFD [FHRHICMFMFD WUFHZBOQGFD KFCD OFCQGETB_FJFJD PFHONJJFHJ^D ST OHTWD\NFD_\FNDXRHYFHDFHCMHFQRMFDCNQGD[THDNGJFJDFNJFDOBFNQGEOWNODBFNQGMDOFHIJKFMF bFMSBBZBOQGF^D `\FND CQGSHZD FNJOFCQGJNMMFJFD ‼HFJJBNJNFJVD \NFD KNFD NIOFJD _\NCQGFJ SMFNJgISKFHJVD_TOFJDCNQGD[TJDFNJFEDLNFHFQRDJSQGDUFNKFJDSFNMFJVD_\FND\FNMFHF CFJRHFQGMD JSQGD TUFJD IJKD IJMFJ^D `SCD LNFHFQRVD KSCD SIZD KFHD SYNM_FD CMSJKV
IJMFHCQGNFKDCNQGDNJDEFMSBBNCQGFHDNOHUIJODIJKDFNJFHDSJKFHFJVDHSIGFHFJDWUFHZBOQGF [TJDKFHDhEOFUIJODIJKD\SHDFUFJCTDKIHQGDFNJFDLFHMNFZIJOD[TEDSJKFHFJDbSMFHNSB OFMHFJJM^D_SJOCSED_TODNHTJCFBDCFNJFJD`TBQGDIJKDRBTYZMFDENMDKFEDXJSIZDOFOFJ KSCDbFMSBB^ ※CDOSUDFNJFJDGSHMFJDXBSJOD[TJDCNQGVDSBCDTUDFCDSICDFNJFHDKNQRFJDSQGNQGMDUFCM]JKF^ ›PSM]HBNQGDRTEEFJD\NHDJNQGMDGNJKIHQG‽VD_NHYMFD‼GiENFHDIJKDGTUDKNFD_SEYF^D※NJ KIEYZFCD `TJJFHOHTBBFJD \IHKFD GRHUSHVD KSJJD _IQRMFVD CQGTJD JOGFHVD \NFKFHD FNJ BSJOFHDPBNM_DSIZ^ ›QFJJDNEDPTLFJUFHODFNJDXFHJDSICDbFMSBBDNCMVDCTD[FHUNHOMDFHDFM\SCVD\NFDFNJD^SIC TKFHDFNJD‼FEYFB^D※NJDCTBQGFCD^SICDSUFHDGSMDFNJFJD※NJOSJO^DWKFHDEFGHFHF^DQFJJ CNFD[FHCQGBTCCFJDCNJKVDRRJJFJD\NHDCNFDSIZUHFQGFJ^DdQGDOBSIUFDSUFHDJNQGMVDKSWDKNF ‼THFDGNFHDTUFJDCNJK^‽D※HDRBTYZMFD\NFKFHDOFOFJDKSCDbFMSBBDIJKD[FHCIQGMFVDENMDKFH SYNM_FD _\NCQGFJD KFJD SUOFMFNBMFJD AUCQGJNMMFD GNJFNJ_IUTGHFJ^D `NFD UFNKFJ IJMFHCQGNFKBNQGFJDbFMSBBFDOSUFJDGOWBNQGFVDRHFNCQGFJKFD_SIMFDSU^ ›`SCD EFMSBBFJFD TFGFNEJNCD KFCD PTLFJUFHOC‽VD EIMESWMFD NHTJCFBVD ›\NKFHCMFGM IJCFHFHDPHTJ_F^‽ AIQGD SIZD KSCD GSHMJOQRNOFD XBTYZFJD OSUD FCD RFNJFDAJM\THM^D XSBMD IJKD SU\FNCFJK UBNFUFJDKNFDbFMSBBgISKFHJ^DNHTJCFBDCSOMFe ›dQGDUNJDFNJD\FJNODFJMMOICQGM^‽D›QSHIE‾‽ ›QNHDGSUFJDPSIOGDUFCNFOM^DABBFDPFIKFJRFHD\FHKFJDFCDLFM_MD\NCCFJD^^^‽ PBNM_FDIJKD`TJJFHDRSEFJDJOGFH^DQNJKCMRWFDZSIQGMFJDGFHSJDIJKD\NHUFBMFJDSMSIU SIZ^D`FHDUFONJJFJKFDSMIHEDZIGHDSJDKFHDOBSMMFJDQSJKIJODKFCDPFHOFCDFJMBSJOVDZNJO CNQGD NJD KFHD ^RGBFD IJKD FH_FIOMFJD FNJFJD ‼TJD \NFD [TJD FNJFHD OF\SBMNOFJD NBRMF^ NHTJCFBCD QTHMFD IJKD MIZFD ONJOFJD NJD KFED CQGSHZFJD XHSQGFJD KFHD `TJJFHCQGBOOF IJMFH^ ›^^^DCNFD\NCCFJDFC^DSNFDHFKFJDENMDSBBFJDKSH]UFH^D`NFDUNBOFHDUHNJOFJDKNFDPSQGHNQGM ]UFHSBBD^^^‽ NHTJCFBD\NJRMFDSU^D※HDUBNFUDIJUFZHNFKNOM^D`SCDTFGFNEJNCDKFCDPFHOFCD\SHDJNQGM FNJESBD _IED ‼FNBD UFRSJJMD OF\THKFJ^D PIHD KSWD FNJFD IJ[THCMFBBUSHFD OHTWFD bFJOF bFMSBBDGNFHD[FHUTHOFJD\SHVDRTJJMFDFHD_IED_\FNMFJESBDUF\FNCFJ^ QT_IDOSUDFCDKNFCFJDbFMSBBMIHE‾
QSCD[FHUSHODCNQGDKSHNJ‾DQSHDFCD\NHRBNQGDFNJD^FNBNOMIE‾DhJKD\FJJDkDFCDUF\NHRMF JNQGMCVD \SHD FNJZSQGD KSVD CQGNFJD CNJJBTCD _ID CFNJ^D PBNM_D ZTBOMFD SIZD PBNM_VD KFHD BSIMFV \]MFJKFD `TJJFHD HTBBMFD JOGFHVD KNFD FHCMFJD MFOFJO]CCFD YFNMCQGMFJD OFOFJD KNF NBSJRFJD KFCD PFHOFC^D ›^^^D SICHIGFJ^D bTHOFJD CFGFJD \NHD EFGH]‽D CQGHNFD NHTJCFBV RHTQGD _IH]QRD UNCD _IHD XSJMFD KFHD ^RGBFD IJKD \NJRMFD KNFD UTCMFJD GFHFNJ^D `FHD PFHO CQGNFJD _ID _NMMFHJD IJKD _ID CQG\SJRFJ^D MFOFJD HSCMFD GFHSJVD \IHKFD NJD KNFD ^RGBF GNJFNJOFCQGBFIKFHMVD BNFZD NJD UHFNMFJD PSGJFJD ]UFHD KNFD OBSMMFD NBOQGFD IJKD MHTYZMFD NJ FNJFEDUHFNMFJDLTHGSJODSIZDKNFDXRYZFDIJKDXRHYFHDKFHDLIBBRSIOFH^D`NFDTFHOICQGF ESQGMFJDKNFDXHNFOFHDGSBUDMSIUVDKNFDPBNM_FDUBFJKFMFJDCNF^D※CD\SHDIJEROBNQGVDFNJ QTHMD _ID \FQGCFBJ^DAIQGD KFHD UBSM_D NJJFHGSBUD KFHD USBNCSKFJD \SHD BFFHOFZFOM^D `NF THOCFHDUTOFJDCNQGDMHNFZFJKDJSWDIJMFHDKFHDQIQGMDKFHDSMIHECMRWFDMNFZD_IDPTKFJ^ `NFD BFUBTCFJD XRHYFHD CQGNEEFHMFJD NED QNKFHCQGFNJD KFHD PBNM_F^D `NFD CQG\SH_FJ QTBRFJD GSMMFJD CNQGD [THD KNFD STJJFD OFCQGTUFJ^D `SCD TF\NMMFHD \]MFMFD IJKD MTUMF SMIJKFDIEDSMIJKF^ hJSIZGRHBNQGD_IQRMFJDKNFDPBNM_FVDCQGBIOFJDSEDQSBKHSJKDNJDPOIEFDFNJDIJKDCFM_MFJ CNFDNJDNBSEEFJ^D`NFDQSCCFHZBIMVDKNFDSICDKFJDMNFZDMHFNUFJKFJDQTBRFJDHSJJVD[FHMHNFU KNFD XHNFOFHD [TED ※NJOSJOD KFHD JSCCFJD ^RGBFD NED PFHOVD BNFZD _ICSEEFJD IJKD KTHM \NFKFHD SUVD \TD KSCD _\FNMFD _TQGD OFUHSJJMD \THKFJD \SH^D AJD KFHD NBSJRFD KFC PTLFJUFHOCD BNFZD FNJFD UHFNMFVD HIWOFCQG\OH_MFD SYIHD GFHIJMFHD IJKD [FHENCQGMFD CNQG ENMDKFJDZSHUNOFJDMFCMFJDSBMFHDPNBKFHDIJKD`FNQGFJ^DNHTJCFBDIJKD‼GiENFHD\SHMFMFJ IJOFKIBKNO^D dJD KFHD PSQGMD FJM\NQRFBMFJD CNFD FNJFJD SUFJMFIFHBNQGFJD UBSJVD KFJD CNF UFNEDFHCMFJDbTHOFJOHSIFJDNJDKNFD‼SMDIECFM_FJD\TBBMFJ^D`NFDUHFJJFJKFJVDCQGJFBB OFBRCQGMFJVD KSEYZFJKFJD POIEFD \SHFJD KSCD LTHUNBKD Z]HD KSCD JOQGCMFD TFZFQGM OFOFJDKNFD‼HSKNMNTJSBNCMFJVDKNFDJTQGDNEEFHDJNQGMCDUFOHNZZFJDGSMMFJ^ f `NFDEFNCMFJDNFIFHDIJKD_SEYFJD\SHFJDOFBRCQGMD\THKFJ^ MNJOCGFHIED\SHDKSCD_SJKDMHNFZFJKDJSW^DLTJDLFKFED`\FNODMHTYZMFDFCDIJFJM\FOM^ `NFD ^TB_MFNBFD KFHD XTJCMHIRMNTJVD KNFD _IHD ^RGBFD GNJSIZZ]GHMFJVD \SHFJD HIMCQGNO^DABC CNQGDNHTJCFBCDXHNFOFHDJSQGFNJSJKFHD]UFHDKNFDSYHTCCFJDIJKD‼HS[FHCFJDJSQGDIJMFJ MSCMFMFJVD HIMCQGMFJD NEEFHD \NFKFHD KNFD XBSIFJD IJKD SQGFHFJD SU^D SNFD JSGEFJD SBBF NGHFDAICH]CMIJOD ENMD IJKD ZBTOFJVD FNJFHD JSQGD KFED SJKFHFJD NED MNFZFJD `IJRFBD KFH CM]HENCQGFJDPSQGMVD]UFHDKNFDUSBNCSKFJ^DNHTJCFBD\SHDKFHDBFM_MFVDIJKDSBCDFHDLFJCFNMC KFHD AUCYFHHIJOD CQG\FHD NJD KFJD JSCCFJD SSJKD CYHSJOVD UBNQRMFD FHD JTQGD FNJESB _IH]QR^ `SCDTF\NMMFHDMTUMFDCNQGD\FNMDGNJMFHDKFJDQOBKFHJDSIC^D`FHDQNKFHCQGFNJDKFHDPBNM_F
MHSZDZFHJFDQTBRFJ^D`FHDbTJKVDHNFCFJOHTWVDMSIQGMFDLFJCFNMCDKFHDSNFKBIJODSIZ^
SQG\SH_D IJKD OFGFNEJNC[TBBVD \NFD CFNMD IJKFJRBNQGFHD `FNMVD HSOMFD KFHD RFOFBZRHENOF PFHODSIZDIJKD[FHKFQRMFDKNFDSMFHJFVDKNFDJSQGDIJKDJSQGDFHCQGNFJFJDIJKDCMHSGBFJK BFIQGMFMFJ^D※NJFHDKFHDSMFHJFDUF\FOMFDCNQG^ NHTJCFBDFNBMFDCFNJFJDXHNFOFHJDGNJMFHGFH^DSNFD\]HKFJDNJDKFJDJOQGCMFJD‼SOFJDCFGH [NFBDAHUFNMDUFRTEEFJ^ f `NFDbcAd_AbDUFFJKFMFDKNFD_NJFSHFMSYYFmDSIZDKFJDPNBKCQGNHEFJD_FNQGJFMFJDCNQG KNFDSMFHJFDSU^D※NJDOF\TGJMFCDPNBKVDCSOMFDCNQGDAMBSJDIJKDJNQRMFDhCMFHDPHNQRD_I^ `FHDUNBTMDGTUDKNFD^SJKDENMDSIZ\OHMCDOFCMHFQRMFED`SIEFJDIJKDHNFZe ›`NFBDYHO_NCFDIJKDTGJFDSQG\NFHNORFNMFJDOFZIJKFJ^D`SCDNCMDKNFDSTJJF^‽ dEDOFJSIFJD`FJMHIEDKFHDWHMIJOCCQGNHEFD\SHDFNJFDOFBU\FNWFDSTJJFD_IDCFGFJV KNFD CNQGD KFIMBNQGD [THD KFED SMFHJFJOF\NEEFBD KFHD OSBSRMNCQGFJD XIBNCCFD SUGTU^ PSQGDIJKDJSQGDMSIQGMFJDKNFD※QGTCDKFHDUBSJFMFJDSIZ^D`FHDMFQGJFHDSHUFNMFMFDKNF PSGJFJDIJKD`SMFJDSICDIJKDYHTLN_NFHMFDCNFDGNJ_I^D`NFDXTTHKNJSMFJVDKNFDS※P※nA FHENMMFBMD GSMMFVD CMNEEMFJD ENMD KFHD FHHFNQGMFJD UTCNMNTJD UNCD SIZD \NJ_NOFV [FHJSQGBOCCNOUSHFD AU\FNQGIJOFJD ]UFHFNJ^D `FHD XHFI_FHD b‼opD HSCMFD SIZD KSC `FJMHIEDKFCDUBSJFMFJCiCMFECD_I^D›PNQGMCD]UFHFNBFJ‽VDCSOMFDAMBSJ^D›PLT‾DTNUMDFC NHOFJK\FBQGFD SIZHFOFJKFJD dEYIBCFD [TJD KNFCFED qUBSJFMFJD KFHD XOZFHr‾‽D ›dQG FCYFHFDJIHDKNFDAICCMHSGBIJOFJD[TJDUBSJFMSHNFHJVDKNFDCNQGDNJDFNJFEDZH]GFJDSMSKNIE KFHD`N[NBNCSMNTJDUFZNJKFJDE]CCFJ^DLIBBRSIODCQGFNJMDCNQGVDNED]UFHMHSOFJFJDSNJJVDNE AJZSJODKFHDbFMSBB_FNMD_IDUFZNJKFJ^DXIYZFHVDPHTJ_FDTKFHDCT^‽ ‼iSHND BOQGFBMFD IJKD FHRBOHMFD NJD KNFD MNQGMIJOD KFHD [IBJIHNCQGFJD ABMFHMIECZTHCQGFHe ›`SCD UFKFIMFMD JNQGMCD SJKFHFCVD AMNgoPH]KFHVD SBCD KSWD IJCFHFD ‼FQGJNRD KFJ UBSJFMSHNFHJD NEEFJCD ]UFHBFOFJD NCM^D LFHEIMBNQGD FHCQGFNJFJD \NHD NGJFJD SBCD TRMMFH TKFHDSSOFJGFBKFJ^‽DdJCNKFHVDKFHDhCMFHDSCCNCMNFHMFVDZ]OMFDGNJ_IeD›bROBNQGFH\FNCF GSUFJD\NHDSIQGDENMDKFHDSYHSQGFDFNJDUNWQGFJDTB]QR^DQFJJDCNFDKFEDLIBJIHNCQGDCT OGJFBMD \NFD KNFD PSEFJVD BNFOFJD \NHD JNQGMD ZSBCQGD ENMD KNFCFHD LFHEIMIJO^‽D ›`SC \FHKFJD \NHD NJD X]H_FD FHZSGHFJ‽VD CQGBTWD PHFNCRTBB^D `FHD XHFI_FHD UHFECMFD CFNJF TFCQG\NJKNORFNMD SUVD IJKD KNFD bcAd_AbD \IHKFD SIZD LFJFJD UBSJFMFJD _IOFCMFIFHMV JFUFJDKFEDSIZDKFHDWHMIJODCNQGDKFHDdEYIBCDFNJFCDbTJKFCDSU_FNQGJFMF^ AMBSJD\SJKMFDCNQGDSJDPLT^
›QFJJDFCDKNHDOFBNJOMVDFNJD`NFBD_IDZNJKFJVDKSCDEFGHD※HZTBOD[FHCYHNQGMDSBCDSJKFHF ‼FNBFDKNFCFHDQFBMVDKSJJDCSOFDFCDUNMMFDHFQGM_FNMNO^‽D›SFBUCM[FHCMOJKBNQG^‽ S※P※nADGSMMFDKFJD‼FsMDKFCDNIMIHCD\NFKFHDIJKD\NFKFHDJFIFJDAJSBiCF[FHCIQGFJ IJMFH_TOFJ^DSNFD\SHFJDJNQGMDFHZTBOBTCDOFUBNFUFJ^DAMNgo‼GSJDGSMMFDJSQGDKFEDSMSHM [TBBFHD※HHFOIJODUFHNQGMFMVDKSWDNGEDOFCMSMMFMD\THKFJD\SHVDKFJDCQG\FHFJDSMSIUDKFC NIMIHCDNJDFNJFEDPFGOBMFHDENM_IJFGEFJ^DcFM_MDCMSJKDFNJDKIHQGCNQGMNOFHD`iBNJKFHDSIC XIJCMCMTZZDSIZDFNJFEDKFHDSMFIFHYIBMFDNJDKFHD`FJMHSBF^D`SCDUIB[FHDKSHNJDCSGDSIC \NFDZFNJFHVDCQG\SH_FHD_S[SCMSIU^DcFM_MDCSOMFDFNJFHDKFHD`HNBBNJOFeD›LIBBRSIOVDJSQG SBBFEVD \SCD \NHD FHZSGHFJD GSUFJVD RSJJD FNJZSQGD JNQGMCD SJKFHFCD SBCD FNJD \NQGMNOFH UBSJFMDCFNJ^DQNQGMNOD[NFBBFNQGMDSIQGDZ]HDFIQGDSTBSJFHVDAMBSJ^‽ ›`IHQGSICDEROBNQG^DQNHDGSUFJDCQGTJDKNFD]UFHHSCQGFJKCMFJD`NJOFDFHBFUM^‽ `NFDbcAd_AbDZBTODENMDbNJNESBUFCSM_IJO^DPIHDFM\SDKNFD^OBZMFDKFCDAMBSJo‼FSEC IJKDFNJNOFDSTBSJFHD\SHFJDSJDPTHK^DPSQGDIJKDJSQGD[FHCSEEFBMFJDCNFDCNQGDSBBFDNJ KFHD `FJMHSBFD IJKD UFMHSQGMFMFJD SQGNHEFVD bTJNMTHFJD IJKD KNFD ※HOFUJNCCFD KFH PSGTHMIJO^DSQGTJDLFM_MD\IHKFDKFIMBNQGVDKSWDLIBBRSIOD]UFHDFNJFDKNQGMFDAMETCYGOHF [FHZ]OMF^D`NFDbTJKUSGJD\IHKFDYHTLN_NFHMVDKNFDWUFHZBOQGFJCQG\FHFUFCQGBFIJNOIJO BSODUFNDHIJKDtVuDO^ ›bFHRMDNGHDFM\SC‾‽DZHSOMFDPHFNCRTBBDKNFDUFNKFJDSJKFHFJD‼FBFYSMGFJ^ ST\TGBD SMFHJZFIFHD SBCD SIQGD NFKFHCYNFBD CQG]MMFBMFJD CQG\FNOFJKD KNFD XRYZF^ ›POGFHDGFHSJ‽VDCSOMFDPLTDRIH_^D›dQGDTHMFDRFNJFDTFZSGHFJ^‽ LTHD NGJFJD BSOD KNFD CTJJFJSUOF\SJKMFD SFNMF^D LFHOBFNQGC\FNCFD BSJOCSED ZBTOD KNF bcAd_AbD JOGFH^D `NFD NFHJTHMIJOD KIHQGZTHCQGMFD KFJD OFCSEMFJD PF_NHRD KFH RTCENCQGFJDhEOFUIJO^DdEEFHD\NFKFHD[FHCIQGMFDKNFDbcAd_AbUTCNMHTJNRVDFNJFJ TFOJFHD _ID FJMKFQRFJVD FNJD GFHSJZBNFOFJKFCD MSIECQGNZZD FM\SD TKFHD FNJFD KFHD _I FH\SHMFJKFJDURCFJDaUFHHSCQGIJOFJDKNFCFHDTSBSsNC^D※CDOSUDRFNJD※QGTVDJNQGMDKFJ OFHNJOCMFJD^NJ\FNC^ ›※CD \OHFD \NHRBNQGD FNJESBD FNJFD UFOH]WFJC\FHMFD AU\FQGCBIJOVD \OGHFJKD FNJFH bNCCNTJD JNQGMD SJOFOHNZZFJD _ID \FHKFJ‽VD EFNJMFD ‼iSHND JSQGD FNJFHD QFNBF^D `SC MSIECQGNZZDOJKFHMFD\FKFHDKSCD`NFBDJTQGDKNFDTFCQG\NJKNORFNM^DLIBBRSIODIJKDKFH JSEFJBTCFD bTJKD \IHKFJD KFIMBNQGFHD CNQGMUSHVD IJKD KFHD UBSJFMD _FNQGJFMFD CNQG UFHFNMCDNEDPFHFNQGDKFHDJTHESBTYMNCQGFJDPFTUSQGMIJODCQGSHZDSBCD\NJ_NOFDSQGFNUF SU^D›LTJDKFJDLIBBRSIOFHJDGSUFJD\NHDCNQGFHDJNQGMCD_IDUFZ]HQGMFJ‽VDCSOMFDPLT^D›`FH GSBUFD UBSJFMD CQGBOZMVD SIZD KFHD SJKFHFJD ^OBZMFD RSJJD NQGD RFNJFHBFND AIZHFOIJO
FHRFJJFJVD SIQGD JNQGMD KFJD ※NJKHIQRVD KFJD UFNCYNFBC\FNCFD FNJFD HNFCNOFD SNFKBIJO ESQGFJD\]HKF^‽ QNFKFHD[FHONJOFJD_FGJVDZ]JZ_FGJDbNJIMFJ^DAICDKFHDSQGFNUFDKFCDUBSJFMFJD\IHKF FNJFD XIOFB^D NFKFHCYNFBD \NFCD YBRM_BNQGVD [RBBNOD IJ[FHENMMFBMVD SIZD KSCD UIBMVD SIZD KFE KSCD TFZOWD ENMD KFHD CQG\SH_FJDACQGFD KFCD NIMIHCD CMSJK^D PNFESJKD GSMMFD NJD KFJ BFM_MFJDbNJIMFJDKSHSIZDOFSQGMFM^ ›`THM]DSFGMDOFJSIDGNJ]‽ SFBUCMDKNFDKHFNDLIBJIHFHDUF\FOMFJDNGHFDXRHYFH^ `NFDSTBSJFHD[FHCMSJKFJDCTZTHMDIJKDCMSHHMFJDKNFDMHSJCYSHFJMFDhHJFDSJ^D`FHDSMSIU OFHNFMD BSJOCSED NJD PF\FOIJO^D ※HD [FHGNFBMD CNQGD NJD KNFCFED bTEFJMD \NFD FNJF KNQRZB]CCNOFDbSCCFVDKFHFJDNTHEDCNQGDBSJOCSED[FHOJKFHMF^DAICDKFEDKIJRBFJDTHSI UNBKFMFJDCNQGDZFNJFVDGFBBHTMFD_NJNFJDIJKDSQGBNFHFJ^D`SCDUHFNSHMNOFDUIB[FHDUFOSJJD_I OBOJ_FJDIJKDRHTQGDBSJOCSEDSJDKFJDdJJFJ\SJKIJOFJDGFHSIZVDRNYYMFD\NFKFHD_IH]QRV [FHENCQGMFD CNQGD ENMD KFED ]UHNOFJD dJGSBMD IJKD UNBKFMFD FNJD YSSHD OHTWFVD MHOOF SIZCMFNOFJKFDPBSCFJ^DbFGHDIJKDEFGHD[TJDKFHDCFBMCSEFJDbSMFHNFD\IHKFDGFBBHTM^ ›TNUMD FCD FNJFD ※HRBOHIJO‾‽D ZHSOMFD AMBSJD BSIM^D ※HD \SHD SICD CFNJFJD TFKSJRFJ SIZOFCQGFIQGMD \THKFJ^D PSM]HBNQGD GSMMFD KSCD LFHGSBMFJD KFCD FGFESBNOFJD NIMIHC FM\SCD PFCMNEEMFCD _ID UFKFIMFJ^D cFESJKD TKFHD FM\SCD UFCMNEEMFD KNFCF LFHOJKFHIJOFJ^ ›PTQGDJNQGM‽VDCSOMFDPLTDIJKDJOGFHMFDCNQGDBSJOCSEDIJKD[THCNQGMNODKFEDPFGOBMFH^DdJ KFHD GFBBHTMFJVD YIBCNFHFJKFJD bSCCFD _FNQGJFMFJD CNQGD FHCMFD NOKFJD SICD GFBBOH]JFH NSHUFDSU^D^FBBHTMGFBBOH]J‾D※NJD_NFEBNQGDKFIMBNQGFHDLFHKSQGMDCIQGMFDCFNJFJDQFODNJ AMBSJCDaUFHBFOIJOFJ^DQNFKFHD[FHONJOFJD_\FNDTKFHDKHFNDbNJIMFJ^D`NFDAIOFJDSBBFH PFCSM_IJOCENMOBNFKFHD NJD KFHD `FJMHSBFD HNQGMFMFJD CNQGD SIZD KNFD aUFHHFCMFD KFH FNJCMNOFJDSMFNJZNOIH^D`NFDbSCCFDCQGNFJDZB]CCNOFHDOF\THKFJD_IDCFNJDIJKDYIBCNFHMF \NFDFNJDSIZOFHFOMFCD_FUF\FCFJ^ ›QNWMDNGHDSTBSJFHVD\SCDKS[TJD_IDGSBMFJDNCM‾D`SCDNIMIHVDKNFD_FOFJKFVD[FHZTHEMDCNQG CQGTJD\NFKFH]‽ AMNgo`HTTCD UHFNMFMFD _NHYFJKD CFNJFD dJCFRMFJSHEFD SIC^D AICD LFKFHD TFCMFD KFH LIBJIHFHD CYHSQGFJD MSMBTCNORFNMD IJKD aUFHHSCQGIJO^D ›`SCD NIMIHD YIBCNFHMD NJD KFJ NSHUFJDKFHDcFJCFNMCESMFHNF‽VDCSOMFDAMBSJ^ ›※CD ONUMD IJCD FNJD SNOJSB^D `SCD UIBCNFHFJD GSMD _\FNZFBBTCD FNJFD PFKFIMIJO‽VD CFM_MF
