Россия в XVIII столетии

Richalovsky titel 10/13/04 10:40 PM Page 1 РОССИЯ В XVIII СТОЛЕТИИ Выпуск II Ответственный редактор Е. Е. Рычаловск...

334 downloads 691 Views 3MB 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

DOWNLOAD PDF

Richalovsky titel

10/13/04

10:40 PM

Page 1

РОССИЯ В XVIII СТОЛЕТИИ Выпуск II Ответственный редактор Е. Е. Рычаловский

ЯЗЫКИ СЛАВЯНСКОЙ КУЛЬТУРЫ Москва 2004

ББК

63.3(2)46-7 Р 76

Р 76

Россия в XVIII столетии. Вып. 2 / Отв. ред. Е. Е. Рычаловский. М.: Языки славянских культур, 2004. – 360 с. – (Studia historica). ISSN 1727-9968 ISBN 5-9551-0041-5 Сборник охватывает широкий круг проблем социальнополитической истории и духовной культуры XVIII в. Сюда входят статьи, посвященные самозванчеству в России, проектам Верховного тайного совета, формированию библиотеки известных меценатов и коллекционеров князей Юсуповых и т. д. Публикуется в переводе на русский язык семейная переписка выдающегося мореплавателя В. Беринга. Предлагается вниманию специалистов и любителей истории большой комплекс документов, относящихся к служебной и частной деятельности первого директора Московского университета А. М. Аргамакова. ББК 63.3

В оформлении обложки использована иллюстрация из книги «Костюм в России XVIII — начала XX века». Л.: «Аврора», 1983.

Outside Russia, apart from the Publishing House itself (fax: 095 246-20-20 c/o M153, E-mail: [email protected]), the Danish bookseller G•E•C GAD (fax: 45 86 20 9102, E-mail: [email protected]) has exclusive rights for sales on this book. Право на продажу этой книги за пределами России, кроме издательства «Языки славянской культуры», имеет только датская книготорговая фирма G•E•C GAD.

I SBN 5 - 955 1 - 0 04 1 - 5 © Авторы, 2004 лллллллллллллллл © Языки славянской культуры, 2004

9 785955 100418

1

E

D=;he_gdh

JHKKBCKD:YXJB>BQ?KD:YEBL?J:LMJ: EBL?J:LMJ:IHJHKKBCKDHFMIJ:<M BL?HJ?LBQ?KDHFMIJ:?GBX <;B;EBHL?D?XKMIH
D=;he_gdh

k\h_]h\j_f_gb[ueZh^ghcbaemqrbo\JhkkbbHkh[_ggh\u^_eyeZkv hgZ kh[jZgbyfb ebl_jZlmju ih bah[jZabl_evghfm bkdmkkl\m l_Zljm baysghc keh\_kghklb bklhjbb b ]_h]jZnbb < __ khklZ\_ bf_eZkv dhe e_dpbybgdmgZ[mebdgb]\uims_gguo\;9,²gZqZe_;,;\\u^Zx sbfbkyba^Zl_eyfb?\jhiubJhkkbb²nbjfZfb:ev^h\Weva_\bjh\ >b^h >`hgZ ;Zkd_j\beeZ >`Zf[ZllbklZ ;h^hgb Z lZd`_ B\Zghf N_ ^hjh\ufbGBGh\bdh\uf Hdheh ] [b[ebhl_dZ \ lh \j_fy gZoh^b\rZyky \ I_l_j[mj]_ [ueZ dZlZeh]babjh\ZgZ jmdhibkguc \hexf i_j_ie_l_gguc \ djZkguc kZnvygojZgblky\gZklhys__\j_fy\nhg^Zofma_yhklZlhqgh[m^_lkdZaZlvqlhi_j_^dZ`^ufbawlbokh[jZgbc hq_\b^ghklhyebjZagu_aZ^Zqbiheh`_gb_djmigh]hqbgh\gbdZ[h]Z lh]h a_fe_\eZ^_evpZ gZke_^gbdZ b gZke_^h^Zl_ey g_ba[_`gh ^_eZeb bgl_j_kXkmih\ZdjhkkbckdhfmijZ\mkdhj__ijZdlbq_kdbfq_fl_hj_ lbq_kdbfKAZiZ^ghc`_?\jhihcdgyavg_kfhljygZ\k_iml_r_kl\byb

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

fgh]hh[jZagu_\lhfqbke_b^biehfZlbq_kdb_ihjmq_gbyg_[uek\y aZgklhevl_kghbihklhygghihwlhfmbgl_j_kdebl_jZlmj_ihaZiZ^gh _\jhi_ckdhfm ijZ\m fh] ghkblv [he__ hl\e_q_gguc oZjZdl_j b hij_^_ eylvkybgl_ee_dlmZevgufbbgl_j_kZfbkZehgghcfh^hcbghjfZfbih\_ ^_gby ijhk\_s_ggh]h \_evfh`b ^bdlh\Z\rbfb mklhcqb\uc bgl_j_k d xjb^bq_kdbfgZmdZf\p_ehfbdl_fbebbgufkhqbg_gbyf\qZklghklb ;_]euc kjZ\gbl_evguc ZgZeba khklZ\Z dZ`^hc ba wlbo dhee_dpbc ih^l\_j`^Z_l^Zggh_ij_^iheh`_gb_ba_\jhi_ckdbodgb]ij_h[eZ^Z_l ebl_jZlmjZihijZ\h\_^_gbx\lhfqbke_l_hj_lbq_kdZyjhkkbckdZy`_ ih^[hjdZ\dexqZ_l\k_[yij_bfms_kl\_gghl_dkluaZdhgh\Ijb wlhf l_fZlbq_kdh_jZa^_e_gb_ihqlbkh\iZ^Z_lkyaudh\ufZlZd`_jZa^_e_ gb_fihf_klmijhbkoh`^_gbyl_dklh\bboba^Zgby>jm]bfbkeh\Zfb aZ j_^dbfb bkdexq_gbyfb xjb^bq_kdZy ebl_jZlmjZ jhkkbckdh]h ijh bkoh`^_gby khqbg_gby ijbgZ^e_`Zsb_ jhkkbckdbf Z\lhjZf b ba^Zg gu_\JhkkbbgZjmkkdhf yaud_ y\ey_lky ebl_jZlmjhc ih jhkkbckdhfm ijZ\mBgZh[hjhlebl_jZlmjZihjhkkbckdhfmijZ\m²\kyjhkkbckdh ]hijhbkoh`^_gbybihqlb\kygZjmkkdhfyaud_ Baxjb^bq_kdbodgb]gZjmkkdhfyaud_g_hlghkysbokydjhkkbc kdhfm ijZ\m fh`gh gZa\Zlv lhevdh h^gm im[ebdZpbx f_`^mgZjh^guo ^h]h\hjh\ f_`^m bghkljZggufb ]hkm^Zjkl\Zfb ©DZiblmeypbb beb LjZdlZluf_`^mHllhfZgkdhxIhjlhxbNjZgpmakdbf>\hjhf\hah[ gh\e_ggu_ b mfgh`_ggu_ \ ] b f_`^m HllhfZgkdhx Ihjlhx b <_ebdh[jblZgb_xª KI[ Ba ba^Zgguo \ Jhkkbb dgb] ih jhk kbckdhfm ijZ\m gZ bghkljZgguo yaudZo² i_l_j[mj]kdh_ ba^Zgb_ gZ njZgpmakdhf yaud_ ©GZdZaZª ?dZl_jbgu ,, ,QVWUXFWLRQV DGUHVVpV SDU 6D 0DMHVWp O’,PSpUDWULFH GH WRXWHV OHV 5XVVLHV j OD &RPPLVVLRQ pWDElLH SRXU WUDYDLOOHUjO’H[pFXWLRQGXSURMHWG’XQQRXYHDX&RGHGH/RLV7UDGGHO¶DO OHP 6W 3HWHUVERXUJ \hbgkdbo mklZ\h\ IZ\eZ , 5qJOHPHQW GH VD PDMHVWpLPSpULDOHFRQFHUQDQWOHVHUYLFHGHO’LQIDQWULH6W3HWHUVERXUJ 5qJOHPHQWGHVDPDMHVWpLPSpULDOHFRQFHUQDQWOHVHUYLFHGHODFDYDOHULH6W 3HWHUVERXUJ bh^gh]hbalhj]h\uolZjbnh\7DULIJpQpUDOGHVGURLWV G¶HQWUpHHWGHVRUWLHSD\DEOHVGDQVOHFRPPHUFH(XURSpHQDX[GRXDQHVGH WHUUHHWGHPHUGHO’(PSLUHGH5XVVLHHWGXRR\DXPHGH3RORJQH6W3HWHUV ERXUJ V D < dZlZeh]_ ] mihfygml lZd`_ g_dbc ©7DULI GH OD 5XVVLHª\_jhylghlZdihbf_gh\Zghh^ghba^\moba^Zgbc7DULIJpQpUDO RX7DEOHDOSKDEpWLTXHGHVGURLWVTXHSD\HURQWOHVPDUFKDQGLVHVGDQVWRXVOHV SRUWV HW DX[ GRXDQHV GHV IURQWLqUHV GH O¶(PSLUH GH 5XVVLH H[FHSWp j FHOOHV GHV JRXYHUQHPHQV G¶$VWUDFDQ GX JRXYHUQHPHQW G¶2XID HW GH 6LEpULH FRPSRVpHGDQVOD&RPPLVVLRQGH&RPPHUFHO¶DQQpH6W3HWHUVERXUJ 3 >²@ beb 7DULI JpQpUDO GHV GURLWV H[FHSWp j FHOOHV GHV JRXYHUQHPHQV G¶$VWUDFKDQ G¶2UHQERXUJ GH 7REROVN HW G¶,UNRXWVN 6W 3HWHUVERXUJ

D=;he_gdh

>eydhjj_dlgh]hZgZebaZex[hcl_fZlbq_kdhcdhee_dpbb\khklZ\_ ^Zggh]h kh[jZgby \Z`gh hl^Z\Zlv k_[_ hlq_l \ lhf qlh hgZ fh]eZ kh ojZgblvky g_ iheghklvx L_f \Z`g__ gZebqb_ dZlZeh]h\ hljZ`Zxsbo khklZ\\k_]hkh[jZgby\l_i_jbh^udh]^Zhgh_s_g_ih^\_j]ehkvih ke_j_\hexpbhgguf himklhr_gbyf LZd \ gZqZe_ o]] \_jhylgh _s_ ^h kf_jlb G;Xkmih\Z \ gZqZe_ o]] ih bgbpbZlb\_ _]h \gmdZG;Xkmih\ZfeZ^r_]h² b\0o]][b[ebhl_dZ [ueZ _s_ ljb`^u dZlZeh]babjh\ZgZ J_amevlZlu wlbo jZ[hl khojZgb ebkv\agZqbl_evghcqZklbHli_j\hchklZeZkv[hevrZyqZklvjmdhibk guo dZlZeh]h\l_ljZ^_c khklZ\ey\rboky ih l_fZlbdhlhih]jZnbq_kdhfm ijbgpbimbnbdkbjh\Z\rbof_klhlhcbebbghc dgb]b \ l_fZlbq_kdhf jZa^_e_ZlZd`_q_l\_jluclhfjmdhibkgh]h`_\ihemdh`Zghfi_ j_ie_l_ \b^bfh k\h^gh]h dZlZeh]Z ^m[ebjmxs_]h qZklv \ur_mih fygmluol_ljZ^_cbbf_xs_]hfgh]hqbke_ggu_ke_^u[he__iha^g_c ijZ\db Kj_^b l_ljZ^_c _klv ^\_ haZ]eZ\e_ggu_ ©$XWHXUV UXVVHVª bf__lkylZd`_b\lk\h^gh]hdZlZeh]Z b©Jmkkdb_Z\lhjuª DZd ba\_klgh ihke_ kf_jlb G;Xkmih\ZklZjr_]h [b[ebhl_dhc ^ho]]gbdlhba_]hihlhfdh\g_aZgbfZekyihwlhfmhgZ[ueZdZ lZeh]babjh\ZgZ dZd bklhjbq_kdZy j_ebd\by [_a gZjmr_gby bf_\r_cky jZkklZgh\db Lhih]jZnbq_kdbc ijbgpbi [ue ijhb]ghjbjh\Zg gh\uc dZlZeh]lhqg__kbkl_fZdZlZeh]h\ [uekljh]hkbkl_fZlbq_kdbf b ih ^jh[guf qlh iha\hebeh gZdhg_p mq_klv \ jZfdZo h^gh]h jZa^_eZ b ih^jZa^_eZ fgh]b_ ba^Zgby ihiZ\rb_ ih hrb[d_ beb g_[j_`ghklb \ jZagu_rdZnub^Z`_l_fZlbq_kdb_jZa^_eugZqZeZo]]:lZdbo kemqZ_\ \ klZjhc [b[ebhl_d_ [ueh g_fZeh Hl wlhc kbkl_fu dZlZeh]h\ ^hgZk^hrebkhojZgb\rbcky]^_lhgZ^\_lj_lbdZjlhqgucdZlZeh]Z lZd`_dZlZeh]l_ljZ^vdgb]gZjmkkdhfyaud_ Mihfygmluc \ur_ dZlZeh] ]² _^bgkl\_gguc iheghklvx kh ojZgb\rbckydZlZeh][b[ebhl_dbG;Xkmih\ZXjb^bq_kdh]hjZa^_ eZhgg_bf__lba^ZgbybjmdhibkbgZjmkkdhfyaud_kh[jZgu\ki_pb Zevghf jZa^_e_ ©Jhkkbckdb_ dgb]bª LZdh\uo gZkqblu\Z_lky lh fh\JZa^_eg_bf__l\gmlj_gg_cjm[jbdZpbbbxjb^bq_kdZyebl_jZlmjZ \klj_qZ_lky\jZaguo_]hqZklyol_fg_f_g__iheh\bgZdhee_dpbbkh klZ\ey_liehlgmx_^bgmxih^[hjdm DZ`^uc ba dZlZeh]h\ gZqZeZ o]]² ©$XWHXUV UXVVHVª b ©Jmk kdb_ dgb]bª² ij_^klZ\ey_l kh[hc i_j_q_gv dgb] ba h^gh]h beb g_ kdhevdbo rdZnh\ dgb]b ijb\_^_gu ih ihjy^dm bo jZkiheh`_gby k\h_]h jh^Z lhih]jZnbq_kdbc dZlZeh] gh m`_ kbkl_fZlbabjh\Zgu ih l_fZlbd__ckl\bl_evghjhkkbckdZyxjb^bq_ kdZy ebl_jZlmjZ \klj_qZ_lky b \ ^jm]bo rdZnZo b jZa^_eZo h^gZdh \ agZqbl_evghf_gvr_fdhebq_kl\_Kdhevdhgb[m^vykghckbkl_fuih

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

dhlhjhcl_bebbgu_ba^ZgbyihiZ^Zeb\rdZnbeb\^jm]b_\uy\blv ihdZg_m^ZehkvLZddijbf_jmba^ZgbylZjbnh\\klj_qZxlkyb\f b \ f b \ f rdZnZo ihke_^gbc \oh^bl \ khklZ\ jZa^_eZ ©$FWHV $FDGpPLTXHVª B\fb\frdZnZoojZgbebkvba^ZgbyihijZ\h \_^_gbx Djhf_ kh[kl\_ggh ZdlmZevghc xjb^bq_kdhc ebl_jZlmju jZa ^_e \dexqZe lZd`_ bklhjbdhxjb^bq_kdb_ b bklhjbq_kdb_ dgb]b ©IjZ\^mJmkkdmxª>KI[@ ©>moh\gmx \_ebdh]h dgyay <eZ^b fbjZ Qmedh\Z beb DhjfqZydgb]Z_s_\k_j_^bg_;,;\[u\rZyqZklbqgh^_ckl\mxsbf bklhqgbdhf p_jdh\gh]h ijZ\Z LZd dZd \ khhl\_lkl\bb k [b[ebh]jZ nbq_kdbfb ljZ^bpbyfb k\h_]h \j_f_gb ba^Zgby b jmdhibkb hlg_k_gu lhevdhdh^ghfmjZa^_emZkbkl_fu^h[Z\hqguohlkuehdg_kms_kl\m _ldZlZeh]g_iha\hey_lmq_klv\jZa^_e_\kxebl_jZlmjmhij_^_e_gghc l_fZlbdbbf_\rmxky\[b[ebhl_d_JZamf__lky\dZlZeh]_hlkmlkl\mxl ba^ZgbygZbghkljZgguoyaudZo
D=;he_gdh

\Z_l \k_]h fZkkb\Z jhkkbckdhc xjb^bq_kdhc ebl_jZlmju b kh^_j`bl ba^Zgbyhlghkysb_kykdhj__debl_jZlmj_bklhjbq_kdhcq_fxjb^bq_ kdhc AZdZgqb\Zyh[ahjkhojZgb\rbokydZlZeh]h\kqblZ_fgm`guf^h[Z \blvqlhhgbg_ho\Zlu\Zxl\k_odgb]ijbgZ^e_`Z\rboXkmih\mG_l khfg_gby qlh dZdb_lh dgb`gu_ kh[jZgby gZoh^bebkv \ fhkdh\kdbo ^hfZodgyayb\fgh]hqbke_gguomkZ^v[Zo>Z`_\lhfkemqZ__kebwlb dgb]bihiZeb\:joZg]_evkdh_\k_j_^bg_;,;\hgbfh]ebbg_[ulv mql_gu\dZlZeh]_o]] Kljh]h ]h\hjy ijbgpbiu \u^_e_gby l_fZlbq_kdhc dhee_dpbb km s_kl\mxs_c\gmljbqZklghc[b[ebhl_dbfh]ml[ulvjZaebqgufbIh k\h_fmhijZ\^Zgih^oh^dh]^Zeh]bdZbaeh`_gbyih^qbg_gZ\k_fijb ohlyf \eZ^_evq_kdhc kbkl_fZlbaZpbb K ^jm]hc klhjhgu ijbf_g_gb_ [he__ kh\j_f_gguo deZkkbnbdZpbhgguo klZg^Zjlh\ iha\hey_l emqr_ hp_gblv__dhjj_dlghklvbh[hkgh\ZgghklvIjbkhklZ\e_gbbgZklhys_ ]hhibkZgbyfuke_^h\ZebijbgpbimZdlmZevghklbbajZkkfhlj_gbybk dexqZebkvba^ZgbyaZdhgh\ihl_jy\rbokbemm`_dk_j_^bg_;9,,,\ b bkke_^h\Zgby m`_ g_ ^_ckl\h\Z\r_]h aZdhgh^Zl_evkl\Z² ba^Zgby Jmkkdhc IjZ\^u Km^_[gbdh\ ;9²;9, \\ b li G_ \u^_eyeb fu b im[ebdZpbb aZdhgh\ \ g_xjb^bq_kdbo ba^Zgbyo Wlh dZkZehkv b l_o kemqZ_\dh]^Zim[ebdZpbyghkblhlq_leb\h\lhjbqgucoZjZdl_j²gZ ijbf_j i_j_i_qZldZ jy^Z jmkkdhlmj_pdbo ^h]h\hjh\ \ khqbg_gbb <
DXTXHORQDMRLQWOHV SULQFLSDX[WUDLWpVHQWUHOD5XVVLHHWOD3RUWH2WWRPDQª3DULV B^Z `_ l_o ba^Zgbc dhlhju_ g_ y\eyykv xjb^bq_kdbfb fh]eb kem`blv b \hafh`ghkem`bebkijZ\hqgufp_eyf\ih\k_^g_\ghc^_yl_evghklbD ijbf_jm l_dklu aZdhgh\ \ agZf_gblhf ©Bklhjbq_kdhf hibkZgbb jhk kbckdhcdhff_jpbbªF>Qmedh\ZKha^Zgb_ihegh]hdZlZeh]Zjhk kbckdbomaZdhg_gbc\khklZ\_[b[ebhl_dbXkmih\uo\p_ehfbhl^_ev guo__\eZ^_evq_kdbodhfie_dkh\\qZklghklbZlZd`_khklZ\e_gb_dZ lZeh]Z l_dklh\ ih ijZ\h\_^_gbx dhlhjuc \dexqZe [u klZlvb \ i_jbh ^bq_kdbo ba^Zgbyo b hl^_evgu_ ]eZ\u iheblbq_kdbo wdhghfbq_kdbo b bguokhqbg_gbc²i_jki_dlb\gu_aZ^Zqb[m^msbobkke_^h\Zgbc
JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

jZlmjuG;Xkmih\ZklZjr_]h²]hjZa^h[he__fgh]hqbke_ggh]hq_f hklZevgu_ b keh`gh]h ih kljmdlmj_ kh[jZgby \oh^b\r_]h \ khklZ\ ebqghcbhlqZklbbamq_gghc[b[ebhl_db:lZd`_ba^Zgbcg_ba\_klgh]h ijhbkoh`^_gbyAZl_fi_j_c^_fd^\mfhklZevgufqZklyf² dhfiZdl gufkZfhklhyl_evgufihijhbkoh`^_gbxbhlghkysbfkydkh\_jr_g ghg_bkke_^h\ZggufgZ^Zggucfhf_gldgb`gufdhfie_dkZf
D=;he_gdh

©mdZaª g_ijhklhihemqZehkbemh[s_]haZdhgZ\lhfkemqZ_dh]^Z\hk ihegyeh ijh[_eu ^_ckl\mxs_]h ijZ\Z gh b aZf_gyeh m`_ kms_kl\h \Z\rbc aZdhg² ^_ckl\b_ qZklgh]h mdZaZ [ukljh jZkijhkljZgyehkv gZ ZgZeh]bqgu_ kemqZb G_kfhljy gZ agZqbl_evguc ijh]j_kk b aZdhgh l\hjq_kdhc^_yl_evghklbbxjb^bq_kdhcfukebjZa]jZgbqblvihgylby aZdhgZ b mdZaZ jhkkbckdbf ijZ\h\_^Zf g_ m^Zehkv \iehlv ^h ] G_ba[_`gufke_^kl\b_flZdh]hiheh`_gby^_e[uehh[beb_aZdhgh^Z l_evguoZdlh\qZklhjZajhag_gguodhlhjufbnhjfZevgh^he`gu[ueb jmdh\h^kl\h\Zlvkymqj_`^_gbybqZklgu_ebpZ\ih\k_^g_\ghcijZdlb d_ : wlh [ueh h^ghc ba ijbqbg m^jmqZxs_c aZimlZgghklb jmkkdh]h ijZ\Zqlh\k\hxhq_j_^vaZljm^gyeh_]him[ebdZpbxbdh^bnbdZpbx BgZh[hjhloZhlbq_kdZyim[ebdZpbybhlkmlkl\b_dh^bnbdZpbbg_kih kh[kl\h\Zebxjb^bq_kdhcykghklb >jm]hc \Z`ghc hkh[_gghklvx jhkkbckdh]h ijZ\Z [ueZ bagZqZevgh keZ[Zyk\yavklZdgZau\Z_fufjbfkdbfijZ\hfWlZhkh[_gghklvhij_ ^_eyeZb^jm]b_q_jlujhkkbckdhcijZ\h\hckbkl_fubxjbkijm^_gpbb \i_j\mxhq_j_^vgbadbcmjh\_gvjZa\blbynbehkhnbbijZ\Zbl_hj_lb q_kdh]hijZ\h\_^_gbyLZdkh[kl\_gghijZ\h\_^_gb_klZehjZa\b\Zlvky \Jhkkbblhevdhkk_j_^bgu;9,,,\ijbq_fjhkkbckdh_aZdhgh^Zl_ev kl\h klZeh ij_^f_lhf bamq_gby lhevdh k k_j_^bgu o]] kdhevdh gb[m^v aZf_lguc kdZqhd xjb^bq_kdZy fukev k^_eZeZ lhevdh \ _]] ;,;klhe_lby>hwlh]h\j_f_gbjhkkbckdZynbehkhnbyijZ\ZjZa\b\ZeZ \hkgh\ghfb^_b_kl_kl\_ggh]hijZ\ZZijZ\h\_^_gb_bebhjb_glbjh\Z ehkv gZ jbfkdh_ ijZ\h g_j_^dh lZd`_ ^Ze_dh_ hl jhkkbckdbo j_Zebc beb hibjZehkv gZ jhkkbckdb_ xjb^bq_kdb_ ljZ^bpbb b bf_eh ij_bfm s_kl\_ggh ijZdlbq_kdbc oZjZdl_j Lh _klv wlb h[eZklb xjb^bq_kdhc fukebjZa\b\Zebkvihqlb[_a\kydhck\yabf_`^mkh[hcG_m^b\bl_ev gh qlh mjh\_gv g_ lhevdh kbkl_fZlbaZpbb gh ^Z`_ b l_hj_lbq_kdhc jZajZ[hlZgghklb jhkkbckdh]h aZdhgh^Zl_evkl\Z [ue \_kvfZ gbahd Z jhkkbckdZy nbehkhnby ijZ\Z [_^gZy dhebq_kl\_ggh b bf_\rZy ih hl ghr_gbxdaZiZ^gh_\jhi_ckdhchlq_leb\h\lhjbqgucoZjZdl_jg_fh] eZ bf_lv \ ]eZaZo h[jZah\Zggh]h q_eh\_dZ kdhevdhgb[m^v \ukhdh]h klZlmkZ <lj_lvbo ij_klb` xjb^bq_kdbo agZgbc b ijhn_kkbb xjbklZ \ Jhkkbb[ue\_kvfZgbahdba\_klghqlh[hevrbgkl\hk_gZlhjh\bkm^_c g_ bf_eb xjb^bq_kdh]h h[jZah\Zgby ^\hjyg_ \iehlv ^h k_j_^bgu o]]lZd`_g_klj_fbebkv_]hihemqZlvg_dhlhjuck^\b]gZf_lbeky lhevdhkdhgpZo]] LZdqlhoh^ZlZyfbih^_eZfihf_sbdh\g_ j_^dh [ueb bo kh[kl\_ggu_ dj_ihklgu_ Z ljZ^bpbb lZd gZau\Z_fhc ^vyq_kdhcxjbkijm^_gpbbdh]^Z^_j`Zl_e_fxjb^bq_kdh]hagZgby\u klmiZe hiulguc \ ^_eZo qbgh\gbd dZd ijZ\beh k_dj_lZjv hklZ\Zebkv g_bklj_[bfh`b\mqbfb

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

DZdke_^kl\b_wlh]h\dhgk_j\Zlb\guodjm]Zo[uehjZkijhkljZg_gh ij_^klZ\e_gb_ h g_ijbf_gbfhklb ghjf _\jhi_ckdh]h ijZ\Z \ Jhkkbb lZd gZijbf_j GFDZjZfabg j_adh hljbpZl_evgh hlau\Zeky \ ] h ijh_dl_ ]jZ`^Zgkdh]h dh^_dkZ ih^]hlh\e_ggh]h ih^ jmdh\h^kl\hf FFKi_jZgkdh]h b kZf ijh_dl \h \lhjhc iheh\bg_ o]] ihem qbehljbpZl_evguchlau\=hkm^Zjkl\_ggh]hkh\_lZ Ba\_klgh qlh ijhp_kk im[ebdZpbb jhkkbckdbo ghjfZlb\guo Zdlh\ ijbh[j_e k\hc aZdhgq_gguc \b^ \ k_j_^bg_ ;,; \ dh]^Z ijb K_gZl_ ^\Z`^u \ g_^_ex klZeh \uoh^blv ©Kh[jZgb_ maZdhg_gbc b jZkihjy`_ gbc ijZ\bl_evkl\Zª KI[ ² D lhfm \j_f_gb Jhkkby m`_ bf_eZ ijh^he`Z\r__ky ©Ihegh_ kh[jZgb_ aZdhgh\ Jhkkbckdhc Bfi_ jbbª i_jbh^bq_kdb h[gh\ey\rbcky ©K\h^ aZdhgh\ Jhkkbckdhc Bfi_ jbbª k ©Ijh^he`_gbyfbª Z lZd`_ dh^_dku ih jZaebqguf hljZkeyf ijZ\Z B ohly [hevrbgkl\h ba gbo lj_[h\Zeh i_j_kfhljZ ijhp_kku him[ebdh\Zgby b dh^bnbdZpbb aZdhgh\ k o]] [ueb gZeZ`_gu \_kvfZohjhrh²hkh[_ggh\kjZ\g_gbbkl_fqlhbf_ehf_klh\ij_^ r_kl\mxsbci_jbh^ Dgyavg_^h`be^hwlhcgh\hcwihobBa^Zgb_lhfgh]hkbkl_fZ lbq_kdh]h K\h^Z aZdhgh\ gZqZehkv \ Z nZdlbq_kdb ebrv \ ]h^m ihke_ kf_jlb G;Xkmih\Z ©Ihegh_ kh[jZgb_ aZdhgh\ Jhkkbc kdhcBfi_jbbª]^_\ojhgheh]bq_kdhfihjy^d_[uebij_^klZ\e_guaZ dhgu gZqbgZy k Kh[hjgh]h Meh`_gby :e_dk_y FboZceh\bqZ ^h dhgpZ ] \ureh ebrv \ ] \ [b[ebhl_d_ hgh hlkmlkl\m_l b g_ bk dexq_gh qlh ij_klZj_euc Xkmih\ \hh[s_ g_ kq_e gm`guf ijbh[j_ lZlv]jhfha^dbcfgh]hlhfgbd
D=;he_gdh

dhlhjuo gZdhibehkv aZ \lhjmx iheh\bgm \_dZ hdheh ihemlhjZ lukyq oh^beb\kibkdZo H[yaZl_evgZy i_qZlgZy im[ebdZpby \gh\v ijbgbfZ_fuo aZdhgh\ [ueZ mklZgh\e_gZ lhevdh bf_gguf mdZahf hl fZjlZ ] Mklgh_ h[ty\e_gb_²dZdnhjfZh[gZjh^h\Zgby²khojZgyehkbemgh^he`gh [ueh ijhba\h^blvky ih i_qZlguf ebklZf dhlhju_ lZd`_ fh]eb ihklm iZlv \ k\h[h^gmx ijh^Z`m JZamf__lky jZkkqblZlv ihlj_[ghklb \k_c kljZgu \ lhf beb bghf aZdhg_ [ueh g_\hafh`gh b g_^hklZlhd i_qZl guo wda_fieyjh\ \hkihegyeb i_jbh^bq_kdbfb i_j_ba^Zgbyfb beb jm dhibkgufbdhibyfb Hkgh\gu_ aZdhgu khklZ\ey\rb_ dZjdZk jhkkbckdh]h aZdhgh^Zl_ev kl\Z²Kh[hjgh_Meh`_gb_mklZ\uj_]eZf_glumqj_`^_gby²i_j_ ba^Z\Zebkv\p_ehf\_kvfZj_]meyjghKeh`g__h[klhyeh^_ehki_j_ba ^Zgb_fmdZah\dhlhjh_jZamf__lkyhkms_kl\eyebg_ihebklghZk[hj gbdZfb GZqZ\rbkv \ ] ijhp_kk j_ljhki_dlb\ghc im[ebdZpbb mdZah\ ijh^he`Zeky g_^he]h b ho\Zlbe lhevdh Zdlu k ^h ] Zdlb\baZpbywlhcg_h[oh^bfhcjZ[hluijhbahreZlhevdh\]ijb ?dZl_jbg_ ,, b [ueZ l_kgh k\yaZgZ k jZ[hlhc ih khklZ\e_gbx gh\h]h Meh`_gby;uebba^ZguaZdhgukih]Kij_djZs_gb_f^_y l_evghklbMeh`_gghcdhfbkkbb\kdhj_ij_djZlbeZkvbj_ljhki_dlb\gZy im[ebdZpbyaZdhgh^Zl_evkl\Z H^gZdh kZfu_ kh\_jr_ggu_ nhjfu l_dms_c b j_ljhki_dlb\ghc im[ebdZpbbaZdhgh\g_kgbfZebijh[e_fudh^bnbdZpbbihkdhevdmjZ ah[jZlvky\fhj_mdZah\^hihegyxsbobjZa\b\Zxsbo[Zah\u_aZdhgu ZlZd`_\\h^ysbo\kn_jmxjb^bq_kdh]hj_]mebjh\Zgbygh\u_j_Zebb [uehkh\k_fg_ijhklh²kih]bo\ureh[he__lukIh lj_[ghklv \ gh\hf Meh`_gbb ykgh hkhagZ\ZeZkv m`_ \ dhgp_ ;9,, \ h^gZdh\k_meh`_ggu_bjh^kl\_ggu_bfdhfbkkbbkha^Z\Z_fu_k ih]\dhg_qghfblh]_ihl_ji_ebg_m^ZqmG_evaykdZaZlvqlhbo ^_yl_evghklv[ueZkh\_jr_ggh[_kieh^ghch^gZdh]eZ\ghck\h_caZ^Z qbhgblZdbg_\uihegbeb BlZd nhjfbjh\Zgb_ xkmih\kdhc [b[ebhl_db ijbrehkv gZ i_jb h^dh]^Zkbkl_fZim[ebdZpbbaZdhgh\\Jhkkbb[ueZ_s_hq_gvg_kh \_jr_ggZ dh^bnbdZpbhggu_ mkbeby² fZehmki_rgu Z jhkkbckdh_ ijZ\h\_^_gb_i_j_`b\Zehi_jbh^klZgh\e_gbyG_\ukhdbcmjh\_gvb ij_klb`jhkkbckdhc xjb^bq_kdhc fukeb \ kjZ\g_gbb k aZiZ^gh_\jh i_ckdhc lZd`_ bf_e \Z`gu_ ihke_^kl\by \gbfZgb_ lZdh]h q_eh\_dZ dZdG;Xkmih\djhkkbckdhcxjb^bq_kdhcebl_jZlmj_g_fh]ehhi j_^_eylvkygbfh^hcgbaZ^ZqZfbihkha^Zgbxbih^^_j`Zgbxj_im lZpbbJ_rZxs__agZq_gb_fh]ebbf_lvlhevdhijZdlbq_kdb_ihlj_[ ghklbb\hafh`ghebqgucbgl_ee_dlmZevgucbgl_j_kIhwlhfmkh[ jZgb_ jhkkbckdhc xjb^bq_kdhc ebl_jZlmju \ [b[ebhl_d_ G;Xkm

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

ih\Z^he`gh\_kvfZZ^_d\ZlghhljZ`Zlvbf_gghwlbklhjhgu`bagbb ebqghklbdgyay Gh_kebgZebqb_bebhlkmlkl\b_bgl_ee_dlmZevgh]hbgl_j_kZdjhk kbckdhc xjb^bq_kdhc ebl_jZlmj_ dZd jZa b ij_^klhbl \uykgblv lh ijZdlbq_kdb_ ihlj_[ghklb G;Xkmih\Z \iheg_ Z^_d\Zlgh hij_^_ey xlkynZdlZfb_]hg_iehohbamq_gghc[bh]jZnbb?kebhklZ\blvaZjZf dZfb bgl_gkb\gh_ dhee_dpbhgbjh\Zgb_ ijhba\_^_gbc bkdmkkl\Z b kh [bjZgb_[b[ebhl_db²hgbg_j_]mebjh\Zebkvki_pbZevgufbaZdhgZfb bihlhfm^ey^Zgghcl_fug_kms_kl\_ggu²lhhklZxlkygZijy`_ggZy ohayckl\_ggZy ^_yl_evghklv dhlhjZy [he__ beb f_g__ ba\_klgZ gZ^h aZf_lblvebrvgZqbgZyko]] b]hkm^Zjkl\_ggZykem`[Z Ihke_^gyy [ueZ \_kvfZ jZaghh[jZaghc \ e_l² k ih ]²mf_klbehkvfgh]h_KZfufbba\_klgufbihijbsZfby\eyxl ky^biehfZlbq_kdZykem`[Z\²]]b^_yl_evghklv\kn_j_bk dmkkl\bom^h`_kl\_gguoijhba\h^kl\²aZ\_^h\Zgb_\²]] bfi_jZlhjkdbfbl_ZljZfbk]nZjnhjh\ufbkl_deyggufaZ\h^Z fbbriZe_jghcfZgmnZdlmjhck]ijb^\hjgufbl_ZljZfbbfm audhc Z lZd`_ WjfblZ`_f _iZjlZf_gl m^_eh\ \ ] [ue qe_ghf Dhfbl_lZ ih jZk ihjy`_gbyf h ijh^h\hevkl\bb \hckd \ Fhkd\_ k ]² ]eZ\ghgZ qZevkl\mxsbf gZ^ Wdki_^bpb_c dj_fe_\kdh]h kljh_gby Z lZd`_ gZ^ FZkl_jkdhcbHjm`_cghciZeZlZfb\]ihemqbegZagZq_gb_k_gZ lhjhf ]h ^_iZjlZf_glZ \ ]h^m klZe qe_ghf =hkm^Zjkl\_ggh]h kh\_lZ JZamf__lky \h\e_q_gghklv Xkmih\Z \ ^_eZ kem`[u \ dZ`^hf kemqZ_fh]eZ[ulvjZaghclZdgZaZk_^Zgbyo=hkm^Zjkl\_ggh]hkh\_lZ gZkdhevdhgZfba\_klghhgihqlbg_ihy\eyeky \jZfdZoaZ^Zgghcl_ fugZf\Z`ghbgh_ihgylvfh`ghebjZkkfZljb\Zlvdhgdj_lgu_xjb ^bq_kdb_ba^ZgbybjmdhibkbdZdke_^ul_obebbguobdZdbo i_jbh ^h\_]hkem`[ub_keb^ZlhdZdhgb__oZjZdl_jbamxl Ba^_kvohl_ehkv[ukgh\Z\_jgmlvkydohayckl\_gghc^_yl_evghklb Xkmih\Z\k\hbobf_gbyoihkdhevdmhgZlj_[h\ZeZk_jv_agh]hxjb^b q_kdh]hkhijh\h`^_gbyb©l_fZlbq_kdbªfh]eZi_j_k_dZlvkykhkem`_[ ghc G_ dZkZykv \hijhkZ h[ wdhghfbq_kdhc wnn_dlb\ghklb hq_jlbf ebrv__jZafZo^bZiZahgb^bgZfbdmjZa\blbyG;Xkmih\[ue[h]Z

D=;he_gdh

luf ihf_sbdhf m`_ ihke_ kf_jlb hlpZ \ ] dgyav mgZke_^h\Ze qZklv _]h a_f_evguo \eZ^_gbc Ihke_ kf_jlb fZl_jb hg agZqbl_evgh m\_ebqbe k\h_ khklhygb_ GZkdhevdh k_jv_agh \ wlb ]h^u hg \gbdZe \ ohayckl\_ggu_^_eZfukdZaZlvihdZg_fh`_fghij_h[eZ^Zgb_\dhe e_dpbb ebl_jZlmju ih \hijhkZf k_evkdh]h b iZjdh\h]h ohayckl\Z dgb] ;9,,,\ iha\hey_l ij_^iheZ]Zlv qlh dgyav b \ _ ² _]] g_ h]jZgbqb\Zekyihemq_gb_fh[jhdZ
JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

ijZ\ZdZdfbgbfmf^h]Z\hafh`ghbiha^g__KlhblaZf_lblv qlh \ hlebqb_ hl g_dhlhjuo p_jdh\guo dgb] ^hklZ\rboky G;Xkm ih\mhljh^bl_e_cwlZba^ZggZyihke_bokf_jlb\b^bfh[ueZijbh[ j_l_gZkZfhklhyl_evgh >Ze__ke_^m_lKh[hjgh_Meh`_gb_]G_m^ZqZ\k_odh^bnbdZ pbhgguo ihiulhd hklZ\eyeZ Meh`_gb_ ^_ckl\mxsbf aZdhghf \iehlv ^h ] Z nhjfZevgh b iha`_ ihkdhevdm bagZqZevgh K\h^ aZdhgh\ [ueaZ^mfZgbbkiheg_gdZdk\h_]hjh^Zijbeh`_gb_dIheghfmkh[jZ gbxIhwlhfmMeh`_gb_g_h^ghdjZlghi_j_ba^Z\Zeblhevdh\;9,,,\ g_f_g__jZa ZlZd`_i_j_ibku\Zeb < gZklhys__ \j_fy \ xkmih\kdhf kh[jZgbb bf__lky ba^Zgb_ Meh `_gby\ur_^r__\ ] \ nhg^Zo J=:>: khojZgbeky kibkhd k_j_ ^bgu ;9,,, \ D kh`Ze_gbx h[jZs_gb_ d ^hj_\hexpbhgguf dZlZeh ]Zfg_^Z_lykghcdZjlbgulh]hdZdihklmiZebb\u[u\Zebba[b[ebh l_db hl^_evgu_ wda_fieyju < dZlZeh]_ ] mihfygmlh ©Meh`_gb_ pZjy:e_dk_yFboZceh\bqZª[_a^Zluh^gZdhg_kfhljygZkh\iZ^_gb_ aZ]eZ\bc m\_j_gghklb \ lhf qlh bf__lky \ \b^m fZgmkdjbil [ulv g_ fh`_l²nhjfmeZ[ueZjZkijhkljZg_gghcbmklhcqb\hc\dZlZeh]_`_ o]] mihfygmlu ^\Z wda_fieyjZ ih^ aZ]eZ\b_f ©Meh`_gb_ ih dh lhjhfm km^ b jZkijZ\uª ihf_q_ggu_ b ]] LZd dZd ba^Z gby Meh`_gby ] g_ba\_klgu lh \hafh`gh khklZ\bl_eb bf_eb \ \b^mbf_gghjmdhibkv\ijhq_fg_bkdexq_ghqlh\[b[ebhl_d_gZoh ^bekywda_fieyjMeh`_gbyba^Zgbcbeb]] moh\guf j_]eZf_glhfª _ba^KI[ mklZ\Zfb²KI[@ bFhj kdbf _ ba^ KI[ Z lZd`_ ©J_]eZf_glhf h mijZ\e_gbb Z^ fbjZel_ckl\Z b \_jnb b h ^he`ghklyo Dhee_]bb :^fbjZel_ckdhc b ijhqbo\k_oqbgh\ijb:^fbjZel_ckl\_h[j_lZxsbokyª_ba^KI[ >Ze__\iehlv^haZdhgh\?dZl_jbgu,,hl^_evguoba^Zgbcg_bf__l kyh^gZdhwlhg_agZqblqlhbog_[ueh
D=;he_gdh

eh`_gb_]jZnZI_ljZB\Zgh\bqZRm\Zeh\Zb=_g_jZevgh_mqj_`^_gb_h _`_]h^ghfk[hj_\]hkm^Zjkl\_j_djml[fb[]ª Bahl^_evguoba^ZgbcaZdhgh\?dZl_jbgu,,gZlm`_l_fmbf_xlky ^\Z wda_fieyjZ ©Mqj_`^_gby ^ey mijZ\e_gby ]m[_jgbcª KI[ Q>@² KI[ b ©MklZ\ [eZ]hqbgby b ihebp_ckdbcª >KI[ @ Hkh[h_ f_klh aZgbfZ_l \ur_mihfygmlh_ ba^Zgb_ ©GZdZaZª ij_^ijbgylh_\]gZnjZgpmakdhfyaud_BaaZdhgh\IZ\eZ,gZeb q_kl\mxl©RlZlu]m[_jgbyfªF KI[@ GbdZdbo[he__iha^gbohl^_evguoba^ZgbcaZdhgh\ih wlhc l_fZlbd_ \ [b[ebhl_d_ dgyay g_l < k\h_ \j_fy bf_eky g_dbc ©KlZlmlhj^_gkdbcª Ih^[hjdZ\h_gguoaZdhgh\bghjfZlb\guofZl_jbZeh\g_h`b^Zggh fgh]hqbke_ggZ b hlq_leb\h ^_eblky gZ ^\_ ]jmiiu I_j\mx² aZdh gu²khklZ\eyxlm`_mihfygmlu_mklZ\ubZ^fbjZel_ckdbcj_]eZf_gl ©_ckl\mxs_cZjfbbªKI[Q² : lZd`_ rlZlu dhlhju_ ijZ\^Z d gZklhys_fm \j_f_gb g_ khojZgb ebkv©RlZle_c[]\Zj^bbdhggh]hihedmª©RlZlh^gh]hdbjZkbjkdh ]hihedmª©RlZlh^gh]hZjlbee_jbckdh]hhkZ^gh]h[ZlZevhgZª Dh \lhjhc ]jmii_² ghjfZlb\guf fZl_jbZeZf² fh`gh hlg_klb jZagh]h jh^Z mklZ\u [he__ madhc gZijZ\e_gghklb kljh_\u_ b lZdlbq_ kdb_dhlhju_\hlebqb_hlij_^u^msbog_bf_ebagZq_gbygbm]heh\ gh]h b m]heh\ghijhp_kkmZevgh]h gb l_f [he__ ]hkm^Zjkl\_gghijZ\h

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

\h]h < wlm dhee_dpbx \oh^yl ©LZdlbq_kdb_ ijZ\beZ beb GZklZ\e_gb_ \hbgkdbf_\hexpbyfKieZgZfbª>_ba^KI[@ ZlZd`_mk lZ\u] Djhf_ aZdhgh\ \ nhg^Zo fma_y khojZgbehkv g_kdhevdh ©Kibkdh\ª qbgh\gbdh\bhnbp_jh\dhlhju_g_bf_yklZlmkZgbaZdhgh\gbbguo ghjfZlb\guo fZl_jbZeh\ l_f g_ f_g__ [ueb hq_gv [ebadb d ihke_^ gbf ihkdhevdm nbdkbjh\Zeb klZjrbgkl\h \ qbg_ LZdbf h[jZahf bo klhblmihfygmlv\gZklhys_cklZlv_Wlh©KibkhdZjf_ckdbfhnbp_jZf ih ihedZf b [ZlZebhgZf FZjlZ ^gy ]h^Zª >KI[ @ b ©Kibkhd khklhysbf \ ]jZ`^Zgkdhc kem`[_ qbgZf r_klh]h b k_^vfh]h deZkkh\ gZ c ]h^ª ; f G_kdhevdh kibkdh\ mljZq_gu ©Kibkhdkhklhysbf\]jZ`^Zgkdhckem`[_qbgZfi_j\uoiylbdeZkkh\ gZ ]h^ª b ©Kibkhd qbgZf khklhysbf \ ]jZ`^Zgkdhc kem`[_ gZ c]h^ªBf_ebkvlZd`_jmdhibkgu_©Kibkhd]]gZoh^ysbfky\ kljh_gbb\Dj_fe_\kdhcwdki_^bpbbª]b©KibkhdDj_fe_\kdhc wdki_^bpbbªaZb]]©Kibkhdkhklhysbf\]jZ`^Zg kdhckem`[_qbgZfbdeZkkh\gZ]h^ªb©Kibkhdkhklhy sbf\]jZ`^Zgkdhckem`[_qbgZfi_j\uoiylbdeZkkh\ªgZb ]]ZlZd`_g_kh\k_fihgylguc©Kibkhd]_g_jZebl_lmhnbp_jZf ª Jmdhibkgu_ kibkdb qbgh\gbdh\ Dj_fe_\kdhc wdki_^bpbb \dexqZy b g_ mihfygmluc \ dZlZeh]Zo [b[ebhl_db kibkhd ] Z lZd`_©Kibkhd=_g_jZebl_lmbrlZlmhnbp_jh\]ªgZoh^ylky\gZ klhys__\j_fy\nhg^_jmdhibk_cfma_y AZdhgh\ j_]mebjmxsbo kn_ju wdhghfbdb b nbgZgkh\ \ xkmih\ kdhc [b[ebhl_d_ khojZgbehkv [hevr_ q_f dZdboeb[h bguo Ba f_`_ \h]h aZdhgh^Zl_evkl\Z bf__lky ©Bgkljmdpby mqj_`^_ggZy gZ jZaf_`_ \Zgb_ Fh]be_\kdhc b Ihehpdhc ]m[_jgbc F_`_\hc dhglhj_ª KI[ Kk_evkdbfohayckl\hfk\yaZghb©Mqj_`^_gb_Bfi_jZlhjkdh]h Fhkdh\kdh]h h[s_kl\Z k_evkdh]h ohayckl\Zª F \ gZklhys__ \j_fymljZq_ggh_ Ljb ba^Zgby ihk\ys_gu \hijhkZf lhj]h\eb kibjlgufb gZibldZ fb² ©MklZ\ h \bg_ª ] ; f [] ©Mkeh\by gZ ibl_cguc hl dmiª;f>@ b©MklZ\hibl_cghfk[hj_\^\Z^pZlb^_\ylb\_ ebdhjhkkbckdbo ]m[_jgbyoª F Bf_eky lZd`_ wda_fieyj ©Mkeh\bcgZ\bgghck]h^Zhldmiªh^gZdh\gZklhys__\j_fy\ [b[ebhl_d_hghlkmlkl\m_lDwlhc`_]jmii_ijbfudZ_lbmljZq_gguc gug_©MklZ\hkhebª] GZb[he__fgh]hqbke_ggZdhee_dpbylhj]h\uolZjbnh\©H[sbclZ jbn ^ey \k_o ihjlh\ b ih]jZgbqguo lZfh`_g Jhkkbckdhc Bfi_jbb djhf_ :kljZoZgb Hj_g[mj]Z b Kb[bjb Khqbg_g \ Dhffbkbb h dhf f_jpbbª >KI[ @ Q ² ©H[sbc lZjbn ^ey \k_o ihjlh\uo b ih]jZgbqguolZfh`_gJhkkbckdhcBfi_jbbdjhf_khklhysbolZfh`_g

D=;he_gdh

\ :kljZoZgkdhc Hj_g[mj]kdhc Lh[hevkdhc b Bjdmlkdhc ]m[_jgbyoª KI[ ©LZjbn ]@ KI[ >LZjbn :abylkdbc@ KI[ ©H[sbc lZjbn ^ey \k_o ihjlh\uo b ih]jZ gbqguolZfh`_gJhkkbckdhcbfi_jbbdjhf_l_odhbkhklhyl\]m[_j gbyo:kljZoZgkdhcHj_g[mj]kdhcLh[hevkdhcBjdmlkdhcb\=jmabbª KI[ Ijbq_fbo[ueh[hevr_ bevl_y² ©GZqZevgu_hkgh\Zgby\_dk_evgh]hijZ\Zªdhlhjh_[uehij_^klZ\e_ gh \ [b[ebhl_d_ G;Xkmih\Z lj_fy jZagufb ba^Zgbyfb Wlh [ue h^bg ba \Z`g_crbo \ Jhkkbb aZdhgh\ j_]mebjmxsbo wdhghfbq_kdb_ hlghr_gby KI[@ gh _]h ijhbkoh`^_gb_ b km^v[Zg_ba\_klgu\dZlZeh]Zohghlkmlkl\m_lBf_ehkvlZd`_ljblhfZ ©Kh[jZgby]hkm^Zjkl\_gguo]jZfhlb^h]h\hjh\ªF² >\Z ba^Zgby k\yaZgu k f_^bpbghc Wlh ©Hp_gdZ e_dZjkl\Zf Ijb lhfMklZ\Zil_dZjkdbcª>_ba^@KI[ ²[bebg]\ZgZjmkkdhf bg_f_pdhfyaudZo:lZd`_©IjhwdldZjZglbggh]hmklZ\ZMdZaIjZ \bl_evkl\mxs_fm K_gZlm ]hkm^Zjy bfi_jZlhjZ :e_dkZg^jZ , MklZ\ h dZjZglbgZo ª ; f [] >\Z² mljZq_gguo d gZklhys_fm \j_f_

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

gb² kh kn_jhc gZjh^gh]h h[jZah\Zgby ©MklZ\ \hkiblZgby ^\mokhl [eZ]hjh^guo ^_\bpª KI[ ² b ©Iheh`_gb_ ijZdlbq_ kdhcrdheua_fe_^_ebybk_evkdh]hohayckl\ZªKI[ Ba hl^_evguo ba^Zgbc g_ aZdhgh\ gh ghjfZlb\guo fZl_jbZeh\ fh`ghhlf_lblv©IjZ\beZjhkkbckdh]h[eZ]hjh^gh]hkh[jZgbyª;f [] kg_ykgufb©iZe_h]jZnbq_kdbfblZ[ebpZfbª _ ba^@ KI[ _ ba^ KI[ < [b[ebhl_d_ [ueh lZd`_ba^Zgb_©MdZah\]hkm^Zjybfi_jZlhjZI_ljZ<_ebdh]hKhklh y\rboky k ]_g\Zjy ih qbkeh ]h^mª KI[ b g_ ih^^Zxsb_ky h^ghagZqghc b^_glbnbdZpbb ©MdZau jZagu_ª hgb `_ \b^bfh©MdZaujZagu_bfi_jZlhjZI_ljZI_j\h]hª < [b[ebhl_d_ khojZgbeky dhg\hexl \iheg_ m^h\e_l\hjyxsbc lZ dhfmgZa\ZgbxWlhk[hjgbd[_a\uoh^guo^Zgguoblblmevgh]hebklZ kmdZaZfbhlI_ljZ,^h?dZl_jbgu,,Ojhgheh]bq_kdb_jZfdb²k ih]gZg_dhlhjuomdZaZobf_xlky^Zggu_hi_j_ba^Zgbb\Fhkd

D=;he_gdh

\_bxey]JZagh[hc\^Zlbjh\dZog_^he`_g\\h^blv\aZ[em` ^_gb_ \k_ mdZau gZi_qZlZgu gZ h^ghc [mfZ]_ k h^bgZdh\uf \h^yguf agZdhf©ªLh_klvfubf__f^_ehkdhj__\k_]hbebkhk[hjgbdhf g_ \hr_^rbf \ ©K\h^guc dZlZeh]ª beb k dhg\hexlhf \uiheg_gguf gZaZdZa_ ba^@ F ©MdZau bfi_jZljbpu ?dZl_jbgu :e_dk__\gukhklhy\rb_kyFbxey]h]_g\Zjyih_qbkeh ]h^Zª _ ba^ KI[ b ^\Z \eZ^_evq_kdbo dhg\hexlZ I_j\uc \dexqZ_l \ k_[y \lhju_ wda_fieyju l_o `_ ba^Zgbc ^\mo \ur_ihbf_ gh\Zgguo k[hjgbdh\ ihke_^gbc [_a lblmevgh]h ebklZ Z lZd`_ g_^h klZxsbck[hjgbdkmdZaZfbaZi_j\mxiheh\bgm]_ba^KI[ @ LZdbfh[jZahfdhee_dpby©mdZaguodgb]ªbk[hjgbdh\dhg\hexlh\ aZ_]]kh^_j`Zl_evghihegZDZdb\kemqZ_kl_dklZfbhl^_evguo aZdhgh\ kj_^b k[hjgbdh\ mdZah\ ij_h[eZ^Zxl ba^Zgby \lhjhc iheh\b gu o² o]] lh _klv i_j_ba^Zgby jZg__ m`_ \uoh^b\rbo dgb]
JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

qlh MdZau aZ ² b ]] bf_xl _^bguc lbi i_j_ie_lZ b \ hlebqb_ hl hl^_evguo k[hjgbdh\ mdZah\ ² b ²]] agZqbl_evghemqrmxkhojZgghklv < gZklhys__ \j_fy i_jbh^ k ih ] ij_^klZ\ey_l h^gm [hevrmx eZdmgm h^gZdh lZd [ueh g_ \k_]^Z LZd \ dZlZeh]_ ] mihfbgZxlky©MdZauk]h^ZªmljZq_ggu__s_^ho]h^h\ qlhij_^klZ\eyekh[hcwlhlk[hjgbdfug_agZ_fghkdhj__\k_]hjm dhibkvbeb\eZ^_evq_kdbcdhg\hexlba^ZgbymdZaguodgb]ijb?dZl_ jbg_ ,, aZdhgqbebkv ]h^hf >Ze__ \ [b[ebhl_d_ ke_^mxl k[hjgb db²ba^Zl_evkdb_dhg\hexluBa_dZl_jbgbgkdbo²k[hjgbdmdZah\aZ \lhjmxiheh\bgm]BamdZah\iZ\eh\kdh]hpZjkl\h\Zgby²k[hj gbdb aZ ] \lhjmx iheh\bgm ] >F" @ F >@ ihem]h^h\u_k[hjgbdbaZb]]b]]ho\Zlu\Z xlky \eZ^_evq_kdbf k[hjgbdhfdhg\hexlhf mdZah\ aZ ²]] ij_bfms_kl\_gghgZ wdhghfbq_kdb_ l_fu b kZfh]h jZagh]h ijhbkoh` ^_gby²hlbf_gguo^hmdZah\Dhff_jpbFZgmnZdlmjdhee_]bb KhojZgbeky lZd`_ h^bg jmdhibkghi_qZlguc dhg\hexl² ©MdZau kh[jZggu_ k im[ebdh\Zgguo \ Jhkkbckdhf ]hkm^Zjkl\_ aZ ² ]] ª ?]h l_fZlbq_kdZy gZijZ\e_gghklv g_hij_^_e_ggZ \ g_f bf_ xlkymdZaubhaZij_s_gbbb]jZlv\ZaZjlgu_ b]ju b h[ hk\h[h`^_gbb l_odhlhju_kh^_j`Zlkyih^dZjZmehfbh[Zgdh\kdbodhglhjZobp_euc jy^ mdZah\ ih FZehjhkkbckdhc dhee_]bb b j_kdjbilu =:Ihl_fdbgm :: \Zihke_^gbom`_kh\_jr_gghjZajha g_gguoba^Zgby²mdZaufhkdh\kdbo^_iZjlZf_glh\K_gZlZ©dh[ty\ e_gbyfªaZ]MdZaubh[ty\e_gbyaZ_²gZqZeho]] \dZlZeh]Zo[b[ebhl_dbg_ij_^klZ\e_gu D ba^Zgbyf aZdhgh\ ijbfudZxl b g_dhlhju_ k_jbZevgu_ ba^Zgby dhlhju_ g_ [ueb \ iheghf kfuke_ keh\Z xjb^bq_kdbfb h^gZdh hgb [uebh^ghcbanhjfim[ebdZpbbmdZah\bihlhfmboklhbl jZkkfZljb \Zlv dZd \Z`gu_ \_ob gZ imlb kdeZ^u\Zgby jhkkbckdhc xjb^bq_kdhc i_jbh^bdbWlh\hi_j\uo©KZgdli_l_j[mj]kdbc\_klgbdkh^_j`Zsbc \k_[_\k_mdZau_ybfi_jZlhjkdh]h\_ebq_kl\ZbIjZ\bl_evkl\mxs_]h K_gZlZª j_^Zdlhjhfba^Zl_e_f dhlhjh]h [ue =E;jZcdh < nhg^Zo

D=;he_gdh

fma_y`mjgZeij_^klZ\e_glhevdhi_j\ufblj_fyqZklyfbho\Zlu\Zx sbfbbi_j\mxiheh\bgm]bihke_^g_ck_^vfhcaZ\lhjmx iheh\bgm]h^gZdhdZlZeh]b b o]] nbdkbjmxl \_kv dhfie_dlqZkl_caZ²]]>Ze__ihojhgheh]bbke_^mxl ^\Z \uimkdZ b wlh m`_ iheguc dhfie_dl ba^Z\Z\r_]hky ::IeZ \bevsbdh\uf ©@mjgZeZ ijZ\h\_^_gbyª gZ b ]] F ² ;_amki_rghklv\k_oihiulhddh^bnbdZpbbij_^ijbgyluo]hkm^Zj kl\hf gZ ijhly`_gbb dhgpZ ;9,,² i_j\hc q_l\_jlb ;,; klhe_lbc b \_kvfZ g_kh\_jr_gguc ijhp_kk im[ebdZpbb aZdhgh^Zl_evguo fZl_jbZ eh\ij_\jZsZebxjb^bq_kdmxijZdlbdmhkh[_gghkm^_[gmx\gZklhy sbc dhrfZj jZah[jZlvky \ h[bebb aZdhgh\ b mdZah\ kh\j_f_ggbdZf [ueh qj_a\uqZcgh ljm^gh \mfyqZklyfbbagZklZ\e_gby^ZggZ]hIjZ\bl_evkl\mxsZ ]hK_gZlZbaF_`_\hcwdki_^bpbba_fe_f_jZfhh[s_cf_lh^_]hkm^Zj kl\_ggh]hf_`_\Zgvybhijhq_fª>KI[@" k[hjgbdf_`_\uo aZdhgh\aZ²]]h^bgba^\mowda_fieyjh\©F_`_\hcbgkl jmdpbbdZgp_eyjbyfbdhglhjZfkf_lh^ZfbbmdZaZfbdhghcijbgZ^ e_`Zsbfbª KI[ ©KI[ @ b ^\Z \uimkdZ ©Dhibc k \ukhqZcrbo _]h bfi_jZlhjkdZ]h \_ebq_kl\Z ijbdZah\ hl^Zgguo ijb iZjhe_ p_kZj_\bqm :e_dkZg^jm IZ\eh\bqmª aZ >KI[ @ b ]]>KI[@ ² Z lZd`_ ©Kh[jZgb_ \ukhqZcrbo ih\_e_gbc

