Microsoft Visual Basic 2005 Express Edition - Build a Program Now 9780735622135, 0735622132

This engaging, full-color, learn-by-doing guide show new programmers how to build and customize their first project-a de

253 5 5MB

English Pages 224 Year 2005

Report DMCA / Copyright

DOWNLOAD PDF FILE

Recommend Papers

Microsoft Visual Basic 2005 Express Edition - Build a Program Now
 9780735622135, 0735622132

  • 0 0 0
  • Like this paper and download? You can publish your own PDF file online for free in a few minutes! Sign Up
File loading please wait...
Citation preview

7j^aYVEgd\gVb B^Xgdhd[iœ

J]giU`6Ug]W '%%* œ

:megZhh:Y^i^dc

;$LQGG

30

38%/,6+('%< 0LFURVRIW3UHVV $'LYLVLRQRI0LFURVRIW&RUSRUDWLRQ 2QH0LFURVRIW:D\ 5HGPRQG:DVKLQJWRQ &RS\ULJKW‹E\0LFURVRIW&RUSRUDWLRQ ,QIRUPDWLRQLQWKLVGRFXPHQWLQFOXGLQJ85/DQGRWKHU,QWHUQHW:HEVLWHUHIHUHQFHVLVVXEMHFWWRFKDQJHZLWKRXWQRWLFH8QOHVVRWKHU ZLVHQRWHGWKHH[DPSOHFRPSDQLHVRUJDQL]DWLRQVSURGXFWVGRPDLQQDPHVHPDLODGGUHVVHVORJRVSHRSOHSODFHVDQGHYHQWVGHSLFWHG KHUHLQDUHÀ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·VYLHZVDQGRSLQLRQV7KHLQIRUPDWLRQFRQWDLQHGLQWKLVERRNLVSURYLGHGZLWKRXWDQ\H[SUHVVVWDWXWRU\ RULPSOLHGZDUUDQWLHV1HLWKHUWKHDXWKRUV0LFURVRIW&RUSRUDWLRQQRULWVUHVHOOHUVRUGLVWULEXWRUVZLOOEHKHOGOLDEOHIRUDQ\GDPDJHV FDXVHGRUDOOHJHGWREHFDXVHGHLWKHUGLUHFWO\RULQGLUHFWO\E\WKLVERRN

%RG\3DUW1R;

;$LQGG

30

6bagXagf 6[TcgXe$

h#C:I4

'

L]Vi>hK^hjVa7Vh^X'%%*4 >hK^hjVa7Vh^X'%%*VcDW_ZXi"Dg^ZciZYEgd\gVbb^c\ DDEAVc\jV\Z4

)

L]Vi>hK^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 L]Vi@^cYhd[6eea^XVi^dch8VcNdj7j^aYl^i] K^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 L]Vi6gZi]Z@Zn;ZVijgZhNdjCZZYid@cdl6Wdji4

.

6[TcgXe%

&% &%

$(

EgZeVg^c\id>chiVaaK^hjVa7Vh^X'%%*:megZhh :Y^i^dc

&+

>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc

&,

6eXTg\aZLbhe9\efg4cc_\VTg\ba

%(

IldIneZhd[6eea^XVi^dch/L]ViÈhi]Z9^[[ZgZcXZ4

'+

9:8dbedcZcih

', (%

Dcidi]ZEgd_ZXih 7j^aY^c\V8dchdaZ6eea^XVi^dc

(& (&



;$LQGG

(' (( (, (. )&

)

hIg^\\ZgZY4

,*

6[TcgXe)

@bW\YlLbheJXU5ebjfXeAbj

+$

=dlid7g^c\JeNdjg6eea^XVi^dc

-'

>ciZgVXi^c\I]gdj\]9^Vad\7dmZh 6YY^c\Vc6Wdji7dm 6YY^c\VCVk^\ViZ9^Vad\7dm

--.&

6Egd[Zhh^dcVaAdd`VcY;ZZaViNdjg;^c\Zgi^eh 6YY^c\VIddaHig^e8dciV^cZgVcYHdbZIddah 6YY^c\VHiVijh7VgidNdjg7gdlhZg EZghdcVa^oZNdjg6eea^XVi^dcl^i]L^cYdlh>Xdch

6[TcgXe*

9\k\aZg[X5eb^Xa5_bV^f 9ZWj\\^c\Vc6eea^XVi^dc Jh^c\V9AA^cVc6eea^XVi^dc 6YY^c\VGZ[ZgZcXZidNdjg6eea^XVi^dc 7gZV`ed^cih!AdXVah!:Y^iVcY8dci^cjZ!VcYK^hjVa^oZgh

6[TcgXe+

@TaTZ\aZg[X7TgT L]Vi>hV9ViVWVhZ4 L]ViÈh>cV9ViVWVhZ4 9ViVCdgbVa^oVi^dcVcY9ViV>ciZ\g^in L]Vi>hCjaa4 L]Vi6gZEg^bVgn@ZnhVcY;dgZ^\c@Znh4 =dl9dNdj>ciZgVXil^i]VGZaVi^dcVa9ViVWVhZ4 ^k

;$LQGG

.) .) .+ &%%

$#, &&% &&% &&& &&'

$%( &'+ &'+ &', &(% &(% &((

HFAHZgkZg'%%*:megZhh^cK^hjVa7Vh^X'%%* :megZhh:Y^i^dc 8gZVi^c\V9ViVWVhZJh^c\K^hjVa7Vh^X'%%* :megZhh:Y^i^dc 8gZVi^c\IVWaZh^cNdjg9ViVWVhZ 8gZVi^c\GZaVi^dch]^eh7ZilZZci]ZIVWaZh :ciZg^c\9ViV^cHFAHZgkZgIVWaZhJh^c\ K^hjVaHijY^d L]Vi6gZ69D#C:IVcY9ViVW^cY^c\4 I]Z8VgIgVX`Zg6eea^XVi^dc9ZkZadebZci 8dbedcZciIgVn =dl9d>c[dgbVi^dc DcBn;dgb4

&() &(* &(, &(. &)( &)+ &)&*( &*)

6[TcgXe,

5h\_WLbheBjaJXTg[XeGeTV^Xe 4cc_\VTg\baAbj

$)&

;ZVijgZhd[i]ZLZVi]ZgIgVX`Zg6eea^XVi^dc I]Z=^\]"AZkZaEaVc

&+) &+)

8gZVi^c\i]Z6eea^XVi^dcJhZg>ciZg[VXZ 6YY^c\Cdi^[^XVi^dc6gZV8VeVW^a^i^Zh 6YY^c\i]ZHeaVh]HXgZZcVcY6Wdji9^Vad\7dm 6YY^c\i]ZDei^dch9^Vad\7dm

&+* &+, &,( &,*

Jh^c\LZWHZgk^XZh JhZgHZii^c\h Ldg`^c\^ci]Z7VX`\gdjcY 8dbeaZi^c\i]Z8dgZLZVi]ZgIgVX`Zg;jcXi^dcVa^in IZhi^c\LZVi]ZgIgVX`Zg Ldg`^c\l^i]i]ZDei^dch9^Vad\7dm IZhi^c\LZVi]ZgIgVX`Zg

&,, &-& &-' &-, &.( &.) &.,

6cYCdl!?jhi8a^X`DcXZ

&.-

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ÈbVeeaVjY^c\VcYX]ZZg^c\[dg i]ZeZdeaZl]d]VYi]^hWg^aa^Vci^YZVWZXVjhZ>WZa^ZkZi]ZgZ ^hVgZVacZZYVcYYZbVcY[dgVldgaY"XaVhhVcYedlZg[ja egdYjXi[dgi]Z]dWWn^hiegd\gVbbZgh!hijYZcih!VcYegd" [Zhh^dcVaYZkZadeZgh#6cYK^hjVa7Vh^X'%%*:megZhh:Y^i^dc VchlZghVaad[i]ViVcYbdgZ# K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hV[jaan[jcXi^dcVa hjWhZid[K^hjVaHijY^d'%%*!hj^iVWaZ[dgXgZVi^c\VcYbV^c" iV^c^c\L^cYdlhVeea^XVi^dchVcYa^WgVg^Zh#>iÈhcdiVi^bZY" WdbWZY^i^dc!VYZbd!dgV[ZVijgZa^b^iZYkZgh^dc0cd!^iÈhV `ZnB^Xgdhd[i^c^i^Vi^kZidgZVX]bdgZeZdeaZVcY\^kZi]Zb i]ZVW^a^inid]VkZ[jcl]^aZXgZVi^c\Xddahd[ilVgZ#

L]d>hI]^h7dd`;dg4

I]^hWdd`^h[dgeZdeaZl]d]VkZ^YZVhWjiYdcÈi`cdl ]dlidWg^c\i]ZbidgZVa^in#>iÈhV\ddY^cigdYjXi^dcidi]^h VgiVcYhX^ZcXZi]Vi^hYZkZade^c\hd[ilVgZ#

=dlI]^h7dd`>hDg\Vc^oZY I]^hWdd`Xdch^hihd[c^cZX]VeiZgh!ZVX]XdkZg^c\VeVgi^Xj" aVg[ZVijgZdgiZX]cdad\nVWdjiK^hjVa7Vh^X'%%*:megZhh :Y^i^dc#BdhiX]VeiZghWj^aYdcegZk^djhX]VeiZgh!hdndj h]djaYeaVcdcgZVY^c\i]ZbViZg^VahZfjZci^Vaan#

8dckZci^dchVcY;ZVijgZh^cI]^h7dd` I]^hWdd`egZhZcih^c[dgbVi^dcjh^c\XdckZci^dchYZh^\cZY idbV`Zi]Z^c[dgbVi^dcgZVYVWaZVcYZVhnid[daadl#7Z[dgZ ndjhiVgii]ZWdd`!gZVYi]Z[daadl^c\a^hi!l]^X]ZmeaV^ch XdckZci^dchndjÈaahZZi]gdj\]djii]ZWdd`VcYed^cihdji ]Zae[ja[ZVijgZh^ci]ZWdd`i]Vindjb^\]ilVciidjhZ#

I]^hWdd`^h[dgZkZgnWdYn/hijYZcih!]dWWn^hiegd\gVbbZgh! VcYVahd[dgeZdeaZl]dValVnhi]dj\]iegd\gVbb^c\lVhV 7cbjYbh]cbg idj\]iVh`#>iÈh[dgeZdeaZl]d]VY^YZVha^`Z/>l^h]>XdjaY Q :VX]ZmZgX^hZ^hVhZg^Zhd[iVh`h#:VX]iVh`^hegZhZciZYVh Wj^aYViddaidhidgZVaabngZX^eZh!>l^h]>XdjaYeg^cii]Zb VhZg^Zhd[cjbWZgZYhiZeh&!'!VcYhddc#:VX]ZmZg" VcYhZcYi]Zbidbn[g^ZcYhDG>l^h]>XdjaYWj^aYi]^h X^hZ^hegZXZYZYWnVegdXZYjgVa]ZVY^c\i]ViaZihndj XddaXVgY\VbZi]Vi>]VkZcZkZg[djcYZahZl]ZgZDG>l^h] `cdll]Vindjl^aaVXXdbea^h]^ci]ZZmZgX^hZ# >XdjaYWj^aYi]^hXddahd[ilVgZidhidgZbn9K9VcY89Xda" Q CdiZhaVWZaZYÅI^eÆegdk^YZVYY^i^dcVa^c[dgbVi^dcdg aZXi^dcDG>l^h]>XdjaYWj^aYi]^hhd[ilVgZid]ZaebZldg` VaiZgcVi^kZbZi]dYh[dgXdbeaZi^c\VhiZehjXXZhh[jaan# l^i]bVig^XZhVcYeadi\gVe]^Xh[dgbnbVi]XaVhhVcYbVcn bdgZegd_ZXihi]VidcZXVci]^c`d[ >cigdYjXi^dc

;$LQGG

k

30

Q CdiZhaVWZaZYÅ8Vji^dcÆVaZgindjid^c[dgbVi^dcndj cZZYidX]ZX`WZ[dgZXdci^cj^c\#

Q E8l^i]VEZci^jb>>>"XaVhhegdXZhhdg!+%%B=o GZXdbbZcYZY/&chiVaa^c\i]Z8dYZHVbeaZh ;daadli]ZhZhiZehid^chiVaai]ZXdYZhVbeaZhdcndjgXdbejiZg#

$ 8ckb`cUXh\YWcXYgUad`YgZfca]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc^dc$%",(*+"''&("'$" % 5ZhYfmciXckb`cUXh\YWcXYgUad`YgZ]`Y fibh\Y]bghU``Yf" & :c``ckh\Y]bghfiWh]cbgh\UhUddYUf" I]ZXdYZhVbeaZhVgZ^chiVaaZYidi]Z[daadl^c\adXVi^dcdcndjgXdbejiZg/ Bn9dXjbZcihQB^Xgdhd[iEgZhhQK7'%%*:megZhh

Jh^c\i]Z8dYZHVbeaZh :VX]X]VeiZg^ci]^hWdd`ZmeaV^chl]ZcVcY]dlidjhZVcnXdYZhVbeaZh[dgi]ViX]VeiZg# L]Zc^iÈhi^bZidjhZVXdYZhVbeaZ!i]ZWdd`l^aaa^hii]Z^chigjXi^dch[dg]dliddeZci]Z [^aZh#I]ZX]VeiZghVgZWj^aiVgdjcYhXZcVg^dhi]Vih^bjaViZgZVaegd\gVbb^c\egd_ZXih!hd ndjXVcZVh^anVeeani]Zh`^aahndjaZVgcidndjgdlcldg`# ;dgi]dhZd[ndjl]da^`Zid`cdlVaai]ZYZiV^ah!Va^hid[i]ZXdYZhVbeaZegd_ZXih VeeZVghdci]ZcZmieV\Z#6abdhiVaaegd_ZXih]VkZhdaji^dchVkV^aVWaZ[dgi]ZegVXi^XZZmZg" X^hZh#I]Zhdaji^dch[dgZVX]egd_ZXiVgZ^cXajYZY^ci]Z[daYZg[dgZVX]X]VeiZgVcYVgZ aVWZaZY8dbeaZiZ#

Jc^chiVaa^c\i]Z8dYZHVbeaZh ;daadli]ZhZhiZehidgZbdkZi]ZXdYZhVbeaZh[gdbndjgXdbejiZg#

$ =b7cbhfc`DUbY` cdYb5XXCfFYacjYDfc[fUag" :fcah\Y`]ghcZ7iffYbh`m=bghU``YXDfc[fUag gY`YWhA]WfcgcZhJ]giU`6Ug]W&$$)9ldfYgg9X]h]cb.

% 6i]`XUDfc[fUaBckUbXW`]W_FYacjY"

& :c``ckh\Y]bghfiWh]cbgh\UhUddYUfhcfYacjYh\YWcXYgUad`Yg" >cigdYjXi^dc

;$LQGG

k^^

30

k^^^

;$LQGG

Egd_ZXi

9ZhXg^ei^dc

8]VeiZg&'

CdhVbeaZegd_ZXih

8]VeiZg( Bn;^ghi8dchdaZ6eea^XVi^dc 

6eea^XVi^dci]ViiV`ZhildcjbWZghVcYVYYhi]Zb id\Zi]Zg!i]ZcY^heaVnhi]Zhjb^cVXdchdaZl^cYdl#

Bn;^ghiL^cYdlh6eea^XVi^dc 

HVbZVeea^XVi^dcWjiY^heaVnhi]ZgZhjai^cV bZhhV\ZWdm#

8]VeiZg) BnDlc7gdlhZg 

H^beaZLZWWgdlhZgVeea^XVi^dci]ViZcVWaZhi]Z jhZgidWgdlhZdci]Z>ciZgcZi#

8]VeiZg* IZhiEgd_ZXi 

6eea^XVi^dci]ViZcVWaZhndjidjhZi]Zbdhi^bedgiVci [ZVijgZh^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dc#

8]VeiZg+ BnDlc7gdlhZg   

I]^h^hi]ZXdci^cjVi^dcd[i]ZVeea^XVi^dc[gdb 8]VeiZg)#>i^hi]ZLZWWgdlhZgidl]^X]ndjÈaaVYY bZcjh!iddaWVgh!VhiVijhVcYegd\gZhhWVg!VcYV cVk^\Vi^dcl^cYdll^i]VjidXdbeaZiZ#

8]VeiZg, 9ZWj\\Zg  

6cVeea^XVi^dc[jaad[egdWaZbhid]ZaendjaZVgc]dl idYZWj\jh^c\[ZVijgZhd[K^hjVa7Vh^X'%%* :megZhh:Y^i^dc#

8]VeiZg- 8VgIgVX`Zg  

6cVeea^XVi^dcZcVWa^c\i]ZjhZgidigVX`XVgVYh[gdb i]Z>ciZgcZijh^c\VHFAHZgkZg'%%*:megZhhYViVWVhZ idhidgZi]Z^c[dgbVi^dc#

8]VeiZg. LZVi]ZgIgVX`Zg    

6cVeea^XVi^dci]Vigjch^ci]ZhnhiZb"igVnVcY]Vh Vc^XZJ>idY^heaVnlZVi]ZgYViVXdaaZXiZYWnndjg Veea^XVi^dc[gdbY^kZghZLZWhZgk^XZh#6YZeadnbZci eVX`V\Z^hVahdXgZViZY[dgi]ZY^hig^Wji^dcd[ndjg Veea^XVi^dc#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

EgZgZaZVhZHd[ilVgZ

FjZhi^dchVcY8dbbZcih

I]^hWdd`lVhgZk^ZlZYVcYiZhiZYV\V^chii]Z6j\jhi'%%* gZaZVhZXVcY^YViZ#I]^hWdd`^hZmeZXiZYidWZ[jaanXdbeVi" ^WaZl^i]i]Z[^cVagZaZVhZd[K^hjVaHijY^d'%%*#>[i]ZgZVgZ VcnX]Vc\ZhdgXdggZXi^dch[dgi]^hWdd`!i]ZnÈaaWZXdaaZXiZY VcYVYYZYidVB^Xgdhd[i@cdlaZY\Z7VhZVgi^XaZ#HZZi]Z ÅHjeedgi[dgI]^h7dd`ÆhZXi^dc^ci]^h>cigdYjXi^dc[dgbdgZ ^c[dgbVi^dc#

>[ndj]VkZXdbbZcih!fjZhi^dch!dg^YZVhgZ\VgY^c\i]Z Wdd`dgi]ZXdbeVc^dcXdciZcidg]VkZfjZhi^dchi]ViVgZ cdiVchlZgZYWnk^h^i^c\i]Zh^iZhVWdkZ!eaZVhZhZcYi]Zb idB^Xgdhd[iEgZhhk^VZ"bV^aid

IZX]cdad\nJeYViZh

B^Xgdhd[iEgZhh 6iic/K^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVb Cdl:Y^idg DcZB^Xgdhd[iLVn GZYbdcY!L6.-%*'"+(..

6hiZX]cdad\^ZhgZaViZYidi]^hWdd`VgZjeYViZY!a^c`hid VYY^i^dcVa^c[dgbVi^dcl^aaWZVYYZYidi]ZB^Xgdhd[iEgZhh IZX]cdad\nJeYViZhLZWeV\Z#K^h^ii]^heV\ZeZg^dY^XVaan [dgjeYViZhdcK^hjVaHijY^d'%%*VcYdi]ZgiZX]cdad\^Zh# ]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$jeYViZh$

bhe^ceji5b^Xgdhd[i#Xdb dgk^VedhiVabV^aid

EaZVhZcdiZi]ViB^Xgdhd[id[[Zghcdhd[ilVgZegdYjXi hjeedgii]gdj\]i]ZhZVYYgZhhZh#

Hjeedgi[dgI]^h7dd` :kZgnZ[[dgi]VhWZZcbVYZidZchjgZi]ZVXXjgVXnd[i]^h Wdd`VcYi]ZXdbeVc^dcXdciZci#6hXdggZXi^dchdgX]Vc\Zh VgZXdaaZXiZY!i]ZnÈaaWZVYYZYidVB^Xgdhd[i@cdlaZY\Z 7VhZVgi^XaZ#Idk^Zli]Za^hid[`cdlcXdggZXi^dch[dgi]^h Wdd`!k^h^ii]Z[daadl^c\Vgi^XaZ/ ]iie/$$hjeedgi#b^Xgdhd[i#Xdb$`W$.%*%() B^Xgdhd[iEgZhhegdk^YZhhjeedgi[dgWdd`hVcYXdbeVc" ^dcXdciZciVii]Z[daadl^c\LZWh^iZ/ ]iie/$$lll#b^Xgdhd[i#Xdb$aZVgc^c\$hjeedgi$Wdd`h$

>cigdYjXi^dc

;$LQGG

^m

30

4Ubhgg[X4hg[be EVig^XZEZaaVcY EVig^XZEZaaVcY^hViZX]c^XVaaZVYViB^Xgdhd[ildg`^c\^c i]Z9ZkZadeZg9^k^h^dc#=ZadkZh#C:IVcYLZWhZgk^XZh VcY![dgi]ZeVhi[djgnZVgh!]Z]VhWZZcldg`^c\!iZVX]^c\! ZkVc\Za^o^c\!VcYiVa`^c\VWdjii]ZbidZkZgndcZ# ;dgi]ZeVhiilZakZnZVgh!]Z]VhWZZcldg`^c\^c hd[ilVgZYZkZadebZci^ckVg^djhgdaZh/YZkZadeZg!egd_ZXi aZVY!bVcV\ZgVcYbZcidg!VcYhd[ilVgZZc\^cZZg^cF6 dg\Vc^oVi^dch#=Z]VhkVhiZmeZg^ZcXZheVcc^c\bjai^eaZ iZX]cdad\^ZhVcY[^ZaYh/YZkZadeZgiddah![^WZgdei^XhiZaZ" Xdbbjc^XVi^dc!Vk^Vi^dc!Xd[[ZZVcYYV^gnXdbeVc^Zh!VcY Vahdi]gZZnZVghiZVX]^c\XdbejiZghX^ZcXZVcYhd[ilVgZ YZkZadebZciViVXdaaZ\Z^c8VcVYV# L]ZccdiYZkZade^c\\gZViiddah[dgYZkZadeZghVcY ]Zae^c\XjhidbZghi]gdj\]djii]ZldgaY!]ZZc_dnhheZcY" ^c\i^bZl^i]]^h[Vb^anVcY[g^ZcYh!eaVn^c\\VbZhdc M7DMVcYE8!gZVY^c\Wdd`h!gZVY^c\VWdjiEdghX]ZVcY YgZVb^c\VWdjiYg^k^c\dcZ!eaVn^c\]dX`Zn!lViX]^c\ C=A]dX`ZnVcYC;A[ddiWVaa!VcY]Vk^c\\gZViY^ccZgh l^i]\ddY[ddYVcY[^cZYg^c`hl^i][g^ZcYhVcY[Vb^an#=Z gZh^YZhl^i]]^h[Vb^an^cHVbbVb^h]!L6#

9ZY^XVi^dc I]^hWdd`^hYZY^XViZYidbnl^[Z!=‚aƒcZ#Bnl^[Z^hVWgZVhi XVcXZghjgk^kdg!VcY]ZgXdjgV\ZVcYhigZc\i]ejh]bZid YdWZiiZgi]^c\hVcYid[VXZbdgZXdbeaZmX]VaaZc\Zh#H]ZÈh m

;$LQGG

WZVji^[ja0h]ZÈhbn^Yda!bn^che^gVi^dc!bnhjch]^cZ!bn WZhi[g^ZcY!bnadkZ!VcYVcVlZhdbZbdi]ZgBdcVbdjg! i]Vc`h[dgWZ^c\l]dndjVgZVcY[dgWZ^c\i]ZgZ[dgbZ> adkZndj

I]Vc`h ;^ghid[Vaa!i]Vc`hidbneVgZcih#Bdb!9VY!ndj\VkZbZ Vaai]ZX]VcXZhidWZl]Vi>Vb^ca^[ZVcYndj\VkZbZi]Z kVajZhidWZi]ZbVc>Vb#I]Vc`hVcY>adkZndj 6Wdd`^hV]j\ZVYkZcijgZ^chdbZWdYnÈha^[Z!VcY^i ldjaYcdiWZedhh^WaZl^i]djii]Z]Zaed[bVcneZdeaZ#>ÈkZ ValVnhgZVYi]Zi]Vc`ndjhZXi^dch^cdi]ZgeZdeaZÈhWdd`h VcY>lVhValVnhVbVoZYVi]dlbVcneZdeaZVgZcZZYZY idbV`ZVWdd`l]Vi^i^h#Cdl>gZVaanjcYZghiVcYl]n L]^aZlg^i^c\VWdd`^hidj\]!gZVaidj\]!^iÈhgZVaanhVi" ^h[n^c\Vii]ZhVbZi^bZ#9jg^c\i]Zlg^i^c\egdXZhh!ndj hdbZi^bZh]VkZYdjWih!VcY>]VYbnh]VgZd[""ZheZX^Vaan i]dhZc^\]ihVi(/%%V#b#l]ZcVaadi]Zghdjah^ci]Z]djhZ VgZVhaZZe!ZkZcbnYd\!VcYi]ZegdYjXi]VYVWj\egZ" kZci^c\bZ[gdbiZhi^c\hdbZi]^c\0l]Zc>lVh^c[gdcid[ bnaVeidel^i]VcZmXZei^dcVcYVl]^iZeV\Z^cLdgY0 l]ZcZkZgnWdYnlVhdckVXVi^dci]^hhjbbZgl]^aZ>lVh ldg`^c\Vii]Za^WgVgn^cHVbbVb^h]#>XVcÈigZbZbWZg ]dlbVcni^bZh>ÈkZhV^Yidbn[g^ZcYh!ÅCd!>ldcÈiWZ VWaZidWZi]ZgZ#>cZZYidldg`dcbnWdd`Æ7ji^iÈhVc VlZhdbZZmeZg^ZcXZidlg^iZVWdd`0ZkZgnWdYnl]d]Vh i]ZX]VcXZh]djaYiV`Zi]ZX]VaaZc\Z B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

L^i]i]VihV^Y!>[^ghicZZYidi]Vc`bnadkZan[Vb^an#Bn `^YhAVjgV!&&!VcY6cid^cZ!.VcYbnl^[Z!=‚aƒcZ!lZgZ hd\gZViVcYE6I>:CI#=dlbVcni^bZh>]ZVgYi]ZbhVn! Å9VYYn!^iÈhbdk^Zc^\]i½d]nZV]!^iÈhigjZ!ndjÈgZldg`" ^c\dcndjgWdd`V\V^cÆ7jiVii]ZhVbZi^bZ!i]ZnlZgZ gZheZXi^c\i]ZheVXZ>cZZYZYVcYi]Zi^bZVadcZNdj \jnhVgZ\gZViVcY>adkZndj >]VkZidi]Vc`Vaai]ZeZdeaZViBHAZVgc^c\VcYi]Z ejWa^h]^c\iZVb#>ldjaYZheZX^Vaana^`Zidi]Vc`7Zc[dg ]Zae^c\bZ\Zi^ci]Zlg^i^c\ldgaY0HVcYgV[dg]ZgXdchiVci bdi^kVi^dc!]Zae!hj\\Zhi^dch!VcYVahd[dg]Zae^c\bZid\d i]gdj\]Vaai]Z]jgYaZhd[lg^i^c\VWdd`0VcYBZ\Vc[dgVaa ndjg]Zae\Zii^c\i]Z_dWYdcZVcYVgZVa!iVc\^WaZegdYjXi# Ndj\jnh]VkZbngZheZXi[dgldg`^c\YVn^c!YVndji^ci]Z XgVonldgaYd[ejWa^h]^c\# >ldjaYVahda^`Zidi]Vc`Vaai]ZeZdeaZ^ci]ZK7!8! L^cYdlh;dgbh!BH9CVcYhZijeiZVbhl]d]ZaeZYbZ WnVchlZg^c\VaabnfjZhi^dch^cVYncVb^XVcYXdchiVcian X]Vc\^c\egdYjXia^[ZXnXaZ#>ldjaYa^`Zidi]Vc`bdgZ heZX^[^XVaan9Vc;ZgcVcYZo!?dZ7^cYZg!7g^Vc@ZaaZg!7g^Vc ?d]chdc!=dc\ÈbcdiXVaa^c\dg \^k^c\VcncZlh#Hdggn!BdbVcY9VY 6cYi]Vc`hidbn\ddYcZ^\]WdghVcY[g^ZcYh!B^`ZVcY :a^oVWZi]![dgi]Z^gXdchiVciZcXdjgV\ZbZciVcY[dgaZii^c\ bZjhZi]Z^gYd\ÈhcVbZ!Bdaan!^cbnDDE^cigdYjXi^dc# I]Vc`hidZkZgnWdYn>b^\]i]VkZ[dg\diiZc EVig^XZEZaaVcY HZeiZbWZg'%%* HVbbVb^h]!L6

m^

30

;$LQGG

30

6[TcgXe$ iÈhVXgjX^VaeVgid[i]Z[djcYVi^dcWZXVjhZ^iÈhi]ZZc\^cZi]ViadVYhVcY bVcV\Zhi]ZZmZXji^dcd[hdjgXZXdYZ#6aadi]ZghZgk^XZhndjcZZYidYZkZadeVeea^XVi^dch VgZdcided[i]Z8AG#

L]Vi>hK^hjVa7Vh^X'%%*4 K^hjVa7Vh^X'%%*^hdcZd[i]ZVkV^aVWaZegd\gVbb^c\aVc\jV\Zhi]ViiVg\Zii]Z#C:I ;gVbZldg`#A^`ZVcnhed`Zc$lg^iiZcaVc\jV\Z!K^hjVa7Vh^X]VhhnciVmgjaZhVcYVhZg^Zhd[ kVa^YldgYhndjXVcjhZidXgZViZndjgVeea^XVi^dch#K^hjVa7Vh^X^hVedejaVgX]d^XZ[dg WZ\^ccZghWZXVjhZhdbZeZdeaZ[^cYi]ZhnciVmh^beaZgi]Vci]ZhnciVmd[bVcndi]Zgegd" \gVbb^c\aVc\jV\Zh#>[ndj]VkZVagZVYnjhZYVcdaYZgkZgh^dcd[K^hjVa7Vh^XhjX]Vh K^hjVa7Vh^X)#m!*#m!dgK^hjVa7Vh^X+#%idegd\gVb!ndjÈaa[^cYhdbZ[Vb^a^VgXdchigjXihVcY V[Vb^a^VgjhZg^ciZg[VXZJ>^cK^hjVa7Vh^X'%%*#

>hK^hjVa7Vh^X'%%*VcDW_ZXi"Dg^ZciZYEgd\gVbb^c\DDEAVc\jV\Z4

@BE8cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

*

30

AZiÈhjhZVY^[[ZgZciZmVbeaZid\ddkZgi]ZhZXdcXZeih#BnYd\!8]de^c!^hVc^chiVcXZ d[i]ZXaVhh9d\VcYi]ZXaVhh9d\^hVhjWXaVhhd[i]Z6c^bVaXaVhh#7ZXVjhZ8]de^c^hV 9d\!]Z]VhhdbZWZ]Vk^dghVcYYViVi]ViVgZegdeZg[dgVYd\#7jiWZXVjhZ9d\^hVahdVc 6c^bVa!8]de^cVahd^c]Zg^ihhdbZYViVVcYWZ]Vk^dgh[gdbi]Z6c^bVaXaVhh# I]^hbZVchi]Vii]Z^chiVcXZ8]de^cd[i]Z9d\XaVhh]VhYViVbZbWZghi]ViX]VgVXiZg^oZ ]^bVcYbZi]dYhi]Vi>XVcXVaadci]Via^iiaZ[jggnWVaa#;dgZmVbeaZ!]ZgZ^hi]Z^chiVcXZ ^c[dgbVi^dc[dgi]Z8]de^cdW_ZXi/ 9ViV ฀ 7gZZY/=ZÈhVBVaiZhZ# ฀ ci]^hXVhZ!i]Z:beadnZZXaVhh^c]Zg^ih[gdbi]ZEZghdcXaVhhVcYi]ZgZ[dgZ\ZihVaa i]ZYViV[^ZaYh[gdbi]ViWVhZXaVhh#:beadnZZXaVhhYdZhcÈi]VkZidgZYZ[^cZVaa[^ZaYh^c ^ihYZ[^c^i^dcWZXVjhZ^i\Zihi]ZbVjidbVi^XVaan[gdbEZghdc#Hd![dgi]Z:beadnZZXaVhh! ndjbjhiheZX^[ndcanl]Vi^hY^[[ZgZci[gdbVc^chiVcXZd[i]ZEZghdcXaVhh#;dgZmVbeaZ! Vc^chiVcXZd[i]Z:beadnZZXaVhhldjaY]VkZaZkZaVcYhVaVgnl]ZgZVhcdiVaa^chiVcXZhd[ i]ZEZghdcXaVhhldjaY#Eajh!i]Z9^heaVnbZi]dY[dg:beadnZZXdjaYVYYaZkZaVcYhVaVgn ^c[dgbVi^dcidi]ZY^heaVnZYbZhhV\Zl]ZcXVaaZY# I]^hlVh_jhiVWg^Z[^cigdYjXi^dcidDDEVcYhdbZd[^ihXdcXZeih#K^hjVa7Vh^X'%%* hjeedgihVaad[i]ZhZXdcXZeihVcYbVcnbdgZ#I]gdj\]djii]^hWdd`ndjÈaahZZbdgZDDE XdcXZeih!VcYl]ZcndjYd!>Èaa]^\]a^\]ii]Zb^cVgZVYZgV^Y^c[dgbVi^dcWdm# =ZgZÈhi]ZXdbeaZiZa^hi^c\jhZY^ci]^hhZXi^dcl^i]i]ZVYY^i^dcd[Vcdi]ZgXaVhh/i]Z 8jhidbZgXaVhh# 

Gci]^hWdd`!ndjaacdi^XZi]Vi hdbZXdYZa^hi^c\h^cXajYZa^cZ cjbWZgh#>[Va^cZYdZhcdi^cXajYZ VcjbWZg!^i^cY^XViZhi]Vii]ZXdYZ ^hVXdci^cjVi^dc[gdbi]ZegZk^djh a^cZ#HdbZXdYZa^cZhXVc\ZigVi]Zg adc\VcYbjhiWZlgVeeZYidWZ Y^heaVnZYdci]Zeg^ciZYeV\Z#>[ ndjcZZYidineZ^ci]ZXdYZ^c K^hjVa7Vh^X!WZhjgZidejiXdci^c" jZYa^cZhdcVh^c\aZa^cZ#

F884?FB >c#C:I!VaaXaVhhjai^bViZanYZg^kZh [gdbi]ZDW_ZXiXaVhh!ZkZcl]Zc ^i^hcdiheZX^[^ZY#

,PSRUWV6\VWHP

 

3XEOLF&ODVV3HUVRQ



¶'DWDPHPEHUV

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

,

30



3XEOLF1DPH$V6WULQJ



3XEOLF$GGUHVV$V6WULQJ



3XEOLF&LW\$V6WULQJ



3XEOLF6WDWH$V6WULQJ



3XEOLF=,3$V6WULQJ



3XEOLF&RXQWU\$V6WULQJ

 

¶0HWKRGV



2YHUULGDEOH6XE'LVSOD\



&RQVROH:ULWH/LQH 1DPH



&RQVROH:ULWH/LQH $GGUHVV



&RQVROH:ULWH/LQH &LW\



&RQVROH:ULWH/LQH 6WDWH



&RQVROH:ULWH/LQH =,3



&RQVROH:ULWH/LQH &RXQWU\



(QG6XE



(QG&ODVV

 

3XEOLF&ODVV&XVWRPHU



,QKHULWV3HUVRQ

 

3XEOLF,'$V,QWHJHU



3XEOLF,V3DUWQHU$V%RROHDQ

 

2YHUULGHV6XE'LVSOD\



'LPSDUWQHU0HVVDJH$V6WULQJ

 

,I,V3DUWQHU7KHQ



SDUWQHU0HVVDJH ´LVDSDUWQHUµ



(OVH



SDUWQHU0HVVDJH ´LVQRWDSDUWQHUµ



(QG,I

 

&RQVROH:ULWH/LQH ´&XVWRPHU,'´,'7R6WULQJ



&RQVROH:ULWH/LQH 1DPHSDUWQHU0HVVDJH



&RQVROH:ULWH/LQH $GGUHVV



&RQVROH:ULWH/LQH &LW\´µ6WDWH´´=,3



&RQVROH:ULWH/LQH &RXQWU\



(QG6XE



(QG&ODVV

 

-

&LQGG

3XEOLF&ODVV(PSOR\HH

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30



,QKHULWV3HUVRQ

 

3XEOLF/HYHO$V,QWHJHU



3XEOLF6DODU\$V,QWHJHU

 

2YHUULGHV6XE'LVSOD\



&RQVROH:ULWH/LQH 1DPH´LVDWOHYHO´/HYHO7R6WULQJ ´DQGKDVD



VDODU\RI´6DODU\7R6WULQJ ´µ



&RQVROH:ULWH/LQH ´+LVDGGUHVVLVµ



&RQVROH:ULWH/LQH $GGUHVV



&RQVROH:ULWH/LQH &LW\´µ6WDWH´´=,3



&RQVROH:ULWH/LQH &RXQWU\



(QG6XE



(QG&ODVV

I]^h^hVh^beaZXVhZ!Wji^i^aajhigViZhhdbZd[i]ZWVh^XXdcXZeihd[DDE#

L]Vi>hK^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hi]ZiddalZl^aajhZi]gdj\]djii]^hWdd`idaZVgc]dl idYZkZadeVeea^XVi^dchgjcc^c\dcL^cYdlh# I]Z:megZhh:Y^i^dchd[K^hjVaHijY^d'%%*lZgZYZh^\cZYid[dXjhdcegdYjXi^k^in# 6hl^i]i]Z^g]^\]"ZcYkZgh^dcXdjciZgeVgih!i]Z:megZhh:Y^i^dchd[K^hjVaHijY^d'%%*VgZ Vahdl]VilZXVaaGVe^Y6eea^XVi^dc9ZkZadebZciiddahG69iddahWZXVjhZi]Z^ge]^adhde]n ^h\ZVgZYidlVgYegdYjXi^k^in#I]ZhZcZlkZgh^dchd[K^hjVaHijY^dVgZZVhnidjhZ!ZVhnid aZVgc!VcYhigZVba^cZYWZXVjhZ!Vai]dj\]i]ZnXdciV^cbdhiani]ZhVbZXdbedcZcih!i]Zn aVX`i]Z[jaaWgZVYi]d[[ZVijgZh[djcY^ci]Z]^\]Zg"ZcYkZgh^dchd[K^hjVaHijY^d#Bdhi[ZV" ijgZhVcYXdbedcZcih^ci]Z:megZhh:Y^i^dchlZgZh^bea^[^ZYidbV`Zi]ZaZVgc^c\XjgkZaZhh hiZZeVcYid[^ii]ZcZZYhd[i]Zcdcegd[Zhh^dcVaYZkZadeZg# I]ZK^hjVaHijY^d'%%*:megZhh:Y^i^dc[Vb^an^hYZh^\cZYl^i]WZ\^cc^c\egd\gVb" bZgh^cb^cYÄeZdeaZa^`Zndjl]dVgZXjg^djhVWdjiegd\gVbb^c\VcYl]dVgZadd`^c\ [dgVcZVhnlVnidWj^aYL^cYdlhVeea^XVi^dchl]^aZaZVgc^c\]dlidegd\gVb#K^hjVa7Vh^X '%%*:megZhh:Y^i^dc^hi]Z^YZVaiddaidjhZidgVe^YanYZkZadeVeea^XVi^dch[dgide^Xhndj gZVaanadkZdg[dg]dWW^ZhndjZc_dn#>iXVcVahdWZjhZYid]ZaeZVhZndjgYVn"id"YVn_dWdg hX]ddaiVh`h#Bdhi^bedgiVcian!ndjXVc]VkZ[jcl^i]i]Ziddal]^aZndjÈgZaZVgc^c\idegd\gVb# 8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

.

30

L]Vi@^cYhd[6eea^XVi^dch8VcNdj7j^aYl^i]K^hjVa7Vh^X'%%* :megZhh:Y^i^dc4 L^i]i]^hkZgh^dcd[K^hjVaHijY^d'%%*!ndjÈaaWZVWaZidXgZViZi]Z[daadl^c\ineZhd[Veea^" XVi^dch/ ฀ L^cYdlh6eea^XVi^dch6eea^XVi^dchi]Vi]VkZV\gVe]^XVa^ciZg[VXZl^i]Wjiidch!l^c" Ydlh!bZcjh!iddaWVgh!VcYhddc!Vh^cB^Xgdhd[iLdgYdg>ciZgcZi:meadgZg# ฀ 8dchdaZ6eea^XVi^dch6eea^XVi^dchi]Vi]VkZcd\gVe]^XVa^ciZg[VXZVcYh^beanjhZiZmi idXdbbjc^XViZl^i]i]ZjhZg#Ine^XVaan!i]ZhZVgZVXdbbVcYl^cYdldg9DHl^cYdl# ABG8 LZl^aaadd`^cidi]ZYZiV^ahd[ l]ViineZhd[Veea^XVi^dch[Vaa^cid i]ZhZXViZ\dg^Zh^c8]VeiZg'#

฀ GZjhVWaZ8dbedcZcihdg8aVhhA^WgVg^Zh6\gdjed[iddahXgZViZYid]ZaeWj^aYdi]Zg Veea^XVi^dch# L]VindjldcÈiWZVWaZidWj^aYVgZLZWh^iZhVcYLZWhZgk^XZh#IdXgZViZVcnineZd[ LZWVeea^XVi^dc!ndjl^aacZZYid\ZiB^Xgdhd[iK^hjVaLZW9ZkZadeZgž'%%*:megZhh:Y^i^dc#

L]Vi6gZi]Z@Zn;ZVijgZhNdjCZZYid@cdl6Wdji4 I]Za^hiWZadl!Vai]dj\]cdiXdbeaZiZ!egdk^YZhi]ZZhhZci^Va[ZVijgZhd[K^hjVa7Vh^X'%%* :megZhh:Y^i^dc#6ii]^hed^ci!YdcÈildggn^[ndjYdcÈijcYZghiVcYZkZgnh^c\aZ[ZVijgZa^hiZY WZadl#>egZhZcii]Z[ZVijgZh^ci]Za^hiWZXVjhZndjÈaaXdbZVXgdhhVaad[i]Zb^chdbZlVn^c i]Z[jchVbeaZhi]Vindjl^aaWZXgZVi^c\# Bdhid[i]Z[ZVijgZha^hiZY]ZgZZbe]Vh^oZi]ZG69e]^adhde]n#6ai]dj\]i]Z^YZV ^hid\^kZndjVcdkZgk^Zld[i]Z^ciZgZhi^c\[ZVijgZhi]ViXVcbV`Zndjga^[ZZVh^Zg!i]Z [ZVijgZcVbZhVadcZVgZcdihj[[^X^ZciidjcYZghiVcYl]Vii]ZnbZVc#Hd>^cXajYZVWg^Z[ YZhXg^ei^dc\^k^c\ndji]ZZhhZci^VahVcY]dli]Znh]djaY]ZaendjidYZkZadeVeea^XVi^dch# ฀ 7j^ai"^cHiVgiZg@^ih;jaanYZkZadeZYVeea^XVi^dchl^i]WZhiegVXi^XZhVcYZmVbeaZhid [daadl#I]ZhZVeea^XVi^dchl^aa\^kZndjVcdi]ZgZmVbeaZidWVhZndjgaZVgc^c\dc#I]Zn l^aaWZV\ddYXdbeaZbZciidl]VilZVgZYd^c\l^i]i]^hWdd`# ฀ 7Z\^ccZgÈhIVg\ZiZY9dXjbZciVi^dcVcYIjidg^Vah6[VhiVcYZVhnlVnid\Zii]Z ^c[dgbVi^dc#I]ZnVahdegdk^YZhVbeaZh#

&%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

฀ >ciZaa^HZchZœEgdk^YZhgZVa"a^[ZhnciVmhj\\Zhi^dchVcYZkZc[^c^h]Zhndjgine^c\[dg ndj# ฀ 8dYZHc^eeZihEgdk^YZXdYZ[dgbdgZi]Vc'%%egd\gVbb^c\iVh`hid]ZaendjXdb" eaZiZbVcnXdbbdciVh`hVjidbVi^XVaan#8dYZhc^eeZihh]dli]ZgZXdbbZcYZYlVnd[ Yd^c\i]^c\h#I]ZnVgZY^gZXian^ciZ\gViZY^ci]ZYZkZadebZciZck^gdcbZci!VcYi]ZnVgZ ZmiZch^WaZ0i]Vi^h!dkZgi^bZB^Xgdhd[il^aaXdci^cjZidhjeeancZlXdYZhc^eeZihVcY bZbWZghd[dca^cZXdbbjc^i^Zhl^aaXdcig^WjiZi]Z^ghc^eeZihVhlZaa#8dYZhc^eeZi ZmiZch^W^a^inhZZbhidWZVgZVaanc^XZ[ZVijgZi]Vil^aa]ZaeeZdeaZh]VgZjhZ[jai]^c\h^c i]Zdca^cZXdbbjc^i^Zh# ฀ I]ZBn8dchigjXiI]^hcZlK^hjVa7Vh^X[ZVijgZegdk^YZhh^beaZVXXZhhidedejaVg#C:I ;gVbZldg`XaVhhZhVcYXdbbdciVh`h#>iZcVWaZhndjideZg[dgbiVh`hl^i]dji`cdl^c\ Vaai]Z[gVbZldg`^ciZgcVah#I]ZhZiVh`hVgZc^XZanlgVeeZYVcYegdk^YZndjl^i]VcZVhn VcYXaZVclVnd[\Zii^c\i]^c\hYdcZ#6ai]dj\]h^b^aVgidXdYZhc^eeZih!i]ZBn 8dchigjXiZaZbZcih]VkZi]Z^ghdjgXZXdYZ]^YYZcVcYlgVeeZY^cdcZa^cZd[XdYZ# ฀ 9ViV"ZcVWaZY6eea^XVi^dchI]ZhZVeea^XVi^dchVaadlndjidXdccZXiidB^Xgdhd[iHFA HZgkZgž'%%*:megZhh:Y^i^dcVcYVYYYViVWVhZhVcYXdYZidVXXZhhi]ZhZYViV^cndjg Veea^XVi^dch# ฀ L^cYdlh;dgb9Zh^\cZgL^i]i]ZhZcZliddah!ndjXVcZVh^anYZh^\cndjgL^cYdlh Veea^XVi^dc!^cXajY^c\[ZVijgZhhjX]VhhcVea^cZhi]VibV`ZhjgZndjgXdcigdahVgZ Va^\cZY^cndjg[dgbVcYVjidXdggZXiid\^kZndjgZVa"i^bZXdbe^aZg[ZZYWVX`#NdjldcÈi ]VkZidXdbe^aZndjgXdYZid`cdl^[ndj]VkZZggdgh0K^hjVa7Vh^X'%%*l^aa\^kZi]Zb idndjVhndjineZVcYZkZc\^kZndjediZci^Va[^mZh# ฀ MBALZWHZgk^XZhI]^hegdYjXiegdk^YZhZVhn"id"jhZiddahVcYl^oVgYhi]Vil^aa]Zae ndjXdccZXiidejWa^h]ZYMBA"WVhZYLZWHZgk^XZhVcYji^a^oZi]Z^g[jcXi^dcVa^i^Zh# ฀ CZlL^cYdlh;dgb8dcigdahI]ZhZXdbeg^hZVc^begZhh^kZa^hid[XdcigdahÄV\gZViZg hZaZXi^dci]Vc^cVcnegZk^djhkZgh^dcd[K^hjVa7Vh^X#I]Znl^aa]ZaendjXgZViZjhZg ^ciZg[VXZhi]Vi]VkZVegd[Zhh^dcVaadd`VcY[ZZa#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

&&

30

฀ HbVgiIV\hBdhiL^cYdlh;dgbXdcigdahi]ViXdbZl^i]i]ZegdYjXi^cXajYZHbVgi IV\h#6h^cbVcnB^Xgdhd[iD[[^XZVeea^XVi^dch!VHbVgiIV\^hgZegZhZciZYWnVa^iiaZWaVX` ig^Vc\aZdgVc^XdcVcYVa^iiaZWaVX`ig^Vc\aZViiVX]ZYidVXdcigda#6HbVgiIV\\^kZhndj VXXZhhidi]ZbdhiXdbbdcVXi^dchndjXVceZg[dgbdcVXdcigda# ฀ 8a^X`"dcXZ9ZeadnbZciI]^h[ZVijgZhVaadlhndjidZVh^anejWa^h]ndjgVeea^XVi^dchdc i]Z>ciZgcZi!dcVadXVaVgZVcZildg`A6C!VcZildg`h]VgZ!dgdcV89#>iVahdh^bea^[^Zh ejWa^h]^c\jeYViZh# ฀ :Y^iVcY8dci^cjZL]^aZndjVgZYZWj\\^c\ndjgVeea^XVi^dc!:Y^iVcY8dci^cjZaZih ndjbdY^[ni]ZXdYZ!bdkZWVX`VcY[dgi]^ci]ZYZWj\\Zg!gZ"ZmZXjiZXdYZ!VYY[jcX" i^dcVa^in!dg[^mWj\hdci]Z[anl^i]djihidee^c\egd\gVbZmZXji^dc# ฀ 9ZWj\\ZgK^hjVa^oZghL]^aZndjVgZYZWj\\^c\ndjgVeea^XVi^dc!i]Zk^hjVa^oZgh\^kZ ndjVcZVhnlVnid\ZigZVYVWaZgZegZhZciVi^dchd[ndjgVeea^XVi^dcYViV#I]Zn\^kZndj V]jbVc"gZVYVWaZgZegZhZciVi^dcd[i]ZhidgZYYViV!ZkZc[dgbdgZXdbeaZmineZh[djcY ^c69D#C:Idg:miZch^WaZBVg`jeAVc\jV\ZMBA# ฀ 8dbbjc^in6XXZhhVcYHiVgiEV\ZL^i]i]ZhZ[ZVijgZh!ndjXVcVXXZhhVYY^i^dcVa ^c[dgbVi^dc[gdbdca^cZXdbbjc^i^ZhVcY[gdbY^[[ZgZcihdjgXZhd[dca^cZ]Zae!^cXajY^c\ Y^kZghZGHHG^X]H^iZHjbbVgndgGZVaanH^beaZHncY^XVi^dc;ZZYh#GHH^hV[Vb^and[ MBA[^aZ[dgbVih0^i^hl^YZanjhZYWni]ZlZWad\Xdbbjc^inVcYcZlhLZWh^iZh# ฀ H^bea^[^ZY9ZkZadebZci:ck^gdcbZci:kZgni]^c\^ci]ZYZkZadebZciZck^gdcbZci lVhXgZViZYhdi]VindjXVcZVh^anVXXZhh`Zn[jcXi^dcVa^i^Zh!iddah!VcYdW_ZXih# 6hndjXVchZZ!K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^cXajYZhbVcnc^XZ[ZVijgZhid]Zae i]ZcZlegd\gVbbZgYZkZadeVeea^XVi^dch^cV[VhiVcY[jclVn#I]ZhZ[ZVijgZhl^aaegdk^YZ \j^YVcXZZkZcl]ZcndjÈgZcdicZXZhhVg^anhjgZl]VihnciVmdgXdbedcZcihidjhZVcYl^aa \gZVianZmeZY^iZndjgaZVgc^c\d[i]ZegdYjXi#