PHFNCRTBBDGNJ_I^
`NFDbSCCFDUF\FOMFDCNQGD\NFDNJD`FNMBIYF^DcFM_MDKIHQG_TOFJDRBSHDFHRFJJUSHDUFNKF NSHUFJD KNFD UHFNNOFD SIUCMSJ_^D SNFD [FHCIQGMFVD NJJFJD KFJD MSJKD _ID FHHFNQGFJD IJK KSCDTFZOWD_ID[FHBSCCFJ^D※NJFD`IJOFDTKFHDFNJDNNJOFHDUNBKFMFDCNQGD]UFHDKNFDXSJMF IJKDYFJKFBMFDCIQGFJKDGNJDIJKDGFH^ ›N]HD ENQGD NCMD FCD ZSCMD RBSH‽VD EIHEFBMFDAMBSJD IJKD BNFWD CNQGD NJD FNJFJD XTJMIHCFCCFB ZSBBFJVD ›KSWD KSCD NIMIHD FM\SCD ENMD KFHD cFJCFNMCESMFHNFD IJKD CTENMD SIQGD ENMD KFH _NQGMgIFBBFD_IDMIJDGSM^DdQGDOBSIUFDJNQGMVDKSWDNQGDENQGDNHHF^‽DSQG\FNOFJKDIJKD[TJ JFIFJD^TZZJIJOFJDFHZ]BBMVDBSICQGMFJDKNFDLIBJIHFH^DSNFDHNCCFJDNGHFDPBNQRFDJNQGMD[TJ KFEDMSCMFJKFJDUCFIKTTHOSJDKFCDNIMIHoXBIEYFJCDBTC^ ›LFHEIMBNQGD _FNOMD ENHD KNFD bSCCFD KSCD `NFB]‽D EFBKFMFD CNQGD hCMFHD IJKD JSGE OFHNJOZ]ONOFDXIHCRTHHFRMIHFJD[TH^ ›`IHQGSICDEROBNQG‽VDCSOMFD‼iSHN^D`NFDSYSJJIJODNJJFHGSBUDKFHD`FJMHSBFD\IQGCVDLF EFGHD CNQGD KSCD MSIECQGNZZD KFHD UBSJFMFJTUFHZBOQGFD JOGFHMF^D hCMFHD BNFWD KNF bcAd_AbD]UFHDKFHDPSQGMCFNMFDHIGNODFNJCQG\FUFJDIJKD\SJKMFDCNQGDKSJJDFM\SDNJ KFHDvgISMTHGRGFDJSQGDWCMFJ^ AIZDKFJDbTJNMTHFJDKFHDPSGTHMIJOD_FNQGJFMFJDCNQGDKNFD[FH\SCQGFJFJDbFHRESBF [FHCMHFIMFHDRBFNJFHDSNFKBIJOFJDSU^DQNJ_NOFVDRSIEDCNQGMUSHFDSMHSWFJDZTBOMFJDKFJ TFBOJKFEFHRESBFJ^D LNFBD EFGHD \SHD JNQGMD _ID CFGFJmD FCD OSUD RFNJFHBFN ※JFHONFFENCCNTJFJ^D‼iSHND\SJKMFDCNQGDSJDPLTDIJKDCSOMFDGSBUBSIMe ›`ID GSMMFCMD HFQGMD ENMD KFHD SJOFGFJKFJD bFMSBB_N[NBNCSMNTJ^D QSHIED OFUOHKFMD CNQG KSCDNIMIHDCTDSIZOFHFOM‾‽ ›XFNJFDAGJIJO‽VDSJM\THMFMFDKFHD‼FBFYSMGD\SGHGFNMCOFEOW^ hCMFHD [FHCIQGMFD _ID FHRFJJFJVD \TGNJD NGJD KFHD \NYYFJKFVD _]JOFBJKFD NNJOFHD KFC NIMIHCDZ]GHMF^DMNQGMFMFDCNQGDKNFCFCDCFBMCSEFD`NJODJSQGDKFEDMSMCOQGBNQGFJD`NFBDSIZ KFED PTKFJD KNFCFHD QFBM‾D WKFHD ›CSG‽D FCD KNFD QNFKFHOSUFD KFHD PNBKCQGNHEF‾ hCMFHDCQGSIMFDNEEFHD\NFKFHDJSQGDHFQGMCDSIZDKSCDUIBMDIJKDFJMCQGNFKVDKSWDKNFCFH XBIEYFJD FNJFJD XTEYSWFZZFRMD FH_FIOMFVD SBCTD SIZD KNFD \NHRBNQGD [THGSJKFJFJ bFHRESBFD KFIMFMF^D `NFD bcAd_AbD ONJOD MNFZFHD IJKD ZBTOD KFHD SIZOFGFJKFJD STJJF FJMOFOFJ^DSQG\FNOFJKDIJKDNJMFHFCCNFHMD\SHMFMFJDSTBSJFHDIJKDLIBJIHFH^ hJ[FHOJKFHMD\NFCDKFHDCQGNBBFHJKFVDBFIQGMFJKFDNNJOFHDOFJSIDJSQGDWCMFJ^
`IJOQGCMD\SHDSIZDKFEDOHTWFJDbTJNMTHDJTQGDKNFDXH]EEIJODKFCDXOZFHYBSJFMFJV \NFDNGJDS※P※nADOFJSJJMDGSMMFVD_IDCFGFJDOF\FCFJ^DcFM_MDCQGNFJDKNFDWUFHZBOQGF [RBBNODFUFJmDQOBKFHVDOFRH]EEMFDNBIWBOIZFDIJKD※UFJFJDFHCQGNFJFJDJSQGDIJKDJSQG SICD KFED `IJCMD KFCD bTHOFJC^D `NFD STJJFD CQGTUD CNQGD GTQG^D dGHFD \SSOHFQGMFJ SMHSGBFJD MHSZFJD KSCD MSIECQGNZZVD UBFJKFMFJD KNFD AIOFJD KFHD STBSJFHD IJKD NGHFH TOCMFVDUNCDKSCDCMSHRFD_NQGMDGFHIJMFHOFZNBMFHMD\IHKF^D`NFDCFBMCSEFDXTEYSWJSKFB [TBBZ]GHMFD \NFKFHD CMSHRFD `IQRIJOFJD IJKD KFIMFMFVD NJD UF_IOD _IED PTKFJD KFH `FJMHSBFVDCQGHOODJSQGDIJMFJ^ ›hCMFH‽VD EFNJMFD PLTD CQGBNFWBNQGVD ›KSCD `NJOD EFNJMD \SGHCQGFNJBNQGVD KSWD \NHD IJC JOGFHDIECFGFJDTKFHDOSHDBSJKFJDCTBBFJ^‽ ›`SCDCSOMFDNQGDENHDSIQGDOFHSKF‽VDOSUDPHNQRD_IH]QR^D`NFDbcAd_AbDCMFIFHMFDNJ FNJFD\FNMFDXIH[F^D`NFDAJMFJJFJDIJKD_NJCFJDHNQGMFMFJDCNQGDJSQGDIJMFJ^D※CD\IHKF GFBBFHmD]UFHDKNFCFED‼FNBDKFCDUBSJFMFJDOSUDFCDJIHD\FJNOFDQTBRFJ^D`NFDSQGSMMFJ \SHFJD BSJOD IJKD CQG\SH_^D ›dJD FNJFHD _NFEBNQGD FUFJFJD NBOQGFD CMFGMD FNJD SIZZOBBNOFH PFHO]‽D CSOMFD LFESJKD SICD KFHD WHMIJOD IJKD YHTLN_NFHMFD KNFD LFHOHRWFHIJOD SIZD KNF SQGNHEF^ ›`IDOBFNQGEOWNO‽VDZB]CMFHMFDKFHDAHRTJNKFVD›IEDJSM]HBNQGD_IDCFNJ^DSTBQGFDFsSRMFJ XFOFBDCNJKDCFBMFJDNJDKFHDPSMIH^‽ `SCDSQGNZZDZTBOMFDKFED`FIMFJDKFCDNIMIHC^D`FHDNNJOFHDSICDcFJCFNMCESMFHNFDMSCMFMF SIZD KFJD RFOFBZRHENOFJD PFHO^D ※NJFD FHCMFD bFCCIJOD \IHKFD KIHQGOFCSOMD IJK IJMFHUHSQGD KSCD OFCYSJJMFD SQG\FNOFJD NJD KFHD `FJMHSBF^D ›^IJKFHM_\SJ_NOD bFMFH OHTWVDSJDKFHDPSCNCD[TBBRTEEFJDHIJKVDIJKDSQGM_NODbFMFHD`IHQGEFCCFH^D※HDCQGFNJM SICDFNJFHDUFCTJKFHFJDAHMD[TJDUBSCMNRD_IDUFCMFGFJ^‽ ›LFHCMSJKFJ^D LFHCIQGMD GFHSIC_IZNJKFJVD TUD CNQGD GNJMFHD KFHD hEG]BBIJOD FM\SC [FHCMFQRMVDUNMMF‽VD_NHYMFDAMNgoWi_^ ›QNHDCNJKDCQGTJDKSUFN^‽ MIJKD KHFNGIJKFHMD bFMFHD ]UFHD KFED PTKFJVD ]UFHD ^]MMFJKOQGFHJVD FNJFED ZBSQGFJ NBIWD IJKD OHTWFJD `TJFJD SICD QSBKD IJKD NFBKFHJVD KIHQGD KFJD K]JJFJD MSIQGD [TJ ^FHKZFIFHJVDOBNMMDKNFDbcAd_AbDZSCMD[RBBNODBSIMBTCDJOGFH^D`SCDSTJJFJBNQGMDMHSZDKSC RIOFBZRHENOFD MSIECQGNZZD IJKD HNWD SICD KFHD ^]BBFD ZIJRFBJKFD MFZBFsF^D `NF PNBKCQGNHEFD_FNOMFJDFNJFDHNFCNOFDbFJOFDROZFHSHMNOFHDQFCFJVDKNFDIEDKFJDNIWDKFC PFHOFCD\NEEFBMFJ^DSNFD\SHFJDFM\SDFNJFJDbFMFHDOHTWDIJKDOBNQGFJD\FNMSICDEFGH KFED NIMIHVD SBCD FCD JTQGD FNJD CMFNJFHJFCD SMSJKUNBKD OF\FCFJD \SHVD SBCD KFJD KHFN LIBJIHFHJVDKNFDIJCNQGFHDSIZDKNFDEFHR\]HKNOFDS_FJFDCMSHHMFJ^
PHFNCRTBBD FHRBOHMFD JSQGD \FJNOFJD SFRIJKFJeD ›SNFD ROEYZFJ]D ‼SMCOQGBNQG^D ※CD NCM CTOSHDKFIMBNQGD_IDCFGFJVDJNQGMDJIHD_IDCY]HFJ^‽D›QNHDZBNFOFJDJTQGDFNJDYSSHDXIH[FJV IEDSBBFCDOFJSID_IDUFTUSQGMFJ^D`SJJDCIQGFJD\NHDFNJFJD_SJKFYBSM_]‽DFJMCQGNFK AMBSJ^D`IFHCMDJSGEFJDKNFDLIBBRSIOFHVDKNFDCNQGDFJMBSJODFNJFHDLFHMFNKNOIJOCSJBSOF SICD THSUFJD IJKD USBNCSKFJD FNJFJD FHUNMMFHMFJD XSEYZD ENMD UBNM_FJKFJD QSZZFJ BNFZFHMFJVD [TJD KFED [FHOBFNQGC\FNCFD HNFCNOFJD NHFEKRRHYFHD RFNJFHBFND PTMN_^D LNFBF KFHD XOZFHSHMNOFJVD KFHFJD M]QRFJCQGNBKFD IJKD ^SBUZB]OFBD NJD SBBFJD JIHD KFJRUSHFJ NSHUFJD IJKD NSHURTEUNJSMNTJFJVD bICMFHJD IJKD WHJSEFJMFJD BFIQGMFMFJVD MHIOFJ GRB_FHJFD _SCMFJD ENMD CNQGVD PSBRFJD IJKDAUCQGJNMMFD IJKD MFNCNOU]JKFB^D QSHIED CNF ROEYZMFJVD[FHETQGMFDJNFESJKD_IDCSOFJVDSUFHDFCDONJOD\TGBDIEDKFJDPFHO^ ^TB_M]HEFD BFGJMFJD SJD KFHD [RBBNOD OBSMMFJD WUFHZBOQGFD KFCD CYNM_RFOFBNOFJD PFHOFC^ SQGHNZM_]OFVD PNBKFHD IJKD LFKFD SJKFHFD AHMD [TJD bSBFHFND IJKD MNM__FNQGJIJOFJ UFKFQRMFJD KFJD NIWD KFCD PFHOFCD UNCD GNJSIZD _ID KFJD CFBMCSEFJD TFH]CMFJD IJK ^OJOFUH]QRFJDIJKDSIQGDSJD[NFBFJDSJKFHFJDSMFBBFJVD\TDFCDRFNJFD_FNMFHJDOSU^D※NJ HIWOFCQG\OH_MFCD_TQGDUFZSJKDCNQGDSIZDKFHDPTHKCFNMFDKNQGMDIJMFHDKFEDOFHIJKFMFJ ›TNYZFB‽DKFCDPFHOFC^ ›`NFD LIBBRSIOFHD ROEYZFJD TZZFJCNQGMBNQGD IED KNFD ^FHHCQGSZMD ]UFHD KNFCFJD PFHO‽V UFEFHRMFDAMNgo‼GSJ^D›QFNWMDKIVDPLTVDSICD\FBQGFEDTHIJK‾‽ PLTCD AJM\THMD \SHD _ROFHJK^D QSGHCQGFNJBNQGD GSMMFD FHD SQG\NFHNORFNMFJVD KNF TFKSJRFJDIJKD※EYZNJKIJOFJDKNFCFHDUBSJFMSHNFHDHNQGMNOD_IDNJMFHYHFMNFHFJ^ ›※CD OFGMD IED NHOFJKD FM\SCD ^FNBNOFCVD LFHFGHFJC\FHMFC^D SNFD SBBFD CQGFNJFJD GSBU SIWFHDCNQGD_IDCFNJ^‽ ›dQGD[FHCMFGF‽VDEFNJMFDKFHDAHRTJNKFDJSQGKFJRBNQG^D›PF[THD\NHDIJCDFJMCQGFNKFJV CFGFJD\NHDIJCDSBBFCDOH]JKBNQGDSJ^DWHMIJO]DbFGHDPNBKFHVDUFCCFHFDLFHOHRWFHIJOFJ] XFNJFHBFND ※NJENCQGIJOFJD kD [THBOIZNO^D hJKD KIVD PLTVD EIWMD [FHCIQGFJV GFHSIC_IZNJKFJVD \THIED FCD OFGM^‽D PHFNCRTBBD JNQRMFD JIHD IJKD [FHMNFZMFD CNQGD NJD KNF PFKFIMIJOD KFHD PNBKFHVD KNFD NJD HSCQGFHD NTBOFD SIZD KFJD PNBKCQGNHEFJD KFH USJTHSESOSBFHNFD IJKD KFJD bTJNMTHFJD SU\FQGCFBMFJ^D SNQGFHD CQGNFJD SBBFJ PFCSM_IJOCENMOBNFKFHJVDKSWDKFHDbcAd_AbD\FKFHD[TJDKFJDLIBBRSIOFHJDJTQGD[TJ [FHUTHOFJFJD ※NJHNQGMIJOFJD TFZSGHD KHTGMF^D `NFD SETHYGFVD _\FNZSHUNOD CQGNBBFHJKF bSCCFDKFCDNIMIHCDGSMMFDCNQGDNJDKFJDBFM_MFJDbNJIMFJDJTQGESBCD[FHOJKFHM^ dJDKFEDKIHQGCNQGMNOFJDTFZOWDBSODFNJDCMSUNBFHDPHTQRFJD\NFDFNJDSUOFRSJMFMFHDSMFNJ^ ※HDUFCMSJKD_\FNZFBCZHFNDSICDcFJCFNMCESMFHNF^
f AJD_\FNDSMFBBFJDGSMMFJDKNFDXHNFOFHDNHTJCFBCDKNFDUSBNCSKFJDJNFKFHHFNWFJDRRJJFJ^ AICD KFJD QOBKFHJD RSED FNJD JNQGMD SUHFNWFJKFHD SMHTED [TJD PFIKFJRFHJ^D cFKFH CQGBFYYMFD^TB_DENMDCNQGVDMFNCNODTKFHD^TB_RTGBFJ^ NHTJCFBCD XHNFOFHD CQG\SJOFJD CNQGD ENMD UHIEEFJKFJD NB]OFBCQGBOOFJD ]UFHD KFJ THSUFJ^D`NFDBSJOFJDSYNM_FJDKFHDbFGHZSQGKTBQGFDUTGHMFJDCNQGDNJDKNFDXRHYFHDKFH LFHMFNKNOFH^D AIZD KFHD MSEYFD CMSJKD PSIOGD IJKD CQGHNFD CFNJFD PFZFGBFD _ID KFJ UHNFCMFHROEYZFHJDGNJIJMFH^D›SQGBSOMDCNFD_IH]QR]DSNFD\TBBFJDKNFDOHRWMFDSQGOJKIJO SICZ]GHFJVDKNFD\NHDIJCDKFJRFJDRRJJFJ^‽ SFNJFDSQGHFNFDIJKDXTEESJKTCDONJOFJDNJDKFED_OHEDIJMFH^DSYFFHFDIJKDPTB_FJ GFIBMFJD KIHQGD KNFD _IZM^D _OJOCMD \SHFJD KNFD _FNMFHJD IJKD TFH]CMFD SIZD KFH SUOF\SJKMFJDSFNMFDKFCDPTLFJUFHOCDSUOFHNCCFJD\THKFJ^DhJGFNEBNQGDOOGJMFDKSC OHTWFDCQG\SH_OFHOJKFHMFD_TQGVDKSCDKNFDAUMH]JJNOFJDOFUHSJJMDGSMMFJ^D`NFDNSHUFJ KFHD_SGBBTCFJDbSBFHFNFJD\SHFJDSJD[NFBFJDSMFBBFJDSICOF\SCQGFJDIJKD[FHBNFZFJDNJ UHFNMFJVD IJKFIMBNQGFJD PSGJFJ^D `THMVD \TD KNFD PFIKFJRFHD KIHQGOFUHTQGFJD \SHFJV GOIZMFDCNQGDIEDKFJDNIWDKFCDPFHOFCD^TB_DIJKDFNJFDIJOFGFIHFDbFJOFDMHTQRFJFH vCMFDIJKDMFNCNO^ `NFDUNBOFHDKFCDLTHMSOCDGSMMFJVDSBCDKNFDFHCMFJDXHNFOFHDSIZFNJSJKFHYHSBBMFJVDFJMCFM_M KNFDNBIQGMDFHOHNZZFJ^ ›SQGJFBBFH]D bFGH]D `THMD GNJ]UFH]‽D dEEFHD \NFKFHD OFBSJOD FCD NHTJCFBVD KFE XBFNJRSHNFHMFJVD]UFHDCFNJFJDXHNFOFHJDIJKDKFEDIJ]UFHCFGUSHFJD^FFHDKFHD‼HOOFHV GNJD IJKD GFHD _ID ZBSMMFHJ^D cFKFD LIJOFD LIBBRSIOZHSIVD LFKFHD cIOFJKBNQGFVD CQGBFYYMF PHFJJESMFHNSB^DhJIJMFHUHTQGFJDGSMMFJDCFNMDKFJDZH]GFCMFJDbTHOFJCMIJKFJDKNFDvsMF IJKDPHTJ_FCOOFJDOFRBIJOFJ^DPOIEFDIJKDTFCMHOIQGD\SHFJDOFZOBBMDIJKD_FHGSQRM \THKFJ^D hJKD LFM_MD UHSQGMFJD CNFD EFGHD IJKD EFGHD PHFJJESMFHNSBD GFHSJD IJK CQGNQGMFMFJDFCDHFQGMCDIJKDBNJRCD[TJDPSIOGCDMSEYFDSIZ^ QNFKFHDGFIBMFDFNJD^SOFBD[TJDSQGBFIKFHCMFNJFJD]UFHDKNFDUSBNCSKFJ^ LFHMFNKNOFHD UHSQGFJD CQGHFNFJKD _ICSEEFJ^D _SJOCSED \NQGFJD PSIOGCD bOJJFH _IH]QR^D AICD KFHD SNFKBIJOD RSEFJD ZHNCQGFD XHNFOFHD OFHSJJMD IJKD OFZBTOFJ^D PTQG OBOJ_MFJD NGHFD XRHYFH^D `NFD NB]OFBKFQRFJD KFHD SJKFHFJD \SHFJD _FHCQGBNM_MD IJKD [TJ XRHYFHZB]CCNORFNMD IJKD SMSIUD UFKFQRM^D QNFKFHD \IQGCD KFHD QSBBD SICD ^TB_^D ※NJNOF UFCTJKFHCDCMSHRFDXHNFOFHDZBTOFJDFJMBSJODKFHDPFHO\SJKDIJKDBFFHMFJDSOQRFD[TBBFH ^TB_RTGBFJD ]UFHD KNFD bSCCFD SICD ^TB_^D AJKFHFD CQG]MMFMFJD SICD OHTWFJD XH]OFJ \SHEFCDjBVDKSCD[TJDKFJDPSBRFJDSJDKNFDQSJKDKFCDPTLFJUFHOCDCYHNM_MF^
›`IH]QR]D CTJCMD YSQRFJD CNFD FIQG]‽D CQGHNFD NHTJCFB^D SFNJFD XHNFOFHD BNFZFHMFJD KFJ LFHMFNKNOFHJDFJMBSJODKFHDUHFNMFJD_]QRFJDNEDLFHMFNKNOIJOCO]HMFBDFNJFJDFHUNMMFHMFJ XSEYZ^DAIZDUFNKFJDSFNMFJDOSUDFCDLFH\IJKFMFDIJKD‼TMF^D›NHTJCFB]‽ bFKFoAQRVDKFHDSQG\SH_\FNWFVDBSJKFMFDJFUFJDNHTJCFBDNED_FH\]GBMFJDPTKFJ^D※H GSMMFD UNCD SIZD FNJFJD bIBMNYBFKTBQGD SBBFD CFNJFD QSZZFJD [FHBTHFJ^D `NFD UHTJ_FJFJ SQGIM_CQGNBKFDCFNJFHDTFBFJRFD\SHFJD_FHCQGHSEEMDIJKD_FHUFIBM^D`FHDXRHYFHD\SH CMIEYZUHSIJD[THDSMSIU^D›QSCD\NBBCMDKI‾‽ `NFDAMFEBIZMDYZNZZDKIHQGDKNFDjZZJIJOFJDIJMFHDNGHFJDUSJ_FHJ^DSNFDZ]GBMFJVD\NFDNGHF XHOZMFDOFCQG\IJKFJD\SHFJ^D※HHFOMD_IQRMFJDKNFD`SJOFJOBNFKFHDIJMFHDNGHFJDUHFNMFJ b]JKFHJ^D›AICDIJCFHFED_SOFHDRTEEFJDKNFDBFM_MFJD‼HOOFH^D※CDNCMDJTQGESBCDFNJF OF\SBMNOFDbFJOFD^TB_^‽ ›X]EEFHFDKIDKNQGDKSHIE^DQTDCNJKDKNFDNFIFH‾‽ ›PTQGD SED NBIWIZFH^D SNFD \FHKFJD UF\SQGM^‽D ›QNHD GTBFJD CNFVD \FJJD KSCD BFM_MF PHFJJESMFHNSBDSEDPFHODNCM^‽ ›※NJ[FHCMSJKFJ^DSNFDCNJKD_OGVDKNFDPSIOGoXOEYZFH^‽ ›PFNEDPTLFJUFHO]DQNHDCQGBSOFJDCNFDkDGFIMF^DN]HDNEEFH^‽ SNFD Z]GHMFJD ENMD KFJD BSJOFJVD _NMMFHJKFJD N]GBFHJD IJKD KFJD ^SJKBIJOCOHFNZFHJD KNF HNMIFBBFJDXHNFOFHOFCMFJDSIC^D`SJJVDJSQGDFNJFEDCQGJFBBFJDMIJKUBNQRVDCYHFN_MFJDCNF NGHFDNB]OFB^DTFHSKFVDSBCDNHTJCFBDFNJFJDRIH_FJDAJBSIZDJSGEDIJKDSIZDKSCD_TQGDNJ KFEDQSBBD_IZBTOVDGRHMFDFHVD\NFDbFKFoAQRDFM\SCD[TJDFNJFEDOF\SBMNOFJDPBNM_DSE ^NEEFBDHNFZVDSUFHDFHDGSMMFDSJKFHFDSTHOFJ^ QOGHFJKD KNFD STJJFD RBFMMFHMFVD NGHFD SMHSGBFJD CMOHRFHD IJKD KNFD SQGSMMFJD R]H_FH \IHKFJVD JSGED KNFD ^FZMNORFNMD KFHD AICFNJSJKFHCFM_IJOFJD _I^D cFM_MVD NJD KFHD `FNM _\NCQGFJD STJJFJSIZOSJOD IJKD bNMMSOVD ONJOD FCD JNQGMD EFGHD IED TFOFJCOM_FD KFC TBSIUFJCD IJKD KFHD ‼HSKNMNTJ^D cFM_MD \]HKFJD KNFD PFIKFJRFHD SBBFJD LIBBRSIOFHJ UF\FNCFJVD KSWD NJD KFED PFHOD FM\SCD [FHUTHOFJD \SHVD KSCD CNQGD kD [NFBBFNQGMD kD PTLF JSJJMFVDSICDbFMSBBDUFCMSJKD IJKD JNQGMCD ENMD FNJFED ^FNBNOMIED _ID MIJD GSMMF^D PSIOG UFOSJJD FNJ_ICFGFJVD KSWD CFNJFD XHNFOFHD OFOFJD KNFD NBIMD KFHD ^OHFMNRFHD IJK PFIKFJRFHDJNQGMCDEFGHDSICHNQGMFJDRTJJMFJ^DSNFDCFM_MFJDCTOSHDXNJKFHDIJKDNHSIFJ FNJVDIJKDKSCD\SHDRFNJDTFOJFHDZ]HDCFNJFDXHNFOFHDEFGH^D※HD\IWMFVDKSWDFNJFD`FNMD_I ※JKFD \SHD IJKD FNJD JFIFHD AUCQGJNMMD UFOSJJ^D AUFHD \SCD \]HKFD KNFCFD JFIFD `FNM UHNJOFJ‾