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

hijZ\Zo=hkm^Zjkl\_ggh]hkh\_lZbhihjy^d_ijhba\h^kl\Z\hghf^_e ba^Zgguok]h^Z\dexqbl_evghih]h^ªKI[[] @ dhffbkkZjbZl>kdhc qZklb@ b Zjlbee_jbbª ©ihj_\babbª©ihm]heh\ghcqZklbª©ih\hlqbgghcqZklbª©ih ]hjguf^_eZfª©ihijh\bZglkdhcqZklbªLZdbfh[jZahfgZjy^mkh k[hjgbdhfaZdhgh\wdkljZdl²\_kvfZjZkijhkljZg_gguc\[b[ebhl_d_ ] lbi xjb^bq_kdhc dgb]b D kh`Ze_gbx wlb k_fv jmdhibk_c aZ bkdexq_gb_f ij_^iheh`bl_evgh h^ghc g_ khojZgbebkv h^gZdh aZ f_lbfqlhhgbg_aZnbdkbjh\Zgub\dZlZeh]_o]]JZamf__lky hgbfh]ebk]hj_lvijbih`Zj_]ih]b[gmlvijbi_j_\hadZo[b[ ebhl_dbbaI_l_j[mj]Z\:joZg]_evkdh_ba:joZg]_evkdh]h\² ]]\w\ZdmZpbxbh[jZlghh^gZdhgZb[he__\_jhylghqlh k \u oh^hfgZqbgZykdhgpZo]]i_qZlguokijZ\hqguoihkh[bcg_ h[oh^bfhklv \ wdkljZdlZo hliZeZ b k gbfb jZkklZebkv dZd k g_gm` guf oeZfhf DZd \hafh`gh b k mihfygmlufb \ur_ k[hjgbdZfb ©JZaguomdZah\bj_]eZf_glh\ª Lj_lvbf ij_^iheh`bl_evgh khojZgb\rbfky wdkljZdlhf fh`_l [ulv wdkljZdl ih \hlqbgguf ^_eZf < [b[ebhl_d_ bf__lky jmdhibkv dhgpZ;9,,,\haZ]eZ\e_ggZy©K\h^aZdhgh\ih\hlqbgguf^_eZfª< dZlZeh]_o]]hgZg_ij_^klZ\e_gZ D wdkljZdlZf ijbfudZxl b g_dhlhju_ ^jm]b_ jmdhibkb H^gZ ba gbo² ©Kh[jZgb_ ijb\be_]bc b maZdhg_gbc hlghkysboky ^h Ebneyg ^bb Wkleyg^bb b Nbgeyg^bb DjZldh_ hibkZgb_ h ijhbkoh`^_gbb Ebneyg^bb Wkleyg^bb b Nbgeyg^bbª khklZ\e_ggh_ \ ] gZ^\hj gufkh\_lgbdhf
D=;he_gdh

^_yl_evghklb khhl\_lkl\mxsbo \_^hfkl\ J_d_lf_ckl_jkdhc dhglhju j_\e_ojZgbebs_f \ gZklhys__ \j_fy²J=:>: Lh_klvhgbg_\oh^beb \ khklZ\ [b[ebhl_db gZoh ^b\r_cky \ bf_gbb G_evay bkdexqZlv b lh]h qlh jy^ jmdhibk_c [ue ijbh[j_l_g ihlhfdZfb G;Xkmih\Z² wlh dZkZ_lky \ i_j\mx hq_ j_^vk[hjgbdZmdZah\bj_kdjbilh\²]]
JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

aZdhgh^Zl_evkl\Z ih hljZkeyf ijZ\Z b ijh[e_fZf ij_^klZ\eyxsbf ijZdlbq_kdbc bgl_j_k JZamfgh ij_^iheh`blv qlh kh[jZgb_ ebl_jZ lmju ih aZdhgh\_^_gbx d ZgZebam dhlhjh]h fu i_j_c^_f gb`_ lZd`_ [m^_lkhhl\_lkl\h\Zlvwlhfmijbgpbim GZebqb_ \ khklZ\_ [b[ebhl_db hl^_evguo dgb] ijbgZ^e_`Z\rbo jh^bl_eyf Xkmih\Z iha\hey_l ij_^iheZ]Zlv qlh dgyav gZke_^h\Ze __ p_ebdhf beb \ dZdhclh qZklb H^gZdh klZju_ ba^Zgby aZdhgh\ _keb hgb_s_lZfhklZ\ZebkvG;Xkmih\mih[hevr_cqZklb[uebm`_g_ gm`guD]hgbf_ek\h_kh[jZgb_\Z`g_crboaZdhgh\bij_^klZ \bl_evgmxdhee_dpbxmdZah\ JZamf__lkywlZdhee_dpbyg_bkq_jiu\Z_l\k_ciheghlujhkkbckdh ]haZdhgh^Zl_evkl\Zb\hafh`ghbf_gghihwlhfmdjm]bgl_j_kh\dgyay \kn_j_bf_gghjhkkbckdh]hijZ\ZhgZoZjZdl_jbam_l\iheg_hlq_leb\h jm]b_² kh kem`[hc \ F_`_\hc wdki_^bpbbwlhkdhj__\k_]hdhfie_dkf_`_\uoaZdhgh\Lj_lvb²kh kem`[hc\f^_iZjlZf_gl_K_gZlZgZijbf_j>moh\gucj_]eZf_glb fh`_l[ulv[hevrZyqZklvmdZaguodgb]Ex[hiulghqlhg_khojZgb ehkv gbdZdbo maZdhg_gbc hl^_evgh ba^Zgguo beb l_fZlbq_kdbo k[hj gbdh\ bf_xsbo g_ihkj_^kl\_ggh_ hlghr_gb_ d jZ[hl_ >_iZjlZf_glZ m^_eh\bfi_jZlhjkdbol_Zljh\K^jm]hcklhjhguhl^_evgu_ba^Zgbyb jmdhibkb² wdkljZdl ih fhg_lguf ^_eZf ebneyg^kdb_ aZdhgu Z^fb jZel_ckdbc j_]eZf_gl² iha\heyxl ij_^iheZ]Zlv qlh ho\Zlu\Z_fu_ bfbkn_ju]hkm^Zjkl\_ggh]hj_]mebjh\Zgby\oh^beb\djm]kem`_[guo h[yaZgghkl_cXkmih\Zdijbf_jm\lhf`_kZfhff^_iZjlZf_gl_ qlhaZ^Z_lgZijZ\e_gbyijbhjbl_lgh]hZjob\gh]hihbkdZ

D=;he_gdh

Kh[kl\_ggh wdkljZdlu ba aZdhgh\ fh`gh jZkkfZljb\Zlv m`_ g_ lhevdhdZdaZdhgh^Zl_evgu_iZfylgbdb
JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

Ke_^mxsbf\Jhkkbb\ur_e©Keh\Zjvxjb^bq_kdbcbebK\h^jhk kbckdbo maZdhg_gbc \j_fygguo mqj_`^_gbc km^Z b jZkijZ\uª F ²>@ khklZ\e_gguc k_dj_lZj_f K_gZlZ b h^gbf ba ba\_kl g_crbo \ lh \j_fy jhkkbckdbo ibkZl_e_c FboZbehf >fbljb_\bq_f Qmedh\ufI_j\ZyqZklvdZdbkeh\ZjvEZg]ZgkZkhklZ\e_gZ©ihZa[mq ghfm ihjy^dmª \lhjZy `_ khklhysZy ba q_luj_o hl^_e_gbc² ©ih klZjrbgkl\m]h^h\f_kyph\bqbkehlMeh`_gbybebk]h^ZªDZd \b^gh ba \lhjhc qZklb aZ]eZ\by Keh\Zjv Qmedh\Z ij_^klZ\ey_l kh[hc g_ klhevdh keh\Zjv kdhevdh hiul g_hnbpbZevgh]h kh[jZgby aZdhgh\ k mdZaZl_e_f Ih^h[gu_ ba^Zgby \uoh^beb b iha`_ LZd \ kh[jZgbb Xkmih\Z bf__lky kZfh_ ijhkljZggh_ ba^Zgb_ ih^h[gh]h jh^Z khklZ\e_gguc Ev\hf FZdkbfh\bq_f FZdkbfh\bq_f ©MdZaZl_ev jhkkbckdbo aZdhgh\ \j_f_gguomqj_`^_gbckm^ZbjZkijZ\uªF²Q² aZkem`b\rbc\ukhdmxhp_gdmiha^g_crboijZ\h\_^h\H[jZsZ_lgZ k_[y \gbfZgb_ lh qlh kbkl_fZlbaZpby ghkbl g_xjb^bq_kdbc oZjZdl_j ojhgheh]bq_kdbcbZenZ\blgucDjhf_lh]h\k_khklZ\bl_ebg_klZ\yl i_j_^ kh[hc aZ^Zqb bkq_jiZlv \k_ jhkkbckdh_ ijZ\h Z h[jZsZxl ij_ bfms_kl\_ggh_\gbfZgb_gZaZdhguj_]mebjmxsb_^_yl_evghklv]hkm ^Zjkl\_gguo mqj_`^_gbc \ lhf qbke_ ^_ehijhba\h^kl\h Z lZd`_ gZ ]jZ`^Zgkdh_\lhfqbke_ohayckl\_ggh_ bm]heh\gh_ijZ\h G_kdhevdh [eb`_ d kh[kl\_ggh ijZ\h\_^q_kdhc ebl_jZlmj_ klhbl ljm^ N_^hjZ >_gbkh\bqZ IjZ\bdh\Z ijh^he`_gguc aZl_f _]h kughf :e_dkZg^jhf©IZfylgbdbaaZdhgh\jmdh\h^kl\mxsbcdihagZgbxª Hkgh\gh_ \gbfZgb_ \ dgb]_ m^_e_gh ©ijbdZaghfm h[jy^mª Q Hl^ ZlZd`_ ©ihagZgbx ^he`ghkl_c \haeh`_gguo gZ ijbkm^kl\_g gu_ f_klZ b gZ h[j_lZxsboky \ gboª Q Hl^ lh _klv i_j\u_ qZklb ij_^klZ\eyxl kh[hc ihkh[b_ ih hj]ZgbaZpbb ^_ehijhba\h^kl\Z jZ\gh\Z`gh_^eyh[_boklhjhg²bqbgh\gbdZbebpZ\ugm`^_ggh]h h[jZsZlvky \ mqj_`^_gb_ >Ze__ ke_^h\Zeb l_dklu kh\_jr_ggh bgh]h `ZgjZ kbkl_fZlbabjh\Zggu_ kijZ\hqgbdb gh\h\ur_^rbo maZdhg_gbc LZdbf h[jZahf i_j\u_ ljbq_luj_ qZklb k h^ghc klhjhgu b \k_ ih ke_^mxsb_k^jm]hc\p_ehfbf_ebkZfhklhyl_evgh_agZq_gb_B_keb ZenZ\blgu_bojhgheh]bq_kdb_mdZaZl_eb\uoh^bebb\ihke_^kl\bblh ba^Zgby ki_pbZevgh ihk\ys_ggu_ hj]ZgbaZpbb dZgp_eyjkdh]h ljm^Z gZfg_ba\_klgu
D=;he_gdh

g_ [he__ IjZ\bdh\Zij_^klZ\e_g\nhg^Zofm a_y qZklyfb jZaebqguo ba^Zgbc GZb[he__ ihegh_² _ ba^Zgb_ \ iylbqZklyoF²Q² Bf__lkylZd`_^hihegbl_evgZy qKI[ba^Zgb_g_mdZaZgh Hkh[hke_^m_l\u^_eblvwda_f ieyju i_j\h]h ba^Zgby Q <eZ^bfbj Q <eZ^bfbj Q²<eZ^bfbj² QHl^<eZ^bfbj Q Hl^²<eZ^bfbj² ba^Zgbyk]jmiibjh\Zgu\aZ\bkb fhklbhl_^bgkl\Zi_j_ie_lZ_]Zc kqblZe _]h emqrbf ©bklhqgbdhfmaZdhg_gbcªih]jZ`^ZgkdhfmijZ\mohlyhlf_qZe_]hg_ iheghlm Ihke_^gbfkhqbg_gb_fih^h[gh]hjh^Zbabf_xsboky\[b[ebhl_ d_ y\ey_lky ©Kbkl_fZlbq_kdh_ jmdh\h^kl\h d ihagZgbx jhkkbckdh]h ijZdlbq_kdh]h aZdhgh\_^_gbyª F Q khklZ\e_ggh_ I Khdh eh\uf ;he__ beb f_g__ kbkl_fZlbq_kdh_ ij_^klZ\e_gb_ h jhkkbckdbo aZ dhgZo\gZqZe_;,;\fh`gh[uehihq_jigmlvbakhklZ\e_ggh]hl_f`_ IjZ\bdh\uf mq_[gbdZ ^ey kj_^gbo mq_[guo aZ\_^_gbc ©=jZffZlbdZ xjb^bq_kdZybebGZqZevgu_ijZ\beZjhkkbckdh]hijZ\h\_^_gbykhqb g_ggu_ \ ihevam xghr_kl\Z h[mqZxs_]hky \ jZaguo mqbebsZoª F Djhf_ i_j\h]h fhkdh\kdh]h ba^Zgby \ [b[ebhl_d_ bf__lky b \lhjh_i_l_j[mj]kdh_ba^Zgb_] Ijbf_qZl_evgh gZebqb_ \ [b[ebhl_d_ Xkmih\Z i_j\h]h ©i_j_ ie_lZª dgb]b ijhn_kkhjZ Fhkdh\kdh]h mgb\_jkbl_lZ A : =hjxrdbgZ ©Jmdh\h^kl\h d ihagZgbx jhkkbckdh]h aZdhghbkdmkkl\Zª >I_j_ie_l ^hijZ\Zkhk_^kdh]h@F :\lhj[ueh^gbfbaemqrboijZ\h

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

\_^h\k\h_]h\j_f_gb©ihke_^gbfyjdbfij_^klZ\bl_e_fijZdlbq_kdhc ^vyq_kdhc xjbkijm^_gpbb² bf_ggh \ g_f hgZ hdhgqZl_evgh m]Zk eZ² b \f_kl_ k l_f h^gbf ba aZqbgZl_e_c xjbkijm^_gpbb l_hj_lbq_ kdhcª=hjxrdbgfZehh[jZsZe\gbfZgb_gZl_hjbxgh[uei_j\uf dlh ^Ze kbkl_fZlbq_kdh_ b \k_h[t_fexs__ baeh`_gb_ ^_ckl\h\Z\r_]h jhkkbckdh]h ijZ\Z ijbf_gyy h^gh\j_f_ggh b bklhjbdhijZ\h\hc ih^ oh^ \ _]h khqbg_gbb bf_xlky wdkdmjku \ bklhjbx aZdhgh^Zl_evkl\Z Wda_fieyjba[b[ebhl_dbG;Xkmih\Zi_j_ie_l_g\djZkguckZnvyg bf__l iheguc ahehlhc h[j_a hjgZf_glZevgh_ lbkg_gb_ ih i_jbf_ljm djur_d^m[exjuba_e_gu_r_edh\u_nhjaZpuqlh\p_ehfg_oZjZd l_jgh ^ey xkmih\kdbo dgb] hkh[_ggh jhkkbckdbo bevl_y ©GZqZevgu_ hkgh\Zgby \_dk_evgh]h ijZ\Zª bf__lky \ lj_o wda_fiey jZo_ba^F_ba^Q²F_ba^\gh\vihijZ\ e_ggh_ b mfgh`_ggh_ F KZfh_ dhebq_kl\h i_j_ba^Zgbc ]h \hjblh__[hevrhcihimeyjghklb Bf_xlkylZd`_ijbgZ^e_`Zsb_i_jmN=
D=;he_gdh

g_ [ueh ^jm]h]h khqbg_gby ihk\ys_ggh]h hlghr_gbyf iha_f_evguo khkeh\bc b lZd`_ \_kvfZ eb[_jZevgh]h ih jhkkbckdbf f_jdZf ² Kljhcgh\kdbc<©Hmkeh\byoihf_sbdh\kdj_klvygZfbI_jkihevkd < :gZklZk_\bqª bevl_y ^\Z wda_fieyjZ ©Keh\Zjy xjb^bq_kdh ]hªQmedh\Zb^\_qZklb©IZfylgbdZaZdhgh\ªIjZ\bdh\ZH^gZdhbgl_ j_k Xkmih\Z d jhkkbckdhfm ijZ\h\_^_gbx ghkbe ij_bfms_kl\_ggh ijbdeZ^ghcoZjZdl_jkh^ghcklhjhgu^eyijZdlbq_kdbogm`^g_h[oh ^bfhklb\khqbg_gbb=hjxrdbgZbeb\h\lhjhfba^Zgbb©=jZffZlbdb xjb^bq_kdhcª IjZ\bdh\Z g_ [ueh gbdZdhc k ^jm]hc \ [b[ebhl_d_ g_ [ueh aZ _^bgkl\_gguf bkdexq_gb_f jhkkbckdhc ebl_jZlmju ih jbf kdhfm ijZ\m b iheghklvx² ih m]heh\ghfm b m]heh\ghijhp_kkmZev ghfmIj_h[eZ^Zxlkhqbg_gbybf_xsb_lhbebbgh_hlghr_gb_djZa ebqgufqZklyf]jZ`^Zgkdh]hijZ\Zij_bfms_kl\_gghdwdhghfbq_kdhc bnbgZgkh\hckn_jZf <_jhylgh dgyav [ue ^_ckl\bl_evgh m[_`^_g \ ]em[hdhf hlebqbb jhkkbckdhc ^_ckl\bl_evghklb hl aZiZ^gh_\jhi_ckdhc b g_ kqblZe \ha fh`guf i_j_g_klb gZ hl_q_kl\_ggmx ihq\m gZqZeZ _\jhi_ckdh]h ijZ \Z² hlkx^Z b]ghjbjh\Zgb_ bf jhkkbckdhc l_hj_lbq_kdhc xjb^bq_ kdhcfukebKdhgpZo]]^Z`_wlhlkjZ\gbl_evghg_[hevrhcbg l_j_k \_jhylgh koh^bl m Xkmih\Z gZ g_l dhee_dpby ijZ\h\_^q_kdhc ebl_jZlmjuijhklhi_j_klZ_lihihegylvky
JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

y\e_gby d KZgdli_l_j[mj]kdbf \_^hfhklyfª aZ bxgv²Z\]mkl ] ² ©IjZ\bl_evkl\mxs_]hK_gZlZfhkdh\kdbo^_iZjlZf_glh\ h[ty\e_gby d Fhkdh\kdbf \_^hfhklyfª aZ i_j\mx iheh\bgm b fZjl²Zij_ev]²² Gbh^bgbagbo\khojZ gb\rbokydZlZeh]Zog_mihfbgZ_lky Ih^\h^y blh] hibkZgbx dhee_dpbb xjb^bq_kdhc ebl_jZlmju G;Xkmih\Z b lZd gZau\Z_fuo wda_fieyjh\ g_ba\_klgh]h ijhbkoh `^_gbydhlhju_\iheg_fh]eb_fmijbgZ^e_`Zlv[m^_lmf_klghdhg klZlbjh\Zlv \hi_j\uo qlh wlZ dhee_dpby kdeZ^u\ZeZkv dZd ebqgh_ kh[jZgb_ Dgb] b jmdhibk_c dhlhju_ fh]eb [ulv mgZke_^h\Zgu hl jh^bl_e_chkh[_gghhlhlpZg_fgh]hh ²]] kh[jZgb_ xjb^bq_ kdhc ebl_jZlmju Xkmih\Z \ p_ehf Z^_d\Zlgh hljZ`Z_l hkh[_gghklb b h[smx w\hexpbx jhkkbckdhc xjb^bq_kdhc ebl_jZlmju b k\yaZgguo k g_cklhjhgijZ\h\hcijZdlbdb\;9,,,²gZqZe_;,;\kljmdlmjhh[jZ amxsmxjhevj_]eZf_glh\mklZ\h\bmqj_`^_gbc\fhj_mdZah\jZa\b lb_mdZaguodgb]ihkl_i_ggucmiZ^hdjmdhibkghcljZ^bpbb\kie_kdb m]ZkZgb_ ©dmevlmjuª wdkljZdlh\ kf_g_gguo i_qZlgufb mdZaZl_eyfb aZdhgh\kdeZ^u\Zgb_xjb^bq_kdhci_jbh^bdb
D=;he_gdh

\b^bfh\fhkdh\kdbo^hfZoba^Zgbyhl^_evguoaZdhgh\bijZ\h\_^q_ kdhc ebl_jZlmju bkqbkeyxlky [md\Zevgh _^bgbpZfb AZ gZqZeh o]]\[b[ebhl_dmihklmiZxllhevdhljbdgb]b^\_badhlhjuo² lZjbnuK]_kebg_kqblZlvkibkdh\qbgh\gbdh\\[b[ebhl_d_g_ hleh`behkv gb h^gh]h ba^Zgby < dZdhc f_j_ wlh h[tykgy_lky klZjhk lvx\dZdhcw\hexpb_cbgl_ee_dlmZevguoij_^ihql_gbcXkmih\Zbeb hdhgqZl_evgufij_\jZs_gb_f:joZg]_evkdh]h\iZjZ^gmxj_ab^_gpbx keZ[h \h\e_q_ggmx \ djm] aZ[hl ih mijZ\e_gbx h[rbjguf ohayckl \hf²\k_wlb\hijhkuhklZxlkyhldjulufbblj_[mxl[he__]em[hdh ]hki_pbZevgh]hbamq_gbyKh[jZgb_xjb^bq_kdhcebl_jZlmjuXkmih \Zo²gZqZeZo]]m`_ebrv\ fZehc kl_i_gb hljZ`Z_l h[ s__khklhygb_jhkkbckdh]hxjb^bq_kdh]hdgb]hba^Zgby Hkh[h_ f_klh \ khklZ\_ fma_cghc ©[b[ebhl_db Xkmih\uoª aZgb fZxlkh[jZgb_dgb]\u\_a_gguobadmjkdh]hbf_gbyXkmih\uoJZdbl gh_bdhee_dpbylhfh\©K\h^ZaZdhgh\JhkkbckdhcBfi_jbbª²kZfh klhyl_evgu_dgb`gu_dhfie_dkuBagbo\lhjhcg_bf_egbdZdh]hhl ghr_gbydG;Xkmih\mklZjr_fmbh[Z²dhkgh\ghfmfZkkb\m_]h [b[ebhl_db ?keb ©dgb]hh[f_gª f_`^m fhkdh\kdbfb kh[jZgbyfb b [b[ebhl_dhc :joZg]_evkdh]h fh] [ulv j_]meyjguf b ^Z`_ bgl_gkb\ guf lh ij_^klZ\blv qlhlh ih^h[gh_ f_`^m :joZg]_evkdbf b JZdbl gufg_kdhevdhaZljm^gbl_evgh ©K\h^ aZdhgh\ Jhkkbckdhc Bfi_jbbª dZd ba\_klgh iheghklvx ba ^Z\Zeky\b]]DZ`^h_bawlboba^Zgbc\k\hxhq_j_^v \u^_j`Zeh g_dhlhjh_ dhebq_kl\h i_j_ba^Zgbc djhf_ lh]h \ ² ²b²]][he__bebf_g__j_]meyjgh\uoh^b eb©Ijh^he`_gbyK\h^ZaZdhgh\ª<[b[ebhl_d_Xkmih\uobf_xlky K\h^ ] lj_lv_ ba^Zgb_ ² ]] b _]h ©Ijh^he`_gbyª K\h^]k©Ijh^he`_gbyfbªbK\h^]²\k_]hlhfh\ >\Z ba lj_o kh[jZgbc ihqlb ihegu ih djZcg_c f_j_ \ hkgh\ghc k\h_cqZklbLZdK\h^]ij_^klZ\e_g\k_fblhfZfbmdZaZl_eb bf_ggh d lj_lv_fm ba^Zgbx g_ khojZgbebkv bf__lky lhevdh lhf ©:enZ\blgh]hmdZaZl_eyª\ur_^rbc\]lh_klvdi_j\hfmba ^ZgbxK\h^Z] hlkmlkl\m_l©H[s__h]eZ\e_gb_ªQlhdZkZ_l ky ©Ijh^he`_gbcª \k_]h [ueh ba^Zgh \uimkdh\ \ qZklyo lh \ [b[ebhl_d_hleh`bebkv\k_ljbqZklblj_lv_]h\uimkdZ©Ijh^he`_gbyª KI[ Z lZd`_ \uimkdb aZ ] KI[ b aZ ] KI[ Khhl\_lkl\_gghhlkmlkl\mxli_j\uc\lhjhcb r_klhc \uimkdb©Ijh^he`_gbcªKI[ K\h^aZdhgh\]lZd`_\hkgh\ghcqZklbg_bf__leZdmghlkml kl\m_l©:enZ\blgucmdZaZl_evªKI[ khojZgbekylhf©Hkh[uo

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

mdZaZl_e_cªKI[ Dhee_dpby©Ijh^he`_gbcªg_ihegZba^_ \ylgZ^pZlb \uimkdh\ g_ bf__lky b ² LhfZ b hkgh\gh]h ba^ZgbyK\h^Z]bb\uimkdb©Ijh^he`_gbcªdg_fmbf_xl ky\^\mowda_fieyjZo Kh[jZgb_ ] ij_^klZ\e_gh \k_]h ^\mfy lhfZfb L b L Q Gh lZdh_ hibkZgb_ mqblu\Z_l ebrv [b[ebh]jZnbq_kdb_ k\_^_gby GZ kZfhf ^_e_ dZjlbgZ keh`g__ G_khfg_ggh _^bguc \eZ^_evq_kdbc dhfie_dkij_^klZ\ey_lba^Zgb_K\h^Z]bihqlb\k_oijbeh`_gbc d g_fm \k_ lhfZ aZ _^bgkl\_gguf bkdexq_gb_f bf_xl _^bguc i_j_ ie_lmkeh\ghgZa\Zgguc©lbiª K\h^]ij_^klZ\e_gm`_lj_ fylbiZfbi_j_ie_lh\lbiub ijbq_flhfZjZaguolbih\q_j_ ^mxlkylbi²ll²²lbi²ll²²mdZaZl_ev lbi²^m[e_lu b lhfh\ Wlh agZqbl qlh fu bf__l ^_eh g_ k ih ke_^h\Zl_evghc kf_ghc i_j_ie_lh\ \ h^ghf dhfie_dl_ Z k ^\mfy beb lj_fyjZagufb^\Zbadhlhjuo\hafh`gh\k\h_\j_fy[uebk\_^_gu\ h^bg²dhfie_dlub^hihegyxl^jm]^jm]Z Lbiu i_j_ie_lh\ K\h^Z ] bf_xl lhevdh h^bg ZgZeh] \ i_j_ ie_lZo©Ijh^he`_gbcªi_j_ie_l\lhjh]h\uimkdZ©Ijh^he`_gbcªhl ghkblkydmihfygmlhfm\ur_lbimHklZevgu_lbih\²² ihy\eyxlky \i_j\u_ lbi ² ^\_ qZklb \uimkdZ ©Ijh^he`_gbcª lbi²\uimkdb²²lbi²\uimkdbblbi² \uimkdlbiub²^\Zwda_fieyjZ\uimkdZ LhfZK\h^Z]ij_^klZ\e_guh^gbflbihfi_j_ie_lZlbi Qlhlhhij_^_e_ggh_fh`ghkdZaZlvlhevdhh\eZ^_evp_lhfh\ki_ j_ie_lhf ]h lbiZ gZ dhj_rd_ bf__lky lbkg_gZy ahehlhf gZ^ibkv ©EBG_^j_fkdZ]hªDkh`Ze_gbxebqghklvwlh]hq_eh\_dZb_]hk\yav k:joZg]_evkdbfbXkmih\ufb\uykgblvg_m^Zehkv HklZevgu_lhfZ\k_oba^Zgbcg_bf_xlgb\eZ^_evq_kdbogb^Zj kl\_gguogZ^ibk_cbagZdh\^hdmf_glh\hljZ`Zxsboijhp_kki_j_ ^Zqbdgb]\[b[ebhl_dmihdZg_\uy\e_ghg_fgh]hqbke_ggu_fZj]b gZebbg_ih^^Zxlky[ukljhcbkdhevdhgb[m^vh[hkgh\ZgghcZljb[m pbbbbgl_jij_lZpbb²lZdbf h[jZahf mklZgh\blv bklhqgbd ihklmi e_gbywlbodgb]\[b[ebhl_dm:joZg]_evkdh]hkdhj__\k_]h[m^_lg_ ijhklhFgh]hqbke_gghklvbi_kljhlZdhfie_dlh\iha\heyxlij_^ iheh`blvqlhgZklhysb_ba^Zgbybkihevah\Zebkv\hlqbgghcZ^fbgb kljZpb_cxkmih\kdbobf_gbc
D=;he_gdh

kmlke_^ubgl_gkb\gh]hbqZklh]hql_gbyaZ]jyag_gb_ghkbl[ulh\hc oZjZdl_j Z [hevrZy qZklv ih\j_`^_gbc \ua\ZgZ g_ ih`Zjhf ie_k_ gvx klZj_gb_f dh`b b [mfZ]b beb gZk_dhfufb Z we_f_glZjguf ba ghkhf i_j_ie_lZ b ebklh\ Km^y ih hlkmlkl\bx \ kh\j_f_gghc [b[ ebhl_d_ Xkmih\uo K\h^Z aZdhgh\ ] b iha^g_crbo _]h lhfh\ b ©Ijh^he`_gbcª mklZj_\rb_ ba^Zgby ba \hlqbgguo dhglhj [ueb \u ^_e_gu b kdhgp_gljbjh\Zgu ij_bfms_kl\_ggh ^h wlh]h \j_f_gb lh _klv ijb G;Xkmih\_feZ^r_f kdhj__ \k_]h \h ^\hjp_ b hq_\b^ ghih_]hebqghfmjZkihjy`_gbx
JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

nbdkbjmxl lhevdh h^bg DZ`^uc ba wlbo iylblhfgbdh\ bf__l k\hc _^bguc lbi i_j_ie_lZ ©F_`_\hc bgkljmdpbbª \ gZklhys__ \j_fy \ [b[ebhl_d_bf__lkywda_fieyjZh^bg²b^\Z² ]] ba^Z gby lh]^Z dZd hibkv jmkkdbo dgb] o]] nbdkbjm_l dZd ba\_klgh ebrv h^gm aZ ] LZd dZd xjb^bq_kdZy ebl_jZlmjZ ijbkeZggZy ba JZdblgh]hbf_eZbkdexqbl_evghijZdlbq_kdmxgZijZ\e_gghklvlhj_ ahggh ij_^iheh`blv qlh lZf ihevah\Zebkv [he__ k\_`bf ba^Zgb_f ]ijZ\^ZdZdbfbf_gghwda_fieyjhfg_ykgh DZd m`_ [ueh kdZaZgh \ur_ ©IZfylgbd ba aZdhgh\ª IjZ\bdh\Z ij_^klZ\e_g\nhg^Zofma_yqZklyfbjZaebqguoba^Zgbchibkvjmk kdbodgb]nbdkbjm_lqZklbba^Zgby²]]bqZkl_cfhkdh\ kdh]hba^Zgby]²blh]hhibkvdgb]jZdblygkdh]hbf_gbydZd m`_mihfbgZehkv²b
D=;he_gdh

q_l\_jlh]h hl^_e_gby \lhjhc qZklb ©Keh\Zjy xjb^bq_kdh]hª Qmedh \Z²dklZlbh[ZlZd`_g_\kZfhfemqr_fkhklhygbbhkh[_gghih ke_^gbc ?keb ba^Zgby K\h^Z aZdhgh\ jZ\gh dZd b f_`_\Zy bgkljmd pbybjZajhag_ggu_lhfZba^ZgbcQmedh\ZbIjZ\bdh\Z^_ckl\bl_ev gh ihklmibeb ba \hlqbgguo dhglhj lh wlZ qZklv [b[ebhl_db Xkmih \uo ^Z_l \Z`gu_ k\_^_gby ih jZkijhkljZg_gbx ebl_jZlmju jhkkbc kdh]hijZ\Zg_lhevdh\\ukhdhh[jZah\ZgghcZjbklhdjZlbq_kdhcghb \ [he__ gbadhc khpbZevghc kj_^_² kj_^b mijZ\eyxs_]h i_jkhgZeZ ihf_sbqvbobf_gbc ey bkke_^h\Zl_e_c ebqghklb b ^_yl_evghklb kZfh]h Xkmih\Z dhee_dpby fh`_lhdZaZlvky g_ebrg_c ijb \uykg_gbb ijbgpbih\ b fhlb\h\ ih\_ ^_gbydgyay\l_obebbguokblmZpbyo²\i_j\mxhq_j_^vkem`_[guo bohayckl\_gguo>eybklhjbbjhkkbckdhcijZ\h\hcebl_jZlmjukh[jZ gb_ ij_^klZ\ey_l bgl_j_k g_ kZfufb jZkijhkljZg_ggufb ba^Zgbyfb aZdhgh\bjmdhibkgufbk[hjgbdZfb>eybklhjbbjhkkbckdh]hijZ\Z\ p_ehf² \ lhf qlh hgZ ih\b^bfhfm \iheg_ Z^_d\Zlgh hljZ`Z_l kh klhygb_ jhkkbckdhc ijZ\h\hc kbkl_fu oZjZdl_j b mjh\_gv ijZ\h\hc fukebiheh`_gb_kim[ebdZpb_caZdhgh\mjh\_gvjZa\blby\kihfh]Z l_evghcijZ\h\hcebl_jZlmjubg_dhlhju_hkh[_gghklbijZ\h\hcijZd lbdb² \ qZklghklb ^Z_l \hafh`ghklv g_ lhevdh jZkkfhlj_lv qlh kh [hcij_^klZ\eyeZbdZdjZa\b\ZeZkvkbkl_fZxjb^bq_kdhcbgnhjfZpbb qlh[he__bebf_g__ba\_klgh ghbdZdbf h[jZahf h[s_kl\h ij_h^h e_\Zehg_kh\_jr_gkl\Zwlhckbkl_fuQlhgZoh^behhljZ`_gb_\khklZ \_qZklguo[b[ebhl_d < aZdexq_gb_ klhbl kdZaZlv qlh bf__lky \hafh`ghklv \u^_eblv b ijhZgZebabjh\Zlv ZgZeh]bqgmx dhee_dpbx \ khklZ\_ [b[ebhl_db G;Xkmih\ZfeZ^r_]h²__dZlZeh]bkhojZgbebkv\h\kydhfkemqZ_ qZklbqgh b ih djZcg_c f_j_ \ h^ghf ba gbo jhkkbckdZy xjb^bq_kdZy ebl_jZlmjZ ij_^klZ\e_gZ \_kvfZ rbjhdh H^gZdh \ nhg^Zo fma_y ©:joZg]_evkdh_ª gbdZdbo ke_^h\ wlbo dgb] g_ h[gZjm`_gh b bamq_gb_ wlh]hkh[jZgby\uoh^blaZjZfdbgZr_cklZlvb

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

IJBF?Q:GBY Ih^jh[g__ h [b[ebhl_d_ kf JZihihjl < ;b[ebhl_dZ IhagZgkdbc<< :joZg]_evkdh_ F K² ;meZ\bgZ I JZihihjl < MgZgygp G :joZg]_evkdh_ F K² Dgb]b dbjbeeh\kdhc i_qZlb ;9,,² ;9,,,\\\fma__mkZ^v[_©:joZg]_evkdh_ªKhkl::=mk_\ZbEBIe_rdh \Z Ba^Zgby ih bah[jZabl_evghfm bkdmkkl\m \ hl^_e_ j_^dbo dgb] Fma_ymkZ^v[u ©:joZg]_evkdh_ª<_dIjhk\_s_gbyJhkkbybNjZgpbyFZleugZmqgdhgn Fjm `bgbgZ?<>_lkdb_b]judZdn_ghf_gdmevlmjuIZfylgbdbdmevlmjuGh \u_hldjulbyIbkvf_gghklvBkdmkkl\h:jo_heh]byFK² HgZ`_MkZ^_[gZy[b[ebhl_dZG;Xkmih\Z\:joZg]_evkdhfBa bklh jbbdgb]ihk\ys_gguol_Zljm Dgb]ZBkke_^h\ZgbybfZl_jbZeuF K[ K²;_akhgh\ K< :joZg]_evkdh_ Ih^fhkdh\gZy mkZ^v[Z _ ba^bkijb^hiFK_ba^²F ;he_gdhD=;b[ebhl_dZ ©Mq_gZyijbohlvªDhee_dpbydgyayGbdheZy;hjbkh\bqZXkmih\ZF L K²Hg `_ Dgb]b ?dZl_jbgu JhfZgh\gu b IZ\eZ FboZceh\bqZ >Zrdh\uo \ [b[ebhl_d_ G;Xkmih\ZklZjr_]h \ kh[jZgbb Hl^_eZ j_^dbo dgb] b jmdhibk_c =hkm^Zjkl\_ggh]h fma_ymkZ^v[u ©:joZg]_evkdh_ª ?J>Zrdh\ZebqghklvbwihoZFK²>hahjh\ZGBJhkkbc kdb_i_jbh^bq_kdb_ba^Zgby\lhjhciheh\bgu;9,,,²gZqZeZ;,;\_dZ\[b[ ebhl_d_ fma_ymkZ^v[u ©:joZg]_evkdh_ª DjZkgh]hjv_ BklhjbdhdjZ_\_^ q_kdbcZevfZgZoK²Djhf_lh]h\Zjob\_fma_ykhojZgbehkv g_kdhevdh jmdhibk_c gZmqguo jZ[hl g_ ihl_jy\rbo k\h_]h agZq_gby >jm`b gbgZ ? < J_^dh_ jmkkdh_ Zghgbfgh_ ba^Zgb_ ] ba [b[ebhl_db mkZ^v[u ©:joZg]_evkdh_ª

D=;he_gdh jZ ^ey nhg^Z j_^dhc dgb]b fu ijb\h^bf [_a mdZaZgby mqj_`^_gbynhg^h ojZgbebsZbjZkrbj_gbyJD Ih^jh[g__hdZlZeh]_]kfk Ih^ lhfZfb beb _^bgbpZfb ojZg_gby \ khhl\_lkl\bb k ^_ckl\mxsbfb ijZ\beZfb fma_cgh]h mq_lZ fu bf__f \ \b^m h^gh beb g_kdhevdh ba^Zgbc bf_xsbo_^bguci_j_ie_l @ ^Zxlky lhevdh ^ey ba^Zgbchibku\Z_fhcl_fZlbq_kdhcdhee_dpbb Bg\ Bg\DZlZeh][JZa^_e]+LVWRLUHSROLWLTXH0pPRLUHV-XULVSUX GHQFH Bg\ Bg\ DZlZeh]+LVWRLUHSROLWLTXH0pPRLUHV-XULVSUXGHQFHK\h^guc dZlZeh]dgb]gZbghkljZgguoyaudZoba^Zgguo\Jhkkbb\;9,,,\_d_E L L ² >ey dZ`^h]h ba^Zgby gZoh^ys_]hky \ khklZ\_ [b[ebhl_db fu ^Z_f _]h bg\_glZjguc ghf_j dhlhjuc g_ ke_^m_l im lZlvkghf_jZfbih^hj_\hexpbhggufdZlZeh]Zf[b[ebhl_dbXkmih\Zbk\h^ guf dZlZeh]Zf jmkkdhc dgb]b >Ze__ \ klZlv_ fu m`_ g_ [m^_f mlhqgylv qlh ih^jhkkbckdhcxjb^bq_kdhcebl_jZlmjhcbf__lky\\b^mlhevdhebl_jZlmjZih jhkkbckdhfmijZ\mbl_hj_lbq_kdhfmijZ\h\_^_gbx HdZlZeh]baZpbbo]]kf>jm`bgbgZ?<MkZ^_[gZy[b[ebhl_dZ G;Xkmih\Z K² H dZlZeh]baZpbb o ]] ihqlb gbq_]h g_ba \_klgh J=:>: N Hi > ²DZlZeh]b djmiguo jZa^_eh\ kh klhylbag_kdhevdbol_ljZ^_c LZf`_NHi>G_bkdexq_ghqlhdZlZeh]bl_ljZ^b\u ihegyebnmgdpbxlhih]jZnbq_kdbohibk_c LZf`_NHi>²NHi>K² \ hlkmlkl\b_ Zjob\ghc gmf_jZpbb ebklh\ fu \ugm`^_gu bkihevah\Zlv \eZ^_evq_kdmx iZ]bgZpbx Kkuedb gZ wlhl dZlZeh] [m^ml ijhba\h^blvky ih ^^Ze__²J=:>:$XWHXUVUXVVHV OjZgblky\fma__\Hl^_e_j_^dbodgb]jmdhibk_cbnhlhnhg^h\ =FM: Nhg^ jmdhibk_c N Xkmih\u ?^ oj ©&DWDORJXH GH OD %LEOLRWKqTXH GX 3ULQFH Ze__²DZlZeh]
JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo DZlZeh]K²\jmdhibkbijhgmf_jh\Zgu kljZgbpu DZ` ^uc jZa^_e bf__l kZfhklhyl_evgmx gmf_jZpbx ih lhfZf >Ze__ ^ey jmkkdbo dgb]gZa\Zgb_jZa^_eZ[m^_fhimkdZlv LZf`_²²²²² ²²²² ²GZfg_ba\_klghkhhl\_lkl\m_lebihke_^h\Zl_evghklvdgb]\dZlZeh ]_]boj_ZevghcjZkklZgh\d_Gh\ex[hfkemqZ_ijbagZdbl_fZlbq_kdhc ]jmiibjh\db\dZlZeh]_\jy^ebkemqZcgubfh]mljZkkfZljb\ZlvkydZdgZqZldb \gmlj_gg_ckbkl_fZlbaZpbbdZ`^h]hdjmigh]hjZa^_eZ GZijbf_j\rdZnZob\hh[s_g_[uehxjb^bq_kdhcebl_jZlmju\ f²lhevdhDhjfqZydgb]Zgh\fihqlbkhlgylhfh\dgb]bjmdhibk_c ²²²²²² J=:>:$XWHXUVUXVVHV²² Hgb hlg_k_gu \ jZa^_e ©Keh\Zjbª DZlZeh] E < dZlZeh]_ o ]] hgb hldju\Zeb ih^[hjdm xjb^bq_kdhc ebl_jZlmju \ rdZnm ² HibkZgb_wlboba^Zgbckfgb`_ ;ueZmql_gZ\jZa^_e_©;h]hkeh\b_ªDZlZeh]E Bg\ Bklhjbq_kdh_hibkZgb_JhkkbckdhcDhff_jpbbijb\k_oihjlZob]jZgb pZohl^j_\gbo\j_fyg^hgug_gZklhysZ]hb\k_oij_bfms_kl\_gguomaZdhg_ gbcihhghc]hkm^Zjybfi_jZlhjZI_ljZ<_ebdZ]hbgug_[eZ]hihemqghpZjkl \mxs_c ]hkm^Zjugb bfi_jZljbpu ?dZl_jbgu <_ebdby KI[ ² 7²Bf__lky\[b[ebhl_d_\^\mowda_fieyjZoh^bgbadhlhjuog_iheguc Bg\ ²b ²< dZlZeh]_ o]] agZqblky h^bg² Eh[ ² < dZlZeh]_ o]] hg agZqblky \ jZa^_e_ ©-XULVSUX GHQFHªb\b^bfh^_ckl\bl_evghbkihevah\ZekydZdk[hjgbdaZdhgh\ H[ebahklbjhkkbckdh]hijZ\Zddhglbg_glZevghcZg_Zg]ehkZdkhgkdhc ijZ\h\uf rdheZf kf gZijbf_j Jmfygp_\Z F N Bklhjbq_kdb_ bklhqgbdb ;9,,,² gZqZeZ ;; \_dZ >Zgbe_\kdbcBG DZ[Zgh\ << F_^mr_\ kdZyHF Jmfygp_\Z F N Bklhqgbdh\_^_gb_ L_hjby Bklhjby F_lh^ Bk lhqgbdbjhkkbckdhcbklhjbb Mq_[gh_ ihkh[b_ ^ey ]mfZgblZjguo ki_pbZevgh kl_cFK² < gZrm aZ^Zqm g_ \oh^bl hljZablv \k_ fgh]hh[jZab_ fg_gbc h kZfh^_j `Z\bbbZ[khexlbaf_\Jhkkbbbolh`^_kl\_bjZaebqbb\j_f_gbkdeZ^u\Zgby kmsghklb gZebqbb \ Jhkkbb Z[khexlbafZ dZd lZdh\h]h b ijhq Ba jZ[hl ih ke_^gbo^_kylbe_lbcihwlhfmdjm]m\hijhkh\kfN_^hkh\B::[khexlbaf Hq_jdbjmkkdhcdmevlmju;9,,,\_dZFQK²:evrbp>GGZ qZeh kZfh^_j`Z\by \ Jhkkbb ]hkm^Zjkl\h B\ZgZ =jhagh]h E FmjZ\v _\ < : :[khexlbaf Hl_q_kl\_ggZy bklhjby Bklhjby Jhkkbb k ^j_\g_crbo \j_f_g Wgpbdehi_^by F L K F_^mr_\kdbc : G Ml\_j`^_gb_ Z[khexlbafZ\JhkkbbF:gbkbfh\?<=hkm^Zjkl\_ggu_ij_h[jZah\Z gbybkZfh^_j`Z\b_I_ljZ<_ebdh]h\i_j\hcq_l\_jlb;9,,,\_dZKI[ K Fbjhgh\ ; G KhpbZevgZy bklhjby Jhkkbb i_jbh^Z bfi_jbb ;9,,,² gZqZeh;,;\ =_g_abkebqghklb^_fhdjZlbq_kdhck_fvb]jZ`^Zgkdh]hh[s_ kl\ZbijZ\h\h]h]hkm^Zjkl\ZKI[L=eQ_jgh\KED\hijhkmh \hagbdgh\_gbb Z[khexlbafZ \ Jhkkbb Jhkkby \ ;9,,,²;; \_dZo kljZgbpu

D=;he_gdh bklhjbbFK²DZf_gkdbc:;HlI_ljZ,^hIZ\eZ,J_nhjfu\ Jhkkbb;9,,,\_dZHiulp_ehklgh]hZgZebaZFK² JZa\blb_jmkkdh]hijZ\Z\h\lhjhciheh\bg_;9,,²;9,,,\\Hl\j_^ ? : Kdjbibe_\ F K JZa\blb_ jmkkdh]h ijZ\Z \ i_j\hc iheh\bg_ ;,;\_dZHl\j_^?:Kdjbibe_\FK H oZhlbqghf khklhygbb aZdhgh^Zl_evkl\Z [hevrhf dhebq_kl\_ jZaguo aZdhgh\ \ ;9,,,² i_j\hc lj_lb ;,; \ h \aZbfghc h[mkeh\e_gghklb hljbpZ l_evguo klhjhg jhkkbckdh]h ijZ\Z kf gZijbf_j EZldbg < G E_dpbb ih \g_rg_cbklhjbbjmkkdh]hijZ\ZFhkdh\kdh_]hkm^Zjkl\h²JhkkbckdZybfi_ jby KI[ K² JZa\blb_ jmkkdh]h ijZ\Z \h \lhjhc iheh\bg_ ;9,,²;9,,, \\ K Lhfkbgh\ < : IjZ\h\Zy dmevlmjZ Hq_jdb jmkkdhc dmevlmju;,;\_dZFL<eZklvbdmevlmjZK² JZa\blb_jmkkdh]hijZ\Z\h\lhjhciheh\bg_;9,,²;9,,,\\K² JZa\blb_jmkkdh]hijZ\Z\i_j\hciheh\bg_;,;\_dZK²Lhfkbgh\<: MdZa khq K² ²Ih fg_gbx Lhfkbgh\Z ijbdeZ^ghc oZ jZdl_j[uek\hckl\_g\Kj_^gb_\_dZg_lhevdhjhkkbckdhcghbZg]ebckdhcb njZgpmakdhc xjbkijm^_gpbb ihwlhfm ]eZ\gh_ hlebqb_ jhkkbckdh]h ijZ\Z hl aZiZ^gh_\jhi_ckdh]h klhbl bkdZlv \ jZaebqbyo xjb^bq_kdh]h yaudZ LZf `_ K² H^gZdh^ey;9,,,²i_j\hc lj_lb ;,; \ kkuedb gZ kj_^g_\_dh \v_ij_^klZ\eyxlkyg_dhjj_dlgufb[he__hkgh\Zl_evgufdZ`_lkyfg_gb_qlh \hlebqb_hlJhkkbb\AZiZ^ghc?\jhi_kbkl_fZih^]hlh\dbxjbklh\iml_fbam q_gby l_hjbb ijZ\Z kms_kl\h\ZeZ d gZqZem ;9,,, \ m`_ [he__ e_l qlh ij_^iheZ]Zehbh[_ki_qb\Zeh \ukhdbcmjh\_gvxjbkijm^_gpbbJZa\blb_jmk kdh]hijZ\Z\h\lhjhciheh\bg_;9,,²;9,,,\\K EZldbg<G E_dpbb ih \g_rg_c bklhjbb jmkkdh]h ijZ\Z K² JZa\blb_jmkkdh]hijZ\Z\h\lhjhciheh\bg_;9,,²;9,,,\\K²JZa \blb_ jmkkdh]h ijZ\Z \ i_j\hc iheh\bg_ ;,; \_dZ K² Lhfkbgh\ < : MdZakhqK² JZa\blb_jmkkdh]hijZ\Z\i_j\hciheh\bg_;,;\_dZK² HjZa\blbbijhp_kkZim[ebdZpbbaZdhgh^Zl_evguoZdlh\kfIKAL K9²;9JZa\blb_jmkkdh]hijZ\Z\h\lhjhciheh\bg_;9,,²;9,,,\\K ² Jmfygp_\Z F N Bklhjbq_kdb_ bklhqgbdb K² H[ wlhf ijhp_kk_dZdkhklZ\ghcqZklbi_j_oh^Zhlh[uqZydijbhjbl_lmibkZgh]haZdhgZ ih^jh[g__ kf Jmfygp_\Z F N Jhkkbckdh_ aZdhgh^Zl_evkl\h ;9,,, \ dZd aZ dhgh^Zl_evkl\h gh\h]h \j_f_gb IjZ\h bklhjby l_hjby ijZdlbdZ ;jygkd
JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo Hlhfqlh\jZa\blbbxjbkijm^_gpbb;9,,,bi_j\Zylj_lv;,;\ij_^ klZ\eyxlihkmlb_^bguci_jbh^kfLhfkbgh\<:MdZakhqK >Xkmih\ G ; feZ^rbc@ H jh^_ dgya_c Xkmih\uo KI[ Q K² Jmkkdbc [bh]jZnbq_kdbc keh\Zjv J_ijbglgh_ ba^Zgb_ F L SZih\²Xrg_\kdbc K² Kfbjgh\Z ? B ;h]ZlkdZy : ; Fhk dh\kdbcDj_fevimrdbgkdhcihjuFmdZaZl_ev Ke_^m_laZf_lblvqlh c^_iZjlZf_glK_gZlZkqblZekykZfuf\Z`gufba\k_odjhf_h[gZjh^h\Zgby aZdhgh\ hg \_^Ze rbjhdbf djm]hf ^_e \ qbke_ dhlhjuo [ueb \hijhku mq_lZ gZk_e_gbymijZ\e_gbyp_jdh\gufb^_eZfbnbgZgkh\lhj]h\ebbijhfure_g ghklb\qZklghklblZdb_\_^hfkl\ZdZdKheygZyb;Zgdh\kdZydhglhjubFh g_lguc ^_iZjlZf_gl G_ bkdexq_gh qlh gZagZq_gb_ \ c ^_iZjlZf_gl klZeh ke_^mxs_c klmi_gvx g_^biehfZlbq_kdhc dZjv_ju dgyay ihke_ Dhfbkkbb h dhff_jpbbc^_iZjlZf_glIjZ\bl_evkl\mxs_]hK_gZlZ[ue\ukr_cZi_eey pbhgghc bgklZgpb_c ih ]jZ`^Zgkdbf b m]heh\guf ^_eZf [hevrhc ]jmiiu ]m [_jgbc \ qbke_ dhlhjuo [ueb :kljZoZgkdZy b DmjkdZy ]^_ m dgyay [ueb h[ rbjgu_a_f_evgu_\eZ^_gby < wlhc k\yab fh`_l [ulv bgl_j_k_g b i_jbh^ k ih ] dh]^Z G;Xkmih\ gZoh^beky \ Jhkkbb b khklhye bkdexqbl_evgh gZ ijb^\hjghc kem`[_ >ey fheh^h]h \_evfh`b lhevdh qlh k^_eZ\r_]h [hevrh_ aZ]jZgbqgh_ iml_r_kl\b_gZklZeh\j_fyg_lhevdh\u[jZlvghm`_gZqZlv^_eZlvdZjv_jm DZrbg< G Dhgk_j\Zlb\guc kh\j_f_ggbd ^_dZ[jbklh\ Dgyav ;GXkm ih\ ©;ueh_ªg_ba^Zggu_ghf_jZ`mjgZeZEDgK² _ba^@²A_jgh\Z:K DZf_g_\ZLGK\h^gucdZlZeh]jmkkdhcdgb]bdbjbeeh\kdhci_qZlb;9,,,\_dZ F DZlZeh]²DZlZeh]Eh[— Meh`_gb_ihdhlhjhfmkm^bjhkijZ\u\h\kydbo^_eZo\Jhkkbckdhf]h km^Zjkl\_ ijhba\h^ylky khqbg_ggh_ b gZi_qZlZggh_ ijb \eZ^_gbb :e_dk_y FboZceh\bqZ \ e_lh hl khl\hj_gby fbjZ _ ba^ KI[ bg\ KDkhklZjuf\ZjbZglhf\bgv_ldb ©Meh`_gb_pZjy:e_dk_y FboZceh\bqZ k ^h[Z\e_gbyfb \ dhgp_ ba mdZah\ iha^g_cr_]h \j_f_gbª ;9,,,\²NHi> DZlZeh]DZlZeh]Eb KD² Bg\ IjZ\^Z \heb fhgZjr_c \h hij_^_e_gbb gZke_^gbdZ ^_j`Z\u k\h_c MklZ\hf [eZ`_gguy b \_qgh^hklhcguy iZfylb ^_j`Z\g_crZ]h ]hkm^Zjy gZr_]h I_ljZ <_ebdZ]hij_r_^rZ]h ]h^Z n_\jZey \ ^_gv im[ebdh\Zggufml\_j`^_gZkijbeh`_gb_f\gZqZe_mdZaZhih^dbgmluo\h jh\kdbo ibkvfZo b \_qgh]h mklZ\Z h gZke_^kl\bb ij_klheZ Bfi_jbb Jhkkbc kdhc b ]_g_jZevguy ijbky]b A_jgh\Z : K DZf_g_\Z L G MdZa khq DZlZeh]Eb² Bg\ DZlZeh] DZlZeh] E KD

D=;he_gdh Bg\MklZ\\hbgkdbch^he`ghklb]_g_jZeh\n_ev^fZjrZeh\b \k_]h]_g_jZebl_lZbijhlqboqbgh\dhlhju_ijb\hckd_gZ^e_`Zl[ulvbhguo \hbgkdbo^_eZobih\_^_gbyoqlhdZ`^hfmqbgblv^he`ghKD DZlZ eh]DZlZeh]Eh[ Bg\ :jlbdme \hbgkdbc k djZldbf lhedh\Zgb_f b ijhp_kkZfb KD Bg\Dgb]ZmklZ\fhjkdhch\k_fqlhdZkZ_lky^h[jhfmmijZ\ e_gbx\[ulghklbnehlZgZfhj_KD DZlZeh]DZlZeh] E Bg\KDGZkZfhf^_e_hgh[uehiyluflhevdhih hlghr_gbxdba^Zgbx]^hwlh]h\j_f_gb\ureb_s_fbgbfmfq_luj_ ba^Zgby^\Z b]]DZlZeh]DZlZeh]E DZlZeh] E I_j\hgZqZevgh ba^Zgb_ khklhyeh ba ^\mo qZkl_c ©Ij_^eh`_gbyª IBRm\Zeh\Z ©h jZa^_e_gbb ]m[_jgbc d _`_]h^gh fm j_djmlkdhfm gZ[hjm gZ iylv qZkl_cª KI[ lbi Fhjkdh]h reyo_lgh]h dZ ^_lkdh]hdhjimkZ b©=_g_jZevgh]hmqj_`^_gbyh_`_]h^ghfa[hj_k]hkm ^Zjkl\Zj_djmlªKI[i_qijbK_gZl_KI[i_qijbBfi:dZ^_fbb gZmd F K_gZlkdZy lbi QZklb jZkkueZeb \f_kl_ AZl_f \ureh _^bgh_©Ij_^eh`_gb_hjZa^_e_gbb]m[_jgbcgZiylvqZkl_cb=_g_jZevgh_mq j_`^_gb_ h _`_]h^ghf a[hj_ k ]hkm^Zjkl\Z j_djmlª KI[ <_jhylgh bf_gghhghbbf_ehkv\[b[ebhl_d_KfKD²² Bg\KDi_j\uc\ZjbZgll_ljZ^bB

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo <_jhylgh ©KlZlu b lZ[_eb e_c[]\Zj^bb ihedh\ Dhggh]h E_c[]m kZjkdh]h E_c[dZaZqv_]hª >KI[@ ² KD DZlZeh] <_jhylgh©KlZlublZ[_ebihedh\dbjZkbjkdh]h^jZ]mgkdh]h]mkZjkdh ]hª>KI[@²KD DZlZeh] <_jhylgh©KlZlublZ[_ebZjlbee_jbckdbo[ZlZevhgh\hkZ^gh]hdhggh ]hihe_\h]hª>KI[@²KD DZlZeh] Bg\ KD DZlZeh] hrb[hqgh gZa\Zgh ©LZdlbdZijZ\bevgZyª DZlZeh]E KI[ @² Bg\ KD b©HibkZgb_i_ohlgh]hihedh\h]hkljhxjZa^_e_ggh]h\ljbqZklbkh \k_fb gm`gufb d lhfm ijbf_qZgbyfbª >KI[ @² Bg\ KD _s_ hklZ\Zebkv ZdlmZevgufb gh \ hkgh\ghf hgb mljZlbeb xjb^bq_ kdmxkbemIhk\h_fmf_klm\kh[jZgbbhgb[eb`_djZa^_em©Q@ DZlZeh] Kh]eZkgh ©K\h^ghfm dZlZeh]mª ba\_kl_g lhevdh ©Kibkhd khklhysbf \ ]jZ`^Zgkdhc kem`[_ qbgZf GZ ]h^ª >KI[ Q ²@² KD DZlZeh] DZlZeh]Eh[² DZlZeh]Eh[² ¶ DZlZeh]Eh[ DZlZeh]Eh[² DZlZeh]E =FM:Nhg^jmdhibk_cN?^oj² Bg\KDDZlZeh]DZlZeh]Eh[ DZlZeh]Eh[ Bg\KDhl\_qZ_lijbagZdZf^Zggh]hba^Zgby

D=;he_gdh

DZlZeh]