&'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

>cHjbbVgn### Ndjcdl`cdli]Vi#C:I^hV[gVbZldg`XdbedhZYd[Xdbe^aZgh!iddah!aVc\jV\Zh!YZWj\" \Zgh!VcYVcZmZXji^dcZc\^cZ#I]Z8AG!dg8dbbdcAVc\jV\ZGjci^bZ!^hi]ViZmZXji^dc Zc\^cZ!VcY^i^hgZhedch^WaZ[dgadVY^c\VcYZmZXji^c\bVcV\ZYVeea^XVi^dch#>cZhhZcXZ! #C:I^ha^`ZV]djhZl^i]i]Z8AGVhi]Z[djcYVi^dcVcYVaadi]ZghZgk^XZhWj^aidcided[^i# NdjVahdaZVgcZYi]ViK^hjVa7Vh^X'%%*^hVcdW_ZXi"dg^ZciZYegd\gVbb^c\aVc\jV\Z i]Vi]VhVh^beaZghnciVmi]Vcdi]ZgbdYZgcegd\gVbb^c\aVc\jV\Zh#NdjVahdhiVgiZYid aZVgcl]VidW_ZXi"dg^ZciZYegd\gVbb^c\^hVcYhiVgiZYidaZVgci]ZWVh^Xhd[DDE^cK^hjVa 7Vh^X'%%*# I]^hX]VeiZg]Vh\^kZcndji]Zdeedgijc^inidaZVgci]Z[ZVijgZhd[K^hjVa7Vh^X'%%* :megZhh:Y^i^dcVcY]dlndjXVcXgZViZi]gZZY^[[ZgZciineZhd[Veea^XVi^dchi]VibViX]ndjg ]dWW^Zh!_dW!dghX]ddacZZYh#>ci]ZcZmiX]VeiZg!ndjÈaaaZVgc]dlid^chiVaaK^hjVa7Vh^X '%%*:megZhh:Y^i^dc#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

&(

30

&LQGG

30

6[TcgXe% l^aaiVa`VWdji hdbZXdbbdc^chiVaaVi^dchXZcVg^dh!\^kZndjhdbZi^eh!VcY>l^aaVahd XdkZgl]ViidYd^[i]ZjcZmeZXiZY]VeeZch# I]Z^chiVaaVi^dcegdXZhh^hZVhnVcYhigV^\]i[dglVgY![daadl^c\^ci]Zhe^g^i d[i]Z:megZhhegdYjXih#

&*

30

EgZeVg^c\id>chiVaaK^hjVa7Vh^X'%%*:megZhh:Y^i^dc I]ZgZVgZVXdjeaZd[dei^dch[dg^chiVaa^c\K^hjVa7Vh^X'%%*!eVgi^XjaVgan^[ndjÈkZ]VYegZk^" djhkZgh^dch^chiVaaZYWZ[dgZdg^[ndj^chiVaaZYVcZVgankZgh^dcd[i]ZegdYjXi#7Z[dgZndj hiVgii]Z^chiVaaVi^dc!bV`ZhjgZndjgXdbejiZgbZZihi]Zhd[ilVgZVcY]VgYlVgZgZXdb" bZcYVi^dch#NdjXVcgZk^Zli]Z>cigdYjXi^dcd[i]^hWdd`[dgVaacZXZhhVgn^c[dgbVi^dc#Ndj l^aaVahdlVciidZchjgZi]VindjgXdbejiZg]VhWZZcjeYViZYl^i]i]ZaViZhijeYViZh[gdb L^cYdlhJeYViZh]iie/$$l^cYdlhjeYViZ#b^Xgdhd[i#XdbdgB^Xgdhd[iJeYViZh]iie/$$jeYViZ# b^Xgdhd[i#Xdb#I]^hl^aaXdc[^gbi]VindjgbVX]^cZ]VhVaai]ZaViZhihZXjg^injeYViZhVadc\ l^i]hdbZ^chiVaaVi^dcegZgZfj^h^iZhWZ[dgZhiVgi^c\i]ZVXijVaegdYjXi^chiVaaVi^dc# >[ndj]VkZVcVci^k^gjhdgVcVci^henlVgZVeea^XVi^dc^chiVaaZYVcYgjcc^c\!ndjg Vci^henlVgZegd\gVbb^\]iegdbeindjidVaadlXZgiV^chZijeiVh`hidegdXZZY#;dg ^chiVcXZ!l^i]i]ZaViZhiB^Xgdhd[iL^cYdlhœ6ci^HenlVgZ7ZiV]iie/$$lll#b^Xgdhd[i#Xdb$ Vi]dbZ$hZXjg^in$henlVgZ$hd[ilVgZ$YZ[Vjai#bhem!>lVhVh`ZYildi^bZhidVaadlXZgiV^ciVh`h idegdXZZYVcYV[Zldi]Zgi^bZhi]ZVci^henlVgZegdYjXigZXd\c^oZYi]ZhdjgXZVcYh^bean bZci^dcZY^iVcYXdci^cjZY#I]^hlVhi]ZZmeZg^ZcXZ>]VYl^i]i]ZB^Xgdhd[iegdYjXi#>[ ndjVgZjh^c\Vcdi]ZgVci^henlVgZVeea^XVi^dc!ndjgZmeZg^ZcXZb^\]ikVgnha^\]ianWjil^aa WZVghdbZh^b^aVg^i^Zhidi]^hegdXZhh#I]ZVci^k^gjhVcYVci^henlVgZegdYjXihVgZ\^k^c\ndj Vcdeedgijc^inidXdc[^gbi]Zdg^\^cd[i]ZegdYjXindjÈgZVWdjiid^chiVaa#L]ZcndjÈgZhjgZ ^iÈh[gdbB^Xgdhd[i!Vaadli]ZhZijeVeea^XVi^dcidXdci^cjZ^ih_dWWnVaadl^c\i]ZVXi^dc# 9jg^c\i]Z^chiVaaVi^dc!^[hdbZi]^c\\dZhlgdc\!ndjÈgZegdWVWancdii]ZdcaneZghdc idZcXdjciZgi]^hegdWaZb#I]Z[^ghii]^c\idYd^hidadd`Vii]ZaViZhiGZVYbZ^c[dgbVi^dc bV^ciV^cZYWni]ZHZijeiZVbdcBH9CVcY[daadli]ZhiZehegdk^YZYidhdakZ^chiVaaVi^dc egdWaZbh#=ZgZVgZilda^c`hidi]ZBH9CœgZhdjgXZh/ ฀ :megZhhDca^cZGZVYbZ/]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2*&('' ฀ :megZhhDca^cZ@cdlc>hhjZh/]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2*&('* H^YZ"Wn"H^YZ>chiVaaVi^dc>[ndj]VkZVegZk^djhkZgh^dcd[B^Xgdhd[iK^hjVaHijY^dœ! hVnK^hjVaHijY^d'%%'dgK^hjVaHijY^d'%%(!^chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc!dg VcnK^hjVaHijY^d'%%*egdYjXi!l^aaWZhigV^\]i[dglVgY#I]^h^hXdch^YZgZYVh^YZ"Wn"h^YZ ZmZXji^dc!VcYndjXVc\dhigV^\]iidi]ZhZXi^dcdc^chiVaa^c\i]Zhd[ilVgZ#

&+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

EgZk^djhKZgh^dchd[K^hjVa7Vh^X'%%*:megZhh:Y^i^dc>[ndj]VkZVegZ"gZaZVhZÄ ZheZX^VaanVegZ"7ZiV'kZgh^dcd[K^hjVa7Vh^X'%%*:megZhh:Y^i^dcdgVcnkZgh^dcd[K^hjVa HijY^d'%%*8IEÄ8dbbjc^inIZX]cdad\nEgZk^ZldgV7ZiVkZgh^dcÅndjbjhijc^chiVaa VaaegZ"gZaZVhZXdbedcZcihWZ[dgZ^chiVaa^c\i]^hcZlkZgh^dc#I]Zhd[ilVgZXdbedcZcihbjhi WZjc^chiVaaZY^cVeVgi^XjaVgdgYZg[dgndjgcZl^chiVaaVi^dcidWZhjXXZhh[ja#I]Zbdhije" id"YViZ^c[dgbVi^dc[dgjc^chiVaa^c\VcnegZ"gZaZVhZkZgh^dchd[i]ZegdYjXi^hVkV^aVWaZdc i]Z[daadl^c\BH9C=ZaeeV\Z/]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2),%+'# I]ZegZ"gZaZVhZegZ"7ZiV'kZgh^dchgZegZhZciVkZgh^dcd[i]Z[^cVaegdYjXiZVgan^ci]Z YZkZadebZciXnXaZ#I]ZnVgZcdid[[^X^VaanhjeedgiZYWnB^Xgdhd[i!hdl]Zcndj^chiVaaZVgan WZiVdg8IEkZgh^dch!ndjVahdjcYZghiVcYi]Vii]ZegdYjXi^hjcYZg\d^c\Xdci^cjVaX]Vc\Zh! l]^X]jai^bViZangZ[aZXih^ci]Z^chiVaaVi^dcegdXZhh# L]Zcndjjc^chiVaaVegZ"gZaZVhZkZgh^dcd[Vcnhd[ilVgZ!ndjb^\]iZcXdjciZg egdWaZbh#6ihdbZed^ci!ndjbVn]VkZcdX]d^XZWjiidgZ[dgbVindjg]VgYYg^kZVcY gZ^chiVaandjgdeZgVi^c\hnhiZb#I]^h^hcdiVcjcXdbbdch^ijVi^dcl]Zcndjldg`l^i]egZ" gZaZVhZhd[ilVgZ#7jii]^hh^ijVi^dc]VhVhdaji^dc#7Z[dgZWZ\^cc^c\i]Zjc^chiVaaegdXZYjgZ! VcYVhVegZXVji^dcVgnbZVhjgZ!ndjÈaalVciidWVX`jeVaandjgYViVWZ[dgZWZ\^cc^c\#>[ edhh^WaZ!V\ddYegVXi^XZ^hidVkd^Y^chiVaa^c\VcnegZ"gZaZVhZkZgh^dchd[VcnegdYjXihdc ndjgbV^cXdbejiZg#Jh^c\ViZhibVX]^cZdgk^gijVahd[ilVgZl^aa]ZaendjVkd^Yadh^c\ Vcn^bedgiVciYViVVcYldcÈihadlndjgegdYjXi^k^in^ci]ZZkZcihdbZi]^c\\dZhlgdc\#Id aZVgcbdgZVWdjii]Zk^gijVahdaji^dci]ViB^Xgdhd[id[[Zgh!ndjXVcadd`ViB^Xgdhd[iK^gijVa E8'%%)Vi]iie/$$lll#b^Xgdhd[i#Xdb$l^cYdlh$k^gijVaeX$YZ[Vjai#bhem#

64HGceVgi^XjaVg!ndjl^aa [^cY^c[dgbVi^dcdc]dlidjc^c" hiVaaVcY^cl]VidgYZgidjc^c" hiVaai]ZegdYjXih#

>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc Cdli]VilZÈkZVYYgZhhZYVadid[ediZci^Va^hhjZhVcYcdli]VindjgbVX]^cZ^hgZVYn!ndj XVcegdXZZYl^i]i]Z^chiVaaVi^dc#Ndjh]djaY[^cYV89dg9K9Vii]ZZcYd[i]^hWdd`i]Vi XdciV^chV[jaaldg`^c\ZY^i^dcd[i]ZegdYjXi#H^bean^chZgi^i^cidVcnVkV^aVWaZ89dg9K9 Yg^kZ^cndjghnhiZbVcY[daadli]ZhiZehWZadl#

8]VeiZg'/>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc

&LQGG

&,

30

ID>CHI6AAK>HJ6A76H>8'%%*:MEG:HH:9>I>DC =Z5ihcfib]gYbUV`YX h\Y]bghU``Uh]cbdfcWYggg\ci`XghUfhUihcaUh]WU``m"=Z]hXcYgbÇhghUfhUihcaUh]WU``m

$ UZhYfUZYkgYWcbXg Zc``ckh\YgYghYdg.

V#7`]W_h\YHiVgiVihhcb UbXh\YbW`]W_Bn8dbejiZg" W#F][\h!W`]W_h\Y78cf8J8Xf]jYh\Uh\Ugh\YdfcXiWhaYX]UUbXgY`YWh:meadgZ" X#=bh\Y`]ghcZZ]`Yg `cWUhYUbXXciV`Y!W`]W_HZije#ZmZhcghUfhh\Y=bghU``Uh]cbK]nUfX" K]h\]bUZYkgYWcbXg mcig\ci`XgYYh\Uhh\YgYhiddfc[fUa]gWcdm]b[U``bYWYggUfm]bghU``Uh]cbZ]`Yg

% hcUhYadcfUfmZc`XYfUgg\ckb]b:][ifY&!%" ;^\jgZ'"& 6bcl\aZfXghcY\_Xf_bVT__lgbT gX`cbeTelYb_WXe

K\Ybh\YGYhiddfc[fUa]gXcbYWcdm]b[h\YZ]`Yg h\YgYhidUdd`]WUh]cb`cUXg]bhcaYacfm"K\]`Y

& h\YUdd`]WUh]cb]g`cUX]b[ mciÇ``gYYUb]b]h]U`]nUh]cbdfc[fYggVUfUgg\ckb]b:][ifY&!&" ;^\jgZ'"' chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc

&LQGG

&.

30

H\Y=bghU``Uh]cbCdh]cbgdU[YUddYUfg Ug

) g\ckb]b:][ifY&!)"Cbh\]gdU[Y VYgifYhc gdYW]Zmh\UhmcikUbhUWWYgghch\YcHjbbVgn### I]^hX]VeiZg[dXjhZYdc^chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc#>iVYYgZhhZYbdhi^hhjZh i]VindjbVnZcXdjciZgYjg^c\i]Z^chiVaaVi^dc!Y^[[ZgZcihZijehXZcVg^dh!VcYVahdegdk^YZY a^c`hidBH9C[dgbdgZ]Zae# 6[iZgldg`^c\i]gdj\]i]^hX]VeiZg!ndjh]djaYcdl]VkZi]Z#C:I;gVbZldg`'#%!K^hjVa 7Vh^X'%%*:megZhh:Y^i^dc!BH9C:megZhhA^WgVgn!VcYHFAHZgkZg'%%*:megZhh:Y^i^dc ^chiVaaZYVcYgZVYnid\d#NdjgXdbejiZgh]djaYVahdWZjeidYViZl^i]VaajeYViZh^chiVaaZY VcYVaahZii^c\hgZaViZYidhZXjg^indc\gZZc# L]ZcZkZgndjÈgZgZVYnidZmeadgZi]Z>9:VcYlg^iZndjg[^ghiildVeea^XVi^dch!_jhi_jbe idi]ZcZmiX]VeiZg#

8]VeiZg'/>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc

&LQGG

'(

30

&LQGG

30

6[TcgXe& 6eXTg\aZLbhe 9\efg4cc_\VTg\ba GjbGlcXfbY 4cc_\VTg\baf-J[TgÆf g[X7\YYXeXaVX2%)

( :Xgg\aZFgTegXW%*

Bagbg[XCeb]XVgf&$



&LQGG

NdjÈkZWZZc^cigdYjXZYidB^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc0 cdl^iÈhi^bZidXgZViZndjg[^ghiVeea^XVi^dc#NdjÈaahiVgii]^hX]VeiZgWn aZVgc^c\VWdjii]ZY^[[ZgZcXZhWZilZZcVXdchdaZVeea^XVi^dcVcYV L^cYdlhVeea^XVi^dc#NdjÈaai]Zcadd`Vii]Z>ciZ\gViZY9ZkZadebZci :ck^gdcbZci>9:#6h^ihcVbZ^bea^Zh!i]Z>9:^hi]ZVeea^XVi^dci]Viegd" k^YZhVaai]ZiddahndjcZZYidYZh^\c!eaVc!YZkZade!VcYY^hig^WjiZndjg Veea^XVi^dch#LZXdjaY]VkZjhZYVcniZmiZY^idg!a^`ZCdiZeVY![dgZmVbeaZ! Wji^ci]^hX]VeiZgVcY[dgi]ZgZb^cYZgd[i]ZWdd`!ndjÈaaWZjh^c\i]Z>9: idXgZViZndjgVeea^XVi^dch# Bdhiegd\gVbb^c\Wdd`hjhjVaanhiVgil^i]V[V^ganh^beaZVeea^XVi^dc XVaaZY=ZaadLdgaYNdjg[^ghiVeea^XVi^dcl^aaWZVh^beaZVeea^XVi^dcVhlZaa! WjindjÈaaWZXgZVi^c\VcVeea^XVi^dci]ViYdZhVa^iiaZW^ibdgZi]Vc_jhihVn Å]ZaadÆidi]ZldgaY#>ci]^hX]VeiZg!ndjÈaaaZVgcidXgZViZVcVeea^XVi^dci]Vi VYYhildcjbWZghid\Zi]ZgVcYdjiejihVgZhjai#L^i]i]^hVeea^XVi^dcndjÈaa VahdaZVgcVWdjii]ZHdaji^dc:meadgZgVhlZaaVhi]ZYdXjbZciVi^dcVcY =ZaehnhiZbWj^ai^cidK^hjVa7Vh^X'%%*:megZhh:Y^i^dc#

'*

30

IldIneZhd[6eea^XVi^dch/L]ViÈhi]Z9^[[ZgZcXZ4

ABG8 L^cYdlhMEHE'XdbZhl^i] gdj\]an[djgYdoZcL^cYdlh hZgk^XZh#;dgZmVbeaZ!VL^cYdlh hZgk^XZkVa^YViZhndjgjhZgcVbZ VcYeVhhldgYVihiVgije#

6hbZci^dcZYdci]ZegZk^djheV\Z!ndjÈgZ\d^c\idXgZViZildkZgh^dchd[i]ZhVbZVeea^" XVi^dc/VXdchdaZVeea^XVi^dcVcYVB^Xgdhd[iL^cYdlhœVeea^XVi^dc#Ndjb^\]ildcYZgl]n ndjZkZc]VkZidldggnVWdjii]^hY^hi^cXi^dcl]ZcndjÈgZXgZVi^c\Vegd\gVb#LZaa!hdbZ" i^bZhndjgVeea^XVi^dcXVcÈidgYdZhcÈicZZYid]VkZV\gVe]^XVa^ciZg[VXZ#;dg^chiVcXZ! hdbZVeea^XVi^dchcZZYidWZZmZXjiZY^cVhXg^eidgVWViX][^aZdgi]ZnXVcÈi]VkZV\gVe]^" XVa^ciZg[VXZWZXVjhZcdjhZg^ciZgVXihl^i]^i#>chdbZdi]ZgXVhZhndjYdcÈicZZY V\gVe]^XVa^ciZg[VXZ[dgVL^cYdlhVeea^XVi^dc#;dgZmVbeaZ!VL^cYdlhhZgk^XZ^hVcVeea^" XVi^dci]VigjchdcL^cYdlh^ci]ZWVX`\gdjcYÄ^iYdZhcÈi]VkZVjhZg^ciZg[VXZ!YdZhcÈi egdYjXZVcnk^hjVadjieji!hiVgihl]ZcL^cYdlhhiVgih!VcYYdZhcÈiZkZcgZfj^gZ VjhZgidWZad\\ZY^cidhiVgiZmZXji^c\# >chdbZdi]ZgXVhZh!ndjYdcÈilVcijhZghid^ciZgVXil^i]V\gVe]^XVa^ciZg[VXZndjÈkZ XgZViZY#;dg^chiVcXZ!ndjXdjaYlg^iZVcVeea^XVi^dci]Vibdc^idghi]ZVkV^aVWaZe]nh^XVa bZbdgndcVXdbejiZgi]ZcY^heaVnhi]Vi^c[dgbVi^dcdcXZ^igZVX]ZhVXZgiV^caZkZa#I]Z ^c[dgbVi^dc^hY^heaVnZY^cVjhZg^ciZg[VXZWjiYdZhcdigZfj^gZVcn^ceji[gdbi]ZjhZg# ;^\jgZ("&h]dlhi]ZgZhjaid[i]Z[Vbdjh=ZaadLdgaYVeea^XVi^dcVhVXdchdaZ Veea^XVi^dc#

;^\jgZ("& 6bafb_XTcc_\VTg\ba

I]^hineZd[Veea^XVi^dc^hXVaaZYVXdchdaZVeea^XVi^dcWZXVjhZZkZgni]^c\^hY^heaVnZY ^cVhnhiZbXdchdaZl^cYdl#NdjbVn]VkZ]ZVgYi]ZhZineZhd[l^cYdlhgZ[ZggZYidWn bVcnY^[[ZgZcicVbZh/V9DHl^cYdl!VXdbbVcYegdbeil^cYdl!dgh^beani]ZXdbbVcY l^cYdl#I]ZbdhiXdbbdcdjieji^cVXdchdaZVeea^XVi^dc^hh^beaZiZmi#

'+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

8dchdaZVeea^XVi^dchXVcWZVh[ZVijgZg^X]VcYVhXdbeaZmVhL^cYdlhVeea^XVi^dch# I]ZdcanY^[[ZgZcXZ^hi]Vii]ZnYdcÈi]VkZV\gVe]^XVa^ciZg[VXZ#AZiÈhadd`VidcZedhh^WaZ jhZ[dgXdchdaZVeea^XVi^dch# >cXdgedgViZYViVXZciZgh!bVcnVeea^XVi^dchZmZXjiZVaaYVnVcYc^\]i!egdYjX^c\V aVg\ZVbdjcid[YViV#>ildjaYWZi^bZ"Xdchjb^c\VcYegdWaZbVi^XidgZandceZdeaZid kZg^[ni]ZYViV#HdYViVXZciZghVgZjhjVaan]^\]anVjidbViZYid[VX^a^iViZi]^h_dW#8dchdaZ Veea^XVi^dchegdYjXZ!bVc^ejaViZ!VcYkZg^[ni]ZYViV^chXg^eihdgWViX][^aZh#8dchdaZ Veea^XVi^dchXVcWZlg^iiZc^cbVcnY^[[ZgZciegd\gVbb^c\aVc\jV\Zh8!8 !8!K^hjVa 7Vh^X!VcYhddcVcYhXg^ei^c\aVc\jV\ZhEZga!Eni]dc!dg?HXg^eiœ# >cXdcigVhiidVXdchdaZVeea^XVi^dc!VL^cYdlh Veea^XVi^dc]VhV\gVe]^XVa^ciZg[VXZ!Vhh]dlc^c ;^\jgZ("'#>i^hVahdXVaaZYVL^cYdlh;dgbh Veea^XVi^dc^c#C:I# I]ZhZVeea^XVi^dchVgZjhjVaan^chiVaaZYVcYVXXZhh^" WaZ^ci]ZL^cYdlhHiVgibZcj!VcYWnYZ[Vjaii]Zn h]VgZhdbZXdbbdcX]VgVXiZg^hi^Xh!hjX]VhV8adhZ Wjiidc!VBVm^b^oZWjiidc!VcYVB^c^b^oZWjiidc#

8adhZ7jiidc

BVm^b^oZ7jiidc

B^c^b^oZ7jiidc

;^\jgZ("' J\aWbjfTcc_\VTg\ba

>8]VgVXiZgh H^beaZiZmiVahdXVaaZY 6H8>>X]VgVXiZgh^hi]ZjhjVa djiejid[VXdchdaZVeea^XVi^dc! WjihdbZXdchdaZVeea^XVi^dch jhZ6H8>>\gVe]^XX]VgVXiZgh# 6H8>>hiVcYh[dg6bZg^XVc HiVcYVgY8dYZ[dg>c[dgbVi^dc >ciZgX]Vc\Z#6c6H8>>XdYZ^h i]ZcjbZg^XVagZegZhZciVi^dc d[VX]VgVXiZghjX]VhÆ%Çdg ÆÇdgVcVXi^dcd[hdbZhdgi# EgZhh^c\:ciZg^cVldgYegd" XZhhdgidbdkZVa^cZd[iZmi^h VcVXi^dcgZegZhZciZYWnVc 6H8>>X]VgVXiZg![dg^chiVcXZ# I]Z6H8>>\gVe]^XX]VgVXiZghZi! VahdXVaaZYZmiZcYZY6H8>>X]Vg" VXiZgh!^cXajYZhkZgi^XVaa^cZh! kZgi^XVaYdjWaZa^cZh!XdgcZgh! VcYbjX]bdgZ#6H8>>X]VgVX" iZghVgZhdbZi^bZhjhZYidXgZ" ViZWdmZhVgdjcYiZmi^cXdchdaZ Veea^XVi^dch#

ABG8 EaZVhZcdiZi]ViXdchdaZVeea^" XVi^dchVgZhi^aaZmZXjiZY^c L^cYdlh!Wji^cVXdchdaZXdciZmi#

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

',

30

;^\jgZ("( 8ai\eba`XagVbaY\ZheTg\baYbeY\efg g\`XhfXbY@\VebfbYgI\fhT_5Tf\V %##(8kceXff8W\g\ba

AYbi6Uf

I]Z[^ghii^bZndjhiVgiB^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc!^il^aaiV`ZhdbZi^bZ idadVYh^cXZi]Z>9:^hWZ^c\Xdc[^\jgZY#Ndjh]djaYhZZVhXgZZch^b^aVgid;^\jgZ("(# 7Z[dgZlZ\d[ji]Zg!aZiÈheVjhZVcY VYb^gZi]Z>9:^cVaa^ih\adgn#L^i]i]^hkZg" h^dcd[K^hjVa7Vh^X!i]Z>9:\diVc^XZcZl bV`ZdkZg#Add`Vi;^\jgZ(")VcY[ZZai]Z ZmX^iZbZci# >[ndjÈgZcdi[ZZa^c\i]ZZmX^iZbZcinZi! ndjhddcl^aa#I]ZYZkZadebZciZck^gdcbZci]VhWZZcYZh^\cZYidbV`ZVadibdgZ^c[dg" bVi^dcVkV^aVWaZje[gdciVcYid\ZindjbdgZegdYjXi^kZ[VhiZg#;gdbi]^hhXgZZc!ZkZgn" i]^c\ndjcZZYidWj^aYVcVeea^XVi^dc^hVkV^aVWaZ^cVXdjeaZd[Xa^X`h#;gdbi]Z>9:ndj

AU]bHcc`VUf

Hcc`Vcl Gc`ih]cb9ld`cfYf

FYWYbhDfc^YWhg

AG8BJ]giU`6Ug]WFGG :YYX

;Yhh]b[GhUfhYX

J]giU`6Ug]W 9ldfYgg[ndjYdcihZZHiVgijeVcYdi]Zg bdY^[ni]Z[ZZYWnhZaZXi^c\Dei^dch[gdbi]ZIddahbZcj! hZii^c\h^ci]ZDei^dchY^Vad\Wdm! ZchjgZi]VindjhZaZXii]ZH]dl ZmeVcY^c\:ck^gdcbZci!hZaZXi^c\HiVgije!VcYjeYVi^c\ 6aaHZii^c\hX]ZX`Wdm^ci]ZadlZg i]ZHiVgiEV\ZCZlh8]VccZa[^ZaYl^i]VkVa^YGHH[ZZYd[ aZ[iXdgcZgd[i]ZDei^dchY^Vad\ Wdm# ndjgX]d^XZ#

>9:8dbedcZcih HdbZ^bedgiVciXdbedcZcihd[i]Z>9:VgZcdieVgid[i]ZHiVgieV\Z# ฀ BZcj7VgI]^h^hl]ZgZndjXVchZaZXiVcYeZg[dgbVabdhiVaaedhh^WaZVXi^dchgZaViZYid ndjgegd_ZXih![^aZh!VcY=Zae#I]ZVkV^aVWaZdei^dchX]Vc\ZWVhZYdci]ZXjggZciXdciZmi# ;dgZmVbeaZ!l]ZcndjYdcÈi]VkZVcdeZcegd_ZXindj]VkZ[ZlZgbZcjX]d^XZh/dcan ;^aZ!:Y^i!K^Zl!Iddah!L^cYdl!8dbbjc^in!VcY=Zae#L]ZcVegd_ZXi^hdeZc!i]ZbZcj X]d^XZhl^aaVahd^cXajYZEgd_ZXi!7j^aY!9ZWj\!VcY9ViV# ฀ BV^cIddaWVgI]^hiddaWVgXdciV^ch^Xdchi]ViVgZZhhZci^Vaanh]dgiXjihidVXi^dchi]Vi ndjXVcVahdeZg[dgbWn\d^c\i]gdj\]i]ZbZcjh# ฀ IddaWdm>[ndjhXgdaadkZgi]ZiddaWdmdci]ZaZ[ih^YZd[i]ZHiVgiEV\ZhXgZZc!^il^aa ZmeVcY#>[i]ZgZ^hcddeZcZYegd_ZXi!i]ZiddaWdmh]djaYWZZbein#I]ZiddaWdmXdciV^ch Xdcigdahi]ViVgZjhZY^cndjgVeea^XVi^dch#6ii]^hed^cindjXVci]^c`d[XdcigdahVhk^hjVa ZaZbZcih^cL^cYdlhVeea^XVi^dchi]ViedhhZhhV\gVe]^XVa^ciZg[VXZ#;dg^chiVcXZ!dcXZV egd_ZXi^hdeZcZY!i]ZiddaWdml^aa^cXajYZWjiidch!aVWZah!iZmiWdmXdcigdah!bZcjh!idda" WVgh!VcYhddc#I]ZhZXdcigdahVgZYZ[^cZYVcYZmeaV^cZY^c\gZViZgYZiV^a^c8]VeiZg*# ฀ Hdaji^dc:meadgZgI]^h[ZVijgZa^hihi]Z[^aZhVcYXdbedcZcih^cndjgegd_ZXi#>[cdegd_" ZXi^hdeZc!^ih]djaYWZZbein#NdjÈaahZZbdgZYZiV^ahVWdjii]ZHdaji^dc:meadgZgaViZg ^ci]^hX]VeiZg# (%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

฀ HiVijh7VgI]ZhiVijhWVgY^heaVnhVl^YZkVg^Zind[^c[dgbVi^dcXdggZhedcY^c\idi]Z hiViZd[XZgiV^cVXi^kZdeZgVi^dch#;dg^chiVcXZ!l]ZcndjadVYVegd_ZXindjÈaahZZV bZhhV\ZdcndjghXgZZchjX]VhÅAdVY^c\egd_ZXiX/QWaVWaVQWaVWaV#kWegd_[gdbndjg]VgY Yg^kZ#ÆL]ZcndjÈgZWj^aY^c\VcVeea^XVi^dcndjÈaahZZhdbZi]^c\a^`ZÅ7j^aYhiVgiZY0ÆVcY l]Zci]ZVeea^XVi^dc]Vh[^c^h]ZY!ndjÈaahZZÅ7j^aYhjXXZZYZYÆdgÅ7j^aY[V^aZYÆYZeZcY" ^c\dci]ZhjXXZhhd[i]ZegdXZhh#

Dcidi]ZEgd_ZXih ;gdbi]^hed^cidc!ndjÈaa[dXjhdcl]VindjgZVaanXVbZ]ZgZidYd/Wj^aYhdbZegd_ZXih#Hd aZiÈhhiVgil^i]ndjg[^ghiVeea^XVi^dc#;^ghi!ndjÈaaWj^aYi]ZXdchdaZkZgh^dcd[i]ZVeea^XVi^dc#

7j^aY^c\V8dchdaZ6eea^XVi^dc LZÈkZWZZciVa`^c\VWdjil]ViVXdchdaZVeea^XVi^dcXVcYdVcYl]Vi^il^aaadd`a^`Z!hd l]nYdcÈilZWj^aYdcZ4>ci]^hhZXi^dc!ndjÈaaXgZViZVh^beaZbVi]ZbVi^XVeea^XVi^dc#

GgZXdb" bZcYi]VindjineZ^cVaai]Z hdjgXZXdYZhdndjXVchZZVcY WZiiZgjcYZghiVcYXdcXZeih# =dlZkZg![dgadc\ZghdjgXZXdYZ a^hi^c\h!ndjXVcVahdYdlcadVYi]Z XdbeaZiZYXdYZhVbeaZh#]iie/$$ lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc" ^dc$%",(*+"''&("'$

ID7J>A968DCHDA:6EEA>86I>DC =ZJ]giU`6Ug]W&$$)9ldfYgg9X]h]cb]gbchfibb]b[ ghUfh]hVmW`]W_]b[GhUfh#5``Dfc[fUag#A]WfcgcZh

$ J]giU`6Ug]W&$$)9ldfYgg9X]h]cb"

MciWUbW\ccgYhcghUfhVi]`X]b[mcifUdd`]WUh]cbY]h\YfVmW`]W_]b[h\YBYkDfc^YWh]Wcbcbh\Yhcc`!

% VUf VmgY`YWh]b[7fYUhY.Dfc^YWh"""Zfcah\YGhUfhDU[Y cfVmW`]W_]b[:]`Y#BYkDfc^YWhcbh\Y aYbiVUf"

=bh\YBYkDfc^YWhX]U`c[Vcl gY`YWh7cbgc`Y5dd`]WUh]cb]bh\YHYad`UhYggYWh]cb UbXhmdYAm:]fgh

& 7cbgc`Y5dd`]WUh]cb]bh\YBUaYVcl"H\YBYkDfc^YWhX]U`c[Vclg\ci`XVYg]a]`Ufhch\YcbY]b :][ifY'!)"7`]W_C?k\YbmciÇfYfYUXmhc[chch\YbYlhghYd"

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

(&

30

ABG8 7nYZ[Vjai^cK^hjVa7Vh^X'%%* :megZhh:Y^i^dc!l]ZcndjXa^X` D@!egd_ZXihVgZXgZViZY^cViZb" edgVgnadXVi^dc#L]ZcndjhVkZdg XadhZi]Zegd_ZXi![^aZhVgZhVkZY ^cBn9dXjbZcihQK^hjVaHijY^d '%%*QEgd_ZXih#NdjXVcX]Vc\Z i]ZYZ[Vjaiegd_ZXihadXVi^dcWn \d^c\idIddah$Dei^dch$Egd_ZXih VcYHdaji^dchVcY[^cY^c\i]Z [^ghiiZmiWdmcVbZYK^hjVaHijY^d Egd_ZXihadXVi^dc#NdjÈaaadd`^cid l]Vii]dhZ[^aZhVgZVcYl]Vii]Z^g XdciZci^haViZg^ci]^hX]VeiZgVcY Vahd^c8]VeiZg*#

;^\jgZ("* 6eXTg\aZTVbafb_XTcc_\VTg\bahf\aZ g[XAXjCeb]XVgW\T_bZUbk

Ndjh]djaYcdlhZZi]Z>9:^cVc^YaZhiViZlV^i^c\[dgndjidlg^iZi]ZVeea^XVi^dcÈh XdYZ#NdjghXgZZch]djaYcdladd`a^`Zi]ZdcZh]dlc]ZgZ^c;^\jgZ("+#

l^aaZmeaV^cVadi d[i]ZhdjgXZXdYZ^ci]^hWdd`! WjiV[iZgjh^c\hdbZide^XhbdgZ i]VcdcXZdgil^XZ>b^\]icdi gZ"ZmeaV^cZVX]a^cZ!Wji^chiZVY ZmeaV^cdcani]ZcZlbViZg^Va#> l^aaignid^cXajYZ]Zae[jaXdb" bZcih^ci]ZXdYZid\j^YZndj VhndjÉgZaZVgc^c\#6ii]ZZcYd[ ZVX]X]VeiZg!>l^aaVahd^cXajYZ ]neZga^c`hi]Vil^aaed^ciid Vgi^XaZh!k^YZdh!VcYl]^iZeVeZgh# >l^aad[iZc^cXajYZ`ZnldgYh id]ZaendjhZVgX][dgbdgZ ^c[dgbVi^dc^cdca^cZ]Zae#I]Vi h]djaY]Zaendjidegd\gZhh^c ndjgaZVgc^c\^ci]ZaVc\jV\Z VcY^c#C:I^c\ZcZgVa#Ndj]VkZ id`ZZe^cb^cYi]Vii]^hWdd`^h gZVaanh]dl^c\ndjVaandjXVcYd l^i]i]ZegdYjXiVcYi]ZhiZehid \Zii]ZgZ#>iÉhcdiVWdd`dcDDE dgi]ZK^hjVa7Vh^XaVc\jV\Z ^ihZa[#LZVgZhi^aa\d^c\id\d i]gdj\],%"-%d[i]ZaVc\jV\Z VcYbdhiDDEXdcXZeih!Wji^i l^aaValVnhWZi]gdj\]Wj^aY^c\ Veea^XVi^dchVcYcZkZgi]gdj\] YgngZ[ZgZcXZhVcYZmeaVcVi^dch#

(-

&LQGG

GUjY5``VihhcbhcgUjYU``acX]Z]YXZ]`Yg]bh\Ydfc^YWh"

G9:#L]ZcndjÈgZYdcZ!ndjXVcXadhZi]Zegd_ZXiWn\d^c\id;^aZ$8adhZEgd_ZXi#NdjaaWZ egdbeiZYidhVkZdgY^hXVgYndjgX]Vc\Zh#8a^X`HVkZVcYi]Zc!^[i]ZcVbZVcYadXVi^dcVgZ [^cZ!Xa^X`HVkZV\V^c^ci]ZHVkZEgd_ZXiY^Vad\Wdm#

;^\jgZ("&+ 6b``TaWceb`cgj\aWbjj\g[g[X XkcXVgXWeXfh_gTaWT`XffTZX\aW\ VTg\aZTcThfXWXkXVhg\ba

8gZVi^c\VL^cYdlh6eea^XVi^dc NdjkZ_jhiWj^aiVXdchdaZVeea^XVi^dc#I]ZcZmi hiZe^hidYZkZadei]ZhVbZVeea^XVi^dcVhV L^cYdlhVeea^XVi^dc#

ID7J>A96L>C9DLH6EEA>86I>DC K\YbWfYUh]b[h\YWcbgc`YUdd`]WUh]cb mci

$ gUkh\YBYkDfc^YWhX]U`c[Vcl"CdYb]h

U[U]bVm[c]b[hch\Y:]`YaYbiUbXgY`YWh]b[ BYkDfc^YWh"""H\]gh]aY gY`YWhK]bXckg 5dd`]WUh]cbZfcah\YHYad`UhYggYWh]cbUbXhmdY]b Am:]fghK]bXckg5dd`]WUh]cb"AU_YgifYmcifgWfYYb `cc_g`]_Yh\YcbY]b:][ifY'!%+UbXh\YbW`]W_C?" ;^\jgZ("&, 6eXTg\aZTJ\aWbjfTcc_\VTg\bahf\aZ g[XAXjCeb]XVgW\T_bZUbk

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

)&

30

MciÇ``]aaYX]UhY`mgYYh\Uhh\YfYgi`h cZh\]gcdYfUh]cb]gei]hYX]ZZYfYbhZcf h\YK]bXckgUdd`]WUh]cbdfcWYggh\Ub ]hkUgZcfh\YWcbgc`YUdd`]WUh]cbdfc! WYgg"Mcig\ci`XgYYh\YK]bXckg :cfa8Yg][bYfUgX]gd`UmYX]b :][ifY'!%,"

;^\jgZ("&ci]^hX]VeiZg! ndjÈaahiVgil^i]i]ZWVh^X[gVbZldg`d[i]ZVeea^XVi^dc0^ci]ZcZmiild X]VeiZgh!ndjÈaaXdci^cjZidaZVgccZl[ZVijgZhVcYVYYi]ZbidZc]VcXZ ndjgegd_ZXi# >ci]^hX]VeiZg!ndjÈgZ\d^c\idaZVgc]dlidWj^aYndjgdlcWVh^XLZW WgdlhZg!VcYndjÈaaWZVWaZidYd^i^c[^kZb^cjiZhdgaZhh

)*

30

L]Vi>hVEgd_ZXi4 >ci]ZegZk^djhX]VeiZg!ndjXgZViZYVegd_ZXiid]daYndjghdjgXZXdYZ#>ÈaacdliV`ZV bdbZciidZmeaV^cl]ViVegd_ZXi^hVcYl]Vi^c[dgbVi^dc^iXdciV^ch#I]Zegd_ZXi^hVXdc" iV^cZg[dgVaa^iZbh^cndjgVeea^XVi^dc!hjX]Vh[dgbh!hdjgXZXdYZ!VcYgZhdjgXZh#>iVahd hidgZh^bedgiVciXdc[^\jgVi^dcYViVi]ViWZadc\hidi]ZVeea^XVi^dcVhVl]daZ/i]ZadXVi^dc d[i]ZZmZXjiVWaZ^#Z#!W^cVg^Zhdcndjg]VgYYg^kZ!i]ZkZgh^dc^c[dgbVi^dc!VcYbVcnbdgZ hZii^c\hi]ViV[[ZXiVaad[i]ZX]VgVXiZg^hi^Xhd[ndjgVeea^XVi^dc#;dg^chiVcXZ!^iÈhVahdhidg^c\ egd\gVbbZg"YZ[^cZYVeea^XVi^dchZii^c\hi]ViVgZkZgn^bedgiVci[dgi]ZjhZgZmeZg^ZcXZ# JhZghadkZidXjhidb^oZi]Z^ghd[ilVgZZck^gdcbZciidi]Z^gXdb[dgiaZkZaVcYeZghdcVahinaZ# 6ine^XVaji^a^oVi^dcd[i]dhZjhZghZii^c\h^hidbV`ZhjgZi]ZVeea^XVi^dcXVcegZhZgkZjhZg Xjhidb^oVi^dc[gdbdcZZmZXji^dcidVcdi]Zg#6\ddYZmVbeaZd[XjhidbjhZghZii^c\hXVc WZhZZcl^i]ndjgdlcjhZgegZ[ZgZcXZh^c>ciZgcZi:meadgZg!hjX]Vhndjg]dbZeV\Z VYYgZhh!ndjg]dbZeV\ZhZii^c\h!l]^X]iddaWVghVgZY^heaVnZY!VcYl]Zi]ZgndjgiddaWVgh VgZadX`ZY^ch^oZVcYhd[dgi]# >ci]ZcZmiX]VeiZg!ndjÈaaaZVgcVWdjihdbZd[i]Zbdhi^bedgiVcihZii^c\hhidgZY^c i]Zegd_ZXiXdc[^\jgVi^dc[^aZVcY]dlidjhZi]Zb^cndjgVeea^XVi^dc#>ci]Z[^cVaX]VeiZg d[i]^hWdd`!ndjl^aajhZegd\gVbbVi^XiZX]c^fjZhidegZhZgkZi]ZjhZgÈhhZii^c\hVcY Xjhidb^oVi^dch# I]ZcVbZndjX]ddhZl]ZcXgZVi^c\ndjgVeea^XVi^dc^h\d^c\idWZXdbZndjg egd_ZXicVbZ#>il^aaVahdWZXdbZi]ZYZ[Vjai[daYZgcVbZdcndjg]VgYYg^kZl]ZgZndjg Veea^XVi^dcl^aaWZhidgZYl]ZcndjhVkZndjgVeea^XVi^dc#>il^aaVahdWZXdbZi]ZYZ[Vjai cVbZheVXZd[ndjgVeea^XVi^dc#6cVbZheVXZ^hjhZYiddg\Vc^oZi]ZXaVhhZh^cVh^c\aZ ]^ZgVgX]^XVahigjXijgZ#>iYdZhi]ZhVbZ[dgVcndi]ZgineZhndjb^\]iYZ[^cZ#I]ZXgZVi^dc d[VcVbZheVXZ]ZaehegZkZcicVb^c\Xdaa^h^dch#L]Vi^hVcVb^c\Xdaa^h^dc4AZiÈhadd`ViVc ZmVbeaZid^aajhigViZi]^hXdcXZei# HjeedhZVXdbeVcnXVaaZY6YkZcijgZLdg`hlgdiZVcZlL^cYdlh;dgbhXaVhh cVbZY6CZl;dgb#I]ZnldjaYXgZViZVcVbZheVXZXVaaZY6YkZcijgZLdg`hVcYejii]Z^g 6CZl;dgbXaVhh^c^iidjc^fjZancVbZi]Z^gXaVhh#I]Z[jaanfjVa^[^ZYcVbZd[VXaVhh^h ValVnhXdbedhZYd[i]ZcVbZheVXZ[daadlZYWnVYdiVcYi]Zci]ZcVbZd[i]ZXaVhhZh# 6YkZcijgZLdg`hÈhjc^fjZXaVhhldjaYWZ6YkZcijgZLdg`h#6CZl;dgb#

)+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

CdlaZiÈhhjeedhZi]VindjVgZXgZVi^c\VcZlegd_ZXijh^c\K^hjVaHijY^dVcYYZX^YZid cVbZndjgegd_ZXiBnA^WgVgn#K^hjVaHijY^dldjaYi]ZcXgZViZ[dgndjVcVbZheVXZXVaaZY BnA^WgVgn#HjeedhZi]Vindji]ZcYZ[^cZVcZlXaVhhVcYcVbZ^i6CZl;dgb#Ndjb^\]icdi WZVlVgZi]ViVXdbeVcnXVaaZY6YkZcijgZLdg`hVahdXVaaZYi]Z^gcZlXaVhhjh^c\i]ZhVbZ cVbZ#:kZci]dj\]6YkZcijgZLdg`hb^\]iWZYd^c\XdbeaZiZanY^[[ZgZcii]^c\hl^i]i]Z^g XaVhh!VegdWaZbXdjaYVg^hZWZXVjhZi]ZildXaVhhZhVgZcVbZYi]ZhVbZ# CdlhjeedhZi]VindjÈgZign^c\idjhZWdi]XaVhhZhXVaaZY6CZl;dgb^cndjgcZl Veea^XVi^dc#>[ndjh^beanjhZ6CZl;dgb!i]ZXdbe^aZgl^aacdiWZVWaZidYZiZgb^cZ l]^X]6CZl;dgbXaVhhndjlVciidjhZi]ZdcZ[gdbndjga^WgVgndgi]ZdcZ[gdbi]Z 6YkZcijgZLdg`ha^WgVgn0i]^h^hVcVb^c\Xdaa^h^dc#7negZ[^m^c\i]ZXaVhhcVbZl^i]i]Z cVbZheVXZcVbZ!ndjVgZi]ZciZaa^c\i]ZXdbe^aZgZmVXianl]^X]XaVhhndjlVciidjhZ 6YkZcijgZLdg`h#6CZl;dgb#

L]Vi>hi]Z9Zh^\cAVndji4 Ndjl^aahddcXgZViZVcZlYZh^\caVndji^ci]Z[dgbYZh^\cZg#>cYd^c\i]^h!ndjÈaaWZXgZVi" ^c\l]Vii]ZVeea^XVi^dcXdciV^chVcY]dl^ihXdciZci^hegZhZciZYl]Zci]ZjhZgZmZXjiZh i]ZVeea^XVi^dc# IdVXXdbea^h]i]^he]VhZd[Vegd_ZXi!ndjine^XVaanYdcdicZZYidineZV\gZViYZVad[ XdYZ0VhZmeaV^cZYaViZg^ci]^hX]VeiZg!K^hjVaHijY^diV`ZhXVgZd[i]Vi[dgndj#Ndjh^bean ]VkZidldggnVWdji]dlndjgVeea^XVi^dcadd`h#L]ZcndjgZYdcZYZh^\c^c\Vaai]Zk^hjVa VheZXihidndjga^`^c\!ndjgcZmiiVh`jhjVaan^ckdakZhViiVX]^c\i]ZhdjgXZXdYZidndjg k^hjVaaVndjihdi]VindjgVeea^XVi^dcgZVXihidVcYVXihjedci]ZjhZgÈh^ceji# >ci]^hX]VeiZg!ndjl^aaXdbeaZiZi]ZWVh^XaVndji#Ndjl^aaaZVgcbdgZVYkVcXZYaVndji iZX]c^fjZh^c[daadl^c\X]VeiZgh#AZiÈhhiVgii]ZcZmiegd_ZXi/Vh^beaZLZWWgdlhZg#

8]VeiZg)/8gZViZNdjgDlcLZW7gdlhZg^cAZhhI]Vc;^kZB^cjiZh

&LQGG

),

30

ID8G:6I:6H>BEA:L:77GDLH:G GhUfhJ]giU`6Ug]W&$$)9ldfYgg9X]h]cbVmW`]W_]b[GhUfh 5``Dfc[fUag VcYA]WfcgcZhJ]giU`6Ug]W

$ &$$)9ldfYgg9X]h]cb"

7fYUhYUbYkA]WfcgcZhK]bXckg›5dd`]WUh]cbDfc^YWhig]b[UbmcZh\YhYW\b]eiYgg\ckb]bh\YdfY!

% j]cigW\UdhYfgh\fci[\Y]h\Yfh\Y:]`YaYbicfh\YBYkDfc^YWh]Wcb]bh\Yhcc`VUf"BUaYh\YbYk Udd`]WUh]cbAmCkb6fckgYf"

Cbh\YXYg][bgifZUWY mciÇ``gYYh\YYadhmK]bXckg:cfak]h\Uh]h`YVUfbUaYX:cfa%"7`]W_cb

& h\Yh]h`YVUfcbWY"@cc_cjYfhch\YdfcdYfh]Ygk]bXckcbh\YVchhcaf][\hcZh\Y=89 Ugg\ckb]b :][ifY(!%"

;^\jgZ)"& CebcXeg\Xfj\aWbjYbe@lBja5ebjfXe Tcc_\VTg\ba9be`Vbageb_

)-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

KYÇ``VYig]b[acghcZh\YdfcdYfh]YgmcigYY`]ghYX\YfYF][\hbckk\Uh]g]adcfhUbhZcfmcihcibXYf! ghUbX]gh\UhacghcZh\YgYdfcdYfh]Yg]bZ`iYbWY\ckh\YWcbhfc`mci\UjYgY`YWhYXVY\UjYgcfk\Uh]h`cc_g `]_Yk\YbmciYlYWihYmcifUdd`]WUh]cb" :cfU``gUad`Yg]bh\]gVcc_ =gi[[Yghh\Uhmcigcfhh\YdfcdYfh]Yg`]gh]bUgWYbX]b[U`d\UVYh]WU`cfXYf/]hk]`` VYaiW\YUg]YfhcZ]bXdfcdYfh]Ygh\Uh=fYZYfYbWY]bh\YYlUad`Yg"Hcgcfhh\YdfcdYfh]Yg]bU`d\UVYh]WU` cfXYf W`]W_cbh\Y6ae]VWZi^XVaVihhcbZfcah\YDfcdYfh]Ygk]bXckhcc`VUf H\Ych\Yfcdh]cb]ghc UffUb[Yh\YWcbhfc`gVmWUhY[cf]Yg Vihh\]ga][\hg`ckXckbmcifdfc[fYggh\fci[\cihh\]gVcc_" K\YbYjYfmcigY`YWhUdfcdYfhm mciÇ``gYYUVf]YZXYgWf]dh]cbcZ]hgigU[YUhh\YVchhcacZh\YDfcdYfh]Yg k]bXck"FYZYfhc:][ifY(!%UgUbYlUad`Y"=bh\]gWUgY h\YhYlhdfcdYfhmkUggY`YWhYX"5hh\YVchhcacZ h\YDfcdYfh]Ygk]bXck mciWUbgYYUgiWW]bWhhYlhaYggU[YXYgWf]V]b[h\YZibWh]cbcZh\YhYlhdfcdYfhm" 5gaYbh]cbYX]b7\UdhYf' amVYghUXj]WYZcf`YUfb]b[h\]ggcZhkUfY]ghchfm hfm UbXhfmU[U]b"H\YfYUfYU jUf]YhmcZhcc`g]bJ]giU`6Ug]W&$$)9ldfYgg9X]h]cbUbXUfYh\YfYZcfYaUbmdcgg]V]`]h]Yg"Mcik]```YUfbhcigY acghcZh\YgYhcc`gVmig]b[h\]gVcc_ Vih]hÇg]adcgg]V`Yhc`YUfbU``jUf]Uh]cbgUbXdcgg]V]`]h]Yg]ZmciXcbÇh XcgcaYYld`cf]b[cbmcifckb"K]h\h\Uh]ba]bX hcibXYfghUbXh\YYZZYWhcZUW\Ub[YcbUdUfh]Wi`Uf dfcdYfhm hfmU``X]ZZYfYbhdcgg]V`YjU`iYg"9UW\h]aYmciacX]ZmUdfcdYfhm Vi]`XUbXW\YW_h\YYlYWih]cb" l^aajhZi]Z [daadl^c\cdiVi^dchigjXijgZVh [djcY^ci]^h[dgbVi/H^oZ/L^Yi]! l]^X]gZ[Zghidi]ZH^oZegdeZgin VcYi]ZL^Yi]Viig^WjiZ#

IVWaZ)"& ?\fgbYYbe`cebcXeg\XfgbV[TaZX

8]VeiZg)/8gZViZNdjgDlcLZW7gdlhZg^cAZhhI]Vc;^kZB^cjiZh

&LQGG

).