PNQGMCDTIMFC^D`SCDCMSJKDZFCM^ PSIOGDUFHFNMFMFDCNQGDSIZDFNJFDCQGBNEEFVDKIJRBFD`FNMD[THVDNJDKFHDFCD\FKFHDFQGMFJV \NHRBNQGFJDTBSIUFJDJTQGDKNFDbROBNQGRFNMDOFUFJD\]HKFVDSJDKFEDAIZMHSODKFHDAGJFJ IJKDKFJD‼HSKNMNTJFJDCNQGDZFCM_IGSBMFJ^ ABCDPSIOGDCSGVDKSWDFNJFDTHIYYFDXHNFOFHDKIHQGDKSCD_FHCMRHMFD‼THDSIZDKNFDSNFKBIJO _IHSJJMFDIJKDZBSMMFHMFVDGTUDFHDCFNJFJDXTYZDIJKDCSGD^^^ ›`NFDAGJFJ]‽DCMNFWDFHDNJDGRQGCMFEDSQGHFQRFJDIJKD※HHFOIJODGFH[TH^ ※HDCSGDFNJFDHNFCNOFDXIOFBVDBFIQGMFJKDNEDOHFBBFJDSTJJFJBNQGMVD]UFHDKFHDSNFKBIJO CQG\FUFJVD _\FNoVD KHFNESBD CTD GTQGD \NFD KNFD SYNM_FD KFCD PTLFJUFHOC^D `NFD XIOFB UF\FOMFDCNQGDBSJOCSEDIJKDIJGRHUSHD]UFHDKNFDQFNKFJDIJKDvQRFHDGNJ\FODSIZDKFJ QSBKD _IVD SICD KFED JTQGD NEEFHD KNFD bSCCFJD KFHD CQGBFYYFJKFJD IJKD GSCMFJKFJ LIBBRSIOFHDRSEFJ^
56 ABCDEF GHIBJF KJBLBMF JBGDF LGJNF OBHEPJEF QRSF PJTF UVWUXBJEF OBDEPF PJSF YHCCZDH[\ OREEJMFGDXFXNJFJSGDSBJBJ] ^NJF_SBHE[FUDBBJFUJSDHX[J`HEPJEMFPDIFXNWUFUNEBJSFPJSFÄNXWUHE[FDHXFUDSBJTFHEP XWUDHTDSBN[FÅRSVXJTFÆHEXBXBR``FJNEFÇJÈNCPJFDHXFÄJBDCCFQJSÈDS[]FÉXFUDBBJFJBGD PNJF ÊRSTF JNEJSF ÆH[JCMF PNJF DH`F JNEJTF XWUCDEZJEF OBNJCF SHUBJMF GRÈJNF PDXF CJBLBJM RÈJSJF^SNBBJCFJNEJEFPJHBCNWUF[JSNE[JSJEF^HSWUTJXXJSFUDBBJFHEPFQREFPJSFÆH[JC`RST DÈGNWUMF TJUSF JN`VSTN[F RPJSF XÅNBLRQDCF GDS]F ^JSF DÈXRCHBF SJ[JCT)IN[F [J`RSTBJ ÆJ[JCÈJS[FP*S`BJFJÈJEXRFDHXFPJSFYRSLJNBFPJSFYHCCZDH[\Æ)`JSGJXJEFXBDTTJEFGNJ PDXFÊHBHSFDHXFPJTF+J[JEPJEXWUDBLFPJSFYHCEHSJS]F^DXFÊHBHSMFRPJSFQNJCTJUSFPJS OBJNEÈSRWZJEMFLHFPJTFJXFXNWUFGNJPJSFHT[JXBDCBJBFUDBBJMFCD[FEDWUFGNJFQRSFSHUN[FNE XJNEJTF ,JU)CBJS]F -GJNF ORCDEJSF HEPFABN.\^SRRXF ÈJGDWUBJEF JXF HEPF G*SPJEF KJPJ YJS)EPJSHE[FXR`RSBFTJCPJE]F/0NSFCDEPJEFLGNXWUJEFPJTFÊCHIH`JSFHEPFPJTF,JS[ÓM JEBXWUNJPF PJSF ASZRENPJ]F /-GDSF ÈJ`NEPJEF GNSF HEXF LGNXWUJEF PJEF ÈJNPJE Æ)TÅ`JS[SHÅÅJEMF DÈJSF PNJF +DEPHE[F GNSPF XNJF QJSTHBCNWUF QREF NUSJTF ÈCHBN[JE ÇJXWU)`BFDÈCJEZJE]FOJCÈXBFGJEEFGNSFERWUFJNEFÅDDSFOBHEPJEFZSJNXJEMFGJSPJEFGNS ENWUBXF JS`DUSJE]ÓF /,J`JUCF GNSPF XR`RSBF DHX[J`*USBÓMF [DÈF NUTF ÔXBJSF ,SNWZF SJWUB] /ÕELGNXWUJEF UDÈJEF HEXF DHWUF DCCJF YHCCZDH[JSF [JXJUJE]F ÖSRBLPJTF Z)TÅ`JEF XNJ GJNBJS]Ó /0JEEFDHWUFENWUBFTJUSFXRFG*BJEPFGNJFERWUFQRSFZHSLJSF-JNBÓMF`C*XBJSBJFÖ×DSN]FOJNP QRSXNWUBN[]FYJSTHBCNWUFNXBFPJSF,JS[FXDTBFÕEUDCBFUJNCN[]FÕUSFBDXBJBFJNEFÖDÈHFDEØFGDSEBJ PJSF+R[NZXJZBRS] ^NJF+H`BFDHIJSUDCÈFPJXFOWUN``JXFGDSF`*SFPNJFORCDEJSFJÈJEXRF[HBFQJSBS)[CNWUFGNJF`*S PNJFYHCEHSJS] ÄNBF PJSF OWUGJSZSD`BF [DÈF JXF `*SF XNJF ERWUF GJEN[JSF ÙSRÈCJTJ]F ORCCBJF BDBX)WUCNWU ÈJNPJMFYHCCZDH[JSFHEPFYHCEHSJSMFTJUSFDCXFEHSFPNJF`SDÅÅNJSJEPJFÚUECNWUZJNBFBSRBLFPJS ÇSVIJEHEBJSXWUNJPJF QJSÈNEPJEMF G*SPJF DHWUF PNJF YJSXB)EPN[HE[F ENWUBF JÛBSJT XWUGNJSN[FGJSPJE]F/AÈJSFXNJF`*SWUBJEFPNJFÉSXWUJNEHE[FPJXFOWUN``JXFENWUBÓMFXBJCCBJ ABN.\ÖUDEF`JXB]FÉSFUDBBJFTNBFJNEJTFXRCWUJEFÉ``JZBF[JSJWUEJB]F/ÜRWUFENWUB]Ó ABCDEF GDSBJBJF PNJF +DEPHE[F ENWUBF DÈ]F ÉSF ÈJTJSZBJF PNJF GJEN[JEF YJS)EPJSHE[JEM PNJF XNWUF XJNBF PJTF Ü)UJSZRTTJEF PJSF ÄÝAÕ+AÄF SHEPF HTF PJEF ,JS[F JS[JÈJE UDBBJEMFENWZBJFÔXBJSFLHFHEPFQJSCNJIFPNJF-JEBSDCJ]FÉSF[NE[FXWUEJCCFNEFXJNEJFÆDÈNEJM HTF JNEJEF CJNWUBJEF ‹DHTDELH[MF AHXS*XBHE[F HEPF 0D``JEF DELHLNJUJEF HEP LHSJWUBLHCJ[JE]
^DXFOWURBBF[CNBBFLHMFJSFGDSFDCCJNE]FÉSFCNJIFXNWUFNEFJNEJEF`JPJSEPJEFOJXXJCFENJPJS HEPFXBSJN`BJFPNJFGJNWUJEF,RSPXBNJ`JCFQREFPJEFÊ*IJE]FÉSFTHIBJFLGJNTDCMFPSJNTDC [)UEJEMF PDEEF XÅ*SBJF JSF JNEJF ÅCVBLCNWUJF Ä*PN[ZJNBMF PNJF XJNEJEF ÆVSÅJSF JÈJEXR *ÈJS`DCCDSBN[FJS[SN``FGNJFXJNEJEFYJSXBDEP] ÉSF XDWZBJF NEF XJNEJTF OJXXJCF LHXDTTJE]F OJNEJF XWUC)`SN[JEFAH[JEF UJ`BJBJEF XNWU DH`FPJEF,NCPXWUNSTFPJXFÕEBJSZRTXMFDH`FPJTFXNWUFJNELJCEJFOLJEJEFQREFÆDTÅ`FHEP ÊCHWUBFDÈLJNWUEJBJE] ÉNEJF EJHJF YNXNREØF XWUSNJF HE*ÈJSUVSÈDSF NEF PDXF ÈJ[NEEJEPJF ^HEZJCF JNEJX 0DWUBSDHTXFPJSF+R[NZXJZBRS] /ORF]]]FNXBFJXF]]]ÓMFTHSTJCBJFABCDEFHEPJHBCNWUFHEPFJSZDEEBJFXJNEJFJN[JEJFOBNTTJ ENWUBF TJUS]F ÉSF GHIBJMF PDIF JSF LHF BS)HTJEF ÈJ[DEE]F ÖSRBLPJTF QJSCNJIF NUEF PNJ 0NSZCNWUZJNBFXJZHEPJECDE[FQVCCN[]FAÈJSFXNJFZDTFNTTJSFGNJPJSMFXRFPDIFABCDEMFUNE HEPFUJSF[JSNXXJEFNEFPNJXJTFXJCBXDTJEF-HXBDEPMF`DXBFPNJFÅCDXBNXWUJF0NSZCNWUZJNB PJXF ÖSDHTJXMF PJSF YNXNREMF TNBF PJSF SJDCJEF 0NSZCNWUZJNBF PJXF ›NJSF HEPF ÝJBLB QJSGJWUXJCBJ]F OJNEF ,JGHIBXJNEF XÅSDE[F XRLHXD[JEF LGNXWUJEF PNJXJEF ÈJNPJE ÙRCJEFUNEFHEPFUJS]FÉSF`C*WUBJBJFHEPFSDEEBJFZJHWUJEPFPHSWUFJNEFÄJJSFDHXFÊDSÈJE HEPFÇJS*WUJE] Ö×DSNFGDSFEJÈJEFNUT] ÙCVBLCNWUF UJSSXWUBJF JNEJF PS)E[JEPJMF HELGJN`JCUD`BJF ÇJ[JEGDSB]F ABCDEF GDSF PRSB※ ÄJNEJF ÇJPDEZJEF *ÈJSXWUCD[JEF XNWU]F ÕWUF ÈNEF DH`F ÆDHXENBMF DH`F PJSF ÉÈJEJF PJS ÊC*XBJSÈCHTJE] ÕWUFHEPFÖ×DSN] ‼ÖNWZJSFNXBFBRB]FÉSFXBDSÈF]]]FNS[JEPGDEEFNEFPJSF-HZHE`B‽YJS[DE[JEUJNB]FÕWUFQJSTD[FJX ENWUBF LHF XD[JE]F ÄJNEJF ÇJPDEZJEF XNEPF QRCCF NEF AEXÅSHWUF [JERTTJEF QREF PJT YJSXHWUFLHF*ÈJSCJÈJE]F0NJPJSFJNETDCFLHF*ÈJSCJÈJEØ‾F‹RXTJSJXFÝ)[JSFXNEPFUNEBJS HEXFUJS]FÉXFNXBFHEGNWUBN[MFGDSHTFXNJFHEXFQJS`RC[JE]F0NSFSJEEJEMFXBRCÅJSEFZJHWUJEP HEPF XWUGNBLJEPF HEBJSF PJSF XBJWUJEPJEF OREEJF PHSWUF PNJF JEPCRXJF ÊCHBF PJS QNJC`DSÈN[JEF ,CHTJE]F ÔEBJSF HEXJSJEF OWUSNBBJEF LJSÈSJWUJEF PNJF ,C*BJEXBJE[JCF HEP SJNIJEFTNBFXWUTDBLJEPJEFÇJS)HXWUJE]F,C*BJEXBDHÈFGNSÈJCBFPHSWUFPNJFGDSTJF+H`B HEPF PSNE[BF TNBF ÈJB)HÈJEPJTF ^H`BF NEF HEXJSJF ÜDXJEF HEPF GJNBF DH`[JSNXXJEJE Ä*EPJS] /ABCDEMF NWUF QJSCNJSJF CDE[XDTF DCCJF TJNEJF Ê)UN[ZJNBJEÓMF XBNJIF Ö×DSNF DÈ[JUDWZB
UJSQRS]F/ÕWUFXÅ*SJFPNJFAHXXBSDUCHE[JEFPJSFÝ)[JSFEHSFERWUFXWUGDWU]Ó /^DXFNXBFPJSFQJSPDTTBJF,C*BJEXBDHÈÓMFXD[BJFNWUFHEPFURÈFPJEFAST]FÕWUFLJN[BJFDH` PJEF0DCPSDEPFHEPFPNJFENJPSN[JEF›*[JCMFPNJFXNWUFDTFÉEPJFPJSF`SJNJEFÊC)WUJFQRS PJEF›RSNLREBFXWURÈJE]F0NSFGHIBJEFENWUBMFGDXFUNEBJSFPJEF›*[JCEFCD[] /ONJFGJSPJEFHEXFJNEZJXXJCEØÓ /0NSFZVEEJEFHEXFGJUSJEÓMFXD[BJFNWUFHEPFGNXWUBJFPJEFOWUGJNIFQREFTJNEJSF›DEPM JUJFNWUFGNJPJSFÖ×DSNXFÊNE[JSFÅDWZBJFHEPFXNJFTNBFTNSFLR[]F0NSFSDEEBJEF[JSDPJDHXM DH`F PNJF ›*[JCF LH]F ÔEXJSJF ^RÅÅJCXÅHSF PHSWUF PNJF SNJXN[JF ÊC)WUJF PJSF JÛRBNXWUJE ,C*BJEFHEPF,CHTJEFGDSF`*SFKJPJEFYJS`RC[JSFHE*ÈJSXJUÈDS]FÉNEN[JFÄNEHBJEFXÅ)BJSM DCXF GNSF PJEF Z*UCJEPJEF OWUDBBJEF JNEJXF JNELJCEJEF ÖJBUDQJÈDHTXF JSSJNWUBF UDBBJEM ÈCNJÈFNWUFXBJUJEFHEPFGNSÈJCBJFUJSHT]F/ÕWUFXJUJFXNJÓMFZJHWUBJFNWUFHEPFQJSXHWUBJM TJNEJEF ÙHCXXWUCD[F LHF ZREBSRCCNJSJE]F +DE[XDTF LR[F NWUF PNJF 0D``JF DHXF PJS OWUHBLU*CCJFHEPFSJ[JCBJFPJEFÉEJS[NJXBSDUCFJNE]F/_PJSFJNEN[JFQREFNUEJE]Ó ÉXF[NE[FHTF+JÈJEFRPJSFÖRPF`*SFHEXFÈJNPJ]F^NJFSRBUDDSN[JF‹RXTJSJFGRCCBJFHEX XBJSÈJEFXJUJE] ÕWUFXJBLBJFPNJF0D``JFDH`FPDXFCNEZJF›DEP[JCJEZFHEPFTJSZBJMFPDIFPJSFÙSRKJZBRSCDH` HESHUN[FLNBBJSBJ]FÕWUFTDWUBJFJNEFÅDDSFXWUEJCCJFOWUSNBBJFHEPF[CNBBFUNEBJSFPJEFÈRSZN[JE OBDTT]FACXF NWUF PJEF OBSDUCJSF TNBF ÈJNPJEF ›)EPJEF DEF JNEJTF BSRWZJEJEFAXBXB*WZ DÈXB*BLBJMF XDUF NWUF PHSWUF PNJF -NJCRÅBNZMF GNJF XNWUF LGJNF Ý)[JSF NETNBBJEF PJX ,C*BJE`JCPXF DH`SNWUBJBJE]F ÕWUF LNJCBJF SHUN[F HEPF `DXBF LHF CDE[JMF PDEEF `JHJSBJF NWU LGJNTDC]FÔEXNWUBÈDSFNEFPJTF[CJNIJEPJEFOREEJECNWUBFSVUSBJEFPNJF,CDXBJSXWU*XXJ GDD[SJWUBF*ÈJSFPNJF,CHTJE] _ÈGRUCFNWUFGHIBJMFPDIFHEXFPNJFÝ)[JSFBVBJEFG*SPJEMFUDBBJFNWUFDH`FPNJFOWUHCBJSEFPJS LGJNF XWUCDEZJEF Ä)EEJSF NEF ÆDTÅ`DEL*[JEF [JLNJCB]F ^NJF ÆCJNPHE[F XBDEPF XR`RSBF NE ÊCDTTJE]FÕWUFXDUFPNJFXWUTJSLJS`*CCBJEFÇJXNWUBJSMFDÈJSFUVSBJFPNJFOWUSJNJFENWUB] ,JNPJFÇJBSR``JEJFÈSDWUJEMFXNWUFUDCÈF*ÈJSXWUCD[JEPMFLHF,RPJE] ÕWUF XNWUJSBJF PNJF 0D``JF HEPF XWURÈF XNJF LHS*WZ]F /^DXF GNSPF HEXF JNEJEF [SRIJE YRSXÅSHE[FXNWUJSEMF+NJÈXBJÓMFXD[BJFNWU]FÖ×DSNFÈDEPFNUSFCDE[JXFXNCÈJSEJXF›DDSMFPDX XNWUF G)USJEPF PJXF ‹JEEJEXF [JCRWZJSBF UDBBJMF GNJPJSF LHF JNEJTF -RÅ`F LHXDTTJE] AHWUF XNJF GDSF [HBF DHX[JS*XBJB]F 0NSF GDSJEF ZJNEF GJUSCRXJXF 0NCP]F OJNBF ÖD[JE UDXBJBJEF GNSMF EHSF PHSWUF GJEN[JF OBHEPJEF OWUCD`F HEBJSÈSRWUJEMF PHSWUF PNJ TJEXWUJECJJSJF +DEPXWUD`BF PJXF ÙCDEJBJEF ÆDHXENB]F 0RUJSF NWUF PNJXJXF 0NXXJE ÈJXDIMF DUEBJF NWUF ENWUBF JNETDC]F AÈJSF XRF GDSF JXF ‿F GNSF GHSPJEF QREF TNEPJXBJEX
LGDELN[F ÈJSH`XT)IN[JEF Ý)[JSEF QJS`RC[BMF PJSJEFAE`*USJSNEF PNJF XWUVEJF ‹RXTJSJ GDSMFPNJFNWUFJNETDCFDTFAE`DE[FPJSFBVPCNWUJEFÝD[PFPJHBCNWUF[JXJUJEFUDBBJ]FÄNWU GHEPJSBJMFPDIFPNJFÝ)[JSFGJPJSF‹JNBBNJSJFERWUFÄDXWUNEJEFÈJEHBLBJE]F^DEEFU)BBJE GNSMF GJEEF *ÈJSUDHÅBMF ZJNEJF JWUBJF ⁀UDEWJF [JUDÈB]F /ÕWUF UDÈJF [JSDPJF ERWUF PJE OWUTJSLFPJSFÈJNPJEFÝ)[JSFBJCJÅDBUNXWUFDH``DE[JEFZVEEJEÓMF[DÈFÖ×DSNFLH]F/0NJ QNJCJFÖD[JMFXD[XBFPHMFÈNXFLHSF‹JBBHE[⁁Ó ÕWUFCDWUBJF[SNTTN[FHEPFGNXWUBJFPJEFOWUGJNIFQREFTJNEJSFOBNSE]FÖ×DSNFXWURÈFTNS JNEJEF‹NJ[JCFÆRELJEBSDBEDUSHE[FLGNXWUJEFPNJF-)UEJ]FÕWUFXD[BJ※ /ÕWUF UDÈJF ENWUBXF [JXD[B]FAÈJSF NS[JEPGRUJSF GJNIF NWUMF PDIF JXF PSJNF ÖD[JF XNEP]Ó Ö×DSNFÈCNWZBJFTNWUFDH`TJSZXDTFDE]FAHXFNUSJTFÇJXNWUBFXÅSDWUFPJSXJCÈJFÉSEXBFLH *ÈJSCJÈJEMFGNJFDHXFKJPJSFNUSJSF,JGJ[HE[JE]F/^DEEFXRCCBJEFGNSFENWUBFGDSBJE]F+RX] 0JNBJSØÓ /_ÈGRUCF GNSÓMF XD[BJF NWUMF /JNEJF PJHBCNWUJF OÅHSF UNEBJSCDXXJE]F ^DXF GNSPF XNWUF JSXB UNEBJSFPJEF›*[JCEF)EPJSE]Ó 0NSFURCBJEFJNEFCJBLBJXTDCFBNJ`FABJT]F0NJPJSFPSDE[FPJSF`JNEJF,C*BJEXBDHÈFHEPFPJS ÈJB)HÈJEPJF ÇJSHWUF PJSF )BUJSNXWUJEF ⁂CJF NEF HEXJSJF ÜDXJEMF CJ[BJF XNWUF DH`F PNJ OWUCJNTU)HBJF HEPF CVXWUBJMF GJEN[XBJEXF ÈJNF Ö×DSNMF JNEJEF ÖJNCF PJSF [JNXBN[JE Ê)UN[ZJNBJEF DHX]F ^DEEF SDEEBJEF GNSF CRXMF LHJSXBF QNJCF LHF UDXBN[MF PDEEF NEF JNEJS ÇJXWUGNEPN[ZJNBMFQREFPJSFGNSFUR``BJEMFXNJFXBHEPJECDE[FPHSWUUDCBJEFLHFZVEEJE] ^JSF`DUCÈCDHJF›NTTJCF*ÈJSFHEXFGDSFQVCCN[FGRCZJECRX] ^NJF›NBLJFEDUTFLH]F^NJFÆREBHSJEFPJSF›*[JCFQJSXWUGDTTJEFNTFÇCDXBMFPJSFQREFPJS ÉÈJEJFDH`XBNJ[]FÖ×DSNFHEPFNWUFUDXBJBJEFPHSWUFPDXFÄJJSFDHXF,C*BJEFHEPFÊDSÈJEM PDXF HEXF LHF JNEJSF DEPJSJEF -JNBF JEBL*WZBF U)BBJ]F ÝJBLBF DWUBJBJEF GNSF EHSF PDSDH`M LGNXWUJEF PJEF ÇJG)WUXJEF SNWUBN[F DH`LHBSJBJE]F ÉNEF QJSXBDHWUBJSF ÊHIF ZDTF JNEJT ZCDSJEFÖRPJXHSBJNCF[CJNWU] ‹)BXJCUD`BØ 0NSF GHIBJEF DCCJXMF DÈJSF GNSF ZDEEBJEF PJEF ÇSHEPF ENWUB]F 0DSHTF GDSJEF XNJF DH` ÆDHXENB⁁F0JSFGDSFPNJFXWUVEJF‹RXTJSJFTNBFPJTFXBJWUJEPJEF,CNWZ⁁FÔEPFGDSHT GRCCBJFXNJFHEXJSJEFÖRP⁁ 0NJPJSF UNEBJSCNJIJEF GNSF JNEJF OÅHSMF PJHBCNWUF LHF XJUJEMF RÈGRUCF XNJF GJEN[JSF ÈSJNB GDS]F^NJF›*[JCFZDTJEFBSRBLFPJSF[SRIJEFÉEB`JSEHE[FXWUJNEÈDSFXWUEJCCFE)UJS]FÕTTJS GNJPJSFPSJUBJFNWUFTNWUFHTMFRPJSFÖ×DSNFXNWUJSBJFEDWUFPJEFOJNBJE]FÜRWUFUDBBJEFGNS
ZJNEJEFÖJNCFHEXJSJSFAHXS*XBHE[FQJSCRSJEF‿FGNSFZREEBJEFHEXFNEFPJSF›R``EHE[FGNJ[JEM LHF*ÈJSCJÈJE] ÝJBLBF`*USBJFÖ×DSN]FÕWUFSDEEBJFTNBFDE[JGNEZJCBJEFASTJEFUNEBJSFNUSFUJS]F0NSFCNJ`JEFDH` PJEFÉNEXWUENBBFLGNXWUJEFLGJNF›*[JCEFLH]FÜRWUFXDUFZJNEJSFQREFHEXFPNJFYJS`RC[JS] YNJCCJNWUBF UDBBJEF XNJF HEXF XR[DSF JNE[JZSJNXB]F Ö×DSNF G*IBJF JXMF DÈJSF NUSJ BJCJÅDBUNXWUJEFÆS)`BJFGDSJEFXRF[HBFGNJF[JC)UTB] ,NXFLHTFÉNEÈSHWUFPJSF^HEZJCUJNBFJSSJNWUBJEFGNSFPNJF›*[JC] ATFÉEPJFHEXJSJSFÆS)`BJMFXBRCÅJSBJEFGNSFPJEF›DE[FDH`G)SBX]FÕWUFLR[FTJNEJF0D``JM QJSCRSF PJEF ›DCBF HEPF XWUCH[F XWUGJSF LHF ,RPJE]F ÕWUF CDEPJBJF NTF PNWZJEF ÇSDXF HEP XWUCH[F TNBF PJTF ›NEBJSZRÅ`F [J[JEF JNEJF UDSBJF ÊC)WUJ]F OJZHEPJECDE[F GDSF NWU ÈJERTTJE]F ACXF NWUF ÈCNELJCEPF QRSF OWUTJSLMF LH[CJNWUF TNBF JNEJTF OBVUEJEMF PNJ AH[JEFDH`SNIMFXDUFNWUFNEFÖ×DSNXFÇJXNWUB]F/ABCDEØÓFXD[BJFXNJFHEPFXWU*BBJCBJFTNWU] /^HFBS)HTXBØF0DXFNXBFCRX⁁F0NSFXRCCBJEFXWUREFC)E[XBF]]]Ó ÕWUFSNWUBJBJFTNWUFDH`MFÈCNWZBJFQJSGNSSBFHTFTNWU]FÔTFTNWUFUJSHTFUDBFXNWUFXWUCD[DSBN[ DCCJXFQJS)EPJSB]FÕWUFÈNEFNEFTJNEJSFÆDÈNEJ]F/YJSPDTTBØÓFXD[BJFÖ×DSN]F/ABCDEØF0R ÈNXBFPHFTNBFPJNEJEFÇJPDEZJE⁁F^NJFDEPJSJEFGDSBJE]Ó ÕWUFXBJTTBJFTNWUFURWU]F^NJFBVPCNWU[J`)USCNWUJF0NSZCNWUZJNBFQJS[NE[FXRFXWUEJCCMFGNJ XNJF[JZRTTJEFGDS]FÕWUFÈJ`DEPFTNWUFGNJPJSFNEFJNEJSFDEPJSJEF‹JDCNB)B] /ÕWUF UDBBJF JNEJF XWUDHJSCNWUJF YNXNREÓMF XD[BJF NWUF CDE[XDTF HEPF DBTJBJF BNJ`F PHSWU] ÄJNEJFÇJPDEZJEFZC)SBJEFXNWU]F/ONJFUDEPJCBFQREFYJS`RC[HE[FHEPFBRBJEFÝ)[JSE]Ó /ÔEPF GNJF JEPJBF XNJ⁁ÓF `SD[BJF Ö×DSN]F ÕWUF ÈCNWZBJF XNJF DEMF DCXF U)BBJF NWUF XNJF QRS HEJEPCNWUFCDE[JSF-JNBFQJSCRSJEFHEPFJÈJEFJSXBFGNJPJS[J`HEPJE] /^DXFGJNIFNWUFENWUB]F^NJFYNXNREFUVSBJFÅCVBLCNWUFDH`]F_UEJFGNSZCNWUJXFÉEPJ]ÓFÖ×DSN XBDSSBJF TNWUF QVCCN[F QJSGHEPJSBF DE]F ONJF ZDEEBJF TJNEJF YNXNREMF NEF PJSF ÖNWZJS [JXBRSÈJEF GDS]F ÖNWZJSMF PJSF NEF PJSF O_+F LHS*WZ[JÈCNJÈJEF GDS]F ÕWUF G*SPJMF XJCÈXB GJEEF PNJF YNXNREF XNWUF GNJPJSURCBJF RPJSF GJNBJS[J`*USBF GHSPJMF Ö×DSNF ENWUBXF PDQRE JSL)UCJE] ⁃ ÜJÈJEJNEDEPJSF [NE[JEF ABCDEF HEPF Ö×DSNF NEF PNJF -JEBSDCJF LHS*WZ]F ONJF BSH[JEF PNJ CJNWUBJEMF SDHT`JXBJEF ÉNEXDBLDEL*[JF HEPF GDSJEF TNBF DCCJTF ÜRBGJEPN[JE DHX[JS*XBJB]F ÜDWUF JNEN[JEF OWUSNBBJEF UNJCBFABCDEF XJNEJF ÊSJHEPNEF DEF PJSF OWUHCBJS