DZlZeh]KDbeb Bg\ KD khhl\_lkl\m_l ijbagZdZf ^Zggh]h ba^Zgby DZlZeh]E Wda_fieyjkwdkeb[jbkhfG;Xkmih\ZDgb]Z bgl_j_kgZ\^\hcg_\hi_j\uolZjbn\ur_e\lh\j_fydh]^ZdgyavijbgbfZe mqZklb_\jZ[hl_Dhfbkkbbihdhff_jpbbbg_lkhfg_gbc\lhfqlh\[b[ebh l_dm Xkmih\Z dgb]Z ihiZeZ _^\Z eb g_ kjZam ih \uoh^_ ba i_qZlb \h\lhjuo wlhkZfh_iha^g__ba\uy\e_gguogZk_]h^gyrgbc^_gvba^Zgbckxkmih\kdbf wdkeb[jbkhfLh_klv]fh`_l[ulvdjZcg_c^Zlhc_]hbkihevah\Zgby Bg\KDbeb²DZlZeh]E Bg\ KI[ @² KD Beb qlh f_g__ \_jhylgh h^gh ba i_j_ba^Zgbc lZjbnh\ b ]] KD ² Djhf_ lh]h \ dZlZeh]_ ] mihfbgZ_lky b ©LZjbn h a[hj_ ihrebg \ ihjlh\uo b ih]jZgbqguo lZfh`gyo K I [mj]ª hq_\b^gh lZjbn ]² KD < dZlZeh]_ o]] bf__lky ©H[sbc lZjbn ^ey \k_o ihjlh\uobghkljZgguolZfh`_gKI[ªEh[ DZlZeh]Eh[ KD²KI[@Q²²KD Hdgb]_>bevl_ykfgb`_\lhcqZklbklZlvbdhlhjZyihk\ys_gZebl_jZ lmj_ihaZdhgh\_^_gbx >_ckl\h\Ze^h]dh]^Z[ueaZf_g_g©;ZgdjhlkdbfmklZ\hfªdhlh juc \ [b[ebhl_d_ G;Xkmih\Z hlkmlkl\m_l Ih^jh[g__ h[ ©MklZ\_ h \_dk_ eyoª kf EZldbg < G E_dpbb ih \g_rg_c bklhjbb jmkkdh]h ijZ\Z K² JZa\blb_jmkkdh]hijZ\Z\h\lhjhciheh\bg_;9,,²;9,,,\\K² Bg\DZlZeh]Eh[ Bg\

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo

DZlZeh]Eh[ DZlZeh]Eh[² Bg\² Bg\KDDZlZeh]E lZf`_mdZaZg bwda_fieyji_j\h]h]ba^Zgby Bg\DZlZeh]Eh[ KDDZlZeh]Eh[ GZkZfhf^_e_ij_^klZ\eyeh kh[hc k[hjgbd dm^Z ba aZdhgh\ \oh^beh lZd`_ ©Mqj_`^_gb_ hkh[eb\h]h mqb ebsZijb:$XWHXUVUXVVHV²wda_fieyjZ

D=;he_gdh mdZahlZij_ey]k^hiheg_gbyfbhlbZij_ey ]h[wdbiZ`Zob eb\j_cguoeZd_yo^eyebpjZaguoqbgh\bkhkeh\bc DZlZeh]²G_evayiheghklvxbkdexqZlvblh]hqlh \dZlZeh]_]\ur_mihfygmlucdhg\hexlijhoh^beih^aZ]eZ\b_f©MdZau bj_]eZf_gluª Bg\ KD DZlZeh] DZlZeh] E Bg\KD@ F gZqbgZxsbcky mihfygmlu_ \ j__klj_ b ijhgmf_jh\Zggu_ hl jmdb mdZau k eZdmgZfb b g_kdhevdh mdZah\ [_a ghf_jh\ mdZahlghy[jy]h\klmie_gbbgZij_klhe²² ²²bf_gghcbaK_gZlZhl^_dZ[jy]h`Zeh[Zo ²hl^_dZ[jy]hdhjhgh\Zgbb²bf_gghchlghy[jyh i_j_bf_gh\Zgbb=ZlqbgubIZ\eh\kdh]h]hjh^Zfb²@>@k²mdZah\ AgZqbl_evghhlebqZ_lkyhl\ZjbZglZ©K\h^ gh]h dZlZeh]Zª Ij_h[eZ^Zxl mdZau ba
JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo Bg\²DZlZeh]DZlZeh] ² \Zwda_fieyjZg_ kdhevdh jZaebqZxlky khklZ\hf ijbkh_^bg_gguo mdZah\ >hj_\hexpbhggZy gZ de_cdZkmdZaZgb_f]hrdZnZkhojZgbeZkvgZwda_fieyj_hkgh\gh_ hlebqb_hlwda_fieyjZ²gZebqb_mdZah\IZ\eZ,²]]ih ke_^gyyiZ]bgZpby²k Bg\DZlZeh]Eh[ Bg\KD Bg\KD²DZlZeh]DZ lZeh]Eh[

D=;he_gdh

Bg\DZlZeh]E DZlZeh]Eh[² DZlZeh]² Bg\DZlZeh]A^_kvb^Ze__k\_^_gbyh khojZgb\rboky \ [b[ebhl_d_ Xkmih\uo jmdhibkyo ijb\h^ylky ih hibkZgbyf \uiheg_gguf khljm^gbdZfb :jo_h]jZnbq_kdhc dhfbkkbb : E Ebnrbp_f b G:Dh[yd DZlZeh] ² Ih^ aZ]eZ\b_f ©WdkljZdl ih xklbpdhee_]bbª ih\b^bfhfm kdju\Z_lky \ur_mihfygmluc ©WdkljZdl ih xklbpdhee_]bbihjZkijZ\ghcqZklbª Bg\ Bg\² Bg\ Bg\ DZlZeh] ©K\h^ aZdhgh\ª < dZlZeh]Zo obo]]g_mihfbgZ_lky H^_yl_evghklbdhfbkkbbbkhklZ\e_gghf_x©K\h^ghfmeh`_gbbªkf EZldbg<GAZdhgh^Zl_evgu_dhfbkkbbK²FZgvdh\:=Bkihevah\Z gb_ \ Jhkkbb r\_^kdh]h aZdhgh^Zl_evkl\Z ijb khklZ\e_gbb ijh_dlZ Meh`_gby ²]] Bklhjbq_kdb_ k\yab KdZg^bgZ\bb b Jhkkbb ,;²;; \\ E K² AZfmjm_\ : KIjb_fu b f_lh^u dh^bnbdZpbb ijb ih^]h lh\d_ijh_dlZMeh`_gbyJhkkbckdh]h]hkm^Zjkl\Z\_]h^u;9,,,\gZijb f_j_ ]eZ\ h ijhlb\hp_jdh\guo ij_klmie_gbyo j_\e_ojZgb ebs_[m^msbcP=:>: ijbgZ^e_`Zehm`_g_G;Xkmih\mklZjr_fmZdh fmlhba_]hihlhfdh\ DZlZeh]KDheqbgZ gZ E_de_jª \f_klh ©;helbgZ gZ E_de_jdZª ©H jhkkbckdhc dhf_jpbb Q_edh\Zª \f_klh ©Qme dh\Zª ©;b[eby hljh`kdhc lbih]jZnbbª \f_klh ©Hkljh`kdhc b li LZd qlh hg\iheg_fh]ijhqblZlv©EZg]ZgkªdZd©EZg]_fhgª Bg\ ² b ² KD H[jZsZ_f \gbfZ gb_ qlh \ nhg^Zo bf__lky ^\Z wda_fieyjZ keh\Zjy DZlZeh] ] nbdkbjm_l lh`_ ^\Z ² ² gh dZlZeh]b o b o]]² lhevdh h^bg Bg\²

JhkkbckdZyxjb^bq_kdZyebl_jZlmjZ\[b[ebhl_d_Xkmih\uo I:>_]Zchij_^_ebe_]hdZd©ihe_ag_crbcª>_]ZcIIhkh[bybijZ \beZbamq_gbyjhkkbckdboaZdhgh\bebFZl_jbZeudwgpbdehi_^bbf_lh^heh ]bbbbklhjbbebl_jZlmjujhkkbckdh]hijZ\ZFK JZa\blb_jmkkdh]hijZ\Z\i_j\hciheh\bg_;,;\_dZK²Lhfkb gh\<:MdZakhqK Bg\² Bg\ Khhl\_lkl\_ggh bg\ ² ² DZlZeh]E² bh[² Bg\DZlZeh]E©K\h^aZdhgh\KI[l_l ª Klhbl hlf_lblv qlh \ [b[ebhl_d_ G;Xkmih\Z hlkmlkl\mxl [he__ iha^g__ ba^Zgb_ Dhfbkkbb khklZ\e_gby aZdhgh\ ©Hkgh\Zgby jhkkbckdh]h ijZ \Zba\e_q_ggu_bakms_kl\mxsboaZdhgh\JhkkbckdhcBfi_jbbªKI[ b©Ihegucojhgheh]bq_kdbcj__kljaZdhgh^Zl_evguoZdlh\kh\j_f_gbijZ\e_ gby:e_dk_yFboZceh\bqZ^h]h^ZªKI[ HgmdZau\Zeqlhk\h^h[tykgy_llhevdh©ijZ\Zebpb\_s_cªbhimkdZ_l ©ijZ\hh[yaZl_evkl\ª>_]ZcIMdZakhqK Bg\DZlZeh]Eh[ Khhl\_lkl\_gghbg\ DZlZeh] E h[ ² Bg\K\h^gucdZlZeh]jmkkdhcdgb]b²FL :²>\Zj DZlZeh]Eh[ _]ZcIMdZakhqK9 Khhl\_lkl\_gghbg\DZlZeh]DZlZ eh]E²ba^Zgbyb]]. >bevl_c[ueijhn_kkhjhf Fhkdh\kdh]h mgb\_jkbl_lZ i_j\h_ ba^Zgb_ dgb]b \ureh \ ] ihke_^g__ r_klh_\

D=;he_gdh

Bg\² Bg\ Bg\Wda_fieyjkbevghih\j_`^_g\lhfqbke_g_bf__li_j \uokljZgbpi_j\h]hbihke_^gbo²ihke_^g_]hghf_jZ Bg\ Wda_fieyju kbevgh ih\j_`^_gu \ lhf qbke_ g_ bf_xli_j\uokljZgbpi_j\h]hbihke_^gbo²ihke_^g_]hghf_jZ <_jhylgZy ijbgZ^e_`ghklv wlbo dgb] G;Xkmih\m ih^l\_j`^Z_lky l_f qlh \ nhg^Zo j_^dhc dgb]b g_ hleh`behkv gb h^gh]h ih^h[gh]h ba^Zgby \ur_^r_]hihke__]hkf_jlb KfgZijbf_jKijZ\hqgbdbihbklhjbb^hj_\hexpbhgghcJhkkbb;b[ ebh]jZnbq_kdbc mdZaZl_ev Ba^ _ F K² d kh`Ze_gbx ijb\h ^bfu_\g_fk\_^_gbyg_ihegu;he__iha^gboba^Zgbcfug_dZkZ_fkylZddZd \ [b[ebhl_d_ hgb hlkmlkl\mxl H K\h^_ aZdhgh\ b _]h \ebygbb gZ jhkkbckdh_ ijZ\hih^jh[g__kfLhfkbgh\<:MdZakhqK²²Hg_dhj j_dlghklbijbgylh]h\ebl_jZlmj_l_jfbgZ©ba^Zgb_ªihhlghr_gbxdK\h^Zf b ]] kf Jmfygp_\Z F N Bklhjbq_kdb_ bklhqgbdb K ©;he__ijZ\bevgh]h\hjblvhi_j\hf\lhjhfblj_lv_fKh[jZgbyoaZdhgh\ª Bg\ ² ² ² Bg\ ² Fu gZau\Z_f bo ©\uimkdZfbª \h ba[_`Zgb_ l_jfbgheh]bq_kdhc imlZgbpu HnbpbZevgh hgb bf_gh\Zebkv ©ba^Zgbyfbª Bg\²²² Bg\²²² Bg\ Bkdexq_gb_²iyluc\uimkd©Ijh^he`_gbcªbg\ Ihf_lugZiheyog_dhlhjuolhfh\ g_ ^Zxl ihdZ gbdZdhc \hafh`ghklb hij_^_eblvbo\eZ^_evq_kdmxijbgZ^e_`ghklvWlZl_fZaZkem`b\Z_lhl^_evgh ]hkdjmime_agh]hbkke_^h\Zgby =FM:Nhg^jmdhibk_cN?^oj©Dgb]bijbkeZggu_baJZdb lygkdh]hbf_gby\Fhkd\mª >Ze__²DZlZeh]JZdblgh_ DZlZeh]JZdblgh_E Bg\² Bg\² Bg\Hkh[_ggh_\gbfZgb_dwlhfm\uimkdmfh`_l[ulv h[tykg_ghl_fqlhhg[uegZb[he__ZdlmZevguf²\g_fkh^_j`ZebkvmaZdhg_ gbyb\u^_j`dbbagboaZ²]] =FM:Nhg^jmdhibk_cN?^oj©DZlZeh]jmkkdbodgb]gZoh ^ysboky\DZ[bg_l_?]hKbyl_evkl\ZDgyayGbdheZy;hjbkh\bqZXkmih\Zª

1

E

>GDhklurbg

:E?DK?CFBO:CEHEY;BH=J:NBB G?BAh gZklhys_]h \j_f_gb g_ gZibkZgZkdhevdhgb[m^vh[klhyl_evgZy_]h[bh]jZnby Z ^hdmf_glu hlghkysb_kyd_]h^_yl_evghklbhq_gvfZehbamq_gu?]hbfyg_\oh ^bl ^Z`_ \ lZdb_ ba^Zgby dZd ©Jmkkdbc [bh]jZnbq_kdbc keh\Zjvª ©Kh\_lkdZy bklhjbq_kdZy wgpbdehi_^byª b wgpbdehi_^bq_kdbc keh \Zjv©Hl_q_kl\_ggZybklhjbyª F_`^ml_fhgba\_kl_ggZfdZd i_j\uc ^bj_dlhj Fhkdh\kdh]h mgb\_jkbl_lZ Z lZd`_ dZd q_eh\_d \g_krbc hij_^_e_gguc \deZ^ \ ij_h[jZah\Zgb_ FZkl_jkdhc b Hjm `_cghciZeZluDj_fey < ^hj_\hexpbhgguo bklhjbq_kdbo bkke_^h\Zgbyo \ lhf qbke_ ih k\ys_gguobklhjbbFhkdh\kdh]hmgb\_jkbl_lZhg_fbf_xlkykqblZg gu_kljZgbpuZlhbkljhqdbIhqlb[_a\gbfZgbyhklZ\Zeky\_kv`ba g_gguc imlv :j]ZfZdh\Z ij_^r_kl\h\Z\rbc \_jrbg_ _]h dZjv_ju² ^bj_dlhjkdhc^he`ghklbBkdexq_gb_khklZ\beZebrvjZ[hlZ=G
>GDhklurbg

gufbklhqgbdhfbamq_gbyebqghklbbdZjv_ju^bj_dlhjZy\ey_lky^ey gZki_j\uclhf__lj_olhfghcim[ebdZpbb©>hdmf_glubfZl_jbZeuih bklhjbbFhkdh\kdh]hmgb\_jkbl_lZ\lhjhciheh\bgu;9,,,\_dZª Djhf_lh]hjy^bgl_j_kguok\_^_gbch[mqZklbb:e_dk_yFboZceh \bqZ \ jZ[hl_ Dhfbkkbb h khqbg_gbb Meh`_gby ih FZkl_jkdhc b Hjm `_cghc iZeZl_ kh^_j`blky \ bkke_^h\Zgbyo = E FZebpdh]h :BFboZceh\ZbGGAZoZjh\Zihk\ys_gguofma_cghfm^_em\Jhkkbb
IJ?>DB:J=:F:DH<: Ba\_klgucbklhjbd]_g_Zeh]I<>he]hjmdh\h[:j]ZfZdh\uokh h[sZ_lg_fgh]h©R_klv:j]ZfZdh\uo\eZ^_ebgZk_e_ggufbbf_gbyfb \]h^mb^\h_bagbo;hjbkbFboZcehFboZceh\bqb[uebklhev gbdZfb I_ljZ <_ebdh]h FboZceh :j]ZfZdh\ gZoh^beky \ ihke_^gb_ ]h^u pZjkl\h\Zgby I_ljZ <_ebdh]h ]_g_jZed\Zjlbjf_ckl_jhf b h[_j djb]kdhfbkkZjhfª<©Jmkkdhf[bh]jZnbq_kdhfkeh\Zj_ªk\_^_gbyh[ wlhfjh^_\lhfqbke_bhFF:j]ZfZdh\_hlp_:F:j]ZfZdh\Z lZd`_g_fgh]hqbke_ggu I_j\u_k\_^_gbyh^\hjygZo:j]ZfZdh\uohlghkylkydi_j\hcq_l \_jlb ;9, \ Fm`kdZy \_l\v hl dhlhjhc ijhbahr_e :e_dk_c FboZc eh\bq \_jhylg__ \k_]h \hkoh^bl d fhkdh\kdhfm ^\hjygbgm N_^hjm :e_dk__\bqm:j]ZfZdh\mdhlhjucmihfbgZ_lky\[hyjkdbodgb]Zo b ]] >_^ : F :j]ZfZdh\Z FboZbe N_^hjh\bq kljyiqbc \ ²]][uegZeblh\kdhckem`[_ijbpZj_:e_dk__FboZceh\b q_Z\]²\ihoh^_ba
:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

lhfgZr_]hbkke_^h\ZgbyQlh`_dZkZ_lky_]h[jZlZFboZbeZFboZc eh\bqZ :j]ZfZdh\Z lh hg hklZ\be \ bklhjbb Jhkkbb \_kvfZ aZf_lguc ke_^ KZfu_ jZggb_ ba\_klby h kem`[_ F F :j]ZfZdh\Z hlghkylky d ²]] dh]^Z hg kem`be \ Db_\_ < ] hg [ue \ ©ljhbp dhfihoh^_ªl_khijh\h`^Zexgh]hpZjyI_ljZ\k_ehLjhbpdh_ b\ ihoh^_n_\jZey]kdhj__\k_]hbf__lky\\b^mih_a^dZpZjy\ kDhehf_gkdh_bebIj_h[jZ`_gkdh_ ^_dZ[jy]klhevgbdFF:j]ZfZdh\ihkueZ_lkygZkem`[m \ Db_\ lh\Zjbs_f [hyjbgZ b \h_\h^u I B Oh\Zgkdh]h D lhfm \j_ f_gb hg \eZ^_e \hlqbgZfb \ :jaZfZkkdhf m_a^_ \ qZklghklb k_evphf DZrdZjh\ufb^_j_\g_cB\Zr <_kghc ] I B Oh\Zgkdh]h h[\bgbeb \ jy^_ kem`_[guo aeh mihlj_[e_gbcbFF:j]ZfZdh\m[ueihjmq_gkukdihwlhfm^_em Zevg_crZykm^v[ZFboZbeZFboZceh\bqZgZfg_ba\_klgZghih kdhevdmkwlh]h\j_f_gbke_^_]hl_jy_lkyZ\dhgp_]\^h\Z_]h GZklZkvy ?jfbeh\gZ :j]ZfZdh\Z \uoh^bl aZfm` aZ ]jZnZ :g^j_y :j

>GDhklurbg

lZfhgh\bqZ FZl\__\Z fh`gh ij_^iheh`blv qlh hg kdhgqZeky ]^_lh f_`^mb]]

IJ?H;J:@?GKDBCIHEDB=H>UMQ?;UA:=J:GBP?C :e_dk_cFboZceh\bq:j]ZfZdh\[uejh`^_g\]hl[jZdZFb oZbeZFboZceh\bqZkGZklZkv_c?jfbeh\ghc\aZ]heh\dZo^hdmf_glh\ ijb\h^blky ihegh_ bfy² :gZklZkby ^_\bqvx nZfbebx dhlhjhc gZf mklZgh\blv g_ m^Zehkv Fu g_ jZkiheZ]Z_f ^hdmf_glZfb hlghkbl_evgh h[mq_gby_]h^hgZqZeZkem`[u\e_c[]\Zj^bbIj_h[jZ`_gkdhfihedm gh ih mklZgh\e_gghfm \ lh \j_fy ihjy^dm \k_ ^\hjyg_ ^he`gu [ueb ij_^klZ\eylv k\hbo kugh\_c gZ kfhlj \ =_jhev^f_ckl_jkdmx dhglhjm K_gZlZ\k_fbe_lg_fb^\_gZ^pZlbe_lg_f\hajZkl_^eyhij_^_e_gbybo \ mq_[m b \ kem`[m DZdhc h[jZah\Zl_evguc mjh\_gv [ue m gZr_]h ]_ jhy kdZaZlv ljm^gh gh kdhj__ \k_]h qlh d ^\_gZ^pZlb ]h^Zf hg mf_e qblZlvbibkZlvagZe]jZffZlbdmbZjbnf_lbdm ?]h hlqbf ]jZn :g^j_c :jlZfhgh\bq FZl\__\ ba\_klguc ^bieh fZl i_ljh\kdh]h \j_f_gb ihfbfh ^\mo kugh\_c b lj_o ^hq_j_c hl i_j\uo ^\mo [jZdh\ aZ[hlbeky b h k\h_f iZkugd_ :e_dk__ dhlhjh]h ihbkiheg_gbb^\_gZ^pZlbe_l\]aZibkZe\e_c[]\Zj^bbIj_ h[jZ`_gkdbc ihed Kh]eZkgh kibkdm qbgh\ wlh]h ihedZ ] :e_d k_c agZqblky khe^Zlhf c jhlu ©\h hlemq_gbbª Lhevdh fZjlZ ] ih hj^_jm ih^ihedh\gbdZ B B ;mlmjebgZ ]_g_jZefZchjm b e_c[]\Zj^bb fZchjm :BMrZdh\m :j]ZfZdh\Z aZibkZeb ©\ dhf ie_dlª \ lm `_ jhlm GZfb gZc^_g lZd`_ hj^_j BB;mlmjebgZ :BMrZdh\m hl yg\Zjy ] \ dhlhjhf ij_^ibkZgh aZqbkeblv khe^Zlhf^_gsbdZdg:>F_grbdh\Z:e_dk_y:j]ZfZdh\Zhlq_kl\h g_ mdZaZgh \Z pblbjm_fuo gb`_ ijbdZaZ ihdZau\Zxl gZ qlh \ i_j\mx hq_ j_^v gZijZ\e_gu [ueb aZ[hlu ihedh\h]h gZqZevkl\Z Hl yg\Zjy ] ©>Zg_klb =hkih^Zf Znbp_jhf dh]^Z [m^ml mqbl>v@ jhlu lh ]^Z mg^_j Znbp_jh\ b dZijZeh\ hk\b^_l_ekl\h\Zeb kZfb \ mq_gbb Wj

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

a_jpbpblZdh`b\kf_g_dZjZmeh\Z_`_ebmg^_jZnbp_ju b dZijZeu g_[m^mlagZlvlhhl\_lkl\h\Zl>v@[m^mll_ojhlZnbp_juªHln_\ jZeylh]h`_]h^Z©>hg_klb=hkih^ZfZnbp_jZfqlh[mkZe^Zljm`>v@_ bZfmgbpby[ueZ\kybkijZ\gZb\d\ZjlbjZoklhyeb[kfbjghohayb\Zf h[b^ g_ qbgbeb b ivygu_ [ kZe^Zlu ih mebpZf g_ oh^beb b djbdm b ^jZdbhlgx^>v@[ug_[uehª Kem`Z\ihedm:F:j]ZfZdh\dZdbfgh]b_]\Zj^_cpu_]hjZg]Z ihkueZeky \ dZq_kl\_ gZjhqgh]h LZd bxey ] ih^ihedh\gbd BB >fbljb_\FZfhgh\dhfZg^bjm_l_]h\Fhkd\mkibkvfhfd]_g_ jZe]m[_jgZlhjmBNJhfh^Zgh\kdhfm GZf ihdZ g_ m^Zehkv hij_^_eblv \j_fy ih`Zeh\Zgby :e_dk_y Fb oZceh\bqZ\k_j`Zglughih\b^bfhfmwlhijhbahrehf_`^mdhgphf bxey ] b fZy ] lZd dZd \ wlhl ^_gv khklhyeky mdZa I_l jZ,, h ijhba\h^kl\_ k_j`ZglZ :j]ZfZdh\Z \ ijZihjsbdb lh]h `_ ihe dZ\dZdh\hfqbg_hggZoh^bekym`_\jhl_ Z\]mklZ ] :j]ZfZdh\ ihemqZ_l hlimkd ^hfhc ^h yg\Zjy ]
>GDhklurbg

Ihke_mq_[uhgiml_r_kl\h\ZeihjZaguf]hjh^Zf?\jhiu[ue\=_j fZgbb :g]ebb BlZebb NjZgpbb b =heeZg^bb ihk_sZe Z\kljbckdbc njZgpmakdbcbZg]ebckdbc^\hjuK\h_ijh`b\Zgb_aZ]jZgbp_chghi eZqb\Zeba^_g_]dhlhju_j_]meyjghi_j_\h^beZ_fmfZlv

K?F?CGU?>?E: ?s_ ^h gZqZeZ kem`[u \ Ij_h[jZ`_gkdhf ihedm :j]ZfZdh\m ijbrehkv klhedgmlvky k h[j_f_gbl_evgufb ^_eZfb ihf_sbdZ b ^m r_\eZ^_evpZ imklv lhevdh \ dZq_kl\_ nhjfZevgh]h kh[kl\_ggbdZ bf_gbcLZdihke_kf_jlbhlpZ\ghy[j_]hlbf_gbfZehe_lg_ ]h :e_dk_y pZjx I_ljm ihkeZeb q_eh[blgmx h \udmi_ m dgyay KBImlylbgZ ihf_klguo b \hlqbgguo a_f_ev \ :jaZfZkkdhf b >fbljh\kdhf m_a^Zo i_j_^Zgguo lhfm ih ihklmighfm ibkvfm N_^h jhf FboZceh\bq_f :j]ZfZdh\uf < Zij_e_ ] :e_dk_x [ueZ ©hl^ZgZ\ukdªl_i_j_^ZgZ\j_amevlZl_\ub]jZggh]hkm^_[gh]h^_eZ \_jhylghh\aukdZgbb^he]Z^_j_\gyYFIjhdm^bgZM`_\dZ\:jaZ fZkkdhf m_a^_ Gh \ oh^_ i_j_ibkb dj_klvyg fm`kdh]h iheZ ^_j_\gb h[gZjm`behkvqlhdhibbkdZahddhlhju_^he`_g[ueih^Zlvij_^u^m sbc\eZ^_e_p\kZfhfbf_gbbg_[ueh\i_j_ibkghcdZgp_eyjbb:j aZfZkkdhc ijh\bgpbb g_ gZrebkv b ih^ebggbdb Ihwlhfm aZ ©g_ih^Z gb_kdZahdªGb`_]hjh^kdZydZgp_eyjbyhl^_ek\b^_l_evkl\Z^mrfm` kdh]h iheZ \ ] gZeh`beZ gZ :j]ZfZdh\Z rljZn ih jm[e_c aZ ^mrm l_ [he__ jm[e_c aZ k ebrgbf ^mr KkuedZ _]h kem `bl_eyFZdkbfZ?q_\kdh]hgZlhqlh\DZf_jdhee_]bbbf_xlkykdZa db ih^Zggu_ Ijhdm^bguf \ ] hdZaZeZkv ^hklh\_jghc dhee_]by ijbkeZeZ \ Gb`gbc Gh\]hjh^ dhibx \uibkdb k i_j_ibkguo dgb] ]ih:jaZfZkkdhfmm_a^mIj_`gbcrljZn[uekeh`_ggh:j]Z fZdh\mij_^ibkZeb^Zlvk\_^_gbyhdj_klvygZohlkmlkl\mxsboijhlb\ i_j_ibkb ] ^Z[u \ihke_^kl\bb rljZn \aylv aZ gbo H^gZdh q_ eh\_dm:j]ZfZdh\ZKl_iZgm=jya_\mgZ\_klbkijZ\dbh[m[u\rbodj_klv ygZo\kZfhcM`_\d_g_m^Zehkvldf_klgu_`bl_ebgh\hfmihf_sbdm y\bebkv©ijhlb\gubhkemrguªFZehihfh]ebbihkuedb\^_j_\gxdh fZg^uba:jaZfZkZhlfZchjZBI=e_[h\ZLZdbfh[jZahf\_jhylgh ^h\hevgh jZgh m :e_dk_y FboZceh\bqZ keh`behkv ij_^klZ\e_gb_ h[ mijZ\e_gbbbf_gbyfbdZdh^_e_oehihlghfZqZklhbm[ulhqghf <_jgm\rbkv\Jhkkbxijbf_jghe_lhf]hgijhkblbfi_jZl jbpmhij_^_eblv_]h\kem`[mdm^Z©m]h^gh[m^_lªgh\b^bfhihqlb kjZam aZ[he_\Z_l ]hjyqdhc Ba ijhr_gby _]h fZl_jb GZklZkvb ?jfb eh\guFZl\__\hchlZij_ey]fumagZ_fqlh__kug[he_gm`_ k_^vfhc f_kyp l_ hg aZ[he_e \ gZqZe_ hdly[jy ] LZdZy ^eb

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

l_evgZy[he_agvg_[eZ]hijbylghkdZaZeZkvgZk_f_cghf[x^`_l_>_eh \ lhf qlh ijb hlt_a^_ aZ ]jZgbpm : F :j]ZfZdh\ ^Ze k\h_c fZl_jb ih\_j_ggh_ ibkvfh ih dhlhjhfm hgZ bf_eZ ijZ\h jZkihjy`Zlvky _]h bfms_kl\hffh]eZaZgbfZlv^_gv]baZdeZ^u\Zlvbebijh^Z\Zlv_]h^_ j_\gb Z \ujmq_ggu_ kj_^kl\Z i_j_\h^blv _fm aZ ]jZgbpm gZ mq_[m b ijh`b\Zgb_ H^gZdh wlh ibkvfh ^_ckl\h\Zeh lhevdh \ _]h hlkmlkl\b_ ghdh]^Zhg\_jgmeky\Jhkkbxhghihl_jyehkbemb\k_qlhdZkZehkv ijh^Z`bbebaZdeZ^Z^_j_\_gv:F:j]ZfZdh\^he`_g[ueih^ibku \ZlvkZfDlhfm\j_f_gbihh^gbfaZdeZ^guf\j_fym`_[uehijhkjh q_ghZih^jm]bfgZklmibehieZlblvAZbfh^Z\puklZebaZibku\ZlvaZ eh`_ggu_^_j_\gbgZk_[yZaZgylv^_gv]b^eybo\udmiZ[uehg_mdh ]hlZddZdjh^gh]h[jZlZN_^hjZdlhfm\j_f_gbm`_g_[ueh\`b\uo ZhklZekylhevdhh^bg_]hkugFboZbeN_^hjh\bq:j]ZfZdh\k_j`Zgl Ij_h[jZ`_gkdh]hihedZI_j_^kZfufhlt_a^hfaZ]jZgbpm:F:j ]ZfZdh\ ^Ze _fm ©\ gZ]jZ`^_gb_ª ljb qZklb ba jh^h\h]h g_^\b`bfh]h bf_gby \ >fbljh\kdhf b :jaZfZkkdhf m_a^Zo dhlhju_ ^hklZebkv _fm ihke_kf_jlb_]hhlpZFF:j]ZfZdh\Z\]Q_l\_jlZyqZklvhlh reZ_]hfZl_jbGZklZkv_?jfbeh\g_b\fZjl_]hgZhl^ZeZ__©\ gZ]jZ`^_gb_ªk\h_fm\gmdmFboZbemN_^hjh\bqm JZkkljh_ggh_ nbgZgkh\h_ iheh`_gb_ ih[m^beh jh^guo :e_dk_y FboZceh\bqZ ih^Zlv \ K_gZlkdmx dhglhjm ^\_ q_eh[blgu_ < i_j\hc GZklZkvy?jfbeh\gZijhkbeZjZaj_rblvFN:j]ZfZdh\mijh^Z\Zlvb aZdeZ^u\Zlv ^_j_\gb __ kugZ b ©\kydb_ a^_edb qbgbl>v@ª ^ey mieZlu ^he]h\Q_eh[blgZy`_\gmdZ[he__ijyfhebg_cgZK_]hlhqdbaj_gby ©[_kiZfylkl\hª ^y^b hl ]hjyqdb jZ\ghkbevgh [_amfbx ihkdhevdm hg kkueZ_lky gZ mdZa I_ljZ , ij_^ibku\Zxsbc ©[_amfguo ih k\b^_l_ev kl\mhl^Z\Zlvjh^kl\_ggbdhfba^>_@j>_@\gyfb \ kfhlj_gb_ª Kmlv _]h ijhkv[u b aZdexqZ_lky \ ijh\_^_gbb hk\b^_l_evkl\h\Zgby b i_j_^Zq_ _fmih^gZ^ahjkZfh]hjh^bqZkh\k_fbbf_gbyfb GZaZk_^ZgbbK_gZlkdhcdhglhjuj_r_gh[ueh\ua\Zlv:F:j]Z fZdh\Z ^Z[u aZ^Z\Zy \hijhku ©h \kydhf ^hfh\ghf khklhygbbª ijh\_ jblvih^iZ^Z_lebhgih^^_ckl\b_lZdgZau\Z_fh]hmdZaZ©h^mjZdZoª l_mdZaZhlZij_ey]_@j>_@\gyo^eyhdmiml_o^he ]h\ ijh^Z`m bf_lv b aZdeZ^u\Zlv b a^_edb qbgblv kZfª² :j]ZfZdh\ ih\_^Zeh[he_agbebrb\r_c_]hhlqZklbiZfylbbhk\h_fihqlbihe ghf \ua^hjh\e_gbb Gh k_gZlhjh\ y\gh ihklZ\beh \ lmibd qlh hg ©^_j_\_gvk\hboijbk_[_kh^_j`Zlvg_`_eZ_lihg_`_hlgbogbdZdbo ijb[uldh\djhf_jZahj_gbyg_ijbagZ_lb bk l_o k\hbo ^>_@j>_@\>_@gv iheh\bgm mklmiZ_l ihdZaZgghfm ie_fyggbdm k\h_fm FboZcem :j]ZfZ dh\mbijh^Z`mbaZdeZ^u\Zgb_l_fk\hbf^>_@j>_@\gyfb\kydbya^_edb qbgblv_fmie_fyggbdmk\h_fmhg\_jblªGZ\hijhk©_`_eb_fm[_a

>GDhklurbg

^_j_\_gv k\hbo [ulv lh q_f fh`_l k_[y kh^_j`Zlv b ijhiblZgb_ bf_lv"ª²:e_dk_cFboZceh\bq^Zehl\_la^jZ\uc^eyjZaghqbgpZgh e_]dhfuke_gguc^eyihf_sbdZij_^klZ\bl_eyklZjbggh]h^\hjygkdh]h jh^Z _]h fh]ml ijhdhjfblv gZmdb dhlhjuf hg h[mqZeky \ @_g_\_² fZl_fZlbdZ xjbkijm^_gpby objmj]by b ZgZlhfby Hkh[_ggh hg kdeh g_gd\jZq_[ghfmj_f_kemK_gZlhjum\b^_\qlh:j]ZfZdh\Z_^\Zeb _klvijbqbgZijbagZlv©^mjZdhfª\k_`_j_rbebm^hklh\_jblvky^_c kl\bl_evgh eb hg lZd k\_^ms \ gZmdZo dZd ml\_j`^Z_l b hlijZ\beb d g_fm^hfhc^hdlhjZ:<L_cekZIhke_wlh]h\bablZ^hdlhjijbr_ed aZdexq_gbxqlhlhlgZoh^beky©\f_e_gdhebqghc[he_agbªghijbqb gm__hij_^_eblvaZljm^gbeky < j_amevlZl_ K_gZlkdZy dhglhjZ ijbgyeZ ^h\hevgh jZamfgh_ j_r_ gb_ hl^Zlv bf_gby : F :j]ZfZdh\Z ^h ihegh]h _]h \ua^hjh\e_gby \ mijZ\e_gb_fZl_jbbie_fyggbdm©^Z[ul_^>_@j>_@\gbqj_alZdby_\h g_khklhyl_eguy keh\Z b ihklmidb \ jZaahj_gb_ b \ ihke_^g__ bklhsZ gb_ZaZdeZ^hf\ijhkjhqdmb\i_j_ijh^Z`mg_ijbrebªghijZ\hi_ j_aZdeZ^u\Zlv b ijh^Z\Zlv bf_gby b ijbdeZ^u\Zlv d dj_ihklyf jmdb ij_^hklZ\eyehkv bf kh\f_klgh Z g_ h^ghfm FboZbem N_^hjh\bqm fbljh\kdhfm_a^_k ^mr dj_klvyg aZ kdjhfgmx p_gm \ jm[e_c fZchjm > B Ygdh\m m]h\hjb\ gZ wlm k^_edm b GZklZkvx ?jfbeh\gm Djhf_ lh]h hg g_ kh h[sbe\dmiq_cgZijh^Zggmx^_j_\gxihrebebl_^_gv]bgZmieZlm ^he]h\ Wlh h[klhyl_evkl\h \ ^Zevg_cr_f ih\e_deh aZ kh[hc p_emx p_ivkihjh\dhlhju_m`_\]\_eb^_lb:F:j]ZfZdh\Zb\gmdb >Ygdh\Z
:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

KEM@;:
>GDhklurbg

f_glZfZijbh[gZjm`_gbblZdbokemqZ_\ke_^h\Zehkhh[sZlvh[wlhf \fZ]bkljZlHgke_^belZd`_aZwnn_dlb\ghklvxjZ[hlunZ[jbdbfZ gmnZdlmj jZkrbj_gb_f ghf_gdeZlmju ijhba\h^bfuo bfb lh\Zjh\ b memqr_gb_f bo dZq_kl\Z bamqZe ij_^klZ\e_ggu_ kh^_j`Zl_eyfb nZ[ jbdbfZgmnZdlmjhlq_lub^_eZeihgbfkhhl\_lkl\mxsb_ij_^klZ\ e_gby \ FZgmnZdlmjdhee_]bx gZ[ex^Zy ijblhf qlh[u gZ gbo g_ gZeZ]Zeb gbdZdbo ih^Zl_c djhf_ mklZgh\e_gguo LZdbf h[jZahf :F:j]ZfZdh\j_rZe^h\hevghh[rbjgucdjm]\hijhkh\ I_j\h_ ba ^hr_^rbo ^h gZk ba\_klbc ih hkms_kl\e_gbx gZ^ahjZ :j]ZfZdh\uf aZ ^_yl_evghklvx nZ[jbdZglh\ [ueh _]h ^hghr_gb_ \ FZgmnZdlmjdhee_]bx hl bxgy ] Kmlv _]h aZdexqZeZkv \ ke_ ^mxs_f fZy ] hg ohl_e hkfhlj_lv ihehlgygmx nZ[jbdm B:H\hrgbdh\Z\b^bfhdZdfh`ghij_^iheh`blvba[he__iha^gbo ^hdmf_glh\ ih kihjghfm ^_em f_`^m \eZ^_evp_f b `_ghc _]h [jZlZ k ^_lvfbGhdh]^Zhgih^t_oZed^hfm\Dh`_\gbq_kdhckeh[h^_\ijb oh^_ p_jd\b Mki_gby Ij_k\ylhc ;h]hjh^bpu b kijhkbe gZoh^ysboky lZfex^_chohaybg_lh_fmkhh[sbebqlhlhl\hlemqd_b_]hnZ[jbdZ aZdjulZH^gZdh:j]ZfZdh\\hr_e\^hf]^_m\b^_ekZfh]hohaybgZ< hl\_lgZlj_[h\Zgb_ihdZaZlvnZ[jbdmH\hrgbdh\ih\_ek_[y^_jadhb g_lhevdhdhee_`kdh]hkh\_lgbdZghb©\kxDhe_]bx\_kfZ^_jagh\_g gufb keh\Zfb ihghkbeª :e_dk_c FboZceh\bq ij_^eZ]Ze dhee_]bb \klmiblvkydZdaZg_]hlZdbaZkZfh_k_[yihkdhevdm©lZdb_ijbf_jub ihklmidb\k_]^Zfh]mlijhba\h^blvom^uyke_^kl\bbª LZd dZd nZ[jbdZgl hl y\db \ dhee_]bx mdehgyeky ijyqZkv hl ih kuevguo \ _]h ^hf gZijZ\beb dZgp_eyjbklZ EG_g__\Z ij_^ibkZ\ \aylv g_h[oh^bfmx dhfZg^m khe^Zl Z lZd`_ khlkdbo iylb^_kylkdbo ^_kylkdbobihgyluogZkt_a`_f^\hj_bkbehcijb\_klbH\hrgbdh\Z\ dhee_]bx Z _keb lh]h g_ aZklZgml lh ©\aylv ba ^hfZrgbo _\h emlrbo ex^_cªeyihbfdbohayb gZ\^hf_hklZebkvdZijZek^\mfykhe^ZlZfbGZke_^mxsbc^_gvdZi jZeijb^y\dhee_]bxjZkkdZaZeqlhH\hrgbdh\y\beky\^hfghqvx h^gZdh ©\aylv k_[y \ Dhee_]bx g_ ^Zeky b m]jZ`b\Ze ih gbo klj_eylv ibklZe_lZfbª IjZ\^ZmH\hrgbdh\Z[ueZk\hy\_jkbykh[ulbck\yaZgguokh[u kdhf_]h^hfZdhlhjmxhgbbaeh`be\q_eh[blghcih^Zgghc\K_gZl\ lhf `_ f_kyp_ :j]ZfZdh\ ydh[u ih^ \b^hf hkfhljZ nZ[jbdb ijb_a `Zedg_fm\^hf[_a\kydhcijbqbgu[jZgbe_]hm]jh`Zy©qbgblv_fm \kydb_ h[b^uª b g_ m^h\e_l\hjb\rbkv wlbf ijb[ue gZ ke_^mxsbc ^_gvkdhg\h_f\hlkmlkl\b_H\hrgbdh\ZaZoh^be\ihdhb]^_hg`b

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

\_lZg_\ihf_s_gbynZ[jbdbkehfZeaZfdb^\_j_cbrdZnh\Zdhg \hcjZklZsbe^_gv]bZefZagu_mdjZr_gbyb^jm]b_\_sb
>GDhklurbg

]]ijb\h^y^eykjZ\g_gby^Zggu_ihr_edh\ufnZ[jbdZf^jm]bo kh^_j`Zl_e_cb\uibkdbbaj_]eZf_glZFZgmnZdlmjdhee_]bbbmdZah\ d g_c hlghkysboky ;ueZ eb nZ[jbdZ KZ^h\gbdh\Z kgh\Z hlg_k_gZ d qbkem©^hklhcguobdihea_]hkm^Zjkl\_gghcgZ^h[guoªaZ\_^_gbcdZd \]ba^_eZg_ykgh < lhf `_ f_kyp_ : F :j]ZfZdh\ ijhba\_e ijh\_jdm ihehlgyghc nZ[jbdb kh^_j`Zl_ey : K_f_gh\Z gZoh^ys_cky \ k_e_ Debrbg_ AZ jZckdh]hm_a^ZFhkdh\kdhc]m[_jgbb]^_jZ[hlZehq_eh\_ddj_ihkl guodj_klvygb_s_ihiZkihjlZfbdhgljZdlZfGZk_cjZahg[eZ ]hijbylgh hlha\Zeky h nZ[jbd_ b \ukdZaZe fg_gb_ qlh ©hgZy fh`_l [ulv mfgh`_gZ _kleb _y kh^_j`Zl_ev h[ g_c h^ghc klZjZlky [m^_l Z r_edh\mx nZ[jbdm aZ\_^_gb_ lh]h `_ K_f_gh\Z² >D dhlhjZy g>u@g_kh\k_f[_a^_ckl\ZhklZ\blvbijh^Z\fZl_jbZeubklZgumihl j_[blv ^>_@g]b gZ ihehlgygmxª FZgmnZdlmjdhee_]by g_f_^e_ggh hlj_Z]bjh\Z\gZmihfbgZgb_h[_a^_ckl\mxs_cnZ[jbd_ijbdZaZeZgZ \_klbhg_ckijZ\dbb\uibkZlv ba j_]eZf_glZ dZd \_e_gh ihklmiZlv k ©g_jZqbl_evgufbª nZ[jbdZglZfb gh \ ^Zevg_cr_f hdhgqZl_evgh]h j_r_gby\_jhylghbg_ihke_^h\Zehihkdhevdmhij_^_e_gb_fFhkdh\ kdh]h ]m[_jgkdh]h ^_iZjlZf_glZ hl bxey ] ^_eh bkdexqbeb ba g_j_r_gguobhl^Zeb\Zjob\ Dh]^Z\k_gly[j_]K_gZlm^h\e_l\hjbeijhr_gb_dhee_`kdh ]h kh\_lgbdZ ;NS_j[Zq_\Z ijbkmlkl\h\Z\r_]h \ FZgmnZdlmjdhglhj_ \ I_l_j[mj]_ h[ hlimkd_ ^h yg\Zjy ] \hagbdeZ g_h[oh ^bfhklvhij_^_eblvgZ_]hf_klhh^gh]hbagZoh^b\rboky\FZgmnZd lmjdhee_]bb kh\_lgbdh\ dg BFH^h_\kdh]h beb : F :j]ZfZdh\Z IhklZjrbgkl\mke_^h\ZehhlijZ\blvi_j\h]hghlZddZd\dhee_]bb \ lh\j_fyg_[uehgbij_ab^_glZgb\bp_ij_ab^_glZlhH^h_\kdbchk lZekydZd©ij_ab^mxsZyi_jkhgZªbdgh\hfmf_klmgZagZqbeb:j]ZfZ dh\ZGhdZdhdZaZehkvhgm`_bf_edhfbkkbxhibkbbf_gbc[jb]Z^b jZ:efZah\ZIhwlhfmdhee_]bykgZqZeZih^ZeZ\K_gZl^hghr_gb_h[ m\hevg_gbb :j]ZfZdh\Z hl dhfbkkbb Z aZl_f ijbdZaZeZ ihke_^g_fm ke_^h\Zlv\I_l_j[mj]b©ihijb[ulbb\lhcDZglhj_kem`bl_e_c^_eZ b^_g_`gmxdZagmbqlh\\_^hfkl\_lhcDZglhjukhklhblªijbgylv©\ k\h_kfhlj_gb_ªJ_ahexpbyK_gZlZh[m\hevg_gbb_]hhldhfbkkbbkh klhyeZkv hdly[jy mdZa kZfhc dhfbkkbb² hdly[jy g_dhlhjh_ \j_fymrehgZoehihluh\u^Zq_:e_dk_xFboZceh\bqm`Zeh\ZgvygZ fZckdmx lj_lv b gZ k_gly[jv b hdly[jv Lhevdh ghy[jy _fm \u^Zeb ba dhee_]bb iZkihjl gZ ijh_a^ ^h I_l_j[mj]Z h^gZdh hg aZ^_j`Zeky \ Fhkd\_ ]^_ ^_dZ[jy ihemqbe gh\uc k_gZlkdbc mdZa h[ hlkued_ ^_e ihdhfbkkbb\K_gZlb
:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

kjhd \klmie_gby :j]ZfZdh\Z ©\ ijZ\e_gb_ ^_eª FZgmnZdlmjdhglhju gZg_kdhevdhf_kyp_\²^hyg\Zjy] Ij_[u\Zgb_:F:j]ZfZdh\Z\gh\hc^he`ghklbg_[uehijh^he `bl_evguf m`_ ghy[jy ] hg ih^Z_l \ K_gZl ijhr_gb_ h[ hl imkd_ gZ ]h^ ©^ey g_h[oh^bfuo gm`^ b hieZlu ^he]h\ª J_r_gb_f K_gZlZhg[uehlims_g\^hfkyg\Zjy]gZh^bg]h^G_fZemx qZklvhlimkdgh]h\j_f_gbhgkh[bjZekyihk\ylblvk\h_ciZjmkghcbih ehlgyghcnZ[jbd_\kMki_gkdhf:jaZfZkkdh]hm_a^ZaZ\_^_gghc\hd ly[j_ ] k iha\he_gby FZgmnZdlmjdhee_]bb ©kh[kl\_gguf _\h dhrlhf b fZkl_jh\ufb b jZ[hlgufb ex^fb ^ey ^hfh\Z]h _\h jhkoh ^mª Dhee_]by jZaj_rbeZ lZd`_ ©_`_eb hl lh]h _\h ^hfh\h]h jhkoh^m hklZ\ZlpZ [m^_l dZdb_ ihehlgZ hgu_ ijh^Z\Zlv \ Jhkkbb b d ihjlZf hlimkdZlvkieZl_`_fmdZaguoihrebgªKyg\ZjyhgZm`_©^_ckl\b_f gZqZeZkvªZ\`mjgZe_j_r_gguo^_e=_jhev^f_ckl_jkdhcdhglhjufu gZoh^bfaZibkvhlk_gly[jy]©^_ehih^hghr_gbxDhe_`kdh ]h Kh\_lgbdZ :e_dk_y FboZceh\Z k>u@gZ :j]ZfZdh\Z kem`bl_ey I_ljZ =jya_\Zh^Zq__fm^eyijh\ham\^hf=>h@k>ih@^bgZ_\h\KZgdlibl_j [mjokbf_xs_cky:jaZfZkdhc\k_e_Mki_gkdhfnZ[jbdbjZaguoiheh l_gijhimkdmª<^ZgghfkemqZ_\hafh`ghj_qvreZhihklZ\d_ba^_ ebc ©^ey ^hfh\uo gm`^ª Gh lhl `_ =jya_\ km^y ih [he__ iha^g_fm ijhr_gbx :j]ZfZdh\Z \habe ihehlgZ \ I_l_j[mj] b ^ey ijh^Z`b bxey]:j]ZfZdh\ih^Z_l\FZgmnZdlmjdhee_]bxq_eh[blgmx hjZaj_r_gbbjm[blv_fme_k©gZ^_ehbgkljmf_glh\ª^eynZ[jbdbIh kms_kl\h\Z\r_fm lh]^Z aZdhgh^Zl_evkl\m ^ey wlh]h g_h[oh^bfh [ueh kgZqZeZaZjmqblvkykh]eZkb_f:^fbjZel_ckdhcdhee_]bb\qv_f\_^hf kl\_ [ueb e_kZ : lZ \ k\hx hq_j_^v k\hbfb mdZaZfb \ :jaZfZkkdmx ijh\bgpbZevgmx dZgp_eyjbx b d ijh\bgpbZevghfm \Zev^f_ckl_jm ^Z \ZeZ khhl\_lkl\mxs__ iha\he_gb_ Gh gZ ^_e_ ihemqbehkv bgZq_ FZ gmnZdlmjdhee_]byy\ghihl\hjkl\myk\h_fmqbgh\gbdmh^gh\j_f_ggh ihkeZeZmdZau\ijh\bgpbZevgmxdZgp_eyjbxb\Zev^f_ckl_jmZlZd`_ ijhf_fhjbx©\hba\_klb_ª\:^fbjZel_ckl\hhldm^Z\hl\_lijbr_e \u]h\hjaZgZjmr_gb_mdZah\ <_jgm\rbkvbahlimkdZ\Fhkd\mdij_`g_fmf_klmkem`[u:j]Z fZdh\m`_q_j_aljbkebrgbff_kypZih^Z_lijhr_gb_hgh\hfhlimk d_ gZ ljb f_kypZ lZd dZd bf__l ©\ ^_j_\gyo djZcgb_ g_h[oh^bfu_ gm`^uªbxeyke_^m_l_s_h^ghijhr_gb_hijh^e_gbbhlimkdZ^h yg\Zjyke_^mxs_]h]h^Zihkdhevdm:e_dk_c FboZceh\bq ©\ lZdh_ fZ eh_\j_fyªk\hb^_eZ©gbdhbfh[jZahfbkijZ\blvg_fh]ªKlhevqZk lu_ _]h hlemqdb \b^bfh ^h g_dhlhjhc kl_i_gb aZimlZeb fhkdh\kdbo qbgh\gbdh\ ©hl ]_jhev^f_ckl_jkdbo ^_eª b K_gZlkdmx dhglhjm b[h ihke_^gyy\fZjl_gZagZqZ_l:j]ZfZdh\Z\Ke_^kl\_ggmxdhfbkkbxh[ Zk_kkhj_Kheyghcdhglhju=emrdh\_H^gZdh\_^_gb_hlhf\K_gZlih

>GDhklurbg

dZdbflh ijbqbgZf [ueh ih^ibkZgh ebrv fZy g_kfhljy gZ lh qlh Zij_eyijbreh\_^_gb_baI_l_j[mj]Zh[hlimkd_:j]ZfZdh\Zb\lhl `_^_gvkhklhyehkvZgZeh]bqgh_hij_^_e_gb_K_gZlkdhcdhglhju
DHFBKKBYIHF:KL?JKDHCBHJM@?CGHCI:E:L? DZd ba\_klgh fZjlZ ] k_gZlhj IBRm\Zeh\ ij_^eh`be ©^ey kh\_jr_ggh]h ij_k_q_gby ijh^he`bl_evghklb km^h\ jZah[jZlv mdZau\dZ`^hfijbkmlkl\_gghff_kl_ª^Z[ukha^ZlvaZdhgu[he__yk gu_ b hl\_qZxsb_ ihlj_[ghklyf b [eZ]hihemqbx bfi_jbb Ih \ha \jZs_gbb ^\hjZ \ I_l_j[mj] b ihke_ jy^Z aZk_^Zgbc bxey ] ijbK_gZl_kha^ZeZkvdhfbkkbybaq_eh\_d^eykhqbg_gby©jZkiheh`_ gbyªih^_eZfdZkZxsbfkyXklbpb
:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

gh^Zl_evkl\Zbadhlhjuo^he`gu[uebkeh`blvkybgkljmdpbbmklZ\u bebj_]eZf_glu
>GDhklurbg

DZd y\kl\m_l ba ^hdeZ^Z K_gZlm :e_dk_c FboZceh\bq gZ^_yeky gZclb\Zjob\_^hdmf_gluiha\heyxsb__fmkhqbgblvk\hbij_^eh`_ gby©dZdbfh[jZahf\ij_^vgZbemqr__kh^_j`Zgb_bmijZ\e_gb_[ulv fh]ehª Gh hdZaZehkv qlh Zjob\ g_ jZah[jZg j__klju ih ojZgysbfky lZfp_gghklyfZlZd`_k\_^_gbyhihklmie_gbbbo\iZeZlmhlkmlkl\m xlZgZebqgu_hibkbg_iha\heyxlk^_eZlvihgbfh[s__ij_^klZ\e_ gb_ h dhebq_kl\_ wlbo \_s_c \ dZ`^hc iZeZl_ l_ \ FZkl_jkdhc b Hjm`_cghc DZa_gghc b Dhgxr_gghc :j]ZfZdh\ ij_^eZ]Z_l K_gZlm jZkihjy^blvky qlh[u \k_ \_sb \ iZeZl_ hibkZlv ©ih khjlZfª l_ hl ^_evgh ©dhjhgu kdbi_lju ^_j`Z\u b ^bh^_fuª hl^_evgh ieZlv_ hl ^_evghhjm`b_bl^ZaZl_fkhklZ\blvgZdZ`^mx]jmiim\_s_chibkv h^bgwda_fieyjdhlhjhchklZ\blv©\dZag_ªZ^jm]hcihkeZlv\K_gZl H^gZdhkimklyf_kyp©lj_[h\Zggu_ba\_klbyªhliZeZlug_ihklmibeb < i_j\mx hq_j_^v g_ [ueZ khklZ\e_gZ hibkv \_s_c k jZa^_e_gb_f gZ p_eu_ ihjq_ggu_ b kh\k_f g_]h^gu_ g_ ijhba\_^_gZ bo hp_gdZ g_ ij_^klZ\e_gubf_ggu_mdZauihiZeZl_hkgh\ghcijbqbghcq_fmy\ey ehkv [_kihjy^hqgh_ ojZg_gb_ [mfZ] Ohly :j]ZfZdh\ hlf_lbe qlh \ FZkl_jkdhcbHjm`_cghciZeZl_\_jhylghg_[_a\ebygby_]hij_^eh `_gby©ihqbgb\Zxlkyg_dhlhju__glZjguyjZa\Zeb\rbyky\_sbdZ[b g_lu a_jdZeu rdZlmeuª ^_eZxlky \uibkdb ba k_gZlkdbo mdZah\ Hg kgh\Z ijhkbl m K_gZlZ mdZaZ h ©ijbe_`ghf \kihfh`_gbbª _fm kh klh jhguiZeZlu >h[b\rbkvhlK_gZlZba^Zgby `_eZ_fh]h mdZaZ :j]ZfZdh\ _keb \_jblv_]hihke_^mxsbfjZihjlZfhlgx^vg_ij_h^he_e]emoh_khijh lb\e_gb_ iZeZlu b g_ \ ihke_^gxx hq_j_^v ]eZ\gh]h km^vb dgyay N:S_j[Zlh\Zihbf_gb\ijhq_fgbjZamg_gZa\Zggh]h ^_dZ[jy ] : F :j]ZfZdh\ hl[u\Z_l \ I_l_j[mj] g_ m\_ ^hfb\ h[ wlhf FZkl_jkdmx b Hjm`_cgmx iZeZlm Ijbqbgu klhev kjhqgh]h_]hhlt_a^Z\k_\_jgmxklhebpm[uebijh^bdlh\Zgu^\mfyh[ klhyl_evkl\Zfb \hi_j\uo dZd ^hghkbe kZf :j]ZfZdh\ ©^ey ^hdeZ^m IjZ\bl_ekl\mxs_fm K_gZlm ih khqbg_gghfm ih ^he`ghklb fh_c ijh wdlmªZ\h\lhjuoqlh[he__\Z`ghbaaZibkvfZdZf_j]_jZBBRm \Zeh\Z\dhlhjhfkh^_j`Zehkvlj_[h\Zgb_kjhqghy\blvky\I_l_j[mj] kkhba\he_gbybfi_jZljbpu?ebaZ\_luI_ljh\guKZfhibkvfhgZfb g_ gZc^_gh Z :j]ZfZdh\ g_ dhgdj_lbabjm_l _]h kh^_j`Zgb_ gh g_kh fg_ggh\uah\wlhl[uek\yaZgkj_r_gb_fhj]ZgbaZpbhgguo\hijhkh\ ihmqj_`^_gbxFhkdh\kdh]hmgb\_jkbl_lZ OhlyFZkl_jkdZybHjm`_cgZyiZeZlZ\k_`_ij_^klZ\beZ\k_j_^b g_yg\Zjy\K_gZlkdmxdhglhjmlj_[h\Z\rbckyhlg__hl\_lhgeb[h g_ m^h\e_l\hjbe :e_dk_y FboZceh\bqZ eb[h \h\k_ g_ [ue ^h\_^_g ^h _]hk\_^_gbybaaZ_]hhlt_a^Zl_f[he__qlhk_gZlkdbcmdZahlyg\Z jy ] gZihfbgZe _fm ©h kdhj_cr_f ih kbe_ ij_`^_ ihkeZgguo