30

KYÇfYbck[c]b[hcUXXh\fYYK]bXckg:cfagWcbhfc`ghcmcifVfckgYfUdd`]WUh]cb.UhYlhVclWcbhfc`]b k\]W\hcYbhYfh\YXYgh]bUh]cbIF@ UVihhcbhcbUj][UhYhch\YKYVdU[Y UbXUKYVVfckgYfWcbhfc`]b k\]W\h\YKYVdU[YWcbhYbhk]``VYX]gd`UmYX" 8fU[UbXXfcdUKYVVfckgYfWcbhfc`cbhch\YXYg][bYfgifZUWY"H\YKYVVfckgYfWcbhfc`]g`cWUhYX

G[ndj[daadlZYi]ZegZk^djhhiZehZmVXian!ndjgVeea^XVi^dch]djaYcdlWZgjcc^c\# 7ZXVjhZlZY^YcÈiXdYZVcn[jcXi^dcVa^in!ZciZg^c\VcJGAVcY]^ii^c\i]Zl^aajhZVcVcVad\nidZmeaV^cV[jcYVbZciVaXdcXZei#6a^\]iWjaWWn^ihZa[^hcdiVjhZ" [jae^ZXZd[]VgYlVgZ#IddWiV^ca^\]i[gdb^i!ndjcZZYidXdccZXiildl^gZhXVggn^c\ZaZX" ig^X^in#H^b^aVgidl]ViVcZaZXig^X^VcldjaYYdidXgZViZi]^hZaZXig^XVaX^gXj^i!lZcZZYid ViiVX]dgl^gZi]ZXdcigdaVcYi]ZVXi^dcid\Zi]ZgWnlg^i^c\XdYZid]VcYaZi]ZZkZcid[ Xa^X`^c\i]Z[ndjhZZi]Z cVbZd[ndjgVeea^XVi^dc[daadlZY Wni]ZldgYgjcc^c\!i]^hbZVch ndjgVeea^XVi^dc^hhi^aaVXi^kZVcY ndjldcÈiWZVWaZidVYYXdYZ# >[ndjignidVYYXdYZ!i]ZhiVijh WVgl^aagZedgii]VindjVgZ^c gZVY"dcanbdYZl^i]i]Z[daadl^c\ bZhhV\Z/8VccdiXjggZcianbdY^[n i]^hiZmi^ci]ZZY^idg#>i^h^cgZVY" dcan#



% HmdY]bh\YZc``ck]b[WcXYUhh\YWifgcf. P\%URZVHU1DYLJDWH W[W85/7H[W

DfYgg;*hcWcad]`YUbXYlYWihYh\YUdd`]WUh]cb"=Zmci

& bUaYXmcifWcbhfc`gWcffYWh`m]bghYd,]bh\YdfYj]cig

YlYfW]gYUbXYbhYfYXh\Y`]bYcZWcXYUgg\ckb]bghYd& mci g\ci`Xbck\UjYmcifckbKYVVfckgYfUdd`]WUh]cb"CZ WcifgY mcikcbÇh\UjYU``h\YVY``gUbXk\]gh`YgcZ=bhYfbYh 9ld`cfYf VihVYdUh]YbhÃkYÇfY[Yhh]b[h\YfY"Hfm[c]b[hcmcif ZUjcf]hYIF@ghcgYY]Z]hgkcf_]b[UgYldYWhYX":cf]bghUbWY = kYbhhclll#b^Xgdhd[i#XdbUbX]hkcf_YX^ighZ]bYMciWUb gYYh\YfYgi`h]b:][ifY(!("

;^\jgZ)#) @lBja5ebjfXef[bj\aZg[X@\VebfbYg!Vb`JXUf\gX

8]VeiZg)/8gZViZNdjgDlcLZW7gdlhZg^cAZhhI]Vc;^kZB^cjiZh

&LQGG

*(

30

Ejii^c\>i6aaId\Zi]Zg < @ C B E G4 A G 7Z[dgZbdk^c\dc!>Èb^ck^i^c\ ndjidadd`ViVk^YZd[gdbi]Z BH9CœLZWh^iZi]ViiVa`hVWdji DW_ZXi"Dg^ZciZYEgd\gVbb^c\!dg DDE#NdjÈkZ]VYV\ddY^cigdYjX" i^dcidDDEWdi]^ci]^hX]VeiZg VcY^c8]VeiZg&#IdjcYZghiVcY i]ZXdcXZei[gdbVcdi]ZgVc\aZ! cVk^\ViZid]iie/$$\d#b^Xgdhd[i#Xdb$ [la^c`$4a^c`^Y2))%(%XaX^Y2%m)%. VcYk^ZlAZhhdc+!EVgih&VcY'#

@BE8 iVa`VWdjiXdbbdcXdcigdah^c 8]VeiZg*#

*)

&LQGG

LZÈkZ_jhihZZci]Vil]ZcndjYgV\VXdcigdadcidi]ZYZh^\chjg[VXZ!ndjÈgZVXijVaanXgZVi" ^c\VcdW_ZXid[i]ViXdcigdaXaVhh#L]ZcndjÈgZcVb^c\i]ZXdcigda^ci]ZEgdeZgi^Zhl^c" Ydl!ndjÈgZVXijVaanVhh^\c^c\VcVbZidi]ZkVg^VWaZndjÈkZ_jhiXgZViZYÄl]^X]^hZmVXian l]VilZY^Y[dgi]Zi]gZZXdcigdahjhZY^cndjgWgdlhZg#>c[VXi!i]^h^hl]nndjlVciid\^kZ ndjgXdcigdahbZVc^c\[jacVbZhhdi]VindjXVcjhZi]ZbaViZgegd\gVbbVi^XVaan# 6hndjcdl`cdl!i]ZgZlVhV\gZViYZVad[VXi^k^iniV`^c\eaVXZl]ZcndjYgdeeZY Xdcigdahdcidi]ZYZh^\cZghjg[VXZ#IdWZiiZgjcYZghiVcYl]VilVhiV`^c\eaVXZ^ci]Z WVX`\gdjcY!lZkZiVa`ZYVWdji^bedgiVciDDEXdcXZeihWZ]^cYi]Za^cZd[XdYZndjkZ VYYZYidgZhedcYidi]ZXa^X`ZkZci# Cdli]VindjkZgjci]ZVeea^XVi^dc!]ZgZ^hVa^hid[fjZhi^dchndjbVn]VkZ/ ฀ L]Vi]VeeZch^[>ejicdi]^c\^ci]ZiZmiWdmVcY]^i:ciZg4 ฀ L]Vi]VeeZch^[>ZciZgVc^ckVa^YJGA4 ฀ L]Vi]VeeZch^[>ZciZgVcni]^c\>[ZZaa^`Z4 BnVchlZgidndj^hh^bean!ÅIgn^i#Ign^icdl#ÆI]ZgZVaYZVa^hi]VindjgLZWWgdlhZg l^aaVXijVaanWZ]VkZa^`ZVcndi]ZgLZWWgdlhZgVcYl^aacVk^\ViZidl]ViZkZgJGA^hineZY ^cidi]ZiZmiWdm#>[ndjYdcÈiineZVcni]^c\!Xa^X`^c\dci]Z[ndjineZVcni]^c\ndj[ZZaa^`Z!i]ZWgdlhZgXdcigdal^aaXdbZWVX`l^i]VEV\Zcdi[djcY dg8dYZ)%)eV\Z# Cdl^hndjgi^bZidZmeZg^bZci#GZbZbWZgi]^hWdd`ÈhgjaZ/IGN!IGN!IGN#Hd\dV]ZVY VcYeaVnl^i]^i#8]Vc\ZhdbZd[i]ZegdeZgi^ZhVcYhZZi]ZgZhjaihVigjci^bZ#6ai]dj\] lZ]VkZcÈijhZYbVcn[ZVijgZhnZi!ndjÈaaVYYbdgZ^c8]VeiZg+#I]^hegd_ZXi^h[Vg[gdb dkZg7nVYY^c\cZl[ZVijgZh!ndjÈaaVgg^kZViVed^cil]ZgZndjgVeea^XVi^dcl^aahiVgiidadd` bjX]bdgZ[Vb^a^Vg#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

>cHjbbVgn### >ci]^hX]VeiZg!ndjaZVgcZY]dlidWj^aYVLZWWgdlhZg#NdjhiVgiZYid/ ฀ 6YYbdgZi]VcdcZXdcigdaidi]ZYZh^\cZghjg[VXZ ฀ HZiegdeZgi^Zh^ci]ZEgdeZgi^Zhl^cYdl ฀ L^gZVcZkZciidVXdcigdaVcYaZVgc]dlidVYYXdYZi]Vil^aaZmZXjiZl]Zci]ZZkZci ^hig^\\ZgZY >ci]^hZmVbeaZ!ndjkZa^c`ZYbVcnDDEXdcXZeihWnjh^c\dcandcZa^cZd[XdYZ# NdjkZVYYZYi]ZXdYZidgZhedcYidi]ZWjiidcXa^X`ZkZciWnXVaa^c\i]ZCVk^\ViZ bZi]dYd[ndjgLZWWgdlhZgdW_ZXi#NdjgLZWWgdlhZgcVk^\ViZYidVJGAeVhhZY^cVhVc Vg\jbZciidi]ZCVk^\ViZbZi]dY#I]ZVg\jbZci[dgi]ZCVk^\ViZbZi]dYlVheVhhZY^c jh^c\i]ZiZmiWdmXdcigdaIZmiegdeZgin#:kZgni]^c\lVhXdbeaZiZYVcY[jaanldg`^c\_jhiWn ilZV`^c\hdbZegdeZgi^ZhVcYVYY^c\DCANdcZa^cZd[XdYZI]ViÈhl]Vi>XVaaegdYjXi^k^in# >ci]ZcZmiX]VeiZg!ndjÈaaXdci^cjZi]^hegdXZhhWnaZVgc^c\Vaad[i]ZbV_dg[ZVijgZhd[ K^hjVa7Vh^X'%%*:megZhh:Y^i^dc#NdjÈaaWZXdbZbdgZegdYjXi^kZViYZkZade^c\Veea^XVi^dch WnaZVgc^c\[ZVijgZhhjX]Vh>ciZaa^HZchZœ!hcVea^cZh!XdYZhc^eeZih!hbVgiiV\h!i]ZBn cVbZheVXZ!VcYbjX]bdgZ#

8]VeiZg)/8gZViZNdjgDlcLZW7gdlhZg^cAZhhI]Vc;^kZB^cjiZh

&LQGG

A^c`hidBdgZ >c[dgbVi^dc Di]Zg\ddYhdjgXZhd[^c[dg" bVi^dcVgZi]Zk^YZdh[gdb BH9CheZX^[^XVaanXgZViZYid XdkZgi]ZK^hjVa7Vh^X'%%* :megZhh:Y^i^dcegdYjXi#I]Z k^YZdh[dgAZhhdch'VcY, XdkZghdbZd[i]Zide^Xhndj ]VkZ_jhiaZVgcZYVcYl^aaegd" k^YZndjl^i]Vcdi]Zged^cid[ k^Zl#NdjXVc[^cYi]Zk^YZdh [dgAZhhdch'VcY,Wnine" ^c\^ci]Z[daadl^c\]neZga^c`/ ]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$ 4a^c`^Y2))%(%XaX^Y2%m)%.#

**

30

&LQGG

30

6[TcgXe( 6eXTg\aZLbhe 9\efg9h__J\aWbjfœ 4cc_\VTg\ba FaTcTaW4_\ZaG[bfX 6bageb_fHf\aZFaTc ?\aXf(+

* Hf\aZYgdeeZYi]ZXdcigdahdcidi]Z[dgb#>ÈkZValVnh]VYid\didi]Z EgdeZgi^Zhl^cYdlVcYVa^\ci]ZXdcigdahbVcjVaanWnZciZg^c\i]Z^gmVcYnXddgY^cViZh! l]^X]hadlhYdlci]ZYZkZadebZciegdXZhhfj^iZVW^i6\V^c!aZibZgZ^iZgViZdcZd[i]Z e]^adhde]^Zhi]ZK^hjVa7Vh^X'%%*iZVb]VY^cb^cYl]ZcXgZVi^c\i]^hVlZhdbZcZlegdY" jXi#I]ZnlVciZYidbV`ZhjgZndjY^YcÈi]VkZideZg[dgbbjai^eaZhiZehVihZkZgVaY^[[ZgZci eaVXZhidVXXdbea^h]Vh^beaZiVh`#6cYi]ZnhjXXZZYZYl^i]Vadid[cZl[ZVijgZh0dcZd[ i]ZhZ^hi]ZcZlhcVea^cZh[ZVijgZi]ViVaadlhndjidZVh^anVa^\cdW_ZXihdci]ZYZh^\cZg hjg[VXZ#AZiÈhYdVcZmZgX^hZhdndjXVchZZi]ZhcVea^cZh[ZVijgZ^cVXi^dc#

ID8G:6I:6C:LL>C9DLH;DGBJH>CC:H GhUfhJ]giU`6Ug]W&$$)9ldfYgg9X]h]cbVmW`]W_]b[GhUfh 5``Dfc[fUag UbXA]WfcgcZhJ]giU`6Ug]W

$ &$$)9ldfYgg9X]h]cb"7fYUhYUbYkA]WfcgcZhK]bXckg5dd`]WUh]cbdfc^YWhig]b[UbmcZh\YhYW\!

b]eiYgg\ckb]bh\YdfYj]cigW\UdhYfgVmig]b[Y]h\Yfh\Y:]`YaYbicfh\YBYkDfc^YWh]Wcb]bh\Yhcc`VUf" BUaYh\YbYkUdd`]WUh]cbHYghDfc^YWh" Mcig\ci`XgYYh\YXYg][bYfgifZUWY"=ZmciXcbh f][\h!W`]W_

% cbh\YZ]`YbUaY:cfa%"jV]bh\YGc`ih]cb9ld`cfYfUbX

W\ccgYJ]Yk8Yg][bYf"H\Yb ig]b[h\Yhcc`Vcl XfU[h\fYY`UVY`g UbXh\fYYhYlhVclWcbhfc`gcbhch\YXYg][bgifZUWY" GhUW_h\Y`UVY`gjYfh]WU``m"5h\]bV`iY`]bYUgbUd`]bYk]``

& UddYUfcbY]h\Yfh\Yf][\hg]XYcfh\Y`YZhg]XYcZh\Y`UVY`ghc \Y`d[i]XYh\YU`][baYbh"K\Ybh\Y`UVY`gUfYU`][bYXWcffYWh`m  fY`YUgYh\Y`UVY`Wcbhfc`" 5gg\ckb]b:][ifY)!% UgaU``V`iY\cf]ncbhU``]bYU`gcUddYUfghc h\Y`YZhcZh\Y`UVY`Wcbhfc`"H\]g`]bYfYdfYgYbhgh\Ya]b]aiagdUWY ;^\jgZ*"& VYhkYYbUWcbhfc`UbXUbch\YfWcbhfc`cfVYhkYYbUWcbhfc`UbX FaTc_\aXf\aTVg\baj\g[gjb_TUX_Vbageb_f ]hgWcbhU]bYf"

*-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

5ZhYfU`][b]b[h\Y`UVY`gjYfh]WU``m Xch\YgUaYk]h\h\YVihhcbg]aaYX]!

;^\jgZ*"' 4__g[XVbageb_fTeXabjT_\ZaXW

' UhY`mhch\Yf][\hcZYUW\`UVY`"H\YXYg][bYfgifZUWYg\ci`X`cc_`]_Yh\Y cbYg\ckb]b:][ifY)!&" Bch]WYh\Uhh\Y`UVY`gUfYU`][bYXk]h\h\YVchhcacZh\YhYlhVclWcbhfc`g"

( :cfUW`YUbYfUddYUfUbWY h\Y`UVY`gg\ci`XU`][bk]h\UbmhYlhh\Uhk]``VY YbhYfYX]bh\YhYlhVcl"HcU`][bh\Y`UVY`gWcffYWh`m acjYYUW\`UVY`ibh]`mci gYYU\cf]ncbhU`difd`Y`]bY]bghYUXcZUV`iY`]bY Ugg\ckb]b:][ifY)!'"=b :][ifY)!( @UVY`g%UbX&\UjYVYYbdfcdYf`mU`][bYXk]h\h\YVUgY`]bYcZh\Y WcffYgdcbX]b[hYlhVclWcbhYbhg Vih@UVY`']ggh]``U`][bYXk]h\h\YVchhcacZ h\YhYlhVcl]hgY`Z"

;^\jgZ*"( 8kT`c_XbYT_\Za`Xagj\g[g[XVb` `bagXkgUTfX_\aX

;^\jgZ*") Eha g\`XXkXVhg\babYg[\fT_\Za`XagcebU_X`

< @ C B E G4 A G 9dcdiXadhZi]ZiZhiegd_ZXi0ndjÈaacZZY^i[dgi]ZhZXi^dchi]Vi[daadl#>[ ndjXadhZi]ZiZhiegd_ZXiVcYK^hjVa7Vh^X'%%*:megZhh:Y^i^dcVcYi]Zc gZ"deZci]ZbaViZg!ndjb^\]iadhZi]ZXjggZcik^ZlVcYndjg[dgbVcYXdYZ b^\]icdih]dljeVjidbVi^XVaan#>[ndjYd]VeeZcidXadhZi]ZiZhi[dgb! Xa^X`i]ZK^Zl8dYZWjiidcdci]ZHdaji^dc:meadgZgiddaWVg id\Zii]ZXdYZ d[i]ZhZaZXiZY[dgbdgdci]ZK^Zl9Zh^\cZgWjiidcid\Zii]Z9Zh^\cZgd[ i]ZhZaZXiZY[dgb#6aiZgcVi^kZan!ndjXVcg^\]i"Xa^X`dci]Z[dgb[^aZcVbZ!^c i]^hXVhZ;dgb&#kW!VcYi]ZchZaZXiK^Zl8dYZ id\Ziidi]ZhdjgXZXdYZ dg K^Zl 9Zh^\cZgid\Ziidi]ZYZh^\chjg[VXZ#









Jh^c\>ciZaa^HZchZ²NdjgCZl7Zhi;g^ZcY >ciZaa^HZchZœ^hdcZd[i]Z\gZViZhiiddahYZkZadeZY[dgWdi]WZ\^ccZgVcYZmeZg^ZcXZYegd" \gVbbZgh#I]^h[ZVijgZegdk^YZhXdciZmijVaaVc\jV\ZgZ[ZgZcXZhl^i]^ci]ZXdYZZY^idgVcY XVcZkZcXdbeaZiZi]Zine^c\[dgndj#I]^hbZVchndjXVc\Zi^bbZY^ViZXdYZhnciVm]Zae heZX^[^Xidi]ZXdYZndjÈgZlg^i^c\l^i]djiaZVk^c\i]ZXdYZZY^idg#;dgZmVbeaZ!^[ndjÈgZ ^ch^YZV[dgbVcYndjVh`>ciZaa^HZchZ[dg]Zae!ndjÈaa\ZiVXXZhhidXdYZXdchigjXihi]Vi bV`ZhZchZ[dgi]VieVgi^XjaVg[dgb#NdjÈkZVagZVYnZmeZg^ZcXZY>ciZaa^HZchZl]^aZYd^c\i]Z egZk^djhZmVbeaZhl^i]djigZVaan`cdl^c\i]ViÈhl]VindjlZgZjh^c\# 8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

*.

30

>ciZaa^HZchZVcY8iga HeVXZWVg DcZd[i]ZZVh^ZhilVnhidWg^c\jei]Z>ciZaa^HZchZl^cYdl^hidegZhh8iga HeVXZWVg# ;^\jgZ*"*h]dlhVcZmVbeaZ[gdbi]Zegd_ZXiXjggZciandeZcZY^ci]ZXdYZZY^idg#NdjXVc hZZ^ci]^h[^\jgZVa^hid[edhh^WaZX]d^XZhWVhZYdci]ZXdciZmid[V[dgbZaZbZcicVbZY ;dgb&# ;^\jgZ*"* C;D I]ZgZÈhVcZVi[ZVijgZ^cK^hjVa HijY^di]ViigVX`hi]ZX]Vc\Zhndj bVYZidi]ZhdjgXZXdYZ!h^b^aVg idi]ZIgVX`8]Vc\Zh[ZVijgZ^c B^Xgdhd[iLdgY#>cK^hjVaHijY^d! ]dlZkZg!l]ZcZkZgndjbdY^[n ndjgXdYZ!VXdadgZYa^cZ^hVYYZY idi]ZWZ\^cc^c\d[i]Via^cZ#6 nZaadla^cZ^cY^XViZhi]ViVX]Vc\Z lVhbVYZWji]VhcdiWZZchVkZY nZi#>[i]Za^cZ^h\gZZc!^ibZVch i]ZX]Vc\ZlVhhVkZYVcY^hcdl eVgid[i]ZXdYZZkZc^[ndjZm^i K^hjVaHijY^d#>iÈhVgZVaanjhZ[ja [ZVijgZ!VcY^[ndjlVciidZcVWaZ ^i!_jhiXa^X`Iddah$Dei^dch!i]Zc hZaZXii]ZH]dl6aaHZii^c\hX]ZX` WdmVii]ZWdiidbaZ[id[i]Zl^c" Ydl#>ci]ZigZZk^Zl!ZmeVcYIZmi :Y^idg!hZaZXiciZaa^HZchZVcYEZg^dY$AZ[iEVgZci]Zh^h I]ZhZXdcYlVnndjXVc\Zi]Zaejh^c\>ciZaa^HZchZ^hWnine^c\VeZg^dYÅ#ÆV[iZgVcZaZ" bZci#I]Z>ciZaa^HZchZl^cYdll^aah]dljel]Zi]ZgndjVgZjh^c\#C:IdW_ZXihdgndjgdlc dW_ZXih#;dgZmVbeaZ!>gZfjZhiZYi]Za^hid[edhh^WaZXdchigjXih^ckdak^c\i]ZkVg^VWaZ;dgb&# >ci]^hZmVbeaZ!>lVhadd`^c\[dgi]ZkVg^VWaZIZmi7dm&!l]^X]gZegZhZciZYi]Z[^ghiiZmiWdm dcdjg;dgb#7nine^c\VeZg^dYÅ#ÆV[iZgi]Z`ZnldgYBZ!>\dii]Za^hid[VaagZaZkVci dW_ZXih^ci]^hXdciZmi#I]ZcWnine^c\i]ZaZiiZgi!>\dii]Za^hid[VaagZaZkVciXdbedcZcih i]Vi]VkZcVbZhWZ\^cc^c\l^i]i]ViaZiiZg#>_jhi]VYidhXgdaaYdlcidi]Z^iZb>lVhadd`" ^c\[dg/IZmi7dm&#;^\jgZ*"+^aajhigViZhi]ZhZhiZeh^ci]ZXdYZZY^idg#;^cVaan!>egZhhZYi]Z IVW`Znid^chZgibnhZaZXi^dc!IZmi7dm&!^ci]ZXdYZ#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

;^\jgZ*"+ :Xgg\aZ[X_cYeb`CI:AA>H:CH: :fcah\Yhcc`Vcl XfU[UVihhcbWcbhfc`hch\Y

$ Zcfa"

HmdYUdYf]cXÄ"ÅU[U]b hmdYhYlh h\YbdfYgg

( h\YHUV_Ymcfh\YGdUWYVUf"H\YWcXY`]bY g\ci`X`cc_`]_Yh\]gcbY.

8ciV`Y!W`]W_h\YVihhcbhcVf]b[idh\YVihhcb % W`]W_YjYbh\UbX`Yf]bh\YWcXYYX]hcf"H\Yb  k\YfYh\YWifgcf]gV`]b_]b[ dfYgg7HF@GdUWYVUf" H\Y=bhY``]GYbgYk]bXckk]``cdYb"

0H7H[W%R[7H[W

BckUXXh\YYeiU`g][b1UbXh\Yghf]b[

) `]hYfU`ÄciZaa^HZchZl^cYdlVeeZVgh!ndj]VkZildiVWhVi i]ZWdiidb/8dbbdcVcY6aa#I]ZhZVgZXVaaZYÅhi^X`niVWhÆWZXVjhZi]ZngZhZii]ZYZ[Vjai k^Zll]ZcndjXa^X`i]Zb#I]ZhZiVWhVgZeVgid[VcZl[ZVijgZXVaaZY>ciZaa^HZchZ;^aiZg^c\# L^i]>ciZaa^HZchZ;^aiZg^c\!ndjXVcVY_jhii]ZaZkZad[YZiV^a>ciZaa^HZchZhjeea^Zh^ci]ZXdYZ ZY^idg#L]ZcndjhZaZXii]Z8dbbdciVW!>ciZaa^HZchZ[^aiZghdjibdhijcXdbbdcVcYgVgZan jhZYdei^dch!Wg^c\^c\ndjdcani]ZbdhiXdbbdcdei^dchWVhZYdcildi]^c\h/i]Zbdhi eaVjh^WaZX]d^XZh[dgi]ZXdciZmidgi]ZdcZjhZYbdhi[gZfjZcian^ci]ZVeea^XVi^dc#

>ciZaa^HZchZ8dYZHc^eeZih/I]ZI^bZHVkZg I]Z[^cVa>ciZaa^HZchZ[ZVijgZ^h>ciZaa^HZchZXdYZhc^eeZih#8dYZhc^eeZihVgZgZjhVWaZe^ZXZh d[XdYZi]ViZcVWaZndjidXdbeaZiZVl^YZgVc\Zd[iVh`hl^i]djiine^c\Vh^c\aZa^cZd[ XdYZ#I]ZgZVgZVWdji'%%XdYZhc^eeZihVkV^aVWaZ^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dc#I]Zn VgZXViZ\dg^oZYWn[jcXi^dcVcYXdkZgVl^YZkVg^Zind[iVh`h/ Q 8dbbdcegd\gVbb^c\higjXijgZhhjX]VhZmXZei^dchVcYIgn"8ViX]WadX`h!VcYhd[dgi]# LZÈaahZZbdgZVWdjii]ZhZaViZg^ci]^hX]VeiZg# Q HZcY^c\Z"bV^abZhhV\Zh Q GZh^o^c\V[dgb +'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

Q K^hjVa7Vh^XaVc\jV\ZZaZbZcihhjX]Vh>[!;dg!VcYL]^aZhiViZbZcihl^i]i]ZXdggZXihnciVm ;^\jgZ*"-h]dlhV\a^behZd[i]ZXdYZhc^eeZih[^ghi"aZkZabZcjX]d^XZh#6aaXdYZ hc^eeZihVgZbVYZl^i]Xjhidb^oVWaZ[^ZaYh!l]^X]bZVchi]Vii]ZnXdciV^c[^ZaYhi]ViVgZ gZeaVXZVWaZl^i]XdYZZaZbZcih[gdbndjgdlcVeea^XVi^dch#C;D HZZi]ZÅ;^cY^c\6YY^i^dcVa >c[dgbVi^dcÆhZXi^dcVii]ZZcYd[ i]^hX]VeiZg[dgbdgZ^c[dgbVi^dc dcXdYZhc^eeZih#

;^\jgZ*"ckd`Z8dYZHc^eeZih NdjXVc^ckd`Zi]ZXdYZhc^eeZih^ci]ZXdYZZY^idgildY^[[ZgZcilVnh/Wng^\]i"Xa^X`^c\VcY X]ddh^c\>chZgiHc^eeZihdgWnjh^c\i]Z`Znhigd`ZXdbW^cVi^dc4 IVW

IDJH:8D9:HC>EE:IH Ig]b[h\YdfYj]cighYghdfc^YWh [cVUW_hch\YWcXYYX]hcf]bh\Y5hggba$R6_\V^YjYbhUbXWU``idh\Y

$ =bhY``]GYbgY7cXYGb]ddYhgaYbi ig]b[Y]h\YfaYh\cXXYgWf]VYXUVcjY"

Cbh\YZ]fgh!`YjY`aYbi XciV`Y!W`]W_7caacb7cXYDUhhYfbg XciV`Y!W`]W_7cbX]h]cbU`gUbX@ccdg 

% UbXh\YbgY`YWhh\Y9be!!!AXkgghUhYaYbh"@cc_Uh:][ifY)!-hc[YhUZYY`Zcfk\]W\aYbiW\c]WYgmci g\ci`X\UjYcbmcifgWfYYb"8ciV`Y!W`]W_cbh\YghUhYaYbhhc]bgYfhh\YWcXY]bh\YWcXYYX]hcf"

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

+(

30

;^\jgZ*". 6bWXfa\ccXgfj\g[\ag[XI\fhT_5Tf\V _TaZhTZX`Xahf

CbWYmcigY`YWhh\Y9be!!!AXkgghUhYaYbh U[YbYf]WhYad`UhYZcfh\Uh`Ub[iU[YWcbghfiWhUddYUfg"

& FYZYfhc:][ifY)!%$"H\Y[fYYbZ]Y`Xg]bh\YÄVYZcfYÅgWfYYbg\ch:][ifY)!%$UUfYfYd`UWYaYbhZ]Y`Xg dfY!dcdi`UhYXk]h\gcaYXYZUi`hjU`iYgh\UhmciWUbacX]Zm"6YZcfYmci[chch\YbYlhghYd YX]hh\YWcXY hcaUhW\h\YÄUZhYfÅgWfYYbg\ch:][ifY)!%$V"

;^\jgZ*"&% T5XYbeXTaWU4YgXe_bb^Ybeg[X9be!!!AXkgVbWXfa\ccXgf

6i]`XUbXYlYWihYmcifUdd`]WUh]cbVmdfYgg]b[:) h\YbW`]W_h\YVihhcbcbh\YX]gd`UmYXZcfahcYlY!

' WihYh\YWcXYgb]ddYhmciÇjY^igh]bgYfhYX"=bh\YgYWcbXhYlhVcl mcig\ci`XgYYh\YbiaVYfg%

h\fci[\%$gYdUfUhYXVmWcaaUg"H\]gcihdih]gh\YfYgi`hcZh\Y:cf"""BYlhghUhYaYbh`ccd]b[%$h]aYg  UXX]b[h\Y]bXYljU`iYUbXUWcaaUhch\YhYlhVclk]h\YUW\`ccd"=bh\]ggUad`Y h\Y]bXYl]gÄ]Å"

GZVa"I^bZ:ggdg9ZiZXi^dcVcY8dggZXi^dc LZVaaaZVgcY^[[ZgZcianVcYViY^[[ZgZciheZZYh#LZVahdbVnbV`Zb^hiV`Zhl]ZclZVgZ aZVgc^c\hdbZi]^c\cZl!ZheZX^Vaanl]ZclZlg^iZXdYZHdK^hjVa7Vh^X'%%*^cXajYZhV[ZV" ijgZi]Vi\^kZhndjgZVa"i^bZXdbe^aZg[ZZYWVX`VcYhj\\ZhihXdggZXi^kZVXi^dchid[^mb^h" iV`Zh#>cVhZchZ!i]ZK^hjVa7Vh^XXdbe^aZg^hValVnhldg`^c\^ci]ZWVX`\gdjcYl]^aZndj VgZXdY^c\#L]ZcZkZgndjbV`ZVb^hiV`Z!ndjÈaahZZVWajZhfj^\\aZjcYZgi]Z[VjainXdYZ# Dg!^[i]ZXdYZ^hcdicZXZhhVg^anlgdc\Wjii]ZgZ^hVediZci^VaegdWaZb!ndjÈaahZZV\gZZc hfj^\\aZjcYZgi]ZXdYZ#>[ndjbdkZndjgbdjhZdkZgi]Zhfj^\\aZ!VIddaI^el^aaVeeZVg +)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

id^cY^XViZl]nndjgXdYZlVhgZ_ZXiZYWni]ZXdbe^aZg#>chdbZXVhZh!VHbVgiIV\l^aa VeeZVgjcYZgi]ZaVhiaZiiZgd[i]Z[VjainXdYZ#I]ZHbVgiIV\add`hVa^iiaZY^[[ZgZcii]Vc jhjVaVcY^hgZegZhZciZYWnVhbVaanZaadla^cZhjggdcYZYWnVgZYWdma^`Zi]^h/ >[ndjbdkZi]ZbdjhZ!VcZmXaVbVi^dced^ci^cVgZYX^gXaZl^aaVeeZVg/

I]^h^cY^XViZhi]ViK^hjVa7Vh^X]Vh[djcYVediZci^Va[^m[dgndjgegdWaZb#8a^X`i]ZYdlc VggdlcZmiidi]ZZmXaVbVi^dced^ciVcYndjÈaaWZegZhZciZYl^i]dcZdgbdgZediZci^Va[^mZh [dgndjgegdWaZb#AZiÈhign^il^i]djgiZhiegd_ZXi#

IDJH:G:6A"I>B::GGDG9:I:8I>DC 

$ =bh\Y5hggba$R6_\V^YjYbh UXXh\YZc``ck]b[`]bYcZWcXY. 'LPIRRDV,QWHJU

J]giU`6Ug]W]bX]WUhYgUdfcV`Yak]h\h\YkcfXhdg9^gZXiHdjcY[gdbi]ZB^Xgdhd[i9^gZXiMœ[Vb^an VcYZciZgbVcnbdgZa^cZhd[XdYZ# ;dgbdgZXdbea^XViZYiVh`hhjX]VhYZiZXi^c\cZildg`XdccZXi^k^in!Veea^XVi^dcZkZcih! VcYhd[dgi]!ndj\V^cVadid[egdYjXi^k^injh^c\i]ZBncVbZheVXZ#7Z[dgZ!ndjldjaY ]VkZ]VYidlg^iZcZVgan'%%a^cZhd[gVl#C:I;gVbZldg`XdYZVcYbVnWZbdgZCdl ndjh^bean]VkZid[^cYi]ZXdchigjXi^ci]ZBncVbZheVXZ!hZaZXi^i!VcYVYYi]ZXdciZmi d[ndjgVeea^XVi^dc#;dgZVh^ZgiVh`h!ndjb^\]icdihVkZVadid[a^cZhd[XdYZjh^c\i]ZBn cVbZheVXZ!WjindjXZgiV^canhVkZi^bZdi]Zgl^hZheZcigZhZVgX]^c\XdggZhedcY^c\XaVhhZh^c i]Z#C:I;gVbZldg`#

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

64HG[ndjVgZcdijh^c\L^cYdlhME! YdVhZVgX]id[^cYV#lVk[^aZdc ndjg]VgYYg^kZVcYZciZgi]ZeVi] Vhi]ZVg\jbZciidi]Za^cZd[ XdYZh]dlcVWdkZ#

+,

30

L]ViIneZhd[IVh`h8VcBn=ZaeBZL^i]4 =ZgZVgZ_jhiV[Zld[i]ZXdbbdciVh`hndj XVcZmeZXiid[^cY^ci]ZBncVbZheVXZ/ ฀ 9^heaVnVcVeea^XVi^dcheaVh]hXgZZc BDG:>C;D NdjXVcZmiZcYi]ZBncVbZheVXZ VcYXaVhhZhidVYYndjgdlc bZi]dYh#I]ZnÈaaVahdh]dlje ^c>ciZaa^HZchZ#HZZi]ZÅ;^cY^c\ 6YY^i^dcVa>c[dgbVi^dcÆhZXi^dc Vii]ZZcYd[i]^hX]VeiZg[dgV a^c`idVBH9Cl]^iZeVeZgi]Vi ZmeaV^ch^cYZiV^a]dlidYdi]^h#

฀ [^iÉhcdik^h" ^WaZ!_jhiXa^X`i]ZK^ZlbZcj! Di]ZgL^cYdlh!VcYi]ZchZaZXi HiVgiEV\Z#>ci]ZHiVgiEV\Z! Xa^X`dci]Z=dlYd>###4 ]neZga^c`^ci]ZcK^hjVa7Vh^X'%%*! VcYZheZX^Vaan^ci]Z:megZhh :Y^i^dc!i]ZYZh^\ce]^adhde]n ]VhValVnhWZZcegdYjXi^k^in# I]ZgZ[dgZ!i]ZHdaji^dc:meadgZg ^ciZg[VXZ^hcdi[^aaZYl^i][^aZh VcYhZii^c\hi]VibdhijhZgh ldjaYcdicZZYdcVYV^an WVh^h#7jihdbZZaZbZcihVgZ ^cXajYZY^ci]Z^ciZg[VXZ[dg aZVgc^c\ejgedhZhdg[dgl]Zc ndjVgZhdak^c\XdbeaZmegdW" aZbhVcYbVnlVciidY^gZXian Y^\^cVaai]Z[^aZhVhhdX^ViZY l^i]ndjgegd_ZXi#HdbZ[^aZhVgZ \ZcZgViZYVjidbVi^XVaanl]Zc ndjeZg[dgbVXi^dch^ci]Z>9: VcY^cbdhih^ijVi^dch^iÉh_jhi [^cZa^`Zi]Vi0ndjYdcdicZZY idXVgZVWdjiVaai]ZYZiV^ahVaa i]Zi^bZ#>ch^ijVi^dchl]ZgZ ndjlVcibdgZXdcigda!ndjXVc Xa^X`i]ZH]dl6aa;^aZhWjiidc VcY\dY^gZXianidi]ZXdbed" cZcid[ndjgX]d^XZ#

,%

&LQGG

;^\jgZ*"&* G[XfXTeV[W\T_bZUbk

GYUfW\ZcfU``cWWiffYbWYgcZ:cfa%]bh\YWcXYVmW`]W_]b[h\Y:]bXBYlhVihhcb"Mcig\ci`XgYYh\Uh

' h\YgYUfW\[cYgh\fci[\ZcifX]ZZYfYbhZ]`Yg.9be`$!iU 9be`$!7Xf\ZaXe!iU 4cc_\VTg\ba!7Xf\ZaXe!iUUbX 4cc_\VTg\ba!`lTcc!

CbWYU``]bghUbWYgcZ:cfa%\UjYVYYbZcibX UX]U`c[Vclk]``X]gd`UmUaYggU[YgUm]b[h\Uhh\YgYUfW\]g Wcad`YhYUbXh\Uhh\YfYUfYbcacfYcWWifYbWYg`YZhVUgYXcbmcifgYUfW\Wf]hYf]U" Bckh\UhU``]bghUbWYgcZ:cfa%\UjYVYYb]XYbh]Z]YX kYWUbfYbUaY]hGXfgCeb]XVg9be`"HcXch\Uh 

( gY`YWhh\Y:cfa%"jVO8Yg][bQhUVhcfYhifbhch\YXYg][bYfgifZUWY"H\YbW`]W_h\Yh]h`YVUfhcgY`YWh h\YZcfa" =bh\YDfcdYfh]Ygk]bXck VYgifYh\YZcfaWcbhfc`bUaYX9be`$]ggY`YWhYX"AcX]Zmh\YBUaY

) dfcdYfhmVmW\Ub[]b[9be`$hcHYghDfc^YWh:cfa"DfYgg9bhYfhcVY[]bfYbUa]b["5gaU``\cif[`Ugg g\ci`XVYX]gd`UmYXk\]`Yh\YfYbUa]b[]g]bdfcWYgg" BckfYdYUhh\YgYUfW\ZfcaGhYdg'UbX(UbXmciÇ``gYYh\Uhh\Ycb`mcWWiffYbWY`YZh]gUghf]b[h\Uh

* WcffYgdcbXghch\Y:cfaWcbhfc`hYlhdfcdYfhm]"Y" h]h`YVUfbUaY"

MciWUbU`gcfYbUaYUgmaVc`X]fYWh`m]bh\YWcXY"=b:cfa%"jV d`UWYh\YWifgcfUbmk\YfY]bh\Y

+ kcfXIZmi7dm&]bh\YZc``ck]b[`]bYcZWcXY. 

0H7H[W%R[7H[W ´+HOOR:RUOGµ

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

F][\h!W`]W_UbXgY`YWhFYbUaY/UX]U`c[Vcl`]_Yh\YcbY]b:][ifY)!%*UUddYUfg"FYd`UWYIZmi7dm&

, k]h\iWBZhhV\Z/h\YX]U`c[Vclg\ci`Xbck`cc_`]_Yh\YcbY]b:][ifY)!%*V"

;^\jgZ*"&+ EXaT`XW\T_bZUbkXf-TUXYbeXTaW UTYgXeTeXaT`X

$# 7`]W_C?hcfYd`UWYU``cWWifYbWYgcZGXkg5bk$k]h\hVAYggU[Y" 5gYUfW\g\ci`XZ]bXcb`mcbYWcaaYbhUbXh\YBUaYdfcdYfhmcZh\YhYlhVclWcbhfc`k]h\h\Yghf]b[ HYlh6cl%"=hgh\UhYUgm"=aU[]bY\ckaiW\h]aYmcikci`XgUjYig]b[h\YFYbUaYZYUhifY]Zmci\UX%$ Z]`Ygk]h\\ibXfYXgcZ`]bYgcZWcXY"Bchcb`mkci`XmciVYgifYhcZ]bXYjYfmcWWiffYbWY h\YWcXYkci`X VYU`chYUg]YfhcfYUX"

$$ H\Yh\]fXkUmhcfYbUaYUgmaVc` UbX]bh\]gWUgYcb`mZcfdfc^YWhY`YaYbhg ]ghcXc]hX]fYWh`m]b

Gc`ih]cb9ld`cfYf"9jYbh\ci[\YUf`]YfkYW\Ub[YXh\Y:cfa%jUf]UV`Y]bhcgcaYh\]b[acfYaYUb]b[! Zi` h\YZ]`YbUaY:cfa%\UgbÇhW\Ub[YXVYWUigY]hÇgbch]bh\YgcifWYWcXY/]hg]bh\YGc`ih]cb9ld`cfYfUbX WcbhU]bYX]bh\Ydfc^YWh gc]hÇggh]``:cfa%"jV":cfWcbg]ghYbWm f][\h!W`]W_h\YZ]`YbUaY:cfa%"jV]bh\Y Gc`ih]cb9ld`cfYf h\YbgY`YWhFYbUaYUbXW\Ub[Yh\YZ]`YbUaYhcHYghDfc^YWh:cfaCh\YfBUaY"jV"Hkc h\]b[gk]``\UddYb.Z]fgh mciÇ``gYYh\Uhh\YZ]`YbUaYUbXU``XYdYbXYbhZ]`YbUaYgUfYUihcaUh]WU``mW\Ub[YX hch\YbYkbUaY/UbXgYWcbX mciÇ``gYYh\UhU``fYZYfYbWYghcHYghDfc^YWh:cfaUfYbckW\Ub[YXhc HYghDfc^YWh:cfaCh\YfBUaY"MciWUbjYf]Zmh\]gfYbUa]b[W\Ub[YVmdfYgg]b[7hf`:UbXdYfZcfa]b[U gYUfW\cbh\Yc`XbUaY:cfa%"jV"

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

,&

30

8dbbdcL^cYdlh8dcigdah >l^aacdiheZcYVadid[i^bZ]ZgZZmeaV^c^c\Vaai]ZYZiV^ahVcYegdeZgi^Zhd[ZVX]Xdcigda^c i]ZiddaWdm#I]^hWdd`^hcdiVgZ[ZgZcXZVWdjiL^cYdlh;dgbhegd\gVbb^c\#Di]ZgWdd`h YdV\gZVi_dWl^i]i]Viide^X#=dlZkZg!IVWaZ*"&egdk^YZhVfj^X`^cigdYjXi^dcidi]Zbdhi XdbbdcXdcigdahndjl^aa[^cY^cbdhiL^cYdlh6eea^XVi^dch# K^hjVagZegZhZciVi^dc 





CVbZ

9ZhXg^ei^dc

7jiidc

>cY^XViZhi]Vii]ZjhZgbV`ZhVYZX^h^dc VcYlVcihidXdbbjc^XViZ]^hVXi^dc# >cndjgVeea^XVi^dc!VWjiidcXa^X`ZYWn i]ZjhZgig^\\ZghVcZkZcii]VindjgXdYZ cZZYhid]VcYaZ#

IZmi7dm

I  ]ZiZmiWdm^hjhZYid\ZijhZg^ceji# Dci]ZhXgZZc^iXVcWZVh^c\aZdgbjai^" a^cZXdcigda#>iXVcVahdegdk^YZeVhhldgY X]VgVXiZgbVh`^c\^[ndjcZZYi]^h WZ]Vk^dg^cndjgVeea^XVi^dc#>iÈhV\ddY X]d^XZid^ceji^c[dgbVi^dci]Vi^hcdi gZhig^Xi^kZ^cX]d^XZh![dg^chiVcXZV 7ddaZVcYZX^h^dca^`ZnZh$cd!dc$d[[!dgV a^hid[heZX^[^XX]d^XZha^`ZVa^hid[Xdjcign cVbZh#>iÈh\ddY[dgcVbZh!VYYgZhhZh! e]dcZcjbWZgh!JGAh!ZiX#

AVWZa

I  ]ZaVWZa^hjhjVaanh^beaZiZmijhZYid YZhXg^WZdi]ZgXdcigdah#>i^hcdiVc^ciZg" VXi^kZXdcigda# 6bag\ahXWbaaXkgcTZX

,'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

K^hjVagZegZhZciVi^dc 





6bag\ahXWYeb`cTZX*%

CVbZ

9ZhXg^ei^dc

G  VY^d7jiidc

B  jai^eaZX]d^XZhVgZd[[ZgZYWjii]ZjhZg XVcdcane^X`dcZ[gdbi]Za^hi#AZiÈhhVn ndj]VkZVcVeea^XVi^dcVcYndjlVciid egdk^YZi]Zdei^dcideg^ci^c\gVnhXVaZ dgXdadg#NdjXdjaYjhZildgVY^dWjiidch idhZaZXii]ZYZh^gZYbZi]dY#

8]ZX`7dm

6  8]ZX`7dm^h\gZVi[dg7ddaZVcX]d^XZh Z#\#!dc$d[[!nZh$cd!ZiX##>iXVcVahdWZ jhZY^cV\gdjed[X]ZX`WdmZhid^cY^" XViZX]VgVXiZg^hi^Xhd[Vh^c\aZZci^in#;dg ^chiVcXZ!^cVXVgdgYZg^c\iddai]Vi^h eVgid[VYZVaZgh]^eVeea^XVi^dcndjXdjaY ]VkZX]ZX`WdmZh[dgVaai]ZXVgX]VgVX" iZg^hi^Xh#^#Z#!6B$;BgVY^d!89X]Vc\Zg! ]ZViZYhZVih!bZiVaa^XeV^ci!ZiX##

8dbWd7dm

6  8dbWd7dm^hVXdbW^cVi^dcd[ViZmi WdmVcYVYgde"Ydlca^hil^i]kVa^Y X]d^XZh#>iÈh\gZViidY^heaVnVcZY^iVWaZ iZmiWdml^i]Va^hid[eZgb^iiZYkVajZh# NdjXVc]VkZVjidXdbeaZiZVcYi]ZkVa" jZhXVcWZhdgiZY#I]ZkVajZhXVcXdbZ [gdbhiVi^XZcigndg[gdbdi]ZghdjgXZhd[ YViVa^`ZVYViVWVhZ#;dg^chiVcXZ!V\ddY ZmVbeaZ^hhZaZXi^c\VhiViZ#NdjXVc Z^i]ZgZciZgi]ZhiViZcVbZdghZaZXi^i [gdbi]Za^hid[edhh^WaZkVajZh# 6bag\ahXWbaaXkgcTZX

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

,(

30

6bag\ahXWYeb`cTZX*&

K^hjVagZegZhZciVi^dc 





CVbZ

9ZhXg^ei^dc

A^hi7dm

6  A^hi7dm^hVh]dgia^hid[kVa^YX]d^XZh[dg i]ZYdbV^ci]^hXdbedcZcigZegZhZcih# I]^hXdcigda^h\gZVil]Zci]ZgZ^hVa^hid[ edhh^WaZX]d^XZhi]Vi^hcdiiddW^\ ^ccjbWZg#>iYdZhcdiVaadli]ZjhZgid ZciZgiZmiWjiaZihi]ZjhZghZaZXidcZdg bdgZi]VcdcZX]d^XZWnjh^c\8IGA dgH=>;I#

IddaI^e

I  ]ZIddaI^eXdcigda^h]Zae[ja[dgY^heaVn" ^c\^c[dgbVi^dcVWdjiVXdcigdal]ZcV jhZg]daYhi]ZbdjhZdkZgi]ZXdcigda#

CjbZg^XJe9dlc I  ]^hXdcigda^hgZVaanjhZ[jal]Zcndj lVcii]ZjhZgidhZaZXiVcjbZg^XVakVajZ [gdbVegZYZ[^cZYhZid[cjbWZgh#>i Vaadlhi]ZjhZgidhZaZXiVh^c\aZcjbZg^" XVakVajZ[gdbi]Za^hijh^c\i]ZjeVcY YdlcWjiidcid^cXgZbZciVcYYZXgZ" bZcii]ZcjbWZg#>iXdjaYWZeZg[ZXiid [dgXZi]ZjhZgide^X`jeVcjbZg^XVa kVajZ[dgVnZVgXdbedcZcid[VYViZ#

I]ZgZVgZbVcnbdgZXdcigdahi]Vci]dhZh]dlc]ZgZ#7jii]^hiVWaZh]djaYbV`Z^i XaZVgi]Vii]ZgZVgZVeaZi]dgVd[XdcigdahVkV^aVWaZideZg[dgbbVcniVh`h#IdhVkZi^bZVcY Z[[dgi!ndjXVcjhjVaan[^cYVXdcigdaidegdk^YZi]ZgZhjaihndjlVcil^i]kZgna^iiaZZ[[dgi#>i ^hZheZX^VaanYZh^gVWaZ^[i]ZXdcigdandje^X`XVcgZhig^XiX]d^XZhdg]dli]ZYViV^hhZaZXiZY l^i]dji]Vk^c\ideZg[dgbVcndi]ZgkVa^YVi^dc#>chd[ilVgZYZkZadebZci!ValVnh`ZZei]Z -%$'%gjaZ^cb^cY/-%eZgXZcid[gZhjaih[dg'%eZgXZciZ[[dgi#

,)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

L]Vi=VeeZchL]ZcVc:kZci>hIg^\\ZgZY4 6aaL^cYdlhVeea^XVi^dchVgZZkZci"Yg^kZc#I]^hbZVchi]Vil]ZckZgndjhZaZXiVbZcj^iZb! Xa^X`VWjiidcdgZkZcbdkZ[gdbdcZiZmiWdmidVcdi]Zg!ndjVgZ\ZcZgVi^c\VcZkZci# 7adX`hd[XdYZViiVX]ZYidZVX]d[ndjgVXi^dchZmZXjiZVhndjldg`#:kZcihVgZ\ZcZgViZY cdidcanWnndjgVXi^dch!WjiVahdWni]ZhjggdjcY^c\Zck^gdcbZci!cVbZanL^cYdlh^ihZa[ dgWndi]ZgZmiZgcVahdjgXZh#IdjcYZghiVcYl]ViÅdi]ZgZmiZgcVahdjgXZhÆbZVch!i]^c` VWdjiVcn>ciZgcZibZhhZc\ZgVeea^XVi^dca^`ZBHCBZhhZc\Zg#L]ZcndjX]Vil^i]hdbZ" dcZVcYZmX]Vc\ZYViVWVX`VcY[dgi]!ndjVgZVXijVaan\ZcZgVi^c\ZkZcih#>ccdciZX]c^XVa iZgbh!YViV^cXdb^c\[gdbndjg[g^ZcYdkZgi]Z>ciZgcZi^hVcZkZci# I]ZhZZkZcihZm^hi[dgVbjai^ijYZd[VXi^dchndjjhjVaanYdl^i]djigZVa^o^c\i]ZnVgZ ZkZcih#HdbZZkZcihVgZ]VcYaZY[dgndjWnVjid\ZcZgViZYXdYZa^`ZXa^X`^c\i]ZgZYM^c i]Zg^\]iXdgcZgd[VcVeea^XVi^dcVcYhdbZdi]ZghcZZYidWZ]VcYaZYWnndjgXdYZ# L^i]i]^hhZXi^dc!lZÈaahiVgiidldg`dcl^g^c\hdjgXZXdYZidZkZcih#;dgegVXi^XZ!lZl^aa l^gZilddW_ZXih[gdbdjgiZhiegd_ZXi#7Z[dgZWZ\^cc^c\!jhZl]VindjkZaZVgcZYhd[Vgid bV`Zi]ZiZhiegd_ZXiadd`a^`Z;^\jgZ*"&,# ABG8 IdVYYi]ZbZcjhVcYiddaWVg Wjiidch!\didi]ZiddaWdm^ci]Z BZcjhIddaWVghXViZ\dgnVcY VYYVBZcjHig^eXdcigdaVcYV IddaHig^eXdcigdaidi]Z[dgb# CZmi!hZaZXiZVX]Xdcigda!deZci]Z hbVgiiV\bZcj!VcYhZaZXi>chZgi HiVcYVgY>iZbh#

;^\jgZ*"&, 6hfgb`Xe[ i]ZgZ^hcdXdYZViiVX]ZYidVeVgi^XjaVgZkZci!i]Zccdi]^c\]VeeZch#DjgVeea^XVi^dc^h WVh^XVaan^ci]VihiV\Zg^\]icdl#:mXZei[dgi]ZWjiidci]VilVhYd^c\hdbZldg`[dgjhVh h]dlcegZk^djhan#LZl^aaVYYhdbZ[jcXi^dcVa^iniddjgiZhiegd_ZXiVeea^XVi^dcWnl^g^c\ i]ZHVkZbZcjX]d^XZVcYi]ZiddaWVgHVkZWjiidcidi]ZhdjgXZXdYZi]Vil^aahVkZVaai]Z XdciZcid[i]ZiZmiWdmZhidVh^beaZiZmi[^aZ^ci]ZXjggZciY^gZXidgn#7ZXVjhZi]ZhVkZVcY deZc[^aZY^Vad\hVgZhiVcYVgYVcYVahdid\ZiVXdch^hiZci[ZZaidVeea^XVi^dch!i]ZK^hjVa 7Vh^XYZkZadebZciiZVbhYZX^YZYidlg^iZhVkZVcYdeZcXdcigdahVcYbV`Zi]ZbVkV^aVWaZ idndj#LZaaiV`ZVYkVciV\Zd[i]^hh]dgiXji^cdjgZmZgX^hZ#

IDL>G:HDJG8:8D9:ID:K:CIH 8fU[h\YGUjY:]`Y8]U`c[Wcbhfc`cbhch\YZcfaZfcah\Yhcc`VclX]U`c[gWUhY[cfm"H\]gWcbhfc`\Ugbc

$ XYg][bh]aYfYdfYgYbhUh]cb ]hk]``UddYUfcb`m]bh\YWcadcbYbhhfUm h\Y[fUmgYWh]cbVY`ckh\Y XYg][bYfgifZUWY"GYY:][ifY)!%,Zcfh\Y`cWUh]cbcZh\YGUjY:]`Y8]U`c["

;^\jgZ*"&7Xf\Zag\`XeXceXfXagTg\babYg[X FTiX9\_X7\T_bZ

,+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

KY``igYh\YGUjY:]`Y8]U`c[hck]fYh\YW`]W_YjYbhhcVch\h\YGUjYVihhcbcbh\Yhcc`VUfUbXhch\YGUjY W\c]WY]bh\Y:]`YaYbi"Hc\UjYh\YgUaYcdYfUh]cbdYfZcfaYXk\YbY]h\YfYjYbhcWWifg kYÇ``kf]hYU V`cW_cZWcXYWU``YXUaYh\cX"H\YV`cW_cZWcXYk]``dYfZcfah\YgUaYcdYfUh]cbk\Yh\Yf]h]ghf][[YfYX Vmh\YVihhcbcbh\Yhcc`VUfcfVmh\YaYbigY`YWh]cb" 7`]W_h\Y`]hh`YV`iYX]g_]Wcbcbh\Yhcc`ghf]dhcgY`YWh]h"7\YW_h\YDfcdYfh]Ygk]bXckhcVYgifYmci

% \UjYh\YWcffYWhWcbhfc`.