LHS*WZ]FONJFÈCNJÈJEFXBJUJE]F-V[JSEPF`SD[BJFPJSFASZRENPJ※ /ÄNSFNXBFXÅ)BJXBJEXFXJNBFPJTFAE`CH[FDH`FPJEFYHCCZDH[\ÙCDEJBJEFDH`[J`DCCJEMFPDIFPH ,SJNXZRCCFX)TBCNWUJFBJCJÅDBUNXWUJFASÈJNBF*ÈJSCDXXJEFUDXB]FÇNÈBFJXFJNEJEFÇSHEP⁁Ó ÉSNEEJSJFPNWUFENWUBFLHFR`BFDEFPJNEJFYNXNREJEMFSNJBFPJSFÉÛBSDXNEE]FÉXFÈJCDXBJBFPNWU LHF XJUS]F ÉXF XNEPF ,RBXWUD`BJEF PJNEJXF ÔEÈJGHIBJEMF ENWUBF PJXF +R[NZXJZBRSX] ÄV[CNWUJSGJNXJF,RBXWUD`BJEFJNEJSFDEPJSJEFÄDWUB]FYJS[NIFJXF‿FQRSC)H`N[Ø ÜDWUFZHSLJTF-V[JSEFJEB[J[EJBJFÖ×DSNFXWUHCBJSLHWZJEP※ /ÉN[JEBCNWUF [NÈBF JXF ZJNEJEF ÇSHEP]F ÕWUF UDÈJF TNWUF JÈJEXRF GNJF ,KRF DH`F YHCCZDH[ ZRELJEBSNJSB]FÉSFUDBFEHSFÈJXB)BN[BMFGDXFNWUFDH``NE[]F›)BBJFNWUFJBGDXFAÈGJNWUJEPJX [JXÅ*SBMFG*SPJFNWUFJXFCDHBFHEPFPJHBCNWUF[JXD[BFUDÈJE]ÓF/ÕWUFÈNEFÈJSHUN[B]ÓFABCDE GNEZBJF DÈ]F OWUREF PJSF JSXBJF ,CNWZF DH`F PNJF ,NCPXWUNSTJF XD[BJF NUEJEMF PDIF PNJ Æ)TÅ`JF HTF PJEF ,JS[F JNEJTF ›VUJÅHEZBF JEB[J[JEXBSJÈBJE]F 0)USJEPF PNJ AE[SJN`JSF PNWUBF EJÈJEF PJTF OWUN``F SDEEBJEF HEPF `CR[JEMF ÊDWZJCEF HEPF SDHWUJEPJ ÇCHBXWUDCJEFNEFPJEFOWUJSJEMFQJSXHWUBJEFDEPJSJMFXNJFHTFKJPJEFÙSJNXFDÈLHGJUSJE] ABCDEF GDEPBJF XNWUF DEF PNJFABN.\^SNCCNE[J]F /0NSF QJSCDXXJEF PDXF OWUN``]F 0DSBJBF ÈNBBJ UNJS]F0NSFGJSPJEFJHWUFXNWUJSFÈDCPFÈSDHWUJE]FAÈJSFNWUFTJNEJMFJXFNXBFGNWUBN[MFPDI GNSFLHJSXBFPRSBFPSDHIJEFJBGDXF‹HUJFXWUD``JE]Ó /ONJFZ)TÅ`JEÓMFTJNEBJFABN.\^SRRXMF/HTFPDXMFGDXFNTF,JS[FQJSXBJWZBFNXB]FAÈJSFXNJ GNXXJEFENWUBMFGDXFJXFNXB]F0DSHTFGRCCJEFXNJFPJEF,JS[FENJPJSÈSJEEJE⁁Ó /0NSF GJSPJEF JXF ÈDCPF JS`DUSJEÓMF XD[BJF ABCDEMF GNEZBJF XJNEJEF ÊSJHEPJEF HEP XWUGJÈBJF PHSWUF PJEF AEBN[SDQCN`BF UNEHEBJS]F ÆHSLF PDSDH`F XBDEPJEF XNJF DH`F PJS DHX[J`DUSJEJEF ‹DTÅJF HEPF BSDBJEF DHXF PJTF OWUDBBJEF PJSF ÄÝAÕ+AÄ]F ÕTF XJCÈJE ÄRTJEBF ÈJB)BN[BJF ÔXBJSF JNEF ÅDDSF ÆREBDZB`JCPJS]F ^JSF ÆDTÅ`C)STF LGNXWUJEF PJT OWUN``FHEPFPJTF,JS[FGHSPJFT*UJCRXFQREFCDHBFUJHCJEPJEFONSJEJECDHBJEFHEPFPJE ÈCVZJEPJEFOHTTJSEFPHSWUXWUENBBJE]F,NXFKJBLBFUDBBJFGRUCFZJNEJSFPJSFÆ)TÅ`JSFXNWU QREFPJSFHE[JGRUEBJEFÉSXWUJNEHE[FDÈCJEZJEFCDXXJEF‿FKJBLBFJSXBDSSBJEFDCCJ] ^DXFOWUN``FÈRUSBJFPNJFT)WUBN[JEFAH`CD[JBJCCJSFPJSF+DEPJXB*BLJEFJBGDF`*E`UHEPJSB ÄJBJSF QREF PJEF SDHWUJEPJEMF UDCÈF LJSXBVSBJEF ÙDCNXDPJEF JEB`JSEBF NEF PJEF GJNWUJE ,RPJEFPJXFÊCHIH`JSX] ACXFPDXFCJBLBJFÉWURFPJSFON[EDCJFQJSZCHE[JEFGDSMFUDBBJFBDBX)WUCNWUFPJSFÆDTÅ`C)ST DH`[JUVSB]F ABCDEF XD[BJF CJNXJF NEF XJNEJEF ÄNENZRT※F /AWUBHE[MF -JEBSDCJØF +J[BF JNE OWUHBL`JCPF HTF PJEF ,JS[]F ,JXREPJSXF DEF PJEF OBJCCJEMF DEF PJEJEF PNJF ÈSJEEÈDSJE 0)CCJFXNEP]ÓF/0NSPFXR`RSBFDHX[J`*USB]Ó
ABCDEMFÖ×DSNMF,SJNXZRCCFHEPF`*E`FORCDEJSMFPNJF›)EPJFJBGDXFEJSQVXFNEFPJSFÜ)UJFPJS 0D``JEMF ÈJGJ[BJEF XNWUF DH`F PDXF ÊCHIH`JSF LH]F ^JSF +DEPJÅCDBLF GDSF ÅX×WURCR[NXWU [HBF [JG)UCB]F ÇJE*[JEPF EDUJF DTF OWUDHÅCDBLMF PJEERWUF JNEJF ÈJXBNTTBJF ÇSJELJ SJXÅJZBNJSJEP]F ^NJF ÖSDEXCDBRSJEMF PNJF 0RSBXWUDBLF HEPF ÇSDTTDBNZF PJSF YHCEHSJS\ OÅSDWUJF[JXÅJNWUJSBFUDBBJEMFGHSPJEFJNE[JXWUDCBJB] /0DXF KJBLB⁁ÓF `SD[BJF KJTDEPF DHXFABCDEXF ,J[CJNBHE[]F ,SJNXZRCCF PJHBJBJF EDWUF QRSE HEPFJSGNPJSBJFCDZRENXWU※ /0DSBJE]Ó ,KRMF ABCDEF HEPF Ö×DSNF ÈJXÅSDWUJEF PDXF ÙSRÈCJTF TNBJNEDEPJS]F ^NJF YHCCZDH[JS XWUNJEJEF LHF GNXXJEMF PDIF PJSF ,JS[F TNBF ›NC`JF QREF ÊJHJSF DÈ[JBSD[JEF RPJS GJEN[XBJEXF XB)SZXBJEXF ÈJXWU)PN[BF GJSPJEF ZREEBJ]F ACXRF THIBJEF XNJF DHWUF JNEJ ZREZSJBJFAUEHE[FPDQREFUDÈJEMFGDXFNEEJSUDCÈFPJSFÆHEXBXBR``XWUNWUBFQJSXBJWZBFGDS] ÆJNEJSF PJSF ÊSJTPJEF LGJN`JCBJF PDSDE]F ›RWUF *ÈJSF NUEJEF XÅDEEBJEF XNWUF KJBLBF PNJ ZENXBJSEPJEFOBSDUCJEFDHXFPJEFOWUN``XÅSRKJZBRSJE]F/ONJFZRTTJE]F^RSBMFHEPFPRSBM HEPFPRSBFPS*ÈJE]Ó /ÉEPCNWU]FÕWUF[CDHÈJMFGNSFUDÈJEFNEBJSJXXDEBJFOBHEPJEFQRSFHEXØÓFXD[BJFABCDEMFQRE PJSF ‹NWUBN[ZJNBF XJNEJSF QNJCJEF HEDHX[JXÅSRWUJEJEF ⁄ÈJSCJ[HE[JEF *ÈJSLJH[B] ÖDBX)WUCNWUF GDSF PJHBCNWUF DHXLHTDWUJEMF PDIF QJSXWUNJPJEJF Æ)`JSGJXJEF BJNCX SJEEJEPMF BJNCXF `CNJ[JEPMF BJNCXF NEF JNEJSF UDXBN[JEF ÆRTÈNEDBNREF ÈJNPJS ÊRSBÈJGJ[HE[XDSBJEF XNWUF DH`F PDXF OWUN``F LHÈJGJ[BJE]F ÉXF GDSJEF AE[JUVSN[J ÈJNPJSFÙDSBJNJEMFPJEEFXNJFZDTJEFDHXFQJSXWUNJPJEJEFÖJNCJEFPJXFOWUCDWUB`JCPX] ^NJF ORCDEJSF GDSBJBJE]F ONJF SJWUEJBJEF XNWUF JNEJEF ÈJXBNTTBJEF YRSBJNCF DHX]F ONJ ÈJRÈDWUBJBJEF SHUN[F PNJF E)UJSZRTTJEPJEF Æ)`JSGJXJE]F ^JSJEF ÆVÅ`JF HEP ›DCXBJNCJF )UEJCBJEF XJUSF XBDSZF PJEJEF PJSF YHCEHSJSMF JNEXWUCNJICNWUF PJSF DH`[JSJ[B XÅNJCJEPJEF ÆRÅ``*UCJS]F ^NJF YHCCZDH[JSMF JNEJF ›DEPÈSJNBF [SVIJSF DCXF JNEF ÄJBJSM SNWUBJBJEF XNWUF QRSF PJEF ÊSJTPJEF DH`]F ÕUSJTF ÇJXNWUBF GDSF ZJNEF AHXPSHWZF LH JEBEJUTJEMF JÈJEXRGJEN[F GNJF PJEJEF PJSF YHCEHSJS]F ÖSRBLF PJSF 0HEPJEF HEPF PJX OWUTHBLJXF XDUJEFABCDEF HEPF XJNEJF ,J[CJNBJSMF PDIF KJPJSF QREF NUEJEF JNEF DEPJSJX ÄHXBJSFHEPFHEBJSXWUNJPCNWUJFÊDSÈJEFDH`FPJTF‹*WZJEF`*USBJ] ÇJEDHFJNEF^HBLJEPFYHCCZDH[JSFÈCNJÈJEFQRSFPJEFAEZVTTCNE[JEFXBJUJE]FONJFGDSJE JSSJ[B⁅F DCCJF NUSJF Ê*UCJSMF OWUJSJEF HEPF ÆCDHJEF XÅNJCBJEF EJSQVX]F ÕUSF ABJTF [NE[ Å`JN`JEPF HEPF `DHWUJEPMF NUSJF CDHBF LNSÅJEPJEMF BSNCCJSEPJEF OBNTTJEF ÈNCPJBJEF JNEJE BRBDCF HEQJSXB)EPCNWUJEF ⁀URS]F ABCDEF URÈF XJNEJEF ASTF HEPF QJSXHWUBJMF JNEJ ⁄ÈJSXJBLHE[FPJXFÖSDEXCDBRSXFLHFUVSJE]FÝJFXJWUXFQREFNUEJEFÈNCPJBJEFJNEJFÇSHÅÅJ
‿FYJSBJNPN[JSFHEPFAE[SJN`JSFDCXRØ ONJFDCCJFSJPJBJEFDH`FPNJFORCDEJSFJNE]FONJFBDBJEFNS[JEPGNJF]]]FXJCÈXBQJSXB)EPCNWUMFDCX XJNFPNJF+DEPHE[FJNEJXFOWUN``JXFNEFNUSJSFÆHCBHSFDCCJXFDEPJSJFDCXFJNEJF⁄ÈJSSDXWUHE[] ÖDBX)WUCNWUF XWUD``BJEF JXF PNJF ÖSDEXCDBRSJEMF JNELJCEJF 0RSBJF HEPF ODBL`JBLJE UJSDHXLH`NCBJSEFHEPFLHF*ÈJSXJBLJE] /AUEJEF]]]FÇJCVÈENXF]]]FYJST)WUBENXMFAH`BSD[MFJS`*CCBF]]]FÜJHPJEZJSMFÊJHJSMFÆDTÅ`M YJSÈSJWUJEF ]]]F YHCCZDH[MF ,RKJEÈJS[MF ⁄ÈJSCNJ`JSHE[F ]]]F JEPCNWUF [JZRTTJE]F ›*BJS PJXF,RKJEÈJS[JX]FÆCJNEZDSNJSBJSMFÊJHJSMFYJSÈSJWUJEF[J[JEFÖSDPNBNRE]Ó ÉXF GDSF ENWUBF DCCLHF XWUGJSMF UNEBJSF PNJXJTF 0RSBXWUGDCCF JNEJEF [JGNXXJEF ONEEF LH JSZJEEJE]FABCDEFXD[J※ /0NSF XNEPF ENWUBF JHSJF AUEJE]F 0NSF XNEPF LHTF ,RKJEÈJS[F [J`*USBF GRSPJE]F ÔEXJSJ ÊSJHEPJFGJSPJEFTNBFJHWUFSJPJE]Ó ^JSF ÖSDEXCDBRSMF DH`F UVWUXBJF +DHBXB)SZJF JNE[JXBJCCBMF *ÈJSXJBLBJ]F ^NJF YHCCZDH[JS UVSBJEFLHFXÅSJWUJEFDH`FHEPFCDHXWUBJE]FABCDEF`SD[BJ※F/YJSXBJUBFNUS⁁Ó /0NSFQJSXBJUJEÓMFZDTFPNJFAEBGRSBFDHXFPJTFÇJS)B] ÜRWUF JUJF JNEJSF PJSF ORCDEJSF JBGDXF BHEF ZREEBJMF JSBVEBJF DHXF PJSF ‹NWUBHE[F PJS R``JEJEFÙRCXWUCJHXJFJNEFXJCBXDTJXFÇJS)HXWUMFPDXFXNJFDCCJFDCDSTNJSBJ]FÉXFGDSFJNE XHTTJEPJXF›JHCJEMF)UECNWUFJNEJTF0NEPXBRIMFPJSFRS[JCDSBN[JFÖVEJFJSLJH[BJ]F^NJ YHCCZDH[JSF URÈJEF DÈGJUSJEPF PNJF RÈJSXBJEF ÇCNJPTDIJEMF G)USJEPF PNJF ORCDEJS *ÈJSSDXWUBFUJSHT`HUSJE]FÇCJNWULJNBN[FXÅSDE[JEFPNJF+DHBXÅSJWUJSFDCCJSFÕEBJSZRTJ DE]F/ABCDEØF,KRØF^DXFÊHBHSF]]]FJXFCVXBFXNWUF]]]ÓF^JSFASZRENPJFUDBBJF`DXBFJSGDSBJBMFPDI XNWUFPDXFOB*WZFÝJEXJNBXTDBJSNJFENWUBFNTTJSFXRFQJSUDCBJEFG*SPJFGNJFNEFPJEFCJBLBJE OBHEPJE]FAH`[JCVXB⁁F0DXFUDBBJFPDXFLHFÈJPJHBJE⁁FONJFXDUJEFXR`RSBMFGDXF[JTJNEB GDS]F ^NJF ÝJEXJNBXTDBJSNJF UDBBJF XNWUF LHTF LGJNBJETDCF NEF OBDHÈF QJSGDEPJCB]F ÉNE UJCCSRBUJCC[S*EJSF‹DHWUFZDTFDHXFPJSFÙRCXWUCJHXJMFÈNCPJBJFÈCNBLXWUEJCCFPNJFOBSHZBHS JNEJSF 0NEPURXJF HEPF SDXBJF PDQREMF JNEJEF XWUCJNJSDSBN[JEF OWUGJN`F UNEBJSF XNWU UJSLNJUJEP]FÉXFPDHJSBJFEHSFGJEN[JFOJZHEPJEMFPDEEFUDBBJFPNJFSDHWUN[JFÄDBJSNJ PJEF,RKJEÈJS[FJSSJNWUBFHEPFHTSHEPJBJFNUEFTJUSTDCX]F^DXF›JHCJEFHEPF,SDHXJE QJSXB)SZBJF XNWUF HEPF UDCCBJF JÈJEXRF CDHBF *ÈJSF PNJF +DEPXWUD`BF GNJF ZHSLF LHQRSF PNJ DZHXBNXWUJEF 0DSE[JS)BJF PJSF ÄÝAÕ+AÄ]F ^DEEF UVSBJF PNJF ,JGJ[HE[F DH`]F ABCDE XD[BJFNEFPJEFÄNENZRT※F/ACCJXFZCDSMFÔXBJS]F0NSFXJUJEFXJCÈXBMFGDXFÅDXXNJSB]F^NJFABN.\ ^SNCCNE[JFXRCCJEFLHFHEXFZRTTJE]FÉXFNXBFÈJXXJSMFXNJF`*USJEFPJEF^NDCR[]Ó
AHWUF PDXF ÇJS)HXWUF PJSF OBDHÈXÅNEPJCF SNIF DÈ]F Ê*SF CDE[JF ÄRTJEBJF XWUNJEF PNJ [JXDTBJFÄDXXJFPJXFÆJ[JCÈJS[JXFLHF`CNTTJSEFHEPFXNWUFDH`LHCVXJE]F^DEEFXDUJE XNJFDCCJMFGNJFXNWUFPJSFXWUNCCJSEPJFOBDHÈFDEFPNJF[CDBBJF0DEPHE[FPJXF,JS[JXFCJ[BJ] ^NJF-JEBSDCJFXWUDCBJBJFPNJFOWUNSTÅSRKJZBRSJEFDÈ⁅FXNJFGDSJEFXNEECRXF[JGRSPJE] ^NJF ÝJEXJNBXTDBJSNJF ÈJPJWZBJF NEF JNEJSF UDHWUP*EEJEF OWUNWUBF KJBLBF PNJF [JXDTBJ _ÈJS`C)WUJF PJXF ,JS[JX]F +DE[XDTF ÈJ[DEEF JNEF ÆENXBJSEF XNWUF DHXLHÈSJNBJEF HEP GHSPJF CDHBJSF HEPF PHSWUPSNE[JEPJS]FABCDEF URÈF JNEF ÊJCPCNEXJE[JS)BF DEF PNJFAH[JE HEPFXWUDCBJBJFJXFDH`FUVWUXBJFYJS[SVIJSHE[] ÉSFTHSTJCBJ※ /ÉSXBDHECNWU]F^NJFÄDBJSNJFPJXF,JS[JXFLJS`)CCBFNEFGNELN[JFÆS*TJC]F0NSFGJSPJEFPJE ÕEUDCBFGRUCF[CJNWUFLHFXJUJEFÈJZRTTJEF]]]ÓFAEFDCCJEFOBJCCJEF[CJNWULJNBN[FCVXBJFXNWU PJSF ÆHEXBXBR``F DH`]F +DE[JF OWUCJNJSF PJSF GJNIJEMF ÅHCQSN[JEF OHÈXBDELF GJUBJEF LHS OJNBJ]F ^*EEJSF HEPF P*EEJSF GHSPJF PNJF QJSÈJS[JEPJF OWUNWUB]F AEF JNEN[JEF OBJCCJE [NE[F PJSF AH`CVXHE[XÅSRLJIF XWUEJCCJSF QRSF XNWUMF DEF DEPJSJEF GJEN[JSF DH``DCCJEP] AÈJSFJXF[DÈFZJNEJEFJNELN[JEFYHCCZDH[JSMFPJSFPNJXJEFYRS[DE[FENWUBFTNBFÉEBXJBLJE RPJSF›R``EHE[FÈJBSDWUBJBFU)BBJ] /0NSFXÅJNWUJSEFKJPJXFJNELJCEJF,NCPÓMFSNJ`FÔXBJSFDHXFPJSF-JEBSDCJ]F/^DXFNXBFGNSZCNWU JNELN[DSBN[FHEPFXJUJEXGJSB]Ó /ÇHBJF ÕPJJÓMF CRÈBJF NUEF PJSF ASZRENPJ]F ^JSF +R[NZXJZBRSF TJCPJBJF XNWUF TNBF JNEJS ÉSZC)SHE[]F ^NJF +NWUB.HJCCJF XWUJNEBF NEF `JSEJSF YJS[DE[JEUJNBF YRSXRS[JF PD`*S [JBSR``JEF LHF UDÈJEMF PDIF ÈJXBNTTBJF ÆRTÅREJEBJEMF CDE[JF [JBSJEEBMF JNETDC LHXDTTJEZRTTJE]F^HFUDXBFPJEFÖSDEXÅRSBF*ÈJSERTTJE]F^NJXJSFÊHBHS\ÆCHTÅJE ÝJEXJNBXTDBJSNJFUDBFXJNEFJEP[*CBN[JXF-NJCFJSSJNWUBØ ^JSF +R[NZXJZBRSF UDBBJF LHTNEPJXBF TNBF XJNEJSF CJBLBJEF ,JTJSZHE[F QVCCN[F NEX OWUGDSLJF[JBSR``JE]F^NJFÝJEXJNBXTDBJSNJFXWUNJEFXNWUMFG)USJEPFXNJFPJEFGHWUBN[JE ÆHEXBXBR``TDEBJCFDH`CVXBJMFXJCÈXBFLHFQJSLJUSJE]FÄJUSFHEPFTJUSFQREFPJSFÅHCQSN[JE OHÈXBDELF XWUGJÈBJF LHF ,RPJEMF HEPF LGNXWUJEF PJEF BSJNÈJEPJEF OWUCJNJSEF NT ÜDWUTNBBD[XGNEPF LJNWUEJBJEF XNWUF NTTJSF GNJPJSF JNELJCEJF 0NSÈJCF JEJS[JBNXWUJS ÊJCPJSFDÈ]F^NJFSNJXN[JF0VCÈHE[FJSXWUNJEFLHJSXBMFPNJFPNWZXBJFOBJCCJFPJXFZH[JCN[JE ÄNBBJCÅHEZBXFPJSF,RKJ] ^DXFÊHBHSFGDSFJNEFOJEXRSMF`*USBJFPJSFÉÛBSDXNEEFPRLNJSJEPFGJNBJSFDHXMFDEF,RSPFPJS Ä_‹ÇÉÜF QJSXBJWZB]F ÉBGDXF XRCCBJF [J`HEPJEF GJSPJE]F ^NJF AZBNQNB)BJEF ⁀U×ÈSDNEX HEPF PJNEJF AEXBSJE[HE[JEMF ABCDEMF GHSPJEF ÈJTJSZB]F ONJF XWUDCBJBJEF PDXF ÊHBHS XRLHXD[JEF JNE]F ABCDEF ENWZBJ]F ÕTF YJSCDH`F QREF GJNBJSJEF ÄNEHBJEF JSXWUNJEF PNJ