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

MdZah\ khqbg_gbb ih fZl_jbb imgdlh\ª Ijbqbgm k\h_c f_^ebl_evgh klb hg \b^_e \ hlkmlkl\bb ©d khqbg_gbx ih FZkl_jkdhc b Hjm`_cghc IheZl_ imgdlh\ ijbgZ^e_`ZsZ]h ba\_klby hl dZgp_eyjbb hghc IheZ luª ©HiZkZykv rljZnZª hg ij_^klZ\ey_l K_gZlm ©=_g_jZevgh_ fg_ gb_ª < g_f hg ij_^eZ]Z_l kha^Zlv k\h_]h jh^Z fma_c² ]Ze_j_x ^ey ©hk\ys_gguoªb©dmjbhaguoª\_s_cihkljhb\©gZjhqblh_a^Zgb_ª^ey jZaf_s_gby wdkihgZlh\ khklZ\b\ b ba^Z\ gZ jmkkdhf b ^jm]bo bgh kljZgguo yaudZo dZlZeh] \k_o \_s_c k ijbeh`_gb_f bklhjbq_kdhc kijZ\dbhdZ`^hcbaZjbkh\db__\\b^_Z[jbkZqlh[uhgb©g_ij_^Zgu [ueb aZ[\_gbxª G_h[oh^bfh lZd`_ ijhba\_klb hk\b^_l_evkl\h\Zgb_ ©fZkl_jh\uo ex^_cª gZ bo ijhn_kkbhgZevgmx ijbgZ^e_`ghklv \u ^_j`Z\rbowlhlwdaZf_gke_^m_lhklZ\blv\iZeZl_©k^h\heguf`Zeh \Zgv_fªZhklZevguom\heblvIj_^mkfhlj_gZlZd`_hkh[ZydhfZg^Z\h ]eZ\_khnbp_jhf^eyhojZgukhdjh\bsiZeZlu
>GDhklurbg

fh`_l d jZakm`^_gbx ijba\Zlv :jobl_dlhjZ Dgyay Molhfkdh]h b mqb gblv k gbf dhgn_j_gpbx Z ]^_ b dZdby ihdhb d lhfm jZkiheh`_gbx gZjhqgh ih fg_gbx Kh\_lgbdZ :j]ZfZdh\Z a^_eZlv FZkl_jkdZy b Hjm`_cgZy IheZlZ m^h[gh]h f_klZ b _\h :j]ZfZdh\Z fg_gby _s_ g_ h[j_lZ_lª D lhfm `_ \ jZihjl_ ml\_j`^Z_lky qlh \k_ g_h[oh^bfu_ ba\_klby ^ey khqbg_gby imgdlh\ ij_^klZ\e_gu _fm _s_ ^_dZ[jy ] :e_dk_c FboZceh\bq kfh] baeh`blv k\h_ fg_gb_ h f_kl_ kljhb l_evkl\Zhl^_evgh]ha^Zgbylhevdhih\ha\jZs_gbb\Fhkd\mbhdhgqZ gby ijZa^gh\Zgbc ih kemqZx hldjulby mgb\_jkbl_lZ Z bf_ggh fZy ] h[ty\b\ qlh m^h[g__ \k_]h ihkljhblv ]Ze_j_x gZ B\Zgh\kdhc iehsZ^b ihaZ^b dhehdhevgb m KiZkkdbo \hjhl Ih k_gZlkdhfm mdZam Zjobl_dlhjm dgyax ><Molhfkdhfm [ueh ij_^ibkZgh khqbgblv ^\Z \ZjbZglZ ieZgZ b nZkZ^Z Ih i_j\hfm² ]Ze_j_x ke_^h\Zeh kljhblv bkihevamyihdhbKm^_ckdhcbIh^vyq_kdhciZeZlZih\lhjhfm²lZf ]^_mdZaZe:j]ZfZdh\Djhf_lh]hlj_[h\ZehkvkhklZ\blvkf_lmkljhb l_evkl\Z
I?JBJ?DLHJFHKDHey wlbo p_e_c [ue i_j_^Zg [u\rbc Zil_dZjkdbc ^hf m
:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

a^ZgbyaZ\_jrbebkvddhgpm^_dZ[jybkwlh]hfhf_glZi_j_^dZf_j ]_jhfRm\Zeh\uf\klZeZaZ^ZqZdhfie_dlh\ZgbyZ^fbgbkljZpbbbij_ ih^Z\Zl_evkdh]hkhklZ\Zmgb\_jkbl_lZDZdm`_[uehmihfygmlh\ur_ hg bf_g_f bfi_jZljbpu \uau\Z_l :j]ZfZdh\Z \ I_l_j[mj] :e_dk_c FboZceh\bq ijb[u\Z_l lm^Z ©^ey dhgn_j_gpbbª ^_dZ[jy qmlv iha^g__ beb yg\Zjy² klZjrbc ^hdlhj Fhkdh\kdh]h ]_g_jZevgh]h ]hkiblZeyb^bj_dlhj]hkiblZevghcrdheuEE;exf_gljhklyg \Zjy ] bfi_jZljbpZ ml\_j^beZ ^hdeZ^ K_gZlZ k ijbeh`_ggufb ijh_dlhfbrlZlhfFhkdh\kdh]hmgb\_jkbl_lZLhc`_j_ahexpb_cdm jZlhjZfbgZagZqZebkvRm\Zeh\b;exf_gljhklZ^bj_dlhjhf²:j]Z fZdh\ GZ kh^_j`Zgb_ mgb\_jkbl_lZ b ]bfgZabc RlZlkdhglhjZ ^he`gZ [ueZ _`_]h^gh \u^Z\Zlv ^h lukyq jm[e_c Z ©gZ i_j\hc kemqZc ^ey ihdmidbdgb]bijhlqZ]hª_^bgh\j_f_ggh\u^_eyehkvlukyqBf_g gh gZ :j]ZfZdh\Z e_]eh g_ihkj_^kl\_ggh_ jmdh\h^kl\h mgb\_jkbl_lhf b[j_fyjZkoh^h\Zgbykj_^kl\gZdhgdj_lgu__]hgm`^uIh\k_c\b^b fhklbhg\f_kl_kBBRm\Zeh\ufkhklZ\bei_j\ucrlZlmgb\_jkbl_ lZb]bfgZabcdhlhjuc[ueijbeh`_gd©Ijhwdlmh mqj_`^_gbb Fhk dh\kdZ]h Mgb\_jkbl_lZª A^_kv _s_ g_l dhgdj_lguo nZfbebc gh m`_ hij_^_e_gh`Zeh\Zgv_^bj_dlhjmbmgb\_jkbl_lkdbfijhn_kkhjZfZ lZd`_j_dlhjmbmqbl_eyf]bfgZabbklm^_glZfb]bfgZabklZf F_`^ml_fkgZqZeZ[he_agvZaZl_fbdhgqbgZEE;exf_gljhklZ ihke_^h\Z\rZyfZjlZ]\g_keZk\hbdhjj_dlb\u\jZkij_^_ e_gb_ h[yaZgghkl_c \ i_jbh^ ih^]hlh\db d hldjulbx Fhkdh\kdh]h mgb \_jkbl_lZqZklvnmgdpbc\lhjh]hdmjZlhjZi_j_reZd:F:j]ZfZdh\m Kms_kl\_ggmxjhev\hj]ZgbaZpbbFhkdh\kdh]hmgb\_jkbl_lZku] jZeZ:dZ^_fbygZmdBf_gghba__kl_gihijhkv[_BBRm\Zeh\Zb j_dhf_g^ZpbbZk_kkhjZZdZ^_fbq_kdhcDZgp_eyjbb=GL_ieh\Zn_\ jZey][uebhlijZ\e_gu\mgb\_jkbl_lfZ]bkljuGGIhih\kdbc NYYj_fkdbcb::;Zjkh\ Hl bf_gb BBRm\Zeh\Z fZjlZ ] :j]ZfZdh\ ijbkmlkl\h \Ze gZ aZk_^Zgbb Dhgn_j_gpbb :dZ^_fbb gZmd ]^_ ^heh`be kh[jZ\ rbfky ©qlh ^ey ihevau \ur_mihfygmlh]h mgb\_jkbl_lZ g_h[oh^bfh mqj_^blv [b[ebhl_dm gZ dhlhjmx Bfi_jZljbpZ q_luj_ lukyqb jm[e_c \k_fbehklb\_cr_ \u^Zlv ba\hebeZª b ij_^eh`be kh[jZgbx h[km^blv \hijhk h i_j\hhq_j_^guo dgb]Zo < j_amevlZl_ Dhgn_j_gpby ijbgyeZ j_r_gb_ khklZ\blv dZlZeh] dgb] ©dhlhjuc gh\hkha^Zgghc [b[ebhl_d_ kem`be[udZd[uhkgh\hcª^eyq_]hjZkij_^_ebeZih^]hlh\dmi_j_qgy f_`^mZdZ^_fbdZfb\khhl\_lkl\bbkij_ih^Z\Z_fufbbfbij_^f_lZfb LZdijhn_kkhjN=Rljm[_^_Ibjfhgl^he`_g[uekhklZ\blvkibkhd dgb] ih xjbkijm^_gpbb ijhn_kkhj : DZZm;mj]Z\_² ih f_^bpbg_ b _kl_kl\_gghcbklhjbbijhn_kkhjB:;jZmg²ihnbehkhnbbnbabd_

>GDhklurbg

bfZl_fZlbd_ZlZd`_ihbklhjbbwlbogZmdijhn_kkhjGBIhih\² ihZkljhghfbbbnbabq_kdhc]_h]jZnbbijhn_kkhjYYRl_ebg²ih ]jZ`^Zgkdhc b \h_gghc Zjobl_dlmj_ kdmevilmj_ `b\hibkb b ^jm]bf bkdmkkl\Zf jblhjbd_ b ihwlbd_ ijhn_kkhj BWNbr_j² ih Zglbq guf ]j_q_kdbf b eZlbgkdbf Z\lhjZf b ^j_\ghklyf ijhn_kkhj <DLj_^bZdh\kdbc²ihe_dkbdh]jZnbbkeh\Zjb b]jZffZlbd_[b[ ebhl_dZjvBDLZm[_jl²ihbklhjbbebl_jZlmjuijhn_kkhj=NFbe e_j² ih bklhjbb ]jZ`^Zgkdhc b p_jdh\ghc ojhgheh]bb ]_g_Zeh]bb ]_h]jZnbbbhiml_r_kl\byo GZ ke_^mxs_f aZk_^Zgbb Dhgn_j_gpbb fZjlZ klZeh ba\_klgh qlh\k_ZdZ^_fbdbkhklZ\bebkibkdbdgb]ihk\hbfki_pbZevghklyfba dhlhjuo ke_^h\Zeh knhjfbjh\Zlv h[sbc dZlZeh] b i_j_^Zlv _]h :j]Z fZdh\mLh]^Z`_^bj_dlhjmgb\_jkbl_lZkhh[sbekh[jZgbxqlhFhk dh\kdbcmgb\_jkbl_lgm`^Z_lky\ijbh[j_l_gbbbgkljmf_glh\bijb[h jh\©^eybkke_^h\Zgbybbatykg_gbyhiulZfby\e_gbcgZlmjuªgZqlh bfi_jZljbp_c \u^_e_gZ lukyqZ jm[e_c ;hevrbgkl\h ZdZ^_fbdh\ j_ rbeh qlh wlm dhfbkkbx emqr_ \k_]h \haeh`blv gZ e_c^_gkdh]h ijh n_kkhjZbghkljZggh]hihq_lgh]hqe_gZI_l_j[mj]kdhc :dZ^_fbb gZmd Ibl_jZ\ZgFmr_g[jmdZdhlhjuch^gZdhaZohl_eijh^Zlvk\hxkh[kl \_ggmx dhee_dpbx ijb[hjh\ aZ lukyq ]heeZg^kdbo nehjbgh\ ijb q_fp_ebdhfZg_hl^_evgu_ijb[hjubbgkljmf_glug_h[oh^bfu_^ey mgb\_jkbl_lZ Gh wlh ij_^eh`_gb_ g_ ihemqbeh h^h[j_gby dmjZlhjZ Rm\Zeh\Z g_ ih`_eZ\r_]h \uclb aZ ij_^_eu \u^_e_gghc kmffu HldZahlijbh[j_l_gby\k_cdhee_dpbbgZgZr\a]ey^[ueh[mkeh\e_gg_ klhevdh __ qj_af_jghc klhbfhklvx kdhevdh klhy\rbfb i_j_^ jmdh\h ^kl\hfmgb\_jkbl_lZ[he__\Z`gufbaZ^ZqZfbg_h[oh^bfh[uehdmiblv _s_ h^gh a^Zgb_ hkgh\Zlv lbih]jZnbx [b[ebhl_dm mdhfie_dlh\Zlv mgb\_jkbl_lfZ]bkljZfbbijhn_kkhjZfb]bfgZabx²mqbl_eyfbbmq_ gbdZfbZlZd`_gZgylv^eyboijh`b\Zgbyhl^_evguc^hfbfgh]h_^jm ]h_<_kvfZdklZlbijbrebkva^_kvih`_jl\h\Zggu_\gZqZe_n_\jZeylh ]h `_ ]h^Z ba\_klguf ]hjghijhfure_ggbdhf b f_p_gZlhf G:>_fb ^h\uflukyqjm[e_cblj_lvyqZklv[h]Zl_cr_]hdZ[bg_lZfbg_jZeh\b ©dmjbhaguo \_s_cª g_f_pdh]h obfbdZ b f_lZeemj]Z BN=_gd_ey _fb^h\ulZd`_ih^Zjbebmgb\_jkbl_lmlukjm[e_c IhfbfhkZfh]hmgb\_jkbl_lZgZ[bjZebkvmqbl_eyb\^\hjygkdmxb jZaghqbgkdmx ]bfgZabb A^_kv fu \klj_qZ_f ke_^mxsb_ bf_gZ mqb l_ev njZgpmakdh]h yaudZ EZg` ij_ih^Z\Zl_ev bklhjbb b ]_h]jZnbb N^_EZ[hfmqbl_evjbkh\ZgbyD=Fbo_evkhgmqbl_evnjZgpmakdh]h yaudZ b fbnheh]bb L:-E>x[me_ ij_ih^Z\Zl_ev g_f_pdh]h yaudZ BNEbld_ IjZdlbq_kdb h^gh\j_f_ggh ijhoh^be gZ[hj klm^_glh\ b mq_gbdh\Ijb]eZkblvkemrZl_e_cm`_ih^]hlh\e_gguo^eyihgbfZgby

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

ijhn_kkhjkdboe_dpbc[uehg_ijhklh< wlhl i_jbh^ djhf_ gZeZ`_g ghcnhjfuh[mq_gby\k_fbgZjbyoijZdlbq_kdbhlkmlkl\h\Zebmq_[gu_ aZ\_^_gby hldm^Z fh`gh [ueh [u ijbgylv \ mgb\_jkbl_l Bf_ggh k_ fbgZjbbklm^_gludhlhjuoohjhrhagZebyaudgZmdblhcwihob²eZ lugvy\bebkviblZl_evghckj_^hc^eylhevdhqlhkha^Zggh]haZ\_^_gby ;he__ lh]h ijh\_j_ggZy ]h^Zfb ijZdlbdZ ijb]eZr_gby bo gZijbf_j ^ey:dZ^_fbq_kdh]hmgb\_jkbl_lZDhee_]bbbghkljZgguo^_eb^jm]bo mqj_`^_gbcg_h^ghdjZlghhijZ\^ZeZk_[y hbgZm]mjZpbbmgb\_jkbl_lZhklZ\Zehkvqmlv[hevr_^\mog_^_ev b Rm\Zeh\ kq_e g_h[oh^bfuf qlh[u :j]ZfZdh\ ebqgh khh[sbe qe_ gZfKbgh^Zh\Z`ghklbijbgylbyg_hleh`guof_jihdhfie_dlh\Zgbx mgb\_jkbl_lZi_j\ufbklm^_glZfbAZibkv\`mjgZe_Kbgh^ZhlZi j_ey ] khh[sZ_l gZf h[ wlhf ke_^mxsb_ ih^jh[ghklb ©: ijb kemrZgbb lh]h ^hghr_gby hgZ]h Mgb\_jkbl_lZ >bj_dlhj Dhee_`kdhc Kh\_lgbd :e_dk_c :j]ZfZdh\ gZ kijhk ^hghkbe keh\_kgh _ Qlh ^_ lhlMgb\_jkbl_lbf__l[ulv\Fhkd\_\DblZ_ijhlb\DZaZgkdh]hkh[h jZ]^_[ueZij_`^_k_]hZil_dZ_Ohly^_hqbke_mq_gbdh\dhebdh hguog>u@g_gZi_j\hckemqZc\lhfMgb\_jkbl_l_[ulvihlj_[ghlhq ghiheh`blvbg_fh`ghZhklZ_lkyhgh_gZjZakfhlj_gbbK>\y@l_crZ]h Kbgh^Zh^gZdhaZ^h\hegh_ijbagZ_lky^hljblpZlbbebohlyb^h^\Zl pZlbq>_@e>h@\>_@dDZd^_dhrlgZih^t_fboijbgZ^e_`Zs_clZdb kh^_j`Zgb_ bo k `Zeh\Zgv_f [m^_l hl lh]h Mgb\_jkbl_lZ g_hkdm^gh_ lZd`_^_b^>m@oh\ghci_jkhg_dlh^eybklhedh\ZgbyDZl_obkbkZhij_ ^_eblpZ`Zeh\Zg>v@_bf__l[ulv^h\hegh_Ijbq_fjZakm`^Z_fh[ueh qlhlh]h`Zeh\Zg>v@yg_f_g__^\mkhljm[e_chghc^>m@oh\ghci_jkhg_ hij_^_eblv ihlj_[gh Z qlh dZkZ_lky ^h d\Zjlbju lh hgmx ijbebqg__ hij_^_eblv\dZdh\hfeb[hih[ebahklbf>h@g>Z@kl>u@j_bihlhfijbdZ aZgh ba khklhy\rZ]hky h mqj_`^_gbb lh]h Mgb\_jkbl_lZ MdZaZ ih^e_ `Zs__lZd`_bhgZoh^ysboky\?iZjr_kdboK_fbgZjbyoj_lhjbq_kdbo Klm^_glZokdhedhbo]^_gZoh^blkybaihke_^gbo\_^hfhkl_c\uibkZ\ ij_^eh`blvd^hdeZ^mª GZ hkgh\Zgbb khklZ\e_gghc \_^hfhklb Kbgh^ fZy ijbgye j_r_ gb_hlhkeZlv\mgb\_jkbl_lklm^_glh\baqbkeZh[mqZ\rbokyjblhjb d_ b nbehkhnbb ©`blby b khklhygby ^h[jZ]h b d gZmdZf ihgylguo b

>GDhklurbg

kihkh[guobbag_ihk\ys_gguo\klboZjbªFuijb\h^bfnZdlbq_ kdbckibkhdklm^_glh\ihmq_[gufaZ\_^_gbyfjZkiheh`b\boih^ZlZf hlijZ\db Fhkdh\kdZyKeZ\ygh]j_dheZlbgkdZyZdZ^_fbyK_f_g=_jZkb fh\K=Au[_ebg I_lj>fbljb_\I><_gbZfbgh\ >ZgbeZYdh\ e_\>YYklj_[h\ I_ljK_f_gh\Z gbbeIZebfhkh\kdbcB\ZgN_^hjh\N_^hjImrdbgB\ZgLbohfbjh\ >fbljbc :gbqdh\ bxey ^hihegbl_evgh ijbkeZgu ^\Z klm^_glZ² FZl\_c ?ebk__\ b IZgdjZlbc Ihehgkdbc ] f_kyp b qbkeh g_ba \_klgu OZjvdh\kdZyk_fbgZjbyB\Zg Nebhjbgkdbc >fbljbc AZoZj`_\ kdbcbxey =jb]hjbc;meZg_pdbcN_^hjE_\bpdbchdly[jygZ f_klh i_j\uo ^\mo l d \uykgbehkv qlh l_ hlijZ\e_gu \ mgb\_jkbl_l ihijbgm`^_gbx Kfhe_gkdZy k_fbgZjby B\Zg FZl\__\ kug JZ^d_\bq =_hj]bc :e_dk__\kugEuaeh\hlijZ\e_gubxey L\_jkdZyk_fbgZjbyB\Zg:g^j__\bqLj_lvydh\]f_kypb qbkehg_ba\_klgu Db_\hFh]beygkdZy ZdZ^_fby =_hj]bc ;meZlgbpdbc :glhg Jh fZgh\bq Ex[bgkdbc b GbdheZc GbdheZ_\bq ;ZglurDZf_gkdbc ]f_kypbqbkehg_ba\_klgu
:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

dh\kdhc lbih]jZnbb Keyij_ih^Z\ZgbyAZdhgZ;h`v_]hblhedh\ZgbyDZl_obabkZ\hl \_lgZ\ur_mihfygmlh_^hghr_gb_Rm\Zeh\ZKbgh^fZygZijZ\be gZf_klgbdZ JZ^h\bpdh]h fhgZklujy JyaZgkdhc _iZjobb b_jhfhgZoZ KbfhgZ ©`blby q_klgZ]h b ;h]hkeh\kdh_ mq_gb_ hdhgqZ\r_]hª Ijb[u\ \ Fhkd\m bxgy b ijh`b\ lZf gZ k\h_f kh^_j`Zgbb ihqlb ^\Zf_kypZhgbkijhkbe Z\]mklZ m Kbgh^Z hk\h[h`^_gby _]h hl lZ dh]h©ihkemrZgbyªaZkeZ[hklvxa^hjh\vyIjbqbguhldZaZKbfhgZ hl^he`ghklbhq_\b^ghdjhxlky\g_^hklZlhqghklbmgb\_jkbl_lkdh]h `Zeh\Zgvy² jm[e_c \ ]h^ gZ kh^_j`Zgb_ b gZ d\Zjlbjm dZdh\hc \hijhkb\klZegZaZk_^ZgbbdhglhjuKbgh^Zk_gly[jydh]^Z\ijb kmlkl\bb ^bj_dlhjZ :j]ZfZdh\Z jZkkfZljb\Zeky \hijhk h gZagZq_gbb ^jm]h]h k\ys_gghkem`bl_ey Lhevdh ihke_ lh]h dZd :j]ZfZdh\ ihh[_ sZe ijb[Z\blv ba mgb\_jkbl_lkdhc kmffu _s_ jm[e_c \u^_eblv k\ys_ggbdm©^eyd\Zjlbjh\Zgbyhkh[eb\ubih^e_kZfhcp_jd\b^\Zih dhyªb\u^Z\ZlvdZa_ggu_^jh\ZgZreZkv^jm]ZydZg^b^ZlmjZb_jhfh gZo ?nj_f m\he_gguc ba Gb`_]hjh^kdhc _iZjobb \ Fhkd\m ^ey bae_ q_gby[he_agbbijhkb\rbchij_^_eblv_]h\fhgZklujvbaty\be`_eZ gbyihklmiblv\mgb\_jkbl_lgZij_^eh`_gguomkeh\byo eywlbop_e_c \b^bfh b [ueZ bkihevah\ZgZ qZklv ^_fb^h\kdbo ^_g_] < wlhf k\_l_ iZkkZ`baj_qbfZ]bkljZnbehkhnbbbk\h[h^guogZmdBNEbld_©GZ mdb khklZ\eyxl ih^ebggh_ kqZklv_ª ijhbag_k_ggmx Zij_ey ] ke_^m_ljZkkfZljb\Zlvg_lhevdhdZd^Zgvjblhjbd_bebe_klvgZqZevkl \m©
>GDhklurbg

dhfg_qlh[uih[eZ]h^ZjblvgZr_]h ^bj_dlhjZ ]hkih^bgZ :j]ZfZdh\Z aZlmlhqghklvkdZdhchg\uihegbe\k_aZfukeugZr_]hdmjZlhjZbaZ lm aZ[hlm k dhlhjhc hg aZ klhev dhjhldbc kjhd b k lZdbf mki_ohf aZ \_jrbe\k_ijb]hlh\e_gbydhlhju_lj_[h\ZebdZdwlhij_^klZ\ey_lky ]hjZa^h[hevr_]h\j_f_gb
:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

DjZcg_ g_[hevrh_ qbkeh ^hr_^rbo ^h gZk hj^_jh\ Rm\Zeh\Z ^b j_dlhjm b ^hghr_gbc jZihjlh\ b ^jm]bo ^hdmf_glh\ bkoh^b\rbo hl ihke_^g_]h aZ ² gZqZeh ] iha\heyxl l_f g_ f_g__ ]h\h jblv qlh jmdh\h^kl\h kh klhjhgu :j]ZfZdh\Z hkms_kl\eyehkv \ khhl \_lkl\bbkijh_dlhfbrlZlhfmgb\_jkbl_lZlh]^ZdZdnmgdpbbdmjZlh jZihfbfhaZdj_ie_ggh]haZgbfij_^klZ\bl_evkl\Z\_joh\ghc\eZklbb ijZ\Z Zijh[Zpbb jZkihjy`_gbc ^bj_dlhjZ gbdZd g_ j_]eZf_glbjh\Z ebkvI_j\_gkl\h\ijbgylbbgZb[he__kms_kl\_gguoj_r_gbchkh[_g ghdZkZ\rboky^hihegbl_evguojZkoh^h\mklZgh\e_gbyp_ggZmgb\_j kbl_lkdb_ba^Zgbykha^Zgbygh\uokem`[ijb_fZij_ih^Z\Zl_e_c[_a mkeh\gh hklZ\Zehkv aZ Rm\Zeh\uf Ijb\_^_ggu_ gb`_ ijbf_ju ^Zxl \hafh`ghklvhq_jlblvdjm]\hijhkh\dhlhjuodZkZebkv_]hhj^_jZ Q_j_a ihef_kypZ ihke_ bgZm]mjZpbb mgb\_jkbl_lZ BBRm\Zeh\ \^jm] ij_^ibkZe :F:j]ZfZdh\m aZijhkblv \ =_jhev^f_ckl_jkdhc dhglhj_k\_^_gbygZmq_gbdh\^Z[umklZgh\blv\k_ebbagboijZ\bev ghihevamxlky ^\hjygkdbf a\Zgb_f b l_f kZfuf ij_k_qv \hafh`ghklv kf_r_gby k jZaghqbgpZfb H^gh\j_f_ggh ijbgylu [ueb f_ju ijh lb\ baebrg_]h jZkoh^h\Zgby mgb\_jkbl_lkdbo kj_^kl\ ^\hjyg_ aZib kZggu_\kem`[m\h\j_fyk\h_]hhlimkdZfh]ebihk_sZlvaZgylbygh aZij_sZehkv ©qbkeblv bo \ aZibkguo gZ `Zeh\Zgv_ª >h kha^Zgby ]bfgZabq_kdh]h J_]eZf_glZ Rm\Zeh\ gZijZ\be \ mgb\_jkbl_l bgkljmd pbx\i_j\mxhq_j_^vdZkZ\rmxkyihjy^dZijb_fZmq_gbdh\\^\hjyg kdmx b jZaghqbgkdmx ]bfgZabb mklZgh\e_gbx d\hl ^ey aZibkguo gZ `Zeh\Zgv_b^eybghkljZgp_\i_j\hhq_j_^guoij_^f_lh\^eyij_ih^Z \Zgby gZ[ex^_gby aZ ih\_^_gb_f mq_gbdh\ bo wdaZf_gh\Zgby ojZg_ gby ^_g_`ghc dZagu b mq_lZ jZkoh^h\ Hk_gvx hg \_ebl mklZgh\blv `Zeh\Zgv_\jm[e_cklm^_glZfkemrZxsbfe_dpbbihfZl_fZlbd_b nbehkhnbbbh^h[jy_lj_r_gb_:j]ZfZdh\ZihhsjylvbodZnlZgZfbb ^jm]bfb\_sZfblj_[myjZkijhkljZgblvlZdmxnhjfmgZ]jZ^ugZ©[_^ guobijbe_`guoª
>GDhklurbg

`_ \ fZ_ ] hg ij_^klZ\eye Rm\Zeh\m h g_h[oh^bfhklb aZ\_klb ijb mgb\_jkbl_l_ eZaZj_l b Zil_dm DmjZlhj jZkihjy^beky k^_eZlv fZ e_gvdbc eZaZj_l Z gZ Zil_dm kh]eZkby g_ ^Ze baaZ hj]ZgbaZpbhgguo b nbgZgkh\uo ljm^ghkl_c Khfgbl_evgh qlh eZaZj_l hldjueb l_f `_ e_lhf ihkdhevdm fgh]b_ ij_ih^Z\Zl_eb b mqZsb_ky ^h ihdmidb mgb \_jkbl_lhf \ hdly[j_² ghy[j_ ] ^hfZ dg IBJ_igbgZ gZ Fh oh\hc mebp_ `beb \ gZgylhf Rm\Zeh\uf gZ lhc `_ mebp_ ^hf_ dg:==jmabgkdhc<_jhylgha^_kvhl\_ebgZi_j\h_\j_fyhl^_ev gmxiZeZlm^eyhkfhljZ[hevguodhfZg^bjh\Zgguf<Mo

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

lhfkdh]h i_j_^Zlv mgb\_jkbl_lm ^hf ih hibkb ijbeh`b\ dhibx dhg ljZdlZ k ih^jy^qbdhf K_gZlkdZy dhglhjZ ijbdZaZeZ Zjobl_dlhjm g_ f_^e_gghhkfhlj_lvkljh_gb_baZklZ\blvih^jy^qbdZdmipZE>m[jh\ kdh]hijhba\h^b\r_]hj_fhglgu_jZ[hlumkljZgblvg_bkijZ\ghklb Gh g_kfhljy gZ ki_rgu_ f_ju ijh[e_fm k ihf_s_gbyfb \ dZdhclh f_j_ kfh]eZ jZajy^blv lhevdh ihdmidZ j_igbgkdh]h ^hfZ \ ghy[j_ ] Ijhl_dZ\rZydjurZbi_qghcm]Zjl_fg_f_g__g_ihf_rZebmgb \_jkbl_lm k_gly[jy ijh\_klb lhj`_kl\_ggh_ kh[jZgb_ ihk\ys_ggh_ ^gx l_ahbf_gblkl\Z bfi_jZljbpu < wlhl ^_gv j_qb ijhbag_keb kZf :F:j]ZfZdh\fZ]bkljnbehkhnbbNYYj_fkdbcfZ]bkljnbeh khnbbbk\h[h^guogZmdBNEbld_ij_ih^Z\Zl_evnjZgpmakdh]hyau dZbklhjbbb]_h]jZnbbN^_EZ[hfbZk_kkhjmgb\_jkbl_lkdhcdZgp_ eyjbbFB<_j_\dbg G_fZeh oehihl ^hklZ\beh ^bj_dlhjm aZ\_^_gb_ mgb\_jkbl_lkdhc lbih]jZnbb GZqZeh _c [ueh iheh`_gh ibkvfhf BBRm\Zeh\Z d ]jD=JZamfh\kdhfm hl k_gly[jy ] \ dhlhjhf \ujZ`_gZ ijhkv[Z k^_eZlv ©gZ i_j\hc kemqZcª ^\Z klZgdZ ^ey jmkkdhc i_qZlb kh \k_fbdgbfijbgZ^e_`ghklyfbZlZd`_gZijZ\blvba:dZ^_fbbh^gh]h gZ[hjsbdZ b ^\mo mq_gbdh\ Ih jZkihjy`_gbx ij_ab^_glZ :dZ^_fbb gZmd[uehj_r_ghba]hlh\blv^\ZklZgZbg_h[oh^bfh_dhebq_kl\heb l_jhij_^_eblvboklhbfhklvbgZagZqblvdZg^b^Zlh\gZ[hjsbdZmq_ gbdh\l_j_^hjsbdh\b[ZlujsbdZ ^eyhlijZ\db\Fhkd\mHij_^_e_ gb_ rlZlZ gh\hc lbih]jZnbb b gZ^ahj aZ ba]hlh\e_gb_f gh\uo ebl_j [ueb ihjmq_gu dhjj_dlhjm b i_j_\h^qbdm : K;Zjkh\m Z \u[bjZlv jZ[hlgbdh\^he`_g[uefZkl_jgZ[hjsbdBNJha_Hl[hj[uehq_gv lsZl_evgufbg_dhlhju_dZg^b^Zlmju[uebhldehg_gubeb©ihg_kih kh[ghklbª beb ©ih fheh^uf e_lZfª ijb wlhf \u[jZgu [ueb lhevdh jmkkdb_ Ihqlb h^gh\j_f_ggh BBRm\Zeh\ ihkeZe \ :dZ^_fbx ^ey h[mq_gby m`_ gZ[jZgguo \ Fhkd\_ fZkl_jh\ KlZgu k ebl_jZfb [ueb ba]hlh\e_gudgZqZemn_\jZey] L_i_jvihkms_kl\h\Z\rbf\lh\j_fyaZdhgZflj_[h\Zehkvihem qblv ©ijb\be_]bxª hl K_gZlZ fZjlZ ] BBRm\Zeh\ b :F:j]ZfZdh\ih^Zeb\K_gZl^hghr_gb_²_^bgkl\_ggh_bakhojZ gb\rbokyih^ibkZggh_bfbh[hbfb²h©ij_jh]Zlb\ZoªgZi_qZlZgb_ b ijh^Z`m khqbg_gbc b i_j_\h^h\ mgb\_jkbl_lkdbo Z\lhjh\ Kh]eZkb_ gZ kh^_j`Zgb_ lbih]jZnbb b dgb`ghc eZ\db ihemq_gh [ueh \ lhl `_ ^_gvHnbpbZevgh_hldjulb_lbih]jZnbbbdgb`ghceZ\db\^hf_gZ Fhoh\hcmebp_[uehijbmjhq_ghdZij_eyI_j\ufbh[jZapZfbi_ qZlghcijh^mdpbbklZeb©Ijb]eZr_gb_\k_oex[bl_e_cgZmdªgZim[ ebqgh_ kh[jZgb_ Zij_ey ] ©Bah[jZ`_gb_ Zee_]hjbq_kdh_ ij_^klZ\e_ggh_beexfbgZpb_xªh^Zbj_qvGGIhih\kdh]hbi_j\uc

>GDhklurbg

ghf_j]Za_lu©Fhkdh\kdb_\_^hfhklbª>eywlh]hghf_jZdZgp_eyjby mgb\_jkbl_lZijhkbeZmKbgh^Zevghcdhglhjukhh[sblv k\_^_gby dlh [m^_l ijbkmlkl\h\Zlv ba Zjob_j__\ b ^jm]bo k\ys_gghkem`bl_e_c \ ©\ukhdhlhj`_kl\_ggu_^gbªb]h\hjblv\kh[hjZoijhih\_^b_gbkZNhg\babgZ>fbljby:gbqdh\ZdgyayFboZbeZEv\h\Z=jb ]hjbyIhl_fdbgZYdh\Z;me]Zdh\ZkugZ:j]ZfZdh\Z²I_ljZ JZg__m`_mihfbgZehkvhebqghfmqZklbb:F:j]ZfZdh\Z\hkgh \Zgbbmgb\_jkbl_lkdhc[b[ebhl_dbDkh`Ze_gbxgZfihdZg_m^Zehkv h[gZjm`blvk\b^_l_evkl\lh]hq_j_adZdb_dgb]hlhj]h\u_dhglhjub\ dZdhckjhdijhbkoh^beZaZdmidZdgb]Ghki_j\uo^g_chldjulbymgb \_jkbl_lZim[ebd_klZehba\_klghhkms_kl\h\Zgbba^_kv[b[ebhl_db bevl_cIhke_^g_]hj_dhf_g^h\ZeRm\Zeh\m ZdZ^_fbd=NFbee_jiheZ]Zykv\k\hxhq_j_^vgZe_klgmxoZjZdl_ jbklbdm ^Zggmx lhfm ba\_klguf ]_h]jZnhf b ^hdlhjhf [h]hkeh\by :N;xrbg]hfDjhf_lh]hbxeyfZ]bklj:dZ^_fbbgZmd::Dhg klZglbgh\ ihemqbe jZaj_r_gb_ ij_ab^_glZ JZamfh\kdh]h i_j_clb gZ kem`[m \ Fhkdh\kdbc mgb\_jkbl_l ]^_ k Z\]mklZ klZe ij_ih^Z\Zlv jblhjbdmjmkkdbcbeZlbgkdbcyaudb\^\hjygkdhc]bfgZabbmgb\_jkb l_lZ G_ ij_djZsZeZkv jZ[hlZ ih jZaf_s_gbx ij_ih^Z\Zl_e_c b kgZ[`_gbxbo\k_fg_h[oh^bfufkhklZ\e_gbxmq_[guoieZgh\bl^ K ihy\e_gb_f ^hklZlhqgh]h qbkeZ ijhn_kkhjh\ ih ijbdZaZgbx ^b j_dlhjZ hdly[jy ] khklhyehkv i_j\h_ aZk_^Zgb_ mgb\_jkbl_l kdhc Dhgn_j_gpbb beb Mq_gh]h kh\_lZ \ khklZ\_ ij_^k_^Zl_ey :F:j]ZfZdh\Z b ijhn_kkhjh\ GGIhih\kdh]h N=>bevl_y b B=NjhffZgZGZg_fihklZgh\bebj_rZlv\hijhkudZkZxsb_kyjZk

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

ibkZgby im[ebqguo e_dpbc h[sbo gm`^ mgb\_jkbl_lZ b ]bfgZabb Dhgn_j_gpby kh[bjZeZkv ^\Z jZaZ \ g_^_ex qlh gZ i_j\hgZqZevghf wlZi_ [ueh \iheg_ hijZ\^Zgh ohly i ©IjhwdlZª ij_^mkfZljb\Zehkv lhevdhh^ghaZk_^Zgb_ Ijbkmlkl\b_ \ h^ghc dhjihjZpbb mq_guo b qbgh\gbdh\ jZaebqghc gZpbhgZevghklbbl_fi_jZf_glZkjZagufbkhpbZevgufklZlmkhfbZf [bpbyfb g_ba[_`gh ihjh`^Zeh dhgnebdlu GZ aZk_^Zgbb Mq_gh]h kh \_lZhlghy[jyjZa[bjZebkv`Zeh[uj_dlhjZ]bfgZabbBFRZ^_ gZgZZk_kkhjZmgb\_jkbl_lkdhcdZgp_eyjbbFB<_j_\dbgZ\k\yabk ij_l_gabyfb ihke_^g_]h gZ ]eZ\_gkl\h \ ]bfgZabq_kdbo ^_eZo >_eh hl^ZebgZkm^BBRm\Zeh\ZdhlhjucbjZaj_rbekihj\ihevamRZ ^_gZbevl_cijh`b\Z\rbcg_ dhlhjh_\j_fy[_a\kydhcieZlu\^hf_:j]ZfZdh\Zj_rbeijbklmiblv d e_dpbyf hdly[jy ^ey q_]h g_h[oh^bfh [ueh him[ebdh\Zlv ijh ]jZffmGh^bj_dlhj\hkij_iylkl\h\Ze_fm\lhfaZy\b\qlh©gbdlhg_ kf__li_qZlZlvqlheb[h[_abf_ggh]hjZaj_r_gby?]hIj_\hkoh^bl_ev kl\Z ]hkih^bgZ dmjZlhjZ b ke_^h\Zl_evgh g_h[oh^bfh hlhkeZlv ijh ]jZffm ?]h Ij_\hkoh^bl_evkl\m ]hkih^bgm dmjZlhjm qlh[u ihemqblv jZaj_r_gb_gZi_qZlZlv__ª:e_dk_cFboZceh\bq\b^bfhj_rbei_ j_kljZoh\Zlvky ih kfukem \ur_mihfygmlh]h hj^_jZ dmjZlhjZ hl Zij_ey ijZ\h ^Z\Zlv jZaj_r_gb_ gZ i_qZlZgb_ \ lbih]jZnbb hklZ\Z ehkv aZ ^bj_dlhjhf Ijh]jZffZ \ureZ \ k\_l lhevdh d hdly[jy b y\beZkv i_j\uf ba^Zgb_f lbih]jZnbb Fhkdh\kdh]h mgb\_jkbl_lZ gZ i_qZlZgguf eZlbgkdbf rjbnlhf L_f `_ ibkvfhf >bevl_c ijhkbe Fbee_jZ\uoehihlZlv^eyg_]h^he`ghklvbgki_dlhjZ]bfgZabb Mihfygm\ >bevl_y fu g_ fh`_f g_ aZljhgmlv \aZbfhhlghr_gby =NFbee_jZb:F:j]ZfZdh\ZBa\k_cboi_j_ibkdb^hgZk^hreZ lhevdh h^gZ qZklv² ibkvfZ ^bj_dlhjZ ih^l\_j`^Zxsb_ m`_ keh `b\r__ky \ bklhjbh]jZnbb fg_gb_ h ^_yl_evghf mqZklbb ZdZ^_fbdZ \ klZgh\e_gbbFhkdh\kdh]hmgb\_jkbl_lZ
>GDhklurbg

kh[he_agh\Zgbc iha\heyxl hlg_klb gZqZeh bo agZdhfkl\Z d [he__ jZgg_fm g_`_eb fZjl ] kjhdm ?keb mq_klv lh ^h\_jb_ dhlhjh_ BBRm\Zeh\ iblZe d ZdZ^_fbdm fh`gh g_ [_a hkgh\Zgbc \dexqblv _]h \ qbkeh ebp ij_^iheh`bl_evgh j_dhf_g^h\Z\rbo :j]ZfZdh\Z gZ f_klh^bj_dlhjZ ^_dZ[jy]\]bfgZabyoFhkdh\kdh]hmgb\_jkbl_lZkhklhye ky wdaZf_g Z aZl_f [ueb ijhbag_k_gu im[ebqgZy j_qv j_dlhjZ BFRZ^_gZ©Hkj_^kl\_dZdbfh[jZahfgZmdZfh[mqZlvbh[mqZlvkyª bjZkkm`^_gbymq_gbdh\kj_^bdhlhjuo[uebI_lj:j]ZfZdh\ZgZ ke_^mxsbc ^_gv [ueh im[ebqgh_ kh[jZgb_ \ mgb\_jkbl_l_ ihk\ys_g gh_^gxjh`^_gbybfi_jZljbpu?ebaZ\_luI_ljh\guZlZd`_^bkimlu bj_qbklm^_glh\ D hj]ZgbaZpbb wlbo f_jhijbylbc : F :j]ZfZdh\ g_khfg_ggh bf_ehlghr_gb_ghmqZkl\h\Zlv\gbohgg_kfh]ihkdhevdmgZdZgmg_ hj^_jhf Rm\Zeh\Z [ue \ua\Zg \ I_l_j[mj] ©aZ gm`g_crbfb Mgb\_j kbl_lkdbfb^_eZfbªb\u_oZebaFhkd\u^_dZ[jygZ^g_cDZ db_ \hijhku mgb\_jkbl_lkdhc `bagb j_rZeb dmjZlhj b ^bj_dlhj² fh`gh ebrv ^h]Z^u\Zlvky Mq_[Z ihke_ dZgbdme gZqbgZeZkv yg\Zjy ]b:j]ZfZdh\^he`_g[ue\_jgmlvky\Fhkd\myg\Zjygh\_ jhylgh ih jZaj_r_gbx dmjZlhjZ ijh^ebe k\h_ ij_[u\Zgb_ \ k_\_jghc klhebp_ldg_h[oh^bfh[uehijhkblv\K_gZl_h[bf_gbb\>fbljh\ kdhfm_a^_A^_kv:j]ZfZdh\aZ[he_eZyg\Zjy]kdhgqZeky Hlf_lblv aZkem]b [u\r_]h ^bj_dlhjZ i_j_^ mgb\_jkbl_lkdbf khh[s_ kl\hf hq_\b^gh ih h[s_fm j_r_gbx qe_gh\ dhgn_j_gpbb b DZgp_ey jbb[uehihjmq_ghijhn_kkhjmGGIhih\kdhfmdhlhjucgZim[ebq ghfkh[jZgbbfZjlZ]ijhbag_khg_fiho\Zevgh_keh\h M`_ d fhf_glm bgZm]mjZpbb mgb\_jkbl_lZ bfms_kl\_ggu_ b ^_ g_`gu_^_eZ:e_dk_yFboZceh\bqZgZoh^bebkvg_\emqr_fkhklhygbb mfZ_lkyoZjZdl_jgZ^eyZj]ZfZdh\kdhc©wdhghfbbªdZjlbg

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

dZ ijb\_^_ggZy ijhn_kkhjhf >bevl__f \ ibkvf_ Fbee_jm Hg k_lm_l qlhohlyb`be[_kieZlgh\^hf_^bj_dlhjZgh©gZh[mkljhckl\hohayc kl\ZihljZlbehdhehjm[e_cihkdhevdmlZf\h\k_g_[uehi_qdbm ^\_j_c hlkmlkl\h\Zeb aZihju b lZd ^Ze__ b lhfm ih^h[gh_ª Hdheh k_gly[jy]mfbjZ_lGZklZkvy?jfbeh\gZb :j]ZfZdh\ ^_eZ_l ih ke_^gxx ihiuldm ohlv dZdlh ihijZ\blv ^_eZ ijhkbl \ fbljh\kdhf m_a^_ ijh^Zggmx_]hfZl_jbdhg^mdlhjhfBN>mjh\uf_s_\]Z\ yg\Zj_]i_j_^kZfhcdhgqbghc\hkihevah\Z\rbkvih_a^dhc\I_ l_j[mj]iulZ_lky\_jgmlv\hlqbgmk=hjdb\>fbljh\kdhfm_a^_ijh ^Zggh__s_\]fZl_jvxbie_fyggbdhf H^gZdhg_f_g__i_qZevgufbaZljZ]b\Zxsbfq_klvk_f_ckl\Z:j ]ZfZdh\Z y\behkv hlkmlkl\b_ \ mgb\_jkbl_lkdhc dZag_ ^_g_] qlh ^Zeh ih\h^ ]h\hjblv h ^he`ghklguo aehmihlj_[e_gbyo fZjlZ ] Zk_kkhjFB<_j_\dbgkhh[sbeBBRm\Zeh\m©Kdhevdh\ijboh^_ [ueh \ bfi Fhkdh\kdhf mgb\_jkbl_l_ b ]h^h\ ijb ihdhcghf ^bj_dlhj_]:j]ZfZdh\_ihlhfihkf_jlb_]h\gZebqghklbgbq_]hg_ hklZehkvZdm^Zhgu_gZqlhbdh]^Zmihlj_[e_guhlhf\Zr_fmij_\hk oh^bl_evkl\m \ dhjhldhf \j_f_gb hlj_ihjlh\Zlv gbdZdbf h[jZahf g_ fh`ghªJ_qvreZbhlukyq_jm[e_cih^Zj_gghc[jZlvyfb>_fb ^h\ufb\n_\jZe_²Zij_e_b\i_j\uoqbkeZo^_dZ[jy] GZagZq_gguchdly[jy]dmjZlhjhfmgb\_jkbl_lZ<?:^h ^mjh\h[\bgbe:F:j]ZfZdh\Z\jZkljZl_dZa_gguokj_^kl\mlhqgb\ qlh©gZihdhcghf^bj_dlhj_:j]ZfZdh\_ihhj^_jm^\_lukyqbjm[e_\ª badhlhjuo©gbq_]hg_mieZq_ghbihg>u@g_b\kdhj_ihemqblvhguog_ gZ^_`gh^Zbhl^Zgu[ueb\^he][_aaZdhgghªRm\Zeh\iulZekyaZ sblblv q_klv ihdhcgh]h ^bj_dlhjZ =h^hf jZg__ hg ^hghkbe K_gZlm qlh ©ih kf_jlb [u\rZ]h >bj_dlhjZ =hkih^bgZ :j]ZfZdh\Z \ Mgb \_jkbl_l_ykgZ]hke_^Zjhkoh^Zfl_o]h^h\g_hlbkdZghh^gZdh`g_l\ lhfkmfg_gbyqlh[hgZykmffZdZdbfgb[m^>v@g_ijZ\ufh[jZahfjZk lhq_gZ[ueZghbah\k_oh[klhyl_ekl\hdZau\Z_lkyqlhihfygmlhcih dhcghc>bj_dlhj=hkih^bg:j]ZfZdh\bbak\h_]h^\b`bfZ]hbg_^\b `bfZ]h bf_gby hl h^ghc j_\ghklb b ex[\b d mqZsbfky gZ mgb\_jkb l_lkdh_ kh^_j`Zgb_ mihlj_[eye g_bkijZ\ghklv `_ \h hguo s_lZo dZd \b^gh ijhbahreZ \ jZakm`^_gbb gh\hmqj_`^_ggZ]h f_klZ qlh gb ih jy^hd dZgp_eyjkdbo gb jZkoh^h\ ih nhjf_ \_klb _s_ [ueh g_ fh` ghª:\hl\_lgZh[\bg_gby:^h^mjh\ZaZf_lbe©Fh]mblhij_^ klZ\blvqlhk_cmk_j^ghcdkem`[_lhdfhg_ihjy^hqghc\shlZobwdh ghfbq_kdbo ^_eZo q_eh\_d fgh]h k\h_]h \ Mgb\_jkbl_l hl^Ze b qlh fgh]bfba\_klghª >he]b [u\r_]h ^bj_dlhjZ dZkZebkv g_ lhevdh _]h gZke_^gbdh\² klZjr_]h kugZ I_ljZ jh^ \ ] Z lZd`_ fZehe_lgbo _]h [jZlv_\

>GDhklurbg

:e_dkZg^jZ jh^ \ ] :e_dk_y jh^ \ "] FboZbeZ jh^ \ "] b k_kl_j ?dZl_jbgu jh^ \ ] GZlZevb jh^ \ ] b
:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

qbgkdmx ]bfgZabx gZ dZa_ggh_ kh^_j`Zgb_ Gh Z\]mklZ lh]h `_ ]h^Zhghl^Z_l\mgb\_jkbl_lkdmxkem`[mk\hbodj_ihklguo^\hjh\uo ex^_c Z bf_ggh :e_dk_y =jya_\Z jh^ \ ] k `_ghc b ^_lvfb Lbfhn_yb:e_dk_yjh^\] =jya_\uoKl_iZgZ;mluebgZjh^\ ] k `_ghx >fbljby @bevph\Z Ydh\Z H]mj_rgbdh\Z jh^ \ ] Ijhdhnby ;Z[_gur_\Z jh^ \ ] GZ \k_o wlbo ex^_c :e_dk_cFboZceh\bq^Z_lhlimkdgh_ibkvfhlhqghg_mdZau\Z_lkyh^ ghgZ\k_obebgZdZ`^h]h\hl^_evghklb \dhlhjhfkhh[sZehkv©qlh hl^Zguhgb\Mgb\_jkbl_lkdmxkem`[mb_fm:j]ZfZdh\m^hhguo_\h ex^_c^_eZg_lb^_lyfbgZke_^gbdZf_\hg_\klmiZlvkyªLbfhn_cb :e_dk_c =jya_\u kem`beb lZn_ev^_d_jZfb ©ijb klheZo dZa_ggZ]h kh ^_j`Zgby mq_gbdh\ ^\hjyg b jZaghqbgph\ª ^jm]hc :e_dk_c =jya_\² kgZqZeZ ©dmiqbghcª l_ ebphf aZgbfZ\rbfky aZdmidZfb Z ihlhf lZn_ev^_d_jhf Kl_iZg ;mluebg >fbljbc @bevph\ Ijhdhnbc ;Z[_ gur_\bYdh\H]mj_rgbdh\² ih\ZjZfb ;mluebg b H]mj_rgbdh\ aZ l_fkem`bebklhjh`Zfbbagboihke_^g_]hih^dhg_pijhba\_eb\eZ d_b©ijbklheZoiZgkbhg_jh\ªH^bgba[jZlv_\=jya_\uo:e_dk_cgZ oh^bekyijbmgb\_jkbl_l_^hfZjlZ]ZaZl_fkiZkihjlhfhl^b j_dlhjZ BBF_ebkkbgh hlijZ\beky \ I_l_j[mj] ]^_ ihklmibe gZ kem`[m d dmjZlhjm BBRm\Zeh\m Ijb hlt_a^_ aZ ]jZgbpm Rm\Zeh\ hl^Ze jZkihjy`_gb_ hj^_j hl n_\jZey ] ©_`_eb ijb Mgb \_jkbl_l_^he`ghklbijbklhcghc_fmg_kus_lkylh^Zlvhghfm=jy a_\miZrihjl^eyijbbkdZgbykem`[u]^_hgih`_eZ_lªQlh\ijhq_f hklZehkv[_a\kydh]hj_r_gbyLbfhn_c=jya_\\fZjl_][uehl ims_ggZ\hexmgb\_jkbl_lhfK;mluebgkem`be^hghy[jy]Z ©klh]h\j_fygbaZg_ihjy^hqgu__\hihklmidbbaZklZjhklbxb^jyo ehklbx\udexq_gªQlhdZkZ_lky>@bevph\Zlh_]hihhj^_jmdmjZ lhjZ NI<_k_eh\kdh]h ^bj_dlhjm BBF_ebkkbgh hl yg\Zjy ] ©aZ g_ihjy^hqgu_ ihklmidb b ivygkl\hª hl^Zeb gZke_^gbdm I_ljm :j]ZfZdh\m k jZkibkdhc HklZevgu_ kem`bl_eb ijh^he`Zeb qbkeblvkyijbmgb\_jkbl_l_\lhfqbke_b^_lbklZjr_]h:e_dk_y=jy a_\ZH^bgbagboFboZbekem`beibkqbdhfijbmgb\_jkbl_lkdhclb ih]jZnbbZ^jm]hcGbdheZch[mqZeky\jZaghqbgkdhc]bfgZabbeZlbg kdhfm b njZgpmakdhfm yaudZf b Zjbnf_lbd_ Gh Zij_ey b fZy ]khklhyebkvbf_gghcbk_gZlkdbcmdZauhijh^e_gbbkjhdZih^Z qb j_\bakdbo kdZahd ^h k_gly[jy b dZgp_eyjby mgb\_jkbl_lZ \ ebp_ <? :^h^mjh\Z F F O_jZkdh\Z b KH @_]mebgZ j_rbeZ qlh \k_f hlims_gguf:j]ZfZdh\ufex^yfdjhf_]bfgZabklZGbdheZy=jya_\Z ©ijbMgb\_jkbl_l_[ulvg_gZ^e_`blihlhfmqlhhgu_gZoh^bebkvijb Mgb\_jkbl_l_g_^eygZmdghijbjZaguobkijZ\e_gbyo\mkem]Zogu g_`gbmkem]gb^he`ghkl_cg_bkijZ\eyxlbgbdZdbfgZmdZfg_h[m qZebkvbihgug_rgbfboe_lZfdlhfmbg_kihkh[guªDkh`Ze_gbx ih^ebggZyhlimkdgZy^hgZkg_^hreZg_gZc^_gZbaZibkgZydgb]Zhl

>GDhklurbg

imkdguf^\hjh\uoex^_caZZ\]mkl]Ghkhfg_gby\ua\ZeZg_aZ dhgghklvnhjfuhlimkdghcZg_khhl\_lkl\b___kh^_j`Zgbyi©Ijh wdlZ h mqj_`^_gbb Fhkdh\kdZ]h Mgb\_jkbl_lZª < g_f h]h\Zjb\ZeZkv \u^ZqZ m\hevgbl_evgh]h ibkvfZ dj_ihklghfm kihkh[ghfm d gZmdZf ijbq_fihf_sbdh[yaZeky\k_\j_fyh[mq_gbykh^_j`Zlvfheh^h]hq_ eh\_dZ Z hlimkdgZy ojZgbeZkv \ mgb\_jkbl_l_ b \u^Z\ZeZkv gZ jmdb [u\r_fmdj_ihklghfm\f_kl_kZll_klZlhf?kebklm^_glbeb]bfgZabkl mebqZeky\©om^uoihklmidZoª_]hbkdexqZebbamgb\_jkbl_lZbhl^Z \Zeb\f_kl_khlimkdghcihf_sbdmIjh_dlhfg_[uehij_^mkfhlj_ gh ©qlh[ hlims_gguo ih hlimkdguf \ Mgb\_jkbl_l ba iheh`_gguo \ ih^mrghc hdeZ^ ]hkih^kdbo ex^_c ijbgbfZlv b Mgb\_jkbl_lm mdj_i eylv b lZdh\uf \ mkem]Zo Mgb\_jkbl_lkdbo b [_a ieZl_`Z ih^mrgZ]h hdeZ^Zk\h[h^guf[ulvªMgb\_jkbl_lgZijZ\be\K_gZl^hghr_gb_ ]^_ ij_^eZ]Ze hl^Zlv \k_o [u\rbo ^\hjh\uo \ lhf qbke_ b :e_dk_y b Lbfhn_y =jya_\uo hlims_gguo gZ \hex ©g_ gZ mdZaghf hkgh\Zgbbª ^_lyf:j]ZfZdh\Zh[yaZ\boih^ibkdhc©qlh[hgu_ex^b\kbemMdZ ah\ d iheh`_gbx \ ih^mrghc hdeZ^ ]^_ gZ^e_`bl h[vy\e_gu [ueb kh \k_f bo k_f_ckl\hf [_a mlZcdbª BgbpbZlhjhf lZdh]h ij_^eh`_gby \iheg_ \_jhylgh y\beky @_]mebg wg_j]bqgh \ay\rbcky aZ \uieZlm ^he]h\:j]ZfZdh\Zbh[gZjm`b\rbcqlh\k_hlims_ggu_gZ\hex ih eh`_gu\ih^mrguchdeZ^\kMki_gkdhfbaZgboijh^he`ZxlieZlblv ih^Zlb hklZevgu_ dj_klvyg_ K_gZl ml\_j^be j_r_gb_ Fhkdh\kdh]h mgb\_jkbl_lZDZd\b^bf©hlimkdgZyª:j]ZfZdh\Z\hreZ\ijZ\h\hc dhgnebdl k ^_ckl\h\Z\rbf aZdhgh^Zl_evkl\hf ihkdhevdm g_ ij_^hk lZ\eyeZ^\hjh\uf\hexZijbdj_ieyeZbodmqj_`^_gbx\hij_dbfg_ gbx G : I_gqdh NjZaZ ©Hl^Zg \ Fhkdh\kdhc mgb\_jkbl_l \_qgh \h kem`_gb_ª kh[kl\_ggh b klhbl \ j_\bakdhc kdZad_ ih k Mki_gkdhfm gZijhlb\ bf_g ©\hevghhlims_gguoª ?keb lZdhc \_evfh`Z dZd BBRm\Zeh\bfh]k_[_iha\heblvg_ke_^h\Zlv[md\_aZdhgZlhmgb \_jkbl_lkdb_qbgh\gbdb\Fhkd\_g_ihkj_^kl\_gghk\yaZggu_kj_r_ gb_f ih\k_^g_\guo ijh[e_f ba khh[jZ`_gbc wdhghfbb bf_eb ijZ\h jZkkm^blvbgZq_imklvb\hij_dbijhk\_s_gq_kdhfm]mfZgbafm