G[ndjlVciidadd`ViVaai]Z edhh^WaZZkZcihi]ViXVcWZ[^gZY [dgVeVgi^XjaVgXdcigda!ndjXVc Xa^X`dci]ZnZaadla^\]ic^c\^Xdc i]Vi^hadXViZYVii]Zided[i]Z EgdeZgi^Zhl^cYdlVhhZZc^ci]Z \gVe]^X[gdbi]ZegZk^djhi^e#Id XdbZWVX`idi]ZegdeZgi^Zh!ndj _jhi]VkZidXa^X`i]Za^iiaZh]ZZi hnbWdaidi]ZaZ[id[i]ZnZaadl a^\]ic^c\^Xdc#

JYf]Zmh\Uhh\YbUaYUbXhmdYcZWcbhfc`]gh\YcbYmci]bhYbXhckcf_k]h\"

&

8ciV`Y!W`]W_h\YV`iYX]g_cbh\YXYg][bYfgifZUWYUbXmcik]``VYdfYgYbhYXk]h\h\YXYZUi`hYjYbh hYad`UhYZcfh\]gWcbhfc` k\]W\]gh\YW`]W_YjYbh" 5XXh\YZc``ck]b[`]bYcZWcXYhch\YGUjYHcc`Ghf]d6ihhcbS7`]W_YjYbhdfcWYXifY"=k]``Yld`U]bk\Uh]h

' XcYgVY`ck" 

0H6DYH)LOH'LDORJ6KRZ'LDORJ

H\]gV`cW_cZWcXYX]gd`Umgh\YGUjY:]`Y8]U`c[%VmWU``]b[h\YG\ck8]U`c[aYh\cXcb]h"5hh\]g

( dc]bh ]ZmcikUbhhcgYYh\YYZZYWhcZh\YW\Ub[Y ^ighVi]`XUbXYlYWihYh\YUdd`]WUh]cbVmdfYgg]b[ :)UbXW`]W_h\YgUjY]WcbhcgYYh\Uhh\YgUjYX]U`c[k]``g\ckid" =bYjYfmGUjY:]`Y8]U`c[ h\YfY]gUgUjYVihhcbUbXUWUbWY`Vihhcb"H\YWUbWY`Vihhcb]gUihcaUh]WU``m

) hU_YbWUfYcZZcfig"6ihkYbYYXhck]fYk\Uh]g[c]b[hc\UddYbk\Ybh\YigYfW`]W_gcbh\YgUjY VihhcbcZh\UhbYkX]U`c["

Hck]fYh\YgUjYVihhcb gY`YWhh\YgUjY:]`Y8]U`c[%]Wcb]bh\YWcadcbYbhhfUmUbXXciV`Y!W`]W_]hhc

* [Yhhch\YacghWcaacbYjYbh k\]W\]gh\Y:]`YC_YjYbh]bh\]gWUgY"

Jh^c\8dbbZcih ^cNdjg8dYZ DcZ\ddY]VW^indjh]djaY hiVgiZbWgVX^c\l]Zclg^i^c\ XdYZ^hidXdbbZcindjgXdYZ# G^\]icdl!i]ZXdYZ[dgi]Z egdWaZbhlZVgZhdak^c\^hcÉi iddXdbea^XViZY#7ji`ZZe^c b^cYi]ViVYY^c\XdbbZcih hZgkZhi]Z[daadl^c\ejgedhZ/ [^ghi!ndjgXdYZWZXdbZhbjX] bdgZbV^ciV^cVWaZWZXVjhZndj XVcXdbZWVX`h^mbdci]haViZg VcY!^[i]ZXdbbZcihVgZ\ddY! ndjl^aaWZVWaZidjcYZghiVcY l]VindjYZkZadeZY#>iVahd bV`ZhndjgXdYZbdgZgZVY" VWaZVcY[VX^a^iViZh\Zii^c\]Zae [gdbhdbZWdYn#Lg^iZndjg XdbbZcih^ccdgbVa:c\a^h] l^i]djiiddbVcn_Vg\dcldgYh# 6cdi]Zgi]^c\idgZbZbWZg^h 6bag\ahXWbaaXkgcTZX

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

,,

30

KY``igYWcXYgb]ddYhghc]bgYfhh\YWcXYh\Uhk]``YlYWihYk\Ybh\YigYfdfYggYgh\YGUjYVihhcb"

+ FYaYaVYfh\Uhhc[Yhhch\YWcXYgb]ddYhgmcibYYXhcf][\h!W`]W_]bh\YWcXYYX]hcfUbXgY`YWh]bgYfh 6bag\ahXWYeb`cTZX** i]Vii]ZXdbbZcihVgZcZkZg Xdbe^aZY^ci]ZVeea^XVi^dcndj ZmZXjiZhdi]Znl^aacZkZghadl Ydlci]ZeZg[dgbVcXZd[ndjg Veea^XVi^dc# 6hndjXVchZZ^ci]Za^hi" ^c\^chiZe-!ndjXVcXdb" bZcindjgXdYZWn^chZgi^c\V h^c\aZfjdiZVcYi]Zcine^c\ ndjgXdbbZci#NdjgXdbbZci h]djaYVeeZVg^c\gZZc0^[cdi! i]Zcndjga^cZ^hcdihZZcVh VXdbbZciWni]ZXdbe^aZg# 6cdi]Zg\ddYlVnidXdbbZci ndjgXdYZ^hidjhZildWji" idch[gdbdcZd[i]ZiddaWVgh# AZiÉhhVnndjYZX^YZi]ViVaa i]ZegZk^djhXdYZ^ci]Z;^aZD` ZkZci^hcdii]ZXdYZndjlVci idZmZXjiZWZXVjhZndjlVci idiZhihdbZi]^c\ZahZ#NdjYd cdilVciidYZaZiZVaai]ZiZmi WjindjXVcXdbbZcidjii]Z XdYZWnhZaZXi^c\^iVcYi]Zc Xa^X`^c\dci]Z8dbbZciDji i]ZHZaZXiZYA^cZhWjiidc#6cY ^[ndjlVciidjcXdbbZciV WadX`d[XdYZ!ndj_jhi]VkZ idhZaZXii]ZXdYZndjlVciid jcXdbbZciVcYi]ZcXa^X`i]Z JcXdbbZcii]ZHZaZXiZYA^cZh Wjiidc#

,-

&LQGG

Gb]ddYh h\YbZc``ckh\YX]ZZYfYbhdUh\W\c]WYg"McibYYXhckf]hYhcUZ]`YgcigYh\YZc``ck]b[dUh\. DfcWYgg]b[8f]jYg :c`XYfgUbX:]`Yg.Kf]hYHYlhhcU:]`Y"K\YbZ]b]g\YX mcifWcXYg\ci`X`cc_`]_Yh\Y`]gh]b[ VY`ck"9lUa]bYh\YWcaaYbhghcibXYfghUbXk\UhkYUfYhfm]b[hcUWWcad`]g\" GcaY`]bYgcZWcXYWUb[YhfUh\Yf`cb["J]giU`6Ug]WU``ckgmcihcigYUgdUWYUbXUbibXYfgWcfYShc ]bX]WUhYh\UhU`]bYcZWcXYWcbh]biYgcbh\YbYlh`]bY"5`]bYcZWcXYWUbhmd]WU``mVYVfc_Ybk\YfYUgdUWY cWWifg/\ckYjYf ]bgcaY`cWUh]cbggiW\Ugk]h\]bUeichYXghf]b[ U`]bYWUbbchVYVfc_Yb"

HVkZ;^aZ9^Vad\&T;^aZD`BZi]dY 3ULYDWH6XE6DYH)LOH'LDORJB)LOH2N %\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$VB 6\VWHP&RPSRQHQW0RGHO&DQFHO(YHQW$UJV +DQGOHV6DYH)LOH'LDORJ)LOH2N 7U\ ¶7KHSURSHUW\)LOH1DPHIURPWKHILUVWDUJXPHQWLQ:ULWH$OO7H[WUHIHUVWR ¶WKH)LOH1DPHVHOHFWHGE\WKHXVHULQWKH6DYH)LOH'LDORJ ¶7KHQZHDUHSDVVLQJWKHFRQWHQWRIHDFK7H[W%R[DQGFRQFDWHQDWLQJWKH ¶&DUULDJH5HWXUQ/LQH)HHGFRQVWDQW ¶7KHODVWSDUDPHWHULQGLFDWHGLIZHVKRXOGDSSHQGWRDILOHLILW ¶H[LVWV)DOVHZLOOQRWDQGWKHUHIRUHUHFUHDWHWKHILOHHDFKWLPH ¶,QRUGHUWRDGGWKHFRQWHQWRIWKHILUVWER[ZHQHHGWRSXWWUXHIRU ¶WKHGDQGUGZULWHRWKHUZLVHRQO\WKHODVWRQHZRXOGEHWKHUH ¶LIWKH\ZHUHERWKWUXH 0\&RPSXWHU)LOH6\VWHP:ULWH$OO7H[W 0H6DYH)LOH'LDORJ)LOH1DPHB 0HWE0HVVDJH7H[W YE&U/I)DOVH 0\&RPSXWHU)LOH6\VWHP:ULWH$OO7H[W 0H6DYH)LOH'LDORJ)LOH1DPHB 0H7H[W%R[7H[W YE&U/I7UXH 0\&RPSXWHU)LOH6\VWHP:ULWH$OO7H[W 0H6DYH)LOH'LDORJ)LOH1DPHB 0H7H[W%R[7H[W YE&U/I7UXH &DWFKILOH([FHSWLRQ$V([FHSWLRQ 7KURZILOH([FHSWLRQ (QG7U\ V(QG6XE

BckkY^ighbYYXhcUhhUW\h\YgUaYYjYbhWcXYhch\Y:]`Y#GUjYaYbiW\c]WY"8ciV`Y!W`]W_h\YGUjY

, W\c]WY]bh\Y:]`YaYbiUbXUXXh\YgUaYWcXYUg]bghYd("6i]`Xh\YUdd`]WUh]cbUbXYlYWihY]hVm

dfYgg]b[:)"HmdYgcaYhYlh]bh\YhYlhVclYgUbXh\YbgUjYh\YWcbhYbhhcUZ]`YVmig]b[h\YGUjYaYbicf h\YGUjYhcc`VUfVihhcb"Mcig\ci`XW\YW_h\Uhh\YWcbhYbhcZh\YZ]`YmcifUdd`]WUh]cbgUjYX]gfYU``mk\Uh kUgcbh\YZcfa"HcjYf]Zmh\Uh]hkcf_YXdfcdYf`m cdYbh\YZ]`Yk]h\J]giU`GhiX]cVmgY`YWh]b[h\Y :]`Y#CdYb:]`YaYbi Vfckg]b[hch\Y`cWUh]cbcZh\YgUjYXZ]`Y UbXh\YbcdYb]b[]hhcj]Yk]hgWcbhYbhg"

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

LZ_jhi]VcYaZYildZkZcih!Wji>lVciided^cidjii]VilZVagZVYn]VcYaZYZkZcihegZ" k^djhanWnXdY^c\i]Z7jiidc&T8a^X`VcYbdY^[n^c\egdeZgi^Zhd[di]ZgXdcigdah#;dg^chiVcXZ! lZbdY^[^ZYi]ZIZmiegdeZgind[djgIZmi7dmXdcigdahl]ZclZ]VcYaZYi]ZWjiidcXa^X`# 6cYlZlZgZVWaZidYdi]ViWnjh^c\i]ZXdcigdaÈhcVbZegdeZgin# ;^cY^c\6YY^i^dcVa >c[dgbVi^dc

>cHjbbVgn½ Ldl!i]VilVhVW^\X]VeiZgl^i]Vadid[cZl[ZVijgZh#I]ZhZ[ZVijgZhl^aaYZ[^c^iZan]Zae ndjlg^iZndjgVeea^XVi^dch#LZlZcidkZghdbZ>9:[ZVijgZhhjX]Vhi]ZhcVea^cZhid]Zae ndjidVa^\ci]ZXdcigdahdci]Z[dgb#LZlZcidcidi]Zg^X][ZVijgZhd[>ciZaa^HZchZi]Vi ]Zaendjl^i]ine^c\d[ndjgXdYZWnZ^i]Zghj\\Zhi^c\Veegdeg^ViZX]d^XZh!XdbeaZi^c\ XdYZhZciZcXZh[dgndj!dgegdk^Y^c\ndjl^i]XdYZhc^eeZih#>ci]ZZcY!>ciZaa^HZchZ^hi]ZgZ idgZYjXZi]ZVbdjcid[ine^c\ndjYdhdi]VindjgegdYjXi^k^inXVc^cXgZVhZ#Dcided[ i]Vi!^i^hV\gZViidda[dgWZ\^ccZgh# LZi]ZchVl]dli]ZXdbe^aZg^hldg`^c\^ci]ZWVX`\gdjcYWn]Zae^c\ndj^cgZVa"i^bZ idYZiZXiZggdghVcYWnegdk^Y^c\ndjl^i]hj\\Zhi^dchid[^mi]Zb#LZVahdgZk^ZlZYi]Z ^cigdYjXi^dcd[i]ZBncVbZheVXZ^cK^hjVa7Vh^X#I]^hcZlcVbZheVXZegdk^YZhVcZVhnlVn idVbjai^ijYZd[XdbbdciVh`hWnZcXVehjaVi^c\Vadid[a^cZhd[#C:IgVlXdYZ^cVh^beaZg dcZ"a^cZhnciVm#D[iZc!dcZa^cZd[XdYZ^hgZeaVX^c\jeid'%%a^cZhd[gVl#C:IXdYZ# LZi]ZchVli]ZWZcZ[^ihd[i]ZgZcVb^c\[ZVijgZidgZeaVXZhnbWdah^cVaaegd_ZXi

8dYZHc^eeZiZY^idgl^aa VaadlndjidXgZViZ!ZY^i!VcY YZWj\ndjgdlcXdYZhc^eeZih# I]ZiddaVahdVaadlhndjid [^aaVaai]ZbZiVYViV!h]dgiXji! gZeaVXZbZcikVg^VWaZh!VcY gZeaVXZbZciVhhZbWa^Zh#=ZgZ ^hi]Za^c`idi]Viidda/]iie/$$ bhYc#b^Xgdhd[i#Xdb$kWVh^X$ YdlcadVYh$'%%*$iddah$ hc^eeZiZY^idg$ 6cdi]Zg\ddYhdjgXZd[ ^c[dgbVi^dc^hi]Zk^YZdh[gdb BH9CheZX^[^XVaanYdcZidXdkZg i]ZK^hjVa7Vh^X'%%*:megZhh :Y^i^dcegdYjXi#>hj\\Zhindj lViX]i]Z[daadl^c\ildaZhhdch VhVXdbeaZbZci0i]Znl^aagZ^c" [dgXZVadid[ide^XhXdkZgZY^c i]^hX]VeiZg# AZhhdc'k^YZd/]iie/$$ \d#b^Xgdhd[i#Xdb$[la^c`$ 4a^c`^Y2))%(%XaX^Y2%m)%. AZhhdc(k^YZd/]iie/$$ \d#b^Xgdhd[i#Xdb$[la^c`$ 4a^c`^Y2))%(%XaX^Y2%m)%. 6bag\ahXWbaaXkgcTZX

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

,.

30

6bag\ahXWYeb`cTZX*, I]dhZildaZhhdchl^aaWZ VegZiin\ddYk^hjVaa^kZhjb" bVgnidi]^hX]VeiZg# 69K6C8:9IDE>8/>[ ndjlVciidZmiZcYi]ZBn cVbZheVXZ!]ZgZ^hV\ddY BH9Cl]^iZeVeZgdci]Zide^X/ ]iie/$$lll#bhYc#b^Xgdhd[i#Xdb$ bhYcbV\$^hhjZh$%*$%,$bn$ YZ[Vjai#Vhem

-%

&LQGG

[^aZh#>i^hZheZX^VaanjhZ[jaidgZeaVXZVjid\ZcZgViZYkVg^VWaZcVbZhl^i]bdgZbZVc^c\[ja kVg^VWaZcVbZh#LZZmVb^cZYi]ZbdhiXdbbdcXdcigdahndjl^aa[^cY^cZkZgnL^cYdlh Veea^XVi^dcl^i]hdbZ\gVe]^XVaZmVbeaZhVcY_jhi^[^XVi^dcdci]Z^gjhV\Z#;^cVaan!lZZcYZY i]ZX]VeiZgl^i]]dlZkZci"WVhZYegd\gVbb^c\^heZg[dgbZY# >ci]ZcZmiX]VeiZg!ndjÈaaeji^cidegVXi^XZZkZgni]^c\ndj_jhiaZVgcZY^ci]^hX]VeiZg# NdjÈaaVahdiV`ZVadd`VihdbZcZl[ZVijgZh!Xdcigdah!VcYXdcXZeihi]VindjÈaajhZVhlZ Xdci^cjZl^i]i]ZLZWWgdlhZgegd_ZXi#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

6[TcgXe) @bW\YlLbheJXU 5ebjfXeAbj ;bjgb5e\aZHcLbhe 4cc_\VTg\ba+%

+ ciZ\gViZY9ZkZadebZci:ck^gdcbZci>9: [ZVijgZh!a^`Zi]Z9dXjbZciDjia^cZl^cYdl#NdjÈaaVahdaZVgcidgZhedcYid ZkZcihXdb^c\[gdbi]ZLZW7gdlhZgXdcigda#

-&

30

=dlid7g^c\JeNdjg6eea^XVi^dc L]ZcndjadVYVcVeea^XVi^dc!ndjd[iZchZZhdbZi]^c\XVaaZYVheaVh]hXgZZc#HdbZ\ddY ZmVbeaZhd[heaVh]hXgZZchVgZi]ZdeZc^c\^c[dgbVi^dcWdmZhndjhZZ[dgB^Xgdhd[iD[[^XZ! K^hjVaHijY^dœ'%%*!VcYbdhidi]Zgegd\gVbh#6ai]dj\]i]ZnÈgZd[iZckZgnc^XZadd`^c\! i]dhZhXgZZchVgZcÈii]ZgZ_jhiidY^heaVni]Zhd[ilVgZkZgh^dcVcYVeeZVa^c\Vgildg`dgid bV`ZhjgZndjÈgZcdiWdgZY#I]ZhZhXgZZchhZgkZV[jcXi^dc#DcXZndjÈkZhiVgiZYVcVeea^XV" i^dc!Vadid[egdXZhh^c\^h]VeeZc^c\0[dg^chiVcXZ!i]ZVeea^XVi^dc^hXdccZXi^c\idYViVWVh" Zh!edejaVi^c\Xdcigdahl^i]YViV[gdbi]ZYViVWVhZ!\Zii^c\hVkZYXdc[^\jgVi^dch[dgi]Z jhZg^ciZg[VXZJ>egZ[ZgZcXZh!VcYhddc#9^heaVn^c\i]ZheaVh]hXgZZcl]^aZVaad[i]^hegd" XZhh^c\^h]VeeZc^c\]Zaeh^c[dgbi]ZjhZgi]Vii]ZVeea^XVi^dc^hldg`^c\# >cgZVa^in!VheaVh]hXgZZc^hVcdi]ZgL^cYdlh[dgbi]ViYdZhcdiVaadlVcn^ceji[gdb i]ZjhZg#>ijhjVaan]VhVc^XZegZhZciVi^dc[dgbl^i]hdbZVgildg`!i]ZVeea^XVi^dccVbZ!^ih kZgh^dc!VcYd[iZchdbZaZ\VaiZmi#DcZd[i]Z[^ghii]^c\hndjÈaaYd[dgndjgVeea^XVi^dc^hid VYYVheaVh]hXgZZc# >ci]^hX]VeiZg!>ÈkZXgZViZYVhiVgi^c\WgdlhZgVeea^XVi^dci]Vi^hi]ZhVbZVhi]Z Veea^XVi^dcndjXgZViZY^c8]VeiZg)#>[ndj^chiVaaZYi]ZXdbeVc^dcXdciZciidi]ZYZ[Vjai adXVi^dc!^ih]djaYWZVii]Z[daadl^c\adXVi^dcdcndjg]VgYYg^kZ/Bn9dXjbZcihQB^Xgdhd[i EgZhhQK7'%%*:megZhhQ8]VeiZg+Q#Add`[dgV[daYZgcVbZYHiVgijcYZgi]Z8]VeiZg+[daYZg# 9djWaZ"Xa^X`i]ZBnDlc7gdlhZg#hachdaji^dc#>[ndjlVci!ndjXVcVahdhiVgi[gdbndjgdlc 8]VeiZg)WgdlhZgegd_ZXi#

ID8G:6I:6HEA6H=H8G::C CdYbh\Y5XXBYk=hYaX]U`c[Vcl"MciWUbY]h\Yf[chch\YDfc^YWhaYbiUbXgY`YWh5XX

$ K]bXckg:cfacfmciWUb[chch\YGc`ih]cb9ld`cfYf f][\h!W`]W_h\Ydfc^YWhbUaY]bh\]gWUgY  AmCkb6fckgYf gY`YWh5XX UbXh\YbgY`YWhK]bXckg:cfa"H\Y5XXBYk=hYaX]U`c[Vclk]``UddYUf UbXh\YZ]fghfckcZW\c]WYg]bX]WUhYgh\UhUgd`Ug\gWfYYbhYad`UhYU`fYUXmYl]ghg"

% GY`YWhh\YGd`Ug\GWfYYbhYad`UhYUbXbUaY]hgd`Ug\"jV Ugg\ckb]b:][ifY*!%"H\YbW`]W_5XX"

-'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

;^\jgZ+"& 4WW\aZTaXjJ\aWbjfYbe`-AXjc[VXi!Vigjci^bZi]dhZi]gZZe^ZXZhd[^c[dgbVi^dcVgZdWiV^cZYl]Zci]ZheaVh] hXgZZc^hadVYZYWnadd`^c\jeVeea^XVi^dchZii^c\hhidgZY^ci]ZEgd_ZXi9Zh^\cZg 6eea^XVi^dceVcZ#

IDK>:LI=:6EEA>86I>DCI>IA:!K:GH>DC!6C98DENG>:H $ GY`YWhAmCkb6fckgYfZfcah\YGc`ih]cb9ld`cfYf f][\h!W`]W_ UbXW\ccgYDfcdYfh]Yg" H\YDfc^YWh8Yg][bYfdU[YcdYbg"H\YDfc^YWh8Yg][bYf\UgUgYf]YgcZ]bZcfaUh]cbhUVgUgg\ckb]b :][ifY*!'"MciÇ``kcf_aU]b`m]bh\YZ]fghhUVZcfbck k\]W\]gh\Y5dd`]WUh]cbdUbY"Mci``WcbZ][ifYgYjYfU` Y`YaYbhg]bh\]gdUbY"5``h\YY`YaYbhgmci``acX]Zmk]``UZZYWh\ckh\YUdd`]WUh]cb`cc_g"

;^\jgZ+"( Ceb]XVg7Xf\ZaXecTZX

-)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

HcW\Ub[Yh\YUdd``]WUh]cb]Wcb [chch\YXfcd!Xckb`]ghbUaYX]Wcb W`]W_cb]h UbXgY`YWh

% 06fckgY¼2":]bXh\Y7\UdhYf*X]fYWhcfmk\YfYmciÇjY]bghU``YXh\YVcc_ÇggUad`YZ]`YgUbX`cc_Zcf h\Y[`cVY"]WcZ]`Y]bh\Y=aU[YgZc`XYf"=Zmci]bghU``YXh\YWcadUb]cbWcbhYbhUhh\YXYZUi`h`cWUh]cb h\Yb ]hg\ci`XVYUhh\YZc``ck]b[`cWUh]cbcbmcif\UfXXf]jY.Am8cWiaYbhgPA]WfcgcZhDfYggPJ6&$$)9ldfYggP" MciÇjYW\Ub[YXh\Y]WcbcZmcifUdd`]WUh]cbUggYaV`mcf ]bch\YfkcfXg mciÇjYW\Ub[YXh\Y]WcbcZh\Y YlYWihUV`YV]bUfm"YlYZ]`Y]hgY`Z"=ZmciVi]`Xh\YUdd`]WUh]cbUbX`cc_cbmcif\UfXXf]jYk\YfYh\YUdd`]WU! h]cb]gWcad]`YXUgmci`YUfbYX]bUdfYj]cigW\UdhYf U``mcifdfc^YWhgUfYVmXYZUi`h`cWUhYXUh Am8cWiaYbhgPJ]giU`GhiX]c&$$)PDfc^YWhgPAmCkb6fckgYfPAmCkb6fckgYfPV]bP8YVi[cfPV]bPfY`YUgY mciÇ`` Z]bXh\UhmcifUdd`]WUh]cb AmCkb6fckgYf"YlY \Ugh\Y[`cVY]Wcbh\UhmciÇjY^ighgY`YWhYX]bghYUXcZU XYZUi`h]Wcb"

ABG8 NdjÈgZcdiX]Vc\^c\i]Z^Xdcd[ i]ZbV^c[dgbl]ZcYd^c\i]^h Veea^XVi^dc^XdcX]Vc\Z#>cdgYZg idYdi]^h!ndjcZZYidX]Vc\Zi]Z [dgb^XdcÈhegdeZginWnVhh^\c^c\ VW^ibVe^bV\Z#NdjÈgZ\d^c\id X]Vc\Zi]ZbV^c[dgb^Xdc^ci]Z aVhihZXi^dcd[i]^hX]VeiZg#

7`]W_h\Y5ggYaV`m=bZcfaUh]cb"""Vihhcb"Mcig\ci`XgYYUgWfYYbh\Uh`cc_g`]_Yh\YcbY]b

& :][ifY*!("

;^\jgZ+") 4ffX`U_l bZVclg^i^c\XdYZidhZidg\Zi hdbZi]^c\ndjldjaYcdgbVaanhZi dg\Zijh^c\VJ>idda!hjX]Vhi]Z EgdeZgi^Zhl^cYdldgi]ZEgd_ZXi 9Zh^\cZg#DcZ^bedgiVcieVgid[ i]ZHeaVh]HXgZZciZbeaViZ^hi]Z ;dgbAdVYZkZci0ZVX][dgb]VhV AdVYZkZcii]Vi]VeeZch_jhi WZ[dgZi]Z[dgb^hY^heaVnZY#I]^h^hl]ZgZndjÈaajhjVaaneZg[dgbi]Z^c^i^Va^oVi^dc[dgXdc" igdahdcndjg[dgb#GZk^Zli]ZheaVh]TAdVYbZi]dY^cheaVh]#kWWZadl[dgi]Z]^\]a^\]iZY XdYZidjcYZghiVcYl]ZgZVcY]dli]ZBnXaVhhZhVcYbZi]dYhVgZjhZYidedejaViZi]Z [^ZaYhdci]ZheaVh]hXgZZc#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

3ULYDWH6XEVSODVKB/RDG %\9DOVHQGHU$V2EMHFW%\9DOH$V6\VWHP(YHQW$UJV +DQGOHV0H/RDG ¶6HWXSWKHGLDORJWH[WDWUXQWLPHDFFRUGLQJWRWKHDSSOLFDWLRQ·VDVVHPEO\LQIRUPDWLRQ ¶72'2&XVWRPL]HWKHDSSOLFDWLRQ·VDVVHPEO\LQIRUPDWLRQLQWKH´$SSOLFDWLRQµSDQHRIWKH ¶SURMHFWSURSHUWLHVGLDORJ XQGHUWKH´3URMHFWµPHQX  ¶$SSOLFDWLRQWLWOH ,I0\$SSOLFDWLRQ,QIR7LWOH!´µ7KHQ $SSOLFDWLRQ7LWOH7H[W 0\$SSOLFDWLRQ,QIR7LWOH (OVH ¶,IWKHDSSOLFDWLRQWLWOHLVPLVVLQJXVHWKHDSSOLFDWLRQQDPHZLWKRXWWKHH[WHQVLRQ $SSOLFDWLRQ7LWOH7H[W 6\VWHP,23DWK*HW)LOH1DPH:LWKRXW([WHQVLRQ B 0\$SSOLFDWLRQ,QIR$VVHPEO\1DPH (QG,I ¶)RUPDWWKHYHUVLRQLQIRUPDWLRQXVLQJWKHWH[WVHWLQWRWKH9HUVLRQFRQWURODWGHVLJQ ¶WLPHDVWKHIRUPDWWLQJVWULQJ7KLVDOORZVIRUHIIHFWLYHORFDOL]DWLRQLIGHVLUHG ¶%XLOGDQGUHYLVLRQLQIRUPDWLRQFRXOGEHLQFOXGHGE\XVLQJWKHIROORZLQJFRGHDQG ¶FKDQJLQJWKH9HUVLRQFRQWURO·VGHVLJQWLPHWH[WWR´9HUVLRQ^`^`^`^`µRU ¶VRPHWKLQJVLPLODU6HH6WULQJ)RUPDW LQ+HOSIRUPRUHLQIRUPDWLRQ 

 9HUVLRQ7H[W 6\VWHP6WULQJ)RUPDW 9HUVLRQ7H[WB ¶0\$SSOLFDWLRQ,QIR9HUVLRQ0DMRU0\$SSOLFDWLRQ,QIR9HUVLRQ0LQRUB ¶0\$SSOLFDWLRQ,QIR9HUVLRQ%XLOG0\$SSOLFDWLRQ,QIR9HUVLRQ5HYLVLRQ 9HUVLRQ7H[W 6\VWHP6WULQJ)RUPDW 9HUVLRQ7H[W0\$SSOLFDWLRQ,QIR9HUVLRQ0DMRUB 0\$SSOLFDWLRQ,QIR9HUVLRQ0LQRU ¶&RS\ULJKWLQIR &RS\ULJKW7H[W 0\$SSOLFDWLRQ,QIR&RS\ULJKW (QG6XE

6hndjXVchZZ!Bn#6eea^XVi^dc#>c[dlVhjhZ[ja[dgdWiV^c^c\Veea^XVi^dchZii^c\hl^i]dji gZVY^c\i]dhZhZii^c\h[gdbVheZX^Va[^aZ#I]ViÈhi]ZbV\^Xd[i]ZBncVbZheVXZ#

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

-,

30

Ndjb^\]ii]^c`i]Zi^bZi]ZheaVh]hXgZZc^hY^heaVnZYdci]ZhXgZZc^hiddh]dgi#6W^\" \ZgVeea^XVi^dcbVncZZYiddeZcXdccZXi^dchidYViVWVhZh!gZig^ZkZ^c[dgbVi^dc!VcYYdVaa `^cYhd[^c^i^Va^oVi^dcjedcaVjcX]^c\!hd^ib^\]iiV`ZbdgZi]VcildhZXdcYh#Dg!ndjbVn h^beanlVcindjgjhZghid]VkZbdgZi^bZidadd`Vii]ZhXgZZc#I]ZgZÈhVcZVhnlVnid X]Vc\Zi]ZVbdjcid[i^bZ^iY^heaVnh#I]ZgZ^hVXdYZhc^eeZidcBH9Cœi]Vil^aaZcVWaZ ndjidbdY^[ni]ZYZaVn#NdjXVc[^cYi]ZXdYZhc^eeZiVi]iie/$$bhYc#b^Xgdhd[i#Xdb$kWVh^X$ YdlcadVYh$'%%*$hc^eeZih$YZ[Vjai#Vhem# @BE8ciZgVXi^c\I]gdj\]9^Vad\7dmZh I]ZY^Vad\WdmZhndjXgZViZ]Zaei]ZjhZg^ciZgVXil^i]i]Zhd[ilVgZ#I]ZnVgZVYY^i^dcVa [dgbhi]VindjVYYidndjgVeea^XVi^dc#>ci]^hhZXi^dc!ndjÈaaVYYildY^Vad\WdmZhidndjg LZWWgdlhZg/Vc6WdjiWdmVcYVCVk^\ViZY^Vad\Wdm#

6YY^c\Vc6Wdji7dm I]Z[^ghiY^Vad\WdmndjÈaaVYY^hVc6WdjiWdm!l]^X]Zm^hih^cbdhiL^cYdlhVeea^XVi^dch# I]^hY^Vad\WdmZhhZci^VaanXdciV^chi]ZhVbZ^c[dgbVi^dcVhi]ZheaVh]hXgZZc!WjihdbZ" i^bZhXdciV^chbdgZaZ\Va!hnhiZb!VcYkZgh^dc^c[dgbVi^dc# 7Z[dgZndjhiVgii]^hhZXi^dc!ndjÈaa\^kZ;dgb&VbdgZbZVc^c\[jacVbZ#@ZZe^cb^cY i]ViZkZgni]^c\^cndjgVeea^XVi^dccZZYhidWZbZVc^c\[ja[dggZVYVW^a^inVcYbV^ciZcVcXZ# NdjÈaaVahdegZeVgZi]ZVeea^XVi^dc[dgVigVch[dgbVi^dc^cidVbdgZ[ZVijgZ"g^X]>ciZgcZi WgdlhZg# --

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ID6996C67DJI7DM 

$ =bh\YGc`ih]cb9ld`cfYf fYbUaY:cfa%"jVhc6fckgYf"jV" Cbh\Y6fckgYfZcfa XY`YhYh\YhlhIF@UbXh\YVhb;cWcbhfc`g"8Y`YhYh\YVhb;cS7`]W_YjYbh\Ub!

% X`YfVmfYacj]b[]hgg][bUhifYUbXWcbhYbhZfcah\Y6fckgYf"jVZ]`Y"

ABG8 L]ZcVegdXZYjgZY^gZXi^kZiZaah ndjidVYYVXdcigdaVcYi]Zc cVbZ^iMNO!^ibZVchi]Vindj cZZYidVYYi]ZXdcigdadcidi]Z YZh^\chjg[VXZ!i]Zc\didi]Z EgdeZgi^Zhl^cYdlVcYX]Vc\Zi]Z CVbZegdeZgind[i]ZXdcigda idMNO#

Cbh\Y6fckgYfZcfa gY`YWhh\YKYV6fckgYfWcbhfc` UbXig]b[h\YgaUfhhU[ gY`YWh8cW_=b

& DUfYbh7cbhU]bYf"

5gmciX]XZcfh\Ygd`Ug\gWfYYb UXXUbYk]hYahcmcifdfc^YWh Vihh\]gh]aYk\YbdfYgYbhYXk]h\

' h\YhYad`UhYg W\ccgYh\Y5Vcih6clhYad`UhYUbXbUaY]h5Vcih6cl"jV"

H^b^aVgidi]ZheaVh]hXgZZc!i]Z6WdjiWdml^aaWZedejaViZYl^i]^c[dgbVi^dc[gdbi]Z egd_ZXihZii^c\h[gdbi]ZEgd_ZXi9Zh^\cZgl^cYdl#6ii]^hed^ci!^[ndjgjci]ZVeea^XVi^dc! i]ZgZ^hcda^c`WZilZZcndjg6WdjiWdmVcYi]ZgZhid[ndjgWgdlhZg!hd^ildcÈih]dlje Vcnl]ZgZ#JhjVaan!i]Z6WdjiWdmh]dlhjel]ZcndjgZfjZhi^i[gdbi]Z=ZaebZcj!hd ndjÈaaVYYi]^hb^hh^c\a^c`cdl#

IDA>C@I=:67DJI7DMIDI=:=:AEB:CJ GY`YWhh\Y6fckgYf"jVO8Yg][bQhUVhcfYhifbhch\Y6fckgYf:cfa8Yg][bj]Yk"8fU[UAYbiGhf]d

$ Wcbhfc`Zfcah\Yhcc`Vclcbhch\YXYg][bgifZUWYhcUXXUAYbiGhf]dWcbhfc`hch\Y6fckgYfZcfa" BUaY]hag6fckgYf"

HcUXXh\Y9:!h^bean \didK^Zl$Di]ZgL^cYdlh$9dXjbZciDjia^cZdgegZhh8iga 6ai I#I]^hk^ZlaZihndjbVc" V\ZVaaXdcigdahdcndjg[dgb#>ih]dlh]dli]ZXdcigdahVgZVggVc\ZYdci]ZhXgZZcVcY l]^X]XdcigdahWZadc\hidVcdi]ZgXdcigda#;dg^chiVcXZ!g^\]icdlndjXVccdihZZi]ZLZW 7gdlhZgXdcigda!Wji^[ndjZcVWaZ9dXjbZciDjia^cZk^Zl!ndjaahZZi]Vii]ZLZW7gdlhZg Xdcigda^hVii]ZhVbZaZkZaVhi]ZcZlanVYYZYiddahig^eXdciV^cZghZZ;^\jgZ+"&&#Id gZVggVc\Zi]ZdgYZgVcYX]Vc\Z]dli]ZXdcigdahVgZY^heaVnZY![daadli]ZcZmihiZeh#

I]Zo"dgYZg^hi]ZXdcigdaÈhedh^" i^dcgZaVi^kZidi]Zdi]Zgl^cYdlh dgXdcigdahdci]ZhXgZZc0i]^c` d[^iVhi]Zi]^gYY^bZch^dcdg WZ^c\dcided[dgWZcZVi]di]Zg Xdcigdah#

;^\jgZ+"&& G[X7bVh`XagBhg_\aXj\aWbjYbeg[X@lBja 5ebjfXeceb]XVg

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

.*

30

IDG:6GG6CE IgYh\Y5XXHcc`Ghf]d=hYaXfcd!Xckb`]ghcbh\YhgBUj][Uh]cbhcc`ghf]dUbXUXXh\YZc``ck]b[Wcb!

$ hfc`ghch\Yhcc`ghf]d.@UVY` HYlh6cl UbX6ihhcb"BUaYh\YWcbhfc`ghg`V`5XXfYgg hghVIf` UbXhgV;c" % IgYh\YhUV`YVY`ckUbXgYhh\YdfcdYfh]YgcZh\YWcbhfc`g" 8dcigdacVbZ

IneZ

EgdeZgi^Zh

KVajZ

ihaWa6YYgZhh

IddaHig^eAVWZa

IZmi

ihiWJga

IddaHig^eIZmi7dm

H^oZ/L^Yi]

(*%

ihWcHjbbVgn### >ci]^hX]VeiZg!ndjidd`Vh^beaZVeea^XVi^dcVcYje\gVYZY^iidXgZViZVegd[Zhh^dcVa" add`^c\Veea^XVi^dcl^i]bVcnc^XZ[ZVijgZh[dgndjgjhZgh#NdjaZVgcZYidVYYVheaVh] hXgZZcidndjgVeea^XVi^dcVcYidldg`l^i]Y^Vad\WdmZh#NdjXgZViZYVc6WdjiWdmVcYV CVk^\ViZY^Vad\WdmidVaadlndjgjhZgidcVk^\ViZidVJGA0ndjVYYZYVcVjidXdbeaZiZ [ZVijgZidndjgiZmiWdmZhVcYi]ZVjidhj\\Zhi$VeeZcY[ZVijgZjh^c\i]ZWgdlhZgÈhJGAh ]^hidgn#Ndji]ZcVYYZYiddahig^eh!egd\gZhhWVgh!VcY^Xdch[gdbL^cYdlh#NdjYncVb^XVaan bVcV\ZYXdcigdah!VcYndjaZVgcZYVadiVWdjicZlZkZcihVcY]dlid]VcYaZi]Zbjh^c\ ZkZciVg\jbZcih# >ci]ZcZmiX]VeiZg!ndjÈaaaZVgciZX]c^fjZhidjhZl]Zci]^c\hYdcÈi\dlZaa0i]Vi^h! ndjaaaZVgci]ZVgid[YZWj\\^c\XdYZ#NdjÈaaVahdaZVgcVWdjii]Z:Y^iVcY8dci^cjZ[ZVijgZ! i]ZcZlYViVk^hjVa^oZgh!i^ehVcYig^X`h!VcYbjX]bdgZ#

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

&%,

30

&LQGG

30

6[TcgXe* 9\k\aZg[X 5eb^Xa5_bV^f 7XUhZZ\aZTa 4cc_\VTg\ba$$#

, 

&LQGG

6hndjÈaaY^hXdkZgbdgZVcYbdgZ!l]ZcndjYZkZadeVcVeea^XVi^dc!ndj gVgZanhjXXZZYdcndjg[^ghiViiZbei#Bdhid[i]Zi^bZVcYZheZX^Vaanl]Zc ndjhiVgiYZkZade^c\Veea^XVi^dch!i]ZegdXZhh\dZha^`Zi]^h/WgV^chidgbdc eVeZg!add`Vii]ZjhZghcZZYhd[iZcndjgh!eZg[dgbhdbZVcVanh^h!egdid" ineZ!YZh^\c!YZkZade!iZhi![^mWj\h!iZhii]ZegdYjXiV\V^c!VcY[^cVaan gZaZVhZ^iideZdeaZ#I]^h^hV]^\]"aZkZak^Zld[i]ZegdXZhh0^iXVcWZbjX] bdgZXdbea^XViZYdgh^bea^[^ZY#>iVaaYZeZcYhdci]ZXdbeaZm^ind[i]Zegd_" ZXi!i]ZcjbWZgd[eZdeaZ^ckdakZY!VcYhddc#DcZi]^c\^hXZgiV^c/ndj ValVnhcZZYidYZWj\ndjgVeea^XVi^dch!VcYB^Xgdhd[iœK^hjVa7Vh^Xœ'%%* egdk^YZhbVcniddahid]Zaendj[^mndjgWj\h[VhiZg#

&%.