UDCÈRQDCJFOÅNBLJFRPJSFPDXF_ÈJSBJNCFPJSF,RKJ] /,RKJ⁁F0RLH⁁F0DXFXRCCFPNJXJF,RKJFZJEELJNWUEJE⁁Ó ÉNEJSF PJSF YHCCZDH[JSMF PJSF YJSLNJSHE[F DH`F XJNEJTF ‹*WZJEF LH`RC[JF GRUCF PJS /ÆCJNEZDSNJSBJÓMFXBNJIFJNEFÅDDSF0RSBJFUJSQRS]F/,RKJØFÕWUFUDÈJFJXF[JGHIBØÓ ÝJBLBF QJSXWUGDEPF DHWUF PJSF ‹JXBF HEBJSUDCÈF PJSF ‹HEPHE[MF PNJF XNWUF EDWUF HEBJE `RSBXJBLBJF HEPF NEF JNEJSFASBF OBNJCF DHXCNJ`MF PJSF TJBJSBNJ`F NTF ,RPJEF PJXF SJXBCNWUJE ,JS[`HIJXF QJSXBJWZBF GDS]F ^NJF ,RKJF ÈDCDEWNJSBJF ZHSLJF -JNBF XÅ)BJSF DH`F PNJXJT ZRENXWUFLHCDH`JEPJEFÊRSBXDBLFHEPFXDUFQREFPJSFOJNBJFDHXFGNJFJNEFÆJCWUFTNBFJNEJS AÈPJWZHE[]F›RWUFRÈJEMFJBGDFNEFXJWULN[FÄJBJSEF›VUJMF[CNBBFJNEJF+HZJFDH`] ^JSFASZRENPJFHEBJSPS*WZBJFJNEFÇSNEXJEFHEPFXD[BJFCJNXJFLHFÖ×DSN※ /^NJF YHCCZDH[JSF ZVEEJEF `CNJ[JEMF DÈJSF ENWUBF PRSBF UNEDH`]F 0NSF UDÈJEF ZJNEJ OWUGNJSN[ZJNBJE]Ó ÉXFGDSFNUEJEFZCDSMFPDIFPDXFÊHBHSFABCDEFHEPFPNJFPSJNFYHCEHSJSFLHSF,RKJF[J`*USBFUDBBJ⁅ JNEJFÖDBXDWUJMFPNJFXRFR``JEXNWUBCNWUFGDSMFPDIFJXFDEF-GDE[XC)H`N[ZJNBF[SJELBJ] OWUCNJICNWUF XÅSDWUF ,KRF ,SJNXZRCC※F /0JEEF NWUF PNJF GJEN[JEF ÕE`RSTDBNREJEF PJS YHCCZDH[JSF SNWUBN[F PJHBJMF GJEEF NWUF `JSEJSF NEBJSÅSJBNJSJMF GDXF NWUF [JJXÅJSBF UDÈJM PDEEFUDÈJEFXNJFHTFPNJF,RKJFJNEJEFÆHCBF[JBSNJÈJE]F^JSFOWUGDSL[JÅHEZBJBJFUNJSFNXB JNEF ÙSNJXBJS]F ÉSF HEPF XJNEJX[CJNWUJEF U*BJBJEF PNJF ,RKJ]F ^NJF XR[JEDEEBJE ÜJHPJEZJSMF PJSJEF YJSBSJBJSF GRUCF PJSF ÆCJNEZDSNJSBJF NXBMF GHIBJEF RPJSF PDWUBJE GJEN[XBJEXMF PDIF XNWUF NTF ,JS[F JBGDXF QJSÈNS[B]F ONJF ÈJNPJF GRCCBJEF EDB*SCNWUF PDX ,JXBJF`*SFNUSFZCJNEJXFYVCZWUJE] ^NJF GJNBJSJEF YJSUDEPCHE[JEF *ÈJSCDXXJF NWUF JHWUF HEPF PJEFABN.X]F ÕWUF ÈNEF UHE[SN[ HEPFT*PJ]Ó ABCDEFENWZBJFNUTFLHXBNTTJEPFLH]FÊ*SFNUEFÈJPJHBJBJFPNJXFJNEFZCDSJXF-JNWUJEMFPDI XNWUFPNJF+D[JFJEBXÅDEEBFUDBBJ] ^JSFCJBLBJF‹JXBFPJXFGJNIJEFOBDHÈJXF[CNBBFQREFPJEFUJCCJEFÄJBDCC`C)WUJEFUJSHEBJS] ^NJF,RKJFXWUNJEFLHFXWUGJÈJEMFPJEEFNUSFÊHIFÈJS*USBJFTNBFPJTFHEBJSXBJEFAÈXWUENBB [JSDPJF PJEF GJNIF *ÈJSÅHPJSBJEF ,RPJE]F ÉNEN[JF YHCCZDH[JSF CNJ`JEF TNBF GJNIJE ⁀UNBNEPJWZJEF HEPF JÈJEXRCWUJEF ÊC*[JCEF HTUJSF HEPF ÅHBLBJEF JNEDEPJSF PJEF OBDHÈ DÈ]
/AÈFKJBLBFQJS[JXXJEFPNJFYHCCZDH[JSFNUSJEFÆHCBÓMFXD[BJFÖ×DSN]F/^DXFNXBFQRSÈJN]F^NJ HSDCBJF+J[JEPJF[NCBFENWUBFTJUS]FAÈJSF`*SFXNJFÈJ[NEEBFJNEJFEJHJF-JNB]Ó ›NEBJSF NUEJEF JSBVEBJEF ZENSXWUJEPJF ÖSNBBJ]F ÉNEF YHCEHSJSF ZDTF UJSDE[JCDH`JEF HEP XÅSDWUFPJEFASZRENPJEFDE] /ABCDEØF0HEPJSÈDSJF^NE[JFXNEPF[JXWUJUJE]F0NSFUDÈJEFDCCJXF[JXJUJE]F^DXFÊHBHSM JXFGDSFJNEF,RBJMFJNEF0J[GJNXJS]FÕUSFUDÈBFPNJFÄNBBJCMFPNJF,RKJFLHFHEBJSXHWUJE]FOD[B HEXMFGRLHFXNJFPNJEBMFKD⁁Ó /^DXFGNSPFJNEN[JF-JNBFPDHJSE]FÉHSJFAH`[DÈJFNXBMFPNJFÈJNPJEFXBSJNBJEPJEFÙDSBJNJE LHFÈJSHUN[JE]FÖHBFJHJSF,JXBJXMFABN.\ÖUDE]ÓF/OJCÈXBQJSXB)EPCNWU]Ó ^NJF ÈJNPJEF ÇSHÅÅJEF PJSF YHCCZDH[JSF UDBBJEF XWUGJN[JEPF HEPF [JÈDEEBF PJE YRS[)E[JEFLH[JXJUJE]FONJFXBDEPJEFJÈJEXRFHEBJSFPJTFÉNEPSHWZFJNEJXFXWUGJSJE OWURWZXF GNJF DCCJF NUSJFASB[JERXXJE]F ÜNJTDEPF PDWUBJF TJUSF DEF ÆDTÅ`]F -V[JSEP GDEPBJEFXNWUFPNJFÆ)`JSGJXJEFLHFPJEFORCDEJSEFHTFHEPF]]] ]]]FXDUJEFPNJFPSJNFYHCEHSJS] ABCDEFHEPFXJNEJFÇSHÅÅJFLR[JEFXNWUFLHS*WZ]FONJFÈJRÈDWUBJBJEFPNJF*ÈJSSDXWUBJE ‹JDZBNREJEFPJSFÙCDEJBDSNJS] YJSGNSSHE[FHEPF+)UTHE[FGDSJEFDÈJSTDCXFPNJFÊRC[J] -HE)WUXBF XBDEPJEF PNJF YHCCZDH[JSF PDF HEPF S*USBJEF XNWUF ENWUB]F ÕUSJF ÊDWJBBJEDH[JE GDSJEFDH`FPNJFÊDWJBBJEDH[JEFPJSFABN.\^SNCCNE[JF[JSNWUBJB]F^DEEFGDS`JEFXNWUFPNJ YHCCZDH[JSFLHF,RPJEFHEPFLR[JEFNUSJFÊ*UCJSF`DXBFÈNXFLHTFÜDWZJEXWUNCPFLHS*WZ] /ÕUSF XJNPF GDUSCNWUF PNJF AUEJEØÓF QJSXBDEPJEF PNJF ORCDEJSF DHXF PJEF XBRWZJEP DSÈJNBJEPJEF ⁄ÈJSXJBLHE[X[JS)BJE]F ^NJF AEBGRSBJEF PJSF YHCEHSJSF QJSXBDEPJEF XNJ JNEGDEP`SJN]F /0NSF XNEPF ENWUBF JHSJF AUEJE]F YNJCCJNWUBF UDÈJEF GNSF [JTJNEXDTJ YRS`DUSJEÓMFXD[BJFABN.\ÖUDE] /^NJFGDUSJEF›JSSJEFPJXF,RKJEÈJS[JX]ÓFACXRF[DÈFJXF+J[JEPJEMFGDUSXWUJNECNWU ENWUBFXWUSN`BCNWUMFXREPJSEFEHSFNEFÊRSTFQREFÉSL)UCHE[JEFGNJPJS[J[JÈJEMFPNJFQRT AHXXJUJEFPJSF/›JSSJEFPJSF,RKJÓFXÅSDWUJE]F^NJXJSFYRSXBJCCHE[FJEBXÅSDWUJEFPNJ YHCEHSJS]F ^NJF ÖDBXDWUJMF PDIF XNWUF ÈJNPJF OÅSDWUJEF XBDSZF )UEJCBJEMF GDSF JNE LHX)BLCNWUJXFÕEPNLFPD`*S]F/ÕUSFXÅSJWUBFXRMFPDIFGNSFJHWUFQJSXBJUJEFZVEEJEÓMFZDTFJX QREFPJEFXBDHÈÈJPJWZBJEFÆSNJ[JSE]
/^DXFNXBFSNWUBN[]F0NSFXNEPFXNWUJSMFPDIFHEXJSJFAUEJEMFJHSJFHEPFHEXJSJMFHEXFPNJXJ OÅSDWUJF[JXWUJEZBFUDÈJE]Ó /0RUJSFZRTTBFNUS⁁Ó ÇDELF [JXWUNWZBF JSZC)SBJEF PNJF YHCEHSJSMF PJTF YJSXB)EPENXF PJSF ÈSRELJLJNBCNWUJE ÆSNJ[JSF DE[JÅDIBMF GRUJSF XNJF ZDTJEF HEPF DHXF GJCWUJTF ÇSHEP]F ÜDWUF PNJXJS OWUNCPJSHE[FZREEBJEFEHEFDHWUFPNJFYHCCZDH[JSF[CDHÈJEMFPDIFPDXFÊHBHSFPNJF›JSSJEM AUEJEFRPJSFYJSGDEPBJEFUJSÈJN[J`*USBFUDBBJ]FOWUCNJICNWUFTJNEBJFABN.\^SRRX※F/0NS GJSPJEF PNJF ,RKJF HEBJSXHWUJE]F ÔEXJSJF ÊSJHEPJF UJC`JEF HEXMF PJEEF JXF NXBF NUS OBJSEJEÈRRB]F 0NSF UDÈJEF ZJNEJF ›NC`XTNBBJC]F ^DEEF ZVEEJEF GNSF JHWUF JSZC)SJEMF GDX XNWUFGNSZCNWUFNTF,RKJEÈJS[FÈNXFUJHBJFQJSXBJWZBF[JUDCBJEFUDB]ÓF/ÜJNEØÓ ^JSF ÆCJNEZDSNJSBJF HEPF JNEF DEPJSJSF XB*SLBJEF QRSF HEPF [SN``JEF EDWUF PJEF ÈSRELJEJE ^RCWUJEFTNBFTJUSJSJEFOÅNBLJE]FABCDEXF›DEPF[CNBBFLHTF0D``JEZRCÈJE] /0DXFXBJUBFPD[J[JE⁁Ó ^JSF ÆCJNEZDSNJSBJF XÅSDWUF PHSWUPSNE[JEPF CDHB]F ÉSF XWUNJEF XJNEJFAH`SJ[HE[F [HBF LH ÈJL)UTJEF HEPF XÅSDWUF CDE[XDTF HEPF TNBF TDSZDEBJEF 0RSBJE]F ^DPHSWUF GHSPJF JX PJEF ÖSDEXCDBRSJEF CJNWUBJSMF PNJF BSJ``JEPJF ⁄ÈJSXJBLHE[F LHF `NEPJE]F ^NJF ORCDEJS ZREEBJEF[HBFQJSXBJUJEMFGDXFJSFTJNEBJ] /^NJFOBJSEJEÈDSZJMFXNJFXNJUBFDHXFGNJFPNJF,RRBJFPJSFAUEJE]FAH`FPJSF0DEPFPJX ,JS[JXMFPRSBF[DÈFJXF,NCPJSFPDQRE]F0NSMFPNJFÜJHPJEZJSMFUDÈJEF[JZ)TÅ`B]F0JEE PNJF ,DSZJF ENWUBF [JZRTTJEF G)SJMF HEXJSF ÊJHJSF G*SPJF PJEF ,JS[F LJSXBVSJE]F 0NS Z)TÅ`BJEFPD`*SMFPDIFGNSFDCCJFZC*[JSFGJSPJE]FÔEXJSF-NJC]F^DXF,RKJFGNSPFUJC`JE]Ó /ÉXFUJNIBFPNJF,RKJÓMFGDEPBJFABN.\_×LFJNE]F/^RSBFRÈJEFNXBFPDXFÖRS]F0NJFGRCCBFNUS UNEJNEZRTTJE⁁Ó ÝJBLBFXÅSDE[FPJSFOWUGDSL[JÅHEZBJBJFQRSMFUNEBJSFXNWUFPSJNFDEPJSJFÆ)`JSGJXJE]FÉS BSH[FZJNEJF0D``J]FAÈJSFJÈJEXRFÈJXBNTTBFHEPF`JNJSCNWUFJSZC)SBJFJS※ /ÕWUF ÈNEF ,DH[U]F ÙSNJXBJS]F 0NSF ÈJGDWUBJEF PJEF ,RKJEÈJS[F XJNBF HEJEPCNWUF QNJCJE ÇJEJSDBNREJE]F ^NJXJF [SN``JEF DE]F ONJF LJSXBVSJEMF GNSF ÈJGDUSJE]F ÔEXF [JUVSBF PDX ,RKJ]F0NSF[JUJEFUNEJNE]F0NSFÈDHJEFJNEJF‹DTÅJMFPRSBFZVEEBFNUSFXJUJE]FÇHBMFJXFGNSP PDHJSE]Ó /^NJF ,RKJÓMF GNJPJSURCBJF _×L]F ÉSF GNSZBJF JBGDXF HE[JPHCPN[MF DÈJSF XJNEJF SHUN[J OÅSJWUGJNXJFHEBJSXBSNWUFPDXMFGDXFJSFXD[BJ]F/,NXFNUSFJNEJF‹DTÅJF[JÈDHBFUDÈBMFPNJ
ÈNXF PRSBF RÈJEF SJNWUBMF XNEPF GNSF TNBF GHEPJSÈDSJEF ZCJNEJEF ,RRBJEF HEPF SNJXN[JEM TJBDCCJEJEFÆSNJ[JSEFPRSBFJNE[JPSHE[JE]FÔEPFGJEEFNUSFPSNEEJEFXJNPMFQJSXBJUBFNUS ENWUBX]F_PJSFZVEEBFNUSFJBGDFPNJXJFOBJSEJEÈDSZJFXBJHJSE⁁FÉHSJF0D``JEFXNEPFDHX GJNWUJSF ,SRELJ]F -HPJTF GRCCJEF GNSF JHWUF UJC`JE]F ÜNJTDEPF GNCCF JHWUF PNJF ,RKJ XBJUCJE]FÉSXBFT*XXJEFGNSF[JEDHFGNXXJEMFGDXFHEXJSJFAUEJEFTNBFPJSF,RKJFGRCCBJE]Ó Ö×DSNFGDEPBJFXNWUFDEFPNJFAE[JUVSN[JEFPJSFÄÝAÕ+AÄ\,JXDBLHE[FHEPFXD[BJFCJNXJ※ /ÉXFNXBFQVCCN[FZCDS]F0NJFDEF,RSPFPJSFO_+FNEF`S*UJSJEF-JNBJE]FÝJPJFÇSHÅÅJFGNCCFPNJ ÄDWUBMFGJNCFNUSJF⁀UJ`XFTJNEJEMFJNEFXJCN[TDWUJEPJXF‹JLJÅBF[J`HEPJEFLHFUDÈJE]Ó /_ÈF XNJF GNSZCNWUF TNBJNEDEPJSF QJSGDEPBF XNEPMF GNSPF JNEJF JNE`DWUJF ÔEBJSXHWUHE[ ZC)SJEÓMFTHSTJCBJFABCDEMFURÈFPJEFÕEBJSZRTFDEFPNJF+NÅÅJEFHEPFRSPEJBJFDEMFPDIFTNB JNEJTF[JLNJCBJEMFXWUGDWUFJEJS[JBNXWUJEFÖSDZBRSLH[XBSDUCFPJSFÆVSÅJSFJNEJXFBRBJE YHCCZDH[JSXF DEF ,RSPF [JURCBF GJSPJEF XRCCBJ]F ÉSF ÈSDHWUBJF PNJXJF ÇJGNIUJNBF ‿F RPJS PDXFÇJ[JEBJNCFPDQRE]F/YJSXBDEPJEÓMFZDTFJXFDHXFPJSF-JEBSDCJ]F_``JEÈDSFUDBBJEFJX PNJF ÊSJTPJEF BDBX)WUCNWUF TNBF PJEF AE`*USJSEF PJSF ÈJNPJEF ÆSNJ[XÅDSBJNJEF LHF BHE] ÜDB*SCNWUF QJSBSDBF KJPJSF QREF NUEJEF PJHBCNWUF XJNEJEF OBDEPÅHEZB]F AÈJSF RUEJF PNJ YHCEHSJSFHEPFPNJFORCDEJSFTNBFNUSJTFJEBXÅSJWUJEPJEFBJWUENXWUJEF0NXXJEFGDSJE XNJFENWUBFNEFPJSF+D[JMFJBGDXFTNBFPJSF,RKJFDELH`DE[JE]F^NJF+HZJFXBDEPFERWUFNTTJS JNECDPJEPFR``JE]F⁄ÈJSPNJXFTHIBJFPNJF_SBHE[FTNBBCJSGJNCJF`JXB[JXBJCCBFUDÈJEMFPDI XNWUFPNJF,RKJFJEJS[JBNXWUFDTF,RPJEFDÈXB*BLBJMFPJEEFJXF[DÈFZJNEJFTJWUDENXWUJE OB*BLJEFRPJSFPJS[CJNWUJE]FABCDEFEDUTFÖ×DSNXF›DEPFHEPFGNEZBJFXJNEJEFÊSJHEPJE] /0NSF XNEPF KJBLBF ÈJXXJSF NEEJSUDCÈF PJXF OWUN``JXÓMF XD[BJF JSF HEPF URÈF PNJF ›DEPF NE ‹NWUBHE[FPJSFYHCEHSJS] /‹H`BMFGJEEFNUSFÙSRÈCJTJFUDÈB]F0NSFTDWUJEFJNEJEFÇCJNBJSFZCDS]Ó /0NSFXWUD``JEFJXFXWURE]FAÈJSFGNSFCDXXJEFHEXF-JNB]F^NJF+J[JEPJEFXNEPFPHSWUFPNJ CDE[JF-JNBFQJS)EPJSBFGRSPJE]F0NSFS*WZJEFGNJPJSFDCCJXFDEFXJNEJEFÙCDBL]Ó /YNJCFÉS`RC[ØÓFG*EXWUBJFÖ×DSN] ACXFXNJFXWUREFNEFPJSFÙRCXWUCJHXJFXBDEPJEMFÈCNWZBJEFXNJFUNEHEBJSFHEPFXDUJEMFPDI JSGDSBHE[X[JT)IFYHCEHSJSFHEPFYHCCZDH[JSFDH`FPDXFÊCHIH`JSFLH[NE[JEMFPHSWUFPJE XJNWUBJEF ÊCHIF XBDÅ`BJEF HEPF R``JEXNWUBCNWUF JEBGJPJSF PNJF ONJPCHE[F RPJSF PNJF ,RKJ DH`XHWUJEF GRCCBJE]F ÝJF E)UJSF XNJF PJEF ÙDCNXDPJEF HEPF PJTF 0J[F LHF PJEF ›*BBJE ZDTJEMFPJXBRFTJUSFYHCCZDH[JSFÈCNJÈJEFXBJUJEFHEPFTDWUBJEFÇJXBJEMFPNJFTDEF`*S ÉUSJSÈNJBHE[F RPJSF ,J[S*IHE[F UDCBJEF ZREEBJ]F ÆRÅ`XWU*BBJCEPF GDEPBJF XNWUFABCDE DÈ]F/ÉNEJF‹JNUJFQREFEJHFDH`[JBDHWUBJEFÊSD[JEFGHSPJFXWUREFÈJDEBGRSBJBÓMFXD[BJ JSF EDWUPJEZCNWU]FAHWUF JSF GDSF T*PJF HEPF XJUEBJF XNWUF EDWUF JNEJTF [HBJEF ÉXXJE] /YNJCCJNWUBFÈJDEBGRSBJBFPNJF,RKJFDHWUFJNEFÅDDSFDCBJFÊSD[JE]FAH`FKJPJEFÊDCC※FJXFNXB
JNEJFURWUBJWUENXNJSBJFÆREXBSHZBNRE]Ó ÕEF PJEF `RC[JEPJEF OBHEPJEF QJSXDTTJCBJF XNWUF PNJF ,JXDBLHE[F NEF PJSF ÄJXXJF HEP QJSXRS[BJF XNWUF TNBF OÅJNXJEF HEPF ÇJBS)EZJE]F ÕEF ZCJNEJTF ÆSJNXF GHSPJEF PNJ ÉSCJÈENXXJFPNXZHBNJSB] ^NJFÄJPRSRÈRBXFUDBBJEFJNEJTFÇJBVBJBJEF[JE*[JEPFÇJGJÈJÅSRÈJEFJEBERTTJEM PNJF KJBLBF HEBJSXHWUBF GHSPJE]F ÕEF PJSF ÈJ[NEEJEPJEF ^HEZJCUJNBF GHSPJF PJSF ÆVSÅJS GNJPJSF PRSBF DÈ[JXJBLBMF GRF TDEF NUEF [J`HEPJEF UDBBJ]F YJSTHBCNWUF UDBBJF ZJNE YHCCZDH[JSFNEFDCCFPJSFAH`SJ[HE[FJBGDXFPDQREF[JTJSZB]F^NJFÉS[JÈENXXJMFTJNEBJE PNJF ÊDWUCJHBJMF G*SPJEF TRS[JEF `S*UF QREF PJSF ÄÝAÕ+AÄ\ÙRXNBSRENZF DÈ[JSH`JE GJSPJEFZVEEJE] ‹RÈRBJSF ÅS)ÅDSNJSBJEF DHWUF JNEJEF [SRIJEF +DXBJE[CJNBJSMF TNBF PJTF PJS URWU[JCJ[JEJF ÉNEXBNJ[F NEXF ,RKJ\ÇJÈNCPJF TV[CNWUF GDS]F /0DSHTF EJUTJEF GNS JN[JEBCNWUF ENWUBF PNJF ÊCH[D[[SJ[DBJF HEPF XWUGNSSJEF NEF PJSF ^HEZJCUJNBF UNE*ÈJS⁁Ó `SD[BJFÔXBJSMFGNJFJXFXWUNJEMFJNEFGJEN[FQRSGHS`XQRCC]FABCDEFTHIBJF[SNEXJE]F/ÕWUFUDBBJ PNJXJEF ÉNE`DCCF XWUREF QRSF JNEJSF OBHEPJÓMF XD[BJF JSF HEPF URÈF PJEF ,JWUJS] /AHXEDUTXGJNXJF ÈNEF NWUF PJSF ÄJNEHE[MF PDIF GNSMF YHCEHSJSF HEPF LHTNEPJXBF PNJ ÈJNPJEF AE`*USJSF PJSF XBSJNBÈDSJEF YHCCZDH[JSF [JTJNEXDTF UNEJNE[JUJE]F 0NS JSXÅDSJEF HEXF ÄNIBSDHJEMF EJHJXF ^HSWUJNEDEPJSMF JNEJF ÄJE[JF JSZC)SJEPJF ASÈJNB HEPFQNJCJXFDEPJSJFTJUS]Ó /AZLJÅBNJSBØÓFCDWUBJFJEBXÅDEEBFPJSF‹NXNZRÅNCRB] ^NJF _SBHE[F ÈJSNWUBJBJMF PDIF XNWUF HEBJSF PJSF ,RKJF JNEF XWUGDWUJXMF GJNB DHX[JPJUEBJXFÊJCPFDH`[JÈDHBFUDBBJ]F^NJXJXFÊJCPMFJNEJTFÇNBBJSGJSZFDHXFÉEJS[NJ )UECNWUMF XB*BLBJF KJBLBF PNJF ,RKJMF PNJF NUSJXF ÆHEXBXWUDHTUDCBJXF ÈJSDHÈBF GDS]F ÉNEJ AH`LJNWUEHE[F CNJ`F DH`F PJTF [SRIJEF ÄRENBRSF NTF OÅJNXJSDHTF DÈMF PNJF NE [SVIBTV[CNWUJSF ^DSXBJCCHE[F KJPJEF ÖJNCF PJSF _ÈJS`C)WUJF LJN[BJ]F ^NJF SJWUBJWZN[JE ÊC)WUJEMF PNJF `CDWUJEF ÊH[JEF HEPF PNJF +VWUJSF NTF PNWZJSJEF ÖJNCF GHSPJEF NTF UDSBJE +NWUBFPJSFOREEJFPJHBCNWU]F0RLHFXNJFPNJEBJEMFCNJIFXNWUFJSSDBJE] /ÕS[JEPGJCWUJF +HZJEMF +VWUJSF `*SF DHX`DUSÈDSJF ÙSRKJZBRSJEMF ÇJXWU*BLJF RPJS AEBJEEJEF ‿F PDXF ⁄ÈCNWUJÓMF TJNEBJF JNEF ÖJWUENZJS]F /^DXF ^NE[F NXBF TNBF DCCJS[SVIBJS 0DUSXWUJNECNWUZJNBFSDHT`CH[BDH[CNWU]F^JXGJ[JEFDHWUFPNJF+H`BXWUCJHXJFUNEBJSFPJS [SRIJEF+HZJ]ÓFONJFXBDEPFNTTJSFERWUFR``JE]F^NJFHEBJS[JUJEPJFOREEJFBDHWUBJFPNJ ÆREXBSHZBNREFNEFJNEFSVBCNWU[JCÈJXF+NWUB] ^NJF ,RKJF GNJXF JNEJEF ^HSWUTJXXJSF QREF `*E`HEPXJWULN[F HEPF JNEJF +)E[JF QRE UHEPJSBFÄJBJSEFDH`]