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

IJBF?Q:GBY

Kheh\v_\ KF Bklhjby Jhkkbb k ^j_\g_crbo \j_f_g L Kheh\v _\KF Khqbg_gby \ dg F Dg K ² Hg `_ MdZa khqLLZf`_FDgK²Kg_]bj_\BF>_ckl\byFh kdh\kdh]hmgb\_jkbl_lZ\i_j\hfi_jbh^__]hkms_kl\h\ZgbyMq_gu_aZibkdb bfi_jZlhjkdh]hFhkdh\kdh]hmgb\_jkbl_lZQK²R_ \uj_\ KI Bklhjby bfi_jZlhjkdh]h Fhkdh\kdh]h mgb\_jkbl_lZ gZibkZggZy d klhe_lg_fm_]hx[be_xFK²² hdmf_glu b fZl_jbZeu ih bklhjbb Fhkdh\kdh]h mgb\_jkbl_lZ \lhjhc iheh\bgu;9,,,\_dZIh^]di_qZlbG:I_gqdhFL² K² FZebpdbc=EDbklhjbbHjm`_cghciZeZluFhkdh\kdh]hDj_fey=h km^Zjkl\_ggZyHjm`_cgZyiZeZlZ Fhkdh\kdh]h Dj_fey K[hjgbd gZmqguo ljm ^h\ ih fZl_jbZeZf =hkm^Zjkl\_gghc Hjm`_cghc iZeZlu F KFb oZceh\ : B :jobl_dlhj Molhfkdbc b _]h rdheZ F K² AZoZjh\GGBabklhjbb=hkm^Zjkl\_gguofma__\Fhkdh\kdh]hDj_feyFhk dh\kdbc Dj_fev Fma_b FZl_jbZeu b bkke_^h\Zgby F L K² KljZgguf y\ey_lky lhl nZdl qlh \ hlghkbl_evgh g_^Z\g_c ^bkk_jlZpbb FDIZ\eh\bqihbklhjbbHjm`_cghciZeZluXVIII\kh\_jr_gghhlkmlkl\m _l bfy :j]ZfZdh\Z Kf IZ\eh\bq F D Hjm`_cgZy iZeZlZ ;9,,,\² mqj_` ^_gb_ fZkl_jkdZy fma_c >bkk_jlZpby gZ khbkdZgb_ mq kl dZg^b^ZlZ bklhjb q_kdbo gZmd Fhkdh\kdbc ]hkm^Zjkl\_gguc bklhjbdhZjob\guc bg klblmlF DmeZdh\ZBIMgb\_jkbl_lkdh_ijhkljZgkl\hMgb\_jkbl_l^eyJhkkbb
>GDhklurbg bf_\r_fm k\yab k Fhkdh\kdbf mgb\_jkbl_lhf ]^_ _]h jh^ghc [jZl lZd ² >D [uedmjZlhjhflZd ²>D ªKfJ;KKI[LIjbl\bp²J_ck K >he]hjmdh\I<JhkkbckdZyjh^hkeh\gZydgb]ZKI[QK K\ > :j]ZfZdh\u J;K J_ijbglgh_ ba^Zgb_ F L :e_dkbg kdbc²;_klm`_\JxfbgK LZf `_ mihfygml ey[he__lhqgh]hhij_^_e_gbykl_i_gbjh^kl\Zg_h[oh^bfhih^jh[ gh bamqblv bo bfms_kl\_ggu_ hlghr_gby ijhke_^blv i_j_oh^ \hlqbg ih gZ ke_^kl\mqlhe_`blaZjZfdZfb^ZgghcklZlvb J=:>:NHiDgEh[DgEh[ J=:>:NHiDgE LZf`_DgEK[hjgbd\uibkhdbaZjob\guo[mfZ]hI_lj_<_ ebdhf F L K ;h]hkeh\kdbc F F I_lj I FZl_jbZeu ^ey [bh ]jZnbbELK J=:>:NHi>EKfhlibkdmIBOh\Zgkdh]h\ IjbdZa FZehc Jhkkbb h ijb_a^_ F F :j]ZfZdh\Z hl fZjlZ ]² J=:>:NHi>E Kf q_eh[blgmx F F :j]ZfZdh\Z I_ljm I hl Z\]mklZ ] h[ hl kjhqd_ jZaf_`_\Zgby _]h \hlqbg k ihf_klvyfb b \hlqbgZfb dg F = Jhfh^Z gh\kdh]hgZ\j_fydb_\kdhckem`[u²J=:>:NHiKlhe[pu ;_e ]hjh^kdh]hklheZ>E²h[ MdZagZy ]jZfhlZ IjbdZaZ FZehc Jhkkbb F F :j]ZfZdh\m hl fZjlZ ]²LZf`_Hi>E²Oh\Zgkdbc\ayebadZagu^eyk_[y b\u^ZeklhevgbdmB\ZgmKdjbibpugmjm[e_cihdmiZe\bgh^eydjm `_qgh]h^\hjZihqj_af_jgh\ukhdhcp_g_bkihevah\ZedZa_gguce_kk_[_©gZ ohjhfgh_kljh_gb_ª[_kdhgljhevgh\u^Z\Zeoe_[ba`blgbp Kf q_eh[blgZy F F :j]ZfZdh\Z pZjx I_ljm I hl Z\]mklZ ] \uibkdZ \ IjbdZa_ FZehc Jhkkbb hl n_\jZey ] b iZfylv JZajy^gh]h ijbdZaZ\IjbdZaFZehcJhkkbbhlfZjlZ]²LZf`_HiKlhe[pu ;_e]hjh^kdh]hklheZ>E² IbkvfZb[mfZ]bbfi_jZlhjZI_ljZ<_ebdh]hKI[LK LZf`_KI[LK²KflZd`_bgkljmdpbxI_ljZ;I R_j_f_l_\mh[mdj_ie_gbbYfhlbxgy]²LZf`_K² LZf`_FL:NHi> E h[ Kf lZd`_ mdZa I_ljZ I F F :j]ZfZdh\m hl fZy ]² IbkvfZb[mfZ]bFL
:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb LZf`_FL:NHiDgE²h[ J=:>:NHiDgE LZf`_DgE Kfibkvfh::FZl\__\Zdg:>F_grbdh\mhlk_gly[jy] ba Fhkd\u ©Ijb k_f g_ fh] y fbgmlv g_ ^hg_krb Eh[ J=E LZf`_>E LZf`_EWlhl:j]ZfZdh\ijb[ued;mlmjebgm^_dZ[jy] LZf `_ > E h[ > E h[ < jhl_ \ qbg_ k_j`ZglZ k ] Kj k khh[s_gb_f qlh iZ`b F_grbdh\Z qbkebebkv k_j`ZglZfb ]\Zj ^bb² ;ZglurDZf_gkdbc > F ;bh]jZnbb jhkkbckdbo ]_g_jZebkkbfmkh\ b ]_g_jZen_ev^fZjrZeh\J_ijbglgh_ba^Zgb_FQ²K J=E.h[ LZf`_>Eh[>Eh[ < ibkvfZo dgyax FZl\__\ g_baf_ggh gZau\Z_l _]h ©fbehklb\ucª beb ©\ukhdhkdehgg_crbciZljhgª²KfJ=:>:NHi> Kf^hdmf_glub J=Eh[ u@g_ihkueZ_lkyZijb_oZ\\Fhkd\mih^Zlvl_[_hgh_LZcghfm>_ckl\bl_e ghfmKh\_lgbdm=_g_jZem=m[_jgZlhjmbDh\Ze_jmDg>y@axB\ZgmN_^hjh\bqx JZfh^Zgh\kdhfmbqlhhlg_]hgZhgh_ihkeZggh_klh[hxibkfh[m^_lhij_^_ e_gbyhlhfqj_aihqlmkx^uibkZlvbkZfhfm^hMdZam[ulv\Zf\Fhkd\_ª² LZf`_>E >hdmf_gl Kf©KibkhdrlZ[h[_jbmgl_jhnbp_jh\b^jm]boqbgh\ihZenZ\blmª ]²LZf`_>E J=:>:NHiDgEh[ >hdmf_gl J=:>:NHiDgEh[ Kf ijhr_gb_ F N :j]ZfZdh\Z _eZklZjuoe_l>fbljh\DgE²h[ IKALK Kf^hdmf_glu KfJ=:>:N>_eZklZjuoe_l>fbljh\DgE² h[²h[ZlZd`_^hdmf_glIhijb]h\hjmDZgp_eyjbb\hlqbgguo ^_eImlylbgmij_^ibkZebhl^ZlvhagZq_ggu_a_feb:F:j]ZfZdh\mdZd[eba dhfm jh^kl\_ggbdm aZ \udmi \ jm[e_c l_ aZ kmffm jZ\gmx ^he]m [jZlZ N_^hjZ >hdmf_gl

>GDhklurbg

Ijhf_fhjby DZf_jdhee_]bb \ Gb`_]hjh^kdmx dZgp_eyjbx hl ^_e k\b ^_l_evkl\Z ^mr fm`kdh]h iheZ hl yg\Zjy ]² N Hi Q >E LZf`_E²h[ LZf`_E²h[ >hdmf_glZev < B Lhedh\uc keh\Zjv `b\h]h \_ebdhjmkkdh]h yaudZFL:²AK >hdmf_gl Wlhl:j]ZfZdh\ba\_kl_gl_fqlhihkljZ^Ze\j_]_glkl\h;bjhgZaZZ]b lZpbx \ ihevam ijbgp_kku :ggu E_hihev^h\gu b ijbgpZ :glhgZ MevjboZ² Kf Kheh\v_\ K F MdZa khq L Kheh\v_\ K F Khqbg_gby F DgK² Ijhr_gb_ F N :j]ZfZdh\Z \ : N Hi >_eZ klZjuo e_l >fbljh\ Dg E²h[ >hdmf_gl >hdmf_gl >hdmf_gl J=:>:Hi>_eZfheh^uoe_l>fbljh\DgE²h[ >hdmf_gl >hdmf_gl J=:>:NHi>E²h[ Hij_^_e_gb_K_gZlkdhcdhglhjuhln_\jZey]²LZf`_> E²h[ >hdmf_glIjhr_gb_:F:j]ZfZdh\ZDhee_]bbbghkljZgguo^_e hlghy[jy]J_ahexpbydhee_]bb\^_e_hlkmlkl\m_lIjhr_gb_\K_gZl h[gZjm`blvdhlhjh_gZfg_m^Zehkvih^Z\Zehkv\_jhylgh\dhgp_] @_gZBjbgZYdh\e_\gZ^hqvYdh\ZKZ\\bqZ:NHiQ> >hdmf_gl b@ e>h@klb\_cr_ih`Zeh\ZebFu[u\rZ]hgZij_^k_]he_c[]\Zj^bbgZr_c\Ij_ h[jZ`_gkdhfihedmIjZihjsbdZ:e_dk_y:j]ZfZdh\Z\Dhee_`kdbyKh\_lgbdb dhlhjufqbghfhij_^_ebl>v@_\hihjZakfhlj_gbxgZr_]hK_gZlZd^_eZfdm^Z hgkihkh[_g[m^_lbih\_e_\Z_fgZr_fmK_gZlmmqbgblvihk_fmgZr_fmmdZ amª—J=:>:NHi>E LZf`_E²

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

I_j\h_ deyl\_ggh_ h[_sZgb_ ijbg_k_gh k_gly[jy gZ E >hdmf_gl Bgkljmdpby FZgmnZdlmjdhee_]bb dZgp_eyjbklm E G_g__\m hl bxgy ]²J=:>:NHi>E²h[OZjZdl_jghaZdexq_gb_bg kljmdpbb©;m^mqb\lhf^hf_h[b^bgZeh]gbdhfmg_qbgblvbdh\ayldZfg_ dZkZlpZih^hiZk_gb_fg_hlf_ggh]hihmdZaZfrljZnZª JZihjl dZgp_eyjbklZ EG_g__\Z FZgmnZdlmjdhee_]bb hl bxgy ]²LZf`_E² I_j_kdZa\ijhr_gbb:F:j]ZfZdh\ZFZgmnZdlmjdhglhj_hlbxey ]²>hdmf_gl Hij_^_e_gb_FZgmnZdlmjdhglhjuhlbxey]²J=:>:N Hi>E >hdmf_gl >hdmf_gl >hdmf_gl Kfhij_^_e_gb_FZgmnZdlmjdhglhjuhlbxey ] b kijZ\dm dZg p_eyjbb]_g_jZej_d_lf_ckl_jZg_jZg__bxey]²LZf`_E²h[ h[ LZf`_Eh[ AZ\_^_gZn_\jZey]ly]e_pZfb^FZeu_Em`gbdbB\Zghf IZg nbeh\uf B\Zghf >m^hjh\uf b B\Zghf KZ^h\gbdh\uf ©kh[kl\_gguf k\hbf dhrlhfª^eyba]hlh\e_gbye_glieZldh\bihjlmi_c²LZf`_Hi> E >hdmf_gl J=:>:NHi>E²h[ >hdmf_gl J=:>:NHi>E²h[ :efZah\B\ZgK_f_gh\bq² klhevgbdpZjbpuIjZkdh\vbN_h ^hjh\gu ] [jb]Z^bj²Jmff_ev < < =hem[ph\<< Jh^hkeh\guc k[hj gbd jmkkdbo ^\hjygkdbo nZfbebc KI[ L K < ] ih^Ze q_eh [blgmx bfi_jZljbp_ h ijhl_dpbb gZ^ bf_gbyfb ihke_ _]h dhgqbgu hdly[jy ]ihke_kf_jlb:efZah\Zmf_j[_a^_lguf K_gZlkdZydhglhjZ\hbkiheg_ gb_ bf_ggh]h mdZaZ \_e_eZ ijbkmlkl\h\Z\r_fm \ J_\babhgdhee_]bb ihedh\gbdm >KZ[mjh\mhibkZlv\Fhkd\_\k_^\b`bfh_bg_^\b`bfh_bf_gb_[jb]Z^bjZZ lZd`_ \aylv ba\_klby h g_^\b`bfhklb m \^h\u :efZah\Z :ggu b \ _eZehkvlh©g_^eyebr_gby aZdhgguo _]h :efZah\Z ² >D gZke_^gbdh\ gh ^ey kms_c kijZ\^eb\hklbª J=:>:NHi>E²h[ LZf`_E

>GDhklurbg >ZlZ ijb[ulby :j]ZfZdh\Z \ FZgmnZdlmjdhglhjm khh[s_gZ \ jZihjl_ wlh]h \_^hfkl\Z FZgmnZdlmjdhee_]bb lh]h `_ qbkeZ² J=:>: N Hi >E >hdmf_gl:j]ZfZdh\kkueZekygZlhqlhg_[ue\hlimkd_©kgZqZ eZ \klmie_gby \ FZgbnZdlmj Dhee_]bxª Z lZd`_ gZ bf_gghc mdZa hl fZy ]jZaj_rZ\rbchlimkdZlv\]h^h\u_hlimkdZlj_lvnehlkdbobrlZlkdbo qbgh\©bah\kydh]hf_klZªIKALK² :NHi>Eh[ >hdmf_gl J=:>:NHi>E Ijhr_gb_ : F :j]ZfZdh\Z FZgmnZdlmjdhee_]bb h \u^Zq_ iZkihjlZ K=jya_\mgZijh_a^hlFhkd\u^hKZgdlI_l_j[mj]ZhlfZjlZ]²LZf `_NHi>E >hdmf_gl AZibkv\`mjgZe_FZgmnZdlmjdhee_]bbhlbxey]©<:jaZfZ kdmx IjZ\bgpuZegmx DZgp_eyjbx lZdh` b dh h[j_lZxs_fmky \ lhc ijZ\bg pbb:NHi>Eh[² Kfijhf_fhjbx:^fbjZel_ckdhcdhee_]bbFZgmnZdlmjdhee_]bbhl k_gly[jy]²LZf`_E²h[ Kfijhr_gb_:F:j]ZfZdh\ZK_gZlmhlZij_ey]²LZf`_ N Hi > E ² h[ Hij_^_e_gb_ K_gZlZ h[ hlimkd_² hl Zij_ey \_^_gb_ \ K_gZlkdmx dhglhjm² hl Zij_ey² LZf `_ E ² Ijhr_gb_ :F:j]ZfZdh\Z K_gZlm hl bxey ]² LZf `_ E Hij_^_e_gb_K_gZlZh[hlkjhqd_²hlZ\]mklZ²LZf`_E Kf\_^_gb_K_gZlkdhcdhglhjuK_gZlmhlfZy]bihke_^mxsmx i_j_ibkdm k\yaZggmx k ihbkdZfb \bgh\gbdh\ ©gZijZkghc i_j_ibkdb b g_ih jy^dh\ª²LZf`_E²h[ >hdmf_glu H[kljmdpby²aZl\_j^_gb_aZ\Ze\q_j_\Zo`b\hl_ ²>Zev<BLhe dh\uckeh\Zjv`b\h]h\_ebdhjmkkdh]hyaudZFLB²HK=b ihohg^jby beb bihohg^jby² gbarZy kl_i_gv f_eZgohebb jZkiheh`_gb_ d aZ^mfqb\hklbbfjZqguffukeyf oZg^jZ [he_ag_ggh_ m]g_l_ggh_ khklhygb_ [he_agv khijh\h`^ZxsZyky [heyfb km^hjh]Zfb² >Zev < B MdZa khq F L:²AKKeh\Zjvjmkkdh]hyaudZ;9,,,\_dZKI[Zev<BMdZakhqFLJ²VK

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb Ihq_qmcgZy[he_agvihq_qmc²]_fhjjhch[sZyijbgZr_fjh^_`bagb[he__ fm`kdZy [he_agv hl aZklhy djh\b \ ijhoh^ghc dbrd_² LZf `_ F LIK Kf jZihjl : F :j]ZfZdh\Z FZgmnZdlmjdhee_]bb hl ghy[jy ]²J=:>:NHi>Ee_]bx@j_ihjlh\Zl>v@ª²LZf`_E Kheh\v_\ KF MdZa khq L Kheh\v_\ KF Khqbg_gby F DgK² J=:>:NHi>E²h[ih^ebggucijhlhdhe IKA L K² mdZa hl Z\]mklZ gZ hkgh\Zgbb hij_^_e_ gby EZldbg < GAZdhgh^Zl_evgu_dhfbkkbb\Jhkkbb\XVIIIklBklhjbdh xjb^bq_kdh_bkke_^h\Zgb_KI[LK² Kf wdkljZdl khklZ\e_gguc RlZlkdhglhjhc h kem`[_ b `Zeh\Zgv_ : F :j]ZfZdh\Z²LZf`_NHi>E Kf hij_^_e_gb_ K_gZlkdhc dhglhju hl k_gly[jy ]² J=:>: NHi>E²h[ :Hi 39>E >hdeZ^ :j]ZfZdh\Z hl hdly[jy h g_f gb`_ d ijbf_jm kemrZg \ K_gZl_ ghy[jy dh]^Z ijhlhdhehf aZnbdkbjh\Zgh hlkmlkl\b_ Rm\Zeh\Z² LZf `_ >E²h[ Hij_^_e_gb_ K_gZlkdhc dhglhju hl hdly[jy ij_^ibku\Z_l ©Kh\_l gbdZ :j]ZfZdh\Z \ K_gZlkdmx DZglhjm ijba\Zlv b qlh[ hg hagZq_ggh_ ihjm q_ggh__fmihFZkl_jkdhcbHjm`_cghcIheZl_^_ehbkijZ\eyekdjZcgbfih i_q_gb_fhlhf_fmmqbg_ggh_\K_gZlkdhcDZglhj_K_gly[jy^gyk_]h]h^m hij_^_e_gb_h[>t@y\bl>v@b\kdhj_cr_fhgh]hhdhgqZgbb\kbemlh]h`hij_^_ e_gbyihgm`^_gb_qbgbl>v@ª²J=:>:NHi>E²h[ >hdmf_gl >hdmf_gl >hdmf_gl >hdmf_gl Ihhij_^_e_gbxK_gZlZhlghy[jy]iZeZl_kgh\Z\_e_ghjZah [jZlv\k_ojZgysb_kylZf^_eZb\_sbihdhlhjufkhklZ\blv©bkijZ\gu_j_w kljubhibkbªZijbkmlkl\mxsb_qe_guiZeZluh[yau\Zebkvij_^klZ\blvh[t ykg_gbydhgljhevaZgZ\_^_gb_fihjy^dZ\haeZ]ZekygZK_gZlkdmxdhglhjm² J=:>:NHi>E²h[he]hjmdh\ I < MdZa khq KI[ Q K ;ZjZgh\ I Hibkv \ukhqZcrbf mdZaZf b ih\_e_gbyf ojZgysbfky \ KI_ l_j[mj]kdhfk_gZlkdhfZjob\_aZ;9,,,\_dKI[LKL

>GDhklurbg KI_ljh\IG Bklhjby jh^h\ jmkkdh]h ^\hjygkl\Z KI[ L K :jlZfhgh\Z B S_j[Zlh\ , dgyav N_^hj :g^j__\bq J;K KI[ LSZih\²Xrg_\kdbcK J=:>: N Hi > E < kijZ\d_ RlZlkdhglhju ih FZkl_jkdhcbHjm`_cghciZeZl_hlbxgy]khh[sZehkv©:k_]h]h ^m =_g\Zjy ^gy ih ijbdZam hghc IheZlu =>h@k>ih@^ ijbkm^kl\mxsbo ihku eZg[uedg_fm=>h@k>ih@^bgm:j]ZfZdh\m\^hflhc`_iheZludhibkl:g^j_c Heh\_gbdh\dhlhjhc\ha\jZlykvkdZkdhxihdZaZeqlh^_hg\^hfdg_fm:j ]ZfZdh\moh^beqlh[hgy\beky\FZkl_jkdmxbHjm`_cgmxIheZlmb\^hf_ _\h =>h@k>ih@^bgZ :j]ZfZdh\Z `b\msb_ kem`bl_eb h[>t@y\beb qlh ^_ hg hl >t@_oZe\KZgdlIbl_j;mjoijhreh]h]h^m>_dZ[jyqbkeZª²LZf`_ NHi>E >hdmf_gl hdmf_gl Hij_^_e_gb_K_gZlZhln_\jZey]²J=:>:NHiDg E²h[ JZihjlN:S_j[Zlh\ZK_gZlmhlfZjlZ]²LZf`_E LZf`_Eh[ :NHi>Eh[²> Eh[H\lhjhf`Zeh\Zgv_bamgb\_jkbl_lkdhckmffuaZdhgghklvdhlhjh]h \kdhj_ \ua\ZeZ khfg_gby j_qv ihc^_l gb`_ GZ aZk_^Zgbyo b Z\]mklZ ]k_gZlhjujZkkfZljb\Zeb\hijhk©hijb[Z\d_l_fijbkm^kl\mxsbfdhb ijbhghfkhqbg_gbb[m^mlk\_johdeZ^gh]hbo`Zeh\ZgvygZlh\j_fykdhedh ijbkhqbg_gbbijh[m^mlªgh\k_]hebrvihklZgh\bebh[wlhf©bf_lvjZakm` ^_gb_\ij_^vª²LZf`_NHi39>Eh[Ihoh`_qlh[hev r_d^Zgghcijh[e_f_m`_g_\ha\jZsZebkv GZkdhevdhgZfm^Zehkvijhke_^blv\ihke_^gbcjZahimgdlZoj_qvreZ \ hij_^_e_gbb K_gZlkdhc dhglhju hl bxgy ] dh]^Z hl :j]ZfZdh\Z ih lj_[h\Zebkhh[sblvihemq_gubfbebg_lhlHjm`_cghciZeZlu©gZ^e_`Zsb_ ba\_klbª²J=:>:NHi>E²Zh[ EZldbg<GMdZakhqK² J=B:NHi>E;_ey\kdbcFLMdZakhqK Kf jZihjl ]_g_jZeijhdmjhjZ G X Ljm[_pdh]h K_gZlm hl ^_dZ[jy ]²J=:>:NHiDgE >hdmf_gl MdZa K_gZlkdhc dhglhju Yfkdhc dhglhj_ h \u^Zq_ ;exf_gljhklm ih^ \h^ b ih^hjh`ghc khklhyeky yg\Zjy ]² J=:>: N Hi Dg E²h[

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb J=B:NHi>E²h[Ijb\_^_gudijbky]_yg\Zjy \ Kj_l_gkdhc p_jd\b ijb^\hjguf k\ys_ggbdhf :NHiDgE²h[ LZf`_E²h[ J=:>:NHi>Eh[I_gqdhG:Hkgh\Zgb_Fhkdh\ kdh]hmgb\_jkbl_lZK@Zeh\Zgv_:j]ZfZdh\m\mgb\_jkbl_l_kqblZeb gZqbgZykyg\Zjy]²J=:>:NHi>E KZgdli_l_j[mj]kdb_ \_^hfhklb Zij_ey Iha^g__ e_lhf ] :j]ZfZdh\ ijbgbfZe g_ihkj_^kl\_ggh_ mqZklb_ \ m^h\e_l\hj_gbb lj_ [h\Zgbcdj_^blhjh\ihdhcgh]hdmjZlhjZdhlhju_\Fhkd\_fh]ebh[jZlblvkyd g_fm Z \ KZgdlI_l_j[mj]_ d G : Dhjnm Kf Fhkdh\kdb_ \_^hfhklb bxgybxgybxgybxgybxgy Kf=jZ^h\Z;:Dhklurbg>GJhev:dZ^_fbbgZmd\hj]ZgbaZpbb Fhkdh\kdh]h mgb\_jkbl_lZ I_l_j[mj]kdZy :dZ^_fby gZmd \ bklhjbb :dZ^_ fbcfbjZDe_lbx:dZ^_fbbgZmdFZl_jbZeuf_`^mgZjh^ghcdhgn_j_g pbbbxgy²bxey]KI[LK² Ibkvfh BBRm\Zeh\Z D=JZamfh\kdhfm hl n_\jZey ]² IN:J:GNHi>EibkvfhD=JZamfh\kdh]hBBRm\Zeh \mhln_\jZey]²LZf`_E²h[Kmohfebgh\FBBklhjby Jhkkbckdhc:dZ^_fbbKI[GMdZakhqK >hdmf_glE_lhibkvJhkkbckdhc:dZ^_fbbgZmdKI[L ²K >hdmf_gl I_gqdh G : Nbabq_kdbc dZ[bg_l K² _fb^h\Z:dbgnb_fGbdblbq_f LZf`_Zij_ey >hghr_gb_ BBRm\Zeh\Z Kbgh^m hl Zij_ey ]² J=B: NHi>E J=B: N Hi > E ² h[ ;_ey\kdbc F L MdZa khq K LZf `_ E h[ hghr_gb_j_dlhjZZdZ^_fbbZjobfZg^jblZBhZkZnZFhkdh\kdhckbgh ^Zevghc dhglhj_ hl fZy ]² J=:>: N Hi Q ] >E²h[ >hghr_gb_ _ibkdhiZ KZjkdh]h b Ih^hgkdh]h BeeZjbhgZ Fhkdh\kdhc kbgh^Zevghc dhglhj_ hl fZy ]² LZf `_ E ² h[ =hklmgkdh]h wdaZf_gh\Zeebqgh:j]ZfZdh\ >hghr_gb_ Gh\]hjh^kdhc ^moh\ghc dhgkbklhjbb Kbgh^m hl fZy ]²J=B:NHi>E²h[ JZihjlIkdh\kdhc^moh\ghcdhgkbklhjbbFhkdh\kdhckbgh^Zevghcdhg lhj_hlfZy]²J=:>:NHiQ]>E² h[

>GDhklurbg LZf`_E²h[^hghr_gb__ibkdhiZGb`_]hjh^kdh]hb:eZluj kdh]hN_hnZgZFhkdh\kdhckbgh^Zevghcdhglhj_hlbxgy] LZf`_N Hi>Eh[ JZihjl gZf_klgbdZ EZ\ju b_jhfhgZoZ DbjbeeZ Kbgh^m hl bxey ]²J=B:NHi>EJ=:>:NHi>E Kfbjgh\KBklhjbyLjhbpdhcEZ\jkdhck_fbgZjbbFK >hghr_gby;_e]hjh^kdhc^moh\ghcdhgkbklhjbbFhkdh\kdhckbgh^Zev ghc dhglhj_ hl bxey b hdly[jy ]²J=:>: N Hi Q ]>E >hghr_gby Kfhe_gkdhc ^moh\ghc dhgkbklhjbb Fhkdh\kdhc kbgh^Zev ghcdhglhj_hlbxgybbxey]²LZf`_E²h[ JZihjl _ibkdhiZ E²h[ >hdmf_glu J=B:NHi>Eh[ Kf ^hghr_gb_ b_jhfhgZoZ KbfhgZ Kbgh^m hl Z\]mklZ ] LZf `_E²h[ \_^_gb_Kbgh^ZFhkdh\kdhckbgh^Zevghcdhglhj_hlk_g ly[jy]LZf`_E Hij_^_e_gb_ Fhkdh\kdhc kbgh^Zevghc dhglhju hl k_gly[jy ]²J=:>:NHiQ]>E² ?nj_f =_hj]b_\bq b_jhfhgZo ij_ih^Z\Zl_ev dZl_obabkZ \ ^\hjygkdhc b jZaghqbgkdhc ]bfgZabyo Fhkdh\kdh]h mgb\_jkbl_lZ k_j[ ih gZpbhgZevghklb jh^hfbaKeZ\hgbb:NHi> Eg_iheghklvx KljZoh\IBDjZldZybklhjbyZdZ^_fbq_kdhc]bfgZabb [u\r_c ijb Bfi_jZlhjkdhf Fhkdh\kdhf mgb\_jkbl_l_ J_ijbglgh_ ba^Zgb_ FK²[_amdZaZgbykmffu`Zeh\Zgvy I_gqdhG:Hkgh\Zgb_Fh kdh\kdh]hmgb\_jkbl_lZK\l_dkl_ijhims_gh©Ihjhkkbckdhc rdhe_ c b ² deZkkh\ mqbl_eb fh]ml [ulv ba Klm^_glh\ª Z lZd`_ kmffZ `Zeh\Zgvymqbl_eyEZ[hfZ ;_ey\kdbcFLMdZakhqK²\blh]h\hc kmff_^hims_gZhi_qZldZgZibkZgh©ª\f_klh©ªijhims_gZihke_^ gyynjZaZ©GZih^ebgghfih^ibkZghlZdhDmjZlhjB\ZgRm\Zeh\ª J=:>:NHi>E²h[ I_qZlZgb_ ijh]jZffu :j]ZfZdh\ hj]Zgbah\Ze \ Fhkdh\kdhc kbgh^Zev ghc lbih]jZnbb Kf _]h ^hghr_gb_ dhglhj_ Kbgh^Z hl Zij_ey ] ^hdmf_gl Zij_ey\k_wda_fieyjh\ijh]jZffu[ueb]hlh\ubi_ j_^Zgu ih^ jZkibkdm fZ]bkljm ::;Zjkh\m² J=:>: N Hi >E. 2—3. /H&DPpOpRQ/LWWpUDLUH63E., 1755. 7. . 0DL3²HJD ;J:GKI[L²

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb Kf KZgdli_l_j[mj]kdb_ \_^hfhklb 175 16 fZy; /H &DPpOpRQ /LWWpUDLUH 3 ² Ba ihke_^g_]h ijb\_^_f hlju\hd ibkvfZ d ba^Zl_ex ©OZf_e_hgZª ihdZau\Zxsbc dZdhc ]jma hl\_lkl\_gghklb ^he`_g [ue e_qv gZ ^bj_dlhjZ mgb\_jkbl_lZ ^Z[u lhj`_kl\Z ijhba\_eb `_eZ_fh_ \i_qZle_gb_ gZ jmkkdmxbbgha_fgmxim[ebdmBfyZ\lhjZ^Zggh]hba\_klbyg_jZkdju\Z_lky ghgZgZr\a]ey^bf[uefZ]bkljnbehkhnbbbk\h[h^guogZmdEbld_>hklZ lhqghkjZ\gblvke_^mxsbcl_dklk_]hj_qvxhim[ebdh\Zgghc\lhf`_ghf_j_ ?kebwlhlZdlhibkvfh\iheg_eh`blky\jmkehijhiZ]Zg^bklkdh]hhk\_s_gby ijhk\_lbl_evghc iheblbdb bfi_jZljbpu ?ebaZ\_lu Z aZh^gh y\ey_lky k\h_h[ jZaghcj_deZfhcaZkem]kZfh]h^bj_dlhjZ ©Fbehklb\uc]hkm^Zjv ;m^mqb ebl_jZlhjhf \u g_khfg_ggh aZbgl_j_kh\Zgu \ jZa\blbb gZmd Bf_ggh ih wlhc kZfhc ijbqbg_ y ihevamxkv i_j\hc `_ ij_^klZ\b\r_cky fg_ \hafh`ghklvxjZkkdZaZlv\Zf\djZlp_h[h\k_fqlhijhbkoh^behijbhldjulbb ]bfgZabbYfh]m\ZkaZ\_jblvqlhhq_gvljm^ghmjZamf_lvdZdaZijZdlbq_kdb h^gmg_^_exgZr]hkih^bg^bj_dlhjkmf_eih^]hlh\blvwlhlijZa^gbdl_f[h e___kebmq_klvqlhgZklmibeh\j_fy]h\_gbydh]^Zhq_gvkeh`ghmijZ\blvkyk jZ[hlgbdZfb <_kvfZ m^b\bl_evgh qlh [ueb \uiheg_gu jZ[hlu dhlhju_ dZd ij_^klZ\ey_lkyihlj_[h\Zeb[ug_kdhevdhf_kyp_\qlh[uijbgylvlhl\b^dZ dhcij_^klZei_j_^gZrbf\ahjhf Kh[jZgb_ [ueh g_h[uqZcgh fgh]hex^guf b y [_a ij_m\_ebq_gby fh]m kdZaZlv qlh lZf ijbkmlkl\h\Zeb ljbq_luj_ lukyqb q_eh\_d Ihke_ fhe_[gZ \ p_jd\b DZaZgkdhc ;h`b_c FZl_jb dm^Z \k_ hlijZ\bebkv \f_kl_ k mqZsbfbky qlh[u bkijhkblv fbehklb

>GDhklurbg ah\Zgb_mfZ[ueh[ukeZ[ufij_bfms_kl\hf_keb[ul_f`_ kZfuf mfhf g_ jmdh\h^beZfm^jhklvhdmf_gl h[jh\_pdh]h\g_ijbklhcguokeh\Zob\]dh]^ZkZf[uehkm`^_g b ihkeZg \ DZaZgkdbc ]Zjgbahg aZ g_hklhjh`gh \ukdZaZggh_ g_^h\hevkl\h iheh`_gb_fdZf_jiZ`ZKfJ=:>:NHi>IjZ\hf_jgZ ihklZgh\dZ \hijhkZ lj_[my ijbdhfZg^bjh\Zlv :NHiDgEh[² LZf`_E²h[ Kji©IjhwdlZª²IKALK >hdmf_gl >hdmf_gl >hdmf_gl >hdmf_gl >hdmf_gl >hdmf_gl >hdmf_gl Dhklurbg>GJuqZeh\kdbc??E_cipb]kdb_mq_gu_\Fhkdh\kdhf mgb\_jkbl_l_bboibkvfZZdZ^_fbdm=NFbee_jm\²]]IZfyl gbdbdmevlmjuGh\u_hldjulbyIbkvf_gghklvBkdmkkl\h:jo_heh]by FK >hdmf_glLZlZjbgh\:g^j_ygB\Zgh\bqjh^bekyhd]\Fh kd\_ K ] h[mqZeky ijb Fhkdh\kdhf ]_g_jZevghf ]hkiblZe_ f_^b dhobjmj]bq_kdhcgZmd_gZk\h_fkh^_j`Zgbb<]ijhba\_^_g\ih^e_dZ jb ijb lhf `_ ]hkiblZe_ k_gly[jy ] ihke_ im[ebqgh]h wdaZf_gZ m^h klh_g a\Zgby e_dZjy fZjlZ ] ijbagZg e_dZj_f Fhkdh\kdh]h ]_g_jZev gh]h ]hkiblZey k ijZ\hf ©\ Fhkd\_ b \ ijhlqbo Jhkkbckdhc bfi_jbb f_klZo ijZdlbdmobjmj]bq_kdmxmijZ\eylvª<]©ijbgZqZlbbMgb\_jkbl_lZªhg ih^Z_l ^hghr_gb_ i_j\hfm e_c[f_^bdm I A Dhg^hb^b h[ hij_^_e_gbb _]h \ Fhkdh\kdbc mgb\_jkbl_l e_dZj_f gZ qlh b ihemqZ_l jZaj_r_gb_ Zij_ey ]ijhba\_^_gF_^bpbgkdhcdZgp_eyjb_c\rlZ[e_dZjb<]ihemqbe \ =_llbg]_gkdhf mgb\_jkbl_l_ ^biehf ^hdlhjZ f_^bpbgu him[ebdh\Z\ lZf k\hx^bkk_jlZpbx^_dZ[jy]ijbagZgF_^bpbgkdhcdhee_]b_c^hdlhjhf f_^bpbgu K ] ihfhsgbd ^bj_dlhjZ wdhghfbq_kdhc dZgp_eyjbb F_^b pbgkdhcdhee_]bbkfZy]gZ^\hjguckh\_lgbdb^bj_dlhjwdhghfbq_ kdhc dZgp_eyjbb F_^bpbgkdhc dhee_]bb < ] e_qbe [hevguo \h \j_fy wib^_fbb qmfu \ Fhkd\_ Kf h g_f J=:>: N > Q E ²

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb h[NHiQDgE²DgE²h[Af_ _\ENJmkkdb_\jZqbibkZl_ebKI[hdmf_gl Hj^_jBBRm\Zeh\Z:F:j]ZfZdh\mhlbxey]²J=:>: NHi>Eh[K[hjgbdfZl_jbZeh\^eybklhjbbbfi_jZlhjkdhc KI_l_j[mj]kdhc ZdZ^_fbb om^h`_kl\ aZ klh e_l __ kms_kl\h\Zgby / Ih^ j_^ IGI_ljh\ZKI[QK Kf^hghr_gby:F:j]ZfZdh\ZFhkdh\kdhckbgh^Zevghcdhglhj_hl bxgyhdly[jybghy[jy]²>hdmf_gluhij_^_e_gby Fhkdh\kdhckbgh^Zevghcdhglhjuhlbxgybghy[jy]²J=:>:N Hi Q ] > E ² h[ jZihjl Fhkdh\kdhc lbih ]jZnkdhcdhglhjuFhkdh\kdhckbgh^Zevghcdhglhj_hlbxgy]²LZf `_ E mdZa Fhkdh\kdhc kbgh^Zevghc dhglhju Fhkdh\kdhfm mgb\_jkbl_lm hlhdly[jy]²LZf`_>E J_qv ]h\hj_ggZy \ gZqZlbb nbehkhnbq_kdbo e_dpbc ijb Fhkdh\kdhf Mgb\_jkbl_l_ ]bfgZabb j_dlhjhf GbdheZ_f Ihih\kdbf ?`_f_kyqgu_ khqb g_gbydiheva_bm\_k_e_gbxkem`Zsb_]:\]mklK² >hdmf_gl Kf hij_^_e_gb_ K_gZlkdhc dhglhju hl bxgy ]² J=:>: NHiDgE²h[^hghr_gb_dg><Molhfkdh]hK_ gZlkdhcdhglhj_hlbxgy]²LZf`_HiDgE² >hdmf_gl KfhibkZgb_mqZklgbdZlhj`_kl\Z²/H&DPpOpRQ/LWWpUDLUH63E., 1755. 7. 2FWREUH 3 ² HJD ;J:G KI[ L ² :\lhjhffh][ulv\k_lhl`_BNEbld_mihfygmlucijZ\^Za^_kv\lj_lv_f ebp_ ©Fbehklb\uc]hkm^Zjvb^jm] ?keb[u\u\q_jZ[ueb\Fhkd\_by\bebkv[uk\b^_l_e_flh]hdZdMgb \_jkbl_l hlf_qZe ^_gv l_ahbf_gblkl\Z ?_ Bfi_jZlhjkdh]h <_ebq_kl\Z gZr_c Z\]mkl_cr_c]hkm^Zjugblh\u[udZdb\k_\hkoblbebkvl_fihjy^dhfdhlh jucih^^_j`b\ZeZfgh]hex^gZylheiZbl_fohjhrbf\dmkhfkdZdbf[uemd jZr_gaZe]^_khklhyebkvlhj`_kl\ZWlhlijZa^gbd[uehlf_q_gdh\k_h[s_fm m^h\e_l\hj_gbx AgZlgu_ `bl_eb ]hjh^Z dhlhju_ [ueb gZ g_]h ijb]eZr_gu ijb[ueb \ a^Zgb_ Mgb\_jkbl_lZ f_`^m ^_\ylvx b ^_kylvx qZkZfb mljZ Ih kdhevdm[hevrhcaZehdZaZekyihqlbaZiheg_gguflh^ey\k_ordheyjh\g_gZ rehkvf_klZbijbrehkv\u[bjZlvkZfuoijbe_`guoqlh[u^himklblvbolm^Z HklZevgu_ hklZebkv \ khk_^gbo dhfgZlZo < ^_kylv qZkh\ a\mdb nZgnZj b eb lZ\j\ha\_klbebh[hldjulbbp_j_fhgbbihke_q_]h]hkih^bg^bj_dlhjijhba g_kij_djZkgmxj_qvgZjmkkdhfyaud_AZl_f\uklmibeb]hkih^bgYj_fkdbcgZ eZlugb ]hkih^bg Ebld_ gZ g_f_pdhf yaud_ ]hkih^bg EZ[hf gZ njZgpmakdhf yaud_ Z \ aZdexq_gbb ]hkih^bg Zk_kkhj <_j_\dbg ijhbag_k j_qv gZ jmkkdhf yaud_
>GDhklurbg m^h\e_l\hj_gb_dhlhjh_\ujZ`Zehkv\h\gbfZgbbb\lbrbg_pZjb\rbo\aZe_ gZ ijhly`_gbb \k_c p_j_fhgbb =hkih^bg ^bj_dlhj ij_^ijbgye f_ju qlh[u ba[_`Zlvklheihl\hj_gbybl_fkZfufrmfZdhlhjuch[uqghkhimlkl\m_l_fm Ihke_lh]hdZdj_qb[uebijhbag_k_gu\k_qe_guMgb\_jkbl_lZbrdhey juih^ij_^\h^bl_evkl\hf]hkih^bgZ^bj_dlhjZb]hkih^bgZZk_kkhjZhlijZ\b ebkv \ p_jdh\v DZaZgkdhc ;h`b_c FZl_jb LZf ihke_ lh]h dZd dZ`^uc h[jZ lbekydg_[_kZfkijhkv[hcojZgblv?_Bfi_jZlhjkdh_<_ebq_kl\hb__keZ\gh_ pZjkl\h\Zgb_ \k_ bkihegbeb ]bfg ©L_[y ;h]Z o\Zebfª Z aZl_f \_jgmebkv \ Mgb\_jkbl_l \ lhf `_ kZfhf ihjy^d_ qlh b \gZqZe_ Ihlhf \k_ jZahrebkv Z qe_guMgb\_jkbl_lZ[uebijb]eZr_gugZm`bg]hkih^bghf^bj_dlhjhfdhlh jucij_^hklZ\bebfijZ\h\k\hxhq_j_^vijb]eZkblvl_obak\hbodeZkkh\d_f hgb[ueb[he__\k_]h^h\hevgu <_q_jhf hdheh r_klb qZkh\ \k_ \gh\v kh[jZebkv Z g_dhlhju_ ba agZlguo `bl_e_ckgh\Zijbreb\Mgb\_jkbl_lqlh[uihkemrZlvdhgp_jl\bkiheg_gbb emqrbo \_^msbo fmaudZglh\ dhlhjuo lhevdh \hafh`gh gZclb a^_kv Dhgp_jl ijh^he`Zekyijbf_jgh^h^_kylbqZkh\b\k_wlh\j_fy[ueZimklvg_[hevrZy ghij_\hkoh^gZybeexfbgZpby <_jrbgZbah[jZ`ZeZkeZ\mdhlhjZy\h^ghcjmd_^_j`ZeZjm`_cgmx]bev am k \_ga_e_f ?_ Bfi_jZlhjkdh]h <_ebq_kl\Z hldm^Z bkoh^beb emqb ijhklb jZxsb_kyijyfh\klhjhgmnb]mjudhlhjZybah[jZ`ZeZMgb\_jkbl_l<^jm]hc jmd_keZ\Z^_j`ZeZ[h_\mxljm[mqlh[u\ha\_sZlvhkeZ\guo^_ygbyokh\_j r_gguo \ pZjkl\h\Zgb_ ?_ <_ebq_kl\Z D Jy^hf jZkiheZ]Zebkv ijbgZ^e_`ghklb gZmd b \_ga_ev ?]h Ij_ \hkoh^bl_evkl\Zfbehklb\_crZ]h]hkm^ZjydmjZlhjZ IhwlhfmkemqZx]hkih^bg^bj_dlhjij_^hklZ\beg_^\mkfuke_ggh_^hdZaZ l_evkl\hk\h_]hmk_j^by\hbfyHl_q_kl\Zbhkh[_gghk\h_]h\gbfZgbydh\k_fm lhfm qlh fh`_l kihkh[kl\h\Zlv keZ\_ Mgb\_jkbl_lZ Bf_x q_klv [ulv b ijh qZyªi_j_\h^H?B\Zgh\hc >hdmf_gl GBHJJ=;NDZjlhg?^ojEh[² Dhklurbg > G G_him[ebdh\Zggu_ ^hdmf_glu ih bklhjbb kha^Zgby lbih]jZnbb Fhkdh\kdh]h mgb\_jkbl_lZ <_klgbd Fhkdh\kdh]h mgb\_jkbl_lZ K_jbyBklhjbyK²² >hdmf_glhdmf_glKbgh^ZevgZydhglhjZ\haeh`beZ^Zggmxh[yaZgghklvgZ dexqZj_c [hevrh]h Mki_gkdh]h ;eZ]h\_s_gkdh]h b :joZg]_evkdh]h kh[hjh\ ²J=:>:NHiQ]>E²h[<^Zevg_cr_flZdb_ ba\_klbyijbkueZebkvihklhyggh Kf ijbf_qZgb_ Km^y ih qbkem gZ]jZ`^_gguo fh`gh \ukdZaZlv ij_^iheh`_gb_ qlh ahehlufb f_^Zeyfb [ueb gZ]jZ`^_gu \k_ klm^_glh\ b

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb emqrb_ mq_gbdh\ ^\hjygkdhc ]bfgZabb Z ^jm]b_ mq_gbdh\ ^\hjygkdhc b mq_gbdh\jZaghqbgkdhc]bfgZabb²k_j_[jygufb ZgbeZ IZebfhkh\kdhc K_f_g =_jZkbfh\ I_lj >fbljb_\ >ZgbeZYdh\e_\>fbljbc:gbqdh\B\ZgN_^hjh\[eZ]hjh^gu_mq_gbdbI_lj ;_ah[jZah\>fbljbcDZfugbg>fbljbc;Z[Zjudbg=Z\jbeZ@_j_[ph\;hjbk KZeludh\B\ZgQ_gph\:e_dkZg^jDZjbgB\Zg@_j_[ph\dgyavhe]hjmdbc dgyavFboZbeEv\h\=jb]hjbcIhl_fdbgDebf_glMdjZbgph\:e_dkZg^jE_ \Zrh\ B\Zg Kibjb^h\ N_^hj Dheuqh\ _gbkNhg\babg]jZnFboZbe=heh\bg:e_dk_c=hjqZdh\ :g^j_c E_\Z gb^h\I_lj:j]ZfZdh\dgyavB\ZgIjhahjh\kdbcKl_iZg>ZfZ`bjh\mq_gbdb ba jZaghqbgp_\ K_j]_c Fuevgbdh\ FZl\_c ;Zjkh\ ?\]jZn :jhgh\ Bevy N_ ^hjh\B\ZgN_^hjh\:g^jbZgBevbg²Fhkdh\kdb_\_^hfhklb Zij_eyIjb[Z\e_gb_ KZgdli_l_j[mj]kdb_ \_^hfhklb Zij_ey fZy I_gqdhG:;b[ebhl_dZFhkdh\kdh]hmgb\_jkbl_lZK K[hjgbdfZl_jbZeh\K Fhkdh\kdb_ \_^hfhklb bxey bxey bxeyIm[ebdm\[b[ebhl_dmimkdZebdZ`^mxkj_^mbkm[[hlmk^hqZkh\ ihihem^gb LZf `_ bxgy hdly[jy J=B: N Hi Q ]>EK[hjgbdfZl_jbZeh\K IN:J:GNHi>E²h[ >hdmf_glubfZl_jbZeuK >hdmf_gl >hdmf_glubfZl_jbZeuK Ibkvfh N = >bevl_y = N Fbee_jm hl hdly[jy ]² J=:>: NIQ>E²I_j_\h^HBB\Zgh\hc Ibkvfh =. N.Fbee_jZ :. N.;xrbg]m hl 14 ^_dZ[jy ] — *HRJUD SKLH*HVFKLFKWHXQG%LOGXQJVZHVHQLQ5XODQGXQG'HXWVFKODQGLP-DKUKXQGHUW %ULHIZHFKVHO$QWRQ)ULHGULFK%VFKLQJ²*HUKDUG)ULHGULFK0OOHUELV +UVJ+RIIPDQQ32VLSRY9,6 83. >hdmf_glu
>GDhklurbg

J=:>:NHi>E Kfijbf_qZgb_ Ihohjhg_g[ue:j]ZfZdh\gZKlZjhfEZaZj_\kdhfdeZ^[bs_:e_dkZg^ jhG_\kdhc EZ\ju gh fh]beZ _]h ^h gZklhys_]h \j_f_gb g_ khojZgbeZkv < ©:a[mqghf mdZaZl_e_ bf_g jmkkdbo ^_yl_e_c ^ey ³Jmkkdh]h [bh]jZnbq_kdh]h keh\Zjy´ª F Q K mdZaZgh qlh : F :j]ZfZdh\ kdhgqZeky yg\Zjy]GhfujZkiheZ]Z_fijhr_gb_fkugZI::j]ZfZdh\Zhlhd ly[jy]J=:>:NHi>E bZll_klZlhfih^ibkZgguf hdhehhdly[jylh]h`_]h^Zhlmgb\_jkbl_lZB?DZf_g_\ufbhlFZgmnZd lmjdhee_]bbBIhehgkdbfLZf`_E ]^_ykghh[hagZq_gZ^ZlZyg\Zjy <_jhylghkhklZ\bl_evmdZaZl_ey[md\Zevghihgye\ujZ`_gb_©ih]j_[_gyg \Zjyª \ hlghr_gbb :j]ZfZdh\Z ba ©I_l_j[mj]kdh]h G_djhiheyª GbdheZc Fb oZceh\bq \_e dg I_l_j[mj]kdbc G_djhihev KI[ L :²= K dhlhjh_ aZbfkl\h\Zgh ba ljm^Z : IZ\eh\Z ©HibkZgb_ K\ylhLjhbpdhc :e_d kZg^jhG_\kdhc EZ\ju k ojhgheh]bq_kdbfb kibkdZfb hkh[ ih]j_[_gguo \ p_jd\ZobgZdeZ^[bsZoEZ\jkdboªKI[K AgZybf_gghcmdZahl yg\Zjy ] h ih]j_[_gbb f_jl\uo l_e ©\ lj_lbc ^_gvª IKA L K khklZ\bl_evijhklh\uq_ebaljb^gyGhmIZ\eh\Z\k_^Zluhdhg qZgby`bag_ggh]himlbihdhysboky\EZ\j_h[hagZq_gudZd^Zluih]j_[_gby Kf Fhkdh\kdb_ \_^hfhklb fZjlZ >hdmf_glu b fZl_ jbZeuLKI_gqdhG:Hkgh\Zgb_Fhkdh\kdh]hmgb\_jkbl_lZ KKh^_j`Zgb_j_qbb__f_klhgZoh`^_gb_\gZklhys__\j_fyg_ba\_klgu >hdmf_gl >hdmf_gl J=:>: N Hi Q Dg E ² j_ \bakdZykdZadZihkMki_gkdhfmgZ] >hdmf_gl >hdmf_gl J=:>:NIQ>E²I_j_\h^H?B\Zgh\hc LZf `_ N Hi >_eZ fheh^uo e_l >fbljh\ Dg E² >hdmf_gl >hdmf_glubfZl_jbZeuK Kf jZihjl Zk_kkhjZ I < Oh\Zgkdh]h dmjZlhjm Rm\Zeh\m hl Zij_ey ]²LZf `_ KKf lZd`_ jZihjl gh\h]h ^bj_dlhjZ B B F_ebkkbgh Rm\Zeh\mhlfZylh]h`_]h^Z²LZf`_K J=:>:NHiQDgEh[ >hghr_gb_ B B Rm\Zeh\Z K_gZlm hl Z\]mklZ ] ² LZf `_ E²h[KflZd`_I_gqdhG:Hkgh\Zgb_Fhkdh\kdh]hmgb\_jkbl_lZ K >hghr_gb_ B B Rm\Zeh\Z K_gZlm hl ^_dZ[jy ] ² LZf `_ Eh[ Bf_gghc mdZa K_gZlm h[ty\e_gguc ^_`mjguf ]_g_jZeZ^txlZglhf :;;mlmjebguf hl n_\jZey ]² J=B: N Hi > E²h[ <_^_gb_ K_gZlZ K_gZlkdhc dhglhj_ hl fZjlZ ] ² J=:>: NHiDgE

:e_dk_cFboZceh\bq:j]ZfZdh\FZl_jbZeu^ey[bh]jZnbb

J=:>:NHiDgE²h[ LZf`_DgE²h[IjZ\^Zihkhh[s_gbx_]hie_fyg gbdZYdh\ZDZf_g_\Z^hoh^uk^_j_\_gvkh[bjZebkvhgbrebgZ\uieZlm^he ]h\bkh^_j`Zgb_^_l_c:j]ZfZdh\Z LZf`_Eh[ Hij_^_e_gb_ K_gZlkdhc dhglhju hl bxey ]² LZf `_ E Ijbklmibe d h[yaZgghklyf lhevdh k Z\]mklZ Z ^h lh]h ©kfhlj_gb_ª bf_e [u\rbckem`bl_ev:j]ZfZdh\ZKl_iZg=jya_\ LZf`_DgE²h[GZagZq_gmgb\_jkbl_lkdhcdZgp_eyjb_c jm[ \aylu_ ba mgb\_jkbl_lZ bf_gguf mdZahf hl n_\jZey ]\aukdb\Zlvg_\_e_gh²J=:>:NHiDgE JZihjlFhkdh\kdh]hmgb\_jkbl_lZK_gZlmhlfZjlZ]²LZf`_ E²h[KflZd`_kijZ\dmK_gZlZhlZij_ey]LZf`_E² h[ b hij_^_e_gb_ K_gZlZ \ k\yab k \uieZlhc \k_o ^he]h\ :j]ZfZdh\Z hl bxey ] LZf `_ E ² h[ >hq_jyf :j]ZfZdh\Z k ] i_j_^Zeb lj_lvxqZklv^hoh^h\k^_j_\_gvgZkmffmjm[dhi I_gqdhG:Hkgh\Zgb_Fhkdh\kdh]hmgb\_jkbl_lZK>hdmf_glub fZl_jbZeuK²;_ey\kdbcFLMdZakhqK² J=:>:NHi>E>hdmf_glubfZl_jbZeuLK Q_j_ae_l_]hijhba\h^yl\klm^_gluZ\]\qbke_emqrboklm^_glh\hg [uehij_^_e_g\Dhfbkkbx^eykhklZ\e_gbyijh_dlZGh\h]hMeh`_gby >hghr_gb_dZgp_eyjbb Fhkdh\kdh]h mgb\_jkbl_lZ iylhfm ^_iZjlZf_g lmK_gZlZhlZ\]mklZ]²J=:>:NHiDgE J=:>:NHiDgE²h[Ihjhkibkbqbgh\mgb \_jkbl_lZ ] :e_dk_c =jya_\ ihemqZe jm[ \ ]h^ _]h [jZl Lbfhn_c² hq_\b^gh lm `_ kmffm \lhjhc :e_dk_c =jya_\² lZd`_ jm[ ;mluebg @bevph\ ;Z[_gur_\ b H]mj_rgbdh\ \ dZq_kl\_ kem`bl_e_c ihemqZeb ih jm[ dZd klhjh`Z ;mluebg b H]mj_rgbdh\ ihemqZeb ih jm[ Z aZ ^he` ghklv eZd_y ihke_^g_fm m\_ebqbeb `Zeh\Zgv_ ^h jm[² J=:>: N IQ>Eh[ >hdmf_glubfZl_jbZeuK IKALK J=:>:NHiDgE LZf`_Eh[² Hij_^_e_gb_K_gZlZhlZ\]mklZ]²LZf`_E²h[Kf lZd`_jZihjldZgp_eyjbbFhkdh\kdh]hmgb\_jkbl_lZK_gZlmh^_ckl\bl_evghf bkiheg_gbbmdZaZhlghy[jy]²LZf`_E NHiQDgEh[h[h[

IJBEH@?GB?