30

9ZWj\\^c\Vc6eea^XVi^dc

ABG8 I]Zegd\gVb^hZmXajh^kZan[dg ZYjXVi^dcVaejgedhZhd[i]^hX]Ve" iZg#>iYdZhciYdVcni]^c\^ciZgZhi" ^c\ZmXZeiiZVX]YZWj\\^c\#

IdaZVgci]ZiddahVcYiZX]c^fjZhidYZWj\ndjgVeea^XVi^dch!>ÈkZXgZViZYVhVbeaZVeea^XV" i^dci]VindjÈaajhZ[dgi]^hX]VeiZg#>[ndj^chiVaaZYi]ZXdbeVc^dcXdciZciVii]ZYZ[Vjai adXVi^dc!^ih]djaYWZVii]Z[daadl^c\adXVi^dcdcndjg]VgYYg^kZ/Bn9dXjbZcihQB^Xgdhd[i EgZhhQK7'%%*:megZhhQ8]VeiZg,Q#Add`[dgV[daYZgcVbZY9ZWj\\ZgHiVgijcYZgi]Z 8]VeiZg,[daYZg#9djWaZ"Xa^X`i]Z9ZWj\\Zg#hachdaji^dc# I]^hhdaji^dcXdciV^chcZl^iZbhi]Vindj]VkZcdihZZcnZi!l^i]i]Z[^ghidcZWZ^c\ Vhdaji^dcl^i]bdgZi]VcdcZegd_ZXi#I]^h^hVXdbbdcegVXi^XZl]^aZYZkZade^c\ Veea^XVi^dch#>ci]^hXVhZ!i]Zhdaji^dccVbZY9ZWj\\ZgXdciV^childegd_ZXih/VB^Xgdhd[i L^cYdlhœ;dgbhVeea^XVi^dccVbZY9ZWj\\ZgVcYVbVcV\ZYa^WgVgncVbZYBnA^WgVgn bVcV\ZY9AA#I]ZVXgdcnb9AAhiVcYh[dg9ncVb^XA^c`A^WgVgn#69AA^hVa^WgVgnd[ [jcXi^dchi]ViVgZXVaaZYYncVb^XVaanVcYVhcZZYZYWnVcVeea^XVi^dc#69AAYdZhcÈi XdciV^cVbV^cZcigned^ciVcYXVccdiWZZmZXjiZYWn^ihZa[#6ahd!V9AAXVcWZjhZYWn bjai^eaZVeea^XVi^dchVii]ZhVbZi^bZ# I]ZhZXdcYcZli]^c\^hi]Vii]Zegd_ZXi9ZWj\\Zg]VhVineZd[[^aZi]Vindj]VkZcÈi hZZcnZi/ViZmi[^aZ#NdjXVc]VkZbjai^eaZY^[[ZgZci[^aZh^cndjgegd_ZXih!VcYViZmi[^aZ^h cdijcXdbbdc#>ci]^hXVhZ!i]ZiZmi[^aZ^hjhZYWndcZd[i]ZbZi]dYhXVaaZYWni]Z YZWj\\Zg#ZmZVeea^XVi^dc#I]ZiZmi[^aZl^aaWZjhZYWni]^hVeea^XVi^dc!hdid]VkZ^i^ci]Z djieji[daYZg!ndjcZZYidhZaZXi^i^ci]ZHdaji^dc:meadgZgVcYi]ZcX]Vc\Zi]Z8denId Djieji9^gZXidgnegdeZginid8den>[CZlZg#

Jh^c\V9AA^cVc6eea^XVi^dc L]ZcndjYZh^\cVcVeea^XVi^dc!ndjjhjVaan]VkZbdgZi]VcdcZXdbedcZci#>cbVcn XVhZh!i]ZXdbedcZcihVgZcZlXaVhhZhineZh#>i^h\ddYegVXi^XZid]VkZi]dhZineZh^cV hZeVgViZhdjgXZXdYZ[^aZ^chiZVYd[`ZZe^c\i]Zbl^i]i]ZjhZg^ciZg[VXZXdYZ#D[iZc!i]Z XaVhhZhVgZ\gdjeZY^cVh^c\aZa^WgVgndg9AA# L]ZcndjlVciidjhZVineZ[gdbVa^WgVgn!ndjcZZYidbV`ZndjgVeea^XVi^dcVlVgZ d[Vaai]ZineZhVcYbZi]dYhXdciV^cZY^ci]Via^WgVgnWnVYY^c\VgZ[ZgZcXZid^i^ci]Z Veea^XVi^dc#

&&%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

6YY^c\VGZ[ZgZcXZidNdjg6eea^XVi^dc IdVYYcZlgZ[ZgZcXZhidndjgVeea^XVi^dc![daadli]ZhiZeh]ZgZ#

ID6996G:;:G:C8:IDNDJG6EEA>86I>DC 

$ GY`YWhh\Ydfc^YWhk\YfYmcikUbhhcUXXh\YfYZYfYbWY/]bh\]gWUgY gY`YWh8YVi[[Yf" 

% F][\h!W`]W_5XXFYZYfYbWY"""@cc_Uh:][ifY+!%hcaU_YgifYmciÇfYUhh\Yf][\hd`UWY" 5gmciWUbgYYZfcah\YhUVgcbh\YX]U`c[Vclh\UhUddYUfg h\YfYZYfYbWYgWUbWcaYZfcaai`h]d`Y gcifWYg" GY`YWhh\YDfc^YWhghUVUbXh\YbgY`YWhh\YAm@]VfUfmdfc^YWh k\]W\WcbhU]bgh\YaUbU[YX8@@"

& DfYggC?hcUXXh\YfYZYfYbWYhcmcifdfc^YWh"

7ZXVjhZi]Z9AA^h^ci]ZhVbZhdaji^dcVcYndj_jhiVYYZYVgZ[ZgZcXZd[i]Vi9AAid ndjgVeea^XVi^dc!B^Xgdhd[iK^hjVaHijY^dœcdl`cdlhi]ZgZ^hVYZeZcYZcXnWZilZZci]Z ildVcYl^aaValVnhWj^aYi]Z9AA[^ghihdi]VindjgVeea^XVi^dcWj^aYhi]ZW^cVgnl^i]i]Z bdhije"id"YViZ9AAedhh^WaZ# NdjXVckZg^[ni]Vii]ZgZ[ZgZcXZ]VhWZZc^chZgiZY^cildY^[[ZgZcilVnh/

;^\jgZ,"& 4WWEXYXeXaVX!!!`XahV[b\VXYeb`g[X 7XUhZZXeceb]XVg

฀ JhZi]ZEgd_ZXi9Zh^\cZgVcYhZaZXii]ZGZ[ZgZcXZhiVWdci]ZaZ[ih^YZVhh]dlc^c ;^\jgZ,"'# ฀ JhZi]ZH]dl6aa[^aZhWjiidc^ci]ZHdaji^dc:meadgZgVcYZmeVcYi]ZGZ[ZgZcXZh#

;^\jgZ,"' Ceb]XVg7Xf\ZaXe-EXYXeXaVXfgTU j\g[g[X@l?\UeTeleXYXeXaVX

8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

&&&

30

Jh^c\dcZd[i]ZhZbZi]dYh!ndjÈaahZZi]ZgZ[ZgZcXZidBnA^WgVgn#L]ZcndjgZYdcZ VYY^c\i]ZgZ[ZgZcXZ!ndjgVeea^XVi^dcXVcXgZViZ^chiVcXZhd[i]ZcZlineZhi]ViVgZWj^ai^c i]Z9AAVcYjhZi]ZbVeegdeg^ViZan#I]ZWj^aYegdXZhhXdbe^aZgVcYa^c`Zgl^aacdlVXXZei i]ZjhZd[i]dhZcZlineZh!Wji[dgK^hjVaHijY^did]VkZi]dhZcZlineZhVkV^aVWaZk^V >ciZaa^HZchZœVcY[dgi]ZXdbe^aZgid`cdlVWdjii]dhZcZlineZh!dcZbdgZhiZe^h gZfj^gZY#Ndjb^\]iVagZVYn]VkZhZZci]Z[^ghia^cZd[XdYZ^ci]ZIZhi6eea^XVi^dc#kW[^aZ#I]Z a^cZgZVYh>bedgihBnA^WgVgn# L]Vii]Z>bedgihhiViZbZciZhhZci^VaanYdZh^h^bedgicVbZheVXZhdgegd\gVbb^c\ZaZ" bZcih!a^`ZcZlineZh!i]ViVgZYZ[^cZY^cgZ[ZgZcXZYegd_ZXihVcYVhhZbWa^Zh#7nVYY^c\i]^h a^cZd[XdYZ!ndjÈgZiZaa^c\K^hjVaHijY^didadd`^cidi]ViVhhZbWan[dgi]ZbZiVYViVi]Vil^aa ZcVWaZ>ciZaa^HZchZidWZedejaViZYl^i]i]ZejWa^X$egdiZXiZYZaZbZcih#6[iZgVYY^c\i]^h a^cZ!ndjÈaa]VkZVXXZhhidi]dhZ^iZbhl]ZcZkZgndj]VkZVc^chiVcXZd[dcZd[i]ZineZh Wj^ai^ci]Za^WgVgn#

7gZV`ed^cih!AdXVah!:Y^iVcY8dci^cjZ!VcYK^hjVa^oZgh I]ZgZ^hcdWZiiZglVnidY^kZ^cidi]^hhjW_ZXii]VcWnadd`^c\ViVcY\d^c\i]gdj\]i]Z XdYZ#>[i]ZIZhi6eea^XVi^dc#kWhdjgXZXdYZ[^aZ^hcdiVagZVYndeZc!deZc^iWng^\]i"Xa^X`^c\ dci]ZIZhi6eea^XVi^dc#kW[^aZVcYhZaZXi^c\K^Zl8dYZ#Ndjh]djaYhZZgZYYdihdci]ZaZ[i" ]VcYh^YZd[i]ZhXgZZc0i]dhZgZYYdihVgZWgZV`ed^cih#;^\jgZ,"(h]dlhi]ZhdjgXZXdYZ VcYi]ZWgZV`ed^cih# G[i]ZWgZV`ed^cihYdciVeeZVg! ndjXVcVYYi]ZbWnXa^X`^c\^c i]ZaZ[ibVg\^c#

;^\jgZ,"( FbheVXVbWXTaWUeXT^cb\agfYeb`g[X GXfg4cc_\VTg\baJ\aWbjfYbe`

&&'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

L]Zci]ZYZWj\\ZgZcXdjciZghVWgZV`ed^ci!^ihidehZmZXji^c\i]ZVeea^XVi^dc#>ci]^h hdjgXZXdYZ!i]ZWgZV`ed^ci^hdci]ZXVaaidi]ZBZhhV\Z7dm#H]dlbnHig^c\#I]ZgZ^h Vcdi]ZgWgZV`ed^ci^ci]ZA^WgVgn#kW^ci]Z[^ghia^cZd[XdYZd[i]Z9^k^YZbZi]dY#>ci]Z[da" adl^c\egdXZYjgZ!ndjl^aaZmZXjiZi]ZXdYZVcY\di]gdj\]VYZWj\\^c\hZhh^dc# IdYZWj\VcVeea^XVi^dc!ndjXVcYddcZd[ildi]^c\h/ ฀ EgZhh;*dgi]ZHiVgi9ZWj\\^c\Wjiidc# I]Zegd\gVbl^aahiVgiZmZXji^c\cdgbVaan#>[i]ZgZ^hVWgZV`ed^ci^ci]ZhdjgXZXdYZ!i]Z ZmZXji^dcl^aahidei]ZgZ#Di]Zgl^hZ!i]Zegd\gVbl^aaXdci^cjZidZmZXjiZjcaZhhi]ZgZ^h Vcjc]VcYaZYZmXZei^dc!dgZggdg#



฀ 6aiZgcVi^kZan!ndjXVcYZWj\i]ZVeea^XVi^dcWnhiZee^c\i]gdj\]i]ZXdYZa^cZWna^cZ# IdYdi]^h!egZhh;-dgi]ZHiZe>cidWjiidc# ;dgcdl!ndjÈaa_jbeidi]Z[^ghiWgZV`ed^ciVcYZmZXjiZi]ZXdYZ^ci]ZhVbeaZegd\gVb jh^c\i]Z[^ghiiZX]c^fjZ#

ID7:C9:7JDC $ DfYgg:)cfh\YGhUfh8YVi[[]b[Vihhcb" Mcik]``gYYUVihhcbh\UhgUmgHfmAY7`]W_]h"H\YWcXYg\ci`XghcdYlYWih]b[Uhh\YZ]fghVfYU_dc]bh

% ]bh\Y8]j]XYaYh\cX UbXmcig\ci`XgYYk\Uh]gg\ckb]b:][ifY+!("H\YmY``ck\][\`][\hYX`]bY aYUbg]h]gh\YbYlhghUhYaYbhhcVYYlYWihYX"

;^\jgZ,") 8kXVhg\bafgbccXWTgg[XY\efgUeXT^cb\ag\ag[X 7\i\WX`Xg[bW

8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

&&(

30

NdjÈgZcdl^cYZWj\\^c\bdYZ!VcYndj]VkZVXXZhhidVeaZi]dgVd[iddahVcYYViVZaZ" bZcihVWdjindjgVeea^XVi^dcid]ZaendjjcYZghiVcYl]Vi^h]VeeZc^c\l]ZcndjgVeea^XV" i^dc^hZmZXjiZY#NdjXVchZZi]ZXdciZcid[adXVakVg^VWaZh!eVgVbZiZgh!ZmXZei^dcbZhhV\Zh! i]ZXdchdaZl^cYdl!VcYbVcnbdgZ^iZbhndjÈaaY^hXdkZg^ci]ZcZmi[ZlhiZeh#6aad[i]Vi ^c[dgbVi^dc^hjhZ[jal]ZcVcVeea^XVi^dc^hcdiWZ]Vk^c\i]ZlVn^ih]djaYVcYndjÈgZign" ^c\idjcYZghiVcYl]n#L^i]Vaai]Z^c[dgbVi^dci]ZYZWj\\Zgegdk^YZh!ndjXVcignid jcXdkZgl]ZgZi]ZegdWaZba^ZhVcYhZZl]nndj]VkZVWj\#NdjXVcVahdjhZi]ZYZWj\\Zg [dgaZVgc^c\ejgedhZhVhndjVgZYd^c\g^\]icdl#I]ZYZWj\\Zg^hVcZmXZaaZciiZVX]Zg l]ZcndjÈgZcZlidViZX]cdad\n!aVc\jV\ZXdchigjXi!dgl]ZcndjÈgZh^beanign^c\id jcYZghiVcYVcZlZaZbZci#>i^hVahdXdbbdcidjhZi]ZYZWj\\ZgidjcYZghiVcYhdbZdcZ ZahZÈhXdYZ#>i^hZheZX^Vaan]Zae[jal]ZcndjcZZYidbV`ZbdY^[^XVi^dchidZm^hi^c\XdYZ# NdjÈaacdladd`Vii]Z[^ghihZg^Zhd[YViVZaZbZcihd[[ZgZYWni]ZYZWj\\Zgl]^aZndjÈgZ hiZee^c\i]gdj\]ndjgXdYZ#6ii]ZWdiidbd[i]ZK^hjVaHijY^dhXgZZc!ndjXVchZZVhZg^Zh d[iVWh!l]^X]XVc^cXajYZAdXVah!LViX]!>bbZY^ViZL^cYdl!Djieji!VcY :ggdgA^hi#>[ ndjYdcihZZi]ZhZiVWh!ndjXVcdeZci]ZhZl^cYdlhWnhZaZXi^c\i]Zbdci]ZK^ZlVcY 9ZWj\bZcjh#Bdhid[i]ZhZVgZcdik^h^WaZl]Zc^cZY^i^c\bdYZ#NdjhVl^c8]VeiZg( i]Vii]Z:ggdgA^hi^hdcani]ZgZidh]dli]ZgZhjaihd[i]ZgZVa"i^bZXdbe^aVi^dc#L]^aZndjÈgZ YZWj\\^c\!i]ZAdXVahiVW^hjhjVaandcideVcYh]dlhi]ZXjggZcikVg^VWaZhVcYdW_ZXi^c[dg" bVi^dc#Add`Vi;^\jgZ,"*idhZZi]ZiVWh[gdbndjgYZWj\\^c\hZhh^dc# ;^\jgZ,"* GTUfceXfXagWhe\aZWXUhZZ\aZ\aI\fhT_ FghW\b

&&)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

>ci]ZAdXVahiVWhZXi^dc!ndjXVchZZ[djgZaZbZcihd[YViV[gdbndjg9^k^YZbZi]dY/ BZ!9^k^YZ!cjbWZgDcZ!VcY cjbWZgIld#I]dhZVgZ!^cdgYZg!i]Z^chiVcXZd[i]ZXjggZci dW_ZXi!i]ZgZijgckVajZ[dgi]Z[jcXi^dccVbZY9^k^YZ!VcYi]ZildeVgVbZiZgh#I]ZYZWj\" \ZgYZiZXihVaaZaZbZcihi]ViVgZ^chXdeZ^ci]VibZi]dYVcYY^heaVnhi]Zb^ci]ZAdXVah iVW#I]ZZaZbZcih^chXdeZVgZVaai]ZZaZbZcihi]ViVgZk^h^WaZ[gdbl]ZgZi]Z^chigjXi^dc ed^ciZg^hadXViZY#>ci]^hXVhZ!^iXdjaYWZZ^i]ZgadXVakVg^VWaZhdgh]VgZYkVg^VWaZh#I]^h bZVchi]Vii]gdj\]djii]ZZmZXji^dcd[i]Z9^k^YZbZi]dY!ndjÈaaWZVWaZid[daadli]ZkVa" jZhi]Vii]dhZ^iZbhl^aa]VkZ#Cdl^iÈhndjgijgcidhZZi]^h[dgndjghZa[#

ID8DCI>CJ:9:7JDC $ DfYgg:,cfh\YGhYd=bhcVihhcb"DfYgg:,U[U]bhc[Yhhch\YX]j]g]cbcdYfUh]cb" K\]`YXYVi[[]b[ mciWUbU`kUmg\cjYfh\YacigYcjYfdfc[fUaY`YaYbhghc[Yhh\Y]bZcfaUh]cbmcich\! Yfk]gYZ]bX]bh\Y@cWU`ghUV":cf]bghUbWY ]Zmci\cjYfmcifacigYcjYfh\YbiaVYfCbYY`YaYbh mciÇ`` gYYh\YgUaYjU`iYh\Uh]gg\ckb]bh\Y@cWU`ghUV Ug]``ighfUhYX]b:][ifY+!*" ;^\jgZ,"+ :Xgg\aZg[XiT_hXbYg[Xah`UXeBaX_bVT_iTe\ TU_X\agjbW\YYXeXagjTlf

9lYWihYh\YbYlh`]bYcZWcXYig]b[cbYcZh\YaYh\cXgaYbh]cbYXVYZcfYVmdfYgg]b[Y]h\Yf:,cf

% h\YGhYd=bhcVihhcb"

@YhÇgYld`U]bk\Uh]g[c]b[cbZfcah\YWcad]`YfÇgdYfgdYWh]jY"=bh\Y@cWU`ghUV h\Y8]j]XYY`YaYbhh\Y fYhifbjU`iYcZh\UhZibWh]cbWcbhU]bgh\YfYgi`hcZ)X]j]XYXVm' k\]W\g\ci`XVY%"

8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

&&*

30

6ihk\mXcYgh\YXYVi[[Yfg\ck&3Mci^ighZcibXUVi["BchY.=ÇjY]bgYfhYXh\]gYffcfhcXYacbghfUhY \ckgaU``a]ghU_YgWUbWfYUhYV][[YfdfcV`Yag"=Zmci\cjYfh\YacigYcjYfh\Y#cdYfUhcf mciÇ``gYYh\Y kcfXYdjWaZ"DfYgg:%UbXgYUfW\ZcfcdYfUhcf]bchiZVY!ndjÈaahiZedjid[ i]ZXdYZjh^c\i]ZHiZeDji[jcXi^dc#HiZee^c\djiYdZhcÈibZVci]VindjÈaah`^ei]ZZmZXj" i^dc0hiZee^c\djih^beanbZVchi]Vii]ZYZWj\\Zgl^aaZmZXjiZVaa^chigjXi^dchd[i]ZXjggZci bZi]dYVcY\dWVX`idi]ZXVaa^c\ed^ci#>[ndjYd^idcVh^c\aZ^chigjXi^dc!^il^aah^bean ZmZXjiZ^i#IdhZZi]^h^cVXi^dc![daadli]ZhZhiZeh#

&&+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

IDHI:EDJID;I=:8D9: =bh\Y@]VfUfm"jVZ]`Y W`]W_h\YfYXXch]bh\YZ]fghVfYU_dc]bhcZh\Y8]j]XYaYh\cX"6mW`]W_]b[h\YfYX

$ Xch mciUWhiU``mfYacjYh\YVfYU_dc]bh"H\YVfYU_dc]bhg\ci`XbckVY[cbY" % HcX]gUV`Yh\YgYWcbXVfYU_dc]bh mciWUbigYh\fYYX]ZZYfYbhaYh\cXg"

QH\YZ]fghcbY]gg]ad`mhcf][\h!W`]W_h\Y`]bYcZWcXYh\Uh\Ugh\YVfYU_dc]bh h\YbgY`YWhh\Y 6fYU_dc]bh"""aYbiW\c]WY UbXZ]bU``mgY`YWhh\Y8Y`YhY6fYU_dc]bhW\c]WY"@cc_Uh:][ifY+!+hcgYY h\]g]bUWh]cb" QH\YgYWcbXaYh\cX]ghcgY`YWhh\Y8YVi[aYbiUbXh\YbgY`YWhHc[[`Y6fYU_dc]bhcfdfYgg:-" QH\Yh\]fXaYh\cX]ghcf][\h!W`]W_h\YfYXXch]bX]WUh]b[h\YVfYU_dc]bhUbXgY`YWhh\Ycb`mUjU]`UV`Y W\c]WY.8Y`YhY6fYU_dc]bh" ;^\jgZ,", 7X_XgXTUeXT^cb\agYeb`TVbagXkghT_ `Xah\ag[XVbWXXW\gbe

Mcig\ci`XVYUhh\YZ]fgh`]bYcZWcXY]bh\Y8]j]XYaYh\cX"Bckh\UhmciÇfY]bh\Y8]j]XYaYh\cX 

& mciWUbdfYgg7hf`G\]Zh:,hcghYdcihcZh\Y8]j]XYaYh\cXcfmciWUbdfYggh\YGhYdCihVihhcb" H\]gk]``YlYWihYU``h\Y]bghfiWh]cbg]bh\UhaYh\cXUbX[cVUW_hch\YWU``Yf"

' DfYgg:)hcYlYWihYU``aYh\cXgidhch\YbYlhVfYU_dc]bh" Mcig\ci`XgYYUbch\YfaYggU[YVclk]h\h\YfYgi`h&"7`]W_C?UbXh\Ybmcig\ci`XVYghcddYX]bh\Y gcifWYWcXYcZh\YFYUX:]`YaYh\cX"

@BE8;;:G:CI:M8:EI>DCH 7`]W_h\YGhcd8YVi[[]b[VihhcbcfdfYgg7hf`5`h6fYU_hcghcdXYVi[[]b[acXY"=b

$ HYgh5dd`]WUh]cb"jV acX]Zmh\YVhbS7`]W_aYh\cXhc`cc_`]_Yh\YZc``ck]b[. 'LPP\2EMHFW/LEUDU\DV1HZ/LEUDU\ 'LPP\6WULQJ$V6WULQJ +HOORZRUOG 'LPP\)LOH$V6WULQJ  7U\ 0HVVDJH%R[6KRZ P\2EMHFW/LEUDU\'LYLGH  7R6WULQJ 0HVVDJH%R[6KRZ P\2EMHFW/LEUDU\'LYLGH  7R6WULQJ 0HVVDJH%R[6KRZ P\2EMHFW/LEUDU\'LYLGH  7R6WULQJ &DWFKH[$V'LYLGH%\=HUR([FHSWLRQ 0HVVDJH%R[6KRZ H[7R6WULQJ (QG7U\ 7U\ P\)LOH ´0\([LVWLQJ7H[W)LOHW[Wµ 0HVVDJH%R[6KRZ P\2EMHFW/LEUDU\5HDG)LOH P\)LOH P\)LOH ´0\1RW([LVWLQJ7H[W)LOHW[Wµ 0HVVDJH%R[6KRZ P\2EMHFW/LEUDU\5HDG)LOH P\)LOH &DWFKH[$V)LOH1RW)RXQG([FHSWLRQ 0HVVDJH%R[6KRZ P\)LOH´GRHVQ·WH[LVWµ (QG7U\ P\2EMHFW/LEUDU\0DQLSXODWH6WULQJV P\6WULQJ 0HVVDJH%R[6KRZ P\6WULQJ P\2EMHFW/LEUDU\0DQLSXODWH6WULQJV P\6WULQJ 0HVVDJH%R[6KRZ P\6WULQJ

FYacjYU``h\YVfYU_dc]bhg]bHYgh5dd`]WUh]cb"jVUbX@]VfUfm"jVUbXYlYWihYh\YWcXY"@cc_Uhh\YX]Z!

% ZYfYbhaYggU[YVclYg"=ZU8]j]XY6mNYfc9lWYdh]cbcf:]`YBch:cibX9lWYdh]cbcWWifg UaYggU[YVcl k]``VYX]gd`UmYX"

&''

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

I]ZgZVgZhdbZjhZ[jaiVWhi]VindjY^YcÈijhZ^ci]^hYZWj\\^c\hZhh^dc#;dg^chiVcXZ! i]ZLViX]iVW^h^bedgiVciWZXVjhZndjXVcZciZgkVg^VWaZhVcYZmegZhh^dchi]VindjlVci id[daadlVcYbdc^idgYjg^c\i]ZZmZXji^dcd[i]ZVeea^XVi^dc# 6cdi]ZgjhZ[jaiVW^hi]Z>bbZY^ViZl^cYdl!l]ZgZndjXVcineZVcni]^c\VcYi]Z Xdbe^aZgkZg^[^Zh!Xdbe^aZh!VcYZmZXjiZh^idci]Z[an6cnZ[[ZXidci]ZVeea^XVi^dcjcYZg YZWj\^h^bbZY^ViZ#6cne^ZXZd[XdYZi]ViXVcWZZkVajViZYWni]ZXdbe^aZgVcYYdZhcdi gZfj^gZVWadX`d[XdYZXVcWZZciZgZY^cidi]Z>bbZY^ViZl^cYdl#NdjXdjaYZciZgVadde! [dg^chiVcXZ#NdjVahd]VkZ[jaaVXXZhhid>ciZaa^HZchZ^ci]^hl^cYdl_jhiVh^[ndjlZgZ^ci]Z XdYZZY^idg#AZiÈhadd`ViVh^beaZZmVbeaZ#

IDJH:I=:>BB:9>6I:L>C9DL 

$ DihUVfYU_dc]bhUhh\YZ]fgh]bghfiWh]cb]bmcifUdd`]WUh]cbUbXfibh\YUdd`]WUh]cbVmdfYgg]b[:)" =ZmciXcbÇhgYYh\Y=aaYX]UhYk]bXck ^ighgY`YWhh\Y8YVi[aYbiUbXh\YbgY`YWhK]bXckgUbX

% =aaYX]UhY"Mcig\ci`X\UjYUbYadhm=aaYX]UhYk]bXck]bh\YVchhcacZmcifgWfYYb" & HmdYh\YZc``ck]b[`]bYUbXdfYgg9bhYf.]1) ' BckhmdYh\]g`]bYUbXdfYgg9bhYf.]Z]2&h\YbAYggU[Y6cl"G\ck]

H\YaYggU[YVclh\UhUddYUfgg\ci`Xg\ckU)"MciWUbhYghWcXY]bfYU`h]aYXif]b[h\YYlYWih]cbk]h\! cihYlYWih]b[Ug]b[`Y`]bYcZWcXYZfcamcifUdd`]WUh]cb"6ihVYkUfY]ZmciigYjUf]UV`Ygh\UhUfY]bmcif Udd`]WUh]cb/fYaYaVYfh\Uh]ZmciacX]Zmh\Ya]bh\Y=aaYX]UhYk]bXck mciacX]Zmh\YaZcfh\YUdd`]WU! h]cbUgkY``"

( 7`]W_h\YGhcd8YVi[[]b[VihhcbhcghcdYlYWih]b[h\YUdd`]WUh]cb" NdjÈgZcdlcdidcanVWaZidWj^aYcZlVeea^XVi^dch!WjindjÈgZVlVgZd[i]ZiZX]c^fjZh VcYiddahVkV^aVWaZidYZWj\i]Zb#

8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

&'(

30

>cHjbbVgn### >ci]^hX]VeiZg!ndjaZVgcZY]dlidjhZWgZV`ed^cih0VWdjiY^[[ZgZciiZX]c^fjZhidhiZe^cid! hiZedkZg!VcYhiZedjid[i]ZhdjgXZXdYZ0VcYVWdjiYViVk^hjVa^oZghidhZZi]ZYViV^ci]Z bdhieZgi^cZcilVnWVhZYdc^ihXdciZcidgXdciZmi#NdjVahdaZVgcZY]dlidldg`l^i]V9AA# NdjY^hXdkZgZYi]VindjXVcjhZi]Z:Y^iVcY8dci^cjZ[ZVijgZidbdY^[nkVg^VWaZhVi gjc"i^bZVcYXdci^cjZi]ZZmZXji^dc# NdjaZVgcZY]dlndjXVcbdkZi]ZcZmi^chigjXi^dced^ciZgidgZ"ZmZXjiZhdbZ a^cZhd[XdYZ#NdjVahdhiVgiZYidYZVal^i]ZmXZei^dchVcYaZVgcZYi]ZYdhVcYYdcÈihd[ YZWj\\^c\#NdjÈkZhZZc]dlhjWiaZWj\hXVc[^cYi]Z^glVn^cÄjhjVaanYjZidY^higVXi^dch VcYhdbZi^bZhh^beanWZXVjhZndjYdcÈiedhhZhhVaad[i]Z`cdlaZY\ZVcYZmeZg^ZcXZÄWji i]ViÈhd`Vn#9dcÈildggn!ndjÈgZ^cVegdXZhhXVaaZYaZVgc^c\# >ci]ZcZmiX]VeiZg!ndjÈaaaZVgcVWdjiYViVWVhZh!69D#C:I!VcYbVc^ejaVi^c\YViVid VcY[gdbVB^Xgdhd[iHFAHZgkZgž:megZhhYViVWVhZ#NdjÈaaaZVgc]dlidjhZi]^hYViVid edejaViZXdcigdahdcVL^cYdlh[dgb#NdjÈaaVahdaZVgcidXgZViZVcVeea^XVi^dcidVYY! bdY^[n!YZaZiZ!VcYk^hjVa^oZgdlh^ci]ZXVgigVX`ZgVeea^XVi^dc#

&')

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

6[TcgXe+ @TaTZ\aZ g[X7TgT J[Tg]VkZbVcngZX^eZh VcY^YZVh[dg\gZViY^ccZgh!Wjil]Zc>lVciidegZeVgZVc^XZbZVa!^iiV`Zh bZhdbjX]i^bZid[^cYi]Zbi]VijhjVaan>X]Vc\Zbnb^cY#>[>]VYi]^h ^c[dgbVi^dc^cbnXdbejiZg!^ildjaYWZZVhnidfj^X`anVXXZhhbngZX^eZ[dg ÅgVX`d[aVbWl^i]]ZgWXgjhiÆVcYegZeVgZV[VWjadjhbZVa#>XdjaYVahdVYY di]ZgeZgi^cZci^c[dgbVi^dcidi]ZgZX^eZ[^aZ!hjX]Vhl]Vih^YZY^h]ZhlZgZ hZgkZYl^i]^idgl]Vil^cZhlZcilZaal^i]i]^hgZX^eZ#>XdjaYZkZcVYYV e^XijgZd[i]Z[^c^h]ZYbZVa# NdjXdjaYbVcV\ZYViVjh^c\VldgYegdXZhh^c\egd\gVb!hjX]Vh B^Xgdhd[iLdgY!Wji^iXdjaYWZXdbZjcbVcV\ZVWaZVhhddcVhndjXdaaZXi Vadid[gZX^eZhVcYcZZYidhZVgX][dg^c[dgbVi^dcl^i]^ci]Vi[^aZ#Jh^c\ VhegZVYh]ZZi!hjX]VhB^Xgdhd[i:mXZa!^hVahdegdWaZbVi^X#I]Z[VXi^hi]Vi ign^c\id[^cY^c[dgbVi^dcfj^X`anl]Zcjh^c\bdgZi]VcdcZkVg^VWaZ^h XadhZid^bedhh^WaZ#Jh^c\i]ZgZX^eZZmVbeaZ!hjeedhZndjlVciidgZig^ZkZ Vaad[i]ZgZX^eZhi]ViXVchZgkZViaZVhih^meZdeaZVcYi]Vi]VkZaVbWhiZl bZViWjicdb^ci^ci]Z^c\gZY^ZcihWZXVjhZdcZd[ndjg\jZhih^hVaaZg\^X idb^ci#>bV\^cZi]Zi^bZ^ildjaYiV`Zid[^cYi]Vi^c[dgbVi^dc^cZ^i]Zg VLdgY[^aZdgVc:mXZahegZVYh]ZZi#I]ViÈhl]ZgZYViVWVhZhXdbZidi]Z gZhXjZ#

&'*

30

>ci]^hX]VeiZg!ndjÈaaaZVgcl]ViVYViVWVhZ^h0]dlidXgZViZVYViVWVhZ0]dlidVYY! YZaZiZ!VcYjeYViZYViV0]dlidhZVgX]dgfjZgnVYViVWVhZ0VcY]dlidjhZVYViVWVhZ^c VL^cYdlh;dgbhVeea^XVi^dc#6XXdbeVcn^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hHFAHZgkZg '%%*:megZhh:Y^i^dc!l]^X]^hV[jaanldg`VWaZkZgh^dcd[^ihW^\\ZgWgdi]Zg!HFAHZgkZg'%%*! Wjil^i][ZlZg[ZVijgZh#HFAHZgkZg'%%*:megZhh:Y^i^dc^h[gZZ!ZVhnidjhZ!VcY\ZVgZY idlVgYWj^aY^c\h^beaZVcYYncVb^XVeea^XVi^dch#

L]Vi>hV9ViVWVhZ4 6YViVWVhZ^hVXdaaZXi^dcd[YViVi]Vi^hhidgZY^c[^aZhdcY^h`hjh^c\VhnhiZbVi^XhigjXijgZ# I]ZhnhiZbVi^XhigjXijgZZcVWaZhjhZghidfjZgni]ZYViVjh^c\bVcV\ZbZcihd[ilVgZ XVaaZY9ViVWVhZBVcV\ZbZciHnhiZb97BH#HFAHZgkZg'%%*^hVGZaVi^dcVa9ViVWVhZ BVcV\ZbZciHnhiZbG97BH#>i^hWVhZYdcVgZaVi^dcVabdYZaWZXVjhZ^ihYViV^hhigjX" ijgZYjh^c\hZihi]ZhZihi]Zdgn^cbVi]ZbVi^XhVcYad\^XVagZaVi^dchegZY^XViZh#Bdhi XdbbZgX^VaYViVWVhZegdYjXihVgZWVhZYdci]ZgZaVi^dcVabdYZa#>c[VXi!^iÈhWZZcdcZd[i]Z bdhiedejaVgbdYZah[dgi]ZaVhi'%nZVgh#6eVgi[gdbB^Xgdhd[iHFAHZgkZg!ndjbVn]VkZ Vahd]ZVgYd[i]Z[daadl^c\egdYjXicVbZh/DgVXaZdg>7B97'#

L]ViÈh>cV9ViVWVhZ4 ABG8 NdjÈaaaZVgcVWdjihdbZd[i]Z di]ZgZaZbZcihXdciV^cZY^cV gZaVi^dcVaYViVWVhZaViZg^ci]^h X]VeiZg#

6gZaVi^dcVaYViVWVhZ!hjX]VhHFAHZgkZg'%%*!XdciV^chbjai^eaZiVWaZhi]ViVgZgZaViZY id\Zi]Zg#6YViVWVhZXVcVahdXdciV^ck^Zlh!hidgZYegdXZYjgZh![jcXi^dch!^cYZmZh!hZXjg^in ^c[dgbVi^dc!VcYdi]ZgZaZbZcih#>ci]^hhZXi^dc!ndjÈaaaZVgcVWdjii]ZWVh^XZaZbZcid[V gZaVi^dcVaYViVWVhZ!l]^X]^hViVWaZVcY^ihXdbedcZcih# 6iVWaZXdciV^chXdajbchVcYgdlh#6XdajbcYZ[^cZhi]ZineZd[YViV!VcYVgdl XdciV^chi]ZVXijVaYViV#7ZXVjhZi]ZgZaVi^dcVabdYZa]Vhhig^XigjaZh!VG97BHi]VijhZh i]ZgZaVi^dcbdYZabjhi^beaZbZcii]Zb# @BE8cgZVa^in!cdedejaVgG97BH^h[jaan^beaZbZci^c\i]ZejgZgZaVi^dcVabdYZa Vh^ilVh[^ghiXgZViZY^ci]Z&.,%h#

&'+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

9ViVCdgbVa^oVi^dcVcY9ViV>ciZ\g^in I]ZgjaZhYZ[^c^c\i]ZgZaVi^dcVabdYZaVgZXVaaZYcdgbVa^oVi^dcgjaZh#CdgbVa^oVi^dc^hV egdXZhhi]ViYViVVgX]^iZXihbjhiVeeanl]ZcZkZgi]ZnVgZVii]ZYZh^\ce]VhZ# CdgbVa^oVi^dcgjaZhZm^hiidgZYjXZi]ZX]VcXZd[]Vk^c\i]ZhVbZYViVhidgZY^cbdgZi]Vc dcZiVWaZ0^cdi]ZgldgYh!i]ZnZm^hiidgZYjXZi]ZaZkZad[gZYjcYVcXnVcYVahdidegZhZgkZ YViV^ciZ\g^in^ci]ZYViVWVhZ#Ad\^XVaan!i]ZcdgbVa^oVi^dcegdXZhhZm^hihid]Zaehea^ii]Z YViV^cid^ihdlciVWaZhdi]Vii]ZgZ^hcdYjea^XVi^dcd[^c[dgbVi^dc^cbdgZi]VcdcZiVWaZ# ;dgZmVbeaZ!]Vk^c\VcVeea^XVi^dc^cl]^X]i]ZXjhidbZgÈhVYYgZhh!X^in!hiViZdgegdk^cXZ! o^edgedhiVaXdYZ!VcYXdjcignVgZYjea^XViZY^cildY^[[ZgZciiVWaZh^hVWVY^YZV#I]ZgZ h]djaYWZdcandcZa^c`[gdbi]ZXjhidbZgiVWaZidi]Zdi]ZgiVWaZgZ[ZgZcX^c\VYY^i^dcVa XjhidbZg^c[dgbVi^dc#=Vk^c\Yjea^XViZYViVldjaYbV`ZjeYViZhVcYYZaZi^dchbdgZegdW" aZbVi^XVcYldjaYVahdedhZi]Zg^h`d[]Vk^c\bdY^[^ZYYViV^cdcZiVWaZVcYcdii]Zdi]Zg# I]^hZmVbeaZYZbdchigViZhVYViV^ciZ\g^inegdWaZb# AZiÈhadd`ViVcdi]ZgYViV^ciZ\g^inegdWaZb#HjeedhZndj]VkZWdi]VegdYjXiiVWaZVcY ViVWaZXdciV^c^c\XjhidbZgdgYZgYZiV^ah#6ai]dj\]ndjcdgbVa^oZYndjgYViV!YViV^ciZ\g^in YdZhcdiZm^hi[dgi]^hZmVbeaZ#CdlaZiÈhhVnndjYZX^YZidYZaZiZegdYjXi&!l]^X]bZVch gZbdk^c\Vgdl[gdbi]ZegdYjXiiVWaZi]ViXdggZhedcYhidegdYjXi&#>[i]ZG97BHldjaY aZindjYdi]^h!^ildjaYbZVci]VihjYYZcanVaagdlh^ci]ZXjhidbZgdgYZgYZiV^ahiVWaZi]Vi XdciV^cZYi]^hegdYjXildjaYcdiWZVWaZidh]dll]^X]egdYjXilVhdgYZgZYWZXVjhZi]Z egdYjXildjaYcdadc\ZgZm^hi#I]dhZgdlhldjaYWZdge]VcZY!l]^X]XdjaY]VkZY^hVhigdjh gZhjaih[dgi]ZXdbeVcn# 6hndjXVchZZ!YViV^ciZ\g^in^hVkZgn^bedgiVciXdcXZeii]Vi^hgZaViZYidi]ZVXXjgVXn! kVa^Y^in!VcYXdggZXicZhhd[i]ZYViV#IdWZiiZgjcYZghiVcYhdbZd[i]ZhZXdcXZeih!aZiÈhadd` ViVcdi]ZgZmVbeaZ# HjeedhZndjVgZi]ZdlcZgd[Vcdca^cZhidgZVcYlVciidbVcV\ZndjgXdbeVcnjh^c\ Vhd[ilVgZVeea^XVi^dc#IdjhZVhd[ilVgZVeea^XVi^dc!ndjbjhihiVgii]^c`^c\VWdjijh^c\V YViVWVhZ#6cnXdbeVcn!Wdi]hbVaadgaVg\Z!ine^XVaan]VhV\gZViYZVad[YViVidhidgZ#6ahd! WZXVjhZYViV^hVaaVgdjcYjh!eZdeaZlVcibdgZVXXZhhidi]^hYViVhdVhidXgZViZgZedgih VcYXdcYjXiVcVanh^h#I]Vi^hl]nYViVWVhZhVgZhdjhZ[ja#GZijgc^c\idndjgdca^cZhidgZ!Vi Vb^c^bjbndjldjaYa^`ZidhidgZ^c[dgbVi^dcVWdjindjgXjhidbZgh!egdYjXih!^ckd^XZh! ejgX]Vh^c\!VcY^ckZcidgn#IdhjbbVg^oZVaad[i]dhZVgZVh!aZiÈhiV`ZVadd`Vii]ZEgdYjXi! DgYZg=ZVYZg!VcYDgYZg9ZiV^aiVWaZh# 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

ABG8 I]Z[daadl^c\iVWaZh]VkZejg" edhZanWZZc`Zeih^beaZhdbZ XdajbchVgZb^hh^c\VcYVgZjhZY id^aajhigViZi]ZXdcXZeihndjÈkZ _jhiaZVgcZY#

&',

30

IVWaZ-"& CebWhVgGTU_X

IVWaZ-"' BeWXe;XTWXeGTU_X

&'-

&LQGG

8dajbcCVbZ

9ViVIneZ

6aadlCjaah4

EgdYjXi>9E@

^ciZ\Zg

CdiCjaa

EgdYjXiCjbWZg

ckVgX]Vg&%

CdiCjaa

CVbZ

ckVgX]Vg*%

CdiCjaa

9ZhXg^ei^dc

ckVgX]Vg'%%

Cjaa

E]did

^bV\Z

Cjaa

Eg^XZ

bdcZn

CdiCjaa

IVmVWaZ

W^i

CdiCjaa

8dajbcCVbZ

9ViVIneZ

6aadlCjaah4

DgYZg>9E@

^ciZ\Zg

CdiCjaa

DgYZg9ViZ

YViZi^bZ

CdiCjaa

9jZ9ViZ

YViZi^bZ

CdiCjaa

8jhidbZg>9;@

^ciZ\Zg

CdiCjaa

IVm6bdjci

bdcZn

CdiCjaa

IdiVa

bdcZn

CdiCjaa

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

8dajbcCVbZ

9ViVIneZ

6aadlCjaah4

DgYZg>9E@;@

^ciZ\Zg

CdiCjaa

A^cZ9ZiV^a>9E@

^ciZ\Zg

CdiCjaa

EgdYjXi>9;@

^ciZ\Zg

CdiCjaa

FjVci^in

^ciZ\Zg

CdiCjaa

A^cZIdiVa

cjbZg^X(-!+

CdiCjaa

IVWaZ-"( BeWXe7XgT\_GTU_X

NdjgEgdYjXi!DgYZg=ZVYZg!VcYDgYZg9ZiV^aiVWaZhXdjaYVahdWZgZegZhZciZY\gVe]^XVaan! Vhh]dlc^c;^\jgZ-"&#I]^h^hVXdbbdclVnd[add`^c\ViYViVWVhZh#

;^\jgZ-"& CTeg\T_WTgTUTfXW\TZeT`bYTf`T__ba_\aXVb`cTal

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&'.

30

L]Vi>hCjaa4 DcZd[ndjg[^ghidWhZgkVi^dch^hi]Vii]ZgZÈhVXdajbc^ci]ZiVWaZhi^iaZY6aadlCjaah4!l]^X] ^hVahdgZ[aZXiZY^c;^\jgZ-"&#L]ZcYZh^\c^c\ViVWaZ!ndjcZZYidXdch^YZgl]ViÈhVWhd" ajiZancZXZhhVgnCdiCjaaVcYl]ViÈhcdiCjaa#;dg^chiVcXZ!l]Zcndj^chZgiVcZlgdl ^cidi]ZEgdYjXiiVWaZ!^ibVncdibViiZgl]Zi]Zgi]ZegdYjXi]VhVe]did!Wji^ib^\]iWZV egdWaZbid]VkZVegdYjXil^i]djiVegdYjXicjbWZg#CdlaZiÈhXdggZaViZ]dlVaadl^c\cjaa ^hgZaViZYidYViV^ciZ\g^in#L]ZcZkZgViVWaZ^hYZh^\cZYl^i]VXdajbci]ViYdZhcÈiVaadl cjaa!i]ZG97BHl^aagZ_ZXiVcn^chZgi^dcd[VcZlgdli]Vi]VhVXdajbchZiidcjaal]Zc^i ^hcdihjeedhZYid#L]ZcndjeVnViiZci^dcidi]dhZXdajbchi]ViXVccdiXdciV^ccjaal]Zc YZh^\c^c\ndjgiVWaZh!ndjVjidbVi^XVaanVYYVcdi]ZgYViV^ciZ\g^inaVnZgWnbV`^c\hjgZ i]ViVaacZXZhhVgnYViV^hegZhZciWZ[dgZi]ZgZXdgY^h^chZgiZY^cidi]ZYViVWVhZ#

L]Vi6gZEg^bVgn@ZnhVcY;dgZ^\c@Znh4 NdjÈaahZZ^c;^\jgZ-"&i]VihdbZXdajbch]VkZi]ZaZiiZghE@[dgeg^bVgn`Zn^ci]ZiVWaZh dgVnZaadl`Zn [dgeg^bVgn`Znh#HdbZXdajbchVahdXdciV^c;@[dg[dgZ^\c`Zn#AZiÈhhiVgi WniVa`^c\VWdjii]Zeg^bVgn`Zn#

Df]aUfm?Ym 6eg^bVgn`Zn^hVkVajZi]Vi^hjhZYidjc^fjZan^YZci^[nVheZX^[^Xgdl^cViVWaZ#6 eg^bVgn`Zn/ ฀ 8VcWZXdbedhZYd[dcZdgbdgZXdajbccVbZh#L]Zc^iÈhXdbedhZYd[bdgZi]VcdcZ Xdajbc!^iÈhXVaaZYVXdbedh^iZ`Zn# ฀ >hd[iZcVcjbZg^X[^ZaY# ฀ >hd[iZc\ZcZgViZYWni]ZG97BH!^cl]^X]XVhZ^iÈhXVaaZYVhjggd\ViZ`Zn#6hjggd\ViZ `Zn^h[gZfjZcianWjicdiValVnhVhZfjZci^VacjbWZg#6hjggd\ViZ`Zn^hVahdXVaaZYVc ^YZci^in^cHFAHZgkZg'%%*#6c^YZci^inhiVgihViVhZicjbWZg!XVaaZYi]Z^YZci^inhZZY! VcY^cXgZbZcihWnVcdi]ZghZicjbWZg!XVaaZYi]Z^YZci^in^cXgZbZci#;dgZmVbeaZ!^[ndj XgZViZViVWaZcVbZYEgdYjXi!ndjXVc]VkZVXdajbccVbZYEgdYjXi>9i]Vi^hhZiVhVc ^YZci^in!VcYndjXVchZii]Z^YZci^inhZZYid&l^i]Vc^YZci^in^cXgZbZciid&#L]Zci]Z [^ghigdl^hXgZViZY^ci]ZEgdYjXiiVWaZ!i]ZEgdYjXi>9l^aaWZ\ZcZgViZYWni]ZG97BH VcYhZiid&#I]Z[daadl^c\gdll^aa]VkZVEgdYjXi>9i]Vi^hhZiid'VcYhd[dgi]# &(%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

฀ H]djaYWZVhh]dgiVhedhh^WaZ!Wjiadc\Zcdj\]idhjeedgii]ZcjbWZgd[gdlh^il^aa gZegZhZci# ฀ >h^bbjiVWaZ!bZVc^c\^ihkVajZh]djaYcZkZgX]Vc\Z# ฀ >hVahdVcVijgVa`Znl]Zci]Z`Zn]VhVad\^XVagZaVi^dch]^el^i]i]ZgZhid[i]ZXdajbch ^ci]ZiVWaZ#;dgZmVbeaZ!^[ndj]VYVWdd`iVWaZ!i]Z>H7CcjbWZgXdjaYWZjhZYVhV eg^bVgn`ZnWZXVjhZ^ijc^fjZan^YZci^[^ZhdcandcZWdd`#>ildjaYWZVcVYkVciV\Z XdbeVgZYl^i]V\ZcZgViZY`ZnWZXVjhZ^ildjaYiV`ZaZhhheVXZVcY]VhidZm^hiVcn" lVn ฀ >hVahdjhZYidgZaViZildiVWaZhid\Zi]Zg# >cdjgEgdYjXiiVWaZZmVbeaZ!i]ZEgdYjXi>9^hi]Zeg^bVgn`Zn#6iYZh^\ci^bZ!^il^aa VahdWZVc^YZci^in#NdjXVcXaV^bi]Vii]ZegdYjXicjbWZgXdjaYWZVeg^bVgn`ZnVcYndj XdjaYWZg^\]i!Wji^cXZgiV^chXZcVg^dhVegdYjXicjbWZgXdjaYWZjhZYil^XZ#;dgZmVbeaZ! hjeedhZndj]VkZegdYjXi;7BHFAEA#GZXZcian!^cVYY^i^dcidi]ZhZZmiZch^dch!G97BHbVcj[VXijgZgh]VkZ VYYZYi]Zhjeedgid[di]Zgegd\gVbb^c\aVc\jV\Zh#B^Xgdhd[i^hVYY^c\#C:IaVc\jV\Z hjeedgi^cidi]ZYViVWVhZl^i]VaaHFAHZgkZg'%%*:Y^i^dch!l]^aZDgVXaZVcY>7B]VkZ VYYZY?VkVhjeedgi# I]ZgZVgZbdgZYViVWVhZXdcXZeihVcYi]Zdg^Zhi]Vci]dhZa^hiZYVcYZmeaV^cZY]ZgZ! WjilZ]VkZXdkZgZYi]Z^bbZY^ViZYViVWVhZcZZYhd[i]^hWdd`#NdjÈaacdlVeeani]dhZ XdcXZeihXdcXgZiZan^cVL^cYdlh;dgbhVeea^XVi^dci]Vil^aajhZVHFAHZgkZg:megZhh'%%* YViVWVhZ#

HFAHZgkZg'%%*:megZhh^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dc >ci]^hhZXi^dc!ndjl^aaYZkZadeVL^cYdlh;dgbhVeea^XVi^dc#I]^hl^aaWZVXVgigVX`Zg Veea^XVi^dci]Vil^aaZcVWaZi]ZjhZgidigVX`i]Zeg^XZhd[XVghdkZgi^bZVcYYZiZgb^cZ l]ZgZi]Za^hi^c\lVhdWhZgkZY#Ndjl^aa[^ghijhZK^hjVaHijY^didXgZViZi]ZYViVWVhZVcY i]ZiVWaZh!i]ZcVYYhdbZYViVVcYkVa^YViZhdbZd[i]ZXdcXZeihndjÈkZaZVgcZY^ci]Z[^ghi eVgid[i]^hX]VeiZg#Ndjl^aai]ZcXgZViZVL^cYdlhVeea^XVi^dci]Vil^aajhZndjgYViVVcY Wj^aYVYViV"XZcig^XVeea^XVi^dci]Vil^aaVaadli]ZjhZgidhidgZVcnVbdjcid[YViV# GZ[Zgid;^\jgZ-"'[dgi]ZYViVWVhZY^V\gVbeZgiV^c^c\idi]^hhZXi^dcÈhZmVbeaZ#

&()

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

;^\jgZ-"' 6TegeTV^XeTcc_\VTg\baWTgTUTfXW\TZeT`

8gZVi^c\V9ViVWVhZJh^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc 7Z[dgZjh^c\YViV!lZcZZYVeaVXZidhidgZi]ZYViV#NdjÈaaaZVgc]dlidXgZViZVYViVWVhZ^c K^hjVa7Vh^X'%%*:megZhh:Y^i^dc#NdjÈaaVahdhZZ]dlZVhn^i^h[dgndjidXgZViZVaad[i]Z iVWaZhlZcZZYidhVi^h[ni]ZcZZYhd[djgXVgigVX`ZgVeea^XVi^dcWZXVjhZi]ZHFAHZgkZg iZVbY^YVldcYZg[ja_dWd[^ciZ\gVi^c\i]Ziddah^cidK^hjVaHijY^d#

@BE89:#

@BE8CHJ6A76H>8'%%*:MEG:HH:9>I>DC 

$ GhUfhJ]giU`6Ug]W&$$)9ldfYgg9X]h]cb" %

7fYUhYUbYkK]bXckgUdd`]WUh]cbUbXbUaY ]h7UfHfUW_Yf"

=bh\Y5XXBYk=hYaX]U`c[Vcl gY`YWhGE@

' 8UhUVUgYZfcah\YJ]giU`GhiX]c=bghU``YX

HYad`UhYg"HmdY]bh\YZ]`YbUaY7UfHfUW_Yf"aXZ UbXW`]W_h\Y5XXVihhcb"6mXc]b[gc mciÇ``WfYUhY UXUhUVUgYUbXUhhUW\h\YXUhUVUgYZ]`Y7UfHfUW_Yf" aXZhcmcif7UfHfUW_Yfdfc^YWh"

Mcik]``bckWfYUhYh\YXUhUVUgYh\Uhk]``\c`X

& U``h\YhUV`YgZcfh\YUdd`]WUh]cb"=bh\Y

Gc`ih]cb9ld`cfYf f][\h!W`]W_h\Y7UfHfUW_Yfdfc^YWh  gY`YWh5XX UbXh\YbgY`YWhBYk=hYa"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

Mcik]``h\YbgYYU8UhUGcifWY7cbZ][ifUh]cb

( K]nUfX"8cbÇhdUmUhhYbh]cbhch\]gX]U`c[Vcl ^ighmYh/mciÇ```YUfbUVcih]hgccb">ighW`]W_7UbWY` Zcfbck"

I]Z#bY[[^aZZmiZch^dc^hjhZY Wni]ZHFAHZgkZg[Vb^and[egdY" jXih#I]Z#bY[XdciV^chi]ZZci^gZ YViVWVhZ0i]^hbZVchVaaiVWaZhVcY di]ZgZaZbZcihi]ViXVcZm^hi^c i]ZYViVWVhZVgZadXViZY^ci]Vi dcZ[^aZ#I]Zdcani]^c\i]Vi^h cdieVgid[i]Z#bY[[^aZ^hi]Zad\ ^c[dgbVi^dc!l]^X]^h^cV#aY[[^aZ# >i^hXgZViZYl]ZcZkZgndjXgZViZ i]ZYViVWVhZ#I]Z[^aZ]VhVc#aY[ ZmiZch^dcVcY^hjhZYidhidgZi]Z YViVWVhZad\^c[dgbVi^dc#Ndj XVchZZi]^h[^aZWnXa^X`^c\i]Z H]dl6aa;^aZh^Xdc^ci]ZHdaji^dc :meadgZg#

&(*

30

H\YGc`ih]cb9ld`cfYfg\ci`XbckWcbhU]bUbYk]hYak]h\]bmcifdfc^YWh.h\YbYkXUhUVUgYZ]`YWU``YX

) 7UfHfUW_Yf"aXZ Ugg\ckb]b:][ifY,!'"