/ÕEFPJEFAH`LJNWUEHE[JEFRPJSFÉSNEEJSHE[JEF⁆HEXJSJS⁇FYHCEHSJSFDCCJSPNE[XFNXBFZJNE ‹DHT[J`)USBFPNJXJXFAHXXJUJEXFÈJZDEEB]FACXRFDHWUFENWUBXF*ÈJSFPJEF-GJWZFPJS ,RKJ]ÓFABCDEFGNSZBJFEDWUPJEZCNWUMFDCXFJSFÖ×DSNFDEBGRSBJBJ] /^DXFÊHBHSFUDBFKJTDEPJEFUNJSUJSF[J`*USB]F_ÈFGNSFJXFGDSJEFRPJSFPNJFYHCEHSJSFRPJS ÈJNPJMF NXBF HEGNWUBN[]F ^DEEF ÈJ`SJNBJF JXF PNJF ,RKJF DHXF PJSF YJSXWUDCHE[]F ^NJF ,RKJ DZBNQNJSBJFXNWUFPDSDH`UNE]FÕWUFÈNEFXNWUJSMFPDIFXNJFKJPJTFÉNEPSNE[JEPJEMFPJSFUVSJE ZDEEMFJBGDXFLHFXD[JEFUDB]Ó Ö×DSNFCJ[BJFNUSJF›DEPFDH`FXJNEJFÊNE[JSFHEPFXWU*BBJCBJFPJEFÆRÅ`] /ÄRS[JEÓMFXD[BJFXNJFTNBF,JXBNTTBUJNB]FÝJTDEPFXD[BJMFPDIFGRUCFNS[JEPGDEEFNE PJSFYRS[JXWUNWUBJMFDCXFPNJFYHCEHSJSFQREFPJSF+NWUB.HJCCJF[JBSJEEBFGRSPJEFGDSJEM PDXF ÊHBHSF HEPF PNJF ,RKJF JSLJH[BF RPJSF DH`F NUSJEF 0J[F [JÈSDWUBF GRSPJEF GDSJE] ÝJPJE`DCCXF UDBBJEF XNJF XNWUF NEF SJCDBNQJSF ONWUJSUJNBF ÈJ`HEPJE]F /^NJF ONWUJSUJNBF PJS YHCEHSJSF NEF PJSF ÜDTJECRXJEF -REJF THIF XJNEJSLJNBF [J`)USPJBF [JGJXJEF XJNEÓM XD[BJFABCDEF*ÈJSSDXWUB]F/ORFGDSFJX]Ó ^HFGNSXBFTRS[JEFJSXBFÇJGNIUJNBFUDÈJEMFGNXÅJSBJFPJSF+R[NZXJZBRS] ^NJF ORCDEJSF PNXZHBNJSBJEF XRF CDE[JMF ÈNXF TNBBJEF NEF PJSF ÜDWUBF PNJF ÆSNJ[JSF PJS ÙSNJXBJSF PNJF ABN.\^SNCCNE[JF TNBF CRPJSEPJEF ÊDWZJCEF LHTF OWUN``F JXZRSBNJSBJE] ÜDWUPJTFPNJFYHCEHSJSFNEFPJSFÄÝAÕ+AÄFGNJPJSFNEFONWUJSUJNBFGDSJEMFQJSXWUCRIFJNE OWUHBLXWUNSTFPNJFOWUCJHXJ]FYJSXWUNJPJEJF+HZJEF[CNBBJEFDH`]F^NJF`SNXWUJFÜDWUBCH`B YHCCZDH[XF `CHBJBJF HE[JUNEPJSBF PHSWUF `DXBF X)TBCNWUJF ‹)HTJF PJXF OWUN``JXF ‿F JNEJ LHX)BLCNWUJFAEEJUTCNWUZJNB] AHWUFLHFPJEFJSXBJEF,JSNWUBJEFPJSFYHCEHSJSFXD[BJFABCDEFEHS※ /ÄRS[JEØFÉXFQJSXÅSNWUBFJNEFNEBJSJXXDEBJSFÖD[FLHFGJSPJE]Ó ÉSF DZBNQNJSBJF NEF PJSF -JEBSDCJF LHX)BLCNWUJF ONWUJSUJNBXX×XBJTJMF ZREBSRCCNJSBJF PNJ ^NJEXBUDÈJEPJEF NEF PJSF _SBHE[F HEPF XWUCRIF PDEEF ÈJSHUN[BF PDXF OWURBBF XJNEJX ÆDÈNEJE`CHSXFUNEBJSFXNWU] Ö×DSNFGDSBJBJFÈJSJNBXFTNBFÇC)XJSEFQRCCJSFSRBJTF0JNE]
67 NOPQ RSTSURQ VWXYZWXQ [ROWX\RT]RQ ^WXZ[\RP_R[]RPQ ]OPWX`PZWXRTQ ]SRQ aSTV\RPTSVbQc[V VSWXQ c\[ZTQ `RYRU\RdQ _eX[\RQ RPQ SfQ gZ[`VWX[Z_dQ YSRQ VSWXQ ]RPQ hiXRQ ^WX[ZffQ ]RV ^Ofj_RVQ OfQ VRSTRQ ^\SR_R[Q VWX[klbQ mSZTRTQ OT]Q YRSl[SWXRQ ai]RTQ ZOV ^WXfZPk\hRPj_[ZThRTQ YSVWX\RTQ ]OPWXQ VRSTQ nRVSWX\bQ gST\RPQ SXfQ oROWX\RQ OT] V\pXT\RQqrZPSb sRPQ nRPOWXQ ]RVQ t[e\RTV\ZO`VQ oifj_\RQ URURTQ ]RTQ _ZO[SURTQ nRV\ZToQ ]RV ^Ofj_OPYZ[]RVQZTbQ^SRQYZPRTQYSR]RPQZO_QuZOVTS\b sSRQ vSVSkTwQ sRPQ TiWXV\RQ c`VWXTS\\Q ]SRVRVQ XZ[`RTQ qPZOfRVdQ ]RPQ c\[ZTQ hO xRPYOT]RTQxRPVOWX\RQYSRQRSTQm_RS[QZOVQ]RfQsOToR[Q]RPQnTURYSlXRS\bQoRS\QXST\RP VSWXQXpP\RQRPQ]SRQpiURPdQ]SRQVSWXQfS\QRqk\SVWXQo[STURT]RTQrO_RTQxRPV\iT]SU\RTb s^WXTR[[RPwtQYSffRP\RQqrZPSbQpR]RPQ^WXPS\\Q`R]RO\R\RQPSRVSURTQuPi_\RxRPVWX[RSlb uPQ]PRX\RQVSWXQOfdQjZWo\RQSXPRTQnT\RPZPfQOT]QhkUQVSRQfS\QVSWXb ^SRQ YZ\R\RTQ `SVQ hOQ ]RTQ uTSRTQ ]OPWXQ RSTRQ ^Ofj__[iWXRdQ ]ZTTQ PO\VWX\RTQ VSRQ ZO_ RSTRTQVWXfZ[RTQoS[]YRWXVR[QXSTZOVbQtSTTRTQYRTSURPQVWXTR[[RPQ^WXPS\\RQXZ\\RTQ]SR USRPSURTQrZToRTUPiVRPQOT]Q]SRQ[ZTURTQgZZPRQ]RPQUS_\UR[`RTQvkkVjk[V\RPQ^\SR_R[ OT]QgkVRTQYSR]RPQURViO`RP\bQsSRQuT]RTQ]RPQm_[ZThRTQV\ePh\RTQVSWXQZO_QZ[[RVdQYZV STQ SXPRQ NiXRQ oZfbQ uSTRQ oZVVRP_[ZVWXRQ OT]Q RSTQ ukfjZlwukf`SURPi\Q YZPRTQ Sf ^Ofj_QxRPVOToRTdQR`RTVkQc\[ZTVQvS`PkfRVVRPbQuSTRQ^WX[ZTURQXZ\\RQRVQSXfQZOV ]RPQgZT]QURPSVVRTQOT]Q]ZxkTURYSP`R[\bQsoZPOfQXR\hRTQVSRQOTVdQc\[ZTxtQo[ZU\R qrZPSdQZ[VQVSRQ]RTQrZT]QRSTRPQ[ZTUURhkURTRTQmSWX\OTUQRPPRSWX\RTbQsRPQm_Z]Q_eXP\R XSTZOVQSTVQXR[[RQ^kTTRT[SWX\dQfS\\RTQ]OPWXQ]SRQfZTTVXkXRTQnPiVRPQOT]QZO_Q]ZV nRYSPPQZOVQURV\ePh\RTQtZOfPSRVRTQhOb soRS[QVSRQOTVRPRTQqk]QYk[[RTtdQRPYS]RP\RQRPbQ^RSTRQmOTURTQ`PZTT\RTbQ^SRQPZTT\RTd VkQVWXTR[[QVSRQRVQTkWXQxRPfkWX\RTdQyORPQ]OPWXQ]SRQmSWX\OTUb sgZ[\bQ oSPQ [RURTQ RSTRTQ gST\RPXZ[\tdQ `POff\RQ ]RPQ cPokTS]RbQ sNkWXQ VST]Q RV fST]RV\RTVQ_eT_hRXTQpiURPbt soRTTQTSWX\QRSTRPQk]RPQ]RPQZT]RPRQSfQ^Ofj_QV\RWoRTUR`[SR`RTQSV\tdQRPo[iP\RQVSRb NZWXQ YRTSURTQ ^\OT]RTQ ^WX[Z_dQ Z`YRWXVR[T]RfQ oZWXRTdQ RSTSURTQ ^WX[OWoRT oZVVRPQ OT]Q RSTRfQ uVVRTdQ ]ZVQ ZOVQ xRPVWXSR]RT_ZP`SURTdQ URVWXfZWoVZPfRT ukThRT\PZ\PSRUR[TQ `RV\ZT]RTQ XZ\\RdQ YZPRTQ VSRQ TkWXQ STQ ]RPQ NZWX\Q YRS\RPURPZTT\b rR\\OTUQ RPYZP\R\RQ VSRQ fkPURTQ ZO_Q RSTRPQ gkWX_[iWXRQ XST\RPQ ]RfQ zPPUZP\RTbQ sskP\
XSTe`RPtdQ`R_ZX[Qc\[ZTdQZ[VQVSRQ]RTQ{RTVRS\SURTQrZT]Q]RPQmSWX\OTUQRPPRSWX\QXZ\\RTb ssZTTQXZ`RTQYSPQVSRQxkTQhYRSQ^RS\RTbtQsoZTTxtQ_PZU\RQVSRQTOPQOT]QhkUQVSWXQZO_ RSTRTQ ^\ZffQ XSTZO_dQ ]RVVRTQ rST]RQ OT\RPQ SXPRfQ nPS__Q jO[xRPSVSRP\Q YOP]Rb aSTURPUPklRQzTVRo\RTQPZTT\RTQTZWXQZ[[RTQrSWX\OTURTQ]ZxkTb soRTTQVSRQSTQ]RPQvS\\RQ]RPQmSWX\OTUQVST]btQs^SRQbbbQk]RPQYSPbt ssRToRQ]ZPZTdQYRTTQ]OQ_RORPV\tdQRPfZXT\RQRPQqrZPSQOT]QjZWo\RQRSTRQmSZTRbQuP VWXYZTUQVSWXQfS\QSXPRPQgS[_RQSTQRSTRQPZVWXR[T]RQuPkTRQZOVQ\PkWoRTRTQt[i\\RPTdQ]SR fS\\RTQhYSVWXRTQ]RTQ_ZO[RT]RTQtiOfRTQ[ZUb sZTTQYZP\R\RTQVSRQYSR]RPb c\[ZTQOT]QqrZPSQXZ\\RTQ]SRQmiO_RQ]RPQ^\PZX[RPQxkPQVSWXQZO_QXp[hRPTRTQqRS[RTQSXPRP sRWoOTUQ ZO_URV\e\h\bQ sSRQ |SR[oPROhRQ ]RO\R\RTQ ZO_Q ]RTQ m_Z]bQ uPQ YZT]Q VSWXQ ST RSTRfQ XZ[`RTQ sO\hRT]Q ^WX[RS_RTQ ]OPWXQ o[ZjjRPT]RdQ `Zf`OVZP\SURQ m_[ZThRTQ fS\ qR[[RP`[e\RTbQ pR\h\Q V\ZT]RTQ ]SRQ ^\RTUR[Q POXSUbQ c[VQ VSRQ XST]OPWXURPZTT\Q YZPRTd XZ\\RTQVSRQPZ\\RPT]RQnRPiOVWXRQxkTQVSWXQURUR`RTdQ]SRQhOVi\h[SWXQZTQ]RTQNRPxRT hRPP\RTb nT]Q{R\h\Q`RYRU\RTQVSRQVSWXQYSR]RPdQ]Pe`RTdQZfQZT]RPRTQrZT]Q]RPQmSWX\OTUbQsSR ]OTo[RTdQ_Z[\RTPRSWXRTQnRVSWX\RPQ]RPQvRP_k[URPQ\ZOWX\RTQZO_b uSTVdQ hYRSQ bbbQ _eT_Q bbbQ VSR`RTQ xkTQ SXTRTQ `R_ZT]RTQ VSWXdQ ]SRQ [ZTURTQ oZ__RTQ STQ ]SR gpXRQURPRWo\dQSTQ]RfQVWXO[\RP`PRS\RTQnZTUQhYSVWXRTQ]RTQYSjjRT]RTdQPZVVR[T]RT m_[ZThRTbQ^SRQVjPZWXRTQ[ZO\QfS\RSTZT]RPbQuSTRPQ[ZWX\RQPZOXb qrZPSQ hSR[\RQ OT]Q `RfRPo\RQ hOfQ RPV\RTfZ[dQ ]ZlQ SXPRQ TkPfZ[RPYRSVRQ URj_[RU\RT aSTURPTiUR[Q TSWX\Q TOPQ VWXfO\hSUdQ VkT]RPTQ Z`UR`PkWXRTdQ RSTURPSVVRTQ OT] hRPVj[S\\RP\QYZPRTbQcOVURPRWXTR\Q{R\h\Q_SR[QSXPQ]SRVRQNR`RTViWX[SWXoRS\QZO_b cO_Q ]SRQ oifj_RPSVWXRQ zT\R[[SURThQ SXPRVQ nR[SR`\RTQ okTT\RQ VSRQ VSWXQ xRP[ZVVRTbQ zXP RPV\RPQ ^WXOlQ \PZ_Q ]RTQ [R\h\RTQ vRP_k[URPdQ ]RPQ xkTQ SXPRfQ ^\ZT]kP\Q ZfQ YRS\RV\RT RT\_RPT\Q YZPdQ STQ ]RTQ gZ[VQ OT]Q \p\R\RQ SXTbQ oRTSURPQ Z[VQ RSTRQ ^RoOT]RQ Vji\RP ]PpXT\RTQ XRO[RT]Q hYRSQ ^WXeVVRbQ sRPQ vkP[R\h\RQ OT]Q ]RP{RTSURdQ ]RPQ VSWXQ hOQ YRS\ RT\_RPT\QXZ\\RdQ`PZWXRTQhOVZffRTbQc\[ZTVQhYRS\RPQ^WXOlQ\PZ_Q]ZVQuTRPUSRfZUZhST RSTRPQ _PRf]RTQ oZ__RQ OT]Q [SRlQ RVQ ]R\kTSRPRTbQ sRPQ xSRP\RQ vRTVWXRT{iURPQ YOP]R hRP_R\h\bQ|YRSQYRS\RPRQ^WXeVVRdQxkTQ[SToVQOT]QPRWX\VdQfS\\RTQSTQ]RTQn[O\`Z[[dQ]RT uqj[kVSkTV]POWoQ OT]Q ]RTQ URYZ[\SURTQ skTTRPVWX[ZUQ XSTRSTQ Z`URUR`RTdQ \PZ_RT hYRSQ YRS\RPRQ piURPbQ cOVQ ]RfQ sVWXOTUR[Q RPXk`RTQ VSWXQ PSRVSURQ ^WXYiPfRQ xkT vpUR[TbQ sRPQ miPfQ XZ\\RQ qrZPSQ OT]Q c\[ZTQ _ZV\Q \ZO`Q URfZWX\bQ cTQ hYRSQ ^\R[[RT
`PZTT\RQ OT]Q PZOWX\RQ ]RPQ mVRO]k`Zf`OVbQ sOPWXQ ]RTQ nRV\ZToQ TZWXQ ^Ofj_YZ[] OT]QrZOWXQ\ZV\R\RQVSWXQ]ZVQVel[SWXRQcPkfZQ]RPQxRP]Zff\RTQt[e\RTQ]PZOlRTQST ]RPQu`RTRbQ^SRQVWXSRTRTQZ[[URURTYiP\SUQhOQVRSTQYSRQ]SRQc\Rf[O_\b sRPQ VSR`RT\RQ vRTVWXRT{iURPQ XZ\\RQ VSWXQ xRPV\RWo\bQ uPQ \ZOWX\RQ TSWX\Q fRXPQ ZO_b uSTSURQ vSTO\RTQ [ZTUQ YZP\R\RTQ qrZPSQ OT]Q c\[ZTbQ c[VQ VSRQ YSR]RPQ XpPRTQ okTT\RTd RP\pT\RQxkPQSXTRTQRSTQXR[[RVQ^OffRTbQuVQYOP]RQVWXiP_RPQOT]QTiXRP\RQVSWXb n[RSWXhRS\SUQ fS\Q ]RfQ ^WXO`Q ]RPQ uPSTTRPOTUdQ ]ZlQ ]SRQ piURPQ VSWXQ ZfQ rZT]Q ]RP mSWX\OTUQSTQzT\RPokVfkQxRPV\iT]SU\QXZ\\RTdQoZfQRSTQ_[ZWXRPQn[RS\RPQxkTQ[SToVQe`RP ]SRQ mSWX\OTUbQ uPQ ]OPWXyORP\RQ ]RTQ _PRSRTQ rZOfQ e`RPQ ]RTQ nRYiWXVRTQ OT]Q ]Rf `RSlRT]RTQ rZOWXQ STQ PZVRT]Q VWXTR[[RfQ a[OUbQ cOURT`[SWo[SWXQ jRS\VWX\RTQ hYRS ^WXeVVRQZO_dQZ`RPQVSRQXRO[\RTQxkPQOT]QVRS\[SWXQXST\RPQ]RfQnR_iXP\Q]OPWXQ]SRQmO_\b rkVfRPRQ fS\Q [ZTURfdQ SfQ aZXP\YST]Q _[Z\\RPT]RfQ gZZPdQ XZ\\RQ VSWXQ YRS\Q ZOVQ ]Rf a[OUZjjZPZ\Q XSTZOVUR`ROU\bQ pR\h\Q hOWo\RQ VSRQ hOVZffRTdQ ]OWo\RQ VSWXdQ OT]Q ]RP fR\Z[[SVWXQ `[S\hRT]RQ n[RS\RPQ YZPQ ZOlRPQ ^SWX\bQ sZVQ nRPiOVWXQ YOP]RQ [RSVRPQ OT] XpP\RQUZThQZO_b c\[ZTQVR\h\RQ_eT_Q^WXeVVRQSfQc`V\ZT]QxkTQYRTSURTQvR\RPTQURTZOQSTQ]SRQ^jOPQ]RV m_Z]RVbQcTQ_eT_Q^\R[[RTQ`RUZTTQ]RPQtZf`OVQhOQ`PRTTRTbQsZTTQo[R\\RP\RQc\[ZTQZO_ ]RPQZT]RPRTQ^RS\RQYSR]RPQZOVQ]RfQvRPV\RWoQOT]Qoifj_\RQVSWXQRSTRTQoRUQ]OPWX ]SRQ ^WX[STUj_[ZThRTQ OT]Q ]SRQ oePURVjSPZ[RTQ XSTe`RPQ hOQ qrZPSbQ uPQ VWXk`Q ]SR XRSlURVWXkVVRTRQoZ__RQhOPeWodQ`PRS\R\RQ]SRQcPfRQZOVQOT]QXZ[_QSXPQZO_Q]RTQTZVVRT tk]RTQXSTOT\RPb zXPQnRVSWX\dQVkTV\QV\PZ__dQU[Z\\XiO\SUQOT]Qxk[[dQYZPQRSTUR_Z[[RTQOT]QVWXfO\hSUdQxk[[RP YSThSURPQ oOT]RTQ OT]Q e`RPVi\Q xkTQ zTVRo\RTV\SWXRTbQ sSRQ cOURTQ YZPRTQ xkP }`RPfe]OTUQPSRVRTUPklQOT]Q[ROWX\R\RTQPk\RPQ]RTTQ{RbQscOWXQ]SRVRTQ[R\h\RTQqZU e`RP[R`RTQYSPtdQVZU\RQRPQRT\VWX[kVVRTbQ^SRQ]PiTU\RQVSWXQXS[_RVOWXRT]QZTQSXTb soZVQVk[[Q]SRVRVQVR[\VZfRQvRPVjPRWXRTtdQVZU\RQqrZPSQfS\QVWX[Z_\POToRTRPdQZ`RP oRSTRVYRUVQ URVWXYiWX\Q o[STURT]RPQ ^\SffRbQ smSR`V\RPwQ sOQ `SV\ VWXYRSlUR`Z]R\bt sOToR[XRS\wQuVQPkWXQTZWXQ_PSVWXRPQmO_\dQ^WXYRSlQOT]QqrZPSVQmZP_efwQuSTQVWXZP_RV u[SWoRT~QfRXPRPRQtR[ROWX\OTUVopPjRPQVWXZ[\R\RTQVSWXQRSTbQsRPQcPokTS]RQV\SRlQ]SR mO_\QV\pXTRT]QZOVQ]RPQmOTURQOT]Q[SRlQVSWXQhOPeWo_Z[[RTbQuPQ[ZUQSfQtR\\dQqrZPSQ[ZU VWXYRPQSTQVRSTRTQcPfRTbQzXPQnRVSWX\VZOV]POWoQYZPQ_PZURT]dQRPVWXPkWoRTb ssSRQ vSVSkTtdQ VZU\RQ RPbQ suSTRQ ZT]RPRQ vSVSkTbQ NkWXQ VWXROl[SWXRPQ Z[VQ ]RPQ RPV\R
qRS[btQ^SRQV\ZT]QYkP\[kVQZO_dQ_e[[\RQ]SRQn[iVRPQYSR]RPQfS\Q]RfQ]O_\RT]RTdQV\ZPoRT rk\YRSTQOT]QoZORP\RQVSWXQxkPQSXfQTR`RTQ]ZVQmZURPbQsoS[[V\Q]OQfSPQTSWX\QVZURTd YkxkTQ]OQUR\PiOf\QXZV\xt c\[ZTdQfS\QxRPV\pP\RfdQXZP\RfQnRVSWX\VZOV]POWodQTZXfQRSTRTQ\SR_RTQ^WX[OWobQsZTT VWXe\\R[\RQRPQ]RTQukj_QOT]QRPYS]RP\RQsNRSTbQNkWXQTSWX\bQsSRQ|RS\Q]Z_ePQSV\QTkWX TSWX\Q]ZbQzWXQXZ`RQxkPQ]SPQoRSTRQnRXRSfTSVVRdQZ`RPQSWXQoZTTQTkWXQTSWX\VQVZURTb uVQRPUS`\QoRSTRTQ^STTdQqrZPSbt ^SRQVWXfSRU\RQVSWXQSTQVRSTRTQcPfQOT]Q_[eV\RP\R soRTTQ]OQfSPQ]kWXQR\YZVQVZURTQYeP]RV\wQvSR[[RSWX\QopTT\RQSWXQ]SPQXR[_RTbtQc\[ZT UZ`QoRSTRQcT\YkP\bQc`RPQfS\Q{R]RfQYRS\RPRTQ^WX[OWoQYSWXQRSTQYRTSUQxkTQVRSTRP vRPoPZfj_OTUbQcfQvkPURTQVWXSRTQRVdQZ[VQXZ`RQRPQZ[[RVQYSR]RPQxRPURVVRTQbbbQYSR R`RTQRSTRTQVWX[RWX\RTQqPZOfb NSWX\VQXZ\\RQRPQxRPURVVRTbQNSWX\Q]SRQYSThSUV\RQu[RSTSUoRS\b ZPTQ gZXZPRdQ o[RSTQ VR[`V\`RYOl\Q OT]Q fS\Q RSTRfQ xRPVWXYpPRPSVWXRTQ |YSToRPTd VR\h\RQ VSWXQ OTZO_UR_kP]RP\Q hOQc\[ZTQ OT]Q qrZPSbQ uPQ VWXk`Q RSTRTQ [RRPRTQ qR[[RPQ hOP ^RS\RQOT]QVZU\RQs^ji\ZO_V\RXRPwQoSPQXZ`RTQ]SRQcTZ[rVRQ_RP\SUbQc\SywrhQYZPQVRXP okkjRPZ\SxbQ ]RPQ xSR[[RSWX\Q Yk[[\RQ RPQ TSWX\Q VkQ VWXTR[[Q YRU[ZO_RTbQ oSPQ XZ`RT XSV\k[kUSVWXRQ mPk`RTQ xkTQ vO[[oZOURPTQ OT]Q vO[TOPRPTQ fS\RSTZT]RPQ xRPU[SWXRTbt s^WXpTtdQVZU\RQ]RPQcPokTS]RQoZORT]QOT]QPeXP\RQ[ZTUVZfQSTQVRSTRPQqZVVRdQs]Zl XSRPQYRTSUV\RTVQTkWXQRSTRPQZP`RS\R\bQsZVQuPUR`TSVQVWXRST\Q]SWXQhOQ_PRORTxt ssSWXQ TSWX\Q YRTSURPdQ c\[ZTtdQ RPo[iP\RQ ZPTQ hO_PSR]RTbQ svO[TOPRPQ OT]Q vO[[oZOURP VST]QRST]RO\SUQ`Sk[kUSVWXQfS\RSTZT]RPQxRPYZT]\bQuVQ[iO_\Q]ZPZO_QXSTZOVdQ]ZlQVSR fST]RV\RTVQURfRSTVZfRQvkP_ZXPRTQXZ`RTbt svpU[SWXRPYRSVRQ XZ`RTQ ]SRQ vO[TOPRPQ OT]Q SXPRQ cP\URTkVVRTQ TkWXQ ZT]RPR vRPYZT]\RbQ sOPWXQ tkPZ[[OQ YSVVRTQ YSPQ xkTQ ]RPQ vRPYZT]\VWXZ_\Q ]RPQ vO[TOPRPQ OT] |rP\kTSRPbtQ qrZPSQ `RVWXi_\SU\RQ VSWXQ fS\Q ]RfQ aPeXV\eWoQ OT]Q fRST\RQ ZO_Q c\[ZTV tRfRPoOTUQ XSTQ ssSRQ UPklRTQ nT`RoZTT\RTdQ ]SRQ fS\Q SXPRTQ rk`k\RPTdQ ]SRQ Vk ZOVVRXRTQ YSRQ |RWoRTdQ STQ ]RPQ NZfRT[kVRTQ |kTRQ XRPOfVjOWoRTbQcOWXQ VSRQ VST] [R\h\RTQuT]RVQzTVRo\RTbt srSWX\SUtdQ VZU\RQ c\[ZTQ OT]Q TSWo\RbQ s}`RPXZOj\Q SV\Q ]SRQ NZfRT[kVRQ |kTRQ RST rRVRPxZ\Q ]RPQ }`RPPZVWXOTUbQ uVQ SV\Q R`RT_Z[[VQ ]RTo`ZPdQ ]ZlQ vO[TOPRPdQ |rP\kTSRPd
|rPxO[TRPQ OT]Q vO[[oZOURPQ vO\Z\SkTRTQ RSTRVQ URfRSTVZfRTQ qrjVQ VST]d SPURT]YR[WXRPQvkP_ZXPRTQZOVQ]RPQvRPUZTURTXRS\bQoSPQVST]QXSRPQSTQURVWXSWX\[SWXR sSfRTVSkTRTQxkTQxSR[RTQpZXPXOT]RP\RTQk]RPQUZPQpZXP\ZOVRT]RTQXSTRSTURPZ\RTbt s|O_Z[[xQ nRhSR[\xQc`VSWX\Q k]RPQ URV\RORP\RQ uT\YSWo[OTUxtQ _PZU\RQ VSWXQ ZPTQ [ZO\b soSRQ ZOWXQ SffRPdQ ]RPQ tRYRSVQ SV\Q o[ZPbQ nTVRPRQ STVRo\kS]RTQ nPOjjRTQ VST] fS\RSTZT]RPQxRPYZT]\bQc[[RVQZT]RPRQ`[RS`\QxkP[iO_SUQRSTQri\VR[bQsSRQsPS[[STURQYZPRT PRWX\Q`RVWXi_\SU\bQ^SRQxRPVOWXRTQ{R\h\dQfS\QtZOUXQOT]QaPkTVR[QhOQxRPXZT]R[TdQ]RT cT_eXPRPTQ ]RPQ `RS]RTQ V\PRS\RT]RTQ mZP\RSRTbQ n[eWo[SWXRPYRSVRQ US`\Q RVQ oRSTRT uZfj_QfRXPbt ssSRQmRS\OTUQ]SRVRVQ^WXS__RVQ]ZTo\Q]SPQ_ePQ]SRVRTQOf_ZVVRT]RTQtRPSWX\tdQVZU\R ]RPQcPokTS]RQ[ZWXRT]dQPSWX\R\RQVRSTRTQt[SWoQZO_Q]RTQzT\RPokfdQ]RPQURPZ]RQYSR]RP ]SRQ tk{RQ hRSU\RdQ ]SRQ ZO_Q OTVSWX\`ZPRTQ ^\e\hV\PZX[RTQ `Z[ZTWSRP\RQ OT]Q STQ ]RP vkPURTVkTTRQV\PZX[\RQOT]Q_OToR[\RdQZ[VQYeP]RQVSRQTkWXQfRXPQZO_QVSWXQZO_fRPoVZf fZWXRTQfeVVRTb ssZVQSV\QOTVRPQTiWXV\RVQmPk`[RfwtQVZU\RQc\[ZTQTZWX]PeWo[SWXbQuPQVWXSRTQSTQUZTh ZT]RPRPQ^\SffOTUQhOQVRSTQZ[VQfS\\RTQSTQ]RPQNZWX\dQ_ZT]QqrZPSbQuPQYZPQUR[pV\QOT] V\PZX[\RQ uT\VWX[kVVRTXRS\Q ZOVbQ c`RPQ VSRQ YOl\RdQ YSRQ UO\Q RPQ VSWXQ `RXRPPVWXRT okTT\RbQ uPQ YeP]RQ Z[[RVQ ]ZPZTQ VR\hRTdQ ZOWXQ ]SRVRQ vSVVSkTQ hOQ RSTRf UPpl\fpU[SWXRTQuP_k[UQhOQ`PSTURTb c\[ZTQXSTURURTdQ]RPQVSWXQTZ\eP[SWXQTkWXQZOlRPkP]RT\[SWXQURTZOQZTQVRSTRQvSVSkTRT RPSTTRP\RdQxRP_[OWX\RQVRSTQjXk\kUPZjXSVWXQURTZORVQnR]iWX\TSVbQzPURT]YZTTQSTQ]RP TZXRTQ k]RPQ _RPTRTQ |OoOT_\Q YeP]RTQ ]SRQ vSVSkTRTQ hOPQ oSPo[SWXoRS\Q YRP]RTQ Q ]ZV ZXT\RQ RPbQ uPQ YZPQ fZWX\[kVQ URURTQ ]SRVRQ tS[]RPdQ OT]Q R`RTVkYRTSUQ YeP]RQ RPQ ]SR |OoOT_\Q `RRST_[OVVRTQ opTTRTbQ ^RS\Q ]RPQ RPV\RTQ vSVSkTQ ]ZWX\RQ RPQ SffRPQ YSR]RP ]ZPZTQQZ[VQRSTRQxkTQfRXPRPRTQU[RSWXRPfZlRTQTSR]RP]PeWoRT]RTQvpU[SWXoRS\RT dQ]ZlQSXTQ{RfZT]Q]RfkPZ[SVSRPRTQYk[[\RbQmVrWXk\RPPkPQYZPQ]ZVQ^\SWXYkP\bQoZPRT RVQzT_kPfZ\SkTRTQk]RPQsPkXOTURTdQ]SRQZTQSXTQe`RPfS\\R[\QYOP]RTxQuPQ`R_ZT]QVSWX k__RTVSWX\[SWXQSfQakoOVQRSTRVQnRUTRPVdQ]RPQSXTQxRPTSWX\RTQYk[[\Rb ssRPQn[RS\RPQSV\Q`RPRS\xt spZbQ sSRQ c\SyVQ YZP\RTQ ZTQ RSTRPQ TRO\PZ[RTQ ^\R[[RQ hYSVWXRTQ mZ[SVZ]RTdQ ]Rf uSTUZTUQ hOfQ RXRfZ[SURTQ qRfjR[`RhSPoQ OT]Q ]RPQ ^SR][OTUbQ skP\Q xRPVOWXRTQ VSRd ]ZVQuST]PSTURTQSTQ]SRQtk{RQxkPhO`RPRS\RTbt sqrZPSQOT]QSWXQYRP]RTQSXTRTQ]Z`RSQXR[_RTtdQRT\VWXSR]Qc\[ZTbQssZP_QSWXQ{R\h\dQ`S\\Rd STQrOXRQhOQuT]RQ_PeXV\eWoRTxt