>HDMF?GLUHKEM@;?IHEDHBBIJ?H;J:@?GKDH=HIHED:BB;MLMJEBG: D:IJ:EM:F:J=:F:DH<MH;HLIMKD?>HFHC eMdZaE_c[=\Zj^bbIj_h[jZ`_gkdh\ZGZr_\ZIhedmDZijZem :e_dk_x:j]ZfZdh\m Ih ijhr_gbx L\h_fm hlims_g lu hl K>Zgdl@ I_l_j [mjoZ \ ^hf l\hc^eybkijZ\e_gbygm`^Z\ihed\_e_ghy\blpZ[m^ms_\Z]h^m N_\jZey\^_>gv@Zg>u@g_ibkZedhfg_baKma^Zeyhl>_@pl\hcLZc ghc >_ckl\bl_eghc Kh\_lgbd =jZn :g^j_c :jl_fhgh\bqv FZl\__\ b ijhkbe f_gy rlh[ l_[_ hlkjhqblv gZ f>_@k>y@p b ih lhfm _\h ijhr_ gbxhlkjhq_ghl_[_:\ihedy\bky]^_hg[m^_lij_^[m^ms_\Z]h ^mFZjlZ\^_>gv@dZg_rgh:[m^_llugZlhlkjhd\ihedg_y\bkkyb aZlhgZibkZg[m^_rv\kZe^Zlu B\Zg;mlmjebg Ghy[jy^_>gv@ gZFhkd\_ J=EIh^ebggbd dihdZ@aZghfmkjhdm

=N?<J:EYIBKVFH=J::F:LF?GRBDH<M eK\_le_crbcDg>y@av:e_dkZg^j>Zgbeh\bqv =>h@k>m@^>Z@jvfhcF>b@e>h@klb\uc b\ukhdhkdehgg_crbciZljhg Ih mdZam ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z b@e>h@klb\_cr_c =>h@k>m@^>Z@j>u@gbGZr_cZihf>b@e>h@klb\hfmij_^klZl_evkl\m_@k>y@pZ]>h@]h^m[m^msZ]hFZjlZihi_j\h_qbkehk_]h]>h@

Ijbeh`_gb_

]h^m GZ dhlhjhc kjhd hg_ h[ty\yky [m^ml k_[_ \ukhdmx q_klv bf_lv kb_ihdhjgh_fh_ibkfhb@e>h@klb\_crZ]h=>h@k>m@^>Z@jyfh_]h b\ukhdhkdehggZ]hIZljhgZ\k_]^Zdk_[_bdh\k_cfh_cfZehcnZfb ebb\_ebdmxbij_\hkoh^gmxf>b@e>h@klvlh]hjZ^bydh[ui_jkhgZegh miZ^qbdgh]Zfu@g_ ke_agh b@e>h@klb\_crZ]h =>h@k>m@^>Z@jy fh_]h \k_]^Zrguo e h[ b g_ hl>t@_fe_fuo \ukhdbo f>b@e>h@kl_o ydh[u hl \k_fbehk_j^Z]h bf h>l@ pZkh^_j`Zgu[_af_gy[uebbijbkemqZ_\ij_^>v@i_j_f_gu\jZg]Zo i_j_^k\_jklgbdbk\hbfbf>b@e>h@klb\ufb@e>h@klv\_jgh_fh_\k_]^Z bf_x gZ^_ygb_ b ijblhf k ]em[hqZcrbf fhbf j_ki_dlhf \h \ky ^gb `bagbfh_c[_ahlklmighij_[u\Zx\k_]^Z g@v]h]h^m J=:>:NHi>E²h[Ih^ebggbd Khkeh\ZZgbeh\bqv ihf_luIh^ZghFZjlZ^gy]h^mAZibkZl>v@

=F:YA:IBKVBF?GGH=HMD:A: BFII?LJ:,,HIH@:EH<:GBBK?J@:GL: :F:J=:F:DH<:h@]h^mFZby\^>_@gv?]hBfi_jZlhjkdh]h<_ebq_ kl\Zhlh[hjDZf_j]_jZbdh\Ze_jZbe_c[=\Zj^bbIj_h[jZ`_gkdh]h ihedm dZiblZgZ dg>y@ay >he]hjmdh\Z ijbkeZgghc E_c[ =\Zj^bb Ij_ h[jZ`_gkdh]hihedm:^>t@xlZglK_f_gJ_kbgh[vy\beqlh?]hBfi_ jZlhjkdh_ <_ebq_kl\h bfygguf k\hbf MdZahf \k_f>b@e>h@klb\_cr_ ba\hebe ih`Zeh\Zlv E_c[ =\Zj^bb Ij_h[jZ`_gkdh]h ihedm k_j`ZglZ :e_dk_y FboZ>c@eh\Z k>u@gZ :j]ZfZdh\Z \h hghc `_ ihed \ ijZihj

>GDhklurbg

sbdbLh]hjZ^bk_c?]hBfi_jZlhjkdh]h<_ebq_kl\ZMdZa\ihedh\hc DZgp_eyjbb aZibkZl>v@ \ dg>b@]m b h lhf \ ihedm h[>t@y\blv Dg>y@av <>he]hjmdh\ J=EIh^ebggbd <\_jomebklZihf_luke_\ZkijZ\Z

>HDMF?GLUH;MQ?;?A:=J:GBP?C BIHIULD:OMKLJHCKL<:G:KEM@;M =N?<J:EYIJHR?GB?IJ:IHJSBD: E?C;=<:J>BBIJ?H;J:@?GKDH=HIHED::F:J=:F:DH<: BFI:GG?BH:GGHEYBAMQ?GBYG:MD e _j`Z\g_crZy <_ebdZy =>h@k>m@^>Z@ j>u@gyBfi_jZljbpZ:ggZBhZggh\gZKZfh^_j`bpZh@k>m@^>Z@jkl\Zo _j`Z\kl\h t@_oZlv gZ g_kdhedhe_l\qm`b_djZbZkgZqZeZ\hNjZgpbxbh\uimkd_fh_fba b@e>h@klb\_crbc mdZaZlv ^Zlv fg_ iZk ihjl h@N_\jZey]>h@ J=:>:NHiDgEIh^ebggbd Khkeh\Z

Ijbeh`_gb_

=:<=MKL:IJHR?GB?IJ:IHJSBD: E?C;=<:J>BBIJ?H;J:@?GKDH=HIHED::F:J=:F:DH<: BFI:GG?BH:GGH?E?GBB?=HDKEM@;? e _j`Z\g_crZy <_ebdZy =>h@k>m@^>Z@ j>u@gyBfi_jZljbpZ:ggZBhZggh\gZKZfh^_j`bpZb@e>h@klb\_cr_fm iha\he_gbx \hju P_kZjkdhc NjZgpmkdhc b :]ebpdhc lZd`_ [u\ \ =_jfZgbb :g]ebb BlZeb NjZgpbb b =heZg^b gZ k\h_f kh[kl\_gghf dhrl_ b \ g>u@g_rg_ff]h^mgZaZ^\Jhkkbx\ha\jZlbekybl_i_jvgZoh`mk>v@ \udexq_g ba ]\Zj^bb ]^_ kem`be k ]>h@ ]h^m \ kZe^ZlZo b Mg^_j :nbp_jhfZIjZihjsbdhfk]>h@]h^mbihg>u@g_gbdm^Zg_hij_ ^_e_gBf_yj_\ghklvihjZ[kdhcfh_c^he`ghklbkem`blvb@e>h@klb\_crZy =>h@k>m@^>Z@j>u@gy Bfi_jZljbpZ ijhrm <>Z@r_]h Bfi_jZlhjkdh]h <_ebq_kl\Z ^Z ih\_ebl >_j`Z\kl\h <>Z@r_ f_gy hij_^_eblv dZd u@g :j]ZfZ dh\:\]mklZ]>h@>gy]>h@]h^m Dk_fmijhr_gbx =\Zj^bbIjZihjsbd :e_dk_c:j]ZfZdh\jmdmijbeh`be J=:>:NHiDgEIh^ebggbd Khkeh\Dk_fm^hkeh\Zijbeh`be²Z\lh]jZn gy@kijZ\ZaZq_jdgmlh

D

ijbbkijZ\e_ghbaij_

>GDhklurbg

=GHY;JYIJHR?GB?IJ:IHJSBD: E?C;=<:J>BBIJ?H;J:@?GKDH=HIHED::F:J=:F:DH<: DHEE?=BBBGHKLJ:GGUO>?EH;HIJ?>?E?GBB?=H_j`Z\g_crZy<_ebdZy=>h@k>m@^>Z@j>u@gy Bfi_jZljbpZ ?ebkZ\_l I_ljh\gZ KZfh^_j`bpZ h@ k>m@^>Z@j>u@gy\k_fbehklb\_crZy ;v_l q_ehf ]\Zj^bb IjZihjsbd :e_dk_c :j]ZfZdh\ Z \ q_f fh_ ijhr_gb_lhfmke_^mxlimgdlu ?s_ \h \j_fy ;eZ`_gguy b \_qgh ^hklhcguy iZfylb jh^bl_ey \Z r_]hBfi_jZlhjkdh]h<_ebq_kl\Z?]h<_ebq_kl\Z=>h@k>m@^>Z@jyBfi_ jZlhjZ I_ljZ <_ebdh]h ih bfygghfm ?]h Bfi_jZlhjkdh]h <_ebq_kl\Z mdZamy\k_gb`Zcrbcih`Zeh\Zg\kem`[m\]\Zj^bxIj_h[jZ`_gkdhc ihed \ dhlhjhf m`_ b ijZihjsbdhf \ hf ]h^m ^_ckl\bl_egh ijb ihedmgZoh^bekyD k _ f m i j h r _ g b x <hf]h^mih`_eZgbxfh_fmm\he_g[ue\qm`b_djZbb[m^mqb \@_g_\kdhcZdZ^_fbbdZdyaudhflZdb^jm]bfijbebqgufgZmdZfih fh_ckbe_b\hafh`ghklbh[mqZekyIhlhf\hNjZgpbb:g]ebbb=_j fZgbb qj_a g_kdhedh \j_f_gb gZ k\h_f kh[kl\_gghf e h[ dhrl_ [ueIh\ha\jZs_gbb`_ba qx`bo djZ_\ aZ ijbdexqb\r_xky fg_ [h e_agbx`bek\h[h^gh= \ Z j ^ b b I j Z i h j s b d c@rbc\IjZ\bl_ekl\mxs_fK_gZl_hkf_g_fh _c b hij_^_e_gbb f_gy \ BghkljZggmx Dhe_]bx ih^Ze ijhr_gb_ :e_dk_c:j]ZfZdh\ B ^Z[u \ukhqZcrbf c@r__ ijhr_gb_ \ =>h@k>m@^>Z@jkl\_g gmxDhe_]bxBghkljZgguo^_eijbgylvbihijbjh^ghfmh@k>m@^>Z@j>u@gyijhrm
Ijbeh`_gb_

^gy]h^mDih^ZgbxgZ^e_`bl\=>h@k>m@^>Z@jkl\_ggh>c@Dhe_ ]bbBghkljZgguo^_eIjhr_gb_ibkZekem`bl_e>v@_\hB\ZgN_^hjh\ Ijbeh`be :E² Ih^ebggbdKeh\ZgZi_qZlZggu_ jZaj_`_ggufrjbnlhf²Z\lh]jZn

>HDMF?GLUHKEM@;?:F:J=:F:DH<: G?IHA>G??@ KD:AD:DHEE?@KDH=HKHF?CKL?JKDHCDHGLHJ? e]>h@]h^ZK_gly[jy^gyihMdZam?yBfi_jZlhjkdZ]h<_ ebq_kl\Z IjZ\bl_ekl\mxsZ]h K_gZlZ \ =_jhe^f_ckl_jkdhc DZglhj_ Dhee_`kdhc Kh\_lgbd :e_dk_c FboZceh\ kug :j]ZfZdh\ kdZaZe ^_^ _\h FboZceZ N_^hjh\ kug :j]ZfZdh\ kem`be klhegbdhf ih ^j_\g_fm h[udgh\_gbx ih gZjy^m \ jZaguo ihoh^Zo k k\hbfb k\_jvklgbdZfb : hl_p_\hFboZceZ[ueH[_jDjbdkDZfbkZjhfbijbkm^kl\h\Ze\Fmg ^bjghc Wdki_^bpbb b \ ^Z\gbo ]h^_oZ mfj_ : hg :e_dk_c \ kem`[m \klmibe e_c[ ]\Zj^bb \ Ij_h[jZ`_gkdhc ihed ih mdZam ;eZ`_gguy b \_qgh ^hklhcguy iZfylb =>h@k>m@^>Z@jy Bfi_jZlhjZ I_ljZ <_ebdh]h \ f]h^mb[ue ^h ]>h@ ]h^Z ijb ihedm =^_ m`_ [m^mqb ijZihjsb dhf\lhff]h^mm\he_gih_\h`_eZgbx\qm`bydjZb^eyh[mq_gby yaudh\bgZmdb\ha\jZlykvhllm^m\ f ]h^m \ KZgdli_l_j[mj] [ue g_m^_eZk_]h]h^Zihbfygghfm?yBfi_jZlhjkdZ]h<_ebq_kl\Z MdZam ih`Zeh\Zg Dhee_`kdbf Kh\_lgbdhf Hljh^m _fm ljblpZlv k_fv e_l^_l_cfm`_kdZihem^\hykugI_ljrlbe_leh[^Z:e_dkZg^j ]h^m^>_@j>_@\gb\:jaZfZkdhfm_a^_hgbf__l\dhlhjuoihi_j_ibkb fm`_kdZihemlukyqZr_klvkhl^mr`bl_ekl\ha^_kvbf__lgZc@^he`ghklbZ_`_ebqlheh`ghbebmlZbeb aZ lh mqbgblv k gbf ih MdZahf D k_c kdZkd_ Dhe_`kdhc Kh\_lgbd :e_dk_c:j]ZfZdh\jmdmijbeh`be J=:>:NHi>E²h[Ih^ebggbd >ZlZijbgbfZ_lky²g_iha^g__k_gly[jy] l_^Zlu\_^_gbyK_gZlZK_gZlkdhcdhglhj_

Z

>GDhklurbg

=BXGY>HGHR?GB?DHEE?@KDH=HKH?J@:L?EYIHEHLGYGHCN:;JBDB B:H
e =hkm^Zjvkl\_gghc FZgbnZdlmj Dhe_]bb hghc `_ Dhe_]bb hl Kh\_lgbdZ:j]ZfZdh\Z >hghr_gb_ Fbgm\rZ]hFZby]>h@qbkeZihehlgygmxnZ[jbdmB\ZgZH\hrgb dh\Zdh]^ZyhkfZljb\Zlvohl_eih^>t@_oZ\dv_]h^hfmkdZaZghfg_hl _]hex^_c[mllh[uohaybgZg_[ueh^hfZbnZ[jbdZklhbl[_ag_]haZ i_qZlZgZLhdfh\_^Zyy_\hkhklhygb_g_ih\_jbeb\vav_oZegZ^\hj b\hr_^\iheZlu]h\hjbe_fmqlh[hgfg_nZ[jbdmihdZaZedhlhjZy khklhbl\fh_cWdki_^bpbbHgg_lhdfhfg_]jm[hklbqj_a\uqZcguy hdZau\ZlvgZqZeghb\kxDhe_]bx\_kfZ^_jagh\_ggufbkeh\Zfbih ghkbe LZdh\u_ ijbf_ju b ihklmidb \k_]^Z fh]ml ijhba\h^blv om^uy ke_^kl\bb_kleb=>h@k>m@^>Z@jvkl\_ggZyFZgbnZdlmjDhe_]byg_kh[eZ ]h\hebl \klmiblpZ h[jZahf ijbklhcguf b j_\ghklguf \ fh_ Z iZq_ \ kh[kl\_ggh_k\h_aZsbs_gb_ihkbe_AZdhgh\bMdZah\?yBfi_jZlhj kdh]h<_ebq_kl\Z:e_dk_c:j]ZfZdh\ Bxgy]>h@^gy ]h^m J=:>:NHi>EIh^ebggbd GZebkl_ihf_lu\\_jomIh^ZghBxgy^gy]h^m AZibkZ\^heh`blvke_\ZgZiheyoaZq_jdgmlh gb`_ aZq_jdgmlh f_`^mih^ibkvxb^ZlhcbkijZ\e_ghba KemrZghBxgy^gy]h^m
=BXGY>HGHR?GB?DHEE?@KDH=HKH?J@:L?EYB:K:>Hh@k>m@^>Z@jvkl\_gghcFZgbnZdlmjDhe_]bbhghc`_Dhee_]bb Kh\_lgbdZ:j]ZfZdh\Z >hghr_gb_ KhklhysZy \ Wdki_^bpbb fh_c r_edh\Zy B\ZgZ KZ^h\gbdh\Z nZ[ jbdZ dhlhjZy aZ\_^_gZ \ f ]h^m k_]h Bxgy ]>h@ qbkeZ fghx hkfZl

Ijbeh`_gb_

jb\ZgZ Z ih hkfhljm y\beZkv r_edm ohly ih qbkem _\h klZgh\ b _klv lhdfhqj_alZdh_^he]h_\j_fyhgZy\_kfZ\g_[her_fjZafgh`_gbbb ijhba\h^blpZjZ[hlZieZldbgZiylbe_glugZ^\ZlpZlb^\moblh]hgZ ^\ZlpZlb k_fb klZgZo gh b l_ klhyl \ \_ebdhc l_kghl_ b lh\Zju ^_eZ xlkykZfh]hom^h]hfZkl_jkl\Zbk\_jolh]h[her_^eyih^eh]hgZjh ^m:e_dk_c:j]ZfZdh\ Bxgy]>h@^gy ]h^m J=:>:NHi>EIh^ebggbdGZebkl_ihf_lu \\_jomIh^ZghBxgy^gy]h^mAZibkZ\kijZ\ykv kij_`gbfbhkfhljZfbg_[uehe>v@hjZafgh`_gbbih^l\_j`^_gh b\uibkZ\bamdZah\^heh`blv\gbamKemrZghBxgyqbkeZ ]h^mGZe_\hfihe_qZklbkdj_iDhlkued_Dhl

=BXGY>HGHR?GB?DHEE?@KDH=HKH?J@:L?EY:K?F?GH<: e =>h@k>m@^>Z@jvkl\_gghc FZgbnZdlmj Dhe_]bb hghc Dhe_]bb Kh\_lgbdZ:j]ZfZdh\Z >hghr_gb_ IhehlgygZy nZ[jbdZ :g^j_y K_f_gh\Z dhlhjZy khklhbl \ AZjZc kdhf m_a^_ \ dmie_ghf _\h k_e_ Debrbg_ k_]h Bxgy ]>h@ ^gy fghx hkfZljb\ZguZihhkfhljmgZhghcy\behkv\^\_gZlpZlbk\_lebpZojZ [hlZihehl_gijhba\h^blpZ²dZeZfbghrgu_gZ^\ZlpZlbq_luj_oj_ \_g^mrgu_ gZ q_lujgZlpZlb neZfkdb_ gZ ^\mo iZjmkgu_ gZ ljblpZlb iylb blh]h gZ k_fb^_kyl iylb klZgZo >Z \gh\v ijbm]hlh\e_gh d ^_eZ gbxihehl_g`_klZgh\dhlhju__s_g_\^_ckl\bbdZeZfbghrguo^_ k_lviZjmkguoh^bggZlpZl>v@blh]h^\ZlpZlvh^bg
>GDhklurbg

lheq_gby i_gdb h k_fb i_klZo ijb jZ[hlZo ex^_c bk dmie_gguo _\h dj_klvyg r_klv^_kyl ^Z ih iZrihjlhf b ih dhgljZdlhf iyl^_kyl q>_@e>h@\>_@dbih\b^bfhfmhgZynZ[jbdZfh`_l[ulvmfgh`_gZ_kleb _ykh^_j`Zl_evh[g_ch^ghcklZjZlky[m^_lZr_edh\mxnZ[jbdmdh lhjZyg>u@g_kh\k_f[_a^_ckl\ZhklZ\blvbijh^Z\fZl_jbZeubklZgu mihlj_[blv^>_@g]bgZihehlgygmx:e_dk_c:j]ZfZdh\ Bxgy]>h@^gy ]h^m J=:>:NHi>EIh^ebggbdGZebkl_ihf_lu \\_jomIh^ZghBxgy]h^mAZibkZ\ ij_^eh`blvd^hdeZ^mgZe_\hfihe_GZeh[ \gbamihf_lZKemrZghBxgyqbkeZ]h^ZGZe_\hf ihe_qZklbkdj_iDhlkued_dj_ibeZjgb`_Dhl^Zq_dj_ibe

=BXEYQ?EH;BLG:YDHEE?@KDH=HKH?J@:L?EYIHEHLGYGHCN:;JBDBB:H
e_j`Z\g_crZy<_ebdZy=>h@k>m@^>Z@j>u@gy Bfi_jZljbpZ ?ebkZ\_l I_ljh\gZ KZfh^_j`bpZ h@ k>m@^>Z@j>u@gyb@e>h@klb\_crZy ;v_lq_ehfFZgbnZdlmjDhe_]bbKh\_lgbd:e_dk_cFboZceh\k>u@g :j]ZfZdh\ Fhkdh\kdhc ihehlgyghc nZ[jbdb gZ kh^_j`Zl_ey B\ZgZ H\hrgbdh\ZZ\q_ffh_ijhr_gb_lhfmke_^mxlimgdlu f Ijhreh]h ]h^mBxgy^gyih^Zgguf\IjZ\bl_ekl\mxsbc K_gZlhagZq_gghcH\hrgbdh\q_eh[blv_ff_`^mijhlqbfihdZaZeydh [uygb`Zcrbcih^\b^hfhkfhljmbf_xs_cky\Dh`_\gbdZo_\hih ehlgyghcnZ[jbdbijb_a`Ze\^hf_\hH\hrgbdh\Z\fqZkmaZihe^ gb b _\h [_a \kydhc ijblqbgu [jZgbe b m]jZ`b\Ze qbgblv _fm \kydb_ h[b^ubg_m^h\hekl\myk>v@l_fgZ^jm]hc^_gv\^hf_\h[_ag_]hiZdb ijb_a`Zekhfgh]bfhghcDhe_]bbdZg\h_fb[u\rby\v_]hihdhyo]^_ hgH\hrgbdh\`bl_ekl\hbf__lZg_\nZ[jbqguokukdb\Zy_\hjZa ehfZemdeZ^h\uoiheZlbmrdZnh\bmijhlqZ]haZfdbb^jm]byfgh]by qbgbeh[b^ubydh[uijblhfihdZaZggufdZg\h_fjZklZkdZgh^>_@g>_@] _\h lZdh` ZefZaguo \_s_c b ijhlqZ]h g_fZeh_ qbkeh dhlhjh_ hg H\hrgbdh\ ihdZaZe eh`gh b l_f f_gy h[_kq_klbe gZijZkgh : g>u@g_ hgH\hrgbdh\h[j_lZ_lpZ\KZgdlI_l_j[mjo_D k _ f m i j h r _ g b x

Ijbeh`_gb_

e h[ B ^Z[u \ukhqZcrbf b@e>h@klb\_crZy =>h@k>m@^>Z@j>u@gy ijhrm v@Bxey ^gy]>h@]h^mDih^ZgbxgZ^e_`bl=>h@k>m@^>Z@jkl\_gghcFZgbnZd lmj Dhe_]bb \ DZglhjm Q_eh[blgmx ibkZe hghc `_ DZglhju s_lqbd :\jZfBkZdh\j m d m i j b e h ` b e J=:>:NHi>E²h[Ih^ebggbd Keh\ZgZi_qZlZggu_jZaj_`_ggufrjbnlhf²Z\lh]jZn GZeihf_lu\\_jomIh^ZgZBxey]>h@^gy]h^m AZibkZ\ij_^eh`bl>v@bkijZ\e_ghba gb`_aZq_jdgmlhij>hr_gb_"@GZeh[\gbamihf_lZ >hdeZ^u\Zgh]>h@Bxey]>h@]h^mGZe_\hfihe_e qZklbkdj_i\^hedhl^Zq_\Zjob\dj_ibeJ_]bk

=BXEYIJHR?GB?KH>?J@:L?EY IHEHLGYGHCN:;JBDBB:HKL:IHQ?EH;BLVXDHEE?@KDH=H KH_j`Z\g_crZy<_ebdZy=>h@k>m@^>Z@j>u@gy Bfi_jZljbpZ ?ebkZ\_l I_ljh\gZ KZfh^_j`bpZ h@ k>m@^>Z@j>u@gyb@e>h@klb\_crZy ;v_lq_ehfFhkdh\kdhcihehlgyghcnZ[jbdbkh^_j`Zl_evB\Zg:g^ j__\k>u@gH\hrgbdh\Z\q_ffh_ijhr_gb_lhfmke_^mxlimgdlu =>h@k>m@^>Z@jkl\_gghc FZgbnZdlmj Dhee_]bb \ DZglhj_ bf__lky gZ f_gyih^Zggh_k_]hBxey^gyhghc`_Dhee_]bb=>h@k>ih@^>b@gZKh \_lgbdZ:e_dk_yFboZceh\bqZ:j]ZfZdh\Zq_eh[blv_ydh[u[_a\kydb_ ijblqbgu\[_kq_klb_\hijb_a^hf\^hfdhfg_b\[jZg_gbbf_gybh ijhlq_f ih^Zgguf hl f_gy \ IjZ\bl_ekl\mxs_f K_gZl_ \ ijhrehf f]h^mq_eh[blv_fihdhlhjhfm\hhghcDZglhj_hij_^_e_ghf_`^m gZfbijhba\_klvkm^ihnhjf_bijbgm`^Zxlf_gydkm^mkh[jZlvih jmqgmxaZibkvQ_]hjZ^bhkh[jZgbbihfg_ihjmqghcaZibkbkZe^Zlmb i_j_q_gv^ZgD k _ f m :ihg_`_dZdhagZq_gghfmKh\_lgbdm:j]ZfZdh\m\lhfgZf_gy[bl q_ehflZdbfg_ijhlb\lh]h_\hq_eh[blvy\hl\_l_[ulvbihjmqghcaZ ibkbihfg_a[bjZlvg_ih^e_`bl^eylh]hqlhhlhf^_e_bf__lkymf_gy

>GDhklurbg

\ IjZ\bl_ekl\mxs_f K_gZl_ ^_eh Z k\_jo lh]h hl f_gy e h[ b hl fZl_jb fh_c \^h\u N_deu B\Zgh\gu H\hrgbdh\hc b m =_g_jZe ijh dmjhjkdbo^_eijhr_gbb`ih^ZguihdhlhjufjZakfhlj_gbybj_r_ gby _s_ g_ mqbg_gh Z hg =>h@k>ih@^>b@g :j]ZfZdh\ h lhf \ ijhrehf f ]h^m gZ f_gy b \ IjZ\bl_ekl\mxs_f K_gZl_ [be q_ehf b lh _\h q_eh[blv_\^_ckl\b_g_ijhba\_^_ghZihhij_^_e_gbxhl=_g_jZej_ d_lf_ckl_jkdbo ^_e hl^Zgh _fm =>h@k>ih@^>b@gm :j]ZfZdh\m k gZlib kvxh[jZlghb_fm:j]ZfZdh\m^hj_r_gbylh]h^_eZgZf_gy[blq_ ehf g_ \_e_gh q_]h jZ^b _fm b h`b^Zlv gZ^e_`Zeh : hg :j]ZfZdh\ lh]h m =_g_jZe j_d_lf_ckl_jkdbo ^_e hij_^_e_gby b h[ hl^Zq_ _fm k gZ^ibkvx lh]h q_eh[blvy mfheqZe b \h hghc DZglhj_ g_ h[>t@y\be ^Z ohly[\ijha[__fmgZf_gyhagZq_ggh]hbaZij_s_gbyg_[uehghb lh]^Z \ kbem h nhjf_ km^Z MdZam h kh[jZgbb ih fg_ ihjmqghc aZibkb ijbgm`^Zlvg_ke_^h\Zehb[hydZiblZemmk_[ybf_x^h\hegh_qbkeh hq_f\=>h@k>m@^>Z@jkl\_gghcFZgbnZdlmjDhee_]bbg_[_aba\_klghb\ KZgdlIbl_j[mjkdhclZfh`g_y\ghi j h r _ g b x B ^Z[u h@k>m@^>Z@jkl\_gghc FZgbnZdlmj Dhee_]b \ DZglhj_ ijbgylv b aZ h[>t@y\e_gguf m =_g_jZe j_d_lf_c kl_jkdbo ^_e hij_^_e_gb_f b aZ ih^Zggufb m =_g_jZe ijhdmjhjkdbo ^_eq_eh[blvyfbihlhfm_\h:j]ZfZdh\Zq_eh[blvxkm^Zg_ijhba\h ^blvbih^ZgghfmbahghcDZglhjukZe^Zlmi_j_qgxihjmqghcaZibkb ihfg_g_lj_[h\Zlv`_blhli_j_q_g>v@mkZe^ZlZhlh[jZl>v@:\kbem lh]hhij_^_e_gbyhij_^_ebl>v@eh`b^Zlv_fmihih^Zgguffhbfb fZl_jbbfh_cm=_g_jZeijhdmjhjkdbo^_eijhr_gbyfj_r_gby^_eZbh l_oijhr_gbyom=_g_jZeijhdmjhjkdbo^_ekgZ^ibkvxq_eh[blvyh[h \k_fkijZ\blpZZihbf_xsbfkyfhbf\hhghcDZglhj_^_eZflhcDZg lhjuijZ\ys_fmk_dj_lZjkdmx^he`ghklvDhee_]bbXgd_jmYdh\mQb jbdh\mijhba\h`^_gbyg_bf_l>v@b[hybf_xhlg_]h\ijhba\h`^_gbb ^_edk_[_dihkyrd_g_fZemxhiZkghklvihlhfmqlhhg`bl_ekl\hbf_ _l h[s__ \ ^hf_ m ihdZaZggh]h =>h@k>ih@^>b@gZ Kh\_lgbdZ :j]ZfZdh\Z B\Zg:\hrgbdh\ b@e>h@klb\_crZy =>h@k>m@^>Z@j>u@gy ijhrm h@k>m@^>Z@jkl\_gghcFZgbnZdlmj Dhee_]bb\DZglhjmIjhr_gb_ibkZeKZgdlIbl_j[mjkdhc=m[_jgkdhc DZgp_eyjbbdhi_bkl:nhgZk_cIhghfZj_\j m d m i j b e h ` b e J=:>:NHi>E²Ih^ebggbd Keh\ZgZi_qZlZggu_jZaj_`_ggufrjbnlhf²Z\lh]jZn GZe\\_jomihf_lu]h^mBxey^gyAZibkZ\ \aylvd^_embij_^eh`bl>v@IheqZklbkdj_igZe_\hfihe_ klbK_dj_lZjygZijZ\hfFboZceZ

Ijbeh`_gb_

=GHY;JYIJHR?GB?DHEE?@KDH=HKHHKL:<E?GBB?FMHLIMKD:G:H>BG=H>

e _j`Z\g_crZy <_ebdZy =>h@k>m@^>Z@ j>u@gy Bfi_jZljbpZ ?ebkZ\_l I_ljh\gZ KZfh^_j`bpZ h@k>m@^>Z@j>u@gyb@e>h@klb\_crZy ;v_l q_ehf FZgbnZdlmj Dhe_]bb Kh\_lgbd :e_dk_c FboZceh\ k>u@g:j]ZfZdh\Zhq_flhfmke_^mxlimgdlu Ihbfygghfmu@g_ \ ijbkm^kl\bb qe_gh\ ^h\hegh_ qbkeh Z bfyggh_@e>h@\>_@di j h r _ g b x B ^Z[u h@k>m@^>Z@j>u@gy ijhrm :NHi>E²h[Ih^ebggbd Keh\ZgZi_qZlZggu_jZaj_`_ggufrjbnlhf²Z\lh]jZn GZeihf_lu\\_jomGhy[jy]>h@]>h@AZibkZ\ \uibkZlvcke_\ZgZiheyoJ_r_ghGhy[jy]>h@^gy ]>h@]h^mgZeh[\gbamihf_lZ>hdeZ^u\Zgh Ghy[jyGZe_\hfihe_eqZklvkdj_iuK_dj_

>GDhklurbg

=GHY;JYIJHR?GB?DHEE?@KDH=HKHF?CKL?JKDHCDHGLHJ? H;M
e _j`Z\g_crZy <_ebdZy =>h@k>m@^>Z@ j>u@gy Bfi_jZljbpZ ?ebkZ\_l I_ljh\gZ KZfh^_j`bpZ h@k>m@^>Z@j>u@gyb@e>h@klb\_crZy ;v_l q_ehf FZgbnZdlmj Dhee_]bb Kh\_lgbd :e_dk_c FboZceh\ k>u@g:j]ZfZdh\Zhq_flhfmke_^mxlimgdlu < ijhrehf f ]h^m gZoh^beky y gb`Zcrbc ^ey fhbo gm`^ \ ^hf_\hlimkdmk_]h]>h@]h^mih=_g\Zjvf>_@k>y@p:klh]h=_g\Zjy gZoh`mkv\ijbkm^kl\bb\FZgbnZdlmjDhe_]bbD k _ f m : ihg_`_ y hl ^Z\gh]h \j_fygb bf_x fgh]by [he_agb dhlhjuy g>u@g_lZdmfgh`bebkvqlhbijbkm^kl\h\Zlv\hhghcDhe_]bb[he__g_ \ khklhygbb h dhlhjuo [he_agyo hl iheamxsZ]h f_gy ^hdlhjZ ijbeZ ]Zxijbk_fZl_klZli j h r _ g b x B ^Z[u \ukhqZcrbf b@e>h@klb\_crZy =>h@k>m@^>Z@j>u@gy ijhrm v@]>h@ ]h^mGhy[jy>]h@^gyDih^ZgbxgZ^e_`blIjZ\bl_ekl\mxsZ]hK_gZlZ \=_jhe^f_ckl_jkdhcDZglhj_Ijhr_gb_ibkZe_\h:e_dk_yFboZceh \bqZkem`bl_e[v]B\Zg@mjZ\e_\j m d m i j b e h ` b e J=:>:NHi>EIh^ebggbd Keh\ZgZi_qZlZggu_jZaj_`_ggufrjbnlhf²Z\lh]jZn GZebkl_ihf_lu\\_jomke_\Z\p_glj_gZ e_\hfihe_\\_jomJ_r_gh>_dZ[jy^gy]h^m\gbam AZibkZgZGhy[jy^gyGZe_\hfihe_qZklvkdj_iuK_GZ eh[ihf_lu\\_jom\gbamKemrZgh]>h@Ghy[jy bhij_^_e_ghmqbgywdkljZdl^heh`blv

Ijbeh`_gb_

=GHY;JY>@:LL?KL:L>HDLHJ:YNFHGK?Y H;HE?AGYO:F:J=:F:DH<: e:l_klZl Y gb`_ih^ibkZ\r_cky ^hdlhj Fhmga_m ^Ze k_c Zl_klZl FZgbnZd lmjDhee_]b=>h@k>ih@^>b@gmKh\_lgbdm:j]ZfZdh\m\lhfqlhy_\hhl gZoh^ysboky \ g_f [he_ag_c ^he]h_ \j_fy iheah\Ze Z bfyggh hl h[ kl_jmdp_c hl ]bihohg^jb pug]hlghc ihq_qxcghc b dZf_gghc [he_a g_chldhlhjuo_fmqZklhly`db_ijbiZldbkemqZxlkybihg_`_hgu_ [he_agb\g_faZklZj_eu_lhhlgbob\_kfZhiZkgu_ke_^kl\bijhbahc lbfh]ml_`_ebihfygmlhc=>h@k>ih@^>b@gKh\_lgbdihdhcgh\Ze_q_gby bf_lvg_[m^_lQ_]hjZ^bihfh_fmfg_gbxgZ^e_`bl_fm^eyiheah \Zgbyl_o_\h[he_ag_cg_h[oh^bfh^Zlv^h\hegh_\j_fyFhkd\ZGhy[ jy^gy... ]h^m -D>kRE@0RXQVH\ J=:>:NHi>EIh^ebggbd GZe_\hfihe_ijh^he`_gb_kdj_iudj_

>HDMF?GLUHKEM@;?HGHR?GB?DHEE?@KDH=HKH:Q?IJ?>EH@?GBY F:KL?JKDHCBHJM@?CGHCI:E:L?

eh@^gyHdly[jy\klmibe:k_]hqbkeZ\hgmxIheZlmih ^Ze ij_^eh`_gb_ k dhlhjZ]h ijb k_f ijbeZ]Zx lhqgmx dhibx b dZ` ^hcf>_@k>y@pqlh^_eZlky[m^_lbdZdbfh[jZahfykghkh\k_fbh[klhy l_ekl\Zfb m\_^hfeylv IjZ\bl_ekl\mxsb K_gZl ^he`_g Hdly[jy ]>h@ ^gy]>h@]h^m

>GDhklurbg

:e_dk_c:j]ZfZdh\ J=:>:NHiDgEIh^ebggbd GZebkl_ihf_lu\\_jom]>h@]h^m Hdly[jy]>h@^gyAZibkZ\^heh`blv\gbam >hdeZ^u\Zgh>_dZ[jy]>h@^gy]>h@]h^m

=HDLY;JYIJ?>EH@?GB?DHEE?@KDH=HKH?E?GBB?FMHL>?EVGH=HF?KL:BIJBD:AGUOEX>?C HIJ?>HKL:<E?GBBDHIBCA:DHGHYO

ev@ hl RlZlk DZglhju\kbem?yBfi_jZlhjkdZ]h<_ebq_kl\ZMdZaZgZ[mfZ]mq_jgb eZkmj]mqvk\_qbb^jh\Z DZdbyhkgh\Zgbb[uebij_`^_MdZaubebbgkljmdpbbbkiheg_gb_ ih hguf dZdh_ \hkihke_^h\Zeh khh[sbl>v@ lhqguy dhibb lZd `_ b h[ :job\_ GZebqguf\_sZfj_wkljkjZa^_e_gb_f^j_\gbobgh\uo\_s_cp_ euo b ihihjq_guo beb kh\k_f m`_ g_]h^guo _kleb gZc^_lky kdhedh q_]hbfygghkh\k_fbh[klhyl_ekl\Zfb FZkl_jh\uyex^bdhlhjuy_klvdZdbyhg_bkdhedheh[]^_ m dZdh\Z ^_eZ b gZ dZdhf `Zeh\Zgv_ b \k_ \ur_ibkZgguy ba\_klbb ^Z kh[eZ]h\heblkhh[sblv\kZfhckdhjhklbaZkdj_ihxbijblhfdZd:j ob\mMdZaub\kydbyibkfub\_sb\ijbkm^kl\bbqe_gh\f_gyhkfhl j_lv^himklblv^Z[ugZlhfhkgh\Zgbbfg_ml\_j^blky\hafh`gh[ueh Z _`_eb qlh dh ba\_klbx g_fh`gh [m^_l ihdZaZlv kh \k_f ykguf h[

Ijbeh`_gb_

klhyl_ekl\hf lh ih fZehc f_j_ hagZqblv j_ahgu hlq_]h l_ ij_iylkl \bb ihg_`_ [_a lZdh\uo g_h[oh^bfh gm`guo ba\_klb_\ g_\hafh`gh \klmiblv \ jZakm`^_gb_ _s_ f_gr_ lh]h khqbgblv ieZg b imgdlu d ij_^klZ\e_gbx gZ hijh[Zpbx IjZ\bl_ekl\mxs_fm K_gZlm Hdly[jy ]>h@^gy]>h@]h^m J=:>:NHi>E²h[Dhiby <\_jomebklZkijZ\Zihf_lZDhiby

=HDLY;JY>HDE:>DHEE?@KDH=HKH:LVMD:A F:KL?JKDHCBHJM@?CGHCI:E:L?HKHKL:<E?GBBH;S?C

HIBKBKJ:KIHEH@?GB?FOJ:GYSBOKYL:F
eIjZ\bl_ekl\mxs_fmK_gZlm IhFZkl_jkdhcbHjm`_cghcDhffbkbbhlKh\_lgbdZ:e_dk_y:j ]ZfZdh\Z >hdeZ^ Ih\klmie_gbbfh_fmih\ZeygZclbl\:job\_hkgh\Zgb_kh\k_fb h[klhyl_ekl\Zfb dh ba\_klbx dhlhjh_ [ fh]eh kem`blv \ khqbg_gbb imgdlh\ dZdbf h[jZahf \ij_^v gZbemlq__ kh^_j`Zgb_ b mijZ\e_gb_ [ulv fh]eh qlh dZkZ_lky FZkl_jkdhc DZa_gghc b Hjm`_cghc IheZlu ghhgZy:job\Zih[herhcqZklbg_jZah[jZgZbj_wkljmg_bf__lhdZ aZehk>v@qlh\kydbfbg_gm`gufb[mfZ]ZfbgZiheg_gZ^Zbl_ih[he rhc qZklb ih\j_`^_gu lZd qlh b gZ^_`^u g_ hklZ_lky d ihemq_gbx ]bklhjbq_kdbo^j_\gbom\_^hfe_gb_\hldm^ZdZdZy\_svb\dZdh_\j_ fyijbdZdboh[klhyl_ekl\Zo\hreZ v@^_eZlv\k_f\_sZflh^he]h_\j_fygZ^h[ ghi_jb[bjZlv\_sb\k_ihdZh^gZgZc^_lky^Zbihjhagufeh[ IheZlZf Z bf_ggh ih FZkl_jkdhc b Hjm`_cghc DZa_gghc b Dhgx r_gghcbhllh]hlhihg_kdhedme_lhl^ZqZkjmdgZjmdbijhbkoh^beZ dZd_s_bl_i_jvfgh]by\_sbg_ijbgylu G_ m]h^gh ev [m^_l IjZ\bl_ekl\mxs_fm K_gZlm ih\_e_lv h[smx hibk>v@ a^_eZlv ih \k_f IZeZlZf qlh l_i_jv _klv gZebph ]_g_jZegh b jZkiheh`blvhguy\_sbihkhjlZfki_j\Zdhjhgukdbi_lju^_j`Z\u

>GDhklurbg

b ^bh^_fu kh[jZlv \ _^bgh f_klh ihlhf [h]Zluy ZefZagu_ b ahehluy \_sbkdZfgyfb\dZdhf[u^_e_hgbZgb[uebD\_sbdmjbhaguyqlh^h fZkl_jkl\ZdZkZ_lkybklZjbgguojZ[hlk_j_[jhba\k_oIZeZld_^bgh fm f_klm ieZl>v@_ k ijhlqbfb fZl_jbyfb le_ggufb Z ihlhf hjm`_c guy\_sbbiheh`blv\k_lh\ihdhyodhlhjuyl_i_jvaZgylughbeml qbfh[jZahfb\ihjy^d_dZd\hafh`ghqlh\k_kb_\g_aZf_^ebl_eghf \j_fygbmqbg_gh[ulvfh`_lbhgmxhibk>v@kibkZ\\^\h_h^gmhklZ \blv\dZag_Z^jm]mxlhqgmx\ag_klb\IjZ\bl_ekl\mxsbcK_gZlZ qlhgZc^_lkykh\k_feih\j_`^_gguo\_s_cl_\lZdh\hfbokh klhygbbg_ljh]Zlvbihke_a^_eZ\hkh[eb\mxhibk>v@^heh`blv Qlh dZkZ_lky ^h khqbg_gby imgdlh\ h mqj_`^_gbb b kh^_j`Zgbb FZkl_jkdhc b Hjm`_cghc IZeZlu hgh_ ih h[klhyl_ekl\Zf ba\_klb_\ khqbgylv [m^m \ij_^>v@ Z k_c ^hdeZ^ lh]h jZ^b [her_ jZakm^be ih^ g_klv IjZ\bl_ekl\mxs_fm K_gZlm ^Z[u fgh]by ij_iy^kl\bb gZi_j_^ m[Z\blv b qlh[ klhe>v@ ihe_aguy gZf_j_gbb b ihi_q_gbb IjZ\bl_ekl \mxsZ]hK_gZlZihij_^klZ\e_gbxK_gZlhjZbDh\Ze_jZ?]hKbyl_ekl \Z=jZnZI_ljZB\Zgh\bqZRm\Zeh\Zfh]ebgZbkdhjy_ijbllbd`_eZg ghfmhdhgqZgbxHdly[jy^gy]h^m Mih^ebggh]hih^ibkZghlZdh :e_dk_c:j]ZfZdh\ J=:>:NHi>E²Dhiby GZe\\_jomihf_luke_\ZckijZ\ZDhiby
=GHY;JYJ:IHJLDHEE?@KDH=HKH?BKIHEG?GBY ?=HIJ?>EH@?GBYF:KL?JKDHCBHJM@?CGHCI:E:LHC eIhDhfbkbbFZkl_jkdhcbHjm`_cghcIheZl_hlKh\_lgbdZ :j]ZfZdh\Z\IjZ\bl_ekl\mxsbcK_gZl\k_gb`Zcr_cj_ihjl Fbgm\rZ]hHdly[jyfghxj_ihjlh\Zghh\klmie_gbb\Dhfbkbxb k ij_^eh`_gby dhiby khh[s_gZ dZdh\Z ih^ZgZ ijbkm^kl\mxsbf Qe_ Z²Z

Ijbeh`_gb_

gZf\lhf`_f>_@k>y@p_ihdhgn_j_gpbbbhijh[ZpbbQe_gh\qbkeZ ihkeZg^hdeZ^ G>u@g_\k_gb`Zcr_j_ihjlmxqlhyihkb_\j_fygbdZdboba\_klb _\ lj_[h\Zgguo g_ ihemqZe Z f_`^m l_f ihqbgb\Zxlky g_dhlhju_ _g lZjguyjZa\Zeb\rbyky\_sbdZ[bg_lua_jdZeurdZlmeu v@ kdhjh \k_ ih lj_>[@gu_ba\_klbbkhh[s_gu[m^ml:e_dk_c:j]ZfZdh\ \^he`ghklbDZgp_eyjbklZ:g^j_cHeh\_gbdh\ Ghy[jy^gy ]h^m J=:>:NHi>EIh^ebggbd GZebkl_\\_jomihf_lu>_dZ[jy]h^m AZibkZ\khh[sZkij_`gbfbgZibkZlv\j_wkljd^hdeZ^m

[=N?<J:EY@J:IHJLDHEE?@KDH=HKHBJ?DLHJ:FHKDHD?KH>?J@:GBYbj_dlhjZ:j]ZfZdh\Z j_ihjlhihemq_gbbMdZaZbhbkiheg_gbb ?yBfi_jZlhjkdh]h<_ebq_kl\ZMdZabkIjZ\bl_ekl\mxsZ]hK_gZlZ fbgm\rZ]h=_g\ZjyhlqbkeZih^fhkdhj_cr_fihkbe_ij_` ^_ihkeZgguoMdZah\khqbg_gbbihfZl_jbyfimgdlh\yihemqbe BgZhghc?yBfi_jZlhjkdh]h<_ebq_kl\ZMdZaIjZ\bl_ekl\mxs_ fmK_gZlmkbf^hghrmqlhydkhqbg_gbxihFZkl_jkdhcbHjm`_cghc IheZl_imgdlh\ijbgZ^e_`ZsZ]hba\_klbyhldZgp_eyjbbhghcIheZlu fgh]hdjZlghlj_[h\Zelhdfhg_ihemqbehq_fbIjZ\bl_ekl\mxs_fm K_gZlmihih^Zggufhlf_gyj_ihjlZfba\_klghZg>u@g_fg_ihg_bk

>GDhklurbg

ijZ\ghfm\lhcFZkl_jkdhcbHjm`_cghcIheZl_^_ekh^_j`Zgbxlh]h ba\_klby\kdhj_bf_lvgbdZdbfh[jZahfg_gZ^_`ghLh]hjZ^bqlh[\ lhfihjmq_gghffg_^_e_^Zegh]haZf_^e_gbyg_ijhbkoh^behbhiZkZ ykv rljZnZ ih g>u@g_rg_fm e h[ lhc FZkl_jkdhc b Hjm`_cghc IheZlu khklhygbx ijb_fex kf_ehklv IjZ\bl_ekl\mxs_fm K_gZlm ih^g_klb ijb k_f \k_ihdhjg_cr__ fh_ =_g_jZevgh_ fg_gb_ dhlhjh_ gb`_k_]hke_^m_l Hk\ys_gguy \_sb dZdh\u _klv dhjhgu kdbi_lju ^_j`Z\u PZj kdby b Bfi_jZlhjkdby j_]Zebb g_h[oh^bfh ^he`gu [ulv iheh`_gu \ emlq_fihjy^d_lZd`_dmjbhagu_\_sb^j_\gbojZ[hlkfgh]bfqbkehf ihkm^uk_j_[j_ghckij_[h]Zlufdhgkdbfbhjm`_cgufijb[hjhffh ]mlkhklZ\blvkeZ\gmx=Ze_jbx K_]hjZ^bfgblkyfg_g_[_agm`^uqlh[a^_eZlvgZjhqgh_a^Zgb_b jZkiheh`blv\k_\ur_ibkZggh_kmdjZr_gb_f\gZ^e_`Zs_fihjy^d_ A^_eZlvgh\mxhibkvihjZkiheh`_gbx\lhcihkljh_gghc=Ze_jbb h[klhyl_eghkp_ghxbba>v@ykg_gb_fqlhdZdZy\_sv\k_[_bah[jZ`Z_l ihgmf_jhfbkemlqbo\_s_ckgylvZ[jbkubhghcDZlZeh]egZ i_qZlZlvgZJmkdhfbgZ^jm]bobghkljZgguoyaudZo^Z[uklhev[h]Z luy b dmjbhaguy \_sb dhlhjuy ijbghkyl keZ\m Bfi_jbb g_ ij_^Zgu [uebaZ[\_gbx FZkl_jh\uo ex^_c hk\b^_l_ekl\h\Zlv b ]h^guo ^ey ihqbgdb b kh ^_j`Zgbyl_o\_s_chklZ\blvk^h\heguf`Zeh\Zgv_fZijhlqbohlimk lblvgZk\h_ijhiblZgb_ Hij_^_eblv:nbp_jZkdhfZg^hx^eyhojZg_gby\_s_cdhlhjhc[u hlhf_^bghfdjZcgh_bf_eihi_q_gb_ H^bg ^_gv gZagZqblv \ g_^_eb qlh[ `_eZxsbf ihdZau\Zlv d bo m^h\hekl\bx \ ijbkm^kl\bb qe_gZ dhlhjhc [m^mqb ih gm`^_ _`_g_ ^_egh\oh^blv^he`_gfh`_l\b^blvqlh\g_ihjy^d_e_`blbg_f_^ e_gghbkijZ\blv :e_dk_c:j]ZfZdh\ J=:>:NHi>E²Ih^ebggbd GZe\\_jom ke_\Zihf_lZGZe\gbamihf_lZ

Ijbeh`_gb_ KemrZgh]>h@N_\jZey]>h@]h^m>ZlZhlkmlkl\m_l ijbgbfZ_lkyih\j_f_gbkemrZgbyHim[ebdh\ZghI_gqdhG: Hkgh\Zgb_Fhkdh\kdh]hmgb\_jkbl_lZFK

>HDMF?GLUHKEM@;?:GBYDHGN?J?GPBB :D:>?FBBG:MDHKHKL:<E?GBBD:L:EH=:DGB=;B;EBHL?DB FHKDH

>GDhklurbg

PDWLFRV 7UHGLDNRwVNLXV HLVWRULDH OLWWHUDULDH VFULSWRUHV 7DXEHUWXV GHQLTXH KLVWRULFRV WDP FLXLOHV, TXDP HFFOHVLDVWLFRV FKURQRORJLFRV JHQHDORJLFRV JHRJUDSKLFRV, LWLQHUXPTXH GHVFULSWLRQHV 0OOHUXV 4XRG SRVWTXDP GRPL D TXROLEHWIDFWXPIXHULWSUR[LPDGLH/XQDHLWHUXPcRQXHQWXVKDEHELWXULQTXR RPQLXP ODERUHV LQ YQXP FDWDORJXP FRQIHUDQWXU TXL WUDGHWXU $PSOLVVLPR $UJDPDNRXLR *HU)ULG0OOHU 7DXEHUW 7UHGLDNRIIVNL -()LVFKHU %UDXQ I_j_\h^ ;;9, FZjlZ ^gy GZ wdkljZhj^bgZjghf ZdZ^_fbq_kdhf kh[jZgbb gZ dhlhjh_\k_:dZ^_fbbqe_guijb]eZr_gu[ueb\ijbkmlkl\bb Fbee_jZ Rl_ebgZ LZm[_jlZ Lj_^bZdh\kdh]h Nbr_jZ ;jZmgZ Ih ijbdZam _]h kbyl_evkl\Z _]h ij_\hkoh^bl_evkl\Z :dZ^_fbb ij_ab^_glZ ^hims_g [ue gZ kh[jZgb_ _]h \ukhdh[eZ]hjh^b_ :e_dk_c :j]ZfZdh\ ?y Bfi_jZlhjkdh]h <_ebq_kl\Z kh\_lgbd b Fhkdh\kdh]h mgb\_jkbl_lZ^bj_dlhjhguchlbf_gb_]hij_\hkoh^bl_evkl\ZB\ZgZ Rm\Zeh\Z?_Bfi_jZlhjkdh]h<_ebq_kl\ZDZf_j]_jZbdmjZlhjFhk dh\kdh]hmgb\_jkbl_lZbaty\beKh[jZgbxqlh^eyihevau\ur_mih fygmlh]hmgb\_jkbl_lZg_h[oh^bfhmqj_^blv[b[ebhl_dmgZdhlhjmx Bfi_jZljbpZq_luj_lukyqbjm[e_c\k_fbehklb\_cr_\u^Zlvba\heb eZ Gug_ `_ gZ^e_`bl agZlv dZdh\u_ dgb]b \ i_j\mx hq_j_^v ^ey hguoihevagZ^h[guIhk_clhijbqbg_hgijhkblKh[jZgb_^Z[uhgh_ g_ hldZaZeh kb_ h[km^blv b h k\h_f j_r_gbb [eZ]h\hebeb _fm khh[ sblv Ih jZafure_gbb `_ ijbgylh j_r_gb_ qlh[u ljm^ khklZ\e_gby dZlZeh]Z dhlhjuc gh\hkha^Zgghc [b[ebhl_d_ kem`be [u dZd [u hkgh \hcjZkij_^_eblvf_`^m\k_fbZdZ^_fbdZfbke_^mxsbfh[jZahfdgb ]bxjb^bq_kdb_imklvgZah\_lRljm[_f_^bpbgkdb_bih_kl_kl\_gghc bklhjbb² ;mj]Z\_ nbehkhnbq_kdb_ nbabq_kdb_ fZl_fZlbq_kdb_ b lZdb_ \ dhbo bklhjby ihfygmluo ^bkpbiebg baeZ]Z_lky² ;jZmg hl ^_evgh Zkljhghfbq_kdb_ b ]_h]jZnbq_kdb_² Ihih\ Zjobl_dlmjm `_ ]jZ`^Zgkdmx b \h_ggmx \Zygb_ `b\hibkv b ijhqb_ bkdmkkl\Z batyk

Ijbeh`_gb_

gyxsb_ZlZd`_jblhjh\bihwlh\²Rl_ebg^j_\gbo=j_q_kdbobEZ lbgkdboZlZd`_d^j_\ghklbhlghkysbokyZ\lhjh\²Nbr_je_dkbdh ]jZnh\b]jZffZlbdh\²Lj_^bZdh\kdbckhqbg_gbyihbklhjbbkeh\_k ghklb²LZm[_jldjhf_lh]hkhqbgbl_e_cdgb]dZd\]jZ`^ZgkdhclZd b \ p_jdh\ghc bklhjbb ojhgheh]bb ]_g_Zeh]bb Z lZd`_ ]_h]jZnbq_ kdbo b h iml_r_kl\byo² Fbee_j Ihke_ lh]h dZd kb_ dZ`^uf [m^_l bkiheg_gh ^hfZ \ [eb`Zcrbc ihg_^_evgbd khklhblky ke_^mxs__ kh[ jZgb_gZdh_fljm^u\k_o\_^bgucdZlZeh]khklZ\e_gu[m^mldZdh\hc [m^_li_j_^Zg_]h\ukhdh[eZ]hjh^bx:j]ZfZdh\m =_jNjb^Fbee_j LZm[_jl Lj_^bZdh\kdbc BWNbr_j ;jZmg IN:J:GNHi>Eh[²Ih^ebggbd gZeZlbgkdhfyaud_Ih^ibkb² Z\lh]jZnuI_j_\h^ :BEx[`bgZHim[ebdh\ZghIjhlhdheuaZk_^Zgbc dhgn_j_gpbbBfi_jZlhjkdhc:dZ^_fbbgZmdk ih]h^ZKI[L²K²

=F:JL:IJHLHDHEA:K?>:GBYDHGN?J?GPBB :D:>?FBBG:MDHA:EY;B;EBHL?DBBHA:D:A?IJB;HJH< BBGKLJMF?GLH<>EYNBABQ?KDH=HD:;BG?L: FHKDH
eh[;;9,, 'LH;;0DUWLL,QFRQXHQWXDFDGHPLFR_[WUDRUGLQDULR SUDHVHQWLEXV0XOOHUR

6WDHKOLnR 7DXEHUWR 7UHGLDNRZVNLR )LVFKHUR %UDXQLR 3RSRuLR 6HFXQGXPSURPLVVXPLQDQWHFHGHQWLFRQYHQWXIDFWXPRPQHV$FDGHPLFL H[KLEXHUXQW KRGLH TXRV GRPL FRQFLQQDuHUDQW FDWDORJRV OLEURUXP SUR QRuD %LEOLRWKHFD 0RVFXHQVL kRPSDUDQGRUXP +RV 6HFUHWDULXV LQ YQXP YROXPHQ FROOHJLW, HW GHVFULEHQGRV GHGLW 4XRG FXP HULW IDFWXP $PSOLVVLPR $UJDPDNRZLRWUDGHQWXU *HUDUGXV

>GDhklurbg

,GHP$PSO$UJDPDNRXLXVKRGLHTXRTXHFRQuHQWXLLQWHUIXLWHWSURSRVXLW 6RFLHWDWLFRPSDUDQGXPSUDHWHUHDHVVHSURvQLuHUVLWDWH0RVFXHQVLDSSDUDWXP PDFKLQDUXP DG SKDHQRPHQD QDWXUDH H[SHULPHQWLV LOOXVWUDQGD DWTXH H[SOL FDQGD FXL ILQL PLOOH RXEORQHV DE $XJXVWD GHVWLQDWL VLQW ,GHRTXH VH URJDUH $FDGHPLFRVYWGHFHUQDQWTXLEXVPDFKLQLVDGKDQFUHPLQ SULPLVRSXVVLWHW XQGH FRQTXLUHQGDH VLQW 6HQVHUXQW DXWHP SOHULTXH KRF QHJRWLXP FRP PLWWHQGXP HVVH 0XVFKHQEURNLR 3URIHVVRUL /HLGHQVL, QRVWUDHTXH $FDGHPLDH 0HPEUR KRQRUDULR TXo QHPR PHOLXVZ, e UDWLRQH KDELWD SHFXQLDH VXPPDH LPSHQGHnGDH DSSDUDWXP PD[LPH QHFHVVDULXP H[ RIILFLQLV MHFKDQLFRUXP%HOJDUXP$QJORUXP*DOORUXP,FRQTXLUHUHSRVVLW )ULGHULFXV0OOHU 7UHGLDNRIIVNL -()LVFKHU %UDXQ GbdblZIhih\ I_j_\h^ ;X9,, FZjlZ^gyGZwkljZhj^bgZjghfZdZ^_fbq_kdhfkh[jZgbb \ijbkmlkl\bbFbee_jZ Rl_ebgZ LZm[_jlZ Lj_^bZdh\kdh]h Nbr_jZ ;jZmgZ Kh]eZkgh h[_sZgbx gZ ij_^u^ms_f kh[jZgbb ^Zgghfm \k_ :dZ ^_fbdbk_]h^gyij_^ty\beb lh qlh [ueh khklZ\e_gh ^hfZ² dZlZeh]b dgb] dhb ^ey gh\hc fhkdh\kdhc [b[ebhl_db ijbh[j_klv gZ^e_`bl Hgu_k_dj_lZjvkh[jZe\h^bglhfbhl^Zei_j_ibku\ZlvDh]^Z`_kb_ mqbg_gh [m^_l lh _]h \ukhdh[eZ]hjh^bx :j]ZfZdh\m i_j_^Z^ml =_ jZj^ Hguc`__]h\ukhdh[eZ]hjh^b_:j]ZfZdh\k_]h`_^gylZd`_ijb kmlkl\h\ZegZkh[jZgbbbij_^klZ\beqe_gZfqlhdjhf_hgh]hg_h[oh ^bfhgm`ghijbh[j_klv^eymgb\_jkbl_lZFhkdh\kdh]hbgkljmf_glub ijb[hju ^ey bkke_^h\Zgby b batykg_gby hiulZfb y\e_gbc gZlmju gZ dZdh\hc ij_^f_l Bfi_jZljbp_x gZagZq_gZ lukyqZ jm[e_c Ihk_fm `_ hgijhkbe:dZ^_fbdh\qlh[uhgbhij_^_ebebdZdb_ijb[hju^eyk_c p_eb gZb[he__ gZ^h[gu b hldm^Z bo kukdZlv gZ^e_`bl ;hevrbgkl\h j_rbeh qlh hgmx dhfbkkbx g_h[oh^bfh ihjmqblv Fmr_g[jmdm ijh Z

Ijbeh`_gb_

n_kkhjm E_c^_gkdhfm b gZr_c :dZ^_fbb ihq_lghfm qe_gm b[h gbdlh emlq_ _]h \ jZkkfhlj_gbb hlims_gghc kmffu g_ kfh`_l aZdZaZlv ih lj_[gu_ bgkljmf_glu b ijb[hju \ f_oZgbq_kdbo fZkl_jkdbo Gb^_j eZg^h\:g]ebbbNjZgpbb Njb^jboFbee_j Lj_^bZdh\kdbc BWNbr_j ;jZmg GbdblZIhih\ IN:J:GNHi>Eh[²Ih^ebggbd gZeZlbgkdhfyaud_Ih^ibkb²Z\lh]jZnuI_j_\h^ :BEx[`bgZHim[ebdh\ZghIjhlhdheuaZk_^Zgbc dhgn_j_gpbbK

=:IJ?EY>HGHR?GB?>BJ?DLHJ: FHKDH
FHKDH:EVGHCDHGLHJ?HG:I?Q:L:GBB IJH=J:FFU KH;J:GBYIHKEMQ:XHLDJULBY=BFG:ABCIJB MGBhghr_gb_ Ih\_e_gb_f?]hIj_\hkoh^bl_evkl\Z>_ckl\bl_evgZ]hDZff_j]_jZ jZaguohj^_gh\DZ\Ze_jZbFhkdh\kdZ]hBfi_jZlhjkdZ]hMgb\_jkbl_lZ DmjZlhjZ B\ZgZ B\Zgh\bqZ Rm\Zeh\Z d gZqZlbx mqj_`^_gguo ih \u khqZcr_fm ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z khba\he_gbx ijb ihfygm lhf Mgb\_jkbl_l_ =bfgZabc gZagZq_gh qbkeh gZklhysZ]h :ij_ey f_kypZ b h[ hghf gZqZlbb khqbg_gZ ijb Fhkdh\kdhf Bfi_jZlhjkdhf Mgb\_jkbl_l_ ijh]jZffZ gZ Jhkkbckdhf b EZlbgkdhf yaudZo ^ey h[>t@y\e_gbydhlhjmxdlhfm\j_fygbgZ^e_`blgZi_qZlZlvQ_]hjZ^b K\yl_crZ]h IjZ\bl_evkl\mxsZ]h Kbgh^Z DZglhjm \k_ihdhjg_cr_ ijhrm^Z[ukh[eZ]h\he_gh[ueh\Fhkdh\kdmxLbih]jZnbxhgZi_qZ lZgbb hghc ijh]jZffu gZ h[hbo ihfygmluo yaudZo beb _`_eb iZq_ qZygby EZlbgkdbo Ebl_j ihlj_[gZ]h qbkeZ g_ gZc^_lky lh gZ h^ghf Jhkkbckdhf e h[ gZ ijbkeZgghc ba Mgb\_jkbl_lZ [mfZ]_ ihkeZlv mdZa:e_dk_c:j]ZfZdh\ :ij_ey \Fhkd\_

>GDhklurbg

eDhiby

;h`bbfihki_r_gb_f dlhj`_kl\_gghfmgZqbgZgbx mqj_`^_gguo ih\ukhqZcr_fm ?yBfi_jZlhjkdZ]h<_ebq_kl\Z _ckl\bl_egZ]hDZff_j]_jZ jZaguohj^_gh\DZ\Ze_jZ bFhkdh\kdZ]hBfi_jZlhjkdZ]hMgb\_jkbl_lZDmjZlhjZ B\ZgZB\Zgh\bqZRm\Zeh\Z \Mgb\_jkbl_l_ qblZgu[ulvbf_xl \k_oex[bl_e_cgZmd eh[bf_g_f?]hIj_\hkoh^bl_ekl\Z =hkih^bgZDmjZlhjZ kgZ^e_`Zsbfihql_gb_fijhkbl Fhkdh\kdZ]hBfi_jZlhjkdZ]hMgb\_jkbl_lZ>bj_dlhj :e_dk_c:j]ZfZdh\ K_]h:ij_eyqbkeZ\fqZkmihmljm