Mcik]``bckghUfhhcUXXhUV`YghcmcifXUhUVUgY"HcXch\]g mciWUbY]h\YfXciV`Y!W`]W_h\Y

* 7UfHfUW_Yf"aXZZ]`Ycff][\h!W`]W_7UfHfUW_Yf"aXZUbXh\YbgY`YWhCdYb"H\]gk]``WUigYJ]giU` GhiX]chcWcbbYWhhch\YGE@GYfjYf&$$)9ldfYgg]bghUbWY]bghU``YXcbmcifaUW\]bY"

;^\jgZ-"( Fb_hg\ba8kc_beXej\g[g[XaXj_lVeX TgXW7UfHfUW_Yf"aXZWTgTUTfXY\_X

H\Y8UhUVUgY9ld`cfYfg\ci`XUddYUfcbh\Y`YZhg]XYcZh\YgWfYYbk\YfYh\Yhcc`VcligiU``mcdYbgid Ug g\ckb]b:][ifY,!("=ZmciXcbchgYYh\Y8UhUVUgY9ld`cfYf [chch\YJ]YkaYbiUbXgY`YWh8UhUVUgY 9ld`cfYf" IbXYfh\YXUhUVUgYbUaY mcig\ci`XgYYU`]ghcZXUhUVUgYY`YaYbhgfYdfYgYbhYXVmZc`XYf]Wcbg" 5`h\ci[\mcik]``bchfYWc[b]nYacghcZh\Ya mcik]``gYYhkcY`YaYbhgh\UhUfYU`fYUXmZUa]`]Ufhcmci. h\YXUhUVUgYX]U[fUaUbXh\YhUV`Yg"Mcik]``igYVch\cZh\YgYY`YaYbhgg\cfh`m" MciÇ``_bckh\UhmciÇfYWcbbYWhYXhch\YXUhUVUgYk\YbmcigYYh\YXUhUVUgY]Wcbk]h\UbY`YWhf]WWcfX `cc_!U`]_Y"K\YbmciÇfYX]gWcbbYWhYX mcik]``gYYh\YXUhUVUgY]Wcbk]h\UfYXL"YZci^inHeZX^[^XVi^dchcYldUbXh\]g[fcid"BckW`]W_]bh\Y=g=XYbh]hmZ]Y`XUbXgYh]hhcMYg" @YUjYVch\h\Y=XYbh]hmGYYXUbX=XYbh]hm=bWfYaYbhgYhUh%Zcfbck" 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

ABG8 ;gdbi]^hed^cidclVgY![dgZkZgn igZZXdcigdaVcYZkZgnXdcigdai]Vi ^hV\gdje^#Z#!]VhV h^\c!i]Z ldgYZmeVcYl^aaWZjhZY^chiZVY d[gZeZVi^c\i]ZldgYhXa^X`dci]Z h^\c#

&(,

30

ABG8 6hVgZb^cYZg!l]ZcVXdajbc^h Vc^YZci^in!HFAHZgkZgVjidbVi^" XVaan\ZcZgViZhVcZlcjbWZgZVX] i^bZVgdl^hXgZViZY^cViVWaZ# >ihiVgihVii]ZkVajZ^cY^XViZYWn i]Z>YZci^inHZZYegdeZginVcY ^cXgZVhZh^c^cXgZbZcihWni]Z kVajZ^cY^XViZYWni]Z>YZci^in >cXgZbZciegdeZgin#

HcUXXUbch\YfWc`iab W`]W_]bh\YfckibXYfh\Y7c`cf=8Wc`iabbUaY"5XXh\YhkcfYaU]b]b[Wc`!

' iabgVUgYXcbh\YX]U[fUag\ckb]b:][ifY,!&"MciWUbgYhh\Yg]nYcZh\Y7c`cfBUaYbjUfW\Ufhc '$Vmhmd]b[]bh\Y8UhUHmdYZ]Y`X"K\YbXcbY mcifhUV`Yg\ci`X`cc_`]_Yh\YcbYg\ckb]b:][ifY,!*" ;^\jgZ-"+ GTU_X7Xf\ZaXej\g[T__bYg[XVb_h`afYbeg[X6b_begTU_X

Bckh\UhmciÇfYXcbYk]h\h\YXYg][b mcibYYXhcUXXh\YhUV`Yhch\YXUhUVUgY"HcXch\]g mci

( bYYXhcgUjYh\YhUV`Y"7`]W_h\YGUjY]WcbcfdfYgg7hf`G"K\Ybh\Y7\ccgYBUaYX]U`c[Vcl UddYUfg Ugg\ckb]b:][ifY,!+ bUaYmcifhUV`Y7c`cfUbXh\YbW`]W_C?" ABG8

;^\jgZ-", G[X6[bbfXAT`XW\T_bZUbkf[bj\aZg[X6b_begTU_XaT`X

>ci]ZIVWaZ9Zh^\cZg!i]Za^iiaZ WaVX`ig^Vc\aZ^cY^XViZhi]ZXjg" gZcigdl#

9ldUbXh\YHUV`YgZc`XYf]bh\Y8UhUVUgY9ld`cfYfhcj]Ykh\Y`]ghcZYl]gh]b[hUV`Yg]bh\YXUhUVUgY/

) h\YbYk7c`cfhUV`Yg\ci`XUddYUf"K\YbmciYldUbXh\Y7c`cfhUV`Yhcj]Ykh\Y`]ghcZWc`iabg U`` h\fYYWc`iabgh\Uhmci^ighWfYUhYXg\ci`XUddYUf Ugg\ckb]b:][ifY,!,"

* 7`cgYh\Y7c`cfhUV`Y]bh\YHUV`Y8Yg][bYfVmW`]W_]b[h\YLbYUfh\YGc`ih]cb9ld`cfYf" ;^\jgZ-"7TgTUTfX8kc_beXej\g[g[XGTU_Xf Yb_WXeTaW6b_begTU_XXkcTaWXW

GDCH=>EH7:IL::CI67A:H ;chch\Y8UhUVUgY9ld`cfYfUbXf][\h!W`]W_h\Y8UhUVUgY8]U[fUagbcXY`cWUhYXUVcjYh\YHUV`Yg

$ bcXY"GY`YWh5XXBYk8]U[fUa"5X]U`c[Vclk]``UddYUf]bX]WUh]b[h\UhGE@GYfjYf&$$)9ldfYgg 9X]h]cbXcYgbÇh\UjYU``cZh\YXUhUVUgYcV^YWhg]hbYYXg]ZmcikUbhhcWfYUhYXUhUVUgYX]U[fUag"

7`]W_MYghc\UjYGE@GYfjYfWfYUhYh\YWcadcbYbhg]hbYYXghccVhU]bUXUhUVUgYX]U[fUa"K\Yb]hÇg

% XcbYWfYUh]b[ mcig\ci`XVYUg_YXk\]W\hUV`YgmcikUbhhcUXXhcmcifX]U[fUa]bh\Y5XXHUV`Y X]U`c[Vcl" GY`YWhU``cZh\YhUV`YgmciWfYUhYXUbXh\YbW`]W_5XX"=hg\ci`XhU_Y`Yggh\UbUa]bihYZcfmcifX]U!

& [fUahcUddYUf"7`]W_h\Y7`cgYVihhcbhc]bX]WUhYhcJ]giU`GhiX]ch\Uhmci\UjYU``h\YhUV`YgmcibYYX" 7`]W_h\YGUjY5``VihhcbcfdfYgg7hf`G\]ZhG"MciÇ``VYUg_YXhcgUjYmcifX]U[fUaUbXW\ccgYU

' bUaY"BUaYmcifX]U[fUa7UfHfUW_Yf8]U[fUa"

=ZmciXcbÇhgYYmcifXUhUVUgYX]U[fUa Z]fgh[chcmcif8UhUVUgY8]U[fUagbcXY YldUbX]h UbXh\Yb

( cdYbh\YX]U[fUaVmXciV`Y!W`]W_]b[cb]h"Mcig\ci`XgYYh\YXYg][bYfgifZUWYk]h\U``cZmcifhUV`Yg"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

G[ndjlVci idk^ZlbdgZd[i]ZY^V\gVb!ndj b^\]icZZYidjce^cdgXadhZhdbZ l^cYdlh!hjX]Vhi]ZHdaji^dc :meadgZgdgi]ZEgdeZgi^Zhl^cYdl0 ndjXVcgZijgci]ZhZ^iZbhidndjg hXgZZcWn\d^c\idi]ZK^ZlbZcj VcYhZaZXi^c\Hdaji^dc:meadgZgdg i]ZEgdeZgi^Zhl^cYdl#NdjXVc VahdX]Vc\Zi]ZoddbkVajZWn X]Vc\^c\i]ZkVajZ^ci]ZOddb Ygde"Ydlca^hi#

&(.

30

@YhÇgZcWigcbcbYfY`Uh]cbg\]dh\UhkYbYYXhcWfYUhY"K\Ybmci`cc_Uh:][ifY,!& mciÇ``gYYh\Uhh\Y 7c`cf=8Wc`iab]gdfYgYbh]bh\Y@]gh]b[hUV`YVYWUigYh\YfYÇgUfY`Uh]cbhch\Y7c`cfhUV`Y"H\Y`]bYVYhkYYb Vch\hUV`Yg]gUZcfY][b_Ym:?fY`Uh]cbg\]d"McibYYXhc\UjYh\]gfY`Uh]cbg\]dYghUV`]g\YXcfch\Yfk]gY mciÇ``\UjYcfd\UbYXbcXYg]bh\Y@]gh]b[hUV`Yk\YbYjYfU7c`cffck]gXY`YhYX"H\]gaYUbgh\Uhmci\UjY hcYghUV`]g\UfY`Uh]cbg\]dVYhkYYbh\Ydf]aUfm_YmhUV`YUbXh\YZcfY][b_YmhUV`Y"=bh\]gWUgY ]haYUbg mcibYYXhcWfYUhYUfY`Uh]cbg\]dZfcah\Y7c`cfhUV`YhckUfXh\Y@]gh]b[hUV`Y" 

) =bh\YXUhUVUgYX]U[fUa W`]W_cb7c`cf=8]bh\Y7c`cfhUV`Yk\YfYmcigYYh\YgaU``mY``ck_Ym" @cc_Uh:][ifY,!-hcgYYk\YfYmcig\ci`XVYUhh\YYbXcZh\]gaUb]di`Uh]cb"eX_Tg\baf[\c UXgjXXag[X?\fg\aZTaW6b_begTU_Xf

H\YZ]fghh\]b[hcbchYcbh\YX]U[fUa]gh\Y]bZ]b]hmgmaVc` `cWUhYXW`cgYhch\Y@]gh]b[hUV`YUbXh\Y mY``ck_Ym`cWUhYXW`cgYhch\Y7c`cfhUV`Y"H\Y]bZ]b]hmgmaVc`cbh\Y@]gh]b[hUV`Y]bX]WUhYgh\YhUV`YÇgWUf! X]bU`]hm"=h]bX]WUhYgh\Uh ]bh\]gfY`Uh]cbg\]d h\Y7UfhUV`YWUbWcbhU]baUbmfckgk]h\]bZcfaUh]cbWca]b[ Zfcah\YaUhW\]b[df]aUfm_YmhUV`Y"H\YmY``ck_Ym]bX]WUhYgZfcak\]W\hUV`Yh\Ydf]aUfm_Ym]gVY]b[ hU_Yb" =fYUffUb[YXh\YX]U[fUagch\Uhh\YhkchUV`YgUfYW`cgYhc[Yh\Yf"MciWUbfYUffUb[YmcifhUV`YgUbmkUm mcikUbhVmXfU[[]b[h\YaVmh\Yh]h`YVUf]"Y" k\YfYh\YhUV`YbUaY]gX]gd`UmYX"H\]g]ggcaYh]aYgbYW! YggUfmhcXck\YbmciWfYUhYfY`Uh]cbg\]dggch\UhmciXcbchYbXidk]h\UbibigiU`!`cc_]b[X]U[fUa"= gi[[Yghh\Uhmcidihmcif@]gh]b[hUV`Y]bh\Ya]XX`YcZmcifch\YfhUV`YgVYWUigY]hk]``VYYUg]YfhcWfYUhY fY`Uh]cbg\]dgh\]gkUm"MciWUbU`gcfYUffUb[Yh\YhUV`YgcbmcifX]U[fUaUhUbmh]aYVmf][\h!W`]W_]b[Ubm! k\YfYYlWYdhcbUhUV`Ycbh\YX]U[fUaÇgXYg][bYfgifZUWYUbXgY`YWh]b[5ffUb[YHUV`Yg"MciWUbU`gc \UjYh\Y`UVY`gZcfYjYfmfY`Uh]cbg\]dUddYUfcbh\YX]U[fUaVmf][\h!W`]W_]b[h\YX]U[fUaÇgXYg][bYfgif! ZUWYUbXgY`YWh]b[G\ckFY`Uh]cbg\]d@UVY`g Ugg\ckb]b:][ifY,!%&"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

@BE8[ndj gZbdkZi]Z9Vg`7ajZXdadg[gdb i]Z8dadgiVWaZ!^ildjaYbZVc i]Vii]dhZh^mVYhldjaY]VkZ dge]VcZYYViV#I]Vi^hl]nndj XgZViZYV[dgZ^\c`ZngZaVi^dch]^e/ idbV`ZhjgZi]Vi^[VcVeea^XVi^dc dgVjhZgig^ZhidgZbdkZYViV^c i]Z8dadgiVWaZ!VegdXZhhl^i]^c HFAHZgkZg'%%*ldjaYegZkZci i]^hWnkVa^YVi^c\i]Vii]ZgZVgZ cdÅ`^YhÆaZ[iWZ]^cY^ci]ZA^hi^c\ iVWaZWZ[dgZVaadl^c\i]ZYZaZi^dc iddXXjg^ci]Z8dadgiVWaZ#

&)&

30

;^\jgZ-"&' 6b`c_XgXW6TeGeTV^XeWTgTUTfX W\TZeT`

$$ BckWfYUhYh\Ych\Yf:?fY`Uh]cbg\]dgVmig]b[Y]h\Yf:][ifY,!&cfh\YZc``ck]b[hUV`Y"

IVWaZ-") ?\fgbYYbeX\Za^XleX_Tg\baf[\cfgbVeXTgX

@BE8CHFAH:GK:GI67A:HJH>CHJ6AHIJ9>D HcghUfhYbhYf]b[fckg]bh\Y7c`cfhUV`Y f][\h!W`]W_h\Y7c`cfhUV`Y]bh\Y8UhUVUgY9ld`cfYfUbX

$ gY`YWhG\ckHUV`Y8UhU"McifXYg][bYfgifZUWYg\ci`X\UjYU[f]X`]_Yh\YcbYg\ckb]b:][ifY,!%'"

L]^aZine^c\ndjgYViV! add`idi]ZiVWaZÉhaZ[i"bdhi VgZV^ci]ZiVWaZ YViV\g^YVcY ndjÉaahZZVhbVaaWaVX`ig^Vc\aZ



!VeZcX^a^Xdc Wdi]VhiVgVcYVhbVaaWaVX` ig^Vc\aZ

dgVhiVg

I]ZeZcX^a^cY^XViZh i]VindjÉgZbV`^c\VbdY^[^XV" i^dcidi]Zgdl# I]ZhiVg^cY^" XViZhVcZlgdl!VcYi]ZhbVaa WaVX`ig^Vc\aZ^cY^XViZhi]ZXjg" gZcigdl#

;^\jgZ-"&( 8`cgl6b_begTU_X\ag[XgTU_XWTgTZe\W

@YhÇgUXXh\YZ]fghWc`cf"7`]W_]bh\Y7c`cfBUaYZ]Y`X hmdY8Uf_6`iY UbXh\YbdfYggh\YHUV_Ymhc

% [chch\YbYlhWc`iab"HmdYhfiY]bh\YAYhU``]WZ]Y`X"6YWUigYh\UhWc`iabhmdY]gUV]h ]hgjU`iYg

WUbcb`mVYY]h\YfhfiYcfZU`gYVYWUigYUV]hhmdY]gUV]bUfmhmdY"K\YbmciÇfYXcbY dfYggh\YHUV_Ymhc [chch\YbYlhfck"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&)(

30

5XXh\fYYacfYWUfWc`cfgÃFYX G]`jYf UbX6`UW_ÃUbXgYhFYXUgAYhU``]WUbXh\Ych\Yf

& hkcWc`cfgUgBcb!aYhU``]W]"Y" ZU`gY"K\YbXcbY h\YhUV`Yg\ci`X`cc_`]_Yh\YcbY g\ckb]b:][ifY,!%("

' 5XXh\YZc``ck]b[XUhUhch\YAU_YUbXh\Y7UfHmdYhUV`Yg"

0DNH7DEOH

;^\jgZ-"&) 6b_begTU_Xj\g[YbheaXjebjfbYWTgT

;dgVaaXdajbchi]Vindj XgZViZYVhVc^YZci^in!YdcÉi ineZi]ZYViVWZXVjhZi]Z[^ZaY l^aaVjidbVi^XVaanWZ\ZcZgViZY WnHFAHZgkZg'%%*:megZhh :Y^i^dcl]ZcZkZgi]Zgdl^h XgZViZY^ci]ZiVWaZ#>[ndjign idineZYViV^cVc>YZci^inXda" jbc!ndjl^aacdiWZVaadlZY idYdhd#L]Zc^cVc>YZci^in Xdajbc!^ihiViZhi]Vii]ZXZaa^h gZVY"dcancZVgi]ZcVk^\Vi^dc WVgVii]ZWdiidbd[i]ZIVWaZ 9Zh^\cZg#

BV`ZCVbZ

8djcign

Y2*&-)'# HFAHZgkZg'%%*:megZhh YdXjbZciVi^dc^hYZh^\cZYid ]ZaendjVchlZgbdhifjZh" i^dchndjb^\]i]VkZ!Wji^i b^\]iVahdgZ[Zgndjidi]Z HFAHZgkZg'%%*YdXjbZciV" i^dc#NdjXVcYdlcadVY^iVi ]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$ 4A^c`>Y2*&-)(#

&)+

&LQGG

NdjgVgZanZciZgVaaYViVbVcjVaanjh^c\K^hjVaHijY^d#Ndjine^XVaanaZii]ZjhZgYd^idgndj Yd^ii]gdj\]VcVeea^XVi^dc#NdjXVcVahdZ^i]Zg^bedgiYViV[gdbVcdi]ZghdjgXZdgXgZViZ i]ZcZlYViVjh^c\HFAhXg^eih!Wjii]^h^hVbdgZVYkVcXZYXdcXZeii]Vil^aacdiWZXdkZgZY ^ci]^hWdd`# I]^hhZXi^dcl^aa[dXjhdc]dlidWj^aYL^cYdlhVeea^XVi^dchi]ViXVcXdccZXiidVcY gZXZ^kZYViV[gdbVHFAHZgkZg'%%*:megZhh:Y^i^dcjh^c\69D#C:I#I]Z[daadl^c\^hV [dgbVa!d[[^X^VaYZ[^c^i^dcd[69D#C:I[gdbi]ZBH9Cdca^cZa^WgVgn/ 69D#C:Iegdk^YZhXdch^hiZciVXXZhhidYViVhdjgXZh!hjX]VhB^Xgdhd[iHFAHZgkZg!VhlZaa VhYViVhdjgXZhZmedhZYi]gdj\]DA:97VcYMBA#9ViV"h]Vg^c\XdchjbZgVeea^XVi^dchXVc jhZ69D#C:IidXdccZXiidi]ZhZYViVhdjgXZhVcYgZig^ZkZ!bVc^ejaViZ!VcYjeYViZYViV# 69D#C:IXaZVcan[VXidghYViVVXXZhh[gdbYViVbVc^ejaVi^dc^cidY^hXgZiZXdbedcZcih i]ViXVcWZjhZYhZeVgViZandg^ciVcYZb#69D#C:I^cXajYZh#C:I;gVbZldg`YViVegdk^YZgh [dgXdccZXi^c\idVYViVWVhZ!ZmZXji^c\XdbbVcYh!VcYgZig^Zk^c\gZhjaih#I]dhZgZhjaihVgZ Z^i]ZgegdXZhhZYY^gZXiandgeaVXZY^cVc69D#C:I9ViVHZidW_ZXi^cdgYZgidWZZmedhZYid i]ZjhZg^cVcVY"]dXbVccZg!XdbW^cZYl^i]YViV[gdbbjai^eaZhdjgXZh!dggZbdiZYWZilZZc i^Zgh#I]Z69D#C:I9ViVHZidW_ZXiXVcVahdWZjhZY^cYZeZcYZciand[V#C:I;gVbZldg`YViV egdk^YZgidbVcV\ZYViVadXVaidi]ZVeea^XVi^dcdghdjgXZY[gdbMBA# I]Z69D#C:IXaVhhZhVgZ[djcY^cHnhiZb#9ViV#YaaVcYVgZ^ciZ\gViZYl^i]i]ZMBA XaVhhZh[djcY^cHnhiZb#Mba#Yaa#L]ZcXdbe^a^c\XdYZi]VijhZhi]ZHnhiZb#9ViVcVbZheVXZ! gZ[ZgZcXZWdi]HnhiZb#9ViV#YaaVcYHnhiZb#Mba#Yaa# >lVciZYidegZhZcii]Zadc\VcY[dgbVaYZ[^c^i^dcd[69D#C:IWZXVjhZ^iXdciV^ch ZaZbZcihi]VindjÈaaaZVgcVWdjil]^aZldg`^c\l^i]i]Z8VgIgVX`ZgVeea^XVi^dc#>VahdX]dhZ ^iWZXVjhZ>ldjaYa^`ZndjidgZ[ZgWVX`id^il]ZcZkZgndjÈgZldg`^c\l^i]69D#C:I#=ZgZ ^hVaZhh[dgbVaYZ[^c^i^dci]Vi>i]^c`hjbbVg^oZhl]Vi69D#C:I^hVaaVWdji# B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

NdjXVchVni]Vi69D#C:I^hi]Z#C:I;gVbZldg`lVnd[VXXZhh^c\VcYegd\gVbbVi^XVaan bVc^ejaVi^c\YViVWVhZhdgYViVjh^c\MBAhdjgXZh# CZlid69D#C:I'#%VgZcZllVnhd[VXXZhh^c\YViV[gdbY^[[ZgZcihdjgXZh#>cK^hjVa 7Vh^X'%%*:megZhh:Y^i^dc!ndjVgZa^b^iZYidi]Z[daadl^c\YViVhdjgXZh/YViVWVhZhHFA HZgkZg:megZhhVcYB^Xgdhd[i6XXZhhYViVWVhZh!LZWhZgk^XZh!VcYXjhidbdW_ZXih#>i^hbjX] ZVh^Zg^#Z#!i]ZgZ^haZhhXdYZidbVc^ejaViZYViV^c69D#C:I'#%!ZheZX^Vaanl]Zcjh^c\Vaa d[i]Ziddah^cXajYZY^cK^hjVaHijY^d'%%*#I]ZgZVgZbVcncZll^oVgYhVcYdi]Zgiddahi]Vi bV`Zi]ZZmeZg^ZcXZd[ldg`^c\l^i]YViVWVhZhVeaZVhVcidcZ#K^hjVaHijY^d'%%*XdkZgh cjbZgdjhXdbbdchXZcVg^dhl^i]^ihiddahVcYl^oVgYh!Wji^iÈhVahdkZgnedlZg[jal]Zc jhZYegd\gVbbVi^XVaanl^i]djii]ZjhZd[i]Zk^hjVaiddah#Ndjl^aaaZVgci]ZWVh^Xh^ci]^h Wdd`!Wjii]ZgZÈhcdi]^c\egZkZci^c\ndj[gdbaZVgc^c\bdgZVWdjiYViVW^cY^c\VcY69D# C:IVcY[gdbjcaZVh]^c\edlZg[jaVeea^XVi^dch# 7Z[dgZegdXZZY^c\Vcn[jgi]Zg!aZiÈhiVa`VWdjii]Z8VgIgVX`ZgVeea^XVi^dc#I]ZbV^c\dVa d[i]ZVeea^XVi^dc^hidigVX`XVgVYhdkZgi]Z>ciZgcZi#6hndj]VkZndjgYViVWVhZhgZVYnid\d! ndjcdlcZZYidXdch^YZgl]Vil^aaWZ^cXajYZY^ci]^hVeea^XVi^dc#>cgZVa^in!l]VindjcZZY ^hh^beanVlVnd[Y^heaVn^c\i]ZVYh!VYY^c\cZlVYh!bdY^[n^c\$YZaZi^c\Zm^hi^c\VYh!VcY hZVgX]^c\i]gdj\]i]ZVYhjh^c\VhZg^Zhd[Ygde"YdlcWdmZhi]ViVaadlndjidcVggdlndjg hZVgX]WVhZYdcXZgiV^cXg^iZg^V#I]ZhZhZVgX]Xg^iZg^Vl^aaXdbZY^gZXian[gdbi]ZYdbV^ciVWaZh ^#Z#!hZeVgViZYgde"YdlcXdcigdah[dgi]ZXVgineZ!Xdadg!bV`Z!VcYhd[dgi]# L]Zcjh^c\Ygde"YdlcXdcigdahdgVcndi]ZgXdcigdahl^i]YViVi]Vindj`cdlZm^hi^c ndjgYViVWVhZ!ndjYdcÈilVciidedejaViZi]ZYViVWn]VcY#NdjlVciidjhZi]ZYViVW^cY^c\ XVeVW^a^i^Zhd[VXdcigda#9ViVW^cY^c\^hVcZVhnVcYigVcheVgZcilVnidgZVY$lg^iZYViVVcYV a^c`WZilZZcVXdcigdadcVL^cYdlh;dgbVcYVYViVhdjgXZ[gdbndjgVeea^XVi^dc# 69D#C:IiV`ZhXVgZd[V\gZViYZVad[VXi^k^inWZ]^cYi]ZhXZcZh^iÈhZkZcWZiiZg^c #C:I;gVbZldg`'#%!VhlZaaVhbVcV\^c\i]ZXdccZXi^dcidi]ZYViVWVhZ#BVcV\^c\ i]ZXdccZXi^dcYdZhcÈihideVideZc^c\VcYXadh^c\i]ZXdccZXi^dc!WjiVahdXdcXZgch ^ihZa[l^i][^cY^c\i]ZYViVWVhZl^i]l]^X]ndjÈgZign^c\idXdccZXi#L]ZcVXdccZXi^dc ^hdeZcZY!^ibZVchndjgVeea^XVi^dcXVciVa`idi]ZYViVWVhZi]gdj\]69D#C:IbZi]dY XVaah#6aaZmX]Vc\ZhhZcY$gZXZ^kZd[YViVWZilZZcndjgVeea^XVi^dcVcYi]ZYViVWVhZVgZ bVcV\ZY[dgndjWn69D#C:I#I]ZYViV^ihZa[^hVahdbVcV\ZYWn69D#C:Ii]gdj\]Y^kZghZ bZX]Vc^hbh/gZVY"dcan[dglVgYcVk^\Vi^dc!cVk^\Vi^dc^cVcnY^gZXi^dcl^i]gZVY"lg^iZ![^ZaY ZkVajVi^dc!VcYhd[dgi]#6cYi]ZWZVjind[^i^hi]VindjjhjVaanYdcÈi]VkZidlg^iZVadid[ XdYZidZc_dni]dhZc^XZ[ZVijgZh# 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

K^hjVa7Vh^X:megZhhVaadlh ndjidldg`B^Xgdhd[i6XXZhh YViVWVhZh!Wjildg`^c\l^i] HFAHZgkZg'%%*:megZhh:Y^i^dc \^kZhndjVaai]ZWZcZ[^ihd[i]Z :ciZgeg^hZfjVa^ind[HFAHZgkZg '%%*!l^i]i]ZdcanYdlch^YZ WZ^c\VgZYjXZYhZid[[ZVijgZh#

ABG8 CdiVaaL^cYdlh;dgbXdcigdah VgZÅYViVW^cY^c\VlVgZ#ÆL]Zc i]ZnVgZVlVgZ!i]Zn]VkZV 9ViV7^cY^c\hegdeZgin#

&),

30

I]Z8VgIgVX`Zg6eea^XVi^dc9ZkZadebZci ABG8 I]Z9ViVHdjgXZhl^cYdlb^\]i ZcYjehdbZl]ZgZZahZ^cndjg >9:#7ZXVjhZndjg>9:^hZci^gZan Xjhidb^oVWaZidndjga^`^c\!ndj XVcXjhidb^oZndjgl^cYdlhVcY iVWhidVeeZVgl]ZgZkZgndj[ZZa i]ZnVgZbdhiegdYjXi^kZ[dgndj#

;^\jgZ-"&+ G[X7TgTFbheVXfj\aWbj

NdjÈaacdlegdXZZYidi]ZYZkZadebZcid[i]Z8VgIgVX`ZgVeea^XVi^dc#;^ghi!ndjcZZYidXgZ" ViZVYViVhZii]Vil^aaegdk^YZndjl^i]Vaai]ZYViVW^cY^c\ndjcZZY[dgi]Z8VgIgVX`Zg Veea^XVi^dc#Cdli]VindjgiVWaZhVgZZhiVWa^h]ZY!ndjXVcXdc[^\jgZi]ZYViVhZil^i]Vaad[ i]ZZaZbZcihndjÈkZ_jhiVYYZYidndjgYViVWVhZ# 7Z[dgZXgZVi^c\VYViVhZi!ndjbjhiaZVgcl]ViVYViVhZi^h#6YViVhZi^hVc^c"bZbdgn gZegZhZciVi^dcd[dcZdgbdgZiVWaZhVcY^hjhZYidhidgZi]ZgdlhndjgZig^ZkZi]VibViX] i]ZfjZgnndjhZciidi]ZYViVWVhZ#NdjXVci]ZcVYY!YZaZiZ!dgjeYViZgdlh^cbZbdgn# L]Zci]ZjhZg^hYdcZ!ndjXVchjWb^i!hVkZ!dgXdbb^ii]ZX]Vc\Zhidi]ZYViVWVhZ#I]Z 8VgIgVX`Zg9ViVHZi#mhY^hXVaaZYVcMBAHX]ZbV9Z[^c^i^dc[^aZ#I]Z#mhY[^aZZchjgZhi]Vii]Z YViVl^aaWZhigjXijgZYVcYgZheZXii]ZhX]ZbV#I]^h[^aZl^aaWZjhZYaViZg^ci]Zegd_ZXi l]ZclZY^hXjhhYViVW^cY^c\# IdXgZViZVYViVhZi!ndjÈaaaZVgcidjhZi]Z9ViVHdjgXZhl^cYdl#I]^hl^cYdl\^kZh ndjVXXZhhidVaad[i]ZYViVhdjgXZhndj]VkZXdc[^\jgZY^cndjgVeea^XVi^dc#HZZ;^\jgZ -"&+idhZZl]ZgZi]Z9ViVHdjgXZhl^cYdl^hadXViZY#>[ndjYdcÈihZZi]Z9ViVHdjgXZh l^cYdl!ndjXVcVXXZhh^iWnXa^X`^c\dci]Z9ViVbZcjVcYhZaZXi^c\H]dl9ViVHdjgXZh# >[H]dl9ViVHdjgXZhYdZhcdiVeeZVgdci]Z9ViVbZcj!WZhjgZndj]VkZXadhZYVaad[i]Z 8VgIgVX`ZgiVWaZYViV\g^YhVcY;dgb&^hk^h^WaZ#

ID8G:6I:696I6H:I =bh\Y8UhUGcifWYgk]bXck W`]W_h\Y5XXBYk8UhUGcifWY`]b_ cfW`]W_h\Y5XXBYk8UhUGcifWY

$ Vihhcb]bh\Yhcc`VUf"H\Y8UhUGcifWY7cbZ][ifUh]cbK]nUfXUddYUfg"

H\YZ]fghgWfYYbcZh\Y8UhUGcifWY7cbZ][ifUh]cbk]nUfXU``ckgmcihcW\ccgYh\YXUhUgcifWYhmdY

% mcikUbhhcWfYUhY"MciWUbW\ccgYUXUhUVUgY UKYVgYfj]WY cfcbYcZmcifcV^YWhg"MciÇjY^igh

Vi]`hUXUhUVUgYZcfh\Y7UfHfUW_YfUdd`]WUh]cb gcmciÇfY[c]b[hcW\ccgYh\Uh8UhUGcifWYHmdY"GY`YWh 8UhUVUgYUbXh\YbW`]W_BYlh" =bh\YbYlhgWfYYb mcik]``W\ccgYmcifXUhUWcbbYWh]cb"7UfHfUW_Yf"aXZg\ci`XU`fYUXmVYgY`YWhYX"K\Yb mciWfYUhYXh\Y7UfHfUW_YfGE@GYfjYf9ldfYggXUhUVUgY]bmcifdfc^YWh UXUhUWcbbYWh]cbkUgWfYUhYXZcf mci"MciWUbW`]W_h\Yd`igg][b]bh\YVchhcacZh\YX]U`c[VclhcgYYk\Uhh\YWcbbYWh]cbghf]b[`cc_g `]_Y"H\]gWcbbYWh]cbghf]b[XYZ]bYg\ckmcifUdd`]WUh]cbk]``WcbbYWhhch\YXUhUVUgY"

&)-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30



& 7`]W_BYlhcbh\Y7\ccgYMcif8UhU7cbbYWh]cbgWfYYb" H\YbYlhgWfYYb]bh\Yk]nUfX]bei]fYgk\Yh\YfmcikUbhhcgUjYh\]gWcbbYWh]cbghf]b[]bh\YUdd`]WUh]cb WcbZ][ifUh]cbZ]`Y"5gmcigUk]bh\YdfYj]ciggWfYYb mci_bckk\YfYmcifXUhUVUgY]gghcfYX"MYhmci a][\hW\Ub[Ymcifa]bXUbXXYd`cmh\YZ]`YgcaYk\YfYY`gY"=ZmciXch\Uh mciXcbÇhkUbhhcacX]Zmh\Y gcifWYWcXYUbXfYWcad]`Y]h"Dihh]b[h\YWcbbYWh]cbghf]b[]bmcifUdd`]WUh]cbWcbZ][ifUh]cbZ]`Y]gUWhiU``m UVYghdfUWh]WY"=h[]jYgmcih\YUXjUbhU[YcZcb`macX]Zm]b[h\YZ]`YUbXfYghUfh]b[h\YUdd`]WUh]cbk]h\cih fYWcad]`Uh]cbgcUghcUihcaUh]WU``md]W_idh\YW\Ub[Yg]bmcifWcbbYWh]cbghf]b[UbXWcbbYWhhch\UhbYk `cWUh]cb" H\YUdd`]WUh]cbWcbZ][ifUh]cb]gghcfYX]bUbLA@Z]`YbUaYXig]b[h\YUdd`]WUh]cbÇgYlYWihUV`YbUaY UbXUXX]b[#WcbZ][Uhh\YYbXcZh\YYlYWihUV`YZ]`YbUaY"=bcifUdd`]WUh]cb h\YZ]`Y]gbUaYX 7UfHfUW_Yf"YlY"WcbZ][ U`h\ci[\mcicb`mgYYUdd"WcbZ][k\]`Ykcf_]b[]bJ]giU`GhiX]c"=ZmcikUbhhcgUjY h\YWcbbYWh]cbghf]b[ mciUfYU`gcUg_YXhcdfcj]XYUjUf]UV`YbUaYibXYfk\]W\]hk]``VYgUjYX]bh\YZ]`Y"

' AU_YgifYh\YMYg GUjYH\Y7cbbYWh]cb5gW\YW_Vcl]ggY`YWhYXUbXh\YbW`]W_BYlh" =bh\YbYlhgWfYYb mciÇ``gY`YWhU``h\YhUV`YgZfcah\YXUhUVUgYh\Uhk]``VY]bmcifXUhUgYhUbXbUaY

( mcifXUhUgYh"=bmcifWUgY mcik]``bYYXU``cZh\YhUV`Yg gcYldUbXh\YHUV`YgbcXYUbXgY`YWhU`` hUV`Yg"@YUjYh\Y8UhUGYhBUaYgYhhc7UfHfUW_Yf8UhUGYhUbXh\YbW`]W_:]b]g\"

H\YfYgi`hcZmcifXUhUgYhWcbZ][ifUh]cb]gUb"lgXZ]`YcfULA@GW\YaU8cWiaYbh UbX]hk]``XYZ]bYh\Y ]bhYfbU`ghfiWhifYcZmcifXUhUgYh"FYaYaVYfh\UhUXUhUgYh]gUb]b!aYacfmfYdfYgYbhUh]cbcZcbYcfacfY hUV`YgZfcamcifXUhUVUgY"58C"B9Hk]``igYh\]ggW\YaUZ]`Yk\Ybkcf_]b[k]h\mcifUdd`]WUh]cb"K\Yb fibb]b[h\YUdd`]WUh]cb h\YigYfk]``VYUV`YhcUXX XY`YhY cfacX]Zmfckg]bh\YXUhUgYh]bh\YWcadih! YfÇgaYacfm"H\YW\Ub[Ygk]``fYaU]b]baYacfmibh]`h\YigYfWcaa]hgh\YW\Ub[YgVUW_hch\YXUhU! VUgY k\]W\]bcifYlUad`Y]gh\Y7UfHfUW_Yf"aXZZ]`Y"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&).

30

=bh\YGc`ih]cb9ld`cfYf XciV`Y!W`]W_h\Y"lgXZ]`YbUaYX7UfHfUW_Yf8UhUGYh"lgX"5gg\ckb]b:][ifY,!%+ 

) h\YfYgi`hcZh\YXUhUgYhWfYUh]cb]gg]a]`Ufhch\YXUhUVUgYX]U[fUamciWfYUhYXYUf`]Yf"McifX]U[fUa a][\hVYX]ZZYfYbhXYdYbX]b[cbmcifgWfYYbfYgc`ih]cbUbX\ckmciWighca]nYXmcif=89" ;^\jgZ-"&, :eTc[\VT_eXceXfXagTg\babYg[X 6TeGeTV^XeWTgTfXg

H\YfYUfYgcaYbchUV`YX]ZZYfYbWYg \ckYjYf"MciÇ``gYYh\YgUaYWc`iabgh\Uhmci\UjYWfYUhYX]bmcif d\mg]WU`XUhUVUgY Vih]bh\YVchhcacZYUW\hUV`Y mcik]``gYYaYh\cXg.:]`` ;Yh8UhU"H\YgYaYh\cXgUfY dUfh]Wi`Ufhch\YXUhUgYh UbXh\Y58C"B9H![YbYfUhYXWcXYVmJ]giU`GhiX]ck]``igYh\YahcXUhUV]bXXUhU hcmcifK]bXckg:cfaWcbhfc`gÃWcbhfc`gh\UhXcbchYl]ghmYh FYhifbhch\Y8UhUGcifWYgk]bXckUbXYldUbXh\YXUhUgYhhUV`Yg"MciÇ``gYYh\Y]b!aYacfmfYdfY!

* gYbhUh]cbcZmcifhUV`Yg UbXmciÇ``U`gcgYYh\UhYUW\Wc`iab\UgUgaU``]Wcbh\Uh[]jYgmci]hghmdY" H\YgY]WcbgaUm`cc_ZUa]`]UfhcmciVYWUigYh\YmUfYg]a]`Ufhch\YWcbhfc`g]bh\Yhcc`Vcl"FYZYfhc:][ifY ,!%,ZcfUei]W_[`UbWYUhh\Y7c`cfUbX@]gh]b[XUhUgYhhUV`YgUbXh\Y]fWc`iabhmdYg" 7`cgYh\Y[fUd\]WU`fYdfYgYbhUh]cbcZmcifXUhUgYhVmW`]W_]b[h\YL]bh\YWcfbYfcZh\YXYg][bYf

;^\jgZ-"&I\XjbYg[X6b_beTaW?\fg\aZ WTgTfXggTU_XfYeb`j\g[\a g[X7TgTFbheVXfj\aWbj

&*%

&LQGG

+ gifZUWY"

, =bh\YGc`ih]cb9ld`cfYf XciV`Y!W`]W_mcif:cfa%"jVZ]`YhccdYbh\YXYg][bYfgifZUWYZcf:cfa%"

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

$# =bh\Y8UhUGcifWYgk]bXck gY`YWhh\Y@]gh]b[bcXY]bmcifXUhUgYhUbXW`]W_cbh\YXfcd!Xckb

Uffckdc]bhh\UhÇgbYlhhch\YkcfX?\fg\aZ"Mcik]``VYdfYgYbhYXk]h\hkcW\c]WYg.8UhU;f]XJ]Ykcf 8YhU]`g"8UhU;f]XJ]YkVf]b[gU``cZh\YXUhUgYhZ]Y`Xg]bhcUhUV`Ycf[f]XZcfaUhk]h\ai`h]d`Yfckg k\]`Y 8YhU]`gVf]b[gh\YXUhUgYhZ]Y`Xg]bcbYfckUhUh]aYk]h\U``Z]Y`XgUg]bX]j]XiU`Wcbhfc`g":cfcifYlUad`Y  gY`YWh8YhU]`g" MciÇ``U`gcgYYh\UhYUW\aYaVYfcZh\YXUhUgYh\Ugh\YgUaYXfcd!XckbUffck k\]W\U``ckgmcihc W\Ub[Yk\]W\Wcbhfc`gk]``VYXfcddYXcbhch\YZcfak\Yb]h]gXfU[[YX"5``ck]b[mcihcW\ccgYWcbhfc`g df]cfhcXfU[[]b[h\YXUhUgYhhUV`Ycbhch\YZcfadfYjYbhgmciZfca\Uj]b[hc`Umcihh\YI=mcifgY`Zd]YWY Vmd]YWY"

$$ 7\Ub[Yh\Y7c`cf=8 AU_Y=8 UbX7UfHmdY=8hch\Y7caVc6clhmdYVmW`]W_]b[cbh\YXfcd!Xckb UffckbYlhhcYUW\Wc`iabUbXgY`YWh]b[7caVc6cl"

$% GY`YWhh\Y@]gh]b[bcXYVmW`]W_]b[cb]h UbXh\YbXfU[UbXXfcd]hcbhch\YXYg][bYfgifZUWYcb :cfa%"

;^\jgZ-"&. EXf\mXW6TeGeTV^XeYbe`TYgXe`bi\aZ T__bYg[XVbageb_f

$& MciÇ``bckacX]Zmh\YZcfag]nY`]_YmciX]X]bdfYj]cigW\UdhYfgVmacX]Zm]b[

h\YZcfaÇgG]nYdfcdYfhm"7\Ub[Yh\YZcfag]nYgch\Uh]hgK]Xh\]g()$d]lY`g UbX]hg[ndjhZaZXindjgYViVWVhZ[^aZ^ci]ZHdaji^dc:meadgZgl^cYdl!ndjl^aa hZZVegdeZginXVaaZY8denIdDjieji9^gZXidgn^ci]ZEgdeZgi^Zhl^cYdl# 7nYZ[Vjai!^i^hhZiid8den6alVnh!l]^X]bZVchi]ViYViV[^aZh^ci]Z egd_ZXi[daYZgl^aaWZXde^ZYidi]ZW^cQYZWj\[daYZgdcZVX]Wj^aY!i]jh dkZglg^i^c\i]ZZm^hi^c\YViV[^aZh^[Vcn#NdjXVchZii]^hegdeZginid9d Cdi8denVcYi]ZcbVcjVaaneaVXZVXdend[i]ZYViV[^aZ^ci]ZW^cQYZWj\ [daYZg#>ci]^hlVn!dchjWhZfjZciWj^aYh!i]Zegd_ZXihnhiZbl^aaaZVkZi]Z YViVWVhZ[^aZ^ci]ZW^cQYZWj\[daYZgVcYcdiigniddkZglg^iZ^il^i]i]Z dcZ[gdbi]Zegd_ZXi#I]ZYdlch^YZidi]^hbZi]dY^hi]Vindjl^aahi^aa ]VkZildXde^Zh#I]ZgZ[dgZ!V[iZgndjbdY^[ni]ZYViVWVhZ[^aZjh^c\i]Z Veea^XVi^dc!^[ndjlVciidbV`Zi]dhZhVbZX]Vc\Zhl^i]^ci]Zegd_ZXi! ndjl^aacZZYidXdeni]ZX]Vc\Zhidi]Zegd_ZXibVcjVaanVcYk^XZ"kZghV# '#NdjXVcaZVkZi]ZYViV[^aZdjih^YZi]Zegd_ZXiVcYXgZViZVXdccZXi^dcid ^i^c9ViVWVhZ:meadgZg#L]Zci]Z>9:Vh`hndjidWg^c\i]Z[^aZ^cidi]Z egd_ZXi!h^beanhVncd#>ci]^hlVn!Wdi]i]ZYZh^\ci^bZVcYgjci^bZl^aa WZjh^c\i]ZhVbZYViV[^aZ#I]ZYdlch^YZidi]^hbZi]dY^hi]Vii]ZeVi] ^ci]ZXdccZXi^dchig^c\l^aaWZ]VgYXdYZY!VcY^il^aai]ZgZ[dgZWZ]VgYZg idh]VgZi]Zegd_ZXiVcYYZeadni]ZVeea^XVi^dc#7Z[dgZYZeadn^c\i]Z Veea^XVi^dc!bV`ZhjgZidgZeaVXZi]Z[jaaeVi]^ci]ZhZii^c\hl^i]VgZaV" i^kZeVi]#>[ndjlVciidgZVYbdgZVWdjii]ZgZaVi^kZeVi]kZghjhi]Z[jaa eVi]eajhVW^ibdgZVWdjii]^hXdenWZ]Vk^dg!gZVYi]Z[daadl^c\Vgi^XaZ/ ]iie/$$Wad\h#bhYc#Xdb$hbVgiXa^ZciYViV$VgX]^kZ$'%%*$%-$'+$)*+--+#Vhem# NdjÈaahZZi]Vi>idd`edgi^dchd[i]ViVgi^XaZVcYbdY^[^ZYi]Zbhdi]Vi i]Zn[^idjgVeea^XVi^dc#

&*'

&LQGG

5gmciWUbgYY aUbmh\]b[g\UjY^igh\UddYbYX"@YhÇgghUfhVm`cc_]b[ Uhh\YXYg][bYfgifZUWY"5``cZh\YZ]Y`XgZfcah\YXUhUgYh\UjYVYYb UXXYXUgWcbhfc`g UbX`UVY`gkYfYU`gcUXXYXVUgYXcbh\YbUaYcZ h\YZ]Y`X]bh\YXUhUgYh"H\]gZYUhifY]gWU``YXgaUfhWUdh]cb"J]giU` GhiX]cigYgDUgWU`cf7UaY`WUg]b[UgUaYW\Ub]gahc]bgYfhUgdUWY ]b`UVY`gk\Ybig]b[gaUfhWUdh]cbg"K\YbmciXfcdh\YXUhUgYhZ]Y`Xg cbhch\YZcfa gaUfhWUdh]cb`cc_gUhYUW\Z]Y`XÇgWUg]b["K\Yb]hZ]bXg UbiddYfWUgY`YhhYfcfUbibXYfgWcfYW\UfUWhYf]"Y" SZc``ck]b[U`ck! YfWUgY`YhhYf ]h]bgYfhgcffYd`UWYgh\YSk]h\UgdUWY"5bYlWYdh]cbhc h\]gfi`YWUbVYgYYb]bh\Y9D;7]hmUbX9D;c[dgbVi^dcdcBn;dgb4 AZiÈhgZijgciddjg8VgIgVX`Zgegd_ZXi#6hndjXVchZZ!i]Z8dadg>9!BV`Z>9!VcY8VgIneZ>9 XdbWdWdmZhVgZi]ZgZ!Wjii]ZnVgZY^heaVn^c\i]Z>9VcYcdii]ZcVbZVhhdX^ViZYl^i]i]Z >9#I]^h^hcdi]Zae[ja[dgi]ZjhZgWZXVjhZVc>9YdZhci]VkZVcnbZVc^c\idi]ZjhZgVcY ]Z$h]Zb^\]icdiWZVWaZidZVh^anVYYdgbdY^[ngdlhl^i]dji]Vk^c\V]jbVc"gZVYVWaZ [dgbVi[dgi]dhZXdajbch#8dchZfjZcian!ndjcZZYidbV`ZhjgZi]ZYViV^hY^heaVnZY^cV ]jbVcangZVYVWaZlVnVcYi]Vii]Z>9^hhidgZY^ci]Zgdll]ZcZkZgi]ZjhZgbdY^[^Zhi]Z ^c[dgbVi^dc# I]ZgZÈhVcZVhnlVnidVXXdbea^h]i]^h!l]^X]ndjl^aaYdcdl[dgndjgi]gZZXdbWd WdmZh#

&*)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ID96I67>C9L>I=9DB6>CI67A:H =bh\Y8UhUGcifWYgk]bXck gY`YWhh\Y7c`cfhUV`YZfcah\YXUhUgYh XfU[]hcbhch\YZcfaÇgXYg][bYf

$ gifZUWYcjYfh\Y7c`cf=8WcaVcVcl UbXXfcd]h"

MciÇ``gYYh\UhUbch\YfhUV`YUXUdhYf7c`cfHUV`Y5XUdhYfUbXUbch\YfV]bX]b[gcifWY 7c`cf6]bX]b[GcifWYkYfYUXXYXhch\YWcadcbYbhhfUm"=Zmci[chch\Y7c`cf=8WcaVcVclUbXW`]W_ cbh\YgaUfhhU[hf]Ub[`Y mciÇ``gYYh\Y8UhU6]bX]b[AcXY]bZcfaUh]cbVclUddYUf Ugg\ckb]b:][ifY,! &%"MciÇ``bch]WYh\UhmcifXfU[!UbX!XfcdUWh]cbVcibXh\YWcaVcVclWcbhfc`k]h\h\Y 7c`cf6]bX]b[GcifWY"6YWUigYcZh\]gUWh]cb k\YbYjYfh\YWcaVcVclX]gd`Umg ]hk]``X]gd`Umh\YWc`cf bUaYg]bghYUXcZ7c`cf=8"K\Ybh\YigYfd]W_gUWc`cfZfcah\YWcaVcVcl h\YUggcW]UhYXjU`iYaYaVYf h\Uhk]``VYigYX]bh\Yfckk]``gh]``VYh\Y7c`cf=8 gdYW]Z]WU``m h\Y7c`cf=8UggcW]UhYXk]h\h\Y7c`cfBUaY" KcbXYfZi` ]gbÇh]h35bXbc`]bYgcZWcXYkYfYigYX"