szWXQ[ZVVRQROWXQZ[[RSTtdQfRST\RQZPTQOT]QVWX[klQ[RSVRQ]ZVQ^WXk\\QXST\RPQVSWXbQ^SR `RRT]R\RTQkXTRQgZV\QSXPRQvZX[hRS\dQ`RVjPZWXRTQfS\QnV\RPQtPSWoQOT]Qt{kQtPRSVok[[ STQ]RPQ|RT\PZ[RQZ[[RQuSThR[XRS\RTQOT]Qo[R\\RP\RTQ]ZTTQSfQgZTUZPdQ]RVVRTQ^WX[ROVR YRS\QURp__TR\QYZPdQSTQ]RTQVWXYRPRTQn[RS\RPbQsZVQnR_iXP\QXk`QVSWXdQU[S\\QVOffRT] ZOVQ]RPQmOoRQOT]QSTQRSTRfQYRS\RTQtkURTQ]OPWXQ]SRQmO_\dQZO_Q]SRQ^\R[[RQhOdQZTQ]RP RSTQ ]SWX\UR]PiTU\RPQ rSTUQ ZOVQ vO[[oZOURPTQ RSTRQ o[RSTRQ nPOjjRQ OfUZ`bQ c\[ZT YZT]\RQVSWXQRPTV\QZTQqrZPSb svSR[[RSWX\QUR[STU\QRVQOTVdQ]SRQsSVoOVVSkTQhOQ`RVWX[ROTSURTbQoSPQXZ`RTQTSWX\QxSR[ |RS\btQssSPQUR[STU\QRVQ`RV\Sff\wtQxRPVSWXRP\RQVSRQ[iWXR[T]bQcOWXQqrZPSdQ]SRQRVQVSWX xRPVZU\RdQ \R[RjZ\XSVWXQ TZWXhO_kPVWXRTdQ YZPQ `RfeX\dQ TSWX\Q ZO_Q hOPeWo[SRURT]R vkP_i[[RQ RSThOURXRTbQ ^SRQ xRPVOWX\RdQ c\[ZTQ ZO_hOfOT\RPTbQ mZTUVZfQ Of_[kUQ ]RP n[RS\RPQ ]SRQ vO[[oZOURPdQ ]RPRTQ reWoRTQ XRO\RQ U[iTh\RTQ OT]Q STQ OThiX[SURT aZP`okf`STZ\SkTRTQ[ROWX\R\RTb |YRSQ]RPQvO[TOPRPQYSTo\RTQfS\QSXPRTQ[ZTURTQzTVRo\RTZPfRTb sZTTQ[ZT]R\RQ]RPQcPokTS]RQ]SRQvZVWXSTRQZOlRPXZ[`Q]RVQuPRSVRVQ]RPQ|OXpPRPbQ^SR VjPZWXRTQ [RSVRQ fS\RSTZT]RPbQ zTQ ]RPQ mO_\Q YZPQ RSTQ OTOT\RP`PkWXRTRVQ |SPjRTQ OT] rZVWXR[TbQc\[ZTQOT]QqrZPSQV\SRURTQZOVQOT]QUSTURTQZO_Q]SRQnPOjjRQSTTRPXZ[`Q]RP vO[[oZOURPQhObQc\[ZTQVjPZWXQ[ZTUVZfQRSTRQoOPhRQtRUPelOTUdQ]ZTTQXk`QRPQ`RS]R cPfRQOT]QhRSU\RQZO_Q]SRQk__RTRQ^WX[ROVRQ]RPQtk{Rb szTQ ]SRVRPQ NZWX\tdQ VZU\RQ RPQ hOQc\SywqXZTQ OT]Q tZOUXdQ s_STURTQ ]SRQ YOT]RP`ZPRT vZVWXSTRTQ]RPQ^\RPTRT`ZPoRQRSTRQrR]RQZO_bQsSRQtk{RQVjPZWXQhOQOTVbQ^SRQVZU\R nRX\QhOQtZOUXQOT]QaPkTVR[QOT]Q`RPSWX\R\QSXTRTdQ]ZlQSWXdQZ[VkQ]SRQtk{RdQOTRT][SWX [ZTURQ|RS\QxRPV\RWo\Q`[SR`bQoeP]RTQ]SRQvO[[oZOURPQUR[RPT\QXZ`RTdQ`RVVRPRVQvR\Z[[ hOQxRPZP`RS\RTdQYeP]RTQVSRQxSR[RQuP_ST]OTURTQURfZWX\QXZ`RTdQXi\\RTQVSRQ]RTQtRPU xSR[QhOQ_PeXQTSR]RPUR`PZTT\bQgS[_QfSPQ`RSQ]RPQ}`RPVR\hOTUdQqXZTbt nRVWXSWo\QVjeP\RQ]RPQvO[TOPRPQ]SRQ^WXYZWXjOTo\RQZO_QOT]QVWXSRTQhOQxRPV\RXRTd YZVQc\[ZTQfS\Q]SRVRfQvRPVOWXQ`RhYRWo\RbQvS\Q[R`XZ_\RfQu[ZjjRPTQ]RPQ^WXRPRT OT]Q ZO_URPRU\RTQ aeX[RP`RYRUOTURTQ XpP\RTQ VSRQ hObQ c\[ZTQ VjPZWXQ YRS\RPQ OT] e`RP[RU\RQVSWXQ{R]RVQokP\b ssSRQ tk{RQ VZU\RQ OTVQ zWXQ XZ`RQ RVQ VkQ RSTURPSWX\R\dQ ]ZlQ ]SRQ vO[[oZOURPQ RVQ TSWX\ VWXZ__RTdQfS\QYRTSURPQcP`RS\Q`RVVRPQhOQ[R`RTQk]RPQVk[WXRQuP_ST]OTURTQhOQfZWXRT YSRQ ]SRQ aPRf]RTQ SfQ rZOfVWXS__Q k]RPQ ]RPQ ^\RPTRT`ZPoRbQ oRTTQ ]SRQ vO[[oZOURPd VZU\RQ]SRQtk{RQOThYRS_R[XZ_\dQhOQfSPQokffRTdQSTQfRSTQzTTRPRVdQYRP]RQSWXQfS\QSXTRT VjPRWXRTb
nT]Q]SRQaPRf]RTQVk[[RTQ]RTQvO[[oZOURPTQXR[_RTQsSRQvO[TOPRPdQSXPRQtPe]RPdQVk[[RT SXTRTQXR[_RTbQnT]QVWX[SRl[SWXQVk[[RTQVSRQaPROT]RQYRP]RTbQsZVQVZU\RQ]SRQtk{Rbt gk__RT\[SWXQXZ\\RQc\[ZTVQ^WXZWXhOUQ]SRQvO[[oZOURPQe`RPhROU\bQ^oRj\SVWXQYZP\R\R RPdQ`SVQ]SRQc\SywtPe]RPQOT]Q]SRQhYRSQcT_eXPRPQfS\RSTZT]RPQPR]R\RTbQuPQXpP\RQfS\ UPpl\RPQ cO_fRPoVZfoRS\Q ]SRQ }`RPVR\hOTURTQ OT]Q reWoe`RPVR\hOTURTQ fS\Q OT] `RfRPo\RdQ ]ZlQ ]SRQ cT_eXPRPQ ]RPQ ^\PRS\jZP\RSRTQ ]RO\[SWXQ hORSTZT]RPQ c`V\ZT] YZXP\RTb s^SRQ fRSTRTdQ VSRQ opTTRTQ TSWX\Q okT\Pk[[SRPRTdQ k`Q YSPQ ]SRQ oZXPXRS\Q VZURTtd RP[iO\RP\RQc\SywsPkkVQVWX[SRl[SWXbQc\[ZTVQcT\YkP\QRT\\iOVWX\RQSXTQTSWX\b s^SRQopTTRTQRVQVk_kP\QokT\Pk[[SRPRTbQzTQ]RPQtk{RbQoSPQ_[SRURTQ]kP\XSTwt soSPQZ[[RwtQOT\RPV\e\h\RQSXTQc\[ZTbQsuSTQukT\Zo\QfS\Q]RfQ`RVWXe\hRTVYRP\RTQOT] hOQ RPk`RPT]RTQ nRURTV\ZT]Q SfQ xRPVWXYOT]RTRTQ tRPUbQ oZPOfQ YS[[Q tZOUXQ ]SR nT\RPVOWXOTUQk]RPQ]ZVQtR\PR\RTQxRPYRSURPTxQoS[[QRPQTSWX\dQ]ZlQVRSTQvk[oQR\YZV [RPT\xt snT]QYZPOfQXZ`RTQaPkTVR[QOT]QVRSTRQuPSRURPQURURTQSXTQURoifj_\xtQYk[[\RQ]RP vO[TOPRPQYSVVRTbQsskWXQTSWX\dQOfQxkPQ]RPQk__RTRTQtk{RQhOQYZP\RTxt sRPQ u[RSToZPSRP\RQ xk[[_eXP\RQ RSTRQ rRSXRQ VR[\VZfQ ZOVVRXRT]RPQ tRYRUOTURTQ fS\ Z[[RTQn[SR]fZlRTdQ]ZTTQxRPV\ZT]Qc\[ZT ssSRQaPRf]RTQXZ`RTQPRWX\bQ}`RPYST]RQ]SWXdQZ[\RPQmPSRV\RPbQzWXQXZ`RQURTOUQvO\b qXrfSRPQOT]QvR]RwcWoQOT]QSWXdQYSPQ_[SRURTQfS\Q]RTQaPRf]RTQSTQ]SRQtk{Rbt c\[ZTQYSTo\R~QRSTRQnRV\RdQ]SRQaPkTVR[QxRPV\ZT]bQ^k_kP\QPZTT\RTQRPQOT]QhYRSQZT]RPR vO[[oZOURPdQ VWXYZPhVjSPZ[SUQ OT]Q VWXYZPhYRSldQ ZO_Q ]RTQ a[OUZjjZPZ\Q hObQ ^SR o[R\\RP\RTQURVWXSWo\QZO_Q]SRQmZ]R_[iWXRdQZO_Q]RPQqRS[RQ]RPQcOVPeV\OTUQ_RV\URhOPP\ YZPRTb c\[ZTQ OT]Q qrZPSQ YZP\R\RTQ TkWXbQ sRPQ cPokTS]RQ okTT\RQ RSTQ `PRS\RVQ nPSTVRTQ TSWX\ OT\RP]PeWoRTbQsSRQ]PRSQvO[TOPRPQPR]R\RTQZO_QtZOUXQRSTdQOT]QVWX[SRl[SWXdQOfQTSWX\ aPkTVR[Q]RTQURVZf\RTQrOXfQhOQUpTTRTdQV\Sff\RQZOWXQ]RPQqPZ]S\SkTZ[SV\QhObQuP `RTZTT\RQ hYRSQ uPSRURPQ TZfRTVQ NkOj\Q OT]Q uXZPjbQ cOWXQ ]SRVRQ vO[[oZOURP o[R\\RP\RTQVWX[SRl[SWXQZO_Q]SRQmZ]R_[iWXRdQZ`RPQxkTQ]RPQZT]RPRTQ^RS\Rb smkVwtQ VZU\RQ c\[ZTbQ s^ZUVQ SXTRTdQ qXZTbQ aePQ VSRQ Z[[RQ YSP]Q ]SRQ |OoOT_\Q `RVVRP YRP]RTbtQsZVQ|SPjURPiOVWXQVWXYk[[QZTdQZ[VQ]SRQvO[TOPRPQhOQqrZPSQOT]Qc\[ZTQSTQ]SR
uZ`STRQ XSTRSTo[R\\RP\RTbQ sRPQ n[RS\RPQ Xk`Q Z`Q OT]Q _[kUQ VkQ [ZTUVZfdQ ]ZlQ Z[[R vO[[oZOURPQ ]RTQ a[OUQ UR`eXPRT]Q `Rk`ZWX\RTQ okTT\RTdQ VWXPiUQ XSTZO_Q OT] OTURXST]RP\Q STQ ]SRQ ^WX[ROVRQ XSTRSTbQ sSRQ mOoRQ YZPQ UPklQ URTOUQ _ePQ fRXPRPR a[OUopPjRPQ ]SRVRPQcP\bQc[VQc\[ZTQ ]RTQ n[RS\RPQ ZO_VR\h\RdQ TSWo\RQ SXfQ qrZPSQ hOQ OT] _[eV\RP\R szWXQ `STQ VSWXRPdQ ]ZlQ ]SRQ tk{RQ VjPRWXRTQ YSP]bQ uVQ SV\Q RSTQ a[eV\RPTQ STQ ]RPQ UZThRT cT[ZURbtQ^kYkX[Q]SRQvO[TOPRPQZ[VQZOWXQZ[VQ]SRQ`RS]RTQ^k[ZTRPQXZ\\RTQVWXkTQ{R\h\ RPoZTT\dQ ]ZlQ ]SRQ tk{RQ Z[VQ rZOf_ZXPhROUQ UR]ZWX\Q YZPbQ sSRQ ^WX[ROVRQ \POUQ Z[[R RT\VjPRWXRT]RTQ vRPofZ[RbQ scOVV\RSURTtdQ VZU\RQc\[ZTbQ ssSRQ nRXRSfTSVVRQ ]RP tk{RQYZP\RTQZO_QOTVbt c\[ZTQ`RYRU\RQVSWXQfS\QiOlRPV\RPQvkPVSWX\dQZ`RPQRVQUZ`QoRSTRQaZ[[RTbQsSRQtk{R ]ZWX\RQOT]QXZT]R[\RQVR[`V\\i\SUbQzfQRPV\RTQrZOfQXST\RPQ]RPQURPiOfSURTQ^WX[ROVR iT]RP\RQVSWXQ]SRQ^WXYRPoPZ_\dQOT]QYiXPRT]Q]SRQuST]PSTU[STURQ_ePQRSTSURQ^RoOT]RT ^WXYSRPSUoRS\RTQ XZ\\RTdQ XZ[[\RQ ]OPWXQ ]RTQ ukPPS]kPQ fS\Q POT]RfQ
ORPVWXTS\\Q RSTR ^\SffRb ^SRQ VjPZWXQ zT\RPokVfkbQ c\[ZTQ `[SWo\RQ VSWXQ OfbQ cOWXQ vO[TOPRPQ OT]Q vO[[oZOURP xRPV\ZT]RTQ]SRQ^\SffRQ]RPQtk{Rb suSTRQV\ZPoRQ\R[RjZ\XSVWXRQukfjkTRT\RtdQRPo[iP\RQqrZPSbQc\[ZTQXpP\R ssRPQ |RT\PZ[WkfjO\RPQ ]RPQ tk{RQ `RUPel\Q ROWXbQ nRX\Q YRS\RP~Q SWXQ VWXZ[\R RT\VjPRWXRT]RQ |RSWXRTbQ sSRQ mPkUPZffSRPOTUdQ ]SRQ SWXQ STQ ]RPQ vRPUZTURTXRS\ `RoZfdQXZ\QZ[[RQuPRSUTSVVRQZOVUR[pV\bQnRX\QSTQ]SRQmRS\hRT\PZ[RQOT]QV\R[[\QaPZURTbQzT {R]RfQc`VWXTS\\QUS`\QRVQkj\SVWXRQOT]QZoOV\SVWXRQvRPV\iT]SUOTUVRSTXRS\RTbtQsSR vO[[oZOURPQ YZPRTQ e`RPYi[\SU\Q OT]Q [SR_RTQ XST\RPQ qrZPSQ OT]Q c\[ZTQ STVQ zTTRPRQ ]RV ^WXS__RVQXSTRSTbQc\[ZTQXSTURURTQ_k[U\RQRSTRfQ^rV\RfQXOVWXRT]RPQaZP`V\PSWXRQxkP VRSTRTQaOlVjS\hRTbQqePRTQU[S\\RTQURPiOVWX[kVQZO_QOT]QYSR]RPQhOb szWXdQ ]SRQ tk{RdQ xRPV\RXRQ fSWXQ ZOWXQ Z[VQ aO\OP`k{RbQ sSRQ nPOT]jPkUPZffSRPOTU hYSTU\QfSWXdQ_k[URT]RVQhOQRPo[iPRTQoRTTQRVQZTQ]RPQ|RS\QSV\dQ]RfQnRVWXRXRTQST ]RPQNZfRT[kVRTQ|kTRQRSTRQVWXSWoVZ[XZ_\RQoRT]OTUQhOQUR`RTdQ]ZTTQfOlQSWXQZ[[R jkVS\SxRTQ uPi_\RQ OT]Q cTV\PRTUOTURTQ OT\RPV\e\hRTbQ zWXQ `STQ RSTQ XRPxkPPZURT]RV oRPohROUbt sSRQ mRS\hRT\PZ[RdQ TSWX\Q YRS\Q xkTQ ]RPQ zTTRTXe[[RdQ k__RTVSWX\[SWXQ STTRPXZ[`Q ]RP oOUR[SURTQvS\\R[POT]OTUQOT\RPUR`PZWX\dQYZPQ_ePQ]SRQc\SywsPS[[STURQOT]Q]SRQ^k[ZTRP RSTQ URYkXT\RPQ cT`[SWobQ sSRQ tS[]VWXSPfRQ OT]Q RSTRQ vSR[hZX[Q xkT ukT\Pk[[STV\POfRT\RTQ YZPRTQ Zo\SxSRP\bQ uXP_OPWX\Vxk[[Q \Zjj\RTQ ]SRQ ui_RPZP\SURTQ xkT
RSTRfQ nRPi\Q hOfQ ZT]RPRTQ OT]Q `RPeXP\RTQ Z[[RVQ VWXROQ fS\Q ]RTQ ^jS\hRTQ ]RP nPRS_VWXRPRTbQc\[ZTQ`RVWX[klQSTQ]SRVRPQ^RoOT]RdQVSWXQTSWX\QOfQ]SRQtR[ZTURQ]RP vO[[oZOURPQhOQoeffRPTbQuPQ_PZU\R ssZVQaO\OPQZOVQpRTVRS\VfZ\RPSRQ`PZWX\RQOTVQhOPQaO\OP`k{RbQrSWX\SUxt s^kQYZPQRVQURj[ZT\bt soRPQXZ\Q]SWXQjPkUPZffSRP\xt ssZVQ RT\hSRX\Q VSWXQ fRSTRTQ ^jRSWXRPTbQ zWXQ YOP]RQ Zo\SxSRP\dQ Z[VQ ]SRQ vZ\RPSRQ ]RT VWXe\hRT]RTQtRPUQZO_[pV\Rbt ssOQoZTTV\QSTQ]SRQNZfRT[kVRQ|kTRQRST]PSTURTxt szWXQ`STQfS\Q]RfQURVZf\RTQzTXZ[\QSTQ]RPQmZURdQhYSVWXRTQ]RfQTkPfZ[RTQnTSxRPVOf OT]Q]RPQNZfRT[kVRTQ|kTRQXSTQOT]QXRPQhOQYRWXVR[Tbt ssSPQ SV\Q Z[VkQ ZTQ RSTRPQ oSR]RPxRPRSTSUOTUQ hYSVWXRTQ mSWX\yOR[[RQ OT]Q vO[TOPRPT UR[RURTxQsSRQvO[TOPRPdQ]ZVQVST]Q]SRQUPplRPRTQoRVRTQXST\RPQfSPbt c\[ZTQ[RXT\RdQqrZPSQURURTe`RPdQZTQ]SRQreWoRTokTV\POo\SkTQRSTRVQxRPU[RSWXVYRSVR PSRVSURTQ ^RVVR[VQ URV\e\h\bQ sSRQ uPo[iPOTURTQ ]RVQ |RT\PZ[WkfjO\RPVQ oZfRTQ ZOV Z[[RTQrSWX\OTURTQOT]Q`RVZlRTQ]SRQ
OZ[S\i\QRSTRPQ[ZO\RTdQVR[`V\`RYOl\RTQ^\SffRb oSRQ]SRQnfVWXPRS`OTURTQOT]QuPo[iPOTURTQ_ePQ]SRQvO[[oZOURPQo[ZTURTdQYk[[\RQVSWX c\[ZTQTSWX\QxkPV\R[[RTbQuPQYZP\R\RQ`RUSRPSUQZO_Q]SRQcT\YkP\b s^R[`V\xRPV\iT][SWXQ OT\RPV\e\hRQ SWXQ Z[[RQ jkVS\SxRTQ uPi_\RdQ ]SRQ ]SRVRQ vRPRSTSUOTU _pP]RPTQ k]RPQ XRP`RS_eXPRTQ Yk[[RTbQ zWXQ `STdQ [ZO\Q mPkUPZffSRPOTUdQ STQ ]RP vRPUZTURTXRS\QXSRPQxRPV\RWo\QYkP]RTbQuSTQYSThSURPQzfjO[VQZTQrRV\V\PZX[OTUQVkPU\R ]Z_ePdQ ]ZlQ ]SRQ m[ZTR\ZPSRPQ RSTRTQ `RV\Sff\RTQ ^\ZT]Q ]RPQ uT\YSWo[OTUQ TSWX\ e`RPVWXPS\\RT~QVSRQXi\\RTQ]SRQmPSThSjSRTQfRSTRVQmZTUhRS\jPkUPZffVQURV\pP\btQssO YRSl\QZ[VkQ]R_STS\SxQTSWX\VQxkTQ]RTQuPRSUTSVVRTQ]RPQvRPUZTURTXRS\xt sNRSTbQ zWXQ `STQ ]OPWXQ ]ZVQ aO\OPQ RSTURVWXZ[\R\Q YkP]RTbQ zWXQ `RVS\hRQ Z[[RP]STUV Vif\[SWXRVQ oSVVRTQ OT]Q aiXSUoRS\RTQ hOPQ j[ZTxk[[RTQ sOPWX_eXPOTUQ hOoeT_\SURP co\SkTRTbtQs^WXZ]RtdQfRST\RQqrZPSb soSPQ XZ`RTQ Z[[RVQ xRPV\ZT]RTtdQ VWXZ[\R\RQ VSWXQc\SywsPkkVQ RSTbQ ssSRQ |RS\Q SV\Q PRS_d aO\OP`k{Rwt ssRPQ |RT\PZ[WkfjO\RPQ XZ\Q ]SRVR[`RQ cTZ[rVRQ ]OPWXUR_eXP\bQ zWXQ `STQ _eP