\Fhkd\_]>h@]h^Z J=:>:NHiQ]>E² E²ih^ebggbdIh^ibkvb^ZlZ²Z\lh]jZnGZe\\_jom ihf_luIh^Zghb^hdeZ^u\Zgh:ij_ey]>h@]>h@ AZibkZ\\aylvihih\ulvx

Ijbeh`_gb_

=F:Y>HGHR?GB?>BJ?DLHJ: FHKDHEYIJB?F:BHOJ:GUD:AGUBMIJ:<E?GBY IBKVF?GGUFB>?E:FB

eIjZ\bl_ekl\mxsZ]hK_gZlZ\DZglhjm Fhkdh\kdZ]hBfi_jZlhjkdZ]hMgb\_jkbl_lZ hl>bj_dlhjZ:e_dk_y:j]ZfZdh\Z ^hghr_gb_ h@ DZijZeh\ o ibkZjy n_er_jZ [ZjZ[ZgsbdZ h q_f ih\_eb l_eghcbf_xh`b^Zlvj_ahexpbb:e_dk_c:j]ZfZdh\ FZby]>h@^gy ]h^m J=:>:NHiDgE²h[Ih^ebggbd <\_jomeke_\Zihf_lZGZeh[f_`^mih^ibkvxb^Zlhc kijZ\Zihf_lZkemrZghFZby]>h@^gy]>h@]h^m

>GDhklurbg

[=F:YF?@>MB@BGKLJMDPBYDMJ:LHJ: FHKDHBJ?DLHJM:F:J=:F:DH<MH;MIJ:<E?GBB =BFG:ABYFBIJBMGB
ebj_dlhjmbgkljmdpby Y gZ^_xkv qlh gug_rg__ \j_fy \u k ;h`b_x ihfhsbx \ mqj_` ^_gghf fbehklbx ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z b j_dlhjkdhc^ey;b[ebhl_db\gbam^eydeZ^h\uodkhojZg_gbxdZagub ^eyijhlqZ]hihbah[j_l_gbx\Zr_fm GZi_j\hckemqZcbf_xq_klvihkeZlvd\Zfkbxbgkljmdpbxdhlh jmx kdhevdh i_j\Zy gm`^Z \ ih\_^_gbb b djZldhklv \j_f_gb a^_eZlv ^ha\hebebgZ[ex^Zlvba\hevl_^hihemq_gby\ZfJ_]eZf_glZ=bfgZabc dhlhjhc g_ ij_`^_ dZd ih hkgh\Zgbb e h[ b ih h[klhyl_evkl\Zf ijhbkoh`^_gby mq_gbc a^_eZg [ulv ^he`_g b[h fgh]b_ ihke_ h[klhy l_evkl\Z hdZ`mlky \ lZdhf gh\hf a^_kv mqj_`^_gbb dhlhjuo l_i_jv m\b^_lvbij_^hkl_j_qvg_evay
Ijbeh`_gb_

b j_dlhjbb ijb ^hghr_gbb \ dhlhjhf h[ty\blv mq_gbdZ e h[ _]h a\Zgb_e_lZbq_fmhgij_`^_mqbeky >eyk_]hBgki_dlhjm=bfgZabcbebgug_dlhaZBgki_dlhjZhi j_^_e_g [m^_l bf_lv ^he`gh q_luj_ kibkdZ ^ey ij_^klZ\e_gby \ >b j_dlhjbxH^\hjygkdbo^_lyogZ`Zeh\Zgv_HlZdh\uo`_[_a`Z eh\ZgvyHjZaghqbgpZogZ`Zeh\Zgv_HlZdh\uo`_mqZsbokygZ k\h_fdhrl_kihdZaZgb_fbobfygijha\Zgb_\\dhlhjhf]h^mf_kyp_ bqbke_ijbgylu\=bfgZabb Dhlhju_mq_gbdb[m^mlmqblvkygZk\h_fdhrl_lZdboihh[ty\ e_gbx bo jh^bl_e_c beb ih kh[kl\_gghc bguo kdehgghklb ijbdZaZlv h[mqZlvlhfmq_fmhgbijbaZibku\Zgbbk_[y\=bfgZabxh[ty\yl`_ eZl_evgufb Dhlhju_rdhevgbdb[m^mlh[mqZlvkygZdZa_gghfdhrl_hlZdh \uo ih\_^_gbyo ijbe_`g_cr__ bf_lv ihi_q_gb_ \ jZakm`^_gbb bo [_^gZ]hkhklhygbydhlhju_eih[hevrhcqZklb^hfh\jh^bl_e_c \Fhkd\_g_bf_xlbebbf_\rbkh^_j`Zlvg_\khklhygbblZdbfhl\_k lb kdhevdh fh`gh lml hklZ\rbo ihdh_\ m\Z`Zy b lh qlh[ `Zeh\Zgvy ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z \ [hevrhc mki_o ijhba\h^behkv b[h [m^mqb ihklmidb bo ihqlb \k_]^Z \b^bfu b kihkh[ghklv [ebahklb d mq_gbxgZb[hevr_cimlvd`_eZ_fhfmij_^ijbylbxhldju\ZxlDhlh ju_`_bgZk\h_fdhrl_h[mqZlvky[m^mlbhlZdh\uogZ[ex^Zlvihjy ^hqgZ]h b ^h[jZ]h bo ih\_^_gby qlh[u hgb l_f \k_ khhl\_lkl\h\Zlv fh]eb
>GDhklurbg

\_jkbl_l dhlhjhc _^bgkl\_ggh e aZ g_bf_gb_f agZxsbo EZlbg kdhcyaudgug_gZqZlvkyg_fh`_l Ihegh_qbkehmq_gbdh\gZ`Zeh\Zgv_ijbi_j\hfkemqZ_g_gZ [bjZlv Z hklZ\blv \h \kydhc =bfgZabb \ZdZgpb_\ ih iylgZlpZlb ^ey l_odhlhju_\ij_^vy\blvky^hklhcgu_fh]ml LZdh`b^jm]bogZk\h_fdhrl_mq_gbdh\ijbhohqb\Zlvlhevdh g_ g_\hey d EZlbgkdhfm yaudm dZd d g_h[oh^bfhfm hkgh\Zgbx d ijh bkoh`^_gbx\gZmdb Ba jZaghqbgkdhc =bfgZabb ijbdZ`bl_ hlh[jZlv ba [_^guo gh kihkh[guo ex^_c ijbdZaZlv bo h[mqZlv =_hf_ljbb b NjZgpmakdhfm beb G_f_pdhfm yaudm =bklhjbb Fblheh]bb q_eh\_d ohly k_fv qlh[ fh`ghhl^Zlvbaa^_kvmqblvkyom^h`_kl\Zfba^_eZlvgZqZehqlh[b\ Fhkd\_k;h`b_xihfhsbxkh\j_f_g_faZ\_klb[uehfh`gh IjbaZibkd_[jZlvkh\kydh\Zmq_gbdZihljbjm[ebHgmxkmf fmmihlj_[eylveh[gZf_edb_Mgb\_jkbl_lkdb_jhkoh^uMhij_ ^_e_gguogZ`Zeh\Zgv_gZi_j\hc]h^lmkmffmm^_j`b\Zlv_klveb`_ lZdb_[_^gu_[m^mllZdboaZibku\Zlvb^Zjhf GZ dZ`^uc ]h^ [ulv ^\mf ijhba\_^_gbyf ba gb`gbo deZkkh\ \ \urgb_Zba\urgbo\Klm^_gluI_j\hfm[ulv\:ij_e_Z^jm]hfm\ K_gly[j_ ^ey q_]h ^_eZlv ij_`^_ ijhba\_^_gby \ deZkkZo kljh]b_ Wd aZf_gu ij_^ gZagZq_gguf d lhfm \j_f_g_f WdaZf_gu ^he`gu [ulv \ ijbkm^kl\bb>bj_dlhjZBgki_dlhjZJ_dlhjZbijbmqbl_eyo G_i_j_\h^blvbah^gh]hdeZkkZ\^jm]hc_`_ebdlhg_\umqbe \k_]hlh]hqlh\hghfdeZkk_iheh`_ghmqblvky GZ^e_`bl klZjZlvky qlh[ i_j_\h^u k bghkljZgguo gZ Jhkkbc kdhc yaud ihijZ\ey_fu [ueb Jhkkbckdbfb l_i_jv mqbl_eyfb \ \_jo g_f EZlbgkdhf deZkk_ mqj_^blv gZ lh e bf \ g_dhlhju_ ^gb g_ kdhevdh \j_f_gb qlh[ agZxsb_ ^h\hevgh bghkljZggu_ yaudb agZeb k\hckh\_jr_gghbhlhfklZjZebkv bj_dlhjm dhlhjuo hgijbdZ`_lkZ`ZlvgZg_kdhevdh\lxjfmg_hlimkdZlv^hfhcbadeZk

Ijbeh`_gb_

kh\ Z bguo aZ \_ebdb_ ijh^_jahklb \uibku\Zlv \hg ba kibkdZ =bfgZ abb hibku\Zyky dh fg_ fZehe_lguo rljZnh\Zlv mf_j_ggufb bgh]^Z ih[hyfblhevdh[lhmqbl_eb[_a\heb>bj_dlhjZ^_eZlvg_kf_ebKb_ jZamf__lky h [eZ]hjh^guo \ jZaghqbgkdhc `_ fh`gh lh bgh_ i_j_f_ gblv ih jZakfhlj_gbx =hkih^bgZ >bj_dlhjZ dZd h^gbo lZd b ^jm]bo ^hklZlhqguo fh`gh rljZnh\Zlv ^_gv]Zfb aZ \kydhc ^_gv kdhevdh \ lxjf_[ulvhkm`^_gubl_^_gv]bmihlj_[eylv[_^gufijbe_`gufgZ [mfZ]mbgZijhq__Hgh_ij_^Z_lky\\Zrm\hex <^\hjygkdhcbjZaghqbgkdhc=bfgZabbkfhlj_lvqlh[dZ`^hc ijbklhcghh^_l[ueG_^ha\heylvoh^blv\deZkku\gZ]hevguorm[Zo \k_juodZnlZgZo\eZilyoblhfmih^h[guoih^euoh^_ygbyo e Kfhlj_lv qlh[ mqbl_eb ^he`ghklv k\hx ihjy^hqgh bk ijZ\eyebmqbeb[u\k_okh\kydhxijbe_`ghklbxg_^_eZ\gbdhfm^ey dZdh]hbgl_j_kmij_bfms_kl\Zeyijb_fmbjhkoh^m^_g_`gZ]hbf_lv^\_rgmjh\Zggu_dgb]b aZ i_qZlvx Mgb\_jkbl_lZ b aZ jmdhx \Zr_x b gZoh^ys_]hky ijb \Zk Hnbp_jZjha^Zqm^_gv]Zfih\Zr_fmijbdZaZgbxibkvf_gghfmijhba \h^blveh[ :NHi>E²h[DhibyGZe gZe_\hfihe_ihf_lZdIjhwdlmgZcimgdlKdj_iZ

>GDhklurbg ihebklZfO_jZkdh\>bj_dlhj >ZlZhlkmlkl\m_lijbgbfZ_lkyf_`^mbfZy] l_\j_f_g_ff_`^mhij_^_e_gb_fKbgh^Zbijb[ulb_f i_j\uok_fbgZjbklh\Him[ebdh\ZghI_gqdhG:Hkgh\Zgb_ Fhkdh\kdh]hmgb\_jkbl_lZFK²;_ey\kdbcFL F<Ehfhghkh\bhkgh\Zgb_Fhkdh\kdh]hmgb\_jkbl_lZ FK²

=F:Y>HGHR?GB? FHKDHMH;HIJ?>?E?GBBQL?P:FHKDHhghr_gb_ Ih bfygghfm ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z u@g_ mq_gbdh\ gZoh^blky g_fZeh_ qbkeh ^ey dhbo bgnhjfZpbb EZ lbgkdZ]h >bZe_dlZ gZ^e_`bl [ulv BgnhjfZlhjZf \ dhlhjuo g>u@g_ bf__lkyi_j\hgZqZeg_crZygm`^Z :ihg_`_^eylZdh\Z]hBgnhjfZlhjkdZ]ha\ZgbyFhkdh\kdbfMgb \_jkbl_lhfaZkihkh[gZ]hmkfhlj_gij_`^_h[mqZ\r_cky\Fhkdh\kdhc KeZ\_gh]j_dheZlbgkdhc :dZ^_fbb b hdhgqb\rbc ;>h@]hkeh\kdh_ mq_gb_ Klm^_glFhkdh\kdhcLbih]jZnbbQl_pK_j]_ct@y\ey_l Lh]h jZ^b K>\y@l_crZ]h IjZ\bl_ekl\mxsZ]h Kbgh^Z Fhkdh\kdhcZ Bfi_jZlhjkdhcMgb\_jkbl_lkbfij_^klZ\eyyijhkblqlh[h[>t@y\e_g gZ]h Ql_pZ hij_^_e_ggZ]h \ ijZ\be_ggmx iZeZlm Fhkdh\kdhc Lbih ]jZnbb^hmdZamb\ij_^v ^h mkfhlj_gby ih gZmd_ gZ^e_`ZsZ]h f_klZ K>\y@l_crZ]hIjZ\bl_ekl\mxsZ]hKbgh^ZmdZahfhllbih]jZnkdbo^_e m\heb\ijbkeZlv\Fhkdh\kdhcBfi_jZlhjkdhcMgb\_jkbl_l^ey\ur_ h[>t@y\e_ggZ]hBgnhjfZlhjkdZ]ha\Zgby:e_dk_c:j]ZfZdh\ FZby^gy ]h^m J=B:NHi>E²h[Ih^ebggbd GZeihf_lu\\_jomcIhemq_ghFZby]>h@]>h@

Z

Ijbeh`_gb_ AZibkZ\\dgb]mij_^eh`blvd^hdeZ^m\gbamKemrZgh FZby]>h@qbkeZ]>h@]h^Z

=F:Y>HGHR?GB?FHKDH:EVGHC DHGLHJ?H;HIJ?>?E?GBBKEMR:L?EYRDHEU;H=HKEH?FBB YB<:GH<:BGNHJF:LHJHFE:LBGKDH=HYAUD:\y@l_crZ]hIjZ\bl_ekl\mxsZ]hKbgh^Z\DZglhjmbaFhk dh\kdh]hBfi_jZlhjkdh]hMgb\_jkbl_lZ >hghr_gb_ Ih bfygghfm ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z KZfh^_j`bpu u@g_m`_gZoh^blpZ mq_gbdh\ g_fZeh_ qbkeh ^ey dhlhjuo bgnhjfZ pbb EZlbgkdh]h ^bZe_dlZ gZ^e_`bl [ulv BgnhjfZlhjZf \ dhlhjuo g>u@g_h[klhbli_j\hgZqZeg_crZygm`^Z :ihg_`_\Fhkdh\kdhcKeZ\_gh]j_dheZlbgkdhc:dZ^_fbbbf__lky kemrZl_ev rdheu ;>h@]hkeh\bb Ydh\ B\Zgh\ \ dhlhjhf ih mkfhlj_ gbxgZr_fmgZhgh_bgnhjfZlhjkdh_a\Zgb_gZfbf__lkyihlj_[ghklv ijblhf `_ \ur_ibkZgguc rdheu ;>h@]hkeh\bb kemrZl_ev b kZf [ulv `_eZ_l Lh]hjZ^bK>\y@l_crZ]hIjZ\bl_ekl\mxsZ]hKbgh^ZDZglhjmFhk dh\kdhcBfi_jZlhjkdhcMgb\_jkbl_lihql_gg_cr_ijhkblqlh[h[ty\ e_ggh]hrdheu;>h@]hkeh\bbkemrZl_eyYdh\ZB\Zgh\Zkh[e[Z]]h\he_gh [uehhlhghcFhkdh\kdhcKeZ\_gh]j_dheZlbgkdhc:dZ^_fbbm\heblvb ijbkeZlv^eybgnhjfZpbbEZlbgkdh]h^bZe_dlZmq_gbdh\\Fhkdh\kdhc Bfi_jZlhjkdhcMgb\_jkbl_lijbmdZa_ hk_f^hghkbl >bj_dlhj:e_dk_c:j]ZfZdh\ ]>h@]h^ZFZby^gy J=:>:NHiQ]>EIh^ebggbd GZebkl_ihf_lu\\_jomIh^ZghbkemrZghFZby ]>h@]>h@AZibkZ\\aylvihih\ulvx\gbam KemrZghFZby]>h@^gy]h^Z

>GDhklurbg

=F:YHJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<MHLJ?;H<:GBB HL=?JHEV>F?CKL?JKDHCDHGLHJUK?GBCHKLM>?GL:O BMQ?GBD:O>YSBFKY
eFZby^gyHl=_jhe^f_ckl_jkdhcDhglhjulj_[h\Zlvdlh ijyfh\^\hjygkdhfkhklhblkibkd_ZiZq_qlh[magZlv\k_ebijZ\bev ghijbaZibku\Zgbbk_[yl_fa\Zgb_fihevamxlkyKb_jZamf__lkyhlZ dbo dhlhju_ ba bo ijha\Zgbc g_ ba\_klgu lZdh` b lh gZ^h[gh agZlv dlhbagbobdh]^Z]^_y\e_g L_ dhlhju_ aZibkZgu \ kem`[m Z [m^mqb \ hlimkdm `_eZxl lh \j_fymqblvkylZdbf^ha\heylvlhdfhg_qbkeblvbo\aZibkguogZ`Z eh\Zgv_ >\hjyg dhlhju_ mqZlky \ ]\Zjgbahgguo rdheZo b lZdbo ih `_eZ gbyfijbgbfZlv J=:>:NHi>EKhdjZs_ggZydhiby Him[ebdh\ZghK[hjgbdfZl_jbZeh\^eybklhjbbbfi_jZlhjkdhc KI_l_j[mj]kdhc:dZ^_fbbom^h`_kl\aZklhe_l__kms_kl\h\Zgby/ Ih^j_^IGI_ljh\ZKI[LK

=F:Y>HGHR?GB?FHKDH:EVGHC DHGLHJ?H;HIJ?>?E?GBBKEMR:L?EY;H=HKEH?FBB ==?J:KBFH<:BGNHJF:LHJHFE:LBGKDH=HYAUD: y@l_crZ]hIjZ\bl_ekl\mxsZ]hKbgh^Z\DZglhjmbaFhk dh\kdZ]hBfi_jZlhjkdZ]hMgb\_jkbl_lZ >hghr_gb_ Ih bfygghfm ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z
Ijbeh`_gb_

kdhc:dZ^_fbbkemrZl_ev;>h@]hkeh\bb=_hj]bc=_jZkbfh\dhlhjhc\h hghfBgnhjfZlhjkdhfa\ZgbbijblhfMgb\_jkbl_l_`_eZgb_k\h_h[t y\ey_lbf_`^ml_fkdehgghklvbf__lh[mqZlpZbijhlqbfgZmdZf Lh]hjZ^bK\>y@l_crZ]hIjZ\bl_ekl\mxsZ]hKbgh^ZDZglhj_Fhk dh\kdhc Bfi_jZlhjkdhc Mgb\_jkbl_l kbf ij_^klZ\eyy lj_[m_l ^Z[u e h[ kh[eZ]h\he_gh [ueh h[ty\e_ggZ]h Fhkdh\kdhc :dZ^_fbb kemrZl_ey ;>h@]hkeh\bb =_hj]by =_jZkbfh\Z ^ey hij_^_e_gby \ Bg nhjfZlhju EZlbgkdZ]h ^bZe_dlZ b h[mq_gby ih `_eZgbx _\h ijhlqbf gZmdZfijbkeZlv\Fhkdh\kdhcBfi_jZlhjkdhcMgb\_jkbl_l >bj_dlhj:e_dk_c:j]ZfZdh\ FZby]>h@^gy ]h^m J=:>:NHiQ]>E²h[Ih^ebggbd GZeihf_lu\\_jomIh^ZghbkemrZghFZby ]>h@]>h@AZibkZ\\aylvd^_em\gbamKemrZgh FZby]>h@^gy]>h@]h^Z

=F:YHJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<M H;HJ=:GBA:PBBIJBMGBKL<>EYA:?GBY:IL?DB

e FZby ^gy H [hevguo \_kfZ gm`gh ^Z[u fZebgvdhc eh[ eZaZj_l a^_eZlv qlh `_ ^h Zil_db k\h_c lh aZ gm`gh_ \_kfZ g_gZoh^blky\jZakm`^_gbb\_ebdboljm^ghkl_cdaZ\_^_gbxbg_fZeh gZlhkmffu^Zblml^he`gh\g_ckh\_jr_gkl\hgZ[ex^Zlvqlh\_kfZ ljm^ghE_dZjkl\Z[jZlvba=eZ\ghc:il_dbaZ^_gv]bgZaZibkguohi j_^_eygZlhkmffm J=:>:NHi>E²h[KhdjZs_ggZydhiby Him[ebdh\ZghK[hjgbdfZl_jbZeh\K

>GDhklurbg

=BXGY>HGHR?GB?FHKDH:LVMD:A:JOBL?DLHJMDG><MOLHFKDHFM HIJ?>HKL:<E?GBBHIBKBIHDHLHJHCIJHBABEKYJ?FHGL >HF:MJY>QBD:FBBHIJBHKL:GHJY>QBD:F >?G?=A:J:;HLM>HMKLJ:G?GBYG?>H>?EHD

eIjZ\bl_ekl\mxsZ]hK_gZlZ\DZglhjmbaDZgp_eyjbbFhk dh\kdZ]hBfi_jZlhjkdZ]hMgb\_jkbl_lZ >hghr_gb_ Fbgm\rZ]h:ij_eyf>_@k>y@pZihkeh\_kghfmijbdZaZgbx?]hh@k>ih@^bgZ=_g_jZeZ:gr_nlZK_gZlhjZbDh\Z e_jZB\ZgZB\Zgh\bqZ;Zof_l_\Zhl\_klv^eyMgb\_jkbl_lZ^hfhij_^_ e_gghc b ihkljh_gghc \ kbem Bfyggh]h MdZaZ m \hjZ =>h@k>ih@^bgm Ih^ihedh\gbdm b :jobl_dlhjm DgyaxMolhfkdhfmdhlhjhc\_\hkfhlj_gbbihkljhcdhxgZoh^bekyih q_fmbhl\_^_gbhghfm^hfmih\klmie_gbbFhkdh\kdZ]hBfi_jZlhjkdZ ]hMgb\_jkbl_lZhibkbgbdZdhcg_lDlhfm`ihaZdexq_gghfmdhgljZd lmih^jylqbd\k_evihkljhbeg_ba\_klgh:gug_y\eyxlky\hhghf^hf_ \ihkljhcd_fgh]byg_bkijZ\ghklbLh]hjZ^bIjZ\bl_ekl\mxsZ]hK_gZ lZDZglhjmDZgp_eyjbyFhkdh\kdZ]hBfi_jZlhjkdZ]hMgb\_jkbl_lZkbf ij_^klZ\eyyijhkblqlh[ih\_e_gh[ueh=>h@k>ih@^bgmIh^ihedh\gbdmb :jobl_dlhjmDgyaxMolhfkdhfm\ur_j_q_gghc^hfhl^Zlvihhibkbkh \k_fbijbgZ^e_`ghklvfbeh[bhklZ\rbfbfZl_jbZeZfbb\k_ev ihkbe_dhgljZdlmihkljh_ghbalh]hdhgljZdlZ\ihdZaZggmxFhkdh\kdZ ]hBfi_jZlhjkdZ]hMgb\_jkbl_lZDZgp_eyjbxkhh[sblvdhibxihq_fm[ hkfhlj_lv [ueh fh`gh lZdh` _`_eb \ kbem dhgljZdlZ \u^ZqZ ^_g_] aZ jZ[hlmih^jy^qbdZfmqbg_gZlhaZqlhbfygghbkdhedhhklZ\e_ghhq_f ijbkeZlv h[klhyl_egh_ ba\_klb_ B[h \h hghf ^hf_ dZd i_qb b aZfdb Z iZq_djurdZbljm[u\_kfZg_bkijZ\gubdZdhl^h``Z\_jogbfk\h^Zf aZom^hklbxdjurdblZdb\h\j_fylhie_gbyhlljm[bi_q_cqlhm`_b hijh[h\Zgh h[klhbl g_fZeZy hiZkghklv q_]h jZ^b ih mkfhlj_gbb Fhk dh\kdZ]h Bfi_jZlhjkdZ]h Mgb\_jkbl_lZ DZgp_eyjbb hguf ih^jy^qbdZf qlh[ih\_e_gh[ueh^_g_]g_\u^Z\ZlvZom^h_]^_ZdZaZeZkvbkijZ\blv\ q_fdjZcgyyaZ\bkblgm`^Zhq_fFhkdh\kdZ]hBfi_jZlhjkdZ]hMgb\_j kbl_lZ DZgp_eyjby bf__l h`b^Zlv ih\_ebl_egZ]h MdZaZ Bxgy ]>h@ ^gy ]>h@]h^Z:e_dk_c:j]ZfZdh\ J=:>:NHiDgE²h[Ih^ebggbd GZe\\_jomihf_lZGZeh[\gbamihf_lZ KemrZghBxgy]>h@^gy]>h@]h^m

Ijbeh`_gb_

=BXGY>HGHR?GB?FHKDH:EVGHCDHGLHJ? H;HLIMKD?BAFHKDHhghr_gb_ Ihlj_[gh g>u@g_ \h hghc Mgb\_jkbl_l ^ey h[mq_gby EZlugkdbo =jZfZlbdklhdhlhjuybf_xlky\Fhkdh\kdhcLbih]jZnbblhdfhhgZy Lbih]jZnby [_a iha\he_gby K\_l_crZ]h IjZ\bl_evkl\mxsZ]h Kbgh^Z DZglhjuhlimklblvg_kf__lLh]hjZ^bK\yl_crZ]hIjZ\bl_ekl\mxsZ ]hKbgh^ZDZglhjmFhkdh\kdh]hBfi_jZlhjkdZ]hMgb\_jkbl_lZDZgp_ eyjby kbf ij_^klZ\eyy h[ hghf ijhkbl ^Z[u ih\_e_gh [ueh \h hghc Mgb\_jkbl_l h[ty\e_ggh_ qbkeh =jZfZlbd hlimklblv a aZieZlhx ^_g_] ihmdZaghcp_g_>bj_dlhj:e_dk_c:j]ZfZdh\ Mijhba\h`^_gby^_eK_j`ZglDhafZIjuldh\ Bxgy]>h@^gy ]h^m J=:>:NHiQ]>EIh^ebggbd Ihf_lugZebkl_\\_jomIh^ZghbkemrZghBxgy]>h@]>h@ AZibkZ\\aylvihih\ulvxgZe_\hfihe_kgbam\\_jo\gbam KemrZghBxgy]>h@^gy]>h@]h^m

=BXGYIBKVFH>BJ?DLHJ:FHKDH?FBBG:MDIJHN?KKHJM=NFBEE?JM K;E:=H>:JGHKLVXA:A:;HLMH;MGB<MO;J:LV?< L:J;???J@:GB? e0RQVLHXU -’D\5HoXFHOOHGRQWYRXVP’DYpVKRQQRUpHQ'DWWHGXHPD\MHYRXV 5HPHUFLH GH OD SDUW TXH YRXV SUHQpV j QRWUH QRXYHO (WDEOLVVHPHQW HW M¶DS SUHQGV DYHF SODLVLU TXH /HV 'HX[ ILOV 'H 0DGDPH 7DUEHZ VH GLVSRVHQW j YHQLU DXJPHQWHU /H QRPEUH GHV (FROLHUV LQVFULWV j /¶XQLYHUVLWp VR\pV SHU VXDGpTXHMHIHUDLSRXUHX[WRXWFHTXLGHSHQGUDGHPR\HWTXHMH7DFKHUDL

>GDhklurbg

'H /HV IDLUH UHFHYRLU DX QRPEUH GHVZ &LQTXDQWH TXL VHURQW (OHYpV DX[ 'HSHQV GH VD 0DMHVWp MH P’\ HPSOR\HUDL '’DXWDQW SOXV YRORQWLHUV TXH /¶D\QpGHe&HV0HVVLHXUVSDURLWDYRLUGHWUHVKHXUHXVHV'LVSRVLWLRQVHW TX’LOV PH VRQW UHFRPPDQGpV SDU XQH SHUVRQQH j TXL HQ WRXWH RFFDVLRQ MH VHUDL FKDUPp GH SURXYHU /D SDUIDLWH FRQVLGHUDWLRQ DYHF /DTXHOOH M’DL /¶KRQQHXU'’HWUH 0RQVLHXU 9RWUHWUpVKXPEOH WUpV REHLVVDQW6HUYLWHXU OH[VY[JXLQ $OH[LVG¶$UJDPDFRII 36PHVWUpVKXPEOHV&RPSOLPHQWVj0>RQVLHX@U'>RF@WHXUGX0RUHV TXHj0>RQVLHX@UOH3URII>HVVHXU@%UDXQ)LFKHUHWjWRXVFHX[ TXL 6H VRX YLHQGURQWGHOHXU6HUYLWHXU FHPRPHQW0>RQVLHX@U7DUEHRIIHVWDUULYHHQERQQH6DQWp I_j_\h^ Fbehklb\uc]hkm^Zjv YihemqbeibkvfhhlfZydhlhjuf\uf_gyihqlbebY[eZ]h^Z jx\ZkaZaZ[hlmdhlhjmx\uijhy\ey_l_hgZr_fgh\hfaZ\_^_gbbYk m^h\hevkl\b_f magZe qlh ^\Z kugZ ]hkih`b LZj[__\hc gZf_j_\Zxlky ihihegblvjy^umq_gbdh\aZibkZgguo\Mgb\_jkbl_lIjbfbl_fhbaZ \_j_gbyqlhyk^_eZx^eygbo\k_hlf_gyaZ\bkys__bqlhyihklZjZxkv \dexqblv bo \ qbkeh l_o iylb^_kylb dhlhju_ [m^ml \hkiblu\Zlvky aZ kq_l?_<_ebq_kl\ZYaZcfmkvwlbfl_f[he__hohlghqlh klZjrbc ba wlbo ]hkih^ gZ^_e_g dZd ij_^klZ\ey_lky \_kvfZ g_fZeufb kihkh[gh klyfbbqlhhgbj_dhf_g^h\Zgufg_ebphfdhlhjhfmyijbex[hc\ha fh`ghklb [m^m kqZkleb\ ^hdZaZlv kh\_jr_ggh_ ihql_gb_ k dhlhjuf y bf_xq_klv[ulv Fbehklb\uc]hkm^Zjv xfhj_kdm ]hkih^bgm ijhn_kkhjm ;jZmgm Nbr_jm b \k_f l_f dlh ihfgbl h[ bo kem]_ Z

>Ze__aZq_jdgmlhFHX[
[²[

Ijbeh`_gb_

Gug_=hkih^bgLZj[__\kh\_jr_gghihijZ\beky J=:>:NHiIQ>E:\lh]jZn gZnjZgpmakdhfyaud_I_j_\h^H?B\Zgh\hc

=BXGYKD:AD:>BJ?DLHJ:FHKDH:L?HLT?A>:h@]h^mBxgy]>h@^gyDhee_`kdhcKh\_lgbdbFhkdh\ kdh]hBfi_jZlhjkdZ]hMgb\_jkbl_lZ>bj_dlhj:e_dk_c:j]ZfZdh\kdZ aZe\KZgdlIbl_j[mjoijb[ue >_dZ[jy ]h^m Z \ Ibl_j[mjo_ h[j_lZeky ljb f>_@k>y@pZ b r_kgZlpZl>v@ ^g_c Z hlijZ\beky \ Fhkd\m :ij_eyk_]h]h^m:e_dk_c:j]ZfZdh\ J=:>:NHi>EIh^ebggbd GZe_\hfihe_qZklvkdj_iugh\

=BXGY>G?IHA>G??@A:IBKVH;TY<E?GBY >BJ?DLHJ:FHKDHD?EYIJ?>KL:<E?GBY>HDE:>:K?G:LMIHKHQBG?GGHFM BFIJH?DLM>EYF:KL?JKDHCBHJM@?CGHCI:E:LU :L:D@?IHIBKVFMD:F?J=?J:BBRM<:EH<: e]>h@]h^mBxgy^gyijbk_fWdkljZdl_Dhe_`kdhcKh \_lgbd b Fhkdh\kdh]h Mgb\_jkbl_lZ >bj_dlhj :e_dk_c :j]ZfZdh\ h[>t@y\be qlh hg \ KZgdl I_l_j[mjo_ [ue ^ey ^hdeZ^m IjZ\bl_ekl \mxs_fmK_gZlmihFZkl_jkdhciheZl_ihkhqbg_gghfmijh_dlmhq_f b\ih^Zgghfhlg_]h\KlZlkDZglhjm^hghr_gbihdZaZghK\_jo`_lh ]h h [ulb _fm lh]^Z \ KZgdl Ibl_j[mjo h[>t@y\e_gh \ ijbkeZgghf hl >_ckl\bl_egh]hDZf_j=_jZbDh\Ze_jZbBfi_jZlhjkdh]hFhkdh\kdh]h Mg_\_jkbl_lZ DmjZlhjZ B\ZgZ B\Zgh\bqZ Rm\Zeh\Z d g_fm ibkf_ \k_ \ukhqZcr__ hl ?y Bfi_jZlhjkdh]h <_ebq_kl\Z ^ha\he_gb_ :e_dk_c :j]ZfZdh\ J=:>:NHi>EIh^ebggbd >ZlZijbgbfZ_lkyih^gxkhklZ\e_gbywdkljZdlZ hkem`[_:F:j]ZfZdh\Z

>GDhklurbg

=K?GLY;JYJ?QV>BJ?DLHJ::F:J=:F:DH<: IJHBAG?K?GG:Y<>?GVIJ:A>GH<:GBY L?AHBF?GBLKL<:BFI?J:LJBPU?EBA:
ev@ l_ahbf_gblkl\Z ?y Bfi_jZlhjkdh]h <_ebq_kl\Z =>h@k>m@^>Z@j>u@gb Bf i_jZljbpu?ebkZ\_lI_ljh\guKZfh^_j`bpub j_dlhjhfbFZgbnZdlmjDhee_]bbKh\_lgbdhf:e_dk__f:j]ZfZdh\uf ke_^mxsZy Ijbk_fv@fbgm\rbyl_\j_f_gZbh[klhyl_ekl\ZdZdh\uf[ueZ ih^\_j`_gZJhkkbyeh[^h\eZ^_gbyI_ljZ<_ebdZ]hGZihfbgZy \_ebdh_ bfy I_ljh\h \kx keZ\m k gbf gZihfbgZx dhlhjhc \k_e_ggZy \_qgh^b\blkyg_ij_klZg_l >hklho\Zeguy _]h ij_^db klZjZebk>v@ h ijbjZs_gbb Bfi_jbb Jhk kbckdhcghih[herhcqZklb^_eZ^>m@oh\guy]jZ`^Zgkdbyb\h_gguy\ g_kh\_jr_gghfkhklhygbbgZoh^bebk>v@ihdZhgdfgh`Zcr_fm[eZ]h ihemqbxhl_q_kl\ZgZr_]hgZij_klhe\hkr_^\k_mqj_^bebmkljhbed m^b\e_gbx\k_h[s_fm\jZ]h\gbaeh`beml\_j^be[_ahiZkghklbxk\h_ hl_q_kl\h keZ\hx gZ\_db \gmlj_ggby g_kihdhckl\Z ij_djZlbe \hhjm `be kmohimlguy b fhjkdby kbeu ^>m@oh\gh_ ijZ\e_gb_ b ]jZ`^Zgkdh_ hkgh\ZegZmdZfbom^h`_kl\Zfiheh`begZqZehkha^Ze]jZ^\iZfyl>v@ keZ\gZ]h k\h_]h bf_gb v@ djZldh_ \j_fy qlh b ^j_\ ghklvih^h[gZ]hijbf_jZk_fmg_ij_^klZ\ey_lGZjh^u^b\ylky\b^y ij_djZkghc ]jZ^ [u\r_c h[blZebs_ ij_`^_ [_^guo ju[Zdh\ < lhf f_kl_]^_G_\Z\iZ^Z_l\;Zelbckdh_fhj_lZfhI_lj<_ebdbcki_j\Z fZehc^hfgZ[_j_]mj_db ihkljhbe Gh kdhe>v@ kb_ g_[herh_ a^Zgb_ keZ\gh b ihqblZ_fh ]^_ ij_fm^juc ^mo I_ljZ <_ebdh]h h[blZe \ ljm^hex[b\hfl_e_Bak_]hlhg_ijhkljZggh]h`bebsZijhbaoh^beb \_ebdbygZf_j_gbyb^_ckl\bb^jZ`ZcrZ]hgZfFhgZjoZm`_ba\_kl guy\k_c\k_e_gg_c e?kleb[kf_jlgufhij_^_e_gh[uehaZ\_ebdh^mrguybfm^ juy^_eZ\gZ]jZ`^_gb_[_akf_jlb_I_lj<_ebdbcgbdh]^Z[hlgZkg_ hlemqbekyHklZ\bel_ehfgh^_ckl\bb_]hgZf\k_]^Zijbkm^kl\_ggu\ ]eZaZo dhlhju_ \k_ d ijhkeZ\e_gbx Z@]hihemqby gZr_]h ijhbajZklZxl hl k\>y@s_gghc i_jkhgu sZkeb\h \eZ ^_xs_c g>u@g_ FhgZjobgb gZr_c Fbehk_j^byfb b s_^jhlZfb g_ba

Ijbeh`_gb_

j_q_ggufb gZiheg_ggZy KZfh^_j`bpZ ih^Z_l ml_r_gb_ g_ lhdfh ih^ ^Zggufk\hbfghb\_ebdh^mrb_f\k_ogZjh^h\k>_@j^pZie_gy_lDlh baqbkebl l\hb [e>Z@]h^_ygbb FhgZjobgy" Dlh bah[jZabl l\h_ [e>Z@]h q_klb_ b ex[h\>v@ d ih^^Zgguf b f>b@e>h@klv" B dlh bf_y kqZklb_ ij_^klZl>v@ ij_^ ebp_f l\hbf hk\>y@s_gguf g_ bkiheg_g jZ^hklgZ]h ^>m@oZhll_[y\ha\jZlbeky"Dhebdhx\haobs_gyjZ^hklbxg>u@g_dh ]^Z \hh[jZ`Zx lhebdh_ l\h_ ihi_q_gb_ h kbo \hajZklZxsbo ih^^Zg guol\hboHgbfh]mlihemqbl>v@hlgZmd\k_ DlhqlhZboa^_eZ_l^hk lhcgufb dh bkiheg_gbx FhgZjr_kdbo l\hbo ih\_e_gb_\ b aZdhgh\ ]jZ`^Zgkdboq_klgZ]hbihe_agZ]h`blbyZihlhfkZfbkh\j_f_g_fh ijh^he`_gbb gZmd b om^h`_kl\ fh]ml klZjZlky dhlhjufb bkdhj_gy _lky ijZaghklv ke_^h\Zl_egh b \kydh_ aeh Hg_ [m^ml ih^jZ`Zl>v@ ^hklhcg_cr_fmk\h_fmDmjZlhjmdhlhjZ]h_kleb\k_^h[juydZq_kl\Zy bkqbkeyl>v@ [m^m lh gZijZkgh mihlj_[ex fh_ \j_fy \ ijh^he`_gbb eh[ G_ ijZ\^Z eb qlh _]h oZjZdl_j _]h `bagv b _]h ^_eZ [he__ qj_ak_[ykZfb]h\hjylg_`_ebkeh\Zfhb"KdZ`_flhedhqlhhg\_eb dbymkem]bihdZaZek\hbfklZjZgb_fhl_q_kl\miheh`Zhkgh\Zgb_k_]h Mgb\_jkbl_lZBdlh`hlhfkmfg_\Zlky[m^_lqlhg_lhdfhg>u@g_gh b\[m^msby\_dbihlhfdbg_hlj_dml\ha^Zl>v@_fm^hklhcgmxkeZ\m" L_i_jv d \Zf j_qv fhx h[jZsZx \u dhlhju_ bf__l_ sZklb_ b q_klv iheah\Zlky FhgZjr_kdbfb s_^jhlZfb Ijb k_f Z@]h^Zjghklv?x \uh[yaZgu^\hydh\hi_j\uodZdih^^ZgguyjZ[u?yBfi_jZlhjkdh]h <_ebq_kl\Zkh\k_fb\hh[s_ihlhfdZd^_lbk_]hMgb\_jkbl_lZdfbeh k_j^hc FZl_jb k\h_c hkh[eb\h ?kleb g_dhlhjuo feZ^hklv e_l kh\_j r_gghhsmsZ_lg_^himkdZ_lkbx\ukhqZcrmxfbehklvkij_\_ebdhx iheahxBfi_jbbkh_^bg_ggmxihdjZcg_cf_j_ihagZxlihijhk\_s_ gbbbojZamfZkdhe>v@sZkeb\uhg_bjh^bl_ebdhlhju_bokx^Zhij_ ^_ebebFeZ^uyex^bg_h[oh^bfhlj_[mxl\hkiblZgbyhlg_]h\kydZy iheaZ ijhbaoh^bl ;_a mq_gby [_a \hkiblZgby km_lgZy `bagv q>_@e>h@ \>_@dh\ Ihfukebl_l_i_j>v@kZfbqlh\ugZimlbihemqbl>v@^Zjij_\hkoh ^ysbc\kydh]hkhdjh\bsZlh_klv[e>Z@]hq_klb_q>_@e>h@\>_@dhex[b_b ^h[jh^_l_e>v@ ^hk_e_ hl \Zk mlZ_ggZy ijbjh^Z _y e aZdhgu b ^_ckl\u[m^mlfZehihfZemdihea_\Zr_chldjh\_ggu²keh\hf\k_ gZmdb\k_om^h`_kl\ub\k_lhqlhm`_jh^mq>_@e>h@\>_@q_kdhfmba \_klgh_klv Z²Z

>GDhklurbg

Kh_^bgbf \k_ mk_j^g_crby gZrb kbeu b [m^_f khhl\_lkl\h\Zl>v@ ihjmq_gghc gZr_c ^he`ghklb dhlhjZy aZk\b^_l_ekl\m_l kfbj_gg_c rmxk_j^_p\Zrbo[e>Z@]h^Zjghklv Y k fh_c klhjhgu g_ fh]m [he__ ijh^he`Zl>v@ fheqZgb_ qlh[ g_ ijbg_klb fhx [e>Z@]h^Zjghklv \k_f l_f dhb kihkh[kl\h\Zeb ljm^Zfb k\hbfb d mki_ohf gZqbgZxsZ]hky k_]h Bfi_jZlhjkdh]h Mgb\_jkbl_lZ Dhjhldh_\j_fygZlhmihlj_[e_ggh_ihdZau\Z_l^h\heghqlhhgh\km_ g_ ijh[_`Zeh LZdbf h[jZahf \hajZklZy gZrb gZ^_`^u h[h^jyl gZk h`b^Zl>v@ f>b@e>h@kl>b@\uo s_^jhl :\]mkl_cr_c GZr_c FhgZjobgb dhlhjhc g>u@g_ \ky Bfi_jby \k_\ukhqZcrbc >_g>v@ l_ahbf_gblkl\Z k\_lehlhj`_kl\m_lGZrbjZ^hklguyk_j^pZkh\k_fb\_jghih^^Zggu fb kh_^bgbf b \hag_k_f dh Z@]h ^_gkl\bb :\]mkl_cr_c FhgZjobgb b ?y Z ^he]h^_gkl\_ggm b \k_]^Z [e>Z@]hihemqgm khojZgbl >Z \ kb_ aeZlh_ \j_fy ih^ _y F>b@e>h@k>_@j^hx ^_j`Z\hx gZkeZ^bfky s_^jhlZfb \ gZjh^ g_ij_klZggh baeb\Zxsbfbky hl _y ij_klheZ >Z g_baj_q_gguy^h[jh^_l_eb b kh\_jr_gkl\Z hklZgmlky \ k_j^pZo gZrbo ]em[hdhgZq_jlZgguB[_akf_jlgZykeZ\ZI_ljZb?ebkZ\_lu<_ebdbo bf_g_f \_ebdbo b ^_eZfb ih \k_c \k_e_gg_c gZ [_adhg_qguy \_db g_ ihdhe_[bfZij_[m^_l GBHJJ=;NDZjlhg?^ojE²Dhiby

=HDLY;JYHJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<M H@:EH<:GVBKLM>?GLH<IHHSJ?GBB;?>GUOBIJBE?@GUO BHIJ?>?E?GBBG:WLBP?EB?@?=H>GHCKMFFU e Hdly[jy qbkeZ Klm^_glZf ljblpZlb q_eh\_dZf dhlhjuy e_dpbbFZl_fZlbq_kdbybNbehkhnbq_kdbykemrZxl\ke_^kl\b_Mgb \_jkbl_lkdZ]h rlZlZ `Zeh\Zgvy ijhba\h^blv ih khjhdm jm[e_\ \ ]h^ Qlh`hgu_^eyh[h^j_gbybodZnlZgZfbbijhlqbfkgZ[^_gulh\_kv fZ bajy^gh qlh b \ij_^v ^ey [_^guo b ijbe_`guo lZdh_ gZ]jZ`^_gb_ ^_eZlvgZ^e_`blhij_^_eygZlh_`_]h^gmxkmffm J=:>:NHi>EKhdjZs_ggZydhiby GZe_\hfihe_ebklZgZ^ibkvdIjhwdlmgZimgdl Him[ebdh\ZghK[hjgbdfZl_jbZeh\K

Ijbeh`_gb_

=HDLY;JY>HGHR?GB?FHKDH:EVGHCDHGLHJ? H;HLIMKD?BAFHKDH?FBB<MOJHKKBCKDBO;B;EBC >EY;B;EBHL?DBBH;MQ?GBY e K\>y@l_crZ]h IjZ\bl_ekl\mxsZ]h Kbgh^Z \ DZglhjm ba DZg p_eyjbbBfi_jZlhjkdZ]hFhkdh\kdZ]hMgb\_jkbl_lZ >hghr_gb_ Ihg_`_g>u@g_g_h[oh^bfhihlj_[gh\Mgb\_jkbl_l^\_;b[ebJhk kbckdbo bk dhlhjuo gZ^e_`bl [ulv h^ghc ijb ;b[ebhl_d_ Z ^jm]hc ^ey h[mq_gby Lh]h jZ^b K\>y@l_crZ]h IjZ\bl_ekl\mxsZ]h Kbgh^Z DZglhjZkhba\hebeZ[uihkeZlvMdZa\Fhkdh\kdmx:dZ^_fbx^eyhl imkdm^\mo;b[e_c\hMgb\_jkbl_l\dhlhjuoh[klhbldjZcgyygm`^Zb g_h[oh^bfh[_agboijh[ulvgbdZdg_\hafh`gh:e_dk_c:j]ZfZdh\ :dlmZjbmkI_ljDhjgbebxk_g

Hdly[jy]>h@^gy ]>h@]h^m

DZgp_eyjbklYdh\=jhfh\

J=:>:NHiQ]>EIh^ebggbd GZebkl_ihf_lu\\_jomIh^ZghbkemrZghHdly[jy ]>h@]>h@AZibkZ\\aylvihih\ulvxgZe_\hfihe_kgbam\\_jo \gbamke_\ZKemrZghHdly[jy]>h@^gy]>h@]h^Z

=HDLY;JYIBKVFH>BJ?DLHJ:FHKDH?FBBG:MDIJHN?KKHJM=NFBEE?JM HKh@k>ih@^bgIjhn_khj=>h@k>m@^>Z@jvFhc IjhrmhlimklblvFg_qlhylZdiha^hgZ\Zr_=>h@k>m@^>Z@jyFh_ ]h ibkZgb_ kem`m Fhbf hl\_lhf Djhf_ \k_qZkguo g_^hkm]h\ y [ue g_kdhedh g_^_ev [he_g ]hjyqdhx Ih h[e_oq_gb aZ ^he`ghklv k_[_ ih qblZx\Zf^hg_klbqlh=>h@k>ih@^>b@gmLZj[__\myg_h^ghdjZlgh]h\h jbeqlh[hg\ayed\Zjl_jm\fh_f^hf_bklhe^h_]hmkem][uedZdb

>GDhklurbg

^jm]byfgh]bymq_gbdbkhfghc`b\ml\^hf_baZh^gbfklhehfdmrZ xllZd`_b^_g]bjm>[e_\@\]h^_fm^Z\Zlky[m^mleh[Ghyg_ \_^ZxaZdZdhxijbqbghxhgg_[u\Ze B l_i_j>v@ _]h \ mg_\_jkbl_l_ gb[jZlZ_]hg_\b^Zl>v@bkukdZl>v@]^_g_agZxYh[_sZeb\Zfbbo jh^bl_evgbp_ b k\h_]h h[_sZgby gbdh]^Z g_ ij_fbgm Ij_[u\Zy \Zf =>h@k>m@^>Z@jxFh_fm\k_]^Zkihql_gb_fbbkdj_ghklbx \Zr=>h@k>m@^>Z@jyFh_]h Hdly[jy \k_ihdhjgucb\_jgucKem]Z Fhkd\Z :e_dk_c:j]ZfZdh\ e =>h@k>ih@^>b@gm ^x FZj_kdm Ijhn_khjm ;jZmgm Nbr_jm b \k_fdlhhfg_\kihfgblihdehgijhrmh[>t@y\bl>v@ J=:>:NHiIQ>E²:\lh]jZn

=GHY;JYHJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<MH;MD:A? K?G:L:J:AJ?R:XS?FIHDMIDM>HF:DGIBJ?IGBG: G:FHOHhfDgyavI_ljZB\Zgh\bqZJ_igbgZqlh gZ Fhoh\hc [eba =eZ\ghc :il_db aZ q_lujgZlpZlv lukyqv r_klv khl jm[e_\ klhj]h\Zg h ^ha\he_gbb dhlhjZ]h \ ihdmid_ b mdZa ba IjZ\b l_evkl\mxsZ]hK_gZlZihemq_g J=:>:NHi>Eh[KhdjZs_ggZydhiby Him[ebdh\ZghK[hjgbdfZl_jbZeh\K

=GHY;JY>HGHR?GB?FHKDH:EVGHCDHGLHJ? H;HLIMKD?BAFHKDH?GV=BE:LBGKDBO=J:FF:LBD eK>\y@l_crZ]hIjZ\bl_ekl\mxsZ]hKbgh^Z\DZglhjmbaDZg p_eyjbbBfi_jZlhjkdZ]hFhkdh\kdZ]hMgb\_jkbl_lZ >hghr_gb_ \y@l_crZ]h IjZ\bl_ekl\mxsZ]h Kbgh^Z DZglhj_ DZgp_eyjby Bfi_

Ijbeh`_gb_

jZlhjkdZ]h Fhkdh\kdZ]h Mgb\_jkbl_lZ kbf ^hghr_gb_f ij_^klZ\ey_l ^Z[ukh[e[Z]]h\he_gh[uehhgu_]jZffZlbdb\dhlhjuoh[klhbldjZc gyygZ^h[ghklvijbgy\aZhgu_ihmdZaghcp_g_^_g]b\hhgmxDZgp_ eyjbx Fhkdh\kdhc Lbih]jZnbb hlimklblv ^Z b \ij_^v dh]^Z hgu_ =jZffZlbdblj_[h\Zgu[m^mlhghcLbih]jZnbbhlimkdZlvih\_e_lv :e_dk_c:j]ZfZdh\ :dlmZjbmkI_ljDhjg_ebxk_g Ghy[jy^gy DZgp_eyjbklYdh\=jhfh\ ]>h@]h^m J=:>:NHiQ]>EIh^ebggbd GZebkl_ihf_lu\\_jomIh^ZghbkemrZghGhy[jy ]>h@]>h@AZibkZ\\aylvd^_emgZe_\hfihe_ kgbam\\_jo \gbamke_\ZKemrZghGhy[jy]>h@^gy]>h@]h^Z

=>?D:;JYJ:IHJLFHKDH:EVGHCDHGLHJ? H>?G?@GUOJ:KQ?L:OK;?E=HJH>KDHC>MOH?GLH: >HFHKD?GLH<IJBKE:GGUOmoh\ghc ba Dhgkbklhjbb hlijZ\e_gguf \ Fhkdh\kdhc Bfi_jZlhjkdhc Mgb\_j kbl_lKlm^_glZf=jb]hjvx;meZg_pdhfm^ZN_^hjmE_\bpdhfmgZih^ \h^ubgZiml_\h_kh^_j`Zgb_^_g_]r_klgZlpZlbjm[e_\ibkZgghcih^ fGhy[jyqbkeZihemq_g : ih kijZ\d_ \ DZgp_eyjbb Bfi_jZlhjkdZ]h Fhkdh\kdZ]h Mgb\_j kbl_lZ y\behkv aZ ij_`^_ ijbkeZgguo \h Mgb\_jkbl_l ba lhc Dhgkb klhjbbKlm^_glh\B\ZgZNebhjbgkdZ]hb>fbljbyAZoZj`_\kdh]h^_g]b r_klgZlp_l>v@ jm[e_\ K\yl_crZ]h IjZ\bl_ekl\mxsZ]h Kbgh^Z \ DZg lhjm hl^Zgu : ihg_`_ hgu_ Klm^_glu h[jZlgh hlhkeZgu lh]h jZ^b MdZahf\j_q_ggmxDZgkbklhjbx\_e_ghhgu_^_g]bkgbo\aukdZ\hl ^Zlv\gh\vZ\u[jZggufKlm^_glZfdhlhju_bfb^ZgublZdh\u_^_g]b \lhjbqgh [jZlv ba Bfi_jZlhjkdZ]h Fhkdh\kdZ]h Mgb\_jkbl_lZ g_ gZ^ Z

>GDhklurbg

e_`blbhlhfK\yl_crZ]hIjZ\bl_ekl\mxsZ]hKbgh^Z\DZglhjmgb `Zcr_j_ihjlm_lky:e_dk_c:j]ZfZdh\ :dlmZjbmkI_ljDhjg_ebxk_g

>_dZ[jy]>h@^gy ]>h@]h^m

DZgp_eyjbklYdh\=jhfh\

J=:>:NHiQ]>EIh^ebggbd GZebkl_ihf_lu\\_jomIh^Zgh>_dZ[jy]>h@]>h@ AZibkZ\mqbgygZ^e_`ZsmxkijZ\dmij_^eh`blv\^hdeZ^gZe_\hf ihe_kgbam\\_jo\gbamke_\ZKemrZgh>_dZ[jy]>h@^gy]>h@]h^m

=>?D:;JYJ:IHJLFHKDH:EVGHCDHGLHJ? H?E?GBBB?JHFHG:OM?NJ?FMIHDH?< >EY@BL?EVKL<:D:A?GGUO>JH?E?GBB@:EH<:GVY eK>\y@l_crZ]hIjZ\bl_ekl\mxsZ]hKbgh^Z\DZglhjmbaBf i_jZlhjkdZ]hFhkdh\kdZ]hMgb\_jkbl_lZ J_ihjl ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z MdZa K>\y@l_crZ]h IjZ\bl_ekl \mxsZ]hKbgh^ZbaDZglhjuibkZgghcK_gly[jy^gyih^h ijbkued_B_jhfhgZoZ?nj_fZ^eyh[mq_gbyAZdhgZ;>h@`bybDZlbob abkZ gZ f_klh ij_`^_ [u\rZ]h B_jhfhgZoZ KbfhgZ lh]h ` K_gly[jy ]>h@ ^gy ihemq_g \ kbem dh_]h MdZaZ hghfm B_jhfhgZom ?nj_fm ^ey d\Zjlbjh\Zgbyih^e_kZfhcp>_@jd\b^\Zihdhyhl\_^_gu]^_b`bl_e kl\hbf__lbgZlhie_gb_hguoihdh_\^ZxlkydZa_gguy^jh\ZZ`Zeh \Zgb__fmklhiyl^_kyljm[e_\ijhba\h^blky:e_dk_c:j]ZfZdh\ :dlmZjbmkI_ljDhjg_ebxk_g >_dZ[jy^gy ]>h@]h^m DZgp_eyjbklYdh\=jhfh\ J=:>:NHi]>EIh^ebggbd GZebkl_ihf_lu\\_jombkijZ\e_ghba Ih^Zg>_dZ[jy]>h@]>h@AZibkZ\\aylvd^_em gZe_\hfihe_kgbam\\_jo

Ijbeh`_gb_

=>?D:;JYHJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<M H;HLIJ:<E?GBBMQBL?EY=J?Q?KDH=HBBL:EVYGKDH=HYAUDH< GGI:I:NBEH?EVGH=HDE:KK: e>_dZ[jyqbkeZHlijZ\e_gmqbl_ev?eebgkdZ]hbBlZebZg kdZ]hyaudZGbdheZcIZiZnbedhlhjhfmlZd`_dZdbijhlqbfmqbl_ eyf gZ[jZlv mq_gbdh\ ih kdehgghklb kfhljy b a^_eZ\ ba l_o deZkk ihjmqblv _fm ^ey h[mq_gby hkh[eb\h l_o ijbe_`gh ijbdZaZlv BlZeb Zgkdhfm yaudm h[mqZlv dhlhju_ ^ey om^h`_kl\ gZagZq_gu Z `Zeh\Z gvy_fmijhba\h^blv\]h^ihljbklZjm[e_\ J=:>:NHi>EKhdjZs_ggZydhiby GZe_\hfihe_ebklZihf_lZdIjhwdlmgZimgdl Him[ebdh\ZghK[hjgbdfZl_jbZeh\K

=>?D:;JYHJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<M H;HIJ?>?E?GBB_dZ[jy^gyE_dZjy:g^j_ygZLZlZjbgh\Zhij_^_eblv ijbMgb\_jkbl_l_bijbdZaZlvqlh[kfhlj_gb_ijbe_`gh_bf_eaZKlm ^_glZfbkemqZxsbfbky\[he_agyolhevdh[\hiZkguokemqZyokZfg_ hl\Z`b\Zekyihevah\Zlv[_akhh[s_gbydZdhfm>hdlhjm J=:>:NHi>Eh[KhdjZs_ggZydhiby Him[ebdh\ZghK[hjgbdfZl_jbZeh\K

=F:JL:>HGHR?GB?FHKDH?GBBIJBMGB
e
>GDhklurbg

guof_kl\a^_rg_cBfi_jbblZd`_qlh[a^_eZlvlbih]jZnbxbdgb` gmxeZ\dm\dhlhjuoijhbkoh^bfu_Mgb\_jkbl_lkdboibkZl_e_ckhqb g_gbb b i_j_\h^u i_qZlZlky b ijh^Z\Zlky \ iheam h[smx fh]eb [ H q_f IjZ\bl_ekl\mxsbc K_gZl Fhkdh\kdhc Bfi_jZlhjkdhc Mgb\_jkb l_lkbfihdhjg_cr_ij_^klZ\eyyijhkbl DmjZlhjB\ZgRm\Zeh\ >>bj_dlhj@:e_dk_c:j]ZfZdh\ FZjlZ^gy ]h^Z J=:>:NHiDgEIh^ebggbd GZebkl_ihf_lu\\_jomke_\Z\gbamG G_him[ebdh\Zggu_^hdmf_gluihbklhjbbkha^Zgbylbih]jZnbb Fhkdh\kdh]hmgb\_jkbl_lZ<_klgbdFhkdh\kdh]hmgb\_jkbl_lZ K_jbyBklhjbyK²