;^\jgZ-"'& 6b_be[ndjlVciidaZVgcbdgZ!ignadd`^c\Vi hdbZXdYZdghVbeaZhdcBH9C#6\ddYeaVXZidWZ\^c^hi]Z&%&hVbeaZh[dgK^hjVaHijY^d '%%*#EVneVgi^XjaVgViiZci^dcidi]ZYViVVXXZhhVcYL^cYdlh;dgbhhVbeaZh#=ZgZÈhi]Z a^c`/]iie/$$bhYc#b^Xgdhd[i#Xdb$kWVh^X$YdlcadVYh$'%%*$XdYZ$&%&hVbeaZh$# >ci]ZcZmiX]VeiZg!ndjl^aaYZkZadei]Z[^cVaVeea^XVi^dcd[i]^hWdd`Äi]ZLZVi]Zg IgVX`ZgVeea^XVi^dc#NdjÈaaaZVgccZlXdcXZeihhjX]VhYZeadnbZci!Xdchjb^c\LZWhZgk^XZh! jhZghZii^c\h!VcYbjX]bdgZ^cVXdbeaZiZVeea^XVi^dcl^i]Vaad[i]ZcZXZhhVgnkVa^YVi^dch# 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&+&

30

&LQGG

30

6[TcgXe, 5h\_WLbheBja JXTg[XeGeTV^Xe 4cc_\VTg\baAbj 9XTgheXfbYg[XJXTg[Xe GeTV^Xe4cc_\VTg\ba$)'

. 6eXTg\aZg[X4cc_\VTg\ba HfXeci]^hX]VeiZg!ndjÈaaYdii]Z^ÈhVcYXgdhh i]ZiÈhWnYZkZade^c\V[jaaVeea^XVi^dc#Ndjl^aaWZldg`^c\l^i]cZlegd" XZhhZh^ci]^hX]VeiZg!Wjindjl^aaVahdcZZYidYgVldcl]VindjÈkZaZVgcZY ^cegZk^djhX]VeiZghidXgZViZi]Z[^cVaegdYjXi#NdjÈkZWZZcYZkZade^c\ di]ZgVeea^XVi^dchi]gdj\]djii]ZWdd`!WjindjbVncdi]VkZeZg[dgbZY Vaad[i]ZkVa^YVi^dchWVhZYdci]ZhiZehdgdcbngZXdbbZcYVi^dc#Ndjl^aa eji^iVaaid\Zi]Zgl^i]i]^hVeea^XVi^dc#

< @ C B E G4 A G I]^hX]VeiZgjhZhVJc^iZYHiViZhlZVi]ZgLZWhZgk^XZ#> ZmeZXii]Vii]^hLZWhZgk^XZl^aaWZVkV^aVWaZVcY[jcX" i^dcVhYZhXg^WZY^ci]^hX]VeiZg#=dlZkZg!h^cXZi]^h LZWhZgk^XZ^hdci]Z>ciZgcZi!^i^hedhh^WaZi]Vii]^h LZWhZgk^XZb^\]iX]Vc\Zdgb^\]icdiWZVkV^aVWaZ#>[ ndjYdcÈi]VkZVc>ciZgcZiXdccZXi^dcdg^[i]ZlZVi]Zg LZWhZgk^XZ^hcdiVkV^aVWaZ!i]ZVeea^XVi^dcl^aaaZindj `cdlWnY^heaVn^c\VbZhhV\Z#>[i]ZgZVgZVcnX]Vc\Zh dgXdggZXi^dch[dgi]^hX]VeiZgdg^ci]ZWdd`!i]Znl^aa WZXdaaZXiZYVcYVYYZYidVB^Xgdhd[i@cdlaZY\Z7VhZ Vgi^XaZ#Idk^Zli]Za^hid[`cdlcXdggZXi^dch[dgi]^h Wdd`!k^h^ii]Z[daadl^c\Vgi^XaZ/ ]iie/$$hjeedgi#b^Xgdhd[i#Xdb$`W$.%*%()$

&+(

$0

;ZVijgZhd[i]ZLZVi]ZgIgVX`Zg6eea^XVi^dc >ci]^hhZXi^dc!ndjÈaaWZXdbZVXfjV^ciZYl^i]i]Z[ZVijgZhjhZYidXgZViZkZgh^dc&#%d[i]Z LZVi]ZgIgVX`ZgVeea^XVi^dc#I]^hVeea^XVi^dcXdciV^chi]Z[daadl^c\[ZVijgZh^ckZgh^dc&#%/  HiVgihVcYgZh^YZhVhVc^Xdc^ci]Zcdi^[^XVi^dcVgZV  8dc[^\jgZhdei^dcVajhZghZii^c\h[gdbi]Zcdi^[^XVi^dcVgZV^Xdc^ci]ZXdciZmibZcj  GZ[gZh]ZhVaalZVi]ZgYViVdcYZbVcY[gdbi]ZXdciZmibZcj^ci]Zcdi^[^XVi^dcVgZV  JhZhVLZWhZgk^XZ[dgi]ZYViVlZVi]Zg  HidgZhVcYeZgh^hihjhZghZii^c\hjh^c\MBA  I]ZVeea^XVi^dcl^aab^c^b^oZVcYcdiXadhZl]Zci]ZjhZgXa^X`hi]Z8adhZWjiidc^ci]Zi^iaZ WVg#I]ZVeea^XVi^dcl^aadcanXadhZl]Zci]ZjhZghZaZXih:m^idci]ZXdciZmibZcj#  8dciV^chVheaVh]hXgZZcdchiVgije  8dciV^chVc6WdjiWdm[gdbi]ZXdciZmibZcj  9^heaVnhi]ZXjggZciiZbeZgVijgZ^ci]ZhnhiZbigVnjh^c\i]ZlZVi]Zg^XdcVh[daadlh/ViZb" eZgVijgZVWdkZ&%%YZ\gZZh^hY^heaVnZY^cgZY0VcncZ\Vi^kZiZbeZgVijgZ^hY^heaVnZY^cWajZ0 cdgbVaiZbeZgVijgZ^hY^heaVnZY^cWaVX` I]ZVeea^XVi^dcl^aacdiXdciV^ci]Z[daadl^c\[ZVijgZh^ckZgh^dc&#%/ ฀ L^aacdildg`[dgbdgZi]VcdcZX^inViVi^bZ  Cd\gVe]^XVa\Vj\ZXdcigdah[dgl^cY!egZhhjgZ!iZbeZgVijgZ!VcYhd[dgi]  8dckZgh^dchWZilZZcbZig^Xjc^ihVcY:c\a^h]jc^ih

I]Z=^\]"AZkZaEaVc ;dgi]ZLZVi]ZgIgVX`ZgVeea^XVi^dc!i]ZjhZgl^aaWg^Z[anhZZi]ZheaVh]hXgZZcVcYi]Zc^il^aa \dY^gZXianidi]Zcdi^[^XVi^dcVgZV^ci]ZL^cYdlhIVh`WVgVcYY^heaVni]ZXjggZciiZbeZgVijgZ# >[i]ZiZbeZgVijgZ^hVWdkZ&%%YZ\gZZh;!i]ZiZbeZgVijgZl^aaWZY^heaVnZY^cgZYhiVgi^c\ Vi%%#>[i]ZiZbeZgVijgZ^hWZadl%YZ\gZZh;cZ\Vi^kZYZ\gZZh!i]ZiZbeZgVijgZl^aaWZ

&+)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

Y^heaVnZY^cWajZ#Di]Zgl^hZ!i]ZiZbeZgVijgZl^aaWZY^heaVnZY^cWaVX`#>[VegdWaZbdXXjgh! VgZYC6l^aah]dlje^ceaVXZd[i]ZiZbeZgVijgZgZVY^c\# >[i]ZjhZgg^\]i"Xa^X`hi]Z^Xdc^ci]Zcdi^[^XVi^dcVgZV!^il^aadeZcVXdciZmibZcjl^i] X]d^XZhiddeZci]ZBV^c[dgbVcYgZig^ZkZi]ZXjggZcilZVi]Zg#I]ZXjggZcilZVi]Zgl^aa ]VkZVc^XdcVcYegdk^YZVaad[i]ZlZVi]ZgYViVi]Vii]ZLZWhZgk^XZXVcegdk^YZ# >[i]ZjhZghZaZXihGZ[gZh]LZVi]Zg>c[d[gdbi]ZXdciZmibZcj[gdbi]Zcdi^[^XVi^dcVgZV ^Xdc!^il^aaVjidbVi^XVaanig^\\ZgVXVaaidi]ZlZVi]ZgLZWhZgk^XZidjeYViZWdi]ineZhd[ lZVi]ZgYViV#I]^hl^aaWZYdcZVhncX]gdcdjhanVcYl^aahiVgiWnjeYVi^c\i]ZXjggZcilZVi]Zg# >[i]ZjhZghZaZXihDei^dch[gdbi]ZXdciZmibZcj!VcDei^dchY^Vad\Wdml^aaWZY^heaVnZY# I]ZjhZgl^aaWZVWaZidX]Vc\Zi]ZO>EXdYZl]ZgZlZVi]ZgYViVh]djaYWZgZig^ZkZY#>[i]Z jhZghZaZXih6Wdji[gdbi]ZXdciZmibZcj!^il^aaY^heaVnVc6WdjiY^Vad\Wdm# >ci]^hX]VeiZg!>l^aajhZVY^[[ZgZciVeegdVX]i]VcjhZY^cegZk^djhX]VeiZgh#6hadc\Vh ndjVgZjh^c\i]ZhVbZXdbedcZcihi]Vi>heZX^[n!ndjbVneZghdcVa^oZndjgVeea^XVi^dcVh [VgVhh^oZ!Xdadg!VcYdi]ZgViig^WjiZhVgZXdcXZgcZY#>ÈaaVahdegZhZcibnhdaji^dcVhlZaaVi Y^[[ZgZcihiZehVadc\i]ZYZkZadebZci0i]ZgZ[dgZ!^[ndja^`Zl]VindjÈgZhZZ^c\!ndjbVn egdXZZYl^i]ndjgVeea^XVi^dc[gdbi]ZXdbeVc^dcXdciZciegdk^YZY#>l^aaVahdedhiV\gZVi YZVad[XdYZVcYZmeaV^ci]ZhZXi^dchi]ViVgZa^c`ZYidi]Z[ZVijgZhYZhXg^WZYVWdkZ# IdegdYjXZi]ZVeea^XVi^dc^ci]^hX]VeiZg!Vc^cXgZbZciVaVeegdVX]l^aaWZjhZY^cl]^X] ndjl^aa^beaZbZcidcZ[ZVijgZ!^ciZ\gViZ^il^i]i]ZgZhid[i]ZVeea^XVi^dc!VcYi]ZciZhi^i# Ndjl^aai]ZcbdkZidi]ZcZmi[ZVijgZjci^aXdbeaZi^dc#

8gZVi^c\i]Z6eea^XVi^dcJhZg>ciZg[VXZ I]ZBV^c[dgbjhZg^ciZg[VXZJ>l^aaXdciV^cVaad[i]ZlZVi]Zg^c[dgbVi^dci]VindjÈaaY^h" eaVnidi]ZjhZg#GZ[Zgid;^\jgZ."&idhZZl]Vii]ZBV^c[dgbl^aaadd`a^`Zl]Zc[^c^h]ZY# 6hndjaZVgcZY^ci]ZaVhiX]VeiZg!ndjl^aajhZYViVW^cY^c\idW^cYi]ZXdcigdahidi]Z lZVi]ZgYViV#NdjÈaagZXVaai]Vil]ZcXgZVi^c\i]ZYViVhdjgXZ!ndj]VYVX]d^XZd[9ViVWVhZ! LZWHZgk^XZ!VcYDW_ZXih#>ci]^hVeea^XVi^dc!ndjl^aajhZVLZWhZgk^XZVhVYViVhdjgXZ! VcYi]Z[^ZaYhndjl^aaY^heaVndci]Z[dgbl^aaWZYViV"WdjcYidi]ZLZWhZgk^XZYViVhZi# 8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&+*

$0

;^\jgZ."& I\XjbYg[X@T\aYbe`\ag[XJXTg[Xe GeTV^XeTcc_\VTg\ba

ID8G:6I:696I6HDJG8:;DG6B6>C;DGB8DCIGDA GhUfhJ]giU`6Ug]W&$$)9ldfYgg9X]h]cbUbXWfYUhYUbYkK]bXckg5dd`]WUh]cbdfc^YWh"BUaYh\Y

$ Udd`]WUh]cbKYUh\YfHfUW_Yf" 

% =bh\YGc`ih]cb9ld`cfYf fYbUaY:cfa%"jVhcAU]b"jV" 

& Ig]b[h\YDfcdYfh]Ygk]bXck W\Ub[Yh\YdfcdYfh]YgZcfh\YAU]bZcfaig]b[h\YZc``ck]b[hUV`Y. < @ C B E G4 A G 6aa^Xdchdg^bV\Z[^aZh^ci]^h X]VeiZgl^aaWZadXViZY^cV[daYZg cVbZY>bV\ZhjcYZgi]Z8]VeiZg. [daYZgl]ZgZndj^chiVaaZYi]Z XdbeVc^dcXdciZci#I]ZYZ[Vjai adXVi^dc^hQBn9dXjbZcihQ B^Xgdhd[iEgZhhQK7'%%*:megZhhQ#

EgdeZgin

KVajZ

H^oZ/L^Yi]

**%

H^oZ/=Z^\]i

(*%

7VX`8dadg

HnhiZb/BZcj=^\]a^\]i

;dgZ8dadg

LZW/L]^iZ

;dci

IV]dbV-7daY 6bag\ahXWbag[XaXkgcTZX

&++

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

EgdeZgin

KVajZ

>Xdc

Hjc#^Xd

B^c^b^oZ7dm

;VahZ

BVm^b^oZ7dm

;VahZ

HiVgiEdh^i^dc

8ZciZgHXgZZc

;dgb7dgYZgHinaZ

;^mZY9^Vad\

H]dl>cIVh`7Vg

;VahZ

9djWaZ7j[[ZgZY

IgjZ

L^cYdlHiViZ

B^c^b^oZY

6bag\ahXWYeb`cTZX$))

@BE8[VcVeea^XVi^dcjhZhVc^XdcadXViZY^ci]Zcdi^[^XVi^dcVgZV i]ZVgZVdci]ZL^cYdlhIVh`WVgl]ZgZi]ZXadX`cdgbVaanVeeZVgh!i]^h^Xdc^hXVaaZYV cdi^[n^XdcVcY^h^beaZbZciZYl^i]VCdi^[n>XdcXdcigda#I]Z^XdcXVc]VkZVXdciZmibZcj l^i]Y^[[ZgZciVXi^dch#Ndjg^Xdcl^aa]VkZVXdciZmibZcjl^i]i]Z[daadl^c\X]d^XZh/6Wdji! GZ[gZh]LZVi]Zg>c[d!Dei^dch!DeZc!VcY:m^i#

ID8G:6I:6CDI>;N>8DC8DCIGDA =bh\YHcc`VclZfcah\Y7caacb7cbhfc`g[fcid XfU[UBch]Zm=Wcbcbh\YZcfa"=hUddYUfg]bh\Y

$ WcadcbYbhhfUm"BUaYh\YWcbhfc`bch]ZmKYUh\Yf" 

% 7\Ub[Y]hghYlhdfcdYfhmhcKYUh\YfHfUW_Yf"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

ABG8 I]ZCdi^[n>XdcXdcigdaYdZhcdi ]VkZVYZh^\cgZegZhZciVi^dcdc i]Z[dgbhjg[VXZ!hd^i^hVYYZYid i]ZXdbedcZcihigVnVii]ZhVbZ eaVXZl]ZgZi]Z69D#C:IXdbed" cZcihlZgZVYYZY^ci]ZegZk^djh X]VeiZg#

&+,

$0

=bh\YHcc`VclZfcah\YAYbigHcc`VUfg[fcid XfU[U

& 7cbhYlhAYbiGhf]dcbhch\YZcfaUbXbUaY]hWagBch]Zm" Ig]b[h\YgaUfhhU[cbh\YWagBch]ZmWcbhfc`]bh\YWcadcbYbh

' hfUm gY`YWh9X]h]hYag""""H\Y=hYag7c``YWh]cb9X]hcfUddYUfg"

EgdeZgin

KVajZ

CVbZ

ihb^GZ[gZh]

IZmi

GZ[gZh]LZVi]Zg>c[d

;dgZ8dadg

HnhiZb/BZcj=^\]a^\]i

=bh\Y=hYag7c``YWh]cb9X]hcf W\Ub[Yh\YWagBch]ZmWcbhfc`Çg

( dfcdYfh]Ygig]b[h\YZc``ck]b[hUV`Y. EgdeZgin 7VX`8dadg

:fcah\YGY`YWh=hYa5bX5XXHc@]gh6Y`ckXfcd!Xckb`]gh 

, gY`YWhGYdUfUhcfUbXW`]W_h\Y5XXVihhcb"7\Ub[Y]hg:cfY7c`cf dfcdYfhmhcGmghYa.AYbibV\Z

BdjciV^c#_e\

BV^cAVndjiEVcZa

7VX`\gdjcY>bV\ZAVndji

HigZiX]

6eea^XVi^dcI^iaZ

;dci

IV]dbV'%GZ\jaVg

6eea^XVi^dcI^iaZ

;dgZ8dadg

LZW/L]^iZ

KZgh^dc

;dci

IV]dbV.7daY

KZgh^dc

;dgZ8dadg

LZW/L]^iZ

8deng^\]i

;dci

IV]dbV.7daY

8deng^\]i

;dgZ8dadg

LZW/L]^iZ

Jh^c\i]Z[daadl^c\iVWaZ!hZii]ZheZX^[^ZYegdeZgi^Zhdci]Z6WdjiLZVi]ZgIgVX`Zg[dgb#

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&,(

$0

8dbedcZci

EgdeZgin

KVajZ

6WdjiLZVi]ZgIgVX`Zg

;dci

IV]dbV-

6WdjiLZVi]ZgIgVX`Zg

7VX`8dadg

HnhiZb/BZcj=^\]a^\]i

6WdjiLZVi]ZgIgVX`Zg

HiVgiEdh^i^dc

8ZciZgHXgZZc

6WdjiLZVi]ZgIgVX`Zg

;dgZ8dadg

LZW/L]^iZ

IZmi7dm9ZhXg^ei^dc

;dci

IV]dbV-

IZmi7dm9ZhXg^ei^dc

7VX`8dadg

HnhiZb/BZcj=^\]a^\]i

IZmi7dm9ZhXg^ei^dc

;dgZ8dadg

LZW/L]^iZ

D@7jiidc

;aViHinaZ

;aVi

Ad\dE^XijgZ7dm

>bV\Z

HjchZi#_e\

CdlndjcZZYidViiVX]i]ZhZild[dgbhidi]ZgZhid[i]ZVeea^XVi^dc#

ID6II68=;DGBHID6C6EEA>86I>DC HcUhhUW\h\Ygd`Ug\gWfYYb mciÇ``igYh\YDfc^YWh8Yg][bYf"=bh\YGc`ih]cb9ld`cfYf f][\h!W`]W_h\Y

$ KYUh\YfHfUW_Yfdfc^YWhUbXgY`YWhDfcdYfh]Yg"Cbh\Y5dd`]WUh]cbhUV gYhh\YGd`Ug\GWfYYbXfcd! Xckb`]ghhcGd`Ug\KYUh\Yf" K\]`YmciUfYUh]h W\Ub[Yh\YUdd`]WUh]cb]WcbhcGib"]Wc"=bh\Y=WcbXfcd!Xckb`]gh gY`YWh

% 06fckgY"""2"GY`YWhh\YGib"]WcZ]`Y]bh\Y7\UdhYf-=aU[YgZc`XYf"

7`]W_5ggYaV`m=bZcfaUh]cbUbXgYhh\YUggYaV`m]bZcfaUh]cbZcfh\Ydfc^YWh"H\]g]bZcfaUh]cbk]``Z]``

& h\Ygd`Ug\gWfYYbUbX5VcihX]U`c[VclZ]Y`Xg"

HcUhhUW\h\Y5VcihVcl mcibYYXhch]Y]hhch\YWcbhYlh5Vcih"""aYbiW\c]WY";chcmcifAU]b"

' jVZcfa]bXYg][bacXY"

GY`YWhWagBch]Zm]bh\YWcadcbYbhhfUm UbXXciV`Y!W`]W_h\Y5Vcih"""aYbiW\c]WY]bh\YWcbhYlh

( aYbighf]d"5XXh\YZc``ck]b[WcXYhch\Yhga]5VcihS7`]W_YjYbh\UbX`Yf" &,)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0



3ULYDWH6XEWVPL$ERXWB&OLFN %\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP(YHQW$UJV 

+DQGOHVWVPL$ERXW&OLFN 

$ERXW:HDWKHU7UDFNHU6KRZ'LDORJ



(QG6XE

6YY^c\i]ZDei^dch9^Vad\7dm Ndjcdl]VkZi]gZZ[dgbh#Ndjl^aaVYYi]Z[^cVaDei^dchY^Vad\Wdm[dgbi]Vil^aaVeeZVg l]Zci]ZjhZghZaZXihi]ZDei^dch½bZcjX]d^XZ^ci]ZXdciZmibZcj[gdbi]Zcdi^[n^Xdc#

ID699I=:DEI>DCH9>6ADciZgcZi>c[dgbVi^dc HZgk^XZh>>H#6LZWhZgk^XZ]VhVhZg^Zhd[ZmedhZYejWa^XbZi]dYhi]ViVcVeea^XVi^dc XVcXVaa#I]ZgZVgZcjbZgdjhZmVbeaZhd[LZWhZgk^XZhdci]Z>ciZgcZi#NdjXVcjhZLZW hZgk^XZhi]VieZg[dgbVkVg^Zind[deZgVi^dch!hjX]Vh[^cY^c\VO>EXdYZ!k^Zl^c\VbVe! Wjn^c\bdk^Zi^X`Zih!add`^c\[dg^c[dgbVi^dcdchZVgX]Zc\^cZhhjX]VhBHCdgci]Z#C:IldgaY! i]ZgZVgZXaVhhZhVcYl^oVgYhVkV^aVWaZid]ZaendjXdchjbZLZWhZgk^XZh# LZWhZgk^XZhjhZMBAidhZcYbZhhV\ZhVcYgZijgcgZhjaih#6aadW_ZXihVgZhZg^Va^oZY i]ZbZhhV\ZhVgZhZciVhVhZg^Zhd[W^ihVcYe^ZXZhdkZgi]Z>ciZgcZiVcYVgZi]ZcYZ" hZg^Va^oZYdci]Zdi]Zgh^YZWVX`^ciddW_ZXih#I]ZWZVjind[MBALZWhZgk^XZh^hi]Vii]Zn XVcWZ]dhiZYVcYXdchjbZYdcVcndeZgVi^c\hnhiZbVcYYZkZadeZY^cVcnaVc\jV\Z# 7ZXVjhZi]ZnjhZVhZg^Zhd[hiVcYVgY^oZYegdidXdahVcYgjaZh!MBALZWhZgk^XZhegdbdiZ ^ciZgdeZgVW^a^inVcYZ[[^X^ZcXn#I]Z[jijgZd[i]ZigVchVXiZYldgaYdkZgi]Z>ciZgcZia^Zh^cW^\ eVgil^i]i]ZhjXXZhhd[LZWhZgk^XZh# >ci]^hegd_ZXi!ndjl^aajhZVlZVi]ZgYViVLZWhZgk^XZ#Ndjl^aacZZYidiZaaK^hjVa HijY^dl]ZgZi]^hLZWhZgk^XZ^hadXViZYhdi]Vi^iXVcVYYVLZWgZ[ZgZcXZidndjgegd_ZXi i]Vied^cihidi]^hhZgk^XZ#;daadli]ZhiZehWZadlidVXXdbea^h]i]^hiVh`#

< @ C B E G4 A G I]ZlZVi]ZgLZWhZgk^XZndjl^aa jhZ^ci]^heVgid[i]ZX]VeiZg gZfj^gZhV[gZZgZ\^higVi^dc#D[ XdjghZ!l]ZcndjhVn[gZZ!ndj ]VkZidi]^c`VWdjii]ZVkV^aVW^a^in VcYgdWjhicZhhd[i]ZLZWhZgk^XZ# >ig^ZYidX]ddhZVgZa^VWaZLZW hZgk^XZ!Wji>XVcÈi\jVgVciZZi]Vi ^il^aaWZVkV^aVWaZViVaai^bZh#Ndj XVc[^cYbVcnLZWhZgk^XZhWn jh^c\ndjg[Vkdg^iZhZVgX]Zc\^cZ! Wji]ZgZVgZV[ZlLZWh^iZhi]Vi a^hiLZWhZgk^XZh/]iie/$$lll# mbZi]dYh#XdbVcY]iie/$$lll# lZWhZgk^XZm#cZi$LH$YZ[Vjai#Vhem#

< @ C B E G4 A G Ndjl^aacZZYidWZXdccZXiZYid i]Z>ciZgcZi[dgi]ZZci^gZX]VeiZg! di]Zgl^hZcdi]^c\l^aaldg`[gdb i]^hed^cidc!ZheZX^Vaan^ci]ZcZmi hZXi^dcWZXVjhZi]ViÈhl]ZgZ ndjÈgZXdbbjc^XVi^c\l^i]i]Z LZWhZgk^XZ#

ID699L:7H:GK>8:HIDNDJGEGD?:8IJH>CHJ6AHIJ9>D MciÇ``bYYXhcfY[]ghYfZcfh\YZfYYkYUh\YfKYVgYfj]WYhccVhU]bUigYfbUaYUbXdUggkcfXhc

$ Uih\Ybh]WUhYmcifgY`Z"=bZUWh mciÇ``igYh\Uh]bZcfaUh]cbhcfYhf]YjYh\YkYUh\YfXUhU"Ch\Yfk]gYmcif YldYf]YbWYk]``VY`]a]hYX";chc]iie/$$lll#Z_hZ#Xdb$LZVi]ZgH^\cje$H^\cje#VhemhcfY[]ghYfUbXfYWY]jY mcif`c[]b]bZcfaUh]cb"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&,,

$0

=bh\YGc`ih]cb9ld`cfYf f][\h!W`]W_cbh\Ydfc^YWhbUaYUbXh\YbgY`YWh5XXKYVFYZYfYbWY""" H\Y

% 5XXKYVFYZYfYbWYX]U`c[VclUddYUfg" NdjggZ\jaVgLZWWgdlhZg XVcWZjhZYidignVLZWhZg" k^XZl^i]djilg^i^c\Va^cZd[ XdYZ#NdjXVcjhjVaaned^ci ndjgLZWWgdlhZgidi]ZLZW hZgk^XZVYYgZhhVcY^ckd`Z^ih bZi]dYh#I]ZgZbVnWZi^bZh! ]dlZkZg!l]Zci]^hbVncdi WZedhh^WaZ#I]^h^hVcZmXZa" aZcilVnidaZVgcl]ViVLZW bZi]dYcZZYhVcYl]Vi^ihdji" ejiadd`ha^`Z#EaZVhZcdiZi]Vi ^iÉhcdiedhh^WaZidiVa`idVaad[ i]Zb^ci]^hlVn#6hVcZmVb" eaZ!ignVgZ\^dcLZWhZgk^XZ i]VigZijgchVa^hid[VaahiViZh ^ci]ZJ#H#/]iie/$$lll#hncVe" i^XY^\^iVa#Xdb$lZWhZgk^XZ$ejW" a^X$gZ\^dch#Vhbm#8a^X`dci]Z a^hi7n8djcignbZi]dY!ineZ ^cJH6^ci]ZnZaadliZmiWdm! VcYXa^X`>ckd`Z#>cVhZeVgViZ WgdlhZg!ndjl^aadWiV^ci]Za^hi d[hiViZh^ci]ZJ#H#

=bh\YIF@ hYlhVcl YbhYfh\YIF@cZh\YkYUh\YfKYVgYfj]WY ]iie/$$lll#Z_hZ#Xdb$LZVi]ZgHZgk^XZ$

& HZgk^XZ#Vhbm UbXW`]W_h\Y;cVihhcb"

=ZmciUfYWcbbYWhYXhch\Y=bhYfbYhUbXh\YkYUh\YfKYVgYfj]WY]gUjU]`UV`Y mcik]``gYYU`]ghcZ

' aYh\cXgh\UhUfYYldcgYXhcmci h\Ydfc[fUaaYf"FYZYfhc:][ifY-!)hcj]Ykh\YfYgi`hg""

;^\jgZ."* ?\fgbYXkcbfXW`Xg[bWfYeb`g[XjXTg[XeJXUfXei\VX

7\Ub[Yh\YKYVFYZYfYbWYbUaYhcKYUh\YfKYVGYfj]WYUbXW`]W_h\Y5XX

( FYZYfYbWYVihhcb"=hk]``hU_YgcaYh]aYUgJ]giU`GhiX]cWfYUhYgU``cZh\YbYWYggUfm Z]`YgZcfmcihcWcbgiaYh\UhKYVgYfj]WY" IbXYfh\YKYVFYZYfYbWYgZc`XYf mcig\ci`Xbck\UjYUgaU``[`cVY]Wcbk]h\h\Y

) bUaYmci^igh[UjYhch\UhKYVgYfj]WY"H\]g]gUKYVfYZYfYbWYh\Uhdc]bhghch\Y kYUh\YfKYVgYfj]WYX]gWcjYfYXUhh\UhIF@"MciWUbbckWcbbYWhUbXYlYWihYh\Y aYh\cXgcbh\]gKYVgYfj]WY" &,-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

7`]W_cbG\ck5``Z]`Yg]bh\YGc`ih]cb9ld`cfYfhcc`VUfUbXYldUbXh\YKYUh\YfKYVGYfj]WYbcXY"

* MciÇ``Z]bXh\Uhh\fYY]hYagkYfYWfYUhYXVmJ]giU`GhiX]c.UZ]`YWU``YXFYZYfYbWY"aUd UZ]`YWU``YX

GYfj]WY"kgX` UbXUbch\YfWU``YXGYfj]WY"X]gWc"FYZYfhc:][ifY-!*hcgYYk\Uhh\YGc`ih]cb9ld`cfYfg\ci`X `cc_`]_Y"H\YkYUh\YfKYVgYfj]WY]gh\Y\YUfhUbXgci`cZh\]gUdd`]WUh]cb k]h\cihk\]W\mcig]ad`m\UjYU b]WYg\Y``k]h\cihWcbhYbh"

GZ[ZgZcXZ#bVe^hVcMBA[^aZi]ViXdciV^chi]ZJGAd[i]ViLZWhZgk^XZ#>i^hegdYjXZYWnV iddaXVaaZYlhYa#ZmZ#LH9AhiVcYh[dgLZWHZgk^XZh9ZhXg^ei^dcAVc\jV\Z#I]ZgZ[ZgZcXZ#bVe [^aZ^ha^c`ZYidVegdmn[^aZXVaaZYgZ[ZgZcXZ#kW#I]Zegdmn[^aZ^hVadXVagZegZhZciVi^dcd[i]Z LZWhZgk^XZdci]Z>ciZgcZii]ViZcVWaZhndjidXVaabZi]dYh^cndjgegd_ZXihl^i]dji]Vk^c\ Xdbe^aVi^dcZggdgdggjci^bZegdWaZbh#>iVahdZcVWaZhndjid]VkZ>ciZaa^HZchZ^cK^hjVaHijY^d l]Zcjh^c\i]ZLZWhZgk^XZ#I]Zegdmn[^aZ^hVXdend[VXaVhhdci]ZLZWhZgkZgl]ZgZi]Z LZWhZgk^XZ^h]dhiZY#I]Z#lhYa[^aZ^hVcMBA[^aZYZhXg^W^c\i]ZLZWhZgk^XZVcYl]Vi^i]Vh idd[[Zg#;^cVaan!i]Z#Y^hXd[^aZ^hVcdei^dcVa[^aZ[dgY^hXdkZg^c\i]ZLZWhZgk^XZ# >c8]VeiZg-!ÅBVcV\^c\i]Z9ViV!ÆndjaZVgcZYi]VindjXdjaYXgZViZYViVhdjgXZh[gdb VLZWhZgk^XZ!VYViVWVhZ!dgVcdW_ZXi#>ci]^hhZXi^dc!i]ViÈhZmVXianl]VindjÈaaWZcZ[^i[gdb ]ZgZ#Ndjl^aahZZ]dlgZ"jh^c\iddahVcYXdbedcZcihVaadlhndjidWZbdgZegdYjXi^kZ# Ndjl^aajhZi]ZhVbZiZX]c^fjZhjhZY^ci]ZegZk^djhYViVWVhZhZXi^dchZmXZeii]Vii]^h i^bZndjl^aaWZW^cY^c\YViVXdb^c\VXgdhhi]Zl^gZ[gdbVaaeVgihd[i]Z\adWZ# Ndjl^aacdlXVaai]ZejWa^XLZWbZi]dYhVcYdWiV^ci]Z^c[dgbVi^dcndjcZZY#I]^h^h l]ZgZi]Z[jcWZ\^ch#6hndj]VkZegZk^djhanYdcZl^i]i]ZYViVWVhZVcYl^i]YViVW^cY^c\! ndjl^aacdlZmZXjiZi]ZhVbZegdXZYjgZh[dgi]ZLZWhZgk^XZ#C;DGB6I>DCIDNDJG;DGB $ :]fgh aU_YgifYmciUfYj]Yk]b[h\YAU]bZcfacbh\YXYg][bYfgifZUWY" =bh\Y8UhUGcifWYgk]bXck YldUbXh\YLZVi]ZgLZWHZgk^XZbcXY UbXmciÇ``gYYh\Uhh\YfYUfY

% Z]jYX]ZZYfYbhhmdYgcZXUhUh\Uhh\YKYVg]hYWUbfYhf]YjY"H\YmUfYU``XUhUgYhg"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&,.

$0

9ldUbXh\YKYUh\Yf=bZcbcXYUbXW\Ub[YU``Y`YaYbhhmdYgYlWYdh=Wcb=bXYl]bh\UhXUhUgYhZfca

& HYlh6clhc@UVY`VmW`]W_]b[h\YXckbUffckcbYUW\Y`YaYbhUbXgY`YWh]b[@UVY`Zfcah\YXfcd!Xckb`]gh" GYh=Wcb=bXYlhcD]WhifY6cl"=Zh\Yd]WhifYVclhmdY]gbchUjU]`UV`Y mciWUbUXX]h"=bh\YXfcd!Xckb

' `]gh W`]W_h\Y7ighca]nYW\c]WY"=bh\YCdh]cbgX]U`c[Vcl mci``gYYUXfcd!Xckb`]ghk]h\dcgg]V`Y

XUhUhmdYg"=bhY[Yfg\ci`XVYgY`YWhYXVmXYZUi`hVYWUigYJ]giU`GhiX]cfYWc[b]nYgh\Uhh\YZ]Y`XfYhifbYX Vmh\YKYVaYh\cX]gUb]bhY[Yf/]Zbch gY`YWh=bhY[Yf">ighVY`ck mcig\ci`XgYYUgYf]YgcZW\YW_VclYg fYdfYgYbh]b[U`]ghcZUggcW]UhYXWcbhfc`g k\]W\aYUbgU`]ghcZWcbhfc`gk]h\k\]W\Ub]bhY[YfWUbVYUggcW]! UhYX"K\YbmcigWfc``Xckb mcig\ci`XgYYh\YD]WhifY6clWcbhfc`"7`]W_]bh\YW\YW_VclVYg]XY D]WhifY6clUbXh\YbW`]W_C?"BckZcf=Wcb=bXYl gY`YWhh\YD]WhifY6clhmdYZfcaXfcd!Xckb`]gh" =bh\Y8UhUGcifWYgk]bXck gY`YWhh\YKYUh\Yf=bZcbcXYUbXW\Ub[Yh\YXUhUfYdfYgYbhUh]cbZfca

( 8UhU;f]XJ]Ykhc8YhU]`gVmgY`YWh]b[]h]bh\YXfcd!Xckb`]gh"K\YbZ]b]g\YX h\Y8UhUGcifWYgk]b! Xckg\ci`X`cc_`]_Y:][ifY-!+"

8fU[UbXXfcdKYUh\Yf=bZccbhch\YAU]bZcfaXYg][bYfgifZUWY"5KYUh\Yf=bZc6]bX]b[GcifWYUbX

) UKYUh\Yf=bZc6]bX]b[BUj][Uhcf]gUXXYXhch\YWcadcbYbhhfUm" ;^\jgZ.", G[XJXTg[XeEXdYZl^aaVahdWZhVkZY]ZgZ#

ID8G:6I:JH:GH:II>C:H =bh\YGc`ih]cb9ld`cfYf f][\h!W`]W_h\YKYUh\YfHfUW_Yfdfc^YWhUbXgY`YWhDfcdYfh]Yg"H\YDfc^YWh

$ 8Yg][bYfUddYUfg"

;^\jgZ.". 4cc_\VTg\bafXgg\aZf\ag[XCeb]XVg 7Xf\ZaXe

=bh\YGYhh]b[ghUV UXXYbhf]YgZcfIgYfbUaY DUggkcfX UbX

% 7iffYbhN]d7cXYUgg\ckb]b:][ifY-!-"Mcik]``bYYXhcgdYW]Zm mcifckbigYfbUaYUbXdUggkcfX"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&-&

$0

5``Ybhf]YgUfYghfcb[`mhmdYX]"Y" fYU`"B9HhmdYUbXgYhhcGhf]b[hmdY"Mcia][\hVYU`UfaYXVmh\YZUWh h\UhIgYfbUaYUbXDUggkcfXUfY]bW`YUfhYlh"=bmcifWUgY mciXcbÇhbYYXU[fYUhXYU`cZgYWif]hmVYWUigY h\YkYUh\YfKYVgYfj]WY]gUZfYYgYfj]WY"=Zmci\UXhc mciWci`XYbWfmdhh\cgYgYhh]b[ghcaU_Yh\Ya acfYgYWifY"

& GUjYmcifdfc^YWhUbXW`cgYh\YDfc^YWh8Yg][bYf"

Ldg`^c\^ci]Z7VX`\gdjcY >[ndjignidgjcndjg[dgbcdl!ndjldcÈi\ZiVcni]^c\[gdbi]ZLZWhZgk^XZ#I]^hegdXZhh Y^[[Zgh[gdbndjgldg`l^i]YViVWVhZh!^cl]^X]V\gZViYZVad[XdYZlVhXdbeaZiZY[dgndj hdndjXdjaYgZig^ZkZi]ZYViVVcYedejaViZi]Z[^ZaYh#L]ZcYZVa^c\l^i]VLZWhZgk^XZ! ndjbjhiYdbdgZd[i]ZVXijVaXdY^c\id\Zii]ZYViV^cidi]Z[dgb#AZiÈhiVa`VWdji]dl ndjÈaaYdi]^h# ;^ghi!iVa`^c\idVLZWhZgk^XZXVcWZVadc\egdXZhh#6adc\egdXZhhine^XVaanbZVchdcan V[ZlhZXdcYheZg]Vehjeid(%hZXdcYh!WjindjXVcÈiaZVkZi]ZjhZgl^i]VWadX`ZYJ> l]^aZndjgVeea^XVi^dc^hgZig^Zk^c\^c[dgbVi^dc#Ndji]ZgZ[dgZcZZYVlVnd[hVn^c\idndjg Veea^XVi^dc/Åc#C:I;gVbZldg`'#%!i]^hineZd[egd\gVbb^c\^h I]Z[daadl^c\hZXi^dchXdciV^c fj^iZVW^id[XdYZ#>[ndjYdcÈi h^bea^[^ZYWnXgZVi^c\VcZlXaVhhXVaaZYi]Z lVciidineZi]^hXdYZ!ndjXVc 7VX`\gdjcYLdg`ZgXaVhh#6h^ihcVbZ^bea^Zh!^ildg`h^ci]Z deZci]ZXdbeaZiZYLZVi]Zg WVX`\gdjcYdcViVh`0l]ViÈhcdi^bea^ZY^hi]Vi^il^aaaZindj IgVX`Zgegd_ZXi^ci]ZXdbeVc^dc XdciZciVcYXdeni]ZhZXi^dchd[ `cdll]Zc^i]VhXdbeaZiZYi]ZiVh`# XdYZVhcZZYZY#

IDE:G;DGB6I6H@>CI=:768@c[d^h i]ZineZd[gZhjaih^i^hegdYjX^c\#I]ZgZ[dgZ!ndjcZZYidYZXaVgZVkVg^VWaZd[i]ViineZ#>[ ndjgZXVaa!l]ZcndjYgV\\ZYi]ZLZVi]Zg>c[dYViVhZidcidi]ZYZh^\cZghjg[VXZ!ndjVjid" bVi^XVaanXgZViZYYViVWdjcYXdcigdah[dgVaad[i]dhZ[^ZaYh#I]jh!ndjh^beancZZYidVhh^\c i]ViLZVi]Zg>c[dkVg^VWaZVhi]Z9ViVHdjgXZ[dgndjg7^cY^c\HdjgXZ!VcYndjl^aa]VkZVa^c` WZilZZcl]ViÈhXdb^c\[gdbi]ZLZWhZgk^XZVcYi]ZXdcigdahdcndjg[dgb# Cdl!ndjVahd]VkZVe^XijgZWdmdci]ZYZh^\cZghjg[VXZi]Vil^aahZgkZidY^heaVnVc ^XdcedgigVn^c\i]ZXjggZci[dgZXVhi#I]Z^c[d^hgZijgcZYidndjVhVc^cYZm/i]Z>Xdc>cYZm egdeZgin#NdjcZZYidadVYVc^bV\Z[^aZ[gdbndjg]VgYYg^kZ^cidi]Ze^XijgZWdmndj YgV\\ZYdcidi]ZYZh^\cZghjg[VXZjh^c\i]Z^cYZmVhi]Z[^aZcVbZ# L]Vi]VeeZchcZmi^hi]ZXgZVi^dcd[i]Z^Xdci]Vil^aaVeeZVg^ci]Zcdi^[^XVi^dcVgZV gZegZhZci^c\i]ZXjggZciiZbeZgVijgZ#

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&-*

$0

ID699HJEEDGI>CldcÈiY^hXjhh^i^cbjX]YZiV^aWZXVjhZ VcY 8DBÅ^ciZgdeÆVgZhjW_ZXihi]ViVgZiddVYkVcXZY[dgi]^hWdd`#=dlZkZg!ndjbVnlVciid gZ[Zgidi]ZXdbbZcihl^i]^ci]ZXdYZ#

ID6998G:6I:6C99:HIGDNCDI>;>86I>DC>8DC8D9: $ =bAU]b"jV UXXh\YZc``ck]b[7fYUhY=WcbaYh\cX" 

3ULYDWH6XE&UHDWH,FRQ %\9DOWHPSHUDWXUH$V,QWHJHU



'LPGLVSOD\6WULQJ$V6WULQJ



'LPGUDZQ,FRQ$V%LWPDS



'LPEUXVK7R'UDZ6WULQJ$V6ROLG%UXVK

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&-,

$0



'LPLFRQ&RORU$V&RORU



'LPLFRQ*UDSKLF$V*UDSKLFV



'LPIRQW)DPLO\$V1HZ)RQW)DPLO\ $ULDO



'LP,FRQ)RQW$V1HZ)RQW B



IRQW)DPLO\B



B



)RQW6W\OH5HJXODUB



*UDSKLFV8QLW3L[HO

 

,I WHPSHUDWXUH ,QWHJHU0LQ9DOXH 7KHQ



GLVSOD\6WULQJ 1$



LFRQ&RORU &RORU5HG



(OVH,I WHPSHUDWXUH! 7KHQ



LFRQ&RORU &RORU5HG



GLVSOD\6WULQJ  WHPSHUDWXUH 7R6WULQJ



(OVH,I WHPSHUDWXUH 7KHQ



LFRQ&RORU &RORU%OXH



GLVSOD\6WULQJ  WHPSHUDWXUH  7R6WULQJ



(OVH



LFRQ&RORU &RORU%ODFN



GLVSOD\6WULQJ WHPSHUDWXUH7R6WULQJ



(QG,I

 

 6WDUWE\FUHDWLQJDQHZELWPDSWKHVL]HRIDQLFRQ



GUDZQ,FRQ 1HZ%LWPDS 

 

 7RGUDZWKHVWULQJZHQHHGDEUXVK



EUXVK7R'UDZ6WULQJ 1HZ6ROLG%UXVK LFRQ&RORU

 

 &UHDWLQJDQHZJUDSKLFREMHFWVRWKDWZH



 FDQFDOOWKHGUDZVWULQJPHWKRGZLWKRXU



 WHPSHUDWXUHRU1$LIWKHUHLVQRWHPS



LFRQ*UDSKLF *UDSKLFV)URP,PDJH GUDZQ,FRQ

 

 1RZZHDUHGUDZLQJWKHWHPSHUDWXUHVWULQJRQWR



 JUDSKLFDQGWKHUHIRUHRQWKHELWPDS



LFRQ*UDSKLF'UDZ6WULQJ GLVSOD\6WULQJ,FRQ)RQWB



EUXVK7R'UDZ6WULQJ



&--

&LQGG



 :HDUHJHWWLQJUHDG\WRFRQYHUWWKHELWPDSLQWR



 DQLFRQDQGWRVHWWKHQRWLI\:HDWKHU,FRQZLWK



 WKLVQHZO\FUHDWHGLFRQ

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0



'LPK,FRQ$V,QW3WU GUDZQ,FRQ*HW+LFRQ



'LPFXVWRP0DGH,FRQ$V,FRQ B



'UDZLQJ,FRQ)URP+DQGOH K,FRQ



QRWLI\:HDWKHU,FRQ FXVWRP0DGH,FRQ

 

 1RZWKDWZH UHGRQHPDQLSXODWLQJWKHQHZLFRQ



 ZHQHHGWRGHVWUR\WKHXQPDQDJHGUHVRXUFH



 RWKHUZLVHZH OOKDYHDKDQGOHOHDN



'HVWUR\,FRQ K,FRQ



(QG6XE

% 5XXh\YZc``ck]b[8Yghfcm=WcbaYh\cX" 

7KH*HW,FRQPHWKRGJHQHUDWHGDQXQPDQDJHGKDQGOH



WKDWZHQHHGWRWDNHFDUHRIRWKHUZLVHWKHUH



ZLOOEHDKDQGOHOHDN



'OO,PSRUW XVHUGOO(QWU\3RLQW 'HVWUR\,FRQ !B



3XEOLF6KDUHG)XQFWLRQ'HVWUR\,FRQ B



%\9DOK,FRQ$V,QW3WU $V%RROHDQ



(QG)XQFWLRQ

DcXZi]ZVeea^XVi^dchiVgihidadVY!ndjÈaakZg^[ni]Vii]ZjhZg]VhVkVa^YVcYZhiVWa^h]ZY >ciZgcZiXdccZXi^dc#IdkZg^[ni]^h!ndjÈaabV`ZVh^beaZ=IIEgZfjZhiidi]ZB^Xgdhd[iLZW h^iZ#>[ndjgZXZ^kZVc=IIED@Z#\#!'%%XdYZWVX`[gdbi]ZLZWhZgkZg!^ibZVchi]Vindj hjXXZhh[jaanVXXZhhZYi]ZLZWeV\ZndjgZfjZhiZY#>[VcZmXZei^dc^hgV^hZY!^iÈhWZXVjhZndj ]VkZZcXdjciZgZYVegdWaZbdgi]ZB^Xgdhd[i#XdbLZWh^iZ^hYdlc!l]^X]^hfj^iZgVgZ#>[V kVa^Y>ciZgcZiXdccZXi^dc^hcdiYZiZXiZY!VbZhhV\Zl^aaWZY^heaVnZY# NdjaaVahdkZg^[ni]Vii]ZlZVi]ZgLZWHZgk^XZ^hjeVcYgjcc^c\ZkZcWZ[dgZbV`^c\V XVaaid^i#6\V^c!^[i]ZLZWhZgk^XZ^hcdijeVcYgjcc^c\!VbZhhV\Zl^aaWZY^heaVnZY#

ID699K:G>;>86I>DC8D9: $ =bAU]b"jV UXXh\YZc``ck]b[JYf]Zm7cbbYWhYXHc=bhYfbYhaYh\cX" 

3XEOLF)XQFWLRQ9HULI\&RQQHFWHG7R,QWHUQHW $V%RROHDQ



7U\



'LPUHTXHVW$V:HE5HTXHVW B



:HE5HTXHVW&UHDWH KWWSZZZPLFURVRIWFRP



'LPUHVSRQVH$V+WWS:HE5HVSRQVH B



&7\SH UHTXHVW*HW5HVSRQVH +WWS:HE5HVSRQVH

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&-.

$0



,I UHVSRQVH6WDWXV&RGH +WWS6WDWXV&RGH2. 7KHQ



5HWXUQ7UXH



(OVH



5HWXUQ)DOVH



(QG,I



&DWFKH[$V([FHSWLRQ



5HWXUQ)DOVH



(QG7U\



(QG)XQFWLRQ

% 5XXh\YZc``ck]b[JYf]ZmKYVGYfj]WYaYh\cX" 

3ULYDWH)XQFWLRQ9HULI\:HE6HUYLFH $V%RROHDQ



7U\



'LPUHTXHVW$V:HE5HTXHVW :HE5HTXHVW&UHDWH B



KWWSZZZHMVHFRP:HDWKHU6HUYLFH6HUYLFHDVP["RS *HW:HDWKHU,QIR



'LPUHVSRQVH$V+WWS:HE5HVSRQVH B



&7\SH UHTXHVW*HW5HVSRQVH+WWS:HE5HVSRQVH



,I UHVSRQVH6WDWXV&RGH +WWS6WDWXV&RGH2. 7KHQ



5HWXUQ7UXH



(OVH



5HWXUQ)DOVH



(QG,I



&DWFK([$V([FHSWLRQ



5HWXUQ)DOVH



(QG7U\



(QG)XQFWLRQ

ID;>C>H=I=:B6>C;DGB =b8Yg][bj]Yk gY`YWhh\YAU]bZcfa"=bh\YDfcdYfh]Ygk]bXck [chch\YYjYbh`]ghUbXXciV`Y!W`]W_

$ h\Y@cUXYjYbh"

% 5XXh\YZc``ck]b[WcXYhch\YAU]bS@cUXYjYbh\UbX`Yf" 

3ULYDWH6XE0DLQB/RDG %\9DOVHQGHU$V2EMHFW%\9DOH$V6\VWHP(YHQW$UJV +DQGOHV

0H/RDG

&.%

&LQGG



 &KDQJLQJWKHWLWOHRIRXUPDLQIRUPZLWKWKH



 DSSOLFDWLRQQDPHDQGWKHYHUVLRQ

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0



0H7H[W 0\$SSOLFDWLRQ,QIR7LWOHB



0\$SSOLFDWLRQ,QIR9HUVLRQ7R6WULQJ

 

 &UHDWLQJWHPSRUDULO\WKH1$LFRQ



0H&UHDWH,FRQ ,QWHJHU0LQ9DOXH

 

,I1RW9HULI\&RQQHFWHG7R,QWHUQHW 7KHQ



0HVVDJH%R[6KRZ B



[i]ZlZVi]ZgLZWhZgk^XZ^hVkV^aVWaZ!ndj h]djaYhZZi]ZXjggZciiZbeZgVijgZ[dgi]ZGZYbdcY! LVh]^c\idc!VgZV^ci]Zcdi^[^XVi^dcVgZV#7ZeVi^Zci# 9ZeZcY^c\dci]ZXjggZciLZWhZgk^XZadVY!ndjb^\]i ]VkZidlV^iV[ZlbdbZcih#L]ZcndjYdjWaZ"Xa^X`i]Z iZbeZgVijgZ^ci]Zcdi^[^XVi^dcVgZV!ndjh]djaYhZZ YZiV^aZYlZVi]Zg^c[dgbVi^dcVhh]dlc^c;^\jgZ."&&# G^\]i"Xa^X`i]ZiZbeZgVijgZidhZZi]ZXdciZmibZcj#L]Zc [^c^h]ZY!Zm^ii]ZVeea^XVi^dc#

;^\jgZ."&% JXTg[Xe\VbafTWWXWgbg[Xceb]XVg

;^\jgZ."&& G[XJXTg[XeGeTV^XeTcc_\VTg\baW\fc_Tl\aZ jXTg[XeWTgTYeb`TJXUfXei\VX

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&.(

$0

Ldg`^c\l^i]i]ZDei^dch9^Vad\7dm 8jggZcian!i]ZO>EXdYZ^hhZiidVeVgi^XjaVgkVajZ!VcYi]VigZVaan^hcÈidjg^ciZci#I]ZgZ[dgZ! ndjl^aajhZi]ZDei^dchY^Vad\WdmVcYaZii]ZjhZgZciZgi]ZO>EXdYZi]ZnlVciidbdc^" idg#I]ZO>EXdYZl^aaWZeZgh^hiZYidY^h`hdi]Vi!l]ZcZkZgi]ZjhZggZhiVgihi]ZVeea^XVi^dc! ^il^aaWZgZhidgZYidi]ZaVhiO>EXdYZi]ZnheZX^[^ZY#GZbZbWZg^c\i]ZjhZgÈhhZii^c\h[gdb dcZZmZXji^dcidVcdi]Zgl^aaegdk^YZi]ZjhZgl^i]VWZiiZgZmeZg^ZcXZ# Ndjl^aaVahdeZg[dgbhdbZX]ZX`^c\idkZg^[ni]ZO>EXdYZZciZgZYWni]ZjhZg#Ndjl^aa kZg^[ni]Vii]ZO>EXdYZ^hVcjbWZgVcYl^i]^cVheZX^[^XgVc\Z#Ndjl^aajhZi]ZZggdgegd" k^YZgXdcigdaidY^heaVnVeegdeg^ViZiZmi^[i]ZO>EXdYZ^hZbeindgcdil^i]^cgVc\Z# I]ZZggdgegdk^YZgXdcigda^hjhZYidY^heaVnZggdg^c[dgbVi^dcidi]ZjhZg#;dgZmVbeaZ!^[ i]ZjhZgZciZgh^ckVa^Y^c[dgbVi^dc^cViZmiWdm!VcZggdg^Xdc^hY^heaVnZYcZmiidi]ZXdc" igda^cY^XVi^c\i]ViVcZggdg]VhdXXjggZY#7nYZ[Vjai!i]ZZggdg^Xdc^hVhbVaagZYX^gXaZl^i] VcZmXaVbVi^dced^ci#L]Zci]ZjhZgXa^X`hi]ZZggdg^Xdc!VcZggdgYZhXg^ei^dc^hY^heaVnZYid ZmeaV^cl]Vi^hlgdc\idi]ZjhZg#NdjXVcX]Vc\Z]dli]ZZggdg^hegZhZciZY#;dgZmVbeaZ! ndjXVcjhZVY^[[ZgZciZggdg^Xdc!VcYndjXVcbV`Zi]ZZggdg^XdcWa^c`#DcXZVjhZg VYYgZhhZhi]ZZggdg!ndjhZii]ZZggdgYZhXg^ei^dcidVcZbeinhig^c\idbV`Zi]ZZggdg^Xdc Y^hVeeZVg#

IDK6A>96I:JH:G>CEJI $ CdYbh\YCdh]cbgZcfa]b8Yg][bj]Yk" :fcah\YHcc`Vcl]bh\Y7cadcbYbhg[fcid UXXUb9ffcfDfcj]XYfWcbhfc`hch\YZcfa"H\YWcbhfc`

% k]``UddYUf]bh\YWcadcbYbhhfUm"

& BUaYh\YWcbhfc`9ffcfDfcj]XYf7iffYbhN]d7cXY" ' 8ciV`Y!W`]W_h\YC?Vihhcb" ( 5XXh\YZc``ck]b[WcXYhch\YVhbC_S7`]W_YjYbh\UbX`Yf" 

3ULYDWH6XEEWQ2NB&OLFN %\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP(YHQW$UJV 

+DQGOHVEWQ2N&OLFN

&.)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0



,I9DOLGDWH=LS 7KHQ



8SGDWH&XUUHQW,QIR



0H'LDORJ5HVXOW :LQGRZV)RUPV'LDORJ5HVXOW2.



0H&ORVH



(QG,I



(QG6XE

) 5XXh\YZc``ck]b[JU`]XUhYN]daYh\cX" 

3ULYDWH)XQFWLRQ9DOLGDWH=LS $V%RROHDQ



'LP]LS1XPEHU$V,QWHJHU



'LP9DOLG=LS&RGH$V%RROHDQ 7UXH

 

,I W[W&XUUHQW=LS&RGH7H[W!6WULQJ(PSW\ 7KHQ



]LS1XPEHU &,QW W[W&XUUHQW=LS&RGH7H[W



,I1RW ]LS1XPEHU! $QG ]LS1XPEHU  7KHQ



(UURU3URYLGHU&XUUHQW=LS&RGH6HW(UURU B



0HW[W&XUUHQW=LS&RGHB



,QYDOLG=LS&RGHHQWHUDYDOLG86]LSFRGHB



 %HWZHHQDQG 



9DOLG=LS&RGH )DOVH



(OVH



(UURU3URYLGHU&XUUHQW=LS&RGH6HW(UURU B



0HW[W&XUUHQW=LS&RGH



(QG,I



(OVH



(UURU3URYLGHU&XUUHQW=LS&RGH6HW(UURU B



0HW[W&XUUHQW=LS&RGHB



,QYDOLG=LS&RGHHQWHUDYDOLG86]LSFRGHB



 %HWZHHQDQG 



9DOLG=LS&RGH )DOVH



(QG,I



5HWXUQ9DOLG=LS&RGH



(QG)XQFWLRQ

H\YJU`]XUhYN]daYh\cXYbgifYgh\Uhh\YN=DWcXYhYlhVcl]gbchYadhmUbXW\YW_gh\Uhh\YN=DWcXY]g [fYUhYfh\Ub---UbX`Yggh\UbcfYeiU`hc---)$"=Zbch UbYffcf]gX]gd`UmYXig]b[h\YGYh9ffcfaYh\cXcZ Yffcfdfcj]XYfWcbhfc`"=bh\YWU``hcGYh9ffcf h\Yhlh7iffYbhN]d7cXYhYlhVcl]ggdYW]Z]YX k\]W\]bX]WUhYg h\Uhh\YYffcf]gUggcW]UhYXk]h\h\Yhlh7iffYbhN]d7cXYWcbhfc`"=Zh\YN=DWcXYUddYUfghcVYjU`]X h\Y JU`]XN]daYh\cXfYhifbgHfiY/ch\Yfk]gY ]hfYhifbg:U`gY"

* Gk]hW\VUW_hch\YDei^dchZcfa]b8Yg][bj]Yk" 8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&.*

$0

+ GY`YWhh\Yhlh7iffYbhN]d7cXYhYlhVcl" , =bh\YDfcdYfh]Ygk]bXck W`]W_h\YYjYbhg]WcbmY``ck`][\hb]b[hcX]gd`Umh\YYjYbhg`]gh" $# 8ciV`Y!W`]W_h\Y?Ym8ckbYjYbh" $$ 5XXh\YZc``ck]b[WcXYhch\Yhlh7iffYbN]d7cXYS?Ym8ckbYjYbh\UbX`Yf" 

3ULYDWH6XEW[W&XUUHQW=LS&RGHB.H\'RZQ %\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP

:LQGRZV)RUPV.H\(YHQW$UJV +DQGOHVW[W&XUUHQW=LS&RGH.H\'RZQ 

,IH.H\&RGH.H\V'2U(OVHH.H\&RGH!.H\V'7KHQ



 'HWHUPLQHZKHWKHUWKHNH\VWURNHLVDQXPEHUIURPWKHNH\SDG



,IH.H\&RGH.H\V1XP3DG2U(OVHH.H\&RGH!.H\V1XP3DG7KHQ



 'HWHUPLQHZKHWKHUWKHNH\VWURNHLVDEDFNVSDFH



,IH.H\&RGH!.H\V%DFN7KHQ



,IH.H\&RGH!.H\V(QWHU7KHQ



0HVVDJH%R[6KRZ 2QO\QXPHULFFKDUDFWHUVSOHDVH



(QG,I



(QG,I



(QG,I



(QG,I



(QG6XE

H\]gWcXYW\YW_gh\YigYfÇg_Ymghfc_YgUgh\YmhmdY]bh\YN=DWcXY"=Zh\Y_Ymghfc_Y]gbchUbiaVYf UaYg! gU[YVcl]gX]gd`UmYX"

IDH6K:H:II>CEXdYZ^hZciZgZY#

;^\jgZ."&' G[XXeebecebi\WXeVbageb_\aW\VTg\aZ TaXeebe

L]Zc[^c^h]ZY!ineZ^cVkVa^YO>EXdYZVcYXa^X`D@#LV^i[dgV[ZlbdbZcihVcYdeZc i]ZBV^c[dgb#Ndjh]djaYhZZlZVi]ZgYViV[dgi]ZcZlO>EXdYZ# Ndjh]djaYWZegdjYd[ndjghZa[#NdjÈkZYZkZadeZYVcVeea^XVi^dcl^i]cjbZgdjhXdb" eaZm[ZVijgZh!VcY^ildg`hI]ZLZVi]ZgIgVX`ZgVeea^XVi^dcVXXdbea^h]Zhi]ZWVh^X[ZVijgZh ZhiVWa^h]ZYVii]ZWZ\^cc^c\d[i]ZX]VeiZg#I]ZgZ^heaZcind[gddb[dgZc]VcXZbZci#>c [VXi!^[ndjadd`^ci]Z8]VeiZg.[daYZgd[i]ZXdbeVc^dcXdciZci!ndjl^aa[^cYVcZc]VcXZY kZgh^dc#>[ndjlVci!X]ZX`djii]^hZc]VcXZYkZgh^dcVcYbVnWZhiZei]gdj\]i]ZXdYZid hZZ]dl^ildg`h#I]ZZc]VcXZYkZgh^dc^cXajYZhi]Z[daadl^c\XVeVW^a^i^Zh/ ฀ 9^heaVnhlZVi]ZgYViV[dgi]ZXjggZciYVn!VhlZaaVhV("YVn[dgZXVhi# ฀ >cXajYZhVcDei^dchY^Vad\Wdml^i]bVcnbdgZXdcigdahVcYhZii^c\h# 8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&.,

$0

฀ JhZhVO>E8dYZLZWhZgk^XZ!l]^X]VaadlhVjhZgidhZaZXi[gdbVa^hid[O>EXdYZh# ฀ JhZhVHiViZ$Egdk^cXZhLZWhZgk^XZ!l]^X]VaadlhVjhZgidhZVgX][dgVO>EXdYZWnX^in# ฀ 6aadlhjhZgidhZaZXiiZbeZgVijgZjc^i!l]Zi]Zg8ZaX^jhdg;V]gZc]Z^i# ฀ JhZghVI^bZgXdcigdaidVjidbVi^XVaangZ[gZh]i]ZlZVi]ZgYViVVigZ\jaVg^ciZgkVahZ#\#! ZkZgn&%b^cjiZh#I]ZjhZgXVcX]Vc\Zi]^h^ciZgkVa# Cdl^iÈhi^bZidaZVgc]dlidY^hig^WjiZLZVi]ZgIgVX`ZgdgVcdi]ZgVeea^XVi^dc#

6cYCdl!?jhi8a^X`DcXZ 6cZliZX]cdad\n[dgYZeadnbZciXVaaZY8a^X`DcXZ^hcdlVkV^aVWaZl^i]#C:I;gVbZldg`'#%# >iÈhV[VciVhi^X[ZVijgZi]ViaZiÈhndjXjhidb^oZ]dlndjgidda\Zihdciddi]ZgeZdeaZÈh bVX]^cZh#>iÈhkZgnZVhnÄVabdhiVhZVhnVhYZeadn^c\LZWVeea^XVi^dch!l]^X]d[iZcdcan ZciV^ahXden^c\[^aZhdcidVhZgkZg#8a^X`DcXZVaadlhndj!i]ZYZkZadeZg!idY^hig^WjiZndjg Veea^XVi^dck^VVgdWjhiVcYgZa^VWaZbZX]Vc^hb#NdjXVcYZeadndcLZWhZgkZgh![^aZhZgkZgh! dgdcidV89$9K9#NdjXVcVYYi]Z#C:I;gVbZldg`idndjgY^hig^Wji^dceVX`V\ZVadc\l^i] HFAHZgkZg'%%*:megZhh:Y^i^dc^[ndjgVeea^XVi^dccZZYh^i#8a^X`DcXZ]VcYaZhgdaaWVX`VcY jc^chiVaalZaa!VcY^iÈhVX]Vgbidejh]cZljeYViZh#>cndjgXVhZ!ndjÈaaYZeadnidV89$9K9#

IDE68@6H=NDJG6EEA>86I>DC HcYbgifYh\UhU``cZh\Y"[]ZZ]`YgfYdfYgYbh]b[h\YkYUh\Yf]WcbgUfY]bW`iXYXk]h\h\Y]bghU``Uh]cb 

$ aU_YgifYh\Y6i]`X5Wh]cbdfcdYfhm]ggYhhc7cbhYbhZcfU``cZh\Y"[]Z]aU[Yg]bh\YGc`ih]cb 9ld`cfYf"H\]gdfcWYggkUgXYgWf]VYXYUf`]Yf]bh\YW\UdhYf"

% FYVi]`Xh\YUdd`]WUh]cbWcad`YhY`mVmW`]W_]b[6i]`XKYUh\YfHfUW_Yfdci]Z7j^aYbZcj" =bh\YGc`ih]cb9ld`cfYf f][\h!W`]W_h\YKYUh\YfHfUW_Yfdfc^YWhUbXgY`YWhDfcdYfh]YghccdYbh\Y

& Dfc^YWh8Yg][bYf" &.-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

' 7`]W_h\YDiV`]g\hUV"Mcig\ci`XgYYUgWfYYbh\Uh`cc_g`]_Yh\YcbYg\ckb]b:][ifY-!%'"

;^\jgZ."&( ChU_\f[gTU\ag[XCeb]XVg7Xf\ZaXe

7`]W_h\Y5dd`]WUh]cb:]`YgVihhcbhcgYYh\Y`]ghcZZ]`Ygh\Uhk]``VY]bW`iXYX]bh\Y]bghU``Uh]cb"5``cZ

( h\Y"[]ZZ]`Ygg\ci`XVY`]ghYX"7`]W_C?"

McibckkUbhhcgY`YWhh\YdfYfYei]g]hYgZcfmcifUdd`]WUh]cb"K\Ybh\Y]bghU``Yffibgcbh\YigYfÇg aUW\]bY ]hk]``W\YW_Zcfh\YdfYgYbWYcZh\YgY]hYag"=Zh\YmUfYbchdfYgYbh h\Y]bghU``Yfk]``VmXYZUi`h Xckb`cUXh\YaZfcaA]WfcgcZh"WcacfUbch\YfgcifWYh\Uhmci\UjYWcbZ][ifYX" 7`]W_h\YDfYfYei]g]hYgVihhcb"=bh\YDfYfYei]g]hYgX]U`c[Vcl gY`YWhh\Y"B9H:fUaYkcf_&"$UbX

) K]bXckg=bghU``Yf'"%W\YW_VclYg"AU_YgifYh\Y8ckb`cUXDfYfYei]g]hYg:fcaH\Y7cadcbYbh JYbXcfÇgKYVG]hYcdh]cb]ggY`YWhYX"7`]W_C?"

* 7`]W_h\YDiV`]g\K]nUfXVihhcb" H\YZ]fghdU[YcZh\Yk]nUfXUddYUfg Ugg\ckb]b:][ifY-!%( Ug_]b[mcihcgdYW]ZmU`cWUh]cbhcdiV`]g\ h\YUdd`]WUh]cb"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&..

$0

7`]W_h\Y6fckgYVihhcb"=bh\YCdYbKYVG]hYX]U`c[Vcl 

+ gY`YWh:]`YGmghYacbh\Y`YZh UbXh\YbgY`YWhU`cWUh]cbcb mcifWcadihYfk\YfYmcikUbhhcdiV`]g\mcifUdd`]WUh]cb"=gi[[Ygh mciWfYUhYUbYkZc`XYfbUaYXKYUh\YfHfUW_Yf"MciWUbigYh\Y 7fYUhYBYk:c`XYf]WcbUhh\YiddYf`YZhhcWfYUhYUbYkZc`XYf" K\YbZ]b]g\YX W`]W_h\YCdYbVihhcbUbXh\YbW`]W_BYlh" Cbh\YbYlhdU[Y gY`YWh\ckh\YigYfk]``]bghU``h\YUdd`]WU!

, h]cb"=hWci`XVYUKYVg]hY UIB7g\UfYcbUbYhkcf_ cfU

78cf8J8"GY`YWhh\Y:fca578!FCACf8J8!FCAW\c]WYUbX W`]W_BYlh"

$# H\YbYlhdU[YUg_gk\Yh\YfmcikUbhmcifUdd`]WUh]cbhc`cc_

ZcfidXUhYgYjYfmh]aY]hghUfhg"6YWUigYmciUfYXYd`cm]b[cb U78cf8J8 mcikcbÇh\UjYmcifUdd`]WUh]cbW\YW_ZcfidXUhYg" GY`YWhh\YXYZUi`hH\Y5dd`]WUh]cbK]``Bch7\YW_:cfIdXUhYg W\c]WYUbX7`]W_CZmihcWcbh]biY"

$$ 7`]W_:]b]g\hcdiV`]g\mcifUdd`]WUh]cb" ;^\jgZ."&) ChU_\f[\aZJ\mTeWÆfY\efgcTZX

5ZhYfUZYkacaYbhg gYhidZ]`Ygk]``VYWfYUhYXUhh\YZc`XYf`cWUh]cbmcigY`YWhYXYUf`]Yf"HchYghh\Y]bghU`! `Uh]cb XciV`Y!W`]W_h\YGYhid"YlYZ]`Y"8if]b[h\Y]bghU``Uh]cb Ug\cfhWihk]``VYUXXYXhch\YDfc[fUag aYbi"Hcib]bghU``h\YUdd`]WUh]cb igY5XXCfFYacjYDfc[fUag]bh\Y7cbhfc`DUbY`" CbWYh\Y]bghU``Uh]cbkcf_gUgYldYWhYX mciWUbXYd`cmmcifUdd`]WUh]cbVmg]ad`mVifb]b[h\Y]bghU``Uh]cb Z]`YgcbhcU78cf8J8" ABG8

ABG8

:kZgni^bZndjejWa^h]ndjgVeea^" XVi^dc!i]ZejWa^h]kZgh^dccjbWZg cdii]ZVeea^XVi^dckZgh^dccjb" WZgl^aaWZ^cXgZbZciZYÄi]Vi ^h!^il^aaWZXdbZkZgh^dc&#%#%#%! &#%#%#&!VcYhddc#

9jg^c\i]Z^chiVaaVi^dc!^[ndj\Zi VcZggdgbZhhV\Zi]Vii]ZVeea^XV" i^dckVa^YVi^dcY^YcdihjXXZZYdg ndjgZXZ^kZVcdi]ZgZggdgbZhhV\Z! igngZ"ejWa^h]^c\ndjgVeea^XVi^dc VcYiZhi^c\V\V^c

8a^X`DcXZ]VhbdgZ[ZVijgZh!Wjii]^hh]dgiYZbdchigVi^dcXVc\ZindjhiVgiZYXgZVi^c\ ndjgdlc^chiVaaVi^dch#

'%%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

>cHjbbVgn### 8dc\gVijaVi^dchdc\Zii^c\i]^h[Vg>]deZndjÈkZaZVgcZYVadiVcY]VYhdbZ[jcYZkZade" ^c\Veea^XVi^dchjh^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc#>[ndja^`Zl]VindjÈkZaZVgcZYVcY >XZgiV^can]deZhd!i]ZcndjgZYjXVi^dc^h_jhiWZ\^cc^c\#I]ZgZÈhhdbjX]bdgZidhZZVcY ign#I]^hWdd`egdk^YZYVhbVaahVbeaZd[i]ZineZhd[Veea^XVi^dchndjXVcXgZViZ#BnVYk^XZ idndj^hidXdci^cjZi]^c`^c\d[[jcegd_ZXihndjXVcXgZViZNdjÈaaWZhjgeg^hZYVi]dl bjX]ndjXVcVXXdbea^h]#>cbnde^c^dc!YZkZade^c\VcVeea^XVi^dc^hdcZi]Z\gZViZhi[ZZa" ^c\hd[VXXdbea^h]bZci#EZdeaZVgZegdjYd[i]Z^gVeea^XVi^dchVcYndjl^aaWZ!idd >[ndj]VeeZcidXgZViZVcVeea^XVi^dci]ViÈhjhZ[jaidndj!X]VcXZhVgZi]Vi^iXdjaYWZ jhZ[ja[dgdi]ZghVhlZaa#>ci]ZZcY!ndjb^\]iWZ]Zae^c\eZdeaZWnegdk^Y^c\i]Zbl^i] i]Z[gj^ihd[ndjgaVWdg#NdjXVcVahd_d^cYZkZadebZciegd_ZXih[dg[jcVcY]Zaedi]Zgh^c i]ZegdXZhhl]^aZaZVgc^c\V\gZViYZVa#K^h^icHZeiZbWZg'%%*!>hiVgiZYlg^i^c\VXdajbcdcBH9Ci]Vi^hYZkdiZYidegd\gVbb^c\ [dg[jc#I]ZXdajbc^hXVaaZY8dY^c\);jcVcYXVcWZ[djcYVi]iie/$$bhYc#b^Xgdhd[i#Xdb$ XdY^c\)[jc$#EVgid[i]^hXdajbcdcBH9CeZgiV^chid^begdk^c\i]ZLZVi]ZgIgVX`ZgVeea^" XVi^dcndjXgZViZY]ZgZ!hdWZhjgZidadd`[dgi]^h[ZVijgZ#NdjXVcVahdk^h^ibnWad\Vi ]iie/$$Wad\h#bhYc#Xdb$eeZaaVcY$#>]VkZcÈijeYViZYbnWad\[dgVl]^aZWZXVjhZ>ÈkZWZZc Wjhnlg^i^c\i]^hWdd`VhlZaaVh]Zae^c\idh]^eK^hjVaHijY^d'%%*!WjigZhiVhhjgZYi]Vi^c i]ZcZVg[jijgZ!>l^aa]VkZhdbZjeYViZh>cdgbVaanWad\ViaZVhi)"*i^bZhVlZZ`#NdjXVc jhZbnh^iZVhVcdi]ZgadXVi^dcid`ZZe^c[dgbZYVWdjiXddahij[[^ci]Z:megZhhegdYjXih a^cZ# Jci^ai]Zc!]VeenYZkZade^c\

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

'%&

$0

&LQGG

$0

:_bffTeL 4 Vg\jbZci6kVg^VWaZi]Vi^heVhhZYidVhjWegd\gVb

YViVW^cY^c\6cZVhnVcYigVcheVgZcilVnidgZVY$lg^iZ Va^c`WZilZZcVXdcigdadcVL^cYdlh;dgbVcYVYViV hdjgXZ[gdbndjgVeea^XVi^dc

5

YZWj\\Zg6XdbejiZgegd\gVbjhZYid[^cYi]ZYZ[ZXih^c Vcdi]Zgegd\gVb

WaVX`WdmiZhi^c\;jcXi^dcVaiZhi^c\d[VXdbejiZgegd" \gVbidhZZi]Vi^ieZg[dgbhXdggZXian

9AA9ncVb^XA^c`A^WgVgn6W^cVgnVeea^XVi^dca^WgVgn [^aZ[dgbVi^cB^Xgdhd[iL^cYdlh

WgZV`ed^ci6eVjhZdghidee^c\eaVXZ^cVegd\gVb!^ciZc" i^dcVaan^chZgiZYid]Zael^i]YZWj\\^c\

8

6

ZcXVehjaVi^dc=^YZheg^kViZbZi]dYhd[VXaVhhdgdW_ZXi0 ZchjgZhi]ViVcdW_ZXiXVccdiWZX]Vc\ZY

XaVhhI]ZWVh^XWj^aY^c\WadX`d[DDegd\gVbb^c\0^i YZ[^cZhi]Z[^ZaYh!egdeZgi^Zh!bZi]dYh!VcYZkZcihd[Vc dW_ZXi

ZkZci6hd[ilVgZbZhhV\Zi]Vi^cY^XViZhhdbZi]^c\]Vh ]VeeZcZY^ci]Zegd\gVb

Xdbe^aZg6XdbejiZgegd\gVbi]ViigVchaViZhi]Z^chigjX" i^dchlg^iiZc^cdcZXdbejiZgaVc\jV\Z^ciddjieji^c Vcdi]ZgXdbejiZgaVc\jV\Z0Xdbe^aZghigVchaViZhdjgXZXdYZ ^cidhdbZineZd[bVX]^cZaVc\jV\Zi]ViXVcWZZmZXjiZY WnVXdbejiZg

9

XdchdaZVeea^XVi^dc6cVeea^XVi^dci]Vi^hgjc[gdbVXdb" bVcYegdbeil^i]cdL^cYdlhdgLZW^ciZg[VXZ XdciZmi"hZch^i^kZbZcj6bZcji]Viegdk^YZhY^[[ZgZci X]d^XZhidi]ZjhZgYZeZcY^c\dcl]Zc^i^hVXXZhhZY Xdcigdah8dbedcZcihd[VciZg[VXZ!hjX]Vh iZmiWdmZhdgWjiidch

7 YViVbZbWZg9ViVZcXVehjaViZYl^i]^cVXaVhhdgdW_ZXi YViVWVhZ6XdaaZXi^dcd[YViVi]Vi^hhidgZY^c[^aZhjh^c\V hnhiZbVi^XhigjXijgZ 

=LQGG

ZmZXji^dcZc\^cZ9ZkZadebZciidda[dgZmZXji^c\egd" \gVbh ;8A;gVbZldg`8aVhhA^WgVg^Zh6hZid[egZ"lg^iiZcXdYZ [dgXdbbdcegd\gVbb^c\iVh`h

; ]neZga^c`6gZ[ZgZcXZ^cV]neZgiZmiYdXjbZciidVcdi]Zg YdXjbZcidgadXVi^dc

< ^Xdc6hbVaa^bV\Zdge^XijgZjhZYidgZegZhZciVegd\gVb! [^aZ!dgdi]ZgdW_ZXi >9:>ciZ\gViZY9ZkZadebZci:ck^gdcbZci8dbejiZg hd[ilVgZiddahi]Vi]ZaeYZkZadeZghlg^iZXdbejiZgegd" \gVbh

'%(

30

heaVh]hXgZZc6c^bV\Zi]ViVeeZVghdci]ZhXgZZcl]^aZ Vegd\gVb^hadVY^c\0^iegdk^YZh^c[dgbVi^dcidi]ZjhZg VWdjii]ZadVY^c\egdXZhhVcYY^hVeeZVghdcXZi]Zegd\gVb ^hadVYZY

^c]Zg^iDW_ZXihVgZXgZViZYi]ViVgZheZX^Va^oZYineZhd[ Zm^hi^c\dW_ZXihVcYXVch]VgZVcYZmiZcYi]Z^gWZ]Vk^dg l^i]dji]Vk^c\idgZ"^beaZbZci^i ^chiVcXZ6bVc^[ZhiVi^dcd[VXaVhh

= ?hXg^ei6c6Xi^kZHXg^ei^c\:c\^cZ0i]ZB^Xgdhd[ikZgh^dcd[ ?VkVHXg^ei

@

HFAHZgkZg'%%*:megZhh:Y^i^dc6kZgh^dcd[HFAHZgkZg '%%*YZh^\cZYid]ZaeYZkZadeZghWj^aYVeea^XVi^dchWnegd" k^Y^c\VedlZg[jaYViVWVhZi]Vi^hVahd[gZZVcYZVhnidjhZ hig^c\6hZfjZcXZd[X]VgVXiZghdgldgYh

G

bZi]dYEgdXZYjgZdg[jcXi^dc0Ve^ZXZd[XdYZVhhdX^ViZY l^i]VXaVhhdgdW_ZXi

iddaWVg6gdldghZXi^dcd[Xa^X`VWaZ^Xdchi]ViVXi^kViZY^[" [ZgZci[jcXi^dchd[Vegd\gVb

B^Xgdhd[i#C:I6hd[ilVgZYZkZadebZcieaVi[dgbYZkZa" deZYWnB^Xgdhd[i

H

B

jhZg^ciZg[VXZJ>I]ZbZVchWnl]^X]jhZgh^ciZgVXil^i] VXdbejiZgegd\gVb

dkZgg^YZ6XaVhhdgdW_ZXibVngZeaVXZVWZ]Vk^dg^i]Vh ^c]Zg^iZY

I

C

kVg^VWaZ6higjXijgZi]Vi]daYh^c[dgbVi^dciZbedgVg^an[dg jhZaViZg^cVegd\gVb

EZga6egd\gVbb^c\aVc\jV\Zi]VihjeedgihWdi]egdXZ" YjgVaVcYdW_ZXi"dg^ZciZYegd\gVbb^c\ egd\gVbb^c\aVc\jV\Z6bZi]dY[dgegdk^Y^c\^chigjX" i^dchidVXdbejiZg

K^hjVa7Vh^X'%%*:megZhh:Y^i^dc6higZVba^cZYkZgh^dc d[K^hjVa7Vh^Xi]Viegdk^YZh]dWWn^hih!hijYZcih!VcYcdk^XZh VcZVhn"id"jhZL^cYdlhegd\gVbb^c\VcYYZkZadebZci idda

egdeZgin6fjVa^ind[VcdW_ZXi

J

Eni]dc6cdW_ZXi"dg^ZciZYXdbejiZgegd\gVbb^c\aVc" \jV\Z

L^cYdlhVeea^XVi^dc8dbejiZghd[ilVgZi]Viegdk^YZh kVg^djh[jcXi^dch[dgi]ZjhZg!hjX]VhldgYegdXZhh^c\!YViV" WVhZ!dghegZVYh]ZZi

E gZ[ZgZcXZI]ZVYYgZhhd[i]ZbZbdgnheVXZjhZYidhidgZ ^c[dgbVi^dcVWdjiVkVg^VWaZ

F HXgZZcI^eH]dgi!XdciZmi"hZch^i^kZ^c[dgbVi^dcegdk^YZYVi i]Zed^cil]ZgZi]ZXjghdg^h]ZaY

'%)

=LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ciZaa^HZchZ!+%Ã+' eajhhnbWda![dgegdeZgi^Zh!).

4

6WdjiY^Vad\Wdm!--Ã.&!&,(Ã&,* VYY^c\L^cYdlh[dgbh!-'Ã-, 69D#C:I!&)+Ã&+% Va^\c^c\l^i]hcVea^cZh!*-Ã*. 6aaiVW>ciZaa^HZchZ!+' 6ae]VWZi^XVaWjiidc!). Vci^henlVgZegd\gVbh!&+ Veea^XVi^dch Wg^c\^c\jeheaVh]hXgZZch!-'Ã--! &,(Ã&,* XdchdaZkh#L^cYdlhVeea^XVi^dch! '+Ã', Xjhidb^o^c\^Xdchl^i]^c!&%%Ã&%+ YZWj\\^c\#HZZYZWj\\^c\ 9AAh^c!&&% gZ[ZgZcXZhid!&&&Ã&&' hZaZXi^c\^Xdch[dg!-* hidee^c\!&,% i^iaZh!X]Vc\^c\!-* Vg\jbZcih[dgbZi]dYh!*' VggVc\^c\iVWaZh!&)& 6H8>>X]VgVXiZgh!', 6hhZbWan>c[dgbVi^dc###Wjiidc!-* Vjid"XdggZXi^dcd[XdYZ!+)Ã++ 

;=LQGG

5

WVX`\gdjcYXdYZ!VYY^c\hjeedgi^c\! &-+Ã&-, WVX`\gdjcYiVh`h!eZg[dgb^c\!&-'Ã&-* W^cY^c\cVk^\Vidg!&*) W^cY^c\hdjgXZ!&*( WaVX`WdmiZhi^c\!.( WgZV`ed^cih!&&'Ã&'( WgdlhZg!XgZVi^c\ZmVbeaZ!)*Ã** Xjhidb^o^c\VcYeZghdcVa^o^c\! -&Ã&%, Wj^aY^c\Veea^XVi^dch#HZZXdbe^a^c\ 7jiidcXdcigda!,' Wjiidch!^Xdch[dg!&%%Ã&%+ 7nGZ[`ZnldgY!&&7nKVa`ZnldgY!&&-

6

XVgY^cVa^in!&)& XViX]^c\ZmXZei^dch!&'& 8]ZX`7dmXdcigda!,( XaVhha^WgVg^Zh!&% 8a^X`DcXZYZeadnbZci!&'!&.-Ã'%% XdYZ ]dlidgZVY!(hc^eeZih>ciZaa^HZchZ!&&!+'Ã+) hiZee^c\i]gdj\]!&&( kZg^[^XVi^dc!VYY^c\idlZVi]Zg igVX`Zg!&-.Ã&.% 8dYZodcZ8dbbjc^in!(+

XdY^c\Zggdgh!YZiZXi^dcd[!+)Ã++ Xdajbch!VYY^c\idYViVWVhZiVWaZh! &(, 8dbWd7dmXdcigda!,( XdbbZcih^cXdYZ!,, 8dbbdciVW>ciZaa^HZchZ!+' XdbbdcL^cYdlhXdcigdah!a^hid[! ,'Ã,) Xdbbjc^inVXXZhhVcYhiVgieV\Z!&' Xdbe^a^c\!(XdbedcZciigVn!&*(Ã&*) #Xdc[^\[^aZh!&). XdccZXi^dchig^c\h!&)XdchdaZVeea^XVi^dch!&% XdY^c\ZmVbeaZ!(,Ã)& \Zii^c\]Zaedc#HZZ]Zae L^cYdlhVeea^XVi^dchkh#!'+Ã', XdchigV^cih[dg[dgZ^\c`Znh!&('Ã&(( Xdcigdah!&&#HZZVahdheZX^[^XXdcigdaWn cVbZ VYY^c\id[dgbh!*% Va^\c^c\l^i]hcVea^cZh!*-Ã*. Xdbbdc!a^hid[!,'Ã,) YViVW^cY^c\!&), Y^Vad\WdmZh!--Ã.(!.&Ã.(!&,(Ã&,* 6WdjiY^Vad\Wdm!--Ã.& bV^c[dgbXdcigda!YViVhdjgXZ[dg! &++ egdeZgi^Zh[dg!)gZcVb^c\!+-Ã,& o"dgYZg!.* Xdeng^\]i^c[dgbVi^dc!-* '%*

30

XdgZ[jcXi^dcVa^in!lZVi]ZgigVX`Zg Veea^XVi^dc!&-,Ã&.XdggZXi^c\Zggdgh!+)Ã++ WaVX`WdmiZhi^c\!.( XdggZXi^dch[dgi]^hWdd`!lZWadXVi^dc! &+( 8IEkZgh^dchd[K^hjVaHijY^d'%%*!&, 8iga HeVXZWVg>ciZaa^HZchZ!+%

7

YViVXdccZXi^dch!&)YViV^ciZ\g^inVcYcdgbVa^oVi^dc! &',Ã&'. YViVbVcV\ZbZci!&'*Ã&+& YViVbZbWZgh!*' 9ViVHdjgXZ8dc[^\jgVi^dcL^oVgY!&(* YViVhdjgXZ[dgbV^c[dgbXdcigda!&++ 9ViVHdjgXZhiVW!&)YViVWVhZY^V\gVbh!&(. 9ViVWVhZ:meadgZg!&(+ YViVWVhZh!&'+Ã&() XgZVi^c\!&(*Ã&(XgZVi^c\gZaVi^dch]^ehWZilZZciVWaZh! &(.Ã&)' ZciZg^c\iVWaZYViV!&)(Ã&)+ ^ciZgVXi^c\l^i]!&((Ã&() cdgbVa^oVi^dcVcY^ciZ\g^in!&',Ã&'. eg^bVgnVcY[dgZ^\c`Znh!&(%Ã&(( YViVW^cY^c\!&), YViVhZih!XgZVi^c\!&)YZWj\\Zgk^hjVa^oZgh!&'!&'% YZWj\\^c\!+)Ã++!&&%Ã&'( WaVX`WdmiZhi^c\!.( YZaVn!heaVh]hXgZZc!-YZaZi^c\WgZV`ed^cih!&&, YZaZi^c\gdlh[dgiVWaZh!&)* YZh^\caVndji!),Ã*( YZh^\cZg#HZZL^cYdlh;dgb9Zh^\cZg '%+

;=LQGG

9Zhi^cVi^dc;daYZg![dg^chiVaaVi^dc!'% YZiZXi^c\Zggdgh!+)Ã++ WaVX`WdmiZhi^c\!.( Y^Vad\WdmZh!--Ã.( 6WdjiY^Vad\Wdm!--Ã.&!&,(Ã&,* CVk^\ViZY^Vad\Wdm!.&Ã.( Y^hVWa^c\WgZV`ed^cih!&&, 9AAhYncVb^Xa^c`a^WgVg^Zh!&&% 9dXjbZciDjia^cZk^Zl!.* YdXjbZciVi^dc]Zae VXXZhh^c\!(( =ZaebZcj!VYY^c\idVeea^XVi^dch! -. ^chiVaa^c\!'% 9djWaZ7j[[ZgZYegdeZgin!&+, YjgVi^dcd[heaVh]hXgZZc!--

8

:Y^iVcY8dci^cjZ[ZVijgZ!&'!&&+ :cVWaZMEk^hjVahinaZhX]ZX`Wdm!-+ ZcXVehjaVi^dc!*' ZciZg^c\YViV^cYViVWVhZiVWaZh! &)(Ã&)+ ZggdgYZiZXi^dcVcYXdggZXi^dc!+)Ã++ WaVX`WdmiZhi^c\!.( ZkZcih!ig^\\Zg^c\!,*Ã,egd\gZhhWVgh!.+Ã.. :mXZei^dc6hh^hiVci!&&. ZmXZei^dch#HZZVahdYZWj\\^c\ XViX]^c\!&'& jc]VcYaZY!&&:megZhh:Y^i^dchd[K^hjVa HijY^d'%%*!.Ã&' ^chiVaa^c\!&*Ã'(

9

[^aiZg^c\!>ciZaa^HZchZ!+'

;^cYCZmiWjiidc!,% [^m^c\Veea^XVi^dch#HZZYZWj\\^c\ [daYZg[dghd[ilVgZ^chiVaaVi^dc!'% [dgZ^\c`Znh!&(%!&('Ã&(( XgZVi^c\gZaVi^dch]^eh!&)%Ã&)& YZaZi^c\gdlh[dgiVWaZh!&)* [dgbXdcigdah!&&#HZZVahdheZX^[^X XdcigdaWncVbZ VYY^c\!*% Va^\c^c\l^i]hcVea^cZh!*-Ã*. Xdbbdc!a^hid[!,'Ã,) YViVW^cY^c\!&), Y^Vad\WdmZh!--Ã.( egdeZgi^Zh[dg!)gZcVb^c\!+-Ã,& o"dgYZg!.* [dgbh VYY^c\!-'Ã-, VYY^c\lZVi]Zg^c[dgbVi^dc!&,.Ã&-& bV^c![^c^h]^c\lZVi]ZgigVX`Zg! &.%Ã&.' bdYVa[dgbh!.& cdi^[^XVi^dcVgZVh!&+,Ã&,%

: ;

bV\ZegdeZginiddahig^eWjiidch!&%& >bbZY^ViZl^cYdl!&'( ^c]Zg^iVcXZ!+Ã, ^chiVaa^c\K^hjVa7Vh^X'%%*:megZhh :Y^i^dc!&*Ã'( ^ciZ\g^in!YViV!&',Ã&'.!&)) [dgZ^\c`Znh!&('Ã&(( >ciZaa^HZchZ!&&!*.Ã+) >ciZaa^HZchZ;^aiZg^c\!+' ^ciZgVXi^c\l^i]gZaVi^dcVaYViVWVhZh! &((Ã&() ^ciZgVXi^dc!jhZY^Vad\WdmZh!--Ã.( 6WdjiY^Vad\Wdm!--Ã.&!&,(Ã&,* CVk^\ViZY^Vad\Wdm!.&Ã.( ^ckd`^c\XdYZhc^eeZih!+(

> ?

`Znh!YViVWVhZ!&(%Ã&(( @ZnJeZkZci!&%) AVWZaXdcigda!,' aVWZah!Va^\c^c\l^i]hcVea^cZh!*-Ã*. aZ[ieVgZci]Zh^hÅÅ!+& A^hi7dmXdcigda!,) adXVaYViVWVhZ[^aZh!&*' AdXVa=Zae!(* AdXVahiVWYZWj\\^c\!&&)Ã&''

>cYZm

;=LQGG

@

bV^c[dgb!lZVi]ZgigVX`Zg![^c^h]^c\! &.%Ã&.' bV^c[dgbXdcigda!YViVhdjgXZ [dg!&++ bV^ciddaWVg!>9:!(% bVcV\ZYVeea^XVi^dch!YZ[^cZY!(#HZZ VahdVeea^XVi^dch bVcV\^c\YViV!&'*Ã&+& #bY[[^aZZmiZch^dc!&(* bZcjWVg!>9:!(% bZcjh!XgZVi^c\!.'Ã.( BZcjHig^eXdcigda!,* BZcjHig^eXdcigdah!-. B^Xgdhd[iJeYViZ!'' b^hiV`Zh^cXdY^c\!YZiZXi^c\!+)Ã++ bdYVa[dgbh!.& BdY^[n8dccZXi^dc###Y^Vad\Wdm!&(+ BH9C:megZhhA^WgVgn!^chiVaa^c\!'%# HZZVahd]Zae BH9C;ZZYhhZXi^dc!(% BH9CDca^cZ!(+ bjai^i]gZVYZYegd\gVbb^c\!&-'Ã&-, BKEhbdhikVajVWaZ egd[Zhh^dcVah!(, BnXdchigjXi!&& BncVbZheVXZ!++Ã+-

A

cVbZh[dgVeea^XVi^dch!)+ cVijgVa`Znh!&(& CVk^\ViZY^Vad\Wdm!.&Ã.( #C:I;gVbZldg`!'Ã)!++ cZlegd_ZXih!hiVgi^c\ XdchdaZVeea^XVi^dch!(& l^cYdlhVeea^XVi^dch!)& cdgbVa^oVi^dc!YViV!&',Ã&'. cdi^[^XVi^dcVgZVh!&+,Ã&,%

cdi^[^XVi^dc^Xdc!XgZVi^c\VcY YZhigdn^c\!&-,Ã&-. Cjaa!&(% CjbZg^XJe9dlcXdcigda!,)

B

dW_ZXi"dg^ZciZYegd\gVbb^c\DDE! )Ã.!+. dca^cZ]Zae VXXZhh^c\!(( =ZaebZcj!VYY^c\idVeea^XVi^dch! -. ^chiVaa^c\!'% DDEdW_ZXi"dg^ZciZYegd\gVbb^c\! )Ã.!+. Dei^dchY^Vad\Wdm ZmVbeaZ!&,*Ã&,+ iZhi^c\!&.,Ã&.ldg`^c\l^i]!&.)Ã&., dkZgg^YYZcbZi]dYh!+

C

eVX`V\^c\ndjgVeea^XVi^dc!&.-Ã'%% eVhh^c\WngZ[ZgZcXZ$kVajZ!&&eZgXZcil^aYXVgYHFA!&*eZg^dY#l^i]>ciZaa^HZchZ!+%Ã+' eajhhnbWda [dgegdeZgi^Zh!). egZ"gZaZVhZkZgh^dchd[K^hjVa7Vh^X '%%*:megZhh:Y^i^dc!&, eg^bVgn`Znh!&(%Ã&(& Egd[Zhh^dcVakVajZGZcYZgBdYZ egdeZgin!., egd\gZhhWVgh!.+Ã.. Egd_ZXi9Zh^\cZg!-) egd_ZXih!)* VYY^c\LZWhZgk^XZhid!&,, cZlXdchdaZVeea^XVi^dch!(& '%,

30

cZll^cYdlhVeea^XVi^dch!)& egdeZgi^Zh[dg[dgbXdcigdah!)ejWa^h]^c\ndjgVeea^XVi^dc!&.-Ã'%%

D E

fjZg^Zh!&((Ã&() FjZhi^dchhZXi^dc!(, G69gVe^YVeea^XVi^dcYZkZadebZci! *, GVY^d7jiidcXdcigda!,( gZVY^c\XdYZ!(gZVa"i^bZZggdgYZiZXi^dc!+)Ã++ GZXZciEgd_ZXihhZXi^dc!'. gZ[ZgZcXZ#bVe[^aZ!&,. gZ[ZgZcXZhidVeea^XVi^dch!&&&Ã&&' gZaVi^dcVaYViVWVhZh#HZZYViVWVhZh gZaVi^dch]^ehWZilZZciVWaZh!XgZVi^c\! &(.Ã&)' gZcVb^c\!+-Ã,& Wjiidch!-, GZcYZgBdYZegdeZgin!., gdlh[dgiVWaZh!YZaZi^c\!&)* gjcc^c\Veea^XVi^dch!*(

F

HVkZ;^aZ9^Vad\Xdcigda!,+ hVk^c\XdYZ!(HZVgX]8g^iZg^V7j^aYZg!&+% HZVgX][ZVijgZ!+. HZXjg^in8ZciZg!'' H]dl6aa;^aZhWjiidc!,% H]dl6aaHZii^c\hX]ZX`Wdm!(% h^YZ"Wn"h^YZZmZXji^dch!&+ h^beaZiZmi!', hbVgiYZ[Vjaih!&** hbVgiiV\h!&'!+* hcVea^cZh!*-Ã*. '%-

;=LQGG

hc^eeZih>ciZaa^HZchZ!&&!+'Ã+) Hdaji^dc:meadgZg!(%!('Ã(, gZcVb^c\hnbWdah^c!,& heaVh]hXgZZch!-'Ã--!&,(Ã&,* henlVgZegZkZci^dcegd\gVbh!&+ HFAHigjXijgZYFjZgnAVc\jV\Z! &((Ã&() HiVgiEV\Z!>9:!'. hiVgi^c\Veea^XVi^dch!-'Ã-hiVijhWVg!>9:!(& hiVijhWVgh!.+Ã.. hiZee^c\i]gdj\]XdYZ!&&( hidee^c\Veea^XVi^dch!&,% hjggd\ViZ`Znh!&(% hnbWdagZcVb^c\!+-Ã,& Wjiidch!-,

G

I"HFAIgVchVXi"HFA!&*, iVWaZVYVeiZgh!&*) IVWaZ9Zh^\cZg!&(,Ã&(IVWaZAVndjiEVcZaXdcigda!-( IVWaZ6YVeiZgFjZgn8dc[^\jgVi^dc L^oVgY!&*, iVWaZh!YViVWVhZ!&'+ VggVc\^c\!&)& XgZVi^c\!&(,Ã&(XgZVi^c\gZaVi^dch]^ehWZilZZc! &(.Ã&)' ZciZg^c\YViV^cid!&)(Ã&)+ cdgbVa^oVi^dcVcY^ciZ\g^in!&',Ã&'. eg^bVgnVcY[dgZ^\c`Znh!&(%Ã&(( fjZgn^c\!&((Ã&() iZhi^c\#HZZYZWj\\^c\ IZmiWdmXdcigda!,' i^bZ[dgheaVh]hXgZZcY^heaVn!-i^iaZd[Veea^XVi^dc!-* Id\\aZ7gZV`ed^cidei^dc!&&,

iddahig^eXdciV^cZgh!.)Ã.+ Wjiidc^Xdch!&%%Ã&%+ iddaWVg!>9:!(% IddaWdm!>9:!(% IddaHig^eXdcigda!,* IddaI^eXdcigda!,) igVX`^c\X]Vc\Zh!+% IgVchVXi"HFA!&*, ig^\\Zg^c\ZkZcih!,*Ã,egd\gZhhWVgh!.+Ã.. ineZYYViVhZih!&*)

H

jc]VcYaZYZmXZei^dch!&&jc^chiVaa^c\egZk^djhkZgh^dchd[ hd[ilVgZ!&, Jc^iZYHiViZhlZVi]ZgLZW hZgk^XZ!&+( jhZg^ceji!kVa^YVi^c\!&.)Ã&.+ jhZg^ciZgVXi^dcY^Vad\WdmZh!--Ã.( 6WdjiY^Vad\Wdm!--Ã.&!&,(Ã&,* CVk^\ViZY^Vad\Wdm!.&Ã.( jhZghZii^c\h!XgZVi^c\Zcig^Zh^c lZVi]ZgigVX`ZgVeea^XVi^dc!&-&Ã &-' Jh^c\hiViZbZcih!&&,

I

kVa^YVi^c\!jhZg^ceji!&.)Ã&.+ kZg^[^XVi^dcXdYZ!VYY^c\!&-.Ã&.% k^h^W^a^in!eVcZah!.+ K^hjVa7Vh^X'%%*:megZhh:Y^i^dc!.Ã&' ^chiVaa^c\!&*Ã'( K^hjVa7Vh^X:megZhh=ZVYa^cZh!'. K^hjVa7Vh^X#C:I!)Ã. k^hjVa^oZgh!&'%

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

J

LViX]iVWYZWj\\^c\!&'( lZVi]Zg^Xdch!VYY^c\!&.'Ã&.( lZVi]Zg^c[dgbVi^dc!VYY^c\idndjg [dgb!&,.Ã&-& lZVi]ZgigVX`ZgVeea^XVi^dcZmVbeaZ! &+(Ã'%& 8a^X`DcXZYZeadnbZci!&.-Ã'%% XdbeaZi^c\XdgZ[jcXi^dcVa^in! &-,Ã&.XgZVi^c\jhZghZii^c\hZcig^Zh! &-&Ã&-' eVX`V\^c\!&.-Ã'%% ejWa^h]^c\!&.-Ã'%% hVk^c\hZii^c\h!&.+ iZhi^c\!&.(!&.,Ã&.jeYVi^c\lZVi]ZgYViV!&.+ jhZg^ciZg[VXZ!XgZVi^c\!&+*Ã&,, lZWhZgk^XZhl^i]!&,,Ã&.LZWWgdlhZg!XgZVi^c\ZmVbeaZ! )*Ã** Xjhidb^o^c\VcYeZghdcVa^o^c\! -&Ã&%, LZWWgdlhZgXdcigdah!*% LZWhZgk^XZh!&,,Ã&.l^aYXVgY!HFA!&*L^cYdlhVeea^XVi^dch!&% Wj^aY^c\ZmVbeaZ!)&Ã)) XdchdaZVeea^XVi^dchkh#!'+Ã', L^cYdlhXdcigdah!a^hid[!,'Ã,) L^cYdlh;dgb9Zh^\cZg!&&!)'Ã)( L^cYdlh[dgbh!VYY^c\!-'Ã-, L^cYdlhJeYViZ!''

K M

MBALZWHZgk^XZh!&& #mhY[^aZh!&). o"dgYZg!.* >cYZm

;=LQGG

'%.

30

;=LQGG

30

;=LQGG

30

;=LQGG

30