RT\VjPRWXRT]RQuSTVi\hRQ`RPRS\bt scOWXQ fS\Q RSTRPQ vZTTVWXZ_\Q ZOVQ ^k[ZTRPTQ OT]Q vO[TOPRPTdQ RSThR[TQ k]RP hOVZffRTxtQssSRQuT\VWXRS]OTUQ]ZPe`RPQXZ`RQSWXQTSWX\QUR\Pk__RTbQpR]RPdQ]RPQ]SR `RS]RTQukfjkTRT\RTQhOVZffRT_eXPRTQYS[[dQoZTTQfRSTRQaiXSUoRS\RTQZOVTO\hRTb sSRQ|RS\QSV\QPRS_btQssOQYSPV\Q]RTQm[ZTR\RTQvO[[oZOUQxRP[ZVVRTQfeVVRTbt suSTQvkP\RS[Q_ePQ]SRQvO[[oZOURPbQzWXQYRP]RQ]ZVQ`SVXRPQ`[kWoSRP\RQoSVVRTQOT]Q]SR oO[\OPR[[whSxS[SVZ\kPSVWXRTQ |OPeWoXZ[\OTURTQ _PRSUR`RTbQ tSTTRTQ oOPhRPQ |RS\Q YSP]Q VSR RSTQ^\OPfYST]Q]RPQaiXSUoRS\RTQXRSfVOWXRTbtQc\[ZTQ`[SWo\RQqrZPSQVWXYRSURT]QZTb sZTTQTSWo\RQRPQ[ZTUVZfbQuPQXZ\\RQTkWXQTSWX\QZ[[RQcVjRo\RQ]SRVRPQe`RPPZVWXRT]RT uPp__TOTURTQOT]Q]RPQTROQURYkTTRTRTQvpU[SWXoRS\RTQ]OPWX]ZWX\bQuPQV\R[[\RQRSTR YRS\RPRQ aPZURbQ scTURTkffRTdQ SWXQ RP\RS[RQ ]RPQ aO\OP`k{RQ ]RTQ tR_RX[dQ RSTRT `RV\Sff\RTQ mOTo\Q SfQ NkPfZ[OTSxRPVOfQ ZThO_[SRURTQ OT]Q xkTQ ]kP\Q ZOVQ STQ ]SR NZfRT[kVRQ|kTRQhOQ_[SRURTxQvS\Q^WXS__RTQ]RPQ^k[ZTRPQOT]QVk[WXRTQ]RPQvO[TOPRPb oSRQViXRQ]SRQrRZo\SkTQZOVxt uPQ YZPQ VSWXQ `RYOl\dQ ]ZlQ RSTQ PSRVSURPQ kfjO\RPQ VSRQ Z[[RQ VRS\Q ]RfQ uST]PSTURT URTZORV\RTVQ`Rk`ZWX\R\RbQNRSTbQ^WXkTQxkPXRPwQ^RS\Q]RfQcOURT`[SWodQOfQURTZO hOQVRSTdQZ[VQVSWXQ]RPQuRUR[`RPUQZO_UR[pV\QXZ\\RdQYZPQRPQZo\SxSRP\bQszWXQYeP]RQ]SRVRT tR_RX[Q fS\Q Z[[RTQ fSPQ xRP_eU`ZPRTQ vS\\R[Q `R_k[URTbQ nfQ vSlxRPV\iT]TSVVRQ hO xRPfRS]RTdQ _eURQ SWXQ XSThOQ qRS[RQ ]RPQ qRWXTSoQ ]RPQ tk{RQ VST]Q xRPVSRUR[\dQ Z[Vk URXRSfbQ ^SRQ ]eP_RTQ TSWX\Q RT\VWX[eVVR[\Q YRP]RTbQ c`URVRXRTQ ]ZxkTQ VST]Q ]SR RT\VjPRWXRT]RTQgkX[PiOfRQZOWXQTSWX\QhOUiTU[SWXbt svRSTRQNROUSRP]RQXi[\QVSWXQSTQRTURTQnPRThRTtdQRT\URUTR\RQ]RPQcPokTS]RbQsoSP xRP[ZVVRTQ {R\h\Q ]RTQ mRS\V\ZT]bQ zTQ oOPhRPQ |RS\Q okff\Q RSTQ o[RSTRVQ ukffZT]kQ ZT tkP]QfS\QURTZORTQuOPVZTYRSVOTURTQOT]QZT]RPRTdQST\RPRVVZT\RTQvkPXZ`RTbt suVQYSP]QfSPQYS[[okffRTQVRSTbt cO_Q]RTQtS[]VWXSPfRTQxRPiT]RP\RTQVSWXQ]SRQcTVSWX\RTQ]RVQm[ZTR\RT`k]RTVbQ^SR ]PRX\RTQ VSWXQ Z[[RQ [ZTUVZfQ OfQ TROThSUQ nPZ]bQ c\[ZTQ OT]Q qrZPSQ XpP\RTdQ Z[VQ VSR [ZTUVZfQ hOfQ n[RS\RPQ hOPeWoUSTURTdQ fRXPQ \R[RjZ\XSVWXQ k]RPQ VOUURV\SxQ Z[V ZoOV\SVWXQ YZXPTRXf`ZPdQ YSRQ ]SRQ aO\OP`k{RQ ]SRQ vO[[oZOURPQ ZTPR]R\RbQ ^SR xRPVSWXRP\RQQOT]Q]Z`RSQUR`PZOWX\RQVSRQXkWX\PZ`RT]RQOT]QfZPoZT\RQ^i\hRQdQ]Zl VkYkX[Q]SRQV\ZT]XZ_\RTQqPZ]S\SkTZ[SV\RTQZ[VQZOWXQ]SRQfO\SURTQNRO]RToRPQURTZO ]ZVQ rSWX\SURQ UR]ZWX\Q OT]Q UR\ZTQ Xi\\RTbQ zXPQ uZfj_Q VRSQ xkTQ ]RPQ tk{RQ ]So\SRP\ YkP]RTbQzTQoSPo[SWXoRS\QUZ`QRVQoRSTRQnRURTVi\hRbQsRPQnPOT]Q]RVQ^\PRS\RVQYeP]R ]RTQ m[ZTR\RTQ `Z[]Q xRP[ZVVRTbQ nT]Q ]SRQ vO[[oZOURPQ fOl\RTQ VSWXQ fS\RSTZT]RP xRPVpXTRTbQ ^SRQ YeP]RTQ PRSWXQ `R[kXT\Q YRP]RTbQ sSRQ \PRORTQ sSRTV\RdQ ]SRQ _ePQ ]SR
cXTRTQ UR[RSV\R\Q YkP]RTQ YZPRTdQ YeP]RTQ ]SRQ vO[[oZOURPQ hOQ RSTRfQ U[eWo[SWXRT o[RSTRTQ vk[oQ fZWXRTdQ RSTRfQ ^\ZffdQ ]RPQ STQ RSTRPQ jZPZ]SRVSVWXRTQ oR[\Q [R`\Rd VkPURT_PRSQOT]QbbbQOT]Qbbb sSRQ aO\OP`k{RQ VWXYR`\RQ {R\h\Q YZZUPRWX\Q STQ ]RPQ mO_\bQ sSRQ ^WX[ROVRQ [ZUQ VkQ ]SWX\ e`RPQ ]RfQ tk]RTdQ ]ZlQ vO[TOPRPQ OT]Q vO[[oZOURPQ fS\Q RSTRfQ ^Z\hQ STQ ]SRQ YRSl e`RPV\iO`\RQa[iWXRQXSTOT\RPVjPSTURTQokTT\RTb c\SywrhQ `[SR`Q `RSQ tZOUXQ OT]Q aPkTVR[Q Q `SVQ hOfQ ^\ZP\dQ VZU\RQ RPbQ aeP c[\RP\OfV_kPVWXRPQ Ui`RQ RVQ VRXPQ xSR[Q hOQ \OTdQ xRPVSWXRP\RQ RPbQc\[ZTdQ qrZPSQ OT]Q ]SR `RS]RTQvO[TOPRPQ`PZWX\RTQ]RTQn[RS\RPQhOPeWoQSTQ]SRQvpczmcvbQskP\QxRP`PZWX\RT VSRQ RSTSURQ [R`XZ_\RQ ^\OT]RTQ ]ZfS\dQ Z[[RTQ tRVZ\hOTUVZTURXpPSURTQ hOQ `RPSWX\RTd YZVQ Z[[RVQ xkPUR_Z[[RTQ YZPbQ uVQ UZ`Q [ZO\RQ sSVoOVVSkTRTbQ sSRQ vS\U[SR]RPQ RSTRV o[RSTRTQqRZfVQfR[]R\RTQVSWXQ_PRSYS[[SUdQOfQfS\Q]SRVRfQXkWXST\RPRVVZT\RTQ`{Ro\ ]RTQreWo_[OUQhOPQ^mQZThO\PR\RTb c\[ZTQ V\Sff\RQ hOQ OT]Q [RU\RQ ]RTQ ^\ZP\Q _ePQ ]SRQ RPV\RTQ ^\OT]RTQ ]RV _eT_OT]hYZThSUV\RTQcOUOV\Q_RV\b uSTQ PSVSok[kVRPQ oRUQ STQ ]SRQ NZfRT[kVRQ |kTRQ VWXSRTQ k__RTQ hOQ VRSTbQ `Q RVQ [RSWX\ YZPdQSXTQhOQ`RVWXPRS\RTdQYeP]RTQVSRQZ[[RQ`Z[]QXRPZOV_ST]RTbQNkWXQxSR[QfRXPQnPOT] hOPQaPRO]RQYeP]RTQ]SRQvO[TOPRPQXZ`RTb sZWX\RQ RPQ ZTQ ]SRQ vSVSkTdQ xRPUSTURTQ c\[ZTQ ]ZVQ mZWXRTQ OT]Q {R]RPQ cT_[OUQ xkT UR[pV\RPQaPpX[SWXoRS\b
78 ABCDEFGHIJGKLMBNJHOPJQNRJSCBTPUVLGNJNCINWJXKIBORWNWWNUWJOIQJYCRMBNJCIJQNRJWBHRM ZNQRKWWNUBNIJ [OIMBUCLGB\NUNOLGBOIZJ QNRJ ]NIBRHUNJ YCNJ NCIJ N^KBCWLGNRJ _CBBNR`J YCN NCINJaNBHUUZNbHITNRBNJcNWBHUBJHOWJNCINRJHOdNRZNYeGIUCLGNIJfNUBgJSNCINJSBCaaN TCRbBN`JOIQJQNRJFRHIWUHBKRJZH\JQNIJFN^BJYCNQNRg hiCLGBDONUUNEjHLBHJ YCRQJ HOdNRJ WCLGJ WNCIJ kKRJ pRNOQNgJ fNIIJ NWJ WBCaaB`J QHII YNRQNIJ YCRJ CIJ XqRTNJ QCNJ iCLGBDONUUNJ kKRJ OIWJ WNGNIgJ rCINJ DOVUNIQNJ ]NCBJ QNR sIZNYCdGNCBJZNGBJTOJrIQN`JABUHIgt huHLGNJHOPJMNCINIJpHUUJQNIJpNGUNRt`JYHRIBNJABUHIJOIQJWLGHOBNJCaaNRJYCNQNRJHOP QNIJ uKICBKR`J QNRJ CGINIJ TNCZBN`J YCNJ NWJ WCLGJ QCNJ cRObbNJ OaJ vwKJ vRNCWMKUUJ Ca iNCBWBHIQJ OIQJ QNIJ HIZRNITNIQNIJ _VOaNIJ QNRJ pOBOR\KwNJ \NDONaJ TOJ aHLGNI kNRWOLGBN`JhTOJQNIMNI`JNCIJxKRWBKdJCIJQCNJyHaNIUKWNJ]KINJZCIZNJKGINJcNPHGRNI H\gJxCNUNJSKUHINRJWCIQJQKRBJZNWBKR\NIgJAIQNRNJMNGRBNIJaCBJSLGVQNIJTORqLM`JQCN IKLGJUHIZNJICLGBJHOWZNGNCUBJWCIQgtJhzHWJYNCdJCLGt`JaNCIBNJQNRJxOUIORNRgJhA\NR CLGJ \CIJ BRKBTQNaJ GNCBNRJ OIQJ TOPRCNQNIgtJ SCNJ GHBBNIJ WCLGJ kKIJ QNIJ xOUUMHOZNRIJ CI \NWBNaJrCIkNRINGaNIJZNBRNIIBgJzCNJiHQOIZJQNRJujA{iAuJYHRJOaJNCICZNJFKIINI NCIPHLGNRJuHWLGCINI`JyHLGRCLGBNIZNRVBNJOIQJiNRI\VIQNRJWHaBJFRHIWUHBKRNIJOIQ vCUQWLGCRaNIJ NRUNCLGBNRBJ YKRQNIgJ zCNJ vRKITNTNCBUNRJ YqRQNIJ kCNUJ IHLGTOGKUNI GH\NIgJ jNQNWJ cNWLGNIMJ YHRJ NRMUVRBJ OIQJ QHIM\HRJ NIBZNZNIZNIKaaNIJ YKRQNIg vHRRNIJGHU\NQUNRJuNBHUUNJYHRNIJQHWJcNZNIZNWLGNIMg h]ORqLMJTORJS|i`JTORJ}rsFr`JcrSFr_yJOIQJu|_cry~tJRCNPJQNRJxOUIORNRgJh{I YNICZNIJSBOIQNIgt ABUHIJ\NWHdJIORJCIJQNIJv_{SvrrEXCIQNRIJOIQJQNRJpOBOR\KwNJTYNCJueZUCLGMNCBNI` CIJQCNJyHaNIUKWNJ]KINJNCITOQRCIZNIg hvUNC\BJ CGRJ HUUNCIJ GCNRtJ PRHZBNJ QNRJ {IWNMBKCQNJ OIQJ aHLGBNJ QCNJ cNWBNJ QNR xNRH\WLGCNQOIZgJABUHIJNRYCQNRBN hjHgJfCRJZNICNdNIJQCNJ_OGNgt {IJQNRJSCNQUOIZJ\RHIIBNIJkCNUNJpNONR`JiHabNIJOIQJpHLMNUIgJzCNJyNOQNIMNRJYHRNI HOWJQNIJfVUQNRIJZNMKaaNIJOIQJPNCNRBNIJaCBJQNIJFRHQCBCKIHUCWBNIgJzCNJ[CUZNR`JTO QNINIJWCLGJNCINJTYNCBNJXHRHYHINJZNWNUUBJGHBBN`JPNCNRBNIJaCBJOIQJUCNdNIJWCLGJkKI QNIJNGNaHUCZNIJ[RCNWBNRIJ\NRCLGBNI`JYNULGNJfOIQNRJHaJvNZCIIJNCINRJINONIJ]NCB WBHIQNIgJFHRCJUNGIBNJWCLGJTORqLM`JNWbNRBNJMORTJOIQJPUqLGBCZJCIJABUHIWJ_CLGBOIZJOIQ
kNRWLGUKdJQHII`JTOJFKQNJNRWLGRKLMNI`JCGRNIJxNRWBHIQg ABUHIJWLGUCNPJPNWBg zNIIKLGJRHWBNIJWNCINJcNQHIMNIgJrRJYHRJCaJ]NIBROaJNCINWJGeUUCWLGNIJ}ORRCMHIW HOWJ cNPqGUNI`J QNRJ {UUOWCKIJ NRWLGebPNIQNRJ vNYNZOIZNIJ OIQJ HIQNRNRJ xCWCKINI \NPHIZNIgJ rRJ UHZJ YCNJ \NYOdBUKWJ CaJ SNWWNUJ QNWJ XKaaHIQHIBNI`J WBHRRBNJ aCB KPPNINIJAOZNIJHIJFHRCJkKR\NCJHOPJQCNJvCUQWLGCRaNJOIQJHBaNBNJMNOLGNIQg {LGJ bRNdBNJ aNCINIJ _qLMNIJ ZNZNIJ QNIJ GNCdNIJ pNUWJ OIQJ GK\J QNIJ XKbPgJ zNR GHU\TNRWLGaNBBNRBNJXeRbNRJNCINWJBKBNIJuNIWLGNIwVZNRWJPCNU`JWCLGJq\NRWLGUHZNIQ` q\NRJ QCNJ MHIBCZNIJ vRKLMNIJ QNRJ cNReUUTOIZNgJ }CIBNRJ aCRJ WBCNdJ FHRCJ WLGHRPJ QNI ABNaJHOWg hrWJUN\NIJIKLGJCaaNRJNCICZNJQNRJxNRPKUZNRt`JPUqWBNRBNJWCNgJzCNJSBOIQNI`JQCNJYCR CaJ iH\RCIBGJ QNRJ PHR\CZNIJ pNUWNIJ OaGNRCRRBNI`J WLGCNINIJ ICLGBJ TOJ NIQNIgJ yKLG WBHIQJ QCNJ SKIINJ XHOWICBWJ ICLGBJ CaJ yHLGaCBBHZgJ fCNQNRJ wHOUBNJ NCIJ SBRHGUWLGOd q\NRJ WCNJ GCIYNZJ OIQJ kNRYHIQNUBNJ QNIJ SBNCIJ QKRB`J YKJ aNCIJ SLGHBBNIJ HOPBRHP`J CI SbUCBBNR`J YNCdZUqGNIQNJ pOIMNIJ OIQJ _HOLGgJ fNQNRJ CLGJ IKLGJ FHRCJ WHGNIJ QNI SLGqBTNIg hfCRJUN\NIJHOLGJIKLGgJrRWBHOIUCLG`JICLGBJYHGRtJZH\JCLGJTORqLMg cNQOLMBJ WLGK\NIJ YCRJ OIWJ QORLGJ QCNJ WLGaHUNIJ SbHUBNIJ TYCWLGNI WKIINIZUqGNIQNIJ KQNRJ WLGHBBNIWLGYHRTNIJ uHONRIJ HOWJ SBNCIgJ yKLGJ GHBBNIJ YCR ICLGBJ QNIJ GeLGWBNIJ [OIMBJ NRRNCLGB`J kKIJ QNaJ QCNJ FRNbbNJ GCIOIBNRPqGRBNJ TOa iHIQNbUHBTJ QNWJ _NBBOIZWMKaaHIQKWgJ }KLGJ q\NRJ OIWJ WLGYN\BNJ CRZNIQYKJ QNR cUNCBNRJ_KWaNRNWgJhSCNJGH\NIJNWJHOPJaNCINIJFKQJH\ZNWNGNIt`JaORaNUBNJFHRCg |\YKGUJCIJwNQNRJpNUWRCBTNJwNINJNMNUGHPBNI`JWBVO\NIQNIJvUqBNIJYOLGNRBNI`JZH\JNW NCITNUINJuKaNIBN`JCIJQNINIJFHRCJNWbNRIJMKIIBNg hsIWCIIgJAOPJOIWNRNIJFKQ~tJWHZBNJCLGJ\NBKIBgJfCRJGHWBNBNIJYNCBNR`JWNCBJQRNCJFHZNI OIOIBNR\RKLGNIJ HOPJ QNRJ pUOLGBgJ xNRYOIQNBNJ OIQJ FKBNJ aHRMCNRBNIJ OIWNRNIJ fNZg }CIBNRJ OIW`J GKLGJ q\NRJ OIWNRNIJ XebPNI`J MUHbbNRBNIJ OIQJ bKUBNRBNIJ TONRWBJ MUNCIN` QHIIJZRedNRNJSBNCIN`JWLGUCNdUCLGJGHZNUBNJNCINJWBHO\NIQNJiHYCINJZNIHOJHIJQNR SBNUUNJ GNROIBNR`J HIJ QNRJ WCLGJ N\NIJ IKLGJ FHRCJ \NPOIQNIJ GHBBNgJ {LGJ UCNdJ aCLG TORqLMPHUUNI`JTCNUBNJPUqLGBCZJOIQJWLGKdJHOPJQNIJjVZNR`JQNWWNIJ|\NRMeRbNRJTYCWLGNI TYNCJSBNCITCIINIJCIJQCNJ}eGNJZNRCWWNIJYORQNJOIQJQHIIJWLGYNRJIHLGJkKRIJPCNUg
rCINJSWBNaJNIZNRJSBNCI\eZNIJIHGaJOIWJHOPgJfCRJGHWBNBNIJHOPYVRBWJOIQJWHGNI WLGKIJQCNJPRNCNJpUVLGN`JQCNJWCLGJGCIBNRJNCINaJOIRNZNUaVdCZNIJSBNCIYHUUJYCNJGCIBNR [HUCWHQNIJkNR\HRZgJAUWJYCRJQHWJ_OIQJkKRJOIWJWHGNI`J\UCN\NIJYCRJCaJSLGOBTJNCINW zORLGUHWWNWJWBNGNIgJFHRCJWCLGNRBNJIHLGJGCIBNI`JCLGJYHZBNJNW`JaNCINIJXKbPJCIJQCN pUOLGBRCLGBOIZJTOJQRNGNIgJ{aJZUNCLGNIJAOZNI\UCLMJWbRHIZJQKRB`JYKGCIJYCRJRNIINI aOdBNI`JNCIJjVZNRJYCUQJPNONRIQJTYCWLGNIJQNIJvHWHUBWVOUNIJGNRkKRgJ{LGJBRHPJCGIJaCB QNaJTYNCBNIJSLGOd`JIHLGQNaJCLGJaCLGJTOJvKQNIJZNYKRPNIJOIQJaNCIJSLGCNI\NCI HOPZNWLGRHaaBJGHBBNg zHWJSOaaNIJQNWJcUNCBNRWJYORQNJUHOBNRgJuNCINJAOZNIJWOLGBNIJQNIJ}CaaNUJH\g fCIQJ OIQJ _NZNIJ GHBBNIJ QNIJ SBNCIJ kKRJ OIWJ keUUCZJ ZUHBBJ OIQJ bUHIJ ZNWLGUCPPNIg rCITNUINJ SBNCI\RKLMNIJ UHZNIJ QHRHOPJ OIQJ YHRPNIJ SLGHBBNIgJ hfCRJ GH\NIJ NWJ PHWB ZNWLGHPPBgJ {IJ TYNCJ SBOIQNIJ UCNZBJ HUUNWJ GCIBNRJ OIWt`J WHZBNJ CLGJ OIQJ aOWBNRBNJ wNQN }HIQ\RNCBJ QNRJ pNUWNI`J QCNJ CIJ QNIJ OIZUHO\UCLGWBNIJ pKRaNIJ QCNWNJ pUVLGN OaZRNITBNIgJ yCLGBWJ \NYNZBNJ WCLGgJ yORJ QNRJ GNCdNJ fCIQ`J QNRJ IHLGJ SOabPJ OIQ zWLGOIZNUJ RKLGJ OIQJ IHLGJ vUqBNIWBHO\`J YCIWNUBNJ CIJ MORTNIJ SBedNIgJ sIWNR }NRTWLGUHZJOIQJQCNJABNaZNRVOWLGNJYHRNIJQHWJiHOBNWBNJRCIZWOag h{LGJTONRWBt`JPUqWBNRBNJCLGgJhjNQNRJWCLGNRBJQNIJHIQNRNIgJSCN\TCZJZRKdNJSLGRCBBNgt hxNRWBHIQNIgJuHLGJWLGINUUgt {LGJ GK\J QCNJ fHPPN`J MKIBRKUUCNRBNJ QCNJ iHQNHITNCZN`J GKUBNJ BCNPJ iOPBJ OIQJ YHRPJ aCLG kKRYVRBWgJ{LGJRHWBNJaCBJRCNWCZNIJSbRqIZNIJCaJ]CLMTHLMJq\NRJQNIJPRNCNIJ[UHBTJOIQ YHRJaCBJQNaJUNBTBNIJSbROIZJCaJNCITCZNIJWCLGB\HRNIJzORLGUHdgJ]OJaNCINIJpqdNI UHZJQCNJiNCLGNJQNWJxNRPKUZNRWg fCRJ\NWHdNIJIORJIKLGJQCNJfHPPNIgJAUUNWJHIQNRNJGHBBNIJYCRJkNRUKRNIgJfCRJWBHR\NI PHWBJkKRJzORWBgJ{LGJYHRPJNCINIJUHIZNIJvUCLMJHOPJQCNJWBNCINRINIJSBOPNIJOIQJYCIMBN QHIIJFHRCgJSCNJRHIIBN`JWbRHIZJOIQJWLGUOZJN\NIWKJ}HMNIJYCNJCLGgJAUWJWCNJIKLG TYNCJSbRqIZNJkKIJaCRJNIBPNRIBJYHR`JWLGYHIZJWCLGJQNRJcUNCBNRJaCBJ_KWaNRNJQHRCI q\NRJ QCNJ pNUW\HRRCNRNgJ _KWaNRNJ WBHIQJ PNQNRIQJ QHRCI`J NCINJ MUK\CZNJ fHPPNJ Ca AIWLGUHZgJzNRJcUNCBNRJGCNUBJCIJQNRJiOPBJHIg _KWaNRNJ WLGKdJ NCINIJ uNBNRJ IN\NIJ aNCINRJ RNLGBNIJ SLGOUBNRJ CIJ QNIJ _HOa TYCWLGNIJQNIJpNUWNIg {LGJ kNRWOLGBN`J IHLGJ UCIMWJ HOWTOYNCLGNI`J OaJ PRNCNWJ SLGOdPNUQJ TOJ GH\NIgJ {a ZUNCLGNIJAOZNI\UCLMJWHGJFHRCJQCNJpNCIQCI`JWbRHIZJGHU\JTORJSNCBN`JGHU\JQRNGBNJWCN WCLGJGNROagJfCRJ\NCQNJWLGKWWNIg uNCIJSLGOdJBRHPJQNIJcUNCBNRg
FHRCJkNRPNGUBNJQNIJ|\NRMeRbNRJ_KWaNRNWJIORJOaJTYNCJ}HIQ\RNCBgJzHIIJQNOBNBN QNRJ [RKwNMBKRJ QNRJ WLGeINIJ _KBGHHRCZNIJ ZNIHOJ HOPJ aCLGgJ FHRCJ YHR GNRHIZNMKaaNI`J HGIBNJ QCNJ SCBOHBCKIJ aNGR`J HUWJ WCNJ WCNJ WNGNIJ MKIIBN`J OIQJ WCN WbRHIZJZNIHOJkKRJaCLGg {aJWNU\NIJAOZNI\UCLMJPNONRBNJ_KWaNRNgJFHRCJGHBBNJWCLGJkKRJaCLGJZNYKRPNIgJ|\ TOPVUUCZJKQNRJ\NYOdB`JYHRJOIYCLGBCZgJSCNJYORQNJZNZNIJaCLGJZNWLGUNOQNRBgJ{GRJARa PCNUJ WLGYNRJ GNROIBNR`J QNRJ XKU\NIJ CGRNRJ fHPPNJ MRHLGBNJ HOPJ aNCIJ }HIQZNUNIMJ OIQ bRNUUBNJaNCINJfHPPNJHOWJQNIJWLGaNRTNIQNIJpCIZNRIg hSCNJYKUUBNJgggJ aCLG`JABUHIt`J GHOLGBNJ FHRCJ OIQJ ZUCBBJ UHIZWHaJ HIJ aNCINaJ XeRbNR GNROIBNRgJ{LGJGCNUBJWCNJZNCWBNWH\YNWNIQJPNWBJOIQJGeRBNJQHWJUHOBN`JBRCOabGCNRNIQN iHLGNIJ _KWaNRNWgJ {GRNJ SBCaaNJ GHUUBNJ q\NRJ QCNJ pUVLGNJ hzHWJ CWBJ NW`J YHWJ CLG YKUUBN`JABUHIgJ{LGJYKUUBNJFHRCJBeBNIgJzOJMHIIWBJYNCBNRUN\NI`JQNIIJQCLGJ\RHOLGNJCLG IKLGgt {LGJYHRJkeUUCZJZNUVGaBgJ{LGJWHGJOIBVBCZJTO`JYCNJWCNJWCLGJCIJQNIJcUNCBNRWCBTJPHUUNIJUCNd` QCNJuHWLGCINJYNIQNBNJOIQJQHkKIwHZBNg FHRCJYHRJBKBg {LGJNRYHLGNJYCNQNRJHOWJQNRJxCWCKIgJ{LGJPCIQNJaCLGJCIJQNRJ]NIBRHUNJQNRJujA{iAu` OIQJaCRJZNZNIq\NRJWCBTBJFHRCJJUN\NIQJOIQJ\NWKRZB`JQNIIJWCNJGVUBJaCRJaCBJNCINa OIQNOB\HRNIJcNWCLGBWHOWQROLMJNCINIJXOIWBWBKPP\NLGNRJaCBJRKBNaJfNCIJNIBZNZNIg ABUHIJ WOLGBNJ CIJ CGRNIJ AOZNIJ IHLGJ cNYCdGNCBgJ fOdBNJ FHRC`J YNULGNJ xCWCKIJ CGI kNRYCRRB`JNRWLGRNLMBJOIQJWLGUCNdUCLGJYCNQNRJCIJQCNJfCRMUCLGMNCBJZNWLGUNOQNRBJGHBBN hzHIMNt`JPUqWBNRBNJABUHIg hfKkKIJ GHWBJ QOJ ZNBRVOaBtJ PRHZBNJ FHRCgJ rRJ BRHIM`J OaJ ]NCBJ TOJ ZNYCIINI`J QHII HIBYKRBNBNJNR hxKaJFKQJCIJWNCINRJ\ROBHUWBNIJpKRagtJSCNJWLGYCNZNIJ\NCQN`JQNIIJYNQNRJABUHI IKLGJFHRCJYOdBNI`JYHWJWCNJWHZNIJWKUUBNIgJSBOIQNIJWbVBNRJWBHRBNBNIJQCNJpOBOR\KwN OIQJQCNJujA{iAuJTORqLMJTORJS|ig
9:;9
WXYZX[\]X^Z\X_\Y`\ab`c\def\cX[\ghX`ZXiX[\cX[\jkl\mYZn o`ZX[]b`]\cX[\ab_Y_ pq`\g[`cZ\rssmX[ tmu[X__imn v\wqux[Y]^Z\cX[\k[Y]Y`bsbi_]bhX\hx\ybhXsz{qX|Y]\}X[sb]\~\b_ZbZZ w^X[XcbZYq`n\~sbi_\cd\e[Yf v\wqux[Y]^Z\cX[\Xaqqzgi_]bhX\hx\[XbcX[_usb`XZ\mhg\yb__bi\hffi\XY`X lYjX`jbi_]bhX\mYZ X`X^mY]i`]\cX[\ybhXsz{qX|Y]\}X[sb]\~\b_ZbZZ