=F:JL:HJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<M H;HJ=:GBA:PBB LHJ@?KLH<SBGU DHJHG:PBBBFI?EBA:
e FZjlZ qbkeZ D gZklmiZxs_fm ^gb ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z lhj`_kl\_gghc e h[ DhjhgZpbb ^he`_g Mgb\_jkbl_l aZ ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z fgh]b_ s_^jhlu ihdZaZlv ohly keZ [_crb_ agZdb [eZ]h^Zjghklb q_]h jZ^b mqj_^blv gZ ^jm]hc ^_gv [ulv im[ebqghfm Zdlm d dhlhjhfm ^gx g_f_^e_ggh ijbdZaZlv mqbl_eyf \h \k_ deZkku kihkh[g_crbf mq_gbdZf aZ^Zlv aZ^Zqb b qlh[ hgb ij_^ ijZa^gbdhfaZg_^_exbebij_`^_gZaZ^Zggu_fZl_jbb]hlh\u[uebk k\hbfbkhqbg_gbyfbbhgu_mqbl_eyf hk\b^_l_evkl\h\Zlv [_a \kydZ]h ijbkljZklby\u[jZlvbagboemlqb_ba\kydZ]hdeZkkZihljbbebihq_ luj_ b hleh`blv d lhj`_kl\m ^ey `Zeh\Zgvy aZ gbo gZ]jZ`^_gby < ^_gv kh[jZlvky mq_gbdZf \ Mgb\_jkbl_lkdhf ^hf_ \ dhlhjhf kih kh[g__ [m^_l blblv \ p_jdh\v d fhe_[ghfm i_gbx [eZ]h^Zjy L\hjpZ \k_yl\Zjb;h]ZgZr_]haZ_]hdgZfg_baj_q_gguyfbehklbfheblvkyh a^jZ\bb ;eZ]hq_klb\_cr_c gZr_c =hkm^Zjugb b Ihdjh\bl_evgbpu gZ r_]hmqbebsZIh\ha\jZs_gbbbap_jd\b^he`gumqbl_ebij_^klZ\blv kiho\Zehxkhqbg_gbbijbe_`guomq_gbdh\kdZaZ\bobf_gZbZl_klh \Zgguomq_gbdh\gZ]jZ`^Zlvf_^Zeyfbh[ty\yqlh ?y Bfi_jZlhjkdh_ <_ebq_kl\heaZijbe_`ghklvbobmki_ob\gZmdZo`Zem_lbokbfb

Ijbeh`_gb_

f_^Zeyfb Ihlhf qblZlv Ijhn_kkhjm im[ebqgh j_qv b l_f hdhgqZlv lhj`_kl\hihmljm<\_q_jm^he`guij_^klZ\blvbeexfbgZpbx J=:>:NHi>E²KhdjZs_ggZydhiby GZegZe_\hfihe_ihf_lZdIjhwdlmgZbimgdlu

=:IJ?EYHJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<M HKH>?J@:GBB=:A?LU©FHKDHHFHKLBª e h[ :ij_ey ^gy =Za_lu Fhkdh\kdby ^he`gu gZqbgZlvky e K>Zgdl@ I_l_j[mj]kdbf Zjlbdmehf _klveb [m^_l fZl_jby hdhg qblvlZd`_Fhkdh\kdbf\dhlhjhfibkZlvagZlgu_ijhbar_kl\bbim[ ebqgu_ \ ]hjh^_ ba Mgb\_jkbl_lZ wdaZfbgu im[ebqgu_ mq_gbdh\ dlh ba gbo ihemqbe gZ]jZ`^_gbb Lh jZamf__lky h Klm^_glZo b h \urgbo deZkkZo =bfgZab_\ Z gb`gbo g_ ibkZlv h ijb_a^_ Ijhn_kkhjh\ k bo bfygZfbim[ebdZpbbbadZdboeb[hf_klqlhlj_[h\Zgh[m^_l^eyba \_klby lZdh` iZjlbdmeyjguo ijh^Z`Z ^\hjh\ b ijhlqZ]h =Za_lu dlh ihke_ ih km[kdjbipbb \haf_l lh gZ^h[gh bf `_ b i_j\u_ wda_fieyju hl^ZlvkkZfZ]hgZqZeZlh]hjZ^bbo^he`ghdlhfm[_j_qvkfhlj_lv`_ djZcg_qlh[\lbih]jZnbbgbq_]h[_a>bj_dlhjZi_qZlZlvg_kf_eb J=:>:NHi>Eh[²KhdjZs_ggZydhiby Him[ebdh\ZghK[hjgbdfZl_jbZeh\K²

=:IJ?EYHJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<M HIJBKUED?AHEHLUOBK?J?;JYGUOF?>:E?C>EYG:=J:@>?GBY KLM>?GLHD?G:=J:@>?GBY BH;?KIJBKLJ:KLGHFWDA:F?GH<:GBB e :ij_ey qbkeZ GZ]jZ`^Zlv f_^Zeyfb ^gy :ij_ey gZ dhlhjhckemqZcijbeh`_ghahehluof_^Ze_ck_j_[j_guoGhdZd mq_gb_bmki_oblZd^hklhbgkl\hl_o[u\Z_lg_jZ\ghb^eylh]hKlm ^_glZfjZa^Z\Zlvf_^ZebahehluylZd`_b\_jvogbodeZkkh\^\hjygZf ZjZaghqbgpZfk_j_[j_gu_GZ^jm]hc`_^_gvlhj`_kl\Zhlh[jZ\mgbo f_^Zeb b \gbam gZ imklhf hklZ\e_gghf ih^ gZ^ibkZgb_f GLJQLVVLPR f_kl_\uj_aZlvihEZlbg_ke_^mxs__Fhkdh\kdZ]hMgb\_jkbl_lZblh Klm^_glZfZmq_gbdZf²Fhkdh\kdhc=bfgZabbgZijbf_jEZlbgkdZ]h deZkkZmq_gbdm11f_kypZbqbkeZghdh]^ZhgZygZ^ibkv\f_klblvky

>GDhklurbg

g_fh`_llhfh`gh__gZibkZlvih^khdjZs_gb_fZihke_l_f`_\ha \jZlblvg_f_^e_ggh DZdKlm^_glh\lZdbmq_gbdh\wdaZf_gh\Zlv[_aijbkljZklgh J=:>:NHi>EKhdjZs_ggZydhiby GZe_\hfihe_ebklZihf_lugZijhlb\i_j\h]hZ[aZpZ dIjhwdlmgZimgdldIjhwdlmgZimgdlgZijhlb\ \lhjh]hdIjhwdlmgZimgdl

=:IJ?EY>HGHR?GB?FHKDH:EVGHC

DHGLHJ?HIH>:Q?G:;M>MS??IBKVF?GGUOBAMOHMXSBO GB>EYIM;EBD:PBB<=:A?L? ©FHKDHHFHKLBª

e K\yl_crZ]h IjZ\bl_ekl\mxsZ]h Kbgh^Z \ DZglhjm ba Bfi_ jZlhjkdZ]hFhkdh\kdZ]hMgb\_jkbl_lZ >hghr_gb_ h@ ^gy lh _klv \ ^_gv \ukhqZcr_c DhjhgZpbb ?y Bfi_jZlhjkdZ]h <_ebq_kl\Z lZd b \ ij_^[m^msby \ukhdhlhj`_kl\_gguy ^gb dlh ba ij_hk>\y@s_gguo Zj ob_j_h\ b ijhlqbo ^>m@oh\guo i_jkhg kem`bl>v@ klZgml lZdh` b dlh ijhih\_^gbdb [m^ml kdZau\Zl>v@ ij_^bdb b \ dhlhjhf kh[hj_ ^h kh [e[Z]]h\heblkhh[sZl>v@\Mgb\_jkbl_l aZ[e[Z]]h\j_f_ggh ibkf_ggh b h \ur_ibkZgghf K>\y@l_crZ]h IjZ\bl_ekl\mxsZ]h Kbgh^Z DZglhjm Bfi_jZlhjkdhc Fhkdh\kdhc Mgb\_jkbl_l kbf ihdhjgh ijhkbl :ij_ey ]>h@^gy]>h@]h^m >bj_dlhj:e_dk_c:j]ZfZdh\ FboZceZ<_jvh\dbg :dlmZjbmkI_ljDhjg_ebxk_g DZgp_eyjbklGbdblZJu[gbdh\ J=:>:NHiQ]>EIh^ebggbd GZebkl_ihf_lu\\_jomIh^ZghbkemrZgh:ij_ey]>h@

Ijbeh`_gb_ ]>h@AZibkZ\\aylvihih\ulvxgZe_\hfihe_kgbam\\_joc\gbam ke_\ZKemrZgh:ij_ey][h]bkijZ\e_ghba ^gy]h^Z

=F:YMD:AFHKDHJU=BG:>EYHIJ?>?E?GBY v@yFZg ^ju]bgZ fZlv _\h :njhkbgvy :nhgZkv_\Z ^hqv ijhkbeZ h[ hlkued_ k>u@gZ__bj_dlhj:e_dk_c:j]ZfZdh\ :dlmZjbmkI_ljDhjg_ebxk_g DZgp_eyjbklGbdblZJu[gbdh\ J=:>:NHiQ>EIh^ebggbd GZebkl_ihf_lu\\_jomIhemq_gFZby^>gy@ ]h^mAZibkZ\^heh`bl>v@gZe_\hfihe_Ih]_g_>jZevghfm@ j_wkljmgb`_kgbam\\_jocgb`_Dhl^Zq_\Zjob\ ^Ze__aZq_jdgmlhbkijZ\e_ghbaaZq_jdgmlh aZq_jdgmlh \gbamK>emrZgh@FZjlZ]>h@]h^m

=K?GLY;JYHJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<M H;BKDEXQ?GBBBA=BFG:ABBD:A?GGUOMQ?GBDH< G?KIHKH;GUODMQ?;??GB? eh[K_gly[jy^gy
>GDhklurbg

j_^_eylv d lbih]jZnbb b ^jm]bf om^h`_kl\_ggufZ ^_eZf Z g_ijbe_` guo rljZnh\Zlv \uq_lhf `Zeh\Zgvy kZ`Zgb_f \ imklmx dhfgZlm ]^_ ^Z\ZlvihfZemoe_[Z b \h^u Z g_ mbfqb\uo hl lh]h kfhljy ih \bgZf gZdZau\Zlv bguo b ^_g_`guf rljZnhf dhlhju_ [h]Zlu iheh`Z aZ \kydhc^_gvZj_klZ [ihjm[exbeb[f_g__kfhljyih[eZ]hbah[j_l_gbx >bj_dlhjZhl^Z\\u[bjZlvbfgZ\hex^_gv]bbebrljZnbhgmxkmf fmhij_^_eylv[_^gufKlm^_glZf^eybogm`^u J=:>:NHi>Eh[KhdjZs_ggZydhiby Him[ebdh\ZghK[hjgbdfZl_jbZeh\K

. =K?GLY;JYIBKVFH>BJ?DLHJ:FHKDH?FBBG:MDIJHN?KKHJM=NFBEE?JMHIJB?A>? BEVL?YBIHKUED? GH:GBY;B;EBB e0RQVLHXU MHYLHQVGHUHFHYRLUODOHWWUHTXHYRXVP’DYpVIDLW/’KRQQHXUGHP¶HFULUH SDU0RQVLHXU/H3URIHVVHXU'LOWKH\MHYRXVSULHG’HWUHSHUVXDGpTXHM¶DXUDL WRXWH6RUWHG¶HJDUGVjYRWUHUHFRPPDQGDWLRQ'’DXWDQWSOXVTXH0>RQVLHX@U /H3URIHVVHXUPHSDURLWWUHVUHFRPPDQGDEOHSDUOXLPHPH MHVXLVWUHVVHQVLEOHjODSDUWTXHYRXVSUHQpVjODSHUWHTXHMHYLHQVGH IDLUHHWMHIDLVGHVY°X[WUHVVLQFHUHVSRXUYRWUHVDQWp MHQ¶DLSDVPDQTXpG’H[HFXWHUODFRP>P@LVVLRQeh['RQWYRXVPH FKDUJpV MH YRXV HQYR\H OD QRXYHOOH (GLWLRQ GH OD %LEOH TXH YRXV PH GHPDQGpV 0HVVLHXUV &KHUDVNRZ )URPPDQ HW 6FKDGH YRXV UHPHUFLHQW GH YRWUH VRXYHQLUHWYRXVUHFLSURTXHQWOHXUVFRPSOLPHQV 0>RQVLHX@U /LPEHUJ FRQWLQXH j VH ELHQ FRPSRUWHU HW j UHPSOLU VRQ GHYRLU MH YRXV SULH GH VDOXHU GH PD SDUW 0HVVLHXUV /HV 3URIHVVHXUV %UDXQ HW )LVFKHU j’D\/¶KRQQHXUG’HWUHDYHFEHDXFRXSGH&RQVLGHUDWLRQ 9RWUHWUHVKXPEOH 0RQVLHXU HWREHLVVDQWVHUYLWHXU 0RVFRXOHHEUH $OH[LVG’$UJDPDFRII Z

[²[

Ijbeh`_gb_

I_j_\h^ Fbehklb\uc]hkm^Zjv Y lhevdh qlh ihemqbe hl ]hkih^bgZ ijhn_kkhjZ >bevl_y ibkvfh dhlhjh_\ubf_ebq_klvgZibkZlvfg_Ijhrm\Zkijbgylvfhb aZ\_j_ gbyqlhyijhy\eyx\kyq_kdh_ihql_gb_d\Zr_cj_dhf_g^Zpbbl_f[h e__ qlh ]hkih^bg ijhn_kkhj ij_^klZ\ey_lky fg_ b [_a lh]h ^hklhcguf m\Z`_gby Y \_kvfZ ljhgml mqZklb_f dhlhjh_ \u ijhy\beb d ihl_j_ g_^Z\gh ihklb]r_cf_gybyhl\k_]hk_j^pZfhexkvaZ\Zr_a^hjh\v_ Yg_ij_fbgme\uihegblvihjmq_gb_^Zggh_fg_\ZfbYihkueZx \Zfgh\h_ba^Zgb_;b[ebbhdhlhjhf\uf_gyijhkbeb =hkih^ZO_jZkdh\NjhffZgbRZ^_g[eZ]h^Zjyl\ZkaZlhqlh\u boihfgbl_bkhk\h_cklhjhgurexl\Zfk\hbijb\_lkl\by =hkih^bg Ebf[_j] ihij_`g_fm jZamfgh \_^_l k_[y b bkihegy_l k\hc^he] Ijhrm\Zki_j_^Zlvihdehghlfh_]hbf_gb]hkih^Zfijhn_kkhjZf ;jZmgmbNbr_jm Bf_xq_klv[ulvk\_ebdbfihql_gb_f gb`Zcrbc:NHiIQ>E²h[:\lh]jZn gZnjZgpmakdhfyaud_I_j_\h^H?B\Zgh\hcEh[dhg\_jl kdjZkghckmj]mqghci_qZlvxij_^iheh`bl_evghk]_j[hf :j]ZfZdh\ZbgZ^ibkvx$0RQVLHXU0RQVLHXU0OOHU3URIHVVHXU GHO¶$FDGHPLH,PSHULDOHgb`_/2D6>DLQ@W3HWHUVERXUJ =>h@k>ih@^>b@gmFbee_jmijhn_kkhjmBfi_jZlhjkdhc :dZ^_fbb\KZgdlI_l_j[mj]²HB Ihql_ghfm =>h@k>ih@^>b@gmIjhn_khjmFbee_jm\KZgibl_j[mj]

=GHY;JYHJ>?JDMJ:LHJ:FHKDHBJ?DLHJM:F:J=:F:DH<M HIH>QBG?GBBJ?DLHJ:=BFG:ABBDHGN?J?GPBB::K?KKHJH< >BJ?DLHJM eh[Ghy[jy^gy:kk_khjZf^hi_j_\h^mbadeZkkZ\deZkk emq_gbdh\^_eZg_bf_lvZkfhlj_lvhlhfihij_^klZ\e_gbxJ_d lhjkdhfmDhgn_j_gpbb

>GDhklurbg

J_dlhjm ih^ \_^_gb_f :kk_khjh\ g_ [ulv b bf ^h g_]h ^_eZ g_ bf_lvZkfhlj_gb_bf_lvgZ^gbfb_fmih^\_^_gb_f[ulvDhgn_j_g pbb` :kk_khjZfb >bj_dlhjm ih\_e_\Zlv \ lZdbo kemqZyo qlh dZkZlvky [m^_l^hihevauMgb\_jkbl_lZfh`ghbqlhijbdZaZghbf[m^_lhlhf DmjZlhjZm\_^hfeylvj_ihjlZfb J=:>:NHi>Eh[²KhdjZs_ggZydhiby Him[ebdh\ZghK[hjgbdfZl_jbZeh\K

>HDMF?GLUH;BF?GBYOBBFMS?KL?EHJ:AJ?R?GBBFBLJH:OA:EH@?GGUO ?=H;J:LHFNF:J=:F:DH_j`Z\g_crbcP>Z@jv=>h@k>m@^>Z@jvF>b@e>h@klb\_crbc u@g:j ]ZfZdh\[m^mqbgZkem`[_aZgyemDg>y@avKl_iZgZB\Zgh\bqZImlylb gZ ^>_@g>_@] ljbklZ jm[e_\ Z aZ l_ ^>_@g]b mklmibe hg ihf_kgu_ b \hl qbggu_a_feb\ :jaZfZkdhf b \ >fbljh\kdhf m_a^_o \ jZaguo klZg_o \k_ qlh _klv aZ gbf ih ^ZqZf b ih lhc _\h hl^Zq_ l_ ihf_kgu_ b \hl qbggu_a_febaZgbfkijZ\e_gu h@k>m@^>Z@jvijhrm<>Z@r_]h<_ebq_kl\Z\_ eb =>h@k>m@^>Z@jv \ur_hagZq_ggu_ ihf_klgu_ b \hlqbggu_ a_feb ih k\h_fm=>h@k>m@^>Z@j_\mMdZamhl^Zlvfg_ihjh^kl\mgZ\udmib^>_@g]b mf_gyijbgylv\DZgp_eyjbx\hlqbgguo^_e <>Z@r_]h <_ebq_kl\Z gb`Zcrbc jZ[ :e_dk_c :j]ZfZdh\ Ghy[jy \ ^_>gv@0]>h@]h^mDk_cq_eh[blghc:e_dk_yFboZceh\bqZ:j]ZfZ dh\Z q>_@e>h@\>_@d _\h :e_dk_c ?nj_fh\ jmdm ijbeh`be ih ih\_e_gbx =>h@k>ih@^>b@gZk\h_]h J=:>:NHi>_eZklZjuoe_l>fbljh\ DgEIh^ebggbdv@d^_emb\uibkZl>v@ghy[jv^_>gv@ gb`_ke_\Z=mjmG_fylh\h

Ijbeh`_gb_

=>?D:;JYIJHR?GB?D:IJ:E:E?C;=<:J>BB IJ?H;J:@?GKDH=HIHED::F:J=:F:DH<:BFI?D:L?JBG?, HKGYLBBKG?=HRLJ:N:A:G?IH>:GGU?K?EVP?F>M@H: GB@?=HJH>KDHC=M;YFIJHDM>BGUF

e_j`Z\g_crZy<_ebdZy=>h@k>m@^>Z@j>u@gy Bfi_jZljbpZ?dZl_jbgZ:e_dk__\gZKZfh^_j`bpZu@g:j]ZfZdh\Z\q_ffh_ijhr_gb_lhfmke_^mxlimgdlu f h@^gy\:jaZfZkdhfm_a^_ba\hl qbg Ydh\Z FZl\__\Z k>u@gZ Ijhdm^bgZ ^>_@j>_@\gy M`h\dZ hp_g_gZ b h^^ZgZ\ukdfhcD k _ f m _@k>y@p_Gb`_]hjh^pdhc]m [_jgbb\DZgp_eyjbbk\b^_l_ekl\Zfm`_kdZihem^mrq>_@e>h@\>_@dfhc GbdblZ B\Zgh\ ih^Ze ijhr_gb_ \ dhlhjhf i_j_ibkZ\ \ ihdZaZgghc ^>_@j>_@\g_dj>_@klvygfm`_kdihe\k_o[_amlZcdbbh[>t@y\beijblhf ijhr_gbbhq_fy\gh\ihdZaZgghcDZgp_eyjbbi j h r _ g b x Lhdfh \ ihdZaZgghc ^>_@j>_@\g_ M`_\d_ ih kijZ\d_ ex^_c fhbo k ih^Zgguo kdZahd ih]heh\ghc i_j_ibkb dhibb g_ bf_ehkv b kijZ\blpZ [ueh \ :jaZfZkdhc IjZ\bgpu dhfm hgu_ kdZkdb ih^Z\Zebkv g_\ha fh`gh^eylh]hqlhhgu_kdZkdbbkijhlqbfbih^>v@yq_kdbfbibkfZfb [uebaZnbkdZekdhxi_qZlvx\vysbdZolZdh`b\DZgp_eyjbbk\b^_ l_ekl\Zfm`_kdZihem^mr\ih^Zgbbhlg_]hij_`gy]h\eZ^_epZIjh dm^bgZg_y\behkv`_dhlhjufeh[[uehgZ^e_`Zeh[ulv\ih^Z gbb hl g_]h Ijhdm^bgZ ihg_`_ \ f b \ f ]h^_o hagZq_gghc ^>_@j>_@\g_c \eZ^_e ihfygmlhc Ijhdm^bg h q_f hl f_gy b ij_` k_]h ijhr_gb_fdk\b^_l_ekl\mh[vy\e_gh: e _ d k _ c f : \ ijhrehf ]h^m ijb]h\hjZf hagZq_gghc DZgp_eyjbb aZ g_ ih^Zgb_ hl ihdZaZggh]h ihf_sbdZ Ijhdm^bgZ kdZaZd iheh`_g gZ f_gy rljZnih^_kylbjm[e_\aZ^mrm:\ijhrehff]h^mihmdZam_@j>_@\gbb ex^_c b dj>_@klvyg kdZkdhx

>GDhklurbg

h[vy\bedhlhjZy\ih^Zgbbbg>u@g_bf__lpZZih^hdeZ^gufimgdlZf hagZq_ggu_kdZkdb\f_klhihihegbl_eguodk\b^_l_ekl\mijbgbfZlvb \^_ckl\hijhba\h^bl>v@\_e_gh: j ] Z f Z d h \ . Bqlh[MdZahfb@e>h@klb\_crZy =>h@k>m@^>Z@j>u@gy Bfi_jZljbpZ ijhrm v@_j_r_gb_mqb gblv>_dZ[jy]>h@^gy]h^mIjhr_gb_ibkZelh]h`^hfmkem`b l_evFZdkbf?q_\kdbci j b e h ` b e J=:>:NHiQ>E²h[Ih^ebggbd Keh\ZgZi_qZlZggu_jZaj_`_ggufrjbnlhf²Z\lh]jZn

=:IJ?EYIJHR?GB?=J:?F:L:<:LVBA:DE:>U<:LV??KH;KLFBLJH?

e _j`Z\g_crZy <_ebdZy =>h@k>m@^>Z@ j>u@gyBfi_jZljbpZ:ggZBhZggh\gZKZfh^_j`bpZZ@r_]h Bf i_jZlhjkdh]h <_ebq_kl\Z k>u@g fhc e_c[ ]\Zj^bb Ij_h[jZ`_gkdh]h ihedmIjZihjsbd:e_dk_cFboZceh\k>u@g:j]ZfZdh\m\he_g[ue^ey gZmd\qm`b_djZb]^_b[uegZk\h_fdhrl_q_luj_]h^Zihc]h^: ihhl>t@_a^__\haZbfh\ZeZyihibkfm_\hk>u@gZfh_]h^eyi_j_\h^md g_fmb^ey\kydbo^>_@j>_@\>_@gkdboa^_ehdg_fZeu_^>_@g]b\dhlhjuo aZdeZ^u\ZeZ_\hk>u@gZfh_]h^>_@j>_@\gb:\ijhrehff]h^mhg k>u@gfhc\ha\jZlghbkqm`bodjZ_\ijb_oZe\KZgdlIbl_j[mj]b aZ g_fh] `_klhdhx [he_agvx ]hjyqdhx \ dhlhjhc b iZfylb ebrbeky b g>u@g_lhfmm`_k_^fhcf>_@k>y@p[_kiZfylb:hgufaZeh`_gguf^>_@ j>_@\gyfihaZdeZ^gufijbrebkjhdbZ^jm]bfbfbgmebZ^ey\udmim ihl_faZdeZ^gufba^>_@j>_@\>_@gv_\hk>u@gZfh_]hijh^ZlvbebaZeh `blvijbg_fk>u@g_fh_fgbdZdg_\hafh`ghb[hhgh__\hih\_j_g gh_ibkfhhijh^Z`_bhaZdeZ^__\h^>_@j>_@\>_@gv^_ckl\hbf_ehlhdfh ijbhlemqd__\hZijbg_fih
Ijbeh`_gb_

ahf^_cklv\bygbdZdh\Zbf_lvg_fh`_lbgbodZdbfdj_ihklyfih^ib ku\ZlpZg_fh`ghZl_aZeh`_gu_^>_@j>_@\gbihaZdeZ^gufaZibku\Z xlZgug_m`_baZibkZebhlq_]hybhgk>u@gfhcijbreb\g_fZeh_ jZahj_gb_Zmf_gygb`Zcr_cbmg_]hk>u@gZfh_]h[eb`_ihjh^kl \mdjhf_eh[fh_]h\gmdZZ_\hie_fyggbdZ[jZlZjh^gh]hN_ ^hjZ FboZceh\Z k>u@gZ :j]ZfZdh\Z k>u@gZ e_c[ ]\Zj^bb Ij_h[jZ`_g kdh]h ihedm K_j`ZglZ FboZceZ N_^hjh\Z k>u@gZ ^jm]bo gbdh]h g_l dhlhjhfmyaZ\ur_ihdZaZggufdjZcgbfjZahj_gb_f^eyhdmiml_o^he ]h\ihaZdeZ^gufg_^\b`bfh_k\h_b_\hk>u@gZk\h_]hbf_gb_ihke_ i_j\h]hk\h_]hfm`ZZ_\hk>u@gZfh_]hhlpZ=_g_jZeZDjbdkDZfbkZ jZFboZceZFboZceh\bqZ:j]ZfZdh\Z\^>_@j>_@\gyo ijh^Z`m bf_lv b aZdeZ^u\Zlv b \kydb_ a^_edb qbgbl>v@ \_jbf _fm \gmdm fh_fm b \ij_^>v@hlhfhlf_gykihjmbq_eh[blvyg_[m^_l h@k>m@^>Z@j>u@gy Bfi_jZljbpZ ijhrm <>Z@r_]h Bfi_jZlhjkdh]h <_ebq_kl\Z ^Z ih\_ebl ^_j`Z\kl\h \Zr_ ih k_fm fh_fm gb`Zcr_fm ijhr_gbx \ur_ihdZaZggh_ g_^\b`bfh_ _\h F>u@gZ fh_]h :e_dk_y bf_gb_ hghfm \gmdm fh_fm ^ey hdmim ihdZaZg guo ^he]h\ ijh^Z\Zlv b aZdeZ^u\Zlv qlh[ gZf gb`Zcrbf aZ g_\ha fh`ghklvx ijh^Z`b b aZdeZ^m ^>_@j>_@\>_@gv _\h k>u@gZ fh_]h ^ey hdmiml_o^he]h\g_ijbllb\djZcg__jZahj_gb_ _ckl\bl_egh ]hLZcgh]hKh\_lgbdZ=jZnZ:g^j_y:jl_fhgh\bqZFZl\_h\Z`_gZ_\h \^>h@\Z =jZnbgZ :gZklZkby ?jfbeh\Z ^hq ]>h@ ]h^m :ij_ey \ ^_>gv@eDih^ZgbxgZ^e_`blIjZ\bl_ekl\mxsZ]hK_gZlZ\DZg lhj_Dk_fmijhr_gbx=jZnbgZGZklZkvyFZlv\_h\Zjmdmijbeh`beZ J=:>:NHi>_eZfheh^uoe_l>fbljh\ DgE²Ih^ebggbdKhkeh\ Dk_fm^hkeh\Zijbeh`beZ²Z\lh]jZnGZeihf_lu\\_jomke_\Z cgZe_\hfihe_k\ykdZ\gbamGZe\gbamihf_luKemrZgh:ij_ey ]>h@^gy]h^mKemrZgh\lhjbqgh:ij_ey]>h@^gy]h^m IhegZe_\hfihe_qZklvkdj_iuKb_^_ehdhlkued_

=:IJ?EYIJHR?GB?K?J@:GL:E?C;=<:J>BB IJ?H;J:@?GKDH=HIHED:FN:J=:F:DH<:K?G:LKDHC DHGLHJ?HJ:AJ?R?GBB?FMIJH>:<:LVBA:DE:>U<:LV JH>HY>B:F:J=:F:DH<: <>FBLJH?

e _j`Z\g_crZy <_ebdZy =>h@k>m@^>Z@ j>u@gyBfi_jZljbpZ:ggZBhZggh\gZKZfh^_j`bpZ
>GDhklurbg

>y^yfhcjh^ghce_c[]\Zj^bbIj_h[jZ`_gkdh]hihedmIjZihjsbd :e_dk_cFboZceh\k>u@g:j]ZfZdh\\f]h^m\k_f>b@e>h@klb\_crbf <>Z@r_]h Bfi_jZlhjkdh]h <_ebq_kl\Z MdZahf hlims_g [ue \ qm`b_ djZb^eyh[mq_gbygZk\h_fdhrl_Z\g_[ulghklv_\hihih\_j_gghfm hlg_]h^y^bfh_]hibkfmfZlv_\haZbfh\ZeZg_fZeu_^>_@g]b\dhlh juo aZdeZ^h\ZeZ jh^h\u_ g>Z@rb ^>_@j>_@\gb b hghc fhc ^y^y \ [ul ghklv k\hx \ I_l_j[mj]_ [he_e ]hjyqdhx hl dhlhjhc [he_agb g>u@g_ ijbrhe \ [_kiZfylkl\h hl dhlhjh]h [_kiZfylkl\Z hagZq_ggu_ g>Z@rb jh^h\u_^>_@j>_@\gbijb\_e\ijhkjhqdm:ihMdZam[eZ`_ggu_b\_qgh ^hklhcguy iZfylb \k_f[b]e[h]klb\_crZ]h =>h@k>m@^>Z@jy gZr_]h I_ljZ I_j\Z]hBfi_jZlhjZ\_e_gh[_amfguoihk\b^_l_ekl\mhl^Z\Zlvjh^kl \_ggbdhfba^>_@j>_@\gyfb\kfhlj_gb_ b@e>h@klb\_crZy =>h@k>m@^>Z@j>u@gy Bfi_jZljbpZ ijhrm Z@r_ kb_ fh_ e h[ ijhr_gb_ IjZ\bl_ekl\mxs_]h K_gZlZ \ DZglhjm ijb gylvbhagZq_ggh]h^y^xfh_]hhk\b^_l_ekl\h\ZlvZihk\b^_l_ekl\mb ihMdZamhl^Zlv_\h^y^xfh_]h\fh_kfhlj_gb_ydh[eb`g_fmjh^kl \_ggbdm Z jZ^b \ur_ihdZaZgguo ^he]h\ ^y^b fh_]h ih\_e_lv fg_ <>Z@r_]hBfi_jZlhjkdh]h<_ebq_kl\ZMdZahf^>_@j>_@\gbg>D@rbjh^h \u_i_j_deZ^h\Zlvbijh^Z\Zlv^eyhieZlu^he]h\Z^hjhkfhlj_gbyb mqbg_gbyj_ahexpbbihk_fmfh_fmq_eh[blvxqlh[g_ih\_e_gh[ueh hagZq_gguo g>Z@rbo jh^h\uo b `Zeh\Zgguo ^>_@j>_@\>_@gv ih l_f aZ deZ^guf _\h aZibkh\Zlv b i_j_ijh^Z\Zlv b hldZau\Zlv b qlh[ hgu_ g>Z@rb^>_@j>_@\gbbajh^mgZr_]h\qm`b_jh^ug_\urebgZijZkgh u@g :j]ZfZdh\ ]>h@ ]h^m :ij_ey \ ^_>gv@ D ih^Zgbx gZ^e_`bl IjZ\bl_ekl\mx sZ]h K_gZlZ \ DZglhjm D k_fm ijhr_gbx FboZceZ :j]ZfZdh\ jmdm ijbeh`be J=:>:NHi>_eZfheh^uoe_l>fbljh\ DgE²h[Ih^ebggbdKhkeh\Dk_fm^hkeh\Z ijbeh`be²Z\lh]jZnGZeh[\gbamihf_lZkemrZgh:ij_ey ]>h@^gy]h^mGZe_\hfihe_eijh^he`_gb_kdj_iudj_ibe

Ijbeh`_gb_

=:IJ?EYHIJ?>?E?GB?K?G:LKDHCDHGLHJU HI?J?>:Q?JH>HKL<: e]>h@:ij_ey^gyihmdZam?yBfi_jZlhjkdh]h<_ebq_kl \ZIjZ\bl_ekl\mxsZ]hK_gZlZDZglhjZkemrZ\q_eh[blv_>_ckl\bl_egh ]hLZcgh]hKh\_lgbdZ=jZnZ:g^j_y:jl_fhgh\bqZFZl\__\Z`_gu_\h \^>h@\uGZklZk>v@bdhlhjufh[>t@y\ey_lqlh\f]h^mmdZahf?yBf i_jZlhjkdh]h<_ebq_kl\Zk>u@g__e_c[]\Zj^bbIj_h[jZ`_gkdh]hihedm IjZihjsbd:e_dk_c:j]ZfZdh\m\he_g^eygZmd\qm`b_djZb]^_b[ue gZk\h_fdhrl_ihc]h^Zihhlt_a^__\haZbfu\ZeZhgZihibkfm_\h k>u@gZk\h_]h^eyi_j_\h^mdg_fmg_fZeu_^>_@g]b\dhlhjuoaZdeZ^u \ZeZ_\hk>u@gZk\h_]h^>_@j>_@\gbBihijb_a^__\hk>u@gZ__\KZgdl Ibl_j;mjo\f]h^maZg_fh]hg`_klhdhx[he_agvx]hjyqdhx\dhlh jhc b gug_ [_k iZfylb Z hguf aZeh`_gguf ^>_@j>_@\gyf ih aZdeZ^guf ijbreb kjhdb Z ^jm]bf b fbgmeb Z ^ey \udmim ih l_f aZdeZ^guf ba ^>_@j>_@\>_@gv_\hk>u@gZ__ijh^ZlvbebaZeh`blvijbg_fk>u@g___gb dZdg_\hafh`ghZl_aZeh`_ggu_^>_@j>_@\gbihaZdeZ^gufaZibku\Zxl Zbgu_m`_baZibkZebhlq_]hhgZbk>u@g__ijbreb\g_fZeh_jZahj_ gb_:mg_cbk>u@gZ__eh[[eb`_ihjh^kl\mdjhf___\gmdZZ k>u@gZ__ie_fyggbdZ[jZlZjh^gh]h[kugZ]a e_c[ ]\Zj^bb Ij_h[jZ`_g kdh]hihedmK_j`ZglZFboZbeZ:j]ZfZdh\Z^jm]bogbdh]hg_ldhlhjhfm hgZaZ\ur_ihdZaZggufjZahj_gb_f^eyhdmiml_o^he]h\ihaZdeZ^guf g_^\b`bfh_k\h_bk>u@gZ__bf_gb_ihke_i_j\h]hk\h_]hfm`Z=_g_jZeZ Djbdk DZfbkZjZ FboZbeZ :j]ZfZdh\Z \ ^>_@j>_@\gyo ijh^Z`m bf_lv b aZdeZ^u\Zlv b \kydby a^_edb qbgblv \_jbl _fm \gmdm k\h_fm b ijhkbl hgZ \^h\Z =jZnbgZ FZl\__\Z qlh[ \ur_ihdZaZggh_ g_^\b`bfh_ k>u@gZ __bf_gb_^eyhdmimhagZq_gguo^he]h\ijh^Z\ZlvbaZdeZ^u\Zlvhghfm \gmdm __ : hagZq_gghc e_c[ ]\Zj^bb Ij_h[jZ`_gkdh]h ihedm K_j`Zgl FboZceZ :j]ZfZdh\ ijhr_gb_f h[ty\ey_l qlh ihfygmlhc ^y^y _\h :e_dk_c:j]ZfZdh\hl[he_agbijbr_e\[_kiZfylkl\hhldhlhjh]h[_a iZfylkl\ZbhagZq_gguyjh^h\uybo^>_@j>_@\gbijb\_e\ijhkjhqdmZih mdZam[e>Z@`_gguyb\_qgh^hklhcguyiZfylb?]hBfi_jZlhjkdh]h<_eb q_kl\ZI_ljZ<_ebdh]h\_e_gh[_amfguoihk\b^_l_ekl\mhl^Z\Zlvjh^kl \_ggbdhfba^>_@j>_@\gyfb\kfhlj_gb_ebijhkblqlh[hgh]h^y ^x _\h hk\b^_l_ekl\h\Zlv Z ih k\b^_l_ekl\m hl^Zlv \v _\h FboZceh\h kfhlj_gb_ydh[eb`g_fmjh^kl\_ggbdmZjZ^b\ur_ibkZgguo^he]h\^y ^b_\hih\_e_gh[[ueh^>_@j>_@\gbi_j_aZdeZ^u\Zlvbijh^Z\Zlv^eyhi D

>GDhklurbg

eZlu^he]h\Z^hjZakfhlj_gbybmqbg_gbyj_ahexpbbqlh[g_ih\_e_gh [ueh hagZq_gguo jh^h\uo bo b `Zeh\Zgguo ^>_@j>_@\_gv ih l_f aZdeZ^ guf _\h aZibku\Zlv b i_j_ijh^Z\Zlv b hldZau\Zlv qlh[ hgu_ bo ^>_@j>_@\gb ba jh^m bo \ qm`b_ jh^u g_ \ureb gZijZkgh : ih mdZahf ]h^Z:ij_ey^gy\_e_ghh^mjZdZoih^Z\Zlvba\_klb_\K_gZlZ\ K_gZl_hk\b^_l_ekl\h\Zlvb[m^_ihk\b^_l_ekl\my\ylpZlZdh\uyqlhgb \gZmdmgb\kem`[mg_]h^ylpZlh^>_@j>_@\>_@gvgZke_^kl\_gguobgbdZ dboaZgbfbg_kijZ\eb\ZlvZ\_e_lv\_^ZlvlZdb_^>_@j>_@\gbihijbdZa ghc aZibkd_ b bo g_]h^guo k l_o ^>_@j>_@\>_@gv dhjfblv b kgZ[^_\Zlv [eb`gbfjh^kl\_ggbdhfHdly[jy]>h@^gyihfygmluo^mjZdh\k\b ^_l_ekl\h\Zlv\K_gZl_lZdbfh[jZahfkijZrb\Zlvboij_^kh[hxh\ky dhf^hfh\ghfkhklhygbbdZd[ufhqghmfghfmq>_@e>h@\>_@dmhl\_l\lhf mqbgblvb_`_ebih\hijhkmhlih\_^bmqbgblvg_fh`_lZklZg_lbgZdhh lhf]h\hjblvlhfh`ghbklh]h^mjZq_kl\hihagZlvB\hbkiheg_gb_l_o ?yBfi_jZlhjkdh]h<_ebq_kl\ZmdZah\eh[hghc:j]ZfZdh\ij_^ klZ\e_gIjZ\bl_ekl\mxsZ]hK_gZlZ\DZglhj_bij_^kh[jZgb_fihkbe_ ihfygmlh]h]h^mmdZamh\kydhf^hfh\ghfkhklhygbbkijZrb\Zgbih l_f\hijhkhfhg:e_dk_c:j]ZfZdh\kh[jZgbxhl\_lkl\h\ZeIjblhfhl kh[jZgby_fm:e_dk_x:j]ZfZdh\m]h\hj_ghqlhfZlv_\h=jZnbgZGZ klZk>v@y FZl\__\Z ih^Zgguf k\hbf \ K_gZlkdmx DZglhjm ijhr_gb_f h[>t@y\ey_lqlhhg:e_dk_c:j]ZfZdh\hlmqbgb\r_cky`_klhdhc]hjyq db iZfylb ebrbeky Z \ ^_j_\gyo dhb \ g_[ulghklv _\h hgZy fZlv _\h =jZnbgZ ih ibkfm _\h :e_dk_y :j]ZfZdh\Z ^ey i_j_\h^m d g_fm ^>_@g>_@]aZeh`beZbg>u@g_ijbrebkjhdbZ^jm]bfbfbgmebbijhkbl qlh[ aZ lhx _\h :e_dk__\hx [he_agbx ^ey hdmim l_o ^he]h\ ijh^Z`m bf_lvbaZdeZ^u\Zlvb\kydb_a^_edbiha\heblvqbgblvih[ebahklb\gm dm __ Z _\h :e_dk__\m ie_fyggbdm FboZbem :j]ZfZdh\m B ^ey lh]h ql_gZhagZq_ggZy=jZnbguGZklZk>v@bFZl\__\hcq_eh[blgZybhlkh[jZ gby hg :e_dk_c :j]ZfZdh\ kijZrb\Zg fh`_l eb hg h l_o ^>_@j>_@\gyo e^eyhdmiml_o^he]h\ijh^Z`mbf_lvbaZdeZ^u\Zlvba^_edbqb gblv kZf B hg :j]ZfZdh\ kh[jZgbx ^hghkbe qlh ih \u_a^_ k\h_f bk qx`bodjZ_\\KZgdlIbl_j;mjo_e_`Zehg`_klhdhx]hjyqdhxhldhlh jhcgbjmdZfbgbgh]Zfb^_ckl\h\Zlvg_fh]ZiZfylvkgbfblh]^Z[u eZZg>u@g_hllhc[he_agbk\h[h^bekybgZoh^blpZ\iZfylblhdfh_s_\ a^hjh\v_keZ[Z^>_@j>_@\>_@gvk\hboijbk_[_kh^_j`Zlvg_`_eZ_lihg_ `_ hl gbo gbdZdbo ijb[uldh\ djhf_ jZahj_gby g_ ijbagZ\Z_l b bk l_o k\hbo^>_@j>_@\>_@gviheh\bgmmklmiZ_lihdZaZgghfmie_fyggbdmk\h_fm FboZbem:j]ZfZdh\mbijh^Z`mbaZdeZ^u\Zgb_l_fk\hbf^>_@j>_@\gyf b \kydb_ a^_edb qbgblv _fm ie_fyggbdm k\h_fm hg \_jbl Hl kh[jZgby _fm:e_dk_x:j]ZfZdh\m]h\hj_gh_`_eb_fm[_a^_j_\_gvk\hbo[ulv lh q_f fh`_l k_[y kh^_j`Zlv[ b ijhiblZgb_ bf_lv B hg :j]ZfZdh\ [

BkijZ\e_ghbak_

Ijbeh`_gb_

kh[jZgbx^hghkbe[m^mqb^_hgaZfhj_f\@_g_\_h[mqZekyFZl_fZ lbd_\Xjbkijm^_gpbbObjmj]bbb:gZlhfbbbihbkdmkl\mhghcgZm dbk\h_cbf__lhgkdehgghklv[ulveh[\kem`[_^hdlmjkdhchl q_]h fh`_l [_a \kydbo oehihl dZd g>u@g_ hl ^>_@j>_@\>_@gv ijboh^yl g_fZeu_m[uldbijhiblZgb_bkh^_j`Zgb_k\h_bf_lvdlhfm`hgih gZmd_k\h_c\@_g_\_\h:dZ^_fbbihbkdmkl\mgZmdk\hbofh`_lZdpb ^_gpbbihemqZlvdZdl_fbfgh]byihgZmdZfk\hbf^h\hekl\mxlpZHl kh[jZgby _fm :j]ZfZdh\m ]h\hj_gh ohly hg hl kh^_j`Zgby ^>_@j>_@ \>_@gv k\hbo b hljbpZ_lpZ lhdfh hl \eZ^_gby _\h gZklhysZ]h gZke_^ gbdZhlj_rZlvg_gZ^e_`blgh\kemqZb_`_ebhgba^>_@j>_@\>_@gvk\h boijh^Z\Zlvbebdhfmi_j_aZdeZ^u\Zlvih`_eZ_llh_fmdl_fdj_ih klyf jmdm ijbdeZ^u\Zlv h[s_ k ihfygmluf ie_fyggbdhf k\hbf Fb oZbehf:j]ZfZdh\ufKh[jZgbxhg:e_dk_c^hghkbeqlhhgl_fIjZ \bl_ekl\mxsZ]hK_gZlZDZglhjukh[jZgbyijbdZaZgb_f^h\he_gb_fm ie_fyggbdm k\h_fm \_jbl Ihlhfm ^h\hegh jZakm`^Zy qlh ohly hghc :j]ZfZdh\lZdbf^mjZdhfdZdh\uoihmdZam]>h@]h^m\_e_ghebrZlv gZke_^by bg_ijbagZ\Z_lpZegh^eylh]hkmfg_gbyqlhhgqj_a lZdby ijblqbgu hljbpZykv \eZ^_gb_ ^>_@j>_@\>_@gv h[gZ^_`b\Z_l k_[y kh^_j`Zlvdjhf_^>_@j>_@\>_@gvihbkdmkl\mk\hbogZmdZijyfhebhg\ ijZdlbd_l_ogZmdkhklhblbebg_lhlhfg_ba\_klghlh]hjZ^bhlkh[ jZgby^hdlhjm>_l_ekmijbdZaZghkgbf:j]ZfZdh\ufhgZmdZo_\hb khklhygbb^h\heghkijZrb\Zlvbqlhbajha]h\hjh\_\hmkfhljblhlhf IjZ\bl_ekl\mxsZ]hK_gZlZ\DZglhjmih^Zlv_fmibkf_ggh_ba\_klb_ : ^hdlhj >_l_ek k_]h :ij_ey ^gy h[>t@y\be dh hagZq_gghfm :e_d k_x:j]ZfZdh\m\^hfhg_a^bebhg:j]ZfZdh\ihijb_a^__\h\^hf ijbgye_\hdZdgZ^e_`blb[uehg^hdlhjmg_]h:j]ZfZdh\Z\^hf_ qZkZ k q_luj_ b gZ \hijhku _\h hl\_lkl\h\Ze hg :j]ZfZdh\ lZd dZd mfghfm b mq_ghfm q>_@e>h@\>_@dm gZ^e_`bl Ijblhf `_ hg :j]ZfZdh\ ihf_rdZ\g_fZeh_\j_fyhk_j^yk>v@\ay\[mluedmkiblv_fb[jhkbe\ k\hckl\_ggbdZk\h_]hdhlhjZybjha[beZk>v@Zihlhf\ay\klZdZgojm klZeghc[jhkbe`_\^jm]Z]heh[k\hckl\_ggbdZ`k\h_]hBhg ^hdlhjkijZrb\Ze_\h:j]ZfZdh\Zqlhmg_]hdaufa\iheZl_\ufZjZg q_jgbeZfbBhg:j]ZfZdh\_fmhl\_lkl\h\Zehghc^_daufahg\ufZ jZe^eylh]hqlh[ihmlbgbiuebg_[uehIhlhfih\hijhkhf_\hhl \_lkl\h\Ze bajy^gh lZd dZd mfghfm q>_@e>h@\>_@dm gZ^e_`bl iZfylgh Ijblhf`_hg:j]ZfZdh\]h\hjbeg_hgZklhysbo^_eZohdhlhjuok gbf^hdlhjhfbf_ebk>v@jha]h\hjughkg_dhlhjufihf_rZl_ekl\hf bgZdhZg_hlhfqlhgZ\hijhkugZ^e_`Zeh_fmhl\_lkl\h\Zlvbihlh fm\b^bfh_klvqlhhg:j]ZfZdh\gZoh^blpZ\f_e_gdhebqghc[he_a gbZhgZy_\hf_e_gdhebyihke_ev_\h[he_agbbebhli_qZebbeb]hl \ BkijZ\e_ghbaFZl_fZd ]

BkijZ\e_ghbabhl

>GDhklurbg

\_ebdh]h ijbe_`Zgby d gZmd_ mqbgbeZk>v@ _fm :j]ZfZdh\m lh]h ih^ ebgghihagZlvg_\hafh`ghLh]hjZ^bijbdZaZeb\KZgdlIbl_j[mjo \IjZ\bl_ekl\mxsbcK_gZlkhh[sblv\_^_gb_klZdbfij_^klZ\e_gb _f qlh ih jZakm`^_gbx K_gZlkdhc DZglhju e ^ey hiZkghklb ^Z[u l_ _\h :j]ZfZdh\Z ^>_@j>_@\gb qj_a lZdb_ _\h g_khklhyl_eguy keh\Zbihklmidm\jZaahj_gb_b\ihke_^g__bklhsZgb_ZaZdeZ^hf\ ijhkjhqdm b \ i_j_ijh^Z`m g_ ijbreb ihdZf_kl hg \ kh\_jr_ggh_ khklhygb_ijblblvfh`_lgZ^e_`blhgu_hl^ZlvfZl_j__\h:e_dk__ \hc=jZnbg_GZklZk>v@_FZl\__\hc^Zjh^kl\_ggbdm_\h`:e_dk__ \mie_fyggbdmjh^ghfmhagZq_gghfmFboZbem:j]ZfZdh\mdhlhju_ ^ey \udmim i_j_aZdeZ^u\Zlv beb ijh^Z\Zlv b o dj_ihklyf jmdb ijb deZ^u\Zlv _c =jZnbg_ GZklZk>v@_ FZl\__\hc k ihdZaZgguf \gmdhf k\hbf FboZbehf :j]ZfZdh\uf h[s_ Z h^ghfm _fm FboZbem [_k iha\he_gbyihdZaZgghc[Z[dbk\h_cZ^y^b_\h:e_dk_y:j]ZfZdh\Z fZl_jb =jZnbgu GZklZk>v@b FZl\__\hc l_o ^>_@j>_@\>_@gv g_ aZdeZ ^u\Zlvbg_ijh^Z\Zlvbgb\hqlhh^ghfmg_\klmiZlpZb[hfZlv_\h bij_`^_hlkZfh]h_\h:j]ZfZdh\Z[ueZ\ijh^Z`_b\aZdeZ^__\h ^>_@j>_@\>_@gv h^gZ ih\_j_gghx : ihg_`_ lZdbo dhb hl [he_agb \ [_kiZfylkl\hijboh^ylqlh[hlgZke_^kl\Zhlj_rZlvlhqgh]>h@mdZam g_bf__lkyZhghc:e_dk_c:j]ZfZdh\ohlybgZoh^blpZ\lZdhfg_kh klhygbb b \ f_e_gdhebb gh hl ijbjh^u g_ ^mjZd lh]h jZ^b h lhf lhqgh]hj_r_gbyK_gZlkdhcDZglhj_ [_a h[sZ]h IjZ\bl_ekl\mxsZ]h K_gZlZ jZakm`^_gby mqbgblv kmfgbl_egh b h lhf lj_[h\Zlv bo IjZ \bl_ekl\mxsZ]h e h[ K_gZlZ hij_^_e_gby b khh[s_gby b ^ey lh]h ihdZaZggh]h FboZbeZ :j]ZfZdh\Z \ K_gZlkdhc DZglhj_ h[yaZlv ibkf_ggh^Z[uhghlhfbkIjZ\bl_ekl\mxsZ]hK_gZlZmdZabkoh^Z lZckl\h\Zedhg_qghhlk_]hqbkeZ\^\Zf>_@k>y@pZihg_`_dZdbklh]h \b^gh qlh _fm :j]ZfZdh\m ih khklhygbx k\h_fm kZfhfm hl ijh kjhqdb l_o k\hbo ^>_@j>_@\>_@gv m^_j`Zlv g_ fh`gh lh]h jZ^b ^h ih emq_gby bk IjZ\bl_ekl\mxsZ]h K_gZlZ hij_^_e_gby ^Z[u hl lZdh]h kemqZy _fm :j]ZfZdh\m b ^hfm _\h g_ \iZklv \ djZcg__ jZaahj_gb_ ihkeZlv\u@gZ k\h_]h ibkfZf aZdeZ^u\ZeZ ^>_@j>_@\gb ^Zlv iha\he_gb_ ^ey \udmim bo i_j_aZeh`blv beb ijh^Zlv _c =jZnbg_ kZfhc k l_f ie_ fyggbdhf_\hFboZbehf:j]ZfZdh\ufgZklhedhkmffhxkdhedhl_o ^he]h\bf__lpZZdhlhju_^>_@j>_@\gbijhkjhq_gul_\udmiZlvbfih Meh`_gvxbmdZahf =jZnK_f_gKZeludh\ Dg>y@avB\Zg;hjylbgkdbc FboZceZ
Ijbeh`_gb_ J=:>:NHiDgE²h[Ih^ebggbd h@^gy]h^m

=BXEYIJHR?GB?DHEE?@KDH=HKHEYBA=HLH<E?GBYBGKLJMF?GLH< >EYA:?GGHCBFIHEHLGYGHCN:;JBDB

e_j`Z\g_crZy<_ebdZy=>h@k>m@^>Z@j>u@gy Bfi_jZljbpZ ?ebkZ\_l I_ljh\gZ KZfh^_j`bpZ h@k>m@^>Z@j>u@gyb@e>h@klb\_crZy ;v_lq_ehfDhe_`kdhcKh\_lgbd:e_dk_cFboZceh\k>u@g:j]ZfZ dh\Z\q_ffh_ijhr_gb_lhfmke_^mxlimgdlu. Iha\he_ghfg_hlFZgbnZdlmjDhe_]bb\kh[kl\_gghcfh_c\hlqb g_\:jaZfZkdhfm_a^_\k_e_Mki_gkdhfiZjmkgmxbihehlgygmxnZ[ jbdm aZ\_klv dhlhjmx b ijhba\h`m b dh hghc g>u@g_ g_h[oh^bfh ih lj_[gh gZ ^_eh bgkljmf_glh\ ba uf_xsZ]hky \ fhbo ^ZqZo \[ebahklb lhcnZ[jbdbe_km\ujm[blv^m[h\uode_gh\uob\yah\uoih^\_klb^_ j_\aaZde_cf_gb_fmdZagh]hde_cfZZ[ebal_ofhbo^Zq\h^yghcdhf fmgbdZpbbg_lhdfh[herboghbfZeuoj_dg_lgh\^Zeghfbg_mdZa ghfjZaklhygbbZihg_`_[_klZdh]he_kmlZfZynZ[jbdZ^hkh\_jr_g gh]hjZafgh`_gbykh\_jr_gkl\Z^hklb]gmlvg_fh`_lD k _ f m i j h r_gbx :ihMdZam]>h@]h^mBxgy]>h@^gyih\_e_gh\h\k_f=hkm^Zj kl\_ aZih\_^guo e_kh\ dhlhju_ ]h^gu o dhjZ[_eghfm kljh_gbx Z bfyggh^m[mbe_fmb\yamblheklhckhkguhl[herboj_d\klhjhgu ih iylb^_kyl \_jkl e h[ Z hl fZeuo dhlhju_ >\ l_@ [herb_ j_db \iZeb Z ieZ\ghfm oh^m ih gbo [ulv fh`gh \ klhjhgm ih ^\ZlpZlb \_jklhlgx^>v@gbdhfmgbgZdZdb_gm`^ug_jm[blvZlhedhbkl_oe_ kh\ jm[bl>v@ ^ha\he_gh ^ey g_h[oh^bfuo k\hbo gm`^ k mdZaguf aZ de_cf_gb_fl_oijZ\bgp_c\dhlhjuol_e_kZh[klhyl>Zihbfygghfm ]>h@]h^mGhy[jy]>h@^gyMdZamf_`^mijhlqbfihfmimgdlmih\_e_ gh \ fZgbnZdlmjguo ^_eZo g_ ij_^eh`_gb_f h^g_f dZd lh qbgblpZ lZf]^_m`_bh[udehZg_lZddZdg>u@g_^_eZ_lpZaZ\_^y^Zg_hkgh

>GDhklurbg

\Z\ hklZ\yl dZd g_^Z\gh dZeZfbgdh\hc aZ\h^ aZ h^ghx fZrbghx k f_^gufbjheZfbkh\_jr_gkl\Zk\h_]h^hklb]gmlvg_fh`_l ^_eZlvgh bijbgm`^Zlvb\kihfh]ZlvgZklZ\e_gb_ffZrbgZfbb\kydbfbkihkh [Zfbbydh^h[jufWdhghfhf[ulv:ihbgkljmdpbb\Zelf_ckl_jkdhc e_kZdnZ[jbdZfjm[bl>v@iha\he_ghghlhdfhv@aZij_sZ_l: e _ d k _ c B ^Z[u \ukhqZcrbf h@k>m@^>Z@jvkl\_ghc FZgbnZdlmj Dhe_]bbijbgylvbihdZaZggh_qbkehgZbgkljmf_glue_kmjm[blv^ha \heblv b h aZde_cf_gbb hgh]h dh h[j_lZxs_fmky \ :jaZfZkdhc IjZ \bgpuZeghc DZgp_eyjbb h@k>m@^>Z@j>u@gy ijhrm v@ Bxey ]>h@^gy]>h@]h^mDih^ZgbxgZ^e_`bl\=>h@k>m@^>Z@jkl\_gghcFZ gbnZdlmjDhe_]bbIjhr_gb_ibkZehghc`_Dhe_]bbKh\_lgbdZ:e_d k_y FboZceh\bqZ :j]ZfZdh\Z kem`bl_e>v@ B\Zg @mjZ\e_\ j m d m ijbeh`be J=:>:NHi>E²h[Ih^ebggbd Keh\ZgZi_qZlZggu_jZaj_`_ggufrjbnlhf²Z\lh]jZn GZeihf_lu\\_jom"Ih^ZgZBxey>^gy]h@^Z AZibkZ\^heh`blv\gbamGZeh[\gbamihf_lZKemrZgh Bxey]>h@^gy]>h@]h^mGZeqZklbkdj_igZe_\hfihe_ Dhlkued_kijZ\Zgb`_]himgdlZdhl^Zq_\Zjob\dj_ibe

=F:YIJHR?GB?DHEE?@KDH=HKHBJ?DLHJ:FHKDH? e_j`Z\g_crZy<_ebdZy=>h@k>m@^>Z@j>u@gy Bfi_jZljbpZ ?ebkZ\_l I_ljh\gZ KZfh^_j`bpZ h@ k>m@^>Z@j>u@gyb@e>h@klb\_crZy ;v_lq_ehf=>h@k>m@^>Z@jvkl\_gghcFZgbnZdlmjDhe_]bbKh\_lgbdb Fhkdh\kdh]hBfi_jZlhjkdZ]hMg_\_jkbl_lZ>bj_dlhj:e_dk_c:j]ZfZ dh\Z\q_ffh_ijhr_gb_lhfmke_^mxlimgdlu u@g_bijhba\h^beD k _ f m

Ijbeh`_gb_

:g>u@g_ihh@k>m@^>Z@jvkl\_ggmxFZgbnZdlmj Dhe_]bxijbgylvbhlijhba\h`^_gby\ur_h[>t@y\e_gghcnZ[jbdbf_ gy e h[ m\heblv b hgmx ba j_wkljZ \udexqblv Z bf_xsbyky \h hghcbgkljmf_glub]hlh\uyfZl_jbZeulZdh`ba^_eZgguylh\Zjudlh ih`_eZ_l dmiblv ^ha\heblv fg_ ijh^Zlv b h lhf \ :jaZfZkdmx IjZ \bgpbZegmxDZgp_eyjbxaZba\_klb_ihkeZlvMdZag b x b@e>h@klb\_crZy =>h@k>m@^>Z@j>u@gy ijhrm h@^gy ]h^m D ih^Zgbx gZ^e_`bl \ =>h@k>m@^>Z@jvkl\_ggmx FZgbnZdlmj Dhe_]bxIjhr_gb_ibkZehghc`_Dhe_]bbLblmeyjgucDhe_]bbXg d_jI_ljMklZedh\: e _ d k _ c : j ] Z f Z d h \ j m d m i j b e h ` b e J=:>:NHi>E²h[Ih^ebggbd Keh\ZgZi_qZlZggu_jZaj_`_ggufrjbnlhf²Z\lh]jZn GZeihf_lu\\_jomIh^ZgZFZby^gy]h^m AZibkZ\\uibkZlvgb`_aZq_jdgmlh aZq_jdgmlh gZe_\hfihe_gb`_gb`_aZq_jdgmlh GZeh[\gbamihf_lZKemrZgZFZby^gy]h^m GZegZe_\hfihe_qZklbkdj_iK_dj_K_dj_lZjv

=F:Y>F?@>MB@KIJ:
:F:J=:F:DH<: